Thrivent Series Fund, Inc.

N-CSR 1 d117499dncsr.htm THRIVENT SERIES FUND, INC. Thrivent Series Fund, Inc.

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: 811-4603

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 and Chief Legal Officer

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: December 31, 2015

Item 1.

Report to Stockholders

LOGO

TABLE OF CONTENTS


Letter from the President			2

Letter from the Chief Investment Officer			4

Portfolio Perspectives
Thrivent Aggressive Allocation Portfolio			6
Thrivent Moderately Aggressive Allocation Portfolio			8
Thrivent Moderate Allocation Portfolio			10
Thrivent Moderately Conservative Allocation Portfolio			12
Thrivent Growth and Income Plus Portfolio			14
Thrivent Balanced Income Plus Portfolio			16
Thrivent Diversified Income Plus Portfolio			18
Thrivent Opportunity Income Plus Portfolio			20
Thrivent Partner Healthcare Portfolio			22
Thrivent Partner Emerging Markets Equity Portfolio			24
Thrivent Real Estate Securities Portfolio			26
Thrivent Small Cap Stock Portfolio			28
Thrivent Small Cap Index Portfolio			30
Thrivent Mid Cap Stock Portfolio			32
Thrivent Mid Cap Index Portfolio			34
Thrivent Partner Worldwide Allocation Portfolio			36
Thrivent Partner All Cap Portfolio			38
Thrivent Large Cap Growth Portfolio			40
Thrivent Partner Growth Stock Portfolio			42
Thrivent Large Cap Value Portfolio			44
Thrivent Large Cap Stock Portfolio			46
Thrivent Large Cap Index Portfolio			48
Thrivent High Yield Portfolio			50
Thrivent Income Portfolio			52
Thrivent Bond Index Portfolio			54
Thrivent Limited Maturity Bond Portfolio			56
Thrivent Money Market Portfolio			58

Shareholder Expense Example			60

Report of Independent Registered Public Accounting Firm			63

Summary Schedules of Investments/Schedules of Investments
Thrivent Aggressive Allocation Portfolio			64
Thrivent Moderately Aggressive Allocation Portfolio			69
Thrivent Moderate Allocation Portfolio			76
Thrivent Moderately Conservative Allocation Portfolio			83
Thrivent Growth and Income Plus Portfolio			90
Thrivent Balanced Income Plus Portfolio			96
Thrivent Diversified Income Plus Portfolio			103
Thrivent Opportunity Income Plus Portfolio			110
Thrivent Partner Healthcare Portfolio			116
Thrivent Partner Emerging Markets Equity Portfolio			118
Thrivent Real Estate Securities Portfolio			121
Thrivent Small Cap Stock Portfolio			124
Thrivent Small Cap Index Portfolio			127
Thrivent Mid Cap Stock Portfolio			131
Thrivent Mid Cap Index Portfolio			134
Thrivent Partner Worldwide Allocation Portfolio			138
Thrivent Partner All Cap Portfolio			149
Thrivent Large Cap Growth Portfolio			152
Thrivent Partner Growth Stock Portfolio			155
Thrivent Large Cap Value Portfolio			158
Thrivent Large Cap Stock Portfolio			160
Thrivent Large Cap Index Portfolio			164
Thrivent High Yield Portfolio			168
Thrivent Income Portfolio			173
Thrivent Bond Index Portfolio			178
Thrivent Limited Maturity Bond Portfolio			184
Thrivent Money Market Portfolio			191

Statement of Assets and Liabilities			194

Statement of Operations			200

Statement of Changes in Net Assets			206

Notes to Financial Statements			216

Financial Highlights			234

Additional Information			242

Board of Directors and Officers			246

Supplements to the Prospectus			248

Dear Member:

It has been a productive year for your Thrivent Series Fund, Inc., Portfolios.

Before reviewing some of the accomplishments, I’d like to thank all of you who voted in our Director elections. Our shareholder meeting was held August 14 at our offices in Minneapolis, and a few of you attended in person. It was a delight to speak face-to-face and hear your thoughts about your Portfolios and Thrivent Financial.

I know it can be an imposition to receive a proxy statement in the mail asking you to vote your shares. I also understand that most of you would prefer not to be called at home by someone asking you to vote. We appreciate it when you take the time to participate in the governance of your Thrivent Series Fund Portfolios. When you vote promptly, you reduce the need for us to do additional soliciting of voters to achieve a legally required quorum, which helps hold down costs.

Beyond all that, your participation in these votes is critical to the management of the Portfolios. Unlike many other companies, mutual funds aren’t required to elect directors or trustees annually. (Some mutual funds, like Thrivent Series Fund, Inc., are corporations and have directors. Some are trusts and have trustees. There’s no practical difference from a shareholder’s perspective.) But mutual funds are legally required to have a majority of their directors elected by shareholders. Although your board can appoint some new directors as needed—to replace a director who is retiring, for example—every so often it must call a shareholder meeting to elect directors, simply to comply with the law.

Because mailing proxy materials and holding shareholder meetings creates costs for your Portfolios, and because we’d rather not impose on you more frequently than necessary, we always try to combine director elections with other items that require a shareholder vote. At our shareholder meeting in August, shareholders approved changes to the investment advisory fee structure for our flagship Asset Allocation Portfolios. We’ve heard from you, our shareholders, that you prefer simple, transparent fees, and that’s what these changes are intended to accomplish. They also are expected to result in lower net annual operating expenses for the Asset Allocation Portfolios, which would benefit all of their shareholders.

In my last president’s letter, I wrote about the 10-year anniversary of the Asset Allocation Portfolios, which were launched on April 30, 2005. We continue to be proud of these Portfolios, which we believe offer a simple, all-in-one investment solution for many investors, one that is aligned with each investor’s tolerance for risk.

The performance of the Asset Allocation Portfolios has been competitive. Lipper, a Thomson Reuters company, is a well-known firm that tracks and compares mutual fund performance. Each of our four Asset Allocation Portfolios ranked above its Lipper peer group average for the one- and three-year periods ended December 31, 2015. Overall, 85% of our Portfolios ranked above their respective Lipper peer group averages for the one-year period, and 72% ranked above their respective Lipper peer group averages for the three-year period.

There will be periods, of course, in which our Portfolios, including the Asset Allocation Portfolios, underperform relative to their peers. You can be certain, however, that we will always take a long-term view of performance and seek to provide consistently competitive returns over time. I look forward to updating you on our progress.

Many thanks to each of you for your confidence in Thrivent. Best wishes to you and yours during this season of Lent.

Sincerely,

LOGO

David S. Royal

President

Thrivent Series Fund, Inc.


Performance as of December 31, 2015 (Annualized Total Returns)	1-Year			3-Year			5-Year			10-Year			Expense Ratio
	1-Year			3-Year			5-Year			10-Year			NET			GROSS
Thrivent Aggressive Allocation Portfolio		-4.74	%		6.44	%		6.04	%		4.52	%		0.82	%*		1.17	%
Thrivent Moderately Aggressive Allocation Portfolio		-4.46	%		5.46	%		5.63	%		4.58	%		0.72	%*		1.01	%
Thrivent Moderate Allocation Portfolio		-3.58	%		4.58	%		5.10	%		4.58	%		0.64	%*		0.87	%
Thrivent Moderately Conservative Allocation Portfolio		-2.53	%		3.49	%		4.11	%		4.26	%		0.61	%*		0.80	%


Lipper Rankings as of December 31, 2015	1-Year	3-Year	5-Year	10-Year
Thrivent Aggressive Allocation Portfolio Lipper (Mixed- Asset Target Alloc. Agg. Gro. Funds)	11 (6 of 57)	14 (7 of 50)	46 (20 of 43)	17 (4 of 23)
Thrivent Moderately Aggressive Allocation Portfolio Lipper (Mixed-Asset Target Alloc. Growth Funds)	44 (98 of 223)	40 (77 of 196)	55 (94 of 170)	71 (61 of 86)
Thrivent Moderate Allocation Portfolio Lipper (Mixed-Asset Target Alloc. Moderate Funds)	38 (87 of 229)	38 (73 of 192)	47 (73 of 156)	61 (53 of 87)
Thrivent Moderately Conservative Allocation Portfolio Lipper (Mixed-Asset Target Alloc. Consv. Funds)	42 (55 of 130)	24 (28 of 120)	41 (43 of 105)	50 (25 of 49)

*	The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Portfolio. Refer to the expense table in the Portfolio’s prospectus.

All rankings are based on total return and do not reflect sales charges. The lower the Lipper percentile ranking, the better the fund performance against its peers. Source for ranking is Lipper Inc. After analyzing each fund’s holdings and prospectus objectives, Lipper assigns the fund to a category or peer group called a Lipper classification. Once total return data has been calculated, Lipper ranks the relative performance of all funds in a particular classification against their respective peer group constituents, and then calculates percentile rankings based on those numerical rankings.

Performance data cited represents past performance and should not be viewed as an indication of future results. Investment return and principal value of the investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Call 800-847-4836 or visit Thrivent.com for performance results current to the most recent month-end.

Risks: The Asset Allocation Portfolios invest in other Thrivent Series Fund Portfolios and in directly held equity and debt instruments. Each Portfolio is subject to its own fees and expenses and the expenses of the other funds in which it invests, and is subject to all of the risks of the other funds in which it invests. 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. 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 each Portfolio in a worse position than if it had not used these instruments.

Investing in a variable Portfolio involves risks, including the possible loss of principal. The prospectus contains more complete information on the investment objectives, risks, fees 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.

Dear Member:

Financial markets delivered mixed results in 2015, pressured by slowing economic growth in China and plunging oil prices. The investment outlook is generally positive, although many of the issues that weighed on markets in 2015 could temper returns again in 2016.

Economic Review

The U.S. economy continued its slow but persistent recovery in 2015, expanding at a 2.2% average annual pace through the first three quarters of the year. Gains from strong consumer spending and a vibrant housing market were offset in part by sluggish business spending and exports. The job market improved. Employers created more than 2.6 million nonfarm jobs, and the unemployment rate fell to 5.0% from 5.7%.

Inflation and interest rates remained low, although the Federal Reserve, after holding short-term interest rates near 0% for seven years to help the economy, raised them by a quarter of a percentage point in December.

China grew 7% year-over-year in the first two quarters of the year, then 6.9% in the third. That far exceeded growth rates in the developed world—the euro area grew 0.3% in the third quarter, while Japan contracted 0.8%—but it was still the slowest rate of growth for China since the 2008 financial crisis. Investors worried this slowdown could derail other economies; they also blamed it for reducing demand for oil and other commodities that China had been consuming at a prodigious rate when it was growing faster. Crude oil prices fell to about $37 a barrel by year-end from above $100 in 2014.

Market Review

Judging strictly by market averages, U.S. stocks had an unremarkable year. The S&P 500 Index fell 14.97 points, or 0.7%, its first price decline since 2011, but still posted a positive total return of 1.38% after factoring in reinvested dividends. However, these numbers don’t reflect how volatile the stock market became as the year wore on, highlighted by an 11% plunge in the S&P 500 in August after China devalued its currency. Energy stocks were among the Index’s worst performers, down nearly 24% in price, while consumer discretionary stocks rose 8.4%.

Japan’s Nikkei Stock Average rose 10.63% on a price basis, as Japan’s central bank bought financial assets to prop up the economy. In Europe, the Euro Stoxx 50 Index of blue chip stocks posted a total return of -4.47%, although that loss, reflecting returns to dollar-based investors, was largely due to declines in the value of the euro against the dollar. In euro terms, the Index actually earned 6.42%. The MSCI Emerging Markets Index lost -14.92%.

Like stocks, bonds delivered mixed results, with lower-risk and intermediate-term assets generally performing best. The Barclays U.S. Aggregate Bond Index, dominated by U.S. Treasury bonds and other government-backed securities, earned 0.55%, and the Barclays Municipal Bond Index earned 3.3%. The Barclays U.S. Corporate High Yield Bond Index, home to many below-investment-grade energy bonds, lost 4.47%.

Our Outlook

The U.S. economy looks poised to continue growing in the 2% range in 2016. We anticipate growth of about 1% for Japan, 2% for the euro area, 3% for the U.K., and 6% for China.

The Fed likely will continue to nudge short-term interest rates higher, albeit at a modest pace with minimal disruptions to financial markets. Inflation could edge slightly higher if, as expected, oil prices begin to stabilize.

Overall, we anticipate modestly positive returns from financial assets, absent any material worsening in China’s economy or further weakness in oil prices. European stocks have an opportunity to outperform U.S. shares. Both were expensive heading into 2016, but corporate profit margins had more room to grow in Europe. Emerging-market stocks are cheaper than stocks in developed economies, but look riskier pending improvements in commodities prices.

Select sectors of the bond market appear promising—despite the prospect of higher short-term interest rates—including investment-grade corporate bonds and municipal bonds. High-yield bonds will likely remain depressed until the oil market shows signs of stabilizing.

If you are concerned about the investment outlook, we encourage you to contact your Thrivent Financial representative. He or she can help keep your portfolio aligned with your goals and tolerance for risk. Meanwhile, thank you for the trust you have placed in our entire team of professionals at Thrivent Financial.

Sincerely,

LOGO

Russell W. Swansen

Chief Investment Officer

Thrivent Series Fund, Inc.

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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.

How did the Portfolio perform during the 12-month period ended December 31, 2015?

Thrivent Aggressive Allocation Portfolio earned a return of -0.45%, compared with the median return of its peer group, the Lipper Mixed-Asset Target Allocation Aggressive Growth category, of -1.56%. The Portfolio’s market benchmarks, the S&P 500 Index, the Barclays U.S. Aggregate Bond Index and the MSCI All Country World Index ex-USA—USD Net Returns, earned returns of 1.38%, 0.55% and -5.66%, respectively.

What factors affected the Portfolio’s performance?

Many factors contributed to the Portfolio’s favorable relative performance in the reporting period. First, the equity subcomponents of the Portfolio generally performed quite well versus their respective benchmarks. Specifically, both the large-cap value and large-cap growth allocations saw performance results that were better than both their public benchmarks and their respective Lipper peer categories. Likewise, the Portfolio’s large-cap global portfolio performed well versus its benchmark and peer universe, as did its mid-cap segment and its small-cap allocations to value, core and growth. In all cases, the driver of returns was strong stock selection within each portfolio’s universe relative to its peers and index. In addition, the Portfolio had an overweighting to large-cap domestic stocks relative to our long-term strategic allocations and an underweighting to mid- and small-cap stocks. Large-cap stocks as a segment posted higher returns than mid and small caps, adding to results versus the benchmark allocations. The Portfolio’s international allocation performed well versus the public benchmark, but modestly below its peer universe. Within the international segment, we had a targeted allocation to the Euro Stoxx 50 Index, but with a hedge against the declining euro, which aided equity returns.

The fixed-income portfolio also performed well versus its benchmark. The Portfolio experienced positive contributions from our allocations to securitized bank loans, often referred to as leveraged loans, and agency mortgage-backed securities. We also saw very strong results from our security selection in corporate bonds, both investment grade and high yield. The fixed-income portfolio had a modest underweighting in high-yield corporate bonds, which was also a positive contributor for the period, while an underweighted position in Treasury securities was a modest negative. On the other hand, an overweighting in investment-grade corporates detracted from results because yields on corporate bonds rose relative to Treasuries during the period, often referred to as spread widening. However, that negative impact was more than offset by the strong security selection referred to earlier.

Finally, the Portfolio was modestly underweighted in its long-term equity allocation, which detracted versus our benchmark portfolio. The Portfolio’s equity exposure for the period averaged around 92% of assets, with the balance of 8% of assets allocated to fixed income.

What is your outlook?

We believe many financial assets are fully priced, reflecting the aggressive steps taken by central banks in the past (the U.S. Federal Reserve) and currently (the European Central Bank and the Bank of Japan) to artificially lower interest rates. The hope was that these efforts would further stimulate the respective economic recoveries and diminish the risk of deflation and, in fact, stimulate inflation rates to a level of 2%. However, it is difficult to accurately measure the degree to which these actions are distorting prices in sovereign debt markets in the U.S. and Europe. In the case of Japan, both the equity and debt markets are being impacted because the country’s program of quantitative easing involves buying debt and equity securities. The central banks’ distortions of the so-called risk-free rate, which is the interest rate of the safest investment (i.e., short-term, government-backed debt), will likely cascade into other financial assets. At some point, those programs will stop, either because they have achieved their respective objectives or, more likely, because they prove to be incrementally ineffective. As those markets normalize, we do not know how other markets will react. As such, there is an element of unusual risk that we must factor into our analysis.

We believe opportunities exist for growth to stabilize, and under certain circumstances, even accelerate. The fall in energy prices should be positive for the global economy in the intermediate and long term, we feel, because there are many more beneficiaries of low oil prices than economies that are hurt. The Portfolio is positioned with a modest underweighting to risk versus its long-term targets, reflecting the above-mentioned concerns.

LOGO

Average Annual Total Returns¹

As of December 31, 2015


1-Year	5-Year	10-Year
-0.45%	7.66%	5.65%

LOGO

Past performance is not an indication of future results. Total investment return and principal value will fluctuate and units, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Call 800-THRIVENT (847-4836) or visit Thrivent.com for performance results current to the most recent month-end. The prospectus contains more complete information on the investment objectives, risks, charges and expenses of the investment company, which investors should read and consider carefully before investing. To obtain a prospectus, contact a registered representative or visit Thrivent.com.

Average annual total returns represent past performance and reflect changes in share prices, the reinvestment of all dividends and capital gains, and the effects of compounding. Periods of less than one year are not annualized. At various times, the Portfolio’s adviser may have waived its management fee and/or reimbursed Portfolio expenses. If this were the case, the Portfolio’s total returns would have been lower. The returns shown do not reflect charges and expenses imposed on contract holders by the variable accounts. Those charges and expenses reduce the returns received by contract holders as compared to the returns presented.

The MSCI All Country World Index ex-USA—USD Net Returns is an unmanaged market capitalization-weighted index that is to represent the performance of developed and emerging stock markets throughout the world. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees or expenses.

**	The Barclays U.S. Aggregate Bond Index is an index that measures the performance of U.S. investment grade bonds. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

***

The S&P 500 Index is an index that represents the average performance of a group of 500 widely held, publicly traded stocks. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes. “S&P 500” is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by Thrivent Financial. The product is not sponsored, endorsed or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation regarding the advisability of investing in the product.

****	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

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.

How did the Portfolio perform during the 12-month period ended December 31, 2015?

Thrivent Moderately Aggressive Allocation Portfolio earned a return of -0.75%, compared with the median return of its peer group, the Lipper Mixed-Asset Target Allocation Growth category, of -0.97%. The Portfolio’s market benchmarks, the S&P 500 Index, the Barclays U.S. Aggregate Bond Index and the MSCI All Country World Index ex-USA—USD Net Returns, earned returns of 1.38%, 0.55% and -5.66%, respectively.

What factors affected the Portfolio’s performance?

Finally, the Portfolio was modestly underweighted in its long-term equity allocation, which detracted versus our benchmark portfolio. The Portfolio’s equity exposure for the period averaged around 75% of assets, with the balance of 25% of assets allocated to fixed income.

What is your outlook?

LOGO

Average Annual Total Returns¹

As of December 31, 2015


1-Year	5-Year	10-Year
-0.75%	6.96%	5.47%

LOGO

**	The Barclays U.S. Aggregate Bond Index is an index that measures the performance of U.S. investment grade bonds. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

***

****	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

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.

How did the Portfolio perform during the 12-month period ended December 31, 2015?

Thrivent Moderate Allocation Portfolio earned a return of -0.56%, compared with the median return of its peer group, the Lipper Mixed-Asset Target Allocation Moderate category, of -0.92%. The Portfolio’s market benchmarks, the S&P 500 Index, the Barclays U.S. Aggregate Bond Index and the MSCI All Country World Index ex-USA—USD Net Returns, earned returns of 1.38%, 0.55% and -5.66%, respectively.

What factors affected the Portfolio’s performance?

Finally, the Portfolio was modestly underweighted in its long-term equity allocation, which detracted versus our benchmark portfolio. The Portfolio’s equity exposure for the period averaged around 55% of assets, with the balance of 45% of assets allocated to fixed income.

What is your outlook?

LOGO

Average Annual Total Returns¹

As of December 31, 2015


1-Year	5-Year	10-Year
-0.56%	6.03%	5.22%

LOGO

**	The Barclays U.S. Aggregate Bond Index is an index that measures the performance of U.S. investment grade bonds. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

***

****	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

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.

How did the Portfolio perform during the 12-month period ended December 31, 2015?

Thrivent Moderately Conservative Allocation Portfolio earned a return of -0.46%, compared with the median return of its peer group, the Lipper Mixed-Asset Target Allocation Conservative category, of -0.65%. The Portfolio’s market benchmarks, the S&P 500 Index, the Barclays U.S. Aggregate Bond Index and the MSCI All Country World Index ex-USA—USD Net Returns, earned returns of 1.38%, 0.55% and -5.66%, respectively.

What factors affected the Portfolio’s performance?

Finally, the Portfolio was modestly underweighted in its long-term equity allocation, which detracted versus our benchmark portfolio. The Portfolio’s equity exposure for the period averaged around 35% of assets, with the balance of 65% of assets allocated to fixed income.

What is your outlook?

LOGO

Average Annual Total Returns¹

As of December 31, 2015


1-Year	5-Year	10-Year
-0.46%	4.65%	4.64%

LOGO

**	The Barclays U.S. Aggregate Bond Index is an index that measures the performance of U.S. investment grade bonds. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

***

****	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

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 long-term capital growth and income.

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.

How did the Portfolio perform during the 12-month period ended December 31, 2015?

Thrivent Growth and Income Plus Portfolio earned a return of -0.81%, compared with the median return of its peer group, the Lipper Mixed-Asset Target Allocation Growth category, of -0.97%. The Portfolio’s market benchmarks, the MSCI World Index-USD Net Returns, the Barclays U.S. High Yield Loan Index and the Barclays U.S. Mortgage-Backed Securities Index, earned returns of -0.87%, -0.82% and 1.51%, respectively.

What factors affected the Portfolio’s performance?

The investing climate became increasingly risk-averse as the year wore on amid concerns about slowing economic growth in China, a steep slide in oil prices, and the prospect of higher short-term interest rates in the U.S. The Portfolio, which allocates about 70% of its assets to equities and 30% to fixed-income securities, generated modestly positive returns before expenses from both groups.

The equity portion of the Portfolio was invested in three sectors: international equities, domestic equities and real estate investment trusts (REITs). In all three, the Portfolio outperformed industry benchmarks. International holdings benefited from a focus on low-volatility stocks issued by companies with consistent earnings, solid free cash flow, and low debt. Domestic stock holdings benefited from strong security selection, with technology and health care stocks posting the largest absolute and relative returns. REITs also benefited from strong security selection, with data centers, multi-family apartments and self-storage REITs among the sector’s best performers.

Fixed-income markets were driven primarily by two factors in 2015: expectations that the Fed would raise short-term interest rates, which it did by a quarter of a percentage point in December; and the slump in oil prices. The Fed’s move pressured returns at the short end of the yield curve, while the slide in oil prices, which was linked to concerns about China’s economic stamina, pressured returns for below-investment-grade credits, particularly among energy issues in the high-yield sector.

By contrast, the Portfolio’s high-yield holdings generated modestly positive returns (before Portfolio expenses), largely by virtue of being concentrated in the sector’s higher-rated bonds. Elsewhere, the Portfolio’s securitized assets outperformed their benchmark due both to favorable security selection and a material allocation to nonagency mortgage-backed securities, which substantially outperformed the agency mortgage-backed securities that dominate the sector’s benchmark.

The Portfolio underperformed its benchmarks for investment-grade corporate bonds, leveraged loans and emerging-market bonds. Performance in the loan sector lagged due to an overweighted position in poor-performing energy, mining and metals issues. Returns on investment-grade corporate bonds lagged due to being underweighted in the banking industry, which did relatively well, and overweighted in BBB-rated securities, which did not. In emerging markets, the Portfolio suffered from having little exposure to Ukraine and Russia, both of which performed well after hostilities between those two countries eased.

What is your outlook?

Stocks in most developed economies were expensive as 2015 drew to a close. European shares could outperform U.S. shares in 2016 as corporate profit margins have more room to grow in Europe. Emerging market stocks are cheaper than stocks in developed markets, but still riskier pending improvements in commodities prices. REITs look reasonably attractive, not only because they are generating strong funds from operations but also because they will become their own investment sector in 2016 under the Global Industry Classification Standard, which could broaden their appeal to institutional investors.

While no single sector of the fixed-income markets stands out as dramatically undervalued, the Portfolio’s broad diversification provides a range of opportunities for profit in some sectors to offset losses in others. Half of the Portfolio’s fixed-income assets are invested in leveraged bank loans, high-yield bonds and emerging market bonds, all of which will be sensitive to commodities price trends.

Overall, we expect modestly positive returns from financial assets in 2016, with risk greater to the downside than the upside—especially if China’s slowing growth weighs on other economies, or if commodities prices fail to improve.

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Average Annual Total Returns¹

As of December 31, 2015


1-Year	5-Year	From Inception 4/30/2008
-0.81%	6.29%	3.43%

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Effective April 30, 2015, the Portfolio’s benchmark index changed from the Russell Developed^® Index to the MSCI World Index—USD Net Returns. The Adviser made this benchmark change because it believes that this Index is a more appropriate benchmark for the Portfolio. Thus the Russell Developed^® Index will not be shown in shareholder reports of the Portfolio for fiscal periods ended December 31, 2016 and beyond.

*	The Barclays U.S. High Yield Loan Index measures U.S. Dollar denominated syndicated term loans. It is not possible to invest directly in the Index. The performance of the Indices does not reflect deductions for fees, expenses or taxes.

**	The Barclays U.S. Mortgage-Backed Securities Index (MBS) is formed by grouping the universe of over 600,000 individual fixed-rate U.S. It is not possible to invest directly in the Index. The performance of the Indices does not reflect deductions for fees, expenses or taxes.

***	The Russell Developed^® Index measures the performance of the investable securities in developed countries globally. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

****	The MSCI World Index—USD Net Returns is an index that represents large and mid-cap stock performance across developed market countries throughout the world. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

*****

The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

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.

How did the Portfolio perform during the 12-month period ended December 31, 2015?

Thrivent Balanced Income Plus Portfolio earned a return of -0.14%, compared with the median return of its peer group, the Lipper Mixed-Asset Target Allocation Moderate category, of -0.92%. The Portfolio’s market benchmarks, the MSCI World Index-USD Net Returns, the Barclays U.S. High Yield Loan Index and the Barclays U.S. Mortgage-Backed Securities Index, earned returns of -0.87%, -0.82% and 1.51%, respectively.

What factors affected the Portfolio’s performance?

The investing climate became increasingly risk-averse as the year wore on, with investors worried about slowing economic growth in China, a steep slide in oil prices, and the prospect of higher short-term interest rates in the U.S. The Portfolio was able to generate modestly positive returns before expenses from both its equity and fixed-income holdings.

What is your outlook?

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Average Annual Total Returns¹

As of December 31, 2015


1-Year	5-Year	10-Year
-0.14%	7.91%	5.78%

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^	Effective April 30, 2015, the S&P Composite 1500 Index was discontinued as a benchmark for the Portfolio. Thus, the S&P Composite 1500 Index will not be shown in shareholder reports of the Portfolio for fiscal periods ended December 31, 2016 and beyond.

*	The MSCI World Index—USD Net Returns is an index that represents large and mid-cap stock performance across developed market countries through-out the world. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

The Barclays U.S. Mortgage-Backed Securities Index (MBS) is formed by grouping the universe of over 600,000 individual fixed-rate U.S. government agency MBS pools into approximately 3,500 generic types of securities. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

***	The Barclays U.S. High Yield Loan Index measures U.S. Dollar denominated syndicated term loans. It is not possible to invest directly in the Index. The performance of the Indices does not reflect deductions for fees, expenses or taxes.

****

The S&P Composite 1500 Index measures the performance of a group of 1500 publicly traded stocks. “S&P Composite 1500” is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by Thrivent Financial. The product is not sponsored, endorsed or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in the product. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

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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.

How did the Portfolio perform during the 12-month period ended December 31, 2015?

Thrivent Diversified Income Plus Portfolio earned a return of 0.08%, compared with the median return of its peer group, the Lipper Mixed-Asset Target Allocation Conservative category, of -0.65%. The Portfolio’s market benchmarks, the MSCI World Index-USD Net Returns, the Barclays U.S. High Yield Loan Index and the Barclays U.S. Mortgage-Backed Securities Index, earned returns of -0.87%, -0.82% and 1.51%, respectively.

What factors affected the Portfolio’s performance?

The investing climate became increasingly risk-averse over the year as investors focused on slowing economic growth in China and plunging oil prices. Investors also were weighing the prospect of higher short-term interest rates, which became a reality in December when the Federal Reserve raised short-term rates a quarter of a percentage point. That pressured bond returns at the short end of the yield curve. Meanwhile, the slide in oil prices, which was linked to concerns about China’s economic stamina, pressured returns for below-investment-grade credits, particularly among energy issues in the high-yield sector.

The Portfolio allocates about 70% of its assets to fixed-income securities and 30% to equities, and in 2015 generated modestly positive returns, before expenses, from both groups.

The fixed-income portion of the Portfolio outpaced its benchmarks for securitized assets and high-yield bonds. The Portfolio’s high-yield bonds generated modestly positive returns (before Portfolio expenses), largely by virtue of being concentrated in higher-rated securities within that sector. The Portfolio’s securitized assets outperformed due both to favorable security selection and a material allocation to nonagency mortgage-backed securities, which substantially outperformed the agency mortgage-backed securities that dominate the sector’s benchmark.

What is your outlook?

While no single sector of the fixed-income markets stands out as dramatically undervalued, the Portfolio’s broad diversification provides a range of opportunities to generate profit in some sectors to offset losses in others. For example, floating-rate leveraged loans hold their value better than fixed-rate bonds when interest rates are rising, and returns on securitized assets are driven by different factors than those impacting high-yield bonds. Half of the Portfolio’s fixed-income assets are invested in leveraged bank loans, high-yield bonds and emerging market bonds, all of which will be sensitive to commodities price trends.

Stocks in most developed economies were expensive as 2015 drew to a close. Because corporate profit margins have more room to grow, European shares could outperform U.S. shares in 2016. Stocks in emerging markets are cheaper than developed markets, but still riskier pending improvements in commodities prices. REITs look reasonably attractive, not only because they are generating strong funds from operations but also because they will become their own investment sector in 2016 under the Global Industry Classification Standard, which could broaden their appeal to institutional investors.

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Average Annual Total Returns¹

As of December 31, 2015


1-Year	5-Year	10-Year
0.08%	6.33%	6.16%

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2	Prior to July 3, 2006, the Portfolio, as a high yield fund, invested primarily in “junk bonds”.

**	The Barclays U.S. High Yield Loan Index measures U.S. Dollar denominated syndicated term loans. It is not possible to invest directly in the Index. The performance of the Indices does not reflect deductions for fees, expenses or taxes.

***	The Russell Developed^® Index measures the performance of the investable securities in developed countries globally. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

****	The MSCI World Index—USD Net Returns is an index that represents large and mid-cap stock performance across developed market countries through-out the world. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

*****

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.

How did the Portfolio perform during the 12-month period ended December 31, 2015?

Thrivent Opportunity Income Plus Portfolio generated a return of -0.03%, compared with the median return of its peer group, the Lipper General Bond category, of -1.30%. The Portfolio’s market benchmarks, the Barclays U.S. Mortgage-Backed Securities Index, the Barclays U.S. High Yield Loan Index and the Barclays U.S. High Yield Ba/B 2% Issuer Capped Index, earned returns of 1.51%, -0.82% and -2.72%, respectively.

What factors affected the Portfolio’s performance?

Two broad factors drove activity in the bond market in 2015: expectations that the Federal Reserve would raise short-term interest rates as the U.S. economy continued to grow; and a steep slide in oil prices.

The Fed raised short-term interest rates by a quarter of a percentage point in December after holding them near 0% for seven years. Not surprisingly, this pressured returns at the short end of the yield curve. In the Treasury market, for example, two-year Treasuries earned about 0.4% for the year, while five-year Treasuries earned 1.3%.

Crude oil finished the year at about $37 per barrel, down from more than $100 in June 2014. Oil prices fell not only because of ample supplies of the commodity but also because of slacking demand, particularly in China—one of the world’s biggest oil consumers. As the world’s second-largest economy, China grew 6.9% in the third quarter, but that was its slowest pace of growth since the 2008 financial crisis. Prices for many other commodities also were down for the year.

The high-yield sector was the worst-performing sector of the U.S. bond market, in part because bonds issued by energy companies accounted for about 15% of that sector heading into the year, and investors were worried that the steep slide in oil prices would lead to higher levels of defaults on energy bonds. The Barclays U.S. Corporate High Yield Bond Index posted a total return of -4.47%, with bonds carrying the lowest credit ratings—including many energy bonds—faring the worst inside that index. By contrast, the Portfolio earned 0.82% before expenses on its high-yield portfolio, largely by concentrating its holdings in bonds with above-average credit ratings for that sector.

Securitized assets, which accounted for 21% of the Portfolio, contributed positively to results, earning about 3.1% before expenses. Within that sector, the Portfolio allocated about 4% of its assets to nonagency mortgage-backed securities, which returned 4.0% for the year, outpacing agency mortgage-backed securities, which earned 1.5% as measured by the Barclays U.S. Mortgage-Backed Securities Index. The Portfolio’s remaining securitized assets were invested in agency mortgage-backed securities that earned about 2.6% for the year.

The Portfolio’s holdings in leveraged loans and emerging-market bonds were the largest detractors from results. The leveraged loan sector accounted for 31% of the Portfolio and generated a return of about 0.6%, which lagged the Portfolio’s leveraged loan index due to a higher allocation to energy, mining and metals issues. Emerging-market results lagged in part because the Portfolio had less exposure than the benchmark to Ukraine and Russia, both of which performed well after hostilities between those two countries eased.

What is your outlook?

The Portfolio’s holdings are concentrated in securities maturing in two to five years. Anticipating the Fed will impose further modest increases in short-term interest rates in 2016, we have taken a slightly overweighted position in five-year bonds. Meanwhile, more than half of the Portfolio’s assets are invested in leveraged bank loans, high-yield bonds and emerging markets bonds, all of which would likely do well if oil and other commodities prices rise, but would suffer if commodities prices remain severely depressed. This leaves us cautious about the Portfolio’s prospects for 2016, although we take comfort in knowing that the Portfolio is broadly diversified. This provides a range of opportunities to earn profits, and for profits in some sectors to offset losses in others. Leveraged loans are floating-rate securities, for example, and maintain their value better than fixed-rate bonds when interest rates are rising. Similarly, securitized assets are driven by different factors than those at work in the high-yield sector. Overall, assuming the U.S. economy continues its slow growth trajectory and commodities markets stabilize, we anticipate another year of flat-to-modestly positive returns.

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Average Annual Total Returns¹

As of December 31, 2015


1-Year	5- Year	10-Year
-0.03%	2.48%	4.12%

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**	The Barclays U.S. High Yield Loan Index measures U.S. Dollar denominated syndicated term loans. It is not possible to invest directly in the Index. The performance of the Indices does not reflect deductions for fees, expenses or taxes.

***

The Barclays U.S. High Yield Ba/B 2% Issuer Capped Index covers the USD denominated, non-investment grade, Ba or B rated, fixed-rate, taxable corporate bond market. The Index limits issuer exposures to a maximum 2%, redistributing excess market value index-wide on a pro-rata basis. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

****	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

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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.

How did the Portfolio perform during the 12-month period ended December 31, 2015?

Thrivent Partner Healthcare Portfolio earned a return of 4.61%, compared with the median return of its peer group, the Lipper Health/Biotechnology category, of 7.93%. The Portfolio’s market benchmark, the Morgan Stanley Capital International (MSCI) World Health Care Index, earned a return of 6.60%.

What factors affected the Portfolio’s performance?

The Portfolio underperformed its benchmark and peer group over the past 12 months. Stock selection and exposure to emerging-market health care companies contributed to the underperformance. Key detractors over the 12-month period included generic drug maker Aspen Pharmacare, biotechnology firm Biogen and medical technology company HeartWare International. Shares of Aspen, a South Africa-based regional generic company, fell based on general weakness in emerging markets, the devaluation of the South African rand due to political uncertainty late in the year, and currency concerns for the company. Biogen, a commercial biotech company focused on treating neurologic diseases, was weak due to the slowing of its key multiple sclerosis drug Tecfidera. HeartWare, a developer of ventricular assist devices, fell after it announced the acquisition of mitral valve repair company Valtech Cardio—which was unwelcome by shareholders—and problems with a trial for its next-generation pump.

Top contributors to performance for the 12-month period included medtech DexCom and biotechs Novo Nordisk and BioMarin Pharmaceutical. DexCom’s shares advanced due to the continued strong rollout of the company’s continuous blood-glucose monitors for use in diabetic patients, which showed more than 50% year-over-year sales growth each quarter. Novo Nordisk benefited from the long-awaited U.S. approval of its long-acting insulin Degludec and the advancement of its pipeline (most notably its oral Semaglutide program). BioMarin was aided by the continued strong rollout of its newly approved drug Vimizim (for the rare condition Morquio A syndrome) and the progress of its pipeline (most notably drugs for Batten’s disease, Pompe’s disease and achondroplasia).

What is your outlook?

As was the case for much of 2015, we believe that during the coming year, monetary policies will dictate what happens in equity markets. While the course of U.S. interest rate hikes seems relatively clear, the duration and scope of quantitative easing in Europe is less certain. The sharp divergence between the main economic regions is a source of tension for financial markets; at the same time, however, a precipitated tapering in Europe could put economic growth at risk. If economic growth in developed markets is sustained, emerging economies manage to improve, and monetary policies evolve as expected, we anticipate that 2016 will be a modestly positive year for equities globally. With respect to health care, we continue to see stronger sales and earnings growth than in the broader markets, while valuation levels, with only a few exceptions, remain reasonable.

We believe that large caps (i.e., primarily selected pharmaceutical stocks, including global and regional generic players and most of the large-cap biotechs) will provide a solid and stable core for health care investors in 2016. We believe performance in other investment sectors will diverge significantly, as company-specific or region-specific events will largely dictate individual stock performance. The mostly flat performance of biotechs and medtechs during the second half of 2015 has removed the valuation concerns we expressed at the beginning of the year. Hence, while emphasizing selectivity, we see opportunities among mid- and small-cap biotech and medtech companies. Upcoming approvals, product launches and data readouts will continue to drive performance in this group of stocks.

The other area of opportunity is emerging-market health care companies. Most of these have lived through a transition year, with demand growing more slowly than usual, mostly because of transient economic or regulatory reasons. Their stock prices have been negatively affected—relative to emerging market equities overall—by the morose investor stance. However, emerging consumers are alive and well, eager to spend on higher-end goods such as health care. In this respect, the recent lackluster performance of the sector in emerging markets provides an attractive entry point. In addition, confidence might return to emerging markets as fears of a Federal Reserve rate hike recede and most emerging economies remain relatively well-positioned (with the notable exceptions of South Africa and Brazil).

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Average Annual Total Returns¹

As of December 31, 2015


1-Year	5-Year	From Inception 4/30/2008
4.61%	14.62%	12.31%

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The MSCI World Healthcare Index is a capitalization-weighted index of selected health care stocks from around the world. The index includes reinvestment of dividends, gross of foreign withholding taxes. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

**	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

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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.

How did the Portfolio perform during the 12-month period ended December 31, 2015?

Thrivent Partner Emerging Markets Equity Portfolio earned a return of -13.59%, compared with the median return of its peer group, the Lipper Emerging Markets category, of -14.51%. The Portfolio’s market benchmark, the MSCI Emerging Markets Index- USD Net Returns, earned a return of -14.60%.

What factors affected the Portfolio’s performance?

The Portfolio’s outperformance relative to the benchmark was driven by positive stock selection. On the other hand, currency effect was negative as emerging-market currencies broadly depreciated against the U.S. dollar, which rose amid expectations of an impending increase in interest rates.

Favorable stock selection in Latin America compensated for market weakness in the region. In Mexico, airport operator Asur continued to rally, driven by consistent growth in passenger traffic, while bottler and convenience store operator Femsa rose on the back of acquisitions in its pharmacy business. However, the Portfolio’s overweighted position in Brazil pared down these gains. Brazilian equities tumbled and the country’s real currency continued to depreciate, owing to heightened concerns over President Rousseff’s commitment to fiscal discipline and S&P’s downgrade of the nation’s debt. Iron ore producer Vale’s shares fell following a mining accident at Samarco, its joint-venture operation with BHP Billiton. While the company has handled communication with its investors well, significant concern remains over the magnitude of the potential fines that Vale faces; and it’s likely that the environment of low iron ore prices will only compound difficulties.

The Portfolio’s exposure to companies in Europe, the Middle East and Africa was also a positive contributor. In particular, shares of beverage company SABMiller rallied on news of a potential takeover bid from rival brewer Anheuser-Busch InBev. In Poland, food retailer Jeronimo Martins continued to do well after its results demonstrated operational improvements. Hungarian drug maker Richter Gedeon’s earnings were boosted by a milestone payment on its anti-psychotic treatment, Cariprazine, from the company’s U.S. partner Allergan.

In Asia, the Portfolio’s underweighting to China continued to hamper performance. Chinese stocks rose sharply in the beginning of the year in response to a tide of equity account openings, a surge in margin trading activity and monetary easing. Although weak economic data reversed gains in the second half of the year, the Shanghai Index still ended the year among the best-performing markets. Currency returns from China also had a negative impact. While the yuan weakened against the U.S. dollar, it appreciated against most other major global currencies in 2015. At the stock level, not holding Internet company Tencent in the Portfolio was the largest detractor from performance, as it is a significant position in the benchmark. The share price rose sharply after the company announced good results and planned to monetize its WeChat platform. We do not own Tencent due to concerns over corporate governance. In particular, its variable interest entity structure, which is used to get around legal restrictions on the foreign ownership of Internet assets in China, offers limited protection to minority shareholders. On the other hand, our nonbenchmark exposure to Hong Kong benefited the Portfolio as a position in AIA posted better-than-expected results. We also benefited from our overweighting to India, which was among the most resilient markets.

What is your outlook?

The U.S. Federal Reserve’s move to finally raise rates, while emphasizing that any future adjustments will be gradual, has brought welcome clarity to investors. The hope is that focus can now return to fundamentals. On the whole, emerging-market countries are better positioned for higher rates than they were during the 2013 “taper tantrum” due to improved external balances and higher reserves.

That being said, the asset class faces a number of headwinds in 2016. One of these is the slowdown in China, as it restructures an export- and investment-led economy toward a more sustainable model with consumption and services as the main growth pillars. While this is a good thing, the resulting impact on commodity prices will likely be unavoidable. The developing economies that made use of the boom years to strengthen their current account balances and increase productivity will need to weather the “new normal” of lower levels of trade and investment.

Against this backdrop, we continue to find opportunity amidst the market volatility, and remain upbeat on emerging markets’ long-term potential. Negative investor sentiment has punished share prices indiscriminately, and valuations now look reasonable both on a historical and relative basis. We also expect corporate earnings to improve modestly in 2016.

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Average Annual Total Returns¹

As of December 31, 2015


1-Year	5-Year	From Inception 4/30/2008
-13.59%	-2.55%	1.28%

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*	The MSCI Emerging Markets Index-USD Net Returns is a modified capitalization-weighted index of selected emerging economies from around the world. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

**	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

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.

How did the Portfolio perform during the 12-month period ended December 31, 2015?

Thrivent Real Estate Securities Portfolio earned a return of 2.75%, compared with the median return of its peer group, the Lipper U.S. Real Estate category, of 2.77%. The Portfolio’s market benchmark, the FTSE NAREIT All Equity REITs Index, earned a return of 2.83%.

What factors affected the Portfolio’s performance?

Real estate investment trust (REIT) stock performance in 2015 was positively impacted by an improving U.S. economy, which provided underlying support for real estate fundamentals. Rent growth continued in the primary property categories of office, industrial and retail, but was particularly strong in apartments, self-storage and class-A mall properties. New construction supply has been sufficient to meet—but not exceed—demand in the current business cycle. As a result, occupancy rates have remained stable and property owners have been able to increase rental rates.

Equity REITs performed well in this environment as a result of their 7% cash-flow earnings growth plus 4% average dividend yield. However, REIT stock prices were negatively impacted by the expectation that interest rates would rise as the Federal Reserve executes its plan to raise short-term interest rates. In anticipation of this event, flows into REIT mutual funds were modestly negative in 2015, reversing a multi-year trend of positive inflows.

The best-performing property sectors in 2015 were apartment, self-storage and data center REITs. In these sectors, the Portfolio’s best-performing stocks were Mid-America Apartment Communities, Extra Space Storage, and data center operator CoreSite Realty. The lodging/hotel sector was the worst-performing property type due to a reduction in international travel to the U.S., and a slowing in revenue growth trends.

What is your outlook?

New construction is expected to remain limited in most property types. The modest new supply should allow REITs and private real estate owners to maintain occupancy levels in 2016, with rental rate increases expected to continue. U.S. equity REITs should also benefit when they become the eleventh industry sector under the Global Industry Classification Standard (GICS) on August 31, 2016. As a result, REITs will be separated from the financial sector and will likely receive greater attention from general investors who have historically had little or no exposure to REIT stocks.

Private equity firms are in the process of raising an estimated $45 billion of equity for U.S.-focused real estate funds, which will provide the funding needed for public REIT or private real estate acquisitions. Investment demand of this magnitude should provide strong underlying support for commercial real estate and REIT valuations in the public market. Fundamentals for commercial real estate and REIT owners are likely to remain strong as a result of limited new supply, together with high occupancy rates and strong rental rate growth. The expectation for 2016 is that equity REITs will likely generate 6% to 7% FFO (funds-from-operations) per-share growth, which combined with a dividend yield of 4%, should produce attractive total returns.

Our strategy is to emphasize best-in-class REITs that have high-quality real estate portfolios and experienced management teams. We continually search for attractive value in all REIT property sectors, and adjust positions throughout the year in an attempt to maximize the Portfolio’s performance and manage risk.

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Average Annual Total Returns¹

As of December 31, 2015


1-Year	5-Year	10-Year
2.75%	11.93%	7.32%

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*	The FTSE NAREIT All Equity REITs Index is an unmanaged capitalization-weighted index of all equity real estate investment trusts. It is not possible to invest directly in this Index. The performance of this Index does not reflect deductions for fees, expenses or taxes.

**	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

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.

How did the Portfolio perform during the 12-month period ended December 31, 2015?

Thrivent Small Cap Stock Portfolio earned a return of -3.13%, compared with the median return of its peer group, the Lipper Small Cap Core category, of -4.74%. The Portfolio’s market benchmark, the Russell 2000^® Index, earned a return of -4.41%.

What factors affected the Portfolio’s performance?

During the period, the Portfolio outperformed due to stock selection. Strong areas of stock selection included financials, consumer discretionary, industrials and consumer staples. In financials, the Portfolio benefited from strong stock selection in regional banks. Positions in Synovus Financial Group, operating in Georgia and other states in the Southeast, and Hanmi Financial, operating primarily in southern California, contributed favorably to results. Our holdings in real estate investment trusts (REITs) also performed well, including a position in Extra Space Storage, as well as other companies in the self-storage properties sector. The Portfolio also benefited from our avoidance of mortgage REITs. In insurance, the Portfolio owned HCC Insurance Holdings, a property and casualty insurance company that was taken over at a premium during the period.

In the consumer discretionary sector, Papa John’s International was a meaningful outperformer. In addition, apparel company Oxford Industries aided performance. In industrials, commercial construction companies Emcor Group and Granite Construction drove performance. In the consumer staples area, food and gasoline retailer Casey’s General Stores and organic food company WhiteWave Foods contributed meaningfully. Stock selection in the technology sector detracted from performance.

What is your outlook?

We believe the U.S. economy has likely passed the midpoint of its recovery. Our viewpoint is based on the operating performance of many companies across all industries. Cyclical companies have recovered and seen above-trend sales growth and margins, while some industries have already rolled over and are in deep downturns, including agriculture, energy and mining in particular. Outside the U.S., we believe there is still room for recovery in Europe and emerging markets. If these areas start to gain some traction, it would be beneficial to some of the companies that are owned in the Portfolio. All that being said, our investment approach does not rely on economic forecasting. Our goal is to find solid companies at attractive prices that have a long runway for operating performance improvement, and that can be held throughout an economic cycle.

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Average Annual Total Returns¹

As of December 31, 2015


1-Year	5-Year	10-Year
-3.13%	7.40%	4.87%

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*	The Russell 2000^® Index measures the performance of small cap stocks. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

**	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

THRIVENT SMALL CAP INDEX PORTFOLIO

Kevin R. Brimmer, FSA, Portfolio Manager

Thrivent Small Cap Index Portfolio seeks 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.

How did the Portfolio perform during the 12-month period ended December 31, 2015?

Thrivent Small Cap Index Portfolio earned a return of -2.17%, compared with the median return of its peer group, the Lipper Small Cap Core category, of -4.74%. The Portfolio’s market benchmark, the S&P SmallCap 600 Index, earned a return of -1.97%.

What factors affected the Portfolio’s performance?

The Portfolio’s holdings are aligned with those of the S&P SmallCap 600 Index. As typically occurs in an index portfolio, the difference in performance between the benchmark index and the Portfolio itself can largely be attributed to expenses and minor differences in portfolio composition.

Four of the sectors posted positive returns for the year. Health care, utilities and information technology were the best-performing sectors in the market over the past 12 months, posting the most positive returns. Small-cap stocks slightly outperformed mid-cap stocks over the reporting period and underperformed large-cap stocks. Larger-cap stocks tend to outperform during periods of increasing market volatility. Consumer discretionary, materials and energy delivered the most negative returns for the 12-month period.

What is your outlook?

In the U.S., small-cap stocks slightly outperformed mid-cap stocks, but underperformed large caps over the past year. In the last 12 months the markets have seen an increase in volatility relative to the last few years, particularly during the last quarter of the year. Worldwide, many central banks, particularly in developed markets like Europe and Japan, continue to provide extraordinary monetary stimulus to their respective economies. It’s important for the economic recovery, both domestically and globally, to be sustained, supporting continued profit growth that will validate the advance in stock prices over the last few years. Market multiples are high relative to history. The dollar has appreciated substantially and is impacting top line revenue growth, particularly for large-cap, multinational companies. While small-cap companies have less direct exposure to the strength in the dollar, there can be a second-order effect as their customers are being impacted. Profit margins are being stressed due to upward pressure on wages as labor markets tighten. We are well into the expansion phase of the current economic recovery and there are signs that suggest some degree of caution is appropriate. Economic risks in the U.S. are low relative to other areas of the global economy. An area we are closely monitoring is emerging economies that have high dependence on commodities.

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Average Annual Total Returns¹

As of December 31, 2015


1-Year	5-Year	10-Year
-2.17%	11.09%	7.70%

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The S&P SmallCap 600 Index is an index that represents the average performance of a group of 600 small capitalization stocks. The product is not sponsored, endorsed or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation regarding the advisability of investing in the product. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses and taxes.

**	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

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.

How did the Portfolio perform during the 12-month period ended December 31, 2015?

Thrivent Mid Cap Stock Portfolio earned a return of 0.08%, compared with the median return of its peer group, the Lipper Mid Cap Core category, of -2.68%. The Portfolio’s market benchmark, the Russell Midcap^® Index, earned a return of -2.44%.

What factors affected the Portfolio’s performance?

Solid stock selection within the health care, information technology and financial sectors more than offset underperformance from the consumer discretionary and consumer staples sectors. The health care sector experienced significant outperformance from multiple industries, including health care equipment and services. Hologic, C.R. Bard and Edwards Lifesciences each posted improving revenues after new products were introduced at all three companies. Also, increasing health insurance coverage boosted the top and bottom lines of both Centene and Universal Health Services.

NVIDIA was the largest contributor to the information technology sector returns. The firm’s revenue growth was driven by increasing demand for graphics processing units from gaming, enterprise, virtual-reality and automotive customers. Additionally, solid cost and capital management improved NVIDIA’s margins and earnings.

The Portfolio’s large investment in Nasdaq and overweighting in regional banks buoyed performance in the financial sector. Nasdaq’s improved performance resulted from a move to a diversified business model that is concentrated on value-added services, while lowering the firm’s reliance on trading revenues. Regional banks experienced a tailwind from cheap valuations, combined with improving loan growth throughout the year.

The Portfolio did have some struggles during the year, with the majority concentrated in the two consumer sectors. For example, even though Scripps Networks Interactive had solid television ratings, the combination of cord-cutting and increased programming costs was too much to overcome. Finally, Keurig Green Mountain was the Portfolio’s worst performer after the company’s poor execution related to new brewer rollouts, increased price competition and accelerating costs buffeted the stock.

What is your outlook?

We believe that many uncertain situations around the world will keep market volatility elevated. These risks include, but are not limited to, slow worldwide economic growth, Middle East tensions and diverging worldwide monetary policies. These risks are somewhat offset by the continued significant liquidity pumped into the worldwide economy and improved valuations. We believe a continued focus on stock selection, with a preference for investments that offer company-specific growth opportunities, is the best path forward.

In this environment, the Portfolio is overweighting the information technology, industrial and health care sectors. We feel that information technology firms will benefit as companies invest in technology to improve their productivity in a slow-growth world. Company-specific factors offer select opportunities within the industrial sector. Finally, rising health care utilization should continue to buoy the health care sector. Conversely, more frugal consumers who continue to improve their personal balance sheets will make growing revenues difficult for consumer discretionary companies.

Specifically, the Portfolio continues to emphasize growth factors, with a focus on relative revenue growth, above-consensus incremental margins, and free cash flow, as well as companies that are improving returns on capital. While valuation spreads have begun to widen and the environment is beginning to create select opportunities among traditionally cyclical industries, we believe patience is required. The diverging monetary policies between the Federal Reserve and other central banks, particularly in Europe, Japan and China, have the potential to continue putting upward pressure on the dollar and downward pressure on commodity prices. With many cyclical industries’ fortunes tied to commodity prices, we will be patient, adding exposure as valuation opportunities present themselves. Overall, the outlook is much like what has existed over the past year—increased volatility, slow worldwide growth and narrow (but slightly widening) valuation spreads. We will continue to focus on finding companies that we believe can improve returns through superior growth and margin potential, while looking for valuation opportunities within beaten-down cyclical industries.

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Average Annual Total Returns¹

As of December 31, 2015


1-Year	5-Year	10-Year
0.08%	10.21%	7.27%

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The Russell Midcap^® Index is an index that measures the performance of the smallest 800 securities in the Russell 1000^® Index, as ranked by total market capitalization. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

**	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

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.

How did the Portfolio perform during the 12-month period ended December 31, 2015?

Thrivent Mid Cap Index Portfolio earned a return of -2.52%, compared with the median return of its peer group, the Lipper Mid Cap Core category, of -2.68%. The Portfolio’s market benchmark, the S&P MidCap 400 Index, earned a return of -2.18%.

What factors affected the Portfolio’s performance?

The Portfolio’s holdings are aligned with those of the S&P MidCap 400 Index. As typically occurs in an index portfolio, the difference in performance between the benchmark index and the Portfolio itself can largely be attributed to expenses and minor differences in portfolio composition.

Three of the sectors posted positive returns for the year. Health care, financials and information technology were the best-performing sectors in the market over the past 12 months, posting the most positive returns. Mid-cap stocks slightly underperformed small-cap stocks over the reporting period and underperformed large-cap stocks, since large-cap stocks tend to outperform during periods of increasing market volatility. Telecommunication services, materials and energy delivered the lowest returns for the 12-month period, with the energy sector clearly delivering the most negative returns.

What is your outlook?

In the U.S., mid-cap stocks underperformed small- and large-cap stocks over the past year. In the last 12 months, the markets have seen an increase in volatility relative to the last few years, particularly during the last quarter of the year. Worldwide, many central banks, particularly in developed markets like Europe and Japan, continue to provide extraordinary monetary stimulus to their respective economies. It’s important for the economic recovery, both domestically and globally, to be sustained, supporting continued profit growth that will validate the advance in stock prices over the last few years. Market multiples are high relative to history. The dollar has appreciated substantially, and is impacting top line revenue growth, particularly for large-cap, multinational companies. While small-cap companies have less direct exposure to the strength in the dollar, there can be a second-order effect as their customers are being impacted. Profit margins are being stressed due to upward pressure on wages as labor markets tighten. We are well into the expansion phase of the current economic recovery and there are signs that suggest some degree of caution is appropriate. Economic risks in the U.S. are low relative to other areas of the global economy. An area we are closely monitoring is emerging economies that have high dependence on commodities.

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Average Annual Total Returns¹

As of December 31, 2015


1-Year	5-Year	10-Year
-2.52%	10.20%	7.73%

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The S&P MidCap 400 Index is an index that represents the average performance of a group of 400 medium capitalization stocks. The product is not sponsored, endorsed or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation regarding the advisability of investing in the product. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

**	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

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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.

How did the Portfolio perform during the 12-month period ended December 31, 2015?

Thrivent Partner Worldwide Allocation Portfolio earned a return of -0.78%, compared with the median return of its peer group, the Lipper International Multi Cap Core category, of -1.39%. The Portfolio’s market benchmark, the MSCI All Country World Index ex-USA—USD Net Returns, earned a return of -5.66%.

What factors affected the Portfolio’s performance?

The Portfolio’s performance was impacted positively by the relative performance of three of the four subaccount managers that performed well within their respective categories. One manager detracted as it did not perform well relative to its peer group.

To review, the Portfolio is managed using five distinct management styles reflecting the broad range of opportunities in non- U.S. markets. The large-cap allocation of 60% of portfolio assets is split between two investment advisers, one investing in a large-cap growth strategy and the other, a large-cap value manager. The large-cap growth manager performed well versus both its benchmark and the peer category. The large-cap value manager did not perform well versus its group owing to an overweighted position in euro area markets, a position that was impacted by significant euro weakness versus the dollar and exposure to financial stocks. Another 30% of portfolio assets is evenly divided between an MSCI Europe, Asia and Australasia manager in small-cap stocks from developed economies and an emerging markets equity investment manager. The former performed quite well versus both the benchmark and peers and was a strong contributor to results.

Those results were partially offset by our exposure to emerging-market equities, which performed poorly in the period relative to developed markets. Although our manager performed well versus the category of emerging-market equity managers, the group still lagged the performance seen in developed international markets by a wide margin. Weakness in China, as well as commodity-based emerging-market economies, caused this segment of the market to fare poorly in the period. Finally, 10% of the portfolio is allocated to an emerging market debt manager. That manager performed quite well against its group and benchmark, while the group also performed well versus the equity markets, adding to performance.

What is your outlook?

From late 2011 through the third quarter of 2015, equity markets generally had been performing quite well on a local currency basis. This performance was based on confidence in the global economic recovery continuing and the potential positive impact of aggressive monetary policies on the part of both the European and Japanese central banks. Europe does appear on the cusp of a pickup in growth following the challenges presented by the euro crisis and the issues in Greece. Japan also has seen some improvement in economic growth following extremely unusual activity on the part of its central bank to lift asset prices and depreciate the yen, including the purchase of stocks—an unprecedented activity in the modern financial era. During 2015, it appeared both sets of policies were having less than the desired effect. At the same time China, previously a significant contributor to global growth, was undergoing an economic slowdown as it transitioned from an export-based to a consumption-based economy. All of these issues have resulted in a steady, albeit tepid, markdown in expectations for global growth. Global equity markets, already struggling to advance in 2015, underwent a severe correction in the third quarter.

We believe the most likely path is continued modest growth, while acknowledging that risks are not insignificant. Debt growth in emerging markets, particularly in the private sector, has been extraordinary during this cycle. We believe this is an area of high risk, particularly in commodity-based economies. In the developed world, it is difficult to find those types of excesses that are usually associated with recessions. That being said, emerging markets are now close to 50% of global gross domestic product (GDP), making them a fairly significant factor. We expect to remain cautiously positioned.

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Average Annual Total Returns¹

As of December 31, 2015

1-Year

5-Year

From Inception

4/30/2008

-0.78%

2.64%

0.46%

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Effective April 30, 2015, the Portfolio’s benchmark index changed from the MSCI All Country World Index ex-USA—USD Gross Returns to the MSCI All Country World Index ex-USA—USD Net Returns. The Adviser made this benchmark change because it believes that this Index is a more appropriate benchmark for the Portfolio. Thus the MSCI All Country World Index ex-USA—USD Gross Returns will not be shown in shareholder reports of the Portfolio for fiscal periods ended December 31, 2016 and beyond.

The MSCI All Country World Index ex-USA—USD Gross Returns is an unmanaged market capitalization-weighted index that is designed to represent the performance of developed and emerging stock markets throughout the world. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

The MSCI All Country World Index ex-USA—USD Net Returns is an unmanaged market capitalization-weighted index that is designed to represent the performance of developed and emerging stock markets throughout the world. The index reinvests dividends after the deduction of withholding taxes. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees and expenses.

***	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

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THRIVENT PARTNER ALL CAP PORTFOLIO

Subadvised by FIAM 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.

* Prior to January 4, 2016, FIAM LLC was named Pyramis Global Advisors, LLC.

How did the Portfolio perform during the 12-month period ended December 31, 2015?

Thrivent Partner All Cap Portfolio earned a return of 2.26%, compared with the median return of its peer group, the Lipper Multi-Cap Core category, of -2.14%. The Portfolio’s market benchmark, the Russell 3000^® Index, earned a return of 0.48%.

What factors affected the Portfolio’s performance?

The consumer staples and information technology sectors contributed the most to the Portfolio’s relative performance. In the consumer staples sector, our overweighted positions in snack food company Diamond Foods and tobacco company Reynolds American were the largest contributors. Shares of Diamond Foods rose sharply amid favorable investor sentiment after Snyder-Lance announced that it agreed to acquire the company for approximately $1.3 billion. Shares in Reynolds American appreciated after the company announced strong quarterly earnings that beat market expectations. Increased cigarette pricing, rising sales volume and management’s improved 2015 earnings guidance all contributed to the rising share price. Speculation regarding the accretive benefits and cost savings from the recently completed acquisition of Lorillard in the upcoming quarters also drove the stock price higher.

In the information technology sector, overweighted positions in online social networking company Facebook and software provider Adobe Systems were the largest contributors. Elsewhere in the Portfolio, overweightings in health care companies Salix Pharmaceuticals and BioMarin Pharmaceutical were among the largest contributors to relative performance.

The utilities and financials sectors detracted from relative performance. In the utilities sector, our overweighting in power company NRG Energy was among the largest detractors from relative performance. In the financials sector, overweighted positions in investment manager Lazard and credit card company Capital One Financial were the largest detractors to relative performance.

In addition, an underweighting in technology company Microsoft and not holding a position in industrial conglomerate General Electric (GE) were the leading detractors from relative performance. Microsoft shares appreciated after the company reported quarterly earnings that beat analysts’ expectations, driven by strong performance in its cloud-computing business. And by not owning shares of GE, we were not able to benefit from its overperformance during the year, even though the benchmark did.

What is your outlook?

Market volatility returned to slightly more normalized levels during the fourth quarter after spiking during the latter stages of the third quarter. On the economic front, the U.S. economy continued to show modestly positive growth on average for the year. However, concerns regarding a possible global growth slowdown, fueled largely by China and Federal Reserve rate concerns, dampened the economic picture materially throughout the fourth quarter.

Looking ahead, we continue to expect a number of factors to influence the global economy and equity market volatility in 2016. Namely, the rate of growth in the U.S. and abroad (particularly in China), the employment environment in the U.S., ongoing geopolitical issues, and the actions of leading central bank policymakers will continue to dominate the headlines and influence the markets. We will be closely monitoring these and other headlines in 2016.

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Average Annual Total Returns¹

As of December 31, 2015


1-Year	5-Year	10-Year
2.26%	10.74%	7.05%

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*	The Russell 3000^® Index is an index comprised of the 3,000^® largest U.S. companies based on market capitalization. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

**	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

THRIVENT LARGE CAP GROWTH PORTFOLIO

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

Thrivent Large Cap Growth Portfolio seeks to achieve 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.

How did the Portfolio perform during the 12-month period ended December 31, 2015?

Thrivent Large Cap Growth Portfolio earned a return of 10.48%, compared with the median return of its peer group, the Lipper Large Cap Growth category, of 6.28%. The Portfolio’s market benchmark, the Russell 1000^® Growth Index, earned a return of 5.67%.

What factors affected the Portfolio’s performance?

Relative performance and its derivation in 2015 were remarkably consistent with 2014, and we made very few changes to the holdings during the period. Security selection was the overwhelming driver of the Portfolio’s performance over the past year. Our successful security selection is directly attributable to our internal research team, whose recommendations accounted for more than 85% of the Portfolio’s 33 holdings as of the period end. Our overarching preference for higher-quality companies (those with higher free cash flows) and sustainable market advantages invariably leads to a relatively concentrated portfolio. In the past year, our Portfolio was especially well-suited for the prevailing low-growth economic environment in which the market put a premium on a few large, dependable, noncyclical growth companies. The Portfolio experienced outperformance in all sectors except for industrials, energy and technology hardware, and was most notable in the consumer discretionary sector and the Internet software industry.

Consumer discretionary holdings were the single biggest source of outperformance, especially positions in Amazon.com, Nike and Starbucks. Amazon.com displayed tangible evidence of long-awaited leverage of its retail distribution network, while its Amazon Web Services unit solidified its position as the market leader in the exploding cloud infrastructure market. Nike continued to be a global brand powerhouse that surpassed expectations for emerging-market penetration, especially in China, even while many others saw deceleration. Starbucks is another global brand that has successfully grown its business in China while continuing to harvest its significant and unmatched investment in technology to improve traffic and margins globally. The Portfolio’s Internet software holdings, especially Web-focused companies Alphabet (formerly known as Google) and Facebook, also continued trends established in the previous year. Both companies are the leading beneficiaries of what we believe are still two significant trends in the consumer-facing Internet marketplace: accelerating mobile monetization rates and programmatic buying in display advertising. Alphabet’s new chief financial officer has begun delivering on the promise of greater spending discipline and financial transparency. These factors, along with successful monetization initiatives, have resulted in a re-rating of the company’s shares. Facebook is simply the dominant player in Web-based advertising, while retaining enormous potential markets yet to be tapped with Instagram, Messenger, Whatsapp and Oculus—the company’s virtual reality division that revealed its first commercial product at the beginning of 2016.

The energy sector was the largest detractor from the Portfolio’s performance in 2015, as it was in 2014. While the returns in the group were not materially different than the sector as a whole, the fact that the Portfolio had more exposure dedicated to the worst-performing sector in the market than either its index or peers was again costly. We pared down this exposure during the course of the year (and into 2016), and the Portfolio is now close to an equal weighting in energy.

In technology hardware, our continued exposure to traditional storage companies such as EMC and NetApp was misguided. We have reduced exposure to EMC and eliminated NetApp. The secular trends of cloud-based technologies have reduced, eliminated or delayed traditional storage opportunities and overwhelmed any value opportunities that might have once existed. As with energy, our mistakes have generally been tied to our attempts to employ a value-tilted selection strategy in sectors that are void of any real growth prospects. We would be better served to simply avoid these areas altogether.

What is your outlook?

Our focus on generating returns through security selection makes any form of outlook of secondary importance to the Portfolio’s positioning or performance. That being said, we believe domestic economic growth will remain sluggish at 1.5% to 3.0%. We also believe that S&P 500 Index revenues will struggle to reach 4% growth, and earnings will have difficulty exceeding 6% to 7% as margins struggle to hold. Share buybacks will likely become a bigger influence on earnings-per-share improvement as global markets continue to grow at a greater—but decelerating—pace. The strength in the dollar, and whether it continues to increase as the Federal Reserve raises rates and developing countries struggle, is a significant wild card. While we expect the Fed to raise rates further, we believe these increases will develop at a slower pace than current Fed expectations, while inflation will likely stay exceptionally low for years. Uncertainty about the path of rates and dollar trends are likely to leave markets volatile for quite some time. We believe the Portfolio remains well-positioned for this scenario with its focus on higher-quality growth.

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Average Annual Total Returns¹

As of December 31, 2015


1-Year	5-Year	10-Year
10.48%	13.51%	7.87%

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*	The Russell 1000^® Growth Index measures the performance of large cap growth stocks. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

**	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.


		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.

How did the Portfolio perform during the 12-month period ended December 31, 2015?

Thrivent Partner Growth Stock Portfolio earned a return of 10.65%, compared with the median return of its peer group, the Lipper Large Cap Growth category, of 6.28%. The Portfolio’s market benchmark, the S&P 500/Citigroup Growth Index, earned a return of 5.51%.

What factors affected the Portfolio’s performance?

Stock selection was the primary reason for the Portfolio’s relative outperformance, but sector weightings also contributed. The consumer discretionary, information technology and energy sectors were the leading relative outperformers. Industrials and business services was the largest relative detractor.

Consumer discretionary was the leading outperformer primarily because of stock selection, including a significant overweighting of the strongest performer in the benchmark. Amazon.com continued to improve operating leverage in its core retail business throughout the year. The company also reported impressive results with a sharp acceleration in revenue and margins in its Amazon Web Services cloud-computing unit.

Information technology outperformed as a result of stock selection. Shares of Alphabet, the new holding company of Google, soared higher in 2015. Factors included strong earnings driven by the move to increase advertising coverage on mobile searches, a new focus on expense discipline, and the company’s first-ever share buyback program, which signaled management’s move toward more shareholder-friendly behavior.

The absence of energy stocks in the Portfolio contributed to outperformance, since energy was by far the worst-performing sector in the benchmark.

Industrials detracted on a relative basis due to the Portfolio’s overweighting versus the benchmark. Also, a position in American Airlines performed well early in 2015; however, the stock began experiencing difficulty toward the end of the second quarter due to concerns that industry-wide capacity discipline may not remain in effect, which would hurt pricing power and reduce revenue.

What is your outlook?

We are optimistic about the longer-term prospects for large-cap growth stocks and expect the United States to generate moderate economic growth in 2016. We also expect the Federal Reserve will likely raise short-term interest rates at a slower pace than the market currently expects, which should not hinder rising stock prices. However, the recent weakness in China’s industrial economy, falling energy and commodity prices, and geopolitical flare-ups could perpetuate the market’s recent volatility.

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Average Annual Total Returns¹

As of December 31, 2015


1-Year	5-Year	10-Year
10.65%	14.28%	8.82%

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The S&P 500/Citigroup Growth Index is a capitalization-weighted index comprised of the highest price-to-book ratio securities in the S&P 500 Index. The S&P 500/Citigroup Growth Index is designed so that approximately one-half of the S&P 500 Index market capitalization is characterized as “value” and the other half as “growth.” The product is not sponsored, endorsed or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation regarding the advisability of investing in the product. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

**	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

THRIVENT LARGE CAP VALUE PORTFOLIO

Kurt J. Lauber, CFA, Portfolio Manager

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

How did the Portfolio perform during the 12-month period ended December 31, 2015?

Thrivent Large Cap Value Portfolio earned a return of -3.53%, compared with the median return of its peer group, the Lipper Large Cap Value category, of -4.02%. The Portfolio’s market benchmark, the Russell 1000^® Value Index, earned a return of -3.83%.

What factors affected the Portfolio’s performance?

Stock selection was the cause of the Portfolio’s better relative performance versus its peer group and benchmark, while asset allocation was a slight detractor. Stock selection was strong in the consumer discretionary, information technology, utilities and materials sectors. However, stock selection detracted in the industrial and financial sectors, as did an overweighting in energy.

In consumer discretionary, the Portfolio benefited from owning home improvement company Lowe’s and auto parts supply company Delphi Automotive, which represented two areas attracting consumer spending. The Portfolio was also rewarded for its sale of Time Warner Cable after a takeover offer and for the purchase of Comcast.

In information technology, the Portfolio benefited from the performance of mature technology companies such as Cisco Systems, Microsoft and Texas Instruments. We also made a well-timed purchase of Google (renamed Alphabet in August), another company that investors considered to be mature due to worries about the slowing of its core desktop search business in favor of mobile search and competitive losses to Facebook. However, improvement in Google’s core business and financial discipline from its new chief financial officer put these fears to rest.

In utilities, NiSource and Pacific Gas and Electric Company (PG&E) provided favorable returns in a weak utility market. PG&E had closure with a final court ruling on a pipeline gas explosion that has been an overhang for the company. It also benefited from a positive regulatory rate case on the electric side of the business, which should allow for above-industry growth.

The majority of the underperformance in industrials and energy can be traced back to the decline in oil prices and disappointing growth in emerging markets. The Portfolio’s holdings that are exposed to oil and gas pricing—such as Marathon Oil, EQT Corporation, Fluor and Pentair—have been hurt as a result of the sharp drop in energy prices since December 2014. Also, the share price of our position in CSX Corporation fell from last year’s highs related to merger talks with Canadian Pacific. While the merger did not materialize, weak macro growth and tepid international trade slowed rail volumes.

What is your outlook?

Although the market is late in the economic cycle, we believe investment opportunities still exist. This cycle appears to be one of extended slow growth, while valuations remain near average levels relative to history. As always, our focus remains on stock selection.

We have maintained the Portfolio’s technology overweighting. While Cisco Systems, Microsoft and Oracle still trade at a discount to the market based on price-to-free-cash-flow due to customers’ cautious IT spending and fears of technology obsolescence, these companies have shown the ability to transition to cloud-based architecture. However, we sold several other technology holdings that were not as successful, including Teradata and NetApp.

In consumer discretionary, automotive sales in the U.S. have exceeded the peak of the last cycle, but motorcycle sales remain 40% below. As a result, we sold some of our Delphi Automotive position in exchange for a new holding in Harley-Davidson.

Valuations are at historically low levels in the energy and materials sectors, while wide valuation spreads provide for ample stock selection opportunities. We believe the supply response from U.S. energy companies to drastically lower rig counts should lead to a better supply and demand balance. However, Saudi Arabia has responded by keeping production high, which has slowed this transition. We have taken advantage of this double dip in energy to add to Weatherford International and Devon Energy. However, we have sold some of the Portfolio’s energy-exposed industrial companies such as Fluor and Pentair and replaced them with UPS (United Parcel Service). UPS has been under pressure from its transition to more of a business-to-consumer model and has faced a couple of challenging holiday shopping seasons. However, we believe a new technology system and pricing should improve operations. The Portfolio continues to hold CSX Corporation due to strong pricing. When volume increases, we anticipate the company will benefit from operating leverage.

In materials, we added Mosaic and Albemarle and sold outperformer Celanese. After five years of good harvests, fertilizer company Mosaic is under pressure. However, we believe its good industry structure should mitigate this downside.

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Average Annual Total Returns¹

As of December 31, 2015


1-Year	5-Year	10-Year
-3.53%	9.58%	5.81%

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*	The Russell 1000^® Value Index measures the performance of large cap value stocks. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

**	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

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.

How did the Portfolio perform during the 12-month period ended December 31, 2015?

Thrivent Large Cap Stock Portfolio earned a return of 3.11%, compared with the median return of its peer group, the Lipper Global Large Cap Core category, of -1.36%. The Portfolio’s market benchmark, the MSCI World Large Cap Index-USD Net Returns, earned a return of -0.96%.

What factors affected the Portfolio’s performance?

Strong stock selection was the key driver of the Portfolio’s favorable returns versus its peer group and benchmark during the reporting period. Stocks in the consumer discretionary sector added the most value, led by our positions in Amazon.com, Starbucks, AutoZone, WH Smith and Persimmon. In the media industry, Comcast outperformed, as did Fujifilm Holdings, in leisure equipment and products. Weakness in Las Vegas Sands detracted in the consumer discretionary group. In financials, Blackstone Group outperformed as did Intercontinental Exchange. In the insurance industry, our holdings in Allianz, Direct Line Insurance Group and Amlin all benefited the Portfolio’s relative performance. In the materials sector, which includes commodity-oriented industries, the Portfolio was generally underweighted in the group, which lifted results because the performance of basic commodities was quite poor in the period. That being said, we did have holdings in companies less exposed to basic commodity prices that performed well such as: Celanese and Sumitomo Seika Chemicals in the chemical industry; Oji Holdings and UPM-Kymmene in the paper and forest products industry; and Rexam and BillerudKorsnas in the container and packaging industry. In the utilities sector, holdings in NiSource and Pacific Gas and Electric Company benefited performance. In telecommunications, Freenet performed quite well.

Detractors in the period included an underweighted position in the strongly performing tobacco industry within the consumer staples sector. In the food industry, our position in Nestle did not perform well. Also, the Portfolio had a modest underweighting in the consumer staples sector that detracted from results. The other segment weighing on the Portfolio’s results was energy, where we had a modest overweighting in this poorly performing sector. Additionally, we did not fare well within the energy group because we tended to have less exposure to more defensive, multinational companies than our benchmarks did.

What is your outlook?

Global equity markets in the developed world have been quite strong over the past few years in anticipation of acceleration in economic activity that would lead to a pickup in revenue and earnings growth, validating the sharp price advances. Despite the best efforts of policymakers, particularly central banks, growth momentum continues to moderate. Part of the recent challenge has been the slowdown of growth in China, which is rippling back to other emerging-market and developed economies. Slowing growth is also having a severe negative effect on the commodity sector, with particular weakness in base metals and oil. The fall in oil prices was expected to stimulate demand for other goods, as consumers reaped the benefit of lower prices at the pump. While that ultimately is likely to be the case, the near-term stimulus from lower gas and diesel prices has yet to emerge.

In the developed world, it is difficult to find conditions that are precursors to a recession. In the emerging world, there are elements of the current economic recovery and expansion that are worrisome, specifically, the amount of corporate debt issued over the past decade at a time when revenues and profit margins have been under pressure. We continue to monitor this area for evidence of economic deterioration.

The other wild card is geopolitics, an area fraught with risk, particularly in the Middle East. The elements at play in that region are more significant owing to their proximity to global oil reserves.

In summary, equity markets have priced in a lot of good news, and while economic growth has slowed, it is still positive. The U.S. economy seems to be the most stable, while Europe finally appears to be coming out of its bout of economic malaise. At least in Europe there are significant opportunities to improve revenues, margins and profit growth. Valuations for equity markets are quite full, and the economic recovery is now in its seventh year. This represents an extended period of growth, even if it is more tepid than usual. While we are mindful that opportunities are available, we do have a heightened awareness of risk.

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Average Annual Total Returns¹

As of December 31, 2015


1-Year	5-Year	10-Year
3.11%	9.06%	5.05%

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Effective April 30, 2015, the Portfolio’s benchmark index changed from the Russell Developed Large Cap^® Index to the MSCI World Large Cap Index—USD Net Returns. The Adviser made this benchmark change because it believes that this Index is a more appropriate benchmark for the Portfolio. Thus the Russell Developed Large Cap^® Index will not be shown in shareholder reports of the Portfolio for fiscal periods ended December 31, 2016 and beyond.

*	The Russell Developed Large Cap^® Index measures the performance of the investable large-cap securities in developed countries globally. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

**	The MSCI World Large Cap Index—USD Net Returns is an index that represents large cap stocks in 23 developed market countries. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

***	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

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.

How did the Portfolio perform during the 12-month period ended December 31, 2015?

Thrivent Large Cap Index Portfolio earned a return of 1.12%, compared with the median return of its peer group, the Lipper S&P 500 Index Objective category, of 1.01%. The Portfolio’s market benchmark, the S&P 500 Index, earned a return of 1.38%.

What factors affected the Portfolio’s performance?

The Portfolio’s holdings are aligned with those of the S&P 500 Index. As typically occurs in an index portfolio, the difference in performance between the benchmark index and the Portfolio itself can largely be attributed to expenses and minor differences in portfolio composition.

Half of the sectors posted positive returns for the year. Consumer discretionary, health care and consumer staples were the best-performing sectors in the market over the past 12 months, posting the most positive returns. Large-cap stocks outperformed small- and mid-cap stocks over the reporting period, since large-cap stocks tend to outperform during periods of increasing market volatility. Utilities, materials and energy delivered the lowest returns for the past 12 months, with energy posting the most negative return for the past year.

What is your outlook?

In the U.S., large-cap stocks outperformed mid-cap and small-cap stocks over the past year. In the last 12 months, the markets have seen an increase in volatility relative to the last few years, particularly during the last quarter of the year. Worldwide, many central banks, particularly in developed markets like Europe and Japan, continue to provide extraordinary monetary stimulus to their respective economies. It’s important for the economic recovery, both domestically and globally, to be sustained, supporting continued profit growth that will validate the advance in stock prices over the last few years. Market multiples are high relative to history. The dollar has appreciated substantially, and is impacting top line revenue growth, particularly for large-cap, multinational companies. While small-cap companies have less direct exposure to the strength in the dollar, there can be a second-order effect as their customers are being impacted. Profit margins are being stressed due to upward pressure on wages as labor markets tighten. We are well into the expansion phase of the current economic recovery and there are signs that suggest some degree of caution is appropriate. Economic risks in the U.S. are low relative to other areas of the global economy. An area we are closely monitoring is emerging economies that have high dependence on commodities.

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Average Annual Total Returns¹

As of December 31, 2015


1-Year	5-Year	10-Year
1.12%	12.14%	6.95%

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The S&P 500 Index is an index that represents the average performance of a group of 500 widely held, publicly traded stocks. “S&P 500” is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by Thrivent Financial. The product is not sponsored, endorsed or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in the product. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

**	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

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.

How did the Portfolio perform during the 12-month period ended December 31, 2015?

Thrivent High Yield Portfolio earned a return of -2.69%, compared with the median return of its peer group, the Lipper U.S. High Current Yield category, of -2.84%. The Portfolio’s market benchmark, the Barclays U.S. Corporate High Yield Bond Index, earned a return of -4.47%.

What factors affected the Portfolio’s performance?

Trading in the high-yield market was dominated by developments in China and the oil market. Extending a slide that began midway through 2014, crude oil prices fell to about $37 a barrel by year-end 2015 from a high above $100 in June 2014. The sell off was attributable in part to abundant supplies of oil, but also to reduced demand as China’s once red-hot economy continued to grow more slowly than it had in years past—to a rate of 6.9% in the third quarter, its slowest pace since the 2008 financial crisis. China was a huge consumer of oil and other commodities when it was growing faster and spending heavily on infrastructure. It still is a huge consumer, but its appetite has been curbed.

The slump in oil prices was hard on the high-yield bond market, where energy bonds accounted for about 15% of the market heading into 2015. Energy bonds also were among the sector’s lowest-rated securities. Worried about potential defaults, investors sold energy bonds heavily. Within the Barclay’s index, high-yield bonds issued by oil exploration and production companies posted a return of -35.6%, while oil field services bonds lost 20.9%. Commodities-related bonds also fell sharply, losing 23.7% for the year.

The Portfolio outperformed its Lipper peer group and benchmark index largely because the Portfolio was invested more conservatively. It generally owns securities with higher credit ratings than its peer group or the index, and in 2015, it started the year with an underweighted position in CCC-rated bonds. Those bonds sit at the lower end of the credit-quality scale and include many energy-related bonds. So although the Portfolio’s weighting in energy bonds was largely in line with the index, their overall higher credit quality helped deliver better returns. The Portfolio’s exploration and production company bonds lost 22.7% before expenses, for example, compared with the 35.6% loss for similar bonds in the index. The Portfolio also was helped by maintaining an underweighted position, and higher credit quality, in the metals and mining sector, which also performed poorly.

What is your outlook?

The market’s sell off in 2015 widened the spread between yields on high-yield bonds and comparable-maturity Treasury bonds to about seven percentage points, or 700 basis points, by year-end, up from 480 basis points at year-end 2014. Historically, spreads have exceeded 700 basis points only about 20% of the time. This suggests that values in the high-yield sector, where yields were in the 9% range, had become attractive relative to historical norms by year-end.

We remain cautious nonetheless, not only because oil prices remained weak at year-end, but also because bank-lending standards, according to a Federal Reserve survey, appeared to be tightening. Historically, tighter lending standards have correlated with higher default rates in the high-yield bond market.

As it turns out, default rates actually came in below historical norms in 2015, at about 2.5% globally for high-yield issuers. Still, many investors anticipate that default rates will rise to the 4.5% to 5% range in 2016, with defaults concentrated in the energy, metals and mining sectors.

Despite these negatives, we are mindful that it would take a significant further widening in the yield spread—another couple hundred basis points—to generate negative returns for the entire high-yield market. The U.S. is not in a recession and, historically, spreads have not surged past 700 basis points absent a recession. We expect the economy will continue to grow slowly in 2016, at about the 2% or so rate it has averaged since the recovery began in mid-2009. Under that scenario, we expect that the Portfolio would be able to deliver low-single-digit returns. For that to unfold, however, it will probably be necessary for oil prices to stabilize. If they do not, returns in the high-yield sector could once again be negative.

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Average Annual Total Returns¹

As of December 31, 2015


1-Year	5-Year	10-Year
-2.69%	5.25%	6.63%

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*	The Barclays U.S. Corporate High Yield Bond Index is an index which measures the performance of fixed-rate non-investment grade bonds. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

**	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

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.

How did the Portfolio perform during the 12-month period ended December 31, 2015?

Thrivent Income Portfolio generated a return of -0.68%, compared with the median return of its peer group, the Lipper Corporate Debt Funds BBB-Rated category, of -0.36%. The Portfolio’s market benchmark, the Barclays U.S. Aggregate Bond Index, earned a return of 0.55%.

What factors affected the Portfolio’s performance?

The Portfolio invests in a broad cross section of the fixed-income markets, where trading in 2015 was dominated by two factors: expectations that the Federal Reserve would raise short-term interest rates; and a steep slide in oil prices.

The Fed’s widely anticipated move assumed continued growth in the U.S. economy; the anticipation pressured returns in the short end of the bond market even though the Fed did not take action until December. At that time, it raised short-term rates by one-quarter of a percentage point after holding them near 0% for seven years.

The slide in oil prices was linked not only to ample supplies of that commodity but also to slowing economic growth in China, the world’s second-largest economy and a big consumer of energy. Concerns about China’s slowing growth, and the possibility that it might hurt other economies around the globe, divided the fixed-income markets. Bonds with lower credit ratings, particularly in the high-yield market—where many issues are energy-related—fell in price as investors became more risk-averse. Bonds with higher credit ratings generally did much better.

The Portfolio underperformed its benchmark index both because the index incurs no trading or management expenses and because it contains a more conservative mix of assets. The index predominantly holds U.S. Treasury bonds and government agency-issued mortgage-backed securities, for example, and owns no high-yield debt. The Portfolio allocated 15% of its assets to high-yield bonds in 2015. We also believe that, like the index, the Lipper peer group consists of funds that are managed more conservatively, on average, than the Portfolio.

Securitized assets—primarily mortgage-backed securities—were the Portfolio’s best-performing assets in 2015, generating a return before expenses of about 2.7%. Leveraged loans were the next-best performers, earning about 0.2%. However, these two sectors accounted for a relatively small portion of the Portfolio’s total assets in 2015—about 6% and 4%, respectively.

The Portfolio’s investment-grade bonds, accounting for nearly 70% of its total holdings, lost only about 0.1% before expenses, outperforming the -0.68% return of the Barclay’s U.S. Corporate Investment Grade Index.

The Portfolio also outperformed in the high-yield sector, with its securities losing about 0.9% before expenses. By contrast, the Barclays U.S. Corporate High Yield Bond Index lost 4.47%. The Portfolio did better by focusing its holdings at the higher end of the credit-quality spectrum within that sector. Still, that 0.9% loss proved to be a drag on the Portfolio’s performance relative to the Barclay’s U.S. Aggregate Bond Index, which, as noted, contains no high-yield securities.

U.S. Treasury bonds also were a drag on the Portfolio’s performance, losing about 0.5% before expenses. By contrast, the Barclays U.S. Treasury Index earned 0.84%.

What is your outlook?

We expect the U.S. economy to continue growing slowly in 2016. We feel that some volatility in the credit markets is likely if, as anticipated, the Fed continues to raise short-term interest rates at a modest pace. Although valuations in the high-yield sector have fallen, banks are starting to tighten lending standards, which often correlates with an uptick in defaults on high-yield bonds. Accordingly, we expect to remain slightly underweight to our target in that sector and focused on the higher end of the credit-quality spectrum. On a valuation basis, investment-grade corporate bonds look attractive, and we start the year slightly overweighted in that sector.

Assuming spreads on yields between Treasuries and riskier assets stay about where they are, and short- to intermediate-term interest rates rise modestly, as most investors are expecting, the Portfolio should have an opportunity to generate modestly positive returns in 2016.

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Average Annual Total Returns¹

As of December 31, 2015


1-Year	5-Year	10-Year
-0.68%	4.48%	5.09%

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*	The Barclays U.S. Aggregate Bond Index is an index that measures the performance of U.S. investment grade bonds. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

**	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

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.

How did the Portfolio perform during the 12-month period ended December 31, 2015?

Thrivent Bond Index Portfolio generated a return of 0.80%, compared with 0.55% for the Portfolio’s market benchmark, the Barclays U.S. Aggregate Bond Index.

What factors affected the Portfolio’s performance?

The Portfolio seeks to replicate the Barclays index in terms of its overall duration and how it allocates assets to each of four sectors of the fixed-income markets: U.S. Treasury securities; other government-related bonds; securitized assets; and corporate bonds. Its returns can differ from those of the index, though, not only because the index incurs no trading or operating expenses, but also by virtue of security selection. The Portfolio cannot invest in every security in the index, and within different sectors of the bond market, the Portfolio’s manager is able to choose securities that may underperform or outperform those in the index.

The Portfolio outperformed its benchmark in 2015 largely due to favorable security selection. It reaped favorable returns in the banking sector, for example, where stricter capital regulations have left banks and other financial services firms with stronger balance sheets and their bonds with less credit risk. The Portfolio also benefited from being underexposed to energy bonds, which were among the market’s worst performers amid a steep slide in oil prices.

The Portfolio’s government-related holdings benefited from strong security selection in the sovereign sector, where it was underweighted in some of the more troubled regions of the world and overweighted in some of the stronger regions, including Canada and Scandinavia.

Accounting for nearly a third of the Portfolio’s holdings, securitized bonds earned about 2.6% before expenses. Treasuries, also about a third of the Portfolio, earned around 0.9%. Corporate bonds, accounting for another quarter of the Portfolio, earned about 0.6%.

Overall, bond market returns in 2015 were impacted by two big developments: the first increase in short-term interest rates by the Federal Reserve since 2006; and slumping prices for oil and other commodities. With the U.S. economy growing for a sixth consecutive year, the Fed had been hinting that it would begin to raise short-term interest rates. It finally acted in December, raising short rates by a quarter of a percentage point. Because bond prices fall when interest rates rise, that increase held down returns at the short end of the yield curve. At the same time, returns at the long end of the curve came under pressure from a variety of factors, including profit-taking after a sharp run-up in 2014, and selling of long-term Treasuries by China in an effort to support the yuan.

China’s currency fell as its economy, the second largest in the world, grew just 6.9% in the third quarter, its slowest rate of growth since 2008. Because China is a major consumer of commodities, that slowing growth rate helped drive down commodities prices, including the price of oil, which fell to about $37 a barrel by year-end after trading above $100 in 2014. This put pressure on lower-credit-quality bonds, including high-yield bonds issued by energy companies, as investors worried about the potential for defaults if commodities prices, and global economic conditions, worsened.

All this turmoil drove investors to favor lower-risk securities over riskier assets, especially in the middle of the yield curve. Two-year Treasuries returned about 0.40% in 2015, and 30-year Treasuries lost about 3.2%, for example, but five-year Treasuries earned around 1.3%, and 10-year Treasuries earned about 0.9%.

What is your outlook?

U.S. employers created approximately 2.6 million new jobs in 2015 after adding 3.1 million in 2014. This marked the largest number of jobs created in a two-year period since the late 1990s. Meanwhile, the unemployment rate fell to 5.0%, half its 10.0% peak in 2009. Despite these strong numbers, the U.S. economy continued to grow slowly—a 2.2% average annual pace through the first three quarters of the year, largely in line with what it has done since the recovery began. Inflation also remained low.

We anticipate the economy will continue to grow slowly in 2016, and that the Fed will push short-term rates modestly higher over the course of the year, perhaps by another half to three-quarters of a percentage point. This assumes that neither the crude oil market nor China’s economy materially worsens.

Under this scenario, we believe that the Portfolio would likely generate modestly positive returns in 2016—not much different from what it did in 2015.

LOGO

Average Annual Total Returns¹

As of December 31, 2015


1-Year	5-Year	10-Year
0.80%	3.53%	4.39%

LOGO

*	The Barclays U.S. Aggregate Bond Index is an index that measures the performance of U.S. investment grade bonds. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

**	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

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 consistent 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.

How did the Portfolio perform during the 12-month period ended December 31, 2015?

Thrivent Limited Maturity Bond Portfolio earned a return of 0.73%, compared with the median return of its peer group, the Lipper Short-Intermediate Investment Grade Debt category, of 0.31%. The Portfolio’s market benchmark, the Barclays Government/Credit 1-3 Year Bond Index, earned a return of 0.65%.

What factors affected the Portfolio’s performance?

The Portfolio invests primarily in securities maturing within one to three years. In December 2015, after watching the economy expand for six consecutive years, the Federal Reserve raised its target for short-term interest rates a quarter of a percentage point. Anticipation of the Fed’s decision weighed on the bond market throughout the year, pressuring returns at the short end of the yield curve. For the Portfolio, this meant lower returns for its two-year holdings than for its securities maturing in three years or longer.

The Portfolio outperformed its market benchmark in part by adopting an overweighted position in five-year bonds, where yields and returns proved more attractive than they were for two-year bonds. It also benefited from favorable security selection in both the corporate bond and securitized asset sectors.

Securitized assets, which accounted for just over a third of the Portfolio, represented its top-performing asset class, earning about 1.6% before expenses. Within its securitized holdings, the Portfolio benefited from having about 6% of its assets allocated to nonagency residential mortgage-backed securities, which topped all sectors in the Portfolio with a return of about 5.2%.

Corporate bonds, which accounted for about 37% of the Portfolio, earned 1.2%. Most of the Portfolio’s assets in that sector were allocated to investment-grade bonds, where the Portfolio benefited by being underweighted in energy bonds. The Portfolio allocated very few of its assets to high-yield bonds, which were among the market’s worst performers. High-yield bonds issued by energy, metals and mining companies were particularly hard hit due to a sharp slump in commodities prices, which raised the odds that companies in those industries might default on their bond and loan obligations. The slump in commodities prices was attributable both to an increased supply of commodities and to reduced demand, particularly in China, whose economy continues to grow faster than the world’s developed economies, but at a slower pace than it had in years past.

U.S. Treasury bonds, which accounted for around 18% of the Portfolio, earned about 1.1%. Other government-related bonds, accounting for 8% of the Portfolio, earned about 0.9%. The balance of the Portfolio’s holdings was allocated to cash, which was flat.

What is your outlook?

We anticipate continued slow growth in the U.S. and other developed economies in 2016. The outlook for emerging-market economies, including China, has deteriorated as we start 2016. We anticipate that slow growth, a strong dollar and falling commodities prices will keep U.S. inflation pressure low even as labor markets tighten. Interest rates will likely fluctuate in a fairly narrow range around their 2015 levels, perhaps edging slightly higher as the Fed makes additional modest increases in its target for short-term rates. Under this scenario, we feel that the Portfolio would likely generate a modestly positive return once again.

Risks to this outlook center on the Fed and the economy. If the U.S. economy fails to meet expectations, the Fed could decide to forego additional rate hikes in 2016. Because bond prices go down when interest rates go up, this could actually be beneficial for the Portfolio. By contrast, if economic growth spikes, the Fed could decide to push interest rates up faster than anticipated, negatively impacting bond prices and the value of the Portfolio’s holdings. The bond market and the Portfolio also could be hurt if the Fed simply pushes rates too high too fast in the absence of stronger economic growth.

LOGO

Average Annual Total Returns ¹

As of December 31, 2015


1-Year	5-Year	10-Year
0.73%	1.61%	2.83%

LOGO

The Barclays Government/Credit 1-3 Year Bond Index is an index that measures the performance of government and corporate fixed-rate debt securities with maturities of 1-3 years. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

**	The Consumer Price Index is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. It is not possible to invest directly in the Index.

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.

How did the Portfolio perform during the 12-month period ended December 31, 2015?

Thrivent Money Market Portfolio produced a 0.00% return during the period, just under the 0.01% median net return reported by its peer group, the Lipper Money Market category.

What factors affected the Portfolio’s performance?

Money market funds generated negligible returns for a sixth consecutive year as the Federal Reserve kept short-term interest rates low to support the economy. In December, the Fed raised its target range for the federal funds rate—the rate at which banks borrow from each other overnight—to between 0.25% and 0.50%, up a quarter of a percentage point from a 0% to 0.25% range. This widely followed benchmark sets the tone for short-term interest rates across the credit markets, and even with the Fed’s move is still extraordinarily low by historical standards. Nonetheless, the move signaled new confidence by the Fed that the U.S. economy has strengthened enough since the 2008 financial crisis to withstand a more normalized interest-rate environment.

With yields on short-term securities hovering just above their historic lows, it remained difficult for money market funds to generate positive returns after accounting for trading and operating expenses. As it has done for the past several years, the Portfolio’s investment adviser continued to waive fees on the Portfolio to ensure that investors would not experience a negative return.

In last year’s annual report, we noted that the Securities and Exchange Commission (SEC) in 2014 had adopted new rules for money market funds that would be phased in over time, with final implementation on October 14, 2016. The rules vary depending on whether the fund is a “prime” fund investing primarily in corporate debt securities, or a “government” fund investing only in government securities. The rules also vary depending on whether the fund is an institutional fund catering to institutional investors, or a retail fund catering only to “natural persons.”

The new rules will require institutional prime funds to adopt floating net asset values (NAVs) beginning October 14, 2016, rather than maintain a constant NAV of $1 per share, which has been the industry norm. They also will require nongovernment funds to impose redemption fees—and temporarily suspend redemptions through the use of redemption “gates”—during periods of extreme market volatility. Government funds are not subject to any of these more-onerous restrictions, however, whether they are retail or institutional funds.

Thrivent Money Market Portfolio is currently a prime fund. To continue qualifying as a prime retail fund, all account owners would have to be “natural persons” as defined by the SEC. Since not all account owners in the Portfolio fit that definition, and because retail prime funds would subject account owners to liquidity fees and gates, Thrivent Financial has decided to convert the Portfolio from a prime fund to a government fund on February 1, 2016. As a result, account owners will not be subject to the risks of liquidity fees, redemption gates, or a floating NAV.

In anticipation of this change, the Portfolio began restructuring its investment portfolio in 2015, increasing the percentage of government obligations in the Portfolio to approximately 68% from about 30% at the end of 2014. The increased allocation to government securities did not affect the Portfolio’s net yield, or return to account owners, in 2015.

In a higher interest-rate environment, the Portfolio can expect to have a lower net yield as a government money market fund than it would have had as a prime fund. However, Portfolio account owners will benefit from enhanced levels of security knowing that all of the Portfolio’s holdings are backed by the full faith and credit of the federal government.

What is your outlook?

As 2015 drew to a close, Federal Reserve officials were indicating that they expect to implement additional rate hikes in 2016. Recent weak economic news has increased doubts about the timing and extent of those hikes. Nevertheless, the Fed’s forecast still suggests the federal funds rate will reach 1.0% by year-end 2016. A federal funds rate of 0.75% or higher would allow the Portfolio to begin delivering a positive return to investors. Regardless of the interest rate environment, we will, as always, continue to invest in a manner designed to meet the Portfolio’s primary objectives of safety and liquidity.

An investment in the Thrivent Money Market Fund is not insured

or guaranteed by the FDIC or any other government agency.

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

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

LOGO

Average Annual Total Returns¹

As of December 31, 2015


1-Year	5-Year	10-Year
0.00%	0.00%	1.32%

Money Market Portfolio Yields *

As of December 31, 2015


	Portfolio
7-Day Yield		0.00	%
7-Day Yield Gross of Waivers		-0.15	%
7-Day Effective Yield		0.00	%
7-Day Effective Yield Gross of Waivers		-0.15	%

Seven-day yields of Thrivent Money Market Portfolio refer to the income generated by an investment in the Portfolio over a specified seven-day period. Effective yields reflect the reinvestment of income. A yield gross of waivers represents what the yield would have been if the Adviser were not waiving or reimbursing certain expenses associated with the Portfolio. Yields are subject to daily fluctuation and should not be considered an indication of future results.

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 July 1, 2015 through December 31, 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 7/1/2015		Ending Account Value 12/31/2015		Expenses Paid During Period 7/1/2015 -12/31/2015*		Annualized Expense Ratio
Thrivent Aggressive Allocation Portfolio
Actual	$	1,000	$	962	$	2.89		0.58	%
Hypothetical**	$	1,000	$	1,022	$	2.98		0.58	%
Thrivent Moderately Aggressive Allocation Portfolio
Actual	$	1,000	$	968	$	2.38		0.48	%
Hypothetical**	$	1,000	$	1,023	$	2.44		0.48	%
Thrivent Moderate Allocation Portfolio
Actual	$	1,000	$	976	$	2.29		0.46	%
Hypothetical**	$	1,000	$	1,023	$	2.34		0.46	%
Thrivent Moderately Conservative Allocation Portfolio
Actual	$	1,000	$	983	$	2.31		0.46	%
Hypothetical**	$	1,000	$	1,023	$	2.35		0.46	%
Thrivent Growth and Income Plus Portfolio
Actual	$	1,000	$	975	$	3.98		0.80	%
Hypothetical**	$	1,000	$	1,021	$	4.08		0.80	%
Thrivent Balanced Income Plus Portfolio
Actual	$	1,000	$	979	$	3.33		0.67	%
Hypothetical**	$	1,000	$	1,022	$	3.40		0.67	%
Thrivent Diversified Income Plus Portfolio
Actual	$	1,000	$	983	$	2.44		0.49	%
Hypothetical**	$	1,000	$	1,023	$	2.49		0.49	%
Thrivent Opportunity Income Plus Portfolio
Actual	$	1,000	$	987	$	3.63		0.72	%
Hypothetical**	$	1,000	$	1,022	$	3.69		0.72	%
Thrivent Partner Healthcare Portfolio
Actual	$	1,000	$	929	$	4.53		0.93	%
Hypothetical**	$	1,000	$	1,021	$	4.75		0.93	%


	Beginning Account Value 7/1/2015		Ending Account Value 12/31/2015		Expenses Paid During Period 7/1/2015 -12/31/2015*		Annualized Expense Ratio
Thrivent Partner Emerging Markets Equity Portfolio
Actual	$	1,000	$	856	$	6.55		1.40	%
Hypothetical**	$	1,000	$	1,018	$	7.12		1.40	%
Thrivent Real Estate Securities Portfolio
Actual	$	1,000	$	1,091	$	4.84		0.92	%
Hypothetical**	$	1,000	$	1,021	$	4.68		0.92	%
Thrivent Small Cap Stock Portfolio
Actual	$	1,000	$	907	$	3.55		0.74	%
Hypothetical**	$	1,000	$	1,021	$	3.76		0.74	%
Thrivent Small Cap Index Portfolio
Actual	$	1,000	$	940	$	1.41		0.29	%
Hypothetical**	$	1,000	$	1,024	$	1.47		0.29	%
Thrivent Mid Cap Stock Portfolio
Actual	$	1,000	$	990	$	3.38		0.67	%
Hypothetical**	$	1,000	$	1,022	$	3.43		0.67	%
Thrivent Mid Cap Index Portfolio
Actual	$	1,000	$	937	$	1.56		0.32	%
Hypothetical**	$	1,000	$	1,024	$	1.63		0.32	%
Thrivent Partner Worldwide Allocation Portfolio
Actual	$	1,000	$	943	$	4.47		0.91	%
Hypothetical**	$	1,000	$	1,021	$	4.65		0.91	%
Thrivent Partner All Cap Portfolio
Actual	$	1,000	$	969	$	4.47		0.90	%
Hypothetical**	$	1,000	$	1,021	$	4.58		0.90	%
Thrivent Large Cap Growth Portfolio
Actual	$	1,000	$	1,046	$	2.25		0.44	%
Hypothetical**	$	1,000	$	1,023	$	2.22		0.44	%
Thrivent Partner Growth Stock Portfolio
Actual	$	1,000	$	1,034	$	4.36		0.85	%
Hypothetical**	$	1,000	$	1,021	$	4.33		0.85	%
Thrivent Large Cap Value Portfolio
Actual	$	1,000	$	953	$	3.14		0.64	%
Hypothetical**	$	1,000	$	1,022	$	3.25		0.64	%
Thrivent Large Cap Stock Portfolio
Actual	$	1,000	$	986	$	3.31		0.66	%
Hypothetical**	$	1,000	$	1,022	$	3.38		0.66	%
Thrivent Large Cap Index Portfolio
Actual	$	1,000	$	1,000	$	1.30		0.26	%
Hypothetical**	$	1,000	$	1,024	$	1.32		0.26	%
Thrivent High Yield Portfolio
Actual	$	1,000	$	944	$	2.19		0.45	%
Hypothetical**	$	1,000	$	1,023	$	2.28		0.45	%
Thrivent Income Portfolio
Actual	$	1,000	$	993	$	2.20		0.44	%
Hypothetical**	$	1,000	$	1,023	$	2.23		0.44	%
Thrivent Bond Index Portfolio
Actual	$	1,000	$	1,007	$	2.38		0.47	%
Hypothetical**	$	1,000	$	1,023	$	2.40		0.47	%
Thrivent Limited Maturity Bond Portfolio
Actual	$	1,000	$	998	$	2.23		0.44	%
Hypothetical**	$	1,000	$	1,023	$	2.26		0.44	%


	Beginning Account Value 7/1/2015		Ending Account Value 12/31/2015		Expenses Paid During Period 7/1/2015 -12/31/2015*		Annualized Expense Ratio
Thrivent Money Market Portfolio
Actual	$	1,000	$	1,000	$	1.17		0.23	%
Hypothetical**	$	1,000	$	1,024	$	1.18		0.23	%

*	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 to reflect the one-half year period.

**	Assuming 5% annualized total return before expenses.


		Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of the Thrivent Series Fund, Inc.:

In our opinion, the accompanying statements of assets and liabilities, including the schedule of investments of Thrivent Partner Healthcare Portfolio, Thrivent Partner Emerging Markets Equity Portfolio, Thrivent Real Estate Securities Portfolio, Thrivent Small Cap Stock Portfolio, Thrivent Mid Cap Stock Portfolio, Thrivent Partner All Cap Portfolio, Thrivent Large Cap Growth Portfolio, Thrivent Partner Growth Stock Portfolio, Thrivent Large Cap Value Portfolio, Thrivent Bond Index Portfolio, and Thrivent Money Market Portfolio, and the summary schedules of investments of Thrivent Aggressive Allocation Portfolio, Thrivent Moderately Aggressive Allocation Portfolio, Thrivent Moderate Allocation Portfolio, Thrivent Moderately Conservative Allocation Portfolio, Thrivent Growth and Income Plus Portfolio, Thrivent Balanced Income Plus Portfolio, Thrivent Diversified Income Plus Portfolio, Thrivent Opportunity Income Plus Portfolio, Thrivent Small Cap Index Portfolio, Thrivent Mid Cap Index Portfolio, Thrivent Partner Worldwide Allocation Portfolio, Thrivent Large Cap Stock Portfolio, Thrivent Large Cap Index Portfolio, Thrivent High Yield Portfolio, Thrivent Income Portfolio, and Thrivent Limited Maturity Bond Portfolio (collectively constituting Thrivent Series Fund, Inc.) (hereafter collectively referred to as the “Funds”), and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Funds at December 31, 2015, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2015 by correspondence with the custodian, agent banks, transfer agent and brokers provides a reasonable basis for our opinion.

LOGO

February 18, 2016

PricewaterhouseCoopers LLP, Suite 1400, 225 South Sixth Street, Minneapolis, MN 55402

T: (612) 596 6000, F: (612) 373 7160, www.pwc.com/us

AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


					% of Net
Shares		Common Stock (55.6%)	Value		Assets
	Consumer Discretionary (9.1%)
	15,246	Amazon.com, Inc.^a,b	$	10,304,619		1.1	%
	5,110	AutoZone, Inc.^a		3,791,160		0.4	%
	73,078	Comcast Corporation^b		4,123,792		0.4	%
	44,260	Home Depot, Inc.		5,853,385		0.6	%
	95,560	NIKE, Inc.		5,972,500		0.6	%
	100,010	Starbucks Corporation		6,003,600		0.6	%
		Other Securities^		51,504,572		5.4	%

		Total		87,553,628


	Consumer Staples (1.6%)
		Other Securities^		15,822,788		1.6	%

		Total		15,822,788


	Energy (6.6%)
	65,340	Baker Hughes, Inc.		3,015,441		0.3	%
	54,130	Cameron International Corporation^a		3,421,016		0.4	%
	74,190	Chevron Corporation		6,674,132		0.7	%
	78,116	EOG Resources, Inc.		5,529,832		0.6	%
	86,781	EQT Corporation		4,523,894		0.5	%
	101,800	Marathon Petroleum Corporation		5,277,312		0.5	%
	146,780	Suncor Energy, Inc. ADR		3,786,924		0.4	%
	448,056	Weatherford International, Ltd.^a		3,759,190		0.4	%
		Other Securities^		27,609,275		2.8	%

		Total		63,597,016


	Financials (7.6%)
	18,319	Intercontinental Exchange, Inc.		4,694,427		0.5	%
	48,583	J.P. Morgan Chase & Company		3,207,935		0.3	%
		Other Securities^		65,764,609		6.8	%

		Total		73,666,971


	Health Care (8.3%)
	97,380	Abbott Laboratories		4,373,336		0.4	%
	20,524	Allergan plc^a		6,413,750		0.7	%
	73,288	Cerner Corporation^a		4,409,739		0.4	%
	53,208	Gilead Sciences, Inc.		5,384,118		0.6	%
	83,133	Mylan NV^a		4,495,001		0.5	%
	31,937	Teleflex, Inc.		4,198,119		0.4	%
	35,766	Vertex Pharmaceuticals, Inc.^a		4,500,436		0.5	%
		Other Securities^		46,652,980		4.8	%

		Total		80,427,479


	Industrials (6.2%)
	101,500	Delta Air Lines, Inc.		5,145,035		0.5	%
		Other Securities^		55,255,460		5.7	%

		Total		60,400,495


	Information Technology (13.3%)
	7,973	Alphabet, Inc., Class A^a		6,203,074		0.6	%
	7,947	Alphabet, Inc., Class C^a		6,030,819		0.6	%
	103,044	Apple, Inc.^b		10,846,411		1.1	%
	137,620	EMC Corporation		3,534,082		0.4	%
	106,910	Facebook, Inc.^a		11,189,201		1.2	%
	154,490	Microsoft Corporation		8,571,105		0.9	%
	100,804	PayPal Holdings, Inc.^a		3,649,105		0.4	%
	74,740	Salesforce.com, Inc.^a		5,859,616		0.6	%
	101,660	Visa, Inc.		7,883,733		0.8	%
		Other Securities^		65,300,891		6.7	%

		Total		129,068,037


	Materials (1.9%)
		Other Securities^		18,209,692		1.9	%

		Total		18,209,692


	Telecommunications Services (0.3%)
		Other Securities^		2,659,015		0.3	%

		Total		2,659,015


	Utilities (0.7%)
		Other Securities^		6,968,523		0.7	%

		Total		6,968,523


		Total Common Stock (cost $493,493,453)		538,373,644


		Registered Investment Companies (32.5%)
	Affiliated Equity Holdings (28.2%)
	3,449,494	Thrivent Large Cap Stock Portfolio		40,107,608		4.2	%
	2,929,577	Thrivent Large Cap Value Portfolio		45,459,708		4.7	%
	2,971,037	Thrivent Mid Cap Stock Portfolio		49,700,986		5.1	%
	11,767,231	Thrivent Partner Worldwide Allocation Portfolio		105,949,793		11.0	%
	1,990,971	Thrivent Small Cap Stock Portfolio		30,912,419		3.2	%

		Total		272,130,514


	Affiliated Fixed Income Holdings (2.6%)
	1,670,643	Thrivent High Yield Portfolio		7,480,973		0.8	%
	451,985	Thrivent Income Portfolio		4,443,283		0.4	%
	920,880	Thrivent Limited Maturity Bond Portfolio		8,953,804		0.9	%
	462,991	Thrivent Opportunity Income Plus Portfolio		4,541,113		0.5	%

		Total		25,419,173


	Equity Funds/ETFs (1.7%)
	21,755	iShares Russell 2000 Growth Index Fund		3,032,865		0.3	%
	141,420	SPDR Euro Stoxx 50 ETF		4,869,091		0.5	%
	24,024	SPDR S&P 500 ETF Trust		4,898,253		0.5	%
		Other Securities^		3,922,282		0.4	%

		Total		16,722,491


		Total Registered Investment Companies (cost $317,047,103)		314,272,178


Principal
Amount		Long-Term Fixed Income (2.5%)
	Asset-Backed Securities (0.1%)
		Other Securities^		452,150		0.1	%

		Total		452,150


	Collateralized Mortgage Obligations (<0.1%)
		Other Securities^		267,244		<0.1	%

		Total		267,244

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

AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (2.5%)	Value			% of Net Assets
	Mortgage-Backed Securities (1.3%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	$875,000	3.000%, 1/1/2031^c	$	901,665			0.1	%
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	875,000	4.000%, 1/1/2046^c		924,338			0.1	%
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	900,000	3.500%, 1/1/2030^c		942,504			0.1	%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	5,975,000	3.500%, 1/1/2046^c		6,164,546			0.6	%
	3,400,000	4.000% - 4.500%, 1/1/2046^c		3,631,967			0.4	%

		Total		12,565,020


	U.S. Government and Agencies (1.1%)
		Tennessee Valley Authority
	165,000	5.250%, 9/15/2039		198,313			<0.1	%
		U.S. Treasury Notes
	2,800,000	3.625%, 2/15/2044		3,149,782			0.3	%
	6,140,000	0.625% - 2.250%, 10/15/2016 - 11/15/2024		6,129,377			0.7	%
	1,337,570	U.S. Treasury Notes, TIPS 0.125%, 4/15/2018		1,334,992			0.1	%

		Total		10,812,464


		Total Long-Term Fixed Income (cost $23,880,258)		24,096,878


Shares or Principal Amount		Short-Term Investments (10.7%)^d
		Federal Home Loan Bank Discount Notes
	11,300,000	0.100%, 1/4/2016		11,299,906			1.2	%
	5,000,000	0.100%, 1/5/2016		4,999,944			0.5	%
	5,000,000	0.115%, 1/8/2016		4,999,888			0.5	%
	4,000,000	0.110%, 1/11/2016		3,999,878			0.4	%
	3,000,000	0.100%, 1/12/2016		2,999,908			0.3	%
	6,000,000	0.110%, 1/13/2016		5,999,780			0.6	%
	4,000,000	0.130%, 1/15/2016		3,999,798			0.4	%
	8,000,000	0.250%, 2/12/2016		7,997,667			0.9	%
	8,000,000	0.260%, 2/19/2016		7,997,169			0.8	%
	6,500,000	0.105% - 0.355%, 1/6/2016 - 3/14/2016		6,497,494			0.7	%
		Federal Home Loan Mortgage Corporation Discount Notes
	3,700,000	0.230%, 1/27/2016^b		3,699,385			0.4	%
	4,000,000	0.200%, 2/17/2016^b		3,998,955			0.4	%
	100,000	0.105%, 1/6/2016		99,999			<0.1	%
		Federal National Mortgage Association Discount Notes
	3,250,000	0.100%, 1/8/2016^b		3,249,937			0.3	%
	31,326,929	Thrivent Cash Management Trust 0.220%		31,326,929			3.3	%

		Total Short-Term Investments (at amortized cost)		103,166,637

		Total Investments (cost $937,587,451) 101.3%	$	979,909,337

		Other Assets and Liabilities, Net (1.3%)		(12,350,814	)

		Total Net Assets 100.0%	$	967,558,523

^	The Summary Schedule of Investments shows the 50 largest holdings in unaffiliated issuers, any holding or issuer that exceeds 1% of net assets and all affiliated holdings 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 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	$	100,197,773
Gross unrealized depreciation		(61,625,155	)

Net unrealized appreciation (depreciation)	$	38,572,618

Cost for federal income tax purposes	$	941,336,719

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

AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 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		87,553,628		86,288,843		1,264,785		—
Consumer Staples		15,822,788		14,712,420		1,110,368		—
Energy		63,597,016		63,368,187		228,829		—
Financials		73,666,971		71,149,480		2,517,491		—
Health Care		80,427,479		79,720,414		707,065		—
Industrials		60,400,495		59,157,986		1,242,509		—
Information Technology		129,068,037		128,532,314		535,723		—
Materials		18,209,692		17,595,142		614,550		—
Telecommunications Services		2,659,015		2,074,619		584,396		—
Utilities		6,968,523		6,759,485		209,038		—
Registered Investment Companies
Affiliated Equity Holdings		272,130,514		272,130,514		—		—
Affiliated Fixed Income Holdings		25,419,173		25,419,173		—		—
Equity Funds/ETFs		16,722,491		16,722,491		—		—
Long-Term Fixed Income
Asset-Backed Securities		452,150		—		452,150		—
Collateralized Mortgage Obligations		267,244		—		267,244		—
Mortgage-Backed Securities		12,565,020		—		12,565,020		—
U.S. Government and Agencies		10,812,464		—		10,812,464		—
Short-Term Investments		103,166,637		31,326,929		71,839,708		—

Total	$	979,909,337	$	874,957,997	$	104,951,340	$	—


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		3,039,780		3,039,780		—		—

Total Asset Derivatives	$	3,039,780	$	3,039,780	$	—	$	—

Liability Derivatives
Futures Contracts		421,507		421,507		—		—

Total Liability Derivatives	$	421,507	$	421,507	$	—	$	—

There were no significant transfers between Levels during the period ended December 31, 2015. Transfers between Levels are identified as of the end of the period.

The following table presents Aggressive Allocation Portfolio’s futures contracts held as of December 31, 2015. Investments and/or cash totaling $16,750,679 were pledged as the initial margin deposit for these contracts.


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date	Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(20	)	March 2016	($	4,350,563	)	($	4,344,687	)	$	5,876
5-Yr. U.S. Treasury Bond Futures		30		March 2016		3,555,327			3,549,609			(5,718	)
10-Yr. U.S. Treasury Bond Futures		12		March 2016		1,515,225			1,510,875			(4,350	)
30-Yr. U.S. Treasury Bond Futures		(5	)	March 2016		(767,875	)		(768,750	)		(875	)
CME E-mini NASDAQ 100 Index		(745	)	March 2016		(68,682,296	)		(68,357,474	)		324,822
Eurex Euro STOXX 50 Index		1,562		March 2016		54,200,597			55,542,606			1,342,009
ICE mini MSCI EAFE Index		436		March 2016		36,304,456			37,020,760			716,304
NYBOT NYF mini Russell 2000 Index		(94	)	March 2016		(10,736,454	)		(10,636,100	)		100,354
S&P 400 Index Mini-Futures		(688	)	March 2016		(96,413,302	)		(95,872,800	)		540,502
S&P 500 Futures		301		March 2016		153,574,414			153,163,850			(410,564	)
Ultra Long Term U.S. Treasury Bond Futures		8		March 2016		1,259,587			1,269,500			9,913
Total Futures Contracts											$	2,618,273

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

AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 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	$	15,789
Total Interest Rate Contracts			15,789
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		3,023,991
Total Equity Contracts			3,023,991

Total Asset Derivatives		$	3,039,780

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		10,943
Total Interest Rate Contracts			10,943
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		410,564
Total Equity Contracts			410,564

Total Liability Derivatives		$	421,507

*	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 December 31, 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		5,523,625
Total Equity Contracts			5,523,625
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		(47,258)
Total Interest Rate Contracts			(47,258)

Total		$	5,476,367

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 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		(603,097)
Total Interest Rate Contracts			(603,097)
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		933,562
Total Equity Contracts			933,562

Total		$	330,465

The following table presents Aggressive Allocation Portfolio’s average volume of derivative activity during the period ended December 31, 2015.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts	$	444,113,359		46.3	%
Interest Rate Contracts		28,509,800		3.0

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

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

AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

Investment in Affiliates

Affiliated issuers, as defined under the Investment Company Act of 1940, include those in which the Portfolio’s holdings of an issuer represent 5% or more of the outstanding voting securities of an issuer, any affiliated mutual fund, or a company which is under common ownership or control with the Portfolio.

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 December 31, 2015		Value December 31, 2015		Income Earned January 1, 2015 - December 31, 2015
Opportunity Income Plus	$	4,542,552	$	156,037	$	—		462,991	$	4,541,113	$	155,978
Partner Small Cap Value		20,049,563		1,675,101		19,991,266		—		—		194,704
Small Cap Stock		31,911,232		4,338,403		—		1,990,971		30,912,419		144,359
Partner Mid Cap Value		30,716,459		3,777,077		30,111,360		—		—		170,655
Mid Cap Stock		49,659,992		5,682,366		—		2,971,037		49,700,986		296,119
Partner Worldwide
Allocation		106,787,106		2,726,230		—		11,767,231		105,949,793		2,726,230
Large Cap Value		47,124,226		1,989,635		—		2,929,577		45,459,708		602,737
Large Cap Stock		38,896,156		3,466,177		—		3,449,494		40,107,608		469,824
High Yield		5,644,416		2,908,276		424,377		1,670,643		7,480,973		399,233
Income		4,473,519		264,766		—		451,985		4,443,283		165,222
Limited Maturity Bond		7,337,690		2,021,544		318,283		920,880		8,953,804		139,856
Cash Management Trust-Collateral Investment		241,100		556,873		797,973		^—		—		1,547
Cash Management Trust-Short Term Investment		—		32,354,566		1,027,637		31,326,929		31,326,929		370,149
Total Value and Income Earned	$	347,384,011							$	328,876,616	$	5,836,613

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (1.3%)	Value		% of Net Assets
	Basic Materials (0.1%)
		Other Securities^	$	4,467,421		0.1	%

		Total		4,467,421


	Capital Goods (<0.1%)
		Other Securities^		1,383,061		<0.1	%

		Total		1,383,061


	Communications Services (0.6%)
		Other Securities^		27,188,745		0.6	%

		Total		27,188,745


	Consumer Cyclical (0.2%)
		Other Securities^		11,985,485		0.2	%

		Total		11,985,485


	Consumer Non-Cyclical (0.1%)
		Other Securities^		5,458,133		0.1	%

		Total		5,458,133


	Energy (0.1%)
		Other Securities^		3,878,353		0.1	%

		Total		3,878,353


	Financials (0.1%)
		Other Securities^		3,494,301		0.1	%

		Total		3,494,301


	Technology (0.1%)
		Other Securities^		4,021,234		0.1	%

		Total		4,021,234


	Transportation (<0.1%)

		Other Securities^		1,350,122		<0.1	%

		Total		1,350,122


	Utilities (<0.1%)
		Other Securities^		1,634,916		<0.1	%

		Total		1,634,916


		Total Bank Loans (cost $71,557,760)		64,861,771


Shares		Common Stock (41.8%)
	Consumer Discretionary (6.3%)
	51,212	Amazon.com, Inc.^a		34,613,679		0.7	%
	337,496	Comcast Corporation		19,044,899		0.4	%
	148,720	Home Depot, Inc.		19,668,220		0.4	%
	321,840	NIKE, Inc.		20,115,000		0.4	%
	335,990	Starbucks Corporation		20,169,480		0.4	%
		Other Securities^		196,040,234		4.0	%

		Total		309,651,512


	Consumer Staples (1.4%)
		Other Securities^		67,320,797		1.4	%

		Total		67,320,797


	Energy (5.2%)
	245,460	Cameron International Corporation^a		15,513,072		0.3	%
	337,900	Chevron Corporation		30,397,484		0.6	%
	312,272	EOG Resources, Inc.		22,105,735		0.5	%
	346,611	EQT Corporation		18,068,831		0.4	%
	382,100	Marathon Petroleum Corporation		19,808,064		0.4	%
	1,876,770	Weatherford International, Ltd.^a		15,746,100		0.3	%
		Other Securities^		132,526,951		2.7	%

		Total		254,166,237


	Financials (6.7%)
	318,197	Citigroup, Inc.		16,466,695		0.4	%
	69,309	Intercontinental Exchange, Inc.		17,761,124		0.4	%
		Other Securities^		294,468,873		5.9	%

		Total		328,696,692


	Health Care (5.8%)
	69,186	Allergan plc^a		21,620,625		0.4	%
	178,635	Gilead Sciences, Inc.		18,076,076		0.4	%
	119,124	Vertex Pharmaceuticals, Inc.^a		14,989,373		0.3	%
		Other Securities^		226,962,072		4.7	%

		Total		281,648,146


	Industrials (4.6%)
	345,750	Delta Air Lines, Inc.		17,526,068		0.4	%
		Other Securities^		207,513,027		4.2	%

		Total		225,039,095


	Information Technology (9.3%)
	27,443	Alphabet, Inc., Class A^a		21,350,928		0.4	%
	31,387	Alphabet, Inc., Class C^a		23,818,967		0.5	%
	348,746	Apple, Inc.^b		36,709,004		0.8	%
	361,820	Facebook, Inc.^a		37,868,081		0.8	%
	649,230	Microsoft Corporation		36,019,280		0.7	%
	254,540	Salesforce.com, Inc.^a		19,955,936		0.4	%
	341,780	Visa, Inc.		26,505,039		0.6	%
		Other Securities^		253,423,967		5.1	%

		Total		455,651,202


	Materials (1.6%)
		Other Securities^		76,845,933		1.6	%

		Total		76,845,933


	Telecommunications Services (0.2%)
		Other Securities^		11,486,669		0.2	%

		Total		11,486,669


	Utilities (0.7%)
		Other Securities^		36,571,091		0.7	%

		Total		36,571,091


		Total Common Stock (cost $1,905,204,349)		2,047,077,374


		Registered Investment Companies (36.3%)
	Affiliated Equity Holdings (28.6%)
	24,425,365	Thrivent Large Cap Stock Portfolio		283,996,164		5.8	%
	20,124,267	Thrivent Large Cap Value Portfolio		312,278,320		6.4	%
	16,750,392	Thrivent Mid Cap Stock Portfolio		280,208,930		5.7	%
	48,917,066	Thrivent Partner Worldwide Allocation Portfolio		440,439,482		9.0	%
	5,277,294	Thrivent Small Cap Stock Portfolio		81,936,849		1.7	%

		Total		1,398,859,745

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Shares		Registered Investment Companies (36.3%)	Value		% of Net Assets
	Affiliated Fixed Income Holdings (5.7%)
	10,271,632	Thrivent High Yield Portfolio	$	45,995,339		0.9	%
	14,694,354	Thrivent Income Portfolio		144,454,320		3.0	%
	9,308,662	Thrivent Limited Maturity Bond Portfolio		90,509,050		1.8	%

		Total		280,958,709


	Equity Funds/ETFs (1.1%)
	10,220	iShares MSCI EAFE Index Fund		600,425		<0.1	%
	25,911	iShares Russell 2000 Growth Index Fund^c		3,612,252		0.1	%
	51,228	iShares Russell 2000 Index Fund^c		5,763,662		0.1	%
	475,230	SPDR Euro Stoxx 50 ETF		16,362,169		0.3	%
	108,738	SPDR S&P 500 ETF Trust^c		22,170,591		0.5	%
		Other Securities^		5,726,874		0.1	%

		Total		54,235,973


	Fixed Income Funds/ETFs (0.9%)
	35,000	iShares Barclays 1-3 Year Credit Bond Fund		3,661,000		0.1	%
	273,700	iShares iBoxx $ High Yield Corporate Bond ETF		22,054,746		0.4	%
	161,800	iShares iBoxx $ Investment Grade Corporate Bond ETF		18,446,818		0.4	%

		Total		44,162,564


		Total Registered Investment Companies (cost $1,663,929,010)		1,778,216,991


Principal Amount		Long-Term Fixed Income (13.8%)
	Asset-Backed Securities (0.5%)
		U.S. Small Business Administration
$	525,660	3.191%, 3/10/2024		545,913		<0.1	%
		Other Securities^		24,723,493		0.5	%

		Total		25,269,406


	Basic Materials (0.1%)
		Other Securities^		3,655,834		0.1	%

		Total		3,655,834


	Capital Goods (0.2%)

		Other Securities^		8,424,822		0.2	%

		Total		8,424,822


	Collateralized Mortgage Obligations (0.8%)
		Federal Home Loan Mortgage Corporation
	1,450,907	3.000%, 2/15/2033^d		178,512		<0.1	%
		Federal National Mortgage Association
	2,964,241	3.500%, 1/25/2033^d		399,161		<0.1	%
		Other Securities^		33,679,460		0.8	%

		Total		34,257,133


	Commercial Mortgage-Backed Securities (0.5%)
		Federal National Mortgage Association
	358,139	1.272%, 1/25/2017		358,153		<0.1	%
		Other Securities^		26,401,225		0.5	%

		Total		26,759,378


	Communications Services (0.5%)

		Other Securities^		25,093,662		0.5	%

		Total		25,093,662


	Consumer Cyclical (0.3%)
		Other Securities^		12,782,868		0.3	%

		Total		12,782,868


	Consumer Non-Cyclical (0.4%)
		Other Securities^		22,015,248		0.4	%

		Total		22,015,248


	Energy (0.3%)
		Other Securities^		15,188,250		0.3	%

		Total		15,188,250


	Financials (1.1%)
		Other Securities^		52,457,413		1.1	%

		Total		52,457,413


	Foreign Government (<0.1%)
		Other Securities^		645,133		<0.1	%

		Total		645,133


	Mortgage-Backed Securities (4.7%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	15,800,000	3.000%, 1/1/2031^e		16,281,483		0.3	%
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	12,300,000	4.000%, 1/1/2046^e		12,993,555		0.3	%
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	17,300,000	3.500%, 1/1/2030^e		18,117,027		0.4	%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	94,375,000	3.500%, 1/1/2046^e		97,368,877		2.0	%
	44,000,000	4.000%, 1/1/2046^e		46,559,564		1.0	%
	33,339,000	4.500%, 1/1/2046^e		36,001,953		0.7	%
	3,047,039	1.728% - 2.069%, 7/1/2043 - 8/1/2043^f		3,108,062		<0.1	%

		Total		230,430,521


	Technology (0.2%)
		Other Securities^		11,441,745		0.2	%

		Total		11,441,745


	Transportation (0.1%)
		Other Securities^		3,225,970		0.1	%

		Total		3,225,970


	U.S. Government and Agencies (3.8%)
		Federal National Mortgage Association
	405,000	6.250%, 5/15/2029		549,088		<0.1	%

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (13.8%)	Value			% of Net Assets
	U.S. Government and Agencies (3.8%) - continued
		Tennessee Valley Authority
$	390,000	5.250%, 9/15/2039	$	468,739			<0.1	%
		U.S. Treasury Bonds
	34,845,000	3.000%, 5/15/2042		35,060,063			0.7	%
	9,100,000	4.375% - 6.500%, 11/15/2026 - 5/15/2040		12,174,990			0.3	%
		U.S. Treasury Bonds, TIPS
	2,471,437	0.125% - 2.375%, 4/15/2019 - 2/15/2042		2,416,500			<0.1	%
		U.S. Treasury Notes
	23,330,000	1.875%, 6/30/2020		23,493,123			0.5	%
	14,300,000	3.625%, 2/15/2044		16,086,385			0.3	%
	33,320,000	0.250% - 2.250%,
		2/29/2016 - 11/15/2024		33,201,479			0.7	%
		U.S. Treasury Notes, TIPS
	29,838,100	0.125%, 4/15/2018		29,780,602			0.6	%
	36,296,192	0.125%, 1/15/2023		34,800,390			0.7	%
	614,741	0.125%, 1/15/2022		595,715			<0.1	%

		Total		188,627,074


	Utilities (0.3%)
		Other Securities^		14,135,515			0.3	%

		Total		14,135,515


		Total Long-Term Fixed Income (cost $677,640,086)		674,409,972


Shares		Collateral Held for Securities Loaned (1.6%)
	80,456,520	Thrivent Cash Management Trust		80,456,520			1.6	%


		Total Collateral Held for Securities Loaned (cost $80,456,520)		80,456,520


Shares or Principal Amount		Short-Term Investments (11.4%)^g
		Federal Home Loan Bank Discount Notes
	35,855,000	0.099%, 1/4/2016		35,854,705			0.7	%
	15,000,000	0.100%, 1/5/2016		14,999,833			0.3	%
	33,700,000	0.102%, 1/6/2016		33,699,522			0.7	%
	38,400,000	0.103%, 1/8/2016		38,399,228			0.8	%
	15,000,000	0.105%, 1/11/2016		14,999,563			0.3	%
	23,800,000	0.159%, 1/13/2016		23,798,737			0.5	%
	24,905,000	0.118%, 1/21/2016		24,903,365			0.5	%
	20,000,000	0.116%, 1/22/2016		19,998,644			0.4	%
	33,230,000	0.206%, 2/3/2016		33,223,732			0.7	%
	20,739,000	0.276%, 2/24/2016		20,730,421			0.4	%
	25,000,000	0.365%, 3/16/2016		24,980,990			0.5	%
	100,387,000	0.100% - 0.370%, 1/12/2016 - 3/21/2016		100,357,523			2.1	%
		Federal Home Loan Mortgage Corporation Discount Notes
	26,000,000	0.200%, 2/17/2016^b		25,993,211			0.5	%
	8,600,000	0.105% - 0.230%, 1/6/2016 - 1/27/2016^b		8,598,723			0.2	%
		Federal National Mortgage Association Discount Notes
	20,900,000	0.064% - 0.230%, 1/8/2016 - 2/16/2016^b,h		20,897,031			0.5	%
		U.S. Treasury Bills
	100,000	0.205%, 2/25/2016^h		99,969			<0.1	%
		Thrivent Cash Management Trust
	108,913,011	0.220%		108,913,011			2.2	%
		Other Securities^		6,499,676			0.1	%

		Total Short-Term Investments (at amortized cost)		556,947,884

		Total Investments (cost $4,955,735,609) 106.2%	$	5,201,970,512

		Other Assets and Liabilities, Net (6.2%)		(303,891,893	)

		Total Net Assets 100.0%	$	4,898,078,619

^	The Summary Schedule of Investments shows the 50 largest holdings in unaffiliated issuers, any holding or issuer that exceeds 1% of net assets and all affiliated holdings 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 held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

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

Denotes interest only security. Interest only securities represent the right to receive monthly interest payments on an underlying pool of mortgages or assets. The principal shown is the outstanding par amount of the pool as of the end of the period. The actual effective yield of the security is different than the stated coupon rate.

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

f	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 December 31, 2015.

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

h	At December 31, 2015, $199,964 of investments were segregated to cover exposure to a counterparty for margin on open mortgage-backed security transactions.

Moderately Aggressive Allocation Portfolio held restricted securities as of December 31, 2015. 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. As of December 31, 2015, the value of these investments was $25,334,861 or 0.5% of total net assets.

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Moderately Aggressive Allocation Portfolio as of December 31, 2015:


Securities Lending Transactions
Taxable Debt Security	$	2,903,163
Common Stock		75,316,256

Total lending	$	78,219,419
Gross amount payable upon return of collateral for securities loaned	$	80,456,520

Net amounts due to counterparty	$	2,237,101

Definitions:


ETF	-	Exchange Traded Fund.
TIPS	-	Treasury Inflation Protected Security.

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	440,386,640
Gross unrealized depreciation		(209,132,669	)

Net unrealized appreciation (depreciation)	$	231,253,971

Cost for federal income tax purposes	$	4,970,716,541

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 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		4,467,421		—		3,687,207		780,214
Capital Goods		1,383,061		—		1,383,061		—
Communications Services		27,188,745		—		25,144,873		2,043,872
Consumer Cyclical		11,985,485		—		11,985,485		—
Consumer Non-Cyclical		5,458,133		—		5,458,133		—
Energy		3,878,353		—		2,101,380		1,776,973
Financials		3,494,301		—		3,494,301		—
Technology		4,021,234		—		4,002,116		19,118
Transportation		1,350,122		—		1,350,122		—
Utilities		1,634,916		—		1,634,916		—
Common Stock
Consumer Discretionary		309,651,512		305,351,059		4,300,453		—
Consumer Staples		67,320,797		63,502,639		3,818,158		—
Energy		254,166,237		253,399,489		766,748		—
Financials		328,696,692		320,270,375		8,426,317		—
Health Care		281,648,146		279,219,644		2,428,502		—
Industrials		225,039,095		220,637,768		4,401,327		—
Information Technology		455,651,202		453,808,709		1,842,493		—
Materials		76,845,933		74,560,600		2,285,333		—
Telecommunications Services		11,486,669		9,508,244		1,978,425		—
Utilities		36,571,091		35,878,385		692,706		—
Registered Investment Companies
Affiliated Equity Holdings		1,398,859,745		1,398,859,745		—		—
Affiliated Fixed Income Holdings		280,958,709		280,958,709		—		—
Equity Funds/ETFs		54,235,973		54,235,973		—		—
Fixed Income Funds/ETFs		44,162,564		44,162,564		—		—
Long-Term Fixed Income
Asset-Backed Securities		25,269,406		—		25,269,406		—
Basic Materials		3,655,834		—		3,655,834		—
Capital Goods		8,424,822		—		8,424,822		—
Collateralized Mortgage Obligations		34,257,133		—		34,257,133		—
Commercial Mortgage-Backed Securities		26,759,378		—		26,759,378		—
Communications Services		25,093,662		—		25,093,662		—
Consumer Cyclical		12,782,868		—		12,782,868		—
Consumer Non-Cyclical		22,015,248		—		22,015,248		—
Energy		15,188,250		—		15,188,250		—
Financials		52,457,413		—		52,457,413		—
Foreign Government		645,133		—		645,133		—
Mortgage-Backed Securities		230,430,521		—		230,430,521		—
Technology		11,441,745		—		11,441,745		—
Transportation		3,225,970		—		3,225,970		—
U.S. Government and Agencies		188,627,074		—		188,627,074		—
Utilities		14,135,515		—		14,135,515		—
Collateral Held for Securities Loaned		80,456,520		80,456,520		—		—
Short-Term Investments		556,947,884		108,913,011		448,034,873		—

Total	$	5,201,970,512	$	3,983,723,434	$	1,213,626,901	$	4,620,177


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		11,006,125		11,006,125		—		—

Total Asset Derivatives	$	11,006,125	$	11,006,125	$	—	$	—

Liability Derivatives
Futures Contracts		1,634,562		1,634,562		—		—

Total Liability Derivatives	$	1,634,562	$	1,634,562	$	—	$	—

There were no significant transfers between Levels during the period ended December 31, 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.

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

The following table presents Moderately Aggressive Allocation Portfolio’s futures contracts held as of December 31, 2015. Investments totaling $61,641,378 were pledged as the initial margin deposit for these contracts.


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(302	)		March 2016	($	65,693,501	)	($	65,604,782	)	$	88,719
5-Yr. U.S. Treasury Bond Futures		476			March 2016		56,411,193			56,320,467			(90,726	)
10-Yr. U.S. Treasury Bond Futures		339			March 2016		42,805,099			42,682,218			(122,881	)
30-Yr. U.S. Treasury Bond Futures		107			March 2016		16,380,527			16,451,250			70,723
CME E-mini NASDAQ 100 Index		(2,679	)		March 2016		(246,979,694	)		(245,811,645	)		1,168,049
Eurex Euro STOXX 50 Index		6,541			March 2016		226,969,696			232,589,108			5,619,412
ICE mini MSCI EAFE Index		1,387			March 2016		115,491,468			117,770,170			2,278,702
NYBOT NYF mini Russell 2000 Index		220			March 2016		25,014,528			24,893,000			(121,528	)
S&P 400 Index Mini-Futures		(2,269	)		March 2016		(317,965,670	)		(316,185,150	)		1,780,520
S&P 500 Futures		805			March 2016		410,722,270			409,624,250			(1,098,020	)
S&P 500 Mini-Futures		(90	)		March 2016		(8,970,019	)		(9,159,300	)		(189,281	)
Ultra Long Term U.S. Treasury Bond Futures		(13	)		March 2016		(2,050,811	)		(2,062,937	)		(12,126	)
Total Futures Contracts												$	9,371,563

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 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
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	159,442
Total Interest Rate Contracts			159,442
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		10,846,683
Total Equity Contracts			10,846,683

Total Asset Derivatives		$	11,006,125

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		225,733
Total Interest Rate Contracts			225,733
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		1,408,829
Total Equity Contracts			1,408,829

Total Liability Derivatives		$	1,634,562

*	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 December 31, 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		37,487,887
Total Equity Contracts			37,487,887
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		3,457,754
Total Interest Rate Contracts			3,457,754
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(183,108	)
Total Credit Contracts			(183,108	)

Total		$	40,762,533

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 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		(5,630,577)
Total Interest Rate Contracts			(5,630,577)
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(9,964,150)
Total Equity Contracts			(9,964,150)

Total			($15,594,727)

The following table presents Moderately Aggressive Allocation Portfolio’s average volume of derivative activity during the period ended December 31, 2015.

Derivative Risk Category

Futures
(Notional)*

Futures
(Percentage
of Average
Net Assets)

Swaps
(Notional)*

Swaps
(Percentage
of Average
Net Assets)

Equity Contracts

1,390,619,383

28.2

N/A

Interest Rate Contracts

338,761,607

6.9

N/A

Credit Contracts

N/A

2,441,240

<0.1

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

Investment in Affiliates

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 December 31, 2015		Value December 31, 2015		Income Earned January 1, 2015 - December 31, 2015
Partner Small Cap Value	$	98,513,554	$	8,230,610	$	98,227,113		—	$	—	$	956,677
Small Cap Stock		84,584,317		11,499,425		—		5,277,294		81,936,849		382,640
Partner Mid Cap Value		137,304,560		16,883,780		134,599,729		—		—		762,837
Mid Cap Stock		279,977,811		32,036,584		^—		16,750,392		280,208,930		1,669,489
Partner Worldwide Allocation		443,920,241		11,333,099		—		48,917,066		440,439,482		11,333,099
Large Cap Value		323,712,459		13,667,484		—		20,124,267		312,278,320		4,140,409
Large Cap Stock		275,418,051		24,543,499		—		24,425,365		283,996,164		3,326,757
High Yield		119,925,476		6,259,380		74,043,953		10,271,632		45,995,339		6,259,177
Income		138,495,900		17,666,446		2,543,953		14,694,354		144,454,320		5,113,925
Limited Maturity Bond		37,959,766		54,491,308		1,271,976		9,308,662		90,509,050		790,853
Cash Management Trust-Collateral Investment		39,076,872		586,592,989		545,213,341		80,456,520		80,456,520		566,892
Cash Management Trust-Short Term Investment		—		178,729,018		69,816,007		108,913,011		108,913,011		22,422
Total Value and Income Earned	$	1,978,889,007							$	1,869,187,985	$	35,325,177

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

MODERATE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (2.7%)	Value		% of Net Assets
	Basic Materials (0.2%)
		Other Securities^	$	20,487,257		0.2	%

		Total		20,487,257


	Capital Goods (<0.1%)
		Other Securities^		3,439,047		<0.1	%

		Total		3,439,047


	Communications Services (1.0%)
		Other Securities^		88,111,568		1.0	%

		Total		88,111,568


	Consumer Cyclical (0.5%)
		Other Securities^		46,376,130		0.5	%

		Total		46,376,130


	Consumer Non-Cyclical (0.3%)
		Other Securities^		29,165,075		0.3	%

		Total		29,165,075


	Energy (0.2%)
		Other Securities^		16,200,378		0.2	%

		Total		16,200,378


	Financials (0.2%)
		Other Securities^		12,628,825		0.2	%

		Total		12,628,825


	Technology (0.2%)
		Other Securities^		13,455,227		0.2	%

		Total		13,455,227


	Transportation (0.1%)
		Other Securities^		4,654,383		0.1	%

		Total		4,654,383


	Utilities (<0.1%)
		Other Securities^		1,511,396		<0.1	%

		Total		1,511,396


		Total Bank Loans (cost $264,750,564)		236,029,286


Shares		Common Stock (34.2%)
	Consumer Discretionary (5.1%)
	69,742	Amazon.com, Inc.^a		47,137,920		0.6	%
	562,784	Comcast Corporation		31,757,901		0.4	%
	201,800	Home Depot, Inc.		26,688,050		0.3	%
	437,020	NIKE, Inc.		27,313,750		0.3	%
	456,220	Starbucks Corporation		27,386,887		0.3	%
		Other Securities^		278,002,112		3.2	%

		Total		438,286,620


	Consumer Staples (1.2%)
		Other Securities^		108,610,347		1.2	%

		Total		108,610,347


	Energy (4.1%)
	498,580	Chevron Corporation		44,852,257		0.5	%
	444,114	EOG Resources, Inc.		31,438,830		0.4	%
		Other Securities^		274,782,374		3.2	%

		Total		351,073,461


	Financials (5.9%)
	576,137	Citigroup, Inc.		29,815,090		0.4	%
	104,023	Intercontinental Exchange, Inc.		26,656,934		0.3	%
		Other Securities^		451,606,154		5.2	%

		Total		508,078,178


	Health Care (4.6%)
	93,978	Allergan plc^a		29,368,125		0.4	%
		Other Securities^		369,710,008		4.2	%

		Total		399,078,133


	Industrials (3.7%)
		Other Securities^		321,182,162		3.7	%

		Total		321,182,162


	Information Technology (7.4%)
	37,264	Alphabet, Inc., Class A^a		28,991,765		0.3	%
	46,959	Alphabet, Inc., Class C^a		35,636,246		0.4	%
	474,599	Apple, Inc.		49,956,291		0.6	%
	1,074,570	Cisco Systems, Inc.		29,179,948		0.4	%
	492,490	Facebook, Inc.^a		51,544,003		0.6	%
	1,019,720	Microsoft Corporation		56,574,066		0.7	%
	346,980	Salesforce.com, Inc.^a		27,203,232		0.3	%
	463,930	Visa, Inc.		35,977,772		0.4	%
		Other Securities^		327,188,615		3.7	%

		Total		642,251,938


	Materials (1.3%)
		Other Securities^		110,092,315		1.3	%

		Total		110,092,315


	Telecommunications Services (0.2%)
		Other Securities^		21,659,298		0.2	%

		Total		21,659,298


	Utilities (0.7%)
		Other Securities^		58,691,715		0.7	%

		Total		58,691,715


		Total Common Stock (cost $2,788,843,693)		2,959,004,167


		Registered Investment Companies (30.5%)
	Affiliated Equity Holdings (17.3%)
	22,633,380	Thrivent Large Cap Stock Portfolio		263,160,569		3.1	%
	27,999,217	Thrivent Large Cap Value Portfolio		434,477,853		5.0	%
	13,836,768	Thrivent Mid Cap Stock Portfolio		231,468,373		2.7	%
	55,766,496	Thrivent Partner Worldwide Allocation Portfolio		502,110,376		5.8	%
	4,191,815	Thrivent Small Cap Stock Portfolio		65,083,371		0.7	%

		Total		1,496,300,542


	Affiliated Fixed Income Holdings (10.9%)
	33,504,358	Thrivent High Yield Portfolio		150,029,163		1.7	%
	50,025,346	Thrivent Income Portfolio		491,779,169		5.7	%
	31,116,627	Thrivent Limited Maturity Bond Portfolio		302,550,074		3.5	%

		Total		944,358,406

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

MODERATE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Shares		Registered Investment Companies (30.5%)	Value		% of Net Assets
	Equity Funds/ETFs (0.7%)
	17,330	iShares MSCI EAFE Index Fund	$	1,018,137		<0.1	%
	25,871	iShares Russell 2000 Growth Index Fund^b		3,606,676		<0.1	%
	45,371	iShares Russell 2000 Index Fund^b		5,104,691		0.1	%
	133,194	SPDR S&P 500 ETF Trust^b		27,156,925		0.3	%
		Other Securities^		27,927,043		0.3	%

		Total		64,813,472


	Fixed Income Funds/ETFs (1.6%)
	123,000	iShares Barclays 1-3 Year Credit Bond Fund		12,865,800		0.2	%
	943,700	iShares iBoxx $ High Yield Corporate Bond ETF^b		76,043,346		0.9	%
	392,650	iShares iBoxx $ Investment Grade Corporate Bond ETF		44,766,027		0.5	%

		Total		133,675,173


		Total Registered Investment Companies (cost $2,501,718,543)		2,639,147,593


Principal Amount		Long-Term Fixed Income (26.7%)
	Asset-Backed Securities (1.2%)
		U.S. Small Business Administration
	$922,210	3.191%, 3/10/2024		957,742		<0.1	%
		Other Securities^		99,489,742		1.2	%

		Total		100,447,484


	Basic Materials (0.2%)
		Other Securities^		13,538,585		0.2	%

		Total		13,538,585


	Capital Goods (0.4%)
		Other Securities^		32,210,597		0.4	%

		Total		32,210,597


	Collateralized Mortgage Obligations (1.4%)
		Federal Home Loan Mortgage Corporation
	4,887,267	3.000%, 2/15/2033^c		601,302		<0.1	%
		Federal National Mortgage Association
	10,071,275	3.500%, 1/25/2033^c		1,356,184		<0.1	%
		Other Securities^		115,946,861		1.4	%

		Total		117,904,347


	Commercial Mortgage-Backed Securities (1.1%)
		Federal National Mortgage Association
	813,953	1.272%, 1/25/2017		813,984		<0.1	%
		Other Securities^		97,610,383		1.1	%

		Total		98,424,367


	Communications Services (1.0%)
		Other Securities^		83,195,443		1.0	%

		Total		83,195,443


	Consumer Cyclical (0.5%)
		Other Securities^		46,990,436		0.5	%

		Total		46,990,436


	Consumer Non-Cyclical (1.0%)
		Other Securities^		83,647,758		1.0	%

		Total		83,647,758


	Energy (0.6%)
		Other Securities^		51,641,366		0.6	%

		Total		51,641,366


	Financials (2.1%)
		Other Securities^		182,113,427		2.1	%

		Total		182,113,427


	Foreign Government (<0.1%)
		Other Securities^		2,562,546		<0.1	%

		Total		2,562,546


	Industrials Other (<0.1%)
		Other Securities^		2,346,000		<0.1	%

		Total		2,346,000


	Mortgage-Backed Securities (8.9%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	57,995,000	3.000%, 1/1/2031^d		59,762,316		0.7	%
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	48,845,000	4.000%, 1/1/2046^d		51,599,204		0.6	%
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	37,675,000	3.500%, 1/1/2030^d		39,454,277		0.4	%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	319,550,000	3.500%, 1/1/2046^d		329,687,149		3.8	%
	163,432,500	4.000%, 1/1/2046^d		172,939,679		2.0	%
	87,794,000	4.500%, 1/1/2046^d		94,806,546		1.1	%
	23,814,656	1.728% - 2.069%, 7/1/2043 - 8/1/2043^e		24,369,003		0.3	%

		Total		772,618,174


	Technology (0.4%)
		Other Securities^		36,767,849		0.4	%

		Total		36,767,849


	Transportation (0.2%)
		Other Securities^		16,306,379		0.2	%

		Total		16,306,379


	U.S. Government and Agencies (7.2%)
		Federal National Mortgage Association
	540,000	6.250%, 5/15/2029		732,117		<0.1	%
		Tennessee Valley Authority
	520,000	5.250%, 9/15/2039		624,985		<0.1	%
		U.S. Treasury Bonds
	66,460,000	3.000%, 5/15/2042		66,870,191		0.8	%

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

MODERATE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (26.7%)	Value			% of Net Assets
	U.S. Government and Agencies (7.2%) - continued
$	7,725,000	4.375% - 5.250%, 11/15/2028 - 5/15/2040	$	9,949,370			0.1	%
		U.S. Treasury Bonds, TIPS
	5,590,602	0.125% - 2.375%, 4/15/2019 - 2/15/2042		5,478,215			<0.1	%
		U.S. Treasury Notes
	30,000,000	0.625%, 10/15/2016		29,971,860			0.3	%
	70,050,000	0.875%, 11/15/2017		69,806,436			0.8	%
	112,320,000	1.500%, 10/31/2019^f		111,969,000			1.3	%
	40,359,000	1.875%, 6/30/2020		40,641,190			0.5	%
	76,185,000	1.375%, 9/30/2020		74,869,590			0.9	%
	68,135,000	2.250%, 11/15/2024		68,100,387			0.8	%
	50,250,000	3.625%, 2/15/2044		56,527,331			0.7	%
	21,105,000	0.875% - 2.125%, 10/15/2018 - 8/15/2022		20,805,155			0.2	%
		U.S. Treasury Notes, TIPS
	31,278,560	0.125%, 4/15/2018		31,218,286			0.4	%
	34,936,051	0.125%, 1/15/2023		33,496,302			0.4	%
	809,146	0.125%, 1/15/2022		784,103			<0.1	%

		Total		621,844,518


	U.S. Municipals (<0.1%)
		Other Securities^		2,500,000			<0.1	%

		Total		2,500,000


	Utilities (0.5%)
		Other Securities^		46,459,561			0.5	%

		Total		46,459,561


		Total Long-Term Fixed Income (cost $2,319,714,712)		2,311,518,837


Shares		Collateral Held for Securities Loaned (2.1%)
	182,839,267	Thrivent Cash Management Trust		182,839,267			2.1	%


		Total Collateral Held for Securities Loaned (cost $182,839,267)		182,839,267


Shares or Principal Amount		Short-Term Investments (14.4%)^g
		Federal Home Loan Bank Discount Notes
	74,788,000	0.099%, 1/4/2016		74,787,383			0.9	%
	35,000,000	0.100%, 1/5/2016		34,999,611			0.4	%
	48,085,000	0.102%, 1/6/2016		48,084,318			0.5	%
	102,300,000	0.110%, 1/8/2016		102,297,814			1.2	%
	103,900,000	0.161%, 1/13/2016		103,894,415			1.2	%
	50,300,000	0.111%, 1/15/2016		50,297,838			0.6	%
	38,000,000	0.130%, 1/20/2016		37,997,387			0.4	%
	34,000,000	0.116%, 1/21/2016		33,997,814			0.4	%
	31,700,000	0.117%, 1/22/2016		31,697,834			0.4	%
	29,956,000	0.197%, 1/27/2016		29,951,746			0.3	%
	68,700,000	0.219%, 2/3/2016		68,686,226			0.8	%
	43,000,000	0.263%, 2/19/2016		42,984,626			0.5	%
	30,000,000	0.265%, 2/22/2016		29,988,517			0.3	%
	250,518,000	0.100% - 0.420%, 1/7/2016 - 3/18/2016		250,417,217			3.0	%
		Federal Home Loan Mortgage Corporation Discount Notes
	53,541,000	0.072% - 0.250%, 1/5/2016 - 2/17/2016^h	$	53,533,847			0.6	%
		Federal National Mortgage Association Discount Notes
	37,500,000	0.070% - 0.230%, 1/4/2016 - 2/10/2016^h		37,496,067			0.4	%
		Thrivent Cash Management Trust
	213,007,058	0.220%		213,007,058			2.5	%
		Other Securities^		2,999,990			<0.1	%

		Total Short-Term Investments (at amortized cost)		1,247,119,708

		Total Investments (cost $9,304,986,487) 110.6%	$	9,575,658,858

		Other Assets and Liabilities, Net (10.6%)		(918,404,044	)

		Total Net Assets 100.0%	$	8,657,254,814

^	The Summary Schedule of Investments shows the 50 largest holdings in unaffiliated issuers, any holding or issuer that exceeds 1% of net assets and all affiliated holdings 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.

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

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 December 31, 2015.

f	At December 31, 2015, $1,560,109 of investments were segregated to cover exposure to a counterparty for margin on open mortgage-backed security transactions.

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

h	All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Moderate Allocation Portfolio held restricted securities as of December 31, 2015. 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. As of December 31, 2015, the value of these investments was $103,358,651 or 1.2% of total net assets.

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

MODERATE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Securities Lending Transactions
Taxable Debt Security	$	12,654,977
Common Stock		165,441,116

Total lending	$	178,096,093
Gross amount payable upon return of collateral for securities loaned	$	182,839,267

Net amounts due to counterparty	$	4,743,174

Definitions:


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	$	562,160,896
Gross unrealized depreciation		(310,946,063	)

Net unrealized appreciation (depreciation)	$	251,214,833

Cost for federal income tax purposes	$	9,324,444,025

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

MODERATE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 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		20,487,257		—		15,220,811		5,266,446
Capital Goods		3,439,047		—		3,439,047		—
Communications Services		88,111,568		—		76,127,946		11,983,622
Consumer Cyclical		46,376,130		—		46,376,130		—
Consumer Non-Cyclical		29,165,075		—		28,279,744		885,331
Energy		16,200,378		—		5,244,115		10,956,263
Financials		12,628,825		—		12,628,825		—
Technology		13,455,227		—		13,450,330		4,897
Transportation		4,654,383		—		4,654,383		—
Utilities		1,511,396		—		1,511,396		—
Common Stock
Consumer Discretionary		438,286,620		426,730,233		11,556,387		—
Consumer Staples		108,610,347		98,390,883		10,219,464		—
Energy		351,073,461		349,028,762		2,044,699		—
Financials		508,078,178		485,516,074		22,562,104		—
Health Care		399,078,133		392,500,913		6,577,220		—
Industrials		321,182,162		309,202,747		11,979,415		—
Information Technology		642,251,938		637,299,909		4,952,029		—
Materials		110,092,315		104,187,715		5,904,600		—
Telecommunications Services		21,659,298		16,391,541		5,267,757		—
Utilities		58,691,715		56,851,056		1,840,659		—
Registered Investment Companies
Affiliated Equity Holdings		1,496,300,542		1,496,300,542		—		—
Affiliated Fixed Income Holdings		944,358,406		944,358,406		—		—
Fixed Income Funds/ETFs		133,675,173		133,675,173		—		—
Equity Funds/ETFs		64,813,472		64,813,472		—		—
Long-Term Fixed Income
Asset-Backed Securities		100,447,484		—		100,447,484		—
Basic Materials		13,538,585		—		13,538,585		—
Capital Goods		32,210,597		—		32,210,597		—
Collateralized Mortgage Obligations		117,904,347		—		117,904,347		—
Commercial Mortgage-Backed Securities		98,424,367		—		98,424,367		—
Communications Services		83,195,443		—		83,195,443		—
Consumer Cyclical		46,990,436		—		46,990,436		—
Consumer Non-Cyclical		83,647,758		—		83,647,758		—
Energy		51,641,366		—		51,641,366		—
Financials		182,113,427		—		182,113,427		—
Foreign Government		2,562,546		—		2,562,546		—
Industrials Other		2,346,000		—		2,346,000		—
Mortgage-Backed Securities		772,618,174		—		772,618,174		—
Technology		36,767,849		—		36,767,849		—
Transportation		16,306,379		—		16,306,379		—
U.S. Government and Agencies		621,844,518		—		621,844,518		—
U.S. Municipals		2,500,000		—		2,500,000		—
Utilities		46,459,561		—		46,459,561		—
Collateral Held for Securities Loaned		182,839,267		182,839,267		—		—
Short-Term Investments		1,247,119,708		213,007,058		1,034,112,650		—

Total	$	9,575,658,858	$	5,911,093,751	$	3,635,468,548	$	29,096,559


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		16,162,399		16,162,399		—		—

Total Asset Derivatives	$	16,162,399	$	16,162,399	$	—	$	—

Liability Derivatives
Futures Contracts		3,126,069		3,126,069		—		—

Total Liability Derivatives	$	3,126,069	$	3,126,069	$	—	$	—

There were no significant transfers between Levels during the period ended December 31, 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.

MODERATE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

The following table presents Moderate Allocation Portfolio’s futures contracts held as of December 31, 2015. Investments totaling $78,455,289 were pledged as the initial margin deposit for these contracts.


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	)		March 2016	($	582,757,914	)	($	581,970,904	)	$	787,010
5-Yr. U.S. Treasury Bond Futures		3,153			March 2016		373,719,837			373,063,938			(655,899	)
10-Yr. U.S. Treasury Bond Futures		1,744			March 2016		220,212,665			219,580,500			(632,165	)
30-Yr. U.S. Treasury Bond Futures		473			March 2016		72,411,116			72,723,750			312,634
CME E-mini NASDAQ 100 Index		(3,306	)		March 2016		(304,783,453	)		(303,342,030	)		1,441,423
Eurex Euro STOXX 50 Index		8,777			March 2016		304,557,747			312,098,243			7,540,496
ICE mini MSCI EAFE Index		2,436			March 2016		202,838,656			206,840,760			4,002,104
NYBOT NYF mini Russell 2000 Index		832			March 2016		94,600,397			94,140,800			(459,597	)
S&P 400 Index Mini-Futures		(2,299	)		March 2016		(322,169,304	)		(320,365,650	)		1,803,654
S&P 500 Futures		548			March 2016		279,597,272			278,849,800			(747,472	)
S&P 500 Mini-Futures		(300	)		March 2016		(29,900,064	)		(30,531,000	)		(630,936	)
Ultra Long Term U.S. Treasury Bond Futures		222			March 2016		34,953,547			35,228,625			275,078
Total Futures Contracts												$	13,036,330

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 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
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	1,374,722
Total Interest Rate Contracts			1,374,722
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		14,787,677
Total Equity Contracts			14,787,677

Total Asset Derivatives		$	16,162,399

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		1,288,064
Total Interest Rate Contracts			1,288,064
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		1,838,005
Total Equity Contracts			1,838,005

Total Liability Derivatives		$	3,126,069

*	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 December 31, 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		74,130,842
Total Equity Contracts			74,130,842
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		9,012,545
Total Interest Rate Contracts			9,012,545
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		315,147
Total Credit Contracts			315,147

Total		$	83,458,534

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

MODERATE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 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		(17,465,140	)
Total Interest Rate Contracts			(17,465,140	)
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(29,563,690	)
Total Equity Contracts			(29,563,690	)

Total		($	47,028,830	)

The following table presents Moderate Allocation Portfolio’s average volume of derivative activity during the period ended December 31, 2015.

Derivative Risk Category

Futures
(Notional)*

Futures
(Percentage
of Average
Net Assets)

Swaps
(Notional)*

Swaps
(Percentage
of Average
Net Assets)

Equity Contracts

1,727,610,466

19.6

N/A

Interest Rate Contracts

1,402,771,436

15.9

N/A

Credit Contracts

N/A

107,701

<0.1

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

Investment in Affiliates

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 December 31, 2015		Value December 31, 2015		Income Earned January 1, 2015 - December 31, 2015
Partner Small Cap Value	$	127,064,959	$	10,616,023	$	126,695,501		—	$	—	$	1,233,943
Small Cap Stock		67,186,286		9,134,124		—		4,191,815		65,083,371		303,936
Partner Mid Cap Value		130,503,721		16,047,509		127,932,864		—		—		725,053
Mid Cap Stock		231,277,457		26,464,025		—		13,836,768		231,468,373		1,379,092
Partner Worldwide Allocation		506,078,515		12,919,974		—		55,766,496		502,110,376		12,919,974
Large Cap Value		450,386,356		19,015,791		—		27,999,217		434,477,853		5,760,617
Large Cap Stock		255,211,795		22,742,846		—		22,633,380		263,160,569		3,082,687
High Yield		188,836,063		10,576,076		35,335,728		33,504,358		150,029,163		10,575,477
Income		623,098,599		35,715,961		128,561,941		50,025,346		491,779,169		22,006,765
Limited Maturity Bond		372,457,698		8,244,440		75,134,562		31,116,627		302,550,074		5,947,553
Cash Management Trust-Collateral Investment		67,749,452		1,073,686,824		958,597,009		182,839,267		182,839,267		698,601
Cash Management Trust-Short Term Investment		—		431,227,409		218,220,351		213,007,058		213,007,058		59,438
Total Value and Income Earned	$	3,019,850,901							$	2,836,505,273	$	64,693,136

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (3.9%)	Value		% of Net Assets
	Basic Materials (0.2%)
		Other Securities^	$	9,625,640		0.2	%

		Total		9,625,640


	Capital Goods (0.1%)
		Other Securities^		6,061,526		0.1	%

		Total		6,061,526


	Communications Services (1.4%)
		Other Securities^		55,399,644		1.4	%

		Total		55,399,644


	Consumer Cyclical (0.7%)
		Other Securities^		30,158,380		0.7	%

		Total		30,158,380


	Consumer Non-Cyclical (0.5%)
		Other Securities^		20,243,446		0.5	%

		Total		20,243,446


	Energy (0.2%)
		Other Securities^		6,527,465		0.2	%

		Total		6,527,465


	Financials (0.2%)
		Other Securities^		7,726,528		0.2	%

		Total		7,726,528


	Technology (0.3%)
		Other Securities^		12,268,616		0.3	%

		Total		12,268,616


	Transportation (0.2%)
		Other Securities^		7,179,820		0.2	%

		Total		7,179,820


	Utilities (0.1%)
		Other Securities^		3,304,416		0.1	%

		Total		3,304,416


		Total Bank Loans (cost $170,279,759)		158,495,481


		Long-Term Fixed Income (38.4%)
	Asset-Backed Securities (1.6%)
		U.S. Small Business Administration
$	396,550	3.191%, 3/10/2024		411,829		<0.1	%
		Other Securities^		65,241,142		1.6	%

		Total		65,652,971


	Basic Materials (0.3%)
		Other Securities^		9,895,241		0.3	%

		Total		9,895,241


	Capital Goods (0.5%)
		Other Securities^		21,658,653		0.5	%

		Total		21,658,653


	Collateralized Mortgage Obligations (1.7%)
		Federal Home Loan Mortgage Corporation
	13,502,250	3.000% - 3.000%, 4/15/2028 - 2/15/2033^a		1,462,936		<0.1	%
		Federal National Mortgage Association
	11,297,992	3.500%, 1/25/2033^a		1,521,372		<0.1	%
		Other Securities^		69,693,884		1.7	%

		Total		72,678,192


	Commercial Mortgage-Backed Securities (1.6%)
		Federal National Mortgage Association
	1,106,976	1.272%, 1/25/2017		1,107,018		<0.1	%
		Other Securities^		64,548,215		1.6	%

		Total		65,655,233


	Communications Services (1.4%)
		Other Securities^		59,017,038		1.4	%

		Total		59,017,038


	Consumer Cyclical (0.8%)
		Other Securities^		31,118,145		0.8	%

		Total		31,118,145


	Consumer Non-Cyclical (1.4%)
		Other Securities^		57,001,359		1.4	%

		Total		57,001,359


	Energy (0.9%)
		Other Securities^		36,295,233		0.9	%

		Total		36,295,233


	Financials (3.1%)
		Other Securities^		128,425,513		3.1	%

		Total		128,425,513


	Foreign Government (<0.1%)
		Other Securities^		1,639,909		<0.1	%

		Total		1,639,909


	Industrials Other (<0.1%)
		Other Securities^		1,326,000		<0.1	%

		Total		1,326,000


	Mortgage-Backed Securities (12.8%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	42,100,000	3.000%, 1/1/2031^b		43,382,939		1.1	%
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	33,600,000	4.000%, 1/1/2046^b		35,494,590		0.9	%
		Federal National Mortgage Association Conventional 15- Yr. Pass Through
	21,275,000	3.500%, 1/1/2030^b		22,279,754		0.5	%
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	228,650,000	3.500%, 1/1/2046^b		235,903,510		5.8	%
	111,750,000	4.000%, 1/1/2046^b		118,250,710		2.9	%

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (38.4%)	Value		% of Net Assets
	Mortgage-Backed Securities (12.8%) - continued
	$56,846,000	4.500%, 1/1/2046^b	$	61,386,574		1.5	%
	5,785,328	1.728%, 7/1/2043^c		5,882,317		0.1	%

		Total		522,580,394


	Technology (0.6%)
		Other Securities^		25,551,770		0.6	%

		Total		25,551,770


	Transportation (0.3%)
		Other Securities^		10,899,999		0.3	%

		Total		10,899,999


	U.S. Government and Agencies (10.5%)
		Federal National Mortgage Association
	205,000	6.250%, 5/15/2029		277,933		<0.1	%
		Tennessee Valley Authority
	200,000	5.250%, 9/15/2039		240,379		<0.1	%
		U.S. Treasury Bonds
	1,075,000	4.375%, 5/15/2040		1,352,652		<0.1	%
		U.S. Treasury Bonds, TIPS
	2,560,890	0.125% - 2.375%, 4/15/2019 - 2/15/2042		2,507,386		<0.1	%
		U.S. Treasury Notes
	23,000,000	0.625%, 10/15/2016		22,978,426		0.6	%
	23,220,000	0.875%, 11/15/2017		23,139,264		0.6	%
	41,710,000	1.500%, 10/31/2019		41,579,656		1.0	%
	59,409,000	1.875%, 6/30/2020		59,824,388		1.5	%
	79,080,000	1.375%, 9/30/2020		77,714,605		1.9	%
	41,325,000	2.125%, 6/30/2022		41,538,072		1.0	%
	10,765,000	1.625%, 8/15/2022		10,485,358		0.3	%
	49,630,000	2.250%, 11/15/2024		49,604,788		1.2	%
	56,100,000	3.625%, 2/15/2044^d		63,108,124		1.5	%
		U.S. Treasury Notes, TIPS
	28,500,530	0.125%, 4/15/2018		28,445,609		0.7	%
	7,599,638	0.125% - 0.125%, 1/15/2022 - 1/15/2023		7,289,360		0.2	%

		Total		430,086,000


	Utilities (0.9%)
		Other Securities^		35,905,514		0.9	%

		Total		35,905,514


		Total Long-Term Fixed Income (cost $1,583,475,148)		1,575,387,164


Shares		Registered Investment Companies (28.3%)
	Affiliated Equity Holdings (9.6%)
	2,552,346	Thrivent Large Cap Stock Portfolio		29,676,377		0.7	%
	8,148,101	Thrivent Large Cap Value Portfolio		126,438,164		3.1	%
	3,484,569	Thrivent Mid Cap Stock Portfolio		58,291,611		1.4	%
	16,564,901	Thrivent Partner Worldwide Allocation Portfolio		149,147,055		3.7	%
	1,881,929	Thrivent Small Cap Stock Portfolio		29,219,401		0.7	%

		Total		392,772,608


	Affiliated Fixed Income Holdings (16.1%)
	23,219,536	Thrivent High Yield Portfolio		103,974,761		2.5	%
	34,176,224	Thrivent Income Portfolio		335,972,791		8.2	%
	22,704,285	Thrivent Limited Maturity Bond Portfolio		220,756,038		5.4	%

		Total		660,703,590


	Equity Funds/ETFs (0.5%)
	3,280	iShares Russell 2000 Growth Index Fund^e		457,265		<0.1	%
	12,019	iShares Russell 2000 Index Fund^e		1,352,258		<0.1	%
		Other Securities^		18,232,942		0.5	%

		Total		20,042,465


	Fixed Income Funds/ETFs (2.1%)
	72,000	iShares Barclays 1-3 Year Credit Bond Fund		7,531,200		0.2	%
	694,000	iShares iBoxx $ High Yield Corporate Bond ETF^e		55,922,520		1.3	%
	214,400	iShares iBoxx $ Investment Grade Corporate Bond ETF		24,443,744		0.6	%

		Total		87,897,464


		Total Registered Investment Companies (cost $1,128,666,731)		1,161,416,127


		Common Stock (21.4%)
	Consumer Discretionary (3.1%)
	22,246	Amazon.com, Inc.^f		15,035,849		0.4	%
	220,733	Comcast Corporation		12,455,963		0.3	%
		Other Securities^		99,391,522		2.4	%

		Total		126,883,334


	Consumer Staples (0.8%)
		Other Securities^		34,061,943		0.8	%

		Total		34,061,943


	Energy (2.6%)
	170,460	Chevron Corporation		15,334,582		0.4	%
	146,972	EOG Resources, Inc.		10,404,148		0.3	%
		Other Securities^		82,390,199		1.9	%

		Total		108,128,929


	Financials (3.6%)
	233,428	Citigroup, Inc.		12,079,899		0.3	%
		Other Securities^		133,455,640		3.3	%

		Total		145,535,539


	Health Care (2.9%)
		Other Securities^		120,615,728		2.9	%

		Total		120,615,728


	Industrials (2.2%)
		Other Securities^		88,073,366		2.2	%

		Total		88,073,366


	Information Technology (4.8%)
	16,411	Alphabet, Inc., Class C^f		12,453,980		0.3	%
	158,274	Apple, Inc.		16,659,921		0.4	%
	478,060	Cisco Systems, Inc.		12,981,719		0.3	%
	165,170	Facebook, Inc.^f		17,286,692		0.4	%
	386,860	Microsoft Corporation		21,462,993		0.6	%

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


						% of Net
Shares		Common Stock (21.4%)	Value			Assets
	Information Technology (4.8%) - continued
	148,900	Visa, Inc.	$	11,547,195			0.3	%
		Other Securities^		103,639,008			2.5	%

		Total		196,031,508


	Materials (0.8%)
		Other Securities^		31,871,338			0.8	%

		Total		31,871,338


	Telecommunications Services (0.1%)
		Other Securities^		5,872,185			0.1	%

		Total		5,872,185


	Utilities (0.5%)
		Other Securities^		19,227,841			0.5	%

		Total		19,227,841


		Total Common Stock (cost $808,663,190)		876,301,711


		Collateral Held for Securities Loaned (1.7%)
	68,616,520	Thrivent Cash Management Trust		68,616,520			1.7	%

		Total Collateral Held for Securities Loaned (cost $68,616,520)		68,616,520


Shares or Principal Amount		Short-Term Investments (20.6%)^g
		Federal Home Loan Bank Discount Notes
	46,000,000	0.100%, 1/4/2016		45,999,615			1.1	%
	15,000,000	0.100%, 1/5/2016		14,999,833			0.4	%
	54,000,000	0.103%, 1/6/2016		53,999,225			1.3	%
	57,000,000	0.111%, 1/8/2016		56,998,766			1.4	%
	20,000,000	0.105%, 1/11/2016		19,999,417			0.5	%
	44,500,000	0.141%, 1/13/2016		44,497,902			1.1	%
	48,000,000	0.110%, 1/15/2016		47,997,947			1.2	%
	43,300,000	0.123%, 1/20/2016		43,297,190			1.1	%
	37,000,000	0.115%, 1/21/2016		36,997,636			0.9	%
	22,080,000	0.119%, 1/22/2016		22,078,468			0.5	%
	15,000,000	0.230%, 1/26/2016		14,997,604			0.4	%
	25,000,000	0.135%, 1/29/2016		24,997,375			0.6	%
	38,000,000	0.239%, 2/3/2016		37,991,667			0.9	%
	26,200,000	0.223%, 2/5/2016		26,194,313			0.6	%
	12,563,000	0.220%, 2/10/2016		12,559,929			0.3	%
	34,000,000	0.265%, 2/19/2016		33,987,730			0.8	%
	20,000,000	0.265%, 2/22/2016		19,992,344			0.5	%
	26,500,000	0.320%, 2/24/2016		26,487,265			0.6	%
	21,000,000	0.300%, 2/25/2016		20,990,375			0.5	%
	30,000,000	0.363%, 3/16/2016		29,977,344			0.7	%
	44,300,000	0.120% - 0.420%, 1/19/2016 - 3/21/2016		44,279,963			1.1	%
		Federal National Mortgage Association Discount Notes
	11,900,000	0.070%, 1/8/2016^h		11,899,838			0.3	%
	18,100,000	0.064% - 0.230%, 1/14/2016 - 1/27/2016^d,h		18,098,530			0.5	%
		Federal Home Loan Mortgage Corporation Discount Notes
	12,600,000	0.100% - 0.200%, 1/8/2016 - 2/17/2016^h		12,598,050			0.3	%
		Thrivent Cash Management Trust
	118,807,605	0.220%		118,807,605			2.9	%
		Other Securities^		3,499,409			0.1	%

		Total Short-Term Investments (at amortized cost)		844,225,340

		Total Investments (cost $4,603,926,688) 114.3%	$	4,684,442,343

		Other Assets and Liabilities, Net (14.3%)		(584,334,503	)

		Total Net Assets 100.0%	$	4,100,107,840

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

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

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 December 31, 2015.

d	At December 31, 2015, $1,025,557 of investments were segregated to cover exposure to a counterparty for margin on open mortgage-backed security transactions.

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

f	Non-income producing security.

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

h	All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Moderately Conservative Allocation Portfolio held restricted securities as of December 31, 2015. 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. As of December 31, 2015, the value of these investments was $59,625,720 or 1.5% of total net assets.

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Moderately Conservative Allocation Portfolio as of December 31, 2015:


Securities Lending Transactions
Taxable Debt Security	$	6,886,905
Common Stock		60,192,669

Total lending	$	67,079,574
Gross amount payable upon return of collateral for securities loaned	$	68,616,520

Net amounts due to counterparty	$	1,536,946

Definitions:


ETF	-	Exchange Traded Fund.
TIPS	-	Treasury Inflation Protected Security.

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	170,886,212
Gross unrealized depreciation		(96,488,111	)

Net unrealized appreciation (depreciation)	$	74,398,101

Cost for federal income tax purposes	$	4,610,044,242

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 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		9,625,640		—		8,357,792		1,267,848
Capital Goods		6,061,526		—		6,061,526		—
Communications Services		55,399,644		—		52,066,722		3,332,922
Consumer Cyclical		30,158,380		—		30,158,380		—
Consumer Non-Cyclical		20,243,446		—		19,193,627		1,049,819
Energy		6,527,465		—		2,598,837		3,928,628
Financials		7,726,528		—		7,726,528		—
Technology		12,268,616		—		12,261,694		6,922
Transportation		7,179,820		—		7,179,820		—
Utilities		3,304,416		—		3,304,416		—
Long-Term Fixed Income
Asset-Backed Securities		65,652,971		—		65,652,971		—
Basic Materials		9,895,241		—		9,895,241		—
Capital Goods		21,658,653		—		21,658,653		—
Collateralized Mortgage Obligations		72,678,192		—		72,678,192		—
Commercial Mortgage-Backed Securities		65,655,233		—		65,655,233		—
Communications Services		59,017,038		—		59,017,038		—
Consumer Cyclical		31,118,145		—		31,118,145		—
Consumer Non-Cyclical		57,001,359		—		57,001,359		—
Energy		36,295,233		—		36,295,233		—
Financials		128,425,513		—		128,425,513		—
Foreign Government		1,639,909		—		1,639,909		—
Industrials Other		1,326,000		—		1,326,000		—
Mortgage-Backed Securities		522,580,394		—		522,580,394		—
Technology		25,551,770		—		25,551,770		—
Transportation		10,899,999		—		10,899,999		—
U.S. Government and Agencies		430,086,000		—		430,086,000		—
Utilities		35,905,514		—		35,905,514		—
Registered Investment Companies
Affiliated Fixed Income Holdings		660,703,590		660,703,590		—		—
Affiliated Equity Holdings		392,772,608		392,772,608		—		—
Fixed Income Funds/ETFs		87,897,464		87,897,464		—		—
Equity Funds/ETFs		20,042,465		20,042,465		—		—
Common Stock
Consumer Discretionary		126,883,334		126,883,334		—		—
Consumer Staples		34,061,943		34,061,943		—		—
Energy		108,128,929		108,128,929		—		—
Financials		145,535,539		145,535,539		—		—
Health Care		120,615,728		120,615,728		—		—
Industrials		88,073,366		88,073,366		—		—
Information Technology		196,031,508		196,031,508		—		—
Materials		31,871,338		31,871,338		—		—
Telecommunications Services		5,872,185		5,872,185		—		—
Utilities		19,227,841		19,227,841		—		—
Collateral Held for Securities Loaned		68,616,520		68,616,520		—		—
Short-Term Investments		844,225,340		118,807,605		725,417,735		—

Total	$	4,684,442,343	$	2,225,141,963	$	2,449,714,241	$	9,586,139


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		5,645,806		5,645,806		—		—

Total Asset Derivatives	$	5,645,806	$	5,645,806	$	—	$	—

Liability Derivatives
Futures Contracts		1,508,518		1,508,518		—		—

Total Liability Derivatives	$	1,508,518	$	1,508,518	$	—	$	—

There were no significant transfers between Levels during the period ended December 31, 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.

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

The following table presents Moderately Conservative Allocation Portfolio’s futures contracts held as of December 31, 2015. Investments and/or cash totaling $26,998,235 were pledged as the initial margin deposit for these contracts.


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	)		March 2016	($	351,307,962	)	($	350,833,524	)	$	474,438
5-Yr. U.S. Treasury Bond Futures		1,979			March 2016		234,533,091			234,155,894			(377,197	)
10-Yr. U.S. Treasury Bond Futures		1,173			March 2016		148,113,220			147,688,031			(425,189	)
30-Yr. U.S. Treasury Bond Futures		668			March 2016		102,263,479			102,705,000			441,521
CME E-mini NASDAQ 100 Index		(883	)		March 2016		(81,404,655	)		(81,019,665	)		384,990
Eurex Euro STOXX 50 Index		2,380			March 2016		82,584,777			84,629,579			2,044,802
ICE mini MSCI EAFE Index		1,244			March 2016		103,584,272			105,628,040			2,043,768
NYBOT NYF mini Russell 2000 Index		355			March 2016		40,364,352			40,168,250			(196,102	)
S&P 400 Index Mini-Futures		(328	)		March 2016		(45,963,087	)		(45,706,800	)		256,287
S&P 500 Futures		27			March 2016		13,775,778			13,738,950			(36,828	)
S&P 500 Mini-Futures		(225	)		March 2016		(22,425,048	)		(22,898,250	)		(473,202	)
Total Futures Contracts												$	4,137,288

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 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
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	915,959
Total Interest Rate Contracts			915,959
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		4,729,847
Total Equity Contracts			4,729,847

Total Asset Derivatives		$	5,645,806

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		802,386
Total Interest Rate Contracts			802,386
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		706,132
Total Equity Contracts			706,132

Total Liability Derivatives		$	1,508,518

*	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 December 31, 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		10,356,495
Total Equity Contracts			10,356,495
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		3,845,344
Total Interest Rate Contracts			3,845,344
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(306,921	)
Total Credit Contracts			(306,921	)

Total		$	13,894,918

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 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		(8,432,028	)
Total Interest Rate Contracts			(8,432,028	)
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(2,617,397	)
Total Equity Contracts			(2,617,397	)

Total		($	11,049,425	)

The following table presents Moderately Conservative Allocation Portfolio’s average volume of derivative activity during the period ended December 31, 2015.

Derivative Risk Category

Futures
(Notional)*

Futures
(Percentage
of Average
Net Assets)

Swaps
(Notional)*

Swaps
(Percentage
of Average
Net Assets)

Equity Contracts

408,310,590

10.3

N/A

Interest Rate Contracts

900,512,323

22.8

N/A

Credit Contracts

N/A

655,606

<0.1

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

Investment in Affiliates

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 December 31, 2015		Value December 31, 2015		Income Earned January 1, 2015 - December 31, 2015
Partner Small Cap Value	$	37,953,593	$	3,170,947	$	37,843,238		—	$	—	$	368,572
Small Cap Stock		30,163,511		4,100,796		—		1,881,929		29,219,401		136,453
Partner Mid Cap Value		47,562,494		5,848,565		46,625,537		—		—		264,248
Mid Cap Stock		58,243,532		6,664,542		^—		3,484,569		58,291,611		347,302
Partner Worldwide Allocation		150,325,753		3,837,754		—		16,564,901		149,147,055		3,837,754
Large Cap Value		131,067,726		5,533,819		—		8,148,101		126,438,164		1,676,407
Large Cap Stock		28,780,001		2,564,690		—		2,552,346		29,676,377		347,632
High Yield		95,969,477		17,134,223		593,165		23,219,536		103,974,761		5,652,404
Income		247,493,205		107,598,454		1,384,052		34,176,224		335,972,791		9,649,262
Limited Maturity Bond		397,227,386		25,454,595		199,364,606		22,704,285		220,756,038		6,068,527
Cash Management Trust-Collateral Investment		24,079,812		489,798,673		445,261,965		68,616,520		68,616,520		142,447
Cash Management Trust-Short Term Investment		—		233,587,136		114,779,531		118,807,605		118,807,605		32,277
Total Value and Income Earned	$	1,248,866,490							$	1,240,900,323	$	28,523,285

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

GROWTH AND INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (10.1%)	Value		% of Net Assets
	Basic Materials (0.6%)
		Other Securities^	$	432,724		0.6	%

		Total		432,724


	Capital Goods (0.5%)
		Other Securities^		357,845		0.5	%

		Total		357,845


	Communications Services (3.2%)
		Other Securities^		2,490,768		3.2	%

		Total		2,490,768


	Consumer Cyclical (1.8%)
		Other Securities^		1,382,617		1.8	%

		Total		1,382,617


	Consumer Non-Cyclical (1.4%)
		Other Securities^		1,131,429		1.4	%

		Total		1,131,429


	Energy (0.5%)
		Other Securities^		417,436		0.5	%

		Total		417,436


	Financials (0.6%)
		Other Securities^		445,002		0.6	%

		Total		445,002


	Technology (0.7%)
		Other Securities^		588,839		0.7	%

		Total		588,839


	Transportation (0.5%)
		Other Securities^		414,702		0.5	%

		Total		414,702


	Utilities (0.3%)
		Other Securities^		267,032		0.3	%

		Total		267,032


		Total Bank Loans (cost $8,554,781)		7,928,394


Shares		Common Stock (61.7%)
	Consumer Discretionary (9.8%)
	1,150	Amazon.com, Inc.^a		777,273		1.0	%
	880	AutoZone, Inc.^a		652,881		0.8	%
	14,216	Comcast Corporation		802,209		1.0	%
	10,080	NIKE, Inc.		630,000		0.8	%
	7,310	Starbucks Corporation		438,819		0.6	%
		Other Securities^		4,422,496		5.6	%

		Total		7,723,678


	Consumer Staples (3.6%)
	3,769	Anheuser-Busch InBev NV ADR		471,125		0.6	%
	10,330	Coca-Cola Company		443,777		0.6	%
	7,100	Imperial Tobacco Group plc		375,008		0.5	%
		Other Securities^		1,520,022		1.9	%

		Total		2,809,932


	Energy (3.9%)
	6,450	EOG Resources, Inc.		456,595		0.6	%
	7,710	Total SA ADR		346,565		0.4	%
	61,440	Weatherford International, Ltd.^a		515,482		0.7	%
		Other Securities^		1,764,227		2.2	%

		Total		3,082,869


	Financials (17.4%)
	3,000	Allianz SE		528,837		0.7	%
	19,930	Charles Schwab Corporation		656,295		0.8	%
	10,860	Citigroup, Inc.		562,005		0.7	%
	1,710	Intercontinental Exchange, Inc.		438,205		0.6	%
	8,130	MetLife, Inc.		391,947		0.5	%
	1,368	Public Storage, Inc.		338,854		0.4	%
	2,740	Simon Property Group, Inc.		532,766		0.7	%
	14,390	Synchrony Financial^a		437,600		0.6	%
		Other Securities^		9,833,341		12.4	%

		Total		13,719,850


	Health Care (6.7%)
	14,170	Abbott Laboratories		636,375		0.8	%
	1,790	Allergan plc^a		559,375		0.7	%
	2,210	Amgen, Inc.		358,749		0.5	%
	9,300	Medtronic, Inc.		715,356		0.9	%
	13,550	Merck & Company, Inc.		715,711		0.9	%
		Other Securities^		2,321,531		2.9	%

		Total		5,307,097


	Industrials (6.6%)
	6,220	Boeing Company		899,350		1.2	%
	9,444	Illinois Tool Works, Inc.		875,270		1.1	%
	8,040	Ingersoll-Rand plc		444,532		0.6	%
	4,700	Macquarie Infrastructure Corporation		341,220		0.4	%
		Other Securities^		2,651,967		3.3	%

		Total		5,212,339


	Information Technology (9.1%)
	5,160	Alibaba Group Holding, Ltd. ADR^a		419,353		0.5	%
	570	Alphabet, Inc., Class A^a		443,466		0.6	%
	561	Alphabet, Inc., Class C^a		425,732		0.5	%
	5,130	Apple, Inc.		539,984		0.7	%
	16,720	Cisco Systems, Inc.		454,032		0.6	%
	15,579	EMC Corporation		400,069		0.5	%
	3,350	MasterCard, Inc.		326,156		0.4	%
	14,150	Microsoft Corporation		785,042		1.0	%
	8,830	Visa, Inc.		684,767		0.9	%
	8,240	Xilinx, Inc.		387,033		0.5	%
		Other Securities^		2,277,550		2.9	%

		Total		7,143,184


	Materials (1.8%)
		Other Securities^		1,389,352		1.8	%

		Total		1,389,352


	Telecommunications Services (1.3%)
		Other Securities^		1,053,137		1.3	%

		Total		1,053,137

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

GROWTH AND INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


					% of Net
Shares		Common Stock (61.7%)	Value		Assets
	Utilities (1.5%)
	14,400	Brookfield Infrastructure Partners, LP	$	545,904		0.7	%
		Other Securities^		623,057		0.8	%

		Total		1,168,961


		Total Common Stock (cost $49,529,400)		48,610,399


Principal Amount		Long-Term Fixed Income (17.5%)
	Asset-Backed Securities (0.1%)
		Other Securities^		99,363		0.1	%

		Total		99,363


	Basic Materials (0.3%)
		Other Securities^		218,662		0.3	%

		Total		218,662


	Capital Goods (0.6%)
		Other Securities^		470,307		0.6	%

		Total		470,307


	Collateralized Mortgage Obligations (2.5%)
		Other Securities^		1,964,714		2.5	%

		Total		1,964,714


	Communications Services (0.9%)
		Other Securities^		700,490		0.9	%

		Total		700,490


	Consumer Cyclical (1.0%)
		Other Securities^		795,971		1.0	%

		Total		795,971


	Consumer Non-Cyclical (0.9%)
		Other Securities^		714,902		0.9	%

		Total		714,902


	Energy (0.6%)
		Other Securities^		489,007		0.6	%

		Total		489,007


	Financials (1.8%)
		Goldman Sachs Group, Inc. Convertible
	$375,000	0.500%, 9/24/2022		387,911		0.5	%
		Other Securities^		1,063,102		1.3	%

		Total		1,451,013


	Foreign Government (3.4%)
		Other Securities^		2,724,859		3.4	%

		Total		2,724,859


	Mortgage-Backed Securities (3.5%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	350,000	3.000%, 1/1/2031^b		360,666		0.5	%
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	250,000	4.000%, 1/1/2046^b		264,097		0.3	%

		Long-Term Fixed Income (17.5%)
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	1,025,000	3.500%, 1/1/2046^b		1,057,516		1.4	%
	550,000	4.000%, 1/1/2046^b		581,994		0.7	%
	425,000	4.500%, 1/1/2046^b		458,947		0.6	%

		Total		2,723,220


	Technology (0.6%)
		Other Securities^		444,792		0.6	%

		Total		444,792


	Transportation (0.2%)
		Other Securities^		132,776		0.2	%

		Total		132,776


	U.S. Government and Agencies (0.6%)
		U.S. Treasury Notes
	345,000	1.875%, 6/30/2020		347,412		0.5	%
		Other Securities^		95,490		0.1	%

		Total		442,902


	Utilities (0.5%)
		Other Securities^		410,649		0.5	%

		Total		410,649


		Total Long-Term Fixed Income (cost $14,078,134)		13,783,627


Shares		Registered Investment Companies (5.8%)
	Equity Funds/ETFs (4.5%)
	4,775	iShares FTSE NAREIT Mortgage Plus Capped Index Fund		45,649		0.1	%
	9,000	iShares MSCI EAFE Index Fund		528,750		0.7	%
	13,473	iShares S&P U.S. Preferred Stock Index Fund		523,426		0.7	%
	16,010	Materials Select Sector SPDR Fund		695,154		0.9	%
	34,200	SPDR S&P Oil & Gas Exploration & Production ETF		1,033,524		1.3	%
	14,330	Utilities Select Sector SPDR Fund		620,202		0.8	%
		Other Securities^		117,211		<0.1	%

		Total		3,563,916


	Fixed Income Funds/ETFs (1.3%)
	1,654	iShares J.P. Morgan USD Emerging Markets Bond ETF		174,960		0.2	%
		Other Securities^		827,489		1.1	%

		Total		1,002,449

		Total Registered Investment Companies (cost $4,988,383)		4,566,365


Shares or Principal Amount		Short-Term Investments (8.5%)^c
		Federal Home Loan Mortgage Corporation Discount Notes
	200,000	0.100% - 0.105%, 1/6/2016 - 1/8/2016^d		199,997		0.2	%

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

GROWTH AND INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Shares or Principal Amount		Short-Term Investments (8.5%)^c	Value			% of Net Assets
		Thrivent Cash Management Trust
	6,429,870	0.220%	$	6,429,870			8.2	%
		Other Securities^		99,983			0.1	%

		Total Short-Term Investments (at amortized cost)		6,729,850

		Total Investments (cost $83,880,548) 103.6%	$	81,618,635

		Other Assets and Liabilities, Net (3.6%)		(2,839,574	)

		Total Net Assets 100.0%	$	78,779,061

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

a	Non-income producing security.

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

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

d	All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Definitions:


ADR	-	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
ETF	-	Exchange Traded Fund.
REIT	-	Real Estate Investment Trust is a company that buys, develops, manages and/or sells real estate assets.

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	2,533,231
Gross unrealized depreciation		(5,051,240	)

Net unrealized appreciation (depreciation)	$	(2,518,009	)

Cost for federal income tax purposes	$	84,136,644

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

GROWTH AND INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 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		432,724		—		359,579		73,145
Capital Goods		357,845		—		357,845		—
Communications Services		2,490,768		—		2,284,774		205,994
Consumer Cyclical		1,382,617		—		1,382,617		—
Consumer Non-Cyclical		1,131,429		—		1,121,777		9,652
Energy		417,436		—		186,508		230,928
Financials		445,002		—		445,002		—
Technology		588,839		—		588,627		212
Transportation		414,702		—		414,702		—
Utilities		267,032		—		267,032		—
Common Stock
Consumer Discretionary		7,723,678		5,805,153		1,918,525		—
Consumer Staples		2,809,932		1,121,491		1,688,441		—
Energy		3,082,869		2,729,364		353,505		—
Financials		13,719,850		9,923,878		3,795,972		—
Health Care		5,307,097		4,197,633		1,109,464		—
Industrials		5,212,339		3,298,099		1,914,240		—
Information Technology		7,143,184		6,324,109		819,075		—
Materials		1,389,352		448,561		940,791		—
Telecommunications Services		1,053,137		164,858		888,279		—
Utilities		1,168,961		860,636		308,325		—
Long-Term Fixed Income
Asset-Backed Securities		99,363		—		99,363		—
Basic Materials		218,662		—		218,662		—
Capital Goods		470,307		—		470,307		—
Collateralized Mortgage Obligations		1,964,714		—		1,964,714		—
Communications Services		700,490		—		700,490		—
Consumer Cyclical		795,971		—		795,971		—
Consumer Non-Cyclical		714,902		—		714,902		—
Energy		489,007		—		489,007		—
Financials		1,451,013		—		1,063,102		387,911
Foreign Government		2,724,859		—		2,724,859		—
Mortgage-Backed Securities		2,723,220		—		2,723,220		—
Technology		444,792		—		444,792		—
Transportation		132,776		—		132,776		—
U.S. Government and Agencies		442,902		—		442,902		—
Utilities		410,649		—		410,649		—
Registered Investment Companies
Equity Funds/ETFs		3,563,916		3,563,916		—		—
Fixed Income Funds/ETFs		1,002,449		1,002,449		—		—
Short-Term Investments		6,729,850		6,429,870		299,980		—

Total	$	81,618,635	$	45,870,017	$	34,840,776	$	907,842


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		8,938		8,938		—		—
Credit Default Swaps		1,172		—		1,172		—

Total Asset Derivatives	$	10,110	$	8,938	$	1,172	$	—

Liability Derivatives
Futures Contracts		4,162		4,162		—		—

Total Liability Derivatives	$	4,162	$	4,162	$	—	$	—

There were no significant transfers between Levels during the period ended December 31, 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.

GROWTH AND INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

The following table presents Growth and Income Plus Portfolio’s futures contracts held as of December 31, 2015. Investments totaling $199,997 were pledged as the initial margin deposit for these contracts.


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(21	)		March 2016	($	4,568,091	)	($	4,561,922	)	$	6,169
5-Yr. U.S. Treasury Bond Futures		15			March 2016		1,777,664			1,774,805			(2,859	)
10-Yr. U.S. Treasury Bond Futures		(1	)		March 2016		(126,114	)		(125,906	)		208
30-Yr. U.S. Treasury Bond Futures		2			March 2016		306,178			307,500			1,322
S&P 500 Mini-Futures		5			March 2016		510,153			508,850			(1,303	)
Ultra Long Term U.S. Treasury Bond Futures		1			March 2016		157,448			158,687			1,239
Total Futures Contracts												$	4,776

The following table presents Growth and Income Plus Portfolio’s swaps contracts held as of December 31, 2015. Investments totaling $99,983 were pledged as collateral under the agreement between the counterparty, the custodian and the fund for open swap contracts.


Credit Default Swaps and Counterparty	Buy/Sell Protection¹	Termination Date		Notional Principal Amount²		Value³		Unrealized Gain/(Loss)
CDX HY 24, 5 Year, at 5.00%; CS First Boston Corporation	Buy		6/20/2020	$	49,500	$	1,172	$	1,172
Total Credit Default Swaps						$	1,172	$	1,172

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.

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 December 31, 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	$	8,938
Total Interest Rate Contracts			8,938
Credit Contracts
Credit Default Swaps	Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		1,172
Total Credit Contracts			1,172

Total Asset Derivatives		$	10,110

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		2,859
Total Interest Rate Contracts			2,859
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		1,303
Total Equity Contracts			1,303

Total Liability Derivatives		$	4,162

*	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.

GROWTH AND INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 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		187,231
Total Equity Contracts			187,231
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		16,774
Total Interest Rate Contracts			16,774
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(575	)
Total Credit Contracts			(575	)

Total		$	203,430

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 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		(30,533	)
Total Interest Rate Contracts			(30,533	)
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(88,900	)
Total Equity Contracts			(88,900	)
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		1,172
Total Credit Contracts			1,172

Total		($	118,261	)

The following table presents Growth and Income Plus Portfolio’s average volume of derivative activity during the period ended December 31, 2015.

Derivative Risk Category

Futures
(Notional)*

Futures
(Percentage
of Average
Net Assets)

Swaps
(Notional)*

Swaps
(Percentage
of Average
Net Assets)

Equity Contracts

1,447,089

1.8

N/A

Interest Rate Contracts

8,304,472

10.3

N/A

Credit Contracts

N/A

1,355

<0.1

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

Investment in Affiliates

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 December 31, 2015		Value December 31, 2015		Income Earned January 1, 2015 - December 31, 2015
Cash Management Trust-Short Term Investment	$	8,619,908	$	52,923,059	$	55,113,097		6,429,870	$	6,429,870	$	5,046
Total Value and Income Earned	$	8,619,908							$	6,429,870	$	5,046

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

BALANCED INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (16.4%)	Value		% of Net Assets
	Basic Materials (0.7%)
		Other Securities^	$	2,330,347		0.7	%

		Total		2,330,347


	Capital Goods (0.8%)
		Other Securities^		2,332,767		0.8	%

		Total		2,332,767


	Communications Services (5.3%)
		Other Securities^		16,557,158		5.3	%

		Total		16,557,158


	Consumer Cyclical (2.5%)
		Other Securities^		7,799,772		2.5	%

		Total		7,799,772


	Consumer Non-Cyclical (2.7%)
		Other Securities^		8,281,474		2.7	%

		Total		8,281,474


	Energy (1.0%)
		Other Securities^		3,137,151		1.0	%

		Total		3,137,151


	Financials (0.7%)
		Other Securities^		2,305,272		0.7	%

		Total		2,305,272


	Technology (1.3%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	$1,500,000	0.000%, 11/13/2022^a,b,c		1,482,195		0.5	%
		Other Securities^		2,612,608		0.8	%

		Total		4,094,803


	Transportation (0.9%)
		Other Securities^		2,829,865		0.9	%

		Total		2,829,865


	Utilities (0.5%)
		Other Securities^		1,625,869		0.5	%

		Total		1,625,869


		Total Bank Loans (cost $55,160,312)		51,294,478


Shares		Common Stock (45.2%)
	Consumer Discretionary (7.1%)
	3,380	Amazon.com, Inc.^d		2,284,508		0.7	%
	2,590	AutoZone, Inc.^d		1,921,547		0.6	%
	41,765	Comcast Corporation		2,356,799		0.8	%
	29,660	NIKE, Inc.		1,853,750		0.6	%
	21,460	Starbucks Corporation		1,288,244		0.4	%
		Other Securities^		12,485,284		4.0	%

		Total		22,190,132


	Consumer Staples (2.6%)
	11,080	Anheuser-Busch InBev NV ADR		1,385,000		0.5	%
	30,360	Coca-Cola Company		1,304,266		0.4	%
		Other Securities^		5,391,969		1.7	%

		Total		8,081,235


	Energy (3.2%)
	18,970	EOG Resources, Inc.	$	1,342,886		0.4	%
	28,000	Royal Dutch Shell plc ADR		1,282,120		0.4	%
	54,000	Spectra Energy Corporation		1,292,760		0.4	%
	32,363	Total SA ADR^e		1,454,717		0.5	%
	180,550	Weatherford International, Ltd.^d		1,514,814		0.5	%
		Other Securities^		3,175,502		1.0	%

		Total		10,062,799


	Financials (12.6%)
	8,300	Allianz SE		1,463,116		0.5	%
	58,590	Charles Schwab Corporation		1,929,369		0.6	%
	31,908	Citigroup, Inc.		1,651,239		0.5	%
	5,030	Intercontinental Exchange, Inc.		1,288,988		0.4	%
	23,800	MetLife, Inc.		1,147,398		0.4	%
	7,593	Simon Property Group, Inc.		1,476,383		0.5	%
	42,300	Synchrony Financial^d		1,286,343		0.4	%
		Other Securities^		29,312,338		9.3	%

		Total		39,555,174


	Health Care (4.9%)
	41,730	Abbott Laboratories		1,874,094		0.6	%
	4,880	Allergan plc^d		1,525,000		0.5	%
	6,500	Amgen, Inc.		1,055,145		0.3	%
	27,250	Medtronic, Inc.		2,096,070		0.7	%
	39,840	Merck & Company, Inc.		2,104,349		0.7	%
		Other Securities^		6,507,579		2.1	%

		Total		15,162,237


	Industrials (5.0%)
	18,140	Boeing Company		2,622,863		0.9	%
	27,550	Illinois Tool Works, Inc.		2,553,334		0.8	%
	23,660	Ingersoll-Rand plc		1,308,161		0.4	%
	19,700	Macquarie Infrastructure Corporation		1,430,220		0.5	%
		Other Securities^		7,646,815		2.4	%

		Total		15,561,393


	Information Technology (6.6%)
	15,060	Alibaba Group Holding, Ltd. ADR^d,e		1,223,926		0.4	%
	1,670	Alphabet, Inc., Class A^d		1,299,277		0.4	%
	1,645	Alphabet, Inc., Class C^d		1,248,358		0.4	%
	15,080	Apple, Inc.		1,587,321		0.5	%
	49,140	Cisco Systems, Inc.		1,334,397		0.4	%
	45,780	EMC Corporation		1,175,630		0.4	%
	41,270	Microsoft Corporation		2,289,660		0.7	%
	25,950	Visa, Inc.		2,012,422		0.7	%
	24,230	Xilinx, Inc.		1,138,083		0.4	%
		Other Securities^		7,337,389		2.3	%

		Total		20,646,463


	Materials (1.3%)
		Other Securities^		4,065,574		1.3	%

		Total		4,065,574


	Telecommunications Services (0.9%)
		Other Securities^		2,914,154		0.9	%

		Total		2,914,154

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

BALANCED INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Shares		Common Stock (45.2%)	Value		% of Net Assets
	Utilities (1.0%)
	37,500	Brookfield Infrastructure Partners, LP	$	1,421,625		0.5	%
		Other Securities^		1,756,086		0.5	%

		Total		3,177,711


		Total Common Stock (cost $135,894,397)		141,416,872


Principal Amount		Long-Term Fixed Income (29.8%)
	Asset-Backed Securities (1.4%)
		Other Securities^		4,509,830		1.4	%

		Total		4,509,830


	Basic Materials (0.3%)
		Other Securities^		994,575		0.3	%

		Total		994,575


	Capital Goods (0.8%)
		Other Securities^		2,614,945		0.8	%

		Total		2,614,945


	Collateralized Mortgage Obligations (4.0%)
		Other Securities^		12,599,688		4.0	%

		Total		12,599,688


	Communications Services (1.3%)
		Other Securities^		4,080,902		1.3	%

		Total		4,080,902


	Consumer Cyclical (1.4%)
		Other Securities^		4,325,687		1.4	%

		Total		4,325,687


	Consumer Non-Cyclical (1.4%)
		Other Securities^		4,395,257		1.4	%

		Total		4,395,257


	Energy (0.8%)
		Petroleos Mexicanos
	550,000	5.625%, 1/23/2046^f		420,860		0.2	%
		Other Securities^		2,093,423		0.6	%

		Total		2,514,283


	Financials (3.8%)
		Goldman Sachs Group, Inc. Convertible
	1,600,000	0.500%, 9/24/2022		1,655,088		0.5	%
		Other Securities^		10,226,407		3.3	%

		Total		11,881,495


	Foreign Government (6.5%)
		Mexico Government International Bond
	2,632,000	3.600% - 6.050%, 3/15/2022 - 1/23/2046		2,556,834		0.8	%
		Turkey Government International Bond
	3,368,000	4.250% - 7.500%, 11/7/2019 - 4/16/2043^e		3,453,857		1.3	%
		Other Securities^		14,234,818		4.4	%

		Total		20,245,509


		Long-Term Fixed Income (29.8%)
	Mortgage-Backed Securities (5.3%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	$1,130,000	3.000%, 1/1/2031^c		1,164,435		0.4	%
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	1,180,000	4.000%, 1/1/2046^c		1,246,536		0.4	%
		Federal National Mortgage Association Conventional 15- Yr. Pass Through
	600,000	3.500%, 1/1/2030^c		628,336		0.2	%
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	6,425,000	3.500%, 1/1/2046^c		6,628,822		2.1	%
	3,775,000	4.000%, 1/1/2046^c		3,994,599		1.3	%
	2,600,000	4.500%, 1/1/2046^c		2,807,675		0.9	%
	28,291	8.000% - 10.500%, 8/1/2020 - 4/1/2030		31,908		<0.1	%
		Other Securities^		184,493		<0.1	%

		Total		16,686,804


	Technology (0.9%)
		Other Securities^		2,715,813		0.9	%

		Total		2,715,813


	Transportation (0.3%)
		Other Securities^		942,808		0.3	%

		Total		942,808


	U.S. Government and Agencies (0.7%)
		U.S. Treasury Notes
	1,645,000	1.875%, 6/30/2020		1,656,502		0.5	%
		Other Securities^		588,016		0.2	%

		Total		2,244,518

	Utilities (0.9%)
		Other Securities^		2,762,699		0.9	%

		Total		2,762,699


		Total Long-Term Fixed Income (cost $96,122,957)		93,514,813


Shares		Registered Investment Companies (3.8%)
	Equity Funds/ETFs (2.4%)
	47,080	Materials Select Sector SPDR Fund		2,044,214		0.7	%
	61,600	SPDR S&P Oil & Gas Exploration & Production ETF^e		1,861,552		0.6	%
	42,110	Utilities Select Sector SPDR Fund		1,822,521		0.6	%
		Other Securities^		1,735,125		0.5	%

		Total		7,463,412


	Fixed Income Funds/ETFs (1.4%)
	12,089	iShares J.P. Morgan USD Emerging Markets Bond ETF^e		1,278,774		0.4	%

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

BALANCED INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Shares		Registered Investment Companies (3.8%)	Value			% of Net Assets
	Fixed Income Funds/ETFs (1.4%) - continued
		Other Securities^	$	3,180,326			1.0	%

		Total		4,459,100


		Total Registered Investment Companies (cost $12,856,513)		11,922,512


		Preferred Stock (1.6%)
	Financials (1.5%)
		Other Securities^		4,513,544			1.5	%

		Total		4,513,544


	Materials (0.1%)
		Other Securities^		349,056			0.1	%

		Total		349,056


	Utilities (<0.1%)
		Other Securities^		108,640			<0.1	%

		Total		108,640


		Total Preferred Stock (cost $4,708,491)		4,971,240


		Collateral Held for Securities Loaned (3.1%)
	9,667,927	Thrivent Cash Management Trust		9,667,927			3.1	%


		Total Collateral Held for Securities Loaned (cost $9,667,927)		9,667,927


Shares or Principal Amount		Short-Term Investments (9.1%)^g
		Federal National Mortgage Association Discount Notes
	400,000	0.070% - 0.180%, 1/8/2016 - 2/8/2016^h		399,959			0.2	%
		Thrivent Cash Management Trust
	27,808,704	0.220%		27,808,704			8.9	%
		Other Securities^		199,982			<0.1	%

		Total Short-Term Investments (at amortized cost)		28,408,645

		Total Investments (cost $342,819,242) 109.0%	$	341,196,487

		Other Assets and Liabilities, Net (9.0%)		(28,119,943	)

		Total Net Assets 100.0%	$	313,076,544

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

a	All or a portion of the loan is unfunded.

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

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.

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 December 31, 2015, the value of these investments was $18,774,800 or 6.0% of total net assets.

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

h	All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Balanced Income Plus Portfolio held restricted securities as of December 31, 2015. 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. As of December 31, 2015, the value of these investments was $1,914,426 or 0.6% of total net assets.

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Balanced Income Plus Portfolio as of December 31, 2015:


Securities Lending Transactions
Taxable Debt Security	$	3,212,211
Common Stock		6,198,350

Total lending	$	9,410,561
Gross amount payable upon return of collateral for securities loaned	$	9,667,927

Net amounts due to counterparty	$	257,366

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	$	14,510,739
Gross unrealized depreciation		(16,857,082	)

Net unrealized appreciation (depreciation)	$	(2,346,343	)
Cost for federal income tax purposes	$	343,542,830

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

BALANCED INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 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		2,330,347		—		2,330,347		—
Capital Goods		2,332,767		—		2,332,767		—
Communications Services		16,557,158		—		15,074,008		1,483,150
Consumer Cyclical		7,799,772		—		7,799,772		—
Consumer Non-Cyclical		8,281,474		—		7,892,025		389,449
Energy		3,137,151		—		1,175,289		1,961,862
Financials		2,305,272		—		2,305,272		—
Technology		4,094,803		—		4,092,790		2,013
Transportation		2,829,865		—		2,829,865		—
Utilities		1,625,869		—		1,625,869		—
Common Stock
Consumer Discretionary		22,190,132		16,806,871		5,383,261		—
Consumer Staples		8,081,235		3,297,603		4,783,632		—
Energy		10,062,799		9,105,416		957,383		—
Financials		39,555,174		29,075,319		10,479,855		—
Health Care		15,162,237		12,095,380		3,066,857		—
Industrials		15,561,393		9,965,725		5,595,668		—
Information Technology		20,646,463		18,335,629		2,310,834		—
Materials		4,065,574		1,231,330		2,834,244		—
Telecommunications Services		2,914,154		464,793		2,449,361		—
Utilities		3,177,711		2,312,044		865,667		—
Long-Term Fixed Income
Asset-Backed Securities		4,509,830		—		4,509,830		—
Basic Materials		994,575		—		994,575		—
Capital Goods		2,614,945		—		2,614,945		—
Collateralized Mortgage Obligations		12,599,688		—		12,599,688		—
Communications Services		4,080,902		—		4,080,902		—
Consumer Cyclical		4,325,687		—		4,325,687		—
Consumer Non-Cyclical		4,395,257		—		4,395,257		—
Energy		2,514,283		—		2,514,283		—
Financials		11,881,495		—		10,226,406		1,655,089
Foreign Government		20,245,509		—		20,245,509		—
Mortgage-Backed Securities		16,686,804		—		16,686,804		—
Technology		2,715,813		—		2,715,813		—
Transportation		942,808		—		942,808		—
U.S. Government and Agencies		2,244,518		—		2,244,518		—
Utilities		2,762,699		—		2,762,699		—
Registered Investment Companies
Equity Funds/ETFs		7,463,412		7,463,412		—		—
Fixed Income Funds/ETFs		4,459,100		4,459,100		—		—
Preferred Stock
Financials		4,513,544		2,810,613		1,702,931		—
Materials		349,056		349,056		—		—
Utilities		108,640		108,640		—		—
Collateral Held for Securities Loaned		9,667,927		9,667,927		—		—
Short-Term Investments		28,408,645		27,808,704		599,941		—

Total	$	341,196,487	$	155,357,562	$	180,347,362	$	5,491,563


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		57,315		57,315		—		—
Credit Default Swaps		17,586		—		17,586		—

Total Asset Derivatives	$	74,901	$	57,315	$	17,586	$	—

Liability Derivatives
Futures Contracts		20,373		20,373		—		—

Total Liability Derivatives	$	20,373	$	20,373	$	—	$	—

There were no significant transfers between Levels during the period ended December 31, 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.

BALANCED INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

The following table presents Balanced Income Plus Portfolio’s futures contracts held as of December 31, 2015. Investments totaling $299,961 were pledged as the initial margin deposit for these contracts.


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(136	)		March 2016	($	29,583,828	)	($	29,543,875	)	$	39,953
5-Yr. U.S. Treasury Bond Futures		91			March 2016		10,784,493			10,767,148			(17,345	)
10-Yr. U.S. Treasury Bond Futures		(10	)		March 2016		(1,261,141	)		(1,259,063	)		2,078
30-Yr. U.S. Treasury Bond Futures		10			March 2016		1,530,890			1,537,500			6,610
S&P 500 Mini-Futures		21			March 2016		2,140,198			2,137,170			(3,028	)
Ultra Long Term U.S. Treasury Bond Futures		7			March 2016		1,102,139			1,110,813			8,674
Total Futures Contracts												$	36,942

The following table presents Balanced Income Plus Portfolio’s swaps contracts held as of December 31, 2015. Investments totaling $99,983 were pledged as collateral under the agreement between the counterparty, the custodian and the fund for open swap contracts.


Credit Default Swaps and Counterparty	Buy/Sell Protection¹	Termination Date		Notional Principal Amount²		Value³		Unrealized Gain/(Loss)
CDX HY 24, 5 Year, at 5.00%; CS First Boston Corporation	Buy		6/20/2020	$	742,500	$	17,586	$	17,586
Total Credit Default Swaps						$	17,586	$	17,586

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.

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 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	$	57,315
Total Interest Rate Contracts			57,315
Credit Contracts
Credit Default Swaps	Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		17,586
Total Credit Contracts			17,586

Total Asset Derivatives		$	74,901

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		17,345
Total Interest Rate Contracts			17,345
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		3,028
Total Equity Contracts			3,028

Total Liability Derivatives		$	20,373

*	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.

100

BALANCED INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 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		131,125
Total Equity Contracts			131,125
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		82,512
Total Interest Rate Contracts			82,512
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(8,625	)
Total Credit Contracts			(8,625	)

Total		$	205,012

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 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		(180,342	)
Total Interest Rate Contracts			(180,342	)
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(106,731	)
Total Equity Contracts			(106,731	)
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		17,586
Total Credit Contracts			17,586

Total		($	269,487	)

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

101

BALANCED INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

The following table presents Balanced Income Plus Portfolio’s average volume of derivative activity during the period ended December 31, 2015.

Derivative Risk Category

Futures
(Notional)*

Futures
(Percentage
of Average
Net Assets)

Swaps
(Notional)*

Swaps
(Percentage
of Average
Net Assets)

Equity Contracts

2,468,415

0.8

N/A

Interest Rate Contracts

58,433,766

18.5

N/A

Credit Contracts

N/A

20,329

<0.1

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

Investment in Affiliates

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 December 31, 2015		Value December 31, 2015		Income Earned January 1, 2015 - December 31, 2015
Cash Management Trust- Collateral Investment	$	6,533,365	$	66,623,658	$	63,489,096		9,667,927	$	9,667,927	$	56,920
Cash Management Trust- Short Term Investment		28,196,804		137,925,355		138,313,455		27,808,704		27,808,704		24,587
Total Value and Income Earned	$	34,730,169							$	37,476,631	$	81,507

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

102

DIVERSIFIED INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (13.3%)	Value		% of Net Assets
	Basic Materials (0.9%)
		Other Securities^	$	4,192,766		0.9	%

		Total		4,192,766


	Capital Goods (0.5%)
		Other Securities^		2,425,536		0.5	%

		Total		2,425,536


	Communications Services (3.9%)
		Other Securities^		18,806,749		3.9	%

		Total		18,806,749


	Consumer Cyclical (2.2%)
		Other Securities^		10,418,610		2.2	%

		Total		10,418,610


	Consumer Non-Cyclical (1.9%)
		Other Securities^		9,024,432		1.9	%

		Total		9,024,432


	Energy (0.7%)
		Other Securities^		3,195,555		0.7	%

		Total		3,195,555


	Financials (0.7%)
		Other Securities^		3,270,374		0.7	%

		Total		3,270,374


	Technology (1.3%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	$2,000,000	0.000%, 11/13/2022^a,b,c		1,976,260		0.4	%
		Other Securities^		4,452,156		0.9	%

		Total		6,428,416


	Transportation (0.8%)
		Other Securities^		4,120,138		0.8	%

		Total		4,120,138


	Utilities (0.4%)
		Other Securities^		1,765,402		0.4	%

		Total		1,765,402


		Total Bank Loans (cost $67,667,601)		63,647,978


		Long-Term Fixed Income (42.7%)
	Asset-Backed Securities (3.6%)
		Other Securities^		17,345,797		3.6	%

		Total		17,345,797


	Basic Materials (0.5%)
		Other Securities^		2,590,502		0.5	%

		Total		2,590,502


	Capital Goods (1.4%)
		Other Securities^		6,511,742		1.4	%

		Total		6,511,742


	Collateralized Mortgage Obligations (13.6%)
		Alternative Loan Trust
	1,127,592	5.500%, 5/25/2035		1,131,305		0.2	%
		Countrywide Alternative Loan Trust
	2,174,438	0.822% - 6.000%, 2/25/2035 - 4/25/2036^d		1,960,649		0.4	%
		Countrywide Home Loan Mortgage Pass Through Trust
	1,662,556	2.706% - 2.725%, 11/25/2035 - 2/20/2036		1,426,690		0.3	%
		Federal National Mortgage Association
	8,375,592	2.500% - 3.500%, 2/25/2028 - 1/25/2033^e		918,987		0.3	%
		GMAC Mortgage Corporation Loan Trust
	1,368,559	3.149%, 5/25/2035		1,289,544		0.3	%
		HarborView Mortgage Loan Trust
	1,514,528	2.685%, 7/19/2035		1,333,471		0.3	%
		Residential Accredit Loans, Inc.
	1,671,254	3.633%, 9/25/2035		1,385,271		0.3	%
		Wells Fargo Mortgage Backed Securities Trust
	1,326,354	2.731%, 7/25/2036		1,299,613		0.3	%
		Other Securities^		54,296,180		11.2	%

		Total		65,041,710


	Commercial Mortgage-Backed Securities (0.1%)
		Other Securities^		675,229		0.1	%

		Total		675,229


	Communications Services (2.0%)
		Other Securities^		9,550,767		2.0	%

		Total		9,550,767


	Consumer Cyclical (1.9%)
		Other Securities^		8,916,524		1.9	%

		Total		8,916,524


	Consumer Non-Cyclical (1.9%)
		Other Securities^		9,202,151		1.9	%

		Total		9,202,151


	Energy (1.5%)
		Other Securities^		7,155,208		1.5	%

		Total		7,155,208


	Financials (7.7%)
		Bank of America Corporation
	312,000	5.650% - 8.000%, 5/2/2017 - 12/29/2049^f		324,975		0.1	%
		Goldman Sachs Group, Inc. Convertible
	2,450,000	0.500%, 9/24/2022		2,534,353		0.5	%
		ILFC E-Capital Trust II
	1,575,000	4.740%, 12/21/2065^d,g		1,449,000		0.3	%
		Other Securities^		32,703,977		6.8	%

		Total		37,012,305


	Foreign Government (2.9%)
		Other Securities^		13,821,650		2.9	%

		Total		13,821,650

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

103

DIVERSIFIED INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (42.7%)	Value		% of Net Assets
	Mortgage-Backed Securities (1.9%)
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	$6,500,000	3.500%, 1/1/2046^c	$	6,706,201		1.4	%
	2,150,000	4.000%, 1/1/2046^c		2,275,069		0.5	%

		Total		8,981,270


	Technology (1.3%)
		Other Securities^		6,408,789		1.3	%

		Total		6,408,789


	Transportation (0.3%)
		Other Securities^		1,671,366		0.3	%

		Total		1,671,366


	U.S. Government and Agencies (0.4%)
		Other Securities^		1,952,041		0.4	%

		Total		1,952,041


	Utilities (1.7%)
		Southern California Edison Company
	1,700,000	6.250%, 8/1/2049^f		1,872,975		0.4	%
		Other Securities^		6,108,666		1.3	%

		Total		7,981,641


		Total Long-Term Fixed Income (cost $205,832,025)		204,818,692


Shares		Common Stock (29.1%)
	Consumer Discretionary (4.2%)
	3,060	Amazon.com, Inc.^h		2,068,223		0.4	%
	2,340	AutoZone, Inc.^h		1,736,069		0.4	%
	37,814	Comcast Corporation		2,133,844		0.5	%
	26,840	NIKE, Inc.		1,677,500		0.4	%
		Other Securities^		12,571,543		2.5	%

		Total		20,187,179


	Consumer Staples (1.5%)
	10,031	Anheuser-Busch InBev NV ADR		1,253,875		0.3	%
		Other Securities^		6,093,545		1.2	%

		Total		7,347,420


	Energy (2.0%)
	28,500	Royal Dutch Shell plc ADR		1,305,015		0.3	%
	54,000	Spectra Energy Corporation		1,292,760		0.3	%
	32,770	Total SA ADR		1,473,012		0.3	%
	163,480	Weatherford International, Ltd.^h		1,371,597		0.3	%
		Other Securities^		4,188,042		0.8	%

		Total		9,630,426


	Financials (9.6%)
	7,600	Allianz SE		1,339,720		0.3	%
	115,400	Ares Capital Corporation		1,644,450		0.4	%
	53,050	Charles Schwab Corporation		1,746,937		0.4	%
	28,890	Citigroup, Inc.		1,495,058		0.3	%
	120,000	Golub Capital BDC, Inc.		1,995,600		0.4	%
	6,710	Simon Property Group, Inc.		1,304,692		0.3	%
	93,000	Solar Capital, Ltd.		1,527,990		0.3	%
	232,750	Two Harbors Investment Corporation		1,885,275		0.4	%
		Other Securities^		33,047,704		6.8	%

		Total		45,987,426


	Health Care (2.9%)
	37,940	Abbott Laboratories		1,703,885		0.4	%
	4,440	Allergan plc^h		1,387,500		0.3	%
	24,480	Medtronic, Inc.		1,883,002		0.4	%
	36,080	Merck & Company, Inc.		1,905,746		0.4	%
		Other Securities^		6,906,992		1.4	%

		Total		13,787,125


	Industrials (3.0%)
	16,420	Boeing Company		2,374,168		0.5	%
	24,946	Illinois Tool Works, Inc.		2,311,995		0.5	%
	20,000	Macquarie Infrastructure Corporation		1,452,000		0.3	%
		Other Securities^		8,135,281		1.7	%

		Total		14,273,444


	Information Technology (3.9%)
	13,650	Apple, Inc.		1,436,799		0.3	%
	37,360	Microsoft Corporation		2,072,733		0.4	%
	23,490	Visa, Inc.		1,821,649		0.4	%
		Other Securities^		13,436,634		2.8	%

		Total		18,767,815


	Materials (0.8%)
		Other Securities^		3,720,681		0.8	%

		Total		3,720,681


	Telecommunications Services (0.6%)
		Other Securities^		2,691,998		0.6	%

		Total		2,691,998


	Utilities (0.6%)
	38,000	Brookfield Infrastructure Partners, LP		1,440,580		0.3	%
		Other Securities^		1,599,732		0.3	%

		Total		3,040,312


		Total Common Stock (cost $143,958,554)		139,433,826


		Registered Investment Companies (4.2%)
	Equity Funds/ETFs (2.9%)
	256,500	Alerian MLP ETF		3,090,825		0.6	%
	114,000	iShares FTSE NAREIT Mortgage Plus Capped Index Fund		1,089,840		0.2	%
	12,900	iShares MSCI EAFE Index Fund		757,875		0.2	%
	27,000	iShares S&P U.S. Preferred Stock Index Fund		1,048,950		0.2	%
	42,620	Materials Select Sector SPDR Fund		1,850,560		0.4	%
	98,600	SPDR S&P Oil & Gas Exploration & Production ETF		2,979,692		0.6	%
	38,120	Utilities Select Sector SPDR Fund		1,649,834		0.3	%
	25,000	Vanguard High Dividend Yield ETF		1,668,750		0.4	%

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

104

DIVERSIFIED INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Shares		Registered Investment Companies (4.2%)	Value			% of Net Assets
	Equity Funds/ETFs (2.9%) - continued
		Other Securities^	$	31,892			<0.1	%

		Total		14,168,218


	Fixed Income Funds/ETFs (1.3%)
	9,100	iShares Intermediate Credit Bond ETF		976,248			0.2	%
	14,178	iShares J.P. Morgan USD Emerging Markets Bond ETF		1,499,749			0.3	%
	50,740	Vanguard Short-Term Corporate Bond ETF		4,007,952			0.8	%

		Total		6,483,949

		Total Registered Investment Companies (cost $22,792,018)		20,652,167


		Preferred Stock (3.9%)
	Financials (3.6%)
	800	Bank of America Corporation, Convertible, 7.250%^f		874,616			0.2	%
	13,380	Cobank ACB, 6.250%^f,g		1,373,541			0.3	%
	16,000	Countrywide Capital V, 7.000%		410,080			0.1	%
	53,200	GMAC Capital Trust I, 8.125%		1,349,152			0.3	%
	50,800	Goldman Sachs Group, Inc., 5.500%^f		1,315,212			0.3	%
	57,000	RBS Capital Funding Trust V, 5.900%^f		1,398,780			0.3	%
	1,125	Wells Fargo & Company, Convertible, 7.500%^f		1,306,125			0.3	%
		Other Securities^		9,179,405			1.8	%

		Total		17,206,911


	Materials (0.3%)
		Other Securities^		1,360,214			0.3	%

		Total		1,360,214


		Total Preferred Stock (cost $18,339,076)		18,567,125


		Collateral Held for Securities Loaned (0.1%)
	341,050	Thrivent Cash Management Trust		341,050			0.1	%


		Total Collateral Held for Securities Loaned (cost $341,050)		341,050


Shares or Principal Amount		Short-Term Investments (9.0%)ⁱ
		Federal National Mortgage Association Discount Notes
	800,000	0.090% - 0.110%, 1/14/2016 - 1/20/2016^J		799,963			0.2	%
		Thrivent Cash Management Trust
	40,972,462	0.220%		40,972,462			8.5	%
		Other Securities^		1,399,959			0.3	%

		Total Short-Term Investments (at amortized cost)		43,172,384

		Total Investments (cost $502,102,708) 102.3%	$	490,633,222

		Other Assets and Liabilities, Net (2.3%)		(11,060,437	)

		Total Net Assets 100.0%	$	479,572,785

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

a	All or a portion of the loan is unfunded.

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

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 December 31, 2015.

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

h	Non-income producing security.

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

j	All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Diversified Income Plus Portfolio held restricted securities as of December 31, 2015. 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. As of December 31, 2015, the value of these investments was $10,982,945 or 2.3% of total net assets.

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

105

DIVERSIFIED INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Diversified Income Plus Portfolio as of December 31, 2015:


Securities Lending Transactions
Common Stock	$	319,654

Total lending	$	319,654
Gross amount payable upon return of collateral for securities loaned	$	341,050

Net amounts due to counterparty	$	21,396

Definitions:


ADR	-	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
ETF	-	Exchange Traded Fund.
REIT	-	Real Estate Investment Trust is a company that buys, develops, manages and/or sells real estate assets.

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	13,112,383
Gross unrealized depreciation		(25,240,716	)

Net unrealized appreciation (depreciation)	$	(12,128,333	)
Cost for federal income tax purposes	$	502,761,555

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

106

DIVERSIFIED INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 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		4,192,766		—		3,607,605		585,161
Capital Goods		2,425,536		—		2,425,536		—
Communications Services		18,806,749		—		17,596,174		1,210,575
Consumer Cyclical		10,418,610		—		10,418,610		—
Consumer Non-Cyclical		9,024,432		—		8,608,375		416,057
Energy		3,195,555		—		1,297,942		1,897,613
Financials		3,270,374		—		3,270,374		—
Technology		6,428,416		—		6,426,109		2,307
Transportation		4,120,138		—		4,120,138		—
Utilities		1,765,402		—		1,765,402		—
Long-Term Fixed Income
Asset-Backed Securities		17,345,797		—		17,345,797		—
Basic Materials		2,590,502		—		2,590,502		—
Capital Goods		6,511,742		—		6,511,742		—
Collateralized Mortgage Obligations		65,041,710		—		65,041,710		—
Commercial Mortgage-Backed Securities		675,229		—		675,229		—
Communications Services		9,550,767		—		9,550,767		—
Consumer Cyclical		8,916,524		—		8,916,524		—
Consumer Non-Cyclical		9,202,151		—		9,202,151		—
Energy		7,155,208		—		7,155,208		—
Financials		37,012,305		—		34,477,952		2,534,353
Foreign Government		13,821,650		—		13,821,650		—
Mortgage-Backed Securities		8,981,270		—		8,981,270		—
Technology		6,408,789		—		6,408,789		—
Transportation		1,671,366		—		1,671,366		—
U.S. Government and Agencies		1,952,041		—		1,952,041		—
Utilities		7,981,641		—		7,981,641		—
Common Stock
Consumer Discretionary		20,187,179		15,282,387		4,904,792		—
Consumer Staples		7,347,420		2,985,612		4,361,808		—
Energy		9,630,426		8,750,442		879,984		—
Financials		45,987,426		36,359,753		9,627,673		—
Health Care		13,787,125		11,003,150		2,783,975		—
Industrials		14,273,444		9,214,160		5,059,284		—
Information Technology		18,767,815		16,643,505		2,124,310		—
Materials		3,720,681		1,129,951		2,590,730		—
Telecommunications Services		2,691,998		425,174		2,266,824		—
Utilities		3,040,312		2,258,722		781,590		—
Registered Investment Companies
Equity Funds/ETFs		14,168,218		14,168,218		—		—
Fixed Income Funds/ETFs		6,483,949		6,483,949		—		—
Preferred Stock
Financials		17,206,911		14,822,202		2,384,709		—
Materials		1,360,214		1,360,214		—		—
Collateral Held for Securities Loaned		341,050		341,050		—		—
Short-Term Investments		43,172,384		40,972,462		2,199,922		—

Total	$	490,633,222	$	182,200,951	$	301,786,205	$	6,646,066


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		71,364		71,364		—		—

Total Asset Derivatives	$	71,364	$	71,364	$	—	$	—

Liability Derivatives
Futures Contracts		456,301		456,301		—		—

Total Liability Derivatives	$	456,301	$	456,301	$	—	$	—

There were no significant transfers between Levels during the period ended December 31, 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.

107

DIVERSIFIED INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

The following table presents Diversified Income Plus Portfolio’s futures contracts held as of December 31, 2015. Investments totaling $2,199,922 were pledged as the initial margin deposit for these contracts.


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(180	)		March 2016	($	39,155,067	)	($	39,102,188	)	$	52,879
5-Yr. U.S. Treasury Bond Futures		302			March 2016		35,790,295			35,732,734			(57,561	)
10-Yr. U.S. Treasury Bond Futures		(48	)		March 2016		(6,053,476	)		(6,043,500	)		9,976
30-Yr. U.S. Treasury Bond Futures		11			March 2016		1,683,979			1,691,249			7,270
S&P 500 Futures		(45	)		March 2016		(22,510,501	)		(22,898,250	)		(387,749	)
S&P 500 Mini-Futures		41			March 2016		4,183,561			4,172,570			(10,991	)
Ultra Long Term U.S. Treasury Bond Futures		1			March 2016		157,448			158,687			1,239
Total Futures Contracts												($	384,937	)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 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	$	71,364
Total Interest Rate Contracts			71,364

Total Asset Derivatives		$	71,364

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		57,561
Total Interest Rate Contracts			57,561
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		398,740
Total Equity Contracts			398,740

Total Liability Derivatives		$	456,301

*	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 December 31, 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		349,479
Total Equity Contracts			349,479
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		679,143
Total Interest Rate Contracts			679,143

Total		$	1,028,622

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

108

DIVERSIFIED INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 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		(315,319	)
Total Interest Rate Contracts			(315,319	)
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(518,562	)
Total Equity Contracts			(518,562	)

Total		($	833,881	)

The following table presents Diversified Income Plus Portfolio’s average volume of derivative activity during the period ended December 31, 2015.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts	$	27,563,081		5.9	%
Interest Rate Contracts		106,301,667		22.8

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

Investment in Affiliates

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 December 31, 2015		Value December 31, 2015		Income Earned January 1, 2015 - December 31, 2015
Cash Management Trust- Collateral Investment	$	2,146,445	$	21,051,701	$	22,857,096		341,050	$	341,050	$	34,483
Cash Management Trust- Short Term Investment		46,646,332		257,524,268		263,198,138		40,972,462		40,972,462		34,703
Total Value and Income Earned	$	48,792,777							$	41,313,512	$	69,186

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

109

OPPORTUNITY INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (28.6%)	Value		% of Net Assets
	Basic Materials (1.5%)
		Tronox Pigments BV, Term Loan
$	562,661	4.500%, 3/19/2020^a	$	496,548		0.5	%
		Other Securities^		997,347		1.0	%

		Total		1,493,895


	Capital Goods (2.1%)
		Berry Plastics Group, Inc., Term Loan
	1,363,167	4.000%, 10/3/2022^a		1,349,535		1.4	%
		Other Securities^		708,834		0.7	%

		Total		2,058,369


	Communications Services (9.2%)
		Birch Communication Inc., Term Loan
	653,906	7.750%, 7/17/2020^a		624,481		0.6	%
		Cengage Learning Acquisitions, Term Loan
	697,438	7.000%, 3/31/2020^a		678,258		0.7	%
		CSC Holdings, LLC, Term Loan
	1,250,000	5.000%, 10/9/2022^a		1,246,488		1.3	%
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	475,000	4.500%, 1/7/2022^a		458,969		0.5	%
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	522,451	4.750%, 3/22/2019^a		509,823		0.5	%
		SBA Senior Finance II, LLC, Term Loan
	738,750	3.250%, 3/24/2021^a		722,128		0.7	%
		XO Communications, LLC, Term Loan
	687,750	4.250%, 3/20/2021^a		670,212		0.7	%
		Other Securities^		4,247,698		4.2	%

		Total		9,158,057


	Consumer Cyclical (4.4%)
		Amaya BV, Term Loan
	355,513	5.000%, 8/1/2021^a		332,405		0.3	%
		IMG Worldwide, Inc., Term Loan
	1,473,468	5.250%, 5/6/2021^a		1,445,384		1.5	%
		Mohegan Tribal Gaming Authority, Term Loan
	762,653	5.500%, 6/15/2018^a		744,403		0.8	%
		Other Securities^		1,861,689		1.8	%

		Total		4,383,881


	Consumer Non-Cyclical (4.2%)
		Endo Luxembourg Finance I Co Sarl, Term Loan
	365,000	3.750%, 9/26/2022^a		359,678		0.3	%
		JBS USA, LLC, Term Loan
	1,318,532	3.750%, 5/25/2018^a		1,310,291		1.3	%
	210,000	4.000%, 10/30/2022^a		209,213		0.2	%
		LTF Merger Sub, Inc., Term Loan
	810,925	4.250%, 6/10/2022^a		789,135		0.8	%
		Ortho-Clinical Diagnostics, Inc., Term Loan
	477,577	4.750%, 6/30/2021^a		402,955		0.4	%
		Valeant Pharmaceuticals International, Inc., Term Loan
	523,681	4.000%, 4/1/2022^a,b,c		502,603		0.5	%
		Other Securities^		673,674		0.7	%

		Total		4,247,549


	Energy (1.0%)
		Other Securities^		972,464		1.0	%

		Total		972,464


	Financials (2.0%)
		TransUnion, LLC, Term Loan
	1,350,937	3.500%, 4/9/2021^a		1,309,842		1.3	%
		Other Securities^		687,940		0.7	%

		Total		1,997,782


	Technology (1.9%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	325,000	0.000%, 11/13/2022^a,b,c		321,142		0.3	%
		Avago Technologies, Ltd., Term Loan
	535,011	3.750%, 5/6/2021^a		533,229		0.5	%
		Other Securities^		1,042,808		1.1	%

		Total		1,897,179


	Transportation (1.4%)
		American Airlines, Inc., Term Loan
	496,163	3.250%, 6/27/2020^a		487,867		0.5	%
		OSG Bulk Ships, Inc., Term Loan
	640,250	5.250%, 8/5/2019^a		613,039		0.6	%
		Other Securities^		263,564		0.3	%

		Total		1,364,470


	Utilities (0.9%)
		Calpine Corporation, Term Loan
	735,000	4.000%, 10/31/2020^a		714,788		0.7	%
		Other Securities^		224,073		0.2	%

		Total		938,861


		Total Bank Loans (cost $30,301,125)		28,512,507


		Long-Term Fixed Income (55.0%)
	Asset-Backed Securities (3.9%)
		GMAC Mortgage Corporation Loan Trust
	397,603	0.401%, 8/25/2035^d,e		371,968		0.4	%
		Other Securities^		3,565,793		3.5	%

		Total		3,937,761


	Basic Materials (0.6%)
		Other Securities^		546,377		0.6	%

		Total		546,377


	Capital Goods (1.8%)
		Berry Plastics Corporation
	95,000	6.000%, 10/15/2022^f		96,663		0.1	%
		Other Securities^		1,735,830		1.7	%

		Total		1,832,493

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

110

OPPORTUNITY INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (55.0%)	Value		% of Net Assets
	Collateralized Mortgage Obligations (7.0%)
		Alternative Loan Trust
$	92,940	5.500%, 5/25/2035	$	93,246		0.1	%
		Countrywide Alternative Loan Trust
	396,283	5.500% - 5.750%, 8/25/2035 - 2/25/2036		372,368		0.5	%
		Other Securities^		6,442,141		6.4	%

		Total		6,907,755


	Communications Services (2.4%)
		Other Securities^		2,383,359		2.4	%

		Total		2,383,359


	Consumer Cyclical (2.4%)
		Other Securities^		2,345,343		2.4	%

		Total		2,345,343


	Consumer Non-Cyclical (2.3%)
		JBS USA, LLC
	170,000	5.750%, 6/15/2025^f		147,900		0.2	%
		Other Securities^		2,180,178		2.1	%

		Total		2,328,078


	Energy (1.5%)
		Petrobras International Finance Company
	215,000	5.750%, 1/20/2020		168,775		0.2	%
		Petroleos Mexicanos
	280,000	5.625%, 1/23/2046^f		214,256		0.2	%
		Other Securities^		1,070,567		1.1	%

		Total		1,453,598


	Financials (4.3%)
		Bank of America Corporation
	213,000	1.656% - 8.000%, 5/2/2017 - 12/29/2049^e,g		216,812		0.2	%
		J.P. Morgan Chase & Company
	280,000	6.750%, 8/29/2049^g		305,200		0.3	%
		Other Securities^		3,807,546		3.8	%

		Total		4,329,558


	Foreign Government (11.5%)
		Brazil Government International Bond
	440,000	2.625%, 1/5/2023		334,400		0.3	%
	883,000	4.875% - 5.875%, 1/15/2019 - 1/27/2045		761,165		0.8	%
		Hungary Government International Bond
	286,000	5.750%, 11/22/2023		320,005		0.3	%
	334,000	5.375%, 3/25/2024		365,730		0.4	%
		Indonesia Government International Bond
	282,000	5.875%, 1/15/2024^f		302,111		0.3	%
	375,000	5.125%, 1/15/2045^f		339,130		0.3	%
	875,000	3.375% - 4.875%, 5/5/2021 - 1/8/2026^f		856,458		0.8	%
		Mexico Government International Bond
	388,000	3.600%, 1/30/2025		378,106		0.4	%
	1,181,000	3.625% - 6.050%, 3/15/2022 - 1/23/2046		1,144,585		1.2	%
		Peru Government International Bond
	465,000	4.125%, 8/25/2027		455,700		0.5	%
		Russia Government International Bond
	600,000	5.000%, 4/29/2020^f		619,200		0.6	%
	360,000	4.875%, 9/16/2023^f		365,760		0.4	%
	279,650	7.500%, 3/31/2030^f		335,045		0.3	%
	470,000	3.500% - 5.625%, 1/16/2019 - 4/4/2042^f		453,832		0.5	%
		Turkey Government International Bond
	282,000	7.500%, 11/7/2019		316,198		0.3	%
	400,000	7.000%, 6/5/2020		445,062		0.4	%
	295,000	5.125%, 3/25/2022		302,744		0.3	%
	376,000	4.875%, 4/16/2043		330,880		0.3	%
	570,000	4.250% - 6.250%, 9/26/2022 - 4/14/2026		573,421		0.6	%
		Other Securities^		2,427,098		2.5	%

		Total		11,426,630


	Mortgage-Backed Securities (11.8%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	550,000	3.000%, 1/1/2031^c		566,760		0.6	%
		Federal Home Loan Mortgage Corporation Gold 20-Yr. Pass Through
	35,551	5.500%, 9/1/2024		39,278		<0.1	%
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	750,000	4.000%, 1/1/2046^c		792,290		0.8	%
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	750,000	3.500%, 1/1/2030^c		785,420		0.8	%
		Federal National Mortgage Association Conventional 20-Yr. Pass Through
	265,734	6.000%, 8/1/2024		299,873		0.3	%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	4,525,000	3.500%, 1/1/2046^c		4,668,548		4.7	%
	3,000,000	4.000%, 1/1/2046^c		3,174,516		3.2	%
	1,325,000	4.500%, 1/1/2046^c		1,430,834		1.4	%

		Total		11,757,519


	Technology (1.6%)
		Other Securities^		1,612,602		1.6	%

		Total		1,612,602


	Transportation (0.5%)
		Other Securities^		520,120		0.5	%

		Total		520,120


	U.S. Government and Agencies (2.1%)
		U.S. Treasury Notes
	1,000,000	1.875%, 6/30/2020		1,006,992		1.0	%
	1,070,000	2.125%, 6/30/2022		1,075,517		1.1	%

		Total		2,082,509

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

111

OPPORTUNITY INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (55.0%)	Value			% of Net Assets
	Utilities (1.3%)
		Other Securities^	$	1,337,884			1.3	%

		Total		1,337,884


		Total Long-Term Fixed Income (cost $55,959,676)		54,801,586


Shares		Registered Investment Companies (5.8%)
	Equity Funds/ETFs (0.4%)
	14,800	iShares FTSE NAREIT Mortgage Plus Capped Index Fund		141,488			0.1	%
		Other Securities^		303,611			0.3	%

		Total		445,099


	Fixed Income Funds/ETFs (5.4%)
	26,259	iShares J.P. Morgan USD Emerging Markets Bond ETF		2,777,677			2.8	%
	19,685	Vanguard Short-Term Corporate Bond ETF		1,554,918			1.6	%
		Other Securities^		1,094,760			1.0	%

		Total		5,427,355


		Total Registered Investment Companies (cost $6,312,197)		5,872,454


		Preferred Stock (2.0%)
	Financials (1.7%)
	117	Bank of America Corporation, Convertible, 7.250%^g		127,913			0.1	%
		Other Securities^		1,575,657			1.6	%

		Total		1,703,570


	Materials (0.1%)
		Other Securities^		62,175			0.1	%

		Total		62,175


	Utilities (0.2%)
		Other Securities^		217,280			0.2	%

		Total		217,280


		Total Preferred Stock (cost $1,898,701)		1,983,025


		Common Stock (0.7%)
	Financials (0.7%)
		Other Securities^		681,808			0.7	%

		Total		681,808


		Total Common Stock (cost $798,875)		681,808


Shares or Principal Amount		Short-Term Investments (20.0%)^h
		Federal Home Loan Mortgage Corporation Discount Notes
	200,000	0.100%, 1/8/2016ⁱ		199,996			0.2	%
		U.S. Treasury Bills
	25,000	0.175%, 2/4/2016^j		24,996			<0.1	%
		Thrivent Cash Management Trust
	19,671,931	0.220%		19,671,931			19.8	%

		Total Short-Term Investments (at amortized cost)		19,896,923

		Total Investments (cost $115,167,497) 112.1%	$	111,748,303

		Other Assets and Liabilities, Net (12.1%)		(12,083,336	)

		Total Net Assets 100.0%	$	99,664,967

^	The Summary Schedule of Investments shows the 50 largest holdings in unaffiliated issuers, any holding or issuer that exceeds 1% of net assets and all affiliated holdings 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 December 31, 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	All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

j	All or a portion of the security is pledged as collateral under the agreement between the counterparty, the custodian and the fund for open swap contracts.

Opportunity Income Plus Portfolio held restricted securities as of December 31, 2015. 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. As of December 31, 2015, the value of these investments was $1,685,069 or 1.7% of total net assets.

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	$	657,154
Gross unrealized depreciation		(4,092,169	)

Net unrealized appreciation (depreciation)	$	(3,435,015	)

Cost for federal income tax purposes	$	115,183,318

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

112

OPPORTUNITY INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 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		1,493,895		—		1,250,078		243,817
Capital Goods		2,058,369		—		2,058,369		—
Communications Services		9,158,057		—		8,475,377		682,680
Consumer Cyclical		4,383,881		—		4,383,881		—
Consumer Non-Cyclical		4,247,549		—		4,247,549		—
Energy		972,464		—		491,787		480,677
Financials		1,997,782		—		1,997,782		—
Technology		1,897,179		—		1,894,424		2,755
Transportation		1,364,470		—		1,364,470		—
Utilities		938,861		—		938,861		—
Long-Term Fixed Income
Asset-Backed Securities		3,937,761		—		3,937,761		—
Basic Materials		546,377		—		546,377		—
Capital Goods		1,832,493		—		1,832,493		—
Collateralized Mortgage Obligations		6,907,755		—		6,907,755		—
Communications Services		2,383,359		—		2,383,359		—
Consumer Cyclical		2,345,343		—		2,345,343		—
Consumer Non-Cyclical		2,328,078		—		2,328,078		—
Energy		1,453,598		—		1,453,598		—
Financials		4,329,558		—		4,329,558		—
Foreign Government		11,426,630		—		11,426,630		—
Mortgage-Backed Securities		11,757,519		—		11,757,519		—
Technology		1,612,602		—		1,612,602		—
Transportation		520,120		—		520,120		—
U.S. Government and Agencies		2,082,509		—		2,082,509		—
Utilities		1,337,884		—		1,337,884		—
Registered Investment Companies
Fixed Income Funds/ETFs		5,427,355		5,427,355		—		—
Equity Funds/ETFs		445,099		445,099		—		—
Preferred Stock
Financials		1,703,570		1,398,628		304,942		—
Materials		62,175		62,175		—		—
Utilities		217,280		217,280		—		—
Common Stock
Financials		681,808		681,808		—		—
Short-Term Investments		19,896,923		19,671,931		224,992		—

Total	$	111,748,303	$	27,904,276	$	82,434,098	$	1,409,929


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		29,889		29,889		—		—

Total Asset Derivatives	$	29,889	$	29,889	$	—	$	—

Liability Derivatives
Futures Contracts		9,721		9,721		—		—
Credit Default Swaps		9,568		—		9,568		—

Total Liability Derivatives	$	19,289	$	9,721	$	9,568	$	—

There were no significant transfers between Levels during the period ended December 31, 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.

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OPPORTUNITY INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

The following table presents Opportunity Income Plus Portfolio’s futures contracts held as of December 31, 2015. Investments totaling $199,996 were pledged as the initial margin deposit for these contracts.


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(68	)		March 2016	($	14,791,914	)	($	14,771,938	)	$	19,976
5-Yr. U.S. Treasury Bond Futures		51			March 2016		6,044,056			6,034,335			(9,721	)
Ultra Long Term U.S. Treasury Bond Futures		8			March 2016		1,259,587			1,269,500			9,913
Total Futures Contracts												$	20,168

The following table presents Opportunity Income Plus Portfolio’s swaps contracts held as of December 31, 2015. Investments totaling $24,996 were pledged as collateral under the agreement between the counterparty, the custodian and the fund for open swap contracts.


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	)	($	9,568	)	($	9,568	)
Total Credit Default Swaps								($	9,568	)	($	9,568	)

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.

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 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	$	29,889
Total Interest Rate Contracts			29,889

Total Asset Derivatives		$	29,889

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		9,721
Total Interest Rate Contracts			9,721
Credit Contracts
Credit Default Swaps	Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		9,568
Total Credit Contracts			9,568

Total Liability Derivatives		$	19,289

*	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.

114

OPPORTUNITY INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 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		(8,224	)
Total Interest Rate Contracts			(8,224	)
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(1,279	)
Total Credit Contracts			(1,279	)

Total		($	9,503	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 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		(71,485	)
Total Interest Rate Contracts			(71,485	)
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		(9,568	)
Total Credit Contracts			(9,568	)

Total		($	81,053	)

The following table presents Opportunity Income Plus Portfolio’s average volume of derivative activity during the period ended December 31, 2015.

Derivative Risk Category

Futures
(Notional)*

Futures
(Percentage
of Average
Net Assets)

Swaps
(Notional)*

Swaps
(Percentage
of Average
Net Assets)

Interest Rate Contracts

25,374,901

29.1

N/A

Credit Contracts

N/A

18,664

<0.1

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

Investment in Affiliates

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 December 31, 2015		Value December 31, 2015		Income Earned January 1, 2015 - December 31, 2015
Cash Management Trust-Short Term Investment	$	10,695,094	$	95,483,666	$	86,506,829		19,671,931	$	19,671,931	$	15,670
Total Value and Income Earned	$	10,695,094							$	19,671,931	$	15,670

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

115

PARTNER HEALTHCARE PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (94.1%)	Value
	Biotechnology (23.4%)
	48,000	Acceleron Pharma, Inc.^a	$	2,340,480
	65,006	Alder Biopharmaceuticals, Inc.^a		2,147,148
	45,100	Alexion Pharmaceuticals, Inc.^a		8,602,825
	507,835	Amicus Therapeutics, Inc.^a		4,926,000
	71,168	BioMarin Pharmaceutical, Inc.^a		7,455,560
	109,600	Gilead Sciences, Inc.		11,090,424
	43,000	Incyte Corporation^a		4,663,350
	130,644	Innate Pharma SA^a		1,917,915
	59,110	PTC Therapeutics, Inc.^a		1,915,164

		Total		45,058,866


	Health Care Equipment (16.8%)
	72,076	Dexcom, Inc.^a		5,903,024
	48,000	Edwards Lifesciences Corporation^a		3,791,040
	39,770	HeartWare International, Inc.^a		2,004,408
	6,975	Intuitive Surgical, Inc.^a		3,809,466
	110,600	Medtronic, Inc.		8,507,352
	145,984	NxStage Medical, Inc.^a		3,198,510
	80,900	St. Jude Medical, Inc.		4,997,193

		Total		32,210,993


	Health Care Facilities (1.0%)
	30,800	Acadia Healthcare Company, Inc.^a		1,923,768

		Total		1,923,768


	Health Care Services (2.2%)
	37,775	Adeptus Health, Inc.^a		2,059,493
	117,219	Teladoc, Inc.^a		2,105,253

		Total		4,164,746


	Health Care Supplies (2.5%)
	73,506	Align Technology, Inc.^a		4,840,370

		Total		4,840,370


	Managed Health Care (3.8%)
	16,600	CIGNA Corporation		2,429,078
	41,300	UnitedHealth Group, Inc.		4,858,532

		Total		7,287,610


	Pharmaceuticals (44.4%)
	266,583	Aspen Pharmacare Holdings, Ltd.^a		5,322,241
	114,900	Eli Lilly and Company		9,681,474
	218,000	Merck & Company, Inc.		11,514,760
	91,291	Mylan NV^a		4,936,104
	133,499	Novartis AG		11,483,487
	116,355	Novo Nordisk AS ADR		6,757,899
	42,783	Roche Holding AG		11,855,529
	130,732	Sagent Pharmaceuticals, Inc.^a		2,079,946
	30,045	Sawai Pharmaceutical Company, Ltd.		2,056,942
	37,689	Shire Pharmaceuticals Group plc ADR		7,726,245
	3,986,000	Sihuan Pharmaceutical Holdings Group, Ltd.b,^d		1,702,124
	130,881	Teva Pharmaceutical Industries, Ltd. ADR		8,591,029
	650,278	Vectura Group plc^a		1,687,216

		Total		85,394,996


		Total Common Stock (cost $177,604,841)		180,881,349


Shares or Principal Amount		Short-Term Investments (6.5%)^c	Value
		Thrivent Cash Management Trust
	12,518,371	0.220%	$	12,518,371

		Total Short-Term Investments (at amortized cost)		12,518,371

		Total Investments (cost $190,123,212) 100.6%	$	193,399,720

		Other Assets and Liabilities, Net (0.6%)		(1,164,840	)

		Total Net Assets 100.0%	$	192,234,880

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 the Notes to Financial Statements.

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

d	Denotes securities considered to be illiquid and may be difficult to sell.

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	$	15,955,322
Gross unrealized depreciation		(13,309,556	)

Net unrealized appreciation (depreciation)	$	2,645,766
Cost for federal income tax purposes	$	190,753,954

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

116

PARTNER HEALTHCARE PORTFOLIO

Schedule of Investments as of December 31, 2015

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 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		45,058,866		43,140,951		1,917,915		—
Health Care Equipment		32,210,993		32,210,993		—		—
Health Care Facilities		1,923,768		1,923,768		—		—
Health Care Services		4,164,746		4,164,746		—		—
Health Care Supplies		4,840,370		4,840,370		—		—
Managed Health Care		7,287,610		7,287,610		—		—
Pharmaceuticals		85,394,996		51,287,457		32,405,415		1,702,124
Short-Term Investments		12,518,371		12,518,371		—		—

Total	$	193,399,720	$	157,374,266	$	34,323,330	$	1,702,124

There were no significant transfers between Levels during the period ended December 31, 2015. Transfers between Levels are identified as of the end of the period.

Investment in Affiliates

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 December 31, 2015		Value December 31, 2015		Income Earned January 1, 2015 - December 31, 2015
Cash Management Trust-Short Term Investment	$	7,778,026	$	85,719,631	$	80,979,286		12,518,371	$	12,518,371	$	10,017
Total Value and Income Earned	$	7,778,026							$	12,518,371	$	10,017

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

117

PARTNER EMERGING MARKETS EQUITY PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (92.0%)	Value
	Australia (<0.1%)
	14,525	South32, Ltd.^a	$	11,313

		Total		11,313


	Brazil (7.3%)
	167,334	Banco Bradesco SA ADR		804,877
	56	Banco Bradesco SA Rights^a,b		17
	32,000	BRF SA		446,348
	107,805	Lojas Renner SA		463,104
	32,102	Multiplan Empreendimentos Imobiliarios SA		306,850
	61,800	Ultrapar Participacoes SA		939,149
	60,660	Vale SA ADR^c		199,571

		Total		3,159,916


	Chile (1.2%)
	28,670	Banco Santander Chile SA ADR		505,739

		Total		505,739


	China (1.3%)
	890,000	PetroChina Company, Ltd.		582,630

		Total		582,630


	Hong Kong (12.7%)
	264,000	AIA Group, Ltd.		1,577,422
	133,000	China Mobile, Ltd.		1,497,062
	167,000	Hang Lung Group, Ltd.		541,567
	132,000	Hang Lung Properties, Ltd.		299,093
	17,100	Hong Kong Exchanges and Clearing, Ltd.		435,619
	71,000	Swire Pacific, Ltd., Class A		793,078
	100,000	Swire Pacific, Ltd., Class B		203,456
	59,500	Swire Properties, Ltd.		171,083

		Total		5,518,380


	Hungary (1.5%)
	34,710	Richter Gedeon Nyrt		655,134

		Total		655,134


	India (16.5%)
	5,200	Grasim Industries, Ltd.		294,555
	4,350	Grasim Industries, Ltd. GDR		246,054
	17,000	Hero Motocorp, Ltd.		689,817
	67,000	Hindustan Unilever, Ltd.		873,168
	85,639	Housing Development Finance Corporation		1,628,840
	185,000	ICICI Bank, Ltd.		730,701
	74,200	Infosys, Ltd.		1,236,435
	222,893	ITC, Ltd.		1,102,165
	8,947	Ultra Tech Cement, Ltd.		375,080

		Total		7,176,815


	Indonesia (4.3%)
	3,130,000	Astra International Tbk PT		1,348,255
	332,000	Indocement Tunggal Prakarsa Tbk PT		532,398

		Total		1,880,653


	Luxembourg (1.5%)
	26,965	Tenaris SA ADR		641,767

		Total		641,767


	Malaysia (1.8%)
	249,672	CIMB Group Holdings Berhad		263,251
	120,000	Public Bank Berhad		517,058

		Total		780,309


	Mexico (8.6%)
	17,400	Fomento Economico Mexicano SAB de CV ADR		1,606,890
	4,300	Grupo Aeroportuario del Sureste SAB de CV ADR		604,881
	236,077	Grupo Financiero Banorte SAB de CV ADR		1,301,167
	97,300	Organizacion Soriana SAB de CV^a		223,003

		Total		3,735,941


	Philippines (4.1%)
	28,000	Ayala Corporation		448,749
	917,900	Ayala Land, Inc.		670,960
	367,862	Bank of the Philippine Islands		655,193

		Total		1,774,902


	Poland (1.6%)
	18,719	Bank Pekao SA		683,670

		Total		683,670


	Portugal (1.2%)
	41,629	Jeronimo Martins SGPS SA		541,695

		Total		541,695


	Russia (3.7%)
	27,186	Lukoil ADR		880,049
	4,807	Magnit PJSC		738,801

		Total		1,618,850


	South Africa (3.5%)
	53,921	Massmart Holdings, Ltd.		349,071
	40,564	MTN Group, Ltd.		349,433
	142,193	Truworths International, Ltd.		838,228

		Total		1,536,732


	South Korea (1.2%)
	3,170	E-Mart Company, Ltd.		508,657

		Total		508,657


	Taiwan (5.5%)
	175,400	Taiwan Mobile Company, Ltd.		532,667
	433,499	Taiwan Semiconductor Manufacturing Company, Ltd.		1,870,219

		Total		2,402,886


	Thailand (3.9%)
	70,400	Siam Cement pcl		888,505
	242,800	Siam Commercial Bank pcl		800,912

		Total		1,689,417


	Turkey (4.2%)
	274,433	Akbank TAS		629,282
	33,036	BIM Birlesik Magazalar AS		581,504
	248,190	Turkiye Garanti Bankasi AS		604,633

		Total		1,815,419

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

118

PARTNER EMERGING MARKETS EQUITY PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (92.0%)	Value
	United Kingdom (4.7%)
	21,386	BHP Billiton plc	$	239,474
	19,139	SABMiller plc		1,153,685
	77,303	Standard Chartered plc		641,399

		Total		2,034,558


	United States (1.7%)
	9,800	Yum! Brands, Inc.		715,890

		Total		715,890


		Total Common Stock (cost $41,121,228)		39,971,273


		Preferred Stock (5.8%)
	Brazil (0.4%)
	71,605	Vale SA ADR		182,593

		Total		182,593


	South Korea (5.4%)
	2,532	Samsung Electronics Company, Ltd.		2,340,551

		Total		2,340,551


		Total Preferred Stock (cost $2,234,809)		2,523,144


		Collateral Held for Securities Loaned (0.5%)
	212,275	Thrivent Cash Management Trust		212,275

		Total Collateral Held for Securities Loaned (cost $212,275)		212,275


Shares or Principal Amount		Short-Term Investments (2.2%)^d
		Thrivent Cash Management Trust
	965,123	0.220%		965,123

		Total Short-Term Investments (at amortized cost)		965,123

		Total Investments (cost $44,533,435) 100.5%	$	43,671,815

		Other Assets and Liabilities, Net (0.5%)		(207,116	)

		Total Net Assets 100.0%	$	43,464,699

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 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.

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Partner Emerging Markets Equity Portfolio as of December 31, 2015:


Securities Lending Transactions
Common Stock	$	199,539

Total lending	$	199,539
Gross amount payable upon return of collateral for securities loaned	$	212,275

Net amounts due to counterparty	$	12,736

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	$	8,816,073
Gross unrealized depreciation		(9,848,214	)

Net unrealized appreciation (depreciation)	$	(1,032,141	)
Cost for federal income tax purposes	$	44,703,956

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

119

PARTNER EMERGING MARKETS EQUITY PORTFOLIO

Schedule of Investments as of December 31, 2015

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 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		4,786,954		715,890		4,071,064		—
Consumer Staples		7,393,327		1,606,890		5,786,437		—
Energy		3,043,595		641,767		2,401,828		—
Financials		14,421,521		1,310,616		13,110,905		—
Health Care		655,151		—		655,134		17
Industrials		1,692,514		604,881		1,087,633		—
Information Technology		3,106,654		—		3,106,654		—
Materials		2,492,395		199,571		2,292,824		—
Telecommunications Services		2,379,162		—		2,379,162		—
Preferred Stock
Information Technology		2,340,551		—		2,340,551		—
Materials		182,593		182,593		—		—
Collateral Held for Securities Loaned		212,275		212,275		—		—
Short-Term Investments		965,123		965,123		—		—

Total	$	43,671,815	$	6,439,606	$	37,232,192	$	17

There were no significant transfers between Levels during the period ended December 31, 2015. Transfers between Levels are identified as of the end of the period.

Investment in Affiliates

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 December 31, 2015		Value December 31, 2015		Income Earned January 1, 2015 - December 31, 2015
Cash Management Trust-Collateral Investment	$	1,509,100	$	10,748,663	$	12,045,488		212,275	$	212,275	$	9,119
Cash Management Trust-Short Term Investment		1,287,032		6,018,072		6,339,981		965,123		965,123		886
Total Value and Income Earned	$	2,796,132							$	1,177,398	$	10,005

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

120

REAL ESTATE SECURITIES PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (98.5%)	Value
	Consumer Discretionary (0.1%)
	5,000	Toll Brothers, Inc.a	$	166,500

		Total		166,500


	Diversified REITS (4.7%)
	6,792	American Assets Trust, Inc.		260,473
	57,384	American Realty Capital Properties, Inc.		454,481
	5,000	Armada Hoffler Properties, Inc.		52,400
	4,428	Brookfield Asset Management, Inc.		139,615
	54,000	Cousins Properties, Inc.		509,220
	78,620	Duke Realty Corporation		1,652,593
	19,343	Empire State Realty Trust, Inc.		349,528
	20,176	First Potomac Realty Trust		230,007
	32,803	Gramercy Property Trust		253,239
	35,414	Lexington Realty Trust		283,312
	27,443	Liberty Property Trust		852,105
	5,270	PS Business Parks, Inc.		460,756
	65,760	Spirit Realty Captial, Inc.		658,915
	13,250	Store Capital Corporation		307,400
	9,515	Washington Real Estate Investment Trust		257,476
	4,000	Whitestone REIT		48,040
	10,500	Winthrop Realty Trust		136,185
	6,650	WP Carey, Inc.		392,350

		Total		7,298,095


	Health Care REITs (9.3%)
	5,000	Capital Senior Living Corporation^a		104,300
	7,930	Care Capital Properties, Inc.		242,420
	45,642	HCP, Inc.		1,745,350
	60,352	Health Care REIT, Inc.		4,105,747
	24,262	Healthcare Realty Trust, Inc.		687,100
	27,769	Healthcare Trust of America, Inc.		748,930
	7,022	LTC Properties, Inc.		302,929
	38,214	Medical Properties Trust, Inc.		439,843
	10,520	National Health Investors, Inc.		640,352
	18,371	Omega Healthcare Investors, Inc.		642,618
	36,820	Physicians Realty Trust		620,785
	14,431	Sabra Healthcare REIT, Inc.		291,939
	27,322	Senior Housing Property Trust		405,458
	62,220	Ventas, Inc.		3,511,075

		Total		14,488,846


	Hotel & Resort REITs (5.8%)
	4,000	Ashford Hospitality Prime, Inc.		58,000
	9,928	Ashford Hospitality Trust, Inc.		62,646
	24,156	Chatham Lodging Trust		494,715
	19,383	Chesapeake Lodging Trust		487,676
	33,895	DiamondRock Hospitality Company		327,087
	24,593	FelCor Lodging Trust, Inc.		179,529
	8,786	Hersha Hospitality Trust		191,183
	28,300	Hilton Worldwide Holdings, Inc.		605,620
	10,749	Hospitality Properties Trust		281,086
	154,129	Host Hotels & Resorts, Inc.		2,364,339
	2,000	Hyatt Hotels Corporation^a		94,040
	20,705	LaSalle Hotel Properties		520,938
	22,974	Pebblebrook Hotel Trust		643,731
	39,257	RLJ Lodging Trust		849,129
	9,206	Starwood Hotels & Resorts Worldwide, Inc.		637,792
	37,457	Summit Hotel Properties, Inc.		447,611
	61,076	Sunstone Hotel Investors, Inc.		762,839

		Total		9,007,961


	Industrial REITS (5.3%)
	27,516	DCT Industrial Trust, Inc.		1,028,273
	7,724	EastGroup Properties, Inc.		429,532
	34,246	First Industrial Realty Trust, Inc.		757,864
	117,423	Prologis, Inc.		5,039,795
	21,550	Rexford Industrial Realty, Inc.		352,558
	21,700	STAG Industrial, Inc.		400,365
	9,608	Terreno Realty Corporation		217,333

		Total		8,225,720


	Mortgage REITS(0.7%)
	12,500	Apollo Commercial Real Estate Finance, Inc.		215,375
	10,250	Blackstone Mortgage Trust, Inc.		274,290
	10,250	Colony Capital, Inc.		199,670
	12,900	NorthStar Realty Finance Corporation		219,687
	6,050	Starwood Property Trust, Inc.		124,388

		Total		1,033,410


	Office REITS (14.1%)
	22,712	Alexandria Real Estate Equities, Inc.		2,052,256
	36,162	BioMed Realty Trust, Inc.		856,678
	39,768	Boston Properties, Inc.		5,072,011
	41,430	Brandywine Realty Trust		565,934
	17,861	City Office REIT, Inc.		217,547
	19,857	Corporate Office Properties Trust		433,478
	33,557	Douglas Emmett, Inc.		1,046,307
	5,800	Franklin Street Properties Corporation		60,030
	25,312	Highwoods Properties, Inc.		1,103,603
	32,259	Hudson Pacific Properties, Inc.		907,768
	23,563	Kilroy Realty Corporation		1,491,067
	17,905	Mack-Cali Realty Corporation		418,082
	22,700	New York REIT, Inc.		261,050
	24,900	Paramount Group, Inc.		450,690
	22,270	Parkway Properties, Inc.		348,080
	16,963	Piedmont Office RealtyTrust, Inc.		320,261
	25,977	SL Green Realty Corporation		2,934,882
	34,450	Vornado Realty Trust		3,443,622

		Total		21,983,346


	Real Estate Operating Companies (0.5%)
	32,493	Forest City Enterprises, Inc.^a		712,571

		Total		712,571


	Real Estate Services (0.2%)
	1,119	CBRE Group, Inc.^a		38,695
	800	Jones Lang LaSalle, Inc.		127,888
	3,000	Kennedy-Wilson Holdings, Inc.		72,240

		Total		238,823


	Residential REITS (19.0%)
	21,253	American Campus Communities, Inc.		878,599
	21,700	American Homes 4 Rent		361,522
	12,423	American Residential Properties, Inc.		234,795
	37,034	Apartment Investment & Management Company		1,482,471
	32,654	AvalonBay Communities, Inc.		6,012,581
	12,139	Bluerock Residential Growth REIT, Inc.		143,847
	25,631	Camden Property Trust		1,967,436
	18,888	Campus Crest Communities, Inc.^a		128,438
	8,938	Education Realty Trust, Inc.		338,571

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

121

REAL ESTATE SECURITIES PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (98.5%)	Value
	Residential REITS (19.0%) - continued
	20,428	Equity Lifestyle Properties, Inc.	$	1,361,935
	81,090	Equity Residential		6,616,133
	18,585	Essex Property Trust, Inc.		4,449,435
	5,000	Independence Realty Trust, Inc.		37,550
	13,674	Mid-America Apartment Communities, Inc.		1,241,736
	15,235	Post Properties, Inc.		901,303
	6,040	Silver Bay Realty Trust Corporation REIT		94,586
	12,278	Sun Communities, Inc.		841,411
	66,294	UDR, Inc.		2,490,666

		Total		29,583,015


	Retail REITS (24.6%)
	30,613	Acadia Realty Trust		1,014,821
	11,650	Agree Realty Corporation		395,984
	53,791	Brixmor Property Group, Inc.		1,388,884
	25,239	CBL & Associates Properties, Inc.		312,206
	11,320	Cedar Realty Trust, Inc.		80,146
	95,706	DDR Corporation		1,611,689
	31,224	Equity One, Inc.		847,732
	14,695	Federal Realty Investment Trust		2,146,939
	132,405	General Growth Properties, Inc.		3,602,740
	13,332	Inland Real Estate Corporation		141,586
	56,687	Kimco Realty Corporation		1,499,938
	18,436	Kite Realty Group Trust		478,045
	23,791	Macerich Company		1,919,696
	23,286	National Retail Properties, Inc.		932,604
	12,026	Pennsylvania Real Estate Investment Trust		263,009
	31,548	Ramco-Gershenson Properties Trust		524,012
	13,550	Realty Income Corporation		699,587
	28,292	Regency Centers Corporation		1,927,251
	31,572	Retail Opportunity Investments Corporation		565,139
	29,000	Retail Properties of America, Inc.		428,330
	1,138	Saul Centers, Inc.		58,345
	71,661	Simon Property Group, Inc.		13,933,765
	21,363	Tanger Factory Outlet Centers, Inc.		698,570
	14,847	Taubman Centers, Inc.		1,139,062
	19,271	Urban Edge Properties		451,905
	6,500	Urstadt Biddle Properties, Inc.		125,060
	23,142	Weingarten Realty Investors		800,250
	33,771	WP Glimcher, Inc.		358,310

		Total		38,345,605


	Specialized REITS (14.2%)
	16,808	American Farmland Company		118,328
	15,400	American Tower Corporation		1,493,030
	13,096	CoreSite Realty Corporation		742,805
	6,500	Crown Castle International Corporation		561,925
	62,172	CubeSmart		1,903,707
	14,250	CyrusOne, Inc.		533,662
	17,168	Digital Realty Trust, Inc.		1,298,244
	16,750	DuPont Fabros Technology, Inc.		532,482
	16,227	EPR Properties		948,468
	6,392	Equinix, Inc.		1,932,941
	32,370	Extra Space Storage, Inc.		2,855,358
	6,000	GEO Group, Inc.		173,460
	4,957	Iron Mountain, Inc.		133,889
	5,182	Outfront Media, Inc.		113,123
	3,465	Plum Creek Timber Company, Inc.		165,350
	26,683	Public Storage, Inc.		6,609,379
	9,350	QTS Realty Trust, Inc.		421,778
	10,186	Sovran Self Storage, Inc.		1,093,060
	17,007	Weyerhaeuser Company		509,870

		Total		22,140,859


		Total Common Stock (cost $137,931,184)		153,224,751


Shares or Principal Amount		Short-Term Investments (1.1%)^b
		Thrivent Cash Management Trust
	1,707,534	0.220%		1,707,534

		Total Short-Term Investments (at amortized cost)		1,707,534

		Total Investments (cost $139,638,718) 99.6%	$	154,932,285

		Other Assets and Liabilities, Net 0.4%		606,022

		Total Net Assets 100.0%	$	155,538,307

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	$	31,027,667
Gross unrealized depreciation		(16,082,404	)

Net unrealized appreciation (depreciation)	$	14,945,263

Cost for federal income tax purposes	$	139,987,022

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

122

REAL ESTATE SECURITIES PORTFOLIO

Schedule of Investments as of December 31, 2015

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 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
Consumer Discretionary		166,500		166,500		—		—
Diversified REITS		7,298,095		7,298,095		—		—
Health Care REITs		14,488,846		14,488,846		—		—
Hotel & Resort REITs		9,007,961		9,007,961		—		—
Industrial REITS		8,225,720		8,225,720		—		—
Mortgage REITS		1,033,410		1,033,410		—		—
Office REITS		21,983,346		21,983,346		—		—
Real Estate Operating Companies		712,571		712,571		—		—
Real Estate Services		238,823		238,823		—		—
Residential REITS		29,583,015		29,583,015		—		—
Retail REITS		38,345,605		38,345,605		—		—
Specialized REITS		22,140,859		22,140,859		—		—
Short-Term Investments		1,707,534		1,707,534		—		—

Total	$	154,932,285	$	154,932,285	$	—	$	—

There were no significant transfers between Levels during the period ended December 31, 2015. Transfers between Levels are identified as of the end of the period.

Investment in Affiliates

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 December 31, 2015		Value December 31, 2015		Income Earned January 1, 2015 - December 31, 2015
Cash Management Trust-Short Term Investment	$	910,489	$	24,253,506	$	23,456,461		1,707,534	$	1,707,534	$	1,100
Total Value and Income Earned	$	910,489							$	1,707,534	$	1,100

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

123

SMALL CAP STOCK PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (93.4%)	Value
	Consumer Discretionary (10.6%)
	63,494	Aaron’s, Inc.	$	1,421,631
	77,190	Cedar Fair, LP		4,310,290
	99,250	Core-Mark Holding Company, Inc.		8,132,545
	82,990	G-III Apparel Group, Ltd.^a		3,673,137
	182,820	Houghton Mifflin Harcourt Company^a		3,981,820
	109,671	MDC Partners, Inc.^b		2,382,054
	306,330	Nutrisystem, Inc.		6,628,981
	62,060	Oxford Industries, Inc.		3,960,669
	65,490	Papa John’s International, Inc.		3,658,926
	76,100	TransUnion^a		2,098,077
	410,125	Tuesday Morning Corporation^a		2,665,812
	35,060	Zoe’s Kitchen, Inc.^a,b		980,979

		Total		43,894,921


	Consumer Staples (2.1%)
	44,770	Casey’s General Stores, Inc.		5,392,546
	89,600	WhiteWave Foods Company^a		3,486,336

		Total		8,878,882


	Energy (1.8%)
	222,830	Callon Petroleum Company^a		1,858,402
	224,180	Parsley Energy, Inc.^a		4,136,121
	116,890	RPC, Inc.^b		1,396,836

		Total		7,391,359


	Financials (26.2%)
	38,916	Affiliated Managers Group, Inc.^a		6,217,220
	99,070	Allied World Assurance Company Holdings AG		3,684,413
	87,070	American Assets Trust, Inc.		3,339,135
	55,108	Ameris Bancorp		1,873,121
	68,921	Argo Group International Holdings, Ltd.		4,124,233
	230,822	Assured Guaranty, Ltd.		6,100,625
	131,539	BBCN Bancorp, Inc.		2,265,102
	397,180	CNO Financial Group, Inc.		7,582,166
	213,818	CoBiz Financial, Inc.		2,869,438
	35,600	Extra Space Storage, Inc.		3,140,276
	366,650	Hanmi Financial Corporation		8,696,938
	138,927	Horace Mann Educators Corporation		4,609,598
	98,927	Houlihan Lokey, Inc.		2,592,877
	333,741	Janus Capital Group, Inc.		4,702,411
	119,760	PacWest Bancorp		5,161,656
	135,850	Parkway Properties, Inc.		2,123,335
	41,791	Pebblebrook Hotel Trust		1,170,984
	141,080	Primerica, Inc.^b		6,663,208
	79,120	Renasant Corporation		2,722,519
	119,965	Stifel Financial Corporation^a		5,081,717
	20,391	SVB Financial Group^a		2,424,490
	358,790	Synovus Financial Corporation		11,617,620
	233,360	Talmer Bancorp, Inc.		4,226,150
	197,720	Terreno Realty Corporation		4,472,426
	17,771	Wintrust Financial Corporation		862,249

		Total		108,323,907


	Health Care (12.9%)
	92,100	Acorda Therapeutics, Inc.^a		3,940,038
	101,530	Akorn, Inc.^a		3,788,084
	66,160	Align Technology, Inc.^a		4,356,636
	43,270	AMN Healthcare Services, Inc.^a		1,343,534
	46,010	Analogic Corporation		3,800,426
	229,250	Depomed, Inc.^a		4,156,303
	73,422	ExamWorks Group, Inc.^a		1,953,025
	106,380	Greatbatch, Inc.^a		5,584,950
	49,010	Neurocrine Biosciences, Inc.^a		2,772,496
	128,940	NuVasive, Inc.^a		6,976,943
	100,200	Teleflex, Inc.^b		13,171,290
	5,703	Wellcare Health Plans, Inc.^a		446,032
	21,574	West Pharmaceutical Services, Inc.		1,299,186

		Total		53,588,943


	Industrials (18.8%)
	11,007	Astec Industries, Inc.		447,985
	89,220	AZZ, Inc.		4,957,956
	105,640	BWX Technologies, Inc.		3,356,183
	145,340	CLARCOR, Inc.		7,220,491
	95,830	Curtiss-Wright Corporation		6,564,355
	222,254	EMCOR Group, Inc.		10,677,082
	17,771	ESCO Technologies, Inc.		642,244
	75,958	FTI Consulting, Inc.^a		2,632,704
	199,945	Granite Construction, Inc.		8,579,640
	106,956	HNI Corporation		3,856,834
	52,998	Huron Consulting Group, Inc.^a		3,148,081
	63,134	Mine Safety Appliances Company		2,744,435
	389,324	Progressive Waste Solutions, Ltd.		9,168,580
	21,770	Proto Labs, Inc.^a,b		1,386,531
	236,830	Raven Industries, Inc.		3,694,548
	110,445	Ritchie Brothers Auctioneers, Inc.^b		2,662,829
	104,500	Tennant Company		5,879,170

		Total		77,619,648


	Information Technology (15.8%)
	74,300	Arista Networks, Inc.^a,b		5,783,512
	134,320	Booz Allen Hamilton Holding Corporation		4,143,772
	146,990	Broadridge Financial Solutions, Inc.		7,897,773
	39,169	Brooks Automation, Inc.		418,325
	43,803	CACI International, Inc.^a		4,064,042
	54,920	Criteo SA ADR^a,b		2,174,832
	20,040	DST Systems, Inc.		2,285,762
	52,230	Envestnet, Inc.^a		1,559,065
	59,690	FEI Company		4,762,665
	74,160	Guidewire Software, Inc.^a		4,461,466
	37,665	Ixia^a		468,176
	239,430	Microsemi Corporation^a		7,803,024
	222,740	National Instruments Corporation		6,390,411
	89,725	Plantronics, Inc.		4,254,759
	215,687	Virtusa Corporation^a		8,916,501

		Total		65,384,085


	Materials (3.8%)
	59,760	Balchem Corporation		3,633,408
	216,500	Chemtura Corporation^a		5,903,955
	314,500	Horsehead Holding Corporation^a,b		644,725
	178,570	PolyOne Corporation		5,671,383

		Total		15,853,471


	Utilities (1.4%)
	86,363	Laclede Group, Inc.		5,130,826
	17,993	PNM Resources, Inc.		550,046

		Total		5,680,872


		Total Common Stock (cost $350,375,036)		386,616,088

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

124

SMALL CAP STOCK PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Registered Investment Companies (3.4%)	Value
	Equity Funds/ETFs (3.4%)
	73,380	iShares Russell 2000 Index Fund^b	$	8,255,984
	62,800	Market Vectors Oil Service ETF^b		1,661,060
	8,954	SPDR S&P Oil & Gas Equipment & Services ETF^b		157,053
	128,370	SPDR S&P Oil & Gas Exploration & Production ETF^b		3,879,341

		Total		13,953,438


		Total Registered Investment Companies (cost $15,136,684)		13,953,438


		Collateral Held for Securities Loaned (9.9%)
	40,959,020	Thrivent Cash Management Trust		40,959,020

		Total Collateral Held for Securities Loaned (cost $40,959,020)		40,959,020


Shares or Principal Amount		Short-Term Investments (3.1%)^c
		Thrivent Cash Management Trust
	12,996,171	0.220%		12,996,171

		Total Short-Term Investments (at amortized cost)		12,996,171

		Total Investments (cost $419,466,911) 109.8%	$	454,524,717

		Other Assets and Liabilities, Net (9.8%)		(40,756,155	)

		Total Net Assets 100.0%	$	413,768,562

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.


Securities Lending Transactions
Common Stock	$	39,664,169

Total lending	$	39,664,169
Gross amount payable upon return of collateral for securities loaned	$	40,959,020

Net amounts due to counterparty	$	1,294,851

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	$	48,679,263
Gross unrealized depreciation		(14,583,627	)

Net unrealized appreciation (depreciation)	$	34,095,636
Cost for federal income tax purposes	$	420,429,081

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 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		43,894,921		43,894,921		—		—
Consumer Staples		8,878,882		8,878,882		—		—
Energy		7,391,359		7,391,359		—		—
Financials		108,323,907		108,323,907		—		—
Health Care		53,588,943		53,588,943		—		—
Industrials		77,619,648		77,619,648		—		—
Information Technology		65,384,085		65,384,085		—		—
Materials		15,853,471		15,853,471		—		—
Utilities		5,680,872		5,680,872		—		—
Registered Investment Companies
Equity Funds/ETFs		13,953,438		13,953,438		—		—
Collateral Held for Securities Loaned		40,959,020		40,959,020		—		—
Short-Term Investments		12,996,171		12,996,171		—		—

Total	$	454,524,717	$	454,524,717	$	—	$	—

There were no significant transfers between Levels during the period ended December 31, 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.

125

SMALL CAP STOCK PORTFOLIO

Schedule of Investments as of December 31, 2015

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2015, for Small 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		1,010,004
Total Equity Contracts			1,010,004

Total		$	1,010,004

Investment in Affiliates

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 December 31, 2015		Value December 31, 2015		Income Earned January 1, 2015 - December 31, 2015
Cash Management Trust-Collateral Investment	$	24,447,972	$	227,910,870	$	211,399,822		40,959,020	$	40,959,020	$	339,653
Cash Management Trust-Short Term Investment		14,077,311		122,312,931		123,394,071		12,996,171		12,996,171		8,696
Total Value and Income Earned	$	38,525,283							$	53,955,191	$	348,349

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

126

SMALL CAP INDEX PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Shares		Common Stock (96.0%)	Value			% of Net Assets
	Consumer Discretionary (13.6%)
	12,100	Helen of Troy, Ltd.^a	$	1,140,425			0.4	%
	10,200	Lithia Motors, Inc.		1,088,034			0.4	%
	18,362	Pool Corporation		1,483,282			0.5	%
	27,080	Texas Roadhouse, Inc.		968,652			0.3	%
		Other Securities^		33,385,826			12.0	%

		Total		38,066,219


	Consumer Staples (2.7%)
		Other Securities^		7,600,145			2.7	%

		Total		7,600,145


	Energy (2.4%)
		Other Securities^		6,604,086			2.4	%

		Total		6,604,086


	Financials (23.4%)
	29,688	Acadia Realty Trust		984,157			0.4	%
	25,630	EPR Properties		1,498,074			0.5	%
	75,010	F.N.B. Corporation		1,000,633			0.4	%
	43,360	Healthcare Realty Trust, Inc.		1,227,955			0.4	%
	26,240	Home BancShares, Inc.		1,063,245			0.4	%
	24,740	Interactive Brokers Group, Inc.		1,078,664			0.4	%
	35,865	Kite Realty Group Trust		929,979			0.3	%
	29,619	MB Financial, Inc.		958,767			0.3	%
	102,230	Medical Properties Trust, Inc.		1,176,667			0.4	%
	33,950	PrivateBancorp, Inc.		1,392,629			0.5	%
	22,910	ProAssurance Corporation		1,111,822			0.4	%
	16,260	RLI Corporation		1,004,055			0.4	%
	19,680	Texas Capital Bancshares, Inc.^a		972,586			0.3	%
	27,780	United Bankshares, Inc.		1,027,582			0.4	%
	20,770	Wintrust Financial Corporation		1,007,760			0.4	%
		Other Securities^		49,092,098			17.5	%

		Total		65,526,673


	Health Care (13.0%)
	16,760	ABIOMED, Inc.^a		1,513,093			0.5	%
	15,345	Cantel Medical Corporation		953,538			0.3	%
	7,240	Chemed Corporation^b		1,084,552			0.4	%
	28,210	Impax Laboratories, Inc.^a		1,206,260			0.4	%
	29,750	Medicines Company^a,^b		1,110,865			0.4	%
	23,630	Medidata Solutions, Inc.^a		1,164,723			0.4	%
	56,580	Nektar Therapeutics^a,^b		953,373			0.3	%
	21,070	NuVasive, Inc.^a		1,140,098			0.4	%
	22,540	Prestige Brands Holdings, Inc.^a		1,160,359			0.4	%
		Other Securities^		26,222,616			9.5	%

		Total		36,509,477


	Industrials (16.2%)
	5,650	Allegiant Travel Company		948,239			0.3	%
	19,670	Curtiss-Wright Corporation		1,347,395			0.5	%
	13,930	Dycom Industries, Inc.^a		974,543			0.3	%
	26,950	EMCOR Group, Inc.		1,294,678			0.5	%
	19,180	EnerSys		1,072,737			0.4	%
	30,877	Healthcare Services Group, Inc.		1,076,681			0.4	%
		Other Securities^		38,562,193			13.8	%

		Total		45,276,466


	Information Technology (15.7%)
	19,920	Blackbaud, Inc.		1,311,931			0.5	%
	10,510	CACI International, Inc.^a		975,118			0.3	%
	20,570	Electronics for Imaging, Inc.^a		961,442			0.3	%
	15,860	Heartland Payment Systems, Inc.		1,503,845			0.5	%
	9,600	Littelfuse, Inc.		1,027,296			0.4	%
	41,160	Microsemi Corporation^a		1,341,404			0.5	%
	15,640	Monolithic Power Systems, Inc.		996,424			0.4	%
	36,510	Take-Two Interactive Software, Inc.^a		1,272,008			0.5	%
	19,040	ViaSat, Inc.^a,b		1,161,630			0.4	%
		Other Securities^		33,380,836			11.9	%

		Total		43,931,934


	Materials (4.2%)
		Other Securities^		11,658,688			4.2	%

		Total		11,658,688


	Telecommunications Services (0.8%)
		Other Securities^		2,390,063			0.8	%

		Total		2,390,063


	Utilities (4.0%)
	19,753	ALLETE, Inc.		1,004,045			0.4	%
	26,780	Avista Corporation		947,209			0.3	%
	18,670	Laclede Group, Inc.		1,109,185			0.4	%
	36,830	New Jersey Resources Corporation		1,213,917			0.4	%
	20,780	NorthWestern Corporation		1,127,315			0.4	%
	34,110	Piedmont Natural Gas Company, Inc.		1,944,952			0.7	%
	20,290	Southwest Gas Corporation		1,119,196			0.4	%
		Other Securities^		2,626,459			1.0	%

		Total		11,092,278


		Total Common Stock (cost $207,614,037)		268,656,029


		Collateral Held for Securities Loaned (5.4%)
	15,229,214	Thrivent Cash Management Trust		15,229,214			5.4	%

		Total Collateral Held for Securities Loaned (cost $15,229,214)		15,229,214

Shares or Principal Amount		Short-Term Investments (4.0%)^c
		Thrivent Cash Management Trust
	10,370,336	0.220%		10,370,336			3.7	%
		Other Securities^		699,955			0.3	%

		Total Short-Term Investments (at amortized cost)		11,070,291

		Total Investments (cost $233,913,542) 105.4%	$	294,955,534

		Other Assets and Liabilities, Net (5.4%)		(15,087,965	)

		Total Net Assets 100.0%	$	279,867,569

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

127

SMALL CAP INDEX PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

^	The Summary Schedule of Investments shows the 50 largest holdings in unaffiliated issuers, any holding or issuer that exceeds 1% of net assets and all affiliated holdings 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.


Securities Lending Transactions
Common Stock	$	14,659,624

Total lending	$	14,659,624
Gross amount payable upon return of collateral for securities loaned	$	15,229,214

Net amounts due to counterparty	$	569,590

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	77,514,031
Gross unrealized depreciation		(20,957,342	)

Net unrealized appreciation (depreciation)	$	56,556,689
Cost for federal income tax purposes	$	238,398,845

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

128

SMALL CAP INDEX PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 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		38,066,219		38,066,219		—		—
Consumer Staples		7,600,145		7,600,145		—		—
Energy		6,604,086		6,604,086		—		—
Financials		65,526,673		65,526,673		—		—
Health Care		36,509,477		36,509,477		—		—
Industrials		45,276,466		45,276,466		—		—
Information Technology		43,931,934		43,931,934		—		—
Materials		11,658,688		11,658,688		—		—
Telecommunications Services		2,390,063		2,390,063		—		—
Utilities		11,092,278		11,092,278		—		—
Collateral Held for Securities Loaned		15,229,214		15,229,214		—		—
Short-Term Investments		11,070,291		10,370,336		699,955		—

Total	$	294,955,534	$	294,255,579	$	699,955	$	—


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Liability Derivatives
Futures Contracts		29,980		29,980		—		—

Total Liability Derivatives	$	29,980	$	29,980	$	—	$	—

There were no significant transfers between Levels during the period ended December 31, 2015. Transfers between Levels are identified as of the end of the period.

The following table presents Small Cap Index Portfolio’s futures contracts held as of December 31, 2015. Investments totaling $599,982 were pledged as the initial margin deposit for these contracts.

Number of

Notional

Contracts

Expiration

Principal

Unrealized

Futures Contracts

Long/(Short)

Date

Amount

Value

Gain/(Loss)

NYBOT NYF mini Russell 2000 Index

March 2016

10,892,380

10,862,400

29,980

)

Total Futures Contracts

29,980

)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 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	$	29,980
Total Equity Contracts			29,980

Total Liability Derivatives		$	29,980

*	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 December 31, 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		1,431,464
Total Equity Contracts			1,431,464

Total		$	1,431,464

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

129

SMALL CAP INDEX PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 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		(753,482	)
Total Equity Contracts			(753,482	)

Total		($	753,482	)

The following table presents Small Cap Index Portfolio’s average volume of derivative activity during the period ended December 31, 2015.


			Futures
			(Percentage
	Futures		of Average
Derivative Risk Category	(Notional)*		Net Assets)
Equity Contracts	$	12,358,874		4.4	%

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

Investment in Affiliates

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 December 31, 2015		Value December 31, 2015		Income Earned January 1, 2015 - December 31, 2015
Cash Management Trust-Collateral Investment	$	23,621,082	$	80,427,542	$	88,819,410		15,229,214	$	15,229,214	$	196,224
Cash Management Trust-Short Term Investment		13,989,739		57,216,419		60,835,822		10,370,336		10,370,336		9,709
Total Value and Income Earned	$	37,610,821							$	25,599,550	$	205,933

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

130

MID CAP STOCK PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (95.5%)	Value
	Consumer Discretionary (7.1%)
	290,450	Cheesecake Factory, Inc.	$	13,392,649
	467,450	DISH Network Corporation^a		26,728,791
	260,869	Scripps Networks Interactive, Inc.		14,402,577
	736,950	Time, Inc.		11,548,007
	552,386	Toll Brothers, Inc.^a		18,394,454

		Total		84,466,478


	Consumer Staples (3.1%)
	209,300	Ingredion, Inc.		20,059,312
	186,899	Molson Coors Brewing Company		17,553,554

		Total		37,612,866


	Energy (4.1%)
	92,125	Cimarex Energy Company		8,234,132
	347,500	Continental Resources, Inc.^a		7,985,550
	33,350	Dril-Quip, Inc.^a		1,975,320
	55,000	Ensco plc		846,450
	139,200	Helix Energy Solutions Group, Inc.^a		732,192
	66,701	HollyFrontier Corporation		2,660,703
	48,500	National Oilwell Varco, Inc.		1,624,265
	59,850	Oceaneering International, Inc.		2,245,572
	53,350	Oil States International, Inc.^a		1,453,788
	501,281	Parsley Energy, Inc.^a		9,248,634
	115,170	Patterson-UTI Energy, Inc.		1,736,764
	87,000	Rowan Companies plc		1,474,650
	201,050	Superior Energy Services, Inc.		2,708,144
	24,400	Tesoro Corporation		2,571,028
	163,456	Weatherford International, Ltd.^a		1,371,396
	50,550	World Fuel Services Corporation		1,944,153

		Total		48,812,741


	Financials (25.5%)
	819,650	Assured Guaranty, Ltd.		21,663,350
	569,127	Brixmor Property Group, Inc.		14,694,859
	185,250	Camden Property Trust		14,219,790
	202,300	Digital Realty Trust, Inc.		15,297,926
	855,900	Duke Realty Corporation		17,991,018
	435,546	First Republic Bank		28,772,169
	1,042,598	Host Hotels & Resorts, Inc.		15,993,453
	3,058,825	Huntington Bancshares, Inc.		33,830,604
	1,367,000	KeyCorp		18,030,730
	170,900	M&T Bank Corporation		20,709,662
	555,300	Nasdaq, Inc.		32,301,801
	378,033	Northern Trust Corporation		27,252,399
	333,022	Raymond James Financial, Inc.		19,305,285
	887,025	Zions Bancorporation		24,215,783

		Total		304,278,829


	Health Care (12.4%)
	476,000	Acorda Therapeutics, Inc.^a,b		20,363,280
	156,432	C.R. Bard, Inc.		29,634,478
	206,500	Edwards Lifesciences Corporation^a		16,309,370
	785,750	Hologic, Inc.^a		30,400,668
	240,903	Universal Health Services, Inc.		28,785,499
	169,000	Waters Corporation^a		22,744,020

		Total		148,237,315


	Industrials (17.4%)
	890,794	ADT Corporation^b		29,378,386
	290,050	AGCO Corporation^b		13,165,369
	227,950	Equifax, Inc.		25,386,792
	177,150	Huntington Ingalls Industries, Inc.		22,471,478
	904,100	Masco Corporation		25,586,030


	683,234	Oshkosh Corporation^b		26,673,455
	994,962	Southwest Airlines Company		42,843,064
	215,800	WABCO Holdings, Inc.^a		22,067,708

		Total		207,572,282


	Information Technology (21.4%)
	167,550	Alliance Data Systems Corporation^a		46,339,304
	1,758,833	Applied Materials, Inc.		32,837,412
	797,132	Juniper Networks, Inc.		22,000,843
	2,154,366	NVIDIA Corporation		71,007,903
	415,554	PayPal Holdings, Inc.^a		15,043,055
	524,850	Progress Software Corporation^a		12,596,400
	416,200	Red Hat, Inc.^a		34,465,522
	1,057,872	Teradyne, Inc.		21,866,214

		Total		256,156,653


	Materials (2.9%)
	678,650	Owens-Illinois, Inc.^a		11,822,083
	1,264,363	Steel Dynamics, Inc.		22,594,167

		Total		34,416,250


	Utilities (1.6%)
	490,050	Public Service Enterprise Group, Inc.		18,960,034

		Total		18,960,034

		Total Common Stock (cost $959,250,531)		1,140,513,448


		Collateral Held for Securities Loaned (4.8%)
	57,473,443	Thrivent Cash Management Trust		57,473,443

		Total Collateral Held for Securities Loaned (cost $57,473,443)		57,473,443


Shares or Principal Amount		Short-Term Investments (4.5%)^c
		Federal National Mortgage Association Discount Notes
	3,175,000	0.180%, 2/2/2016		3,174,492
		Thrivent Cash Management Trust
	50,569,195	0.220%		50,569,195

		Total Short-Term Investments (at amortized cost)		53,743,687

		Total Investments (cost $1,070,467,661) 104.8%	$	1,251,730,578

		Other Assets and Liabilities, Net (4.8%)		(57,150,322	)

		Total Net Assets 100.0%	$	1,194,580,256

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.

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

131

MID CAP STOCK PORTFOLIO

Schedule of Investments as of December 31, 2015


Securities Lending Transactions
Common Stock	$	55,289,517

Total lending	$	55,289,517
Gross amount payable upon return of collateral for securities loaned	$	57,473,443

Net amounts due to counterparty	$	2,183,926

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	207,536,852
Gross unrealized depreciation		(28,566,801	)

Net unrealized appreciation (depreciation)	$	178,970,051
Cost for federal income tax purposes	$	1,072,760,527

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 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		84,466,478		84,466,478		—		—
Consumer Staples		37,612,866		37,612,866		—		—
Energy		48,812,741		48,812,741		—		—
Financials		304,278,829		304,278,829		—		—
Health Care		148,237,315		148,237,315		—		—
Industrials		207,572,282		207,572,282		—		—
Information Technology		256,156,653		256,156,653		—		—
Materials		34,416,250		34,416,250		—		—
Utilities		18,960,034		18,960,034		—		—
Collateral Held for Securities Loaned		57,473,443		57,473,443		—		—
Short-Term Investments		53,743,687		50,569,195		3,174,492		—

Total	$	1,251,730,578	$	1,248,556,086	$	3,174,492	$	—

There were no significant transfers between Levels during the period ended December 31, 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.

132

MID CAP STOCK PORTFOLIO

Schedule of Investments as of December 31, 2015

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2015, for Mid 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		3,762,282
Total Equity Contracts			3,762,282

Total		$	3,762,282

The following table presents Mid Cap Stock Portfolio’s average volume of derivative activity during the period ended December 31, 2015.


			Futures
			(Percentage
	Futures		of Average
Derivative Risk Category	(Notional)*		Net Assets)
Equity Contracts	$	2,152,791		0.2	%

Investment in Affiliates

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 December 31, 2015		Value December 31, 2015		Income Earned January 1, 2015 - December 31, 2015
Cash Management Trust-Collateral Investment	$	29,599,525	$	216,033,740	$	188,159,822		57,473,443	$	57,473,443	$	46,903
Cash Management Trust-Short Term Investment		38,432,404		230,848,421		218,711,630		50,569,195		50,569,195		44,126
Total Value and Income Earned	$	68,031,929							$	108,042,638	$	91,029

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

133

MID CAP INDEX PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Shares		Common Stock (94.2%)	Value		% of Net Assets
	Consumer Discretionary (12.1%)
	15,770	Foot Locker, Inc.	$	1,026,469		0.6	%
	23,830	Jarden Corporation^a		1,361,170		0.8	%
	35,350	LKQ Corporation^a		1,047,421		0.6	%
		Other Securities^		18,398,828		10.1	%

		Total		21,833,888


	Consumer Staples (3.3%)
	8,250	Ingredion, Inc.		790,680		0.4	%
	20,280	WhiteWave Foods Company^a		789,095		0.4	%
		Other Securities^		4,463,216		2.5	%

		Total		6,042,991


	Energy (2.8%)
	21,060	HollyFrontier Corporation		840,083		0.5	%
		Other Securities^		4,164,351		2.3	%

		Total		5,004,434


	Financials (25.2%)
	8,360	Alexandria Real Estate Equities, Inc.		755,410		0.4	%
	1,800	Alleghany Corporation^a		860,274		0.5	%
	20,530	Arthur J. Gallagher & Company		840,498		0.5	%
	10,020	Camden Property Trust		769,135		0.4	%
	39,860	Duke Realty Corporation		837,857		0.5	%
	4,980	Everest Re Group, Ltd.		911,788		0.5	%
	14,200	Extra Space Storage, Inc.		1,252,582		0.7	%
	8,000	Federal Realty Investment Trust		1,168,800		0.7	%
	5,170	Jones Lang LaSalle, Inc.		826,476		0.5	%
	8,720	Mid-America Apartment Communities, Inc.		791,863		0.4	%
	10,670	MSCI, Inc.		769,627		0.4	%
	56,101	New York Community Bancorp, Inc.^b		915,568		0.5	%
	14,685	Raymond James Financial, Inc.		851,289		0.5	%
	10,860	Regency Centers Corporation		739,783		0.4	%
	16,020	SEI Investments Company		839,448		0.5	%
	5,830	Signature Bank^a		894,147		0.5	%
	30,263	UDR, Inc.		1,136,981		0.6	%
		Other Securities^		30,217,339		16.7	%

		Total		45,378,865


	Health Care (9.3%)
	13,750	Centene Corporation^a		904,887		0.5	%
	5,630	Cooper Companies, Inc.		755,546		0.4	%
	28,220	Hologic, Inc.^a		1,091,832		0.6	%
	10,420	IDEXX Laboratories, Inc.^a		759,826		0.4	%
	10,850	Mednax, Inc.^a		777,511		0.4	%
	3,150	Mettler-Toledo International, Inc.^a		1,068,259		0.6	%
	16,120	ResMed, Inc.		865,483		0.5	%
	9,910	STERIS plc		746,619		0.4	%
	5,260	United Therapeutics Corporation^a		823,769		0.5	%
		Other Securities^		8,963,806		5.0	%

		Total		16,757,538


	Industrials (14.2%)
	5,030	Acuity Brands, Inc.		1,176,014		0.6	%
	14,610	Alaska Air Group, Inc.		1,176,251		0.6	%
	18,370	Fortune Brands Home and Security, Inc.		1,019,535		0.6	%
	36,525	JetBlue Airways Corporation^a		827,291		0.5	%
	8,020	Towers Watson & Company		1,030,249		0.6	%


	10,990	Wabtec Corporation		781,609		0.4	%
	14,140	Waste Connections, Inc.		796,365		0.4	%
		Other Securities^		18,849,193		10.5	%

		Total		25,656,507


	Information Technology (16.2%)
	10,270	ANSYS, Inc.^a		949,975		0.5	%
	13,680	Broadridge Financial Solutions, Inc.		735,026		0.4	%
	18,340	CDK Global, Inc.		870,600		0.5	%
	4,800	FactSet Research Systems, Inc.		780,336		0.4	%
	9,550	Gartner, Inc.^a		866,185		0.5	%
	14,970	Global Payments, Inc.		965,715		0.5	%
	18,030	Synopsys, Inc.^a		822,348		0.5	%
		Other Securities^		23,200,611		12.9	%

		Total		29,190,796


	Materials (6.1%)
	12,960	Albemarle Corporation		725,890		0.4	%
	7,250	Ashland, Inc.		744,575		0.4	%
		Other Securities^		9,502,996		5.3	%

		Total		10,973,461


	Telecommunications Services (0.2%)
		Other Securities^		279,741		0.2	%

		Total		279,741


	Utilities (4.8%)
	13,100	Alliant Energy Corporation		818,095		0.5	%
	11,700	Atmos Energy Corporation		737,568		0.4	%
		Other Securities^		7,051,979		3.9	%

		Total		8,607,642


		Total Common Stock (cost $143,269,276)		169,725,863


		Collateral Held for Securities Loaned (3.2%)
	5,872,212	Thrivent Cash Management Trust		5,872,212		3.2	%

		Total Collateral Held for Securities Loaned (cost $5,872,212)		5,872,212


Shares or Principal Amount		Short-Term Investments (5.7%)^c
		Thrivent Cash Management Trust
	9,442,638	0.220%		9,442,638		5.2	%
		Other Securities^		799,975		0.5	%

		Total Short-Term Investments (at amortized cost)		10,242,613

		Total Investments (cost $159,384,101) 103.1%	$	185,840,688

		Other Assets and Liabilities, Net (3.1%)		(5,670,398	)

		Total Net Assets 100.0%	$	180,170,290

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

134

MID CAP INDEX PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

^	The Summary Schedule of Investments shows the 50 largest holdings in unaffiliated issuers, any holding or issuer that exceeds 1% of net assets and all affiliated holdings 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.


Securities Lending Transactions
Common Stock	$	5,621,285

Total lending	$	5,621,285
Gross amount payable upon return of collateral for securities loaned	$	5,872,212

Net amounts due to counterparty	$	250,927

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	36,172,102
Gross unrealized depreciation		(11,579,391	)

Net unrealized appreciation (depreciation)	$	24,592,711
Cost for federal income tax purposes	$	161,247,977

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

135

MID CAP INDEX PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 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		21,833,888		21,833,888		—		—
Consumer Staples		6,042,991		6,042,991		—		—
Energy		5,004,434		5,004,434		—		—
Financials		45,378,865		45,378,865		—		—
Health Care		16,757,538		16,757,538		—		—
Industrials		25,656,507		25,656,507		—		—
Information Technology		29,190,796		29,190,796		—		—
Materials		10,973,461		10,973,461		—		—
Telecommunications Services		279,741		279,741		—		—
Utilities		8,607,642		8,607,642		—		—
Collateral Held for Securities Loaned		5,872,212		5,872,212		—		—
Short-Term Investments		10,242,613		9,442,638		799,975		—

Total	$	185,840,688	$	185,040,713	$	799,975	$	—


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Liability Derivatives
Futures Contracts		38,036		38,036		—		—

Total Liability Derivatives	$	38,036	$	38,036	$	—	$	—

There were no significant transfers between Levels during the period ended December 31, 2015. Transfers between Levels are identified as of the end of the period.

The following table presents Mid Cap Index Portfolio’s futures contracts held as of December 31, 2015. Investments totaling $499,989 were pledged as the initial margin deposit for these contracts.

Number of

Notional

Contracts

Expiration

Principal

Unrealized

Futures Contracts

Long/(Short)

Date

Amount

Value

Gain/(Loss)

S&P 400 Index Mini-Futures

March 2016

10,071,236

10,033,200

38,036

)

Total Futures Contracts

38,036

)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 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	$	38,036
Total Equity Contracts			38,036

Total Liability Derivatives		$	38,036

*	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 December 31, 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		1,362,913
Total Equity Contracts			1,362,913

Total		$	1,362,913

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

136

MID CAP INDEX PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 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		(653,362	)
Total Equity Contracts			(653,362	)

Total		($	653,362	)

The following table presents Mid Cap Index Portfolio’s average volume of derivative activity during the period ended December 31, 2015.


			Futures
			(Percentage
	Futures		of Average
Derivative Risk Category	(Notional)*		Net Assets)
Equity Contracts	$	12,254,441		7.3	%

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

Investment in Affiliates

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 December 31, 2015		Value December 31, 2015		Income Earned January 1, 2015 - December 31, 2015
Cash Management Trust-Collateral Investment	$	5,801,543	$	41,434,764	$	41,364,095		5,872,212	$	5,872,212	$	55,339
Cash Management Trust-Short Term Investment		16,844,745		59,965,652		67,367,759		9,442,638		9,442,638		9,210
Total Value and Income Earned	$	22,646,288							$	15,314,850	$	64,549

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

137

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Shares		Common Stock (86.6%)	Value		% of Net Assets
	Australia (3.1%)
		Other Securities^	$	49,840,872		3.1	%

		Total		49,840,872


	Austria (0.2%)
		Other Securities^		3,110,027		0.2	%

		Total		3,110,027


	Belgium (1.1%)
		Other Securities^		17,456,000		1.1	%

		Total		17,456,000


	Bermuda (0.6%)
	209,374	Jardine Matheson Holdings, Ltd.		10,139,467		0.6	%
		Other Securities^		103,280		<0.1	%

		Total		10,242,747


	Brazil (0.9%)
		Other Securities^		13,688,628		0.9	%

		Total		13,688,628


	Canada (2.7%)
		Other Securities^		43,397,624		2.7	%

		Total		43,397,624


	Chile (0.1%)
		Other Securities^		2,404,597		0.1	%

		Total		2,404,597


	China (0.8%)
	9,507,180	Lenovo Group, Ltd.		9,594,584		0.6	%
		Other Securities^		3,848,942		0.2	%

		Total		13,443,526


	Denmark (2.2%)
	286,154	Danske Bank AS		7,678,171		0.5	%
	216,379	Novo Nordisk AS		12,527,956		0.8	%
		Other Securities^		15,380,162		0.9	%

		Total		35,586,289


	Faroe Islands (0.1%)
		Other Securities^		1,213,453		0.1	%

		Total		1,213,453


	Finland (0.3%)
		Other Securities^		4,189,044		0.3	%

		Total		4,189,044


	France (7.2%)
	535,491	AXA SA		14,631,606		0.9	%
	157,835	Cap Gemini SA		14,644,895		0.9	%
	55,700	Christian Dior SE		9,461,386		0.6	%
	278,137	Compagnie de Saint-Gobain		12,053,208		0.8	%
	528,642	Engie		9,364,001		0.6	%
	221,587	Societe Generale		10,211,260		0.7	%
		Other Securities^		45,062,629		2.7	%

		Total		115,428,985


	Germany (5.3%)
	140,194	Daimler AG		11,713,833		0.7	%
	113,573	SAP SE		9,012,427		0.6	%
	366,679	ThyssenKrupp AG		7,268,851		0.4	%
		Other Securities^		57,466,472		3.6	%

		Total		85,461,583


	Hong Kong (2.9%)
	963,516	Cheung Kong Holdings, Ltd.		12,951,513		0.8	%
		Other Securities^		33,249,024		2.1	%

		Total		46,200,537


	Hungary (0.1%)
		Other Securities^		2,038,446		0.1	%

		Total		2,038,446


	India (2.0%)
		Other Securities^		32,339,413		2.0	%

		Total		32,339,413


	Indonesia (0.5%)
	13,098,100	Astra International Tbk PT		5,642,040		0.4	%
		Other Securities^		2,255,154		0.1	%

		Total		7,897,194


	Ireland (1.1%)
		Other Securities^		17,785,882		1.1	%

		Total		17,785,882


	Israel (0.3%)
		Other Securities^		5,303,959		0.3	%

		Total		5,303,959


	Italy (2.9%)
	538,071	Assicurazioni Generali SPA		9,828,829		0.6	%
	2,964,208	Intesa Sanpaolo SPA		9,844,188		0.6	%
		Other Securities^		26,620,852		1.7	%

		Total		46,293,869


	Japan (17.8%)
	313,800	KDDI Corporation		8,149,447		0.5	%
	1,803,121	Leopalace21 Corporation^a		9,759,819		0.6	%
	3,133,129	Mitsui Chemicals, Inc.		13,895,454		0.9	%
	391,381	MS and AD Insurance Group Holdings, Inc.		11,477,120		0.7	%
	3,271,464	Nippon Yusen Kabushiki Kaisha		7,929,022		0.5	%
	1,127,275	Nissan Motor Company, Ltd.		11,803,406		0.7	%
	168,508	SoftBank Group Corporation		8,504,667		0.6	%
	937,890	Sumitomo Corporation		9,562,099		0.6	%
	2,702,284	Sumitomo Mitsui Trust Holdings, Inc.		10,234,446		0.6	%
	167,700	Toyota Motor Corporation		10,326,802		0.7	%

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

138

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


					% of Net
Shares		Common Stock (86.6%)	Value		Assets
	Japan (17.8%) - continued
		Other Securities^	$	184,961,092		11.4	%

		Total		286,603,374


	Jersey (0.7%)
	398,350	WPP plc		9,162,813		0.6	%
		Other Securities^		2,351,060		0.1	%

		Total		11,513,873


	Luxembourg (0.2%)
		Other Securities^		3,301,089		0.2	%

		Total		3,301,089


	Malaysia (0.2%)
		Other Securities^		3,467,853		0.2	%

		Total		3,467,853


	Mexico (1.1%)
	78,000	Fomento Economico Mexicano SAB de CV ADR		7,203,300		0.5	%
		Other Securities^		9,697,721		0.6	%

		Total		16,901,021


	Netherlands (4.8%)
	2,324,151	Aegon NV		13,144,217		0.8	%
	223,225	AerCap Holdings NV^a		9,634,391		0.6	%
	121,286	ASML Holding NV		10,776,501		0.7	%
	1,286,233	BAM Group^a		7,150,617		0.5	%
	193,967	Koninklijke DSM NV		9,726,614		0.6	%
	221,490	Unilever NV		9,653,495		0.6	%
		Other Securities^		17,195,243		1.0	%

		Total		77,281,078


	New Zealand (0.2%)
		Other Securities^		2,828,112		0.2	%

		Total		2,828,112


	Norway (1.3%)
	761,459	Marine Harvest ASA		10,245,299		0.6	%
		Other Securities^		10,445,245		0.7	%

		Total		20,690,544


	Philippines (0.5%)
		Other Securities^		7,875,197		0.5	%

		Total		7,875,197


	Poland (0.2%)
		Other Securities^		3,190,193		0.2	%

		Total		3,190,193


	Portugal (0.3%)
		Other Securities^		4,534,964		0.3	%

		Total		4,534,964


	Russia (0.5%)
		Other Securities^		7,810,620		0.5	%

		Total		7,810,620


	Singapore (0.1%)
		Other Securities^		1,425,983		0.1	%

		Total		1,425,983


	South Africa (0.4%)
		Other Securities^		6,382,909		0.4	%

		Total		6,382,909


	South Korea (1.1%)
	9,262	Samsung Electronics Company, Ltd.		9,878,685		0.6	%
		Other Securities^		7,606,891		0.5	%

		Total		17,485,576


	Spain (2.3%)
	1,140,365	Iberdrola SA		8,084,060		0.5	%
		Other Securities^		29,554,190		1.8	%

		Total		37,638,250


	Sweden (2.1%)
	884,225	Volvo AB		8,199,029		0.5	%
		Other Securities^		25,567,786		1.6	%

		Total		33,766,815


	Switzerland (7.2%)
	152,177	Adecco SA		10,415,411		0.7	%
	424,926	Credit Suisse Group AG		9,153,740		0.6	%
	17,194	Georg Fischer AG		11,673,052		0.7	%
	170,394	LafargeHolcim, Ltd.		8,532,450		0.5	%
	157,138	Nestle SA		11,665,179		0.7	%
	234,631	Novartis AG		20,182,789		1.2	%
	94,401	Roche Holding AG		26,159,311		1.6	%
		Other Securities^		17,256,856		1.2	%

		Total		115,038,788


	Taiwan (0.6%)
	1,838,951	Taiwan Semiconductor Manufacturing Company, Ltd.		7,933,678		0.5	%
		Other Securities^		2,011,318		0.1	%

		Total		9,944,996


	Thailand (1.0%)
	19,481,969	Krung Thai Bank pcl		8,985,003		0.6	%
		Other Securities^		7,344,955		0.4	%

		Total		16,329,958


	Turkey (0.6%)
		Other Securities^		9,714,521		0.6	%

		Total		9,714,521


	United Kingdom (8.8%)
	1,390,457	BAE Systems plc		10,237,322		0.6	%
	173,210	Bellway plc		7,242,546		0.4	%

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

139

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


				% of Net
Shares	Common Stock (86.6%)	Value		Assets
United Kingdom (8.8%) - continued
	Other Securities^	$	123,516,917		7.8	%

	Total		140,996,785


United States (0.2%)
	Other Securities^		3,119,235		0.2	%

	Total		3,119,235


	Total Common Stock (cost $1,387,207,486)		1,391,164,409


Principal Amount	Long-Term Fixed Income (10.8%)
Argentina (0.3%)
	Other Securities^		4,828,080		0.3	%

	Total		4,828,080


Azerbaijan (<0.1%)
	Other Securities^		757,879		<0.1	%

	Total		757,879


Belize (<0.1%)
	Other Securities^		83,880		<0.1	%

	Total		83,880


Bermuda (<0.1%)
	Other Securities^		173,250		<0.1	%

	Total		173,250


Brazil (0.4%)
	Other Securities^		6,771,021		0.4	%

	Total		6,771,021


Bulgaria (<0.1%)
	Other Securities^		207,991		<0.1	%

	Total		207,991


Cayman Islands (<0.1%)
	Other Securities^		110,825		<0.1	%

	Total		110,825


Chile (0.5%)
	Other Securities^		6,988,371		0.5	%

	Total		6,988,371


China (<0.1%)
	Other Securities^		241,289		<0.1	%

	Total		241,289


Colombia (0.6%)
	Other Securities^		8,331,288		0.6	%

	Total		8,331,288


Costa Rica (0.3%)
	Other Securities^		4,722,050		0.3	%

	Total		4,722,050


Croatia (0.4%)
	Other Securities^		5,671,034		0.4	%

	Total		5,671,034


Czech Republic (<0.1%)
	Other Securities^		310,587		<0.1	%

	Total		310,587


Dominican Republic (0.6%)
	Other Securities^		9,924,201		0.6	%

	Total		9,924,201


Ecuador (0.1%)
	Other Securities^		1,227,884		0.1	%

	Total		1,227,884


El Salvador (0.2%)
	Other Securities^		2,866,709		0.2	%

	Total		2,866,709


Ethiopia (0.1%)
	Other Securities^		885,500		0.1	%

	Total		885,500


Gabon (<0.1%)
	Other Securities^		298,996		<0.1	%

	Total		298,996


Ghana (0.1%)
	Other Securities^		902,905		0.1	%

	Total		902,905


Guatemala (0.1%)
	Other Securities^		1,990,650		0.1	%

	Total		1,990,650


Honduras (0.1%)
	Other Securities^		2,543,900		0.1	%

	Total		2,543,900


Hong Kong (<0.1%)
	Other Securities^		404,565		<0.1	%

	Total		404,565


Hungary (0.6%)
	Other Securities^		9,074,821		0.6	%

	Total		9,074,821

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

140

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Principal Amount	Long-Term Fixed Income (10.8%)	Value		% of Net Assets
India (<0.1%)
	Other Securities^	$	700,838		<0.1	%

	Total		700,838


Indonesia (0.7%)
	Other Securities^		11,531,381		0.7	%

	Total		11,531,381


Iraq (0.1%)
	Other Securities^		807,648		0.1	%

	Total		807,648


Israel (<0.1%)
	Other Securities^		220,818		<0.1	%

	Total		220,818


Jamaica (<0.1%)
	Other Securities^		642,950		<0.1	%

	Total		642,950


Kazakhstan (0.2%)
	Other Securities^		3,188,119		0.2	%

	Total		3,188,119


Kenya (0.1%)
	Other Securities^		2,056,250		0.1	%

	Total		2,056,250


Latvia (<0.1%)
	Other Securities^		607,319		<0.1	%

	Total		607,319


Luxembourg (0.2%)
	Other Securities^		3,758,334		0.2	%

	Total		3,758,334


Macedonia, The Former Yugoslav Republic Of (0.1%)
	Other Securities^		851,382		0.1	%

	Total		851,382


Mexico (0.9%)
	Other Securities^		13,799,431		0.9	%

	Total		13,799,431


Montenegro (<0.1%)
	Other Securities^		205,286		<0.1	%

	Total		205,286


Mozambique (<0.1%)
	Other Securities^		363,636		<0.1	%

	Total		363,636


Namibia (<0.1%)
	Other Securities^		251,100		<0.1	%

	Total		251,100


Netherlands (<0.1%)
	Other Securities^		348,500		<0.1	%

	Total		348,500


Nigeria (<0.1%)
	Other Securities^		537,750		<0.1	%

	Total		537,750


Pakistan (0.1%)
	Other Securities^		1,058,960		0.1	%

	Total		1,058,960


Panama (0.1%)
	Other Securities^		1,423,986		0.1	%

	Total		1,423,986


Paraguay (0.1%)
	Other Securities^		2,004,623		0.1	%

	Total		2,004,623


Peru (0.1%)
	Other Securities^		2,245,045		0.1	%

	Total		2,245,045


Philippines (0.1%)
	Other Securities^		2,251,227		0.1	%

	Total		2,251,227


Romania (<0.1%)
	Other Securities^		597,639		<0.1	%

	Total		597,639


Russia (0.2%)
	Other Securities^		2,941,830		0.2	%

	Total		2,941,830


South Africa (0.4%)
	Other Securities^		5,116,790		0.4	%

	Total		5,116,790


South Korea (0.1%)
	Other Securities^		1,022,785		0.1	%

	Total		1,022,785


Sri Lanka (0.4%)
	Other Securities^		6,440,880		0.4	%

	Total		6,440,880

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

141

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (10.8%)	Value			% of Net Assets
	Supranational (0.1%)
		Other Securities^	$	715,240			0.1	%

		Total		715,240


	Turkey (0.4%)
		Other Securities^		6,388,222			0.4	%

		Total		6,388,222


	Ukraine (0.2%)
		Other Securities^		2,413,450			0.2	%

		Total		2,413,450


	United Arab Emirates (0.1%)
		Other Securities^		1,120,797			0.1	%

		Total		1,120,797


	United States (0.9%)
		Other Securities^		14,403,540			0.9	%

		Total		14,403,540


	Venezuela (0.5%)
		Other Securities^		8,661,555			0.5	%

		Total		8,661,555


	Vietnam (0.2%)
		Other Securities^		3,366,553			0.2	%

		Total		3,366,553


	Virgin Islands, British (<0.1%)
		Other Securities^		321,975			<0.1	%

		Total		321,975


	Zambia (0.1%)
		Other Securities^		1,178,705			0.1	%

		Total		1,178,705


		Total Long-Term Fixed Income (cost $187,732,090)		172,862,220


Shares		Preferred Stock (0.8%)
	Brazil (0.1%)
		Other Securities^		1,717,507			0.1	%

		Total		1,717,507


	South Korea (0.7%)
	11,350	Samsung Electronics Company, Ltd.		10,491,805			0.7	%

		Total		10,491,805


		Total Preferred Stock (cost $14,100,993)		12,209,312


		Collateral Held for Securities Loaned (1.1%)
	18,465,884	Thrivent Cash Management Trust		18,465,884			1.1	%

		Total Collateral Held for Securities Loaned (cost $18,465,884)		18,465,884


Shares or Principal Amount		Short-Term Investments (1.1%)^b
		Thrivent Cash Management Trust
	17,322,047	0.220%		17,322,047			1.1	%
		Other Securities^		99,996			<0.1	%

		Total Short-Term Investments (at amortized cost)		17,422,043

		Total Investments (cost $1,624,928,496) 100.4%	$	1,612,123,868

		Other Assets and Liabilities, Net (0.4%)		(6,563,246	)

		Total Net Assets 100.0%	$	1,605,560,622

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

a	Non-income producing security.

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

Partner Worldwide Allocation Portfolio held restricted securities as of December 31, 2015. 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. As of December 31, 2015, the value of these investments was $9,693,674 or 0.6% of total net assets.

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Partner Worldwide Allocation Portfolio as of December 31, 2015:


Securities Lending Transactions
Common Stock	$	17,361,358

Total lending	$	17,361,358
Gross amount payable upon return of collateral for securities loaned	$	18,465,884

Net amounts due to counterparty	$	1,104,526

Definitions:


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

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

142

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	148,775,769
Gross unrealized depreciation		(166,318,449	)

Net unrealized appreciation (depreciation)	$	(17,542,680	)
Cost for federal income tax purposes	$	1,629,666,548

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 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		191,905,057		3,119,235		188,785,822		—
Consumer Staples		156,002,631		7,203,300		148,799,331		—
Energy		47,462,877		7,249,850		40,213,027		—
Financials^		347,436,146		7,512,361		339,923,113		672
Health Care		123,562,950		4,750,564		118,812,386		—
Industrials		226,881,307		15,800,580		211,080,727		—
Information Technology		123,171,119		—		122,326,215		844,904
Materials		104,257,585		631,259		103,626,326		—
Telecommunications Services		43,632,962		—		43,632,961		1
Utilities		26,851,775		—		26,851,775		—
Long-Term Fixed Income
Basic Materials		1,616,073		—		1,616,073		—
Capital Goods		585,317		—		585,317		—
Communications Services		3,760,332		—		3,760,332		—
Consumer Cyclical		643,620		—		643,620		—
Consumer Non-Cyclical^		2,103,334		—		2,103,334		0
Energy		9,065,198		—		9,065,198		—
Financials		10,212,551		—		10,212,551		—
Foreign Government		123,180,647		—		122,325,187		855,460
Transportation		2,295,489		—		2,295,489		—
U.S. Government and Agencies		11,534,747		—		11,534,747		—
U.S. Municipal		2,133,324		—		2,133,324		—
Utilities		5,731,588		—		5,731,588		—
Preferred Stock
Information Technology		10,491,805		—		10,491,805		—
Materials		1,717,507		1,717,507		—		—
Collateral Held for Securities Loaned		18,465,884		18,465,884		—		—
Short-Term Investments		17,422,043		17,322,047		99,996		—

Total	$	1,612,123,868	$	83,772,587	$	1,526,650,244	$	1,701,037


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		98,516		98,516		—		—
Foreign Currency Forward Contracts		832,453		—		832,453		—

Total Asset Derivatives	$	930,969	$	98,516	$	832,453	$	—

Liability Derivatives
Futures Contracts		316,411		316,411		—		—
Foreign Currency Forward Contracts		813,272		—		813,272		—

Total Liability Derivatives	$	1,129,683	$	316,411	$	813,272	$	—

There were no significant transfers between Levels during the period ended December 31, 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.

143

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

The following table presents Partner Worldwide Allocation Portfolio’s futures contracts held as of December 31, 2015. Investments and/or cash totaling $724,353 were pledged as the initial margin deposit for these contracts.


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		91			March 2016	$	19,786,852		$	19,768,329		($	18,523	)
5-Yr. U.S. Treasury Bond Futures		121			March 2016		14,337,944			14,316,757			(21,187	)
10-Yr. U.S. Treasury Bond Futures		112			March 2016		14,129,249			14,101,500			(27,749	)
30-Yr. U.S. Treasury Bond Futures		79			March 2016		12,141,318			12,146,250			4,932
CME 3 Month Eurodollar Futures		(71	)		September 2016		(17,425,095	)		(17,560,963	)		(135,868	)
Eurex 10-yr. Euro Bund Futures		(23	)		March 2016		(3,932,841	)		(3,949,270	)		(16,429	)
Eurex 2-Yr. Euro Schatz Futures		(46	)		March 2016		(5,585,770	)		(5,574,470	)		11,300
Eurex 30-Yr. Euro Buxl Futures		(3	)		March 2016		(503,158	)		(492,170	)		10,988
Eurex 5-Yr. Euro Bobl Futures		(16	)		March 2016		(2,270,525	)		(2,272,102	)		(1,577	)
Eurex Euro STOXX 50 Index		54			March 2016		1,906,604			1,920,167			13,563
FTSE 100 Index		11			March 2016		974,824			1,005,086			30,262
HKG Hang Seng Index		1			January 2016		141,105			141,354			249
ICE mini MSCI EAFE Index		23			March 2016		1,959,403			1,952,930			(6,473	)
SFE S&P ASX Share Price Index 200		5			March 2016		451,915			478,846			26,931
SGX MSCI Singapore Index		6			January 2016		136,644			136,935			291
TSE Tokyo Price Index		10			March 2016		1,296,912			1,287,491			(9,421	)
Ultra Long Term U.S. Treasury Bond Futures		(91	)		March 2016		(14,361,379	)		(14,440,563	)		(79,184	)
Total Futures Contracts												($	217,895	)

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

144

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

The following table presents Partner Worldwide Allocation Portfolio’s foreign currency forward contracts held as of December 31, 2015.


Foreign Currency Forward Contracts	Counterparty		Contracts to Deliver/Receive		Settlement Date	Value on Settlement Date		Value		Unrealized Gain/(Loss)
Purchases
Brazilian Real		HSBC		2,531,563	1/5/2016	$	657,133	$	638,768	($	18,365	)
Brazilian Real		UBS		1,154,309	1/5/2016		303,000		291,257		(11,743	)
Brazilian Real		MSC		6,970,074	1/5/2016		1,793,319		1,758,701		(34,618	)
Brazilian Real		BOA		2,315,149	1/5/2016		592,898		584,162		(8,736	)
Brazilian Real		RBC		3,700,689	1/5/2016		934,381		933,764		(617	)
Chilean Peso		CITI		564,347,659	1/12/2016 - 1/27/2016		791,146		794,956		3,810
Chilean Peso		CSFB		317,941,487	1/13/2016		452,039		448,222		(3,817	)
Chinese Yuan		JPM		1,981,328	3/16/2016		300,000		303,646		3,646
Chinese Yuan		CITI		8,420,224	3/16/2016		1,294,722		1,290,433		(4,289	)
Chinese Yuan		SB		3,924,878	3/16/2016		596,000		601,503		5,503
Chinese Yuan		UBS		1,974,925	3/16/2016		299,000		302,665		3,665
Chinese Yuan		HSBC		11,238,978	3/16/2016 -9/1/2016		1,701,000		1,720,959		19,959
Colombian Peso		CSFB		946,573,580	1/12/2016		300,404		298,031		(2,373	)
Colombian Peso		SB		1,478,545,900	1/27/2016		482,917		465,230		(17,687	)
Colombian Peso		CITI		398,277,000	1/12/2016		121,267		125,398		4,131
Colombian Peso		HSBC		598,137,918	1/27/2016		178,309		188,207		9,898
Colombian Peso		DB		1,220,249,208	1/15/2016		383,064		384,149		1,085
Euro		BNP		199,000	3/16/2016		216,413		216,651		238
Euro		UBS		273,000	3/16/2016		294,990		297,214		2,224
Euro		BOA		273,000	3/16/2016		300,300		297,214		(3,086	)
Hungarian Forint		BNP		125,278,080	3/16/2016		426,493		432,505		6,012
Hungarian Forint		CITI		125,477,329	3/16/2016		435,897		433,193		(2,704	)
Hungarian Forint		RBS		129,272,015	3/16/2016		438,954		446,293		7,339
Indonesian Rupiah		DB		3,593,652,705	1/4/2016		260,523		260,457		(66	)
Indonesian Rupiah		HSBC		3,593,652,705	1/4/2016		261,357		260,457		(900	)
Malaysian Ringgit		HSBC		1,288,177	1/4/2016		300,309		299,974		(335	)
Malaysian Ringgit		BNP		1,288,177	1/4/2016		299,576		299,974		398
Mexican Peso		RBC		22,793,536	3/16/2016		1,345,123		1,316,028		(29,095	)
Mexican Peso		JPM		34,910,587	3/16/2016		2,041,940		2,015,629		(26,311	)
Mexican Peso		RBS		21,372,170	3/16/2016		1,282,905		1,233,963		(48,942	)
Mexican Peso		HSBC		5,119,654	3/16/2016		296,000		295,593		(407	)
Mexican Peso		UBS		23,608,961	3/16/2016		1,421,841		1,363,108		(58,733	)
New Taiwan Dollar		BB		9,905,676	1/8/2016		303,000		301,609		(1,391	)
Polish Zloty		CITI		10,545,369	3/16/2016		2,615,030		2,689,428		74,398
Polish Zloty		RBS		1,228,819	3/16/2016		304,189		313,391		9,202
Russian Ruble		CSFB		21,011,965	1/28/2016		295,000		286,135		(8,865	)
Russian Ruble		CITI		81,376,021	1/12/2016 - 1/27/2016		1,201,678		1,109,458		(92,220	)
Russian Ruble		JPM		101,681,870	1/12/2016 - 1/21/2016		1,482,581		1,388,311		(94,270	)
Russian Ruble		HSBC		68,277,382	1/14/2016 - 2/11/2016		990,292		930,077		(60,215	)
Russian Ruble		MSC		110,023,973	1/14/2016 - 2/3/2016		1,572,885		1,499,671		(73,214	)
South African Rand		SB		4,586,706	3/16/2016		300,000		292,687		(7,313	)
South Korean Won		DB		355,271,800	1/15/2016		299,000		302,946		3,946
South Korean Won		SB		1,047,849,492	1/8/2016 - 1/19/2016		892,000		893,515		1,515
South Korean Won		UBS		355,724,785	1/15/2016		299,000		303,332		4,332
South Korean Won		HSBC		354,388,500	1/14/2016		300,000		302,195		2,195
South Korean Won		BB		349,617,710	1/14/2016		299,000		298,127		(873	)
South Korean Won		SSB		703,672,080	1/15/2016		604,000		600,032		(3,968	)
Turkish Lira		RBS		914,327	3/16/2016		299,000		306,914		7,914
Total Purchases						$	32,859,875	$	32,416,132	($	443,743	)
Sales
Brazilian Real		HSBC		2,531,563	1/5/2016	$	653,188	$	638,768	$	14,420
Brazilian Real		BOA		2,315,149	1/5/2016		605,000		584,162		20,838
Brazilian Real		RBC		6,243,876	1/5/2016 - 2/2/2016		1,578,816		1,569,325		9,491
Brazilian Real		MSC		9,358,202	1/5/2016 - 2/2/2016		2,388,759		2,355,511		33,248
Brazilian Real		UBS		1,154,309	1/5/2016		295,613		291,257		4,356
Brazilian Real		DB		6,032,168	2/2/2016		1,569,733		1,507,482		62,251
Chilean Peso		RBS		507,793,189	1/11/2016 - 1/15/2016		718,838		715,867		2,971
Chilean Peso		HSBC		169,503,819	1/12/2016		239,000		238,981		19
Chinese Yuan		HSBC		7,843,408	3/16/2016 - 9/1/2016		1,192,000		1,197,733		(5,733	)
Chinese Yuan		SB		10,093,859	3/16/2016 - 9/1/2016		1,550,924		1,539,765		11,159
Chinese Yuan		CITI		7,877,541	3/16/2016 - 9/1/2016		1,199,003		1,205,828		(6,825	)
Chinese Yuan		BB		6,529,181	9/1/2016		980,358		995,856		(15,498	)

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

145

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Foreign Currency Forward Contracts	Counterparty		Contracts to Deliver/Receive		Settlement Date	Value on Settlement Date		Value		Unrealized Gain/(Loss)
Sales - continued
Chinese Yuan		JPM		7,831,630	3/16/2016 - 9/1/2016	$	1,196,000	$	1,195,954	$	46
Chinese Yuan		BOA		1,972,229	3/16/2016		299,000		302,252		(3,252	)
Chinese Yuan		WBC		3,912,665	9/1/2016		596,000		596,775		(775	)
Chinese Yuan		DB		10,008,638	3/16/2016 - 9/1/2016		1,510,054		1,527,993		(17,939	)
Colombian Peso		DB		821,582,818	1/21/2016		245,434		258,579		(13,145	)
Colombian Peso		RBS		707,853,954	1/19/2016		213,000		222,803		(9,803	)
Czech Republic Korun		ML		6,397,559	3/16/2016		256,312		258,278		(1,966	)
Euro		CITI		17,689,695	2/10/2016 - 3/16/2016		19,290,650		19,245,569		45,081
Euro		RBS		286,000	3/16/2016		304,189		311,367		(7,178	)
Hong Kong Dollar		BB		1,855,000	1/22/2016		239,383		239,412		(29	)
Hungarian Forint		BNP		62,607,788	3/16/2016		216,413		216,145		268
Indonesian Rupiah		DB		7,702,000,305	1/4/2016 - 1/11/2016		554,663		557,741		(3,078	)
Indonesian Rupiah		JPM		10,131,888,333	1/22/2016 - 2/19/2016		710,045		728,598		(18,553	)
Indonesian Rupiah		BB		4,147,800,000	2/17/2016		287,642		297,613		(9,971	)
Indonesian Rupiah		HSBC		11,443,607,189	1/4/2016 - 1/19/2016		823,861		828,218		(4,357	)
Indonesian Rupiah		MSC		4,064,940,000	1/19/2016		291,561		293,602		(2,041	)
Israel Shekel		BB		1,015,282	3/16/2016		263,224		261,501		1,723
Malaysian Ringgit		HSBC		1,288,177	1/4/2016		303,000		299,974		3,026
Malaysian Ringgit		BNP		2,576,354	1/4/2016 - 1/8/2016		599,836		599,892		(56	)
Mexican Peso		RBS		5,086,201	3/16/2016		296,000		293,661		2,339
Mexican Peso		CITI		22,097,123	2/5/2016		1,292,615		1,279,362		13,253
Mexican Peso		BB		49,245,952	1/21/2016 - 2/25/2016		2,952,383		2,848,614		103,769
Mexican Peso		MSC		12,658,973	2/4/2016 - 3/16/2016		753,517		732,138		21,379
Mexican Peso		BOA		28,977,353	1/28/2016 - 3/10/2016		1,714,973		1,675,240		39,733
Mexican Peso		JPM		20,198,250	3/3/2016		1,210,237		1,167,343		42,894
New Taiwan Dollar		BNP		28,048,964	1/8/2016 - 1/29/2016		862,445		854,184		8,261
New Taiwan Dollar		JPM		22,106,585	2/4/2016		675,836		673,396		2,440
New Taiwan Dollar		BOA		29,455,499	1/11/2016 - 1/19/2016		896,137		896,986		(849	)
New Taiwan Dollar		WBC		14,506,231	1/8/2016 - 2/4/2016		445,092		441,751		3,341
New Taiwan Dollar		HSBC		32,183,761	1/21/2016		980,834		980,142		692
Polish Zloty		UBS		1,178,535	3/16/2016		294,990		300,567		(5,577	)
Polish Zloty		BOA		1,192,191	3/16/2016		300,300		304,049		(3,749	)
Russian Ruble		JPM		59,041,214	1/19/2016		829,000		805,542		23,458
Russian Ruble		CSFB		41,288,401	1/12/2016 - 1/14/2016		602,000		564,042		37,958
Russian Ruble		MSC		21,077,550	1/12/2016		300,000		288,003		11,997
Russian Ruble		HSBC		33,037,772	1/12/2016 - 1/22/2016		483,895		451,167		32,728
Singapore Dollar		BOA		1,261,260	3/16/2016		892,896		887,913		4,983
Singapore Dollar		HSBC		1,261,304	3/16/2016		890,846		887,944		2,902
South African Rand		BB		4,649,201	3/16/2016		300,000		296,675		3,325
South Korean Won		BOA		820,812,194	1/14/2016		692,084		699,925		(7,841	)
South Korean Won		BNP		961,208,720	1/14/2016		827,280		819,645		7,635
South Korean Won		UBS		2,089,474,175	1/8/2016 - 1/22/2016		1,777,569		1,781,728		(4,159	)
South Korean Won		WBC		581,969,167	1/15/2016		512,988		496,254		16,734
South Korean Won		CITI		581,835,875	1/15/2016		512,834		496,140		16,694
South Korean Won		JPM		594,536,235	1/15/2016		512,682		506,970		5,712
Turkish Lira		BB		2,905,936	3/16/2016		969,615		975,441		(5,826	)
Total Sales						$	63,950,547	$	63,487,623	$	462,924
Net Unrealized Gain/(Loss) on Foreign Currency Forward Contracts										$	19,181

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

146

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


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
ML	-	Merrill Lynch
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 following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 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
Foreign Exchange Contracts
Forward Contracts	Net Assets - Net unrealized appreciation/(depreciation) on Foreign currency forward contracts		832,453
Total Foreign Exchange Contracts			832,453
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	27,220
Total Interest Rate Contracts			27,220
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		71,296
Total Equity Contracts			71,296

Total Asset Derivatives		$	930,969

Liability Derivatives
Foreign Exchange Contracts
Forward Contracts	Net Assets - Net unrealized appreciation/(depreciation) on Foreign currency forward contracts		813,272
Total Foreign Exchange Contracts			813,272
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		300,517
Total Interest Rate Contracts			300,517
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		15,894
Total Equity Contracts			15,894

Total Liability Derivatives		$	1,129,683

*	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.

147

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 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		(165,313	)
Total Equity Contracts			(165,313	)
Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		3,290,285
Total Foreign Exchange Contracts			3,290,285
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		457,149
Total Interest Rate Contracts			457,149

Total		$	3,582,121

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 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
Foreign Exchange Contracts
Forward Contracts	Change in net unrealized appreciation/(depreciation) on Foreign currency forward contracts		(608,150	)
Total Foreign Exchange Contracts			(608,150	)
Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(144,911	)
Total Interest Rate Contracts			(144,911	)
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		7,315
Total Equity Contracts			7,315

Total		($	745,746	)

The following table presents Partner Worldwide Allocation Portfolio’s average volume of derivative activity during the period ended December 31, 2015.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)			Forwards (Notional)*		Forwards (Percentage of Average Net Assets)
Equity Contracts	$	7,141,202		0.4	%		N/A		N/A
Interest Rate Contracts		81,409,395		4.9			N/A		N/A
Foreign Exchange Contracts		N/A		N/A		$	107,241,902		6.5	%

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

Investment in Affiliates

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 December 31, 2015		Value December 31, 2015		Income Earned January 1, 2015 - December 31, 2015
Cash Management Trust-Collateral Investment	$	26,312,891	$	494,531,181	$	502,378,188		18,465,884	$	18,465,884	$	629,453
Cash Management Trust-Short Term Investment		24,293,781		402,391,080		409,362,814		17,322,047		17,322,047		28,853
Total Value and Income Earned	$	50,606,672							$	35,787,931	$	658,306

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

148

PARTNER ALL CAP PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (97.9%)	Value
	Consumer Discretionary (13.4%)
	2,100	Amazon.com, Inc.^a	$	1,419,369
	12,500	Delphi Automotive plc		1,071,625
	10,200	Dollar General Corporation		733,074
	11,800	Harley-Davidson, Inc.		535,602
	11,280	Home Depot, Inc.		1,491,780
	22,150	Jarden Corporation^a		1,265,208
	4,000	Mohawk Industries, Inc.^a		757,560
	23,820	Service Corporation International		619,797
	6,700	Signet Jewelers, Ltd.		828,723
	6,600	Time Warner Cable, Inc.		1,224,894
	17,000	Time Warner, Inc.		1,099,390
	7,560	Wyndham Worldwide Corporation		549,234

		Total		11,596,256


	Consumer Staples (8.5%)
	5,500	Constellation Brands, Inc.		783,420
	14,900	CVS Health Corporation		1,456,773
	7,800	Edgewell Personal Care Company		611,286
	11,550	Estee Lauder Companies, Inc.		1,017,093
	5,900	Monster Beverage Corporation^a		878,864
	12,500	Pinnacle Foods, Inc.		530,750
	28,200	Reynolds American, Inc.		1,301,430
	19,100	WhiteWave Foods Company^a		743,181

		Total		7,322,797


	Energy (5.7%)
	17,630	Hess Corporation		854,702
	15,540	Marathon Petroleum Corporation		805,594
	27,850	Occidental Petroleum Corporation		1,882,939
	20,400	Schlumberger, Ltd.		1,422,900

		Total		4,966,135


	Financials (17.7%)
	14,000	Aflac, Inc.		838,600
	76,480	Bank of America Corporation		1,287,158
	39,100	Boston Private Financial Holdings, Inc.		443,394
	9,700	Boston Properties, Inc.		1,237,138
	15,220	Capital One Financial Corporation		1,098,580
	27,600	CBRE Group, Inc.^a		954,408
	31,600	Citigroup, Inc.		1,635,300
	18,500	Discover Financial Services		991,970
	4,600	Goldman Sachs Group, Inc.		829,058
	19,000	Hartford Financial Services Group, Inc.		825,740
	24,200	Invesco, Ltd.		810,216
	66,400	KeyCorp		875,816
	8,900	Mid-America Apartment Communities, Inc.		808,209
	14,800	Nasdaq, Inc.		860,916
	111,160	Regions Financial Corporation		1,067,136
	8,670	Reinsurance Group of America, Inc.		741,718

		Total		15,305,357


	Health Care (15.0%)
	11,100	Aetna, Inc.		1,200,132
	17,710	Air Methods Corporation^a		742,580
	22,700	Akorn, Inc.^a		846,937
	5,000	Alexion Pharmaceuticals, Inc.^a		953,750
	9,190	BioMarin Pharmaceutical, Inc.^a		962,744
	5,900	C.R. Bard, Inc.		1,117,696
	18,690	Endo International plc^a		1,144,202
	14,290	HCA Holdings, Inc.^a		966,433
	19,460	Medivation, Inc.^a		940,696
	3,700	Shire Pharmaceuticals Group plc ADR		758,500
	12,300	Teva Pharmaceutical Industries, Ltd. ADR		807,372
	4,500	Valeant Pharmaceuticals International, Inc.^a		457,425
	9,200	Vertex Pharmaceuticals, Inc.^a		1,157,636
	35,554	Wright Medical Group NV^a		859,696

		Total		12,915,799


	Industrials (10.3%)
	7,720	Alaska Air Group, Inc.		621,537
	19,450	Danaher Corporation		1,806,516
	9,220	FedEx Corporation		1,373,688
	8,390	Genesee & Wyoming, Inc.^a		450,459
	12,610	IDEX Corporation		966,052
	22,100	Ingersoll-Rand plc		1,221,909
	12,490	Manpower, Inc.		1,052,782
	9,910	US Airways Group, Inc.		419,689
	9,150	WABCO Holdings, Inc.^a		935,679

		Total		8,848,311


	Information Technology (19.8%)
	14,470	Adobe Systems, Inc.^a		1,359,312
	3,740	Alphabet, Inc., Class A^a		2,909,757
	13,100	Analog Devices, Inc.		724,692
	16,840	Apple, Inc.		1,772,578
	7,200	Avago Technologies, Ltd.		1,045,080
	9,280	Cavium, Inc.^a		609,789
	19,120	Facebook, Inc.^a		2,001,099
	41,900	Gogo, Inc.^a,b		745,820
	7,600	Imperva, Inc.^a		481,156
	16,240	Monolithic Power Systems, Inc.		1,034,650
	8,100	NXP Semiconductors NV^a		682,425
	31,380	Oracle Corporation		1,146,312
	20,900	PayPal Holdings, Inc.^a		756,580
	16,100	QLIK Technologies, Inc.^a		509,726
	16,100	Salesforce.com, Inc.^a		1,262,240

		Total		17,041,216


	Materials (2.5%)
	12,400	Dow Chemical Company		638,352
	7,930	Eagle Materials, Inc.		479,210
	5,100	Ecolab, Inc.		583,338
	9,320	Rock-Tenn Company		425,178

		Total		2,126,078


	Telecommunications Services (2.1%)
	8,110	SBA Communications Corporation^a		852,118
	24,010	T-Mobile US, Inc.^a		939,271

		Total		1,791,389


	Utilities (2.9%)
	13,000	American Electric Power Company, Inc.		757,510
	11,340	Atmos Energy Corporation		714,874
	19,200	PG&E Corporation		1,021,248

		Total		2,493,632


		Total Common Stock (cost $78,628,017)		84,406,970

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

149

PARTNER ALL CAP PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Collateral Held for Securities Loaned (0.9%)	Value
	786,450	Thrivent Cash Management Trust	$	786,450

		Total Collateral Held for Securities Loaned (cost $786,450)		786,450


Shares or Principal Amount		Short-Term Investments (2.1%)^c
		Thrivent Cash Management Trust
	1,773,740	0.220%		1,773,740

		Total Short-Term Investments (at amortized cost)		1,773,740

		Total Investments (cost $81,188,207) 100.9%	$	86,967,160

		Other Assets and Liabilities, Net (0.9%)		(752,058	)

		Total Net Assets 100.0%	$	86,215,102

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.


Securities Lending Transactions
Common Stock	$	745,820

Total lending	$	745,820
Gross amount payable upon return of collateral for securities loaned	$	786,450

Net amounts due to counterparty	$	40,630

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	$	8,740,519
Gross unrealized depreciation		(3,027,941	)

Net unrealized appreciation (depreciation)	$	5,712,578
Cost for federal income tax purposes	$	81,254,582

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

150

PARTNER ALL CAP PORTFOLIO

Schedule of Investments as of December 31, 2015

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 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		11,596,256		11,596,256		—		—
Consumer Staples		7,322,797		7,322,797		—		—
Energy		4,966,135		4,966,135		—		—
Financials		15,305,357		15,305,357		—		—
Health Care		12,915,799		12,915,799		—		—
Industrials		8,848,311		8,848,311		—		—
Information Technology		17,041,216		17,041,216		—		—
Materials		2,126,078		2,126,078		—		—
Telecommunications Services		1,791,389		1,791,389		—		—
Utilities		2,493,632		2,493,632		—		—
Collateral Held for Securities Loaned		786,450		786,450		—		—
Short-Term Investments		1,773,740		1,773,740		—		—

Total	$	86,967,160	$	86,967,160	$	—	$	—

There were no significant transfers between Levels during the period ended December 31, 2015. Transfers between Levels are identified as of the end of the period.

Investment in Affiliates

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 December 31, 2015		Value December 31, 2015		Income Earned January 1, 2015 - December 31, 2015
Cash Management Trust-Collateral Investment	$	532,657	$	9,865,025	$	9,611,232		786,450	$	786,450	$	12,104
Cash Management Trust-Short Term Investment		1,141,464		23,717,394		23,085,118		1,773,740		1,773,740		1,617
Total Value and Income Earned	$	1,674,121							$	2,560,190	$	13,721

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

151

LARGE CAP GROWTH PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (92.8%)	Value
	Consumer Discretionary (22.8%)
	102,081	Amazon.com, Inc.^a	$	68,995,527
	35,530	AutoZone, Inc.^a		26,360,062
	370,369	Comcast Corporation		20,899,923
	306,800	Home Depot, Inc.		40,574,300
	306,340	Las Vegas Sands Corporation		13,429,945
	664,100	NIKE, Inc.		41,506,250
	688,930	Starbucks Corporation		41,356,468

		Total		253,122,475


	Energy (3.3%)
	227,820	EOG Resources, Inc.		16,127,378
	245,850	EQT Corporation		12,816,160
	945,171	Weatherford International, Ltd.^a		7,929,985

		Total		36,873,523


	Financials (5.7%)
	322,407	Citigroup, Inc.		16,684,562
	91,878	Intercontinental Exchange, Inc.		23,544,657
	344,509	J.P. Morgan Chase & Company		22,747,929

		Total		62,977,148


	Health Care (17.5%)
	663,799	Abbott Laboratories		29,811,213
	140,856	Allergan plc^a		44,017,500
	502,249	Cerner Corporation^a		30,220,322
	368,822	Gilead Sciences, Inc.		37,321,098
	447,292	Mylan NV^a		24,185,079
	225,339	Vertex Pharmaceuticals, Inc.^a		28,354,406

		Total		193,909,618


	Industrials (5.3%)
	109,020	3M Company		16,422,773
	504,170	Delta Air Lines, Inc.		25,556,377
	195,211	Norfolk Southern Corporation		16,512,899

		Total		58,492,049


	Information Technology (38.2%)
	247,720	Alibaba Group Holding, Ltd. ADR^a,b		20,132,204
	54,973	Alphabet, Inc., Class A^a		42,769,544
	52,662	Alphabet, Inc., Class C^a		39,964,138
	616,460	Apple, Inc.		64,888,580
	929,457	EMC Corporation		23,868,456
	616,112	Facebook, Inc.^a		64,482,282
	173,320	MasterCard, Inc.		16,874,435
	782,680	Microsoft Corporation		43,423,086
	617,200	PayPal Holdings, Inc.^a		22,342,640
	395,409	Salesforce.com, Inc.^a		31,000,066
	708,180	Visa, Inc.		54,919,359

		Total		424,664,790


		Total Common Stock (cost $806,786,130)		1,030,039,603


		Collateral Held for Securities Loaned (0.9%)
	10,560,850	Thrivent Cash Management Trust		10,560,850

		Total Collateral Held for Securities Loaned (cost $10,560,850)		10,560,850


Shares or Principal Amount		Short-Term Investments (7.3%)^c
		Federal Home Loan Bank Discount Notes
	200,000	0.108%, 1/4/2016^d		199,998
		Federal Home Loan Mortgage Corporation Discount Notes
	1,300,000	0.100%, 1/8/2016^d		1,299,975
	2,400,000	0.100%, 1/12/2016^d		2,399,927
		Federal National Mortgage Association Discount Notes
	2,500,000	0.070%, 1/8/2016^d		2,499,966
		Thrivent Cash Management Trust
	74,078,772	0.220%		74,078,772

		Total Short-Term Investments (at amortized cost)		80,478,638

		Total Investments (cost $897,825,618) 101.0%	$	1,121,079,091

		Other Assets and Liabilities, Net (1.0%)		(11,428,737	)

		Total Net Assets 100.0%	$	1,109,650,354

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	All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Large Cap Growth Portfolio as of December 31, 2015:


Securities Lending Transactions
Common Stock	$	10,240,020

Total lending	$	10,240,020
Gross amount payable upon return of collateral for securities loaned	$	10,560,850

Net amounts due to counterparty	$	320,830

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	$	249,471,153
Gross unrealized depreciation		(26,289,921	)

Net unrealized appreciation (depreciation)	$	223,181,232

Cost for federal income tax purposes	$	897,897,859

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

152

LARGE CAP GROWTH PORTFOLIO

Schedule of Investments as of December 31, 2015

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 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		253,122,475		253,122,475		—		—
Energy		36,873,523		36,873,523		—		—
Financials		62,977,148		62,977,148		—		—
Health Care		193,909,618		193,909,618		—		—
Industrials		58,492,049		58,492,049		—		—
Information Technology		424,664,790		424,664,790		—		—
Collateral Held for Securities Loaned		10,560,850		10,560,850		—		—
Short-Term Investments		80,478,638		74,078,772		6,399,866		—

Total	$	1,121,079,091	$	1,114,679,225	$	6,399,866	$	—


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		1,039,585		1,039,585		—		—

Total Asset Derivatives	$	1,039,585	$	1,039,585	$	—	$	—

There were no significant transfers between Levels during the period ended December 31, 2015. Transfers between Levels are identified as of the end of the period.

The following table presents Large Cap Growth Portfolio’s futures contracts held as of December 31, 2015. Investments totaling $4,399,893 were pledged as the initial margin deposit for these contracts.

Number of

Notional

Contracts

Expiration

Principal

Unrealized

Futures Contracts

Long/(Short)

Date

Amount

Value

Gain/(Loss)

Eurex Euro STOXX 50 Index

1,210

March 2016

41,986,378

43,025,963

1,039,585

Total Futures Contracts

1,039,585

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 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
Asset Derivatives
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	1,039,585
Total Equity Contracts			1,039,585

Total Asset Derivatives		$	1,039,585

*	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 December 31, 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		2,076,625
Total Equity Contracts			2,076,625

Total		$	2,076,625

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

153

LARGE CAP GROWTH PORTFOLIO

Schedule of Investments as of December 31, 2015

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 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		(322,890	)
Total Equity Contracts			(322,890	)

Total		($	322,890	)

The following table presents Large Cap Growth Portfolio’s average volume of derivative activity during the period ended December 31, 2015.


			Futures
			(Percentage
	Futures		of Average
Derivative Risk Category	(Notional)*		Net Assets)
Equity Contracts	$	31,175,983		2.9	%

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

Investment in Affiliates

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 December 31, 2015		Value December 31, 2015		Income Earned January 1, 2015 - December 31, 2015
Cash Management Trust-Collateral Investment	$	1,559,250	$	346,662,605	$	337,661,005		10,560,850	$	10,560,850	$	33,813
Cash Management Trust-Short Term Investment		50,516,790		172,824,033		149,262,051		74,078,772		74,078,772		51,311
Total Value and Income Earned	$	52,076,040							$	84,639,622	$	85,124

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

154

PARTNER GROWTH STOCK PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (97.2%)	Value
	Consumer Discretionary (27.0%)
	11,730	Amazon.com, Inc.^a	$	7,928,190
	1,650	AutoZone, Inc.^a		1,224,151
	16,700	BorgWarner, Inc.		721,941
	12,700	CarMax, Inc.^a		685,419
	1,550	Chipotle Mexican Grill, Inc.^a		743,768
	5,100	Delphi Automotive plc		437,223
	5,630	Ferrari NV^a		270,240
	166	Flipkart, Ltd.*^,a,b		23,612
	36,200	Hanesbrands, Inc.		1,065,366
	21,100	Hilton Worldwide Holdings, Inc.		451,540
	4,100	Home Depot, Inc.		542,225
	9,500	Las Vegas Sands Corporation		416,480
	19,100	Lowe’s Companies, Inc.		1,452,364
	10,900	Marriott International, Inc.		730,736
	55,070	MGM Resorts International^a		1,251,190
	3,300	Netflix, Inc.^a		377,454
	19,600	NIKE, Inc.		1,225,000
	2,990	Priceline Group, Inc.^a		3,812,100
	13,600	Ross Stores, Inc.		731,816
	7,300	Royal Caribbean Cruises, Ltd.		738,833
	15,000	Starbucks Corporation		900,450
	5,400	Tesla Motors, Inc.^a,c		1,296,054
	11,500	Tractor Supply Company		983,250
	16,200	Walt Disney Company		1,702,296

		Total		29,711,698


	Consumer Staples (2.1%)
	2,000	Costco Wholesale Corporation		323,000
	8,200	CVS Health Corporation		801,714
	14,500	Walgreens Boots Alliance, Inc.		1,234,748

		Total		2,359,462


	Financials (5.3%)
	14,800	American Tower Corporation		1,434,860
	800	BlackRock, Inc.		272,416
	9,000	Crown Castle International Corporation		778,050
	4,200	Intercontinental Exchange, Inc.		1,076,292
	35,100	Morgan Stanley		1,116,531
	9,600	State Street Corporation		637,056
	15,000	TD Ameritrade Holding Corporation		520,650

		Total		5,835,855


	Health Care (21.4%)
	12,600	Alexion Pharmaceuticals, Inc.^a		2,403,450
	10,967	Allergan plc^a		3,427,188
	9,400	Anthem, Inc.		1,310,736
	2,910	Biogen, Inc.^a		891,478
	5,300	BioMarin Pharmaceutical, Inc.^a		555,228
	18,400	Bristol-Myers Squibb Company		1,265,736
	13,800	Celgene Corporation^a		1,652,688
	6,000	CIGNA Corporation		877,980
	14,340	Gilead Sciences, Inc.		1,451,065
	5,300	Humana, Inc.		946,103
	2,000	Illumina, Inc.^a		383,890
	7,800	Incyte Corporation^a		845,910
	2,900	Intuitive Surgical, Inc.^a		1,583,864
	6,900	McKesson Corporation		1,360,887
	1,950	Regeneron Pharmaceuticals, Inc.^a		1,058,596
	11,400	UnitedHealth Group, Inc.		1,341,096
	11,800	Valeant Pharmaceuticals International, Inc.^a		1,199,470
	8,100	Vertex Pharmaceuticals, Inc.^a		1,019,223

		Total		23,574,588


	Industrials (10.5%)
	12,400	Boeing Company		1,792,916
	7,300	Canadian Pacific Railway, Ltd.		931,480
	33,500	Danaher Corporation		3,111,480
	3,900	FedEx Corporation		581,061
	11,625	Flowserve Corporation		489,180
	1,000	IHS, Inc.^a		118,430
	6,500	Roper Industries, Inc.		1,233,635
	10,600	United Continental Holdings, Inc.^a		607,380
	44,300	US Airways Group, Inc.		1,876,105
	11,000	Wabtec Corporation		782,320

		Total		11,523,987


	Information Technology (29.8%)
	10,200	Akamai Technologies, Inc.^a		536,826
	11,872	Alibaba Group Holding, Ltd. ADR^a,c		964,837
	5,200	Alphabet, Inc., Class A^a		4,045,652
	4,770	Alphabet, Inc., Class C^a		3,619,858
	21,200	Apple, Inc.		2,231,512
	3,480	ASML Holding NV^c		308,920
	30,400	Facebook, Inc.^a		3,181,664
	8,500	Fiserv, Inc.^a		777,410
	4,800	LinkedIn Corporation^a		1,080,384
	30,900	MasterCard, Inc.		3,008,424
	66,300	Microsoft Corporation		3,678,324
	15,800	Mobileye NV^a		668,024
	5,500	NetSuite, Inc.^a		465,410
	2,600	Palo Alto Networks, Inc.^a		457,964
	14,500	PayPal Holdings, Inc.^a		524,900
	14,600	Salesforce.com, Inc.^a		1,144,640
	7,600	ServiceNow, Inc.^a		657,856
	72,000	Tencent Holdings, Ltd.		1,409,759
	11,500	VeriSign, Inc.^a,c		1,004,640
	39,000	Visa, Inc.		3,024,450

		Total		32,791,454


	Materials (1.0%)
	6,200	Ashland, Inc.		636,740
	3,500	Martin Marietta Materials, Inc.		478,030

		Total		1,114,770


	Telecommunications Services (0.1%)
	2,800	T-Mobile US, Inc.^a		109,536

		Total		109,536


		Total Common Stock (cost $68,871,287)		107,021,350


		Preferred Stock (0.6%)
	Consumer Discretionary (0.6%)
	2,943	AirBNB, Inc.*^,a,b		273,977
	7,282	Dropbox, Inc., Class A*^,a,b		68,459
	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
	843	Flipkart, Ltd. Series G Preference Shares*^,a,b		119,908

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

155

PARTNER GROWTH STOCK PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Preferred Stock (0.6%)	Value
	Consumer Discretionary (0.6%) - continued
	760	Flipkart, Ltd. Series H Preference Shares*^,^a,b	$	108,102

		Total		619,519


		Information Technology (<0.1%)
	4,432	LivingSocial.com, Convertible*^,a,b		0

		Total		0


		Total Preferred Stock (cost $541,385)		619,519


		Collateral Held for Securities Loaned (3.2%)
	3,501,278	Thrivent Cash Management Trust		3,501,278

		Total Collateral Held for Securities Loaned (cost $3,501,278)		3,501,278


Shares or Principal Amount		Short-Term Investments (2.4%)^d
		Thrivent Cash Management Trust
	2,630,798	0.220%		2,630,798

		Total Short-Term Investments (at amortized cost)		2,630,798

		Total Investments (cost $75,544,748) 103.4%	$	113,772,945

		Other Assets and Liabilities, Net (3.4%)		(3,699,295	)

		Total Net Assets 100.0%	$	110,073,650

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 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 value of all restricted securities held in Partner Growth Stock Portfolio as of December 31, 2015 was $643,131 or 0.6% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of December 31, 2015.


Security	Acquisition Date		Cost
AirBNB, Inc.		4/16/2014	$	119,818
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

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Partner Growth Stock Portfolio as of December 31, 2015:


Securities Lending Transactions
Common Stock	$	3,415,772

Total lending	$	3,415,772
Gross amount payable upon return of collateral for securities loaned	$	3,501,278

Net amounts due to counterparty	$	85,506

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	$	39,041,864
Gross unrealized depreciation		(1,257,130	)

Net unrealized appreciation (depreciation)	$	37,784,734

Cost for federal income tax purposes	$	75,988,211

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

156

PARTNER GROWTH STOCK PORTFOLIO

Schedule of Investments as of December 31, 2015

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 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		29,711,698		29,688,086		—		23,612
Consumer Staples		2,359,462		2,359,462		—		—
Financials		5,835,855		5,835,855		—		—
Health Care		23,574,588		23,574,588		—		—
Industrials		11,523,987		11,523,987		—		—
Information Technology		32,791,454		31,381,695		1,409,759		—
Materials		1,114,770		1,114,770		—		—
Telecommunications Services		109,536		109,536		—		—
Preferred Stock
Consumer Discretionary		619,519		—		—		619,519
Information Technology^		0		—		—		0
Collateral Held for Securities Loaned		3,501,278		3,501,278		—		—
Short-Term Investments		2,630,798		2,630,798		—		—

Total	$	113,772,945	$	111,720,055	$	1,409,759	$	643,131

There were no significant transfers between Levels during the period ended December 31, 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

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 December 31, 2015		Value December 31, 2015		Income Earned January 1, 2015 - December 31, 2015
Cash Management Trust-Collateral Investment	$	2,334,117	$	26,137,722	$	24,970,561		3,501,278	$	3,501,278	$	6,557
Cash Management Trust-Short Term Investment		1,258,543		21,544,772		20,172,517		2,630,798		2,630,798		1,256
Total Value and Income Earned	$	3,592,660							$	6,132,076	$	7,813

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

157

LARGE CAP VALUE PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (98.3%)	Value
	Consumer Discretionary (10.0%)
	587,100	Comcast Corporation	$	33,130,053
	167,890	Delphi Automotive plc		14,393,210
	384,300	Discovery Communications, Inc., Class A^a,b		10,253,124
	402,898	Harley-Davidson, Inc.		18,287,540
	499,900	Lowe’s Companies, Inc.		38,012,396

		Total		114,076,323


	Consumer Staples (6.1%)
	406,820	CVS Health Corporation		39,774,791
	108,100	Kimberly-Clark Corporation		13,761,130
	180,759	Philip Morris International, Inc.		15,890,524

		Total		69,426,445


	Energy (10.2%)
	276,850	Cameron International Corporation^b		17,496,920
	387,925	Chevron Corporation		34,897,733
	219,240	Columbia Pipeline Group, Inc.		4,384,800
	254,700	Devon Energy Corporation		8,150,400
	209,788	EOG Resources, Inc.		14,850,893
	229,219	EQT Corporation		11,949,186
	646,151	Marathon Oil Corporation		8,135,041
	393,050	Southwestern Energy Company^a,b		2,794,586
	1,690,500	Weatherford International, Ltd.^b		14,183,295

		Total		116,842,854


	Financials (23.1%)
	112,080	ACE, Ltd.		13,096,548
	200,000	American International Group, Inc.		12,394,000
	2,024,190	Bank of America Corporation		34,067,118
	502,800	Blackstone Group, LP		14,701,872
	197,150	Capital One Financial Corporation		14,230,287
	411,250	Charles Schwab Corporation		13,542,462
	836,850	Citigroup, Inc.		43,306,987
	333,500	Comerica, Inc.		13,950,305
	56,750	Intercontinental Exchange, Inc.		14,542,755
	551,460	Invesco, Ltd.		18,462,881
	581,420	MetLife, Inc.		28,030,258
	626,610	Morgan Stanley		19,932,464
	380,950	Synchrony Financial^b		11,584,690
	486,000	Zions Bancorporation		13,267,800

		Total		265,110,427


	Health Care (14.3%)
	124,450	Amgen, Inc.		20,201,968
	327,991	Baxalta, Inc.		12,801,489
	168,200	Express Scripts Holding Company^b		14,702,362
	330,590	Medtronic, Inc.		25,428,983
	790,450	Merck & Company, Inc.		41,751,569
	655,150	Pfizer, Inc.		21,148,242
	329,900	Roche Holding AG ADR		11,371,653
	140,397	UnitedHealth Group, Inc.		16,516,303

		Total		163,922,569


	Industrials (8.9%)
	153,100	Boeing Company		22,136,729
	684,450	CSX Corporation		17,761,477
	198,540	Honeywell International, Inc.		20,562,788
	256,250	Ingersoll-Rand plc		14,168,062
	76,700	Norfolk Southern Corporation		6,488,053
	67,000	Rockwell Automation, Inc.		6,874,870
	148,050	United Parcel Service, Inc.		14,246,852

		Total		102,238,831


	Information Technology (16.6%)
	25,300	Alphabet, Inc., Class C^b		19,199,664
	1,908,740	Cisco Systems, Inc.		51,831,835
	594,450	EMC Corporation		15,265,476
	328,400	Intel Corporation		11,313,380
	796,960	Microsoft Corporation		44,215,341
	659,500	Oracle Corporation		24,091,535
	450,240	Texas Instruments, Inc.		24,677,654

		Total		190,594,885


	Materials (4.1%)
	235,044	Albemarle Corporation		13,164,815
	275,580	Dow Chemical Company		14,186,858
	338,000	Mosaic Company		9,325,420
	268,090	Nucor Corporation		10,804,027

		Total		47,481,120


	Telecommunications Services (1.8%)
	456,764	Verizon Communications, Inc.		21,111,632

		Total		21,111,632


	Utilities (3.2%)
	680,930	PG&E Corporation		36,218,667

		Total		36,218,667


		Total Common Stock (cost $923,964,971)		1,127,023,753


		Collateral Held for Securities Loaned (1.1%)
	13,026,675	Thrivent Cash Management Trust		13,026,675

		Total Collateral Held for Securities Loaned (cost $13,026,675)		13,026,675


Shares or Principal Amount		Short-Term Investments (1.7%)^c
		Thrivent Cash Management Trust
	19,152,858	0.220%		19,152,858

		Total Short-Term Investments (at amortized cost)		19,152,858

		Total Investments (cost $956,144,504) 101.1%	$	1,159,203,286

		Other Assets and Liabilities, Net (1.1%)		(12,185,088	)

		Total Net Assets 100.0%	$	1,147,018,198

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.

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

158

LARGE CAP VALUE PORTFOLIO

Schedule of Investments as of December 31, 2015


Securities Lending Transactions
Common Stock	$	13,047,354

Total lending	$	13,047,354
Gross amount payable upon return of collateral for securities loaned	$	13,026,675

Net amounts due from counterparty	$	(20,679	)

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	$	243,262,693
Gross unrealized depreciation		(39,533,701	)

Net unrealized appreciation (depreciation)	$	203,728,992
Cost for federal income tax purposes	$	955,474,294

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 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		114,076,323		114,076,323		—		—
Consumer Staples		69,426,445		69,426,445		—		—
Energy		116,842,854		116,842,854		—		—
Financials		265,110,427		265,110,427		—		—
Health Care		163,922,569		163,922,569		—		—
Industrials		102,238,831		102,238,831		—		—
Information Technology		190,594,885		190,594,885		—		—
Materials		47,481,120		47,481,120		—		—
Telecommunications Services		21,111,632		21,111,632		—		—
Utilities		36,218,667		36,218,667		—		—
Collateral Held for Securities Loaned		13,026,675		13,026,675		—		—
Short-Term Investments		19,152,858		19,152,858		—		—

Total	$	1,159,203,286	$	1,159,203,286	$	—	$	—

There were no significant transfers between Levels during the period ended December 31, 2015. Transfers between Levels are identified as of the end of the period.

Investment in Affiliates

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 December 31, 2015		Value December 31, 2015		Income Earned January 1, 2015 - December 31, 2015
Cash Management Trust-Collateral Investment	$	37,144,725	$	171,184,817	$	195,302,867		13,026,675	$	13,026,675	$	77,366
Cash Management Trust-Short Term Investment		20,638,983		115,315,715		116,801,840		19,152,858		19,152,858		14,385
Total Value and Income Earned	$	57,783,708							$	32,179,533	$	91,751

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

159

LARGE CAP STOCK PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


					% of Net
Shares		Common Stock (80.4%)	Value		Assets
	Consumer Discretionary (12.9%)
	35,752	Amazon.com, Inc.^a	$	24,164,419		2.8	%
	25,540	AutoZone, Inc.^a		18,948,381		2.2	%
	246,200	Comcast Corporation		13,893,066		1.6	%
	113,615	Las Vegas Sands Corporation		4,980,882		0.6	%
	407,370	Starbucks Corporation		24,454,421		2.8	%
		Other Securities^		26,717,571		2.9	%

		Total		113,158,740


	Consumer Staples (6.9%)
	91,170	CVS Health Corporation		8,913,691		1.0	%
	96,500	Imperial Tobacco Group plc		5,096,934		0.6	%
	108,360	Kimberly-Clark Corporation		13,794,228		1.6	%
	164,475	Philip Morris International, Inc.		14,458,997		1.7	%
		Other Securities^		18,578,582		2.0	%

		Total		60,842,432


	Energy (7.3%)
	216,170	Cameron International Corporation^a		13,661,944		1.6	%
	142,229	Chevron Corporation		12,794,921		1.5	%
	285,070	Columbia Pipeline Group, Inc.		5,701,400		0.6	%
	108,430	EOG Resources, Inc.		7,675,760		0.9	%
	1,600,164	Weatherford International, Ltd.^a		13,425,376		1.5	%
		Other Securities^		11,163,145		1.2	%

		Total		64,422,546


	Financials (14.9%)
	89,570	ACE, Ltd.		10,466,255		1.2	%
	41,000	Allianz SE		7,227,438		0.8	%
	225,134	Bank of America Corporation		3,789,005		0.4	%
	173,320	Blackstone Group, LP		5,067,877		0.6	%
	246,960	Citigroup, Inc.		12,780,180		1.5	%
	42,570	Intercontinental Exchange, Inc.		10,908,988		1.2	%
	255,760	Invesco, Ltd.		8,562,845		1.0	%
	345,249	J.P. Morgan Chase & Company		22,796,792		2.6	%
	43,600	Swiss Re AG		4,258,251		0.5	%
	134,730	Synchrony Financial^a		4,097,139		0.5	%
		Other Securities^		40,708,690		4.6	%

		Total		130,663,460


	Health Care (10.0%)
	30,322	Allergan plc^a		9,475,625		1.1	%
	26,800	Amgen, Inc.		4,350,444		0.5	%
	125,755	Cerner Corporation^a		7,566,678		0.9	%
	30,500	Essilor International SA		3,801,417		0.4	%
	66,159	Gilead Sciences, Inc.		6,694,629		0.8	%
	368,670	Merck & Company, Inc.		19,473,149		2.2	%
	384,920	Pfizer, Inc.		12,425,218		1.4	%
	71,982	Vertex Pharmaceuticals, Inc.^a		9,057,495		1.0	%
		Other Securities^		15,484,715		1.7	%

		Total		88,329,370


	Industrials (8.0%)
	125,530	Boeing Company		18,150,383		2.1	%
	258,070	Delta Air Lines, Inc.		13,081,568		1.5	%
	136,370	Norfolk Southern Corporation		11,535,538		1.3	%
		Other Securities^		27,409,512		3.1	%

		Total		70,177,001


	Information Technology (13.7%)
	24,244	Alphabet, Inc., Class A^a		18,862,074		2.2	%
	24,250	Alphabet, Inc., Class C^a		18,402,840		2.1	%
	306,198	Apple, Inc.		32,230,401		3.7	%
	187,750	Cisco Systems, Inc.		5,098,351		0.6	%
	476,130	EMC Corporation		12,227,018		1.4	%
	87,275	Facebook, Inc.^a		9,134,201		1.1	%
	125,510	Salesforce.com, Inc.^a		9,839,984		1.1	%
		Other Securities^		14,285,511		1.5	%

		Total		120,080,380


	Materials (3.0%)
	83,996	Albemarle Corporation		4,704,616		0.6	%
	146,250	Dow Chemical Company		7,528,950		0.9	%
		Other Securities^		13,928,870		1.5	%

		Total		26,162,436


	Telecommunications Services (1.4%)
		Other Securities^		12,218,468		1.4	%

		Total		12,218,468


	Utilities (2.3%)
	296,050	PG&E Corporation		15,746,899		1.8	%
		Other Securities^		4,225,882		0.5	%

		Total		19,972,781


		Total Common Stock (cost $569,456,606)		706,027,614


		Registered Investment Companies (0.5%)
	Equity Funds/ETFs (0.5%)
	77,940	iShares MSCI EAFE Index Fund		4,578,975		0.5	%

		Total		4,578,975


		Total Registered Investment Companies (cost $4,695,137)		4,578,975


		Collateral Held for Securities Loaned (0.5%)
	4,545,524	Thrivent Cash Management Trust		4,545,524		0.5	%

		Total Collateral Held for Securities Loaned (cost $4,545,524)		4,545,524


Shares or Principal Amount		Short-Term Investments (19.1%)^b
		Federal Home Loan Bank Discount Notes
	15,000,000	0.180%, 1/27/2016		14,998,050		1.7	%
	10,000,000	0.190%, 1/28/2016		9,998,575		1.1	%
	400,000	0.100%, 1/4/2016^c		399,997		0.1	%
		Federal Home Loan Mortgage Corporation Discount Notes
	6,100,000	0.082%, 1/8/2016^c		6,099,902		0.7	%
	6,200,000	0.200%, 2/17/2016^c		6,198,381		0.7	%
	800,000	0.100% - 0.100%, 1/6/2016 - 1/13/2016^c		799,987		0.1	%
		Thrivent Cash Management Trust
	129,184,785	0.220%		129,184,785		14.7	%

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

160

LARGE CAP STOCK PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Shares or Principal Amount	Short-Term Investments (19.1%)^b	Value			% of Net Assets
	Other Securities^	$	99,996			<0.1	%

	Total Short-Term Investments (at amortized cost)		167,779,673

	Total Investments (cost $746,476,940) 100.5%	$	882,931,786

	Other Assets and Liabilities, Net (0.5%)		(4,016,456	)

	Total Net Assets 100.0%	$	878,915,330

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

a	Non-income producing security.

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

c	All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.


Securities Lending Transactions
Common Stock	$	4,343,137

Total lending	$	4,343,137
Gross amount payable upon return of collateral for securities loaned	$	4,545,524

Net amounts due to counterparty	$	202,387

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	154,069,423
Gross unrealized depreciation		(18,403,000	)

Net unrealized appreciation (depreciation)	$	135,666,423
Cost for federal income tax purposes	$	747,265,363

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

161

LARGE CAP STOCK PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 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		113,158,740		86,441,169		26,717,571		—
Consumer Staples		60,842,432		37,166,916		23,675,516		—
Energy		64,422,546		59,645,703		4,776,843		—
Financials		130,663,460		78,469,081		52,194,379		—
Health Care		88,329,370		73,271,298		15,058,072		—
Industrials		70,177,001		42,767,489		27,409,512		—
Information Technology		120,080,380		108,504,823		11,575,557		—
Materials		26,162,436		12,233,566		13,928,870		—
Telecommunications Services		12,218,468		—		12,218,468		—
Utilities		19,972,781		15,746,899		4,225,882		—
Registered Investment Companies
Equity Funds/ETFs		4,578,975		4,578,975		—		—
Collateral Held for Securities Loaned		4,545,524		4,545,524		—		—
Short-Term Investments		167,779,673		129,184,785		38,594,888		—

Total	$	882,931,786	$	652,556,228	$	230,375,558	$	—


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		3,389,566		3,389,566		—		—

Total Asset Derivatives	$	3,389,566	$	3,389,566	$	—	$	—

Liability Derivatives
Futures Contracts		9,189		9,189		—		—

Total Liability Derivatives	$	9,189	$	9,189	$	—	$	—

There were no significant transfers between Levels during the period ended December 31, 2015. Transfers between Levels are identified as of the end of the period.

The following table presents Large Cap Stock Portfolio’s futures contracts held as of December 31, 2015. Investments totaling $13,398,270 were pledged as the initial margin deposit for these contracts.


	Number of					Notional
	Contracts			Expiration		Principal						Unrealized
Futures Contracts	Long/(Short)			Date		Amount			Value			Gain/(Loss)
Eurex Euro STOXX 50 Index		2,173			March 2016	$	75,402,341		$	77,268,939		$	1,866,598
ICE mini MSCI EAFE Index		927			March 2016		77,188,602			78,711,570			1,522,968
S&P 500 Mini-Futures		(105	)		March 2016		(10,676,660	)		(10,685,849	)		(9,189	)
Total Futures Contracts												$	3,380,377

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 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	$	3,389,566
Total Equity Contracts			3,389,566

Total Asset Derivatives		$	3,389,566

Liability Derivatives
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		9,189
Total Equity Contracts			9,189

Total Liability Derivatives		$	9,189

*	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.

162

LARGE CAP STOCK PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 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		3,930,611
Total Equity Contracts			3,930,611

Total		$	3,930,611

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 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		753,324
Total Equity Contracts			753,324

Total		$	753,324

The following table presents Large Cap Stock Portfolio’s average volume of derivative activity during the period ended December 31, 2015.


			Futures
			(Percentage
	Futures		of Average
Derivative Risk Category	(Notional)*		Net Assets)
Equity Contracts	$	231,128,330		26.5	%

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

Investment in Affiliates

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 December 31, 2015		Value December 31, 2015		Income Earned January 1, 2015 - December 31, 2015
Cash Management Trust-Collateral Investment	$	7,610,288	$	143,765,175	$	146,829,939		4,545,524	$	4,545,524	$	170,581
Cash Management Trust-Short Term Investment		76,762,661		354,880,495		302,458,371		129,184,785		129,184,785		92,394
Total Value and Income Earned	$	84,372,949							$	133,730,309	$	262,975

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

163

LARGE CAP INDEX PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


						% of Net
Shares		Common Stock (96.4%)	Value			Assets
	Consumer Discretionary (12.6%)
	10,820	Amazon.com, Inc.^a	$	7,313,130			1.4	%
	69,685	Comcast Corporation		3,932,325			0.8	%
	35,510	Home Depot, Inc.		4,696,197			0.9	%
	25,850	McDonald’s Corporation		3,053,919			0.6	%
	37,920	NIKE, Inc.		2,370,000			0.5	%
	41,700	Starbucks Corporation		2,503,251			0.5	%
	42,917	Walt Disney Company		4,509,718			0.9	%
		Other Securities^		37,324,563			7.0	%

		Total		65,703,103


	Consumer Staples (9.7%)
	55,150	Altria Group, Inc.		3,210,281			0.6	%
	109,800	Coca-Cola Company		4,717,008			0.9	%
	30,974	CVS Health Corporation		3,028,328			0.6	%
	40,970	PepsiCo, Inc.		4,093,722			0.8	%
	44,230	Philip Morris International, Inc.		3,888,259			0.7	%
	76,358	Procter & Gamble Company		6,063,589			1.2	%
	44,380	Wal-Mart Stores, Inc.		2,720,494			0.5	%
		Other Securities^		22,931,213			4.4	%

		Total		50,652,894


	Energy (6.3%)
	53,306	Chevron Corporation		4,795,408			0.9	%
	117,010	Exxon Mobil Corporation		9,120,929			1.8	%
	35,494	Schlumberger, Ltd.		2,475,706			0.5	%
		Other Securities^		16,544,093			3.1	%

		Total		32,936,136


	Financials (15.8%)
	291,520	Bank of America Corporation		4,906,282			0.9	%
	52,159	Berkshire Hathaway, Inc.^a		6,887,074			1.3	%
	83,803	Citigroup, Inc.		4,336,805			0.8	%
	102,678	J.P. Morgan Chase & Company		6,779,828			1.3	%
	130,090	Wells Fargo & Company		7,071,692			1.4	%
		Other Securities^		52,607,805			10.1	%

		Total		82,589,486


	Health Care (14.6%)
	46,030	AbbVie, Inc.		2,726,817			0.5	%
	11,132	Allergan plc^a		3,478,750			0.7	%
	21,420	Amgen, Inc.		3,477,109			0.7	%
	46,858	Bristol-Myers Squibb Company		3,223,362			0.6	%
	22,110	Celgene Corporation^a		2,647,894			0.5	%
	27,130	Eli Lilly and Company		2,285,974			0.4	%
	40,610	Gilead Sciences, Inc.		4,109,326			0.8	%
	78,010	Johnson & Johnson		8,013,187			1.5	%
	39,329	Medtronic, Inc.		3,025,187			0.6	%
	79,023	Merck & Company, Inc.		4,173,995			0.8	%
	174,110	Pfizer, Inc.		5,620,271			1.1	%
	26,650	UnitedHealth Group, Inc.		3,135,106			0.6	%
		Other Securities^		30,015,346			5.8	%

		Total		75,932,324


	Industrials (9.6%)
	17,300	3M Company		2,606,072			0.5	%
	17,540	Boeing Company		2,536,109			0.5	%
	265,097	General Electric Company		8,257,772			1.6	%
	3,880	Precision Castparts Corporation		900,199			0.2	%
		Other Securities^		35,963,971			6.8	%

		Total		50,264,123


	Information Technology (20.0%)
	8,160	Alphabet, Inc., Class A^a		6,348,562			1.2	%
	8,309	Alphabet, Inc., Class C^a		6,305,534			1.2	%
	156,510	Apple, Inc.^b		16,474,243			3.2	%
	141,850	Cisco Systems, Inc.		3,851,937			0.7	%
	63,840	Facebook, Inc.^a		6,681,494			1.3	%
	131,730	Intel Corporation		4,538,098			0.9	%
	25,190	International Business Machines Corporation		3,466,648			0.7	%
	27,730	MasterCard, Inc.		2,699,793			0.5	%
	221,960	Microsoft Corporation		12,314,341			2.4	%
	89,447	Oracle Corporation		3,267,499			0.6	%
	54,550	Visa, Inc.		4,230,353			0.8	%
		Other Securities^		33,867,275			6.5	%

		Total		104,045,777


	Materials (2.6%)
		Other Securities^		13,344,726			2.6	%

		Total		13,344,726


	Telecommunications Services (2.3%)
	171,836	AT&T, Inc.		5,912,877			1.1	%
	114,666	Verizon Communications, Inc.		5,299,863			1.0	%
		Other Securities^		977,085			0.2	%

		Total		12,189,825


	Utilities (2.9%)
		Other Securities^		15,023,012			2.9	%

		Total		15,023,012


		Total Common Stock (cost $318,478,826)		502,681,406


		Collateral Held for Securities Loaned (0.4%)
	1,894,887	Thrivent Cash Management Trust		1,894,887			0.4	%

		Total Collateral Held for Securities Loaned (cost $1,894,887)		1,894,887


Shares or Principal Amount		Short-Term Investments (3.5%)^c
		Thrivent Cash Management Trust
	16,796,121	0.220%		16,796,121			3.2	%
		Other Securities^		1,399,782			0.3	%

		Total Short-Term Investments (at amortized cost)		18,195,903

		Total Investments (cost $338,569,616) 100.3%	$	522,772,196

		Other Assets and Liabilities, Net (0.3%)		(1,593,137	)

		Total Net Assets 100.0%	$	521,179,059

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

164

LARGE CAP INDEX PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

^	The Summary Schedule of Investments shows the 50 largest holdings in unaffiliated issuers, any holding or issuer that exceeds 1% of net assets and all affiliated holdings 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 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.


Securities Lending Transactions
Common Stock	$	1,841,982

Total lending	$	1,841,982
Gross amount payable upon return of collateral for securities loaned	$	1,894,887

Net amounts due to counterparty	$	52,905

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	181,963,464
Gross unrealized depreciation		(13,465,906	)

Net unrealized appreciation (depreciation)	$	168,497,558
Cost for federal income tax purposes	$	354,274,638

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

165

LARGE CAP INDEX PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 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		65,703,103		65,703,103		—		—
Consumer Staples		50,652,894		50,647,097		—		5,797
Energy		32,936,136		32,936,136		—		—
Financials		82,589,486		82,589,486		—		—
Health Care		75,932,324		75,932,324		—		—
Industrials		50,264,123		50,264,123		—		—
Information Technology		104,045,777		104,045,777		—		—
Materials		13,344,726		13,344,726		—		—
Telecommunications Services		12,189,825		12,189,825		—		—
Utilities		15,023,012		15,023,012		—		—
Collateral Held for Securities Loaned		1,894,887		1,894,887		—		—
Short-Term Investments		18,195,903		16,796,121		1,399,782		—

Total	$	522,772,196	$	521,366,617	$	1,399,782	$	5,797


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Liability Derivatives
Futures Contracts		37,386		37,386		—		—

Total Liability Derivatives	$	37,386	$	37,386	$	—	$	—

There were no significant transfers between Levels during the period ended December 31, 2015. Transfers between Levels are identified as of the end of the period.

The following table presents Large Cap Index Portfolio’s futures contracts held as of December 31, 2015. Investments totaling $1,973,572 were pledged as the initial margin deposit for these contracts.

Number of

Notional

Contracts

Expiration

Principal

Unrealized

Futures Contracts

Long/(Short)

Date

Amount

Value

Gain/(Loss)

S&P 500 Mini-Futures

176

March 2016

17,948,906

17,911,520

37,386

)

Total Futures Contracts

37,386

)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 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	$	37,386
Total Equity Contracts			37,386

Total Liability Derivatives		$	37,386

*	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 December 31, 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		1,212,881
Total Equity Contracts			1,212,881

Total		$	1,212,881

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

166

LARGE CAP INDEX PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 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		(557,232	)
Total Equity Contracts			(557,232	)

Total		($	557,232	)

The following table presents Large Cap Index Portfolio’s average volume of derivative activity during the period ended December 31, 2015.


			Futures
			(Percentage
	Futures		of Average
Derivative Risk Category	(Notional)*		Net Assets)
Equity Contracts	$	20,506,598		4.2	%

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

Investment in Affiliates

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 December 31, 2015		Value December 31, 2015		Income Earned January 1, 2015 - December 31, 2015
Cash Management Trust-Collateral Investment	$	2,392,432	$	30,778,152	$	31,275,697		1,894,887	$	1,894,887	$	24,254
Cash Management Trust-Short Term Investment		17,782,007		84,849,100		85,834,986		16,796,121		16,796,121		17,811
Total Value and Income Earned	$	20,174,439							$	18,691,008	$	42,065

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

167

HIGH YIELD PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (4.7%)	Value		% of Net Assets
	Basic Materials (0.3%)
		Other Securities^	$	2,348,612		0.3	%

		Total		2,348,612


	Communications Services (2.0%)
		Birch Communication Inc., Term Loan
$	4,194,688	7.750%, 7/17/2020^a		4,005,927		0.6	%
		Cengage Learning Acquisitions, Term Loan
	5,213,949	7.000%, 3/31/2020^a		5,070,565		0.7	%
		Other Securities^		4,980,003		0.7	%

		Total		14,056,495


	Consumer Cyclical (1.1%)
		Scientific Games International, Inc., Term Loan
	4,999,500	6.000%, 10/1/2021^a		4,542,396		0.6	%
		Other Securities^		3,224,935		0.5	%

		Total		7,767,331


	Consumer Non-Cyclical (0.4%)
		Other Securities^		2,935,290		0.4	%

		Total		2,935,290


	Technology (0.9%)
		First Data Corporation, Term Loan
	6,540,676	3.918%, 3/23/2018^a		6,447,079		0.9	%

		Total		6,447,079


		Total Bank Loans (cost $35,108,917)		33,554,807


Principal Amount		Long-Term Fixed Income (85.5%)
	Asset-Backed Securities (0.4%)
		Other Securities^		2,488,324		0.4	%

		Total		2,488,324


	Basic Materials (3.2%)
		Other Securities^		22,486,773		3.2	%

		Total		22,486,773


	Capital Goods (8.3%)
		Berry Plastics Corporation
	6,370,000	5.125%, 7/15/2023		6,194,825		0.9	%
		Building Materials Corporation of America
	3,990,000	6.000%, 10/15/2025^b		4,069,800		0.6	%
		Nortek, Inc.
	3,640,000	8.500%, 4/15/2021		3,776,864		0.5	%
		Silgan Holdings, Inc.
	3,970,000	5.000%, 4/1/2020		4,039,475		0.6	%
		United Rentals North America, Inc.
	3,285,000	5.500% - 6.125%, 6/15/2023 - 7/15/2025		3,271,762		0.4	%
		UR Financing Escrow Corporation
	4,250,000	7.625%, 4/15/2022		4,541,975		0.6	%
		Other Securities^		33,020,521		4.7	%

		Total		58,915,222


	Communications Services (15.4%)
		Altice Financing SA
	1,870,000	6.500% - 6.625%, 1/15/2022 - 2/15/2023^b		1,849,325		0.3	%
		AMC Networks, Inc.
	3,800,000	4.750%, 12/15/2022		3,800,000		0.5	%
		Columbus International, Inc.
	5,060,000	7.375%, 3/30/2021^b		5,009,400		0.7	%
		Eileme 2 AB
	4,260,000	11.625%, 1/31/2020*		4,515,600		0.6	%
		Frontier Communications Corporation
	6,930,000	11.000%, 9/15/2025^b		6,860,700		1.0	%
	1,230,000	10.500%, 9/15/2022^b		1,225,388		0.2	%
		Intelsat Jackson Holdings SA
	5,970,000	7.250%, 10/15/2020		5,223,750		0.7	%
		MDC Partners, Inc.
	3,730,000	6.750%, 4/1/2020^b		3,841,900		0.5	%
		Numericable-SFR
	6,300,000	6.000% - 6.250%, 5/15/2022 - 5/15/2024^b		6,097,450		0.9	%
		Sprint Communications, Inc.
	10,325,000	9.000%, 11/15/2018^b		10,867,062		1.5	%
	2,870,000	7.000%, 3/1/2020^b		2,877,175		0.4	%
		Sprint Corporation
	7,215,000	7.625%, 2/15/2025		5,266,950		0.7	%
		T-Mobile USA, Inc.
	3,790,000	6.542%, 4/28/2020		3,951,075		0.6	%
		Unitymedia Hessen GmbH & Company KG
	5,100,000	5.500%, 1/15/2023^b		5,087,250		0.7	%
		Other Securities^		42,929,202		6.1	%

		Total		109,402,227


	Consumer Cyclical (13.6%)
		Choice Hotels International, Inc.
	3,445,000	5.750%, 7/1/2022		3,686,150		0.5	%
		Cinemark USA, Inc.
	4,475,000	4.875%, 6/1/2023		4,363,125		0.6	%
		LKQ Corporation
	4,005,000	4.750%, 5/15/2023		3,754,687		0.5	%
		Rite Aid Corporation
	6,325,000	6.125% - 6.750%, 6/15/2021 - 4/1/2023^b		6,585,937		1.0	%
		Six Flags Entertainment Corporation
	4,250,000	5.250%, 1/15/2021^b		4,303,125		0.6	%
		Other Securities^		74,054,322		10.4	%

		Total		96,747,346


	Consumer Non-Cyclical (11.6%)
		B&G Foods, Inc.
	3,700,000	4.625%, 6/1/2021		3,663,000		0.5	%
		Energizer Holdings, Inc.
	4,240,000	5.500%, 6/15/2025^b		3,985,600		0.6	%
		Envision Healthcare Corporation
	3,795,000	5.125%, 7/1/2022^b		3,719,100		0.5	%
		Grifols Worldwide Operations, Ltd.
	4,395,000	5.250%, 4/1/2022		4,416,975		0.6	%

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

168

HIGH YIELD PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (85.5%)	Value		% of Net Assets
	Consumer Non-Cyclical (11.6%) - continued
		HCA, Inc.
$	4,810,000	5.875%, 3/15/2022	$	5,074,550		0.7	%
	3,705,000	5.375%, 2/1/2025		3,658,688		0.5	%
	8,690,000	3.750% - 6.500%, 3/15/2019 - 2/15/2026		8,923,852		1.3	%
		JBS USA, LLC
	4,705,000	5.750%, 6/15/2025^b		4,093,350		0.6	%
		MPH Acquisition Holdings, LLC
	4,645,000	6.625%, 4/1/2022^b		4,656,613		0.7	%
		Revlon Consumer Products Corporation
	4,760,000	5.750%, 2/15/2021^c		4,605,300		0.6	%
		TreeHouse Foods, Inc.
	4,155,000	4.875%, 3/15/2022^c		3,957,637		0.6	%
		Valeant Pharmaceuticals International
	5,245,000	5.500% - 7.250%, 7/15/2022 - 3/1/2023^b		4,869,100		0.7	%
		VPII Escrow Corporation
	3,170,000	7.500%, 7/15/2021^b		3,162,075		0.4	%
		Other Securities^		24,024,775		3.3	%

		Total		82,810,615


	Energy (9.4%)
		Concho Resources, Inc.
	4,740,000	6.500%, 1/15/2022		4,550,400		0.6	%
		Laredo Petroleum, Inc.
	4,330,000	5.625%, 1/15/2022		3,767,100		0.5	%
		Noble Energy, Inc.
	6,380,000	5.875%, 6/1/2024		6,104,926		0.9	%
		Other Securities^		52,920,459		7.4	%

		Total		67,342,885


	Financials (8.8%)
		Ally Financial, Inc.
	4,670,000	4.125%, 3/30/2020		4,646,650		0.7	%
	3,840,000	3.250% - 4.125%, 2/13/2018 - 2/13/2022		3,808,900		0.5	%
		Argos Merger Sub, Inc.
	3,705,000	7.125%, 3/15/2023^b		3,673,507		0.5	%
		CIT Group, Inc.
	3,795,000	3.875%, 2/19/2019		3,776,025		0.5	%
		Drawbridge Special Opportunities Fund, LP
	3,785,000	5.000%, 8/1/2021^b		3,671,450		0.5	%
		Icahn Enterprises, LP
	5,500,000	4.875%, 3/15/2019		5,450,500		0.8	%
	6,485,000	6.000%, 8/1/2020		6,539,474		0.9	%
		Quicken Loans, Inc.
	4,255,000	5.750%, 5/1/2025^b		4,052,888		0.6	%
		Other Securities^		26,773,910		3.8	%

		Total		62,393,304


	Industrials Other (0.5%)
		Other Securities^		3,826,100		0.5	%

		Total		3,826,100


	Technology (6.4%)
		Alliance Data Systems Corporation
	6,880,000	5.375%, 8/1/2022^b		6,553,200		0.9	%
		CommScope Technologies Finance, LLC
	4,775,000	6.000%, 6/15/2025^b		4,595,938		0.7	%
		Denali Borrower, LLC
	5,680,000	5.625%, 10/15/2020^b		5,949,800		0.8	%
		NXP Funding, LLC
	3,715,000	5.750%, 3/15/2023^b		3,835,737		0.5	%
		Sensata Technologies BV
	4,870,000	4.875%, 10/15/2023^b		4,736,075		0.7	%
		Other Securities^		19,969,313		2.8	%

		Total		45,640,063


	Transportation (3.8%)
		American Airlines Pass Through Trust
	3,689,325	5.600%, 7/15/2020^b		3,763,112		0.5	%
		Other Securities^		23,218,772		3.3	%

		Total		26,981,884


	Utilities (4.1%)
		Regency Energy Partners, LP
	4,650,000	5.500%, 4/15/2023		4,181,141		0.6	%
		Other Securities^		25,361,098		3.5	%

		Total		29,542,239


		Total Long-Term Fixed Income (cost $671,072,784)		608,576,982


Shares		Preferred Stock (1.3%)
	Financials (1.1%)
		Other Securities^		8,135,058		1.1	%

		Total		8,135,058


	Materials (0.2%)
		Other Securities^		1,182,154		0.2	%

		Total		1,182,154


		Total Preferred Stock (cost $9,184,908)		9,317,212


		Common Stock (<0.1%)
	Consumer Discretionary (<0.1%)
		Other Securities^		12		<0.1	%

		Total		12


	Financials (<0.1%)
		Other Securities^		59,373		<0.1	%

		Total		59,373


		Total Common Stock (cost $6,579,196)		59,385


		Collateral Held for Securities Loaned (6.0%)
	42,864,685	Thrivent Cash Management Trust		42,864,685		6.0	%

		Total Collateral Held for Securities Loaned (cost $42,864,685)		42,864,685

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

169

HIGH YIELD PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Shares or Principal Amount		Short-Term Investments (6.6%)^d	Value			% of Net Assets
		Thrivent Cash Management Trust
	46,291,200	0.220%	$	46,291,200			6.5	%
		Other Securities^		699,991			0.1	%

		Total Short-Term Investments (at amortized cost)		46,991,191

		Total Investments (cost $811,801,681) 104.1%	$	741,364,262

		Other Assets and Liabilities, Net (4.1%)		(29,230,750	)

		Total Net Assets 100.0%	$	712,133,512

^	The Summary Schedule of Investments shows the 50 largest holdings in unaffiliated issuers, any holding or issuer that exceeds 1% of net assets and all affiliated holdings 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.

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 value of all restricted securities held in High Yield Portfolio as of December 31, 2015 was $19,370,906 or 2.7% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of December 31, 2015.


Security	Acquisition Date		Cost
Eileme 2 AB, 1/31/2020		1/19/2012	$	4,179,060


Securities Lending Transactions
Taxable Debt Security	$	41,133,634

Total lending	$	41,133,634
Gross amount payable upon return of collateral for securities loaned	$	42,864,685

Net amounts due to counterparty	$	1,731,051

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	6,132,129
Gross unrealized depreciation		(76,582,822	)

Net unrealized appreciation (depreciation)	$	(70,450,693	)
Cost for federal income tax purposes	$	811,814,955

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

170

HIGH YIELD PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2015, in valuing High Yield Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		2,348,612		—		2,348,612		—
Communications Services		14,056,495		—		7,223,068		6,833,427
Consumer Cyclical		7,767,331		—		7,767,331		—
Consumer Non-Cyclical		2,935,290		—		2,935,290		—
Technology		6,447,079		—		6,447,079		—
Long-Term Fixed Income
Asset-Backed Securities		2,488,324		—		2,488,324		—
Basic Materials		22,486,773		—		22,486,773		—
Capital Goods		58,915,222		—		58,915,222		—
Communications Services		109,402,227		—		109,402,227		—
Consumer Cyclical		96,747,346		—		96,747,346		—
Consumer Non-Cyclical		82,810,615		—		82,810,615		—
Energy		67,342,885		—		67,342,885		—
Financials		62,393,304		—		62,393,304		—
Industrials Other		3,826,100		—		3,826,100		—
Technology		45,640,063		—		45,640,063		—
Transportation		26,981,884		—		26,981,884		—
Utilities		29,542,239		—		29,542,239		—
Preferred Stock
Financials		8,135,058		8,135,058		—		—
Materials		1,182,154		1,182,154		—		—
Common Stock
Consumer Discretionary		12		—		—		12
Financials		59,373		—		—		59,373
Collateral Held for Securities Loaned		42,864,685		42,864,685		—		—
Short-Term Investments		46,991,191		46,291,200		699,991		—

Total	$	741,364,262	$	98,473,097	$	635,998,353	$	6,892,812

There were no significant transfers between Levels during the period ended December 31, 2015. Transfers between Levels are identified as of the end of the period.

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 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		707,345
Total Credit Contracts			707,345

Total		$	707,345

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 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		(266,087	)
Total Credit Contracts			(266,087	)

Total		($	266,087	)

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

171

HIGH YIELD PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

The following table presents High Yield Portfolio’s average volume of derivative activity during the period ended December 31, 2015.


			Swaps
			(Percentage
	Swaps		of Average Net
Derivative Risk Category	(Notional)*		Assets)
Credit Contracts	$	466,710		0.1	%

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

Investment in Affiliates

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 December 31, 2015		Value December 31, 2015		Income Earned January 1, 2015 - December 31, 2015
Cash Management Trust-Collateral Investment	$	55,520,434	$	232,784,639	$	245,440,388		42,864,685	$	42,864,685	$	260,173
Cash Management Trust-Short Term Investment		25,362,738		247,627,118		226,698,656		46,291,200		46,291,200		31,428
Total Value and Income Earned	$	80,883,172							$	89,155,885	$	291,601

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

172

INCOME PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (3.8%)	Value		% of Net Assets
	Basic Materials (0.2%)
		Other Securities^	$	2,640,923		0.2	%

		Total		2,640,923


	Capital Goods (0.2%)
		Other Securities^		2,851,820		0.2	%

		Total		2,851,820


	Communications Services (1.5%)
		Other Securities^		19,580,338		1.5	%

		Total		19,580,338


	Consumer Cyclical (0.5%)
		Other Securities^		7,526,312		0.5	%

		Total		7,526,312


	Consumer Non-Cyclical (0.4%)
		Other Securities^		5,112,595		0.4	%

		Total		5,112,595


	Energy (0.1%)
		Other Securities^		1,226,528		0.1	%

		Total		1,226,528


	Financials (0.1%)
		Other Securities^		1,524,840		0.1	%

		Total		1,524,840


	Technology (0.4%)
		Other Securities^		5,055,418		0.4	%

		Total		5,055,418


	Transportation (0.2%)
		Other Securities^		2,973,500		0.2	%

		Total		2,973,500


	Utilities (0.2%)
		Other Securities^		2,414,965		0.2	%

		Total		2,414,965


		Total Bank Loans (cost $54,298,009)		50,907,239


		Long-Term Fixed Income (89.8%)
	Asset-Backed Securities (1.4%)
		Bayview Opportunity Master Fund Trust
	$3,893,768	3.721%, 7/28/2035^a,b		3,890,631		0.3	%
		Other Securities^		15,197,119		1.1	%

		Total		19,087,750


	Basic Materials (3.2%)
		Other Securities^		42,755,876		3.2	%

		Total		42,755,876


	Capital Goods (1.6%)
		BAE Systems plc
	3,880,000	4.750%, 10/11/2021^a		4,129,663		0.3	%
		Other Securities^		16,828,286		1.3	%

		Total		20,957,949


	Collateralized Mortgage Obligations (0.9%)
		Other Securities^	$	11,966,929		0.9	%

		Total		11,966,929


	Commercial Mortgage-Backed Securities (0.6%)
		Other Securities^		8,004,445		0.6	%

		Total		8,004,445


	Communications Services (8.8%)
		CCO Safari II, LLC
	4,370,000	4.464%, 7/23/2022^a		4,354,749		0.3	%
		Comcast Corporation
	3,740,000	3.375%, 8/15/2025		3,786,271		0.3	%
		NBCUniversal Media, LLC
	3,510,000	4.375%, 4/1/2021		3,812,667		0.3	%
		Omnicom Group, Inc.
	4,245,000	4.450%, 8/15/2020		4,527,085		0.3	%
		Time Warner Cable, Inc.
	3,800,000	4.125%, 2/15/2021		3,880,089		0.3	%
		Time Warner Entertainment Company, LP
	3,620,000	8.375%, 3/15/2023		4,445,682		0.3	%
		Verizon Communications, Inc.
	3,830,000	3.450%, 3/15/2021		3,918,435		0.3	%
	4,030,000	3.500%, 11/1/2024		3,980,431		0.3	%
	5,854,000	4.272%, 1/15/2036		5,284,979		0.4	%
	3,200,000	6.550%, 9/15/2043		3,799,072		0.3	%
	5,457,000	4.522%, 9/15/2048		4,880,179		0.4	%
	3,277,000	2.625%, 2/21/2020		3,288,394		0.2	%
		Other Securities^		68,159,162		5.1	%

		Total		118,117,195


	Consumer Cyclical (5.3%)
		American Honda Finance Corporation
	4,400,000	3.875%, 9/21/2020^a		4,660,304		0.4	%
		Ford Motor Credit Company, LLC
	5,000,000	4.134%, 8/4/2025		4,982,075		0.4	%
	9,345,000	1.594% - 4.250%, 5/9/2016 - 9/8/2024^c		9,307,684		0.7	%
		General Motors Company
	3,150,000	5.000%, 4/1/2035		2,939,652		0.2	%
		General Motors Financial Company, Inc.
	10,870,000	3.200% - 4.375%, 7/13/2020 - 1/15/2025		10,589,755		0.8	%
		Other Securities^		37,678,127		2.8	%

		Total		70,157,597


	Consumer Non-Cyclical (9.8%)
		Biogen, Inc.
	3,740,000	3.625%, 9/15/2022		3,781,424		0.3	%
		Boston Scientific Corporation
	4,360,000	3.375%, 5/15/2022		4,301,166		0.3	%
		Celgene Corporation
	3,770,000	3.950%, 10/15/2020		3,956,396		0.3	%
	3,750,000	3.550%, 8/15/2022		3,786,454		0.3	%
		Kraft Foods Group, Inc.
	4,390,000	3.500%, 6/6/2022		4,438,053		0.3	%
		Other Securities^		110,035,856		8.3	%

		Total		130,299,349

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

173

INCOME PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (89.8%)	Value		% of Net Assets
	Energy (7.8%)
		Energy Transfer Partners, LP
	$5,325,000	4.650%, 6/1/2021	$	4,999,355		0.4	%
	3,700,000	4.050% - 6.125%, 3/15/2025 - 12/15/2045		3,019,527		0.3	%
		Sunoco Logistics Partners Operations, LP
	5,900,000	3.450% - 4.400%, 4/1/2021 - 1/15/2023		5,317,420		0.4	%
		Other Securities^		91,065,608		6.7	%

		Total		104,401,910


	Financials (29.2%)
		Bank of America Corporation
	3,840,000	1.656%, 3/22/2018^c		3,852,319		0.3	%
	3,380,000	7.625%, 6/1/2019		3,915,115		0.3	%
	3,830,000	4.125%, 1/22/2024		3,955,815		0.3	%
	12,020,000	4.100% - 6.500%, 7/24/2023 - 10/23/2049^d		12,405,086		0.9	%
		Capital One Bank USA NA
	5,425,000	2.250%, 2/13/2019		5,401,157		0.4	%
		Citigroup, Inc.
	4,370,000	4.400%, 6/10/2025		4,413,735		0.3	%
		Credit Suisse Group Funding, Ltd.
	4,400,000	3.750%, 3/26/2025^a		4,256,050		0.3	%
		GE Capital Trust I
	4,500,000	6.375%, 11/15/2067		4,677,187		0.4	%
		Goldman Sachs Group, Inc.
	4,450,000	3.850%, 7/8/2024		4,541,047		0.3	%
	14,605,000	4.000% - 6.750%, 3/15/2020 - 5/22/2045		15,417,031		1.2	%
		J.P. Morgan Chase & Company
	14,290,000	3.375% - 6.750%, 5/1/2023 - 12/29/2049^d		14,859,841		1.1	%
		Lincoln National Corporation
	4,150,000	4.000%, 9/1/2023		4,249,206		0.3	%
		Merrill Lynch & Company, Inc.
	3,050,000	6.875%, 4/25/2018		3,364,934		0.3	%
		Morgan Stanley
	21,015,000	4.000% - 6.625%, 4/1/2018 - 1/27/2045		22,296,165		1.7	%
		Reinsurance Group of America, Inc.
	3,815,000	4.700%, 9/15/2023		4,022,647		0.3	%
		Santander Holdings USA, Inc.
	4,990,000	2.650% - 4.500%, 4/17/2020 - 7/17/2025		4,987,724		0.4	%
		Santander Issuances SA
	2,750,000	5.179%, 11/19/2025		2,708,332		0.2	%
		Santander UK Group Holdings plc
	4,060,000	2.875% - 4.750%, 10/16/2020 - 9/15/2025^a,e		4,016,427		0.3	%
		Santander UK plc
	960,000	5.000%, 11/7/2023^a		999,313		0.1	%
		Other Securities^		265,301,069		19.8	%

		Total		389,640,200


	Foreign Government (0.6%)
		Other Securities^		8,491,690		0.6	%

		Total		8,491,690


	Industrials Other (0.1%)
		Other Securities^		1,907,400		0.1	%

		Total		1,907,400


	Mortgage-Backed Securities (3.9%)
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	26,550,000	3.500%, 1/1/2046^f		27,392,251		2.0	%
	12,937,500	4.000%, 1/1/2046^f		13,690,099		1.0	%
	4,650,000	4.500%, 1/1/2046^f		5,021,419		0.4	%
		Other Securities^		6,271,118		0.5	%

		Total		52,374,887


	Technology (1.8%)
		Other Securities^		24,085,713		1.8	%

		Total		24,085,713


	Transportation (3.6%)
		British Airways plc
	4,192,646	4.625%, 6/20/2024^a		4,370,833		0.3	%
		Burlington Northern Santa Fe, LLC
	5,620,000	3.000% - 4.700%, 4/1/2025 - 9/1/2045		5,494,351		0.4	%
		ERAC USA Finance, LLC
	3,450,000	5.250%, 10/1/2020^a		3,779,979		0.3	%
		Other Securities^		33,957,462		2.6	%

		Total		47,602,625


	U.S. Government and Agencies (5.3%)
		U.S. Treasury Bonds
	4,500,000	4.375%, 5/15/2041		5,678,964		0.4	%
	5,307,000	3.125%, 2/15/2042		5,479,684		0.4	%
	7,500,000	3.000%, 11/15/2045		7,477,440		0.6	%
		U.S. Treasury Bonds, TIPS
	2,670,644	0.625%, 1/15/2024		2,640,357		0.2	%
		U.S. Treasury Notes
	10,023,000	1.000%, 6/30/2019		9,857,390		0.8	%
	7,000,000	1.375%, 10/31/2020		6,876,408		0.5	%
	4,380,000	2.000%, 7/31/2022		4,368,196		0.3	%
	4,500,000	1.875%, 8/31/2022		4,448,147		0.3	%
	7,000,000	1.875%, 10/31/2022		6,911,408		0.5	%
	6,410,000	2.000%, 11/30/2022		6,374,944		0.5	%
	4,380,000	2.500%, 2/15/2045		3,929,854		0.3	%
	4,130,000	1.625% - 2.875%, 3/31/2018 - 7/31/2020		4,153,129		0.3	%
		U.S. Treasury Notes, TIPS
	2,019,787	0.625%, 7/15/2021		2,033,041		0.2	%

		Total		70,228,962


	U.S. Municipals (0.2%)
		Other Securities^		2,995,969		0.2	%

		Total		2,995,969


	Utilities (5.7%)
		Energy Transfer Equity, LP
	1,870,000	5.500%, 6/1/2027		1,421,200		0.1	%

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

174

INCOME PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (89.8%)	Value			% of Net Assets
	Utilities (5.7%) - continued
		FirstEnergy Transmission, LLC
	$3,830,000	4.350%, 1/15/2025^a	$	3,882,375			0.3	%
		ITC Holdings Corporation
	5,080,000	4.050%, 7/1/2023		5,218,862			0.4	%
		MidAmerican Energy Holdings Company
	4,450,000	3.750%, 11/15/2023		4,566,501			0.3	%
		Nevada Power Company
	2,800,000	6.750%, 7/1/2037		3,551,758			0.3	%
		Pennsylvania Electric Company
	3,700,000	5.200%, 4/1/2020		3,944,403			0.3	%
		Other Securities^		54,145,254			4.0	%

		Total		76,730,353


		Total Long-Term Fixed Income (cost $1,218,017,052)		1,199,806,799


Shares		Preferred Stock (2.3%)
	Financials (2.0%)
	31,925	Countrywide Capital V, 7.000%		818,238			0.1	%
	95,940	Goldman Sachs Group, Inc.,
		5.500%^d		2,483,886			0.2	%
	88,200	Morgan Stanley, 7.125%^d		2,522,520			0.2	%
		Other Securities^		20,756,480			1.5	%

		Total		26,581,124


	Materials (0.2%)
		Other Securities^		2,088,227			0.2	%

		Total		2,088,227


	Utilities (0.1%)
		Other Securities^		1,358,000			0.1	%

		Total		1,358,000


		Total Preferred Stock (cost $29,018,928)		30,027,351


		Collateral Held for Securities Loaned (2.1%)
	28,613,386	Thrivent Cash Management Trust		28,613,386			2.1	%

		Total Collateral Held for Securities Loaned (cost $28,613,386)		28,613,386


Shares or Principal Amount		Short-Term Investments (7.2%)^g
		U.S. Treasury Bills
	400,000	0.190%, 1/7/2016^h		399,987			<0.1	%
		Thrivent Cash Management Trust
	94,638,205	0.220%		94,638,205			7.1	%
		Other Securities^		1,399,955			0.1	%

		Total Short-Term Investments (at amortized cost)		96,438,147

		Total Investments (cost $1,426,385,522) 105.2%	$	1,405,792,922

		Other Assets and Liabilities, Net (5.2%)		(69,772,489	)

		Total Net Assets 100.0%	$	1,336,020,433

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

b	Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of December 31, 2015.

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 December 31, 2015.

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 December 31, 2015, $50,998 of investments were segregated to cover exposure to a counterparty for margin on open mortgage-backed security transactions.

Income Portfolio held restricted securities as of December 31, 2015. 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. As of December 31, 2015, the value of these investments was $7,537,811 or 0.6% of total net assets.


Securities Lending Transactions
Taxable Debt Security	$	27,727,136

Total lending	$	27,727,136
Gross amount payable upon return of collateral for securities loaned	$	28,613,386

Net amounts due to counterparty	$	886,250

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	$	26,186,314
Gross unrealized depreciation		(46,370,776	)

Net unrealized appreciation (depreciation)	$	(20,184,462	)

Cost for federal income tax purposes	$	1,425,977,384

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

175

INCOME PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 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		2,640,923		—		2,640,923		—
Capital Goods		2,851,820		—		2,851,820		—
Communications Services		19,580,338		—		19,580,338		—
Consumer Cyclical		7,526,312		—		7,526,312		—
Consumer Non-Cyclical		5,112,595		—		4,391,752		720,843
Energy		1,226,528		—		838,603		387,925
Financials		1,524,840		—		1,524,840		—
Technology		5,055,418		—		5,055,418		—
Transportation		2,973,500		—		2,973,500		—
Utilities		2,414,965		—		2,414,965		—
Long-Term Fixed Income
Asset-Backed Securities		19,087,750		—		19,087,750		—
Basic Materials		42,755,876		—		42,755,876		—
Capital Goods		20,957,949		—		20,957,949		—
Collateralized Mortgage Obligations		11,966,929		—		11,966,929		—
Commercial Mortgage-Backed Securities		8,004,445		—		8,004,445		—
Communications Services		118,117,195		—		118,117,195		—
Consumer Cyclical		70,157,597		—		70,157,597		—
Consumer Non-Cyclical		130,299,349		—		130,299,349		—
Energy		104,401,910		—		104,401,910		—
Financials		389,640,200		—		389,640,200		—
Foreign Government		8,491,690		—		8,491,690		—
Industrials Other		1,907,400		—		1,907,400		—
Mortgage-Backed Securities		52,374,887		—		52,374,887		—
Technology		24,085,713		—		24,085,713		—
Transportation		47,602,625		—		47,602,625		—
U.S. Government and Agencies		70,228,962		—		70,228,962		—
U.S. Municipals		2,995,969		—		2,995,969		—
Utilities		76,730,353		—		76,730,353		—
Preferred Stock
Financials		26,581,124		24,271,357		2,309,767		—
Materials		2,088,227		2,088,227		—		—
Utilities		1,358,000		1,358,000		—		—
Collateral Held for Securities Loaned		28,613,386		28,613,386		—		—
Short-Term Investments		96,438,147		94,638,205		1,799,942		—

Total	$	1,405,792,922	$	150,969,175	$	1,253,714,979	$	1,108,768


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		703,138		703,138		—		—

Total Asset Derivatives	$	703,138	$	703,138	$	—	$	—

There were no significant transfers between Levels during the period ended December 31, 2015. Transfers between Levels are identified as of the end of the period.

The following table presents Income Portfolio’s futures contracts held as of December 31, 2015. Investments totaling $1,399,955 were pledged as the initial margin deposit for these contracts.


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
5-Yr. U.S. Treasury Bond Futures		(595	)		March 2016	($	70,561,437	)	($	70,400,585	)	$	160,852
10-Yr. U.S. Treasury Bond Futures		(1,000	)		March 2016		(126,114,090	)		(125,906,250	)		207,840
30-Yr. U.S. Treasury Bond Futures		506			March 2016		77,463,054			77,797,500			334,446
Total Futures Contracts												$	703,138

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

176

INCOME PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 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	$	703,138
Total Interest Rate Contracts			703,138

Total Asset Derivatives		$	703,138

*	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 December 31, 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		(2,388,800	)
Total Interest Rate Contracts			(2,388,800	)

Total		($	2,388,800	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 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		(787,623	)
Total Interest Rate Contracts			(787,623	)

Total		($	787,623	)

The following table presents Income Portfolio’s average volume of derivative activity during the period ended December 31, 2015.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Interest Rate Contracts	$	280,055,526		20.3	%

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

Investment in Affiliates

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 December 31, 2015		Value December 31, 2015		Income Earned January 1, 2015 - December 31, 2015
Cash Management Trust- Collateral Investment	$	24,146,820	$	204,663,352	$	200,196,786		28,613,386	$	28,613,386	$	129,326
Cash Management Trust- Short Term Investment		70,366,639		375,058,888		350,787,322		94,638,205		94,638,205		72,801
Total Value and Income Earned	$	94,513,459							$	123,251,591	$	202,127

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

177

BOND INDEX PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (99.7%)	Value
	Asset-Backed Securities (1.9%)
		Conseco Financial Corporation
$	5,307	6.330%, 11/1/2029	$	5,407
		Credit Based Asset Servicing and Securitization, LLC
	335,581	3.546%, 12/25/2036^a		241,440
		First Horizon ABS Trust
	324,647	0.582%, 10/25/2034^b,c		293,694
		GMAC Mortgage Corporation Loan Trust
	497,004	0.401%, 8/25/2035^b,c		464,960
	802,240	0.401%, 12/25/2036^b,c		704,013
		IndyMac Seconds Asset-Backed Trust
	333,871	0.762%, 10/25/2036^b,c		209,626
		Preferred Term Securities XXIII, Ltd.
	555,264	0.712%, 12/22/2036*^,c		432,928
		Wachovia Asset Securitization, Inc.
	692,718	0.562%, 7/25/2037*^,b,c		591,325

		Total		2,943,393


	Basic Materials (0.9%)
		Albemarle Corporation
	150,000	3.000%, 12/1/2019		147,129
		Dow Chemical Company
	27,000	7.375%, 11/1/2029		33,346
		Freeport-McMoRan, Inc.
	250,000	3.550%, 3/1/2022		145,000
		Georgia-Pacific, LLC
	360,000	2.539%, 11/15/2019^d		357,929
	250,000	3.734%, 7/15/2023^d		252,890
		Glencore Funding, LLC
	175,000	1.377%, 4/16/2018^c,d		147,665
		Mosaic Company
	400,000	4.250%, 11/15/2023		396,170

		Total		1,480,129


	Capital Goods (0.7%)
		Lockheed Martin Corporation
	290,000	1.850%, 11/23/2018		289,487
		Pentair Finance SA
	200,000	3.625%, 9/15/2020		199,803
		Roper Industries, Inc.
	300,000	1.850%, 11/15/2017		298,422
		Textron, Inc.
	250,000	3.875%, 3/1/2025		245,120

		Total		1,032,832


	Commercial Mortgage-Backed Securities (1.5%)
		Commercial Mortgage Pass-Through Certificates
	462,188	5.306%, 12/10/2046		470,422
		Morgan Stanley Capital I
	379,271	3.224%, 7/15/2049		382,554
		UBS Commercial Mortgage Trust
	750,000	3.400%, 5/10/2045		763,727
		WFRBS Commercial Mortgage Trust
	826,000	2.870%, 11/15/2045		818,066

		Total		2,434,769


	Communications Services (1.4%)
		America Movil SAB de CV
	300,000	1.502%, 9/12/2016^c		299,996
		American Tower Corporation
	100,000	2.800%, 6/1/2020		98,849
		British Sky Broadcasting Group plc
	200,000	3.125%, 11/26/2022^d		194,164
		CCO Safari II, LLC
	211,000	3.579%, 7/23/2020^d		209,736
	211,000	4.464%, 7/23/2022^d		210,264
		Crown Castle Towers, LLC
	500,000	4.174%, 8/15/2017^d		511,266
		DIRECTV Holdings, LLC
	250,000	1.750%, 1/15/2018		249,006
		NBC Universal Enterprise, Inc.
	250,000	1.662%, 4/15/2018^d		250,067
		Verizon Communications, Inc.
	250,000	3.000%, 11/1/2021		249,297

		Total		2,272,645


	Consumer Cyclical (2.5%)
		Board of Trustees of The Leland Stanford Junior University
	550,000	3.563%, 6/1/2044		514,345
		California Institute of Technology
	325,000	4.700%, 11/1/2111		312,619
		CVS Health Corporation
	150,000	2.250%, 8/12/2019		149,803
		Daimler Finance North America, LLC
	250,000	1.044%, 8/3/2017^c,d		249,708
	27,000	8.500%, 1/18/2031		39,163
		Dartmouth College
	250,000	3.760%, 6/1/2043		237,907
		Home Depot, Inc.
	300,000	4.400%, 4/1/2021		330,366
		Macy’s Retail Holdings, Inc.
	200,000	4.375%, 9/1/2023		199,214
		Massachusetts Institute of Technology
	500,000	4.678%, 7/1/2114		515,875
		President and Fellows of Harvard College
	500,000	3.619%, 10/1/2037		487,016
		Starbucks Corporation
	200,000	3.850%, 10/1/2023		212,205
		Wal-Mart Stores, Inc.
	327,000	7.550%, 2/15/2030		461,000
		Yale University
	200,000	2.086%, 4/15/2019		201,696

		Total		3,910,917


	Consumer Non-Cyclical (4.6%)
		Actavis Funding SCS
	350,000	1.757%, 3/12/2020^c		351,250
		Altria Group, Inc.
	240,000	4.000%, 1/31/2024		248,636
		Amgen, Inc.
	250,000	2.125%, 5/1/2020		246,591
		BAT International Finance plc
	350,000	1.022%, 6/15/2018^c,d		349,525

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

178

BOND INDEX PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (99.7%)	Value
	Consumer Non-Cyclical (4.6%) - continued
		Bayer U.S. Finance, LLC
$	250,000	2.375%, 10/8/2019^d	$	250,157
		Boston Scientific Corporation
	300,000	6.000%, 1/15/2020		333,123
		Bunge Limited Finance Corporation
	225,000	3.500%, 11/24/2020		223,748
		Cardinal Health, Inc.
	195,000	1.950%, 6/15/2018		194,492
		Cargill, Inc.
	325,000	4.100%, 11/1/2042^d		296,328
		Celgene Corporation
	195,000	3.550%, 8/15/2022		196,896
		Church & Dwight Company, Inc.
	210,000	2.450%, 12/15/2019		208,903
		Dr Pepper Snapple Group, Inc.
	250,000	2.700%, 11/15/2022		240,337
		Edwards Lifesciences Corporation
	300,000	2.875%, 10/15/2018		303,481
		EMD Finance, LLC
	300,000	0.876%, 3/17/2017^c,d		299,080
		Fomento Economico Mexicano SAB de CV
	200,000	2.875%, 5/10/2023		186,710
		Gilead Sciences, Inc.
	200,000	2.550%, 9/1/2020		199,924
	200,000	3.250%, 9/1/2022		201,386
		Imperial Tobacco Finance plc
	250,000	3.750%, 7/21/2022^d		251,001
		JM Smucker Company
	225,000	2.500%, 3/15/2020		223,397
		Laboratory Corporation of America Holdings
	255,000	2.625%, 2/1/2020		251,750
		McKesson Corporation
	275,000	2.700%, 12/15/2022		261,830
		Mead Johnson Nutrition Company
	200,000	3.000%, 11/15/2020		199,940
		Mylan NV
	300,000	3.750%, 12/15/2020^d		300,314
		PepsiCo, Inc.
	200,000	1.850%, 4/30/2020		197,706
		Reynolds American, Inc.
	150,000	3.250%, 6/12/2020		152,446
		Sanofi
	250,000	1.250%, 4/10/2018		248,907
		Unilever Capital Corporation
	300,000	2.200%, 3/6/2019		304,464
	350,000	2.100%, 7/30/2020		348,509
		Zoetis, Inc.
	225,000	3.450%, 11/13/2020		225,262

		Total		7,296,093


	Energy (1.3%)
		Cameron International Corporation
	150,000	1.400%, 6/15/2017		147,873
		El Paso Pipeline Partners Operating Company, LLC
	325,000	4.700%, 11/1/2042		228,687
		Exxon Mobil Corporation
	250,000	0.822%, 3/6/2022^c		245,707
		Marathon Petroleum Corporation
	250,000	3.400%, 12/15/2020		245,521
		Petro-Canada
	150,000	6.800%, 5/15/2038		164,007
		Petroleos Mexicanos
	285,000	2.378%, 4/15/2025		284,527
		Pioneer Natural Resources Company
	216,000	3.450%, 1/15/2021		199,444
		Schlumberger Holdings Corporation
	250,000	3.000%, 12/21/2020^d		246,770
		Sunoco Logistics Partners Operations, LP
	300,000	4.400%, 4/1/2021		290,721

		Total		2,053,257


	Financials (8.9%)
		ABN AMRO Bank NV
	300,000	2.450%, 6/4/2020^d		297,424
		ACE INA Holdings, Inc.
	350,000	2.875%, 11/3/2022		347,344
		Aflac, Inc.
	250,000	2.400%, 3/16/2020		251,320
		American International Group, Inc.
	200,000	2.300%, 7/16/2019		198,306
		American Tower Trust I
	225,000	1.551%, 3/15/2018*		219,719
		AXA SA
	27,000	8.600%, 12/15/2030		36,281
		Bank Nederlandse Gemeenten NV
	500,000	1.750%, 3/24/2020^d,e		495,665
		Bank of America Corporation
	250,000	1.700%, 8/25/2017		249,285
		Bank of England
	1,000,000	0.875%, 3/17/2017^d,e		998,130
		Bank of Tokyo-Mitsubishi UFJ, Ltd.
	205,000	2.850%, 9/8/2021^d		204,187
		Boston Properties, LP
	300,000	3.125%, 9/1/2023		292,085
		Chubb Corporation
	350,000	6.500%, 5/15/2038		452,653
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	50,000	4.625%, 12/1/2023		52,107
		Duke Realty, LP
	250,000	3.875%, 10/15/2022		251,152
		European Investment Bank
	500,000	1.250%, 5/15/2018		498,136
		Fifth Third Bancorp
	200,000	2.875%, 10/1/2021		199,195
		Finnvera Oyj
	400,000	2.375%, 6/4/2025^d		387,036
		HCP, Inc.
	250,000	4.000%, 12/1/2022		248,844
		HSBC Holdings plc
	300,000	6.800%, 6/1/2038		373,425
		ING Bank NV
	400,000	2.625%, 12/5/2022^d		393,333
		J.P. Morgan Chase & Company
	250,000	1.220%, 1/25/2018^c		250,514
	250,000	2.250%, 1/23/2020		245,945

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

179

BOND INDEX PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (99.7%)	Value
	Financials (8.9%) - continued
		Liberty Mutual Group, Inc.
	150,000	4.950%, 5/1/2022^d	$	158,998
	200,000	4.250%, 6/15/2023^d		203,214
		Lloyds Bank plc
	365,000	1.038%, 3/16/2018^c		363,068
		Marsh & McLennan Companies, Inc.
	400,000	2.550%, 10/15/2018		403,810
		MassMutual Global Funding II
	350,000	2.000%, 4/5/2017^d		352,426
		MetLife, Inc.
	200,000	4.368%, 9/15/2023		214,739
		Morgan Stanley
	250,000	5.000%, 11/24/2025		265,387
		National Australia Bank, Ltd.
	325,000	2.000%, 6/20/2017^d		327,727
		New York Life Global Funding
	350,000	1.550%, 11/2/2018^d		347,149
		Nordea Bank AB
	325,000	3.125%, 3/20/2017^d		331,412
		North American Development Bank
	400,000	2.300%, 10/10/2018		402,756
		PNC Financial Services Group, Inc.
	325,000	2.854%, 11/9/2022		320,850
		Prudential Financial, Inc.
	200,000	2.350%, 8/15/2019		199,054
		Realty Income Corporation
	300,000	2.000%, 1/31/2018		300,171
		Reliance Standard Life Global Funding II
	240,000	2.500%, 4/24/2019^d		239,057
		Simon Property Group, LP
	250,000	2.500%, 9/1/2020		250,193
		Standard Chartered plc
	200,000	3.950%, 1/11/2023^d		192,400
		Sumitomo Mitsui Financial Group, Inc.
	250,000	4.436%, 4/2/2024^d		256,840
		Svensk Exportkredit AB
	500,000	1.750%, 8/28/2020		491,081
		Svenska Handelsbanken AB
	125,000	1.625%, 3/21/2018		124,445
		Swedbank AB
	300,000	1.750%, 3/12/2018^d		298,293
		Synchrony Financial
	215,000	3.000%, 8/15/2019		214,702
		Toronto-Dominion Bank
	250,000	1.432%, 12/14/2020^c		249,942
		UBS AG
	250,000	1.303%, 3/26/2018^c		249,537
		UnitedHealth Group, Inc.
	165,000	3.350%, 7/15/2022		168,769
		Washington Mutual Bank
	500,000	5.500%, 1/15/2013^f,g		1
		Wells Fargo & Company
	150,000	3.450%, 2/13/2023		150,353

		Total		14,018,460


	Foreign Government (3.4%)
		Chile Government International Bond
	350,000	3.875%, 8/5/2020		373,275
		Export Development Canada
	150,000	0.750%, 12/15/2017		148,709
		Export-Import Bank of Korea
	200,000	2.250%, 1/21/2020		196,930
		Hashemite Kingdom of Jordan
	500,000	2.503%, 10/30/2020		512,513
		Inter-American Development Bank
	500,000	3.000%, 10/4/2023		527,889
	400,000	4.375%, 1/24/2044		468,906
		Kommunalbanken AS
	495,000	1.500%, 10/22/2019^d		488,919
		Kommuninvest I Sverige AB
	300,000	1.000%, 10/24/2017^d		298,426
		Mexico Government International Bond
	100,000	3.500%, 1/21/2021		101,500
	250,000	3.600%, 1/30/2025		243,625
		Poland Government International Bond
	250,000	4.000%, 1/22/2024		263,000
		Province of Manitoba
	600,000	1.300%, 4/3/2017		600,592
		Province of New Brunswick
	125,000	2.750%, 6/15/2018		128,304
		Province of Quebec
	400,000	7.500%, 7/15/2023		522,555
		Sweden Government International Bond
	500,000	1.625%, 3/24/2020^d		496,800

		Total		5,371,943


	Mortgage-Backed Securities (29.1%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	71	6.500%, 3/1/2016		71
	507	6.000%, 6/1/2016		510
	491	6.000%, 9/1/2016		495
	18,827	7.000%, 6/1/2017		19,277
	18,902	5.500%, 12/1/2017		19,374
	2,087,500	3.000%, 1/1/2031^h		2,151,114
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	5,740	8.500%, 11/1/2025		6,005
	459	8.000%, 1/1/2026		514
	2,987,500	4.000%, 1/1/2046^h		3,155,955
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	4,650,000	3.500%, 1/1/2030^h		4,869,606
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	1,302	10.500%, 8/1/2020		1,418
	1,034	8.000%, 12/1/2024		1,152
	151	8.500%, 12/1/2025		151
	1,190	8.000%, 9/1/2026		1,230
	1,870	8.000%, 4/1/2030		2,320
	14,245,000	3.500%, 1/1/2046^h		14,696,897
	11,062,500	4.000%, 1/1/2046^h		11,706,027
	8,400,000	4.500%, 1/1/2046^h		9,070,950

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

180

BOND INDEX PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (99.7%)	Value
	Mortgage-Backed Securities (29.1%) - continued
		Government National Mortgage Association 30-Yr. Pass Through
$	3,013	7.500%, 3/15/2023	$	3,024
	1,795	9.000%, 9/15/2024		2,033
	2,006	8.000%, 6/15/2025		2,067
	594	8.000%, 9/15/2026		613
	6,576	7.500%, 10/15/2027		6,745
	7,771	7.500%, 11/15/2028		7,842
	3,619	8.000%, 10/15/2030		4,115
	2,902	7.500%, 1/15/2031		3,110

		Total		45,732,615


	Technology (1.2%)
		Amphenol Corporation
	200,000	2.550%, 1/30/2019		200,035
		Apple, Inc.
	400,000	2.400%, 5/3/2023		389,747
		Automatic Data Processing, Inc.
	150,000	2.250%, 9/15/2020		150,568
		Cisco Systems, Inc.
	350,000	0.914%, 3/1/2019^c		349,686
		Intel Corporation
	140,000	3.100%, 7/29/2022		142,760
		Motorola Solutions, Inc.
	250,000	3.500%, 3/1/2023		219,311
		Oracle Corporation
	250,000	2.500%, 5/15/2022		245,378
		Texas Instruments, Inc.
	200,000	1.750%, 5/1/2020		194,820

		Total		1,892,305


	Transportation (0.8%)
		American Airlines Pass Through Trust
	174,643	5.600%, 7/15/2020^d		178,136
		Continental Airlines, Inc.
	306,933	4.150%, 4/11/2024		314,914
		Delta Air Lines, Inc.
	174,702	4.950%, 5/23/2019		183,437
		J.B. Hunt Transport Services, Inc.
	220,000	3.300%, 8/15/2022		217,878
		TTX Company
	300,000	4.125%, 10/1/2023*		312,840

		Total		1,207,205


	U.S. Government and Agencies (38.1%)
		Federal Farm Credit Bank
	400,000	2.210%, 8/1/2024		394,396
		Federal Home Loan Mortgage Corporation
	1,000,000	1.250%, 8/1/2019		988,878
	325,000	1.250%, 10/2/2019		320,570
	350,000	6.750%, 3/15/2031		501,746
		Federal National Mortgage Association
	190,000	1.750%, 11/26/2019		190,975
	1,000,000	1.875%, 12/28/2020		999,458
	1,300,000	2.625%, 9/6/2024		1,313,727
	500,000	5.960%, 9/11/2028		658,494
	100,000	6.250%, 5/15/2029		135,577
		Resolution Funding Corporation
	200,000	8.125%, 10/15/2019		246,451
		Tennessee Valley Authority
	350,000	5.250%, 9/15/2039		420,663
		U.S. Treasury Bonds
	2,500,000	5.250%, 11/15/2028		3,266,308
	500,000	5.375%, 2/15/2031		678,028
	4,425,000	3.000%, 5/15/2042		4,452,311
		U.S. Treasury Notes
	17,125,000	0.875%, 11/15/2017		17,065,456
	150,000	1.500%, 10/31/2019		149,531
	9,460,000	1.875%, 6/30/2020		9,526,144
	1,000,000	2.000%, 7/31/2020		1,011,484
	1,000,000	2.250%, 7/31/2021		1,018,750
	1,000,000	2.125%, 9/30/2021		1,010,547
	1,750,000	2.125%, 6/30/2022		1,759,023
	2,825,000	1.625%, 8/15/2022		2,751,615
	5,650,000	2.250%, 11/15/2024		5,647,130
	4,800,000	3.625%, 2/15/2044		5,399,626

		Total		59,906,888


	Utilities (3.4%)
		Ameren Corporation
	225,000	2.700%, 11/15/2020		224,143
		American Electric Power Company, Inc.
	300,000	1.650%, 12/15/2017		297,780
		Berkshire Hathaway Energy Company
	200,000	2.400%, 2/1/2020		198,134
		CenterPoint Energy Houston Electric, LLC
	400,000	5.600%, 7/1/2023		460,294
		Commonwealth Edison Company
	275,000	5.900%, 3/15/2036		331,791
		DTE Energy Company
	100,000	2.400%, 12/1/2019		99,576
		Eversource Energy
	230,000	1.600%, 1/15/2018		227,570
		Exelon Generation Company, LLC
	200,000	2.950%, 1/15/2020		199,281
		Kansas City Power & Light Company
	250,000	3.150%, 3/15/2023		245,004
		National Rural Utilities Cooperative Finance Corporation
	28,000	4.023%, 11/1/2032		27,543
		NiSource Finance Corporation
	350,000	3.850%, 2/15/2023		356,797
		NSTAR Electric Company
	325,000	2.375%, 10/15/2022		312,703
		PPL Capital Funding, Inc.
	325,000	3.500%, 12/1/2022		327,411
		Public Service Company of Colorado
	350,000	3.600%, 9/15/2042		319,148
		Public Service Electric And Gas Company
	360,000	1.800%, 6/1/2019		356,293
		Sempra Energy
	325,000	2.300%, 4/1/2017		326,890
	265,000	2.400%, 3/15/2020		259,724
		Southern California Edison Company
	155,000	2.400%, 2/1/2022		151,996
		Southern California Gas Company
	325,000	3.750%, 9/15/2042		303,025

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

181

BOND INDEX PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (99.7%)	Value
	Utilities (3.4%) - continued
		Xcel Energy, Inc.
$	250,000	1.200%, 6/1/2017	$	248,731

		Total		5,273,834


		Total Long-Term Fixed Income (cost $156,629,753)		156,827,285


Shares		Collateral Held for Securities Loaned (0.5%)
	815,750	Thrivent Cash Management Trust		815,750

		Total Collateral Held for Securities Loaned (cost $815,750)		815,750


Shares or Principal Amount		Short-Term Investments (29.0%)ⁱ
		Thrivent Cash Management Trust
	45,346,506	0.220%		45,346,506
		U.S. Treasury Bills
	300,000	0.190%, 1/7/2016		299,991

		Total Short-Term Investments (at amortized cost)		45,646,497

		Total Investments (cost $203,092,000) 129.2%	$	203,289,532

		Other Assets and Liabilities, Net (29.2%)		(45,995,999	)

		Total Net Assets 100.0%	$	157,293,533

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 December 31, 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 December 31, 2015.

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

f	Defaulted security. Interest is not being accrued.

g	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 the Notes to Financial Statements.

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

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 value of all restricted securities held in Bond Index Portfolio as of December 31, 2015 was $1,556,812 or 1.0% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of December 31, 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		555,264
TTX Company, 10/1/2023		9/19/2013		299,997
Wachovia Asset Securitization, Inc., 7/25/2037		3/16/2007		692,718


Securities Lending Transactions
Taxable Debt Security	$	796,464

Total lending	$	796,464
Gross amount payable upon return of collateral for securities loaned	$	815,750

Net amounts due to counterparty	$	19,286

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	2,219,630
Gross unrealized depreciation		(2,170,620	)

Net unrealized appreciation (depreciation)	$	49,010
Cost for federal income tax purposes	$	203,240,522

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

182

BOND INDEX PORTFOLIO

Schedule of Investments as of December 31, 2015

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 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		2,943,393		—		2,943,393		—
Basic Materials		1,480,129		—		1,480,129		—
Capital Goods		1,032,832		—		1,032,832		—
Commercial Mortgage-Backed Securities		2,434,769		—		2,434,769		—
Communications Services		2,272,645		—		2,272,645		—
Consumer Cyclical		3,910,917		—		3,910,917		—
Consumer Non-Cyclical		7,296,093		—		7,296,093		—
Energy		2,053,257		—		2,053,257		—
Financials		14,018,460		—		14,018,459		1
Foreign Government		5,371,943		—		5,371,943		—
Mortgage-Backed Securities		45,732,615		—		45,732,615		—
Technology		1,892,305		—		1,892,305		—
Transportation		1,207,205		—		1,207,205		—
U.S. Government and Agencies		59,906,888		—		59,906,888		—
Utilities		5,273,834		—		5,273,834		—
Collateral Held for Securities Loaned		815,750		815,750		—		—
Short-Term Investments		45,646,497		45,346,506		299,991		—

Total	$	203,289,532	$	46,162,256	$	157,127,275	$	1

There were no significant transfers between Levels during the period ended December 31, 2015. Transfers between Levels are identified as of the end of the period.

Investment in Affiliates

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 December 31, 2015		Value December 31, 2015		Income Earned January 1, 2015 - December 31, 2015
Cash Management Trust- Collateral Investment	$	—	$	826,250	$	10,500		815,750	$	815,750	$	249
Cash Management Trust- Short Term Investment		43,462,896		41,583,190		39,699,580		45,346,506		45,346,506		38,522
Total Value and Income Earned	$	43,462,896							$	46,162,256	$	38,771

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

183

LIMITED MATURITY BOND PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (3.4%)	Value		% of Net Assets
	Basic Materials (0.1%)
		Other Securities^	$	770,835		0.1	%

		Total		770,835


	Capital Goods (0.3%)
		Other Securities^		2,565,455		0.3	%

		Total		2,565,455


	Communications Services (0.7%)
		Other Securities^		6,107,935		0.7	%

		Total		6,107,935


	Consumer Cyclical (1.0%)
		Other Securities^		8,032,405		1.0	%

		Total		8,032,405


	Consumer Non-Cyclical (0.4%)
		Other Securities^		3,056,546		0.4	%

		Total		3,056,546


	Energy (0.1%)
		Other Securities^		897,532		0.1	%

		Total		897,532


	Financials (0.2%)
		Other Securities^		1,481,642		0.2	%

		Total		1,481,642


	Technology (0.3%)
		Other Securities^		2,288,979		0.3	%

		Total		2,288,979


	Transportation (0.2%)
		Other Securities^		1,328,350		0.2	%

		Total		1,328,350


	Utilities (0.1%)
		Other Securities^		1,296,375		0.1	%

		Total		1,296,375


		Total Bank Loans (cost $30,656,007)		27,826,054


		Long-Term Fixed Income (91.7%)
	Asset-Backed Securities (13.9%)
		BA Credit Card Trust
$	4,800,000	0.711%, 6/15/2021^a		4,791,700		0.6	%
		Betony CLO, Ltd.
	3,425,000	1.831%, 4/15/2027*^,a		3,387,875		0.4	%
		Chase Issuance Trust
	3,700,000	1.590%, 2/18/2020		3,699,485		0.5	%
		Citibank Credit Card Issuance Trust
	5,225,000	1.020%, 2/22/2019		5,212,482		0.6	%
		Ford Credit Auto Owner Trust
	3,575,000	2.260%, 11/15/2025^b		3,603,838		0.4	%
		Golden Credit Card Trust
	7,200,000	0.581%, 2/15/2018^a,b		7,198,218		0.9	%
	1,000,000	0.761%, 9/15/2018^a,b		999,474		0.1	%
		GoldenTree Loan Opportunities IX, Ltd.
	3,750,000	1.804%, 10/29/2026*^,a		3,708,644		0.5	%
		Mortgage Equity Conversion Asset Trust
	4,381,572	1.140%, 1/25/2042*^,a		3,724,336		0.5	%
	4,433,200	0.810%, 2/25/2042*^,a		3,768,220		0.5	%
		OZLM VIII, Ltd.
	3,760,000	1.755%, 10/17/2026*^,a		3,716,914		0.4	%
		SLM Student Loan Trust
	4,345,650	0.942%, 3/25/2026^a		4,289,858		0.5	%
		World Financial Network Credit Card Master Trust
	4,000,000	0.910%, 3/16/2020		3,996,788		0.5	%
		World Omni Master Owner Trust
	5,400,000	0.681%, 2/15/2018^a,b		5,399,083		0.7	%
		Other Securities^		56,354,632		6.8	%

		Total		113,851,547


	Basic Materials (0.8%)
		Other Securities^		6,603,355		0.8	%

		Total		6,603,355


	Capital Goods (0.7%)
		Other Securities^		5,875,982		0.7	%

		Total		5,875,982


	Collateralized Mortgage Obligations (11.4%)
		Alm Loan Funding CLO
	3,760,000	1.745%, 10/17/2026*^,a		3,718,462		0.4	%
		Apidos CLO XVIII
	3,775,000	1.732%, 7/22/2026*^,a		3,745,143		0.5	%
		Babson CLO, Ltd.
	3,760,000	1.707%, 10/17/2026*^,a		3,703,730		0.4	%
		Birchwood Park CLO, Ltd.
	3,760,000	1.761%, 7/15/2026*^,a		3,719,485		0.4	%
		BlueMountain CLO, Ltd.
	3,760,000	1.801%, 10/15/2026*^,a		3,726,100		0.5	%
		Carlyle Global Market Strategies CLO, Ltd.
	3,750,000	1.617%, 7/20/2023*^,a		3,732,619		0.5	%
	3,750,000	1.821%, 10/15/2026*^,a		3,721,936		0.5	%
		Cent CLO 16, LP
	3,760,000	1.579%, 8/1/2024*^,a		3,745,307		0.5	%
		Cent CLO 22, Ltd.
	3,750,000	1.824%, 11/7/2026*^,a		3,704,974		0.4	%
		Countrywide Alternative Loan Trust
	1,199,870	5.500% - 5.500%, 11/25/2035 - 2/25/2036		1,160,733		0.2	%
		Countrywide Home Loans, Inc.
	1,636,506	2.526%, 3/20/2036		1,409,951		0.2	%
		Dryden 34 Senior Loan Fund CLO
	3,760,000	1.751%, 10/15/2026*^,a		3,718,446		0.4	%
		Madison Park Funding XIV CLO, Ltd.
	4,150,000	1.767%, 7/20/2026*^,a		4,109,705		0.5	%
		Octagon Investment Partners XX CLO, Ltd.
	3,760,000	1.796%, 8/12/2026*^,a		3,711,042		0.4	%
		Symphony CLO VIII, Ltd.
	3,678,677	1.419%, 1/9/2023*^,a		3,664,863		0.4	%

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

184

LIMITED MATURITY BOND PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (91.7%)	Value		% of Net Assets
	Collateralized Mortgage Obligations (11.4%) - continued
		Voya CLO 3, Ltd.
	$3,760,000	1.740%, 7/25/2026*^,a	$	3,718,584		0.4	%
		Wells Fargo Commercial Mortgage Trust
	3,575,000	2.632%, 5/15/2048		3,601,546		0.4	%
		Other Securities^		35,731,743		4.4	%

		Total		94,344,369


	Commercial Mortgage-Backed Securities (5.2%)
		Commercial Mortgage Pass- Through Certificates
	5,000,000	1.326%, 6/8/2030^a,b		4,993,928		0.6	%
		Credit Suisse First Boston Mortgage Securities
	4,460,000	5.542%, 1/15/2049		4,560,084		0.5	%
		Federal National Mortgage Association
	1,855,813	1.272%, 1/25/2017		1,855,884		0.2	%
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	4,500,000	1.281%, 12/15/2028^a,b		4,499,806		0.5	%
	6,193,844	5.429%, 12/12/2043		6,297,658		0.8	%
		Other Securities^		20,783,812		2.6	%

		Total		42,991,172


	Communications Services (3.0%)
		Other Securities^		24,427,268		3.0	%

		Total		24,427,268


	Consumer Cyclical (1.0%)
		Other Securities^		8,540,217		1.0	%

		Total		8,540,217


	Consumer Non-Cyclical (6.4%)
		Unilever Capital Corporation
	3,650,000	2.100%, 7/30/2020^c		3,634,451		0.4	%
		Other Securities^		49,072,691		6.0	%

		Total		52,707,142


	Energy (2.7%)
		Other Securities^		22,463,168		2.7	%

		Total		22,463,168


	Financials (18.5%)
		Bank of America Corporation
	8,200,000	1.196% - 6.100%, 8/25/2017 - 12/29/2049^a,d		8,183,525		0.9	%
		Bank of America NA
	2,000,000	5.300%, 3/15/2017		2,080,550		0.3	%
		Bear Stearns Companies, LLC
	2,500,000	6.400%, 10/2/2017		2,692,317		0.3	%
		J.P. Morgan Chase & Company
	4,000,000	1.220%, 1/25/2018^a		4,008,228		0.5	%
	4,950,000	2.250% - 7.900%, 1/23/2020 - 4/29/2049^d		4,938,519		0.6	%
		Japan Bank for International Cooperation
	4,000,000	1.750%, 7/31/2018		3,991,056		0.5	%
		Metropolitan Life Global Funding I
	3,250,000	3.650%, 6/14/2018^b		3,383,042		0.4	%
		Svensk Exportkredit AB
	3,500,000	0.616%, 1/23/2017^a		3,503,861		0.4	%
		Wells Fargo & Company
	5,280,000	1.002% - 5.875%, 1/30/2020 - 12/31/2049^a,d		5,330,188		0.6	%
		Other Securities^		114,457,500		14.0	%

		Total		152,568,786


	Foreign Government (0.9%)
		Kommunalbanken AS
	3,500,000	1.500%, 10/22/2019^b		3,457,006		0.4	%
		Other Securities^		4,289,807		0.5	%

		Total		7,746,813


	Mortgage-Backed Securities (3.6%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	3,000,000	3.000%, 1/1/2031^e		3,091,421		0.4	%
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	3,559,913	4.000% - 6.500%, 9/1/2037 - 1/1/2046^e		3,806,820		0.5	%
		Federal National Mortgage Association Conventional 15- Yr. Pass Through
	8,350,000	3.500%, 1/1/2030^e		8,744,345		1.1	%
	2,932,780	2.250%, 6/25/2025		2,977,125		0.4	%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	3,541,297	2.069%, 1/1/2043^a		3,627,836		0.4	%
	5,923,074	1.728%, 7/1/2043^a		6,022,372		0.7	%
	1,189,308	5.196% - 5.559%, 9/1/2037 - 10/1/2037^a		1,246,069		0.1	%

		Total		29,515,988


	Technology (2.0%)
		Other Securities^		16,143,475		2.0	%

		Total		16,143,475


	Transportation (1.7%)
		Other Securities^		14,075,905		1.7	%

		Total		14,075,905


	U.S. Government and Agencies (17.3%)
		Federal Home Loan Mortgage Corporation
	500,000	1.250%, 8/1/2019		494,439		0.1	%
		Federal National Mortgage Association
	4,000,000	1.875%, 12/28/2020^c		3,997,832		0.5	%
		U.S. Treasury Bonds
	8,000,000	5.375%, 2/15/2031		10,848,440		1.3	%
	2,200,000	3.000%, 5/15/2042		2,213,578		0.3	%
		U.S. Treasury Bonds, TIPS
	19,285,570	0.125%, 4/15/2019		19,172,325		2.3	%

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

185

LIMITED MATURITY BOND PORTFOLIO

Summary Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (91.7%)	Value			% of Net Assets
	U.S. Government and Agencies (17.3%) - continued
		U.S. Treasury Notes
$	12,350,000	1.500%, 10/31/2019	$	12,311,406			1.5	%
	52,570,000	1.875%, 6/30/2020		52,937,570			6.4	%
	10,150,000	2.125%, 6/30/2022		10,202,333			1.2	%
	8,300,000	3.625%, 2/15/2044		9,336,853			1.1	%
	2,565,000	1.625%, 8/15/2022		2,498,369			0.3	%
		U.S. Treasury Notes, TIPS
	8,012,655	0.125%, 1/15/2022		7,764,655			1.0	%
	7,032,548	0.125%, 1/15/2023		6,742,730			0.8	%
		Other Securities^		4,342,251			0.5	%

		Total		142,862,781


	Utilities (2.6%)
		Other Securities^		21,267,827			2.6	%

		Total		21,267,827


		Total Long-Term Fixed Income (cost $769,511,286)		755,985,795


Shares		Preferred Stock (0.7%)
	Financials (0.6%)
		Other Securities^		4,281,976			0.6	%

		Total		4,281,976


	Utilities (0.1%)
		Other Securities^		977,760			0.1	%

		Total		977,760


		Total Preferred Stock (cost $5,184,100)		5,259,736


		Collateral Held for Securities Loaned (1.3%)
	11,023,000	Thrivent Cash Management Trust		11,023,000			1.3	%

		Total Collateral Held for Securities Loaned (cost $11,023,000)		11,023,000


Shares or Principal Amount		Short-Term Investments (5.7%)^f
		Federal Home Loan Mortgage Corporation Discount Notes
	1,900,000	0.060% - 0.200%, 1/5/2016 - 2/17/2016^g		1,899,821			0.2	%
		Thrivent Cash Management Trust
	44,769,481	0.220%		44,769,481			5.5	%

		Total Short-Term Investments (at amortized cost)		46,669,302

		Total Investments (cost $863,043,695) 102.8%	$	846,763,887

		Other Assets and Liabilities, Net (2.8%)		(22,867,294	)

		Total Net Assets 100.0%	$	823,896,593

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

a	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 December 31, 2015.

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

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

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.

g	All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Denotes restricted securities. Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The value of all restricted securities held in Limited Maturity Bond Portfolio as of December 31, 2015 was $95,488,878 or 11.6% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of December 31, 2015.


Security	Acquisition Date		Cost
Alm Loan Funding CLO, 10/17/2026		7/31/2014	$	3,758,120
Apidos CLO XVIII, 7/22/2026		6/25/2014		3,765,563
Babson CLO, Ltd., 10/17/2026		8/15/2014		3,758,120
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		3,756,203
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
Dryden 34 Senior Loan Fund CLO, 10/15/2026		7/21/2014		3,760,000
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, 2/25/2042		2/14/2007		4,433,200
Mortgage Equity Conversion Asset Trust, 1/25/2042		1/18/2007		4,381,572
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
Symphony CLO VIII, Ltd., 1/9/2023		9/15/2014		3,678,677
Voya CLO 3, Ltd., 7/25/2026		7/10/2014		3,754,360

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

186

LIMITED MATURITY BOND PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Limited Maturity Bond Portfolio as of December 31, 2015:


Securities Lending Transactions
Taxable Debt Security	$	10,703,545

Total lending	$	10,703,545
Gross amount payable upon return of collateral for securities loaned	$	11,023,000

Net amounts due to counterparty	$	319,455

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	$	4,815,183
Gross unrealized depreciation		(20,905,364	)

Net unrealized appreciation (depreciation)	$	(16,090,181	)

Cost for federal income tax purposes	$	862,854,068

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

187

LIMITED MATURITY BOND PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 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		770,835		—		770,835		—
Capital Goods		2,565,455		—		2,565,455		—
Communications Services		6,107,935		—		5,442,041		665,894
Consumer Cyclical		8,032,405		—		8,032,405		—
Consumer Non-Cyclical		3,056,546		—		3,056,546		—
Energy		897,532		—		897,532		—
Financials		1,481,642		—		1,481,642		—
Technology		2,288,979		—		2,288,979		—
Transportation		1,328,350		—		1,328,350		—
Utilities		1,296,375		—		1,296,375		—
Long-Term Fixed Income
Asset-Backed Securities		113,851,547		—		106,358,991		7,492,556
Basic Materials		6,603,355		—		6,603,355		—
Capital Goods		5,875,982		—		5,875,982		—
Collateralized Mortgage Obligations		94,344,369		—		94,344,369		—
Commercial Mortgage-Backed Securities		42,991,172		—		42,991,172		—
Communications Services		24,427,268		—		24,427,268		—
Consumer Cyclical		8,540,217		—		8,540,217		—
Consumer Non-Cyclical		52,707,142		—		52,707,142		—
Energy		22,463,168		—		22,463,168		—
Financials		152,568,786		—		152,568,786		—
Foreign Government		7,746,813		—		7,746,813		—
Mortgage-Backed Securities		29,515,988		—		29,515,988		—
Technology		16,143,475		—		16,143,475		—
Transportation		14,075,905		—		14,075,905		—
U.S. Government and Agencies		142,862,781		—		142,862,781		—
Utilities		21,267,827		—		21,267,827		—
Preferred Stock
Financials		4,281,976		3,435,960		846,016		—
Utilities		977,760		977,760		—		—
Collateral Held for Securities Loaned		11,023,000		11,023,000		—		—
Short-Term Investments		46,669,302		44,769,481		1,899,821		—

Total	$	846,763,887	$	60,206,201	$	778,399,236	$	8,158,450


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		264,979		264,979		—		—

Total Asset Derivatives	$	264,979	$	264,979	$	—	$	—

Liability Derivatives
Futures Contracts		122,753		122,753		—		—

Total Liability Derivatives	$	122,753	$	122,753	$	—	$	—

There were no significant transfers between Levels during the period ended December 31, 2015. Transfers between Levels are identified as of the end of the period.

The following table presents Limited Maturity Bond Portfolio’s futures contracts held as of December 31, 2015. Investments totaling $1,699,822 were pledged as the initial margin deposit for these contracts.


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		215			March 2016	$	46,776,604		$	46,705,392		($	71,212	)
5-Yr. U.S. Treasury Bond Futures		(728	)		March 2016		(86,333,993	)		(86,137,186	)		196,807
10-Yr. U.S. Treasury Bond Futures		(328	)		March 2016		(41,365,422	)		(41,297,250	)		68,172
30-Yr. U.S. Treasury Bond Futures		(60	)		March 2016		(9,214,502	)		(9,225,000	)		(10,498	)
Ultra Long Term U.S. Treasury Bond Futures		(44	)		March 2016		(6,941,207	)		(6,982,250	)		(41,043	)
Total Futures Contracts												$	142,226

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

188

LIMITED MATURITY BOND PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 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	$	264,979
Total Interest Rate Contracts			264,979

Total Asset Derivatives		$	264,979

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		122,753
Total Interest Rate Contracts			122,753

Total Liability Derivatives		$	122,753

*	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 December 31, 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
Equity Contracts
Options Written	Net realized gains/(losses) on Written option contracts		41,221
Options Purchased	Net realized gains/(losses) on Investments		(153,206	)
Total Equity Contracts			(111,985	)
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		(1,932,049	)
Total Interest Rate Contracts			(1,932,049	)

Total		($	2,044,034	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 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		563,742
Total Interest Rate Contracts			563,742

Total		$	563,742

The following table presents Limited Maturity Bond Portfolio’s average volume of derivative activity during the period ended December 31, 2015.

Derivative Risk Category

Futures
(Notional)*

Futures
(Percentage
of Average
Net Assets)

Options
(Contracts)

Equity Contracts

N/A

Interest Rate Contracts

180,758,845

18.5

N/A

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

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

189

LIMITED MATURITY BOND PORTFOLIO

Summary Schedule of Investments as of December 31, 2015

Investment in Affiliates

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 December 31, 2015		Value December 31, 2015		Income Earned January 1, 2015 - December 31, 2015
Cash Management Trust-Collateral Investment	$	8,419,435	$	42,598,360	$	39,994,795		11,023,000	$	11,023,000	$	7,788
Cash Management Trust-Short Term Investment		40,223,834		351,418,850		346,873,203		44,769,481		44,769,481		38,275
Total Value and Income Earned	$	48,643,269							$	55,792,481	$	46,063

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

190

MONEY MARKET PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Asset Backed Commercial Paper (6.4%)^a	Value
		Barton Capital SA
$	1,450,000	0.350%, 1/6/2016^b,c	$	1,449,929
		Chariot Funding, LLC
	1,400,000	0.261%, 1/5/2016^b,c		1,399,959
		Liberty Street Funding, LLC
	1,450,000	0.300%, 1/5/2016^b,c		1,449,952
	1,440,000	0.460%, 1/27/2016^b,c		1,439,521
		Starbird Funding Corporation
	3,610,000	0.300%, 1/4/2016^b,c		3,609,910

		Total		9,349,271


		Certificate of Deposit (0.9%)^a
		US Bank NA
	1,300,000	0.468%, 1/27/2016^d		1,300,000

		Total		1,300,000


		Financial Company Commercial Paper (8.7%)^a
		AllianceBernstein, LP
	2,100,000	0.350%, 1/4/2016^c		2,099,939
	1,420,000	0.420%, 1/5/2016^c		1,419,934
		KFW
	1,460,000	0.250%, 1/15/2016^b,c		1,459,858
		Nederlandse Waterschapsbank NV
	1,450,000	0.356%, 1/4/2016^c,d		1,449,997
		Svenska Handelsbanken AB
	1,450,000	0.310%, 1/5/2016^c		1,449,950
	1,460,000	0.370%, 1/13/2016^c		1,459,820
		US Bank NA
	3,475,000	0.200%, 1/4/2016		3,475,000

		Total		12,814,498


		Government Agency Debt (61.3%)^a
		Federal Agricultural Mortgage Corporation
	1,525,000	0.338%, 3/15/2016		1,523,940
	725,000	0.270%, 4/29/2016		724,353
		Federal Farm Credit Bank
	1,430,000	0.392%, 1/25/2016^d		1,429,993
	3,720,000	0.460%, 2/16/2016^d		3,720,520
	1,250,000	0.492%, 3/31/2016^d		1,249,990
	700,000	0.483%, 6/30/2016^d		699,989
		Federal Home Loan Bank
	1,470,000	0.300%, 1/13/2016		1,469,853
	500,000	0.300%, 1/20/2016		499,921
	900,000	0.400%, 2/4/2016		899,660
	3,700,000	0.320%, 2/9/2016		3,698,717
	5,090,000	0.323%, 2/12/2016		5,088,083
	1,400,000	0.280%, 2/19/2016		1,399,466
	2,100,000	0.388%, 2/24/2016		2,098,779
	1,400,000	0.209%, 3/3/2016^d		1,399,994
	2,900,000	0.340%, 3/4/2016		2,898,275
	1,460,000	0.500%, 3/17/2016		1,458,459
	750,000	0.380%, 3/21/2016		749,367
	3,980,000	0.364%, 3/30/2016		3,976,414
	1,450,000	0.250%, 4/6/2016		1,449,033
	1,250,000	0.241%, 5/12/2016^d		1,249,997
	500,000	0.500%, 5/13/2016		499,076
	1,410,000	0.224%, 5/17/2016^d		1,409,870
	1,450,000	0.285%, 5/20/2016^d		1,450,000
	1,330,000	0.378%, 5/24/2016^d		1,330,000
	1,330,000	0.362%, 5/26/2016^d		1,329,972
	1,310,000	0.370%, 6/23/2016^d		1,310,000
	1,320,000	0.358%, 7/22/2016^d		1,320,000
	2,780,000	0.224%, 8/17/2016^d		2,779,656
	1,330,000	0.296%, 8/17/2016^d		1,330,000
	1,330,000	0.382%, 8/25/2016^d		1,330,000
		Federal Home Loan Bank of Chicago
	1,440,000	5.625%, 6/13/2016		1,473,363
		Federal Home Loan Mortgage Corporation
	1,460,000	0.430%, 3/8/2016		1,458,832
	1,000,000	0.260%, 4/19/2016		999,213
	1,330,000	0.373%, 8/24/2016^d		1,330,000
	1,340,000	0.208%, 9/2/2016^d		1,340,000
		Federal National Mortgage Association
	1,250,000	0.365%, 8/16/2016^d		1,250,124
	1,330,000	0.442%, 8/26/2016^d		1,330,710
		Overseas Private Investment Corporation
	5,000,000	0.330%, 1/6/2016^d		5,000,000
	2,257,895	0.420%, 1/6/2016^d		2,257,895
	517,239	0.420%, 1/6/2016^d		517,239
	1,390,000	0.330%, 1/7/2016^d		1,390,000
	2,300,000	0.330%, 1/7/2016^d		2,300,000
	1,410,000	0.330%, 1/7/2016^d		1,410,000
	2,100,000	0.420%, 1/7/2016^d		2,100,000
	2,605,263	0.420%, 1/7/2016^d		2,605,263
	2,134,400	0.300%, 1/14/2016^d		2,134,400
	1,250,000	0.610%, 3/17/2016		1,256,047
	1,000,000	0.500%, 4/30/2016		1,047,141
	1,260,000	0.510%, 4/30/2016		1,264,315
	1,260,000	0.520%, 5/2/2016		1,264,346
	1,310,000	0.550%, 7/7/2016		1,313,504
	2,550,000	0.870%, 11/18/2016		2,552,663
	700,000	0.990%, 11/21/2016		700,188

		Total		90,068,620


Shares		Investment Company (<0.1%)
		Dreyfus Institutional Cash Advantage Fund
	8,000	0.260%		8,000

		Total		8,000

Principal Amount		Other Commercial Paper (13.0%)^a
		Caisse d’Amortissement de la Dette Sociale
	1,460,000	0.320%, 1/4/2016^b,c		1,459,961
		Caisse des Depots et Consignations
	1,440,000	0.270%, 1/26/2016^b,c		1,439,730
		Cargill Global Funding plc
	1,420,000	0.340%, 1/5/2016^b,c		1,419,946
		Chevron Corporation
	1,460,000	0.310%, 1/22/2016^c		1,459,736
	1,000,000	0.310%, 1/27/2016^c		999,776
		Danaher Corporation
	2,830,000	0.379%, 1/4/2016^c		2,829,910
		Emerson Electric Company
	1,460,000	0.230%, 1/20/2016^c		1,459,823
		Honeywell International, Inc.
	1,460,000	0.340%, 1/7/2016^c		1,459,917
		John Deere Capital Corporation
	1,280,000	0.400%, 1/11/2016^b,c		1,279,858

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

191

MONEY MARKET PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Other Commercial Paper (13.0%)^a	Value
		Nestle Finance International, Ltd.
$	1,430,000	0.320%, 1/13/2016^b	$	1,429,848
		Novartis Finance Corporation
	1,450,000	0.300%, 1/4/2016^b,c		1,449,964
		Total Capital Canada, Ltd.
	1,460,000	0.210%, 1/4/2016^b,c		1,459,975
	1,000,000	0.410%, 1/13/2016^b,c		999,863

		Total		19,148,307


		Other Note (2.7%)^a
		Bank of New York Mellon Corporation
	670,000	0.666%, 3/4/2016^d		670,232
		General Electric Capital Corporation
	1,250,000	0.551%, 1/14/2016^b,d		1,250,084
		Royal Bank of Canada
	700,000	0.443%, 10/6/2016^c,d		700,000
		Wells Fargo Bank NA
	1,370,000	0.632%, 9/14/2016^d		1,370,000

		Total		3,990,316


		Treasury Debt (6.6%)^a
		U.S. Treasury Bills
	1,400,000	0.235%, 1/7/2016		1,399,945
		U.S. Treasury Notes
	2,850,000	2.375%, 3/31/2016		2,864,410
	5,340,000	2.000%, 4/30/2016		5,367,965

		Total		9,632,320

		Total Investments (at amortized cost) 99.6%	$	146,311,332

		Other Assets and Liabilities, Net 0.4%		569,127

		Total Net Assets 100.0%	$	146,880,459

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.

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 December 31, 2015.


Cost for federal income tax purposes		$	146,311,332

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

192

MONEY MARKET PORTFOLIO

Schedule of Investments as of December 31, 2015

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 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		9,349,271		—		9,349,271		—
Certificate of Deposit		1,300,000		—		1,300,000		—
Financial Company Commercial Paper		12,814,498		—		12,814,498		—
Government Agency Debt		90,068,620		—		90,068,620		—
Investment Company		8,000		8,000		—		—
Other Commercial Paper		19,148,307		—		19,148,307		—
Other Note		3,990,316		—		3,990,316		—
Treasury Debt		9,632,320		—		9,632,320		—

Total	$	146,311,332	$	8,000	$	146,303,332	$	—

There were no significant transfers between Levels during the period ended December 31, 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.

193

THRIVENT SERIES FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES


*As of December 31, 2015*	Aggressive Allocation Portfolio			Moderately Aggressive Allocation Portfolio			Moderate Allocation Portfolio			Moderately Conservative Allocation Portfolio
Assets
Investments at cost	$	937,587,451		$	4,955,735,609		$	9,304,986,487		$	4,603,926,688
Investments in securities at value		651,032,721			3,332,782,527			6,739,153,585			3,443,542,020
Investments in affiliates at value		328,876,616			1,869,187,985			2,836,505,273			1,240,900,323
Investments at Value		979,909,337			5,201,970,512			9,575,658,858			4,684,442,343
Cash		16,691	^(a)		581,578	^(b)		587,782	^(c)		307,271
Dividends and interest receivable		419,739			4,699,577			13,478,295			8,170,893
Prepaid expenses		2,340			6,953			11,471			5,703
Receivable for investments sold		126,195			3,121,705			5,968,791			2,439,596
Receivable for fund shares sold		548,804			733,943			1,207,828			19,962
Receivable for expense reimbursements		174,060			919,918			1,204,620			454,154
Receivable for variation margin		1,886,206			6,378,209			8,547,806			2,631,610
Total Assets		983,083,372			5,218,412,395			9,606,665,451			4,698,471,532
Liabilities
Accrued expenses		50,454			76,531			99,116			60,625
Payable for investments purchased		12,644,592			230,161,450			753,516,457			524,364,758
Payable upon return of collateral for securities loaned		—			80,456,520			182,839,267			68,616,520
Payable for fund shares redeemed		33,976			68,110			234,901			520,576
Payable for variation margin		2,110,065			6,421,978			7,415,991			2,274,110
Payable for investment advisory fees		608,345			2,769,453			4,411,371			1,970,955
Payable for administrative fees		21,507			81,892			139,777			69,433
Payable for director fees		723			2,759			5,091			2,566
Payable for director deferred compensation		46,501			138,726			233,128			126,105
Mortgage dollar roll deferred revenue		8,686			156,357			515,538			358,044
Total Liabilities		15,524,849			320,333,776			949,410,637			598,363,692
Net Assets
Capital stock (beneficial interest)		865,529,628			4,392,969,575			8,033,022,433			3,904,416,784
Accumulated undistributed net investment income/(loss)		9,765,509			71,853,420			149,830,112			74,352,002
Accumulated undistributed net realized gain/(loss)		47,322,286			177,645,224			190,689,397			36,684,238
Net unrealized appreciation/(depreciation) on:
Investments		45,637,362			133,711,484			132,812,588			46,627,675
Affiliated investments		(3,315,476	)		112,523,419			137,859,783			33,887,980
Futures contracts		2,618,273			9,371,563			13,036,330			4,137,288
Foreign currency transactions		941			3,934			4,171			1,873
Swap agreements		—			—			—			—
Total Net Assets	$	967,558,523		$	4,898,078,619		$	8,657,254,814		$	4,100,107,840
Shares of beneficial interest outstanding		68,189,876			355,650,243			661,410,166			334,234,266
Net asset value per share	$	14.19		$	13.77		$	13.09		$	12.27

^(a)	Includes foreign currency holdings of $1,489 (cost $1,488).

^(b)	Includes foreign currency holdings of $147,260 (cost $147,639).

^(c)	Includes foreign currency holdings of $200,792 (cost $201,098).

^(d)	Includes foreign currency holdings of $16,243 (cost $16,424).

^(e)	Includes foreign currency holdings of $42,744 (cost $43,234).

^(f)	Includes foreign currency holdings of $48,512 (cost $48,844).

^(g)	Includes foreign currency holdings of $8,229 (cost $8,229).

^(h)	Includes foreign currency holdings of $4,873 (cost $5,129).

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

194

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STATEMENT OF ASSETS AND LIABILITIES – CONTINUED


Growth and Income Plus Portfolio			Balanced Income Plus Portfolio			Diversified Income Plus Portfolio			Opportunity Income Plus Portfolio			Partner Healthcare Portfolio			Partner Emerging Markets Equity Portfolio			Real Estate Securities Portfolio

$	83,880,548		$	342,819,242		$	502,102,708		$	115,167,497		$	190,123,212		$	44,533,435		$	139,638,718
	75,188,765			303,719,856			449,319,710			92,076,372			180,881,349			42,494,417			153,224,751
	6,429,870			37,476,631			41,313,512			19,671,931			12,518,371			1,177,398			1,707,534
	81,618,635			341,196,487			490,633,222			111,748,303			193,399,720			43,671,815			154,932,285
	16,856	^(d)		66,897	^(e)		76,386	^(f)		36,509			8,229	^(g)		4,873	^(h)		452
	261,338			1,369,618			2,598,856			576,185			325,849			82,297			792,750
	1,337			1,605			1,770			1,335			1,394			1,300			1,422
	77,868			437,121			496,738			563,355			—			—			26,926
	14,178			4,666			157,608			2,074			54,100			9,254			1,037
	16,075			—			—			—			15,941			11,269			—
	4,147			25,366			264,967			15,172			—			—			—
	82,010,434			343,101,760			494,229,547			112,942,933			193,805,233			43,780,808			155,754,872

	27,699			31,524			32,537			13,958			7,920			25,630			5,832
	3,122,404			19,819,924			13,946,638			13,112,115			1,370,796			—			—
	—			9,667,927			341,050			—			—			212,275			—
	5,664			218,231			42,751			69,765			20,213			11,138			47,943
	6,081			29,875			62,418			3,284			—			—			—
	43,687			147,170			162,623			42,056			146,604			44,468			104,027
	7,876			11,483			13,985			8,181			9,556			7,334			9,007
	204			435			561			204			204			204			204
	15,959			88,386			47,531			20,445			15,060			15,060			49,552
	1,799			10,261			6,668			7,958			—			—			—
	3,231,373			30,025,216			14,656,762			13,277,966			1,570,353			316,109			216,565

	78,148,565			296,218,825			473,139,384			104,862,885			175,101,693			45,227,856			137,383,822
	1,781,865			8,403,985			17,565,006			39,603			7,610,463			430,436			2,605,351
	1,106,511			10,023,876			726,723			(1,828,927	)		6,257,042			(1,331,052	)		255,857

	(2,261,913	)		(1,622,755	)		(11,469,486	)		(3,419,194	)		3,276,508			(861,620	)		15,293,567
	—			—			—			—			—			—			—
	4,776			36,942			(384,937	)		20,168			—			—			—
	(1,915	)		(1,915	)		(3,905	)		—			(10,826	)		(921	)		(290	)
	1,172			17,586			—			(9,568	)		—			—			—
$	78,779,061		$	313,076,544		$	479,572,785		$	99,664,967		$	192,234,880		$	43,464,699		$	155,538,307
	7,899,551			22,322,098			63,702,211			10,161,394			9,881,719			4,214,843			7,065,118
$	9.97		$	14.03		$	7.53		$	9.81		$	19.45		$	10.31		$	22.01

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

195

THRIVENT SERIES FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES – CONTINUED


*As of December 31, 2015*	Small Cap Stock Portfolio		Small Cap Index Portfolio			Mid Cap Stock Portfolio		Mid Cap Index Portfolio
Assets
Investments at cost	$	419,466,911	$	233,913,542		$	1,070,467,661	$	159,384,101
Investments in securities at value		400,569,526		269,355,984			1,143,687,940		170,525,838
Investments in affiliates at value		53,955,191		25,599,550			108,042,638		15,314,850
Investments at Value		454,524,717		294,955,534			1,251,730,578		185,840,688
Cash		9,015		—			—		—
Initial margin deposit on open futures contracts		—		—			—		—
Dividends and interest receivable		376,576		360,060			1,287,845		167,725
Prepaid expenses		2,166		1,566			3,219		1,428
Receivable for investments sold		862,515		298,737			—		156,128
Receivable for fund shares sold		2,538		41,298			62,824		60,319
Unrealized gain on forward contracts		—		—			—		—
Receivable for expense reimbursements		—		—			—		—
Receivable for variation margin		—		—			—		—
Total Assets		455,777,527		295,657,195			1,253,084,466		186,226,288
Liabilities
Accrued expenses		5,844		10,749			6,331		9,992
Payable for investments purchased		574,581		282,413			—		—
Payable upon return of collateral for securities loaned		40,959,020		15,229,214			57,473,443		5,872,212
Payable for fund shares redeemed		55,232		30,248			92,344		13,646
Unrealized loss on forward contracts		—		—			—		—
Payable for variation margin		—		110,400			—		93,233
Payable for investment advisory fees		239,535		48,012			664,803		30,603
Payable for administrative fees		13,065		10,988			25,082		9,421
Payable for director fees		544		422			1,107		204
Payable for director deferred compensation		161,144		67,180			241,100		26,687
Total Liabilities		42,008,965		15,789,626			58,504,210		6,055,998
Net Assets
Capital stock (beneficial interest)		360,561,981		197,705,148			891,808,816		144,272,780
Accumulated undistributed net investment income/(loss)		1,283,325		3,093,435			4,149,933		1,897,754
Accumulated undistributed net realized gain/(loss)		16,865,450		18,056,974			117,358,590		7,581,205
Net unrealized appreciation/(depreciation) on:
Investments		35,057,806		61,041,992			181,262,917		26,456,587
Futures contracts		—		(29,980	)		—		(38,036	)
Foreign currency forward contracts		—		—			—		—
Foreign currency transactions		—		—			—		—
Total Net Assets	$	413,768,562	$	279,867,569		$	1,194,580,256	$	180,170,290
Shares of beneficial interest outstanding		26,649,455		17,743,498			71,410,045		11,916,463
Net asset value per share	$	15.53	$	15.77		$	16.73	$	15.12

^(a)	Includes foreign currency holdings of $7,242,842 (cost $7,381,937).

^(b)	Includes foreign currency holdings of $225,356 (cost $227,956).

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

196

THRIVENT SERIES FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES – CONTINUED


Partner Worldwide Allocation Portfolio			Partner All Cap Portfolio		Large Cap Growth Portfolio			Partner Growth Stock Portfolio			Large Cap Value Portfolio		Large Cap Stock Portfolio			Large Cap Index Portfolio

$	1,624,928,496		$	81,188,207	$	897,825,618		$	75,544,748		$	956,144,504	$	746,476,940		$	338,569,616
	1,576,335,937			84,406,970		1,036,439,469			107,640,869			1,127,023,753		749,201,477			504,081,188
	35,787,931			2,560,190		84,639,622			6,132,076			32,179,533		133,730,309			18,691,008
	1,612,123,868			86,967,160		1,121,079,091			113,772,945			1,159,203,286		882,931,786			522,772,196
	7,311,992	^(a)		—		—			—			—		225,356	^(b)		589
	624,357			—		—			—			—		—			—
	5,654,474			106,782		291,958			49,072			1,640,723		1,303,823			670,397
	3,175			1,330		2,433			1,343			2,631		2,365			1,788
	9,364			—		—			—			—		891,305			—
	7,640			15,508		4,943			1,934			8,475		11,235			165,642
	832,453			—		—			—			—		—			—
	—			18,075		—			13,050			—		—			—
	1,040,558			—		—			—			—		100,800			—
	1,627,607,881			87,108,855		1,121,378,425			113,838,344			1,160,855,115		885,466,670			523,610,612

	194,567			6,298		10,030			9,819			8,671		39,897			10,050
	—			—		—			106,811			—		—			64,065
	18,465,884			786,450		10,560,850			3,501,278			13,026,675		4,545,524			1,894,887
	93,474			3,138		309,421			42,617			39,222		33,388			88,107
	813,272			—		—			—			—		—			—
	1,088,023			—		132,340			—			—		1,281,219			168,960
	1,139,882			69,341		380,381			73,682			589,151		460,359			88,339
	31,221			7,981		23,784			8,324			24,341		20,169			14,617
	1,471			204		1,017			204			1,106		824			590
	219,465			20,341		310,248			21,959			147,751		169,960			101,938
	22,047,259			893,753		11,728,071			3,764,694			13,836,917		6,551,340			2,431,553

	1,728,473,863			76,198,483		801,180,495			67,083,687			857,378,681		748,073,375			339,973,872
	33,094,109			255,055		(98,849	)		(21,959	)		15,909,295		10,417,603			10,979,600
	(142,774,718	)		3,982,611		84,280,423			4,783,915			70,671,440		(19,399,574	)		(13,939,607	)

	(12,804,628	)		5,778,953		223,253,473			38,228,197			203,058,782		136,454,846			184,202,580
	(217,895	)		—		1,039,585			—			—		3,380,377			(37,386	)
	19,181			—		—			—			—		—			—
	(229,290	)		—		(4,773	)		(190	)		—		(11,297	)		—
$	1,605,560,622		$	86,215,102	$	1,109,650,354		$	110,073,650		$	1,147,018,198	$	878,915,330		$	521,179,059
	178,320,080			6,662,366		35,913,389			5,896,888			73,917,923		75,591,650			18,262,420
$	9.00		$	12.94	$	30.90		$	18.67		$	15.52	$	11.63		$	28.54

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

197

THRIVENT SERIES FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES – CONTINUED


*As of December 31, 2015*	High Yield Portfolio			Income Portfolio			Bond Index Portfolio			Limited Maturity Bond Portfolio
Assets
Investments at cost	$	811,801,681		$	1,426,385,522		$	203,092,000		$	863,043,695
Investments in securities at value		652,208,377			1,282,541,331			157,127,276			790,971,406
Investments in affiliates at value		89,155,885			123,251,591			46,162,256			55,792,481
Investments at Value		741,364,262			1,405,792,922			203,289,532			846,763,887
Cash		—			1			—			10,034
Dividends and interest receivable		10,949,729			13,093,572			577,171			3,038,625
Prepaid expenses		2,244			2,876			1,421			2,417
Receivable for investments sold		3,250,888			256,037			—			883,307
Receivable for fund shares sold		2,438			73,564			86,501			16,925
Receivable for variation margin		—			253,000			—			10,079
Total Assets		755,569,561			1,419,471,972			203,954,625			850,725,274
Liabilities
Accrued expenses		10,255			13,684			7,946			11,156
Payable for investments purchased		—			53,680,099			45,701,591			15,042,188
Payable upon return of collateral for securities loaned		42,864,685			28,613,386			815,750			11,023,000
Payable for fund shares redeemed		150,110			18,673			3,244			2,550
Payable for variation margin		—			380,539			—			273,745
Payable for investment advisory fees		243,253			454,499			46,619			274,966
Payable for administrative fees		17,613			27,119			9,065			19,040
Payable for director fees		853			1,274			204			1,008
Payable for director deferred compensation		149,280			224,831			48,206			170,633
Mortgage dollar roll deferred revenue		—			37,435			28,467			10,395
Total Liabilities		43,436,049			83,451,539			46,661,092			26,828,681
Net Assets
Capital stock (beneficial interest)		866,168,833			1,357,342,743			156,892,500			844,773,582
Accumulated undistributed net investment income/(loss)		68,605			316,882			(602	)		406,288
Accumulated undistributed net realized gain/(loss)		(83,666,507	)		(1,749,730	)		204,103			(5,145,695	)
Net unrealized appreciation/(depreciation) on:
Investments		(70,437,419	)		(20,592,600	)		197,532			(16,279,808	)
Futures contracts		—			703,138			—			142,226
Total Net Assets	$	712,133,512		$	1,336,020,433		$	157,293,533		$	823,896,593
Shares of beneficial interest outstanding		159,034,126			135,904,552			14,441,897			84,735,943
Net asset value per share	$	4.48		$	9.83		$	10.89		$	9.72

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

198

THRIVENT SERIES FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES – CONTINUED


*As of December 31, 2015*	Money Market Portfolio
Assets
Investments at cost	$	146,311,332
Investments in securities at value		146,311,332
Investments at Value		146,311,332	*
Cash		3,990
Dividends and interest receivable		53,863
Prepaid expenses		1,385
Receivable for fund shares sold		599,834
Receivable for expense reimbursements		27,426
Total Assets		146,997,830
Liabilities
Accrued expenses		10,664
Payable for fund shares redeemed		48,144
Payable for investment advisory fees		49,466
Payable for administrative fees		8,893
Payable for director fees		204
Total Liabilities		117,371
Net Assets
Capital stock (beneficial interest)		146,880,459
Total Net Assets	$	146,880,459
Shares of beneficial interest outstanding		146,878,591
Net asset value per share	$	1.00

*	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.

199

THRIVENT SERIES FUND, INC.

STATEMENT OF OPERATIONS


*For the year ended December 31, 2015*	Aggressive Allocation Portfolio			Moderately Aggressive Allocation Portfolio			Moderate Allocation Portfolio			Moderately Conservative Allocation Portfolio
Investment Income
Dividends	$	6,292,978		$	26,843,248		$	38,934,082		$	13,598,942
Interest		467,992			17,411,751			57,943,643			35,237,704
Income from mortgage dollar rolls		244,761			4,159,026			16,903,352			10,659,326
Income from securities loaned		1,547			566,892			698,601			142,447
Income from affiliated investments		5,469,707			34,758,285			63,994,535			28,380,838
Foreign tax withholding		(71,757	)		(358,026	)		(505,623	)		(115,949	)
Total Investment Income		12,405,228			83,381,176			177,968,590			87,903,308
Expenses
Adviser fees		5,647,368			25,520,179			42,548,711			18,602,338
Sub-Adviser fees		—			—			—			—
Administrative service fees		252,537			968,865			1,663,563			790,192
Audit and legal fees		31,583			49,833			67,939			44,660
Custody fees		124,679			247,538			332,288			183,042
Insurance expenses		8,734			27,288			44,945			22,175
Printing and postage expenses		21,427			56,635			67,408			30,369
Directors’ fees		24,726			96,224			181,812			86,938
Other expenses		25,666			79,654			79,927			64,130
Total Expenses Before Reimbursement		6,136,720			27,046,216			44,986,593			19,823,844
Less:
Reimbursement from adviser		(682,921	)		(3,615,142	)		(4,869,841	)		(1,846,268	)
Total Net Expenses		5,453,799			23,431,074			40,116,752			17,977,576
Net Investment Income/(Loss)		6,951,429			59,950,102			137,851,838			69,925,732
Realized and Unrealized Gains/(Losses)
Net realized gains/(losses) on:
Investments		20,140,342			38,622,649			33,313,336			(955,697	)
Affiliated investments		8,781,347			43,919,678			48,712,598			17,621,397
Distributions of realized capital gains from affiliated investments		19,149,977			98,677,213			105,251,211			30,240,173
Futures contracts		5,476,367			40,945,641			83,143,387			14,201,839
Foreign currency and forward contract transactions		(3,868	)		(37,993	)		(16,224	)		(13,854	)
Swap agreements		—			(183,108	)		315,147			(306,921	)
Change in net unrealized appreciation/(depreciation) on:
Investments		(29,766,375	)		(116,357,831	)		(174,372,478	)		(58,906,472	)
Affiliated investments		(36,534,899	)		(189,838,251	)		(237,971,272	)		(85,029,663	)
Futures contracts		330,465			(15,594,727	)		(47,028,830	)		(11,049,425	)
Foreign currency transactions		(1,266	)		(5,576	)		(15,689	)		(5,182	)
Swap agreements		—			—			—			—
Net Realized and Unrealized Gains/(Losses)		(12,427,910	)		(99,852,305	)		(188,668,814	)		(94,203,805	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(5,476,481	)	$	(39,902,203	)	$	(50,816,976	)	$	(24,278,073	)

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

200

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STATEMENT OF OPERATIONS – CONTINUED


Growth and Income Plus Portfolio			Balanced Income Plus Portfolio			Diversified Income Plus Portfolio			Opportunity Income Plus Portfolio			Partner Healthcare Portfolio			Partner Emerging Markets Equity Portfolio			Real Estate Securities Portfolio

$	1,567,126		$	4,891,330		$	6,040,293		$	431,448		$	9,277,442		$	1,304,036		$	4,043,251
	888,059			5,649,371			13,020,987			2,981,564			11			2			—
	58,268			334,922			283,946			218,088			—			—			—
	—			56,920			34,483			—			—			9,119			—
	5,046			24,587			34,703			15,670			10,017			886			1,100
	(61,369	)		(131,618	)		(145,336	)		—			(113,708	)		(118,721	)		(314	)
	2,457,130			10,825,512			19,269,076			3,646,770			9,173,762			1,195,322			4,044,037

	524,602			1,734,682			1,865,095			436,447			579,387			235,051			1,203,799
	—			—			—			—			852,414			340,815			—
	94,528			136,771			163,929			95,712			108,136			88,645			107,085
	27,697			29,843			30,478			28,751			25,785			56,827			26,214
	90,063			95,494			110,665			27,799			18,355			63,104			8,596
	4,741			5,824			6,444			4,710			4,905			4,617			5,072
	3,465			11,259			14,880			4,727			8,383			5,502			15,275
	6,647			15,680			19,349			6,680			6,637			6,637			6,938
	44,372			46,038			52,336			35,627			13,418			15,584			13,965
	796,115			2,075,591			2,263,176			640,453			1,617,420			816,782			1,386,944

	(150,452	)		—			—			—			(110,453	)		(144,390	)		—
	645,663			2,075,591			2,263,176			640,453			1,506,967			672,392			1,386,944
	1,811,467			8,749,921			17,005,900			3,006,317			7,666,795			522,930			2,657,093


	1,096,128			11,060,242			1,087,181			(478,945	)		6,340,793			280,941			302,504
	—			—			—			—			—			—			—
	2			15			16			8			249			—			—
	204,005			213,637			1,028,622			(8,224	)		—			—			—
	(5,202	)		(2,300	)		(13,634	)		—			(43,747	)		(14,531	)		—
	(575	)		(8,625	)		—			(1,279	)		—			—			—

	(3,662,471	)		(20,444,415	)		(18,706,372	)		(2,827,128	)		(12,719,578	)		(7,594,938	)		736,047
	—			—			—			—			—			—			—
	(119,433	)		(287,073	)		(833,881	)		(71,485	)		—			—			—
	(957	)		(1,915	)		(2,045	)		—			(1,935	)		510			(115	)
	1,172			17,586			—			(9,568	)		—			—			—
	(2,487,331	)		(9,452,848	)		(17,440,113	)		(3,396,621	)		(6,424,218	)		(7,328,018	)		1,038,436

$	(675,864	)	$	(702,927	)	$	(434,213	)	$	(390,304	)	$	1,242,577		$	(6,805,088	)	$	3,695,529

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

201

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STATEMENT OF OPERATIONS – CONTINUED


*For the year ended December 31, 2015*	Small Cap Stock Portfolio			Small Cap Index Portfolio			Mid Cap Stock Portfolio			Mid Cap Index Portfolio
Investment Income
Dividends	$	4,022,794		$	3,758,474		$	11,074,891		$	2,397,091
Interest		53			522			4,365			551
Income from securities loaned		339,653			196,224			46,903			55,339
Income from affiliated investments		8,696			9,709			44,126			9,210
Foreign tax withholding		(58,556	)		(1,067	)		—			—
Total Investment Income		4,312,640			3,963,862			11,170,285			2,462,191
Expenses
Adviser fees		2,413,850			557,928			6,040,819			333,830
Sub-Adviser fees		—			—			—			—
Administrative service fees		144,076			130,214			245,467			110,045
Audit and legal fees		27,635			28,580			29,742			27,998
Custody fees		23,302			36,219			31,062			29,101
Insurance expenses		6,664			5,680			9,406			5,089
Printing and postage expenses		4,699			16,857			—			11,288
Directors’ fees		18,157			14,913			33,413			6,728
Other expenses		15,752			17,311			15,849			15,598
Total Expenses Before Reimbursement		2,654,135			807,702			6,405,758			539,677
Less:
Reimbursement from adviser		—			—			(88,000	)		—
Total Net Expenses		2,654,135			807,702			6,317,758			539,677
Net Investment Income/(Loss)		1,658,505			3,156,160			4,852,527			1,922,514
Realized and Unrealized Gains/(Losses)
Net realized gains/(losses) on:
Investments		15,702,587			21,434,461			113,887,298			9,592,923
Distributions of realized capital gains from affiliated investments		24			9			41			4
Futures contracts		1,010,004			1,431,464			3,762,282			1,362,913
Foreign currency and forward contract transactions		1,102			—			—			—
Change in net unrealized appreciation/(depreciation) on:
Investments		(32,780,033	)		(31,659,694	)		(104,979,812	)		(17,718,315	)
Futures contracts		—			(753,482	)		—			(653,362	)
Foreign currency forward contracts		—			—			—			—
Foreign currency transactions		(12	)		—			—			—
Net Realized and Unrealized Gains/(Losses)		(16,066,328	)		(9,547,242	)		12,669,809			(7,415,837	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(14,407,823	)	$	(6,391,082	)	$	17,522,336		$	(5,493,323	)

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

202

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STATEMENT OF OPERATIONS – CONTINUED


Partner Worldwide Allocation Portfolio			Partner All Cap Portfolio			Large Cap Growth Portfolio			Partner Growth Stock Portfolio			Large Cap Value Portfolio			Large Cap Stock Portfolio			Large Cap Index Portfolio

$	42,066,190		$	983,109		$	8,982,652		$	665,336		$	24,868,809		$	17,189,928		$	12,312,381
	10,631,365			6,666			3,451			4			21			17,524			570
	629,453			12,104			33,813			6,557			77,366			170,581			24,254
	28,853			1,617			51,311			1,256			14,385			92,394			17,811
	(3,999,885	)		(561	)		(36,147	)		(1,000	)		(155,320	)		(608,397	)		(1,252	)
	49,355,976			1,002,935			9,035,080			672,153			24,805,261			16,862,030			12,353,764

	6,348,239			274,759			4,231,757			372,736			7,150,306			5,366,123			978,966
	7,478,693			473,104			—			374,492			—			—			—
	378,846			94,170			270,429			96,812			294,509			237,209			168,107
	77,749			26,696			30,988			28,816			30,987			32,224			29,438
	749,864			12,967			37,787			26,898			32,159			131,513			32,605
	12,408			4,711			9,304			4,768			10,020			8,599			6,518
	35,376			5,292			37,883			5,463			17,865			13,998			21,494
	56,047			6,679			39,098			6,689			42,450			31,131			20,931
	84,364			13,331			18,035			13,615			18,257			32,172			17,284
	15,221,586			911,709			4,675,281			930,289			7,596,553			5,852,969			1,275,343

	—			(191,213	)		(15,800	)		(123,244	)		—			(27,500	)		—
	15,221,586			720,496			4,659,481			807,045			7,596,553			5,825,469			1,275,343
	34,134,390			282,439			4,375,599			(134,892	)		17,208,708			11,036,561			11,078,421


	(20,176,364	)		3,983,647			111,477,922			4,855,539			69,943,097			(15,388,077	)		1,939,771

	26			2			40			2			10			57			14
	291,836			—			2,076,625			—			—			3,930,611			1,212,881
	2,116,550			—			(10,753	)		(1,724	)		—			(52,972	)		—
	(29,072,657	)		(2,955,105	)		(9,727,364	)		4,236,653			(129,207,993	)		26,960,035			(8,575,272	)
	(137,596	)		—			(322,890	)		—			—			753,324			(557,232	)
	(608,150	)		—			—			—			—			—			—
	11,681			—			2,891			142			—			(11,867	)		—
	(47,574,674	)		1,028,544			103,496,471			9,090,612			(59,264,886	)		16,191,111			(5,979,838	)


$	(13,440,284	)	$	1,310,983		$	107,872,070		$	8,955,720		$	(42,056,178	)	$	27,227,672		$	5,098,583

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

203

THRIVENT SERIES FUND, INC.

STATEMENT OF OPERATIONS – CONTINUED


*For the year ended December 31, 2015*	High Yield Portfolio			Income Portfolio			Bond Index Portfolio			Limited Maturity Bond Portfolio
Investment Income
Dividends	$	560,661		$	1,816,571		$	—		$	427,585
Interest		50,967,905			53,862,024			2,442,608			19,533,120
Income from mortgage dollar rolls		—			1,160,933			993,506			648,438
Income from securities loaned		260,173			129,326			249			7,788
Income from affiliated investments		31,428			72,801			38,522			38,275
Total Investment Income		51,820,167			57,041,655			3,474,885			20,655,206
Expenses
Adviser fees		3,353,604			5,527,569			540,846			3,918,601
Administrative service fees		230,912			328,741			107,815			256,337
Audit and legal fees		32,446			34,975			26,011			30,101
Custody fees		23,586			41,226			12,855			33,674
Insurance expenses		8,595			11,137			5,094			9,288
Printing and postage expenses		31,542			24,842			9,576			12,711
Directors’ fees		32,174			47,565			6,915			36,889
Other expenses		36,814			39,649			21,689			37,724
Total Expenses Before Reimbursement		3,749,673			6,055,704			730,801			4,335,325
Total Net Expenses		3,749,673			6,055,704			730,801			4,335,325
Net Investment Income/(Loss)		48,070,494			50,985,951			2,744,084			16,319,881
Realized and Unrealized Gains/(Losses)
Net realized gains/(losses) on:
Investments		(13,028,324	)		6,395,648			1,041,628			3,089,456
Distributions of realized capital gains from affiliated investments		27			50			16			10
Written option contracts		—			—			—			41,221
Futures contracts		—			(2,388,800	)		—			(1,932,049	)
Swap agreements		707,345			—			—			—
Change in net unrealized appreciation/(depreciation) on:
Investments		(52,839,405	)		(62,955,426	)		(2,597,769	)		(10,000,726	)
Futures contracts		—			(787,623	)		—			563,742
Swap agreements		(266,087	)		—			—			—
Net Realized and Unrealized Gains/(Losses)		(65,426,444	)		(59,736,151	)		(1,556,125	)		(8,238,346	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(17,355,950	)	$	(8,750,200	)	$	1,187,959		$	8,081,535

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

204

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STATEMENT OF OPERATIONS – CONTINUED


*For the year ended December 31, 2015*	Money Market Portfolio
Investment Income
Dividends	$	4,764
Interest		281,220
Total Investment Income		285,984
Expenses
Adviser fees		537,094
Administrative service fees		104,169
Audit and legal fees		25,398
Custody fees		30,002
Insurance expenses		4,965
Printing and postage expenses		8,619
Directors’ fees		6,544
Other expenses		17,520
Total Expenses Before Reimbursement		734,311
Less:
Reimbursement from adviser		(447,375	)
Total Net Expenses		286,936
Net Investment Income/(Loss)		(952	)
Realized and Unrealized Gains/(Losses)
Net realized gains/(losses) on:
Investments		3,579
Net Realized and Unrealized Gains/(Losses)		3,579
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	2,627

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

205

THRIVENT SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS


	Aggressive Allocation Portfolio						Moderately Aggressive Allocation Portfolio
*For the periods ended*	12/31/2015			12/31/2014			12/31/2015			12/31/2014
Operations
Net investment income/(loss)	$	6,951,429		$	5,935,859		$	59,950,102		$	52,262,052
Net realized gains/(losses)		53,544,165			67,371,022			221,944,080			216,157,609
Change in net unrealized appreciation/(depreciation)		(65,972,075	)		(23,347,857	)		(321,796,385	)		(1,625,428	)
Net Change in Net Assets Resulting From Operations		(5,476,481	)		49,959,024			(39,902,203	)		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		97,207,283			97,332,428			243,080,600			385,542,249
Distributions reinvested		74,293,763			27,525,147			284,284,951			160,176,418
Redeemed		(29,062,185	)		(41,801,258	)		(80,097,344	)		(101,884,966	)
Total Capital Stock Transactions		142,438,861			83,056,317			447,268,207			443,833,701
Net Increase/(Decrease) in Net Assets		62,668,617			105,490,194			123,081,053			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	$	967,558,523		$	904,889,906		$	4,898,078,619		$	4,774,997,566
Accumulated Undistributed Net Investment Income/(Loss)	$	9,765,509		$	10,055,369		$	71,853,420		$	63,325,415
Capital Stock Share Transactions
Sold		6,446,047			6,398,050			16,716,940			26,564,398
Distributions reinvested		5,050,527			1,798,324			20,023,028			10,963,929
Redeemed		(1,923,556	)		(2,744,367	)		(5,535,532	)		(6,997,792	)

Total Capital Stock Share Transactions		9,573,018			5,452,007			31,204,436			30,530,535

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

206

THRIVENT SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS – CONTINUED


Moderate Allocation Portfolio						Moderately Conservative Allocation Portfolio						Growth and Income Plus Portfolio						Balanced Income Plus Portfolio
12/31/2015			12/31/2014			12/31/2015			12/31/2014			12/31/2015			12/31/2014			12/31/2015			12/31/2014

$	137,851,838		$	120,234,160		$	69,925,732		$	66,345,879		$	1,811,467		$	1,727,062		$	8,749,921		$	6,920,597
	270,719,455			309,289,567			60,786,937			99,499,840			1,294,358			3,154,489			11,262,969			10,752,484
	(459,388,269	)		21,486,822			(154,990,742	)		13,234,373			(3,781,689	)		(3,102,626	)		(20,715,817	)		(599,918	)
	(50,816,976	)		451,010,549			(24,278,073	)		179,080,092			(675,864	)		1,778,925			(702,927	)		17,073,163

	(131,649,087	)		(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	)
	(471,315,329	)		(298,475,674	)		(174,258,380	)		(127,429,115	)		(4,973,337	)		(7,813,874	)		(17,461,535	)		(55,894,211	)

	248,462,245			1,118,066,502			496,567,865			277,291,740			8,840,886			21,627,230			34,411,525			43,001,414
	471,315,329			298,475,674			174,258,380			127,429,115			4,973,337			7,813,874			17,461,535			55,894,211
	(148,152,856	)		(142,438,450	)		(51,537,032	)		(129,995,621	)		(10,505,454	)		(7,738,160	)		(23,670,541	)		(32,053,287	)
	571,624,718			1,274,103,726			619,289,213			274,725,234			3,308,769			21,702,944			28,202,519			66,842,338
	49,492,413			1,426,638,601			420,752,760			326,376,211			(2,340,432	)		15,667,995			10,038,057			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
$	8,657,254,814		$	8,607,762,401		$	4,100,107,840		$	3,679,355,080		$	78,779,061		$	81,119,493		$	313,076,544		$	303,038,487
$	149,830,112		$	131,718,370		$	74,352,002		$	69,009,714		$	1,781,865		$	1,697,388		$	8,403,985		$	6,688,222

	18,055,739			81,002,815			38,938,072			21,625,434			840,320			1,937,939			2,336,044			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
	(10,880,050	)		(10,334,775	)		(4,053,106	)		(10,126,964	)		(996,250	)		(707,032	)		(1,616,429	)		(2,036,381	)

	42,366,070			92,362,582			48,865,677			21,474,211			330,641			1,954,327			1,939,848			4,464,405

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

207

THRIVENT SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS – CONTINUED


	Diversified Income Plus Portfolio						Opportunity Income Plus Portfolio
*For the periods ended*	12/31/2015			12/31/2014			12/31/2015			12/31/2014
Operations
Net investment income/(loss)	$	17,005,900		$	15,516,934		$	3,006,317		$	2,013,767
Net realized gains/(losses)		2,102,185			10,750,364			(488,440	)		381,889
Change in net unrealized appreciation/(depreciation)		(19,542,298	)		(9,938,310	)		(2,908,181	)		(627,259	)
Net Change in Net Assets Resulting From Operations		(434,213	)		16,328,988			(390,304	)		1,768,397
Distributions to Shareholders
From net investment income		(15,370,120	)		(11,945,610	)		(2,967,738	)		(2,013,133	)
From net realized gains		(9,166,017	)		—			—			—
Total Distributions to Shareholders		(24,536,137	)		(11,945,610	)		(2,967,738	)		(2,013,133	)
Capital Stock Transactions
Sold		60,503,894			78,367,852			35,378,258			34,935,161
Issued in connection with merger		—			—			—			—
Distributions reinvested		24,536,137			11,945,610			2,967,738			2,013,133
Redeemed		(17,832,528	)		(20,073,456	)		(7,084,172	)		(11,483,556	)
Total Capital Stock Transactions		67,207,503			70,240,006			31,261,824			25,464,738
Net lncrease/(Decrease) in Net Assets		42,237,153			74,623,384			27,903,782			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	$	479,572,785		$	437,335,632		$	99,664,967		$	71,761,185
Accumulated Undistributed Net Investment lncome/(Loss)	$	17,565,006		$	15,507,791		$	39,603		$	1,795
Capital Stock Share Transactions
Sold		7,685,123			9,878,425			3,497,874			3,408,417
Issued in connection with merger		—			—			—			—
Distributions reinvested		3,202,649			1,506,284			294,285			196,344
Redeemed		(2,290,169	)		(2,539,841	)		(700,732	)		(1,119,921	)

Total Capital Stock Share Transactions		8,597,603			8,844,868			3,091,427			2,484,840

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

208

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STATEMENT OF CHANGES IN NET ASSETS – CONTINUED


Partner Healthcare Portfolio						Partner Emerging Markets Equity Portfolio						Real Estate Securities Portfolio						Small Cap Stock Portfolio
12/31/2015			12/31/2014			12/31/2015			12/31/2014			12/31/2015			12/31/2014			12/31/2015			12/31/2014

$	7,666,795		$	24,225		$	522,930		$	620,449		$	2,657,093		$	2,213,068		$	1,658,505		$	1,378,508
	6,297,295			9,030,304			266,410			(975,578	)		302,504			6,262,880			16,713,717			41,140,932
	(12,721,513	)		6,278,632			(7,594,428	)		529,283			735,932			26,974,408			(32,780,045	)		(28,977,503	)
	1,242,577			15,333,161			(6,805,088	)		174,154			3,695,529			35,450,356			(14,407,823	)		13,541,937

	(9,026	)		—			(580,153	)		(625,090	)		(2,187,603	)		(2,006,084	)		(1,376,310	)		(760,245	)
	(9,023,465	)		(4,267,782	)		—			—			(6,314,500	)		(2,407,859	)		(39,985,690	)		(3,810,915	)
	(9,032,491	)		(4,267,782	)		(580,153	)		(625,090	)		(8,502,103	)		(4,413,943	)		(41,362,000	)		(4,571,160	)

	92,802,357			37,891,021			7,350,729			12,120,351			21,146,056			19,573,670			6,004,931			6,694,325
	—			—			—			—			—			—			129,919,332			—
	9,032,491			4,267,782			580,153			625,090			8,502,103			4,413,943			41,362,000			4,571,160
	(3,931,639	)		(4,801,440	)		(5,542,564	)		(23,701,729	)		(11,848,142	)		(32,545,004	)		(14,085,913	)		(68,471,873	)
	97,903,209			37,357,363			2,388,318			(10,956,288	)		17,800,017			(8,557,391	)		163,200,350			(57,206,388	)
	90,113,295			48,422,742			(4,996,923	)		(11,407,224	)		12,993,443			22,479,022			107,430,527			(48,235,611	)
	102,121,585			53,698,843			48,461,622			59,868,846			142,544,864			120,065,842			306,338,035			354,573,646
$	192,234,880		$	102,121,585		$	43,464,699		$	48,461,622		$	155,538,307		$	142,544,864		$	413,768,562		$	306,338,035
$	7,610,463		$	(3,559	)	$	430,436		$	502,190		$	2,605,351		$	2,167,266		$	1,283,325		$	1,323,275

	4,458,973			2,022,167			623,165			948,289			925,981			950,655			346,038			380,860
	—			—			—			—			—			—			8,046,136			—
	434,112			234,644			48,589			46,995			422,209			217,660			2,420,926			257,462
	(195,496	)		(261,666	)		(469,831	)		(1,782,215	)		(539,452	)		(1,588,870	)		(838,753	)		(3,920,354	)

	4,697,589			1,995,145			201,923			(786,931	)		808,738			(420,555	)		9,974,347			(3,282,032	)

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

209

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STATEMENT OF CHANGES IN NET ASSETS – CONTINUED


	Small Cap Index Portfolio						Mid Cap Stock Portfolio
*For the periods ended*	12/31/2015			12/31/2014			12/31/2015			12/31/2014
Operations
Net investment income/(loss)	$	3,156,160		$	2,226,236		$	4,852,527		$	4,477,794
Net realized gains/(losses)		22,865,934			19,496,569			117,649,621			81,651,039
Change in net unrealized appreciation/(depreciation)		(32,413,176	)		(8,079,689	)		(104,979,812	)		(5,733,046	)
Net Change in Net Assets Resulting From Operations		(6,391,082	)		13,643,116			17,522,336			80,395,787
Distributions to Shareholders
From net investment income		(2,182,237	)		(1,923,687	)		(4,486,191	)		(2,238,163	)
From net realized gains		(19,386,011	)		(17,451,260	)		(81,601,370	)		(31,748,560	)
Total Distributions to Shareholders		(21,568,248	)		(19,374,947	)		(86,087,561	)		(33,986,723	)
Capital Stock Transactions
Sold		35,257,316			19,450,966			10,660,395			12,414,918
Issued in connection with merger		—			—			445,589,040			—
Distributions reinvested		21,568,248			19,374,947			86,087,561			33,986,723
Redeemed		(17,625,251	)		(27,229,344	)		(31,809,954	)		(15,614,364	)
Total Capital Stock Transactions		39,200,313			11,596,569			510,527,042			30,787,277
Net Increase/(Decrease) in Net Assets		11,240,983			5,864,738			441,961,817			77,196,341
Net Assets, Beginning of Period		268,626,586			262,761,848			752,618,439			675,422,098
Net Assets, End of Period	$	279,867,569		$	268,626,586		$	1,194,580,256		$	752,618,439
Accumulated Undistributed Net Investment Income/(Loss)	$	3,093,435		$	2,167,493		$	4,149,933		$	4,100,262
Capital Stock Share Transactions
Sold		2,092,201			1,139,106			601,576			681,375
Issued in connection with merger		—			—			27,661,254			—
Distributions reinvested		1,288,595			1,146,358			5,111,268			1,849,557
Redeemed		(1,041,563	)		(1,589,636	)		(1,878,331	)		(855,258	)

Total Capital Stock Share Transactions		2,339,233			695,828			31,495,767			1,675,674

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

210

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STATEMENT OF CHANGES IN NET ASSETS – CONTINUED


Mid Cap Index Portfolio						Partner Worldwide Allocation Portfolio						Partner All Cap Portfolio						Large Cap Growth Portfolio
12/31/2015			12/31/2014			12/31/2015			12/31/2014			12/31/2015			12/31/2014			12/31/2015			12/31/2014

$	1,922,514		$	1,182,443		$	34,134,390		$	38,146,324		$	282,439		$	312,718		$	4,375,599		$	5,587,936
	10,955,840			6,974,875			(17,767,952	)		69,845,647			3,983,649			8,714,041			113,543,834			163,556,942
	(18,371,677	)		3,812,395			(29,806,722	)		(198,771,520	)		(2,955,105	)		(1,331,941	)		(10,047,363	)		(59,632,233	)
	(5,493,323	)		11,969,713			(13,440,284	)		(90,779,549	)		1,310,983			7,694,818			107,872,070			109,512,645

	(1,183,197	)		(1,001,203	)		(41,262,492	)		(34,636,379	)		(263,625	)		(396,564	)		(4,480,734	)		(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	)		(4,480,734	)		(6,205,697	)

	45,971,973			20,796,010			30,446,483			22,264,244			19,782,668			5,673,145			26,854,540			27,123,582
	—			—			—			—			—			—			61,211,950			—
	8,640,002			7,114,170			41,262,492			34,636,379			8,458,477			396,564			4,480,734			6,205,697
	(5,371,848	)		(10,694,946	)		(18,736,363	)		(30,182,494	)		(4,376,941	)		(7,677,955	)		(90,795,950	)		(194,100,261	)
	49,240,127			17,215,234			52,972,612			26,718,129			23,864,204			(1,608,246	)		1,751,274			(160,770,982	)
	35,106,802			22,070,777			(1,730,164	)		(98,697,799	)		16,716,710			5,690,008			105,142,610			(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
$	180,170,290		$	145,063,488		$	1,605,560,622		$	1,607,290,786		$	86,215,102		$	69,498,392		$	1,109,650,354		$	1,004,507,744
$	1,897,754		$	1,159,699		$	33,094,109		$	38,622,010		$	255,055		$	296,891		$	(98,849	)	$	35,506

	2,837,565			1,310,042			3,182,107			2,250,484			1,444,191			431,176			893,765			1,017,440
	—			—			—			—			—			—			2,142,856			—
	536,230			447,533			4,320,951			3,380,214			636,871			29,955			145,529			222,358
	(332,173	)		(674,553	)		(1,997,479	)		(3,045,127	)		(318,427	)		(581,464	)		(3,039,753	)		(7,186,682	)

	3,041,622			1,083,022			5,505,579			2,585,571			1,762,635			(120,333	)		142,397			(5,946,884	)

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

211

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STATEMENT OF CHANGES IN NET ASSETS – CONTINUED


	Partner Growth Stock Portfolio						Large Cap Value Portfolio
*For the periods ended*	12/31/2015			12/31/2014			12/31/2015			12/31/2014
Operations
Net investment income/(loss)	$	(134,892	)	$	(143,988	)	$	17,208,708		$	15,485,509
Net realized gains/(losses)		4,853,817			9,097,342			69,943,107			61,684,298
Change in net unrealized appreciation/(depreciation)		4,236,795			(2,458,144	)		(129,207,993	)		23,223,019
Net Change in Net Assets Resulting From Operations		8,955,720			6,495,210			(42,056,178	)		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		24,791,006			9,628,170			7,314,689			13,682,320
Issued in connection with merger		—			—			—			—
Distributions reinvested		8,951,938			6,496,774			50,527,022			14,210,465
Redeemed		(5,395,062	)		(10,635,385	)		(23,242,768	)		(28,234,730	)
Total Capital Stock Transactions		28,347,882			5,489,559			34,598,943			(341,945	)
Net Increase/(Decrease) in Net Assets		28,351,664			5,487,995			(57,984,257	)		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	$	110,073,650		$	81,721,986		$	1,147,018,198		$	1,205,002,455
Accumulated Undistributed Net Investment Income/(Loss)	$	(21,959	)	$	(19,923	)	$	15,909,295		$	14,985,013
Capital Stock Share Transactions
Sold		1,312,766			519,716			447,454			851,800
Issued in connection with merger		—			—			—			—
Distributions reinvested		499,634			371,456			3,109,413			869,333
Redeemed		(282,125	)		(581,551	)		(1,419,730	)		(1,755,314	)

Total Capital Stock Share Transactions		1,530,275			309,621			2,137,137			(34,181	)

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

212

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STATEMENT OF CHANGES IN NET ASSETS – CONTINUED


Large Cap Stock Portfolio						Large Cap Index Portfolio						High Yield Portfolio						Income Portfolio
12/31/2015			12/31/2014			12/31/2015			12/31/2014			12/31/2015			12/31/2014			12/31/2015			12/31/2014

$	11,036,561		$	10,040,750		$	11,078,421		$	6,821,833		$	48,070,494		$	53,971,230		$	50,985,951		$	54,103,593
	(11,510,381	)		69,110,961			3,152,666			2,664,831			(12,320,952	)		13,193,932			4,006,898			25,966,758
	27,701,492			(36,495,875	)		(9,132,504	)		42,486,523			(53,105,492	)		(47,671,133	)		(63,743,049	)		12,917,898
	27,227,672			42,655,836			5,098,583			51,973,187			(17,355,950	)		19,494,029			(8,750,200	)		92,988,249

	(10,019,263	)		(7,274,387	)		(6,663,271	)		(5,820,275	)		(48,028,166	)		(54,199,192	)		(50,670,151	)		(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	)		(48,028,166	)		(54,199,192	)		(81,405,207	)		(71,463,193	)

	11,194,752			9,307,227			89,820,844			40,918,587			26,632,909			27,735,059			122,259,487			16,327,597
	30,415,790			—			—			—			—			—			—			—
	73,918,175			7,274,387			8,965,271			6,748,230			48,028,166			54,199,192			81,405,207			71,463,193
	(24,437,928	)		(29,323,725	)		(24,176,844	)		(35,085,339	)		(152,940,377	)		(113,316,667	)		(169,751,450	)		(134,662,331	)
	91,090,789			(12,742,111	)		74,609,271			12,581,478			(78,279,302	)		(31,382,416	)		33,913,244			(46,871,541	)
	44,400,286			22,639,338			70,742,583			57,806,435			(143,663,418	)		(66,087,579	)		(56,242,163	)		(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
$	878,915,330		$	834,515,044		$	521,179,059		$	450,436,476		$	712,133,512		$	855,796,930		$	1,336,020,433		$	1,392,262,596
$	10,417,603		$	9,674,625		$	10,979,600		$	6,739,988		$	68,605		$	313,742		$	316,882		$	(113,133	)

	901,555			763,018			3,120,135			1,510,271			5,599,070			5,446,151			12,173,633			1,547,161
	2,717,491			—			—			—			—			—			—			—
	6,278,512			583,594			314,996			249,150			9,962,929			10,675,532			7,986,614			6,770,456
	(1,997,861	)		(2,403,756	)		(840,976	)		(1,307,336	)		(32,135,168	)		(22,365,303	)		(16,838,619	)		(12,771,102	)

	7,899,697			(1,057,144	)		2,594,155			452,085			(16,573,169	)		(6,243,620	)		3,321,628			(4,453,485	)

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

213

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STATEMENT OF CHANGES IN NET ASSETS – CONTINUED


	Bond Index Portfolio						Limited Maturity Bond Portfolio
*For the periods ended*	12/31/2015			12/31/2014			12/31/2015			12/31/2014
Operations
Net investment income/(loss)	$	2,744,084		$	3,314,697		$	16,319,881		$	18,619,779
Net realized gains/(losses)		1,041,644			1,450,014			1,198,638			(1,138,898	)
Change in net unrealized appreciation/(depreciation)		(2,597,769	)		4,703,041			(9,436,984	)		456,626
Net Change in Net Assets Resulting From Operations		1,187,959			9,467,752			8,081,535			17,937,507
Distributions to Shareholders
From net investment income		(2,744,084	)		(3,314,697	)		(16,313,198	)		(18,195,371	)
Total Distributions to Shareholders		(2,744,084	)		(3,314,697	)		(16,313,198	)		(18,195,371	)
Capital Stock Transactions
Sold		20,209,678			11,545,085			112,264,971			32,112,602
Distributions reinvested		2,744,084			3,314,697			16,313,198			18,195,371
Redeemed		(14,058,228	)		(23,075,491	)		(314,787,709	)		(114,240,511	)
Total Capital Stock Transactions		8,895,534			(8,215,709	)		(186,209,540	)		(63,932,538	)
Net Increase/(Decrease) in Net Assets		7,339,409			(2,062,654	)		(194,441,203	)		(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	$	157,293,533		$	149,954,124		$	823,896,593		$	1,018,337,796
Accumulated Undistributed Net Investment Income/(Loss)	$	(602	)	$	(602	)	$	406,288		$	425,277
Capital Stock Share Transactions
Sold		1,837,590			1,063,905			11,475,409			3,257,533
Distributions reinvested		249,362			306,504			1,661,359			1,845,982
Redeemed		(1,278,380	)		(2,136,588	)		(32,154,807	)		(11,596,039	)

Total Capital Stock Share Transactions		808,572			(766,179	)		(19,018,039	)		(6,492,524	)

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

214

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STATEMENT OF CHANGES IN NET ASSETS – CONTINUED


Money Market Portfolio
12/31/2015			12/31/2014

$	(952	)	$	—
	3,579			(759	)
	—			—
	2,627			(759	)

	—			—
	—			—

	88,468,253			65,254,801
	—			—
	(68,005,209	)		(85,420,968	)
	20,463,044			(20,166,167	)
	20,465,671			(20,166,926	)
	126,414,788			146,581,714
$	146,880,459		$	126,414,788
$	—		$	—

	88,468,253			65,254,800
	—			—
	(68,005,209	)		(85,420,967	)

	20,463,044			(20,166,167	)

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

215

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

December 31, 2015

(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 twenty-seven 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, fourteen 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.

Each of the Portfolios is an investment company that follows 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.

(A) Mergers – At a meeting held on August 14, 2015, contractholders of 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 (the “Target Portfolios”) approved the merger of the Target Portfolios into the Portfolios shown below (the “Acquiring Portfolios”).


Target Portfolios		Acquiring Portfolios
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 occurred at the close of business on August 21, 2015. Acquisition of the assets and liabilities of the Target Portfolios by the Acquiring Portfolios were followed by the distribution of the Acquiring Portfolios’ shares to the Target Portfolios’ contract holders. The shares issued of the Acquiring Portfolios are disclosed in the Statement of Changes in Net Assets.

The mergers were accomplished by tax free exchanges as detailed below:


Portfolio	Description	Net Assets as of August 21, 2015
Small Cap Stock	Acquiring Portfolio	$	307,383,234
Partner Small Cap Growth	Target Portfolio	$	48,776,411
Partner Small Cap Value	Target Portfolio	$	81,142,921
Small Cap Stock	After Acquisition	$	437,302,566
Mid Cap Stock	Acquiring Portfolio	$	725,136,640
Mid Cap Growth	Target Portfolio	$	411,465,006
Partner Mid Cap Value	Target Portfolio	$	34,124,034
Mid Cap Stock	After Acquisition	$	1,170,725,680
Large Cap Stock	Acquiring Portfolio	$	822,157,367
Natural Resources	Target Portfolio	$	30,415,790
Large Cap Stock	After Acquisition	$	852,573,157
Large Cap Growth	Acquiring Portfolio	$	983,293,490
Partner Technology	Target Portfolio	$	61,211,950

Large Cap Growth	After Acquisition	$	1,044,505,440

216

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

December 31, 2015

As of August 21, 2015, the net assets of the Target Portfolios were comprised of the following:


Target Portfolio	Unrealized Appreciation/ (Depreciation)			Undistributed Net Investment Income			Accumulated Net Realized Gains/ (Losses)			Capital Stock
Partner Small Cap Growth	$	5,116,383		$	(155,592	)	$	17,762,180		$	26,053,440
Partner Small Cap Value	$	12,172,079		$	(465,732	)	$	106,081,143		$	(36,644,569	)
Mid Cap Growth	$	98,121,712		$	43,055		$	(204,124	)	$	313,504,363
Partner Mid Cap Value	$	(4,097,780	)	$	1,374,245		$	53,479,724		$	(16,632,155	)
Natural Resources	$	(13,776,587	)	$	(11,187	)	$	(4,240,765	)	$	48,444,329
Partner Technology	$	13,378,254		$	(163,802	)	$	114,262		$	47,883,236

The Target Portfolios’ capital loss carryovers are carried over to the Acquiring Portfolios. The amounts, if any, and applicable limitations are disclosed in Note (4) Tax Information.

Assuming the mergers had been completed on January 1, 2015 the Acquiring Portfolios’ pro-forma results of operations for the year ended December 31, 2015 would be the following:


Acquiring Portfolio	Net Change in Unrealized Appreciation/ (Depreciation)			Net Investment Income		Net Gains/(Losses) on Investments			Net Increase in Net Assets from Operations
Small Cap Stock	$	(152,472,171	)	$	3,806,264	$	132,587,125		$	(16,078,782	)
Mid Cap Stock	$	(198,911,176	)	$	5,856,004	$	202,884,388		$	9,829,216
Large Cap Stock	$	20,534,205		$	11,163,071	$	(11,315,733	)	$	20,381,543
Large Cap Growth	$	(11,635,658	)	$	4,348,728	$	115,283,367		$	107,996,437

The financial statements reflect the operations of the Acquiring Portfolios for the period prior to the merger and the combined Portfolios for the period subsequent to the mergers. Because the combined investment portfolios have been managed as a single integrated portfolio since the mergers were completed, it is not practicable to separate the amounts of revenue and earnings of 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 that have been included in the Acquiring Portfolios’ Statement of Operations since the mergers were completed.

(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. 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 price quotes obtained from third-party broker-dealers that make markets in the securities. Exchange-listed options and futures contracts are valued at the last quoted sales price. Swap agreements are valued at the latest bid quotation of the contract as furnished by an independent pricing service. Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by the pricing service. Investments in open-ended mutual funds are valued at their net asset value at the close of each business day. 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 the Money Market Portfolio are valued on the basis of amortized cost (which approximates market value), whereby a portfolio security is valued at its cost initially and thereafter valued to reflect a constant amortization to maturity of any discount or premium. The Money Market Portfolio and the Adviser follow procedures designed to help maintain a constant net asset value of $1.00 per share.

The Board has delegated responsibility for daily valuation of the Portfolios’ securities to the 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.

217

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

December 31, 2015

The Committee monitors for significant events occurring prior to the close of trading on the New York Stock Exchange that could have a material impact on the value of any securities that are held by the Portfolios. Examples of such events include trading halts, national news/events, and issuer-specific developments. If the Committee decides that such events warrant using fair value estimates, the Committee will take such events into consideration in determining the fair value of such securities. If market quotations or prices are not readily available or determined to be unreliable, the securities will be valued at fair value as determined in good faith pursuant to procedures adopted by the Board.

In accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the various inputs used to determine the fair value of the Portfolios’ investments are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities, typically included in this level are U.S. equity securities, futures, options and registered investment company funds. Level 2 includes other significant observable inputs such as quoted prices for similar securities, interest rates, prepayment speeds and credit risk, typically included in this level are fixed income securities, international securities, swaps and forward contracts. Level 3 includes significant unobservable inputs such as the Adviser’s own assumptions and broker evaluations in determining the fair value of investments. 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 December 31, 2015, open U.S. Federal, Minnesota, and Wisconsin tax years include the tax years ended December 31, 2012 through 2015. Additionally, as of December 31, 2015, the tax year ended December 31, 2011 is open for Wisconsin. The Portfolios have no examinations in progress and none are expected at this time.

218

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

December 31, 2015

As of December 31, 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 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 – 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. However, in certain foreign markets where the declaration date follows the ex-dividend date, the dividend income will be recorded as soon as the Portfolio is informed of the declaration 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 the 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 the Money Market Portfolio; and declared and reinvested at least annually for all other Portfolios.

(G) Derivative Financial Instruments – Each of the Portfolios, with the exception of the Money Market Portfolio, may invest in derivatives. Derivatives, a category that includes options, futures, swaps, foreign currency forward contracts and hybrid instruments, are financial instruments whose value is derived from another security, an index or a currency. Each applicable Portfolio may use derivatives for hedging (attempting to offset a potential loss in one position by establishing an interest in an opposite position). This includes the use of currency-based derivatives to manage the risk of its positions in foreign securities. Each applicable Portfolio may also use derivatives for replication of a certain asset class or speculation (investing for potential income or capital gain). These contracts may be transacted on an exchange or over-the-counter (OTC).

A derivative may incur a mark to market loss if the value of the derivative decreases due to an unfavorable change in the market rates or values of the underlying derivative. Losses can also occur if the counterparty does not perform under the derivative. A Portfolio’s risk of loss from the counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by such Portfolio. With exchange traded futures and centrally cleared swaps, there is minimal counterparty credit risk to the Portfolios because the exchange’s clearinghouse, as counterparty to such derivatives, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the derivative; thus, the credit risk is limited to the failure of the clearinghouse. However, credit risk still exists in exchange traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s customers, potentially resulting in losses to the Portfolios. Using derivatives to hedge can guard against potential risks, but it also adds to the Portfolios’ expenses and can eliminate some opportunities for gains. In addition, a derivative used for mitigating exposure or replication may not accurately track the value of the underlying asset. Another risk with derivatives is that some types can amplify a gain or loss, potentially earning or losing substantially more money than the actual cost of the derivative.

219

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

December 31, 2015

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 terms and netting provisions in the event of a default and/ or termination event. Under an ISDA Master Agreement, each Portfolio may, under certain circumstances, offset with the counterparty certain derivatives’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy and insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral and margin requirements vary by type of derivative. Margin requirements are established by the broker or 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, and swaps). For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Portfolio and the counterparty. For financial reporting purposes, non-cash collateral that has been pledged to cover obligations of the Portfolio has been noted in the Schedule of Investments. To the extent amounts due to 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 the Money Market Portfolio, may buy put and call options and write put and covered call options. The Portfolios intend to use such derivative instruments as hedges to facilitate buying or selling securities or to provide protection against adverse movements in security prices or interest rates. The Portfolios may also enter into options contracts to protect against adverse foreign exchange rate fluctuations. Option contracts are valued daily and unrealized appreciation or depreciation is recorded. A Portfolio will realize a gain or loss upon expiration or closing of the option transaction. When an option is exercised, the proceeds upon sale for a written call option or the cost of a security for purchased put and call options is adjusted by the amount of premium received or paid.

Buying put options tends to decrease a Portfolio’s exposure to the underlying security while buying call options tends to increase a Portfolio’s exposure to the underlying security. The risk associated with purchasing put and call options is limited 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 the Money Market Portfolio, may use futures contracts to manage the exposure to interest rate and market or currency fluctuations. Gains or losses on futures contracts can offset changes in the yield of securities. When a futures contract is opened, cash or other investments equal to the required “initial margin deposit” are held on deposit with and pledged to the broker. Additional securities held by the Portfolios may be earmarked to cover open futures contracts. 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 the Money Market Portfolio, may enter into foreign currency forward contracts. Additionally, the Portfolios may enter into such contracts to mitigate currency and counterparty exposure to other foreign-currency-denominated investments. These contracts are recorded at value and the related realized and

220

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

December 31, 2015

change in unrealized foreign exchange gains and losses are included in the Statement of Operations. In the event that counterparties fail to settle these forward contracts, the Portfolios could be exposed to foreign currency fluctuations. Foreign currency contracts are valued daily and unrealized appreciation or depreciation is recorded daily as the difference between the contract exchange rate and the closing forward rate applied to the face amount of the contract. A realized gain or loss is recorded at the time a forward contract is closed. These contracts are over-the-counter and the Portfolio is exposed to counterparty risk equal to the discounted net amount of payments to the Portfolio.

Swap Agreements – All Portfolios, with the exception of the Money Market Portfolio, may enter into swap transactions, which involve swapping one or more investment characteristics of a security or a basket of securities with another party. Such transactions include market risk, risk of default by the other party to the transaction, risk of imperfect correlation and manager risk and may involve commissions or other costs. Swap transactions generally do not involve delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to swap transactions is generally limited to the net amount of payments that the Portfolio is contractually obligated to make, or in the case of the counterparty defaulting, the net amount of payments that the Portfolio is contractually entitled to receive. Risks of loss may exceed amounts recognized on the Statement of Assets and Liabilities. If there is a default by the counterparty, the Portfolio may have contractual remedies pursuant to the agreements related to the transaction. The contracts are valued daily and unrealized appreciation or depreciation is recorded. Swap agreements are valued at 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.

221

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

December 31, 2015

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.

The following table presents the gross and net information about assets subject to master netting arrangements, as presented in the Statement of Assets and Liabilities:


				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	1,886,206	—	1,886,206	1,886,206	—	—	—
Moderately Aggressive Allocation
Futures Contracts	6,378,209	—	6,378,209	6,378,209	—	—	—
Moderate Allocation
Futures Contracts	8,547,806	—	8,547,806	7,415,991	—	—	1,131,815^(*)
Moderately Conservative Allocation
Futures Contracts	2,631,610	—	2,631,610	2,274,110	—	—	357,500^(*)
Growth and Income Plus
Futures Contracts	4,109	—	4,109	4,109	—	—	—
Swap Credit Contracts	38	—	38	—	—	—	38⁽^†⁾
Balanced Income Plus
Futures Contracts	24,796	—	24,796	24,796	—	—	—
Swap Credit Contracts	570	—	570	—	—	—	570⁽^†⁾
Diversified Income Plus
Futures Contracts	264,967	—	264,967	62,418	—	—	202,549⁽^*⁾
Opportunity Income Plus
Futures Contracts	15,172	—	15,172	3,188	—	—	11,984⁽^*⁾
Partner Worldwide Allocation
Futures Contracts	1,040,558	—	1,040,558	1,040,558	—	—	—
Exchange Contracts	832,453	—	832,453	569,843	—	—	262,610^(‡)
Large Cap Stock
Futures Contracts	100,800	—	100,800	100,800	—	—	—
Income
Futures Contracts	253,000	—	253,000	253,000	—	—	—
Limited Maturity Bond
Futures Contracts	10,079	—	10,079	10,079	—	—	—

⁽*⁾	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.

222

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

December 31, 2015

The following table presents the gross and net information about liabilities subject to master netting arrangements, as presented in the 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		2,110,065		—		2,110,065		1,886,206		—		223,859		—
Moderately Aggressive Allocation
Futures Contracts		6,421,978		—		6,421,978		6,378,209		—		43,769		—
Securities Lending		80,456,520		—		80,456,520		78,219,419		—		—		2,237,101^
Moderate Allocation
Futures Contracts		7,415,991		—		7,415,991		7,415,991		—		—		—
Securities Lending		182,839,267		—		182,839,267		178,096,093		—		—		4,743,174^
Moderately Conservative Allocation
Futures Contracts		2,274,110		—		2,274,110		2,274,110		—		—		—
Securities Lending		68,616,520		—		68,616,520		67,079,574		—		—		1,536,946^
Growth and Income Plus
Futures Contracts		6,081		—		6,081		4,109		—		1,972		—
Balanced Income Plus
Futures Contracts		29,875		—		29,875		24,796		—		5,079		—
Securities Lending		9,667,927		—		9,667,927		9,410,561		—		—		257,366^
Diversified Income Plus
Futures Contracts		62,418		—		62,418		62,418		—		—		—
Securities Lending		341,050		—		341,050		319,654		—		—		21,396^
Opportunity Income Plus
Futures Contracts		3,188		—		3,188		3,188		—		—		—
Swap Credit Contracts		96		—		96		—		—		96		—
Partner Emerging Markets Equity
Securities Lending		212,275		—		212,275		199,539		—		—		12,736^
Small Cap Stock
Securities Lending		40,959,020		—		40,959,020		39,664,169		—		—		1,294,851^
Small Cap Index
Futures Contracts		110,400		—		110,400		—		—		110,400		—
Securities Lending		15,229,214		—		15,229,214		14,659,624		—		—		569,590^
Mid Cap Stock
Securities Lending		57,473,443		—		57,473,443		55,289,517		—		—		2,183,926^
Mid Cap Index
Futures Contracts		93,233		—		93,233		—		—		93,233		—
Securities Lending		5,872,212		—		5,872,212		5,621,285		—		—		250,927^
Partner Worldwide Allocation
Futures Contracts		1,088,023		—		1,088,023		1,040,558		—		47,465		—
Exchange Contracts		813,272		—		813,272		569,843		—		—		243,429	^#
Securities Lending		18,465,884		—		18,465,884		17,361,358		—		—		1,104,526^
Partner All Cap
Securities Lending		786,450		—		786,450		745,820		—		—		40,630^
Large Cap Growth
Futures Contracts		132,340		—		132,340		—		—		132,340		—
Securities Lending		10,560,850		—		10,560,850		10,240,020		—		—		320,830^
Partner Growth Stock
Securities Lending		3,501,278		—		3,501,278		3,415,772		—		—		85,506^
Large Cap Value
Securities Lending		13,026,675		—		13,026,675		13,026,675		—		—		—
Large Cap Stock
Futures Contracts		1,281,219		—		1,281,219		100,800		—		1,180,419		—
Securities Lending		4,545,524		—		4,545,524		4,343,137		—		—		202,387^

223

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

December 31, 2015

The following table presents the gross and net information about liabilities subject to master netting arrangements, as presented in the 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
Large Cap Index
Futures Contracts		168,960		—		168,960		—		—		168,960		—
Securities Lending		1,894,887		—		1,894,887		1,841,982		—		—		52,905^
High Yield
Securities Lending		42,864,685		—		42,864,685		41,133,634		—		—		1,731,051^
Income
Futures Contracts		380,539		—		380,539		253,000		—		127,539		—
Securities Lending		28,613,386		—		28,613,386		27,727,136		—		—		886,250^
Bond Index
Securities Lending		815,750		—		815,750		796,464		—		—		19,286^
Limited Maturity Bond
Futures Contracts		273,745		—		273,745		10,079		—		263,666		—
Securities Lending		11,023,000		—		11,023,000		10,703,545		—		—		319,455^

^**	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 segregate collateral with the custodian - depending on market movements - for 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. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of collateral received. Any additional collateral is adjusted and settled on the next business day. The Fund has the ability to recall the loans at any time and could do so in order to vote proxies or sell the loaned securities. All cash collateral received is invested in Thrivent Cash Management Trust. The Portfolios receive dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. Amounts earned on investments in Thrivent Cash Management Trust, net of rebates, fees paid to 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. Generally, in the event of borrower default, the Portfolio has the right to use the collateral to offset any losses incurred. However, in the event the Portfolio is delayed or prevented from exercising its right to dispose of the collateral, there may be a potential loss. Some of these losses may be indemnified by the lending agent.

224

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

December 31, 2015

As of December 31, 2015, the value of securities on loan is as follows:


Fund	Securities on Loan
Moderately Aggressive Allocation	$	78,219,419
Moderate Allocation		178,096,093
Moderately Conservative Allocation		67,079,574
Balanced Income Plus		9,410,561
Diversified Income Plus		319,654
Partner Emerging Markets Equity		199,539
Small Cap Stock		39,664,169
Small Cap Index		14,659,624
Mid Cap Stock		55,289,517
Mid Cap Index		5,621,285
Partner Worldwide Allocation		17,361,358
Partner All Cap		745,820
Large Cap Growth		10,240,020
Partner Growth Stock		3,415,772
Large Cap Value		13,047,354
Large Cap Stock		4,343,137
Large Cap Index		1,841,982
High Yield		41,133,634
Income		27,727,136
Bond Index		796,464
Limited Maturity Bond		10,703,545

(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 coupon 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 in cash 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 year ended December 31, 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. During the year ended, December 31, 2015, none of the Portfolios engaged in these types of transactions.

(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. As interest rates increase, the price of the principal only security decreases. Similarly, as interest rates decrease, the price of the principal only security increases. The principal only security represents the payment with the longest maturity, therefore making it the most sensitive to interest rate changes.

(O) Credit Risk – The Portfolios may be susceptible to credit risk to the extent an issuer or counterparty defaults on its payment obligation. The Portfolios’ policy is to monitor the creditworthiness of issuers and counterparties. Interest receivable on defaulted securities is monitored for ability to collect payments in default and is adjusted accordingly.

225

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

December 31, 2015

(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) 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 and on December 21, 2007 tendered its shares of Lyondell for $1,542,720. On November 18, 2015, the court dismissed certain of the claims made by the plaintiff, but allowed others to survive for further consideration. 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.

(S) Litigation – Awards from class action litigation are recorded as realized gains on payment date.

(T) Recent Accounting Pronouncements –

Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).

226

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

December 31, 2015

In May 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU No. 2015-

07, Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU No. 2015-07 changes the disclosure requirements for investments for which fair value is measured using the net asset value per share practical expedient. The disclosure requirements are effective for annual periods beginning after December 15, 2015 and interim periods within those fiscal years. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

(U) 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.

Until August 31, 2015, the four Asset Allocation Portfolios – Aggressive Allocation Portfolio, Moderately Aggressive Allocation Portfolio, Moderate Allocation Portfolio and Moderately Conservative Allocation Portfolio – paid investment advisory fees for asset allocation services, in addition to a separate advisory fee for investments (other than underlying Thrivent Portfolios) held directly by the Asset Allocation Portfolios. The annual rates of fees as a percentage of average daily net assets under the Investment Advisory Agreement were 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	%

Beginning September 1, 2015, the four Asset Allocation Portfolios paid one fee for investment advisory services. The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive an amount equal to any investment advisory fees indirectly incurred by the Asset Allocation Portfolios as a result of their investments in any other portfolio for which the Adviser or an affiliate serves as investment adviser, other than Thrivent Cash Management Trust. This contractual provision may be terminated upon the mutual agreement between the Independent Directors of the Fund and the Adviser. 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 $500M			Over $500 to $2,000M			Over $2,000 to $5,000M			Over $5,000 to $10,000M			Over $10,000M
Aggressive Allocation		0.750	%		0.725	%		0.700	%		0.675	%		0.650	%
Moderately Aggressive Allocation		0.700	%		0.675	%		0.650	%		0.625	%		0.600	%
Moderate Allocation		0.650	%		0.625	%		0.600	%		0.575	%		0.550	%
Moderately Conservative Allocation		0.600	%		0.575	%		0.550	%		0.525	%		0.500	%

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 Healthcare*		0.950	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%

227

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

December 31, 2015


							Over			Over			Over			Over			Over			Over			Over			Over
	$0 to			Over $50			$200 to			$250 to			$500 to			$750 to			$1,000 to			$1,500 to			$2,000 to			$2,500 to			Over
Portfolio (M – Millions)	$50M			to $200M			$250M			$500M			$750M			$1,000M			$1,500M			$2,000M			$2,500M			$5,000M			$5,000M
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	%
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 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	%

*	Effective January 1, 2016, the fees payable for investment advisory services by Partner Healthcare is equal to 0.950% of the first $50 million of average daily net assets, 0.900% of the next $50 million, 0.850% of the next $150 million and 0.800% of average daily net assets over $250 million.

**	Effective February 1, 2016, the fees payable for investment advisory services by Money Market is 0.35% for all assets.

(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.

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 Worldwide Allocation Portfolio

The Adviser has entered into subadvisory agreements with Mercator Asset Management, LP (“Mercator”), Principal Global Investors, LLC (“Principal”), Aberdeen, and Goldman Sachs Asset Mangement, LP (“GSAM”) for the performance of subadvisory services.

Through December 31, 2015, the fee payable for Mercator was 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. Effective January 1, 2016, the fee payable for Mercator is equal to 0.70% of the first $25 million of average daily net assets managed by Mercator, 0.60% of the next $25 million, 0.50% of the next $250 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.

228

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

December 31, 2015

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.

Effective February 26, 2015, the Adviser terminated the subadvisory agreements with DuPont Capital. Until February 26, 2015, the fee payable for DuPont Capital was 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. Effective January 4, 2016, Pyramis Global Advisors, LLC changed its name to FIAM LLC.

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 – For the period ended December 31, 2015, Thrivent Financial has voluntarily agreed to reimburse certain portfolio level expenses of Thrivent Money Market Portfolio to the extent necessary in order to maintain a minimum annualized net yield of 0.00%.

For the period ended December 31, 2015, the following voluntary expense reimbursements, as a percentage of net assets, were in effect:


Portfolio	Expense Reimbursement			Expiration Date
Partner Healthcare		0.07	%		N/A

For the period ended December 31, 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
Partner Emerging Markets Equity		1.40	%		4/30/2016
Partner All Cap²		0.90	%		4/30/2016
Partner Growth Stock³		0.85	%		4/30/2016

¹	Voluntary expense cap of 1.10% was in effect from January 1, 2015 through April 30, 2015.

²	Prior contractual expense cap of 0.95% expired on April 30, 2015.

³	Prior voluntary expense reimbursement of 0.10% became a contractual expense cap of 0.85% effective May 1, 2015.

In connection with the portfolio mergers which occurred on August 21, 2015, Thrivent Asset Management voluntarily agreed to reimburse advisory fees to the surviving portfolio equal to the amount of estimated commission costs expected to take place after the merger was complete. The reimbursed amounts were $88,000 for Thrivent Mid Cap Stock Portfolio, $27,500 for Thrivent Large Cap Stock Portfolio, and $15,800 for Thrivent Large Cap Growth Portfolio.

Thrivent does not recoup amounts previously reimbursed or waived in prior fiscal years.

(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 year ended December 31, 2015, the Adviser received aggregate fees for accounting and administrative personnel and services of $8,125,163 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 the Fund. 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 the Fund. 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 Payable for director deferred compensation, located in the Statement of Assets and Liabilities, is unsecured.

Those Directors not participating in the above plan received $439,934 in fees from the Fund for the year ended December 31, 2015. In addition, the Fund reimbursed independent Directors for reasonable expenses incurred in relation to attendance at the meetings and industry conferences.

229

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

December 31, 2015

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 open-ended funds. Fees and expenses of those underlying funds are not included in those 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. The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive an amount equal to any investment advisory fees indirectly incurred by the Asset Allocation Portfolios, other than Thrivent Cash Management Trust. The contractual provision may be terminated upon the mutual agreement between the Independent Trustees of the Fund and the Adviser.

(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.

On the Statement of Assets and Liabilities, as a result of permanent book-to-tax differences, reclassification adjustments were made as follows [Increase/(Decrease)]:


	Accumulated
	Undistributed			Accumulated
	Net			Undistributed
	Investment			Net Realized
Portfolio	Income/(Loss)			Gain/(Loss)			Capital Stock
Aggressive Allocation	$	2,775,666		$	(2,775,665	)	$	(1	)
Moderately Aggressive Allocation		11,841,899			(11,841,894	)		(5	)
Moderate Allocation		11,908,991			(11,908,981	)		(10	)
Moderately Conservative Allocation		4,423,934			(4,423,928	)		(6	)
Growth and Income Plus		(13,737	)		13,737			—
Balanced Income Plus		(310,543	)		310,552			(9	)
Diversified Income Plus		421,435			(421,435	)		—
Opportunity Income Plus		(771	)		771			—
Partner Healthcare		(43,747	)		43,747			—
Partner Emerging Markets Equity		(14,531	)		14,531			—
Real Estate Securities		(31,405	)		31,405			—
Small Cap Stock		299,179			(123,660,862	)		123,361,683
Small Cap Index		(47,981	)		47,981			—
Mid Cap Stock		(1,733,965	)		(53,239,093	)		54,973,058
Mid Cap Index		(1,262	)		1,262			—
Partner Worldwide Allocation		1,600,201			(1,600,201	)		—
Partner All Cap		(60,650	)		60,650			—
Large Cap Growth		134,582			(125,244	)		(9,338	)
Partner Growth Stock		132,856			1,724			(134,580	)
Large Cap Value		(977,840	)		977,872			(32	)
Large Cap Stock		(263,133	)		263,151			(18	)
Large Cap Index		(175,538	)		175,538			—
High Yield		(287,465	)		287,465			—
Income		114,215			(114,215	)		—
Limited Maturity Bond		(25,672	)		25,672			—
Money Market		952			(2,820	)		1,868

At December 31, 2015, the components of distributable earnings on a tax basis were as follows:


Portfolio	Undistributed Ordinary Income^#		Undistributed Long- Term Capital Gain
Aggressive Allocation	$	11,552,812	$	51,951,459
Moderately Aggressive Allocation		72,442,132		203,660,665
Moderate Allocation		150,567,208		224,078,106
Moderately Conservative Allocation		74,836,557		48,949,574
Growth and Income Plus		1,806,407		1,404,761
Balanced Income Plus		8,511,081		11,345,602
Diversified Income Plus		17,533,627		1,401,790
Opportunity Income Plus		54,230		—
Partner Healthcare		9,562,480		4,950,825
Partner Emerging Markets Equity		510,872		—
Real Estate Securities		2,654,903		604,171
Small Cap Stock		1,444,470		20,811,893
Small Cap Index		3,184,175		22,571,385
Mid Cap Stock		4,391,033		132,335,108
Mid Cap Index		2,030,512		11,127,379
Partner Worldwide Allocation		35,668,469		—
Partner All Cap		1,922,264		2,402,118
Large Cap Growth		211,399		85,392,249
Partner Growth Stock		—		5,227,377
Large Cap Value		16,057,044		70,001,228
Large Cap Stock		10,800,460		—
Large Cap Index		11,207,810		3,493,841
High Yield		549,008		—
Income		14,283		1,034,971
Bond Index		56,540		352,623
Limited Maturity Bond		443,336		—

#	Undistributed ordinary income includes income derived from short-term capital gains.

At December 31, 2015, the following Portfolios had accumulated net realized capital loss carryovers expiring as follows:


Portfolio	Capital Loss Carryover		Expiration Year
Opportunity Income Plus	$	1,734,167		Unlimited
Partner Emerging Markets Equity	$	1,225,908		Unlimited
Partner Worldwide Allocation	$	20,406,243		Unlimited
		119,995,485		2016

	$	140,401,728

Large Cap Stock	$	15,443,671		Unlimited
High Yield	$	12,006,858		Unlimited
		24,454,205		2016
		46,838,004		2017

	$	83,299,067

Limited Maturity Bond	$	4,659,445		2017

230

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

December 31, 2015

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.

Of the capital loss carryovers attributable to Large Cap Stock Portfolio, $4,160,051 was obtained as a result of the reorganization, as described in Note (1)(A), with Natural Resources Portfolio in August 2015.

During the fiscal year 2015, capital loss carryovers utilized by the Portfolios were as follows:


Portfolio	Capital Loss Carryover
Partner Emerging Markets Equity	$	280,941
Large Cap Growth		27,862,025
Bond Index		688,692
Limited Maturity Bond		1,040,420
Money Market		759

The tax character of distributions paid during the years ended December 31, 2015 and 2014 was as follows:


	Ordinary Income^a				Long-Term Capital Gain
Portfolio	12/31/15		12/31/14		12/31/15		12/31/14
Aggressive Allocation	$	20,847,112	$	11,094,169	$	53,446,651	$	16,430,978
Moderately Aggressive Allocation		118,236,201		87,033,784		166,048,750		73,142,634
Moderate Allocation		233,639,585		167,287,487		237,675,744		131,188,187
Moderately Conservative Allocation		107,521,545		70,435,909		66,736,835		56,993,206
Growth and Income Plus		3,314,826		5,240,749		1,658,511		2,573,125
Balanced Income Plus		12,159,888		5,039,798		5,301,647		50,854,413
Diversified Income Plus		17,973,443		11,945,610		6,562,694		—
Opportunity Income Plus		2,967,738		2,013,133		—		—
Partner Healthcare		4,928,752		567,852		4,103,739		3,699,930
Partner Emerging Markets Equity		580,153		625,090		—		—
Real Estate Securities		2,532,458		2,006,084		5,969,645		2,407,859
Small Cap Stock		9,695,095		760,245		31,666,905		3,810,915
Small Cap Index		2,834,335		3,285,051		18,733,913		16,089,896
Mid Cap Stock		16,535,329		2,238,163		69,552,232		31,748,560
Mid Cap Index		1,772,997		1,514,929		6,867,005		5,599,241
Partner Worldwide Allocation		41,262,492		34,636,379		—		—
Partner All Cap		3,491,549		396,564		4,966,928		—
Large Cap Growth		4,480,734		6,205,697		—		—
Partner Growth Stock		410,740		186,646		8,541,198		6,310,128
Large Cap Value		15,306,586		14,210,465		35,220,436		—
Large Cap Stock		10,870,927		7,274,387		63,047,248		—
Large Cap Index		7,189,484		6,355,717		1,775,787		392,513
High Yield		48,028,166		54,199,192		—		—
Income		54,155,618		53,952,988		27,249,589		17,510,205
Bond Index		2,744,084		3,314,697		—		—
Limited Maturity Bond		16,313,198		18,195,371		—		—

^a	Ordinary income includes income derived from Short-term Capital Gains, if any.

(5) SECURITY TRANSACTIONS

(A) Purchases and Sales of Investment Securities — For the year ended December 31, 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	$	497,366	$	387,250
Moderately Aggressive Allocation		2,371,533		1,691,888
Moderate Allocation		3,941,709		2,794,935
Moderately Conservative Allocation		1,589,966		1,220,808
Growth and Income Plus		118,531		116,130
Balanced Income Plus		284,008		264,220
Diversified Income Plus		399,166		333,906
Opportunity Income Plus		50,001		28,985
Partner Healthcare		190,048		106,784
Partner Emerging Markets Equity		4,599		1,945
Real Estate Securities		30,746		18,382
Small Cap Stock		310,547		317,881
Small Cap Index		78,657		51,727
Mid Cap Stock		671,228		680,830
Mid Cap Index		80,050		29,651
Partner Worldwide Allocation		1,198,328		1,150,396
Partner All Cap		70,525		55,479
Large Cap Growth		680,184		761,235
Partner Growth Stock		50,215		32,341
Large Cap Value		404,903		401,185
Large Cap Stock		427,719		504,883
Large Cap Index		90,930		15,213
High Yield		300,286		397,572
Income		586,336		641,259
Bond Index		21,339		18,153
Limited Maturity Bond		243,160		354,322

231

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

December 31, 2015

Purchases and Sales of U.S. Government Securities were:


	In thousands
Portfolio	Purchases		Sales
Aggressive Allocation	$	133,299	$	128,706
Moderately Aggressive Allocation		2,298,609		2,266,532
Moderate Allocation		9,141,026		9,044,867
Moderately Conservative Allocation		5,886,428		5,678,989
Growth and Income Plus		31,098		30,890
Balanced Income Plus		183,088		180,075
Diversified Income Plus		152,060		160,783
Opportunity Income Plus		124,745		119,695
Partner Worldwide Allocation		73,246		73,300
Income		649,498		615,957
Bond Index		563,202		559,872
Limited Maturity Bond		453,186		546,816

(B) Investments in High-Yielding Securities – High Yield Portfolio invests primarily in high-yielding fixed income securities. Each of the other Portfolios, except the 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.

(C) 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 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.

(D) Written Option Contracts – The number of contracts and premium amounts associated with covered call option contracts written during the year ended December 31, 2015, were as follows:


	Number of Contracts			Premium Amount
Limited Maturity Bond
Balance at December 31, 2014		—		$	—
Opened		103			51,186
Closed		(103	)		(51,186	)
Expired		—			—
Exercised		—			—
Balance at December 31, 2015		—		$	—

(6) SECURITY TRANSACTIONS WITH AFFILIATED FUNDS

The Portfolios are permitted to purchase or sell securities from or to certain other Portfolios or affiliated Funds 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 a 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.

During the year ended December 31, 2015, the following Portfolios engaged in purchase transactions that complied with Rule 17a-7 of the 1940 Act.


Portfolio	Purchase Amount
Aggressive Allocation	$	36,051,280
Moderately Aggressive Allocation		146,114,164
Moderate Allocation		264,141,538
Moderately Conservative Allocation		96,283,442
Growth and Income Plus		13,665,353
Diversified Income Plus		31,885,870
Small Cap Index		1,635,029
Mid Cap Index		9,616,313
Large Cap Index		3,813,697

During the year ended December 31, 2015, the following Portfolios engaged in sale transactions that complied with Rule 17a-7 of the 1940 Act.


Portfolio	Sales Proceeds		Realized Gain/(Loss)
Aggressive Allocation	$	10,202,285	$	874,355
Moderately Conservative Allocation		40,554,494		(7,303,476	)
Balanced Income Plus		45,551,223		7,784,198
Small Cap Stock		45,872,426		786,386
Small Cap Index		8,793,714		5,857,873
Mid Cap Stock		315,892,762		57,475,968
Mid Cap Index		5,448,726		1,703,057
Large Cap Growth		7,888,684		4,938,436
High Yield		54,243,298		1,895,241

(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 December 31, 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 Healthcare		50,000,000		0.01
Partner Emerging Markets Equity		100,000,000		0.01
Real Estate Securities		100,000,000		0.01
Small Cap Stock		200,000,000		0.01

232

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

December 31, 2015


Portfolio	Shares Authorized		Par Value
Small Cap Index		200,000,000		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 under the Investment Company Act of 1940 - which is the primary rule governing the operation of money market portfolios. In connection with the amendments to Rule 2a-7, the Board of Directors of Thrivent Money Market Portfolio (the “Portfolio”) approved changes to the Portfolio’s principal investment strategies to allow the Portfolio to qualify and begin operating as a “government money market portfolio,” effective February 1, 2016. As such, the Portfolio will invest at least 99.5% of its total assets in government securities, cash, and repurchase agreements collateralized fully by government securities or cash.

(9) SUBSEQUENT EVENTS

Management of the Portfolios has evaluated the impact of subsequent events through February 18, 2016, and, except as already included in the Notes to Financial Statements, has determined that no additional items require disclosure.

(10) MARKET RISK

Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when security prices decline. The value of a Portfolio’s investments may move with these cycles and, in some instances, increase or decrease more than the applicable market(s) as measured by the Portfolio’s benchmark index(es). The securities markets may also decline because of factors that affect a particular industry. As of December 31, 2015, Large Cap Growth Portfolio had portfolio concentration greater than 30% in the information technology sector, and Partner Emerging Markets Equity Portfolio and Income Portfolio had portfolio concentrations greater than 30% in the financial sector.

233

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
Year Ended 12/31/2015	$	15.44	$	0.10	$	(0.13	)	$	(0.03	)	$	(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	)
MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO
Year Ended 12/31/2015		14.72		0.17		(0.26	)		(0.09	)		(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	)
MODERATE ALLOCATION PORTFOLIO
Year Ended 12/31/2015		13.90		0.21		(0.26	)		(0.05	)		(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	)
MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO
Year Ended 12/31/2015		12.89		0.20		(0.24	)		(0.04	)		(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	)
GROWTH AND INCOME PLUS PORTFOLIO
Year Ended 12/31/2015		10.72		0.24		(0.32	)		(0.08	)		(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	)		—
BALANCED INCOME PLUS PORTFOLIO
Year Ended 12/31/2015		14.87		0.38		(0.38	)		—			(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	)
DIVERSIFIED INCOME PLUS PORTFOLIO
Year Ended 12/31/2015		7.94		0.25		(0.24	)		0.01			(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	)		—

^(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.

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

234

THRIVENT SERIES FUND, INC.

FINANCIAL HIGHLIGHTS – CONTINUED


				RATIOS / SUPPLEMENTAL DATA
															Ratio to Average Net Assets
									Ratio to Average Net						Before Expenses Waived,
		Net Asset					Net Assets, End		Assets						Credited or Paid Indirectly						Portfolio Turnover
Total		Value, End of		Total			of Period					Net Investment						Net Investment			Portfolio Turnover
Distributions		Period		Return^(b)			(in millions)		Expenses			Income/(Loss)			Expenses			Income/(Loss)			Rate

	$(1.22)	$	14.19		(0.45	)%	$	967.6		0.57	%		0.73	%		0.64	%		0.65	%		60	%
	(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	%

	(0.86)		13.77		(0.75	)%		4,898.1		0.47	%		1.21	%		0.55	%		1.14	%		91	%
	(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	%

	(0.76)		13.09		(0.56	)%		8,657.3		0.46	%		1.57	%		0.51	%		1.51	%		153	%
	(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	%

	(0.58)		12.27		(0.46	)%		4,100.1		0.46	%		1.77	%		0.50	%		1.73	%		198	%
	(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	%

	(0.67)		9.97		(0.81	)%		78.8		0.80	%		2.24	%		0.99	%		2.06	%		191	%
	(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	%

	(0.84)		14.03		(0.14	)%		313.1		0.66	%		2.77	%		0.66	%		2.77	%		147	%
	(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	%

	(0.42)		7.53		0.08	%		479.6		0.49	%		3.65	%		0.49	%		3.65	%		113	%
	(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	%

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

235

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
Year Ended 12/31/2015	$	10.15	$	0.35		$	(0.35	)	$	—		$	(0.34	)	$	—
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	)
PARTNER HEALTHCARE PORTFOLIO
Year Ended 12/31/2015		19.70		0.78	**		0.20			0.98			—			(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	)
PARTNER EMERGING MARKETS EQUITY PORTFOLIO
Year Ended 12/31/2015		12.08		0.12			(1.75	)		(1.63	)		(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	)		—
REAL ESTATE SECURITIES PORTFOLIO
Year Ended 12/31/2015		22.78		0.35			0.16			0.51			(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			—			—
SMALL CAP STOCK PORTFOLIO
Year Ended 12/31/2015		18.37		0.04			(0.38	)		(0.34	)		(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	)		—			—
SMALL CAP INDEX PORTFOLIO
Year Ended 12/31/2015		17.44		0.17			(0.47	)		(0.30	)		(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	)
MID CAP STOCK PORTFOLIO
Year Ended 12/31/2015		18.86		0.09			(0.06	)		0.03			(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	)		—

^(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)

^(c)	Per share amounts have been calculated using the average shares outstanding method.

^*	All per share amounts have been rounded to the nearest cent.

^**	Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.76 per share.

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

236

THRIVENT SERIES FUND, INC.

FINANCIAL HIGHLIGHTS – CONTINUED


					RATIOS/SUPPLEMENTAL DATA
			Net Asset					Net Assets, End		Ratio to Average Net Assets						Ratio to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly
Total Distributions			Value, End of Period		Total Return^(b)			of Period (in millions)		Expenses			Net Investment Income/(Loss)			Expenses			Net Investment Income/(Loss)			Portfolio Turnover Rate

$	(0.34	)	$	9.81		(0.03	)%	$	99.7		0.73	%		3.44	%		0.73	%		3.44	%		184	%
	(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	%

	(1.23	)		19.45		4.61	%		192.2		0.96	%		4.90	%		1.03	%		4.83	%		73	%
	(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	%

	(0.14	)		10.31		(13.59	)%		43.5		1.40	%		1.09	%		1.70	%		0.79	%		4	%
	(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	%

	(1.28	)		22.01		2.75	%		155.5		0.92	%		1.77	%		0.92	%		1.77	%		12	%
	(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	%

	(2.50	)		15.53		(3.13	)%		413.8		0.75	%		0.47	%		0.75	%		0.47	%		90	%
	(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	%

	(137	)		15.77		(2.17	)%		279.9		0.29	%		1.13	%		0.29	%		1.13	%		20	%
	(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	%

	(2.16	)		16.73		0.08	%		1,194.6		0.69	%		0.53	%		0.70	%		0.52	%		77	%
	(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	%

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

237

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
MID CAP INDEX PORTFOLIO
Year Ended 12/31/2015	$	16.35	$	0.15		$	(0.51	)	$	(0.36	)	$	(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	)
PARTNER WORLDWIDE ALLOCATION PORTFOLIO
Year Ended 12/31/2015		9.30		0.19			(0.25	)		(0.06	)		(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	)
PARTNER ALL CAP PORTFOLIO
Year Ended 12/31/2015		14.18		0.04			0.33			0.37			(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	)		—
LARGE CAP GROWTH PORTFOLIO
Year Ended 12/31/2015		28.08		0.12			2.83			2.95			(0.13	)		—
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	)		—
PARTNER GROWTH STOCK PORTFOLIO
Year Ended 12/31/2015		18.72		(0.02	)		1.93			1.91			—			(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	)		—			—
LARGE CAP VALUE PORTFOLIO
Year Ended 12/31/2015		16.79		0.23			(0.79	)		(0.56	)		(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	)		—			—
LARGE CAP STOCK PORTFOLIO
Year Ended 12/31/2015		12.33		0.15			0.25			0.40			(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	)		—			—

^(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)

*	All per share amounts have been rounded to the nearest cent.

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

238

THRIVENT SERIES FUND, INC.

FINANCIAL HIGHLIGHTS – CONTINUED


				RATIOS / SUPPLEMENTAL DATA
		Net Asset					Net Assets, End		Ratio to Average Net Assets						Ratio to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly
Total Distributions		Value, End of Period		Total Return^(b)			of Period (in millions)		Expenses			Net Investment Income/(Loss)			Expenses			Net Investment Income/(Loss)			Portfolio Turnover Rate

$	(0.87)	$	15.12		(2.52	)%	$	180.2		0.32	%		1.15	%		0.32	%		1.15	%		19	%
	(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	%

	(0.24)		9.00		(0.78	)%		1,605.6		0.92	%		2.06	%		0.92	%		2.06	%		76	%
	(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	%

	(1.61)		12.94		2.26	%		86.2		0.92	%		0.36	%		1.16	%		0.12	%		72	%
	(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	%

	(0.13)		30.90		10.48	%		1,109.7		0.44	%		0.41	%		0.44	%		0.41	%		68	%
	(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	%

	(1.96)		18.67		10.65	%		110.1		0.86	%		(0.14	)%		1.00	%		(0.28	)%		35	%
	(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	%

	(0.71)		15.52		(3.53	)%		1,147.0		0.64	%		1.44	%		0.64	%		1.44	%		34	%
	(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	%

	(1.10)		11.63		3.11	%		878.9		0.67	%		1.26	%		0.67	%		1.26	%		57	%
	(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	%

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

239

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
LARGE CAP INDEX PORTFOLIO
Year Ended 12/31/2015	$	28.75	$	0.57	**	$	(0.25	)	$	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	)		—
HIGH YIELD PORTFOLIO
Year Ended 12/31/2015		4.87		0.28			(0.39	)		(0.11	)		(0.28	)		—
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	)		—
INCOME PORTFOLIO
Year Ended 12/31/2015		10.50		0.38			(0.44	)		(0.06	)		(0.38	)		(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	)		—
BOND INDEX PORTFOLIO
Year Ended 12/31/2015		11.00		0.20			(0.11	)		0.09			(0.20	)		—
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	)
LIMITED MATURITY BOND PORTFOLIO
Year Ended 12/31/2015		9.81		0.17			(0.10	)		0.07			(0.16	)		—
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	)		—
MONEY MARKET PORTFOLIO
Year Ended 12/31/2015		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		—			—			—			—			—

^(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)

*	All per share amounts have been rounded to the nearest cent.

**	Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.07 per share.

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

240

THRIVENT SERIES FUND, INC.

FINANCIAL HIGHLIGHTS – CONTINUED


					RATIOS / SUPPLEMENTAL DATA
																Ratio to Average Net Assets
										Ratio to Average Net						Before Expenses Waived,
			Net Asset					Net Assets, End		Assets						Credited or Paid Indirectly
Total			Value, End of		Total			of Period					Net Investment						Net Investment			Portfolio
Distributions			Period		Return^(b)			(in millions)		Expenses			Income/(Loss)			Expenses			Income/(Loss)			Turnover Rate

$	(0.53	)	$	28.54		1.12	%	$	521.2		0.26	%		2.26	%		0.26	%		2.26	%		3	%
	(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	%

	(0.28	)		4.48		(2.69	)%		712.1		0.45	%		5.73	%		0.45	%		5.73	%		38	%
	(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	%

	(0.61	)		9.83		(0.68	)%		1,336.0		0.44	%		3.69	%		0.44	%		3.69	%		92	%
	(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	%

	(0.20	)		10.89		0.80	%		157.3		0.47	%		1.78	%		0.47	%		1.78	%		372	%
	(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	%

	(0.16	)		9.72		0.73	%		823.9		0.44	%		1.67	%		0.44	%		1.67	%		73	%
	(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	%

	—			1.00		0.00	%		146.9		0.21	%		0.00	%		0.55	%		(0.33	)%		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

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

241

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 800-THRIVENT (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 sec.gov.

Quarterly Schedule of Investments

The Fund files its Schedule of Investments 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 800-THRIVENT (847-4836). The Fund’s most recent Form N-Q Schedule of Investments also is available at Thrivent.com or 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 portfolio’s principal holdings. A complete listing of holdings for a portfolio in which the summary is included in the shareholder report is available free of charge by calling 800-THRIVENT (847-4836). It is also available at Thrivent.com or sec.gov where it is part of form N-CSR.

Board Approval of Investment Advisory Agreement and Subadvisory Agreements

Both the Investment Company Act of 1940 (the “Investment Company Act”) and the terms of the Advisory and Subadvisory Agreements of the Thrivent Series Fund, Inc. (the “Fund”) require that these agreements be approved annually by the Board of Directors (the “Board”), including a majority of the Directors who are not “interested persons” of the Fund, as defined in the Investment Company Act (the “Independent Directors”). The ten-member Board consists of eight Independent Directors, including the Chairman.

At its meeting on November 17-18, 2015, the Board voted unanimously to renew the existing Advisory Agreement between the Fund and Thrivent Financial for Lutherans (the “Adviser”) for each series of the Fund other than the Asset Allocation Portfolios (each, a “Portfolio”). The Board also unanimously approved the Subadvisory Agreements for each of the Portfolios for which there is an investment subadviser (each a “Subadviser”). The Adviser and Subadvisers are referred to, collectively, as the “Advisory Organizations.” In connection with its evaluation of the agreements with the Advisory Organizations, the Board reviewed a broad range of information requested for this purpose and considered a variety of factors, including the following:

The nature, extent, and quality of the services provided by the Advisory Organizations;

The performance of each Portfolio;

The advisory fee and net operating expense ratio of each Portfolio compared to a peer group;

The cost of services provided and profit realized by the Adviser;

The extent to which economies of scale may be realized as the Portfolios grow;

Whether fee levels reflect these economies of scale for the benefit of the Portfolios’ shareholders;

Other benefits realized by the Adviser and its affiliates from their relationship with the Fund; and

Any other factors that the Board deemed relevant to its consideration.

In connection with the renewal process, the Contracts Committee of the Board (consisting of all of the Independent Directors) met on six occasions from February 24 to November 17, 2015 to consider information relevant to the renewal process. The Independent Directors also retained the services of Management Practice Inc. (“MPI”) as an independent consultant to assist

242

ADDITIONAL INFORMATION

(unaudited)

in the compilation, organization, and evaluation of relevant information. This information included Portfolio-by-Portfolio statistical comparisons of the advisory fees, other fees, net operating expenses and performance of each of the Portfolios in comparison to a peer group of comparable funds; portfolio turnover percentages; brokerage costs; information with respect to services provided to the Portfolios and fees charged, including effective advisory fees that take into account breakpoints and fee waivers by the Adviser; asset and flow trends for the Portfolios; the cost of services and profit realized by the Adviser and its affiliates that provide services to the Portfolios; and information regarding the types of services furnished to the Portfolios. The Board received information from the Adviser regarding the personnel providing services to the Portfolios, including investment management, compliance and administrative personnel. The Board also received monthly reports from the Adviser’s investment management staff with respect to the performance of the Portfolios. In addition to its review of the information presented to the Board during the contract renewal process, the Board also considered information obtained from management throughout the course of the year.

The Independent Directors were represented by independent counsel throughout the review process and during executive sessions without management present to consider reapproval of the agreements. Each Independent Director relied on his or her own business judgment in determining the weight to be given to each factor considered in evaluating the materials that were presented. The Contracts Committee’s and Board’s review and conclusions were based on a comprehensive consideration of all information presented to them and were not the result of any single controlling factor. In addition, each Director may have weighed individual factors differently. The key factors considered and the conclusions reached are described below.

Shareholders of the Asset Allocation Portfolios approved a new Advisory Agreement, including a new investment advisory fee schedule, in August 2015; therefore, the Board was not required to and did not include the Advisory Agreement with respect to the Asset Allocation Portfolios in its considerations to renew the Portfolios’ Advisory Agreement.

Nature, Extent and Quality of Services

At each of the Board’s regular quarterly meetings, management presented information describing the services furnished to the Portfolios by the Adviser and, as appropriate, the Subadvisers. During these meetings, management reported on the investment management, portfolio trading and compliance services provided to the Portfolios under the Advisory and Subadvisory Agreements. During the renewal process, the Board considered the specific services provided under the Advisory Agreement. The Board also considered information relating to the investment experience and qualifications of the Adviser’s portfolio managers and those of the Subadvisers.

The Board received reports at each of its quarterly meetings from the Adviser’s Head of Equity Investments and Head of Fixed Income Funds, as supplemented by the Adviser’s Chief Investment Officer, who was also present at all of the meetings. At each quarterly meeting, the Head of Equity Investments and Head of Fixed Income Funds presented information about each of the Portfolios. On several occasions, the Board received presentations from certain Subadvisers regarding their portfolio management services to certain Portfolios. These reports and presentations gave the Board the opportunity to evaluate the portfolio managers’ abilities and the quality of services they provide to the Portfolios. The Adviser also reviewed with the Board the services provided by the Subadvisers. Information was also presented to the Board describing the portfolio compliance functions performed by the Adviser. The Independent Directors also met in-person with and received quarterly reports from the Fund’s Chief Compliance Officer.

The Board considered the depth and quality of the Adviser’s oversight of the Subadvisers. In addition, the Board noted the broad functions that the Adviser performed in support of the subadvised Portfolios, including, among other things, management of portfolio cash, subadviser expense management and payment and performance monitoring. The Board noted that investment management staff of the Adviser and the Fund’s Chief Compliance Officer conduct in-person oversight visits of each Subadviser, report the results of the visit to the Board and then follow through with additional inquiry on any questions or concerns that arise during the visit. The Board also noted that, as part of its oversight practice, the Adviser requires the Subadvisers to respond to a variety of compliance checklists and certifications to ensure their ongoing compliance with a subadvised Portfolio’s policies. The Board noted that the Adviser requires the Subadvisers to complete an annual questionnaire addressing a range of compliance topics. In addition, the Board noted that the Adviser has dedicated personnel responsible for daily monitoring of the Subadvisers’ activities pertaining to the subadvised Portfolios.

243

ADDITIONAL INFORMATION

(unaudited)

The Board considered the adequacy of the Advisory Organizations’ resources used to provide services to the Fund pursuant to the Advisory and Subadvisory Agreements. The Adviser reviewed with the Board the Adviser’s process for overseeing the

portfolio management teams of the Portfolios, and explained similarities and differences for how it oversees the Adviser’s teams and the teams of the Subadvisers. In addition, the Adviser explained how its investments in technology and personnel have benefitted the Portfolios and discussed continued investments in these resources. The Adviser also discussed how it has continued to strengthen its compliance program. The Adviser reviewed with the Board its process for selecting and overseeing the Subadvisers, including the results of on-site compliance due diligence visits. The Board viewed these actions as a positive factor in reapproving the existing Advisory Agreement, as they demonstrated the Adviser’s commitment to provide the Portfolios with quality service and competitive investment performance. The Board concluded that, within the context of its full deliberations, the nature, extent and quality of the investment advisory services provided to the Portfolios by the Adviser and Subadvisers supported renewal of the Advisory Agreement and Subadvisory Agreements.

Performance of the Portfolios

In connection with each of its regular quarterly meetings, the Board received information on the performance of each Portfolio, including net performance, relative performance rankings within each Portfolio’s Lipper peer group, Morningstar ratings, and performance as compared to benchmark index returns. At each quarterly Board meeting, the Head of Equity Investments and Head of Fixed Income Funds reviewed with the Board the economic and market environment, risk management, and style consistency in connection with management of the Portfolios. The Board considered investment performance for each Portfolio, to the extent applicable, over the one-, two-, three-, five-, and ten-year periods. When evaluating investment performance, the Board considered longer-term performance and the trend of performance, and focused particularly upon the three-year performance record. Although the Board conducted its review on a Portfolio-by-Portfolio basis, it noted that, for the three-year period ended June 30, 2015, the average ranking of the Portfolios against their Lipper categories was 45% (on a scale of 1-99%, with 1% being the best).

The Board noted that certain Portfolios did not fit well within a Lipper peer group because of differences between the principal investment strategies of these Portfolios and funds included in their respective Lipper peer group. In such cases, the Adviser provided additional information regarding these Portfolios’ performance compared to a customized benchmark that the Adviser believed better represented the investment strategies of such Portfolios. The Board concluded that the performance of each individual Portfolio was either satisfactory or that the Adviser had taken appropriate actions in an effort to improve performance.

Advisory Fees and Fund Expenses

The Board reviewed information prepared by MPI comparing each Portfolio’s advisory fee with the advisory fee of its peer group. The Board considered both the contractual and effective advisory fees for each of the Portfolios. The Board noted that the majority of the Portfolios’ advisory fees were at or below the medians of their peer groups. Although the Board conducted its review on a Portfolio-by-Portfolio basis, it noted that the average ranking of the Portfolios was 38% (on a scale of 1-99%, with 1% being the lowest fee). The Board viewed favorably the Adviser’s proposal to continue or extend fee waivers for certain Portfolios and considered the effect of the waivers in lowering the Portfolios’ expenses. On the basis of its review, the Board concluded that the advisory fees charged to the Portfolios for investment management services were reasonable.

The Board also reviewed information prepared by MPI comparing each Portfolio’s overall expense ratio with the expense ratio of its peer group. The Board conducted its review on a Portfolio-by-Portfolio basis and noted that all but four Portfolios (each of which is discussed below) had better total net expense ratios than their peer group medians. The Board further noted that the Portfolios had an average ranking of 28% (on a scale of 1-99%, with 1% being the lowest expenses). With respect to the Thrivent Money Market Portfolio, the Board noted that the Adviser, like many investment advisers in the industry, continued to waive fees in order to maintain a zero yield. With respect to Thrivent Partner All Cap Portfolio, the Board viewed favorably that management had further lowered the Portfolio’s expense cap during the year. With respect to Thrivent Partner Growth Stock Portfolio, the Board viewed favorably that management changed from a voluntary waiver to a contractual expense cap, which lowered the Portfolio’s net operating expenses. With respect to Thrivent Partner Emerging Markets Equity Portfolio, the Board noted the relatively small average asset size of the Portfolio, that the Portfolio’s net expense ratio was higher than its peer group median by one basis point and that the Portfolio was subject to a expense cap.

The Board considered that, in response to reforms of the rules that govern money market funds, Thrivent Money Market Portfolio would change its principal investment strategies to qualify as a “government money market fund” effective February 1, 2016. In connection with this change, the Board approved a decrease to the Portfolio’s investment advisory fee.

244

ADDITIONAL INFORMATION

(unaudited)

Cost of Services and Profitability

The Board considered the Adviser’s estimates of its profitability, which included allocations by the Adviser of its costs in providing advisory services to the Portfolios. The internal audit department (i.e., Business Risk Management) of the Adviser conducted a review of such allocations and a department representative reported to the Board his views regarding the reasonableness and consistency of these allocations. The Board considered the profitability of the Adviser both overall and on a Portfolio-by-Portfolio basis. The Board also considered the expense reimbursements and waivers in effect. Based on its review of the data prepared by MPI and expense and profit information provided by the Adviser, the Board concluded that the profits earned by the Adviser from the Advisory Agreement were not excessive in light of the nature, extent and quality of services provided to the Portfolios.

With respect to fees paid to Subadvisers under the Subadvisory Agreements, the Board did not consider profitability information with respect to the Subadvisers, which are not affiliated with the Adviser. The Board considered that those contracts had been negotiated on an arm’s-length basis between the Adviser and each Subadviser, and that each Subadviser’s separate profitability from its relationship with the Portfolios was not a material factor in determining whether to renew the Subadvisory Agreement.

Economies of Scale and Breakpoints

The Board considered information regarding the extent to which economies of scale may be realized as a Portfolio’s assets increase and whether the fee levels reflect these economies of scale for the benefit of shareholders. The Adviser explained its general goal with respect to the employment of fee waivers, expense reimbursements and breakpoints. The Board considered information provided by the Adviser related to advisory fee rates, breakpoints in the advisory fee rates and fee waivers provided by the Adviser. The Board also considered management’s view that it is difficult to generalize as to whether, or to what extent, economies in the advisory function may be realized as a Portfolio’s assets increase. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, fee waivers by the Adviser, and/or a lower overall fee rate.

Other Benefits to the Adviser and its Affiliates

The Board considered information regarding potential “fall-out” or ancillary benefits that the Adviser and its affiliates may receive as a result of their relationship with the Fund, both tangible and intangible, such as their ability to leverage investment professionals who manage other portfolios, an enhanced reputation as an investment adviser which may help in attracting other clients and investment personnel, and the engagement of affiliates as service providers to the Portfolios. The Board noted that such benefits were difficult to quantify but were consistent with benefits received by other mutual fund advisers. The Board also considered the research received by the Adviser generated from commission dollars spent on the Portfolios’ portfolio trading.

Based on the factors discussed above, the Contracts Committee unanimously recommended approval of the Advisory Agreement and the Subadvisory Agreements, and the Board, including all of the Independent Directors voting separately, approved each of the agreements.

245

BOARD OF DIRECTORS AND OFFICERS

The following table provides information about the Directors and Officers of the Fund. Each Director oversees each of the 27 series of the Fund and also serves as:

•

Trustee of Thrivent Mutual Funds, a registered investment company consisting of 21 funds that offer Class A and Class S shares.

•

Trustee of Thrivent Cash Management Trust, a registered investment company consisting of one portfolio that serves as a cash collateral fund for a securities lending program sponsored by Thrivent Financial.

The 27 series of the Fund, the 21 funds of Thrivent Mutual Funds and Thrivent Cash Management Trust are referred to herein as the “Fund Complex.” The Statement of Additional Information includes additional information about the Directors and is available, without charge, by calling 1-800-847-4836.

Interested Directors (1)(2)(3)(4)


Name (Year of Birth) Year Elected		Principal Occupation(s) and Directorships of Public Companies and Other Investment Companies During the Past Five Years

Russell W. Swansen (1957) 2009		SeniorVice President, Chief Investment Officer, Thrivent Financial since 2003.

David S. Royal (1971) 2015		President, Thrivent Mutual Funds, Thrivent Financial since 2015, Vice President and Deputy General Counsel from 2006 to 2015; Interim Investment Company and Investment Chief Compliance Officer from May 2010 until December 2010.

Independent Directors (2)(3)(4)(5)

Name (Year of Birth) Year Elected		Principal Occupation(s) and Directorships of Public Companies and Other Investment Companies During the Past Five Years

Janice B. Case (1952) 2011		Retired. Independent Trustee of North American Electric Reliability Corporation (the electric reliability organization (“ERD”) for North America) since 2008.

Richard L. Gady (1943) 2004		Retired.

Richard A. Hauser (1943) 2004		Vice President and Assistant General Counsel, The Boeing Company since 2007.

Marc S. Joseph (1960) 2011		Managing Director of Granite Ridge LLP (consulting and advisory firm) since 2009; Managing Director of Triangle Crest (private investing and consulting firm) since 2004.

Paul R. Laubscher (1956) 2009		Portfolio Manager for U.S. private real estate portfolios of IBM Retirement Funds.

James A. Nussle (1960) 2011		President and Chief Executive Officer of Credit Union National Association since September 2014; President and Chief Operating Officer of Growth Energy (trade association) from 2010 through August 2014; Advisory Board member of AVISTA Capital Partners (private equity firm) since 2010; CEO of The Nussle Group LLC (consulting firm) since 2009.

Douglas D. Sims (1946) 2006		Retired. Currently, Director of Keystone Science School. Previously, Director of the Center for Corporate Excellence.

Constance L. Souders (1950) 2007		Retired.

246

BOARD OF DIRECTORS AND OFFICERS

Executive Officers (4)


Name (Year of Birth) Position Held With Thrivent		Principal Occupation(s) During the Past Five Years

David S. Royal (1971) President		Vice President, Thrivent Mutual Funds, Thrivent Financial since 2015, Vice President and Deputy General Counsel from 2006 to 2015.

Russell W. Swansen (1957) Chief Investment Officer		Senior Vice President and Chief Investment Officer, Thrivent Financial since 2003.

Gerard V. Vaillancourt (1967) Treasurer and Principal Accounting Officer		Vice President, Mutual Fund Accounting, Thrivent Financial since 2006.

Michael W. Kremenak (1978) Secretary and Chief Legal Officer		Vice President, Thrivent Financial since 2015; Senior Counsel, Thrivent Financial from 2013 to 2015; Vice President and Assistant General Counsel at Nuveen Investments from 2011 to 2013.

Ted S. Dryden (1965) Chief Compliance Officer		Investment Company and Investment Adviser Chief Compliance Officer, Thrivent Financial since December 2010.

Janice M. Guimond (1965) Vice President		Vice President, Investment Operations, Thrivent Financial since 2004.

Kathleen M. Koelling (1977) Privacy and Identity Theft and Anti-Money Laundering Officer (6)		Privacy and Identity Theft and Anti-Money Laundering Officer, Thrivent Financial since 2011; Senior Counsel, Thrivent Financial since 2002.

Mark D. Anema (1961) Vice President		Vice President, New Product Management and Development, Thrivent Financial since 2007.

Kathryn A. Stelter (1962) Vice President		Director, Mutual Fund Operations, Thrivent Financial since 2014; Director, Mutual Fund Operations at Hartford Funds from 2006 to 2014.

James M. Odland (1955) Assistant Secretary		Vice President, Managing Counsel, Thrivent Financial since 2005.

Todd J. Kelly (1969) Assistant Treasurer (6)		Director, Fund Accounting Operations, Thrivent Financial since 2002.

Sarah L. Bergstrom (1977) Assistant Treasurer		Director, Fund Accounting Administration, Thrivent Financial since 2007.

(1)	“Interested Director” of the Fund as defined in the Investment Company Act of 1940 by virtue of positions with Thrivent Financial. Mr. Swansen and Mr. Royal are each considered an interested directors because of their principal occupation with Thrivent Financial.

(2)	Each Director generally serves an indefinite term until her or his successor is duly elected and qualified. Directors serve at the discretion of the board until their successors are duly appointed and qualified.

(3)	Each Director oversees 49 portfolios.

(4)	The address for each Director and Officer unless otherwise noted is 625 Fourth Avenue South, Minneapolis, MN 55415

(5)	The Directors, other than Mr. Swansen or Mr. Royal, are not “interested directors” of the Fund and are referred to as “Independent Directors.”

(6)	The address for this Officer is 4321 North Ballard Road, Appleton, Wl 54913

247

Thrivent Series Fund, Inc.

Supplement to the Prospectus

dated April 30, 2015

with respect to

Thrivent Partner Worldwide Allocation Portfolio

Thrivent Partner Worldwide Allocation Portfolio (the “Portfolio”) is adding Paul Blankenhagen, CFA and Juliet Cohn as portfolio co-managers for the portion of the Portfolio managed by Principal Global Investors, LLC (“Principal”). Mark R. Nebelung, CFA and John Pihlblad, CFA will continue as portfolio co-managers for the Portfolio. As a result, the following is hereby added to “Portfolio Manager(s)” section in the “Summary Section” describing the Portfolio and in the section about the Portfolio in “Portfolio Management” under “Management”:

Paul Blankenhagen, CFA and Juliet Cohn have served as portfolio co-managers for the Principal portion of the Portfolio since 2015. Mr. Blankenhagen is a co-portfolio manager for the European Equity, International Core, and International Diversified Equity portfolios at Principal. He joined the firm in 1992, has been a member of the international equity team since 1995, and was named a portfolio manager in 2000. Ms. Cohn is responsible for co-managing Principal’s European Equity, International Core and International Diversified Equity portfolios. She joined the firm in 2003 as a portfolio manager for European equities, and was named to the latter two strategies in 2004.

The date of this Supplement is November 3, 2015.

Please include this Supplement with your Prospectus.

248

Thrivent Series Fund, Inc.

Supplement to the Prospectus

dated April 30, 2015

with respect to

Thrivent Partner All Cap Portfolio

Pyramis Global Advisors, LLC, subadviser for the Thrivent Partner All Cap Portfolio, changed its name to FIAM LLC and all references to the subadviser in the Prospectus shall be changed to FIAM LLC. FIAM LLC and its group of affiliates managed approximately $209.6 billion in assets worldwide as of September 30, 2015.

The date of this Supplement is January 4, 2016.

Please include this Supplement with your Prospectus.

249

THRIVENT VARIABLE LIFE ACCOUNT I

THRIVENT VARIABLE INSURANCE ACCOUNT A

TLIC VARIABLE INSURANCE ACCOUNT A

THRIVENT VARIABLE ANNUITY ACCOUNT I

THRIVENT VARIABLE ANNUITY ACCOUNT II

THRIVENT VARIABLE ANNUITY ACCOUNT A

THRIVENT VARIABLE ANNUITY ACCOUNT B

TLIC VARIABLE ANNUITY ACCOUNT A

Supplement to the Prospectus dated April 30, 2015

Pyramis Global Advisors, LLC, subadviser for the Thrivent Partner All Cap Portfolio, changed its name to FIAM LLC and all references to the subadviser in the Prospectus shall be changed to FIAM LLC.

The date of this Supplement is January 4, 2016.

Please include this Supplement with your Prospectus.

250

LOGO

Item 2.

Code of Ethics

As of the end of the period covered by this report, registrant has adopted a code of ethics (as defined in Item 2 of Form N-CSR) applicable to registrant’s Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer. No waivers were granted to such code of ethics during the period covered by this report. A copy of this code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

Audit Committee Financial Expert

Registrant’s Board of Directors has determined that Constance L. Souders, an independent director, is the Audit Committee Financial Expert.

Item 4.

Principal Accountant Fees and Services

(a)

Audit Fees

The aggregate fees billed by registrant’s independent public accounts, PricewaterhouseCoopers LLP (“PwC”), for each of the last two complete fiscal years and the fiscal period covered by this report for professional services rendered in connection with the audit of registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $527,340 for the year ended December 31, 2014 and $491,872 for the year ended December 31, 2015.

(b)

Audit-Related Fees

The aggregate fees PwC billed to registrant for each of the last two fiscal years for assurance and other services which are reasonably related to the performance of registrant’s audit and are not reported under Item 4(a) were $0 for the fiscal year ended December 31, 2014 and $0 for the year ended December 31, 2015. The aggregate fees PwC billed to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for assurance and other services directly related to the operations and financial reporting of registrant were $0 for the year ended December 31, 2014 and $0 for the year ended December 31, 2015.

(c)

Tax Fees

The aggregate tax fees PwC billed to registrant for each of the last two fiscal years for tax compliance, tax advice, and tax planning services were $115,181 for the year ended December 31, 2014 and $129,548 for the year ended December 31, 2015. The aggregate tax fees PwC billed to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for services directly related to the operations and financial reporting of registrant were $0 for the year ended December 31, 2014 and $0 for the year ended December 31, 2015.

(d)

All Other Fees

The aggregate fees PwC billed to registrant for each of the last two fiscal years for products and services provided other than the services reported in paragraphs (a) through (c) of this item were $0 for the year ended December 31, 2014 and $0 for the year ended December 31, 2015. The aggregate fees PwC billed to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for products and services provided other than the services reported in paragraphs (a) through (c) of this item were $3,600 for the year ended December 31, 2014 and $147,014 for the year ended December 31, 2015. The 2015 payments included payments for access to a PWC-sponsored online library that provides interpretive guidance regarding U.S. and foreign accounting standards, fees related to the merger of certain series of Thrivent Mutual Funds and certain series of Thrivent Series Fund, Inc, and other tax related work. These figures are also reported in response to item 4(g) below.

(e)

Registrant’s audit committee charter provides that the audit committee (comprised of the independent Directors of registrant) is responsible for pre-approval of all auditing services performed for the registrant. The audit committee also is responsible for pre-approval (subject to the de minimis exceptions for non-audit services described in Section 10A(i)(1)(B) of the Securities Exchange Act of 1934) of all non-auditing services performed for the registrant or an affiliate of registrant. In addition, registrant’s audit committee charter permits a designated member of the audit committee to pre-approve, between meetings, one or more audit or non-audit service projects, subject to an expense limit and notification to the audit committee at the next committee meeting. Registrant’s audit committee pre-approved all fees described above that PwC billed to registrant.

(f)

Less than 50% of the hours billed by PwC for auditing services to registrant for the fiscal year ended December 31, 2015, were for work performed by persons other than full-time permanent employees of PwC.

(g)

The aggregate non-audit fees billed by PwC to registrant and to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for the fiscal years ending December 31, 2014 were $3,600, and $147,014 for December 31, 2015, respectively. These figures are also reported in response to item 4(d) above.

(h)

Registrant’s audit committee has considered the non-audit services provided to the registrant and registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser as described above and determined that these services do not compromise PwC’s independence.

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 Stock Portfolio, Large Cap Index Portfolio, High Yield 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.


		Report of Independent Registered Public Accounting Firm

To the Directors and Shareholders of Thrivent Aggressive Allocation Portfolio, Thrivent Moderately Aggressive Allocation Portfolio, Thrivent Moderate Allocation Portfolio, Thrivent Moderately Conservative Allocation Portfolio, Thrivent Growth and Income Plus Portfolio, Thrivent Balanced Income Plus Portfolio, Thrivent Diversified Income Plus Portfolio, Thrivent Opportunity Income Plus Portfolio, Thrivent Small Cap Index Portfolio, Thrivent Mid Cap Index Portfolio, Thrivent Partner Worldwide Allocation Portfolio, Thrivent Large Cap Stock Portfolio, Thrivent Large Cap Index Portfolio, Thrivent High Yield Portfolio, Thrivent Income Portfolio, and Thrivent Limited Maturity Bond Portfolio:

In our opinion, the accompanying statements of assets and liabilities, including the summary schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) present fairly, in all material respects, the financial position of Thrivent Aggressive Allocation Portfolio, Thrivent Moderately Aggressive Allocation Portfolio, Thrivent Moderate Allocation Portfolio, Thrivent Moderately Conservative Allocation Portfolio, Thrivent Growth and Income Plus Portfolio, Thrivent Balanced Income Plus Portfolio, Thrivent Diversified Income Plus Portfolio, Thrivent Opportunity Income Plus Portfolio, Thrivent Small Cap Index Portfolio, Thrivent Mid Cap Index Portfolio, Thrivent Partner Worldwide Allocation Portfolio, Thrivent Large Cap Stock Portfolio, Thrivent Large Cap Index Portfolio, Thrivent High Yield Portfolio, Thrivent Income Portfolio, and Thrivent Limited Maturity Bond Portfolio (constituting part of Thrivent Series Fund, Inc.) (hereafter referred to as the “Funds”) at December 31, 2015, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements, financial highlights and schedules of investments (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2015 by correspondence with the custodian, agent banks, transfer agent and brokers provides a reasonable basis for our opinion.

LOGO

February 18, 2016

PricewaterhouseCoopers LLP, Suite 1400, 225 South Sixth Street, Minneapolis, MN 55402

T: (612) 596 6000, F: (612) 373 7160, www.pwc.com/us

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (55.6%)	Value
	Consumer Discretionary (9.1%)
	18,217	Aaron’s, Inc.	$	407,879
	1,000	Aisan Industry Company, Ltd.		10,269
	300	Aisin Seiki Company, Ltd.		12,912
	15,246	Amazon.com, Inc.^a,b		10,304,619
	1,290	American Axle & Manufacturing Holdings, Inc.^a		24,433
	2,111	American Public Education, Inc.^a		39,286
	5,320	Ascena Retail Group, Inc.^a		52,402
	5,110	AutoZone, Inc.^a		3,791,160
	7,200	Barnes & Noble, Inc.		62,712
	200	Bayerische Motoren Werke AG		16,733
	10,000	Bed Bath & Beyond, Inc.^a		482,500
	1,400	Berkeley Group Holdings plc		76,109
	6,940	Big Lots, Inc.		267,468
	7,220	Bloomin’ Brands, Inc.		121,946
	650	Bob Evans Farms, Inc.		25,253
	4,270	Boyd Gaming Corporation^a		84,845
	300	Brembo SPA		14,494
	800	Bridgestone Corporation		27,441
	23,080	Brunswick Corporation		1,165,771
	22,456	Burlington Stores, Inc.^a		963,362
	13,450	Caleres, Inc.		360,729
	2,000	Callaway Golf Company		18,840
	2,000	Calsonic Kansei Corporation		17,632
	8,496	Cedar Fair, LP		474,417
	7,700	Cheesecake Factory, Inc.		355,047
	4,210	Chegg, Inc.^a		28,333
	6,310	Children’s Place, Inc.		348,312
	1,760	Choice Hotels International, Inc.		88,722
	1,320	Chuy’s Holdings, Inc.^a		41,369
	1,000	Cineworld Group plc		8,291
	73,078	Comcast Corporation^b		4,123,792
	600	Compass Group plc		10,397
	28,768	Core-Mark Holding Company, Inc.		2,357,250
	3,292	CSS Industries, Inc.		93,427
	4,223	Culp, Inc.		107,560
	200	Daimler AG		16,711
	5,300	Dana Holding Corporation		73,140
	6,600	Debenhams plc		7,116
	8,387	Delphi Automotive plc		719,018
	1,300	Denso Corporation		62,121
	10,490	Discovery Communications, Inc., Class A^a		279,873
	12,350	DISH Network Corporation^a		706,173
	5,770	Dollar General Corporation		414,690
	18,531	Dollar Tree, Inc.^a		1,430,964
	7,760	Domino’s Pizza, Inc.		863,300
	715	Dorman Products, Inc.^a		33,941
	1,824	Drew Industries, Inc.		111,063
	9,400	DSW, Inc.		224,284
	5,300	EDION Corporation		40,018
	600	Electrolux AB		14,476
	4,232	Ethan Allen Interiors, Inc.		117,734
	800	Eutelsat Communications		23,952
	6,711	Expedia, Inc.		834,177
	16,215	Finish Line, Inc.		293,167
	25,450	Ford Motor Company		358,590
	3,518	Fossil, Inc.^a		128,618
	4,005	Fred’s, Inc.		65,562
	36,406	G-III Apparel Group, Ltd.^a		1,611,330
	1,900	GKN plc		8,622
	1,200	Gray Television, Inc.^a		19,560
	4,000	Gunze, Ltd.		11,716
	2,100	Hakuhodo Dy Holdings, Inc.		22,721
	5,000	Harley-Davidson, Inc.		226,950
	10,276	Harman International Industries, Inc.		968,102
	5,502	Haverty Furniture Companies, Inc.		117,963
	2,350	Hilton Worldwide Holdings, Inc.		50,290
	44,260	Home Depot, Inc.		5,853,385
	20,140	Houghton Mifflin Harcourt Company^a		438,649
	100	Hugo Boss AG		8,251
	3,800	Inchcape plc		43,843
	1,800	Informa plc		16,268
	600	Intertek Group plc		24,544
	2,231	Interval Leisure Group, Inc.		34,826
	900	iRobot Corporation^a		31,860
	1,000	Isuzu Motors, Ltd.		10,773
	12,600	ITV plc		51,299
	8,210	Jack in the Box, Inc.		629,789
	36,193	Jarden Corporation^a		2,067,344
	21,627	Kate Spade & Company^a		384,312
	7,940	Krispy Kreme Doughnuts, Inc.^a		119,656
	43,540	Las Vegas Sands Corporation		1,908,794
	8,455	La-Z-Boy, Inc.		206,471
	4,840	Lear Corporation		594,497
	7,150	Liberty Interactive Corporation^a		195,338
	6,660	Liberty Media Corporation, Class A^a		261,405
	13,216	Limited Brands, Inc.		1,266,357
	4,862	Lithia Motors, Inc.		518,630
	20,710	LKQ Corporation^a		613,637
	6,200	Lookers plc		16,893
	7,460	Lowe’s Companies, Inc.		567,258
	5,520	Macy’s, Inc.		193,090
	17,395	MDC Partners, Inc.		377,819
	2,299	Meritage Homes Corporation^a		78,143
	300	Mitsuba Corporation		4,638
	710	Movado Group, Inc.		18,254
	9,399	National CineMedia, Inc.		147,658
	5,850	Nautilus, Inc.^a		97,812
	2,545	New Media Investment Group, Inc.		49,526
	95,560	NIKE, Inc.		5,972,500
	1,800	NOK Corporation		42,050
	29,021	Nord Anglia Education, Inc.^a		588,546
	61,410	Nutrisystem, Inc.		1,328,912
	6,914	O’Reilly Automotive, Inc.^a		1,752,146
	21,690	Oxford Industries, Inc.		1,384,256
	2,000	PanaHome Corporation		15,110
	16,510	Papa John’s International, Inc.		922,414
	54,730	Papa Murphy’s Holdings, Inc.^a		616,260
	3,800	Persimmon plc		113,367
	2,669	Pier 1 Imports, Inc.		13,585
	300	ProSiebenSat.1 Media AG		15,135
	1,750	Pulte Group, Inc.		31,185
	12,219	PVH Corporation		899,929
	3,459	Ralph Lauren Corporation		385,609
	6,133	Red Robin Gourmet Burgers, Inc.^a		378,651
	3,030	Rent-A-Center, Inc.		45,359
	6,927	Restoration Hardware Holdings, Inc.^a		550,350
	31,026	Ross Stores, Inc.		1,669,509
	3,760	Ruby Tuesday, Inc.^a		20,718
	3,350	Ruth’s Hospitality Group, Inc.		53,332
	259	Schibsted ASA		8,515
	6,900	Scripps Networks Interactive, Inc.		380,949
	900	Sekisui House, Ltd.		15,132
	9,170	Service Corporation International		238,603
	1,000	SHOWA Corporation		9,279
	4,550	Signet Jewelers, Ltd.		562,790
	13,530	Skechers USA, Inc.^a		408,741
	1,400	Sports Direct International plc^a		11,897
	6,212	Sportsman’s Warehouse Holdings, Inc.^a		80,135
	400	Stanley Electric Company, Ltd.		8,775

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

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (55.6%)	Value
	Consumer Discretionary (9.1%) - continued
	53,960	Staples, Inc.	$	511,001
	2,700	Star Entertainment Group, Ltd.		9,907
	100,010	Starbucks Corporation		6,003,600
	17,461	Starwood Hotels & Resorts Worldwide, Inc.		1,209,698
	5,644	Stein Mart, Inc.		37,984
	3,100	Sumitomo Forestry Company, Ltd.		41,829
	1,500	Sumitomo Rubber Industries, Ltd.		19,505
	2,000	Takashimaya Company, Ltd.		18,011
	400	Tamron Company, Ltd.		7,380
	16,000	Target Corporation		1,161,760
	3,100	Tatts Group, Ltd.		9,842
	14,700	Taylor Wimpey plc		43,944
	14,005	Tenneco, Inc.^a		642,970
	22,175	Time, Inc.		347,482
	26,816	Toll Brothers, Inc.^a		892,973
	3,770	Tower International, Inc.		107,709
	8,490	TransUnion^a		234,069
	45,454	Tuesday Morning Corporation^a		295,451
	3,600	UBM plc		27,902
	3,459	Ulta Salon Cosmetics & Fragrance, Inc.^a		639,915
	4,540	Under Armour, Inc.^a		365,969
	8,035	Vail Resorts, Inc.		1,028,400
	300	Valora Holding AG		62,413
	2,570	Vera Bradley, Inc.^a		40,503
	6,659	VF Corporation		414,523
	2,000	Wacoal Holdings Corporation		23,917
	2,500	WH Smith plc		64,960
	960	Winnebago Industries, Inc.		19,104
	1,700	Wolters Kluwer NV		57,092
	2,300	WPP plc		52,904
	6,150	Wyndham Worldwide Corporation		446,798
	500	Yokohama Rubber Company, Ltd.		7,679
	7,780	Yum! Brands, Inc.		568,329
	19,360	Zoe’s Kitchen, Inc.^a		541,693

		Total		87,553,628


	Consumer Staples (1.6%)
	500	AarhusKarlshamn AB		37,039
	25,530	Altria Group, Inc.		1,486,101
	26,480	Aramark		853,980
	5,570	Archer-Daniels-Midland Company		204,308
	14,290	Avon Products, Inc.		57,874
	1,500	Axfood AB		25,980
	330	Bakkafrost PF		9,722
	25,900	Blue Buffalo Pet Products, Inc.^a		484,589
	2,291	Boston Beer Company, Inc.^a		462,576
	100	British American Tobacco plc		5,553
	1,200	Britvic plc		12,857
	3,790	Brown-Forman Corporation		376,271
	12,500	Campbell Soup Company		656,875
	300	Carrefour SA		8,658
	13,130	Casey’s General Stores, Inc.		1,581,509
	43,640	Coca-Cola Company		1,874,774
	2,700	Coca-Cola HBC AG^a		57,499
	5,000	CVS Health Corporation		488,850
	41,840	Flowers Foods, Inc.		899,142
	5,836	Hain Celestial Group, Inc.^a		235,716
	500	Henkel AG & Company KGaA		47,827
	4,600	Imperial Tobacco Group plc		242,963
	760	Ingles Markets, Inc.		33,501
	5,500	Ingredion, Inc.		527,120
	3,000	Japan Tobacco, Inc.		110,141
	1,100	Jeronimo Martins SGPS SA		14,314
	1,200	Kao Corporation		61,667
	100	Kerry Group plc		8,274
	1,400	Kimberly-Clark Corporation		178,220
	7,800	Koninklijke Ahold NV		164,530
	200	KOSE Corporation		18,492
	2,450	Lancaster Colony Corporation		282,877
	1,000	Marks and Spencer Group plc		6,658
	4,950	Molson Coors Brewing Company		464,904
	3,150	Mondelez International, Inc.		141,246
	9,979	Monster Beverage Corporation^a		1,486,472
	1,700	Nestle SA		126,200
	1,000	Nippon Meat Packers, Inc.		19,600
	2,000	Nisshin Oillio Group, Ltd.		8,147
	3,520	PepsiCo, Inc.		351,718
	2,291	Philip Morris International, Inc.		201,402
	390	PriceSmart, Inc.		32,366
	300	Royal Unibrew AS		12,192
	7,752	SpartanNash Company		167,753
	700	Suedzucker AG		13,874
	300	Sugi Holdings Company, Ltd.		16,552
	100	Sundrug Company, Ltd.		6,430
	400	Svenska Cellulosa AB SCA		11,592
	1,800	Swedish Match AB		63,607
	1,120	Tootsie Roll Industries, Inc.		35,381
	2,700	Tyson Foods, Inc.		143,991
	13,016	United Natural Foods, Inc.^a		512,310
	1,900	Universal Corporation		106,552
	9,870	WhiteWave Foods Company^a		384,042

		Total		15,822,788


	Energy (6.6%)
	12,635	Archrock, Inc.		95,015
	11,476	Atwood Oceanics, Inc.		117,399
	300	Azrieli Group, Ltd.		11,176
	65,340	Baker Hughes, Inc.		3,015,441
	9,925	Basic Energy Services, Inc.^a		26,599
	14,380	Bonanza Creek Energy, Inc.^a		75,783
	19,000	BP plc		98,738
	3,197	Bristow Group, Inc.		82,802
	27,281	Callon Petroleum Company^a		227,524
	54,130	Cameron International Corporation^a		3,421,016
	90,950	Canadian Natural Resources, Ltd.		1,985,439
	74,190	Chevron Corporation		6,674,132
	2,430	Cimarex Energy Company		217,193
	1,297	Clayton Williams Energy, Inc.^a		38,352
	294,556	Cobalt International Energy, Inc.^a		1,590,602
	2,740	Columbia Pipeline Group, Inc.		54,800
	25,237	Concho Resources, Inc.^a		2,343,508
	9,225	Continental Resources, Inc.^a		211,990
	5,220	Delek US Holdings, Inc.		128,412
	75,095	Denbury Resources, Inc.		151,692
	3,100	Devon Energy Corporation		99,200
	7,250	Diamond Offshore Drilling, Inc.		152,975
	12,766	Diamondback Energy, Inc.^a		854,045
	850	Dril-Quip, Inc.^a		50,345
	18,840	Ensco plc		289,948
	78,116	EOG Resources, Inc.		5,529,832
	8,880	EP Energy Corporation^a		38,894
	86,781	EQT Corporation		4,523,894
	34,150	Exxon Mobil Corporation		2,661,992
	2,200	Forum Energy Technologies, Inc.^a		27,412
	4,900	Frank’s International NV		81,781
	2,650	Green Plains, Inc.		60,685
	4,080	Gulfport Energy Corporation^a		100,246
	32,300	Halliburton Company		1,099,492
	3,650	Helix Energy Solutions Group, Inc.^a		19,199
	7,850	Helmerich & Payne, Inc.		420,367

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

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (55.6%)	Value
	Energy (6.6%) - continued
	13,829	HollyFrontier Corporation	$	551,639
	175,773	Marathon Oil Corporation		2,212,982
	101,800	Marathon Petroleum Corporation		5,277,312
	18,280	Nabors Industries, Ltd.		155,563
	2,190	National Oilwell Varco, Inc.		73,343
	24,950	Noble Corporation		263,223
	1,635	Noble Energy, Inc.		53,841
	108,604	Oasis Petroleum, Inc.^a		800,411
	4,575	Oceaneering International, Inc.		171,654
	1,390	Oil States International, Inc.^a		37,878
	600	OMV AG		17,031
	69,850	Parsley Energy, Inc.^a		1,288,732
	54,950	Patterson-UTI Energy, Inc.		828,646
	2,520	PBF Energy, Inc.		92,761
	206,150	Petroleo Brasileiro SA ADR^a		886,445
	8,280	Pioneer Energy Services Corporation^a		17,968
	135,250	Rowan Companies plc		2,292,487
	400	Royal Dutch Shell plc		9,123
	1,000	Royal Dutch Shell plc, Class B		22,791
	13,020	RPC, Inc.		155,589
	29,550	Schlumberger, Ltd.		2,061,112
	1,600	SemGroup Corporation		46,176
	89,860	Southwestern Energy Company^a		638,905
	6,890	Spectra Energy Corporation		164,947
	3,201	Statoil ASA		44,644
	146,780	Suncor Energy, Inc. ADR		3,786,924
	8,560	Superior Energy Services, Inc.		115,303
	19,060	Teekay Tankers, Ltd.		131,133
	5,667	Tesco Corporation		41,029
	630	Tesoro Corporation		66,383
	11,140	TETRA Technologies, Inc.^a		83,773
	3,000	TonenGeneral Sekiyu KK		25,326
	31,916	U.S. Silica Holdings, Inc.		597,787
	448,056	Weatherford International, Ltd.^a		3,759,190
	3,518	Western Refining, Inc.		125,311
	1,325	World Fuel Services Corporation		50,960
	12,330	WPX Energy, Inc.^a		70,774

		Total		63,597,016


	Financials (7.6%)
	12,800	Aberdeen Asset Management plc		54,544
	1,380	ACE, Ltd.		161,253
	500	AEON Financial Service Company, Ltd.		11,169
	12,943	Affiliated Managers Group, Inc.^a		2,067,774
	2,505	Alexandria Real Estate Equities, Inc.		226,352
	2,000	Allianz SE		352,558
	12,860	Allied World Assurance Company Holdings AG		478,263
	9,590	American Assets Trust, Inc.		367,777
	11,530	American Campus Communities, Inc.		476,650
	11,650	American Equity Investment Life Holding Company		279,949
	10,155	American Financial Group, Inc.		731,972
	3,440	American International Group, Inc.		213,177
	17,941	Ameris Bancorp		609,815
	1,580	AMERISAFE, Inc.		80,422
	25,860	Anworth Mortgage Asset Corporation		112,491
	1,450	Apartment Investment & Management Company		58,043
	8,216	Argo Group International Holdings, Ltd.		491,645
	9,518	Arthur J. Gallagher & Company		389,667
	2,010	Ashford Hospitality Prime, Inc.		29,145
	8,345	Aspen Insurance Holdings, Ltd.		403,063
	1,670	Associated Banc-Corp		31,312
	47,470	Assured Guaranty, Ltd.		1,254,632
	5,500	Australia & New Zealand Banking Group, Ltd.		110,989
	20,200	Banco Santander SA		99,372
	2,130	BancorpSouth, Inc.		51,099
	9,100	Bank Hapoalim, Ltd.		46,974
	125,020	Bank of America Corporation		2,104,087
	10,150	Bank of New York Mellon Corporation		418,383
	2,400	Bank of Queensland, Ltd.		24,210
	22,722	Bank of the Ozarks, Inc.		1,123,830
	16,000	Bank of Yokohama, Ltd.		98,074
	2,110	BankFinancial Corporation		26,649
	26,000	BB&T Corporation		983,060
	21,847	BBCN Bancorp, Inc.		376,205
	5,700	BinckBank NV		49,125
	6,150	Blackstone Group, LP		179,826
	200	Bolsas y Mercados Espanoles SA		6,740
	4,800	Boston Private Financial Holdings, Inc.		54,432
	7,350	Brandywine Realty Trust		100,401
	1,700	British Land Company plc		19,671
	17,997	Brixmor Property Group, Inc.		464,683
	8,630	Brookline Bancorp, Inc.		99,245
	13,160	Brown & Brown, Inc.		422,436
	4,900	Camden Property Trust		376,124
	2,450	Capital One Financial Corporation		176,841
	2,500	Capital Shopping Centres Group plc		11,680
	7,700	CapitaMall Trust		10,448
	7,750	Cathay General Bancorp		242,807
	7,900	CBRE Group, Inc.^a		273,182
	18,023	Cedar Realty Trust, Inc.		127,603
	5,050	Charles Schwab Corporation		166,296
	1,000	Chatham Lodging Trust		20,480
	2,000	Chiba Bank, Ltd.		14,192
	55,681	Citigroup, Inc.		2,881,492
	3,220	Clifton Bancorp, Inc.		46,175
	43,750	CNO Financial Group, Inc.		835,187
	2,400	CNP Assurances		32,375
	45,866	CoBiz Financial, Inc.		615,522
	4,961	Columbia Banking System, Inc.		161,282
	4,100	Comerica, Inc.		171,503
	1,590	Commerce Bancshares, Inc.		67,639
	1,630	Corporate Office Properties Trust		35,583
	800	Daiwa House Industry Company, Ltd.		22,997
	100	Derwent London plc		5,409
	10,900	DEXUS Property Group		59,123
	5,350	Digital Realty Trust, Inc.		404,567
	5,200	Direct Line Insurance Group plc		31,170
	2,100	Douglas Emmett, Inc.		65,478
	22,650	Duke Realty Corporation		476,103
	4,738	East West Bancorp, Inc.		196,911
	960	Education Realty Trust, Inc.		36,365
	5,437	Employers Holdings, Inc.		148,430
	8,830	Equity One, Inc.		239,734
	27,499	Essent Group, Ltd.^a		601,953
	16,555	EverBank Financial Corporation		264,549
	16,183	Evercore Partners, Inc.		875,015
	3,920	Extra Space Storage, Inc.		345,783
	13,300	F.N.B. Corporation		177,422
	2,650	FelCor Lodging Trust, Inc.		19,345
	49,140	Fifth Third Bancorp		987,714
	13,010	First Commonwealth Financial Corporation		118,001
	480	First Defiance Financial Corporation		18,134
	1,070	First Financial Corporation		36,348
	5,740	First Horizon National Corporation		83,345

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

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (55.6%)	Value
	Financials (7.6%) - continued
	6,500	First Industrial Realty Trust, Inc.	$	143,845
	710	First Interstate BancSystem, Inc.		20,640
	16,730	First Midwest Bancorp, Inc.		308,334
	840	First NBC Bank Holding Company^a		31,408
	8,298	First Potomac Realty Trust		94,597
	33,188	First Republic Bank		2,192,399
	5,800	FlexiGroup, Ltd.		12,658
	4,690	Franklin Street Properties Corporation		48,541
	6,900	Frasers Centrepoint Trust		8,968
	16,000	Fukuoka Financial Group, Inc.		79,338
	6,373	Genworth Financial, Inc.^a		23,771
	620	German American Bancorp, Inc.		20,658
	1,550	Getty Realty Corporation		26,582
	4,381	Glacier Bancorp, Inc.		116,228
	2,890	Great Western Bancorp, Inc.		83,868
	8,455	Green Bancorp, Inc.^a		88,608
	900	Hamborner REIT AG		9,403
	1,200	Hammerson plc		10,608
	1,230	Hancock Holding Company		30,959
	2,000	Hang Seng Bank, Ltd.		37,907
	56,222	Hanmi Financial Corporation		1,333,586
	900	Hannover Rueckversicherung SE		102,771
	4,030	Hanover Insurance Group, Inc.		327,800
	28,830	Hartford Financial Services Group, Inc.		1,252,952
	7,109	Hatteras Financial Corporation		93,483
	450	HCI Group, Inc.		15,683
	4,000	Henderson Group plc		18,180
	1,000	Henderson Land Development Company, Ltd.		6,100
	4,120	HFF, Inc.		128,008
	2,650	Highwoods Properties, Inc.		115,540
	4,000	Hokuhoku Financial Group, Inc.		8,154
	5,092	Home BancShares, Inc.		206,328
	1,160	Hometrust Bancshares, Inc.^a		23,490
	15,500	Horace Mann Educators Corporation		514,290
	27,598	Host Hotels & Resorts, Inc.		423,353
	13,984	Houlihan Lokey, Inc.		366,521
	4,940	Hudson Pacific Properties, Inc.		139,012
	2,100	Hufvudstaden AB		29,687
	155,060	Huntington Bancshares, Inc.		1,714,964
	16,000	Hysan Development Company, Ltd.		65,371
	800	IG Group Holdings plc		9,458
	2,900	ING Groep NV		39,237
	2,580	Inland Real Estate Corporation		27,400
	18,319	Intercontinental Exchange, Inc.		4,694,427
	6,900	Intermediate Capital Group plc		63,608
	8,720	Invesco, Ltd.		291,946
	4,700	Investa Office Fund		13,605
	10,100	Investec plc		71,216
	28,140	Investors Bancorp, Inc.		350,062
	48,583	J.P. Morgan Chase & Company		3,207,935
	37,190	Janus Capital Group, Inc.		524,007
	1,650	Kearny Financial Corporation		20,906
	9,242	Kennedy-Wilson Holdings, Inc.		222,547
	116,340	KeyCorp		1,534,525
	1,274	Kilroy Realty Corporation		80,619
	3,240	Lamar Advertising Company		194,335
	3,301	LaSalle Hotel Properties		83,053
	4,924	Lazard, Ltd.		221,629
	4,170	Lexington Realty Trust		33,360
	1,180	Liberty Property Trust		36,639
	1,434	Lincoln National Corporation		72,073
	11,000	Link REIT		65,581
	4,500	M&T Bank Corporation		545,310
	100	Macquarie Group, Ltd.		5,982
	7,180	MetLife, Inc.		346,148
	13,800	Mitsubishi UFJ Financial Group, Inc.		85,481
	6,670	Monmouth Real Estate Investment Corporation		69,768
	22,790	Morgan Stanley		724,950
	5,680	MSCI, Inc.		409,698
	200	Muenchener Rueckversicherungs-Gesellschaft AG		39,848
	14,700	Nasdaq, Inc.		855,099
	4,000	National Interstate Corporation		106,800
	21,588	Navient Corporation		247,183
	1,390	Navigators Group, Inc.^a		119,248
	34,000	New World Development Company, Ltd.		33,386
	10,000	Northern Trust Corporation		720,900
	18,940	NorthStar Asset Management Corporation, Inc.		229,932
	3,000	Ogaki Kyoritsu Bank, Ltd.		12,095
	2,700	Old Mutual plc		7,103
	850	One Liberty Properties, Inc.		18,241
	9,280	Oritani Financial Corporation		153,120
	32,519	PacWest Bancorp		1,401,569
	14,960	Parkway Properties, Inc.		233,825
	18,193	Pebblebrook Hotel Trust		509,768
	2,560	PennyMac Financial Services, Inc.^a		39,322
	1,260	Physicians Realty Trust		21,244
	2,360	Popular, Inc.		66,882
	2,710	Post Properties, Inc.		160,324
	1,987	Potlatch Corporation		60,087
	2,600	Poundland Group plc		7,961
	15,750	Primerica, Inc.		743,873
	660	PrivateBancorp, Inc.		27,073
	10,900	Progressive Corporation		346,620
	11,010	Provident Financial Services, Inc.		221,851
	15,540	Radian Group, Inc.		208,081
	13,560	Ramco-Gershenson Properties Trust		225,232
	15,808	Raymond James Financial, Inc.		916,390
	2,720	RE/MAX Holdings, Inc.		101,456
	4,405	Realogy Holdings Corporation^a		161,531
	8,710	Renasant Corporation		299,711
	1,900	Resona Holdings, Inc.		9,227
	2,130	Rouse Properties, Inc.		31,013
	1,115	Safeguard Scientifics, Inc.^a		16,179
	393	Safety Insurance Group, Inc.		22,157
	200	Sampo Oyj		10,156
	4,661	Sandy Spring Bancorp, Inc.		125,661
	1,300	Schroders plc		56,939
	1,250	Seacoast Banking Corporation of Florida^a		18,725
	4,110	Selective Insurance Group, Inc.		138,014
	1,170	Sierra Bancorp		20,651
	3,750	Silver Bay Realty Trust Corporation REIT		58,725
	173,210	SLM Corporation^a		1,129,329
	200	Sompo Japan Nipponkoa Holdings, Inc.		6,567
	7,430	Spirit Realty Captial, Inc.		74,449
	5,870	Starwood Property Trust, Inc.		120,687
	2,834	State Auto Financial Corporation		58,352
	35,058	Stifel Financial Corporation^a		1,485,057
	27,100	Stockland		80,446
	3,770	Store Capital Corporation		87,464
	11,000	Sumitomo Mitsui Trust Holdings, Inc.		41,661
	7,781	Summit Hotel Properties, Inc.		92,983
	5,970	SunTrust Banks, Inc.		255,755

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

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (55.6%)	Value
	Financials (7.6%) - continued
	10,229	SVB Financial Group^a	$	1,216,228
	2,100	Swiss Re AG		205,099
	4,600	Synchrony Financial^a		139,886
	51,590	Synovus Financial Corporation		1,670,484
	300	Talanx AG		9,226
	29,880	Talmer Bancorp, Inc.		541,127
	42,800	TCF Financial Corporation		604,336
	21,349	TD Ameritrade Holding Corporation		741,024
	23,473	Terreno Realty Corporation		530,959
	1,150	Territorial Bancorp, Inc.		31,901
	200	Tokio Marine Holdings, Inc.		7,725
	1,870	TriCo Bancshares		51,313
	5,220	TrustCo Bank Corporation		32,051
	2,100	U.S. Bancorp		89,607
	4,000	UBS Group AG		77,598
	2,245	UMH Properties, Inc.		22,719
	1,480	Union Bankshares Corporation		37,355
	960	United Community Banks, Inc.		18,710
	6,100	United Overseas Bank, Ltd.		84,100
	1,110	Urstadt Biddle Properties, Inc.		21,356
	2,754	W.R. Berkley Corporation		150,781
	1,200	Wallenstam AB		9,645
	510	Webster Financial Corporation		18,967
	12,050	Wells Fargo & Company		655,038
	21,368	Western Alliance Bancorp^a		766,256
	3,210	Western Asset Mortgage Capital Corporation		32,806
	1,810	Whitestone REIT		21,738
	11,800	Wing Tai Holdings, Ltd.		14,576
	1,409	Wintrust Financial Corporation		68,365
	1,545	WSFS Financial Corporation		49,996
	4,937	XL Group plc		193,432
	65,020	Zions Bancorporation		1,775,046

		Total		73,666,971


	Health Care (8.3%)
	97,380	Abbott Laboratories		4,373,336
	12,100	ABIOMED, Inc.^a		1,092,388
	22,769	Acadia Healthcare Company, Inc.^a		1,422,152
	1,900	Acceleron Pharma, Inc.^a		92,644
	1,300	Aceto Corporation		35,074
	37,510	Acorda Therapeutics, Inc.^a		1,604,678
	100	Actelion, Ltd.		13,894
	13,000	Aetna, Inc.		1,405,560
	19,350	Affymetrix, Inc.^a		195,241
	40,124	Akorn, Inc.^a		1,497,026
	4,160	Albany Molecular Research, Inc.^a		82,576
	20,598	Align Technology, Inc.^a		1,356,378
	20,524	Allergan plc^a		6,413,750
	5,411	Allscripts Healthcare Solutions, Inc.^a		83,221
	9,847	AmerisourceBergen Corporation		1,021,232
	2,270	Amgen, Inc.		368,489
	20,568	AMN Healthcare Services, Inc.^a		638,636
	2,100	AmSurg Corporation^a		159,600
	3,058	Anacor Pharmaceuticals, Inc.^a		345,462
	6,241	Analogic Corporation		515,507
	1,000	Astellas Pharmaceutical, Inc.		14,236
	6,904	Asterias Biotherapeutics, Inc.^a		27,133
	316	Atrion Corporation		120,459
	4,118	Baxalta, Inc.		160,726
	6,832	BioMarin Pharmaceutical, Inc.^a		715,720
	570	Bio-Rad Laboratories, Inc.^a		79,036
	4,108	C.R. Bard, Inc.		778,220
	11,640	Cambrex Corporation^a		548,128
	1,200	Cardinal Health, Inc.		107,124
	32,901	Cardiovascular Systems, Inc.^a		497,463
	22,022	Centene Corporation^a		1,449,268
	73,288	Cerner Corporation^a		4,409,739
	1,550	CONMED Corporation		68,277
	1,500	Cross Country Healthcare, Inc.^a		24,585
	300	CSL, Ltd.		22,872
	21,810	DENTSPLY International, Inc.		1,327,138
	75,143	Depomed, Inc.^a		1,362,343
	16,030	Edwards Lifesciences Corporation^a		1,266,049
	10,500	Ensign Group, Inc.		237,615
	29,121	Envision Healthcare Holdings, Inc.^a		756,272
	1,500	Essilor International SA		186,955
	11,000	EXACT Sciences Corporation^a		101,530
	51,095	ExamWorks Group, Inc.^a		1,359,127
	2,100	Express Scripts Holding Company^a		183,561
	100	Fresenius Medical Care AG & Company KGaA		8,403
	100	Gerresheimer AG		7,814
	53,208	Gilead Sciences, Inc.		5,384,118
	4,730	Globus Medical, Inc.^a		131,589
	13,070	Greatbatch, Inc.^a		686,175
	9,200	HCA Holdings, Inc.^a		622,196
	3,490	HealthSouth Corporation		121,487
	2,810	Healthways, Inc.^a		36,165
	1,600	Hikma Pharmaceuticals plc		54,239
	3,300	Hill-Rom Holdings, Inc.		158,598
	20,800	Hologic, Inc.^a		804,752
	1,170	ICON plca		90,909
	26,361	Impax Laboratories, Inc.^a		1,127,196
	20,500	Inogen, Inc.^a		821,845
	19,566	Intersect ENT, Inc.^a		440,235
	48,428	Ironwood Pharmaceuticals, Inc.^a		561,281
	500	Kaken Pharmaceutical Company, Ltd.		34,167
	12,350	Kindred Healthcare, Inc.		147,088
	3,789	LivaNova plc^a		224,953
	200	Lonza Group AG		32,527
	2,700	Magellan Health Services, Inc.^a		166,482
	4,054	Medtronic, Inc.		311,834
	9,780	Merck & Company, Inc.		516,580
	2,208	Mettler-Toledo International, Inc.^a		748,799
	83,133	Mylan NV^a		4,495,001
	2,128	National Healthcare Corporation		131,298
	670	Neogen Corporation^a		37,868
	15,202	Neurocrine Biosciences, Inc.^a		859,977
	1,400	Novartis AG		120,427
	1,600	Novo Nordisk AS		92,637
	36,771	NuVasive, Inc.^a		1,989,679
	3,420	NxStage Medical, Inc.^a		74,932
	300	Paramount Bed Holdings Company, Ltd.		10,644
	4,240	PerkinElmer, Inc.		227,137
	7,810	Perrigo Company plc		1,130,107
	64,220	Pfizer, Inc.		2,073,022
	4,810	PharMerica Corporation^a		168,350
	2,680	Progenics Pharmaceuticals, Inc.^a		16,428
	1,600	Prothena Corporation plc^a		108,976
	1,550	Providence Service Corporation^a		72,726
	1,600	Quality Systems, Inc.		25,792
	1,610	Quest Diagnostics, Inc.		114,535
	5,785	Quintiles Transnational Holdings, Inc.^a		397,198
	300	Recordati SPA		7,827
	4,050	Roche Holding AG ADR		139,604
	1,190	Sagent Pharmaceuticals, Inc.^a		18,933
	1,000	Sanofi		85,222
	400	Suzuken Company, Ltd.		15,201

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

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (55.6%)	Value
	Health Care (8.3%) - continued
	29,648	Team Health Holdings, Inc.^a	$	1,301,251
	31,937	Teleflex, Inc.		4,198,119
	5,293	Triple-S Management Corporation^a		126,556
	10,823	UnitedHealth Group, Inc.		1,273,218
	14,624	Universal Health Services, Inc.		1,747,422
	2,420	Vanda Pharmaceuticals, Inc.^a		22,530
	2,360	VCA Antech, Inc.^a		129,800
	48,600	Veeva Systems, Inc.^a		1,402,110
	35,766	Vertex Pharmaceuticals, Inc.^a		4,500,436
	4,450	Waters Corporation^a		598,881
	3,187	Wellcare Health Plans, Inc.^a		249,255
	5,190	West Pharmaceutical Services, Inc.		312,542
	8,180	Zoetis, Inc.		391,986

		Total		80,427,479


	Industrials (6.2%)
	15,970	3M Company		2,405,721
	1,970	A.O. Smith Corporation		150,922
	500	Aalberts Industries NV		17,228
	3,050	AAR Corporation		80,184
	8,065	ABM Industries, Inc.		229,611
	600	Adecco SA		41,066
	23,600	ADT Corporation		778,328
	7,060	AECOM^a		212,012
	5,664	Aegion Corporation^a		109,372
	8,340	AGCO Corporation		378,553
	1,000	Aida Engineering, Ltd.		10,307
	11,400	Air New Zealand, Ltd.		22,992
	600	Airbus Group NV		40,433
	2,240	Allison Transmission Holdings, Inc.		57,994
	900	Amada Holdings Company, Ltd.		8,588
	1,850	AMETEK, Inc.		99,141
	200	Andritz AG		9,734
	1,500	Applied Industrial Technologies, Inc.		60,735
	5,000	Asahi Glass Company, Ltd.		28,644
	2,811	Astec Industries, Inc.		114,408
	300	Atlas Copco Aktiebolag		7,357
	9,850	AZZ, Inc.		547,364
	10,076	B/E Aerospace, Inc.		426,920
	6,300	BAE Systems plc		46,384
	4,837	Beacon Roofing Supply, Inc.^a		199,188
	10,910	Boeing Company		1,577,477
	3,100	Bollore SA		14,445
	1,510	Brady Corporation		34,700
	1,400	Briggs & Stratton Corporation		24,220
	6,610	Brink’s Company		190,765
	11,800	BWX Technologies, Inc.		374,886
	8,110	Caterpillar, Inc.		551,156
	3,000	Central Glass Company, Ltd.		13,760
	400	Central Japan Railway Company		71,014
	2,329	CIRCOR International, Inc.		98,167
	26,710	CLARCOR, Inc.		1,326,953
	5,052	Comfort Systems USA, Inc.		143,578
	500	Compagnie de Saint-Gobain		21,668
	10,260	Copart, Inc.^a		389,983
	5,090	Corporate Executive Board Company		312,475
	300	Croda International plc		13,442
	8,468	CSX Corporation		219,745
	2,100	CTT-Correios de Portugal SA		20,183
	1,283	Cubic Corporation		60,622
	10,550	Curtiss-Wright Corporation		722,675
	1,000	Dai Nippon Printing Company, Ltd.		9,889
	9,660	Danaher Corporation		897,221
	1,300	Dart Group plc		11,278
	101,500	Delta Air Lines, Inc.		5,145,035
	900	Deutsche Post AG		25,162
	4,580	DigitalGlobe, Inc.^a		71,723
	5,830	Donaldson Company, Inc.		167,088
	400	DSV AS		15,745
	100	East Japan Railway Company		9,417
	200	Elbit Systems, Ltd.		17,607
	28,254	EMCOR Group, Inc.		1,357,322
	6,025	Equifax, Inc.		671,004
	3,879	ESCO Technologies, Inc.		140,187
	13,000	Expeditors International of Washington, Inc.		586,300
	9,921	Federal Signal Corporation		157,248
	1,300	Ferrovial SA		29,397
	2,630	Flowserve Corporation		110,670
	26,997	Fortune Brands Home and Security, Inc.		1,498,333
	3,207	Franklin Electric Company, Inc.		86,685
	23,774	FTI Consulting, Inc.^a		824,007
	2,510	G & K Services, Inc.		157,879
	859	Galliford Try plc		19,302
	200	GEA Group AG		8,080
	5,331	Gibraltar Industries, Inc.^a		135,621
	31,704	Granite Construction, Inc.		1,360,419
	11,734	H&E Equipment Services, Inc.		205,110
	1,000	Hankyu Hanshin Holdings, Inc.		6,500
	950	Hawaiian Holdings, Inc.^a		33,563
	24,210	Healthcare Services Group, Inc.		844,203
	15,650	Heico Corporation		850,734
	6,600	Hexcel Corporation		306,570
	12,944	HNI Corporation		466,761
	100	Hochtief AG		9,275
	2,515	Honeywell International, Inc.		260,479
	200	Hoshizaki Electric Company, Ltd.		12,433
	2,508	Hub Group, Inc.^a		82,639
	6,320	Huntington Ingalls Industries, Inc.		801,692
	29,938	Huron Consulting Group, Inc.^a		1,778,317
	500	IBIDEN Company, Ltd.		7,168
	870	Illinois Tool Works, Inc.		80,632
	700	Inaba Denki Sangyo Company, Ltd.		22,366
	3,200	Ingersoll-Rand plc		176,928
	5,170	Insperity, Inc.		248,935
	2,100	Intrum Justitia AB		71,458
	8,100	ITOCHU Corporation		95,810
	400	Jardine Matheson Holdings, Ltd.		19,371
	10,754	JB Hunt Transport Services, Inc.		788,913
	779	John Bean Technologies Corporation		38,818
	10,100	Joy Global, Inc.		127,361
	100	Jungheinrich AG		8,247
	2,946	Kaman Corporation		120,226
	3,930	KAR Auction Services, Inc.		145,528
	5,061	Kforce, Inc.		127,942
	3,000	KITZ Corporation		13,475
	2,000	KONE Oyj		84,683
	700	Koninklijke Boskalis Westminster NV		28,555
	14,970	Korn/Ferry International		496,705
	2,620	Landstar System, Inc.		153,663
	1,000	Lincoln Electric Holdings, Inc.		51,890
	2,900	Lockheed Martin Corporation		629,735
	11,850	Manpower, Inc.		998,836
	23,950	Masco Corporation		677,785
	4,760	McGrath Rentcorp		119,904
	4,201	Meggitt plc		23,195
	200	MEITEC Corporation		6,849
	11,810	Meritor, Inc.^a		98,613
	8,433	Middleby Corporation^a		909,668
	6,998	Mine Safety Appliances Company		304,203
	1,200	MIRAIT Holdings Corporation		9,887

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

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (55.6%)	Value
	Industrials (6.2%) - continued
	1,000	Mitsuboshi Belting, Ltd.	$	7,972
	7,700	Mueller Water Products, Inc.		66,220
	8,469	Navigant Consulting, Inc.^a		136,012
	13,263	Nielsen Holdings plc		618,056
	1,300	Nikkon Holdings Company, Ltd.		25,911
	2,000	Nippon Express Company, Ltd.		9,398
	2,100	Nitto Kogyo Corporation		36,716
	1,349	Nordson Corporation		86,538
	29,385	Norfolk Southern Corporation		2,485,677
	2,800	Northrop Grumman Corporation		528,668
	1,000	Obayashi Corporation		9,227
	9,190	Old Dominion Freight Line, Inc.^a		542,853
	28,877	On Assignment, Inc.^a		1,298,021
	18,075	Oshkosh Corporation		705,648
	25,435	PGT, Inc.^a		289,705
	7,200	PowerSecure International, Inc.^a		108,360
	43,126	Progressive Waste Solutions, Ltd.		1,015,617
	22,600	Proto Labs, Inc.^a		1,439,394
	1,550	Quanex Building Products Corporation		32,317
	100	Randstad Holding NV		6,227
	26,410	Raven Industries, Inc.		411,996
	825	RBC Bearings, Inc.^a		53,287
	4,000	Rentokil Initial plc		9,385
	3,860	Resources Connection, Inc.		63,072
	2,360	Rexnord Corporationa		42,763
	200	Rieter Holding AG		37,591
	26,745	Ritchie Brothers Auctioneers, Inc.		644,822
	800	Rockwell Automation, Inc.		82,088
	3,550	Rockwell Collins, Inc.		327,665
	5,108	Roper Industries, Inc.		969,447
	915	Ryder System, Inc.		51,999
	377	Saft Groupe SA		11,491
	17,490	Saia, Inc.^a		389,152
	4,200	SIG plc		8,875
	53,131	Southwest Airlines Company		2,287,821
	4,410	Spirit Aerosystems Holdings, Inc.^a		220,809
	2,426	Stericycle, Inc.^a		292,576
	760	Sun Hydraulics Corporation		24,115
	25,476	Swift Transportation Company^a		352,078
	700	Teleperformance SA		58,862
	11,506	Tennant Company		647,328
	2,040	Tetra Tech, Inc.		53,081
	6,401	Textron, Inc.		268,906
	100	Thales SA		7,485
	300	TKH Group NV		12,182
	2,000	Toppan Printing Company, Ltd.		18,426
	6,530	Toro Company		477,147
	200	Travis Perkins plc		5,802
	3,522	Triumph Group, Inc.		139,999
	680	TrueBlue, Inc.^a		17,517
	1,000	Tsubakimoto Chain Company		7,700
	5,519	Tyco International plc		176,001
	780	UniFirst Corporation		81,276
	3,270	United Continental Holdings, Inc.^a		187,371
	1,750	United Parcel Service, Inc.		168,402
	8,572	United Rentals, Inc.^a		621,813
	2,843	Universal Forest Products, Inc.		194,376
	3,635	Universal Truckload Services, Inc.		51,035
	100	Vestas Wind Systems AS		6,984
	5,700	WABCO Holdings, Inc.^a		582,882
	19,996	WageWorks, Inc.^a		907,219
	22,790	Waste Connections, Inc.		1,283,533
	3,002	Watsco, Inc.		351,624
	1,770	Wesco Aircraft Holdings, Inc.^a		21,187
	3,680	West Corporation		79,378
	409	Woodward, Inc.		20,311
	2,000	Xylem, Inc.		73,000
	1,190	YRC Worldwide, Inc.^a		16,874
	400	Yuasa Trading Company, Ltd.		9,881

		Total		60,400,495


	Information Technology (13.3%)
	23,019	A10 Networks, Inc.^a		151,005
	1,970	Accenture plc		205,865
	17,845	ACI Worldwide, Inc.^a		381,883
	1,874	Advanced Energy Industries, Inc.^a		52,903
	24,329	Agilent Technologies, Inc.		1,017,195
	14,660	Akamai Technologies, Inc.^a		771,556
	35,110	Alibaba Group Holding, Ltd. ADR^a		2,853,390
	4,400	Alliance Data Systems Corporation^a		1,216,908
	7,973	Alphabet, Inc., Class A^a		6,203,074
	7,947	Alphabet, Inc., Class C^a		6,030,819
	800	Alps Electric Company, Ltd.		21,694
	13,502	Ambarella, Inc.^a		752,601
	10,420	Amkor Technology, Inc.^a		63,354
	30,745	Amphenol Corporation		1,605,811
	200	AMS AG		6,686
	1,300	Analog Devices, Inc.		71,916
	7,008	ANSYS, Inc.^a		648,240
	103,044	Apple, Inc.^b		10,846,411
	46,584	Applied Materials, Inc.		869,723
	19,090	Arista Networks, Inc.^a		1,485,966
	15,223	Aspen Technology, Inc.^a		574,820
	80	AtoS		6,716
	3,400	AVG Technologies NV^a		68,170
	5,480	Avnet, Inc.		234,763
	6,050	AVX Corporation		73,447
	6,136	Belden, Inc.		292,564
	1,620	Benchmark Electronics, Inc.^a		33,485
	2,740	Black Knight Financial Services, Inc.^a		90,584
	14,990	Booz Allen Hamilton Holding Corporation		462,442
	16,340	Broadridge Financial Solutions, Inc.		877,948
	69,858	Brocade Communications Systems, Inc.		641,296
	10,814	Brooks Automation, Inc.		115,494
	3,376	Cabot Microelectronics Corporation^a		147,801
	7,002	CACI International, Inc.^a		649,646
	1,000	Cadence Design Systems, Inc.^a		20,810
	1,200	Canon, Inc.		36,300
	200	Cap Gemini SA		18,557
	17,979	Cardtronics, Inc.^a		604,993
	17,399	Cavium, Inc.^a		1,143,288
	2,940	CDK Global, Inc.		139,562
	12,040	CDW Corporation		506,162
	1,600	Check Point Software Technologies, Ltd.^a		130,208
	25,200	Ciena Corporation^a		521,388
	71,000	Cisco Systems, Inc.		1,928,005
	609	Citrix Systems, Inc.^a		46,071
	28,910	Cognex Corporation		976,291
	6,650	Cognizant Technology Solutions Corporation^a		399,133
	3,780	Coherent, Inc.^a		246,116
	2,900	Comtech Telecommunications Corporation		58,261
	7,460	Convergys Corporation		185,679
	18,350	CoreLogic, Inc.^a		621,331
	8,410	Cornerstone OnDemand, Inc.^a		290,397
	34,070	Criteo SA ADR^a		1,349,172
	1,510	Cvent, Inc.^a		52,714

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

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (55.6%)	Value
	Information Technology (13.3%) - continued
	21,841	Demandware, Inc.^a	$	1,178,759
	900	Dialog Semiconductor plc^a		30,032
	5,720	DST Systems, Inc.		652,423
	400	DTS Corporation		9,105
	15,850	eBay, Inc.^a		435,558
	6,163	Electro Rent Corporation		56,700
	137,620	EMC Corporation		3,534,082
	19,950	Envestnet, Inc.^a		595,508
	3,770	EVERTEC, Inc.		63,110
	3,800	ExlService Holdings, Inc.^a		170,734
	6,162	F5 Networks, Inc.^a		597,468
	5,747	Fabrinet^a		136,894
	106,910	Facebook, Inc.^a		11,189,201
	12,870	FEI Company		1,026,897
	1,180	FleetCor Technologies, Inc.^a		168,657
	4,000	FLIR Systems, Inc.		112,280
	25,282	Fortinet, Inc.^a		788,040
	4,000	FUJIFILM Holdings NPV		166,930
	8,480	Gartner, Inc.^a		769,136
	6,560	Glu Mobile, Inc.^a		15,941
	36,702	Guidewire Software, Inc.^a		2,207,992
	3,400	Harmonic, Inc.^a		13,838
	1,000	Hitachi Kokusai Electric, Inc.		13,594
	600	Hoya Corporation		24,536
	3,897	IAC/InterActiveCorporation		234,015
	11,088	Imperva, Inc.^a		701,981
	300	Ingenico Group		37,867
	20,020	Intel Corporation		689,689
	1,200	IRESS, Ltd.		8,688
	700	IT Holdings Corporation		15,994
	600	ITOCHU Techno-Solutions Corporation		11,955
	9,579	Ixia^a		119,067
	21,110	Juniper Networks, Inc.		582,636
	300	Kyocera Corporation		13,932
	620	Leidos Holdings, Inc.		34,881
	2,200	Liberty Tripadvisor Holdings, Inc.^a		66,748
	1,406	Littelfuse, Inc.		150,456
	300	LogMeIn, Inc.^a		20,130
	1,590	Lumentum Holdings, Inc.^a		35,012
	9,074	Manhattan Associates, Inc.^a		600,427
	7,955	Marvell Technology Group, Ltd.		70,163
	25,930	MasterCard, Inc.		2,524,545
	8,440	Maxim Integrated Products, Inc.		320,720
	15,130	Mentor Graphics Corporation		278,695
	2,800	Methode Electronics, Inc.		89,124
	30,230	Microsemi Corporation^a		985,196
	154,490	Microsoft Corporation		8,571,105
	19,759	Monolithic Power Systems, Inc.		1,258,846
	460	Morningstar, Inc.		36,989
	31,700	Nanometrics, Inc.^a		479,938
	24,530	National Instruments Corporation		703,766
	1,700	NEC Networks & System Integration Corporation		30,064
	1,100	NetScout Systems, Inc.^a		33,770
	5,790	Newport Corporation^a		91,887
	8,761	Nice Systems, Ltd. ADR		502,181
	600	NS Solutions Corporation		13,671
	87,139	NVIDIA Corporation		2,872,101
	7,390	NXP Semiconductors NV^a		622,608
	5,220	ON Semiconductor Corporation^a		51,156
	8,150	Oracle Corporation		297,720
	5,600	Palo Alto Networks, Inc.^a		986,384
	38,150	Pandora Media, Inc.^a		511,592
	5,350	Parametric Technology Corporation^a		185,271
	14,400	Paylocity Holding Corporation^a		583,920
	100,804	PayPal Holdings, Inc.^a		3,649,105
	9,876	Plantronics, Inc.		468,320
	18,533	Progress Software Corporation^a		444,792
	31,116	Proofpoint, Inc.^a		2,022,851
	14,146	QLIK Technologies, Inc.^a		447,862
	4,700	RealPage, Inc.^a		105,515
	13,635	Red Hat, Inc.^a		1,129,114
	3,900	Ruckus Wireless, Inc.^a		41,769
	74,740	Salesforce.com, Inc.^a		5,859,616
	600	SAP SE		47,612
	14,291	ServiceNow, Inc.^a		1,237,029
	2,400	Shinko Electric Industries Company, Ltd.		15,386
	5,250	ShoreTel, Inc.^a		46,463
	5,350	Symantec Corporation		112,350
	9,812	Synopsys, Inc.^a		447,525
	100	TDK Corporation		6,404
	940	Tech Data Corporation^a		62,397
	44,881	Teradyne, Inc.		927,690
	3,830	Tessera Technologies, Inc.		114,938
	5,530	Texas Instruments, Inc.		303,099
	4,622	Tyler Technologies, Inc.^a		805,707
	9,256	Ultimate Software Group, Inc.^a		1,809,641
	4,040	Ultra Clean Holdings, Inc.^a		20,685
	6,800	Vantiv, Inc.^a		322,456
	56,824	Virtusa Corporation^a		2,349,104
	101,660	Visa, Inc.		7,883,733
	5,300	Web.com Group, Inc.^a		106,053
	9,210	Xerox Corporation		97,902

		Total		129,068,037


	Materials (1.9%)
	9,350	Agnico Eagle Mines, Ltd.		245,718
	2,900	Albemarle Corporation		162,429
	49,050	Alcoa, Inc.		484,124
	2,576	American Vanguard Corporation		36,090
	100	Aurubis AG		5,064
	5,700	Avery Dennison Corporation		357,162
	6,853	Axalta Coating Systems, Ltd.^a		182,632
	11,200	Axiall Corporation		172,480
	6,580	Balchem Corporation		400,064
	7,900	Ball Corporation		574,567
	52,110	Barrick Gold Corporation		384,572
	2,860	Berry Plastics Group, Inc.^a		103,475
	3,200	BHP Billiton plc		35,686
	7,200	BHP Billiton, Ltd.		92,661
	3,400	BillerudKorsnas AB		62,922
	1,880	Boise Cascade Company^a		47,996
	2,900	Boral, Ltd.		12,399
	700	Buzzi Unicem SPA		12,548
	560	Carpenter Technology Corporation		16,951
	5,877	Celanese Corporation		395,698
	5,506	CF Industries Holdings, Inc.		224,700
	44,944	Chemtura Corporation^a		1,225,623
	1,028	Clearwater Paper Corporation^a		46,805
	25,080	Crown Holdings, Inc.^a		1,271,556
	4,300	Daicel Corporation		63,992
	3,390	Dow Chemical Company		174,517
	2,000	DOWA Holdings Company, Ltd.^a		14,380
	1,900	Eagle Materials, Inc.		114,817
	4,100	Eastman Chemical Company		276,791
	36,190	Eldorado Gold Corporation		107,484
	200	Evonik Industries AG		6,615
	16,355	FMC Corporation		639,971
	41,020	Freeport-McMoRan, Inc.		277,705
	35,490	Goldcorp, Inc.		410,264

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

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (55.6%)	Value
	Materials (1.9%) - continued
	6,430	Graphic Packaging Holding Company	$	82,497
	800	Hexpol AB		8,578
	1,200	Hokuetsu Kishu Paper Company, Ltd.		7,071
	500	Holmen AB		15,444
	34,640	Horsehead Holding Corporation^a		71,012
	790	Innophos Holdings, Inc.		22,894
	2,937	Innospec, Inc.		159,508
	23,960	International Paper Company		903,292
	500	JFE Holdings, Inc.		7,851
	1,937	KapStone Paper and Packaging Corporation		43,757
	62,460	Kinross Gold Corporation^a		113,677
	910	Koppers Holdings, Inc.^a		16,608
	100	LafargeHolcim, Ltd.		5,008
	2,420	Martin Marietta Materials, Inc.		330,524
	1,374	Minerals Technologies, Inc.		63,012
	1,300	Mitsubishi Chemical Holdings Corporation		8,248
	1,000	Mondi plc		19,601
	4,100	Mosaic Company		113,119
	7,088	Myers Industries, Inc.		94,412
	27,390	Newmont Mining Corporation		492,746
	600	Nippon Paint Holdings Company, Ltd.		14,521
	1,200	Nippon Steel & Sumitomo Metal Corporation		23,739
	800	Novozymes AS		38,303
	3,330	Nucor Corporation		134,199
	2,000	Oji Holdings Corporation		8,038
	7,390	Olin Corporation		127,551
	29,710	Owens-Illinois, Inc.^a		517,548
	12,597	Packaging Corporation of America		794,241
	45,453	PolyOne Corporation		1,443,587
	250	Quaker Chemical Corporation		19,315
	600	Reliance Steel & Aluminum Company		34,746
	500	Rio Tinto plc		14,558
	200	Rio Tinto, Ltd.		6,468
	14,314	Rock-Tenn Company		653,005
	3,370	Royal Gold, Inc.		122,904
	3,500	RPM International, Inc.		154,210
	1,880	Schnitzer Steel Industries, Inc.		27,016
	3,200	Scotts Miracle-Gro Company		206,432
	10,400	Sealed Air Corporation		463,840
	1,200	Silgan Holdings, Inc.		64,464
	15,860	Silver Wheaton Corporation		196,981
	8,560	Sonoco Products Company		349,847
	38,852	Steel Dynamics, Inc.		694,285
	2,000	Sumitomo Seika Chemicals Company, Ltd.		12,169
	27,710	Teck Resources, Ltd.		106,961
	1,000	Tosoh Corporation		5,144
	1,800	UPM-Kymmene Oyj		33,418
	5,100	Vulcan Materials Company		484,347
	1,120	Westlake Chemical Corporation		60,838
	52,460	Yamana Gold, Inc.		97,576
	1,863	Yara International ASA		80,124

		Total		18,209,692


	Telecommunications Services (0.3%)
	8,700	BT Group plc		60,409
	2,300	Elisa Oyj		86,538
	2,000	Freenet AG		67,490
	30,900	KCOM Group plc		52,614
	5,765	Level 3 Communications, Inc.^a		313,385
	5,300	Orange SA		88,647
	29,485	ORBCOMM, Inc.^a		213,471
	1,100	Proximus SA		35,795
	11,294	SBA Communications Corporation^a		1,186,661
	3,300	StarHub, Ltd.		8,588
	40,600	Telstra Corporation, Ltd.		164,986
	5,658	Verizon Communications, Inc.		261,513
	900	Vivendi SA		19,329
	17,350	Vonage Holdings Corporation^a		99,589

		Total		2,659,015


	Utilities (0.7%)
	19,600	A2A SPA		26,540
	1,280	Ameren Corporation		55,334
	10,400	American Electric Power Company, Inc.		606,008
	3,980	American States Water Company		166,961
	18,950	American Water Works Company, Inc.		1,132,263
	4,360	Aqua America, Inc.		129,928
	1,940	Artesian Resources Corporation		53,738
	1,020	Atmos Energy Corporation		64,301
	4,480	California Water Service Group		104,250
	2,500	CLP Holdings, Ltd.		21,190
	6,050	Edison International, Inc.		358,221
	17,000	Electricidade de Portugal SA		61,257
	3,775	FirstEnergy Corporation		119,781
	610	IDACORP, Inc.		41,480
	9,625	Laclede Group, Inc.		571,821
	830	Middlesex Water Company		22,028
	1,830	New Jersey Resources Corporation		60,317
	1,200	NRG Yield, Inc.		17,712
	1,070	OGE Energy Corporation		28,130
	2,410	Otter Tail Corporation		64,178
	2,830	Pacific Ethanol, Inc.^a		13,527
	8,390	PG&E Corporation		446,264
	2,101	PNM Resources, Inc.		64,228
	12,950	Public Service Enterprise Group, Inc.		501,036
	9,700	Redes Energeticas Nacionais SGPS SA		29,304
	2,350	Renewable Energy Group, Inc.^a		21,832
	13,700	Southern Company		641,023
	3,140	Southwest Gas Corporation		173,202
	7,810	Talen Energy Corporation^a		48,656
	2,000	Toho Gas Company, Ltd.		12,916
	4,200	United Utilities Group plc		57,831
	6,430	Vectren Corporation		272,761
	3,520	Westar Energy, Inc.		149,283
	16,200	Wisconsin Energy Corporation		831,222

		Total		6,968,523


		Total Common Stock (cost $493,493,453)		538,373,644


		Registered Investment Companies (32.5%)
	Affiliated Equity Holdings (28.2%)
	3,449,494	Thrivent Large Cap Stock Portfolio		40,107,608
	2,929,577	Thrivent Large Cap Value Portfolio		45,459,708
	2,971,037	Thrivent Mid Cap Stock Portfolio		49,700,986
	11,767,231	Thrivent Partner Worldwide Allocation Portfolio		105,949,793
	1,990,971	Thrivent Small Cap Stock Portfolio		30,912,419

		Total		272,130,514


	Affiliated Fixed Income Holdings (2.6%)
	1,670,643	Thrivent High Yield Portfolio		7,480,973
	451,985	Thrivent Income Portfolio		4,443,283

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

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Registered Investment Companies (32.5%)	Value
	Affiliated Fixed Income Holdings (2.6%) - continued
	920,880	Thrivent Limited Maturity Bond Portfolio	$	8,953,804
	462,991	Thrivent Opportunity Income Plus Portfolio		4,541,113

		Total		25,419,173


	Equity Funds/ETFs (1.7%)
	5,150	iShares MSCI EAFE Index Fund		302,562
	21,755	iShares Russell 2000 Growth Index Fund		3,032,865
	15,056	iShares Russell 2000 Index Fund		1,693,951
	6,980	Market Vectors Oil Service ETF		184,621
	141,420	SPDR Euro Stoxx 50 ETF		4,869,091
	24,024	SPDR S&P 500 ETF Trust		4,898,253
	13,200	SPDR S&P Biotech ETF		925,056
	1,440	SPDR S&P MidCap 400 ETF Trust		365,890
	995	SPDR S&P Oil & Gas Equipment & Services ETF		17,452
	14,320	SPDR S&P Oil & Gas Exploration & Production ETF		432,750

		Total		16,722,491


		Total Registered Investment Companies (cost $317,047,103)		314,272,178


Principal Amount		Long-Term Fixed Income (2.5%)
	Asset-Backed Securities (0.1%)
		Renaissance Home Equity Loan Trust
$	650,000	6.011%, 5/25/2036^c		452,150

		Total		452,150


	Collateralized Mortgage Obligations (<0.1%)
		MASTR Alternative Loans Trust
	32,174	0.872%, 12/25/2035^d		16,107
		Residential Asset Securitization Trust
	47,404	0.802%, 8/25/2037^d		14,086
		Sequoia Mortgage Trust
	132,487	2.822%, 9/20/2046		105,995
		WaMu Mortgage Pass Through Certificates
	59,119	2.408%, 9/25/2036		53,307
	86,983	2.431%, 10/25/2036		77,749

		Total		267,244


	Mortgage-Backed Securities (1.3%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	875,000	3.000%, 1/1/2031^e		901,665
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	875,000	4.000%, 1/1/2046^e		924,338
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	900,000	3.500%, 1/1/2030^e		942,504
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	5,975,000	3.500%, 1/1/2046^e		6,164,546
	1,825,000	4.000%, 1/1/2046^e		1,931,164
	1,575,000	4.500%, 1/1/2046^e		1,700,803

		Total		12,565,020


	U.S. Government and Agencies (1.1%)
		Tennessee Valley Authority
	165,000	5.250%, 9/15/2039		198,313
		U.S. Treasury Notes
	225,000	0.625%, 10/15/2016		224,789
	400,000	0.875%, 11/15/2017		398,609
	825,000	1.500%, 10/31/2019		822,422
	1,425,000	1.875%, 6/30/2020		1,434,963
	665,000	1.375%, 9/30/2020		653,518
	250,000	2.125%, 9/30/2021		252,637
	250,000	1.625%, 8/15/2022		243,506
	2,100,000	2.250%, 11/15/2024		2,098,933
	2,800,000	3.625%, 2/15/2044		3,149,782
		U.S. Treasury Notes, TIPS
	1,337,570	0.125%, 4/15/2018		1,334,992

		Total		10,812,464


		Total Long-Term Fixed Income (cost $23,880,258)		24,096,878


Shares or Principal Amount		Short-Term Investments (10.7%)^f
		Federal Home Loan Bank Discount Notes
	11,300,000	0.100%, 1/4/2016		11,299,906
	5,000,000	0.100%, 1/5/2016		4,999,944
	500,000	0.105%, 1/6/2016		499,993
	5,000,000	0.115%, 1/8/2016		4,999,888
	4,000,000	0.110%, 1/11/2016		3,999,878
	3,000,000	0.100%, 1/12/2016		2,999,908
	6,000,000	0.110%, 1/13/2016		5,999,780
	4,000,000	0.130%, 1/15/2016		3,999,798
	1,000,000	0.140%, 1/19/2016		999,930
	2,000,000	0.250%, 1/26/2016		1,999,653
	8,000,000	0.250%, 2/12/2016		7,997,667
	8,000,000	0.260%, 2/19/2016		7,997,169
	1,000,000	0.340%, 3/9/2016		999,358
	2,000,000	0.355%, 3/14/2016		1,998,560
		Federal Home Loan Mortgage Corporation Discount Notes
	100,000	0.105%, 1/6/2016		99,999
	3,700,000	0.230%, 1/27/2016^b		3,699,385
	4,000,000	0.200%, 2/17/2016^b		3,998,955
		Federal National Mortgage Association Discount Notes
	3,250,000	0.100%, 1/8/2016^b		3,249,937
		Thrivent Cash Management Trust
	31,326,929	0.220%		31,326,929

		Total Short-Term Investments (at amortized cost)		103,166,637

		Total Investments (cost $937,587,451) 101.3%	$	979,909,337

		Other Assets and Liabilities, Net (1.3%)		(12,350,814	)

		Total Net Assets 100.0%	$	967,558,523

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

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015

a	Non-income producing security.

b	All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

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 December 31, 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 December 31, 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.
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.

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (1.3%)^a	Value
	Basic Materials (0.1%)
		Axalta Coating Systems US Holdings, Inc., Term Loan
$	763,717	3.750%, 2/1/2020	$	755,553
		Fortescue Metals Group, Ltd., Term Loan
	1,016,111	4.250%, 6/30/2019		750,754
		Ineos US Finance, LLC, Term Loan
	1,347,903	3.750%, 12/15/2020		1,290,617
		NewPage Corporation, Term Loan
	1,365,000	9.500%, 2/11/2021		487,141
		Tronox Pigments BV, Term Loan
	456,818	4.500%, 3/19/2020		403,142
		Wausau Paper Corporation, Term Loan
	786,110	6.500%, 7/30/2020		780,214

		Total		4,467,421


	Capital Goods (<0.1%)
		ADS Waste Holdings, Inc., Term Loan
	1,048,756	3.750%, 10/9/2019		1,013,360
		Silver II Borrower, Term Loan
	438,294	4.000%, 12/13/2019		369,701

		Total		1,383,061


	Communications Services (0.6%)
		Altice U.S. Finance I Corporation, Term Loan
	566,607	4.250%, 2/14/2019		556,929
		Birch Communication Inc., Term Loan
	1,404,688	7.750%, 7/17/2020		1,341,477
		Cengage Learning Acquisitions, Term Loan
	2,520,396	7.000%, 3/31/2020		2,451,085
		Fairpoint Communications, Term Loan
	1,191,312	7.500%, 2/14/2019		1,181,186
		Grande Communications Networks, LLC, Term Loan
	726,392	4.500%, 5/29/2020		711,261
		Hargray Communications Group, Inc., Term Loan
	1,418,877	5.250%, 6/26/2019		1,408,676
		IMG Worldwide, Inc., Term Loan
	400,000	8.250%, 5/6/2022		348,000
		Integra Telecom Holdings, Inc., Term Loan
	724,624	5.250%, 8/14/2020		699,262
	220,520	9.750%, 2/12/2021		213,353
		Intelsat Jackson Holdings SA, Term Loan
	1,417,851	3.750%, 6/30/2019		1,337,842
		Level 3 Communications, Inc., Term Loan
	1,555,000	4.000%, 1/15/2020		1,548,609
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	2,765,000	4.500%, 1/7/2022		2,671,681
		LTS Buyer, LLC, Term Loan
	1,063,446	4.000%, 4/13/2020		1,033,138
	39,215	8.000%, 4/12/2021		37,769
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	1,221,564	4.750%, 3/22/2019		1,192,039
		NEP Broadcasting, LLC, Term Loan
	68,571	10.000%, 7/22/2020		64,114
		NEP/NCP Holdco, Inc., Term Loan
	1,789,790	4.250%, 1/22/2020		1,668,980
		NTelos, Inc., Term Loan
	357,975	5.750%, 11/9/2019		354,395
		SBA Senior Finance II, LLC, Term Loan
	537,300	3.250%, 6/10/2022		523,363
		Syniverse Holdings, Inc., Term Loan
	950,131	4.000%, 4/23/2019		687,258
		TNS, Inc., Term Loan
	443,568	5.000%, 2/14/2020		435,805
		Univision Communications, Inc., Term Loan
	1,654,320	4.000%, 3/1/2020		1,616,270
		Virgin Media Investment Holdings, Ltd., Term Loan
	1,013,348	3.500%, 6/30/2023		991,024
		WideOpenWest Finance, LLC, Term Loan
	1,585,420	4.500%, 4/1/2019		1,525,475
		XO Communications, LLC, Term Loan
	294,750	4.250%, 3/20/2021		287,234
		Yankee Cable Acquisition, LLC, Term Loan
	895,581	4.250%, 3/1/2020		881,306
		Zayo Group, LLC, Term Loan
	1,447,324	3.750%, 5/6/2021		1,421,214

		Total		27,188,745


	Consumer Cyclical (0.2%)
		Amaya BV, Term Loan
	1,557,871	5.000%, 8/1/2021		1,456,609
		Burlington Coat Factory Warehouse Corporation, Term Loan
	838,516	4.250%, 8/13/2021		826,986
		Ceridian HCM Holding, Inc., Term Loan
	345,508	4.500%, 9/15/2020		292,386
		Golden Nugget, Inc., Delayed Draw
	142,410	5.500%, 11/21/2019		140,986
		Golden Nugget, Inc., Term Loan
	332,290	5.500%, 11/21/2019		328,967
		IMG Worldwide, Inc., Term Loan
	476,373	5.250%, 5/6/2021		467,293
		J.C. Penney Corporation, Inc., Term Loan
	360,750	6.000%, 5/22/2018		353,806
		Las Vegas Sands, LLC, Term Loan
	1,513,888	3.250%, 12/19/2020		1,496,857
		Marina District Finance Company, Inc., Term Loan
	2,022,292	6.500%, 8/15/2018		2,017,236
		MGM Resorts International, Term Loan
	756,600	3.500%, 12/20/2019		745,251

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (1.3%)^a	Value
	Consumer Cyclical (0.2%) - continued
		Mohegan Tribal Gaming Authority, Term Loan
$	1,680,012	5.500%, 6/15/2018	$	1,639,810
		Rite Aid Corporation, Term Loan
	365,000	5.750%, 8/21/2020		365,182
		ROC Finance, LLC, Term Loan
	1,324,512	5.000%, 6/20/2019		1,229,585
		Scientific Games International, Inc., Term Loan
	407,719	6.000%, 10/18/2020		372,044
	277,895	6.000%, 10/1/2021		252,487

		Total		11,985,485


	Consumer Non-Cyclical (0.1%)
		Albertson’s, Inc., Term Loan
	1,071,041	5.500%, 3/21/2019		1,066,489
		Albertson’s, LLC, Term Loan
	680,000	0.000%, 12/22/2022^b,c		675,240
		Catalina Marketing Corporation, Term Loan
	300,425	4.500%, 4/9/2021		238,838
		Endo Luxembourg Finance I Co Sarl, Term Loan
	735,000	3.750%, 9/26/2022		724,284
		Ortho-Clinical Diagnostics, Inc., Term Loan
	1,980,743	4.750%, 6/30/2021		1,671,252
		Supervalu, Inc., Term Loan
	1,098,274	4.500%, 3/21/2019		1,082,030

		Total		5,458,133


	Energy (0.1%)
		Arch Coal, Inc., Term Loan
	3,154,175	6.250%, 5/16/2018		1,388,720
		Energy Solutions, LLC, Term Loan
	567,404	6.750%, 5/29/2020		425,553
		Expro Holdings UK 2, Ltd., Term Loan
	444,375	5.750%, 9/2/2021		295,141
		Fieldwood Energy, LLC, Term Loan
	96,059	8.375%, 9/30/2020		14,409
		Houston Fuel Oil Terminal, LLC, Term Loan
	943,062	4.250%, 8/19/2021		867,618
		McJunkin Red Man Corporation, Term Loan
	410,713	4.750%, 11/8/2019		375,802
		Offshore Group Investment, Ltd., Term Loan
	979,875	0.000%, 3/28/2019^d		196,788
		Pacific Drilling SA, Term Loan
	482,625	4.500%, 6/3/2018		206,322
		Targa Resources Partners, LP, Term Loan
	111,628	5.750%, 2/27/2022		108,000

		Total		3,878,353


	Financials (0.1%)
		DJO Finance, LLC, Term Loan
	548,625	4.250%, 6/7/2020		532,336
		Harland Clarke Holdings Corporation, Term Loan
	712,500	6.000%, 8/4/2019		678,656
		MoneyGram International, Inc., Term Loan
	953,050	4.250%, 3/27/2020		868,067
		WaveDivision Holdings, LLC, Term Loan
	1,440,450	4.000%, 10/15/2019		1,415,242

		Total		3,494,301


	Technology (0.1%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	600,000	0.000%, 11/13/2022^b,c		592,878
		First Data Corporation, Term Loan
	1,540,000	3.918%, 3/23/2018		1,517,963
	640,000	3.918%, 9/24/2018		630,400
	100,000	4.168%, 7/8/2022		98,475
		Infor US, Inc., Term Loan
	889,854	3.750%, 6/3/2020		833,500
		Merrill Communications, LLC, Term Loan
	22,492	6.250%, 6/1/2022		19,118
		SS&C European Holdings SARL, Term Loan
	289,238	4.007%, 7/8/2022		286,707
	42,566	4.018%, 7/8/2022		42,193

		Total		4,021,234


	Transportation (<0.1%)
		OSG Bulk Ships, Inc., Term Loan
	738,750	5.250%, 8/5/2019		707,353
		United Airlines, Inc., Term Loan
	598,088	3.250%, 4/1/2019		592,747
	50,375	3.500%, 9/15/2021		50,022

		Total		1,350,122


	Utilities (<0.1%)
		Calpine Corporation, Term Loan
	1,238,400	4.000%, 10/9/2019		1,204,344
		Intergen NV, Term Loan
	477,750	5.500%, 6/15/2020		430,572

		Total		1,634,916


		Total Bank Loans (cost $71,557,760)		64,861,771


Shares		Common Stock (41.8%)
	Consumer Discretionary (6.3%)
	115,167	Aaron’s, Inc.		2,578,589
	3,200	Aisan Industry Company, Ltd.		32,860
	900	Aisin Seiki Company, Ltd.		38,735
	51,212	Amazon.com, Inc.^e		34,613,679
	11,890	American Axle & Manufacturing Holdings, Inc.^e		225,197
	19,506	American Public Education, Inc.^e		363,007
	25,640	Ascena Retail Group, Inc.^e		252,554
	17,010	AutoZone, Inc.^e		12,619,889
	25,250	Barnes & Noble, Inc.		219,927
	500	Bayerische Motoren Werke AG		41,833
	40,400	Bed Bath & Beyond, Inc.^e		1,949,300

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (41.8%)	Value
	Consumer Discretionary (6.3%) - continued
	4,800	Berkeley Group Holdings plc	$	260,946
	41,080	Big Lots, Inc.		1,583,223
	34,790	Bloomin’ Brands, Inc.		587,603
	6,020	Bob Evans Farms, Inc.		233,877
	21,140	Boyd Gaming Corporation^e		420,052
	1,000	Brembo SPA		48,313
	2,700	Bridgestone Corporation		92,614
	67,554	Brunswick Corporation		3,412,153
	49,071	Burlington Stores, Inc.^e		2,105,146
	66,580	Caleres, Inc.		1,785,676
	18,550	Callaway Golf Company		174,741
	7,000	Calsonic Kansei Corporation		61,712
	26,965	Cedar Fair, LP		1,505,726
	22,750	Cheesecake Factory, Inc.		1,049,002
	38,980	Chegg, Inc.^e,f		262,335
	42,300	Children’s Place, Inc.		2,334,960
	8,440	Choice Hotels International, Inc.		425,460
	12,270	Chuy’s Holdings, Inc.^e		384,542
	3,500	Cineworld Group plc		29,018
	337,496	Comcast Corporation		19,044,899
	1,900	Compass Group plc		32,924
	100	Continental AG		24,191
	72,898	Core-Mark Holding Company, Inc.		5,973,262
	30,482	CSS Industries, Inc.		865,079
	39,054	Culp, Inc.		994,705
	900	Daimler AG		75,199
	25,580	Dana Holding Corporation		353,004
	22,300	Debenhams plc		24,043
	52,184	Delphi Automotive plc		4,473,734
	4,300	Denso Corporation		205,478
	103,013	Discovery Communications, Inc., Class A^e,f		2,748,387
	36,600	DISH Network Corporation^e		2,092,788
	20,470	Dollar General Corporation		1,471,179
	55,670	Dollar Tree, Inc.^e		4,298,837
	23,280	Domino’s Pizza, Inc.		2,589,900
	6,571	Dorman Products, Inc.^e		311,925
	16,828	Drew Industries, Inc.		1,024,657
	45,300	DSW, Inc.		1,080,858
	17,800	EDION Corporation^f		134,401
	2,100	Electrolux AB		50,668
	39,105	Ethan Allen Interiors, Inc.		1,087,901
	2,900	Eutelsat Communications		86,828
	19,224	Expedia, Inc.		2,389,543
	88,220	Finish Line, Inc.		1,595,018
	90,450	Ford Motor Company		1,274,440
	16,989	Fossil, Inc.^e,f		621,118
	36,849	Fred’s, Inc.		603,218
	87,518	G-III Apparel Group, Ltd.^e		3,873,547
	6,500	GKN plc		29,496
	11,120	Gray Television, Inc.^e		181,256
	12,000	Gunze, Ltd.		35,148
	7,200	Hakuhodo Dy Holdings, Inc.		77,901
	79,618	Harley-Davidson, Inc.		3,613,861
	30,906	Harman International Industries, Inc.		2,911,654
	50,840	Haverty Furniture Companies, Inc.		1,090,010
	8,450	Hilton Worldwide Holdings, Inc.		180,830
	148,720	Home Depot, Inc.		19,668,220
	63,880	Houghton Mifflin Harcourt Company^e		1,391,306
	300	Hugo Boss AG		24,753
	12,900	Inchcape plc		148,837
	5,900	Informa plc		53,321
	2,000	Intertek Group plc		81,814
	20,640	Interval Leisure Group, Inc.^f		322,190
	8,360	iRobot Corporation^e,f		295,944
	3,400	Isuzu Motors, Ltd.		36,627
	42,800	ITV plc		174,255
	33,860	Jack in the Box, Inc.		2,597,401
	108,609	Jarden Corporation^e		6,203,746
	50,077	Kate Spade & Company^e		889,868
	73,350	Krispy Kreme Doughnuts, Inc.^e		1,105,385
	146,367	Las Vegas Sands Corporation		6,416,729
	43,803	La-Z-Boy, Inc.		1,069,669
	22,870	Lear Corporation		2,809,122
	25,400	Liberty Interactive Corporation^e		693,928
	23,630	Liberty Media Corporation, Class A^e		927,478
	39,669	Limited Brands, Inc.		3,801,084
	10,661	Lithia Motors, Inc.		1,137,209
	77,550	LKQ Corporation^e		2,297,807
	21,100	Lookers plc		57,491
	102,160	Lowe’s Companies, Inc.		7,768,246
	19,580	Macy’s, Inc.		684,908
	54,902	MDC Partners, Inc.		1,192,471
	21,191	Meritage Homes Corporation^e		720,282
	1,000	Mitsuba Corporation		15,460
	6,550	Movado Group, Inc.		168,401
	86,875	National CineMedia, Inc.		1,364,806
	20,900	Nautilus, Inc.^e		349,448
	23,587	New Media Investment Group, Inc.		459,003
	321,840	NIKE, Inc.		20,115,000
	6,200	NOK Corporation		144,837
	63,227	Nord Anglia Education, Inc.^e		1,282,244
	172,650	Nutrisystem, Inc.		3,736,146
	20,747	O’Reilly Automotive, Inc.^e		5,257,705
	53,445	Oxford Industries, Inc.		3,410,860
	300	Paddy Power plc		40,067
	5,000	PanaHome Corporation		37,774
	42,580	Papa John’s International, Inc.		2,378,945
	117,354	Papa Murphy’s Holdings, Inc.^e,f		1,321,406
	13,100	Persimmon plc		390,819
	24,731	Pier 1 Imports, Inc.		125,881
	1,200	ProSiebenSat.1 Media AG		60,542
	8,460	Pulte Group, Inc.		150,757
	37,554	PVH Corporation		2,765,852
	10,402	Ralph Lauren Corporation		1,159,615
	15,389	Red Robin Gourmet Burgers, Inc.^e		950,117
	200	Renault SA		20,019
	28,030	Rent-A-Center, Inc.		419,609
	14,810	Restoration Hardware Holdings, Inc.^e		1,176,655
	93,104	Ross Stores, Inc.		5,009,926
	34,810	Ruby Tuesday, Inc.^e		191,803
	30,990	Ruth’s Hospitality Group, Inc.		493,361
	879	Schibsted ASA		28,899
	20,400	Scripps Networks Interactive, Inc.		1,126,284
	3,200	Sekisui House, Ltd.		53,804
	32,530	Service Corporation International		846,431
	3,300	SHOWA Corporation		30,619
	13,690	Signet Jewelers, Ltd.		1,693,316
	29,109	Skechers USA, Inc.^e		879,383
	4,800	Sports Direct International plc^e		40,791
	57,377	Sportsman’s Warehouse Holdings, Inc.^e		740,163
	1,500	Stanley Electric Company, Ltd.		32,906
	244,930	Staples, Inc.		2,319,487
	8,900	Star Entertainment Group, Ltd.		32,658
	335,990	Starbucks Corporation		20,169,480
	52,410	Starwood Hotels & Resorts Worldwide, Inc.		3,630,965
	52,184	Stein Mart, Inc.		351,198
	10,500	Sumitomo Forestry Company, Ltd.		141,678
	5,100	Sumitomo Rubber Industries, Ltd.		66,317
	5,000	Takashimaya Company, Ltd.		45,027

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (41.8%)	Value
	Consumer Discretionary (6.3%) - continued
	1,100	Tamron Company, Ltd.	$	20,294
	56,500	Target Corporation		4,102,465
	10,500	Tatts Group, Ltd.		33,336
	49,900	Taylor Wimpey plc		149,170
	31,466	Tenneco, Inc.^e		1,444,604
	70,460	Time, Inc.		1,104,108
	79,947	Toll Brothers, Inc.^e		2,662,235
	18,770	Tower International, Inc.		536,259
	26,950	TransUnion^e		743,012
	144,200	Tuesday Morning Corporation^e		937,300
	12,000	UBM plc		93,005
	10,402	Ulta Salon Cosmetics & Fragrance, Inc.^e		1,924,370
	13,662	Under Armour, Inc.^e,f		1,101,294
	17,510	Vail Resorts, Inc.		2,241,105
	906	Valora Holding AG		188,488
	23,750	Vera Bradley, Inc.^e		374,300
	20,016	VF Corporation		1,245,996
	5,000	Wacoal Holdings Corporation		59,793
	8,500	WH Smith plc		220,865
	8,890	Winnebago Industries, Inc.		176,911
	5,700	Wolters Kluwer NV		191,427
	7,800	WPP plc		179,415
	22,050	Wyndham Worldwide Corporation		1,601,933
	1,500	Yokohama Rubber Company, Ltd.		23,037
	27,570	Yum! Brands, Inc.		2,013,988
	45,450	Zoe’s Kitchen, Inc.^e,f		1,271,691

		Total		309,651,512


	Consumer Staples (1.4%)
	1,800	AarhusKarlshamn AB		133,342
	89,450	Altria Group, Inc.		5,206,884
	146,690	Aramark		4,730,752
	19,770	Archer-Daniels-Midland Company		725,164
	68,860	Avon Products, Inc.		278,883
	4,900	Axfood AB		84,869
	1,115	Bakkafrost PF		32,849
	55,700	Blue Buffalo Pet Products, Inc.^e,f		1,042,147
	6,106	Boston Beer Company, Inc.^e,f		1,232,862
	500	British American Tobacco plc		27,767
	4,173	Britvic plc		44,711
	13,440	Brown-Forman Corporation		1,334,323
	44,600	Campbell Soup Company		2,343,730
	1,300	Carrefour SA		37,518
	33,240	Casey’s General Stores, Inc.		4,003,758
	154,790	Coca-Cola Company		6,649,778
	8,900	Coca-Cola HBC AG^e		189,532
	80,600	CVS Health Corporation		7,880,262
	227,330	Flowers Foods, Inc.		4,885,322
	17,556	Hain Celestial Group, Inc.^e		709,087
	1,900	Henkel AG & Company KGaA		181,741
	15,500	Imperial Tobacco Group plc		818,678
	3,660	Ingles Markets, Inc.		161,333
	16,400	Ingredion, Inc.		1,571,776
	10,400	Japan Tobacco, Inc.		381,823
	3,700	Jeronimo Martins SGPS SA		48,146
	4,000	Kao Corporation		205,555
	300	Kerry Group plc		24,822
	21,470	Kimberly-Clark Corporation		2,733,131
	26,500	Koninklijke Ahold NV		558,979
	600	KOSE Corporation		55,477
	11,810	Lancaster Colony Corporation		1,363,583
	3,600	Marks and Spencer Group plc		23,970
	14,650	Molson Coors Brewing Company		1,375,928
	11,200	Mondelez International, Inc.		502,208
	30,008	Monster Beverage Corporation^e		4,469,992
	5,600	Nestle SA		415,717
	4,000	Nippon Meat Packers, Inc.		78,399
	6,500	Nisshin Oillio Group, Ltd.		26,479
	12,460	PepsiCo, Inc.		1,245,003
	35,916	Philip Morris International, Inc.		3,157,376
	1,880	PriceSmart, Inc.		156,021
	1,000	Royal Unibrew AS		40,642
	61,169	SpartanNash Company		1,323,697
	2,200	Suedzucker AG		43,605
	1,300	Sugi Holdings Company, Ltd.		71,725
	500	Sundrug Company, Ltd.		32,148
	1,400	Svenska Cellulosa AB SCA		40,572
	6,200	Swedish Match AB		219,092
	5,430	Tootsie Roll Industries, Inc.		171,534
	9,590	Tyson Foods, Inc.		511,435
	39,064	United Natural Foods, Inc.^e		1,537,559
	17,490	Universal Corporation^f		980,839
	31,310	WhiteWave Foods Company^e		1,218,272

		Total		67,320,797


	Energy (5.2%)
	91,252	Archrock, Inc.		686,215
	83,514	Atwood Oceanics, Inc.^f		854,348
	800	Azrieli Group, Ltd.		29,802
	245,260	Baker Hughes, Inc.		11,318,749
	91,758	Basic Energy Services, Inc.^e,f		245,911
	132,840	Bonanza Creek Energy, Inc.^e,f		700,067
	64,200	BP plc		333,629
	22,468	Bristow Group, Inc.		581,921
	101,851	Callon Petroleum Company^e		849,437
	245,460	Cameron International Corporation^e		15,513,072
	341,150	Canadian Natural Resources, Ltd.		7,447,305
	337,900	Chevron Corporation		30,397,484
	7,245	Cimarex Energy Company		647,558
	11,979	Clayton Williams Energy, Inc.^e,f		354,219
	1,105,474	Cobalt International Energy, Inc.^e		5,969,560
	43,510	Columbia Pipeline Group, Inc.		870,200
	89,894	Concho Resources, Inc.^e		8,347,557
	27,350	Continental Resources, Inc.^e		628,503
	25,180	Delek US Holdings, Inc.		619,428
	550,720	Denbury Resources, Inc.^f		1,112,454
	49,700	Devon Energy Corporation		1,590,400
	34,960	Diamond Offshore Drilling, Inc.^f		737,656
	32,853	Diamondback Energy, Inc.^e		2,197,866
	2,600	Dril-Quip, Inc.^e		153,998
	88,100	Ensco plc		1,355,859
	312,272	EOG Resources, Inc.		22,105,735
	42,830	EP Energy Corporation^e,f		187,595
	346,611	EQT Corporation		18,068,831
	121,100	Exxon Mobil Corporation		9,439,745
	10,500	Forum Energy Technologies, Inc.^e		130,830
	17,400	Frank’s International NV		290,406
	9,500	Green Plains, Inc.		217,550
	19,700	Gulfport Energy Corporation^e		484,029
	114,700	Halliburton Company		3,904,388
	10,900	Helix Energy Solutions Group, Inc.^e		57,334
	23,570	Helmerich & Payne, Inc.^f		1,262,174
	51,889	HollyFrontier Corporation		2,069,852
	760,908	Marathon Oil Corporation		9,579,832
	382,100	Marathon Petroleum Corporation		19,808,064
	88,130	Nabors Industries, Ltd.		749,986
	8,170	National Oilwell Varco, Inc.		273,613
	133,230	Noble Corporation		1,405,577
	7,880	Noble Energy, Inc.		259,488
	380,168	Oasis Petroleum, Inc.^e,f		2,801,838
	19,170	Oceaneering International, Inc.		719,258

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (41.8%)	Value
	Energy (5.2%) - continued
	4,165	Oil States International, Inc.^e	$	113,496
	2,200	OMV AG		62,448
	186,383	Parsley Energy, Inc.^e		3,438,766
	164,770	Patterson-UTI Energy, Inc.		2,484,732
	12,140	PBF Energy, Inc.		446,873
	773,700	Petroleo Brasileiro SA ADR^e,f		3,326,910
	76,530	Pioneer Energy Services Corporation^e		166,070
	517,700	Rowan Companies plc		8,775,015
	1,300	Royal Dutch Shell plc		29,649
	3,327	Royal Dutch Shell plc, Class B		75,826
	41,310	RPC, Inc.^f		493,655
	110,830	Schlumberger, Ltd.		7,730,393
	7,617	SemGroup Corporation		219,827
	396,700	Southwestern Energy Company^e,f		2,820,537
	24,440	Spectra Energy Corporation		585,094
	10,825	Statoil ASA		150,974
	550,910	Suncor Energy, Inc. ADR		14,213,478
	31,360	Superior Energy Services, Inc.		422,419
	176,021	Teekay Tankers, Ltd.		1,211,024
	52,394	Tesco Corporation		379,333
	1,900	Tesoro Corporation		200,203
	103,010	TETRA Technologies, Inc.^e		774,635
	10,000	TonenGeneral Sekiyu KK		84,420
	77,778	U.S. Silica Holdings, Inc.^f		1,456,782
	1,876,770	Weatherford International, Ltd.^e		15,746,100
	20,975	Western Refining, Inc.		747,130
	3,950	World Fuel Services Corporation		151,917
	86,970	WPX Energy, Inc.^e		499,208

		Total		254,166,237


	Financials (6.7%)
	43,400	Aberdeen Asset Management plc		184,938
	22,150	ACE, Ltd.		2,588,227
	1,700	AEON Financial Service Company, Ltd.		37,976
	39,632	Affiliated Managers Group, Inc.^e		6,331,608
	14,160	Alexandria Real Estate Equities, Inc.		1,279,498
	6,600	Allianz SE		1,163,441
	44,040	Allied World Assurance Company Holdings AG		1,637,848
	30,420	American Assets Trust, Inc.		1,166,607
	53,170	American Campus Communities, Inc.		2,198,048
	66,880	American Equity Investment Life Holding Company		1,607,126
	66,140	American Financial Group, Inc.		4,767,371
	43,010	American International Group, Inc.		2,665,330
	44,887	Ameris Bancorp		1,525,709
	5,610	AMERISAFE, Inc.		285,549
	239,010	Anworth Mortgage Asset Corporation		1,039,693
	13,440	Apartment Investment & Management Company		538,003
	27,123	Argo Group International Holdings, Ltd.		1,623,040
	50,356	Arthur J. Gallagher & Company		2,061,575
	18,600	Ashford Hospitality Prime, Inc.		269,700
	49,670	Aspen Insurance Holdings, Ltd.		2,399,061
	15,440	Associated Banc-Corp		289,500
	145,960	Assured Guaranty, Ltd.		3,857,723
	18,500	Australia & New Zealand Banking Group, Ltd.		373,325
	68,300	Banco Santander SA		335,995
	10,230	BancorpSouth, Inc.		245,418
	30,700	Bank Hapoalim, Ltd.		158,474
	755,670	Bank of America Corporation		12,717,926
	36,150	Bank of New York Mellon Corporation		1,490,103
	8,024	Bank of Queensland, Ltd.		80,943
	50,852	Bank of the Ozarks, Inc.		2,515,140
	54,000	Bank of Yokohama, Ltd.		330,999
	19,520	BankFinancial Corporation		246,538
	92,350	BB&T Corporation		3,491,753
	99,789	BBCN Bancorp, Inc.		1,718,367
	18,900	BinckBank NV		162,888
	99,550	Blackstone Group, LP		2,910,842
	700	Bolsas y Mercados Espanoles SA		23,590
	17,000	Boston Private Financial Holdings, Inc.		192,780
	57,410	Brandywine Realty Trust		784,221
	5,900	British Land Company plc		68,269
	58,789	Brixmor Property Group, Inc.		1,517,932
	79,800	Brookline Bancorp, Inc.		917,700
	56,650	Brown & Brown, Inc.		1,818,465
	14,500	Camden Property Trust		1,113,020
	39,500	Capital One Financial Corporation		2,851,110
	8,415	Capital Shopping Centres Group plc		39,314
	25,200	CapitaMall Trust		34,194
	52,440	Cathay General Bancorp		1,642,945
	28,020	CBRE Group, Inc.^e		968,932
	166,466	Cedar Realty Trust, Inc.		1,178,579
	81,400	Charles Schwab Corporation		2,680,502
	9,240	Chatham Lodging Trust		189,235
	7,000	Chiba Bank, Ltd.		49,674
	318,197	Citigroup, Inc.		16,466,695
	29,780	Clifton Bancorp, Inc.		427,045
	138,780	CNO Financial Group, Inc.		2,649,310
	8,000	CNP Assurances		107,915
	279,922	CoBiz Financial, Inc.		3,756,553
	45,892	Columbia Banking System, Inc.		1,491,949
	66,300	Comerica, Inc.		2,773,329
	10,950	Commerce Bancshares, Inc.		465,813
	15,100	Corporate Office Properties Trust		329,633
	2,900	Daiwa House Industry Company, Ltd.		83,364
	500	Derwent London plc		27,044
	36,700	DEXUS Property Group		199,067
	15,850	Digital Realty Trust, Inc.		1,198,577
	17,408	Direct Line Insurance Group plc		104,346
	19,410	Douglas Emmett, Inc.		605,204
	67,050	Duke Realty Corporation		1,409,391
	43,803	East West Bancorp, Inc.		1,820,453
	8,950	Education Realty Trust, Inc.		339,026
	50,274	Employers Holdings, Inc.		1,372,480
	53,700	Equity One, Inc.		1,457,955
	61,902	Essent Group, Ltd.^e		1,355,035
	107,510	EverBank Financial Corporation		1,718,010
	34,627	Evercore Partners, Inc.		1,872,282
	12,440	Extra Space Storage, Inc.		1,097,332
	85,430	F.N.B. Corporation		1,139,636
	24,540	FelCor Lodging Trust, Inc.		179,142
	185,430	Fifth Third Bancorp		3,727,143
	120,270	First Commonwealth Financial Corporation		1,090,849
	4,510	First Defiance Financial Corporation		170,388
	9,890	First Financial Corporation		335,963
	27,670	First Horizon National Corporation		401,768
	49,110	First Industrial Realty Trust, Inc.		1,086,804
	6,580	First Interstate BancSystem, Inc.		191,281
	113,460	First Midwest Bancorp, Inc.		2,091,068
	7,770	First NBC Bank Holding Company^e		290,520
	76,748	First Potomac Realty Trust		874,927
	99,171	First Republic Bank		6,551,236
	19,200	FlexiGroup, Ltd.^f		41,903
	43,350	Franklin Street Properties Corporation		448,672

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (41.8%)	Value
	Financials (6.7%) - continued
	23,000	Frasers Centrepoint Trust	$	29,894
	53,000	Fukuoka Financial Group, Inc.		262,807
	30,669	Genworth Financial, Inc.^e		114,395
	5,770	German American Bancorp, Inc.		192,256
	14,400	Getty Realty Corporation		246,960
	40,499	Glacier Bancorp, Inc.		1,074,438
	26,750	Great Western Bancorp, Inc.		776,285
	78,197	Green Bancorp, Inc.^e		819,505
	3,099	Hamborner REIT AG		32,379
	4,300	Hammerson plc		38,014
	11,400	Hancock Holding Company		286,938
	6,700	Hang Seng Bank, Ltd.		126,987
	163,563	Hanmi Financial Corporation		3,879,714
	3,100	Hannover Rueckversicherung SE		353,989
	19,440	Hanover Insurance Group, Inc.		1,581,250
	114,160	Hartford Financial Services Group, Inc.		4,961,394
	65,688	Hatteras Financial Corporation		863,797
	4,190	HCI Group, Inc.^f		146,022
	13,500	Henderson Group plc		61,358
	5,000	Henderson Land Development Company, Ltd.		30,500
	17,020	HFF, Inc.		528,811
	9,400	Highwoods Properties, Inc.		409,840
	12,000	Hokuhoku Financial Group, Inc.		24,463
	47,014	Home BancShares, Inc.		1,905,007
	10,770	Hometrust Bancshares, Inc.^e		218,093
	49,190	Horace Mann Educators Corporation		1,632,124
	81,695	Host Hotels & Resorts, Inc.		1,253,201
	35,094	Houlihan Lokey, Inc.		919,814
	27,280	Hudson Pacific Properties, Inc.		767,659
	7,000	Hufvudstaden AB		98,956
	531,870	Huntington Bancshares, Inc.		5,882,482
	53,000	Hysan Development Company, Ltd.		216,540
	1,879	IG Group Holdings plc		22,215
	9,800	ING Groep NV		132,595
	23,840	Inland Real Estate Corporation		253,181
	69,309	Intercontinental Exchange, Inc.		17,761,124
	23,571	Intermediate Capital Group plc		217,292
	116,040	Invesco, Ltd.		3,885,019
	15,600	Investa Office Fund		45,159
	33,900	Investec plc		239,030
	142,470	Investors Bancorp, Inc.		1,772,327
	163,260	J.P. Morgan Chase & Company		10,780,058
	117,990	Janus Capital Group, Inc.		1,662,479
	15,250	Kearny Financial Corporation		193,218
	19,801	Kennedy-Wilson Holdings, Inc.		476,808
	429,740	KeyCorp		5,668,271
	11,720	Kilroy Realty Corporation		741,642
	23,560	Lamar Advertising Company		1,413,129
	30,497	LaSalle Hotel Properties		767,305
	14,799	Lazard, Ltd.		666,103
	38,560	Lexington Realty Trust		308,480
	10,980	Liberty Property Trust		340,929
	6,879	Lincoln National Corporation		345,739
	36,500	Link REIT		217,609
	13,350	M&T Bank Corporation		1,617,753
	500	Macquarie Group, Ltd.		29,911
	115,240	MetLife, Inc.		5,555,720
	46,800	Mitsubishi UFJ Financial Group, Inc.		289,891
	61,660	Monmouth Real Estate Investment Corporation^f		644,964
	177,700	Morgan Stanley		5,652,637
	20,170	MSCI, Inc.		1,454,862
	400	Muenchener Rueckversicherungs-Gesellschaft AG		79,695
	43,475	Nasdaq, Inc.		2,528,941
	37,019	National Interstate Corporation		988,407
	104,001	Navient Corporation		1,190,811
	5,800	Navigators Group, Inc.^e		497,582
	115,000	New World Development Company, Ltd.		112,923
	29,600	Northern Trust Corporation		2,133,864
	83,590	NorthStar Asset Management Corporation, Inc.		1,014,783
	8,000	Ogaki Kyoritsu Bank, Ltd.		32,254
	9,300	Old Mutual plc		24,465
	7,890	One Liberty Properties, Inc.		169,319
	63,850	Oritani Financial Corporation		1,053,525
	83,395	PacWest Bancorp		3,594,324
	47,470	Parkway Properties, Inc.		741,956
	48,201	Pebblebrook Hotel Trust		1,350,592
	23,710	PennyMac Financial Services, Inc.^e		364,186
	11,720	Physicians Realty Trust		197,599
	14,390	Popular, Inc.		407,813
	16,630	Post Properties, Inc.		983,831
	18,435	Potlatch Corporation		557,474
	8,900	Poundland Group plc		27,251
	49,970	Primerica, Inc.^f		2,360,083
	6,130	PrivateBancorp, Inc.		251,453
	38,640	Progressive Corporation		1,228,752
	75,710	Provident Financial Services, Inc.		1,525,556
	74,900	Radian Group, Inc.		1,002,911
	97,140	Ramco-Gershenson Properties Trust		1,613,495
	59,913	Raymond James Financial, Inc.		3,473,157
	25,140	RE/MAX Holdings, Inc.		937,722
	33,650	Realogy Holdings Corporation^e		1,233,946
	27,640	Renasant Corporation		951,092
	6,200	Resona Holdings, Inc.		30,109
	19,690	Rouse Properties, Inc.		286,686
	10,277	Safeguard Scientifics, Inc.^e		149,119
	3,567	Safety Insurance Group, Inc.		201,107
	700	Sampo Oyj		35,548
	43,043	Sandy Spring Bancorp, Inc.		1,160,439
	4,500	Schroders plc		197,097
	11,600	Seacoast Banking Corporation of Florida^e		173,768
	23,080	Selective Insurance Group, Inc.		775,026
	10,830	Sierra Bancorp		191,150
	34,670	Silver Bay Realty Trust Corporation REIT		542,932
	448,940	SLM Corporation^e		2,927,089
	900	Sompo Japan Nipponkoa Holdings, Inc.		29,551
	68,700	Spirit Realty Captial, Inc.		688,374
	54,160	Starwood Property Trust, Inc.		1,113,530
	26,269	State Auto Financial Corporation		540,879
	88,899	Stifel Financial Corporation^e		3,765,762
	90,620	Stockland		269,004
	34,920	Store Capital Corporation		810,144
	36,000	Sumitomo Mitsui Trust Holdings, Inc.		136,344
	27,563	Summit Hotel Properties, Inc.		329,378
	21,200	SunTrust Banks, Inc.		908,208
	44,359	SVB Financial Group^e		5,274,285
	7,100	Swiss Re AG		693,431
	74,300	Synchrony Financial^e		2,259,463
	186,580	Synovus Financial Corporation		6,041,460
	1,000	Talanx AG		30,755
	106,920	Talmer Bancorp, Inc.		1,936,321
	249,260	TCF Financial Corporation		3,519,551
	64,074	TD Ameritrade Holding Corporation		2,224,009
	84,701	Terreno Realty Corporation		1,915,937

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (41.8%)	Value
	Financials (6.7%) - continued
	10,710	Territorial Bancorp, Inc.	$	297,095
	700	Tokio Marine Holdings, Inc.		27,037
	17,315	TriCo Bancshares		475,124
	48,320	TrustCo Bank Corporation		296,685
	7,600	U.S. Bancorp		324,292
	13,600	UBS Group AG		263,833
	20,764	UMH Properties, Inc.		210,132
	7,130	Union Bankshares Corporation		179,961
	8,900	United Community Banks, Inc.		173,461
	20,314	United Overseas Bank, Ltd.		280,065
	10,320	Urstadt Biddle Properties, Inc.		198,557
	13,251	W.R. Berkley Corporation		725,492
	3,800	Wallenstam AB		30,543
	4,640	Webster Financial Corporation		172,562
	42,700	Wells Fargo & Company		2,321,172
	73,076	Western Alliance Bancorp^e		2,620,505
	29,670	Western Asset Mortgage Capital Corporation^f		303,227
	16,750	Whitestone REIT		201,167
	39,800	Wing Tai Holdings, Ltd.		49,164
	12,970	Wintrust Financial Corporation		629,304
	14,323	WSFS Financial Corporation		463,492
	23,800	XL Group plc		932,484
	319,705	Zions Bancorporation		8,727,946

		Total		328,696,692


	Health Care (5.8%)
	327,152	Abbott Laboratories		14,692,396
	25,924	ABIOMED, Inc.^e		2,340,419
	48,896	Acadia Healthcare Company, Inc.^e		3,054,044
	6,850	Acceleron Pharma, Inc.^e		334,006
	12,090	Aceto Corporation		326,188
	110,970	Acorda Therapeutics, Inc.^e		4,747,297
	400	Actelion, Ltd.		55,577
	46,150	Aetna, Inc.		4,989,738
	68,600	Affymetrix, Inc.^e		692,174
	99,278	Akorn, Inc.^e		3,704,062
	20,520	Albany Molecular Research, Inc.^e		407,322
	53,402	Align Technology, Inc.^e		3,516,522
	69,186	Allergan plc^e		21,620,625
	26,103	Allscripts Healthcare Solutions, Inc.^e		401,464
	29,561	AmerisourceBergen Corporation		3,065,771
	27,240	Amgen, Inc.		4,421,869
	64,264	AMN Healthcare Services, Inc.^e		1,995,397
	7,600	AmSurg Corporation^e		577,600
	6,541	Anacor Pharmaceuticals, Inc.^e		738,937
	26,870	Analogic Corporation		2,219,462
	3,500	Astellas Pharmaceutical, Inc.		49,825
	63,783	Asterias Biotherapeutics, Inc.^e,f		250,667
	2,844	Atrion Corporation		1,084,133
	65,016	Baxalta, Inc.		2,537,574
	200	Bayer AG		24,978
	20,554	BioMarin Pharmaceutical, Inc.^e		2,153,237
	2,790	Bio-Rad Laboratories, Inc.^e		386,861
	12,237	C.R. Bard, Inc.		2,318,177
	41,260	Cambrex Corporation^e		1,942,933
	4,200	Cardinal Health, Inc.		374,934
	70,582	Cardiovascular Systems, Inc.^e		1,067,200
	54,454	Centene Corporation^e		3,583,618
	246,746	Cerner Corporation^e		14,846,707
	10,160	CONMED Corporation		447,548
	13,870	Cross Country Healthcare, Inc.^e		227,329
	800	CSL, Ltd.		60,992
	107,520	DENTSPLY International, Inc.		6,542,592
	187,544	Depomed, Inc.^e,f		3,400,173
	58,560	Edwards Lifesciences Corporation^e		4,625,069
	54,720	Ensign Group, Inc.		1,238,314
	87,405	Envision Healthcare Holdings, Inc.^e		2,269,908
	4,900	Essilor International SA		610,720
	22,700	EXACT Sciences Corporation^e,^f		209,521
	117,994	ExamWorks Group, Inc.^e		3,138,640
	33,300	Express Scripts Holding Company^e		2,910,753
	400	Fresenius Medical Care AG & Company KGaA		33,614
	400	Gerresheimer AG		31,257
	178,635	Gilead Sciences, Inc.		18,076,076
	22,780	Globus Medical, Inc.^e		633,740
	42,030	Greatbatch, Inc.^e		2,206,575
	32,610	HCA Holdings, Inc.^e		2,205,414
	16,830	HealthSouth Corporation		585,852
	26,030	Healthways, Inc.^e		335,006
	5,600	Hikma Pharmaceuticals plc		189,838
	11,900	Hill-Rom Holdings, Inc.		571,914
	61,550	Hologic, Inc.^e		2,381,369
	3,810	ICON plc^e		296,037
	56,629	Impax Laboratories, Inc.^e		2,421,456
	44,000	Inogen, Inc.^e		1,763,960
	42,017	Intersect ENT, Inc.^e		945,383
	109,126	Ironwood Pharmaceuticals, Inc.^e		1,264,770
	1,800	Kaken Pharmaceutical Company, Ltd.		123,000
	59,540	Kindred Healthcare, Inc.		709,121
	8,178	LivaNova plc^e		485,528
	700	Lonza Group AG		113,844
	9,600	Magellan Health Services, Inc.^e		591,936
	65,278	Medtronic, Inc.		5,021,184
	156,690	Merck & Company, Inc.		8,276,366
	6,638	Mettler-Toledo International, Inc.^e		2,251,145
	273,176	Mylan NV^e		14,770,626
	19,634	National Healthcare Corporation		1,211,418
	3,240	Neogen Corporation^e		183,125
	38,684	Neurocrine Biosciences, Inc.^e		2,188,354
	4,800	Novartis AG		412,893
	5,400	Novo Nordisk AS		312,650
	93,013	NuVasive, Inc.^e		5,032,933
	21,680	NxStage Medical, Inc.^e		475,009
	700	Paramount Bed Holdings Company, Ltd.		24,837
	17,850	PerkinElmer, Inc.		956,225
	23,450	Perrigo Company plc		3,393,215
	329,060	Pfizer, Inc.		10,622,057
	19,860	PharMerica Corporation^e		695,100
	24,830	Progenics Pharmaceuticals, Inc.^e		152,208
	3,500	Prothena Corporation plc^e		238,385
	5,600	Providence Service Corporation^e		262,752
	14,810	Quality Systems, Inc.		238,737
	5,680	Quest Diagnostics, Inc.		404,075
	32,870	Quintiles Transnational Holdings, Inc.^e		2,256,854
	1,300	Recordati SPA		33,918
	65,300	Roche Holding AG ADR		2,250,891
	11,070	Sagent Pharmaceuticals, Inc.^e		176,124
	3,400	Sanofi		289,756
	1,600	Suzuken Company, Ltd.		60,803
	73,511	Team Health Holdings, Inc.^e		3,226,398
	88,205	Teleflex, Inc.		11,594,547
	48,993	Triple-S Management Corporation^e		1,171,423
	59,886	UnitedHealth Group, Inc.		7,044,989
	43,687	Universal Health Services, Inc.		5,220,160
	22,370	Vanda Pharmaceuticals, Inc.^e,f		208,265
	11,390	VCA Antech, Inc.^e		626,450
	104,300	Veeva Systems, Inc.^e,f		3,009,055

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (41.8%)	Value
	Health Care (5.8%) - continued
	119,124	Vertex Pharmaceuticals, Inc.^e	$	14,989,373
	13,200	Waters Corporation^e		1,776,456
	21,700	Wellcare Health Plans, Inc.^e		1,697,157
	25,010	West Pharmaceutical Services, Inc.		1,506,102
	25,400	Zoetis, Inc.		1,217,168

		Total		281,648,146


	Industrials (4.6%)
	53,730	3M Company		8,093,887
	6,960	A.O. Smith Corporation		533,206
	1,600	Aalberts Industries NV		55,129
	7,850	AAR Corporation		206,377
	38,870	ABM Industries, Inc.		1,106,629
	2,000	Adecco SA		136,885
	69,800	ADT Corporation^f		2,302,004
	42,100	AECOM^e		1,264,263
	52,416	Aegion Corporation^e		1,012,153
	25,900	AGCO Corporation^f		1,175,601
	3,000	Aida Engineering, Ltd.		30,920
	38,213	Air New Zealand, Ltd.		77,071
	1,900	Airbus Group NV		128,037
	7,970	Allison Transmission Holdings, Inc.		206,343
	3,300	Amada Holdings Company, Ltd.		31,491
	6,550	AMETEK, Inc.		351,014
	900	Andritz AG		43,802
	5,320	Applied Industrial Technologies, Inc.		215,407
	17,000	Asahi Glass Company, Ltd.		97,390
	26,028	Astec Industries, Inc.		1,059,340
	1,100	Atlas Copco Aktiebolag		26,977
	31,270	AZZ, Inc.		1,737,674
	30,246	B/E Aerospace, Inc.		1,281,523
	21,100	BAE Systems plc		155,350
	44,670	Beacon Roofing Supply, Inc.^e		1,839,511
	62,560	Boeing Company		9,045,550
	10,600	Bollore SA		49,392
	7,320	Brady Corporation		168,214
	12,990	Briggs & Stratton Corporation		224,727
	27,870	Brink’s Company		804,328
	37,430	BWX Technologies, Inc.		1,189,151
	28,730	Caterpillar, Inc.		1,952,491
	8,900	Central Glass Company, Ltd.		40,820
	1,500	Central Japan Railway Company		266,301
	21,522	CIRCOR International, Inc.		907,152
	73,480	CLARCOR, Inc.		3,650,486
	46,638	Comfort Systems USA, Inc.		1,325,452
	1,900	Compagnie de Saint-Gobain		82,337
	46,670	Copart, Inc.^e		1,773,927
	22,910	Corporate Executive Board Company		1,406,445
	1,100	Croda International plc		49,286
	135,750	CSX Corporation		3,522,713
	7,100	CTT-Correios de Portugal SA		68,237
	11,877	Cubic Corporation		561,188
	33,480	Curtiss-Wright Corporation		2,293,380
	4,000	Dai Nippon Printing Company, Ltd.		39,555
	34,250	Danaher Corporation		3,181,140
	4,362	Dart Group plc		37,843
	345,750	Delta Air Lines, Inc.		17,526,068
	3,100	Deutsche Post AG		86,670
	22,080	DigitalGlobe, Inc.^e		345,773
	32,640	Donaldson Company, Inc.		935,462
	1,600	DSV AS		62,982
	400	East Japan Railway Company		37,666
	800	Elbit Systems, Ltd.		70,428
	95,864	EMCOR Group, Inc.		4,605,307
	17,850	Equifax, Inc.		1,987,955
	35,770	ESCO Technologies, Inc.		1,292,728
	46,300	Expeditors International of Washington, Inc.		2,088,130
	47,518	Federal Signal Corporation		753,160
	4,600	Ferrovial SA		104,021
	12,650	Flowserve Corporation		532,312
	100	Flughafen Zuerich AG		75,031
	81,010	Fortune Brands Home and Security, Inc.		4,496,055
	29,716	Franklin Electric Company, Inc.		803,223
	59,584	FTI Consulting, Inc.^e		2,065,181
	23,196	G & K Services, Inc.		1,459,028
	2,961	Galliford Try plc		66,533
	700	GEA Group AG		28,281
	49,224	Gibraltar Industries, Inc.^e		1,252,259
	91,283	Granite Construction, Inc.		3,916,954
	25,020	H&E Equipment Services, Inc.		437,350
	4,000	Hankyu Hanshin Holdings, Inc.		26,000
	8,780	Hawaiian Holdings, Inc.^e		310,197
	51,851	Healthcare Services Group, Inc.		1,808,044
	45,616	Heico Corporation		2,479,686
	35,410	Hexcel Corporation		1,644,795
	42,736	HNI Corporation		1,541,060
	600	Hochtief AG		55,649
	39,372	Honeywell International, Inc.		4,077,758
	500	Hoshizaki Electric Company, Ltd.		31,083
	19,384	Hub Group, Inc.^e		638,703
	21,090	Huntington Ingalls Industries, Inc.		2,675,267
	70,346	Huron Consulting Group, Inc.^e		4,178,552
	1,900	IBIDEN Company, Ltd.		27,239
	3,070	Illinois Tool Works, Inc.		284,528
	2,100	Inaba Denki Sangyo Company, Ltd.		67,097
	50,850	Ingersoll-Rand plc		2,811,497
	26,360	Insperity, Inc.		1,269,234
	7,200	Intrum Justitia AB		244,999
	27,000	ITOCHU Corporation		319,368
	1,307	Jardine Matheson Holdings, Ltd.		63,295
	32,313	JB Hunt Transport Services, Inc.		2,370,482
	7,193	John Bean Technologies Corporation		358,427
	48,680	Joy Global, Inc.^f		613,855
	500	Jungheinrich AG		41,237
	27,253	Kaman Corporation		1,112,195
	18,980	KAR Auction Services, Inc.		702,829
	2,000	Keisei Electric Railway Company, Ltd.		25,517
	46,814	Kforce, Inc.		1,183,458
	10,000	KITZ Corporation		44,918
	6,800	KONE Oyj		287,921
	2,200	Koninklijke Boskalis Westminster NV		89,743
	74,860	Korn/Ferry International		2,483,855
	19,409	Landstar System, Inc.		1,138,338
	4,800	Lincoln Electric Holdings, Inc.		249,072
	10,300	Lockheed Martin Corporation		2,236,645
	35,560	Manpower, Inc.		2,997,352
	70,850	Masco Corporation		2,005,055
	43,921	McGrath Rentcorp		1,106,370
	14,216	Meggitt plc		78,491
	800	MEITEC Corporation		27,395
	78,810	Meritor, Inc.^e		658,063
	18,008	Middleby Corporation^e		1,942,523
	22,201	Mine Safety Appliances Company		965,077
	3,900	MIRAIT Holdings Corporation		32,132
	4,000	Mitsuboshi Belting, Ltd.		31,888
	36,900	Mueller Water Products, Inc.		317,340
	78,267	Navigant Consulting, Inc.^e		1,256,968
	42,374	Nielsen Holdings plc		1,974,628
	4,200	Nikkon Holdings Company, Ltd.		83,713
	7,000	Nippon Express Company, Ltd.		32,895

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (41.8%)	Value
	Industrials (4.6%) - continued
	7,000	Nitto Kogyo Corporation	$	122,387
	12,536	Nordson Corporation		804,184
	111,121	Norfolk Southern Corporation		9,399,725
	10,050	Northrop Grumman Corporation		1,897,541
	4,000	Obayashi Corporation		36,909
	27,617	Old Dominion Freight Line, Inc.^e		1,631,336
	84,626	On Assignment, Inc.^e		3,803,939
	53,516	Oshkosh Corporation		2,089,265
	57,492	PGT, Inc.^e		654,834
	25,500	PowerSecure International, Inc.^e		383,775
	136,802	Progressive Waste Solutions, Ltd.		3,221,687
	51,116	Proto Labs, Inc.^e,f		3,255,578
	14,330	Quanex Building Products Corporation		298,781
	400	Randstad Holding NV		24,909
	83,780	Raven Industries, Inc.		1,306,968
	7,603	RBC Bearings, Inc.^e		491,078
	13,500	Rentokil Initial plc		31,674
	13,710	Resources Connection, Inc.		224,021
	11,380	Rexnord Corporation^e		206,206
	474	Rieter Holding AG		89,091
	69,868	Ritchie Brothers Auctioneers, Inc.^f		1,684,517
	13,000	Rockwell Automation, Inc.		1,333,930
	10,680	Rockwell Collins, Inc.		985,764
	15,372	Roper Industries, Inc.		2,917,452
	4,400	Ryder System, Inc.		250,052
	1,348	Saft Groupe SA		41,086
	39,613	Saia, Inc.^e		881,389
	100	Schindler Holding AG		16,730
	14,300	SIG plc		30,219
	158,361	Southwest Airlines Company		6,819,025
	20,820	Spirit Aerosystems Holdings, Inc.^e		1,042,457
	7,238	Stericycle, Inc.^e		872,903
	7,017	Sun Hydraulics Corporation		222,649
	57,165	Swift Transportation Company^e,f		790,020
	2,200	Teleperformance SA		184,993
	36,510	Tennant Company		2,054,053
	13,190	Tetra Tech, Inc.		343,204
	30,879	Textron, Inc.		1,297,227
	600	Thales SA		44,910
	1,200	TKH Group NV		48,729
	7,000	Toppan Printing Company, Ltd.		64,492
	29,520	Toro Company		2,157,026
	1,000	Travis Perkins plc		29,011
	17,007	Triumph Group, Inc.		676,028
	6,290	TrueBlue, Inc.^e		162,030
	2,600	Tsubakimoto Chain Company		20,020
	26,563	Tyco International plc		847,094
	3,790	UniFirst Corporation		394,918
	11,610	United Continental Holdings, Inc.^e		665,253
	29,100	United Parcel Service, Inc.		2,800,293
	25,739	United Rentals, Inc.^e		1,867,107
	23,906	Universal Forest Products, Inc.		1,634,453
	33,649	Universal Truckload Services, Inc.		472,432
	500	Vestas Wind Systems AS		34,919
	16,900	WABCO Holdings, Inc.^e		1,728,194
	42,403	WageWorks, Inc.^e		1,923,824
	68,410	Waste Connections, Inc.		3,852,851
	6,339	Watsco, Inc.		742,487
	16,350	Wesco Aircraft Holdings, Inc.^e		195,710
	17,710	West Corporation		382,005
	3,695	Woodward, Inc.		183,494
	9,670	Xylem, Inc.		352,955
	11,000	YRC Worldwide, Inc.^e		155,980
	900	Yuasa Trading Company, Ltd.		22,233

		Total		225,039,095


	Information Technology (9.3%)
	37,582	A10 Networks, Inc.^e		246,538
	6,980	Accenture plc		729,410
	116,800	ACI Worldwide, Inc.^e		2,499,520
	17,286	Advanced Energy Industries, Inc.^e		487,984
	73,050	Agilent Technologies, Inc.		3,054,220
	44,030	Akamai Technologies, Inc.^e		2,317,299
	117,870	Alibaba Group Holding, Ltd. ADR^e		9,579,295
	13,100	Alliance Data Systems Corporation^e		3,623,067
	27,443	Alphabet, Inc., Class A^e		21,350,928
	31,387	Alphabet, Inc., Class C^e		23,818,967
	2,700	Alps Electric Company, Ltd.		73,219
	29,033	Ambarella, Inc.^e,f		1,618,299
	50,220	Amkor Technology, Inc.^e		305,338
	92,284	Amphenol Corporation		4,819,993
	900	AMS AG		30,086
	4,800	Analog Devices, Inc.		265,536
	21,001	ANSYS, Inc.^e		1,942,592
	348,746	Apple, Inc.^g		36,709,004
	137,852	Applied Materials, Inc.		2,573,697
	49,550	Arista Networks, Inc.^e,f		3,856,972
	32,830	Aspen Technology, Inc.^e		1,239,661
	400	AtoS		33,581
	12,250	AVG Technologies NV^e		245,613
	24,170	Avnet, Inc.		1,035,443
	29,170	AVX Corporation		354,124
	42,493	Belden, Inc.		2,026,066
	7,840	Benchmark Electronics, Inc.^e		162,053
	9,740	Black Knight Financial Services, Inc.^e		322,004
	47,580	Booz Allen Hamilton Holding Corporation		1,467,843
	51,830	Broadridge Financial Solutions, Inc.		2,784,826
	329,683	Brocade Communications Systems, Inc.		3,026,490
	99,978	Brooks Automation, Inc.		1,067,765
	31,152	Cabot Microelectronics Corporation^e		1,363,835
	25,677	CACI International, Inc.^e		2,382,312
	9,170	Cadence Design Systems, Inc.^e		190,828
	3,800	Canon, Inc.		114,950
	600	Cap Gemini SA		55,672
	40,611	Cardtronics, Inc.^e		1,366,560
	37,331	Cavium, Inc.^e		2,453,020
	10,420	CDK Global, Inc.		494,637
	66,300	CDW Corporation		2,787,252
	5,400	Check Point Software Technologies, Ltd.^e,f		439,452
	75,631	Ciena Corporation^e		1,564,805
	546,690	Cisco Systems, Inc.		14,845,367
	2,896	Citrix Systems, Inc.^e		219,082
	77,325	Cognex Corporation		2,611,265
	23,550	Cognizant Technology Solutions Corporation^e		1,413,471
	18,260	Coherent, Inc.^e		1,188,909
	10,500	Comtech Telecommunications Corporation		210,945
	35,940	Convergys Corporation		894,547
	83,720	CoreLogic, Inc.^e		2,834,759
	17,920	Cornerstone OnDemand, Inc.^e		618,778
	86,990	Criteo SA ADR^e		3,444,804
	13,970	Cvent, Inc.^e		487,693
	50,324	Demandware, Inc.^e,f		2,715,986
	3,000	Dialog Semiconductor plc^e		100,106
	14,392	DST Systems, Inc.		1,641,552

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (41.8%)	Value
	Information Technology (9.3%) - continued
	1,300	DTS Corporation	$	29,593
	56,250	eBay, Inc.^e		1,545,750
	56,637	Electro Rent Corporation		521,060
	556,240	EMC Corporation		14,284,243
	48,850	Envestnet, Inc.^e		1,458,173
	18,190	EVERTEC, Inc.		304,501
	15,640	ExlService Holdings, Inc.^e		702,705
	19,270	F5 Networks, Inc.^e		1,868,419
	53,132	Fabrinet^e		1,265,604
	361,820	Facebook, Inc.^e		37,868,081
	34,450	FEI Company		2,748,765
	4,170	FleetCor Technologies, Inc.^e		596,018
	19,420	FLIR Systems, Inc.		545,119
	75,871	Fortinet, Inc.^e		2,364,899
	13,500	FUJIFILM Holdings NPV		563,389
	25,466	Gartner, Inc.^e		2,309,766
	60,600	Glu Mobile, Inc.^e		147,258
	93,617	Guidewire Software, Inc.^e		5,631,999
	31,420	Harmonic, Inc.^e		127,879
	3,000	Hitachi Kokusai Electric, Inc.		40,783
	2,100	Hoya Corporation		85,874
	11,720	IAC/InterActiveCorporation		703,786
	33,279	Imperva, Inc.^e		2,106,893
	1,200	Ingenico Group		151,466
	120,810	Intel Corporation		4,161,904
	4,000	IRESS, Ltd.		28,961
	2,400	IT Holdings Corporation		54,837
	1,600	ITOCHU Techno-Solutions Corporation		31,879
	88,573	Ixia^e		1,100,962
	62,477	Juniper Networks, Inc.		1,724,365
	1,000	Kyocera Corporation		46,441
	3,030	Leidos Holdings, Inc.		170,468
	10,600	Liberty Tripadvisor Holdings, Inc.^e		321,604
	13,075	Littelfuse, Inc.		1,399,156
	2,710	LogMeIn, Inc.^e		181,841
	14,740	Lumentum Holdings, Inc.^e		324,575
	20,794	Manhattan Associates, Inc.^e		1,375,939
	38,330	Marvell Technology Group, Ltd.		338,071
	87,300	MasterCard, Inc.		8,499,528
	40,646	Maxim Integrated Products, Inc.		1,544,548
	72,320	Mentor Graphics Corporation		1,332,134
	25,898	Methode Electronics, Inc.		824,333
	102,080	Microsemi Corporation^e		3,326,787
	649,230	Microsoft Corporation		36,019,280
	53,691	Monolithic Power Systems, Inc.		3,420,654
	2,230	Morningstar, Inc.		179,314
	68,000	Nanometrics, Inc.^e		1,029,520
	77,830	National Instruments Corporation		2,232,943
	5,500	NEC Networks & System Integration Corporation		97,266
	5,330	NetScout Systems, Inc.^e		163,631
	33,625	Newport Corporation^e		533,629
	26,326	Nice Systems, Ltd. ADR^f		1,509,006
	2,000	NS Solutions Corporation		45,571
	275,336	NVIDIA Corporation		9,075,075
	22,186	NXP Semiconductors NV^e		1,869,171
	33,430	ON Semiconductor Corporation^e		327,614
	130,750	Oracle Corporation		4,776,297
	16,900	Palo Alto Networks, Inc.^e		2,976,766
	114,480	Pandora Media, Inc.^e		1,535,177
	25,820	Parametric Technology Corporation^e		894,147
	31,100	Paylocity Holding Corporation^e		1,261,105
	334,838	PayPal Holdings, Inc.^e		12,121,136
	31,354	Plantronics, Inc.		1,486,807
	83,944	Progress Software Corporation^e		2,014,656
	66,855	Proofpoint, Inc.^e		4,346,244
	42,467	QLIK Technologies, Inc.^e		1,344,505
	22,690	RealPage, Inc.^e		509,391
	43,680	Red Hat, Inc.^e		3,617,141
	35,970	Ruckus Wireless, Inc.^e		385,239
	254,540	Salesforce.com, Inc.^e		19,955,936
	2,000	SAP SE		158,707
	42,918	ServiceNow, Inc.^e		3,714,982
	8,300	Shinko Electric Industries Company, Ltd.		53,210
	48,540	ShoreTel, Inc.^e		429,579
	19,000	Symantec Corporation		399,000
	29,444	Synopsys, Inc.^e		1,342,941
	400	TDK Corporation		25,618
	4,550	Tech Data Corporation^e		302,029
	174,074	Teradyne, Inc.		3,598,110
	18,450	Tessera Technologies, Inc.		553,684
	88,950	Texas Instruments, Inc.		4,875,349
	10,900	Tyler Technologies, Inc.^e		1,900,088
	100	U-Blox AG^e		21,284
	24,187	Ultimate Software Group, Inc.^e		4,728,800
	37,340	Ultra Clean Holdings, Inc.^e		191,181
	24,100	Vantiv, Inc.^e		1,142,822
	146,395	Virtusa Corporation^e		6,051,969
	341,780	Visa, Inc.		26,505,039
	33,490	Web.com Group, Inc.^e		670,135
	36,790	Xerox Corporation		391,078

		Total		455,651,202


	Materials (1.6%)
	35,100	Agnico Eagle Mines, Ltd.		922,428
	47,657	Albemarle Corporation		2,669,269
	183,750	Alcoa, Inc.		1,813,612
	23,763	American Vanguard Corporation		332,920
	400	Aurubis AG		20,255
	21,100	Avery Dennison Corporation		1,322,126
	32,991	Axalta Coating Systems, Ltd.^e		879,210
	53,800	Axiall Corporation		828,520
	20,880	Balchem Corporation		1,269,504
	29,350	Ball Corporation		2,134,625
	195,600	Barrick Gold Corporation		1,443,528
	10,140	Berry Plastics Group, Inc.^e		366,865
	10,900	BHP Billiton plc		121,556
	24,500	BHP Billiton, Ltd.		315,304
	11,500	BillerudKorsnas AB		212,826
	12,300	Boise Cascade Company^e		314,019
	9,700	Boral, Ltd.		41,473
	2,500	Buzzi Unicem SPA		44,813
	5,220	Carpenter Technology Corporation		158,009
	17,697	Celanese Corporation		1,191,539
	26,517	CF Industries Holdings, Inc.		1,082,159
	123,520	Chemtura Corporation^e		3,368,390
	9,442	Clearwater Paper Corporation^e		429,894
	109,520	Crown Holdings, Inc.^e		5,552,664
	14,400	Daicel Corporation		214,299
	54,630	Dow Chemical Company		2,812,352
	5,000	DOWA Holdings Company, Ltd.^e		35,951
	7,150	Eagle Materials, Inc.		432,074
	14,700	Eastman Chemical Company		992,397
	135,850	Eldorado Gold Corporation		403,475
	800	Evonik Industries AG		26,462
	49,093	FMC Corporation		1,921,009
	153,920	Freeport-McMoRan, Inc.		1,042,038
	100	Givaudan SA		181,496
	133,200	Goldcorp, Inc.		1,539,792
	31,000	Graphic Packaging Holding Company		397,730

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (41.8%)	Value
	Materials (1.6%) - continued
	2,900	Hexpol AB	$	31,094
	4,100	Hokuetsu Kishu Paper Company, Ltd.		24,161
	1,500	Holmen AB		46,331
	109,890	Horsehead Holding Corporation^e,^f		225,275
	7,340	Innophos Holdings, Inc.		212,713
	27,093	Innospec, Inc.		1,471,421
	89,950	International Paper Company		3,391,115
	1,800	JFE Holdings, Inc.		28,264
	9,320	KapStone Paper and Packaging Corporation		210,539
	234,450	Kinross Gold Corporation^e		426,699
	8,350	Koppers Holdings, Inc.^e		152,388
	500	LafargeHolcim, Ltd.		25,037
	100	Linde AG		14,446
	9,100	Martin Marietta Materials, Inc.		1,242,878
	12,650	Minerals Technologies, Inc.		580,129
	4,600	Mitsubishi Chemical Holdings Corporation		29,186
	3,400	Mondi plc		66,643
	65,900	Mosaic Company		1,818,181
	65,565	Myers Industries, Inc.		873,326
	107,860	Newmont Mining Corporation		1,940,401
	1,900	Nippon Paint Holdings Company, Ltd.		45,984
	4,100	Nippon Steel & Sumitomo Metal Corporation		81,108
	2,800	Novozymes AS		134,061
	53,100	Nucor Corporation		2,139,930
	5,000	Oji Holdings Corporation		20,095
	35,640	Olin Corporation		615,146
	97,300	Owens-Illinois, Inc.^e		1,694,966
	53,400	Packaging Corporation of America		3,366,870
	124,235	PolyOne Corporation		3,945,704
	2,310	Quaker Chemical Corporation		178,471
	5,580	Reliance Steel & Aluminum Company		323,138
	2,000	Rio Tinto plc		58,231
	800	Rio Tinto, Ltd.		25,872
	53,555	Rock-Tenn Company		2,443,179
	12,650	Royal Gold, Inc.		461,346
	12,500	RPM International, Inc.		550,750
	17,390	Schnitzer Steel Industries, Inc.		249,894
	15,500	Scotts Miracle-Gro Company		999,905
	38,850	Sealed Air Corporation		1,732,710
	4,300	Silgan Holdings, Inc.		230,996
	59,550	Silver Wheaton Corporation		739,611
	41,290	Sonoco Products Company		1,687,522
	124,972	Steel Dynamics, Inc.		2,233,250
	5,000	Sumitomo Seika Chemicals Company, Ltd.		30,421
	104,000	Teck Resources, Ltd.^f		401,440
	5,000	Tosoh Corporation		25,720
	6,100	UPM-Kymmene Oyj		113,249
	19,150	Vulcan Materials Company		1,818,675
	3,970	Westlake Chemical Corporation		215,650
	196,900	Yamana Gold, Inc.		366,234
	6,301	Yara International ASA		270,995

		Total		76,845,933


	Telecommunications Services (0.2%)
	29,161	BT Group plc		202,483
	7,800	Elisa Oyj		293,475
	7,000	Freenet AG		236,215
	106,322	KCOM Group plc		181,036
	17,317	Level 3 Communications, Inc.^e		941,352
	17,900	Orange SA		299,392
	63,262	ORBCOMM, Inc.^e		458,017
	3,500	Proximus SA		113,894
	33,946	SBA Communications Corporation^e		3,566,706
	11,200	StarHub, Ltd.		29,147
	137,400	Telstra Corporation, Ltd.		558,351
	90,629	Verizon Communications, Inc.		4,188,872
	3,000	Vivendi SA		64,432
	61,550	Vonage Holdings Corporation^e		353,297

		Total		11,486,669


	Utilities (0.7%)
	66,000	A2A SPA		89,368
	6,180	Ameren Corporation		267,161
	36,900	American Electric Power Company, Inc.		2,150,163
	28,920	American States Water Company		1,213,194
	102,510	American Water Works Company, Inc.		6,124,972
	21,010	Aqua America, Inc.		626,098
	17,960	Artesian Resources Corporation		497,492
	3,590	Atmos Energy Corporation		226,314
	35,120	California Water Service Group		817,242
	8,000	CLP Holdings, Ltd.		67,808
	21,650	Edison International, Inc.		1,281,896
	57,300	Electricidade de Portugal SA		206,473
	18,171	FirstEnergy Corporation		576,566
	2,930	IDACORP, Inc.		199,240
	30,533	Laclede Group, Inc.		1,813,966
	7,670	Middlesex Water Company		203,562
	8,810	New Jersey Resources Corporation		290,378
	10,900	NRG Yield, Inc.^f		160,884
	5,170	OGE Energy Corporation		135,919
	22,290	Otter Tail Corporation		593,583
	26,140	Pacific Ethanol, Inc.^e,f		124,949
	134,740	PG&E Corporation		7,166,821
	19,396	PNM Resources, Inc.		592,936
	38,400	Public Service Enterprise Group, Inc.		1,485,696
	32,600	Redes Energeticas Nacionais SGPS SA		98,487
	21,740	Renewable Energy Group, Inc.^e		201,965
	48,800	Southern Company		2,283,352
	29,034	Southwest Gas Corporation		1,601,515
	55,900	Talen Energy Corporation^e		348,257
	5,000	Toho Gas Company, Ltd.		32,291
	14,400	United Utilities Group plc		198,279
	30,990	Vectren Corporation		1,314,596
	14,900	Westar Energy, Inc.		631,909
	57,450	Wisconsin Energy Corporation		2,947,759

		Total		36,571,091


		Total Common Stock (cost $1,905,204,349)		2,047,077,374


Shares		Registered Investment Companies (36.3%)	Value
	Affiliated Equity Holdings (28.6%)
	24,425,365	Thrivent Large Cap Stock Portfolio		283,996,164
	20,124,267	Thrivent Large Cap Value Portfolio		312,278,320
	16,750,392	Thrivent Mid Cap Stock Portfolio		280,208,930
	48,917,066	Thrivent Partner Worldwide Allocation Portfolio		440,439,482
	5,277,294	Thrivent Small Cap Stock Portfolio		81,936,849

		Total		1,398,859,745


	Affiliated Fixed Income Holdings (5.7%)
	10,271,632	Thrivent High Yield Portfolio		45,995,339
	14,694,354	Thrivent Income Portfolio		144,454,320

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015



Shares		Registered Investment Companies (36.3%)	Value
	Affiliated Fixed Income Holdings (5.7%)- continued
	9,308,662	Thrivent Limited Maturity Bond Portfolio	$	90,509,050

		Total		280,958,709


	Equity Funds/ETFs (1.1%)
	10,220	iShares MSCI EAFE Index Fund		600,425
	25,911	iShares Russell 2000 Growth Index Fund^f		3,612,252
	51,228	iShares Russell 2000 Index Fund^f		5,763,662
	22,140	Market Vectors Oil Service ETF^f		585,603
	475,230	SPDR Euro Stoxx 50 ETF		16,362,169
	108,738	SPDR S&P 500 ETF Trust^f		22,170,591
	28,400	SPDR S&P Biotech ETF		1,990,272
	6,780	SPDR S&P MidCap 400 ETF Trust		1,722,730
	3,157	SPDR S&P Oil & Gas Equipment & Services ETF		55,374
	45,430	SPDR S&P Oil & Gas Exploration & Production ETF^f		1,372,895

		Total		54,235,973


	Fixed Income Funds/ETFs (0.9%)
	35,000	iShares Barclays 1-3 Year Credit Bond Fund		3,661,000
	273,700	iShares iBoxx $ High Yield Corporate Bond ETF		22,054,746
	161,800	iShares iBoxx $ Investment Grade Corporate Bond ETF		18,446,818

		Total		44,162,564


		Total Registered Investment Companies (cost $1,663,929,010)		1,778,216,991


Principal Amount		Long-Term Fixed Income (13.8%)
	Asset-Backed Securities (0.5%)
		Access Group, Inc.
	407,656	0.922%, 2/25/2036^h,i		397,342
		Ares CLO, Ltd.
	1,275,000	1.611%, 10/12/2023^*,i		1,268,851
	750,000	1.842%, 11/15/2025^*,i		743,131
		BA Credit Card Trust
	650,000	0.711%, 6/15/2021ⁱ		648,876
		Betony CLO, Ltd.
	350,000	1.831%, 4/15/2027^*,i		346,206
		Capital One Multi-Asset Execution Trust
	800,000	0.711%, 1/18/2022ⁱ		795,789
		Chase Issuance Trust
	500,000	1.590%, 2/18/2020		499,930
	375,000	1.620%, 7/15/2020		373,725
		Chesapeake Funding, LLC
	248,301	0.719%, 1/7/2025^h,i		248,193
		Countrywide Asset-Backed Certificates
	525,582	5.530%, 4/25/2047		572,534
		DRB Prime Student Loan Trust
	1,000,000	3.200%, 1/25/2040^*		971,500
		Edlinc Student Loan Funding Trust
	316,827	3.200%, 10/1/2025^*,i		316,910
		Enterprise Fleet Financing, LLC
	69,345	1.060%, 3/20/2019^h		69,246
	509,460	0.870%, 9/20/2019^h		507,849
		FirstEnergy Ohio PIRB Special Purpose Trust
	203,944	0.679%, 1/15/2019		203,684
		Ford Credit Auto Owner Trust
	485,000	2.260%, 11/15/2025^h		488,912
		Golden Credit Card Trust
	250,000	0.761%, 9/15/2018^h,i		249,869
		GoldenTree Loan Opportunities IX, Ltd.
	400,000	1.804%, 10/29/2026^*,i		395,589
		Golub Capital Partners CLO 23M, Ltd.
	350,000	1.771%, 5/5/2027^*,i		345,806
		Morgan Stanley Bank of America Merrill Lynch Trust
	1,425,000	3.176%, 8/15/2045		1,446,709
	1,425,000	3.246%, 12/15/2047		1,423,864
		Morgan Stanley Capital, Inc.
	961,428	0.572%, 2/25/2037ⁱ		528,629
		OZLM VIII, Ltd.
	385,000	1.755%, 10/17/2026^*,i		380,588
		Pretium Mortgage Credit Partners, LLC
	2,250,000	4.375%, 11/27/2030^*		2,242,414
		Race Point IX CLO, Ltd.
	900,000	1.831%, 4/15/2027^*,i		894,694
		Renaissance Home Equity Loan Trust
	1,217,638	5.746%, 5/25/2036^j		838,860
	2,800,000	6.011%, 5/25/2036^j		1,947,725
	1,210,207	5.580%, 11/25/2036^j		631,447
		SLM Student Loan Trust
	497,395	0.931%, 7/15/2022^h,i		495,392
	752,617	0.931%, 8/15/2022^h,i		750,457
	476,799	0.720%, 4/25/2023^h,i		476,091
	450,000	1.381%, 5/17/2027^h,i		446,493
		U.S. Small Business Administration
	525,660	3.191%, 3/10/2024		545,913
		Vericrest Opportunity Loan Transferee
	478,514	3.500%, 2/25/2055^*,j		472,039
		Volvo Financial Equipment, LLC
	126,683	0.740%, 3/15/2017^h		126,619
	991,008	0.820%, 4/16/2018^h		988,144
		World Financial Network Credit Card Master Trust
	650,000	0.910%, 3/16/2020		649,478
		World Omni Master Owner Trust
	540,000	0.681%, 2/15/2018^h,i		539,908

		Total		25,269,406


	Basic Materials (0.1%)
		Albemarle Corporation
	105,000	3.000%, 12/1/2019		102,990
		ArcelorMittal SA
	670,000	6.500%, 3/1/2021^f		539,276
		Corporacion Nacional del Cobre de Chile
	280,000	4.500%, 9/16/2025^f,h		263,672
		First Quantum Minerals, Ltd.
	355,000	6.750%, 2/15/2020^h		228,975
	355,000	7.000%, 2/15/2021^h		222,762

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015



Principal Amount		Long-Term Fixed Income (13.8%)	Value
	Basic Materials (0.1%) - continued
		Freeport-McMoRan, Inc.
$	614,000	2.375%, 3/15/2018	$	478,920
	222,000	3.875%, 3/15/2023		126,540
		Georgia-Pacific, LLC
	245,000	2.539%, 11/15/2019^h		243,591
		Glencore Funding, LLC
	180,000	1.377%, 4/16/2018^h,i		151,885
		Packaging Corporation of America
	370,000	4.500%, 11/1/2023		388,509
		Sappi Papier Holding GmbH
	375,000	6.625%, 4/15/2021^h		378,750
		Xstrata Finance Canada, Ltd.
	278,000	2.700%, 10/25/2017^h		254,370
		Yamana Gold, Inc.
	325,000	4.950%, 7/15/2024		275,594

		Total		3,655,834


	Capital Goods (0.2%)
		Ball Corporation
	560,000	4.375%, 12/15/2020		568,750
		Building Materials Corporation of America
	660,000	6.000%, 10/15/2025^h		673,200
		Case New Holland, Inc.
	450,000	7.875%, 12/1/2017		475,875
		Crown Americas Capital Corporation IV
	670,000	4.500%, 1/15/2023		654,925
		General Electric Company
	607,000	4.200%, 12/15/2049^k		603,965
		L-3 Communications Corporation
	384,000	1.500%, 5/28/2017		379,243
		Lockheed Martin Corporation
	165,000	1.850%, 11/23/2018		164,708
	224,000	2.500%, 11/23/2020		222,672
	448,000	4.500%, 5/15/2036		453,553
		Martin Marietta Materials, Inc.
	230,000	1.703%, 6/30/2017ⁱ		228,400
		Northrop Grumman Corporation
	350,000	3.850%, 4/15/2045		314,505
		Owens-Brockway Glass Container, Inc.
	450,000	5.000%, 1/15/2022^h		439,875
		Pentair Finance SA
	295,000	2.900%, 9/15/2018		293,680
	155,000	3.625%, 9/15/2020		154,847
		Reynolds Group Issuer, Inc.
	629,634	5.750%, 10/15/2020		640,457
		Roper Industries, Inc.
	601,000	2.050%, 10/1/2018		597,105
		Textron, Inc.
	150,000	5.600%, 12/1/2017		159,431
	400,000	7.250%, 10/1/2019		455,118
	185,000	5.950%, 9/21/2021		207,023
		United Rentals North America, Inc.
	670,000	5.500%, 7/15/2025		649,900
		Waste Management, Inc.
	90,000	3.125%, 3/1/2025		87,590

		Total		8,424,822


	Collateralized Mortgage Obligations (0.8%)
		Alm Loan Funding CLO
	385,000	1.745%, 10/17/2026^*,i		380,747
		Apidos CLO XVIII
	375,000	1.732%, 7/22/2026^*,i		372,034
		Babson CLO, Ltd.
	385,000	1.707%, 10/17/2026^*,i		379,238
		Birchwood Park CLO, Ltd.
	385,000	1.761%, 7/15/2026^*,i		380,851
		BlueMountain CLO, Ltd.
	385,000	1.801%, 10/15/2026^*,i		381,529
		Carlyle Global Market Strategies CLO, Ltd.
	385,000	1.617%, 7/20/2023^*,i		383,216
	400,000	1.821%, 10/15/2026^*,i		397,006
		Cent CLO 16, LP
	385,000	1.579%, 8/1/2024^*,i		383,496
		Cent CLO 22, Ltd.
	400,000	1.824%, 11/7/2026^*,i		395,197
		Citigroup Mortgage Loan Trust, Inc.
	417,628	5.500%, 11/25/2035		399,212
		CitiMortgage Alternative Loan Trust
	1,442,488	5.750%, 4/25/2037		1,237,419
		Countrywide Alternative Loan Trust
	559,724	2.609%, 10/25/2035		491,994
	393,805	6.500%, 8/25/2036		296,729
	275,508	6.000%, 1/25/2037		253,196
	1,313,534	5.500%, 5/25/2037		1,114,606
	1,194,622	7.000%, 10/25/2037		837,897
		Countrywide Home Loans, Inc.
	511,984	5.750%, 4/25/2037		468,364
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	144,978	5.500%, 10/25/2021		140,337
	404,551	6.000%, 10/25/2021		358,572
		Dryden 34 Senior Loan Fund CLO
	385,000	1.751%, 10/15/2026^*,i		380,745
		Federal Home Loan Mortgage Corporation
	1,450,907	3.000%, 2/15/2033^l		178,512
		Federal National Mortgage Association
	2,964,241	3.500%, 1/25/2033^l		399,161
		Galaxy XX CLO, Ltd.
	1,200,000	1.731%, 7/20/2027^*,i		1,184,727
		Golub Capital Partners CLO 22B, Ltd.
	725,000	1.813%, 2/20/2027^*,i		716,574
		HomeBanc Mortgage Trust
	2,219,483	2.229%, 4/25/2037		1,673,170
		J.P. Morgan Mortgage Trust
	129,287	2.691%, 10/25/2036		116,331
	1,294,493	0.802%, 1/25/2037ⁱ		793,381
	1,487,557	6.250%, 8/25/2037		1,153,207
		Limerock CLO III, LLC
	1,150,000	1.817%, 10/20/2026^*,i		1,141,627
		Madison Park Funding XIV CLO, Ltd.
	425,000	1.767%, 7/20/2026^*,i		420,873
		Madison Park Funding, Ltd.
	1,100,000	1.652%, 8/15/2022^*,i		1,095,354
		Magnetite XII, Ltd.
	1,200,000	1.821%, 4/15/2027^*,i		1,186,651

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (13.8%)	Value
	Collateralized Mortgage Obligations (0.8%) - continued
		MASTR Alternative Loans Trust
$	327,621	6.500%, 7/25/2034	$	335,299
	788,246	0.872%, 12/25/2035ⁱ		394,608
		Merrill Lynch Alternative Note Asset Trust
	319,469	6.000%, 3/25/2037		287,636
		Mountain View CLO, Ltd.
	1,200,000	1.739%, 7/15/2027^*,i		1,175,056
		Neuberger Berman CLO, Ltd.
	300,000	1.804%, 8/4/2025^*,i		296,495
		NZCG Funding CLO, Ltd.
	1,200,000	1.873%, 4/27/2027^*,i		1,188,589
		Octagon Investment Partners XX CLO, Ltd.
	385,000	1.796%, 8/12/2026^*,i		379,987
		OHA Loan Funding, Ltd.
	1,150,000	1.817%, 10/20/2026^*,i		1,138,114
		Residential Asset Securitization Trust
	1,185,093	0.802%, 8/25/2037ⁱ		352,140
		Sequoia Mortgage Trust
	794,923	2.822%, 9/20/2046		635,971
		Shackleton VII CLO, Ltd.
	1,200,000	1.861%, 4/15/2027^*,i		1,194,463
		Symphony CLO XV, Ltd.
	1,150,000	1.765%, 10/17/2026^*,i		1,134,977
		Symphony CLO VIII, Ltd.
	376,673	1.419%, 1/9/2023^*,i		375,259
		TBW Mortgage-Backed Trust
	3,442,046	5.965%, 7/25/2037		2,356,801
		Voya CLO 3, Ltd.
	385,000	1.740%, 7/25/2026^*,i		380,759
		WaMu Mortgage Pass Through Certificates
	214,979	2.408%, 9/25/2036		193,844
	426,217	2.431%, 10/25/2036		380,971
	2,959,799	2.176%, 11/25/2036		2,564,211

		Total		34,257,133


	Commercial Mortgage-Backed Securities (0.5%)
		Commercial Mortgage Pass-Through Certificates
	780,000	1.326%, 6/8/2030^h,i		779,053
		Credit Suisse First Boston Mortgage Securities
	2,800,000	5.542%, 1/15/2049		2,862,833
		Credit Suisse Mortgage Capital Certificates
	1,700,000	5.509%, 9/15/2039		1,731,787
		Federal National Mortgage Association
	358,139	1.272%, 1/25/2017		358,153
		Greenwich Capital Commercial Funding Corporation
	1,750,000	5.867%, 12/10/2049		1,817,926
		GS Mortgage Securities Trust
	2,450,000	3.666%, 9/10/2047		2,512,071
	1,650,000	3.506%, 10/10/2048		1,650,345
	1,825,000	3.734%, 11/10/2048		1,859,974
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	850,000	1.281%, 12/15/2028^h,i		849,963
	1,300,000	5.695%, 2/12/2049		1,339,569
		JPMBB Commercial Mortgage Securities Trust
	1,175,000	3.231%, 1/15/2048		1,166,510
	1,650,000	3.598%, 11/15/2048		1,659,600
		Morgan Stanley Bank of America Merrill Lynch Trust
	1,650,000	3.635%, 10/15/2028		1,663,439
	1,750,000	3.753%, 12/15/2047		1,780,173
		Morgan Stanley Capital, Inc.
	900,000	5.406%, 3/15/2044		923,815
		SCG Trust
	425,000	1.731%, 11/15/2026^h,i		426,341
		UBS Commercial Mortgage Trust
	2,150,000	3.400%, 5/10/2045		2,189,352
		WFRBS Commercial Mortgage Trust
	1,200,000	2.870%, 11/15/2045		1,188,474

		Total		26,759,378


	Communications Services (0.5%)
		21st Century Fox America, Inc.
	460,000	6.900%, 3/1/2019		522,485
		AMC Networks, Inc.
	630,000	4.750%, 12/15/2022		630,000
		America Movil SAB de CV
	425,000	1.502%, 9/12/2016ⁱ		424,994
	288,000	5.000%, 10/16/2019		311,090
		American Tower Corporation
	50,000	2.800%, 6/1/2020		49,425
	595,000	3.450%, 9/15/2021		597,917
		AT&T, Inc.
	165,000	1.533%, 6/30/2020ⁱ		163,820
	349,000	3.875%, 8/15/2021		360,053
	275,000	3.000%, 6/30/2022		268,405
	355,000	5.550%, 8/15/2041		356,729
	275,000	4.750%, 5/15/2046		251,789
		British Sky Broadcasting Group plc
	320,000	2.625%, 9/16/2019^h		318,522
		CBS Corporation
	241,000	4.000%, 1/15/2026		235,008
		CCO Holdings, LLC
	630,000	7.375%, 6/1/2020		655,987
		CCO Safari II, LLC
	452,000	6.834%, 10/23/2055^h		445,327
	288,000	3.579%, 7/23/2020^h		286,275
	168,000	4.908%, 7/23/2025^h		167,836
		CenturyLink, Inc.
	500,000	6.450%, 6/15/2021		487,500
		Clear Channel Worldwide Holdings, Inc.
	450,000	6.500%, 11/15/2022		438,750
		Columbus International, Inc.
	355,000	7.375%, 3/30/2021^h		351,450
		Comcast Corporation
	960,000	4.400%, 8/15/2035		965,720
	140,000	4.650%, 7/15/2042		142,464
	677,000	4.750%, 3/1/2044		703,205
		Cox Communications, Inc.
	184,000	9.375%, 1/15/2019^h		213,188

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (13.8%)	Value
	Communications Services (0.5%) - continued
		Crown Castle International Corporation
	$595,000	5.250%, 1/15/2023	$	625,494
		Crown Castle Towers, LLC
	100,000	4.174%, 8/15/2017^h		102,253
		Digicel, Ltd.
	670,000	6.000%, 4/15/2021^h		564,475
		DIRECTV Holdings, LLC
	212,000	5.875%, 10/1/2019		236,620
	784,000	6.350%, 3/15/2040		841,853
	450,000	5.150%, 3/15/2042		419,552
		FairPoint Communications, Inc.
	600,000	8.750%, 8/15/2019^h		591,000
		Frontier Communications Corporation
	430,000	8.875%, 9/15/2020^h		435,375
		Hughes Satellite Systems Corporation
	567,000	6.500%, 6/15/2019		610,942
		Intelsat Jackson Holdings SA
	630,000	7.250%, 4/1/2019		578,025
		Level 3 Communications, Inc.
	295,000	5.375%, 1/15/2024^h		296,475
		McGraw Hill Financial, Inc.
	448,000	3.300%, 8/14/2020		451,828
		McGraw-Hill Global Education Holdings, LLC
	450,000	9.750%, 4/1/2021		477,000
		Numericable-SFR
	670,000	6.000%, 5/15/2022^h		649,900
		SES Global Americas Holdings GP
	365,000	2.500%, 3/25/2019^h		359,960
		Sprint Corporation
	640,000	7.625%, 2/15/2025		467,200
		Telefonica Emisiones SAU
	244,000	3.192%, 4/27/2018		248,734
		Time Warner Entertainment Company, LP
	459,000	8.375%, 3/15/2023		563,693
		Time Warner, Inc.
	968,000	3.600%, 7/15/2025		942,328
	265,000	6.250%, 3/29/2041		294,302
		T-Mobile USA, Inc.
	670,000	6.125%, 1/15/2022		688,425
		Unitymedia Hessen GmbH & Company KG
	385,000	5.500%, 1/15/2023^h		384,037
		Univision Communications, Inc.
	450,000	5.125%, 5/15/2023^h		433,125
	200,000	5.125%, 2/15/2025^h		190,000
		UPCB Finance V, Ltd.
	567,000	7.250%, 11/15/2021^h		602,437
		Verizon Communications, Inc.
	540,000	4.672%, 3/15/2055		468,829
	350,000	1.296%, 6/17/2019ⁱ		347,627
	1,025,000	3.000%, 11/1/2021		1,022,119
	1,008,000	5.150%, 9/15/2023		1,108,121
	78,000	5.050%, 3/15/2034		77,713
	319,000	4.272%, 1/15/2036		287,993
	423,000	4.522%, 9/15/2048		378,288

		Total		25,093,662


	Consumer Cyclical (0.3%)
		Automatic Data Processing, Inc.
	100,000	3.375%, 9/15/2025		101,942
		Cinemark USA, Inc.
	630,000	4.875%, 6/1/2023		614,250
		CVS Health Corporation
	110,000	2.250%, 8/12/2019		109,855
	870,000	4.875%, 7/20/2035		898,267
	188,000	6.125%, 9/15/2039		219,525
		Delphi Automotive plc
	560,000	3.150%, 11/19/2020		559,276
		Ford Motor Company
	205,000	7.450%, 7/16/2031		252,973
		Ford Motor Credit Company, LLC
	1,036,000	5.000%, 5/15/2018		1,088,209
	350,000	2.597%, 11/4/2019		343,643
		General Motors Company
	539,000	6.250%, 10/2/2043		569,473
		General Motors Financial Company, Inc.
	630,000	3.250%, 5/15/2018		633,154
	332,000	3.700%, 11/24/2020		332,898
	385,000	4.300%, 7/13/2025		373,331
		Hilton Worldwide Finance, LLC
	670,000	5.625%, 10/15/2021		694,287
		Home Depot, Inc.
	184,000	2.625%, 6/1/2022		183,808
		Hyundai Capital America
	336,000	2.400%, 10/30/2018^h		334,958
	336,000	3.000%, 10/30/2020^h		334,396
		Jaguar Land Rover Automotive plc
	630,000	5.625%, 2/1/2023^h		636,300
		KB Home
	503,000	4.750%, 5/15/2019		487,910
		L Brands, Inc.
	630,000	5.625%, 2/15/2022		669,375
		Lennar Corporation
	630,000	4.125%, 12/1/2018		633,150
	660,000	4.875%, 12/15/2023		656,700
		Live Nation Entertainment, Inc.
	200,000	5.375%, 6/15/2022^h		197,000
		Macy’s Retail Holdings, Inc.
	102,000	4.375%, 9/1/2023		101,599
		McDonald’s Corporation
	335,000	2.750%, 12/9/2020		334,769
		MGM Resorts International
	670,000	6.000%, 3/15/2023^f		664,975
		Six Flags Entertainment Corporation
	450,000	5.250%, 1/15/2021^h		455,625
		Toll Brothers Finance Corporation
	100,000	8.910%, 10/15/2017		111,500
	186,000	4.000%, 12/31/2018		189,720

		Total		12,782,868


	Consumer Non-Cyclical (0.4%)
		AbbVie, Inc.
	315,000	2.500%, 5/14/2020		311,833
	220,000	3.600%, 5/14/2025		217,126
		Actavis Funding SCS
	265,000	4.550%, 3/15/2035		257,542
	277,000	4.850%, 6/15/2044		274,069

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (13.8%)	Value
	Consumer Non-Cyclical (0.4%) - continued
		Altria Group, Inc.
	$925,000	2.850%, 8/9/2022	$	901,765
		Amgen, Inc.
	150,000	2.125%, 5/1/2020		147,954
	370,000	2.700%, 5/1/2022		359,048
	300,000	3.125%, 5/1/2025		284,991
		B&G Foods, Inc.
	480,000	4.625%, 6/1/2021		475,200
		BAT International Finance plc
	220,000	1.022%, 6/15/2018^h,i		219,702
		Becton, Dickinson and Company
	577,000	6.375%, 8/1/2019		651,341
		Biogen, Inc.
	210,000	3.625%, 9/15/2022		212,326
		Boston Scientific Corporation
	200,000	6.000%, 1/15/2020		222,082
	350,000	4.125%, 10/1/2023		354,131
	325,000	3.850%, 5/15/2025		319,783
		Bunge Limited Finance Corporation
	282,000	8.500%, 6/15/2019		326,381
	305,000	3.500%, 11/24/2020		303,302
		Cardinal Health, Inc.
	120,000	1.950%, 6/15/2018		119,688
	138,000	4.900%, 9/15/2045		139,801
		Celgene Corporation
	495,000	2.875%, 8/15/2020		491,269
	120,000	3.550%, 8/15/2022		121,167
	495,000	5.000%, 8/15/2045		496,925
		CHS/Community Health Systems, Inc.
	630,000	7.125%, 7/15/2020		627,637
		Church & Dwight Company, Inc.
	140,000	2.450%, 12/15/2019		139,269
		Cigna Corporation
	265,000	5.375%, 2/15/2042		290,532
		EMD Finance, LLC
	235,000	0.876%, 3/17/2017^h,i		234,279
	280,000	2.950%, 3/19/2022^h		270,158
		Forest Laboratories, Inc.
	425,000	4.375%, 2/1/2019^h		445,220
		Fresenius Medical Care US Finance II, Inc.
	630,000	5.875%, 1/31/2022^h		674,100
		Gilead Sciences, Inc.
	120,000	2.550%, 9/1/2020		119,954
		Grifols Worldwide Operations, Ltd.
	450,000	5.250%, 4/1/2022		452,250
		H. J. Heinz Company
	350,000	3.500%, 7/15/2022^h		352,413
		HCA, Inc.
	670,000	3.750%, 3/15/2019		675,025
		Imperial Tobacco Finance plc
	450,000	2.950%, 7/21/2020^h		450,882
		JBS USA, LLC
	670,000	5.750%, 6/15/2025^h		582,900
		JM Smucker Company
	320,000	4.375%, 3/15/2045		311,539
		Kraft Foods Group, Inc.
	360,000	5.000%, 6/4/2042		362,481
		Laboratory Corporation of America Holdings
	165,000	2.625%, 2/1/2020		162,897
	350,000	4.700%, 2/1/2045		319,780
		McKesson Corporation
	448,000	3.796%, 3/15/2024		450,342
	225,000	4.883%, 3/15/2044		224,888
		Mead Johnson Nutrition Company
	200,000	3.000%, 11/15/2020		199,940
		Medco Health Solutions, Inc.
	176,000	7.125%, 3/15/2018		194,557
		Medtronic plc
	1,085,000	4.375%, 3/15/2035		1,096,764
		Merck & Company, Inc.
	175,000	0.716%, 2/10/2020ⁱ		173,925
	88,000	3.700%, 2/10/2045		81,264
		Mondelez International, Inc.
	247,000	0.849%, 2/1/2019ⁱ		242,661
		Mylan NV
	450,000	3.000%, 12/15/2018^h		449,007
	175,000	3.750%, 12/15/2020^h		175,183
		Pfizer, Inc.
	270,000	5.800%, 8/12/2023		315,736
		Reynolds American, Inc.
	235,000	2.300%, 8/21/2017^h		236,829
	672,000	5.700%, 8/15/2035		736,390
		Roche Holdings, Inc.
	336,000	4.000%, 11/28/2044^h		340,613
		SABMiller Holdings, Inc.
	184,000	3.750%, 1/15/2022^h		189,241
	184,000	4.950%, 1/15/2042^h		186,886
		Safeway, Inc.
	10,000	3.400%, 12/1/2016		9,900
		Spectrum Brands Escrow Corporation
	300,000	6.375%, 11/15/2020		318,750
		Spectrum Brands, Inc.
	300,000	5.750%, 7/15/2025^h		307,500
		Tenet Healthcare Corporation
	670,000	8.125%, 4/1/2022		668,325
		Teva Pharmaceutical Finance Company BV
	336,000	2.950%, 12/18/2022		321,669
		TreeHouse Foods, Inc.
	450,000	4.875%, 3/15/2022^f		428,625
		UnitedHealth Group, Inc.
	360,000	4.625%, 7/15/2035		373,722
		WM Wrigley Jr. Company
	165,000	2.000%, 10/20/2017^h		165,267
		Zoetis, Inc.
	448,000	3.450%, 11/13/2020		448,522

		Total		22,015,248


	Energy (0.3%)
		Anadarko Petroleum Corporation
	450,000	6.200%, 3/15/2040		414,021
		Antero Resources Corporation
	500,000	5.625%, 6/1/2023^h		390,000
		Boardwalk Pipelines, Ltd.
	310,000	5.875%, 11/15/2016		313,006

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (13.8%)	Value
	Energy (0.3%) - continued
		BP Capital Markets plc
	$452,000	3.062%, 3/17/2022	$	442,907
	315,000	3.535%, 11/4/2024		306,378
		Buckeye Partners, LP
	288,000	2.650%, 11/15/2018		277,068
		Cameron International Corporation
	280,000	4.000%, 12/15/2023		281,244
	250,000	3.700%, 6/15/2024		244,202
		Canadian Natural Resources, Ltd.
	585,000	3.450%, 11/15/2021		551,291
	175,000	6.250%, 3/15/2038		159,282
		CNOOC Nexen Finance
	345,000	1.625%, 4/30/2017		343,004
		CNPC General Capital, Ltd.
	192,000	2.750%, 4/19/2017^h		194,026
		Columbia Pipeline Group, Inc.
	450,000	2.450%, 6/1/2018^h		439,973
		Concho Resources, Inc.
	629,634	5.500%, 10/1/2022		572,967
		Crestwood Midstream Partners, LP
	400,000	6.125%, 3/1/2022		278,000
		Devon Energy Corporation
	340,000	3.250%, 5/15/2022^f		289,013
	224,000	5.850%, 12/15/2025^f		217,850
		Enbridge Energy Partners, LP
	560,000	4.375%, 10/15/2020		546,291
		Enbridge, Inc.
	245,000	0.866%, 6/2/2017ⁱ		239,959
		Energy Transfer Partners, LP
	914,000	4.650%, 6/1/2021		858,105
	265,000	4.900%, 3/15/2035		192,684
		Enterprise Products Operating, LLC
	300,000	5.250%, 1/31/2020		315,938
	172,000	5.100%, 2/15/2045		144,074
		EQT Corporation
	162,000	5.150%, 3/1/2018		168,565
	118,000	8.125%, 6/1/2019		127,462
	250,000	4.875%, 11/15/2021		238,017
		Halliburton Company
	335,000	4.850%, 11/15/2035		329,091
	335,000	5.000%, 11/15/2045		331,162
		Kinder Morgan, Inc.
	242,000	5.300%, 12/1/2034		190,706
	225,000	5.550%, 6/1/2045		175,642
		Magellan Midstream Partners, LP
	90,000	4.200%, 3/15/2045		65,542
		Marathon Oil Corporation
	460,000	2.700%, 6/1/2020		405,602
		Marathon Petroleum Corporation
	165,000	3.400%, 12/15/2020		162,044
	176,000	4.750%, 9/15/2044		143,862
		MEG Energy Corporation
	630,000	6.500%, 3/15/2021^h		441,000
		Noble Energy, Inc.
	390,000	5.625%, 5/1/2021		381,493
		Petrobras International Finance Company
	550,000	5.750%, 1/20/2020		431,750
		Petroleos Mexicanos
	175,000	3.500%, 1/30/2023		152,687
	199,500	2.378%, 4/15/2025		199,169
		Pioneer Natural Resources Company
	121,000	3.450%, 1/15/2021		111,726
	225,000	4.450%, 1/15/2026		202,593
		Regency Energy Partners, LP
	670,000	5.000%, 10/1/2022		593,538
		Sabine Pass Liquefaction, LLC
	670,000	5.625%, 3/1/2025^h		566,987
		Schlumberger Holdings Corporation
	165,000	3.000%, 12/21/2020^h		162,868
	448,000	4.000%, 12/21/2025^h		442,077
		Shell International Finance BV
	165,000	0.806%, 5/11/2020ⁱ		162,583
		Suncor Energy, Inc.
	270,000	3.600%, 12/1/2024		254,307
		Sunoco Logistics Partners
		Operations, LP
	760,000	4.400%, 4/1/2021		736,494

		Total		15,188,250


	Financials (1.1%)
		Abbey National Treasury Services plc
	132,000	3.050%, 8/23/2018		135,444
		ABN AMRO Bank NV
	450,000	4.750%, 7/28/2025^h		448,515
		ACE INA Holdings, Inc.
	448,000	2.300%, 11/3/2020		444,778
	335,000	4.350%, 11/3/2045		340,404
		AerCap Ireland Capital, Ltd.
	650,000	5.000%, 10/1/2021		669,500
		Air Lease Corporation
	220,000	2.125%, 1/15/2018		216,150
	90,000	2.625%, 9/4/2018		88,961
		Ally Financial, Inc.
	440,000	3.750%, 11/18/2019		433,950
	225,000	4.125%, 3/30/2020		223,875
		American Express Credit Corporation
	350,000	1.083%, 3/18/2019ⁱ		345,914
		American International Group, Inc.
	145,000	2.300%, 7/16/2019		143,772
	350,000	3.875%, 1/15/2035		308,711
		Avalonbay Communities, Inc.
	500,000	3.500%, 11/15/2025		495,174
		Aviation Capital Group Corporation
	132,000	3.875%, 9/27/2016^h		132,990
		Banco Santander Chile
	435,000	1.221%, 4/11/2017^h,i		429,563
		Bank of America Corporation
	370,000	1.656%, 3/22/2018ⁱ		371,187
	295,000	1.196%, 4/1/2019ⁱ		293,701
	350,000	2.625%, 10/19/2020		345,597
	995,000	3.300%, 1/11/2023		979,403
	150,000	4.000%, 4/1/2024		153,407
	250,000	4.000%, 1/22/2025		244,732
	360,000	3.875%, 8/1/2025		365,446
	201,000	5.875%, 2/7/2042		234,583
	573,000	8.000%, 12/29/2049^k		583,027
		Bank of Tokyo-Mitsubishi UFJ, Ltd.
	145,000	2.850%, 9/8/2021^h		144,425
		Barclays Bank plc
	280,000	10.179%, 6/12/2021^h		362,711

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (13.8%)	Value
	Financials (1.1%) - continued
		Barclays plc
	$264,000	2.750%, 11/8/2019	$	263,036
	448,000	3.650%, 3/16/2025		430,539
		BB&T Corporation
	150,000	1.036%, 1/15/2020ⁱ		148,705
		BBVA Banco Continental SA
	350,000	2.250%, 7/29/2016^h		350,875
		BioMed Realty, LP
	282,000	2.625%, 5/1/2019		274,013
		BPCE SA
	258,000	5.700%, 10/22/2023^h		270,886
	360,000	4.500%, 3/15/2025^h		345,346
		Caisse Centrale Desjardins du Quebec
	210,000	0.989%, 1/29/2018^h,i		209,589
		Capital One Financial Corporation
	321,000	6.150%, 9/1/2016		330,754
	235,000	2.450%, 4/24/2019		235,429
		CIT Group, Inc.
	450,000	5.000%, 8/15/2022		462,096
		Citigroup, Inc.
	245,000	1.088%, 4/8/2019ⁱ		243,366
	368,000	2.650%, 10/26/2020		365,025
	244,000	4.050%, 7/30/2022		249,579
	685,000	4.400%, 6/10/2025		691,855
	450,000	4.650%, 7/30/2045		456,659
		Citizens Bank NA
	625,000	2.300%, 12/3/2018		624,262
		CoBank ACB
	120,000	1.112%, 6/15/2022^*,i		113,569
		Compass Bank
	30,000	2.750%, 9/29/2019		29,700
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	228,000	3.950%, 11/9/2022		230,787
		Credit Agricole SA
	290,000	1.121%, 4/15/2019^h,i		288,347
	360,000	2.750%, 6/10/2020^h		361,931
		Credit Suisse AG
	231,000	5.400%, 1/14/2020		252,925
		Credit Suisse Group Funding, Ltd.
	672,000	2.750%, 3/26/2020^h		665,630
	448,000	3.750%, 3/26/2025^h		433,343
		CyrusOne, LP
	630,000	6.375%, 11/15/2022		648,900
		Digital Delta Holdings, LLC
	280,000	3.400%, 10/1/2020^h		280,307
		Discover Bank
	510,000	8.700%, 11/18/2019		603,346
		Discover Financial Services
	188,000	6.450%, 6/12/2017		198,627
		Duke Realty, LP
	88,000	3.875%, 2/15/2021		89,727
	264,000	4.375%, 6/15/2022		272,049
		ERP Operating, LP
	90,000	3.375%, 6/1/2025		88,995
		European Investment Bank
	445,000	1.875%, 3/15/2019		448,299
		Fifth Third Bancorp
	286,000	5.450%, 1/15/2017		296,493
	148,000	2.875%, 7/27/2020		147,836
	145,000	2.875%, 10/1/2021		144,416
		GE Capital International Funding Company
	919,000	4.418%, 11/15/2035^h		937,823
		Genworth Financial, Inc.
	248,000	7.700%, 6/15/2020^f		233,120
		Goldman Sachs Group, Inc.
	390,000	1.522%, 4/30/2018ⁱ		391,771
	205,000	1.462%, 11/15/2018ⁱ		205,833
	624,000	5.375%, 3/15/2020		685,491
	210,000	1.476%, 4/23/2020ⁱ		210,311
	896,000	5.250%, 7/27/2021		990,636
	450,000	3.500%, 1/23/2025		442,266
	400,000	4.800%, 7/8/2044		397,681
	184,000	5.150%, 5/22/2045		178,735
	390,000	4.750%, 10/21/2045		387,417
		Hartford Financial Services Group, Inc.
	544,000	5.125%, 4/15/2022		597,428
		HBOS plc
	288,000	6.750%, 5/21/2018^h		314,108
		HCP, Inc.
	705,000	4.000%, 12/1/2022		701,741
	176,000	3.400%, 2/1/2025		163,941
		HSBC Bank plc
	495,000	1.002%, 5/15/2018^h,i		493,097
		HSBC Holdings plc
	815,000	6.375%, 12/29/2049^k		813,981
		Huntington Bancshares, Inc.
	66,000	2.600%, 8/2/2018		66,076
		Huntington National Bank
	250,000	2.200%, 11/6/2018		249,309
		Hutchison Whampoa International 14, Ltd.
	275,000	3.625%, 10/31/2024^h		272,850
		Icahn Enterprises, LP
	625,000	6.000%, 8/1/2020		630,250
		ING Bank NV
	335,000	4.125%, 11/21/2023		341,202
		ING Capital Funding Trust III
	265,000	4.207%, 12/29/2049^i,k		264,338
		International Lease Finance Corporation
	383,000	2.462%, 6/15/2016ⁱ		382,042
		Intesa Sanpaolo SPA
	450,000	5.250%, 1/12/2024		481,628
		J.P. Morgan Chase & Company
	326,000	6.300%, 4/23/2019		365,544
	165,000	2.250%, 1/23/2020		162,324
	560,000	4.500%, 1/24/2022		604,019
	336,000	3.200%, 1/25/2023		334,903
	352,000	3.625%, 5/13/2024		357,216
	690,000	3.125%, 1/23/2025		671,233
	582,000	7.900%, 4/29/2049^k		592,476
		KeyCorp
	300,000	2.900%, 9/15/2020		298,872
		Liberty Mutual Group, Inc.
	445,000	4.950%, 5/1/2022^h		471,693
		Liberty Property, LP
	618,000	3.750%, 4/1/2025		596,293
		Lloyds Bank plc
	235,000	1.038%, 3/16/2018ⁱ		233,756

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (13.8%)	Value
	Financials (1.1%) - continued
		Merrill Lynch & Company, Inc.
$	610,000	6.050%, 5/16/2016	$	620,060
	225,000	6.400%, 8/28/2017		241,020
		MetLife, Inc.
	355,000	4.050%, 3/1/2045		329,437
		Mizuho Bank, Ltd.
	282,000	1.850%, 3/21/2018^h		280,483
		Morgan Stanley
	1,018,000	6.625%, 4/1/2018		1,116,268
	260,000	1.600%, 4/25/2018ⁱ		262,777
	210,000	1.463%, 1/27/2020ⁱ		210,449
	155,000	4.875%, 11/1/2022		164,494
	275,000	4.000%, 7/23/2025		283,188
	540,000	4.350%, 9/8/2026		541,765
	220,000	4.300%, 1/27/2045		209,904
	560,000	5.550%, 12/29/2049^k		560,000
		MPT Operating Partnership, LP
	450,000	5.500%, 5/1/2024		447,750
		National City Corporation
	288,000	6.875%, 5/15/2019		325,360
		Prudential Financial, Inc.
	145,000	2.350%, 8/15/2019		144,314
		Quicken Loans, Inc.
	450,000	5.750%, 5/1/2025^h		428,625
		Realty Income Corporation
	58,000	2.000%, 1/31/2018		58,033
		Regions Bank
	250,000	7.500%, 5/15/2018		277,785
		Regions Financial Corporation
	250,000	2.250%, 9/14/2018		249,737
		Reinsurance Group of America, Inc.
	105,000	5.625%, 3/15/2017		109,427
	252,000	5.000%, 6/1/2021		271,691
		Reliance Standard Life Global Funding II
	230,000	2.500%, 4/24/2019^h		229,096
		Royal Bank of Scotland Group plc
	295,000	1.543%, 3/31/2017ⁱ		294,425
	650,000	7.500%, 12/29/2049^k		676,813
		Santander Holdings USA, Inc.
	276,000	2.650%, 4/17/2020		270,775
		Santander UK Group Holdings plc
	380,000	2.875%, 10/16/2020		377,420
	325,000	4.750%, 9/15/2025^f,h		320,712
		Simon Property Group, LP
	100,000	10.350%, 4/1/2019		122,715
	150,000	2.500%, 9/1/2020		150,116
	400,000	2.750%, 2/1/2023		390,873
		Skandinaviska Enskilda Banken AB
	365,000	2.375%, 3/25/2019^h		366,679
		State Street Corporation
	233,000	1.264%, 8/18/2020ⁱ		233,024
		Sumitomo Mitsui Banking Corporation
	250,000	0.897%, 1/16/2018ⁱ		249,142
		Svenska Handelsbanken AB
	330,000	1.016%, 6/17/2019ⁱ		326,978
		Synchrony Financial
	155,000	3.000%, 8/15/2019		154,785
	140,000	1.564%, 2/3/2020ⁱ		137,788
	670,000	3.750%, 8/15/2021		669,267
		Toronto-Dominion Bank
	165,000	1.432%, 12/14/2020ⁱ		164,961
		UBS Group Funding Jersey, Ltd.
	560,000	2.950%, 9/24/2020^h		554,772
	336,000	4.125%, 9/24/2025^h		335,652
		UnitedHealth Group, Inc.
	100,000	3.350%, 7/15/2022		102,284
		USB Realty Corporation
	140,000	1.468%, 12/29/2049^h,i,k		126,000
		Voya Financial, Inc.
	344,000	2.900%, 2/15/2018		347,719
		Wells Fargo & Company
	210,000	1.002%, 1/30/2020ⁱ		208,044
	450,000	2.550%, 12/7/2020		447,788
	1,317,000	3.450%, 2/13/2023		1,320,103
	350,000	3.000%, 2/19/2025		340,431
		Welltower, Inc.
	58,000	2.250%, 3/15/2018		57,948
	185,000	3.750%, 3/15/2023		181,666
	165,000	4.000%, 6/1/2025		162,305

		Total		52,457,413


	Foreign Government (<0.1%)
		Eksportfinans ASA
	111,000	5.500%, 5/25/2016		112,395
		Export-Import Bank of Korea
	205,000	2.250%, 1/21/2020		201,853
		Kommunalbanken AS
	335,000	1.500%, 10/22/2019^h		330,885

		Total		645,133


	Mortgage-Backed Securities (4.7%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	15,800,000	3.000%, 1/1/2031^c		16,281,483
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	12,300,000	4.000%, 1/1/2046^c		12,993,555
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	17,300,000	3.500%, 1/1/2030^c		18,117,027
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	2,031,752	1.728%, 7/1/2043ⁱ		2,065,814
	520,950	2.016%, 7/1/2043ⁱ		534,595
	494,337	2.069%, 8/1/2043ⁱ		507,653
	94,375,000	3.500%, 1/1/2046^c		97,368,877
	44,000,000	4.000%, 1/1/2046^c		46,559,564
	33,339,000	4.500%, 1/1/2046^c		36,001,953

		Total		230,430,521


	Technology (0.2%)
		Amphenol Corporation
	188,000	2.550%, 1/30/2019		188,033
		Apple, Inc.
	165,000	0.659%, 5/6/2020ⁱ		163,756
	784,000	3.200%, 5/13/2025		793,489

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (13.8%)	Value
	Technology (0.2%) - continued
$	784,000	3.450%, 2/9/2045	$	674,991
		Baidu, Inc.
	525,000	2.750%, 6/9/2019		520,431
		Cisco Systems, Inc.
	220,000	0.914%, 3/1/2019ⁱ		219,803
		CommScope Technologies Finance, LLC
	465,000	6.000%, 6/15/2025^h		447,562
		Denali Borrower, LLC
	670,000	5.625%, 10/15/2020^h		701,825
		Equinix, Inc.
	450,000	5.750%, 1/1/2025		460,125
		Fidelity National Information Services, Inc.
	200,000	2.850%, 10/15/2018		200,706
	338,000	3.625%, 10/15/2020		342,403
		First Data Corporation
	450,000	5.375%, 8/15/2023^h		452,250
		Freescale Semiconductor, Inc.
	670,000	6.000%, 1/15/2022^h		701,825
		Hewlett Packard Enterprise Company
	280,000	2.450%, 10/5/2017^h		279,763
	140,000	2.850%, 10/5/2018^h		139,922
	140,000	4.400%, 10/15/2022^h		139,463
		IMS Health, Inc.
	863,000	6.000%, 11/1/2020^h		888,890
		Intel Corporation
	85,000	3.100%, 7/29/2022		86,676
	180,000	3.700%, 7/29/2025		186,184
		Iron Mountain, Inc.
	290,000	6.000%, 8/15/2023		300,150
		Microsoft Corporation
	700,000	4.750%, 11/3/2055		725,057
	700,000	4.200%, 11/3/2035		714,811
		Oracle Corporation
	150,000	2.500%, 5/15/2022		147,227
	460,000	2.950%, 5/15/2025		448,127
		Plantronics, Inc.
	670,000	5.500%, 5/31/2023^h		666,650
		Qualcomm, Inc.
	575,000	3.000%, 5/20/2022		569,237
		Seagate HDD Cayman
	368,000	4.875%, 6/1/2027^h		282,389

		Total		11,441,745


	Transportation (0.1%)
		Air Canada Pass Through Trust
	140,000	3.875%, 3/15/2023^h		135,800
		American Airlines Pass Through Trust
	289,035	3.375%, 5/1/2027		278,919
		Avis Budget Car Rental, LLC
	665,000	5.125%, 6/1/2022^h		656,688
		Burlington Northern Santa Fe, LLC
	350,000	5.050%, 3/1/2041		362,144
		Canadian Pacific Railway Company
	65,000	7.125%, 10/15/2031		80,490
	150,000	4.800%, 8/1/2045		145,990
		Continental Airlines, Inc.
	144,697	4.150%, 4/11/2024		148,459
		CSX Corporation
	115,000	3.700%, 11/1/2023		117,565
		Delta Air Lines, Inc.
	81,528	4.950%, 5/23/2019		85,604
	23,467	4.750%, 5/7/2020		24,758
		ERAC USA Finance, LLC
	67,000	2.800%, 11/1/2018^h		67,435
		FedEx Corporation
	450,000	3.900%, 2/1/2035		409,631
		J.B. Hunt Transport Services, Inc.
	135,000	3.300%, 8/15/2022		133,698
		Southwest Airlines Company
	285,000	2.750%, 11/6/2019		287,209
		Virgin Australia Holdings, Ltd.
	80,829	5.000%, 10/23/2023^h		83,455
		XPO Logistics, Inc.
	225,000	6.500%, 6/15/2022^h		208,125

		Total		3,225,970


	U.S. Government and Agencies (3.8%)
		Federal National Mortgage Association
	405,000	6.250%, 5/15/2029		549,088
		Tennessee Valley Authority
	390,000	5.250%, 9/15/2039		468,739
		U.S. Treasury Bonds
	4,150,000	6.500%, 11/15/2026		5,806,597
	2,900,000	5.250%, 11/15/2028		3,788,917
	2,050,000	4.375%, 5/15/2040		2,579,476
	34,845,000	3.000%, 5/15/2042		35,060,063
		U.S. Treasury Bonds, TIPS
	1,725,551	0.125%, 4/15/2019		1,715,419
	100,942	2.375%, 1/15/2025		114,756
	66,025	2.125%, 2/15/2040		77,735
	578,919	0.750%, 2/15/2042		508,590
		U.S. Treasury Notes
	10,000,000	0.250%, 2/29/2016		9,999,220
	385,000	0.875%, 11/15/2017		383,661
	8,415,000	1.500%, 10/31/2019		8,388,703
	23,330,000	1.875%, 6/30/2020		23,493,123
	4,070,000	1.375%, 9/30/2020		3,999,727
	2,000,000	2.125%, 6/30/2022		2,010,312
	1,015,000	1.625%, 8/15/2022		988,633
	7,435,000	2.250%, 11/15/2024		7,431,223
	14,300,000	3.625%, 2/15/2044		16,086,385
		U.S. Treasury Notes, TIPS
	29,838,100	0.125%, 4/15/2018		29,780,602
	614,741	0.125%, 1/15/2022		595,715
	36,296,192	0.125%, 1/15/2023		34,800,390

		Total		188,627,074


	Utilities (0.3%)
		AES Corporation
	630,000	7.375%, 7/1/2021		642,600
		American Electric Power Company, Inc.
	718,000	2.950%, 12/15/2022		709,194
		Arizona Public Service Company
	180,000	2.200%, 1/15/2020		178,307
		Berkshire Hathaway Energy Company
	132,000	2.400%, 2/1/2020		130,769

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (13.8%)	Value
	Utilities (0.3%) - continued
		Calpine Corporation
$	670,000	5.375%, 1/15/2023	$	601,325
		Commonwealth Edison Company
	355,000	3.700%, 3/1/2045		319,306
	280,000	4.350%, 11/15/2045		281,841
		Consolidated Edison Company of New York, Inc.
	168,000	4.500%, 12/1/2045		170,063
		Covanta Holding Corporation
	350,000	7.250%, 12/1/2020		362,031
		DCP Midstream Operating, LP
	185,000	3.875%, 3/15/2023		139,644
		DCP Midstream, LLC
	298,000	4.750%, 9/30/2021^h		231,733
		DTE Electric Company
	265,000	3.700%, 3/15/2045		243,490
		DTE Energy Company
	70,000	2.400%, 12/1/2019		69,703
		Duke Energy Carolinas, LLC
	172,000	3.750%, 6/1/2045		159,298
		Duke Energy Corporation
	468,000	2.100%, 6/15/2018		468,641
		Dynegy, Inc.
	680,000	6.750%, 11/1/2019		639,200
		EDP Finance BV
	682,000	4.125%, 1/15/2020^h		683,569
		Enel Finance International NV
	84,000	6.250%, 9/15/2017^h		89,505
		Energy Transfer Equity, LP
	670,000	5.500%, 6/1/2027		509,200
		Eversource Energy
	150,000	1.600%, 1/15/2018		148,415
		Exelon Generation Company, LLC
	300,000	5.200%, 10/1/2019		323,186
	135,000	2.950%, 1/15/2020		134,515
		ITC Holdings Corporation
	67,000	4.050%, 7/1/2023		68,831
	265,000	5.300%, 7/1/2043		271,354
		Kinder Morgan Energy Partners, LP
	340,000	3.500%, 3/1/2021		304,258
		MidAmerican Energy Holdings Company
	205,000	6.500%, 9/15/2037		249,491
		Monongahela Power Company
	275,000	5.400%, 12/15/2043^h		306,135
		MPLX LP
	665,000	4.875%, 12/1/2024^h		596,838
		National Rural Utilities Cooperative Finance Corporation
	400,000	2.300%, 11/1/2020		396,126
		NiSource Finance Corporation
	615,000	5.650%, 2/1/2045		706,864
		Northern States Power Company
	410,000	4.125%, 5/15/2044		407,077
		NRG Energy, Inc.
	630,000	6.625%, 3/15/2023		546,525
		Oncor Electric Delivery Company, LLC
	258,000	3.750%, 4/1/2045		214,432
		Pacific Gas & Electric Company
	347,000	5.625%, 11/30/2017		370,916
	336,000	4.250%, 3/15/2046		325,580
		PG&E Corporation
	140,000	2.400%, 3/1/2019		139,701
		PPL Capital Funding, Inc.
	144,000	3.500%, 12/1/2022		145,068
	515,000	5.000%, 3/15/2044		530,980
		Sempra Energy
	365,000	6.150%, 6/15/2018		398,391
	170,000	2.400%, 3/15/2020		166,615
		Southern California Edison Company
	100,000	2.400%, 2/1/2022		98,062
		Southwestern Electric Power Company
	180,000	3.900%, 4/1/2045		157,613
		TransAlta Corporation
	336,000	1.900%, 6/3/2017		326,321
		Williams Companies, Inc.
	192,000	7.875%, 9/1/2021		172,802

		Total		14,135,515


		Total Long-Term Fixed Income (cost $677,640,086)		674,409,972


Shares		Collateral Held for Securities Loaned (1.6%)
	80,456,520	Thrivent Cash Management Trust		80,456,520

		Total Collateral Held for Securities Loaned (cost $80,456,520)		80,456,520


Shares or Principal Amount		Short-Term Investments (11.4%)^m
		Federal Agricultural Mortgage Corporation Discount Notes
	5,000,000	0.170%, 1/4/2016		4,999,929
		Federal Farm Credit Discount Notes
	1,500,000	0.190%, 2/2/2016		1,499,747
		Federal Home Loan Bank Discount Notes
	35,855,000	0.099%, 1/4/2016		35,854,705
	15,000,000	0.100%, 1/5/2016		14,999,833
	33,700,000	0.102%, 1/6/2016		33,699,522
	38,400,000	0.103%, 1/8/2016		38,399,228
	15,000,000	0.105%, 1/11/2016		14,999,563
	4,700,000	0.100%, 1/12/2016		4,699,856
	23,800,000	0.159%, 1/13/2016		23,798,737
	11,500,000	0.113%, 1/15/2016		11,499,493
	12,900,000	0.181%, 1/20/2016		12,898,766
	24,905,000	0.118%, 1/21/2016		24,903,365
	20,000,000	0.116%, 1/22/2016		19,998,644
	14,200,000	0.251%, 1/26/2016		14,197,528
	3,000,000	0.250%, 1/27/2016		2,999,458
	2,000,000	0.250%, 1/29/2016		1,999,611
	33,230,000	0.206%, 2/3/2016		33,223,732
	7,000,000	0.206%, 2/5/2016		6,998,600
	11,000,000	0.250%, 2/12/2016		10,996,792
	14,583,000	0.260%, 2/19/2016		14,577,839
	20,739,000	0.276%, 2/24/2016		20,730,421
	2,504,000	0.350%, 3/11/2016		2,502,296
	3,000,000	0.355%, 3/14/2016		2,997,840
	25,000,000	0.365%, 3/16/2016		24,980,990
	6,000,000	0.310%, 3/18/2016		5,996,022
	8,000,000	0.370%, 3/21/2016		7,993,422

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares or Principal Amount		Short-Term Investments (11.4%)^m	Value
		Federal Home Loan Mortgage Corporation Discount Notes
	1,000,000	0.105%, 1/6/2016^g	$	999,985
	7,600,000	0.230%, 1/27/2016^g		7,598,738
	26,000,000	0.200%, 2/17/2016^g		25,993,211
		Federal National Mortgage Association Discount Notes
	3,500,000	0.070%, 1/8/2016		3,499,952
	5,000,000	0.230%, 1/25/2016^g		4,999,233
	3,000,000	0.064%, 1/27/2016^g,n		2,999,861
	5,900,000	0.180%, 2/8/2016^g		5,898,879
	3,500,000	0.200%, 2/16/2016^g		3,499,106
		Thrivent Cash Management Trust
	108,913,011	0.220%		108,913,011
		U.S. Treasury Bills
	100,000	0.205%, 2/25/2016ⁿ		99,969

		Total Short-Term Investments (at amortized cost)		556,947,884

		Total Investments (cost $4,955,735,609) 106.2%	$	5,201,970,512

		Other Assets and Liabilities, Net (6.2%)		(303,891,893	)

		Total Net Assets 100.0%	$	4,898,078,619

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	Defaulted security. Interest is not being accrued.

e	Non-income producing security.

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

g	All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

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 December 31, 2015.

j	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 December 31, 2015.

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

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

n	At December 31, 2015, $199,964 of investments were segregated to cover exposure to a counterparty for margin on open mortgage-backed security transactions.

Denotes restricted securities. Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The value of all restricted securities held in Moderately Aggressive Allocation Portfolio as of December 31, 2015 was $25,334,861 or 0.5% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of December 31, 2015.


Security	Acquisition Date		Cost
Alm Loan Funding CLO, 10/17/2026		7/31/2014	$	384,808
Apidos CLO XVIII, 7/22/2026		6/25/2014		374,062
Ares CLO, Ltd., 11/15/2025		11/26/2014		750,000
Ares CLO, Ltd., 10/12/2023		5/15/2015		1,275,000
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., 10/15/2026		9/19/2014		400,000
Carlyle Global Market Strategies CLO, Ltd., 7/20/2023		7/3/2014		385,000
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		116,000
DRB Prime Student Loan Trust, 1/25/2040		12/4/2015		975,205
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		319,071
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
Pretium Mortgage Credit Partners, LLC, 11/27/2030		11/6/2015		2,247,869
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 VIII, Ltd., 1/9/2023		9/15/2014		376,673
Vericrest Opportunity Loan Transferee, 2/25/2055		2/25/2015		478,010
Voya CLO 3, Ltd., 7/25/2026		7/10/2014		384,422

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Securities Lending Transactions
Taxable Debt Security	$	2,903,163
Common Stock		75,316,256

Total lending	$	78,219,419
Gross amount payable upon return of collateral for securities loaned	$	80,456,520

Net amounts due to counterparty	$	2,237,101

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.
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.

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (2.7%)^a	Value
	Basic Materials (0.2%)
		Alpha Natural Resources, Inc., Term Loan
$	4,204,724	3.500%, 5/22/2020	$	1,811,521
		Fortescue Metals Group, Ltd., Term Loan
	2,148,349	4.250%, 6/30/2019		1,587,308
		Ineos US Finance, LLC, Term Loan
	3,803,205	3.750%, 12/15/2020		3,641,569
		NewPage Corporation, Term Loan
	7,800,000	9.500%, 2/11/2021		2,783,664
		Tronox Pigments BV, Term Loan
	6,115,296	4.500%, 3/19/2020		5,396,749
		Wausau Paper Corporation, Term Loan
	5,306,243	6.500%, 7/30/2020		5,266,446

		Total		20,487,257


	Capital Goods (<0.1%)
		ADS Waste Holdings, Inc., Term Loan
	2,223,923	3.750%, 10/9/2019		2,148,866
		Silver II Borrower, Term Loan
	1,529,557	4.000%, 12/13/2019		1,290,181

		Total		3,439,047


	Communications Services (1.0%)
		Altice U.S. Finance I Corporation, Term Loan
	1,985,427	4.250%, 2/14/2019		1,951,516
		Birch Communication Inc., Term Loan
	7,871,094	7.750%, 7/17/2020		7,516,895
		Cengage Learning Acquisitions, Term Loan
	5,810,378	7.000%, 3/31/2020		5,650,593
		Fairpoint Communications, Term Loan
	4,162,300	7.500%, 2/14/2019		4,126,921
		Grande Communications Networks, LLC, Term Loan
	2,544,810	4.500%, 5/29/2020		2,491,802
		Hargray Communications Group, Inc., Term Loan
	4,626,240	5.250%, 6/26/2019		4,592,977
		IMG Worldwide, Inc., Term Loan
	2,650,000	8.250%, 5/6/2022		2,305,500
		Integra Telecom Holdings, Inc., Term Loan
	3,371,076	5.250%, 8/14/2020		3,253,088
	890,900	9.750%, 2/12/2021		861,946
		Intelsat Jackson Holdings SA, Term Loan
	4,394,236	3.750%, 6/30/2019		4,146,269
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	4,380,000	4.500%, 1/7/2022		4,232,175
	1,000,000	7.750%, 7/7/2023		940,000
		LTS Buyer, LLC, Term Loan
	7,261,244	4.000%, 4/13/2020		7,054,298
	135,988	8.000%, 4/12/2021		130,974
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	4,388,716	4.750%, 3/22/2019		4,282,641
		NEP Broadcasting, LLC, Term Loan
	242,857	10.000%, 7/22/2020		227,072
		NEP/NCP Holdco, Inc., Term Loan
	9,182,402	4.250%, 1/22/2020		8,562,590
		NTelos, Inc., Term Loan
	1,233,563	5.750%, 11/9/2019		1,221,227
		Syniverse Holdings, Inc., Term Loan
	3,315,763	4.000%, 4/23/2019		2,398,391
		TNS, Inc., Term Loan
	3,438,374	5.000%, 2/14/2020		3,378,202
		Univision Communications, Inc., Term Loan
	3,725,664	4.000%, 3/1/2020		3,639,974
		WideOpenWest Finance, LLC, Term Loan
	5,544,105	4.500%, 4/1/2019		5,334,482
		Yankee Cable Acquisition, LLC, Term Loan
	3,596,033	4.250%, 3/1/2020		3,538,712
		Zayo Group, LLC, Term Loan
	6,388,573	3.750%, 5/6/2021		6,273,323

		Total		88,111,568


	Consumer Cyclical (0.5%)
		Amaya BV, Term Loan
	8,816,403	5.000%, 8/1/2021		8,243,337
		Burlington Coat Factory Warehouse Corporation, Term Loan
	1,754,092	4.250%, 8/13/2021		1,729,973
		Ceridian HCM Holding, Inc., Term Loan
	2,469,098	4.500%, 9/15/2020		2,089,474
		Golden Nugget, Inc., Delayed Draw
	499,140	5.500%, 11/21/2019		494,149
		Golden Nugget, Inc., Term Loan
	1,164,660	5.500%, 11/21/2019		1,153,013
		IMG Worldwide, Inc., Term Loan
	3,155,970	5.250%, 5/6/2021		3,095,817
		J.C. Penney Corporation, Inc., Term Loan
	3,880,500	6.000%, 5/22/2018		3,805,800
		Marina District Finance Company, Inc., Term Loan
	1,733,846	6.500%, 8/15/2018		1,729,511
		Mohegan Tribal Gaming Authority, Term Loan
	8,439,221	5.500%, 6/15/2018		8,237,271
		Rite Aid Corporation, Term Loan
	1,285,000	5.750%, 8/21/2020		1,285,643
		ROC Finance, LLC, Term Loan
	6,089,825	5.000%, 6/20/2019		5,653,367
		Scientific Games International, Inc., Term Loan
	7,875,123	6.000%, 10/18/2020		7,186,050
	1,841,053	6.000%, 10/1/2021		1,672,725

		Total		46,376,130


	Consumer Non-Cyclical (0.3%)
		Albertson’s, Inc., Term Loan
	6,860,145	5.500%, 3/21/2019		6,830,990

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (2.7%)^a	Value
	Consumer Non-Cyclical (0.3%) - continued
		Albertson’s, LLC, Term Loan
$	850,000	0.000%, 12/22/2022^b,c	$	844,050
		Catalina Marketing Corporation, Term Loan
	3,841,500	4.500%, 4/9/2021		3,053,993
		JBS USA, LLC, Term Loan
	925,000	4.000%, 10/30/2022		921,531
		Ortho-Clinical Diagnostics, Inc., Term Loan
	10,309,017	4.750%, 6/30/2021		8,698,233
		Sterigenics-Nordion Holdings, LLC, Term Loan
	912,713	4.250%, 5/16/2022		885,331
		Supervalu, Inc., Term Loan
	8,050,007	4.500%, 3/21/2019		7,930,947

		Total		29,165,075


	Energy (0.2%)
		Arch Coal, Inc., Term Loan
	3,415,842	6.250%, 5/16/2018		1,503,927
		Energy Solutions, LLC, Term Loan
	6,213,304	6.750%, 5/29/2020		4,659,978
		Expro Holdings UK 2, Ltd., Term Loan
	2,962,500	5.750%, 9/2/2021		1,967,604
		Fieldwood Energy, LLC, Term Loan
	2,052,773	3.875%, 10/1/2018		1,334,303
	660,000	8.375%, 9/30/2020		99,000
		Houston Fuel Oil Terminal, LLC, Term Loan
	3,683,375	4.250%, 8/19/2021		3,388,705
		McJunkin Red Man Corporation, Term Loan
	1,434,183	4.750%, 11/8/2019		1,312,277
		Offshore Group Investment, Ltd., Term Loan
	3,300,375	0.000%, 3/28/2019^d		662,814
		Pacific Drilling SA, Term Loan
	2,364,375	4.500%, 6/3/2018		1,010,770
		Targa Resources Partners, LP, Term Loan
	269,767	5.750%, 2/27/2022		261,000

		Total		16,200,378


	Financials (0.2%)
		DJO Finance, LLC, Term Loan
	1,451,363	4.250%, 6/7/2020		1,408,272
		Harland Clarke Holdings Corporation, Term Loan
	4,378,125	7.000%, 5/22/2018		4,228,524
	475,000	6.000%, 8/4/2019		452,438
		MoneyGram International, Inc., Term Loan
	3,350,262	4.250%, 3/27/2020		3,051,520
		WaveDivision Holdings, LLC, Term Loan
	3,550,200	4.000%, 10/15/2019		3,488,071

		Total		12,628,825


	Technology (0.2%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	3,500,000	0.000%, 11/13/2022^b,c		3,458,455
		First Data Corporation, Term Loan
	7,025,000	3.918%, 3/23/2018		6,924,472
	1,355,000	3.918%, 9/24/2018		1,334,675
	500,000	4.168%, 7/8/2022		492,375
		Infor US, Inc., Term Loan
	1,324,215	3.750%, 6/3/2020		1,240,353
		Merrill Communications, LLC, Term Loan
	5,762	6.250%, 6/1/2022		4,897

		Total		13,455,227


	Transportation (0.1%)
		OSG Bulk Ships, Inc., Term Loan
	4,860,975	5.250%, 8/5/2019		4,654,383

		Total		4,654,383


	Utilities (<0.1%)
		Intergen NV, Term Loan
	1,677,000	5.500%, 6/15/2020		1,511,396

		Total		1,511,396


		Total Bank Loans (cost $264,750,564)		236,029,286


Shares		Common Stock (34.2%)
	Consumer Discretionary (5.1%)
	174,462	Aaron’s, Inc.		3,906,204
	8,600	Aisan Industry Company, Ltd.		88,311
	2,400	Aisin Seiki Company, Ltd.		103,292
	69,742	Amazon.com, Inc.^e		47,137,920
	20,850	American Axle & Manufacturing Holdings, Inc.^e		394,899
	34,204	American Public Education, Inc.^e		636,536
	31,300	Ascena Retail Group, Inc.^e		308,305
	23,110	AutoZone, Inc.^e		17,145,540
	34,800	Barnes & Noble, Inc.		303,108
	1,200	Bayerische Motoren Werke AG		100,399
	52,790	Bed Bath & Beyond, Inc.^e		2,547,118
	12,800	Berkeley Group Holdings plc		695,857
	58,600	Big Lots, Inc.		2,258,444
	42,470	Bloomin’ Brands, Inc.		717,318
	10,560	Bob Evans Farms, Inc.		410,256
	32,820	Boyd Gaming Corporation^e		652,133
	2,600	Brembo SPA		125,614
	7,200	Bridgestone Corporation		246,970
	83,919	Brunswick Corporation		4,238,749
	50,596	Burlington Stores, Inc.^e		2,170,568
	91,490	Caleres, Inc.		2,453,762
	32,520	Callaway Golf Company		306,338
	18,000	Calsonic Kansei Corporation		158,689
	21,109	Cedar Fair, LP		1,178,727
	40,310	Cheesecake Factory, Inc.		1,858,694
	68,330	Chegg, Inc.^e,f		459,861
	64,810	Children’s Place, Inc.		3,577,512
	10,300	Choice Hotels International, Inc.		519,223
	21,510	Chuy’s Holdings, Inc.^e		674,123
	9,300	Cineworld Group plc		77,105
	562,784	Comcast Corporation		31,757,901
	5,100	Compass Group plc		88,374
	300	Continental AG		72,573
	66,422	Core-Mark Holding Company, Inc.		5,442,619
	53,440	CSS Industries, Inc.		1,516,627
	68,463	Culp, Inc.		1,743,753

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (34.2%)	Value
	Consumer Discretionary (5.1%) - continued
	2,500	Daimler AG	$	208,886
	31,230	Dana Holding Corporation		430,974
	59,600	Debenhams plc		64,259
	99,601	Delphi Automotive plc		8,538,794
	11,500	Denso Corporation		549,533
	201,022	Discovery Communications, Inc., Class A^e,f		5,363,267
	64,840	DISH Network Corporation^e		3,707,551
	28,260	Dollar General Corporation		2,031,046
	75,543	Dollar Tree, Inc.^e		5,833,430
	31,610	Domino’s Pizza, Inc.		3,516,613
	11,522	Dorman Products, Inc.^e		546,949
	29,509	Drew Industries, Inc.		1,796,803
	55,310	DSW, Inc.		1,319,697
	47,700	EDION Corporation^f		360,164
	5,400	Electrolux AB		130,288
	68,555	Ethan Allen Interiors, Inc.		1,907,200
	7,700	Eutelsat Communications		230,543
	25,305	Expedia, Inc.		3,145,412
	127,600	Finish Line, Inc.		2,307,008
	124,950	Ford Motor Company		1,760,546
	20,733	Fossil, Inc.^e,f		757,999
	64,599	Fred’s, Inc.		1,057,486
	82,805	G-III Apparel Group, Ltd.^e		3,664,949
	17,400	GKN plc		78,959
	19,490	Gray Television, Inc.^e		317,687
	34,000	Gunze, Ltd.		99,587
	19,200	Hakuhodo Dy Holdings, Inc.		207,735
	177,148	Harley-Davidson, Inc.		8,040,748
	41,956	Harman International Industries, Inc.		3,952,675
	89,121	Haverty Furniture Companies, Inc.		1,910,754
	11,700	Hilton Worldwide Holdings, Inc.		250,380
	201,800	Home Depot, Inc.		26,688,050
	50,000	Houghton Mifflin Harcourt Company^e		1,089,000
	1,000	Hugo Boss AG		82,510
	34,500	Inchcape plc		398,052
	15,900	Informa plc		143,696
	5,500	Intertek Group plc		224,987
	36,189	Interval Leisure Group, Inc.^f		564,910
	14,660	iRobot Corporation^e,f		518,964
	9,200	Isuzu Motors, Ltd.		99,108
	113,900	ITV plc		463,730
	43,900	Jack in the Box, Inc.		3,367,569
	147,376	Jarden Corporation^e		8,418,117
	51,559	Kate Spade & Company^e		916,203
	128,580	Krispy Kreme Doughnuts, Inc.^e		1,937,701
	198,775	Las Vegas Sands Corporation		8,714,296
	56,880	La-Z-Boy, Inc.		1,389,010
	32,390	Lear Corporation		3,978,464
	35,000	Liberty Interactive Corporation^e		956,200
	32,630	Liberty Media Corporation, Class A^e		1,280,728
	53,848	Limited Brands, Inc.		5,159,715
	11,031	Lithia Motors, Inc.		1,176,677
	109,580	LKQ Corporation^e		3,246,855
	56,300	Lookers plc		153,399
	223,280	Lowe’s Companies, Inc.		16,978,211
	27,030	Macy’s, Inc.		945,509
	42,707	MDC Partners, Inc.^f		927,596
	37,144	Meritage Homes Corporation^e		1,262,525
	2,800	Mitsuba Corporation		43,288
	11,480	Movado Group, Inc.		295,151
	152,294	National CineMedia, Inc.		2,392,539
	28,900	Nautilus, Inc.^e		483,208
	41,362	New Media Investment Group, Inc.		804,905
	437,020	NIKE, Inc.		27,313,750
	16,300	NOK Corporation		380,782
	65,138	Nord Anglia Education, Inc.^e		1,320,999
	156,850	Nutrisystem, Inc.		3,394,234
	28,171	O’Reilly Automotive, Inc.^e		7,139,095
	49,601	Oxford Industries, Inc.		3,165,536
	800	Paddy Power plc		106,846
	14,000	PanaHome Corporation		105,767
	38,210	Papa John’s International, Inc.		2,134,793
	120,737	Papa Murphy’s Holdings, Inc.^e,f		1,359,499
	34,900	Persimmon plc		1,041,190
	43,369	Pier 1 Imports, Inc.^f		220,748
	3,300	ProSiebenSat.1 Media AG		166,490
	10,330	Pulte Group, Inc.		184,081
	51,118	PVH Corporation		3,764,841
	14,122	Ralph Lauren Corporation		1,574,321
	18,086	Red Robin Gourmet Burgers, Inc.^e		1,116,630
	700	Renault SA		70,067
	49,150	Rent-A-Center, Inc.		735,776
	15,225	Restoration Hardware Holdings, Inc.^e		1,209,626
	126,328	Ross Stores, Inc.		6,797,710
	61,030	Ruby Tuesday, Inc.^e		336,275
	54,340	Ruth’s Hospitality Group, Inc.		865,093
	2,339	Schibsted ASA		76,898
	36,170	Scripps Networks Interactive, Inc.		1,996,946
	8,500	Sekisui House, Ltd.		142,917
	44,930	Service Corporation International		1,169,079
	9,000	SHOWA Corporation		83,508
	18,600	Signet Jewelers, Ltd.		2,300,634
	29,829	Skechers USA, Inc.^e		901,134
	12,800	Sports Direct International plc^e		108,776
	100,573	Sportsman’s Warehouse Holdings, Inc.^e		1,297,392
	4,000	Stanley Electric Company, Ltd.		87,750
	305,770	Staples, Inc.		2,895,642
	24,100	Star Entertainment Group, Ltd.		88,433
	456,220	Starbucks Corporation		27,386,887
	71,145	Starwood Hotels & Resorts Worldwide, Inc.		4,928,926
	91,484	Stein Mart, Inc.		615,687
	27,700	Sumitomo Forestry Company, Ltd.		373,759
	13,800	Sumitomo Rubber Industries, Ltd.		179,447
	14,000	Takashimaya Company, Ltd.		126,077
	3,800	Tamron Company, Ltd.		70,106
	78,000	Target Corporation		5,663,580
	28,000	Tatts Group, Ltd.		88,897
	132,900	Taylor Wimpey plc		397,289
	32,374	Tenneco, Inc.^e		1,486,290
	117,930	Time, Inc.		1,847,963
	126,444	Toll Brothers, Inc.^e		4,210,585
	29,090	Tower International, Inc.		831,101
	21,090	TransUnion^e		581,451
	112,873	Tuesday Morning Corporation^e		733,675
	32,400	UBM plc		251,114
	14,122	Ulta Salon Cosmetics & Fragrance, Inc.^e		2,612,570
	18,563	Under Armour, Inc.^e,f		1,496,363
	17,909	Vail Resorts, Inc.		2,292,173
	2,453	Valora Holding AG		510,333
	41,640	Vera Bradley, Inc.^e		656,246
	27,162	VF Corporation		1,690,835
	12,000	Wacoal Holdings Corporation		143,502
	22,900	WH Smith plc		595,035
	15,580	Winnebago Industries, Inc.		310,042
	15,400	Wolters Kluwer NV		517,189
	21,100	WPP plc		485,340
	30,550	Wyndham Worldwide Corporation		2,219,458
	4,100	Yokohama Rubber Company, Ltd.		62,967

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (34.2%)	Value
	Consumer Discretionary (5.1%) - continued
	38,070	Yum! Brands, Inc.	$	2,781,014
	43,790	Zoe’s Kitchen, Inc.^e,f		1,225,244

		Total		438,286,620


	Consumer Staples (1.2%)
	4,600	AarhusKarlshamn AB		340,763
	123,550	Altria Group, Inc.		7,191,846
	219,380	Aramark		7,075,005
	27,300	Archer-Daniels-Midland Company		1,001,364
	84,080	Avon Products, Inc.		340,524
	13,900	Axfood AB		240,751
	2,968	Bakkafrost PF		87,439
	57,300	Blue Buffalo Pet Products, Inc.^e,f		1,072,083
	6,264	Boston Beer Company, Inc.^e,f		1,264,764
	1,500	British American Tobacco plc		83,302
	11,198	Britvic plc		119,978
	18,570	Brown-Forman Corporation		1,843,630
	61,700	Campbell Soup Company		3,242,335
	3,500	Carrefour SA		101,009
	30,340	Casey’s General Stores, Inc.		3,654,453
	213,750	Coca-Cola Company		9,182,700
	24,000	Coca-Cola HBC AG^e		511,099
	179,510	CVS Health Corporation		17,550,693
	340,260	Flowers Foods, Inc.		7,312,187
	23,820	Hain Celestial Group, Inc.^e		962,090
	5,100	Henkel AG & Company KGaA		487,831
	41,300	Imperial Tobacco Group plc		2,181,382
	4,470	Ingles Markets, Inc.		197,038
	29,020	Ingredion, Inc.		2,781,277
	27,700	Japan Tobacco, Inc.		1,016,971
	10,000	Jeronimo Martins SGPS SA		130,125
	10,500	Kao Corporation		539,582
	1,100	Kerry Group plc		91,014
	47,670	Kimberly-Clark Corporation		6,068,391
	70,600	Koninklijke Ahold NV		1,489,205
	1,600	KOSE Corporation		147,937
	14,420	Lancaster Colony Corporation		1,664,933
	9,800	Marks and Spencer Group plc		65,251
	25,930	Molson Coors Brewing Company		2,435,346
	15,450	Mondelez International, Inc.		692,778
	40,710	Monster Beverage Corporation^e		6,064,162
	14,900	Nestle SA		1,106,105
	11,000	Nippon Meat Packers, Inc.		215,599
	19,200	Nisshin Oillio Group, Ltd.		78,214
	17,210	PepsiCo, Inc.		1,719,623
	79,866	Philip Morris International, Inc.		7,021,020
	2,300	PriceSmart, Inc.		190,877
	2,600	Royal Unibrew AS		105,668
	101,113	SpartanNash Company		2,188,085
	5,700	Suedzucker AG		112,977
	3,400	Sugi Holdings Company, Ltd.		187,587
	1,300	Sundrug Company, Ltd.		83,586
	3,900	Svenska Cellulosa AB SCA		113,022
	16,500	Swedish Match AB		583,067
	6,630	Tootsie Roll Industries, Inc.^f		209,442
	13,240	Tyson Foods, Inc.		706,089
	52,998	United Natural Foods, Inc.^e		2,086,001
	30,650	Universal Corporation^f		1,718,852
	24,500	WhiteWave Foods Company^e		953,295

		Total		108,610,347


	Energy (4.1%)
	145,090	Archrock, Inc.		1,091,077
	141,189	Atwood Oceanics, Inc.^f		1,444,363
	1,900	Azrieli Group, Ltd.		70,780
	309,060	Baker Hughes, Inc.		14,263,119
	160,858	Basic Energy Services, Inc.^e,f		431,099
	232,880	Bonanza Creek Energy, Inc.^e,f		1,227,278
	171,000	BP plc		888,638
	35,279	Bristow Group, Inc.		913,726
	102,286	Callon Petroleum Company^e		853,065
	362,270	Cameron International Corporation^e		22,895,464
	429,880	Canadian Natural Resources, Ltd.		9,384,280
	498,580	Chevron Corporation		44,852,257
	12,830	Cimarex Energy Company		1,146,745
	21,002	Clayton Williams Energy, Inc.^e,f		621,029
	1,393,031	Cobalt International Energy, Inc.^e		7,522,367
	96,790	Columbia Pipeline Group, Inc.		1,935,800
	115,152	Concho Resources, Inc.^e		10,693,015
	48,475	Continental Resources, Inc.^e		1,113,955
	30,740	Delek US Holdings, Inc.		756,204
	882,410	Denbury Resources, Inc.^f		1,782,468
	110,600	Devon Energy Corporation		3,539,200
	42,680	Diamond Offshore Drilling, Inc.^f		900,548
	40,006	Diamondback Energy, Inc.^e		2,676,401
	4,610	Dril-Quip, Inc.^e		273,050
	109,940	Ensco plc		1,691,977
	444,114	EOG Resources, Inc.		31,438,830
	52,290	EP Energy Corporation^e,f		229,030
	492,211	EQT Corporation		25,658,959
	167,230	Exxon Mobil Corporation		13,035,579
	12,900	Forum Energy Technologies, Inc.^e		160,734
	24,100	Frank’s International NV		402,229
	13,100	Green Plains, Inc.		299,990
	24,060	Gulfport Energy Corporation^e		591,154
	158,350	Halliburton Company		5,390,234
	19,320	Helix Energy Solutions Group, Inc.^e		101,623
	31,990	Helmerich & Payne, Inc.^f		1,713,064
	68,842	HollyFrontier Corporation		2,746,107
	1,082,501	Marathon Oil Corporation		13,628,688
	481,490	Marathon Petroleum Corporation		24,960,442
	107,590	Nabors Industries, Ltd.		915,591
	12,120	National Oilwell Varco, Inc.		405,899
	177,080	Noble Corporation		1,868,194
	9,620	Noble Energy, Inc.		316,787
	470,800	Oasis Petroleum, Inc.^e,f		3,469,796
	25,990	Oceaneering International, Inc.		975,145
	7,380	Oil States International, Inc.^e		201,105
	5,900	OMV AG		167,474
	201,528	Parsley Energy, Inc.^e		3,718,192
	227,320	Patterson-UTI Energy, Inc.		3,427,986
	14,830	PBF Energy, Inc.		545,892
	974,958	Petroleo Brasileiro SA ADR^e,f		4,192,319
	134,170	Pioneer Energy Services Corporation^e		291,149
	665,760	Rowan Companies plc		11,284,632
	3,600	Royal Dutch Shell plc		82,106
	8,672	Royal Dutch Shell plc, Class B		197,644
	32,330	RPC, Inc.^f		386,344
	139,650	Schlumberger, Ltd.		9,740,588
	9,400	SemGroup Corporation		271,284
	574,800	Southwestern Energy Company^e,f		4,086,828
	33,750	Spectra Energy Corporation		807,975
	28,801	Statoil ASA		401,681
	694,210	Suncor Energy, Inc. ADR		17,910,618
	46,930	Superior Energy Services, Inc.		632,147
	308,582	Teekay Tankers, Ltd.		2,123,044
	91,845	Tesco Corporation		664,958
	3,340	Tesoro Corporation		351,936
	180,580	TETRA Technologies, Inc.^e		1,357,962
	28,000	TonenGeneral Sekiyu KK		236,376
	88,714	U.S. Silica Holdings, Inc.^f		1,661,613

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (34.2%)	Value
	Energy (4.1%) - continued
	2,733,476	Weatherford International, Ltd.^e	$	22,933,864
	29,993	Western Refining, Inc.		1,068,351
	6,970	World Fuel Services Corporation		268,066
	136,820	WPX Energy, Inc.^e		785,347

		Total		351,073,461


	Financials (5.9%)
	115,500	Aberdeen Asset Management plc		492,174
	49,400	ACE, Ltd.		5,772,390
	4,600	AEON Financial Service Company, Ltd.		102,758
	45,961	Affiliated Managers Group, Inc.^e		7,342,729
	21,600	Alexandria Real Estate Equities, Inc.		1,951,776
	17,600	Allianz SE		3,102,510
	38,580	Allied World Assurance Company Holdings AG		1,434,790
	23,810	American Assets Trust, Inc.		913,114
	65,930	American Campus Communities, Inc.		2,725,546
	98,220	American Equity Investment Life Holding Company		2,360,227
	101,600	American Financial Group, Inc.		7,323,328
	92,700	American International Group, Inc.		5,744,619
	41,450	Ameris Bancorp		1,408,886
	7,750	AMERISAFE, Inc.		394,475
	419,000	Anworth Mortgage Asset Corporation		1,822,650
	23,560	Apartment Investment & Management Company		943,107
	22,555	Argo Group International Holdings, Ltd.		1,349,691
	66,509	Arthur J. Gallagher & Company		2,722,878
	32,620	Ashford Hospitality Prime, Inc.		472,990
	71,140	Aspen Insurance Holdings, Ltd.		3,436,062
	27,070	Associated Banc-Corp		507,562
	177,720	Assured Guaranty, Ltd.		4,697,140
	49,300	Australia & New Zealand Banking Group, Ltd.		994,862
	181,900	Banco Santander SA		894,838
	12,490	BancorpSouth, Inc.		299,635
	81,600	Bank Hapoalim, Ltd.		421,220
	1,382,720	Bank of America Corporation		23,271,178
	49,900	Bank of New York Mellon Corporation		2,056,878
	21,264	Bank of Queensland, Ltd.		214,503
	52,365	Bank of the Ozarks, Inc.		2,589,973
	146,000	Bank of Yokohama, Ltd.		894,922
	34,220	BankFinancial Corporation		432,199
	127,550	BB&T Corporation		4,822,665
	123,026	BBCN Bancorp, Inc.		2,118,508
	51,100	BinckBank NV		440,400
	221,650	Blackstone Group, LP		6,481,046
	2,000	Bolsas y Mercados Espanoles SA		67,399
	23,550	Boston Private Financial Holdings, Inc.		267,057
	94,590	Brandywine Realty Trust		1,292,099
	15,700	British Land Company plc		181,664
	96,276	Brixmor Property Group, Inc.		2,485,846
	139,910	Brookline Bancorp, Inc.		1,608,965
	72,190	Brown & Brown, Inc.		2,317,299
	25,680	Camden Property Trust		1,971,197
	88,100	Capital One Financial Corporation		6,359,058
	22,586	Capital Shopping Centres Group plc		105,521
	68,900	CapitaMall Trust		93,490
	80,800	Cathay General Bancorp		2,531,464
	38,700	CBRE Group, Inc.^e		1,338,246
	291,831	Cedar Realty Trust, Inc.		2,066,163
	181,450	Charles Schwab Corporation		5,975,148
	16,200	Chatham Lodging Trust		331,776
	21,000	Chiba Bank, Ltd.		149,021
	576,137	Citigroup, Inc.		29,815,090
	52,200	Clifton Bancorp, Inc.		748,548
	108,630	CNO Financial Group, Inc.		2,073,747
	21,500	CNP Assurances		290,022
	417,712	CoBiz Financial, Inc.		5,605,695
	80,453	Columbia Banking System, Inc.		2,615,527
	147,550	Comerica, Inc.		6,172,016
	17,010	Commerce Bancshares, Inc.		723,605
	26,470	Corporate Office Properties Trust		577,840
	7,700	Daiwa House Industry Company, Ltd.		221,347
	1,300	Derwent London plc		70,314
	97,600	DEXUS Property Group		529,398
	28,070	Digital Realty Trust, Inc.		2,122,653
	46,375	Direct Line Insurance Group plc		277,979
	34,031	Douglas Emmett, Inc.		1,061,087
	118,790	Duke Realty Corporation		2,496,966
	76,795	East West Bancorp, Inc.		3,191,600
	15,690	Education Realty Trust, Inc.		594,337
	88,138	Employers Holdings, Inc.		2,406,167
	77,920	Equity One, Inc.		2,115,528
	63,737	Essent Group, Ltd.^e		1,395,203
	162,110	EverBank Financial Corporation		2,590,518
	35,672	Evercore Partners, Inc.		1,928,785
	9,730	Extra Space Storage, Inc.		858,283
	137,200	F.N.B. Corporation		1,830,248
	43,020	FelCor Lodging Trust, Inc.		314,046
	249,380	Fifth Third Bancorp		5,012,538
	210,850	First Commonwealth Financial Corporation		1,912,409
	7,910	First Defiance Financial Corporation		298,840
	17,340	First Financial Corporation		589,040
	33,790	First Horizon National Corporation		490,631
	79,770	First Industrial Realty Trust, Inc.		1,765,310
	11,540	First Interstate BancSystem, Inc.		335,468
	181,390	First Midwest Bancorp, Inc.		3,343,018
	13,610	First NBC Bank Holding Company^e		508,878
	134,549	First Potomac Realty Trust		1,533,859
	148,735	First Republic Bank		9,825,434
	51,800	FlexiGroup, Ltd.^f		113,050
	75,990	Franklin Street Properties Corporation		786,497
	61,900	Frasers Centrepoint Trust		80,453
	144,000	Fukuoka Financial Group, Inc.		714,041
	37,441	Genworth Financial, Inc.^e		139,655
	10,120	German American Bancorp, Inc.		337,198
	25,250	Getty Realty Corporation		433,038
	70,998	Glacier Bancorp, Inc.		1,883,577
	46,890	Great Western Bancorp, Inc.		1,360,748
	137,090	Green Bancorp, Inc.^e		1,436,703
	8,533	Hamborner REIT AG		89,153
	11,600	Hammerson plc		102,549
	19,990	Hancock Holding Company		503,148
	17,800	Hang Seng Bank, Ltd.		337,370
	136,756	Hanmi Financial Corporation		3,243,852
	8,100	Hannover Rueckversicherung SE		924,940
	23,740	Hanover Insurance Group, Inc.		1,931,012
	150,500	Hartford Financial Services Group, Inc.		6,540,730
	115,158	Hatteras Financial Corporation		1,514,328
	7,350	HCI Group, Inc.^f		256,148
	36,100	Henderson Group plc		164,076
	12,400	Henderson Land Development Company, Ltd.		75,640
	22,060	HFF, Inc.		685,404
	12,950	Highwoods Properties, Inc.		564,620

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (34.2%)	Value
	Financials (5.9%) - continued
	34,000	Hokuhoku Financial Group, Inc.	$	69,310
	82,408	Home BancShares, Inc.		3,339,172
	18,890	Hometrust Bancshares, Inc.^e		382,523
	38,491	Horace Mann Educators Corporation		1,277,131
	144,686	Host Hotels & Resorts, Inc.		2,219,483
	31,766	Houlihan Lokey, Inc.		832,587
	37,110	Hudson Pacific Properties, Inc.		1,044,275
	18,900	Hufvudstaden AB		267,182
	809,928	Huntington Bancshares, Inc.		8,957,804
	141,000	Hysan Development Company, Ltd.		576,079
	6,907	IG Group Holdings plc		81,659
	26,200	ING Groep NV		354,489
	41,790	Inland Real Estate Corporation		443,810
	104,023	Intercontinental Exchange, Inc.		26,656,934
	62,527	Intermediate Capital Group plc		576,412
	252,600	Invesco, Ltd.		8,457,048
	42,000	Investa Office Fund		121,581
	91,200	Investec plc		643,055
	222,550	Investors Bancorp, Inc.		2,768,522
	221,748	J.P. Morgan Chase & Company		14,642,020
	92,350	Janus Capital Group, Inc.		1,301,211
	26,730	Kearny Financial Corporation		338,669
	20,384	Kennedy-Wilson Holdings, Inc.		490,847
	611,970	KeyCorp		8,071,884
	20,540	Kilroy Realty Corporation		1,299,771
	37,540	Lamar Advertising Company		2,251,649
	53,457	LaSalle Hotel Properties		1,344,978
	20,084	Lazard, Ltd.		903,981
	67,610	Lexington Realty Trust		540,880
	19,250	Liberty Property Trust		597,713
	8,390	Lincoln National Corporation		421,681
	97,500	Link REIT		581,284
	23,710	M&T Bank Corporation		2,873,178
	1,300	Macquarie Group, Ltd.		77,770
	256,520	MetLife, Inc.		12,366,829
	124,700	Mitsubishi UFJ Financial Group, Inc.		772,423
	108,100	Monmouth Real Estate Investment Corporation^f		1,130,726
	350,350	Morgan Stanley		11,144,633
	27,860	MSCI, Inc.		2,009,542
	1,100	Muenchener Rueckversicherungs-Gesellschaft AG		219,162
	77,035	Nasdaq, Inc.		4,481,126
	64,894	National Interstate Corporation		1,732,670
	126,967	Navient Corporation		1,453,772
	7,510	Navigators Group, Inc.^e		644,283
	306,000	New World Development Company, Ltd.^f		300,473
	52,430	Northern Trust Corporation		3,779,679
	105,510	NorthStar Asset Management Corporation, Inc.		1,280,891
	23,000	Ogaki Kyoritsu Bank, Ltd.		92,730
	24,600	Old Mutual plc		64,715
	13,840	One Liberty Properties, Inc.		297,006
	106,720	Oritani Financial Corporation		1,760,880
	75,493	PacWest Bancorp		3,253,748
	37,150	Parkway Properties, Inc.		580,655
	50,196	Pebblebrook Hotel Trust		1,406,492
	41,570	PennyMac Financial Services, Inc.^e		638,515
	20,550	Physicians Realty Trust		346,473
	20,860	Popular, Inc.		591,172
	24,220	Post Properties, Inc.		1,432,855
	32,325	Potlatch Corporation		977,508
	23,800	Poundland Group plc		72,874
	39,110	Primerica, Inc.^f		1,847,165
	10,740	PrivateBancorp, Inc.		440,555
	53,360	Progressive Corporation		1,696,848
	117,620	Provident Financial Services, Inc.		2,370,043
	91,450	Radian Group, Inc.		1,224,515
	163,760	Ramco-Gershenson Properties Trust		2,720,054
	87,497	Raymond James Financial, Inc.		5,072,201
	44,070	RE/MAX Holdings, Inc.		1,643,811
	54,900	Realogy Holdings Corporation^e		2,013,183
	21,640	Renasant Corporation		744,632
	16,500	Resona Holdings, Inc.		80,128
	34,520	Rouse Properties, Inc.		502,611
	18,010	Safeguard Scientifics, Inc.^e		261,325
	6,247	Safety Insurance Group, Inc.		352,206
	1,900	Sampo Oyj		96,487
	75,453	Sandy Spring Bancorp, Inc.		2,034,213
	11,700	Schroders plc		512,451
	20,340	Seacoast Banking Corporation of Florida^e		304,693
	31,770	Selective Insurance Group, Inc.		1,066,837
	18,980	Sierra Bancorp		334,997
	60,780	Silver Bay Realty Trust Corporation REIT		951,815
	553,090	SLM Corporation^e		3,606,147
	2,500	Sompo Japan Nipponkoa Holdings, Inc.		82,087
	120,450	Spirit Realty Captial, Inc.		1,206,909
	94,950	Starwood Property Trust, Inc.		1,952,172
	46,052	State Auto Financial Corporation		948,211
	81,083	Stifel Financial Corporation^e		3,434,676
	243,627	Stockland		723,202
	61,220	Store Capital Corporation		1,420,304
	97,000	Sumitomo Mitsui Trust Holdings, Inc.		367,371
	38,056	Summit Hotel Properties, Inc.		454,769
	29,270	SunTrust Banks, Inc.		1,253,927
	64,127	SVB Financial Group^e		7,624,700
	18,800	Swiss Re AG		1,836,127
	165,250	Synchrony Financial^e		5,025,253
	176,200	Synovus Financial Corporation		5,705,356
	2,800	Talanx AG		86,113
	100,760	Talmer Bancorp, Inc.		1,824,764
	380,080	TCF Financial Corporation		5,366,730
	86,954	TD Ameritrade Holding Corporation		3,018,173
	81,466	Terreno Realty Corporation		1,842,761
	18,780	Territorial Bancorp, Inc.		520,957
	2,000	Tokio Marine Holdings, Inc.		77,249
	30,350	TriCo Bancshares		832,804
	84,710	TrustCo Bank Corporation		520,119
	10,500	U.S. Bancorp		448,035
	36,100	UBS Group AG		700,321
	36,408	UMH Properties, Inc.		368,449
	8,710	Union Bankshares Corporation		219,840
	15,610	United Community Banks, Inc.		304,239
	55,319	United Overseas Bank, Ltd.		762,673
	18,100	Urstadt Biddle Properties, Inc.		348,244
	16,184	W.R. Berkley Corporation		886,074
	11,200	Wallenstam AB		90,021
	8,120	Webster Financial Corporation		301,983
	59,000	Wells Fargo & Company		3,207,240
	87,610	Western Alliance Bancorp^e		3,141,695
	52,000	Western Asset Mortgage Capital Corporation^f		531,440
	29,360	Whitestone REIT		352,614
	106,100	Wing Tai Holdings, Ltd.		131,062
	22,729	Wintrust Financial Corporation		1,102,811
	25,109	WSFS Financial Corporation		812,527
	29,060	XL Group plc		1,138,571

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (34.2%)	Value
	Financials (5.9%) - continued
	550,723	Zions Bancorporation	$	15,034,738

		Total		508,078,178


	Health Care (4.6%)
	444,078	Abbott Laboratories		19,943,543
	26,636	ABIOMED, Inc.^e		2,404,698
	50,318	Acadia Healthcare Company, Inc.^e		3,142,862
	9,500	Acceleron Pharma, Inc.^e		463,220
	21,200	Aceto Corporation		571,976
	141,780	Acorda Therapeutics, Inc.^e		6,065,348
	1,100	Actelion, Ltd.		152,838
	63,750	Aetna, Inc.		6,892,650
	94,750	Affymetrix, Inc.^e		956,028
	93,520	Akorn, Inc.e		3,489,231
	31,810	Albany Molecular Research, Inc.^e,f		631,429
	49,151	Align Technology, Inc.^e		3,236,593
	93,978	Allergan plce		29,368,125
	31,863	Allscripts Healthcare Solutions, Inc.^e		490,053
	40,138	AmerisourceBergen Corporation		4,162,712
	58,310	Amgen, Inc.		9,465,462
	71,685	AMN Healthcare Services, Inc.^e		2,225,819
	10,500	AmSurg Corporation^e		798,000
	6,787	Anacor Pharmaceuticals, Inc.^e		766,727
	31,435	Analogic Corporation		2,596,531
	9,100	Astellas Pharmaceutical, Inc.		129,545
	111,810	Asterias Biotherapeutics, Inc.^e,f		439,413
	4,989	Atrion Corporation		1,901,807
	144,624	Baxalta, Inc.		5,644,675
	600	Bayer AG		74,935
	27,876	BioMarin Pharmaceutical, Inc.^e		2,920,290
	3,400	Bio-Rad Laboratories, Inc.^e		471,444
	21,691	C.R. Bard, Inc.		4,109,143
	56,970	Cambrex Corporation^e		2,682,717
	5,800	Cardinal Health, Inc.		517,766
	72,585	Cardiovascular Systems, Inc.^e		1,097,485
	62,530	Centene Corporation^e		4,115,099
	335,085	Cerner Corporation^e		20,162,064
	15,360	CONMED Corporation		676,608
	24,310	Cross Country Healthcare, Inc.^e		398,441
	2,000	CSL, Ltd.		152,479
	152,830	DENTSPLY International, Inc.		9,299,705
	172,953	Depomed, Inc.^e,f		3,135,638
	84,460	Edwards Lifesciences Corporation^e		6,670,651
	78,406	Ensign Group, Inc.		1,774,328
	118,594	Envision Healthcare Holdings, Inc.^e		3,079,886
	13,200	Essilor International SA		1,645,204
	23,400	EXACT Sciences Corporation^e,f		215,982
	115,011	ExamWorks Group, Inc.^e		3,059,293
	74,200	Express Scripts Holding Company^e		6,485,822
	1,000	Fresenius Medical Care AG & Company KGaA		84,035
	1,100	Gerresheimer AG		85,956
	242,511	Gilead Sciences, Inc.		24,539,688
	27,810	Globus Medical, Inc.^e		773,674
	35,490	Greatbatch, Inc.^e		1,863,225
	45,030	HCA Holdings, Inc.^e		3,045,379
	20,550	HealthSouth Corporation		715,346
	45,640	Healthways, Inc.^e		587,387
	14,600	Hikma Pharmaceuticals plc		494,935
	16,500	Hill-Rom Holdings, Inc.		792,990
	109,040	Hologic, Inc.^e		4,218,758
	10,083	ICON plc^e		783,449
	58,305	Impax Laboratories, Inc.^e		2,493,122
	45,300	Inogen, Inc.^e		1,816,077
	43,209	Intersect ENT, Inc.^e		972,203
	112,266	Ironwood Pharmaceuticals, Inc.^e		1,301,163
	5,000	Kaken Pharmaceutical Company, Ltd.		341,666
	72,700	Kindred Healthcare, Inc.		865,857
	8,362	LivaNova plc^e		496,452
	2,000	Lonza Group AG		325,270
	13,300	Magellan Health Services, Inc.^e		820,078
	145,194	Medtronic, Inc.		11,168,322
	348,720	Merck & Company, Inc.		18,419,390
	9,013	Mettler-Toledo International, Inc.^e		3,056,579
	370,753	Mylan NV^e		20,046,615
	34,418	National Healthcare Corporation		2,123,591
	3,950	Neogen Corporation^e		223,254
	35,576	Neurocrine Biosciences, Inc.^e		2,012,534
	13,000	Novartis AG		1,118,251
	14,400	Novo Nordisk AS		833,734
	84,639	NuVasive, Inc.^e		4,579,816
	32,240	NxStage Medical, Inc.^e		706,378
	2,700	Paramount Bed Holdings Company, Ltd.		95,800
	22,960	PerkinElmer, Inc.		1,229,967
	31,828	Perrigo Company plc		4,605,512
	564,240	Pfizer, Inc.		18,213,667
	25,810	PharMerica Corporation^e		903,350
	43,520	Progenics Pharmaceuticals, Inc.^e		266,778
	3,600	Prothena Corporation plc^e		245,196
	7,750	Providence Service Corporation^e		363,630
	25,970	Quality Systems, Inc.		418,636
	7,840	Quest Diagnostics, Inc.		557,738
	48,590	Quintiles Transnational Holdings, Inc.^e		3,336,189
	3,500	Recordati SPA		91,318
	145,400	Roche Holding AG ADR		5,011,938
	19,410	Sagent Pharmaceuticals, Inc.^e		308,813
	9,200	Sanofi		784,044
	4,400	Suzuken Company, Ltd.		167,210
	87,093	Team Health Holdings, Inc.^e		3,822,512
	90,204	Teleflex, Inc.		11,857,316
	85,892	Triple-S Management Corporation^e		2,053,678
	106,076	UnitedHealth Group, Inc.		12,478,781
	67,147	Universal Health Services, Inc.		8,023,395
	39,220	Vanda Pharmaceuticals, Inc.^e,f		365,138
	13,910	VCA Antech, Inc.^e		765,050
	107,300	Veeva Systems, Inc.^e,f		3,095,605
	161,784	Vertex Pharmaceuticals, Inc.^e		20,357,281
	23,410	Waters Corporation^e		3,150,518
	33,539	Wellcare Health Plans, Inc.^e		2,623,085
	30,530	West Pharmaceutical Services, Inc.		1,838,517
	34,600	Zoetis, Inc.		1,658,032

		Total		399,078,133


	Industrials (3.7%)
	72,930	3M Company		10,986,175
	9,610	A.O. Smith Corporation		736,222
	4,100	Aalberts Industries NV		141,269
	10,800	AAR Corporation		283,932
	47,460	ABM Industries, Inc.		1,351,186
	5,500	Adecco SA		376,435
	123,620	ADT Corporation^f		4,076,988
	60,360	AECOM^e		1,812,611
	91,897	Aegion Corporation^e		1,774,531
	44,190	AGCO Corporation^f		2,005,784
	8,700	Aida Engineering, Ltd.		89,669
	102,839	Air New Zealand, Ltd.		207,413
	5,000	Airbus Group NV		336,939
	11,010	Allison Transmission Holdings, Inc.		285,049
	8,900	Amada Holdings Company, Ltd.		84,930

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (34.2%)	Value
	Industrials (3.7%) - continued
	9,040	AMETEK, Inc.	$	484,454
	2,500	Andritz AG		121,671
	7,340	Applied Industrial Technologies, Inc.		297,197
	47,000	Asahi Glass Company, Ltd.		269,256
	45,632	Astec Industries, Inc.		1,857,222
	3,000	Atlas Copco Aktiebolag		73,574
	24,470	AZZ, Inc.		1,359,798
	41,053	B/E Aerospace, Inc.		1,739,416
	56,000	BAE Systems plc		412,303
	78,318	Beacon Roofing Supply, Inc.^e		3,225,135
	111,870	Boeing Company		16,175,283
	28,200	Bollore SA		131,402
	8,940	Brady Corporation		205,441
	22,780	Briggs & Stratton Corporation		394,094
	36,000	Brink’s Company		1,038,960
	29,300	BWX Technologies, Inc.		930,861
	39,680	Caterpillar, Inc.		2,696,653
	23,200	Central Glass Company, Ltd.		106,408
	3,800	Central Japan Railway Company		674,629
	37,733	CIRCOR International, Inc.		1,590,446
	63,150	CLARCOR, Inc.		3,137,292
	81,744	Comfort Systems USA, Inc.		2,323,164
	5,200	Compagnie de Saint-Gobain		225,345
	58,190	Copart, Inc.^e		2,211,802
	28,710	Corporate Executive Board Company		1,762,507
	3,000	Croda International plc		134,416
	301,950	CSX Corporation		7,835,603
	19,100	CTT-Correios de Portugal SA		183,568
	20,817	Cubic Corporation		983,603
	26,210	Curtiss-Wright Corporation		1,795,385
	12,000	Dai Nippon Printing Company, Ltd.		118,664
	47,300	Danaher Corporation		4,393,224
	11,788	Dart Group plc		102,269
	471,850	Delta Air Lines, Inc.		23,918,076
	8,300	Deutsche Post AG		232,051
	26,960	DigitalGlobe, Inc.^e		422,194
	44,900	Donaldson Company, Inc.		1,286,834
	4,400	DSV AS		173,200
	1,100	East Japan Railway Company		103,583
	2,100	Elbit Systems, Ltd.		184,874
	83,021	EMCOR Group, Inc.		3,988,329
	31,625	Equifax, Inc.		3,522,076
	62,709	ESCO Technologies, Inc.		2,266,303
	64,000	Expeditors International of Washington, Inc.		2,886,400
	73,134	Federal Signal Corporation		1,159,174
	12,400	Ferrovial SA		280,405
	15,440	Flowserve Corporation		649,715
	300	Flughafen Zuerich AG		225,094
	109,939	Fortune Brands Home and Security, Inc.		6,101,615
	52,104	Franklin Electric Company, Inc.		1,408,371
	54,741	FTI Consulting, Inc.^e		1,897,323
	40,653	G & K Services, Inc.		2,557,074
	8,025	Galliford Try plc		180,320
	1,900	GEA Group AG		76,762
	100	Georg Fischer AG		67,890
	86,288	Gibraltar Industries, Inc.^e		2,195,167
	76,605	Granite Construction, Inc.		3,287,121
	25,732	H&E Equipment Services, Inc.		449,795
	13,000	Hankyu Hanshin Holdings, Inc.		84,499
	15,400	Hawaiian Holdings, Inc.^e		544,082
	53,392	Healthcare Services Group, Inc.		1,861,779
	50,603	Heico Corporation		2,750,779
	47,280	Hexcel Corporation		2,196,156
	35,588	HNI Corporation		1,283,303
	1,600	Hochtief AG		148,397
	87,572	Honeywell International, Inc.		9,069,832
	1,400	Hoshizaki Electric Company, Ltd.		87,031
	31,809	Hub Group, Inc.^e		1,048,107
	33,860	Huntington Ingalls Industries, Inc.		4,295,141
	67,774	Huron Consulting Group, Inc.^e		4,025,776
	5,200	IBIDEN Company, Ltd.^f		74,549
	4,240	Illinois Tool Works, Inc.		392,963
	6,000	Inaba Denki Sangyo Company, Ltd.		191,707
	113,050	Ingersoll-Rand plc		6,250,535
	36,080	Insperity, Inc.		1,737,252
	19,000	Intrum Justitia AB		646,526
	72,500	ITOCHU Corporation		857,563
	3,709	Jardine Matheson Holdings, Ltd.		179,618
	43,864	JB Hunt Transport Services, Inc.		3,217,863
	12,606	John Bean Technologies Corporation		628,157
	59,430	Joy Global, Inc.^f		749,412
	1,100	Jungheinrich AG		90,722
	47,780	Kaman Corporation		1,949,902
	23,170	KAR Auction Services, Inc.		857,985
	6,000	Keisei Electric Railway Company, Ltd.		76,550
	82,083	Kforce, Inc.		2,075,058
	26,900	KITZ Corporation		120,830
	18,100	KONE Oyj		766,377
	5,900	Koninklijke Boskalis Westminster NV		240,675
	105,770	Korn/Ferry International		3,509,449
	31,233	Landstar System, Inc.		1,831,815
	6,000	Lincoln Electric Holdings, Inc.		311,340
	14,250	Lockheed Martin Corporation		3,094,387
	48,270	Manpower, Inc.		4,068,678
	125,450	Masco Corporation		3,550,235
	76,982	McGrath Rentcorp		1,939,177
	37,853	Meggitt plc		208,997
	2,300	MEITEC Corporation		78,761
	120,620	Meritor, Inc.^e		1,007,177
	18,538	Middleby Corporation^e		1,999,694
	17,372	Mine Safety Appliances Company		755,161
	10,600	MIRAIT Holdings Corporation		87,332
	12,000	Mitsuboshi Belting, Ltd.		95,663
	45,100	Mueller Water Products, Inc.		387,860
	137,219	Navigant Consulting, Inc.^e		2,203,737
	57,902	Nielsen Holdings plc		2,698,233
	11,500	Nikkon Holdings Company, Ltd.		229,215
	18,000	Nippon Express Company, Ltd.		84,586
	18,900	Nitto Kogyo Corporation		330,444
	21,977	Nordson Corporation		1,409,825
	163,450	Norfolk Southern Corporation		13,826,236
	13,850	Northrop Grumman Corporation		2,615,019
	10,000	Obayashi Corporation		92,272
	37,470	Old Dominion Freight Line, Inc.^e		2,213,353
	107,128	On Assignment, Inc.^e		4,815,404
	94,788	Oshkosh Corporation		3,700,524
	59,266	PGT, Inc.^e		675,040
	35,300	PowerSecure International, Inc.^e		531,265
	107,086	Progressive Waste Solutions, Ltd.		2,521,875
	50,684	Proto Labs, Inc.^e,f		3,228,064
	25,130	Quanex Building Products Corporation		523,961
	1,200	Randstad Holding NV		74,726
	65,570	Raven Industries, Inc.		1,022,892
	13,323	RBC Bearings, Inc.^e		860,533
	36,300	Rentokil Initial plc		85,169
	18,930	Resources Connection, Inc.		309,316
	13,900	Rexnord Corporation^e		251,868
	1,055	Rieter Holding AG		198,294
	62,325	Ritchie Brothers Auctioneers, Inc.^f		1,502,656

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (34.2%)	Value
	Industrials (3.7%) - continued
	29,100	Rockwell Automation, Inc.	$	2,985,951
	14,490	Rockwell Collins, Inc.		1,337,427
	20,856	Roper Industries, Inc.		3,958,260
	5,370	Ryder System, Inc.		305,177
	3,560	Saft Groupe SA		108,505
	40,788	Saia, Inc.^e		907,533
	500	Schindler Holding AG		83,649
	38,100	SIG plc		80,513
	247,170	Southwest Airlines Company		10,643,140
	28,330	Spirit Aerosystems Holdings, Inc.^e		1,418,483
	9,816	Stericycle, Inc.^e		1,183,810
	12,284	Sun Hydraulics Corporation		389,771
	58,849	Swift Transportation Company^e,f		813,293
	6,000	Teleperformance SA		504,527
	28,575	Tennant Company		1,607,629
	19,840	Tetra Tech, Inc.		516,237
	37,703	Textron, Inc.		1,583,903
	1,700	Thales SA		127,245
	3,200	TKH Group NV		129,944
	18,000	Toppan Printing Company, Ltd.		165,837
	37,160	Toro Company		2,715,281
	2,600	Travis Perkins plc		75,428
	20,760	Triumph Group, Inc.		825,210
	11,020	TrueBlue, Inc.^e		283,875
	9,700	Tsubakimoto Chain Company		74,689
	32,436	Tyco International plc		1,034,384
	4,620	UniFirst Corporation		481,404
	16,030	United Continental Holdings, Inc.^e		918,519
	64,800	United Parcel Service, Inc.		6,235,704
	34,934	United Rentals, Inc.^e		2,534,112
	40,575	Universal Forest Products, Inc.		2,774,113
	58,983	Universal Truckload Services, Inc.		828,121
	1,400	Vestas Wind Systems AS		97,774
	29,910	WABCO Holdings, Inc.^e		3,058,597
	43,724	WageWorks, Inc.^e		1,983,758
	92,820	Waste Connections, Inc.		5,227,622
	6,585	Watsco, Inc.		771,301
	28,660	Wesco Aircraft Holdings, Inc.^e		343,060
	21,620	West Corporation		466,343
	6,475	Woodward, Inc.		321,549
	11,810	Xylem, Inc.		431,065
	19,300	YRC Worldwide, Inc.^e		273,674
	3,500	Yuasa Trading Company, Ltd.		86,462

		Total		321,182,162


	Information Technology (7.4%)
	38,751	A10 Networks, Inc.^e		254,207
	9,630	Accenture plc		1,006,335
	182,435	ACI Worldwide, Inc.^e		3,904,109
	30,303	Advanced Energy Industries, Inc.^e		855,454
	99,140	Agilent Technologies, Inc.		4,145,043
	59,750	Akamai Technologies, Inc.^e		3,144,642
	154,890	Alibaba Group Holding, Ltd. ADR^e,f		12,587,910
	23,260	Alliance Data Systems Corporation^e		6,433,018
	37,264	Alphabet, Inc., Class A^e		28,991,765
	46,959	Alphabet, Inc., Class C^e		35,636,246
	7,400	Alps Electric Company, Ltd.		200,673
	29,802	Ambarella, Inc.^e,f		1,661,163
	61,320	Amkor Technology, Inc.^e		372,826
	125,217	Amphenol Corporation		6,540,084
	2,400	AMS AG		80,229
	6,600	Analog Devices, Inc.		365,112
	28,501	ANSYS, Inc.^e		2,636,342
	474,599	Apple, Inc.		49,956,291
	244,111	Applied Materials, Inc.		4,557,552
	44,530	Arista Networks, Inc.^e,f		3,466,215
	33,776	Aspen Technology, Inc.^e		1,275,382
	1,200	AtoS		100,744
	16,950	AVG Technologies NV^e		339,848
	30,530	Avnet, Inc.		1,307,905
	35,620	AVX Corporation		432,427
	66,163	Belden, Inc.		3,154,652
	9,570	Benchmark Electronics, Inc.^e		197,812
	13,450	Black Knight Financial Services, Inc.^e		444,657
	37,230	Booz Allen Hamilton Holding Corporation		1,148,546
	40,570	Broadridge Financial Solutions, Inc.		2,179,826
	457,449	Brocade Communications Systems, Inc.		4,199,382
	175,275	Brooks Automation, Inc.		1,871,937
	54,612	Cabot Microelectronics Corporation^e		2,390,913
	24,577	CACI International, Inc.^e		2,280,254
	16,080	Cadence Design Systems, Inc.^e		334,625
	10,000	Canon, Inc.		302,500
	1,500	Cap Gemini SA		139,179
	41,808	Cardtronics, Inc.^e		1,406,839
	38,358	Cavium, Inc.^e		2,520,504
	14,400	CDK Global, Inc.		683,568
	98,710	CDW Corporation		4,149,768
	14,350	Check Point Software Technologies, Ltd.^e,f		1,167,803
	102,627	Ciena Corporation^e		2,123,353
	1,074,570	Cisco Systems, Inc.		29,179,948
	3,533	Citrix Systems, Inc.^e		267,271
	85,039	Cognex Corporation		2,871,767
	32,550	Cognizant Technology Solutions Corporation^e		1,953,651
	22,290	Coherent, Inc.^e		1,451,302
	14,500	Comtech Telecommunications Corporation		291,305
	43,880	Convergys Corporation		1,092,173
	114,190	CoreLogic, Inc.^e		3,866,473
	18,540	Cornerstone OnDemand, Inc.^e		640,186
	93,380	Criteo SA ADR^e		3,697,848
	24,490	Cvent, Inc.^e		854,946
	55,733	Demandware, Inc.^e,f		3,007,910
	8,100	Dialog Semiconductor plc^e		270,287
	13,056	DST Systems, Inc.		1,489,167
	3,600	DTS Corporation		81,949
	77,650	eBay, Inc.^e		2,133,822
	99,300	Electro Rent Corporation		913,560
	857,320	EMC Corporation		22,015,978
	45,780	Envestnet, Inc.^e		1,366,533
	22,210	EVERTEC, Inc.		371,795
	20,260	ExlService Holdings, Inc.^e		910,282
	26,250	F5 Networks, Inc.^e		2,545,200
	93,157	Fabrinet^e		2,219,000
	492,490	Facebook, Inc.^e		51,544,003
	30,250	FEI Company		2,413,647
	5,760	FleetCor Technologies, Inc.^e		823,277
	23,800	FLIR Systems, Inc.		668,066
	102,949	Fortinet, Inc.^e		3,208,920
	35,900	FUJIFILM Holdings NPV		1,498,197
	34,544	Gartner, Inc.^e		3,133,141
	106,230	Glu Mobile, Inc.^e		258,139
	92,138	Guidewire Software, Inc.^e		5,543,022
	55,080	Harmonic, Inc.^e		224,176
	7,000	Hitachi Kokusai Electric, Inc.		95,160
	5,600	Hoya Corporation		228,998
	15,921	IAC/InterActiveCorporation		956,056
	45,160	Imperva, Inc.^e		2,859,080
	3,400	Ingenico Group		429,154

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (34.2%)	Value
	Information Technology (7.4%) - continued
	220,860	Intel Corporation	$	7,608,627
	10,900	IRESS, Ltd.		78,919
	6,300	IT Holdings Corporation		143,948
	5,200	ITOCHU Techno-Solutions Corporation		103,607
	155,275	Ixiae		1,930,068
	110,634	Juniper Networks, Inc.		3,053,498
	2,700	Kyocera Corporation		125,389
	3,700	Leidos Holdings, Inc.		208,162
	12,900	Liberty Tripadvisor Holdings, Inc.^e		391,386
	22,934	Littelfuse, Inc.		2,454,167
	4,750	LogMeIn, Inc.^e		318,725
	25,840	Lumentum Holdings, Inc.^e		568,997
	21,348	Manhattan Associates, Inc.^e		1,412,597
	46,800	Marvell Technology Group, Ltd.		412,776
	118,680	MasterCard, Inc.		11,554,685
	49,630	Maxim Integrated Products, Inc.		1,885,940
	100,530	Mentor Graphics Corporation		1,851,763
	45,407	Methode Electronics, Inc.		1,445,305
	91,280	Microsemi Corporation^e		2,974,815
	1,019,720	Microsoft Corporation		56,574,066
	64,386	Monolithic Power Systems, Inc.		4,102,032
	2,720	Morningstar, Inc.		218,715
	69,900	Nanometrics, Inc.^e		1,058,286
	60,920	National Instruments Corporation		1,747,795
	14,900	NEC Networks & System Integration Corporation		263,502
	6,510	NetScout Systems, Inc.^e		199,857
	54,218	Newport Corporation^e		860,440
	35,726	Nice Systems, Ltd. ADR^f		2,047,814
	5,000	NS Solutions Corporation		113,929
	446,064	NVIDIA Corporation		14,702,269
	30,105	NXP Semiconductors NV^e		2,536,346
	50,020	ON Semiconductor Corporation^e		490,196
	291,000	Oracle Corporation		10,630,230
	22,940	Palo Alto Networks, Inc.^e		4,040,652
	155,310	Pandora Media, Inc.^e		2,082,707
	31,530	Parametric Technology Corporation^e		1,091,884
	31,900	Paylocity Holding Corporation^e		1,293,545
	467,914	PayPal Holdings, Inc.^e		16,938,487
	24,536	Plantronics, Inc.		1,163,497
	147,937	Progress Software Corporation^e		3,550,488
	68,789	Proofpoint, Inc.^e		4,471,973
	57,629	QLIK Technologies, Inc.^e		1,824,534
	27,700	RealPage, Inc.^e		621,865
	72,100	Red Hat, Inc.^e		5,970,601
	63,060	Ruckus Wireless, Inc.^e		675,373
	346,980	Salesforce.com, Inc.^e		27,203,232
	5,200	SAP SE		412,639
	58,245	ServiceNow, Inc.^e		5,041,687
	22,200	Shinko Electric Industries Company, Ltd.		142,321
	85,100	ShoreTel, Inc.^e		753,135
	26,250	Symantec Corporation		551,250
	39,958	Synopsys, Inc.^e		1,822,484
	1,200	TDK Corporation		76,853
	5,560	Tech Data Corporation^e		369,073
	268,977	Teradyne, Inc.		5,559,755
	22,520	Tessera Technologies, Inc.		675,825
	197,870	Texas Instruments, Inc.		10,845,255
	11,226	Tyler Technologies, Inc.^e		1,956,916
	300	U-Blox AG^e		63,852
	29,145	Ultimate Software Group, Inc.^e		5,698,139
	65,470	Ultra Clean Holdings, Inc.^e		335,206
	33,400	Vantiv, Inc.^e		1,583,828
	131,836	Virtusa Corporation^e		5,450,100
	463,930	Visa, Inc.		35,977,772
	55,100	Web.com Group, Inc.^e		1,102,551
	48,220	Xerox Corporation		512,579

		Total		642,251,938


	Materials (1.3%)
	44,230	Agnico Eagle Mines, Ltd.		1,162,364
	106,500	Albemarle Corporation		5,965,065
	231,540	Alcoa, Inc.		2,285,300
	41,654	American Vanguard Corporation		583,573
	1,100	Aurubis AG		55,700
	26,580	Avery Dennison Corporation		1,665,503
	40,282	Axalta Coating Systems, Ltd.^e		1,073,515
	65,700	Axiall Corporation		1,011,780
	16,340	Balchem Corporation		993,472
	36,980	Ball Corporation		2,689,555
	246,470	Barrick Gold Corporation		1,818,949
	14,000	Berry Plastics Group, Inc.^e		506,520
	29,100	BHP Billiton plc		324,520
	65,400	BHP Billiton, Ltd.		841,667
	30,600	BillerudKorsnas AB		566,302
	18,580	Boise Cascade Company^e		474,347
	25,800	Boral, Ltd.		110,309
	6,500	Buzzi Unicem SPA		116,515
	9,160	Carpenter Technology Corporation		277,273
	24,027	Celanese Corporation		1,617,738
	32,369	CF Industries Holdings, Inc.		1,320,979
	108,414	Chemtura Corporation^e		2,956,450
	16,541	Clearwater Paper Corporation^e		753,112
	143,520	Crown Holdings, Inc.^e		7,276,464
	38,700	Daicel Corporation		575,930
	121,600	Dow Chemical Company		6,259,968
	15,000	DOWA Holdings Company, Ltd.^e		107,852
	9,000	Eagle Materials, Inc.		543,870
	20,350	Eastman Chemical Company		1,373,828
	171,180	Eldorado Gold Corporation		508,405
	2,300	Evonik Industries AG		76,077
	66,636	FMC Corporation		2,607,467
	193,960	Freeport-McMoRan, Inc.		1,313,109
	100	Givaudan SA		181,496
	167,840	Goldcorp, Inc.		1,940,230
	37,850	Graphic Packaging Holding Company		485,615
	7,800	Hexpol AB		83,633
	11,500	Hokuetsu Kishu Paper Company, Ltd.		67,768
	4,700	Holmen AB		145,170
	86,020	Horsehead Holding Corporation^e,f		176,341
	12,870	Innophos Holdings, Inc.		372,973
	47,498	Innospec, Inc.		2,579,616
	113,340	International Paper Company		4,272,918
	4,900	JFE Holdings, Inc.		76,942
	11,380	KapStone Paper and Packaging Corporation		257,074
	295,430	Kinross Gold Corporation^e		537,683
	14,630	Koppers Holdings, Inc.^e		266,997
	1,300	LafargeHolcim, Ltd.		65,097
	400	Linde AG		57,784
	11,460	Martin Marietta Materials, Inc.		1,565,207
	22,175	Minerals Technologies, Inc.		1,016,945
	12,300	Mitsubishi Chemical Holdings Corporation		78,040
	8,800	Mondi plc		172,487
	146,700	Mosaic Company		4,047,453
	114,947	Myers Industries, Inc.		1,531,094
	134,900	Newmont Mining Corporation		2,426,851
	5,300	Nippon Paint Holdings Company, Ltd.		128,271

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (34.2%)	Value
	Materials (1.3%) - continued
	11,000	Nippon Steel & Sumitomo Metal Corporation	$	217,606
	7,600	Novozymes AS		363,880
	118,270	Nucor Corporation		4,766,281
	18,000	Oji Holdings Corporation		72,342
	43,520	Olin Corporation		751,155
	149,840	Owens-Illinois, Inc.^e		2,610,213
	66,704	Packaging Corporation of America		4,205,687
	114,369	PolyOne Corporation		3,632,359
	4,060	Quaker Chemical Corporation		313,676
	9,790	Reliance Steel & Aluminum Company		566,939
	5,300	Rio Tinto plc		154,312
	2,300	Rio Tinto, Ltd.		74,381
	67,479	Rock-Tenn Company		3,078,392
	15,940	Royal Gold, Inc.		581,332
	17,300	RPM International, Inc.		762,238
	30,490	Schnitzer Steel Industries, Inc.		438,141
	18,800	Scotts Miracle-Gro Company		1,212,788
	48,950	Sealed Air Corporation		2,183,170
	5,950	Silgan Holdings, Inc.		319,634
	75,030	Silver Wheaton Corporation		931,873
	50,420	Sonoco Products Company		2,060,665
	207,103	Steel Dynamics, Inc.		3,700,931
	15,000	Sumitomo Seika Chemicals Company, Ltd.		91,264
	131,050	Teck Resources, Ltd.^f		505,853
	15,000	Tosoh Corporation		77,160
	16,200	UPM-Kymmene Oyj		300,760
	24,130	Vulcan Materials Company		2,291,626
	5,480	Westlake Chemical Corporation		297,674
	248,110	Yamana Gold, Inc.		461,485
	16,772	Yara International ASA		721,335

		Total		110,092,315


	Telecommunications Services (0.2%)
	78,411	BT Group plc		544,456
	21,000	Elisa Oyj		790,126
	18,700	Freenet AG		631,032
	278,449	KCOM Group plc		474,118
	23,497	Level 3 Communications, Inc.^e		1,277,297
	47,600	Orange SA		796,149
	65,002	ORBCOMM, Inc.^e		470,614
	9,200	Proximus SA		299,378
	46,082	SBA Communications Corporation^e		4,841,836
	30,000	StarHub, Ltd.		78,072
	365,900	Telstra Corporation, Ltd.		1,486,904
	201,506	Verizon Communications, Inc.		9,313,607
	7,800	Vivendi SA		167,522
	85,050	Vonage Holdings Corporation^e		488,187

		Total		21,659,298


	Utilities (0.7%)
	175,600	A2A SPA		237,773
	7,550	Ameren Corporation		326,386
	50,950	American Electric Power Company, Inc.		2,968,856
	46,090	American States Water Company		1,933,475
	147,090	American Water Works Company, Inc.		8,788,628
	25,650	Aqua America, Inc.		764,370
	31,490	Artesian Resources Corporation		872,273
	4,960	Atmos Energy Corporation		312,678
	57,860	California Water Service Group		1,346,402
	20,500	CLP Holdings, Ltd.		173,758
	30,000	Edison International, Inc.		1,776,300
	152,400	Electricidade de Portugal SA		549,152
	22,178	FirstEnergy Corporation		703,708
	3,580	IDACORP, Inc.		243,440
	23,898	Laclede Group, Inc.		1,419,780
	13,450	Middlesex Water Company		356,963
	10,760	New Jersey Resources Corporation		354,650
	19,100	NRG Yield, Inc.^f		281,916
	6,320	OGE Energy Corporation		166,153
	39,090	Otter Tail Corporation		1,040,967
	45,820	Pacific Ethanol, Inc.^e,f		219,020
	299,850	PG&E Corporation		15,949,021
	34,000	PNM Resources, Inc.		1,039,380
	68,010	Public Service Enterprise Group, Inc.		2,631,307
	87,700	Redes Energeticas Nacionais SGPS SA		264,947
	38,100	Renewable Energy Group, Inc.^e		353,949
	67,400	Southern Company		3,153,646
	50,898	Southwest Gas Corporation		2,807,534
	88,520	Talen Energy Corporation^e		551,480
	14,000	Toho Gas Company, Ltd.		90,415
	38,100	United Utilities Group plc		524,614
	37,840	Vectren Corporation		1,605,173
	19,150	Westar Energy, Inc.		812,152
	79,350	Wisconsin Energy Corporation		4,071,449

		Total		58,691,715


		Total Common Stock (cost $2,788,843,693)		2,959,004,167


		Registered Investment Companies (30.5%)
	Affiliated Equity Holdings (17.3%)
	22,633,380	Thrivent Large Cap Stock Portfolio		263,160,569
	27,999,217	Thrivent Large Cap Value Portfolio		434,477,853
	13,836,768	Thrivent Mid Cap Stock Portfolio		231,468,373
	55,766,496	Thrivent Partner Worldwide Allocation Portfolio		502,110,376
	4,191,815	Thrivent Small Cap Stock Portfolio		65,083,371

		Total		1,496,300,542


	Affiliated Fixed Income Holdings (10.9%)
	33,504,358	Thrivent High Yield Portfolio		150,029,163
	50,025,346	Thrivent Income Portfolio		491,779,169
	31,116,627	Thrivent Limited Maturity Bond Portfolio		302,550,074

		Total		944,358,406


	Equity Funds/ETFs (0.7%)
	17,330	iShares MSCI EAFE Index Fund		1,018,137
	25,871	iShares Russell 2000 Growth Index Fund^f		3,606,676
	45,371	iShares Russell 2000 Index Fund^f		5,104,691
	17,330	Market Vectors Oil Service ETF^f		458,379
	645,170	SPDR Euro Stoxx 50 ETF^f		22,213,203
	133,194	SPDR S&P 500 ETF Trust^f		27,156,925
	29,200	SPDR S&P Biotech ETF		2,046,336
	8,230	SPDR S&P MidCap 400 ETF Trust		2,091,161
	2,471	SPDR S&P Oil & Gas Equipment & Services ETF		43,341

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Registered Investment Companies (30.5%)	Value
	Equity Funds/ETFs (0.7%) - continued
	35,560	SPDR S&P Oil & Gas Exploration & Production ETF^f	$	1,074,623

		Total		64,813,472


	Fixed Income Funds/ETFs (1.6%)
	123,000	iShares Barclays 1-3 Year Credit Bond Fund		12,865,800
	943,700	iShares iBoxx $ High Yield Corporate Bond ETF^f		76,043,346
	392,650	iShares iBoxx $ Investment Grade Corporate Bond ETF		44,766,027

		Total		133,675,173


		Total Registered Investment Companies (cost $2,501,718,543)		2,639,147,593


Principal Amount		Long-Term Fixed Income (26.7%)
	Asset-Backed Securities (1.1%)
		Access Group, Inc.
	878,028	0.922%, 2/25/2036^g,h		855,813
		Ares CLO, Ltd.
	4,400,000	1.611%, 10/12/2023^*,h		4,378,781
	2,750,000	1.842%, 11/15/2025^*,h		2,724,812
		BA Credit Card Trust
	1,750,000	0.711%, 6/15/2021^h		1,746,974
		Bayview Opportunity Master Fund Trust
	1,378,278	3.228%, 7/28/2034^*,i		1,375,899
	3,426,387	3.721%, 2/28/2035*		3,422,724
	1,946,884	3.721%, 7/28/2035^g,i		1,945,315
		Betony CLO, Ltd.
	1,260,000	1.831%, 4/15/2027^*,h		1,246,342
		CAM Mortgage, LLC
	2,365,851	3.500%, 7/15/2064^*,i		2,363,679
		Capital One Multi-Asset Execution Trust
	2,250,000	0.711%, 1/18/2022^h		2,238,156
		Chase Issuance Trust
	1,375,000	1.590%, 2/18/2020		1,374,808
	2,525,000	1.620%, 7/15/2020		2,516,415
		Chesapeake Funding, LLC
	1,489,805	0.719%, 1/7/2025^g,h		1,489,160
		Countrywide Asset-Backed Certificates
	1,051,163	5.530%, 4/25/2047		1,145,067
		DRB Prime Student Loan Trust
	1,405,813	3.170%, 7/25/2031*		1,406,733
	1,100,000	3.200%, 1/25/2040*		1,068,650
		Edlinc Student Loan Funding Trust
	87,879	3.200%, 10/1/2025^*,h		87,902
		Enterprise Fleet Financing, LLC
	1,081,782	1.060%, 3/20/2019^g		1,080,231
	764,190	0.870%, 9/20/2019^g		761,774
		FirstEnergy Ohio PIRB Special Purpose Trust
	439,265	0.679%, 1/15/2019		438,705
		Ford Credit Auto Owner Trust
	1,350,000	2.260%, 11/15/2025^g		1,360,890
		Golden Credit Card Trust
	2,000,000	0.761%, 9/15/2018^g,h		1,998,948
		GoldenTree Loan Opportunities IX, Ltd.
	$1,400,000	1.804%, 10/29/2026^*,h		1,384,560
		Golub Capital Partners CLO 23M, Ltd.
	1,350,000	1.771%, 5/5/2027^*,h		1,333,825
		Lehman XS Trust

	6,186,899	5.440%, 8/25/2035ⁱ		5,536,790
		Morgan Stanley Bank of America Merrill Lynch Trust
	5,400,000	3.176%, 8/15/2045		5,482,267
	5,400,000	3.246%, 12/15/2047		5,395,695
		Morgan Stanley Capital, Inc.
	2,795,079	0.572%, 2/25/2037^h		1,536,837
		OZLM VIII, Ltd.
	1,400,000	1.755%, 10/17/2026^*,h		1,383,957
		Pretium Mortgage Credit Partners, LLC
	3,030,214	4.125%, 10/27/2030*		3,002,907
		Race Point IX CLO, Ltd.
	3,260,000	1.831%, 4/15/2027^*,h		3,240,781
		Renaissance Home Equity Loan Trust
	6,500,000	6.011%, 5/25/2036ⁱ		4,521,504
	3,630,622	5.580%, 11/25/2036ⁱ		1,894,342
		SLM Student Loan Trust
	1,740,883	0.931%, 7/15/2022^g,h		1,733,871
	293,328	0.931%, 8/15/2022^g,h		292,486
	1,191,997	0.720%, 4/25/2023^g,h		1,190,226
	125,000	1.381%, 5/17/2027^g,h		124,026
		Sunset Mortgage Loan Company, LLC
	3,159,655	4.459%, 9/16/2045^*,i		3,147,174
		U.S. Residential Opportunity Fund III Trust
	1,713,089	3.721%, 1/27/2035*		1,701,959
		U.S. Small Business Administration
	922,210	3.191%, 3/10/2024		957,742
		Vericrest Opportunity Loan Transferee
	2,501,896	3.375%, 10/25/2058^*,i		2,458,385
	4,090,966	3.500%, 6/26/2045^g,i		4,031,222
	4,246,014	3.500%, 6/26/2045^g		4,181,421
	3,279,793	3.625%, 7/25/2045^g,i		3,233,185
	1,882,156	3.500%, 2/25/2055^*^,i		1,856,687
		Volvo Financial Equipment, LLC
	272,855	0.740%, 3/15/2017^g		272,717
	1,982,017	0.820%, 4/16/2018^g		1,976,289
		World Financial Network Credit Card Master Trust
	1,400,000	0.910%, 3/16/2020		1,398,876
		World Omni Master Owner Trust
	150,000	0.681%, 2/15/2018^g,h		149,975

		Total		100,447,484


	Basic Materials (0.2%)
		Albemarle Corporation
	395,000	3.000%, 12/1/2019		387,439
		ArcelorMittal SA
	1,425,000	6.500%, 3/1/2021^f		1,146,968
		Corporacion Nacional del Cobre de Chile
	1,525,000	4.500%, 9/16/2025^f,g		1,436,071

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (26.7%)	Value
	Basic Materials (0.2%) - continued
		First Quantum Minerals, Ltd.
$	621,000	6.750%, 2/15/2020^g	$	400,545
	621,000	7.000%, 2/15/2021^g		389,677
		Freeport-McMoRan, Inc.
	1,580,000	2.375%, 3/15/2018		1,232,400
	960,000	3.550%, 3/1/2022		556,800
	1,110,000	3.875%, 3/15/2023		632,700
		Georgia-Pacific, LLC
	920,000	2.539%, 11/15/2019^g		914,707
		Glencore Funding, LLC
	680,000	1.377%, 4/16/2018^g,h		573,786
		Packaging Corporation of America
	1,350,000	4.500%, 11/1/2023		1,417,534
		Sappi Papier Holding GmbH
	1,950,000	6.625%, 4/15/2021^g		1,969,500
		Xstrata Finance Canada, Ltd.
	1,520,000	2.700%, 10/25/2017^g		1,390,800
		Yamana Gold, Inc.
	1,285,000	4.950%, 7/15/2024		1,089,658

		Total		13,538,585


	Capital Goods (0.4%)
		Ball Corporation
	1,415,000	4.375%, 12/15/2020		1,437,109
		Building Materials Corporation of America
	2,355,000	6.000%, 10/15/2025^g		2,402,100
		Case New Holland, Inc.
	1,500,000	7.875%, 12/1/2017		1,586,250
		Crown Americas Capital Corporation IV
	1,470,000	4.500%, 1/15/2023		1,436,925
		General Electric Company
	2,095,000	4.200%, 12/15/2049^j		2,084,525
		Huntington Ingalls Industries, Inc.
	2,300,000	5.000%, 11/15/2025^g		2,334,500
		L-3 Communications Corporation
	1,336,000	1.500%, 5/28/2017		1,319,448
		Lockheed Martin Corporation
	560,000	1.850%, 11/23/2018		559,010
	772,000	2.500%, 11/23/2020		767,421
	1,544,000	4.500%, 5/15/2036		1,563,140
		Martin Marietta Materials, Inc.
	960,000	1.703%, 6/30/2017^h		953,321
		Northrop Grumman Corporation
	1,310,000	3.850%, 4/15/2045		1,177,149
		Owens-Brockway Glass Container, Inc.
	960,000	5.000%, 1/15/2022^g		938,400
	1,500,000	5.875%, 8/15/2023^g		1,522,500
		Pentair Finance SA
	1,500,000	2.900%, 9/15/2018		1,493,286
	590,000	3.625%, 9/15/2020		589,418
		Reynolds Group Issuer, Inc.
	2,401,432	5.750%, 10/15/2020		2,442,713
		Roper Industries, Inc.
	2,070,000	2.050%, 10/1/2018		2,056,584
		Textron, Inc.
	785,000	5.600%, 12/1/2017		834,355
	1,225,000	7.250%, 10/1/2019		1,393,798
	685,000	5.950%, 9/21/2021		766,546
		United Rentals North America, Inc.
	2,320,000	5.500%, 7/15/2025		2,250,400
		Waste Management, Inc.
	310,000	3.125%, 3/1/2025		301,699

		Total		32,210,597


	Collateralized Mortgage Obligations (1.5%)
		Alm Loan Funding CLO
	1,400,000	1.745%, 10/17/2026^*,h		1,384,534
		Alternative Loan Trust
	1,422,373	6.000%, 6/25/2036		1,294,363
		Apidos CLO XVIII
	1,400,000	1.732%, 7/22/2026^*,h		1,388,927
		Babson CLO, Ltd.
	1,400,000	1.707%, 10/17/2026^*,h		1,379,048
		Birchwood Park CLO, Ltd.
	1,400,000	1.761%, 7/15/2026^*,h		1,384,914
		BlueMountain CLO, Ltd.
	1,400,000	1.801%, 10/15/2026^*,h		1,387,378
		Carlyle Global Market Strategies CLO, Ltd.
	1,400,000	1.617%, 7/20/2023^*,h		1,393,511
	1,400,000	1.821%, 10/15/2026^*,h		1,389,523
		Cent CLO 16, LP
	1,400,000	1.579%, 8/1/2024^*,h		1,394,529
		Cent CLO 22, Ltd.
	1,400,000	1.824%, 11/7/2026^*,h		1,383,190
		Citigroup Mortgage Loan Trust, Inc.
	974,465	5.500%, 11/25/2035		931,496
		CitiMortgage Alternative Loan Trust
	3,297,116	5.750%, 4/25/2037		2,828,388
		Countrywide Alternative Loan Trust
	2,117,216	2.609%, 10/25/2035		1,861,020
	1,373,538	6.000%, 4/25/2036		1,216,576
	642,853	6.000%, 1/25/2037		590,790
	3,809,615	5.500%, 5/25/2037		3,232,668
	3,460,888	7.000%, 10/25/2037		2,427,437
		Countrywide Home Loans, Inc.
	1,151,965	5.750%, 4/25/2037		1,053,819
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	338,282	5.500%, 10/25/2021		327,453
	930,212	6.000%, 10/25/2021		824,490
		Dryden 34 Senior Loan Fund CLO
	1,400,000	1.751%, 10/15/2026^*,h		1,384,528
		Federal Home Loan Mortgage Corporation
	4,887,267	3.000%, 2/15/2033^k		601,302
		Federal National Mortgage Association
	10,071,275	3.500%, 1/25/2033^k		1,356,184
		First Horizon Alternative Mortgage Securities Trust
	2,895,167	6.000%, 8/25/2036^h		2,354,844
		Galaxy XX CLO, Ltd.
	4,500,000	1.731%, 7/20/2027^*,h		4,442,725
		Golub Capital Partners CLO 22B, Ltd.
	2,700,000	1.813%, 2/20/2027^*,h		2,668,619
		HomeBanc Mortgage Trust
	1,843,603	2.229%, 4/25/2037		1,389,811

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (26.7%)	Value
	Collateralized Mortgage Obligations (1.5%) - continued
		IndyMac INDX Mortgage Loan Trust
$	3,874,202	1.062%, 7/25/2045^h	$	3,350,902
		J.P. Morgan Alternative Loan Trust
	1,916,291	6.500%, 3/25/2036		1,657,805
		J.P. Morgan Mortgage Trust
	662,549	2.696%, 6/25/2036		566,090
	301,669	2.691%, 10/25/2036		271,440
	3,582,971	0.802%, 1/25/2037^h		2,195,964
	3,992,916	6.250%, 8/25/2037		3,095,450
		Limerock CLO III, LLC
	4,500,000	1.817%, 10/20/2026^*,h		4,467,236
		Madison Park Funding XIV CLO, Ltd.
	1,525,000	1.767%, 7/20/2026^*,h		1,510,193
		Madison Park Funding, Ltd.
	4,250,000	1.652%, 8/15/2022^*,h		4,232,050
		Magnetite XII, Ltd.
	4,425,000	1.821%, 4/15/2027^*,h		4,375,777
		MASTR Alternative Loans Trust
	760,926	6.500%, 7/25/2034		778,759
	2,348,652	0.872%, 12/25/2035^h		1,175,769
		Merrill Lynch Alternative Note Asset Trust
	745,428	6.000%, 3/25/2037		671,150
		Mountain View CLO, Ltd.
	4,525,000	1.739%, 7/15/2027^*,h		4,430,939
		Neuberger Berman CLO, Ltd.
	1,100,000	1.804%, 8/4/2025^*,h		1,087,147
		NZCG Funding CLO, Ltd.
	4,500,000	1.873%, 4/27/2027^*,h		4,457,208
		Oak Hill Advisors Residential Loan Trust
	2,268,627	3.475%, 1/25/2055^*,i		2,257,577
		Octagon Investment Partners XX CLO, Ltd.
	1,400,000	1.796%, 8/12/2026^*,h		1,381,771
		OHA Loan Funding, Ltd.
	4,500,000	1.817%, 10/20/2026^*,h		4,453,491
		RALI Trust
	8,650,676	0.602%, 11/25/2036^h		6,283,893
		Residential Asset Securitization Trust
	3,578,981	0.802%, 8/25/2037^h		1,063,463
		Sequoia Mortgage Trust
	3,179,691	2.822%, 9/20/2046		2,543,885
		Shackleton VII CLO, Ltd.
	4,500,000	1.861%, 4/15/2027^*,h		4,479,235
		Symphony CLO XV, Ltd.
	4,500,000	1.765%, 10/17/2026^*,h		4,441,216
		Symphony CLO VIII, Ltd.
	1,369,720	1.419%, 1/9/2023^*,h		1,364,577
		Voya CLO 3, Ltd.
	1,400,000	1.740%, 7/25/2026^*,h		1,384,579
		WaMu Mortgage Pass Through Certificates
	300,971	2.408%, 9/25/2036		271,382
	1,061,194	2.431%, 10/25/2036		948,541
	2,959,799	2.176%, 11/25/2036		2,564,211
	3,410,276	1.825%, 1/25/2037		2,870,580

		Total		117,904,347


	Commercial Mortgage-Backed Securities (1.1%)
		Commercial Mortgage Pass-Through Certificates

	1,680,000	1.326%, 6/8/2030^g,h		1,677,960
		Credit Suisse First Boston Mortgage Securities
	7,200,000	5.542%, 1/15/2049		7,361,570
		Credit Suisse Mortgage Capital Certificates
	5,368,000	5.509%, 9/15/2039		5,468,373
		Federal National Mortgage Association
	813,953	1.272%, 1/25/2017		813,984
		Greenwich Capital Commercial Funding Corporation
	4,650,000	5.867%, 12/10/2049		4,830,488
		GS Mortgage Securities Trust
	6,600,000	3.666%, 9/10/2047		6,767,212
	6,500,000	3.506%, 10/10/2048		6,501,358
	6,225,000	3.734%, 11/10/2048		6,344,294
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	2,300,000	1.281%, 12/15/2028^g,h		2,299,900
	2,750,000	3.507%, 5/15/2045		2,835,786
	3,650,000	5.695%, 2/12/2049		3,761,098
		JPMBB Commercial Mortgage Securities Trust
	4,500,000	3.231%, 1/15/2048		4,467,484
	6,500,000	3.598%, 11/15/2048		6,537,817
		Morgan Stanley Bank of America Merrill Lynch Trust
	6,525,000	3.635%, 10/15/2028		6,578,147
	6,000,000	3.753%, 12/15/2047		6,103,451
		Morgan Stanley Capital, Inc.
	6,580,000	5.406%, 3/15/2044		6,754,115
		SCG Trust
	1,150,000	1.731%, 11/15/2026^g,h		1,153,630
		UBS Commercial Mortgage Trust
	8,150,000	3.400%, 5/10/2045		8,299,171
		Wells Fargo Commercial Mortgage Trust
	4,000,000	3.617%, 9/15/2057		4,038,953
	3,750,000	3.839%, 9/15/2058		3,848,785
		WFRBS Commercial Mortgage Trust
	2,000,000	2.870%, 11/15/2045		1,980,791

		Total		98,424,367


	Communications Services (1.0%)
		21st Century Fox America, Inc.
	1,700,000	6.900%, 3/1/2019		1,930,921
		AMC Networks, Inc.
	1,100,000	4.750%, 12/15/2022		1,100,000
		America Movil SAB de CV
	1,125,000	1.502%, 9/12/2016^h		1,124,985
	1,039,000	5.000%, 10/16/2019		1,122,302
		American Tower Corporation
	180,000	2.800%, 6/1/2020		177,928
	2,010,000	3.450%, 9/15/2021		2,019,853
		AT&T, Inc.
	615,000	1.257%, 6/30/2020^h		610,603
	1,212,000	3.875%, 8/15/2021		1,250,387
	1,015,000	3.000%, 6/30/2022		990,659
	1,300,000	5.550%, 8/15/2041		1,306,332
	772,000	4.750%, 5/15/2046		706,840

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (26.7%)	Value
	Communications Services (1.0%) - continued
		British Sky Broadcasting Group plc
$	1,130,000	2.625%, 9/16/2019^g	$	1,124,779
		CBS Corporation
	1,030,000	4.000%, 1/15/2026		1,004,393
		CCO Holdings, LLC
	1,100,000	7.375%, 6/1/2020		1,145,375
		CCO Safari II, LLC
	1,530,000	6.834%, 10/23/2055^g		1,507,411
	920,000	3.579%, 7/23/2020^g		914,488
	720,000	4.908%, 7/23/2025^g		719,299
		CCOH Safari, LLC
	1,300,000	5.750%, 2/15/2026^g		1,303,250
		CenturyLink, Inc.
	1,000,000	6.450%, 6/15/2021		975,000
		Clear Channel Worldwide Holdings, Inc.
	2,570,000	6.500%, 11/15/2022		2,505,750
		Columbus International, Inc.
	1,470,000	7.375%, 3/30/2021^g		1,455,300
		Comcast Corporation
	3,265,000	4.400%, 8/15/2035		3,284,453
	539,000	4.650%, 7/15/2042		548,486
	2,253,000	4.750%, 3/1/2044		2,340,209
		Cox Communications, Inc.
	672,000	9.375%, 1/15/2019^g		778,601
	1,475,000	3.850%, 2/1/2025^g		1,351,338
		Crown Castle International Corporation
	1,265,000	5.250%, 1/15/2023		1,329,831
		Crown Castle Towers, LLC
	540,000	4.174%, 8/15/2017^g		552,168
		Digicel, Ltd.
	1,490,000	6.000%, 4/15/2021^g		1,255,325
		DIRECTV Holdings, LLC
	707,000	5.875%, 10/1/2019		789,104
	2,702,000	6.350%, 3/15/2040		2,901,386
	1,527,000	5.150%, 3/15/2042		1,423,679
		Frontier Communications Corporation
	2,440,000	8.875%, 9/15/2020^g		2,470,500
		Hughes Satellite Systems Corporation
	2,290,000	6.500%, 6/15/2019		2,467,475
		Intelsat Jackson Holdings SA
	1,100,000	7.250%, 4/1/2019		1,009,250
	1,270,000	7.250%, 10/15/2020		1,111,250
		Level 3 Communications, Inc.
	645,000	5.375%, 1/15/2024^g		648,225
		McGraw Hill Financial, Inc.
	1,544,000	3.300%, 8/14/2020		1,557,194
		McGraw-Hill Global Education Holdings, LLC
	1,500,000	9.750%, 4/1/2021		1,590,000
		Numericable-SFR
	2,320,000	6.000%, 5/15/2022^g		2,250,400
		SES Global Americas Holdings GP
	1,035,000	2.500%, 3/25/2019^g		1,020,710
		Sprint Communications, Inc.
	850,000	9.000%, 11/15/2018^g		894,625
		Sprint Corporation
	1,400,000	7.625%, 2/15/2025		1,022,000
		Telefonica Emisiones SAU
	1,110,000	3.192%, 4/27/2018		1,131,536
		Time Warner Entertainment Company, LP
	1,691,000	8.375%, 3/15/2023		2,076,699
		Time Warner, Inc.
	3,152,000	3.600%, 7/15/2025		3,068,406
	975,000	6.250%, 3/29/2041		1,082,809
		T-Mobile USA, Inc.
	2,470,000	6.125%, 1/15/2022		2,537,925
		Unitymedia Hessen GmbH & Company KG
	725,000	5.500%, 1/15/2023^g		723,188
		Univision Communications, Inc.
	970,000	5.125%, 5/15/2023^g		933,625
	650,000	5.125%, 2/15/2025^g		617,500
		UPCB Finance V, Ltd.
	990,000	7.250%, 11/15/2021^g		1,051,875
		Verizon Communications, Inc.
	2,450,000	4.672%, 3/15/2055		2,127,092
	945,000	1.296%, 6/17/2019^h		938,592
	2,485,000	3.000%, 11/1/2021		2,478,015
	3,489,000	5.150%, 9/15/2023		3,835,548
	650,000	5.050%, 3/15/2034		647,607
	1,165,000	4.272%, 1/15/2036		1,051,760
	1,455,000	4.522%, 9/15/2048		1,301,202

		Total		83,195,443


	Consumer Cyclical (0.5%)
		Automatic Data Processing, Inc.
	500,000	3.375%, 9/15/2025		509,711
		Cinemark USA, Inc.
	1,900,000	4.875%, 6/1/2023		1,852,500
		CVS Health Corporation
	400,000	2.250%, 8/12/2019		399,474
	2,900,000	4.875%, 7/20/2035		2,994,224
	652,000	6.125%, 9/15/2039		761,331
		Delphi Automotive plc
	1,930,000	3.150%, 11/19/2020		1,927,504
		Ford Motor Company
	625,000	7.450%, 7/16/2031		771,258
		Ford Motor Credit Company, LLC
	2,024,000	5.000%, 5/15/2018		2,125,999
	1,470,000	2.551%, 10/5/2018		1,459,561
	1,350,000	2.597%, 11/4/2019		1,325,481
		General Motors Company
	1,401,000	6.250%, 10/2/2043		1,480,207
		General Motors Financial Company, Inc.
	1,100,000	3.250%, 5/15/2018		1,105,507
	1,156,000	3.700%, 11/24/2020		1,159,127
	1,630,000	4.300%, 7/13/2025		1,580,595
		GLP Capital, LP
	1,465,000	4.875%, 11/1/2020		1,435,700
		Goodyear Tire & Rubber Company
	1,550,000	5.125%, 11/15/2023		1,588,750
		Hilton Worldwide Finance, LLC
	1,465,000	5.625%, 10/15/2021		1,518,106
		Home Depot, Inc.
	676,000	2.625%, 6/1/2022		675,294

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (26.7%)	Value
	Consumer Cyclical (0.5%) - continued
		Hyundai Capital America
	$1,158,000	2.400%, 10/30/2018^g	$	1,154,408
	1,158,000	3.000%, 10/30/2020^g		1,152,473
		Jaguar Land Rover Automotive plc
	1,270,000	4.125%, 12/15/2018^g		1,276,350
	1,100,000	5.625%, 2/1/2023^g		1,111,000
		KB Home
	1,815,000	4.750%, 5/15/2019		1,760,550
		L Brands, Inc.
	2,100,000	5.625%, 2/15/2022		2,231,250
		Lennar Corporation
	1,100,000	4.125%, 12/1/2018		1,105,500
	1,445,000	4.875%, 12/15/2023		1,437,775
		Live Nation Entertainment, Inc.
	2,150,000	5.375%, 6/15/2022^g		2,117,750
		Macy’s Retail Holdings, Inc.
	419,000	4.375%, 9/1/2023		417,354
		McDonald’s Corporation
	1,100,000	2.750%, 12/9/2020		1,099,242
		MGM Resorts International
	1,470,000	6.000%, 3/15/2023^f		1,458,975
		Royal Caribbean Cruises, Ltd.
	1,450,000	5.250%, 11/15/2022		1,486,250
		Six Flags Entertainment Corporation
	970,000	5.250%, 1/15/2021^g		982,125
		Toll Brothers Finance Corporation
	620,000	8.910%, 10/15/2017		691,300
	609,000	4.000%, 12/31/2018		621,180
		West Corporation
	2,570,000	5.375%, 7/15/2022^g		2,216,625

		Total		46,990,436



	Consumer Non-Cyclical (1.0%)
		AbbVie, Inc.
	1,150,000	2.500%, 5/14/2020		1,138,438
	825,000	3.600%, 5/14/2025		814,221
		Actavis Funding SCS
	960,000	4.550%, 3/15/2035		932,983
	1,320,000	4.850%, 6/15/2044		1,306,034
		Altria Group, Inc.
	2,990,000	2.850%, 8/9/2022		2,914,894
		Amgen, Inc.
	565,000	2.125%, 5/1/2020		557,295
	1,360,000	2.700%, 5/1/2022		1,319,743
	875,000	3.125%, 5/1/2025		831,223
		B&G Foods, Inc.
	1,050,000	4.625%, 6/1/2021		1,039,500
		BAT International Finance plc
	825,000	1.022%, 6/15/2018^g,h		823,881
		Becton, Dickinson and Company
	1,904,000	6.375%, 8/1/2019		2,149,311
		Biogen, Inc.
	1,100,000	3.625%, 9/15/2022		1,112,184
		Boston Scientific Corporation
	740,000	6.000%, 1/15/2020		821,704
	1,300,000	4.125%, 10/1/2023		1,315,344
	1,025,000	3.850%, 5/15/2025		1,008,547
		Bunge Limited Finance Corporation
	960,000	8.500%, 6/15/2019		1,111,085
	1,230,000	3.500%, 11/24/2020		1,223,153
		Cardinal Health, Inc.
	450,000	1.950%, 6/15/2018		448,828
	507,000	4.900%, 9/15/2045		513,618
		Celgene Corporation
	1,685,000	2.875%, 8/15/2020		1,672,298
	445,000	3.550%, 8/15/2022		449,326
	1,685,000	5.000%, 8/15/2045		1,691,551
		CHS/Community Health Systems, Inc.
	1,100,000	7.125%, 7/15/2020		1,095,875
		Church & Dwight Company, Inc.
	530,000	2.450%, 12/15/2019		527,232
		Cigna Corporation
	980,000	5.375%, 2/15/2042		1,074,422
		Cott Beverages, Inc.
	1,470,000	5.375%, 7/1/2022		1,440,600
		EMD Finance, LLC
	880,000	0.876%, 3/17/2017^g,h		877,302
	1,520,000	2.950%, 3/19/2022^g		1,466,574
		Endo Finance, LLC
	2,025,000	6.000%, 2/1/2025^g		1,994,625
		Envision Healthcare Corporation
	1,450,000	5.125%, 7/1/2022^g		1,421,000
		Forest Laboratories, Inc.
	1,500,000	4.375%, 2/1/2019^g		1,571,364
		Fresenius Medical Care US Finance II, Inc.
	1,100,000	5.875%, 1/31/2022^g		1,177,000
		Gilead Sciences, Inc.
	435,000	2.550%, 9/1/2020		434,835
		Grifols Worldwide Operations, Ltd.
	1,000,000	5.250%, 4/1/2022		1,005,000
		H. J. Heinz Company
	1,250,000	3.500%, 7/15/2022^g		1,258,619
		HCA, Inc.
	1,470,000	3.750%, 3/15/2019		1,481,025
	1,000,000	4.750%, 5/1/2023		990,000
		Hologic, Inc.
	1,000,000	5.250%, 7/15/2022^g		1,020,000
		Imperial Tobacco Finance plc
	1,765,000	2.950%, 7/21/2020^g		1,768,459
		JBS USA, LLC
	2,220,000	5.750%, 6/15/2025^g		1,931,400
		JM Smucker Company
	1,544,000	4.375%, 3/15/2045		1,503,177
		Kraft Foods Group, Inc.
	1,330,000	5.000%, 6/4/2042		1,339,165
		Laboratory Corporation of America Holdings
	620,000	2.625%, 2/1/2020		612,097
	1,350,000	4.700%, 2/1/2045		1,233,436
		McKesson Corporation
	1,522,000	3.796%, 3/15/2024		1,529,957
	825,000	4.883%, 3/15/2044		824,588
		Mead Johnson Nutrition Company
	735,000	3.000%, 11/15/2020		734,778
		Medco Health Solutions, Inc.
	700,000	7.125%, 3/15/2018		773,806
		Medtronic plc
	3,855,000	4.375%, 3/15/2035		3,896,796

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (26.7%)	Value
	Consumer Non-Cyclical (1.0%) - continued
		Merck & Company, Inc.
$	660,000	0.716%, 2/10/2020^h	$	655,948
	330,000	3.700%, 2/10/2045		304,739
		Mondelez International, Inc.
	672,000	0.849%, 2/1/2019^h		660,196
		Mylan NV
	1,550,000	3.000%, 12/15/2018^g		1,546,579
	590,000	3.750%, 12/15/2020^g		590,618
		Pfizer, Inc.
	1,000,000	5.800%, 8/12/2023		1,169,393
		Quintiles Transnational Holdings, Inc.
	800,000	4.875%, 5/15/2023^g		804,000
		Reynolds American, Inc.
	800,000	2.300%, 8/21/2017^g		806,226
	2,338,000	5.700%, 8/15/2035		2,562,022
		Roche Holdings, Inc.
	1,158,000	4.000%, 11/28/2044^g		1,173,898
		SABMiller Holdings, Inc.
	676,000	3.750%, 1/15/2022^g		695,255
	676,000	4.950%, 1/15/2042^g		686,604
		Safeway, Inc.
	62,000	3.400%, 12/1/2016		61,380
		Spectrum Brands Escrow Corporation
	1,390,000	6.375%, 11/15/2020		1,476,875
		Spectrum Brands, Inc.
	640,000	5.750%, 7/15/2025^g		656,000
		Tenet Healthcare Corporation
	2,470,000	8.125%, 4/1/2022		2,463,825
		Teva Pharmaceutical Finance Company BV
	1,154,000	2.950%, 12/18/2022		1,104,780
		TreeHouse Foods, Inc.
	970,000	4.875%, 3/15/2022^f		923,925
		UnitedHealth Group, Inc.
	1,850,000	4.625%, 7/15/2035		1,920,518
		VRX Escrow Corporation
	1,100,000	6.125%, 4/15/2025^g		981,750
		WM Wrigley Jr. Company
	760,000	2.000%, 10/20/2017^g		761,231
		Zoetis, Inc.
	1,462,000	3.450%, 11/13/2020		1,463,703

		Total		83,647,758


	Energy (0.6%)
		Anadarko Petroleum Corporation
	1,520,000	6.200%, 3/15/2040		1,398,470
		Antero Resources Corporation
	1,500,000	5.625%, 6/1/2023^g		1,170,000
		Boardwalk Pipelines, Ltd.
	1,140,000	5.875%, 11/15/2016		1,151,055
		BP Capital Markets plc
	1,590,000	3.062%, 3/17/2022		1,558,014
	1,450,000	3.535%, 11/4/2024		1,410,312
		Buckeye Partners, LP
	1,182,000	2.650%, 11/15/2018		1,137,135
		Cameron International Corporation
	1,544,000	4.000%, 12/15/2023		1,550,858
	150,000	3.700%, 6/15/2024		146,521
		Canadian Natural Resources, Ltd.
	1,600,000	3.450%, 11/15/2021		1,507,805
	930,000	6.250%, 3/15/2038		846,469
		CNOOC Nexen Finance
	651,000	1.625%, 4/30/2017		647,234
		CNPC General Capital, Ltd.
	543,000	2.750%, 4/19/2017^g		548,731
		Columbia Pipeline Group, Inc.
	1,480,000	2.450%, 6/1/2018^g		1,447,023
		Concho Resources, Inc.
	1,101,432	5.500%, 10/1/2022		1,002,303
		Crestwood Midstream Partners, LP
	775,000	6.125%, 3/1/2022		538,625
		Devon Energy Corporation
	1,150,000	3.250%, 5/15/2022^f		977,543
	772,000	5.850%, 12/15/2025^f		750,804
		Diamondback Energy, Inc.
	550,000	7.625%, 10/1/2021		555,500
		Enbridge Energy Partners, LP
	1,930,000	4.375%, 10/15/2020		1,882,752
		Enbridge, Inc.
	700,000	0.866%, 6/2/2017^h		685,596
		Energy Transfer Partners, LP
	3,060,000	4.650%, 6/1/2021		2,872,869
	970,000	4.900%, 3/15/2035		705,298
		Enterprise Products Operating, LLC
	1,650,000	5.250%, 1/31/2020		1,737,660
	942,000	5.100%, 2/15/2045		789,055
		EQT Corporation
	659,000	5.150%, 3/1/2018		685,707
	770,000	8.125%, 6/1/2019		831,743
	425,000	4.875%, 11/15/2021		404,629
		Halliburton Company
	1,115,000	4.850%, 11/15/2035		1,095,333
	1,115,000	5.000%, 11/15/2045		1,102,225
		Kinder Morgan, Inc.
	908,000	5.300%, 12/1/2034		715,540
	760,000	5.550%, 6/1/2045		593,279
		Magellan Midstream Partners, LP
	320,000	4.200%, 3/15/2045		233,037
		Marathon Oil Corporation
	1,700,000	2.700%, 6/1/2020		1,498,963
		Marathon Petroleum Corporation
	560,000	3.400%, 12/15/2020		549,967
	640,000	4.750%, 9/15/2044		523,133
		MEG Energy Corporation
	1,100,000	6.500%, 3/15/2021^g		770,000
		Noble Energy, Inc.
	1,875,000	5.625%, 5/1/2021		1,834,101
		Petrobras International Finance Company
	1,890,000	5.750%, 1/20/2020		1,483,650
		Petroleos Mexicanos
	650,000	3.500%, 1/30/2023		567,125
	760,000	2.378%, 4/15/2025		758,738
		Pioneer Natural Resources Company
	413,000	3.450%, 1/15/2021		381,345
	750,000	4.450%, 1/15/2026		675,311
		Regency Energy Partners, LP
	1,470,000	5.000%, 10/1/2022		1,302,239

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (26.7%)	Value
	Energy (0.6%) - continued
		Sabine Pass Liquefaction, LLC
	$1,430,000	5.625%, 3/1/2025^g	$	1,210,137
		Schlumberger Holdings Corporation
	560,000	3.000%, 12/21/2020^g		552,765
	1,544,000	4.000%, 12/21/2025^g		1,523,587
		Shell International Finance BV
	615,000	0.806%, 5/11/2020^h		605,992
		Suncor Energy, Inc.
	990,000	3.600%, 12/1/2024		932,459
		Sunoco Logistics Partners Operations, LP
	2,660,000	4.400%, 4/1/2021		2,577,729
		WPX Energy, Inc.
	1,500,000	7.500%, 8/1/2020^f		1,215,000

		Total		51,641,366


	Financials (2.1%)
		Abbey National Treasury Services plc
	608,000	3.050%, 8/23/2018		623,863
		ABN AMRO Bank NV
	1,550,000	4.750%, 7/28/2025^g		1,544,885
		ACE INA Holdings, Inc.
	1,544,000	2.300%, 11/3/2020		1,532,897
	1,115,000	4.350%, 11/3/2045		1,132,987
		AerCap Ireland Capital, Ltd.
	2,070,000	5.000%, 10/1/2021		2,132,100
		Air Lease Corporation
	800,000	2.125%, 1/15/2018		786,000
	339,000	2.625%, 9/4/2018		335,088
		Ally Financial, Inc.
	960,000	3.750%, 11/18/2019		946,800
	775,000	4.125%, 3/30/2020		771,125
		American Express Credit Corporation
	945,000	1.083%, 3/18/2019^h		933,967
		American International Group, Inc.
	525,000	2.300%, 7/16/2019		520,554
	1,310,000	3.875%, 1/15/2035		1,155,462
		Avalonbay Communities, Inc.
	1,650,000	3.500%, 11/15/2025		1,634,073
		Aviation Capital Group Corporation
	608,000	3.875%, 9/27/2016^g		612,560
		Banco Santander Chile
	1,200,000	1.221%, 4/11/2017^g,h		1,185,000
		Bank of America Corporation
	1,325,000	1.656%, 3/22/2018^h		1,329,251
	840,000	1.196%, 4/1/2019^h		836,300
	1,300,000	2.625%, 10/19/2020		1,283,647
	1,280,000	3.300%, 1/11/2023		1,259,936
	640,000	4.000%, 4/1/2024		654,538
	965,000	4.000%, 1/22/2025		944,666
	1,925,000	3.875%, 8/1/2025		1,954,121
	718,000	5.875%, 2/7/2042		837,962
	2,356,000	8.000%, 12/29/2049^j		2,397,230
		Bank of Tokyo-Mitsubishi UFJ, Ltd.
	530,000	2.850%, 9/8/2021^g		527,898
		Barclays Bank plc
	970,000	10.179%, 6/12/2021^g		1,256,534
		Barclays plc
	990,000	2.750%, 11/8/2019		986,384
	1,544,000	3.650%, 3/16/2025		1,483,823
		BB&T Corporation
	560,000	1.036%, 1/15/2020^h		555,165
		BBVA Banco Continental SA
	1,185,000	2.250%, 7/29/2016^g		1,187,962
		BioMed Realty, LP
	960,000	2.625%, 5/1/2019		932,812
		BPCE SA
	960,000	5.700%, 10/22/2023^g		1,007,947
	1,475,000	4.500%, 3/15/2025^g		1,414,959
		Caisse Centrale Desjardins du Quebec
	780,000	0.989%, 1/29/2018^g,h		778,475
		Capital One Financial Corporation
	1,228,000	6.150%, 9/1/2016		1,265,313
	820,000	2.450%, 4/24/2019		821,498
		CIT Group, Inc.
	970,000	5.000%, 8/15/2022		996,074
		Citigroup, Inc.
	700,000	1.088%, 4/8/2019^h		695,330
	1,260,000	2.650%, 10/26/2020		1,249,815
	850,000	4.050%, 7/30/2022		869,435
	2,515,000	4.400%, 6/10/2025		2,540,170
	1,550,000	4.650%, 7/30/2045		1,572,937
		Citizens Bank NA
	1,865,000	2.300%, 12/3/2018		1,862,797
		CoBank ACB
	495,000	1.112%, 6/15/2022^*,h		468,472
		Compass Bank
	920,000	2.750%, 9/29/2019		910,796
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	795,000	3.950%, 11/9/2022		804,718
		Credit Agricole SA
	820,000	1.121%, 4/15/2019^g,h		815,327
	1,300,000	2.750%, 6/10/2020^g		1,306,973
		Credit Suisse AG
	772,000	5.400%, 1/14/2020		845,273
		Credit Suisse Group Funding, Ltd.
	2,316,000	2.750%, 3/26/2020^g		2,294,047
	1,544,000	3.750%, 3/26/2025^g		1,493,486
		CyrusOne, LP
	1,900,000	6.375%, 11/15/2022		1,957,000
		Digital Delta Holdings, LLC
	1,500,000	3.400%, 10/1/2020^g		1,501,644
		Discover Bank
	1,750,000	8.700%, 11/18/2019		2,070,306
		Discover Financial Services
	640,000	6.450%, 6/12/2017		676,178
		Duke Realty, LP
	330,000	3.875%, 2/15/2021		336,475
	990,000	4.375%, 6/15/2022		1,020,184
		ERP Operating, LP
	337,000	3.375%, 6/1/2025		333,237
		European Investment Bank
	1,215,000	1.875%, 3/15/2019		1,224,007
		Fifth Third Bancorp
	991,000	5.450%, 1/15/2017		1,027,360
	740,000	2.875%, 7/27/2020		739,179
	530,000	2.875%, 10/1/2021		527,866

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (26.7%)	Value
	Financials (2.1%) - continued
		GE Capital International Funding Company
	$3,052,000	4.418%, 11/15/2035^g	$	3,114,511
		Genworth Financial, Inc.
	890,000	7.700%, 6/15/2020^f		836,600
		Goldman Sachs Group, Inc.
	840,000	1.522%, 4/30/2018^h		843,815
	620,000	1.462%, 11/15/2018^h		622,518
	1,345,000	5.375%, 3/15/2020		1,477,540
	780,000	1.476%, 4/23/2020^h		781,155
	3,088,000	5.250%, 7/27/2021		3,414,155
	1,625,000	3.500%, 1/23/2025		1,597,071
	2,475,000	4.800%, 7/8/2044		2,460,650
	676,000	5.150%, 5/22/2045		656,657
	1,260,000	4.750%, 10/21/2045		1,251,655
		Hartford Financial Services Group, Inc.
	1,960,000	5.125%, 4/15/2022		2,152,499
		HBOS plc
	1,002,000	6.750%, 5/21/2018^g		1,092,835
		HCP, Inc.
	2,430,000	4.000%, 12/1/2022		2,418,766
	660,000	3.400%, 2/1/2025		614,778
		HSBC Bank plc
	1,765,000	1.002%, 5/15/2018^g,h		1,758,215
		HSBC Holdings plc
	2,920,000	6.375%, 12/29/2049^j		2,916,350
		Huntington Bancshares, Inc.
	304,000	2.600%, 8/2/2018		304,351
		Huntington National Bank
	1,030,000	2.200%, 11/6/2018		1,027,153
		Hutchison Whampoa International 14, Ltd.
	1,014,000	3.625%, 10/31/2024^g		1,006,073
		Icahn Enterprises, LP
	2,430,000	6.000%, 8/1/2020		2,450,412
		ING Bank NV
	1,187,000	4.125%, 11/21/2023		1,208,974
		ING Capital Funding Trust III
	1,015,000	4.207%, 12/29/2049^h,j		1,012,463
		International Lease Finance Corporation
	1,060,000	2.462%, 6/15/2016^h		1,057,350
	1,150,000	8.875%, 9/1/2017		1,252,062
		Intesa Sanpaolo SPA
	1,605,000	5.250%, 1/12/2024		1,717,807
		J.P. Morgan Chase & Company
	1,215,000	6.300%, 4/23/2019		1,362,381
	625,000	2.250%, 1/23/2020		614,863
	1,930,000	4.500%, 1/24/2022		2,081,710
	1,158,000	3.200%, 1/25/2023		1,154,219
	1,320,000	3.625%, 5/13/2024		1,339,561
	2,585,000	3.125%, 1/23/2025		2,514,691
	2,335,000	7.900%, 4/29/2049^j		2,377,030
		KeyCorp
	1,600,000	2.900%, 9/15/2020		1,593,986
		Liberty Mutual Group, Inc.
	1,502,000	4.950%, 5/1/2022^g		1,592,097
		Liberty Property, LP
	2,210,000	3.750%, 4/1/2025		2,132,374
		Lloyds Bank plc
	885,000	1.038%, 3/16/2018^h		880,317
		Merrill Lynch & Company, Inc.
	2,240,000	6.050%, 5/16/2016		2,276,940
	895,000	6.400%, 8/28/2017		958,722
		MetLife, Inc.
	1,300,000	4.050%, 3/1/2045		1,206,388
		Mizuho Bank, Ltd.
	960,000	1.850%, 3/21/2018^g		954,836
		Morgan Stanley
	2,625,000	6.625%, 4/1/2018		2,878,391
	560,000	1.600%, 4/25/2018^h		565,981
	780,000	1.463%, 1/27/2020^h		781,667
	670,000	4.875%, 11/1/2022		711,039
	1,530,000	4.000%, 7/23/2025		1,575,554
	1,925,000	4.350%, 9/8/2026		1,931,293
	815,000	4.300%, 1/27/2045		777,598
	2,020,000	5.550%, 12/29/2049^j		2,020,000
		MPT Operating Partnership, LP
	970,000	5.500%, 5/1/2024		965,150
		National City Corporation
	975,000	6.875%, 5/15/2019		1,101,478
		Prudential Financial, Inc.
	530,000	2.350%, 8/15/2019		527,492
		Quicken Loans, Inc.
	950,000	5.750%, 5/1/2025^g		904,875
		Realty Income Corporation
	302,000	2.000%, 1/31/2018		302,172
		Regions Bank
	344,000	7.500%, 5/15/2018		382,232
		Regions Financial Corporation
	1,400,000	2.250%, 9/14/2018		1,398,529
		Reinsurance Group of America, Inc.
	500,000	5.625%, 3/15/2017		521,081
	990,000	5.000%, 6/1/2021		1,067,356
		Reliance Standard Life Global Funding II
	660,000	2.500%, 4/24/2019^g		657,406
		Royal Bank of Scotland Group plc
	835,000	1.543%, 3/31/2017^h		833,373
	2,250,000	7.500%, 12/29/2049^j		2,342,813
		Santander Holdings USA, Inc.
	1,014,000	2.650%, 4/17/2020		994,803
		Santander UK Group Holdings plc
	1,351,000	2.875%, 10/16/2020		1,341,828
	1,200,000	4.750%, 9/15/2025^f,g		1,184,168
		Simon Property Group, LP
	620,000	10.350%, 4/1/2019		760,836
	570,000	2.500%, 9/1/2020		570,440
	1,400,000	2.750%, 2/1/2023		1,368,055
		Skandinaviska Enskilda Banken AB
	1,025,000	2.375%, 3/25/2019^g		1,029,715
		State Street Corporation
	873,000	1.264%, 8/18/2020^h		873,091
		Sumitomo Mitsui Banking Corporation
	930,000	0.897%, 1/16/2018^h		926,808
		Svenska Handelsbanken AB
	1,190,000	1.016%, 6/17/2019^h		1,179,102
		Synchrony Financial
	560,000	3.000%, 8/15/2019		559,223
	520,000	1.564%, 2/3/2020^h		511,785
	1,850,000	3.750%, 8/15/2021		1,847,976

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (26.7%)	Value
	Financials (2.1%) - continued
		Toronto-Dominion Bank
$	560,000	1.432%, 12/14/2020^h	$	559,869
		UBS Group Funding Jersey, Ltd.
	1,930,000	2.950%, 9/24/2020^g		1,911,983
	1,158,000	4.125%, 9/24/2025^g		1,156,799
		UnitedHealth Group, Inc.
	375,000	3.350%, 7/15/2022		383,566
		USB Realty Corporation
	535,000	1.468%, 12/29/2049^g,h,j		481,500
		Voya Financial, Inc.
	1,185,000	2.900%, 2/15/2018		1,197,810
		Wells Fargo & Company
	780,000	1.002%, 1/30/2020^h		772,734
	1,550,000	2.550%, 12/7/2020		1,542,380
	3,960,000	3.450%, 2/13/2023		3,969,330
	1,320,000	3.000%, 2/19/2025		1,283,910
		Welltower, Inc.
	300,000	2.250%, 3/15/2018		299,731
	655,000	3.750%, 3/15/2023		643,194
	740,000	4.000%, 6/1/2025		727,913

		Total		182,113,427


	Foreign Government (<0.1%)
		Eksportfinans ASA
	548,000	5.500%, 5/25/2016		554,889
		Export-Import Bank of Korea
	765,000	2.250%, 1/21/2020		753,258
		Kommunalbanken AS
	1,270,000	1.500%, 10/22/2019^g		1,254,399

		Total		2,562,546


	Industrials Other (<0.1%)
		AECOM
	2,300,000	5.875%, 10/15/2024		2,346,000
		Total		2,346,000

	Mortgage-Backed Securities (8.9%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	57,995,000	3.000%, 1/1/2031^c		59,762,316
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	48,845,000	4.000%, 1/1/2046^c		51,599,204
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	37,675,000	3.500%, 1/1/2030^c		39,454,277
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	7,974,022	1.728%, 7/1/2043^h		8,107,704
	8,114,478	2.016%, 7/1/2043^h		8,327,019
	7,726,156	2.069%, 8/1/2043^h		7,934,280
	319,550,000	3.500%, 1/1/2046^c		329,687,149
	163,432,500	4.000%, 1/1/2046^c		172,939,679
	87,794,000	4.500%, 1/1/2046^c		94,806,546

		Total		772,618,174


	Technology (0.4%)
		Amphenol Corporation
	511,000	2.550%, 1/30/2019		511,089
		Apple, Inc.
	615,000	0.659%, 5/6/2020^h		610,364
	2,676,000	3.200%, 5/13/2025		2,708,388
	2,632,000	3.450%, 2/9/2045		2,266,042
		Baidu, Inc.
	1,825,000	2.750%, 6/9/2019		1,809,119
		Cisco Systems, Inc.
	825,000	0.914%, 3/1/2019^h		824,260
		CommScope Technologies Finance, LLC
	1,020,000	6.000%, 6/15/2025^g		981,750
		Denali Borrower, LLC
	2,320,000	5.625%, 10/15/2020^g		2,430,200
		Equinix, Inc.
	970,000	5.750%, 1/1/2025		991,825
		Fidelity National Information Services, Inc.
	960,000	2.850%, 10/15/2018		963,390
	1,159,000	3.625%, 10/15/2020		1,174,098
		First Data Corporation
	1,570,000	5.375%, 8/15/2023^g		1,577,850
		Freescale Semiconductor, Inc.
	1,470,000	6.000%, 1/15/2022^g		1,539,825
		Hewlett Packard Enterprise Company
	1,520,000	2.450%, 10/5/2017^g		1,518,711
	760,000	2.850%, 10/5/2018^g		759,576
	760,000	4.400%, 10/15/2022^g		757,087
		IMS Health, Inc.
	1,497,000	6.000%, 11/1/2020^f,g		1,541,910
		Intel Corporation
	320,000	3.100%, 7/29/2022		326,308
	925,000	3.700%, 7/29/2025		956,778
		Iron Mountain, Inc.
	1,005,000	6.000%, 8/15/2023		1,040,175
		Microsoft Corporation
	2,400,000	4.750%, 11/3/2055		2,485,908
	2,400,000	4.200%, 11/3/2035		2,450,779
		Oracle Corporation
	565,000	2.500%, 5/15/2022		554,555
	1,690,000	2.950%, 5/15/2025		1,646,381
		Plantronics, Inc.
	1,470,000	5.500%, 5/31/2023^g		1,462,650
		Qualcomm, Inc.
	1,860,000	3.000%, 5/20/2022		1,841,359
		Seagate HDD Cayman
	1,352,000	4.875%, 6/1/2027^g		1,037,472

		Total		36,767,849


	Transportation (0.2%)
		Air Canada Pass Through Trust
	530,000	3.875%, 3/15/2023^g		514,100
		American Airlines Pass Through Trust
	1,543,155	3.375%, 5/1/2027		1,489,144
		Avis Budget Car Rental, LLC
	2,275,000	5.125%, 6/1/2022^g		2,246,562
		Burlington Northern Santa Fe, LLC
	1,320,000	5.050%, 3/1/2041		1,365,801

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (26.7%)	Value
	Transportation (0.2%) - continued
		Canadian Pacific Railway Company
	$405,000	7.125%, 10/15/2031	$	501,513
	870,000	4.800%, 8/1/2045		846,743
		Continental Airlines, Inc.
	1,100,000	6.125%, 4/29/2018		1,122,000
	705,947	4.150%, 4/11/2024		724,302
		CSX Corporation
	532,000	3.700%, 11/1/2023		543,867
		Delta Air Lines, Inc.
	349,404	4.950%, 5/23/2019		366,875
	117,336	4.750%, 5/7/2020		123,789
		ERAC USA Finance, LLC
	294,000	2.800%, 11/1/2018^g		295,907
	940,000	4.500%, 2/15/2045^g		874,114
		FedEx Corporation
	1,665,000	3.900%, 2/1/2035		1,515,633
		J.B. Hunt Transport Services, Inc.
	510,000	3.300%, 8/15/2022		505,081
		Southwest Airlines Company
	1,075,000	2.750%, 11/6/2019		1,083,333
		Virgin Australia Holdings, Ltd.
	326,988	5.000%, 10/23/2023^g		337,615
		XPO Logistics, Inc.
	2,000,000	6.500%, 6/15/2022^f,g		1,850,000

		Total		16,306,379


	U.S. Government and Agencies (7.2%)
		Federal National Mortgage Association
	540,000	6.250%, 5/15/2029		732,117
		Tennessee Valley Authority
	520,000	5.250%, 9/15/2039		624,985
		U.S. Treasury Bonds
	4,750,000	5.250%, 11/15/2028		6,205,984
	2,975,000	4.375%, 5/15/2040		3,743,386
	66,460,000	3.000%, 5/15/2042		66,870,191
		U.S. Treasury Bonds, TIPS
	4,364,629	0.125%, 4/15/2019		4,339,000
	132,487	2.375%, 1/15/2025		150,618
	93,535	2.125%, 2/15/2040		110,124
	999,951	0.750%, 2/15/2042		878,473
		U.S. Treasury Notes
	30,000,000	0.625%, 10/15/2016		29,971,860
	70,050,000	0.875%, 11/15/2017		69,806,436
	10,000,000	0.875%, 10/15/2018		9,889,840
	112,320,000	1.500%, 10/31/2019^l		111,969,000
	40,359,000	1.875%, 6/30/2020		40,641,190
	76,185,000	1.375%, 9/30/2020		74,869,590
	1,000,000	2.125%, 9/30/2021		1,010,547
	2,000,000	2.125%, 6/30/2022		2,010,312
	8,105,000	1.625%, 8/15/2022		7,894,456
	68,135,000	2.250%, 11/15/2024		68,100,387
	50,250,000	3.625%, 2/15/2044		56,527,331
		U.S. Treasury Notes, TIPS
	31,278,560	0.125%, 4/15/2018		31,218,286
	809,146	0.125%, 1/15/2022		784,103
	34,936,051	0.125%, 1/15/2023		33,496,302

		Total		621,844,518


	U.S. Municipals (<0.1%)
		Molina Healthcare, Inc.
	2,500,000	5.375%, 11/15/2022^g		2,500,000

		Total		2,500,000


	Utilities (0.5%)
		AES Corporation
	1,100,000	7.375%, 7/1/2021		1,122,000
		American Electric Power Company, Inc.
	2,552,000	2.950%, 12/15/2022		2,520,702
		Arizona Public Service Company
	675,000	2.200%, 1/15/2020		668,652
		Berkshire Hathaway Energy Company
	495,000	2.400%, 2/1/2020		490,383
		Calpine Corporation
	1,470,000	5.375%, 1/15/2023		1,319,325
		Commonwealth Edison Company
	1,300,000	3.700%, 3/1/2045		1,169,289
	965,000	4.350%, 11/15/2045		971,344
		Consolidated Edison Company of New York, Inc.
	579,000	4.500%, 12/1/2045		586,110
		Covanta Holding Corporation
	1,200,000	7.250%, 12/1/2020		1,241,250
		DCP Midstream Operating, LP
	675,000	3.875%, 3/15/2023		509,512
		DCP Midstream, LLC
	1,100,000	4.750%, 9/30/2021^g		855,392
		DTE Electric Company
	965,000	3.700%, 3/15/2045		886,673
		DTE Energy Company
	265,000	2.400%, 12/1/2019		263,875
		Duke Energy Carolinas, LLC
	640,000	3.750%, 6/1/2045		592,739
		Duke Energy Corporation
	1,073,000	2.100%, 6/15/2018		1,074,469
		Dynegy, Inc.
	1,800,000	6.750%, 11/1/2019		1,692,000
		EDP Finance BV
	2,242,000	4.125%, 1/15/2020^g		2,247,157
		Enel Finance International NV
	474,000	6.250%, 9/15/2017^g		505,065
		Energy Transfer Equity, LP
	1,470,000	5.500%, 6/1/2027		1,117,200
		Eversource Energy
	565,000	1.600%, 1/15/2018		559,031
		Exelon Generation Company, LLC
	1,077,000	5.200%, 10/1/2019		1,160,237
	505,000	2.950%, 1/15/2020		503,184
		ITC Holdings Corporation
	294,000	4.050%, 7/1/2023		302,036
	975,000	5.300%, 7/1/2043		998,379
		Kinder Morgan Energy Partners, LP
	1,150,000	3.500%, 3/1/2021		1,029,109
		MidAmerican Energy Holdings Company
	700,000	6.500%, 9/15/2037		851,919
		Monongahela Power Company
	990,000	5.400%, 12/15/2043^g		1,102,087

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (26.7%)	Value
	Utilities (0.5%) - continued
		MPLX LP
	$1,450,000	4.875%, 12/1/2024^g	$	1,301,375
		National Rural Utilities Cooperative Finance Corporation
	1,500,000	2.300%, 11/1/2020		1,485,471
		NiSource Finance Corporation
	2,200,000	5.650%, 2/1/2045		2,528,618
		Northern States Power Company
	1,670,000	4.125%, 5/15/2044		1,658,095
		NRG Energy, Inc.
	1,100,000	6.625%, 3/15/2023		954,250
		Oncor Electric Delivery Company, LLC
	960,000	3.750%, 4/1/2045		797,887
		Pacific Gas & Electric Company
	1,301,000	5.625%, 11/30/2017		1,390,666
	1,158,000	4.250%, 3/15/2046		1,122,088
		PG&E Corporation
	485,000	2.400%, 3/1/2019		483,965
		PPL Capital Funding, Inc.
	508,000	3.500%, 12/1/2022		511,768
	1,900,000	5.000%, 3/15/2044		1,958,957
		Sempra Energy
	1,640,000	6.150%, 6/15/2018		1,790,032
	630,000	2.400%, 3/15/2020		617,457
		Southern California Edison Company
	375,000	2.400%, 2/1/2022		367,731
		Southwestern Electric Power Company
	670,000	3.900%, 4/1/2045		586,669
		Targa Resources Partners, LP
	975,000	5.250%, 5/1/2023		789,750
		TransAlta Corporation
	1,213,000	1.900%, 6/3/2017		1,178,058
		Williams Companies, Inc.
	664,000	7.875%, 9/1/2021		597,605

		Total		46,459,561


		Total Long-Term Fixed Income (cost $2,319,714,712)		2,311,518,837



Shares		Collateral Held for Securities Loaned (2.1%)
	182,839,267	Thrivent Cash Management Trust		182,839,267

		Total Collateral Held for Securities Loaned (cost $182,839,267)		182,839,267


Shares or Principal Amount		Short-Term Investments (14.4%)^m
		Federal Agricultural Mortgage Corporation Discount Notes
	3,000,000	0.040%, 1/4/2016		2,999,990
		Federal Home Loan Bank Discount Notes
	74,788,000	0.099%, 1/4/2016		74,787,383
	35,000,000	0.100%, 1/5/2016		34,999,611
	48,085,000	0.102%, 1/6/2016		48,084,318
	5,000,000	0.100%, 1/7/2016		4,999,917
	102,300,000	0.110%, 1/8/2016		102,297,814
	15,000,000	0.105%, 1/11/2016		14,999,563
	103,900,000	0.161%, 1/13/2016		103,894,415
	50,300,000	0.111%, 1/15/2016		50,297,838
	38,000,000	0.130%, 1/20/2016		37,997,387
	34,000,000	0.116%, 1/21/2016		33,997,814
	31,700,000	0.117%, 1/22/2016		31,697,834
	18,000,000	0.233%, 1/26/2016		17,997,083
	29,956,000	0.197%, 1/27/2016		29,951,746
	15,950,000	0.273%, 2/1/2016		15,946,252
	9,000,000	0.280%, 2/2/2016		8,997,760
	68,700,000	0.219%, 2/3/2016		68,686,226
	25,168,000	0.252%, 2/5/2016		25,161,834
	5,200,000	0.340%, 2/9/2016		5,198,085
	15,700,000	0.229%, 2/10/2016		15,696,010
	17,000,000	0.250%, 2/12/2016		16,995,042
	15,000,000	0.310%, 2/16/2016		14,994,058
	5,000,000	0.278%, 2/17/2016		4,998,185
	43,000,000	0.263%, 2/19/2016		42,984,626
	30,000,000	0.265%, 2/22/2016		29,988,517
	16,000,000	0.384%, 2/24/2016		15,990,775
	25,000,000	0.300%, 2/26/2016		24,988,333
	15,000,000	0.340%, 3/9/2016		14,990,367
	2,000,000	0.420%, 3/10/2016		1,998,390
	3,000,000	0.355%, 3/14/2016		2,997,840
	15,000,000	0.355%, 3/15/2016		14,989,054
	25,000,000	0.365%, 3/16/2016		24,980,990
	3,500,000	0.310%, 3/18/2016		3,497,679
		Federal Home Loan Mortgage Corporation Discount Notes
	7,400,000	0.072%, 1/5/2016ⁿ		7,399,941
	9,000,000	0.103%, 1/6/2016ⁿ		8,999,872
	8,241,000	0.082%, 1/8/2016ⁿ		8,240,870
	1,400,000	0.207%, 1/13/2016ⁿ		1,399,903
	1,500,000	0.090%, 1/20/2016ⁿ		1,499,929
	1,500,000	0.250%, 1/27/2016		1,499,729
	24,500,000	0.200%, 2/17/2016ⁿ		24,493,603
		Federal National Mortgage Association Discount Notes
	900,000	0.100%, 1/4/2016		899,993
	6,400,000	0.070%, 1/8/2016ⁿ		6,399,913
	7,900,000	0.099%, 1/14/2016ⁿ		7,899,718
	20,300,000	0.230%, 1/25/2016ⁿ		20,296,887
	2,000,000	0.200%, 2/10/2016ⁿ		1,999,556
		Thrivent Cash Management Trust
	213,007,058	0.220%		213,007,058

		Total Short-Term Investments (at amortized cost)		1,247,119,708

		Total Investments (cost $9,304,986,487) 110.6%	$	9,575,658,858

		Other Assets and Liabilities, Net (10.6%)		(918,404,044	)

		Total Net Assets 100.0%	$	8,657,254,814

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015

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	Defaulted security. Interest is not being accrued.

e	Non-income producing security.

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

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 December 31, 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 December 31, 2015.

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

l	At December 31, 2015, $1,560,109 of investments were segregated to cover exposure to a counterparty for margin on open mortgage-backed security transactions.

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

n	All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

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 value of all restricted securities held in Moderate Allocation Portfolio as of December 31, 2015 was $103,358,651 or 1.2% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of December 31, 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., 10/12/2023		5/15/2015		4,400,000
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		3,424,643
Bayview Opportunity Master Fund Trust, 7/28/2034		3/19/2015		1,374,832
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		2,365,851
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		478,498
DRB Prime Student Loan Trust, 7/25/2031		9/23/2015		1,405,588
DRB Prime Student Loan Trust, 1/25/2040		12/4/2015		1,072,726
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		88,501
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		2,268,627
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
Pretium Mortgage Credit Partners, LLC, 10/27/2030		10/6/2015		3,027,563
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
Sunset Mortgage Loan Company, LLC, 9/16/2045		10/2/2015		3,159,655
Symphony CLO XV, Ltd., 10/17/2026		10/17/2014		4,466,250

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Security	Acquisition Date		Cost
Symphony CLO VIII, Ltd., 1/9/2023		9/15/2014	$	1,369,720
U.S. Residential Opportunity Fund III Trust, 1/27/2035		2/6/2015		1,713,089
Vericrest Opportunity Loan Transferee, 2/25/2055		2/25/2015		1,880,171
Vericrest Opportunity Loan Transferee, 10/25/2058		2/6/2015		2,499,193
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.
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.

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (3.9%)^a	Value
	Basic Materials (0.2%)
		Alpha Natural Resources, Inc., Term Loan
$	1,908,335	3.500%, 5/22/2020	$	822,168
		Axalta Coating Systems US Holdings, Inc., Term Loan
	1,434,190	3.750%, 2/1/2020		1,418,859
		Fortescue Metals Group, Ltd., Term Loan
	1,437,072	4.250%, 6/30/2019		1,061,781
		Ineos US Finance, LLC, Term Loan
	2,266,009	3.750%, 12/15/2020		2,169,703
		NewPage Corporation, Term Loan
	1,023,750	9.500%, 2/11/2021		365,356
		PolyOne Corporation, Term Loan
	900,000	3.750%, 11/11/2022		900,000
		Tronox Pigments BV, Term Loan
	1,835,609	4.500%, 3/19/2020		1,619,925
		Wausau Paper Corporation, Term Loan
	1,277,429	6.500%, 7/30/2020		1,267,848

		Total		9,625,640


	Capital Goods (0.1%)
		ADS Waste Holdings, Inc., Term Loan
	1,704,228	3.750%, 10/9/2019		1,646,710
		Berry Plastics Group, Inc., Term Loan
	3,374,575	3.500%, 2/8/2020		3,304,789
		Silver II Borrower, Term Loan
	1,315,978	4.000%, 12/13/2019		1,110,027

		Total		6,061,526


	Communications Services (1.4%)
		Altice U.S. Finance I Corporation, Term Loan
	1,059,508	4.250%, 2/14/2019		1,041,412
		Atlantic Broadband Penn, LLC, Term Loan
	897,790	3.250%, 11/30/2019		888,534
		Birch Communication Inc., Term Loan
	1,937,500	7.750%, 7/17/2020		1,850,312
		CCO Safari III, LLC, Term Loan
	360,000	3.500%, 1/24/2023		359,251
		Cengage Learning Acquisitions, Term Loan
	3,775,784	7.000%, 3/31/2020		3,671,950
		Charter Communications Operating, LLC, Term Loan
	448,500	3.000%, 7/1/2020		439,624
		Fairpoint Communications, Term Loan
	2,246,475	7.500%, 2/14/2019		2,227,380
		Grande Communications Networks, LLC, Term Loan
	1,326,031	4.500%, 5/29/2020		1,298,410
		Hargray Communications Group, Inc., Term Loan
	2,365,895	5.250%, 6/26/2019		2,348,884
		IMG Worldwide, Inc., Term Loan
	950,000	8.250%, 5/6/2022		826,500
		Integra Telecom Holdings, Inc., Term Loan
	1,859,895	5.250%, 8/14/2020		1,794,799
	405,757	9.750%, 2/12/2021		392,569
		Intelsat Jackson Holdings SA, Term Loan
	2,515,968	3.750%, 6/30/2019		2,373,992
		Level 3 Communications, Inc., Term Loan
	2,540,000	4.000%, 1/15/2020		2,529,561
		Level 3 Financing, Inc., Term Loan
	840,000	3.500%, 5/31/2022		825,930
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	2,585,000	4.500%, 1/7/2022		2,497,756
		LTS Buyer, LLC, Term Loan
	2,792,087	4.000%, 4/13/2020		2,712,512
	72,738	8.000%, 4/12/2021		70,056
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	2,733,680	4.750%, 3/22/2019		2,667,607
		NEP Broadcasting, LLC, Term Loan
	134,286	10.000%, 7/22/2020		125,557
		NEP/NCP Holdco, Inc., Term Loan
	3,355,857	4.250%, 1/22/2020		3,129,337
		NTelos, Inc., Term Loan
	662,737	5.750%, 11/9/2019		656,110
		Numericable US, LLC, Term Loan
	3,000,000	4.750%, 2/10/2023		2,876,790
		SBA Senior Finance II, LLC, Term Loan
	1,830,800	3.250%, 6/10/2022		1,783,309
		Syniverse Holdings, Inc., Term Loan
	1,793,615	4.000%, 4/23/2019		1,297,375
		TNS, Inc., Term Loan
	834,951	5.000%, 2/14/2020		820,339
		Univision Communications, Inc., Term Loan
	2,961,697	4.000%, 3/1/2020		2,893,578
		Virgin Media Investment Holdings, Ltd., Term Loan
	1,902,132	3.500%, 6/30/2023		1,860,229
		WideOpenWest Finance, LLC, Term Loan
	2,961,719	4.500%, 4/1/2019		2,849,737
		XO Communications, LLC, Term Loan
	2,080,780	4.250%, 3/20/2021		2,027,720
		Yankee Cable Acquisition, LLC, Term Loan
	1,690,638	4.250%, 3/1/2020		1,663,689
		Zayo Group, LLC, Term Loan
	2,646,579	3.750%, 5/6/2021		2,598,835

		Total		55,399,644


	Consumer Cyclical (0.7%)
		Amaya BV, Term Loan
	2,898,500	5.000%, 8/1/2021		2,710,098
		Burlington Coat Factory Warehouse Corporation, Term Loan
	1,094,626	4.250%, 8/13/2021		1,079,575
		Ceridian HCM Holding, Inc., Term Loan
	575,847	4.500%, 9/15/2020		487,310

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (3.9%)^a	Value
	Consumer Cyclical (0.7%) - continued
		Charter Communications Operating, LLC, Term Loan
$	2,193,750	3.000%, 1/3/2021	$	2,147,133
		Chrysler Group, LLC, Term Loan
	1,492,036	3.500%, 5/24/2017		1,485,605
		Golden Nugget, Inc., Delayed Draw
	249,570	5.500%, 11/21/2019		247,074
		Golden Nugget, Inc., Term Loan
	582,330	5.500%, 11/21/2019		576,507
		Hilton Worldwide Finance, LLC, Term Loan
	1,591,787	3.500%, 10/26/2020		1,587,314
		IMG Worldwide, Inc., Term Loan
	2,069,307	5.250%, 5/6/2021		2,029,866
		J.C. Penney Corporation, Inc., Term Loan
	1,964,625	6.000%, 5/22/2018		1,926,806
		Las Vegas Sands, LLC, Term Loan
	1,960,000	3.250%, 12/19/2020		1,937,950
		Marina District Finance Company, Inc., Term Loan
	1,726,688	6.500%, 8/15/2018		1,722,371
		MGM Resorts International, Term Loan
	1,391,950	3.500%, 12/20/2019		1,371,071
		Mohegan Tribal Gaming Authority, Term Loan
	3,881,191	5.500%, 6/15/2018		3,788,314
		Rite Aid Corporation, Term Loan
	695,000	5.750%, 8/21/2020		695,347
		ROC Finance, LLC, Term Loan
	2,473,075	5.000%, 6/20/2019		2,295,830
		Scientific Games International, Inc., Term Loan
	3,048,561	6.000%, 10/18/2020		2,781,812
	655,038	6.000%, 10/1/2021		595,148
		Seminole Indian Tribe of Florida, Term Loan
	698,487	3.000%, 4/29/2020		693,249

		Total		30,158,380


	Consumer Non-Cyclical (0.5%)
		Albertson’s, Inc., Term Loan
	3,477,240	5.500%, 3/21/2019		3,462,462
		Catalina Marketing Corporation, Term Loan
	2,717,104	4.500%, 4/9/2021		2,160,097
		CHS/Community Health Systems, Inc., Term Loan
	348,494	3.657%, 12/31/2018		343,121
	327,060	3.750%, 1/27/2021		318,272
	601,781	4.000%, 1/27/2021		591,467
		Endo Luxembourg Finance I Co Sarl, Term Loan
	1,655,000	3.750%, 9/26/2022		1,630,870
		JBS USA, LLC, Term Loan
	1,508,730	3.750%, 5/25/2018		1,499,300
		Ortho-Clinical Diagnostics, Inc., Term Loan
	3,143,162	4.750%, 6/30/2021		2,652,043
		Sterigenics-Nordion Holdings, LLC, Term Loan
	1,082,288	4.250%, 5/16/2022		1,049,819
		Supervalu, Inc., Term Loan
	4,204,838	4.500%, 3/21/2019		4,142,649
		Valeant Pharmaceuticals International, Inc., Term Loan
	2,493,719	4.000%, 4/1/2022^b,c		2,393,346

		Total		20,243,446


	Energy (0.2%)
		Arch Coal, Inc., Term Loan
	2,618,289	6.250%, 5/16/2018		1,152,780
		Energy Solutions, LLC, Term Loan
	515,821	6.750%, 5/29/2020		386,866
		Expro Holdings UK 2, Ltd., Term Loan
	740,625	5.750%, 9/2/2021		491,901
		Fieldwood Energy, LLC, Term Loan
	879,760	3.875%, 10/1/2018		571,844
	389,261	8.375%, 9/30/2020		58,389
		Houston Fuel Oil Terminal, LLC, Term Loan
	1,851,612	4.250%, 8/19/2021		1,703,484
		McJunkin Red Man Corporation, Term Loan
	1,216,868	4.750%, 11/8/2019		1,113,434
		Offshore Group Investment, Ltd., Term Loan
	1,803,750	0.000%, 3/28/2019^d		362,247
		Pacific Drilling SA, Term Loan
	1,248,000	4.500%, 6/3/2018		533,520
		Targa Resources Partners, LP, Term Loan
	158,140	5.750%, 2/27/2022		153,000

		Total		6,527,465


	Financials (0.2%)
		DJO Finance, LLC, Term Loan
	947,625	4.250%, 6/7/2020		919,490
		GEO Group, Inc., Term Loan
	448,500	3.250%, 4/3/2020		444,387
		Harland Clarke Holdings Corporation, Term Loan
	2,184,375	7.000%, 5/22/2018		2,109,735
	237,500	6.000%, 8/4/2019		226,219
		MoneyGram International, Inc., Term Loan
	1,789,400	4.250%, 3/27/2020		1,629,839
		WaveDivision Holdings, LLC, Term Loan
	2,439,550	4.000%, 10/15/2019		2,396,858

		Total		7,726,528


	Technology (0.3%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	5,000,000	0.000%, 11/13/2022^b,c		4,940,650
		First Data Corporation, Term Loan
	2,090,000	3.918%, 3/23/2018		2,060,092
	1,040,000	3.918%, 9/24/2018		1,024,400
	600,000	4.168%, 7/8/2022		590,850
		Infor US, Inc., Term Loan
	1,783,486	3.750%, 6/3/2020		1,670,538

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (3.9%)^a	Value
	Technology (0.3%) - continued
		Merrill Communications, LLC, Term Loan
$	8,144	6.250%, 6/1/2022	$	6,922
		NXP BV, Term Loan
	1,250,000	3.750%, 12/7/2020		1,242,813
		SS&C European Holdings SARL, Term Loan
	644,036	4.007%, 7/8/2022		638,400
	94,780	4.018%, 7/8/2022		93,951

		Total		12,268,616


	Transportation (0.2%)
		American Airlines, Inc., Term Loan
	1,901,138	3.250%, 6/27/2020		1,869,350
		OSG Bulk Ships, Inc., Term Loan
	1,182,000	5.250%, 8/5/2019		1,131,765
		United Airlines, Inc., Term Loan
	1,118,375	3.250%, 4/1/2019		1,108,388
	87,187	3.500%, 9/15/2021		86,577
		XPO Logistics, Inc., Term Loan
	3,000,000	5.500%, 11/1/2021		2,983,740

		Total		7,179,820


	Utilities (0.1%)
		Calpine Corporation, Term Loan
	2,017,237	4.000%, 10/9/2019		1,961,764
	243,756	4.000%, 10/31/2020		237,053
	335,414	3.500%, 5/27/2022		319,146
		Intergen NV, Term Loan
	872,625	5.500%, 6/15/2020		786,453

		Total		3,304,416


		Total Bank Loans (cost $170,279,759)		158,495,481


		Long-Term Fixed Income (38.4%)
	Asset-Backed Securities (1.6%)
		Access Group, Inc.
	1,222,968	0.922%, 2/25/2036^e,f		1,192,025
		Ares CLO, Ltd.
	2,800,000	1.611%, 10/12/2023^*,f		2,786,497
	1,500,000	1.842%, 11/15/2025^*,f		1,486,261
		BA Credit Card Trust
	1,100,000	0.711%, 6/15/2021^f		1,098,098
		Bayview Opportunity Master Fund Trust
	2,055,832	3.721%, 2/28/2035*		2,053,634
	1,177,186	3.721%, 7/28/2035^e,g		1,176,237
		Betony CLO, Ltd.
	750,000	1.831%, 4/15/2027^*,f		741,870
		CAM Mortgage, LLC
	1,419,511	3.500%, 7/15/2064^*,g		1,418,207
		Capital One Multi-Asset Execution Trust
	1,350,000	0.711%, 1/18/2022^f		1,342,894
		Chase Issuance Trust
	850,000	1.590%, 2/18/2020		849,882
	1,625,000	1.620%, 7/15/2020		1,619,475
		Chesapeake Funding, LLC
	1,142,184	0.719%, 1/7/2025^e,f		1,141,689
		Countrywide Asset-Backed Certificates
	1,051,163	5.530%, 4/25/2047		1,145,067
		DRB Prime Student Loan Trust
	937,209	3.170%, 7/25/2031*		937,822
	1,000,000	3.200%, 1/25/2040*		971,500
		Edlinc Student Loan Funding Trust
	956,030	3.200%, 10/1/2025^*,f		956,282
		FirstEnergy Ohio PIRB Special Purpose Trust
	611,833	0.679%, 1/15/2019		611,053
		Ford Credit Auto Owner Trust
	810,000	2.260%, 11/15/2025^e		816,534
		Golden Credit Card Trust
	1,000,000	0.761%, 9/15/2018^e,f		999,474
		GoldenTree Loan Opportunities IX, Ltd.
	825,000	1.804%, 10/29/2026^*,f		815,902
		Golub Capital Partners CLO 23M, Ltd.
	800,000	1.771%, 5/5/2027^*,f		790,415
		Lehman XS Trust
	3,660,582	5.440%, 8/25/2035^g		3,275,934
		Morgan Stanley Bank of America Merrill Lynch Trust
	3,400,000	3.176%, 8/15/2045		3,451,797
	3,400,000	3.246%, 12/15/2047		3,397,290
		Morgan Stanley Capital, Inc.
	1,853,474	0.572%, 2/25/2037^f		1,019,108
		OZLM VIII, Ltd.
	825,000	1.755%, 10/17/2026^*,f		815,546
		Pretium Mortgage Credit Partners, LLC
	1,857,228	4.125%, 10/27/2030*		1,840,492
		Race Point IX CLO, Ltd.
	1,925,000	1.831%, 4/15/2027^*,f		1,913,651
		Renaissance Home Equity Loan Trust
	5,500,000	6.011%, 5/25/2036^g		3,825,888
	2,420,415	5.580%, 11/25/2036^g		1,262,895
		SLM Student Loan Trust
	1,756,107	0.931%, 8/15/2022^e,f		1,751,066
	794,665	0.720%, 4/25/2023^e,f		793,484
	1,350,000	1.381%, 5/17/2027^e,f		1,339,480
		Sunset Mortgage Loan Company, LLC
	1,805,517	4.459%, 9/16/2045^*,g		1,798,385
		U.S. Small Business Administration
	396,550	3.191%, 3/10/2024		411,829
		Vericrest Opportunity Loan Transferee
	1,667,930	3.375%, 10/25/2058^*,g		1,638,923
	2,547,609	3.500%, 6/26/2045^e		2,508,853
	2,639,333	3.500%, 6/26/2045^e,g		2,600,788
	2,004,318	3.625%, 7/25/2045^e,g		1,975,835
	1,148,434	3.500%, 2/25/2055^*,g		1,132,894
		Volvo Financial Equipment, LLC
	380,048	0.740%, 3/15/2017^e		379,856
		World Financial Network Credit Card Master Trust
	1,950,000	0.910%, 3/16/2020		1,948,434

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (38.4%)	Value
	Asset-Backed Securities (1.6%) - continued
		World Omni Master Owner Trust
$	1,620,000	0.681%, 2/15/2018^e,f	$	1,619,725

		Total		65,652,971


	Basic Materials (0.3%)
		Albemarle Corporation
	230,000	3.000%, 12/1/2019		225,597
		ArcelorMittal SA
	1,300,000	6.500%, 3/1/2021^h		1,046,357
		Corporacion Nacional del Cobre de Chile
	1,135,000	4.500%, 9/16/2025^e,h		1,068,814
		First Quantum Minerals, Ltd.
	847,000	6.750%, 2/15/2020^e		546,315
	847,000	7.000%, 2/15/2021^e		531,492
		Freeport-McMoRan, Inc.
	1,759,000	2.375%, 3/15/2018		1,372,020
	822,000	3.875%, 3/15/2023		468,540
		Georgia-Pacific, LLC
	535,000	2.539%, 11/15/2019^e		531,922
		Glencore Funding, LLC
	395,000	1.377%, 4/16/2018^e,f		333,302
		Packaging Corporation of America
	1,075,000	4.500%, 11/1/2023		1,128,777
		Sappi Papier Holding GmbH
	845,000	6.625%, 4/15/2021^e		853,450
		Xstrata Finance Canada, Ltd.
	1,130,000	2.700%, 10/25/2017^e		1,033,950
		Yamana Gold, Inc.
	890,000	4.950%, 7/15/2024		754,705

		Total		9,895,241


	Capital Goods (0.5%)
		Ball Corporation
	1,000,000	4.375%, 12/15/2020		1,015,625
		Building Materials Corporation of America
	1,575,000	6.000%, 10/15/2025^e		1,606,500
		Case New Holland, Inc.
	1,100,000	7.875%, 12/1/2017		1,163,250
		Crown Americas Capital Corporation IV
	1,450,000	4.500%, 1/15/2023		1,417,375
		General Electric Company
	1,422,000	4.200%, 12/15/2049ⁱ		1,414,890
		Huntington Ingalls Industries, Inc.
	1,200,000	5.000%, 11/15/2025^e		1,218,000
		L-3 Communications Corporation
	992,000	1.500%, 5/28/2017		979,710
		Lockheed Martin Corporation
	380,000	1.850%, 11/23/2018		379,328
	512,000	2.500%, 11/23/2020		508,963
	1,024,000	4.500%, 5/15/2036		1,036,693
		Martin Marietta Materials, Inc.
	750,000	1.703%, 6/30/2017^f		744,782
		Northrop Grumman Corporation
	1,010,000	3.850%, 4/15/2045		907,573
		Owens-Brockway Glass Container, Inc.
	970,000	5.000%, 1/15/2022^e		948,175
		Pentair Finance SA
	1,100,000	2.900%, 9/15/2018		1,095,076
	345,000	3.625%, 9/15/2020		344,660
		Reynolds Group Issuer, Inc.
	1,612,019	5.750%, 10/15/2020		1,639,730
		Roper Industries, Inc.
	1,316,000	2.050%, 10/1/2018		1,307,471
		Textron, Inc.
	680,000	5.600%, 12/1/2017		722,754
	825,000	7.250%, 10/1/2019		938,680
	545,000	5.950%, 9/21/2021		609,880
		United Rentals North America, Inc.
	1,450,000	5.500%, 7/15/2025		1,406,500
		Waste Management, Inc.
	260,000	3.125%, 3/1/2025		253,038

		Total		21,658,653


	Collateralized Mortgage Obligations (1.7%)
		Alm Loan Funding CLO
	825,000	1.745%, 10/17/2026^*,f		815,886
		Alternative Loan Trust
	1,696,866	6.000%, 6/25/2036		1,544,152
		Apidos CLO XVIII
	825,000	1.732%, 7/22/2026^*^,^f		818,475
		Babson CLO, Ltd.
	825,000	1.707%, 10/17/2026^*,f		812,654
		Birchwood Park CLO, Ltd.
	825,000	1.761%, 7/15/2026^*,f		816,110
		BlueMountain CLO, Ltd.
	825,000	1.801%, 10/15/2026^*,f		817,562
		Carlyle Global Market Strategies CLO, Ltd.
	825,000	1.617%, 7/20/2023^*,f		821,176
	825,000	1.821%, 10/15/2026^*,f		818,826
		Cent CLO 16, LP
	825,000	1.579%, 8/1/2024^*,f		821,776
		Cent CLO 22, Ltd.
	825,000	1.824%, 11/7/2026^*,f		815,094
		Citigroup Mortgage Loan Trust, Inc.
	528,996	5.500%, 11/25/2035		505,669
		CitiMortgage Alternative Loan Trust
	1,813,413	5.750%, 4/25/2037		1,555,613
		Countrywide Alternative Loan Trust
	2,226,727	2.609%, 10/25/2035		1,957,279
	1,050,146	6.500%, 8/25/2036		791,276
	348,977	6.000%, 1/25/2037		320,715
	3,542,159	5.500%, 5/25/2037		3,005,717
	2,248,699	7.000%, 10/25/2037		1,577,218
		Countrywide Home Loans, Inc.
	639,980	5.750%, 4/25/2037		585,455
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	183,639	5.500%, 10/25/2021		177,760
	510,705	6.000%, 10/25/2021		452,661
		Dryden 34 Senior Loan Fund CLO
	825,000	1.751%, 10/15/2026^*,f		815,883
		Federal Home Loan Mortgage Corporation
	7,996,034	3.000%, 4/15/2028^j		785,482
	5,506,216	3.000%, 2/15/2033^j		677,454

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (38.4%)	Value
	Collateralized Mortgage Obligations (1.7%) - continued
		Federal National Mortgage Association
$	11,297,992	3.500%, 1/25/2033^j	$	1,521,372
		Galaxy XX CLO, Ltd.
	2,650,000	1.731%, 7/20/2027^*,f		2,616,271
		Golub Capital Partners CLO 22B, Ltd.
	1,575,000	1.813%, 2/20/2027^*,f		1,556,694
		Greenpoint Mortgage Funding Trust
	1,283,251	0.622%, 10/25/2045^f		1,007,919
		HomeBanc Mortgage Trust
	1,036,355	2.229%, 4/25/2037		781,263
		IndyMac INDX Mortgage Loan Trust
	2,395,979	1.062%, 7/25/2045^f		2,072,347
		J.P. Morgan Mortgage Trust
	163,763	2.691%, 10/25/2036		147,353
	2,635,217	0.802%, 1/25/2037^f		1,615,097
	2,857,675	6.250%, 8/25/2037		2,215,371
		Limerock CLO III, LLC
	2,500,000	1.817%, 10/20/2026^*,f		2,481,798
		Madison Park Funding XIV CLO, Ltd.
	900,000	1.767%, 7/20/2026^*,f		891,261
		Madison Park Funding, Ltd.
	2,975,000	1.652%, 8/15/2022^*,f		2,962,435
		Magnetite XII, Ltd.
	2,600,000	1.821%, 4/15/2027^*,f		2,571,078
		MASTR Alternative Loans Trust
	433,305	6.500%, 7/25/2034		443,460
	1,930,399	0.872%, 12/25/2035^f		966,386
		Merrill Lynch Alternative Note Asset Trust
	404,661	6.000%, 3/25/2037		364,339
		Mountain View CLO, Ltd.
	2,625,000	1.739%, 7/15/2027^*,f		2,570,434
		Neuberger Berman CLO, Ltd.
	700,000	1.804%, 8/4/2025^*,f		691,821
		NZCG Funding CLO, Ltd.
	2,650,000	1.873%, 4/27/2027^*,f		2,624,800
		Octagon Investment Partners XX CLO, Ltd.
	825,000	1.796%, 8/12/2026^*,f		814,258
		OHA Loan Funding, Ltd.
	2,500,000	1.817%, 10/20/2026^*,f		2,474,162
		RALI Trust
	4,403,039	0.602%, 11/25/2036^f		3,198,389
		Residential Accredit Loans, Inc. Trust
	743,756	5.750%, 9/25/2035		669,982
		Residential Asset Securitization Trust
	2,939,031	0.802%, 8/25/2037^f		873,307
		Sequoia Mortgage Trust
	2,782,229	2.822%, 9/20/2046		2,225,899
		Shackleton VII CLO, Ltd.
	2,650,000	1.861%, 4/15/2027^*,f		2,637,772
		Symphony CLO XV, Ltd.
	2,500,000	1.765%, 10/17/2026^*,f		2,467,342
		Symphony CLO VIII, Ltd.
	807,156	1.419%, 1/9/2023^*,f		804,126
		Voya CLO 3, Ltd.
	825,000	1.740%, 7/25/2026^*,f		815,913
		WaMu Mortgage Pass Through Certificates
	413,835	2.408%, 9/25/2036		373,150
	394,324	2.431%, 10/25/2036		352,463
	1,288,620	2.176%, 11/25/2036		1,116,391
	1,952,667	1.825%, 1/25/2037		1,643,646

		Total		72,678,192


	Commercial Mortgage-Backed Securities (1.6%)
		Commercial Mortgage Pass-Through Certificates
	2,340,000	1.326%, 6/8/2030^e,f		2,337,158
		Credit Suisse First Boston Mortgage Securities
	4,600,000	5.542%, 1/15/2049		4,703,225
		Credit Suisse Mortgage Capital Certificates
	3,300,000	5.509%, 9/15/2039		3,361,705
		Federal National Mortgage Association
	1,106,976	1.272%, 1/25/2017		1,107,018
		Greenwich Capital Commercial Funding Corporation
	3,100,000	5.867%, 12/10/2049		3,220,326
		GS Mortgage Securities Trust
	4,000,000	3.666%, 9/10/2047		4,101,340
	4,025,000	3.506%, 10/10/2048		4,025,841
	4,200,000	3.734%, 11/10/2048		4,280,488
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	1,450,000	1.281%, 12/15/2028^e,f		1,449,937
	1,750,000	3.507%, 5/15/2045		1,804,591
	2,300,000	5.695%, 2/12/2049		2,370,007
		JPMBB Commercial Mortgage Securities Trust
	2,850,000	3.231%, 1/15/2048		2,829,407
	4,025,000	3.598%, 11/15/2048		4,048,418
		Morgan Stanley Bank of America Merrill Lynch Trust
	4,050,000	3.635%, 10/15/2028		4,082,988
	4,100,000	3.753%, 12/15/2047		4,170,691
		Morgan Stanley Capital, Inc.
	4,150,000	5.406%, 3/15/2044		4,259,814
		SCG Trust
	700,000	1.731%, 11/15/2026^e,f		702,209
		UBS Commercial Mortgage Trust
	5,100,000	3.400%, 5/10/2045		5,193,346
		Wells Fargo Commercial Mortgage Trust
	2,500,000	3.617%, 9/15/2057		2,524,346
	2,250,000	3.839%, 9/15/2058		2,309,271
		WFRBS Commercial Mortgage Trust
	2,800,000	2.870%, 11/15/2045		2,773,107

		Total		65,655,233


	Communications Services (1.4%)
		21st Century Fox America, Inc.
	1,205,000	6.900%, 3/1/2019		1,368,682
		AMC Networks, Inc.
	1,500,000	4.750%, 12/15/2022		1,500,000
		America Movil SAB de CV
	750,000	1.502%, 9/12/2016^f		749,990

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (38.4%)	Value
	Communications Services (1.4%) - continued
$	829,000	5.000%, 10/16/2019	$	895,465
		American Tower Corporation
	105,000	2.800%, 6/1/2020		103,792
	1,400,000	3.450%, 9/15/2021		1,406,863
		AT&T, Inc.
	360,000	1.533%, 6/30/2020^f		357,426
	963,000	3.875%, 8/15/2021		993,500
	805,000	3.000%, 6/30/2022		785,695
	950,000	5.550%, 8/15/2041		954,627
	546,000	4.750%, 5/15/2046		499,915
		British Sky Broadcasting Group plc
	880,000	2.625%, 9/16/2019^e		875,934
		CBS Corporation
	780,000	4.000%, 1/15/2026		760,608
		CCO Holdings, LLC
	1,500,000	7.375%, 6/1/2020		1,561,875
		CCO Safari II, LLC
	1,010,000	6.834%, 10/23/2055^e		995,088
	630,000	3.579%, 7/23/2020^e		626,226
	540,000	4.908%, 7/23/2025^e		539,475
		CenturyLink, Inc.
	1,150,000	6.450%, 6/15/2021		1,121,250
		Clear Channel Worldwide Holdings, Inc.
	1,070,000	6.500%, 11/15/2022		1,043,250
		Columbus International, Inc.
	1,175,000	7.375%, 3/30/2021^e		1,163,250
		Comcast Corporation
	2,190,000	4.400%, 8/15/2035		2,203,048
	418,000	4.650%, 7/15/2042		425,357
	1,552,000	4.750%, 3/1/2044		1,612,075
		Cox Communications, Inc.
	496,000	9.375%, 1/15/2019^e		574,682
	800,000	3.850%, 2/1/2025^e		732,929
		Crown Castle International Corporation
	1,270,000	5.250%, 1/15/2023		1,335,088
		Crown Castle Towers, LLC
	480,000	4.174%, 8/15/2017^e		490,816
		Digicel, Ltd.
	650,000	6.000%, 4/15/2021^e		547,625
		DIRECTV Holdings, LLC
	600,000	5.875%, 10/1/2019		669,678
	1,792,000	6.350%, 3/15/2040		1,924,235
	1,000,000	5.150%, 3/15/2042		932,337
		FairPoint Communications, Inc.
	970,000	8.750%, 8/15/2019^e		955,450
		Frontier Communications Corporation
	940,000	8.875%, 9/15/2020^e		951,750
		Hughes Satellite Systems Corporation
	1,350,000	6.500%, 6/15/2019		1,454,625
		Intelsat Jackson Holdings SA
	1,500,000	7.250%, 4/1/2019		1,376,250
		Level 3 Communications, Inc.
	660,000	5.375%, 1/15/2024^e		663,300
		McGraw Hill Financial, Inc.
	1,024,000	3.300%, 8/14/2020		1,032,750
		McGraw-Hill Global Education Holdings, LLC
	1,000,000	9.750%, 4/1/2021		1,060,000
		Numericable-SFR
	1,450,000	6.000%, 5/15/2022^e		1,406,500
		SES Global Americas Holdings GP
	620,000	2.500%, 3/25/2019^e		611,440
		Sprint Corporation
	1,405,000	7.625%, 2/15/2025		1,025,650
		Telefonica Emisiones SAU
	858,000	3.192%, 4/27/2018		874,647
		Time Warner Entertainment Company, LP
	1,341,000	8.375%, 3/15/2023		1,646,867
		Time Warner, Inc.
	1,982,000	3.600%, 7/15/2025		1,929,435
	780,000	6.250%, 3/29/2041		866,247
		T-Mobile USA, Inc.
	1,450,000	6.125%, 1/15/2022		1,489,875
		Unitymedia Hessen GmbH & Company KG
	875,000	5.500%, 1/15/2023^e		872,813
		Univision Communications, Inc.
	970,000	5.125%, 5/15/2023^e		933,625
	500,000	5.125%, 2/15/2025^e		475,000
		UPCB Finance V, Ltd.
	1,350,000	7.250%, 11/15/2021^e		1,434,375
		Verizon Communications, Inc.
	1,250,000	4.672%, 3/15/2055		1,085,251
	590,000	1.296%, 6/17/2019^f		585,999
	1,655,000	3.000%, 11/1/2021		1,650,348
	2,304,000	5.150%, 9/15/2023		2,532,847
	508,000	5.050%, 3/15/2034		506,130
	859,000	4.272%, 1/15/2036		775,504
	1,196,000	4.522%, 9/15/2048		1,069,579

		Total		59,017,038


	Consumer Cyclical (0.8%)
		Automatic Data Processing, Inc.
	375,000	3.375%, 9/15/2025		382,283
		Cinemark USA, Inc.
	1,500,000	4.875%, 6/1/2023		1,462,500
		CVS Health Corporation
	235,000	2.250%, 8/12/2019		234,691
	1,900,000	4.875%, 7/20/2035		1,961,733
	508,000	6.125%, 9/15/2039		593,184
		Delphi Automotive plc
	1,280,000	3.150%, 11/19/2020		1,278,345
		Ford Motor Company
	515,000	7.450%, 7/16/2031		635,517
		Ford Motor Credit Company, LLC
	1,150,000	5.000%, 5/15/2018		1,207,954
	950,000	2.551%, 10/5/2018		943,254
	1,050,000	2.597%, 11/4/2019		1,030,930
		General Motors Company
	992,000	6.250%, 10/2/2043		1,048,084
		General Motors Financial Company, Inc.
	1,500,000	3.250%, 5/15/2018		1,507,509
	770,000	3.700%, 11/24/2020		772,083
	1,240,000	4.300%, 7/13/2025		1,202,415
		Hilton Worldwide Finance, LLC
	1,450,000	5.625%, 10/15/2021		1,502,562

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (38.4%)	Value
	Consumer Cyclical (0.8%) - continued
		Home Depot, Inc.
$	536,000	2.625%, 6/1/2022	$	535,440
		Hyundai Capital America
	768,000	2.400%, 10/30/2018^e		765,618
	768,000	3.000%, 10/30/2020^e		764,334
		Jaguar Land Rover Automotive plc
	1,500,000	5.625%, 2/1/2023^e		1,515,000
		KB Home
	1,141,000	4.750%, 5/15/2019		1,106,770
		L Brands, Inc.
	1,500,000	5.625%, 2/15/2022		1,593,750
		Lennar Corporation
	1,500,000	4.125%, 12/1/2018		1,507,500
	1,485,000	4.875%, 12/15/2023		1,477,575
		Live Nation Entertainment, Inc.
	1,500,000	5.375%, 6/15/2022^e		1,477,500
		Macy’s Retail Holdings, Inc.
	375,000	4.375%, 9/1/2023		373,527
		McDonald’s Corporation
	730,000	2.750%, 12/9/2020		729,497
		MGM Resorts International
	1,450,000	6.000%, 3/15/2023^h		1,439,125
		Six Flags Entertainment Corporation
	970,000	5.250%, 1/15/2021^e		982,125
		Toll Brothers Finance Corporation
	580,000	8.910%, 10/15/2017		646,700
	432,000	4.000%, 12/31/2018		440,640

		Total		31,118,145


	Consumer Non-Cyclical (1.4%)
		AbbVie, Inc.
	920,000	2.500%, 5/14/2020		910,750
	650,000	3.600%, 5/14/2025		641,508
		Actavis Funding SCS
	760,000	4.550%, 3/15/2035		738,611
	668,000	4.850%, 6/15/2044		660,933
		Altria Group, Inc.
	2,100,000	2.850%, 8/9/2022		2,047,250
		Amgen, Inc.
	330,000	2.125%, 5/1/2020		325,500
	1,075,000	2.700%, 5/1/2022		1,043,179
	475,000	3.125%, 5/1/2025		451,235
		B&G Foods, Inc.
	1,055,000	4.625%, 6/1/2021		1,044,450
		BAT International Finance plc
	480,000	1.022%, 6/15/2018^e,f		479,349
		Becton, Dickinson and Company
	1,331,000	6.375%, 8/1/2019		1,502,486
		Biogen, Inc.
	810,000	3.625%, 9/15/2022		818,972
		Boston Scientific Corporation
	435,000	6.000%, 1/15/2020		483,029
	1,030,000	4.125%, 10/1/2023		1,042,157
	525,000	3.850%, 5/15/2025		516,573
		Bunge Limited Finance Corporation
	762,000	8.500%, 6/15/2019		881,924
	590,000	3.500%, 11/24/2020		586,716
		Cardinal Health, Inc.
	260,000	1.950%, 6/15/2018		259,323
	402,000	4.900%, 9/15/2045		407,247
		Celgene Corporation
	1,185,000	2.875%, 8/15/2020		1,176,068
	260,000	3.550%, 8/15/2022		262,528
	1,185,000	5.000%, 8/15/2045		1,189,607
		CHS/Community Health Systems, Inc.
	1,500,000	7.125%, 7/15/2020		1,494,375
		Church & Dwight Company, Inc.
	310,000	2.450%, 12/15/2019		308,381
		Cigna Corporation
	775,000	5.375%, 2/15/2042		849,671
		EMD Finance, LLC
	515,000	0.876%, 3/17/2017^e,f		513,421
	1,128,000	2.950%, 3/19/2022^e		1,088,352
		Endo Finance, LLC
	750,000	6.000%, 2/1/2025^e		738,750
		Forest Laboratories, Inc.
	1,000,000	4.375%, 2/1/2019^e		1,047,576
		Fresenius Medical Care US Finance II, Inc.
	1,500,000	5.875%, 1/31/2022^e		1,605,000
		Gilead Sciences, Inc.
	260,000	2.550%, 9/1/2020		259,901
		Grifols Worldwide Operations, Ltd.
	975,000	5.250%, 4/1/2022		979,875
		H. J. Heinz Company
	1,000,000	3.500%, 7/15/2022^e		1,006,895
		HCA, Inc.
	1,450,000	3.750%, 3/15/2019		1,460,875
	200,000	4.750%, 5/1/2023		198,000
		Imperial Tobacco Finance plc
	1,250,000	2.950%, 7/21/2020^e		1,252,450
		JBS USA, LLC
	1,450,000	5.750%, 6/15/2025^e		1,261,500
		JM Smucker Company
	1,124,000	4.375%, 3/15/2045		1,094,281
		Kraft Foods Group, Inc.
	1,070,000	5.000%, 6/4/2042		1,077,373
		Laboratory Corporation of America Holdings
	360,000	2.625%, 2/1/2020		355,411
	1,025,000	4.700%, 2/1/2045		936,497
		McKesson Corporation
	1,024,000	3.796%, 3/15/2024		1,029,354
	650,000	4.883%, 3/15/2044		649,676
		Mead Johnson Nutrition Company
	512,000	3.000%, 11/15/2020		511,845
		Medco Health Solutions, Inc.
	550,000	7.125%, 3/15/2018		607,990
		Medtronic plc
	2,570,000	4.375%, 3/15/2035		2,597,864
		Merck & Company, Inc.
	385,000	0.716%, 2/10/2020^f		382,636
	260,000	3.700%, 2/10/2045		240,097
		Mondelez International, Inc.
	418,000	0.849%, 2/1/2019^f		410,657
		Mylan NV
	1,020,000	3.000%, 12/15/2018^e		1,017,749
	400,000	3.750%, 12/15/2020^e		400,419
		Pfizer, Inc.
	800,000	5.800%, 8/12/2023		935,514

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (38.4%)	Value
	Consumer Non-Cyclical (1.4%) - continued
		Quintiles Transnational Holdings, Inc.
$	500,000	4.875%, 5/15/2023^e	$	502,500
		Reynolds American, Inc.
	604,000	2.300%, 8/21/2017^e		608,701
	1,563,000	5.700%, 8/15/2035		1,712,764
		Roche Holdings, Inc.
	768,000	4.000%, 11/28/2044^e		778,544
		SABMiller Holdings, Inc.
	536,000	3.750%, 1/15/2022^e		551,267
	536,000	4.950%, 1/15/2042^e		544,408
		Safeway, Inc.
	58,000	3.400%, 12/1/2016		57,420
		Spectrum Brands Escrow Corporation
	640,000	6.375%, 11/15/2020		680,000
		Spectrum Brands, Inc.
	640,000	5.750%, 7/15/2025^e		656,000
		Tenet Healthcare Corporation
	1,650,000	8.125%, 4/1/2022		1,645,875
		Teva Pharmaceutical Finance Company BV
	768,000	2.950%, 12/18/2022		735,243
		TreeHouse Foods, Inc.
	970,000	4.875%, 3/15/2022^h		923,925
		UnitedHealth Group, Inc.
	1,370,000	4.625%, 7/15/2035		1,422,222
		VRX Escrow Corporation
	750,000	6.125%, 4/15/2025^e		669,375
		WM Wrigley Jr. Company
	705,000	2.000%, 10/20/2017^e		706,142
		Zoetis, Inc.
	1,024,000	3.450%, 11/13/2020		1,025,193

		Total		57,001,359


	Energy (0.9%)
		Anadarko Petroleum Corporation
	1,025,000	6.200%, 3/15/2040		943,047
		Boardwalk Pipelines, Ltd.
	888,000	5.875%, 11/15/2016		896,611
		BP Capital Markets plc
	1,003,000	3.062%, 3/17/2022		982,823
	1,100,000	3.535%, 11/4/2024		1,069,892
		Buckeye Partners, LP
	846,000	2.650%, 11/15/2018		813,888
		Cameron International Corporation
	1,150,000	4.000%, 12/15/2023		1,155,108
		Canadian Natural Resources, Ltd.
	1,005,000	3.450%, 11/15/2021		947,090
	680,000	6.250%, 3/15/2038		618,924
		CNOOC Nexen Finance
	762,000	1.625%, 4/30/2017		757,592
		CNPC General Capital, Ltd.
	446,000	2.750%, 4/19/2017^e		450,708
		Columbia Pipeline Group, Inc.
	995,000	2.450%, 6/1/2018^e		972,829
		Concho Resources, Inc.
	1,412,019	5.500%, 10/1/2022		1,284,937
		Crestwood Midstream Partners, LP
	850,000	6.125%, 3/1/2022		590,750
		Devon Energy Corporation
	765,000	3.250%, 5/15/2022^h		650,278
	512,000	5.850%, 12/15/2025^h		497,943
		Enbridge Energy Partners, LP
	1,280,000	4.375%, 10/15/2020		1,248,664
		Enbridge, Inc.
	400,000	0.866%, 6/2/2017^f		391,769
		Energy Transfer Partners, LP
	2,084,000	4.650%, 6/1/2021		1,956,555
	765,000	4.900%, 3/15/2035		556,240
		Enterprise Products Operating, LLC
	1,200,000	5.250%, 1/31/2020		1,263,752
	758,000	5.100%, 2/15/2045		634,930
		EQT Corporation
	500,000	5.150%, 3/1/2018		520,264
	754,000	8.125%, 6/1/2019		814,460
		Halliburton Company
	765,000	4.850%, 11/15/2035		751,506
	765,000	5.000%, 11/15/2045		756,235
		Kinder Morgan, Inc.
	714,000	5.300%, 12/1/2034		562,661
	510,000	5.550%, 6/1/2045		398,121
		Magellan Midstream Partners, LP
	255,000	4.200%, 3/15/2045		185,701
		Marathon Oil Corporation
	1,350,000	2.700%, 6/1/2020		1,190,353
		Marathon Petroleum Corporation
	375,000	3.400%, 12/15/2020		368,282
	500,000	4.750%, 9/15/2044		408,698
		MEG Energy Corporation
	1,500,000	6.500%, 3/15/2021^e		1,050,000
		Noble Energy, Inc.
	1,400,000	5.625%, 5/1/2021		1,369,462
		Petrobras International Finance Company
	1,265,000	5.750%, 1/20/2020		993,025
		Petroleos Mexicanos
	515,000	3.500%, 1/30/2023		449,338
	437,000	2.378%, 4/15/2025		436,274
		Pioneer Natural Resources Company
	278,000	3.450%, 1/15/2021		256,692
	500,000	4.450%, 1/15/2026		450,207
		Regency Energy Partners, LP
	1,450,000	5.000%, 10/1/2022		1,284,522
		Sabine Pass Liquefaction, LLC
	1,440,000	5.625%, 3/1/2025^e		1,218,600
		Schlumberger Holdings Corporation
	375,000	3.000%, 12/21/2020^e		370,155
	1,024,000	4.000%, 12/21/2025^e		1,010,462
		Shell International Finance BV
	360,000	0.806%, 5/11/2020^f		354,727
		Suncor Energy, Inc.
	780,000	3.600%, 12/1/2024		734,665
		Sunoco Logistics Partners Operations, LP
	1,730,000	4.400%, 4/1/2021		1,676,493

		Total		36,295,233


	Financials (3.1%)
		Abbey National Treasury Services plc
	456,000	3.050%, 8/23/2018		467,897

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (38.4%)	Value
	Financials (3.1%) - continued
		ABN AMRO Bank NV
$	1,050,000	4.750%, 7/28/2025^e	$	1,046,535
		ACE INA Holdings, Inc.
	1,024,000	2.300%, 11/3/2020		1,016,636
	737,000	4.350%, 11/3/2045		748,889
		AerCap Ireland Capital, Ltd.
	1,470,000	5.000%, 10/1/2021		1,514,100
		Air Lease Corporation
	625,000	2.125%, 1/15/2018		614,063
	198,000	2.625%, 9/4/2018		195,715
		Ally Financial, Inc.
	960,000	3.750%, 11/18/2019		946,800
	550,000	4.125%, 3/30/2020		547,250
		American Express Credit Corporation
	590,000	1.083%, 3/18/2019^f		583,112
		American International Group, Inc.
	315,000	2.300%, 7/16/2019		312,333
	1,040,000	3.875%, 1/15/2035		917,313
		Avalonbay Communities, Inc.
	1,125,000	3.500%, 11/15/2025		1,114,140
		Aviation Capital Group Corporation
	564,000	3.875%, 9/27/2016^e		568,230
		Banco Santander Chile
	710,000	1.221%, 4/11/2017^e,f		701,125
		Bank of America Corporation
	800,000	1.656%, 3/22/2018^f		802,566
	500,000	1.196%, 4/1/2019^f		497,798
	800,000	2.625%, 10/19/2020		789,937
	1,065,000	3.300%, 1/11/2023		1,048,306
	508,000	4.000%, 4/1/2024		519,539
	760,000	4.000%, 1/22/2025		743,985
	1,125,000	3.875%, 8/1/2025		1,142,019
	552,000	5.875%, 2/7/2042		644,227
	1,617,000	8.000%, 12/29/2049ⁱ		1,645,297
		Bank of Tokyo-Mitsubishi UFJ, Ltd.
	315,000	2.850%, 9/8/2021^e		313,751
		Barclays Bank plc
	770,000	10.179%, 6/12/2021^e		997,455
		Barclays plc
	780,000	2.750%, 11/8/2019		777,151
	1,039,000	3.650%, 3/16/2025		998,505
		BB&T Corporation
	325,000	1.036%, 1/15/2020^f		322,194
		BBVA Banco Continental SA
	930,000	2.250%, 7/29/2016^e		932,325
		BioMed Realty, LP
	762,000	2.625%, 5/1/2019		740,419
		BPCE SA
	762,000	5.700%, 10/22/2023^e		800,058
	1,000,000	4.500%, 3/15/2025^e		959,294
		Caisse Centrale Desjardins du Quebec
	455,000	0.989%, 1/29/2018^e,f		454,110
		Capital One Financial Corporation
	1,149,000	6.150%, 9/1/2016		1,183,912
	635,000	2.450%, 4/24/2019		636,160
		CIT Group, Inc.
	970,000	5.000%, 8/15/2022		996,074
		Citigroup, Inc.
	415,000	1.088%, 4/8/2019^f		412,232
	840,000	2.650%, 10/26/2020		833,210
	690,000	4.050%, 7/30/2022		705,777
	1,990,000	4.400%, 6/10/2025		2,009,916
	1,050,000	4.650%, 7/30/2045		1,065,538
		Citizens Bank NA
	1,220,000	2.300%, 12/3/2018		1,218,559
		CoBank ACB
	395,000	1.112%, 6/15/2022^*,f		373,832
		Compass Bank
	750,000	2.750%, 9/29/2019		742,497
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	650,000	3.950%, 11/9/2022		657,946
		Credit Agricole SA
	485,000	1.121%, 4/15/2019^e,f		482,236
	1,000,000	2.750%, 6/10/2020^e		1,005,364
		Credit Suisse AG
	512,000	5.400%, 1/14/2020		560,595
		Credit Suisse Group Funding, Ltd.
	1,536,000	2.750%, 3/26/2020^e		1,521,440
	1,024,000	3.750%, 3/26/2025^e		990,499
		CyrusOne, LP
	1,500,000	6.375%, 11/15/2022		1,545,000
		Digital Delta Holdings, LLC
	1,125,000	3.400%, 10/1/2020^e		1,126,233
		Discover Bank
	1,135,000	8.700%, 11/18/2019		1,342,741
		Discover Financial Services
	526,000	6.450%, 6/12/2017		555,734
		Duke Realty, LP
	260,000	3.875%, 2/15/2021		265,102
	780,000	4.375%, 6/15/2022		803,781
		ERP Operating, LP
	267,000	3.375%, 6/1/2025		264,018
		European Investment Bank
	755,000	1.875%, 3/15/2019		760,597
		Fifth Third Bancorp
	755,000	5.450%, 1/15/2017		782,701
	548,000	2.875%, 7/27/2020		547,392
	310,000	2.875%, 10/1/2021		308,752
		GE Capital International Funding Company
	2,052,000	4.418%, 11/15/2035^e		2,094,029
		Genworth Financial, Inc.
	710,000	7.700%, 6/15/2020^h		667,400
		Goldman Sachs Group, Inc.
	1,170,000	1.522%, 4/30/2018^f		1,175,314
	430,000	1.462%, 11/15/2018^f		431,746
	950,000	5.375%, 3/15/2020		1,043,616
	460,000	1.476%, 4/23/2020^f		460,681
	2,048,000	5.250%, 7/27/2021		2,264,310
	1,300,000	3.500%, 1/23/2025		1,277,657
	1,325,000	4.800%, 7/8/2044		1,317,318
	536,000	5.150%, 5/22/2045		520,663
	800,000	4.750%, 10/21/2045		794,702
		Hartford Financial Services Group, Inc.
	1,250,000	5.125%, 4/15/2022		1,372,767
		HBOS plc
	744,000	6.750%, 5/21/2018^e		811,447
		HCP, Inc.
	1,630,000	4.000%, 12/1/2022		1,622,465
	520,000	3.400%, 2/1/2025		484,371

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (38.4%)	Value
	Financials (3.1%) - continued
		HSBC Bank plc
$	1,065,000	1.002%, 5/15/2018^e,f	$	1,060,906
		HSBC Holdings plc
	2,130,000	6.375%, 12/29/2049ⁱ		2,127,338
		Huntington Bancshares, Inc.
	282,000	2.600%, 8/2/2018		282,326
		Huntington National Bank
	720,000	2.200%, 11/6/2018		718,010
		Hutchison Whampoa International 14, Ltd.
	804,000	3.625%, 10/31/2024^e		797,714
		Icahn Enterprises, LP
	1,600,000	6.000%, 8/1/2020		1,613,440
		ING Bank NV
	762,000	4.125%, 11/21/2023		776,106
		ING Capital Funding Trust III
	825,000	4.207%, 12/29/2049^f,i		822,938
		International Lease Finance Corporation
	1,093,000	2.462%, 6/15/2016^f		1,090,267
		Intesa Sanpaolo SPA
	1,000,000	5.250%, 1/12/2024		1,070,285
		J.P. Morgan Chase & Company
	980,000	6.300%, 4/23/2019		1,098,875
	365,000	2.250%, 1/23/2020		359,080
	1,220,000	4.500%, 1/24/2022		1,315,899
	768,000	3.200%, 1/25/2023		765,492
	1,040,000	3.625%, 5/13/2024		1,055,412
	2,040,000	3.125%, 1/23/2025		1,984,514
	1,605,000	7.900%, 4/29/2049ⁱ		1,633,890
		KeyCorp
	1,080,000	2.900%, 9/15/2020		1,075,940
		Liberty Mutual Group, Inc.
	1,027,000	4.950%, 5/1/2022^e		1,088,605
		Liberty Property, LP
	1,417,000	3.750%, 4/1/2025		1,367,228
		Lloyds Bank plc
	515,000	1.038%, 3/16/2018^f		512,275
		Merrill Lynch & Company, Inc.
	1,750,000	6.050%, 5/16/2016		1,778,859
	705,000	6.400%, 8/28/2017		755,195
		MetLife, Inc.
	1,025,000	4.050%, 3/1/2045		951,191
		Mizuho Bank, Ltd.
	762,000	1.850%, 3/21/2018^e		757,901
		Morgan Stanley
	1,455,000	6.625%, 4/1/2018		1,595,451
	780,000	1.600%, 4/25/2018^f		788,331
	460,000	1.463%, 1/27/2020^f		460,983
	660,000	4.875%, 11/1/2022		700,426
	975,000	4.000%, 7/23/2025		1,004,030
	1,350,000	4.350%, 9/8/2026		1,354,413
	640,000	4.300%, 1/27/2045		610,629
	1,235,000	5.550%, 12/29/2049ⁱ		1,235,000
		MPT Operating Partnership, LP
	970,000	5.500%, 5/1/2024		965,150
		National City Corporation
	776,000	6.875%, 5/15/2019		876,663
		Prudential Financial, Inc.
	315,000	2.350%, 8/15/2019		313,509
		Quicken Loans, Inc.
	970,000	5.750%, 5/1/2025^e		923,925
		Realty Income Corporation
	265,000	2.000%, 1/31/2018		265,151
		Regions Bank
	261,000	7.500%, 5/15/2018		290,008
		Regions Financial Corporation
	1,000,000	2.250%, 9/14/2018		998,949
		Reinsurance Group of America, Inc.
	400,000	5.625%, 3/15/2017		416,865
	579,000	5.000%, 6/1/2021		624,241
		Reliance Standard Life Global Funding II
	395,000	2.500%, 4/24/2019^e		393,447
		Royal Bank of Scotland Group plc
	500,000	1.543%, 3/31/2017^f		499,026
	1,600,000	7.500%, 12/29/2049ⁱ		1,666,000
		Santander Holdings USA, Inc.
	804,000	2.650%, 4/17/2020		788,779
		Santander UK Group Holdings plc
	896,000	2.875%, 10/16/2020		889,917
	750,000	4.750%, 9/15/2025^e,h		740,105
		Simon Property Group, LP
	580,000	10.350%, 4/1/2019		711,750
	330,000	2.500%, 9/1/2020		330,255
	1,115,000	2.750%, 2/1/2023		1,089,558
		Skandinaviska Enskilda Banken AB
	615,000	2.375%, 3/25/2019^e		617,829
		State Street Corporation
	510,000	1.264%, 8/18/2020^f		510,053
		Sumitomo Mitsui Banking Corporation
	545,000	0.897%, 1/16/2018^f		543,130
		Svenska Handelsbanken AB
	715,000	1.016%, 6/17/2019^f		708,452
		Synchrony Financial
	330,000	3.000%, 8/15/2019		329,542
	305,000	1.564%, 2/3/2020^f		300,181
	1,400,000	3.750%, 8/15/2021		1,398,468
		Toronto-Dominion Bank
	375,000	1.432%, 12/14/2020^f		374,912
		UBS Group Funding Jersey, Ltd.
	1,280,000	2.950%, 9/24/2020^e		1,268,051
	768,000	4.125%, 9/24/2025^e		767,204
		UnitedHealth Group, Inc.
	220,000	3.350%, 7/15/2022		225,025
		USB Realty Corporation
	310,000	1.468%, 12/29/2049^e,f,i		279,000
		Voya Financial, Inc.
	948,000	2.900%, 2/15/2018		958,248
		Wells Fargo & Company
	455,000	1.002%, 1/30/2020^f		450,762
	1,020,000	2.550%, 12/7/2020		1,014,986
	2,501,000	3.450%, 2/13/2023		2,506,892
	1,040,000	3.000%, 2/19/2025		1,011,565
		Welltower, Inc.
	268,000	2.250%, 3/15/2018		267,760
	520,000	3.750%, 3/15/2023		510,628
	540,000	4.000%, 6/1/2025		531,180

		Total		128,425,513

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (38.4%)	Value
	Foreign Government (<0.1%)
		Eksportfinans ASA
$	465,000	5.500%, 5/25/2016	$	470,845
		Export-Import Bank of Korea
	450,000	2.250%, 1/21/2020		443,093
		Kommunalbanken AS
	735,000	1.500%, 10/22/2019^e		725,971

		Total		1,639,909


	Industrials Other (<0.1%)
		AECOM
	1,300,000	5.875%, 10/15/2024		1,326,000

		Total		1,326,000


	Mortgage-Backed Securities (12.8%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	42,100,000	3.000%, 1/1/2031^c		43,382,939
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	33,600,000	4.000%, 1/1/2046^c		35,494,590
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	21,275,000	3.500%, 1/1/2030^c		22,279,754
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	5,785,328	1.728%, 7/1/2043^f		5,882,317
	228,650,000	3.500%, 1/1/2046^c		235,903,510
	111,750,000	4.000%, 1/1/2046^c		118,250,710
	56,846,000	4.500%, 1/1/2046^c		61,386,574

		Total		522,580,394


	Technology (0.6%)
		Amphenol Corporation
	318,000	2.550%, 1/30/2019		318,055
		Apple, Inc.
	360,000	0.659%, 5/6/2020^f		357,286
	1,792,000	3.200%, 5/13/2025		1,813,688
	1,761,000	3.450%, 2/9/2045		1,516,147
		Baidu, Inc.
	700,000	2.750%, 6/9/2019		693,909
		Cisco Systems, Inc.
	480,000	0.914%, 3/1/2019^f		479,569
		CommScope Technologies Finance, LLC
	1,020,000	6.000%, 6/15/2025^e		981,750
		Denali Borrower, LLC
	1,450,000	5.625%, 10/15/2020^e		1,518,875
		Equinix, Inc.
	970,000	5.750%, 1/1/2025		991,825
		Fidelity National Information Services, Inc.
	640,000	2.850%, 10/15/2018		642,260
	769,000	3.625%, 10/15/2020		779,018
		First Data Corporation
	970,000	5.375%, 8/15/2023^e		974,850
		Freescale Semiconductor, Inc.
	1,450,000	6.000%, 1/15/2022^e		1,518,875
		Hewlett Packard Enterprise Company
	1,130,000	2.450%, 10/5/2017^e		1,129,042
	565,000	2.850%, 10/5/2018^e		564,685
	565,000	4.400%, 10/15/2022^e		562,834
		IMS Health, Inc.
	859,000	6.000%, 11/1/2020^e		884,770
		Intel Corporation
	185,000	3.100%, 7/29/2022		188,647
	685,000	3.700%, 7/29/2025		708,533
		Iron Mountain, Inc.
	680,000	6.000%, 8/15/2023		703,800
		Microsoft Corporation
	1,575,000	4.750%, 11/3/2055		1,631,377
	1,575,000	4.200%, 11/3/2035		1,608,324
		Oracle Corporation
	330,000	2.500%, 5/15/2022		323,899
	1,340,000	2.950%, 5/15/2025		1,305,415
		Plantronics, Inc.
	1,450,000	5.500%, 5/31/2023^e		1,442,750
		Qualcomm, Inc.
	1,100,000	3.000%, 5/20/2022		1,088,976
		Seagate HDD Cayman
	1,072,000	4.875%, 6/1/2027^e		822,611

		Total		25,551,770


	Transportation (0.3%)
		Air Canada Pass Through Trust
	310,000	3.875%, 3/15/2023^e		300,700
		American Airlines Pass Through Trust
	1,234,524	3.375%, 5/1/2027		1,191,315
		Avis Budget Car Rental, LLC
	1,665,000	5.125%, 6/1/2022^e		1,644,188
		Burlington Northern Santa Fe, LLC
	1,040,000	5.050%, 3/1/2041		1,076,086
		Canadian Pacific Railway Company
	400,000	7.125%, 10/15/2031		495,321
	600,000	4.800%, 8/1/2045		583,961
		Continental Airlines, Inc.
	640,176	4.150%, 4/11/2024		656,820
		CSX Corporation
	494,000	3.700%, 11/1/2023		505,020
		Delta Air Lines, Inc.
	331,934	4.950%, 5/23/2019		348,531
	101,691	4.750%, 5/7/2020		107,284
		ERAC USA Finance, LLC
	284,000	2.800%, 11/1/2018^e		285,842
	700,000	4.500%, 2/15/2045^e		650,936
		FedEx Corporation
	1,320,000	3.900%, 2/1/2035		1,201,583
		J.B. Hunt Transport Services, Inc.
	295,000	3.300%, 8/15/2022		292,154
		Southwest Airlines Company
	845,000	2.750%, 11/6/2019		851,550
		Virgin Australia Holdings, Ltd.
	260,855	5.000%, 10/23/2023^e		269,333
		XPO Logistics, Inc.
	475,000	6.500%, 6/15/2022^e,h		439,375

		Total		10,899,999

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (38.4%)	Value
	U.S. Government and Agencies (10.5%)
		Federal National Mortgage Association
$	205,000	6.250%, 5/15/2029	$	277,933
		Tennessee Valley Authority
	200,000	5.250%, 9/15/2039		240,379
		U.S. Treasury Bonds
	1,075,000	4.375%, 5/15/2040		1,352,652
		U.S. Treasury Bonds, TIPS
	2,030,060	0.125%, 4/15/2019		2,018,140
	50,471	2.375%, 1/15/2025		57,378
	33,012	2.125%, 2/15/2040		38,867
	447,347	0.750%, 2/15/2042		393,001
		U.S. Treasury Notes
	23,000,000	0.625%, 10/15/2016		22,978,426
	23,220,000	0.875%, 11/15/2017		23,139,264
	41,710,000	1.500%, 10/31/2019		41,579,656
	59,409,000	1.875%, 6/30/2020		59,824,388
	79,080,000	1.375%, 9/30/2020		77,714,605
	41,325,000	2.125%, 6/30/2022		41,538,072
	10,765,000	1.625%, 8/15/2022		10,485,358
	49,630,000	2.250%, 11/15/2024		49,604,788
	56,100,000	3.625%, 2/15/2044^k		63,108,124
		U.S. Treasury Notes, TIPS
	28,500,530	0.125%, 4/15/2018		28,445,609
	283,727	0.125%, 1/15/2022		274,945
	7,315,911	0.125%, 1/15/2023		7,014,415

		Total		430,086,000


	Utilities (0.9%)
		AES Corporation
	1,500,000	7.375%, 7/1/2021		1,530,000
		American Electric Power Company, Inc.
	1,722,000	2.950%, 12/15/2022		1,700,881
		Arizona Public Service Company
	395,000	2.200%, 1/15/2020		391,285
		Berkshire Hathaway Energy Company
	390,000	2.400%, 2/1/2020		386,362
		Calpine Corporation
	1,450,000	5.375%, 1/15/2023		1,301,375
		Commonwealth Edison Company
	1,025,000	3.700%, 3/1/2045		921,939
	640,000	4.350%, 11/15/2045		644,207
		Consolidated Edison Company of New York, Inc.
	384,000	4.500%, 12/1/2045		388,715
		Covanta Holding Corporation
	850,000	7.250%, 12/1/2020		879,219
		DCP Midstream Operating, LP
	535,000	3.875%, 3/15/2023		403,836
		DCP Midstream, LLC
	872,000	4.750%, 9/30/2021^e		678,093
		DTE Electric Company
	760,000	3.700%, 3/15/2045		698,312
		DTE Energy Company
	155,000	2.400%, 12/1/2019		154,342
		Duke Energy Carolinas, LLC
	508,000	3.750%, 6/1/2045		470,486
		Duke Energy Corporation
	900,000	2.100%, 6/15/2018		901,232
		Dynegy, Inc.
	1,440,000	6.750%, 11/1/2019		1,353,600
		EDP Finance BV
	1,570,000	4.125%, 1/15/2020^e		1,573,611
		Enel Finance International NV
	450,000	6.250%, 9/15/2017^e		479,492
		Energy Transfer Equity, LP
	1,450,000	5.500%, 6/1/2027		1,102,000
		Eversource Energy
	330,000	1.600%, 1/15/2018		326,514
		Exelon Generation Company, LLC
	770,000	5.200%, 10/1/2019		829,510
	295,000	2.950%, 1/15/2020		293,939
		ITC Holdings Corporation
	284,000	4.050%, 7/1/2023		291,763
	770,000	5.300%, 7/1/2043		788,463
		Kinder Morgan Energy Partners, LP
	765,000	3.500%, 3/1/2021		684,581
		MidAmerican Energy Holdings Company
	560,000	6.500%, 9/15/2037		681,535
		Monongahela Power Company
	780,000	5.400%, 12/15/2043^e		868,311
		MPLX LP
	1,445,000	4.875%, 12/1/2024^e		1,296,888
		National Rural Utilities Cooperative Finance Corporation
	1,025,000	2.300%, 11/1/2020		1,015,072
		NiSource Finance Corporation
	1,475,000	5.650%, 2/1/2045		1,695,324
		Northern States Power Company
	1,240,000	4.125%, 5/15/2044		1,231,160
		NRG Energy, Inc.
	1,500,000	6.625%, 3/15/2023		1,301,250
		Oncor Electric Delivery Company, LLC
	760,000	3.750%, 4/1/2045		631,660
		Pacific Gas & Electric Company
	1,015,000	5.625%, 11/30/2017		1,084,955
	768,000	4.250%, 3/15/2046		744,183
		PG&E Corporation
	375,000	2.400%, 3/1/2019		374,200
		PPL Capital Funding, Inc.
	372,000	3.500%, 12/1/2022		374,760
	1,275,000	5.000%, 3/15/2044		1,314,563
		Sempra Energy
	1,285,000	6.150%, 6/15/2018		1,402,556
	370,000	2.400%, 3/15/2020		362,633
		Southern California Edison Company
	220,000	2.400%, 2/1/2022		215,736
		Southwestern Electric Power Company
	530,000	3.900%, 4/1/2045		464,082
		Targa Resources Partners, LP
	525,000	5.250%, 5/1/2023		425,250
		TransAlta Corporation
	825,000	1.900%, 6/3/2017		801,235

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (38.4%)	Value
	Utilities (0.9%) - continued
		Williams Companies, Inc.
$	496,000	7.875%, 9/1/2021	$	446,404

		Total		35,905,514


		Total Long-Term Fixed Income (cost $1,583,475,148)		1,575,387,164


Shares		Registered Investment Companies (28.3%)
	Affiliated Equity Holdings (9.6%)
	2,552,346	Thrivent Large Cap Stock Portfolio		29,676,377
	8,148,101	Thrivent Large Cap Value Portfolio		126,438,164
	3,484,569	Thrivent Mid Cap Stock Portfolio		58,291,611
	16,564,901	Thrivent Partner Worldwide Allocation Portfolio		149,147,055
	1,881,929	Thrivent Small Cap Stock Portfolio		29,219,401

		Total		392,772,608


	Affiliated Fixed Income Holdings (16.1%)
	23,219,536	Thrivent High Yield Portfolio		103,974,761
	34,176,224	Thrivent Income Portfolio		335,972,791
	22,704,285	Thrivent Limited Maturity Bond Portfolio		220,756,038

		Total		660,703,590


	Equity Funds/ETFs (0.5%)
	3,280	iShares Russell 2000 Growth Index Fund^h		457,265
	12,019	iShares Russell 2000 Index Fund^h		1,352,258
	4,800	Market Vectors Oil Service ETF^h		126,960
	206,400	SPDR Euro Stoxx 50 ETF		7,106,352
	47,931	SPDR S&P 500 ETF Trust^h		9,772,652
	3,400	SPDR S&P Biotech ETF		238,272
	2,670	SPDR S&P MidCap 400 ETF Trust		678,420
	685	SPDR S&P Oil & Gas Equipment & Services ETF		12,015
	9,870	SPDR S&P Oil & Gas Exploration & Production ETF^h		298,271

		Total		20,042,465


	Fixed Income Funds/ETFs (2.1%)
	72,000	iShares Barclays 1-3 Year Credit Bond Fund		7,531,200
	694,000	iShares iBoxx $ High Yield Corporate Bond ETF^h		55,922,520
	214,400	iShares iBoxx $ Investment Grade Corporate Bond ETF		24,443,744

		Total		87,897,464


		Total Registered Investment Companies (cost $1,128,666,731)		1,161,416,127


Shares		Common Stock (21.4%)
	Consumer Discretionary (3.1%)
	37,808	Aaron’s, Inc.		846,521
	22,246	Amazon.com, Inc.^l		15,035,849
	3,750	American Axle & Manufacturing Holdings, Inc.^l		71,025
	6,115	American Public Education, Inc.^l		113,800
	10,050	Ascena Retail Group, Inc.^l		98,992
	7,410	AutoZone, Inc.^l		5,497,553
	14,550	Barnes & Noble, Inc.		126,730
	19,840	Bed Bath & Beyond, Inc.^l		957,280
	14,880	Big Lots, Inc.		573,475
	13,650	Bloomin’ Brands, Inc.		230,549
	1,900	Bob Evans Farms, Inc.		73,815
	9,640	Boyd Gaming Corporation^l		191,547
	12,062	Brunswick Corporation		609,252
	6,000	Burlington Stores, Inc.^l		257,400
	27,700	Caleres, Inc.		742,914
	5,840	Callaway Golf Company		55,013
	5,863	Cedar Fair, LP		327,390
	5,900	Cheesecake Factory, Inc.		272,049
	12,230	Chegg, Inc.^h,l		82,308
	14,680	Children’s Place, Inc.		810,336
	3,310	Choice Hotels International, Inc.		166,857
	3,850	Chuy’s Holdings, Inc.^l		120,659
	220,733	Comcast Corporation		12,455,963
	12,240	Core-Mark Holding Company, Inc.		1,002,946
	9,559	CSS Industries, Inc.		271,284
	12,308	Culp, Inc.		313,485
	10,030	Dana Holding Corporation		138,414
	39,389	Delphi Automotive plc		3,376,819
	86,635	Discovery Communications, Inc., Class A^h,l		2,311,422
	9,500	DISH Network Corporation^l		543,210
	11,790	Dollar General Corporation		847,347
	17,230	Dollar Tree, Inc.^l		1,330,501
	7,190	Domino’s Pizza, Inc.		799,888
	2,080	Dorman Products, Inc.^h,l		98,738
	5,313	Drew Industries, Inc.		323,509
	17,770	DSW, Inc.		423,992
	12,324	Ethan Allen Interiors, Inc.		342,854
	5,517	Expedia, Inc.		685,763
	34,970	Finish Line, Inc.		632,258
	52,100	Ford Motor Company		734,089
	6,657	Fossil, Inc.^h,l		243,380
	11,557	Fred’s, Inc.		189,188
	13,453	G-III Apparel Group, Ltd.^l		595,430
	3,500	Gray Television, Inc.^l		57,050
	80,344	Harley-Davidson, Inc.		3,646,814
	9,560	Harman International Industries, Inc.		900,648
	16,018	Haverty Furniture Companies, Inc.		343,426
	4,850	Hilton Worldwide Holdings, Inc.		103,790
	64,710	Home Depot, Inc.		8,557,897
	13,900	Houghton Mifflin Harcourt Company^l		302,742
	6,473	Interval Leisure Group, Inc.		101,044
	2,620	iRobot Corporation^h,l		92,748
	16,220	Jack in the Box, Inc.		1,244,236
	33,650	Jarden Corporation^l		1,922,088
	6,100	Kate Spade & Company^l		108,397
	23,120	Krispy Kreme Doughnuts, Inc.^l		348,418
	63,916	Las Vegas Sands Corporation		2,802,077
	16,670	La-Z-Boy, Inc.		407,081
	10,170	Lear Corporation		1,249,181
	14,550	Liberty Interactive Corporation^l		397,506
	13,610	Liberty Media Corporation, Class A^l		534,193
	12,290	Limited Brands, Inc.		1,177,628
	1,300	Lithia Motors, Inc.		138,671
	42,930	LKQ Corporation^l		1,272,016
	101,080	Lowe’s Companies, Inc.		7,686,123
	11,280	Macy’s, Inc.		394,574
	11,957	MDC Partners, Inc.		259,706
	6,650	Meritage Homes Corporation^l		226,033
	2,060	Movado Group, Inc.		52,963
	27,374	National CineMedia, Inc.		430,046
	12,050	Nautilus, Inc.^l		201,476
	7,400	New Media Investment Group, Inc.		144,004

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (21.4%)	Value
	Consumer Discretionary (3.1%) - continued
	140,440	NIKE, Inc.	$	8,777,500
	7,700	Nord Anglia Education, Inc.^l		156,156
	32,680	Nutrisystem, Inc.		707,195
	6,420	O’Reilly Automotive, Inc.^l		1,626,956
	8,670	Oxford Industries, Inc.		553,319
	7,280	Papa John’s International, Inc.		406,734
	14,100	Papa Murphy’s Holdings, Inc.^h,l		158,766
	7,758	Pier 1 Imports, Inc.^h		39,488
	3,310	Pulte Group, Inc.		58,984
	12,910	PVH Corporation		950,821
	3,200	Ralph Lauren Corporation		356,736
	2,471	Red Robin Gourmet Burgers, Inc.^l		152,560
	8,830	Rent-A-Center, Inc.		132,185
	1,700	Restoration Hardware Holdings, Inc.^l		135,065
	28,860	Ross Stores, Inc.		1,552,957
	10,970	Ruby Tuesday, Inc.^l		60,445
	9,770	Ruth’s Hospitality Group, Inc.		155,538
	5,300	Scripps Networks Interactive, Inc.		292,613
	18,740	Service Corporation Internationa^l		487,615
	4,220	Signet Jewelers, Ltd.		521,972
	3,600	Skechers USA, Inc.^l		108,756
	18,092	Sportsman’s Warehouse Holdings, Inc.^l		233,387
	103,830	Staples, Inc.		983,270
	146,020	Starbucks Corporation		8,765,581
	16,240	Starwood Hotels & Resorts Worldwide, Inc.		1,125,107
	16,444	Stein Mart, Inc.		110,668
	32,600	Target Corporation		2,367,086
	3,800	Tenneco, Inc.^l		174,458
	19,960	Time, Inc.		312,773
	22,620	Toll Brothers, Inc.^l		753,246
	8,580	Tower International, Inc.		245,131
	5,850	TransUnion^l		161,285
	31,315	Tuesday Morning Corporation^l		203,547
	3,200	Ulta Salon Cosmetics & Fragrance, Inc.^l		592,000
	4,240	Under Armour, Inc.^h,l		341,786
	2,100	Vail Resorts, Inc.		268,779
	7,480	Vera Bradley, Inc.^l		117,885
	6,190	VF Corporation		385,327
	2,790	Winnebago Industries, Inc.		55,521
	12,700	Wyndham Worldwide Corporation		922,655
	15,890	Yum! Brands, Inc.		1,160,764
	6,660	Zoe’s Kitchen, Inc.^h,l		186,347

		Total		126,883,334


	Consumer Staples (0.8%)
	51,550	Altria Group, Inc.		3,000,725
	58,770	Aramark		1,895,333
	11,390	Archer-Daniels-Midland Company		417,785
	27,010	Avon Products, Inc.		109,390
	6,700	Blue Buffalo Pet Products, Inc.^h,l		125,357
	750	Boston Beer Company, Inc.^l		151,432
	7,740	Brown-Forman Corporation		768,427
	25,700	Campbell Soup Company		1,350,535
	5,500	Casey’s General Stores, Inc.		662,475
	89,190	Coca-Cola Company		3,831,602
	81,270	CVS Health Corporation		7,945,768
	92,740	Flowers Foods, Inc.		1,992,983
	5,440	Hain Celestial Group, Inc.^l		219,722
	1,430	Ingles Markets, Inc.		63,034
	4,250	Ingredion, Inc.		407,320
	21,600	Kimberly-Clark Corporation		2,749,680
	4,630	Lancaster Colony Corporation		534,580
	3,800	Molson Coors Brewing Company		356,896
	6,450	Mondelez International, Inc.		289,218
	9,290	Monster Beverage Corporation^l		1,383,838
	7,180	PepsiCo, Inc.		717,426
	36,158	Philip Morris International, Inc.		3,178,650
	740	PriceSmart, Inc.		61,413
	20,161	SpartanNash Company		436,284
	2,130	Tootsie Roll Industries, Inc.^h		67,287
	5,520	Tyson Foods, Inc.		294,382
	12,090	United Natural Foods, Inc.^l		475,862
	5,520	Universal Corporation		309,562
	6,810	WhiteWave Foods Company^l		264,977

		Total		34,061,943


	Energy (2.6%)
	30,820	Archrock, Inc.		231,766
	29,989	Atwood Oceanics, Inc.^h		306,787
	87,630	Baker Hughes, Inc.		4,044,124
	28,919	Basic Energy Services, Inc.^h,l		77,503
	41,880	Bonanza Creek Energy, Inc.^h,l		220,708
	7,676	Bristow Group, Inc.		198,808
	24,359	Callon Petroleum Company^l		203,154
	123,320	Cameron International Corporation^l		7,793,824
	121,860	Canadian Natural Resources, Ltd.		2,660,204
	170,460	Chevron Corporation		15,334,582
	1,870	Cimarex Energy Company		167,141
	3,761	Clayton Williams Energy, Inc.^l		111,213
	394,912	Cobalt International Energy, Inc.^l		2,132,525
	43,790	Columbia Pipeline Group, Inc.		875,800
	31,180	Concho Resources, Inc.^l		2,895,375
	7,100	Continental Resources, Inc.^l		163,158
	9,880	Delek US Holdings, Inc.		243,048
	185,620	Denbury Resources, Inc.^h		374,952
	50,150	Devon Energy Corporation		1,604,800
	13,710	Diamond Offshore Drilling, Inc.^h		289,281
	7,430	Diamondback Energy, Inc.^l		497,067
	675	Dril-Quip, Inc.^l		39,980
	33,980	Ensco plc		522,952
	146,972	EOG Resources, Inc.		10,404,148
	16,800	EP Energy Corporation^h,l		73,584
	162,755	EQT Corporation		8,484,418
	69,780	Exxon Mobil Corporation		5,439,351
	4,100	Forum Energy Technologies, Inc.^l		51,086
	10,000	Frank’s International NV		166,900
	5,400	Green Plains, Inc.		123,660
	7,730	Gulfport Energy Corporation^l		189,926
	66,050	Halliburton Company		2,248,342
	2,800	Helix Energy Solutions Group, Inc.^l		14,728
	7,300	Helmerich & Payne, Inc.^h		390,915
	18,035	HollyFrontier Corporation		719,416
	356,133	Marathon Oil Corporation		4,483,714
	136,490	Marathon Petroleum Corporation		7,075,642
	34,570	Nabors Industries, Ltd.		294,191
	2,680	National Oilwell Varco, Inc.		89,753
	50,170	Noble Corporation		529,294
	3,100	Noble Energy, Inc.		102,083
	127,350	Oasis Petroleum, Inc.^h,l		938,569
	6,870	Oceaneering International, Inc.		257,762
	1,080	Oil States International, Inc.^l		29,430
	35,588	Parsley Energy, Inc.^l		656,599
	50,610	Patterson-UTI Energy, Inc.		763,199
	4,760	PBF Energy, Inc.		175,216
	276,400	Petroleo Brasileiro SA ADR^h,l		1,188,520
	24,120	Pioneer Energy Services Corporation^l		52,340
	183,410	Rowan Companies plc		3,108,800
	8,970	RPC, Inc.^h		107,192
	39,590	Schlumberger, Ltd.		2,761,403

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (21.4%)	Value
	Energy (2.6%) - continued
	3,000	SemGroup Corporation	$	86,580
	192,330	Southwestern Energy Company^h,l		1,367,466
	14,080	Spectra Energy Corporation		337,075
	196,800	Suncor Energy, Inc. ADR		5,077,440
	10,200	Superior Energy Services, Inc.		137,394
	55,491	Teekay Tankers, Ltd.		381,778
	16,430	Tesco Corporation		118,953
	470	Tesoro Corporation		49,524
	32,470	TETRA Technologies, Inc.^l		244,174
	11,670	U.S. Silica Holdings, Inc.^h		218,579
	920,381	Weatherford International, Ltd.^l		7,721,997
	7,586	Western Refining, Inc.		270,213
	1,000	World Fuel Services Corporation		38,460
	29,680	WPX Energy, Inc.^l		170,363

		Total		108,128,929


	Financials (3.6%)
	22,450	ACE, Ltd.		2,623,282
	11,013	Affiliated Managers Group, Inc.^l		1,759,437
	5,712	Alexandria Real Estate Equities, Inc.		516,136
	11,220	Allied World Assurance Company Holdings AG		417,272
	6,620	American Assets Trust, Inc.		253,877
	22,000	American Campus Communities, Inc.		909,480
	25,560	American Equity Investment Life Holding Company		614,207
	23,530	American Financial Group, Inc.		1,696,042
	41,870	American International Group, Inc.		2,594,684
	7,225	Ameris Bancorp		245,578
	3,230	AMERISAFE, Inc.		164,407
	75,330	Anworth Mortgage Asset Corporation		327,685
	4,230	Apartment Investment & Management Company		169,327
	6,433	Argo Group International Holdings, Ltd.		384,951
	19,029	Arthur J. Gallagher & Company		779,047
	5,860	Ashford Hospitality Prime, Inc.		84,970
	17,960	Aspen Insurance Holdings, Ltd.		867,468
	4,860	Associated Banc-Corp		91,125
	34,450	Assured Guaranty, Ltd.		910,514
	4,020	BancorpSouth, Inc.		96,440
	608,430	Bank of America Corporation		10,239,877
	20,800	Bank of New York Mellon Corporation		857,376
	6,200	Bank of the Ozarks, Inc.		306,652
	6,120	BankFinancial Corporation		77,296
	53,200	BB&T Corporation		2,011,492
	26,253	BBCN Bancorp, Inc.		452,077
	100,300	Blackstone Group, LP		2,932,772
	9,750	Boston Private Financial Holdings, Inc.		110,565
	18,910	Brandywine Realty Trust		258,311
	17,169	Brixmor Property Group, Inc.		443,304
	25,150	Brookline Bancorp, Inc.		289,225
	25,690	Brown & Brown, Inc.		824,649
	3,750	Camden Property Trust		287,850
	39,750	Capital One Financial Corporation		2,869,155
	18,140	Cathay General Bancorp		568,326
	16,140	CBRE Group, Inc.^l		558,121
	52,477	Cedar Realty Trust, Inc.		371,537
	82,100	Charles Schwab Corporation		2,703,553
	2,900	Chatham Lodging Trust		59,392
	233,428	Citigroup, Inc.		12,079,899
	9,340	Clifton Bancorp, Inc.		133,936
	30,210	CNO Financial Group, Inc.		576,709
	80,865	CoBiz Financial, Inc.		1,085,208
	14,459	Columbia Banking System, Inc.		470,062
	66,750	Comerica, Inc.		2,792,152
	3,760	Commerce Bancshares, Inc.		159,950
	4,730	Corporate Office Properties Trust		103,256
	4,100	Digital Realty Trust, Inc.		310,042
	6,114	Douglas Emmett, Inc.		190,635
	17,450	Duke Realty Corporation		366,799
	13,808	East West Bancorp, Inc.		573,860
	2,800	Education Realty Trust, Inc.		106,064
	15,839	Employers Holdings, Inc.		432,405
	19,270	Equity One, Inc.		523,180
	7,600	Essent Group, Ltd.^l		166,364
	37,710	EverBank Financial Corporation		602,606
	4,200	Evercore Partners, Inc.		227,094
	2,700	Extra Space Storage, Inc.		238,167
	32,140	F.N.B. Corporation		428,748
	7,700	FelCor Lodging Trust, Inc.		56,210
	99,130	Fifth Third Bancorp		1,992,513
	37,910	First Commonwealth Financial Corporation		343,844
	1,410	First Defiance Financial Corporation		53,270
	3,100	First Financial Corporation		105,307
	10,850	First Horizon National Corporation		157,542
	16,900	First Industrial Realty Trust, Inc.		373,997
	2,070	First Interstate BancSystem, Inc.		60,175
	40,670	First Midwest Bancorp, Inc.		749,548
	2,430	First NBC Bank Holding Company^l		90,858
	24,192	First Potomac Realty Trust		275,789
	29,010	First Republic Bank		1,916,401
	13,600	Franklin Street Properties Corporation		140,760
	12,036	Genworth Financial, Inc.^l		44,894
	1,810	German American Bancorp, Inc.		60,309
	4,510	Getty Realty Corporation		77,347
	12,765	Glacier Bancorp, Inc.		338,655
	8,430	Great Western Bancorp, Inc.		244,639
	24,640	Green Bancorp, Inc.^l		258,227
	3,590	Hancock Holding Company		90,360
	32,190	Hanmi Financial Corporation		763,547
	7,620	Hanover Insurance Group, Inc.		619,811
	57,560	Hartford Financial Services Group, Inc.		2,501,558
	20,706	Hatteras Financial Corporation		272,284
	1,320	HCI Group, Inc.^h		46,002
	8,130	HFF, Inc.		252,599
	5,450	Highwoods Properties, Inc.		237,620
	14,818	Home BancShares, Inc.		600,425
	3,380	Hometrust Bancshares, Inc.^l		68,445
	10,680	Horace Mann Educators Corporation		354,362
	21,248	Host Hotels & Resorts, Inc.		325,944
	7,711	Houlihan Lokey, Inc.		202,105
	10,130	Hudson Pacific Properties, Inc.		285,058
	210,001	Huntington Bancshares, Inc.		2,322,611
	7,480	Inland Real Estate Corporation		79,438
	34,860	Intercontinental Exchange, Inc.		8,933,224
	114,050	Invesco, Ltd.		3,818,394
	63,930	Investors Bancorp, Inc.		795,289
	71,134	J.P. Morgan Chase & Company		4,696,978
	25,620	Janus Capital Group, Inc.		360,986
	4,800	Kearny Financial Corporation		60,816
	2,400	Kennedy-Wilson Holdings, Inc.		57,792
	186,990	KeyCorp		2,466,398
	3,700	Kilroy Realty Corporation		234,136
	7,960	Lamar Advertising Company		477,441
	9,571	LaSalle Hotel Properties		240,806
	4,570	Lazard, Ltd.		205,696
	12,150	Lexington Realty Trust		97,200

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (21.4%)	Value
	Financials (3.6%) - continued
	3,460	Liberty Property Trust	$	107,433
	2,698	Lincoln National Corporation		135,601
	3,450	M&T Bank Corporation		418,071
	116,120	MetLife, Inc.		5,598,145
	19,340	Monmouth Real Estate Investment Corporation^h		202,296
	155,910	Morgan Stanley		4,959,497
	11,620	MSCI, Inc.		838,151
	11,300	Nasdaq, Inc.		657,321
	11,660	National Interstate Corporation		311,322
	40,804	Navient Corporation		467,206
	2,770	Navigators Group, Inc.^l		237,638
	7,700	Northern Trust Corporation		555,093
	36,750	NorthStar Asset Management Corporation, Inc.		446,145
	2,470	One Liberty Properties, Inc.		53,006
	23,760	Oritani Financial Corporation		392,040
	14,110	PacWest Bancorp		608,141
	10,330	Parkway Properties, Inc.		161,458
	8,453	Pebblebrook Hotel Trust		236,853
	7,470	PennyMac Financial Services, Inc.^l		114,739
	3,690	Physicians Realty Trust		62,213
	5,170	Popular, Inc.		146,518
	5,940	Post Properties, Inc.		351,410
	5,786	Potlatch Corporation		174,969
	10,850	Primerica, Inc.^h		512,446
	1,930	PrivateBancorp, Inc.		79,169
	22,270	Progressive Corporation		708,186
	26,050	Provident Financial Services, Inc.		524,908
	29,380	Radian Group, Inc.		393,398
	35,200	Ramco-Gershenson Properties Trust		584,672
	20,013	Raymond James Financial, Inc.		1,160,154
	7,920	RE/MAX Holdings, Inc.		295,416
	11,200	Realogy Holdings Corporation^l		410,704
	6,010	Renasant Corporation		206,804
	6,200	Rouse Properties, Inc.		90,272
	3,239	Safeguard Scientifics, Inc.^l		46,998
	1,126	Safety Insurance Group, Inc.		63,484
	13,575	Sandy Spring Bancorp, Inc.		365,982
	3,650	Seacoast Banking Corporation of Florida^l		54,677
	8,520	Selective Insurance Group, Inc.		286,102
	3,390	Sierra Bancorp		59,834
	10,920	Silver Bay Realty Trust Corporation REIT		171,007
	107,040	SLM Corporation^l		697,901
	21,650	Spirit Realty Captial, Inc.		216,933
	17,080	Starwood Property Trust, Inc.		351,165
	8,238	State Auto Financial Corporation		169,620
	14,801	Stifel Financial Corporation^l		626,970
	11,000	Store Capital Corporation		255,200
	16,018	Summit Hotel Properties, Inc.		191,415
	12,210	SunTrust Banks, Inc.		523,076
	13,165	SVB Financial Group^l		1,565,318
	74,950	Synchrony Financial^l		2,279,230
	50,800	Synovus Financial Corporation		1,644,904
	26,940	Talmer Bancorp, Inc.		487,883
	97,180	TCF Financial Corporation		1,372,182
	19,850	TD Ameritrade Holding Corporation		688,993
	20,072	Terreno Realty Corporation		454,029
	3,360	Territorial Bancorp, Inc.		93,206
	5,450	TriCo Bancshares		149,548
	15,160	TrustCo Bank Corporation		93,082
	4,350	U.S. Bancorp		185,614
	6,510	UMH Properties, Inc.		65,881
	2,790	Union Bankshares Corporation		70,420
	2,800	United Community Banks, Inc.		54,572
	3,240	Urstadt Biddle Properties, Inc.		62,338
	5,207	W.R. Berkley Corporation		285,083
	1,460	Webster Financial Corporation		54,297
	24,550	Wells Fargo & Company		1,334,538
	20,970	Western Alliance Bancorp^l		751,984
	9,310	Western Asset Mortgage Capital Corporation^h		95,148
	5,250	Whitestone REIT		63,053
	4,068	Wintrust Financial Corporation		197,379
	4,496	WSFS Financial Corporation		145,491
	9,334	XL Group plc		365,706
	168,194	Zions Bancorporation		4,591,696

		Total		145,535,539


	Health Care (2.9%)
	142,491	Abbott Laboratories		6,399,271
	3,100	ABIOMED, Inc.^l		279,868
	5,900	Acadia Healthcare Company, Inc.^l		368,514
	3,950	Acceleron Pharma, Inc.^l		192,602
	3,810	Aceto Corporation		102,794
	23,810	Acorda Therapeutics, Inc.^l		1,018,592
	26,550	Aetna, Inc.		2,870,586
	39,550	Affymetrix, Inc.^l		399,060
	15,520	Akorn, Inc.^l		579,051
	9,380	Albany Molecular Research, Inc.^l		186,193
	8,800	Align Technology, Inc.^l		579,480
	29,970	Allergan plc^l		9,365,625
	10,236	Allscripts Healthcare Solutions, Inc.^l		157,430
	9,150	AmerisourceBergen Corporation		948,946
	26,270	Amgen, Inc.		4,264,409
	21,434	AMN Healthcare Services, Inc.^l		665,526
	4,350	AmSurg Corporation^l		330,600
	800	Anacor Pharmaceuticals, Inc.^l		90,376
	6,877	Analogic Corporation		568,040
	20,018	Asterias Biotherapeutics, Inc.^h,l		78,671
	902	Atrion Corporation		343,842
	65,462	Baxalta, Inc.		2,554,982
	6,350	BioMarin Pharmaceutical, Inc.^l		665,226
	1,090	Bio-Rad Laboratories, Inc.^l		151,139
	3,172	C.R. Bard, Inc.		600,904
	23,770	Cambrex Corporation^l		1,119,329
	2,450	Cardinal Health, Inc.		218,711
	8,500	Cardiovascular Systems, Inc.^l		128,520
	14,800	Centene Corporation^l		973,988
	107,131	Cerner Corporation^l		6,446,072
	3,560	CONMED Corporation		156,818
	4,370	Cross Country Healthcare, Inc.^l		71,624
	46,050	DENTSPLY International, Inc.		2,802,143
	30,390	Depomed, Inc.^l		550,971
	25,480	Edwards Lifesciences Corporation^l		2,012,410
	22,378	Ensign Group, Inc.		506,414
	27,080	Envision Healthcare Holdings, Inc.^l		703,268
	2,800	EXACT Sciences Corporationh,^l		25,844
	16,749	ExamWorks Group, Inc.^l		445,523
	33,650	Express Scripts Holding Company^l		2,941,346
	77,915	Gilead Sciences, Inc.		7,884,219
	8,940	Globus Medical, Inc.^l		248,711
	10,630	Greatbatch, Inc.^l		558,075
	18,790	HCA Holdings, Inc.^l		1,270,768
	6,600	HealthSouth Corporation		229,746
	8,160	Healthways, Inc.^l		105,019
	6,800	Hill-Rom Holdings, Inc.		326,808
	16,000	Hologic, Inc.^l		619,040
	6,900	Impax Laboratories, Inc.^l		295,044
	5,300	Inogen, Inc.^l		212,477

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (21.4%)	Value
	Health Care (2.9%) - continued
	5,000	Intersect ENT, Inc.^l	$	112,500
	13,300	Ironwood Pharmaceuticals, Inc.^l		154,147
	23,360	Kindred Healthcare, Inc.		278,218
	1,061	LivaNova plc^l		62,992
	5,600	Magellan Health Services, Inc.^l		345,296
	65,879	Medtronic, Inc.		5,067,413
	157,820	Merck & Company, Inc.		8,336,052
	2,050	Mettler-Toledo International, Inc.^l		695,217
	111,769	Mylan NV^l		6,043,350
	6,193	National Healthcare Corporation		382,108
	1,270	Neogen Corporation^l		71,780
	6,340	Neurocrine Biosciences, Inc.^l		358,654
	15,703	NuVasive, Inc.^l		849,689
	7,650	NxStage Medical, Inc.^l		167,612
	8,340	PerkinElmer, Inc.		446,774
	7,250	Perrigo Company plc		1,049,075
	245,530	Pfizer, Inc.		7,925,708
	9,610	PharMerica Corporation^l		336,350
	7,820	Progenics Pharmaceuticals, Inc.^l		47,937
	400	Prothena Corporation plc^l		27,244
	3,200	Providence Service Corporation^l		150,144
	4,670	Quality Systems, Inc.		75,280
	3,280	Quest Diagnostics, Inc.		233,339
	12,920	Quintiles Transnational Holdings, Inc.^l		887,087
	65,800	Roche Holding AG ADR		2,268,126
	3,470	Sagent Pharmaceuticals, Inc.^l		55,208
	15,540	Team Health Holdings, Inc.^l		682,051
	18,790	Teleflex, Inc.		2,469,945
	15,440	Triple-S Management Corporation^l		369,170
	46,258	UnitedHealth Group, Inc.		5,441,791
	12,580	Universal Health Services, Inc.		1,503,184
	7,050	Vanda Pharmaceuticals, Inc.^h,l		65,636
	4,470	VCA Antech, Inc.^l		245,850
	12,600	Veeva Systems, Inc.^h,l		363,510
	50,517	Vertex Pharmaceuticals, Inc.^l		6,356,554
	3,400	Waters Corporation^l		457,572
	7,480	Wellcare Health Plans, Inc.^l		585,011
	9,810	West Pharmaceutical Services, Inc.		590,758
	9,240	Zoetis, Inc.		442,781

		Total		120,615,728


	Industrials (2.2%)
	23,300	3M Company		3,509,912
	4,010	A.O. Smith Corporation		307,206
	4,450	AAR Corporation		116,991
	15,250	ABM Industries, Inc.		434,168
	18,150	ADT Corporation^h		598,587
	15,210	AECOM^l		456,756
	16,514	Aegion Corporation^l		318,885
	7,110	AGCO Corporation		322,723
	4,590	Allison Transmission Holdings, Inc.		118,835
	3,770	AMETEK, Inc.		202,034
	3,070	Applied Industrial Technologies, Inc.		124,304
	8,203	Astec Industries, Inc.		333,862
	6,800	AZZ, Inc.		377,876
	9,370	B/E Aerospace, Inc.		397,007
	14,086	Beacon Roofing Supply, Inc.^l		580,061
	49,120	Boeing Company		7,102,261
	2,870	Brady Corporation		65,953
	4,090	Briggs & Stratton Corporation		70,757
	13,060	Brink’s Company		376,912
	8,130	BWX Technologies, Inc.		258,290
	16,560	Caterpillar, Inc.		1,125,418
	6,782	CIRCOR International, Inc.		285,861
	13,850	CLARCOR, Inc.		688,068
	14,705	Comfort Systems USA, Inc.		417,916
	19,710	Copart, Inc.^l		749,177
	9,840	Corporate Executive Board Company		604,078
	136,950	CSX Corporation		3,553,853
	3,733	Cubic Corporation		176,384
	7,290	Curtiss-Wright Corporation		499,365
	19,740	Danaher Corporation		1,833,451
	165,420	Delta Air Lines, Inc.		8,385,140
	8,660	DigitalGlobe, Inc.^l		135,616
	12,070	Donaldson Company, Inc.		345,926
	24,040	EMCOR Group, Inc.		1,154,882
	4,625	Equifax, Inc.		515,086
	11,278	ESCO Technologies, Inc.		407,587
	26,700	Expeditors International of Washington, Inc.		1,204,170
	22,126	Federal Signal Corporation		350,697
	4,970	Flowserve Corporation		209,138
	25,100	Fortune Brands Home and Security, Inc.		1,393,050
	9,365	Franklin Electric Company, Inc.		253,136
	9,839	FTI Consulting, Inc.^l		341,020
	7,316	G & K Services, Inc.		460,176
	15,518	Gibraltar Industries, Inc.^l		394,778
	17,695	Granite Construction, Inc.		759,292
	3,100	H&E Equipment Services, Inc.		54,188
	2,750	Hawaiian Holdings, Inc.^l		97,158
	6,300	Healthcare Services Group, Inc.		219,681
	10,680	Heico Corporation		580,565
	13,310	Hexcel Corporation		618,249
	10,132	HNI Corporation		365,360
	39,611	Honeywell International, Inc.		4,102,511
	6,410	Hub Group, Inc.^l		211,209
	6,890	Huntington Ingalls Industries, Inc.		873,997
	10,279	Huron Consulting Group, Inc.^l		610,573
	1,770	Illinois Tool Works, Inc.		164,044
	51,200	Ingersoll-Rand plc		2,830,848
	10,600	Insperity, Inc.		510,390
	10,000	JB Hunt Transport Services, Inc.		733,600
	2,262	John Bean Technologies Corporation		112,715
	19,090	Joy Global, Inc.		240,725
	8,590	Kaman Corporation		350,558
	7,440	KAR Auction Services, Inc.		275,503
	14,758	Kforce, Inc.		373,082
	31,470	Korn/Ferry International		1,044,175
	6,523	Landstar System, Inc.		382,574
	1,859	Lincoln Electric Holdings, Inc.		96,464
	5,950	Lockheed Martin Corporation		1,292,042
	11,020	Manpower, Inc.		928,876
	18,400	Masco Corporation		520,720
	13,843	McGrath Rentcorp		348,705
	27,320	Meritor, Inc.^l		228,122
	2,200	Middleby Corporation^l		237,314
	4,818	Mine Safety Appliances Company		209,438
	14,500	Mueller Water Products, Inc.		124,700
	24,668	Navigant Consulting, Inc.^l		396,168
	17,550	Nielsen Holdings plc		817,830
	3,952	Nordson Corporation		253,521
	56,706	Norfolk Southern Corporation		4,796,761
	5,750	Northrop Grumman Corporation		1,085,658
	8,550	Old Dominion Freight Line, Inc.^l		505,048
	18,630	On Assignment, Inc.^l		837,418
	13,917	Oshkosh Corporation		543,320
	7,000	PGT, Inc.^l		79,730
	14,650	PowerSecure International, Inc.^l		220,483
	29,708	Progressive Waste Solutions, Ltd.		699,623
	6,850	Proto Labs, Inc.^l		436,277

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (21.4%)	Value
	Industrials (2.2%) - continued
	4,510	Quanex Building Products Corporation	$	94,033
	18,190	Raven Industries, Inc.		283,764
	2,392	RBC Bearings, Inc.^l		154,499
	7,900	Resources Connection, Inc.		129,086
	4,460	Rexnord Corporation^l		80,815
	12,274	Ritchie Brothers Auctioneers, Inc.^h		295,926
	13,200	Rockwell Automation, Inc.		1,354,452
	3,300	Rockwell Collins, Inc.		304,590
	4,750	Roper Industries, Inc.		901,502
	1,730	Ryder System, Inc.		98,316
	4,800	Saia, Inc.^l		106,800
	45,200	Southwest Airlines Company		1,946,312
	8,990	Spirit Aerosystems Holdings, Inc.^l		450,129
	2,250	Stericycle, Inc.^l		271,350
	2,209	Sun Hydraulics Corporation		70,092
	7,000	Swift Transportation Company^h,l		96,740
	7,940	Tennant Company		446,704
	4,620	Tetra Tech, Inc.		120,212
	12,109	Textron, Inc.		508,699
	12,750	Toro Company		931,643
	6,674	Triumph Group, Inc.		265,291
	1,980	TrueBlue, Inc.^l		51,005
	10,425	Tyco International plc		332,453
	1,480	UniFirst Corporation		154,216
	6,690	United Continental Holdings, Inc.^l		383,337
	29,400	United Parcel Service, Inc.		2,829,162
	7,970	United Rentals, Inc.^l		578,144
	7,729	Universal Forest Products, Inc.		528,432
	10,553	Universal Truckload Services, Inc.		148,164
	4,400	WABCO Holdings, Inc.^l		449,944
	5,200	WageWorks, Inc.^l		235,924
	21,210	Waste Connections, Inc.		1,194,547
	800	Watsco, Inc.		93,704
	5,130	Wesco Aircraft Holdings, Inc.^l		61,406
	6,950	West Corporation		149,912
	1,167	Woodward, Inc.		57,953
	3,790	Xylem, Inc.		138,335
	3,470	YRC Worldwide, Inc.^l		49,205

		Total		88,073,366


	Information Technology (4.8%)
	700	A10 Networks, Inc.^l		4,592
	4,020	Accenture plc		420,090
	42,150	ACI Worldwide, Inc.^l		902,010
	5,448	Advanced Energy Industries, Inc.^l		153,797
	22,630	Agilent Technologies, Inc.		946,160
	13,630	Akamai Technologies, Inc.^l		717,347
	51,290	Alibaba Group Holding, Ltd. ADR^l		4,168,338
	3,400	Alliance Data Systems Corporation^l		940,338
	11,869	Alphabet, Inc., Class A^l		9,234,201
	16,411	Alphabet, Inc., Class C^l		12,453,980
	3,500	Ambarella, Inc.^h,l		195,090
	19,700	Amkor Technology, Inc.^l		119,776
	28,600	Amphenol Corporation		1,493,778
	2,700	Analog Devices, Inc.		149,364
	6,510	ANSYS, Inc.^l		602,175
	158,274	Apple, Inc.		16,659,921
	35,855	Applied Materials, Inc.		669,413
	8,510	Arista Networks, Inc.^h,l		662,418
	4,000	Aspen Technology, Inc.^l		151,040
	7,000	AVG Technologies NV^l		140,350
	10,640	Avnet, Inc.		455,818
	11,440	AVX Corporation		138,882
	14,593	Belden, Inc.		695,794
	3,070	Benchmark Electronics, Inc.^l		63,457
	5,610	Black Knight Financial Services, Inc.^l		185,467
	10,330	Booz Allen Hamilton Holding Corporation		318,681
	11,260	Broadridge Financial Solutions, Inc.		605,000
	144,400	Brocade Communications Systems, Inc.		1,325,592
	31,507	Brooks Automation, Inc.		336,495
	9,822	Cabot Microelectronics Corporation^l		430,007
	7,367	CACI International, Inc.^l		683,510
	2,880	Cadence Design Systems, Inc.^l		59,933
	5,000	Cardtronics, Inc.^l		168,250
	4,500	Cavium, Inc.^l		295,695
	6,000	CDK Global, Inc.		284,820
	26,600	CDW Corporation		1,118,264
	23,420	Ciena Corporation^l		484,560
	478,060	Cisco Systems, Inc.		12,981,719
	1,133	Citrix Systems, Inc.^l		85,711
	17,130	Cognex Corporation		578,480
	13,600	Cognizant Technology Solutions Corporation^l		816,272
	7,160	Coherent, Inc.^l		466,188
	6,000	Comtech Telecommunications Corporation		120,540
	14,100	Convergys Corporation		350,949
	37,510	CoreLogic, Inc.^l		1,270,089
	2,200	Cornerstone OnDemand, Inc.^l		75,966
	17,290	Criteo SA ADR^l		684,684
	4,390	Cvent, Inc.^l		153,255
	8,360	Demandware, Inc.^h,l		451,189
	2,430	DST Systems, Inc.		277,166
	32,400	eBay, Inc.^l		890,352
	18,383	Electro Rent Corporation		169,124
	308,860	EMC Corporation		7,931,525
	7,670	Envestnet, Inc.^l		228,950
	7,130	EVERTEC, Inc.		119,356
	7,470	ExlService Holdings, Inc.^l		335,627
	7,160	F5 Networks, Inc.^l		694,234
	16,743	Fabrinet^l		398,818
	165,170	Facebook, Inc.^l		17,286,692
	6,200	FEI Company		494,698
	2,410	FleetCor Technologies, Inc.^l		344,461
	7,600	FLIR Systems, Inc.		213,332
	23,500	Fortinet, Inc.^l		732,495
	7,890	Gartner, Inc.^l		715,623
	19,020	Glu Mobile, Inc.^l		46,219
	17,083	Guidewire Software, Inc.^l		1,027,713
	9,850	Harmonic, Inc.^l		40,090
	3,620	IAC/InterActiveCorporation		217,381
	10,310	Imperva, Inc.^l		652,726
	97,330	Intel Corporation		3,353,018
	27,915	Ixia^l		346,983
	16,257	Juniper Networks, Inc.		448,693
	1,190	Leidos Holdings, Inc.		66,949
	4,200	Liberty Tripadvisor Holdings, Inc.^l		127,428
	4,121	Littelfuse, Inc.		440,988
	860	LogMeIn, Inc.^l		57,706
	4,640	Lumentum Holdings, Inc.^l		102,173
	2,500	Manhattan Associates, Inc.^l		165,425
	15,040	Marvell Technology Group, Ltd.		132,653
	38,620	MasterCard, Inc.		3,760,043
	15,945	Maxim Integrated Products, Inc.		605,910
	31,390	Mentor Graphics Corporation		578,204
	8,163	Methode Electronics, Inc.		259,828
	25,900	Microsemi Corporation^l		844,081
	386,860	Microsoft Corporation		21,462,993
	10,020	Monolithic Power Systems, Inc.		638,374

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (21.4%)	Value
	Information Technology (4.8%) - continued
	870	Morningstar, Inc.	$	69,957
	8,200	Nanometrics, Inc.^l		124,148
	16,940	National Instruments Corporation		486,009
	2,090	NetScout Systems, Inc.^l		64,163
	13,844	Newport Corporation^l		219,704
	8,150	Nice Systems, Ltd. ADR^h		467,158
	105,336	NVIDIA Corporation		3,471,875
	6,860	NXP Semiconductors NV^l		577,955
	11,780	ON Semiconductor Corporation^l		115,444
	131,700	Oracle Corporation		4,811,001
	5,220	Palo Alto Networks, Inc.^l		919,451
	35,470	Pandora Media, Inc.^l		475,653
	10,130	Parametric Technology Corporation^l		350,802
	3,700	Paylocity Holding Corporation^l		150,035
	139,540	PayPal Holdings, Inc.^l		5,051,348
	6,817	Plantronics, Inc.		323,262
	24,200	Progress Software Corporation^l		580,800
	8,000	Proofpoint, Inc.^l		520,080
	13,170	QLIK Technologies, Inc.^l		416,962
	8,900	RealPage, Inc.^l		199,805
	13,650	Red Hat, Inc.^l		1,130,356
	11,290	Ruckus Wireless, Inc.^l		120,916
	118,960	Salesforce.com, Inc.^l		9,326,464
	13,290	ServiceNow, Inc.^l		1,150,382
	15,300	ShoreTel, Inc.^l		135,405
	10,950	Symantec Corporation		229,950
	9,120	Synopsys, Inc.^l		415,963
	1,780	Tech Data Corporation^l		118,156
	55,733	Teradyne, Inc.		1,152,001
	7,240	Tessera Technologies, Inc.		217,272
	89,780	Texas Instruments, Inc.		4,920,842
	1,300	Tyler Technologies, Inc.^l		226,616
	5,410	Ultimate Software Group, Inc.^l		1,057,709
	11,770	Ultra Clean Holdings, Inc.^l		60,262
	13,900	Vantiv, Inc.^l		659,138
	25,012	Virtusa Corporation^l		1,033,996
	148,900	Visa, Inc.		11,547,195
	13,110	Web.com Group, Inc.^l		262,331
	18,200	Xerox Corporation		193,466

		Total		196,031,508


	Materials (0.8%)
	12,530	Agnico Eagle Mines, Ltd.		329,288
	47,697	Albemarle Corporation		2,671,509
	65,640	Alcoa, Inc.		647,867
	7,460	American Vanguard Corporation		104,515
	7,530	Avery Dennison Corporation		471,830
	12,944	Axalta Coating Systems, Ltd.^l		344,958
	21,100	Axiall Corporation		324,940
	4,540	Balchem Corporation		276,032
	10,480	Ball Corporation		762,210
	69,870	Barrick Gold Corporation		515,641
	5,840	Berry Plastics Group, Inc.^l		211,291
	4,300	Boise Cascade Company^l		109,779
	1,640	Carpenter Technology Corporation		49,643
	5,470	Celanese Corporation		368,295
	10,410	CF Industries Holdings, Inc.		424,832
	22,260	Chemtura Corporation^l		607,030
	2,964	Clearwater Paper Corporation^l		134,951
	44,640	Crown Holdings, Inc.^l		2,263,248
	55,060	Dow Chemical Company		2,834,489
	2,550	Eagle Materials, Inc.		154,096
	8,500	Eastman Chemical Company		573,835
	48,530	Eldorado Gold Corporation		144,134
	15,210	FMC Corporation		595,167
	54,990	Freeport-McMoRan, Inc.		372,282
	47,580	Goldcorp, Inc.		550,025
	12,160	Graphic Packaging Holding Company		156,013
	23,920	Horsehead Holding Corporation^h,l		49,036
	2,310	Innophos Holdings, Inc.		66,944
	8,548	Innospec, Inc.		464,242
	32,130	International Paper Company		1,211,301
	3,660	KapStone Paper and Packaging Corporation		82,679
	83,750	Kinross Gold Corporation^l		152,425
	2,620	Koppers Holdings, Inc.^l		47,815
	3,250	Martin Marietta Materials, Inc.		443,885
	3,996	Minerals Technologies, Inc.		183,257
	66,500	Mosaic Company		1,834,735
	20,664	Myers Industries, Inc.		275,244
	39,420	Newmont Mining Corporation		709,166
	53,620	Nucor Corporation		2,160,886
	13,980	Olin Corporation		241,295
	29,570	Owens-Illinois, Inc.^l		515,109
	21,043	Packaging Corporation of America		1,326,761
	23,670	PolyOne Corporation		751,759
	730	Quaker Chemical Corporation		56,400
	1,750	Reliance Steel & Aluminum Company		101,342
	19,122	Rock-Tenn Company		872,346
	4,510	Royal Gold, Inc.		164,480
	7,200	RPM International, Inc.		317,232
	5,450	Schnitzer Steel Industries, Inc.		78,316
	6,198	Scotts Miracle-Gro Company		399,833
	13,870	Sealed Air Corporation		618,602
	2,450	Silgan Holdings, Inc.		131,614
	21,270	Silver Wheaton Corporation		264,173
	16,200	Sonoco Products Company		662,094
	35,941	Steel Dynamics, Inc.		642,266
	37,150	Teck Resources, Ltd.^h		143,399
	6,840	Vulcan Materials Company		649,595
	2,290	Westlake Chemical Corporation		124,393
	70,330	Yamana Gold, Inc.		130,814

		Total		31,871,338


	Telecommunications Services (0.1%)
	5,360	Level 3 Communications, Inc.^l		291,370
	7,558	ORBCOMM, Inc.^l		54,720
	10,500	SBA Communications Corporation^l		1,103,235
	91,289	Verizon Communications, Inc.		4,219,377
	35,450	Vonage Holdings Corporation^l		203,483

		Total		5,872,185


	Utilities (0.5%)
	2,420	Ameren Corporation		104,617
	21,250	American Electric Power Company, Inc.		1,238,237
	9,770	American States Water Company		409,851
	40,560	American Water Works Company, Inc.		2,423,460
	8,240	Aqua America, Inc.		245,552
	5,630	Artesian Resources Corporation		155,951
	2,070	Atmos Energy Corporation		130,493
	11,600	California Water Service Group		269,932
	12,500	Edison International, Inc.		740,125
	7,135	FirstEnergy Corporation		226,393
	1,150	IDACORP, Inc.		78,200
	6,631	Laclede Group, Inc.		393,948
	2,400	Middlesex Water Company		63,696
	3,460	New Jersey Resources Corporation		114,042
	3,400	NRG Yield, Inc.^h		50,184
	2,030	OGE Energy Corporation		53,369
	6,990	Otter Tail Corporation		186,144

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (21.4%)	Value
	Utilities (0.5%) - continued
	8,200	Pacific Ethanol, Inc.^l	$	39,196
	135,800	PG&E Corporation		7,223,202
	6,117	PNM Resources, Inc.		186,997
	10,000	Public Service Enterprise Group, Inc.		386,900
	6,820	Renewable Energy Group, Inc.^l		63,358
	28,050	Southern Company		1,312,459
	9,150	Southwest Gas Corporation		504,714
	18,990	Talen Energy Corporation^l		118,308
	12,150	Vectren Corporation		515,403
	6,950	Westar Energy, Inc.		294,749
	33,100	Wisconsin Energy Corporation		1,698,361

		Total		19,227,841


		Total Common Stock (cost $808,663,190)		876,301,711


		Collateral Held for Securities Loaned (1.7%)
	68,616,520	Thrivent Cash Management Trust		68,616,520


		Total Collateral Held for Securities Loaned (cost $68,616,520)		68,616,520


Shares or Principal Amount		Short-Term Investments (20.6%)^m
		Federal Farm Credit Discount Notes
	3,500,000	0.190%, 2/2/2016		3,499,409
		Federal Home Loan Bank Discount Notes
	46,000,000	0.100%, 1/4/2016		45,999,615
	15,000,000	0.100%, 1/5/2016		14,999,833
	54,000,000	0.103%, 1/6/2016		53,999,225
	57,000,000	0.111%, 1/8/2016		56,998,766
	20,000,000	0.105%, 1/11/2016		19,999,417
	44,500,000	0.141%, 1/13/2016		44,497,902
	48,000,000	0.110%, 1/15/2016		47,997,947
	2,300,000	0.120%, 1/19/2016		2,299,862
	43,300,000	0.123%, 1/20/2016		43,297,190
	37,000,000	0.115%, 1/21/2016		36,997,636
	22,080,000	0.119%, 1/22/2016		22,078,468
	15,000,000	0.230%, 1/26/2016		14,997,604
	7,000,000	0.271%, 1/27/2016		6,998,628
	25,000,000	0.135%, 1/29/2016		24,997,375
	38,000,000	0.239%, 2/3/2016		37,991,667
	26,200,000	0.223%, 2/5/2016		26,194,313
	12,563,000	0.220%, 2/10/2016		12,559,929
	9,000,000	0.250%, 2/12/2016		8,997,375
	10,000,000	0.368%, 2/17/2016		9,995,196
	34,000,000	0.265%, 2/19/2016		33,987,730
	20,000,000	0.265%, 2/22/2016		19,992,344
	26,500,000	0.320%, 2/24/2016		26,487,265
	21,000,000	0.300%, 2/25/2016		20,990,375
	9,000,000	0.340%, 3/9/2016		8,994,220
	1,000,000	0.420%, 3/10/2016		999,195
	1,000,000	0.355%, 3/14/2016		999,280
	30,000,000	0.363%, 3/16/2016		29,977,344
	2,000,000	0.310%, 3/18/2016		1,998,674
	3,000,000	0.370%, 3/21/2016		2,997,533
		Federal Home Loan Mortgage Corporation Discount Notes
	4,700,000	0.100%, 1/8/2016ⁿ		4,699,908
	900,000	0.100%, 1/13/2016ⁿ		899,970
	7,000,000	0.200%, 2/17/2016ⁿ		6,998,172
		Federal National Mortgage Association Discount Notes
	11,900,000	0.070%, 1/8/2016ⁿ		11,899,838
	3,000,000	0.110%, 1/14/2016ⁿ		2,999,881
	6,100,000	0.230%, 1/25/2016ⁿ		6,099,065
	9,000,000	0.064%, 1/27/2016^k,n		8,999,584
		Thrivent Cash Management Trust
	118,807,605	0.220%		118,807,605

		Total Short-Term Investments (at amortized cost)		844,225,340

		Total Investments (cost $4,603,926,688) 114.3%	$	4,684,442,343

		Other Assets and Liabilities, Net (14.3%)		(584,334,503	)

		Total Net Assets 100.0%	$	4,100,107,840

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	Defaulted security. Interest is not being accrued.

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 December 31, 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 December 31, 2015.

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.

k	At December 31, 2015, $1,025,557 of investments were segregated to cover exposure to a counterparty for margin on open mortgage-backed security transactions.

l	Non-income producing security.

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

n	All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

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 value of all restricted securities held in Moderately Conservative Allocation Portfolio as of December 31, 2015 was $59,625,720 or 1.5% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of December 31, 2015.

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 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
Ares CLO, Ltd., 10/12/2023		5/15/2015		2,800,000
Babson CLO, Ltd., 10/17/2026		8/15/2014		824,588
Bayview Opportunity Master Fund Trust, 2/28/2035		2/27/2015		2,054,853
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		1,419,511
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		381,832
DRB Prime Student Loan Trust, 1/25/2040		12/4/2015		975,205
DRB Prime Student Loan Trust, 7/25/2031		9/23/2015		937,059
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		962,802
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		820,298
Pretium Mortgage Credit Partners, LLC, 10/27/2030		10/6/2015		1,855,603
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
Sunset Mortgage Loan Company, LLC, 9/16/2045		10/2/2015		1,805,517
Symphony CLO XV, Ltd., 10/17/2026		10/17/2014		2,481,250
Symphony CLO VIII, Ltd., 1/9/2023		9/15/2014		807,157
Vericrest Opportunity Loan Transferee, 2/25/2055		2/25/2015		1,147,223
Vericrest Opportunity Loan Transferee, 10/25/2058		2/6/2015		1,666,129
Voya CLO 3, Ltd., 7/25/2026		7/10/2014		823,762

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Moderately Conservative Allocation Portfolio as of December 31, 2015:

Securities Lending Transactions


Taxable Debt Security	$	6,886,905
Common Stock		60,192,669

Total lending	$	67,079,574
Gross amount payable upon return of collateral for securities loaned	$	68,616,520

Net amounts due to counterparty	$	1,536,946

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.
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.

GROWTH AND INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (10.1%)^a	Value
	Basic Materials (0.6%)
		Alpha Natural Resources, Inc., Term Loan
	$59,093	3.500%, 5/22/2020	$	25,459
		Fortescue Metals Group, Ltd., Term Loan
	118,108	4.250%, 6/30/2019		87,264
		Ineos US Finance, LLC, Term Loan
	104,805	3.750%, 12/15/2020		100,351
		NewPage Corporation, Term Loan
	131,625	9.500%, 2/11/2021		46,974
		Tronox Pigments BV, Term Loan
	112,782	4.500%, 3/19/2020		99,531
		Wausau Paper Corporation, Term Loan
	73,698	6.500%, 7/30/2020		73,145

		Total		432,724


	Capital Goods (0.5%)
		ADS Waste Holdings, Inc., Term Loan
	101,638	3.750%, 10/9/2019		98,208
		Berry Plastics Group, Inc., Term Loan
	77,267	3.500%, 2/8/2020		75,669
		Rexnord, LLC, Term Loan
	105,570	4.000%, 8/21/2020		102,073
		Silver II Borrower, Term Loan
	97,089	4.000%, 12/13/2019		81,895

		Total		357,845


	Communications Services (3.2%)
		Altice Financing SA, Term Loan
	87,063	5.250%, 2/4/2022		86,600
		Atlantic Broadband Penn, LLC, Term Loan
	48,003	3.250%, 11/30/2019		47,508
		Birch Communication Inc., Term Loan
	106,563	7.750%, 7/17/2020		101,767
		Cengage Learning Acquisitions, Term Loan
	86,578	7.000%, 3/31/2020		84,198
		Charter Communications Operating, LLC, Term Loan
	25,606	3.000%, 7/1/2020		25,099
		Cincinnati Bell, Inc., Term Loan
	105,570	4.000%, 9/10/2020		101,655
		CommScope, Inc., Term Loan
	89,775	3.827%, 12/29/2022^b,c		89,046
		CSC Holdings, LLC, Term Loan
	37,500	5.000%, 10/9/2022		37,395
		Fairpoint Communications, Term Loan
	105,293	7.500%, 2/14/2019		104,398
		Grande Communications Networks, LLC, Term Loan
	105,303	4.500%, 5/29/2020		103,109
		Gray Television, Inc., Term Loan
	66,772	3.750%, 6/13/2021		65,813
		Hargray Communications Group, Inc., Term Loan
	48,866	5.250%, 6/26/2019		48,514
		Integra Telecom Holdings, Inc., Term Loan
	105,309	5.250%, 8/14/2020		101,624
		Intelsat Jackson Holdings SA, Term Loan
	77,173	3.750%, 6/30/2019		72,818
		Level 3 Communications, Inc., Term Loan
	79,000	4.000%, 8/1/2019		78,802
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	145,000	4.500%, 1/7/2022		140,106
		LTS Buyer, LLC, Term Loan
	88,823	4.000%, 4/13/2020		86,292
		MCC Georgia, LLC, Term Loan
	78,800	3.750%, 6/30/2021		77,791
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	90,123	4.750%, 3/22/2019		87,945
		NEP/NCP Holdco, Inc., Term Loan
	105,581	4.250%, 1/22/2020		98,454
		NTelos, Inc., Term Loan
	105,280	5.750%, 11/9/2019		104,227
		Numericable US, LLC, Term Loan
	75,000	4.563%, 7/29/2022b,c		71,543
		SBA Senior Finance II, LLC, Term Loan
	98,500	3.250%, 3/24/2021		96,284
		TNS, Inc., Term Loan
	50,623	5.000%, 2/14/2020		49,737
		Univision Communications, Inc., Term Loan
	105,259	4.000%, 3/1/2020		102,838
		Virgin Media Investment Holdings, Ltd., Term Loan
	54,539	3.500%, 6/30/2023		53,338
		WideOpenWest Finance, LLC, Term Loan
	92,146	4.500%, 4/1/2019		88,662
		XO Communications, LLC, Term Loan
	98,275	4.250%, 3/20/2021		95,769
		Yankee Cable Acquisition, LLC, Term Loan
	100,566	4.250%, 3/1/2020		98,963
		Zayo Group, LLC, Term Loan
	92,135	3.750%, 5/6/2021		90,473

		Total		2,490,768


	Consumer Cyclical (1.8%)
		Amaya BV, Term Loan
	86,410	5.000%, 8/1/2021		80,793
		Burlington Coat Factory Warehouse Corporation, Term Loan
	86,035	4.250%, 8/13/2021		84,853
		Ceridian HCM Holding, Inc., Term Loan
	51,784	4.500%, 9/15/2020		43,822
		Charter Communications Operating, LLC, Term Loan
	52,650	3.000%, 1/3/2021		51,531
		Dollar Tree, Inc., Term Loan
	62,344	3.500%, 7/6/2022		62,071

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

GROWTH AND INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (10.1%)^a	Value
	Consumer Cyclical (1.8%) - continued
		FCA US, LLC, Term Loan
	$88,425	3.250%, 12/31/2018	$	87,497
		Golden Nugget, Inc., Delayed Draw
	18,048	5.500%, 11/21/2019		17,868
		Golden Nugget, Inc., Term Loan
	42,112	5.500%, 11/21/2019		41,691
		Hilton Worldwide Finance, LLC, Term Loan
	70,828	3.500%, 10/26/2020		70,629
		IMG Worldwide, Inc., Term Loan
	113,461	5.250%, 5/6/2021		111,298
		J.C. Penney Corporation, Inc., Term Loan
	105,300	6.000%, 5/22/2018		103,273
		Las Vegas Sands, LLC, Term Loan
	78,400	3.250%, 12/19/2020		77,518
		Marina District Finance Company, Inc., Term Loan
	57,055	6.500%, 8/15/2018		56,913
		MGM Resorts International, Term Loan
	69,026	3.500%, 12/20/2019		67,990
		Michaels Stores, Inc., Term Loan
	72,993	4.000%, 1/28/2020		72,415
		Mohegan Tribal Gaming Authority, Term Loan
	115,604	5.500%, 6/15/2018		112,838
		Pinnacle Entertainment, Inc., Term Loan
	17,416	3.750%, 8/13/2020		17,345
		Scientific Games International, Inc., Term Loan
	105,840	6.000%, 10/18/2020		96,579
		Seminole Hard Rock Entertainment, Inc., Term Loan
	49,242	3.500%, 5/14/2020		48,134
		Seminole Indian Tribe of Florida, Term Loan
	78,145	3.000%, 4/29/2020		77,559

		Total		1,382,617


	Consumer Non-Cyclical (1.4%)
		Albertson’s, Inc., Term Loan
	155,764	5.500%, 3/21/2019		155,103
		Albertson’s, LLC, Term Loan
	25,000	0.000%, 12/22/2022^b,c		24,825
		Catalina Marketing Corporation, Term Loan
	88,650	4.500%, 4/9/2021		70,477
		CHS/Community Health Systems, Inc., Term Loan
	14,476	3.657%, 12/31/2018		14,253
	48,183	3.750%, 1/27/2021		46,888
	88,656	4.000%, 1/27/2021		87,136
		Endo Luxembourg Finance I Co Sarl, Term Loan
	100,000	3.750%, 9/26/2022		98,542
		JBS USA, LLC, Term Loan
	71,201	3.750%, 5/25/2018		70,756
	9,849	3.750%, 9/18/2020		9,652
	25,000	4.000%, 10/30/2022		24,906
		Libbey Glass, Inc., Term Loan
	73,875	3.750%, 4/9/2021		72,490
		LTF Merger Sub, Inc., Term Loan
	74,625	4.250%, 6/10/2022		72,620
		Ortho-Clinical Diagnostics, Inc., Term Loan
	133,099	4.750%, 6/30/2021		112,302
		Supervalu, Inc., Term Loan
	164,781	4.500%, 3/21/2019		162,343
		Valeant Pharmaceuticals International, Inc., Term Loan
	113,713	4.000%, 4/1/2022^b,c		109,136

		Total		1,131,429


	Energy (0.5%)
		Arch Coal, Inc., Term Loan
	154,142	6.250%, 5/16/2018		67,865
		Aria Energy Operating, LLC, Term Loan
	34,805	5.000%, 5/27/2022		32,195
		Energy Solutions, LLC, Term Loan
	103,164	6.750%, 5/29/2020		77,373
		Exgen Renewables I, LLC, Term Loan
	51,609	5.250%, 2/6/2021		51,609
		McJunkin Red Man Corporation, Term Loan
	76,231	4.750%, 11/8/2019		69,751
		MEG Energy Corporation, Term Loan
	74,227	3.750%, 3/31/2020		65,097
		Offshore Group Investment, Ltd., Term Loan
	98,510	0.000%, 3/28/2019^d		19,784
		Pacific Drilling SA, Term Loan
	78,975	4.500%, 6/3/2018		33,762

		Total		417,436


	Financials (0.6%)
		Delos Finance Sarl, Term Loan
	100,000	3.500%, 3/6/2021		99,482
		DJO Finance, LLC, Term Loan
	39,900	4.250%, 6/7/2020		38,716
		Harland Clarke Holdings Corporation, Term Loan
	101,250	7.000%, 5/22/2018		97,790
		MPH Acquisition Holdings, LLC, Term Loan
	40,421	3.750%, 3/31/2021		39,276
		TransUnion, LLC, Term Loan
	88,425	3.500%, 4/9/2021		85,735
		WaveDivision Holdings, LLC, Term Loan
	85,499	4.000%, 10/15/2019		84,003

		Total		445,002


	Technology (0.7%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	175,000	0.000%, 11/13/2022^b,c		172,923
		Avago Technologies, Ltd., Term Loan
	128,403	3.750%, 5/6/2021		127,975
		BMC Software, Inc., Term Loan
	102,090	5.000%, 9/10/2020		83,786

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

GROWTH AND INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (10.1%)^a	Value
	Technology (0.7%) - continued
		First Data Corporation, Term Loan
$	108,000	3.918%, 3/23/2018	$	106,455
	50,000	3.918%, 9/24/2018		49,250
		Merrill Communications, LLC, Term Loan
	249	6.250%, 6/1/2022		212
		SS&C European Holdings SARL, Term Loan
	42,421	4.007%, 7/8/2022		42,050
	6,243	4.018%, 7/8/2022		6,188

		Total		588,839


	Transportation (0.5%)
		American Airlines, Inc., Term Loan
	106,110	3.250%, 6/27/2020		104,336
		Delta Airlines, Inc., Term Loan
	99,750	3.250%, 8/24/2022		99,447
		OSG Bulk Ships, Inc., Term Loan
	103,425	5.250%, 8/5/2019		99,029
		XPO Logistics, Inc., Term Loan
	112,500	5.500%, 11/1/2021		111,890

		Total		414,702


	Utilities (0.3%)
		Calpine Corporation, Term Loan
	94,468	4.000%, 10/31/2020		91,870
	84,351	3.500%, 5/27/2022		80,260
		Intergen NV, Term Loan
	105,300	5.500%, 6/15/2020		94,902

		Total		267,032


		Total Bank Loans (cost $8,554,781)		7,928,394


Shares		Common Stock (61.7%)
	Consumer Discretionary (9.8%)
	1,400	Aisan Industry Company, Ltd.		14,376
	500	Aisin Seiki Company, Ltd.		21,519
	1,150	Amazon.com, Inc.^e		777,273
	880	AutoZone, Inc.^e		652,881
	200	Bayerische Motoren Werke AG		16,733
	2,200	Berkeley Group Holdings plc		119,600
	4,830	Best Buy Company, Inc.		147,073
	3,440	BorgWarner, Inc.		148,711
	500	Brembo SPA		24,157
	1,200	Bridgestone Corporation		41,162
	2,300	Burlington Stores, Inc.^e		98,670
	3,000	Calsonic Kansei Corporation		26,448
	3,045	Cedar Fair, LP		170,033
	1,500	Cineworld Group plc		12,436
	14,216	Comcast Corporation		802,209
	900	Compass Group plc		15,595
	400	Daimler AG		33,422
	10,000	Debenhams plc		10,782
	1,900	Denso Corporation		90,792
	11,100	Discovery Communications, Inc., Class A^e		296,148
	7,900	EDION Corporation		59,650
	1,000	Electrolux AB		24,127
	1,300	Eutelsat Communications		38,923
	4,990	Ford Motor Company		70,309
	1,690	General Motors Company		57,477
	2,900	GKN plc		13,160
	6,000	Gunze, Ltd.		17,574
	3,200	Hakuhodo Dy Holdings, Inc.		34,623
	1,470	Harman International Industries, Inc.		138,489
	200	Hugo Boss AG		16,502
	5,800	Inchcape plc		66,919
	2,600	Informa plc		23,498
	900	Intertek Group plc		36,816
	1,500	Isuzu Motors, Ltd.		16,159
	19,300	ITV plc		78,578
	5,100	Jarden Corporation^e		291,312
	9,500	Lookers plc		25,884
	7,993	MDC Partners, Inc.		173,608
	400	Mitsuba Corporation		6,184
	10,080	NIKE, Inc.		630,000
	2,800	NOK Corporation		65,410
	100	Paddy Power plc		13,356
	2,000	PanaHome Corporation		15,110
	1,930	Papa John’s International, Inc.		107,829
	5,900	Persimmon plc		176,018
	210	Priceline Group, Inc.^e		267,739
	500	ProSiebenSat.1 Media AG		25,226
	100	Renault SA		10,010
	1,552	Restoration Hardware Holdings, Inc.^e		123,306
	397	Schibsted ASA		13,052
	1,400	Sekisui House, Ltd.		23,539
	1,500	SHOWA Corporation		13,918
	2,100	Sports Direct International plc^e		17,846
	600	Stanley Electric Company, Ltd.		13,163
	3,900	Star Entertainment Group, Ltd.		14,311
	7,310	Starbucks Corporation		438,819
	4,700	Sumitomo Forestry Company, Ltd.		63,418
	2,700	Sumitomo Rubber Industries, Ltd.		35,109
	2,000	Takashimaya Company, Ltd.		18,011
	500	Tamron Company, Ltd.		9,225
	3,770	Target Corporation		273,740
	4,700	Tatts Group, Ltd.		14,922
	22,500	Taylor Wimpey plc		67,261
	4,190	Toll Brothers, Inc.^e		139,527
	5,400	UBM plc		41,852
	400	Valora Holding AG		83,218
	2,000	Wacoal Holdings Corporation		23,917
	3,800	WH Smith plc		98,739
	2,600	Wolters Kluwer NV		87,318
	3,400	WPP plc		78,207
	700	Yokohama Rubber Company, Ltd.		10,750

		Total		7,723,678


	Consumer Staples (3.6%)
	800	AarhusKarlshamn AB		59,263
	3,769	Anheuser-Busch InBev NV ADR		471,125
	2,100	Axfood AB		36,372
	500	Bakkafrost PF		14,730
	200	British American Tobacco plc		11,107
	1,900	Britvic plc		20,357
	600	Carrefour SA		17,316
	10,330	Coca-Cola Company		443,777
	3,900	Coca-Cola HBC AG^e		83,054
	800	Henkel AG & Company KGaA		76,523
	7,100	Imperial Tobacco Group plc		375,008
	4,700	Japan Tobacco, Inc.		172,555
	1,700	Jeronimo Martins SGPS SA		22,121
	1,800	Kao Corporation		92,500
	100	Kerry Group plc		8,274
	11,900	Koninklijke Ahold NV		251,013
	300	KOSE Corporation		27,738

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

GROWTH AND INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (61.7%)	Value
	Consumer Staples (3.6%) - continued
	1,600	Marks and Spencer Group plc	$	10,653
	2,500	Nestle SA		185,588
	1,000	Nippon Meat Packers, Inc.		19,600
	2,900	Nisshin Oillio Group, Ltd.		11,814
	2,350	Philip Morris International, Inc.		206,589
	400	Royal Unibrew AS		16,257
	1,000	Suedzucker AG		19,820
	500	Sugi Holdings Company, Ltd.		27,586
	200	Sundrug Company, Ltd.		12,859
	600	Svenska Cellulosa AB SCA		17,388
	2,800	Swedish Match AB		98,945

		Total		2,809,932


	Energy (3.9%)
	400	Azrieli Group, Ltd.		14,901
	29,000	BP plc		150,705
	580	Cimarex Energy Company		51,840
	6,450	EOG Resources, Inc.		456,595
	5,620	EQT Corporation		292,971
	18,000	Kinder Morgan, Inc.		268,560
	1,000	OMV AG		28,385
	9,850	Parsley Energy, Inc.^e		181,732
	600	Royal Dutch Shell plc		13,684
	6,700	Royal Dutch Shell plc ADR, Class A		306,793
	1,548	Royal Dutch Shell plc, Class B		35,281
	12,900	Spectra Energy Corporation		308,826
	4,900	Statoil ASA		68,339
	5,000	TonenGeneral Sekiyu KK		42,210
	7,710	Total SA ADR		346,565
	61,440	Weatherford International, Ltd.^e		515,482

		Total		3,082,869


	Financials (17.4%)
	19,600	Aberdeen Asset Management plc		83,520
	500	Acadia Realty Trust		16,575
	700	AEON Financial Service Company, Ltd.		15,637
	1,010	Affiliated Managers Group, Inc.^e		161,358
	700	Agree Realty Corporation		23,793
	3,241	Alexandria Real Estate Equities, Inc.		292,857
	3,000	Allianz SE		528,837
	1,300	American Capital Agency Corporation		22,542
	574	American Farmland Company		4,041
	1,642	American Realty Capital Properties, Inc.		13,005
	2,500	Annaly Capital Management, Inc.		23,450
	1,500	Apartment Investment & Management Company		60,045
	8,600	Apollo Investment Corporation		44,892
	3,950	Ares Capital Corporation		56,288
	8,200	Australia & New Zealand Banking Group, Ltd.		165,474
	1,100	AvalonBay Communities, Inc.		202,543
	30,900	Banco Santander SA		152,009
	13,900	Bank Hapoalim, Ltd.		71,752
	3,612	Bank of Queensland, Ltd.		36,436
	24,000	Bank of Yokohama, Ltd.		147,110
	8,300	BinckBank NV		71,533
	2,100	BioMed Realty Trust, Inc.		49,749
	400	Bluerock Residential Growth REIT, Inc.		4,740
	300	Bolsas y Mercados Espanoles SA		10,110
	2,165	Boston Properties, Inc.		276,124
	2,600	British Land Company plc		30,084
	8,684	Brixmor Property Group, Inc.		224,221
	3,390	Camden Property Trust		260,216
	3,807	Capital Shopping Centres Group plc		17,786
	11,200	CapitaMall Trust		15,197
	650	Care Capital Properties, Inc.		19,871
	19,930	Charles Schwab Corporation		656,295
	356	Chesapeake Lodging Trust		8,957
	3,000	Chiba Bank, Ltd.		21,289
	10,860	Citigroup, Inc.		562,005
	3,600	CNP Assurances		48,562
	250	CoreSite Realty Corporation		14,180
	2,300	CubeSmart		70,426
	400	CyrusOne, Inc.		14,980
	1,300	Daiwa House Industry Company, Ltd.		37,370
	11,020	DDR Corporation		185,577
	200	Derwent London plc		10,818
	16,600	DEXUS Property Group		90,041
	950	Digital Realty Trust, Inc.		71,839
	7,908	Direct Line Insurance Group plc		47,402
	5,600	Duke Realty Corporation		117,712
	300	DuPont Fabros Technology, Inc.		9,537
	5,230	Encore Capital Group, Inc.^e		152,088
	700	EPR Properties		40,915
	510	Equinix, Inc.		154,224
	1,000	Equity Lifestyle Properties, Inc.		66,670
	300	Equity One, Inc.		8,145
	3,460	Equity Residential		282,301
	550	Essex Property Trust, Inc.		131,675
	450	Extra Space Storage, Inc.		39,694
	200	Federal Realty Investment Trust		29,220
	8,600	FlexiGroup, Ltd.		18,769
	10,200	Frasers Centrepoint Trust		13,257
	24,000	Fukuoka Financial Group, Inc.		119,007
	4,539	General Growth Properties, Inc.		123,506
	500	GEO Group, Inc.		14,455
	1,400	Hamborner REIT AG		14,627
	1,900	Hammerson plc		16,797
	3,000	Hang Seng Bank, Ltd.		56,860
	1,400	Hannover Rueckversicherung SE		159,866
	2,700	HCP, Inc.		103,248
	2,257	Health Care REIT, Inc.		153,544
	2,200	Healthcare Trust of America, Inc.		59,334
	6,100	Henderson Group plc		27,725
	2,500	Henderson Land Development Company, Ltd.		15,250
	1,300	Highwoods Properties, Inc.		56,680
	6,000	Hokuhoku Financial Group, Inc.		12,231
	1,000	Hospitality Properties Trust		26,150
	9,591	Host Hotels & Resorts, Inc.		147,126
	400	Hudson Pacific Properties, Inc.		11,256
	3,100	Hufvudstaden AB		43,823
	24,000	Hysan Development Company, Ltd.		98,056
	900	IG Group Holdings plc		10,640
	4,400	ING Groep NV		59,532
	1,710	Intercontinental Exchange, Inc.		438,205
	10,585	Intermediate Capital Group plc		97,579
	1,650	Invesco Mortgage Capital, Inc.		20,444
	7,000	Investa Office Fund		20,263
	14,900	Investec plc		105,061
	600	Iron Mountain, Inc.		16,206
	600	Kilroy Realty Corporation		37,968
	4,400	Kimco Realty Corporation		116,424
	267	Lamar Advertising Company		16,015
	700	LaSalle Hotel Properties		17,612
	300	Liberty Property Trust		9,315
	17,000	Link REIT		101,352
	1,175	Macerich Company		94,811

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

GROWTH AND INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (61.7%)	Value
	Financials (17.4%) - continued
	200	Macquarie Group, Ltd.	$	11,965
	2,200	Medical Properties Trust, Inc.		25,322
	8,130	MetLife, Inc.		391,947
	800	Mid-America Apartment Communities, Inc.		72,648
	21,200	Mitsubishi UFJ Financial Group, Inc.		131,318
	200	Muenchener Rueckversicherungs- Gesellschaft AG		39,848
	500	National Health Investors, Inc.		30,435
	1,800	National Retail Properties, Inc.		72,090
	52,000	New World Development Company, Ltd.		51,061
	850	NorthStar Realty Finance Corporation		14,475
	4,000	Ogaki Kyoritsu Bank, Ltd.		16,127
	4,200	Old Mutual plc		11,049
	1,000	Omega Healthcare Investors, Inc.		34,980
	500	Outfront Media, Inc.		10,915
	4,186	PacWest Bancorp		180,417
	1,200	Parkway Properties, Inc.		18,756
	1,650	Physicians Realty Trust		27,819
	4,000	Poundland Group plc		12,248
	6,740	Prologis, Inc.		289,281
	1,368	Public Storage, Inc.		338,854
	2,310	Raymond James Financial, Inc.		133,911
	1,000	Realty Income Corporation		51,630
	700	Regency Centers Corporation		47,684
	2,800	Renasant Corporation		96,348
	2,800	Resona Holdings, Inc.		13,597
	400	Retail Opportunity Investments Corporation		7,160
	1,997	RLJ Lodging Trust		43,195
	300	Sampo Oyj		15,235
	2,000	Schroders plc		87,598
	168	Silver Bay Realty Trust Corporation REIT		2,631
	2,740	Simon Property Group, Inc.		532,766
	500	SL Green Realty Corporation		56,490
	3,375	Solar Capital, Ltd.		55,451
	400	Sompo Japan Nipponkoa Holdings, Inc.		13,134
	367	Sovran Self Storage, Inc.		39,383
	5,400	Spirit Realty Captial, Inc.		54,108
	40,500	Stockland		120,223
	596	Store Capital Corporation		13,827
	16,000	Sumitomo Mitsui Trust Holdings, Inc.		60,597
	1,500	Summit Hotel Properties, Inc.		17,925
	150	Sun Communities, Inc.		10,279
	700	Sunstone Hotel Investors, Inc.		8,743
	3,200	Swiss Re AG		312,532
	14,390	Synchrony Financial^e		437,600
	500	Talanx AG		15,377
	1,033	Tanger Factory Outlet Centers, Inc.		33,779
	300	Taubman Centers, Inc.		23,016
	300	Tokio Marine Holdings, Inc.		11,587
	6,200	UBS Group AG		120,277
	2,400	UDR, Inc.		90,168
	9,000	United Overseas Bank, Ltd.		124,081
	1,410	Urban Edge Properties		33,065
	2,600	Ventas, Inc.		146,718
	2,610	Vornado Realty Trust		260,896
	1,800	Wallenstam AB		14,468
	17,800	Wing Tai Holdings, Ltd.		21,988
	600	WP Carey, Inc.		35,400
	4,650	XL Group plc		182,187
	6,100	Zions Bancorporation		166,530

		Total		13,719,850


	Health Care (6.7%)
	14,170	Abbott Laboratories		636,375
	200	Actelion, Ltd.		27,789
	3,810	Akorn, Inc.^e		142,151
	1,790	Allergan plc^e		559,375
	2,210	Amgen, Inc.		358,749
	1,500	Astellas Pharmaceutical, Inc.		21,354
	100	Bayer AG		12,489
	400	CSL, Ltd.		30,496
	2,200	Essilor International SA		274,201
	200	Fresenius Medical Care AG & Company KGaA		16,807
	200	Gerresheimer AG		15,628
	2,500	Hikma Pharmaceuticals plc		84,749
	4,700	Hologic, Inc.^e		181,843
	1,697	ICON plc^e		131,857
	810	Illumina, Inc.^e		155,475
	900	Kaken Pharmaceutical Company, Ltd.		61,500
	300	Lonza Group AG		48,790
	9,300	Medtronic, Inc.		715,356
	13,550	Merck & Company, Inc.		715,711
	4,000	Mylan NV^e		216,280
	2,200	Novartis AG		189,242
	2,500	Novo Nordisk AS		144,746
	400	Paramount Bed Holdings Company, Ltd.		14,193
	6,532	Pfizer, Inc.		210,853
	500	Recordati SPA		13,045
	1,500	Sanofi		127,833
	700	Suzuken Company, Ltd.		26,602
	1,290	Waters Corporation^e		173,608

		Total		5,307,097


	Industrials (6.6%)
	800	Aalberts Industries NV		27,565
	900	Adecco SA		61,598
	4,900	ADT Corporation		161,602
	1,300	Aida Engineering, Ltd.		13,399
	17,000	Air New Zealand, Ltd.		34,287
	900	Airbus Group NV		60,649
	1,500	Amada Holdings Company, Ltd.		14,314
	400	Andritz AG		19,467
	8,000	Asahi Glass Company, Ltd.		45,831
	500	Atlas Copco Aktiebolag		12,262
	9,500	BAE Systems plc		69,944
	6,220	Boeing Company		899,350
	4,700	Bollore SA		21,900
	4,300	Central Glass Company, Ltd.		19,722
	700	Central Japan Railway Company		124,274
	800	Compagnie de Saint-Gobain		34,668
	500	Croda International plc		22,403
	3,100	CTT-Correios de Portugal SA		29,794
	2,000	Dai Nippon Printing Company, Ltd.		19,777
	1,922	Dart Group plc		16,675
	1,400	Deutsche Post AG		39,141
	700	DSV AS		27,555
	100	East Japan Railway Company		9,417
	300	Elbit Systems, Ltd.		26,411
	3,220	EMCOR Group, Inc.		154,689
	2,100	Ferrovial SA		47,488
	1,338	Galliford Try plc		30,065

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

GROWTH AND INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (61.7%)	Value
	Industrials (6.6%) - continued
	300	GEA Group AG	$	12,120
	2,000	Hankyu Hanshin Holdings, Inc.		13,000
	3,220	HNI Corporation		116,113
	200	Hochtief AG		18,550
	200	Hoshizaki Electric Company, Ltd.		12,433
	800	IBIDEN Company, Ltd.		11,469
	9,444	Illinois Tool Works, Inc.		875,270
	1,000	Inaba Denki Sangyo Company, Ltd.		31,951
	8,040	Ingersoll-Rand plc		444,532
	3,300	Intrum Justitia AB		112,291
	12,100	ITOCHU Corporation		143,124
	600	Jardine Matheson Holdings, Ltd.		29,057
	200	Jungheinrich AG		16,495
	1,000	Keisei Electric Railway Company, Ltd.		12,758
	4,500	KITZ Corporation		20,213
	3,000	KONE Oyj		127,024
	1,000	Koninklijke Boskalis Westminster NV		40,792
	4,700	Macquarie Infrastructure Corporation		341,220
	5,730	Masco Corporation		162,159
	6,407	Meggitt plc		35,375
	300	MEITEC Corporation		10,273
	1,800	MIRAIT Holdings Corporation		14,830
	2,000	Mitsuboshi Belting, Ltd.		15,944
	1,900	Nikkon Holdings Company, Ltd.		37,870
	3,000	Nippon Express Company, Ltd.		14,098
	3,100	Nitto Kogyo Corporation		54,200
	1,000	Obayashi Corporation		9,227
	200	Randstad Holding NV		12,454
	6,000	Rentokil Initial plc		14,078
	200	Rieter Holding AG		37,591
	593	Saft Groupe SA		18,074
	6,400	SIG plc		13,524
	1,000	Teleperformance SA		84,088
	300	Thales SA		22,455
	400	TKH Group NV		16,243
	3,000	Toppan Printing Company, Ltd.		27,639
	400	Travis Perkins plc		11,604
	1,100	Tsubakimoto Chain Company		8,470
	200	Vestas Wind Systems AS		13,968
	1,400	WABCO Holdings, Inc.^e		143,164
	500	Yuasa Trading Company, Ltd.		12,352

		Total		5,212,339


	Information Technology (9.1%)
	5,160	Alibaba Group Holding, Ltd. ADR^e		419,353
	570	Alphabet, Inc., Class A^e		443,466
	561	Alphabet, Inc., Class C^e		425,732
	1,200	Alps Electric Company, Ltd.		32,542
	400	AMS AG		13,371
	5,130	Apple, Inc.		539,984
	160	AtoS		13,432
	2,630	Autodesk, Inc.^e		160,246
	1,700	Canon, Inc.		51,425
	300	Cap Gemini SA		27,836
	2,450	Check Point Software Technologies, Ltd.^e		199,381
	16,720	Cisco Systems, Inc.		454,032
	1,500	Dialog Semiconductor plc^e		50,053
	600	DTS Corporation		13,658
	15,579	EMC Corporation		400,069
	1,940	Facebook, Inc.^e		203,040
	6,100	FUJIFILM Holdings NPV		254,568
	2,000	Hitachi Kokusai Electric, Inc.		27,189
	900	Hoya Corporation		36,803
	500	Ingenico Group		63,111
	1,800	IRESS, Ltd.		13,032
	800	IT Holdings Corporation		18,279
	800	ITOCHU Techno-Solutions Corporation		15,940
	5,380	Juniper Networks, Inc.		148,488
	400	Kyocera Corporation		18,576
	3,350	MasterCard, Inc.		326,156
	8,200	MaxLinear, Inc.^e		120,786
	14,150	Microsoft Corporation		785,042
	2,400	NEC Networks & System Integration Corporation		42,443
	800	NS Solutions Corporation		18,229
	2,890	Plantronics, Inc.		137,044
	7,620	Progress Software Corporation^e		182,880
	5,300	QLIK Technologies, Inc.^e		167,798
	900	SAP SE		71,418
	3,800	Shinko Electric Industries Company, Ltd.		24,361
	200	TDK Corporation		12,809
	710	Ultimate Software Group, Inc.^e		138,812
	8,830	Visa, Inc.		684,767
	8,240	Xilinx, Inc.		387,033

		Total		7,143,184


	Materials (1.8%)
	570	Ashland, Inc.		58,539
	200	Aurubis AG		10,127
	4,900	BHP Billiton plc		54,644
	11,100	BHP Billiton, Ltd.		142,852
	5,200	BillerudKorsnas AB		96,234
	4,400	Boral, Ltd.		18,812
	1,200	Buzzi Unicem SPA		21,510
	1,230	Crown Holdings, Inc.^e		62,361
	6,400	Daicel Corporation		95,244
	1,561	Domtar Corporation		57,679
	2,000	DOWA Holdings Company, Ltd.^e		14,380
	300	Evonik Industries AG		9,923
	960	FMC Corporation		37,565
	1,300	Hexpol AB		13,939
	1,800	Hokuetsu Kishu Paper Company, Ltd.		10,607
	800	Holmen AB		24,710
	800	JFE Holdings, Inc.		12,562
	200	LafargeHolcim, Ltd.		10,015
	2,000	Mitsubishi Chemical Holdings Corporation		12,689
	1,500	Mondi plc		29,401
	800	Nippon Paint Holdings Company, Ltd.		19,362
	1,800	Nippon Steel & Sumitomo Metal Corporation		35,608
	1,200	Novozymes AS		57,455
	3,000	Oji Holdings Corporation		12,057
	2,390	Owens-Illinois, Inc.^e		41,634
	1,110	Packaging Corporation of America		69,986
	660	PPG Industries, Inc.		65,221
	900	Rio Tinto plc		26,204
	300	Rio Tinto, Ltd.		9,702
	3,110	Steel Dynamics, Inc.		55,576
	3,000	Sumitomo Seika Chemicals Company, Ltd.		18,253
	2,000	Tosoh Corporation		10,288
	2,800	UPM-Kymmene Oyj		51,983
	2,842	Yara International ASA		122,230

		Total		1,389,352


	Telecommunications Services (1.3%)
	13,011	BT Group plc		90,343

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

GROWTH AND INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (61.7%)	Value
	Telecommunications Services (1.3%) - continued
	3,500	Elisa Oyj	$	131,688
	3,100	Freenet AG		104,609
	47,628	KCOM Group plc		81,097
	8,100	Orange SA		135,479
	1,600	Proximus SA		52,066
	5,000	StarHub, Ltd.		13,012
	61,500	Telstra Corporation, Ltd.		249,917
	1,400	Vivendi SA		30,068
	6,200	Zayo Group Holdings, Inc.^e		164,858

		Total		1,053,137


	Utilities (1.5%)
	29,900	A2A SPA		40,487
	14,400	Brookfield Infrastructure Partners, LP		545,904
	3,500	CLP Holdings, Ltd.		29,666
	25,900	Electricidade de Portugal SA		93,327
	8,521	MDU Resources Group, Inc.		156,105
	2,924	NorthWestern Corporation		158,627
	14,500	Redes Energeticas Nacionais SGPS SA		43,805
	2,000	Toho Gas Company, Ltd.		12,916
	6,400	United Utilities Group plc		88,124

		Total		1,168,961


		Total Common Stock (cost $49,529,400)		48,610,399


Principal Amount		Long-Term Fixed Income (17.5%)	Value
	Asset-Backed Securities (0.1%)
		Countrywide Asset-Backed Certificates
	33,637	5.530%, 4/25/2047		36,642
		Vericrest Opportunity Loan Transferee
	63,690	3.500%, 6/26/2045^f		62,721

		Total		99,363


	Basic Materials (0.3%)
		Albemarle Corporation
	14,000	3.000%, 12/1/2019		13,732
		Anglo American Capital plc
	9,000	1.271%, 4/15/2016^f,g		8,912
		ArcelorMittal SA
	50,000	6.500%, 3/1/2021		40,244
		Dow Chemical Company
	10,000	8.550%, 5/15/2019		11,786
		First Quantum Minerals, Ltd.
	55,000	7.000%, 2/15/2021^f		34,513
		Freeport-McMoRan, Inc.
	7,000	2.300%, 11/14/2017		5,968
	12,000	2.375%, 3/15/2018		9,360
		Glencore Funding, LLC
	10,000	1.377%, 4/16/2018^f,g		8,438
		LyondellBasell Industries NV
	10,000	5.000%, 4/15/2019		10,638
		NOVA Chemicals Corporation
	40,122	5.250%, 8/1/2023^f		39,721
		Sappi Papier Holding GmbH
	35,000	6.625%, 4/15/2021^f		35,350

		Total		218,662


	Capital Goods (0.6%)
		Berry Plastics Corporation
	$30,000	6.000%, 10/15/2022^f		30,525
		Building Materials Corporation of America
	50,000	6.000%, 10/15/2025^f		51,000
		Cemex SAB de CV
	55,000	5.700%, 1/11/2025^f		45,994
		CNH Industrial Capital, LLC
	60,000	4.375%, 11/6/2020		56,550
		Crown Americas Capital Corporation IV
	50,000	4.500%, 1/15/2023		48,875
		General Electric Company
	16,000	4.200%, 12/15/2049^h		15,920
		L-3 Communications Corporation
	13,000	1.500%, 5/28/2017		12,839
		Lockheed Martin Corporation
	10,000	1.850%, 11/23/2018		9,982
		Martin Marietta Materials, Inc.
	16,000	1.703%, 6/30/2017^g		15,889
		Nortek, Inc.
	26,748	8.500%, 4/15/2021		27,754
		Owens-Brockway Glass Container, Inc.
	55,000	5.000%, 1/15/2022^f		53,762
		Pentair Finance SA
	10,000	3.625%, 9/15/2020		9,990
		Reynolds Group Issuer, Inc.
	26,748	9.875%, 8/15/2019		26,948
		Roper Industries, Inc.
	11,000	2.050%, 10/1/2018		10,929
		United Rentals North America, Inc.
	55,000	5.500%, 7/15/2025		53,350

		Total		470,307


	Collateralized Mortgage Obligations (2.5%)
		Alternative Loan Trust
	128,282	5.500%, 10/25/2035		117,202
		Banc of America Alternative Loan Trust
	59,819	6.000%, 11/25/2035		53,239
		CHL Mortgage Pass-Through Trust
	84,285	4.325%, 1/25/2036		79,067
		Citigroup Mortgage Loan Trust, Inc.
	23,579	2.751%, 3/25/2037		18,614
		CitiMortgage Alternative Loan Trust
	92,731	5.750%, 4/25/2037		79,549
		Countrywide Alternative Loan Trust
	78,761	6.500%, 8/25/2036		59,346
	238,887	6.000%, 4/25/2037		172,524
		Credit Suisse First Boston Mortgage Securities Corporation
	55,789	5.250%, 10/25/2035		55,452
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	59,076	5.500%, 11/25/2035		56,437
		HomeBanc Mortgage Trust
	46,538	2.229%, 4/25/2037		35,083
		J.P. Morgan Alternative Loan Trust
	142,909	6.500%, 3/25/2036		123,632

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

GROWTH AND INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (17.5%)	Value
	Collateralized Mortgage Obligations (2.5%) - continued
		J.P. Morgan Mortgage Trust
	$85,937	2.327%, 6/25/2035	$	85,794
	80,068	2.812%, 6/25/2035		80,893
	66,341	2.872%, 8/25/2035		65,930
	87,056	2.919%, 1/25/2037		76,432
		MortgageIT Trust
	73,266	0.682%, 12/25/2035^g		66,327
		New York Mortgage Trust
	77,263	2.671%, 5/25/2036		69,913
		Residential Accredit Loans, Inc. Trust
	72,293	5.750%, 9/25/2035		65,122
		Residential Funding Mortgage Security I Trust
	85,104	6.000%, 7/25/2037		77,038
		Structured Adjustable Rate Mortgage Loan Trust
	91,434	2.877%, 9/25/2035		77,258
		Structured Asset Mortgage Investments, Inc.
	138,021	0.732%, 12/25/2035^g		99,925
		WaMu Mortgage Pass Through Certificates
	69,586	2.431%, 10/25/2036		62,199
	131,013	0.997%, 1/25/2047^g		105,664
		Wells Fargo Mortgage Backed Securities Trust
	68,266	2.763%, 3/25/2036		67,797
	62,968	2.731%, 7/25/2036		61,699
	53,113	6.000%, 7/25/2037		52,578

		Total		1,964,714


	Communications Services (0.9%)
		21st Century Fox America, Inc.
	14,000	6.900%, 3/1/2019		15,902
		AMC Networks, Inc.
	16,748	7.750%, 7/15/2021		17,585
	10,000	4.750%, 12/15/2022		10,000
		America Movil SAB de CV
	10,000	5.000%, 10/16/2019		10,802
		American Tower Corporation
	10,000	2.800%, 6/1/2020		9,885
		AT&T, Inc.
	10,000	1.533%, 6/30/2020^g		9,928
		British Sky Broadcasting Group plc
	14,000	2.625%, 9/16/2019^f		13,935
		CC Holdings GS V, LLC
	10,000	2.381%, 12/15/2017		10,011
		CCO Safari II, LLC
	5,000	3.579%, 7/23/2020^f		4,970
	5,000	4.464%, 7/23/2022^f		4,983
		CCOH Safari, LLC
	30,000	5.750%, 2/15/2026^f		30,075
		CenturyLink, Inc.
	35,000	6.450%, 6/15/2021		34,125
		Clear Channel Worldwide Holdings, Inc.
	40,000	6.500%, 11/15/2022		39,000
		Columbus International, Inc.
	50,000	7.375%, 3/30/2021^f		49,500
		Digicel, Ltd.
	56,748	6.000%, 4/15/2021^f		47,810
		DIRECTV Holdings, LLC
	10,000	5.875%, 10/1/2019		11,161
		Frontier Communications Corporation
	35,000	8.875%, 9/15/2020^f		35,438
		Hughes Satellite Systems Corporation
	30,000	6.500%, 6/15/2019		32,325
		Intelsat Jackson Holdings SA
	26,748	7.250%, 10/15/2020		23,404
		Numericable-SFR
	50,000	6.000%, 5/15/2022^f		48,500
		SBA Tower Trust
	16,000	5.101%, 4/17/2017^f		16,198
		Sprint Corporation
	55,000	7.625%, 2/15/2025		40,150
		Telefonica Emisiones SAU
	12,000	3.192%, 4/27/2018		12,233
		T-Mobile USA, Inc.
	40,000	6.633%, 4/28/2021		41,500
		Univision Communications, Inc.
	40,000	5.125%, 5/15/2023^f		38,500
		UPCB Finance V, Ltd.
	36,000	7.250%, 11/15/2021^f		38,250
		Verizon Communications, Inc.
	37,000	2.625%, 2/21/2020		37,129
	16,000	4.500%, 9/15/2020		17,191

		Total		700,490


	Consumer Cyclical (1.0%)
		AMC Entertainment, Inc.
	32,000	5.875%, 2/15/2022		32,480
		Brookfield Residential Properties, Inc.
	30,000	6.125%, 7/1/2022^f		27,750
		Cinemark USA, Inc.
	31,000	4.875%, 6/1/2023		30,225
		Corrections Corporation of America
	35,000	5.000%, 10/15/2022		34,825
		Daimler Finance North America, LLC
	9,000	1.875%, 1/11/2018^f		8,964
		ERAC USA Finance, LLC
	16,000	2.350%, 10/15/2019^f		15,772
		Ford Motor Credit Company, LLC
	16,000	5.000%, 5/15/2018		16,806
	14,000	2.597%, 11/4/2019		13,746
		General Motors Financial Company, Inc.
	26,748	3.250%, 5/15/2018		26,882
	21,000	4.375%, 9/25/2021		21,295
		GLP Capital, LP
	60,000	4.875%, 11/1/2020		58,800
		Hilton Worldwide Finance, LLC
	50,000	5.625%, 10/15/2021		51,812
		Home Depot, Inc.
	10,000	0.882%, 9/15/2017^g		10,015
	10,000	2.625%, 6/1/2022		9,990
		Hyundai Capital America
	12,000	1.450%, 2/6/2017^f		11,944
		Jaguar Land Rover Automotive plc
	30,000	4.250%, 11/15/2019^f		30,225

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

GROWTH AND INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (17.5%)	Value
	Consumer Cyclical (1.0%) - continued
	$33,000	5.625%, 2/1/2023^f	$	33,330
		KB Home
	29,000	4.750%, 5/15/2019		28,130
		L Brands, Inc.
	33,000	6.625%, 4/1/2021		36,547
		Lennar Corporation
	50,000	4.750%, 11/15/2022		49,575
		Macy’s Retail Holdings, Inc.
	14,000	7.450%, 7/15/2017		15,127
		MGM Resorts International
	55,000	6.000%, 3/15/2023		54,588
		Ralph Lauren Corporation
	10,000	2.625%, 8/18/2020		10,095
		Royal Caribbean Cruises, Ltd.
	51,748	5.250%, 11/15/2022		53,042
		Six Flags Entertainment Corporation
	40,000	5.250%, 1/15/2021^f		40,500
		Toll Brothers Finance Corporation
	20,000	4.000%, 12/31/2018		20,400
		Visa, Inc.
	10,000	2.200%, 12/14/2020		9,981
		West Corporation
	50,000	5.375%, 7/15/2022^f		43,125

		Total		795,971


	Consumer Non-Cyclical (0.9%)
		Actavis Funding SCS
	7,000	1.757%, 3/12/2020^g		7,025
		Amgen, Inc.
	10,000	2.125%, 5/1/2020		9,864
		B&G Foods, Inc.
	40,000	4.625%, 6/1/2021		39,600
		BAT International Finance plc
	10,000	1.022%, 6/15/2018^f,g		9,986
		Becton, Dickinson and Company
	13,000	1.450%, 5/15/2017		12,945
		Boston Scientific Corporation
	5,000	6.000%, 1/15/2020		5,552
		Bunge Limited Finance Corporation
	10,000	3.500%, 11/24/2020		9,944
		Cardinal Health, Inc.
	10,000	1.950%, 6/15/2018		9,974
		Celgene Corporation
	10,000	3.550%, 8/15/2022		10,097
		CHS/Community Health Systems, Inc.
	33,000	7.125%, 7/15/2020		32,876
		Cott Beverages, Inc.
	55,000	5.375%, 7/1/2022		53,900
		CVS Health Corporation
	10,000	2.250%, 12/5/2018		10,048
		EMD Finance, LLC
	6,000	0.876%, 3/17/2017^f,g		5,982
		Envision Healthcare Corporation
	50,000	5.125%, 7/1/2022^f		49,000
		Forest Laboratories, Inc.
	15,000	4.375%, 2/1/2019^f		15,714
		Fresenius Medical Care US Finance, Inc.
	26,748	5.750%, 2/15/2021^f		28,620
		Gilead Sciences, Inc.
	10,000	3.250%, 9/1/2022		10,069
		Grifols Worldwide Operations, Ltd.
	40,000	5.250%, 4/1/2022		40,200
		HCA, Inc.
	26,748	4.750%, 5/1/2023		26,481
		JBS USA, LLC
	55,000	5.750%, 6/15/2025^f		47,850
		Laboratory Corporation of America Holdings
	5,000	2.625%, 2/1/2020		4,936
		Mead Johnson Nutrition Company
	10,000	3.000%, 11/15/2020		9,997
		Merck & Company, Inc.
	5,000	0.716%, 2/10/2020^g		4,969
		Mondelez International, Inc.
	8,000	2.250%, 2/1/2019		7,997
		Mylan NV
	5,000	3.750%, 12/15/2020^f		5,005
		PepsiCo, Inc.
	10,000	1.850%, 4/30/2020		9,885
		Revlon Consumer Products Corporation
	26,748	5.750%, 2/15/2021		25,879
		Reynolds American, Inc.
	10,000	3.250%, 6/12/2020		10,163
		SABMiller plc
	12,000	6.500%, 7/15/2018^f		13,240
		Safeway, Inc.
	3,000	3.400%, 12/1/2016		2,970
		Spectrum Brands Escrow Corporation
	33,000	6.375%, 11/15/2020		35,063
		Tenet Healthcare Corporation
	50,000	8.125%, 4/1/2022		49,875
		TreeHouse Foods, Inc.
	40,000	4.875%, 3/15/2022		38,100
		Valeant Pharmaceuticals International
	26,748	7.250%, 7/15/2022^f		26,146
		VPII Escrow Corporation
	25,000	7.500%, 7/15/2021^f		24,938
		Zoetis, Inc.
	10,000	3.450%, 11/13/2020		10,012

		Total		714,902


	Energy (0.6%)
		Anadarko Petroleum Corporation
	10,000	8.700%, 3/15/2019		11,361
		Boardwalk Pipelines, Ltd.
	11,000	5.875%, 11/15/2016		11,107
		Buckeye Partners, LP
	17,000	2.650%, 11/15/2018		16,355
		Chevron Corporation
	10,000	0.874%, 11/16/2018^g		10,003
		CNPC General Capital, Ltd.
	3,000	2.750%, 4/19/2017^f		3,032
		Concho Resources, Inc.
	51,748	6.500%, 1/15/2022		49,678

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

GROWTH AND INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (17.5%)	Value
	Energy (0.6%) - continued
		Crestwood Midstream Partners, LP
	$40,000	6.250%, 4/1/2023^f	$	27,900
		Enbridge, Inc.
	8,000	0.866%, 6/2/2017^g		7,835
		EQT Corporation
	10,000	8.125%, 6/1/2019		10,802
		Marathon Petroleum Corporation
	10,000	3.400%, 12/15/2020		9,821
		MEG Energy Corporation
	33,000	6.375%, 1/30/2023^f		22,605
		Noble Energy, Inc.
	55,000	5.875%, 6/1/2022		52,321
		Pacific Drilling V, Ltd.
	40,000	7.250%, 12/1/2017^f		20,600
		Petrobras International Finance Company
	60,000	5.750%, 1/20/2020		47,100
		Petroleos Mexicanos
	70,000	5.625%, 1/23/2046^f		53,564
		Pioneer Natural Resources Company
	3,000	3.450%, 1/15/2021		2,770
		Regency Energy Partners, LP
	50,000	5.000%, 10/1/2022		44,294
		Sabine Pass Liquefaction, LLC
	55,000	5.625%, 3/1/2025^f		46,544
		Schlumberger Holdings Corporation
	10,000	3.000%, 12/21/2020^f		9,871
		Shell International Finance BV
	10,000	0.806%, 5/11/2020^g		9,853
		Southwestern Energy Company
	14,000	7.500%, 2/1/2018		11,900
		Sunoco Logistics Partners Operations, LP
	10,000	4.400%, 4/1/2021		9,691

		Total		489,007


	Financials (1.8%)
		Abbey National Treasury Services plc
	14,000	1.013%, 9/29/2017^g		13,883
		ACE INA Holdings, Inc.
	10,000	2.875%, 11/3/2022		9,924
		Air Lease Corporation
	14,000	2.125%, 1/15/2018		13,755
	5,000	2.625%, 9/4/2018		4,942
		Ally Financial, Inc.
	40,000	4.750%, 9/10/2018		40,950
		American Express Credit Corporation
	10,000	1.552%, 9/14/2020^g		10,085
		Aviation Capital Group Corporation
	8,000	3.875%, 9/27/2016^f		8,060
		Bank of America Corporation
	18,000	5.700%, 5/2/2017		18,772
	16,000	1.700%, 8/25/2017		15,954
	31,000	1.656%, 3/22/2018^g		31,099
	25,000	5.650%, 5/1/2018		26,883
	15,000	8.000%, 12/29/2049^h		15,263
		BB&T Corporation
	16,000	2.050%, 6/19/2018		16,091
		Bear Stearns Companies, LLC
	20,000	6.400%, 10/2/2017		21,539
		BNP Paribas SA
	12,000	2.375%, 9/14/2017		12,143
		Caisse Centrale Desjardins du Quebec
	7,000	0.989%, 1/29/2018^f,g		6,986
		CIT Group, Inc.
	30,000	3.875%, 2/19/2019		29,850
		Citigroup, Inc.
	21,000	1.850%, 11/24/2017		20,969
		Credit Agricole SA
	8,000	1.457%, 6/10/2020^f,g		7,983
		CyrusOne, LP
	26,748	6.375%, 11/15/2022		27,550
		DDR Corporation
	8,000	9.625%, 3/15/2016		8,125
		Discover Bank
	4,000	8.700%, 11/18/2019		4,732
		Discover Financial Services
	8,000	6.450%, 6/12/2017		8,452
		Duke Realty, LP
	14,000	8.250%, 8/15/2019		16,561
		Fifth Third Bancorp
	20,000	5.450%, 1/15/2017		20,734
		Goldman Sachs Group, Inc.
	8,000	2.625%, 1/31/2019		8,057
	12,000	7.500%, 2/15/2019		13,731
	5,000	1.476%, 4/23/2020^g		5,007
	10,000	2.012%, 11/29/2023^g		10,089
		Goldman Sachs Group, Inc. Convertible
	375,000	0.500%, 9/24/2022		387,911
		Hartford Financial Services Group, Inc.
	17,000	6.000%, 1/15/2019		18,696
		HCP, Inc.
	10,000	3.750%, 2/1/2019		10,316
		Health Care REIT, Inc.
	10,000	4.700%, 9/15/2017		10,453
		HSBC Holdings plc
	8,000	6.375%, 12/29/2049^h		7,990
		Hutchison Whampoa Finance CI, Ltd.
	15,000	1.625%, 10/31/2017^f		14,868
		Icahn Enterprises, LP
	50,000	6.000%, 8/1/2020		50,420
		ING Capital Funding Trust III
	10,000	4.207%, 12/29/2049^g,h		9,975
		International Lease Finance Corporation
	10,000	2.462%, 6/15/2016^g		9,975
	30,000	5.875%, 4/1/2019		31,800
		Intesa Sanpaolo SPA
	4,000	3.875%, 1/16/2018		4,102
	15,000	3.875%, 1/15/2019		15,444
		J.P. Morgan Chase & Company
	8,000	6.300%, 4/23/2019		8,970
	5,000	2.250%, 1/23/2020		4,919
	16,000	7.900%, 4/29/2049^h		16,288
		KeyCorp
	12,000	2.300%, 12/13/2018		12,018
		Liberty Mutual Group, Inc.
	4,000	5.000%, 6/1/2021^f		4,278

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

GROWTH AND INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (17.5%)	Value
	Financials (1.8%) - continued
		Lloyds Bank plc
$	7,000	1.038%, 3/16/2018^g	$	6,963
		MetLife, Inc.
	14,000	1.903%, 12/15/2017		14,082
		Mizuho Corporate Bank, Ltd.
	14,000	1.550%, 10/17/2017^f		13,890
		Morgan Stanley
	16,000	6.625%, 4/1/2018		17,544
	10,000	1.463%, 1/27/2020^g		10,021
	10,000	4.875%, 11/1/2022		10,613
		MPT Operating Partnership, LP
	40,000	5.500%, 5/1/2024		39,800
		Murray Street Investment Trust I
	24,000	4.647%, 3/9/2017		24,727
		National City Corporation
	8,000	6.875%, 5/15/2019		9,038
		New York Life Global Funding
	10,000	1.550%, 11/2/2018^f		9,919
		Nomura Holdings, Inc.
	8,000	2.750%, 3/19/2019		8,043
		Quicken Loans, Inc.
	50,000	5.750%, 5/1/2025^f		47,625
		Realty Income Corporation
	12,000	2.000%, 1/31/2018		12,007
		Regions Bank
	7,000	7.500%, 5/15/2018		7,778
		Reinsurance Group of America, Inc.
	16,000	5.625%, 3/15/2017		16,675
		Royal Bank of Scotland Group plc
	9,000	1.543%, 3/31/2017^g		8,982
		Simon Property Group, LP
	10,000	2.500%, 9/1/2020		10,008
		Societe Generale SA
	12,000	5.750%, 4/20/2016^f		12,153
		State Street Corporation
	10,000	1.264%, 8/18/2020^g		10,001
		Sumitomo Mitsui Banking Corporation
	24,000	1.300%, 1/10/2017		23,941
		Synchrony Financial
	22,000	1.875%, 8/15/2017		21,899
	5,000	1.564%, 2/3/2020^g		4,921
		Toronto-Dominion Bank
	10,000	1.432%, 12/14/2020^g		9,998
		UnitedHealth Group, Inc.
	10,000	3.350%, 7/15/2022		10,228
		USB Realty Corporation
	5,000	1.468%, 12/29/2049^f,g,h		4,500
		Voya Financial, Inc.
	12,000	2.900%, 2/15/2018		12,130
		Wells Fargo & Company
	7,000	1.002%, 1/30/2020^g		6,935

		Total		1,451,013


	Foreign Government (3.4%)
		Brazil Government International Bond
	66,000	5.875%, 1/15/2019		67,320
	73,000	4.875%, 1/22/2021		67,525
	123,000	2.625%, 1/5/2023		93,480
	64,000	5.000%, 1/27/2045		42,720
		Colombia Government International Bond
	40,000	2.625%, 3/15/2023		35,140
	40,000	4.000%, 2/26/2024		38,100
	85,000	5.000%, 6/15/2045		70,975
		Croatia Government International Bond
	55,000	6.625%, 7/14/2020^f		58,935
		Hungary Government International Bond
	70,000	5.750%, 11/22/2023		78,323
	72,000	5.375%, 3/25/2024		78,840
		Indonesia Government International Bond
	60,000	4.875%, 5/5/2021^f		62,149
	65,000	3.375%, 4/15/2023^f		60,401
	66,000	5.875%, 1/15/2024^f		70,707
	60,000	4.125%, 1/15/2025^f		57,500
	120,000	5.125%, 1/15/2045^f		108,522
		Mexico Government International Bond
	50,000	3.625%, 3/15/2022		50,300
	50,000	4.000%, 10/2/2023		50,650
	44,000	3.600%, 1/30/2025		42,878
	22,000	6.050%, 1/11/2040		24,090
	50,000	4.750%, 3/8/2044		45,550
	44,000	5.550%, 1/21/2045		45,100
	77,000	4.600%, 1/23/2046		68,145
		Panama Government International Bond
	32,000	4.000%, 9/22/2024		32,000
	22,000	6.700%, 1/26/2036		26,125
		Peru Government International Bond
	125,000	4.125%, 8/25/2027		122,500
		Philippines Government International Bond
	40,000	7.750%, 1/14/2031		56,199
	50,000	6.375%, 10/23/2034		65,189
		Romania Government International Bond
	42,000	4.375%, 8/22/2023^f		43,720
	20,000	4.875%, 1/22/2024^f		21,486
		Russia Government International Bond
	44,000	3.500%, 1/16/2019^f		43,780
	200,000	5.000%, 4/29/2020^f		206,400
	85,000	4.875%, 9/16/2023^f		86,360
	65,450	7.500%, 3/31/2030^f		78,415
	66,000	5.625%, 4/4/2042^f		62,436
		South Africa Government International Bond
	50,000	5.500%, 3/9/2020		51,317
		Turkey Government International Bond
	66,000	7.500%, 11/7/2019		74,004
	125,000	7.000%, 6/5/2020		139,082
	85,000	5.125%, 3/25/2022		87,231
	44,000	6.250%, 9/26/2022		47,766
	22,000	5.750%, 3/22/2024		23,243
	67,000	4.250%, 4/14/2026		62,816
	88,000	4.875%, 4/16/2043		77,440

		Total		2,724,859

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

GROWTH AND INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (17.5%)	Value
	Mortgage-Backed Securities (3.5%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
$	350,000	3.000%, 1/1/2031^c	$	360,666
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	250,000	4.000%, 1/1/2046^c		264,097
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	1,025,000	3.500%, 1/1/2046^c		1,057,516
	550,000	4.000%, 1/1/2046^c		581,994
	425,000	4.500%, 1/1/2046^c		458,947

		Total		2,723,220


	Technology (0.6%)
		Alliance Data Systems Corporation
	30,000	5.375%, 8/1/2022^f		28,575
		Amkor Technology, Inc.
	25,000	6.625%, 6/1/2021		24,813
		Apple, Inc.
	10,000	0.659%, 5/6/2020^g		9,925
		Automatic Data Processing, Inc.
	10,000	2.250%, 9/15/2020		10,038
		Cisco Systems, Inc.
	10,000	0.914%, 3/1/2019^g		9,991
		Denali Borrower, LLC
	52,000	5.625%, 10/15/2020^f		54,470
		Equinix, Inc.
	40,000	5.750%, 1/1/2025		40,900
		Fidelity National Information Services, Inc.
	15,000	1.450%, 6/5/2017		14,797
	10,000	3.625%, 10/15/2020		10,130
		First Data Corporation
	40,000	5.375%, 8/15/2023^f		40,200
		Freescale Semiconductor, Inc.
	40,000	6.000%, 1/15/2022^f		41,900
		Hewlett Packard Enterprise Company
	10,000	3.600%, 10/15/2020^f		10,023
		IMS Health, Inc.
	30,000	6.000%, 11/1/2020^f		30,900
		Intel Corporation
	10,000	3.100%, 7/29/2022		10,197
		Iron Mountain, Inc.
	21,748	6.000%, 8/15/2023		22,509
		Oracle Corporation
	10,000	2.500%, 5/15/2022		9,815
		Sensata Technologies BV
	50,000	4.875%, 10/15/2023^f		48,625
		Texas Instruments, Inc.
	10,000	1.750%, 5/1/2020		9,741
		Tyco Electronics Group SA
	16,000	6.550%, 10/1/2017		17,243

		Total		444,792


	Transportation (0.2%)
		Air Canada Pass Through Trust
	5,000	3.875%, 3/15/2023^f		4,850
		American Airlines Pass Through Trust
	6,943	4.950%, 1/15/2023		7,324
		Avis Budget Car Rental, LLC
	50,000	5.125%, 6/1/2022^f		49,375
		Continental Airlines, Inc.
	19,971	6.250%, 4/11/2020		20,969
		Delta Air Lines, Inc.
	8,735	4.950%, 5/23/2019		9,172
	7,822	4.750%, 5/7/2020		8,253
		J.B. Hunt Transport Services, Inc.
	10,000	3.300%, 8/15/2022		9,903
		Korea Expressway Corporation
	13,000	1.625%, 4/28/2017^f		12,955
		United Airlines 2015-1 Class A Pass Through Trust
	10,000	3.700%, 12/1/2022		9,975

		Total		132,776


	U.S. Government and Agencies (0.6%)
		U.S. Treasury Notes
	345,000	1.875%, 6/30/2020		347,412
	95,000	2.125%, 6/30/2022		95,490

		Total		442,902


	Utilities (0.5%)
		Access Midstream Partners, LP
	40,000	4.875%, 5/15/2023		32,427
		AES Corporation
	26,748	7.375%, 7/1/2021		27,283
		Ameren Corporation
	10,000	2.700%, 11/15/2020		9,962
		Arizona Public Service Company
	5,000	2.200%, 1/15/2020		4,953
		Berkshire Hathaway Energy Company
	14,000	2.400%, 2/1/2020		13,869
		Calpine Corporation
	50,000	5.375%, 1/15/2023		44,875
		DTE Energy Company
	14,000	2.400%, 12/1/2019		13,941
		Dynegy Finance I, Inc.
	55,000	7.375%, 11/1/2022		47,850
		EDP Finance BV
	14,000	4.125%, 1/15/2020^f		14,032
		El Paso Corporation
	7,000	7.000%, 6/15/2017		7,211
		Energy Transfer Equity, LP
	55,000	5.500%, 6/1/2027		41,800
		Eversource Energy
	5,000	1.600%, 1/15/2018		4,947
		Exelon Generation Company, LLC
	8,000	5.200%, 10/1/2019		8,618
	5,000	2.950%, 1/15/2020		4,982
		MPLX LP
	55,000	4.875%, 12/1/2024^f		49,363
		NiSource Finance Corporation
	7,000	6.400%, 3/15/2018		7,627
		NRG Energy, Inc.
	26,748	6.625%, 3/15/2023		23,204

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

GROWTH AND INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (17.5%)	Value
	Utilities (0.5%) - continued
		Pacific Gas & Electric Company
$	10,000	5.625%, 11/30/2017	$	10,689
		PG&E Corporation
	8,000	2.400%, 3/1/2019		7,983
		Sempra Energy
	14,000	6.150%, 6/15/2018		15,281
	5,000	2.400%, 3/15/2020		4,900
		Southern California Edison Company
	5,000	2.400%, 2/1/2022		4,903
		Xcel Energy, Inc.
	10,000	1.200%, 6/1/2017		9,949

		Total		410,649


		Total Long-Term Fixed Income (cost $14,078,134)		13,783,627


Shares		Registered Investment Companies (5.8%)
	Equity Funds/ETFs (4.5%)
	2,300	BlackRock Resources & Commodities Strategy Trust		16,353
	2,200	Cohen & Steers REIT and Preferred Income Fund, Inc.		40,568
	1,025	Guggenheim Multi-Asset Income ETF		18,635
	4,775	iShares FTSE NAREIT Mortgage Plus Capped Index Fund		45,649
	9,000	iShares MSCI EAFE Index Fund		528,750
	13,473	iShares S&P U.S. Preferred Stock Index Fund		523,426
	16,010	Materials Select Sector SPDR Fund		695,154
	2,075	NFJ Dividend Interest & Premium Strategy Fund		25,709
	34,200	SPDR S&P Oil & Gas Exploration & Production ETF		1,033,524
	14,330	Utilities Select Sector SPDR Fund		620,202
	200	Vanguard REIT ETF		15,946

		Total		3,563,916


	Fixed Income Funds/ETFs (1.3%)
	12,047	Aberdeen Asia-Pacific Income Fund, Inc.		55,055
	3,250	Doubleline Income Solutions Fund		52,715
	1,895	First Trust High Income Long/Short Fund		26,682
	1,654	iShares J.P. Morgan USD Emerging Markets Bond ETF		174,960
	11,462	MFS Intermediate Income Trust		52,381
	4,377	PIMCO Dynamic Credit Income Fund		78,917
	18,944	PowerShares Preferred Portfolio		283,213
	9,283	Templeton Global Income Fund		58,947
	1,645	Vanguard Short-Term Corporate Bond ETF		129,939
	4,234	Western Asset Emerging Markets Debt Fund, Inc.		58,133
	6,718	Western Asset High Income Opportunity Fund, Inc.		31,507

		Total		1,002,449


		Total Registered Investment Companies (cost $4,988,383)		4,566,365


Shares or Principal Amount		Short-Term Investments (8.5%)ⁱ
		Federal Home Loan Mortgage Corporation Discount Notes
	100,000	0.105%, 1/6/2016^j		99,999
	100,000	0.100%, 1/8/2016^j		99,998
		Thrivent Cash Management Trust
	6,429,870	0.220%		6,429,870
		U.S. Treasury Bills
	100,000	0.175%, 2/4/2016^k		99,983

		Total Short-Term Investments (at amortized cost)		6,729,850

		Total Investments (cost $83,880,548) 103.6%	$	81,618,635

		Other Assets and Liabilities, Net (3.6%)		(2,839,574	)

		Total Net Assets 100.0%	$	78,779,061

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	Defaulted security. Interest is not being accrued.

e	Non-income producing security.

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 December 31, 2015.

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	All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

k	All or a portion of the security is pledged as collateral under the agreement between the counterparty, the custodian and the fund for open swap contracts.

Definitions:


ADR	-	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
ETF	-	Exchange Traded Fund.
REIT	-	Real Estate Investment Trust is a company that buys, develops, manages and/or sells real estate assets.

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

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (16.4%)^a	Value
	Basic Materials (0.7%)
		Alpha Natural Resources, Inc., Term Loan
$	487,519	3.500%, 5/22/2020	$	210,038
		Fortescue Metals Group, Ltd., Term Loan
	580,443	4.250%, 6/30/2019		428,860
		Ineos US Finance, LLC, Term Loan
	621,066	3.750%, 12/15/2020		594,671
		NewPage Corporation, Term Loan
	1,072,500	9.500%, 2/11/2021		382,754
		Tronox Pigments BV, Term Loan
	809,093	4.500%, 3/19/2020		714,024

		Total		2,330,347


	Capital Goods (0.8%)
		ADS Waste Holdings, Inc., Term Loan
	545,835	3.750%, 10/9/2019		527,413
		Berry Plastics Group, Inc., Term Loan
	643,458	3.500%, 2/8/2020		630,152
	97,369	4.000%, 10/3/2022		96,395
		Rexnord, LLC, Term Loan
	625,600	4.000%, 8/21/2020		604,880
		Silver II Borrower, Term Loan
	561,858	4.000%, 12/13/2019		473,927

		Total		2,332,767


	Communications Services (5.3%)
		Altice Financing SA, Term Loan
	671,625	5.250%, 2/4/2022		668,059
		Atlantic Broadband Penn, LLC, Term Loan
	43,203	3.250%, 11/30/2019		42,758
		Birch Communication Inc., Term Loan
	542,500	7.750%, 7/17/2020		518,087
		Cengage Learning Acquisitions, Term Loan
	649,339	7.000%, 3/31/2020		631,482
		Cincinnati Bell, Inc., Term Loan
	562,063	4.000%, 9/10/2020		541,221
		CSC Holdings, LLC, Term Loan
	325,000	5.000%, 10/9/2022		324,087
		Fairpoint Communications, Term Loan
	623,960	7.500%, 2/14/2019		618,656
		Grande Communications Networks, LLC, Term Loan
	624,015	4.500%, 5/29/2020		611,017
		Gray Television, Inc., Term Loan
	378,378	3.750%, 6/13/2021		372,940
		Hargray Communications Group, Inc., Term Loan
	633,788	5.250%, 6/26/2019		629,231
		Integra Telecom Holdings, Inc., Term Loan
	648,412	5.250%, 8/14/2020		625,717
		Intelsat Jackson Holdings SA, Term Loan
	724,628	3.750%, 6/30/2019		683,738
		Level 3 Communications, Inc., Term Loan
	610,000	4.000%, 8/1/2019		608,475
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	745,000	4.500%, 1/7/2022		719,856
		LTS Buyer, LLC, Term Loan
	682,500	4.000%, 4/13/2020		663,049
		MCC Georgia, LLC, Term Loan
	462,950	3.750%, 6/30/2021		457,020
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	739,706	4.750%, 3/22/2019		721,827
		NEP/NCP Holdco, Inc., Term Loan
	645,216	4.250%, 1/22/2020		601,664
		NTelos, Inc., Term Loan
	974,811	5.750%, 11/9/2019		965,063
		Numericable US, LLC, Term Loan
	650,000	4.563%, 7/29/2022^b,c		620,042
	30,000	4.750%, 2/10/2023		28,768
		SBA Senior Finance II, LLC, Term Loan
	689,500	3.250%, 3/24/2021		673,986
		TNS, Inc., Term Loan
	440,717	5.000%, 2/14/2020		433,005
		Univision Communications, Inc., Term Loan
	579,900	4.000%, 3/1/2020		566,562
		Virgin Media Investment Holdings, Ltd., Term Loan
	390,526	3.500%, 6/30/2023		381,923
		WideOpenWest Finance, LLC, Term Loan
	594,804	4.500%, 4/1/2019		572,314
		WMG Acquisition Corporation, Term Loan
	586,500	3.750%, 7/1/2020		553,996
		XO Communications, LLC, Term Loan
	540,375	4.250%, 3/20/2021		526,595
		Yankee Cable Acquisition, LLC, Term Loan
	568,012	4.250%, 3/1/2020		558,958
		Zayo Group, LLC, Term Loan
	648,765	3.750%, 5/6/2021		637,062

		Total		16,557,158


	Consumer Cyclical (2.5%)
		Amaya BV, Term Loan
	187,632	5.000%, 8/1/2021		175,436
		Burlington Coat Factory Warehouse Corporation, Term Loan
	542,772	4.250%, 8/13/2021		535,309
		Ceridian HCM Holding, Inc., Term Loan
	306,866	4.500%, 9/15/2020		259,686
		Charter Communications Operating, LLC, Term Loan
	731,250	3.000%, 1/3/2021		715,711
		Golden Nugget, Inc., Delayed Draw
	73,320	5.500%, 11/21/2019		72,587
		Golden Nugget, Inc., Term Loan
	171,080	5.500%, 11/21/2019		169,369
		Hilton Worldwide Finance, LLC, Term Loan
	307,610	3.500%, 10/26/2020		306,745

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

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (16.4%)^a	Value
	Consumer Cyclical (2.5%) - continued
		IMG Worldwide, Inc., Term Loan
$	828,442	5.250%, 5/6/2021	$	812,652
		J.C. Penney Corporation, Inc., Term Loan
	594,750	6.000%, 5/22/2018		583,301
		Marina District Finance Company, Inc., Term Loan
	348,671	6.500%, 8/15/2018		347,799
		MGM Resorts International, Term Loan
	536,181	3.500%, 12/20/2019		528,138
		Michaels Stores, Inc., Term Loan
	539,335	4.000%, 1/28/2020		535,063
		Mohegan Tribal Gaming Authority, Term Loan
	880,065	5.500%, 6/15/2018		859,005
		Pinnacle Entertainment, Inc., Term Loan
	15,674	3.750%, 8/13/2020		15,611
		ROC Finance, LLC, Term Loan
	733,125	5.000%, 6/20/2019		680,582
		Scientific Games International, Inc., Term Loan
	597,800	6.000%, 10/18/2020		545,493
	138,947	6.000%, 10/1/2021		126,243
		Seminole Hard Rock Entertainment, Inc., Term Loan
	44,318	3.500%, 5/14/2020		43,321
		Seminole Indian Tribe of Florida, Term Loan
	491,407	3.000%, 4/29/2020		487,721

		Total		7,799,772


	Consumer Non-Cyclical (2.7%)
		Albertson’s, Inc., Term Loan
	827,953	5.500%, 3/21/2019		824,434
		Albertson’s, LLC, Term Loan
	315,000	0.000%, 12/22/2022^b,c		312,795
		Catalina Marketing Corporation, Term Loan
	679,650	4.500%, 4/9/2021		540,322
		CHS/Community Health Systems, Inc., Term Loan
	201,054	3.657%, 12/31/2018		197,954
	188,688	3.750%, 1/27/2021		183,618
	347,181	4.000%, 1/27/2021		341,231
		Endo Luxembourg Finance I Co Sarl, Term Loan
	485,000	3.750%, 9/26/2022		477,929
		HCA, Inc., Term Loan
	645,150	3.174%, 3/31/2017		643,982
		JBS USA, LLC, Term Loan
	659,266	3.750%, 5/25/2018		655,146
	140,000	4.000%, 10/30/2022		139,475
		Libbey Glass, Inc., Term Loan
	339,825	3.750%, 4/9/2021		333,453
		LTF Merger Sub, Inc., Term Loan
	621,875	4.250%, 6/10/2022		605,165
		Ortho-Clinical Diagnostics, Inc., Term Loan
	819,060	4.750%, 6/30/2021		691,082
		Owens-Brockway Glass Container, Inc., Term Loan
	698,250	3.500%, 9/1/2022		694,326
		Sterigenics-Nordion Holdings, LLC, Term Loan
	401,494	4.250%, 5/16/2022		389,449
		Supervalu, Inc., Term Loan
	516,820	4.500%, 3/21/2019		509,176
		Valeant Pharmaceuticals International, Inc., Term Loan
	773,053	4.000%, 4/1/2022^b,c		741,937

		Total		8,281,474


	Energy (1.0%)
		Arch Coal, Inc., Term Loan
	609,250	6.250%, 5/16/2018		268,241
		Aria Energy Operating, LLC, Term Loan
	402,104	5.000%, 5/27/2022		371,947
		Energy Solutions, LLC, Term Loan
	773,732	6.750%, 5/29/2020		580,299
		Exgen Renewables I, LLC, Term Loan
	391,366	5.250%, 2/6/2021		391,366
		McJunkin Red Man Corporation, Term Loan
	351,093	4.750%, 11/8/2019		321,250
		MEG Energy Corporation, Term Loan
	680,415	0.000%, 3/31/2020		596,724
		Offshore Group Investment, Ltd., Term Loan
	310,315	0.000%, 3/28/2019^d		62,321
		Pacific Drilling SA, Term Loan
	580,125	4.500%, 6/3/2018		248,003
		Targa Resources Partners, LP, Term Loan
	306,977	5.750%, 2/27/2022		297,000

		Total		3,137,151


	Financials (0.7%)
		DJO Finance, LLC, Term Loan
	324,188	4.250%, 6/7/2020		314,562
		Harland Clarke Holdings Corporation, Term Loan
	557,812	7.000%, 5/22/2018		538,752
		MPH Acquisition Holdings, LLC, Term Loan
	68,715	3.750%, 3/31/2021		66,768
		TransUnion, LLC, Term Loan
	687,750	3.500%, 4/9/2021		666,829
		WaveDivision Holdings, LLC, Term Loan
	731,156	4.000%, 10/15/2019		718,361

		Total		2,305,272


	Technology (1.3%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	1,500,000	0.000%, 11/13/2022^b,c		1,482,195
		Avago Technologies, Ltd., Term Loan
	898,818	3.750%, 5/6/2021		895,825
		BMC Software, Inc., Term Loan
	519,903	5.000%, 9/10/2020		426,689

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

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (16.4%)^a	Value
	Technology (1.3%) - continued
		First Data Corporation, Term Loan
$	670,000	3.918%, 3/23/2018	$	660,412
	140,000	3.918%, 9/24/2018		137,900
	150,000	4.168%, 7/8/2022		147,713
		Merrill Communications, LLC, Term Loan
	2,368	6.250%, 6/1/2022		2,013
		SS&C European Holdings SARL, Term Loan
	300,807	4.007%, 7/8/2022		298,175
	44,268	4.018%, 7/8/2022		43,881

		Total		4,094,803


	Transportation (0.9%)
		American Airlines, Inc., Term Loan
	1,051,275	3.250%, 6/27/2020		1,033,698
		Delta Airlines, Inc., Term Loan
	698,250	3.250%, 8/24/2022		696,127
		OSG Bulk Ships, Inc., Term Loan
	265,950	5.250%, 8/5/2019		254,647
		XPO Logistics, Inc., Term Loan
	850,000	5.500%, 11/1/2021		845,393

		Total		2,829,865


	Utilities (0.5%)
		Calpine Corporation, Term Loan
	447,716	4.000%, 10/31/2020		435,403
	701,658	3.500%, 5/27/2022		667,628
		Intergen NV, Term Loan
	580,125	5.500%, 6/15/2020		522,838

		Total		1,625,869

		Total Bank Loans (cost $55,160,312)		51,294,478


Shares		Common Stock (45.2%)
	Consumer Discretionary (7.1%)
	4,000	Aisan Industry Company, Ltd.		41,075
	1,200	Aisin Seiki Company, Ltd.		51,646
	3,380	Amazon.com, Inc.^e		2,284,508
	2,590	AutoZone, Inc.^e		1,921,547
	600	Bayerische Motoren Werke AG		50,199
	6,000	Berkeley Group Holdings plc		326,183
	13,410	Best Buy Company, Inc.		408,335
	9,570	BorgWarner, Inc.		413,711
	1,300	Brembo SPA		62,807
	3,400	Bridgestone Corporation		116,625
	6,390	Burlington Stores, Inc.^e		274,131
	6,000	Calsonic Kansei Corporation		52,896
	8,460	Cedar Fair, LP		472,406
	4,300	Cineworld Group plc		35,651
	41,765	Comcast Corporation		2,356,799
	2,300	Compass Group plc		39,855
	200	Continental AG		48,382
	1,200	Daimler AG		100,265
	27,700	Debenhams plc		29,865
	5,400	Denso Corporation		258,042
	32,600	Discovery Communications, Inc., Class A^e,f		869,768
	22,000	EDION Corporation		166,113
	2,600	Electrolux AB		62,731
	3,600	Eutelsat Communications		107,786
	14,670	Ford Motor Company		206,700
	4,980	General Motors Company		169,370
	8,100	GKN plc		36,757
	15,000	Gunze, Ltd.		43,936
	8,900	Hakuhodo Dy Holdings, Inc.		96,294
	4,080	Harman International Industries, Inc.		384,377
	500	Hugo Boss AG		41,255
	16,100	Inchcape plc		185,758
	7,400	Informa plc		66,878
	2,500	Intertek Group plc		102,267
	4,300	Isuzu Motors, Ltd.		46,322
	53,400	ITV plc		217,411
	14,150	Jarden Corporation^e		808,248
	26,300	Lookers plc		71,659
	22,230	MDC Partners, Inc.		482,836
	1,300	Mitsuba Corporation		20,098
	29,660	NIKE, Inc.		1,853,750
	7,600	NOK Corporation		177,542
	400	Paddy Power plc		53,423
	7,000	PanaHome Corporation		52,884
	5,360	Papa John’s International, Inc.		299,463
	16,300	Persimmon plc		486,286
	610	Priceline Group, Inc.^e		777,720
	1,500	ProSiebenSat.1 Media AG		75,677
	300	Renault SA		30,029
	4,315	Restoration Hardware Holdings, Inc.^e		342,827
	1,096	Schibsted ASA		36,033
	4,000	Sekisui House, Ltd.		67,255
	4,100	SHOWA Corporation		38,042
	5,900	Sports Direct International plc^e		50,139
	1,900	Stanley Electric Company, Ltd.		41,681
	11,000	Star Entertainment Group, Ltd.		40,364
	21,460	Starbucks Corporation		1,288,244
	12,900	Sumitomo Forestry Company, Ltd.		174,061
	6,400	Sumitomo Rubber Industries, Ltd.		83,222
	7,000	Takashimaya Company, Ltd.		63,038
	1,300	Tamron Company, Ltd.		23,984
	11,080	Target Corporation		804,519
	13,100	Tatts Group, Ltd.		41,591
	62,200	Taylor Wimpey plc		185,940
	11,640	Toll Brothers, Inc.^e		387,612
	14,900	UBM plc		115,482
	1,100	Valora Holding AG		228,849
	6,000	Wacoal Holdings Corporation		71,751
	10,600	WH Smith plc		275,431
	7,200	Wolters Kluwer NV		241,803
	9,600	WPP plc		220,818
	1,900	Yokohama Rubber Company, Ltd.		29,180

		Total		22,190,132


	Consumer Staples (2.6%)
	2,300	AarhusKarlshamn AB		170,382
	11,080	Anheuser-Busch InBev NV ADR		1,385,000
	6,000	Axfood AB		103,921
	1,383	Bakkafrost PF		40,744
	700	British American Tobacco plc		38,874
	5,200	Britvic plc		55,714
	1,600	Carrefour SA		46,176
	30,360	Coca-Cola Company		1,304,266
	11,000	Coca-Cola HBC AG^e		234,254
	2,400	Henkel AG & Company KGaA		229,568
	19,700	Imperial Tobacco Group plc		1,040,514
	13,000	Japan Tobacco, Inc.		477,279
	4,700	Jeronimo Martins SGPS SA		61,159
	4,900	Kao Corporation		251,805
	500	Kerry Group plc		41,370

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

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (45.2%)	Value
	Consumer Staples (2.6%) - continued
	33,000	Koninklijke Ahold NV	$	696,087
	800	KOSE Corporation		73,969
	4,500	Marks and Spencer Group plc		29,962
	6,900	Nestle SA		512,223
	5,000	Nippon Meat Packers, Inc.		97,999
	6,800	Nisshin Oillio Group, Ltd.		27,701
	6,920	Philip Morris International, Inc.		608,337
	1,300	Royal Unibrew AS		52,834
	2,700	Suedzucker AG		53,515
	1,600	Sugi Holdings Company, Ltd.		88,276
	600	Sundrug Company, Ltd.		38,578
	1,800	Svenska Cellulosa AB SCA		52,164
	7,600	Swedish Match AB		268,564

		Total		8,081,235


	Energy (3.2%)
	900	Azrieli Group, Ltd.		33,527
	80,200	BP plc		416,777
	1,620	Cimarex Energy Company		144,796
	18,970	EOG Resources, Inc.		1,342,886
	16,630	EQT Corporation		866,922
	47,000	Kinder Morgan, Inc.		701,240
	2,700	OMV AG		76,641
	27,380	Parsley Energy, Inc.^e		505,161
	1,700	Royal Dutch Shell plc		38,772
	28,000	Royal Dutch Shell plc ADR		1,282,120
	4,100	Royal Dutch Shell plc, Class B		93,443
	54,000	Spectra Energy Corporation		1,292,760
	13,514	Statoil ASA		188,477
	13,000	TonenGeneral Sekiyu KK		109,746
	32,363	Total SA ADR^f		1,454,717
	180,550	Weatherford International, Ltd.^e		1,514,814

		Total		10,062,799


	Financials (12.6%)
	54,200	Aberdeen Asset Management plc		230,960
	1,550	Acadia Realty Trust		51,383
	2,100	AEON Financial Service Company, Ltd.		46,911
	2,810	Affiliated Managers Group, Inc.^e		448,926
	1,900	Agree Realty Corporation		64,581
	9,110	Alexandria Real Estate Equities, Inc.		823,180
	8,300	Allianz SE		1,463,116
	7,900	American Capital Agency Corporation		136,986
	1,530	American Farmland Company		10,771
	4,719	American Realty Capital Properties, Inc.		37,374
	15,300	Annaly Capital Management, Inc.		143,514
	4,050	Apartment Investment & Management Company		162,121
	51,650	Apollo Investment Corporation		269,613
	23,800	Ares Capital Corporation		339,150
	22,900	Australia & New Zealand Banking Group, Ltd.		462,116
	3,100	AvalonBay Communities, Inc.		570,803
	85,300	Banco Santander SA		419,625
	38,100	Bank Hapoalim, Ltd.		196,672
	9,984	Bank of Queensland, Ltd.		100,715
	67,000	Bank of Yokohama, Ltd.		410,683
	23,100	BinckBank NV		199,085
	5,900	BioMed Realty Trust, Inc.		139,771
	1,200	Bluerock Residential Growth REIT, Inc.		14,220
	900	Bolsas y Mercados Espanoles SA		30,330
	6,260	Boston Properties, Inc.		798,400
	7,300	British Land Company plc		84,468
	23,988	Brixmor Property Group, Inc.		619,370
	9,180	Camden Property Trust		704,657
	10,396	Capital Shopping Centres Group plc		48,570
	31,100	CapitaMall Trust		42,199
	1,800	Care Capital Properties, Inc.		55,026
	58,590	Charles Schwab Corporation		1,929,369
	1,024	Chesapeake Lodging Trust		25,764
	8,000	Chiba Bank, Ltd.		56,770
	31,908	Citigroup, Inc.		1,651,239
	9,900	CNP Assurances		133,545
	650	CoreSite Realty Corporation		36,868
	6,900	CubeSmart		211,278
	1,350	CyrusOne, Inc.		50,558
	3,600	Daiwa House Industry Company, Ltd.		103,487
	30,710	DDR Corporation		517,156
	600	Derwent London plc		32,453
	45,600	DEXUS Property Group		247,342
	2,900	Digital Realty Trust, Inc.		219,298
	21,758	Direct Line Insurance Group plc		130,421
	15,700	Duke Realty Corporation		330,014
	700	DuPont Fabros Technology, Inc.		22,253
	14,550	Encore Capital Group, Inc.^e,f		423,114
	2,400	EPR Properties		140,280
	1,532	Equinix, Inc.		463,277
	3,000	Equity Lifestyle Properties, Inc.		200,010
	900	Equity One, Inc.		24,435
	9,440	Equity Residential		770,210
	1,600	Essex Property Trust, Inc.		383,056
	1,400	Extra Space Storage, Inc.		123,494
	600	Federal Realty Investment Trust		87,660
	23,800	FlexiGroup, Ltd.		51,942
	28,500	Frasers Centrepoint Trust		37,042
	66,000	Fukuoka Financial Group, Inc.		327,269
	12,786	General Growth Properties, Inc.		347,907
	1,900	GEO Group, Inc.		54,929
	4,000	Hamborner REIT AG		41,792
	5,400	Hammerson plc		47,738
	8,400	Hang Seng Bank, Ltd.		159,208
	3,800	Hannover Rueckversicherung SE		433,923
	7,800	HCP, Inc.		298,272
	6,273	Health Care REIT, Inc.		426,752
	6,100	Healthcare Trust of America, Inc.		164,517
	16,900	Henderson Group plc		76,811
	6,500	Henderson Land Development Company, Ltd.		39,650
	3,800	Highwoods Properties, Inc.		165,680
	11,000	Hokuhoku Financial Group, Inc.		22,424
	3,000	Hospitality Properties Trust		78,450
	27,376	Host Hotels & Resorts, Inc.		419,948
	1,100	Hudson Pacific Properties, Inc.		30,954
	8,700	Hufvudstaden AB		122,988
	66,000	Hysan Development Company, Ltd.		269,654
	2,200	IG Group Holdings plc		26,010
	12,200	ING Groep NV		165,067
	5,030	Intercontinental Exchange, Inc.		1,288,988
	29,228	Intermediate Capital Group plc		269,441
	10,000	Invesco Mortgage Capital, Inc.		123,900
	19,300	Investa Office Fund		55,869
	41,500	Investec plc		292,618
	1,500	Iron Mountain, Inc.		40,515
	1,700	Kilroy Realty Corporation		107,576
	12,500	Kimco Realty Corporation		330,750
	803	Lamar Advertising Company		48,164
	2,400	LaSalle Hotel Properties		60,384
	900	Liberty Property Trust		27,945

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

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (45.2%)	Value
	Financials (12.6%) - continued
	46,000	Link REIT	$	274,247
	3,450	Macerich Company		278,380
	600	Macquarie Group, Ltd.		35,894
	6,300	Medical Properties Trust, Inc.		72,513
	23,800	MetLife, Inc.		1,147,398
	2,400	Mid-America Apartment Communities, Inc.		217,944
	58,500	Mitsubishi UFJ Financial Group, Inc.		362,364
	500	Muenchener Rueckversicherungs-Gesellschaft AG		99,619
	1,500	National Health Investors, Inc.		91,305
	5,500	National Retail Properties, Inc.		220,275
	143,000	New World Development Company, Ltd.		140,417
	2,400	NorthStar Realty Finance Corporation		40,872
	10,000	Ogaki Kyoritsu Bank, Ltd.		40,317
	11,500	Old Mutual plc		30,253
	3,050	Omega Healthcare Investors, Inc.		106,689
	1,600	Outfront Media, Inc.		34,928
	11,630	PacWest Bancorp		501,253
	3,400	Parkway Properties, Inc.		53,142
	4,700	Physicians Realty Trust		79,242
	11,100	Poundland Group plc		33,987
	18,920	Prologis, Inc.		812,046
	3,870	Public Storage, Inc.		958,599
	6,430	Raymond James Financial, Inc.		372,747
	2,800	Realty Income Corporation		144,564
	2,200	Regency Centers Corporation		149,864
	7,700	Renasant Corporation		264,957
	7,800	Resona Holdings, Inc.		37,879
	1,400	Retail Opportunity Investments Corporation		25,060
	5,500	RLJ Lodging Trust		118,965
	900	Sampo Oyj		45,704
	5,700	Schroders plc		249,656
	503	Silver Bay Realty Trust Corporation REIT		7,877
	7,593	Simon Property Group, Inc.		1,476,383
	1,400	SL Green Realty Corporation		158,172
	20,250	Solar Capital, Ltd.		332,708
	1,200	Sompo Japan Nipponkoa Holdings, Inc.		39,402
	1,177	Sovran Self Storage, Inc.		126,304
	15,100	Spirit Realty Captial, Inc.		151,302
	112,200	Stockland		333,063
	1,710	Store Capital Corporation		39,672
	45,000	Sumitomo Mitsui Trust Holdings, Inc.		170,430
	4,500	Summit Hotel Properties, Inc.		53,775
	400	Sun Communities, Inc.		27,412
	2,000	Sunstone Hotel Investors, Inc.		24,980
	8,800	Swiss Re AG		859,463
	42,300	Synchrony Financial^e		1,286,343
	1,300	Talanx AG		39,981
	2,932	Tanger Factory Outlet Centers, Inc.		95,876
	800	Taubman Centers, Inc.		61,376
	900	Tokio Marine Holdings, Inc.		34,762
	16,900	UBS Group AG		327,851
	6,500	UDR, Inc.		244,205
	25,100	United Overseas Bank, Ltd.		346,049
	4,000	Urban Edge Properties		93,800
	7,200	Ventas, Inc.		406,296
	7,130	Vornado Realty Trust		712,715
	4,800	Wallenstam AB		38,581
	49,400	Wing Tai Holdings, Ltd.		61,022
	1,700	WP Carey, Inc.		100,300
	12,940	XL Group plc		506,989
	16,970	Zions Bancorporation		463,281

		Total		39,555,174


	Health Care (4.9%)
	41,730	Abbott Laboratories		1,874,094
	600	Actelion, Ltd.		83,366
	10,600	Akorn, Inc.^e		395,486
	4,880	Allergan plc^e		1,525,000
	6,500	Amgen, Inc.		1,055,145
	4,300	Astellas Pharmaceutical, Inc.		61,214
	200	Bayer AG		24,978
	1,000	CSL, Ltd.		76,239
	6,100	Essilor International SA		760,283
	600	Fresenius Medical Care AG & Company KGaA		50,421
	500	Gerresheimer AG		39,071
	6,900	Hikma Pharmaceuticals plc		233,908
	13,080	Hologic, Inc.^e		506,065
	4,710	ICON plc^e		365,967
	2,260	Illumina, Inc.^e		433,796
	2,500	Kaken Pharmaceutical Company, Ltd.		170,833
	900	Lonza Group AG		146,371
	27,250	Medtronic, Inc.		2,096,070
	39,840	Merck & Company, Inc.		2,104,349
	11,680	Mylan NV^e		631,538
	6,000	Novartis AG		516,116
	6,700	Novo Nordisk AS		387,918
	900	Paramount Bed Holdings Company, Ltd.		31,933
	19,270	Pfizer, Inc.		622,036
	1,600	Recordati SPA		41,746
	4,300	Sanofi		366,456
	2,000	Suzuken Company, Ltd.		76,004
	3,610	Waters Corporation^e		485,834

		Total		15,162,237


	Industrials (5.0%)
	2,000	Aalberts Industries NV		68,912
	2,600	Adecco SA		177,951
	13,630	ADT Corporation^f		449,517
	3,700	Aida Engineering, Ltd.		38,135
	47,200	Air New Zealand, Ltd.		95,196
	2,600	Airbus Group NV		175,208
	4,200	Amada Holdings Company, Ltd.		40,079
	1,200	Andritz AG		58,402
	22,000	Asahi Glass Company, Ltd.		126,035
	1,400	Atlas Copco Aktiebolag		34,335
	26,200	BAE Systems plc		192,899
	18,140	Boeing Company		2,622,863
	13,200	Bollore SA		61,508
	11,300	Central Glass Company, Ltd.		51,828
	1,800	Central Japan Railway Company		319,561
	2,400	Compagnie de Saint-Gobain		104,005
	1,400	Croda International plc		62,727
	8,800	CTT-Correios de Portugal SA		84,576
	6,000	Dai Nippon Printing Company, Ltd.		59,332
	5,448	Dart Group plc		47,265
	3,900	Deutsche Post AG		109,036
	2,000	DSV AS		78,727
	500	East Japan Railway Company		47,083
	1,000	Elbit Systems, Ltd.		88,035
	8,960	EMCOR Group, Inc.		430,438
	5,800	Ferrovial SA		131,157

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

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (45.2%)	Value
	Industrials (5.0%) - continued
	100	Flughafen Zuerich AG	$	75,031
	3,725	Galliford Try plc		83,700
	900	GEA Group AG		36,361
	100	Georg Fischer AG		67,890
	6,000	Hankyu Hanshin Holdings, Inc.		38,999
	8,930	HNI Corporation		322,016
	700	Hochtief AG		64,924
	700	Hoshizaki Electric Company, Ltd.		43,516
	2,400	IBIDEN Company, Ltd.		34,407
	27,550	Illinois Tool Works, Inc.		2,553,334
	2,600	Inaba Denki Sangyo Company, Ltd.		83,073
	23,660	Ingersoll-Rand plc		1,308,161
	8,900	Intrum Justitia AB		302,847
	33,400	ITOCHU Corporation		395,070
	1,700	Jardine Matheson Holdings, Ltd.		82,327
	700	Jungheinrich AG		57,732
	3,000	Keisei Electric Railway Company, Ltd.		38,275
	12,400	KITZ Corporation		55,699
	8,500	KONE Oyj		359,901
	2,700	Koninklijke Boskalis Westminster NV		110,140
	19,700	Macquarie Infrastructure Corporation		1,430,220
	15,950	Masco Corporation		451,385
	17,738	Meggitt plc		97,937
	1,000	MEITEC Corporation		34,244
	4,800	MIRAIT Holdings Corporation		39,547
	6,000	Mitsuboshi Belting, Ltd.		47,831
	5,200	Nikkon Holdings Company, Ltd.		103,645
	8,000	Nippon Express Company, Ltd.		37,594
	8,600	Nitto Kogyo Corporation		150,361
	5,000	Obayashi Corporation		46,136
	500	Randstad Holding NV		31,136
	16,700	Rentokil Initial plc		39,182
	500	Rieter Holding AG		93,978
	1,672	Saft Groupe SA		50,961
	200	Schindler Holding AG		33,460
	17,900	SIG plc		37,826
	2,800	Teleperformance SA		235,446
	800	Thales SA		59,880
	1,400	TKH Group NV		56,851
	9,000	Toppan Printing Company, Ltd.		82,919
	1,200	Travis Perkins plc		34,813
	3,700	Tsubakimoto Chain Company		28,490
	600	Vestas Wind Systems AS		41,903
	3,890	WABCO Holdings, Inc.^e		397,791
	1,200	Yuasa Trading Company, Ltd.		29,644

		Total		15,561,393


	Information Technology (6.6%)
	15,060	Alibaba Group Holding, Ltd. ADR^e,f		1,223,926
	1,670	Alphabet, Inc., Class A^e		1,299,277
	1,645	Alphabet, Inc., Class C^e		1,248,358
	3,400	Alps Electric Company, Ltd.		92,201
	1,100	AMS AG		36,771
	15,080	Apple, Inc.		1,587,321
	560	AtoS		47,014
	7,290	Autodesk, Inc.^e		444,180
	4,700	Canon, Inc.		142,175
	900	Cap Gemini SA		83,507
	6,700	Check Point Software Technologies, Ltd.^e		545,246
	49,140	Cisco Systems, Inc.		1,334,397
	3,800	Dialog Semiconductor plc^e		126,801
	1,700	DTS Corporation		38,698
	45,780	EMC Corporation		1,175,630
	5,660	Facebook, Inc.^e		592,376
	16,800	FUJIFILM Holdings NPV		701,106
	4,000	Hitachi Kokusai Electric, Inc.		54,377
	2,600	Hoya Corporation		106,321
	1,600	Ingenico Group		201,955
	5,000	IRESS, Ltd.		36,201
	2,200	IT Holdings Corporation		50,267
	2,000	ITOCHU Techno-Solutions Corporation		39,849
	14,950	Juniper Networks, Inc.		412,620
	1,200	Kyocera Corporation		55,729
	9,850	MasterCard, Inc.		958,996
	22,760	MaxLinear, Inc.^e		335,255
	41,270	Microsoft Corporation		2,289,660
	6,800	NEC Networks & System Integration Corporation		120,256
	2,600	NS Solutions Corporation		59,243
	8,020	Plantronics, Inc.		380,308
	21,190	Progress Software Corporation^e		508,560
	14,713	QLIK Technologies, Inc.^e		465,814
	2,500	SAP SE		198,384
	10,400	Shinko Electric Industries Company, Ltd.		66,673
	500	TDK Corporation		32,022
	100	U-Blox AG^e		21,284
	1,960	Ultimate Software Group, Inc.^e		383,200
	25,950	Visa, Inc.		2,012,422
	24,230	Xilinx, Inc.		1,138,083

		Total		20,646,463


	Materials (1.3%)
	1,350	Ashland, Inc.		138,645
	500	Aurubis AG		25,318
	13,600	BHP Billiton plc		151,666
	30,600	BHP Billiton, Ltd.		393,808
	14,300	BillerudKorsnas AB		264,644
	12,000	Boral, Ltd.		51,306
	3,100	Buzzi Unicem SPA		55,569
	3,530	Crown Holdings, Inc.^e		178,971
	17,800	Daicel Corporation		264,898
	4,340	Domtar Corporation		160,363
	7,000	DOWA Holdings Company, Ltd.^e		50,331
	1,000	Evonik Industries AG		33,077
	2,670	FMC Corporation		104,477
	100	Givaudan SA		181,496
	3,600	Hexpol AB		38,600
	5,100	Hokuetsu Kishu Paper Company, Ltd.		30,054
	1,900	Holmen AB		58,686
	2,300	JFE Holdings, Inc.		36,115
	600	LafargeHolcim, Ltd.		30,045
	200	Linde AG		28,892
	5,700	Mitsubishi Chemical Holdings Corporation		36,165
	4,100	Mondi plc		80,363
	2,500	Nippon Paint Holdings Company, Ltd.		60,505
	5,100	Nippon Steel & Sumitomo Metal Corporation		100,890
	3,500	Novozymes AS		167,576
	7,000	Oji Holdings Corporation		28,133
	6,640	Owens-Illinois, Inc.^e		115,669
	3,100	Packaging Corporation of America		195,455
	1,850	PPG Industries, Inc.		182,817
	2,500	Rio Tinto plc		72,789
	1,000	Rio Tinto, Ltd.		32,339
	8,670	Steel Dynamics, Inc.		154,933
	8,000	Sumitomo Seika Chemicals Company, Ltd.		48,674
	7,000	Tosoh Corporation		36,008

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

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (45.2%)	Value
	Materials (1.3%) - continued
	7,500	UPM-Kymmene Oyj	$	139,241
	7,837	Yara International ASA		337,056

		Total		4,065,574


	Telecommunications Services (0.9%)
	36,000	BT Group plc		249,970
	9,600	Elisa Oyj		361,201
	8,700	Freenet AG		293,582
	131,800	KCOM Group plc		224,417
	22,300	Orange SA		372,986
	4,300	Proximus SA		139,927
	13,900	StarHub, Ltd.		36,173
	170,200	Telstra Corporation, Ltd.		691,640
	3,700	Vivendi SA		79,465
	17,480	Zayo Group Holdings, Inc.^e		464,793

		Total		2,914,154


	Utilities (1.0%)
	82,400	A2A SPA		111,575
	37,500	Brookfield Infrastructure Partners, LP		1,421,625
	10,000	CLP Holdings, Ltd.		84,760
	71,400	Electricidade de Portugal SA		257,280
	23,670	MDU Resources Group, Inc.		433,634
	8,420	NorthWestern Corporation		456,785
	40,300	Redes Energeticas Nacionais SGPS SA		121,749
	7,000	Toho Gas Company, Ltd.		45,208
	17,800	United Utilities Group plc		245,095

		Total		3,177,711

		Total Common Stock (cost $135,894,397)		141,416,872


Principal Amount		Long-Term Fixed Income (29.8%)
	Asset-Backed Securities (1.4%)
		Asset Backed Securities Corporation Home Equity Loan Trust
	384,435	0.562%, 7/25/2036^g		335,837
		Bayview Opportunity Master Fund Trust
	104,606	3.623%, 4/28/2030^h		103,164
	243,226	3.228%, 7/28/2034*^,i		242,806
		Credit Based Asset Servicing and Securitization, LLC
	268,465	3.546%, 12/25/2036ⁱ		193,152
		First Horizon ABS Trust
	259,717	0.582%, 10/25/2034^g,j		234,955
		GMAC Mortgage Corporation Loan Trust
	497,004	0.401%, 8/25/2035^g,j		464,960
	401,120	0.401%, 12/25/2036^g,j		352,006
		IndyMac INDA Mortgage Loan Trust
	268,252	4.682%, 8/25/2036		255,124
		IndyMac INDX Mortgage Loan Trust
	462,259	0.632%, 4/25/2046^g		355,417
		IndyMac Seconds Asset-Backed Trust
	250,403	0.762%, 10/25/2036^g,j		157,219
		J.P. Morgan Mortgage Acquisition Trust
	192,230	6.472%, 3/25/2047ⁱ		145,187
		Lehman XS Trust
	206,230	5.440%, 8/25/2035ⁱ		184,560
		Preferred Term Securities XXIII, Ltd.
	555,264	0.712%, 12/22/2036*^,g		432,928
		Sunset Mortgage Loan Company, LLC
	180,552	4.459%, 9/16/2045*^,i		179,839
		U.S. Residential Opportunity Fund III Trust
	242,594	3.721%, 1/27/2035*		241,018
		Vericrest Opportunity Loan Transferee
	191,071	3.500%, 6/26/2045^h		188,164
		Wachovia Asset Securitization, Inc.
	519,538	0.562%, 7/25/2037*^,g,j		443,494

		Total		4,509,830


	Basic Materials (0.3%)
		Albemarle Corporation
	96,000	3.000%, 12/1/2019		94,162
		Anglo American Capital plc
	65,000	1.271%, 4/15/2016^g,h		64,364
		ArcelorMittal SA
	190,000	6.500%, 3/1/2021^f		152,929
		Dow Chemical Company
	86,000	8.550%, 5/15/2019		101,364
		Freeport-McMoRan, Inc.
	48,000	2.300%, 11/14/2017		40,920
	80,000	2.375%, 3/15/2018		62,400
		Glencore Funding, LLC
	65,000	1.377%, 4/16/2018^g,h		54,847
		LyondellBasell Industries NV
	80,000	5.000%, 4/15/2019		85,104
		NOVA Chemicals Corporation
	341,904	5.250%, 8/1/2023^h		338,485

		Total		994,575


	Capital Goods (0.8%)
		Ball Corporation
	200,000	4.375%, 12/15/2020		203,125
		Berry Plastics Corporation
	155,000	6.000%, 10/15/2022^h		157,712
		Building Materials Corporation of America
	280,000	6.000%, 10/15/2025^h		285,600
		Cemex SAB de CV
	300,000	5.700%, 1/11/2025^h		250,875
		CNH Industrial Capital, LLC
	305,000	4.375%, 11/6/2020		287,462
		Crown Americas Capital Corporation IV
	190,000	4.500%, 1/15/2023		185,725
		General Electric Company
	103,000	4.200%, 12/15/2049^k		102,485
		L-3 Communications Corporation
	90,000	1.500%, 5/28/2017		88,885
		Lockheed Martin Corporation
	65,000	1.850%, 11/23/2018		64,885
		Martin Marietta Materials, Inc.
	106,000	1.703%, 6/30/2017^g		105,263
		Nortek, Inc.
	227,936	8.500%, 4/15/2021		236,506

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

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (29.8%)	Value
	Capital Goods (0.8%) - continued
		Pentair Finance SA
$	65,000	3.625%, 9/15/2020	$	64,936
		Reynolds Group Issuer, Inc.
	227,936	9.875%, 8/15/2019		229,646
		Roper Industries, Inc.
	71,000	2.050%, 10/1/2018		70,540
		United Rentals North America, Inc.
	290,000	5.500%, 7/15/2025		281,300

		Total		2,614,945


	Collateralized Mortgage Obligations (4.0%)
		Alternative Loan Trust
	209,115	5.500%, 5/25/2035		209,803
		Angel Oak Mortgage Trust
	375,000	4.500%, 11/25/2045*		374,341
		Banc of America Alternative Loan Trust
	560,201	6.000%, 11/25/2035		498,583
		Banc of America Mortgage Securities, Inc.
	197,553	2.848%, 9/25/2035		181,078
		Bear Stearns ALT-A Trust
	255,336	2.638%, 10/25/2033		252,820
		Countrywide Alternative Loan Trust
	472,566	6.500%, 8/25/2036		356,074
		Countrywide Home Loan Mortgage Pass Through Trust
	407,573	2.706%, 11/25/2035		347,355
		Credit Suisse First Boston Mortgage Securities Corporation
	334,735	5.250%, 10/25/2035		332,714
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	370,006	1.899%, 8/25/2035		285,545
	590,759	5.500%, 11/25/2035		564,370
	370,776	1.027%, 4/25/2047^g		316,174
		GMAC Mortgage Corporation Loan Trust
	256,605	3.149%, 5/25/2035		241,789
		HarborView Mortgage Loan Trust
	300,501	2.685%, 7/19/2035		264,578
	207,391	2.803%, 12/19/2035		182,433
		J.P. Morgan Alternative Loan Trust
	649,322	6.500%, 3/25/2036		561,735
		J.P. Morgan Mortgage Trust
	530,729	2.872%, 8/25/2035		527,438
	522,336	2.919%, 1/25/2037		458,594
		Merrill Lynch Mortgage Investors Trust
	484,274	6.250%, 8/25/2036		394,452
		MortgageIT Trust
	732,659	0.682%, 12/25/2035^g		663,273
	786,117	0.622%, 4/25/2036^g		592,294
		New York Mortgage Trust
	206,035	2.671%, 5/25/2036		186,436
		RALI Trust
	370,339	0.602%, 11/25/2036^g		269,016
		Residential Accredit Loans, Inc. Trust
	386,753	5.750%, 9/25/2035		348,391
		Residential Funding Mortgage Security I Trust
	680,829	6.000%, 7/25/2037		616,304
		Structured Adjustable Rate Mortgage Loan Trust
	374,001	2.645%, 1/25/2035		313,157
	280,122	2.719%, 7/25/2035		239,572
	400,806	2.877%, 9/25/2035		338,664
		Structured Asset Mortgage Investments, Inc.
	897,137	0.732%, 12/25/2035^g		649,510
		WaMu Mortgage Pass Through Certificates
	157,596	5.000%, 11/25/2018		158,655
	177,619	1.825%, 1/25/2037		149,509
	329,778	0.997%, 1/25/2047^g		265,972
		Washington Mutual Mortgage Pass Through Certificates
	470,167	1.007%, 2/25/2047^g		337,014
		Wells Fargo Mortgage Backed Securities Trust
	182,043	2.763%, 3/25/2036		180,793
	602,888	2.731%, 7/25/2036		590,733
	354,090	6.000%, 7/25/2037		350,519

		Total		12,599,688


	Communications Services (1.3%)
		21st Century Fox America, Inc.
	95,000	6.900%, 3/1/2019		107,905
		AMC Networks, Inc.
	47,936	7.750%, 7/15/2021		50,333
	90,000	4.750%, 12/15/2022		90,000
		America Movil SAB de CV
	71,000	5.000%, 10/16/2019		76,693
		American Tower Corporation
	65,000	2.800%, 6/1/2020		64,252
		AT&T, Inc.
	65,000	1.533%, 6/30/2020^g		64,535
		British Sky Broadcasting Group plc
	102,000	2.625%, 9/16/2019^h		101,529
		CC Holdings GS V, LLC
	63,000	2.381%, 12/15/2017		63,069
		CCO Safari II, LLC
	32,000	3.579%, 7/23/2020^h		31,808
	32,000	4.464%, 7/23/2022^h		31,888
		CCOH Safari, LLC
	305,000	5.750%, 2/15/2026^h		305,763
		CenturyLink, Inc.
	230,000	6.450%, 6/15/2021		224,250
		Clear Channel Worldwide Holdings, Inc.
	200,000	6.500%, 11/15/2022		195,000
		Columbus International, Inc.
	205,000	7.375%, 3/30/2021^h		202,950
		Digicel, Ltd.
	257,936	6.000%, 4/15/2021^h		217,311
		DIRECTV Holdings, LLC
	86,000	5.875%, 10/1/2019		95,987
		Frontier Communications Corporation
	200,000	8.875%, 9/15/2020^h		202,500
		Hughes Satellite Systems Corporation
	246,000	6.500%, 6/15/2019		265,065

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

100

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (29.8%)	Value
	Communications Services (1.3%) - continued
		Intelsat Jackson Holdings SA
$	227,936	7.250%, 10/15/2020	$	199,444
		SBA Tower Trust
	84,000	5.101%, 4/17/2017^h		85,040
		Sprint Corporation
	290,000	7.625%, 2/15/2025		211,700
		Telefonica Emisiones SAU
	78,000	3.192%, 4/27/2018		79,513
		T-Mobile USA, Inc.
	250,000	6.633%, 4/28/2021		259,375
		Univision Communications, Inc.
	200,000	5.125%, 5/15/2023^h		192,500
		UPCB Finance V, Ltd.
	292,500	7.250%, 11/15/2021^h		310,781
		Verizon Communications, Inc.
	237,000	2.625%, 2/21/2020		237,824
	106,000	4.500%, 9/15/2020		113,887

		Total		4,080,902


	Consumer Cyclical (1.4%)
		AMC Entertainment, Inc.
	227,000	5.875%, 2/15/2022		230,405
		Cinemark USA, Inc.
	263,000	4.875%, 6/1/2023		256,425
		Corrections Corporation of America
	190,000	5.000%, 10/15/2022		189,050
		Daimler Finance North America, LLC
	55,000	1.875%, 1/11/2018^h		54,783
		ERAC USA Finance, LLC
	106,000	2.350%, 10/15/2019^h		104,486
		Ford Motor Credit Company, LLC
	130,000	5.000%, 5/15/2018		136,551
	87,000	2.597%, 11/4/2019		85,420
		General Motors Financial Company, Inc.
	227,936	3.250%, 5/15/2018		229,077
	150,000	4.375%, 9/25/2021		152,108
		Home Depot, Inc.
	65,000	0.882%, 9/15/2017^g		65,096
	65,000	2.625%, 6/1/2022		64,932
		Hyundai Capital America
	84,000	1.450%, 2/6/2017^h		83,608
		Jaguar Land Rover Automotive plc
	273,000	5.625%, 2/1/2023^h		275,730
		KB Home
	189,000	4.750%, 5/15/2019		183,330
		L Brands, Inc.
	273,000	6.625%, 4/1/2021		302,348
		Lennar Corporation
	225,000	4.500%, 11/15/2019		228,797
		Live Nation Entertainment, Inc.
	200,000	5.375%, 6/15/2022^h		197,000
		Macy’s Retail Holdings, Inc.
	66,000	7.450%, 7/15/2017		71,312
		MGM Resorts International
	300,000	6.000%, 3/15/2023^f		297,750
		Ralph Lauren Corporation
	60,000	2.625%, 8/18/2020		60,571
		Royal Caribbean Cruises, Ltd.
	517,936	5.250%, 11/15/2022		530,884
		Six Flags Entertainment Corporation
	200,000	5.250%, 1/15/2021^h		202,500
		Toll Brothers Finance Corporation
	76,000	4.000%, 12/31/2018		77,520
		Visa, Inc.
	65,000	2.200%, 12/14/2020		64,879
		West Corporation
	210,000	5.375%, 7/15/2022^h		181,125

		Total		4,325,687


	Consumer Non-Cyclical (1.4%)
		Actavis Funding SCS
	40,000	1.757%, 3/12/2020^g		40,143
		Amgen, Inc.
	65,000	2.125%, 5/1/2020		64,114
		B&G Foods, Inc.
	120,000	4.625%, 6/1/2021		118,800
		BAT International Finance plc
	65,000	1.022%, 6/15/2018^g,h		64,912
		Becton, Dickinson and Company
	80,000	1.450%, 5/15/2017		79,662
		Boston Scientific Corporation
	40,000	6.000%, 1/15/2020		44,416
		Bunge Limited Finance Corporation
	65,000	3.500%, 11/24/2020		64,638
		Cardinal Health, Inc.
	65,000	1.950%, 6/15/2018		64,831
		Celgene Corporation
	65,000	3.550%, 8/15/2022		65,632
		CHS/Community Health Systems, Inc.
	273,000	7.125%, 7/15/2020		271,976
		Cott Beverages, Inc.
	200,000	5.375%, 7/1/2022		196,000
		CVS Health Corporation
	86,000	2.250%, 12/5/2018		86,415
		EMD Finance, LLC
	39,000	0.876%, 3/17/2017^g,h		38,880
		Envision Healthcare Corporation
	295,000	5.125%, 7/1/2022^h		289,100
		Forest Laboratories, Inc.
	109,000	4.375%, 2/1/2019^h		114,186
		Fresenius Medical Care US Finance, Inc.
	227,936	5.750%, 2/15/2021^h		243,892
		Gilead Sciences, Inc.
	65,000	3.250%, 9/1/2022		65,450
		Grifols Worldwide Operations, Ltd.
	200,000	5.250%, 4/1/2022		201,000
		HCA, Inc.
	227,936	4.750%, 5/1/2023		225,657
		JBS USA, LLC
	290,000	5.750%, 6/15/2025^h		252,300
		Laboratory Corporation of America Holdings
	35,000	2.625%, 2/1/2020		34,554
		Land O’Lakes, Inc.
	260,000	8.000%, 12/31/2049^h,k		270,075
		Mead Johnson Nutrition Company
	65,000	3.000%, 11/15/2020		64,980

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

101

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (29.8%)	Value
	Consumer Non-Cyclical (1.4%) - continued
		Merck & Company, Inc.
$	40,000	0.716%, 2/10/2020^g	$	39,754
		Mondelez International, Inc.
	56,000	2.250%, 2/1/2019		55,979
		Mylan NV
	30,000	3.750%, 12/15/2020^h		30,031
		PepsiCo, Inc.
	65,000	1.850%, 4/30/2020		64,255
		Revlon Consumer Products Corporation
	227,936	5.750%, 2/15/2021		220,528
		Reynolds American, Inc.
	65,000	3.250%, 6/12/2020		66,060
		SABMiller plc
	78,000	6.500%, 7/15/2018^h		86,058
		Safeway, Inc.
	17,000	3.400%, 12/1/2016		16,830
		Spectrum Brands Escrow Corporation
	183,000	6.375%, 11/15/2020		194,438
		Spectrum Brands, Inc.
	130,000	5.750%, 7/15/2025^h		133,250
		TreeHouse Foods, Inc.
	200,000	4.875%, 3/15/2022		190,500
		Valeant Pharmaceuticals International
	227,936	7.250%, 7/15/2022^h		222,807
		WM Wrigley Jr. Company
	48,000	2.000%, 10/20/2017^h		48,078
		Zoetis, Inc.
	65,000	3.450%, 11/13/2020		65,076

		Total		4,395,257


	Energy (0.8%)
		Anadarko Petroleum Corporation
	60,000	8.700%, 3/15/2019		68,169
		Boardwalk Pipelines, Ltd.
	79,000	5.875%, 11/15/2016		79,766
		Buckeye Partners, LP
	100,000	2.650%, 11/15/2018		96,204
		Chevron Corporation
	65,000	0.874%, 11/16/2018^g		65,018
		Concho Resources, Inc.
	277,936	6.500%, 1/15/2022		266,819
		Crestwood Midstream Partners, LP
	200,000	6.250%, 4/1/2023^h		139,500
		Enbridge, Inc.
	54,000	0.866%, 6/2/2017^g		52,889
		EQT Corporation
	88,000	8.125%, 6/1/2019		95,056
		Marathon Petroleum Corporation
	65,000	3.400%, 12/15/2020		63,835
		MEG Energy Corporation
	273,000	6.375%, 1/30/2023^h		187,005
		Pacific Drilling V, Ltd.
	200,000	7.250%, 12/1/2017^h		103,000
		Petrobras International Finance Company
	415,000	5.750%, 1/20/2020		325,775
		Petroleos Mexicanos
	550,000	5.625%, 1/23/2046^h		420,860
		Pioneer Natural Resources Company
	22,000	3.450%, 1/15/2021		20,314
		Sabine Pass Liquefaction, LLC
	300,000	5.625%, 3/1/2025^h		253,875
		Schlumberger Holdings Corporation
	65,000	3.000%, 12/21/2020^h		64,160
		Shell International Finance BV
	65,000	0.806%, 5/11/2020^g		64,048
		Southwestern Energy Company
	100,000	7.500%, 2/1/2018		85,000
		Sunoco Logistics Partners Operations, LP
	65,000	4.400%, 4/1/2021		62,990

		Total		2,514,283


	Financials (3.8%)
		Abbey National Treasury Services plc
	100,000	1.013%, 9/29/2017^g		99,162
		ACE INA Holdings, Inc.
	65,000	2.875%, 11/3/2022		64,507
		Air Lease Corporation
	100,000	2.125%, 1/15/2018		98,250
	32,000	2.625%, 9/4/2018		31,631
		Ally Financial, Inc.
	325,000	4.750%, 9/10/2018		332,719
		American Express Credit Corporation
	65,000	1.552%, 9/14/2020^g		65,555
		Aviation Capital Group Corporation
	51,000	3.875%, 9/27/2016^h		51,383
		Bank of America Corporation
	120,000	5.700%, 5/2/2017		125,145
	102,000	1.700%, 8/25/2017		101,708
	209,000	1.656%, 3/22/2018^g		209,671
	80,000	5.650%, 5/1/2018		86,025
	104,000	8.000%, 12/29/2049^k		105,820
		BB&T Corporation
	130,000	2.050%, 6/19/2018		130,739
		BBVA International Preferred SA Unipersonal
	640,000	5.919%, 12/29/2049^k		646,400
		Bear Stearns Companies, LLC
	122,000	6.400%, 10/2/2017		131,385
		BNP Paribas SA
	84,000	2.375%, 9/14/2017		84,998
		BPCE SA
	320,000	5.150%, 7/21/2024^h		322,689
		Caisse Centrale Desjardins du Quebec
	45,000	0.989%, 1/29/2018^g,h		44,912
		CIT Group, Inc.
	225,000	3.875%, 2/19/2019		223,875
		Citigroup, Inc.
	144,000	1.850%, 11/24/2017		143,788
		Credit Agricole SA
	45,000	1.457%, 6/10/2020^g,h		44,903
		Credit Suisse Group AG
	320,000	7.500%, 12/11/2049^h,k		335,946

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

102

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (29.8%)	Value
	Financials (3.8%) - continued
		CyrusOne, LP
	$227,936	6.375%, 11/15/2022	$	234,774
		DDR Corporation
	56,000	9.625%, 3/15/2016		56,874
		Discover Bank
	28,000	8.700%, 11/18/2019		33,125
		Discover Financial Services
	47,000	6.450%, 6/12/2017		49,657
		Duke Realty, LP
	96,000	8.250%, 8/15/2019		113,559
		Fifth Third Bancorp
	167,000	5.450%, 1/15/2017		173,127
		Goldman Sachs Group, Inc.
	52,000	2.625%, 1/31/2019		52,372
	78,000	7.500%, 2/15/2019		89,252
	45,000	1.476%, 4/23/2020^g		45,067
	65,000	2.012%, 11/29/2023^g		65,577
		Goldman Sachs Group, Inc. Convertible
	1,600,000	0.500%, 9/24/2022		1,655,088
		Hartford Financial Services Group, Inc.
	120,000	6.000%, 1/15/2019		131,973
		HCP, Inc.
	88,000	3.750%, 2/1/2019		90,785
		Health Care REIT, Inc.
	88,000	4.700%, 9/15/2017		91,989
		HSBC Holdings plc
	47,000	6.375%, 12/29/2049^k		46,941
		Hutchison Whampoa Finance CI, Ltd.
	99,000	1.625%, 10/31/2017^h		98,126
		Icahn Enterprises, LP
	300,000	6.000%, 8/1/2020		302,520
		ING Bank NV
	320,000	5.800%, 9/25/2023^h		347,670
		ING Capital Funding Trust III
	68,000	4.207%, 12/29/2049^g,k		67,830
		International Lease Finance Corporation
	80,000	2.462%, 6/15/2016^g		79,800
	250,000	5.875%, 8/15/2022		266,250
		Intesa Sanpaolo SPA
	30,000	3.875%, 1/16/2018		30,762
	132,000	3.875%, 1/15/2019		135,911
		J.P. Morgan Chase & Company
	52,000	6.300%, 4/23/2019		58,308
	25,000	2.250%, 1/23/2020		24,595
	104,000	7.900%, 4/29/2049^k		105,872
	325,000	6.750%, 8/29/2049^k		354,250
		KeyCorp
	68,000	2.300%, 12/13/2018		68,101
		Liberty Mutual Group, Inc.
	35,000	5.000%, 6/1/2021^h		37,433
		Lloyds Bank plc
	40,000	1.038%, 3/16/2018^g		39,788
		MetLife, Inc.
	100,000	1.903%, 12/15/2017		100,588
		Mizuho Corporate Bank, Ltd.
	59,000	1.550%, 10/17/2017^h		58,535
		Morgan Stanley
	106,000	6.625%, 4/1/2018		116,232
	45,000	1.463%, 1/27/2020^g		45,096
	75,000	4.875%, 11/1/2022		79,594
		MPT Operating Partnership, LP
	200,000	5.500%, 5/1/2024		199,000
		Murray Street Investment Trust I
	173,000	4.647%, 3/9/2017		178,241
		National City Corporation
	56,000	6.875%, 5/15/2019		63,264
		New York Life Global Funding
	65,000	1.550%, 11/2/2018^h		64,471
		Nomura Holdings, Inc.
	56,000	2.750%, 3/19/2019		56,302
		Quicken Loans, Inc.
	200,000	5.750%, 5/1/2025^h		190,500
		Realty Income Corporation
	95,000	2.000%, 1/31/2018		95,054
		Regions Bank
	43,000	7.500%, 5/15/2018		47,779
		Reinsurance Group of America, Inc.
	104,000	5.625%, 3/15/2017		108,385
		Royal Bank of Scotland Group plc
	60,000	1.543%, 3/31/2017^g		59,883
	320,000	7.640%, 3/29/2049^k		334,400
	320,000	7.648%, 8/29/2049^k		396,400
	200,000	7.500%, 12/29/2049^k		208,250
		Simon Property Group, LP
	65,000	2.500%, 9/1/2020		65,050
		Societe Generale SA
	70,000	5.750%, 4/20/2016^h		70,892
		State Street Corporation
	65,000	1.264%, 8/18/2020^g		65,007
		Sumitomo Mitsui Banking Corporation
	156,000	1.300%, 1/10/2017		155,617
	55,000	0.897%, 1/16/2018^g		54,811
		Synchrony Financial
	159,000	1.875%, 8/15/2017		158,271
	30,000	1.564%, 2/3/2020^g		29,526
		Synovus Financial Corporation
	165,000	5.750%, 12/15/2025		168,300
		Toronto-Dominion Bank
	65,000	1.432%, 12/14/2020^g		64,985
		UnitedHealth Group, Inc.
	65,000	3.350%, 7/15/2022		66,485
		USB Realty Corporation
	25,000	1.468%, 12/29/2049^g,h,k		22,500
		Voya Financial, Inc.
	84,000	2.900%, 2/15/2018		84,908
		Washington Mutual Bank
	500,000	5.500%, 1/15/2013^d,l		1
		Wells Fargo & Company
	45,000	1.002%, 1/30/2020^g		44,581

		Total		11,881,495


	Foreign Government (6.5%)
		Brazil Government International Bond
	432,000	5.875%, 1/15/2019^f		440,640
	491,000	4.875%, 1/22/2021		454,175
	830,000	2.625%, 1/5/2023		630,800
	560,000	5.000%, 1/27/2045		373,800

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

103

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (29.8%)	Value
	Foreign Government (6.5%) - continued
		Colombia Government International Bond
$	365,000	2.625%, 3/15/2023	$	320,653
	350,000	4.000%, 2/26/2024		333,375
	625,000	5.000%, 6/15/2045		521,875
		Croatia Government International Bond
	490,000	6.625%, 7/14/2020^h		525,060
		Export-Import Bank of Korea
	45,000	2.250%, 1/21/2020		44,309
		Hungary Government International Bond
	240,000	4.000%, 3/25/2019		250,080
	562,000	5.750%, 11/22/2023		628,822
	564,000	5.375%, 3/25/2024		617,580
		Indonesia Government International Bond
	390,000	4.875%, 5/5/2021^h		403,969
	415,000	3.375%, 4/15/2023^h		385,635
	432,000	5.875%, 1/15/2024^h		462,808
	360,000	4.125%, 1/15/2025^h		345,002
	280,000	4.750%, 1/8/2026^h		276,545
	760,000	5.125%, 1/15/2045^f,h		687,304
		Mexico Government International Bond
	344,000	3.625%, 3/15/2022		346,064
	420,000	4.000%, 10/2/2023		425,460
	588,000	3.600%, 1/30/2025		573,006
	144,000	6.050%, 1/11/2040		157,680
	344,000	4.750%, 3/8/2044		313,384
	288,000	5.550%, 1/21/2045		295,200
	504,000	4.600%, 1/23/2046		446,040
		Panama Government International Bond
	280,000	4.000%, 9/22/2024		280,000
	280,000	3.750%, 3/16/2025		274,400
	144,000	6.700%, 1/26/2036		171,000
		Peru Government International Bond
	815,000	4.125%, 8/25/2027		798,700
		Philippines Government International Bond
	265,000	7.750%, 1/14/2031		372,317
	350,000	6.375%, 10/23/2034		456,320
		Romania Government International Bond
	276,000	4.375%, 8/22/2023^h		287,302
	130,000	4.875%, 1/22/2024^h		139,659
		Russia Government International Bond
	288,000	3.500%, 1/16/2019^h		286,560
	1,000,000	5.000%, 4/29/2020^f,h		1,032,000
	700,000	4.875%, 9/16/2023^h		711,200
	428,400	7.500%, 3/31/2030^h		513,260
	432,000	5.625%, 4/4/2042^h		408,672
		South Africa Government International Bond
	340,000	5.500%, 3/9/2020		348,958
	295,000	5.875%, 5/30/2022^f		308,038
	160,000	5.375%, 7/24/2044		144,000
		Turkey Government International Bond
	432,000	7.500%, 11/7/2019		484,389
	800,000	7.000%, 6/5/2020		890,123
	565,000	5.125%, 3/25/2022		579,831
	288,000	6.250%, 9/26/2022		312,653
	144,000	5.750%, 3/22/2024		152,139
	563,000	4.250%, 4/14/2026^f		527,842
	576,000	4.875%, 4/16/2043		506,880

		Total		20,245,509


	Mortgage-Backed Securities (5.3%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	37,804	5.500%, 12/1/2017		38,748
	1,130,000	3.000%, 1/1/2031^c		1,164,435
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	12,149	9.000%, 11/1/2024		13,710
	685	9.000%, 4/1/2025		796
	685	8.500%, 9/1/2025		716
	4,658	8.000%, 6/1/2027		5,602
	929	8.500%, 7/1/2027		1,059
	3,309	8.000%, 10/1/2027		3,825
	1,990	8.000%, 8/1/2030		2,392
	1,180,000	4.000%, 1/1/2046^c		1,246,536
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	600,000	3.500%, 1/1/2030^c		628,336
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	1,302	10.500%, 8/1/2020		1,418
	3,923	9.500%, 4/1/2025		3,940
	755	8.500%, 11/1/2025		842
	1,207	8.500%, 5/1/2026		1,258
	287	8.000%, 8/1/2026		288
	854	8.000%, 11/1/2026		1,031
	11,492	8.000%, 9/1/2027		13,244
	3,238	8.000%, 12/1/2027		3,278
	5,233	8.500%, 4/1/2030		6,609
	6,425,000	3.500%, 1/1/2046^c		6,628,822
	3,775,000	4.000%, 1/1/2046^c		3,994,599
	2,600,000	4.500%, 1/1/2046^c		2,807,675
		Government National Mortgage Association 30-Yr. Pass Through
	1,613	9.500%, 1/15/2025		1,701
	5,776	6.000%, 5/15/2026		6,479
	5,223	8.500%, 6/15/2026		5,307
	1,566	8.500%, 7/15/2026		1,765
	6,262	8.000%, 9/15/2026		7,153
	2,617	7.500%, 10/15/2026		2,873
	288	8.000%, 11/15/2026		289
	171	8.500%, 11/15/2026		171
	1,140	9.000%, 12/15/2026		1,378
	10,082	7.500%, 4/15/2027		11,260
	2,277	8.000%, 6/20/2027		2,687
	177	8.000%, 8/15/2027		177
	7,391	7.500%, 7/15/2028		7,389
	24,880	6.000%, 12/15/2028		28,271
	27,663	6.000%, 6/15/2029		31,415
	9,192	8.000%, 5/15/2030		9,330

		Total		16,686,804


	Technology (0.9%)
		Alliance Data Systems Corporation
	195,000	5.375%, 8/1/2022^h		185,738

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

104

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (29.8%)	Value
	Technology (0.9%) - continued
		Apple, Inc.
$	65,000	0.659%, 5/6/2020^g	$	64,510
		Automatic Data Processing, Inc.
	65,000	2.250%, 9/15/2020		65,246
		Cisco Systems, Inc.
	65,000	0.914%, 3/1/2019^g		64,942
		Denali Borrower, LLC
	425,000	5.625%, 10/15/2020^h		445,187
		Equinix, Inc.
	200,000	5.750%, 1/1/2025		204,500
		Fidelity National Information Services, Inc.
	109,000	1.450%, 6/5/2017		107,525
	65,000	3.625%, 10/15/2020		65,847
		First Data Corporation
	200,000	5.375%, 8/15/2023^h		201,000
		Freescale Semiconductor, Inc.
	245,000	6.000%, 1/15/2022^h		256,637
		Hewlett Packard Enterprise Company
	64,000	3.600%, 10/15/2020^h		64,147
		IMS Health, Inc.
	250,000	6.000%, 11/1/2020^h		257,500
		Intel Corporation
	65,000	3.100%, 7/29/2022		66,281
		Iron Mountain, Inc.
	122,936	6.000%, 8/15/2023		127,239
		Oracle Corporation
	65,000	2.500%, 5/15/2022		63,798
		Sensata Technologies BV
	280,000	4.875%, 10/15/2023^h		272,300
		Texas Instruments, Inc.
	65,000	1.750%, 5/1/2020		63,317
		Tyco Electronics Group SA
	130,000	6.550%, 10/1/2017		140,099

		Total		2,715,813


	Transportation (0.3%)
		Air Canada Pass Through Trust
	25,000	3.875%, 3/15/2023^h		24,250
		American Airlines Pass Through Trust
	48,599	4.950%, 1/15/2023		51,271
		Avis Budget Car Rental, LLC
	130,000	5.125%, 6/1/2022^h		128,375
		Continental Airlines, Inc.
	170,181	6.250%, 4/11/2020		178,690
		Delta Air Lines, Inc.
	76,869	4.950%, 5/23/2019		80,712
	68,837	4.750%, 5/7/2020		72,623
		J.B. Hunt Transport Services, Inc.
	65,000	3.300%, 8/15/2022		64,373
		Korea Expressway Corporation
	93,000	1.625%, 4/28/2017^h		92,676
		United Airlines 2015-1 Class A Pass Through Trust
	65,000	3.700%, 12/1/2022		64,838
		XPO Logistics, Inc.
	200,000	6.500%, 6/15/2022^h		185,000

		Total		942,808


	U.S. Government and Agencies (0.7%)
		U.S. Treasury Notes
	1,645,000	1.875%, 6/30/2020		1,656,502
	585,000	2.125%, 6/30/2022		588,016

		Total		2,244,518


	Utilities (0.9%)
		Access Midstream Partners, LP
	325,000	4.875%, 5/15/2023		263,466
		AES Corporation
	227,936	7.375%, 7/1/2021		232,495
		Ameren Corporation
	65,000	2.700%, 11/15/2020		64,752
		Arizona Public Service Company
	40,000	2.200%, 1/15/2020		39,624
		Berkshire Hathaway Energy Company
	96,000	2.400%, 2/1/2020		95,105
		Calpine Corporation
	210,000	5.375%, 1/15/2023		188,475
		DTE Energy Company
	96,000	2.400%, 12/1/2019		95,593
		Dynegy Finance I, Inc.
	160,000	7.375%, 11/1/2022		139,200
		EDP Finance BV
	96,000	4.125%, 1/15/2020^h		96,221
		El Paso Corporation
	50,000	7.000%, 6/15/2017		51,506
		Electricite de France SA
	320,000	5.625%, 12/29/2049^h,k		304,320
		Energy Transfer Equity, LP
	290,000	5.500%, 6/1/2027		220,400
		Eversource Energy
	30,000	1.600%, 1/15/2018		29,683
		Exelon Generation Company, LLC
	52,000	5.200%, 10/1/2019		56,019
	30,000	2.950%, 1/15/2020		29,892
		MPLX LP
	300,000	4.875%, 12/1/2024^h		269,250
		NiSource Finance Corporation
	41,000	6.400%, 3/15/2018		44,673
		NRG Energy, Inc.
	227,936	6.625%, 3/15/2023		197,735
		Pacific Gas & Electric Company
	65,000	5.625%, 11/30/2017		69,480
		PG&E Corporation
	57,000	2.400%, 3/1/2019		56,878
		Sempra Energy
	100,000	6.150%, 6/15/2018		109,148
	25,000	2.400%, 3/15/2020		24,502
		Southern California Edison Company
	20,000	2.400%, 2/1/2022		19,612
		Xcel Energy, Inc.
	65,000	1.200%, 6/1/2017		64,670

		Total		2,762,699


		Total Long-Term Fixed Income (cost $96,122,957)		93,514,813

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

105

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Registered Investment Companies (3.8%)	Value
	Equity Funds/ETFs (2.4%)
	15,400	BlackRock Resources & Commodities Strategy Trust	$	109,494
	15,800	Cohen & Steers REIT and Preferred Income Fund, Inc.		291,352
	6,800	Guggenheim Multi-Asset Income ETF		123,624
	31,800	iShares FTSE NAREIT Mortgage Plus Capped Index Fund		304,008
	12,240	iShares MSCI EAFE Index Fund		719,100
	47,080	Materials Select Sector SPDR Fund		2,044,214
	13,850	NFJ Dividend Interest & Premium Strategy Fund		171,601
	61,600	SPDR S&P Oil & Gas Exploration & Production ETF^f		1,861,552
	42,110	Utilities Select Sector SPDR Fund		1,822,521
	200	Vanguard REIT ETF		15,946

		Total		7,463,412


	Fixed Income Funds/ETFs (1.4%)
	82,771	Aberdeen Asia-Pacific Income Fund, Inc.		378,263
	21,125	Doubleline Income Solutions Fund		342,648
	13,042	First Trust High Income Long/Short Fund		183,631
	12,089	iShares J.P. Morgan USD Emerging Markets Bond ETF^f		1,278,774
	79,271	MFS Intermediate Income Trust		362,269
	25,714	PIMCO Dynamic Credit Income Fund		463,623
	63,832	Templeton Global Income Fund		405,333
	5,430	Vanguard Short-Term Corporate Bond ETF		428,916
	29,063	Western Asset Emerging Markets Debt Fund, Inc.		399,035
	46,185	Western Asset High Income Opportunity Fund, Inc.		216,608

		Total		4,459,100


		Total Registered Investment Companies (cost $12,856,513)		11,922,512


Shares		Preferred Stock (1.6%)	Value
	Financials (1.5%)
	4,800	Agribank FCB, 6.875%^k		507,450
	288	Bank of America Corporation, Convertible, 7.250%^k		314,862
	25,915	Citigroup, Inc., 6.875%^k		721,992
	6,250	Farm Credit Bank of Texas, 6.750%^h,k		650,781
	13,000	Goldman Sachs Group, Inc., 5.500%^k		336,570
	17,350	HSBC USA, Inc., 6.500%^k		451,621
	520	M&T Bank Corporation, 6.375%^k		544,700
	12,800	Morgan Stanley, 7.125%^k		366,080
	8,640	U.S. Bancorp, 6.500%^k		247,968
	320	Wells Fargo & Company, Convertible, 7.500%^k		371,520

		Total		4,513,544


	Materials (0.1%)
	12,800	CHS, Inc., 7.100%^k		349,056

		Total		349,056

	Utilities (<0.1%)
	4,000	Southern California Edison Company Trust IV, 5.375%^k		108,640

		Total		108,640


		Total Preferred Stock (cost $4,708,491)		4,971,240


Shares		Collateral Held for Securities Loaned (3.1%)	Value
	9,667,927	Thrivent Cash Management Trust		9,667,927

		Total Collateral Held for Securities Loaned (cost $9,667,927)		9,667,927


Shares or Principal Amount		Short-Term Investments (9.1%)^m	Value
		Federal Home Loan Mortgage Corporation Discount Notes
	100,000	0.080%, 1/8/2016ⁿ		99,999
		Federal National Mortgage Association Discount Notes
	200,000	0.070%, 1/8/2016		199,997
	200,000	0.180%, 2/8/2016ⁿ		199,962
		Thrivent Cash Management Trust
	27,808,704	0.220%		27,808,704
		U.S. Treasury Bills
	100,000	0.175%, 2/4/2016^o		99,983

		Total Short-Term Investments (at amortized cost)		28,408,645

		Total Investments (cost $342,819,242) 109.0%	$	341,196,487

		Other Assets and Liabilities, Net (9.0%)		(28,119,943	)

		Total Net Assets 100.0%	$	313,076,544

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

106

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015

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	Defaulted security. Interest is not being accrued.

e	Non-income producing security.

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

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 December 31, 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 December 31, 2015.

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

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

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 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	All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

o	All or a portion of the security is pledged as collateral under the agreement between the counterparty, the custodian and the fund for open swap contracts.

Denotes restricted securities. Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The value of all restricted securities held in Balanced Income Plus Portfolio as of December 31, 2015 was $1,914,426 or 0.6% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of December 31, 2015.


Security	Acquisition Date		Cost
Angel Oak Mortgage Trust, 11/25/2045		12/10/2015	$	374,211
Bayview Opportunity Master Fund Trust, 7/28/2034		11/12/2014		242,618
Preferred Term Securities XXIII, Ltd., 12/22/2036		9/14/2006		555,264
Sunset Mortgage Loan Company, LLC, 9/16/2045		10/2/2015		180,552
U.S. Residential Opportunity Fund III Trust, 1/27/2035		2/6/2015		242,594
Wachovia Asset Securitization, Inc., 7/25/2037		3/16/2007		519,538

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Balanced Income Plus Portfolio as of December 31, 2015:

Securities Lending Transactions


Taxable Debt Security	$	3,212,211
Common Stock		6,198,350

Total lending	$	9,410,561
Gross amount payable upon return of collateral for securities loaned	$	9,667,927

Net amounts due to counterparty	$	257,366

Definitions:


ADR	-	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
ETF	-	Exchange Traded Fund.
REIT	-	Real Estate Investment Trust is a company that buys, develops, manages and/or sells real estate assets.

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

107

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (13.3%)^a	Value
	Basic Materials (0.9%)
		Alpha Natural Resources, Inc., Term Loan
$	324,196	3.500%, 5/22/2020	$	139,673
		Fortescue Metals Group, Ltd., Term Loan
	921,533	4.250%, 6/30/2019		680,874
		Ineos US Finance, LLC, Term Loan
	850,528	3.750%, 12/15/2020		814,381
		NewPage Corporation, Term Loan
	950,625	9.500%, 2/11/2021		339,259
		PolyOne Corporation, Term Loan
	500,000	3.750%, 11/11/2022		500,000
		Tronox Pigments BV, Term Loan
	1,284,326	4.500%, 3/19/2020		1,133,418
		Wausau Paper Corporation, Term Loan
	589,582	6.500%, 7/30/2020		585,161

		Total		4,192,766


	Capital Goods (0.5%)
		ADS Waste Holdings, Inc., Term Loan
	561,833	3.750%, 10/9/2019		542,872
		Berry Plastics Group, Inc., Term Loan
	583,500	3.500%, 2/8/2020		571,433
	292,107	4.000%, 10/3/2022		289,186
		Rexnord, LLC, Term Loan
	586,500	4.000%, 8/21/2020		567,075
		Silver II Borrower, Term Loan
	539,384	4.000%, 12/13/2019		454,970

		Total		2,425,536


	Communications Services (3.9%)
		Altice Financing SA, Term Loan
	298,500	5.250%, 2/4/2022		296,915
		Atlantic Broadband Penn, LLC, Term Loan
	105,607	3.250%, 11/30/2019		104,518
		Birch Communication Inc., Term Loan
	678,125	7.750%, 7/17/2020		647,609
		Block Communications, Inc., Term Loan
	469,063	4.000%, 11/7/2021		463,786
		Cengage Learning Acquisitions, Term Loan
	606,049	7.000%, 3/31/2020		589,383
		Charter Communications Operating, LLC, Term Loan
	59,091	3.000%, 7/1/2020		57,922
		Cincinnati Bell, Inc., Term Loan
	673,225	4.000%, 9/10/2020		648,262
		CommScope, Inc., Term Loan
	877,800	3.827%, 12/29/2022^b,c		870,672
		CSC Holdings, LLC, Term Loan
	875,000	5.000%, 10/9/2022		872,541
		Fairpoint Communications, Term Loan
	523,712	7.500%, 2/14/2019		519,261
		Grande Communications Networks, LLC, Term Loan
	780,018	4.500%, 5/29/2020		763,771
		Gray Television, Inc., Term Loan
	431,796	3.750%, 6/13/2021		425,591
		Hargray Communications Group, Inc., Term Loan
	657,244	5.250%, 6/26/2019		652,518
		Integra Telecom Holdings, Inc., Term Loan
	821,790	5.250%, 8/14/2020		793,027
		Intelsat Jackson Holdings SA, Term Loan
	556,029	3.750%, 6/30/2019		524,652
		Level 3 Communications, Inc., Term Loan
	800,000	4.000%, 1/15/2020		796,712
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	725,000	4.500%, 1/7/2022		700,531
		LTS Buyer, LLC, Term Loan
	890,390	4.000%, 4/13/2020		865,014
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	884,435	4.750%, 3/22/2019		863,058
		NEP/NCP Holdco, Inc., Term Loan
	778,170	4.250%, 1/22/2020		725,643
		NTelos, Inc., Term Loan
	568,652	5.750%, 11/9/2019		562,966
		Numericable US, LLC, Term Loan
	860,000	4.563%, 7/29/2022^b,c		820,363
	65,000	4.750%, 2/10/2023		62,330
		SBA Senior Finance II, LLC, Term Loan
	467,875	3.250%, 3/24/2021		457,348
	89,550	3.250%, 6/10/2022		87,227
		TNS, Inc., Term Loan
	409,290	5.000%, 2/14/2020		402,127
		Univision Communications, Inc., Term Loan
	884,693	4.000%, 3/1/2020		864,345
		Virgin Media Investment Holdings, Ltd., Term Loan
	403,993	3.500%, 6/30/2023		395,093
		WideOpenWest Finance, LLC, Term Loan
	622,837	4.500%, 4/1/2019		599,288
		WMG Acquisition Corporation, Term Loan
	586,500	3.750%, 7/1/2020		553,996
		XO Communications, LLC, Term Loan
	638,625	4.250%, 3/20/2021		622,340
		Yankee Cable Acquisition, LLC, Term Loan
	548,315	4.250%, 3/1/2020		539,575
		Zayo Group, LLC, Term Loan
	670,460	3.750%, 5/6/2021		658,365

		Total		18,806,749


	Consumer Cyclical (2.2%)
		Amaya BV, Term Loan
	523,395	5.000%, 8/1/2021		489,374
		Burlington Coat Factory Warehouse Corporation, Term Loan
	506,238	4.250%, 8/13/2021		499,277

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

108

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (13.3%)^a	Value
	Consumer Cyclical (2.2%) - continued
		Ceridian HCM Holding, Inc., Term Loan
$	287,687	4.500%, 9/15/2020	$	243,455
		Charter Communications Operating, LLC, Term Loan
	585,000	3.000%, 1/3/2021		572,569
		Chrysler Group, LLC, Term Loan
	486,005	3.500%, 5/24/2017		483,910
		Dollar Tree, Inc., Term Loan
	562,091	3.500%, 7/6/2022		559,635
		FCA US, LLC, Term Loan
	270,188	3.250%, 12/31/2018		267,351
		Golden Nugget, Inc., Delayed Draw
	63,450	5.500%, 11/21/2019		62,816
		Golden Nugget, Inc., Term Loan
	148,050	5.500%, 11/21/2019		146,569
		Hilton Worldwide Finance, LLC, Term Loan
	426,206	3.500%, 10/26/2020		425,008
		IMG Worldwide, Inc., Term Loan
	764,306	5.250%, 5/6/2021		749,738
		J.C. Penney Corporation, Inc., Term Loan
	585,000	6.000%, 5/22/2018		573,739
		Las Vegas Sands, LLC, Term Loan
	490,000	3.250%, 12/19/2020		484,488
		Marina District Finance Company, Inc., Term Loan
	285,276	6.500%, 8/15/2018		284,563
		MGM Resorts International, Term Loan
	1,203,970	3.500%, 12/20/2019		1,185,910
		Michaels Stores, Inc., Term Loan
	559,610	4.000%, 1/28/2020		555,178
		Mohegan Tribal Gaming Authority, Term Loan
	652,256	5.500%, 6/15/2018		636,648
		Pinnacle Entertainment, Inc., Term Loan
	243,795	3.750%, 8/13/2020		242,805
		ROC Finance, LLC, Term Loan
	586,500	5.000%, 6/20/2019		544,466
		Scientific Games International, Inc., Term Loan
	588,000	6.000%, 10/18/2020		536,550
	99,000	6.000%, 10/1/2021		89,948
		Seminole Hard Rock Entertainment, Inc., Term Loan
	310,738	3.500%, 5/14/2020		303,747
		Seminole Indian Tribe of Florida, Term Loan
	484,500	3.000%, 4/29/2020		480,866

		Total		10,418,610


	Consumer Non-Cyclical (1.9%)
		Albertson’s, Inc., Term Loan
	688,071	5.500%, 3/21/2019		685,146
		Albertson’s, LLC, Term Loan
	600,000	0.000%, 12/22/2022^b,c		595,800
		Catalina Marketing Corporation, Term Loan
	605,775	4.500%, 4/9/2021		481,591
		CHS/Community Health Systems, Inc., Term Loan
	120,633	3.657%, 12/31/2018		118,773
	156,460	3.750%, 1/27/2021		152,256
	287,882	4.000%, 1/27/2021		282,948
		Endo Luxembourg Finance I Co Sarl, Term Loan
	600,000	3.750%, 9/26/2022		591,252
		Hanesbrands, Inc., Term Loan
	506,175	3.250%, 4/29/2022		507,228
		HCA, Inc., Term Loan
	705,972	3.174%, 3/31/2017		704,694
		JBS USA, LLC, Term Loan
	145,000	4.000%, 10/30/2022		144,456
		Libbey Glass, Inc., Term Loan
	302,888	3.750%, 4/9/2021		297,208
		LTF Merger Sub, Inc., Term Loan
	751,225	4.250%, 6/10/2022		731,040
		Ortho-Clinical Diagnostics, Inc., Term Loan
	703,755	4.750%, 6/30/2021		593,794
		Owens-Brockway Glass Container, Inc., Term Loan
	907,725	3.500%, 9/1/2022		902,624
		Sterigenics-Nordion Holdings, LLC, Term Loan
	428,925	4.250%, 5/16/2022		416,057
		Supervalu, Inc., Term Loan
	778,000	4.500%, 3/21/2019		766,493
		Valeant Pharmaceuticals International, Inc., Term Loan
	1,097,236	4.000%, 4/1/2022^b,c		1,053,072

		Total		9,024,432


	Energy (0.7%)
		Arch Coal, Inc., Term Loan
	782,541	6.250%, 5/16/2018		344,537
		Aria Energy Operating, LLC, Term Loan
	433,745	5.000%, 5/27/2022		401,214
		Energy Solutions, LLC, Term Loan
	656,500	6.750%, 5/29/2020		492,375
		Exgen Renewables I, LLC, Term Loan
	378,464	5.250%, 2/6/2021		378,464
		McJunkin Red Man Corporation, Term Loan
	298,098	4.750%, 11/8/2019		272,760
		MEG Energy Corporation, Term Loan
	710,106	0.000%, 3/31/2020		622,763
		Offshore Group Investment, Ltd., Term Loan
	401,108	0.000%, 3/28/2019^d		80,554
		Pacific Drilling SA, Term Loan
	585,000	4.500%, 6/3/2018		250,088
		Targa Resources Partners, LP, Term Loan
	364,651	5.750%, 2/27/2022		352,800

		Total		3,195,555


	Financials (0.7%)
		Delos Finance Sarl, Term Loan
	630,000	3.500%, 3/6/2021		626,737

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

109

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (13.3%)^a	Value
	Financials (0.7%) - continued
		DJO Finance, LLC, Term Loan
$	299,250	4.250%, 6/7/2020	$	290,365
		Harland Clarke Holdings Corporation, Term Loan
	562,500	7.000%, 5/22/2018		543,279
		MoneyGram International, Inc., Term Loan
	515,720	4.250%, 3/27/2020		469,733
		MPH Acquisition Holdings, LLC, Term Loan
	153,598	3.750%, 3/31/2021		149,247
		TransUnion, LLC, Term Loan
	638,625	3.500%, 4/9/2021		619,198
		WaveDivision Holdings, LLC, Term Loan
	582,000	4.000%, 10/15/2019		571,815

		Total		3,270,374


	Technology (1.3%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	2,000,000	0.000%, 11/13/2022^b,c		1,976,260
		Avago Technologies, Ltd., Term Loan
	942,049	3.750%, 5/6/2021		938,912
		BMC Software, Inc., Term Loan
	567,167	5.000%, 9/10/2020		465,479
		Booz Allen Hamilton, Inc., Term Loan
	248,062	3.750%, 7/31/2019		248,310
		First Data Corporation, Term Loan
	900,000	3.918%, 3/23/2018		887,121
	280,000	4.168%, 7/8/2022		275,730
		Infor US, Inc., Term Loan
	417,746	3.750%, 6/3/2020		391,291
		Merrill Communications, LLC, Term Loan
	2,714	6.250%, 6/1/2022		2,307
		NXP BV, Term Loan
	840,000	3.750%, 12/7/2020		835,170
		SS&C European Holdings SARL, Term Loan
	358,654	4.007%, 7/8/2022		355,516
	52,782	4.018%, 7/8/2022		52,320

		Total		6,428,416


	Transportation (0.8%)
		American Airlines, Inc., Term Loan
	1,056,187	3.250%, 6/27/2020		1,038,528
		Delta Airlines, Inc., Term Loan
	1,167,075	3.250%, 8/24/2022		1,163,527
		OSG Bulk Ships, Inc., Term Loan
	694,425	5.250%, 8/5/2019		664,912
		XPO Logistics, Inc., Term Loan
	1,260,000	5.500%, 11/1/2021		1,253,171

		Total		4,120,138


	Utilities (0.4%)
		Calpine Corporation, Term Loan
	600,810	4.000%, 10/31/2020		584,287
	687,213	3.500%, 5/27/2022		653,884
		Intergen NV, Term Loan
	585,000	5.500%, 6/15/2020		527,231

		Total		1,765,402


		Total Bank Loans (cost $67,667,601)		63,647,978


		Long-Term Fixed Income (42.7%)
	Asset-Backed Securities (3.6%)
		Asset Backed Securities Corporation Home Equity Loan Trust
	640,725	0.562%, 7/25/2036^e		559,729
	706,729	0.582%, 11/25/2036^e		637,663
		Bayview Opportunity Master Fund Trust
	272,414	3.623%, 7/28/2019*,^f		270,208
	464,915	3.623%, 4/28/2030^g		458,507
	540,501	3.228%, 7/28/2034*,^f		539,568
	905,545	3.721%, 2/28/2035*		904,577
	1,177,186	3.721%, 7/28/2035^f,g		1,176,237
		Countrywide Asset-Backed Certificates
	315,349	5.530%, 4/25/2047		343,520
		GSAA Home Equity Trust
	683,638	0.692%, 7/25/2037^e		590,048
		J.P. Morgan Mortgage Acquisition Trust
	1,441,724	6.472%, 3/25/2047^f		1,088,906
		J.P. Morgan Mortgage Trust
	1,270,068	2.746%, 2/25/2036		1,120,161
		Lehman XS Trust
	1,237,380	5.440%, 8/25/2035^f		1,107,358
		Pretium Mortgage Credit Partners, LLC
	781,991	4.125%, 10/27/2030*		774,944
	1,200,000	4.375%, 11/27/2030*		1,195,954
		Renaissance Home Equity Loan Trust
	346,065	5.746%, 5/25/2036^f		238,413
	632,000	6.011%, 5/25/2036^f		439,629
	913,125	5.797%, 8/25/2036^f		564,400
		Sunset Mortgage Loan Company, LLC
	1,083,310	4.459%, 9/16/2045*,^f		1,079,031
		U.S. Residential Opportunity Fund III Trust
	970,377	3.721%, 1/27/2035*		964,073
		Vericrest Opportunity Loan Transferee
	1,042,457	3.375%, 10/25/2058*,^f		1,024,327
	879,778	3.500%, 6/26/2045^f,g		866,929
	911,054	3.625%, 7/25/2045^f,g		898,107
	510,415	3.500%, 2/25/2055*,^f		503,508

		Total		17,345,797


	Basic Materials (0.5%)
		Anglo American Capital plc
	92,000	1.271%, 4/15/2016^e,g		91,100
		ArcelorMittal SA
	730,000	6.500%, 3/1/2021		587,570
		BHP Billiton Finance USA, Ltd.
	400,000	6.250%, 10/19/2075^g		391,500

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

110

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (42.7%)	Value
	Basic Materials (0.5%) - continued
		Dow Chemical Company
$	64,000	8.550%, 5/15/2019	$	75,434
		First Quantum Minerals, Ltd.
	322,000	6.750%, 2/15/2020^g		207,690
	322,000	7.000%, 2/15/2021^g		202,055
		Freeport-McMoRan, Inc.
	53,000	2.375%, 3/15/2018		41,340
		Glencore Funding, LLC
	60,000	1.377%, 4/16/2018^e,g		50,628
		INEOS Group Holdings SA
	400,000	5.875%, 2/1/2019^g		388,000
		LyondellBasell Industries NV
	64,000	5.000%, 4/15/2019		68,083
		Sappi Papier Holding GmbH
	400,000	6.625%, 4/15/2021^g		404,000
		Yamana Gold, Inc.
	98,000	4.950%, 7/15/2024		83,102

		Total		2,590,502


	Capital Goods (1.4%)
		Berry Plastics Corporation
	425,000	6.000%, 10/15/2022^g		432,438
		Building Materials Corporation of America
	785,000	6.000%, 10/15/2025^g		800,700
		Cemex SAB de CV
	775,000	5.700%, 1/11/2025^g		648,094
		CNH Industrial Capital, LLC
	965,000	4.375%, 11/6/2020		909,513
		Crown Americas Capital Corporation IV
	730,000	4.500%, 1/15/2023		713,575
		Crown Cork & Seal Company, Inc.
	410,000	7.375%, 12/15/2026		440,750
		General Electric Company
	120,000	4.200%, 12/15/2049^h		119,400
		Ingersoll-Rand Luxembourg Finance SA
	190,000	2.625%, 5/1/2020		187,211
		L-3 Communications Corporation
	123,000	1.500%, 5/28/2017		121,476
		Lockheed Martin Corporation
	70,000	1.850%, 11/23/2018		69,876
		Pentair Finance SA
	70,000	3.625%, 9/15/2020		69,931
		Reynolds Group Issuer, Inc.
	160,000	5.750%, 10/15/2020		162,750
	410,000	6.875%, 2/15/2021		422,300
		Sealed Air Corporation
	500,000	4.875%, 12/1/2022^g		501,250
		Textron, Inc.
	137,000	7.250%, 10/1/2019		155,878
		United Rentals North America, Inc.
	780,000	5.500%, 7/15/2025		756,600

		Total		6,511,742


	Collateralized Mortgage Obligations (13.6%)
		Adjustable Rate Mortgage Trust
	1,072,000	2.860%, 11/25/2035		942,606
		Alternative Loan Trust
	1,127,592	5.500%, 5/25/2035		1,131,305
	998,156	6.000%, 6/25/2036		908,325
		American Home Mortgage Assets Trust
	1,592,614	0.612%, 12/25/2046^e		1,016,445
	1,567,256	0.612%, 6/25/2047^e		1,070,193
		American Home Mortgage Investment Trust
	1,425,202	6.250%, 12/25/2036		632,526
		Angel Oak Mortgage Trust
	1,150,000	4.500%, 11/25/2045*		1,147,979
		Banc of America Alternative Loan Trust
	397,753	0.922%, 4/25/2035^e		308,393
	1,106,644	6.000%, 11/25/2035		984,921
		Banc of America Funding Corporation
	294,005	4.725%, 5/20/2036		247,078
		BCAP, LLC Trust
	1,198,989	0.602%, 3/25/2037^e		1,015,955
		Bear Stearns Adjustable Rate Mortgage Trust
	214,313	2.660%, 10/25/2035^e		210,710
	262,803	2.702%, 2/25/2036		207,755
		Bear Stearns ALT-A Trust
	1,232,757	5.212%, 7/25/2035		1,008,564
		Citicorp Mortgage Securities Trust
	355,039	6.000%, 5/25/2037		365,701
		Citigroup Mortgage Loan Trust, Inc.
	342,092	5.500%, 11/25/2035		327,007
	648,414	2.751%, 3/25/2037		511,888
		CitiMortgage Alternative Loan Trust
	494,567	5.750%, 4/25/2037		424,258
		Countrywide Alternative Loan Trust
	252,143	0.822%, 2/25/2035^e		234,631
	791,639	2.508%, 10/25/2035		704,448
	535,388	2.609%, 10/25/2035		470,603
	383,954	5.500%, 2/25/2036		363,801
	211,314	6.000%, 4/25/2036		187,166
	525,073	6.500%, 8/25/2036		395,638
	183,672	6.000%, 1/25/2037		168,797
	782,798	5.500%, 5/25/2037		664,247
		Countrywide Home Loan Mortgage Pass Through Trust
	1,195,548	2.706%, 11/25/2035		1,018,909
	467,008	2.725%, 2/20/2036		407,781
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	90,611	5.500%, 10/25/2021		87,711
	296,417	0.622%, 11/25/2035^e		197,007
	636,601	5.500%, 11/25/2035		608,165
	823,946	1.027%, 4/25/2047^e		702,608
	1,297,818	0.441%, 8/25/2047^e		1,063,231
		Federal Home Loan Mortgage Corporation
	6,083,109	2.500%, 12/15/2022ⁱ		378,978
	1,927,860	2.500%, 5/15/2027ⁱ		154,846
	2,275,218	2.500%, 2/15/2028ⁱ		208,372
	6,931,479	2.500%, 3/15/2028ⁱ		658,258
	3,653,360	3.000%, 4/15/2028ⁱ		358,884
	3,054,542	3.000%, 2/15/2033ⁱ		375,814

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

111

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (42.7%)	Value
	Collateralized Mortgage Obligations (13.6%) - continued
		Federal National Mortgage Association
$	3,026,777	2.500%, 2/25/2028ⁱ	$	282,623
	2,491,716	3.000%, 4/25/2028ⁱ		251,631
	2,857,099	3.500%, 1/25/2033ⁱ		384,733
		First Horizon Alternative Mortgage Securities Trust
	868,467	2.318%, 3/25/2035		768,622
	885,845	2.403%, 7/25/2035		809,021
	904,740	6.000%, 8/25/2036^e		735,889
		First Horizon Mortgage Pass-Through Trust
	837,036	2.698%, 8/25/2037		668,251
		GMAC Mortgage Corporation Loan Trust
	1,368,559	3.149%, 5/25/2035		1,289,544
		Government National Mortgage Association
	2,917,647	4.000%, 1/16/2027ⁱ		298,789
		Greenpoint Mortgage Funding Trust
	666,624	0.622%, 10/25/2045^e		523,594
		HarborView Mortgage Loan Trust
	1,514,528	2.685%, 7/19/2035		1,333,471
		HomeBanc Mortgage Trust
	357,981	2.229%, 4/25/2037		269,866
		IndyMac IMJA Mortgage Loan Trust
	805,351	6.250%, 11/25/2037		670,675
		IndyMac INDX Mortgage Loan Trust
	1,102,519	2.843%, 10/25/2035		915,322
	958,392	1.062%, 7/25/2045^e		828,939
		J.P. Morgan Alternative Loan Trust
	1,056,950	6.500%, 3/25/2036		914,379
		J.P. Morgan Mortgage Trust
	197,502	6.500%, 1/25/2035		193,594
	882,071	2.872%, 8/25/2035		876,601
	396,480	2.691%, 10/25/2036		356,749
	751,268	0.802%, 1/25/2037^e		460,444
	635,509	2.919%, 1/25/2037		557,957
	411,035	6.250%, 8/25/2037		318,649
		Lehman Mortgage Trust
	475,868	1.172%, 12/25/2035^e		335,461
		Master Asset Securitization Trust
	563,198	0.922%, 6/25/2036^e		321,638
		MASTR Alternative Loans Trust
	204,051	6.500%, 7/25/2034		208,833
	450,426	0.872%, 12/25/2035^e		225,490
		Merrill Lynch Alternative Note Asset Trust
	596,342	6.000%, 3/25/2037		536,920
		Morgan Stanley Mortgage Loan Trust
	468,531	2.803%, 11/25/2035		344,305
		MortgageIT Trust
	916,703	0.682%, 12/25/2035^e		829,887
		New Century Alternative Mortgage Loan Trust
	1,052,851	6.167%, 7/25/2036^f		644,413
		New York Mortgage Trust, Inc.
	625	2.671%, 5/25/2036		10
		Oak Hill Advisors Residential Loan Trust
	756,209	3.475%, 1/25/2055*,^f		752,526
		RALI Trust
	975,736	6.000%, 4/25/2036		832,525
	1,036,009	0.602%, 11/25/2036^e		752,562
	335,748	6.000%, 6/25/2037		280,888
	1,359,089	0.612%, 7/25/2037^e		1,078,617
		Residential Accredit Loans, Inc.
	1,671,254	3.633%, 9/25/2035		1,385,271
		Residential Accredit Loans, Inc. Trust
	669,380	5.750%, 9/25/2035		602,984
	796,137	6.000%, 1/25/2037		667,221
	1,367,867	5.750%, 4/25/2037		1,103,982
	838,192	6.250%, 4/25/2037		708,085
		Residential Asset Securitization Trust
	890,959	6.236%, 8/25/2022		798,722
	513,107	5.500%, 4/25/2035		519,641
	805,863	0.802%, 8/25/2037^e		239,455
		Residential Funding Mortgage Security I Trust
	785,765	5.750%, 2/25/2036		733,655
	1,062,945	6.000%, 7/25/2037		962,205
		Sequoia Mortgage Trust
	1,324,871	2.822%, 9/20/2046		1,059,952
		Structured Adjustable Rate Mortgage Loan Trust
	230,368	2.761%, 12/25/2034		225,010
	772,751	2.719%, 7/25/2035		660,887
	378,260	2.877%, 9/25/2035		319,614
	621,265	4.725%, 5/25/2036		477,182
		Structured Asset Mortgage Investments, Inc.
	1,515,058	0.732%, 12/25/2035^e		1,096,872
	777,699	0.632%, 5/25/2046^e		547,750
		Suntrust Alternative Loan Trust
	911,805	5.750%, 12/25/2035		833,822
		WaMu Mortgage Pass Through Certificates
	1,191,297	4.151%, 8/25/2036		1,046,224
	631,102	2.176%, 11/25/2036		546,753
	1,266,292	1.825%, 1/25/2037		1,065,894
	116,700	2.397%, 8/25/2046		99,883
	540,130	1.177%, 9/25/2046^e		432,329
	1,501,180	1.063%, 12/25/2046^e		1,155,377
	591,851	1.901%, 3/25/2047^e		470,867
		Washington Mutual Mortgage Pass Through Certificates
	515,335	1.022%, 6/25/2035^e		392,574
	787,815	6.000%, 11/25/2035		719,151
	1,612,298	1.007%, 2/25/2047^e		1,155,690
		Wells Fargo Mortgage Backed Securities Trust
	1,326,354	2.731%, 7/25/2036		1,299,613
	424,908	6.000%, 7/25/2037		420,622
	575,370	6.000%, 11/25/2037		569,501

		Total		65,041,710


	Commercial Mortgage-Backed Securities (0.1%)
		Greenwich Capital Commercial Funding Corporation
	650,000	5.867%, 12/10/2049		675,229

		Total		675,229

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

112

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (42.7%)	Value
	Communications Services (2.0%)
		AMC Networks, Inc.
$	390,000	4.750%, 12/15/2022	$	390,000
		American Tower Corporation
	60,000	2.800%, 6/1/2020		59,309
	98,000	3.450%, 9/15/2021		98,480
		AT&T, Inc.
	65,000	1.533%, 6/30/2020^e		64,535
		CC Holdings GS V, LLC
	72,000	2.381%, 12/15/2017		72,079
		CCO Holdings, LLC
	400,000	6.500%, 4/30/2021		416,000
		CCO Safari II, LLC
	35,000	3.579%, 7/23/2020^g		34,790
	35,000	4.464%, 7/23/2022^g		34,878
		CenturyLink, Inc.
	400,000	6.450%, 6/15/2021		390,000
		Clear Channel Worldwide Holdings, Inc.
	510,000	6.500%, 11/15/2022		497,250
		Columbus International, Inc.
	750,000	7.375%, 3/30/2021^g		742,500
		Crown Castle International Corporation
	800,000	5.250%, 1/15/2023		841,000
		Digicel, Ltd.
	760,000	6.000%, 4/15/2021^g		640,300
		DIRECTV Holdings, LLC
	104,000	5.875%, 10/1/2019		116,078
		Frontier Communications Corporation
	555,000	8.875%, 9/15/2020^g		561,938
		Hughes Satellite Systems Corporation
	513,000	6.500%, 6/15/2019		552,757
		Level 3 Escrow II, Inc.
	400,000	5.375%, 8/15/2022		406,000
		Numericable-SFR
	770,000	6.000%, 5/15/2022^g		746,900
		SBA Tower Trust
	200,000	3.598%, 4/16/2043^g		199,281
		Sprint Corporation
	760,000	7.625%, 2/15/2025		554,800
		Telefonica Emisiones SAU
	126,000	3.192%, 4/27/2018		128,445
		T-Mobile USA, Inc.
	770,000	6.125%, 1/15/2022		791,175
		Univision Communications, Inc.
	515,000	5.125%, 5/15/2023^g		495,688
		UPCB Finance V, Ltd.
	513,000	7.250%, 11/15/2021^g		545,063
		Verizon Communications, Inc.
	66,000	2.625%, 2/21/2020		66,229
	98,000	4.500%, 9/15/2020		105,292

		Total		9,550,767


	Consumer Cyclical (1.9%)
		AMC Entertainment, Inc.
	400,000	5.875%, 2/15/2022		406,000
		Brookfield Residential Properties, Inc.
	570,000	6.500%, 12/15/2020^g		549,337
		Corrections Corporation of America
	535,000	5.000%, 10/15/2022		532,325
		Ford Motor Credit Company, LLC
	130,000	5.000%, 5/15/2018		136,551
	95,000	2.597%, 11/4/2019		93,275
		General Motors Financial Company, Inc.
	570,000	3.250%, 5/15/2018		572,853
	83,000	4.375%, 9/25/2021		84,166
		Hilton Worldwide Finance, LLC
	730,000	5.625%, 10/15/2021		756,463
		Home Depot, Inc.
	70,000	0.882%, 9/15/2017^e		70,103
	65,000	2.625%, 6/1/2022		64,932
		Jaguar Land Rover Automotive plc
	200,000	4.125%, 12/15/2018^g		201,000
	125,000	4.250%, 11/15/2019^g		125,938
	420,000	5.625%, 2/1/2023^g		424,200
		L Brands, Inc.
	570,000	5.625%, 2/15/2022		605,625
		Lennar Corporation
	410,000	12.250%, 6/1/2017		464,837
	160,000	4.125%, 12/1/2018		160,800
		Live Nation Entertainment, Inc.
	500,000	5.375%, 6/15/2022^g		492,500
		Macy’s Retail Holdings, Inc.
	176,000	7.450%, 7/15/2017		190,164
		MGM Resorts International
	775,000	6.000%, 3/15/2023		769,188
		Ralph Lauren Corporation
	70,000	2.625%, 8/18/2020		70,667
		Royal Caribbean Cruises, Ltd.
	750,000	5.250%, 11/15/2022		768,750
		Six Flags Entertainment Corporation
	510,000	5.250%, 1/15/2021^g		516,375
		Toll Brothers Finance Corporation
	124,000	4.000%, 12/31/2018		126,480
		Visa, Inc.
	70,000	2.200%, 12/14/2020		69,870
		West Corporation
	770,000	5.375%, 7/15/2022^g		664,125

		Total		8,916,524


	Consumer Non-Cyclical (1.9%)
		Amgen, Inc.
	60,000	2.125%, 5/1/2020		59,182
		B&G Foods, Inc.
	310,000	4.625%, 6/1/2021		306,900
		BAT International Finance plc
	65,000	1.022%, 6/15/2018^e,g		64,912
		Becton, Dickinson and Company
	45,000	1.450%, 5/15/2017		44,810
		Boston Scientific Corporation
	35,000	6.000%, 1/15/2020		38,864
		Bunge Limited Finance Corporation
	70,000	3.500%, 11/24/2020		69,610
		Cardinal Health, Inc.
	65,000	1.950%, 6/15/2018		64,831
		Celgene Corporation
	70,000	3.550%, 8/15/2022		70,680

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

113

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (42.7%)	Value
	Consumer Non-Cyclical (1.9%) - continued
		Cott Beverages, Inc.
$	770,000	5.375%, 7/1/2022	$	754,600
		CVS Health Corporation
	64,000	2.250%, 12/5/2018		64,309
		EMD Finance, LLC
	35,000	0.876%, 3/17/2017^e,g		34,893
		Envision Healthcare Corporation
	750,000	5.125%, 7/1/2022^g		735,000
		Forest Laboratories, Inc.
	97,000	4.375%, 2/1/2019^g		101,615
		Gilead Sciences, Inc.
	70,000	3.250%, 9/1/2022		70,485
		Grifols Worldwide Operations, Ltd.
	520,000	5.250%, 4/1/2022		522,600
		HCA, Inc.
	575,000	3.750%, 3/15/2019		579,312
		JBS USA, LLC
	390,000	5.875%, 7/15/2024^g		352,950
	780,000	5.750%, 6/15/2025^g		678,600
		Laboratory Corporation of America Holdings
	25,000	2.625%, 2/1/2020		24,681
		Land O’Lakes, Inc.
	800,000	8.000%, 12/31/2049^g,h		831,000
		Mead Johnson Nutrition Company
	70,000	3.000%, 11/15/2020		69,979
		Medtronic plc
	190,000	4.375%, 3/15/2035		192,060
		Mondelez International, Inc.
	86,000	2.250%, 2/1/2019		85,968
		Mylan NV
	35,000	3.750%, 12/15/2020^g		35,037
		PepsiCo, Inc.
	60,000	1.850%, 4/30/2020		59,312
		Pfizer, Inc.
	560,000	5.200%, 8/12/2020		627,248
		Reynolds American, Inc.
	65,000	3.250%, 6/12/2020		66,060
		SABMiller plc
	48,000	6.500%, 7/15/2018^g		52,959
		Safeway, Inc.
	37,000	3.400%, 12/1/2016		36,630
		Spectrum Brands Escrow Corporation
	340,000	6.375%, 11/15/2020		361,250
		Spectrum Brands, Inc.
	340,000	5.750%, 7/15/2025^g		348,500
		Tenet Healthcare Corporation
	730,000	8.125%, 4/1/2022		728,175
		TreeHouse Foods, Inc.
	510,000	4.875%, 3/15/2022		485,775
		Tyson Foods, Inc.
	98,000	4.500%, 6/15/2022		104,308
		VPII Escrow Corporation
	410,000	7.500%, 7/15/2021^g		408,975
		Zoetis, Inc.
	70,000	3.450%, 11/13/2020		70,081

		Total		9,202,151


	Energy (1.5%)
		Anadarko Petroleum Corporation
	77,000	8.700%, 3/15/2019		87,484
		Antero Resources Corporation
	500,000	5.625%, 6/1/2023^g		390,000
		Buckeye Partners, LP
	98,000	2.650%, 11/15/2018		94,280
		Chaparral Energy, Inc.
	400,000	7.625%, 11/15/2022		92,000
		Chevron Corporation
	70,000	0.874%, 11/16/2018^e		70,019
		Concho Resources, Inc.
	570,000	5.500%, 10/1/2022		518,700
		Crestwood Midstream Partners, LP
	510,000	6.250%, 4/1/2023^g		355,725
		Enbridge Energy Partners, LP
	810,000	8.050%, 10/1/2037		664,200
		Enterprise Products Operating, LLC
	960,000	7.034%, 1/15/2068		974,400
		EQT Corporation
	60,000	5.150%, 3/1/2018		62,431
	62,000	8.125%, 6/1/2019		66,971
		Kinder Morgan, Inc.
	95,000	5.300%, 12/1/2034		74,864
		Marathon Petroleum Corporation
	70,000	3.400%, 12/15/2020		68,746
		MEG Energy Corporation
	160,000	6.500%, 3/15/2021^g		112,000
	410,000	6.375%, 1/30/2023^g		280,850
		Noble Energy, Inc.
	550,000	5.875%, 6/1/2022		523,215
		Pacific Drilling V, Ltd.
	510,000	7.250%, 12/1/2017^g		262,650
		Petrobras International Finance Company
	295,000	5.750%, 1/20/2020		231,575
		Petroleos Mexicanos
	390,000	5.625%, 1/23/2046^g		298,428
		Pioneer Natural Resources Company
	25,000	3.450%, 1/15/2021		23,084
		Regency Energy Partners, LP
	730,000	5.000%, 10/1/2022		646,690
		Sabine Pass Liquefaction, LLC
	775,000	5.625%, 3/1/2025^g		655,844
		Schlumberger Holdings Corporation
	70,000	3.000%, 12/21/2020^g		69,096
		Shell International Finance BV
	60,000	0.806%, 5/11/2020^e		59,121
		Sunoco Logistics Partners Operations, LP
	70,000	4.400%, 4/1/2021		67,835
		WPX Energy, Inc.
	500,000	7.500%, 8/1/2020		405,000

		Total		7,155,208


	Financials (7.7%)
		Abbey National Treasury Services plc
	64,000	3.050%, 8/23/2018		65,670
		ACE INA Holdings, Inc.
	70,000	2.875%, 11/3/2022		69,469

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

114

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (42.7%)	Value
	Financials (7.7%) - continued
		Aegon NV
$	720,000	2.142%, 7/29/2049^e,h	$	540,000
		AIG Life Holdings, Inc.
	800,000	7.570%, 12/1/2045*		1,044,000
		Air Lease Corporation
	35,000	2.625%, 9/4/2018		34,596
		Ally Financial, Inc.
	600,000	3.750%, 11/18/2019		591,750
		American Express Company
	750,000	6.800%, 9/1/2066		755,625
		American Express Credit Corporation
	70,000	1.552%, 9/14/2020^e		70,597
		Aviation Capital Group Corporation
	96,000	3.875%, 9/27/2016^g		96,720
		Banco de Brasil SA
	490,000	9.000%, 12/31/2049^g,h		320,950
		Bank of America Corporation
	164,000	5.700%, 5/2/2017		171,032
	58,000	5.650%, 5/1/2018		62,368
	90,000	8.000%, 12/29/2049^h		91,575
		Bank of New York Mellon Corporation
	480,000	4.500%, 12/31/2049^h		439,200
		Barclays Bank plc
	100,000	5.140%, 10/14/2020		108,520
		BBVA Banco Continental SA
	117,000	2.250%, 7/29/2016^g		117,292
		BBVA International Preferred SA Unipersonal
	1,030,000	5.919%, 12/29/2049^h		1,040,300
		BPCE SA
	375,000	5.150%, 7/21/2024^g		378,151
		Caisse Centrale Desjardins du Quebec
	35,000	0.989%, 1/29/2018^e,g		34,932
		Capital One Financial Corporation
	800,000	5.550%, 12/29/2049^h		796,000
		CIT Group, Inc.
	650,000	5.000%, 8/15/2022		667,472
		Citigroup, Inc.
	97,000	1.850%, 11/24/2017		96,857
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	525,000	11.000%, 12/29/2049^g,h		648,112
		Credit Agricole SA
	50,000	1.457%, 6/10/2020^e,g		49,893
	380,000	6.625%, 9/29/2049^g,h		373,540
		Credit Suisse Group AG
	400,000	7.500%, 12/11/2049^g,h		419,933
	760,000	6.250%, 12/29/2049^g,h		759,428
		CyrusOne, LP
	570,000	6.375%, 11/15/2022		587,100
		DDR Corporation
	86,000	9.625%, 3/15/2016		87,343
		Discover Bank
	43,000	8.700%, 11/18/2019		50,870
		Discover Financial Services
	90,000	6.450%, 6/12/2017		95,088
		Duke Realty, LP
	95,000	4.375%, 6/15/2022		97,896
		Fifth Third Bancorp
	575,000	4.900%, 12/29/2049^h		519,944
		GE Capital Trust I
	380,000	6.375%, 11/15/2067		394,962
		General Electric Company
	947,000	4.100%, 12/15/2049^h		944,632
		Goldman Sachs Group, Inc.
	88,000	2.625%, 1/31/2019		88,629
	122,000	7.500%, 2/15/2019		139,600
	35,000	1.476%, 4/23/2020^e		35,052
	60,000	2.012%, 11/29/2023^e		60,532
		Goldman Sachs Group, Inc. Convertible
	2,450,000	0.500%, 9/24/2022		2,534,353
		Hartford Financial Services Group, Inc.
	106,000	6.000%, 1/15/2019		116,576
		HCP, Inc.
	64,000	3.750%, 2/1/2019		66,026
		Health Care REIT, Inc.
	110,000	4.700%, 9/15/2017		114,987
		HSBC Holdings plc
	375,000	5.625%, 12/29/2049^h		375,469
	665,000	6.375%, 12/29/2049^h		664,169
	380,000	6.375%, 12/29/2049^h		375,250
		Icahn Enterprises, LP
	770,000	6.000%, 8/1/2020		776,468
		ILFC E-Capital Trust II
	1,575,000	4.740%, 12/21/2065^e,g		1,449,000
		ING Capital Funding Trust III
	819,000	4.207%, 12/29/2049^e,h		816,953
		International Lease Finance Corporation
	64,000	2.462%, 6/15/2016^e		63,840
	390,000	5.875%, 8/15/2022		415,350
		Intesa Sanpaolo SPA
	41,000	3.875%, 1/16/2018		42,042
	100,000	3.875%, 1/15/2019		102,963
		J.P. Morgan Chase & Company
	88,000	6.300%, 4/23/2019		98,674
	30,000	2.250%, 1/23/2020		29,513
	77,000	7.900%, 4/29/2049^h		78,386
	750,000	6.750%, 8/29/2049^h		817,500
		Liberty Mutual Group, Inc.
	525,000	10.750%, 6/15/2058*		782,250
	25,000	5.000%, 6/1/2021^g		26,738
		Lincoln National Corporation
	770,000	6.050%, 4/20/2067		600,600
		Lloyds Banking Group plc
	800,000	6.413%, 1/29/2049^g,h		896,000
		MetLife Capital Trust IV
	823,000	7.875%, 12/15/2037^g		1,004,060
		MetLife, Inc.
	400,000	6.400%, 12/15/2036		437,000
		Morgan Stanley
	35,000	1.463%, 1/27/2020^e		35,075
	64,000	4.875%, 11/1/2022		67,920
		MPT Operating Partnership, LP
	510,000	5.500%, 5/1/2024		507,450
		Murray Street Investment Trust I
	88,000	4.647%, 3/9/2017		90,666
		National City Corporation
	86,000	6.875%, 5/15/2019		97,156

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

115

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (42.7%)	Value
	Financials (7.7%) - continued
		National Westminster Bank plc
$	1,140,000	0.688%, 11/29/2049^e,h	$	693,583
		New York Life Global Funding
	70,000	1.550%, 11/2/2018^g		69,430
		Nomura Holdings, Inc.
	85,000	2.750%, 3/19/2019		85,459
		Prudential Financial, Inc.
	380,000	5.875%, 9/15/2042		395,010
	775,000	5.625%, 6/15/2043		792,437
		Quicken Loans, Inc.
	510,000	5.750%, 5/1/2025^g		485,775
		Realty Income Corporation
	78,000	2.000%, 1/31/2018		78,045
		Regions Bank
	28,000	7.500%, 5/15/2018		31,112
		Reinsurance Group of America, Inc.
	160,000	5.625%, 3/15/2017		166,746
		Royal Bank of Scotland Group plc
	82,000	1.543%, 3/31/2017^e		81,840
	375,000	7.648%, 8/29/2049^h		464,531
	680,000	7.500%, 12/29/2049^h		708,050
		Simon Property Group, LP
	70,000	2.500%, 9/1/2020		70,054
		Societe Generale SA
	124,000	5.750%, 4/20/2016^g		125,580
	760,000	8.250%, 9/29/2049^h		805,600
	800,000	8.000%, 12/31/2049^g,h		815,254
		Standard Chartered plc
	760,000	6.500%, 12/29/2049^g,h		734,298
		State Street Corporation
	70,000	1.264%, 8/18/2020^e		70,007
		Synchrony Financial
	94,000	1.875%, 8/15/2017		93,569
	25,000	1.564%, 2/3/2020^e		24,605
	94,000	3.750%, 8/15/2021		93,897
		Synovus Financial Corporation
	900,000	5.750%, 12/15/2025		918,000
		Toronto-Dominion Bank
	70,000	1.432%, 12/14/2020^e		69,984
		UnitedHealth Group, Inc.
	70,000	3.350%, 7/15/2022		71,599
		USB Realty Corporation
	760,000	1.468%, 12/29/2049^e,g,h		684,000
		Voya Financial, Inc.
	129,000	2.900%, 2/15/2018		130,394
		Wells Fargo & Company
	35,000	1.002%, 1/30/2020^e		34,674
	400,000	5.900%, 12/29/2049^h		403,500
	380,000	5.875%, 12/31/2049^h		399,950
		ZFS Finance USA Trust II
	977,000	6.450%, 12/15/2065^g		987,258

		Total		37,012,305


	Foreign Government (2.9%)
		Brazil Government International Bond
	270,000	5.875%, 1/15/2019		275,400
	330,000	4.875%, 1/22/2021		305,250
	585,000	2.625%, 1/5/2023		444,600
	400,000	5.000%, 1/27/2045		267,000
		Colombia Government International Bond
	200,000	2.625%, 3/15/2023		175,700
	250,000	4.000%, 2/26/2024		238,125
	440,000	5.000%, 6/15/2045		367,400
		Croatia Government International Bond
	350,000	6.625%, 7/14/2020^g		375,043
		Hungary Government International Bond
	400,000	5.750%, 11/22/2023		447,560
	372,000	5.375%, 3/25/2024		407,340
		Indonesia Government International Bond
	300,000	4.875%, 5/5/2021^g		310,745
	290,000	3.375%, 4/15/2023^g		269,480
	270,000	5.875%, 1/15/2024^g		289,255
	210,000	4.125%, 1/15/2025^g		201,251
	200,000	4.750%, 1/8/2026^g		197,532
	675,000	5.125%, 1/15/2045^g		610,434
		Mexico Government International Bond
	250,000	3.625%, 3/15/2022		251,500
	306,000	4.000%, 10/2/2023		309,978
	180,000	3.600%, 1/30/2025		175,410
	90,000	6.050%, 1/11/2040		98,550
	250,000	4.750%, 3/8/2044		227,750
	180,000	5.550%, 1/21/2045		184,500
	315,000	4.600%, 1/23/2046		278,775
		Panama Government International Bond
	200,000	4.000%, 9/22/2024		200,000
	270,000	3.750%, 3/16/2025		264,600
	90,000	6.700%, 1/26/2036		106,875
		Peru Government International Bond
	580,000	4.125%, 8/25/2027		568,400
		Philippines Government International Bond
	235,000	7.750%, 1/14/2031		330,168
	240,000	6.375%, 10/23/2034		312,905
		Romania Government International Bond
	196,000	4.375%, 8/22/2023^g		204,026
	100,000	4.875%, 1/22/2024^g		107,430
		Russia Government International Bond
	180,000	3.500%, 1/16/2019^g		179,100
	800,000	5.000%, 4/29/2020^g		825,600
	500,000	4.875%, 9/16/2023^g		508,000
	267,750	7.500%, 3/31/2030^g		320,788
	270,000	5.625%, 4/4/2042^g		255,420
		South Africa Government International Bond
	245,000	5.500%, 3/9/2020		251,455
	210,000	5.875%, 5/30/2022		219,282
		Turkey Government International Bond
	270,000	7.500%, 11/7/2019		302,743
	700,000	7.000%, 6/5/2020		778,858
	385,000	5.125%, 3/25/2022		395,106
	180,000	6.250%, 9/26/2022		195,408
	90,000	5.750%, 3/22/2024		95,087
	400,000	4.250%, 4/14/2026		375,021

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

116

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (42.7%)	Value
	Foreign Government (2.9%) - continued
$	360,000	4.875%, 4/16/2043	$	316,800

		Total		13,821,650


	Mortgage-Backed Securities (1.9%)
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	6,500,000	3.500%, 1/1/2046^c		6,706,201
	2,150,000	4.000%, 1/1/2046^c		2,275,069

		Total		8,981,270


	Technology (1.3%)
		Alliance Data Systems Corporation
	420,000	5.375%, 8/1/2022^g		400,050
		Amkor Technology, Inc.
	670,000	6.625%, 6/1/2021		664,975
		Apple, Inc.
	60,000	0.659%, 5/6/2020^e		59,548
		Automatic Data Processing, Inc.
	70,000	2.250%, 9/15/2020		70,265
		Cisco Systems, Inc.
	65,000	0.914%, 3/1/2019^e		64,942
		CommScope Technologies Finance, LLC
	580,000	6.000%, 6/15/2025^g		558,250
		Denali Borrower, LLC
	760,000	5.625%, 10/15/2020^g		796,100
		Equinix, Inc.
	515,000	5.750%, 1/1/2025		526,587
		Fidelity National Information Services, Inc.
	70,000	3.625%, 10/15/2020		70,912
		First Data Corporation
	510,000	5.375%, 8/15/2023^g		512,550
		Freescale Semiconductor, Inc.
	570,000	6.000%, 1/15/2022^g		597,075
		Hewlett Packard Enterprise Company
	68,000	3.600%, 10/15/2020^g		68,156
		IMS Health, Inc.
	320,000	6.000%, 11/1/2020^g		329,600
		Intel Corporation
	70,000	3.100%, 7/29/2022		71,380
		Oracle Corporation
	60,000	2.500%, 5/15/2022		58,891
		Plantronics, Inc.
	800,000	5.500%, 5/31/2023^g		796,000
		Sensata Technologies BV
	725,000	4.875%, 10/15/2023^g		705,062
		Texas Instruments, Inc.
	60,000	1.750%, 5/1/2020		58,446

		Total		6,408,789


	Transportation (0.3%)
		American Airlines Pass Through Trust
	74,633	4.950%, 1/15/2023		78,738
		Avis Budget Car Rental, LLC
	770,000	5.125%, 6/1/2022^g		760,375
		Delta Air Lines, Inc.
	54,158	4.950%, 5/23/2019		56,865
	48,499	4.750%, 5/7/2020		51,166
		J.B. Hunt Transport Services, Inc.
	70,000	3.300%, 8/15/2022		69,325
		Korea Expressway Corporation
	123,000	1.625%, 4/28/2017^g		122,572
		United Airlines 2015-1 Class A Pass Through Trust
	70,000	3.700%, 12/1/2022		69,825
		XPO Logistics, Inc.
	500,000	6.500%, 6/15/2022^g		462,500

		Total		1,671,366


	U.S. Government and Agencies (0.4%)
		U.S. Treasury Notes
	1,110,000	1.875%, 6/30/2020		1,117,761
	830,000	2.125%, 6/30/2022		834,280

		Total		1,952,041


	Utilities (1.7%)
		Access Midstream Partners, LP
	390,000	4.875%, 5/15/2023		316,159
		AES Corporation
	390,000	7.375%, 7/1/2021		397,800
		Ameren Corporation
	70,000	2.700%, 11/15/2020		69,734
		Calpine Corporation
	560,000	6.000%, 1/15/2022^g		578,026
	730,000	5.375%, 1/15/2023		655,175
		DCP Midstream, LLC
	300,000	5.850%, 5/21/2043^g		229,500
		Dynegy Finance I, Inc.
	700,000	7.375%, 11/1/2022		609,000
		Electricite de France SA
	1,240,000	5.250%, 12/29/2049^g,h		1,165,600
		Energy Transfer Equity, LP
	780,000	5.500%, 6/1/2027		592,800
		Exelon Generation Company, LLC
	88,000	5.200%, 10/1/2019		94,801
		MPLX LP
	780,000	4.875%, 12/1/2024^g		700,050
		NRG Energy, Inc.
	390,000	6.625%, 3/15/2023		338,325
		Southern California Edison Company
	1,700,000	6.250%, 8/1/2049^h		1,872,975
		TransCanada PipeLines, Ltd.
	400,000	6.350%, 5/15/2067		302,000
		Xcel Energy, Inc.
	60,000	1.200%, 6/1/2017		59,696

		Total		7,981,641


		Total Long-Term Fixed Income (cost $205,832,025)		204,818,692


Shares		Common Stock (29.1%)
	Consumer Discretionary (4.2%)
	3,600	Aisan Industry Company, Ltd.		36,968
	1,100	Aisin Seiki Company, Ltd.		47,342
	3,060	Amazon.com, Inc.^j		2,068,223
	2,340	AutoZone, Inc.^j		1,736,069
	600	Bayerische Motoren Werke AG		50,199
	5,500	Berkeley Group Holdings plc		299,001

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

117

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (29.1%)	Value
	Consumer Discretionary (4.2%) - continued
	12,370	Best Buy Company, Inc.	$	376,667
	8,830	BorgWarner, Inc.		381,721
	1,100	Brembo SPA		53,144
	3,100	Bridgestone Corporation		106,334
	5,900	Burlington Stores, Inc.^j		253,110
	6,000	Calsonic Kansei Corporation		52,896
	7,805	Cedar Fair, LP		435,831
	4,000	Cineworld Group plc		33,163
	37,814	Comcast Corporation		2,133,844
	2,200	Compass Group plc		38,122
	200	Continental AG		48,382
	1,100	Daimler AG		91,910
	25,400	Debenhams plc		27,386
	4,900	Denso Corporation		234,149
	29,520	Discovery Communications, Inc., Class A^j		787,594
	19,100	EDION Corporation^k		144,217
	2,300	Electrolux AB		55,493
	3,300	Eutelsat Communications		98,804
	13,280	Ford Motor Company		187,115
	4,510	General Motors Company		153,385
	7,400	GKN plc		33,580
	13,000	Gunze, Ltd.		38,077
	7,700	Hakuhodo Dy Holdings, Inc.		83,311
	3,760	Harman International Industries, Inc.		354,230
	400	Hugo Boss AG		33,004
	14,800	Inchcape plc		170,759
	6,400	Informa plc		57,840
	2,300	Intertek Group plc		94,086
	3,900	Isuzu Motors, Ltd.		42,013
	48,900	ITV plc		199,090
	13,060	Jarden Corporation^j		745,987
	24,100	Lookers plc		65,665
	20,502	MDC Partners, Inc.		445,303
	1,100	Mitsuba Corporation		17,006
	26,840	NIKE, Inc.		1,677,500
	7,000	NOK Corporation		163,526
	300	Paddy Power plc		40,067
	6,000	PanaHome Corporation		45,329
	4,960	Papa John’s International, Inc.		277,115
	14,900	Persimmon plc		444,519
	550	Priceline Group, Inc.^j		701,223
	1,400	ProSiebenSat.1 Media AG		70,632
	300	Renault SA		30,029
	3,976	Restoration Hardware Holdings, Inc.^j		315,893
	1,004	Schibsted ASA		33,008
	3,600	Sekisui House, Ltd.		60,530
	3,600	SHOWA Corporation		33,403
	5,400	Sports Direct International plc^j		45,890
	1,700	Stanley Electric Company, Ltd.		37,294
	9,600	Star Entertainment Group, Ltd.		35,227
	19,430	Starbucks Corporation		1,166,383
	12,300	Sumitomo Forestry Company, Ltd.		165,965
	6,800	Sumitomo Rubber Industries, Ltd.		88,423
	6,000	Takashimaya Company, Ltd.		54,033
	1,200	Tamron Company, Ltd.		22,139
	10,020	Target Corporation		727,552
	12,000	Tatts Group, Ltd.		38,099
	56,900	Taylor Wimpey plc		170,096
	10,740	Toll Brothers, Inc.^j		357,642
	12,900	UBM plc		99,981
	1,000	Valora Holding AG		208,045
	5,000	Wacoal Holdings Corporation		59,793
	9,700	WH Smith plc		252,046
	6,600	Wolters Kluwer NV		221,652
	9,000	WPP plc		207,017
	1,700	Yokohama Rubber Company, Ltd.		26,108

		Total		20,187,179


	Consumer Staples (1.5%)
	2,000	AarhusKarlshamn AB		148,158
	10,031	Anheuser-Busch InBev NV ADR		1,253,875
	5,300	Axfood AB		91,797
	1,265	Bakkafrost PF		37,268
	600	British American Tobacco plc		33,321
	4,500	Britvic plc		48,214
	1,500	Carrefour SA		43,290
	27,480	Coca-Cola Company		1,180,541
	10,100	Coca-Cola HBC AG^j		215,087
	2,200	Henkel AG & Company KGaA		210,437
	18,000	Imperial Tobacco Group plc		950,723
	11,900	Japan Tobacco, Inc.		436,894
	4,300	Jeronimo Martins SGPS SA		55,954
	4,500	Kao Corporation		231,249
	500	Kerry Group plc		41,370
	30,200	Koninklijke Ahold NV		637,025
	700	KOSE Corporation		64,723
	4,200	Marks and Spencer Group plc		27,965
	6,300	Nestle SA		467,682
	5,000	Nippon Meat Packers, Inc.		97,999
	8,200	Nisshin Oillio Group, Ltd.		33,404
	6,270	Philip Morris International, Inc.		551,196
	900	Royal Unibrew AS		36,577
	2,500	Suedzucker AG		49,551
	1,400	Sugi Holdings Company, Ltd.		77,242
	500	Sundrug Company, Ltd.		32,148
	1,600	Svenska Cellulosa AB SCA		46,368
	7,000	Swedish Match AB		247,362

		Total		7,347,420


	Energy (2.0%)
	900	Azrieli Group, Ltd.		33,527
	73,500	BP plc		381,959
	1,490	Cimarex Energy Company		133,176
	17,180	EOG Resources, Inc.		1,216,172
	15,010	EQT Corporation		782,471
	47,600	Kinder Morgan, Inc.		710,192
	2,500	OMV AG		70,964
	25,260	Parsley Energy, Inc.^j		466,047
	1,500	Royal Dutch Shell plc		34,211
	28,500	Royal Dutch Shell plc ADR		1,305,015
	3,744	Royal Dutch Shell plc, Class B		85,330
	54,000	Spectra Energy Corporation		1,292,760
	12,382	Statoil ASA		172,689
	12,000	TonenGeneral Sekiyu KK		101,304
	32,770	Total SA ADR		1,473,012
	163,480	Weatherford International, Ltd.^j		1,371,597

		Total		9,630,426


	Financials (9.6%)
	49,600	Aberdeen Asset Management plc		211,358
	1,300	Acadia Realty Trust		43,095
	1,900	AEON Financial Service Company, Ltd.		42,444
	2,590	Affiliated Managers Group, Inc.^j		413,778
	1,800	Agree Realty Corporation		61,182
	8,219	Alexandria Real Estate Equities, Inc.		742,669
	7,600	Allianz SE		1,339,720
	68,400	American Capital Agency Corporation		1,186,056
	1,196	American Farmland Company		8,420

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

118

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (29.1%)	Value
	Financials (9.6%) - continued
	4,159	American Realty Capital Properties, Inc.	$	32,939
	133,000	Annaly Capital Management, Inc.		1,247,540
	3,500	Apartment Investment & Management Company		140,105
	200,000	Apollo Investment Corporation		1,044,000
	115,400	Ares Capital Corporation		1,644,450
	21,000	Australia & New Zealand Banking Group, Ltd.		423,775
	2,700	AvalonBay Communities, Inc.		497,151
	78,200	Banco Santander SA		384,697
	34,900	Bank Hapoalim, Ltd.		180,154
	9,107	Bank of Queensland, Ltd.		91,868
	62,000	Bank of Yokohama, Ltd.		380,035
	21,700	BinckBank NV		187,019
	5,100	BioMed Realty Trust, Inc.		120,819
	1,100	Bluerock Residential Growth REIT, Inc.		13,035
	900	Bolsas y Mercados Espanoles SA		30,330
	5,535	Boston Properties, Inc.		705,934
	6,700	British Land Company plc		77,525
	21,845	Brixmor Property Group, Inc.		564,038
	8,410	Camden Property Trust		645,552
	9,057	Capital Shopping Centres Group plc		42,314
	27,000	CapitaMall Trust		36,636
	1,575	Care Capital Properties, Inc.		48,148
	53,050	Charles Schwab Corporation		1,746,937
	901	Chesapeake Lodging Trust		22,669
	9,000	Chiba Bank, Ltd.		63,866
	28,890	Citigroup, Inc.		1,495,058
	8,600	CNP Assurances		116,009
	650	CoreSite Realty Corporation		36,868
	5,900	CubeSmart		180,658
	1,300	CyrusOne, Inc.		48,685
	3,300	Daiwa House Industry Company, Ltd.		94,863
	28,020	DDR Corporation		471,857
	500	Derwent London plc		27,044
	41,800	DEXUS Property Group		226,730
	2,400	Digital Realty Trust, Inc.		181,488
	19,958	Direct Line Insurance Group plc		119,631
	13,700	Duke Realty Corporation		287,974
	600	DuPont Fabros Technology, Inc.		19,074
	13,430	Encore Capital Group, Inc.^j		390,544
	1,900	EPR Properties		111,055
	1,327	Equinix, Inc.		401,285
	2,500	Equity Lifestyle Properties, Inc.		166,675
	800	Equity One, Inc.		21,720
	8,690	Equity Residential		709,017
	1,400	Essex Property Trust, Inc.		335,174
	1,200	Extra Space Storage, Inc.		105,852
	500	Federal Realty Investment Trust		73,050
	20,600	FlexiGroup, Ltd.^k		44,958
	24,700	Frasers Centrepoint Trust		32,103
	61,000	Fukuoka Financial Group, Inc.		302,476
	11,167	General Growth Properties, Inc.		303,854
	1,200	GEO Group, Inc.		34,692
	120,000	Golub Capital BDC, Inc.		1,995,600
	3,400	Hamborner REIT AG		35,523
	5,000	Hammerson plc		44,202
	7,700	Hang Seng Bank, Ltd.		145,941
	3,600	Hannover Rueckversicherung SE		411,084
	6,700	HCP, Inc.		256,208
	5,433	Health Care REIT, Inc.		369,607
	5,300	Healthcare Trust of America, Inc.		142,941
	15,500	Henderson Group plc		70,448
	6,300	Henderson Land Development Company, Ltd.		38,430
	3,300	Highwoods Properties, Inc.		143,880
	14,000	Hokuhoku Financial Group, Inc.		28,540
	2,500	Hospitality Properties Trust		65,375
	24,171	Host Hotels & Resorts, Inc.		370,783
	1,000	Hudson Pacific Properties, Inc.		28,140
	7,500	Hufvudstaden AB		106,025
	59,000	Hysan Development Company, Ltd.		241,054
	2,000	IG Group Holdings plc		23,645
	11,200	ING Groep NV		151,537
	4,550	Intercontinental Exchange, Inc.		1,165,983
	27,485	Intermediate Capital Group plc		253,373
	87,000	Invesco Mortgage Capital, Inc.		1,077,930
	16,900	Investa Office Fund		48,922
	38,800	Investec plc		273,580
	1,300	Iron Mountain, Inc.		35,113
	1,500	Kilroy Realty Corporation		94,920
	10,900	Kimco Realty Corporation		288,414
	669	Lamar Advertising Company		40,127
	1,900	LaSalle Hotel Properties		47,804
	800	Liberty Property Trust		24,840
	42,000	Link REIT		250,399
	2,950	Macerich Company		238,036
	500	Macquarie Group, Ltd.		29,911
	5,350	Medical Properties Trust, Inc.		61,579
	21,620	MetLife, Inc.		1,042,300
	2,100	Mid-America Apartment Communities, Inc.		190,701
	53,600	Mitsubishi UFJ Financial Group, Inc.		332,012
	500	Muenchener Rueckversicherungs-Gesellschaft AG		99,619
	1,300	National Health Investors, Inc.		79,131
	4,900	National Retail Properties, Inc.		196,245
	131,000	New World Development Company, Ltd.^k		128,634
	2,200	NorthStar Realty Finance Corporation		37,466
	9,000	Ogaki Kyoritsu Bank, Ltd.		36,286
	10,500	Old Mutual plc		27,622
	2,550	Omega Healthcare Investors, Inc.		89,199
	1,400	Outfront Media, Inc.		30,562
	10,724	PacWest Bancorp		462,204
	3,000	Parkway Properties, Inc.		46,890
	4,400	Physicians Realty Trust		74,184
	10,200	Poundland Group plc		31,232
	16,650	Prologis, Inc.		714,618
	3,552	Public Storage, Inc.		879,830
	5,930	Raymond James Financial, Inc.		343,762
	2,500	Realty Income Corporation		129,075
	1,900	Regency Centers Corporation		129,428
	7,100	Renasant Corporation		244,311
	7,100	Resona Holdings, Inc.		34,479
	1,200	Retail Opportunity Investments Corporation		21,480
	4,894	RLJ Lodging Trust		105,857
	900	Sampo Oyj		45,704
	4,900	Schroders plc		214,616
	447	Silver Bay Realty Trust Corporation REIT		7,000
	6,710	Simon Property Group, Inc.		1,304,692
	1,100	SL Green Realty Corporation		124,278
	93,000	Solar Capital, Ltd.		1,527,990
	1,100	Sompo Japan Nipponkoa Holdings, Inc.		36,118
	1,003	Sovran Self Storage, Inc.		107,632

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

119

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (29.1%)	Value
	Financials (9.6%) - continued
	13,200	Spirit Realty Captial, Inc.	$	132,264
	103,700	Stockland		307,831
	1,606	Store Capital Corporation		37,259
	40,000	Sumitomo Mitsui Trust Holdings, Inc.		151,493
	3,700	Summit Hotel Properties, Inc.		44,215
	450	Sun Communities, Inc.		30,839
	1,800	Sunstone Hotel Investors, Inc.		22,482
	8,100	Swiss Re AG		791,097
	38,300	Synchrony Financial^j		1,164,703
	1,200	Talanx AG		36,906
	2,564	Tanger Factory Outlet Centers, Inc.		83,843
	700	Taubman Centers, Inc.		53,704
	800	Tokio Marine Holdings, Inc.		30,900
	232,750	Two Harbors Investment Corporation		1,885,275
	15,500	UBS Group AG		300,692
	5,600	UDR, Inc.		210,392
	23,500	United Overseas Bank, Ltd.		323,990
	3,560	Urban Edge Properties		83,482
	6,300	Ventas, Inc.		355,509
	6,330	Vornado Realty Trust		632,747
	4,300	Wallenstam AB		34,562
	45,100	Wing Tai Holdings, Ltd.		55,711
	1,500	WP Carey, Inc.		88,500
	11,940	XL Group plc		467,809
	15,660	Zions Bancorporation		427,518

		Total		45,987,426


	Health Care (2.9%)
	37,940	Abbott Laboratories		1,703,885
	500	Actelion, Ltd.		69,472
	9,780	Akorn, Inc.^j		364,892
	4,440	Allergan plc^j		1,387,500
	5,890	Amgen, Inc.		956,124
	3,900	Astellas Pharmaceutical, Inc.		55,519
	200	Bayer AG		24,978
	900	CSL, Ltd.		68,616
	5,600	Essilor International SA		697,965
	500	Fresenius Medical Care AG & Company KGaA		42,018
	400	Gerresheimer AG		31,257
	6,000	Hikma Pharmaceuticals plc		203,398
	12,060	Hologic, Inc.^j		466,601
	4,341	ICON plc^j		337,296
	2,120	Illumina, Inc.^j		406,923
	2,000	Kaken Pharmaceutical Company, Ltd.		136,666
	900	Lonza Group AG		146,371
	24,480	Medtronic, Inc.		1,883,002
	36,080	Merck & Company, Inc.		1,905,746
	10,580	Mylan NV^j		572,061
	5,500	Novartis AG		473,106
	6,200	Novo Nordisk AS		358,969
	900	Paramount Bed Holdings Company, Ltd.		31,933
	17,688	Pfizer, Inc.		570,969
	1,500	Recordati SPA		39,136
	3,900	Sanofi		332,367
	1,900	Suzuken Company, Ltd.		72,204
	3,330	Waters Corporation^j		448,151

		Total		13,787,125


	Industrials (3.0%)
	1,700	Aalberts Industries NV		58,575
	2,300	Adecco SA		157,418
	12,580	ADT Corporation		414,888
	3,200	Aida Engineering, Ltd.		32,982
	41,000	Air New Zealand, Ltd.		82,692
	2,400	Airbus Group NV		161,731
	3,800	Amada Holdings Company, Ltd.		36,262
	1,100	Andritz AG		53,535
	19,000	Asahi Glass Company, Ltd.		108,848
	1,200	Atlas Copco Aktiebolag		29,430
	24,000	BAE Systems plc		176,701
	16,420	Boeing Company		2,374,168
	12,100	Bollore SA		56,382
	9,500	Central Glass Company, Ltd.		43,572
	1,700	Central Japan Railway Company		301,808
	2,200	Compagnie de Saint-Gobain		95,338
	1,300	Croda International plc		58,247
	7,600	CTT-Correios de Portugal SA		73,043
	5,000	Dai Nippon Printing Company, Ltd.		49,443
	4,982	Dart Group plc		43,222
	3,300	Deutsche Post AG		92,261
	1,800	DSV AS		70,855
	400	East Japan Railway Company		37,666
	900	Elbit Systems, Ltd.		79,232
	8,260	EMCOR Group, Inc.		396,810
	5,300	Ferrovial SA		119,851
	100	Flughafen Zuerich AG		75,031
	3,439	Galliford Try plc		77,274
	800	GEA Group AG		32,321
	100	Georg Fischer AG		67,890
	6,000	Hankyu Hanshin Holdings, Inc.		38,999
	8,240	HNI Corporation		297,134
	700	Hochtief AG		64,924
	600	Hoshizaki Electric Company, Ltd.		37,299
	2,200	IBIDEN Company, Ltd.		31,540
	24,946	Illinois Tool Works, Inc.		2,311,995
	2,300	Inaba Denki Sangyo Company, Ltd.		73,488
	21,410	Ingersoll-Rand plc		1,183,759
	8,200	Intrum Justitia AB		279,027
	30,900	ITOCHU Corporation		365,499
	1,500	Jardine Matheson Holdings, Ltd.		72,641
	600	Jungheinrich AG		49,485
	2,000	Keisei Electric Railway Company, Ltd.		25,517
	10,800	KITZ Corporation		48,512
	7,700	KONE Oyj		326,028
	2,300	Koninklijke Boskalis Westminster NV		93,823
	20,000	Macquarie Infrastructure Corporation		1,452,000
	14,710	Masco Corporation		416,293
	16,253	Meggitt plc		89,738
	900	MEITEC Corporation		30,820
	4,200	MIRAIT Holdings Corporation		34,603
	5,000	Mitsuboshi Belting, Ltd.		39,859
	4,600	Nikkon Holdings Company, Ltd.		91,686
	8,000	Nippon Express Company, Ltd.		37,594
	7,500	Nitto Kogyo Corporation		131,128
	4,000	Obayashi Corporation		36,909
	500	Randstad Holding NV		31,136
	14,500	Rentokil Initial plc		34,021
	500	Rieter Holding AG		93,978
	1,510	Saft Groupe SA		46,023
	200	Schindler Holding AG		33,460
	16,400	SIG plc		34,656
	2,400	Teleperformance SA		201,811
	700	Thales SA		52,395
	1,300	TKH Group NV		52,790
	8,000	Toppan Printing Company, Ltd.		73,705
	1,100	Travis Perkins plc		31,912
	3,400	Tsubakimoto Chain Company		26,180
	600	Vestas Wind Systems AS		41,903

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

120

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (29.1%)	Value
	Industrials (3.0%) - continued
	3,590	WABCO Holdings, Inc.^j	$	367,113
	1,400	Yuasa Trading Company, Ltd.		34,585

		Total		14,273,444


	Information Technology (3.9%)
	13,630	Alibaba Group Holding, Ltd. ADR^j		1,107,710
	1,500	Alphabet, Inc., Class A^j		1,167,015
	1,484	Alphabet, Inc., Class C^j		1,126,178
	3,000	Alps Electric Company, Ltd.		81,354
	1,000	AMS AG		33,429
	13,650	Apple, Inc.		1,436,799
	480	AtoS		40,297
	6,730	Autodesk, Inc.^j		410,059
	4,300	Canon, Inc.		130,075
	800	Cap Gemini SA		74,229
	6,150	Check Point Software Technologies, Ltd.^j		500,487
	44,500	Cisco Systems, Inc.		1,208,398
	3,800	Dialog Semiconductor plc^j,k		126,801
	1,500	DTS Corporation		34,146
	41,451	EMC Corporation		1,064,462
	5,120	Facebook, Inc.^j		535,859
	15,400	FUJIFILM Holdings NPV		642,680
	3,000	Hitachi Kokusai Electric, Inc.		40,783
	2,400	Hoya Corporation		98,142
	1,400	Ingenico Group		176,710
	4,600	IRESS, Ltd.		33,305
	2,700	IT Holdings Corporation		61,692
	2,200	ITOCHU Techno-Solutions Corporation		43,834
	13,790	Juniper Networks, Inc.		380,604
	1,100	Kyocera Corporation		51,085
	8,920	MasterCard, Inc.		868,451
	20,992	MaxLinear, Inc.^j		309,212
	37,360	Microsoft Corporation		2,072,733
	5,900	NEC Networks & System Integration Corporation		104,340
	2,400	NS Solutions Corporation		54,686
	7,400	Plantronics, Inc.		350,908
	19,540	Progress Software Corporation^j		468,960
	13,570	QLIK Technologies, Inc.^j		429,626
	2,300	SAP SE		182,513
	9,500	Shinko Electric Industries Company, Ltd.		60,903
	500	TDK Corporation		32,022
	100	U-Blox AG^j		21,284
	1,810	Ultimate Software Group, Inc.^j		353,873
	23,490	Visa, Inc.		1,821,649
	21,940	Xilinx, Inc.		1,030,522

		Total		18,767,815


	Materials (0.8%)
	1,270	Ashland, Inc.		130,429
	500	Aurubis AG		25,318
	12,500	BHP Billiton plc		139,399
	28,100	BHP Billiton, Ltd.		361,634
	13,100	BillerudKorsnas AB		242,437
	11,000	Boral, Ltd.		47,031
	2,800	Buzzi Unicem SPA		50,191
	3,140	Crown Holdings, Inc.^j		159,198
	16,400	Daicel Corporation		244,063
	3,939	Domtar Corporation		145,546
	6,000	DOWA Holdings Company, Ltd.^j		43,141
	900	Evonik Industries AG		29,769
	2,460	FMC Corporation		96,260
	100	Givaudan SA		181,496
	3,300	Hexpol AB		35,383
	4,400	Hokuetsu Kishu Paper Company, Ltd.		25,929
	1,600	Holmen AB		49,420
	2,100	JFE Holdings, Inc.		32,975
	500	LafargeHolcim, Ltd.		25,037
	100	Linde AG		14,446
	5,200	Mitsubishi Chemical Holdings Corporation		32,993
	3,800	Mondi plc		74,483
	2,300	Nippon Paint Holdings Company, Ltd.		55,665
	4,700	Nippon Steel & Sumitomo Metal Corporation		92,977
	3,200	Novozymes AS		153,212
	6,000	Oji Holdings Corporation		24,114
	6,120	Owens-Illinois, Inc.^j		106,610
	2,860	Packaging Corporation of America		180,323
	1,710	PPG Industries, Inc.		168,982
	2,300	Rio Tinto plc		66,966
	1,000	Rio Tinto, Ltd.		32,340
	7,980	Steel Dynamics, Inc.		142,603
	7,000	Sumitomo Seika Chemicals Company, Ltd.		42,590
	6,000	Tosoh Corporation		30,864
	6,900	UPM-Kymmene Oyj		128,101
	7,179	Yara International ASA		308,756

		Total		3,720,681


	Telecommunications Services (0.6%)
	33,419	BT Group plc		232,049
	8,900	Elisa Oyj		334,863
	8,000	Freenet AG		269,960
	121,200	KCOM Group plc		206,369
	20,400	Orange SA		341,207
	4,400	Proximus SA		143,181
	12,700	StarHub, Ltd.		33,050
	155,800	Telstra Corporation, Ltd.		633,123
	3,400	Vivendi SA		73,022
	15,990	Zayo Group Holdings, Inc.^j		425,174

		Total		2,691,998


	Utilities (0.6%)
	75,400	A2A SPA		102,096
	38,000	Brookfield Infrastructure Partners, LP		1,440,580
	9,000	CLP Holdings, Ltd.		76,284
	65,400	Electricidade de Portugal SA		235,660
	21,839	MDU Resources Group, Inc.		400,091
	7,706	NorthWestern Corporation		418,051
	35,000	Redes Energeticas Nacionais SGPS SA		105,737
	6,000	Toho Gas Company, Ltd.		38,749
	16,200	United Utilities Group plc		223,064

		Total		3,040,312


		Total Common Stock (cost $143,958,554)		139,433,826


		Registered Investment Companies (4.2%)
	Equity Mutual Funds (2.9%)
	256,500	Alerian MLP ETF		3,090,825
	114,000	iShares FTSE NAREIT Mortgage Plus Capped Index Fund		1,089,840
	12,900	iShares MSCI EAFE Index Fund		757,875

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

121

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Registered Investment Companies (4.2%)	Value
	Equity Mutual Funds (2.9%) - continued
	27,000	iShares S&P U.S. Preferred Stock Index Fund	$	1,048,950
	42,620	Materials Select Sector SPDR Fund		1,850,560
	98,600	SPDR S&P Oil & Gas Exploration & Production ETF		2,979,692
	38,120	Utilities Select Sector SPDR Fund		1,649,834
	25,000	Vanguard High Dividend Yield ETF		1,668,750
	400	Vanguard REIT ETF		31,892

		Total		14,168,218


	Fixed Income Mutual Funds (1.3%)
	9,100	iShares Intermediate Credit Bond ETF		976,248
	14,178	iShares J.P. Morgan USD Emerging Markets Bond ETF		1,499,749
	50,740	Vanguard Short-Term Corporate Bond ETF		4,007,952

		Total		6,483,949


		Total Registered Investment Companies (cost $22,792,018)		20,652,167


		Preferred Stock (3.9%)
	Financials (3.6%)
	5,625	Agribank FCB, 6.875%^h		594,668
	42,000	Allstate Corporation, 5.100%		1,036,980
	39,710	Annaly Capital Management, Inc., 7.500%^h		919,684
	800	Bank of America Corporation, Convertible, 7.250%^h		874,616
	26,020	Citigroup, Inc., 6.6919%		676,260
	37,225	Citigroup, Inc., 6.875%^h		1,037,088
	13,380	Cobank ACB, 6.250%^g,h		1,373,541
	16,000	Countrywide Capital V, 7.000%		410,080
	4,000	Farm Credit Bank of Texas, 6.750%^g,h		416,500
	53,200	GMAC Capital Trust I, 8.125%		1,349,152
	50,800	Goldman Sachs Group, Inc., 5.500%^h		1,315,212
	48,000	HSBC USA, Inc., 6.500%^h		1,249,440
	30,420	Morgan Stanley, 6.875%^h		844,155
	25,900	Morgan Stanley, 7.125%^h		740,740
	15,500	PNC Financial Services Group, Inc., 6.125%^h		442,370
	57,000	RBS Capital Funding Trust V, 5.900%^h		1,398,780
	28,000	U.S. Bancorp, 6.500%^h		803,600
	16,000	Wells Fargo & Company, 5.850%^h		417,920
	1,125	Wells Fargo & Company, Convertible, 7.500%^h		1,306,125

		Total		17,206,911


	Materials (0.3%)
	19,000	CHS, Inc., 6.750%^h		509,390
	31,200	CHS, Inc., 7.100%^h		850,824

		Total		1,360,214


		Total Preferred Stock (cost $18,339,076)		18,567,125


		Collateral Held for Securities Loaned (0.1%)
	341,050	Thrivent Cash Management Trust		341,050

		Total Collateral Held for Securities Loaned (cost $341,050)		341,050


Shares or Principal Amount		Short-Term Investments (9.0%)^l
		Federal Home Loan Mortgage Corporation Discount Notes
	200,000	0.105%, 1/6/2016^m		199,997
	1,100,000	0.085%, 1/8/2016^m		1,099,982
	100,000	0.210%, 2/4/2016^m		99,980
		Federal National Mortgage Association Discount Notes
	100,000	0.110%, 1/14/2016^m		99,996
	700,000	0.090%, 1/20/2016^m		699,967
		Thrivent Cash Management Trust
	40,972,462	0.220%		40,972,462

		Total Short-Term Investments (at amortized cost)		43,172,384

		Total Investments (cost $502,102,708) 102.3%	$	490,633,222

		Other Assets and Liabilities, Net (2.3%)		(11,060,437	)

		Total Net Assets 100.0%	$	479,572,785

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	Defaulted security. Interest is not being accrued.

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 December 31, 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 December 31, 2015.

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

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

m	All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Denotes restricted securities. Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The value of all restricted securities held in Diversified Income Plus Portfolio as of December 31, 2015 was $10,982,945 or 2.3% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of December 31, 2015.

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

122

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Security	Acquisition Date		Cost
AIG Life Holdings, Inc., 12/1/2045		7/19/2012	$	838,843
Angel Oak Mortgage Trust, 11/25/2045		12/10/2015		1,147,579
Bayview Opportunity Master Fund Trust, 2/28/2035		2/27/2015		905,178
Bayview Opportunity Master Fund Trust, 7/28/2034		3/19/2015		539,150
Bayview Opportunity Master Fund Trust, 7/28/2019		7/30/2014		272,414
Liberty Mutual Group, Inc., 6/15/2058		1/12/2009		539,261
Oak Hill Advisors Residential Loan Trust, 1/25/2055		3/5/2015		756,209
Pretium Mortgage Credit Partners, LLC, 10/27/2030		10/6/2015		781,307
Pretium Mortgage Credit Partners, LLC, 11/27/2030		11/6/2015		1,198,863
Sunset Mortgage Loan Company, LLC, 9/16/2045		10/2/2015		1,083,310
U.S. Residential Opportunity Fund III Trust, 1/27/2035		2/6/2015		970,377
Vericrest Opportunity Loan Transferee, 2/25/2055		2/25/2015		509,877
Vericrest Opportunity Loan Transferee, 10/25/2058		2/6/2015		1,041,331

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Diversified Income Plus Portfolio as of December 31, 2015:

Securities Lending Transactions


Common Stock	$	319,654

Total lending	$	319,654
Gross amount payable upon return of collateral for securities loaned	$	341,050

Net amounts due to counterparty	$	21,396

Definitions:


ADR	-	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
ETF	-	Exchange Traded Fund.
REIT	-	Real Estate Investment Trust is a company that buys, develops, manages and/or sells real estate assets.

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

123

OPPORTUNITY INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (28.6%)^a	Value
	Basic Materials (1.5%)
		Alpha Natural Resources, Inc., Term Loan
$	432,608	3.500%, 5/22/2020	$	186,381
		Fortescue Metals Group, Ltd., Term Loan
	249,127	4.250%, 6/30/2019		184,068
		Ineos US Finance, LLC, Term Loan
	247,456	3.750%, 12/15/2020		236,939
		NewPage Corporation, Term Loan
	409,500	9.500%, 2/11/2021		146,142
		Tronox Pigments BV, Term Loan
	562,661	4.500%, 3/19/2020		496,548
		Wausau Paper Corporation, Term Loan
	245,659	6.500%, 7/30/2020		243,817

		Total		1,493,895


	Capital Goods (2.1%)
		ADS Waste Holdings, Inc., Term Loan
	239,979	3.750%, 10/9/2019		231,880
		Berry Plastics Group, Inc., Term Loan
	1,363,167	4.000%, 10/3/2022		1,349,535
		Rexnord, LLC, Term Loan
	273,700	4.000%, 8/21/2020		264,635
		Silver II Borrower, Term Loan
	251,712	4.000%, 12/13/2019		212,319

		Total		2,058,369


	Communications Services (9.2%)
		Altice Financing SA, Term Loan
	70,894	5.250%, 2/4/2022		70,517
		Atlantic Broadband Penn, LLC, Term Loan
	76,805	3.250%, 11/30/2019		76,013
		Birch Communication Inc., Term Loan
	653,906	7.750%, 7/17/2020		624,481
		CCO Safari III, LLC, Term Loan
	220,000	3.500%, 1/24/2023		219,542
		Cengage Learning Acquisitions, Term Loan
	697,438	7.000%, 3/31/2020		678,258
		Charter Communications Operating, LLC, Term Loan
	246,212	3.000%, 7/1/2020		241,340
		Cincinnati Bell, Inc., Term Loan
	251,935	4.000%, 9/10/2020		242,593
		CSC Holdings, LLC, Term Loan
	1,250,000	5.000%, 10/9/2022		1,246,488
		Fairpoint Communications, Term Loan
	248,609	7.500%, 2/14/2019		246,496
		Grande Communications Networks, LLC, Term Loan
	248,631	4.500%, 5/29/2020		243,452
		Hargray Communications Group, Inc., Term Loan
	217,147	5.250%, 6/26/2019		215,586
		Integra Telecom Holdings, Inc., Term Loan
	293,310	5.250%, 8/14/2020		283,044
		Intelsat Jackson Holdings SA, Term Loan
	160,000	3.750%, 6/30/2019		150,971
		Level 3 Communications, Inc., Term Loan
	280,000	4.000%, 8/1/2019		279,300
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	475,000	4.500%, 1/7/2022		458,969
		LTS Buyer, LLC, Term Loan
	273,000	4.000%, 4/13/2020		265,220
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	522,451	4.750%, 3/22/2019		509,823
		NTelos, Inc., Term Loan
	58,786	5.750%, 11/9/2019		58,199
		Numericable US, LLC, Term Loan
	265,000	4.750%, 2/10/2023		254,116
		SBA Senior Finance II, LLC, Term Loan
	738,750	3.250%, 3/24/2021		722,128
	218,900	3.250%, 6/10/2022		213,222
		TNS, Inc., Term Loan
	61,393	5.000%, 2/14/2020		60,319
		Univision Communications, Inc., Term Loan
	248,529	4.000%, 3/1/2020		242,812
		Virgin Media Investment Holdings, Ltd., Term Loan
	171,697	3.500%, 6/30/2023		167,914
		WideOpenWest Finance, LLC, Term Loan
	248,647	4.500%, 4/1/2019		239,246
		XO Communications, LLC, Term Loan
	687,750	4.250%, 3/20/2021		670,212
		Yankee Cable Acquisition, LLC, Term Loan
	237,448	4.250%, 3/1/2020		233,663
		Zayo Group, LLC, Term Loan
	248,618	3.750%, 5/6/2021		244,133

		Total		9,158,057


	Consumer Cyclical (4.4%)
		Amaya BV, Term Loan
	355,513	5.000%, 8/1/2021		332,405
		Burlington Coat Factory Warehouse Corporation, Term Loan
	249,141	4.250%, 8/13/2021		245,715
		Ceridian HCM Holding, Inc., Term Loan
	134,254	4.500%, 9/15/2020		113,612
		FCA US, LLC, Term Loan
	145,519	3.250%, 12/31/2018		143,991
		Golden Nugget, Inc., Delayed Draw
	98,700	5.500%, 11/21/2019		97,713
		Golden Nugget, Inc., Term Loan
	230,300	5.500%, 11/21/2019		227,997
		Hilton Worldwide Finance, LLC, Term Loan
	62,593	3.500%, 10/26/2020		62,417
		IMG Worldwide, Inc., Term Loan
	1,473,468	5.250%, 5/6/2021		1,445,384

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

124

OPPORTUNITY INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (28.6%)^a	Value
	Consumer Cyclical (4.4%) - continued
		J. C. Penney Corporation, Inc., Term Loan
$	248,625	6.000%, 5/22/2018	$	243,839
		Las Vegas Sands, LLC, Term Loan
	122,500	3.250%, 12/19/2020		121,122
		Marina District Finance Company, Inc., Term Loan
	234,561	6.500%, 8/15/2018		233,974
		Mohegan Tribal Gaming Authority, Term Loan
	762,653	5.500%, 6/15/2018		744,403
		Pinnacle Entertainment, Inc., Term Loan
	27,865	3.750%, 8/13/2020		27,752
		Scientific Games International, Inc., Term Loan
	249,900	6.000%, 10/18/2020		228,034
		Seminole Hard Rock Entertainment, Inc., Term Loan
	118,182	3.500%, 5/14/2020		115,523

		Total		4,383,881


	Consumer Non-Cyclical (4.2%)
		Albertson’s, Inc., Term Loan
	275,819	5.500%, 3/21/2019		274,647
		Albertson’s, LLC, Term Loan
	80,000	0.000%, 12/22/2022^b,c		79,440
		Catalina Marketing Corporation, Term Loan
	124,055	4.500%, 4/9/2021		98,624
		Endo Luxembourg Finance I Co Sarl, Term Loan
	365,000	3.750%, 9/26/2022		359,678
		JBS USA, LLC, Term Loan
	1,318,532	3.750%, 5/25/2018		1,310,291
	210,000	4.000%, 10/30/2022		209,213
		LTF Merger Sub, Inc., Term Loan
	810,925	4.250%, 6/10/2022		789,135
		Ortho-Clinical Diagnostics, Inc., Term Loan
	477,577	4.750%, 6/30/2021		402,955
		Supervalu, Inc., Term Loan
	224,280	4.500%, 3/21/2019		220,963
		Valeant Pharmaceuticals International, Inc., Term Loan
	523,681	4.000%, 4/1/2022^b,c		502,603

		Total		4,247,549


	Energy (1.0%)
		Arch Coal, Inc., Term Loan
	272,944	6.250%, 5/16/2018		120,172
		Aria Energy Operating, LLC, Term Loan
	119,146	5.000%, 5/27/2022		110,210
		Exgen Renewables I, LLC, Term Loan
	279,548	5.250%, 2/6/2021		279,547
		McJunkin Red Man Corporation, Term Loan
	99,366	4.750%, 11/8/2019		90,920
		MEG Energy Corporation, Term Loan
	257,321	3.750%, 3/31/2020		225,670
		Offshore Group Investment, Ltd., Term Loan
	197,468	0.000%, 3/28/2019^d		39,658
		Pacific Drilling SA, Term Loan
	248,625	4.500%, 6/3/2018		106,287

		Total		972,464


	Financials (2.0%)
		Delos Finance Sarl, Term Loan
	125,000	3.500%, 3/6/2021		124,353
		Harland Clarke Holdings Corporation, Term Loan
	239,062	7.000%, 5/22/2018		230,894
		MPH Acquisition Holdings, LLC, Term Loan
	262,734	3.750%, 3/31/2021		255,290
		TransUnion, LLC, Term Loan
	1,350,937	3.500%, 4/9/2021		1,309,842
		WaveDivision Holdings, LLC, Term Loan
	78,782	4.000%, 10/15/2019		77,403

		Total		1,997,782


	Technology (1.9%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	325,000	0.000%, 11/13/2022^b,c		321,142
		Avago Technologies, Ltd., Term Loan
	535,011	3.750%, 5/6/2021		533,229
		BMC Software, Inc., Term Loan
	264,678	5.000%, 9/10/2020		217,224
		Booz Allen Hamilton, Inc., Term Loan
	103,359	3.750%, 7/31/2019		103,462
		First Data Corporation, Term Loan
	255,000	3.918%, 3/23/2018		251,351
	120,000	3.918%, 9/24/2018		118,200
		Infor US, Inc., Term Loan
	251,740	3.750%, 6/3/2020		235,797
		Merrill Communications, LLC, Term Loan
	3,241	6.250%, 6/1/2022		2,755
		SS&C European Holdings SARL, Term Loan
	100,269	4.007%, 7/8/2022		99,392
	14,756	4.018%, 7/8/2022		14,627

		Total		1,897,179


	Transportation (1.4%)
		American Airlines, Inc., Term Loan
	496,163	3.250%, 6/27/2020		487,867
		OSG Bulk Ships, Inc., Term Loan
	640,250	5.250%, 8/5/2019		613,039
		XPO Logistics, Inc., Term Loan
	265,000	5.500%, 11/1/2021		263,564

		Total		1,364,470


	Utilities (0.9%)
		Calpine Corporation, Term Loan
	735,000	4.000%, 10/31/2020		714,788

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

125

OPPORTUNITY INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (28.6%)a	Value
	Utilities (0.9%) - continued
		Intergen NV, Term Loan
$	248,625	5.500%, 6/15/2020	$	224,073

		Total		938,861


		Total Bank Loans (cost $30,301,125)		28,512,507


		Long-Term Fixed Income (55.0%)
	Asset-Backed Securities (3.9%)
		Asset Backed Securities Corporation Home Equity Loan Trust
	192,218	0.562%, 7/25/2036^e		167,919
		Bayview Opportunity Master Fund Trust
	38,916	3.623%, 7/28/2019*^,^f		38,601
	58,114	3.623%, 4/28/2030^g		57,313
	146,845	3.721%, 2/28/2035*		146,688
	226,382	3.721%, 7/28/2035^f,g		226,199
		CAM Mortgage, LLC
	126,179	3.500%, 7/15/2064*^,f		126,063
		Countrywide Asset-Backed Certificates
	113,946	5.530%, 4/25/2047		124,125
		Credit Based Asset Servicing and Securitization, LLC
	107,386	3.546%, 12/25/2036^f		77,261
		DRB Prime Student Loan Trust
	100,000	3.200%, 1/25/2040*		97,150
		First Horizon ABS Trust
	259,717	0.582%, 10/25/2034^e,h		234,955
		GMAC Mortgage Corporation Loan Trust
	397,603	0.401%, 8/25/2035^e,h		371,968
		IndyMac INDA Mortgage Loan Trust
	178,835	4.682%, 8/25/2036		170,083
		IndyMac INDX Mortgage Loan Trust
	198,111	0.632%, 4/25/2046^e		152,321
		J.P. Morgan Mortgage Acquisition Trust
	144,172	6.472%, 3/25/2047^f		108,891
		Lehman XS Trust
	189,044	5.440%, 8/25/2035^f		169,180
		Popular ABS Mortgage Pass-Through Trust
	100,000	5.297%, 11/25/2035^f		95,403
		Pretium Mortgage Credit Partners, LLC
	195,498	4.125%, 10/27/2030*		193,736
	200,000	4.375%, 11/27/2030*		199,326
		Renaissance Home Equity Loan Trust
	240,296	5.797%, 8/25/2036^f		148,526
	191,508	5.285%, 1/25/2037^f		104,028
		Sunset Mortgage Loan Company, LLC
	180,552	4.459%, 9/16/2045*^,f		179,839
		U.S. Residential Opportunity Fund III Trust
	134,360	3.721%, 1/27/2035*		133,487
		Vericrest Opportunity Loan Transferee
	169,840	3.500%, 6/26/2045^g		167,257
	153,968	3.625%, 7/25/2045^f,g		151,780
		Wachovia Asset Securitization, Inc.
	346,359	0.562%, 7/25/2037*^,e,h		295,662

		Total		3,937,761


	Basic Materials (0.6%)
		Albemarle Corporation
	46,000	3.000%, 12/1/2019		45,119
		Anglo American Capital plc
	22,000	1.271%, 4/15/2016^e,g		21,785
		ArcelorMittal SA
	120,000	6.500%, 3/1/2021		96,587
		Dow Chemical Company
	24,000	8.550%, 5/15/2019		28,288
		First Quantum Minerals, Ltd.
	130,000	7.000%, 2/15/2021^g		81,575
		Freeport-McMoRan, Inc.
	23,000	2.300%, 11/14/2017		19,607
	30,000	2.375%, 3/15/2018		23,400
		Glencore Funding, LLC
	30,000	1.377%, 4/16/2018^e,g		25,314
		LyondellBasell Industries NV
	26,000	5.000%, 4/15/2019		27,659
		NOVA Chemicals Corporation
	97,215	5.250%, 8/1/2023^g		96,243
		Sappi Papier Holding GmbH
	80,000	6.625%, 4/15/2021^g		80,800

		Total		546,377


	Capital Goods (1.8%)
		Berry Plastics Corporation
	95,000	6.000%, 10/15/2022^g		96,663
		Building Materials Corporation of America
	175,000	6.000%, 10/15/2025^g		178,500
		Cemex SAB de CV
	130,000	5.700%, 1/11/2025^g		108,712
		CNH Industrial Capital, LLC
	195,000	4.375%, 11/6/2020		183,788
		Crown Americas Capital Corporation IV
	120,000	4.500%, 1/15/2023		117,300
		General Electric Company
	53,000	4.200%, 12/15/2049ⁱ		52,735
		Huntington Ingalls Industries, Inc.
	155,000	5.000%, 12/15/2021^g		157,906
		L-3 Communications Corporation
	33,000	1.500%, 5/28/2017		32,591
		Lockheed Martin Corporation
	35,000	1.850%, 11/23/2018		34,938
		Martin Marietta Materials, Inc.
	40,000	1.703%, 6/30/2017^e		39,722
		Moog, Inc.
	155,000	5.250%, 12/1/2022^g		156,550
		Nortek, Inc.
	64,810	8.500%, 4/15/2021		67,247
		Owens-Brockway Glass Container, Inc.
	155,000	5.000%, 1/15/2022^g		151,513
		Pentair Finance SA
	35,000	3.625%, 9/15/2020		34,965

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

126

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Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (55.0%)	Value
	Capital Goods (1.8%) - continued
		Reynolds Group Issuer, Inc.
$	64,810	9.875%, 8/15/2019	$	65,296
		Roper Industries, Inc.
	34,000	2.050%, 10/1/2018		33,780
		Sealed Air Corporation
	155,000	4.875%, 12/1/2022^g		155,387
		United Rentals North America, Inc.
	170,000	5.500%, 7/15/2025		164,900

		Total		1,832,493


	Collateralized Mortgage Obligations (7.0%)
		Alternative Loan Trust
	92,940	5.500%, 5/25/2035		93,246
		American Home Mortgage Assets Trust
	136,095	1.217%, 9/25/2046^e		96,780
	245,017	0.612%, 12/25/2046^e		156,376
		Angel Oak Mortgage Trust
	275,000	4.500%, 11/25/2045*		274,517
		Bear Stearns Adjustable Rate Mortgage Trust
	183,238	2.660%, 10/25/2035^e		180,157
		Bear Stearns ALT-A Trust
	173,629	2.638%, 10/25/2033		171,918
	133,152	2.654%, 6/25/2034		131,983
		CitiMortgage Alternative Loan Trust
	294,680	5.750%, 4/25/2037		252,787
		Countrywide Alternative Loan Trust
	158,358	5.750%, 8/25/2035		149,414
	175,662	5.500%, 10/25/2035		163,959
	62,263	5.500%, 2/25/2036		58,995
	91,836	6.000%, 1/25/2037		84,399
	195,699	5.500%, 5/25/2037		166,062
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	123,592	1.027%, 4/25/2047^e		105,391
		First Horizon Alternative Mortgage Securities Trust
	233,117	2.403%, 7/25/2035		212,900
		GMAC Mortgage Corporation Loan Trust
	156,871	3.149%, 5/25/2035		147,814
	52,123	3.276%, 9/19/2035		48,950
		HarborView Mortgage Loan Trust
	138,261	2.803%, 12/19/2035		121,622
		Impac CMB Trust
	222,073	0.942%, 4/25/2035^e		204,055
	40,687	1.062%, 8/25/2035^e		35,919
		J.P. Morgan Alternative Loan Trust
	145,669	6.500%, 3/25/2036		126,020
		J.P. Morgan Mortgage Trust
	111,918	6.500%, 1/25/2035		109,704
	85,937	2.327%, 6/25/2035		85,794
	77,714	2.812%, 6/25/2035		78,514
	130,278	2.698%, 7/25/2035		127,368
	185,755	2.872%, 8/25/2035		184,603
	238,035	2.463%, 6/25/2036		213,871
	48,698	2.691%, 10/25/2036		43,818
		MLCC Mortgage Investors, Inc.
	140,262	1.082%, 8/25/2029^e		139,732
		Morgan Stanley Mortgage Loan Trust
	118,695	2.803%, 11/25/2035		87,224
		MortgageIT Trust
	234,451	0.682%, 12/25/2035^e		212,247
		RALI Trust
	259,002	0.602%, 11/25/2036^e		188,140
		Residential Accredit Loans, Inc.
	30,261	5.500%, 12/25/2034		30,480
	60,510	3.472%, 5/25/2035		60,083
	136,739	3.633%, 9/25/2035		113,340
		Sequoia Mortgage Trust
	204,828	1.022%, 11/20/2034^e		195,846
		Structured Adjustable Rate Mortgage Loan Trust
	168,300	2.645%, 1/25/2035		140,921
		Structured Asset Mortgage Investments, Inc.
	394,740	0.732%, 12/25/2035^e		285,784
		WaMu Mortgage Pass Through Certificates
	157,596	5.000%, 11/25/2018		158,655
	198,137	4.151%, 8/25/2036		174,008
	125,256	2.431%, 10/25/2036		111,959
	210,300	1.825%, 1/25/2037		177,019
	38,900	2.397%, 8/25/2046		33,294
	262,679	1.217%, 9/25/2046^e		218,480
	152,207	0.987%, 1/25/2047^e		137,449
	168,445	0.997%, 1/25/2047^e		135,854
		Washington Mutual Mortgage Pass Through Certificates
	208,038	1.007%, 2/25/2047^e		149,121
		Wells Fargo Mortgage Backed Securities Trust
	204,798	2.763%, 3/25/2036		203,392
	86,997	2.744%, 4/25/2036		84,853
	43,376	6.000%, 7/25/2037		42,938

		Total		6,907,755


	Communications Services (2.4%)
		21st Century Fox America, Inc.
	37,000	6.900%, 3/1/2019		42,026
		AMC Networks, Inc.
	24,810	7.750%, 7/15/2021		26,050
	60,000	4.750%, 12/15/2022		60,000
		America Movil SAB de CV
	21,000	5.000%, 10/16/2019		22,684
		American Tower Corporation
	30,000	2.800%, 6/1/2020		29,655
		AT&T, Inc.
	30,000	1.533%, 6/30/2020^e		29,785
		British Sky Broadcasting Group plc
	36,000	2.625%, 9/16/2019^g		35,834
		CC Holdings GS V, LLC
	33,000	2.381%, 12/15/2017		33,036
		CCO Safari II, LLC
	17,000	3.579%, 7/23/2020^g		16,898
	17,000	4.464%, 7/23/2022^g		16,941
		CCOH Safari, LLC
	185,000	5.750%, 2/15/2026^g		185,463
		CenturyLink, Inc.
	90,000	6.450%, 6/15/2021		87,750

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

127

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Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (55.0%)	Value
	Communications Services (2.4%) - continued
		Clear Channel Worldwide Holdings, Inc.
	$110,000	6.500%, 11/15/2022	$	107,250
		Columbus International, Inc.
	120,000	7.375%, 3/30/2021^g		118,800
		Crown Castle International Corporation
	200,000	5.250%, 1/15/2023		210,250
		Digicel, Ltd.
	184,810	6.000%, 4/15/2021^g		155,702
		DIRECTV Holdings, LLC
	29,000	5.875%, 10/1/2019		32,368
		FairPoint Communications, Inc.
	155,000	8.750%, 8/15/2019^g		152,675
		Frontier Communications Corporation
	125,000	8.875%, 9/15/2020^g		126,563
		Hughes Satellite Systems Corporation
	69,000	6.500%, 6/15/2019		74,347
		Intelsat Jackson Holdings SA
	64,810	7.250%, 10/15/2020		56,709
		Numericable-SFR
	120,000	6.000%, 5/15/2022^g		116,400
		SBA Tower Trust
	40,000	5.101%, 4/17/2017^g		40,495
		Sprint Corporation
	165,000	7.625%, 2/15/2025		120,450
		Telefonica Emisiones SAU
	30,000	3.192%, 4/27/2018		30,582
		T-Mobile USA, Inc.
	125,000	6.633%, 4/28/2021		129,687
		Univision Communications, Inc.
	105,000	5.125%, 5/15/2023^g		101,062
		UPCB Finance V, Ltd.
	90,000	7.250%, 11/15/2021^g		95,625
		Verizon Communications, Inc.
	85,000	2.625%, 2/21/2020		85,296
	40,000	4.500%, 9/15/2020		42,976

		Total		2,383,359


	Consumer Cyclical (2.4%)
		AMC Entertainment, Inc.
	79,000	5.875%, 2/15/2022		80,185
		Brookfield Residential Properties, Inc.
	100,000	6.500%, 12/15/2020^g		96,375
	75,000	6.125%, 7/1/2022^g		69,375
		Cinemark USA, Inc.
	80,000	4.875%, 6/1/2023		78,000
		Corrections Corporation of America
	120,000	5.000%, 10/15/2022		119,400
		CVS Health Corporation
	155,000	4.750%, 12/1/2022^g		166,084
		Daimler Finance North America, LLC
	21,000	1.875%, 1/11/2018^g		20,917
		ERAC USA Finance, LLC
	40,000	2.350%, 10/15/2019^g		39,429
		Ford Motor Credit Company, LLC
	38,000	5.000%, 5/15/2018		39,915
	50,000	2.597%, 11/4/2019		49,092
		General Motors Financial Company, Inc.
	64,810	3.250%, 5/15/2018		65,134
	56,000	4.375%, 9/25/2021		56,787
		GLP Capital, LP
	120,000	4.875%, 11/1/2020		117,600
		Hilton Worldwide Finance, LLC
	120,000	5.625%, 10/15/2021		124,350
		Home Depot, Inc.
	35,000	0.882%, 9/15/2017^e		35,052
	35,000	2.625%, 6/1/2022		34,963
		Hyundai Capital America
	28,000	1.450%, 2/6/2017^g		27,869
		Jaguar Land Rover Automotive plc
	75,000	4.250%, 11/15/2019^g		75,563
	77,000	5.625%, 2/1/2023^g		77,770
		KB Home
	71,000	4.750%, 5/15/2019		68,870
		L Brands, Inc.
	77,000	6.625%, 4/1/2021		85,278
		Lennar Corporation
	150,000	4.750%, 11/15/2022		148,725
		Macy’s Retail Holdings, Inc.
	36,000	7.450%, 7/15/2017		38,897
		MGM Resorts International
	170,000	6.000%, 3/15/2023		168,725
		Ralph Lauren Corporation
	35,000	2.625%, 8/18/2020		35,333
		Royal Caribbean Cruises, Ltd.
	119,810	5.250%, 11/15/2022		122,805
		Six Flags Entertainment Corporation
	110,000	5.250%, 1/15/2021^g		111,375
		Toll Brothers Finance Corporation
	52,000	4.000%, 12/31/2018		53,040
		Visa, Inc.
	35,000	2.200%, 12/14/2020		34,935
		West Corporation
	120,000	5.375%, 7/15/2022^g		103,500

		Total		2,345,343


	Consumer Non-Cyclical (2.3%)
		Actavis Funding SCS
	26,000	1.757%, 3/12/2020^e		26,093
		Amgen, Inc.
	30,000	2.125%, 5/1/2020		29,591
		B&G Foods, Inc.
	70,000	4.625%, 6/1/2021		69,300
		BAT International Finance plc
	35,000	1.022%, 6/15/2018^e,g		34,953
		Becton, Dickinson and Company
	32,000	1.450%, 5/15/2017		31,865
		Boston Scientific Corporation
	25,000	6.000%, 1/15/2020		27,760
		Bunge Limited Finance Corporation
	35,000	3.500%, 11/24/2020		34,805
		Cardinal Health, Inc.
	35,000	1.950%, 6/15/2018		34,909
		Celgene Corporation
	35,000	3.550%, 8/15/2022		35,340

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

128

OPPORTUNITY INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (55.0%)	Value
	Consumer Non-Cyclical (2.3%) - continued
		CHS/Community Health Systems, Inc.
$	77,000	7.125%, 7/15/2020	$	76,711
		Cott Beverages, Inc.
	120,000	5.375%, 7/1/2022		117,600
		CVS Health Corporation
	24,000	2.250%, 12/5/2018		24,116
		EMD Finance, LLC
	19,000	0.876%, 3/17/2017^e,g		18,942
		Envision Healthcare Corporation
	155,000	5.125%, 7/1/2022^g		151,900
		Forest Laboratories, Inc.
	37,000	4.375%, 2/1/2019^g		38,760
		Fresenius Medical Care US Finance, Inc.
	64,810	5.750%, 2/15/2021^g		69,347
		Gilead Sciences, Inc.
	35,000	3.250%, 9/1/2022		35,242
		Grifols Worldwide Operations, Ltd.
	200,000	5.250%, 4/1/2022		201,000
		HCA, Inc.
	64,810	4.750%, 5/1/2023		64,162
		JBS USA, LLC
	170,000	5.750%, 6/15/2025^g		147,900
		Laboratory Corporation of America Holdings
	20,000	2.625%, 2/1/2020		19,745
		Land O’Lakes, Inc.
	100,000	8.000%, 12/31/2049^g,i		103,875
		Mead Johnson Nutrition Company
	35,000	3.000%, 11/15/2020		34,989
		Merck & Company, Inc.
	20,000	0.716%, 2/10/2020^e		19,877
		Mondelez International, Inc.
	20,000	2.250%, 2/1/2019		19,993
		MPH Acquisition Holdings, LLC
	250,000	6.625%, 4/1/2022^g		250,625
		Mylan NV
	15,000	3.750%, 12/15/2020^g		15,016
		PepsiCo, Inc.
	30,000	1.850%, 4/30/2020		29,656
		Revlon Consumer Products Corporation
	64,810	5.750%, 2/15/2021		62,704
		Reynolds American, Inc.
	35,000	3.250%, 6/12/2020		35,571
		SABMiller plc
	30,000	6.500%, 7/15/2018^g		33,099
		Safeway, Inc.
	8,000	3.400%, 12/1/2016		7,920
		Spectrum Brands Escrow Corporation
	77,000	6.375%, 11/15/2020		81,812
		Tenet Healthcare Corporation
	120,000	8.125%, 4/1/2022		119,700
		TreeHouse Foods, Inc.
	110,000	4.875%, 3/15/2022		104,775
		Valeant Pharmaceuticals International
	64,810	7.250%, 7/15/2022^g		63,352
		WM Wrigley Jr. Company
	20,000	2.000%, 10/20/2017^g		20,032
		Zoetis, Inc.
	35,000	3.450%, 11/13/2020		35,041

		Total		2,328,078


	Energy (1.5%)
		Anadarko Petroleum Corporation
	40,000	8.700%, 3/15/2019		45,446
		Boardwalk Pipelines, Ltd.
	29,000	5.875%, 11/15/2016		29,281
		Buckeye Partners, LP
	22,000	2.650%, 11/15/2018		21,165
		Chevron Corporation
	35,000	0.874%, 11/16/2018^e		35,009
		Concho Resources, Inc.
	139,810	6.500%, 1/15/2022		134,218
		Crestwood Midstream Partners, LP
	110,000	6.250%, 4/1/2023^g		76,725
		Enbridge, Inc.
	19,000	0.866%, 6/2/2017^e		18,609
		EQT Corporation
	5,000	5.150%, 3/1/2018		5,203
	26,000	8.125%, 6/1/2019		28,085
		Marathon Petroleum Corporation
	35,000	3.400%, 12/15/2020		34,373
		MEG Energy Corporation
	77,000	6.375%, 1/30/2023^g		52,745
		Noble Energy, Inc.
	155,000	5.875%, 6/1/2022		147,451
		Pacific Drilling V, Ltd.
	110,000	7.250%, 12/1/2017^g		56,650
		Petrobras International Finance Company
	215,000	5.750%, 1/20/2020		168,775
		Petroleos Mexicanos
	280,000	5.625%, 1/23/2046^g		214,256
		Pioneer Natural Resources Company
	11,000	3.450%, 1/15/2021		10,157
		Regency Energy Partners, LP
	120,000	5.000%, 10/1/2022		106,305
		Sabine Pass Liquefaction, LLC
	155,000	5.625%, 3/1/2025^g		131,169
		Schlumberger Holdings Corporation
	35,000	3.000%, 12/21/2020^g		34,548
		Shell International Finance BV
	30,000	0.806%, 5/11/2020^e		29,561
		Southwestern Energy Company
	47,000	7.500%, 2/1/2018		39,950
		Sunoco Logistics Partners Operations, LP
	35,000	4.400%, 4/1/2021		33,917

		Total		1,453,598


	Financials (4.3%)
		Abbey National Treasury Services plc
	40,000	1.013%, 9/29/2017^e		39,665
		ACE INA Holdings, Inc.
	35,000	2.875%, 11/3/2022		34,734

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

129

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Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (55.0%)	Value
	Financials (4.3%) - continued
		Air Lease Corporation
$	36,000	2.125%, 1/15/2018	$	35,370
	17,000	2.625%, 9/4/2018		16,804
		Ally Financial, Inc.
	100,000	4.750%, 9/10/2018		102,375
		American Express Credit Corporation
	35,000	1.552%, 9/14/2020^e		35,299
		Aviation Capital Group Corporation
	20,000	3.875%, 9/27/2016^g		20,150
		Bank of America Corporation
	44,000	5.700%, 5/2/2017		45,887
	40,000	1.700%, 8/25/2017		39,886
	76,000	1.656%, 3/22/2018^e		76,244
	15,000	5.650%, 5/1/2018		16,130
	38,000	8.000%, 12/29/2049ⁱ		38,665
		BB&T Corporation
	38,000	2.050%, 6/19/2018		38,216
		BBVA International Preferred SA Unipersonal
	115,000	5.919%, 12/29/2049ⁱ		116,150
		Bear Stearns Companies, LLC
	45,000	6.400%, 10/2/2017		48,462
		BNP Paribas SA
	30,000	2.375%, 9/14/2017		30,356
		BPCE SA
	132,000	5.150%, 7/21/2024^g		133,109
		Caisse Centrale Desjardins du Quebec
	25,000	0.989%, 1/29/2018^e,g		24,951
		CIT Group, Inc.
	80,000	3.875%, 2/19/2019		79,600
		Citigroup, Inc.
	69,000	1.850%, 11/24/2017		68,898
		Credit Agricole SA
	25,000	1.457%, 6/10/2020^e,g		24,946
		Credit Suisse Group AG
	127,000	7.500%, 12/11/2049^g,i		133,329
		CyrusOne, LP
	64,810	6.375%, 11/15/2022		66,754
		DDR Corporation
	20,000	9.625%, 3/15/2016		20,312
		Discover Bank
	10,000	8.700%, 11/18/2019		11,830
		Discover Financial Services
	20,000	6.450%, 6/12/2017		21,131
		Duke Realty, LP
	46,000	8.250%, 8/15/2019		54,414
		Fifth Third Bancorp
	48,000	5.450%, 1/15/2017		49,761
		Goldman Sachs Group, Inc.
	20,000	2.625%, 1/31/2019		20,143
	30,000	7.500%, 2/15/2019		34,328
	25,000	1.476%, 4/23/2020^e		25,037
	30,000	2.012%, 11/29/2023^e		30,266
		Hartford Financial Services Group, Inc.
	45,000	6.000%, 1/15/2019		49,490
		HCP, Inc.
	25,000	3.750%, 2/1/2019		25,791
		Health Care REIT, Inc.
	26,000	4.700%, 9/15/2017		27,179
		HSBC Holdings plc
	23,000	6.375%, 12/29/2049ⁱ		22,971
		Hutchison Whampoa Finance CI, Ltd.
	46,000	1.625%, 10/31/2017^g		45,594
		Icahn Enterprises, LP
	110,000	6.000%, 8/1/2020		110,924
		ILFC E-Capital Trust II
	300,000	4.740%, 12/21/2065^e,g		276,000
		ING Bank NV
	57,000	5.800%, 9/25/2023^g		61,929
		ING Capital Funding Trust III
	25,000	4.207%, 12/29/2049^e,i		24,938
		International Lease Finance Corporation
	26,000	2.462%, 6/15/2016^e		25,935
	85,000	5.875%, 4/1/2019		90,100
		Intesa Sanpaolo SPA
	10,000	3.875%, 1/16/2018		10,254
	32,000	3.875%, 1/15/2019		32,948
		J.P. Morgan Chase & Company
	20,000	6.300%, 4/23/2019		22,426
	15,000	2.250%, 1/23/2020		14,757
	49,000	7.900%, 4/29/2049ⁱ		49,882
	280,000	6.750%, 8/29/2049ⁱ		305,200
		KeyCorp
	30,000	2.300%, 12/13/2018		30,045
		Liberty Mutual Group, Inc.
	10,000	5.000%, 6/1/2021^g		10,695
		Lloyds Bank plc
	25,000	1.038%, 3/16/2018^e		24,868
		MetLife, Inc.
	36,000	1.903%, 12/15/2017		36,212
		Mizuho Corporate Bank, Ltd.
	25,000	1.550%, 10/17/2017^g		24,803
		Morgan Stanley
	40,000	6.625%, 4/1/2018		43,861
	25,000	1.463%, 1/27/2020^e		25,053
	26,000	4.875%, 11/1/2022		27,593
		MPT Operating Partnership, LP
	110,000	5.500%, 5/1/2024		109,450
		Murray Street Investment Trust I
	60,000	4.647%, 3/9/2017		61,818
		National City Corporation
	20,000	6.875%, 5/15/2019		22,594
		New York Life Global Funding
	35,000	1.550%, 11/2/2018^g		34,715
		Nomura Holdings, Inc.
	21,000	2.750%, 3/19/2019		21,113
		Quicken Loans, Inc.
	115,000	5.750%, 5/1/2025^g		109,537
		Realty Income Corporation
	33,000	2.000%, 1/31/2018		33,019
		Regions Bank
	17,000	7.500%, 5/15/2018		18,889
		Reinsurance Group of America, Inc.
	40,000	5.625%, 3/15/2017		41,687
		RHP Hotel Properties, LP
	105,000	5.000%, 4/15/2021		106,837
		Royal Bank of Scotland Group plc
	22,000	1.543%, 3/31/2017^e		21,957

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

130

OPPORTUNITY INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (55.0%)	Value
	Financials (4.3%) - continued
$	57,000	7.640%, 3/29/2049ⁱ	$	59,565
	57,000	7.648%, 8/29/2049ⁱ		70,609
	200,000	7.500%, 12/29/2049ⁱ		208,250
		Simon Property Group, LP
	35,000	2.500%, 9/1/2020		35,027
		Societe Generale SA
	30,000	5.750%, 4/20/2016^g		30,382
		State Street Corporation
	35,000	1.264%, 8/18/2020^e		35,004
		Sumitomo Mitsui Banking Corporation
	60,000	1.300%, 1/10/2017		59,853
	25,000	0.897%, 1/16/2018^e		24,914
		Synchrony Financial
	56,000	1.875%, 8/15/2017		55,743
	15,000	1.564%, 2/3/2020^e		14,763
		Synovus Financial Corporation
	65,000	5.750%, 12/15/2025		66,300
		Toronto-Dominion Bank
	35,000	1.432%, 12/14/2020^e		34,992
		UnitedHealth Group, Inc.
	35,000	3.350%, 7/15/2022		35,799
		USB Realty Corporation
	10,000	1.468%, 12/29/2049^e,g,i		9,000
		Voya Financial, Inc.
	30,000	2.900%, 2/15/2018		30,324
		Wells Fargo & Company
	25,000	1.002%, 1/30/2020^e		24,767

		Total		4,329,558


	Foreign Government (11.5%)
		Bahama Government International Bond
	50,000	5.750%, 1/16/2024^g		52,250
		Brazil Government International Bond
	282,000	5.875%, 1/15/2019		287,640
	281,000	4.875%, 1/22/2021		259,925
	440,000	2.625%, 1/5/2023		334,400
	320,000	5.000%, 1/27/2045		213,600
		Colombia Government International Bond
	205,000	2.625%, 3/15/2023		180,093
	180,000	4.000%, 2/26/2024		171,450
	340,000	5.000%, 6/15/2045		283,900
		Croatia Government International Bond
	255,000	6.625%, 7/14/2020^g		273,245
		Export-Import Bank of Korea
	25,000	2.250%, 1/21/2020		24,616
		Hungary Government International Bond
	80,000	4.000%, 3/25/2019		83,360
	286,000	5.750%, 11/22/2023		320,005
	334,000	5.375%, 3/25/2024		365,730
		Indonesia Government International Bond
	240,000	4.875%, 5/5/2021^g		248,596
	225,000	3.375%, 4/15/2023^g		209,079
	282,000	5.875%, 1/15/2024^g		302,111
	210,000	4.125%, 1/15/2025^g		201,251
	200,000	4.750%, 1/8/2026^g		197,532
	375,000	5.125%, 1/15/2045^g		339,130
		Mexico Government International Bond
	180,000	3.625%, 3/15/2022		181,080
	210,000	4.000%, 10/2/2023		212,730
	388,000	3.600%, 1/30/2025		378,106
	94,000	6.050%, 1/11/2040		102,930
	180,000	4.750%, 3/8/2044		163,980
	188,000	5.550%, 1/21/2045		192,700
	329,000	4.600%, 1/23/2046		291,165
		Panama Government International Bond
	146,000	4.000%, 9/22/2024		146,000
	94,000	6.700%, 1/26/2036		111,625
		Peru Government International Bond
	465,000	4.125%, 8/25/2027		455,700
		Philippines Government International Bond
	125,000	7.750%, 1/14/2031		175,621
	200,000	6.375%, 10/23/2034		260,754
		Romania Government International Bond
	148,000	4.375%, 8/22/2023^g		154,061
	80,000	4.875%, 1/22/2024^g		85,944
		Russia Government International Bond
	188,000	3.500%, 1/16/2019^g		187,060
	600,000	5.000%, 4/29/2020^g		619,200
	360,000	4.875%, 9/16/2023^g		365,760
	279,650	7.500%, 3/31/2030^g		335,045
	282,000	5.625%, 4/4/2042^g		266,772
		South Africa Government International Bond
	200,000	5.500%, 3/9/2020		205,270
	145,000	5.875%, 5/30/2022		151,409
	75,000	5.375%, 7/24/2044		67,500
		Turkey Government International Bond
	282,000	7.500%, 11/7/2019		316,198
	400,000	7.000%, 6/5/2020		445,062
	295,000	5.125%, 3/25/2022		302,744
	188,000	6.250%, 9/26/2022		204,093
	94,000	5.750%, 3/22/2024		99,313
	288,000	4.250%, 4/14/2026		270,015
	376,000	4.875%, 4/16/2043		330,880

		Total		11,426,630


	Mortgage-Backed Securities (11.8%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	550,000	3.000%, 1/1/2031^c		566,760
		Federal Home Loan Mortgage Corporation Gold 20-Yr. Pass Through
	35,551	5.500%, 9/1/2024		39,278
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	750,000	4.000%, 1/1/2046^c		792,290
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	750,000	3.500%, 1/1/2030^c		785,420

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

131

OPPORTUNITY INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (55.0%)	Value
	Mortgage-Backed Securities (11.8%) - continued
		Federal National Mortgage Association Conventional 20-Yr. Pass Through
$	265,734	6.000%, 8/1/2024	$	299,873
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	4,525,000	3.500%, 1/1/2046^c		4,668,548
	3,000,000	4.000%, 1/1/2046^c		3,174,516
	1,325,000	4.500%, 1/1/2046^c		1,430,834

		Total		11,757,519


	Technology (1.6%)
		Alliance Data Systems Corporation
	75,000	5.375%, 8/1/2022^g		71,437
		Amkor Technology, Inc.
	100,000	6.625%, 6/1/2021		99,250
		Apple, Inc.
	30,000	0.659%, 5/6/2020^e		29,774
		Automatic Data Processing, Inc.
	35,000	2.250%, 9/15/2020		35,133
		Cisco Systems, Inc.
	35,000	0.914%, 3/1/2019^e		34,969
		CommScope Technologies Finance, LLC
	130,000	6.000%, 6/15/2025^g		125,125
		Denali Borrower, LLC
	122,000	5.625%, 10/15/2020^g		127,795
		Equinix, Inc.
	155,000	5.750%, 1/1/2025		158,488
		Fidelity National Information Services, Inc.
	37,000	1.450%, 6/5/2017		36,499
	35,000	3.625%, 10/15/2020		35,456
		First Data Corporation
	110,000	5.375%, 8/15/2023^g		110,550
		Freescale Semiconductor, Inc.
	105,000	6.000%, 1/15/2022^g		109,987
		Hewlett Packard Enterprise Company
	33,000	3.600%, 10/15/2020^g		33,076
		IMS Health, Inc.
	75,000	6.000%, 11/1/2020^g		77,250
		Intel Corporation
	35,000	3.100%, 7/29/2022		35,690
		Iron Mountain, Inc.
	64,810	6.000%, 8/15/2023		67,078
		Oracle Corporation
	30,000	2.500%, 5/15/2022		29,445
		Plantronics, Inc.
	200,000	5.500%, 5/31/2023^g		199,000
		Sensata Technologies BV
	130,000	4.875%, 10/15/2023^g		126,425
		Texas Instruments, Inc.
	30,000	1.750%, 5/1/2020		29,223
		Tyco Electronics Group SA
	38,000	6.550%, 10/1/2017		40,952

		Total		1,612,602


	Transportation (0.5%)
		Air Canada Pass Through Trust
	15,000	3.875%, 3/15/2023^g		14,550
		American Airlines Pass Through Trust
	17,357	4.950%, 1/15/2023		18,311
		Avis Budget Car Rental, LLC
	105,000	5.125%, 6/1/2022^g		103,687
		Continental Airlines, Inc.
	48,388	6.250%, 4/11/2020		50,808
		Delta Air Lines, Inc.
	22,711	4.950%, 5/23/2019		23,847
	20,338	4.750%, 5/7/2020		21,457
		J.B. Hunt Transport Services, Inc.
	35,000	3.300%, 8/15/2022		34,662
		Korea Expressway Corporation
	33,000	1.625%, 4/28/2017^g		32,885
		United Airlines 2015-1 Class A Pass Through Trust
	35,000	3.700%, 12/1/2022		34,913
		XPO Logistics, Inc.
	200,000	6.500%, 6/15/2022^g		185,000

		Total		520,120


	U.S. Government and Agencies (2.1%)
		U.S. Treasury Notes
	1,000,000	1.875%, 6/30/2020		1,006,992
	1,070,000	2.125%, 6/30/2022		1,075,517

		Total		2,082,509


	Utilities (1.3%)
		Access Midstream Partners, LP
	100,000	4.875%, 5/15/2023		81,067
		AES Corporation
	64,810	7.375%, 7/1/2021		66,106
		Ameren Corporation
	35,000	2.700%, 11/15/2020		34,867
		Arizona Public Service Company
	20,000	2.200%, 1/15/2020		19,812
		Berkshire Hathaway Energy Company
	48,000	2.400%, 2/1/2020		47,552
		Calpine Corporation
	100,000	6.000%, 1/15/2022^g		103,219
	120,000	5.375%, 1/15/2023		107,700
		DTE Energy Company
	46,000	2.400%, 12/1/2019		45,805
		Dynegy Finance I, Inc.
	140,000	7.375%, 11/1/2022		121,800
		EDP Finance BV
	46,000	4.125%, 1/15/2020^g		46,106
		El Paso Corporation
	18,000	7.000%, 6/15/2017		18,542
		Electricite de France SA
	57,000	5.625%, 12/29/2049^g,i		54,207
		Energy Transfer Equity, LP
	170,000	5.500%, 6/1/2027		129,200
		Enterprise Products Operating, LLC
	70,000	7.000%, 6/1/2067		57,400
		Eversource Energy
	15,000	1.600%, 1/15/2018		14,842

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

132

OPPORTUNITY INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (55.0%)	Value
	Utilities (1.3%) - continued
		Exelon Generation Company, LLC
$	20,000	5.200%, 10/1/2019	$	21,546
	15,000	2.950%, 1/15/2020		14,946
		MPLX LP
	155,000	4.875%, 12/1/2024^g		139,112
		NiSource Finance Corporation
	16,000	6.400%, 3/15/2018		17,433
		NRG Energy, Inc.
	64,810	6.625%, 3/15/2023		56,223
		Pacific Gas & Electric Company
	26,000	5.625%, 11/30/2017		27,792
		PG&E Corporation
	19,000	2.400%, 3/1/2019		18,959
		Sempra Energy
	36,000	6.150%, 6/15/2018		39,293
	15,000	2.400%, 3/15/2020		14,701
		Southern California Edison Company
	10,000	2.400%, 2/1/2022		9,806
		Xcel Energy, Inc.
	30,000	1.200%, 6/1/2017		29,848

		Total		1,337,884


		Total Long-Term Fixed Income (cost $55,959,676)		54,801,586


Shares		Mutual Funds (5.8%)
	Equity Funds/ETFs (0.4%)
	7,200	BlackRock Resources & Commodities Strategy Trust		51,192
	6,200	Cohen & Steers REIT and Preferred Income Fund, Inc.		114,328
	3,200	Guggenheim Multi-Asset Income ETF		58,176
	14,800	iShares FTSE NAREIT Mortgage Plus Capped Index Fund		141,488
	6,450	NFJ Dividend Interest & Premium Strategy Fund		79,915

		Total		445,099


	Fixed Income Funds/ETFs (5.4%)
	32,160	Aberdeen Asia-Pacific Income Fund, Inc.		146,971
	9,425	Doubleline Income Solutions Fund		152,874
	5,211	First Trust High Income Long/Short Fund		73,371
	26,259	iShares J.P. Morgan USD Emerging Markets Bond ETF		2,777,677
	29,597	MFS Intermediate Income Trust		135,258
	10,814	PIMCO Dynamic Credit Income Fund		194,977
	24,789	Templeton Global Income Fund		157,410
	19,685	Vanguard Short-Term Corporate Bond ETF		1,554,918
	11,299	Western Asset Emerging Markets Debt Fund, Inc.		155,135
	16,794	Western Asset High Income Opportunity Fund, Inc.		78,764

		Total		5,427,355


		Total Mutual Funds (cost $6,312,197)		5,872,454


		Preferred Stock (2.0%)
	Financials (1.7%)
	855	Agribank FCB, 6.875%ⁱ		90,390
	117	Bank of America Corporation, Convertible, 7.250%ⁱ		127,913
	10,320	Citigroup, Inc., 6.875%ⁱ		287,515
	3,700	Discover Financial Services, 6.500%ⁱ		97,939
	1,135	Farm Credit Bank of Texas, 6.750%^g,i		118,182
	7,400	Goldman Sachs Group, Inc., 5.500%ⁱ		191,586
	6,975	HSBC USA, Inc., 6.500%ⁱ		181,559
	92	M&T Bank Corporation, 6.375%ⁱ		96,370
	5,200	Morgan Stanley, 7.125%ⁱ		148,720
	7,000	RBS Capital Funding Trust V, 5.900%ⁱ		171,780
	1,539	U.S. Bancorp, 6.500%ⁱ		44,169
	127	Wells Fargo & Company, Convertible, 7.500%ⁱ		147,447

		Total		1,703,570


	Materials (0.1%)
	2,280	CHS, Inc., 7.100%ⁱ		62,175

		Total		62,175


	Utilities (0.2%)
	8,000	Southern California Edison Company Trust IV, 5.375%ⁱ		217,280

		Total		217,280


		Total Preferred Stock (cost $1,898,701)		1,983,025


		Common Stock (0.7%)
	Financials (0.7%)
	4,725	American Capital Agency Corporation		81,931
	9,200	Annaly Capital Management, Inc.		86,296
	24,100	Apollo Investment Corporation		125,802
	11,100	Ares Capital Corporation		158,175
	6,000	Invesco Mortgage Capital, Inc.		74,340
	9,450	Solar Capital, Ltd.		155,264

		Total		681,808


		Total Common Stock (cost $798,875)		681,808


Shares or Principal Amount		Short-Term Investments (20.0%)^j
		Federal Home Loan Mortgage Corporation Discount Notes
	200,000	0.100%, 1/8/2016^k		199,996
		Thrivent Cash Management Trust
	19,671,931	0.220%		19,671,931
		U.S. Treasury Bills
	25,000	0.175%, 2/4/2016^l		24,996

		Total Short-Term Investments (at amortized cost)		19,896,923

		Total Investments (cost $115,167,497) 112.1%	$	111,748,303

		Other Assets and Liabilities, Net (12.1%)		(12,083,336	)

		Total Net Assets 100.0%	$	99,664,967

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

133

OPPORTUNITY INCOME PLUS PORTFOLIO

Schedule of Investments as of December 31, 2015

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	Defaulted security. Interest is not being accrued.

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 December 31, 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 December 31, 2015.

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

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

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

k	All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

l	All or a portion of the security is pledged as collateral under the agreement between the counterparty, the custodian and the fund for open swap contracts.

Denotes restricted securities. Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The value of all restricted securities held in Opportunity Income Plus Portfolio as of December 31, 2015 was $1,685,069 or 1.7% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of December 31, 2015.


Security	Acquisition Date		Cost
Angel Oak Mortgage Trust, 11/25/2045		12/10/2015	$	274,421
Bayview Opportunity Master Fund Trust, 7/28/2019		7/30/2014		38,916
Bayview Opportunity Master Fund Trust, 2/28/2035		9/1/2015		146,662
CAM Mortgage, LLC, 7/15/2064		6/24/2015		126,179
DRB Prime Student Loan Trust, 1/25/2040		12/4/2015		97,521
Pretium Mortgage Credit Partners, LLC, 10/27/2030		10/6/2015		195,327
Pretium Mortgage Credit Partners, LLC, 11/27/2030		11/6/2015		199,810
Sunset Mortgage Loan Company, LLC, 9/16/2045		10/2/2015		180,552
U.S. Residential Opportunity Fund III Trust, 1/27/2035		2/6/2015		134,360
Wachovia Asset Securitization, Inc., 7/25/2037		3/16/2007		346,359

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.

134

SMALL CAP INDEX PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (96.0%)	Value
	Consumer Discretionary (13.6%)
	7,050	American Public Education, Inc.^a	$	131,201
	5,580	Arctic Cat, Inc.		91,400
	16,737	Barnes & Noble Education, Inc.^a		166,533
	26,760	Barnes & Noble, Inc.		233,080
	7,980	Big 5 Sporting Goods Corporation		79,720
	448	Biglari Holdings, Inc.^a		145,967
	8,850	BJ’s Restaurants, Inc.^a		384,710
	4,930	Blue Nile, Inc.^a		183,051
	8,900	Bob Evans Farms, Inc.		345,765
	34,180	Boyd Gaming Corporation^a		679,157
	12,110	Buckle, Inc.^b		372,746
	18,805	Caleres, Inc.		504,350
	38,440	Callaway Golf Company		362,105
	4,660	Capella Education Company		215,385
	29,020	Career Education Corporation^a		105,343
	11,290	Cato Corporation		415,698
	8,680	Children’s Place, Inc.		479,136
	9,870	Core-Mark Holding Company, Inc.		808,748
	31,630	Crocs, Inc.^a		323,891
	7,190	DineEquity, Inc.		608,777
	13,280	Dorman Products, Inc.^a,b		630,402
	10,410	Drew Industries, Inc.		633,865
	23,113	E.W. Scripps Company		439,147
	11,240	Ethan Allen Interiors, Inc.		312,697
	30,710	Express, Inc.^a		530,669
	19,293	Finish Line, Inc.		348,817
	23,440	Five Below, Inc.^a,b		752,424
	17,930	Francesca’s Holdings Corporation^a		312,161
	14,920	Fred’s, Inc.		244,240
	7,870	FTD Companies, Inc.^a		205,958
	49,470	Gannett Company, Inc.		805,866
	9,520	Genesco, Inc.^a		541,022
	15,620	Gentherm, Inc.^a		740,388
	17,280	G-III Apparel Group, Ltd.^a		764,813
	9,690	Group 1 Automotive, Inc.		733,533
	20,360	Harte-Hanks, Inc.		65,966
	8,610	Haverty Furniture Companies, Inc.		184,598
	12,100	Helen of Troy, Ltd.^a		1,140,425
	9,800	Hibbett Sports, Inc.^a,b		296,352
	20,510	Iconix Brand Group, Inc.^a,b		140,083
	7,150	Installed Building Products, Inc.^a		177,534
	16,790	Interval Leisure Group, Inc.^b		262,092
	12,480	iRobot Corporation^a,b		441,792
	6,760	Kirkland’s, Inc.		98,020
	21,650	La-Z-Boy, Inc.		528,693
	10,200	Lithia Motors, Inc.		1,088,034
	11,640	Lumber Liquidators Holdings, Inc.^a		202,070
	10,520	M/I Homes, Inc.^a		230,598
	8,240	Marcus Corporation		156,313
	10,960	MarineMax, Inc.^a		201,883
	11,580	Marriott Vacations Worldwide Corporation		659,481
	20,750	Men’s Wearhouse, Inc.		304,610
	15,880	Meritage Homes Corporation^a		539,761
	4,630	Monarch Casino & Resort, Inc.^a		105,194
	13,770	Monro Muffler Brake, Inc.		911,849
	7,850	Motorcar Parts of America, Inc.^a		265,409
	6,980	Movado Group, Inc.		179,456
	12,400	Nutrisystem, Inc.		268,336
	7,490	Outerwall, Inc.		273,685
	6,270	Oxford Industries, Inc.		400,151
	12,360	Papa John’s International, Inc.		690,553
	23,050	Pep Boys - Manny, Moe & Jack^a		424,351
	5,050	Perry Ellis International, Inc.^a		93,021
	8,670	PetMed Express, Inc.^b		148,604
	26,150	Pinnacle Entertainment, Inc.^a		813,788
	18,362	Pool Corporation		1,483,282
	9,720	Popeyes Louisiana Kitchen, Inc.^a		568,620
	5,980	Red Robin Gourmet Burgers, Inc.^a		369,205
	16,370	Regis Corporation^a		231,636
	26,580	Ruby Tuesday, Inc.^a		146,456
	15,030	Ruth’s Hospitality Group, Inc.		239,278
	11,460	Scholastic Corporation		441,898
	21,020	Scientific Games Corporation^a,b		188,549
	21,830	Select Comfort Corporation^a		467,380
	8,460	Sizmek, Inc.^a		30,879
	13,840	Sonic Automotive, Inc.		314,998
	21,172	Sonic Corporation		684,067
	13,600	Stage Stores, Inc.		123,896
	6,320	Stamps.com, Inc.^a		692,735
	8,490	Standard Motor Products, Inc.		323,045
	12,800	Stein Mart, Inc.		86,144
	24,045	Steven Madden, Ltd.^a		726,640
	4,710	Strayer Education, Inc.^a		283,165
	8,040	Sturm, Ruger & Company, Inc.		479,264
	9,960	Superior Industries International, Inc.		183,463
	27,080	Texas Roadhouse, Inc.		968,652
	16,000	TopBuild Corporation^a		492,320
	18,790	Tuesday Morning Corporation^a		122,135
	23,940	Tumi Holdings, Inc.^a		398,122
	6,460	Unifi, Inc.^a		181,849
	6,240	Universal Electronics, Inc.^a		320,424
	9,080	Universal Technical Institute, Inc.		42,313
	12,530	Vitamin Shoppe, Inc.^a		409,731
	8,610	VOXX International Corporation^a		45,289
	11,640	Winnebago Industries, Inc.		231,636
	43,950	Wolverine World Wide, Inc.		734,405
	8,550	Zumiez, Inc.^a		129,276

		Total		38,066,219


	Consumer Staples (2.7%)
	11,240	Andersons, Inc.		355,521
	25,020	B&G Foods, Inc.		876,200
	6,320	Calavo Growers, Inc.		309,680
	13,400	Cal-Maine Foods, Inc.^b		620,956
	4,250	Central Garden & Pet Company^a		57,460
	14,080	Central Garden & Pet Company, Class A^a		191,488
	70,590	Darling Ingredients, Inc.^a		742,607
	11,400	Diamond Foods, Inc.^a		439,470
	7,300	Inter Parfums, Inc.		173,886
	6,350	J & J Snack Foods Corporation		740,855
	4,000	Medifast, Inc.		121,520
	8,460	Sanderson Farms, Inc.^b		655,819
	2,570	Seneca Foods Corporation^a		74,479
	22,560	Snyder’s-Lance, Inc.		773,808
	16,180	SpartanNash Company		350,135
	9,790	Universal Corporation^b		549,023
	5,750	WD-40 Company		567,238

		Total		7,600,145


	Energy (2.4%)
	29,180	Archrock, Inc.		219,433
	16,260	Basic Energy Services, Inc.^a,b		43,577
	20,950	Bill Barrett Corporation^a		82,333
	16,730	Bonanza Creek Energy, Inc.^a,b		88,167
	14,740	Bristow Group, Inc.		381,766
	8,080	CARBO Ceramics, Inc.^b		138,976
	22,840	Carrizo Oil & Gas, Inc.^a		675,607
	25,370	Cloud Peak Energy, Inc.^a		52,769
	7,510	Contango Oil & Gas Company^a		48,139

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

135

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Schedule of Investments as of December 31, 2015


Shares		Common Stock (96.0%)	Value
	Energy (2.4%) - continued
	8,200	Era Group, Inc.^a	$	91,430
	15,285	Exterran Corporation^a		245,324
	5,570	Geospace Technologies Corporation^a,b		78,370
	15,240	Green Plains, Inc.		348,996
	5,680	Gulf Island Fabrication, Inc.		59,413
	10,900	Gulfmark Offshore, Inc.^a,b		50,903
	41,430	Helix Energy Solutions Group, Inc.^a		217,922
	13,370	Hornbeck Offshore Services, Inc.^a		132,898
	11,350	Matrix Service Company^a		233,129
	35,770	Newpark Resources, Inc.^a		188,866
	22,930	Northern Oil and Gas, Inc.^a,b		88,510
	16,920	PDC Energy, Inc.^a		903,190
	27,270	Pioneer Energy Services Corporation^a		59,176
	2,450	REX American Resources Corporation^a,b		132,471
	20,970	Rex Energy Corporation^a,b		22,018
	6,810	SEACOR Holdings, Inc.^a		357,934
	24,220	Stone Energy Corporation^a		103,904
	42,810	Synergy Resources Corporation^a		364,741
	16,490	Tesco Corporation		119,388
	33,730	TETRA Technologies, Inc.^a		253,650
	19,560	Tidewater, Inc.^b		136,138
	22,650	U.S. Silica Holdings, Inc.^b		424,234
	21,370	Unit Corporation^a		260,714

		Total		6,604,086


	Financials (23.4%)
	29,688	Acadia Realty Trust		984,157
	8,320	Agree Realty Corporation		282,797
	17,040	American Assets Trust, Inc.		653,484
	35,130	American Equity Investment Life Holding Company		844,174
	11,030	Ameris Bancorp		374,910
	8,230	AMERISAFE, Inc.		418,907
	39,030	Astoria Financial Corporation		618,625
	18,190	Bank Mutual Corporation		141,882
	8,740	Banner Corporation		400,816
	33,980	BBCN Bancorp, Inc.		585,136
	24,480	Bofi Holding, Inc.^a,b		515,304
	36,030	Boston Private Financial Holdings, Inc.		408,580
	30,110	Brookline Bancorp, Inc.		346,265
	7,420	Calamos Asset Management, Inc.		71,826
	41,350	Capstead Mortgage Corporation		361,399
	13,910	Cardinal Financial Corporation		316,452
	20,752	CareTrust REIT, Inc.		227,234
	10,840	Cash America International, Inc.		324,658
	32,040	Cedar Realty Trust, Inc.		226,843
	13,400	Central Pacific Financial Corporation		295,068
	25,700	Chesapeake Lodging Trust		646,612
	6,590	City Holding Company		300,768
	24,920	Columbia Banking System, Inc.		810,149
	18,700	Community Bank System, Inc.		746,878
	13,210	CoreSite Realty Corporation		749,271
	87,920	Cousins Properties, Inc.		829,086
	42,480	CVB Financial Corporation		718,762
	86,527	DiamondRock Hospitality Company		834,986
	13,145	Dime Community Bancshares, Inc.		229,906
	13,840	EastGroup Properties, Inc.		769,642
	23,903	Education Realty Trust, Inc.		905,446
	7,180	eHealth, Inc.^a		71,656
	13,790	Employers Holdings, Inc.		376,467
	10,060	Encore Capital Group, Inc.^a,b		292,545
	11,677	Enova International, Inc.^a		77,185
	25,630	EPR Properties		1,498,074
	16,900	Evercore Partners, Inc.		913,783
	22,140	EZCORP, Inc.^a		110,479
	75,010	F.N.B. Corporation		1,000,633
	22,080	Financial Engines, Inc.^b		743,434
	49,393	First BanCorporation^a		160,527
	12,000	First Cash Financial Services, Inc.^a		449,160
	38,130	First Commonwealth Financial Corporation		345,839
	26,560	First Financial Bancorp		479,939
	28,500	First Financial Bankshares, Inc.^b		859,845
	33,492	First Midwest Bancorp, Inc.		617,258
	6,770	First NBC Bank Holding Company^a		253,130
	14,390	Forestar Group, Inc.^a		157,427
	16,530	Four Corners Property Trust, Inc.^a		399,365
	38,280	Franklin Street Properties Corporation		396,198
	31,816	GEO Group, Inc.		919,801
	11,220	Getty Realty Corporation		192,423
	32,470	Glacier Bancorp, Inc.		861,429
	30,840	Government Properties Income Trust		489,431
	20,120	Green Dot Corporation^a		330,370
	11,730	Greenhill & Company, Inc.		335,595
	13,802	Hanmi Financial Corporation		327,383
	3,900	HCI Group, Inc.^b		135,915
	43,360	Healthcare Realty Trust, Inc.		1,227,955
	14,870	HFF, Inc.		462,011
	26,240	Home BancShares, Inc.		1,063,245
	17,550	Horace Mann Educators Corporation		582,309
	11,300	Independent Bank Corporation		525,676
	4,830	Infinity Property & Casualty Corporation		397,171
	38,980	Inland Real Estate Corporation		413,968
	24,740	Interactive Brokers Group, Inc.		1,078,664
	6,610	INTL FCStone, Inc.^a		221,171
	14,370	Investment Technology Group, Inc.		244,577
	35,865	Kite Realty Group Trust		929,979
	18,870	LegacyTexas Financial Group, Inc.		472,127
	3,060	LendingTree, Inc.^a		273,197
	91,199	Lexington Realty Trust		729,592
	15,310	LTC Properties, Inc.		660,473
	29,619	MB Financial, Inc.		958,767
	102,230	Medical Properties Trust, Inc.		1,176,667
	60,410	National Penn Bancshares, Inc.		744,855
	4,730	Navigators Group, Inc.^a		405,787
	18,650	NBT Bancorp, Inc.		519,962
	19,670	Northfield Bancorp, Inc.		313,146
	43,720	Northwest Bancshares, Inc.		585,411
	18,540	OFG Bancorp^b		135,713
	49,200	Old National Bancorp		667,152
	16,170	Oritani Financial Corporation		266,805
	35,040	Parkway Properties, Inc.		547,675
	29,900	Pennsylvania Real Estate Investment Trust		653,913
	15,130	Pinnacle Financial Partners, Inc.		777,077
	6,530	Piper Jaffray Companies^a		263,812
	20,490	PRA Group, Inc.^a		710,798
	33,950	PrivateBancorp, Inc.		1,392,629
	22,910	ProAssurance Corporation		1,111,822
	25,300	Provident Financial Services, Inc.		509,795
	8,380	PS Business Parks, Inc.		732,663
	42,860	Retail Opportunity Investments Corporation		767,194
	16,260	RLI Corporation		1,004,055
	14,970	S & T Bancorp, Inc.		461,375
	27,930	Sabra Healthcare REIT, Inc.		565,024
	5,950	Safety Insurance Group, Inc.		335,461

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

136

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Schedule of Investments as of December 31, 2015


Shares		Common Stock (96.0%)	Value
	Financials (23.4%) - continued
	4,950	Saul Centers, Inc.	$	253,786
	24,650	Selective Insurance Group, Inc.		827,747
	12,050	Simmons First National Corporation		618,888
	10,100	Southside Bancshares, Inc.		242,602
	51,299	Sterling Bancorp		832,070
	9,570	Stewart Information Services Corporation		357,248
	37,250	Summit Hotel Properties, Inc.		445,138
	26,950	Talmer Bancorp, Inc.		488,065
	19,680	Texas Capital Bancshares, Inc.^a		972,586
	5,280	Tompkins Financial Corporation		296,525
	40,912	TrustCo Bank Corporation		251,200
	17,990	UMB Financial Corporation		837,434
	27,780	United Bankshares, Inc.		1,027,582
	24,885	United Community Banks, Inc.		485,009
	9,070	United Fire Group, Inc.		347,472
	7,750	United Insurance Holdings Corporation		132,525
	5,290	Universal Health Realty Income Trust		264,553
	13,910	Universal Insurance Holdings, Inc.^b		322,434
	11,450	Urstadt Biddle Properties, Inc.		220,298
	2,910	Virtus Investment Partners, Inc.		341,809
	11,420	Walker & Dunlop, Inc.^a		329,010
	11,000	Westamerica Bancorporation		514,250
	30,610	Wilshire Bancorp, Inc.		353,545
	20,770	Wintrust Financial Corporation		1,007,760
	3,562	World Acceptance Corporation^a,b		132,150

		Total		65,526,673


	Health Care (13.0%)
	9,160	Abaxis, Inc.		510,029
	16,760	ABIOMED, Inc.^a		1,513,093
	12,640	Aceto Corporation		341,027
	18,440	Acorda Therapeutics, Inc.^a		788,863
	5,180	Adeptus Health, Inc.^a		282,414
	34,300	Affymetrix, Inc.^a,b		346,087
	15,320	Air Methods Corporation^a		642,368
	11,500	Albany Molecular Research, Inc.^a,b		228,275
	3,540	Almost Family, Inc.^a		135,334
	12,133	Amedisys, Inc.^a		477,069
	20,460	AMN Healthcare Services, Inc.^a		635,283
	5,340	Analogic Corporation		441,084
	11,410	AngioDynamics, Inc.^a		138,517
	3,240	ANI Pharmaceuticals, Inc.^a,b		146,205
	6,320	Anika Therapeutics, Inc.^a		241,171
	13,430	Cambrex Corporation^a		632,419
	15,345	Cantel Medical Corporation		953,538
	7,240	Chemed Corporation^b		1,084,552
	4,500	Computer Programs and Systems, Inc.^b		223,875
	11,060	CONMED Corporation		487,193
	4,430	CorVel Corporation^a		194,566
	14,110	Cross Country Healthcare, Inc.^a		231,263
	10,800	CryoLife, Inc.		116,424
	9,770	Cynosure, Inc.^a		436,426
	25,850	Depomed, Inc.^a		468,660
	12,950	Emergent Biosolutions, Inc.^a		518,129
	5,560	Enanta Pharmaceuticals, Inc.^a		183,591
	20,260	Ensign Group, Inc.		458,484
	17,010	ExamWorks Group, Inc.^a		452,466
	10,790	Greatbatch, Inc.^a		566,475
	21,760	Haemonetics Corporation^a		701,542
	15,030	Hanger, Inc.^a		247,243
	14,980	HealthEquity, Inc.^a		375,549
	10,570	HealthStream, Inc.^a		232,540
	13,380	Healthways, Inc.^a		172,201
	36,780	HMS Holdings Corporation^a		453,865
	6,180	ICU Medical, Inc.^a		696,980
	28,210	Impax Laboratories, Inc.^a		1,206,260
	6,170	Inogen, Inc.^a		247,355
	12,460	Integra LifeSciences Holdings Corporation^a		844,539
	12,860	Invacare Corporation		223,635
	35,659	Kindred Healthcare, Inc.		424,699
	4,080	Landauer, Inc.		134,314
	11,780	Lannett Company, Inc.^a,b		472,614
	5,530	LHC Group, Inc.^a		250,454
	7,760	Ligand Pharmaceuticals, Inc.^a		841,339
	16,480	Luminex Corporation^a		352,507
	11,050	Magellan Health Services, Inc.^a		681,343
	19,560	Masimo Corporation^a		811,936
	25,560	MedAssets, Inc.^a		790,826
	29,750	Medicines Company^a,b		1,110,865
	23,630	Medidata Solutions, Inc.^a		1,164,723
	18,000	Meridian Bioscience, Inc.		369,360
	19,095	Merit Medical Systems, Inc.^a		354,976
	42,200	MiMedx Group, Inc.^a,b		395,414
	26,930	Momenta Pharmaceuticals, Inc.^a		399,641
	14,220	Natus Medical, Inc.^a		683,271
	56,580	Nektar Therapeutics^a,b		953,373
	16,015	Neogen Corporation^a		905,168
	21,070	NuVasive, Inc.^a		1,140,098
	15,310	Omnicell, Inc.^a		475,835
	12,890	PharMerica Corporation^a		451,150
	7,840	Phibro Animal Health Corporation		236,219
	22,540	Prestige Brands Holdings, Inc.^a		1,160,359
	5,450	Providence Service Corporation^a		255,714
	19,190	Quality Systems, Inc.		309,343
	14,120	Repligen Corporation^a		399,455
	10,150	Sagent Pharmaceuticals, Inc.^a		161,486
	45,090	Select Medical Holdings Corporation		537,022
	25,220	Spectrum Pharmaceuticals, Inc.^a		152,077
	14,820	Supernus Pharmaceuticals, Inc.^a		199,181
	5,570	SurModics, Inc.^a		112,904
	5,320	U.S. Physical Therapy, Inc.		285,578
	7,550	Vascular Solutions, Inc.^a		259,644

		Total		36,509,477


	Industrials (16.2%)
	17,332	AAON, Inc.		402,449
	14,190	AAR Corporation		373,055
	24,220	ABM Industries, Inc.		689,543
	25,670	Actuant Corporation		615,053
	15,490	Aegion Corporation^a		299,112
	27,540	Aerojet Rocketdyne Holdings, Inc.^a		431,276
	8,860	Aerovironment, Inc.^a		261,104
	12,370	Albany International Corporation		452,123
	5,650	Allegiant Travel Company		948,239
	3,050	American Science & Engineering, Inc.		126,209
	5,870	American Woodmark Corporation^a		469,483
	12,350	Apogee Enterprises, Inc.		537,349
	16,940	Applied Industrial Technologies, Inc.		685,901
	10,380	ArcBest Corporation		222,028
	8,100	Astec Industries, Inc.		329,670
	10,540	Atlas Air Worldwide Holdings, Inc.^a		435,724
	11,020	AZZ, Inc.		612,381
	22,120	Barnes Group, Inc.		782,827
	20,240	Brady Corporation		465,115
	19,050	Briggs & Stratton Corporation		329,565
	21,030	Brink’s Company		606,926
	6,270	CDI Corporation		42,385

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

137

SMALL CAP INDEX PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (96.0%)	Value
	Industrials (16.2%) - continued
	12,010	Celadon Group, Inc.	$	118,779
	12,890	Chart Industries, Inc.^a		231,504
	7,050	CIRCOR International, Inc.		297,157
	15,990	Comfort Systems USA, Inc.		454,436
	9,410	Cubic Corporation		444,622
	19,670	Curtiss-Wright Corporation		1,347,395
	5,580	DXP Enterprises, Inc.^a		127,224
	13,930	Dycom Industries, Inc.^a		974,543
	11,000	Echo Global Logistics, Inc.^a		224,290
	26,950	EMCOR Group, Inc.		1,294,678
	8,910	Encore Wire Corporation		330,472
	19,180	EnerSys		1,072,737
	7,402	Engility Holdings, Inc.		240,417
	9,420	EnPro Industries, Inc.		412,973
	10,980	ESCO Technologies, Inc.		396,817
	16,060	Essendant, Inc.		522,111
	11,140	Exponent, Inc.		556,443
	26,730	Federal Signal Corporation		423,670
	13,260	Forward Air Corporation		570,313
	16,420	Franklin Electric Company, Inc.		443,833
	8,660	G & K Services, Inc.		544,714
	21,080	General Cable Corporation		283,104
	12,640	Gibraltar Industries, Inc.^a		321,562
	11,780	Greenbrier Companies, Inc.		384,264
	16,220	Griffon Corporation		288,716
	33,930	Harsco Corporation		267,368
	20,330	Hawaiian Holdings, Inc.^a		718,259
	30,877	Healthcare Services Group, Inc.		1,076,681
	25,858	Heartland Express, Inc.^b		440,103
	7,360	Heidrick & Struggles International, Inc.		200,339
	26,950	Hillenbrand, Inc.		798,529
	15,330	Hub Group, Inc.^a		505,123
	8,010	Insperity, Inc.		385,682
	28,360	Interface, Inc.		542,810
	12,510	John Bean Technologies Corporation		623,373
	11,670	Kaman Corporation		476,253
	12,680	Kelly Services, Inc.		204,782
	26,310	Knight Transportation, Inc.		637,491
	22,020	Korn/Ferry International		730,624
	4,850	Lindsay Corporation^b		351,140
	7,250	Lydall, Inc.^a		257,230
	10,090	Marten Transport, Ltd.		178,593
	18,700	Matson, Inc.		797,181
	14,140	Matthews International Corporation		755,783
	19,080	Mobile Mini, Inc.		593,960
	14,340	Moog, Inc.^a		869,004
	24,550	Mueller Industries, Inc.		665,305
	8,910	MYR Group, Inc.^a		183,635
	2,080	National Presto Industries, Inc.^b		172,349
	20,460	Navigant Consulting, Inc.^a		328,588
	20,290	On Assignment, Inc.^a		912,035
	11,530	Orion Marine Group, Inc.^a		48,080
	20,860	PGT, Inc.^a		237,595
	3,790	Powell Industries, Inc.		98,654
	14,495	Quanex Building Products Corporation		302,221
	21,850	Republic Airways Holdings, Inc.^a		85,871
	15,960	Resources Connection, Inc.		260,786
	12,970	Roadrunner Transportation Systems, Inc.^a		122,307
	10,650	Saia, Inc.^a		236,962
	17,700	Simpson Manufacturing Company, Inc.		604,455
	21,840	SkyWest, Inc.		415,397
	17,430	SPX Corporation		162,622
	17,580	SPX FLOW, Inc.^a		490,658
	5,510	Standex International Corporation		458,157
	23,040	TASER International, Inc.^a,b		398,362
	7,670	Tennant Company		431,514
	25,486	Tetra Tech, Inc.		663,146
	18,380	Titan International, Inc.		72,417
	18,030	TrueBlue, Inc.^a		464,453
	9,350	U.S. Ecology, Inc.		340,714
	6,560	UniFirst Corporation		683,552
	8,660	Universal Forest Products, Inc.		592,084
	39,730	UTi Worldwide, Inc.^a		279,302
	3,490	Veritiv Corporation^a		126,408
	8,630	Viad Corporation		243,625
	7,100	Vicor Corporation^a		64,752
	15,370	WageWorks, Inc.^a		697,337
	12,050	Watts Water Technologies, Inc.		598,524

		Total		45,276,466


	Information Technology (15.7%)
	21,380	ADTRAN, Inc.		368,164
	17,640	Advanced Energy Industries, Inc.^a		497,977
	6,520	Agilysys, Inc.^a		65,135
	12,190	Anixter International, Inc.^a		736,154
	6,290	Badger Meter, Inc.^b		368,531
	3,810	Bel Fuse, Inc.		65,875
	21,830	Benchmark Electronics, Inc.^a		451,226
	6,470	Black Box Corporation		61,659
	19,920	Blackbaud, Inc.		1,311,931
	17,580	Blucora, Inc.^a		172,284
	16,390	Bottomline Technologies (de), Inc.^a		487,275
	29,067	Brooks Automation, Inc.		310,436
	10,370	Cabot Microelectronics Corporation^a		453,999
	10,510	CACI International, Inc.^a		975,118
	15,740	CalAmp Corporation^a		313,698
	19,360	Cardtronics, Inc.^a		651,464
	8,830	CEVA, Inc.^a		206,269
	18,370	Checkpoint Systems, Inc.		115,180
	31,130	Ciber, Inc.^a		109,266
	27,620	Cirrus Logic, Inc.^a		815,619
	10,420	Coherent, Inc.^a		678,446
	10,710	Cohu, Inc.		129,270
	13,970	comScore, Inc.^a		574,865
	6,980	Comtech Telecommunications Corporation		140,228
	13,830	Constant Contact, Inc.^a		404,389
	14,090	CSG Systems International, Inc.		506,958
	14,070	CTS Corporation		248,195
	16,640	Daktronics, Inc.		145,101
	17,910	DHI Group, Inc.^a		164,235
	10,830	Digi International, Inc.^a		123,245
	16,570	Diodes, Inc.^a		380,779
	9,320	DSP Group, Inc.^a		87,981
	7,510	DTS, Inc.^a		169,576
	11,280	Ebix, Inc.		369,871
	11,770	Electro Scientific Industries, Inc.^a		61,086
	20,570	Electronics for Imaging, Inc.^a		961,442
	14,040	EPIQ Systems, Inc.		183,503
	2,510	ePlus, Inc.^a		234,083
	20,780	Exar Corporation^a		127,381
	14,150	ExlService Holdings, Inc.^a		635,760
	13,150	Fabrinet^a		313,233
	7,580	FARO Technologies, Inc.^a		223,762
	4,300	Forrester Research, Inc.		122,464
	37,760	Harmonic, Inc.^a		153,683
	15,860	Heartland Payment Systems, Inc.		1,503,845
	22,780	II-VI, Inc.^a		422,797

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

138

SMALL CAP INDEX PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (96.0%)	Value
	Information Technology (15.7%) - continued
	15,955	Insight Enterprises, Inc.^a	$	400,790
	7,550	Interactive Intelligence Group, Inc.^a		237,221
	16,240	Itron, Inc.^a		587,563
	26,100	Ixia^a		324,423
	26,810	Kopin Corporation^a		72,923
	30,160	Kulicke and Soffa Industries, Inc.^a		351,967
	10,470	Liquidity Services, Inc.^a		68,055
	9,600	Littelfuse, Inc.		1,027,296
	21,250	LivePerson, Inc.^a		143,437
	10,750	LogMeIn, Inc.^a		721,325
	19,930	Lumentum Holdings, Inc.^a		438,859
	10,510	ManTech International Corporation		317,822
	14,170	Mercury Systems, Inc.^a		260,161
	16,520	Methode Electronics, Inc.		525,832
	41,160	Microsemi Corporation^a		1,341,404
	4,020	MicroStrategy, Inc.^a		720,746
	22,880	MKS Instruments, Inc.		823,680
	15,640	Monolithic Power Systems, Inc.		996,424
	17,270	Monotype Imaging Holdings, Inc.		408,263
	39,320	Monster Worldwide, Inc.^a		225,304
	6,360	MTS Systems Corporation		403,288
	10,360	Nanometrics, Inc.^a		156,850
	13,590	NETGEAR, Inc.^a		569,557
	16,590	Newport Corporation^a		263,283
	26,380	NIC, Inc.		519,158
	7,900	OSI Systems, Inc.^a		700,414
	8,690	Park Electrochemical Corporation		130,871
	15,210	Perficient, Inc.^a		260,395
	14,380	Plexus Corporation^a		502,150
	12,240	Power Integrations, Inc.		595,231
	21,740	Progress Software Corporation^a		521,760
	35,980	QLogic Corporation^a		438,956
	15,310	QuinStreet, Inc.^a		65,680
	50,070	Rambus, Inc.^a,b		580,311
	12,260	Rofin-Sinar Technologies, Inc.^a		328,323
	7,740	Rogers Corporation^a		399,152
	35,020	Rovi Corporation^a		583,433
	38,150	Ruckus Wireless, Inc.^a		408,587
	13,390	Rudolph Technologies, Inc.^a		190,406
	34,030	Sanmina Corporation^a		700,337
	11,460	ScanSource, Inc.^a		369,241
	27,920	Semtech Corporation^a		528,246
	15,680	Super Micro Computer, Inc.^a		384,317
	16,690	Sykes Enterprises, Inc.^a		513,718
	17,090	Synchronoss Technologies, Inc.^a		602,081
	36,510	Take-Two Interactive Software, Inc.^a		1,272,008
	16,070	Tangoe, Inc.^a		134,827
	7,060	TeleTech Holdings, Inc.		197,045
	20,660	Tessera Technologies, Inc.		620,007
	27,810	TTM Technologies, Inc.^a		181,043
	11,330	Ultratech, Inc.^a		224,561
	12,870	VASCO Data Security International, Inc.^a,b		215,315
	17,550	Veeco Instruments, Inc.^a		360,828
	19,040	ViaSat, Inc.^a,b		1,161,630
	99,450	Viavi Solutions, Inc.^a		605,650
	11,680	Virtusa Corporation^a		482,851
	10,180	XO Group, Inc.^a		163,491

		Total		43,931,934


	Materials (4.2%)
	12,560	A. Schulman, Inc.		384,838
	75,850	AK Steel Holding Corporation^a		169,904
	10,900	American Vanguard Corporation		152,709
	13,530	Balchem Corporation		822,624
	16,520	Boise Cascade Company^a		421,756
	22,110	Calgon Carbon Corporation		381,397
	21,010	Century Aluminum Company^a		92,864
	7,630	Clearwater Paper Corporation^a		347,394
	4,690	Deltic Timber Corporation		276,100
	22,830	Flotek Industries, Inc.^a,b		261,175
	9,840	FutureFuel Corporation		132,840
	21,680	H.B. Fuller Company		790,670
	4,040	Hawkins, Inc.		144,511
	5,350	Haynes International, Inc.		196,292
	31,490	Headwaters, Inc.^a		531,236
	8,270	Innophos Holdings, Inc.		239,665
	10,410	Innospec, Inc.		565,367
	24,530	Intrepid Potash, Inc.^a		72,363
	7,630	Kaiser Aluminum Corporation		638,326
	36,780	KapStone Paper and Packaging Corporation		830,860
	8,760	Koppers Holdings, Inc.^a		159,870
	13,090	Kraton Performance Polymers, Inc.^a		217,425
	8,230	LSB Industries, Inc.^a		59,667
	8,500	Materion Corporation		238,000
	9,613	Myers Industries, Inc.		128,045
	7,160	Neenah Paper, Inc.		446,999
	3,870	Olympic Steel, Inc.		44,815
	18,680	PH Glatfelter Company		344,459
	5,730	Quaker Chemical Corporation		442,700
	18,440	Rayonier Advanced Materials, Inc.		180,528
	13,060	Schweitzer-Mauduit International, Inc.		548,389
	7,860	Stepan Company		390,563
	51,810	Stillwater Mining Company^a		444,012
	27,487	SunCoke Energy, Inc.		95,380
	16,350	Timkensteel Corporation		137,013
	10,640	Tredegar Corporation		144,917
	17,890	Wausau Paper Corporation		183,015

		Total		11,658,688


	Telecommunications Services (0.8%)
	38,440	8x8, Inc.^a		440,138
	4,600	Atlantic Tele-Network, Inc.		359,858
	90,110	Cincinnati Bell, Inc.^a		324,396
	21,680	Consolidated Communications Holdings, Inc.		454,196
	12,650	General Communication, Inc.^a		250,217
	34,670	Iridium Communications, Inc.^a,b		291,575
	9,750	Lumos Networks Corporation^a		109,200
	8,760	Spok Holdings, Inc.		160,483

		Total		2,390,063


	Utilities (4.0%)
	19,753	ALLETE, Inc.		1,004,045
	15,840	American States Water Company		664,488
	26,780	Avista Corporation		947,209
	17,400	El Paso Electric Company		669,900
	18,670	Laclede Group, Inc.		1,109,185
	36,830	New Jersey Resources Corporation		1,213,917
	11,760	Northwest Natural Gas Company		595,173
	20,780	NorthWestern Corporation		1,127,315
	34,110	Piedmont Natural Gas Company, Inc.		1,944,952
	29,630	South Jersey Industries, Inc.		696,898

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

139

SMALL CAP INDEX PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (96.0%)	Value
	Utilities (4.0%) - continued
	20,290	Southwest Gas Corporation	$	1,119,196

		Total		11,092,278


		Total Common Stock (cost $207,614,037)		268,656,029


		Collateral Held for Securities Loaned (5.4%)
	15,229,214	Thrivent Cash Management Trust		15,229,214

		Total Collateral Held for Securities Loaned (cost $15,229,214)		15,229,214


Shares or Principal Amount		Short-Term Investments (4.0%)^c
		Federal Home Loan Mortgage Corporation Discount Notes
	600,000	0.100%, 1/12/2016^d		599,981
	100,000	0.200%, 2/17/2016		99,974
		Thrivent Cash Management Trust
	10,370,336	0.220%		10,370,336

		Total Short-Term Investments (at amortized cost)		11,070,291

		Total Investments (cost $233,913,542) 105.4%	$	294,955,534

		Other Assets and Liabilities, Net (5.4%)		(15,087,965	)

		Total Net Assets 100.0%	$	279,867,569

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	All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Securities Lending Transactions


Common Stock	$	14,659,624

Total lending	$	14,659,624
Gross amount payable upon return of collateral for securities loaned	$	15,229,214

Net amounts due to counterparty	$	569,590

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.

140

MID CAP INDEX PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (94.2%)	Value
	Consumer Discretionary (12.1%)
	7,420	Aaron’s, Inc.	$	166,134
	7,710	Abercrombie & Fitch Company		208,170
	7,060	AMC Networks, Inc.^a		527,241
	20,610	American Eagle Outfitters, Inc.^b		319,455
	20,012	Ascena Retail Group, Inc.^a		197,118
	5,710	Big Lots, Inc.		220,063
	6,875	Brinker International, Inc.		329,656
	10,450	Brunswick Corporation		527,829
	2,190	Buffalo Wild Wings, Inc.^a		349,634
	5,680	Cabela’s, Inc.^a,b		265,426
	510	Cable One, Inc.		221,167
	8,780	Calatlantic Group, Inc.		332,938
	5,980	Carter’s, Inc.		532,399
	5,220	Cheesecake Factory, Inc.		240,694
	16,090	Chico’s FAS, Inc.		171,680
	12,230	Cinemark Holdings, Inc.		408,849
	2,760	Cracker Barrel Old Country Store, Inc.^b		350,051
	8,790	CST Brands, Inc.		344,041
	17,680	Dana Holding Corporation		243,984
	3,730	Deckers Outdoor Corporation^a		176,056
	6,540	DeVry Education Group, Inc.		165,527
	10,380	Dick’s Sporting Goods, Inc.		366,933
	6,300	Domino’s Pizza, Inc.		700,875
	8,200	DreamWorks Animation SKG, Inc.^a,b		211,314
	10,670	Dunkin’ Brands Group, Inc.		454,435
	15,770	Foot Locker, Inc.		1,026,469
	33,600	Gentex Corporation		537,936
	510	Graham Holdings Company		247,335
	7,350	Guess ?, Inc.		138,768
	3,690	HSN, Inc.		186,972
	3,060	International Speedway Corporation		103,183
	34,670	J.C. Penney Company, Inc.^a,b		230,902
	4,130	Jack in the Box, Inc.		316,812
	23,830	Jarden Corporation^a		1,361,170
	5,720	John Wiley and Sons, Inc.		257,572
	14,650	Kate Spade & Company^a		260,330
	10,460	KB Home		128,972
	16,870	Live Nation Entertainment, Inc.^a		414,496
	35,350	LKQ Corporation^a		1,047,421
	4,500	M.D.C. Holdings, Inc.		114,885
	4,380	Meredith Corporation		189,435
	4,500	Murphy USA, Inc.^a		273,330
	14,420	New York Times Company		193,516
	420	NVR, Inc.^a		690,060
	57,060	Office Depot, Inc.^a		321,818
	2,750	Panera Bread Company^a		535,645
	6,990	Polaris Industries, Inc.		600,791
	6,130	Rent-A-Center, Inc.		91,766
	22,520	Service Corporation International		585,970
	15,070	Skechers USA, Inc.^a		455,265
	6,920	Sotheby’s Holdings, Inc.^b		178,259
	7,210	Tempur-Pedic International, Inc.^a		508,017
	5,270	Thor Industries, Inc.		295,911
	12,760	Time, Inc.		199,949
	18,700	Toll Brothers, Inc.^a		622,710
	16,710	Tri Pointe Homes, Inc.^a		211,716
	5,790	Tupperware Brands Corporation		322,214
	7,190	Vista Outdoor, Inc.^a		320,027
	25,134	Wendy’s Company		270,693
	9,620	Williams-Sonoma, Inc.		561,904

		Total		21,833,888


	Consumer Staples (3.3%)
	49,960	Avon Products, Inc.		202,338
	1,100	Boston Beer Company, Inc.^a		222,101
	4,520	Casey’s General Stores, Inc.		544,434
	10,550	Dean Foods Company		180,932
	6,900	Edgewell Personal Care Company		540,753
	7,160	Energizer Holdings, Inc.		243,870
	21,575	Flowers Foods, Inc.		463,647
	11,840	Hain Celestial Group, Inc.^a		478,218
	8,250	Ingredion, Inc.		790,680
	2,230	Lancaster Colony Corporation		257,476
	7,130	Post Holdings, Inc.^a		439,921
	30,810	SUPERVALU, Inc.^a		208,892
	2,050	Tootsie Roll Industries, Inc.^b		64,759
	4,960	TreeHouse Foods, Inc.^a		389,162
	5,760	United Natural Foods, Inc.^a		226,713
	20,280	WhiteWave Foods Company^a		789,095

		Total		6,042,991


	Energy (2.8%)
	6,600	Atwood Oceanics, Inc.^b		67,518
	36,050	California Resources Corporation		83,996
	39,080	Denbury Resources, Inc.^b		78,942
	4,350	Dril-Quip, Inc.^a		257,651
	8,970	Energen Corporation		367,680
	12,390	Gulfport Energy Corporation^a		304,422
	21,060	HollyFrontier Corporation		840,083
	32,110	Nabors Industries, Ltd.		273,256
	27,210	Noble Corporation		287,066
	11,160	Oceaneering International, Inc.		418,723
	5,760	Oil States International, Inc.^a		156,960
	16,810	Patterson-UTI Energy, Inc.		253,495
	18,240	QEP Resources, Inc.		244,416
	14,150	Rowan Companies plc		239,843
	7,770	SM Energy Company^b		152,758
	17,150	Superior Energy Services, Inc.		231,011
	7,960	Western Refining, Inc.		283,535
	8,090	World Fuel Services Corporation		311,141
	26,470	WPX Energy, Inc.^a		151,938

		Total		5,004,434


	Financials (25.2%)
	5,290	Alexander & Baldwin, Inc.		186,790
	8,360	Alexandria Real Estate Equities, Inc.		755,410
	1,800	Alleghany Corporation^a		860,274
	12,990	American Campus Communities, Inc.		537,007
	8,275	American Financial Group, Inc.		596,462
	20,530	Arthur J. Gallagher & Company		840,498
	7,020	Aspen Insurance Holdings, Ltd.		339,066
	17,403	Associated Banc-Corp		326,306
	9,790	BancorpSouth, Inc.		234,862
	5,000	Bank of Hawaii Corporation		314,500
	9,470	Bank of the Ozarks, Inc.		468,386
	23,320	BioMed Realty Trust, Inc.		552,451
	13,550	Brown & Brown, Inc.		434,955
	10,020	Camden Property Trust		769,135
	9,690	Care Capital Properties, Inc.		296,223
	8,720	Cathay General Bancorp		273,198
	9,550	CBOE Holdings, Inc.		619,795
	21,570	CNO Financial Group, Inc.		411,771
	9,720	Commerce Bancshares, Inc.		413,489
	13,840	Communications Sales & Leasing, Inc.		258,670
	10,920	Corporate Office Properties Trust		238,384
	13,590	Corrections Corporation of America		359,999
	6,350	Cullen/Frost Bankers, Inc.		381,000
	16,070	Douglas Emmett, Inc.		501,063
	39,860	Duke Realty Corporation		837,857

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

141

MID CAP INDEX PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (94.2%)	Value
	Financials (25.2%) - continued
	16,660	East West Bancorp, Inc.	$	692,390
	13,560	Eaton Vance Corporation		439,751
	7,050	Endurance Specialty Holdings, Ltd.		451,130
	8,530	Equity One, Inc.		231,590
	4,980	Everest Re Group, Ltd.		911,788
	14,200	Extra Space Storage, Inc.		1,252,582
	8,000	Federal Realty Investment Trust		1,168,800
	10,940	Federated Investors, Inc.		313,431
	12,580	First American Financial Corporation		451,622
	27,730	First Horizon National Corporation		402,640
	41,030	First Niagara Financial Group, Inc.		445,176
	19,208	FirstMerit Corporation		358,229
	20,140	Fulton Financial Corporation		262,021
	57,540	Genworth Financial, Inc.^a		214,624
	8,870	Hancock Holding Company		223,258
	5,010	Hanover Insurance Group, Inc.		407,513
	11,020	Highwoods Properties, Inc.		480,472
	17,520	Hospitality Properties Trust		458,148
	6,470	International Bancshares Corporation		166,279
	16,900	Janus Capital Group, Inc.		238,121
	5,170	Jones Lang LaSalle, Inc.		826,476
	5,560	Kemper Corporation		207,110
	10,630	Kilroy Realty Corporation		672,666
	9,450	Lamar Advertising Company		566,811
	13,060	LaSalle Hotel Properties		328,590
	17,020	Liberty Property Trust		528,471
	10,320	Mack-Cali Realty Corporation		240,972
	4,300	MarketAxess Holdings, Inc.		479,837
	4,200	Mercury General Corporation		195,594
	8,720	Mid-America Apartment Communities, Inc.		791,863
	10,670	MSCI, Inc.		769,627
	15,720	National Retail Properties, Inc.		629,586
	56,101	New York Community Bancorp, Inc.^b		915,568
	28,090	Old Republic International Corporation		523,317
	18,960	Omega Healthcare Investors, Inc.		663,221
	13,070	PacWest Bancorp		563,317
	6,250	Post Properties, Inc.		369,750
	4,727	Potlatch Corporation		142,944
	5,580	Primerica, Inc.		263,543
	7,600	Prosperity Bancshares, Inc.		363,736
	14,685	Raymond James Financial, Inc.		851,289
	14,272	Rayonier, Inc. REIT		316,838
	10,860	Regency Centers Corporation		739,783
	7,610	Reinsurance Group of America, Inc.		651,036
	5,070	RenaissanceRe Holdings, Ltd.		573,873
	16,020	SEI Investments Company		839,448
	27,380	Senior Housing Property Trust		406,319
	5,830	Signature Bank^a		894,147
	49,220	SLM Corporation^a		320,914
	4,150	Sovran Self Storage, Inc.		445,337
	4,880	StanCorp Financial Group, Inc.		555,734
	8,020	Stifel Financial Corporation^a		339,727
	5,940	SVB Financial Group^a		706,266
	15,120	Synovus Financial Corporation		489,586
	10,910	Tanger Factory Outlet Centers, Inc.		356,757
	6,910	Taubman Centers, Inc.		530,135
	19,620	TCF Financial Corporation		277,034
	7,790	Trustmark Corporation		179,482
	30,263	UDR, Inc.		1,136,981
	25,480	Umpqua Holdings Corporation		405,132
	10,640	Urban Edge Properties		249,508
	25,924	Valley National Bancorp		255,351
	11,385	W.R. Berkley Corporation		623,329
	9,600	Waddell & Reed Financial, Inc.		275,136
	10,767	Washington Federal, Inc.		256,578
	10,630	Webster Financial Corporation		395,330
	13,180	Weingarten Realty Investors		455,764
	13,080	WisdomTree Investments, Inc.^b		205,094
	21,380	WP Glimcher, Inc.		226,842

		Total		45,378,865


	Health Care (9.3%)
	9,200	Akorn, Inc.^a		343,252
	8,350	Align Technology, Inc.^a		549,848
	21,790	Allscripts Healthcare Solutions, Inc.^a		335,130
	6,210	AmSurg Corporation^a		471,960
	2,400	Bio-Rad Laboratories, Inc.^a		332,784
	4,250	Bio-Techne Corporation		382,500
	11,310	Catalent, Inc.^a		283,089
	13,750	Centene Corporation^a		904,887
	5,380	Charles River Laboratories International, Inc.^a		432,498
	13,566	Community Health Systems, Inc.^a		359,906
	5,630	Cooper Companies, Inc.		755,546
	5,350	Halyard Health, Inc.^a		178,744
	8,910	Health Net, Inc.^a		609,979
	6,540	Hill-Rom Holdings, Inc.		314,312
	28,220	Hologic, Inc.^a		1,091,832
	10,420	IDEXX Laboratories, Inc.^a		759,826
	5,000	LifePoint Health, Inc.^a		367,000
	4,880	LivaNova plc^a		289,726
	10,850	Mednax, Inc.^a		777,511
	3,150	Mettler-Toledo International, Inc.^a		1,068,259
	4,720	Molina Healthcare, Inc.^a		283,814
	7,250	Owens & Minor, Inc.		260,855
	6,150	PAREXEL International Corporation^a		418,938
	16,120	ResMed, Inc.		865,483
	6,460	Sirona Dental Systems, Inc.^a		707,822
	9,910	STERIS plc		746,619
	4,790	Teleflex, Inc.		629,645
	5,260	United Therapeutics Corporation^a		823,769
	9,300	VCA Antech, Inc.^a		511,500
	5,100	Wellcare Health Plans, Inc.^a		398,871
	8,330	West Pharmaceutical Services, Inc.		501,633

		Total		16,757,538


	Industrials (14.2%)
	8,610	A.O. Smith Corporation		659,612
	5,030	Acuity Brands, Inc.		1,176,014
	17,440	AECOM^a		523,723
	8,430	AGCO Corporation^b		382,638
	14,610	Alaska Air Group, Inc.		1,176,251
	11,940	B/E Aerospace, Inc.		505,898
	7,490	Carlisle Companies, Inc.		664,288
	5,750	CLARCOR, Inc.		285,660
	6,020	Clean Harbors, Inc.^a		250,733
	11,690	Copart, Inc.^a		444,337
	3,820	Corporate Executive Board Company		234,510
	5,680	Crane Company		271,731
	5,690	Deluxe Corporation		310,333
	14,220	Donaldson Company, Inc.		407,545
	3,400	Esterline Technologies Corporation^a		275,400
	18,370	Fortune Brands Home and Security, Inc.		1,019,535
	4,820	FTI Consulting, Inc.^a		167,061
	4,900	GATX Corporation		208,495
	6,490	Genesee & Wyoming, Inc.^a		348,448
	6,410	Graco, Inc.		461,969

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

142

MID CAP INDEX PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (94.2%)	Value
	Industrials (14.2%) - continued
	4,530	Granite Construction, Inc.	$	194,382
	6,920	Herman Miller, Inc.		198,604
	5,090	HNI Corporation		183,546
	6,230	Hubbell, Inc.		629,479
	5,441	Huntington Ingalls Industries, Inc.		690,191
	8,810	IDEX Corporation		674,934
	10,280	ITT Corporation		373,370
	36,525	JetBlue Airways Corporation^a		827,291
	11,210	Joy Global, Inc.^b		141,358
	16,580	KBR, Inc.		280,534
	9,160	Kennametal, Inc.		175,872
	6,190	Kirby Corporation^a		325,718
	6,075	KLX, Inc.^a		187,049
	4,960	Landstar System, Inc.		290,904
	4,590	Lennox International, Inc.		573,291
	7,580	Lincoln Electric Holdings, Inc.		393,326
	8,460	Manpower, Inc.		713,093
	3,680	Mine Safety Appliances Company		159,970
	5,560	MSC Industrial Direct Company, Inc.		312,861
	6,190	Nordson Corporation		397,089
	12,480	NOW, Inc.^a,b		197,434
	7,970	Old Dominion Freight Line, Inc.^a		470,788
	6,760	Orbital ATK, Inc.		603,938
	8,600	Oshkosh Corporation		335,744
	24,000	R.R. Donnelley & Sons Company		353,280
	5,120	Regal-Beloit Corporation		299,622
	10,838	Rollins, Inc.		280,704
	4,060	Teledyne Technologies, Inc.^a		360,122
	12,520	Terex Corporation		231,370
	8,270	Timken Company		236,439
	6,330	Toro Company		462,533
	8,020	Towers Watson & Company		1,030,249
	17,570	Trinity Industries, Inc.		422,031
	5,640	Triumph Group, Inc.		224,190
	2,660	Valmont Industries, Inc.		282,013
	10,990	Wabtec Corporation		781,609
	14,140	Waste Connections, Inc.		796,365
	2,960	Watsco, Inc.		346,705
	5,090	Werner Enterprises, Inc.		119,055
	6,550	Woodward, Inc.		325,273

		Total		25,656,507


	Information Technology (16.2%)
	12,210	3D Systems Corporation^a,b		106,105
	13,750	ACI Worldwide, Inc.^a		294,250
	9,010	Acxiom Corporation^a		188,489
	73,520	Advanced Micro Devices, Inc.^a,b		211,002
	10,270	ANSYS, Inc.^a		949,975
	15,580	Arris Group, Inc.^a		476,281
	10,820	Arrow Electronics, Inc.^a		586,228
	48,420	Atmel Corporation		416,896
	15,280	Avnet, Inc.		654,595
	4,840	Belden, Inc.		230,771
	13,680	Broadridge Financial Solutions, Inc.		735,026
	34,360	Cadence Design Systems, Inc.^a		715,032
	18,340	CDK Global, Inc.		870,600
	14,700	Ciena Corporation^a		304,143
	9,870	Cognex Corporation		333,310
	4,870	CommVault Systems, Inc.^a		191,635
	15,920	Computer Sciences Corporation		520,266
	11,250	Convergys Corporation		280,013
	10,230	CoreLogic, Inc.^a		346,388
	11,920	Cree, Inc.^a,b		317,906
	38,510	Cypress Semiconductor Corporation^b		377,783
	7,510	Diebold, Inc.		225,976
	3,740	DST Systems, Inc.		426,584
	4,800	FactSet Research Systems, Inc.		780,336
	3,590	Fair Isaac Corporation		338,106
	13,090	Fairchild Semiconductor International, Inc.^a		271,094
	4,700	FEI Company		375,013
	16,900	Fortinet, Inc.^a		526,773
	9,550	Gartner, Inc.^a		866,185
	14,970	Global Payments, Inc.		965,715
	18,030	Ingram Micro, Inc.		547,751
	17,000	Integrated Device Technology, Inc.^a		447,950
	4,100	InterDigital, Inc.		201,064
	15,240	Intersil Corporation		194,462
	4,200	IPG Photonics Corporation^a,b		374,472
	5,320	j2 Global, Inc.		437,942
	21,920	Jabil Circuit, Inc.		510,517
	9,260	Jack Henry & Associates, Inc.		722,836
	19,680	Keysight Technologies, Inc.^a		557,534
	10,150	Knowles Corporation^a,b		135,300
	7,415	Leidos Holdings, Inc.		417,168
	7,120	Lexmark International, Inc.		231,044
	8,450	Manhattan Associates, Inc.^a		559,137
	7,520	MAXIMUS, Inc.		423,000
	11,510	Mentor Graphics Corporation		212,014
	11,652	National Instruments Corporation		334,296
	14,300	NCR Corporation^a		349,778
	11,420	NetScout Systems, Inc.^a		350,594
	6,200	NeuStar, Inc.^a,b		148,614
	13,240	Parametric Technology Corporation^a		458,501
	3,920	Plantronics, Inc.		185,887
	15,380	Polycom, Inc.^a		193,634
	13,180	Rackspace Hosting, Inc.^a		333,718
	4,794	Science Applications International Corporation		219,469
	4,450	Silicon Laboratories, Inc.^a		216,003
	7,210	Solarwinds, Inc.^a		424,669
	7,750	Solera Holdings, Inc.		424,933
	36,160	Sunedison, Inc.^a,b		184,054
	4,210	Synaptics, Inc.^a		338,231
	3,390	SYNNEX Corporation		304,863
	18,030	Synopsys, Inc.^a		822,348
	4,030	Tech Data Corporation^a		267,511
	23,660	Teradyne, Inc.		489,052
	28,910	Trimble Navigation, Ltd.^a		620,120
	3,760	Tyler Technologies, Inc.^a		655,443
	3,310	Ultimate Software Group, Inc.^a		647,138
	13,220	VeriFone Systems, Inc.^a		370,424
	15,620	Vishay Intertechnology, Inc.		188,221
	4,420	WEX, Inc.^a		390,728
	6,000	Zebra Technologies Corporation^a		417,900

		Total		29,190,796


	Materials (6.1%)
	12,960	Albemarle Corporation		725,890
	12,540	Allegheny Technologies, Inc.		141,075
	7,210	AptarGroup, Inc.		523,806
	7,250	Ashland, Inc.		744,575
	11,040	Bemis Company, Inc.		493,378
	7,230	Cabot Corporation		295,562
	5,620	Carpenter Technology Corporation		170,117
	21,550	Chemours Company		115,508
	13,410	Commercial Metals Company		183,583
	3,890	Compass Minerals International, Inc.		292,800
	7,230	Domtar Corporation		267,149
	5,740	Eagle Materials, Inc.		346,868
	2,960	Greif, Inc.		91,198
	16,490	Louisiana-Pacific Corporation^a		296,985

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

143

MID CAP INDEX PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (94.2%)	Value
	Materials (6.1%) - continued
	4,010	Minerals Technologies, Inc.	$	183,899
	1,160	NewMarket Corporation		441,647
	19,120	Olin Corporation		330,011
	11,180	Packaging Corporation of America		704,899
	9,960	PolyOne Corporation		316,330
	8,200	Reliance Steel & Aluminum Company		474,862
	7,500	Royal Gold, Inc.		273,525
	15,350	RPM International, Inc.		676,321
	5,250	Scotts Miracle-Gro Company		338,677
	5,240	Sensient Technologies Corporation		329,177
	4,640	Silgan Holdings, Inc.		249,261
	11,650	Sonoco Products Company		476,135
	27,860	Steel Dynamics, Inc.		497,858
	16,560	United States Steel Corporation^b		132,149
	8,430	Valspar Corporation		699,268
	5,340	Worthington Industries, Inc.		160,948

		Total		10,973,461


	Telecommunications Services (0.2%)
	10,805	Telephone & Data Systems, Inc.		279,741

		Total		279,741


	Utilities (4.8%)
	13,100	Alliant Energy Corporation		818,095
	20,452	Aqua America, Inc.		609,470
	11,700	Atmos Energy Corporation		737,568
	5,860	Black Hills Corporation		272,080
	6,950	Cleco Corporation		362,859
	17,733	Great Plains Energy, Inc.		484,288
	12,430	Hawaiian Electric Industries, Inc.		359,848
	5,790	IDACORP, Inc.		393,720
	22,425	MDU Resources Group, Inc.		410,826
	9,720	National Fuel Gas Company^b		415,530
	22,900	OGE Energy Corporation		602,041
	6,010	ONE Gas, Inc.		301,522
	9,185	PNM Resources, Inc.		280,785
	20,020	Questar Corporation		389,990
	7,420	Talen Energy Corporation^a		46,227
	19,800	UGI Corporation		668,448
	9,490	Vectren Corporation		402,566
	16,260	Westar Energy, Inc.		689,587
	5,750	WGL Holdings, Inc.		362,192

		Total		8,607,642

		Total Common Stock (cost $143,269,276)		169,725,863


		Collateral Held for Securities Loaned (3.2%)
	5,872,212	Thrivent Cash Management Trust		5,872,212

		Total Collateral Held for Securities Loaned (cost $5,872,212)		5,872,212


Shares or Principal Amount		Short-Term Investments (5.7%)^c
		Federal Home Loan Mortgage Corporation Discount Notes
	400,000	0.105%, 1/6/2016^d		399,994
	400,000	0.090%, 1/20/2016^d		399,981
		Thrivent Cash Management Trust
	9,442,638	0.220%		9,442,638

		Total Short-Term Investments (at amortized cost)		10,242,613

		Total Investments (cost $159,384,101) 103.1%	$	185,840,688

		Other Assets and Liabilities, Net (3.1%)		(5,670,398	)

		Total Net Assets 100.0%	$	180,170,290

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	All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Securities Lending Transactions


Common Stock	$	5,621,285

Total lending	$	5,621,285
Gross amount payable upon return of collateral for securities loaned	$	5,872,212

Net amounts due to counterparty	$	250,927

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.

144

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (86.6%)	Value
	Australia (3.1%)
	288,011	Australian Pharmaceutical Industries, Ltd.	$	403,471
	116,133	BT Investment Management, Ltd.		1,080,060
	163,699	Caltex Australia, Ltd.		4,474,493
	85,370	Commonwealth Bank of Australia		5,277,945
	728,823	CSR, Ltd.		1,521,157
	38,525	Domino’s Pizza Enterprises, Ltd.		1,607,392
	437,424	Downer EDI, Ltd.		1,137,878
	357,283	Evolution Mining, Ltd.		363,040
	415,768	Fairfax Media, Ltd.		276,529
	1,580,092	Incitec Pivot, Ltd.		4,515,001
	102,136	JB Hi-Fi, Ltd.		1,445,434
	44,100	Macquarie Atlas Roads Group		129,934
	67,941	Macquarie Group, Ltd.		4,064,424
	53,816	Magellan Financial Group, Ltd.		1,057,763
	402,337	Northern Star Resources, Ltd.		818,161
	25,462	Nufarm, Ltd.		153,772
	2,178,798	Orora, Ltd.		3,538,675
	150,095	Pact Group Holdings, Ltd.		544,750
	109,976	Premier Investments, Ltd.		1,129,146
	698,374	Qantas Airways, Ltd.^a		2,070,025
	67,743	Ramsay Health Care, Ltd.		3,331,066
	179,366	SAI Global, Ltd.		544,025
	111,139	Sandfire Resources NL		450,633
	22,652	Select Harvests, Ltd.		139,487
	958,001	Sigma Pharmaceuticals, Ltd.		599,782
	5,835	Sirtex Medical, Ltd.		169,085
	48,797	South32, Ltd.^a		38,006
	1,082,663	Star Entertainment Group, Ltd.		3,972,757
	120,875	Super Retial Group, Ltd.		998,570
	664,278	Treasury Wine Estates, Ltd.		3,988,411

		Total		49,840,872


	Austria (0.2%)
	20,353	AT&S Austria Technologie & Systemtechnik AG		321,238
	63,078	BUWOG AG		1,368,319
	7,005	Flughafen Wien Aktiengesellschaft		664,542
	3,765	Lenzing AG		284,573
	2,698	Porr AG		81,464
	7,076	S IMMO AG		63,090
	17,634	Wienerberger AG		326,801

		Total		3,110,027


	Belgium (1.1%)
	76,412	Agfa-Gevaert NV^a		435,136
	44,069	Anheuser-Busch InBev NV		5,484,295
	17,413	bpost SA		427,271
	5,143	Compagnie d’ Entreprises CFE		609,378
	47,902	Delhaize Group SA		4,662,162
	18,161	Euronav SA		250,021
	25,657	Fagron NV		196,191
	2,552	KBC Ancora		107,730
	59,740	KBC Groep NV		3,735,333
	10,963	Melexis NV		597,185
	10,159	SA D’Ieteren NV		379,401
	3,614	Tessenderlo Chemie NV^a		107,943
	5,255	Warehouses De Pauw CVA		463,954

		Total		17,456,000


	Bermuda (0.6%)
	4,350,000	G-Resources Group, Ltd.		103,280
	209,374	Jardine Matheson Holdings, Ltd.		10,139,467

		Total		10,242,747


	Brazil (0.9%)
	723,182	Banco Bradesco SA ADR		3,478,505
	143,000	BRF SA		1,994,619
	469,245	Lojas Renner SA		2,015,761
	147,962	Multiplan Empreendimentos Imobiliarios SA		1,414,311
	285,000	Ultrapar Participacoes SA ADR		4,346,250
	133,490	Vale SA ADR^b		439,182

		Total		13,688,628


	Canada (2.7%)
	160,881	Alimentation Couche-Tard, Inc.		7,081,926
	180,681	Brookfield Asset Management, Inc.		5,699,737
	98,446	Canadian National Railway Company		5,503,215
	10,300	Constellation Software, Inc.		4,294,185
	74,397	Dollarama, Inc.		4,298,111
	158,115	Metro, Inc.		4,426,809
	83,923	Royal Bank of Canada		4,497,283
	107,300	Toronto-Dominion Bank^b		4,206,079
	103,809	Transcanada Corporation^b		3,390,279

		Total		43,397,624


	Chile (0.1%)
	136,315	Banco Santander Chile SA ADR^b		2,404,597

		Total		2,404,597


	China (0.8%)
	3,157,216	FIH Mobile, Ltd.		1,201,575
	9,507,180	Lenovo Group, Ltd.		9,594,584
	4,044,000	PetroChina Company, Ltd.		2,647,367

		Total		13,443,526


	Denmark (2.2%)
	7,418	Aktieselskabet Schouw & Company		416,341
	12,165	Bavarian Nordic AS^a		628,513
	286,154	Danske Bank AS		7,678,171
	18,248	DFDS AS		708,315
	216,379	Novo Nordisk AS		12,527,956
	37,141	Pandora AS		4,682,881
	1,240	Per Aarsleff AS		381,180
	839	Rockwool International AS		117,931
	98,594	Royal Unibrew AS		4,007,018
	22,425	Spar Nord Bank AS		198,140
	60,709	Vestas Wind Systems AS		4,239,843

		Total		35,586,289


	Faroe Islands (0.1%)
	41,189	Bakkafrost PF		1,213,453

		Total		1,213,453


	Finland (0.3%)
	8,343	Cargotec Oyj		311,237
	4,234	Cramo Oyj		87,397
	5,753	Oriola-KD Oyj^a		26,997
	140,904	Sponda Oyj		598,507
	16,082	Tieto Oyj		429,626
	147,332	UPM-Kymmene Oyj		2,735,280

		Total		4,189,044

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

145

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (86.6%)	Value
	France (7.2%)
	9,693	ABC Arbitrage	$	54,039
	13,107	Adocia^a		1,039,628
	63,450	Air France-KLM^a		483,006
	7,476	Alten SA		432,631
	11,793	Assystem		307,971
	535,491	AXA SA		14,631,606
	6,645	Boiron SA		538,001
	157,835	Cap Gemini SA		14,644,895
	6,200	Cegid Group		351,141
	55,700	Christian Dior SE		9,461,386
	278,137	Compagnie de Saint-Gobain		12,053,208
	29,024	Derichebourg^a		104,095
	528,642	Engie		9,364,001
	4,538	Euler Hermes Group		436,899
	432	Eurofins Scientific SE		150,691
	54,588	Faurecia		2,187,339
	2,688	Guerbet		189,195
	52,085	Havas SA		438,254
	76,128	Innate Pharma SA^a		1,117,595
	55,747	Ipsen SA		3,693,682
	29,482	Ipsos SA		679,029
	3,794	Nexans SA^a		138,462
	164,879	Orange SA		2,757,736
	35,592	Renault SA		3,562,618
	65,925	Safran SA		4,529,254
	24,764	Saft Groupe SA		754,779
	1,162	Sartorius Stedim Biotech		445,697
	45,823	SCOR SE		1,714,602
	1,959	Societe de la Tour Eiffel - Warrants^a,c		0
	221,587	Societe Generale		10,211,260
	3,858	Teleperformance SA		324,411
	45,767	Thales SA		3,425,665
	137,776	Total SA		6,176,723
	210,475	UbiSoft Entertainment SA^a		6,091,413
	123,834	Veolia Environnement SA		2,938,073

		Total		115,428,985


	Germany (5.3%)
	14,800	Aareal Bank AG		466,032
	1,053	Amadeus Fire AG		85,815
	13,446	Aurelius AG		697,955
	14,019	Aurubis AG		709,872
	34,661	Bayer AG		4,328,849
	4,684	Bechtle AG		445,297
	11,207	Centrotec Sustainable AG		160,888
	140,194	Daimler AG		11,713,833
	23,901	Deutsche Beteiligungs AG		771,049
	384,006	Deutsche Telekom AG		6,897,034
	11,844	DIC Asset AG		119,930
	84,753	Evonik Industries AG		2,803,389
	255,478	Evotec AG^a		1,146,434
	23,520	Freenet AG		793,683
	80,760	Fresenius SE & Company KGaA		5,752,746
	54,595	FUCHS PETROLUB SE		2,570,701
	30,448	Gerresheimer AG		2,379,273
	9,445	GFT Technologies SE		321,571
	26,282	Hannover Rueckversicherung SE		3,001,145
	6,886	Homag Group AG		265,661
	7,271	Indus Holding AG		349,753
	19,358	Jenoptik AG		300,782
	5,641	Kion Group AG^a		279,726
	7,691	Krones AG		915,791
	35,354	KUKA AG^b		3,163,711
	11,259	MTU Aero Engines AG		1,097,365
	18,643	Nemetschek AG		925,391
	7,747	Pfeiffer Vacuum Technology AG		781,398
	65,477	ProSiebenSat.1 Media AG		3,303,418
	37,603	Rheinmetall AG		2,499,555
	113,573	SAP SE		9,012,427
	758	Sartorius Aktiengesellschaft		198,073
	54,189	Software AG		1,544,488
	1,869	STRATEC Biomedical AG		123,346
	55,104	Stroeer SE^b		3,459,771
	142,991	Suedzucker AG		2,834,151
	11,058	TAG Immobilien AG		137,767
	15,132	Takkt AG		303,324
	366,679	ThyssenKrupp AG		7,268,851
	4,216	XING AG		778,009
	4,780	zooplus AG^a		753,329

		Total		85,461,583


	Hong Kong (2.9%)
	1,189,800	AIA Group, Ltd.		7,109,154
	184,000	Brightoil Petroleum Holdings, Ltd.		61,350
	963,516	Cheung Kong Holdings, Ltd.		12,951,513
	561,300	China Mobile, Ltd.		6,318,052
	115,200	Dah Sing Financial Holdings, Ltd.		573,344
	462,000	Giordano International, Ltd.		215,797
	330,000	Global Brands Group Holding, Ltd.^a		62,492
	326,000	Guotai Junan International Holdings, Ltd.		113,279
	1,222,000	Haitong International Securities Group, Ltd.		745,120
	1,235,000	Hang Lung Group, Ltd.		4,005,003
	180,000	Hang Lung Properties, Ltd.		407,855
	76,600	Hong Kong Exchanges and Clearing, Ltd.		1,951,369
	188,000	Hutchison Telecommunications Hong Kong Holdings, Ltd.		65,074
	220,000	NewOcean Energy Holdings, Ltd.		85,706
	3,613,000	PCCW, Ltd.		2,112,000
	433,000	Samson Holding, Ltd.		53,462
	892,000	Shun Tak Holdings, Ltd.		334,873
	1,611,500	SmarTone Telecommunications Holdings, Ltd.		2,438,880
	132,000	Sunlight Real Estate Investment Trust		65,082
	254,000	Swire Pacific, Ltd.		2,837,211
	587,500	Swire Pacific, Ltd., Class B		1,195,302
	347,700	Swire Properties, Ltd.		999,755
	576,000	Texwinca Holdings, Ltd.		600,719
	752,000	Truly International Holdings, Ltd.		179,702
	1,306,000	United Laboratories International Holdings^a		718,443

		Total		46,200,537


	Hungary (0.1%)
	108,000	Richter Gedeon Nyrt		2,038,446

		Total		2,038,446


	India (2.0%)
	15,299	Grasim Industries, Ltd.		866,614
	8,000	Grasim Industries, Ltd. GDR		452,513
	89,200	Hero Motocorp, Ltd.		3,619,507
	231,000	Hindustan Unilever, Ltd.		3,010,474
	343,741	Housing Development Finance Corporation		6,537,899
	330,000	ICICI Bank, Ltd.		1,303,413
	208,079	ICICI Bank, Ltd. ADR		1,629,259
	326,000	Infosys, Ltd.		5,432,315
	1,051,542	ITC, Ltd.		5,199,684

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

146

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (86.6%)	Value
	India (2.0%) - continued
	97,696	Ultra Tech Cement, Ltd.	$	4,095,658
	4,570	Ultra Tech Cement, Ltd. GDR		192,077

		Total		32,339,413


	Indonesia (0.5%)
	13,098,100	Astra International Tbk PT		5,642,040
	1,406,300	Indocement Tunggal Prakarsa Tbk PT		2,255,154

		Total		7,897,194


	Ireland (1.1%)
	260,300	Beazley plc		1,494,589
	96,272	CRH plc		2,776,397
	67,708	DCC plc		5,656,494
	12,711	Grafton Group plc		138,800
	135,716	Henderson Group plc		616,836
	37,965	Ryanair Holdings plc ADR		3,282,454
	119,409	Smurfit Kappa Group plc		3,058,204
	86,441	United Drug plc		762,108

		Total		17,785,882


	Israel (0.3%)
	47,439	Delek Automotive Systems, Ltd.		422,446
	440	Paz Oil Company, Ltd.		69,134
	19,947	Shufersal, Ltd.^a		61,815
	72,373	Teva Pharmaceutical Industries, Ltd. ADR		4,750,564

		Total		5,303,959


	Italy (2.9%)
	29,671	Acea SPA		456,243
	20,708	Amplifon SPA		179,383
	538,071	Assicurazioni Generali SPA		9,828,829
	35,615	Astaldi SPA		216,628
	40,607	ASTM SPA		509,700
	30,136	Banca IFIS SPA		938,850
	1,117,127	Banca Popolare di Milano SCRL		1,106,477
	141,650	Beni Stabili SPA		106,765
	10,318	Biesse SPA		177,107
	14,695	Cerved Information Solutions SpA^a		122,063
	18,939	De’Longhi		565,724
	19,740	DiaSorin SPA		1,036,782
	3,232	Engineering SPA		210,251
	281,075	Eni SPA		4,176,290
	59,203	ERG SPA		800,477
	159,251	Immobiliare Grande Distribuzione SPA		152,465
	2,964,208	Intesa Sanpaolo SPA		9,844,188
	657,160	Iren SPA		1,060,502
	40,073	La Doria SPA		567,376
	2,566	Marr SPA		53,018
	132,189	Prysmian SPA		2,888,230
	246,630	Recordati SPA		6,434,817
	2,455	Reply SPA		335,899
	1,116,040	Saras SPA^a		2,152,029
	64,350	Societa Cattolica di Assicurazioni SCRL		509,643
	39,879	Societa Iniziative Autostradali e Servizi SPA		423,771
	280,029	Unipol Gruppo Finanziario SPA		1,440,362

		Total		46,293,869


	Japan (17.8%)
	50,000	Aderans Company, Ltd.		344,683
	1,087	Advance Residence Investment Corporation		2,390,328
	623	AEON REIT Investment Corporation		737,220
	27,300	Alpine Electronics, Inc.		424,315
	85,700	Alps Electric Company, Ltd.		2,324,015
	19,000	Amano Corporation		256,987
	12,700	AOKI Holdings, Inc.		165,676
	15,400	Aoyama Trading Company, Ltd.		593,299
	35,300	Arcs Company, Ltd.		778,051
	30,900	Asatsu-DK, Inc.		747,771
	16,900	ASKA Pharmaceutical Company, Ltd.		208,155
	21,200	Autobacs Seven Company, Ltd.		386,402
	126,100	Bridgestone Corporation		4,325,409
	3,000	C. Uyemura & Company, Ltd.		128,187
	14,600	Canon Electronics, Inc.		240,384
	75,300	Canon Marketing Japan, Inc.		1,177,520
	14,900	Cawachi, Ltd.		290,546
	63,000	Central Glass Company, Ltd.		288,953
	21,000	Century Tokyo Leasing Corporation		750,154
	12,600	Chiba Kogyo Bank, Ltd.		70,170
	15,200	Chiyoda Integre Company, Ltd.		354,121
	28,000	Chugoku Marine Paints, Ltd.		205,653
	3,400	Cocokara Fine, Inc.		152,643
	50,900	COMSYS Holdings Corporation		715,696
	17,400	Cosmo Energy Holdings Company, Ltd.^a		233,684
	18,289	Daiichikosho Company, Ltd.		725,726
	354	Daiwa House Residential Investment Corporation		732,461
	278	Daiwa Office Investment Corporation		1,504,677
	1,052,151	Daiwa Securities Group, Inc.		6,432,530
	32,000	Daiwabo Holdings Company, Ltd.		63,849
	149,600	DCM Holdings Company, Ltd.		1,085,003
	26,400	Digital Garage, Inc.		471,125
	53,300	Doutor Nichires Holdings Company, Ltd.		824,415
	119,900	DTS Corporation		2,729,364
	13,000	DUSKIN Company, Ltd.		236,524
	89,000	Ebara Corporation		422,941
	168,100	EDION Corporation		1,269,256
	5,800	Exedy Corporation		140,178
	1,800	Foster Electric Company, Ltd.		39,145
	72	Frontier Real Estate Investment Corporation		288,844
	561,000	Fuji Electric Company, Ltd.		2,352,761
	142,100	Fuji Heavy Industries, Ltd.		5,853,991
	92,249	Fuji Machine Manufacturing Company, Ltd.		969,758
	20,100	Fuji Soft, Inc.		440,863
	140,000	Fujibo Holdings, Inc.		259,712
	2,900	Fujicco Company, Ltd.		50,657
	99,800	FUJIFILM Holdings NPV		4,164,903
	3,200	Fujimi Incorporated		44,297
	46,700	Funai Electric Company, Ltd.		391,724
	9,900	Fuyo General Lease Company, Ltd.		466,215
	3,400	Geo Holdings Corporation		53,507
	333	Global One Real Estate Investment Corporation		1,193,642
	198,800	Gree, Inc.		943,916
	14,500	Happinet Corporation		141,398
	173,900	Haseko Corporation		1,922,703
	53,300	Heiwa Corporation		997,350
	3,200	HEIWADO Company, Ltd.		70,229
	1,400	HIDAY HIDAKA Corporation		40,214
	24,800	IBJ Leasing Company, Ltd.		505,507
	20,500	INES Corporation		190,562

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

147

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (86.6%)	Value
	Japan (17.8%) - continued
	136,500	IT Holdings Corporation	$	3,118,866
	35,357	JAFCO Company, Ltd.		1,378,328
	120,200	Japan Airlines Company, Ltd.		4,302,307
	13,000	Japan Digital Laboratory Company, Ltd.		176,886
	339,100	Japan Display, Inc.^a		977,035
	459	Japan Logistics Fund, Inc.		890,715
	276	Japan Rental Housing Investments, Inc.		195,019
	32,500	Japan Securities Finance Company, Ltd.		165,674
	9,000	Japan Wool Textile Company, Ltd.		66,123
	54,000	J-Oil Mills, Inc.		156,710
	176,200	JTEKT Corporation		2,884,057
	29,000	Kadokawa Dwango Corporation		435,552
	24,800	Kaken Pharmaceutical Company, Ltd.		1,694,662
	98,100	Kao Corporation		5,041,236
	4,600	Kasai Kogyo Company, Ltd.		66,434
	313,800	KDDI Corporation		8,149,447
	186,200	Kinden Corporation		2,374,253
	42,200	Kissei Pharmaceutical Company, Ltd.		1,058,426
	154,500	KITZ Corporation		693,988
	15,700	KOA Corporation		133,125
	8,410	Koei Tecmo Holdings Company, Ltd.		124,540
	54,800	Kohnan Shoji Company, Ltd.		768,664
	69,000	Kokuyo Company, Ltd.		746,065
	13,000	KOMERI Company, Ltd.		268,032
	33,400	Komori Corporation		390,789
	66,700	K’s Holdings Corporation		2,271,252
	56,000	Kurabo Industries, Ltd.		95,458
	105,000	Kureha Corporation		404,594
	9,600	Kusuri No Aoki Company, Ltd.		468,584
	253,000	KYB Company, Ltd.		765,487
	41,000	Kyokuto Securities Company, Ltd.		516,846
	34,200	KYORIN Holdings, Inc.		712,592
	62,400	Kyowa Exeo Corporation		640,636
	1,803,121	Leopalace21 Corporation^a		9,759,819
	14,600	Macnica Fuji Electronics Holdings, Inc.^a		193,534
	45,000	Maeda Road Construction Company, Ltd.		754,339
	77,000	Makino Milling Machine Company, Ltd.		579,372
	82,300	Marusan Securities Company, Ltd.		862,416
	15,100	Maruwa Company, Ltd.		334,203
	100,800	Marvelous, Inc.		766,839
	84,400	Matsumotokiyoshi Holdings Company, Ltd.		4,306,823
	37,600	Meiko Network Japan Company, Ltd.		436,245
	27,900	Melco Holdings, Inc.		512,909
	3,100	Mimasu Semiconductor Industry Company, Ltd.		29,517
	80,500	MIRAIT Holdings Corporation		663,231
	46,100	Mito Securities Company, Ltd.		156,140
	338,400	Mitsubishi UFJ Financial Group, Inc.		2,096,134
	3,133,129	Mitsui Chemicals, Inc.		13,895,454
	9,500	Mitsui High-tec, Inc.		59,415
	1,218,700	Mizuho Financial Group, Inc.		2,437,400
	9,800	Mochida Pharmaceutical Company, Ltd.		694,468
	377	Mori Trust Sogo REIT, Inc.		642,958
	380,000	Morinaga and Company, Ltd.		1,999,033
	53,000	Morinaga Milk Industry Company, Ltd.		241,435
	391,381	MS and AD Insurance Group Holdings, Inc.		11,477,120
	33,500	Murata Manufacturing Company, Ltd.		4,820,023
	29,300	NEC Networks & System Integration Corporation		518,161
	198,500	Net One Systems Company, Ltd.		1,270,762
	21,000	Nichirei Corporation		154,735
	89,000	Nippon Flour Mills Company, Ltd.		638,493
	50,700	Nippon Paper Industries Company, Ltd.		820,122
	8,000	Nippon Seiki Company, Ltd.		183,770
	7,101,421	Nippon Sheet Glass Company^a		5,717,636
	34,800	Nippon Signal Company, Ltd.		378,952
	522,900	Nippon Suisan Kaisha, Ltd.		2,926,468
	72,000	Nippon Synthetic Chemical Industry Company, Ltd.		515,947
	50,800	Nippon Telegraph & Telephone Corporation		2,021,745
	72,000	Nippon Thompson Company, Ltd.		312,003
	3,271,464	Nippon Yusen Kabushiki Kaisha		7,929,022
	193,000	Nishi-Nippon City Bank, Ltd.		508,683
	1,127,275	Nissan Motor Company, Ltd.		11,803,406
	146,000	Nisshin Oillio Group, Ltd.		594,752
	13,100	Nissin Electric Company, Ltd.		106,290
	17,300	Nissin Kogyo Company, Ltd.		250,946
	28,000	Nittetsu Mining Company, Ltd.		122,568
	26,200	Nitto Kogyo Corporation		458,075
	98,900	North Pacific Bank, Ltd.		341,382
	45,300	NSD Company, Ltd.		655,411
	62,000	NTN Corporation		261,433
	11,100	Ohsho Food Service Corporation		383,453
	43,800	Okamura Corporation		436,547
	33,000	Okasan Securities Group, Inc.		187,887
	5,400	Okinawa Electric Power Company, Inc.		140,134
	145,000	Okuma Corporation		1,172,640
	76,000	Otsuka Holdings Company, Ltd.		2,700,199
	52,000	Paltac Corporation		924,098
	16,000	PanaHome Corporation		120,877
	2,000	Paramount Bed Holdings Company, Ltd.		70,963
	19,600	Parco Company, Ltd.		179,791
	31,500	Plenus Company, Ltd.		526,424
	28,000	Riken Corporation		98,477
	11,512	Riso Kagaku Corporation		187,416
	42,500	Round One Corporation		191,920
	57,000	Ryobi, Ltd.		240,974
	15,300	Ryosan Company, Ltd.		392,760
	15,100	Saint Marc Holdings Company, Ltd.		419,602
	20,800	Sangetsu Company, Ltd.		379,652
	48,000	Sanyo Shokai, Ltd.		114,522
	64,000	Sanyo Special Steel Company, Ltd.		302,149
	198,100	Sekisui House, Ltd.		3,330,805
	13,700	Shimachu Company, Ltd.		311,602
	85,000	Shindengen Electric Manufacturing Company, Ltd.		337,275
	60,800	Shinko Electric Industries Company, Ltd.		389,780
	69,000	ShinMaywa Industries, Ltd.		618,297
	1,479,000	Showa Denko KK		1,732,271
	174,600	SKY Perfect JSAT Holdings, Inc.		981,616
	168,508	SoftBank Group Corporation		8,504,667
	179,900	Sojitz Corporation		377,535
	108,400	Sompo Japan Nipponkoa Holdings, Inc.		3,559,281
	937,890	Sumitomo Corporation		9,562,099
	642,000	Sumitomo Heavy Industries, Ltd.		2,877,995
	84,200	Sumitomo Mitsui Financial Group, Inc.		3,177,796
	2,702,284	Sumitomo Mitsui Trust Holdings, Inc.		10,234,446

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

148

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (86.6%)	Value
	Japan (17.8%) - continued
	96,000	Sumitomo Osaka Cement Company, Ltd.	$	352,078
	32,800	Sumitomo Riko Company, Ltd.		273,433
	31,000	Sumitomo Seika Chemicals Company, Ltd.		188,611
	15,100	Tamron Company, Ltd.		278,580
	52,000	Toagosei Company, Ltd.		444,595
	4,500	TOCALO Company, Ltd.		92,853
	3,000	Toei Company, Ltd.		29,367
	156,000	Toho Holdings Company, Ltd.		3,791,996
	176,800	Tohoku Electric Power Company, Inc.		2,210,233
	42,000	Tokai Tokyo Financial Holdings, Inc.		255,094
	70,200	Tokio Marine Holdings, Inc.		2,711,449
	7,600	Tokyo Ohka Kogyo Company, Ltd.		241,508
	34,600	Tokyo Seimitsu Company, Ltd.		767,107
	59,000	Tokyotokeiba Company, Ltd.		131,907
	721	Tokyu REIT, Inc.		909,127
	189	Top REIT, Inc.		715,875
	70,600	Toppan Forms Company, Ltd.		837,382
	2,900	Torii Pharmaceutical Company, Ltd.		66,511
	35,000	Tosei Corporation		220,809
	167,700	Toyota Motor Corporation		10,326,802
	3,000	TS Tech Company, Ltd.		77,590
	118,000	Tsubakimoto Chain Company		908,592
	55,300	Tsumura & Company		1,535,604
	12,100	TV Asahi Holdings Corporation		208,875
	3,800	Unipres Corporation		85,845
	198,300	UNY Group Holdings Company, Ltd.		1,246,084
	110,800	Valor Company, Ltd.		2,613,140
	18,600	Wakita & Company, Ltd.		160,302
	10,500	Warabeya Nichiyo Company, Ltd.		199,053
	62,200	West Japan Railway Company		4,299,453
	19,500	Yorozu Corporation		443,766
	4,900	Zenkoku Hosho Company, Ltd.		161,863

		Total		286,603,374


	Jersey (0.7%)
	478,480	Regus plc		2,351,060
	398,350	WPP plc		9,162,813

		Total		11,513,873


	Luxembourg (0.2%)
	24,803	Oriflame Cosmetics SA^a		397,489
	122,000	Tenaris SA ADR		2,903,600

		Total		3,301,089


	Malaysia (0.2%)
	1,076,512	CIMB Group Holdings Berhad		1,135,060
	541,400	Public Bank Berhad		2,332,793

		Total		3,467,853


	Mexico (1.1%)
	78,000	Fomento Economico Mexicano SAB de CV ADR		7,203,300
	20,500	Grupo Aeroportuario del Sureste SAB de CV ADR		2,883,735
	1,128,594	Grupo Financiero Banorte SAB de CV ADR		6,220,380
	259,000	Organizacion Soriana SAB de CV^a		593,606

		Total		16,901,021


	Netherlands (4.8%)
	2,324,151	Aegon NV		13,144,217
	223,225	AerCap Holdings NV^a		9,634,391
	2,680	ASM International NV		105,066
	121,286	ASML Holding NV		10,776,501
	1,286,233	BAM Group^a		7,150,617
	17,021	BE Semiconductor Industries NV		342,059
	44,108	Corbion NV		1,067,928
	5,741	Eurocommercial Properties NV		248,014
	22,614	Euronext NV		1,160,302
	81,575	Heineken NV		6,951,610
	193,967	Koninklijke DSM NV		9,726,614
	7,247	Koninklijke Ten Cate NV		188,623
	45,178	Koninklijke Vopak NV		1,945,593
	80,703	NN Group NV		2,847,452
	82,178	SBM Offshore NV^a		1,038,139
	221,490	Unilever NV		9,653,495
	15,243	USG People NV		283,581
	17,152	Vastned Retail NV		787,987
	22,547	Wessanen		228,889

		Total		77,281,078


	New Zealand (0.2%)
	727,029	Air New Zealand, Ltd.		1,466,321
	150,114	Fisher & Paykel Healthcare Corporation, Ltd.		912,572
	138,420	Nuplex Industries, Ltd.		449,219

		Total		2,828,112


	Norway (1.3%)
	18,950	Atea ASA		156,510
	78,928	Austevoll Seafood ASA		479,447
	65,699	Borregaard ASA		365,594
	24,594	Leroy Seafood Group ASA		914,182
	761,459	Marine Harvest ASA		10,245,299
	402,637	Norsk Hydro ASA		1,496,642
	12,768	Norwegian Air Shuttle ASA^a		463,795
	49,310	SalMar ASA		860,554
	41,129	SpareBank 1 SMN		234,024
	153,656	Statoil ASA		2,143,006
	10,918	TGS Nopec Geophysical Company ASA		173,781
	73,421	Yara International ASA		3,157,710

		Total		20,690,544


	Philippines (0.5%)
	6,543,000	Ayala Land, Inc.		4,782,754
	1,736,270	Bank of the Philippine Islands		3,092,443

		Total		7,875,197


	Poland (0.2%)
	87,348	Bank Pekao SA		3,190,193

		Total		3,190,193


	Portugal (0.3%)
	177,048	Altri SGPS SA		916,430
	6,184,256	Banco Espirito Santo SA^a,c		672
	67,138	CTT-Correios de Portugal SA		645,255
	198,346	Jeronimo Martins SGPS SA		2,580,968
	100,700	Portucel SA		391,639

		Total		4,534,964


	Russia (0.5%)
	124,500	Lukoil ADR		4,030,238

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

149

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (86.6%)	Value
	Russia (0.5%) - continued
	24,597	Magnit PJSC	$	3,780,382

		Total		7,810,620


	Singapore (0.1%)
	295,000	United Engineers, Ltd.		412,845
	175,400	Venture Corporation, Ltd.		1,013,138

		Total		1,425,983


	South Africa (0.4%)
	203,584	Massmart Holdings, Ltd.		1,317,950
	181,479	MTN Group, Ltd.		1,563,325
	594,000	Truworths International, Ltd.		3,501,634

		Total		6,382,909


	South Korea (1.1%)
	14,401	E-Mart Company, Ltd.		2,310,778
	187,980	KB Financial Group, Inc.		5,296,113
	9,262	Samsung Electronics Company, Ltd.		9,878,685

		Total		17,485,576


	Spain (2.3%)
	82,727	Almirall SA		1,672,014
	13,477	Axiare Patrimonio SOCIMI SA		193,330
	2,023,095	Banco Popular Espanol SA		6,665,902
	1,371,280	Banco Santander SA		6,745,871
	91,722	Ebro Foods SA		1,804,256
	195,180	Ence Energia y Celulosa SA		736,965
	129,346	Endesa SA^b		2,598,529
	149,574	Gamesa Corporacion Tecnologia SA		2,560,715
	3,118	Grupo Catalana Occidente SA		108,091
	1,140,365	Iberdrola SA		8,084,060
	371,743	International Consolidated Airlines Group SA		3,332,019
	8,997	Let’s GOWEX SA^a,c		1
	133,748	Melia Hotels International SA		1,766,665
	83,773	NH Hotel Group SA^a		458,147
	28,348	Papeles y Cartones de Europa SA		159,699
	12,466	Viscofan SA		751,986

		Total		37,638,250


	Sweden (2.1%)
	49,378	Bilia AB		1,117,076
	30,144	BillerudKorsnas AB		557,863
	7,738	BioGaia AB		257,958
	174,753	Boliden AB		2,927,846
	73,849	Byggmax Group AB		758,924
	42,343	Castellum AB		603,018
	9,183	Fabege AB		151,727
	67,177	Fastighets AB Balder^a		1,653,814
	34,028	Hemfosa Fastigheter AB		378,057
	61,004	Intrum Justitia AB		2,075,826
	116,942	Investor AB		4,297,640
	61,139	Inwido AB		800,772
	93,258	Loomis AB		2,909,183
	119,167	Micronic Mydata AB		1,153,231
	7,211	Net Entertainment NE AB^a		420,271
	79,459	Nobia AB		994,278
	25,822	Nolato AB		784,659
	8,951	Peab AB		68,540
	120,013	Svenska Cellulosa AB SCA		3,477,991
	884,225	Volvo AB		8,199,029
	8,882	Wihlborgs Fastigheter AB		179,112

		Total		33,766,815


	Switzerland (7.2%)
	152,177	Adecco SA		10,415,411
	20,345	Ascom Holding AG		322,412
	3,729	Autoneum Holding AG		750,849
	515	Banque Cantonale Vaudoise		326,724
	3,384	Cembra Money Bank AG^a		217,581
	424,926	Credit Suisse Group AG		9,153,740
	572	Daetwyler Holding AG		81,719
	3,334	dorma+kaba Holding AG		2,264,220
	483	Emmi AG^a		217,124
	1,900	Flughafen Zuerich AG		1,425,593
	1,243	Forbo Holding AG		1,463,481
	17,194	Georg Fischer AG		11,673,052
	619	Helvetia Holding AG		348,688
	170,394	LafargeHolcim, Ltd.		8,532,450
	27,132	Lonza Group AG		4,412,610
	2,713	Mobilezone Holding AG		38,869
	3,665	Mobimo Holding AG		813,590
	157,138	Nestle SA		11,665,179
	234,631	Novartis AG		20,182,789
	94,401	Roche Holding AG		26,159,311
	341	Schweiter Technologies AG		288,349
	6,908	Tecan Group AG		1,119,006
	18,243	Temenos Group AG		942,225
	74,020	UBS Group AG		1,435,949
	4,207	Valiant Holding AG		494,117
	7,652	Zehnder Group AG		293,750

		Total		115,038,788


	Taiwan (0.6%)
	662,300	Taiwan Mobile Company, Ltd.		2,011,318
	1,838,951	Taiwan Semiconductor Manufacturing Company, Ltd.		7,933,678

		Total		9,944,996


	Thailand (1.0%)
	19,481,969	Krung Thai Bank pcl		8,985,003
	294,600	Siam Cement pcl		3,718,091
	1,099,500	Siam Commercial Bank pcl		3,626,864

		Total		16,329,958


	Turkey (0.6%)
	1,424,982	Akbank TAS		3,267,520
	186,340	BIM Birlesik Magazalar AS		3,279,982
	1,300,000	Turkiye Garanti Bankasi AS		3,167,019

		Total		9,714,521


	United Kingdom (8.8%)
	465,435	3i Group plc		3,297,075
	6,797	Abcam plc		66,583
	191,668	Ashtead Group plc		3,154,460
	1,390,457	BAE Systems plc		10,237,322
	173,210	Bellway plc		7,242,546
	54,310	Berendsen plc		860,980
	54,288	Berkeley Group Holdings plc		2,951,304
	68,801	Betfair Group plc		3,955,882
	107,000	BHP Billiton plc		1,198,156
	50,752	Big Yellow Group plc		602,000
	36,801	Bodycote plc		307,216
	731,021	Booker Group plc		1,951,013

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

150

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (86.6%)	Value
	United Kingdom (8.8%) - continued
	11,770	Bovis Homes Group plc	$	176,038
	154,369	Britvic plc		1,653,952
	94,018	Dart Group plc		815,674
	88,296	Debenhams plc		95,198
	62,343	Dialog Semiconductor plc^a,b		2,080,312
	29,192	Diploma plc		327,497
	610,962	Direct Line Insurance Group plc		3,662,196
	10,854	Domino’s Pizza Group plc		168,227
	347,704	DS Smith plc		2,033,930
	68,767	Galliford Try plc		1,545,181
	139,918	Globo plc^a,c		21
	19,563	Go-Ahead Group plc		769,738
	128,285	Great Portland Estates plc		1,563,604
	193,987	Greggs plc		3,760,813
	202,909	Hansteen Holdings plc		343,933
	130,406	Hiscox, Ltd.		2,021,738
	14,753	HomeServe plc		90,390
	588,795	Howden Joinery Group plc		4,562,038
	24,504	Hunting plc		110,371
	142,519	IG Group Holdings plc		1,684,945
	100,007	Imperial Tobacco Group plc		5,282,167
	393,623	Inchcape plc		4,541,522
	152,705	Indivior plc		421,994
	488,632	Intermediate Capital Group plc		4,504,504
	1,515,365	ITV plc		6,169,620
	244,193	John Wood Group plc		2,199,269
	15,435	Keller Group plc		189,034
	150,091	Lancashire Holdings, Ltd.		1,384,313
	272,374	LondonMetric Property plc		657,992
	31,442	Lookers plc		85,669
	695,222	Man Group plc		1,788,475
	45,639	Micro Focus International plc		1,071,797
	145,455	Mitie Group plc		666,421
	156,928	Mondi plc		3,075,923
	249,946	Moneysupermarket.com Group plc		1,352,114
	32,417	OneSavings Bank plc		169,750
	131,986	Pace plc^c		844,883
	145,102	Paragon Group of Companies plc		754,345
	70,328	Persimmon plc		2,098,132
	235,012	Prudential plc		5,294,732
	526,873	QinetiQ Group plc		2,099,975
	67,571	Redde plc		205,204
	210,846	Rentokil Initial plc		494,699
	299,506	Rexam plc		2,671,460
	14,640	Rightmove plc		889,678
	177,924	Royal Dutch Shell plc		4,055,077
	89,588	SABMiller plc		5,400,298
	81,906	Safestore Holdings plc		430,615
	47,971	Savills plc		627,152
	7,034	Shire plc		482,587
	371,895	Standard Chartered plc		3,085,688
	14,259	SVG Capital plc^a		103,326
	95,165	Synthomer plc		444,514
	1,434,609	Taylor Wimpey plc		4,288,593
	91,304	Travis Perkins plc		2,648,788
	104,967	Tullett Prebon plc		574,171
	85,376	Unilever plc		3,661,983
	17,383	UNITE Group plc		167,930
	11,841	Victrex plc		313,914
	38,205	WH Smith plc		992,722
	14,713	Workspace Group plc		207,214
	54,748	WS Atkins plc		1,308,208

		Total		140,996,785


	United States (0.2%)
	42,700	Yum! Brands, Inc.		3,119,235

		Total		3,119,235


		Total Common Stock (cost $1,387,207,486)		1,391,164,409


Principal Amount		Long-Term Fixed Income (10.8%)
	Argentina (0.3%)
		Arcos Dorados BV
$	161,000	6.625%, 9/27/2023^d	148,925
		Argentina Government International Bond
	60,000	Zero Coupon, 6/2/2017^e	68,550
	688,052	7.820%, 12/31/2033^e,f	787,001
	757,100	8.280%, 12/31/2033^e	849,845
	1,219,773	8.280%, 12/31/2033^e	1,402,739
	320,000	0.000%, 12/15/2035^g	30,880
	9,582,000	0.000%, 12/15/2035^f,g	983,015
	1,117,000	0.000%, 12/15/2035^g	113,375
	710,000	2.500%, 12/31/2038^e,h	443,750

		Total	4,828,080


	Azerbaijan (<0.1%)
		State Oil Company of Azerbaijan Republic
	400,000	5.450%, 2/9/2017	403,077
	420,000	4.750%, 3/13/2023	354,802

		Total	757,879


	Belize (<0.1%)
		Belize Government International Bond
	116,500	5.000%, 2/20/2038*^,h	83,880

		Total	83,880


	Bermuda (<0.1%)
		Digicel Group, Ltd.
	210,000	8.250%, 9/30/2020*	173,250

		Total	173,250


	Brazil (0.4%)
		Banco do Brasil SA/Cayman
	600,000	9.000%, 6/18/2049ⁱ	393,000
	840,000	6.250%, 10/15/2049ⁱ	407,400
		Brazil Government International Bond
	1,516,000	6.000%, 8/15/2050^j	925,868
	540,000	4.250%, 1/7/2025	434,700
	800,000	5.000%, 1/27/2045	534,000
		Brazil Loan Trust 1
	549,502	5.477%, 7/24/2023	468,450
	1,071,062	5.477%, 7/24/2023*	913,081
		Brazil Minas SPE via State of Minas Gerais
	1,579,000	5.333%, 2/15/2028	1,188,197
	1,480,000	5.333%, 2/15/2028*	1,113,700
		Independencia International, Ltd.
	95,246	12.000%, 12/30/2016*^,c,e	0
		Tupy SA
	450,000	6.625%, 7/17/2024^d	392,625

		Total	6,771,021

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

151

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (10.8%)	Value
	Bulgaria (<0.1%)
		Bulgaria Government International Bond
$	180,000	4.250%, 7/9/2017^f	$	207,991

		Total		207,991


	Cayman Islands (<0.1%)
		Agromercantil Senior Trust
	110,000	6.250%, 4/10/2019		110,825

		Total		110,825


	Chile (0.5%)
		AES Gener SA
	120,000	5.250%, 8/15/2021^d		123,070
	620,000	5.250%, 8/15/2021		635,859
		Banco del Estado de Chile
	260,000	4.125%, 10/7/2020^d		268,047
	500,000	4.125%, 10/7/2020		515,476
		Chile Government International Bond
	1,170,000	2.250%, 10/30/2022		1,127,588
	150,000	3.625%, 10/30/2042		130,500
		Corpbanca SA
	552,000	3.875%, 9/22/2019^d		546,762
		E.CL SA
	220,000	5.625%, 1/15/2021^d		237,466
		Empresa Electrica Angamos SA
	1,410,000	4.875%, 5/25/2029^d		1,257,843
		GNL Quintero SA
	200,000	4.634%, 7/31/2029		189,016
	1,340,000	4.634%, 7/31/2029^d		1,266,411
		Sociedad Quimica y Minera de Chile SA
	120,000	5.500%, 4/21/2020		118,853
	210,000	3.625%, 4/3/2023		180,600
	448,000	4.375%, 1/28/2025*		390,880

		Total		6,988,371


	China (<0.1%)
		Biostime International Holdings, Ltd.
	2,000,000	Zero Coupon, 2/20/2019^k		241,289

		Total		241,289


	Colombia (0.6%)
		Banco de Bogota SA
	850,000	5.000%, 1/15/2017		861,475
		Colombia Government International Bond
	40,000	8.700%, 2/15/2016		40,327
	920,000	7.375%, 1/27/2017		966,000
	277,000	7.375%, 3/18/2019		310,656
	70,000	8.125%, 5/21/2024		83,930
	560,000	4.500%, 1/28/2026		534,800
	130,000	7.375%, 9/18/2037		143,325
	1,200,000	6.125%, 1/18/2041		1,158,000
	1,710,000	5.625%, 2/26/2044		1,560,375
	3,120,000	5.000%, 6/15/2045		2,605,200
		Ecopetrol SA
	80,000	7.375%, 9/18/2043		67,200

		Total		8,331,288


	Costa Rica (0.3%)
		Banco de Costa Rica
	200,000	5.250%, 8/12/2018		200,500
	410,000	5.250%, 8/12/2018^d		411,025
		Banco Nacional de Costa Rica
	410,000	4.875%, 11/1/2018^d		406,925
	890,000	6.250%, 11/1/2023^d		854,400
		Costa Rica Government International Bond
	30,000	9.995%, 8/1/2020		35,662
	720,000	5.625%, 4/30/2043		513,000
	690,000	7.000%, 4/4/2044		575,288
	2,060,000	7.158%, 3/12/2045^d		1,725,250

		Total		4,722,050


	Croatia (0.4%)
		Croatia Government International Bond
	430,000	6.750%, 11/5/2019		460,638
	320,000	6.375%, 3/24/2021^d		339,840
	2,360,000	3.875%, 5/30/2022^f		2,571,155
	2,320,000	3.000%, 3/11/2025^f		2,299,401

		Total		5,671,034


	Czech Republic (<0.1%)
		Czech Republic Government Bond
	7,660,000	0.370%, 10/27/2016^g,l		310,587

		Total		310,587


	Dominican Republic (0.6%)
		Aeropuertos Dominicanos Siglo XXI SA
	800,000	9.750%, 11/13/2019		832,000
		Dominican Republic Government International Bond
	79,892	9.040%, 1/23/2018		84,486
	8,100,000	15.000%, 4/5/2019^m		201,989
	3,600,000	16.000%, 7/10/2020^m		94,698
	813,000	7.500%, 5/6/2021		871,942
	200,000	16.950%, 2/4/2022^m		5,619
	500,000	10.375%, 3/4/2022^m		10,869
	6,000,000	11.500%, 5/10/2024^m		137,464
	310,000	8.625%, 4/20/2027		359,600
	2,700,000	18.500%, 2/4/2028^d,m		84,772
	14,300,000	11.375%, 7/6/2029^m		320,049
	1,102,000	7.450%, 4/30/2044		1,110,265
	1,420,000	7.450%, 4/30/2044^d		1,430,650
	2,410,000	6.850%, 1/27/2045^d		2,271,425
	2,237,000	6.850%, 1/27/2045		2,108,373

		Total		9,924,201


	Ecuador (0.1%)
		Ecuador Government International Bond
	340,000	10.500%, 3/24/2020^d		273,700
	600,000	10.500%, 3/24/2020		483,000
	200,000	7.950%, 6/20/2024		147,500
		EP PetroEcuador
	394,737	6.224%, 9/24/2019^g		323,684

		Total		1,227,884

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

152

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (10.8%)	Value
	El Salvador (0.2%)
		El Salvador Government International Bond
$	100,000	7.375%, 12/1/2019	$	99,650
	260,000	7.750%, 1/24/2023		253,500
	1,013,000	5.875%, 1/30/2025		845,855
	585,000	6.375%, 1/18/2027		494,325
	530,000	8.250%, 4/10/2032		494,225
	480,000	7.650%, 6/15/2035		409,200
	319,000	7.625%, 2/1/2041		269,954

		Total		2,866,709


	Ethiopia (0.1%)
		Ethiopia Government International Bond
	210,000	6.625%, 12/11/2024^d		185,955
	790,000	6.625%, 12/11/2024		699,545

		Total		885,500


	Gabon (<0.1%)
		Gabon Government International Bond
	140,000	8.200%, 12/12/2017		140,280
	200,000	6.375%, 12/12/2024		158,716

		Total		298,996


	Ghana (0.1%)
		Ghana Government International Bond
	890,000	10.750%, 10/14/2030^d		902,905

		Total		902,905


	Guatemala (0.1%)
		Agromercantil Senior Trust
	320,000	6.250%, 4/10/2019^d		322,400
		Guatemala Government International Bond
	450,000	5.750%, 6/6/2022		471,375
	870,000	4.875%, 2/13/2028		833,025
	380,000	4.875%, 2/13/2028^d		363,850

		Total		1,990,650


	Honduras (0.1%)
		Honduras Government International Bond
	675,000	8.750%, 12/16/2020		745,875
	1,370,000	8.750%, 12/16/2020*		1,513,850
	270,000	7.500%, 3/15/2024*		284,175

		Total		2,543,900


	Hong Kong (<0.1%)
		China Resources Cement Holdings, Ltd.
	200,000	2.125%, 10/5/2017		199,372
		Wharf Finance, Ltd.
	200,000	4.625%, 2/8/2017		205,193

		Total		404,565


	Hungary (0.6%)
		Hungary Government International Bond
	513,000	3.500%, 7/18/2016^f		567,318
	790,000	4.375%, 7/4/2017^f		911,165
	1,840,000	5.750%, 6/11/2018^f		2,233,795
	700,000	6.000%, 1/11/2019^f		874,011
	1,610,000	6.250%, 1/29/2020		1,800,431
	70,000	5.375%, 2/21/2023		76,300
	1,090,000	5.750%, 11/22/2023		1,219,601
	220,000	5.375%, 3/25/2024		240,900
	680,000	7.625%, 3/29/2041		920,121
		MFB Magyar Fejlesztesi Bank Zrt
	210,000	6.250%, 10/21/2020^d		231,179

		Total		9,074,821


	India (<0.1%)
		Adani Ports and Special Economic Zone, Ltd.
	200,000	3.500%, 7/29/2020^d		197,078
		Greenko Dutch BV
	480,000	8.000%, 8/1/2019^d		503,760

		Total		700,838


	Indonesia (0.7%)
		Indonesia Government International Bond
	310,000	6.875%, 1/17/2018*		336,208
	560,000	11.625%, 3/4/2019		703,262
	470,000	5.375%, 10/17/2023		488,653
	810,000	5.875%, 1/15/2024		867,764
	2,850,000	4.750%, 1/8/2026^d		2,814,837
	585,000	8.500%, 10/12/2035		727,592
	200,000	6.625%, 2/17/2037		209,557
	520,000	7.750%, 1/17/2038		608,315
	1,230,000	5.250%, 1/17/2042		1,110,697
	200,000	4.625%, 4/15/2043		171,700
	400,000	6.750%, 1/15/2044		428,722
	400,000	5.125%, 1/15/2045		361,739
	700,000	5.125%, 1/15/2045^d		633,043
		Majapahit Holding BV
	100,000	7.750%, 10/17/2016		104,375
		Perusahaan Penerbit SBSN Indonesia III
	200,000	4.000%, 11/21/2018^d		208,000
	380,000	4.350%, 9/10/2024^d		363,250
	730,000	4.325%, 5/28/2025^d		696,274
		PT Pertamina Persero
	390,000	5.625%, 5/20/2043^d		305,231
		PT Perusahaan Gas Negara (Persero) Tbk PT
	410,000	5.125%, 5/16/2024		392,162

		Total		11,531,381


	Iraq (0.1%)
		Iraq Government International Bond
	1,200,000	5.800%, 1/15/2028		807,648

		Total		807,648


	Israel (<0.1%)
		Delek and Avner Yam Tethys, Ltd.
	110,000	2.803%, 12/30/2016^d		109,687
	110,000	3.839%, 12/30/2018^d		111,131

		Total		220,818

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

153

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (10.8%)	Value
	Jamaica (<0.1%)
		Digicel, Ltd.
$	770,000	6.750%, 3/1/2023^d	$	642,950

		Total		642,950


	Kazakhstan (0.2%)
		Kazakhstan Government International Bond
	1,050,000	5.125%, 7/21/2025^d		1,034,796
	320,000	4.875%, 10/14/2044^d		266,941
	1,550,000	6.500%, 7/21/2045^d		1,523,712
		KazMunayGas National Company JSC
	330,000	9.125%, 7/2/2018		362,670

		Total		3,188,119


	Kenya (0.1%)
		Kenya Government International Bond
	470,000	6.875%, 6/24/2024^d		411,250
	1,880,000	6.875%, 6/24/2024		1,645,000

		Total		2,056,250


	Latvia (<0.1%)
		Latvia Government International Bond
	581,000	5.250%, 2/22/2017		607,319

		Total		607,319


	Luxembourg (0.2%)
		Altice Financing SA
	290,000	6.625%, 2/15/2023^d		286,375
		Gazprom Neft OAO Via GPN Capital SA
	1,590,000	6.000%, 11/27/2023^d		1,496,502
		Telefonica Celular del Paraguay SA
	400,000	6.750%, 12/13/2022		365,000
		Tupy Overseas SA
	222,000	6.625%, 7/17/2024		193,695
		Wind Acquisition Finance SA
	280,000	4.000%, 7/15/2020*^,f		302,770
	360,000	7.000%, 4/23/2021^f		386,342
	270,000	7.375%, 4/23/2021		255,150
	500,000	7.375%, 4/23/2021^d		472,500

		Total		3,758,334


	Macedonia, The Former Yugoslav Republic Of (0.1%)
		Macedonia International Government Bond
	790,000	4.875%, 12/1/2020^d,f		851,382

		Total		851,382


	Mexico (0.9%)
		America Movil SAB de CV
	2,600,000	6.000%, 6/9/2019ⁿ		150,045
		Cemex SAB de CV
	180,000	4.750%, 1/11/2022^d,f		180,945
		Gruma, SAB de CV
	340,000	4.875%, 12/1/2024^d		347,650
		Grupo Cementos de Chihuahua SAB de CV
	200,000	8.125%, 2/8/2020^d		205,000
		Metalsa SA de CV
	350,000	4.900%, 4/24/2023^d		301,000
		Mexican Bonos
	10,503,200	7.750%, 11/23/2034ⁿ		666,306
		Mexican Cetes
	116,734,400	Zero Coupon, 1/21/2016ⁿ		676,124
	56,878,800	Zero Coupon, 1/28/2016ⁿ		329,260
	78,438,100	Zero Coupon, 2/4/2016ⁿ		453,798
	410,560,000	Zero Coupon, 2/25/2016ⁿ		2,371,145
	203,644,400	Zero Coupon, 3/3/2016ⁿ		1,175,441
	205,011,500	Zero Coupon, 3/10/2016ⁿ		1,182,250
		Mexican Udibonos
	4,656,003	5.000%, 6/16/2016ⁿ		276,235
		Mexico Government International Bond
	240,000	4.000%, 3/15/2115^f		217,832
	170,000	3.625%, 3/15/2022		171,020
	3,584,100	10.000%, 12/5/2024ⁿ		261,790
	560,000	6.050%, 1/11/2040		613,200
	1,150,000	4.750%, 3/8/2044		1,047,650
	897,000	5.550%, 1/21/2045		919,425
	1,766,000	4.600%, 1/23/2046		1,562,910
	304,000	5.750%, 10/12/2110		283,480
		Trust F/1401
	200,000	6.950%, 1/30/2044		198,500
	210,000	6.950%, 1/30/2044*		208,425

		Total		13,799,431


	Montenegro (<0.1%)
		Montenegro Government International Bond
	200,000	3.875%, 3/18/2020^d,f		205,286

		Total		205,286


	Mozambique (<0.1%)
		Mozambique EMATUM Finance 2020 BV
	436,800	6.305%, 9/11/2020		363,636

		Total		363,636


	Namibia (<0.1%)
		Namibia Government International Bond
	270,000	5.250%, 10/29/2025^d		251,100

		Total		251,100


	Netherlands (<0.1%)
		Listrindo Capital BV
	340,000	6.950%, 2/21/2019		348,500

		Total		348,500


	Nigeria (<0.1%)
		Nigeria Government International Bond
	200,000	6.750%, 1/28/2021		185,750
	400,000	6.375%, 7/12/2023		352,000

		Total		537,750

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

154

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (10.8%)	Value
	Pakistan (0.1%)
		Pakistan Government International Bond
$	370,000	6.875%, 6/1/2017	$	377,403
	200,000	7.250%, 4/15/2019^d		203,697
	210,000	6.750%, 12/3/2019*		211,255
	260,000	8.250%, 4/15/2024^d		266,605

		Total		1,058,960


	Panama (0.1%)
		Panama Government International Bond
	10,000	8.875%, 9/30/2027		13,825
	899,000	9.375%, 4/1/2029		1,294,560
		Panama Notas del Tesoro
	110,000	4.875%, 2/5/2021		115,601

		Total		1,423,986


	Paraguay (0.1%)
		Banco Continental SAECA
	451,000	8.875%, 10/15/2017		458,893
	170,000	8.875%, 10/15/2017*		172,975
		Banco Regional SAECA
	196,000	8.125%, 1/24/2019		199,430
	590,000	8.125%, 1/24/2019^d		600,325
		Paraguay Government International Bond
	600,000	6.100%, 8/11/2044		573,000

		Total		2,004,623


	Peru (0.1%)
		Abengoa Transmision Sur SA
	200,000	6.875%, 4/30/2043		207,500
	590,000	6.875%, 4/30/2043*		612,125
		Corporacion Financiera de Desarrollo SA
	200,000	4.750%, 2/8/2022		203,000
	200,000	4.750%, 2/8/2022^d		203,000
		Corporacion Lindley SA
	70,000	6.750%, 11/23/2021^d		76,475
	690,000	6.750%, 11/23/2021		753,825
	92,000	4.625%, 4/12/2023		90,620
	100,000	4.625%, 4/12/2023^d		98,500

		Total		2,245,045


	Philippines (0.1%)
		Energy Development Corporation
	430,000	6.500%, 1/20/2021		471,366
		Philippines Government International Bond
	810,000	9.875%, 1/15/2019		1,002,074
	300,000	10.625%, 3/16/2025		471,504
	218,000	7.750%, 1/14/2031		306,283

		Total		2,251,227


	Romania (<0.1%)
		Romania Government International Bond
	538,000	5.250%, 6/17/2016^f		597,639

		Total		597,639


	Russia (0.2%)
		AHML Finance, Ltd.
	10,700,000	7.750%, 2/13/2018*^,o		136,125
		EDC Finance, Ltd.
	300,000	4.875%, 4/17/2020^d		262,919
		Gazprom Neft OAO Via GPN Capital SA
	814,000	4.375%, 9/19/2022		719,983
	200,000	6.000%, 11/27/2023		188,239
		Lukoil International Finance BV
	220,000	3.416%, 4/24/2018		214,214
	310,000	6.125%, 11/9/2020		315,285
		Mobile Telesystems OJSC
	620,000	5.000%, 5/30/2023		571,950
		Phosagro OAO via Phosagro Bond Funding, Ltd.
	230,000	4.204%, 2/13/2018		227,068
	310,000	4.204%, 2/13/2018*		306,047

		Total		2,941,830


	South Africa (0.4%)
		South Africa Government International Bond
	110,000	4.665%, 1/17/2024		104,637
	3,879,000	5.875%, 9/16/2025		3,965,153
	100,000	6.250%, 3/8/2041		102,000
	1,050,000	5.375%, 7/24/2044		945,000

		Total		5,116,790


	South Korea (0.1%)
		Export-Import Bank of Korea
	270,000	0.987%, 8/14/2017*^,g		269,574
		Kookmin Bank
	200,000	1.571%, 10/11/2016^g		200,840
		Korea Development Bank
	350,000	3.250%, 3/9/2016		351,380
		Korea East-West Power Company, Ltd.
	200,000	2.500%, 7/16/2017		200,991

		Total		1,022,785


	Sri Lanka (0.4%)
		Sri Lanka Government International Bond
	560,000	6.000%, 1/14/2019^d		548,693
	200,000	5.125%, 4/11/2019		189,940
	171,000	6.250%, 10/4/2020^d		164,843
	200,000	6.250%, 10/4/2020		192,799
	1,920,000	6.250%, 7/27/2021		1,825,442
	230,000	5.875%, 7/25/2022		209,885
	310,000	6.125%, 6/3/2025^d		275,318
	510,000	6.125%, 6/3/2025		452,943
	2,740,000	6.850%, 11/3/2025^d		2,581,017

		Total		6,440,880


	Supranational (0.1%)
		Corporacion Andina de Fomento
	600,000	5.750%, 1/12/2017		625,704
	90,000	1.500%, 8/8/2017		89,536

		Total		715,240

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

155

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (10.8%)	Value
	Turkey (0.4%)
		Export Credit Bank of Turkey
$	200,000	5.875%, 4/24/2019	$	206,548
		Turkey Government International Bond
	761,000	7.500%, 7/14/2017		814,042
	280,000	6.750%, 4/3/2018		301,280
	1,290,000	7.000%, 6/5/2020		1,435,324
	401,000	7.375%, 2/5/2025		468,207
	1,050,000	4.250%, 4/14/2026		984,429
	50,000	8.000%, 2/14/2034		62,495
	106,000	6.875%, 3/17/2036		118,707
	680,000	6.000%, 1/14/2041		694,790
	1,480,000	4.875%, 4/16/2043		1,302,400

		Total		6,388,222


	Ukraine (0.2%)
		MHP SA
	200,000	8.250%, 4/2/2020		173,000
		Ukraine Government International Bond
	9,927	7.750%, 9/1/2019^d		9,188
	859,000	7.750%, 9/1/2020*		790,280
	355,000	7.750%, 9/1/2021*		322,539
	355,000	7.750%, 9/1/2022*		321,552
	132,000	7.750%, 9/1/2023*		117,506
	132,000	7.750%, 9/1/2024*		116,808
	132,000	7.750%, 9/1/2025*		116,105
	132,000	7.750%, 9/1/2026*		114,856
	132,000	7.750%, 9/1/2027*		114,840
	548,800	Zero Coupon, 5/31/2040*		216,776

		Total		2,413,450


	United Arab Emirates (0.1%)
		Dolphin Energy, Ltd.
	190,880	5.888%, 6/15/2019		201,672
		Ruwais Power Company PJSC
	200,000	6.000%, 8/31/2036		213,750
	660,000	6.000%, 8/31/2036^d		705,375

		Total		1,120,797


	United States (0.9%)
		Comcel Trust
	200,000	6.875%, 2/6/2024		154,000
		Commonwealth of Puerto Rico G.O.
	1,305,000	8.000%, 7/1/2035, Ser. A		946,164
		Commonwealth of Puerto Rico Public Improvement Refg. G.O.
	100,000	5.750%, 7/1/2028, Ser. A		66,386
	75,000	5.500%, 7/1/2032, Ser. A		49,063
		HSBC Bank USA NA
	688,000	10.000%, 1/5/2017^p		165,541
	680,000	6.000%, 8/15/2040^q		415,928
		Puerto Rico Sales Tax Financing Corporation Rev.
	225,000	5.250%, 8/1/2027, Ser. A		93,056
	175,000	5.500%, 8/1/2028, Ser. A		72,341
	75,000	0.000%, 8/1/2032, Ser. A^h		29,237
	20,000	5.375%, 8/1/2038, Ser. C		8,055
	70,000	5.375%, 8/1/2039, Ser. A		28,182
	835,000	5.250%, 8/1/2041, Ser. C		335,136
	1,030,000	5.500%, 8/1/2042, Ser. A		417,191
	200,000	6.000%, 8/1/2042, Ser. A		82,506
	10,000	5.000%, 8/1/2043, Ser. A-1		4,000
	5,000	5.250%, 8/1/2043, Ser. A-1		2,007
		U.S. Treasury Bonds
	200,000	3.625%, 8/15/2043		225,242
	100,000	3.750%, 11/15/2043		115,180
	1,700,000	3.000%, 11/15/2044		1,693,824
	600,000	2.875%, 8/15/2045		582,727
	1,400,000	3.000%, 11/15/2045		1,395,789
		U.S. Treasury Notes
	700,000	1.625%, 6/30/2020		697,129
	2,700,000	2.000%, 10/31/2021		2,707,487
	800,000	1.500%, 1/31/2022		777,687
	200,000	1.750%, 2/28/2022		197,156
	100,000	2.000%, 7/31/2022		99,730
	2,500,000	1.750%, 9/30/2022		2,450,390
	600,000	1.875%, 10/31/2022		592,406

		Total		14,403,540


	Venezuela (0.5%)
		Petroleos de Venezuela SA
	80,000	5.250%, 4/12/2017		40,192
	1,620,000	9.000%, 11/17/2021		648,810
	1,630,000	6.000%, 5/16/2024		607,175
	4,946,000	6.000%, 11/15/2026		1,817,655
	120,000	5.375%, 4/12/2027		43,500
		Venezuela Government International Bond
	1,160,000	7.750%, 10/13/2019		461,100
	846,000	6.000%, 12/9/2020		315,135
	200,000	12.750%, 8/23/2022		89,500
	1,565,000	9.000%, 5/7/2023		622,088
	1,392,000	8.250%, 10/13/2024		528,960
	4,170,000	7.650%, 4/21/2025		1,542,900
	674,000	11.750%, 10/21/2026		299,930
	1,382,000	9.250%, 9/15/2027		566,620
	1,681,000	9.250%, 5/7/2028		655,590
	10,000	11.950%, 8/5/2031		4,425
	970,000	9.375%, 1/13/2034		380,725
	100,000	7.000%, 3/31/2038		37,250

		Total		8,661,555


	Vietnam (0.2%)
		Debt and Asset Trading Corporation
	200,000	1.000%, 10/10/2025		96,000
		Vietnam Government International Bond
	2,150,000	6.750%, 1/29/2020^d		2,356,271
	500,000	4.800%, 11/19/2024		480,190
	452,000	4.800%, 11/19/2024*		434,092

		Total		3,366,553


	Virgin Islands, British (<0.1%)
		Central American Bottling Corporation
	108,000	6.750%, 2/9/2022		109,350
	210,000	6.750%, 2/9/2022^d		212,625

		Total		321,975


	Zambia (0.1%)
		Zambia Government International Bond
	770,000	5.375%, 9/20/2022		555,632

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

156

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (10.8%)	Value
	Zambia (0.1%) - continued
$	790,000	8.970%, 7/30/2027^d	$	623,073

		Total		1,178,705


		Total Long-Term Fixed Income (cost $187,732,090)		172,862,220


Shares		Preferred Stock (0.8%)
	Brazil (0.1%)
	673,532	Vale SA ADR^b		1,717,507

		Total		1,717,507


	South Korea (0.7%)
	11,350	Samsung Electronics Company, Ltd.		10,491,805

		Total		10,491,805

		Total Preferred Stock (cost $14,100,993)		12,209,312


Shares		Collateral Held for Securities Loaned (1.1%)
	18,465,884	Thrivent Cash Management Trust		18,465,884

		Total Collateral Held for Securities Loaned (cost $18,465,884)		18,465,884


Shares or Principal Amount		Short-Term Investments (1.1%)^r
		Federal National Mortgage Association Discount Notes
	100,000	0.100%, 1/14/2016^s		99,996
		Thrivent Cash Management Trust
	17,322,047	0.220%		17,322,047

		Total Short-Term Investments (at amortized cost)		17,422,043

		Total Investments (cost $1,624,928,496) 100.4%	$	1,612,123,868

		Other Assets and Liabilities, Net (0.4%)		(6,563,246	)

		Total Net Assets 100.0%	$	1,605,560,622


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 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 December 31, 2015, the value of these investments was $37,653,029 or 2.3% 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 December 31, 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 December 31, 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 Czeck Republic Korun.
m		Principal amount is displayed in Dominican Republic Pesos.
n		Principal amount is displayed in Mexican Pesos.
o		Principal amount is displayed in Russian Rubles.
p		Principal amount is displayed in Brazilian Real. Security is linked to Brazilian Government Bonds due January 1, 2017.
q		Principal amount is displayed in Brazilian Real. Security is linked to Brazilian Government Bonds due August 15, 2040.
r		The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.
s		All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.
*		Denotes restricted securities. Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The value of all restricted securities held in Partner Worldwide Allocation Portfolio as of December 31, 2015 was $9,693,674 or 0.6% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of December 31, 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		111,207
Brazil Loan Trust 1, 7/24/2023		7/25/2013		1,102,312
Brazil Minas SPE via State of Minas Gerais, 2/15/2028		3/22/2013		1,483,201
Digicel Group, Ltd., 9/30/2020		6/26/2015		212,170
Export-Import Bank of Korea, 8/14/2017		5/29/2015		270,249
Honduras Government International Bond, 12/16/2020		12/11/2013		1,370,000

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

157

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of December 31, 2015


Security	Acquisition Date		Cost
Honduras Government International Bond, 3/15/2024		3/12/2013	$	270,000
Independencia International, Ltd., 12/30/2016		3/29/2010		100,623
Indonesia Government International Bond, 1/17/2018		2/6/2015		338,420
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		203,883
Ukraine Government International Bond, 9/1/2021		11/12/2015		333,215
Ukraine Government International Bond, 9/1/2022		11/12/2015		333,142
Ukraine Government International Bond, 5/31/2040		11/12/2015		248,060
Ukraine Government International Bond, 9/1/2020		11/12/2015		817,042
Ukraine Government International Bond, 9/1/2024		11/12/2015		121,222
Ukraine Government International Bond, 9/1/2026		11/12/2015		120,866
Ukraine Government International Bond, 9/1/2027		11/12/2015		120,855
Ukraine Government International Bond, 9/1/2025		11/12/2015		121,206
Ukraine Government International Bond, 9/1/2023		11/12/2015		122,874
Vietnam Government International Bond, 11/19/2024		11/7/2014		455,906
Wind Acquisition Finance SA, 7/15/2020		6/24/2014		380,927

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Partner Worldwide Allocation Portfolio as of December 31, 2015:

Securities Lending Transactions


Common Stock	$	17,361,358

Total lending	$	17,361,358
Gross amount payable upon return of collateral for securities loaned	$	18,465,884

Net amounts due to counterparty	$	1,104,526

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
Ser.	-	Series

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

158

LARGE CAP STOCK PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (80.4%)	Value
	Consumer Discretionary (12.9%)
	19,900	Aisan Industry Company, Ltd.	$	204,348
	5,600	Aisin Seiki Company, Ltd.		241,015
	35,752	Amazon.com, Inc.^a		24,164,419
	25,540	AutoZone, Inc.^a		18,948,381
	2,900	Bayerische Motoren Werke AG		242,631
	29,700	Berkeley Group Holdings plc		1,614,606
	5,800	Brembo SPA		280,216
	17,000	Bridgestone Corporation		583,124
	29,000	Calsonic Kansei Corporation		255,666
	21,500	Cineworld Group plc		178,253
	246,200	Comcast Corporation		13,893,066
	11,900	Compass Group plc		206,207
	800	Continental AG		193,529
	6,000	Daimler AG		501,327
	138,200	Debenhams plc		149,003
	26,900	Denso Corporation		1,285,430
	110,500	EDION Corporation^b		834,342
	12,700	Electrolux AB		306,418
	18,000	Eutelsat Communications		538,931
	40,600	GKN plc		184,239
	71,000	Gunze, Ltd.		207,961
	40,600	Hakuhodo Dy Holdings, Inc.		439,274
	2,100	Hugo Boss AG		173,270
	80,400	Inchcape plc		927,635
	33,800	Informa plc		305,467
	12,700	Intertek Group plc		519,516
	21,400	Isuzu Motors, Ltd.		230,535
	266,000	ITV plc		1,082,986
	113,615	Las Vegas Sands Corporation		4,980,882
	131,300	Lookers plc		357,749
	6,400	Mitsuba Corporation		98,944
	37,900	NOK Corporation		885,376
	2,000	Paddy Power plc		267,116
	33,000	PanaHome Corporation		249,308
	81,400	Persimmon plc		2,428,449
	7,700	ProSiebenSat.1 Media AG		388,477
	1,800	Renault SA		180,173
	5,459	Schibsted ASA		179,474
	20,000	Sekisui House, Ltd.		336,275
	19,100	SHOWA Corporation		177,222
	29,800	Sports Direct International plc^a		253,245
	9,500	Stanley Electric Company, Ltd.		208,407
	50,900	Star Entertainment Group, Ltd.		186,774
	407,370	Starbucks Corporation		24,454,421
	64,200	Sumitomo Forestry Company, Ltd.		866,258
	37,200	Sumitomo Rubber Industries, Ltd.		483,725
	30,000	Takashimaya Company, Ltd.		270,165
	6,500	Tamron Company, Ltd.		119,919
	65,300	Tatts Group, Ltd.		207,319
	309,700	Taylor Wimpey plc		925,811
	68,900	UBM plc		534,005
	5,606	Valora Holding AG		1,166,298
	34,000	Wacoal Holdings Corporation		406,590
	53,000	WH Smith plc		1,377,156
	36,000	Wolters Kluwer NV		1,209,014
	48,800	WPP plc		1,122,494
	9,500	Yokohama Rubber Company, Ltd.		145,899

		Total		113,158,740


	Consumer Staples (6.9%)
	10,600	AarhusKarlshamn AB		785,237
	28,500	Axfood AB		493,626
	7,700	Bakkafrost PF		226,847
	3,600	British American Tobacco plc		199,924
	23,583	Britvic plc		252,675
	8,200	Carrefour SA		236,650
	55,600	Coca-Cola HBC AG^a		1,184,045
	91,170	CVS Health Corporation		8,913,691
	12,000	Henkel AG & Company KGaA		1,147,838
	96,500	Imperial Tobacco Group plc		5,096,934
	64,800	Japan Tobacco, Inc.		2,379,052
	23,500	Jeronimo Martins SGPS SA		305,793
	24,700	Kao Corporation		1,269,302
	2,400	Kerry Group plc		198,576
	108,360	Kimberly-Clark Corporation		13,794,228
	164,600	Koninklijke Ahold NV		3,472,000
	3,800	KOSE Corporation		351,351
	22,800	Marks and Spencer Group plc		151,808
	34,400	Nestle SA		2,553,693
	23,000	Nippon Meat Packers, Inc.		450,797
	43,200	Nisshin Oillio Group, Ltd.		175,981
	164,475	Philip Morris International, Inc.		14,458,997
	5,400	Royal Unibrew AS		219,465
	13,100	Suedzucker AG		259,648
	8,000	Sugi Holdings Company, Ltd.		441,382
	3,200	Sundrug Company, Ltd.		205,750
	9,100	Svenska Cellulosa AB SCA		263,719
	38,300	Swedish Match AB		1,353,423

		Total		60,842,432


	Energy (7.3%)
	4,500	Azrieli Group, Ltd.		167,637
	399,500	BP plc		2,076,088
	216,170	Cameron International Corporation^a		13,661,944
	142,229	Chevron Corporation		12,794,921
	285,070	Columbia Pipeline Group, Inc.		5,701,400
	108,430	EOG Resources, Inc.		7,675,760
	62,530	EQT Corporation		3,259,689
	13,800	OMV AG		391,719
	8,500	Royal Dutch Shell plc		193,861
	20,207	Royal Dutch Shell plc, Class B		460,539
	14,210	Schlumberger, Ltd.		991,147
	67,275	Statoil ASA		938,269
	82,770	Suncor Energy, Inc. ADR		2,135,466
	65,000	TonenGeneral Sekiyu KK		548,730
	1,600,164	Weatherford International, Ltd.^a		13,425,376

		Total		64,422,546


	Financials (14.9%)
	269,900	Aberdeen Asset Management plc		1,150,111
	89,570	ACE, Ltd.		10,466,255
	10,700	AEON Financial Service Company, Ltd.		239,024
	41,000	Allianz SE		7,227,438
	114,300	Australia & New Zealand Banking Group, Ltd.		2,306,545
	424,900	Banco Santander SA		2,090,252
	189,700	Bank Hapoalim, Ltd.		979,232
	225,134	Bank of America Corporation		3,789,005
	49,306	Bank of Queensland, Ltd.		497,380
	338,000	Bank of Yokohama, Ltd.		2,071,806
	118,400	BinckBank NV		1,020,419
	173,320	Blackstone Group, LP		5,067,877
	4,500	Bolsas y Mercados Espanoles SA		151,648
	36,600	British Land Company plc		423,496
	47,716	Capital Shopping Centres Group plc		222,927
	142,400	CapitaMall Trust		193,221
	45,000	Chiba Bank, Ltd.		319,330
	246,960	Citigroup, Inc.		12,780,180
	49,800	CNP Assurances		671,772
	18,000	Daiwa House Industry Company, Ltd.		517,434

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

159

LARGE CAP STOCK PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (80.4%)	Value
	Financials (14.9%) - continued
	3,100	Derwent London plc	$	167,672
	227,000	DEXUS Property Group		1,231,285
	108,066	Direct Line Insurance Group plc		647,764
	110,000	FlexiGroup, Ltd.^b		240,067
	131,400	Frasers Centrepoint Trust		170,785
	332,000	Fukuoka Financial Group, Inc.		1,646,262
	18,159	Hamborner REIT AG		189,727
	27,200	Hammerson plc		240,459
	41,400	Hang Seng Bank, Ltd.		784,669
	18,800	Hannover Rueckversicherung SE		2,146,775
	84,400	Henderson Group plc		383,602
	29,000	Henderson Land Development Company, Ltd.		176,900
	79,000	Hokuhoku Financial Group, Inc.		161,045
	40,200	Hufvudstaden AB		568,292
	326,000	Hysan Development Company, Ltd.		1,331,927
	15,978	IG Group Holdings plc		188,901
	61,100	ING Groep NV		826,690
	42,570	Intercontinental Exchange, Inc.		10,908,988
	145,063	Intermediate Capital Group plc		1,337,278
	255,760	Invesco, Ltd.		8,562,845
	88,800	Investa Office Fund		257,057
	211,200	Investec plc		1,489,180
	345,249	J.P. Morgan Chase & Company		22,796,792
	227,000	Link REIT		1,353,347
	3,200	Macquarie Group, Ltd.		191,433
	291,300	Mitsubishi UFJ Financial Group, Inc.		1,804,385
	2,400	Muenchener Rueckversicherungs-Gesellschaft AG		478,172
	712,000	New World Development Company, Ltd.^b		699,140
	52,000	Ogaki Kyoritsu Bank, Ltd.		209,650
	57,000	Old Mutual plc		149,949
	55,500	Poundland Group plc		169,937
	38,400	Resona Holdings, Inc.		186,480
	4,200	Sampo Oyj		213,287
	28,400	Schroders plc		1,243,898
	6,000	Sompo Japan Nipponkoa Holdings, Inc.		197,008
	564,502	Stockland		1,675,712
	224,000	Sumitomo Mitsui Trust Holdings, Inc.		848,362
	43,600	Swiss Re AG		4,258,251
	134,730	Synchrony Financial^a		4,097,139
	6,000	Talanx AG		184,528
	4,700	Tokio Marine Holdings, Inc.		181,536
	84,000	UBS Group AG		1,629,556
	128,217	United Overseas Bank, Ltd.		1,767,704
	22,400	Wallenstam AB		180,043
	245,800	Wing Tai Holdings, Ltd.		303,629

		Total		130,663,460


	Health Care (10.0%)
	2,500	Actelion, Ltd.		347,359
	30,322	Allergan plc^a		9,475,625
	26,800	Amgen, Inc.		4,350,444
	21,700	Astellas Pharmaceutical, Inc.		308,916
	61,591	Baxalta, Inc.		2,403,897
	1,400	Bayer AG		174,848
	125,755	Cerner Corporation^a		7,566,678
	4,700	CSL, Ltd.		358,326
	30,500	Essilor International SA		3,801,417
	2,100	Fresenius Medical Care AG & Company KGaA		176,474
	1,900	Gerresheimer AG		148,470
	66,159	Gilead Sciences, Inc.		6,694,629
	33,800	Hikma Pharmaceuticals plc		1,145,809
	23,477	ICON plc^a		1,824,163
	10,500	Kaken Pharmaceutical Company, Ltd.		717,498
	4,300	Lonza Group AG		699,330
	368,670	Merck & Company, Inc.		19,473,149
	30,100	Novartis AG		2,589,180
	33,600	Novo Nordisk AS		1,945,380
	6,100	Paramount Bed Holdings Company, Ltd.		216,437
	384,920	Pfizer, Inc.		12,425,218
	8,000	Recordati SPA		208,728
	21,500	Sanofi		1,832,278
	10,200	Suzuken Company, Ltd.		387,622
	71,982	Vertex Pharmaceuticals, Inc.^a		9,057,495

		Total		88,329,370


	Industrials (8.0%)
	9,100	Aalberts Industries NV		313,549
	12,900	Adecco SA		882,911
	17,100	Aida Engineering, Ltd.		176,246
	218,265	Air New Zealand, Ltd.		440,211
	11,800	Airbus Group NV		795,175
	20,900	Amada Holdings Company, Ltd.		199,442
	6,000	Andritz AG		292,011
	99,000	Asahi Glass Company, Ltd.		567,156
	7,000	Atlas Copco Aktiebolag		171,674
	130,200	BAE Systems plc		958,605
	125,530	Boeing Company		18,150,383
	65,800	Bollore SA		306,606
	52,800	Central Glass Company, Ltd.		242,170
	8,800	Central Japan Railway Company		1,562,299
	12,300	Compagnie de Saint-Gobain		533,027
	7,100	Croda International plc		318,117
	40,300	CTT-Correios de Portugal SA		387,318
	25,000	Dai Nippon Printing Company, Ltd.		247,216
	27,170	Dart Group plc		235,719
	258,070	Delta Air Lines, Inc.		13,081,568
	17,400	Deutsche Post AG		486,468
	10,100	DSV AS		397,573
	2,700	East Japan Railway Company		254,248
	5,000	Elbit Systems, Ltd.		440,176
	29,100	Ferrovial SA		658,048
	600	Flughafen Zuerich AG		450,187
	18,533	Galliford Try plc		416,433
	4,500	GEA Group AG		181,805
	300	Georg Fischer AG		203,671
	29,000	Hankyu Hanshin Holdings, Inc.		188,497
	3,900	Hochtief AG		361,717
	2,800	Hoshizaki Electric Company, Ltd.		174,063
	12,200	IBIDEN Company, Ltd.^b		174,904
	12,200	Inaba Denki Sangyo Company, Ltd.		389,803
	44,200	Intrum Justitia AB		1,504,025
	168,000	ITOCHU Corporation		1,987,180
	8,529	Jardine Matheson Holdings, Ltd.		413,038
	2,900	Jungheinrich AG		239,177
	15,000	Keisei Electric Railway Company, Ltd.		191,374
	57,100	KITZ Corporation		256,484
	42,300	KONE Oyj		1,791,037
	12,600	Koninklijke Boskalis Westminster NV		513,984
	88,394	Meggitt plc		488,049
	5,400	MEITEC Corporation		184,918
	22,400	MIRAIT Holdings Corporation		184,551
	25,000	Mitsuboshi Belting, Ltd.		199,297
	27,200	Nikkon Holdings Company, Ltd.		542,143
	43,000	Nippon Express Company, Ltd.		202,067
	43,800	Nitto Kogyo Corporation		765,790

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

160

LARGE CAP STOCK PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (80.4%)	Value
	Industrials (8.0%) - continued
	136,370	Norfolk Southern Corporation	$	11,535,538
	25,000	Obayashi Corporation		230,680
	2,900	Randstad Holding NV		180,588
	76,700	Rentokil Initial plc		179,958
	2,498	Rieter Holding AG		469,516
	8,414	Saft Groupe SA		256,449
	1,100	Schindler Holding AG		184,029
	89,100	SIG plc		188,286
	13,900	Teleperformance SA		1,168,822
	4,100	Thales SA		306,886
	6,900	TKH Group NV		280,192
	39,000	Toppan Printing Company, Ltd.		359,313
	6,100	Travis Perkins plc		176,965
	15,600	Tsubakimoto Chain Company		120,119
	3,400	Vestas Wind Systems AS		237,452
	8,100	Yuasa Trading Company, Ltd.		200,098

		Total		70,177,001


	Information Technology (13.7%)
	24,244	Alphabet, Inc., Class A^a		18,862,074
	24,250	Alphabet, Inc., Class C^a		18,402,840
	15,800	Alps Electric Company, Ltd.		428,465
	5,600	AMS AG		187,200
	306,198	Apple, Inc.		32,230,401
	2,960	AtoS		248,501
	23,200	Canon, Inc.		701,801
	3,600	Cap Gemini SA		334,030
	33,300	Check Point Software Technologies, Ltd.^a,b		2,709,954
	187,750	Cisco Systems, Inc.		5,098,351
	18,944	Dialog Semiconductor plc^a,b		632,139
	8,400	DTS Corporation		191,215
	476,130	EMC Corporation		12,227,018
	87,275	Facebook, Inc.^a		9,134,201
	83,500	FUJIFILM Holdings NPV		3,484,664
	21,000	Hitachi Kokusai Electric, Inc.		285,481
	13,100	Hoya Corporation		535,693
	7,900	Ingenico Group		997,152
	25,200	IRESS, Ltd.		182,455
	14,600	IT Holdings Corporation		333,593
	12,000	ITOCHU Techno-Solutions Corporation		239,093
	6,200	Kyocera Corporation		287,931
	32,000	NEC Networks & System Integration Corporation		565,910
	12,200	NS Solutions Corporation		277,986
	125,510	Salesforce.com, Inc.^a		9,839,984
	12,000	SAP SE		952,243
	51,900	Shinko Electric Industries Company, Ltd.		332,723
	2,900	TDK Corporation		185,727
	900	U-Blox AG^a		191,555

		Total		120,080,380


	Materials (3.0%)
	83,996	Albemarle Corporation		4,704,616
	2,700	Aurubis AG		136,718
	68,100	BHP Billiton plc		759,443
	152,700	BHP Billiton, Ltd.		1,965,178
	71,200	BillerudKorsnas AB		1,317,670
	59,800	Boral, Ltd.		255,677
	15,200	Buzzi Unicem SPA		272,466
	89,600	Daicel Corporation		1,333,419
	146,250	Dow Chemical Company		7,528,950
	33,000	DOWA Holdings Company, Ltd.^a		237,274
	5,300	Evonik Industries AG		175,309
	400	Givaudan SA		725,985
	18,300	Hexpol AB		196,217
	23,500	Hokuetsu Kishu Paper Company, Ltd.		138,483
	8,700	Holmen AB		268,720
	11,500	JFE Holdings, Inc.		180,578
	3,200	LafargeHolcim, Ltd.		160,239
	1,000	Linde AG		144,459
	28,700	Mitsubishi Chemical Holdings Corporation		182,094
	20,400	Mondi plc		399,857
	12,400	Nippon Paint Holdings Company, Ltd.		300,105
	25,700	Nippon Steel & Sumitomo Metal Corporation		508,407
	17,800	Novozymes AS		852,244
	31,000	Oji Holdings Corporation		124,589
	12,500	Rio Tinto plc		363,943
	5,400	Rio Tinto, Ltd.		174,633
	33,000	Sumitomo Seika Chemicals Company, Ltd.		200,780
	35,000	Tosoh Corporation		180,040
	37,500	UPM-Kymmene Oyj		696,203
	39,019	Yara International ASA		1,678,140

		Total		26,162,436


	Telecommunications Services (1.4%)
	181,564	BT Group plc		1,260,711
	48,500	Elisa Oyj		1,824,816
	43,700	Freenet AG		1,474,658
	645,205	KCOM Group plc		1,098,598
	110,600	Orange SA		1,849,876
	21,300	Proximus SA		693,125
	69,400	StarHub, Ltd.		180,605
	847,800	Telstra Corporation, Ltd.		3,445,195
	18,200	Vivendi SA		390,884

		Total		12,218,468


	Utilities (2.3%)
	409,700	A2A SPA		554,760
	48,000	CLP Holdings, Ltd.		406,848
	355,100	Electricidade de Portugal SA		1,279,554
	296,050	PG&E Corporation		15,746,899
	186,100	Redes Energeticas Nacionais SGPS SA		562,219
	32,000	Toho Gas Company, Ltd.		206,664
	88,300	United Utilities Group plc		1,215,837

		Total		19,972,781


		Total Common Stock (cost $569,456,606)		706,027,614


		Registered Investment Companies (0.5%)
	Equity Funds/ETFs (0.5%)
	77,940	iShares MSCI EAFE Index Fund		4,578,975

		Total		4,578,975


		Total Registered Investment Companies (cost $4,695,137)		4,578,975

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

161

LARGE CAP STOCK PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Collateral Held for Securities Loaned (0.5%)	Value
	4,545,524	Thrivent Cash Management Trust	$	4,545,524

		Total Collateral Held for Securities Loaned (cost $4,545,524)		4,545,524

Shares or Principal Amount		Short-Term Investments (19.1%)^c
		Federal Home Loan Bank Discount Notes
	400,000	0.100%, 1/4/2016^d		399,997
	15,000,000	0.180%, 1/27/2016		14,998,050
	10,000,000	0.190%, 1/28/2016		9,998,575
		Federal Home Loan Mortgage Corporation Discount Notes
	700,000	0.100%, 1/6/2016^d		699,990
	6,100,000	0.082%, 1/8/2016^d		6,099,902
	100,000	0.100%, 1/13/2016		99,997
	6,200,000	0.200%, 2/17/2016^d		6,198,381
		Federal National Mortgage Association Discount Notes
	100,000	0.110%, 1/14/2016		99,996
		Thrivent Cash Management Trust
	129,184,785	0.220%		129,184,785

		Total Short-Term Investments (at amortized cost)		167,779,673

		Total Investments (cost $746,476,940) 100.5%	$	882,931,786

		Other Assets and Liabilities, Net (0.5%)		(4,016,456	)

		Total Net Assets 100.0%	$	878,915,330

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	All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Securities Lending Transactions


Common Stock	$	4,343,137

Total lending	$	4,343,137
Gross amount payable upon return of collateral for securities loaned	$	4,545,524

Net amounts due to counterparty	$	202,387

Definitions:


ADR	-	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
REIT	-	Real Estate Investment Trust is a company that buys, develops, manages and/or sells real estate assets.

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

162

LARGE CAP INDEX PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (96.4%)	Value
	Consumer Discretionary (12.6%)
	2,050	Advance Auto Parts, Inc.	$	308,546
	10,820	Amazon.com, Inc.^a		7,313,130
	2,160	AutoNation, Inc.^a		128,866
	850	AutoZone, Inc.^a		630,623
	4,710	Bed Bath & Beyond, Inc.^a		227,257
	8,405	Best Buy Company, Inc.		255,932
	6,250	BorgWarner, Inc.		270,187
	6,290	Cablevision Systems Corporation		200,651
	5,870	CarMax, Inc.^a		316,804
	12,720	Carnival Corporation		692,986
	12,172	CBS Corporation		573,666
	880	Chipotle Mexican Grill, Inc.^a		422,268
	7,860	Coach, Inc.		257,258
	69,685	Comcast Corporation		3,932,325
	9,090	D.R. Horton, Inc.		291,153
	3,200	Darden Restaurants, Inc.		203,648
	7,780	Delphi Automotive plc		666,979
	4,190	Discovery Communications, Inc., Class A^a,b		111,789
	7,230	Discovery Communications, Inc., Class C^a		182,341
	8,250	Dollar General Corporation		592,928
	6,588	Dollar Tree, Inc.^a		508,725
	3,310	Expedia, Inc.		411,433
	110,291	Ford Motor Company		1,554,000
	1,170	Fossil, Inc.^a		42,775
	6,482	Gap, Inc.		160,105
	3,330	Garmin, Ltd.		123,776
	39,938	General Motors Company		1,358,291
	4,220	Genuine Parts Company		362,456
	7,520	Goodyear Tire & Rubber Company		245,678
	6,620	H&R Block, Inc.		220,512
	11,090	Hanesbrands, Inc.		326,379
	5,390	Harley-Davidson, Inc.		244,652
	1,980	Harman International Industries, Inc.		186,536
	3,140	Hasbro, Inc.		211,510
	35,510	Home Depot, Inc.		4,696,197
	11,417	Interpublic Group of Companies, Inc.		265,788
	18,180	Johnson Controls, Inc.		717,928
	5,360	Kohl’s Corporation		255,297
	3,820	Leggett & Platt, Inc.		160,516
	4,970	Lennar Corporation		243,083
	7,194	Limited Brands, Inc.		689,329
	25,500	Lowe’s Companies, Inc.		1,939,020
	8,958	Macy’s, Inc.		313,351
	5,396	Marriott International, Inc.		361,748
	9,550	Mattel, Inc.		259,473
	25,850	McDonald’s Corporation		3,053,919
	5,180	Michael Kors Holdings, Ltd.^a		207,511
	1,780	Mohawk Industries, Inc.^a		337,114
	12,050	Netflix, Inc.^a		1,378,279
	7,543	Newell Rubbermaid, Inc.		332,495
	10,655	News Corporation, Class A		142,351
	3,010	News Corporation, Class B		42,020
	37,920	NIKE, Inc.		2,370,000
	3,870	Nordstrom, Inc.		192,765
	6,780	Omnicom Group, Inc.		512,975
	2,750	O’Reilly Automotive, Inc.^a		696,905
	1,400	Priceline Group, Inc.^a		1,784,930
	8,792	Pulte Group, Inc.		156,673
	2,340	PVH Corporation		172,341
	1,680	Ralph Lauren Corporation		187,286
	11,280	Ross Stores, Inc.		606,977
	4,730	Royal Caribbean Cruises, Ltd.		478,723
	2,670	Scripps Networks Interactive, Inc.		147,411
	2,230	Sherwin-Williams Company		578,908
	2,230	Signet Jewelers, Ltd.		275,829
	1,640	Snap-On, Inc.		281,145
	18,045	Staples, Inc.		170,886
	41,700	Starbucks Corporation		2,503,251
	4,730	Starwood Hotels & Resorts Worldwide, Inc.		327,694
	17,440	Target Corporation		1,266,318
	6,280	Tegna, Inc.		160,266
	3,090	Tiffany & Company		235,736
	8,008	Time Warner Cable, Inc.		1,486,205
	22,440	Time Warner, Inc.		1,451,195
	18,860	TJX Companies, Inc.		1,337,363
	3,800	Tractor Supply Company		324,900
	3,220	TripAdvisor, Inc.^a		274,505
	32,750	Twenty-First Century Fox, Inc., Class A		889,490
	12,070	Twenty-First Century Fox, Inc., Class B		328,666
	5,080	Under Armour, Inc.^a		409,499
	2,470	Urban Outfitters, Inc.^a		56,193
	9,620	VF Corporation		598,845
	9,692	Viacom, Inc.		398,923
	42,917	Walt Disney Company		4,509,718
	2,187	Whirlpool Corporation		321,205
	3,272	Wyndham Worldwide Corporation		237,711
	2,310	Wynn Resorts, Ltd.		159,829
	12,050	Yum! Brands, Inc.		880,253

		Total		65,703,103


	Consumer Staples (9.7%)
	55,150	Altria Group, Inc.		3,210,281
	16,648	Archer-Daniels-Midland Company		610,649
	2,857	Brown-Forman Corporation		283,643
	5,050	Campbell Soup Company		265,377
	3,700	Church & Dwight Company, Inc.		314,056
	3,620	Clorox Company		459,125
	109,800	Coca-Cola Company		4,717,008
	5,880	Coca-Cola Enterprises, Inc.		289,531
	25,200	Colgate-Palmolive Company		1,678,824
	12,200	ConAgra Foods, Inc.		514,352
	4,780	Constellation Brands, Inc.		680,863
	12,280	Costco Wholesale Corporation		1,983,220
	30,974	CVS Health Corporation		3,028,328
	5,320	Dr. Pepper Snapple Group, Inc.		495,824
	6,250	Estee Lauder Companies, Inc.		550,375
	16,770	General Mills, Inc.		966,958
	4,040	Hershey Company		360,651
	3,780	Hormel Foods Corporation		298,922
	3,341	J.M. Smucker Company		412,079
	7,160	Kellogg Company		517,453
	3,260	Keurig Green Mountain, Inc.^b		293,335
	10,182	Kimberly-Clark Corporation		1,296,169
	16,837	Kraft Heinz Company		1,225,060
	27,330	Kroger Company		1,143,214
	3,260	McCormick & Company, Inc.		278,926
	5,528	Mead Johnson Nutrition Company		436,436
	4,430	Molson Coors Brewing Company		416,066
	44,702	Mondelez International, Inc.		2,004,438
	4,180	Monster Beverage Corporation^a		622,653
	40,970	PepsiCo, Inc.		4,093,722
	44,230	Philip Morris International, Inc.		3,888,259
	76,358	Procter & Gamble Company		6,063,589
	23,248	Reynolds American, Inc.		1,072,895
	5,450	Safeway, Inc. (Casa Ley SA de CV) Contingent Value Rights^a,c		5,531

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

163

LARGE CAP INDEX PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (96.4%)	Value
	Consumer Staples (9.7%) - continued
	5,450	Safeway, Inc. (Property Development Centers, LLC) Contingent Value Rights^a,c	$	266
	14,700	Sysco Corporation		602,700
	8,290	Tyson Foods, Inc.		442,106
	24,460	Walgreens Boots Alliance, Inc.		2,082,891
	44,380	Wal-Mart Stores, Inc.		2,720,494
	9,750	Whole Foods Market, Inc.		326,625

		Total		50,652,894


	Energy (6.3%)
	14,512	Anadarko Petroleum Corporation		704,993
	10,770	Apache Corporation		478,942
	12,293	Baker Hughes, Inc.		567,322
	11,400	Cabot Oil & Gas Corporation		201,666
	5,390	Cameron International Corporation^a		340,648
	14,790	Chesapeake Energy Corporation^b		66,555
	53,306	Chevron Corporation		4,795,408
	2,750	Cimarex Energy Company		245,795
	11,229	Columbia Pipeline Group, Inc.		224,580
	35,529	ConocoPhillips		1,658,849
	6,210	Consol Energy, Inc.^b		49,059
	10,940	Devon Energy Corporation		350,080
	1,820	Diamond Offshore Drilling, Inc.^b		38,402
	6,680	Ensco plc		102,805
	15,720	EOG Resources, Inc.		1,112,819
	4,340	EQT Corporation		226,244
	117,010	Exxon Mobil Corporation		9,120,929
	6,460	FMC Technologies, Inc.^a		187,405
	24,140	Halliburton Company		821,726
	3,080	Helmerich & Payne, Inc.^b		164,934
	6,870	Hess Corporation		333,058
	54,060	Kinder Morgan, Inc.		806,575
	19,538	Marathon Oil Corporation		245,983
	15,018	Marathon Petroleum Corporation		778,533
	4,620	Murphy Oil Corporation		103,719
	10,550	National Oilwell Varco, Inc.		353,319
	4,760	Newfield Exploration Company^a		154,986
	12,160	Noble Energy, Inc.		400,429
	21,660	Occidental Petroleum Corporation		1,464,433
	5,590	ONEOK, Inc.		137,849
	13,484	Phillips 66		1,102,991
	4,340	Pioneer Natural Resources Company		544,149
	4,830	Range Resources Corporation		118,866
	35,494	Schlumberger, Ltd.		2,475,706
	10,650	Southwestern Energy Company^a		75,721
	19,054	Spectra Energy Corporation		456,153
	3,370	Tesoro Corporation		355,097
	9,810	Transocean, Ltd.^b		121,448
	13,470	Valero Energy Corporation		952,464
	19,280	Williams Companies, Inc.		495,496

		Total		32,936,136


	Financials (15.8%)
	9,040	ACE, Ltd.		1,056,324
	1,520	Affiliated Managers Group, Inc.^a		242,835
	11,960	Aflac, Inc.		716,404
	10,902	Allstate Corporation		676,905
	23,470	American Express Company		1,632,338
	34,737	American International Group, Inc.		2,152,652
	11,880	American Tower Corporation		1,151,766
	4,870	Ameriprise Financial, Inc.		518,265
	7,695	Aon plc		709,556
	4,386	Apartment Investment & Management Company		175,572
	1,850	Assurant, Inc.		148,999
	3,811	AvalonBay Communities, Inc.		701,719
	291,520	Bank of America Corporation		4,906,282
	30,602	Bank of New York Mellon Corporation		1,261,414
	21,890	BB&T Corporation		827,661
	52,159	Berkshire Hathaway, Inc.^a		6,887,074
	3,520	BlackRock, Inc.		1,198,630
	4,290	Boston Properties, Inc.		547,147
	14,963	Capital One Financial Corporation		1,080,029
	8,160	CBRE Group, Inc.^a		282,173
	33,585	Charles Schwab Corporation		1,105,954
	6,360	Chubb Corporation		843,590
	4,118	Cincinnati Financial Corporation		243,662
	83,803	Citigroup, Inc.		4,336,805
	9,540	CME Group, Inc.		864,324
	4,950	Comerica, Inc.		207,059
	9,370	Crown Castle International Corporation		810,037
	11,935	Discover Financial Services		639,955
	8,260	E*TRADE Financial Corporation^a		244,826
	1,732	Equinix, Inc.		523,757
	10,180	Equity Residential		830,586
	1,850	Essex Property Trust, Inc.		442,909
	22,344	Fifth Third Bancorp		449,114
	10,650	Franklin Resources, Inc.		392,133
	16,410	General Growth Properties, Inc.		446,516
	11,100	Goldman Sachs Group, Inc.		2,000,553
	11,460	Hartford Financial Services Group, Inc.		498,052
	13,060	HCP, Inc.		499,414
	9,910	Health Care REIT, Inc.		674,177
	20,971	Host Hotels & Resorts, Inc.		321,695
	22,281	Huntington Bancshares, Inc.		246,428
	3,330	Intercontinental Exchange, Inc.		853,346
	11,860	Invesco, Ltd.		397,073
	5,412	Iron Mountain, Inc.		146,178
	102,678	J.P. Morgan Chase & Company		6,779,828
	23,460	KeyCorp		309,437
	11,560	Kimco Realty Corporation		305,878
	3,020	Legg Mason, Inc.		118,475
	9,261	Leucadia National Corporation		161,049
	6,924	Lincoln National Corporation		348,000
	7,860	Loews Corporation		301,824
	4,466	M&T Bank Corporation		541,190
	3,760	Macerich Company		303,394
	14,650	Marsh & McLennan Companies, Inc.		812,343
	7,590	McGraw-Hill Financial, Inc.		748,222
	31,082	MetLife, Inc.		1,498,463
	4,770	Moody’s Corporation		478,622
	42,480	Morgan Stanley		1,351,289
	3,200	Nasdaq, Inc.		186,144
	10,180	Navient Corporation		116,561
	6,050	Northern Trust Corporation		436,145
	8,710	People’s United Financial, Inc.		140,667
	4,880	Plum Creek Timber Company, Inc.		232,874
	14,174	PNC Financial Services Group, Inc.		1,350,924
	7,610	Principal Financial Group, Inc.		342,298
	16,280	Progressive Corporation		517,704
	14,706	Prologis, Inc.		631,182
	12,530	Prudential Financial, Inc.		1,020,067
	4,130	Public Storage, Inc.		1,023,001
	7,010	Realty Income Corporation		361,926
	36,857	Regions Financial Corporation		353,827
	8,674	Simon Property Group, Inc.		1,686,573
	2,780	SL Green Realty Corporation		314,084
	11,320	State Street Corporation		751,195

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

164

LARGE CAP INDEX PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (96.4%)	Value
	Financials (15.8%) - continued
	14,300	SunTrust Banks, Inc.	$	612,612
	23,380	Synchrony Financial^a		710,986
	7,068	T. Rowe Price Group, Inc.		505,291
	3,210	Torchmark Corporation		183,484
	8,521	Travelers Companies, Inc.		961,680
	46,035	U.S. Bancorp		1,964,313
	6,804	Unum Group		226,506
	9,320	Ventas, Inc.		525,928
	4,967	Vornado Realty Trust		496,501
	130,090	Wells Fargo & Company		7,071,692
	14,382	Weyerhaeuser Company		431,172
	8,360	XL Group plc		327,545
	5,740	Zions Bancorporation		156,702

		Total		82,589,486


	Health Care (14.6%)
	41,970	Abbott Laboratories		1,884,873
	46,030	AbbVie, Inc.		2,726,817
	9,789	Aetna, Inc.		1,058,387
	6,330	Alexion Pharmaceuticals, Inc.^a		1,207,448
	11,132	Allergan plc^a		3,478,750
	5,510	AmerisourceBergen Corporation		571,442
	21,420	Amgen, Inc.		3,477,109
	7,240	Anthem, Inc.		1,009,546
	15,350	Baxalta, Inc.		599,111
	15,400	Baxter International, Inc.		587,510
	5,925	Becton, Dickinson and Company		912,983
	6,270	Biogen, Inc.^a		1,920,814
	37,840	Boston Scientific Corporation^a		697,770
	46,858	Bristol-Myers Squibb Company		3,223,362
	2,080	C.R. Bard, Inc.		394,035
	9,235	Cardinal Health, Inc.		824,408
	22,110	Celgene Corporation^a		2,647,894
	8,530	Cerner Corporation^a		513,250
	7,210	CIGNA Corporation		1,055,039
	4,650	DaVita HealthCare Partners, Inc.^a		324,152
	3,910	DENTSPLY International, Inc.		237,923
	6,020	Edwards Lifesciences Corporation^a		475,460
	27,130	Eli Lilly and Company		2,285,974
	5,970	Endo International plc^a		365,483
	18,915	Express Scripts Holding Company^a		1,653,360
	40,610	Gilead Sciences, Inc.		4,109,326
	8,780	HCA Holdings, Inc.^a		593,791
	2,310	Henry Schein, Inc.^a		365,419
	4,170	Humana, Inc.		744,387
	4,090	Illumina, Inc.^a		785,055
	1,050	Intuitive Surgical, Inc.^a		573,468
	78,010	Johnson & Johnson		8,013,187
	2,860	Laboratory Corporation of America Holdings^a		353,610
	3,290	Mallinckrodt, LLC^a		245,533
	6,462	McKesson Corporation		1,274,500
	39,329	Medtronic, Inc.		3,025,187
	79,023	Merck & Company, Inc.		4,173,995
	11,630	Mylan NV^a		628,834
	2,350	Patterson Companies, Inc.		106,243
	3,130	PerkinElmer, Inc.		167,674
	4,160	Perrigo Company plc		601,952
	174,110	Pfizer, Inc.		5,620,271
	4,040	Quest Diagnostics, Inc.		287,406
	2,220	Regeneron Pharmaceuticals, Inc.^a		1,205,171
	7,974	St. Jude Medical, Inc.		492,554
	8,880	Stryker Corporation		825,307
	2,715	Tenet Healthcare Corporation^a		82,264
	11,140	Thermo Fisher Scientific, Inc.		1,580,209
	26,650	UnitedHealth Group, Inc.		3,135,106
	2,530	Universal Health Services, Inc.		302,310
	2,730	Varian Medical Systems, Inc.^a		220,584
	6,900	Vertex Pharmaceuticals, Inc.^a		868,227
	2,280	Waters Corporation^a		306,842
	4,790	Zimmer Biomet Holdings, Inc.		491,406
	12,930	Zoetis, Inc.		619,606

		Total		75,932,324


	Industrials (9.6%)
	17,300	3M Company		2,606,072
	4,650	ADT Corporation^b		153,357
	2,691	Allegion plc		177,391
	6,720	AMETEK, Inc.		360,125
	17,540	Boeing Company		2,536,109
	4,060	C.H. Robinson Worldwide, Inc.		251,801
	16,490	Caterpillar, Inc.		1,120,660
	2,450	Cintas Corporation		223,072
	27,510	CSX Corporation		713,884
	4,610	Cummins, Inc.		405,726
	16,720	Danaher Corporation		1,552,954
	8,770	Deere & Company		668,888
	21,660	Delta Air Lines, Inc.		1,097,945
	4,350	Dover Corporation		266,699
	1,010	Dun & Bradstreet Corporation		104,969
	12,914	Eaton Corporation		672,045
	18,140	Emerson Electric Company		867,636
	3,310	Equifax, Inc.		368,635
	5,260	Expeditors International of Washington, Inc.		237,226
	8,150	Fastenal Company^b		332,683
	7,430	FedEx Corporation		1,106,996
	2,070	First Solar, Inc.^a		136,599
	3,700	Flowserve Corporation		155,696
	4,010	Fluor Corporation		189,352
	8,300	General Dynamics Corporation		1,140,088
	265,097	General Electric Company		8,257,772
	21,465	Honeywell International, Inc.		2,223,130
	9,190	Illinois Tool Works, Inc.		851,729
	7,320	Ingersoll-Rand plc		404,723
	3,460	Jacobs Engineering Group, Inc.^a		145,147
	2,550	JB Hunt Transport Services, Inc.		187,068
	3,090	Kansas City Southern		230,730
	2,190	L-3 Communications Holdings, Inc.		261,727
	7,390	Lockheed Martin Corporation		1,604,738
	9,480	Masco Corporation		268,284
	10,210	Nielsen Holdings plc		475,786
	8,430	Norfolk Southern Corporation		713,094
	5,088	Northrop Grumman Corporation		960,665
	9,847	PACCAR, Inc.		466,748
	3,805	Parker Hannifin Corporation		369,009
	5,039	Pentair, Ltd.		249,582
	5,510	Pitney Bowes, Inc.		113,782
	3,880	Precision Castparts Corporation		900,199
	4,510	Quanta Services, Inc.^a		91,327
	8,420	Raytheon Company		1,048,543
	6,690	Republic Services, Inc.		294,293
	3,720	Robert Half International, Inc.		175,361
	3,700	Rockwell Automation, Inc.		379,657
	3,650	Rockwell Collins, Inc.		336,895
	2,820	Roper Industries, Inc.		535,208
	1,510	Ryder System, Inc.		85,813
	18,040	Southwest Airlines Company		776,802
	4,240	Stanley Black & Decker, Inc.		452,535
	2,370	Stericycle, Inc.^a		285,822
	7,570	Textron, Inc.		318,016
	11,850	Tyco International plc		377,897

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

165

LARGE CAP INDEX PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (96.4%)	Value
	Industrials (9.6%) - continued
	24,100	Union Pacific Corporation	$	1,884,620
	10,310	United Continental Holdings, Inc.^a		590,763
	19,660	United Parcel Service, Inc.		1,891,882
	2,530	United Rentals, Inc.^a		183,526
	23,090	United Technologies Corporation		2,218,256
	17,360	US Airways Group, Inc.		735,196
	4,380	Verisk Analytics, Inc.^a		336,734
	1,630	W.W. Grainger, Inc.^b		330,222
	11,629	Waste Management, Inc.		620,639
	5,030	Xylem, Inc.		183,595

		Total		50,264,123


	Information Technology (20.0%)
	17,490	Accenture plc		1,827,705
	14,010	Activision Blizzard, Inc.		542,327
	13,970	Adobe Systems, Inc.^a		1,312,342
	9,195	Agilent Technologies, Inc.		384,443
	4,990	Akamai Technologies, Inc.^a		262,624
	1,710	Alliance Data Systems Corporation^a		472,935
	8,160	Alphabet, Inc., Class A^a		6,348,562
	8,309	Alphabet, Inc., Class C^a		6,305,534
	8,590	Amphenol Corporation		448,656
	8,750	Analog Devices, Inc.		484,050
	156,510	Apple, Inc.^d		16,474,243
	32,040	Applied Materials, Inc.		598,187
	6,290	Autodesk, Inc.^a		383,250
	12,950	Automatic Data Processing, Inc.		1,097,124
	7,300	Avago Technologies, Ltd.		1,059,595
	15,700	Broadcom Corporation		907,774
	8,752	CA, Inc.		249,957
	141,850	Cisco Systems, Inc.		3,851,937
	4,350	Citrix Systems, Inc.^a		329,077
	16,940	Cognizant Technology Solutions Corporation^a		1,016,739
	3,870	Computer Sciences Government Services, Inc.		116,100
	33,280	Corning, Inc.		608,358
	31,210	eBay, Inc.^a		857,651
	8,700	Electronic Arts, Inc.^a		597,864
	54,406	EMC Corporation		1,397,146
	1,990	F5 Networks, Inc.^a		192,950
	63,840	Facebook, Inc.^a		6,681,494
	7,760	Fidelity National Information Services, Inc.		470,256
	6,420	Fiserv, Inc.^a		587,173
	3,910	FLIR Systems, Inc.		109,754
	3,010	GameStop Corporation^b		84,400
	3,490	Harris Corporation		303,281
	50,116	Hewlett Packard Enterprise Company		761,763
	51,146	Hewlett-Packard Company		605,569
	131,730	Intel Corporation		4,538,098
	25,190	International Business Machines Corporation		3,466,648
	7,390	Intuit, Inc.		713,135
	10,380	Juniper Networks, Inc.		286,488
	4,370	KLA-Tencor Corporation		303,059
	4,440	Lam Research Corporation		352,625
	6,720	Linear Technology Corporation		285,398
	27,730	MasterCard, Inc.		2,699,793
	5,710	Microchip Technology, Inc.		265,743
	30,600	Micron Technology, Inc.^a		433,296
	221,960	Microsoft Corporation		12,314,341
	4,505	Motorola Solutions, Inc.		308,367
	8,250	NetApp, Inc.		218,872
	14,270	NVIDIA Corporation		470,339
	89,447	Oracle Corporation		3,267,499
	9,060	Paychex, Inc.		479,183
	31,040	PayPal Holdings, Inc.^a		1,123,648
	4,060	Qorvo, Inc.^a		206,654
	42,070	QUALCOMM, Inc.		2,102,869
	5,160	Red Hat, Inc.^a		427,300
	17,450	Salesforce.com, Inc.^a		1,368,080
	5,650	SanDisk Corporation		429,343
	8,300	Seagate Technology plc		304,278
	5,390	Skyworks Solutions, Inc.		414,114
	19,004	Symantec Corporation		399,084
	10,790	TE Connectivity, Ltd.		697,142
	3,740	Teradata Corporation^a		98,811
	28,380	Texas Instruments, Inc.		1,555,508
	4,750	Total System Services, Inc.		236,550
	2,750	VeriSign, Inc.^a,b		240,240
	54,550	Visa, Inc.		4,230,353
	6,520	Western Digital Corporation		391,526
	14,110	Western Union Company		252,710
	26,505	Xerox Corporation		281,748
	7,180	Xilinx, Inc.		337,245
	24,500	Yahoo!, Inc.^a		814,870

		Total		104,045,777


	Materials (2.6%)
	5,440	Air Products and Chemicals, Inc.		707,798
	1,830	Airgas, Inc.		253,126
	36,814	Alcoa, Inc.		363,354
	2,540	Avery Dennison Corporation		159,156
	3,840	Ball Corporation		279,283
	6,560	CF Industries Holdings, Inc.		267,714
	31,743	Dow Chemical Company		1,634,130
	24,691	E.I. du Pont de Nemours and Company		1,644,420
	4,190	Eastman Chemical Company		282,867
	7,480	Ecolab, Inc.		855,562
	3,720	FMC Corporation		145,564
	32,412	Freeport-McMoRan, Inc.		219,429
	2,250	International Flavors & Fragrances, Inc.		269,190
	11,611	International Paper Company		437,735
	10,150	LyondellBasell Industries NV		882,035
	1,860	Martin Marietta Materials, Inc.		254,039
	12,398	Monsanto Company		1,221,451
	9,630	Mosaic Company		265,692
	14,798	Newmont Mining Corporation		266,216
	8,900	Nucor Corporation		358,670
	4,510	Owens-Illinois, Inc.^a		78,564
	7,560	PPG Industries, Inc.		747,079
	7,990	Praxair, Inc.		818,176
	7,219	Rock-Tenn Company		329,331
	5,582	Sealed Air Corporation		248,957
	3,740	Vulcan Materials Company		355,188

		Total		13,344,726


	Telecommunications Services (2.3%)
	171,836	AT&T, Inc.		5,912,877
	15,345	CenturyLink, Inc.		386,080
	32,838	Frontier Communications Corporation		153,353
	8,051	Level 3 Communications, Inc.^a		437,652
	114,666	Verizon Communications, Inc.		5,299,863

		Total		12,189,825

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

166

LARGE CAP INDEX PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares		Common Stock (96.4%)	Value
	Utilities (2.9%)
	18,900	AES Corporation	$	180,873
	3,395	AGL Resources, Inc.		216,635
	6,810	Ameren Corporation		294,396
	13,760	American Electric Power Company, Inc.		801,795
	12,223	CenterPoint Energy, Inc.		224,414
	7,770	CMS Energy Corporation		280,342
	8,230	Consolidated Edison, Inc.		528,942
	16,744	Dominion Resources, Inc.		1,132,564
	5,050	DTE Energy Company		404,960
	19,302	Duke Energy Corporation		1,377,970
	9,160	Edison International, Inc.		542,364
	5,020	Entergy Corporation		343,167
	26,024	Exelon Corporation		722,686
	11,884	FirstEnergy Corporation		377,079
	12,920	NextEra Energy, Inc.		1,342,259
	9,019	NiSource, Inc.		175,961
	8,930	Northeast Utilities		456,055
	8,970	NRG Energy, Inc.		105,577
	7,200	Pepco Holdings, Inc.		187,272
	13,740	PG&E Corporation		730,831
	3,110	Pinnacle West Capital Corporation		200,533
	18,910	PPL Corporation		645,398
	14,180	Public Service Enterprise Group, Inc.		548,624
	4,010	SCANA Corporation		242,565
	6,635	Sempra Energy		623,756
	25,540	Southern Company		1,195,017
	6,620	TECO Energy, Inc.		176,423
	8,836	Wisconsin Energy Corporation		453,375
	14,235	Xcel Energy, Inc.		511,179

		Total		15,023,012


		Total Common Stock (cost $318,478,826)		502,681,406


		Collateral Held for Securities Loaned (0.4%)
	1,894,887	Thrivent Cash Management Trust		1,894,887

		Total Collateral Held for Securities Loaned (cost $1,894,887)		1,894,887

Shares or Principal Amount		Short-Term Investments (3.5%)^e
		Federal Home Loan Mortgage Corporation Discount Notes
	100,000	0.230%, 1/4/2016^d		99,998
	100,000	0.250%, 1/21/2016^d		99,986
	1,000,000	0.230%, 1/27/2016^d		999,834
	100,000	0.210%, 2/4/2016^d		99,980
		Federal National Mortgage Association Discount Notes
	100,000	0.180%, 2/2/2016^d		99,984
		Thrivent Cash Management Trust
	16,796,121	0.220%		16,796,121

		Total Short-Term Investments (at amortized cost)		18,195,903

		Total Investments (cost $338,569,616) 100.3%	$	522,772,196

		Other Assets and Liabilities, Net (0.3%)		(1,593,137	)

		Total Net Assets 100.0%	$	521,179,059

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 the Notes to Financial Statements.

d	All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

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

Securities Lending Transactions


Common Stock	$	1,841,982

Total lending	$	1,841,982
Gross amount payable upon return of collateral for securities loaned	$	1,894,887

Net amounts due to counterparty	$	52,905

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.

167

HIGH YIELD PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (4.7%)^a	Value
	Basic Materials (0.3%)
		Fortescue Metals Group, Ltd., Term Loan
$	3,178,740	4.250%, 6/30/2019	$	2,348,612

		Total		2,348,612


	Communications Services (2.0%)
		Birch Communication Inc., Term Loan
	4,194,688	7.750%, 7/17/2020		4,005,927
		Cengage Learning Acquisitions, Term Loan
	5,213,949	7.000%, 3/31/2020		5,070,565
		IMG Worldwide, Inc., Term Loan
	3,250,000	8.250%, 5/6/2022		2,827,500
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	2,205,817	4.750%, 3/22/2019		2,152,503

		Total		14,056,495


	Consumer Cyclical (1.1%)
		Amaya BV, Term Loan
	707,437	8.000%, 8/1/2022		705,669
		Mohegan Tribal Gaming Authority, Term Loan
	2,581,031	5.500%, 6/15/2018		2,519,266
		Scientific Games International, Inc., Term Loan
	4,999,500	6.000%, 10/1/2021		4,542,396

		Total		7,767,331


	Consumer Non-Cyclical (0.4%)
		Albertson’s, Inc., Term Loan
	2,947,818	5.500%, 3/21/2019		2,935,290

		Total		2,935,290


	Technology (0.9%)
		First Data Corporation, Term Loan
	6,540,676	3.918%, 3/23/2018		6,447,079

		Total		6,447,079


		Total Bank Loans (cost $35,108,917)		33,554,807


		Long-Term Fixed Income (85.5%)
	Asset-Backed Securities (0.4%)
		Renaissance Home Equity Loan Trust
	1,794,414	5.746%, 5/25/2036^b		1,236,215
	1,800,000	6.011%, 5/25/2036^b		1,252,109

		Total		2,488,324


	Basic Materials (3.2%)
		ArcelorMittal SA
	2,065,000	6.500%, 3/1/2021^c		1,662,098
		First Quantum Minerals, Ltd.
	2,205,000	6.750%, 2/15/2020^d		1,422,225
	2,140,000	7.000%, 2/15/2021^d		1,342,850
		Graphic Packaging International, Inc.
	790,000	4.750%, 4/15/2021		805,800
	530,000	4.875%, 11/15/2022		536,625
		INEOS Group Holdings SA
	2,795,000	6.125%, 8/15/2018^c,d		2,767,050
		Midwest Vanadium, Pty. Ltd.
	3,430,000	11.500%, 2/15/2018*^,e		175,787
		Novelis, Inc.
	3,950,000	8.750%, 12/15/2020		3,624,125
		Resolute Forest Products, Inc.
	3,815,000	5.875%, 5/15/2023^c		2,775,413
		Ryerson, Inc.
	2,100,000	9.000%, 10/15/2017		1,617,000
		Sappi Papier Holding GmbH
	3,080,000	6.625%, 4/15/2021^d		3,110,800
		Signode Industrial Group Lux SA
	1,080,000	6.375%, 5/1/2022^d		918,000
		Tembec Industries, Inc.
	2,660,000	9.000%, 12/15/2019^c,d		1,729,000

		Total		22,486,773


	Capital Goods (8.3%)
		Abengoa Finance SAU
	3,250,000	7.750%, 2/1/2020^d		450,937
		Abengoa Greenfield SA
	3,460,000	6.500%, 10/1/2019^d		380,600
		Anixter, Inc.
	3,455,000	5.125%, 10/1/2021		3,455,000
		Berry Plastics Corporation
	6,370,000	5.125%, 7/15/2023		6,194,825
		Bombardier, Inc.
	2,130,000	7.500%, 3/15/2025^d		1,491,000
		Building Materials Corporation of America
	3,990,000	6.000%, 10/15/2025^d		4,069,800
		Cemex Finance, LLC
	2,245,000	9.375%, 10/12/2017^d		2,362,863
		Cemex SAB de CV
	2,750,000	5.700%, 1/11/2025^c,d		2,299,688
		CNH Capital, LLC
	1,680,000	3.625%, 4/15/2018^c		1,653,960
		CNH Industrial Capital, LLC
	1,850,000	4.375%, 11/6/2020^c		1,743,625
		Huntington Ingalls Industries, Inc.
	925,000	5.000%, 12/15/2021^d		942,344
	2,650,000	5.000%, 11/15/2025^d		2,689,750
		Milacron, LLC
	2,640,000	7.750%, 2/15/2021^d		2,461,800
		Moog, Inc.
	1,725,000	5.250%, 12/1/2022^d		1,742,250
		Nortek, Inc.
	3,640,000	8.500%, 4/15/2021		3,776,864
		Owens-Brockway Glass Container, Inc.
	3,070,000	5.875%, 8/15/2023^d		3,116,050
		Reynolds Group Issuer, Inc.
	2,160,000	9.875%, 8/15/2019		2,176,200
	350,000	5.750%, 10/15/2020		356,016
	2,630,000	8.250%, 2/15/2021		2,531,375
		Safeway Group Holding, LLC
	3,175,000	7.000%, 5/15/2018^d		3,167,063
		Silgan Holdings, Inc.
	3,970,000	5.000%, 4/1/2020		4,039,475

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

168

HIGH YIELD PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (85.5%)	Value
	Capital Goods (8.3%) - continued
		United Rentals North America, Inc.
	$1,625,000	6.125%, 6/15/2023	$	1,661,562
	1,660,000	5.500%, 7/15/2025		1,610,200
		UR Financing Escrow Corporation
	4,250,000	7.625%, 4/15/2022		4,541,975

		Total		58,915,222


	Communications Services (15.4%)
		Activision Blizzard, Inc.
	3,190,000	6.125%, 9/15/2023^d		3,381,400
		Altice Financing SA
	1,080,000	6.500%, 1/15/2022^d		1,069,200
	790,000	6.625%, 2/15/2023^d		780,125
		Altice Finco SA
	1,050,000	9.875%, 12/15/2020^d		1,118,250
	540,000	8.125%, 1/15/2024^d		522,450
		AMC Networks, Inc.
	1,060,000	7.750%, 7/15/2021		1,113,000
	3,800,000	4.750%, 12/15/2022		3,800,000
		CCO Holdings, LLC
	800,000	7.375%, 6/1/2020		833,000
	2,165,000	5.250%, 3/15/2021		2,248,894
	2,165,000	5.250%, 9/30/2022		2,186,650
		CCOH Safari, LLC
	2,500,000	5.750%, 2/15/2026^d		2,506,250
		Clear Channel Worldwide Holdings, Inc.
	3,195,000	6.500%, 11/15/2022		3,115,125
		Columbus International, Inc.
	5,060,000	7.375%, 3/30/2021^d		5,009,400
		Digicel, Ltd.
	1,680,000	7.000%, 2/15/2020*		1,528,800
	3,220,000	6.000%, 4/15/2021^d		2,712,850
		Eileme 2 AB
	4,260,000	11.625%, 1/31/2020*		4,515,600
		Frontier Communications Corporation
	1,230,000	10.500%, 9/15/2022^d		1,225,388
	6,930,000	11.000%, 9/15/2025^d		6,860,700
		Gray Television, Inc.
	2,710,000	7.500%, 10/1/2020		2,784,525
		Hughes Satellite Systems Corporation
	2,865,000	6.500%, 6/15/2019		3,087,037
		Intelsat Jackson Holdings SA
	5,970,000	7.250%, 10/15/2020		5,223,750
		Level 3 Escrow II, Inc.
	3,000,000	5.375%, 8/15/2022		3,045,000
		Level 3 Financing, Inc.
	1,620,000	6.125%, 1/15/2021		1,676,700
		McGraw-Hill Global Education Holdings, LLC
	2,855,000	9.750%, 4/1/2021		3,026,300
		MDC Partners, Inc.
	3,730,000	6.750%, 4/1/2020^d		3,841,900
		Numericable-SFR
	3,590,000	6.000%, 5/15/2022^d		3,482,300
	2,710,000	6.250%, 5/15/2024^d		2,615,150
		Sprint Communications, Inc.
	10,325,000	9.000%, 11/15/2018^d		10,867,062
	2,870,000	7.000%, 3/1/2020^d		2,877,175
		Sprint Corporation
	7,215,000	7.625%, 2/15/2025		5,266,950
		T-Mobile USA, Inc.
	3,790,000	6.542%, 4/28/2020		3,951,075
		Unitymedia Hessen GmbH & Company KG
	5,100,000	5.500%, 1/15/2023^d		5,087,250
		Univision Communications, Inc.
	2,713,000	6.750%, 9/15/2022^d		2,811,346
	1,410,000	5.125%, 2/15/2025^d		1,339,500
		UPCB Finance V, Ltd.
	1,440,000	7.250%, 11/15/2021^d		1,530,000
		Virgin Media Secured Finance plc
	1,170,000	5.250%, 1/15/2026^d		1,137,825
		Ziggo Bond Finance BV
	1,320,000	5.875%, 1/15/2025^d		1,224,300

		Total		109,402,227


	Consumer Cyclical (13.6%)
		AMC Entertainment, Inc.
	2,710,000	5.875%, 2/15/2022		2,750,650
		Beazer Homes USA, Inc.
	2,710,000	5.750%, 6/15/2019^c		2,493,200
		Brookfield Residential Properties, Inc.
	2,630,000	6.500%, 12/15/2020^d		2,534,662
	2,110,000	6.125%, 7/1/2022^d		1,951,750
		Choice Hotels International, Inc.
	3,445,000	5.750%, 7/1/2022		3,686,150
		Churchill Downs, Inc.
	3,536,000	5.375%, 12/15/2021		3,544,840
		Cinemark USA, Inc.
	4,475,000	4.875%, 6/1/2023		4,363,125
		CST Brands, Inc.
	2,110,000	5.000%, 5/1/2023		2,088,900
		CVS Health Corporation
	1,590,000	4.750%, 12/1/2022^d		1,703,699
	2,545,000	5.000%, 12/1/2024^d		2,753,306
		Eldorado Resorts, Inc.
	2,660,000	7.000%, 8/1/2023^d		2,606,800
		Family Tree Escrow, LLC
	1,590,000	5.250%, 3/1/2020^d		1,641,675
	2,120,000	5.750%, 3/1/2023^d		2,194,200
		Jaguar Land Rover Automotive plc
	990,000	4.125%, 12/15/2018^d		994,950
	665,000	4.250%, 11/15/2019^d		669,987
	1,050,000	5.625%, 2/1/2023^d		1,060,500
		KB Home
	1,070,000	7.250%, 6/15/2018		1,126,175
	2,000,000	8.000%, 3/15/2020		2,167,500
	1,580,000	7.500%, 9/15/2022		1,572,100
		L Brands, Inc.
	1,570,000	6.625%, 4/1/2021		1,738,775
	1,860,000	5.625%, 2/15/2022		1,976,250
		Lear Corporation
	2,760,000	4.750%, 1/15/2023		2,773,800
		Lennar Corporation
	1,060,000	4.500%, 11/15/2019		1,077,888
	3,190,000	4.750%, 5/30/2025		3,118,225
		Live Nation Entertainment, Inc.
	2,518,000	5.375%, 6/15/2022^d		2,480,230

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

169

HIGH YIELD PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (85.5%)	Value
	Consumer Cyclical (13.6%) - continued
		LKQ Corporation
$	4,005,000	4.750%, 5/15/2023	$	3,754,687
		Masonite International Corporation
	2,065,000	5.625%, 3/15/2023^d		2,132,113
		New Cotai, LLC
	3,996,095	10.625%, 5/1/2019*^,c		2,997,071
		RHP Hotel Properties, LP
	960,000	5.000%, 4/15/2023		960,000
		Rite Aid Corporation
	3,165,000	6.750%, 6/15/2021		3,315,337
	3,160,000	6.125%, 4/1/2023^d		3,270,600
		Scientific Games International, Inc.
	2,190,000	6.625%, 5/15/2021^c		1,029,300
		Seminole Indian Tribe of Florida
	3,280,000	7.804%, 10/1/2020*		3,378,400
		Six Flags Entertainment Corporation
	4,250,000	5.250%, 1/15/2021^d		4,303,125
		Studio City Finance, Ltd.
	2,665,000	8.500%, 12/1/2020^c,d		2,571,725
		Summit Materials, LLC
	2,650,000	6.125%, 7/15/2023^d		2,610,250
		Toll Brothers Finance Corporation
	2,660,000	4.875%, 11/15/2025		2,613,450
		Tunica-Biloxi Gaming Authority
	4,770,000	9.000%, 11/15/2015*^,e		2,432,700
		West Corporation
	2,560,000	5.375%, 7/15/2022^d		2,208,000
		ZF North America Capital, Inc.
	2,125,000	4.500%, 4/29/2022^d		2,077,188
	2,125,000	4.750%, 4/29/2025^d		2,024,063

		Total		96,747,346


	Consumer Non-Cyclical (11.6%)
		B&G Foods, Inc.
	3,700,000	4.625%, 6/1/2021		3,663,000
		Cott Beverages, Inc.
	3,265,000	5.375%, 7/1/2022		3,199,700
		Endo Finance, LLC
	2,650,000	5.375%, 1/15/2023^d		2,597,000
	1,590,000	6.000%, 7/15/2023^d		1,582,050
		Energizer Holdings, Inc.
	4,240,000	5.500%, 6/15/2025^d		3,985,600
		Envision Healthcare Corporation
	3,795,000	5.125%, 7/1/2022^d		3,719,100
		Grifols Worldwide Operations, Ltd.
	4,395,000	5.250%, 4/1/2022		4,416,975
		HCA, Inc.
	650,000	3.750%, 3/15/2019		654,875
	2,645,000	6.500%, 2/15/2020		2,881,727
	4,810,000	5.875%, 3/15/2022		5,074,550
	2,035,000	4.750%, 5/1/2023		2,014,650
	3,705,000	5.375%, 2/1/2025		3,658,688
	3,360,000	5.875%, 2/15/2026		3,372,600
		JBS USA, LLC
	3,250,000	5.875%, 7/15/2024^d		2,941,250
	4,705,000	5.750%, 6/15/2025^d		4,093,350
		MPH Acquisition Holdings, LLC
	4,645,000	6.625%, 4/1/2022^d		4,656,613
		Revlon Consumer Products Corporation
	4,760,000	5.750%, 2/15/2021^c		4,605,300
		Spectrum Brands Escrow Corporation
	1,470,000	6.375%, 11/15/2020		1,561,875
	2,030,000	6.625%, 11/15/2022		2,141,650
		Spectrum Brands, Inc.
	2,120,000	5.750%, 7/15/2025^d		2,173,000
		Teleflex, Inc.
	2,525,000	5.250%, 6/15/2024		2,512,375
		Tenet Healthcare Corporation
	3,250,000	6.000%, 10/1/2020		3,420,625
	1,900,000	8.125%, 4/1/2022		1,895,250
		TreeHouse Foods, Inc.
	4,155,000	4.875%, 3/15/2022^c		3,957,637
		Valeant Pharmaceuticals International
	2,600,000	7.250%, 7/15/2022^d		2,541,500
	2,645,000	5.500%, 3/1/2023^d		2,327,600
		VPII Escrow Corporation
	3,170,000	7.500%, 7/15/2021^d		3,162,075

		Total		82,810,615


	Energy (9.4%)
		Antero Resources Corporation
	1,585,000	5.125%, 12/1/2022		1,204,600
	2,640,000	5.625%, 6/1/2023^d		2,059,200
		California Resources Corporation
	2,620,000	8.000%, 12/15/2022^d		1,378,775
	979,000	6.000%, 11/15/2024^c		298,595
		Chaparral Energy, Inc.
	3,165,000	7.625%, 11/15/2022		727,950
		Concho Resources, Inc.
	4,740,000	6.500%, 1/15/2022		4,550,400
		Crestwood Midstream Partners, LP
	2,435,000	6.125%, 3/1/2022		1,692,325
	2,635,000	6.250%, 4/1/2023^d		1,837,913
		Diamondback Energy, Inc.
	3,555,000	7.625%, 10/1/2021		3,590,550
		EP Energy, LLC
	3,715,000	6.375%, 6/15/2023^c		1,857,500
		Exterran Partners, LP
	3,780,000	6.000%, 4/1/2021		3,109,050
		Halcon Resources Corporation
	2,655,000	8.625%, 2/1/2020^c,d		1,831,950
		Hornbeck Offshore Services, Inc.
	2,115,000	5.875%, 4/1/2020		1,459,350
	1,590,000	5.000%, 3/1/2021		1,081,200
		Laredo Petroleum, Inc.
	4,330,000	5.625%, 1/15/2022		3,767,100
	530,000	6.250%, 3/15/2023		461,100
		MEG Energy Corporation
	1,055,000	6.500%, 3/15/2021^d		738,500
	3,160,000	6.375%, 1/30/2023^d		2,164,600
		Noble Energy, Inc.
	6,380,000	5.875%, 6/1/2024		6,104,926
		Offshore Group Investment, Ltd.
	4,230,000	7.125%, 4/1/2023^e		935,887
		Pacific Drilling V, Ltd.
	4,908,000	7.250%, 12/1/2017^d		2,527,620

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

170

HIGH YIELD PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (85.5%)	Value
	Energy (9.4%) - continued
		Precision Drilling Corporation
	$2,450,000	6.625%, 11/15/2020	$	1,911,000
	1,060,000	6.500%, 12/15/2021		816,200
	1,350,000	5.250%, 11/15/2024		918,000
		Rice Energy, Inc.
	4,605,000	6.250%, 5/1/2022		3,315,600
	1,060,000	7.250%, 5/1/2023^d		773,800
		Sabine Pass Liquefaction, LLC
	2,645,000	5.625%, 2/1/2021		2,433,400
	2,085,000	5.625%, 3/1/2025^d		1,764,431
		Sunoco, LP
	2,665,000	5.500%, 8/1/2020^d		2,525,088
	1,330,000	6.375%, 4/1/2023^d		1,250,200
		Tesoro Logistics, LP
	2,400,000	5.500%, 10/15/2019^d		2,328,000
	2,130,000	6.250%, 10/15/2022^d		2,018,175
		WPX Energy, Inc.
	2,190,000	7.500%, 8/1/2020^c		1,773,900
	2,670,000	8.250%, 8/1/2023^c		2,136,000

		Total		67,342,885


	Financials (8.8%)
		AerCap Ireland Capital, Ltd.
	1,595,000	4.625%, 10/30/2020		1,632,881
	1,190,000	5.000%, 10/1/2021		1,225,700
		Ally Financial, Inc.
	1,460,000	3.250%, 2/13/2018		1,452,700
	4,670,000	4.125%, 3/30/2020		4,646,650
	2,380,000	4.125%, 2/13/2022		2,356,200
		Argos Merger Sub, Inc.
	3,705,000	7.125%, 3/15/2023^d		3,673,507
		Banco do Brasil SA/Cayman Islands
	1,750,000	6.250%, 12/31/2049^d,f		848,750
		BBVA International Preferred SA Unipersonal
	1,585,000	5.919%, 12/29/2049^c,f		1,600,850
		CIT Group, Inc.
	3,795,000	3.875%, 2/19/2019		3,776,025
		Corrections Corporation of America
	3,585,000	4.625%, 5/1/2023		3,459,525
		Credit Agricole SA
	1,065,000	6.625%, 9/29/2049^c,d,f		1,046,895
		CyrusOne, LP
	3,540,000	6.375%, 11/15/2022		3,646,200
		Drawbridge Special Opportunities Fund, LP
	3,785,000	5.000%, 8/1/2021^d		3,671,450
		HSBC Holdings plc
	1,065,000	6.375%, 12/29/2049^f		1,051,688
		Icahn Enterprises, LP
	5,500,000	4.875%, 3/15/2019		5,450,500
	6,485,000	6.000%, 8/1/2020		6,539,474
		ILFC E-Capital Trust II
	1,895,000	4.740%, 12/21/2065^d,g		1,743,400
		Jefferies Finance, LLC
	2,650,000	7.375%, 4/1/2020*		2,351,875
		Lloyds Banking Group plc
	1,080,000	6.657%, 1/29/2049^d,f		1,209,600
		MPT Operating Partnership, LP
	1,192,000	6.375%, 2/15/2022		1,215,840
	3,010,000	5.500%, 5/1/2024		2,994,950
		Quicken Loans, Inc.
	4,255,000	5.750%, 5/1/2025^d		4,052,888
		RHP Hotel Properties, LP
	790,000	5.000%, 4/15/2021		803,825
		Royal Bank of Scotland Group plc
	1,865,000	7.500%, 12/29/2049^f		1,941,931

		Total		62,393,304


	Industrials Other (0.5%)
		AECOM
	2,660,000	5.750%, 10/15/2022		2,739,800
	1,065,000	5.875%, 10/15/2024		1,086,300

		Total		3,826,100


	Technology (6.4%)
		Alliance Data Systems Corporation
	6,880,000	5.375%, 8/1/2022^d		6,553,200
		Amkor Technology, Inc.
	3,130,000	6.625%, 6/1/2021		3,106,525
		Brocade Communications Systems, Inc.
	3,790,000	4.625%, 1/15/2023		3,600,500
		CommScope Technologies Finance, LLC
	4,775,000	6.000%, 6/15/2025^d		4,595,938
		Denali Borrower, LLC
	5,680,000	5.625%, 10/15/2020^d		5,949,800
		Equinix, Inc.
	3,185,000	5.750%, 1/1/2025		3,256,663
	1,030,000	5.875%, 1/15/2026		1,060,900
		First Data Corporation
	3,000,000	5.375%, 8/15/2023^d		3,015,000
	1,910,000	7.000%, 12/1/2023^d		1,910,000
		NXP Funding, LLC
	3,715,000	5.750%, 3/15/2023^d		3,835,737
		Plantronics, Inc.
	2,390,000	5.500%, 5/31/2023^d		2,378,050
		Sensata Technologies BV
	4,870,000	4.875%, 10/15/2023^d		4,736,075
		SS&C Technologies Holdings, Inc.
	1,590,000	5.875%, 7/15/2023^d		1,641,675

		Total		45,640,063


	Transportation (3.8%)
		Air Medical Merger Sub Corporation
	3,190,000	6.375%, 5/15/2023^c,d		2,839,100
		American Airlines Pass Through Trust
	3,689,325	5.600%, 7/15/2020^d		3,763,112
		Avis Budget Car Rental, LLC
	1,670,000	5.125%, 6/1/2022^d		1,649,125
	3,550,000	5.500%, 4/1/2023^c		3,558,875
		Dynagas LNG Partners, LP
	2,130,000	6.250%, 10/30/2019		1,480,350
		Eletson Holdings, Inc.
	2,170,000	9.625%, 1/15/2022*		1,931,300
		Navios Maritime Holdings, Inc.
	2,220,000	8.125%, 2/15/2019^c		954,600
	1,895,000	8.125%, 11/15/2021^d		1,653,388

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

171

HIGH YIELD PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (85.5%)	Value
	Transportation (3.8%) - continued
		Navios South American Logistics, Inc.
$	1,900,000	7.250%, 5/1/2022^d	$	1,244,500
		Teekay Offshore Partners, LP
	3,790,000	6.000%, 7/30/2019		2,160,300
		Ultrapetrol Bahamas, Ltd.
	3,720,000	8.875%, 6/15/2021		372,000
		United Airlines Pass Through Trust
	1,419,036	5.375%, 8/15/2021		1,465,154
		XPO Logistics, Inc.
	2,390,000	7.875%, 9/1/2019^d		2,430,080
	1,600,000	6.500%, 6/15/2022^c,d		1,480,000

		Total		26,981,884


	Utilities (4.1%)
		Access Midstream Partners, LP
	2,615,000	4.875%, 5/15/2023		2,119,889
		AES Corporation
	2,650,000	4.875%, 5/15/2023		2,318,750
		Calpine Corporation
	3,720,000	5.375%, 1/15/2023		3,338,700
		Chesapeake Midstream Partners, LP
	930,000	6.125%, 7/15/2022		879,750
		Covanta Holding Corporation
	1,850,000	6.375%, 10/1/2022		1,840,750
		Dynegy, Inc.
	2,580,000	7.625%, 11/1/2024^c		2,205,384
		Electricite de France SA
	2,500,000	5.250%, 12/29/2049^d,f		2,350,000
		Energy Transfer Equity, LP
	4,245,000	5.500%, 6/1/2027		3,226,200
		Holly Energy Partners, LP
	2,700,000	6.500%, 3/1/2020		2,673,000
		MPLX LP
	3,590,000	4.875%, 12/1/2024^d		3,222,025
		Regency Energy Partners, LP
	4,650,000	5.500%, 4/15/2023		4,181,141
		Targa Resources Partners, LP
	1,465,000	5.250%, 5/1/2023		1,186,650

		Total		29,542,239


		Total Long-Term Fixed Income (cost $671,072,784)		608,576,982


Shares		Preferred Stock (1.3%)
	Financials (1.1%)
	62,331	Citigroup, Inc., 6.875%^f		1,736,541
	48,000	Discover Financial Services, 6.500%^f		1,270,560
	86,021	Goldman Sachs Group, Inc., 5.500%^f		2,227,084
	20,016	Morgan Stanley, 6.875%^f		555,444
	18,720	PNC Financial Services Group, Inc., 6.125%^f		534,269
	1,560	Wells Fargo & Company, Convertible, 7.500%^f		1,811,160

		Total		8,135,058


	Materials (0.2%)
	43,350	CHS, Inc., 7.100%^f		1,182,154

		Total		1,182,154


		Total Preferred Stock (cost $9,184,908)		9,317,212


		Common Stock (<0.1%)
	Consumer Discretionary (<0.1%)
	121,520	TVMAX Holdings, Inc.^h,i		12

		Total		12


	Financials (<0.1%)
	10	New Cotai, LLC*^,h,i		59,373

		Total		59,373


		Total Common Stock (cost $6,579,196)		59,385


		Collateral Held for Securities Loaned (6.0%)
	42,864,685	Thrivent Cash Management Trust		42,864,685

		Total Collateral Held for Securities Loaned (cost $42,864,685)		42,864,685


Shares or Principal Amount		Short-Term Investments (6.6%)^j
		Federal National Mortgage Association Discount Notes
	700,000	0.070%, 1/8/2016		699,991
		Thrivent Cash Management Trust
	46,291,200	0.220%		46,291,200

		Total Short-Term Investments (at amortized cost)		46,991,191

		Total Investments (cost $811,801,681) 104.1%	$	741,364,262

		Other Assets and Liabilities, Net (4.1%)		(29,230,750	)

		Total Net Assets 100.0%	$	712,133,512

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

172

HIGH YIELD PORTFOLIO

Schedule of Investments as of December 31, 2015

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

b	Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of December 31, 2015.

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

e	Defaulted security. Interest is not being accrued.

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 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 December 31, 2015.

h	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 the Notes to Financial Statements.

i	Non-income producing security.

j	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 value of all restricted securities held in High Yield Portfolio as of December 31, 2015 was $19,370,906 or 2.7% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of December 31, 2015.


Security	Acquisition Date		Cost
Digicel, Ltd., 2/15/2020		2/7/2012	$	1,680,000
Eileme 2 AB, 1/31/2020		1/19/2012		4,179,060
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, 5/1/2019		4/12/2013		4,007,443
New Cotai, LLC		4/12/2013		308,750
Seminole Indian Tribe of Florida, 10/1/2020		7/8/2010		3,109,387
Tunica-Biloxi Gaming Authority, 11/15/2016		11/8/2005		4,767,755

Securities Lending Transactions


Taxable Debt Security	$	41,133,634

Total lending	$	41,133,634
Gross amount payable upon return of collateral for securities loaned	$	42,864,685

Net amounts due to counterparty	$	1,731,051

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

173

INCOME PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (3.8%)^a	Value
	Basic Materials (0.2%)
		Fortescue Metals Group, Ltd., Term Loan
$	1,596,746	4.250%, 6/30/2019	$	1,179,756
		Ineos US Finance, LLC, Term Loan
	1,526,024	3.750%, 12/15/2020		1,461,167

		Total		2,640,923


	Capital Goods (0.2%)
		ADS Waste Holdings, Inc., Term Loan
	1,498,222	3.750%, 10/9/2019		1,447,657
		Berry Plastics Group, Inc., Term Loan
	1,433,814	3.500%, 2/8/2020		1,404,163

		Total		2,851,820


	Communications Services (1.5%)
		CSC Holdings, LLC, Term Loan
	775,000	5.000%, 10/9/2022		772,822
		Hargray Communications Group, Inc., Term Loan
	1,524,855	5.250%, 6/26/2019		1,513,891
		Intelsat Jackson Holdings SA, Term Loan
	1,789,713	3.750%, 6/30/2019		1,688,720
		Level 3 Communications, Inc., Term Loan
	1,600,000	4.000%, 1/15/2020		1,593,424
		LTS Buyer, LLC, Term Loan
	1,552,041	4.000%, 4/13/2020		1,507,808
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	1,593,571	4.750%, 3/22/2019		1,555,054
		NEP/NCP Holdco, Inc., Term Loan
	1,556,339	4.250%, 1/22/2020		1,451,286
		Numericable US, LLC, Term Loan
	1,550,000	4.750%, 2/10/2023		1,486,341
		TNS, Inc., Term Loan
	933,522	5.000%, 2/14/2020		917,185
		Univision Communications, Inc., Term Loan
	1,617,037	4.000%, 3/1/2020		1,579,845
		Virgin Media Investment Holdings, Ltd., Term Loan
	1,077,314	3.500%, 6/30/2023		1,053,581
		WideOpenWest Finance, LLC, Term Loan
	1,556,240	4.500%, 4/1/2019		1,497,399
		Yankee Cable Acquisition, LLC, Term Loan
	1,462,173	4.250%, 3/1/2020		1,438,866
		Zayo Group, LLC, Term Loan
	1,552,116	3.750%, 5/6/2021		1,524,116

		Total		19,580,338


	Consumer Cyclical (0.5%)
		Amaya BV, Term Loan
	1,552,200	5.000%, 8/1/2021		1,451,307
		Burlington Coat Factory Warehouse Corporation, Term Loan
	1,301,838	4.250%, 8/13/2021		1,283,938
		Chrysler Group, LLC, Term Loan
	1,535,776	3.500%, 5/24/2017		1,529,157
		IMG Worldwide, Inc., Term Loan
	1,243,687	5.250%, 5/6/2021		1,219,982
		MGM Resorts International, Term Loan
	931,200	3.500%, 12/20/2019		917,232
		ROC Finance, LLC, Term Loan
	1,211,526	5.000%, 6/20/2019		1,124,696

		Total		7,526,312


	Consumer Non-Cyclical (0.4%)
		Albertson’s, Inc., Term Loan
	1,700,228	5.500%, 3/21/2019		1,693,003
		CHS/Community Health Systems, Inc., Term Loan
	740,654	4.000%, 1/27/2021		727,959
		JBS USA, LLC, Term Loan
	950,000	4.000%, 10/30/2022		946,438
		Sterigenics-Nordion Holdings, LLC, Term Loan
	743,138	4.250%, 5/16/2022		720,843
		Valeant Pharmaceuticals International, Inc., Term Loan
	1,067,312	4.000%, 4/1/2022^b,c		1,024,352

		Total		5,112,595


	Energy (0.1%)
		Arch Coal, Inc., Term Loan
	1,548,913	6.250%, 5/16/2018		681,955
		McJunkin Red Man Corporation, Term Loan
	423,961	4.750%, 11/8/2019		387,925
		Offshore Group Investment, Ltd., Term Loan
	780,000	0.000%, 3/28/2019^d		156,648

		Total		1,226,528


	Financials (0.1%)
		WaveDivision Holdings, LLC, Term Loan
	1,552,000	4.000%, 10/15/2019		1,524,840

		Total		1,524,840


	Technology (0.4%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	1,045,000	0.000%, 11/13/2022^b,c		1,032,596
		BMC Software, Inc., Term Loan
	1,502,992	5.000%, 9/10/2020		1,233,520
		First Data Corporation, Term Loan
	1,600,000	3.918%, 3/23/2018		1,577,104
		Infor US, Inc., Term Loan
	818,685	3.750%, 6/3/2020		766,838
		Syniverse Holdings, Inc., Term Loan
	614,289	4.000%, 4/23/2019		445,360

		Total		5,055,418


	Transportation (0.2%)
		American Airlines, Inc., Term Loan
	1,456,250	3.250%, 6/27/2020		1,431,901

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

174

INCOME PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (3.8%)^a	Value
	Transportation (0.2%) - continued
		XPO Logistics, Inc., Term Loan
	$1,550,000	5.500%, 11/1/2021	$	1,541,599

		Total		2,973,500


	Utilities (0.2%)
		Calpine Corporation, Term Loan
	1,257,750	4.000%, 10/9/2019		1,223,162
	1,252,552	3.500%, 5/27/2022		1,191,803

		Total		2,414,965


		Total Bank Loans (cost $54,298,009)		50,907,239


		Long-Term Fixed Income (89.8%)
	Asset-Backed Securities (1.4%)
		Bayview Opportunity Master Fund Trust
	3,893,768	3.721%, 7/28/2035^e,f		3,890,631
		CAM Mortgage, LLC
	2,365,851	3.500%, 7/15/2064*^,f		2,363,679
		GMAC Mortgage Corporation Loan Trust
	1,988,015	0.401%, 8/25/2035^g,h		1,859,839
	3,075,255	0.401%, 12/25/2036^g,h		2,698,716
		IndyMac Seconds Asset-Backed Trust
	500,807	0.762%, 10/25/2036^g,h		314,439
		Preferred Term Securities XXIII, Ltd.
	2,591,231	0.712%, 12/22/2036*^,h		2,020,331
		Renaissance Home Equity Loan Trust
	2,050,758	5.746%, 5/25/2036^f		1,412,817
	2,000,000	6.011%, 5/25/2036^f		1,391,232
		Vericrest Opportunity Loan Transferee
	3,184,511	3.500%, 6/26/2045^e		3,136,066

		Total		19,087,750


	Basic Materials (3.2%)
		Albemarle Corporation
	3,150,000	4.150%, 12/1/2024		3,010,367
		Alcoa, Inc.
	1,260,000	5.125%, 10/1/2024		1,146,600
		Anglo American Capital plc
	1,910,000	4.125%, 4/15/2021^e,i		1,308,350
		Barrick Gold Corporation
	599,000	4.100%, 5/1/2023		513,858
		BHP Billiton Finance USA, Ltd.
	1,250,000	6.250%, 10/19/2075^e		1,223,438
		Dow Chemical Company
	2,570,000	4.250%, 11/15/2020		2,690,189
	1,870,000	3.500%, 10/1/2024		1,813,150
		Freeport-McMoRan, Inc.
	3,220,000	3.550%, 3/1/2022		1,867,600
	2,675,000	3.875%, 3/15/2023		1,524,750
	2,520,000	4.550%, 11/14/2024ⁱ		1,442,700
		Georgia-Pacific, LLC
	3,780,000	3.163%, 11/15/2021^e		3,774,247
		Glencore Funding, LLC
	3,190,000	3.125%, 4/29/2019^e,i		2,663,650
	3,180,000	4.125%, 5/30/2023^e		2,345,282
		International Paper Company
	2,500,000	3.800%, 1/15/2026		2,463,112
	1,190,000	4.800%, 6/15/2044		1,082,569
		LYB International Finance BV
	2,555,000	4.000%, 7/15/2023		2,546,993
		LyondellBasell Industries NV
	3,170,000	6.000%, 11/15/2021		3,558,271
		Sappi Papier Holding GmbH
	1,910,000	6.625%, 4/15/2021^e		1,929,100
		Teck Resources, Ltd.
	1,870,000	2.500%, 2/1/2018ⁱ		1,421,200
		Weyerhaeuser Company
	1,265,000	4.625%, 9/15/2023		1,315,625
	2,570,000	7.375%, 3/15/2032		3,058,256
		Yara International ASA
	50,000	7.875%, 6/11/2019^e		56,569

		Total		42,755,876


	Capital Goods (1.6%)
		BAE Systems plc
	3,880,000	4.750%, 10/11/2021^e		4,129,663
		Huntington Ingalls Industries, Inc.
	630,000	5.000%, 12/15/2021^e		641,813
		Republic Services, Inc.
	2,200,000	5.250%, 11/15/2021		2,432,179
	3,170,000	3.550%, 6/1/2022		3,237,166
		Reynolds Group Issuer, Inc.
	1,940,000	9.875%, 8/15/2019		1,954,550
		Textron, Inc.
	2,360,000	5.600%, 12/1/2017		2,508,380
	1,280,000	4.300%, 3/1/2024		1,303,708
	630,000	3.875%, 3/1/2025		617,702
		United Rentals North America, Inc.
	1,250,000	5.500%, 7/15/2025		1,212,500
		Waste Management, Inc.
	3,140,000	4.100%, 3/1/2045		2,920,288

		Total		20,957,949


	Collateralized Mortgage Obligations (0.9%)
		CitiMortgage Alternative Loan Trust
	1,834,021	5.750%, 4/25/2037		1,573,291
		Countrywide Alternative Loan Trust
	2,410,698	6.000%, 1/25/2037		2,215,464
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	2,059,864	1.027%, 4/25/2047^h		1,756,520
		HomeBanc Mortgage Trust
	2,058,391	2.229%, 4/25/2037		1,551,731
		Wachovia Mortgage Loan Trust, LLC
	1,919,322	2.913%, 5/20/2036		1,683,132
		WaMu Mortgage Pass Through Certificates
	545,677	0.712%, 10/25/2045^h		502,608
		Washington Mutual Mortgage Pass Through Certificates
	3,744,692	1.007%, 2/25/2047^h		2,684,183

		Total		11,966,929

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

175

INCOME PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (89.8%)	Value
	Commercial Mortgage-Backed Securities (0.6%)
		Bear Stearns Commercial Mortgage Securities, Inc.
$	2,925,321	5.331%, 2/11/2044	$	3,007,553
		Citigroup/Deutsche Bank Commercial Mortgage Trust
	1,696,524	5.322%, 12/11/2049		1,725,083
		Credit Suisse First Boston Mortgage Securities
	3,200,000	5.542%, 1/15/2049		3,271,809

		Total		8,004,445


	Communications Services (8.8%)
		21st Century Fox America, Inc.
	1,900,000	7.625%, 11/30/2028		2,394,241
	1,880,000	6.150%, 2/15/2041		2,112,607
		American Tower Corporation
	3,500,000	3.450%, 9/15/2021		3,517,157
		AT&T, Inc.
	3,100,000	2.450%, 6/30/2020		3,052,954
	1,240,000	3.400%, 5/15/2025		1,191,752
	3,190,000	4.300%, 12/15/2042		2,725,842
		British Telecommunications plc
	1,870,000	9.625%, 12/15/2030		2,728,620
		CCO Safari II, LLC
	4,370,000	4.464%, 7/23/2022^e		4,354,749
	3,120,000	6.484%, 10/23/2045^e		3,125,114
		CenturyLink, Inc.
	2,200,000	5.800%, 3/15/2022		2,016,300
		Columbus International, Inc.
	1,910,000	7.375%, 3/30/2021^e		1,890,900
		Comcast Corporation
	3,740,000	3.375%, 8/15/2025		3,786,271
	2,700,000	6.400%, 5/15/2038		3,351,245
		Cox Communications, Inc.
	1,900,000	9.375%, 1/15/2019^e		2,201,403
	2,500,000	3.850%, 2/1/2025^e		2,290,403
		DIRECTV Holdings, LLC
	3,310,000	3.800%, 3/15/2022		3,330,929
	3,190,000	4.450%, 4/1/2024		3,276,423
	1,000,000	3.950%, 1/15/2025		985,810
		Frontier Communications Corporation
	1,880,000	6.875%, 1/15/2025		1,548,650
		Hughes Satellite Systems Corporation
	2,322,000	6.500%, 6/15/2019		2,501,955
		NBCUniversal Media, LLC
	3,510,000	4.375%, 4/1/2021		3,812,667
		Numericable-SFR
	1,920,000	6.000%, 5/15/2022^e		1,862,400
		Omnicom Group, Inc.
	4,245,000	4.450%, 8/15/2020		4,527,085
	940,000	3.650%, 11/1/2024		931,112
		Scripps Networks Interactive, Inc.
	3,110,000	3.500%, 6/15/2022		2,992,327
		SES Global Americas Holdings GP
	3,180,000	2.500%, 3/25/2019^e		3,136,094
		Sprint Communications, Inc.
	1,290,000	7.000%, 3/1/2020^e		1,293,225
		Sprint Corporation
	1,280,000	7.125%, 6/15/2024		923,200
		Time Warner Cable, Inc.
	3,800,000	4.125%, 2/15/2021		3,880,089
		Time Warner Entertainment Company, LP
	3,620,000	8.375%, 3/15/2023		4,445,682
		Time Warner, Inc.
	2,490,000	4.750%, 3/29/2021		2,676,479
	3,740,000	3.600%, 7/15/2025		3,640,811
	1,600,000	7.700%, 5/1/2032		1,997,059
		Univision Communications, Inc.
	1,920,000	6.750%, 9/15/2022^e		1,989,600
		UPCB Finance VI, Ltd.
	2,340,000	6.875%, 1/15/2022^e		2,474,550
		Verizon Communications, Inc.
	3,277,000	2.625%, 2/21/2020		3,288,394
	3,830,000	3.450%, 3/15/2021		3,918,435
	4,030,000	3.500%, 11/1/2024		3,980,431
	5,854,000	4.272%, 1/15/2036		5,284,979
	3,200,000	6.550%, 9/15/2043		3,799,072
	5,457,000	4.522%, 9/15/2048		4,880,179

		Total		118,117,195


	Consumer Cyclical (5.3%)
		American Honda Finance Corporation
	4,400,000	3.875%, 9/21/2020^e		4,660,304
		CVS Health Corporation
	3,190,000	2.750%, 12/1/2022		3,108,039
	1,870,000	4.750%, 12/1/2022^e		2,003,722
	1,910,000	6.125%, 9/15/2039		2,230,278
	3,120,000	5.125%, 7/20/2045		3,286,705
		Family Tree Escrow, LLC
	1,870,000	5.750%, 3/1/2023^e		1,935,450
		Ford Motor Credit Company, LLC
	2,560,000	1.594%, 5/9/2016^h		2,563,487
	1,700,000	2.597%, 11/4/2019		1,669,125
	2,575,000	4.250%, 9/20/2022		2,634,320
	2,510,000	3.664%, 9/8/2024		2,440,752
	5,000,000	4.134%, 8/4/2025		4,982,075
		General Motors Company
	3,150,000	5.000%, 4/1/2035		2,939,652
		General Motors Financial Company, Inc.
	3,370,000	3.200%, 7/13/2020		3,318,112
	1,890,000	4.375%, 9/25/2021		1,916,560
	3,100,000	3.450%, 4/10/2022		2,973,703
	2,510,000	4.000%, 1/15/2025		2,381,380
		Hilton Worldwide Finance, LLC
	1,910,000	5.625%, 10/15/2021		1,979,238
		Hyundai Capital America
	2,065,000	2.875%, 8/9/2018^e		2,086,720
		Jaguar Land Rover Automotive plc
	1,910,000	4.125%, 12/15/2018^e		1,919,550
		Johnson Controls, Inc.
	1,150,000	5.250%, 12/1/2041		1,053,846
		L Brands, Inc.
	1,900,000	5.625%, 2/15/2022		2,018,750
		Lennar Corporation
	1,880,000	4.500%, 11/15/2019		1,911,725
		Macy’s Retail Holdings, Inc.
	3,570,000	3.875%, 1/15/2022		3,515,347
	1,940,000	3.625%, 6/1/2024		1,779,682

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

176

INCOME PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (89.8%)	Value
	Consumer Cyclical (5.3%) - continued
		MGM Resorts International
$	1,880,000	6.000%, 3/15/2023ⁱ	$	1,865,900
		Starwood Hotels & Resorts Worldwide, Inc.
	1,850,000	6.750%, 5/15/2018		2,024,050
		Toll Brothers Finance Corporation
	2,000,000	6.750%, 11/1/2019		2,200,000
	960,000	4.375%, 4/15/2023		931,200
		ZF North America Capital, Inc.
	1,870,000	4.500%, 4/29/2022^e		1,827,925

		Total		70,157,597


	Consumer Non-Cyclical (9.8%)
		Actavis Funding SCS
	2,480,000	3.450%, 3/15/2022		2,482,706
	2,555,000	3.850%, 6/15/2024		2,559,550
		Altria Group, Inc.
	2,175,000	4.000%, 1/31/2024		2,253,267
	804,000	9.950%, 11/10/2038		1,288,705
		Amgen, Inc.
	1,870,000	3.625%, 5/22/2024		1,869,303
	3,750,000	3.125%, 5/1/2025		3,562,384
	1,870,000	4.400%, 5/1/2045		1,732,596
		Becton Dickinson and Company
	3,120,000	3.125%, 11/8/2021		3,146,221
		Biogen, Inc.
	3,740,000	3.625%, 9/15/2022		3,781,424
		Boston Scientific Corporation
	3,190,000	6.000%, 1/15/2020		3,542,211
	4,360,000	3.375%, 5/15/2022		4,301,166
		BRF SA
	3,830,000	4.750%, 5/22/2024^e		3,514,025
		Bunge Limited Finance Corporation
	2,530,000	8.500%, 6/15/2019		2,928,171
	1,920,000	3.500%, 11/24/2020		1,909,311
		Cardinal Health, Inc.
	3,120,000	4.900%, 9/15/2045		3,160,725
		Celgene Corporation
	3,770,000	3.950%, 10/15/2020		3,956,396
	3,750,000	3.550%, 8/15/2022		3,786,454
		ConAgra Foods, Inc.
	2,560,000	3.200%, 1/25/2023		2,462,794
		Diageo Capital plc
	3,120,000	2.625%, 4/29/2023		3,014,282
		Edwards Lifesciences Corporation
	2,375,000	2.875%, 10/15/2018		2,402,555
		Endo Finance, LLC
	1,260,000	6.000%, 2/1/2025^e		1,241,100
		Forest Laboratories, Inc.
	2,550,000	5.000%, 12/15/2021^e		2,770,840
		H. J. Heinz Company
	3,120,000	3.500%, 7/15/2022^e		3,141,512
	1,860,000	5.200%, 7/15/2045^e		1,943,529
		HCA, Inc.
	2,560,000	4.750%, 5/1/2023		2,534,400
		Imperial Tobacco Finance plc
	2,190,000	3.750%, 7/21/2022^e		2,198,767
		JBS USA, LLC
	1,910,000	7.250%, 6/1/2021^e		1,895,675
		Kraft Foods Group, Inc.
	4,390,000	3.500%, 6/6/2022		4,438,053
		Laboratory Corporation of America Holdings
	1,250,000	3.200%, 2/1/2022		1,226,784
	1,250,000	4.700%, 2/1/2045		1,142,070
		McKesson Corporation
	2,510,000	3.796%, 3/15/2024		2,523,122
	2,550,000	4.883%, 3/15/2044		2,548,728
		Mead Johnson Nutrition Company
	1,250,000	4.125%, 11/15/2025		1,259,399
		Mylan NV
	3,190,000	3.750%, 12/15/2020^e		3,193,343
		Pernod Ricard SA
	3,130,000	5.750%, 4/7/2021^e		3,454,221
	1,910,000	4.450%, 1/15/2022^e		1,980,065
		Pfizer, Inc.
	1,870,000	5.600%, 9/15/2040		2,152,680
		Reynolds American, Inc.
	3,120,000	4.000%, 6/12/2022		3,243,496
	1,560,000	5.850%, 8/15/2045		1,734,314
		SABMiller Holdings, Inc.
	3,040,000	3.750%, 1/15/2022^e		3,126,591
		Spectrum Brands Escrow Corporation
	1,460,000	6.375%, 11/15/2020		1,551,250
		Tenet Healthcare Corporation
	1,910,000	8.125%, 4/1/2022		1,905,225
		Teva Pharmaceutical Finance Company BV
	2,490,000	2.950%, 12/18/2022		2,383,797
		Tyson Foods, Inc.
	3,190,000	4.500%, 6/15/2022		3,395,318
		Valeant Pharmaceuticals International
	2,560,000	6.375%, 10/15/2020^e		2,470,400
		Watson Pharmaceuticals, Inc.
	3,180,000	3.250%, 10/1/2022		3,126,414
		Whirlpool Corporation
	3,245,000	3.700%, 3/1/2023		3,265,418
	2,490,000	3.700%, 5/1/2025		2,465,548
		Zoetis, Inc.
	3,190,000	3.250%, 2/1/2023		3,045,959
	1,270,000	4.500%, 11/13/2025		1,287,085

		Total		130,299,349


	Energy (7.8%)
		Antero Resources Corporation
	1,880,000	5.625%, 6/1/2023^e		1,466,400
		BP Capital Markets plc
	2,490,000	3.814%, 2/10/2024		2,488,700
		Buckeye Partners, LP
	3,180,000	5.850%, 11/15/2043		2,456,302
		Canadian Natural Resources, Ltd.
	3,110,000	3.450%, 11/15/2021		2,930,796
		Canadian Oil Sands, Ltd.
	2,600,000	4.500%, 4/1/2022^e		2,332,187
		Chaparral Energy, Inc.
	1,920,000	7.625%, 11/15/2022		441,600
		Concho Resources, Inc.
	1,930,000	6.500%, 1/15/2022		1,852,800

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

177

INCOME PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (89.8%)	Value
	Energy (7.8%) - continued
		Continental Resources, Inc.
$	3,830,000	3.800%, 6/1/2024	$	2,697,955
		Devon Energy Corporation
	2,560,000	5.850%, 12/15/2025ⁱ		2,489,713
		El Paso Pipeline Partners Operating Company, LLC
	3,850,000	5.000%, 10/1/2021		3,633,949
	3,800,000	4.300%, 5/1/2024		3,267,286
	1,280,000	4.700%, 11/1/2042		900,676
		Encana Corporation
	2,550,000	6.500%, 8/15/2034		2,062,460
		Energy Transfer Partners, LP
	5,325,000	4.650%, 6/1/2021		4,999,355
	1,200,000	4.050%, 3/15/2025		985,512
	2,500,000	6.125%, 12/15/2045		2,034,015
		Enterprise Products Operating, LLC
	2,490,000	3.700%, 2/15/2026		2,233,535
	1,690,000	7.034%, 1/15/2068		1,715,350
		EQT Midstream Partners, LP
	3,030,000	4.000%, 8/1/2024		2,497,920
		Halliburton Company
	1,880,000	3.800%, 11/15/2025		1,830,597
	1,260,000	5.000%, 11/15/2045		1,245,564
		Hess Corporation
	2,520,000	5.600%, 2/15/2041		2,124,153
		Hornbeck Offshore Services, Inc.
	1,560,000	5.000%, 3/1/2021		1,060,800
		Magellan Midstream Partners, LP
	2,500,000	4.200%, 3/15/2045		1,820,602
		Marathon Oil Corporation
	2,364,000	5.900%, 3/15/2018		2,390,777
	3,120,000	3.850%, 6/1/2025ⁱ		2,511,126
		Marathon Petroleum Corporation
	1,920,000	6.500%, 3/1/2041		1,921,069
		MPLX, LP
	4,390,000	4.000%, 2/15/2025		3,689,650
		NiSource Finance Corporation
	1,250,000	6.800%, 1/15/2019		1,402,301
		Noble Energy, Inc.
	3,110,000	5.875%, 6/1/2022		2,958,543
		Noble Holding International, Ltd.
	3,045,000	5.950%, 4/1/2025ⁱ		2,100,578
	1,200,000	6.950%, 4/1/2045ⁱ		767,861
		Occidental Petroleum Corporation
	3,140,000	4.100%, 2/1/2021		3,294,344
		Pioneer Natural Resources Company
	2,240,000	3.450%, 1/15/2021		2,068,311
	3,150,000	3.950%, 7/15/2022		2,875,629
		Sabine Pass Liquefaction, LLC
	1,910,000	5.750%, 5/15/2024		1,661,700
		Schlumberger Holdings Corporation
	3,200,000	3.625%, 12/21/2022^e		3,161,034
		Spectra Energy Partners, LP
	1,560,000	3.500%, 3/15/2025		1,364,521
		Sunoco Logistics Partners Operations, LP
	2,700,000	4.400%, 4/1/2021		2,616,492
	3,200,000	3.450%, 1/15/2023		2,700,928
		Tesoro Logistics, LP
	1,880,000	5.500%, 10/15/2019^e		1,823,600
		Transocean, Inc.
	2,550,000	4.300%, 10/15/2022		1,351,500
		Valero Energy Corporation
	2,300,000	4.900%, 3/15/2045		1,917,912
		Weatherford International, Ltd.
	3,200,000	6.000%, 3/15/2018		2,950,720
		Williams Companies, Inc.
	2,560,000	3.700%, 1/15/2023		1,768,356
		Williams Partners, LP
	1,930,000	4.500%, 11/15/2023		1,562,140
	1,600,000	3.900%, 1/15/2025		1,202,322
		Woodside Finance, Ltd.
	3,130,000	3.650%, 3/5/2025^e		2,772,269

		Total		104,401,910


	Financials (29.2%)
		ABN AMRO Bank NV
	2,480,000	4.750%, 7/28/2025^e		2,471,816
		Aegon NV
	2,600,000	2.142%, 7/29/2049^h,j		1,950,000
		Air Lease Corporation
	1,260,000	2.125%, 1/15/2018		1,237,950
	2,510,000	3.750%, 2/1/2022		2,465,380
	1,260,000	4.250%, 9/15/2024		1,234,800
		Ally Financial, Inc.
	2,490,000	3.600%, 5/21/2018		2,490,000
	1,860,000	4.125%, 3/30/2020		1,850,700
		American Express Company
	1,880,000	4.900%, 12/29/2049^j		1,786,000
		American International Group, Inc.
	1,870,000	3.750%, 7/10/2025		1,853,282
	1,880,000	3.875%, 1/15/2035		1,658,220
	3,130,000	4.500%, 7/16/2044		2,894,493
		American Tower Trust I
	3,200,000	1.551%, 3/15/2018*		3,124,889
		Ares Capital Corporation
	3,190,000	4.875%, 11/30/2018		3,321,358
		Associated Banc-Corporation
	3,150,000	4.250%, 1/15/2025		3,151,928
		Assured Guaranty US Holdings, Inc.
	3,200,000	5.000%, 7/1/2024ⁱ		3,324,464
		AXA SA
	2,580,000	8.600%, 12/15/2030		3,466,872
		Axis Specialty Finance, LLC
	920,000	5.875%, 6/1/2020		1,015,972
		Banco de Brasil SA
	1,371,000	9.000%, 12/31/2049^e,j		898,005
		Bank of America Corporation
	3,840,000	1.656%, 3/22/2018^h		3,852,319
	3,380,000	7.625%, 6/1/2019		3,915,115
	1,000,000	4.100%, 7/24/2023		1,033,963
	3,830,000	4.125%, 1/22/2024		3,955,815
	2,830,000	4.200%, 8/26/2024		2,807,864
	1,950,000	5.875%, 2/7/2042		2,275,802
	3,110,000	4.750%, 4/21/2045		2,989,220
	3,130,000	6.500%, 10/23/2049^j		3,298,237
		Bank of Nova Scotia
	2,560,000	4.500%, 12/16/2025		2,548,155
		Barclays Bank plc
	1,910,000	10.179%, 6/12/2021^e		2,474,206

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

178

INCOME PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (89.8%)	Value
	Financials (29.2%) - continued
$	3,760,000	0.875%, 11/29/2049^h,j	$	2,265,400
		Barclays plc
	1,890,000	4.375%, 9/11/2024		1,848,082
	3,120,000	5.250%, 8/17/2045		3,142,729
		BBVA Bancomer SA/Texas
	2,285,000	6.750%, 9/30/2022^e		2,513,500
		BPCE SA
	2,535,000	5.700%, 10/22/2023^e		2,661,611
	2,190,000	5.150%, 7/21/2024^e		2,208,405
		Branch Banking and Trust Company
	3,130,000	3.625%, 9/16/2025		3,159,438
		Camden Property Trust
	3,140,000	3.500%, 9/15/2024		3,062,448
		Capital One Bank USA NA
	5,425,000	2.250%, 2/13/2019		5,401,157
		Capital One Financial Corporation
	2,490,000	5.550%, 12/29/2049^i,j		2,477,550
		CIT Group, Inc.
	3,120,000	5.250%, 3/15/2018		3,221,400
		Citigroup, Inc.
	4,370,000	4.400%, 6/10/2025		4,413,735
	3,305,000	5.500%, 9/13/2025		3,587,558
	2,490,000	4.450%, 9/29/2027		2,473,514
		CNA Financial Corporation
	1,995,000	7.350%, 11/15/2019		2,296,897
	1,870,000	7.250%, 11/15/2023		2,210,202
		Compass Bank
	1,575,000	2.750%, 9/29/2019		1,559,244
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	3,120,000	4.375%, 8/4/2025		3,173,205
	1,910,000	5.750%, 12/1/2043		2,135,038
	1,290,000	11.000%, 12/29/2049^e,j		1,592,505
		Credit Suisse Group Funding, Ltd.
	3,190,000	3.125%, 12/10/2020^e		3,175,511
	4,400,000	3.750%, 3/26/2025^e		4,256,050
		DDR Corporation
	2,010,000	3.625%, 2/1/2025		1,896,688
		Developers Diversified Realty Corporation
	1,290,000	7.875%, 9/1/2020		1,543,930
		Discover Bank of Greenwood Delaware
	1,635,000	4.200%, 8/8/2023		1,670,256
	1,600,000	4.250%, 3/13/2026		1,610,763
		Duke Realty, LP
	3,220,000	3.875%, 10/15/2022		3,234,835
		Essex Portfolio, LP
	2,940,000	3.500%, 4/1/2025		2,828,339
		Fairfax Financial Holdings, Ltd.
	1,915,000	5.800%, 5/15/2021^e		2,027,548
		GE Capital International Funding Company
	2,527,000	4.418%, 11/15/2035^e		2,578,758
		GE Capital Trust I
	4,500,000	6.375%, 11/15/2067		4,677,187
		General Electric Capital Corporation
	3,200,000	1.512%, 3/15/2023^h		3,151,005
		Glitnir Banki HF
	50,000	Zero Coupon, 1/21/2011*^,k		15,500
		Goldman Sachs Group, Inc.
	2,900,000	5.375%, 3/15/2020		3,185,775
	3,275,000	5.250%, 7/27/2021		3,620,905
	2,190,000	4.000%, 3/3/2024		2,247,772
	4,450,000	3.850%, 7/8/2024		4,541,047
	2,490,000	4.250%, 10/21/2025		2,470,969
	1,260,000	6.750%, 10/1/2037		1,472,859
	2,490,000	5.150%, 5/22/2045		2,418,751
		Hartford Financial Services Group, Inc.
	3,230,000	5.125%, 4/15/2022		3,547,231
		HCP, Inc.
	2,200,000	4.250%, 11/15/2023		2,203,093
	2,555,000	4.200%, 3/1/2024		2,538,091
		Host Hotels & Resorts, LP
	1,240,000	4.000%, 6/15/2025		1,188,670
		HSBC Finance Corporation
	3,210,000	6.676%, 1/15/2021		3,684,040
		HSBC Holdings plc
	1,870,000	5.250%, 3/14/2044		1,940,357
	1,870,000	6.375%, 12/29/2049^j		1,867,662
	1,880,000	6.375%, 12/29/2049^j		1,856,500
		Huntington Bancshares, Inc.
	2,850,000	7.000%, 12/15/2020		3,318,722
		Hutchison Whampoa Finance CI, Ltd.
	2,520,000	1.625%, 10/31/2017^e		2,497,756
		Hutchison Whampoa International 14, Ltd.
	2,510,000	3.625%, 10/31/2024^e		2,490,377
		Icahn Enterprises, LP
	2,040,000	6.000%, 8/1/2020		2,057,136
		ILFC E-Capital Trust II
	2,230,000	4.740%, 12/21/2065^e,h		2,051,600
		ING Bank NV
	3,165,000	5.800%, 9/25/2023^e		3,438,678
		J.P. Morgan Chase & Company
	3,200,000	3.375%, 5/1/2023		3,145,014
	2,830,000	3.875%, 9/10/2024		2,815,126
	3,150,000	5.500%, 10/15/2040		3,563,775
	2,550,000	6.750%, 8/29/2049^j		2,779,500
	2,560,000	6.000%, 12/29/2049^j		2,556,426
		Kilroy Realty, LP
	3,190,000	4.250%, 8/15/2029		3,126,082
		Liberty Mutual Group, Inc.
	3,535,000	4.950%, 5/1/2022^e		3,747,047
	3,190,000	4.850%, 8/1/2044^e		2,954,048
		Liberty Property, LP
	1,875,000	4.750%, 10/1/2020		1,992,165
		Lincoln National Corporation
	4,150,000	4.000%, 9/1/2023		4,249,206
		Macquarie Bank, Ltd.
	3,215,000	1.650%, 3/24/2017^e		3,210,161
		Merrill Lynch & Company, Inc.
	3,050,000	6.875%, 4/25/2018		3,364,934
		MetLife Capital Trust IV
	700,000	7.875%, 12/15/2037^e		854,000
		MetLife Capital Trust X
	2,250,000	9.250%, 4/8/2038^e		3,105,000
		MetLife, Inc.
	2,500,000	3.600%, 4/10/2024		2,565,000

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

179

INCOME PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (89.8%)	Value
	Financials (29.2%) - continued
		Mizuho Bank, Ltd.
$	2,400,000	3.600%, 9/25/2024^e	$	2,428,476
		Morgan Stanley
	2,730,000	6.625%, 4/1/2018		2,993,527
	3,180,000	5.625%, 9/23/2019		3,509,445
	3,400,000	5.500%, 1/26/2020		3,743,101
	3,205,000	4.875%, 11/1/2022		3,401,313
	1,870,000	4.000%, 7/23/2025		1,925,677
	2,550,000	5.000%, 11/24/2025		2,706,947
	2,510,000	4.350%, 9/8/2026		2,518,205
	1,570,000	4.300%, 1/27/2045		1,497,950
		National Retail Properties, Inc.
	3,200,000	3.900%, 6/15/2024		3,165,382
		Nationwide Building Society
	2,490,000	3.900%, 7/21/2025^e		2,568,418
		Nordea Bank AB
	3,170,000	4.875%, 5/13/2021^e		3,420,975
	1,890,000	5.500%, 9/29/2049^e,i,j		1,882,912
		Omega Healthcare Investors, Inc.
	2,960,000	5.875%, 3/15/2024		3,063,600
	1,870,000	5.250%, 1/15/2026^e		1,908,773
		Peachtree Corners Funding Trust
	1,400,000	3.976%, 2/15/2025^e		1,389,891
		PNC Capital Trust C
	3,120,000	0.984%, 6/1/2028^h		2,745,600
		Prologis, LP
	2,510,000	4.250%, 8/15/2023		2,641,009
	3,740,000	3.750%, 11/1/2025		3,709,975
		Prudential Financial, Inc.
	1,915,000	3.500%, 5/15/2024		1,922,955
	1,425,000	6.200%, 11/15/2040		1,682,426
	1,930,000	5.875%, 9/15/2042		2,006,235
		Realty Income Corporation
	3,830,000	3.875%, 7/15/2024		3,757,165
		Regions Bank
	377,000	7.500%, 5/15/2018		418,900
		Reinsurance Group of America, Inc.
	1,930,000	6.450%, 11/15/2019		2,171,673
	3,815,000	4.700%, 9/15/2023		4,022,647
		Royal Bank of Scotland Group plc
	2,520,000	6.000%, 12/19/2023		2,714,078
	2,490,000	7.500%, 12/29/2049^j		2,592,713
		Santander Holdings USA, Inc.
	2,490,000	2.650%, 4/17/2020		2,442,859
	2,500,000	4.500%, 7/17/2025		2,544,865
		Santander Issuances SA
	2,750,000	5.179%, 11/19/2025		2,708,332
		Santander UK Group Holdings plc
	1,560,000	2.875%, 10/16/2020		1,549,409
	2,500,000	4.750%, 9/15/2025^e,i		2,467,018
		Santander UK plc
	960,000	5.000%, 11/7/2023^e		999,313
		Simon Property Group, LP
	2,775,000	2.750%, 2/1/2023		2,711,680
		SLM Corporation
	2,515,000	6.000%, 1/25/2017ⁱ		2,577,875
	1,024,000	4.625%, 9/25/2017		1,008,640
		Societe Generale SA
	2,490,000	8.000%, 12/31/2049^e,i,j		2,537,477
		Standard Chartered plc
	1,870,000	6.500%, 12/29/2049^e,i,j		1,806,758
		Synchrony Financial
	2,510,000	2.700%, 2/3/2020		2,461,871
	1,600,000	3.750%, 8/15/2021		1,598,250
	1,260,000	4.250%, 8/15/2024		1,242,942
		Synovus Financial Corporation
	1,920,000	5.750%, 12/15/2025		1,958,400
		UBS Group Funding Jersey, Ltd.
	2,490,000	4.125%, 9/24/2025^e		2,487,418
		UnionBanCal Corporation
	2,580,000	3.500%, 6/18/2022		2,616,424
		UnitedHealth Group, Inc.
	2,480,000	3.350%, 7/15/2022		2,536,648
	1,240,000	4.750%, 7/15/2045		1,306,080
		Voya Financial, Inc.
	3,215,000	5.500%, 7/15/2022		3,597,540
		Wachovia Capital Trust III
	120,000	5.570%, 3/15/2042^h,j		115,590
		Wells Fargo & Company
	3,035,000	3.450%, 2/13/2023		3,042,150
	3,220,000	7.980%, 2/28/2049^j		3,344,775
	1,250,000	5.875%, 12/31/2049^j		1,315,625
		Welltower, Inc.
	1,280,000	6.125%, 4/15/2020		1,433,687
	3,150,000	4.950%, 1/15/2021		3,377,323
	1,550,000	4.000%, 6/1/2025		1,524,682
		XLIT, Ltd.
	1,870,000	4.450%, 3/31/2025		1,831,203
	1,840,000	5.250%, 12/15/2043		1,903,110

		Total		389,640,200


	Foreign Government (0.6%)
		Colombia Government International Bond
	3,200,000	5.625%, 2/26/2044		2,920,000
		Mexico Government International Bond
	3,480,000	4.000%, 10/2/2023		3,525,240
	2,100,000	3.600%, 1/30/2025		2,046,450

		Total		8,491,690


	Industrials Other (0.1%)
		AECOM
	1,870,000	5.875%, 10/15/2024		1,907,400

		Total		1,907,400


	Mortgage-Backed Securities (3.9%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	3,612,500	3.000%, 1/1/2031^c		3,722,586
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	2,412,500	4.000%, 1/1/2046^c		2,548,532
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	26,550,000	3.500%, 1/1/2046^c		27,392,251
	12,937,500	4.000%, 1/1/2046^c		13,690,099

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

180

INCOME PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (89.8%)	Value
	Mortgage-Backed Securities (3.9%) - continued
$	4,650,000	4.500%, 1/1/2046^c	$	5,021,419

		Total		52,374,887


	Technology (1.8%)
		Amkor Technology, Inc.
	1,910,000	6.375%, 10/1/2022ⁱ		1,857,475
		Equinix, Inc.
	1,890,000	5.375%, 1/1/2022		1,937,250
		Fidelity National Information Services, Inc.
	1,560,000	2.850%, 10/15/2018		1,565,508
	3,190,000	3.875%, 6/5/2024		3,078,998
		First Data Corporation
	1,250,000	5.375%, 8/15/2023^e		1,256,250
		Fiserv, Inc.
	3,740,000	3.850%, 6/1/2025		3,734,588
		Hewlett Packard Enterprise Company
	2,490,000	2.850%, 10/5/2018^e		2,488,611
	2,500,000	3.600%, 10/15/2020^e		2,505,737
		Qualcomm, Inc.
	2,490,000	3.450%, 5/20/2025		2,388,306
		Seagate HDD Cayman
	1,870,000	4.875%, 6/1/2027^e		1,434,965
		Sensata Technologies BV
	1,890,000	4.875%, 10/15/2023^e		1,838,025

		Total		24,085,713


	Transportation (3.6%)
		American Airlines Pass Through Trust
	2,226,694	5.600%, 7/15/2020^e		2,271,227
	2,305,112	4.000%, 7/15/2025		2,328,163
		British Airways plc
	4,192,646	4.625%, 6/20/2024^e		4,370,833
		Burlington Northern Santa Fe, LLC
	3,120,000	3.000%, 4/1/2025		2,999,783
	2,500,000	4.700%, 9/1/2045		2,494,568
		Canadian Pacific Railway Company
	3,130,000	2.900%, 2/1/2025		2,946,250
	940,000	3.700%, 2/1/2026		925,005
	2,560,000	7.125%, 10/15/2031		3,170,056
		Continental Airlines, Inc.
	810,585	7.250%, 11/10/2019		913,529
	1,269,214	4.000%, 10/29/2024		1,300,945
		Delta Air Lines, Inc.
	1,514,086	4.950%, 5/23/2019		1,589,790
	1,005,175	4.750%, 5/7/2020		1,060,460
	1,870,000	4.250%, 7/30/2023		1,884,025
		ERAC USA Finance, LLC
	3,450,000	5.250%, 10/1/2020^e		3,779,979
	1,915,000	4.500%, 8/16/2021^e		2,026,239
	2,000,000	3.800%, 11/1/2025^e		1,979,070
		Navios South American Logistics, Inc.
	325,000	7.250%, 5/1/2022^e		212,875
		Penske Truck Leasing Company, LP
	2,510,000	3.375%, 2/1/2022^e		2,437,177
		United Airlines Pass Through Trust
	1,590,000	3.750%, 9/3/2026		1,603,992
		United Airlines, Inc.
	2,173,426	4.000%, 4/11/2026		2,222,328
		US Airways Pass Through Trust
	2,894,780	3.950%, 11/15/2025		2,916,491
		Virgin Australia Holdings, Ltd.
	2,101,540	5.000%, 10/23/2023^e		2,169,840

		Total		47,602,625


	U.S. Government and Agencies (5.3%)
		U.S. Treasury Bonds
	4,500,000	4.375%, 5/15/2041		5,678,964
	5,307,000	3.125%, 2/15/2042		5,479,684
	7,500,000	3.000%, 11/15/2045		7,477,440
		U.S. Treasury Bonds, TIPS
	2,670,644	0.625%, 1/15/2024		2,640,357
		U.S. Treasury Notes
	1,000,000	2.875%, 3/31/2018		1,038,047
	10,023,000	1.000%, 6/30/2019		9,857,390
	3,130,000	1.625%, 7/31/2020		3,115,082
	7,000,000	1.375%, 10/31/2020		6,876,408
	4,380,000	2.000%, 7/31/2022		4,368,196
	4,500,000	1.875%, 8/31/2022		4,448,147
	7,000,000	1.875%, 10/31/2022		6,911,408
	6,410,000	2.000%, 11/30/2022		6,374,944
	4,380,000	2.500%, 2/15/2045		3,929,854
		U.S. Treasury Notes, TIPS
	2,019,787	0.625%, 7/15/2021		2,033,041

		Total		70,228,962


	U.S. Municipals (0.2%)
		Denver, CO City & County Airport Rev.
	2,550,000	5.250%, 11/15/2022, Ser. A, AMT		2,995,969

		Total		2,995,969


	Utilities (5.7%)
		Access Midstream Partners, LP
	1,570,000	4.875%, 5/15/2023		1,272,744
		American Electric Power Company, Inc.
	2,565,000	2.950%, 12/15/2022		2,533,543
		Arizona Public Service Company
	2,880,000	8.750%, 3/1/2019		3,420,023
		Calpine Corporation
	1,920,000	5.375%, 1/15/2023		1,723,200
		Cleveland Electric Illuminating Company
	923,000	5.700%, 4/1/2017		956,016
		Commonwealth Edison Company
	1,500,000	6.150%, 9/15/2017		1,610,391
		DCP Midstream Operating, LP
	2,560,000	3.875%, 3/15/2023		1,932,372
	2,550,000	5.600%, 4/1/2044		1,548,671
		DCP Midstream, LLC
	1,750,000	5.850%, 5/21/2043^e		1,338,750
		DPL, Inc.
	565,000	6.500%, 10/15/2016		565,000
		Dynegy Finance I, Inc.
	1,250,000	7.375%, 11/1/2022		1,087,500
		Electricite de France SA
	3,200,000	5.250%, 12/29/2049^e,j		3,008,000

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

181

INCOME PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (89.8%)	Value
	Utilities (5.7%) - continued
		Energy Transfer Equity, LP
$	1,870,000	5.500%, 6/1/2027	$	1,421,200
		Enterprise Products Operating, LLC
	1,930,000	6.650%, 4/15/2018		2,095,598
		Exelon Corporation
	3,120,000	3.950%, 6/15/2025^e		3,115,850
		Exelon Generation Company, LLC
	1,050,000	5.200%, 10/1/2019		1,131,150
	2,500,000	4.000%, 10/1/2020		2,576,518
		FirstEnergy Transmission, LLC
	3,830,000	4.350%, 1/15/2025^e		3,882,375
		Great River Energy
	13,090	5.829%, 7/1/2017*		13,412
		ITC Holdings Corporation
	5,080,000	4.050%, 7/1/2023		5,218,862
		Kinder Morgan Energy Partners, LP
	1,920,000	3.500%, 3/1/2021		1,718,164
	2,550,000	5.800%, 3/1/2021		2,538,313
		MidAmerican Energy Holdings Company
	4,450,000	3.750%, 11/15/2023		4,566,501
		Nevada Power Company
	2,800,000	6.750%, 7/1/2037		3,551,758
		NiSource Finance Corporation
	3,200,000	5.450%, 9/15/2020		3,507,936
		Ohio Power Company
	2,400,000	6.050%, 5/1/2018		2,606,986
		Oncor Electric Delivery Company, LLC
	2,490,000	3.750%, 4/1/2045		2,069,519
		Pennsylvania Electric Company
	3,700,000	5.200%, 4/1/2020		3,944,403
		PPL Capital Funding, Inc.
	3,205,000	3.500%, 12/1/2022		3,228,775
	3,190,000	3.950%, 3/15/2024		3,264,640
		Southern California Edison Company
	2,585,000	6.250%, 8/1/2049^j		2,848,024
		Xcel Energy, Inc.
	2,490,000	3.300%, 6/1/2025		2,434,159

		Total		76,730,353


		Total Long-Term Fixed Income (cost $1,218,017,052)		1,199,806,799


Shares		Preferred Stock (2.3%)
	Financials (2.0%)
	79,875	Allstate Corporation, 5.100%		1,972,114
	102,122	Citigroup, Inc., 6.6919%		2,654,151
	22,500	Cobank ACB, 6.250%^e,j		2,309,767
	31,925	Countrywide Capital V, 7.000%		818,238
	128,000	Discover Financial Services, 6.500%^j		3,388,160
	78,590	GMAC Capital Trust I, 8.125%		1,993,042
	95,940	Goldman Sachs Group, Inc., 5.500%^j		2,483,886
	102,122	HSBC USA, Inc., 6.500%^j		2,658,236
	88,200	Morgan Stanley, 7.125%^j		2,522,520
	62,918	RBS Capital Funding Trust V, 5.900%^j		1,544,008
	63,611	RBS Capital Funding Trust VII, 6.080%^j		1,585,822
	101,500	Wells Fargo & Company, 5.850%^j		2,651,180

		Total		26,581,124


	Materials (0.2%)
	76,576	CHS, Inc., 7.100%^j		2,088,227

		Total		2,088,227


	Utilities (0.1%)
	50,000	Southern California Edison Company Trust IV, 5.375%^j		1,358,000

		Total		1,358,000


		Total Preferred Stock (cost $29,018,928)		30,027,351


		Collateral Held for Securities Loaned (2.1%)
	28,613,386	Thrivent Cash Management Trust		28,613,386

		Total Collateral Held for Securities Loaned (cost $28,613,386)		28,613,386


Shares or Principal Amount		Short-Term Investments (7.2%)^l
		Federal Home Loan Bank Discount Notes
	1,200,000	0.100%, 1/4/2016^m		1,199,990
		Federal Home Loan Mortgage Corporation Discount Notes
	100,000	0.080%, 1/8/2016^m		99,999
	100,000	0.300%, 2/11/2016^m		99,966
		Thrivent Cash Management Trust
	94,638,205	0.220%		94,638,205
		U.S. Treasury Bills
	400,000	0.190%, 1/7/2016ⁿ		399,987

		Total Short-Term Investments (at amortized cost)		96,438,147

		Total Investments (cost $1,426,385,522) 105.2%	$	1,405,792,922

		Other Assets and Liabilities, Net (5.2%)		(69,772,489	)

		Total Net Assets 100.0%	$	1,336,020,433

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

182

INCOME PORTFOLIO

Schedule of Investments as of December 31, 2015

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	Defaulted security. Interest is not being accrued.

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 December 31, 2015.

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

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 December 31, 2015.

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

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

k	In bankruptcy. Interest is not being accrued.

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

m	All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

n	At December 31, 2015, $50,998 of investments were segregated to cover exposure to a counterparty for margin on open mortgage-backed security transactions.

Denotes restricted securities. Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The value of all restricted securities held in Income Portfolio as of December 31, 2015 was $7,537,811 or 0.6% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of December 31, 2015.


Security	Acquisition Date		Cost
American Tower Trust I, 3/15/2018		3/6/2013	$	3,200,409
CAM Mortgage, LLC, 7/15/2064		6/24/2015		2,365,851
Glitnir Banki HF, 1/21/2016		5/1/2008		50,000
Great River Energy, 7/1/2017		4/13/2009		13,091
Preferred Term Securities XXIII, Ltd., 12/22/2036		9/14/2006		2,591,231

Securities Lending Transactions


Taxable Debt Security	$	27,727,136

Total lending	$	27,727,136
Gross amount payable upon return of collateral for securities loaned	$	28,613,386

Net amounts due to counterparty	$	886,250

Definitions:


AMT	-	Subject to Alternative Minimum Tax
Rev.	-	Revenue
Ser.	-	Series
TIPS	-	Treasury Inflation Protected Security.

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

183

LIMITED MATURITY BOND PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (3.4%)^a	Value
	Basic Materials (0.1%)
		Fortescue Metals Group, Ltd., Term Loan
$	1,043,290	4.250%, 6/30/2019	$	770,835

		Total		770,835


	Capital Goods (0.3%)
		ADS Waste Holdings, Inc., Term Loan
	1,162,416	3.750%, 10/9/2019		1,123,185
		Berry Plastics Group, Inc., Term Loan
	938,463	3.500%, 2/8/2020		919,055
		Silver II Borrower, Term Loan
	620,291	4.000%, 12/13/2019		523,215

		Total		2,565,455


	Communications Services (0.7%)
		Grande Communications Networks, LLC, Term Loan
	940,897	4.500%, 5/29/2020		921,298
		Integra Telecom Holdings, Inc., Term Loan
	1,182,379	5.250%, 8/14/2020		1,140,996
		LTS Buyer, LLC, Term Loan
	672,750	4.000%, 4/13/2020		653,577
		NEP/NCP Holdco, Inc., Term Loan
	938,667	4.250%, 1/22/2020		875,307
		NTelos, Inc., Term Loan
	672,620	5.750%, 11/9/2019		665,894
		TNS, Inc., Term Loan
	708,631	5.000%, 2/14/2020		696,230
		Univision Communications, Inc., Term Loan
	1,181,815	4.000%, 3/1/2020		1,154,633

		Total		6,107,935


	Consumer Cyclical (1.0%)
		Burlington Coat Factory Warehouse Corporation, Term Loan
	613,955	4.250%, 8/13/2021		605,514
		Ceridian HCM Holding, Inc., Term Loan
	659,283	4.500%, 9/15/2020		557,918
		Chrysler Group, LLC, Term Loan
	937,990	3.500%, 5/24/2017		933,947
		J.C. Penney Corporation, Inc., Term Loan
	1,209,000	6.000%, 5/22/2018		1,185,727
		MGM Resorts International, Term Loan
	1,015,332	3.500%, 12/20/2019		1,000,102
		Mohegan Tribal Gaming Authority, Term Loan
	1,334,341	5.500%, 6/15/2018		1,302,410
		ROC Finance, LLC, Term Loan
	943,287	5.000%, 6/20/2019		875,682
		Scientific Games International, Inc., Term Loan
	1,215,200	6.000%, 10/18/2020		1,108,870
		Seminole Hard Rock Entertainment, Inc., Term Loan
	472,875	3.500%, 5/14/2020		462,235

		Total		8,032,405


	Consumer Non-Cyclical (0.4%)
		Albertson’s, Inc., Term Loan
	607,778	5.500%, 3/21/2019		605,195
		JBS USA, LLC, Term Loan
	606,525	3.750%, 5/25/2018		602,734
		Supervalu, Inc., Term Loan
	1,876,369	4.500%, 3/21/2019		1,848,617

		Total		3,056,546


	Energy (0.1%)
		Arch Coal, Inc., Term Loan
	672,612	6.250%, 5/16/2018		296,138
		Offshore Group Investment, Ltd., Term Loan
	472,875	0.000%, 3/28/2019^b		94,967
		Pacific Drilling SA, Term Loan
	1,184,625	4.500%, 6/3/2018		506,427

		Total		897,532


	Financials (0.2%)
		Harland Clarke Holdings Corporation, Term Loan
	581,855	7.000%, 5/22/2018		561,973
		WaveDivision Holdings, LLC, Term Loan
	936,050	4.000%, 10/15/2019		919,669

		Total		1,481,642


	Technology (0.3%)
		BMC Software, Inc., Term Loan
	1,299,757	5.000%, 9/10/2020		1,066,723
		First Data Corporation, Term Loan
	1,240,000	3.918%, 3/23/2018		1,222,256

		Total		2,288,979


	Transportation (0.2%)
		American Airlines, Inc., Term Loan
	1,350,938	3.250%, 6/27/2020		1,328,350

		Total		1,328,350


	Utilities (0.1%)
		Calpine Corporation, Term Loan
	235,200	4.000%, 10/31/2020		228,732
		Intergen NV, Term Loan
	1,184,625	5.500%, 6/15/2020		1,067,643

		Total		1,296,375


		Total Bank Loans (cost $30,656,007)		27,826,054

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

184

LIMITED MATURITY BOND PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (91.7%)	Value
	Asset-Backed Securities (13.9%)
		American Homes 4 Rent
$	3,211,633	1.351%, 6/17/2031^c,d	$	3,147,232
		BA Credit Card Trust
	4,800,000	0.711%, 6/15/2021^d		4,791,700
		Bayview Opportunity Master Fund Trust
	2,702,506	3.228%, 7/28/2034*^,e		2,697,842
		Betony CLO, Ltd.
	3,425,000	1.831%, 4/15/2027*^,d		3,387,875
		Capital One Multi-Asset Execution Trust
	2,750,000	1.260%, 1/15/2020		2,749,201
		Chase Issuance Trust
	3,700,000	1.590%, 2/18/2020		3,699,485
	2,800,000	1.620%, 7/15/2020		2,790,479
		Chesapeake Funding, LLC
	555,016	0.719%, 5/7/2024^c,d		554,811
		Citibank Credit Card Issuance Trust
	5,225,000	1.020%, 2/22/2019		5,212,482
		Commonbond Student Loan Trust
	1,353,952	3.200%, 6/25/2032*		1,353,289
		Credit Based Asset Servicing and Securitization, LLC
	1,610,788	3.546%, 12/25/2036^e		1,158,911
		Edlinc Student Loan Funding Trust
	2,081,343	3.200%, 10/1/2025*^,d		2,081,890
		First Franklin Mortgage Loan Asset-Backed Certificates
	215,069	5.500%, 3/25/2036*^,b		2
		Ford Credit Auto Owner Trust
	3,575,000	2.260%, 11/15/2025^c		3,603,838
		GMAC Mortgage Corporation Loan Trust
	596,405	0.401%, 8/25/2035^d,f		557,952
	929,565	5.750%, 10/25/2036^f		901,930
	1,871,895	0.401%, 12/25/2036^d,f		1,642,697
		Golden Credit Card Trust
	7,200,000	0.581%, 2/15/2018^c,d		7,198,218
	1,000,000	0.761%, 9/15/2018^c,d		999,474
		GoldenTree Loan Opportunities IX, Ltd.
	3,750,000	1.804%, 10/29/2026*^,d		3,708,644
		Mortgage Equity Conversion Asset Trust
	4,381,572	1.140%, 1/25/2042*^,d		3,724,336
	4,433,200	0.810%, 2/25/2042*^,d		3,768,220
		Motor plc
	1,258,100	0.902%, 8/25/2021^c,d		1,257,987
		NextGear Floorplan Master Owner Trust
	3,000,000	1.920%, 10/15/2019*		2,973,860
		Northstar Education Finance, Inc.
	2,998,383	1.122%, 12/26/2031^c,d		2,897,761
		OZLM VIII, Ltd.
	3,760,000	1.755%, 10/17/2026*^,d		3,716,914
		Race Point IX CLO, Ltd.
	1,500,000	1.831%, 4/15/2027*^,d		1,491,157
		Renaissance Home Equity Loan Trust
	3,454,460	5.608%, 5/25/2036^e		2,276,278
	1,196,923	5.285%, 1/25/2037^e		650,178
		Selene Non-Performing Loans, LLC
	1,341,484	2.981%, 5/25/2054*^,e		1,326,175
		SLM Student Loan Trust
	1,823,650	0.931%, 8/15/2022^c,d		1,818,414
	1,482,712	1.081%, 10/16/2023^c,d		1,479,538
	1,616,409	0.822%, 3/25/2025^d		1,560,144
	4,345,650	0.942%, 3/25/2026^d		4,289,858
	2,700,000	1.381%, 5/17/2027^c,d		2,678,960
		SoFi Professional Loan Program, LLC
	3,058,130	2.420%, 3/25/2030^c		3,006,697
	2,742,528	2.510%, 8/25/2033^c		2,687,817
		U.S. Residential Opportunity Fund III Trust
	2,164,688	3.721%, 1/27/2035*		2,150,624
		Vericrest Opportunity Loan Transferee
	2,595,344	3.500%, 6/26/2045^c,e		2,557,442
	1,203,575	3.375%, 10/26/2054^c		1,192,099
		Volvo Financial Equipment, LLC
	974,483	0.740%, 3/15/2017^c		973,989
		Wachovia Asset Securitization, Inc.
	865,897	0.562%, 7/25/2037*^,d,f		739,156
		World Financial Network Credit Card Master Trust
	3,000,000	0.711%, 12/15/2019^d		3,000,120
	4,000,000	0.910%, 3/16/2020		3,996,788
		World Omni Master Owner Trust
	5,400,000	0.681%, 2/15/2018^c,d		5,399,083

		Total		113,851,547


	Basic Materials (0.8%)
		Albemarle Corporation
	1,095,000	3.000%, 12/1/2019		1,074,038
		Freeport-McMoRan, Inc.
	1,000,000	2.375%, 3/15/2018		780,000
	1,500,000	3.550%, 3/1/2022		870,000
		Georgia-Pacific, LLC
	2,555,000	2.539%, 11/15/2019^c		2,540,301
		Glencore Funding, LLC
	1,000,000	1.377%, 4/16/2018^c,d		843,803
		Mosaic Company
	500,000	4.250%, 11/15/2023		495,213

		Total		6,603,355


	Capital Goods (0.7%)
		Lockheed Martin Corporation
	1,500,000	1.850%, 11/23/2018		1,497,348
		Pentair Finance SA
	1,750,000	3.625%, 9/15/2020		1,748,275
		Roper Industries, Inc.
	2,250,000	1.850%, 11/15/2017		2,238,167
		Textron, Inc.
	400,000	3.875%, 3/1/2025		392,192

		Total		5,875,982


	Collateralized Mortgage Obligations (11.4%)
		Alm Loan Funding CLO
	3,760,000	1.745%, 10/17/2026*^,d		3,718,462
		American Home Mortgage Assets Trust
	2,583,561	1.177%, 11/25/2046^d		1,310,933

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

185

LIMITED MATURITY BOND PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (91.7%)	Value
	Collateralized Mortgage Obligations (11.4%) - continued
		Apidos CLO XVIII
$	3,775,000	1.732%, 7/22/2026*^,d	$	3,745,143
		Babson CLO, Ltd.
	3,760,000	1.707%, 10/17/2026*^,d		3,703,730
		BCAP, LLC Trust
	1,561,903	0.602%, 3/25/2037^d		1,323,467
		Bear Stearns Adjustable Rate Mortgage Trust
	899,259	2.660%, 10/25/2035^d		884,139
		Birchwood Park CLO, Ltd.
	3,760,000	1.761%, 7/15/2026*^,d		3,719,485
		BlueMountain CLO, Ltd.
	3,760,000	1.801%, 10/15/2026*^,d		3,726,100
		Carlyle Global Market Strategies CLO, Ltd.
	3,750,000	1.617%, 7/20/2023*^,d		3,732,619
	3,750,000	1.821%, 10/15/2026*^,d		3,721,936
		Cent CLO 16, LP
	3,760,000	1.579%, 8/1/2024*^,d		3,745,307
		Cent CLO 22, Ltd.
	3,750,000	1.824%, 11/7/2026*^,d		3,704,974
		Countrywide Alternative Loan Trust
	577,242	5.500%, 11/25/2035		570,786
	622,628	5.500%, 2/25/2036		589,947
	1,147,951	6.000%, 1/25/2037		1,054,983
		Countrywide Home Loans, Inc.
	1,636,506	2.526%, 3/20/2036		1,409,951
	1,470,493	2.560%, 9/20/2036		1,303,885
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	2,883,810	1.027%, 4/25/2047^d		2,459,129
		Dryden 34 Senior Loan Fund CLO
	3,760,000	1.751%, 10/15/2026*^,d		3,718,446
		HarborView Mortgage Loan Trust
	1,443,880	2.203%, 6/19/2034		1,413,304
		HomeBanc Mortgage Trust
	1,431,925	2.229%, 4/25/2037		1,079,465
		Impac CMB Trust
	1,554,511	0.942%, 4/25/2035^d		1,428,384
	487,679	1.062%, 8/25/2035^d		430,541
		J.P. Morgan Alternative Loan Trust
	2,292,054	2.595%, 3/25/2036		1,916,891
		J.P. Morgan Mortgage Trust
	358,555	2.691%, 10/25/2036		322,625
		Madison Park Funding XIV CLO, Ltd.
	4,150,000	1.767%, 7/20/2026*^,d		4,109,705
		Master Asset Securitization Trust
	1,364,672	0.922%, 6/25/2036^d		779,354
		MLCC Mortgage Investors, Inc.
	468,998	1.082%, 8/25/2029^d		467,224
		Neuberger Berman CLO, Ltd.
	3,000,000	1.804%, 8/4/2025*^,d		2,964,947
		Octagon Investment Partners XX CLO, Ltd.
	3,760,000	1.796%, 8/12/2026*^,d		3,711,042
		Residential Accredit Loans, Inc.
	1,215,457	3.633%, 9/25/2035		1,007,470
		Sequoia Mortgage Trust
	2,705,626	1.269%, 9/20/2034^d		2,606,413
		Structured Adjustable Rate Mortgage Loan Trust
	29,376	2.761%, 12/25/2034		28,693
		Symphony CLO VIII, Ltd.
	3,678,677	1.419%, 1/9/2023*^,d		3,664,863
		Voya CLO 3, Ltd.
	3,760,000	1.740%, 7/25/2026*^,d		3,718,584
		Wachovia Mortgage Loan Trust, LLC
	1,163,225	2.913%, 5/20/2036		1,020,080
		WaMu Mortgage Pass Through Certificates
	779,538	0.712%, 10/25/2045^d		718,011
	2,440,204	1.137%, 10/25/2046^d		1,923,538
	2,409,302	1.063%, 12/25/2046^d		1,854,309
	2,526,677	0.997%, 1/25/2047^d		2,037,807
		Washington Mutual Mortgage Pass Through Certificates
	1,854,783	1.177%, 9/25/2046^d		1,237,794
	3,203,792	1.007%, 2/25/2047^d		2,296,468
		Wells Fargo Commercial Mortgage Trust
	3,575,000	2.632%, 5/15/2048		3,601,546
		Wells Fargo Mortgage Backed Securities Trust
	1,105,568	2.763%, 3/25/2036		1,097,976
	787,544	2.801%, 3/25/2036		763,913

		Total		94,344,369


	Commercial Mortgage-Backed Securities (5.2%)
		Bear Stearns Commercial Mortgage Securities, Inc.
	1,671,612	5.331%, 2/11/2044		1,718,602
		Citigroup Commercial Mortgage Trust
	1,250,000	5.710%, 12/10/2049		1,291,708
		Citigroup/Deutsche Bank Commercial Mortgage Trust
	2,678,723	5.322%, 12/11/2049		2,723,815
		Commercial Mortgage Pass-Through Certificates
	5,000,000	1.326%, 6/8/2030^c,d		4,993,928
	1,386,563	5.306%, 12/10/2046		1,411,265
		Credit Suisse First Boston Mortgage Securities
	4,460,000	5.542%, 1/15/2049		4,560,084
		Credit Suisse Mortgage Capital Certificates
	3,153,978	5.467%, 9/15/2039		3,187,304
		Federal National Mortgage Association
	1,855,813	1.272%, 1/25/2017		1,855,884
		GS Mortgage Securities Trust
	2,956,266	2.999%, 8/10/2044		2,971,085
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	4,500,000	1.281%, 12/15/2028^c,d		4,499,806
	6,193,844	5.429%, 12/12/2043		6,297,658
		Morgan Stanley Capital, Inc.
	2,500,000	5.406%, 3/15/2044		2,566,153
		SCG Trust
	3,150,000	1.731%, 11/15/2026^c,d		3,159,943

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

186

LIMITED MATURITY BOND PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (91.7%)	Value
	Commercial Mortgage-Backed Securities (5.2%) - continued
		Wachovia Bank Commercial Mortgage Trust
	$1,756,124	5.765%, 7/15/2045	$	1,753,937

		Total		42,991,172


	Communications Services (3.0%)
		America Movil SAB de CV
	3,000,000	1.502%, 9/12/2016^d		2,999,961
		American Tower Corporation
	2,200,000	3.450%, 9/15/2021		2,210,784
		AT&T, Inc.
	1,735,000	1.533%, 6/30/2020^d		1,722,595
		CCO Safari II, LLC
	1,397,000	3.579%, 7/23/2020^c		1,388,631
	1,397,000	4.464%, 7/23/2022^c		1,392,124
		Crown Castle Towers, LLC
	1,650,000	4.174%, 8/15/2017^c		1,687,179
		DIRECTV Holdings, LLC
	1,125,000	1.750%, 1/15/2018		1,120,526
		Moody’s Corporation
	1,250,000	2.750%, 7/15/2019		1,260,583
		NBC Universal Enterprise, Inc.
	2,250,000	1.662%, 4/15/2018^c		2,250,605
		SES Global Americas Holdings GP
	1,375,000	2.500%, 3/25/2019^c		1,356,015
		Verizon Communications, Inc.
	1,650,000	2.042%, 9/15/2016^d		1,660,103
	1,000,000	0.877%, 6/9/2017^d		995,787
	2,580,000	1.296%, 6/17/2019^d		2,562,505
	1,825,000	3.000%, 11/1/2021		1,819,870

		Total		24,427,268


	Consumer Cyclical (1.0%)
		CVS Health Corporation
	1,065,000	2.250%, 8/12/2019		1,063,599
		Daimler Finance North America, LLC
	2,500,000	1.044%, 8/3/2017^c,d		2,497,080
		Home Depot, Inc.
	825,000	0.882%, 9/15/2017^d		826,215
	2,100,000	4.400%, 4/1/2021		2,312,562
		Ralph Lauren Corporation
	275,000	2.625%, 8/18/2020		277,619
		Yale University
	1,550,000	2.086%, 4/15/2019		1,563,142

		Total		8,540,217


	Consumer Non-Cyclical (6.4%)
		Actavis Funding SCS
	2,435,000	1.757%, 3/12/2020^d		2,443,698
		Altria Group, Inc.
	500,000	2.850%, 8/9/2022		487,440
		Amgen, Inc.
	1,675,000	2.125%, 5/1/2020		1,652,158
		BAT International Finance plc
	2,335,000	1.022%, 6/15/2018^c,d		2,331,834
		Bayer U.S. Finance, LLC
	1,250,000	2.375%, 10/8/2019^c		1,250,785
		Boston Scientific Corporation
	2,045,000	6.000%, 1/15/2020		2,270,790
		Bunge Limited Finance Corporation
	1,135,000	3.500%, 11/24/2020		1,128,681
		Cardinal Health, Inc.
	1,275,000	1.950%, 6/15/2018		1,271,680
		Celgene Corporation
	1,270,000	3.550%, 8/15/2022		1,282,346
		Church & Dwight Company, Inc.
	1,440,000	2.450%, 12/15/2019		1,432,480
		Edwards Lifesciences Corporation
	1,500,000	2.875%, 10/15/2018		1,517,403
		EMD Finance, LLC
	2,470,000	0.876%, 3/17/2017^c,d		2,462,427
		Forest Laboratories, Inc.
	2,750,000	4.375%, 2/1/2019^c		2,880,834
		Gilead Sciences, Inc.
	1,300,000	2.550%, 9/1/2020		1,299,506
	1,300,000	3.250%, 9/1/2022		1,309,008
		Howard Hughes Medical Institute
	1,500,000	3.500%, 9/1/2023		1,557,792
		Imperial Tobacco Finance plc
	1,750,000	3.750%, 7/21/2022^c		1,757,005
		Japan Tobacco, Inc.
	2,500,000	2.100%, 7/23/2018^c		2,498,025
		JM Smucker Company
	1,540,000	2.500%, 3/15/2020		1,529,031
		Laboratory Corporation of America Holdings
	1,705,000	2.625%, 2/1/2020		1,683,266
		Mead Johnson Nutrition Company
	1,150,000	3.000%, 11/15/2020		1,149,653
		Merck & Company, Inc.
	1,825,000	0.716%, 2/10/2020^d		1,813,795
		Mondelez International, Inc.
	1,858,000	0.849%, 2/1/2019^d		1,825,362
		Mylan NV
	1,580,000	3.750%, 12/15/2020^c		1,581,656
		PepsiCo, Inc.
	1,300,000	1.850%, 4/30/2020		1,285,090
		Reynolds American, Inc.
	1,020,000	3.250%, 6/12/2020		1,036,629
		SABMiller Holdings, Inc.
	2,500,000	2.450%, 1/15/2017^c		2,519,257
		Unilever Capital Corporation
	2,600,000	2.200%, 3/6/2019		2,638,691
	3,650,000	2.100%, 7/30/2020^g		3,634,451
		Zoetis, Inc.
	1,175,000	3.450%, 11/13/2020		1,176,369

		Total		52,707,142


	Energy (2.7%)
		Cameron International Corporation
	1,575,000	1.400%, 6/15/2017		1,552,663
		Chevron Corporation
	3,000,000	1.718%, 6/24/2018		2,984,676
		CNPC General Capital, Ltd.
	1,000,000	2.750%, 5/14/2019^c		998,390
		DCP Midstream Operating, LP
	1,650,000	2.700%, 4/1/2019		1,336,649
		Enable Midstream Partners, LP
	1,250,000	2.400%, 5/15/2019		1,110,593

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

187

LIMITED MATURITY BOND PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (91.7%)	Value
	Energy (2.7%) - continued
		Enbridge, Inc.
$	1,700,000	0.866%, 6/2/2017^d	$	1,665,019
		Exxon Mobil Corporation
	1,785,000	0.822%, 3/6/2022^d		1,754,348
		Marathon Petroleum Corporation
	1,500,000	3.400%, 12/15/2020		1,473,126
		Noble Holding International, Ltd.
	1,650,000	4.000%, 3/16/2018		1,494,106
		Petroleos Mexicanos
	2,075,750	2.378%, 4/15/2025		2,072,302
		Pioneer Natural Resources Company
	1,114,000	3.450%, 1/15/2021		1,028,615
		Schlumberger Holdings Corporation
	1,500,000	3.000%, 12/21/2020^c		1,480,622
		Shell International Finance BV
	1,735,000	0.806%, 5/11/2020^d		1,709,587
		Sunoco Logistics Partners Operations, LP
	1,860,000	4.400%, 4/1/2021		1,802,472

		Total		22,463,168


	Financials (18.5%)
		ABN AMRO Bank NV
	2,040,000	2.450%, 6/4/2020^c		2,022,480
		Aflac, Inc.
	2,100,000	2.400%, 3/16/2020		2,111,086
		American Express Credit Corporation
	2,580,000	1.083%, 3/18/2019^d		2,549,879
	850,000	1.552%, 9/14/2020^d		857,254
		American International Group, Inc.
	1,430,000	2.300%, 7/16/2019		1,417,891
		American Tower Trust I
	1,650,000	1.551%, 3/15/2018*		1,611,271
		Ares Capital Corporation
	1,400,000	3.875%, 1/15/2020^g		1,421,262
		Aviation Capital Group Corporation
	1,350,000	3.875%, 9/27/2016^c		1,360,125
		Bank of America Corporation
	1,800,000	1.700%, 8/25/2017		1,794,854
	2,000,000	1.656%, 3/22/2018^d		2,006,416
	2,200,000	1.196%, 4/1/2019^d		2,190,309
	1,100,000	4.000%, 1/22/2025		1,076,821
	1,100,000	6.100%, 12/29/2049^h		1,115,125
		Bank of America NA
	2,000,000	5.300%, 3/15/2017		2,080,550
		Bank of New York Mellon Corporation
	675,000	4.500%, 12/31/2049^h		617,625
		Bank of Tokyo-Mitsubishi UFJ, Ltd.
	1,445,000	2.850%, 9/8/2021^c		1,439,269
		BB&T Corporation
	1,520,000	1.036%, 1/15/2020^d		1,506,876
		Bear Stearns Companies, LLC
	2,500,000	6.400%, 10/2/2017		2,692,317
		Caisse Centrale Desjardins du Quebec
	2,155,000	0.989%, 1/29/2018^c,d		2,150,787
		Citigroup, Inc.
	1,840,000	1.088%, 4/8/2019^d		1,827,725
		CNA Financial Corporation
	3,000,000	5.875%, 8/15/2020		3,324,861
		CoBank ACB
	1,965,000	1.112%, 6/15/2022*^,d		1,859,694
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	800,000	4.625%, 12/1/2023		833,716
		Credit Agricole SA
	1,650,000	1.121%, 4/15/2019^c,d		1,640,597
	1,800,000	1.457%, 6/10/2020^c,d		1,796,137
		Credit Suisse Group AG
	1,500,000	6.500%, 8/8/2023^c		1,616,250
	990,000	7.500%, 12/11/2049^c,h		1,039,334
		Discover Financial Services
	2,750,000	2.600%, 11/13/2018		2,747,803
		DRB Prime Student Loan Trust
	2,628,269	2.322%, 10/27/2031*^,d		2,658,346
		Fifth Third Bancorp
	1,440,000	2.875%, 10/1/2021		1,434,201
		Goldman Sachs Group, Inc.
	1,915,000	1.462%, 11/15/2018^d		1,922,777
	2,160,000	1.476%, 4/23/2020^d		2,163,199
	1,375,000	2.012%, 11/29/2023^d		1,387,203
	1,950,000	5.375%, 12/29/2049^h		1,937,813
		HCP, Inc.
	1,330,000	4.000%, 12/1/2022		1,323,851
		HSBC Holdings plc
	1,375,000	6.375%, 12/29/2049^h		1,373,281
		HSBC USA, Inc.
	1,905,000	0.893%, 6/23/2017^d		1,888,891
		ING Bank NV
	2,750,000	1.334%, 8/17/2020^c,d		2,758,841
		ING Capital Funding Trust III
	1,000,000	4.207%, 12/29/2049^d,h		997,500
		ING Groep NV
	1,650,000	6.000%, 12/31/2045^g,h		1,650,000
		Intesa Sanpaolo SPA
	1,500,000	5.017%, 6/26/2024^c		1,475,774
		J.P. Morgan Chase & Company
	4,000,000	1.220%, 1/25/2018^d		4,008,228
	1,750,000	2.250%, 1/23/2020		1,721,617
	1,750,000	3.875%, 9/10/2024		1,740,802
	1,450,000	7.900%, 4/29/2049^h		1,476,100
		Japan Bank for International Cooperation
	4,000,000	1.750%, 7/31/2018		3,991,056
		KeyBank NA
	2,750,000	0.934%, 6/1/2018^d		2,743,406
		Kilroy Realty, LP
	750,000	3.800%, 1/15/2023		743,123
		Lloyds Bank plc
	2,475,000	1.038%, 3/16/2018^d		2,461,902
		Lloyds Banking Group plc
	350,000	4.582%, 12/10/2025^c		350,853
		Metropolitan Life Global Funding I
	3,250,000	3.650%, 6/14/2018^c		3,383,042
		Mizuho Financial Group Cayman 3, Ltd.
	825,000	4.600%, 3/27/2024^c		849,253
		Morgan Stanley
	2,155,000	1.463%, 1/27/2020^d		2,159,605
	1,750,000	5.000%, 11/24/2025		1,857,709
	1,000,000	5.450%, 12/29/2049^h		976,250

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

188

LIMITED MATURITY BOND PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (91.7%)	Value
	Financials (18.5%) - continued
$	1,100,000	5.550%, 12/29/2049^h	$	1,100,000
		New York Life Global Funding
	600,000	1.550%, 11/2/2018^c		595,113
		Peachtree Corners Funding Trust
	1,375,000	3.976%, 2/15/2025^c		1,365,071
		Prudential Financial, Inc.
	1,430,000	2.350%, 8/15/2019		1,423,233
		Realty Income Corporation
	1,500,000	2.000%, 1/31/2018		1,500,857
		Reliance Standard Life Global Funding II
	1,740,000	2.500%, 4/24/2019^c		1,733,160
		Royal Bank of Scotland Group plc
	2,205,000	1.543%, 3/31/2017^d		2,200,702
		Simon Property Group, LP
	1,635,000	2.500%, 9/1/2020		1,636,262
		Skandinaviska Enskilda Banken AB
	2,500,000	1.375%, 5/29/2018^c		2,472,205
		SLM Corporation
	700,000	4.625%, 9/25/2017		689,500
		Stadshypotek AB
	2,000,000	1.875%, 10/2/2019^c		1,972,044
		Standard Chartered plc
	1,225,000	3.950%, 1/11/2023^c		1,178,448
		State Street Corporation
	2,499,000	1.264%, 8/18/2020^d		2,499,260
		Sumitomo Mitsui Banking Corporation
	2,555,000	0.897%, 1/16/2018^d		2,546,231
		Sumitomo Mitsui Financial Group, Inc.
	1,800,000	4.436%, 4/2/2024^c		1,849,246
		Svensk Exportkredit AB
	3,500,000	0.616%, 1/23/2017^d		3,503,861
		Svenska Handelsbanken AB
	750,000	1.016%, 6/17/2019^d		743,132
		Swedbank AB
	1,750,000	1.750%, 3/12/2018^c		1,740,044
		Synchrony Financial
	1,520,000	3.000%, 8/15/2019		1,517,890
	1,440,000	1.564%, 2/3/2020^d		1,417,249
		Toronto-Dominion Bank
	1,500,000	1.432%, 12/14/2020^d		1,499,649
		UBS AG
	2,750,000	1.303%, 3/26/2018^d		2,744,910
		USB Group Funding Jersey, Ltd.
	2,250,000	2.034%, 9/24/2020^c,d		2,258,078
		USB Realty Corporation
	1,495,000	1.468%, 12/29/2049^c,d,h		1,345,500
		Voya Financial, Inc.
	1,500,000	2.900%, 2/15/2018		1,516,215
	500,000	5.650%, 5/15/2053		492,500
		Wells Fargo & Company
	2,155,000	1.002%, 1/30/2020^d		2,134,926
	925,000	3.450%, 2/13/2023		927,179
	1,100,000	4.100%, 6/3/2026		1,110,333
	1,100,000	5.875%, 12/31/2049^h		1,157,750
		Westpac Banking Corporation
	2,500,000	1.250%, 12/15/2017^c		2,478,123
		XLIT, Ltd.
	1,100,000	4.450%, 3/31/2025		1,077,178

		Total		152,568,786


	Foreign Government (0.9%)
		Bahama Government International Bond
	275,000	5.750%, 1/16/2024^c		287,375
		Costa Rica Government International Bond
	1,650,000	4.250%, 1/26/2023^c		1,443,750
		Export-Import Bank of Korea
	2,130,000	2.250%, 1/21/2020		2,097,307
		Kommunalbanken AS
	3,500,000	1.500%, 10/22/2019^c		3,457,006
		Mexico Government International Bond
	325,000	3.500%, 1/21/2021		329,875
		Poland Government International Bond
	125,000	4.000%, 1/22/2024		131,500

		Total		7,746,813


	Mortgage-Backed Securities (3.6%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	3,000,000	3.000%, 1/1/2031ⁱ		3,091,421
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	559,913	6.500%, 9/1/2037		637,660
	3,000,000	4.000%, 1/1/2046ⁱ		3,169,160
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	2,932,780	2.250%, 6/25/2025		2,977,125
	8,350,000	3.500%, 1/1/2030ⁱ		8,744,345
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	770,093	5.559%, 9/1/2037^d		816,954
	419,215	5.196%, 10/1/2037^d		429,115
	3,541,297	2.069%, 1/1/2043^d		3,627,836
	5,923,074	1.728%, 7/1/2043^d		6,022,372

		Total		29,515,988


	Technology (2.0%)
		Amphenol Corporation
	1,409,000	2.550%, 1/30/2019		1,409,245
		Apple, Inc.
	3,050,000	0.637%, 5/6/2019^d		3,035,061
	1,735,000	0.659%, 5/6/2020^d		1,721,922
		Automatic Data Processing, Inc.
	1,000,000	2.250%, 9/15/2020		1,003,787
		Cisco Systems, Inc.
	2,335,000	0.914%, 3/1/2019^d		2,332,906
		Hewlett Packard Enterprise Company
	2,800,000	2.249%, 10/5/2018^c,d		2,807,350
		Intel Corporation
	905,000	3.100%, 7/29/2022		922,840

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

189

LIMITED MATURITY BOND PORTFOLIO

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (91.7%)	Value
	Technology (2.0%) - continued
		Oracle Corporation
$	1,675,000	2.500%, 5/15/2022	$	1,644,034
		Texas Instruments, Inc.
	1,300,000	1.750%, 5/1/2020		1,266,330

		Total		16,143,475


	Transportation (1.7%)
		Air Canada Pass Through Trust
	1,490,000	3.875%, 3/15/2023^c		1,445,300
		American Airlines Pass Through Trust
	1,353,480	5.600%, 7/15/2020^c		1,380,550
	1,301,744	4.950%, 1/15/2023		1,373,340
	1,054,984	3.700%, 5/1/2023		1,031,247
		British Airways plc
	1,403,788	4.625%, 6/20/2024^c		1,463,449
		Continental Airlines, Inc.
	2,850,098	4.150%, 4/11/2024		2,924,200
		Delta Air Lines, Inc.
	743,126	4.750%, 5/7/2020		783,998
		J.B. Hunt Transport Services, Inc.
	1,450,000	3.300%, 8/15/2022		1,436,013
		TTX Company
	800,000	4.125%, 10/1/2023*		834,240
		Virgin Australia Holdings, Ltd.
	1,359,388	5.000%, 10/23/2023^c		1,403,568

		Total		14,075,905


	U.S. Government and Agencies (17.3%)
		Federal Home Loan Mortgage Corporation
	500,000	1.250%, 8/1/2019		494,439
		Federal National Mortgage Association
	4,000,000	1.875%, 12/28/2020^g		3,997,832
		NCUA Guaranteed Notes
	2,817,970	2.900%, 10/29/2020		2,811,094
	1,535,210	0.637%, 12/7/2020^d		1,531,157
		U.S. Treasury Bonds
	8,000,000	5.375%, 2/15/2031		10,848,440
	2,200,000	3.000%, 5/15/2042		2,213,578
		U.S. Treasury Bonds, TIPS
	19,285,570	0.125%, 4/15/2019		19,172,325
		U.S. Treasury Notes
	12,350,000	1.500%, 10/31/2019		12,311,406
	52,570,000	1.875%, 6/30/2020		52,937,570
	10,150,000	2.125%, 6/30/2022		10,202,333
	2,565,000	1.625%, 8/15/2022		2,498,369
	8,300,000	3.625%, 2/15/2044		9,336,853
		U.S. Treasury Notes, TIPS
	8,012,655	0.125%, 1/15/2022		7,764,655
	7,032,548	0.125%, 1/15/2023		6,742,730

		Total		142,862,781


	Utilities (2.6%)
		Ameren Corporation
	1,175,000	2.700%, 11/15/2020		1,170,526
		Berkshire Hathaway Energy Company
	1,550,000	2.400%, 2/1/2020		1,535,542
		DTE Energy Company
	730,000	2.400%, 12/1/2019		726,902
		Electricite de France SA
	1,500,000	5.250%, 12/29/2049^c,h		1,410,000
		Eversource Energy
	1,560,000	1.600%, 1/15/2018		1,543,520
	1,250,000	1.450%, 5/1/2018		1,229,607
		Exelon Corporation
	1,650,000	2.850%, 6/15/2020		1,640,979
		Exelon Generation Company, LLC
	1,385,000	2.950%, 1/15/2020		1,380,020
		National Rural Utilities Cooperative Finance Corporation
	1,150,000	4.750%, 4/30/2043		1,134,360
		Pacific Gas & Electric Company
	250,000	5.625%, 11/30/2017		267,230
		PG&E Corporation
	1,500,000	2.400%, 3/1/2019		1,496,801
		Public Service Electric And Gas Company
	2,570,000	1.800%, 6/1/2019		2,543,539
		Sempra Energy
	2,425,000	2.300%, 4/1/2017		2,439,101
	1,765,000	2.400%, 3/15/2020		1,729,859
		Southern California Edison Company
	1,040,000	2.400%, 2/1/2022		1,019,841

		Total		21,267,827


		Total Long-Term Fixed Income (cost $769,511,286)		755,985,795


Shares		Preferred Stock (0.7%)	Value
	Financials (0.6%)
	66,000	Citigroup, Inc., 6.6919%		1,715,340
	8,125	Farm Credit Bank of Texas, 6.750%^c,h		846,016
	66,000	HSBC Holdings plc, 8.000%^h		1,720,620

		Total		4,281,976


	Utilities (0.1%)
	36,000	Southern California Edison Company Trust IV, 5.375%^h		977,760

		Total		977,760


		Total Preferred Stock (cost $5,184,100)		5,259,736


Shares		Collateral Held for Securities Loaned (1.3%)	Value
	11,023,000	Thrivent Cash Management Trust		11,023,000

		Total Collateral Held for Securities Loaned (cost $11,023,000)		11,023,000

Shares or Principal Amount		Short-Term Investments (5.7%)^j	Value
		Federal Home Loan Mortgage Corporation Discount Notes
	200,000	0.060%, 1/5/2016		199,999
	1,100,000	0.100%, 1/8/2016^k		1,099,979
	600,000	0.200%, 2/17/2016^k		599,843

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

190

LIMITED MATURITY BOND PORTFOLIO

Schedule of Investments as of December 31, 2015


Shares or Principal Amount		Short-Term Investments (5.7%)j	Value
		Thrivent Cash Management Trust
	44,769,481	0.220%	$	44,769,481

		Total Short-Term Investments (at amortized cost)		46,669,302

		Total Investments (cost $863,043,695) 102.8%	$	846,763,887

		Other Assets and Liabilities, Net (2.8%)		(22,867,294	)

		Total Net Assets 100.0%	$	823,896,593

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

b	Defaulted security. Interest is not being accrued.

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 December 31, 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 December 31, 2015.

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	All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Denotes restricted securities. Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The value of all restricted securities held in Limited Maturity Bond Portfolio as of December 31, 2015 was $95,488,878 or 11.6% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of December 31, 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		3,765,563
Babson CLO, Ltd., 10/17/2026		8/15/2014		3,758,120
Bayview Opportunity Master Fund Trust, 7/28/2034		6/27/2014		2,699,803
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		3,756,203


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		1,899,494
Commonbond Student Loan Trust, 6/25/2032		6/17/2015		1,353,608
DRB Prime Student Loan Trust, 10/27/2031		9/23/2015		2,628,270
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		2,096,894
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, 2/25/2042		2/14/2007		4,433,200
Mortgage Equity Conversion Asset Trust, 1/25/2042		1/18/2007		4,381,572
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		1,341,484
Symphony CLO VIII, Ltd., 1/9/2023		9/15/2014		3,678,677
TTX Company, 10/1/2023		9/19/2013		799,992
U.S. Residential Opportunity Fund III Trust, 1/27/2035		2/6/2015		2,164,688
Voya CLO 3, Ltd., 7/25/2026		7/10/2014		3,754,360
Wachovia Asset Securitization, Inc., 7/25/2037		3/16/2007		865,897

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Limited Maturity Bond Portfolio as of December 31, 2015:

Securities Lending Transactions


Taxable Debt Security	$	10,703,545

Total lending	$	10,703,545
Gross amount payable upon return of collateral for securities loaned	$	11,023,000

Net amounts due to counterparty	$	319,455

Definitions:


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

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

191

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 9.

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 10.

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 11.

Exhibits

(a)

The code of ethics pursuant to Item 2 is attached hereto.

(b)

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: February 26, 2016	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: February 26, 2016	By:	/s/ David S. Royal
		David S. Royal
		President

Date: February 26, 2016	By:	/s/ Gerard V. Vaillancourt
		Gerard V. Vaillancourt
		Treasurer