Thrivent Series Fund, Inc.

Date: August 26, 2016

THRIVENT SERIES FUND, INC.

/s/ David S. Royal

David S. Royal

N-CSRS 1 d221423dncsrs.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: 811-04603

Thrivent Series Fund, Inc.

(Exact name of registrant as specified in charter)

625 Fourth Avenue South

Minneapolis, Minnesota 55415

(Address of principal executive offices) (Zip code)

Michael W. Kremenak, Secretary 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: June 30, 2016

Item 1.

Report to Stockholders

LOGO

TABLE OF CONTENTS


Letter from the President			2

Letter from the Chief Investment Officer			3

Portfolio Perspectives

Thrivent Aggressive Allocation Portfolio			4
Thrivent Moderately Aggressive Allocation Portfolio			4
Thrivent Moderate Allocation Portfolio			5
Thrivent Moderately Conservative Allocation Portfolio			5
Thrivent Growth and Income Plus Portfolio			6
Thrivent Balanced Income Plus Portfolio			6
Thrivent Diversified Income Plus Portfolio			7
Thrivent Opportunity Income Plus Portfolio			8
Thrivent Partner Healthcare Portfolio			9
Thrivent Partner Emerging Markets Portfolio			9
Thrivent Real Estate Securities Portfolio			10
Thrivent Small Cap Stock Portfolio			10
Thrivent Small Cap Index Portfolio			11
Thrivent Mid Cap Stock Portfolio			11
Thrivent Mid Cap Index Portfolio			12
Thrivent Partner Worldwide Allocation Portfolio			12
Thrivent Partner All Cap Portfolio			13
Thrivent Large Cap Growth Portfolio			13
Thrivent Partner Growth Stock Portfolio			14
Thrivent Large Cap Value Portfolio			14
Thrivent Large Cap Stock Portfolio			15
Thrivent Large Cap Index Portfolio			15
Thrivent High Yield Portfolio			16
Thrivent Income Portfolio			17
Thrivent Bond Index Portfolio			18
Thrivent Limited Maturity Bond Portfolio			18
Thrivent Money Market Portfolio			19

Shareholder Expense Example			20

Schedules of Investments/Summary Schedules of Investments

Thrivent Aggressive Allocation Portfolio			23
Thrivent Moderately Aggressive Allocation Portfolio			28
Thrivent Moderate Allocation Portfolio			34
Thrivent Moderately Conservative Allocation Portfolio			40
Thrivent Growth and Income Plus Portfolio			47
Thrivent Balanced Income Plus Portfolio			53
Thrivent Diversified Income Plus Portfolio			59
Thrivent Opportunity Income Plus Portfolio			66
Thrivent Partner Healthcare Portfolio			72
Thrivent Partner Emerging Markets Equity Portfolio			74
Thrivent Real Estate Securities Portfolio			77
Thrivent Small Cap Stock Portfolio			80
Thrivent Small Cap Index Portfolio			83
Thrivent Mid Cap Stock Portfolio			87
Thrivent Mid Cap Index Portfolio			90
Thrivent Partner Worldwide Allocation Portfolio			94
Thrivent Partner All Cap Portfolio			106
Thrivent Large Cap Growth Portfolio			109
Thrivent Partner Growth Stock Portfolio			112
Thrivent Large Cap Value Portfolio			115
Thrivent Large Cap Stock Portfolio			117
Thrivent Large Cap Index Portfolio			122
Thrivent High Yield Portfolio			126
Thrivent Income Portfolio			132
Thrivent Bond Index Portfolio			138
Thrivent Limited Maturity Bond Portfolio			145
Thrivent Money Market Portfolio			152

Statement of Assets and Liabilities			154

Statement of Operations			160

Statement of Changes in Net Assets			166

Notes to Financial Statements			176

Financial Highlights			192

Additional Information			200

Dear Member:

I am happy to share with you that Thrivent Series Fund has experienced another good year, a year in which we’ve provided you with a broad range of investment solutions. These solutions seek to help you achieve your financial goals, such as paying for college, funding your retirement, or supporting causes in your communities.

Within the Thrivent Series Fund, we launched our Asset Allocation Portfolios on April 30, 2005. As of June 30, 2016, we had about 300,000 subaccount investors, and total assets in the Portfolios exceeded $19 billion.

In addition to our Asset Allocation Portfolios, we offer our Income Plus suite of Portfolios, which are designed to provide investors with an alternative asset allocation option that is more focused on income generation.

In the coming months and years, we plan to offer additional solution-oriented portfolios that can be used as stand-alone investments or in conjunction with our Asset Allocation or Income Plus Portfolios.

As you may be aware, the stock market has been particularly volatile in recent months. While volatility will always play a part in the performance of the stock market, our team of more than 100 investment professionals applies its experience, expertise and dedication in managing our portfolios to help provide you with more reassurance by seeking to mitigate the volatility in your portfolio through active management.

For instance, our Asset Allocation Portfolios employ investment strategies based on quantitative and qualitative analysis of historical data and provide tactical rebalancing based on current market conditions. They are designed to serve as an all-in-one portfolio geared to your tolerance for risk. Our Asset Allocation Portfolios attempt to reduce volatility by spreading assets to several different types of investments, including a variety of stocks, bonds and other debt instruments.

Our vision is to be a resource that investors turn to as they look for tools to help them be wise with money and live generously.

Our dedication to improving your shareholder experience and actively managing your portfolios is a reflection of the message we’ve heard from you—that you value solution-oriented portfolios designed to meet your particular investment goals.

We also recognize that we must continue to assess our Thrivent Series Fund offerings and find new ways to serve you better. At Thrivent Series Fund, we seek to provide innovative investment solutions that stand the test of time.

I look forward to continuing to improve your investment experience in the years ahead as we pursue our mission to help you meet your financial goals.

Sincerely,

LOGO

David S. Royal

President

Thrivent Series Fund, Inc.

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

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

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

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

Dear Member:

The first six months of 2016 were characterized by a volatile but positive stock market, historically low interest rates, and a turbulent energy market that sent oil prices to their lowest level since 2003 before slowly rebounding through the final four months of the period.

The most prominent economic event of the period was Brexit—the United Kingdom’s (U.K.) vote to leave the European Union after being a member since 1973. The unexpected result sparked a two-day sell off in the stock market that temporarily wiped out about $3 trillion in investor assets. However, the market recovered most of its lost ground within a week after the Brexit vote.

Economic Review

Gross domestic product (GDP), which is the broadest measure of economic output, grew at a seasonally adjusted annual rate of only 0.8% in the first quarter of 2016 and 1.2% in the second quarter, according to the U.S. Commerce Department.

The sluggish U.S. economy can be attributed to a variety of factors, including declining corporate earnings, a slow recovery in the energy industry, an elevated dollar, sluggish consumer spending, a drop in manufacturing, and a slow global economy. However, China seems to be emerging from its economic weakness after a favorable GDP report in April that estimated its GDP growth at an annualized rate of 6.5%. We’ve also seen some positive movement in the emerging markets.

Although Brexit prompted a brief market disruption, we see this as a long-term issue since completing the mandate could take the U.K. at least two years.

Market Review

Earlier concerns that the Federal Reserve would begin raising interest rates more aggressively have diminished. Because of the slowing economy, the Fed has shown a reluctance to raise rates in 2016, although we may see another small rate hike by the end of the year.

In the stock market, economic uncertainty and low bond yields drove investors to the safety and dividends of utility and telecommunications stocks which, in turn, helped drive up the S&P 500 Utilities Index 23.41% and increased the telecommunications sector 24.85% for the first six months. Energy stocks also rallied as oil prices began moving up from a low of under $27 a barrel on February 11. As prices climbed to around $50 a barrel, the S&P 500 Energy Index climbed 16.1% for the six-month period. (S&P sector indexes reflect the composite performance of the S&P 500 stocks that comprise each of the 10 industrial sector groupings of the S&P 500 Index.)

International stocks experienced a difficult period, as investors remained cautious amidst a sluggish global economy. Through the first six months of 2016, the MSCI EAFE Index, which tracks developed markets in Europe, Australasia and the Far East, was down 6.28%.

Most sectors of the bond market generated positive returns as investors moved to the safety of bonds in response to the slowing economy. Barclays 20+ Treasury Index, which tracks the returns of U.S. Treasury bonds with durations of 20 years or more, posted a total return of 15.83% for the six-month period. The Barclays Aggregate Index, which tracks a broad range of investment-grade bonds, generated a total return of 5.31% for the period. But as interest picked up in the bond market, yields for 10-year U.S. Treasuries dropped to the lowest level in four years, ending the six-month period at just 1.46%.

One factor that has been driving investment in the U.S. bond market is the lack of an adequate yield in overseas markets. Aggressive monetary policy by central banks in Europe and Japan has driven many bond yields below zero. In all, more than $10 trillion in government bonds now carry negative interest rates. This extreme policy is intended to stimulate economic growth in Europe and Japan but, in our view, has shown little evidence of success to date.

Our Outlook

Through the second half of 2016, we continue to have modest expectations for the stock market and the economy. We expect GDP growth to be lower this year than it has been over the past few years. The consensus among analysts for GDP growth for this year is 1.5%, according to the Blue Chip Economic Indicators, which is based on a monthly survey of more than 50 leading business economists. But we project GDP growth in a range from 1.0% to 1.5%.

Based on current economic conditions, we are not projecting a recession in the near term, considering that consumer spending is still at a reasonable level and the job market is still improving (slowly); however, we see a rising risk of a recession. Even if the economy does slip into a recession, we would expect it to be fairly modest and short-lived.

As always, 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.

THRIVENT AGGRESSIVE ALLOCATION PORTFOLIO

Russell W. Swansen, David C. Francis, CFA, Mark L. Simenstad, CFA, Darren M. Bagwell, CFA, Stephen D. Lowe, CFA, Portfolio Co-Managers

Thrivent Aggressive Allocation Portfolio seeks long-term capital growth.

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


Portfolio Composition		Top 10 Holdings
(% of Portfolio)		(% of Net Assets)

Large Cap	42.5%	Thrivent Partner Worldwide Allocation Portfolio	10.7%
International	19.4%	Thrivent Mid Cap Stock Portfolio	5.4%
Small Cap	15.0%	Thrivent Large Cap Value Portfolio	4.7%
Short-Term Investments	11.0%	Thrivent Large Cap Stock Portfolio	4.0%
Mid Cap	7.1%	Thrivent Small Cap Stock Portfolio	3.3%
Investment Grade Debt	4.3%	Amazon.com, Inc.	1.3%
High Yield	0.7%	Facebook, Inc.	1.1%

Total	100.0%	Thrivent Limited Maturity Bond Portfolio	0.9%
		Thrivent High Yield Portfolio	0.8%
		Alphabet, Inc., Class A	0.8%

		These securities represent 33.0% of the total net assets of the Fund.

THRIVENT MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Russell W. Swansen, David C. Francis, CFA, Mark L. Simenstad, CFA, Darren M. Bagwell, CFA, Stephen D. Lowe, CFA, Portfolio Co-Managers

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


Portfolio Composition		Top 10 Holdings
(% of Portfolio)		(% of Net Assets)

Large Cap	34.6%	Thrivent Partner Worldwide Allocation Portfolio	8.8%
Investment Grade Debt	17.6%	Thrivent Large Cap Value Portfolio	6.5%
International	14.9%	Thrivent Mid Cap Stock Portfolio	6.0%
Small Cap	10.7%	Thrivent Large Cap Stock Portfolio	5.5%
Short-Term Investments	10.0%	Thrivent Income Portfolio	3.1%
Mid Cap	7.0%	FNMA Conventional 30-Yr.
High Yield	2.6%	Pass Through	1.9%
Floating Rate Debt	2.6%	Thrivent Limited Maturity
	0.0%	Bond Portfolio	1.9%

Total	100.0%	Thrivent Small Cap Stock Portfolio	1.7%
		Thrivent High Yield Portfolio	1.0%
		FNMA Conventional 30-Yr.
		Pass Through	1.0%

		These securities represent 37.4% of the total net assets of the Fund.

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

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

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

THRIVENT MODERATE ALLOCATION PORTFOLIO

Russell W. Swansen, David C. Francis, CFA, Mark L. Simenstad, CFA, Darren M. Bagwell, CFA, Stephen D. Lowe, CFA, Portfolio Co-Managers

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


Portfolio Composition		Top 10 Holdings
(% of Portfolio)		(% of Net Assets)

Investment Grade Debt	33.0%	Thrivent Income Portfolio	6.0%
Large Cap	23.6%	Thrivent Partner Worldwide Allocation Portfolio	5.6%
Short-Term Investments	12.1%	Thrivent Large Cap Value Portfolio	5.0%
International	10.8%	Thrivent Limited Maturity
Small Cap	7.3%	Bond Portfolio	3.5%
Mid Cap	4.7%	Thrivent Large Cap Stock Portfolio	2.9%
High Yield	4.5%	Thrivent Mid Cap Stock Portfolio	2.8%
Floating Rate Debt	4.0%	FNMA Conventional 30-Yr.
	0.0%	Pass Through	2.6%

Total	100.0%	FNMA Conventional 30-Yr.
		Pass Through	2.0%
		Thrivent High Yield Portfolio	1.8%
		U.S. Treasury Notes	1.3%

		These securities represent 33.5% of the total net assets of the Fund.

THRIVENT MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Russell W. Swansen, David C. Francis, CFA, Mark L. Simenstad, CFA, Darren M. Bagwell, CFA, Stephen D. Lowe, CFA, Portfolio Co-Managers

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


Portfolio Composition		Top 10 Holdings
(% of Portfolio)		(% of Net Assets)

Investment Grade Debt	43.7%	Thrivent Income Portfolio	8.2%
Short-Term Investments	17.3%	Thrivent Limited Maturity Bond Portfolio	5.1%
Large Cap	14.7%	FNMA Conventional 30-Yr.
International	6.9%	Pass Through	4.3%
High Yield	6.0%	Thrivent Partner Worldwide Allocation Portfolio	3.4%
Floating Rate Debt	5.9%	Thrivent Large Cap Value Portfolio	3.0%
Small Cap	3.2%	FNMA Conventional 30-Yr.
Mid Cap	2.3%	Pass Through	2.7%

Total	100.0%	Thrivent High Yield Portfolio	2.5%
		U.S. Treasury Notes	1.8%
		U.S. Treasury Bonds	1.6%
		Thrivent Mid Cap Stock Portfolio	1.4%

		These securities represent 34.0% of the total net assets of the Fund.

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

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

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

THRIVENT GROWTH AND INCOME PLUS PORTFOLIO

Stephen D. Lowe, CFA, Mark L. Simenstad, CFA, John T. Groton, CFA, Noah J. Monsen, CFA, and Reginald L. Pfeifer, CFA, Portfolio Co-Managers

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

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


Portfolio Composition		Major Market Sectors		Top 10 Holdings
(% of Portfolio)		(% of Net Assets)		(% of Net Assets)

Common Stock	63.5%	Financials	21.5%	FNMA Conventional 30-Yr.
Long-Term Fixed Income	18.4%	Consumer Discretionary	13.0%	Pass Through	1.4%
Bank Loans	10.1%	Information Technology	10.3%	Amazon.com, Inc.	1.2%
Short-Term Investments	7.7%	Health Care	7.0%	Comcast Corporation	1.1%
Preferred Stock	0.3%	Consumer Staples	6.8%	Materials Select Sector
Total	100.0%	Industrials	6.0%	SPDR Fund	1.0%
		Energy	5.1%	Merck & Company, Inc.	0.9%
		Telecommunications		Honeywell International, Inc.	0.9%
		Services	4.9%	Visa, Inc.	0.9%
		Foreign Government	4.1%	Simon Property Group, Inc.	0.9%
		Mortgage-Backed Securities	3.7%	AutoZone, Inc.	0.9%
				Abbott Laboratories	0.8%

				These securities represent 10.0% of the total net assets of the Fund.

THRIVENT BALANCED INCOME PLUS PORTFOLIO

John T. Groton, 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.


Portfolio Composition		Major Market Sectors		Top 10 Holdings
(% of Portfolio)		(% of Net Assets)		(% of Net Assets)

Common Stock	44.7%	Financials	19.7%	FNMA Conventional 30-Yr.
Long-Term Fixed Income	30.1%	Consumer Discretionary	11.2%	Pass Through	2.3%
Bank Loans	15.1%	Information Technology	8.6%	FNMA Conventional 30-Yr.
Short-Term Investments	8.4%	Consumer Staples	7.9%	Pass Through	1.2%
Preferred Stock	1.7%	Foreign Government	7.6%	Amazon.com, Inc.	0.9%
Total	100.0%	Telecommunications Services	6.3%	Comcast Corporation	0.7%
		Mortgage-Backed Securities	5.5%	Materials Select Sector SPDR Fund	0.7%
		Health Care	4.9%	FNMA Conventional 30-Yr.
		Energy	4.7%	Pass Through	0.7%
		Industrials	4.3%	PowerShares Senior Loan Portfolio	0.6%
				Merck & Company, Inc.	0.6%
				Honeywell International, Inc.	0.6%
				Spectra Energy Corporation	0.6%

				These securities represent 8.9% of the total net assets of the Portfolio.

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

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

The Portfolio Composition chart excludes collateral held for securities loaned.

THRIVENT DIVERSIFIED INCOME PLUS PORTFOLIO

Mark L. Simenstad, CFA, Stephen D. Lowe, CFA, John T. Groton, 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.

Portfolio Composition

Major Market Sectors

Top 10 Holdings

(% of Portfolio)

(% of Net Assets)

Long-Term Fixed Income

45.1%

Financials

18.5%

Vanguard Short-Term

Common Stock

30.6%

Collateralized Mortgage

Corporate Bond ETF

3.0%

Bank Loans

12.3%

Obligations

11.9%

FNMA Conventional 30-Yr.

Short-Term Investments

9.1%

Consumer Discretionary

8.8%

Pass Through

1.3%

Preferred Stock

2.9%

Consumer Staples

7.5%

Alerian MLP ETF

0.6%

Total

100.0%

Telecommunications

Goldman Sachs Group, Inc.,

Services

6.6%

Convertible

0.5%

Information Technology

6.5%

FNMA Conventional 15-Yr.

Materials

4.8%

Pass Through

0.5%

Energy

4.4%

Amazon.com, Inc.

0.5%

Other Mutual Funds

PowerShares Senior Loan Portfolio

0.5%

Fixed Income

3.8%

FNMA Conventional 30-Yr.

Asset-Backed Securities

3.6%

Pass Through

0.5%

Golub Capital BDC, Inc.

0.4%

Comcast Corporation

0.4%

These securities represent 8.2% of the total net assets of the Fund.

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

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

The Portfolio Composition chart excludes collateral held for securities loaned.

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.

LOGO

Major Market Sectors

Top 10 Holdings

(% of Net Assets)

Foreign Government

15.0%

FNMA Conventional 30-Yr.

Mortgage-Backed Securities

12.7%

Pass Through

4.3%

Communications Services

10.2%

PowerShares Senior Loan Portfolio

3.6%

Financials

9.6%

FNMA Conventional 30-Yr.

Other Mutual Funds Fixed

Pass Through

2.9%

Income

7.9%

Vanguard Short-Term

Consumer Non-Cyclical

7.0%

Corporate Bond

Consumer Cyclical

6.9%

ETF

2.3%

Collateralized Mortgage

FNMA Conventional 30-Yr.

Obligations

5.6%

Pass Through

1.3%

Technology

4.3%

FNMA Conventional 15-Yr.

Asset-Backed Securities

4.0%

Pass Through

1.2%

U.S. Treasury Notes

1.0%

iShares J.P. Morgan USD Emerging

Markets Bond ETF

0.9%

U.S. Treasury Notes

0.9%

FHLM Corporation Gold 15-Yr.

Pass Through

0.8%

These securities represent 19.2% of the total net assets of the Portfolio.

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

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

Bond Quality Ratings Distributions exclude collateral held for securities loaned.

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

THRIVENT PARTNER HEALTHCARE PORTFOLIO

Subadvised by Sectoral Asset Management, Inc.

Thrivent Partner Healthcare Portfolio seeks long-term capital growth.

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


Portfolio Composition		Major Market Sectors			Top 10 Holdings
(% of Portfolio)		(% of Net Assets)			(% of Net Assets)

Common Stock	92.2%	Pharmaceuticals	36.0	%	Merck & Company, Inc.	5.0	%
Short-Term Investments	7.8%	Biotechnology	32.4	%	Celgene Corporation	4.9	%

Total	100.0%	Health Care Equipment	13.9	%	Pfizer, Inc.	4.8	%
		Health Care Services	4.4	%	Teva Pharmaceutical Industries, Ltd.
		Managed Health Care	2.2	%	ADR	4.7	%
		Health Care Facilities	2.0	%	Gilead Sciences, Inc.	4.7	%
		Health Care Supplies	1.6	%	Eli Lilly and Company	4.6	%
					Shire Pharmaceuticals Group plc ADR	4.5	%
					Medtronic plc	4.2	%
					BioMarin Pharmaceutical, Inc.	4.2	%
					Roche Holding AG-Genusschein	4.1	%

					These securities represent 45.7% of the total net assets of the Portfolio.

THRIVENT PARTNER EMERGING MARKETS PORTFOLIO

Subadvised by Aberdeen Asset Managers Limited

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

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


Portfolio Composition		Major Market Sectors			Top 10 Countries
(% of Portfolio)		(% of Net Assets)			(% of Net Assets)

Common Stock	92.3%	Financials	34.3	%	India	15.8	%
Preferred Stock	5.3%	Consumer Staples	15.0	%	Hong Kong	11.7	%
Short-Term Investments	2.4%	Information Technology	12.5	%	Brazil	10.2	%
Total	100.0%	Consumer Discretionary	11.6	%	Mexico	8.1	%
		Energy	7.3	%	South Korea	6.4	%
		Materials	6.7	%	Indonesia	5.5	%
		Telecommunications Services	5.1	%	Taiwan	5.4	%
		Industrials	3.7	%	Turkey	4.7	%
		Health Care	1.2	%	Thailand	4.4	%
					Philippines	4.2	%

					Investments in securities in these countries represent 76.4% of the total net assets of the Portfolio.

Quoted Portfolio Composition, Major Market Sectors, Top 10 Holdings, and Top 10 countries are subject to change. The lists of Major Market Sectors, Top 10 Holdings, and Top 10 countries exclude short-term investments and collateral held for securities loaned.

The Portfolio Composition chart excludes collateral held for securities loaned.

THRIVENT REAL ESTATE SECURITIES PORTFOLIO

Reginald L. Pfeifer, CFA, Portfolio Manager

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

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


Portfolio Composition		Major Market Sectors		Top 10 Holdings
(% of Portfolio)		(% of Net Assets)		(% of Net Assets)

Common Stock	99.4%	Retail REITS	24.6%	Simon Property Group, Inc.	8.7%
Short-Term Investments	0.6%	Specialized REITS	17.4%	Public Storage, Inc.	3.9%
Total	100.0%	Residential REITS	17.0%	AvalonBay Communities,
		Office REITS	13.0%	Inc.	3.4%
		Health Care REITs	9.4%	Equity Residential	3.3%
		Industrial REITS	6.9%	Prologis, Inc.	3.2%
		Diversified REITS	4.7%	Boston Properties, Inc.	3.0%
		Hotel & Resort REITs	4.5%	Welltower, Inc.	3.0%
		Consumer Discretionary	0.9%	Essex Property Trust, Inc.	2.4%
		Mortgage REITS	0.4%	General Growth
				Properties, Inc.	2.3%
				Equinix, Inc.	2.3%
				These securities represent 35.5% of the total net assets of the Portfolio.

THRIVENT SMALL CAP STOCK PORTFOLIO

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

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

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


Portfolio Composition		Major Market Sectors		Top 10 Holdings
(% of Portfolio)		(% of Net Assets)		(% of Net Assets)

Common Stock	98.2%	Financials	24.4%	EMCOR Group, Inc.	2.6%
Short-Term Investments	1.8%	Industrials	19.0%	Microsemi Corporation	2.1%
Total	100.0%	Information Technology	17.2%	Hanmi Financial
		Health Care	10.3%	Corporation	2.0%
		Consumer Discretionary	9.3%	Broadridge Financial
		Other Mutual Funds Equity	6.2%	Solutions, Inc.	1.9%
		Energy	4.4%	Curtiss-Wright Corporation	1.9%
		Materials	3.3%	Granite Construction, Inc.	1.9%
		Consumer Staples	2.0%	Primerica, Inc.	1.9%
		Utilities	1.6%	Booz Allen Hamilton
				Holding Corporation	1.7%
				Nutrisystem, Inc.	1.7%
				TransUnion	1.6%
				These securities represent 19.3% of the total net assets of the Portfolio.

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

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

The Portfolio Composition chart excludes collateral held for securities loaned.

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.


Portfolio Composition		Major Market Sectors		Top 10 Holdings
(% of Portfolio)		(% of Net Assets)		(% of Net Assets)

Common Stock	97.3%	Financials	22.4%	Piedmont Natural Gas
Short-Term Investments	2.7%	Industrials	16.8%	Company, Inc.	0.8%
Total	100.0%	Information Technology	15.0%	Spire, Inc.	0.5%
		Consumer Discretionary	13.5%	Blackbaud, Inc.	0.5%
		Health Care	12.4%	Take-Two Interactive
		Materials	5.1%	Software, Inc.	0.5%
		Utilities	4.2%	NorthWestern Corporation	0.5%
		Energy	2.8%	B&G Foods, Inc.	0.5%
		Consumer Staples	2.8%	ALLETE, Inc.	0.5%
		Telecommunications		Healthcare Services
		Services	1.4%	Group, Inc.	0.5%
				NuVasive, Inc.	0.5%
				Avista Corporation	0.4%
				These securities represent 5.2% of the total net assets of the Portfolio.

THRIVENT MID CAP STOCK PORTFOLIO

Brian J. Flanagan, CFA, Portfolio Manager

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

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


Portfolio Composition		Major Market Sectors		Top 10 Holdings
(% of Portfolio)		(% of Net Assets)		(% of Net Assets)

Common Stock	92.7%	Financials	21.5%	NVIDIA Corporation	5.0%
Short-Term Investments	7.3%	Information Technology	19.3%	Applied Materials, Inc.	3.5%
Total	100.0%	Industrials	17.8%	Southwest Airlines
		Health Care	11.2%	Company	3.2%
		Consumer Discretionary	8.1%	C.R. Bard, Inc.	3.0%
		Energy	5.3%	Oshkosh Corporation	3.0%
		Materials	3.8%	Alliance Data Systems
		Consumer Staples	3.8%	Corporation	2.7%
		Utilities	1.9%	Universal Health
				Services, Inc.	2.7%
				Huntington Bancshares,
				Inc.	2.6%
				Zions Bancorporation	2.6%
				Steel Dynamics, Inc.	2.6%
				These securities represent 30.9% of the total net assets of the Portfolio.

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

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

The Portfolio Composition chart excludes collateral held for securities loaned.

THRIVENT MID CAP INDEX PORTFOLIO

Kevin R. Brimmer, FSA, Portfolio Manager

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

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


Portfolio Composition		Major Market Sectors		Top 10 Holdings
(% of Portfolio)		(% of Net Assets)		(% of Net Assets)

Common Stock	96.4%	Financials	25.8%	Mettler-Toledo
Short-Term Investments	3.6%	Information Technology	16.3%	International, Inc.	0.6%
Total	100.0%	Industrials	12.8%	Ingredion, Inc.	0.6%
		Consumer Discretionary	11.1%	Duke Realty Corporation	0.6%
		Health Care	8.7%	ResMed, Inc.	0.6%
		Materials	6.8%	CDK Global, Inc.	0.6%
		Utilities	5.8%	Alleghany Corporation	0.6%
		Consumer Staples	4.5%	Atmos Energy Corporation	0.6%
		Energy	3.5%	Cooper Companies, Inc.	0.5%
		Telecommunications		IDEXX Laboratories, Inc.	0.5%
		Services	0.2%	WhiteWave Foods
				Company	0.5%
				These securities represent 5.7% of the total net assets of the Portfolio.

THRIVENT PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Managed by Thrivent Asset Management, LLC, and subadvisers Principal Global Investors, LLC, Aberdeen Asset Managers Limited and Goldman Sachs Asset Management, L.P.

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

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


Portfolio Composition		Major Market Sectors		Top 10 Countries
(% of Portfolio)		(% of Net Assets)		(% of Net Assets)

Common Stock	87.7%	Financials	20.7%	Japan	17.0%
Long-Term Fixed Income	8.7%	Consumer Discretionary	12.8%	United Kingdom	11.7%
Short-Term Investments	2.4%	Consumer Staples	11.9%	Germany	6.4%
Preferred Stock	1.2%	Industrials	11.4%	Switzerland	5.3%
Total	100.0%	Materials	8.0%	France	5.2%
		Health Care	7.4%	Australia	4.5%
		Information Technology	6.4%	Canada	3.8%
		Energy	5.9%	Hong Kong	3.1%
		Foreign Government	5.8%	India	2.9%
		Telecommunications		Brazil	2.4%
		Services	3.8%
				Investments in securities in these countries represent 62.3% of the total net assets of the Portfolio.

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

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

The Portfolio Composition chart excludes collateral held for securities loaned.

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 known as Pyramis Global Advisors, LLC.


Portfolio Composition		Major Market Sectors		Top 10 Holdings
(% of Portfolio)		(% of Net Assets)		(% of Net Assets)

Common Stock	97.7%	Information Technology	19.2%	Alphabet, Inc., Class A	3.2%
Short-Term Investments	2.3%	Financials	16.7%	Hess Corporation	2.3%
Total	100.0%	Health Care	13.9%	Danaher Corporation	2.2%
		Consumer Discretionary	12.5%	Facebook, Inc.	2.2%
		Industrials	10.2%	Citigroup, Inc.	1.9%
		Consumer Staples	9.4%	Newell Brands, Inc.	1.9%
		Energy	6.6%	Reynolds American, Inc.	1.8%
		Utilities	3.5%	Shire Pharmaceuticals
		Materials	3.1%	Group plc ADR	1.8%
		Telecommunications		Apple, Inc.	1.7%
		Services	2.5%	Amazon.com, Inc.	1.7%
				These securities represent 20.7% of the total net assets of the Portfolio.

THRIVENT LARGE CAP GROWTH PORTFOLIO

Darren M. Bagwell, CFA, Portfolio Manager

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.


Portfolio Composition		Major Market Sectors		Top 10 Holdings
(% of Portfolio)		(% of Net Assets)		(% of Net Assets)

Common Stock	87.0%	Information Technology	36.0%	Amazon.com, Inc.	8.2%
Short-Term Investments	13.0%	Consumer Discretionary	25.4%	Facebook, Inc.	7.4%
Total	100.0%	Health Care	15.4%	Visa, Inc.	4.8%
		Industrials	4.8%	Alphabet, Inc., Class A	4.7%
		Consumer Staples	2.8%	Salesforce.com, Inc.	4.2%
		Energy	1.9%	Home Depot, Inc.	4.1%
		Financials	0.7%	AutoZone, Inc.	4.1%
				Allergan plc	3.9%
				Apple, Inc.	3.6%
				Alphabet, Inc., Class C	3.6%
				These securities represent 48.6% of the total net assets of the Portfolio.

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

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

The Portfolio Composition chart excludes collateral held for securities loaned.

THRIVENT PARTNER GROWTH STOCK PORTFOLIO

Subadvised by T. Rowe Price Associates, Inc.

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

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


Portfolio Composition		Major Market Sectors		Top 10 Holdings
(% of Portfolio)		(% of Net Assets)		(% of Net Assets)

Common Stock	98.0%	Information Technology	32.0%	Amazon.com, Inc.	8.5%
Short-Term Investments	1.6%	Consumer Discretionary	26.6%	Facebook, Inc.	4.3%
Preferred Stock	0.4%	Health Care	18.5%	Priceline Group, Inc.	4.1%
Total	100.0%	Industrials	8.6%	Alphabet, Inc., Class A	3.4%
		Financials	7.3%	Microsoft Corporation	3.1%
		Consumer Staples	3.7%	Alphabet, Inc., Class C	3.0%
		Materials	1.1%	Apple, Inc.	2.9%
		Telecommunications		Danaher Corporation	2.8%
		Services	0.5%	Visa, Inc.	2.7%
				Bristol-Myers Squibb
				Company	2.6%
				These securities represent 37.4% of the total net assets of the Portfolio.

THRIVENT LARGE CAP VALUE PORTFOLIO

Kurt J. Lauber, CFA, Portfolio Manager

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


Portfolio Composition		Major Market Sectors		Top 10 Holdings
(% of Portfolio)		(% of Net Assets)		(% of Net Assets)

Common Stock	97.5%	Financials	21.0%	Cisco Systems, Inc.	4.6%
Short-Term Investments	2.5%	Information Technology	16.3%	Merck & Company, Inc.	3.9%
Total	100.0%	Health Care	13.9%	PG&E Corporation	3.7%
		Energy	11.5%	Microsoft Corporation	3.5%
		Consumer Discretionary	10.1%	Chevron Corporation	3.4%
		Industrials	9.4%	CVS Health Corporation	3.3%
		Consumer Staples	5.9%	Comcast Corporation	3.2%
		Utilities	3.7%	Citigroup, Inc.	3.2%
		Materials	3.4%	Lowe’s Companies, Inc.	2.8%
		Telecommunications		Marathon Oil
		Services	2.2%	Corporation	2.5%
				These securities represent 34.1% of the total net assets of the Portfolio.

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

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

The Portfolio Composition chart excludes collateral held for securities loaned.

THRIVENT LARGE CAP STOCK PORTFOLIO

Darren M. Bagwell, CFA and Kurt J. Lauber, CFA, Portfolio Co-Managers

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


Portfolio Composition		Major Market Sectors		Top 10 Holdings
(% of Portfolio)		(% of Net Assets)		(% of Net Assets)

Common Stock	85.7%	Financials	15.0%	Apple, Inc.	3.5%
Short-Term Investments	14.3%	Consumer Discretionary	14.8%	Amazon.com, Inc.	3.0%
Total	100.0%	Information Technology	14.0%	FHLB Discount Notes	2.8%
		Health Care	10.5%	Starbucks Corporation	2.5%
		Energy	8.4%	AutoZone, Inc.	2.4%
		Industrials	7.4%	Merck & Company, Inc.	2.3%
		Consumer Staples	7.2%	PG&E Corporation	2.2%
		Materials	3.7%	Comcast Corporation	2.1%
		Utilities	3.2%	Alphabet, Inc., Class A	2.0%
		Telecommunications		Alphabet, Inc., Class C	2.0%
		Services	1.1%
				These securities represent 24.8% of the total net assets of the Portfolio.

THRIVENT LARGE CAP INDEX PORTFOLIO

Kevin R. Brimmer, FSA, Portfolio Manager

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

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


Portfolio Composition		Major Market Sectors		Top 10 Holdings
(% of Portfolio)		(% of Net Assets)		(% of Net Assets)

Common Stock	97.2%	Information Technology	19.2%	Apple, Inc.	2.8%
Short-Term Investments	2.8%	Financials	15.2%	Microsoft Corporation	2.1%
Total	100.0%	Health Care	14.2%	Exxon Mobil Corporation	2.1%
		Consumer Discretionary	12.1%	Johnson & Johnson	1.8%
		Consumer Staples	10.3%	General Electric Company	1.5%
		Industrials	9.8%	Amazon.com, Inc.	1.5%
		Energy	7.2%	Berkshire Hathaway, Inc.	1.4%
		Utilities	3.6%	AT&T, Inc.	1.4%
		Telecommunications		Facebook, Inc.	1.4%
		Services	2.8%	Verizon Communications,
		Materials	2.7%	Inc.	1.2%

				These securities represent 17.2% of the total net assets of the Portfolio.

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

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

The Portfolio Composition chart excludes collateral held for securities loaned.

THRIVENT HIGH YIELD PORTFOLIO

Paul J. Ocenasek, CFA, Portfolio Manager

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

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


Major Market Sectors		Top 10 Holdings
(% of Net Assets)		(% of Net Assets)
Communications Services	18.6%	Sprint Communications, Inc.	1.5%
Consumer Cyclical	13.8%	Alliance Data Systems
Consumer Non-Cyclical	12.0%	Corporation	0.9%
Energy	11.3%	Neptune Finco Corporation	0.9%
Financials	9.3%	Icahn Enterprises, LP	0.9%
Capital Goods	9.2%	Berry Plastics Corporation	0.9%
Technology	7.6%	Denali Borrower, LLC	0.8%
Basic Materials	4.8%	Sprint Corporation	0.8%
Utilities	4.2%	CCO Holdings, LLC	0.8%
Transportation	3.8%	Columbus International, Inc.	0.7%
		Cengage Learning, Inc.	0.7%
		These securities represent 8.9% of the total net assets of the Portfolio.

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

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

Bond Quality Ratings Distributions exclude collateral held for securities loaned.

THRIVENT INCOME PORTFOLIO

Stephen D. Lowe, CFA, Portfolio Manager

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

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


Major Market Sectors		Top 10 Holdings
(% of Net Assets)		(% of Net Assets)
Financials	28.3%	FNMA Conventional 30-Yr.
Consumer Non-Cyclical	11.4%	Pass Through	1.9%
Communications Services	10.5%	FNMA Conventional 30-Yr.
U.S. Government and Agencies	8.4%	Pass Through	0.9%
Energy	8.2%	U.S. Treasury Bonds	0.8%
Consumer Cyclical	6.2%	U.S. Treasury Bonds	0.8%
Utilities	5.6%	U.S. Treasury Notes	0.7%
Mortgage-Backed Securities	3.7%	U.S. Treasury Notes	0.6%
Technology	3.2%	FHLM Corporation Gold
Transportation	2.6%	30-Yr. Pass Through	0.5%
		U.S. Treasury Notes	0.5%
		U.S. Treasury Notes	0.5%
		U.S. Treasury Notes	0.5%

		These securities represent 7.7% of the total net assets of the Portfolio.

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

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

Bond Quality Ratings Distributions exclude collateral held for securities loaned.

THRIVENT BOND INDEX PORTFOLIO

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

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

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


Major Market Sectors		Top 10 Holdings
(% of Net Assets)		(% of Net Assets)
U.S. Government and Agencies	43.3%	FNMA Conventional 30-Yr.
Mortgage-Backed Securities	25.2%	Pass Through	8.2%
Financials	8.5%	U.S. Treasury Notes	8.1%
Consumer Non-Cyclical	4.1%	FNMA Conventional
Utilities	3.3%	30-Yr. Pass Through	6.5%
Foreign Government	3.0%	U.S. Treasury Notes	6.0%
Consumer Cyclical	2.7%	U.S. Treasury Bonds	5.2%
Energy	1.8%	FNMA Conventional
Asset-Backed Securities	1.4%	30-Yr. Pass Through	5.0%
Technology	1.3%	U.S. Treasury Notes	4.6%
		U.S. Treasury Bonds	2.8%
		FNMA Conventional
		15-Yr. Pass Through	2.6%
		U.S. Treasury Notes	1.9%

		These securities represent 50.9% of the total net assets of the Portfolio.

THRIVENT LIMITED MATURITY BOND PORTFOLIO

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

Thrivent Limited Maturity Bond Portfolio seeks a high level of current income 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. Dealer inventories of bonds are at or near historic lows in relation to market size, which has the potential to decrease liquidity and increase price volatility in the fixed income markets.


Major Market Sectors		Top 10 Holdings
(% of Net Assets)		(% of Net Assets)
Financials	19.5%	U.S. Treasury Notes	6.0%
U.S. Government and Agencies	18.3%	U.S. Treasury Bonds, TIPS	2.3%
Asset-Backed Securities	13.7%	U.S. Treasury Notes	1.6%
Collateralized Mortgage		U.S. Treasury Notes	1.5%
Obligations	10.9%	U.S. Treasury Bonds	1.4%
Consumer Non-Cyclical	6.6%	U.S. Treasury Bonds	1.3%
Commercial Mortgage-Backed		U.S. Treasury Bonds, TIPS	1.0%
Securities	4.8%	FHLM Corporation Gold
Communications Services	3.8%	30-Yr. Pass Through	0.9%
Energy	3.5%	FNMA	0.9%
Mortgage-Backed Securities	3.3%	FHLM Corporation Gold
Utilities	2.9%	15-Yr. Pass Through	0.9%
		These securities represent 17.8% of the total net assets of the Portfolio.

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

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

Bond Quality Ratings Distributions exclude collateral held for securities loaned.

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 Portfolio could experience a loss when selling portfolio securities to meet redemption requests.


Portfolio Composition (% of Portfolio)
U.S. Government Agency Debt	90.3	%
U.S. Treasury Debt	9.7	%
Total	100.0	%

You could lose money by investing in the Portfolio. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Portfolio’s sponsor has no legal obligation to provide financial support to the Portfolio, and you should not expect that the sponsor will provide financial support to the Portfolio at any time.

SHAREHOLDER EXPENSE EXAMPLE

(unaudited)

As a shareholder of the Thrivent Series Fund, Inc., you incur ongoing costs, including management fees and other Portfolio expenses. This Shareholder Expense Example is intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2016 through June 30, 2016. Shares in a Portfolio are currently sold, without sales charges, only to separate accounts of Thrivent Financial for Lutherans and Thrivent Life Insurance Company, which are used to fund benefits of variable life insurance and variable annuity contracts issued by Thrivent Financial for Lutherans and Thrivent Life Insurance Company, and retirement plans sponsored by Thrivent Financial for Lutherans. Expenses associated with these variable contracts and retirement plans are not included in these examples and had these costs been included, your costs would have been higher.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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


	Beginning Account Value 1/1/2016		Ending Account Value 6/30/2016		Expenses Paid During Period 1/1/2016 - 6/30/2016^*		Annualized Expense Ratio
Thrivent Aggressive Allocation Portfolio
Actual	$	1,000	$	1,007	$	2.90		0.58	%
Hypothetical^**	$	1,000	$	1,022	$	2.92		0.58	%
Thrivent Moderately Aggressive Allocation Portfolio
Actual	$	1,000	$	1,019	$	2.37		0.47	%
Hypothetical^**	$	1,000	$	1,023	$	2.38		0.47	%
Thrivent Moderate Allocation Portfolio
Actual	$	1,000	$	1,030	$	2.33		0.46	%
Hypothetical^**	$	1,000	$	1,023	$	2.32		0.46	%
Thrivent Moderately Conservative Allocation Portfolio
Actual	$	1,000	$	1,040	$	2.36		0.47	%
Hypothetical^**	$	1,000	$	1,023	$	2.34		0.47	%
Thrivent Growth and Income Plus Portfolio
Actual	$	1,000	$	1,025	$	4.03		0.80	%
Hypothetical^**	$	1,000	$	1,021	$	4.02		0.80	%
Thrivent Balanced Income Plus Portfolio
Actual	$	1,000	$	1,033	$	3.34		0.66	%
Hypothetical^**	$	1,000	$	1,022	$	3.32		0.66	%
Thrivent Diversified Income Plus Portfolio
Actual	$	1,000	$	1,035	$	2.44		0.48	%
Hypothetical^**	$	1,000	$	1,022	$	2.42		0.48	%
Thrivent Opportunity Income Plus Portfolio
Actual	$	1,000	$	1,046	$	3.60		0.71	%
Hypothetical^**	$	1,000	$	1,021	$	3.56		0.71	%
Thrivent Partner Healthcare Portfolio
Actual	$	1,000	$	921	$	4.45		0.93	%
Hypothetical^**	$	1,000	$	1,020	$	4.68		0.93	%


	Beginning Account Value 1/1/2016		Ending Account Value 6/30/2016		Expenses Paid During Period 1/1/2016 - 6/30/2016^*		Annualized Expense Ratio
Thrivent Partner Emerging Markets Equity Portfolio
Actual	$	1,000	$	1,123	$	7.20		1.36	%
Hypothetical^**	$	1,000	$	1,018	$	6.84		1.36	%
Thrivent Real Estate Securities Portfolio
Actual	$	1,000	$	1,120	$	4.80		0.91	%
Hypothetical^**	$	1,000	$	1,020	$	4.58		0.91	%
Thrivent Small Cap Stock Portfolio
Actual	$	1,000	$	1,048	$	3.76		0.74	%
Hypothetical^**	$	1,000	$	1,021	$	3.71		0.74	%
Thrivent Small Cap Index Portfolio
Actual	$	1,000	$	1,060	$	1.48		0.29	%
Hypothetical^**	$	1,000	$	1,023	$	1.46		0.29	%
Thrivent Mid Cap Stock Portfolio
Actual	$	1,000	$	1,060	$	3.53		0.69	%
Hypothetical^**	$	1,000	$	1,021	$	3.46		0.69	%
Thrivent Mid Cap Index Portfolio
Actual	$	1,000	$	1,078	$	1.61		0.31	%
Hypothetical^**	$	1,000	$	1,023	$	1.57		0.31	%
Thrivent Partner Worldwide Allocation Portfolio
Actual	$	1,000	$	997	$	4.59		0.93	%
Hypothetical^**	$	1,000	$	1,020	$	4.65		0.93	%
Thrivent Partner All Cap Portfolio
Actual	$	1,000	$	986	$	4.36		0.88	%
Hypothetical^**	$	1,000	$	1,020	$	4.43		0.88	%
Thrivent Large Cap Growth Portfolio
Actual	$	1,000	$	931	$	2.10		0.44	%
Hypothetical^**	$	1,000	$	1,023	$	2.20		0.44	%
Thrivent Partner Growth Stock Portfolio
Actual	$	1,000	$	939	$	4.01		0.83	%
Hypothetical^**	$	1,000	$	1,021	$	4.18		0.83	%
Thrivent Large Cap Value Portfolio
Actual	$	1,000	$	1,031	$	3.23		0.64	%
Hypothetical^**	$	1,000	$	1,022	$	3.21		0.64	%
Thrivent Large Cap Stock Portfolio
Actual	$	1,000	$	974	$	3.29		0.67	%
Hypothetical^**	$	1,000	$	1,022	$	3.37		0.67	%
Thrivent Large Cap Index Portfolio
Actual	$	1,000	$	1,037	$	1.29		0.26	%
Hypothetical^**	$	1,000	$	1,024	$	1.29		0.26	%
Thrivent High Yield Portfolio
Actual	$	1,000	$	1,066	$	2.30		0.45	%
Hypothetical^**	$	1,000	$	1,023	$	2.25		0.45	%
Thrivent Income Portfolio
Actual	$	1,000	$	1,069	$	2.25		0.44	%
Hypothetical^**	$	1,000	$	1,023	$	2.20		0.44	%
Thrivent Bond Index Portfolio
Actual	$	1,000	$	1,049	$	2.36		0.46	%
Hypothetical^**	$	1,000	$	1,023	$	2.33		0.46	%
Thrivent Limited Maturity Bond Portfolio
Actual	$	1,000	$	1,020	$	2.24		0.45	%
Hypothetical^**	$	1,000	$	1,023	$	2.24		0.45	%


	Beginning Account Value 1/1/2016		Ending Account Value 6/30/2016		Expenses Paid During Period 1/1/2016 - 6/30/2016^*		Annualized Expense Ratio
Thrivent Money Market Portfolio
Actual	$	1,000	$	1,000	$	2.13		0.43	%
Hypothetical^**	$	1,000	$	1,023	$	2.16		0.43	%

*	Expenses are equal to the Portfolio’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period.

**	Assuming 5% annualized total return before expenses.

AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (54.9%)	Value		% of Net Assets
	Consumer Discretionary (8.9%)
	17,946	Amazon.com, Inc.^a	$	12,842,517		1.3	%
	7,690	AutoZone, Inc.^a		6,104,630		0.6	%
	83,238	Comcast Corporation		5,426,285		0.6	%
	47,740	Home Depot, Inc.		6,095,921		0.6	%
	45,160	NIKE, Inc.		2,492,832		0.3	%
	89,500	Starbucks Corporation		5,112,240		0.5	%
		Other Securities^		49,926,225		5.0	%

		Total		88,000,650

	Consumer Staples (2.3%)
	49,610	CVS Health Corporation		4,749,661		0.5	%
	61,490	WhiteWave Foods Company^a		2,886,341		0.3	%
		Other Securities^		15,298,376		1.5	%

		Total		22,934,378

	Energy (7.2%)
	81,023	Baker Hughes, Inc.		3,656,568		0.4	%
	90,950	Canadian Natural Resources, Ltd.		2,803,989		0.3	%
	60,330	Chevron Corporation		6,324,394		0.7	%
	25,597	Concho Resources, Inc.^a		3,052,954		0.3	%
	64,102	EOG Resources, Inc.		5,347,389		0.6	%
	67,881	EQT Corporation		5,256,026		0.5	%
	27,960	Exxon Mobil Corporation		2,620,970		0.3	%
	188,978	Marathon Oil Corporation		2,836,560		0.3	%
	105,320	Marathon Petroleum Corporation		3,997,947		0.4	%
	50,335	Royal Dutch Shell plc ADR		2,779,499		0.3	%
	65,908	Schlumberger, Ltd.		5,212,005		0.5	%
	146,780	Suncor Energy, Inc. ADR		4,070,209		0.4	%
	368,835	WPX Energy, Inc.^a		3,433,854		0.4	%
		Other Securities^		19,562,411		1.8	%

		Total		70,954,775

	Financials (6.2%)
		Other Securities^		61,282,511		6.2	%

		Total		61,282,511

	Health Care (7.6%)
	23,151	Alexion Pharmaceuticals, Inc.^a		2,703,111		0.3	%
	25,184	Allergan plc^a		5,819,771		0.6	%
	37,690	Celgene Corporation^a		3,717,365		0.4	%
	63,158	Gilead Sciences, Inc.		5,268,640		0.5	%
	40,263	NuVasive, Inc.^a		2,404,506		0.2	%
	19,817	Teleflex, Inc.		3,513,752		0.4	%
	35,766	Vertex Pharmaceuticals, Inc.^a		3,076,591		0.3	%
		Other Securities^		48,337,790		4.9	%

		Total		74,841,526

	Industrials (6.1%)
	25,034	3M Company		4,383,954		0.5	%
	101,590	Delta Air Lines, Inc.		3,700,924		0.4	%
	61,221	Southwest Airlines Company		2,400,475		0.3	%
		Other Securities^		49,840,903		4.9	%

		Total		60,326,256

	Information Technology (12.8%)
	11,143	Alphabet, Inc., Class A^a		7,839,435		0.8	%
	7,997	Alphabet, Inc., Class C^a		5,534,724		0.6	%
	70,034	Apple, Inc.		6,695,250		0.7	%
	97,100	Facebook, Inc.^a		11,096,588		1.1	%
	41,202	Guidewire Software, Inc.^a		2,544,636		0.3	%
	91,110	Microsoft Corporation		4,662,099		0.5	%
	53,229	NVIDIA Corporation		2,502,295		0.3	%
	136,424	PayPal Holdings, Inc.^a		4,980,840		0.5	%
	96,090	Salesforce.com, Inc.^a		7,630,507		0.8	%
	94,580	Visa, Inc.		7,014,999		0.7	%
	81,990	Xilinx, Inc.		3,782,199		0.4	%
		Other Securities^		61,882,907		6.1	%

		Total		126,166,479

	Materials (2.4%)
		Other Securities^		23,055,104		2.4	%

		Total		23,055,104

	Telecommunications Services (0.4%)
		Other Securities^		3,427,016		0.4	%

		Total		3,427,016

	Utilities (1.0%)
		Other Securities^		9,384,809		1.0	%

		Total		9,384,809

		Total Common Stock (cost $480,535,020)		540,373,504


		Registered Investment Companies (31.6%)
	Affiliated Equity Holdings (28.1%)
	3,495,736	Thrivent Large Cap Stock Portfolio		39,073,241		4.0	%
	3,170,544	Thrivent Large Cap Value Portfolio		46,868,245		4.7	%
	3,352,705	Thrivent Mid Cap Stock Portfolio		52,700,829		5.4	%
	12,044,477	Thrivent Partner Worldwide Allocation Portfolio		105,601,156		10.7	%
	2,105,112	Thrivent Small Cap Stock Portfolio		32,388,197		3.3	%

		Total		276,631,668

	Affiliated Fixed Income Holdings (2.2%)
	1,719,318	Thrivent High Yield Portfolio		7,976,259		0.8	%
	460,409	Thrivent Income Portfolio		4,750,733		0.5	%
	930,335	Thrivent Limited Maturity Bond Portfolio		9,132,630		0.9	%

		Total		21,859,622

	Equity Funds/ETFs (1.3%)
	26,765	iShares Russell 2000 Growth Index Fund		3,671,623		0.4	%
	22,552	SPDR S&P 500 ETF Trust		4,725,320		0.5	%
		Other Securities^		4,146,048		0.4	%

		Total		12,542,991

		Total Registered Investment Companies (cost $321,428,387)		311,034,281


Principal Amount		Long-Term Fixed Income (2.9%)
	Asset-Backed Securities (<0.1%)
		Other Securities^		425,556		<0.1	%

		Total		425,556

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

AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (2.9%)	Value			% of Net Assets
	Collateralized Mortgage Obligations (<0.1%)
		Other Securities^	$	246,086			<0.1	%

		Total		246,086

	Mortgage-Backed Securities (1.3%)
		Federal National Mortgage Association Conventional 15- Yr. Pass Through
	$ 900,000	2.500%, 7/1/2031^b		931,130			0.1	%
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	5,975,000	3.500%, 7/1/2046^b		6,304,558			0.6	%
	3,400,000	4.000% - 4.500%,
		7/1/2046^b		3,675,893			0.4	%
		Other Securities^		1,854,419			0.2	%

		Total		12,766,000

	U.S. Government and Agencies (1.6%)
		Tennessee Valley Authority
	165,000	5.250%, 9/15/2039		226,124			<0.1	%
		U.S. Treasury Bonds
	2,800,000	3.625%, 2/15/2044		3,610,250			0.4	%
		U.S. Treasury Bonds, TIPS
	1,308,814	0.625%, 1/15/2026		1,378,226			0.1	%
		U.S. Treasury Notes
	3,425,000	1.875%, 6/30/2020		3,556,112			0.4	%
	7,015,000	0.750% - 2.250%,
		11/15/2017 - 11/15/2024		7,213,467			0.7	%

		Total		15,984,179

		Total Long-Term Fixed Income (cost $28,323,257)		29,421,821


Shares or Principal Amount		Short-Term Investments (11.8%)^c
		Federal Home Loan Bank Discount Notes
	6,000,000	0.338%, 7/20/2016^d		5,999,460			0.6	%
	3,200,000	0.335%, 7/29/2016^d		3,199,578			0.4	%
	2,100,000	0.345% - 0.380%,
		7/22/2016 - 9/21/2016^d		2,099,738			0.2	%
		U.S. Treasury Notes
	3,000,000	0.625%, 8/15/2016		3,001,425			0.3	%
		Federal National Mortgage Association Discount Notes
	1,000,000	0.400%, 7/25/2016^d		999,887			0.1	%
		Thrivent Core Short-Term Reserve Fund
	10,051,674	0.580%		100,516,739			10.2	%

		Total Short-Term Investments (cost $115,815,308)		115,816,827

		Total Investments (cost $946,101,972) 101.2%	$	996,646,433

		Other Assets and Liabilities, Net (1.2%)		(12,232,032	)

		Total Net Assets 100.0%	$	984,414,401

^	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.
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	$	101,827,463
Gross unrealized depreciation		(55,088,966	)

Net unrealized appreciation (depreciation)	$	46,738,497

Cost for federal income tax purposes	$	949,907,936

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

AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2016, 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		88,000,650		86,615,297		1,385,353		—
Consumer Staples		22,934,378		22,084,316		850,062		—
Energy		70,954,775		70,370,961		583,814		—
Financials		61,282,511		58,816,755		2,465,756		—
Health Care		74,841,526		73,978,066		863,460		—
Industrials		60,326,256		59,378,162		948,094		—
Information Technology		126,166,479		125,901,387		265,092		—
Materials		23,055,104		22,430,034		625,070		—
Telecommunications Services		3,427,016		3,088,540		338,476		—
Utilities		9,384,809		9,061,596		323,213		—
Registered Investment Companies
Affiliated Equity Holdings		276,631,668		276,631,668		—		—
Equity Funds/ETFs		12,542,991		12,542,991		—		—
Affiliated Fixed Income Holdings		21,859,622		21,859,622		—		—
Long-Term Fixed Income
Asset-Backed Securities		425,556		—		425,556		—
Collateralized Mortgage Obligations		246,086		—		246,086		—
Mortgage-Backed Securities		12,766,000		—		12,766,000		—
U.S. Government and Agencies		15,984,179		—		15,984,179		—
Short-Term Investments		15,300,088		—		15,300,088		—

Subtotal Investments in Securities	$	896,129,694	$	842,759,395	$	53,370,299	$	—


Other Investments*	Total
Short-Term Investments		100,516,739

Subtotal Other Investments	$	100,516,739

Total Investments at Value	$	996,646,433

Certain investments are measured at fair value using a net asset value per share that is not publicly available (practical expedient). According to disclosure requirements of Accounting Standards Codification (ASC) 820, Fair Value Measurement, securities valued using the practical expedient are not classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.



Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		2,453,526		2,453,526		—		—

Total Asset Derivatives	$	2,453,526	$	2,453,526	$	—	$	—

Liability Derivatives
Futures Contracts		1,741,844		1,741,844		—		—

Total Liability Derivatives	$	1,741,844	$	1,741,844	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2016. 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.

AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

The following table presents Aggressive Allocation Portfolio’s futures contracts held as of June 30, 2016. Investments and/or cash totaling $10,598,832 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)
CBOT 10-Yr. U.S. Treasury Note		10			September 2016	$	1,295,188		$	1,329,843		$	34,655
CBOT 2-Yr. U.S. Treasury Note		(11	)		September 2016		(2,402,091	)		(2,412,609	)		(10,518	)
CBOT 5-Yr. U.S. Treasury Note		26			September 2016		3,135,034			3,176,266			41,232
CBOT U.S. Long Bond		(7	)		September 2016		(1,141,524	)		(1,206,406	)		(64,882	)
CME E-mini S&P Mid-Cap 400 Index		(657	)		September 2016		(98,709,980	)		(98,090,101	)		619,879
CME S&P 500 Index		163			September 2016		85,783,501			85,175,650			(607,851	)
CME Ultra Long Term U.S. Treasury Bond		8			September 2016		1,396,776			1,491,000			94,224
Eurex Euro STOXX 50 Index		1,745			September 2016		54,613,684			55,771,834			1,158,150
ICE mini MSCI EAFE Index		418			September 2016		34,816,273			33,757,680			(1,058,593	)
NYBOT NYF mini Russell 2000 Index		(187	)		September 2016		(21,961,766	)		(21,456,380	)		505,386
Total Futures Contracts												$	711,682

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2016, 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	$	170,111
Total Interest Rate Contracts			170,111
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		2,283,415
Total Equity Contracts			2,283,415

Total Asset Derivatives		$	2,453,526

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		75,400
Total Interest Rate Contracts			75,400
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		1,666,444
Total Equity Contracts			1,666,444

Total Liability Derivatives		$	1,741,844

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

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2016, 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		(7,294,721	)
Total Equity Contracts			(7,294,721	)
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		125,734
Total Interest Rate Contracts			125,734

Total		($	7,168,987	)

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

AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2016, 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		89,865
Total Interest Rate Contracts			89,865
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(1,996,456	)
Total Equity Contracts			(1,996,456	)

Total		($	1,906,591	)

The following table presents Aggressive Allocation Portfolio’s average volume of derivative activity during the period ended June 30, 2016.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts	$	333,514,627		35.1	%
Interest Rate Contracts		9,257,103		1.0

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

Investment in Affiliates

Affiliated issuers, as defined under the Investment Company Act of 1940, include those in which the Portfolio’s holdings of an issuer represent 5% or more of the outstanding voting securities of an issuer, 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, 2015		Gross Purchases		Gross Sales		Shares Held at June 30, 2016		Value June 30, 2016		Income Earned January 1, 2016 - June 30, 2016
Opportunity Income Plus	$	4,541,113	$	43,510	$	4,650,239		—	$	—	$	43,542
Small Cap Stock		30,912,419		1,689,734		—		2,105,112		32,388,197		108,358
Mid Cap Stock		49,700,986		5,786,431		—		3,352,705		52,700,829		204,535
Partner Worldwide Allocation		105,949,793		2,361,195		—		12,044,477		105,601,156		2,361,195
Large Cap Value		45,459,708		3,450,043		—		3,170,544		46,868,245		645,965
Large Cap Stock		40,107,608		502,461		—		3,495,736		39,073,241		502,461
High Yield		7,480,973		219,704		—		1,719,318		7,976,259		219,734
Income		4,443,283		84,332		—		460,409		4,750,733		80,813
Limited Maturity Bond		8,953,804		92,208		—		930,335		9,132,630		92,156
Cash Management Trust- Collateral Investment		—		—		—		—		—		13
Cash Management Trust-Short Term Investment		31,326,929		113,015,313		144,342,242		—		—		64,715
Core Short-Term Reserve Fund		—		114,779,448		14,262,710		10,051,674		100,516,739		49,018
Total Value and Income Earned	$	328,876,616							$	399,008,029	$	4,372,505

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (1.0%)	Value		% of Net Assets
	Basic Materials (0.1%)
		Other Securities^	$	3,914,579		0.1	%

		Total		3,914,579


	Capital Goods (<0.1%)
		Other Securities^		798,788		<0.1	%

		Total		798,788


	Communications Services (0.3%)
		Other Securities^		15,767,669		0.3	%

		Total		15,767,669


	Consumer Cyclical (0.2%)
		Other Securities^		8,282,679		0.2	%

		Total		8,282,679


	Consumer Non-Cyclical (0.1%)
		Other Securities^		6,489,356		0.1	%

		Total		6,489,356


	Energy (0.1%)
		Other Securities^		4,353,381		0.1	%

		Total		4,353,381


	Financials (0.1%)
		Other Securities^		3,081,610		0.1	%

		Total		3,081,610


	Technology (0.1%)
		Other Securities^		6,024,801		0.1	%

		Total		6,024,801


	Transportation (<0.1%)
		Other Securities^		1,852,344		<0.1	%

		Total		1,852,344


	Utilities (<0.1%)
		Other Securities^		378,631		<0.1	%

		Total		378,631

		Total Bank Loans (cost $54,739,054)		50,943,838


Shares		Common Stock (41.3%)
	Consumer Discretionary (6.2%)
	60,412	Amazon.com, Inc.^a		43,232,035		0.9	%
	25,730	AutoZone, Inc.^a		20,425,503		0.4	%
	371,656	Comcast Corporation		24,228,255		0.5	%
	160,330	Home Depot, Inc.		20,472,538		0.4	%
	300,280	Starbucks Corporation		17,151,994		0.4	%
		Other Securities^		184,287,738		3.6	%

		Total		309,798,063


	Consumer Staples (1.8%)
	230,770	CVS Health Corporation		22,093,920		0.4	%
		Other Securities^		68,476,244		1.4	%

		Total		90,570,164


	Energy (5.7%)
	350,496	Baker Hughes, Inc.		15,817,885		0.3	%
	341,150	Canadian Natural Resources, Ltd.		10,517,655		0.2	%
	285,370	Chevron Corporation		29,915,337		0.6	%
	91,004	Concho Resources, Inc.^a		10,854,047		0.2	%
	255,339	EOG Resources, Inc.		21,300,379		0.4	%
	276,381	EQT Corporation		21,400,181		0.4	%
	999,478	Marathon Oil Corporation		15,002,165		0.3	%
	395,330	Marathon Petroleum Corporation		15,006,727		0.3	%
	247,270	Schlumberger, Ltd.		19,554,112		0.4	%
	550,910	Suncor Energy, Inc. ADR		15,276,734		0.3	%
	1,272,920	WPX Energy, Inc.^a		11,850,885		0.3	%
		Other Securities^		96,490,270		2.0	%

		Total		282,986,377


	Financials (5.7%)
		Other Securities^		283,237,089		5.7	%

		Total		283,237,089


	Health Care (5.3%)
	84,806	Allergan plc^a		19,597,819		0.4	%
	127,040	Celgene Corporation^a		12,529,955		0.3	%
	213,305	Gilead Sciences, Inc.		17,793,903		0.4	%
	299,980	Pfizer, Inc.		10,562,296		0.2	%
		Other Securities^		201,691,996		4.0	%

		Total		262,175,969


	Industrials (4.6%)
	84,213	3M Company		14,747,380		0.3	%
	369,770	Delta Air Lines, Inc.		13,470,721		0.3	%
		Other Securities^		203,731,028		4.0	%

		Total		231,949,129


	Information Technology (8.8%)
	38,283	Alphabet, Inc., Class A^a		26,933,239		0.5	%
	30,727	Alphabet, Inc., Class C^a		21,266,157		0.4	%
	237,286	Apple, Inc.		22,684,542		0.5	%
	542,390	Cisco Systems, Inc.		15,561,169		0.3	%
	326,350	Facebook, Inc.^a		37,295,278		0.8	%
	429,900	Microsoft Corporation		21,997,983		0.5	%
	273,370	Oracle Corporation		11,189,034		0.2	%
	454,078	PayPal Holdings, Inc.^a		16,578,388		0.3	%
	326,230	Salesforce.com, Inc.^a		25,905,924		0.5	%
	317,630	Visa, Inc.		23,558,617		0.5	%
	273,450	Xilinx, Inc.		12,614,248		0.3	%
		Other Securities^		203,257,021		4.0	%

		Total		438,841,600


	Materials (1.9%)
		Other Securities^		96,499,161		1.9	%

		Total		96,499,161


	Telecommunications Services (0.3%)
		Other Securities^		15,641,260		0.3	%

		Total		15,641,260


	Utilities (1.0%)
	165,070	PG&E Corporation		10,551,274		0.2	%
		Other Securities^		38,162,622		0.8	%

		Total		48,713,896

		Total Common Stock (cost $1,855,971,141)		2,060,412,708

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Registered Investment Companies (35.8%)	Value		% of Net Assets
	Affiliated Equity Holdings (28.5%)
	24,752,802	Thrivent Large Cap Stock Portfolio	$	276,671,963		5.5	%
	21,779,551	Thrivent Large Cap Value Portfolio		321,954,037		6.5	%
	18,902,196	Thrivent Mid Cap Stock Portfolio		297,121,730		6.0	%
	50,069,595	Thrivent Partner Worldwide Allocation Portfolio		438,990,180		8.8	%
	5,579,836	Thrivent Small Cap Stock Portfolio		85,848,566		1.7	%

		Total		1,420,586,476


	Affiliated Fixed Income Holdings (6.0%)
	10,570,898	Thrivent High Yield Portfolio		49,040,510		1.0	%
	14,968,237	Thrivent Income Portfolio		154,449,755		3.1	%
	9,404,237	Thrivent Limited Maturity Bond Portfolio		92,316,696		1.9	%

		Total		295,806,961


	Equity Funds/ETFs (0.8%)
	103,631	SPDR S&P 500 ETF Trust		21,713,803		0.4	%
		Other Securities^		17,526,040		0.4	%

		Total		39,239,843


	Fixed Income Funds/ETFs (0.5%)
	190,000	iShares iBoxx $ Investment Grade Corporate Bond ETF		23,318,700		0.4	%
		Other Securities^		3,713,150		0.1	%

		Total		27,031,850

		Total Registered Investment Companies (cost $1,705,266,728)		1,782,665,130


Principal Amount		Long-Term Fixed Income (15.6%)

	Asset-Backed Securities (0.7%)
		U.S. Small Business Administration
	$ 509,816	3.191%, 3/10/2024		537,517		<0.1	%
		Other Securities^		30,585,626		0.7	%

		Total		31,123,143


	Basic Materials (0.1%)
		Other Securities^		4,862,089		0.1	%

		Total		4,862,089


	Capital Goods (0.3%)
		Other Securities^		16,385,821		0.3	%

		Total		16,385,821


	Collateralized Mortgage Obligations (0.7%)
		Federal National Mortgage Association
	2,747,943	3.500%, 1/25/2033^b		352,979		<0.1	%
		Other Securities^		36,971,870		0.7	%

		Total		37,324,849


	Commercial Mortgage-Backed Securities (0.4%)
		Federal National Mortgage Association
	142,456	1.272%, 1/25/2017		142 482		<0.1	%
		Other Securities^		20,518,288		0.4	%

		Total		20,660,770


	Communications Services (0.8%)
		Other Securities^		36,937,124		0.8	%

		Total		36,937,124


	Consumer Cyclical (0.5%)
		Other Securities^		22,360,049		0.5	%

		Total		22,360,049


	Consumer Non-Cyclical (0.8%)
		Other Securities^		38,208,590		0.8	%

		Total		38,208,590


	Energy (0.4%)
		Other Securities^		20,229,036		0.4	%

		Total		20,229,036


	Financials (1.3%)
		Other Securities^		64,805,056		1.3	%

		Total		64,805,056


	Foreign Government (<0.1%)
		Other Securities^		1,307,548		<0.1	%

		Total		1,307,548


	Mortgage-Backed Securities (4.8%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	18,800,000	3.000%, 7/1/2031^c		19,721,640		0.4	%
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	12,300,000	4.000%, 7/1/2046^c		13,164,844		0.3	%
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	18,025,000	2.500%, 7/1/2031^c		18,648,470		0.4	%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	90,325,000	3.500%, 7/1/2046^c		95,306,984		1.9	%
	45,000,000	4.000%, 7/1/2046^c		48,247,146		1.0	%
	29,989,000	4.500%, 7/1/2046^c		32,734,712		0.7	%
	8,666,862	1.735% - 3.500%,
		7/1/2043 - 8/1/2046^c,d		8,957,711		0.1	%

		Total		236,781,507


	Technology (0.3%)
		Other Securities^		16,581,022		0.3	%

		Total		16,581,022


	Transportation (0.1%)
		Other Securities^		4,695,879		0.1	%

		Total		4,695,879


	U.S. Government and Agencies (4.0%)
		Federal National Mortgage Association
	405,000	6.250%, 5/15/2029		589,822		<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 June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (15.6%)	Value			% of Net Assets
	U.S. Government and Agencies (4.0%) - continued
		Tennessee Valley Authority
	$ 390,000	5.250%, 9/15/2039	$	534,475			<0.1	%
		U.S. Treasury Bonds
	34,845,000	3.000%, 5/15/2042		40,248,693			0.8	%
	14,300,000	3.625%, 2/15/2044		18,438,063			0.4	%
	9,100,000	4.375% - 6.500%,
		11/15/2026 - 5/15/2040		13,144,797			0.3	%
		U.S. Treasury Bonds, TIPS
	29,785,586	0.625%, 1/15/2026		31,365,235			0.6	%
	2,485,798	0.125% - 2.375%,
		4/15/2019 - 2/15/2042		2,563,725			<0.1	%
		U.S. Treasury Notes
	23,030,000	1.875%, 6/30/2020		23,911,611			0.5	%
	31,970,000	0.750% - 2.250%,
		11/15/2017 - 11/15/2024		32,942,422			0.7	%
		U.S. Treasury Notes, TIPS
	36,507,190	0.125%, 1/15/2023		36,991,093			0.7	%

		Total		200,729,936


	Utilities (0.4%)
		Other Securities^		21,368,312			0.4	%

		Total		21,368,312

		Total Long-Term Fixed Income (cost $751,357,090)		774,360,731


Shares		Collateral Held for Securities Loaned (1.7%)
	85,713,108	Thrivent Cash Management Trust		85,713,108			1.7	%

		Total Collateral Held for Securities Loaned (cost $85,713,108)		85,713,108


Shares or Principal Amount		Short-Term Investments (10.9%)^e
		Federal Home Loan Bank Discount Notes
	16,100,000	0.341%, 7/15/2016^f		16,098,937			0.3	%
	15,000,000	0.339%, 7/20/2016^f		14,998,650			0.3	%
	50,060,000	0.280% - 0.370%,
		7/6/2016 - 9/14/2016^f		50,053,833			1.1	%
		U.S. Treasury Notes
	8,000,000	0.625% - 1.000%,
		8/15/2016 - 8/31/2016		8,005,166			0.1	%
		Thrivent Core Short-Term Reserve Fund
	45,433,383	0.580%		454,333,835			9.1	%

		Total Short-Term Investments (cost $543,483,330)		543,490,421

		Total Investments (cost $4,996,530,451) 106.3%	$	5,297,585,936

		Other Assets and Liabilities, Net (6.3%)		(313,397,563	)

		Total Net Assets 100.0%	$	4,984,188,373

^	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.

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

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

d	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2016.

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

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

Moderately Aggressive Allocation Portfolio held restricted securities as of June 30, 2016. 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 June 30, 2016, the value of these investments was $30,935,211 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 Moderately Aggressive Allocation Portfolio as of June 30, 2016:

Securities Lending Transactions


Taxable Debt Security	$	7,225,865
Common Stock		77,167,468

Total lending	$	84,393,333
Gross amount payable upon return of collateral for securities loaned	$	85,713,108

Net amounts due to counterparty	$	1,319,775

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	$	460,206,140
Gross unrealized depreciation		(174,980,366	)

Net unrealized appreciation (depreciation)	$	285,225,774

Cost for federal income tax purposes	$	5,012,360,162

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2016, 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		3,914,579		—		3,763,454		151,125
Capital Goods		798,788		—		798,788		—
Communications Services		15,767,669		—		14,454,769		1,312,900
Consumer Cyclical		8,282,679		—		8,282,679		—
Consumer Non-Cyclical		6,489,356		—		6,489,356		—
Energy		4,353,381		—		2,995,456		1,357,925
Financials		3,081,610		—		2,413,641		667,969
Technology		6,024,801		—		6,024,801		—
Transportation		1,852,344		—		1,239,864		612,480
Utilities		378,631		—		378,631		—
Common Stock
Consumer Discretionary		309,798,063		305,050,196		4,747,867		—
Consumer Staples		90,570,164		87,674,890		2,895,274		—
Energy		282,986,377		280,976,962		2,009,415		—
Financials		283,237,089		274,846,902		8,390,187		—
Health Care		262,175,969		259,221,843		2,954,126		—
Industrials		231,949,129		228,611,068		3,338,061		—
Information Technology		438,841,600		437,901,890		939,710		—
Materials		96,499,161		94,348,660		2,150,501		—
Telecommunications Services		15,641,260		14,473,850		1,167,410		—
Utilities		48,713,896		47,623,432		1,090,464		—
Registered Investment Companies
Affiliated Equity Holdings		1,420,586,476		1,420,586,476		—		—
Affiliated Fixed Income Holdings		295,806,961		295,806,961		—		—
Fixed Income Funds/ETFs		27,031,850		27,031,850		—		—
Equity Funds/ETFs		39,239,843		39,239,843		—		—
Long-Term Fixed Income
Asset-Backed Securities		31,123,143		—		31,123,143		—
Basic Materials		4,862,089		—		4,862,089		—
Capital Goods		16,385,821		—		16,385,821		—
Collateralized Mortgage Obligations		37,324,849		—		37,324,849		—
Commercial Mortgage-Backed Securities		20,660,770		—		20,660,770		—
Communications Services		36,937,124		—		36,937,124		—
Consumer Cyclical		22,360,049		—		22,360,049		—
Consumer Non-Cyclical		38,208,590		—		38,208,590		—
Energy		20,229,036		—		20,229,036		—
Financials		64,805,056		—		64,805,056		—
Foreign Government		1,307,548		—		1,307,548		—
Mortgage-Backed Securities		236,781,507		—		236,781,507		—
Technology		16,581,022		—		16,581,022		—
Transportation		4,695,879		—		4,695,879		—
U.S. Government and Agencies		200,729,936		—		200,729,936		—
Utilities		21,368,312		—		21,368,312		—
Short-Term Investments		89,156,586		—		89,156,586		—

Subtotal Investments in Securities	$	4,757,538,993	$	3,813,394,823	$	940,041,771	$	4,102,399


Other Investments*	Total
Short-Term Investments		454,333,835
Collateral Held for Securities Loaned		85,713,108

Subtotal Other Investments	$	540,046,943

Total Investments at Value	$	5,297,585,936

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		9,661,654		9,661,654		—		—

Total Asset Derivatives	$	9,661,654	$	9,661,654	$	—	$	—

Liability Derivatives
Futures Contracts		5,345,974		5,345,974		—		—

Total Liability Derivatives	$	5,345,974	$	5,345,974	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2016. Transfers between Levels are identified as of the end of the period.

The following table presents Moderately Aggressive Allocation Portfolio’s futures contracts held as of June 30, 2016. Investments and/or cash totaling $42,595,159 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)
CBOT 10-Yr. U.S. Treasury Note		(190	)		September 2016	($	24,574,705	)	($	25,267,033	)	($	692,328	)
CBOT 2-Yr. U.S. Treasury Note		36			September 2016		7,843,047			7,895,812			52,765
CBOT 5-Yr. U.S. Treasury Note		876			September 2016		105,184,307			107,015,716			1,831,409
CBOT U.S. Long Bond		5			September 2016		814,352			861,719			47,367
CME E-mini S&P Mid-Cap 400 Index		(2,228	)		September 2016		(334,742,308	)		(332,640,400	)		2,101,908
CME S&P 500 Index		302			September 2016		158,936,303			157,810,100			(1,126,203	)
CME Ultra Long Term U.S. Treasury Bond		(13	)		September 2016		(2,263,684	)		(2,422,875	)		(159,191	)
Eurex Euro STOXX 50 Index		7,251			September 2016		230,485,747			235,297,767			4,812,020
ICE mini MSCI EAFE Index		1,330			September 2016		110,779,052			107,410,800			(3,368,252	)
NYBOT NYF mini Russell 2000 Index		(302	)		September 2016		(35,467,665	)		(34,651,480	)		816,185
Total Futures Contracts												$	4,315,680

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2016, 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	$	1,931,541
Total Interest Rate Contracts			1,931,541
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		7,730,113
Total Equity Contracts			7,730,113

Total Asset Derivatives		$	9,661,654

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		851,519
Total Interest Rate Contracts			851,519
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		4,494,455
Total Equity Contracts			4,494,455

Total Liability Derivatives		$	5,345,974

*	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.

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2016, 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		(29,993,528	)
Total Equity Contracts			(29,993,528	)
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		3,193,732
Total Interest Rate Contracts			3,193,732

Total		($	26,799,796	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2016, 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		1,146,313
Total Interest Rate Contracts			1,146,313
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(6,202,196	)
Total Equity Contracts			(6,202,196	)

Total		($	5,055,883	)

The following table presents Moderately Aggressive Allocation Portfolio’s average volume of derivative activity during the period ended June 30, 2016.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts	$	1,049,502,206		21.8	%
Interest Rate Contracts		161,391,494		3.3

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

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, 2015		Gross Purchases		Gross Sales		Shares Held at June 30, 2016		Value June 30, 2016		Income Earned January 1, 2016 - June 30, 2016
Small Cap Stock	$	81,936,849	$	4,478,831	$	—		5,579,836	$	85,848,566	$	287,214
Mid Cap Stock		280,208,930		32,623,289		—		18,902,196		297,121,730		1,153,148
Partner Worldwide Allocation		440,439,482		9,815,624		—		50,069,595		438,990,180		9,815,624
Large Cap Value		312,278,320		23,699,525		—		21,779,551		321,954,037		4,437,355
Large Cap Stock		283,996,164		3,557,857		—		24,752,802		276,671,963		3,557,857
High Yield		45,995,339		1,350,810		—		10,570,898		49,040,510		1,350,995
Income		144,454,320		2,741,706		—		14,968,237		154,449,755		2,627,301
Limited Maturity Bond		90,509,050		932,084		—		9,404,237		92,316,696		931,550
Cash Management Trust-Collateral Investment		80,456,520		400,359,491		395,102,903		85,713,108		85,713,108		338,653
Cash Management Trust-Short Term Investment		108,913,011		536,100,515		645,013,526		—		—		281,952
Core Short-Term Reserve Fund		—		553,961,885		99,628,050		45,433,384		454,333,835		260,023
Total Value and Income Earned	$	1,869,187,985							$	2,256,440,380	$	25,041,672

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

MODERATE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (1.9%)	Value		% of Net Assets
	Basic Materials (0.1%)
		Other Securities^	$	12,969,915		0.1	%

		Total		12,969,915


	Capital Goods (<0.1%)
		Other Securities^		2,777,783		<0.1	%

		Total		2,777,783


	Communications Services (0.5%)
		Other Securities^		42,964,827		0.5	%

		Total		42,964,827


	Consumer Cyclical (0.4%)
		Other Securities^		30,920,156		0.4	%

		Total		30,920,156


	Consumer Non-Cyclical (0.3%)
		Other Securities^		23,256,422		0.3	%

		Total		23,256,422


	Energy (0.2%)
		Other Securities^		17,845,780		0.2	%

		Total		17,845,780


	Financials (0.1%)
		Other Securities^		10,446,231		0.1	%

		Total		10,446,231


	Technology (0.2%)
		Other Securities^		16,745,251		0.2	%

		Total		16,745,251


	Transportation (0.1%)
		Other Securities^		5,523,142		0.1	%

		Total		5,523,142


	Utilities (<0.1%)
		Other Securities^		1,365,035		<0.1	%

		Total		1,365,035

		Total Bank Loans (cost $181,250,669)		164,814,542


Shares		Common Stock (33.6%)
	Consumer Discretionary (4.9%)
	82,272	Amazon.com, Inc.^a		58,875,489		0.7	%
	34,970	AutoZone, Inc.^a		27,760,585		0.3	%
	608,994	Comcast Corporation		39,700,319		0.5	%
	217,550	Home Depot, Inc.		27,778,960		0.3	%
	407,710	Starbucks Corporation		23,288,395		0.3	%
		Other Securities^		260,590,377		2.8	%

		Total		437,994,125


	Consumer Staples (1.6%)
	383,350	CVS Health Corporation		36,701,929		0.4	%
		Other Securities^		102,554,910		1.2	%

		Total		139,256,839


	Energy (4.4%)
	507,930	Baker Hughes, Inc.		22,922,881		0.3	%
	433,310	Chevron Corporation		45,423,887		0.5	%
	356,084	EOG Resources, Inc.		29,704,527		0.3	%
	389,801	EQT Corporation		30,182,291		0.4	%
	1,624,711	Marathon Oil Corporation		24,386,912		0.3	%
	311,575	Schlumberger, Ltd.		24,639,351		0.3	%
		Other Securities^		214,878,964		2.3	%

		Total		392,138,813


	Financials (5.0%)
		Other Securities^		441,908,433		5.0	%

		Total		441,908,433


	Health Care (4.2%)
	115,168	Allergan plc^a		26,614,173		0.3	%
	290,141	Gilead Sciences, Inc.		24,203,562		0.3	%
	348,720	Merck & Company, Inc.		20,089,759		0.2	%
		Other Securities^		303,567,499		3.4	%

		Total		374,474,993


	Industrials (3.8%)
	114,297	3M Company		20,015,691		0.2	%
		Other Securities^		312,993,557		3.6	%

		Total		333,009,248


	Information Technology (6.9%)
	52,074	Alphabet, Inc., Class A^a		36,635,621		0.4	%
	45,659	Alphabet, Inc., Class C^a		31,600,594		0.4	%
	323,239	Apple, Inc.		30,901,648		0.4	%
	1,068,680	Cisco Systems, Inc.		30,660,429		0.4	%
	443,000	Facebook, Inc.^a		50,626,040		0.6	%
	719,530	Microsoft Corporation		36,818,350		0.4	%
	487,950	Oracle Corporation		19,971,793		0.2	%
	630,754	PayPal Holdings, Inc.^a		23,028,829		0.3	%
	444,260	Salesforce.com, Inc.^a		35,278,687		0.4	%
	431,130	Visa, Inc.		31,976,912		0.4	%
		Other Securities^		286,732,333		3.0	%

		Total		614,231,236


	Materials (1.6%)
		Other Securities^{^}		137,546,562		1.6	%

		Total		137,546,562


	Telecommunications Services (0.3%)
		Other Securities^		27,625,541		0.3	%

		Total		27,625,541


	Utilities (0.9%)
	341,730	PG&E Corporation		21,843,382		0.3	%
		Other Securities^		55,571,635		0.6	%

		Total		77,415,017

		Total Common Stock (cost $2,720,524,932)		2,975,600,807


Shares		Registered Investment Companies (29.6%)
	Affiliated Equity Holdings (17.1%)
	22,936,793	Thrivent Large Cap Stock Portfolio		256,373,714		2.9	%
	30,302,240	Thrivent Large Cap Value Portfolio		447,939,834		5.0	%
	15,614,280	Thrivent Mid Cap Stock Portfolio		245,439,300		2.8	%
	57,080,403	Thrivent Partner Worldwide Allocation Portfolio		500,458,141		5.6	%

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

MODERATE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Registered Investment Companies (29.6%)	Value		% of Net Assets
	Affiliated Equity Holdings (17.1%) - continued
	4,432,127	Thrivent Small Cap Stock Portfolio	$	68,190,492		0.8	%

		Total		1,518,401,481


	Affiliated Fixed Income Holdings (11.3%)
	34,480,515	Thrivent High Yield Portfolio		159,962,007		1.8	%
	50,957,750	Thrivent Income Portfolio		525,807,548		6.0	%
	31,436,113	Thrivent Limited Maturity Bond Portfolio		308,592,603		3.5	%

		Total		994,362,158


	Equity Funds/ETFs (0.5%)
	126,504	SPDR S&P 500 ETF Trust		26,506,383		0.3	%
		Other Securities^		14,962,051		0.2	%

		Total		41,468,434


	Fixed Income Funds/ETFs (0.7%)
	411,900	iShares iBoxx $ Investment Grade Corporate Bond ETF		50,552,487		0.6	%
		Other Securities^		13,049,070		0.1	%

		Total		63,601,557

		Total Registered Investment Companies (cost $2,492,589,387)		2,617,833,630


Principal Amount		Long-Term Fixed Income (29.6%)
	Asset-Backed Securities (1.3%)
		U.S. Small Business Administration
	$ 894,414	3.191%, 3/10/2024		943,013		<0.1	%
		Other Securities^		115,384,302		1.3	%

		Total		116,327,315


	Basic Materials (0.1%)
		Other Securities^		10,861,796		0.1	%

		Total		10,861,796


	Capital Goods (0.6%)
		Other Securities^		53,927,316		0.6	%

		Total		53,927,316


	Collateralized Mortgage Obligations (1.2%)
		Federal Home Loan Mortgage Corporation
	13,853,103	3.000% - 4.000%, 7/15/2031 - 2/15/2033^b		1,392,362		<0.1	%
		Federal National Mortgage Association
	9,336,386	3.500%, 1/25/2033^b		1,199,278		<0.1	%
		Other Securities^		107,612,396		1.2	%

		Total		110,204,036


	Commercial Mortgage-Backed Securities (0.9%)
		Federal National Mortgage Association
	323,764	1.272%, 1/25/2017		323,823		<0.1	%
		Other Securities^		77,430,183		0.9	%

		Total		77,754,006

	Communications Services (1.4%)
		Other Securities^		124,617,812		1.4	%

		Total		124,617,812


	Consumer Cyclical (0.9%)
		Other Securities^		77,596,425		0.9	%

		Total		77,596,425


	Consumer Non-Cyclical (1.5%)
		Other Securities^		132,301,620		1.5	%

		Total		132,301,620


	Energy (0.8%)
		Other Securities^		67,231,280		0.8	%

		Total		67,231,280


	Financials (2.6%)
		Other Securities^		227,534,825		2.6	%

		Total		227,534,825


	Foreign Government (<0.1%)
		Other Securities^		4,600,314		<0.1	%

		Total		4,600,314


	Mortgage-Backed Securities (9.0%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	65,995,000	3.000%, 7/1/2031^c		69,230,299		0.8	%
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	48,845,000	4.000%, 7/1/2046^c		52,279,414		0.6	%
		Federal National Mortgage Association Conventional 15- Yr. Pass Through
	33,975,000	2.500%, 7/1/2031^c		35,150,168		0.4	%
	1,000,000	2.500%, 8/1/2028^c		1,033,027		<0.1	%
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	220,250,000	3.500%, 7/1/2046^c		232,398,153		2.6	%
	162,432,500	4.000%, 7/1/2046^c		174,153,434		2.0	%
	84,494,000	4.500%, 7/1/2046^c		92,230,042		1.0	%
	90,500,000	3.500%, 8/1/2046^c		95,360,836		1.1	%
	39,956,471	1.735% - 3.000%,
		7/1/2043 - 7/1/2046^c,d		41,145,974		0.5	%

		Total		792,981,347


	Technology (0.7%)
		Other Securities^		60,033,288		0.7	%

		Total		60,033,288


	Transportation (0.2%)
		Other Securities^		20,021,359		0.2	%

		Total		20,021,359


	U.S. Government and Agencies (7.6%)
		Federal National Mortgage Association
	540,000	6.250%, 5/15/2029		786,429		<0.1	%
		Tennessee Valley Authority
	520,000	5.250%, 9/15/2039		712,633		<0.1	%

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

MODERATE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (29.6%)	Value			% of Net Assets
	U.S. Government and Agencies (7.6%) - continued
		U.S. Treasury Bonds
	$66,460,000	3.000%, 5/15/2042	$	76,766,484			0.9	%
	50,250,000	3.625%, 2/15/2044		64,791,094			0.7	%
	7,725,000	4.375% - 5.250%,
		11/15/2028 - 5/15/2040		10,918,630			0.1	%
		U.S. Treasury Bonds, TIPS
	31,381,333	0.625%, 1/15/2026		33,045,610			0.4	%
	5,623,089	0.125% - 2.375%,
		4/15/2019 - 2/15/2042		5,772,605			0.1	%
		U.S. Treasury Notes
	65,050,000	0.875%, 11/15/2017		65,319,372			0.7	%
	25,100,000	0.875%, 3/31/2018		25,222,563			0.3	%
	112,320,000	1.500%, 10/31/2019		114,934,922			1.3	%
	38,359,000	1.875%, 6/30/2020		39,827,421			0.4	%
	76,185,000	1.375%, 9/30/2020		77,568,824			0.9	%
	68,135,000	2.250%, 11/15/2024		72,680,899			0.8	%
	50,255,000	0.750% - 2.125%,
		10/15/2018 - 8/15/2022		50,912,589			0.6	%
		U.S. Treasury Notes, TIPS
	35,139,142	0.125%, 1/15/2023		35,604,911			0.4	%

		Total		674,864,986


	Utilities (0.8%)
		Other Securities^{^}		71,762,012			0.8	%

		Total		71,762,012

		Total Long-Term Fixed Income (cost $2,552,057,163)		2,622,619,737


Shares		Collateral Held for Securities Loaned (1.6%)
	139,749,499	Thrivent Cash Management Trust		139,749,499			1.6	%

		Total Collateral Held for Securities Loaned (cost $139,749,499)		139,749,499


Shares or Principal Amount		Short-Term Investments (13.8%)^e
		Federal Home Loan Bank Discount Notes
	28,419,000	0.340%, 7/15/2016^f		28,417,124			0.3	%
	43,000,000	0.339%, 7/20/2016^f		42,996,130			0.5	%
	43,545,000	0.344%, 7/22/2016^f		43,540,689			0.5	%
	28,640,000	0.342%, 7/27/2016^f		28,636,477			0.3	%
	66,505,000	0.250% - 0.380%,
		7/6/2016 - 9/21/2016^f		66,494,371			0.8	%
		Federal Home Loan Bank
	4,000,000	0.250%, 7/13/2016		3,999,932			<0.1	%
		Federal Home Loan Mortgage Corporation Discount Notes
	14,400,000	0.400%, 7/25/2016^f		14,398,373			0.2	%
		U.S. Treasury Notes
	12,000,000	0.500% - 1.000%,
		8/15/2016 - 8/31/2016		12,006,778			0.1	%
		Thrivent Core Short-Term Reserve Fund
	98,519,186	0.580%		985,191,856			11.1	%

		Total Short-Term Investments (cost $1,225,660,347)		1,225,681,730

		Total Investments (cost $9,311,831,997) 110.1%	$	9,746,299,945

		Other Assets and Liabilities, Net (10.1%)		(893,937,584	)

		Total Net Assets 100.0%	$	8,852,362,361

^	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.

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

d	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2016.

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

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

Moderate Allocation Portfolio held restricted securities as of June 30, 2016. 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 June 30, 2016, the value of these investments was $110,107,229 or 1.2% of total net assets.

Securities Lending Transactions


Taxable Debt Security	$	33,288,736
Common Stock		103,761,861

Total lending	$	137,050,597
Gross amount payable upon return of collateral for securities loaned	$	139,749,499

Net amounts due to counterparty	$	2,698,902

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	$	661,435,843
Gross unrealized depreciation		(247,771,582	)

Net unrealized appreciation (depreciation)	$	413,664,261
Cost for federal income tax purposes	$	9,332,635,684

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

MODERATE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2016, 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		12,969,915		—		11,014,718		1,955,197
Capital Goods		2,777,783		—		2,777,783		—
Communications Services		42,964,827		—		36,804,165		6,160,662
Consumer Cyclical		30,920,156		—		30,920,156		—
Consumer Non-Cyclical		23,256,422		—		22,357,366		899,056
Energy		17,845,780		—		11,916,582		5,929,198
Financials		10,446,231		—		9,119,196		1,327,035
Technology		16,745,251		—		16,745,251		—
Transportation		5,523,142		—		2,244,361		3,278,781
Utilities		1,365,035		—		1,365,035		—
Common Stock
Consumer Discretionary		437,994,125		425,296,298		12,697,827		—
Consumer Staples		139,256,839		131,684,775		7,572,064		—
Energy		392,138,813		387,027,094		5,111,719		—
Financials		441,908,433		419,575,801		22,332,632		—
Health Care		374,474,993		366,586,386		7,888,607		—
Industrials		333,009,248		323,749,972		9,259,276		—
Information Technology		614,231,236		611,704,109		2,527,127		—
Materials		137,546,562		131,344,700		6,201,862		—
Telecommunications Services		27,625,541		24,457,893		3,167,648		—
Utilities		77,415,017		74,519,941		2,895,076		—
Long-Term Fixed Income
Asset-Backed Securities		116,327,315		—		116,327,315		—
Basic Materials		10,861,796		—		10,861,796		—
Capital Goods		53,927,316		—		53,927,316		—
Collateralized Mortgage Obligations		110,204,036		—		110,204,036		—
Commercial Mortgage-Backed Securities		77,754,006		—		77,754,006		—
Communications Services		124,617,812		—		124,617,812		—
Consumer Cyclical		77,596,425		—		77,596,425		—
Consumer Non-Cyclical		132,301,620		—		132,301,620		—
Energy		67,231,280		—		67,231,280		—
Financials		227,534,825		—		227,534,825		—
Foreign Government		4,600,314		—		4,600,314		—
Mortgage-Backed Securities		792,981,347		—		792,981,347		—
Technology		60,033,288		—		60,033,288		—
Transportation		20,021,359		—		20,021,359		—
U.S. Government and Agencies		674,864,986		—		674,864,986		—
Utilities		71,762,012		—		71,762,012		—
Registered Investment Companies
Affiliated Fixed Income Holdings		994,362,158		994,362,158		—		—
Affiliated Equity Holdings		1,518,401,481		1,518,401,481		—		—
Fixed Income Funds/ETFs		63,601,557		63,601,557		—		—
Equity Funds/ETFs		41,468,434		41,468,434		—		—
Short-Term Investments		240,489,874		—		240,489,874		—

Subtotal Investments in Securities	$	8,621,358,590	$	5,513,780,599	$	3,088,028,062	$	19,549,929


Other Investments*	Total
Short-Term Investments		985,191,856
Collateral Held for Securities Loaned		139,749,499

Subtotal Other Investments	$	1,124,941,355

Total Investments at Value	$	9,746,299,945

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

MODERATE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		20,635,426		20,635,426		—		—

Total Asset Derivatives	$	20,635,426	$	20,635,426	$	—	$	—

Liability Derivatives
Futures Contracts		7,906,013		7,906,013		—		—

Total Liability Derivatives	$	7,906,013	$	7,906,013	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2016. Transfers between Levels are identified as of the end of the period.

The following table presents Moderate Allocation Portfolio’s futures contracts held as of June 30, 2016. Investments and/or cash totaling $66,459,239 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)
CBOT 10-Yr. U.S. Treasury Note		582			September 2016	$	75,379,959		$	77,396,909		$	2,016,950
CBOT 2-Yr. U.S. Treasury Note		(512	)		September 2016		(111,518,438	)		(112,296,002	)		(777,564	)
CBOT 5-Yr. U.S. Treasury Note		2,473			September 2016		296,825,633			302,111,720			5,286,087
CBOT U.S. Long Bond		198			September 2016		32,248,347			34,124,062			1,875,715
CME E-mini S&P Mid-Cap 400 Index		(2,238	)		September 2016		(336,244,803	)		(334,133,400	)		2,111,403
CME S&P 500 Index		(83	)		September 2016		(43,680,481	)		(43,371,650	)		308,831
CME Ultra Long Term U.S. Treasury Bond		222			September 2016		38,760,545			41,375,250			2,614,705
Eurex Euro STOXX 50 Index		9,677			September 2016		302,864,249			309,285,984			6,421,735
ICE mini MSCI EAFE Index		2,430			September 2016		202,400,824			196,246,800			(6,154,024	)
NYBOT NYF mini Russell 2000 Index		269			September 2016		31,839,486			30,865,061			(974,425	)
Total Futures Contracts												$	12,729,413

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2016, 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	$	11,793,457
Total Interest Rate Contracts			11,793,457
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		8,841,969
Total Equity Contracts			8,841,969

Total Asset Derivatives		$	20,635,426

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		777,564
Total Interest Rate Contracts			777,564
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		7,128,449
Total Equity Contracts			7,128,449

Total Liability Derivatives		$	7,906,013

*	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.

MODERATE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2016, 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		(29,331,637	)
Total Equity Contracts			(29,331,637	)
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		19,535,731
Total Interest Rate Contracts			19,535,731

Total		($	9,795,906	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2016, 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		10,929,235
Total Interest Rate Contracts			10,929,235
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(11,236,152	)
Total Equity Contracts			(11,236,152	)

Total		($	306,917	)

The following table presents Moderate Allocation Portfolio’s average volume of derivative activity during the period ended June 30, 2016.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts	$	1,179,905,906		13.7	%
Interest Rate Contracts		763,018,391		8.9

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

Investment in Affiliates

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


Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at June 30, 2016		Value June 30, 2016		Income Earned January 1, 2016 - June 30, 2016
Small Cap Stock	$	65,083,371	$	3,557,587	$	—		4,432,127	$	68,190,492	$	228,138
Mid Cap Stock		231,468,373		26,948,676		—		15,614,280		245,439,300		952,565
Partner Worldwide Allocation		502,110,376		11,190,020		—		57,080,403		500,458,141		11,190,020
Large Cap Value		434,477,853		32,973,531		—		30,302,240		447,939,834		6,173,763
Large Cap Stock		263,160,569		3,296,832		—		22,936,793		256,373,714		3,296,832
High Yield		150,029,163		4,406,117		—		34,480,515		159,962,007		4,406,722
Income		491,779,169		9,333,842		—		50,957,750		525,807,548		8,944,363
Limited Maturity Bond		302,550,074		3,115,732		—		31,436,113		308,592,603		3,113,947
Cash Management Trust- Collateral Investment		182,839,267		710,916,932		754,006,700		139,749,499		139,749,499		542,971
Cash Management Trust- Short Term Investment		213,007,058		1,146,526,774		1,359,533,832		—		—		520,263
Core Short-Term Reserve Fund		—		1,183,669,856		198,478,000		98,519,186		985,191,856		560,516
Total Value and Income Earned	$	2,836,505,273							$	3,637,704,994	$	39,930,100

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (2.7%)	Value		% of Net Assets
	Basic Materials (0.2%)
		Other Securities^	$	7,606,499		0.2	%

		Total		7,606,499


	Capital Goods (0.1%)
		Other Securities^		3,636,226		0.1	%

		Total		3,636,226


	Communications Services (0.8%)
		Other Securities^		36,975,694		0.8	%

		Total		36,975,694


	Consumer Cyclical (0.5%)
		Other Securities^		22,713,006		0.5	%

		Total		22,713,006


	Consumer Non-Cyclical (0.4%)
		Other Securities^		19,498,864		0.4	%

		Total		19,498,864


	Energy (0.2%)
		Other Securities^		8,312,849		0.2	%

		Total		8,312,849


	Financials (0.2%)
		Other Securities^		6,866,178		0.2	%

		Total		6,866,178


	Technology (0.2%)
		Other Securities^		9,808,249		0.2	%

		Total		9,808,249


	Transportation (0.1%)
		Other Securities^		4,478,747		0.1	%

		Total		4,478,747


	Utilities (<0.1%)
		Other Securities^		1,102,487		<0.1	%

		Total		1,102,487

		Total Bank Loans (cost $127,299,615)		120,998,799


		Long-Term Fixed Income (42.0%)
	Asset-Backed Securities (1.8%)
		U.S. Small Business Administration
	$ 384,598	3.191%, 3/10/2024		405,495		<0.1	%
		Other Securities^		78,681,974		1.8	%

		Total		79,087,469


	Basic Materials (0.2%)
		Other Securities^		8,401,375		0.2	%

		Total		8,401,375


	Capital Goods (0.9%)
		Other Securities^		37,815,330		0.9	%

		Total		37,815,330


	Collateralized Mortgage Obligations (1.6%)
		Federal Home Loan Mortgage Corporation
	18,995,396	3.000% - 4.000%,
		4/15/2028 - 2/15/2033^a		1,909,940		<0.1	%
		Federal National Mortgage Association
	10,473,590	3.500%, 1/25/2033^a		1,345,355		<0.1	%
		Other Securities^		69,252,906		1.6	%

		Total		72,508,201


	Commercial Mortgage-Backed Securities (1.2%)
		Federal National Mortgage Association
	440,319	1.272%, 1/25/2017		440,400		<0.1	%
		Other Securities^		51,608,387		1.2	%

		Total		52,048,787


	Communications Services (2.0%)
		Other Securities^		86,380,204		2.0	%

		Total		86,380,204


	Consumer Cyclical (1.3%)
		Other Securities^		57,840,505		1.3	%

		Total		57,840,505


	Consumer Non-Cyclical (2.1%)
		Other Securities^		91,079,916		2.1	%

		Total		91,079,916


	Energy (1.1%)
		Other Securities^		48,449,179		1.1	%

		Total		48,449,179


	Financials (3.5%)
		Other Securities^		155,829,181		3.5	%

		Total		155,829,181


	Foreign Government (0.1%)
		Other Securities^		3,026,756		0.1	%

		Total		3,026,756


	Mortgage-Backed Securities (12.9%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	49,100,000	3.000%, 7/1/2031^b		51,507,049		1.2	%
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	33,600,000	4.000%, 7/1/2046^b		35,962,500		0.8	%
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	28,325,000	2.500%, 7/1/2031^b		29,304,739		0.7	%
	5,000,000	2.500%, 8/1/2028^b		5,165,134		0.1	%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	12,150,000	3.000%, 7/1/2046^b		12,608,944		0.3	%
	180,675,000	3.500%, 7/1/2046^b		190,640,346		4.3	%
	112,750,000	4.000%, 7/1/2046^b		120,885,905		2.7	%
	54,396,000	4.500%, 7/1/2046^b		59,376,351		1.4	%
	52,975,000	3.500%, 8/1/2046^b		55,820,335		1.3	%

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (42.0%)	Value		% of Net Assets
	Mortgage-Backed Securities (12.9%) - continued
	$ 5,416,474	1.735%, 7/1/2043^c	$	5,508,545		0.1	%

		Total		566,779,848


	Technology (0.9%)
		Other Securities^		41,370,591		0.9	%

		Total		41,370,591


	Transportation (0.3%)
		Other Securities^		14,275,504		0.3	%

		Total		14,275,504


	U.S. Government and Agencies (10.9%)
		Federal National Mortgage Association
	205,000	6.250%, 5/15/2029		298,552		<0.1	%
		Tennessee Valley Authority
	200,000	5.250%, 9/15/2039		274,090		<0.1	%
		U.S. Treasury Bonds
	56,100,000	3.625%, 2/15/2044		72,333,937		1.6	%
	1,075,000	4.375%, 5/15/2040		1,529,439		<0.1	%
		U.S. Treasury Bonds, TIPS
	28,159,637	0.625%, 1/15/2026		29,653,055		0.7	%
	2,575,772	0.125% - 2.375%,
		4/15/2019 - 2/15/2042		2,639,860		0.1	%
		U.S. Treasury Notes
	21,220,000	0.875%, 11/15/2017		21,307,872		0.5	%
	23,000,000	0.875%, 3/31/2018		23,112,309		0.5	%
	9,650,000	0.750%, 2/15/2019		9,668,846		0.2	%
	10,750,000	1.000%, 3/15/2019		10,841,128		0.2	%
	41,710,000	1.500%, 10/31/2019		42,681,050		1.0	%
	59,409,000	1.875%, 6/30/2020		61,683,236		1.4	%
	79,080,000	1.375%, 9/30/2020		80,516,409		1.8	%
	10,250,000	1.375%, 5/31/2021		10,434,582		0.2	%
	41,325,000	2.125%, 6/30/2022		43,572,047		1.0	%
	10,765,000	1.625%, 8/15/2022		11,039,174		0.3	%
	49,630,000	2.250%, 11/15/2024		52,941,264		1.2	%
		U.S. Treasury Notes, TIPS
	7,358,440	0.125%, 1/15/2023		7,455,976		0.2	%

		Total		481,982,826


	Utilities (1.2%)
		Other Securities^		53,054,648		1.2	%

		Total		53,054,648

		Total Long-Term Fixed Income (cost $1,804,176,163)		1,849,930,320


Shares		Registered Investment Companies (26.7%)
	Affiliated Equity Holdings (9.1%)
	2,586,561	Thrivent Large Cap Stock Portfolio		28,911,030		0.6	%
	8,818,308	Thrivent Large Cap Value Portfolio		130,355,760		3.0	%
	3,932,207	Thrivent Mid Cap Stock Portfolio		61,809,966		1.4	%
	16,955,184	Thrivent Partner Worldwide Allocation Portfolio		148,656,274		3.4	%
	1,989,819	Thrivent Small Cap Stock Portfolio		30,614,353		0.7	%

		Total		400,347,383


	Affiliated Fixed Income Holdings (15.8%)
	23,896,043	Thrivent High Yield Portfolio		110,858,521		2.5	%
	34,813,223	Thrivent Income Portfolio		359,220,237		8.2	%
	22,937,399	Thrivent Limited Maturity Bond Portfolio		225,164,977		5.1	%

		Total		695,243,735


	Equity Funds/ETFs (0.3%)
	5,750	iShares Russell 2000 Growth Index Fund		788,785		<0.1	%
	8,532	iShares Russell 2000 Index Fund		980,924		0.1	%
	3,450	iShares Russell 2000 Value Index Fund		335,685		<0.1	%
	45,158	SPDR S&P 500 ETF Trust		9,461,956		0.2	%
		Other Securities^		1,129,697		<0.1	%

		Total		12,697,047


	Fixed Income Funds/ETFs (1.5%)
	72,000	iShares Barclays 1-3 Year Credit Bond Fund		7,638,480		0.2	%
	471,200	iShares iBoxx $ Investment Grade Corporate Bond ETF		57,830,376		1.3	%

		Total		65,468,856

		Total Registered Investment Companies (cost $1,126,153,455)		1,173,757,021


		Common Stock (20.0%)
	Consumer Discretionary (2.9%)
	26,536	Amazon.com, Inc.^d		18,989,692		0.5	%
	11,200	AutoZone, Inc.^d		8,891,008		0.2	%
	235,553	Comcast Corporation		15,355,700		0.4	%
	69,820	Home Depot, Inc.		8,915,316		0.2	%
		Other Securities^		75,767,761		1.6	%

		Total		127,919,477


	Consumer Staples (1.0%)
	146,500	CVS Health Corporation		14,025,910		0.3	%
		Other Securities^		29,518,586		0.7	%

		Total		43,544,496


	Energy (2.7%)
	152,210	Chevron Corporation		15,956,174		0.4	%
	116,155	EOG Resources, Inc.		9,689,650		0.2	%
	127,645	EQT Corporation		9,883,552		0.2	%
	603,993	Marathon Oil Corporation		9,065,935		0.2	%
		Other Securities^		74,313,012		1.7	%

		Total		118,908,323


	Financials (2.8%)
		Other Securities^		124,335,949		2.8	%

		Total		124,335,949


	Health Care (2.6%)

	157,820	Merck & Company, Inc.		9,092,010		0.2	%
		Other Securities^		104,734,931		2.4	%

		Total		113,826,941


	Industrials (2.1%)

		Other Securities^		91,481,569		2.1	%

		Total		91,481,569

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (20.0%)	Value			% of Net Assets
	Information Technology (4.2%)
	17,159	Alphabet, Inc., Class A^d	$	12,071,871			0.3	%
	15,901	Alphabet, Inc., Class C^d		11,005,082			0.3	%
	109,694	Apple, Inc.		10,486,746			0.3	%
	475,670	Cisco Systems, Inc.		13,646,972			0.3	%
	142,000	Facebook, Inc.^d		16,227,760			0.4	%
	276,350	Microsoft Corporation		14,140,829			0.3	%
	213,880	Oracle Corporation		8,754,108			0.2	%
	150,210	Salesforce.com, Inc.^d		11,928,176			0.3	%
	138,540	Visa, Inc.		10,275,512			0.3	%
		Other Securities^		77,139,234			1.5	%

		Total		185,676,290


	Materials (0.9%)
		Other Securities^		39,403,439			0.9	%

		Total		39,403,439


	Telecommunications Services (0.2%)
		Other Securities^		8,845,949			0.2	%

		Total		8,845,949


	Utilities (0.6%)
	153,280	PG&E Corporation		9,797,658			0.2	%
		Other Securities^		15,168,148			0.4	%

		Total		24,965,806

		Total Common Stock (cost $790,413,942)		878,908,239


		Collateral Held for Securities Loaned (0.8%)
	37,505,809	Thrivent Cash Management Trust		37,505,809			0.8	%

		Total Collateral Held for Securities Loaned (cost $37,505,809)		37,505,809


Shares or Principal Amount		Short-Term Investments (21.2%)^e
		Federal Home Loan Bank Discount Notes
	10,000,000	0.340%, 7/13/2016		9,999,430			0.2	%
	11,000,000	0.339%, 7/15/2016		10,999,274			0.3	%
	37,000,000	0.338%, 7/20/2016^f		36,996,670			0.8	%
	29,400,000	0.345%, 7/22/2016^f		29,397,089			0.7	%
	21,490,000	0.340%, 7/27/2016^f		21,487,357			0.5	%
	19,000,000	0.320%, 8/1/2016^f		18,995,915			0.4	%
	8,175,000	0.340% - 0.340%,
		7/12/2016 - 7/25/2016		8,174,331			0.2	%
		Federal Home Loan Mortgage Corporation Discount Notes
	12,750,000	0.400%, 7/25/2016^f		12,748,559			0.3	%
		Federal National Mortgage Association Discount Notes
	8,100,000	0.400%, 7/25/2016^f		8,099,085			0.2	%
		U.S. Treasury Notes
	14,000,000	0.625% - 1.000%,
		8/15/2016 - 8/31/2016		14,010,748			0.3	%
		Thrivent Core Short-Term Reserve Fund
	76,086,539	0.580%	$	760,865,392			17.3	%

		Total Short-Term Investments (cost $931,756,096)		931,773,850

		Total Investments (cost $4,817,305,080) 113.4%	$	4,992,874,038

		Other Assets and Liabilities, Net (13.4%)		(588,541,252	)

		Total Net Assets 100.0%	$	4,404,332,786

^	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 June 30, 2016.

d	Non-income producing security.

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

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

Moderately Conservative Allocation Portfolio held restricted securities as of June 30, 2016. 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 June 30, 2016, the value of these investments was $68,052,094 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 June 30, 2016:

Securities Lending Transactions


Taxable Debt Security	$	20,159,388
Common Stock		16,460,207

Total lending	$	36,619,595
Gross amount payable upon return of collateral for securities loaned	$	37,505,809

Net amounts due to counterparty	$	886,214

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 June 30, 2016

(unaudited)

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	234,960,054
Gross unrealized depreciation		(65,791,292	)

Net unrealized appreciation (depreciation)	$	169,168,762

Cost for federal income tax purposes	$	4,823,705,276

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2016, 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		7,606,499		—		6,719,123		887,376
Capital Goods		3,636,226		—		3,636,226		—
Communications Services		36,975,694		—		34,307,744		2,667,950
Consumer Cyclical		22,713,006		—		22,713,006		—
Consumer Non-Cyclical		19,498,864		—		18,432,770		1,066,094
Energy		8,312,849		—		5,959,005		2,353,844
Financials		6,866,178		—		5,974,984		891,194
Technology		9,808,249		—		9,808,249		—
Transportation		4,478,747		—		3,492,101		986,646
Utilities		1,102,487		—		1,102,487		—
Long-Term Fixed Income
Asset-Backed Securities		79,087,469		—		79,087,469		—
Basic Materials		8,401,375		—		8,401,375		—
Capital Goods		37,815,330		—		37,815,330		—
Collateralized Mortgage Obligations		72,508,201		—		72,508,201		—
Commercial Mortgage-Backed Securities		52,048,787		—		52,048,787		—
Communications Services		86,380,204		—		86,380,204		—
Consumer Cyclical		57,840,505		—		57,840,505		—
Consumer Non-Cyclical		91,079,916		—		91,079,916		—
Energy		48,449,179		—		48,449,179		—
Financials		155,829,181		—		155,829,181		—
Foreign Government		3,026,756		—		3,026,756		—
Mortgage-Backed Securities		566,779,848		—		566,779,848		—
Technology		41,370,591		—		41,370,591		—
Transportation		14,275,504		—		14,275,504		—
U.S. Government and Agencies		481,982,826		—		481,982,826		—
Utilities		53,054,648		—		53,054,648		—
Registered Investment Companies
Affiliated Fixed Income Holdings		695,243,735		695,243,735		—		—
Affiliated Equity Holdings		400,347,383		400,347,383		—		—
Fixed Income Funds/ETFs		65,468,856		65,468,856		—		—
Equity Funds/ETFs		12,697,047		12,697,047		—		—
Common Stock
Consumer Discretionary		127,919,477		127,919,477		—		—
Consumer Staples		43,544,496		43,544,496		—		—
Energy		118,908,323		118,908,323		—		—
Financials		124,335,949		124,335,949		—		—
Health Care		113,826,941		113,826,941		—		—
Industrials		91,481,569		91,481,569		—		—
Information Technology		185,676,290		185,676,290		—		—
Materials		39,403,439		39,403,439		—		—
Telecommunications Services		8,845,949		8,845,949		—		—
Utilities		24,965,806		24,965,806		—		—
Short-Term Investments		170,908,458		—		170,908,458		—

Subtotal Investments in Securities	$	4,194,502,837	$	2,052,665,260	$	2,132,984,473	$	8,853,104


Other Investments*	Total
Short-Term Investments		760,865,392
Collateral Held for Securities Loaned		37,505,809

Subtotal Other Investments	$	798,371,201

Total Investments at Value	$	4,992,874,038

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		11,297,001		11,297,001		—		—

Total Asset Derivatives	$	11,297,001	$	11,297,001	$	—	$	—

Liability Derivatives
Futures Contracts		5,019,807		5,019,807		—		—

Total Liability Derivatives	$	5,019,807	$	5,019,807	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2016. Transfers between Levels are identified as of the end of the period.

The following table presents Moderately Conservative Allocation Portfolio’s futures contracts held as of June 30, 2016. Investments and/or cash totaling $26,736,899 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)
CBOT 10-Yr. U.S. Treasury Note		458			September 2016		$59,319,624			$60,906,846			$1,587,222
CBOT 2-Yr. U.S. Treasury Note		(47	)		September 2016		(10,237,044	)		(10,308,422	)		(71,378	)
CBOT 5-Yr. U.S. Treasury Note		984			September 2016		118,152,235			120,209,435			2,057,200
CBOT U.S. Long Bond		535			September 2016		87,135,685			92,203,906			5,068,221
CME E-mini S&P Mid-Cap 400 Index		(428	)		September 2016		(64,304,158	)		(63,900,400	)		403,758
CME S&P 500 Index		(51	)		September 2016		(26,839,813	)		(26,650,050	)		189,763
Eurex Euro STOXX 50 Index		3,000			September 2016		93,891,973			95,882,810			1,990,837
ICE mini MSCI EAFE Index		1,532			September 2016		127,604,141			123,724,320			(3,879,821	)
NYBOT NYF mini Russell 2000 Index		295			September 2016		34,916,908			33,848,300			(1,068,608	)
Total Futures Contracts												$	6,277,194

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2016, 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	$	8,712,643
Total Interest Rate Contracts			8,712,643
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		2,584,358
Total Equity Contracts			2,584,358

Total Asset Derivatives		$	11,297,001

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		71,378
Total Interest Rate Contracts			71,378
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		4,948,429
Total Equity Contracts			4,948,429

Total Liability Derivatives		$	5,019,807

*	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.

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2016, 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		(272,157	)
Total Equity Contracts			(272,157	)
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		15,841,790
Total Interest Rate Contracts			15,841,790

Total		$	15,569,633

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2016, 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		8,527,692
Total Interest Rate Contracts			8,527,692
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(6,387,786	)
Total Equity Contracts			(6,387,786	)

Total		$	2,139,906

The following table presents Moderately Conservative Allocation Portfolio’s average volume of derivative activity during the period ended June 30, 2016.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts	$	390,624,028		9.3	%
Interest Rate Contracts		432,591,923		10.3

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

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, 2015		Gross Purchases		Gross Sales		Shares Held at June 30, 2016		Value June 30, 2016		Income Earned January 1, 2016 - June 30, 2016
Small Cap Stock	$	29,219,401	$	1,597,191	$	—		1,989,819	$	30,614,353	$	102,423
Mid Cap Stock		58,291,611		6,786,593		—		3,932,207		61,809,966		239,888
Partner Worldwide Allocation		149,147,055		3,323,888		—		16,955,184		148,656,274		3,323,888
Large Cap Value		126,438,164		9,595,685		—		8,818,308		130,355,760		1,796,638
Large Cap Stock		29,676,377		371,781		—		2,586,561		28,911,030		371,781
High Yield		103,974,761		3,053,573		—		23,896,043		110,858,521		3,053,992
Income		335,972,791		6,376,677		—		34,813,223		359,220,237		6,110,593
Limited Maturity Bond		220,756,038		2,273,398		—		22,937,399		225,164,977		2,272,096
Cash Management Trust-Collateral Investment		68,616,520		418,741,837		449,852,548		37,505,809		37,505,809		155,249
Cash Management Trust-Short Term Investment		118,807,605		797,878,522		916,686,127		—		—		360,006
Core Short-Term Reserve Fund		—		899,296,970		138,431,578		76,086,539		760,865,392		436,176
Total Value and Income Earned	$	1,240,900,323							$	1,893,962,319	$	18,222,730

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

GROWTH AND INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (10.5%)	Value		% of Net Assets
	Basic Materials (0.5%)
		Other Securities^	$	405,206		0.5	%

		Total		405,206


	Capital Goods (0.3%)

		Other Securities^		243,793		0.3	%

		Total		243,793


	Communications Services (2.9%)

		Other Securities^		2,359,139		2.9	%

		Total		2,359,139


	Consumer Cyclical (2.1%)

		Other Securities^		1,732,645		2.1	%

		Total		1,732,645


	Consumer Non-Cyclical (1.7%)

		Other Securities^		1,363,765		1.7	%

		Total		1,363,765


	Energy (0.6%)
		Other Securities^		520,974		0.6	%

		Total		520,974


	Financials (0.6%)

		Other Securities^		469,350		0.6	%

		Total		469,350


	Technology (1.1%)

		Other Securities^		900,628		1.1	%

		Total		900,628


	Transportation (0.5%)

		Other Securities^		400,532		0.5	%

		Total		400,532


	Utilities (0.2%)
		Other Securities^		140,676		0.2	%

		Total		140,676

		Total Bank Loans (cost $8,896,967)		8,536,708


Shares		Common Stock (61.7%)

	Consumer Discretionary (9.8%)
	1,400	Amazon.com, Inc.^a		1,001,868		1.2	%
	870	AutoZone, Inc.^a		690,641		0.9	%
	12,886	Comcast Corporation		840,038		1.1	%
	11,500	NIKE, Inc.		634,800		0.8	%
	7,370	Starbucks Corporation		420,974		0.5	%
	5,890	Walt Disney Company		576,160		0.7	%
		Other Securities^		3,826,314		4.6	%

		Total		7,990,795


	Consumer Staples (4.0%)
	4,479	Anheuser-Busch InBev NV ADR		589,795		0.7	%
	11,520	Coca-Cola Company		522,201		0.7	%
	6,847	Imperial Brands plc		371,334		0.5	%
	5,350	Philip Morris International, Inc.		544,202		0.7	%
		Other Securities^		1,198,129		1.4	%

		Total		3,225,661


	Energy (3.9%)
	80,561	BP plc		471,568		0.6	%
	6,280	EOG Resources, Inc.		523,878		0.6	%
	7,150	EQT Corporation		553,624		0.7	%
	12,900	Spectra Energy Corporation		472,527		0.6	%
	75,680	Weatherford International plc^a		420,024		0.5	%
		Other Securities^		733,079		0.9	%

		Total		3,174,700


	Financials (18.7%)
	3,200	Allianz SE		456,506		0.6	%
	12,510	Citigroup, Inc.		530,299		0.7	%
	12,420	Duke Realty Corporation		331,117		0.4	%
	2,260	International Exchange, Inc.		578,470		0.7	%
	7,600	J.P. Morgan Chase & Company		472,264		0.6	%
	8,220	MetLife, Inc.		327,403		0.4	%
	3,190	Simon Property Group, Inc.		691,911		0.9	%
	15,290	Synchrony Financial^a		386,531		0.5	%
	5,557	Welltower, Inc.		423,277		0.5	%
		Other Securities^		10,952,741		13.4	%

		Total		15,150,519


	Health Care (6.9%)
	17,230	Abbott Laboratories		677,311		0.8	%
	2,450	Allergan plc^a		566,170		0.7	%
	6,780	Medtronic plc		588,301		0.7	%
	12,230	Merck & Company, Inc.		704,570		0.9	%
	4,210	Vertex Pharmaceuticals, Inc.^a		362,144		0.5	%
		Other Securities^		2,725,875		3.3	%

		Total		5,624,371


	Industrials (6.0%)
	6,030	Honeywell International, Inc.		701,410		0.9	%
	5,834	Illinois Tool Works, Inc.		607,670		0.8	%
	5,570	Ingersoll-Rand plc		354,698		0.4	%
	9,610	Jacobs Engineering Group, Inc.^a		478,674		0.6	%
		Other Securities^		2,738,053		3.3	%

		Total		4,880,505


	Information Technology (8.4%)
	930	Alphabet, Inc., Class A^a		654,283		0.8	%
	521	Alphabet, Inc., Class C^a		360,584		0.4	%
	6,610	Apple, Inc.		631,916		0.8	%
	15,369	EMC Corporation		417,576		0.5	%
	4,640	Facebook, Inc.^a		530,259		0.7	%
	12,960	Microsoft Corporation		663,163		0.8	%
	9,330	Visa, Inc.		692,006		0.9	%
	11,320	Xilinx, Inc.		522,192		0.6	%
		Other Securities^		2,334,305		2.9	%

		Total		6,806,284


	Materials (1.8%)
		Other Securities^		1,496,462		1.8	%

		Total		1,496,462


	Telecommunications Services (1.0%)
		Other Securities^		787,184		1.0	%

		Total		787,184


	Utilities (1.2%)
		Other Securities^		983,924		1.2	%

		Total		983,924

		Total Common Stock (cost $49,723,944)		50,120,405

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

GROWTH AND INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (19.1%)	Value		% of Net Assets
	Asset-Backed Securities (0.1%)
		Other Securities^	$	56,933		0.1	%

		Total		56,933


	Basic Materials (0.3%)
		Other Securities^		283,750		0.3	%

		Total		283,750


	Capital Goods (0.7%)
		Other Securities^		544,203		0.7	%

		Total		544,203


	Collateralized Mortgage Obligations (2.2%)
		Other Securities^		1,747,302		2.2	%

		Total		1,747,302


	Commercial Mortgage-Backed Securities (0.1%)
		Other Securities^		100,379		0.1	%

		Total		100,379


	Communications Services (1.0%)
		Other Securities^		811,036		1.0	%

		Total		811,036


	Consumer Cyclical (1.1%)
		Other Securities^		903,386		1.1	%

		Total		903,386


	Consumer Non-Cyclical (1.1%)
		Other Securities^		872,993		1.1	%

		Total		872,993


	Energy (0.6%)
		Other Securities^		497,583		0.6	%

		Total		497,583


	Financials (2.0%)
		Goldman Sachs Group, Inc., Convertible
	$375,000	0.500%, 9/24/2022		402,450		0.5	%
		Other Securities^		1,250,456		1.5	%

		Total		1,652,906


	Foreign Government (4.1%)
		Other Securities^		3,352,458		4.1	%

		Total		3,352,458


	Mortgage-Backed Securities (3.7%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	350,000	3.000%, 7/1/2031^b		367,158		0.4	%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	1,075,000	3.500%, 7/1/2046^b		1,134,293		1.4	%
	550,000	4.000%, 7/1/2046^b		589,688		0.7	%
	425,000	4.500%, 7/1/2046^b		463,912		0.6	%
	200,000	3.500%, 8/1/2046^b		210,742		0.3	%
		Other Securities^		267,578		0.3	%

		Total		3,033,371


	Technology (0.8%)
		Other Securities^		628,628		0.8	%

		Total		628,628


	Transportation (0.2%)
		Other Securities^		132,308		0.2	%

		Total		132,308


	U.S. Government and Agencies (0.6%)
		Other Securities^		452,155		0.6	%

		Total		452,155


	Utilities (0.5%)
		Other Securities^		444,827		0.5	%

		Total		444,827

		Total Long-Term Fixed Income (cost $15,331,262)		15,514,218


Shares		Registered Investment Companies (4.3%)
	Equity Funds/ETFs (2.1%)
	16,880	Materials Select Sector SPDR Fund		782,219		1.0	%
	10,700	Utilities Select Sector SPDR Fund		561,429		0.7	%
		Other Securities^		330,607		0.4	%

		Total		1,674,255


	Fixed Income Funds/ETFs (2.2%)
	13,473	iShares S&P U.S. Preferred Stock Index Fund		537,438		0.6	%
	17,530	PowerShares Senior Loan Portfolio		402,664		0.5	%
		Other Securities^		863,777		1.1	%

		Total		1,803,879

		Total Registered Investment Companies (cost $3,480,839)		3,478,134


		Preferred Stock (0.3%)
	Financials (0.2%)
		Other Securities^		168,480		0.2	%

		Total		168,480


	Health Care (0.1%)
		Other Securities^		70,763		0.1	%

		Total		70,763

		Total Preferred Stock (cost $229,155)		239,243


Shares or Principal Amount		Short-Term Investments (8.0%)^c
		Thrivent Core Short-Term Reserve Fund
	629,173	0.580%		6,291,730		7.8	%

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

GROWTH AND INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Shares or Principal Amount	Short-Term Investments (8.0%)^c	Value			% of Net Assets
	Other Securities^	$	199,905			0.2	%

	Total Short-Term Investments (cost $6,491,583)		6,491,635

	Total Investments (cost $84,153,750) 103.9%	$	84,380,343

	Other Assets and Liabilities, Net (3.9%)		(3,184,067	)

	Total Net Assets 100.0%	$	81,196,276

^	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.

Growth and Income Plus Portfolio held restricted securities as of June 30, 2016. 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 June 30, 2016, the value of these investments was $84,985 or 0.1% of total net assets.

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	$	4,137,718
Gross unrealized depreciation		(4,162,253	)

Net unrealized appreciation (depreciation)	$	(24,535	)

Cost for federal income tax purposes	$	84,404,878

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

GROWTH AND INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2016, 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		405,206		—		377,728		27,478
Capital Goods		243,793		—		243,793		—
Communications Services		2,359,139		—		2,119,203		239,936
Consumer Cyclical		1,732,645		—		1,732,645		—
Consumer Non-Cyclical		1,363,765		—		1,363,765		—
Energy		520,974		—		349,061		171,913
Financials		469,350		—		421,070		48,280
Technology		900,628		—		900,628		—
Transportation		400,532		—		314,201		86,331
Utilities		140,676		—		140,676		—
Common Stock
Consumer Discretionary		7,990,795		5,734,701		2,256,094		—
Consumer Staples		3,225,661		1,849,404		1,376,257		—
Energy		3,174,700		2,274,160		900,540		—
Financials		15,150,519		11,042,162		4,108,357		—
Health Care		5,624,371		4,181,927		1,442,444		—
Industrials		4,880,505		3,328,420		1,552,085		—
Information Technology		6,806,284		6,367,730		438,554		—
Materials		1,496,462		463,595		1,032,867		—
Telecommunications Services		787,184		220,368		566,816		—
Utilities		983,924		459,570		524,354		—
Long-Term Fixed Income
Asset-Backed Securities		56,933		—		56,933		—
Basic Materials		283,750		—		283,750		—
Capital Goods		544,203		—		544,203		—
Collateralized Mortgage Obligations		1,747,302		—		1,747,302		—
Commercial Mortgage-Backed Securities		100,379		—		100,379		—
Communications Services		811,036		—		811,036		—
Consumer Cyclical		903,386		—		903,386		—
Consumer Non-Cyclical		872,993		—		872,993		—
Energy		497,583		—		497,583		—
Financials		1,652,906		—		1,250,456		402,450
Foreign Government		3,352,458		—		3,352,458		—
Mortgage-Backed Securities		3,033,371		—		3,033,371		—
Technology		628,628		—		628,628		—
Transportation		132,308		—		132,308		—
U.S. Government and Agencies		452,155		—		452,155		—
Utilities		444,827		—		444,827		—
Registered Investment Companies
Equity Funds/ETFs		1,674,255		1,674,255		—		—
Fixed Income Funds/ETFs		1,803,879		1,803,879		—		—
Preferred Stock
Financials		168,480		168,480		—		—
Health Care		70,763		—		70,763		—
Short-Term Investments		199,905		—		199,905		—

Subtotal Investments in Securities	$	78,088,613	$	39,568,651	$	37,543,574	$	976,388



Other Investments*	Total
Short-Term Investments		6,291,730

Subtotal Other Investments	$	6,291,730

Total Investments at Value	$	84,380,343

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

GROWTH AND INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		28,582		28,582		—		—

Total Asset Derivatives	$	28,582	$	28,582	$	—	$	—

Liability Derivatives
Futures Contracts		19,062		19,062		—		—

Total Liability Derivatives	$	19,062	$	19,062	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2016. Transfers between Levels are identified as of the end of the period.

The following table presents Growth and Income Plus Portfolio’s futures contracts held as of June 30, 2016. Investments and/or cash totaling $199,905 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)
CBOT 2-Yr. U.S. Treasury Note		(13	)		September 2016	($	2,835,148	)	($	2,851,266	)	($	16,118	)
CBOT 5-Yr. U.S. Treasury Note		1			September 2016		120,073			122,164			2,091
CBOT U.S. Long Bond		1			September 2016		162,870			172,343			9,473
CME E-mini S&P 500 Index		12			September 2016		1,248,880			1,254,120			5,240
CME Ultra Long Term U.S. Treasury Bond		1			September 2016		174,597			186,375			11,778
Ultra 10-Yr. U.S. Treasury Note		(2	)		September 2016		(288,400	)		(291,344	)		(2,944	)
Total Futures Contracts												$	9,520

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2016, 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	$	23,342
Total Interest Rate Contracts			23,342
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		5,240
Total Equity Contracts			5,240

Total Asset Derivatives		$	28,582

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		19,062
Total Interest Rate Contracts			19,062

Total Liability Derivatives		$	19,062

*	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 June 30, 2016

(unaudited)

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2016, 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		11,505
Total Equity Contracts			11,505
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		51,813
Total Interest Rate Contracts			51,813
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		83
Total Credit Contracts			83

Total		$	63,401

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2016, 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		(1,799	)
Total Interest Rate Contracts			(1,799	)
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		6,543
Total Equity Contracts			6,543
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		(1,172	)
Total Credit Contracts			(1,172	)

Total		$	3,572

The following table presents Growth and Income Plus Portfolio’s average volume of derivative activity during the period ended June 30, 2016.

Derivative Risk Category

Futures
(Notional)*

Futures
(Percentage
of Average
Net Assets)

Swaps
(Notional)*

Swaps
(Percentage
of Average
Net Assets)

Equity Contracts

522,532

0.7

N/A

Interest Rate Contracts

3,930,197

5.1

N/A

Credit Contracts

N/A

496

<0.1

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

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, 2015		Gross Purchases		Gross Sales		Shares Held at June 30, 2016		Value June 30, 2016		Income Earned January 1, 2016 - June 30, 2016
Cash Management Trust-Short Term Investment	$	6,429,870	$	8,908,384	$	15,338,254		—	$	—	$	5,463
Core Short-Term Reserve Fund		—		14,321,819		8,030,089		629,173		6,291,730		4,492
Total Value and Income Earned	$	6,429,870							$	6,291,730	$	9,955

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

BALANCED INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (15.9%)	Value		% of Net Assets
	Basic Materials (0.8%)
		Other Securities^	$	2,621,190		0.8	%

		Total		2,621,190


	Capital Goods (0.5%)
		Other Securities^		1,675,276		0.5	%

		Total		1,675,276


	Communications Services (4.2%)
		Other Securities^		13,662,596		4.2	%

		Total		13,662,596


	Consumer Cyclical (2.8%)
		Scientific Games International, Inc., Term Loan
	$ 1,283,823	6.000%, 10/1/2021^a,b,c		1,264,566		0.4	%
		Other Securities^		7,809,518		2.4	%

		Total		9,074,084


	Consumer Non-Cyclical (3.3%)
		Valeant Pharmaceuticals International, Inc., Term Loan
	1,796,045	5.000%, 4/1/2022^b		1,746,151		0.5	%
		Other Securities^		8,952,706		2.8	%

		Total		10,698,857


	Energy (0.9%)
		Other Securities^		3,066,624		0.9	%

		Total		3,066,624


	Financials (0.8%)
		Other Securities^		2,437,700		0.8	%

		Total		2,437,700


	Technology (1.6%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	1,466,325	4.250%, 2/1/2023^b		1,467,014		0.4	%
		ON Semiconductor Corporation, Term Loan
	1,175,000	5.250%, 3/31/2023^b		1,177,937		0.4	%
		Other Securities^		2,651,562		0.8	%

		Total		5,296,513


	Transportation (0.7%)
		Other Securities^		2,306,964		0.7	%

		Total		2,306,964


	Utilities (0.3%)
		Other Securities^		1,030,545		0.3	%

		Total		1,030,545

		Total Bank Loans (cost $54,212,828)		51,870,349


Shares		Common Stock (43.7%)
	Consumer Discretionary (6.9%)
	3,950	Amazon.com, Inc.^d		2,826,699		0.9	%
	2,470	AutoZone, Inc.^d		1,960,785		0.6	%
	36,485	Comcast Corporation		2,378,457		0.7	%
	32,540	NIKE, Inc.		1,796,208		0.6	%
	20,860	Starbucks Corporation		1,191,523		0.4	%
	16,700	Walt Disney Company		1,633,594		0.5	%
		Other Securities^		10,727,328		3.2	%

		Total		22,514,594


	Consumer Staples (2.8%)
	12,670	Anheuser-Busch InBev NV ADR		1,668,386		0.5	%
	32,600	Coca-Cola Company		1,477,758		0.5	%
	15,140	Philip Morris International, Inc.		1,540,041		0.5	%
		Other Securities^		4,415,775		1.3	%

		Total		9,101,960


	Energy (2.9%)
	227,474	BP plc		1,331,530		0.4	%
	17,770	EOG Resources, Inc.		1,482,373		0.4	%
	20,210	EQT Corporation		1,564,860		0.5	%
	54,000	Spectra Energy Corporation		1,978,020		0.6	%
	214,160	Weatherford International plc^d		1,188,588		0.4	%
		Other Securities^		2,051,861		0.6	%

		Total		9,597,232


	Financials (13.3%)

	8,800	Allianz SE		1,255,391		0.4	%
	35,408	Citigroup, Inc.		1,500,945		0.5	%
	6,400	International Exchange, Inc.		1,638,144		0.5	%
	21,510	J.P. Morgan Chase & Company		1,336,631		0.4	%
	8,953	Simon Property Group, Inc.		1,941,906		0.6	%
	43,290	Synchrony Financial^d		1,094,371		0.3	%
	15,713	Welltower, Inc.		1,196,859		0.4	%
		Other Securities^		33,247,219		10.2	%

		Total		43,211,466


	Health Care (4.8%)
	48,720	Abbott Laboratories		1,915,183		0.6	%
	6,880	Allergan plc^d		1,589,899		0.5	%
	19,160	Medtronic plc		1,662,513		0.5	%
	34,620	Merck & Company, Inc.		1,994,458		0.6	%
		Other Securities^		8,557,945		2.6	%

		Total		15,719,998


	Industrials (4.3%)
	17,080	Honeywell International, Inc.		1,986,746		0.6	%
	16,520	Illinois Tool Works, Inc.		1,720,723		0.5	%
	27,200	Jacobs Engineering Group, Inc.^d		1,354,832		0.4	%
		Other Securities^		8,803,302		2.8	%

		Total		13,865,603


	Information Technology (5.9%)
	2,640	Alphabet, Inc., Class A^d		1,857,319		0.6	%
	18,720	Apple, Inc.		1,789,632		0.6	%
	43,470	EMC Corporation		1,181,080		0.4	%
	13,140	Facebook, Inc.^d		1,501,639		0.5	%
	36,710	Microsoft Corporation		1,878,451		0.6	%
	26,400	Visa, Inc.		1,958,088		0.6	%
	34,340	Xilinx, Inc.		1,584,104		0.5	%
		Other Securities^		7,519,214		2.1	%

		Total		19,269,527


	Materials (1.3%)
		Other Securities^		4,356,708		1.3	%

		Total		4,356,708

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

BALANCED INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (43.7%)	Value		% of Net Assets
	Telecommunications Services (0.7%)
		Other Securities^	$	2,170,236		0.7	%

		Total		2,170,236


	Utilities (0.8%)
		Other Securities^		2,726,940		0.8	%

		Total		2,726,940

		Total Common Stock (cost $134,175,322)		142,534,264


Principal Amount		Long-Term Fixed Income (31.6%)
	Asset-Backed Securities (1.2%)
		Other Securities^		4,040,249		1.2	%

		Total		4,040,249


	Basic Materials (0.4%)
		Other Securities^		1,439,663		0.4	%

		Total		1,439,663


	Capital Goods (0.9%)
		Other Securities^		2,904,775		0.9	%

		Total		2,904,775


	Collateralized Mortgage Obligations (3.5%)
		Other Securities^		11,550,695		3.5	%

		Total		11,550,695


	Commercial Mortgage-Backed Securities (<0.1%)
		Other Securities^		200,758		<0.1	%

		Total		200,758


	Communications Services (1.4%)
		Other Securities^		4,558,022		1.4	%

		Total		4,558,022


	Consumer Cyclical (1.5%)
		Other Securities^		4,934,002		1.5	%

		Total		4,934,002


	Consumer Non-Cyclical (1.7%)
		Other Securities^		5,362,412		1.7	%

		Total		5,362,412


	Energy (0.9%)
		Petroleos Mexicanos
	171,000	5.500%, 2/4/2019^e		179,721		0.1	%
		Other Securities^		2,679,552		0.8	%

		Total		2,859,273


	Financials (4.0%)
		Goldman Sachs Group, Inc., Convertible
	1,600,000	0.500%, 9/24/2022		1,717,120		0.5	%
		Other Securities^		11,290,852		3.5	%

		Total		13,007,972


	Foreign Government (7.6%)
		Mexico Government International Bond
	2,980,000	3.600% - 6.050%, 3/15/2022 - 1/23/2046^f		3,238,387		1.0	%
		Russia Government
		International Bond
	1,100,000	5.000%, 4/29/2020^e		1,186,812		0.4	%
	1,826,800	3.500% - 7.500%, 1/16/2019 - 4/4/2042^e		2,045,767		0.6	%
		Turkey Government International Bond
	3,670,000	4.250% - 7.500%, 11/7/2019 - 2/17/2045		4,015,865		1.2	%
		Other Securities^		14,348,723		4.4	%

		Total		24,835,554


	Mortgage-Backed Securities (5.5%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	1,430,000	3.000%, 7/1/2031^c		1,500,103		0.5	%
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	1,180,000	4.000%, 7/1/2046^c		1,262,969		0.4	%
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	1,100,000	2.500% - 2.500%, 8/1/2028 - 7/1/2031^c		1,137,266		0.4	%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	7,175,000	3.500%, 7/1/2046^c		7,570,746		2.3	%
	3,775,000	4.000%, 7/1/2046^c		4,047,399		1.2	%
	1,950,000	4.500%, 7/1/2046^c		2,128,537		0.7	%
	26,912	8.000% - 10.500%, 8/1/2020 - 4/1/2030		30,684		<0.1	%
		Other Securities^		157,149		<0.1	%

		Total		17,834,853


	Technology (1.1%)
		Other Securities^		3,732,908		1.1	%

		Total		3,732,908


	Transportation (0.3%)
		Other Securities^		985,073		0.3	%

		Total		985,073


	U.S. Government and Agencies (0.7%)
		U.S. Treasury Notes
	1,450,000	1.625%, 2/15/2026		1,466,313		0.4	%
		Other Securities^		819,274		0.3	%

		Total		2,285,587


	Utilities (0.9%)
		Other Securities^		2,827,764		0.9	%

		Total		2,827,764

		Total Long-Term Fixed Income (cost $102,688,536)		103,359,560


Shares		Registered Investment Companies (3.4%)
	Equity Funds/ETFs (1.5%)
	47,810	Materials Select Sector SPDR Fund		2,215,515		0.7	%

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

BALANCED INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Registered Investment Companies (3.4%)	Value			% of Net Assets
	Equity Funds/ETFs (1.5%) - continued
	30,260	Utilities Select Sector SPDR Fund	$	1,587,742			0.5	%
		Other Securities^		912,130			0.3	%

		Total		4,715,387


	Fixed Income Funds/ETFs (1.9%)
	89,820	PowerShares Senior Loan Portfolio		2,063,165			0.6	%
		Other Securities^		4,006,909			1.3	%

		Total		6,070,074

		Total Registered Investment Companies (cost $10,681,639)		10,785,461


		Preferred Stock (1.8%)
	Consumer Staples (0.1%)
		Other Securities^		372,480			0.1	%

		Total		372,480


	Financials (1.6%)
		Other Securities^		5,220,529			1.6	%

		Total		5,220,529


	Health Care (0.1%)
		Other Securities^		212,288			0.1	%

		Total		212,288

		Total Preferred Stock (cost $5,395,866)		5,805,297


		Collateral Held for Securities Loaned (1.3%)
	4,194,070	Thrivent Cash Management Trust		4,194,070			1.3	%

		Total Collateral Held for Securities Loaned (cost $4,194,070)		4,194,070


Shares or Principal Amount		Short-Term Investments (8.9%)^g
		Thrivent Core Short-Term Reserve Fund
	2,853,332	0.580%		28,533,320			8.8	%
		Other Securities^		299,871			0.1	%

		Total Short-Term Investments (cost $28,833,128)		28,833,191

		Total Investments (cost $340,181,389) 106.6%	$	347,382,192

		Other Assets and Liabilities, Net (6.6%)		(21,518,296	)

		Total Net Assets 100.0%	$	325,863,896

^	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.

Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of June 30, 2016, the value of these investments was $20,911,832 or 6.4% of total net assets.

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

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

Balanced Income Plus Portfolio held restricted securities as of June 30, 2016. 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 June 30, 2016, the value of these investments was $2,496,259 or 0.8% 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 June 30, 2016:

Securities Lending Transactions


Common Stock	$	1,405,321
Taxable Debt Security		2,685,502

Total lending	$	4,090,823
Gross amount payable upon return of collateral for securities loaned	$	4,194,070

Net amounts due to counterparty	$	103,247

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	$	19,919,632
Gross unrealized depreciation		(13,299,387	)

Net unrealized appreciation (depreciation)	$	6,620,245
Cost for federal income tax purposes	$	340,761,947

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

BALANCED INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2016, 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		2,621,190		—		2,394,494		226,696
Capital Goods		1,675,276		—		1,675,276		—
Communications Services		13,662,596		—		12,159,026		1,503,570
Consumer Cyclical		9,074,084		—		9,074,084		—
Consumer Non-Cyclical		10,698,857		—		10,303,371		395,486
Energy		3,066,624		—		1,996,703		1,069,921
Financials		2,437,700		—		2,142,565		295,135
Technology		5,296,513		—		5,296,513		—
Transportation		2,306,964		—		2,084,969		221,995
Utilities		1,030,545		—		1,030,545		—
Common Stock
Consumer Discretionary		22,514,594		16,118,357		6,396,237		—
Consumer Staples		9,101,960		5,229,941		3,872,019		—
Energy		9,597,232		7,054,074		2,543,158		—
Financials		43,211,466		31,857,946		11,353,520		—
Health Care		15,719,998		11,750,458		3,969,540		—
Industrials		13,865,603		9,336,506		4,529,097		—
Information Technology		19,269,527		18,030,809		1,238,718		—
Materials		4,356,708		1,266,367		3,090,341		—
Telecommunications Services		2,170,236		603,847		1,566,389		—
Utilities		2,726,940		1,260,125		1,466,815		—
Long-Term Fixed Income
Asset-Backed Securities		4,040,249		—		3,587,368		452,881
Basic Materials		1,439,663		—		1,439,663		—
Capital Goods		2,904,775		—		2,904,775		—
Collateralized Mortgage Obligations		11,550,695		—		11,550,695		—
Commercial Mortgage-Backed Securities		200,758		—		200,758		—
Communications Services		4,558,022		—		4,558,022		—
Consumer Cyclical		4,934,002		—		4,934,002		—
Consumer Non-Cyclical		5,362,412		—		5,362,412		—
Energy		2,859,273		—		2,859,273		—
Financials^		13,007,972		—		11,290,852		1,717,120
Foreign Government		24,835,554		—		24,835,554		—
Mortgage-Backed Securities		17,834,853		—		17,834,853		—
Technology		3,732,908		—		3,732,908		—
Transportation		985,073		—		985,073		—
U.S. Government and Agencies		2,285,587		—		2,285,587		—
Utilities		2,827,764		—		2,827,764		—
Registered Investment Companies
Equity Funds/ETFs		4,715,387		4,715,387		—		—
Fixed Income Funds/ETFs		6,070,074		6,070,074		—		—
Preferred Stock
Consumer Staples		372,480		—		372,480		—
Financials		5,220,529		2,393,726		2,826,803		—
Health Care		212,288		—		212,288		—
Short-Term Investments		299,871		—		299,871		—

Subtotal Investments in Securities	$	314,654,802	$	115,687,617	$	193,084,381	$	5,882,804



Other Investments*	Total
Short-Term Investments		28,533,320
Collateral Held for Securities Loaned		4,194,070

Subtotal Other Investments	$	32,727,390

Total Investments at Value	$	347,382,192

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

BALANCED INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		175,338		175,338		—		—

Total Asset Derivatives	$	175,338	$	175,338	$	—	$	—

Liability Derivatives
Futures Contracts		249,420		249,420		—		—

Total Liability Derivatives	$	249,420	$	249,420	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2016. Transfers between Levels are identified as of the end of the period.

The following table presents Balanced Income Plus Portfolio’s futures contracts held as of June 30, 2016. Investments and/or cash totaling $299,871 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)
CBOT 10-Yr. U.S. Treasury Note		(37	)		September 2016		($4,785,600	)		($4,920,422	)		($134,822	)
CBOT 2-Yr. U.S. Treasury Note		(76	)		September 2016		(16,564,393	)		(16,668,938	)		(104,545	)
CBOT 5-Yr. U.S. Treasury Note		23			September 2016		2,761,688			2,809,773			48,085
CBOT U.S. Long Bond		1			September 2016		162,870			172,343			9,473
CME E-mini S&P 500 Index		33			September 2016		3,458,883			3,448,830			(10,053	)
CME Ultra Long Term U.S. Treasury Bond		10			September 2016		1,745,971			1,863,751			117,780
Total Futures Contracts													($74,082	)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2016, 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	$	175,338
Total Interest Rate Contracts			175,338

Total Asset Derivatives		$	175,338

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		239,367
Total Interest Rate Contracts			239,367
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		10,053
Total Equity Contracts			10,053

Total Liability Derivatives		$	249,420

*	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.

BALANCED INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2016, 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		(15,079	)
Total Equity Contracts			(15,079	)
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		280,699
Total Interest Rate Contracts			280,699
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		1,247
Total Credit Contracts			1,247

Total		$	266,867

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2016, 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		(103,999	)
Total Interest Rate Contracts			(103,999	)
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(7,025	)
Total Equity Contracts			(7,025	)
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		(17,586	)
Total Credit Contracts			(17,586	)

Total		($	128,610	)

The following table presents Balanced Income Plus Portfolio’s average volume of derivative activity during the period ended June 30, 2016.

Derivative Risk Category

Futures
(Notional)*

Futures
(Percentage
of Average Net
Assets)

Swaps
(Notional)*

Swaps
(Percentage
of Average Net
Assets)

Equity Contracts

1,277,660

0.4

N/A

Interest Rate Contracts

28,841,564

9.3

N/A

Credit Contracts

N/A

7,441

<0.1

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

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, 2015		Gross Purchases		Gross Sales		Shares Held at June 30, 2016		Value June 30, 2016		Income Earned January 1, 2016 - June 30, 2016
Cash Management Trust-Collateral Investment	$	9,667,927	$	54,412,700	$	59,886,557		4,194,070	$	4,194,070	$	23,394
Cash Management Trust-Short Term Investment		27,808,704		30,675,251		58,483,955		—		—		23,317
Core Short-Term Reserve Fund		—		54,335,130		25,801,810		2,853,332		28,533,320		21,365
Total Value and Income Earned	$	37,476,631							$	32,727,390	$	68,076

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

DIVERSIFIED INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (12.6%)	Value		% of Net Assets
	Basic Materials (0.6%)
		Other Securities^	$	3,097,214		0.6	%

		Total		3,097,214

	Capital Goods (0.4%)
		Other Securities^		1,950,167		0.4	%

		Total		1,950,167

	Communications Services (3.3%)
		Other Securities^		16,800,732		3.3	%

		Total		16,800,732


	Consumer Cyclical (2.3%)
		Scientific Games International, Inc., Term Loan
	$1,691,931	6.000%, 10/1/2021^a,b,c		1,666,552		0.3	%
		Other Securities^		10,182,204		2.0	%

		Total		11,848,756


	Consumer Non-Cyclical (2.4%)
		MultiPlan, Inc., Term Loan
	1,550,000	5.000%, 6/7/2023^b		1,553,488		0.3	%
		Valeant Pharmaceuticals International, Inc., Term Loan
	2,169,831	5.000%, 4/1/2022^b		2,109,554		0.4	%
		Other Securities^		8,913,457		1.7	%

		Total		12,576,499


	Energy (0.7%)
		Other Securities^		3,342,929		0.7	%

		Total		3,342,929

	Financials (0.7%)
		Other Securities^		3,678,402		0.7	%

		Total		3,678,402


	Technology (1.4%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	1,830,412	4.250%, 2/1/2023^b		1,831,273		0.3	%
		ON Semiconductor Corporation, Term Loan
	1,450,000	5.250%, 3/31/2023^b		1,453,625		0.3	%
		Western Digital Corporation, Term Loan
	1,325,000	6.250%, 4/29/2023^b		1,329,147		0.3	%
		Other Securities^		2,678,790		0.5	%

		Total		7,292,835


	Transportation (0.6%)
		Other Securities^		3,217,347		0.6	%

		Total		3,217,347

	Utilities (0.2%)
		Other Securities^		1,078,358		0.2	%

		Total		1,078,358

		Total Bank Loans (cost $67,177,423)		64,883,239


		Long-Term Fixed Income (46.3%)
	Asset-Backed Securities (3.6%)
		NRZ Advance Receivables Trust
	1,300,000	2.751%, 6/15/2049*^,d		1,305,421		0.3	%
		Vericrest Opportunity Loan Transferee
	1,323,121	3.375%, 10/25/2058*^,e		1,309,231		0.3	%
		Other Securities^		15,985,119		3.0	%

		Total		18,599,771


	Basic Materials (1.0%)
		Other Securities^		4,820,320		1.0	%

		Total		4,820,320

	Capital Goods (2.1%)
		Other Securities^		10,829,690		2.1	%

		Total		10,829,690


	Collateralized Mortgage Obligations (11.9%)
		Alternative Loan Trust
	541,712	5.500%, 5/25/2035		540,315		0.1	%
		Countrywide Alternative Loan Trust
	1,893,054	0.853% - 6.000%, 2/25/2035 - 4/25/2036^f		1,574,850		0.3	%
		Countrywide Home Loan Mortgage Pass Through Trust
	1,431,295	2.754% - 2.759%, 11/25/2035 - 2/20/2036		1,143,954		0.3	%
		Federal National Mortgage Association
	7,759,416	2.500% - 3.500%, 2/25/2028 - 1/25/2033^g		810,887		0.2	%
		Sequoia Mortgage Trust
	1,745,874	3.018%, 9/20/2046		1,395,920		0.3	%
		Other Securities^		55,202,843		10.7	%

		Total		60,668,769


	Commercial Mortgage-Backed Securities (0.3%)
		Other Securities^		1,687,261		0.3	%

		Total		1,687,261

	Communications Services (2.9%)
		Other Securities^		14,985,167		2.9	%

		Total		14,985,167

	Consumer Cyclical (2.6%)
		Other Securities^		13,381,442		2.6	%

		Total		13,381,442

	Consumer Non-Cyclical (3.2%)
		Other Securities^		16,245,397		3.2	%

		Total		16,245,397

	Energy (2.0%)
		Other Securities^		10,108,600		2.0	%

		Total		10,108,600


	Financials (6.5%)
		Bank of America Corporation
	650,000	2.625% - 8.000%, 5/2/2017 - 12/29/2049^h		685,855		0.2	%

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

DIVERSIFIED INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (46.3%)	Value		% of Net Assets
	Financials (6.5%) - continued
		Goldman Sachs Group, Inc., Convertible
	$2,450,000	0.500%, 9/24/2022	$	2,629,340		0.5	%
		Other Securities^		30,446,993		5.8	%

		Total		33,762,188


	Foreign Government (3.5%)
		Other Securities^		18,093,680		3.5	%

		Total		18,093,680

	Mortgage-Backed Securities (2.9%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	2,000,000	3.000%, 7/1/2031^c		2,098,047		0.4	%
		Federal National Mortgage Association Conventional 15- Yr. Pass Through
	2,500,000	2.500%, 8/1/2028^c		2,582,567		0.5	%
	1,000,000	2.500%, 7/1/2031^c		1,034,589		0.2	%
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	6,500,000	3.500%, 7/1/2046^c		6,858,515		1.3	%
	2,150,000	4.000%, 7/1/2046^c		2,305,141		0.5	%

		Total		14,878,859


	Technology (1.7%)
		Other Securities^		8,602,423		1.7	%

		Total		8,602,423


	Transportation (0.4%)
		Other Securities^		1,992,828		0.4	%

		Total		1,992,828


	U.S. Government and Agencies (0.5%)
		Other Securities^		2,634,373		0.5	%

		Total		2,634,373


	Utilities (1.2%)
		Other Securities^		6,131,140		1.2	%

		Total		6,131,140

		Total Long-Term Fixed Income (cost $235,586,761)		237,421,908


Shares		Common Stock (25.9%)
	Consumer Discretionary (3.9%)
	3,520	Amazon.com, Inc.ⁱ		2,518,982		0.5	%
	2,200	AutoZone, Inc.ⁱ		1,746,448		0.4	%
	32,494	Comcast Corporation		2,118,284		0.4	%
	28,980	NIKE, Inc.		1,599,696		0.3	%
	14,860	Walt Disney Company		1,453,605		0.3	%
		Other Securities^		10,433,552		2.0	%

		Total		19,870,567


	Consumer Staples (1.6%)
	11,281	Anheuser-Busch InBev NV ADR		1,485,482		0.3	%
	29,030	Coca-Cola Company		1,315,930		0.3	%
	13,480	Philip Morris International, Inc.		1,371,186		0.3	%
		Other Securities^		3,936,332		0.7	%

		Total		8,108,930


	Energy (1.7%)
	15,820	EOG Resources, Inc.	$	1,319,704		0.3	%
	18,000	EQT Corporation		1,393,740		0.3	%
	54,000	Spectra Energy Corporation		1,978,020		0.4	%
		Other Securities^		3,998,818		0.7	%

		Total		8,690,282


	Financials (8.7%)
	115,400	Ares Capital Corporation		1,638,680		0.3	%
	31,540	Citigroup, Inc.		1,336,981		0.3	%
	120,000	Golub Capital BDC, Inc.		2,168,400		0.4	%
	5,700	International Exchange, Inc.		1,458,972		0.3	%
	7,810	Simon Property Group, Inc.		1,693,989		0.3	%
	93,000	Solar Capital, Ltd.		1,771,650		0.4	%
		Other Securities^		34,597,437		6.7	%

		Total		44,666,109


	Health Care (2.7%)
	43,270	Abbott Laboratories		1,700,944		0.3	%
	6,130	Allergan plcⁱ		1,416,582		0.3	%
	17,070	Medtronic plc		1,481,164		0.3	%
	30,840	Merck & Company, Inc.		1,776,692		0.3	%
		Other Securities^		7,504,689		1.5	%

		Total		13,880,071


	Industrials (2.4%)
	15,210	Honeywell International, Inc.		1,769,227		0.4	%
	14,706	Illinois Tool Works, Inc.		1,531,777		0.3	%
		Other Securities^		9,007,320		1.7	%

		Total		12,308,324


	Information Technology (3.4%)
	2,350	Alphabet, Inc., Class Aⁱ		1,653,295		0.3	%
	16,660	Apple, Inc.		1,592,696		0.3	%
	11,710	Facebook, Inc.ⁱ		1,338,219		0.3	%
	32,690	Microsoft Corporation		1,672,747		0.3	%
	23,510	Visa, Inc.		1,743,737		0.3	%
	35,930	Xilinx, Inc.		1,657,451		0.3	%
		Other Securities^		7,777,937		1.6	%

		Total		17,436,082


	Materials (0.7%)
		Other Securities^		3,810,413		0.7	%

		Total		3,810,413


	Telecommunications Services (0.4%)
		Other Securities^		1,869,377		0.4	%

		Total		1,869,377


	Utilities (0.4%)
		Other Securities^		2,379,476		0.4	%

		Total		2,379,476

		Total Common Stock (cost $132,331,792)		133,019,631


		Registered Investment Companies (5.5%)
	Equity Funds/ETFs (1.7%)
	256,500	Alerian MLP ETF		3,262,680		0.6	%
	42,580	Materials Select Sector SPDR Fund		1,973,157		0.4	%
	26,950	Utilities Select Sector SPDR Fund		1,414,067		0.3	%

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

DIVERSIFIED INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Registered Investment Companies (5.5%)	Value			% of Net Assets
	Equity Funds/ETFs (1.7%) - continued
	25,000	Vanguard High Dividend Yield ETF	$	1,786,500			0.3	%
		Other Securities^		357,184			0.1	%

		Total		8,793,588


	Fixed Income Funds/ETFs (3.8%)
	109,560	PowerShares Senior Loan Portfolio		2,516,593			0.5	%
	191,080	Vanguard Short-Term Corporate Bond ETF		15,446,907			3.0	%
		Other Securities^		1,424,438			0.3	%

		Total		19,387,938

		Total Registered Investment Companies (cost $28,467,787)		28,181,526


		Preferred Stock (3.0%)
	Consumer Staples (0.3%)
		Other Securities^		1,449,420			0.3	%

		Total		1,449,420


	Financials (2.6%)
	800	Bank of America Corporation, Convertible, 7.250%^h		956,000			0.2	%
	16,000	Countrywide Capital V, 7.000%		417,440			0.1	%
	1,012	Wells Fargo & Company, Convertible, 7.500%^h		1,314,791			0.3	%
		Other Securities^		10,702,318			2.0	%

		Total		13,390,549


	Health Care (0.1%)
		Other Securities^		674,325			0.1	%

		Total		674,325

		Total Preferred Stock (cost $14,675,203)		15,514,294


		Collateral Held for Securities Loaned (0.1%)
	385,600	Thrivent Cash Management Trust		385,600			0.1	%

		Total Collateral Held for Securities Loaned (cost $385,600)		385,600


Shares or Principal Amount		Short-Term Investments (9.4%)^j
		Thrivent Core Short-Term Reserve Fund
	4,681,287	0.580%		46,812,873			9.1	%
		Other Securities^		1,199,619			0.3	%

		Total Short-Term Investments (cost $48,012,351)		48,012,492

		Total Investments (cost $526,636,917) 102.8%	$	527,418,690

		Other Assets and Liabilities, Net (2.8%)		(14,341,942	)

		Total Net Assets 100.0%	$	513,076,748

^	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	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.

e	Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of June 30, 2016.

f	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2016.

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

i	Non-income producing security.

j	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 Diversified Income Plus Portfolio as of June 30, 2016 was $12,544,860 or 2.4% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of June 30, 2016.


Security	Acquisition Date		Cost
NRZ Advance Receivables Trust, 6/15/2049		6/23/2016	$	1,299,998
Vericrest Opportunity Loan Transferee, 10/25/2058		2/6/2015		1,316,255

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 June 30, 2016:

Securities Lending Transactions


Common Stock	$	365,378

Total lending	$	365,378
Gross amount payable upon return of collateral for securities loaned	$	385,600

Net amounts due to counterparty	$	20,222

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.

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

DIVERSIFIED INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	19,018,297
Gross unrealized depreciation		(18,863,925	)

Net unrealized appreciation (depreciation)	$	154,372

Cost for federal income tax purposes	$	527,264,318

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

DIVERSIFIED INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2016, 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		3,097,214		—		2,911,588		185,626
Capital Goods		1,950,167		—		1,950,167		—
Communications Services		16,800,732		—		15,075,650		1,725,082
Consumer Cyclical		11,848,756		—		11,848,756		—
Consumer Non-Cyclical		12,576,499		—		12,153,992		422,507
Energy		3,342,929		—		2,175,875		1,167,054
Financials		3,678,402		—		3,380,786		297,616
Technology		7,292,835		—		7,292,835		—
Transportation		3,217,347		—		2,637,693		579,654
Utilities		1,078,358		—		1,078,358		—
Long-Term Fixed Income
Asset-Backed Securities		18,599,771		—		17,294,350		1,305,421
Basic Materials		4,820,320		—		4,820,320		—
Capital Goods		10,829,690		—		10,829,690		—
Collateralized Mortgage Obligations		60,668,769		—		60,668,769		—
Commercial Mortgage-Backed Securities		1,687,261		—		1,687,261		—
Communications Services		14,985,167		—		14,985,167		—
Consumer Cyclical		13,381,442		—		13,381,442		—
Consumer Non-Cyclical		16,245,397		—		16,245,397		—
Energy		10,108,600		—		10,108,600		—
Financials		33,762,188		—		31,132,848		2,629,340
Foreign Government		18,093,680		—		18,093,680		—
Mortgage-Backed Securities		14,878,859		—		14,878,859		—
Technology		8,602,423		—		8,602,423		—
Transportation		1,992,828		—		1,992,828		—
U.S. Government and Agencies		2,634,373		—		2,634,373		—
Utilities		6,131,140		—		6,131,140		—
Common Stock
Consumer Discretionary		19,870,567		14,356,444		5,514,123		—
Consumer Staples		8,108,930		4,764,897		3,344,033		—
Energy		8,690,282		6,515,290		2,174,992		—
Financials		44,666,109		34,941,932		9,724,177		—
Health Care		13,880,071		10,448,936		3,431,135		—
Industrials		12,308,324		8,231,810		4,076,514		—
Information Technology		17,436,082		16,358,324		1,077,758		—
Materials		3,810,413		1,123,979		2,686,434		—
Telecommunications Services		1,869,377		536,535		1,332,842		—
Utilities		2,379,476		1,119,639		1,259,837		—
Registered Investment Companies
Fixed Income Funds/ETFs		19,387,938		19,387,938		—		—
Equity Funds/ETFs		8,793,588		8,793,588		—		—
Preferred Stock
Consumer Staples		1,449,420		541,500		907,920		—
Financials		13,390,549		8,428,932		4,961,617		—
Health Care		674,325		—		674,325		—
Short-Term Investments		1,199,619		—		1,199,619		—

Subtotal Investments in Securities	$	480,220,217	$	135,549,744	$	336,358,173	$	8,312,300



Other Investments*	Total
Short-Term Investments		46,812,873
Collateral Held for Securities Loaned		385,600

Subtotal Other Investments	$	47,198,473

Total Investments at Value	$	527,418,690

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

DIVERSIFIED INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		519,778		519,778		—		—

Total Asset Derivatives	$	519,778	$	519,778	$	—	$	—

Liability Derivatives
Futures Contracts		441,960		441,960		—		—

Total Liability Derivatives	$	441,960	$	441,960	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2016. Transfers between Levels are identified as of the end of the period.

The following table presents Diversified Income Plus Portfolio’s futures contracts held as of June 30, 2016. Investments and/or cash totaling $1,199,619 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)
CBOT 10-Yr. U.S. Treasury Note		(97	)		September 2016	($	12,546,033	)	($	12,899,484	)	($	353,451	)
CBOT 2-Yr. U.S. Treasury Note		(26	)		September 2016		(5,663,046	)		(5,702,532	)		(39,486	)
CBOT 5-Yr. U.S. Treasury Note		176			September 2016		21,132,920			21,500,874			367,954
CBOT U.S. Long Bond		3			September 2016		488,611			517,031			28,420
CME E-mini S&P 500 Index		85			September 2016		8,932,373			8,883,350			(49,023	)
CME S&P 500 Index		(30	)		September 2016		(15,788,126	)		(15,676,500	)		111,626
CME Ultra Long Term U.S. Treasury Bond		1			September 2016		174,597			186,375			11,778
Total Futures Contracts												$	77,818

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2016, 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	$	408,152
Total Interest Rate Contracts			408,152
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		111,626
Total Equity Contracts			111,626

Total Asset Derivatives		$	519,778

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		392,937
Total Interest Rate Contracts			392,937
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		49,023
Total Equity Contracts			49,023

Total Liability Derivatives		$	441,960

*	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.

DIVERSIFIED INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2016, 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		(211,407	)
Total Equity Contracts			(211,407	)
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		548,752
Total Interest Rate Contracts			548,752

Total		$	337,345

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2016, 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		1,412
Total Interest Rate Contracts			1,412
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		461,343
Total Equity Contracts			461,343

Total		$	462,755

The following table presents Diversified Income Plus Portfolio’s average volume of derivative activity during the period ended June 30, 2016.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts	$	18,905,625		3.9	%
Interest Rate Contracts		52,941,622		10.9

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

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, 2015		Gross Purchases		Gross Sales		Shares Held at June 30, 2016		Value June 30, 2016		Income Earned January 1, 2016 - June 30, 2016
Cash Management Trust-Collateral Investment	$	341,050	$	7,013,472	$	6,968,922		385,600	$	385,600	$	10,733
Cash Management Trust-Short Term Investment		40,972,462		82,682,704		123,655,166		—		—		36,909
Core Short-Term Reserve Fund		—		89,078,843		42,265,970		4,681,287		46,812,873		36,370
Total Value and Income Earned	$	41,313,512							$	47,198,473	$	84,012

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

OPPORTUNITY INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount	Bank Loans (23.7%)	Value		% of Net Assets
Basic Materials (1.3%)
	Fortescue Metals Group, Ltd., Term Loan
$ 474,194	4.250%, 6/30/2019^a	$	452,855		0.4	%
	Other Securities^		948,327		0.9	%

	Total		1,401,182


Capital Goods (0.6%)
	Other Securities^		619,463		0.6	%

	Total		619,463


Communications Services (7.1%)
	Block Communications, Inc., Term Loan
397,979	4.000%, 11/7/2021^a		397,482		0.4	%
	CSC Holdings, LLC, Term Loan
475,000	5.000%, 10/9/2022^a		475,119		0.4	%
	Fairpoint Communications, Term Loan
432,580	7.500%, 2/14/2019^a		430,867		0.4	%
	Liberty Cablevision of Puerto Rico, LLC, Term Loan
475,000	4.500%, 1/7/2022^a		463,125		0.4	%
	SBA Senior Finance II, LLC, Term Loan
735,000	3.250%, 3/24/2021^a		726,525		0.7	%
	XO Communications, LLC, Term Loan
684,250	4.250%, 3/20/2021^a		682,252		0.6	%
	Other Securities^		4,738,815		4.2	%

	Total		7,914,185


Consumer Cyclical (4.0%)
	Amaya BV, Term Loan
627,345	5.000%, 8/1/2021^a		606,693		0.5	%
	Cengage Learning Acquisitions, Term Loan
540,000	5.250%, 6/7/2023^a		533,250		0.5	%
	IMG Worldwide, Inc., Term Loan
416,344	5.250%, 5/6/2021^a		413,638		0.4	%
	KAR Auction Services, Inc., Term Loan
379,050	4.250%, 3/9/2023^a		379,838		0.3	%
	Mohegan Tribal Gaming Authority, Term Loan
400,539	5.500%, 6/15/2018^a		397,235		0.4	%
	Scientific Games International, Inc., Term Loan
647,032	6.000%, 10/1/2021^a,b,c		637,327		0.6	%
	Other Securities^		1,541,288		1.3	%

	Total		4,509,269


Consumer Non-Cyclical (4.2%)
	Albertson’s, LLC, Term Loan
600,000	4.750%, 6/22/2023^a,b,c		598,350		0.5	%
	LTF Merger Sub, Inc., Term Loan
398,910	4.250%, 6/10/2022^a		388,938		0.3	%
	McGraw-Hill Global Education Holdings, LLC, Term Loan
465,000	5.000%, 5/4/2022^a		463,721		0.4	%
	MultiPlan, Inc., Term Loan
550,000	5.000%, 6/7/2023^a		551,237		0.5	%
	Ortho-Clinical Diagnostics, Inc., Term Loan
436,466	4.750%, 6/30/2021^a		412,098		0.4	%
	Valeant Pharmaceuticals International, Inc., Term Loan
786,671	5.000%, 4/1/2022^a		764,817		0.7	%
	Other Securities^		1,541,462		1.4	%

	Total		4,720,623


Energy (1.2%)
	Other Securities^		1,368,311		1.2	%

	Total		1,368,311


Financials (1.3%)
	TransUnion, LLC, Term Loan
528,237	3.500%, 4/9/2021^a		521,059		0.5	%
	WaveDivision Holdings, LLC, Term Loan
386,778	4.000%, 10/15/2019^a		385,648		0.3	%
	Other Securities^		565,705		0.5	%

	Total		1,472,412


Technology (2.8%)
	Avago Technologies Cayman Finance, Ltd., Term Loan
847,875	4.250%, 2/1/2023^a		848,273		0.8	%
	ON Semiconductor Corporation, Term Loan
675,000	5.250%, 3/31/2023^a		676,687		0.6	%
	Western Digital Corporation, Term Loan
625,000	6.250%, 4/29/2023^a		626,956		0.6	%
	Other Securities^		947,797		0.8	%

	Total		3,099,713


Transportation (1.0%)
	OSG Bulk Ships, Inc., Term Loan
451,491	5.250%, 8/5/2019^a		433,431		0.4	%
	Other Securities^		670,959		0.6	%

	Total		1,104,390


Utilities (0.2%)
	Other Securities^		184,633		0.2	%

	Total		184,633

	Total Bank Loans (cost $27,494,126)		26,394,181


	Long-Term Fixed Income (61.7%)
Asset-Backed Securities (4.0%)
	Other Securities^		4,397,332		4.0	%

	Total		4,397,332


Basic Materials (0.5%)
	Other Securities^		586,854		0.5	%

	Total		586,854


Capital Goods (1.8%)
	Other Securities^		1,991,606		1.8	%

	Total		1,991,606

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

OPPORTUNITY INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount	Long-Term Fixed Income (61.7%)	Value		% of Net Assets
Collateralized Mortgage Obligations (5.6%)
	Other Securities^	$	6,361,687		5.6	%

	Total		6,361,687


Commercial Mortgage-Backed Securities (0.2%)
	Other Securities^		200,758		0.2	%

	Total		200,758


Communications Services (3.1%)
	Other Securities^		3,459,238		3.1	%

	Total		3,459,238


Consumer Cyclical (2.9%)
	Other Securities^		3,187,472		2.9	%

	Total		3,187,472


Consumer Non-Cyclical (2.7%)
	Other Securities^		2,960,928		2.7	%

	Total		2,960,928


Energy (1.7%)
	Petrobras International Finance Company
92,000	5.750%, 1/20/2020		88,881		0.1	%
	Petroleos Mexicanos
113,000	5.500%, 2/4/2019^d		118,763		0.1	%
	Other Securities^		1,687,607		1.5	%

	Total		1,895,251


Financials (5.9%)
	Other Securities^		6,556,574		5.9	%

	Total		6,556,574


Foreign Government (15.0%)
	Brazil Government International Bond
431,000	4.875%, 1/22/2021		454,059		0.4	%
460,000	2.625%, 1/5/2023		419,290		0.4	%
748,000	5.000% - 6.000%,
	1/15/2019 - 1/27/2045		745,211		0.7	%
	Hungary Government International Bond
386,000	5.750%, 11/22/2023		439,422		0.4	%
334,000	5.375%, 3/25/2024		373,078		0.3	%
	Indonesia Government International Bond
810,000	5.125%, 1/15/2045^d		859,360		0.8	%
1,157,000	3.375% - 5.875%,
	5/5/2021 - 1/8/2026^d		1,249,404		1.1	%
	Mexico Government International Bond
411,000	4.125%, 1/21/2026		445,524		0.4	%
1,677,000	3.600% - 6.050%,
	3/15/2022 - 1/23/2046		1,822,905		1.6	%
	Peru Government International Bond
550,000	4.125%, 8/25/2027		603,625		0.5	%
	Philippines Government International Bond
500,000	3.700%, 3/1/2041		557,190		0.5	%
511,000	3.950% - 7.750%,
	1/14/2031 - 1/20/2040		684,508		0.6	%
	Russia Government International Bond
700,000	5.000%, 4/29/2020^d		755,244		0.7	%
560,000	4.875%, 9/16/2023^d		610,814		0.5	%
735,550	3.500% - 7.500%,
	1/16/2019 - 4/4/2042^d		837,024		0.8	%
	Turkey Government International Bond
650,000	7.000%, 6/5/2020		737,211		0.7	%
325,000	6.625%, 2/17/2045		394,686		0.4	%
1,539,000	4.250% - 7.500%,
	11/7/2019 - 4/16/2043		1,645,317		1.6	%
	Other Securities^		3,125,952		2.6	%

	Total		16,759,824


Mortgage-Backed Securities (12.7%)
	Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
850,000	3.000%, 7/1/2031^c		891,670		0.8	%
	Federal Home Loan Mortgage Corporation Gold 20-Yr. Pass Through
32,172	5.500%, 9/1/2024		35,822		<0.1	%
	Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
750,000	4.000%, 7/1/2046^c		802,734		0.7	%
	Federal National Mortgage Association Conventional 15-Yr. Pass Through
500,000	2.500%, 8/1/2028^c		516,513		0.5	%
1,250,000	2.500%, 7/1/2031^c		1,293,237		1.2	%
	Federal National Mortgage Association Conventional 20-Yr. Pass Through
239,064	6.000%, 8/1/2024		272,991		0.2	%
	Federal National Mortgage Association Conventional 30-Yr. Pass Through
4,525,000	3.500%, 7/1/2046^c		4,774,582		4.3	%
3,000,000	4.000%, 7/1/2046^c		3,216,476		2.9	%
1,325,000	4.500%, 7/1/2046^c		1,446,314		1.3	%
800,000	3.500%, 8/1/2046^c		842,969		0.8	%

	Total		14,093,308


Technology (1.5%)
	Other Securities^		1,673,151		1.5	%

	Total		1,673,151


Transportation (0.5%)
	Other Securities^		565,702		0.5	%

	Total		565,702


U.S. Government and Agencies (2.0%)
	U.S. Treasury Notes
1,000,000	1.875%, 6/30/2020		1,038,281		0.9	%
1,070,000	2.125%, 6/30/2022		1,128,181		1.0	%
100,000	1.625%, 2/15/2026		101,125		0.1	%

	Total		2,267,587

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

OPPORTUNITY INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount	Long-Term Fixed Income (61.7%)	Value			% of Net Assets
Utilities (1.6%)
	Other Securities^	$	1,797,387			1.6	%

	Total		1,797,387

	Total Long-Term Fixed Income (cost $67,800,336)		68,754,659


Shares	Registered Investment Companies (8.1%)
Equity Funds/ETFs (0.2%)
	Other Securities^		195,608			0.2	%

	Total		195,608


Fixed Income Funds/ETFs (7.9%)
9,022	iShares J.P. Morgan USD Emerging Markets Bond ETF		1,038,883			0.9	%
175,280	PowerShares Senior Loan Portfolio		4,026,182			3.6	%
31,830	Vanguard Short-Term Corporate Bond ETF		2,573,137			2.3	%
	Other Securities^		1,169,279			1.1	%

	Total		8,807,481

	Total Registered Investment Companies (cost $9,167,055)		9,003,089


	Preferred Stock (2.0%)
Consumer Staples (0.1%)
	Other Securities^		66,348			0.1	%

	Total		66,348


Financials (1.9%)
	Other Securities^		2,121,576			1.9	%

	Total		2,121,576

	Total Preferred Stock (cost $2,064,224)		2,187,924


	Common Stock (0.5%)
Energy (<0.1%)
	Other Securities^		29,497			<0.1	%

	Total		29,497


Financials (0.5%)
	Other Securities^		553,296			0.5	%

	Total		553,296

	Total Common Stock (cost $649,143)		582,793


Shares or Principal Amount	Short-Term Investments (17.4%)^e
	Thrivent Core Short-Term Reserve Fund
1,930,829	0.580%		19,308,288			17.3	%
	Other Securities^		99,936			0.1	%

	Total Short-Term Investments (cost $19,408,194)		19,408,224

	Total Investments (cost $126,583,078) 113.4%	$	126,330,870

	Other Assets and Liabilities, Net (13.4%)		(14,907,884	)

	Total Net Assets 100.0%	$	111,422,986

^	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.

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

Opportunity Income Plus Portfolio held restricted securities as of June 30, 2016. 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 June 30, 2016, the value of these investments was $2,340,386 or 2.1% of total net assets.

Definitions:


ETF -		Exchange Traded Fund.

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	2,054,910
Gross unrealized depreciation		(2,296,181	)

Net unrealized appreciation (depreciation)	$	(241,271	)

Cost for federal income tax purposes	$	126,572,141

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

OPPORTUNITY INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2016, 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		1,401,182		—		1,200,019		201,163
Capital Goods		619,463		—		619,463		—
Communications Services		7,914,185		—		7,122,629		791,556
Consumer Cyclical		4,509,269		—		4,509,269		—
Consumer Non-Cyclical		4,720,623		—		4,720,623		—
Energy		1,368,311		—		1,086,267		282,044
Financials		1,472,412		—		1,345,925		126,487
Technology		3,099,713		—		3,099,713		—
Transportation		1,104,390		—		670,959		433,431
Utilities		184,633		—		184,633		—
Long-Term Fixed Income
Asset-Backed Securities		4,397,332		—		4,096,081		301,251
Basic Materials		586,854		—		586,854		—
Capital Goods		1,991,606		—		1,991,606		—
Collateralized Mortgage Obligations		6,361,687		—		6,361,687		—
Commercial Mortgage-Backed Securities		200,758		—		200,758		—
Communications Services		3,459,238		—		3,459,238		—
Consumer Cyclical		3,187,472		—		3,187,472		—
Consumer Non-Cyclical		2,960,928		—		2,960,928		—
Energy		1,895,251		—		1,895,251		—
Financials		6,556,574		—		6,556,574		—
Foreign Government		16,759,824		—		16,759,824		—
Mortgage-Backed Securities		14,093,308		—		14,093,308		—
Technology		1,673,151		—		1,673,151		—
Transportation		565,702		—		565,702		—
U.S. Government and Agencies		2,267,587		—		2,267,587		—
Utilities		1,797,387		—		1,797,387		—
Registered Investment Companies
Fixed Income Funds/ETFs		8,807,481		8,807,481		—		—
Equity Funds/ETFs		195,608		195,608		—		—
Preferred Stock
Consumer Staples		66,348		—		66,348		—
Financials		2,121,576		967,577		1,153,999		—
Common Stock
Energy		29,497		29,497		—		—
Financials		553,296		553,296		—		—
Short-Term Investments		99,936		—		99,936		—

Subtotal Investments in Securities	$	107,022,582	$	10,553,459	$	94,333,191	$	2,135,932



Other Investments *	Total
Short-Term Investments		19,308,288

Subtotal Other Investments	$	19,308,288


Total Investments at Value	$	126,330,870


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		124,051		124,051		—		—

Total Asset Derivatives	$	124,051	$	124,051	$	—	$	—

Liability Derivatives
Futures Contracts		186,156		186,156		—		—

Total Liability Derivatives	$	186,156	$	186,156	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2016. 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.

OPPORTUNITY INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

The following table presents Opportunity Income Plus Portfolio’s futures contracts held as of June 30, 2016. Investments and/or cash totaling $99,936 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)
CBOT 10-Yr. U.S. Treasury Note		(23	)		September 2016		($2,974,833	)		($3,058,641	)		($83,808	)
CBOT 2-Yr. U.S. Treasury Note		(33	)		September 2016		(7,187,712	)		(7,237,828	)		(50,116	)
CBOT 5-Yr. U.S. Treasury Note		3			September 2016		360,220			366,492			6,272
CBOT U.S. Long Bond		(5	)		September 2016		(815,374	)		(861,718	)		(46,344	)
CME Ultra Long Term U.S. Treasury Bond		10			September 2016		1,745,971			1,863,750			117,779
Ultra 10-Yr. U.S. Treasury Note		(4	)		September 2016		(576,800	)		(582,688	)		(5,888	)
Total Futures Contracts													($62,105	)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2016, 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	$	124,051
Total Interest Rate Contracts			124,051

Total Asset Derivatives		$	124,051

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		186,156
Total Interest Rate Contracts			186,156

Total Liability Derivatives		$	186,156

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

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2016, 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		181,354
Total Interest Rate Contracts			181,354
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(10,495	)
Total Credit Contracts			(10,495	)

Total		$	170,859

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

OPPORTUNITY INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2016, 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		(82,273	)
Total Interest Rate Contracts			(82,273	)
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		9,568
Total Credit Contracts			9,568

Total		($	72,705	)

The following table presents Opportunity Income Plus Portfolio’s average volume of derivative activity during the period ended June 30, 2016.

Derivative Risk Category

Futures
(Notional)*

Futures
(Percentage
of Average Net
Assets)

Swaps
(Notional)*

Swaps
(Percentage
of Average Net
Assets)

Interest Rate Contracts

15,472,660

14.9

N/A

Credit Contracts

N/A

1,999

<0.1

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

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, 2015		Gross Purchases		Gross Sales		Shares Held at June 30, 2016		Value June 30, 2016		Income Earned January 1, 2016 - June 30, 2016
Cash Management Trust-Short Term Investment	$	19,671,931	$	25,619,463	$	45,291,394		—	$	—	$	18,046
Core Short-Term Reserve Fund		—		36,923,877		17,615,589		1,930,829		19,308,288		15,067
Total Value and Income Earned	$	19,671,931							$	19,308,288	$	33,113

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

PARTNER HEALTHCARE PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (92.5%)	Value
	Biotechnology (32.4%)
	55,127	Acceleron Pharma, Inc.^a	$	1,873,216
	61,106	Alder Biopharmaceuticals, Inc.^a		1,525,817
	53,900	Alexion Pharmaceuticals, Inc.^a		6,293,364
	631,491	Amicus Therapeutics, Inc.^a		3,447,941
	100,068	BioMarin Pharmaceutical, Inc.^a		7,785,290
	91,000	Celgene Corporation^a		8,975,330
	103,600	Gilead Sciences, Inc.		8,642,312
	155,317	Global Blood Therapeutics, Inc.^a		2,576,709
	46,800	Incyte Corporation^a		3,743,064
	144,441	Neurocrine Biosciences, Inc.^a		6,564,843
	151,046	Portola Pharmaceuticals, Inc.^a		3,564,686
	130,610	PTC Therapeutics, Inc.^a		916,882
	42,000	Vertex Pharmaceuticals, Inc.^a		3,612,840

		Total		59,522,294


	Health Care Equipment (13.9%)
	42,000	ABIOMED, Inc.^a		4,590,180
	54,586	Dexcom, Inc.^a		4,330,307
	4,375	Intuitive Surgical, Inc.^a		2,893,669
	90,100	Medtronic plc		7,817,977
	271,547	NxStage Medical, Inc.^a		5,887,139

		Total		25,519,272


	Health Care Facilities (2.0%)
	66,200	Acadia Healthcare Company, Inc.^a		3,667,480

		Total		3,667,480


	Health Care Services (4.4%)
	91,440	Adeptus Health, Inc.^a		4,723,790
	213,287	Teladoc, Inc.^a		3,416,858

		Total		8,140,648


	Health Care Supplies (1.6%)
	37,006	Align Technology, Inc.^a		2,980,833

		Total		2,980,833


	Managed Health Care (2.2%)
	28,500	UnitedHealth Group, Inc.		4,024,200

		Total		4,024,200


	Pharmaceuticals (36.0%)
	120,783	Aspen Pharmacare Holdings, Ltd.^a		2,979,601
	106,800	Eli Lilly and Company		8,410,500
	158,100	Merck & Company, Inc.		9,108,141
	85,291	Mylan NV^a		3,687,983
	90,155	Novo Nordisk AS ADR		4,848,536
	251,600	Pfizer, Inc.		8,858,836
	28,883	Roche Holding AG-Genusschein		7,621,641
	117,593	Sagent Pharmaceuticals, Inc.^a		1,761,543
	26,745	Sawai Pharmaceutical Company, Ltd.		2,073,245
	44,589	Shire Pharmaceuticals Group plc ADR		8,207,943
	173,081	Teva Pharmaceutical Industries, Ltd. ADR		8,693,859

		Total		66,251,828

		Total Common Stock (cost $173,772,925)		170,106,555

Shares or Principal Amount		Short-Term Investments (7.8%)^b
		Federal Agricultural Mortgage Corporation Discount Notes
	4,290,000	0.200%, 7/1/2016		4,290,000
		Federal Home Loan Bank Discount Notes
	300,000	0.270%, 7/8/2016		299,990
	600,000	0.290%, 7/13/2016		599,966
		Thrivent Core Short-Term Reserve Fund
	919,224	0.580%		9,192,237

		Total Short-Term Investments (cost $14,382,163)		14,382,193

		Total Investments (cost $188,155,088) 100.3%	$	184,488,748

		Other Assets and Liabilities, Net (0.3%)		(496,043	)

		Total Net Assets 100.0%	$	183,992,705

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:


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	$	13,082,286
Gross unrealized depreciation		(17,392,643	)

Net unrealized appreciation (depreciation)	$	(4,310,357	)

Cost for federal income tax purposes	$	188,799,105

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

PARTNER HEALTHCARE PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2016, in valuing Partner Healthcare Portfolio's assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Biotechnology		59,522,294		59,522,294		—		—
Health Care Equipment		25,519,272		25,519,272		—		—
Health Care Facilities		3,667,480		3,667,480		—		—
Health Care Services		8,140,648		8,140,648		—		—
Health Care Supplies		2,980,833		2,980,833		—		—
Managed Health Care		4,024,200		4,024,200		—		—
Pharmaceuticals		66,251,828		53,577,341		12,674,487		—
Short-Term Investments		5,189,956		—		5,189,956		—

Subtotal Investments in Securities	$	175,296,511	$	157,432,068	$	17,864,443	$	—


Other Investments *	Total
Short-Term Investments		9,192,237

Subtotal Other Investments	$	9,192,237

Total Investments at Value	$	184,488,748

There were no significant transfers between Levels during the period ended June 30, 2016. 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, 2015		Gross Purchases		Gross Sales		Shares Held at June 30, 2016		Value June 30, 2016		Income Earned January 1, 2016 - June 30, 2016
Cash Management Trust-Short Term Investment	$	12,518,371	$	32,171,600	$	44,689,971		—	$	—	$	4,459
Core Short-Term Reserve Fund		—		17,498,769		8,306,532		919,224		9,192,237		5,673
Total Value and Income Earned	$	12,518,371							$	9,192,237	$	10,132

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

PARTNER EMERGING MARKETS EQUITY PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (92.1%)	Value
	Brazil (9.7%)
	166,467	Banco Bradesco SA ADR	$	1,300,107
	42,900	BRF SA		598,968
	107,805	Lojas Renner SA		797,723
	38,756	Multiplan Empreendimentos Imobiliarios SA		726,306
	59,800	Ultrapar Participacoes SA		1,321,732
	52,660	Vale SA ADR^a		266,459

		Total		5,011,295


	Chile (1.1%)
	28,670	Banco Santander Chile SA ADR		555,338

		Total		555,338


	China (1.2%)
	890,000	PetroChina Company, Ltd.		613,422

		Total		613,422


	Hong Kong (11.7%)
	305,000	AIA Group, Ltd.		1,834,186
	141,000	China Mobile, Ltd.		1,629,144
	236,000	Hang Lung Group, Ltd.		711,025
	132,000	Hang Lung Properties, Ltd.		266,679
	17,383	Hong Kong Exchanges and Clearing, Ltd.		423,547
	71,000	Swire Pacific, Ltd., Class A		802,388
	100,000	Swire Pacific, Ltd., Class B		198,205
	59,500	Swire Properties, Ltd.		158,532

		Total		6,023,706


	Hungary (1.2%)
	30,710	Richter Gedeon Nyrt		610,825

		Total		610,825


	India (15.8%)
	5,200	Grasim Industries, Ltd.		360,252
	4,350	Grasim Industries, Ltd. GDR		300,294
	15,800	Hero Motocorp, Ltd.		746,207
	67,000	Hindustan Unilever, Ltd.		893,682
	98,639	Housing Development Finance Corporation		1,837,698
	263,000	ICICI Bank, Ltd.		941,309
	68,600	Infosys, Ltd.		1,190,510
	222,893	ITC, Ltd.		1,220,315
	6,400	Tata Consultancy Services Limited		242,555
	8,947	Ultra Tech Cement, Ltd.		453,455

		Total		8,186,277


	Indonesia (5.5%)
	3,710,000	Astra International Tbk PT		2,091,556
	568,900	Indocement Tunggal Prakarsa Tbk PT		731,627

		Total		2,823,183


	Luxembourg (1.5%)
	26,965	Tenaris SA ADR^a		777,671

		Total		777,671


	Malaysia (1.7%)
	256,470	CIMB Group Holdings Berhad		278,964
	120,000	Public Bank Berhad		578,215

		Total		857,179


	Mexico (8.1%)
	17,400	Fomento Economico Mexicano SAB de CV ADR		1,609,326
	4,800	Grupo Aeroportuario del Sureste SAB de CV ADR		765,840
	285,577	Grupo Financiero Banorte SAB de CV ADR		1,596,071
	97,300	Organizacion Soriana SAB de CV^b		232,466

		Total		4,203,703


	Philippines (4.2%)
	28,000	Ayala Corporation		506,661
	917,900	Ayala Land, Inc.		761,422
	426,862	Bank of the Philippine Islands		883,881

		Total		2,151,964


	Poland (1.4%)
	21,319	Bank Pekao SA		744,338

		Total		744,338


	Portugal (1.3%)
	41,629	Jeronimo Martins SGPS SA		656,565

		Total		656,565


	Russia (3.5%)
	25,186	Lukoil ADR		1,054,126
	5,519	Magnit PJSC		778,275

		Total		1,832,401


	South Africa (3.3%)
	53,921	Massmart Holdings, Ltd.		460,600
	40,564	MTN Group, Ltd.		394,216
	142,193	Truworths International, Ltd.		827,483

		Total		1,682,299


	South Korea (1.6%)
	3,170	E-Mart Company, Ltd.		478,362
	566	NAVER Corporation		350,646

		Total		829,008


	Taiwan (5.4%)
	175,400	Taiwan Mobile Company, Ltd.		613,065
	433,499	Taiwan Semiconductor Manufacturing Company, Ltd.		2,184,704

		Total		2,797,769


	Thailand (4.4%)
	85,500	Siam Cement pcl		1,161,238
	282,800	Siam Commercial Bank pcl		1,124,268

		Total		2,285,506


	Turkey (4.7%)
	331,433	Akbank TAS		949,926
	37,036	BIM Birlesik Magazalar AS		722,288
	292,190	Turkiye Garanti Bankasi AS		771,800

		Total		2,444,014


	United Kingdom (3.2%)
	21,386	BHP Billiton plc		266,661
	13,507	SABMiller plc		781,412

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

PARTNER EMERGING MARKETS EQUITY PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (92.1%)	Value
	United Kingdom (3.2%) - continued
	77,303	Standard Chartered plc	$	586,499

		Total		1,634,572


	United States (1.6%)
	9,800	Yum! Brands, Inc.		812,616

		Total		812,616


		Total Common Stock (cost $44,042,949)		47,533,651


		Preferred Stock (5.3%)

	Brazil (0.5%)
	71,605	Vale SA ADR		287,136

		Total		287,136


	South Korea (4.8%)
	2,382	Samsung Electronics Company, Ltd.		2,457,242

		Total		2,457,242


		Total Preferred Stock (cost $2,178,604)		2,744,378


		Collateral Held for Securities Loaned (0.6%)
	324,150	Thrivent Cash Management Trust		324,150

		Total Collateral Held for Securities Loaned (cost $324,150)		324,150


Shares or Principal Amount		Short-Term Investments (2.4%)^c
		Thrivent Core Short-Term Reserve Fund
	124,210	0.580%		1,242,099

		Total Short-Term Investments (cost $1,242,099)		1,242,099

		Total Investments (cost $47,787,802) 100.4%	$	51,844,278

		Other Assets and Liabilities, Net (0.4%)		(215,085	)

		Total Net Assets 100.0%	$	51,629,193

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 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 June 30, 2016:

Securities Lending Transactions


Common Stock	$	326,973

Total lending	$	326,973
Gross amount payable upon return of collateral for securities loaned	$	324,150

Net amounts due to counterparty	$	(2,823	)

Definitions:


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

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	11,124,615
Gross unrealized depreciation		(7,238,660	)

Net unrealized appreciation (depreciation)	$	3,885,955

Cost for federal income tax purposes	$	47,958,323

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

PARTNER EMERGING MARKETS EQUITY PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2016, in valuing Partner Emerging Markets Equity Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		5,986,413		812,616		5,173,797		—
Consumer Staples		7,721,431		1,609,326		6,112,105		—
Energy		3,766,951		777,671		2,989,280		—
Financials		17,734,977		1,855,445		15,879,532		—
Health Care		610,825		—		610,825		—
Industrials		1,928,480		765,840		1,162,640		—
Information Technology		3,968,415		—		3,968,415		—
Materials		3,179,734		266,459		2,913,275		—
Telecommunications Services		2,636,425		—		2,636,425		—
Preferred Stock
Information Technology		2,457,242		—		2,457,242		—
Materials		287,136		287,136		—		—

Subtotal Investments in Securities	$	50,278,029	$	6,374,493	$	43,903,536	$	—


Other Investments *	Total
Short-Term Investments		1,242,099
Collateral Held for Securities Loaned		324,150

Subtotal Other Investments	$	1,566,249

Total Investments at Value	$	51,844,278

There were no significant transfers between Levels during the period ended June 30, 2016. 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, 2015		Gross Purchases		Gross Sales		Shares Held at June 30, 2016		Value June 30, 2016		Income Earned January 1, 2016 - June 30, 2016
Cash Management Trust- Collateral Investment	$	212,275	$	4,890,106	$	4,778,231		324,150	$	324,150	$	4,826
Cash Management Trust-Short Term Investment		965,123		2,338,068		3,303,191		—		—		986
Core Short-Term Reserve Fund		—		2,487,479		1,245,380		124,210		1,242,099		843
Total Value and Income
Earned	$	1,177,398							$	1,566,249	$	6,655

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

REAL ESTATE SECURITIES PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (99.2%)	Value
	Consumer Discretionary (0.9%)
	43,400	Hilton Worldwide Holdings, Inc.	$	977,802
	8,206	Starwood Hotels & Resorts Worldwide, Inc.		606,834

		Total		1,584,636


	Diversified Real Estate Activities (<0.1%)
	1,285	Alexander & Baldwin, Inc.		46,440

		Total		46,440


	Diversified REITS (4.7%)
	6,792	American Assets Trust, Inc.		288,252
	5,000	Armada Hoffler Properties, Inc.		68,700
	4,428	Brookfield Asset Management, Inc.		146,434
	54,000	Cousins Properties, Inc.		561,600
	29,919	Empire State Realty Trust, Inc.		568,162
	20,176	First Potomac Realty Trust		185,619
	32,493	Forest City Realty Trust, Inc.		724,919
	32,803	Gramercy Property Trust		302,444
	35,414	Lexington Realty Trust		358,035
	22,643	Liberty Property Trust		899,380
	24,100	NorthStar Realty Finance Corporation		275,463
	4,970	PS Business Parks, Inc.		527,218
	85,060	Spirit Realty Captial, Inc.		1,086,216
	37,400	Store Capital Corporation		1,101,430
	57,384	VEREIT, Inc.		581,874
	9,515	Washington Real Estate Investment Trust		299,342
	4,000	Whitestone REIT		60,320
	10,500	Winthrop Realty Trust		92,295
	3,450	WP Carey, Inc.		239,499

		Total		8,367,202


	Health Care REITs (9.4%)
	7,930	Care Capital Properties, Inc.		207,845
	41,142	HCP, Inc.		1,455,604
	36,562	Healthcare Realty Trust, Inc.^a		1,279,304
	27,769	Healthcare Trust of America, Inc.		898,050
	7,022	LTC Properties, Inc.		363,248
	26,614	Medical Properties Trust, Inc.		404,799
	8,220	National Health Investors, Inc.		617,240
	18,371	Omega Healthcare Investors, Inc.		623,696
	44,020	Physicians Realty Trust		924,860
	14,431	Sabra Health Care REIT, Inc.		297,784
	22,822	Senior Housing Property Trust		475,382
	52,720	Ventas, Inc.		3,839,070
	70,952	Welltower, Inc.		5,404,414

		Total		16,791,296


	Hotel & Resort REITs (4.5%)
	6,000	Ashford Hospitality Prime, Inc.		84,840
	9,928	Ashford Hospitality Trust, Inc.		53,313
	24,156	Chatham Lodging Trust		530,949
	21,883	Chesapeake Lodging Trust		508,780
	33,895	DiamondRock Hospitality Company		306,072
	24,593	FelCor Lodging Trust, Inc.		153,214
	8,786	Hersha Hospitality Trust		150,680
	10,749	Hospitality Properties Trust		309,571
	154,129	Host Hotels & Resorts, Inc.		2,498,431
	20,705	LaSalle Hotel Properties		488,224
	6,000	MGM Growth Properties, LLC		160,080
	27,974	Pebblebrook Hotel Trust		734,318
	39,191	RLJ Lodging Trust		840,647
	37,457	Summit Hotel Properties, Inc.		495,931
	69,973	Sunstone Hotel Investors, Inc.		844,574

		Total		8,159,624


	Industrial REITS (6.9%)
	27,516	DCT Industrial Trust, Inc.		1,321,869
	93,420	Duke Realty Corporation		2,490,577
	6,524	EastGroup Properties, Inc.		449,634
	37,896	First Industrial Realty Trust, Inc.		1,054,267
	5,450	Monmouth Real Estate Investment Corporation		72,267
	117,012	Prologis, Inc.		5,738,268
	21,550	Rexford Industrial Realty, Inc.		454,490
	21,700	STAG Industrial, Inc.		516,677
	9,608	Terreno Realty Corporation		248,559

		Total		12,346,608


	Information Technology (0.2%)
	9,450	InterXion Holding NV^b		348,516

		Total		348,516


	Mortgage REITS (0.4%)
	12,500	Apollo Commercial Real Estate Finance, Inc.		200,875
	10,250	Blackstone Mortgage Trust, Inc.		283,618
	10,250	Colony Capital, Inc.		157,337
	6,050	Starwood Property Trust, Inc.		125,356

		Total		767,186


	Office REITS (13.0%)
	22,712	Alexandria Real Estate Equities, Inc.		2,351,146
	41,168	Boston Properties, Inc.		5,430,059
	41,430	Brandywine Realty Trust		696,024
	17,297	City Office REIT, Inc.		224,515
	19,857	Corporate Office Properties Trust		587,171
	33,557	Douglas Emmett, Inc.		1,191,945
	5,800	Franklin Street Properties Corporation		71,166
	25,312	Highwoods Properties, Inc.		1,336,474
	41,259	Hudson Pacific Properties, Inc.		1,203,938
	23,563	Kilroy Realty Corporation		1,561,991
	21,405	Mack-Cali Realty Corporation		577,935
	27,200	New York REIT, Inc.		251,600
	29,800	Paramount Group, Inc.		475,012
	28,670	Parkway Properties, Inc.		479,649
	16,963	Piedmont Office Realty Trust, Inc.		365,383
	27,877	SL Green Realty Corporation		2,968,064
	36,450	Vornado Realty Trust		3,649,374

		Total		23,421,446


	Real Estate Services (0.2%)
	6,619	CBRE Group, Inc.^b		175,271
	800	Jones Lang LaSalle, Inc.		77,960
	3,000	Kennedy-Wilson Holdings, Inc.		56,880

		Total		310,111


	Residential REITS (17.0%)
	29,553	American Campus Communities, Inc.		1,562,467
	35,800	American Homes 4 Rent		733,184
	37,034	Apartment Investment & Management Company		1,635,421
	34,054	AvalonBay Communities, Inc.		6,143,001
	12,139	Bluerock Residential Growth REIT, Inc.		157,807

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

REAL ESTATE SECURITIES PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (99.2%)	Value
	Residential REITS (17.0%) - continued
	24,331	Camden Property Trust	$	2,151,347
	13,638	Education Realty Trust, Inc.		629,257
	21,928	Equity Lifestyle Properties, Inc.		1,755,336
	85,090	Equity Residential		5,860,999
	18,585	Essex Property Trust, Inc.		4,239,053
	5,000	Independence Realty Trust, Inc.		40,900
	13,674	Mid-America Apartment Communities, Inc.		1,454,914
	11,735	Post Properties, Inc.		716,422
	16,128	Sun Communities, Inc.		1,236,050
	61,794	UDR, Inc.		2,281,435

		Total		30,597,593


	Retail REITS (24.6%)
	35,413	Acadia Realty Trust		1,257,870
	15,300	Agree Realty Corporation		738,072
	56,991	Brixmor Property Group, Inc.		1,507,982
	21,739	CBL & Associates Properties, Inc.		202,390
	11,320	Cedar Realty Trust, Inc.		84,108
	83,206	DDR Corporation		1,509,357
	32,224	Equity One, Inc.		1,036,968
	16,595	Federal Realty Investment Trust		2,747,302
	139,705	General Growth Properties, Inc.		4,166,003
	65,987	Kimco Realty Corporation		2,070,672
	18,436	Kite Realty Group Trust		516,761
	23,791	Macerich Company		2,031,514
	23,286	National Retail Properties, Inc.		1,204,352
	12,026	Pennsylvania Real Estate Investment Trust		257,958
	31,548	Ramco-Gershenson Properties Trust		618,656
	10,750	Realty Income Corporation		745,620
	29,792	Regency Centers Corporation		2,494,484
	31,572	Retail Opportunity Investments Corporation		684,165
	38,400	Retail Properties of America, Inc.		648,960
	1,138	Saul Centers, Inc.		70,226
	72,111	Simon Property Group, Inc.		15,640,876
	21,363	Tanger Factory Outlet Centers, Inc.		858,365
	14,847	Taubman Centers, Inc.		1,101,647
	19,271	Urban Edge Properties		575,432
	6,500	Urstadt Biddle Properties, Inc.		161,070
	23,142	Weingarten Realty Investors		944,656
	33,771	WP Glimcher, Inc.		377,898

		Total		44,253,364


	Specialized REITS (17.4%)
	24,697	American Tower Corporation		2,805,827
	2,000	Communications Sales & Leasing, Inc.		57,800
	6,696	CoreSite Realty Corporation		593,868
	11,442	Crown Castle International Corporation		1,160,562
	62,172	CubeSmart		1,919,871
	26,200	CyrusOne, Inc.		1,458,292
	31,768	Digital Realty Trust, Inc.		3,462,394
	18,550	DuPont Fabros Technology, Inc.		881,867
	6,532	EPR Properties		527,002
	10,692	Equinix, Inc.		4,145,609
	32,370	Extra Space Storage, Inc.		2,995,520
	11,950	Gaming and Leisure Properties, Inc.		412,036
	3,500	GEO Group, Inc.		119,630
	4,957	Iron Mountain, Inc.		197,437
	4,900	National Storage Affiliates Trust		102,018
	5,182	Outfront Media, Inc.		125,249
	27,183	Public Storage, Inc.		6,947,703
	9,900	QTS Realty Trust, Inc.		554,202
	16,486	Sovran Self Storage, Inc.		1,729,711
	35,130	Weyerhaeuser Company		1,045,820

		Total		31,242,418

		Total Common Stock (cost $145,799,526)		178,236,440


		Registered Investment Companies (0.1%)
	Equity Funds/ETFs (<0.1%)
	10,000	Cohen & Steers Quality Income Realty Fund, Inc.		137,200

		Total		137,200


		Total Registered Investment Companies (cost $107,160)		137,200


Shares or Principal Amount		Short-Term Investments (0.6%)^c
		Thrivent Core Short-Term Reserve Fund
	116,601	0.580%		1,166,007

		Total Short-Term Investments (cost $1,166,007)		1,166,007

		Total Investments (cost $147,072,693) 99.9%	$	179,539,647

		Other Assets and Liabilities, Net 0.1%		151,178

		Total Net Assets 100.0%	$	179,690,825

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

b	Non-income producing security.

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

Definitions:


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	$	44,254,908
Gross unrealized depreciation		(12,015,377	)

Net unrealized appreciation (depreciation)	$	32,239,531

Cost for federal income tax purposes	$	147,300,116

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

REAL ESTATE SECURITIES PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2016, 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		1,584,636		1,584,636		—		—
Diversified Real Estate Activities		46,440		46,440		—		—
Diversified REITS		8,367,202		8,367,202		—		—
Health Care REITs		16,791,296		16,791,296		—		—
Hotel & Resort REITs		8,159,624		8,159,624		—		—
Industrial REITS		12,346,608		12,346,608		—		—
Information Technology		348,516		348,516		—		—
Mortgage REITS		767,186		767,186		—		—
Office REITS		23,421,446		23,421,446		—		—
Real Estate Services		310,111		310,111		—		—
Residential REITS		30,597,593		30,597,593		—		—
Retail REITS		44,253,364		44,253,364		—		—
Specialized REITS		31,242,418		31,242,418		—		—
Registered Investment Companies
Equity Funds/ETFs		137,200		137,200		—		—

Subtotal Investments in Securities	$	178,373,640	$	178,373,640	$	—	$	—


Other Investments *	Total
Short-Term Investments		1,166,007

Subtotal Other Investments	$	1,166,007

Total Investments at Value	$	179,539,647

There were no significant transfers between Levels during the period ended June 30, 2016. 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, 2015		Gross Purchases		Gross Sales		Shares Held at June 30, 2016		Value June 30, 2016		Income Earned January 1, 2016 - June 30, 2016
Cash Management Trust-Short Term Investment	$	1,707,534	$	5,800,848	$	7,508,382			$	—	$	748
Core Short-Term Reserve Fund		—		3,602,751		2,436,744		116,601		1,166,007		464
Total Value and Income Earned	$	1,707,534							$	1,166,007	$	1,212

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

SMALL CAP STOCK PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (91.5%)	Value
	Consumer Discretionary (9.3%)
	77,318	Aaron’s, Inc.	$	1,692,491
	77,190	Cedar Fair, LP		4,463,126
	105,196	Core-Mark Holding Company, Inc.		4,929,484
	82,990	G-III Apparel Group, Ltd.^a		3,794,303
	182,820	Houghton Mifflin Harcourt Company^a		2,857,477
	109,671	MDC Partners, Inc.^b		2,005,883
	284,100	Nutrisystem, Inc.		7,204,776
	62,060	Oxford Industries, Inc.		3,513,837
	65,490	Papa John’s International, Inc.		4,453,320
	65,200	Penn National Gaming, Inc.^a		909,540
	371,272	Tuesday Morning Corporation^a		2,606,329
	35,060	Zoe’s Kitchen, Inc.^a,b		1,271,626

		Total		39,702,192


	Consumer Staples (2.0%)
	34,811	Casey’s General Stores, Inc.		4,577,995
	89,600	WhiteWave Foods Company^a		4,205,824

		Total		8,783,819


	Energy (4.4%)
	435,820	Callon Petroleum Company^a		4,894,259
	183,940	Parsley Energy, Inc.^a		4,977,416
	179,580	RPC, Inc.^a,b		2,788,877
	38,500	RSP Permian, Inc.^a		1,343,265
	519,070	WPX Energy, Inc.^a		4,832,542

		Total		18,836,359


	Financials (24.4%)
	12,230	Affiliated Managers Group, Inc.^a		1,721,617
	84,170	Allied World Assurance Company Holdings AG		2,957,734
	87,070	American Assets Trust, Inc.		3,695,251
	125,548	Ameris Bancorp		3,728,776
	95,008	Argo Group International Holdings, Ltd.		4,930,915
	230,822	Assured Guaranty, Ltd.		5,855,954
	46,730	BancorpSouth, Inc.		1,060,304
	207,281	BBCN Bancorp, Inc.		3,092,632
	246,908	CoBiz Financial, Inc.		2,888,824
	366,650	Hanmi Financial Corporation		8,612,608
	148,267	Horace Mann Educators Corporation		5,009,942
	136,877	Houlihan Lokey, Inc.		3,061,938
	16,645	Infinity Property & Casualty Corporation		1,342,586
	419,399	Janus Capital Group, Inc.		5,838,034
	22,460	Mid-America Apartment Communities, Inc.		2,389,744
	119,760	PacWest Bancorp		4,764,053
	135,850	Parkway Properties, Inc.		2,272,770
	41,791	Pebblebrook Hotel Trust		1,097,014
	113,850	Physicians Realty Trust		2,391,988
	138,680	Primerica, Inc.^b		7,938,043
	109,470	Renasant Corporation		3,539,165
	17,580	Sovran Self Storage, Inc.		1,844,494
	140,055	Stifel Financial Corporation^a		4,404,730
	20,010	SVB Financial Group^a		1,904,152
	223,630	Synovus Financial Corporation		6,483,034
	233,360	Talmer Bancorp, Inc.		4,473,511
	197,720	Terreno Realty Corporation		5,115,016
	102,830	United Community Banks, Inc.		1,880,761

		Total		104,295,590


	Health Care (10.3%)
	101,530	Akorn, Inc.^a		2,892,082
	27,040	Align Technology, Inc.^a		2,178,072
	46,010	Analogic Corporation		3,655,034
	229,250	Depomed, Inc.^a,b		4,497,885
	64,372	ExamWorks Group, Inc.^a		2,243,364
	49,010	Neurocrine Biosciences, Inc.^a		2,227,505
	102,473	NuVasive, Inc.^a		6,119,688
	169,380	Omnicell, Inc.^a		5,797,877
	97,050	PerkinElmer, Inc.		5,087,361
	37,070	Teleflex, Inc.		6,572,882
	34,384	West Pharmaceutical Services, Inc.		2,609,058

		Total		43,880,808


	Industrials (19.0%)
	98,820	AZZ, Inc.		5,927,224
	140,510	BWX Technologies, Inc.		5,026,043
	70,381	CLARCOR, Inc.		4,281,276
	95,830	Curtiss-Wright Corporation		8,073,677
	222,254	EMCOR Group, Inc.		10,948,232
	176,772	Granite Construction, Inc.		8,051,965
	36,324	HNI Corporation		1,688,703
	38,516	Huron Consulting Group, Inc.^a		2,327,137
	95,318	MSA Safety, Inc.		5,007,055
	93,890	Oshkosh Corporation		4,479,492
	28,070	Proto Labs, Inc.^a,b		1,615,709
	236,830	Raven Industries, Inc.		4,485,560
	24,844	Ritchie Brothers Auctioneers, Inc.		839,230
	104,500	Tennant Company		5,629,415
	205,200	TransUnion^a		6,861,888
	78,544	Waste Connections, Inc.		5,659,095

		Total		80,901,701


	Information Technology (17.2%)
	99,945	Arista Networks, Inc.^a,b		6,434,459
	244,570	Booz Allen Hamilton Holding Corporation		7,249,055
	126,690	Broadridge Financial Solutions, Inc.		8,260,188
	47,813	CACI International, Inc.^a		4,322,773
	54,920	Criteo SA ADR^a,b		2,521,926
	40,120	DST Systems, Inc.		4,671,172
	52,230	Envestnet, Inc.^a		1,739,781
	32,180	FEI Company		3,439,398
	121,990	Finisar Corporation^a		2,136,045
	74,160	Guidewire Software, Inc.^a		4,580,122
	42,070	M/A-COM Technology Solutions Holdings, Inc.^a		1,387,469
	268,830	Microsemi Corporation^a		8,785,364
	222,740	National Instruments Corporation		6,103,076
	181,965	Pegasystems, Inc.		4,903,957
	23,218	Q2 Holdings, Inc.^a		650,568
	215,687	Virtusa Corporation^a		6,229,041

		Total		73,414,394


	Materials (3.3%)
	61,770	Balchem Corporation		3,684,580
	96,413	Chemtura Corporation^a		2,543,375
	47,500	FMC Corporation		2,199,725
	78,522	Scotts Miracle-Gro Company		5,489,473

		Total		13,917,153


	Utilities (1.6%)
	17,993	PNM Resources, Inc.		637,672

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

SMALL CAP STOCK PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (91.5%)	Value
	86,363	Spire, Inc.	$	6,117,955

		Total		6,755,627


		Total Common Stock (cost $337,262,897)		390,487,643


		Registered Investment Companies (6.2%)
	Equity Funds/ETFs (6.2%)
	31,030	iShares Russell 2000 Growth Index Fund		4,256,695
	55,700	iShares Russell 2000 Index Fund		6,403,829
	43,820	iShares Russell 2000 Value Index Fund		4,263,686
	121,470	Materials Select Sector SPDR Fund		5,628,920
	46,210	SPDR S&P Biotech ETF		2,499,499
	43,627	Utilities Select Sector SPDR Fund		2,289,109
	32,550	VanEck Vectors Oil Services ETF^b		952,087

		Total		26,293,825

		Total Registered Investment Companies (cost $25,212,833)		26,293,825

		Collateral Held for Securities Loaned (6.3%)
	26,684,025	Thrivent Cash Management Trust		26,684,025

		Total Collateral Held for Securities Loaned (cost $26,684,025)		26,684,025


Shares or Principal Amount		Short-Term Investments (1.8%)^c
		Federal Home Loan Bank Discount Notes
	6,600,000	0.385%, 9/7/2016		6,596,509
	1,200,000	0.380%, 9/14/2016		1,199,300
		Thrivent Core Short-Term Reserve Fund
	<1	0.580%		1

		Total Short-Term Investments (cost $7,794,251)		7,795,810

		Total Investments (cost $396,954,006) 105.8%	$	451,261,303

		Other Assets and Liabilities, Net (5.8%)		(24,658,559	)

		Total Net Assets 100.0%	$	426,602,744

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	$	26,403,740

Total lending	$	26,403,740
Gross amount payable upon return of collateral for securities loaned	$	26,684,025

Net amounts due to counterparty	$	280,285

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	$	64,325,733
Gross unrealized depreciation		(9,994,447	)

Net unrealized appreciation (depreciation)	$	54,331,286

Cost for federal income tax purposes	$	396,930,017

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

SMALL CAP STOCK PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2016, 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		39,702,192		39,702,192		—		—
Consumer Staples		8,783,819		8,783,819		—		—
Energy		18,836,359		18,836,359		—		—
Financials		104,295,590		104,295,590		—		—
Health Care		43,880,808		43,880,808		—		—
Industrials		80,901,701		80,901,701		—		—
Information Technology		73,414,394		73,414,394		—		—
Materials		13,917,153		13,917,153		—		—
Utilities		6,755,627		6,755,627		—		—
Registered Investment Companies
Equity Funds/ETFs		26,293,825		26,293,825		—		—
Short-Term Investments		7,795,809		—		7,795,809		—

Subtotal Investments in Securities	$	424,577,277	$	416,781,468	$	7,795,809	$	—



Other Investments *	Total
Short-Term Investments		1
Collateral Held for Securities Loaned		26,684,025

Subtotal Other Investments	$	26,684,026

Total Investments at Value	$	451,261,303

There were no significant transfers between Levels during the period ended June 30, 2016. 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 Small Cap Stock Portfolio, is as follows:


Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at June 30, 2016		Value June 30, 2016		Income Earned January 1, 2016 - June 30, 2016
Cash Management Trust-Collateral Investment	$	40,959,020	$	121,613,600	$	135,888,595		26,684,025	$	26,684,025	$	95,598
Cash Management Trust-Short Term Investment		12,996,171		43,066,107		56,062,278		—		—		9,227
Core Short-Term Reserve Fund		—		26,966,217		26,966,216		1		1		6,652
Total Value and Income Earned	$	53,955,191							$	26,684,026	$	111,477

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

SMALL CAP INDEX PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


						% of Net
Shares		Common Stock (96.4%)	Value			Assets
	Consumer Discretionary (13.5%)
	22,560	Core-Mark Holding Company, Inc.		$1,057,162			0.3%
	26,590	Five Below, Inc.^a		1,234,042			0.4%
		Other Securities^		39,942,526			12.8%

		Total		42,233,730


	Consumer Staples (2.8%)
	30,790	B&G Foods, Inc.		1,484,078			0.5%
	79,160	Darling Ingredients, Inc.^a		1,179,484			0.4%
		Other Securities^		6,208,053			1.9%

		Total		8,871,615


	Energy (2.8%)
	22,320	PDC Energy, Inc.^a		1,285,855			0.4%
	30,950	U.S. Silica Holdings, Inc.^b		1,066,847			0.3%
		Other Securities^		6,538,245			2.1%

		Total		8,890,947


	Financials (22.4%)
	34,928	Acadia Realty Trust		1,240,643			0.4%
	14,900	CoreSite Realty Corporation		1,321,481			0.4%
	15,730	EastGroup Properties, Inc.		1,084,112			0.3%
	31,760	First Financial Bankshares, Inc.^b		1,041,410			0.3%
	35,936	GEO Group, Inc.		1,228,292			0.4%
	58,640	Home BancShares, Inc.		1,160,486			0.4%
	40,675	Kite Realty Group Trust		1,140,120			0.4%
	102,159	Lexington Realty Trust		1,032,827			0.3%
	32,939	MB Financial, Inc.		1,195,027			0.4%
	25,830	ProAssurance Corporation		1,383,196			0.4%
	49,090	Retail Opportunity Investments Corporation		1,063,780			0.3%
	18,480	RLI Corporation		1,271,054			0.4%
	28,010	Selective Insurance Group, Inc.		1,070,262			0.3%
	20,250	UMB Financial Corporation		1,077,502			0.3%
	31,250	United Bankshares, Inc.^b		1,172,187			0.4%
	25,820	Wintrust Financial Corporation		1,316,820			0.4%
		Other Securities^		50,992,231			16.6%

		Total		69,791,430


	Health Care (12.4%)
	17,345	Cantel Medical Corporation		1,192,122			0.4%
	8,090	Chemed Corporation		1,102,748			0.4%
	14,210	Integra LifeSciences Holdings Corporation^a		1,133,674			0.4%
	9,210	Ligand Pharmaceuticals, Inc.^a,b		1,098,477			0.3%
	21,400	Masimo Corporation^a		1,123,821			0.4%
	34,180	Medicines Company^a,b		1,149,474			0.4%
	27,860	Medidata Solutions, Inc.^a		1,305,798			0.4%
	24,190	NuVasive, Inc.^a		1,444,627			0.5%
		Other Securities^		29,065,835			9.2%

		Total		38,616,576


	Industrials (16.8%)
	15,100	Dycom Industries, Inc.^a		1,355,376			0.4%
	20,900	EnerSys		1,242,923			0.4%
	35,157	Healthcare Services Group, Inc.		1,454,797			0.5%
	17,360	WageWorks, Inc.^a		1,038,302			0.3%
		Other Securities^		47,468,795			15.2%

		Total		52,560,193


	Information Technology (15.0%)
	23,170	Blackbaud, Inc.		1,573,243			0.5%
	11,690	CACI International, Inc.^a		1,056,893			0.3%
	30,200	Cirrus Logic, Inc.^a		$1,171,458			0.4%
	11,870	Coherent, Inc.^a		1,089,429			0.4%
	10,930	Littelfuse, Inc.		1,291,817			0.4%
	25,930	MKS Instruments, Inc.		1,116,546			0.4%
	18,020	Monolithic Power Systems, Inc.		1,231,126			0.4%
	41,190	Take-Two Interactive Software, Inc.^a		1,561,925			0.5%
		Other Securities^		36,761,800			11.7%

		Total		46,854,237


	Materials (5.1%)
	24,050	H.B. Fuller Company		1,057,959			0.3%
		Other Securities^		14,847,414			4.8%

		Total		15,905,373


	Telecommunications Services (1.4%)
		Other Securities^		4,257,266			1.4%

		Total		4,257,266


	Utilities (4.2%)
	22,693	ALLETE, Inc.		1,466,648			0.5%
	31,140	Avista Corporation		1,395,072			0.4%
	23,700	NorthWestern Corporation		1,494,759			0.5%
	39,900	Piedmont Natural Gas Company, Inc.		2,398,788			0.8%
	38,960	South Jersey Industries, Inc.		1,231,915			0.4%
	22,470	Spire, Inc.		1,591,775			0.5%
		Other Securities^		3,425,650			1.1%

		Total		13,004,607


		Total Common Stock (cost $238,340,258)		300,985,974


		Collateral Held for Securities Loaned (7.1%)
	22,383,665	Thrivent Cash Management Trust		22,383,665			7.1%

		Total Collateral Held for Securities Loaned (cost $22,383,665)		22,383,665


Shares or Principal Amount		Short-Term Investments (2.7%)^c
		Federal Home Loan Bank Discount Notes
	2,000,000	0.335%, 7/20/2016^d		1,999,820			0.7%
		Thrivent Core Short-Term Reserve Fund
	635,612	0.580%		6,356,118			2.0%

		Total Short-Term Investments (cost $8,355,765)		8,355,938

		Total Investments (cost $269,079,688) 106.2%		$331,725,577

		Other Assets and Liabilities, Net (6.2%)		(19,431,583	)

		Total Net Assets 100.0%		$312,293,994

^	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.

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

SMALL CAP INDEX PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

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	$	22,165,055

Total lending	$	22,165,055
Gross amount payable upon return of collateral for securities loaned	$	22,383,665

Net amounts due to counterparty	$	218,610

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	78,738,177
Gross unrealized depreciation		(20,560,590	)

Net unrealized appreciation (depreciation)	$	58,177,587

Cost for federal income tax purposes	$	273,547,990

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2016, 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		42,233,730		42,233,730		—		—
Consumer Staples		8,871,615		8,871,615		—		—
Energy		8,890,947		8,890,947		—		—
Financials		69,791,430		69,791,430		—		—
Health Care		38,616,576		38,616,576		—		—
Industrials		52,560,193		52,560,193		—		—
Information Technology		46,854,237		46,854,237		—		—
Materials		15,905,373		15,905,373		—		—
Telecommunications Services		4,257,266		4,257,266		—		—
Utilities		13,004,607		13,004,607		—		—
Short-Term Investments		1,999,820		—		1,999,820		—

Subtotal Investments in Securities	$	302,985,794	$	300,985,974	$	1,999,820	$	—



Other Investments *		Total
Short-Term Investments		6,356,118
Collateral Held for Securities Loaned		22,383,665

Subtotal Other Investments	$	28,739,783

Total Investments at Value	$	331,725,577


Other Financial Instruments		Total		Level 1		Level 2		Level 3
Liability Derivatives
Futures Contracts		164,355		164,355		—		—

Total Liability Derivatives	$	164,355	$	164,355	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2016. 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.

SMALL CAP INDEX PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

The following table presents Small Cap Index Portfolio’s futures contracts held as of June 30, 2016. Investments and/or cash totaling $799,928 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)
NYBOT NYF mini Russell 2000 Index		73		September 2016		$8,540,375		$8,376,020		($164,355	)
Total Futures Contracts									($	164,355	)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2016, 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	$	164,355
Total Equity Contracts			164,355

Total Liability Derivatives		$	164,355

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

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2016, 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		696,033
Total Equity Contracts			696,033

Total			$696,033

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2016, 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		(134,375	)
Total Equity Contracts			(134,375	)

Total			($134,375	)

The following table presents Small Cap Index Portfolio’s average volume of derivative activity during the period ended June 30, 2016.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts	$	11,006,183		3.9	%

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

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

SMALL CAP INDEX PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

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, 2015		Gross Purchases		Gross Sales		Shares Held at June 30, 2016		Value June 30, 2016		Income Earned January 1, 2016 - June 30, 2016
Cash Management Trust-Collateral Investment	$	15,229,214	$	49,685,005	$	42,530,554		22,383,665	$	22,383,665	$	141,094
Cash Management Trust-Short Term Investment		10,370,336		24,105,517		34,475,853		—		—		9,158
Core Short-Term Reserve Fund		—		16,128,773		9,772,655		635,612		6,356,118		7,865
Total Value and Income Earned	$	25,599,550							$	28,739,783	$	158,117

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

MID CAP STOCK PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (92.7%)	Value
	Consumer Discretionary (8.1%)
	299,650	Cheesecake Factory, Inc.	$	14,425,151
	482,300	Dish DBS Corporation^a		25,272,520
	269,119	Scripps Networks Interactive, Inc.		16,758,040
	300,300	Tempur-Pedic International, Inc.^a,b		16,612,596
	759,750	Time, Inc.		12,505,485
	569,986	Toll Brothers, Inc.^a		15,338,323

		Total		100,912,115


	Consumer Staples (3.8%)
	215,900	Ingredion, Inc.		27,939,619
	192,799	Molson Coors Brewing Company		19,497,763

		Total		47,437,382


	Energy (5.3%)
	94,725	Cimarex Energy Company		11,302,587
	357,550	Continental Resources, Inc.^a,b		16,186,289
	68,901	HollyFrontier Corporation		1,637,777
	515,831	Parsley Energy, Inc.^a		13,958,387
	491,675	Patterson-UTI Energy, Inc.		10,482,511
	495,225	RPC, Inc.^a,b		7,690,844
	25,150	Tesoro Corporation		1,884,238
	52,150	World Fuel Services Corporation		2,476,603

		Total		65,619,236


	Financials (21.5%)
	845,800	Assured Guaranty, Ltd.		21,457,946
	191,100	Camden Property Trust		16,897,062
	208,750	Digital Realty Trust, Inc.		22,751,663
	883,250	Duke Realty Corporation		23,547,445
	449,396	First Republic Bank		31,453,226
	1,075,948	Host Hotels & Resorts, Inc.		17,441,117
	3,619,575	Huntington Bancshares, Inc.		32,359,000
	2,125,000	KeyCorp		23,481,250
	176,300	M&T Bank Corporation		20,843,949
	500,322	Raymond James Financial, Inc.		24,665,875
	1,283,125	Zions Bancorporation		32,244,931

		Total		267,143,464


	Health Care (11.2%)
	161,432	C.R. Bard, Inc.		37,962,349
	156,550	Edwards Lifesciences Corporation^a		15,612,731
	810,850	Hologic, Inc.^a		28,055,410
	248,553	Universal Health Services, Inc.		33,330,957
	174,350	Waters Corporation^a		24,522,328

		Total		139,483,775


	Industrials (17.8%)
	476,800	Actuant Corporation		10,780,448
	298,400	AGCO Corporation		14,063,592
	235,150	Equifax, Inc.		30,193,260
	182,800	Huntington Ingalls Industries, Inc.		30,715,884
	779,200	Masco Corporation		24,108,448
	772,934	Oshkosh Corporation		36,876,681
	1,026,712	Southwest Airlines Company		40,257,378
	290,300	United Continental Holdings, Inc.^a		11,913,912
	246,800	WABCO Holdings, Inc.^a		22,599,476

		Total		221,509,079


	Information Technology (19.3%)
	172,850	Alliance Data Systems Corporation^a		33,864,772
	1,815,083	Applied Materials, Inc.		43,507,539
	822,532	Juniper Networks, Inc.		18,498,745
	1,316,266	NVIDIA Corporation		61,877,665
	428,804	PayPal Holdings, Inc.^a		15,655,634
	541,600	Progress Software Corporation^a		14,872,336
	429,400	Red Hat, Inc.^a		31,174,440
	1,091,672	Teradyne, Inc.		21,495,022

		Total		240,946,153


	Materials (3.8%)
	874,000	Owens-Illinois, Inc.^a		15,740,740
	1,304,763	Steel Dynamics, Inc.		31,966,693

		Total		47,707,433


	Utilities (1.9%)
	505,700	Public Service Enterprise Group, Inc.		23,570,677

		Total		23,570,677


		Total Common Stock (cost $922,079,418)		1,154,329,314


		Collateral Held for Securities Loaned (3.3%)
	41,441,225	Thrivent Cash Management Trust		41,441,225

		Total Collateral Held for Securities Loaned (cost $41,441,225)		41,441,225


Shares or Principal Amount		Short-Term Investments (7.3%)^c
		Federal Home Loan Bank Discount Notes
	800,000	0.270%, 7/8/2016		799,973
	6,000,000	0.260%, 7/22/2016		5,999,406
	4,700,000	0.300%, 7/29/2016		4,699,380
	4,300,000	0.305%, 8/3/2016		4,299,015
	4,700,000	0.312%, 8/5/2016		4,698,858
	10,330,000	0.317%, 8/12/2016		10,326,984
	4,000,000	0.330%, 8/26/2016		3,998,444
	2,200,000	0.380%, 9/7/2016		2,198,836
	5,300,000	0.390%, 9/14/2016		5,296,910
		Thrivent Core Short-Term Reserve Fund
	4,807,326	0.580%		48,073,260

		Total Short-Term Investments (cost $90,386,819)		90,391,066

		Total Investments (cost $1,053,907,462) 103.3%		$1,286,161,605

		Other Assets and Liabilities, Net (3.3%)		(41,492,493)

		Total Net Assets 100.0%		$1,244,669,112

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.

MID CAP STOCK PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)

Securities Lending Transactions


Common Stock	$	40,061,798

Total lending	$	40,061,798
Gross amount payable upon return of collateral for securities loaned	$	41,441,225

Net amounts due to counterparty	$	1,379,427

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	257,414,334
Gross unrealized depreciation		(25,765,086	)

Net unrealized appreciation (depreciation)	$	231,649,248
Cost for federal income tax purposes	$	1,054,512,357

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2016, 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		100,912,115		100,912,115		—		—
Consumer Staples		47,437,382		47,437,382		—		—
Energy		65,619,236		65,619,236		—		—
Financials		267,143,464		267,143,464		—		—
Health Care		139,483,775		139,483,775		—		—
Industrials		221,509,079		221,509,079		—		—
Information Technology		240,946,153		240,946,153		—		—
Materials		47,707,433		47,707,433		—		—
Utilities		23,570,677		23,570,677		—		—
Short-Term Investments		42,317,806		—		42,317,806		—

Subtotal Investments in Securities	$	1,196,647,120	$	1,154,329,314	$	42,317,806	$	—



Other Investments *	Total
Short-Term Investments		48,073,260
Collateral Held for Securities Loaned		41,441,225

Subtotal Other Investments	$	89,514,485

Total Investments at Value	$	1,286,161,605

There were no significant transfers between Levels during the period ended June 30, 2016. 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.

MID CAP STOCK PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)

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, 2015		Gross Purchases		Gross Sales		Shares Held at June 30, 2016		Value June 30, 2016		Income Earned January 1, 2016 - June 30, 2016
Cash Management Trust-Collateral Investment	$	57,473,443	$	164,402,890	$	180,435,108		41,441,225	$	41,441,225	$	53,398
Cash Management Trust-Short Term Investment		50,569,195		76,915,663		127,484,858		—		—		48,058
Core Short-Term Reserve Fund		—		69,752,772		21,679,512		4,807,326		48,073,260		37,744
Total Value and Income Earned	$	108,042,638							$	89,514,485	$	139,200

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

MID CAP INDEX PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


					% of Net
Shares		Common Stock (95.5%)	Value		Assets
	Consumer Discretionary (11.1%)
	7,160	Domino’s Pizza, Inc.	$	940,681		0.4%
	520	NVR, Inc.^a		925,777		0.4%
		Other Securities^		22,393,054		10.3%

		Total		24,259,512


	Consumer Staples (4.5%)
	10,230	Ingredion, Inc.		1,323,864		0.6%
	25,070	WhiteWave Foods Company^a		1,176,786		0.5%
		Other Securities^		7,224,269		3.4%

		Total		9,724,919


	Energy (3.5%)
		Other Securities^		7,715,820		3.5%

		Total		7,715,820


	Financials (25.8%)
	10,560	Alexandria Real Estate Equities, Inc.		1,093,171		0.5%
	2,220	Alleghany Corporation^a		1,220,068		0.6%
	18,650	American Campus Communities, Inc.		986,026		0.5%
	12,400	Camden Property Trust		1,096,408		0.5%
	49,380	Duke Realty Corporation		1,316,471		0.6%
	6,060	Everest Re Group, Ltd.		1,106,980		0.5%
	5,820	FactSet Research Systems, Inc.		939,464		0.4%
	13,100	Kilroy Realty Corporation		868,399		0.4%
	10,780	Mid-America Apartment Communities, Inc.		1,146,992		0.5%
	12,330	MSCI, Inc.		950,890		0.4%
	20,730	National Retail Properties, Inc.		1,072,156		0.5%
	69,161	New York Community Bancorp, Inc.		1,036,723		0.5%
	17,725	Raymond James Financial, Inc.		873,842		0.4%
	13,960	Regency Centers Corporation		1,168,871		0.5%
	9,050	Reinsurance Group of America, Inc.		877,759		0.4%
	19,120	SEI Investments Company		919,863		0.4%
	7,530	Signature Bank^a		940,648		0.4%
		Other Securities^		38,770,820		17.8%

		Total		56,385,551


	Health Care (8.7%)
	6,900	Cooper Companies, Inc.		1,183,833		0 5%
	12,700	IDEXX Laboratories, Inc.^a		1,179,322		0.5%
	13,300	Mednax, Inc.^a		963,319		0.4%
	3,810	Mettler-Toledo International, Inc.^a		1,390,345		0.6%
	19,850	ResMed, Inc.		1,255,116		0.6%
	6,250	Teleflex, Inc.		1,108,188		0.5%
		Other Securities^		11,836,303		5.6%

		Total		18,916,426


	Industrials (12.8%)
	10,560	A.O. Smith Corporation		930,442		0.4%
	9,060	Carlisle Companies, Inc.		957,461		0.5%
	6,721	Huntington Ingalls Industries, Inc.		1,129,330		0.5%
	10,830	IDEX Corporation		889,143		0.4%
	12,830	Wabtec Corporation		901,051		0.4%
		Other Securities^		23,195,589		10.6%

		Total		28,003,016


	Information Technology (16.3%)
	12,560	ANSYS, Inc.^a		1,139,820		0.5%
	16,810	Broadridge Financial Solutions, Inc.		1,096,012		0.5%
	42,760	Cadence Design Systems, Inc.^a		1,039,068		0.5%
	21,990	CDK Global, Inc.		1,220,225		0.6%
	19,660	Computer Sciences Corporation		976,119		0.5%
	11,760	Gartner, Inc.^a		1,145,542		0.5%
	11,220	Jack Henry & Associates, Inc.		979,169		0.5%
	21,670	Synopsys, Inc.^a		1,171,914		0.5%
	35,620	Trimble Navigation, Ltd.^a		867,703		0.4%
		Other Securities^		25,846,543		11.8%

		Total		35,482,115


	Materials (6.8%)
	8,830	Ashland, Inc.		1,013,419		0.5%
	13,300	Packaging Corporation of America		890,169		0.4%
	18,880	RPM International, Inc.		943,056		0.4%
	10,520	Valspar Corporation		1,136,476		0.5%
		Other Securities^		10,872,838		5.0%

		Total		14,855,958


	Telecommunications Services (0.2%)
		Other Securities^		400,262		0.2%

		Total		400,262


	Utilities (5.8%)
	25,652	Aqua America, Inc.		914,750		0.4%
	14,740	Atmos Energy Corporation		1,198,657		0.6%
	28,620	OGE Energy Corporation		937,305		0.4%
	24,990	UGI Corporation		1,130,797		0.5%
	20,450	Westar Energy, Inc.		1,147,041		0.5%
		Other Securities^		7,432,358		3.4%

		Total		12,760,908

		Total Common Stock (cost $175,609,925)		208,504,487


		Collateral Held for Securities Loaned (4.7%)
	10,154,866	Thrivent Cash Management Trust		10,154,866		4.7%

		Total Collateral Held for Securities Loaned (cost $10,154,866)		10,154,866


Shares or Principal Amount		Short-Term Investments (3.5%)^b
		Thrivent Core Short-Term Reserve Fund
	724,237	0.580%		7,242,374		3.3%
		Other Securities^		499,819		0.2%

		Total Short-Term Investments (cost $7,742,048)		7,742,193

		Total Investments (cost $193,506,839) 103.7%		$226,401,546

		Other Assets and Liabilities, Net (3.7%)		(8,068,176)

		Total Net Assets 100.0%		$218,333,370

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

MID CAP INDEX PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

^	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.

Securities Lending Transactions


Common Stock	$	10,043,876

Total lending	$	10,043,876
Gross amount payable upon return of collateral for securities loaned	$	10,154,866

Net amounts due to counterparty	$	110,990

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	42,059,226
Gross unrealized depreciation		(11,025,677	)

Net unrealized appreciation (depreciation)	$	31,033,549
Cost for federal income tax purposes	$	195,367,997

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2016, 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		24,259,512		24,259,512		—		—
Consumer Staples		9,724,919		9,724,919		—		—
Energy		7,715,820		7,715,820		—		—
Financials		56,385,551		56,385,551		—		—
Health Care		18,916,426		18,916,426		—		—
Industrials		28,003,016		28,003,016		—		—
Information Technology		35,482,115		35,482,115		—		—
Materials		14,855,958		14,855,958		—		—
Telecommunications Services		400,262		400,262		—		—
Utilities		12,760,908		12,760,908		—		—
Short-Term Investments		499,819		—		499,819		—

Subtotal Investments in Securities	$	209,004,306	$	208,504,487	$	499,819	$	—



Other Investments *	Total
Short-Term Investments		7,242,374
Collateral Held for Securities Loaned		10,154,866

Subtotal Other Investments	$	17,397,240

Total Investments at Value	$	226,401,546


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		5,358		5,358		—		—

Total Asset Derivatives	$	5,358	$	5,358	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2016. 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.

MID CAP INDEX PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

The following table presents Mid Cap Index Portfolio’s futures contracts held as of June 30, 2016. Investments and/or cash totaling $499,819 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)
CME E-mini S&P Mid-Cap 400 Index		52		September 2016	$	7,758,242	$	7,763,600	$	5,358
Total Futures Contracts									$	5,358

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2016, 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
Asset Derivatives
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	5,358
Total Equity Contracts			5,358

Total Asset Derivatives		$	5,358

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

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2016, 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		35,668
Total Equity Contracts			35,668

Total		$	35,668

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2016, 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		43,394
Total Equity Contracts			43,394

Total		$	43,394

The following table presents Mid Cap Index Portfolio’s average volume of derivative activity during the period ended June 30, 2016.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts	$	7,397,372		3.9	%

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

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

MID CAP INDEX PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

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, 2015		Gross Purchases		Gross Sales		Shares Held at June 30, 2016		Value June 30, 2016		Income Earned January 1, 2016 - June 30, 2016
Cash Management Trust-Collateral Investment	$	5,872,212	$	26,551,558	$	22,268,904		10,154,866	$	10,154,866	$	26,734
Cash Management Trust-Short Term Investment		9,442,638		23,557,239		32,999,877		—		—		6,222
Core Short-Term Reserve Fund		—		17,425,112		10,182,738		724,237		7,242,374		5,443
Total Value and Income Earned	$	15,314,850							$	17,397,240	$	38,399

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

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (86.9%)	Value		% of Net Assets
	Australia (4.5%)
	621,100	Australia & New Zealand Banking Group, Ltd.		$11,316,489		0.7%
		Other Securities^		60,051,512		3.8%

		Total		71,368,001


	Austria (0.6%)
	199,105	OMV AG		5,597,005		0.4%
		Other Securities^		3,968,514		0.2%

		Total		9,565,519


	Belgium (1.2%)
		Other Securities^		19,863,338		1.2%

		Total		19,863,338


	Bermuda (<0.1%)
		Other Securities^		677,050		<0.1%

		Total		677,050


	Brazil (1.6%)
	881,300	Banco Bradesco SA ADR		6,882,953		0.4%
	324,000	Ultrapar Participacoes SA ADR		7,131,240		0.4%
		Other Securities^		11,925,880		0.8%

		Total		25,940,073


	Canada (3.8%)
	170,381	Brookfield Asset Management, Inc.		5,636,506		0.4%
		Other Securities^		54,483,335		3.4%

		Total		60,119,841


	Cayman Islands (0.2%)
		Other Securities^		3,300,789		0.2%

		Total		3,300,789


	Chile (0.2%)
		Other Securities^		2,969,712		0.2%

		Total		2,969,712


	China (0.4%)
		Other Securities^		6,065,960		0.4%

		Total		6,065,960


	Denmark (1.8%)
	203,986	Novo Nordisk AS		10,985,237		0.7%
		Other Securities^		17,549,532		1.1%

		Total		28,534,769


	Faroe Islands (0.2%)
		Other Securities^		2,402,561		0.2%

		Total		2,402,561


	Finland (0.9%)
	410,488	UPM-Kymmene Oyj		7,541,013		0.5%
		Other Securities^		7,098,148		0.4%

		Total		14,639,161


	France (5.2%)
	472,436	AXA SA		9,341,335		0.6%
	377,972	Total SA		18,126,112		1.1%
		Other Securities^		56,264,420		3.5%

		Total		83,731,867


	Germany (6.2%)
	41,246	Adidas AG		5,920,858		0.4%
	63,500	Allianz SE		9,058,788		0.6%
	362,013	Deutsche Telekom AG		6,173,171		0.4%
	83,599	Fresenius SE & Company KGaA		6,142,674		0.4%
	107,068	SAP SE		8,041,394		0.5%
	169,647	Siemens AG		17,409,454		1.1%
		Other Securities^		46,321,943		2.8%

		Total		99,068,282


	Hong Kong (3.1%)
	1,631,800	AIA Group, Ltd.		9,813,196		0.6%
	699,300	China Mobile, Ltd.		8,079,863		0.5%
		Other Securities^		32,342,076		2.0%

		Total		50,235,135


	Hungary (0.2%)
		Other Securities^		3,261,976		0.2%

		Total		3,261,976


	India (2.8%)
	475,741	Housing Development Finance Corporation		8,863,314		0.6%
	353,000	Infosys, Ltd.		6,126,095		0.4%
	1,305,542	ITC, Ltd.		7,147,699		0.5%
	128,696	Ultra Tech Cement, Ltd.		6,522,608		0.4%
		Other Securities^		15,481,301		0.9%

		Total		44,141,017


	Indonesia (0.8%)
	18,512,100	Astra International Tbk PT		10,436,415		0.6%
		Other Securities^		3,003,412		0.2%

		Total		13,439,827


	Ireland (1.1%)
		Other Securities^		17,614,294		1.1%

		Total		17,614,294


	Israel (0.4%)
		Other Securities^		6,715,366		0.4%

		Total		6,715,366


	Italy (2.1%)
	497,646	Assicurazioni Generali SPA		5,868,459		0.4%
	203,704	Recordati SPA		6,127,335		0.4%
		Other Securities^		21,246,227		1.3%

		Total		33,242,021


	Japan (17.0%)
	179,700	Fuji Heavy Industries, Ltd.		6,176,898		0.4%
	528,700	Honda Motor Company, Ltd.		13,262,579		0.8%
	233,200	KDDI Corporation		7,091,551		0.4%
	897,900	Mitsui & Company, Ltd.		10,718,391		0.7%
	4,270,100	Mizuho Financial Group, Inc.		6,144,925		0.4%

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

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (86.9%)	Value		% of Net Assets
	Japan (17.0%) - continued
	140,700	Otsuka Holdings Company, Ltd.		$6,483,861		0.4%
	146,800	Toyota Motor Corporation		7,237,025		0.5%
		Other Securities^		214,711,545		13.4%

		Total		271,826,775


	Jersey (0.4%)
		Other Securities^		7,006,362		0.4%

		Total		7,006,362


	Luxembourg (0.8%)
		Other Securities^		12,974,773		0.8%

		Total		12,974,773


	Malaysia (0.3%)
		Other Securities^		4,418,649		0.3%

		Total		4,418,649


	Mexico (1.3%)
	79,000	Fomento Economico Mexicano SAB de CV ADR		7,306,710		0.5%
	1,466,594	Grupo Financiero Banorte SAB de CV ADR		8,196,700		0.5%
		Other Securities^		4,527,768		0.3%

		Total		20,031,178


	Netherlands (2.2%)
	1,780,589	Aegon NV^a		7,055,304		0.5%
	181,237	Unilever NV		8,429,301		0.5%
		Other Securities^		19,942,691		1.2%

		Total		35,427,296


	New Zealand (0.1%)
		Other Securities^		1,778,416		0.1%

		Total		1,778,416


	Norway (1.1%)
		Other Securities^		16,927,614		1.1%

		Total		16,927,614


	Philippines (0.7%)
	8,276,500	Ayala Land, Inc.		6,865,570		0.4%
		Other Securities^		4,549,775		0.3%

		Total		11,415,345


	Poland (0.2%)
		Other Securities^		3,678,152		0.2%

		Total		3,678,152


	Portugal (0.4%)
	378,591	Jeronimo Martins SGPS SA		5,971,069		0.4%
		Other Securities^		833,939		<0.1%

		Total		6,805,008


	Russia (0.6%)
		Other Securities^		10,283,367		0.6%

		Total		10,283,367


	Singapore (0.9%)
	677,700	United Overseas Bank, Ltd.		9,337,321		0.6%
		Other Securities^		4,259,099		0.3%

		Total		13,596,420


	South Africa (0.6%)
		Other Securities^		9,350,318		0.6%

		Total		9,350,318


	South Korea (0.3%)
		Other Securities^		4,472,639		0.3%

		Total		4,472,639


	Spain (1.4%)
	241,500	Enagas SA^a		7,377,924		0.5%
		Other Securities^		14,212,830		0.9%

		Total		21,590,754


	Sweden (1.8%)
		Other Securities^		28,216,286		1.8%

		Total		28,216,286


	Switzerland (5.3%)
	181,492	Nestle SA		14,061,698		0.9%
	8,600	Roche Holding AG-BR		2,285,208		0.1%
	69,312	Roche Holding AG-Genusschein		18,290,039		1.1%
		Other Securities^		50,581,097		3.2%

		Total		85,218,042


	Taiwan (0.7%)
	1,838,951	Taiwan Semiconductor
		Manufacturing Company, Ltd.		9,267,757		0.6%
		Other Securities^		2,314,899		0.1%

		Total		11,582,656


	Thailand (0.7%)
	427,750	Siam Cement pcl		5,809,585		0.4%
	1,413,500	Siam Commercial Bank pcl^a		5,619,353		0.3%

		Total		11,428,938


	Turkey (0.8%)
		Other Securities^		12,577,144		0.8%

		Total		12,577,144


	United Kingdom (11.7%)
	198,632	British American Tobacco plc		12,877,187		0.8%
	2,227,414	HSBC Holdings plc		13,800,131		0.9%
	189,781	Imperial Brands plc		10,292,402		0.7%
	67,755	Reckitt Benckiser Group plc		6,793,940		0.4%
	425,224	Royal Dutch Shell plc, Class B		11,748,396		0.7%
		Other Securities^		131,856,970		8.2%

		Total		187,369,026

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

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

Shares

Common Stock (86.9%)

Value

% of Net
Assets

United States (0.3%)

Other Securities^

$3,955,284

0.3%

Total

3,955,284

Total Common Stock

(cost $1,392,738,171)

1,388,827,001

Principal
Amount

Long-Term Fixed Income (8.5%)

Angola (0.1%)

Other Securities^

1,693,242

0.1%

Total

1,693,242

Argentina (0.5%)

Other Securities^

6,624,267

0.5%

Total

6,624,267

Armenia (<0.1%)

Other Securities^

464,617

<0.1%

Total

464,617

Azerbaijan (<0.1%)

Other Securities^

401,754

<0.1%

Total

401,754

Belize (<0.1%)

Other Securities^

65,531

<0.1%

Total

65,531

Bermuda (0.1%)

Other Securities^

829,850

0.1%

Total

829,850

Brazil (0.6%)

Other Securities^

8,271,889

0.6%

Total

8,271,889

Bulgaria (<0.1%)

Other Securities^

646,445

<0.1%

Total

646,445

Cameroon (<0.1%)

Other Securities^

202,040

<0.1%

Total

202,040

Cayman Islands (<0.1%)

Other Securities^

267,870

<0.1%

Total

267,870

Chile (0.3%)

Other Securities^

4,391,570

0.3%

Total

4,391,570

Colombia (0.3%)

Other Securities^

5,750,761

0.3%

Total

5,750,761

Costa Rica (0.3%)

Other Securities^

4,020,092

0.3%

Total

4,020,092

Croatia (<0.1%)

Other Securities^

590,487

<0.1%

Total

590,487

Czech Republic (<0.1%)

Other Securities^

314,338

<0.1%

Total

314,338

Dominican Republic (0.5%)

Other Securities^

8,253,708

0.5%

Total

8,253,708

Ecuador (0.1%)

Other Securities^

1,181,679

0.1%

Total

1,181,679

El Salvador (0.2%)

Other Securities^

2,473,100

0.2%

Total

2,473,100

Gabon (0.1%)

Other Securities^

1,045,354

0.1%

Total

1,045,354

Ghana (0.1%)

Other Securities^

1,282,751

0.1%

Total

1,282,751

Guatemala (0.2%)

Other Securities^

2,951,628

0.2%

Total

2,951,628

Honduras (0.1%)

Other Securities^

1,887,200

0.1%

Total

1,887,200

Hong Kong (<0.1%)

Other Securities^

404,726

<0.1%

Total

404,726

Hungary (0.5%)

Other Securities^

7,080,161

0.5%

Total

7,080,161

India (0.1%)

Other Securities^

725,900

0.1%

Total

725,900

Indonesia (0.7%)

Other Securities^

11,282,990

0.7%

Total

11,282,990

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

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

Principal
Amount

Long-Term Fixed Income (8.5%)

Value

% of Net
Assets

Israel (<0.1%)

Other Securities^

$222,371

<0.1%

Total

222,371

Ivory Coast (<0.1%)

Other Securities^

635,997

<0.1%

Total

635,997

Japan (<0.1%)

Other Securities^

939,575

<0.1%

Total

939,575

Kazakhstan (0.2%)

Other Securities^

2,271,150

0.2%

Total

2,271,150

Kenya (<0.1%)

Other Securities^

591,757

<0.1%

Total

591,757

Latvia (<0.1%)

Other Securities^

391,097

<0.1%

Total

391,097

Luxembourg (0.2%)

Other Securities^

3,140,912

0.2%

Total

3,140,912

Macedonia, The Former Yugoslav Republic Of (0.1%)

Other Securities^

885,473

0.1%

Total

885,473

Malaysia (0.1%)

Other Securities^

861,607

0.1%

Total

861,607

Mexico (0.5%)

Other Securities^

9,342,869

0.5%

Total

9,342,869

Mongolia (<0.1%)

Other Securities^

335,956

<0.1%

Total

335,956

Montenegro (<0.1%)

Other Securities^

213,322

<0.1%

Total

213,322

Namibia (<0.1%)

Other Securities^

275,076

<0.1%

Total

275,076

Netherlands (0.1%)

Other Securities^

1,449,524

0.1%

Total

1,449,524

Nigeria (<0.1%)

Other Securities^

308,032

<0.1%

Total

308,032

Pakistan (0.1%)

Other Securities^

1,809,979

0.1%

Total

1,809,979

Panama (<0.1%)

Other Securities^

116,243

<0.1%

Total

116,243

Paraguay (0.2%)

Other Securities^

3,353,533

0.2%

Total

3,353,533

Peru (0.1%)

Other Securities^

2,300,720

0.1%

Total

2,300,720

Philippines (<0.1%)

Other Securities^

1,052,329

<0.1%

Total

1,052,329

Russia (0.2%)

Other Securities^

2,854,528

0.2%

Total

2,854,528

South Africa (0.2%)

Other Securities^

3,618,100

0.2%

Total

3,618,100

South Korea (0.1%)

Other Securities^

672,151

0.1%

Total

672,151

Sri Lanka (0.1%)

Other Securities^

2,152,213

0.1%

Total

2,152,213

Supranational (0.1%)

Other Securities^

704,519

0.1%

Total

704,519

Turkey (0.2%)

Other Securities^

4,122,571

0.2%

Total

4,122,571

Ukraine (0.1%)

Other Securities^

783,744

0.1%

Total

783,744

United Arab Emirates (<0.1%)

Other Securities^

720,392

<0.1%

Total

720,392

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

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

Principal
Amount

Long-Term Fixed Income (8.5%)

Value

% of Net
Assets

United States (0.4%)

Other Securities^

$6,447,846

0.4%

Total

6,447,846

Venezuela (0.5%)

Other Securities^

7,842,929

0.5%

Total

7,842,929

Vietnam (<0.1%)

Other Securities^

600,283

<0.1%

Total

600,283

Virgin Islands, British (<0.1%)

Other Securities^

329,925

<0.1%

Total

329,925

Zambia (0.2%)

Other Securities^

2,504,445

0.2%

Total

2,504,445

Total Long-Term Fixed Income

(cost $137,328,218)

136,955,118

Shares

Preferred Stock (1.2%)

Brazil (0.2%)

Other Securities^

2,700,863

0.2%

Total

2,700,863

Germany (0.2%)

Other Securities^

3,256,819

0.2%

Total

3,256,819

South Korea (0.8%)

12,350

Samsung Electronics Company, Ltd.

12,740,106

0.8%

Total

12,740,106

Total Preferred Stock

(cost $18,453,184)

18,697,788

Collateral Held for Securities Loaned (1.8%)

28,174,169

Thrivent Cash Management Trust

28,174,169

1.8%

Total Collateral Held for Securities Loaned

(cost $28,174,169)

28,174,169

Shares or
Principal
Amount

Short-Term Investments (2.4%)^b

Thrivent Core Short-Term Reserve Fund

3,761,874

0.580%

37,618,740

2.4%

Shares or
Principal
Amount

Short-Term Investments (2.4%)^b

Other Securities^

699,921

<0.1%

Total Short-Term Investments (cost $38,318,554)

38,318,661

Total Investments

(cost $1,615,012,296) 100.8%

$1,610,972,737

Other Assets and Liabilities, Net (0.8%)

(13,387,005

)

Total Net Assets 100.0%

$1,597,585,732

^	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 security is on loan.

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 June 30, 2016. 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 June 30, 2016, the value of these investments was $7,255,050 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 Partner Worldwide Allocation Portfolio as of June 30, 2016:

Securities Lending Transactions


Common Stock	$	27,156,161

Total lending	$	27,156,161
Gross amount payable upon return of collateral for securities loaned	$	28,174,169

Net amounts due to counterparty	$	1,018,008

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	$	120,301,587
Gross unrealized depreciation		(129,208,038	)

Net unrealized appreciation (depreciation)	$	(8,906,451	)

Cost for federal income tax purposes	$	1,619,879,188

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

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2016, 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		200,910,852		5,876,948		194,970,533		63,371
Consumer Staples		186,490,097		7,306,710		179,183,387		—
Energy		82,455,858		11,774,480		70,681,378		—
Financials^		320,689,489		10,104,532		310,584,271		686
Health Care		118,271,064		3,896,642		114,374,422		—
Industrials		182,822,021		6,397,812		176,424,209		—
Information Technology		89,999,260		—		89,999,260		—
Materials		122,570,000		1,844,859		120,725,141		—
Telecommunications Services		57,765,818		—		57,765,818		—
Utilities		26,852,542		—		26,852,542		—
Long-Term Fixed Income
Basic Materials		1,742,846		—		1,742,846		—
Capital Goods		609,428		—		609,428		—
Communications Services		4,550,628		—		4,550,628		—
Consumer Cyclical		552,940		—		552,940		—
Consumer Non-Cyclical^		2,699,683		—		2,699,683		0
Energy		12,201,155		—		12,201,155		—
Financials		9,672,536		—		9,672,536		—
Foreign Government		93,109,847		—		93,109,847		—
Transportation		1,575,800		—		1,575,800		—
U.S. Government and Agencies		4,675,706		—		4,675,706		—
U.S. Municipal		1,604,400		—		1,604,400		—
Utilities		3,960,149		—		3,960,149		—
Preferred Stock
Consumer Discretionary		3,256,819		—		3,256,819		—
Information Technology		12,740,106		—		12,740,106		—
Materials		2,700,863		2,700,863		—		—
Short-Term Investments		699,921		—		699,921		—

Subtotal Investments in Securities	$	1,545,179,828	$	49,902,846	$	1,495,212,925	$	64,057


Other Investments *	Total
Short-Term Investments		37,618,740
Collateral Held for Securities Loaned		28,174,169

Subtotal Other Investments	$	65,792,909

Total Investments at Value	$	1,610,972,737


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		1,344,317		1,344,317		—		—
Foreign Currency Forward Contracts		1,108,268		—		1,108,268		—

Total Asset Derivatives	$	2,452,585	$	1,344,317	$	1,108,268	$	—

Liability Derivatives
Futures Contracts		533,872		533,872		—		—
Foreign Currency Forward Contracts		1,007,900		—		1,007,900		—

Total Liability Derivatives	$	1,541,772	$	533,872	$	1,007,900	$	—

There were no significant transfers between Levels during the period ended June 30, 2016. 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.

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

The following table presents Partner Worldwide Allocation Portfolio’s futures contracts held as of June 30, 2016. Investments and/or cash totaling $1,834,518 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)
CBOT 10-Yr. U.S. Treasury Note		141			September 2016	$	18,306,447		$	18,750,797		$	444,350
CBOT 2-Yr. U.S. Treasury Note		79			September 2016		17,212,082			17,326,922			114,840
CBOT 5-Yr. U.S. Treasury Note		41			September 2016		5,008,888			5,008,726			(162	)
CBOT U.S. Long Bond		67			September 2016		10,883,933			11,547,031			663,098
CME 3 Month Eurodollar Futures		(71	)		September 2016		(17,425,095	)		(17,635,513	)		(210,418	)
CME Ultra Long Term U.S. Treasury Bond		(1	)		September 2016		(174,240	)		(186,375	)		(12,135	)
Eurex 10-Yr. Euro BUND		(19	)		September 2016		(3,461,286	)		(3,497,636	)		(36,350	)
Eurex 2-Yr. Euro SCHATZ		(30	)		September 2016		(3,723,246	)		(3,728,110	)		(4,864	)
Eurex 30-Yr. Euro BUXL		(2	)		September 2016		(403,507	)		(424,503	)		(20,996	)
Eurex 5-Yr. Euro BOBL		(12	)		September 2016		(1,765,017	)		(1,774,631	)		(9,614	)
Eurex Euro STOXX 50 Index		81			September 2016		2,571,867			2,588,835			16,968
FTSE 100 Index		16			September 2016		1,275,618			1,367,999			92,381
HKG Hang Seng Index		1			July 2016		129,649			135,001			5,352
ICE mini MSCI EAFE Index		70			September 2016		5,811,496			5,653,200			(158,296	)
SFE S&P ASX Share Price Index 200		6			September 2016		579,915			579,040			(875	)
SGX MSCI Singapore Index		7			July 2016		157,552			164,880			7,328
TSE Tokyo Price Index		14			September 2016		1,768,730			1,688,568			(80,162	)
Total Futures Contracts												$	810,445

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

100

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Foreign Currency Forward Contracts	Counterparty		Contracts to Deliver/ Receive		Settlement Date		Value on Settlement Date		Value		Unrealized Gain/(Loss)
Purchases
Argentina Peso		BOA		11,354,405		7/11/2016 - 7/13/2016	$	768,269	$	749,959	($	18,310	)
Argentina Peso		CITI		3,123,162		7/27/2016 - 8/29/2016		208,000		202,882		(5,118	)
Argentina Peso		BNP		20,689,769		7/11/2016 - 11/21/2016		1,364,207		1,319,331		(44,876	)
Argentina Peso		RBS		2,535,285		7/14/2016		179,063		167,355		(11,708	)
Argentina Peso		DB		2,960,261		7/25/2016 - 7/28/2016		201,467		194,201		(7,266	)
Brazilian Real		UBS		1,442,630		7/5/2016		431,022		448,403		17,381
Brazilian Real		MSC		407,796		7/5/2016		117,304		126,753		9,449
Brazilian Real		DB		925,642		7/5/2016		254,000		287,711		33,711
Chinese Yuan		MSC		1,138,237		9/1/2016		166,914		170,963		4,049
Chinese Yuan		SB		30,643,113		7/21/2016 - 9/21/2016		4,607,000		4,604,477		(2,523	)
Chinese Yuan		HSBC		31,043,459		7/14/2016 - 9/21/2016		4,662,859		4,667,377		4,518
Chinese Yuan		DB		13,999,002		7/26/2016 - 9/1/2016		2,101,849		2,104,110		2,261
Chinese Yuan		CITI		11,614,094		9/1/2016 - 9/21/2016		1,710,962		1,744,257		33,295
Chinese Yuan		WBC		2,041,023		9/1/2016		297,000		306,561		9,561
Chinese Yuan		JPM		21,706,453		7/11/2016 - 9/1/2016		3,246,620		3,265,405		18,785
Chinese Yuan		BNP		5,780,333		9/1/2016		848,551		868,205		19,654
Chinese Yuan		BB		14,014,955		7/26/2016 - 9/1/2016		2,102,781		2,106,505		3,724
Colombian Peso		RBS		761,318,730		7/15/2016		261,000		259,774		(1,226	)
Colombian Peso		CSFB		1,064,981,660		7/15/2016		356,360		363,389		7,029
Euro		JPM		886,533		7/13/2016 - 9/21/2016		992,677		985,568		(7,109	)
Euro		RBS		465,000		9/21/2016		520,881		517,559		(3,322	)
Euro		UBS		573,000		9/21/2016		636,606		637,766		1,160
Euro		WBC		370,909		7/13/2016		414,641		411,790		(2,851	)
Euro		ML		50,762		7/13/2016		56,733		56,358		(375	)
Euro		BNP		160,198		9/21/2016		180,712		178,306		(2,406	)
Euro		CITI		532,920		7/13/2016		587,816		591,659		3,843
Euro		DB		237,000		9/21/2016		261,233		263,789		2,556
Euro		RBC		864,787		7/13/2016		983,302		960,103		(23,199	)
Euro		BOA		463,000		9/21/2016		515,782		515,333		(449	)
Hong Kong Dollar		BNP		2,042,500		8/5/2016		263,302		263,424		122
Hungarian Forint		UBS		72,566,173		9/21/2016		260,659		255,262		(5,397	)
Hungarian Forint		BNP		250,759,395		9/21/2016		899,841		882,083		(17,758	)
Indonesian Rupiah		HSBC		3,328,655,726		7/29/2016		247,852		250,931		3,079
Indonesian Rupiah		BNP		655,440,106		7/15/2016		47,860		49,505		1,645
Indonesian Rupiah		CITI		13,217,550,004		7/15/2016 - 8/10/2016		977,498		996,041		18,543
Malaysian Ringgit		HSBC		4,413,201		7/8/2016 - 8/10/2016		1,076,869		1,093,661		16,792
Malaysian Ringgit		CITI		1,680,311		7/27/2016 - 7/28/2016		413,175		416,362		3,187
Malaysian Ringgit		UBS		2,122,694		9/8/2016		522,805		524,489		1,684
Malaysian Ringgit		JPM		825,761		8/1/2016		203,737		204,566		829
Mexican Peso		BOA		22,385,553		9/21/2016		1,195,299		1,214,656		19,357
Mexican Peso		JPM		20,585,022		9/21/2016		1,101,451		1,116,958		15,507
Mexican Peso		SSB		1,713,228		9/21/2016		91,010		92,961		1,951
Mexican Peso		HSBC		4,865,890		9/21/2016		260,000		264,027		4,027
Mexican Peso		RBS		1,917,262		9/21/2016		104,000		104,032		32
Mexican Peso		MSC		15,639,377		9/21/2016		831,793		848,604		16,811
New Taiwan Dollar		UBS		16,269,899		7/14/2016		498,572		504,535		5,963
New Taiwan Dollar		SB		16,661,240		7/7/2016		513,602		516,577		2,975
Polish Zloty		JPM		5,078,278		9/21/2016		1,285,518		1,285,425		(93	)
Polish Zloty		CITI		1,977,202		9/21/2016		521,504		500,474		(21,030	)
Polish Zloty		BOA		685,650		9/21/2016		175,517		173,553		(1,964	)
Russian Ruble		CSFB		67,331,965		7/11/2016 - 7/29/2016		1,041,000		1,049,007		8,007
Russian Ruble		JPM		33,836,184		7/8/2016		516,000		528,345		12,345
Russian Ruble		CITI		6,639,359		7/14/2016		103,000		103,556		556
Russian Ruble		MSC		16,856,059		7/29/2016		261,000		262,171		1,171
South African Rand		BIO		1,599,837		9/21/2016		106,000		108,626		2,626
South African Rand		CITI		1,601,985		9/21/2016		104,000		107,177		3,177
South African Rand		SB		4,741,645		9/21/2016		297,577		317,228		19,651
South African Rand		MSC		4,830,334		9/21/2016		315,477		323,161		7,684
South Korean Won		DB		913,081,580		7/5/2016 - 8/16/2016		773,172		792,743		19,571
South Korean Won		MSC		600,889,862		7/8/2016		519,464		521,674		2,210
South Korean Won		BOA		577,953,453		7/15/2016		488,235		501,783		13,548
Turkish Lira		RBS		1,545,499		9/21/2016		523,000		532,330		9,330

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

101

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Foreign Currency Forward Contracts	Counterparty		Contracts to Deliver/ Receive		Settlement Date		Value on Settlement Date		Value		Unrealized Gain/(Loss)
Purchases
United Arab Emirates		MSC		17,277,441		12/7/2016	$	4,700,833	$	4,700,478	($	355	)
Total Purchases							$	50,276,233	$	50,482,254	$	206,021
Sales
Brazilian Real		DB		972,276		7/5/2016 - 9/2/2016	$	291,766	$	297,351	($	5,585	)
Brazilian Real		RBC		875,342		7/5/2016		259,000		272,077		(13,077	)
Brazilian Real		UBS		1,442,630		8/2/2016		427,706		444,523		(16,817	)
Brazilian Real		MSC		3,535,693		7/5/2016 - 9/2/2016		1,039,000		1,089,111		(50,111	)
Brazilian Real		BOA		862,541		9/2/2016		264,000		268,512		(4,512	)
Chilean Peso		CSFB		108,041,625		7/14/2016		157,768		163,039		(5,271	)
Chilean Peso		HSBC		74,186,973		7/28/2016		109,768		111,816		(2,048	)
Chinese Yuan		SB		25,226,047		7/21/2016 - 9/1/2016		3,823,496		3,792,097		31,399
Chinese Yuan		DB		22,037,814		7/26/2016 - 9/1/2016		3,310,323		3,311,538		(1,215	)
Chinese Yuan		HSBC		39,390,550		7/14/2016 - 9/21/2016		5,903,692		5,921,077		(17,385	)
Chinese Yuan		CITI		1,968,351		9/1/2016		301,003		295,646		5,357
Chinese Yuan		JPM		27,513,354		7/11/2016 - 9/1/2016		4,138,311		4,137,600		711
Chinese Yuan		WBC		5,919,836		9/1/2016		889,000		889,157		(157	)
Chinese Yuan		BB		22,514,824		7/26/2016 - 9/1/2016		3,375,593		3,383,184		(7,591	)
Colombian Peso		CSFB		1,703,906,750		7/15/2016		562,485		581,400		(18,915	)
Czech Republic Korun		BNP		6,383,152		7/28/2016		268,347		262,165		6,182
Euro		SSB		2,346,827		9/21/2016		2,675,453		2,612,093		63,360
Euro		UBS		230,000		9/21/2016		260,659		255,997		4,662
Euro		BNP		228,000		9/21/2016		259,335		253,771		5,564
Euro		WBC		11,610,474		7/13/2016		13,166,108		12,890,175		275,933
Euro		CITI		455,000		9/21/2016		521,504		506,429		15,075
Euro		BOA		258,929		7/13/2016 - 9/21/2016		291,855		287,904		3,951
Hong Kong Dollar		SB		13,760,177		9/21/2016		1,773,744		1,775,598		(1,854	)
Hungarian Forint		BOA		146,802,592		9/21/2016		515,782		516,400		(618	)
Hungarian Forint		RBS		72,441,600		9/21/2016		260,579		254,824		5,755
Hungarian Forint		UBS		106,791,587		9/21/2016		376,475		375,655		820
Indonesian Rupiah		CITI		3,530,646,180		7/28/2016		261,000		266,197		(5,197	)
Indonesian Rupiah		JPM		6,876,072,100		7/18/2016 - 7/29/2016		513,399		518,749		(5,350	)
Malaysian Ringgit		DB		1,772,184		7/28/2016		429,624		439,117		(9,493	)
Malaysian Ringgit		CITI		1,004,553		8/10/2016		244,583		248,702		(4,119	)
Malaysian Ringgit		WBC		1,385,591		7/27/2016		340,691		343,339		(2,648	)
Malaysian Ringgit		UBS		2,122,694		7/8/2016		523,605		526,367		(2,762	)
Mexican Peso		RBC		1,988,397		9/21/2016		104,000		107,892		(3,892	)
Mexican Peso		JPM		1,797,372		9/21/2016		97,972		97,527		445
Mexican Peso		MSC		5,098,099		9/21/2016		265,463		276,626		(11,163	)
Mexican Peso		CITI		5,088,488		8/16/2016		266,254		277,125		(10,871	)
New Taiwan Dollar		MSC		33,128,026		7/22/2016 - 8/10/2016		1,022,478		1,027,764		(5,286	)
New Taiwan Dollar		UBS		12,341,947		7/14/2016		381,395		382,728		(1,333	)
New Taiwan Dollar		HSBC		24,947,157		7/7/2016 - 7/27/2016		773,000		773,652		(652	)
New Taiwan Dollar		CITI		56,948,620		7/14/2016 - 8/22/2016		1,754,645		1,766,716		(12,071	)
New Taiwan Dollar		JPM		37,849,051		7/28/2016 - 8/3/2016		1,160,682		1,174,173		(13,491	)
New Taiwan Dollar		SB		24,973,475		7/7/2016 - 8/26/2016		768,602		774,934		(6,332	)
Polish Zloty		UBS		1,055,501		9/21/2016		260,131		267,171		(7,040	)
Polish Zloty		RBS		1,047,110		9/21/2016		260,302		265,047		(4,745	)
Polish Zloty		BNP		704,962		9/21/2016		180,712		178,441		2,271
Polish Zloty		DB		1,058,769		9/21/2016		261,233		267,998		(6,765	)
Polish Zloty		JPM		2,106,723		9/21/2016		522,828		533,258		(10,430	)
Russian Ruble		CITI		14,041,610		7/11/2016		217,383		219,134		(1,751	)
Russian Ruble		CSFB		22,042,809		8/11/2016		332,295		341,679		(9,384	)
Russian Ruble		JPM		33,665,229		7/14/2016		507,220		525,086		(17,866	)
Russian Ruble		MSC		75,928,404		7/14/2016 - 7/27/2016		1,148,119		1,181,668		(33,549	)
Singapore Dollar		BOA		350,586		9/21/2016		258,000		260,150		(2,150	)
Singapore Dollar		CITI		2,387,487		9/21/2016		1,731,896		1,771,621		(39,725	)
Singapore Dollar		DB		702,541		9/21/2016		515,000		521,317		(6,317	)
Singapore Dollar		SSB		348,270		9/21/2016		260,000		258,432		1,568
Singapore Dollar		MSC		695,528		9/21/2016		519,000		516,112		2,888
South African Rand		MSC		3,115,400		9/21/2016		206,000		208,428		(2,428	)
South African Rand		SB		3,184,863		9/21/2016		206,000		213,076		(7,076	)
South Korean Won		WBC		411,705,450		7/15/2016		352,923		357,446		(4,523	)
South Korean Won		DB		304,009,215		7/5/2016		259,327		263,935		(4,608	)
South Korean Won		UBS		297,157,394		7/15/2016		256,469		257,994		(1,525	)
South Korean Won		JPM		895,341,473		7/8/2016 - 7/18/2016		771,126		777,341		(6,215	)

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

102

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Foreign Currency Forward Contracts	Counterparty		Contracts to Deliver/ Receive		Settlement Date		Value on Settlement Date		Value		Unrealized Gain/(Loss)
Sales
South Korean Won		CITI		2,258,954,059		7/15/2016 - 7/25/2016	$	1,898,702	$	1,961,287	($	62,585	)
South Korean Won		MSC		901,640,204		7/8/2016 - 8/16/2016		777,208		782,782		(5,574	)
Thai Baht		DB		49,350,166		7/27/2016 - 9/2/2016		1,400,281		1,403,790		(3,509	)
Turkish Lira		HSBC		777,653		9/21/2016		259,000		265,322		(6,322	)
Turkish Lira		RBS		783,258		9/21/2016		261,000		267,235		(6,235	)
Turkish Lira		CITI		1,505,552		9/21/2016		498,692		513,670		(14,978	)
United Arab Emirates		MSC		17,277,441		12/7/2016		4,674,000		4,700,478		(26,478	)
Total Sales							$	72,924,992	$	73,030,645	($	105,653	)
Net Unrealized Gain/(Loss) on Foreign Currency Forward Contracts											$	100,368


Counterparty
BOA	-	Bank of America
BB	-	Barclays Bank
BNP	-	BNP Paribas
BIO	-	Brown Brothers Harriman
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 June 30, 2016, for Partner Worldwide Allocation Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	1,222,288
Total Interest Rate Contracts			1,222,288
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		122,029
Total Equity Contracts			122,029
Foreign Exchange Contracts
Forward Contracts	Net Assets - Net unrealized appreciation/(depreciation) on Foreign currency forward contracts		1,108,268
Total Foreign Exchange Contracts			1,108,268

Total Asset Derivatives		$	2,452,585

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		294,539
Total Interest Rate Contracts			294,539
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		239,333
Total Equity Contracts			239,333
Foreign Exchange Contracts
Forward Contracts	Net Assets - Net unrealized appreciation/(depreciation) on Foreign currency forward contracts		1,007,900
Total Foreign Exchange Contracts			1,007,900

Total Liability Derivatives		$	1,541,772

*	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.

103

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2016, 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		(752,442	)
Total Equity Contracts			(752,442	)
Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(481,059	)
Total Foreign Exchange Contracts			(481,059	)
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		318,058
Total Interest Rate Contracts			318,058

Total		($	915,443	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2016, for Partner Worldwide Allocation Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		1,201,046
Total Interest Rate Contracts			1,201,046
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(172,706	)
Total Equity Contracts			(172,706	)
Foreign Exchange Contracts
Forward Contracts	Change in net unrealized appreciation/(depreciation) on Foreign currency forward contracts		81,187
Total Foreign Exchange Contracts			81,187

Total		$	1,109,527

The following table presents Partner Worldwide Allocation Portfolio’s average volume of derivative activity during the period ended June 30, 2016.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)			Forwards (Notional)*		Forwards (Percentage of Average Net Assets)
Equity Contracts	$	11,539,590		0.7	%		N/A		N/A
Interest Rate Contracts		80,164,126		5.1			N/A		N/A
Foreign Exchange Contracts		N/A		N/A		$	127,650,190		8.2	%

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

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

104

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

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, 2015		Gross Purchases		Gross Sales		Shares Held at June 30, 2016		Value June 30, 2016		Income Earned January 1, 2016 - June 30, 2016
Cash Management Trust-Collateral Investment	$	18,465,884	$	186,219,155	$	176,510,870		28,174,169	$	28,174,169	$	303,492
Cash Management Trust-Short Term Investment		17,322,047		222,829,835		240,151,882		—		—		28,127
Core Short-Term Reserve Fund		—		90,273,184		52,654,444		3,761,874		37,618,740		23,736
Total Value and Income Earned	$	35,787,931							$	65,792,909	$	355,355

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

105

PARTNER ALL CAP PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (97.6%)	Value
	Consumer Discretionary (12.5%)
	2,100	Amazon.com, Inc.^a	$	1,502,802
	3,236	Charter Communications, Inc.^a		739,879
	12,500	Delphi Automotive plc		782,500
	11,280	Home Depot, Inc.		1,440,343
	27,690	Interpublic Group of Companies, Inc.		639,639
	4,000	Mohawk Industries, Inc.^a		759,040
	33,579	Newell Brands, Inc.		1,630,932
	11,500	NIKE, Inc.		634,800
	8,000	Royal Caribbean Cruises, Ltd.		537,200
	23,520	Service Corporation International		635,981
	6,700	Signet Jewelers, Ltd.		552,147
	15,800	Time Warner, Inc.		1,161,932

		Total		11,017,195


	Consumer Staples (9.4%)
	6,100	Constellation Brands, Inc.		1,008,940
	26,500	Coty, Inc.^b		688,735
	9,650	Estee Lauder Companies, Inc.		878,343
	32,700	Kroger Company		1,203,033
	21,700	Mondelez International, Inc.		987,567
	6,500	Monster Beverage Corporation^a		1,044,615
	29,900	Reynolds American, Inc.		1,612,507
	24,400	Snyder’s-Lance, Inc.		826,916

		Total		8,250,656


	Energy (6.6%)
	9,600	Exxon Mobil Corporation		899,904
	34,330	Hess Corporation		2,063,233
	20,000	Marathon Petroleum Corporation		759,200
	7,850	Occidental Petroleum Corporation		593,146
	18,800	Schlumberger, Ltd.		1,486,704

		Total		5,802,187


	Financials (16.7%)
	9,300	Aflac, Inc.		671,088
	39,100	Boston Private Financial Holdings, Inc.		460,598
	9,700	Boston Properties, Inc.		1,279,430
	17,120	Capital One Financial Corporation		1,087,291
	33,600	CBRE Group, Inc.^a		889,728
	39,700	Citigroup, Inc.		1,682,883
	18,500	Discover Financial Services		991,415
	6,700	Goldman Sachs Group, Inc.		995,486
	10,500	Hartford Financial Services Group, Inc.		465,990
	24,200	Invesco, Ltd.		618,068
	82,200	KeyCorp		908,310
	12,700	Marsh & McLennan Companies, Inc.		869,442
	11,000	Nasdaq, Inc.		711,370
	133,060	Regions Financial Corporation		1,132,341
	8,670	Reinsurance Group of America, Inc.		840,903
	31,400	UDR, Inc.		1,159,288

		Total		14,763,631


	Health Care (13.9%)
	6,900	Alexion Pharmaceuticals, Inc.^a		805,644
	5,190	BioMarin Pharmaceutical, Inc.^a		403,782
	6,300	C.R. Bard, Inc.		1,481,508
	15,100	Eli Lilly and Company		1,189,125
	16,900	Envision Healthcare Holdings, Inc.^a		428,753
	15,490	HCA Holdings, Inc.^a		1,192,885
	6,700	Humana, Inc.		1,205,196
	18,760	Medivation, Inc.^a		1,131,228
	9,300	Medtronic plc		806,961
	8,600	Shire Pharmaceuticals Group plc ADR		1,583,088
	12,300	Teva Pharmaceutical Industries, Ltd. ADR		617,829
	9,200	Vertex Pharmaceuticals, Inc.^a		791,384
	35,554	Wright Medical Group NV^a		617,573

		Total		12,254,956


	Industrials (10.2%)
	7,720	Alaska Air Group, Inc.		449,999
	19,450	Danaher Corporation		1,964,450
	9,220	FedEx Corporation		1,399,412
	8,390	Genesee & Wyoming, Inc.^a		494,590
	12,610	IDEX Corporation		1,035,281
	22,100	Ingersoll-Rand plc		1,407,328
	2,300	Lockheed Martin Corporation		570,791
	12,490	Manpower, Inc.		803,607
	9,150	WABCO Holdings, Inc.^a		837,865

		Total		8,963,323


	Information Technology (19.2%)
	14,470	Adobe Systems, Inc.^a		1,386,081
	4,040	Alphabet, Inc., Class A^a		2,842,261
	16,040	Apple, Inc.		1,533,424
	8,300	Broadcom, Ltd.		1,289,820
	12,980	Cavium, Inc.^a		501,028
	16,720	Facebook, Inc.^a		1,910,762
	41,900	Gogo, Inc.^a,b		351,541
	7,600	Imperva, Inc.^a		326,876
	14,940	Monolithic Power Systems, Inc.		1,020,701
	9,300	NXP Semiconductors NV^a		728,562
	35,780	Oracle Corporation		1,464,475
	18,300	Paycom Software, Inc.^a,b		790,743
	24,200	PayPal Holdings, Inc.^a		883,542
	17,300	Salesforce.com, Inc.^a		1,373,793
	3,400	Tyler Technologies, Inc.^a		566,814

		Total		16,970,423


	Materials (3.1%)
	16,400	CF Industries Holdings, Inc.		395,240
	11,030	Eagle Materials, Inc.		850,965
	9,700	Ecolab, Inc.		1,150,420
	3,400	Monsanto Company		351,594

		Total		2,748,219


	Telecommunications Services (2.5%)
	8,110	SBA Communications Corporation^a		875,393
	9,300	Telephone & Data Systems, Inc.		275,838
	24,010	T-Mobile US, Inc.^a		1,038,913

		Total		2,190,144


	Utilities (3.5%)
	13,000	American Electric Power Company, Inc.		911,170
	11,340	Atmos Energy Corporation		922,169
	19,200	PG&E Corporation		1,227,264

		Total		3,060,603


		Total Common Stock (cost $79,673,805)		86,021,337

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

106

PARTNER ALL CAP PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Collateral Held for Securities Loaned (2.1%)	Value
	1,829,525	Thrivent Cash Management Trust	$	1,829,525

		Total Collateral Held for Securities Loaned (cost $1,829,525)		1,829,525


Shares or Principal Amount		Short-Term Investments (2.3%)^c
		Thrivent Core Short-Term Reserve Fund
	202,141	0.580%		2,021,414

		Total Short-Term Investments (cost $2,021,414)		2,021,414

		Total Investments (cost $83,524,744) 102.0%	$	89,872,276

		Other Assets and Liabilities, Net (2.0%)		(1,781,677	)

		Total Net Assets 100.0%	$	88,090,599

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	$	1,831,019

Total lending	$	1,831,019
Gross amount payable upon return of collateral for securities loaned	$	1,829,525

Net amounts due to counterparty	$	(1,494	)

Definitions:


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

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	10,465,629
Gross unrealized depreciation		(4,175,007	)

Net unrealized appreciation (depreciation)	$	6,290,622

Cost for federal income tax purposes	$	83,581,654

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

107

PARTNER ALL CAP PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2016, 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		11,017,195		11,017,195		—		—
Consumer Staples		8,250,656		8,250,656		—		—
Energy		5,802,187		5,802,187		—		—
Financials		14,763,631		14,763,631		—		—
Health Care		12,254,956		12,254,956		—		—
Industrials		8,963,323		8,963,323		—		—
Information Technology		16,970,423		16,970,423		—		—
Materials		2,748,219		2,748,219		—		—
Telecommunications Services		2,190,144		2,190,144		—		—
Utilities		3,060,603		3,060,603		—		—

Subtotal Investments in Securities	$	86,021,337	$	86,021,337	$	—	$	—


Other Investments*	Total
Short-Term Investments		2,021,414
Collateral Held for Securities Loaned		1,829,525

Subtotal Other Investments	$	3,850,939

Total Investments at Value	$	89,872,276

There were no significant transfers between Levels during the period ended June 30, 2016. 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, 2015		Gross Purchases		Gross Sales		Shares Held at June 30, 2016		Value June 30, 2016		Income Earned January 1, 2016 - June 30, 2016
Cash Management Trust-Collateral Investment	$	786,450	$	14,980,600	$	13,937,525		1,829,525	$	1,829,525	$	15,306
Cash Management Trust-Short Term Investment		1,773,740		5,953,819		7,727,559		—		—		1,496
Core Short-Term Reserve Fund		—		3,774,661		1,753,247		202,141		2,021,414		1,501
Total Value and Income Earned	$	2,560,190							$	3,850,939	$	18,303

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

108

LARGE CAP GROWTH PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (87.0%)	Value
	Consumer Discretionary (25.4%)
	114,891	Amazon.com, Inc.^a	$	82,218,298
	51,110	AutoZone, Inc.^a		40,573,162
	428,199	Comcast Corporation		27,914,293
	318,150	Home Depot, Inc.		40,624,574
	286,090	Las Vegas Sands Corporation		12,442,054
	297,770	NIKE, Inc.		16,436,904
	590,220	Starbucks Corporation		33,713,366

		Total		253,922,651


	Consumer Staples (2.8%)
	297,110	CVS Health Corporation		28,445,311

		Total		28,445,311


	Energy (1.9%)
	116,950	EOG Resources, Inc.		9,755,969
	114,910	EQT Corporation		8,897,481

		Total		18,653,450


	Financials (0.7%)
	29,880	Goldman Sachs Group, Inc.		4,439,570
	36,129	J.P. Morgan Chase & Company		2,245,056

		Total		6,684,626


	Health Care (15.4%)
	361,799	Abbott Laboratories		14,222,319
	154,488	Alexion Pharmaceuticals, Inc.^a		18,038,019
	167,416	Allergan plc^a		38,688,163
	252,100	Celgene Corporation^a		24,864,623
	154,972	Cerner Corporation^a		9,081,359
	375,952	Gilead Sciences, Inc.		31,361,916
	210,449	Vertex Pharmaceuticals, Inc.^a		18,102,823

		Total		154,359,222


	Industrials (4.8%)
	168,274	3M Company		29,468,143
	513,860	Delta Air Lines, Inc.		18,719,920

		Total		48,188,063


	Information Technology (36.0%)
	66,703	Alphabet, Inc., Class A^a		46,927,562
	51,922	Alphabet, Inc., Class C^a		35,935,216
	379,090	Apple, Inc.		36,241,004
	648,162	Facebook, Inc.^a		74,071,953
	543,800	Microsoft Corporation		27,826,246
	833,860	PayPal Holdings, Inc.^a		30,444,229
	529,549	Salesforce.com, Inc.^a		42,051,486
	641,760	Visa, Inc.		47,599,339
	406,270	Xilinx, Inc.		18,741,235

		Total		359,838,270

		Total Common Stock (cost $713,787,231)		870,091,593


Shares or Principal Amount		Short-Term Investments (13.0%)^b
		Federal Home Loan Bank Discount Notes
	900,000	0.320%, 7/6/2016		899,979
	5,000,000	0.250%, 7/14/2016		4,999,695
	2,550,000	0.340%, 7/15/2016		2,549,832
	2,200,000	0.340%, 7/20/2016		2,199,802
	31,623,000	0.321%, 8/3/2016		31,615,758
	9,600,000	0.310%, 8/4/2016		9,597,734
	2,320,000	0.327%, 8/5/2016		2,319,436
	2,000,000	0.410%, 8/8/2016		1,999,472
	8,400,000	0.341%, 8/12/2016		8,397,547
	6,100,000	0.365%, 8/17/2016		6,098,011
	455,000	0.335%, 8/26/2016		454,823
	1,604,000	0.340%, 9/9/2016		1,603,128
	7,500,000	0.390%, 9/14/2016		7,495,628
		Thrivent Core Short-Term Reserve Fund
	4,981,695	0.580%		49,816,951

		Total Short-Term Investments (cost $130,040,387)		130,047,796

		Total Investments (cost $843,827,618) 100.0%	$	1,000,139,389

		Other Assets and Liabilities, Net (<0.1%)		(174,231	)

		Total Net Assets 100.0%	$	999,965,158

a	Non-income producing security.

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

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	188,951,806
Gross unrealized depreciation		(32,712,276	)

Net unrealized appreciation (depreciation)	$	156,239,530

Cost for federal income tax purposes	$	843,899,859

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

109

LARGE CAP GROWTH PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2016, 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		253,922,651		253,922,651		—		—
Consumer Staples		28,445,311		28,445,311		—		—
Energy		18,653,450		18,653,450		—		—
Financials		6,684,626		6,684,626		—		—
Health Care		154,359,222		154,359,222		—		—
Industrials		48,188,063		48,188,063		—		—
Information Technology		359,838,270		359,838,270		—		—
Short-Term Investments		80,230,845		—		80,230,845		—

Subtotal Investments in Securities	$	950,322,438	$	870,091,593	$	80,230,845	$	—


Other Investments*	Total
Short-Term Investments		49,816,951

Subtotal Other Investments	$	49,816,951

Total Investments at Value	$	1,000,139,389

There were no significant transfers between Levels during the period ended June 30, 2016. 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 June 30, 2016, for Large Cap Growth Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		(4,188,582	)
Total Equity Contracts			(4,188,582	)

Total		($	4,188,582	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2016, for Large Cap Growth Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(1,039,585	)
Total Equity Contracts			(1,039,585	)

Total		($	1,039,585	)

The following table presents Large Cap Growth Portfolio’s average volume of derivative activity during the period ended June 30, 2016.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts	$	9,994,671		1.0	%

*	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.

110

LARGE CAP GROWTH PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)

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, 2015		Gross Purchases		Gross Sales		Shares Held at June 30, 2016		Value June 30, 2016		Income Earned January 1, 2016 - June 30, 2016
Cash Management Trust-Collateral Investment	$	10,560,850	$	140,767,275	$	151,328,125		—	$	—	$	4,828
Cash Management Trust-Short Term Investment		74,078,772		120,244,987		194,323,759		—		—		64,923
Core Short-Term Reserve Fund		—		79,132,574		29,315,623		4,981,695		49,816,951		38,806
Total Value and Income Earned	$	84,639,622							$	49,816,951	$	108,557

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

111

PARTNER GROWTH STOCK PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (97.9%)	Value
	Consumer Discretionary (26.2%)
	13,350	Amazon.com, Inc.^a	$	9,553,527
	1,572	AutoZone, Inc.^a		1,247,917
	15,500	BorgWarner, Inc.		457,560
	4,300	Ctrip.com International, Ltd. ADR^a		177,160
	9,400	Delphi Automotive plc		588,440
	12,530	Ferrari NV		512,853
	166	Flipkart, Ltd.*^,a,b		15,984
	38,500	Hanesbrands, Inc.		967,505
	28,700	Hilton Worldwide Holdings, Inc.		646,611
	12,300	Las Vegas Sands Corporation		534,927
	19,600	Lowe’s Companies, Inc.		1,551,732
	12,800	Marriott International, Inc.		850,688
	58,670	MGM Resorts International^a		1,327,702
	14,700	Netflix, Inc.^a		1,344,756
	3,710	Priceline Group, Inc.^a		4,631,601
	14,900	Ross Stores, Inc.		844,681
	7,400	Royal Caribbean Cruises, Ltd.		496,910
	16,000	Starbucks Corporation		913,920
	7,337	Tesla Motors, Inc.^a,c		1,557,498
	12,700	Tractor Supply Company		1,157,986
	1,900	Walt Disney Company		185,858

		Total		29,565,816


	Consumer Staples (3.7%)
	2,900	Costco Wholesale Corporation		455,416
	17,700	Mondelez International, Inc.		805,527
	15,500	Philip Morris International, Inc.		1,576,660
	16,100	Walgreens Boots Alliance, Inc.		1,340,647

		Total		4,178,250


	Financials (7.3%)
	19,400	American Tower Corporation		2,204,034
	800	BlackRock, Inc.		274,024
	11,700	Crown Castle International Corporation		1,186,731
	1,000	Equinix, Inc.		387,730
	5,100	International Exchange, Inc.		1,305,396
	57,500	Morgan Stanley		1,493,850
	11,200	State Street Corporation		603,904
	27,089	TD Ameritrade Holding Corporation		771,359

		Total		8,227,028


	Health Care (18.5%)
	10,619	Aetna, Inc.		1,296,899
	9,479	Alexion Pharmaceuticals, Inc.^a		1,106,768
	9,067	Allergan plc^a		2,095,293
	9,500	Anthem, Inc.		1,247,730
	3,410	Biogen, Inc.^a		824,606
	2,300	BioMarin Pharmaceutical, Inc.^a		178,940
	39,800	Bristol-Myers Squibb Company		2,927,290
	7,900	Celgene Corporation^a		779,177
	6,900	CIGNA Corporation		883,131
	3,240	Gilead Sciences, Inc.		270,281
	7,482	Humana, Inc.		1,345,862
	3,100	Illumina, Inc.^a		435,178
	3,000	Incyte Corporation^a		239,940
	2,900	Intuitive Surgical, Inc.^a		1,918,089
	5,900	McKesson Corporation		1,101,235
	9,000	Stryker Corporation		1,078,470
	11,600	UnitedHealth Group, Inc.		1,637,920
	11,000	Vertex Pharmaceuticals, Inc.^a		946,220
	12,100	Zoetis, Inc.		574,266

		Total		20,887,295


	Industrials (8.6%)
	55,300	American Airlines Group, Inc.		1,565,543
	10,900	Boeing Company		1,415,583
	30,900	Danaher Corporation		3,120,900
	5,324	Delta Air Lines, Inc.		193,954
	4,700	FedEx Corporation		713,366
	5,625	Flowserve Corporation		254,081
	3,200	IHS, Inc.^a		369,952
	1,700	Illinois Tool Works, Inc.		177,072
	1,800	Kansas City Southern		162,162
	5,300	Roper Industries, Inc.		903,968
	7,826	United Continental Holdings, Inc.^a		321,179
	8,165	Wabtec Corporation		573,428

		Total		9,771,188


	Information Technology (32.0%)
	5,400	Alphabet, Inc., Class A^a		3,799,062
	4,870	Alphabet, Inc., Class C^a		3,370,527
	34,400	Apple, Inc.		3,288,640
	9,780	ASML Holding NV GDR^c		970,274
	42,500	Facebook, Inc.^a		4,856,900
	7,500	Fiserv, Inc.^a		815,475
	30,800	MasterCard, Inc.		2,712,248
	68,500	Microsoft Corporation		3,505,145
	28,600	Mobileye NV^a		1,319,604
	7,400	NetSuite, Inc.^a,c		538,720
	17,700	NXP Semiconductors NV^a		1,386,618
	2,400	Palo Alto Networks, Inc.^a		294,336
	23,400	PayPal Holdings, Inc.^a		854,334
	22,500	Salesforce.com, Inc.^a		1,786,725
	12,800	ServiceNow, Inc.^a		849,920
	72,900	Tencent Holdings, Ltd.		1,672,302
	11,700	VeriSign, Inc.^a,c		1,011,582
	41,100	Visa, Inc.		3,048,387

		Total		36,080,799


	Materials (1.1%)
	6,500	Ashland, Inc.		746,005
	2,400	Martin Marietta Materials, Inc.		460,800

		Total		1,206,805


	Telecommunications Services (0.5%)
	13,400	T-Mobile US, Inc.^a		579,818

		Total		579,818

		Total Common Stock (cost $78,755,401)		110,496,999


		Preferred Stock (0.4%)
	Consumer Discretionary (0.4%)
	2,943	Airbnb, Inc., Convertible*^,^a,b		273,964
	7,282	Dropbox, Inc., Class A*^,a,b		57,601
	58	Flipkart, Ltd. Series A Preference Shares*^,a,b		5,585
	100	Flipkart, Ltd. Series C Preference Shares*^,a,b		9,629
	187	Flipkart, Ltd. Series E Preference Shares*^,a,b		18,006
	843	Flipkart, Ltd. Series G Preference Shares*^,a,b		81,172
	760	Flipkart, Ltd. Series H Preference Shares*^,a,b		73,180

		Total		519,137

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

112

PARTNER GROWTH STOCK PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Preferred Stock (0.4%)	Value
	Information Technology (<0.1%)
	4,432	LivingSocial.com, Convertible*^,a,b	$	1

		Total		1

		Total Preferred Stock (cost $541,386)		519,138


		Collateral Held for Securities Loaned (3.4%)
	3,829,085	Thrivent Cash Management Trust		3,829,085


		Total Collateral Held for Securities Loaned (cost $3,829,085)		3,829,085


Shares or Principal Amount		Short-Term Investments (1.6%)^d
		Thrivent Core Short-Term Reserve Fund
	176,984	0.580%		1,769,842

		Total Short-Term Investments (cost $1,769,842)		1,769,842

		Total Investments (cost $84,895,714) 103.3%	$	116,615,064

		Other Assets and Liabilities, Net (3.3%)		(3,733,613	)

		Total Net Assets 100.0%	$	112,881,451

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 June 30, 2016 was $535,122 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 June 30, 2016.


Security	Acquisition Date		Cost
Airbnb, Inc., Convertible		4/16/2014		$119,819
Dropbox, Inc., Class A		11/7/2014		139,095
Flipkart, Ltd.		3/19/2015		18,924
Flipkart, Ltd. Series A Preference Shares		3/19/2015		6,612
Flipkart, Ltd. Series C Preference Shares		3/19/2015		11,400
Flipkart, Ltd. Series E Preference Shares		3/19/2015		21,318
Flipkart, Ltd. Series G Preference Shares		12/17/2014		100,958
Flipkart, Ltd. Series H Preference Shares		4/17/2015		108,102
LivingSocial.com, Convertible		11/18/2011		34,082

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 June 30, 2016:

Securities Lending Transactions


Common Stock	$	3,816,363

Total lending	$	3,816,363
Gross amount payable upon return of collateral for securities loaned	$	3,829,085

Net amounts due to counterparty	$	12,722

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	$	33,796,904
Gross unrealized depreciation		(2,515,943	)

Net unrealized appreciation (depreciation)	$	31,280,961

Cost for federal income tax purposes	$	85,334,103

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

113

PARTNER GROWTH STOCK PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2016, 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		29,565,816		29,549,832		—		15,984
Consumer Staples		4,178,250		4,178,250		—		—
Financials		8,227,028		8,227,028		—		—
Health Care		20,887,295		20,887,295		—		—
Industrials		9,771,188		9,771,188		—		—
Information Technology		36,080,799		34,408,497		1,672,302		—
Materials		1,206,805		1,206,805		—		—
Telecommunications Services		579,818		579,818		—		—
Preferred Stock
Consumer Discretionary		519,137		—		—		519,137
Information Technology		1		—		—		1

Subtotal Investments in Securities	$	111,016,137	$	108,808,713	$	1,672,302	$	535,122



Other Investments *	Total
Short-Term Investments		1,769,842
Collateral Held for Securities Loaned		3,829,085

Subtotal Other Investments	$	5,598,927

Total Investments at Value	$	116,615,064

There were no significant transfers between Levels during the period ended June 30, 2016. Transfers between Levels are identified as of the end of the period.

Investment in Affiliates

Affiliated issuers, as defined under the Investment Company Act of 1940, include those in which the Portfolio's holdings of an issuer represent 5% or more of the outstanding voting securities of an issuer, 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 Partner Growth Stock Portfolio, is as follows:


Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at June 30, 2016		Value June 30, 2016		Income Earned January 1, 2016 - June 30, 2016
Cash Management Trust- Collateral Investment	$	3,501,278	$	20,706,680	$	20,378,873		3,829,085	$	3,829,085	$	17,417
Cash Management Trust- Short Term Investment		2,630,798		6,608,018		9,238,816		—		—		1,365
Core Short-Term Reserve Fund		—		6,704,146		4,934,304		176,984		1,769,842		1,092
Total Value and Income Earned	$	6,132,076							$	5,598,927	$	19,874

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

114

LARGE CAP VALUE PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (97.4%)	Value
	Consumer Discretionary (10.1%)
	587,100	Comcast Corporation	$	38,273,049
	167,890	Delphi Automotive plc		10,509,914
	473,347	Discovery Communications, Inc., Class A^a,b		11,942,545
	540,198	Harley-Davidson, Inc.^a		24,470,969
	425,200	Lowe’s Companies, Inc.		33,663,084

		Total		118,859,561


	Consumer Staples (5.9%)
	406,820	CVS Health Corporation		38,948,947
	86,300	Kimberly-Clark Corporation		11,864,524
	180,759	Philip Morris International, Inc.		18,386,805

		Total		69,200,276


	Energy (11.5%)
	326,830	Baker Hughes, Inc.		14,749,838
	387,925	Chevron Corporation		40,666,178
	385,250	Devon Energy Corporation		13,965,312
	148,783	EOG Resources, Inc.		12,411,478
	187,019	EQT Corporation		14,480,881
	1,932,951	Marathon Oil Corporation		29,013,595
	1,910,200	Weatherford International plc^b		10,601,610

		Total		135,888,892


	Financials (21.0%)
	200,000	American International Group, Inc.		10,578,000
	1,825,640	Bank of America Corporation		24,226,243
	502,800	Blackstone Group, LP		12,338,712
	150,900	Capital One Financial Corporation		9,583,659
	112,080	Chubb, Ltd.		14,649,977
	901,000	Citigroup, Inc.		38,193,390
	333,500	Comerica, Inc.		13,716,855
	756,800	Fifth Third Bancorp		13,312,112
	73,250	Goldman Sachs Group, Inc.		10,883,485
	56,750	International Exchange, Inc.		14,525,730
	551,460	Invesco, Ltd.		14,084,288
	97,200	J.P. Morgan Chase & Company		6,040,008
	493,870	MetLife, Inc.		19,670,842
	626,610	Morgan Stanley		16,279,328
	695,500	Synchrony Financial^b		17,582,240
	486,000	Zions Bancorporation		12,213,180

		Total		247,878,049


	Health Care (13.9%)
	124,450	Amgen, Inc.		18,935,068
	245,300	Express Scripts Holding Company^b		18,593,740
	295,690	Medtronic plc		25,657,021
	790,450	Merck & Company, Inc.		45,537,825
	809,000	Pfizer, Inc.		28,484,890
	329,900	Roche Holding AG ADR		10,870,205
	117,547	UnitedHealth Group, Inc.		16,597,636

		Total		164,676,385


	Industrials (9.4%)
	89,650	Boeing Company		11,642,845
	471,650	CSX Corporation		12,300,632
	163,500	Delta Air Lines, Inc.		5,956,305
	175,603	Honeywell International, Inc.		20,426,141
	256,250	Ingersoll-Rand plc		16,318,000
	147,050	Norfolk Southern Corporation		12,518,367
	67,000	Rockwell Automation, Inc.		7,692,940
	230,500	United Parcel Service, Inc.		24,829,460

		Total		111,684,690


	Information Technology (16.3%)
	22,300	Alphabet, Inc., Class C^b		15,433,830
	1,908,740	Cisco Systems, Inc.		54,761,751
	594,450	EMC Corporation		16,151,206
	328,400	Intel Corporation		10,771,520
	796,960	Microsoft Corporation		40,780,443
	659,500	Oracle Corporation		26,993,335
	450,240	Texas Instruments, Inc.		28,207,536

		Total		193,099,621


	Materials (3.4%)
	188,394	Albemarle Corporation		14,941,528
	275,580	Dow Chemical Company		13,699,082
	449,100	Mosaic Company		11,757,438

		Total		40,398,048


	Telecommunications Services (2.2%)
	456,764	Verizon Communications, Inc.		25,505,702

		Total		25,505,702


	Utilities (3.7%)
	680,930	PG&E Corporation		43,525,046

		Total		43,525,046

		Total Common Stock (cost $933,704,583)		1,150,716,270


		Collateral Held for Securities Loaned (2.8%)
	32,462,025	Thrivent Cash Management Trust		32,462,025

		Total Collateral Held for Securities Loaned (cost $32,462,025)		32,462,025


Shares or Principal Amount		Short-Term Investments (2.5%)^c
		Thrivent Core Short-Term Reserve Fund
	2,994,791	0.580%		29,947,907

		Total Short-Term Investments (cost $29,947,907)		29,947,907

		Total Investments (cost $996,114,515) 102.7%	$	1,213,126,202

		Other Assets and Liabilities, Net (2.7%)		(31,493,046	)

		Total Net Assets 100.0%	$	1,181,633,156

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.

115

LARGE CAP VALUE PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)

Definitions:


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

Securities Lending Transactions


Common Stock	$	32,562,837

Total lending	$	32,562,837
Gross amount payable upon return of collateral for securities loaned	$	32,462,025

Net amounts due to counterparty	$	(100,812	)

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	256,287,932
Gross unrealized depreciation		(39,531,767	)

Net unrealized appreciation (depreciation)	$	216,756,165

Cost for federal income tax purposes	$	996,370,037

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2016, 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		118,859,561		118,859,561		—		—
Consumer Staples		69,200,276		69,200,276		—		—
Energy		135,888,892		135,888,892		—		—
Financials		247,878,049		247,878,049		—		—
Health Care		164,676,385		164,676,385		—		—
Industrials		111,684,690		111,684,690		—		—
Information Technology		193,099,621		193,099,621		—		—
Materials		40,398,048		40,398,048		—		—
Telecommunications Services		25,505,702		25,505,702		—		—
Utilities		43,525,046		43,525,046		—		—

Subtotal Investments in Securities	$	1,150,716,270	$	1,150,716,270	$	—	$	—



Other Investments *	Total
Short-Term Investments		29,947,907
Collateral Held for Securities Loaned		32,462,025

Subtotal Other Investments	$	62,409,932

Total Investments at Value	$	1,213,126,202

There were no significant transfers between Levels during the period ended June 30, 2016. 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, 2015		Gross Purchases		Gross Sales		Shares Held at June 30, 2016		Value June 30, 2016		Income Earned January 1, 2016 - June 30, 2016
Cash Management Trust- Collateral Investment		$13,026,675		$173,449,573		$154,014,223		32,462,025		$32,462,025		$36,027
Cash Management Trust- Short Term Investment		19,152,858		28,107,108		47,259,966		—		—		20,621
Core Short-Term Reserve Fund		—		38,260,690		8,312,783		2,994,791		29,947,907		14,990
Total Value and Income Earned		$32,179,533								$62,409,932		$71,638

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

116

LARGE CAP STOCK PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (85.3%)	Value		% of Net Assets
	Consumer Discretionary (14.8%)
	35,752	Amazon.com, Inc.^a	$	25,584,846		3.0	%
	25,540	AutoZone, Inc.^a		20,274,674		2.4	%
	273,260	Comcast Corporation		17,813,819		2.1	%
	113,615	Las Vegas Sands Corporation		4,941,116		0.6	%
	363,800	Starbucks Corporation		20,780,256		2.5	%
		Other Securities^		36,209,127		4.2	%

		Total		125,603,838


	Consumer Staples (7.2%)
	87,340	CVS Health Corporation		8,361,932		1.0	%
	105,117	Imperial Brands plc		5,700,815		0.7	%
	99,840	Kimberly-Clark Corporation		13,726,003		1.6	%
	164,475	Philip Morris International, Inc.		16,730,397		2.0	%
		Other Securities^		16,642,895		1.9	%

		Total		61,162,042


	Energy (8.4%)
	298,050	Baker Hughes, Inc.		13,450,997		1.6	%
	1,261,063	BP plc		7,381,692		0.9	%
	142,229	Chevron Corporation		14,909,866		1.8	%
	114,120	EOG Resources, Inc.		9,519,890		1.1	%
	62,530	EQT Corporation		4,841,698		0.6	%
	1,982,324	Weatherford International plc^a		11,001,898		1.3	%
		Other Securities^		10,109,885		1.1	%

		Total		71,215,926


	Financials (15.0%)
	48,600	Allianz SE		6,933,182		0.8	%
	52,260	Chubb, Ltd.		6,830,905		0.8	%
	219,870	Citigroup, Inc.		9,320,289		1.1	%
	42,570	International Exchange, Inc.		10,896,217		1.3	%
	233,360	Invesco, Ltd.		5,960,014		0.7	%
	244,349	J.P. Morgan Chase & Company		15,183,847		1.8	%
		Other Securities^		71,491,696		8.5	%

		Total		126,616,150


	Health Care (10.5%)
	30,322	Allergan plc^a		7,007,111		0.8	%
	37,208	Essilor International SA		4,890,235		0.6	%
	69,309	Gilead Sciences, Inc.		5,781,757		0.7	%
	335,890	Merck & Company, Inc.		19,350,623		2.3	%
	384,920	Pfizer, Inc.		13,553,033		1.6	%
	71,982	Vertex Pharmaceuticals, Inc.^a		6,191,892		0.7	%
		Other Securities^		32,447,345		3.8	%

		Total		89,221,996


	Industrials (7.4%)
	75,590	Boeing Company		9,816,873		1.2	%
	224,780	Delta Air Lines, Inc.		8,188,736		1.0	%
	57,240	Honeywell International, Inc.		6,658,157		0.8	%
	129,970	Norfolk Southern Corporation		11,064,346		1.3	%
		Other Securities^		26,969,935		3.1	%

		Total		62,698,047


	Information Technology (14.0%)
	24,244	Alphabet, Inc., Class A^a		17,056,381		2.0	%
	24,250	Alphabet, Inc., Class C^a		16,783,425		2.0	%
	306,198	Apple, Inc.		29,272,529		3.5	%
	199,060	Cisco Systems, Inc.		5,711,031		0.7	%
	476,130	EMC Corporation		12,936,452		1.5	%
	87,275	Facebook, Inc.^a		9,973,787		1.2	%
	125,960	Microsoft Corporation		6,445,373		0.8	%
	131,640	Salesforce.com, Inc.^a		10,453,532		1.2	%
		Other Securities^		9,997,703		1.1	%

		Total		118,630,213


	Materials (3.7%)
	83,996	Albemarle Corporation		6,661,723		0.8	%
	146,250	Dow Chemical Company		7,270,087		0.9	%
		Other Securities^		17,570,178		2.0	%

		Total		31,501,988


	Telecommunications Services (1.1%)
		Other Securities^		8,887,162		1.1	%

		Total		8,887,162


	Utilities (3.2%)
	296,050	PG&E Corporation		18,923,516		2.2	%
		Other Securities^		8,186,918		1.0	%

		Total		27,110,434

		Total Common Stock (cost $613,792,398)		722,647,796


		Registered Investment Companies (0.1%)
	Equity Funds/ETFs (<0.1%)
		Other Securities^		390,670		0.1	%

		Total		390,670

		Total Registered Investment Companies (cost $376,746)		390,670


		Collateral Held for Securities Loaned (0.5%)
	4,591,378	Thrivent Cash Management Trust		4,591,378		0.5	%

		Total Collateral Held for Securities Loaned (cost $4,591,378)		4,591,378


Shares or Principal Amount		Short-Term Investments (14.3%)^b
		Federal Agricultural Mortgage Corporation Discount Notes
	5,100,000	0.270%, 7/8/2016		5,099,832		0.6	%
		Federal Home Loan Bank Discount Notes
	7,550,000	0.343%, 7/15/2016		7,549,502		0.9	%
	23,300,000	0.339%, 7/20/2016		23,297,903		2.8	%
	10,200,000	0.300%, 7/29/2016^c		10,198,654		1.2	%
	5,800,000	0.306%, 8/3/2016		5,798,672		0.7	%
	9,500,000	0.312%, 8/5/2016		9,497,691		1.1	%
	6,727,000	0.407%, 8/12/2016		6,725,036		0.8	%
	8,100,000	0.290% - 0.410%,
		7/13/2016 - 9/21/2016		8,098,074		0.9	%
		Federal National Mortgage Association Discount Notes
	5,000,000	0.400%, 7/25/2016^c		4,999,435		0.6	%

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

117

LARGE CAP STOCK PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Shares or Principal Amount		Short-Term Investments (14.3%)^b	Value			% of Net Assets
		Thrivent Core Short-Term Reserve Fund
	3,952,491	0.580%	$	39,524,914			4.7	%

		Total Short-Term Investments (cost $120,782,126)		120,789,713

		Total Investments (cost $739,542,648) 100.2%	$	848,419,557

		Other Assets and Liabilities, Net (0.2%)		(1,619,109	)

		Total Net Assets 100.0%	$	846,800,448

^	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	$	4,356,546

Total lending	$	4,356,546
Gross amount payable upon return of collateral for securities loaned	$	4,591,378

Net amounts due to counterparty	$	234,832

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	143,206,550
Gross unrealized depreciation		(35,484,317	)

Net unrealized appreciation (depreciation)	$	107,722,233

Cost for federal income tax purposes	$	740,697,324

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

118

LARGE CAP STOCK PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2016, 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		125,603,838		89,394,711		36,209,127		—
Consumer Staples		61,162,042		38,818,332		22,343,710		—
Energy		71,215,926		57,143,288		14,072,638		—
Financials		126,616,150		63,351,907		63,264,243		—
Health Care		89,221,996		67,037,050		22,184,946		—
Industrials		62,698,047		36,677,030		26,021,017		—
Information Technology		118,630,213		111,493,819		7,136,394		—
Materials		31,501,988		13,931,810		17,570,178		—
Telecommunications Services		8,887,162		—		8,887,162		—
Utilities		27,110,434		18,923,516		8,186,918		—
Registered Investment Companies
Equity Funds/ETFs		390,670		390,670		—		—
Short-Term Investments		81,264,799		—		81,264,799		—

Subtotal Investments in Securities	$	804,303,265	$	497,162,133	$	307,141,132	$	—



Other Investments *	Total
Short-Term Investments		39,524,914
Collateral Held for Securities Loaned		4,591,378

Subtotal Other Investments	$	44,116,292

Total Investments at Value	$	848,419,557


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		1,200,372		1,200,372		—		—

Total Asset Derivatives	$	1,200,372	$	1,200,372	$	—	$	—

Liability Derivatives
Futures Contracts		1,185,984		1,185,984		—		—

Total Liability Derivatives	$	1,185,984	$	1,185,984	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2016. 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 June 30, 2016. Investments and/or cash totaling $8,598,937 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)
Eurex Euro STOXX 50 Index		1,757		September 2016	$	54,954,994	$	56,155,366	$	1,200,372
Eurex Stoxx Europe 600 Index		321		September 2016		5,962,154		5,877,816		(84,338	)
ICE mini MSCI EAFE Index		435		September 2016		36,232,246		35,130,600		(1,101,646	)
Total Futures Contracts									$	14,388

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

119

LARGE CAP STOCK PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2016, for Large Cap Stock Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	1,200,372
Total Equity Contracts			1,200,372

Total Asset Derivatives		$	1,200,372

Liability Derivatives
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		1,185,984
Total Equity Contracts			1,185,984

Total Liability Derivatives		$	1,185,984

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

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2016, 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		(6,509,965	)
Total Equity Contracts			(6,509,965	)

Total		($	6,509,965	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2016, 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		(3,365,989	)
Total Equity Contracts			(3,365,989	)

Total		($	3,365,989	)

The following table presents Large Cap Stock Portfolio’s average volume of derivative activity during the period ended June 30, 2016.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts	$	119,336,246		14.2	%

*	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.

120

LARGE CAP STOCK PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

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, 2015		Gross Purchases		Gross Sales		Shares Held at June 30, 2016		Value June 30, 2016		Income Earned January 1, 2016 - June 30, 2016
Cash Management Trust-Collateral Investment	$	4,545,524	$	54,909,335	$	54,863,481		4,591,378	$	4,591,378	$	78,782
Cash Management Trust-Short Term Investment		129,184,785		111,721,796		240,906,581		—		—		96,693
Core Short-Term Reserve Fund		—		67,328,797		27,803,883		3,952,491		39,524,914		29,096
Total Value and Income Earned	$	133,730,309							$	44,116,292	$	204,571

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

121

LARGE CAP INDEX PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (97.1%)	Value			% of Net Assets
	Consumer Discretionary (12.1%)
	11,920	Amazon.com, Inc.^a	$	8,530,190			1.5	%
	74,275	Comcast Corporation		4,841,987			0.8	%
	38,550	Home Depot, Inc.		4,922,449			0.9	%
	27,090	McDonald’s Corporation		3,260,011			0.6	%
	45,130	Starbucks Corporation		2,577,826			0.5	%
	45,927	Walt Disney Company		4,492,579			0.8	%
		Other Securities^		41,126,857			7.0	%

		Total		69,751,899


	Consumer Staples (10.3%)
	60,710	Altria Group, Inc.		4,186,562			0.7	%
	120,300	Coca-Cola Company		5,453,199			0.9	%
	33,554	CVS Health Corporation		3,212,460			0.6	%
	44,640	PepsiCo, Inc.		4,729,162			0.8	%
	47,990	Philip Morris International, Inc.		4,881,543			0.8	%
	82,628	Procter & Gamble Company		6,996,113			1.2	%
	47,200	Wal-Mart Stores, Inc.		3,446,544			0.6	%
		Other Securities^		26,571,114			4.7	%

		Total		59,476,697


	Energy (7.2%)
	57,956	Chevron Corporation		6,075,527			1.1	%
	128,200	Exxon Mobil Corporation		12,017,468			2.1	%
	42,459	Schlumberger, Ltd.		3,357,658			0.6	%
		Other Securities^		19,884,557			3.4	%

		Total		41,335,210


	Financials (15.2%)
	309,730	Bank of America Corporation		4,110,117			0.7	%
	57,809	Berkshire Hathaway, Inc.^a		8,370,165			1.4	%
	88,793	Citigroup, Inc.		3,763,935			0.7	%
	111,438	J.P. Morgan Chase & Company		6,924,757			1.2	%
	140,870	Wells Fargo & Company		6,667,377			1.2	%
		Other Securities^		57,947,144			10.0	%

		Total		87,783,495


	Health Care (14.2%)
	49,840	AbbVie, Inc.		3,085,594			0.5	%
	12,092	Allergan plc^a		2,794,340			0.5	%
	23,040	Amgen, Inc.		3,505,536			0.6	%
	51,348	Bristol-Myers Squibb Company		3,776,645			0.7	%
	40,930	Gilead Sciences, Inc.		3,414,381			0.6	%
	84,910	Johnson & Johnson		10,299,583			1.8	%
	43,369	Medtronic plc		3,763,128			0.7	%
	85,423	Merck & Company, Inc.		4,921,219			0.9	%
	187,100	Pfizer, Inc.		6,587,791			1.1	%
	29,290	UnitedHealth Group, Inc.		4,135,748			0.7	%
		Other Securities^		35,569,449			6.1	%

		Total		81,853,414


	Industrials (9.8%)
	18,630	3M Company		3,262,486			0.6	%
	18,290	Boeing Company		2,375,322			0.4	%
	282,977	General Electric Company		8,908,116			1.5	%
	23,375	Honeywell International, Inc.		2,718,980			0.5	%
	23,960	United Technologies Corporation		2,457,098			0.4	%
		Other Securities^		37,156,764			6.4	%

		Total		56,878,766


	Information Technology (19.2%)
	9,110	Alphabet, Inc., Class A^a		6,409,158			1.1	%
	9,159	Alphabet, Inc., Class C^a		6,338,944			1.1	%
	168,580	Apple, Inc.		16,116,248			2.8	%
	155,520	Cisco Systems, Inc.		4,461,869			0.8	%
	71,840	Facebook, Inc.^a		8,209,875			1.4	%
	145,200	Intel Corporation		4,762,560			0.8	%
	27,190	International Business Machines Corporation		4,126,898			0.7	%
	29,840	MasterCard, Inc.		2,627,710			0.5	%
	241,840	Microsoft Corporation		12,374,953			2.1	%
	95,907	Oracle Corporation		3,925,474			0.7	%
	44,990	QUALCOMM, Inc.		2,410,114			0.4	%
	58,550	Visa, Inc.		4,342,654			0.7	%
		Other Securities^		35,031,743			6.1	%

		Total		111,138,200


	Materials (2.7%)
		Other Securities^		15,470,151			2.7	%

		Total		15,470,151


	Telecommunications Services (2.8%)
	190,476	AT&T, Inc.		8,230,468			1.4	%
	126,346	Verizon Communications, Inc.		7,055,161			1.2	%
		Other Securities^		1,127,463			0.2	%

		Total		16,413,092


	Utilities (3.6%)
		Other Securities^		20,834,157			3.6	%

		Total		20,834,157

		Total Common Stock (cost $362,970,005)		560,935,081


		Collateral Held for Securities Loaned (0.6%)
	3,532,407	Thrivent Cash Management Trust		3,532,407			0.6	%

		Total Collateral Held for Securities Loaned (cost $3,532,407)		3,532,407


Shares or Principal Amount		Short-Term Investments (2.8%)^b
		Thrivent Core Short-Term Reserve Fund
	1,573,130	0.580%		15,731,305			2.7	%
		Other Securities^		699,619			0.1	%

		Total Short-Term Investments (cost $16,430,777)		16,430,924

		Total Investments (cost $382,933,189) 100.5%	$	580,898,412

		Other Assets and Liabilities, Net (0.5%)		(3,102,693	)

		Total Net Assets 100.0%	$	577,795,719

^	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.

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

122

LARGE CAP INDEX PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

Securities Lending Transactions


Common Stock	$	3,499,461

Total lending	$	3,499,461
Gross amount payable upon return of collateral for securities loaned	$	3,532,407

Net amounts due to counterparty	$	32,946

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	195,599,048
Gross unrealized depreciation		(13,280,456	)

Net unrealized appreciation (depreciation)	$	182,318,592

Cost for federal income tax purposes	$	398,579,820

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2016, 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		69,751,899		69,751,899		—		—
Consumer Staples		59,476,697		59,470,900		—		5,797
Energy		41,335,210		41,335,210		—		—
Financials		87,783,495		87,783,495		—		—
Health Care		81,853,414		81,853,414		—		—
Industrials		56,878,766		56,878,766		—		—
Information Technology		111,138,200		111,138,200		—		—
Materials		15,470,151		15,470,151		—		—
Telecommunications Services		16,413,092		16,413,092		—		—
Utilities		20,834,157		20,834,157		—		—
Short-Term Investments		699,619		—		699,619		—

Subtotal Investments in Securities	$	561,634,700	$	560,929,284	$	699,619	$	5,797



Other Investments *	Total
Short-Term Investments		15,731,305
Collateral Held for Securities Loaned		3,532,407

Subtotal Other Investments	$	19,263,712

Total Investments at Value	$	580,898,412



Other Financial Instruments	Total		Level 1		Level 2		Level 3
Liability Derivatives
Futures Contracts		12,745		12,745		—		—

Total Liability Derivatives	$	12,745	$	12,745	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2016. 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.

123

LARGE CAP INDEX PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

The following table presents Large Cap Index Portfolio’s futures contracts held as of June 30, 2016. Investments and/or cash totaling $699,619 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)
CME E-mini S&P 500 Index		157		September 2016	$	16,420,815	$	16,408,070	($	12,745	)
Total Futures Contracts									($	12,745	)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2016, 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	$	12,745
Total Equity Contracts			12,745

Total Liability Derivatives		$	12,745

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

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2016, 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		746,544
Total Equity Contracts			746,544

Total		$	746,544

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2016, 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		24,641
Total Equity Contracts			24,641

Total		$	24,641

The following table presents Large Cap Index Portfolio’s average volume of derivative activity during the period ended June 30, 2016.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts	$	19,235,955		3.6	%

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

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

124

LARGE CAP INDEX PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

Investment in Affiliates


Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at June 30, 2016		Value June 30, 2016		Income Earned January 1, 2016 - June 30, 2016
Cash Management Trust-Collateral Investment	$	1,894,887	$	19,240,651	$	17,603,131		3,532,407	$	3,532,407	$	10,298
Cash Management Trust-Short Term Investment		16,796,121		24,089,679		40,885,801		—		—		15,487
Core Short-Term Reserve Fund		—		39,375,016		23,643,712		1,573,130		15,731,305		10,357
Total Value and Income Earned	$	18,691,008							$	19,263,712	$	36,142

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

125

HIGH YIELD PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (2.4%)	Value		% of Net Assets
	Basic Materials (0.6%)
		Fortescue Metals Group, Ltd., Term Loan
	$ 4,372,736	4.250%, 6/30/2019^a	$	4,175,964		0.6	%

		Total		4,175,964


	Communications Services (0.4%)
		Other Securities^		3,314,748		0.4	%

		Total		3,314,748


	Consumer Cyclical (1.4%)
		Scientific Games International, Inc., Term Loan
	4,974,250	6.000%, 10/1/2021^a		4,899,636		0.7	%
		Other Securities^		5,698,799		0.7	%

		Total		10,598,435

		Total Bank Loans (cost $18,612,268)		18,089,147


Principal Amount		Long-Term Fixed Income (91.4%)

	Asset-Backed Securities (0.3%)
		Other Securities^		2,308,188		0.3	%

		Total		2,308,188


	Basic Materials (4.2%)
		Novelis, Inc.
	3,950,000	8.750%, 12/15/2020		4,117,875		0.6	%
		Other Securities^		26,971,591		3.6	%

		Total		31,089,466


	Capital Goods (9.2%)
		Berry Plastics Corporation
	6,370,000	5.125%, 7/15/2023^b		6,370,000		0.9	%
		Building Materials Corporation of America
	3,990,000	6.000%, 10/15/2025^c		4,169,550		0.6	%
		Nortek, Inc.
	3,640,000	8.500%, 4/15/2021		3,776,500		0.5	%
		Silgan Holdings, Inc.
	3,970,000	5.000%, 4/1/2020		4,064,287		0.5	%
		Other Securities^		50,567,713		6.7	%

		Total		68,948,050


	Communications Services (18.2%)
		Altice Financing SA
	5,015,000	6.500% - 7.500%,
		1/15/2022 - 5/15/2026^c		4,948,577		0.6	%
		Altice US Finance I Corporation
	2,900,000	5.500%, 5/15/2026^c		2,900,000		0.4	%
		AMC Networks, Inc.
	3,800,000	4.750%, 12/15/2022		3,771,500		0.5	%
		CCO Holdings, LLC
	5,500,000	5.875%, 4/1/2024^c		5,706,250		0.8	%
	4,330,000	5.250% - 5.250%,
		3/15/2021 - 9/30/2022		4,468,018		0.6	%
		CenturyLink, Inc.
	3,935,000	7.500%, 4/1/2024^b		3,969,431		0.5	%
		Columbus International, Inc.
	5,060,000	7.375%, 3/30/2021^c		5,343,360		0.7	%
		DISH DBS Corporation
	3,665,000	7.750%, 7/1/2026^c		3,774,950		0.5	%
		Neptune Finco Corporation
	5,630,000	10.875%, 10/15/2025^c		6,435,766		0.9	%
		Numericable-SFR SA
	8,920,000	6.000% - 7.375%,
		5/15/2022 - 5/1/2026^c		8,673,237		1.1	%
		Sprint Communications, Inc.
	10,325,000	9.000%, 11/15/2018^c		10,996,125		1.5	%
	2,870,000	7.000%, 3/1/2020^b,c		3,004,861		0.4	%
		Sprint Corporation
	7,215,000	7.625%, 2/15/2025		5,708,869		0.8	%
		T-Mobile USA, Inc.
	3,790,000	6.542%, 4/28/2020		3,908,437		0.5	%
	3,450,000	6.000%, 4/15/2024		3,570,750		0.5	%
		Unitymedia Hessen GmbH & Company KG
	5,100,000	5.500%, 1/15/2023^c		5,125,500		0.7	%
		Other Securities^		53,736,830		7.2	%

		Total		136,042,461


	Consumer Cyclical (12.4%)
		Cinemark USA, Inc.
	4,475,000	4.875%, 6/1/2023		4,430,250		0.6	%
		Dana Financing Luxembourg SARL
	3,925,000	6.500%, 6/1/2026^b,c		3,821,969		0.5	%
		LKQ Corporation
	4,005,000	4.750%, 5/15/2023		3,934,912		0.5	%
		Other Securities^		80,572,118		10.8	%

		Total		92,759,249


	Consumer Non-Cyclical (11.8%)
		Centene Escrow Corporation
	4,440,000	6.125%, 2/15/2024^c		4,720,275		0.6	%
		Energizer Holdings, Inc.
	4,240,000	5.500%, 6/15/2025^c		4,218,800		0.6	%
		Envision Healthcare Corporation
	3,795,000	5.125%, 7/1/2022^c		3,813,975		0.5	%
		Grifols Worldwide Operations, Ltd.
	4,395,000	5.250%, 4/1/2022		4,471,913		0.6	%
		HCA, Inc.
	4,810,000	5.875%, 3/15/2022		5,230,875		0.7	%
	3,705,000	5.375%, 2/1/2025		3,797,625		0.5	%
	8,690,000	3.750% - 6.500%,
		3/15/2019 - 2/15/2026		9,170,656		1.3	%
		JBS USA, LLC
	4,705,000	5.750%, 6/15/2025^c		4,422,700		0.6	%
		MPH Acquisition Holdings, LLC
	4,190,000	7.125%, 6/1/2024^c		4,399,500		0.6	%
		Revlon Consumer Products Corporation
	4,760,000	5.750%, 2/15/2021		4,593,400		0.6	%
		TreeHouse Foods, Inc.
	4,155,000	4.875%, 3/15/2022^b		4,238,100		0.6	%
		Valeant Pharmaceuticals International
	5,245,000	5.500% - 7.250%,
		7/15/2022 - 3/1/2023^b,c		4,354,286		0.6	%

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

126

HIGH YIELD PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (91.4%)	Value		% of Net Assets
	Consumer Non-Cyclical (11.8%) - continued
		VPII Escrow Corporation
	$3,170,000	7.500%, 7/15/2021^c	$	2,795,544		0.4	%
		Other Securities^		27,460,432		3.6	%

		Total		87,688,081


	Energy (11.2%)
		Cheniere Corpus Christi Holdings, LLC
	2,200,000	7.000%, 6/30/2024^c		2,259,136		0.3	%
		Concho Resources, Inc.
	4,740,0 00	6.500%, 1/15/2022		4,852,575		0.7	%
		Range Resources Corporation
	4,180,000	5.000%, 3/15/2023^b		3,918,750		0.5	%
		Rice Energy, Inc.
	4,605,000	6.250%, 5/1/2022^b		4,570,463		0.6	%
		Rowan Companies, Inc.
	5,240,000	4.875%, 6/1/2022		4,585,000		0.6	%
		Sabine Pass Liquefaction, LLC
	7,350,000	5.625% - 5.875%,
		2/1/2021 - 6/30/2026		7,378,456		1.1	%
		Weatherford International, Ltd.
	7,605,000	4.500% - 7.750%,
		6/15/2021 - 4/15/2022^b		6,947,344		1.0	%
		Other Securities^		48,973,080		6.4	%

		Total		83,484,804


	Financials (8.2%)
		Ally Financial, Inc.
	4,670,000	4.125%, 3/30/2020		4,681,675		0.6	%
	3,840,000	3.250% - 4.125%,
		2/13/2018 - 2/13/2022		3,822,150		0.5	%
		Argos Merger Sub, Inc.
	3,705,000	7.125%, 3/15/2023^c		3,816,150		0.5	%
		CIT Group, Inc.
	3,795,000	3.875%, 2/19/2019		3,813,975		0.5	%
		Icahn Enterprises, LP
	6,485,000	6.000%, 8/1/2020		6,403,938		0.9	%
		Quicken Loans, Inc.
	4,255,000	5.750%, 5/1/2025^c		4,106,075		0.5	%
		Other Securities^		34,785,891		4.7	%

		Total		61,429,854


	Foreign Government (0.3%)
		Other Securities^		2,270,100		0.3	%

		Total		2,270,100


	Technology (7.6%)
		Alliance Data Systems Corporation
	6,880,000	5.375%, 8/1/2022^c		6,587,600		0.9	%
		Cengage Learning, Inc.
	5,230,000	9.500%, 6/15/2024^c		5,321,525		0.7	%
		CommScope Technologies Finance, LLC
	4,775,000	6.000%, 6/15/2025^c		4,894,375		0.7	%
		Denali Borrower, LLC
	5,680,000	5.625%, 10/15/2020^c		5,958,320		0.8	%
		NXP Funding, LLC
	3,715,000	5.750%, 3/15/2023^c		3,882,175		0.5	%
		Sensata Technologies BV
	4,870,000	4.875%, 10/15/2023^c		4,870,000		0.7	%
		Other Securities^		25,460,525		3.3	%

		Total		56,974,520


	Transportation (3.8%)
		Other Securities^		28,172,785		3.8	%

		Total		28,172,785


	Utilities (4.2%)
		Dynegy, Inc.
	4,720,000	7.625%, 11/1/2024		4,531,200		0.6	%
		Energy Transfer Equity, LP
	4,245,000	5.500%, 6/1/2027		3,990,300		0.5	%
		MPLX LP
	4,740,000	4.875%, 12/1/2024^c		4,617,523		0.6	%
		Regency Energy Partners, LP
	4,650,000	5.500%, 4/15/2023		4,691,348		0.6	%
		Other Securities^		13,258,000		1.9	%

		Total		31,088,371

		Total Long-Term Fixed Income (cost $708,189,431)		682,255,929


Shares		Preferred Stock (1.3%)
	Consumer Staples (0.2%)
		Other Securities^		1,261,485		0.2	%

		Total		1,261,485


	Financials (1.1%)
		Other Securities^		8,489,314		1.1	%

		Total		8,489,314

		Total Preferred Stock (cost $9,184,908)		9,750,799


		Registered Investment Companies (0.8%)
	Equity Funds/ETFs (0.8%)
		Other Securities^		5,746,762		0.8	%

		Total		5,746,762

		Total Registered Investment Companies (cost $5,352,250)		5,746,762


		Common Stock (0.1%)
	Consumer Discretionary (<0.1%)
		Other Securities^		12		<0.1	%

		Total		12


	Energy (0.1%)
		Other Securities^		632,402		0.1	%

		Total		632,402


	Financials (<0.1%)
		Other Securities^		33,473		<0.1	%

		Total		33,473

		Total Common Stock (cost $7,237,186)		665,887

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

127

HIGH YIELD PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Collateral Held for Securities Loaned (7.8%)	Value			% of Net Assets
	58,444,164	Thrivent Cash Management Trust	$	58,444,164			7.8	%

		Total Collateral Held for Securities Loaned (cost $58,444,164)		58,444,164



Shares or Principal Amount		Short-Term Investments (2.6%)^d
		Federal Home Loan Bank Discount Notes
	4,700,000	0.270%, 7/19/2016		4,699,601			0.6	%
		Thrivent Core Short-Term Reserve Fund
	1,389,097	0.580%		13,890,968			1.9	%
		Other Securities^{^}		750,248			0.1	%

		Total Short-Term Investments (cost $19,340,600)		19,340,817

		Total Investments (cost $826,360,807) 106.4%	$	794,293,505

		Other Assets and Liabilities, Net (6.4%)		(47,816,739	)

		Total Net Assets 100.0%	$	746,476,766

^	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 security is on loan.

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

High Yield Portfolio held restricted securities as of June 30, 2016. 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 June 30, 2016, the value of these investments was $16,441,250 or 2.2% of total net assets.

Securities Lending Transactions


Taxable Debt Security	$	56,717,095

Total lending	$	56,717,095
Gross amount payable upon return of collateral for securities loaned	$	58,444,164

Net amounts due to counterparty	$	1,727,069

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	16,587,649
Gross unrealized depreciation		(48,668,225	)

Net unrealized appreciation (depreciation)	$	(32,080,576	)

Cost for federal income tax purposes	$	826,374,081

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

128

HIGH YIELD PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2016, in valuing High Yield Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		4,175,964		—		4,175,964		—
Communications Services		3,314,748		—		—		3,314,748
Consumer Cyclical		10,598,435		—		10,598,435		—
Long-Term Fixed Income
Asset-Backed Securities		2,308,188		—		2,308,188		—
Basic Materials		31,089,466		—		31,089,466		—
Capital Goods		68,948,050		—		68,948,050		—
Communications Services		136,042,461		—		136,042,461		—
Consumer Cyclical		92,759,249		—		92,759,249		—
Consumer Non-Cyclical		87,688,081		—		87,688,081		—
Energy		83,484,804		—		83,484,804		—
Financials		61,429,854		—		61,429,854		—
Foreign Government		2,270,100		—		2,270,100		—
Technology		56,974,520		—		56,974,520		—
Transportation		28,172,785		—		28,172,785		—
Utilities		31,088,371		—		31,088,371		—
Preferred Stock
Consumer Staples		1,261,485		—		1,261,485		—
Financials		8,489,314		4,942,358		3,546,956		—
Registered Investment Companies
Equity Funds/ETFs		5,746,762		5,746,762		—		—
Common Stock
Consumer Discretionary		12		—		—		12
Energy		632,402		632,402		—		—
Financials		33,473		—		—		33,473
Short-Term Investments		5,449,849		—		5,449,849		—

Subtotal Investments in Securities	$	721,958,373	$	11,321,522	$	707,288,618	$	3,348,233


Other Investments*	Total
Short-Term Investments		13,890,968
Collateral Held for Securities Loaned		58,444,164

Subtotal Other Investments	$	72,335,132

Total Investments at Value	$	794,293,505


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Liability Derivatives
Credit Default Swaps		190,412		—		190,412		—

Total Liability Derivatives	$	190,412	$	—	$	190,412	$	—

There were no significant transfers between Levels during the period ended June 30, 2016. 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.

129

HIGH YIELD PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

The following table presents High Yield Portfolio’s swaps contracts held as of June 30, 2016. Investments totaling $750,248 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 26, 5 Year, at 5.00%; J.P. Morgan Chase and Co.		Buy		6/20/2021	$	15,700,000	($	190,412	)	($	190,412	)
Total Credit Default Swaps							($	190,412	)	($	190,412	)

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

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

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 or the credit default swap contract had the contract been closed as of the reporting date. When protection has been sold, the value of the swap will increase when the swap spread declines representing an improvement in the reference entity’s credit worthiness. The value of the swap will decrease when the swap spread increases representing a deterioration in the reference entity’s credit worthiness. When protection has been purchased, the value of the swap will increase when the swap spread increases representing a deterioration in the reference entity’s credit worthiness. The value of the swap will decrease when the swap spread declines representing an improvement in the reference entity’s credit worthiness.

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2016, for High Yield Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Liability Derivatives
Credit Contracts
Credit Default Swaps	Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements	$	190,412
Total Credit Contracts			190,412

Total Liability Derivatives		$	190,412

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2016, 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		713,025
Total Credit Contracts			713,025

Total		$	713,025

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2016, 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		(190,412	)
Total Credit Contracts			(190,412	)

Total		($	190,412	)

The following table presents High Yield Portfolio’s average volume of derivative activity during the period ended June 30, 2016.


Derivative Risk Category	Swaps (Notional)*		Swaps (Percentage of Average Net Assets)
Credit Contracts	$	161,788		<0.1	%

*	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.

130

HIGH YIELD PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

Investment in Affiliates

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


Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at June 30, 2016		Value June 30, 2016		Income Earned January 1, 2016 - June 30, 2016
Cash Management Trust-Collateral Investment	$	42,864,685	$	132,209,100	$	116,629,621		58,444,164	$	58,444,164	$	140,912
Cash Management Trust-Short Term Investment		46,291,200		50,786,543		97,077,743		—		—		42,715
Core Short-Term Reserve Fund		—		60,038,244		46,147,276		1,389,097		13,890,968		8,782
Total Value and Income Earned	$	89,155,885							$	72,335,132	$	192,409

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

131

INCOME PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (3.4%)	Value		% of Net Assets
	Basic Materials (0.1%)
		Other Securities^	$	2,176,931		0.1	%

		Total		2,176,931


	Capital Goods (0.2%)
		Other Securities^		2,887,747		0.2	%

		Total		2,887,747


	Communications Services (1.1%)
		Other Securities^		16,209,919		1.1	%

		Total		16,209,919


	Consumer Cyclical (0.5%)
		Other Securities^		6,905,156		0.5	%

		Total		6,905,156


	Consumer Non-Cyclical (0.5%)
		Other Securities^		6,709,152		0.5	%

		Total		6,709,152


	Energy (0.1%)
		Other Securities^		1,661,726		0.1	%

		Total		1,661,726


	Financials (0.2%)
		Other Securities^		2,245,767		0.2	%

		Total		2,245,767


	Technology (0.4%)
		Other Securities^		5,084,272		0.4	%

		Total		5,084,272


	Transportation (0.2%)
		Other Securities^		2,959,402		0.2	%

		Total		2,959,402


	Utilities (0.1%)
		Other Securities^		1,231,714		0.1	%

		Total		1,231,714


		Total Bank Loans (cost $49,279,232)		48,071,786


		Long-Term Fixed Income (91.1%)
	Asset-Backed Securities (1.3%)
		Other Securities^		18,722,758		1.3	%

		Total		18,722,758


	Basic Materials (2.2%)
		Other Securities^		31,105,736		2.2	%

		Total		31,105,736


	Capital Goods (1.8%)
		Other Securities^		26,179,607		1.8	%

		Total		26,179,607


	Collateralized Mortgage Obligations (0.7%)
		Other Securities^		9,175,025		0.7	%

		Total		9,175,025


	Commercial Mortgage-Backed Securities (0.5%)
		Other Securities^		7,380,615		0.5	%

		Total		7,380,615


	Communications Services (9.4%)
		AT&T, Inc.
	$17,570,000	2.450% - 4.450%, 6/30/2020 - 12/15/2042		18,255,452		1.3	%
		Charter Communications Operating, LLC
	4,370,000	4.464%, 7/23/2022^a		4,696,596		0.3	%
		Comcast Corporation
	3,740,000	3.375%, 8/15/2025		4,041,201		0.3	%
		Omnicom Group, Inc.
	4,245,000	4.450%, 8/15/2020		4,683,156		0.3	%
		Time Warner Cable, Inc.
	3,800,000	4.125%, 2/15/2021		4,022,828		0.3	%
		Time Warner Entertainment Company, LP
	3,620,000	8.375%, 3/15/2023		4,721,389		0.3	%
		Verizon Communications, Inc.
	3,830,000	3.450%, 3/15/2021		4,103,577		0.3	%
	5,300,000	3.500%, 11/1/2024		5,636,725		0.4	%
	5,854,000	4.272%, 1/15/2036		5,991,054		0.4	%
	5,457,000	4.522%, 9/15/2048		5,682,374		0.4	%
	5,187,000	2.625% - 4.862%, 2/21/2020 - 8/21/2046		5,479,049		0.3	%
		Other Securities^		66,337,363		4.8	%

		Total		133,650,764


	Consumer Cyclical (5.7%)
		Ford Motor Credit Company, LLC
	5,000,000	4.134%, 8/4/2025		5,360,755		0.4	%
	9,335,000	2.597% - 4.250%, 11/4/2019 - 9/8/2024		9,701,112		0.7	%
		General Motors Company
	3,150,000	5.000%, 4/1/2035		3,137,287		0.2	%
		General Motors Financial Company, Inc.
	10,700,000	3.450% - 4.200%, 3/1/2021 - 1/15/2025		10,857,927		0.8	%
		Other Securities^		51,449,952		3.6	%

		Total		80,507,033


	Consumer Non-Cyclical (10.8%)
		Anheuser-Busch Inbev Finance, Inc.
	2,570,000	3.300%, 2/1/2023		2,707,932		0.2	%
		Anheuser-Busch InBev Finance, Inc.
	4,470,000	3.650%, 2/1/2026		4,788,470		0.3	%
	5,130,000	4.700% - 4.900%, 2/1/2036 - 2/1/2046		5,857,104		0.5	%
		Boston Scientific Corporation
	4,360,000	3.375%, 5/15/2022		4,522,327		0.3	%
		Celgene Corporation
	3,770,000	3.950%, 10/15/2020		4,066,431		0.3	%
		Express Scripts Holding Company
	3,810,000	4.500%, 2/25/2026		4,185,834		0.3	%
		Kraft Foods Group, Inc.
	4,390,000	3.500%, 6/6/2022		4,668,844		0.3	%

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

132

INCOME PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (91.1%)	Value		% of Net Assets
	Consumer Non-Cyclical (10.8%) - continued
		SABMiller Holdings, Inc.
	$4,320,000	3.750%, 1/15/2022^a	$	4,632,081		0.3	%
		Other Securities^		118,660,361		8.3	%

		Total		154,089,384


	Energy (8.1%)
		El Paso Pipeline Partners Operating Company, LLC
	3,850,000	5.000%, 10/1/2021		4,077,138		0.3	%
		Other Securities^		110,614,496		7.8	%

		Total		114,691,634


	Financials (26.8%)
		Bank of America Corporation
	3,830,000	4.125%, 1/22/2024		4,119,468		0.3	%
	27,400,000	1.717% - 7.625%, 3/22/2018 - 12/29/2049^b,c,d		29,152,203		2.1	%
		Berkshire Hathaway, Inc.
	2,860,000	2.750%, 3/15/2023		2,955,044		0.2	%
		Citigroup, Inc.
	4,370,000	4.400%, 6/10/2025		4,569,311		0.3	%
	7,705,000	3.700% - 5.500%, 9/13/2025 - 9/29/2027		8,280,320		0.6	%
		Credit Suisse Group Funding, Ltd.
	4,400,000	3.750%, 3/26/2025		4,306,518		0.3	%
		Goldman Sachs Group, Inc.
	4,450,000	3.850%, 7/8/2024		4,718,384		0.3	%
	17,155,000	2.875% - 5.375%, 3/15/2020 - 5/22/2045		18,363,365		1.4	%
		J.P. Morgan Chase & Company
	17,470,000	3.375% - 7.900%, 5/1/2023 - 12/29/2049^b,c		18,876,085		1.3	%
		Lincoln National Corporation
	4,150,000	4.000%, 9/1/2023		4,314,485		0.3	%
		Morgan Stanley
	17,655,000	2.500% - 5.500%, 1/26/2020 - 1/27/2045		18,940,191		1.4	%
		Realty Income Corporation
	3,830,000	3.875%, 7/15/2024		4,022,607		0.3	%
		Other Securities^		259,093,069		18.0	%

		Total		381,711,050


	Foreign Government (0.8%)
		Other Securities^		11,180,629		0.8	%

		Total		11,180,629


	Mortgage-Backed Securities (3.7%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	4,172,500	3.000%, 7/1/2031^e		4,377,050		0.3	%
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	6,802,500	4.000%, 7/1/2046^e		7,280,801		0.5	%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	25,150,000	3.500%, 7/1/2046^e		26,537,178		1.9	%
	11,777,500	4.000%, 7/1/2046^e		12,627,350		0.9	%
	2,025,000	4.500%, 7/1/2046^e		2,210,404		0.1	%

		Total		53,032,783


	Technology (2.8%)
		Apple, Inc.
	4,450,000	3.250%, 2/23/2026		4,724,013		0.3	%
		Other Securities^		35,882,922		2.5	%

		Total		40,606,935


	Transportation (2.4%)
		British Airways plc
	4,090,940	4.625%, 6/20/2024^a		4,317,987		0.3	%
		Burlington Northern Santa Fe, LLC
	2,500,000	4.700%, 9/1/2045		2,939,875		0.2	%
		Other Securities^		26,616,011		1.9	%

		Total		33,873,873


	U.S. Government and Agencies (8.4%)
		U.S. Treasury Bonds
	4,500,000	4.375%, 5/15/2041		6,425,509		0.5	%
	5,307,000	3.125%, 2/15/2042		6,270,969		0.4	%
	11,380,000	2.500%, 2/15/2045		11,848,093		0.8	%
	9,500,000	3.000%, 11/15/2045		10,923,518		0.8	%
	8,040,000	1.625% - 3.500%, 3/31/2018 - 5/15/2046^c		8,699,994		0.6	%
		U.S. Treasury Notes
	7,000,000	1.375%, 10/31/2020		7,126,602		0.5	%
	7,990,000	1.750%, 12/31/2020		8,264,968		0.6	%
	5,730,000	1.125%, 2/28/2021		5,770,288		0.4	%
	5,650,000	2.000%, 7/31/2022		5,915,725		0.4	%
	7,000,000	1.875%, 10/31/2022		7,273,714		0.5	%
	6,410,000	2.000%, 11/30/2022		6,708,719		0.5	%
	4,250,000	2.125%, 12/31/2022		4,480,928		0.3	%
	10,000,000	1.625%, 5/31/2023		10,225,780		0.7	%
	5,680,000	2.000%, 2/15/2025		5,942,700		0.4	%
	6,570,000	2.250%, 11/15/2025		7,009,369		0.5	%
	5,090,000	1.625%, 2/15/2026		5,147,262		0.4	%
	1,960,000	1.875%, 8/31/2022		2,037,099		0.1	%

		Total		120,071,237


	U.S. Municipals (0.2%)
		Other Securities^		3,044,190		0.2	%

		Total		3,044,190


	Utilities (5.5%)
		FirstEnergy Transmission, LLC
	3,830,000	4.350%, 1/15/2025^a		4,049,191		0.3	%
		ITC Holdings Corporation
	5,080,000	4.050%, 7/1/2023		5,345,826		0.4	%
		MidAmerican Energy Holdings Company
	4,450,000	3.750%, 11/15/2023		4,862,675		0.3	%
		Nevada Power Company
	2,800,000	6.750%, 7/1/2037		3,870,241		0.3	%
		Other Securities^		59,676,130		4.2	%

		Total		77,804,063

		Total Long-Term Fixed Income (cost $1,245,225,689)		1,296,827,316

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

133

INCOME PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Preferred Stock (1.4%)	Value			% of Net Assets
	Consumer Staples (0.1%)
		Other Securities^	$	2,228,362			0.1	%

		Total		2,228,362

	Financials (1.3%)
	102,122	Citigroup, Inc., 7.008%^d		2,662,320			0.2	%
	31,925	Countrywide Capital V, 7.000%		832,923			<0.1	%
	95,940	Goldman Sachs Group, Inc., 5.500%^b		2,540,491			0.2	%
	88,200	Morgan Stanley 7.125%^b		2,616,894			0.2	%
		Other Securities^{^}		9,465,528			0.7	%

		Total		18,118,156

		Total Preferred Stock (cost $19,317,283)		20,346,518


		Common Stock (<0.1%)
	Energy (<0.1%)
		Other Securities^{^}		116,429			<0.1	%

		Total		116,429

		Total Common Stock (cost $121,140)		116,429


		Collateral Held for Securities Loaned (2.7%)
	38,614,774	Thrivent Cash Management Trust		38,614,774			2.7	%

		Total Collateral Held for Securities Loaned (cost $38,614,774)		38,614,774


Shares or Principal Amount		Short-Term Investments (7.3%)^f
		Federal Agricultural Mortgage Corporation Discount Notes
	10,700,000	0.270%, 7/8/2016		10,699,647			0.8	%
		Federal Home Loan Bank Discount Notes
	7,900,000	0.300%, 7/29/2016^g		7,898,957			0.6	%
	4,400,000	0.355%, 8/5/2016		4,398,931			0.3	%
		Federal Home Loan Bank Discount Notes
	8,600,000	0.305% - 0.340%, 7/12/2016 - 8/3/2016		8,598,839			0.6	%
		U.S. Treasury Notes
	550,000	0.500%, 8/31/2016^h		550,182			<0.1	%
		Thrivent Core Short-Term Reserve Fund
	7,156,263	0.580%		71,562,630			5.0	%

		Total Short-Term Investments (cost $103,707,221)		103,709,186

		Total Investments (cost $1,456,265,339) 105.9%	$	1,507,686,009

		Other Assets and Liabilities, Net (5.9%)		(83,510,735	)

		Total Net Assets 100.0%	$	1,424,175,274

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

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

d	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2016.

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.

h	All or a portion of the security is pledged as collateral under the agreement between the counterparty, the custodian and the fund for open swap contracts.

Income Portfolio held restricted securities as of June 30, 2016. 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 June 30, 2016, the value of these investments was $6,287,154 or 0.4% of total net assets.

Securities Lending Transactions


Taxable Debt Security	$	37,442,090

Total lending	$	37,442,090
Gross amount payable upon return of collateral for securities loaned	$	38,614,774

Net amounts due to counterparty	$	1,172,684

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	65,686,314
Gross unrealized depreciation		(13,857,506	)

Net unrealized appreciation (depreciation)	$	51,828,808

Cost for federal income tax purposes	$	1,455,857,201

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

134

INCOME PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2016, in valuing Income Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		2,176,931		—		2,176,931		—
Capital Goods		2,887,747		—		2,887,747		—
Communications Services		16,209,919		—		15,353,913		856,006
Consumer Cyclical		6,905,156		—		6,905,156		—
Consumer Non-Cyclical		6,709,152		—		5,977,134		732,018
Energy		1,661,726		—		1,245,275		416,451
Financials		2,245,767		—		2,245,767		—
Technology		5,084,272		—		5,084,272		—
Transportation		2,959,402		—		2,959,402		—
Utilities		1,231,714		—		1,231,714		—
Long-Term Fixed Income
Asset-Backed Securities		18,722,758		—		18,722,758		—
Basic Materials		31,105,736		—		31,105,736		—
Capital Goods		26,179,607		—		26,179,607		—
Collateralized Mortgage Obligations		9,175,025		—		9,175,025		—
Commercial Mortgage-Backed Securities		7,380,615		—		7,380,615		—
Communications Services		133,650,764		—		133,650,764		—
Consumer Cyclical		80,507,033		—		80,507,033		—
Consumer Non-Cyclical		154,089,384		—		154,089,384		—
Energy		114,691,634		—		112,751,465		1,940,169
Financials		381,711,050		—		381,711,050		—
Foreign Government		11,180,629		—		11,180,629		—
Mortgage-Backed Securities		53,032,783		—		53,032,783		—
Technology		40,606,935		—		40,606,935		—
Transportation		33,873,873		—		33,873,873		—
U.S. Government and Agencies		120,071,237		—		120,071,237		—
U.S. Municipals		3,044,190		—		3,044,190		—
Utilities		77,804,063		—		77,804,063		—
Preferred Stock
Consumer Staples		2,228,362		—		2,228,362		—
Financials		18,118,156		3,495,243		14,622,913		—
Common Stock
Energy		116,429		116,429		—		—
Short-Term Investments		32,146,556		—		32,146,556		—

Subtotal Investments in Securities	$	1,397,508,605	$	3,611,672	$	1,389,952,289	$	3,944,644



Other Investments*	Total
Short-Term Investments		71,562,630
Collateral Held for Securities Loaned		38,614,774

Subtotal Other Investments	$	110,177,404

Total Investments at Value	$	1,507,686,009



Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		4,793,495		4,793,495		—		—

Total Asset Derivatives	$	4,793,495	$	4,793,495	$	—	$	—

Liability Derivatives
Futures Contracts		4,257,683		4,257,683		—		—
Credit Default Swaps		164,262		—		164,262		—

Total Liability Derivatives	$	4,421,945	$	4,257,683	$	164,262	$	—

There were no significant transfers between Levels during the period ended June 30, 2016. 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.

135

INCOME PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

The following table presents Income Portfolio’s futures contracts held as of June 30, 2016. Investments and/or cash totaling $899,881 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)
CBOT 10-Yr. U.S. Treasury Note		(902	)		September 2016		($116,665,176	)		($119,951,911	)		($3,286,735	)
CBOT 5-Yr. U.S. Treasury Note		(437	)		September 2016		(52,414,746	)		(53,385,694	)		(970,948	)
CBOT U.S. Long Bond		506			September 2016		82,412,443			87,205,938			4,793,495
Total Futures Contracts													$535,812

The following table presents Income Portfolio’s swaps contracts held as of June 30, 2016. Investments totaling $550,182 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 26, 5 Year, at 5.00%; Barclays Capital, Inc.

Buy

6/20/2021

$12,800,000

($164,262

)

($164,262

)

Total Credit Default Swaps

($164,262

)

($164,262

)

As the buyer of protection, Income 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, Income 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 Income 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 June 30, 2016, 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	$	4,793,495
Total Interest Rate Contracts			4,793,495

Total Asset Derivatives		$	4,793,495

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		4,257,683
Total Interest Rate Contracts			4,257,683
Credit Contracts Credit Default Swaps	Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		164,262
Total Credit Contracts			164,262

Total Liability Derivatives		$	4,421,945

*	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.

136

INCOME PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2016, 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		1,714,980
Total Interest Rate Contracts			1,714,980
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(26,269	)
Total Credit Contracts			(26,269	)

Total		$	1,688,711

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2016, 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		(167,326	)
Total Interest Rate Contracts			(167,326	)
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		(164,262	)
Total Credit Contracts			(164,262	)

Total		($	331,588	)

The following table presents Income Portfolio’s average volume of derivative activity during the period ended June 30, 2016.

Derivative Risk Category

Futures
(Notional)*

Futures
(Percentage
of Average
Net Assets)

Swaps
(Notional)*

Swaps
(Percentage
of Average
Net Assets)

Interest Rate Contracts

259,519,066

19.0

N/A

Credit Contracts

N/A

26,976

<0.1

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

Investment in Affiliates

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


Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at June 30, 2016		Value June 30, 2016		Income Earned January 1, 2016 - June 30, 2016
Cash Management Trust - Collateral Investment	$	28,613,386	$	109,952,733	$	99,951,345		38,614,774	$	38,614,774	$	77,787
Cash Management Trust - Short Term Investment		94,638,205		91,569,484		186,207,689		—		—		70,771
Core Short-Term Reserve Fund		—		124,767,203		53,204,573		7,156,263		71,562,630		43,923
Total Value and Income Earned	$	123,251,591							$	110,177,404	$	192,481

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

137

BOND INDEX PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (98.8%)	Value
	Asset-Backed Securities (1.4%)
		Conseco Financial Corporation
$	3,749	6.330%, 11/1/2029	$	3,800
		Credit Based Asset Servicing and Securitization, LLC
	330,275	3.460%, 12/25/2036^a		220,777
		First Horizon ABS Trust
	240,053	0.613%, 10/25/2034^b,c		218,227
		GMAC Mortgage Corporation Loan Trust
	387,801	0.939%, 8/25/2035^b,c		364,656
	719,477	0.626%, 12/25/2036^b,c		637,934
		IndyMac Seconds Asset-Backed Trust
	319,876	0.793%, 10/25/2036^b,c		195,530
		Preferred Term Securities XXIII, Ltd.
	548,716	0.853%, 12/22/2036^*,c		417,820
		Wachovia Asset Securitization, Inc.
	642,604	0.593%, 7/25/2037*,^b,c		531,143

		Total		2,589,887

	Basic Materials (0.5%)
		Albemarle Corporation
	150,000	3.000%, 12/1/2019		152,029
		Dow Chemical Company
	27,000	7.375%, 11/1/2029		36,201
		Georgia-Pacific, LLC
	360,000	2.539%, 11/15/2019^d		368,676
	250,000	3.734%, 7/15/2023^d		267,811
		Glencore Funding, LLC
	175,000	1.693%, 4/16/2018^c,d		168,000

		Total		992,717

	Capital Goods (0.4%)
		Lockheed Martin Corporation
	290,000	2.500%, 11/23/2020		299,242
		Roper Technologies, Inc.
	116,000	1.850%, 11/15/2017		116,631
	123,000	6.250%, 9/1/2019		138,547
		Textron, Inc.
	250,000	3.875%, 3/1/2025		264,141

		Total		818,561

	Commercial Mortgage-Backed Securities (1.2%)
		Commercial Mortgage Pass-Through Certificates
	370,730	5.306%, 12/10/2046		372,458
		Morgan Stanley Capital I
	129,811	3.224%, 7/15/2049		129,904
		UBS Commercial Mortgage Trust
	750,000	3.400%, 5/10/2045		805,005
		WFRBS Commercial Mortgage Trust
	826,000	2.870%, 11/15/2045		865,053

		Total		2,172,420

	Communications Services (1.2%)
		America Movil SAB de CV
	300,000	1.656%, 9/12/2016^c		300,075
		American Tower Corporation
	100,000	2.800%, 6/1/2020		102,333
		American Tower Trust I
	225,000	1.551%, 3/15/2018*		225,476
		AT&T, Inc.
	250,000	1.750%, 1/15/2018		251,361
	150,000	2.800%, 2/17/2021		153,906
		British Sky Broadcasting Group plc
	200,000	3.125%, 11/26/2022^d		204,626
		Charter Communications Operating, LLC
	211,000	3.579%, 7/23/2020^d		220,589
	211,000	4.464%, 7/23/2022^d		226,769
		NBC Universal Enterprise, Inc.
	250,000	1.662%, 4/15/2018^d		252,887
		Verizon Communications, Inc.
	250,000	3.000%, 11/1/2021		262,594

		Total		2,200,616

	Consumer Cyclical (2.7%)
		BMW US Capital, LLC
	200,000	1.500%, 4/11/2019^d		201,433
		Board of Trustees of The Leland Stanford Junior University
	550,000	3.563%, 6/1/2044		578,323
		California Institute of Technology
	325,000	4.700%, 11/1/2111		356,452
		CVS Health Corporation
	150,000	2.250%, 8/12/2019		154,047
		Daimler Finance North America, LLC
	250,000	1.347%, 8/3/2017^c,d		250,171
	27,000	8.500%, 1/18/2031		43,863
		Dartmouth College
	250,000	3.760%, 6/1/2043		266,094
		Home Depot, Inc.
	300,000	4.400%, 4/1/2021		338,238
		Macy’s Retail Holdings, Inc.
	200,000	4.375%, 9/1/2023		207,756
		Massachusetts Institute of Technology
	500,000	4.678%, 7/1/2114		595,756
		Newell Rubbermaid, Inc.
	100,000	3.150%, 4/1/2021		104,178
		President and Fellows of Harvard College
	500,000	3.619%, 10/1/2037		545,336
		Starbucks Corporation
	200,000	3.850%, 10/1/2023		224,590
		Walgreens Boots Alliance, Inc.
	150,000	1.750%, 5/30/2018		151,172
	150,000	2.600%, 6/1/2021		152,798
		Wal-Mart Stores, Inc.
	327,000	7.550%, 2/15/2030		498,844
		Yale University
	200,000	2.086%, 4/15/2019		206,544

		Total		4,875,595

	Consumer Non-Cyclical (4.1%)
		Actavis Funding SCS
	350,000	1.911%, 3/12/2020^c		351,069
		Altria Group, Inc.
	240,000	4.000%, 1/31/2024		268,498

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

138

BOND INDEX PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (98.8%)	Value
	Consumer Non-Cyclical (4.1%) - continued
		Amgen, Inc.
$	250,000	2.125%, 5/1/2020	$	253,948
		Anheuser-Busch InBev Finance, Inc.
	250,000	3.650%, 2/1/2026		267,812
	250,000	4.700%, 2/1/2036		280,932
		BAT International Finance plc
	350,000	1.163%, 6/15/2018^c,d		349,331
		Bayer U.S. Finance, LLC
	250,000	2.375%, 10/8/2019^d		255,559
		Boston Scientific Corporation
	300,000	6.000%, 1/15/2020		341,514
		Bunge Limited Finance Corporation
	225,000	3.500%, 11/24/2020		235,849
		Cardinal Health, Inc.
	195,000	1.950%, 6/15/2018		197,260
		Cargill, Inc.
	325,000	4.100%, 11/1/2042^d		341,295
		Celgene Corporation
	195,000	3.550%, 8/15/2022		204,296
		Church & Dwight Company, Inc.
	210,000	2.450%, 12/15/2019		213,573
		Dr Pepper Snapple Group, Inc.
	250,000	2.700%, 11/15/2022		253,129
		EMD Finance, LLC
	300,000	1.006%, 3/17/2017^c,d		299,823
		Express Scripts Holding Company
	200,000	3.900%, 2/15/2022		214,335
		Fomento Economico Mexicano SAB de CV
	200,000	2.875%, 5/10/2023		199,795
		Gilead Sciences, Inc.
	200,000	2.550%, 9/1/2020		207,818
	200,000	3.250%, 9/1/2022		212,980
		Imperial Tobacco Finance plc
	250,000	3.750%, 7/21/2022^d		263,824
		Laboratory Corporation of America Holdings
	255,000	2.625%, 2/1/2020		260,454
		McKesson Corporation
	275,000	2.700%, 12/15/2022		278,371
		Mead Johnson Nutrition Company
	200,000	3.000%, 11/15/2020		208,936
		Mylan NV
	300,000	3.750%, 12/15/2020^d		312,773
	250,000	3.150%, 6/15/2021^d		253,587
		Reynolds American, Inc.
	81,000	3.250%, 6/12/2020		85,624
		Sanofi
	250,000	1.250%, 4/10/2018		251,543
		Unilever Capital Corporation
	300,000	2.200%, 3/6/2019		308,495
	350,000	2.100%, 7/30/2020		360,157

		Total		7,532,580

	Energy (1.8%)
		Anadarko Petroleum Corporation
	100,000	4.850%, 3/15/2021		106,061
		BP Capital Markets plc
	250,000	1.676%, 5/3/2019		252,005
		Cameron International Corporation
	150,000	1.400%, 6/15/2017		150,071
		El Paso Pipeline Partners Operating Company, LLC
	325,000	4.700%, 11/1/2042		292,804
		Exxon Mobil Corporation
	250,000	1.708%, 3/1/2019		254,062
	250,000	1.050%, 3/6/2022^c		243,030
		Marathon Petroleum Corporation
	250,000	3.400%, 12/15/2020		258,438
		Occidental Petroleum Corporation
	200,000	2.600%, 4/15/2022		204,938
		Petro-Canada
	150,000	6.800%, 5/15/2038		195,124
		Petroleos Mexicanos
	150,000	5.500%, 2/4/2019^d		157,650
	270,000	2.378%, 4/15/2025		278,698
		Pioneer Natural Resources Company
	216,000	3.450%, 1/15/2021		223,037
		Schlumberger Holdings Corporation
	250,000	3.000%, 12/21/2020^d		260,739
		Sunoco Logistics Partners Operations, LP
	300,000	4.400%, 4/1/2021		316,140
		Transcontinental Gas Pipe Line Company, LLC
	125,000	7.850%, 2/1/2026^d		155,563

		Total		3,348,360

	Financials (8.5%)
		ABN AMRO Bank NV
	300,000	2.450%, 6/4/2020^d		306,773
		ACE INA Holdings, Inc.
	350,000	2.875%, 11/3/2022		366,115
		Aetna, Inc.
	250,000	1.900%, 6/7/2019		253,248
		Aflac, Inc.
	250,000	2.400%, 3/16/2020		257,569
		American International Group, Inc.
	200,000	3.300%, 3/1/2021		206,621
		AXA SA
	27,000	8.600%, 12/15/2030		36,990
		Bank Nederlandse Gemeenten NV
	500,000	1.750%, 3/24/2020^d		510,170
		Bank of America Corporation
	250,000	1.700%, 8/25/2017		250,936
		Bank of England
	1,000,000	0.875%, 3/17/2017^d,e		1,000,977
		Bank of Tokyo-Mitsubishi UFJ, Ltd.
	205,000	2.850%, 9/8/2021^d		211,193
		Boston Properties, LP
	300,000	3.125%, 9/1/2023		308,373
		Chubb Corporation
	350,000	6.500%, 5/15/2038		501,630
		Discover Bank
	288,000	8.700%, 11/18/2019		339,124
		Duke Realty, LP
	250,000	3.875%, 10/15/2022		265,065
		European Investment Bank
	500,000	1.250%, 5/15/2018		503,698

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

139

BOND INDEX PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (98.8%)	Value
	Financials (8.5%) - continued
		Fifth Third Bancorp
$	200,000	2.875%, 10/1/2021	$	206,578
		HCP, Inc.
	250,000	4.000%, 12/1/2022		259,551
		Hospitality Properties Trust
	150,000	4.250%, 2/15/2021		156,314
		HSBC Holdings plc
	300,000	6.800%, 6/1/2038		373,687
		Huntington Bancshares, Inc.
	200,000	3.150%, 3/14/2021		207,184
		ING Bank NV
	400,000	2.625%, 12/5/2022^d		417,917
		J.P. Morgan Chase & Company
	250,000	1.538%, 1/25/2018^c		251,215
	250,000	2.250%, 1/23/2020		253,438
	250,000	2.700%, 5/18/2023		252,543
		Liberty Mutual Group, Inc.
	150,000	4.950%, 5/1/2022^d		165,761
	200,000	4.250%, 6/15/2023^d		212,447
		Lloyds Bank plc
	365,000	1.175%, 3/16/2018^c		363,032
		Marsh & McLennan Companies, Inc.
	400,000	2.550%, 10/15/2018		408,985
		MassMutual Global Funding II
	350,000	2.000%, 4/5/2017^d		353,063
		MetLife, Inc.
	200,000	4.368%, 9/15/2023		221,413
		Morgan Stanley
	250,000	5.000%, 11/24/2025		273,698
		National Australia Bank, Ltd.
	325,000	2.000%, 6/20/2017^d		327,863
		New York Life Global Funding
	350,000	1.550%, 11/2/2018^d		353,249
		Nordea Bank AB
	325,000	3.125%, 3/20/2017^d		329,722
		North American Development Bank
	400,000	2.300%, 10/10/2018		408,934
		PNC Financial Services Group, Inc.
	325,000	2.854%, 11/9/2022		336,976
		Prudential Financial, Inc.
	200,000	2.350%, 8/15/2019		203,727
		Realty Income Corporation
	300,000	2.000%, 1/31/2018		302,495
		Regions Financial Corporation
	200,000	3.200%, 2/8/2021		205,860
		Reliance Standard Life Global Funding II
	240,000	2.500%, 4/24/2019^d		244,737
		Santander UK plc
	175,000	3.125%, 1/8/2021		175,380
		Simon Property Group, LP
	250,000	2.500%, 9/1/2020		258,565
	250,000	2.500%, 7/15/2021		257,568
		Standard Chartered plc
	200,000	3.950%, 1/11/2023^d,^e		193,917
		Sumitomo Mitsui Financial Group, Inc.
	250,000	4.436%, 4/2/2024^d		267,691
		Svensk Exportkredit AB
	500,000	1.750%, 8/28/2020		508,273
		Svenska Handelsbanken AB
	125,000	1.625%, 3/21/2018		125,797
		Swedbank AB
	300,000	1.750%, 3/12/2018^d		301,743
		Synchrony Financial
	215,000	3.750%, 8/15/2021		222,726
		Toronto-Dominion Bank
	250,000	1.586%, 12/14/2020^c		251,403
		UBS AG
	250,000	1.340%, 3/26/2018^c		250,215
		UnitedHealth Group, Inc.
	165,000	3.350%, 7/15/2022		176,521
		Washington Mutual Bank
	500,000	5.500%, 1/15/2013^f,g		0
		Wells Fargo & Company
	150,000	3.450%, 2/13/2023		155,209

		Total		15,553,879

	Foreign Government (3.0%)
		Chile Government International Bond
	350,000	3.875%, 8/5/2020		378,875
		Export Development Canada
	150,000	0.750%, 12/15/2017		150,044
		Export-Import Bank of Korea
	200,000	2.250%, 1/21/2020		203,044
		Hashemite Kingdom of Jordan
	500,000	2.503%, 10/30/2020		529,495
		Inter-American Development Bank
	500,000	3.000%, 10/4/2023		548,261
	400,000	4.375%, 1/24/2044		529,623
		Kommunalbanken AS
	495,000	1.500%, 10/22/2019^d		500,620
		Kommuninvest I Sverige AB
	300,000	1.000%, 10/24/2017^d		300,656
		Mexico Government International Bond
	250,000	3.600%, 1/30/2025		261,250
		Poland Government International Bond
	250,000	4.000%, 1/22/2024		270,000
		Province of Manitoba
	600,000	1.300%, 4/3/2017		602,709
		Province of New Brunswick
	125,000	2.750%, 6/15/2018		129,173
		Province of Quebec
	400,000	7.500%, 7/15/2023		539,109
		Sweden Government International Bond
	500,000	1.625%, 3/24/2020^d		509,872

		Total		5,452,731

	Mortgage-Backed Securities (25.2%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	33	6.000%, 9/1/2016		33
	10,033	7.000%, 6/1/2017		10,199
	11,037	5.500%, 12/1/2017		11,254
	2,087,500	3.000%, 7/1/2031^h		2,189,836

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

140

BOND INDEX PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (98.8%)	Value
	Mortgage-Backed Securities (25.2%) - continued
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
$	5,550	8.500%, 11/1/2025	$	5,810
	318	8.000%, 1/1/2026		358
	2,987,500	4.000%, 7/1/2046^h		3,197,559
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	4,650,000	2.500%, 7/1/2031^h		4,810,840
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	1,119	10.500%, 8/1/2020		1,193
	929	8.000%, 12/1/2024		1,038
	141	8.500%, 12/1/2025		142
	1,148	8.000%, 9/1/2026		1,184
	1,779	8.000%, 4/1/2030		2,262
	14,245,000	3.500%, 7/1/2046^h		15,030,700
	11,062,500	4.000%, 7/1/2046^h		11,860,757
	8,400,000	4.500%, 7/1/2046^h		9,169,081
		Government National Mortgage Association 30-Yr. Pass Through
	2,763	7.500%, 3/15/2023		2,773
	1,711	9.000%, 9/15/2024		1,952
	1,930	8.000%, 6/15/2025		1,990
	577	8.000%, 9/15/2026		598
	6,405	7.500%, 10/15/2027		6,569
	7,592	7.500%, 11/15/2028		7,655
	3,483	8.000%, 10/15/2030		4,019
	2,849	7.500%, 1/15/2031		3,282

		Total		46,321,084

	Technology (1.3%)
		Amphenol Corporation
	200,000	2.550%, 1/30/2019		203,459
		Apple, Inc.
	400,000	2.400%, 5/3/2023		407,340
		Automatic Data Processing, Inc.
	150,000	2.250%, 9/15/2020		155,846
		Cisco Systems, Inc.
	350,000	1.173%, 3/1/2019^c		351,257
		Diamond 1 Finance Corporation
	150,000	3.480%, 6/1/2019^d		153,662
		Intel Corporation
	250,000	1.700%, 5/19/2021		252,337
	140,000	3.100%, 7/29/2022		149,902
		Motorola Solutions, Inc.
	250,000	3.500%, 3/1/2023		241,343
		Oracle Corporation
	250,000	2.500%, 5/15/2022		255,448
		Texas Instruments, Inc.
	200,000	1.750%, 5/1/2020		203,041

		Total		2,373,635

	Transportation (0.9%)
		American Airlines Pass Through Trust
	166,994	5.600%, 7/15/2020^d		172,004
		Continental Airlines, Inc.
	298,320	4.150%, 4/11/2024		315,474
		Delta Air Lines, Inc.
	159,949	4.950%, 5/23/2019		169,146
		ERAC USA Finance, LLC
	250,000	2.600%, 12/1/2021^d		254,074
		J.B. Hunt Transport Services, Inc.
	220,000	3.300%, 8/15/2022		229,567
		TTX Company
	250,000	2.250%, 2/1/2019^d		254,233
	300,000	4.125%, 10/1/2023*		322,983

		Total		1,717,481

	U.S. Government and Agencies (43.3%)
		Federal Farm Credit Bank
	400,000	2.210%, 8/1/2024		416,308
		Federal Home Loan Mortgage Corporation
	1,000,000	1.250%, 8/1/2019		1,012,268
	325,000	1.250%, 10/2/2019		328,859
	350,000	6.750%, 3/15/2031		542,886
		Federal National Mortgage Association
	1,500,000	1.250%, 5/6/2021		1,505,622
	1,300,000	2.125%, 4/24/2026		1,335,169
	500,000	5.960%, 9/11/2028		701,637
	100,000	6.250%, 5/15/2029		145,635
		Resolution Funding Corporation
	200,000	8.125%, 10/15/2019		245,637
		Tennessee Valley Authority
	350,000	5.250%, 9/15/2039		479,657
		U.S. Treasury Bonds
	2,500,000	5.250%, 11/15/2028		3,518,945
	500,000	5.375%, 2/15/2031		741,582
	4,425,000	3.000%, 5/15/2042		5,111,220
	7,450,000	3.625%, 2/15/2044		9,605,844
		U.S. Treasury Notes
	14,875,000	0.875%, 11/15/2017		14,936,597
	3,500,000	1.250%, 12/15/2018		3,550,586
	1,750,000	1.000%, 3/15/2019		1,764,835
	150,000	1.500%, 10/31/2019		153,492
	8,130,000	1.875%, 6/30/2020		8,441,225
	1,000,000	2.000%, 7/31/2020		1,043,633
	2,500,000	1.250%, 3/31/2021		2,529,103
	1,000,000	2.250%, 7/31/2021		1,059,609
	1,000,000	2.125%, 9/30/2021		1,053,828
	1,750,000	2.125%, 6/30/2022		1,845,156
	2,825,000	1.625%, 8/15/2022		2,896,950
	10,400,000	2.250%, 11/15/2024		11,093,878
	3,530,000	1.625%, 2/15/2026		3,569,713

		Total		79,629,874

	Utilities (3.3%)
		Ameren Corporation
	225,000	2.700%, 11/15/2020		231,727
		American Electric Power Company, Inc.
	300,000	1.650%, 12/15/2017		300,865
		Berkshire Hathaway Energy Company
	200,000	2.400%, 2/1/2020		205,433
		CenterPoint Energy Houston Electric, LLC
	400,000	5.600%, 7/1/2023		467,954
		Commonwealth Edison Company
	275,000	5.900%, 3/15/2036		366,269

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

141

BOND INDEX PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (98.8%)	Value

	Utilities (3.3%) - continued
		DTE Energy Company
	$100,000	2.400%, 12/1/2019	$	102,106
		Eversource Energy
	230,000	1.600%, 1/15/2018		231,381
		Exelon Generation Company, LLC
	200,000	2.950%, 1/15/2020		205,733
		Kansas City Power & Light Company
	250,000	3.150%, 3/15/2023		256,740
		National Rural Utilities Cooperative Finance Corporation
	28,000	4.023%, 11/1/2032		29,986
		NextEra Energy Capital Holdings, Inc.
	200,000	2.300%, 4/1/2019		203,877
		NiSource Finance Corporation
	350,000	3.850%, 2/15/2023		377,727
		NSTAR Electric Company
	325,000	2.375%, 10/15/2022		334,386
		PPL Capital Funding, Inc.
	325,000	3.500%, 12/1/2022		342,055
		Public Service Company of Colorado
	350,000	3.600%, 9/15/2042		361,680
		Public Service Electric And Gas Company
	360,000	1.800%, 6/1/2019		365,927
		Sempra Energy
	325,000	2.300%, 4/1/2017		327,690
	265,000	2.400%, 3/15/2020		270,514
		Southern California Edison Company
	155,000	2.400%, 2/1/2022		160,686
		Southern California Gas Company
	325,000	3.750%, 9/15/2042		344,136
		Southern Company
	250,000	1.850%, 7/1/2019		253,163
		Xcel Energy, Inc.
	250,000	1.200%, 6/1/2017		250,158

		Total		5,990,193

		Total Long-Term Fixed Income (cost $175,326,416)		181,569,613


Shares		Collateral Held for Securities Loaned (0.4%)
	715,500	Thrivent Cash Management Trust		715,500

		Total Collateral Held for Securities Loaned (cost $715,500)		715,500


Shares or Principal Amount		Short-Term Investments (25.7%)ⁱ
		Federal Home Loan Bank Discount Notes
	3,700,000	0.320%, 7/7/2016	$	3,699,896
	2,920,000	0.324%, 7/8/2016		2,919,904
	3,000,000	0.335%, 7/20/2016		2,999,730
	4,800,000	0.300%, 7/29/2016		4,799,366
	3,100,000	0.305%, 8/3/2016		3,099,290
	1,800,000	0.355%, 8/5/2016		1,799,563
	4,100,000	0.317%, 8/12/2016		4,098,803
	4,900,000	0.330%, 8/26/2016		4,898,094
	200,000	0.390%, 9/2/2016		199,902
	4,500,000	0.390%, 9/7/2016		4,497,619
	2,700,000	0.390%, 9/14/2016		2,698,426
		Thrivent Core Short-Term Reserve Fund
	1,150,853	0.580%		11,508,527

		Total Short-Term Investments (cost $47,215,333)		47,219,120

		Total Investments (cost $223,257,249) 124.9%	$	229,504,233

		Other Assets and Liabilities, Net (24.9%)		(45,784,304	)

		Total Net Assets 100.0%	$	183,719,929

a	Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of June 30, 2016.

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

c	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2016.

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 June 30, 2016 was $1,497,422 or 0.8% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of June 30, 2016.

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

142

BOND INDEX PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)


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		548,716
TTX Company, 10/1/2023		9/19/2013		299,997
Wachovia Asset Securitization, Inc., 7/25/2037		3/16/2007		642,604

Securities Lending Transactions


Taxable Debt Security	$	694,405

Total lending	$	694,405
Gross amount payable upon return of collateral for securities loaned	$	715,500

Net amounts due to counterparty	$	21,095

Unrealized Appreciation (Depreciation)

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



Gross unrealized appreciation	$	7,259,901
Gross unrealized depreciation		(1,161,439	)

Net unrealized appreciation (depreciation)	$	6,098,462

Cost for federal income tax purposes	$	223,405,771

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

143

BOND INDEX PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2016, 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		2,589,887		—		2,589,887		—
Basic Materials		992,717		—		992,717		—
Capital Goods		818,561		—		818,561		—
Commercial Mortgage-Backed Securities		2,172,420		—		2,172,420		—
Communications Services		2,200,616		—		2,200,616		—
Consumer Cyclical		4,875,595		—		4,875,595		—
Consumer Non-Cyclical		7,532,580		—		7,532,580		—
Energy		3,348,360		—		3,348,360		—
Financials^		15,553,879		—		15,553,879		0
Foreign Government		5,452,731		—		5,452,731		—
Mortgage-Backed Securities		46,321,084		—		46,321,084		—
Technology		2,373,635		—		2,373,635		—
Transportation		1,717,481		—		1,717,481		—
U.S. Government and Agencies		79,629,874		—		79,629,874		—
Utilities		5,990,193		—		5,990,193		—
Short-Term Investments		35,710,593		—		35,710,593		—

Subtotal Investments in Securities	$	217,280,206	$	—	$	217,280,206	$	0


Other Investments *	Total
Short-Term Investments		11,508,527
Collateral Held for Securities Loaned		715,500

Subtotal Other Investments	$	12,224,027

Total Investments at Value	$	229,504,233

There were no significant transfers between Levels during the period ended June 30, 2016. 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 Bond Index Portfolio, is as follows:


Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at June 30, 2016		Value June 30, 2016		Income Earned January 1, 2016 - June 30, 2016
Cash Management Trust - Collateral Investment	$	815,750	$	7,897,168	$	7,997,418		715,500	$	715,500	$	2,678
Cash Management Trust - Short Term Investment		45,346,506		19,643,481		64,989,987		—		—		38,182
Core Short-Term Reserve Fund		—		16,679,442		5,170,915		1,150,853		11,508,527		7,784
Total Value and Income Earned	$	46,162,256							$	12,224,027	$	48,644

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

144

LIMITED MATURITY BOND PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (2.7%)	Value		% of Net Assets
	Basic Materials (<0.1%)
		Other Securities^	$	376,062		<0.1	%

		Total		376,062


	Capital Goods (0.3%)
		Other Securities^		2,623,870		0.3	%

		Total		2,623,870


	Communications Services (0.6%)
		Other Securities^		5,450,093		0.6	%

		Total		5,450,093


	Consumer Cyclical (0.7%)
		Other Securities^		6,108,133		0.7	%

		Total		6,108,133


	Consumer Non-Cyclical (0.3%)
		Other Securities^		2,395,723		0.3	%

		Total		2,395,723


	Energy (0.1%)
		Other Securities^		668,018		0.1	%

		Total		668,018


	Financials (0.2%)
		Other Securities^		1,289,575		0.2	%

		Total		1,289,575


	Technology (0.2%)
		Other Securities^		1,232,889		0.2	%

		Total		1,232,889


	Transportation (0.2%)
		Other Securities^		1,314,667		0.2	%

		Total		1,314,667


	Utilities (0.1%)
		Other Securities^		1,048,910		0.1	%

		Total		1,048,910

		Total Bank Loans (cost $24,121,115)		22,507,940


		Long-Term Fixed Income (93.4%)
	Asset-Backed Securities (13.7%)
		BA Credit Card Trust
	$ 4,800,000	0.822%, 6/15/2021^a		4,796,522		0.6	%
		Capital One Multi-Asset Execution Trust
	6,750,000	1.260%, 1/15/2020		6,771,448		0.8	%
		Chase Issuance Trust
	3,700,000	1.590%, 2/18/2020		3,738,281		0.4	%
	5,800,000	0.852% - 1.620%,
		7/15/2020 - 5/17/2021^a		5,831,920		0.7	%
		Chesapeake Funding II, LLC
	4,000,000	1.880%, 6/15/2028^b		4,010,642		0.5	%
		Citibank Credit Card Issuance Trust
	6,975,000	1.020%, 2/22/2019		6,982,264		0.8	%
		Ford Credit Auto Owner Trust
	3,575,000	2.260%, 11/15/2025^b		3,646,899		0.4	%
		GoldenTree Loan Opportunities IX, Ltd.
	3,750,000	2.148%, 10/29/2026^*,a		3,738,002		0.4	%
		Master Credit Card Trust
	4,500,000	1.198%, 9/23/2019^a,b		4,500,824		0.5	%
		Mortgage Equity Conversion Asset Trust
	4,381,572	1.070%, 1/25/2042^*,a		3,724,337		0.4	%
	4,433,201	1.170%, 2/25/2042^*,a		3,768,220		0.4	%
		OZLM VIII, Ltd.
	3,760,000	2.073%, 10/17/2026^*,a		3,747,337		0.4	%
		Other Securities^		61,091,120		7.4	%

		Total		116,347,816


	Basic Materials (0.5%)
		Other Securities^		4,686,390		0.5	%

		Total		4,686,390


	Capital Goods (0.5%)
		Other Securities^		4,091,318		0.5	%

		Total		4,091,318


	Collateralized Mortgage Obligations (10.9%)
		Alm Loan Funding CLO
	3,760,000	2.063%, 10/17/2026^*,a		3,736,059		0.4	%
		Apidos CLO XVIII
	3,775,000	2.047%, 7/22/2026^*,a		3,767,591		0.5	%
		Babson CLO, Ltd.
	3,760,000	2.023%, 10/17/2026^*,a		3,736,043		0.4	%
		Birchwood Park CLO, Ltd.
	3,760,000	2.068%, 7/15/2026^*,a		3,747,792		0.5	%
		BlueMountain CLO, Ltd.
	3,760,000	2.108%, 10/15/2026^*,a		3,757,154		0.5	%
		Carlyle Global Market Strategies CLO, Ltd.
	3,750,000	1.934%, 7/20/2023^*,a		3,735,921		0.4	%
	3,750,000	2.128%, 10/15/2026^*,a		3,744,268		0.4	%
		Cent CLO 16, LP
	3,760,000	1.887%, 8/1/2024^*,a		3,741,906		0.4	%
		Cent CLO 22, Ltd.
	3,750,000	2.112%, 11/7/2026^*,a		3,714,121		0.4	%
		Countrywide Alternative Loan Trust
	1,060,041	5.500% - 5.500%,
		11/25/2035 - 2/25/2036		978,479		0.2	%
		Countrywide Home Loans, Inc.
	1,491,750	2.720%, 3/20/2036		1,127,892		0.1	%
		Dryden 34 Senior Loan Fund CLO
	3,760,000	2.058%, 10/15/2026^*,a		3,746,485		0.5	%
		Madison Park Funding XIV CLO, Ltd.
	4,150,000	2.084%, 7/20/2026^*,a		4,142,268		0.5	%
		Octagon Investment Partners XX CLO, Ltd.
	3,760,000	2.068%, 8/12/2026^*,a		3,744,225		0.4	%
		Symphony CLO VIII, Ltd.
	3,594,490	1.729%, 1/9/2023^*,^a		3,586,556		0.4	%
		Voya CLO 3, Ltd.
	3,760,000	2.058%, 7/25/2026^*,a		3,743,880		0.4	%

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

145

LIMITED MATURITY BOND PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (93.4%)	Value		% of Net Assets
	Collateralized Mortgage Obligations (10.9%) - continued
		Wells Fargo Commercial Mortgage Trust
	$ 3,575,000	2.632%, 5/15/2048	$	3,699,832		0.4	%
		Other Securities^		33,946,006		4.1	%

		Total		92,396,478


	Commercial Mortgage-Backed Securities (4.8%)
		Bear Stearns Commercial Mortgage Securities Trust
	3,720,000	5.568%, 10/12/2041		3,734,099		0.4	%
		Bear Stearns Commercial Mortgage Securities, Inc.
	4,510,625	5.331%, 2/11/2044		4,592,161		0.5	%
		Commercial Mortgage Pass-Through Certificates
	5,000,000	1.498%, 6/8/2030^a,b		4,996,870		0.6	%
		Credit Suisse First Boston Mortgage Securities
	4,974,000	5.542%, 1/15/2049		5,034,175		0.6	%
		Federal National Mortgage Association
	738,181	1.272%, 1/25/2017		738,317		0.1	%
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	4,070,338	5.429%, 12/12/2043		4,098,606		0.5	%
		Other Securities^		17,698,033		2.1	%

		Total		40,892,261


	Communications Services (3.2%)
		Other Securities^		26,937,529		3.2	%

		Total		26,937,529


	Consumer Cyclical (1.7%)
		Other Securities^		14,367,661		1.7	%

		Total		14,367,661


	Consumer Non-Cyclical (6.3%)
		Unilever Capital Corporation
	3,650,000	2.100%, 7/30/2020		3,755,923		0.4	%
		Other Securities^		49,940,475		5.9	%

		Total		53,696,398


	Energy (3.4%)
		Other Securities^		28,912,784		3.4	%

		Total		28,912,784


	Financials (19.0%)
		Bank of America Corporation
	8,200,000	1.495% - 6.100%,
		8/25/2017 -12/29/2049^a,c		8,250,189		0.9	%
		Bank of America NA
	2,000,000	5.300%, 3/15/2017		2,053,934		0.2	%
		Bear Stearns Companies, LLC
	2,500,000	6.400%, 10/2/2017		2,656,100		0.3	%
		J.P. Morgan Chase & Company
	4,000,000	1.538%, 1/25/2018^a		4,019,436		0.5	%
	4,950,000	2.250% - 7.900%,
		1/23/2020 - 4/29/2049^c		5,064,908		0.6	%
		Japan Bank for International Cooperation
	4,000,000	1.750%, 7/31/2018		4,040,532		0.5	%
		Svensk Exportkredit AB
	3,500,000	0.938%, 1/23/2017^a		3,503,010		0.4	%
		Wells Fargo & Company
	5,280,000	1.318% - 5.875%,
		1/30/2020 - 12/31/2049^a,c		5,448,250		0.6	%
		Other Securities^		126,069,678		15.0	%

		Total		161,106,037


	Foreign Government (0.9%)
		Kommunalbanken AS
	3,500,000	1.500%, 10/22/2019^b		3,539,739		0.4	%
		Other Securities^		3,869,039		0.5	%

		Total		7,408,778


	Mortgage-Backed Securities (3.3%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	7,150,000	3.000%, 7/1/2031^d		7,500,517		0.9	%
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	7,200,000	4.000%, 7/1/2046^d		7,706,250		0.9	%
	500,549	6.500%, 9/1/2037		587,894		0.1	%
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	2,445,344	2.250%, 6/25/2025		2,496,469		0.3	%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	5,545,438	1.735%, 7/1/2043^a		5,639,701		0.7	%
	3,923,826	2.066% - 5.464%,
		9/1/2037 - 1/1/2043^a		4,037,641		0.4	%

		Total		27,968,472


	Technology (2.2%)
		Other Securities^		18,734,905		2.2	%

		Total		18,734,905


	Transportation (2.0%)
		Other Securities^		17,465,202		2.0	%

		Total		17,465,202


	U.S. Government and Agencies (18.3%)
		Federal Home Loan Mortgage Corporation
	500,000	1.250%, 8/1/2019		506,134		0.1	%
		Federal National Mortgage Association
	7,500,000	1.250%, 5/6/2021		7,528,110		0.9	%
		U.S. Treasury Bonds
	8,000,000	5.375%, 2/15/2031		11,865,312		1.4	%
	8,300,000	3.625%, 2/15/2044		10,701,813		1.3	%
	2,200,000	3.000%, 5/15/2042		2,541,172		0.3	%
		U.S. Treasury Bonds, TIPS
	19,397,670	0.125%, 4/15/2019		19,807,601		2.3	%
	7,676,698	0.625%, 1/15/2026		8,083,823		1.0	%

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

146

LIMITED MATURITY BOND PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (93.4%)	Value			% of Net Assets
	U.S. Government and Agencies (18.3%) - continued
		U.S. Treasury Notes
	$5,000,000	1.250%, 12/15/2018	$	5,072,265			0.6	%
	12,350,000	1.500%, 10/31/2019		12,637,520			1.5	%
	49,070,000	1.875%, 6/30/2020		50,948,449			6.0	%
	13,150,000	2.125%, 6/30/2022		13,865,031			1.6	%
	2,565,000	1.625%, 8/15/2022		2,630,328			0.3	%
		U.S. Treasury Notes, TIPS
	7,073,430	0.125%, 1/15/2023		7,167,188			0.8	%
		Other Securities^		1,573,697			0.2	%

		Total		154,928,443


	Utilities (2.7%)
		Other Securities^		22,762,623			2.7	%

		Total		22,762,623

		Total Long-Term Fixed Income (cost $791,903,415)		792,703,095


Shares		Preferred Stock (0.4%)
	Financials (0.3%)
		Other Securities^		2,566,382			0.3	%

		Total		2,566,382


	Utilities (0.1%)
		Other Securities^		1,003,320			0.1	%

		Total		1,003,320

		Total Preferred Stock (cost $3,534,100)		3,569,702


		Common Stock (<0.1%)
	Energy (<0.1%)
		Other Securities^		70,584			<0.1	%

		Total		70,584

		Total Common Stock (cost $73,440)		70,584


		Collateral Held for Securities Loaned (1.2%)
	10,266,465	Thrivent Cash Management Trust		10,266,465			1.2	%

		Total Collateral Held for Securities Loaned (cost $10,266,465)		10,266,465


Shares or Principal Amount		Short-Term Investments (4.9%)^e
		Federal Home Loan Bank Discount Notes
	3,500,000	0.340%, 7/20/2016		3,499,685			0.4	%
		Federal National Mortgage Association Discount Notes
	1,000,000	0.400%, 7/25/2016^f		999,887			0.1	%
		Thrivent Core Short-Term Reserve Fund
	3,716,756	0.580%		37,167,556			4.4	%

		Total Short-Term Investments (cost $41,666,661)		41,667,128

		Total Investments (cost $871,565,196) 102.6%	$	870,784,914

		Other Assets and Liabilities, Net (2.6%)		(21,845,738	)

		Total Net Assets 100.0%	$	848,939,176

^	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 June 30, 2016.

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

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

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

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

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 June 30, 2016 was $89,822,183 or 10.6% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of June 30, 2016.


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
Birchwood Park CLO, Ltd., 7/15/2026		7/31/2014		3,760,000
BlueMountain CLO, Ltd., 10/15/2026		8/27/2014		3,756,202
Carlyle Global Market Strategies CLO, Ltd., 7/20/2023		7/3/2014		3,750,000
Carlyle Global Market Strategies CLO, Ltd., 10/15/2026		9/19/2014		3,750,000
Cent CLO 16, LP, 8/1/2024		9/5/2014		3,760,000
Cent CLO 22, Ltd., 11/7/2026		9/19/2014		3,750,000
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

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

147

LIMITED MATURITY BOND PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)


Security	Acquisition Date		Cost
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		3,594,490
Voya CLO 3, Ltd., 7/25/2026		7/10/2014		3,754,360

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 June 30, 2016:

Securities Lending Transactions


Taxable Debt Security	$	9,942,138

Total lending	$	9,942,138
Gross amount payable upon return of collateral for securities loaned	$	10,266,465

Net amounts due to counterparty	$	324,327

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	$	14,602,315
Gross unrealized depreciation		(15,192,970	)

Net unrealized appreciation (depreciation)	$	(590,655	)

Cost for federal income tax purposes	$	871,375,569

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

148

LIMITED MATURITY BOND PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2016, 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		376,062		—		376,062		—
Capital Goods		2,623,870		—		2,623,870		—
Communications Services		5,450,093		—		4,800,303		649,790
Consumer Cyclical		6,108,133		—		6,108,133		—
Consumer Non-Cyclical		2,395,723		—		2,395,723		—
Energy		668,018		—		668,018		—
Financials		1,289,575		—		981,719		307,856
Technology		1,232,889		—		1,232,889		—
Transportation		1,314,667		—		1,314,667		—
Utilities		1,048,910		—		1,048,910		—
Long-Term Fixed Income
Asset-Backed Securities		116,347,816		—		106,105,259		10,242,557
Basic Materials		4,686,390		—		4,686,390		—
Capital Goods		4,091,318		—		4,091,318		—
Collateralized Mortgage Obligations		92,396,478		—		92,396,478		—
Commercial Mortgage-Backed Securities		40,892,261		—		40,892,261		—
Communications Services		26,937,529		—		26,937,529		—
Consumer Cyclical		14,367,661		—		14,367,661		—
Consumer Non-Cyclical		53,696,398		—		53,696,398		—
Energy		28,912,784		—		28,912,784		—
Financials		161,106,037		—		161,106,037		—
Foreign Government		7,408,778		—		7,408,778		—
Mortgage-Backed Securities		27,968,472		—		27,968,472		—
Technology		18,734,905		—		18,734,905		—
Transportation		17,465,202		—		17,465,202		—
U.S. Government and Agencies		154,928,443		—		154,928,443		—
Utilities		22,762,623		—		22,762,623		—
Preferred Stock
Financials		2,566,382		1,720,620		845,762		—
Utilities		1,003,320		1,003,320		—		—
Common Stock
Energy		70,584		70,584		—		—
Short-Term Investments		4,499,572		—		4,499,572		—

Subtotal Investments in Securities	$	823,350,893	$	2,794,524	$	809,356,166	$	11,200,203


Other Investments *	Total
Short-Term Investments		37,167,556
Collateral Held for Securities Loaned		10,266,465

Subtotal Other Investments	$	47,434,021

Total Investments at Value	$	870,784,914


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		1,071,917		1,071,917		—		—

Total Asset Derivatives	$	1,071,917	$	1,071,917	$	—	$	—

Liability Derivatives
Futures Contracts		3,328,882		3,328,882		—		—

Total Liability Derivatives	$	3,328,882	$	3,328,882	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2016. 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.

149

LIMITED MATURITY BOND PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

The following table presents Limited Maturity Bond Portfolio’s futures contracts held as of June 30, 2016. Investments and/or cash totaling $999,887 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)
CBOT 10-Yr. U.S. Treasury Note		(298	)		September 2016		($38,543,484	)		($39,629,345	)		($1,085,861	)
CBOT 2-Yr. U.S. Treasury Note		728			September 2016		158,603,849			159,670,879			1,067,030
CBOT 5-Yr. U.S. Treasury Note		(618	)		September 2016		(74,124,286	)		(75,497,389	)		(1,373,103	)
CBOT U.S. Long Bond		(78	)		September 2016		(12,719,841	)		(13,442,813	)		(722,972	)
CME Ultra Long Term U.S. Treasury Bond		(12	)		September 2016		(2,089,554	)		(2,236,500	)		(146,946	)
Ultra 10-Yr. U.S. Treasury Note		1			September 2016		140,784			145,671			4,887
Total Futures Contracts													($2,256,965	)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2016, for Limited Maturity Bond Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	1,071,917
Total Interest Rate Contracts			1,071,917

Total Asset Derivatives		$	1,071,917

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		3,328,882
Total Interest Rate Contracts			3,328,882

Total Liability Derivatives		$	3,328,882

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

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2016, for Limited Maturity Bond Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		(3,680,041	)
Total Interest Rate Contracts			(3,680,041	)

Total		($	3,680,041	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2016, 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		(2,399,191	)
Total Interest Rate Contracts			(2,399,191	)

Total		($	2,399,191	)

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

150

LIMITED MATURITY BOND PORTFOLIO

Summary Schedule of Investments as of June 30, 2016

(unaudited)

The following table presents Limited Maturity Bond Portfolio's average volume of derivative activity during the period ended June 30, 2016.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Interest Rate Contracts	$	272,620,935		32.7	%

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

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, 2015		Gross Purchases		Gross Sales		Shares Held at June 30, 2016		Value June 30, 2016		Income Earned January 1, 2016 - June 30, 2016
Cash Management Trust-Collateral Investment	$	11,023,000	$	27,075,097	$	27,831,632		10,266,465	$	10,266,465	$	14,723
Cash Management Trust-Short Term Investment		44,769,481		56,586,057		101,355,538		—		—		31,521
Core Short-Term Reserve Fund		—		58,321,597		21,154,041		3,716,756		37,167,556		28,287
Total Value and Income Earned	$	55,792,481							$	47,434,021	$	74,531

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

151

MONEY MARKET PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		U.S. Government Agency Debt (90.5%)^a	Value
		Federal Agricultural Mortgage Corporation
$	5,685,000	0.200%, 7/1/2016	$	5,685,000
	750,000	0.400%, 7/22/2016		749,953
	915,000	2.000%, 7/27/2016		915,976
	1,300,000	0.320%, 8/1/2016		1,299,642
	2,525,000	0.489%, 8/15/2016		2,523,458
	750,000	0.450%, 9/28/2016		749,760
	1,470,000	0.638%, 1/25/2017^b		1,470,000
	1,510,000	0.575%, 3/7/2017^b		1,510,000
		Federal Farm Credit Bank
	780,000	0.472%, 3/13/2017^b		779,618
	130,000	0.496%, 4/17/2017^b		129,969
	1,300,000	0.505%, 8/10/2017^b		1,299,280
		Federal Home Loan Bank
	1,400,000	0.309%, 7/1/2016		1,400,000
	400,000	0.344%, 7/6/2016		399,981
	700,000	0.270%, 7/7/2016		699,969
	600,000	0.330%, 7/8/2016		599,962
	3,050,000	0.308%, 7/11/2016		3,049,739
	1,600,000	0.300%, 7/13/2016		1,599,840
	1,500,000	0.300%, 7/14/2016		1,499,837
	2,050,000	0.417%, 7/15/2016		2,049,667
	1,700,000	0.280%, 7/18/2016		1,699,775
	1,390,000	0.750%, 7/18/2016		1,390,282
	700,000	0.355%, 7/19/2016		699,876
	200,000	0.430%, 7/20/2016		199,955
	1,200,000	0.330%, 7/21/2016		1,199,780
	1,320,000	0.393%, 7/22/2016^b		1,320,000
	440,000	0.402%, 7/22/2016		439,897
	1,100,000	0.280%, 7/26/2016		1,099,786
	3,020,000	0.473%, 7/26/2016^b		3,019,998
	1,050,000	0.333%, 7/27/2016		1,049,747
	1,200,000	0.320%, 7/29/2016		1,199,701
	1,000,000	0.300%, 8/1/2016		999,742
	700,000	0.300%, 8/2/2016		699,813
	2,460,000	0.324%, 8/3/2016		2,459,268
	395,000	0.310%, 8/4/2016		394,884
	1,600,000	0.312%, 8/5/2016		1,599,515
	1,550,000	0.410%, 8/8/2016		1,549,329
	1,560,000	0.400%, 8/10/2016		1,559,307
	2,250,000	0.320%, 8/11/2016		2,249,180
	4,310,000	0.368%, 8/12/2016		4,308,147
	1,330,000	0.391%, 8/17/2016^b		1,330,000
	2,100,000	0.391%, 8/17/2016		2,098,927
	2,780,000	0.488%, 8/17/2016^b		2,779,930
	1,650,000	0.330%, 8/22/2016		1,649,214
	1,800,000	0.450%, 8/24/2016		1,798,785
	1,330,000	0.413%, 8/25/2016^b		1,330,000
	1,565,000	0.337%, 8/26/2016		1,564,180
	710,000	0.360%, 8/31/2016		709,567
	750,000	0.487%, 9/1/2016^b		750,000
	765,000	0.409%, 9/2/2016^b		765,000
	3,140,000	0.489%, 9/2/2016		3,137,315
	2,400,000	0.423%, 9/7/2016		2,398,081
	780,000	2.000%, 9/9/2016		782,144
	1,700,000	0.380%, 9/14/2016		1,698,654
	1,600,000	0.400%, 9/16/2016		1,598,631
	2,660,000	0.399%, 9/21/2016		2,657,584
	1,040,000	0.500%, 9/28/2016		1,040,155
	3,750,000	0.522%, 10/13/2016^b		3,749,889
	1,470,000	0.573%, 1/19/2017^b		1,469,911
	1,280,000	0.543%, 1/26/2017^b		1,280,000
	1,300,000	0.556%, 3/30/2017^b		1,300,000
	1,300,000	0.481%, 5/16/2017^b		1,299,681
	1,300,000	0.629%, 8/23/2017^b		1,299,926
		Federal Home Loan Mortgage Corporation
	850,000	0.290%, 7/5/2016		849,973
	300,000	0.335%, 8/19/2016		299,863
	1,330,000	0.407%, 8/24/2016^b		1,330,000
	1,650,000	2.000%, 8/25/2016		1,654,087
	1,340,000	0.434%, 9/2/2016^b		1,340,000
	1,250,000	0.578%, 7/21/2017^b		1,249,864
		Federal National Mortgage Association
	1,500,000	0.375%, 7/5/2016		1,500,012
	154,000	0.430%, 7/6/2016		153,991
	742,000	5.375%, 7/15/2016		743,438
	550,000	0.260%, 7/19/2016		549,929
	955,000	0.300%, 7/20/2016		954,849
	1,925,000	0.462%, 8/12/2016^b		1,925,094
	1,250,000	0.462%, 8/16/2016^b		1,250,025
	1,330,000	0.473%, 8/26/2016^b		1,330,167
	1,650,000	0.625%, 8/26/2016		1,650,650
	1,080,000	0.360%, 9/1/2016		1,079,330
	680,000	5.250%, 9/15/2016		686,587
	2,280,000	1.250%, 9/28/2016		2,284,541
	1,300,000	1.375%, 11/15/2016		1,304,133
	1,570,000	0.597%, 12/20/2017^b		1,570,000
		Overseas Private Investment Corporation
	2,121,053	0.360%, 7/6/2016^b		2,121,053
	5,000,000	0.390%, 7/6/2016^b		5,000,000
	2,052,918	0.360%, 7/7/2016^b		2,052,918
	2,447,368	0.360%, 7/7/2016^b		2,447,368
	835,000	0.360%, 7/7/2016^b		835,000
	1,390,000	0.390%, 7/7/2016^b		1,390,000
	600,000	0.410%, 7/7/2016^b		600,000
	1,410,000	0.410%, 7/7/2016^b		1,410,000
	2,300,000	0.420%, 7/7/2016^b		2,300,000
	1,310,000	0.550%, 7/7/2016		1,317,097
	2,069,440	0.360%, 7/14/2016^b		2,069,440
	2,550,000	0.870%, 11/18/2016		2,563,708
	312,943	0.990%, 11/21/2016		314,561
	2,600,000	1.010%, 3/17/2017		2,600,000
	1,530,000	0.760%, 3/30/2017		1,531,912

		Total		148,296,797


		U.S. Treasury Debt (9.7%)^a
		U.S. Treasury Bills
	2,000,000	0.214%, 7/14/2016		1,999,845
	1,895,000	0.250%, 7/21/2016		1,894,737
	1,300,000	0.430%, 8/18/2016		1,299,255
		U.S. Treasury Notes
	1,050,000	0.500%, 7/31/2016		1,050,047
	780,000	0.500%, 8/31/2016		780,064
	2,600,000	0.313%, 10/31/2016^b		2,600,070
	1,650,000	0.344%, 1/31/2017^b		1,650,431
	3,060,000	0.337%, 7/31/2017^b		3,059,396
	1,530,000	0.532%, 1/31/2018^b		1,532,722

		Total		15,866,567

		Total Investments (at amortized cost) 100.2%	$	164,163,364

		Other Assets and Liabilities, Net (0.2)%		(266,161	)

		Total Net Assets 100.0%	$	163,897,203

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

152

MONEY MARKET PORTFOLIO

Schedule of Investments as of June 30, 2016

(unaudited)

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

b	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2016.


Cost for federal income tax purposes		$	164,163,364

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2016, 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
U.S. Government Agency Debt		148,296,797		—		148,296,797		—
U.S. Treasury Debt		15,866,567		—		15,866,567		—

Total	$	164,163,364	$	—	$	164,163,364	$	—

There were no significant transfers between Levels during the period ended June 30, 2016. 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.

153

THRIVENT SERIES FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES


*As of June 30, 2016 (unaudited)*	Aggressive Allocation Portfolio			Moderately Aggressive Allocation Portfolio			Moderate Allocation Portfolio			Moderately Conservative Allocation Portfolio
Assets
Investments at cost	$	946,101,972		$	4,996,530,451		$	9,311,831,997		$	4,817,305,080
Investments in securities at value		597,638,404			3,041,145,556			6,108,594,951			3,098,911,719
Investments in affiliates at value		399,008,029			2,256,440,380			3,637,704,994			1,893,962,319
Investments at Value		996,646,433			5,297,585,936			9,746,299,945			4,992,874,038
Cash		9,499	^(a)		244,363	^(b)		670,726	^(c)		79,331
Dividends and interest receivable		517,110			6,160,503			17,236,989			10,833,261
Prepaid expenses		7,026			20,698			33,907			18,364
Receivable for investments sold		2,059,748			16,744,329			125,047,220			62,258,916
Receivable for fund shares sold		283,630			302,178			2,201,756			667,567
Receivable for expense reimbursements		168,605			902,555			1,186,575			457,207
Receivable for variation margin		2,635,045			8,346,248			10,105,660			4,455,936
Total Assets		1,002,327,096			5,330,306,810			9,902,782,778			5,071,644,620
Liabilities
Accrued expenses		41,336			64,142			84,691			53,363
Payable for investments purchased		14,736,396			250,007,455			897,599,593			625,211,079
Payable upon return of collateral for securities loaned		—			85,713,108			139,749,499			37,505,809
Payable for fund shares redeemed		235,172			367,112			571,449			116,620
Payable for variation margin		2,224,238			6,905,741			7,312,443			1,911,632
Payable for investment advisory fees		595,665			2,700,898			4,312,408			2,019,544
Payable for administrative fees		21,201			80,054			136,853			71,084
Payable for director fees		710			2,659			4,947			2,489
Payable for director deferred compensation		51,626			159,407			272,152			145,659
Mortgage dollar roll deferred revenue		6,351			117,861			376,382			274,555
Total Liabilities		17,912,695			346,118,437			1,050,420,417			667,311,834
Net Assets
Capital stock (beneficial interest)		938,015,008			4,661,568,154			8,345,245,655			4,163,888,219
Accumulated undistributed net investment income/(loss)		5,654,075			42,650,725			88,552,468			46,090,298
Accumulated undistributed net realized gain/(loss)		(10,508,521	)		(25,391,731	)		(28,620,354	)		12,511,220
Net unrealized appreciation/(depreciation) on:
Investments		62,429,787			231,156,808			319,325,812			132,944,844
Affiliated investments		(11,885,326	)		69,898,677			115,142,136			42,624,114
Futures contracts		711,682			4,315,680			12,729,413			6,277,194
Foreign currency transactions		(2,304	)		(9,940	)		(12,769	)		(3,103	)
Total Net Assets	$	984,414,401		$	4,984,188,373		$	8,852,362,361		$	4,404,332,786
Shares of beneficial interest outstanding		73,789,128			376,534,642			686,220,381			355,279,057
Net asset value per share	$	13.34		$	13.24		$	12.90		$	12.40

^(a)	Includes foreign currency holdings of $7,556 (cost $7,564).

^(b)	Includes foreign currency holdings of $164,898 (cost $165,304).

^(c)	Includes foreign currency holdings of $252,981 (cost $252,457).

^(d)	Includes foreign currency holdings of $23,740 (cost $23,725).

^(e)	Includes foreign currency holdings of $63,042 (cost $62,987).

^(f)	Includes foreign currency holdings of $67,324 (cost $67,190).

^(g)	Includes foreign currency holdings of $32,883 (cost $33,077).

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

154

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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

	$84,153,750		$	340,181,389		$	526,636,917		$	126,583,078		$	188,155,088		$	47,787,802		$	147,072,693
	78,088,613			314,654,802			480,220,217			107,022,582			175,296,511			50,278,029			178,373,640
	6,291,730			32,727,390			47,198,473			19,308,288			9,192,237			1,566,249			1,166,007
	84,380,343			347,382,192			527,418,690			126,330,870			184,488,748			51,844,278			179,539,647
	35,059	^(d)		133,063	^(e)		139,115	^(f)		115			179,905			32,883	^(g)		393
	303,881			1,466,987			2,790,194			694,895			351,038			221,430			616,597
	3,928			4,743			5,356			4,017			4,253			3,821			4,226
	644,625			2,226,929			1,502,669			1,049,453			—			152,525			242,597
	563			218,936			818,618			16,462			10,840			3,904			170,689
	16,590			—			—			—			10,806			16,781			—
	14,431			43,172			120,714			5,937			—			—			—
	85,399,420			351,476,022			532,795,356			128,101,749			185,045,590			52,275,622			180,574,149

	29,588			33,106			35,761			20,927			14,810			25,085			13,977
	4,067,943			21,099,377			18,826,346			16,558,435			826,455			206,572			667,803
	—			4,194,070			385,600			—			—			324,150			—
	32,576			11,059			50,087			4,292			51,321			17,732			31,198
	3,391			20,407			182,031			13,703			—			—			—
	42,826			145,315			166,135			44,675			134,266			48,838			111,434
	7,852			11,422			14,143			8,275			9,380			7,399			9,174
	204			449			586			204			204			204			204
	17,345			88,460			51,163			21,569			16,449			16,449			49,534
	1,419			8,461			6,756			6,683			—			—			—
	4,203,144			25,612,126			19,718,608			16,678,763			1,052,885			646,429			883,324

	81,835,685			318,453,788			508,366,462			113,734,633			196,318,348			48,356,246			145,723,370
	963,743			4,890,788			9,498,228			54,466			325,397			299,812			2,784,187
	(1,838,296)			(4,606,025	)		(5,645,694	)		(2,051,800	)		(8,979,386	)		(1,085,462	)		(1,283,418	)

	226,593			7,200,803			781,773			(252,208	)		(3,666,340	)		4,056,476			32,466,954
	—			—			—			—			—			—			—
	9,520			(74,082	)		77,818			(62,105	)		—			—			—
	(969)			(1,376	)		(1,839	)		—			(5,314	)		2,121			(268	)
	$81,196,276		$	325,863,896		$	513,076,748		$	111,422,986		$	183,992,705		$	51,629,193		$	179,690,825
	8,277,315			23,961,454			68,388,454			11,053,732			11,181,831			4,503,811			7,420,855
	$9.81		$	13.60		$	7.50		$	10.08		$	16.45		$	11.46		$	24.21

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

155

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STATEMENT OF ASSETS AND LIABILITIES – CONTINUED


*As of June 30, 2016 (unaudited)*	Small Cap Stock Portfolio			Small Cap Index Portfolio			Mid Cap Stock Portfolio		Mid Cap Index Portfolio
Assets
Investments at cost	$	396,954,006		$	269,079,688		$	1,053,907,462	$	193,506,839
Investments in securities at value		424,577,277			302,985,794			1,196,647,120		209,004,306
Investments in affiliates at value		26,684,026			28,739,783			89,514,485		17,397,240
Investments at Value		451,261,303			331,725,577			1,286,161,605		226,401,546
Cash		71,462			—			—		—
Initial margin deposit on open futures contracts		—			—			—		—
Initial margin deposit on open currency contracts		—			—			—		—
Dividends and interest receivable		252,615			316,661			1,100,412		230,592
Prepaid expenses		5,081			4,675			7,801		4,338
Receivable for investments sold		5,115,637			3,294,542			—		2,572,660
Receivable for fund shares sold		15,382			226,025			676		225,016
Unrealized gain on forward contracts		—			—			—		—
Receivable for expense reimbursements		—			—			—		—
Receivable for variation margin		—			133,590			—		148,007
Total Assets		456,721,480			335,701,070			1,287,270,494		229,582,159
Liabilities
Accrued expenses		15,872			22,271			18,345		19,583
Payable for investments purchased		2,976,903			740,440			—		987,103
Payable upon return of collateral for securities loaned		26,684,025			22,383,665			41,441,225		10,154,866
Payable for fund shares redeemed		31,205			130,212			208,449		14,629
Unrealized loss on forward contracts		—			—			—		—
Payable for variation margin		—			—			—		—
Payable for investment advisory fees		235,787			50,515			663,087		35,085
Payable for administrative fees		12,969			11,213			25,084		9,824
Payable for director fees		545			451			1,162		204
Payable for director deferred compensation		161,430			68,309			244,030		27,495
Total Liabilities		30,118,736			23,407,076			42,601,382		11,248,789
Net Assets
Capital stock (beneficial interest)		376,376,274			238,240,488			1,008,121,563		180,128,606
Accumulated undistributed net investment income/(loss)		971,713			1,759,962			2,716,507		1,257,032
Accumulated undistributed net realized gain/(loss)		(5,052,540	)		9,812,010			1,576,899		4,047,667
Net unrealized appreciation/(depreciation) on:
Investments		54,307,297			62,645,889			232,254,143		32,894,707
Futures contracts		—			(164,355	)		—		5,358
Foreign currency forward contracts		—			—			—		—
Foreign currency transactions		—			—			—		—
Total Net Assets	$	426,602,744		$	312,293,994		$	1,244,669,112	$	218,333,370
Shares of beneficial interest outstanding		27,727,660			20,439,989			79,182,915		14,292,090
Net asset value per share	$	15.39		$	15.28		$	15.72	$	15.28

^(a)	Includes foreign currency holdings of $5,962,305 (cost $5,965,317).

^(b)	Includes foreign currency holdings of $356,519 (cost $356,090).

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

156

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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

	$1,615,012,296	$	83,524,744		$	843,827,618		$	84,895,714		$	996,114,515	$	739,542,648		$	382,933,189
	1,545,179,828		86,021,337			950,322,438			111,016,137			1,150,716,270		804,303,265			561,634,700
	65,792,909		3,850,939			49,816,951			5,598,927			62,409,932		44,116,292			19,263,712
	1,610,972,737		89,872,276			1,000,139,389			116,615,064			1,213,126,202		848,419,557			580,898,412
	6,019,651^(a)		265			814,732			27			—		356,519	^(b)		632
	1,134,597		—			—			—			—		—			—
	1,420,000		—			—			—			—		—			—
	9,460,214		97,750			250,926			102,509			1,576,558		1,921,760			641,842
	9,216		3,952			7,299			4,033			7,660		6,633			5,536
	5,760,585		984,183			—			624,366			8,765,414		—			—
	49,826		130,410			22,330			207			7,582		—			495,536
	1,108,268		—			—			—			—		—			—
	—		22,257			—			15,041			—		—			—
	2,223,806		—			—			—			—		1,813,496			183,502
	1,638,158,900		91,111,093			1,001,234,676			117,361,247			1,223,483,416		852,517,965			582,225,460

	173,709		14,651			17,799			16,271			17,728		36,280			20,564
	7,705,706		1,063,418			—			438,352			8,584,114		382,092			662,639
	28,174,169		1,829,525			—			3,829,085			32,462,025		4,591,378			3,532,407
	114,137		14,800			593,365			90,109			28,395		84,954			2,227
	1,007,900		—			—			—			—		—			—
	2,039,667		—			—			—			—		—			—
	1,099,918		68,456			330,790			74,426			579,473		430,380			93,057
	30,360		7,964			21,552			8,341			24,051		19,243			15,042
	1,551		204			1,078			205			1,173		1,129			658
	226,051		21,476			304,934			23,007			153,301		172,061			103,147
	40,573,168		3,020,494			1,269,518			4,479,796			41,850,260		5,717,517			4,429,741

	1,761,519,021		83,555,434			853,128,562			81,665,178			943,680,805		749,607,107			390,387,839
	23,061,876		233,947			2,425,956			55,234			9,480,557		6,689,721			5,339,668
	(183,740,179)		(2,046,314	)		(11,895,544	)		(558,156	)		11,460,107		(18,379,357	)		(15,884,266	)

	(4,039,559)		6,347,532			156,311,771			31,719,350			217,011,687		108,876,909			197,965,223
	810,445		—			—			—			—		14,388			(12,745	)
	100,368		—			—			—			—		—			—
	(126,240)		—			(5,587	)		(155	)		—		(8,320	)		—
	$1,597,585,732	$	88,090,599		$	999,965,158		$	112,881,451		$	1,181,633,156	$	846,800,448		$	577,795,719
	182,215,050		7,277,130			38,066,935			6,764,903			79,944,166		75,759,671			20,043,363
$	8.77	$	12.11		$	26.27		$	16.69		$	14.78	$	11.18		$	28.83

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

157

THRIVENT SERIES FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES – CONTINUED


*As of June 30, 2016 (unaudited)*	High Yield Portfolio			Income Portfolio			Bond Index Portfolio			Limited Maturity Bond Portfolio
Assets
Investments at cost	$	826,360,807		$	1,456,265,339		$	223,257,249		$	871,565,196
Investments in securities at value		721,958,373			1,397,508,605			217,280,206			823,350,893
Investments in affiliates at value		72,335,132			110,177,404			12,224,027			47,434,021
Investments at Value		794,293,505			1,507,686,009			229,504,233			870,784,914
Cash		—			2			753,092			—
Dividends and interest receivable		11,170,792			12,653,548			698,239			3,385,553
Prepaid expenses		6,158			8,423			4,243			6,549
Receivable for investments sold		—			15,123,755			—			666,358
Receivable for fund shares sold		34,537			543,044			1,635			174
Receivable for variation margin		—			70,464			—			187,721
Total Assets		805,504,992			1,536,085,245			230,961,442			875,031,269
Liabilities
Accrued expenses		19,772			24,634			15,946			19,578
Cash overdraft		—			—			—			1
Payable for investments purchased		—			72,057,507			46,114,314			15,173,717
Payable upon return of collateral for securities loaned		58,444,164			38,614,774			715,500			10,266,465
Payable for fund shares redeemed		78,448			37,788			264,090			105,160
Payable for variation margin		72,210			425,073			—			48,434
Payable for investment advisory fees		243,588			462,098			51,528			277,218
Payable for administrative fees		17,628			27,461			9,317			19,142
Payable for director fees		785			1,305			204			881
Payable for director deferred compensation		151,631			229,207			48,213			173,545
Mortgage dollar roll deferred revenue		—			30,124			22,401			7,952
Total Liabilities		59,028,226			111,909,971			47,241,513			26,092,093
Net Assets
Capital stock (beneficial interest)		874,825,596			1,378,701,931			177,014,572			861,810,774
Accumulated undistributed net investment income/(loss)		(273,038	)		402,896			(602	)		597,723
Accumulated undistributed net realized gain/(loss)		(95,818,078	)		(6,721,773	)		458,975			(10,432,074	)
Net unrealized appreciation/(depreciation) on:
Investments		(32,067,302	)		51,420,670			6,246,984			(780,282	)
Futures contracts		—			535,812			—			(2,256,965	)
Swap agreements		(190,412	)		(164,262	)		—			—
Total Net Assets	$	746,476,766		$	1,424,175,274		$	183,719,929		$	848,939,176
Shares of beneficial interest outstanding		160,905,929			138,022,184			16,248,939			86,480,966
Net asset value per share	$	4.64		$	10.32		$	11.31		$	9.82

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

158

THRIVENT SERIES FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES – CONTINUED


*As of June 30, 2016 (unaudited)*	Money Market Portfolio
Assets
Investments at cost	$	164,163,364
Investments in securities at value		164,163,364
Investments at Value		164,163,364	^*
Cash		3,307
Dividends and interest receivable		120,461
Prepaid expenses		4,187
Receivable for fund shares sold		42,459
Total Assets		164,333,778
Liabilities
Accrued expenses		14,874
Payable for fund shares redeemed		365,345
Payable for investment advisory fees		46,429
Payable for administrative fees		9,054
Payable for director fees		204
Payable for expense reimbursements		669
Total Liabilities		436,575
Net Assets
Capital stock (beneficial interest)		163,899,639
Accumulated undistributed net realized gain/(loss)		(2,436	)
Total Net Assets	$	163,897,203
Shares of beneficial interest outstanding		163,897,771
Net asset value per share	$	1.00

*	Securities held by this 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.

159

THRIVENT SERIES FUND, INC.

STATEMENT OF OPERATIONS


*For the six months ended June 30, 2016 (unaudited)*	Aggressive Allocation Portfolio			Moderately Aggressive Allocation Portfolio			Moderate Allocation Portfolio			Moderately Conservative Allocation Portfolio
Investment Income
Dividends	$	3,658,443		$	16,581,563		$	26,701,012		$	8,684,590
Interest		219,878			10,452,150			34,832,529			24,188,820
Income from mortgage dollar rolls		122,311			2,159,284			7,163,130			5,070,336
Income from securities loaned		13			338,653			542,971			155,249
Income from affiliated investments		4,372,492			24,703,019			39,387,129			18,067,481
Foreign tax withholding		(43,001	)		(148,066	)		(296,815	)		(20,172	)
Total Investment Income		8,330,136			54,086,603			108,329,956			56,146,304
Expenses
Adviser fees		3,484,141			15,884,825			25,488,842			11,777,162
Sub-Adviser fees		—			—			—			—
Administrative service fees		124,960			471,297			808,724			415,263
Audit and legal fees		18,051			27,722			36,976			25,907
Custody fees		67,801			106,026			147,755			87,426
Insurance expenses		4,682			13,852			22,773			11,824
Directors’ fees		14,012			53,021			98,752			49,936
Other expenses		21,101			43,617			50,947			34,153
Total Expenses Before Reimbursement		3,734,748			16,600,360			26,654,769			12,401,671
Less:
Reimbursement from adviser		(992,267	)		(5,283,147	)		(6,965,127	)		(2,688,064	)
Total Net Expenses		2,742,481			11,317,213			19,689,642			9,713,607
Net Investment Income/(Loss)		5,587,655			42,769,390			88,640,314			46,432,697
Realized and Unrealized Gains/(Losses)
Net realized gains/(losses) on:
Investments		(6,881,241	)		(27,078,074	)		(41,026,980	)		(6,788,101	)
Affiliated investments		(67,926	)		—			—			—
Distributions of realized capital gains from affiliated investments		9,970,803			55,036,191			56,507,513			16,101,621
Futures contracts		(7,168,987	)		(26,799,796	)		(9,795,906	)		15,569,633
Foreign currency and forward contract transactions		204,228			847,160			1,132,837			331,646
Swap agreements		—			—			—			—
Change in net unrealized appreciation/(depreciation) on:
Investments		16,792,425			97,445,324			186,513,224			86,317,169
Affiliated investments		(8,569,850	)		(42,624,742	)		(22,717,647	)		8,736,134
Futures contracts		(1,906,591	)		(5,055,883	)		(306,917	)		2,139,906
Foreign currency transactions		(3,245	)		(13,874	)		(16,940	)		(4,976	)
Swap agreements		—			—			—			—
Net Realized and Unrealized Gains/(Losses)		2,369,616			51,756,306			170,289,184			122,403,032
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	7,957,271		$	94,525,696		$	258,929,498		$	168,835,729

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

160

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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

$	793,576		$	2,588,329		$	3,057,086		$	206,921		$	1,248,854		$	767,521		$	3,369,770
	513,025			3,088,137			7,490,040			1,819,826			2,745			1,662			5,205
	27,266			158,984			100,152			114,203			—			—			—
	—			23,394			10,733			—			—			4,826			—
	9,955			44,682			73,279			33,113			10,132			1,829			1,212
	(40,087	)		(113,107	)		(103,403	)		—			(102,319	)		(84,437	)		(560	)
	1,303,735			5,790,419			10,627,887			2,174,063			1,159,412			691,401			3,375,627

	251,116			850,860			967,488			257,438			320,925			112,552			631,597
	—			—			—			—			463,472			161,228			—
	46,954			67,846			83,537			49,268			55,821			44,107			54,211
	15,868			16,995			17,403			16,468			15,293			20,554			15,321
	39,148			45,437			47,612			13,795			5,998			29,655			3,510
	2,646			3,186			3,555			2,674			2,812			2,574			2,830
	3,938			8,505			11,165			3,929			3,940			3,941			3,828
	28,091			30,370			34,374			20,806			8,100			9,083			8,234
	387,761			1,023,199			1,165,134			364,378			876,361			383,694			719,531


	(78,695	)		—			—			—			(57,404	)		(72,541	)		—
	309,066			1,023,199			1,165,134			364,378			818,957			311,153			719,531
	994,669			4,767,220			9,462,753			1,809,685			340,455			380,248			2,656,096


	(1,601,635	)		(3,450,435	)		(5,306,798	)		(393,732	)		(8,308,593	)		244,490			(878,342	)
	—			—			—			—			—			—			—
	—			—			—			—			—			—			—
	63,318			265,620			337,345			181,354			—			—			—
	(2,597	)		(4,275	)		(2,817	)		—			(26,776	)		1,100			—
	83			1,247			—			(10,495	)		—			—			—

	2,488,506			8,823,558			12,251,259			3,166,986			(6,942,848	)		4,918,096			17,173,387
	—			—			—			—			—			—			—
	4,744			(111,024	)		462,755			(82,273	)		—			—			—
	946			539			2,066			—			5,512			3,042			22
	(1,172	)		(17,586	)		—			9,568			—			—			—
	952,193			5,507,644			7,743,810			2,871,408			(15,272,705	)		5,166,728			16,295,067
$	1,946,862		$	10,274,864		$	17,206,563		$	4,681,093		$	(14,932,250	)	$	5,546,976		$	18,951,163

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

161

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STATEMENT OF OPERATIONS – CONTINUED


*For the six months ended June 30, 2016 (unaudited)*	Small Cap Stock Portfolio			Small Cap Index Portfolio			Mid Cap Stock Portfolio		Mid Cap Index Portfolio
Investment Income
Dividends	$	2,465,968		$	2,050,870		$	7,160,834	$	1,532,626
Interest		32,013			7,757			111,561		6,980
Income from securities loaned		95,598			141,094			53,398		26,734
Income from affiliated investments		15,879			17,023			85,802		11,665
Foreign tax withholding		(15,702	)		(247	)		—		—
Total Investment Income		2,593,756			2,216,497			7,411,595		1,578,005
Expenses
Adviser fees		1,351,841			282,981			3,795,680		190,699
Sub-Adviser fees		—			—			—		—
Administrative service fees		76,059			65,468			144,919		57,163
Audit and legal fees		15,837			16,351			17,746		16,115
Custody fees		10,045			23,087			14,244		17,109
Insurance expenses		3,859			3,125			5,819		2,874
Directors’ fees		10,179			8,437			22,010		3,920
Other expenses		10,195			10,265			13,059		9,124
Total Expenses Before Reimbursement		1,478,015			409,714			4,013,477		297,004
Less:
Reimbursement from adviser		—			—			—		—
Total Net Expenses		1,478,015			409,714			4,013,477		297,004
Net Investment Income/(Loss)		1,115,741			1,806,783			3,398,118		1,281,001
Realized and Unrealized Gains/(Losses)
Net realized gains/(losses) on:
Investments		(1,087,155	)		13,657,306			16,074,185		7,664,150
Futures contracts		—			696,033			—		35,668
Foreign currency and forward contract transactions		—			—			—		—
Change in net unrealized appreciation/(depreciation) on:
Investments		19,249,491			1,603,897			50,991,226		6,438,120
Futures contracts		—			(134,375	)		—		43,394
Foreign currency forward contracts		—			—			—		—
Foreign currency transactions		—			—			—		—
Net Realized and Unrealized Gains/(Losses)		18,162,336			15,822,861			67,065,411		14,181,332
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	19,278,077		$	17,629,644		$	70,463,529	$	15,462,333

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

162

THRIVENT SERIES FUND, INC.

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

$	29,666,077		$	557,733		$	4,683,038		$	471,841		$	13,410,251		$	10,301,842		$	5,869,844
	5,695,469			14,135			179,916			32,043			11,454			68,420			11,817
	303,492			15,306			4,828			17,417			36,027			78,782			10,298
	51,863			2,997			103,729			2,457			35,611			125,789			25,844
	(2,828,614	)		(1,255	)		—			(1,677	)		(50,368	)		(605,033	)		—
	32,888,287			588,916			4,971,511			522,081			13,442,975			9,969,800			5,917,803

	3,363,994			146,467			2,039,494			213,427			3,368,171			2,578,860			528,188
	3,154,626			251,606			—			214,277			—			—			—
	180,070			47,542			131,777			49,623			141,045			115,245			87,537
	27,417			15,035			17,541			15,094			17,649			17,835			16,953
	387,832			5,965			9,989			11,432			18,940			52,383			15,175
	6,247			2,648			4,864			2,688			5,185			4,576			3,632
	29,507			3,929			19,919			3,929			22,216			16,014			12,296
	50,280			8,102			11,723			8,180			12,149			20,612			10,932
	7,199,973			481,294			2,235,307			518,650			3,585,355			2,805,525			674,713

	—			(111,623	)		—			(73,762	)		—			—			—
	7,199,973			369,671			2,235,307			444,888			3,585,355			2,805,525			674,713
	25,688,314			219,245			2,736,204			77,193			9,857,620			7,164,275			5,243,090


	(40,030,235)			(1,954,361	)		(6,605,687	)		(83,145	)		11,486,331			7,281,306			1,069,035
	(434,384)			—			(4,188,582	)		—			—			(6,509,965	)		746,544
	(500,842)			—			10,551			(6	)		—			248,876			—

	8,765,069			568,579			(66,941,702	)		(6,508,847	)		13,952,905			(27,577,937	)		13,762,643
	1,028,340			—			(1,039,585	)		—			—			(3,365,989	)		24,641
	81,187			—			—			—			—			—			—
	103,050			—			(814	)		35			—			2,977			—
	(30,987,815	)		(1,385,782	)		(78,765,819	)		(6,591,963	)		25,439,236			(29,920,732	)		15,602,863
$	(5,299,501	)	$	(1,166,537	)	$	(76,029,615	)	$	(6,514,770	)	$	35,296,856		$	(22,756,457	)	$	20,845,953

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

163

THRIVENT SERIES FUND, INC.

STATEMENT OF OPERATIONS – CONTINUED


*For the six months ended June 30, 2016 (unaudited)*	High Yield Portfolio			Income Portfolio			Bond Index Portfolio		Limited Maturity Bond Portfolio
Investment Income
Dividends	$	321,148		$	698,386		$	—	$	108,666
Interest		21,397,584			25,786,673			1,434,029		10,249,618
Income from mortgage dollar rolls		—			620,728			418,944		131,717
Income from securities loaned		140,912			77,787			2,678		14,723
Income from affiliated investments		51,497			114,694			45,966		59,808
Total Investment Income		21,911,141			27,298,268			1,901,617		10,564,532
Expenses
Adviser fees		1,430,528			2,719,495			295,652		1,658,585
Administrative service fees		104,374			162,377			55,205		114,636
Audit and legal fees		17,982			19,515			15,211		18,260
Custody fees		7,825			17,942			5,562		12,268
Insurance expenses		4,297			5,684			2,836		4,600
Directors’ fees		14,707			24,229			3,861		16,459
Other expenses		19,858			22,791			12,526		20,518
Total Expenses Before Reimbursement		1,599,571			2,972,033			390,853		1,845,326
Total Net Expenses		1,599,571			2,972,033			390,853		1,845,326
Net Investment Income/(Loss)		20,311,570			24,326,235			1,510,764		8,719,206
Realized and Unrealized Gains/(Losses)
Net realized gains/(losses) on:
Investments		(12,864,596	)		(5,625,783	)		607,495		(1,606,338	)
Futures contracts		—			1,714,980			—		(3,680,041	)
Swap agreements		713,025			(26,269	)		—		—
Change in net unrealized appreciation/(depreciation) on:
Investments		38,370,117			72,013,270			6,049,452		15,499,526
Futures contracts		—			(167,326	)		—		(2,399,191	)
Swap agreements		(190,412	)		(164,262	)		—		—
Net Realized and Unrealized Gains/(Losses)		26,028,134			67,744,610			6,656,947		7,813,956
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	46,339,704		$	92,070,845		$	8,167,711	$	16,533,162

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

164

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STATEMENT OF OPERATIONS – CONTINUED


*For the six months ended June 30, 2016 (unaudited)*	Money Market Portfolio
Investment Income
Interest		327,737
Total Investment Income		327,737
Expenses
Adviser fees		273,890
Administrative service fees		53,763
Audit and legal fees		14,912
Custody fees		5,772
Insurance expenses		2,780
Directors’ fees		3,931
Other expenses		9,672
Total Expenses Before Reimbursement		364,720
Less:
Reimbursement from adviser		(36,983	)
Total Net Expenses		327,737
Net Investment Income/(Loss)		—
Realized and Unrealized Gains/(Losses)
Net realized gains/(losses) on:
Investments		(2,436	)
Net Realized and Unrealized Gains/(Losses)		(2,436	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(2,436	)

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

165

THRIVENT SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS


	Aggressive Allocation Portfolio						Moderately Aggressive Allocation Portfolio
*For the periods ended*	6/30/2016 (unaudited)			12/31/2015			6/30/2016 (unaudited)			12/31/2015
Operations
Net investment income/(loss)	$	5,587,655		$	6,951,429		$	42,769,390		$	59,950,102
Net realized gains/(losses)		(3,943,123	)		53,544,165			2,005,481			221,944,080
Change in net unrealized appreciation/(depreciation)		6,312,739			(65,972,075	)		49,750,825			(321,796,385	)
Net Change in Net Assets Resulting From Operations		7,957,271			(5,476,481	)		94,525,696			(39,902,203	)
Distributions to Shareholders
From net investment income		(9,699,089	)		(10,016,955	)		(71,972,085	)		(63,263,996	)
From net realized gains		(53,887,684	)		(64,276,808	)		(205,042,436	)		(221,020,955	)
Total Distributions to Shareholders		(63,586,773	)		(74,293,763	)		(277,014,521	)		(284,284,951	)
Capital Stock Transactions
Sold		31,978,516			97,207,283			63,958,972			243,080,600
Distributions reinvested		63,586,773			74,293,763			277,014,521			284,284,951
Redeemed		(23,079,909	)		(29,062,185	)		(72,374,914	)		(80,097,344	)
Total Capital Stock Transactions		72,485,380			142,438,861			268,598,579			447,268,207
Net lncrease/(Decrease) in Net Assets		16,855,878			62,668,617			86,109,754			123,081,053
Net Assets, Beginning of Period		967,558,523			904,889,906			4,898,078,619			4,774,997,566
Net Assets, End of Period	$	984,414,401		$	967,558,523		$	4,984,188,373		$	4,898,078,619
Accumulated Undistributed Net Investment lncome/(Loss)	$	5,654,075		$	9,765,509		$	42,650,725		$	71,853,420
Capital Stock Share Transactions
Sold		2,342,381			6,446,047			4,739,635			16,716,940
Distributions reinvested		4,904,949			5,050,527			21,432,624			20,023,028
Redeemed		(1,648,078	)		(1,923,556	)		(5,287,860	)		(5,535,532	)

Total Capital Stock Share Transactions		5,599,252			9,573,018			20,884,399			31,204,436

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

166

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
6/30/2016 (unaudited)			12/31/2015			6/30/2016 (unaudited)			12/31/2015			6/30/2016 (unaudited)			12/31/2015			6/30/2016 (unaudited)			12/31/2015

$	88,640,314		$	137,851,838		$	46,432,697		$	69,925,732		$	994,669		$	1,811,467		$	4,767,220		$	8,749,921
	6,817,464			270,719,455			25,214,799			60,786,937			(1,540,831	)		1,294,358			(3,187,843	)		11,262,969
	163,471,720			(459,388,269	)		97,188,233			(154,990,742	)		2,493,024			(3,781,689	)		8,695,487			(20,715,817	)
	258,929,498			(50,816,976	)		168,835,729			(24,278,073	)		1,946,862			(675,864	)		10,274,864			(702,927	)

	(149,917,958	)		(131,649,087	)		(74,694,401	)		(69,007,378	)		(1,812,791	)		(1,713,253	)		(8,280,417	)		(6,723,615	)
	(226,127,215	)		(339,666,242	)		(49,387,817	)		(105,251,002	)		(1,403,976	)		(3,260,084	)		(11,442,058	)		(10,737,920	)
	(376,045,173	)		(471,315,329	)		(124,082,218	)		(174,258,380	)		(3,216,767	)		(4,973,337	)		(19,722,475	)		(17,461,535	)

	51,415,317			248,462,245			165,036,181			496,567,865			4,711,270			8,840,886			16,228,800			34,411,525
	376,045,173			471,315,329			124,082,218			174,258,380			3,216,767			4,973,337			19,722,475			17,461,535
	(115,237,268	)		(148,152,856	)		(29,646,964	)		(51,537,032	)		(4,240,917	)		(10,505,454	)		(13,716,312	)		(23,670,541	)
	312,223,222			571,624,718			259,471,435			619,289,213			3,687,120			3,308,769			22,234,963			28,202,519
	195,107,547			49,492,413			304,224,946			420,752,760			2,417,215			(2,340,432	)		12,787,352			10,038,057
	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
$	8,852,362,361		$	8,657,254,814		$	4,404,332,786		$	4,100,107,840		$	81,196,276		$	78,779,061		$	325,863,896		$	313,076,544
$	88,552,468		$	149,830,112		$	46,090,298		$	74,352,002		$	963,743		$	1,781,865		$	4,890,788		$	8,403,985

	3,960,861			18,055,739			13,325,050			38,938,072			473,021			840,320			1,149,080			2,336,044
	29,672,472			35,190,381			10,125,441			13,980,711			334,770			486,571			1,473,817			1,220,233
	(8,823,118	)		(10,880,050	)		(2,405,700	)		(4,053,106	)		(430,027	)		(996,250	)		(983,541	)		(1,616,429	)

	24,810,215			42,366,070			21,044,791			48,865,677			377,764			330,641			1,639,356			1,939,848

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

167

THRIVENT SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS – CONTINUED


	Diversified Income Plus Portfolio						Opportunity Income Plus Portfolio
*For the periods ended*	6/30/2016 (unaudited)			12/31/2015			6/30/2016 (unaudited)			12/31/2015
Operations
Net investment income/(loss)	$	9,462,753		$	17,005,900		$	1,809,685		$	3,006,317
Net realized gains/(losses)		(4,972,270	)		2,102,185			(222,873	)		(488,440	)
Change in net unrealized appreciation/(depreciation)		12,716,080			(19,542,298	)		3,094,281			(2,908,181	)
Net Change in Net Assets Resulting From Operations		17,206,563			(434,213	)		4,681,093			(390,304	)
Distributions to Shareholders
From net investment income		(17,529,531	)		(15,370,120	)		(1,794,822	)		(2,967,738	)
From net realized gains		(1,400,147	)		(9,166,017	)		—			—
Total Distributions to Shareholders		(18,929,678	)		(24,536,137	)		(1,794,822	)		(2,967,738	)
Capital Stock Transactions
Sold		26,131,264			60,503,894			15,012,251			35,378,258
Issued in connection with merger		—			—			—			—
Distributions reinvested		18,929,678			24,536,137			1,794,822			2,967,738
Redeemed		(9,833,864	)		(17,832,528	)		(7,935,325	)		(7,084,172	)
Total Capital Stock Transactions		35,227,078			67,207,503			8,871,748			31,261,824
Net lncrease/(Decrease) in Net Assets		33,503,963			42,237,153			11,758,019			27,903,782
Net Assets, Beginning of Period		479,572,785			437,335,632			99,664,967			71,761,185
Net Assets, End of Period	$	513,076,748		$	479,572,785		$	111,422,986		$	99,664,967
Accumulated Undistributed Net Investment lncome/(Loss)	$	9,498,228		$	17,565,006		$	54,466		$	39,603
Capital Stock Share Transactions
Sold		3,437,237			7,685,123			1,510,255			3,497,874
Issued in connection with merger		—			—			—			—
Distributions reinvested		2,550,516			3,202,649			181,207			294,285
Redeemed		(1,301,510	)		(2,290,169	)		(799,124	)		(700,732	)

Total Capital Stock Share Transactions		4,686,243			8,597,603			892,338			3,091,427

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

168

THRIVENT SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS – CONTINUED


Partner Healthcare Portfolio						Partner Emerging Markets Equity Portfolio						Real Estate Securities Portfolio						Small Cap Stock Portfolio
6/30/2016 (unaudited)			12/31/2015			6/30/2016 (unaudited)			12/31/2015			6/30/2016 (unaudited)			12/31/2015			6/30/2016 (unaudited)			12/31/2015

$	340,455		$	7,666,795		$	380,248		$	522,930		$	2,656,096		$	2,657,093		$	1,115,741		$	1,658,505
	(8,335,369	)		6,297,295			245,590			266,410			(878,342	)		302,504			(1,087,155	)		16,713,717
	(6,937,336	)		(12,721,513	)		4,921,138			(7,594,428	)		17,173,409			735,932			19,249,491			(32,780,045	)
	(14,932,250	)		1,242,577			5,546,976			(6,805,088	)		18,951,163			3,695,529			19,278,077			(14,407,823	)

	(7,625,521	)		(9,026	)		(510,872	)		(580,153	)		(2,477,260	)		(2,187,603	)		(1,427,353	)		(1,376,310	)
	(6,901,059	)		(9,023,465	)		—			—			(660,933	)		(6,314,500	)		(20,830,835	)		(39,985,690	)
	(14,526,580	)		(9,032,491	)		(510,872	)		(580,153	)		(3,138,193	)		(8,502,103	)		(22,258,188	)		(41,362,000	)

	13,294,812			92,802,357			4,339,241			7,350,729			9,678,967			21,146,056			3,389,705			6,004,931
	—			—			—			—			—			—			—			129,919,332
	14,526,580			9,032,491			510,872			580,153			3,138,193			8,502,103			22,258,188			41,362,000
	(6,604,737	)		(3,931,639	)		(1,721,723	)		(5,542,564	)		(4,477,612	)		(11,848,142	)		(9,833,600	)		(14,085,913	)
	21,216,655			97,903,209			3,128,390			2,388,318			8,339,548			17,800,017			15,814,293			163,200,350
	(8,242,175	)		90,113,295			8,164,494			(4,996,923	)		24,152,518			12,993,443			12,834,182			107,430,527
	192,234,880			102,121,585			43,464,699			48,461,622			155,538,307			142,544,864			413,768,562			306,338,035
$	183,992,705		$	192,234,880		$	51,629,193		$	43,464,699		$	179,690,825		$	155,538,307		$	426,602,744		$	413,768,562
$	325,397		$	7,610,463		$	299,812		$	430,436		$	2,784,187		$	2,605,351		$	971,713		$	1,283,325

	768,758			4,458,973			404,016			623,165			425,192			925,981			221,909			346,038
	—			—			—			—			—			—			—			8,046,136
	906,670			434,112			46,143			48,589			132,685			422,209			1,503,525			2,420,926
	(375,316	)		(195,496	)		(161,191	)		(469,831	)		(202,140	)		(539,452	)		(647,229	)		(838,753	)

	1,300,112			4,697,589			288,968			201,923			355,737			808,738			1,078,205			9,974,347

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

169

THRIVENT SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS – CONTINUED


	Small Cap Index Portfolio						Mid Cap Stock Portfolio
*For the periods ended*	6/30/2016 (unaudited)			12/31/2015			6/30/2016 (unaudited)			12/31/2015
Operations
Net investment income/(loss)	$	1,806,783		$	3,156,160		$	3,398,118		$	4,852,527
Net realized gains/(losses)		14,353,339			22,865,934			16,074,185			117,649,621
Change in net unrealized appreciation/(depreciation)		1,469,522			(32,413,176	)		50,991,226			(104,979,812	)
Net Change in Net Assets Resulting From Operations		17,629,644			(6,391,082	)		70,463,529			17,522,336
Distributions to Shareholders
From net investment income		(3,140,256	)		(2,182,237	)		(4,831,544	)		(4,486,191	)
From net realized gains		(22,598,303	)		(19,386,011	)		(131,855,876	)		(81,601,370	)
Total Distributions to Shareholders		(25,738,559	)		(21,568,248	)		(136,687,420	)		(86,087,561	)
Capital Stock Transactions
Sold		22,633,215			35,257,316			5,580,969			10,660,395
Issued in connection with merger		—			—			—			445,589,040
Distributions reinvested		25,738,559			21,568,248			136,687,420			86,087,561
Redeemed		(7,836,434	)		(17,625,251	)		(25,955,642	)		(31,809,954	)
Total Capital Stock Transactions		40,535,340			39,200,313			116,312,747			510,527,042
Net lncrease/(Decrease) in Net Assets		32,426,425			11,240,983			50,088,856			441,961,817
Net Assets, Beginning of Period		279,867,569			268,626,586			1,194,580,256			752,618,439
Net Assets, End of Period	$	312,293,994		$	279,867,569		$	1,244,669,112		$	1,194,580,256
Accumulated Undistributed Net Investment lncome/(Loss)	$	1,759,962		$	3,093,435		$	2,716,507		$	4,149,933
Capital Stock Share Transactions
Sold		1,443,165			2,092,201			330,132			601,576
Issued in connection with merger		—			—			—			27,661,254
Distributions reinvested		1,755,053			1,288,595			9,015,785			5,111,268
Redeemed		(501,727	)		(1,041,563	)		(1,573,047	)		(1,878,331	)

Total Capital Stock Share Transactions		2,696,491			2,339,233			7,772,870			31,495,767

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

170

THRIVENT SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS – CONTINUED


Mid Cap Index Portfolio						Partner Worldwide Allocation Portfolio						Partner All Cap Portfolio						Large Cap Growth Portfolio
6/30/2016 (unaudited)			12/31/2015			6/30/2016 (unaudited)			12/31/2015			6/30/2016 (unaudited)			12/31/2015			6/30/2016 (unaudited)			12/31/2015

$	1,281,001		$	1,922,514		$	25,688,314		$	34,134,390		$	219,245		$	282,439		$	2,736,204		$	4,375,599
	7,699,818			10,955,840			(40,965,461	)		(17,767,952	)		(1,954,361	)		3,983,649			(10,783,718	)		113,543,834
	6,481,514			(18,371,677	)		9,977,646			(29,806,722	)		568,579			(2,955,105	)		(67,982,101	)		(10,047,363	)
	15,462,333			(5,493,323	)		(5,299,501	)		(13,440,284	)		(1,166,537	)		1,310,983			(76,029,615	)		107,872,070

	(1,921,723	)		(1,183,197	)		(35,720,547	)		(41,262,492	)		(240,353	)		(263,625	)		(211,399	)		(4,480,734	)
	(11,233,356	)		(7,456,805	)		—			—			(4,074,564	)		(8,194,852	)		(85,392,249	)		—
	(13,155,079	)		(8,640,002	)		(35,720,547	)		(41,262,492	)		(4,314,917	)		(8,458,477	)		(85,603,648	)		(4,480,734	)

	25,173,731			45,971,973			8,537,563			30,446,483			6,223,175			19,782,668			12,149,141			26,854,540
	—			—			—			—			—			—			—			61,211,950
	13,155,079			8,640,002			35,720,547			41,262,492			4,314,917			8,458,477			85,603,648			4,480,734
	(2,472,984	)		(5,371,848	)		(11,212,952	)		(18,736,363	)		(3,181,141	)		(4,376,941	)		(45,804,722	)		(90,795,950	)
	35,855,826			49,240,127			33,045,158			52,972,612			7,356,951			23,864,204			51,948,067			1,751,274
	38,163,080			35,106,802			(7,974,890	)		(1,730,164	)		1,875,497			16,716,710			(109,685,196	)		105,142,610
	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
$	218,333,370		$	180,170,290		$	1,597,585,732		$	1,605,560,622		$	88,090,599		$	86,215,102		$	999,965,158		$	1,109,650,354
$	1,257,032		$	1,897,754		$	23,061,876		$	33,094,109		$	233,947		$	255,055		$	2,425,956		$	(98,849	)

	1,645,018			2,837,565			972,738			3,182,107			505,577			1,444,191			421,346			893,765
	—			—			—			—			—			—			—			2,142,856
	893,433			536,230			4,194,226			4,320,951			368,655			636,871			3,313,168			145,529
	(162,824	)		(332,173	)		(1,271,994	)		(1,997,479	)		(259,468	)		(318,427	)		(1,580,968	)		(3,039,753	)

	2,375,627			3,041,622			3,894,970			5,505,579			614,764			1,762,635			2,153,546			142,397

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

171

THRIVENT SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS – CONTINUED


	Partner Growth Stock Portfolio						Large Cap Value Portfolio
*For the periods ended*	6/30/2016 (unaudited)			12/31/2015			6/30/2016 (unaudited)			12/31/2015
Operations
Net investment income/(loss)	$	77,193		$	(134,892	)	$	9,857,620		$	17,208,708
Net realized gains/(losses)		(83,151	)		4,853,817			11,486,331			69,943,107
Change in net unrealized appreciation/(depreciation)		(6,508,812	)		4,236,795			13,952,905			(129,207,993	)
Net Change in Net Assets Resulting From Operations		(6,514,770	)		8,955,720			35,296,856			(42,056,178	)
Distributions to Shareholders
From net investment income		—			—			(16,286,358	)		(15,306,586	)
From net realized gains		(5,258,920	)		(8,951,938	)		(70,697,664	)		(35,220,436	)
Total Distributions to Shareholders		(5,258,920	)		(8,951,938	)		(86,984,022	)		(50,527,022	)
Capital Stock Transactions
Sold		14,226,445			24,791,006			6,306,475			7,314,689
Issued in connection with merger		—			—			—			—
Distributions reinvested		5,258,920			8,951,938			86,984,022			50,527,022
Redeemed		(4,903,874	)		(5,395,062	)		(6,988,373	)		(23,242,768	)
Total Capital Stock Transactions		14,581,491			28,347,882			86,302,124			34,598,943
Net lncrease/(Decrease) in Net Assets		2,807,801			28,351,664			34,614,958			(57,984,257	)
Net Assets, Beginning of Period		110,073,650			81,721,986			1,147,018,198			1,205,002,455
Net Assets, End of Period	$	112,881,451		$	110,073,650		$	1,181,633,156		$	1,147,018,198
Accumulated Undistributed Net Investment lncome/(Loss)	$	55,234		$	(21,959	)	$	9,480,557		$	15,909,295
Capital Stock Share Transactions
Sold		825,758			1,312,766			411,345			447,454
Issued in connection with merger		—			—			—			—
Distributions reinvested		323,099			499,634			6,075,364			3,109,413
Redeemed		(280,842	)		(282,125	)		(460,466	)		(1,419,730	)

Total Capital Stock Share Transactions		868,015			1,530,275			6,026,243			2,137,137

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

172

THRIVENT SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS – CONTINUED


Large Cap Stock Portfolio						Large Cap Index Portfolio						High Yield Portfolio						income Portfolio
6/30/2016 (unaudited)			12/31/2015			6/30/2016 (unaudited)			12/31/2015			6/30/2016 (unaudited)			12/31/2015			6/30/2016 (unaudited)			12/31/2015

$	7,164,275		$	11,036,561		$	5,243,090		$	11,078,421		$	20,311,570		$	48,070,494		$	24,326,235		$	50,985,951
	1,020,217			(11,510,381	)		1,815,579			3,152,666			(12,151,571	)		(12,320,952	)		(3,937,072	)		4,006,898
	(30,940,949	)		27,701,492			13,787,284			(9,132,504	)		38,179,705			(53,105,492	)		71,681,682			(63,743,049	)
	(22,756,457	)		27,227,672			20,845,953			5,098,583			46,339,704			(17,355,950	)		92,070,845			(8,750,200	)

	(10,892,157	)		(10,019,263	)		(10,883,022	)		(6,663,271	)		(20,653,213	)		(48,028,166	)		(24,240,221	)		(50,670,151	)
	—			(63,898,912	)		(3,760,238	)		(2,302,000	)		—			—			(1,034,971	)		(30,735,056	)
	(10,892,157	)		(73,918,175	)		(14,643,260	)		(8,965,271	)		(20,653,213	)		(48,028,166	)		(25,275,192	)		(81,405,207	)

	2,934,750			11,194,752			47,101,136			89,820,844			8,472,913			26,632,909			13,181,998			122,259,487
	—			30,415,790			—			—			—			—			—			—
	10,892,157			73,918,175			14,643,260			8,965,271			20,653,213			48,028,166			25,275,192			81,405,207
	(12,293,175	)		(24,437,928	)		(11,330,429	)		(24,176,844	)		(20,469,363	)		(152,940,377	)		(17,098,002	)		(169,751,450	)
	1,533,732			91,090,789			50,413,967			74,609,271			8,656,763			(78,279,302	)		21,359,188			33,913,244
	(32,114,882	)		44,400,286			56,616,660			70,742,583			34,343,254			(143,663,418	)		88,154,841			(56,242,163	)
	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
$	846,800,448		$	878,915,330		$	577,795,719		$	521,179,059		$	746,476,766		$	712,133,512		$	1,424,175,274		$	1,336,020,433
$	6,689,721		$	10,417,603		$	5,339,668		$	10,979,600		$	(273,038	)	$	68,605		$	402,896		$	316,882

	264,324			901,555			1,659,687			3,120,135			1,851,482			5,599,070			1,306,145			12,173,633
	—			2,717,491			—			—			—			—			—			—
	1,002,426			6,278,512			523,643			314,996			4,576,127			9,962,929			2,524,888			7,986,614
	(1,098,729	)		(1,997,861	)		(402,387	)		(840,976	)		(4,555,806	)		(32,135,168	)		(1,713,401	)		(16,838,619	)

	168,021			7,899,697			1,780,943			2,594,155			1,871,803			(16,573,169	)		2,117,632			3,321,628

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

173

THRIVENT SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS – CONTINUED


	Bond Index Portfolio						Limited Maturity Bond Portfolio
*For the periods ended*	6/30/2016 (unaudited)			12/31/2015			6/30/2016 (unaudited)			12/31/2015
Operations
Net investment income/(loss)	$	1,510,764		$	2,744,084		$	8,719,206		$	16,319,881
Net realized gains/(losses)		607,495			1,041,644			(5,286,379	)		1,198,638
Change in net unrealized appreciation/(depreciation)		6,049,452			(2,597,769	)		13,100,335			(9,436,984	)
Net Change in Net Assets Resulting From Operations		8,167,711			1,187,959			16,533,162			8,081,535
Distributions to Shareholders
From net investment income		(1,510,764	)		(2,744,084	)		(8,527,771	)		(16,313,198	)
From net realized gains		(352,623	)		—			—			—
Total Distributions to Shareholders		(1,863,387	)		(2,744,084	)		(8,527,771	)		(16,313,198	)
Capital Stock Transactions
Sold		24,478,298			20,209,678			20,932,408			112,264,971
Distributions reinvested		1,863,387			2,744,084			8,527,771			16,313,198
Redeemed		(6,219,613	)		(14,058,228	)		(12,422,987	)		(314,787,709	)
Total Capital Stock Transactions		20,122,072			8,895,534			17,037,192			(186,209,540	)
Net lncrease/(Decrease) in Net Assets		26,426,396			7,339,409			25,042,583			(194,441,203	)
Net Assets, Beginning of Period		157,293,533			149,954,124			823,896,593			1,018,337,796
Net Assets, End of Period	$	183,719,929		$	157,293,533		$	848,939,176		$	823,896,593
Accumulated Undistributed Net Investment lncome/(Loss)	$	(602	)	$	(602	)	$	597,723		$	406,288
Capital Stock Share Transactions
Sold		2,200,093			1,837,590			2,146,142			11,475,409
Distributions reinvested		167,086			249,362			874,428			1,661,359
Redeemed		(560,137	)		(1,278,380	)		(1,275,547	)		(32,154,807	)

Total Capital Stock Share Transactions		1,807,042			808,572			1,745,023			(19,018,039	)

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

174

THRIVENT SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS – CONTINUED


Money Market Portfolio
6/30/2016 (unaudited)			12/31/2015

$	—		$	(952	)
	(2,436	)		3,579
	—			—
	(2,436	)		2,627

	—			—
	—			—
	—			—

	41,312,133			88,468,253
	—			—
	(24,292,953	)		(68,005,209	)
	17,019,180			20,463,044
	17,016,744			20,465,671
	146,880,459			126,414,788
$	163,897,203		$	146,880,459
$	—		$	—

	41,312,133			88,468,253
	—			—
	(24,292,953	)		(68,005,209	)

	17,019,180			20,463,044

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

175

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

(1) ORGANIZATION

Thrivent Series Fund, Inc. (the “Fund”), a corporation organized under the laws of Minnesota, is registered under the Investment Company Act of 1940 (the “1940 Act”). The Fund is divided into 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’ contractholders. 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

176

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

As of August 21, 2015, the net assets of the Target Portfolios were comprised of the following:


	Unrealized
	Appreciation/			Undistributed Net			Accumulated Net Realized			Capital
Target Portfolio	(Depreciation)			Investment Income			Gains/ (Losses)			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:


	Net Change in Unrealized Appreciation/			Net Investment		Net Gains/(Losses)on			Net Increase in Net Assets from
Acquiring Portfolio	(Depreciation)			Income		Investments			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.

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.

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.

177

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

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. Investments measured using net asset value per share as a practical expedient for fair value and that are not publicly available-for-sale are not categorized within the fair value hierarchy.

Valuation of International Securities – Because many foreign markets close before the U.S. markets, events may occur between the close of the foreign market and the close of the U.S. markets that could have a material impact on the valuation of foreign securities. The Portfolios, under the supervision of the Board, evaluate the impacts of these events and may adjust the valuation of foreign securities to reflect the fair value as of the close of the U.S. markets. The Board has authorized the Adviser to make fair valuation determinations pursuant to policies approved by the Board.

(B) Foreign Currency Translation – The accounting records of each Portfolio are maintained in U.S. dollars. Securities and other assets and liabilities that are denominated in foreign currencies are translated into U.S. dollars at the daily closing rates of exchange.

Foreign currency amounts related to the purchase or sale of securities and income and expenses are translated at the exchange rate on the transaction date. Net realized and unrealized currency gains and losses are recorded from closed currency contracts, disposition of foreign currencies, exchange gains or losses between the trade date and settlement date on securities transactions, and other translation gains or losses on dividends, interest income and foreign withholding taxes. The Portfolios do not separately report the effect of changes in foreign exchange rates from changes in prices on securities held. Such changes are included in net realized and unrealized gain or loss from investments in the Statement of Operations.

For federal income tax purposes, the Portfolios treat the effect of changes in foreign exchange rates arising from actual foreign currency transactions and the changes in foreign exchange rates between the trade date and settlement date as ordinary income.

(C) Foreign Denominated Investments – Foreign denominated assets and currency contracts may involve more risks than domestic transactions including currency risk, political and economic risk, regulatory risk, and market risk. Certain Portfolios may also invest in securities of companies located in emerging markets. Future economic or political developments could adversely affect the liquidity or value, or both, of such securities.

(D) Federal Income Taxes – No provision has been made for income taxes because each Portfolio’s policy is to qualify as a regulated investment company under the Internal Revenue Code and distribute substantially all investment company taxable income and net capital gain on a timely basis. It is also the intention of each Portfolio to distribute an amount sufficient to avoid imposition of any federal excise tax. The Portfolios, accordingly, anticipate paying no federal taxes and no federal tax provision was recorded. Each Portfolio is treated as a separate taxable entity for federal income tax purposes. Certain Portfolios may utilize earnings and profits distributed to shareholders on the redemption of shares as part of the dividends paid deduction.

GAAP requires management of the Portfolios (i.e., the Adviser) to make additional tax disclosures with respect to the tax effects of certain income tax positions, whether those positions were taken on previously filed tax returns or are expected to be taken on future returns. These positions must meet a “more likely than not” standard that, based on the technical merits of the position, would have a greater than 50 percent likelihood of being sustained upon examination. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, the Adviser must presume that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information.

The Adviser analyzed all open tax years, as defined by the statute of limitations, for all major jurisdictions. Open tax years are those that are open for examination by taxing authorities. Major jurisdictions for the Portfolios include U.S. Federal, Minnesota, and Wisconsin, as well as certain foreign countries. As of June 30, 2016, open U.S. Federal, Minnesota, and Wisconsin tax years include the tax years ended December 31, 2012 through 2015. Additionally, as of June 30, 2016, 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.

As of June 30, 2016, 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.

178

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

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.

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

179

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

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 (“variationmargin”) 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 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

180

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

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 up front payments, if any, on swap agreements on a daily basis with the net amount recorded as realized gains or losses in the Statement of Operations. Receipts and payments received or made as a result of a credit event or termination of the contract are also recognized as realized gains or losses in the Statement of Operations. Collateral, in the form of cash or securities, may be required to be held with the Portfolio’s custodian, or a third party, in connection with these agreements. Certain swap agreements are over-the-counter and the Portfolio is exposed to counterparty risk, which is the discounted net amount of payments owed to the Portfolio. This risk is partially mitigated by the Portfolio’s collateral posting requirements. As the swap increases in value to the Portfolio, the Portfolio receives collateral from the counterparty. Certain interest rate and credit default index swaps must be cleared through a clearinghouse or central counterparty.

Credit Default Swaps – A credit default swap is a swap agreement between two parties to exchange the credit risk of a particular issuer, basket of securities or reference entity. In a credit default swap transaction, a buyer pays periodic fees in return for payment by the seller which is contingent upon an adverse credit event occurring in the underlying issuer or reference entity. The seller collects periodic fees from the buyer and profits if the credit of the underlying issuer or reference entity remains stable or improves while the swap is outstanding, but the seller in a credit default swap contract would be required to pay the amount of credit loss, determined as specified in the agreement, to the buyer in the event of an adverse credit event in the reference entity. A buyer of a credit default swap is said to buy protection whereas a seller of a credit default swap is said to sell protection. The Portfolios may be either the protection buyer or the protection seller.

Certain Portfolios enter into credit default derivative contracts directly through credit default swaps (CDS) or through credit default swap indices (CDX Indices). CDX Indices are static pools of equally weighted credit default swaps referencing corporate bonds and/or loans designed to provide diversified credit exposure to these asset classes. Portfolios sell default protection and assume long-risk positions in individual credits or indices. Index positions are entered into to gain exposure to the corporate bond and/or loan markets in a cost-efficient and diversified structure. In the event that a position defaults, by going into bankruptcy and failing to pay interest or principal on borrowed money, within any given CDX Index held, the maximum potential amount of future payments required would be equal to the pro-rata share of that position within the index based on the notional amount of the index. In the event of a default under a CDS contract, the maximum potential amount of future payments would be the notional amount. For CDS, the default events could be bankruptcy and failing to pay interest or principal on borrowed money or a restructuring. A restructuring is a change in the underlying obligations which would include reduction in interest or principal, maturity extension and subordination to other obligations.

For financial reporting purposes, the Portfolios do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

The amounts presented in the tables below are offset first by financial instruments that have the right to offset under master netting or similar arrangements, then any remaining amount is reduced by cash and non-cash collateral received/pledged. The actual amounts of collateral may be greater than the amounts presented in the tables.

181

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

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		2,635,045		—		2,635,045		2,224,238		—		—		410,807	(*)
Moderately Aggressive Allocation
Futures Contracts		8,346,248		—		8,346,248		6,905,741		—		—		1,440,507	(*)
Moderate Allocation
Futures Contracts		10,105,660		—		10,105,660		7,312,443		—		—		2,793,217	^(*)
Moderately Conservative Allocation
Futures Contracts		4,455,936		—		4,455,936		1,911,632		—		—		2,544,304	^(*)
Growth and Income Plus
Futures Contracts		14,431		—		14,431		3,391		—		—		11,040	^(*)
Balanced Income Plus
Futures Contracts		43,172		—		43,172		20,407		—		—		22,765	^(*)
Diversified Income Plus
Futures Contracts		120,714		—		120,714		120,714		—		—		—
Opportunity Income Plus
Futures Contracts		5,937		—		5,937		5,937		—		—		—
Small Cap Index
Futures Contracts		133,590		—		133,590		—		—		—		133,590	^(*)
Mid Cap Index
Futures Contracts		148,007		—		148,007		—		—		—		148,007	^(*)
Partner Worldwide Allocation
Futures Contracts		2,223,806		—		2,223,806		2,039,667		—		—		184,139	^(*)
Exchange Contracts		1,108,268		—		1,108,268		705,633		—		—		402,635	^(†)
Large Cap Stock
Futures Contracts		1,813,496		—		1,813,496		—		—		—		1,813,496	^(*)
Large Cap Index
Futures Contracts		183,502		—		183,502		—		—		—		183,502	^(*)
Income
Futures Contracts		70,464		—		70,464		70,464		—		—		—
Swap Credit Contracts		—		—		—		—		—		—		—
Limited Maturity Bond
Futures Contracts		187,721		—		187,721		48,434		—		—		139,287	^(*)

(*)	Net futures 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.

182

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

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		2,224,238		—		2,224,238		2,224,238		—		—		—
Moderately Aggressive Allocation
Futures Contracts		6,905,741		—		6,905,741		6,905,741		—		—		—
Securities Lending		85,713,108		—		85,713,108		84,393,333		—		—		1,319,775	^{^}
Moderate Allocation
Futures Contracts		7,312,443		—		7,312,443		7,312,443		—		—		—
Securities Lending		139,749,499		—		139,749,499		137,050,597		—		—		2,698,902	^{^}
Moderately Conservative Allocation
Futures Contracts		1,911,632		—		1,911,632		1,911,632		—		—		—
Securities Lending		37,505,809		—		37,505,809		36,619,595		—		—		886,214	^{^}
Growth and Income Plus
Futures Contracts		3,391		—		3,391		3,391		—		—		—
Balanced Income Plus
Futures Contracts		20,407		—		20,407		20,407		—		—		—
Securities Lending		4,194,070		—		4,194,070		4,090,823		—		—		103,247	^{^}
Diversified Income Plus
Futures Contracts		182,031		—		182,031		120,714		—		61,317		—
Securities Lending		385,600		—		385,600		365,378		—		—		20,222	^{^}
Opportunity Income Plus
Futures Contracts		13,703		—		13,703		5,937		—		7,766		—
Partner Emerging Markets Equity
Securities Lending		324,150		—		324,150		324,150		—		—		—
Small Cap Stock
Securities Lending		26,684,025		—		26,684,025		26,403,740		—		—		280,285	^{^}
Small Cap Index
Securities Lending		22,383,665		—		22,383,665		22,165,055		—		—		218,610	^{^}
Mid Cap Stock
Securities Lending		41,441,225		—		41,441,225		40,061,798		—		—		1,379,427	^{^}
Mid Cap Index
Securities Lending		10,154,866		—		10,154,866		10,043,876		—		—		110,990	^{^}
Partner Worldwide Allocation
Futures Contracts		2,039,667		—		2,039,667		2,039,667		—		—		—
Exchange Contracts		1,007,900		—		1,007,900		705,633		—		—		302,267	^#
Securities Lending		28,174,169		—		28,174,169		27,156,161		—		—		1,018,008	^{^}
Partner All Cap
Securities Lending		1,829,525		—		1,829,525		1,829,525		—		—		—
Partner Growth Stock
Securities Lending		3,829,085		—		3,829,085		3,816,363		—		—		12,722	^{^}
Large Cap Value
Securities Lending		32,462,025		—		32,462,025		32,462,025		—		—		—
Large Cap Stock
Securities Lending		4,591,378		—		4,591,378		4,356,546		—		—		234,832	^{^}
Large Cap Index
Securities Lending		3,532,407		—		3,532,407		3,499,461		—		—		32,946	^{^}
High Yield
Securities Lending		58,444,164		—		58,444,164		56,717,095		—		—		1,727,069	^{^}
Swap Credit Contracts		72,210		—		72,210		—		—		72,210		—

183

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

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
Income
Futures Contracts		366,201		—		366,201		70,464		—		295,737		—
Securities Lending		38,614,774		—		38,614,774		37,442,090		—		—		1,172,684	^
Swap Credit Contracts		58,872		—		58,872		—		—		58,872		—
Bond Index
Securities Lending		715,500		—		715,500		694,405		—		—		21,095	^
Limited Maturity Bond
Futures Contracts		48,434		—		48,434		48,434		—		—		—
Securities Lending		10,266,465		—		10,266,465		9,942,138		—		—		324,327	^

**	Excess of collateral pledged to the counterparty may not be shown for financial repo ting 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.

As of June 30, 2016, the value of securities on loan is as follows:


Portfolio	Securities on Loan
Moderately Aggressive Allocation	$	84,393,333
Moderate Allocation		137,050,597
Moderately Conservative Allocation		36,619,595
Balanced Income Plus		4,090,823

184

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2016

(unaudited)


Portfolio	Securities on Loan
Diversified Income Plus		365,378
Partner Emerging Markets Equity		326,973
Small Cap Stock		26,403,740
Small Cap Index		22,165,055
Mid Cap Stock		40,061,798
Mid Cap Index		10,043,876
Partner Worldwide Allocation		27,156,161
Partner All Cap		1,831,019
Partner Growth Stock		3,816,363
Large Cap Value		32,562,837
Large Cap Stock		4,356,546
Large Cap Index		3,499,461
High Yield		56,717,095
Income		37,442,090
Bond Index		694,405
Limited Maturity Bond		9,942,138

(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 six months ended June 30, 2016, 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 six months ended June 30, 2016, 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.

185

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

(P) Accounting Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

(Q) Loan Commitments – Certain Portfolios may enter into loan commitments, which generally have interest rates which are reset daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders. Loan commitments often require prepayments from excess cash flows or allow the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. Therefore, the remaining maturity may be considerably less than the stated maturity shown in the Schedule of Investments.

All or a portion of these loan commitments may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. Therefore, the Portfolio must have funds sufficient to cover its contractual obligation. These unfunded loan commitments, which are marked-to-market daily, are presented in the Schedule of Investments.

(R) 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 Management does 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. The district has dismissed the state law claims and the Second Circuit has affirmed the dismissal, and now the court is considering whether to dismiss the other claims. 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 July 27, 2016, the Southern District of New York reversed a bankruptcy court’s dismissal of the intentional fraudulent transfer count in a related adversary proceeding. The action against the Portfolio remains pending, and 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.

186

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

(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).

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. Management has evaluated the impact of this guidance and has determined there to be no impact to financial statement amounts. However, footnote disclosures related to investments valued using the net asset value per share practical expedient will be increased to meet the requirement of this guidance.

(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.


	$0 to			Over $500 to			Over $2,000 to			Over $5,000 to
Portfolio (M-Millions)	$500M			$2,000M			$5,000M			$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	%


	$0 to			Over $50 to			Over $100 to			Over
Portfolio (M-Millions)	$50M			$100M			$250M			$250M
Partner Healthcare		0.950	%		0.900	%		0.850	%		0.800	%


							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
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 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		0.350	%		0.350	%		0.350	%		0.350	%		0.350	%		0.350	%		0.350	%		0.350	%		0.350	%		0.350	%		0.350	%

187

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

(B) Sub-Adviser Fees — The following subadvisory fees are charged as part of the total investment advisory fees statedin 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, 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 Principal Global Investors, LLC (“Principal”), Aberdeen Asset Managers Limited (“Aberdeen”), and Goldman Sachs Asset Mangement, LP (“GSAM”) for the performance of subadvisory services.

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 and Partner Worldwide Allocation Fund are included in determining breakpoints for the assets managed by Aberdeen.

The fee payable for GSAM for managing the emerging markets debt portion is equal to 0.50% of the first $200 million of average daily net assets, 0.45% of the next $200 million and 0.40% of average daily net assets over $400 million. The fee payable for GSAM for managing the international small-and mid-cap equities portion is equal to 0.58% of the first $250 million of average daily net assets; and 0.54% of average daily net assets in excess of $250 million. Thrivent Partner Worldwide Allocation Fund is included in determining breakpoints for the assets managed by GSAM. Effective February 22, 2016, the Adviser terminated the subadvisory agreements with Mercator Asset Management, LP (“Mercator”). For the period January 1, 2016 until termination, 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.

Partner All Cap Portfolio

The Adviser has entered into a subadvisory agreement with FIAM LLC (“FIAM”) for the performance of subadvisory services. FIAM is a wholly owned subsidiary of Fidelity Management & Research Corporation. The fee payable is equal to 0.60% of average daily net assets for the first $100 million, 0.55% for the next $400 million, 0.50% for the next $250 million and 0.45% for assets over $750 million.

Partner Growth Stock Portfolio

The Adviser has entered into a subadvisory agreement with T. Rowe Price Associates, Inc. for the performance of subadvisory services. The fee payable is equal to 0.40% of average daily net assets for the first $500 million and 0.35% for assets over $500 million.

(C) Expense Reimbursements — For the period ended June 30, 2016, 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 June 30, 2016, contractual expense reimbursements to limit expenses to the following percentages were in effect:


Portfolio	Expense Limit			Expiration Date
Growth and Income Plus		0.80	%		4/30/2017
Partner Healthcare¹		0.95	%		4/30/2017
Partner Emerging Markets Equity²		1.30	%		4/30/2017
Partner All Cap³		0.85	%		4/30/2017
Partner Growth Stock⁴		0.80	%		4/30/2017

¹	Prior contractual expense cap of 1.10% expired on April 30, 2016.

²	Prior contractual expense cap of 1.40% expired on April 30, 2016.

³	Prior contractual expense cap of 0.90% expired on April 30, 2016.

⁴	Prior contractual expense cap of 0.85% expired on April 30, 2016.

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 investment in any other mutual fund for which the Adviser or an affiliate serves as investment adviser, other than Thrivent Cash Management Trust. This contractual

188

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

provision may be terminated upon the mutual agreement between the Independent Directors of the Portfolio and the Adviser. For the period ended June 30, 2016, the following expense reimbursements, as a percentage of net assets, were in effect:


Portfolio	Expense Reimbursement			Expiration Date
Aggressive Allocation		0.21	%		N/A
Moderately Aggressive Allocation		0.22	%		N/A
Moderate Allocation		0.16	%		N/A
Moderately Conservative Allocation		0.13	%		N/A

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 six months ended June 30, 2016, the Adviser received aggregate fees for accounting and administrative personnel and services of $3,808,791 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 $231,564 in fees from the Fund for the six months ended June 30, 2016. In addition, the Fund reimbursed independent Directors for reasonable expenses incurred in relation to attendance at the meetings and industry conferences.

Certain officers and non-independent directors of the Fund are officers and directors of Thrivent Financial and Thrivent Life; however, they receive no compensation from the Fund.

(E) Indirect Expenses – Some Portfolios invest in other open-ended funds, including Thrivent Core Short-Term Reserve Fund for the purpose of overnight investment of cash, this fund does not incur an advisory fee. Fees and expenses of those underlying funds are not included in those Portfolios’ expense ratios reported in the Financial Highlights. 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 Directors 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. At fiscal year-end, the character and amount of distributions, on a tax basis and components of distributable earnings, are finalized. Therefore, as of June 30, 2016, the tax-basis balance has not yet been determined.

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	$	1,732,904		Unlimited
Partner Emerging Markets
Equity	$	1,225,908		Unlimited
Partner Worldwide Allocation	$	20,329,481		Unlimited
	$	119,995,485		2016

	$	140,324,966

Large Cap Stock		15,169,108		Unlimited
High Yield		12,006,858		Unlimited
		24,454,205		2016
		46,838,004		2017

	$	83,299,067

Limited Maturity Bond		4,644,843		2017

	$	4,644,843

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.

189

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

(5) SECURITY TRANSACTIONS

(A) Purchases and Sales of Investment Securities – For the six months ended June 30, 2016, 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	$	195,338	$	196,850
Moderately Aggressive Allocation		924,526		849,502
Moderate Allocation		1,537,392		1,450,213
Moderately Conservative Allocation		626,650		526,708
Growth and Income Plus		30,345		28,502
Balanced Income Plus		98,435		93,414
Diversified Income Plus		150,776		132,451
Opportunity Income Plus		31,864		21,840
Partner Healthcare		77,284		65,303
Partner Emerging Markets Equity		3,794		1,173
Real Estate Securities		20,064		11,001
Small Cap Stock		104,919		106,666
Small Cap Index		51,719		34,493
Mid Cap Stock		125,007		177,738
Mid Cap Index		51,418		26,664
Partner Worldwide Allocation		962,560		948,150
Partner All Cap		27,899		24,896
Large Cap Growth		317,009		403,358
Partner Growth Stock		29,914		19,946
Large Cap Value		116,335		118,080
Large Cap Stock		215,449		182,712
Large Cap Index		54,003		9,184
High Yield		175,191		135,854
Income		306,877		330,322
Bond Index		7,306		4,941
Limited Maturity Bond		112,380		101,549

Purchases and Sales of U.S. Government Securities were:


	In thousands
Portfolio	Purchases		Sales
Aggressive Allocation	$	83,024	$	78,703
Moderately Aggressive Allocation		1,450,343		1,439,800
Moderate Allocation		4,757,384		4,732,886
Moderately Conservative Allocation		3,384,098		3,320,910
Growth and Income Plus		18,153		17,903
Balanced Income Plus		106,496		105,710
Diversified Income Plus		67,844		61,580
Opportunity Income Plus		77,046		74,827
Partner Worldwide Allocation		12,956		20,356
Income		480,972		438,675
Bond Index		304,756		288,969
Limited Maturity Bond		127,056		122,462

(B) Investments in Restricted Securities – Certain Portfolios may own restricted securities that have been deemed illiquid and were purchased in private placement transactions without registration under the Securities Act of 1933. Unless such securities subsequently become registered, they generally may be resold only in privately negotiated transactions with a limited number of purchasers. As of June 30, 2016, the following Portfolios held restricted securities:


Portfolio	Number of Securities		Percent of Portfolio’s Net Assets
Moderately Aggressive Allocation		40		0.62	%
Moderate Allocation		44		1.24	%
Moderately Conservative Allocation		43		1.55	%
Growth and Income Plus		2		0.10	%
Balanced Income Plus		9		0.77	%
Diversified Income Plus		14		2.45	%
Opportunity Income Plus		13		2.10	%
Partner Worldwide Allocation		19		0.45	%
Partner Growth Stock		9		0.47	%
High Yield		10		2.20	%
Income		5		0.44	%
Bond Index		4		0.82	%
Limited Maturity Bond		31		10.58	%

The Portfolios have no right to require registration of unregistered securities.

(C) Investments in High-Yielding Securities – High Yield Portfolio invests primarily in high-yielding fixed income securities. Each of the other Portfolios, except 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.

(D) Investments in Options and Futures Contracts – The movement in the price of the security underlying an option or futures contract may not correlate perfectly with the movement in the prices of the portfolio securities being hedged. A lack of correlation could render the Portfolio’s hedging strategy unsuccessful and could result in a loss to the Portfolio. In the event that a liquid secondary market would not exist, the Portfolio could be prevented from entering into a closing transaction which could result in additional losses to the Portfolio.

(E) Written Option Contracts – During the six months ended June 30, 2016, none of the Portfolios engaged in these types of investments.

(6) SECURITY TRANSACTIONS WITH AFFILIATED FUNDS

The Portfolios are permitted to purchase or sell securities from or to certain other Portfolios 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

190

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

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 period ended June 30, 2016, the following Portfolios engaged in purchase transactions that complied with Rule 17a-7 of the 1940 Act.


Portfolio	Purchase Amount
Opportunity Income Plus	$	1,079,033
Mid Cap Index		7,599,468
Large Cap Index		9,951,070

During the period ended June 30, 2016, the following Portfolios engaged in sale transactions that complied with Rule 17a-7 of the 1940 Act.


Portfolio	Sales Proceeds		Realized Gain/(Loss)
Diversified Income Plus	$	2,575,886	$	(53,357	)
Small Cap Index		7,233,609		1,990,564
Mid Cap Index		4,280,190		1,983,688

(7) SHARES OF BENEFICIAL INTEREST

The shares of each Portfolio have equal rights and privileges with all shares of that Portfolio. Shares in the Portfolio are currently sold only to separate accounts of Thrivent Financial, Thrivent Life and retirement plans sponsored by Thrivent Financial.

As of June 30, 2016, 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
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) SUBSEQUENT EVENTS

Management of the Portfolios has evaluated the impact of subsequent events through August 22, 2016, and, except as already included in the Notes to Financial Statements, has determined that no additional items require disclosure.

(9) 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 June 30, 2016, Partner Emerging Markets Equity Portfolio had portfolio concentration greater than 30% in the financial sector, Large Cap Growth Portfolio and Partner Growth Stock Portfolio had portfolio concentrations greater than 30% in the information technology sector, and Bond Index Portfolio had portfolio concentration greater than 30% in the U.S. Government and Agencies sector.

191

THRIVENT SERIES FUND, INC.

FINANCIAL HIGHLIGHTS


	FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*
			Income From Investment Operations								Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)		Net Realized and Unrealized Gain/(Loss) on Investments^(a)			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments
AGGRESSIVE ALLOCATION PORTFOLIO
Period Ended 6/30/2016 (unaudited)	$	14.19	$	0.07	$	—		$	0.07		$	(0.14	)	$	(0.78	)
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
Period Ended 6/30/2016 (unaudited)		13.77		0.11		0.14			0.25			(0.20	)		(0.58	)
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
Period Ended 6/30/2016 (unaudited)		13.09		0.13		0.25			0.38			(0.23	)		(0.34	)
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
Period Ended 6/30/2016 (unaudited)		12.27		0.12		0.37			0.49			(0.22	)		(0.14	)
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
Period Ended 6/30/2016 (unaudited)		9.97		0.12		0.13			0.25			(0.23	)		(0.18	)
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
Period Ended 6/30/2016 (unaudited)		14.03		0.20		0.25			0.45			(0.37	)		(0.51	)
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
Period Ended 6/30/2016 (unaudited)		7.53		0.13		0.13			0.26			(0.27	)		(0.02	)
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.

**	Computed on an annualized basis for periods less than one year

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

192

THRIVENT SERIES FUND, INC.

FINANCIAL HIGHLIGHTS – CONTINUED


				RATIOS/SUPPLEMENTAL DATA
									Ratio to Average Net Assets**						Ratio to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
Total Distributions		Net Asset Value, End of Period		Total Return^(b)			Net Assets, End of Period (in millions)		Expenses			Net Investment Income/(Loss)			Expenses			Net Investment Income/(Loss)			Portfolio Turnover Rate
	$(0.92)	$	13.34		0.72	%	$	984.4		0.58	%		1.18	%		0.79	%		0.97	%		31	%
	(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	%

	(0.78)		13.24		1.92	%		4,984.2		0.47	%		1.78	%		0.69	%		1.56	%		49	%
	(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	%

	(0.57)		12.90		3.01	%		8,852.4		0.46	%		2.08	%		0.62	%		1.91	%		74	%
	(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	%

	(0.36)		12.40		4.02	%		4,404.3		0.47	%		2.23	%		0.59	%		2.10	%		95	%
	(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	%

	(0.41)		9.81		2.51	%		81.2		0.80	%		2.57	%		1.00	%		2.37	%		60	%
	(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	%

	(0.88)		13.60		3.34	%		325.9		0.66	%		3.08	%		0.66	%		3.08	%		64	%
	(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	%

	(0.29)		7.50		3.52	%		513.1		0.48	%		3.91	%		0.48	%		3.91	%		41	%
	(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.

193

THRIVENT SERIES FUND, INC.

FINANCIAL HIGHLIGHTS – CONTINUED


	FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*
			Income From Investment Operations									Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)			Net Realized and Unrealized Gain/(Loss) on Investments^(a)			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments
OPPORTUNITY INCOME PLUS PORTFOLIO
Period Ended 6/30/2016 (unaudited)	$	9.81	$	0.17		$	0.27		$	0.44		$	(0.17	)	$	—
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
Period Ended 6/30/2016 (unaudited)		19.45		—			(1.58	)		(1.58	)		(0.75	)		(0.67	)
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
Period Ended 6/30/2016 (unaudited)		10.31		0.08			1.18			1.26			(0.11	)		—
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
Period Ended 6/30/2016 (unaudited)		22.01		0.35			2.28			2.63			(0.34	)		(0.09	)
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
Period Ended 6/30/2016 (unaudited)		15.53		0.04			0.67			0.71			(0.06	)		(0.79	)
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
Period Ended 6/30/2016 (unaudited)		15.77		0.08			0.81			0.89			(0.17	)		(1.21	)
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
Period Ended 6/30/2016 (unaudited)		16.73		0.05			0.89			0.94			(0.07	)		(1.88	)
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.

**	Computed on an annualized basis for periods less than one year

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

194

THRIVENT SERIES FUND, INC.

FINANCIAL HIGHLIGHTS – CONTINUED


				RATIOS/SUPPLEMENTAL DATA
									Ratio to Average Net Assets**						Ratio to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
Total Distributions		Net Asset Value, End of Period		Total Return^(b)			Net Assets, End of Period (in millions)		Expenses			Net Investment Income/(Loss)			Expenses			Net Investment Income/(Loss)			Portfolio Turnover Rate

	$(0.17)	$	10.08		4.56	%	$	111.4		0.71	%		3.51	%		0.71	%		3.51	%		94	%
	(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	%


	(1.42)		16.45		(7.95	)%		184.0		0.93	%		0.39	%		1.00	%		0.32	%		38	%
	(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	%


	(0.11)		11.46		12.31	%		51.6		1.36	%		1.67	%		1.68	%		1.35	%		3	%
	(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	%


	(0.43)		24.21		12.00	%		179.7		0.91	%		3.36	%		0.91	%		3.36	%		7	%
	(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	%
	(0.85)		15.39		4.77	%		426.6		0.74	%		0.56	%		0.74	%		0.56	%		26	%
	(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	%


	(1.38)		15.28		5.97	%		312.3		0.29	%		1.28	%		0.29	%		1.28	%		12	%
	(1.37)		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	%


	(1.95)		15.72		6.04	%		1,244.7		0.69	%		0.58	%		0.69	%		0.58	%		11	%
	(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.

195

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
Period Ended 6/30/2016 (unaudited)	$	15.12	$	0.07		$	1.07		$	1.14		$	(0.14	)	$	(0.84	)
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
Period Ended 6/30/2016 (unaudited)		9.00		0.14			(0.17	)		(0.03	)		(0.20	)		—
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
Period Ended 6/30/2016 (unaudited)		12.94		0.03			(0.23	)		(0.20	)		(0.04	)		(0.59	)
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
Period Ended 6/30/2016 (unaudited)		30.90		0.07			(2.24	)		(2.17	)		(0.01	)		(2.45	)
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
Period Ended 6/30/2016 (unaudited)		18.67		0.01			(1.17	)		(1.16	)		—			(0.82	)
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
Period Ended 6/30/2016 (unaudited)		15.52		0.12			0.32			0.44			(0.22	)		(0.96	)
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
Period Ended 6/30/2016 (unaudited)		11.63		0.10			(0.40	)		(0.30	)		(0.15	)		—
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.

**	Computed on an annualized basis for periods less than one year

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

196

THRIVENT SERIES FUND, INC.

FINANCIAL HIGHLIGHTS – CONTINUED


				RATIOS/SUPPLEMENTAL DATA
									Ratio to Average Net Assets**						Ratio to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
Total Distributions		Net Asset Value, End of Period		Total Return^(b)			Net Assets, End of Period (in millions)		Expenses			Net Investment Income/(Loss)			Expenses			Net Investment Income/(Loss)			Portfolio Turnover Rate
	$(0.98)	$	15.28		7.80	%	$	218.3		0.31	%		1.34	%		0.31	%		1.34	%		14	%
	(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	%


	(0.20)		8.77		(0.33	)%		1,597.6		0.93	%		3.30	%		0.93	%		3.30	%		63	%
	(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	%


	(0.63)		12.11		(1.44	)%		88.1		0.88	%		0.52	%		1.15	%		0.26	%		30	%
	(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	%


	(2.46)		26.27		(6.88	)%		1,000.0		0.44	%		0.54	%		0.44	%		0.54	%		34	%
	(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	%


	(0.82)		16.69		(6.12	)%		112.9		0.83	%		0.14	%		0.97	%		0.01	%		19	%
	(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	%


	(1.18)		14.78		3.09	%		1,181.6		0.64	%		1.76	%		0.64	%		1.76	%		10	%
	(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	%


	(0.15)		11.18		(2.58	)%		846.8		0.67	%		1.71	%		0.67	%		1.71	%		25	%
	(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.

197

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
Period Ended 6/30/2016 (unaudited)	$	28.54	$	0.22	$	0.82		$	1.04		$	(0.56	)	$	(0.19	)
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
Period Ended 6/30/2016 (unaudited)		4.48		0.13		0.16			0.29			(0.13	)		—
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
Period Ended 6/30/2016 (unaudited)		9.83		0.18		0.49			0.67			(0.17	)		(0.01	)
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
Period Ended 6/30/2016 (unaudited)		10.89		0.10		0.44			0.54			(0.10	)		(0.02	)
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
Period Ended 6/30/2016 (unaudited)		9.72		0.10		0.10			0.20			(0.10	)		—
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
Period Ended 6/30/2016 (unaudited)		1.00		—		—			—			—			—
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.

^**	Computed on an annualized basis for periods less than one year

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

198

THRIVENT SERIES FUND, INC.

FINANCIAL HIGHLIGHTS – CONTINUED


				RATIOS/SUPPLEMENTAL DATA
									Ratio to Average Net Assets**						Ratio to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
Total Distributions		Net Asset Value, End of Period		Total Return^(b)			Net Assets, End of Period (in millions)		Expenses			Net Investment Income/(Loss)			Expenses			Net Investment Income/(Loss)			Portfolio Turnover Rate
$	(0.75)	$	28.83		3.73	%	$	577.8		0.26	%		1.99	%		0.26	%		1.99	%		2	%
	(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	%


	(0.13)		4.64		6.62	%		746.5		0.45	%		5.68	%		0.45	%		5.68	%		20	%
	(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	%


	(0.18)		10.32		6.92	%		1,424.2		0.44	%		3.58	%		0.44	%		3.58	%		57	%
	(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	%


	(0.12)		11.31		4.94	%		183.7		0.46	%		1.79	%		0.46	%		1.79	%		170	%
	(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	%


	(0.10)		9.82		2.00	%		848.9		0.45	%		2.10	%		0.45	%		2.10	%		27	%
	(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	%		163.9		0.43	%		0.00	%		0.48	%		(0.05	)%		N/A
	—		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.

199

ADDITIONAL INFORMATION

(unaudited)

Proxy Voting

The policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities are attached to the Fund’s Statement of Additional Information. You may request a free copy of the Statement of Additional Information by calling 1-800-847-4836. You also may review the Statement of Additional Information or the report of how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 at Thrivent.com or sec.gov.

Quarterly Schedule of Portfolio Holdings

The Fund files its Schedule of Portfolio Holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. You may request a free copy of the Fund’s Forms N-Q by calling 1-800-847-4836. The Fund’s most recent Form N-Q Schedule of Investments also is available at Thrivent.com or sec.gov. You also may review and copy the Forms N-Q for the Fund at the SEC’s Public Reference Room in Washington, DC. You may get information about the operation of the Public Reference Room by calling 1-800-SEC-0330.

Summary Schedule of Investments

The summary schedule of investments is designed to streamline the report and help investors better focus on a fund’s principal holdings. A complete listing of holdings for a fund in which the summary is included in the shareholder report is available free of charge by calling 1-800-847-4836. It is also available at Thrivent.com or sec.gov where it is part of form N-CSRS.

200

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Item 5.

Audit Committee of Listed Registrants

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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.

Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (54.9%)	Value
	Consumer Discretionary (8.9%)
	16,875	Aaron’s, Inc.	$	369,394
	1,000	Aisan Industry Company, Ltd.		6,470
	17,946	Amazon.com, Inc.^a		12,842,517
	2,111	American Public Education, Inc.^a		59,319
	1,800	APN Outdoor Group Pty, Ltd.		9,327
	5,320	Ascena Retail Group, Inc.^a		37,187
	1,360	Ascent Capital Group, Inc.^a		20,930
	7,690	AutoZone, Inc.^a		6,104,630
	200	Bayerische Motoren Werke AG		12,749
	2,730	Beazer Homes USA, Inc.^a		21,158
	10,000	Bed Bath & Beyond, Inc.		432,200
	2,100	Berkeley Group Holdings plc		70,913
	2,000	Best Buy Company, Inc.		61,200
	1,100	Betsson AB		9,200
	1,430	Big 5 Sporting Goods Corporation		13,256
	460	BJ’s Restaurants, Inc.^a		20,162
	6,400	Bloomin’ Brands, Inc.		114,368
	3,220	BorgWarner, Inc.		95,054
	3,220	Boyd Gaming Corporation^a		59,248
	300	Brembo SPA		16,526
	800	Bridgestone Corporation		25,710
	31,737	Brunswick Corporation		1,438,321
	260	Buffalo Wild Wings, Inc.^a		36,127
	900	Bunzl plc		27,692
	18,756	Burlington Stores, Inc.^a		1,251,213
	8,960	Caleres, Inc.		216,922
	5,940	Callaway Golf Company		60,647
	2,000	Calsonic Kansei Corporation		15,199
	10,830	Carter’s, Inc.		1,153,070
	8,496	Cedar Fair, LP		491,239
	8,840	Cheesecake Factory, Inc.		425,558
	590	Children’s Place, Inc.		47,306
	1,240	Chuy’s Holdings, Inc.^a		42,916
	24,080	Cinemark Holdings, Inc.		877,957
	2,000	Cineworld Group plc		14,590
	1,340	ClubCorp Holdings, Inc.		17,420
	83,238	Comcast Corporation		5,426,285
	600	Compass Group plc		11,415
	33,752	Core-Mark Holding Company, Inc.		1,581,619
	3,292	CSS Industries, Inc.		88,259
	4,223	Culp, Inc.		116,681
	200	Daimler AG		11,968
	15,970	Dana Holding Corporation		168,643
	6,600	Debenhams plc		4,877
	12,219	Delphi Automotive plc		764,909
	3,000	Denso Corporation		105,556
	2,740	DeVry Education Group, Inc.		48,882
	11,575	Discovery Communications, Inc., Class A^a		292,037
	13,300	Dish DBS Corporation^a		696,920
	6,890	Dollar General Corporation		647,660
	17,121	Dollar Tree, Inc.^a		1,613,483
	5,330	Domino’s Pizza, Inc.		700,255
	32,110	Duluth Holdings, Inc.^a		785,411
	800	EchoStar Corporation^a		31,760
	3,900	EDION Corporation		32,168
	2,700	Eutelsat Communications		50,963
	5,938	Expedia, Inc.		631,209
	5,835	Finish Line, Inc.		117,809
	12,600	Ford Motor Company		158,382
	2,600	Fuji Heavy Industries, Ltd.		89,371
	3,870	General Motors Company		109,521
	9,030	Gentex Corporation		139,513
	29,106	G-III Apparel Group, Ltd.^a		1,330,726
	4,000	Gunze, Ltd.		11,174
	1,400	Hakuhodo Dy Holdings, Inc.		16,780
	6,650	Harley-Davidson, Inc.		301,245
	10,866	Harman International Industries, Inc.		780,396
	4,492	Haverty Furniture Companies, Inc.		80,991
	200	Hennes & Mauritz AB		5,884
	47,740	Home Depot, Inc.		6,095,921
	4,100	Honda Motor Company, Ltd.		102,850
	20,140	Houghton Mifflin Harcourt Company^a		314,788
	2,500	Howden Joinery Group plc		12,840
	3,800	Inchcape plc		31,952
	300	InterContinental Hotels Group plc		11,064
	5,800	Interpublic Group of Companies, Inc.		133,980
	600	Intertek Group plc		27,956
	6,110	Jack in the Box, Inc.		524,971
	400	JB Hi-Fi, Ltd.		7,249
	1,420	John Wiley and Sons, Inc.		74,096
	26,527	Kate Spade & Company^a		546,721
	100	Koito Manufacturing Co., Ltd.		4,604
	5,726	L Brands, Inc.		384,386
	41,320	Las Vegas Sands Corporation		1,797,007
	7,245	La-Z-Boy, Inc.		201,556
	4,230	Lear Corporation		430,445
	18,260	Liberty Interactive Corporation^a		463,256
	229	Linamar Corporation		8,157
	11,662	Lithia Motors, Inc.		828,818
	18,910	LKQ Corporation^a		599,447
	6,560	Lowe’s Companies, Inc.		519,355
	200	LVMH Moet Hennessy Louis Vuitton SE		30,147
	1,000	Marks and Spencer Group plc		4,283
	11,420	Masonite International Corporation^a		755,319
	17,395	MDC Partners, Inc.		318,155
	3,970	Meredith Corporation		206,083
	950	Murphy USA, Inc.^a		70,452
	2,545	New Media Investment Group, Inc.		45,988
	2,650	New York Times Company		32,065
	33,370	Newell Brands, Inc.		1,620,781
	5,950	News Corporation		67,533
	45,160	NIKE, Inc.		2,492,832
	1,800	NOK Corporation		30,610
	400	Nokian Renkaat Oyj		14,337
	30,954	Nord Anglia Education, Inc.^a		654,368
	80,940	Nutrisystem, Inc.		2,052,638
	3,494	O’Reilly Automotive, Inc.^a		947,223
	23,840	Oxford Industries, Inc.		1,349,821
	2,000	PanaHome Corporation		15,832
	22,210	Papa John’s International, Inc.		1,510,280
	54,730	Papa Murphy’s Holdings, Inc.^a		363,134
	19,400	Penn National Gaming, Inc.^a		270,630
	4,100	Persimmon plc		79,506
	1,690	PetMed Express, Inc.		31,704
	300	ProSiebenSat.1 Media AG^a		13,123
	11,709	PVH Corporation		1,103,339
	3,649	Ralph Lauren Corporation		327,023
	3,030	Rent-A-Center, Inc.		37,208
	6,927	Restoration Hardware Holdings, Inc.^a		198,666
	1,930	Retailmenot, Inc.^a		14,880
	100	Rightmove plc		4,884
	27,186	Ross Stores, Inc.		1,541,174
	3,350	Ruth’s Hospitality Group, Inc.		53,433
	800	Saizeriya Company, Ltd.		14,295
	3,880	Sally Beauty Holdings, Inc.^a		114,111
	7,400	Scripps Networks Interactive, Inc.		460,798
	900	Sekisui House, Ltd.		15,761
	5,070	Select Comfort Corporation^a		108,397
	9,890	Service Corporation International		267,426
	1,000	SHOWA Corporation		5,614

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

Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (54.9%)	Value
	Consumer Discretionary (8.9%) - continued
	1,930	Shutterfly, Inc.^a	$	89,957
	4,810	Signet Jewelers, Ltd.		396,392
	9,630	Skechers USA, Inc.^a		286,204
	500	Sky plc		5,682
	340	Snap-On, Inc.		53,659
	1,400	Sports Direct International plc^a		5,994
	3,052	Sportsman’s Warehouse Holdings, Inc.^a		24,599
	600	Stanley Electric Company, Ltd.		12,814
	4,380	Staples, Inc.		37,756
	2,700	Star Entertainment Group, Ltd.		11,002
	89,500	Starbucks Corporation		5,112,240
	5,644	Stein Mart, Inc.		43,572
	2,700	Sumitomo Forestry Company, Ltd.		36,645
	1,700	Sumitomo Rubber Industries, Ltd.		22,759
	100	Swatch Group AG		5,727
	1,270	Tailored Brands, Inc.		16,078
	400	Tamron Company, Ltd.		5,365
	3,100	Tatts Group, Ltd.		8,921
	6,200	Taylor Wimpey plc		10,999
	8,360	Tempur-Pedic International, Inc.^a		462,475
	7,703	Tenneco, Inc.^a		359,037
	21,000	Time, Inc.		345,660
	32,936	Toll Brothers, Inc.^a		886,308
	13,654	Tower International, Inc.		280,999
	41,596	Tuesday Morning Corporation^a		292,004
	560	Tupperware Brands Corporation		31,517
	2,099	Ulta Salon Cosmetics & Fragrance, Inc.^a		511,400
	4,790	Under Armour, Inc., Class A^a		192,223
	4,823	Under Armour, Inc., Class C^a		175,557
	500	USS Company, Ltd.		8,263
	7,035	Vail Resorts, Inc.		972,448
	100	Valora Holding AG		27,800
	7,620	Vera Bradley, Inc.^a		107,975
	7,039	VF Corporation		432,828
	2,060	Visteon Corporation		135,569
	3,810	Vitamin Shoppe, Inc.^a		116,472
	2,000	Wacoal Holdings Corporation		19,737
	2,400	WH Smith plc		50,421
	300	Whitbread plc		14,037
	22,900	Wingstop, Inc.^a		624,025
	2,400	Wolters Kluwer NV		97,179
	1,570	Wolverine World Wide, Inc.		31,902
	1,900	WPP plc		39,599
	5,370	Wyndham Worldwide Corporation		382,505
	1,500	Yokohama Rubber Company, Ltd.		18,813
	7,780	Yum! Brands, Inc.		645,118
	19,760	Zoe’s Kitchen, Inc.^a		716,695

		Total		88,000,650


	Consumer Staples (2.3%)
	200	AarhusKarlshamn AB		14,277
	1,820	Aramark		60,824
	12,590	Avon Products, Inc.		47,590
	1,700	Axfood AB		32,652
	5,900	Blue Buffalo Pet Products, Inc.^a		137,706
	542	British American Tobacco plc		35,138
	3,790	Brown-Forman Corporation		378,090
	9,800	Campbell Soup Company		651,994
	10,422	Casey’s General Stores, Inc.		1,370,597
	38,240	Coca-Cola Company		1,733,419
	2,700	Coca-Cola HBC AG		54,633
	49,610	CVS Health Corporation		4,749,661
	10,500	Estee Lauder Companies, Inc.		955,710
	38,920	Flowers Foods, Inc.		729,750
	3,400	General Mills, Inc.		242,488
	85	George Weston, Ltd.		7,356
	18,236	Hain Celestial Group, Inc.^a		907,241
	500	Henkel AG & Company KGaA		54,084
	5,920	Hershey Company		671,861
	4,130	Imperial Brands plc		223,983
	5,950	Ingredion, Inc.		769,990
	600	Jeronimo Martins SGPS SA		9,463
	440	Kellogg Company		35,926
	300	Kesko Oyj		12,740
	1,150	Kimberly-Clark Corporation		158,102
	7,800	Koninklijke Ahold NV		172,245
	200	KOSE Corporation		16,948
	3,960	Kroger Company		145,688
	1,670	Lancaster Colony Corporation		213,109
	1,300	McCormick & Company, Inc.		138,671
	5,300	Molson Coors Brewing Company		535,989
	10,639	Monster Beverage Corporation^a		1,709,794
	800	Nestle SA		61,983
	1,000	Nippon Meat Packers, Inc.		24,494
	4,390	PepsiCo, Inc.		465,077
	2,291	Philip Morris International, Inc.		233,041
	19,790	Pinnacle Foods, Inc.		916,079
	173	Premium Brands Holdings Corporation		7,285
	7,402	SpartanNash Company		226,353
	700	Suedzucker AG		15,418
	300	Sugi Holdings Company, Ltd.		16,727
	2,000	Swedish Match AB		69,796
	2,700	Tyson Foods, Inc.		180,333
	13,766	United Natural Foods, Inc.^a		644,249
	1,450	Universal Corporation		83,723
	1,260	Walgreens Boots Alliance, Inc.		104,920
	61,490	WhiteWave Foods Company^a		2,886,341
	1,325	Woolworths, Ltd.		20,840

		Total		22,934,378


	Energy (7.2%)
	17,189	Archrock, Inc.		161,920
	7,516	Atwood Oceanics, Inc.		94,100
	81,023	Baker Hughes, Inc.		3,656,568
	48,919	BP plc		286,350
	4,207	Bristow Group, Inc.		48,002
	1,810	California Resources Corporation		22,082
	88,908	Callon Petroleum Company^a		998,437
	500	Caltex Australia, Ltd.		12,055
	90,950	Canadian Natural Resources, Ltd.		2,803,989
	60,330	Chevron Corporation		6,324,394
	11,960	Cimarex Energy Company		1,427,067
	1,557	Clayton Williams Energy, Inc.^a		42,755
	14,360	Clean Energy Fuels Corporation^a		49,829
	294,556	Cobalt International Energy, Inc.^a		394,705
	25,597	Concho Resources, Inc.^a		3,052,954
	35,715	Continental Resources, Inc.^a		1,616,818
	7,030	Delek US Holdings, Inc.		92,866
	7,540	Devon Energy Corporation		273,325
	5,190	Diamond Offshore Drilling, Inc.		126,273
	12,876	Diamondback Energy, Inc.^a		1,174,420
	26,950	Ensco plc		261,685
	64,102	EOG Resources, Inc.		5,347,389
	8,880	EP Energy Corporation^a		45,998
	67,881	EQT Corporation		5,256,026
	27,960	Exxon Mobil Corporation		2,620,970
	8,950	FMC Technologies, Inc.^a		238,697
	4,690	Green Plains, Inc.		92,487
	4,080	Gulfport Energy Corporation^a		127,541

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

Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (54.9%)	Value
	Energy (7.2%) - continued
	28,870	Halliburton Company	$	1,307,522
	8,300	Helmerich & Payne, Inc.		557,179
	8,629	HollyFrontier Corporation		205,111
	6,990	Hornbeck Offshore Services, Inc.^a		58,297
	3,440	Kinder Morgan, Inc.		64,397
	188,978	Marathon Oil Corporation		2,836,560
	105,320	Marathon Petroleum Corporation		3,997,947
	1,510	Matador Resources Company^a		29,898
	35,600	Nabors Industries, Ltd.		357,780
	3,810	National Oilwell Varco, Inc.		128,207
	1,635	Noble Energy, Inc.		58,647
	12,411	Oasis Petroleum, Inc.^a		115,919
	4,420	Oceaneering International, Inc.		131,981
	5,650	Oil States International, Inc.^a		185,772
	2,222	OMV AG		62,462
	69,250	Parsley Energy, Inc.^a		1,873,905
	67,985	Patterson-UTI Energy, Inc.		1,449,440
	12,254	Pioneer Energy Services Corporation^a		56,368
	1,819	PrairieSky Royalty, Ltd.		34,523
	1,830	QEP Resources, Inc.		32,263
	71,780	Rowan Companies plc		1,267,635
	1,740	Royal Dutch Shell plc		47,729
	50,335	Royal Dutch Shell plc ADR		2,779,499
	19	Royal Dutch Shell plc, Class A		522
	1,000	Royal Dutch Shell plc, Class B		27,629
	33,575	RPC, Inc.^a		521,420
	4,300	RSP Permian, Inc.^a		150,027
	65,908	Schlumberger, Ltd.		5,212,005
	2,890	SemGroup Corporation		94,098
	870	SM Energy Company		23,490
	1,332	Statoil ASA		23,010
	146,780	Suncor Energy, Inc. ADR		4,070,209
	3,240	Superior Energy Services, Inc.		59,648
	480	Targa Resources Corporation		20,227
	4,190	Teekay Corporation		29,875
	16,430	Teekay Tankers, Ltd.		48,961
	5,667	Tesco Corporation		37,912
	630	Tesoro Corporation		47,200
	14,000	TETRA Technologies, Inc.^a		89,180
	1,867	Total SA		89,534
	23,166	U.S. Silica Holdings, Inc.		798,532
	316,140	Weatherford International plc^a		1,754,577
	3,221	Western Refining, Inc.		66,449
	1,425	World Fuel Services Corporation		67,673
	368,835	WPX Energy, Inc.^a		3,433,854

		Total		70,954,775


	Financials (6.2%)
	960	Acadia Realty Trust		34,099
	10,535	Affiliated Managers Group, Inc.^a		1,483,012
	1,900	Allianz SE		271,050
	11,340	Allied World Assurance Company Holdings AG		398,488
	9,590	American Assets Trust, Inc.		407,000
	6,490	American Campus Communities, Inc.		343,126
	6,415	American Financial Group, Inc.		474,261
	2,450	American International Group, Inc.		129,580
	28,261	Ameris Bancorp		839,352
	2,990	AMERISAFE, Inc.		183,048
	1,500	Anima Holding SPA^b		7,072
	17,950	Anworth Mortgage Asset Corporation		84,365
	10,621	Argo Group International Holdings, Ltd.		551,230
	2,940	Ashford Hospitality Prime, Inc.		41,572
	8,345	Aspen Insurance Holdings, Ltd.		387,041
	1,670	Associated Banc-Corp		28,640
	49,120	Assured Guaranty, Ltd.		1,246,174
	3,300	Australia & New Zealand Banking Group, Ltd.		60,126
	7,200	Banco Santander SA		27,941
	8,660	BancorpSouth, Inc.		196,495
	4,500	Bank Hapoalim, Ltd.		22,671
	102,820	Bank of America Corporation		1,364,421
	7,000	Bank of East Asia, Ltd.		27,070
	994	Bank of Montreal		63,051
	10,150	Bank of New York Mellon Corporation		394,327
	3,256	Bank of Nova Scotia		159,555
	2,481	Bank of Queensland, Ltd.		19,794
	24,132	Bank of the Ozarks, Inc.		905,433
	2,110	BankFinancial Corporation		25,299
	26,000	BB&T Corporation		925,860
	28,271	BBCN Bancorp, Inc.		421,803
	5,700	BinckBank NV		28,336
	6,150	Blackstone Group, LP		150,921
	15,600	Boston Private Financial Holdings, Inc.		183,768
	4,677	Brixmor Property Group, Inc.		123,753
	8,630	Brookline Bancorp, Inc.		95,189
	9,390	Brown & Brown, Inc.		351,843
	5,250	Camden Property Trust		464,205
	100	Canadian Imperial Bank of Commerce		7,511
	1,042	Canadian Western Bank		19,881
	1,850	Capital One Financial Corporation		117,493
	7,700	CapitaMall Trust		12,243
	7,340	Cathay General Bancorp		206,988
	44,750	CBL & Associates Properties, Inc.		416,622
	7,900	CBRE Group, Inc.^a		209,192
	18,023	Cedar Realty Trust, Inc.		133,911
	8,170	Central Pacific Financial Corporation		192,812
	5,130	Charles Schwab Corporation		129,840
	2,410	Chatham Lodging Trust		52,972
	2,000	Chiba Bank, Ltd.		9,452
	1,380	Chubb, Ltd.		180,380
	11,130	Citigroup, Inc.		471,801
	3,220	Clifton Bancorp, Inc.		48,525
	1,760	CNO Financial Group, Inc.		30,730
	2,400	CNP Assurances		35,409
	37,516	CoBiz Financial, Inc.		438,937
	4,371	Columbia Banking System, Inc.		122,650
	7,460	Comerica, Inc.		306,830
	850	Commerce Bancshares, Inc.		40,715
	20,010	Corporate Office Properties Trust		591,696
	100	Daito Trust Construction Company, Ltd.		16,236
	400	Danske Bank AS		10,528
	7,710	DCT Industrial Trust, Inc.		370,388
	1,000	Derwent London plc		34,888
	10,900	DEXUS Property Group		73,964
	5,750	Digital Realty Trust, Inc.		626,692
	7,351	Direct Line Insurance Group plc		33,985
	2,440	Douglas Emmett, Inc.		86,669
	30,850	Duke Realty Corporation		822,461
	480	DuPont Fabros Technology, Inc.		22,819
	41,680	E*TRADE Financial Corporation^a		979,063
	17,548	East West Bancorp, Inc.		599,791
	1,390	Eaton Vance Corporation		49,123
	3,980	Empire State Realty Trust, Inc.		75,580
	4,967	Employers Holdings, Inc.		144,142
	3,850	Endurance Specialty Holdings, Ltd.		258,566
	2,810	Enova International, Inc.^a		20,682
	6,320	Equity One, Inc.		203,378

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

Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (54.9%)	Value
	Financials (6.2%) - continued
	2,500	Erste Group Bank AG	$	56,920
	27,499	Essent Group, Ltd.^a		599,753
	17,425	EverBank Financial Corporation		258,936
	14,683	Evercore Partners, Inc.		648,842
	800	EXOR SPA		29,533
	4,500	F.N.B. Corporation		56,430
	45,220	Fifth Third Bancorp		795,420
	13,010	First Commonwealth Financial Corporation		119,692
	3,090	First Financial Bancorp		60,100
	1,070	First Financial Corporation		39,183
	1,070	First Merchants Corporation		26,675
	16,730	First Midwest Bancorp, Inc.		293,779
	1,640	First NBC Bank Holding Company^a		27,536
	6,938	First Potomac Realty Trust		63,830
	30,518	First Republic Bank		2,135,955
	10,500	FlexiGroup, Ltd.		13,771
	4,690	Franklin Street Properties Corporation		57,546
	6,900	Frasers Centrepoint Trust		10,924
	16,000	Fukuoka Financial Group, Inc.		52,756
	10,060	Genworth Financial, Inc.^a		25,955
	579	Genworth MI Canada, Inc.		14,852
	579	Getty Realty Corporation		12,420
	5,541	Glacier Bancorp, Inc.		147,280
	5,300	Goldman Sachs Group, Inc.		787,474
	1,900	Great Portland Estates plc		15,904
	16,280	Great Western Bancorp, Inc.		513,471
	9,345	Green Bancorp, Inc.^a		81,488
	4,250	Greenhill & Company, Inc.		68,425
	3,566	H&R Real Estate Investment Trust		62,131
	900	Hamborner REIT AG		9,717
	16,720	Hancock Holding Company		436,559
	2,000	Hang Seng Bank, Ltd.		34,306
	57,062	Hanmi Financial Corporation		1,340,386
	900	Hannover Rueckversicherung SE		94,300
	4,250	Hanover Insurance Group, Inc.		359,635
	3,360	Hartford Financial Services Group, Inc.		149,117
	670	Healthcare Trust of America, Inc.		21,668
	12,800	Henderson Group plc		36,390
	1,100	Henderson Land Development Company, Ltd.		6,214
	860	Hersha Hospitality Trust		14,749
	2,960	HFF, Inc.		85,485
	3,300	Highwoods Properties, Inc.		174,240
	300	Hitachi Capital Corporation		5,954
	10,184	Home BancShares, Inc.		201,541
	1,160	Hometrust Bancshares, Inc.^a		21,460
	16,580	Horace Mann Educators Corporation		560,238
	2,590	Hospitality Properties Trust		74,592
	42,418	Host Hotels & Resorts, Inc.		687,596
	15,454	Houlihan Lokey, Inc.		345,706
	4,170	Hudson Pacific Properties, Inc.		121,681
	2,100	Hufvudstaden AB		32,960
	100,400	Huntington Bancshares, Inc.		897,576
	13,000	Hysan Development Company, Ltd.		57,974
	1,898	Infinity Property & Casualty Corporation		153,093
	3,540	InfraREIT, Inc.		62,092
	520	Intact Financial Corporation		37,146
	5,729	International Exchange, Inc.		1,466,395
	6,830	Invesco, Ltd.		174,438
	10,100	Investec plc		62,780
	28,140	Investors Bancorp, Inc.		311,791
	6,743	J.P. Morgan Chase & Company		419,010
	47,263	Janus Capital Group, Inc.		657,901
	510	Jones Lang LaSalle, Inc.		49,699
	100	Jyske Bank AS		3,796
	112,150	KeyCorp		1,239,257
	14,390	LaSalle Hotel Properties		339,316
	25,750	Liberty Property Trust		1,022,790
	2,684	Lincoln National Corporation		104,059
	2,500	Link REIT		17,096
	2,110	LPL Financial Holdings, Inc.		47,538
	6,780	M&T Bank Corporation		801,599
	1,600	Macquarie Group, Ltd.		83,287
	360	Mercury General Corporation		19,138
	5,980	MetLife, Inc.		238,183
	2,560	Mid-America Apartment Communities, Inc.		272,384
	7,900	Mitsui & Company, Ltd.		94,304
	32,800	Mizuho Financial Group, Inc.		47,201
	12,950	Morgan Stanley		336,441
	600	MS and AD Insurance Group Holdings, Inc.		15,546
	8,570	MSCI, Inc.		660,918
	1,600	National Australia Bank, Ltd.		30,719
	1,952	National Bank of Canada		66,766
	1,550	National General Holdings Corporation		33,201
	990	National Storage Affiliates Trust		20,612
	640	Navigators Group, Inc.		58,861
	47,596	New World Development Company, Ltd.		48,470
	2,790	NMI Holdings, Inc.^a		15,289
	560	Northern Trust Corporation		37,106
	5,420	NorthStar Realty Europe Corporation		50,135
	2,700	Old Mutual plc		7,294
	32,519	PacWest Bancorp		1,293,606
	1,180	Paramount Group, Inc.		18,809
	14,960	Parkway Properties, Inc.		250,281
	16,893	Pebblebrook Hotel Trust		443,441
	12,850	Physicians Realty Trust		269,979
	460	Piper Jaffray Companies^a		17,342
	2,360	Popular, Inc.		69,148
	9,032	Post Properties, Inc.		551,404
	867	Potlatch Corporation		29,565
	586	Power Corporation of Canada		12,473
	15,840	Primerica, Inc.		906,682
	570	PrivateBancorp, Inc.		25,097
	8,420	Provident Financial Services, Inc.		165,369
	2,100	Ramco-Gershenson Properties Trust		41,181
	20,858	Raymond James Financial, Inc.		1,028,299
	3,040	RE/MAX Holdings, Inc.		122,390
	1,485	Realogy Holdings Corporation^a		43,095
	12,271	Renasant Corporation		396,721
	10,060	Retail Properties of America, Inc.		170,014
	393	Safety Insurance Group, Inc.		24,201
	200	Sampo Oyj		8,179
	4,661	Sandy Spring Bancorp, Inc.		135,449
	1,330	Schroders plc		42,029
	2,460	Selective Insurance Group, Inc.		93,997
	2,310	Senior Housing Property Trust		48,117
	3,750	Silver Bay Realty Trust Corporation REIT		63,862
	207,180	SLM Corporation^a		1,280,372
	5,600	Sovran Self Storage, Inc.		587,552
	40,168	Stifel Financial Corporation^a		1,263,284
	31,500	Stockland		111,683
	3,770	Store Capital Corporation		111,027
	14,461	Summit Hotel Properties, Inc.		191,464

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

Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (54.9%)	Value
	Financials (6.2%) - continued
	7,570	SunTrust Banks, Inc.	$	310,976
	14,924	SVB Financial Group^a		1,420,168
	1,300	Swiss Re AG		113,543
	8,400	Synchrony Financial^a		212,352
	25,540	Synovus Financial Corporation		740,405
	4,300	T&D Holdings, Inc.		36,516
	300	Talanx AG		8,935
	25,700	Talmer Bancorp, Inc.		492,669
	43,150	TCF Financial Corporation		545,847
	30,499	TD Ameritrade Holding Corporation		868,459
	21,783	Terreno Realty Corporation		563,526
	1,150	Territorial Bancorp, Inc.		30,441
	200	Tokio Marine Holdings, Inc.		6,658
	624	Toronto-Dominion Bank		26,796
	2,740	TriCo Bancshares		75,624
	5,220	TrustCo Bank Corporation		33,460
	1,280	Trustmark Corporation		31,808
	2,100	U.S. Bancorp		84,693
	1,480	Union Bankshares Corporation		36,571
	15,780	United Community Banks, Inc.		288,616
	7,970	United Financial Bancorp, Inc.		103,451
	6,100	United Overseas Bank, Ltd.		84,046
	1,020	Unum Group		32,426
	1,670	Urstadt Biddle Properties, Inc.		41,383
	2,290	Voya Financial, Inc.		56,700
	510	Webster Financial Corporation		17,314
	2,990	Wells Fargo & Company		141,517
	12,348	Western Alliance Bancorp^a		403,162
	1,000	Wharf Holdings, Ltd.		6,103
	1,000	Wheelock and Company, Ltd.		4,698
	11,800	Wing Tai Holdings, Ltd.		14,323
	1,409	Wintrust Financial Corporation		71,859
	4,440	WisdomTree Investments, Inc.		43,468
	1,545	WSFS Financial Corporation		49,734
	55,271	Zions Bancorporation		1,388,960

		Total		61,282,511


	Health Care (7.6%)
	54,840	Abbott Laboratories		2,155,760
	1,500	AbbVie, Inc.		92,865
	13,800	ABIOMED, Inc.^a		1,508,202
	21,869	Acadia Healthcare Company, Inc.^a		1,211,543
	1,300	Aceto Corporation		28,457
	100	Actelion, Ltd.		16,840
	3,270	Advaxis, Inc.^a		26,454
	5,900	Aetna, Inc.		720,567
	40,124	Akorn, Inc.^a		1,142,932
	3,150	Albany Molecular Research, Inc.^a		42,336
	23,151	Alexion Pharmaceuticals, Inc.^a		2,703,111
	12,058	Align Technology, Inc.^a		971,272
	25,184	Allergan plc^a		5,819,771
	5,411	Allscripts Healthcare Solutions, Inc.^a		68,720
	7,907	AmerisourceBergen Corporation		627,183
	1,550	Amgen, Inc.		235,832
	3,392	AMN Healthcare Services, Inc.^a		135,578
	1,370	AmSurg Corporation^a		106,230
	6,241	Analogic Corporation		495,785
	600	Astellas Pharmaceutical, Inc.		9,409
	10,744	Asterias Biotherapeutics, Inc.^a		25,786
	296	Atrion Corporation		126,647
	7,222	BioMarin Pharmaceutical, Inc.^a		561,872
	570	Bio-Rad Laboratories, Inc.^a		81,521
	3,410	Boston Scientific Corporation^a		79,692
	2,860	Bristol-Myers Squibb Company		210,353
	4,408	C.R. Bard, Inc.		1,036,585
	4,720	Cambrex Corporation^a		244,166
	1,200	Cardinal Health, Inc.		93,612
	25,501	Cardiovascular Systems, Inc.^a		468,581
	37,690	Celgene Corporation^a		3,717,365
	22,312	Centene Corporation^a		1,592,407
	23,761	Cerner Corporation^a		1,392,395
	460	Computer Programs and Systems, Inc.		18,363
	1,790	CONMED Corporation		85,437
	620	Cooper Companies, Inc.		106,373
	1,500	Cross Country Healthcare, Inc.^a		20,880
	14,680	Dentsply Sirona, Inc.		910,747
	75,143	Depomed, Inc.^a		1,474,306
	5,770	Dexcom, Inc.^a		457,734
	16,920	Edwards Lifesciences Corporation^a		1,687,432
	10,500	Ensign Group, Inc.		220,605
	30,811	Envision Healthcare Holdings, Inc.^a		781,675
	1,516	Essilor International SA		199,247
	36,883	ExamWorks Group, Inc.^a		1,285,373
	2,950	Express Scripts Holding Company^a		223,610
	100	Gerresheimer AG		7,703
	63,158	Gilead Sciences, Inc.		5,268,640
	1,330	Global Blood Therapeutics, Inc.^a		22,065
	2,160	Globus Medical, Inc.^a		51,473
	7,320	HCA Holdings, Inc.^a		563,713
	22,313	HealthEquity, Inc.^a		677,981
	5,430	HealthSouth Corporation		210,793
	2,650	Healthways, Inc.^a		30,607
	1,600	Hikma Pharmaceuticals plc		52,690
	3,300	Hill-Rom Holdings, Inc.		166,485
	22,450	Hologic, Inc.^a		776,770
	760	ICON plc^a		53,208
	16,761	Impax Laboratories, Inc.^a		483,052
	23,639	Inogen, Inc.^a		1,184,550
	44,166	Intersect ENT, Inc.^a		571,066
	21,228	Ironwood Pharmaceuticals, Inc.^a		277,556
	12,350	Kindred Healthcare, Inc.		139,431
	200	Lonza Group AG		33,222
	2,700	Magellan Health Services, Inc.^a		177,579
	12,994	Medtronic plc		1,127,489
	9,780	Merck & Company, Inc.		563,426
	600	Merck KGaA		60,986
	2,328	Mettler-Toledo International, Inc.^a		849,534
	19,075	Mylan NV^a		824,803
	1,680	Myriad Genetics, Inc.^a		51,408
	2,128	National Healthcare Corporation		137,767
	620	Natural Health Trends Corporation		17,478
	670	Neogen Corporation^a		37,687
	15,202	Neurocrine Biosciences, Inc.^a		690,931
	16,100	Nevro Corporation^a		1,187,536
	2,100	Novartis AG		173,331
	2,000	Novo Nordisk AS		107,706
	40,263	NuVasive, Inc.^a		2,404,506
	19,330	Omnicell, Inc.^a		661,666
	25,800	PerkinElmer, Inc.		1,352,436
	11,260	Perrigo Company plc		1,020,944
	50,070	Pfizer, Inc.		1,762,965
	4,820	PharMerica Corporation^a		118,861
	4,000	Prothena Corporation plc^a		139,840
	670	Puma Biotechnology, Inc.^a		19,959
	860	Qiagen NV^a		18,757
	5,515	Quintiles Transnational Holdings, Inc.^a		360,240
	130	Regeneron Pharmaceuticals, Inc.^a		45,400
	4,050	Roche Holding AG ADR		133,447
	200	Roche Holding AG-Genusschein		52,776
	1,800	Sanofi		149,550

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

Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (54.9%)	Value
	Health Care (7.6%) - continued
	30,318	Team Health Holdings, Inc.^a	$	1,233,033
	19,817	Teleflex, Inc.		3,513,752
	4,283	Triple-S Management Corporation^a		104,634
	10,523	UnitedHealth Group, Inc.		1,485,848
	15,594	Universal Health Services, Inc.		2,091,155
	2,670	VCA Antech, Inc.^a		180,519
	32,600	Veeva Systems, Inc.^a		1,112,312
	35,766	Vertex Pharmaceuticals, Inc.^a		3,076,591
	4,800	Waters Corporation^a		675,120
	1,580	Wellcare Health Plans, Inc.^a		169,502
	7,110	West Pharmaceutical Services, Inc.		539,507
	13,020	Zoetis, Inc.		617,929

		Total		74,841,526


	Industrials (6.1%)
	25,034	3M Company		4,383,954
	290	A.O. Smith Corporation		25,552
	6,455	ABM Industries, Inc.		235,478
	13,200	Actuant Corporation		298,452
	600	Adecco SA		30,263
	1,600	Advisory Board Company^a		56,624
	1,990	AECOM^a		63,222
	5,664	Aegion Corporation^a		110,505
	1,110	AerCap Holdings NV^a		37,285
	680	Aerovironment, Inc.^a		18,904
	8,250	AGCO Corporation		388,822
	1,000	Aida Engineering, Ltd.		8,218
	11,400	Air New Zealand, Ltd.		17,086
	900	Allegion plc		62,487
	2,240	Allison Transmission Holdings, Inc.		63,235
	900	Amada Holdings Company, Ltd.		9,137
	200	Andritz AG		9,483
	1,500	Applied Industrial Technologies, Inc.		67,710
	8,840	Ardmore Shipping Corporation		59,847
	5,000	Asahi Glass Company, Ltd.		27,134
	2,521	Astec Industries, Inc.		141,554
	300	Atlas Copco Aktiebolag		7,792
	11,030	AZZ, Inc.		661,579
	10,656	B/E Aerospace, Inc.		492,041
	700	Babcock International Group plc		8,463
	8,260	Barnes Group, Inc.		273,571
	1,607	Beacon Roofing Supply, Inc.^a		73,070
	7,030	Boeing Company		912,986
	1,510	Brady Corporation		46,146
	1,400	Briggs & Stratton Corporation		29,652
	35,940	BWX Technologies, Inc.		1,285,574
	10,390	Carlisle Companies, Inc.		1,098,015
	4,760	Caterpillar, Inc.		360,856
	4,000	Cathay Pacific Airways, Ltd.		5,868
	1,690	CBIZ, Inc.^a		17,593
	4,190	CEB, Inc.		258,439
	2,329	CIRCOR International, Inc.		132,730
	18,619	CLARCOR, Inc.		1,132,594
	6,260	Colfax Corporation^a		165,640
	5,052	Comfort Systems USA, Inc.		164,544
	4,070	Commercial Vehicle Group, Inc.^a		21,164
	500	Compagnie de Saint-Gobain		18,953
	9,380	Copart, Inc.^a		459,714
	5,918	CSX Corporation		154,341
	1,780	Cummins, Inc.		200,143
	10,550	Curtiss-Wright Corporation		888,838
	1,000	Dai Nippon Printing Company, Ltd.		11,145
	4,010	Danaher Corporation		405,010
	900	Dart Group plc		6,314
	101,590	Delta Air Lines, Inc.		3,700,924
	790	Deluxe Corporation		52,432
	900	Deutsche Post AG		25,355
	300	DSV AS		12,614
	100	East Japan Railway Company		9,267
	28,254	EMCOR Group, Inc.		1,391,792
	2,770	Emerson Electric Company		144,483
	6,760	EnerSys		402,017
	6,475	Equifax, Inc.		831,390
	3,879	ESCO Technologies, Inc.		154,927
	9,921	Federal Signal Corporation		127,782
	650	Flowserve Corporation		29,360
	100	Flughafen Zuerich AG		17,697
	28,567	Fortune Brands Home and Security, Inc.		1,656,029
	3,207	Franklin Electric Company, Inc.		105,991
	400	Fraport AG Frankfurt Airport Services Worldwide		21,416
	2,000	Fuji Electric Company, Ltd.		8,327
	1,660	G & K Services, Inc.		127,106
	859	Galliford Try plc		10,493
	1,590	GasLog, Ltd.		20,638
	4,840	Gener8 Maritime, Inc.^a		30,976
	4,861	Gibraltar Industries, Inc.^a		153,462
	29,375	Granite Construction, Inc.		1,338,031
	840	Greenbrier Companies, Inc.		24,469
	9,334	H&E Equipment Services, Inc.		177,626
	1,440	Hackett Group, Inc.		19,973
	1,000	Hankyu Hanshin Holdings, Inc.		7,457
	11,920	Harsco Corporation		79,149
	28,430	Healthcare Services Group, Inc.		1,176,433
	14,610	Heico Corporation		976,094
	3,830	Herman Miller, Inc.		114,479
	4,930	Hexcel Corporation		205,285
	500	Hitachi Transport System, Ltd.		8,225
	4,148	HNI Corporation		192,841
	100	Hochtief AG		12,911
	2,151	Honeywell International, Inc.		250,204
	1,153	Hub Group, Inc.^a		44,241
	2,970	Hubbell, Inc.		313,246
	6,020	Huntington Ingalls Industries, Inc.		1,011,541
	20,147	Huron Consulting Group, Inc.^a		1,217,282
	870	Illinois Tool Works, Inc.		90,619
	600	Inaba Denki Sangyo Company, Ltd.		20,550
	4,080	Ingersoll-Rand plc		259,814
	3,680	Insperity, Inc.		284,206
	1,150	Insteel Industries, Inc.		32,878
	1,030	Interface, Inc.		15,707
	1,600	Intrum Justitia AB		50,180
	8,100	ITOCHU Corporation		99,089
	2,200	ITT Corporation		70,356
	11,374	JB Hunt Transport Services, Inc.		920,498
	1,000	Kamigumi Company, Ltd.		9,243
	3,930	KAR Auction Services, Inc.		164,038
	5,061	Kforce, Inc.		85,480
	3,000	KITZ Corporation		14,236
	910	Knoll, Inc.		22,095
	3,000	KONE Oyj		138,452
	734	Koninklijke Boskalis Westminster NV		25,046
	15,120	Korn/Ferry International		312,984
	100	Kuehne & Nagel International AG		14,011
	500	Kurita Water Industries, Ltd.		11,146
	13,950	Lincoln Electric Holdings, Inc.		824,166
	6,620	Manpower, Inc.		425,931
	1,900	Marubeni Corporation		8,584
	21,650	Masco Corporation		669,851
	4,300	Meggitt plc		23,373
	10,560	Meritor, Inc.^a		76,032

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

Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (54.9%)	Value
	Industrials (6.1%) - continued
	10,933	Middleby Corporation^a	$	1,260,028
	1,200	MIRAIT Holdings Corporation		11,798
	1,000	Mitsuboshi Belting, Ltd.		7,797
	950	Moog, Inc.^a		51,224
	10,760	MSA Safety, Inc.		565,223
	1,020	Mueller Industries, Inc.		32,518
	3,150	Mueller Water Products, Inc.		35,973
	8,469	Navigant Consulting, Inc.^a		136,774
	9,073	Nielsen Holdings plc		471,524
	1,200	Nikkon Holdings Company, Ltd.		21,563
	2,000	Nippon Express Company, Ltd.		9,139
	2,100	Nitto Kogyo Corporation		26,108
	1,989	Nordson Corporation		166,300
	1,720	Norfolk Southern Corporation		146,424
	2,470	Northrop Grumman Corporation		549,032
	6,170	Old Dominion Freight Line, Inc.^a		372,113
	26,487	On Assignment, Inc.^a		978,695
	32,135	Oshkosh Corporation		1,533,161
	590	Owens Corning, Inc.		30,397
	520	Parker Hannifin Corporation		56,186
	16,290	Pentair, Ltd.		949,544
	25,435	PGT, Inc.^a		261,981
	17,800	Proto Labs, Inc.^a		1,024,568
	1,550	Quanex Building Products Corporation		28,815
	500	Randstad Holding NV		19,996
	26,410	Raven Industries, Inc.		500,205
	3,330	Raytheon Company		452,714
	6,210	Resources Connection, Inc.		91,784
	1,440	Rexnord Corporation^a		28,267
	200	Rieter Holding AG		40,939
	8,395	Ritchie Brothers Auctioneers, Inc.		283,583
	800	Rockwell Automation, Inc.		91,856
	11,080	Rockwell Collins, Inc.		943,351
	4,938	Roper Industries, Inc.		842,225
	915	Ryder System, Inc.		55,943
	200	SAAB AB		6,237
	15,390	Saia, Inc.^a		386,905
	1,800	Sanwa Holdings Corporation		16,362
	200	Schindler Holding AG		36,210
	300	Skanska AB		6,282
	1,160	SkyWest, Inc.		30,694
	61,221	Southwest Airlines Company		2,400,475
	4,030	Spirit Aerosystems Holdings, Inc.^a		173,290
	2,200	SPX FLOW, Inc.^a		57,354
	830	Stericycle, Inc.^a		86,420
	11,506	Tennant Company		619,828
	2,420	Tetra Tech, Inc.		74,403
	3,191	Textron, Inc.		116,663
	2,030	Toro Company		179,046
	300	TOTO, Ltd.		11,988
	22,950	TransUnion^a		767,448
	200	Travis Perkins plc		3,946
	680	TrueBlue, Inc.^a		12,866
	3,769	Tyco International plc		160,559
	780	UniFirst Corporation		90,262
	7,750	United Continental Holdings, Inc.^a		318,060
	2,700	United Parcel Service, Inc.		290,844
	12,172	United Rentals, Inc.^a		816,741
	3,003	Universal Forest Products, Inc.		278,348
	3,635	Universal Truckload Services, Inc.		46,892
	6,850	WABCO Holdings, Inc.^a		627,255
	1,160	Wabtec Corporation		81,467
	16,346	WageWorks, Inc.^a		977,654
	26,943	Waste Connections, Inc.		1,941,243
	3,002	Watsco, Inc.		422,351
	456	WSP Global, Inc.		13,949
	19,860	Xylem, Inc.		886,749
	2,410	YRC Worldwide, Inc.^a		21,208
	400	Yuasa Trading Company, Ltd.		8,252

		Total		60,326,256


	Information Technology (12.8%)
	894	Advanced Energy Industries, Inc.^a		33,936
	38,189	Agilent Technologies, Inc.		1,694,064
	15,510	Akamai Technologies, Inc.^a		867,474
	4,750	Alliance Data Systems Corporation^a		930,620
	11,143	Alphabet, Inc., Class A^a		7,839,435
	7,997	Alphabet, Inc., Class C^a		5,534,724
	18,502	Ambarella, Inc.^a		940,087
	10,420	Amkor Technology, Inc.^a		59,915
	28,115	Amphenol Corporation		1,611,833
	680	Analog Devices, Inc.		38,515
	2,188	ANSYS, Inc.^a		198,561
	70,034	Apple, Inc.		6,695,250
	50,234	Applied Materials, Inc.		1,204,109
	29,882	Arista Networks, Inc.^a		1,923,803
	9,560	ARRIS International plc^a		200,378
	20,623	Aspen Technology, Inc.^a		829,870
	182	AtoS		15,006
	3,490	AVX Corporation		47,394
	3,406	Belden, Inc.		205,620
	12,410	Blackhawk Network Holdings, Inc.^a		415,611
	48,840	Booz Allen Hamilton Holding Corporation		1,447,618
	730	Broadcom, Ltd.		113,442
	14,470	Broadridge Financial Solutions, Inc.		943,444
	32,378	Brocade Communications Systems, Inc.		297,230
	10,814	Brooks Automation, Inc.		121,333
	6,830	CA, Inc.		224,229
	2,436	Cabot Microelectronics Corporation		103,140
	6,779	CACI International, Inc.^a		612,889
	1,100	Canon, Inc.		31,405
	18,399	Cavium, Inc.^a		710,201
	2,940	CDK Global, Inc.		163,141
	2,450	CDW Corporation		98,196
	1,420	Check Point Software Technologies, Ltd.^a		113,146
	26,660	Ciena Corporation^a		499,875
	7,300	Cirrus Logic, Inc.^a		283,167
	69,880	Cisco Systems, Inc.		2,004,857
	870	Citrix Systems, Inc.^a		69,678
	18,060	Cognex Corporation		778,386
	6,650	Cognizant Technology Solutions Corporation^a		380,646
	1,790	Coherent, Inc.^a		164,286
	9,860	CommVault Systems, Inc.^a		425,853
	680	comScore, Inc.^a		16,238
	2,900	Comtech Telecommunications Corporation		37,236
	7,460	Convergys Corporation		186,500
	15,920	CoreLogic, Inc.^a		612,602
	8,480	Corning, Inc.		173,670
	39,536	Criteo SA ADR^a		1,815,493
	1,780	CTS Corporation		31,898
	19,723	Demandware, Inc.^a		1,477,253
	10,680	DST Systems, Inc.		1,243,472
	3,100	EarthLink Holdings Corporation		19,840
	15,850	eBay, Inc.^a		371,048
	7,300	EMC Corporation		198,341
	19,950	Envestnet, Inc.^a		664,535

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

Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (54.9%)	Value
	Information Technology (12.8%) - continued
	3,770	EVERTEC, Inc.	$	58,586
	3,800	ExlService Holdings, Inc.^a		199,158
	5,192	F5 Networks, Inc.^a		591,057
	4,707	Fabrinet^a		174,724
	97,100	Facebook, Inc.^a		11,096,588
	8,420	FEI Company		899,930
	43,460	Finisar Corporation^a		760,985
	2,770	Fitbit, Inc.^a		33,849
	34,630	FLIR Systems, Inc.		1,071,799
	30,542	Fortinet, Inc.^a		964,822
	2,600	FUJIFILM Holdings NPV		100,881
	5,750	Genpact, Ltd.^a		154,330
	41,202	Guidewire Software, Inc.^a		2,544,636
	600	Hoya Corporation		21,430
	8,050	HP, Inc.		101,027
	4,107	IAC/InterActiveCorporation		231,224
	11,728	Imperva, Inc.^a		504,421
	20,020	Intel Corporation		656,656
	400	ITOCHU Techno-Solutions Corporation		8,617
	9,579	Ixia^a		94,066
	22,760	Juniper Networks, Inc.		511,872
	730	Keysight Technologies, Inc.^a		21,236
	300	Kyocera Corporation		14,275
	12,600	Lam Research Corporation		1,059,156
	2,990	Liberty Tripadvisor Holdings, Inc.^a		65,421
	4,300	Linear Technology Corporation		200,079
	4,040	Lionbridge Technologies, Inc.^a		15,958
	1,296	Littelfuse, Inc.		153,174
	8,600	M/A-COM Technology Solutions Holdings, Inc.^a		283,628
	9,074	Manhattan Associates, Inc.^a		581,916
	9,745	Marvell Technology Group, Ltd.		92,870
	5,290	Maxim Integrated Products, Inc.		188,800
	850	MAXIMUS, Inc.		47,064
	1,270	Mentor Graphics Corporation		27,000
	4,390	Methode Electronics, Inc.		150,270
	31,210	Microsemi Corporation^a		1,019,943
	91,110	Microsoft Corporation		4,662,099
	15,000	Mobileye NV^a		692,100
	24,579	Monolithic Power Systems, Inc.		1,679,237
	460	Morningstar, Inc.		37,619
	10,064	Nanometrics, Inc.^a		209,231
	24,530	National Instruments Corporation		672,122
	1,100	NEC Networks & System Integration Corporation		19,474
	1,500	NETGEAR, Inc.^a		71,310
	300	Nice, Ltd.		19,090
	9,261	Nice, Ltd. ADR		591,315
	600	NS Solutions Corporation		9,247
	53,229	NVIDIA Corporation		2,502,295
	14,740	NXP Semiconductors NV^a		1,154,732
	107,300	Oclaro, Inc.^a		523,624
	1,870	ON Semiconductor Corporation^a		16,493
	48,370	Oracle Corporation		1,979,784
	1,750	Palo Alto Networks, Inc.^a		214,620
	40,360	Pandora Media, Inc.^a		502,482
	23,800	Paylocity Holding Corporation^a		1,028,160
	136,424	PayPal Holdings, Inc.^a		4,980,840
	20,466	Pegasystems, Inc.		551,559
	19,583	Progress Software Corporation^a		537,749
	32,916	Proofpoint, Inc.^a		2,076,670
	6,470	PTC, Inc.^a		243,143
	15,489	Q2 Holdings, Inc.^a		434,002
	15,636	QLIK Technologies, Inc.^a		462,513
	3,140	QUALCOMM, Inc.		168,210
	680	Qualys, Inc.^a		20,271
	6,430	RealPage, Inc.^a		143,582
	11,850	Red Hat, Inc.^a		860,310
	96,090	Salesforce.com, Inc.^a		7,630,507
	810	ScanSource, Inc.^a		30,059
	7,841	ServiceNow, Inc.^a		520,642
	2,400	Shinko Electric Industries Company, Ltd.		11,755
	5,250	ShoreTel, Inc.^a		35,123
	5,350	Symantec Corporation		109,889
	18,142	Synopsys, Inc.^a		981,119
	100	TDK Corporation		5,598
	590	Tech Data Corporation^a		42,391
	40,241	Teradyne, Inc.		792,345
	1,540	Tessera Technologies, Inc.		47,186
	5,530	Texas Instruments, Inc.		346,454
	4,690	Trimble Navigation, Ltd.^a		114,248
	8,912	Tyler Technologies, Inc.^a		1,485,720
	9,896	Ultimate Software Group, Inc.^a		2,081,030
	200	United Internet AG		8,314
	56,824	Virtusa Corporation^a		1,641,077
	94,580	Visa, Inc.		7,014,999
	81,990	Xilinx, Inc.		3,782,199

		Total		126,166,479


	Materials (2.4%)
	9,350	Agnico Eagle Mines, Ltd.		500,225
	200	Air Liquide SA		20,836
	4,540	Air Products and Chemicals, Inc.		644,862
	2,350	Albemarle Corporation		186,379
	49,050	Alcoa, Inc.		454,694
	600	Amcor, Ltd.		6,746
	2,576	American Vanguard Corporation		38,923
	5,700	Avery Dennison Corporation		426,075
	6,853	Axalta Coating Systems, Ltd.^a		181,810
	6,878	Balchem Corporation		410,273
	7,900	Ball Corporation		571,091
	52,110	Barrick Gold Corporation		1,112,549
	8,300	BHP Billiton, Ltd.		115,671
	2,600	BillerudKorsnas AB		38,799
	720	Boise Cascade Company^a		16,524
	700	Buzzi Unicem SPA		12,267
	7,650	Cabot Corporation		349,299
	560	Carpenter Technology Corporation		18,441
	63	CCL Industries, Inc.		10,964
	15,077	Celanese Corporation		986,790
	25,231	Chemtura Corporation^a		665,594
	2,076	Clearwater Paper Corporation^a		135,708
	1,530	Continental Building Products, Inc.^a		34,012
	400	Croda International plc		16,791
	19,410	Crown Holdings, Inc.^a		983,505
	6,300	Daicel Corporation		65,281
	1,000	Denki Kagaku Kogyo KK		4,044
	3,390	Dow Chemical Company		168,517
	1,900	Eagle Materials, Inc.		146,585
	1,620	Eastman Chemical Company		109,998
	36,190	Eldorado Gold Corporation		162,855
	200	Evonik Industries AG		5,962
	4,140	Ferroglobe plc		35,645
	27,195	FMC Corporation		1,259,400
	41,020	Freeport-McMoRan, Inc.		456,963
	200	FUCHS PETROLUB SE		7,868
	35,490	Goldcorp, Inc.		678,924
	5,010	Graphic Packaging Holding Company		62,825
	800	Hexpol AB		8,215
	2,385	Ingevity Corporation^a		81,185

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

Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (54.9%)	Value
	Materials (2.4%) - continued
	620	Innophos Holdings, Inc.	$	26,170
	1,667	Innospec, Inc.		76,665
	23,960	International Paper Company		1,015,425
	500	JFE Holdings, Inc.		6,523
	600	JSR Corporation		7,946
	1,510	KapStone Paper and Packaging Corporation		19,645
	62,460	Kinross Gold Corporation^a		305,429
	910	Koppers Holdings, Inc.^a		27,964
	200	LafargeHolcim, Ltd.		8,368
	2,420	Martin Marietta Materials, Inc.		464,640
	690	Materion Corporation		17,084
	1,374	Minerals Technologies, Inc.		78,043
	3,300	Mitsubishi Chemical Holdings Corporation		15,127
	1,000	Mitsubishi Gas Chemical Company, Inc.		5,217
	4,000	Mitsubishi Materials Corporation		9,577
	14,350	Mosaic Company		375,683
	7,088	Myers Industries, Inc.		102,067
	27,390	Newmont Mining Corporation		1,071,497
	200	Nippon Shokubai Company, Ltd.		11,503
	13,492	Norsk Hydro ASA		49,392
	700	Novozymes AS		33,615
	14,620	Nucor Corporation		722,374
	2,000	Oji Holdings Corporation		7,678
	1,430	Olin Corporation		35,521
	3,390	OMNOVA Solutions, Inc.^a		24,578
	3,700	Orora, Ltd.		7,682
	35,510	Owens-Illinois, Inc.^a		639,535
	18,127	Packaging Corporation of America		1,213,240
	1,980	PolyOne Corporation		69,775
	2,430	Rayonier Advanced Materials, Inc.		33,024
	2,680	Reliance Steel & Aluminum Company		206,092
	207	Rio Tinto, Ltd.		7,160
	3,370	Royal Gold, Inc.		242,707
	1,880	Schnitzer Steel Industries, Inc.		33,088
	8,959	Scotts Miracle-Gro Company		626,324
	10,400	Sealed Air Corporation		478,088
	15,860	Silver Wheaton Corporation		373,186
	8,560	Sonoco Products Company		425,090
	41,102	Steel Dynamics, Inc.		1,006,999
	2,740	Stillwater Mining Company^a		32,496
	2,000	Sumitomo Seika Chemicals Company, Ltd.		11,142
	27,710	Teck Resources, Ltd.		364,941
	1,000	Tosoh Corporation		4,613
	2,599	UPM-Kymmene Oyj		47,746
	5,100	Vulcan Materials Company		613,836
	14,314	Westrock Company		556,385
	52,460	Yamana Gold, Inc.		272,792
	2,466	Yara International ASA		78,337

		Total		23,055,104


	Telecommunications Services (0.4%)
	12,460	AT&T, Inc.		538,397
	1,004	BCE, Inc.		47,513
	9,320	Cincinnati Bell, Inc.^a		42,592
	2,300	Elisa Oyj		88,374
	1,520	FairPoint Communications, Inc.^a		22,314
	2,200	Freenet AG		56,658
	2,030	General Communication, Inc.^a		32,074
	5,430	Inteliquent, Inc.		108,003
	27,719	KCOM Group plc		38,931
	9,865	Level 3 Communications, Inc.^a		507,949
	100	Millicom International Cellular SA		6,134
	600	Nippon Telegraph & Telephone Corporation		28,137
	2,200	Orange SA		35,773
	800	Proximus SA		25,423
	11,944	SBA Communications Corporation^a		1,289,235
	2,800	Telefonica Deutschland Holding AG		11,533
	7,918	Verizon Communications, Inc.		442,141
	17,350	Vonage Holdings Corporation^a		105,835

		Total		3,427,016


	Utilities (1.0%)
	6,740	Alliant Energy Corporation		267,578
	4,290	American States Water Company		187,988
	8,470	Aqua America, Inc.		302,040
	1,940	Artesian Resources Corporation		65,805
	11,800	Avista Corporation		528,640
	1,440	California Water Service Group		50,299
	7,170	CenterPoint Energy, Inc.		172,080
	500	Chubu Electric Power Company, Inc.		7,116
	1,640	Consolidated Water Company, Ltd.		21,418
	900	E.ON SE		9,085
	12,290	Edison International, Inc.		954,564
	13,400	Electricidade de Portugal SA		41,025
	2,700	Enagas SA		82,486
	22,930	Eversource Energy		1,373,507
	7,480	Exelon Corporation		271,973
	5,300	Great Plains Energy, Inc.		161,120
	13,760	MDU Resources Group, Inc.		330,240
	830	Middlesex Water Company		36,005
	1,830	New Jersey Resources Corporation		70,546
	19,000	Osaka Gas Company, Ltd.		73,045
	16,950	PG&E Corporation		1,083,444
	1,860	Portland General Electric Company		82,063
	13,950	Public Service Enterprise Group, Inc.		650,210
	9,700	Redes Energeticas Nacionais SGPS SA		27,277
	2,350	Renewable Energy Group, Inc.^a		20,751
	13,700	Southern Company		734,731
	2,810	Southwest Gas Corporation		221,175
	9,625	Spire, Inc.		681,835
	11,535	Talen Energy Corporation^a		156,299
	2,000	Toho Gas Company, Ltd.		16,365
	1,300	Tokyo Electric Power Company, Inc.^a		5,506
	3,800	United Utilities Group plc		52,670
	489	Unitil Corporation		20,866
	8,170	Vectren Corporation		430,314
	400	Veolia Environnement SA		8,638
	2,850	WEC Energy Group, Inc.		186,105

		Total		9,384,809


		Total Common Stock (cost $480,535,020)		540,373,504


		Registered Investment Companies (31.6%)
	Affiliated Equity Holdings (28.1%)
	3,495,736	Thrivent Large Cap Stock Portfolio		39,073,241
	3,170,544	Thrivent Large Cap Value Portfolio		46,868,245
	3,352,705	Thrivent Mid Cap Stock Portfolio		52,700,829
	12,044,477	Thrivent Partner Worldwide Allocation Portfolio		105,601,156

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

Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)



Shares		Registered Investment Companies (31.6%)	Value
	Affiliated Equity Holdings (28.1%) - continued
	2,105,112	Thrivent Small Cap Stock Portfolio	$	32,388,197

		Total		276,631,668


	Affiliated Fixed Income Holdings (2.2%)
	1,719,318	Thrivent High Yield Portfolio		7,976,259
	460,409	Thrivent Income Portfolio		4,750,733
	930,335	Thrivent Limited Maturity Bond Portfolio		9,132,630

		Total		21,859,622


	Equity Funds/ETFs (1.3%)
	3,500	iShares MSCI EAFE Index Fund		195,335
	26,765	iShares Russell 2000 Growth Index Fund		3,671,623
	12,431	iShares Russell 2000 Index Fund		1,429,192
	5,010	iShares Russell 2000 Value Index Fund		487,473
	13,670	Materials Select Sector SPDR Fund		633,468
	22,552	SPDR S&P 500 ETF Trust		4,725,320
	18,490	SPDR S&P Biotech ETF		1,000,124
	120	SPDR S&P MidCap 400 ETF Trust		32,686
	4,980	Utilities Select Sector SPDR Fund		261,300
	3,640	VanEck Vectors Oil Services ETF		106,470

		Total		12,542,991


		Total Registered Investment Companies (cost $321,428,387)		311,034,281


Principal Amount		Long-Term Fixed Income (2.9%)
	Asset-Backed Securities (<0.1%)
		Renaissance Home Equity Loan Trust
$	636,086	6.011%, 5/25/2036^c		425,556

		Total		425,556


	Collateralized Mortgage Obligations (<0.1%)
		MASTR Alternative Loans Trust
	29,627	0.903%, 12/25/2035^d		13,625
		Residential Asset Securitization Trust
	45,881	0.833%, 8/25/2037^d		12,148
		Sequoia Mortgage Trust
	124,705	3.018%, 9/20/2046		99,709
		WaMu Mortgage Pass Through Certificates
	56,033	2.471%, 9/25/2036		50,509
	81,025	2.484%, 10/25/2036		70,095

		Total		246,086


	Mortgage-Backed Securities (1.3%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	875,000	3.000%, 7/1/2031^e		917,896
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	875,000	4.000%, 7/1/2046^e		936,523
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	900,000	2.500%, 7/1/2031^e		931,130
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	5,975,000	3.500%, 7/1/2046^e		6,304,558
	1,825,000	4.000%, 7/1/2046^e		1,956,690
	1,575,000	4.500%, 7/1/2046^e		1,719,203

		Total		12,766,000


	U.S. Government and Agencies (1.6%)
		Tennessee Valley Authority
	165,000	5.250%, 9/15/2039		226,124
		U.S. Treasury Bonds
	2,800,000	3.625%, 2/15/2044		3,610,250
		U.S. Treasury Bonds, TIPS
	1,308,814	0.625%, 1/15/2026		1,378,226
		U.S. Treasury Notes
	400,000	0.875%, 11/15/2017		401,656
	225,000	0.875%, 3/31/2018		226,099
	2,300,000	0.750%, 2/15/2019		2,304,492
	825,000	1.500%, 10/31/2019		844,207
	3,425,000	1.875%, 6/30/2020		3,556,112
	665,000	1.375%, 9/30/2020		677,079
	250,000	2.125%, 9/30/2021		263,457
	250,000	1.625%, 8/15/2022		256,367
	2,100,000	2.250%, 11/15/2024		2,240,110

		Total		15,984,179


		Total Long-Term Fixed Income (cost $28,323,257)		29,421,821


Shares or Principal Amount		Short-Term Investments (11.8%)^f
		Federal Home Loan Bank Discount Notes
	6,000,000	0.338%, 7/20/2016^g		5,999,460
	2,000,000	0.345%, 7/22/2016^g		1,999,802
	3,200,000	0.335%, 7/29/2016^g		3,199,578
	100,000	0.380%, 9/21/2016^g		99,936
		Federal National Mortgage Association Discount Notes
	1,000,000	0.400%, 7/25/2016^g		999,887
		Thrivent Core Short-Term Reserve Fund
	10,051,674	0.580%		100,516,739
		U.S. Treasury Notes
	3,000,000	0.625%, 8/15/2016		3,001,425

		Total Short-Term Investments (cost $115,815,308)		115,816,827

		Total Investments (cost $946,101,972) 101.2%	$	996,646,433

		Other Assets and Liabilities, Net (1.2%)		(12,232,032	)

		Total Net Assets 100.0%	$	984,414,401

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

Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)

a	Non-income producing security.

c	Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of June 30, 2016.

d	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2016.

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.

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 Aggresive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (1.0%)^a	Value
	Basic Materials (0.1%)
		Alpha Natural Resources, Inc., Term Loan
$	325,000	3.500%, 5/22/2020^b	$	151,125
		Axalta Coating Systems US Holdings, Inc.,Term Loan
	722,026	3.750%, 2/1/2020		720,445
		Fortescue Metals Group, Ltd., Term Loan
	828,995	4.250%, 6/30/2019		791,690
		Ineos US Finance, LLC, Term Loan
	1,341,101	3.750%, 12/15/2020		1,306,460
		NewPage Corporation, Delayed Draw
	228,667	11.000%, 7/26/2017		226,952
		NewPage Corporation, Term Loan
	235,095	11.000%, 7/26/2017		130,478
	1,136,333	0.000%, 2/11/2021^b		153,405
		Tronox Pigments BV, Term Loan
	454,475	4.500%, 3/19/2020		434,024

		Total		3,914,579


	Capital Goods (<0.1%)
		Accudyne Industries, LLC, Term Loan
	438,294	4.000%, 12/13/2019		392,273
		ADS Waste Holdings, Inc., Term Loan
	413,756	3.750%, 10/9/2019		406,515

		Total		798,788


	Communications Services (0.3%)
		Birch Communication Inc., Term Loan
	859,009	7.750%, 7/17/2020		704,388
		Fairpoint Communications, Term Loan
	802,167	7.500%, 2/14/2019		798,990
		Grande Communications Networks, LLC, Term Loan
	722,672	4.500%, 5/29/2020		708,219
		Hargray Communications Group, Inc., Term Loan
	788,877	5.250%, 6/26/2019		787,891
		Integra Telecom Holdings, Inc., Term Loan
	502,082	5.250%, 8/14/2020		487,336
	220,520	9.750%, 2/12/2021		201,776
		Intelsat Jackson Holdings SA, Term Loan
	267,851	3.750%, 6/30/2019		243,544
		Level 3 Communications, Inc., Term Loan
	1,555,000	4.000%, 1/15/2020		1,552,574
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	2,765,000	4.500%, 1/7/2022		2,695,875
		LTS Buyer, LLC, Term Loan
	769,480	4.000%, 4/13/2020		760,346
	39,215	8.000%, 4/12/2021		38,578
		NEP Broadcasting, LLC, Term Loan
	68,571	10.000%, 7/22/2020		64,800
		NEP/NCP Holdco, Inc., Term Loan
	1,034,512	4.250%, 1/22/2020		1,009,942
		SBA Senior Finance II, LLC, Term Loan
	534,600	3.250%, 6/10/2022		526,693
		Syniverse Holdings, Inc., Term Loan
	684,177	4.000%, 4/23/2019		503,301
		TNS, Inc., Term Loan
	407,245	5.000%, 2/14/2020		406,736
		Univision Communications, Inc., Term Loan
	979,107	4.000%, 3/1/2020		972,811
		Virgin Media Investment Holdings, Ltd., Term Loan
	263,349	3.649%, 6/30/2023		256,675
		WideOpenWest Finance, LLC, Term Loan
	662,823	4.500%, 4/1/2019		660,244
		WMG Acquisition Corporation, Term Loan
	323,338	3.750%, 7/1/2020		319,296
		XO Communications, LLC, Term Loan
	293,250	4.250%, 3/20/2021		292,394
		Yankee Cable Acquisition, LLC, Term Loan
	632,950	4.250%, 3/1/2020		631,368
		Zayo Group, LLC, Term Loan
	1,151,295	3.750%, 5/6/2021		1,143,892

		Total		15,767,669


	Consumer Cyclical (0.2%)
		Amaya BV, Term Loan
	1,365,972	5.000%, 8/1/2021		1,321,004
		Burlington Coat Factory Warehouse Corporation, Term Loan
	728,516	4.250%, 8/13/2021		726,389
		Cengage Learning Acquisitions, Term Loan
	470,000	5.250%, 6/7/2023		464,125
		Ceridian HCM Holding, Inc., Term Loan
	338,792	4.500%, 9/15/2020		326,934
		Golden Nugget, Inc., Delayed Draw
	138,622	5.500%, 11/21/2019		138,622
		Golden Nugget, Inc., Term Loan
	323,452	5.500%, 11/21/2019		323,452
		IMG Worldwide, Inc., Term Loan
	473,955	5.250%, 5/6/2021		470,874
	400,000	8.250%, 5/6/2022		388,000
		Jack Ohio Finance, LLC, Term Loan
	521,830	5.000%, 6/20/2019		496,260
		Las Vegas Sands, LLC, Term Loan
	944,047	3.250%, 12/19/2020		942,867
		Marina District Finance Company, Inc., Term Loan
	546,534	6.500%, 8/15/2018		545,851
		Mohegan Tribal Gaming Authority, Term Loan
	835,602	5.500%, 6/15/2018		828,709
		Scientific Games International, Inc., Term Loan
	405,639	6.000%, 10/18/2020		400,232

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

Moderately Aggresive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (1.0%)^a	Value
	Consumer Cyclical (0.2%) - continued
$	923,208	6.000%, 10/1/2021	$	909,360

		Total		8,282,679


	Consumer Non-Cyclical (0.1%)
		Albertson’s, LLC, Term Loan
	678,300	4.750%, 12/21/2022		677,032
	525,000	4.750%, 6/22/2023^c,d		523,556
		Catalina Marketing Corporation, Term Loan
	179,205	4.500%, 4/9/2021		149,488
		Endo Luxembourg Finance I Co Sarl, Term Loan
	582,075	3.750%, 9/26/2022		571,743
		Mallinckrodt International Finance SA, Term Loan
	273,608	3.500%, 3/19/2021		270,187
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	805,000	5.000%, 5/4/2022		802,786
		Ortho-Clinical Diagnostics, Inc., Term Loan
	1,028,127	4.750%, 6/30/2021		970,727
		Supervalu, Inc., Term Loan
	771,291	5.500%, 3/21/2019^c,d		769,363
		Valeant Pharmaceuticals International, Inc., Term Loan
	1,804,606	5.000%, 4/1/2022		1,754,474

		Total		6,489,356


	Energy (0.1%)
		Altice US Finance I Corporation, Term Loan
	565,274	4.250%, 12/14/2022		562,447
		Arch Coal, Inc., Term Loan
	2,554,175	7.500%, 5/16/2018^b		1,171,728
		Energy Solutions, LLC, Term Loan
	400,446	6.750%, 5/29/2020		388,432
		Expro Holdings UK 2, Ltd., Term Loan
	442,125	5.750%, 9/2/2021		329,494
		Houston Fuel Oil Terminal, LLC, Term Loan
	833,819	4.250%, 8/19/2021		802,551
		McJunkin Red Man Corporation, Term Loan
	407,613	5.000%, 11/8/2019		391,308
		Pacific Drilling SA, Term Loan
	480,150	4.500%, 6/3/2018		146,446
		Targa Resources Partners, LP, Term Loan
	168,628	5.750%, 2/27/2022		166,942
		Western Refining, Inc., Term Loan
	405,000	5.500%, 5/27/2023		394,033

		Total		4,353,381


	Financials (0.1%)
		DJO Finance, LLC, Term Loan
	545,875	4.250%, 6/7/2020		519,493
		Harland Clarke Holdings Corporation, Term Loan
	703,125	6.993%, 8/4/2019		667,969
	125,000	7.000%, 12/31/2019		120,937
		MoneyGram International, Inc., Term Loan
	858,613	4.250%, 3/27/2020		810,582
		WaveDivision Holdings, LLC, Term Loan
	965,447	4.000%, 10/15/2019		962,629

		Total		3,081,610


	Technology (0.1%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	1,471,313	4.250%, 2/1/2023		1,472,004
		First Data Corporation, Term Loan
	1,489,776	4.452%, 3/24/2021		1,482,953
	740,000	4.202%, 7/8/2022		732,600
		ON Semiconductor Corporation, Term Loan
	810,000	5.250%, 3/31/2023		812,025
		SS&C European Holdings SARL, Term Loan
	269,815	4.000%, 7/8/2022		269,534
	36,920	4.000%, 7/8/2022		36,882
		Western Digital Corporation, Term Loan
	1,215,000	6.250%, 4/29/2023		1,218,803

		Total		6,024,801


	Transportation (<0.1%)
		OSG Bulk Ships, Inc., Term Loan
	638,000	5.250%, 8/5/2019		612,480
		United Airlines, Inc., Term Loan
	595,012	3.250%, 4/1/2019		593,114
		XPO Logistics, Inc., Term Loan
	646,750	5.500%, 11/1/2021		646,750

		Total		1,852,344


	Utilities (<0.1%)
		Intergen NV, Term Loan
	425,429	5.500%, 6/15/2020^c,d		378,631

		Total		378,631


		Total Bank Loans (cost $54,739,054)		50,943,838


Shares		Common Stock (41.3%)
	Consumer Discretionary (6.2%)
	78,254	Aaron’s, Inc.		1,712,980
	3,200	Aisan Industry Company, Ltd.		20,706
	60,412	Amazon.com, Inc.^e		43,232,035
	19,506	American Public Education, Inc.^e		548,119
	6,100	APN Outdoor Group Pty, Ltd.		31,609
	25,640	Ascena Retail Group, Inc.^e,f		179,224
	12,650	Ascent Capital Group, Inc.^e		194,684
	25,730	AutoZone, Inc.^e		20,425,503
	500	Bayerische Motoren Werke AG		31,873
	25,270	Beazer Homes USA, Inc.^e		195,843
	40,400	Bed Bath & Beyond, Inc.		1,746,088
	300	Beiersdorf AG		28,403
	7,100	Berkeley Group Holdings plc		239,752
	9,670	Best Buy Company, Inc.		295,902
	3,900	Betsson AB		32,620
	13,220	Big 5 Sporting Goods Corporation		122,549

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

Moderately Aggresive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)



Shares		Common Stock (41.3%)	Value
	Consumer Discretionary (6.2%) - continued
	4,310	BJ’s Restaurants, Inc.^e	$	188,907
	30,820	Bloomin’ Brands, Inc.		550,753
	15,480	BorgWarner, Inc.		456,970
	11,420	Boyd Gaming Corporation^e		210,128
	1,000	Brembo SPA		55,086
	2,700	Bridgestone Corporation		86,770
	79,979	Brunswick Corporation		3,624,648
	2,410	Buffalo Wild Wings, Inc.^e		334,870
	3,300	Bunzl plc		101,537
	40,271	Burlington Stores, Inc.^e		2,686,478
	37,850	Caleres, Inc.		916,349
	54,890	Callaway Golf Company		560,427
	5,000	Calsonic Kansei Corporation		37,999
	61,860	Carter’s, Inc.		6,586,234
	26,965	Cedar Fair, LP		1,559,116
	29,920	Cheesecake Factory, Inc.		1,440,349
	2,860	Children’s Place, Inc.		229,315
	100	Christian Dior SE		16,019
	11,460	Chuy’s Holdings, Inc.^e		396,631
	124,210	Cinemark Holdings, Inc.		4,528,697
	6,600	Cineworld Group plc		48,146
	12,450	ClubCorp Holdings, Inc.		161,850
	371,656	Comcast Corporation		24,228,255
	1,900	Compass Group plc		36,148
	200	Continental AG		37,846
	84,692	Core-Mark Holding Company, Inc.		3,968,667
	30,482	CSS Industries, Inc.		817,222
	39,054	Culp, Inc.		1,079,062
	700	Daimler AG		41,887
	76,980	Dana Holding Corporation		812,909
	22,300	Debenhams plc		16,480
	72,829	Delphi Automotive plc		4,559,095
	10,300	Denso Corporation		362,409
	13,170	DeVry Education Group, Inc.		234,953
	119,898	Discovery Communications, Inc., Class A^e		3,025,027
	39,400	Dish DBS Corporation^e		2,064,560
	25,860	Dollar General Corporation		2,430,840
	51,410	Dollar Tree, Inc.^e		4,844,878
	15,970	Domino’s Pizza, Inc.		2,098,139
	68,900	Duluth Holdings, Inc.^e,f		1,685,294
	3,860	EchoStar Corporation^e		153,242
	13,100	EDION Corporation		108,051
	9,300	Eutelsat Communications		175,539
	17,830	Expedia, Inc.		1,895,329
	38,300	Finish Line, Inc.		773,277
	44,690	Ford Motor Company		561,753
	8,900	Fuji Heavy Industries, Ltd.		305,923
	13,740	General Motors Company		388,842
	43,670	Gentex Corporation		674,702
	71,918	G-III Apparel Group, Ltd.^e		3,288,091
	12,000	Gunze, Ltd.		33,521
	4,800	Hakuhodo Dy Holdings, Inc.		57,532
	106,268	Harley-Davidson, Inc.^f		4,813,940
	32,676	Harman International Industries, Inc.		2,346,790
	41,420	Haverty Furniture Companies, Inc.		746,803
	700	Hennes & Mauritz AB		20,595
	160,330	Home Depot, Inc.		20,472,538
	13,800	Honda Motor Company, Ltd.		346,177
	63,880	Houghton Mifflin Harcourt Company^e		998,444
	8,600	Howden Joinery Group plc		44,170
	12,900	Inchcape plc		108,468
	1,200	InterContinental Hotels Group plc		44,257
	34,250	Interpublic Group of Companies, Inc.		791,175
	2,000	Intertek Group plc		93,187
	24,700	Jack in the Box, Inc.		2,122,224
	1,600	JB Hi-Fi, Ltd.		28,995
	10,130	John Wiley and Sons, Inc.		528,583
	56,977	Kate Spade & Company^e		1,174,296
	500	Koito Manufacturing Co., Ltd.		23,022
	17,149	L Brands, Inc.		1,151,212
	138,757	Las Vegas Sands Corporation		6,034,542
	37,933	La-Z-Boy, Inc.		1,055,296
	17,190	Lear Corporation		1,749,254
	72,860	Liberty Interactive Corporation^e		1,848,458
	775	Linamar Corporation		27,606
	24,961	Lithia Motors, Inc.		1,773,978
	67,040	LKQ Corporation^e		2,125,168
	87,660	Lowe’s Companies, Inc.		6,940,042
	700	LVMH Moet Hennessy Louis Vuitton SE		105,515
	3,600	Marks and Spencer Group plc		15,417
	24,520	Masonite International Corporation^e		1,621,753
	54,902	MDC Partners, Inc.^f		1,004,158
	20,610	Meredith Corporation		1,069,865
	6,370	Murphy USA, Inc.^e		472,399
	23,587	New Media Investment Group, Inc.		426,217
	12,790	New York Times Company		154,759
	100,160	Newell Brands, Inc.		4,864,771
	28,660	News Corporation		325,291
	151,920	NIKE, Inc.		8,385,984
	6,200	NOK Corporation		105,435
	1,200	Nokian Renkaat Oyj		43,010
	67,437	Nord Anglia Education, Inc.^e,f		1,425,618
	206,551	Nutrisystem, Inc.		5,238,133
	10,457	O’Reilly Automotive, Inc.^e		2,834,893
	67,385	Oxford Industries, Inc.		3,815,339
	300	Paddy Power plc		31,529
	5,000	PanaHome Corporation		39,580
	54,980	Papa John’s International, Inc.		3,738,640
	117,354	Papa Murphy’s Holdings, Inc.^e,f		778,644
	49,300	Penn National Gaming, Inc.^e		687,735
	13,800	Persimmon plc		267,607
	8,180	PetMed Express, Inc.^f		153,457
	1,200	ProSiebenSat.1 Media AG^e		52,491
	38,514	PVH Corporation		3,629,174
	10,992	Ralph Lauren Corporation		985,103
	28,030	Rent-A-Center, Inc.^f		344,208
	14,810	Restoration Hardware Holdings, Inc.^e,f		424,751
	17,860	Retailmenot, Inc.^e		137,701
	500	Rightmove plc		24,421
	81,514	Ross Stores, Inc.		4,621,029
	30,990	Ruth’s Hospitality Group, Inc.		494,291
	2,700	Saizeriya Company, Ltd.		48,245
	18,740	Sally Beauty Holdings, Inc.^e		551,143
	21,950	Scripps Networks Interactive, Inc.		1,366,827
	3,200	Sekisui House, Ltd.		56,039
	20,330	Select Comfort Corporation^e		434,655
	39,130	Service Corporation International		1,058,075
	3,300	SHOWA Corporation		18,528
	10,060	Shutterfly, Inc.^e		468,897
	14,460	Signet Jewelers, Ltd.		1,191,649
	20,609	Skechers USA, Inc.^e		612,499
	2,000	Sky plc		22,727
	3,150	Snap-On, Inc.		497,133
	4,800	Sports Direct International plc^e		20,552
	28,157	Sportsman’s Warehouse Holdings, Inc.^e		226,945
	2,300	Stanley Electric Company, Ltd.		49,119
	21,180	Staples, Inc.		182,572
	8,900	Star Entertainment Group, Ltd.		36,265

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

Moderately Aggresive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)



Shares		Common Stock (41.3%)	Value
	Consumer Discretionary (6.2%) - continued
	300,280	Starbucks Corporation	$	17,151,994
	52,184	Stein Mart, Inc.		402,860
	9,000	Sumitomo Forestry Company, Ltd.		122,150
	5,700	Sumitomo Rubber Industries, Ltd.		76,311
	400	Swatch Group AG		22,907
	11,790	Tailored Brands, Inc.^f		149,261
	1,100	Tamron Company, Ltd.		14,753
	10,500	Tatts Group, Ltd.		30,216
	20,800	Taylor Wimpey plc		36,901
	26,790	Tempur-Pedic International, Inc.^e,f		1,482,023
	16,499	Tenneco, Inc.^e		769,018
	62,100	Time, Inc.		1,022,166
	102,837	Toll Brothers, Inc.^e		2,767,344
	89,033	Tower International, Inc.		1,832,299
	131,978	Tuesday Morning Corporation^e		926,486
	2,730	Tupperware Brands Corporation		153,644
	6,302	Ulta Salon Cosmetics & Fragrance, Inc.^e		1,535,419
	14,432	Under Armour, Inc., Class A^e,f		579,156
	14,534	Under Armour, Inc., Class C^e		529,038
	2,000	USS Company, Ltd.		33,053
	14,910	Vail Resorts, Inc.		2,061,009
	106	Valora Holding AG		29,468
	50,860	Vera Bradley, Inc.^e		720,686
	21,146	VF Corporation		1,300,268
	12,340	Visteon Corporation		812,095
	15,670	Vitamin Shoppe, Inc.^e,f		479,032
	5,000	Wacoal Holdings Corporation		49,342
	7,800	WH Smith plc		163,867
	1,300	Whitbread plc		60,826
	49,140	Wingstop, Inc.^e,f		1,339,065
	8,300	Wolters Kluwer NV		336,079
	7,570	Wolverine World Wide, Inc.		153,822
	6,200	WPP plc		129,217
	19,010	Wyndham Worldwide Corporation		1,354,082
	5,100	Yokohama Rubber Company, Ltd.		63,964
	27,570	Yum! Brands, Inc.		2,286,104
	46,250	Zoe’s Kitchen, Inc.^e,f		1,677,488

		Total		309,798,063


	Consumer Staples (1.8%)
	700	AarhusKarlshamn AB		49,970
	8,770	Aramark		293,093
	40,910	Avon Products, Inc.		154,640
	6,000	Axfood AB		115,244
	12,700	Blue Buffalo Pet Products, Inc.^e,f		296,418
	1,641	British American Tobacco plc		106,385
	13,440	Brown-Forman Corporation		1,340,774
	34,730	Campbell Soup Company		2,310,587
	26,250	Casey’s General Stores, Inc.		3,452,137
	135,600	Coca-Cola Company		6,146,748
	8,900	Coca-Cola HBC AG		180,088
	230,770	CVS Health Corporation		22,093,920
	37,260	Estee Lauder Companies, Inc.		3,391,405
	213,300	Flowers Foods, Inc.		3,999,375
	12,070	General Mills, Inc.		860,832
	290	George Weston, Ltd.		25,098
	54,816	Hain Celestial Group, Inc.^e		2,727,096
	1,900	Henkel AG & Company KGaA		205,520
	25,450	Hershey Company		2,888,320
	14,104	Imperial Brands plc		764,903
	17,650	Ingredion, Inc.		2,284,086
	1,800	Jeronimo Martins SGPS SA		28,389
	2,090	Kellogg Company		170,649
	900	Kesko Oyj		38,220
	17,220	Kimberly-Clark Corporation		2,367,406
	25,800	Koninklijke Ahold NV		569,733
	500	KOSE Corporation		42,370
	14,040	Kroger Company		516,532
	8,020	Lancaster Colony Corporation		1,023,432
	4,600	McCormick & Company, Inc.		490,682
	15,700	Molson Coors Brewing Company		1,587,741
	33,018	Monster Beverage Corporation^e		5,306,323
	2,700	Nestle SA		209,192
	2,000	Nichirei Corporation		18,452
	4,000	Nippon Meat Packers, Inc.		97,976
	15,540	PepsiCo, Inc.		1,646,308
	35,916	Philip Morris International, Inc.		3,653,376
	120,570	Pinnacle Foods, Inc.		5,581,185
	586	Premium Brands Holdings Corporation		24,675
	57,859	SpartanNash Company		1,769,328
	2,200	Suedzucker AG		48,456
	1,000	Sugi Holdings Company, Ltd.		55,758
	7,000	Swedish Match AB		244,287
	9,590	Tyson Foods, Inc.		640,516
	41,304	United Natural Foods, Inc.^e		1,933,027
	13,390	Universal Corporation		773,139
	4,490	Walgreens Boots Alliance, Inc.		373,882
	161,950	WhiteWave Foods Company^e		7,601,933
	4,486	Woolworths, Ltd.		70,558

		Total		90,570,164


	Energy (5.7%)
	133,390	Archrock, Inc.		1,256,534
	69,484	Atwood Oceanics, Inc.^f		869,940
	350,496	Baker Hughes, Inc.		15,817,885
	167,294	BP plc		979,263
	31,768	Bristow Group, Inc.		362,473
	16,810	California Resources Corporation		205,082
	241,067	Callon Petroleum Company^e		2,707,182
	1,900	Caltex Australia, Ltd.		45,809
	341,150	Canadian Natural Resources, Ltd.		10,517,655
	285,370	Chevron Corporation		29,915,337
	42,915	Cimarex Energy Company		5,120,618
	14,469	Clayton Williams Energy, Inc.^e,f		397,319
	132,790	Clean Energy Fuels Corporation^e		460,781
	1,105,474	Cobalt International Energy, Inc.^e		1,481,335
	91,004	Concho Resources, Inc.^e		10,854,047
	126,370	Continental Resources, Inc.^e,f		5,720,770
	41,990	Delek US Holdings, Inc.		554,688
	85,300	Devon Energy Corporation		3,092,125
	24,990	Diamond Offshore Drilling, Inc.^f		608,007
	35,903	Diamondback Energy, Inc.^e		3,274,713
	129,892	Ensco plc		1,261,251
	255,339	EOG Resources, Inc.		21,300,379
	42,830	EP Energy Corporation^e,f		221,859
	276,381	EQT Corporation		21,400,181
	99,150	Exxon Mobil Corporation		9,294,321
	43,130	FMC Technologies, Inc.^e		1,150,277
	28,360	Green Plains, Inc.		559,259
	19,700	Gulfport Energy Corporation^e		615,822
	102,360	Halliburton Company		4,635,884
	24,910	Helmerich & Payne, Inc.^f		1,672,208
	26,019	HollyFrontier Corporation		618,472
	64,650	Hornbeck Offshore Services, Inc.^e		539,181
	12,220	Kinder Morgan, Inc.		228,758
	999,478	Marathon Oil Corporation		15,002,165
	395,330	Marathon Petroleum Corporation		15,006,727
	7,320	Matador Resources Company^e		144,936
	215,180	Nabors Industries, Ltd.		2,162,559
	16,290	National Oilwell Varco, Inc.		548,159

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

Moderately Aggresive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)



Shares		Common Stock (41.3%)	Value
	Energy (5.7%) - continued
	7,880	Noble Energy, Inc.	$	282,656
	114,745	Oasis Petroleum, Inc.^e		1,071,718
	23,910	Oceaneering International, Inc.		713,953
	30,330	Oil States International, Inc.^e		997,250
	7,727	OMV AG		217,212
	181,373	Parsley Energy, Inc.^e		4,907,953
	203,400	Patterson-UTI Energy, Inc.		4,336,488
	113,280	Pioneer Energy Services Corporation^e		521,088
	6,823	PrairieSky Royalty, Ltd.		129,494
	16,930	QEP Resources, Inc.		298,476
	277,650	Rowan Companies plc		4,903,299
	5,938	Royal Dutch Shell plc		162,883
	188,972	Royal Dutch Shell plc ADR		10,435,034
	63	Royal Dutch Shell plc, Class A		1,730
	3,327	Royal Dutch Shell plc, Class B		91,921
	103,685	RPC, Inc.^e,f		1,610,228
	13,700	RSP Permian, Inc.^e		477,993
	247,270	Schlumberger, Ltd.		19,554,112
	26,790	SemGroup Corporation		872,282
	8,040	SM Energy Company^f		217,080
	4,504	Statoil ASA		77,828
	550,910	Suncor Energy, Inc. ADR		15,276,734
	15,610	Superior Energy Services, Inc.		287,380
	4,460	Targa Resources Corporation		187,944
	38,770	Teekay Corporation		276,430
	151,751	Teekay Tankers, Ltd.		452,218
	52,394	Tesco Corporation		350,516
	2,000	Tesoro Corporation		149,840
	129,410	TETRA Technologies, Inc.^e		824,342
	6,324	Total SA		303,275
	49,618	U.S. Silica Holdings, Inc.^f		1,710,333
	1,690	Vantage Drilling International^e		146,185
	1,471,080	Weatherford International plc^e		8,164,494
	15,594	Western Refining, Inc.		321,704
	4,200	World Fuel Services Corporation		199,458
	1,272,920	WPX Energy, Inc.^e		11,850,885

		Total		282,986,377


	Financials (5.7%)
	8,800	Acadia Realty Trust		312,576
	31,902	Affiliated Managers Group, Inc.^e		4,490,845
	6,400	Allianz SE		913,012
	39,210	Allied World Assurance Company Holdings AG		1,377,839
	30,420	American Assets Trust, Inc.		1,291,025
	31,270	American Campus Communities, Inc.		1,653,245
	48,470	American Financial Group, Inc.		3,583,387
	39,500	American International Group, Inc.		2,089,155
	75,227	Ameris Bancorp		2,234,242
	13,890	AMERISAFE, Inc.		850,346
	5,300	Anima Holding SPA^g		24,987
	165,810	Anworth Mortgage Asset Corporation		779,307
	33,729	Argo Group International Holdings, Ltd.		1,750,535
	27,240	Ashford Hospitality Prime, Inc.		385,174
	49,670	Aspen Insurance Holdings, Ltd.		2,303,695
	15,440	Associated Banc-Corp		264,796
	150,860	Assured Guaranty, Ltd.		3,827,318
	11,000	Australia & New Zealand Banking Group, Ltd.		200,421
	24,600	Banco Santander SA		95,465
	33,060	BancorpSouth, Inc.		750,131
	15,000	Bank Hapoalim, Ltd.		75,568
	646,990	Bank of America Corporation		8,585,557
	24,200	Bank of East Asia, Ltd.		93,586
	3,365	Bank of Montreal		213,446
	36,150	Bank of New York Mellon Corporation		1,404,427
	11,008	Bank of Nova Scotia		539,430
	8,297	Bank of Queensland, Ltd.		66,196
	59,832	Bank of the Ozarks, Inc.^f		2,244,897
	19,520	BankFinancial Corporation		234,045
	92,350	BB&T Corporation		3,288,583
	120,101	BBCN Bancorp, Inc.		1,791,907
	18,900	BinckBank NV		93,956
	99,550	Blackstone Group, LP		2,442,957
	103,230	Boston Private Financial Holdings, Inc.		1,216,049
	30,179	Brixmor Property Group, Inc.		798,536
	79,800	Brookline Bancorp, Inc.		880,194
	40,880	Brown & Brown, Inc.		1,531,774
	15,600	Camden Property Trust		1,379,352
	338	Canadian Imperial Bank of Commerce		25,388
	3,526	Canadian Western Bank		67,275
	29,300	Capital One Financial Corporation		1,860,843
	25,200	CapitaMall Trust		40,069
	48,590	Cathay General Bancorp		1,370,238
	250,170	CBL & Associates Properties, Inc.		2,329,083
	28,020	CBRE Group, Inc.^e		741,970
	166,466	Cedar Realty Trust, Inc.		1,236,842
	40,590	Central Pacific Financial Corporation		957,924
	18,200	Charles Schwab Corporation		460,642
	22,290	Chatham Lodging Trust		489,934
	7,000	Chiba Bank, Ltd.		33,080
	22,150	Chubb, Ltd.		2,895,226
	178,250	Citigroup, Inc.		7,556,017
	29,780	Clifton Bancorp, Inc.		448,785
	8,500	CNO Financial Group, Inc.		148,410
	8,000	CNP Assurances		118,031
	178,612	CoBiz Financial, Inc.		2,089,760
	40,332	Columbia Banking System, Inc.		1,131,716
	82,480	Comerica, Inc.		3,392,402
	4,110	Commerce Bancshares, Inc.		196,869
	111,770	Corporate Office Properties Trust		3,305,039
	300	Daito Trust Construction Company, Ltd.		48,709
	1,300	Danske Bank AS		34,216
	29,620	DCT Industrial Trust, Inc.		1,422,945
	3,600	Derwent London plc		125,596
	36,700	DEXUS Property Group		249,034
	17,000	Digital Realty Trust, Inc.		1,852,830
	24,950	Direct Line Insurance Group plc		115,348
	22,460	Douglas Emmett, Inc.		797,779
	95,070	Duke Realty Corporation		2,534,566
	4,410	DuPont Fabros Technology, Inc.		209,651
	218,680	E*TRADE Financial Corporation^e		5,136,793
	111,153	East West Bancorp, Inc.		3,799,210
	9,110	Eaton Vance Corporation		321,947
	36,840	Empire State Realty Trust, Inc.		699,592
	45,874	Employers Holdings, Inc.		1,331,263
	18,580	Endurance Specialty Holdings, Ltd.		1,247,833
	25,990	Enova International, Inc.^e		191,286
	30,490	Equity One, Inc.		981,168
	8,700	Erste Group Bank AG		198,082
	61,902	Essent Group, Ltd.^e		1,350,083
	120,980	EverBank Financial Corporation		1,797,763
	31,527	Evercore Partners, Inc.		1,393,178
	2,900	EXOR SPA		107,056
	41,510	F.N.B. Corporation		520,535
	284,550	Fifth Third Bancorp		5,005,234
	120,270	First Commonwealth Financial Corporation		1,106,484

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

Moderately Aggresive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)



Shares		Common Stock (41.3%)	Value
	Financials (5.7%) - continued
	28,580	First Financial Bancorp	$	555,881
	9,890	First Financial Corporation		362,172
	9,950	First Merchants Corporation		248,054
	113,460	First Midwest Bancorp, Inc.		1,992,358
	15,170	First NBC Bank Holding Company^e		254,704
	64,068	First Potomac Realty Trust		589,426
	91,011	First Republic Bank		6,369,860
	35,700	FlexiGroup, Ltd.		46,823
	43,350	Franklin Street Properties Corporation		531,905
	23,000	Frasers Centrepoint Trust		36,415
	53,000	Fukuoka Financial Group, Inc.		174,754
	92,980	Genworth Financial, Inc.^e		239,888
	1,962	Genworth MI Canada, Inc.		50,328
	5,388	Getty Realty Corporation		115,573
	46,119	Glacier Bancorp, Inc.		1,225,843
	29,020	Goldman Sachs Group, Inc.		4,311,792
	6,400	Great Portland Estates plc		53,571
	84,000	Great Western Bancorp, Inc.		2,649,360
	78,197	Green Bancorp, Inc.^e		681,878
	31,230	Greenhill & Company, Inc.^f		502,803
	200	Groupe Bruxelles Lambert SA		16,401
	12,070	H&R Real Estate Investment Trust		210,299
	3,099	Hamborner REIT AG		33,459
	85,610	Hancock Holding Company		2,235,277
	6,700	Hang Seng Bank, Ltd.		114,924
	171,263	Hanmi Financial Corporation		4,022,968
	3,100	Hannover Rueckversicherung SE		324,812
	21,530	Hanover Insurance Group, Inc.		1,821,869
	16,210	Hartford Financial Services Group, Inc.		719,400
	6,220	Healthcare Trust of America, Inc.		201,155
	43,400	Henderson Group plc		123,385
	4,400	Henderson Land Development Company, Ltd.		24,855
	7,960	Hersha Hospitality Trust		136,514
	19,090	HFF, Inc.		551,319
	12,530	Highwoods Properties, Inc.		661,584
	1,200	Hitachi Capital Corporation		23,816
	94,028	Home BancShares, Inc.		1,860,814
	10,770	Hometrust Bancshares, Inc.^e		199,245
	52,640	Horace Mann Educators Corporation		1,778,706
	23,880	Hospitality Properties Trust		687,744
	141,705	Host Hotels & Resorts, Inc.		2,297,038
	49,024	Houlihan Lokey, Inc.		1,096,667
	20,120	Hudson Pacific Properties, Inc.		587,102
	7,000	Hufvudstaden AB		109,868
	296,350	Huntington Bancshares, Inc.		2,649,369
	43,000	Hysan Development Company, Ltd.		191,759
	6,022	Infinity Property & Casualty Corporation		485,735
	24,540	InfraREIT, Inc.		430,432
	1,761	Intact Financial Corporation		125,796
	26,519	International Exchange, Inc.		6,787,803
	109,360	Invesco, Ltd.		2,793,054
	33,900	Investec plc		210,715
	142,470	Investors Bancorp, Inc.		1,578,568
	38,270	J.P. Morgan Chase & Company		2,378,098
	149,881	Janus Capital Group, Inc.		2,086,344
	3,580	Jones Lang LaSalle, Inc.		348,871
	600	Jyske Bank AS		22,777
	380,130	KeyCorp		4,200,436
	82,390	LaSalle Hotel Properties		1,942,756
	124,440	Liberty Property Trust		4,942,757
	12,949	Lincoln National Corporation		502,033
	8,000	Link REIT		54,706
	19,540	LPL Financial Holdings, Inc.		440,236
	22,050	M&T Bank Corporation		2,606,971
	5,300	Macquarie Group, Ltd.		275,889
	3,330	Mercury General Corporation		177,023
	95,440	MetLife, Inc.		3,801,375
	8,130	Mid-America Apartment Communities, Inc.		865,032
	26,900	Mitsui & Company, Ltd.		321,110
	111,000	Mizuho Financial Group, Inc.		159,736
	142,470	Morgan Stanley		3,701,371
	2,100	MS and AD Insurance Group Holdings, Inc.		54,411
	38,540	MSCI, Inc.		2,972,205
	5,300	National Australia Bank, Ltd.		101,757
	6,600	National Bank of Canada		225,747
	7,490	National General Holdings Corporation		160,436
	9,160	National Storage Affiliates Trust		190,711
	3,110	Navigators Group, Inc.		286,027
	161,018	New World Development Company, Ltd.		163,975
	25,790	NMI Holdings, Inc.^e		141,329
	2,710	Northern Trust Corporation		179,565
	50,120	NorthStar Realty Europe Corporation		463,610
	9,300	Old Mutual plc		25,124
	83,395	PacWest Bancorp		3,317,453
	10,960	Paramount Group, Inc.		174,702
	47,470	Parkway Properties, Inc.		794,173
	45,401	Pebblebrook Hotel Trust		1,191,776
	36,050	Physicians Realty Trust		757,411
	4,270	Piper Jaffray Companies^e		160,979
	14,390	Popular, Inc.		421,627
	55,614	Post Properties, Inc.		3,395,235
	7,935	Potlatch Corporation		270,583
	1,984	Power Corporation of Canada		42,231
	50,200	Primerica, Inc.^f		2,873,448
	5,250	PrivateBancorp, Inc.		231,158
	51,700	Provident Financial Services, Inc.		1,015,388
	19,330	Ramco-Gershenson Properties Trust		379,061
	74,763	Raymond James Financial, Inc.		3,685,816
	28,010	RE/MAX Holdings, Inc.		1,127,683
	9,780	Realogy Holdings Corporation^e		283,816
	38,945	Renasant Corporation		1,259,092
	40,900	Retail Properties of America, Inc.		691,210
	3,567	Safety Insurance Group, Inc.		219,656
	700	Sampo Oyj		28,628
	43,043	Sandy Spring Bancorp, Inc.		1,250,830
	4,604	Schroders plc		145,490
	11,850	Selective Insurance Group, Inc.		452,788
	11,160	Senior Housing Property Trust		232,463
	34,670	Silver Bay Realty Trust Corporation REIT		590,430
	528,170	SLM Corporation^e		3,264,091
	21,460	Sovran Self Storage, Inc.		2,251,583
	102,429	Stifel Financial Corporation^e		3,221,392
	106,620	Stockland		378,022
	34,920	Store Capital Corporation		1,028,394
	72,323	Summit Hotel Properties, Inc.		957,557
	29,640	SunTrust Banks, Inc.		1,217,611
	55,119	SVB Financial Group^e		5,245,124
	4,500	Swiss Re AG		393,032
	134,400	Synchrony Financial^e		3,397,632
	80,980	Synovus Financial Corporation		2,347,610
	14,500	T&D Holdings, Inc.		123,134
	1,000	Talanx AG		29,783
	81,490	Talmer Bancorp, Inc.		1,562,163

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

Moderately Aggresive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)



Shares		Common Stock (41.3%)	Value
	Financials (5.7%) - continued
	252,390	TCF Financial Corporation	$	3,192,733
	95,824	TD Ameritrade Holding Corporation		2,728,588
	69,081	Terreno Realty Corporation		1,787,125
	10,710	Territorial Bancorp, Inc.		283,494
	700	Tokio Marine Holdings, Inc.		23,304
	2,110	Toronto-Dominion Bank		90,609
	25,395	TriCo Bancshares		700,902
	48,320	TrustCo Bank Corporation		309,731
	6,220	Trustmark Corporation		154,567
	7,600	U.S. Bancorp		306,508
	7,130	Union Bankshares Corporation		176,182
	64,020	United Community Banks, Inc.		1,170,926
	73,700	United Financial Bancorp, Inc.		956,626
	20,314	United Overseas Bank, Ltd.		279,885
	4,920	Unum Group		156,407
	15,440	Urstadt Biddle Properties, Inc.		382,603
	11,050	Voya Financial, Inc.		273,598
	4,640	Webster Financial Corporation		157,528
	10,590	Wells Fargo & Company		501,225
	26,466	Western Alliance Bancorp^e		864,115
	4,000	Wharf Holdings, Ltd.		24,410
	6,000	Wheelock and Company, Ltd.		28,186
	39,800	Wing Tai Holdings, Ltd.		48,310
	12,970	Wintrust Financial Corporation		661,470
	41,010	WisdomTree Investments, Inc.^f		401,488
	14,323	WSFS Financial Corporation		461,057
	290,303	Zions Bancorporation		7,295,314

		Total		283,237,089


	Health Care (5.3%)
	183,682	Abbott Laboratories		7,220,539
	5,330	AbbVie, Inc.		329,980
	29,624	ABIOMED, Inc.^e		3,237,607
	46,796	Acadia Healthcare Company, Inc.^e,f		2,592,498
	12,090	Aceto Corporation		264,650
	400	Actelion, Ltd.		67,359
	30,250	Advaxis, Inc.^e		244,723
	20,900	Aetna, Inc.		2,552,517
	99,278	Akorn, Inc.^e		2,827,934
	11,180	Albany Molecular Research, Inc.^e,f		150,259
	77,970	Alexion Pharmaceuticals, Inc.^e		9,103,777
	28,742	Align Technology, Inc.^e		2,315,168
	84,806	Allergan plc^e		19,597,819
	26,103	Allscripts Healthcare Solutions, Inc.^e		331,508
	23,701	AmerisourceBergen Corporation		1,879,963
	24,700	Amgen, Inc.		3,758,105
	12,014	AMN Healthcare Services, Inc.^e		480,200
	4,830	AmSurg Corporation^e		374,518
	26,870	Analogic Corporation		2,134,553
	1,900	Astellas Pharmaceutical, Inc.		29,796
	99,313	Asterias Biotherapeutics, Inc.^e,f		238,351
	2,584	Atrion Corporation		1,105,590
	200	Bayer AG		20,087
	21,724	BioMarin Pharmaceutical, Inc.^e		1,690,127
	2,790	Bio-Rad Laboratories, Inc.^e		399,026
	12,110	Boston Scientific Corporation^e		283,011
	10,160	Bristol-Myers Squibb Company		747,268
	13,137	C.R. Bard, Inc.		3,089,297
	16,710	Cambrex Corporation^e		864,408
	4,200	Cardinal Health, Inc.		327,642
	54,482	Cardiovascular Systems, Inc.^e		1,001,107
	127,040	Celgene Corporation^e		12,529,955
	67,344	Centene Corporation^e		4,806,341
	79,704	Cerner Corporation^e		4,670,654
	4,330	Computer Programs and Systems, Inc.^f		172,854
	12,380	CONMED Corporation		590,897
	5,760	Cooper Companies, Inc.		988,243
	13,870	Cross Country Healthcare, Inc.^e		193,070
	58,590	Dentsply Sirona, Inc.		3,634,924
	187,544	Depomed, Inc.^e,f		3,679,613
	17,350	Dexcom, Inc.^e		1,376,376
	61,390	Edwards Lifesciences Corporation^e		6,122,425
	54,720	Ensign Group, Inc.		1,149,667
	92,415	Envision Healthcare Holdings, Inc.^e		2,344,569
	4,954	Essilor International SA		651,103
	86,390	ExamWorks Group, Inc.^e		3,010,692
	47,600	Express Scripts Holding Company^e		3,608,080
	400	Gerresheimer AG		30,813
	213,305	Gilead Sciences, Inc.		17,793,903
	12,370	Global Blood Therapeutics, Inc.^e		205,218
	10,390	Globus Medical, Inc.^e		247,594
	25,950	HCA Holdings, Inc.^e		1,998,410
	47,987	HealthEquity, Inc.^e		1,458,085
	26,160	HealthSouth Corporation		1,015,531
	24,540	Healthways, Inc.^e		283,437
	5,300	Hikma Pharmaceuticals plc		174,535
	11,900	Hill-Rom Holdings, Inc.		600,355
	66,300	Hologic, Inc.^e		2,293,980
	2,560	ICON plc^e		179,226
	35,929	Impax Laboratories, Inc.^e		1,035,474
	50,789	Inogen, Inc.^e		2,545,037
	94,917	Intersect ENT, Inc.^e		1,227,277
	45,526	Ironwood Pharmaceuticals, Inc.^e		595,252
	59,540	Kindred Healthcare, Inc.		672,207
	700	Lonza Group AG		116,278
	9,600	Magellan Health Services, Inc.^e		631,392
	91,628	Medtronic plc		7,950,562
	156,690	Merck & Company, Inc.		9,026,911
	2,100	Merck KGaA		213,451
	7,008	Mettler-Toledo International, Inc.^e		2,557,359
	57,200	Mylan NV^e		2,473,328
	5,980	Myriad Genetics, Inc.^e		182,988
	19,634	National Healthcare Corporation		1,271,105
	5,780	Natural Health Trends Corporation^f		162,938
	3,240	Neogen Corporation^e		182,250
	38,684	Neurocrine Biosciences, Inc.^e		1,758,188
	34,600	Nevro Corporation^e,f		2,552,096
	6,900	Novartis AG		569,516
	6,900	Novo Nordisk AS		371,585
	98,670	NuVasive, Inc.^e		5,892,572
	61,320	Omnicell, Inc.^e		2,098,984
	101,580	PerkinElmer, Inc.		5,324,824
	36,230	Perrigo Company plc		3,284,974
	299,980	Pfizer, Inc.		10,562,296
	19,900	PharMerica Corporation^e		490,734
	8,600	Prothena Corporation plc^e		300,656
	6,210	Puma Biotechnology, Inc.^e		184,996
	7,900	Qiagen NV^e		172,299
	23,710	Quintiles Transnational Holdings, Inc.^e		1,548,737
	480	Regeneron Pharmaceuticals, Inc.^e		167,630
	65,300	Roche Holding AG ADR		2,151,635
	800	Roche Holding AG-Genusschein		211,104
	6,000	Sanofi		498,499
	75,511	Team Health Holdings, Inc.^e		3,071,032
	54,235	Teleflex, Inc.		9,616,408
	39,533	Triple-S Management Corporation^e		965,791
	54,986	UnitedHealth Group, Inc.		7,764,023
	46,547	Universal Health Services, Inc.		6,241,953
	14,240	VCA Antech, Inc.^e		962,766
	69,800	Veeva Systems, Inc.^e,f		2,381,576

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

Moderately Aggresive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)



Shares		Common Stock (41.3%)	Value
	Health Care (5.3%) - continued
	118,464	Vertex Pharmaceuticals, Inc.^e	$	10,190,273
	14,250	Waters Corporation^e		2,004,263
	8,480	Wellcare Health Plans, Inc.^e		909,734
	27,900	West Pharmaceutical Services, Inc.		2,117,052
	39,950	Zoetis, Inc.		1,896,027

		Total		262,175,969


	Industrials (4.6%)
	84,213	3M Company		14,747,380
	2,690	A.O. Smith Corporation		237,016
	34,740	ABM Industries, Inc.		1,267,315
	39,050	Actuant Corporation		882,920
	2,000	Adecco SA		100,876
	10,400	Advisory Board Company^e		368,056
	9,600	AECOM^e		304,992
	52,416	Aegion Corporation^e		1,022,636
	3,730	AerCap Holdings NV^e		125,291
	6,340	Aerovironment, Inc.^e		176,252
	24,400	AGCO Corporation		1,149,972
	3,000	Aida Engineering, Ltd.		24,655
	38,213	Air New Zealand, Ltd.		57,271
	6,150	Allegion plc		426,994
	7,970	Allison Transmission Holdings, Inc.		224,993
	3,300	Amada Holdings Company, Ltd.		33,502
	900	Andritz AG		42,676
	5,320	Applied Industrial Technologies, Inc.		240,145
	81,710	Ardmore Shipping Corporation		553,177
	17,000	Asahi Glass Company, Ltd.		92,257
	23,288	Astec Industries, Inc.		1,307,621
	1,100	Atlas Copco Aktiebolag		28,569
	35,010	AZZ, Inc.		2,099,900
	31,976	B/E Aerospace, Inc.		1,476,492
	2,700	Babcock International Group plc		32,644
	45,820	Barnes Group, Inc.		1,517,558
	14,810	Beacon Roofing Supply, Inc.^e		673,411
	38,480	Boeing Company		4,997,398
	7,320	Brady Corporation		223,699
	12,990	Briggs & Stratton Corporation		275,128
	158,050	BWX Technologies, Inc.		5,653,448
	56,660	Carlisle Companies, Inc.		5,987,829
	16,880	Caterpillar, Inc.		1,279,673
	15,000	Cathay Pacific Airways, Ltd.		22,006
	15,630	CBIZ, Inc.^e		162,708
	18,520	CEB, Inc.		1,142,314
	21,522	CIRCOR International, Inc.		1,226,539
	47,813	CLARCOR, Inc.		2,908,465
	30,300	Colfax Corporation^e		801,738
	46,638	Comfort Systems USA, Inc.		1,519,000
	37,620	Commercial Vehicle Group, Inc.^e		195,624
	1,900	Compagnie de Saint-Gobain		72,021
	44,310	Copart, Inc.^e		2,171,633
	94,450	CSX Corporation		2,463,256
	6,340	Cummins, Inc.		712,870
	33,480	Curtiss-Wright Corporation		2,820,690
	4,000	Dai Nippon Printing Company, Ltd.		44,580
	14,200	Danaher Corporation		1,434,200
	2,862	Dart Group plc		20,079
	200	DCC plc		17,600
	369,770	Delta Air Lines, Inc.		13,470,721
	5,170	Deluxe Corporation		343,133
	3,100	Deutsche Post AG		87,335
	1,000	DSV AS		42,048
	300	East Japan Railway Company		27,802
	95,864	EMCOR Group, Inc.		4,722,261
	9,840	Emerson Electric Company		513,254
	32,660	EnerSys		1,942,290
	19,200	Equifax, Inc.		2,465,280
	35,770	ESCO Technologies, Inc.		1,428,654
	47,518	Federal Signal Corporation		612,032
	3,110	Flowserve Corporation		140,479
	600	Flughafen Zuerich AG		106,183
	85,650	Fortune Brands Home and Security, Inc.		4,965,130
	29,716	Franklin Electric Company, Inc.		982,114
	1,400	Fraport AG Frankfurt Airport Services Worldwide		74,957
	8,000	Fuji Electric Company, Ltd.		33,308
	13,486	G & K Services, Inc.		1,032,623
	2,961	Galliford Try plc		36,170
	14,760	GasLog, Ltd.		191,585
	44,800	Gener8 Maritime, Inc.^e		286,720
	44,844	Gibraltar Industries, Inc.^e		1,415,725
	83,889	Granite Construction, Inc.		3,821,144
	7,800	Greenbrier Companies, Inc.		227,214
	20,020	H&E Equipment Services, Inc.		380,981
	13,350	Hackett Group, Inc.		185,164
	4,000	Hankyu Hanshin Holdings, Inc.		29,826
	110,170	Harsco Corporation		731,529
	60,781	Healthcare Services Group, Inc.		2,515,118
	40,576	Heico Corporation		2,710,882
	15,720	Herman Miller, Inc.		469,871
	23,720	Hexcel Corporation		987,701
	1,600	Hitachi Transport System, Ltd.		26,321
	13,153	HNI Corporation		611,483
	600	Hochtief AG		77,467
	34,234	Honeywell International, Inc.		3,982,099
	10,574	Hub Group, Inc.^e		405,724
	19,750	Hubbell, Inc.		2,083,032
	19,840	Huntington Ingalls Industries, Inc.		3,333,715
	47,598	Huron Consulting Group, Inc.^e		2,875,871
	3,070	Illinois Tool Works, Inc.		319,771
	2,100	Inaba Denki Sangyo Company, Ltd.		71,926
	55,100	Ingersoll-Rand plc		3,508,768
	16,340	Insperity, Inc.		1,261,938
	5,590	Insteel Industries, Inc.		159,818
	9,580	Interface, Inc.		146,095
	5,300	Intrum Justitia AB		166,222
	27,000	ITOCHU Corporation		330,297
	10,570	ITT Corporation		338,029
	34,163	JB Hunt Transport Services, Inc.		2,764,812
	4,000	Kamigumi Company, Ltd.		36,971
	18,980	KAR Auction Services, Inc.		792,225
	46,814	Kforce, Inc.		790,688
	10,000	KITZ Corporation		47,452
	8,470	Knoll, Inc.		205,652
	10,200	KONE Oyj		470,735
	2,307	Koninklijke Boskalis Westminster NV		78,721
	79,480	Korn/Ferry International		1,645,236
	400	Kuehne & Nagel International AG		56,044
	1,800	Kurita Water Industries, Ltd.		40,125
	73,290	Lincoln Electric Holdings, Inc.		4,329,973
	24,090	Manpower, Inc.		1,549,951
	6,700	Marubeni Corporation		30,269
	63,950	Masco Corporation		1,978,613
	14,600	Meggitt plc		79,358
	67,290	Meritor, Inc.^e		484,488
	23,508	Middleby Corporation^e		2,709,297
	3,900	MIRAIT Holdings Corporation		38,343
	4,000	Mitsuboshi Belting, Ltd.		31,188
	6,180	Moog, Inc.^e		333,226
	34,132	MSA Safety, Inc.		1,792,954
	4,920	Mueller Industries, Inc.		156,850

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

Moderately Aggresive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)



Shares		Common Stock (41.3%)	Value
	Industrials (4.6%) - continued
	15,170	Mueller Water Products, Inc.	$	173,241
	78,267	Navigant Consulting, Inc.^e		1,264,012
	27,244	Nielsen Holdings plc		1,415,871
	4,200	Nikkon Holdings Company, Ltd.		75,469
	7,000	Nippon Express Company, Ltd.		31,988
	7,000	Nitto Kogyo Corporation		87,027
	16,726	Nordson Corporation		1,398,461
	28,750	Norfolk Southern Corporation		2,447,487
	8,730	Northrop Grumman Corporation		1,940,504
	18,547	Old Dominion Freight Line, Inc.^e		1,118,569
	59,316	On Assignment, Inc.^e		2,191,726
	97,356	Oshkosh Corporation		4,644,855
	5,480	Owens Corning, Inc.		282,330
	2,520	Parker Hannifin Corporation		272,286
	64,540	Pentair, Ltd.		3,762,037
	57,492	PGT, Inc.^e		592,168
	41,416	Proto Labs, Inc.^e,f		2,383,905
	14,330	Quanex Building Products Corporation		266,395
	1,700	Randstad Holding NV		67,985
	83,780	Raven Industries, Inc.		1,586,793
	11,800	Raytheon Company		1,604,210
	22,050	Resources Connection, Inc.		325,899
	6,960	Rexnord Corporation^e		136,625
	474	Rieter Holding AG		97,026
	20,793	Ritchie Brothers Auctioneers, Inc.^f		702,387
	13,000	Rockwell Automation, Inc.		1,492,660
	33,320	Rockwell Collins, Inc.^f		2,836,865
	16,062	Roper Industries, Inc.		2,739,535
	4,400	Ryder System, Inc.		269,016
	700	SAAB AB		21,829
	32,913	Saia, Inc.^e		827,433
	6,100	Sanwa Holdings Corporation		55,449
	700	Schindler Holding AG		126,734
	100	Schindler Holding AG - REG		18,199
	1,100	Skanska AB		23,033
	10,770	SkyWest, Inc.		284,974
	182,461	Southwest Airlines Company		7,154,296
	17,260	Spirit Aerosystems Holdings, Inc.^e		742,180
	20,370	SPX FLOW, Inc.^e		531,046
	2,960	Stericycle, Inc.^e		308,195
	36,510	Tennant Company		1,966,794
	11,690	Tetra Tech, Inc.		359,409
	15,339	Textron, Inc.		560,794
	9,800	Toro Company		864,360
	1,000	TOTO, Ltd.		39,959
	72,840	TransUnion^e		2,435,770
	1,000	Travis Perkins plc		19,730
	6,290	TrueBlue, Inc.^e		119,007
	18,193	Tyco International plc		775,022
	3,790	UniFirst Corporation		438,579
	22,950	United Continental Holdings, Inc.^e		941,868
	45,100	United Parcel Service, Inc.		4,858,172
	36,559	United Rentals, Inc.^e		2,453,109
	19,636	Universal Forest Products, Inc.		1,820,061
	33,649	Universal Truckload Services, Inc.		434,072
	20,200	WABCO Holdings, Inc.^e		1,849,714
	5,570	Wabtec Corporation		391,181
	37,463	WageWorks, Inc.^e		2,240,662
	82,316	Waste Connections, Inc.		5,930,868
	6,339	Watsco, Inc.		891,834
	1,545	WSP Global, Inc.		47,261
	78,550	Xylem, Inc.		3,507,257
	22,310	YRC Worldwide, Inc.^e		196,328
	900	Yuasa Trading Company, Ltd.		18,568

		Total		231,949,129


	Information Technology (8.8%)
	8,256	Advanced Energy Industries, Inc.^e		313,398
	124,530	Agilent Technologies, Inc.		5,524,151
	46,550	Akamai Technologies, Inc.^e		2,603,541
	14,100	Alliance Data Systems Corporation^e		2,762,472
	38,283	Alphabet, Inc., Class A^e		26,933,239
	30,727	Alphabet, Inc., Class C^e		21,266,157
	39,733	Ambarella, Inc.^e,f		2,018,834
	50,220	Amkor Technology, Inc.^e		288,765
	84,324	Amphenol Corporation		4,834,295
	3,300	Analog Devices, Inc.		186,912
	6,561	ANSYS, Inc.^e		595,411
	237,286	Apple, Inc.		22,684,542
	148,402	Applied Materials, Inc.		3,557,196
	77,728	Arista Networks, Inc.^e,f		5,004,129
	51,440	ARRIS International plc^e		1,078,182
	67,140	Aspen Technology, Inc.^e		2,701,714
	811	AtoS		66,866
	16,860	AVX Corporation		228,959
	20,653	Belden, Inc.		1,246,822
	62,990	Blackhawk Network Holdings, Inc.^e		2,109,535
	151,330	Booz Allen Hamilton Holding Corporation		4,485,421
	2,600	Broadcom, Ltd.		404,040
	45,880	Broadridge Financial Solutions, Inc.		2,991,376
	147,983	Brocade Communications Systems, Inc.		1,358,484
	99,978	Brooks Automation, Inc.		1,121,753
	29,440	CA, Inc.		966,515
	22,502	Cabot Microelectronics Corporation		952,735
	23,941	CACI International, Inc.^e		2,164,506
	3,800	Canon, Inc.		108,491
	39,531	Cavium, Inc.^e,f		1,525,897
	10,420	CDK Global, Inc.		578,206
	12,460	CDW Corporation		499,397
	4,780	Check Point Software Technologies, Ltd.^e		380,870
	79,961	Ciena Corporation^e		1,499,269
	15,500	Cirrus Logic, Inc.^e		601,245
	542,390	Cisco Systems, Inc.		15,561,169
	3,100	Citrix Systems, Inc.^e		248,279
	52,445	Cognex Corporation		2,260,379
	23,550	Cognizant Technology Solutions Corporation^e		1,348,002
	8,660	Coherent, Inc.^e		794,815
	31,040	CommVault Systems, Inc.^e		1,340,618
	6,300	comScore, Inc.^e		150,444
	10,500	Comtech Telecommunications Corporation		134,820
	35,940	Convergys Corporation		898,500
	71,920	CoreLogic, Inc.^e		2,767,482
	30,080	Corning, Inc.		616,038
	99,039	Criteo SA ADR^e		4,547,871
	8,640	CTS Corporation		154,829
	42,141	Demandware, Inc.^e		3,156,361
	27,692	DST Systems, Inc.		3,224,179
	28,670	EarthLink Holdings Corporation		183,488
	56,250	eBay, Inc.^e		1,316,812
	117,850	EMC Corporation		3,201,984
	48,850	Envestnet, Inc.^e		1,627,193
	18,190	EVERTEC, Inc.		282,673
	15,640	ExlService Holdings, Inc.^e		819,692
	15,610	F5 Networks, Inc.^e		1,777,042

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

Moderately Aggresive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)



Shares		Common Stock (41.3%)	Value
	Information Technology (8.8%) - continued
	43,452	Fabrinet^e	$	1,612,938
	326,350	Facebook, Inc.^e		37,295,278
	21,680	FEI Company		2,317,158
	107,260	Finisar Corporation^e		1,878,123
	25,680	Fitbit, Inc.^e		313,810
	111,380	FLIR Systems, Inc.		3,447,211
	104,611	Fortinet, Inc.^e		3,304,661
	8,600	FUJIFILM Holdings NPV		333,684
	24,590	Genpact, Ltd.^e		659,996
	103,517	Guidewire Software, Inc.^e		6,393,210
	2,100	Hoya Corporation		75,003
	28,560	HP, Inc.		358,428
	12,380	IAC/InterActiveCorporation		696,994
	35,179	Imperva, Inc.^e		1,513,049
	120,810	Intel Corporation		3,962,568
	1,200	ITOCHU Techno-Solutions Corporation		25,852
	88,573	Ixia^e		869,787
	67,177	Juniper Networks, Inc.		1,510,811
	6,730	Keysight Technologies, Inc.^e		195,776
	1,000	Kyocera Corporation		47,583
	37,850	Lam Research Corporation^f		3,181,671
	17,900	Liberty Tripadvisor Holdings, Inc.^e		391,652
	15,260	Linear Technology Corporation		710,048
	37,340	Lionbridge Technologies, Inc.^e		147,493
	11,955	Littelfuse, Inc.		1,412,961
	23,430	M/A-COM Technology Solutions Holdings, Inc.^e		772,721
	20,794	Manhattan Associates, Inc.^e		1,333,519
	54,960	Marvell Technology Group, Ltd.		523,769
	25,506	Maxim Integrated Products, Inc.		910,309
	7,800	MAXIMUS, Inc.		431,886
	11,730	Mentor Graphics Corporation		249,380
	35,938	Methode Electronics, Inc.		1,230,158
	101,000	Microsemi Corporation^e		3,300,680
	429,900	Microsoft Corporation		21,997,983
	32,200	Mobileye NV^e		1,485,708
	71,101	Monolithic Power Systems, Inc.		4,857,620
	2,230	Morningstar, Inc.		182,369
	21,481	Nanometrics, Inc.^e		446,590
	77,830	National Instruments Corporation		2,132,542
	3,700	NEC Networks & System Integration Corporation		65,505
	5,340	NETGEAR, Inc.^e		253,864
	1,200	Nice, Ltd.		76,360
	27,826	Nice, Ltd. ADR^f		1,776,690
	2,000	NS Solutions Corporation		30,824
	167,966	NVIDIA Corporation		7,896,082
	44,256	NXP Semiconductors NV^e		3,467,015
	230,400	Oclaro, Inc.^e,f		1,124,352
	17,290	ON Semiconductor Corporation^e		152,498
	273,370	Oracle Corporation		11,189,034
	5,320	Palo Alto Networks, Inc.^e		652,445
	121,050	Pandora Media, Inc.^e,f		1,507,072
	51,100	Paylocity Holding Corporation^e,f		2,207,520
	454,078	PayPal Holdings, Inc.^e		16,578,388
	64,915	Pegasystems, Inc.		1,749,459
	87,094	Progress Software Corporation^e		2,391,601
	70,655	Proofpoint, Inc.^e,f		4,457,624
	36,120	PTC, Inc.^e		1,357,390
	36,037	Q2 Holdings, Inc.^e		1,009,757
	51,127	QLIK Technologies, Inc.^e		1,512,337
	11,130	QUALCOMM, Inc.		596,234
	6,360	Qualys, Inc.^e		189,592
	35,020	RealPage, Inc.^e		781,997
	35,100	Red Hat, Inc.^e		2,548,260
	326,230	Salesforce.com, Inc.^e		25,905,924
	7,480	ScanSource, Inc.^e		277,583
	23,498	ServiceNow, Inc.^e		1,560,267
	8,300	Shinko Electric Industries Company, Ltd.		40,654
	48,540	ShoreTel, Inc.^e		324,733
	19,000	Symantec Corporation		390,260
	70,964	Synopsys, Inc.^e		3,837,733
	400	TDK Corporation		22,390
	2,810	Tech Data Corporation^e		201,898
	137,474	Teradyne, Inc.		2,706,863
	7,430	Tessera Technologies, Inc.		227,655
	88,950	Texas Instruments, Inc.		5,572,717
	22,570	Trimble Navigation, Ltd.^e		549,805
	19,230	Tyler Technologies, Inc.^e		3,205,833
	100	U-Blox AG		21,557
	25,827	Ultimate Software Group, Inc.^e		5,431,160
	600	United Internet AG		24,941
	146,395	Virtusa Corporation^e		4,227,888
	317,630	Visa, Inc.		23,558,617
	273,450	Xilinx, Inc.		12,614,248

		Total		438,841,600


	Materials (1.9%)
	35,100	Agnico Eagle Mines, Ltd.		1,877,850
	700	Air Liquide SA		72,927
	16,110	Air Products and Chemicals, Inc.		2,288,264
	38,607	Albemarle Corporation		3,061,921
	183,750	Alcoa, Inc.		1,703,362
	2,100	Amcor, Ltd.		23,612
	23,763	American Vanguard Corporation		359,059
	21,100	Avery Dennison Corporation		1,577,225
	32,991	Axalta Coating Systems, Ltd.^e		875,251
	21,829	Balchem Corporation		1,302,100
	29,350	Ball Corporation		2,121,711
	195,600	Barrick Gold Corporation		4,176,060
	27,900	BHP Billiton, Ltd.		388,822
	8,600	BillerudKorsnas AB		128,333
	6,710	Boise Cascade Company^e		153,995
	2,500	Buzzi Unicem SPA		43,810
	32,890	Cabot Corporation		1,501,757
	5,220	Carpenter Technology Corporation		171,895
	215	CCL Industries, Inc.		37,417
	55,827	Celanese Corporation		3,653,877
	65,135	Chemtura Corporation^e		1,718,261
	16,626	Clearwater Paper Corporation^e		1,086,842
	14,150	Continental Building Products, Inc.^e		314,555
	1,300	Croda International plc		54,572
	77,310	Crown Holdings, Inc.^e		3,917,298
	21,600	Daicel Corporation		223,821
	5,000	Denki Kagaku Kogyo KK		20,220
	54,630	Dow Chemical Company		2,715,657
	7,150	Eagle Materials, Inc.		551,622
	5,740	Eastman Chemical Company		389,746
	135,850	Eldorado Gold Corporation		611,325
	800	Evonik Industries AG		23,847
	38,310	Ferroglobe plc		329,849
	82,573	FMC Corporation		3,823,956
	153,920	Freeport-McMoRan, Inc.^f		1,714,669
	600	FUCHS PETROLUB SE		23,605
	133,200	Goldcorp, Inc.		2,548,116
	35,560	Graphic Packaging Holding Company		445,922
	2,900	Hexpol AB		29,780
	8,925	Ingevity Corporation^e		303,807
	5,730	Innophos Holdings, Inc.		241,863
	15,373	Innospec, Inc.		707,004

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

Moderately Aggresive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (41.3%)	Value
	Materials (1.9%) - continued
	89,950	International Paper Company	$	3,812,081
	1,800	JFE Holdings, Inc.		23,481
	2,300	JSR Corporation		30,459
	13,990	KapStone Paper and Packaging Corporation		182,010
	234,450	Kinross Gold Corporation^e		1,146,461
	8,350	Koppers Holdings, Inc.^e		256,596
	500	LafargeHolcim, Ltd.		20,919
	9,100	Martin Marietta Materials, Inc.		1,747,200
	6,400	Materion Corporation		158,464
	12,650	Minerals Technologies, Inc.		718,520
	11,200	Mitsubishi Chemical Holdings Corporation		51,341
	4,000	Mitsubishi Gas Chemical Company, Inc.		20,868
	14,000	Mitsubishi Materials Corporation		33,521
	127,510	Mosaic Company		3,338,212
	65,565	Myers Industries, Inc.		944,136
	107,860	Newmont Mining Corporation		4,219,483
	900	Nippon Shokubai Company, Ltd.		51,765
	45,669	Norsk Hydro ASA		167,186
	2,300	Novozymes AS		110,448
	59,760	Nucor Corporation		2,952,742
	5,000	Oji Holdings Corporation		19,195
	6,890	Olin Corporation		171,148
	31,350	OMNOVA Solutions, Inc.^e		227,287
	12,500	Orora, Ltd.		25,954
	114,500	Owens-Illinois, Inc.^e		2,062,145
	83,680	Packaging Corporation of America		5,600,702
	9,550	PolyOne Corporation		336,542
	22,490	Rayonier Advanced Materials, Inc.		305,639
	15,600	Reliance Steel & Aluminum Company		1,199,640
	828	Rio Tinto, Ltd.		28,641
	12,650	Royal Gold, Inc.^f		911,053
	17,390	Schnitzer Steel Industries, Inc.		306,064
	28,424	Scotts Miracle-Gro Company		1,987,122
	38,850	Sealed Air Corporation		1,785,934
	59,550	Silver Wheaton Corporation		1,401,212
	41,290	Sonoco Products Company		2,050,461
	130,702	Steel Dynamics, Inc.		3,202,199
	25,350	Stillwater Mining Company^e		300,651
	2,000	Sumitomo Metal Mining Company, Ltd.		20,345
	5,000	Sumitomo Seika Chemicals Company, Ltd.		27,855
	104,000	Teck Resources, Ltd.^f		1,369,680
	5,000	Tosoh Corporation		23,063
	8,698	UPM-Kymmene Oyj		159,790
	19,150	Vulcan Materials Company		2,304,894
	53,555	Westrock Company		2,081,683
	196,900	Yamana Gold, Inc.		1,023,880
	8,339	Yara International ASA		264,904

		Total		96,499,161


	Telecommunications Services (0.3%)
	44,180	AT&T, Inc.		1,909,018
	3,399	BCE, Inc.		160,854
	86,170	Cincinnati Bell, Inc.^e		393,797
	7,800	Elisa Oyj		299,702
	14,120	FairPoint Communications, Inc.^e,f		207,281
	7,600	Freenet AG		195,728
	18,820	General Communication, Inc.^e		297,356
	19,250	Inteliquent, Inc.		382,882
	93,855	KCOM Group plc		131,817
	29,647	Level 3 Communications, Inc.^e		1,526,524
	600	Millicom International Cellular SA		36,804
	2,100	Nippon Telegraph & Telephone Corporation		98,479
	7,400	Orange SA^f		120,328
	2,700	Proximus SA		85,802
	35,886	SBA Communications Corporation^e		3,873,535
	9,200	Telefonica Deutschland Holding AG		37,896
	98,639	Verizon Communications, Inc.		5,508,002
	61,550	Vonage Holdings Corporation^e		375,455

		Total		15,641,260


	Utilities (1.0%)
	33,840	Alliant Energy Corporation		1,343,448
	31,820	American States Water Company		1,394,352
	38,390	Aqua America, Inc.		1,368,987
	17,960	Artesian Resources Corporation		609,203
	77,840	Avista Corporation		3,487,232
	6,970	California Water Service Group		243,462
	34,510	CenterPoint Energy, Inc.		828,240
	1,800	Chubu Electric Power Company, Inc.		25,616
	15,200	Consolidated Water Company, Ltd.^f		198,512
	3,100	E.ON SE		31,294
	47,190	Edison International, Inc.		3,665,247
	45,100	Electricidade de Portugal SA		138,077
	9,200	Enagas SA^f		281,064
	90,460	Eversource Energy		5,418,554
	26,550	Exelon Corporation		965,358
	25,510	Great Plains Energy, Inc.		775,504
	88,510	MDU Resources Group, Inc.		2,124,240
	7,670	Middlesex Water Company		332,725
	8,810	New Jersey Resources Corporation		339,626
	66,000	Osaka Gas Company, Ltd.		253,736
	165,070	PG&E Corporation		10,551,274
	12,340	Portland General Electric Company		544,441
	41,300	Public Service Enterprise Group, Inc.		1,924,993
	32,600	Redes Energeticas Nacionais SGPS SA		91,673
	21,740	Renewable Energy Group, Inc.^e		191,964
	48,800	Southern Company		2,617,144
	25,904	Southwest Gas Corporation		2,038,904
	30,533	Spire, Inc.		2,162,958
	106,564	Talen Energy Corporation^e		1,443,942
	5,000	Toho Gas Company, Ltd.		40,914
	4,500	Tokyo Electric Power Company, Inc.^e		19,058
	12,900	United Utilities Group plc		178,799
	4,524	Unitil Corporation		193,039
	41,780	Vectren Corporation		2,200,553
	1,400	Veolia Environnement SA		30,233
	10,100	WEC Energy Group, Inc.		659,530

		Total		48,713,896


		Total Common Stock (cost $1,855,971,141)		2,060,412,708


		Registered Investment Companies (35.8%)
	Affiliated Equity Holdings (28.5%)
	24,752,802	Thrivent Large Cap Stock Portfolio		276,671,963
	21,779,551	Thrivent Large Cap Value Portfolio		321,954,037
	18,902,196	Thrivent Mid Cap Stock Portfolio		297,121,730
	50,069,595	Thrivent Partner Worldwide Allocation Portfolio		438,990,180

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

Moderately Aggresive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)



Shares		Registered Investment Companies (35.8%)	Value
	Affiliated Equity Holdings (28.5%) - continued
	5,579,836	Thrivent Small Cap Stock Portfolio	$	85,848,566

		Total		1,420,586,476


	Affiliated Fixed Income Holdings (6.0%)
	10,570,898	Thrivent High Yield Portfolio		49,040,510
	14,968,237	Thrivent Income Portfolio		154,449,755
	9,404,237	Thrivent Limited Maturity Bond Portfolio		92,316,696

		Total		295,806,961


	Equity Funds/ETFs (0.8%)
	4,780	iShares MSCI EAFE Index Fund		266,772
	39,401	iShares Russell 2000 Growth Index Fund		5,405,029
	39,509	iShares Russell 2000 Index Fund		4,542,350
	15,870	iShares Russell 2000 Value Index Fund		1,544,151
	43,350	Materials Select Sector SPDR Fund		2,008,839
	103,631	SPDR S&P 500 ETF Trust		21,713,803
	45,070	SPDR S&P Biotech ETF		2,437,836
	570	SPDR S&P MidCap 400 ETF Trust		155,257
	15,791	Utilities Select Sector SPDR Fund		828,554
	11,530	VanEck Vectors Oil Services ETF^f		337,252

		Total		39,239,843


	Fixed Income Funds/ETFs (0.5%)
	35,000	iShares Barclays 1-3 Year Credit Bond Fund		3,713,150
	190,000	iShares iBoxx $ Investment Grade Corporate Bond ETF		23,318,700

		Total		27,031,850


		Total Registered Investment Companies (cost $1,705,266,728)		1,782,665,130


Principal Amount		Long-Term Fixed Income (15.6%)
	Asset-Backed Securities (0.7%)
		Access Group, Inc.
$	361,526	0.946%, 2/25/2036^g,h		350,375
		Ares CLO, Ltd.
	1,275,000	1.921%, 10/12/2023*^,h		1,269,537
	750,000	2.106%, 11/15/2025*^,h		749,151
		BA Credit Card Trust
	650,000	0.822%, 6/15/2021^h		649,529
		Betony CLO, Ltd.
	350,000	2.138%, 4/15/2027*^,h		347,560
		Capital One Multi-Asset Execution Trust
	800,000	0.822%, 1/18/2022^h		799,566
		Chase Issuance Trust
	500,000	1.590%, 2/18/2020		505,173
	375,000	1.620%, 7/15/2020		379,159
	250,000	0.852%, 5/17/2021^h		250,072
		Chesapeake Funding II, LLC
	800,000	1.880%, 6/15/2028^g		802,129
		Chesapeake Funding, LLC
	172,505	0.915%, 1/7/2025^g,h		172,401
		Countrywide Asset-Backed Certificates
	79,114	5.329%, 4/25/2047		76,027
		DRB Prime Student Loan Trust
	1,768,374	3.200%, 1/25/2040*		1,795,150
		Earnest Student Loan Program
	3,000,000	3.020%, 5/25/2034^g		3,003,595
		Edlinc Student Loan Funding Trust
	278,850	3.388%, 10/1/2025*^,h		280,185
		Enterprise Fleet Financing, LLC
	5,782	1.060%, 3/20/2019^g		5,782
	278,005	0.870%, 9/20/2019^g		277,676
		FirstEnergy Ohio PIRB Special Purpose Trust
	121,929	0.679%, 1/15/2019		121,784
		Ford Credit Auto Owner Trust
	485,000	2.260%, 11/15/2025^g		494,754
		GoldenTree Loan Opportunities IX, Ltd.
	400,000	2.148%, 10/29/2026*^,h		398,720
		Golub Capital Partners CLO 22B, Ltd.
	725,000	2.116%, 2/20/2027*^,h		720,126
		Golub Capital Partners CLO 23M, Ltd.
	350,000	2.118%, 5/5/2027*^,h		347,535
		Morgan Stanley Bank of America Merrill Lynch Trust
	1,425,000	3.176%, 8/15/2045		1,518,007
	1,425,000	3.246%, 12/15/2047		1,513,326
		Morgan Stanley Capital, Inc.
	937,235	0.603%, 2/25/2037^h		533,063
		NCF Dealer Floorplan Master Trust
	1,500,000	3.638%, 3/21/2022*^,h		1,466,244
		OneMain Financial Issuance Trust
	750,000	4.100%, 3/20/2028^g		773,322
		OZLM VIII, Ltd.
	385,000	2.073%, 10/17/2026*^,h		383,703
		Race Point IX CLO, Ltd.
	900,000	2.138%, 4/15/2027*^,h		894,282
		Renaissance Home Equity Loan Trust
	1,191,573	5.746%, 5/25/2036ⁱ		766,599
	2,740,063	6.011%, 5/25/2036ⁱ		1,833,166
	1,202,270	5.580%, 11/25/2036ⁱ		652,556
		SLM Student Loan Trust
	342,790	1.042%, 7/15/2022^g,h		342,423
	497,666	1.042%, 8/15/2022^g,h		497,264
	237,163	1.038%, 4/25/2023^g,h		236,915
	450,000	1.492%, 5/17/2027^g,h		449,183
		Sofi Consumer Loan Program, LLC
	700,000	3.260%, 8/25/2025^g		703,719
		SoFi Professional Loan Program, LLC
	757,506	2.420%, 3/25/2030^g		756,801
		U.S. Small Business Administration
	509,816	3.191%, 3/10/2024		537,517
		Vericrest Opportunity Loan Transferee
	1,287,361	3.375%, 10/25/2058*^,i		1,273,846
	402,427	3.500%, 2/25/2055*^,i		400,171
		Vericrest Opportunity Loan Trust
	1,181,468	4.250%, 3/26/2046*^,i		1,189,410
		Volvo Financial Equipment, LLC
	606,761	0.820%, 4/16/2018^g		605,640

		Total		31,123,143

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

Moderately Aggresive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Basic Materials (0.1%)
		Albemarle Corporation
$	105,000	3.000%, 12/1/2019	$	106,420
		Anglo American plc
	772,000	3.625%, 5/14/2020^f,g		742,085
		ArcelorMittal SA
	670,000	6.500%, 3/1/2021^f		688,425
		First Quantum Minerals, Ltd.
	355,000	6.750%, 2/15/2020^g		296,425
	355,000	7.000%, 2/15/2021^g		285,331
		Georgia-Pacific, LLC
	245,000	2.539%, 11/15/2019^g		250,905
		Glencore Funding, LLC
	180,000	1.693%, 4/16/2018^g,h		172,800
		NOVA Chemicals Corporation
	1,100,000	5.250%, 8/1/2023^g		1,105,500
		Novelis, Inc.
	365,000	8.375%, 12/15/2017		373,213
	500,000	8.750%, 12/15/2020		521,250
		Yamana Gold, Inc.
	325,000	4.950%, 7/15/2024		319,735

		Total		4,862,089


	Capital Goods (0.3%)
		AECOM
	920,000	5.875%, 10/15/2024		943,000
		Aircastle, Ltd.
	845,000	5.000%, 4/1/2023		858,689
		Ball Corporation
	560,000	4.375%, 12/15/2020		589,050
		Building Materials Corporation of America
	660,000	6.000%, 10/15/2025^g		689,700
		Case New Holland, Inc.
	450,000	7.875%, 12/1/2017		483,750
		Cemex Finance, LLC
	900,000	9.375%, 10/12/2022^g		990,000
		CNH Industrial Capital, LLC
	370,000	4.375%, 11/6/2020^f		373,700
		Crown Americas Capital Corporation IV
	670,000	4.500%, 1/15/2023		683,400
		Fortive Corporation
	370,000	1.800%, 6/15/2019^g		372,374
	270,000	4.300%, 6/15/2046^g		286,901
		General Electric Company
	607,000	5.000%, 12/29/2049^j		644,027
		HD Supply, Inc.
	860,000	5.750%, 4/15/2024^g		894,400
		Huntington Ingalls Industries, Inc.
	850,000	5.000%, 12/15/2021^g		889,312
		L-3 Communications Corporation
	455,000	3.950%, 5/28/2024		478,723
		Lockheed Martin Corporation
	389,000	2.500%, 11/23/2020		401,396
	448,000	4.500%, 5/15/2036		500,063
		Newell Rubbermaid, Inc.
	224,000	2.600%, 3/29/2019		229,865
	336,000	5.500%, 4/1/2046		399,748
		Northrop Grumman Corporation
	350,000	3.850%, 4/15/2045		364,363
		Owens-Brockway Glass Container, Inc.
	960,000	5.000%, 1/15/2022^g		961,200
		Pentair Finance SA
	295,000	2.900%, 9/15/2018		297,988
		Republic Services, Inc.
	335,000	2.900%, 7/1/2026^d		339,747
		Reynolds Group Issuer, Inc.
	629,634	5.750%, 10/15/2020		650,097
		Roper Industries, Inc.
	601,000	2.050%, 10/1/2018		608,297
		Standard Industries, Inc.
	415,000	5.500%, 2/15/2023^g		424,338
		Textron, Inc.
	150,000	5.600%, 12/1/2017		157,727
	400,000	7.250%, 10/1/2019		459,962
		United Rentals North America, Inc.
	1,340,000	5.500%, 7/15/2025		1,319,900
		Waste Management, Inc.
	90,000	3.125%, 3/1/2025		94,104

		Total		16,385,821


	Collateralized Mortgage Obligations (0.7%)
		Alm Loan Funding CLO
	385,000	2.063%, 10/17/2026*^,h		382,549
		Apidos CLO XVIII
	375,000	2.047%, 7/22/2026*^,h		374,264
		Babson CLO, Ltd.
	385,000	2.023%, 10/17/2026*^,h		382,547
		BCAP, LLC Trust
	1,045,263	0.633%, 3/25/2037^h		876,291
		Birchwood Park CLO, Ltd.
	385,000	2.068%, 7/15/2026*^,h		383,750
		BlueMountain CLO, Ltd.
	385,000	2.108%, 10/15/2026*^,h		384,709
		Carlyle Global Market Strategies CLO, Ltd.
	385,000	1.934%, 7/20/2023*^,h		383,554
	400,000	2.128%, 10/15/2026*^,h		399,389
		Cent CLO 16, LP
	385,000	1.887%, 8/1/2024*^,h		383,147
		Cent CLO 22, Ltd.
	400,000	2.112%, 11/7/2026*^,h		396,173
		Citigroup Mortgage Loan Trust, Inc.
	385,933	5.500%, 11/25/2035		366,637
		CitiMortgage Alternative Loan Trust
	1,299,243	5.750%, 4/25/2037		1,094,389
		Countrywide Alternative Loan Trust
	493,227	2.649%, 10/25/2035		385,945
	365,346	6.500%, 8/25/2036		227,375
	249,979	6.000%, 1/25/2037		220,124
	1,204,419	5.500%, 5/25/2037		963,253
	1,121,270	7.000%, 10/25/2037		692,416
		Countrywide Home Loans, Inc.
	477,760	5.750%, 4/25/2037		402,673
		Deutsche Alt-A Securities Mortgage Loan Trust
	356,774	6.000%, 10/25/2021		310,338
		Dryden 34 Senior Loan Fund CLO
	385,000	2.058%, 10/15/2026*^,h		383,616

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

Moderately Aggresive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Collateralized Mortgage Obligations (0.7%) - continued
		Federal Home Loan Mortgage Corporation
$	2,782,832	4.000%, 7/15/2031^k	$	256,710
	1,359,250	3.000%, 2/15/2033^k		159,364
		Federal National Mortgage Association
	2,747,943	3.500%, 1/25/2033^k		352,979
		Galaxy XX CLO, Ltd.
	1,200,000	2.084%, 7/20/2027*^,h		1,189,378
		J.P. Morgan Mortgage Trust
	834,457	2.708%, 10/25/2036		749,305
	1,192,873	0.833%, 1/25/2037^h		623,748
	1,421,701	6.250%, 8/25/2037		1,066,193
		Limerock CLO III, LLC
	1,150,000	2.164%, 10/20/2026*^,h		1,119,695
		Madison Park Funding XIV CLO, Ltd.
	425,000	2.084%, 7/20/2026*^,h		424,208
		Madison Park Funding, Ltd.
	1,100,000	1.916%, 8/15/2022*^,h		1,095,744
		Magnetite XII, Ltd.
	1,200,000	2.128%, 4/15/2027*^,h		1,191,726
		MASTR Alternative Loans Trust
	315,364	6.500%, 7/25/2034		317,807
	725,854	0.903%, 12/25/2035^h		333,824
		Merrill Lynch Alternative Note Asset Trust
	300,690	6.000%, 3/25/2037		235,858
		Mountain View CLO, Ltd.
	1,200,000	2.088%, 7/15/2027*^,h		1,185,038
		Neuberger Berman CLO, Ltd.
	300,000	2.107%, 8/4/2025*^,h		299,197
		NZCG Funding CLO, Ltd.
	1,200,000	2.184%, 4/27/2027*^,h		1,192,310
		Octagon Investment Partners XX CLO, Ltd.
	385,000	2.068%, 8/12/2026*^,h		383,385
		OHA Loan Funding, Ltd.
	1,150,000	2.164%, 10/20/2026*^,h		1,149,560
		Pretium Mortgage Credit Partners, LLC
	2,131,062	4.375%, 11/27/2030*		2,136,606
		Residential Asset Securitization Trust
	1,147,031	0.833%, 8/25/2037^h		303,699
		Sequoia Mortgage Trust
	748,232	3.018%, 9/20/2046		598,251
		Shackleton VII CLO, Ltd.
	1,200,000	2.168%, 4/15/2027*^,h		1,193,858
		Symphony CLO VIII, Ltd.
	368,053	1.729%, 1/9/2023*^,h		367,240
		Symphony CLO XV, Ltd.
	1,150,000	2.083%, 10/17/2026*^,h		1,144,525
		TBW Mortgage-Backed Trust
	3,291,612	5.965%, 7/25/2037		2,058,971
		Voya CLO 3, Ltd.
	385,000	2.058%, 7/25/2026*^,h		383,349
		WaMu Mortgage Pass Through Certificates
	203,755	2.471%, 9/25/2036		183,670
	397,024	2.484%, 10/25/2036		343,464
	2,758,993	2.204%, 11/25/2036		2,428,474
	1,648,602	1.397%, 9/25/2046^h		1,356,898
		Washington Mutual Mortgage Pass Through Certificates
	1,932,493	1.187%, 2/25/2047^h		1,355,944
	1,042,279	7.000%, 2/25/2036		750,732

		Total		37,324,849


	Commercial Mortgage-Backed Securities (0.4%)
		Commercial Mortgage Pass-Through Certificates
	780,000	1.498%, 6/8/2030^g,h		779,512
		Credit Suisse First Boston Mortgage Securities
	2,800,000	5.542%, 1/15/2049		2,833,874
		Credit Suisse Mortgage Capital Certificates
	1,135,986	5.509%, 9/15/2039		1,135,410
		Federal National Mortgage Association
	142,456	1.272%, 1/25/2017		142,482
		Greenwich Capital Commercial Funding Corporation
	1,750,000	5.867%, 12/10/2049		1,810,292
		GS Mortgage Securities Trust
	2,450,000	3.666%, 9/10/2047		2,669,175
	1,825,000	3.734%, 11/10/2048		2,017,316
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	1,300,000	5.887%, 2/12/2049		1,323,531
		JPMBB Commercial Mortgage Securities Trust
	1,175,000	3.231%, 1/15/2048		1,243,407
		Morgan Stanley Bank of America Merrill Lynch Trust
	1,650,000	3.635%, 10/15/2048		1,799,727
		Morgan Stanley Capital, Inc.
	900,000	5.406%, 3/15/2044		917,267
		SCG Trust
	425,000	1.842%, 11/15/2026^g,h		424,361
		UBS Commercial Mortgage Trust
	2,150,000	3.400%, 5/10/2045		2,307,681
		WFRBS Commercial Mortgage Trust
	1,200,000	2.870%, 11/15/2045		1,256,735

		Total		20,660,770


	Communications Services (0.8%)
		21st Century Fox America, Inc.
	460,000	6.900%, 3/1/2019		523,376
		Altice Financing SA
	770,000	6.625%, 2/15/2023^g		756,040
		Altice US Finance I Corporation
	910,000	5.500%, 5/15/2026^g		910,000
		AMC Networks, Inc.
	1,335,000	5.000%, 4/1/2024		1,321,483
		America Movil SAB de CV
	425,000	1.656%, 9/12/2016^h		425,106
	288,000	5.000%, 10/16/2019		317,053
		American Tower Corporation
	50,000	2.800%, 6/1/2020		51,166
	560,000	3.300%, 2/15/2021		584,193
	295,000	3.450%, 9/15/2021		307,054

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

Moderately Aggresive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Communications Services (0.8%) - continued
		AT&T, Inc.
$	212,000	5.875%, 10/1/2019	$	239,833
	165,000	1.561%, 6/30/2020^h		164,354
	349,000	3.875%, 8/15/2021		375,987
	275,000	3.000%, 6/30/2022		281,620
	784,000	6.350%, 3/15/2040		941,239
	355,000	5.550%, 8/15/2041		397,730
	450,000	5.150%, 3/15/2042		485,533
	275,000	4.750%, 5/15/2046		281,840
		British Sky Broadcasting Group plc
	320,000	2.625%, 9/16/2019^g		325,596
		CCO Holdings, LLC
	900,000	5.875%, 4/1/2024^g		933,750
		CenturyLink, Inc.
	775,000	6.450%, 6/15/2021		787,594
	175,000	7.500%, 4/1/2024		176,531
		Charter Communications Operating, LLC
	452,000	6.834%, 10/23/2055^g		537,434
	288,000	3.579%, 7/23/2020^g		301,088
	448,000	4.908%, 7/23/2025^g		489,799
		Clear Channel Worldwide Holdings, Inc.
	995,000	6.500%, 11/15/2022		995,000
		Columbus International, Inc.
	895,000	7.375%, 3/30/2021^g		945,120
		Comcast Corporation
	360,000	2.750%, 3/1/2023		377,013
	960,000	4.400%, 8/15/2035		1,082,877
	140,000	4.650%, 7/15/2042		160,652
	677,000	4.750%, 3/1/2044		789,398
		Cox Communications, Inc.
	184,000	9.375%, 1/15/2019^g		214,354
		Crown Castle International Corporation
	521,000	3.400%, 2/15/2021		543,890
	931,000	5.250%, 1/15/2023		1,044,638
	200,000	3.700%, 6/15/2026		206,338
		Digicel, Ltd.
	1,295,000	6.000%, 4/15/2021*		1,110,074
		Dish DBS Corporation
	875,000	5.875%, 7/15/2022		850,938
		FairPoint Communications, Inc.
	685,000	8.750%, 8/15/2019^g		674,725
		Frontier Communications Corporation
	1,090,000	8.875%, 9/15/2020		1,163,575
		Hughes Satellite Systems Corporation
	567,000	6.500%, 6/15/2019		612,360
		Level 3 Communications, Inc.
	920,000	5.375%, 1/15/2024		923,450
		Level 3 Financing, Inc.
	335,000	5.375%, 5/1/2025		332,488
		Neptune Finco Corporation
	225,000	10.875%, 10/15/2025^g		257,202
		Numericable-SFR SA
	1,165,000	6.000%, 5/15/2022^g		1,132,963
		Omnicom Group, Inc.
	224,000	3.600%, 4/15/2026		235,924
		Quebecor Media, Inc.
	610,000	5.750%, 1/15/2023		619,150
		S&P Global, Inc.
	448,000	3.300%, 8/14/2020		468,759
		SES Global Americas Holdings GP
	365,000	2.500%, 3/25/2019^g		367,847
		Sprint Communications, Inc.
	650,000	9.000%, 11/15/2018^g		692,250
		Sprint Corporation
	640,000	7.625%, 2/15/2025		506,400
		Telefonica Emisiones SAU
	244,000	3.192%, 4/27/2018		250,534
		Time Warner Entertainment Company, LP
	459,000	8.375%, 3/15/2023		598,651
		Time Warner, Inc.
	968,000	3.600%, 7/15/2025		1,024,284
	265,000	6.250%, 3/29/2041		333,491
		T-Mobile USA, Inc.
	1,040,000	6.125%, 1/15/2022		1,090,700
		Unitymedia Hessen GmbH & Company KG
	385,000	5.500%, 1/15/2023^g		386,925
		Univision Communications, Inc.
	450,000	5.125%, 5/15/2023^g		446,625
	200,000	5.125%, 2/15/2025^g		197,750
		UPCB Finance V, Ltd.
	567,000	7.250%, 11/15/2021^g		591,098
		Verizon Communications, Inc.
	350,000	1.426%, 6/17/2019^h		351,771
	1,025,000	3.000%, 11/1/2021		1,076,634
	1,008,000	5.150%, 9/15/2023		1,173,943
	78,000	5.050%, 3/15/2034		86,572
	319,000	4.272%, 1/15/2036		326,469
	748,000	4.522%, 9/15/2048		778,893

		Total		36,937,124


	Consumer Cyclical (0.5%)
		Automatic Data Processing, Inc.
	100,000	3.375%, 9/15/2025		108,742
		Cinemark USA, Inc.
	1,130,000	4.875%, 6/1/2023		1,118,700
		CVS Health Corporation
	110,000	2.250%, 8/12/2019		112,968
	870,000	4.875%, 7/20/2035		1,038,698
	360,000	5.125%, 7/20/2045		446,607
		Delphi Automotive plc
	560,000	3.150%, 11/19/2020		576,017
		eBay, Inc.
	225,000	2.500%, 3/9/2018		229,106
		Ford Motor Company
	205,000	7.450%, 7/16/2031		274,877
		Ford Motor Credit Company, LLC
	1,036,000	5.000%, 5/15/2018		1,097,677
	450,000	2.943%, 1/8/2019		463,117
		General Motors Company
	220,000	6.600%, 4/1/2036		252,276
	429,000	6.250%, 10/2/2043		476,556
		General Motors Financial Company, Inc.
	630,000	3.250%, 5/15/2018		643,059
	332,000	3.700%, 11/24/2020		341,100
	224,000	4.200%, 3/1/2021		234,338

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

Moderately Aggresive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Consumer Cyclical (0.5%) - continued
$	385,000	4.300%, 7/13/2025	$	395,004
		GLP Capital, LP
	610,000	4.375%, 4/15/2021		628,300
		Goodyear Tire & Rubber Company
	985,000	5.125%, 11/15/2023		1,017,013
		Hilton Worldwide Finance, LLC
	1,100,000	5.625%, 10/15/2021		1,138,500
		Home Depot, Inc.
	184,000	2.625%, 6/1/2022		192,563
	280,000	3.000%, 4/1/2026		297,576
		Hyundai Capital America
	336,000	2.400%, 10/30/2018^g		340,693
	336,000	3.000%, 10/30/2020^g		347,545
		Jaguar Land Rover Automotive plc
	630,000	5.625%, 2/1/2023^g		654,412
		KB Home
	503,000	4.750%, 5/15/2019		504,257
		L Brands, Inc.
	630,000	5.625%, 2/15/2022		677,880
		Lennar Corporation
	630,000	4.125%, 12/1/2018		636,300
	660,000	4.875%, 12/15/2023		661,650
		Live Nation Entertainment, Inc.
	200,000	5.375%, 6/15/2022^g		205,500
		McDonald’s Corporation
	335,000	2.750%, 12/9/2020		349,741
		MGM Resorts International
	915,000	6.000%, 3/15/2023^f		965,325
		MGP Escrow Issuer, LLC
	758,000	5.625%, 5/1/2024^g		801,585
		PulteGroup, Inc.
	940,000	4.250%, 3/1/2021		969,140
		Rite Aid Corporation
	880,000	6.125%, 4/1/2023^g		939,400
		Six Flags Entertainment Corporation
	920,000	5.250%, 1/15/2021^g		948,750
		Toll Brothers Finance Corporation
	100,000	8.910%, 10/15/2017		108,500
	186,000	4.000%, 12/31/2018		192,789
		West Corporation
	1,065,000	5.375%, 7/15/2022^g		990,450
		ZF North America Capital, Inc.
	970,000	4.500%, 4/29/2022^g		983,338

		Total		22,360,049


	Consumer Non-Cyclical (0.8%)
		AbbVie, Inc.
	315,000	2.500%, 5/14/2020		322,032
	540,000	3.600%, 5/14/2025		565,828
	560,000	4.450%, 5/14/2046		567,863
		Actavis Funding SCS
	336,000	3.800%, 3/15/2025		350,054
	675,000	4.550%, 3/15/2035		693,712
	1,008,000	4.850%, 6/15/2044		1,061,557
		Altria Group, Inc.
	925,000	2.850%, 8/9/2022		968,871
		Amgen, Inc.
	150,000	2.125%, 5/1/2020		152,369
	224,000	2.700%, 5/1/2022		230,526
	300,000	3.125%, 5/1/2025		312,969
		Anheuser-Busch InBev Finance, Inc.
	240,000	1.897%, 2/1/2021^h		247,278
	1,234,000	3.650%, 2/1/2026		1,321,918
	1,120,000	4.700%, 2/1/2036		1,258,575
	560,000	4.900%, 2/1/2046		656,232
		Aramark Services, Inc.
	680,000	4.750%, 6/1/2026^g		666,400
		B&G Foods, Inc.
	480,000	4.625%, 6/1/2021		480,000
		BAT International Finance plc
	220,000	1.163%, 6/15/2018^g,h		219,580
		Becton, Dickinson and Company
	577,000	6.375%, 8/1/2019		657,185
		Biogen, Inc.
	210,000	3.625%, 9/15/2022		222,917
		Boston Scientific Corporation
	200,000	6.000%, 1/15/2020		227,676
	325,000	3.850%, 5/15/2025		343,770
		BRF SA
	294,000	4.750%, 5/22/2024^g		291,795
		Bunge Limited Finance Corporation
	282,000	8.500%, 6/15/2019		329,735
	305,000	3.500%, 11/24/2020		319,706
		Cardinal Health, Inc.
	120,000	1.950%, 6/15/2018		121,391
	138,000	4.900%, 9/15/2045		153,805
		Celgene Corporation
	495,000	2.875%, 8/15/2020		511,894
	120,000	3.550%, 8/15/2022		125,721
	495,000	5.000%, 8/15/2045		545,163
		Centene Escrow Corporation
	900,000	5.625%, 2/15/2021^g		938,250
		CHS/Community Health Systems, Inc.
	975,000	7.125%, 7/15/2020^f		903,913
		Church & Dwight Company, Inc.
	140,000	2.450%, 12/15/2019		142,382
		Cigna Corporation
	215,000	5.375%, 2/15/2042		254,463
		ConAgra Foods, Inc.
	168,000	7.125%, 10/1/2026		218,295
		EMD Finance, LLC
	235,000	1.006%, 3/17/2017^g,h		234,862
	280,000	2.950%, 3/19/2022^g		286,875
		Energizer Holdings, Inc.
	820,000	5.500%, 6/15/2025^g		815,900
		Envision Healthcare Corporation
	970,000	5.125%, 7/1/2022^g		974,850
		Express Scripts Holding Company
	224,000	3.900%, 2/15/2022		240,055
	525,000	4.500%, 2/25/2026		576,788
	90,000	3.400%, 3/1/2027		89,886
		Fresenius Medical Care US Finance II, Inc.
	630,000	5.875%, 1/31/2022^g		690,637
		Gilead Sciences, Inc.
	120,000	2.550%, 9/1/2020		124,691
		Grifols Worldwide Operations, Ltd.
	790,000	5.250%, 4/1/2022		803,825
		H. J. Heinz Company
	350,000	3.500%, 7/15/2022^g		371,721

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

Moderately Aggresive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Consumer Non-Cyclical (0.8%) - continued
		HCA, Inc.
$	670,000	3.750%, 3/15/2019	$	693,450
	585,000	5.250%, 6/15/2026		607,303
		Imperial Tobacco Finance plc
	450,000	2.950%, 7/21/2020^g		463,402
		JBS USA, LLC
	670,000	5.750%, 6/15/2025^g		629,800
		Kraft Foods Group, Inc.
	448,000	5.000%, 6/4/2042		515,071
		Laboratory Corporation of America Holdings
	165,000	2.625%, 2/1/2020		168,529
		LifePoint Health, Inc.
	750,000	5.500%, 12/1/2021		781,875
	250,000	5.375%, 5/1/2024^g		250,625
		McKesson Corporation
	448,000	3.796%, 3/15/2024		485,047
	225,000	4.883%, 3/15/2044		256,589
		Mead Johnson Nutrition Company
	200,000	3.000%, 11/15/2020		208,936
		Medco Health Solutions, Inc.
	176,000	7.125%, 3/15/2018		192,150
		Medtronic plc
	1,085,000	4.375%, 3/15/2035		1,227,287
		Merck & Company, Inc.
	175,000	1.005%, 2/10/2020^h		175,064
	88,000	3.700%, 2/10/2045		93,251
		Mondelez International, Inc.
	247,000	1.157%, 2/1/2019^h		246,601
		Mylan NV
	450,000	3.000%, 12/15/2018^g		460,711
	175,000	3.750%, 12/15/2020^g		182,451
	650,000	3.150%, 6/15/2021^g		659,326
		PepsiCo, Inc.
	450,000	2.850%, 2/24/2026		471,233
		Pernod Ricard SA
	400,000	3.250%, 6/8/2026^g		409,393
		Perrigo Finance Unlimited Company
	675,000	3.500%, 3/15/2021		698,435
		Reynolds American, Inc.
	235,000	2.300%, 8/21/2017		237,855
	672,000	5.700%, 8/15/2035		818,378
		Roche Holdings, Inc.
	336,000	4.000%, 11/28/2044^g		382,754
		SABMiller Holdings, Inc.
	184,000	3.750%, 1/15/2022^g		197,292
		Safeway, Inc.
	10,000	3.400%, 12/1/2016		9,975
		Spectrum Brands Escrow Corporation
	300,000	6.375%, 11/15/2020		313,125
		Spectrum Brands, Inc.
	470,000	5.750%, 7/15/2025		489,388
		Tenet Healthcare Corporation
	1,255,000	8.125%, 4/1/2022		1,286,124
		Thermo Fisher Scientific, Inc.
	168,000	3.000%, 4/15/2023		171,507
		TreeHouse Foods, Inc.
	450,000	4.875%, 3/15/2022		459,000
		UnitedHealth Group, Inc.
	1,010,000	4.625%, 7/15/2035		1,173,011
	1,495,000	6.125%, 4/15/2025^g		1,199,737

		Total		38,208,590


	Energy (0.4%)
		Anadarko Petroleum Corporation
	320,000	4.850%, 3/15/2021		339,396
		Antero Resources Corporation
	240,000	5.125%, 12/1/2022		230,400
	500,000	5.625%, 6/1/2023		485,000
		Boardwalk Pipelines, Ltd.
	310,000	5.875%, 11/15/2016		314,292
	220,000	5.950%, 6/1/2026		231,092
		BP Capital Markets plc
	452,000	3.062%, 3/17/2022		467,034
	665,000	3.535%, 11/4/2024		700,728
	120,000	3.119%, 5/4/2026		122,576
		Buckeye Partners, LP
	288,000	2.650%, 11/15/2018		292,065
		Canadian Natural Resources, Ltd.
	585,000	3.450%, 11/15/2021		584,820
		CNOOC Nexen Finance
	345,000	1.625%, 4/30/2017		345,564
		CNPC General Capital, Ltd.
	192,000	2.750%, 4/19/2017^g		194,064
		Columbia Pipeline Group, Inc.
	450,000	2.450%, 6/1/2018		451,451
		Concho Resources, Inc.
	625,000	6.500%, 1/15/2022		639,844
	629,634	5.500%, 10/1/2022		632,782
		ConocoPhillips Company
	280,000	4.200%, 3/15/2021		303,167
	336,000	5.950%, 3/15/2046		418,065
		Crestwood Midstream Partners, LP
	400,000	6.125%, 3/1/2022		370,000
		Devon Energy Corporation
	340,000	3.250%, 5/15/2022^f		329,730
	224,000	5.850%, 12/15/2025		247,091
		Ecopetrol SA
	220,000	5.875%, 9/18/2023		226,600
		Enbridge Energy Partners, LP
	560,000	4.375%, 10/15/2020		574,727
		Enbridge, Inc.
	245,000	1.136%, 6/2/2017^f,h		240,717
		Energy Transfer Partners, LP
	914,000	4.650%, 6/1/2021		943,689
	265,000	4.900%, 3/15/2035		234,119
		Enterprise Products Operating, LLC
	300,000	5.250%, 1/31/2020		333,409
	172,000	5.100%, 2/15/2045		188,239
		EQT Corporation
	162,000	5.150%, 3/1/2018		165,409
	118,000	8.125%, 6/1/2019		130,000
	250,000	4.875%, 11/15/2021		265,830
		Exxon Mobil Corporation
	180,000	4.114%, 3/1/2046		203,007
		Kinder Morgan, Inc.
	225,000	5.550%, 6/1/2045		228,618
		Magellan Midstream Partners, LP
	315,000	5.000%, 3/1/2026		356,339

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

Moderately Aggresive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Energy (0.4%) - continued
$	90,000	4.200%, 3/15/2045	$	82,256
		Marathon Oil Corporation
	460,000	2.700%, 6/1/2020		433,178
		Marathon Petroleum Corporation
	165,000	3.400%, 12/15/2020		170,569
	176,000	4.750%, 9/15/2044		150,080
		MEG Energy Corporation
	630,000	6.500%, 3/15/2021^g		488,250
		Newfield Exploration Company
	850,000	5.625%, 7/1/2024		850,000
		Noble Energy, Inc.
	202,000	5.625%, 5/1/2021		210,421
		Petrobras International Finance Company
	448,000	5.750%, 1/20/2020		432,813
		Petroleos Mexicanos
	324,000	5.500%, 2/4/2019^g		340,524
	189,000	2.378%, 4/15/2025		195,088
		Pioneer Natural Resources Company
	121,000	3.450%, 1/15/2021		124,942
	225,000	4.450%, 1/15/2026		245,137
		Regency Energy Partners, LP
	670,000	5.000%, 10/1/2022		687,487
		Rice Energy, Inc.
	750,000	6.250%, 5/1/2022		744,375
		Sabine Pass Liquefaction, LLC
	670,000	5.625%, 3/1/2025		667,487
		Schlumberger Holdings Corporation
	165,000	3.000%, 12/21/2020^g		172,088
		Shell International Finance BV
	165,000	1.080%, 5/11/2020^h		162,835
		Suncor Energy, Inc.
	270,000	3.600%, 12/1/2024		283,953
		Sunoco Logistics Partners Operations, LP
	760,000	4.400%, 4/1/2021		800,889
		Targa Resources Partners, LP
	540,000	6.625%, 10/1/2020		550,800
		Weatherford International, Ltd.
	680,000	8.250%, 6/15/2023^f		646,000

		Total		20,229,036


	Financials (1.3%)
		ABN AMRO Bank NV
	450,000	4.750%, 7/28/2025^g		467,136
		ACE INA Holdings, Inc.
	448,000	2.300%, 11/3/2020		460,605
	335,000	4.350%, 11/3/2045		385,391
		AerCap Ireland Capital, Ltd.
	220,000	3.750%, 5/15/2019		221,650
	925,000	5.000%, 10/1/2021		962,000
		Aetna, Inc.
	350,000	2.400%, 6/15/2021		357,099
	480,000	2.800%, 6/15/2023		490,322
	225,000	3.200%, 6/15/2026		231,485
	345,000	4.250%, 6/15/2036		356,445
		Air Lease Corporation
	220,000	2.125%, 1/15/2018		218,900
	90,000	2.625%, 9/4/2018		89,981
		Ally Financial, Inc.
	440,000	3.750%, 11/18/2019		441,100
	475,000	4.125%, 3/30/2020		476,187
		American Express Credit Corporation
	350,000	1.197%, 3/18/2019^h		348,361
		American International Group, Inc.
	150,000	3.300%, 3/1/2021		154,966
	336,000	4.125%, 2/15/2024		354,457
	150,000	3.900%, 4/1/2026		154,580
		Aon plc
	168,000	3.875%, 12/15/2025		177,196
		Argos Merger Sub, Inc.
	1,080,000	7.125%, 3/15/2023^g		1,112,400
		Avalonbay Communities, Inc.
	500,000	3.500%, 11/15/2025		526,268
		Aviation Capital Group Corporation
	132,000	3.875%, 9/27/2016^g		132,189
		Banco Santander Chile
	435,000	1.529%, 4/11/2017^g,h		434,456
		Bank of America Corporation
	370,000	1.717%, 3/22/2018^h		371,936
	295,000	1.495%, 4/1/2019^h		294,362
	350,000	2.625%, 10/19/2020		355,578
	595,000	3.300%, 1/11/2023		612,342
	448,000	4.000%, 4/1/2024		478,147
	450,000	4.000%, 1/22/2025		458,690
	336,000	3.500%, 4/19/2026		347,218
	561,000	5.875%, 2/7/2042		708,130
	448,000	8.000%, 12/29/2049^j		445,200
		Bank of New York Mellon Corporation
	560,000	2.500%, 4/15/2021		580,283
		Bank of Tokyo-Mitsubishi UFJ, Ltd.
	145,000	2.850%, 9/8/2021^g		149,380
		Barclays Bank plc
	112,000	10.179%, 6/12/2021^g		141,011
		Barclays plc
	264,000	2.750%, 11/8/2019		262,137
	448,000	3.650%, 3/16/2025		430,783
		BB&T Corporation
	150,000	1.343%, 1/15/2020^h		148,830
		BBVA Banco Continental SA
	350,000	2.250%, 7/29/2016^g		349,237
		Berkshire Hathaway, Inc.
	280,000	2.750%, 3/15/2023		289,305
		BPCE SA
	258,000	5.700%, 10/22/2023^g		276,721
		Caisse Centrale Desjardins du Quebec
	210,000	1.303%, 1/29/2018^g,h		209,438
		Capital One Financial Corporation
	321,000	6.150%, 9/1/2016		323,497
	235,000	2.450%, 4/24/2019		238,610
		CIT Group, Inc.
	905,000	5.000%, 8/15/2022		920,837
		Citigroup, Inc.
	245,000	1.401%, 4/8/2019^h		244,075
	368,000	2.650%, 10/26/2020		374,485
	450,000	2.700%, 3/30/2021		458,007
	244,000	4.050%, 7/30/2022		257,077
	685,000	4.400%, 6/10/2025		716,242
	925,000	4.650%, 7/30/2045		1,016,509
		Citizens Bank NA
	625,000	2.300%, 12/3/2018		633,179

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

Moderately Aggresive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Financials (1.3%) - continued
		CoBank ACB
$	120,000	1.253%, 6/15/2022^h	$	111,606
		Compass Bank
	30,000	2.750%, 9/29/2019		29,627
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	228,000	3.950%, 11/9/2022		235,793
		Credit Agricole SA
	290,000	1.428%, 4/15/2019^g,h		288,999
		Credit Suisse AG
	231,000	5.400%, 1/14/2020		250,769
		Credit Suisse Group Funding Guernsey, Ltd.
	375,000	4.550%, 4/17/2026^g		389,017
		Credit Suisse Group Funding, Ltd.
	672,000	2.750%, 3/26/2020		663,467
	448,000	3.750%, 3/26/2025		438,482
		CyrusOne, LP
	630,000	6.375%, 11/15/2022		655,200
		Deutsche Bank AG
	675,000	3.375%, 5/12/2021		677,323
		Digital Realty Trust LP
	280,000	3.400%, 10/1/2020		291,030
		Discover Bank
	510,000	8.700%, 11/18/2019		600,532
		Discover Financial Services
	188,000	6.450%, 6/12/2017		195,490
		Duke Realty, LP
	88,000	3.875%, 2/15/2021		93,091
	264,000	4.375%, 6/15/2022		286,857
		ERP Operating, LP
	90,000	3.375%, 6/1/2025		94,928
		European Investment Bank
	445,000	1.875%, 3/15/2019		455,733
		Fifth Third Bancorp
	286,000	5.450%, 1/15/2017		292,368
	148,000	2.875%, 7/27/2020		154,240
	145,000	2.875%, 10/1/2021		149,769
		GE Capital International Funding Company
	919,000	4.418%, 11/15/2035^g		1,030,738
		Genworth Financial, Inc.
	248,000	7.700%, 6/15/2020		220,720
		Goldman Sachs Group, Inc.
	390,000	1.838%, 4/30/2018^h		392,025
	205,000	1.726%, 11/15/2018^h		205,500
	909,000	5.375%, 3/15/2020		1,011,098
	210,000	1.798%, 4/23/2020^h		209,388
	896,000	5.250%, 7/27/2021		1,011,120
	224,000	3.500%, 1/23/2025		230,162
	400,000	4.800%, 7/8/2044		442,794
	184,000	5.150%, 5/22/2045		191,960
	390,000	4.750%, 10/21/2045		429,891
		Hartford Financial Services Group, Inc.
	544,000	5.125%, 4/15/2022		618,688
		HBOS plc
	558,000	6.750%, 5/21/2018^g		598,512
		HCP, Inc.
	705,000	4.000%, 12/1/2022		731,932
	176,000	3.400%, 2/1/2025		170,179
		HSBC Bank plc
	495,000	1.266%, 5/15/2018^g,h		492,898
		HSBC Holdings plc
	450,000	3.400%, 3/8/2021		463,691
	350,000	3.600%, 5/25/2023		357,690
	425,000	3.900%, 5/25/2026		437,247
	336,000	6.375%, 12/29/2049^j		320,040
	450,000	6.875%, 12/29/2049^j		447,750
		Huntington Bancshares, Inc.
	66,000	2.600%, 8/2/2018		67,264
		Huntington National Bank
	250,000	2.200%, 11/6/2018		253,061
		Icahn Enterprises, LP
	625,000	6.000%, 8/1/2020		617,187
		ING Capital Funding Trust III
	265,000	4.231%, 12/29/2049^h,j		257,381
		Intesa Sanpaolo SPA
	450,000	5.250%, 1/12/2024		478,952
		J.P. Morgan Chase & Company
	326,000	6.300%, 4/23/2019		366,461
	165,000	2.250%, 1/23/2020		167,269
	560,000	4.500%, 1/24/2022		623,193
	336,000	3.200%, 1/25/2023		348,273
	575,000	2.700%, 5/18/2023		580,848
	352,000	3.625%, 5/13/2024		373,773
	690,000	3.125%, 1/23/2025		705,408
	360,000	3.300%, 4/1/2026		372,537
	582,000	7.900%, 4/29/2049^j		593,640
		KeyBank NA
	365,000	2.350%, 3/8/2019		372,818
		KeyCorp
	300,000	2.900%, 9/15/2020		310,286
		Liberty Mutual Group, Inc.
	445,000	4.950%, 5/1/2022^g		491,757
		Liberty Property, LP
	618,000	3.750%, 4/1/2025		636,986
		Lincoln National Corporation
	336,000	7.000%, 6/15/2040		432,695
		Lloyds Bank plc
	235,000	1.175%, 3/16/2018^h		233,733
	225,000	4.650%, 3/24/2026		227,838
		Merrill Lynch & Company, Inc.
	675,000	6.400%, 8/28/2017		712,236
		MetLife, Inc.
	355,000	4.050%, 3/1/2045		349,713
		Mizuho Bank, Ltd.
	282,000	1.850%, 3/21/2018^g		284,001
		Morgan Stanley
	1,018,000	6.625%, 4/1/2018		1,103,281
	260,000	1.918%, 4/25/2018^h		262,511
	210,000	1.774%, 1/27/2020^h		210,811
	280,000	2.500%, 4/21/2021		282,929
	155,000	4.875%, 11/1/2022		169,734
	275,000	4.000%, 7/23/2025		294,467
	540,000	4.350%, 9/8/2026		564,903
	220,000	4.300%, 1/27/2045		231,560
	560,000	5.550%, 12/29/2049^f,j		554,736
		MPT Operating Partnership, LP
	725,000	6.375%, 3/1/2024		772,125
	450,000	5.500%, 5/1/2024		461,250

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

Moderately Aggresive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Financials (1.3%) - continued
		Nasdaq, Inc.
$	295,000	3.850%, 6/30/2026	$	299,725
		National City Corporation
	288,000	6.875%, 5/15/2019		324,620
		Prudential Financial, Inc.
	145,000	2.350%, 8/15/2019		147,702
		Quicken Loans, Inc.
	980,000	5.750%, 5/1/2025^g		945,700
		Realty Income Corporation
	58,000	2.000%, 1/31/2018		58,482
		Regions Bank
	250,000	7.500%, 5/15/2018		274,174
		Regions Financial Corporation
	250,000	2.250%, 9/14/2018		251,665
	336,000	3.200%, 2/8/2021		345,844
		Reinsurance Group of America, Inc.
	105,000	5.625%, 3/15/2017		108,003
	252,000	5.000%, 6/1/2021		278,992
		Reliance Standard Life Global Funding II
	230,000	2.500%, 4/24/2019^g		234,540
		Royal Bank of Scotland Group plc
	448,000	7.500%, 12/29/2049^j		409,920
		Santander Holdings USA, Inc.
	295,000	3.450%, 8/27/2018		301,112
		Santander UK Group Holdings plc
	380,000	2.875%, 10/16/2020		377,064
	325,000	4.750%, 9/15/2025^g		320,782
		Santander UK plc
	132,000	3.050%, 8/23/2018		135,120
		Simon Property Group, LP
	100,000	10.350%, 4/1/2019		121,806
	150,000	2.500%, 9/1/2020		155,139
	400,000	2.750%, 2/1/2023		411,694
		Skandinaviska Enskilda Banken AB
	365,000	2.375%, 3/25/2019^g		371,479
		State Street Corporation
	233,000	1.526%, 8/18/2020^h		233,850
		Sumitomo Mitsui Banking Corporation
	250,000	1.213%, 1/16/2018^h		249,467
		Svenska Handelsbanken AB
	330,000	1.146%, 6/17/2019^h		327,778
		Synchrony Financial
	140,000	1.867%, 2/3/2020^h		135,621
	155,000	3.750%, 8/15/2021		160,570
	625,000	4.250%, 8/15/2024		646,831
		Toronto-Dominion Bank
	165,000	1.586%, 12/14/2020^h		165,926
		UBS Group Funding Jersey, Ltd.
	560,000	2.950%, 9/24/2020^g		569,503
	336,000	4.125%, 9/24/2025^g		348,280
		UnitedHealth Group, Inc.
	100,000	3.350%, 7/15/2022		106,982
		USB Realty Corporation
	140,000	1.775%, 12/29/2049^g,h,j		111,825
		Voya Financial, Inc.
	344,000	2.900%, 2/15/2018		350,438
		Wells Fargo & Company
	210,000	1.318%, 1/30/2020^h		208,702
	450,000	2.550%, 12/7/2020		463,113
	1,317,000	3.450%, 2/13/2023		1,362,737
	350,000	3.000%, 2/19/2025		358,479
	450,000	3.000%, 4/22/2026		458,708
	430,000	4.900%, 11/17/2045		470,551
		Welltower, Inc.
	58,000	2.250%, 3/15/2018		58,596
	185,000	3.750%, 3/15/2023		191,739
	165,000	4.000%, 6/1/2025		173,416

		Total		64,805,056


	Foreign Government (<0.1%)
		Argentina Government International Bond
	500,000	7.125%, 7/6/2036^g		500,000
	250,000	6.250%, 4/22/2019^g		260,625
		Export-Import Bank of Korea
	205,000	2.250%, 1/21/2020		208,120
		Kommunalbanken AS
	335,000	1.500%, 10/22/2019^g		338,803

		Total		1,307,548


	Mortgage-Backed Securities (4.8%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	18,800,000	3.000%, 7/1/2031^d		19,721,640
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	12,300,000	4.000%, 7/1/2046^d		13,164,844
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	18,025,000	2.500%, 7/1/2031^d		18,648,470
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	1,902,214	1.735%, 7/1/2043^h		1,934,548
	434,121	2.035%, 7/1/2043^h		445,329
	430,527	2.088%, 8/1/2043^h		441,425
	5,050,000	3.000%, 7/1/2046^d		5,240,755
	90,325,000	3.500%, 7/1/2046^d		95,306,984
	45,000,000	4.000%, 7/1/2046^d		48,247,146
	29,989,000	4.500%, 7/1/2046^d		32,734,712
	850,000	3.500%, 8/1/2046^d		895,654

		Total		236,781,507


	Technology (0.3%)
		Amphenol Corporation
	188,000	2.550%, 1/30/2019		191,251
		Apple, Inc.
	165,000	0.927%, 5/6/2020^h		163,331
	784,000	3.200%, 5/13/2025		831,214
	336,000	4.650%, 2/23/2046		379,538
		Baidu, Inc.
	525,000	2.750%, 6/9/2019		532,171
		Cisco Systems, Inc.
	220,000	1.173%, 3/1/2019^h		220,790
		CommScope Technologies Finance, LLC
	650,000	6.000%, 6/15/2025^g		666,250

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

Moderately Aggresive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Technology (0.3%) - continued
		Denali Borrower, LLC
$	670,000	5.625%, 10/15/2020^g	$	702,830
		Diamond 1 Finance Corporation
	280,000	3.480%, 6/1/2019^g		286,835
	220,000	5.450%, 6/15/2023^g		228,266
	168,000	6.020%, 6/15/2026^g		175,138
		Equinix, Inc.
	700,000	5.750%, 1/1/2025		724,500
		Fidelity National Information Services, Inc.
	400,000	2.850%, 10/15/2018		410,515
	338,000	3.625%, 10/15/2020		357,307
		First Data Corporation
	450,000	5.375%, 8/15/2023^g		456,980
		Freescale Semiconductor, Inc.
	670,000	6.000%, 1/15/2022^g		706,515
		Hewlett Packard Enterprise Company
	280,000	2.450%, 10/5/2017^g		283,629
	140,000	2.850%, 10/5/2018^g		143,368
	140,000	4.400%, 10/15/2022^g		149,823
		IMS Health, Inc.
	863,000	6.000%, 11/1/2020^g		878,102
		Intel Corporation
	85,000	3.100%, 7/29/2022		91,012
	180,000	3.700%, 7/29/2025		199,929
	504,000	4.100%, 5/19/2046		524,012
		International Business Machines Corporation
	448,000	4.700%, 2/19/2046		515,206
		Iron Mountain, Inc.
	825,000	6.000%, 8/15/2023		868,313
		Lam Research Corporation
	420,000	3.450%, 6/15/2023		433,768
		Microsoft Corporation
	700,000	4.750%, 11/3/2055		792,008
	700,000	4.200%, 11/3/2035		792,817
		Oracle Corporation
	150,000	2.500%, 5/15/2022		153,269
	448,000	2.400%, 9/15/2023^d		449,595
	460,000	2.950%, 5/15/2025		478,073
		Plantronics, Inc.
	670,000	5.500%, 5/31/2023^g		661,625
		Qualcomm, Inc.
	336,000	3.000%, 5/20/2022		354,582
		Seagate HDD Cayman
	368,000	4.875%, 6/1/2027		267,260
		Sensata Technologies UK Financing Company plc
	540,000	6.250%, 2/15/2026^g		558,900
		Western Digital Corporation
	890,000	10.500%, 4/1/2024^g		952,300

		Total		16,581,022


	Transportation (0.1%)
		Air Canada Pass Through Trust
	135,808	3.875%, 3/15/2023^g		127,320
		American Airlines Pass Through Trust
	281,580	3.375%, 5/1/2027		283,326
		Avis Budget Car Rental, LLC
	665,000	5.125%, 6/1/2022^f,g		641,725
	500,000	6.375%, 4/1/2024^f,g		495,000
		Burlington Northern Santa Fe, LLC
	350,000	5.050%, 3/1/2041		421,075
	480,000	3.900%, 8/1/2046		506,654
		Canadian Pacific Railway Company
	150,000	4.800%, 8/1/2045		172,936
		Continental Airlines, Inc.
	140,637	4.150%, 4/11/2024		148,723
		CSX Corporation
	115,000	3.700%, 11/1/2023		124,337
		Delta Air Lines, Inc.
	74,643	4.950%, 5/23/2019		78,935
		ERAC USA Finance, LLC
	67,000	2.800%, 11/1/2018^g		68,666
		FedEx Corporation
	450,000	3.900%, 2/1/2035		457,446
		J.B. Hunt Transport Services, Inc.
	135,000	3.300%, 8/15/2022		140,871
		Southwest Airlines Company
	285,000	2.750%, 11/6/2019		294,626
		Virgin Australia Holdings, Ltd.
	73,747	5.000%, 10/23/2023^g		76,152
		XPO Logistics, Inc.
	690,000	6.500%, 6/15/2022^f,g		658,087

		Total		4,695,879


	U.S. Government and Agencies (4.0%)
		Federal National Mortgage Association
	405,000	6.250%, 5/15/2029		589,822
		Tennessee Valley Authority
	390,000	5.250%, 9/15/2039		534,475
		U.S. Treasury Bonds
	4,150,000	6.500%, 11/15/2026		6,146,216
	2,900,000	5.250%, 11/15/2028		4,081,976
	2,050,000	4.375%, 5/15/2040		2,916,605
	34,845,000	3.000%, 5/15/2042		40,248,693
	14,300,000	3.625%, 2/15/2044		18,438,063
		U.S. Treasury Bonds, TIPS
	1,735,581	0.125%, 4/15/2019		1,772,259
	101,529	2.375%, 1/15/2025		121,225
	29,785,586	0.625%, 1/15/2026		31,365,235
	66,408	2.125%, 2/15/2040		86,817
	582,280	0.750%, 2/15/2042		583,424
		U.S. Treasury Notes
	385,000	0.875%, 11/15/2017		386,594
	2,650,000	0.750%, 2/15/2019		2,655,175
	4,500,000	1.000%, 3/15/2019		4,538,147
	8,415,000	1.500%, 10/31/2019		8,610,910
	23,030,000	1.875%, 6/30/2020		23,911,611
	4,070,000	1.375%, 9/30/2020		4,143,927
	1,500,000	1.375%, 5/31/2021		1,527,012
	2,000,000	2.125%, 6/30/2022		2,108,750
	1,015,000	1.625%, 8/15/2022		1,040,851
	7,435,000	2.250%, 11/15/2024		7,931,056
		U.S. Treasury Notes, TIPS
	36,507,190	0.125%, 1/15/2023		36,991,093

		Total		200,729,936


	Utilities (0.4%)
		AES Corporation
	630,000	7.375%, 7/1/2021		710,325

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

Moderately Aggresive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Utilities (0.4%) - continued
		American Electric Power Company, Inc.
$	718,000	2.950%, 12/15/2022	$	747,439
		Arizona Public Service Company
	180,000	2.200%, 1/15/2020		184,377
		Berkshire Hathaway Energy Company
	132,000	2.400%, 2/1/2020		135,586
		Calpine Corporation
	670,000	5.375%, 1/15/2023		653,250
		Chesapeake Midstream Partners, LP
	560,000	6.125%, 7/15/2022		574,507
		Commonwealth Edison Company
	355,000	3.700%, 3/1/2045		363,926
	280,000	4.350%, 11/15/2045		318,129
		Consolidated Edison Company of New York, Inc.
	168,000	4.500%, 12/1/2045		190,949
		Consolidated Edison, Inc.
	224,000	2.000%, 5/15/2021		226,349
		Covanta Holding Corporation
	350,000	7.250%, 12/1/2020		360,500
		Dominion Resources, Inc.
	475,000	2.962%, 7/1/2019ⁱ		483,566
		DTE Electric Company
	265,000	3.700%, 3/15/2045		280,899
	360,000	3.700%, 6/1/2046		380,066
		DTE Energy Company
	70,000	2.400%, 12/1/2019		71,474
		Duke Energy Corporation
	468,000	2.100%, 6/15/2018		472,149
		Duke Energy Indiana, LLC
	450,000	3.750%, 5/15/2046		467,160
		Dynegy Finance I, Inc.
	665,000	7.375%, 11/1/2022		641,725
		Dynegy, Inc.
	680,000	6.750%, 11/1/2019		680,850
		Edison International
	450,000	2.950%, 3/15/2023		461,381
		EDP Finance BV
	348,000	4.125%, 1/15/2020^g		358,997
		Emera U.S. Finance, LP
	335,000	2.150%, 6/15/2019^g		338,897
	335,000	4.750%, 6/15/2046^g		339,999
		Enel Finance International NV
	84,000	6.250%, 9/15/2017^g		88,737
		Energy Transfer Equity, LP
	670,000	5.500%, 6/1/2027		629,800
		Eversource Energy
	150,000	1.600%, 1/15/2018		150,901
		Exelon Corporation
	240,000	5.100%, 6/15/2045		275,795
	336,000	4.450%, 4/15/2046		358,715
		Exelon Generation Company, LLC
	300,000	5.200%, 10/1/2019		331,940
	135,000	2.950%, 1/15/2020		138,870
		ITC Holdings Corporation
	67,000	4.050%, 7/1/2023		70,506
	265,000	5.300%, 7/1/2043		297,385
		Kinder Morgan Energy Partners, LP
	340,000	3.500%, 3/1/2021		341,108
		MidAmerican Energy Holdings Company
	435,000	6.500%, 9/15/2037		597,948
		Monongahela Power Company
	275,000	5.400%, 12/15/2043^g		345,165
		MPLX LP
	1,185,000	4.875%, 12/1/2024^g		1,154,381
		National Rural Utilities Cooperative Finance Corporation
	400,000	2.300%, 11/1/2020		412,599
		NextEra Energy Capital Holdings, Inc.
	280,000	2.300%, 4/1/2019		285,428
		NiSource Finance Corporation
	615,000	5.650%, 2/1/2045		772,818
		Northern States Power Company
	410,000	4.125%, 5/15/2044		458,987
		NRG Energy, Inc.
	630,000	6.625%, 3/15/2023		620,550
		Oncor Electric Delivery Company, LLC
	258,000	3.750%, 4/1/2045		264,500
		Pacific Gas & Electric Company
	347,000	5.625%, 11/30/2017		368,064
	336,000	4.250%, 3/15/2046		373,351
		PG&E Corporation
	140,000	2.400%, 3/1/2019		142,746
		PPL Capital Funding, Inc.
	144,000	3.500%, 12/1/2022		151,557
	515,000	5.000%, 3/15/2044		576,247
		Sempra Energy
	365,000	6.150%, 6/15/2018		396,984
	170,000	2.400%, 3/15/2020		173,537
		Southern California Edison Company
	100,000	2.400%, 2/1/2022		103,669
		Southern Company
	450,000	1.850%, 7/1/2019		455,693
	450,000	4.400%, 7/1/2046		483,715
		Southwestern Electric Power Company
	180,000	3.900%, 4/1/2045		178,577
		TransAlta Corporation
	336,000	1.900%, 6/3/2017		333,187
		Williams Companies, Inc.
	192,000	7.875%, 9/1/2021		206,400
		Williams Partners, LP
	450,000	5.100%, 9/15/2045		385,952

		Total		21,368,312


		Total Long-Term Fixed Income (cost $751,357,090)		774,360,731


Shares		Collateral Held for Securities Loaned (1.7%)
	85,713,108	Thrivent Cash Management Trust		85,713,108

		Total Collateral Held for Securities Loaned (cost $85,713,108)		85,713,108

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

Moderately Aggresive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares or Principal Amount		Short-Term Investments (10.9%)^l	Value
		Federal Home Loan Bank Discount Notes
	10,000,000	0.285%, 7/6/2016	$	9,999,760
	2,260,000	0.320%, 7/8/2016		2,259,926
	5,000,000	0.340%, 7/13/2016^m		4,999,715
	16,100,000	0.341%, 7/15/2016^m		16,098,937
	15,000,000	0.339%, 7/20/2016^m		14,998,650
	8,000,000	0.345%, 7/22/2016^m		7,999,208
	3,000,000	0.340%, 7/25/2016^m		2,999,661
	10,000,000	0.345%, 7/27/2016^m		9,998,770
	8,000,000	0.320%, 8/1/2016		7,998,280
	3,500,000	0.280%, 8/24/2016^m		3,498,688
	300,000	0.370%, 9/14/2016^m		299,825
		Thrivent Core Short-Term Reserve Fund
	45,433,383	0.580%		454,333,835
		U.S. Treasury Notes
	6,000,000	0.625%, 8/15/2016		6,002,850
	2,000,000	1.000%, 8/31/2016		2,002,316

		Total Short-Term Investments (cost $543,483,330)		543,490,421

		Total Investments (cost $4,996,530,451) 106.3%	$	5,297,585,936

		Other Assets and Liabilities, Net (6.3%)		(313,397,563	)

		Total Net Assets 100.0%	$	4,984,188,373

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

b	In bankruptcy. Interest is not being accrued.

c	All or a portion of the loan is unfunded.

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

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 June 30, 2016.

i	Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of June 30, 2016.

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

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

m	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 Aggressive Allocation Portfolio as of June 30, 2016 was $30,935,211 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 June 30, 2016.


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., 10/12/2023		5/15/2015		1,275,000
Ares CLO, Ltd., 11/15/2025		11/26/2014		750,000
Babson CLO, Ltd., 10/17/2026		8/15/2014		384,808
Betony CLO, Ltd., 4/15/2027		2/25/2015		350,000
Birchwood Park CLO, Ltd., 7/15/2026		7/31/2014		385,000
BlueMountain CLO, Ltd., 10/15/2026		8/27/2014		384,611
Carlyle Global Market Strategies CLO, Ltd., 7/20/2023		7/3/2014		385,000
Carlyle Global Market Strategies CLO, Ltd., 10/15/2026		9/19/2014		400,000
Cent CLO 16, LP, 8/1/2024		9/5/2014		385,000
Cent CLO 22, Ltd., 11/7/2026		9/19/2014		400,000
Digicel, Ltd., 4/15/2021		8/18/2014		1,232,624
DRB Prime Student Loan Trust, 1/25/2040		12/4/2015		1,757,673
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		280,738
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		721,302
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
NCF Dealer Floorplan Master Trust, 3/21/2022		4/8/2016		1,469,725
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		2,129,043
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 VIII, Ltd., 1/9/2023		9/15/2014		368,053
Symphony CLO XV, Ltd., 10/17/2026		10/17/2014		1,141,375

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

Moderately Aggresive Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Security	Acquisition Date		Cost
Vericrest Opportunity Loan Transferee, 2/25/2055		2/25/2015	$	402,003
Vericrest Opportunity Loan Transferee, 10/25/2058		1/13/2016		1,269,660
Vericrest Opportunity Loan Trust, 3/26/2046		4/6/2016		1,180,254
Voya CLO 3, Ltd., 7/25/2026		7/10/2014		384,422


Securities Lending Transactions
Taxable Debt Security	$	7,225,865
Common Stock		77,167,468

Total lending	$	84,393,333
Gross amount payable upon return of collateral for securities loaned	$	85,713,108

Net amounts due to counterparty	$	1,319,775

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 June 30, 2016

(unaudited)


Principal Amount		Bank Loans (1.9%)^a	Value
	Basic Materials (0.1%)
		Alpha Natural Resources, Inc., Term Loan
$	4,204,724	3.500%, 5/22/2020^b	$	1,955,197
		Fortescue Metals Group, Ltd., Term Loan
	1,632,255	4.250%, 6/30/2019		1,558,804
		Ineos US Finance, LLC, Term Loan
	3,784,014	3.750%, 12/15/2020		3,686,272
		NewPage Corporation, Delayed Draw
	1,306,667	11.000%, 7/26/2017		1,296,867
		NewPage Corporation, Term Loan
	1,343,398	11.000%, 7/26/2017		745,586
	6,493,333	0.000%, 2/11/2021^b		876,600
		Tronox Pigments BV, Term Loan
	2,984,910	4.500%, 3/19/2020		2,850,589

		Total		12,969,915


	Capital Goods (<0.1%)
		Accudyne Industries, LLC, Term Loan
	1,529,557	4.000%, 12/13/2019		1,368,953
		ADS Waste Holdings, Inc., Term Loan
	1,433,923	3.750%, 10/9/2019		1,408,830

		Total		2,777,783


	Communications Services (0.5%)
		Birch Communication Inc., Term Loan
	3,332,072	7.750%, 7/17/2020		2,732,299
		Fairpoint Communications, Term Loan
	2,882,404	7.500%, 2/14/2019		2,870,989
		Grande Communications Networks, LLC, Term Loan
	2,531,777	4.500%, 5/29/2020		2,481,142
		Hargray Communications Group, Inc., Term Loan
	2,841,240	5.250%, 6/26/2019		2,837,688
		Integra Telecom Holdings, Inc., Term Loan
	1,851,700	5.250%, 8/14/2020		1,797,316
	890,900	9.750%, 2/12/2021		815,174
		Intelsat Jackson Holdings SA, Term Loan
	919,236	3.750%, 6/30/2019		835,815
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	4,380,000	4.500%, 1/7/2022		4,270,500
	1,000,000	7.750%, 7/7/2023		945,000
		LTS Buyer, LLC, Term Loan
	2,960,981	4.000%, 4/13/2020		2,925,834
	135,987	8.000%, 4/12/2021		133,778
		NEP Broadcasting, LLC, Term Loan
	242,857	10.000%, 7/22/2020		229,500
		NEP/NCP Holdco, Inc., Term Loan
	3,862,695	4.250%, 1/22/2020		3,770,956
		Syniverse Holdings, Inc., Term Loan
	2,434,006	4.000%, 4/23/2019		1,790,528
		TNS, Inc., Term Loan
	2,616,460	5.000%, 2/14/2020		2,613,189
		Univision Communications, Inc., Term Loan
	3,457,259	4.000%, 3/1/2020		3,435,028
		WideOpenWest Finance, LLC, Term Loan
	2,069,764	4.500%, 4/1/2019		2,061,713
		Yankee Cable Acquisition, LLC, Term Loan
	2,283,502	4.250%, 3/1/2020		2,277,793
		Zayo Group, LLC, Term Loan
	4,167,381	3.750%, 5/6/2021		4,140,585

		Total		42,964,827


	Consumer Cyclical (0.4%)
		Amaya BV, Term Loan
	5,165,316	5.000%, 8/1/2021		4,995,273
		Burlington Coat Factory Warehouse Corporation, Term Loan
	1,754,092	4.250%, 8/13/2021		1,748,970
		Cengage Learning Acquisitions, Term Loan
	1,640,000	5.250%, 6/7/2023		1,619,500
		Ceridian HCM Holding, Inc., Term Loan
	1,626,846	4.500%, 9/15/2020		1,569,907
		Golden Nugget, Inc., Delayed Draw
	485,865	5.500%, 11/21/2019		485,865
		Golden Nugget, Inc., Term Loan
	1,133,685	5.500%, 11/21/2019		1,133,685
		IMG Worldwide, Inc., Term Loan
	2,891,219	5.250%, 5/6/2021		2,872,426
	1,480,000	8.250%, 5/6/2022		1,435,600
		Jack Ohio Finance, LLC, Term Loan
	2,029,391	5.000%, 6/20/2019		1,929,951
		Marina District Finance Company, Inc., Term Loan
	1,144,382	6.500%, 8/15/2018		1,142,951
		Mohegan Tribal Gaming Authority, Term Loan
	3,073,003	5.500%, 6/15/2018		3,047,651
		Scientific Games International, Inc., Term Loan
	4,492,086	6.000%, 10/18/2020		4,432,207
	4,574,792	6.000%, 10/1/2021^c,d		4,506,170

		Total		30,920,156


	Consumer Non-Cyclical (0.3%)
		Albertson’s, LLC, Term Loan
	847,875	4.750%, 12/21/2022		846,290
	3,375,000	4.750%, 6/22/2023		3,365,719
		Catalina Marketing Corporation, Term Loan
	2,236,552	4.500%, 4/9/2021		1,865,665
		JBS USA, LLC, Term Loan
	920,375	4.000%, 10/30/2022		917,503
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	2,825,000	5.000%, 5/4/2022		2,817,231
		Ortho-Clinical Diagnostics, Inc., Term Loan
	4,093,601	4.750%, 6/30/2021		3,865,055
		Sterigenics-Nordion Holdings, LLC, Term Loan
	908,138	4.250%, 5/16/2022		899,056

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

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (1.9%)^a	Value
	Consumer Non-Cyclical (0.3%) - continued
		Supervalu, Inc., Term Loan
$	2,829,372	5.500%, 3/21/2019^c,d	$	2,822,299
		Valeant Pharmaceuticals International, Inc., Term Loan
	6,024,978	5.000%, 4/1/2022		5,857,604

		Total		23,256,422


	Energy (0.2%)
		Altice US Finance I Corporation, Term Loan
	1,980,756	4.250%, 12/14/2022		1,970,853
		Arch Coal, Inc., Term Loan
	3,415,842	7.500%, 5/16/2018^b		1,567,017
		Energy Solutions, LLC, Term Loan
	2,066,894	6.750%, 5/29/2020		2,004,887
		Expro Holdings UK 2, Ltd., Term Loan
	2,538,541	5.750%, 9/2/2021^c,d		1,891,847
		Fieldwood Energy, LLC, Term Loan
	2,052,773	3.875%, 10/1/2018		1,763,681
		Houston Fuel Oil Terminal, LLC, Term Loan
	3,018,016	4.250%, 8/19/2021		2,904,841
		McJunkin Red Man Corporation, Term Loan
	1,423,358	5.000%, 11/8/2019		1,366,424
		MEG Energy Corporation, Term Loan
	1,446,216	3.750%, 3/31/2020		1,267,507
		Pacific Drilling SA, Term Loan
	2,352,250	4.500%, 6/3/2018		717,436
		Targa Resources Partners, LP, Term Loan
	1,029,767	5.750%, 2/27/2022		1,019,470
		Western Refining, Inc., Term Loan
	1,410,000	5.500%, 5/27/2023		1,371,817

		Total		17,845,780


	Financials (0.1%)
		DJO Finance, LLC, Term Loan
	1,444,087	4.250%, 6/7/2020		1,374,295
		Harland Clarke Holdings Corporation, Term Loan
	1,368,078	7.000%, 5/22/2018		1,327,035
	1,375,000	7.000%, 12/31/2019		1,330,312
		MoneyGram International, Inc., Term Loan
	3,064,426	4.250%, 3/27/2020		2,893,002
		WaveDivision Holdings, LLC, Term Loan
	3,531,900	4.000%, 10/15/2019		3,521,587

		Total		10,446,231


	Technology (0.2%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	3,491,250	4.250%, 2/1/2023		3,492,891
		First Data Corporation, Term Loan
	6,706,044	4.452%, 3/24/2021		6,675,331
	1,855,000	4.202%, 7/8/2022		1,836,450
		Micron Technology, Inc., Term Loan
	725,000	6.640%, 4/26/2022		728,059
		Western Digital Corporation, Term Loan
	4,000,000	6.250%, 4/29/2023		4,012,520

		Total		16,745,251


	Transportation (0.1%)
		OSG Bulk Ships, Inc., Term Loan
	3,415,397	5.250%, 8/5/2019		3,278,781
		XPO Logistics, Inc., Term Loan
	2,244,361	5.500%, 11/1/2021		2,244,361

		Total		5,523,142


	Utilities (<0.1%)
		Intergen NV, Term Loan
	1,533,747	5.500%, 6/15/2020^c,d		1,365,035

		Total		1,365,035


		Total Bank Loans (cost $181,250,669)		164,814,542


Shares		Common Stock (33.6%)
	Consumer Discretionary (4.9%)
	96,091	Aaron’s, Inc.		2,103,432
	8,600	Aisan Industry Company, Ltd.		55,646
	82,272	Amazon.com, Inc.^e		58,875,489
	34,204	American Public Education, Inc.^e		961,132
	16,200	APN Outdoor Group Pty, Ltd.		83,946
	31,300	Ascena Retail Group, Inc.^e,f		218,787
	22,180	Ascent Capital Group, Inc.^e		341,350
	34,970	AutoZone, Inc.^e		27,760,585
	1,200	Bayerische Motoren Werke AG		76,496
	44,300	Beazer Homes USA, Inc.^e		343,325
	52,790	Bed Bath & Beyond, Inc.		2,281,584
	800	Beiersdorf AG		75,740
	19,200	Berkeley Group Holdings plc		648,343
	11,810	Best Buy Company, Inc.		361,386
	10,500	Betsson AB		87,822
	23,190	Big 5 Sporting Goods Corporation		214,971
	7,550	BJ’s Restaurants, Inc.^e		330,917
	37,630	Bloomin’ Brands, Inc.		672,448
	18,900	BorgWarner, Inc.		557,928
	15,770	Boyd Gaming Corporation^e		290,168
	2,600	Brembo SPA		143,223
	7,200	Bridgestone Corporation		231,386
	91,425	Brunswick Corporation		4,143,381
	4,230	Buffalo Wild Wings, Inc.^e		587,759
	8,800	Bunzl plc		270,765
	41,496	Burlington Stores, Inc.^e		2,768,198
	48,590	Caleres, Inc.		1,176,364
	96,240	Callaway Golf Company		982,610
	12,000	Calsonic Kansei Corporation		91,197
	95,910	Carter’s, Inc.		10,211,538
	21,109	Cedar Fair, LP		1,220,522
	52,870	Cheesecake Factory, Inc.		2,545,162
	3,490	Children’s Place, Inc.		279,828
	300	Christian Dior SE		48,058
	20,090	Chuy’s Holdings, Inc.^e,f		695,315
	184,070	Cinemark Holdings, Inc.		6,711,192
	17,600	Cineworld Group plc		128,389
	21,840	ClubCorp Holdings, Inc.		283,920
	608,994	Comcast Corporation		39,700,319
	5,100	Compass Group plc		97,030
	400	Continental AG		75,691

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

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (33.6%)	Value
	Consumer Discretionary (4.9%) - continued
	77,728	Core-Mark Holding Company, Inc.	$	3,642,334
	53,440	CSS Industries, Inc.		1,432,726
	68,463	Culp, Inc.		1,891,633
	1,800	Daimler AG		107,710
	93,980	Dana Holding Corporation		992,429
	59,600	Debenhams plc		44,044
	126,358	Delphi Automotive plc		7,910,011
	27,500	Denso Corporation		967,597
	16,080	DeVry Education Group, Inc.^f		286,867
	238,570	Discovery Communications, Inc., Class A^e		6,019,121
	69,790	Dish DBS Corporation^e		3,656,996
	34,850	Dollar General Corporation		3,275,900
	69,753	Dollar Tree, Inc.^e		6,573,523
	21,700	Domino’s Pizza, Inc.		2,850,946
	70,850	Duluth Holdings, Inc.^e,f		1,732,991
	4,710	EchoStar Corporation^e		186,987
	34,800	EDION Corporation^f		287,036
	24,800	Eutelsat Communications		468,104
	24,187	Expedia, Inc.		2,571,078
	58,100	Finish Line, Inc.		1,173,039
	61,710	Ford Motor Company		775,695
	23,900	Fuji Heavy Industries, Ltd.		821,524
	18,970	General Motors Company		536,851
	53,320	Gentex Corporation		823,794
	66,805	G-III Apparel Group, Ltd.^e		3,054,325
	34,000	Gunze, Ltd.		94,977
	12,800	Hakuhodo Dy Holdings, Inc.		153,418
	236,498	Harley-Davidson, Inc.^f		10,713,359
	44,346	Harman International Industries, Inc.		3,184,930
	72,601	Haverty Furniture Companies, Inc.		1,308,996
	1,900	Hennes & Mauritz AB		55,900
	217,550	Home Depot, Inc.		27,778,960
	36,900	Honda Motor Company, Ltd.		925,646
	50,000	Houghton Mifflin Harcourt Company^e		781,500
	22,600	Howden Joinery Group plc		116,076
	34,500	Inchcape plc		290,089
	3,400	InterContinental Hotels Group plc		125,394
	55,590	Interpublic Group of Companies, Inc.		1,284,129
	5,500	Intertek Group plc		256,264
	32,270	Jack in the Box, Inc.		2,772,638
	4,300	JB Hi-Fi, Ltd.		77,925
	16,030	John Wiley and Sons, Inc.		836,445
	58,659	Kate Spade & Company^e		1,208,962
	1,400	Koito Manufacturing Co., Ltd.		64,462
	23,258	L Brands, Inc.		1,561,310
	188,435	Las Vegas Sands Corporation		8,195,038
	49,710	La-Z-Boy, Inc.		1,382,932
	22,430	Lear Corporation		2,282,477
	95,730	Liberty Interactive Corporation^e		2,428,670
	2,062	Linamar Corporation		73,450
	25,731	Lithia Motors, Inc.		1,828,702
	92,580	LKQ Corporation^e		2,934,786
	191,030	Lowe’s Companies, Inc.		15,123,845
	2,000	LVMH Moet Hennessy Louis Vuitton SE		301,471
	9,800	Marks and Spencer Group plc		41,969
	25,250	Masonite International Corporation^e		1,670,035
	42,707	MDC Partners, Inc.^f		781,111
	29,920	Meredith Corporation		1,553,147
	9,730	Murphy USA, Inc.^e		721,577
	41,362	New Media Investment Group, Inc.		747,411
	15,620	New York Times Company		189,002
	135,930	Newell Brands, Inc.		6,602,120
	34,990	News Corporation		397,137
	206,350	NIKE, Inc.		11,390,520
	16,300	NOK Corporation		277,192
	3,200	Nokian Renkaat Oyj		114,695
	69,487	Nord Anglia Education, Inc.^e,f		1,468,955
	187,467	Nutrisystem, Inc.		4,754,163
	14,221	O’Reilly Automotive, Inc.^e		3,855,313
	70,941	Oxford Industries, Inc.		4,016,679
	800	Paddy Power plc		84,077
	14,000	PanaHome Corporation		110,825
	50,910	Papa John’s International, Inc.		3,461,880
	120,737	Papa Murphy’s Holdings, Inc.^e,f		801,090
	44,900	Penn National Gaming, Inc.^e		626,355
	36,800	Persimmon plc		713,618
	9,990	PetMed Express, Inc.^f		187,412
	3,300	ProSiebenSat.1 Media AG^e		144,349
	51,248	PVH Corporation		4,829,099
	14,922	Ralph Lauren Corporation		1,337,310
	49,150	Rent-A-Center, Inc.^f		603,562
	15,225	Restoration Hardware Holdings, Inc.^e,f		436,653
	31,320	Retailmenot, Inc.^e		241,477
	1,400	Rightmove plc		68,378
	110,578	Ross Stores, Inc.		6,268,667
	54,340	Ruth’s Hospitality Group, Inc.		866,723
	7,300	Saizeriya Company, Ltd.		130,439
	22,880	Sally Beauty Holdings, Inc.^e		672,901
	38,920	Scripps Networks Interactive, Inc.		2,423,548
	8,500	Sekisui House, Ltd.		148,853
	26,660	Select Comfort Corporation^e		569,991
	56,500	Service Corporation International		1,527,760
	9,000	SHOWA Corporation		50,530
	15,840	Shutterfly, Inc.^e		738,302
	19,660	Signet Jewelers, Ltd.		1,620,181
	21,229	Skechers USA, Inc.^e		630,926
	5,300	Sky plc		60,227
	5,520	Snap-On, Inc.		871,166
	12,800	Sports Direct International plc^e		54,805
	49,363	Sportsman’s Warehouse Holdings, Inc.^e,f		397,866
	6,200	Stanley Electric Company, Ltd.		132,409
	25,860	Staples, Inc.		222,913
	24,100	Star Entertainment Group, Ltd.		98,201
	407,710	Starbucks Corporation		23,288,395
	91,484	Stein Mart, Inc.		706,256
	23,800	Sumitomo Forestry Company, Ltd.		323,018
	13,800	Sumitomo Rubber Industries, Ltd.		184,753
	1,200	Swatch Group AG		68,721
	20,680	Tailored Brands, Inc.^f		261,809
	3,800	Tamron Company, Ltd.		50,966
	28,000	Tatts Group, Ltd.		80,577
	55,300	Taylor Wimpey plc		98,107
	47,480	Tempur-Pedic International, Inc.^e,f		2,626,594
	16,945	Tenneco, Inc.^e		789,806
	109,980	Time, Inc.		1,810,271
	157,794	Toll Brothers, Inc.^e		4,246,237
	139,750	Tower International, Inc.		2,876,055
	103,297	Tuesday Morning Corporation^e		725,145
	3,330	Tupperware Brands Corporation		187,412
	8,552	Ulta Salon Cosmetics & Fragrance, Inc.^e		2,083,609
	19,613	Under Armour, Inc., Class A^e,f		787,070
	19,752	Under Armour, Inc., Class C^e		718,973
	5,300	USS Company, Ltd.		87,591
	15,409	Vail Resorts, Inc.		2,129,986
	453	Valora Holding AG		125,935
	84,630	Vera Bradley, Inc.^e		1,199,207
	28,712	VF Corporation		1,765,501

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

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (33.6%)	Value
	Consumer Discretionary (4.9%) - continued
	17,700	Visteon Corporation	$	1,164,837
	20,360	Vitamin Shoppe, Inc.^e,f		622,405
	12,000	Wacoal Holdings Corporation		118,421
	20,800	WH Smith plc		436,979
	3,400	Whitbread plc		159,084
	50,530	Wingstop, Inc.^e,f		1,376,943
	21,900	Wolters Kluwer NV		886,762
	9,240	Wolverine World Wide, Inc.		187,757
	16,000	WPP plc		333,464
	26,260	Wyndham Worldwide Corporation		1,870,500
	13,400	Yokohama Rubber Company, Ltd.		168,063
	38,070	Yum! Brands, Inc.		3,156,764
	44,590	Zoe’s Kitchen, Inc.^e,f		1,617,279

		Total		437,994,125


	Consumer Staples (1.6%)
	1,400	AarhusKarlshamn AB		99,940
	10,710	Aramark		357,928
	49,950	Avon Products, Inc.		188,811
	15,600	Axfood AB		299,634
	13,100	Blue Buffalo Pet Products, Inc.^e,f		305,754
	4,379	British American Tobacco plc		283,888
	18,570	Brown-Forman Corporation		1,852,543
	47,960	Campbell Soup Company		3,190,779
	23,842	Casey’s General Stores, Inc.		3,135,461
	187,260	Coca-Cola Company		8,488,496
	24,000	Coca-Cola HBC AG		485,630
	383,350	CVS Health Corporation		36,701,929
	51,450	Estee Lauder Companies, Inc.		4,682,979
	323,260	Flowers Foods, Inc.		6,061,125
	16,660	General Mills, Inc.		1,188,191
	774	George Weston, Ltd.		66,985
	74,390	Hain Celestial Group, Inc.^e		3,700,902
	5,100	Henkel AG & Company KGaA		551,659
	32,430	Hershey Company		3,680,481
	36,477	Imperial Brands plc		1,978,259
	31,220	Ingredion, Inc.		4,040,180
	4,600	Jeronimo Martins SGPS SA		72,550
	2,550	Kellogg Company		208,207
	2,400	Kesko Oyj		101,920
	38,220	Kimberly-Clark Corporation		5,254,486
	68,600	Koninklijke Ahold NV		1,514,871
	1,300	KOSE Corporation		110,162
	19,390	Kroger Company		713,358
	9,790	Lancaster Colony Corporation		1,249,302
	6,350	McCormick & Company, Inc.		677,354
	27,830	Molson Coors Brewing Company		2,814,448
	44,960	Monster Beverage Corporation^e		7,225,522
	7,100	Nestle SA		550,096
	7,000	Nichirei Corporation		64,581
	9,000	Nippon Meat Packers, Inc.		220,446
	21,450	PepsiCo, Inc.		2,272,413
	79,866	Philip Morris International, Inc.		8,123,970
	188,950	Pinnacle Foods, Inc.		8,746,495
	1,536	Premium Brands Holdings Corporation		64,676
	95,303	SpartanNash Company		2,914,366
	5,700	Suedzucker AG		125,546
	2,500	Sugi Holdings Company, Ltd.		139,395
	18,700	Swedish Match AB		652,595
	13,240	Tyson Foods, Inc.		884,300
	56,028	United Natural Foods, Inc.^e		2,622,110
	23,480	Universal Corporation		1,355,735
	6,200	Walgreens Boots Alliance, Inc.		516,274
	181,740	WhiteWave Foods Company^e		8,530,876
	12,031	Woolworths, Ltd.		189,231

		Total		139,256,839


	Energy (4.4%)
	218,956	Archrock, Inc.		2,062,566
	121,809	Atwood Oceanics, Inc.^f		1,525,049
	507,930	Baker Hughes, Inc.		22,922,881
	435,070	BP plc		2,546,703
	51,569	Bristow Group, Inc.^f		588,402
	29,470	California Resources Corporation		359,534
	209,708	Callon Petroleum Company^e		2,355,021
	5,100	Caltex Australia, Ltd.		122,961
	429,880	Canadian Natural Resources, Ltd.		13,253,200
	433,310	Chevron Corporation		45,423,887
	58,070	Cimarex Energy Company		6,928,912
	25,372	Clayton Williams Energy, Inc.^e,f		696,715
	232,790	Clean Energy Fuels Corporation^e		807,781
	1,393,031	Cobalt International Energy, Inc.^e,f		1,866,662
	116,652	Concho Resources, Inc.^e		13,913,084
	174,185	Continental Resources, Inc.^e,f		7,885,355
	60,210	Delek US Holdings, Inc.		795,374
	181,160	Devon Energy Corporation		6,567,050
	30,510	Diamond Offshore Drilling, Inc.^f		742,308
	45,806	Diamondback Energy, Inc.^e		4,177,965
	158,577	Ensco plc		1,539,783
	356,084	EOG Resources, Inc.		29,704,527
	52,290	EP Energy Corporation^e,f		270,862
	389,801	EQT Corporation		30,182,291
	136,920	Exxon Mobil Corporation		12,834,881
	52,650	FMC Technologies, Inc.^e		1,404,176
	46,160	Green Plains, Inc.		910,275
	24,060	Gulfport Energy Corporation^e		752,116
	141,350	Halliburton Company		6,401,741
	33,820	Helmerich & Payne, Inc.^f		2,270,337
	37,632	HollyFrontier Corporation		894,513
	113,330	Hornbeck Offshore Services, Inc.^e		945,172
	16,880	Kinder Morgan, Inc.		315,994
	1,624,711	Marathon Oil Corporation		24,386,912
	498,170	Marathon Petroleum Corporation		18,910,533
	8,940	Matador Resources Company^e		177,012
	310,920	Nabors Industries, Ltd.		3,124,746
	20,850	National Oilwell Varco, Inc.		701,603
	9,620	Noble Energy, Inc.		345,069
	201,150	Oasis Petroleum, Inc.^e		1,878,741
	32,040	Oceaneering International, Inc.		956,714
	40,440	Oil States International, Inc.^e		1,329,667
	20,657	OMV AG		580,685
	201,598	Parsley Energy, Inc.^e		5,455,242
	291,965	Patterson-UTI Energy, Inc.		6,224,694
	198,592	Pioneer Energy Services Corporation^e		913,523
	8,597	PrairieSky Royalty, Ltd.^f		163,163
	29,680	QEP Resources, Inc.		523,258
	348,410	Rowan Companies plc		6,152,921
	15,771	Royal Dutch Shell plc		432,607
	238,147	Royal Dutch Shell plc ADR		13,150,477
	166	Royal Dutch Shell plc, Class A		4,559
	8,672	Royal Dutch Shell plc, Class B		239,596
	120,740	RPC, Inc.^e,f		1,875,092
	10,700	RSP Permian, Inc.^e		373,323
	311,575	Schlumberger, Ltd.		24,639,351
	46,960	SemGroup Corporation		1,529,018
	14,087	SM Energy Company^f		380,349
	11,975	Statoil ASA		206,908
	694,210	Suncor Energy, Inc. ADR		19,250,443
	19,060	Superior Energy Services, Inc.		350,895
	7,820	Targa Resources Corporation		329,535

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

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (33.6%)	Value
	Energy (4.4%) - continued
	67,970	Teekay Corporation	$	484,626
	266,032	Teekay Tankers, Ltd.		792,775
	91,845	Tesco Corporation		614,443
	3,590	Tesoro Corporation		268,963
	226,870	TETRA Technologies, Inc.^e		1,445,162
	16,985	Total SA		814,537
	50,964	U.S. Silica Holdings, Inc.^f		1,756,729
	5,693	Vantage Drilling International^e		492,445
	2,211,960	Weatherford International plc^e		12,276,378
	19,032	Western Refining, Inc.		392,630
	7,520	World Fuel Services Corporation		357,125
	1,491,760	WPX Energy, Inc.^e		13,888,286

		Total		392,138,813


	Financials (5.0%)
	15,420	Acadia Realty Trust		547,718
	40,766	Affiliated Managers Group, Inc.^e		5,738,630
	16,800	Allianz SE		2,396,656
	34,800	Allied World Assurance Company Holdings AG		1,222,872
	23,810	American Assets Trust, Inc.		1,010,496
	38,180	American Campus Communities, Inc.		2,018,577
	78,730	American Financial Group, Inc.		5,820,509
	87,850	American International Group, Inc.		4,646,386
	66,430	Ameris Bancorp		1,972,971
	19,440	AMERISAFE, Inc.		1,190,117
	14,300	Anima Holding SPA^g		67,418
	290,680	Anworth Mortgage Asset Corporation		1,366,196
	26,394	Argo Group International Holdings, Ltd.		1,369,849
	47,750	Ashford Hospitality Prime, Inc.		675,185
	71,140	Aspen Insurance Holdings, Ltd.		3,299,473
	27,070	Associated Banc-Corp		464,250
	186,370	Assured Guaranty, Ltd.		4,728,207
	29,200	Australia & New Zealand Banking Group, Ltd.		532,026
	64,000	Banco Santander SA		248,364
	33,040	BancorpSouth, Inc.		749,678
	39,200	Bank Hapoalim, Ltd.		197,485
	1,200,190	Bank of America Corporation		15,926,521
	64,400	Bank of East Asia, Ltd.^f		249,048
	8,972	Bank of Montreal		569,105
	49,900	Bank of New York Mellon Corporation		1,938,615
	29,269	Bank of Nova Scotia		1,434,282
	21,989	Bank of Queensland, Ltd.		175,434
	65,765	Bank of the Ozarks, Inc.^f		2,467,503
	34,220	BankFinancial Corporation		410,298
	127,550	BB&T Corporation		4,542,055
	138,995	BBCN Bancorp, Inc.		2,073,805
	51,100	BinckBank NV		254,030
	221,650	Blackstone Group, LP		5,439,291
	167,400	Boston Private Financial Holdings, Inc.		1,971,972
	45,356	Brixmor Property Group, Inc.		1,200,120
	139,910	Brookline Bancorp, Inc.		1,543,207
	51,830	Brown & Brown, Inc.		1,942,070
	27,630	Camden Property Trust		2,443,045
	902	Canadian Imperial Bank of Commerce		67,750
	9,376	Canadian Western Bank^f		178,891
	65,150	Capital One Financial Corporation		4,137,676
	68,900	CapitaMall Trust		109,553
	74,040	Cathay General Bancorp		2,087,928
	376,960	CBL & Associates Properties, Inc.		3,509,498
	38,700	CBRE Group, Inc.^e		1,024,776
	291,831	Cedar Realty Trust, Inc.		2,168,304
	56,800	Central Pacific Financial Corporation		1,340,480
	25,140	Charles Schwab Corporation		636,293
	39,080	Chatham Lodging Trust		858,978
	21,000	Chiba Bank, Ltd.		99,241
	49,400	Chubb, Ltd.		6,457,074
	396,940	Citigroup, Inc.		16,826,287
	52,200	Clifton Bancorp, Inc.		786,654
	10,380	CNO Financial Group, Inc.		181,235
	21,500	CNP Assurances		317,207
	227,872	CoBiz Financial, Inc.		2,666,102
	70,693	Columbia Banking System, Inc.		1,983,646
	167,300	Comerica, Inc.		6,881,049
	5,020	Commerce Bancshares, Inc.		240,458
	167,070	Corporate Office Properties Trust		4,940,260
	900	Daito Trust Construction Company, Ltd.		146,126
	3,400	Danske Bank AS		89,489
	39,540	DCT Industrial Trust, Inc.		1,899,502
	9,500	Derwent London plc		331,434
	97,600	DEXUS Property Group		662,282
	30,170	Digital Realty Trust, Inc.		3,288,228
	64,619	Direct Line Insurance Group plc		298,745
	39,381	Douglas Emmett, Inc.		1,398,813
	159,430	Duke Realty Corporation		4,250,404
	7,720	DuPont Fabros Technology, Inc.		367,009
	328,750	E*TRADE Financial Corporation^e		7,722,337
	173,395	East West Bancorp, Inc.		5,926,641
	13,740	Eaton Vance Corporation		485,572
	64,590	Empire State Realty Trust, Inc.		1,226,564
	80,408	Employers Holdings, Inc.		2,333,440
	22,690	Endurance Specialty Holdings, Ltd.		1,523,860
	45,570	Enova International, Inc.^e		335,395
	37,220	Equity One, Inc.		1,197,740
	23,100	Erste Group Bank AG		525,943
	63,737	Essent Group, Ltd.^e		1,390,104
	188,650	EverBank Financial Corporation		2,803,339
	32,372	Evercore Partners, Inc.		1,430,519
	7,900	EXOR SPA		291,634
	72,760	F.N.B. Corporation		912,410
	511,180	Fifth Third Bancorp		8,991,656
	210,850	First Commonwealth Financial Corporation		1,939,820
	50,110	First Financial Bancorp		974,640
	17,340	First Financial Corporation		634,991
	17,450	First Merchants Corporation		435,029
	181,390	First Midwest Bancorp, Inc.		3,185,208
	26,590	First NBC Bank Holding Company^e		446,446
	112,309	First Potomac Realty Trust		1,033,243
	138,715	First Republic Bank		9,708,663
	95,300	FlexiGroup, Ltd.		124,992
	75,990	Franklin Street Properties Corporation		932,397
	61,900	Frasers Centrepoint Trust		98,004
	144,000	Fukuoka Financial Group, Inc.		474,804
	163,010	Genworth Financial, Inc.^e		420,566
	5,231	Genworth MI Canada, Inc.^f		134,181
	9,448	Getty Realty Corporation		202,660
	77,858	Glacier Bancorp, Inc.		2,069,466
	51,710	Goldman Sachs Group, Inc.		7,683,072
	17,100	Great Portland Estates plc		143,135
	123,830	Great Western Bancorp, Inc.		3,905,598
	137,090	Green Bancorp, Inc.^e		1,195,425
	50,030	Greenhill & Company, Inc.		805,483
	700	Groupe Bruxelles Lambert SA		57,404
	32,183	H&R Real Estate Investment Trust		560,733
	8,533	Hamborner REIT AG		92,129

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

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (33.6%)	Value
	Financials (5.0%) - continued
	118,610	Hancock Holding Company	$	3,096,907
	17,800	Hang Seng Bank, Ltd.		305,320
	150,246	Hanmi Financial Corporation		3,529,279
	8,100	Hannover Rueckversicherung SE		848,701
	27,390	Hanover Insurance Group, Inc.		2,317,742
	19,790	Hartford Financial Services Group, Inc.		878,280
	10,910	Healthcare Trust of America, Inc.		352,829
	113,800	Henderson Group plc		323,530
	11,000	Henderson Land Development Company, Ltd.		62,136
	13,950	Hersha Hospitality Trust		239,243
	28,650	HFF, Inc.		827,412
	16,770	Highwoods Properties, Inc.		885,456
	3,200	Hitachi Capital Corporation		63,510
	164,816	Home BancShares, Inc.		3,261,709
	18,890	Hometrust Bancshares, Inc.^e		349,465
	41,201	Horace Mann Educators Corporation		1,392,182
	41,860	Hospitality Properties Trust		1,205,568
	224,646	Host Hotels & Resorts, Inc.		3,641,512
	38,386	Houlihan Lokey, Inc.		858,695
	24,560	Hudson Pacific Properties, Inc.		716,661
	18,900	Hufvudstaden AB		296,644
	524,590	Huntington Bancshares, Inc.		4,689,835
	115,000	Hysan Development Company, Ltd.		512,845
	4,716	Infinity Property & Casualty Corporation		380,393
	38,210	InfraREIT, Inc.		670,203
	4,682	Intact Financial Corporation		334,457
	45,833	International Exchange, Inc.		11,731,415
	243,380	Invesco, Ltd.		6,215,925
	91,200	Investec plc		566,880
	222,550	Investors Bancorp, Inc.		2,465,854
	68,738	J.P. Morgan Chase & Company		4,271,379
	117,340	Janus Capital Group, Inc.		1,633,373
	5,570	Jones Lang LaSalle, Inc.		542,797
	1,700	Jyske Bank AS		64,536
	582,160	KeyCorp		6,432,868
	123,270	LaSalle Hotel Properties		2,906,707
	174,150	Liberty Property Trust		6,917,238
	15,810	Lincoln National Corporation		612,954
	21,000	Link REIT		143,602
	34,260	LPL Financial Holdings, Inc.		771,878
	35,540	M&T Bank Corporation		4,201,894
	13,900	Macquarie Group, Ltd.		723,558
	5,840	Mercury General Corporation		310,454
	212,270	MetLife, Inc.		8,454,714
	6,360	Mid-America Apartment Communities, Inc.		676,704
	71,800	Mitsui & Company, Ltd.		857,089
	294,000	Mizuho Financial Group, Inc.		423,083
	301,730	Morgan Stanley		7,838,945
	5,600	MS and AD Insurance Group Holdings, Inc.		145,097
	56,600	MSCI, Inc.		4,364,992
	14,100	National Australia Bank, Ltd.		270,712
	17,218	National Bank of Canada		588,926
	9,140	National General Holdings Corporation		195,779
	16,060	National Storage Affiliates Trust		334,369
	3,800	Navigators Group, Inc.		349,486
	421,372	New World Development Company, Ltd.		429,110
	45,220	NMI Holdings, Inc.^e		247,806
	3,310	Northern Trust Corporation		219,321
	87,870	NorthStar Realty Europe Corporation		812,798
	24,600	Old Mutual plc		66,456
	75,493	PacWest Bancorp		3,003,112
	19,220	Paramount Group, Inc.		306,367
	37,150	Parkway Properties, Inc.		621,520
	47,296	Pebblebrook Hotel Trust		1,241,520
	29,850	Physicians Realty Trust		627,149
	7,480	Piper Jaffray Companies^e		281,996
	20,860	Popular, Inc.		611,198
	86,265	Post Properties, Inc.		5,266,478
	13,905	Potlatch Corporation		474,160
	5,279	Power Corporation of Canada		112,367
	39,300	Primerica, Inc.^f		2,249,532
	9,200	PrivateBancorp, Inc.		405,076
	75,510	Provident Financial Services, Inc.		1,483,016
	33,880	Ramco-Gershenson Properties Trust		664,387
	113,797	Raymond James Financial, Inc.		5,610,192
	49,110	RE/MAX Holdings, Inc.		1,977,169
	14,880	Realogy Holdings Corporation^e		431,818
	30,474	Renasant Corporation		985,224
	53,330	Retail Properties of America, Inc.		901,277
	6,247	Safety Insurance Group, Inc.		384,690
	1,900	Sampo Oyj		77,703
	75,453	Sandy Spring Bancorp, Inc.		2,192,664
	11,971	Schroders plc		378,293
	14,460	Selective Insurance Group, Inc.		552,517
	13,620	Senior Housing Property Trust		283,705
	60,780	Silver Bay Realty Trust Corporation REIT		1,035,083
	639,580	SLM Corporation^e		3,952,604
	27,490	Sovran Self Storage, Inc.		2,884,251
	93,123	Stifel Financial Corporation^e		2,928,718
	284,027	Stockland		1,007,020
	61,220	Store Capital Corporation		1,802,929
	112,576	Summit Hotel Properties, Inc.		1,490,506
	39,260	SunTrust Banks, Inc.		1,612,801
	75,547	SVB Financial Group^e		7,189,053
	12,000	Swiss Re AG		1,048,085
	298,950	Synchrony Financial^e		7,557,456
	63,400	Synovus Financial Corporation		1,837,966
	38,700	T&D Holdings, Inc.		328,642
	2,800	Talanx AG		83,393
	63,880	Talmer Bancorp, Inc.		1,224,580
	385,550	TCF Financial Corporation		4,877,207
	130,704	TD Ameritrade Holding Corporation		3,721,796
	54,076	Terreno Realty Corporation		1,398,946
	18,780	Territorial Bancorp, Inc.		497,107
	2,000	Tokio Marine Holdings, Inc.		66,582
	5,613	Toronto-Dominion Bank		241,038
	44,520	TriCo Bancshares		1,228,752
	84,710	TrustCo Bank Corporation		542,991
	7,590	Trustmark Corporation		188,612
	10,500	U.S. Bancorp		423,465
	8,710	Union Bankshares Corporation		215,224
	69,950	United Community Banks, Inc.		1,279,386
	129,200	United Financial Bancorp, Inc.		1,677,016
	54,719	United Overseas Bank, Ltd.		753,916
	6,000	Unum Group		190,740
	27,070	Urstadt Biddle Properties, Inc.		670,795
	13,490	Voya Financial, Inc.		334,012
	8,120	Webster Financial Corporation		275,674
	14,620	Wells Fargo & Company		691,965
	27,240	Western Alliance Bancorp^e		889,386
	12,000	Wharf Holdings, Ltd.		73,230
	17,000	Wheelock and Company, Ltd.		79,860
	106,100	Wing Tai Holdings, Ltd.		128,786
	22,729	Wintrust Financial Corporation		1,159,179

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

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (33.6%)	Value
	Financials (5.0%) - continued
	71,900	WisdomTree Investments, Inc.^f	$	703,901
	25,109	WSFS Financial Corporation		808,259
	534,226	Zions Bancorporation		13,425,099

		Total		441,908,433


	Health Care (4.2%)
	249,298	Abbott Laboratories		9,799,904
	7,360	AbbVie, Inc.		455,658
	30,436	ABIOMED, Inc.^e		3,326,350
	48,118	Acadia Healthcare Company, Inc.^e,f		2,665,737
	21,200	Aceto Corporation		464,068
	1,100	Actelion, Ltd.		185,237
	53,040	Advaxis, Inc.^e		429,094
	28,860	Aetna, Inc.		3,524,672
	93,520	Akorn, Inc.^e		2,663,917
	15,440	Albany Molecular Research, Inc.^e,f		207,514
	105,851	Alexion Pharmaceuticals, Inc.^e		12,359,163
	27,191	Align Technology, Inc.^e		2,190,235
	115,168	Allergan plc^e		26,614,173
	31,863	Allscripts Healthcare Solutions, Inc.^e		404,660
	32,188	AmerisourceBergen Corporation		2,553,152
	54,800	Amgen, Inc.		8,337,820
	16,594	AMN Healthcare Services, Inc.^e		663,262
	6,670	AmSurg Corporation^e		517,192
	31,435	Analogic Corporation		2,497,196
	5,000	Astellas Pharmaceutical, Inc.		78,412
	174,100	Asterias Biotherapeutics, Inc.^e,f		417,840
	4,539	Atrion Corporation		1,942,057
	600	Bayer AG		60,261
	29,466	BioMarin Pharmaceutical, Inc.^e		2,292,455
	3,400	Bio-Rad Laboratories, Inc.^e		486,268
	16,720	Boston Scientific Corporation^e		390,746
	14,040	Bristol-Myers Squibb Company		1,032,642
	23,291	C.R. Bard, Inc.		5,477,112
	23,070	Cambrex Corporation^e		1,193,411
	5,800	Cardinal Health, Inc.		452,458
	55,985	Cardiovascular Systems, Inc.^e,f		1,028,724
	172,460	Celgene Corporation^e		17,009,730
	87,460	Centene Corporation^e		6,242,020
	108,260	Cerner Corporation^e		6,344,036
	7,600	Computer Programs and Systems, Inc.^f		303,392
	19,240	CONMED Corporation		918,325
	10,110	Cooper Companies, Inc.		1,734,573
	24,310	Cross Country Healthcare, Inc.^e		338,395
	76,950	Dentsply Sirona, Inc.		4,773,978
	172,953	Depomed, Inc.^e,f		3,393,338
	23,550	Dexcom, Inc.^e		1,868,222
	87,190	Edwards Lifesciences Corporation^e		8,695,459
	78,406	Ensign Group, Inc.		1,647,310
	125,384	Envision Healthcare Holdings, Inc.^e		3,180,992
	13,144	Essilor International SA		1,727,511
	83,203	ExamWorks Group, Inc.^e		2,899,625
	105,950	Express Scripts Holding Company^e		8,031,010
	1,100	Gerresheimer AG		84,735
	290,141	Gilead Sciences, Inc.		24,203,562
	21,690	Global Blood Therapeutics, Inc.^e		359,837
	12,690	Globus Medical, Inc.^e		302,403
	35,840	HCA Holdings, Inc.^e		2,760,038
	49,309	HealthEquity, Inc.^e		1,498,254
	31,940	HealthSouth Corporation		1,239,911
	43,030	Healthways, Inc.^e		496,997
	14,600	Hikma Pharmaceuticals plc		480,795
	16,500	Hill-Rom Holdings, Inc.		832,425
	117,340	Hologic, Inc.^e		4,059,964
	6,803	ICON plc^e		476,278
	36,905	Impax Laboratories, Inc.^e		1,063,602
	52,290	Inogen, Inc.^e		2,620,252
	97,609	Intersect ENT, Inc.^e		1,262,084
	46,766	Ironwood Pharmaceuticals, Inc.^e		611,465
	72,700	Kindred Healthcare, Inc.		820,783
	2,000	Lonza Group AG		332,224
	13,300	Magellan Health Services, Inc.^e		874,741
	175,794	Medtronic plc		15,253,645
	348,720	Merck & Company, Inc.		20,089,759
	5,700	Merck KGaA		579,368
	9,523	Mettler-Toledo International, Inc.^e		3,475,133
	77,622	Mylan NV^e		3,356,375
	8,260	Myriad Genetics, Inc.^e		252,756
	34,418	National Healthcare Corporation		2,228,221
	10,140	Natural Health Trends Corporation^f		285,847
	3,950	Neogen Corporation^e		222,188
	35,576	Neurocrine Biosciences, Inc.^e		1,616,929
	35,600	Nevro Corporation^e,f		2,625,856
	18,000	Novartis AG		1,485,694
	18,400	Novo Nordisk AS		990,893
	92,422	NuVasive, Inc.^e		5,519,442
	48,010	Omnicell, Inc.^e		1,643,382
	120,580	PerkinElmer, Inc.		6,320,804
	48,948	Perrigo Company plc		4,438,115
	546,870	Pfizer, Inc.		19,255,293
	25,860	PharMerica Corporation^e		637,708
	8,800	Prothena Corporation plc^e		307,648
	10,900	Puma Biotechnology, Inc.^e		324,711
	13,850	Qiagen NV^e		302,069
	30,240	Quintiles Transnational Holdings, Inc.^e		1,975,277
	660	Regeneron Pharmaceuticals, Inc.^e		230,492
	145,400	Roche Holding AG ADR		4,790,930
	2,100	Roche Holding AG-Genusschein		554,148
	16,000	Sanofi		1,329,329
	89,803	Team Health Holdings, Inc.^e,f		3,652,288
	61,034	Teleflex, Inc.		10,821,939
	69,292	Triple-S Management Corporation^e		1,692,804
	95,176	UnitedHealth Group, Inc.		13,438,851
	71,567	Universal Health Services, Inc.		9,597,135
	18,900	VCA Antech, Inc.^e		1,277,829
	71,800	Veeva Systems, Inc.^e,f		2,449,816
	160,864	Vertex Pharmaceuticals, Inc.^e		13,837,521
	25,210	Waters Corporation^e		3,545,786
	10,350	Wellcare Health Plans, Inc.^e		1,110,348
	28,730	West Pharmaceutical Services, Inc.		2,180,032
	54,340	Zoetis, Inc.		2,578,976

		Total		374,474,993


	Industrials (3.8%)
	114,297	3M Company		20,015,691
	4,710	A.O. Smith Corporation		414,998
	46,510	ABM Industries, Inc.		1,696,685
	69,200	Actuant Corporation		1,564,612
	5,500	Adecco SA		277,409
	15,680	Advisory Board Company^e		554,915
	11,710	AECOM^e		372,027
	91,897	Aegion Corporation^e		1,792,910
	9,760	AerCap Holdings NV^e		327,838
	11,120	Aerovironment, Inc.^e		309,136
	43,200	AGCO Corporation		2,036,016
	8,700	Aida Engineering, Ltd.		71,500
	102,839	Air New Zealand, Ltd.		154,128
	9,500	Allegion plc		659,585
	11,010	Allison Transmission Holdings, Inc.		310,812
	8,900	Amada Holdings Company, Ltd.		90,354

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

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (33.6%)	Value
	Industrials (3.8%) - continued
	2,500	Andritz AG	$	118,543
	7,340	Applied Industrial Technologies, Inc.		331,328
	143,240	Ardmore Shipping Corporation		969,735
	47,000	Asahi Glass Company, Ltd.		255,064
	40,822	Astec Industries, Inc.		2,292,155
	3,000	Atlas Copco Aktiebolag		77,916
	27,400	AZZ, Inc.		1,643,452
	43,393	B/E Aerospace, Inc.		2,003,672
	7,100	Babcock International Group plc		85,841
	70,580	Barnes Group, Inc.		2,337,610
	25,948	Beacon Roofing Supply, Inc.^e		1,179,856
	67,790	Boeing Company		8,803,887
	8,940	Brady Corporation		273,206
	22,780	Briggs & Stratton Corporation		482,480
	201,010	BWX Technologies, Inc.		7,190,128
	86,420	Carlisle Companies, Inc.		9,132,866
	23,310	Caterpillar, Inc.		1,767,131
	42,000	Cathay Pacific Airways, Ltd.		61,617
	27,400	CBIZ, Inc.^e		285,234
	23,350	CEB, Inc.		1,440,228
	37,733	CIRCOR International, Inc.		2,150,404
	43,061	CLARCOR, Inc.		2,619,401
	36,990	Colfax Corporation^e		978,755
	81,744	Comfort Systems USA, Inc.		2,662,402
	65,950	Commercial Vehicle Group, Inc.^e		342,940
	5,200	Compagnie de Saint-Gobain		197,110
	60,380	Copart, Inc.^e		2,959,224
	210,100	CSX Corporation		5,479,408
	8,760	Cummins, Inc.		984,974
	26,210	Curtiss-Wright Corporation		2,208,192
	12,000	Dai Nippon Printing Company, Ltd.		133,739
	19,610	Danaher Corporation		1,980,610
	7,488	Dart Group plc		52,534
	700	DCC plc		61,600
	531,370	Delta Air Lines, Inc.		19,357,809
	7,800	Deluxe Corporation		517,686
	8,300	Deutsche Post AG		233,833
	2,700	DSV AS		113,530
	1,000	East Japan Railway Company		92,673
	83,021	EMCOR Group, Inc.		4,089,614
	13,600	Emerson Electric Company		709,376
	46,990	EnerSys		2,794,495
	34,025	Equifax, Inc.		4,368,810
	62,709	ESCO Technologies, Inc.		2,504,597
	73,134	Federal Signal Corporation		941,966
	3,800	Flowserve Corporation		171,646
	1,700	Flughafen Zuerich AG		300,851
	116,229	Fortune Brands Home and Security, Inc.		6,737,795
	52,104	Franklin Electric Company, Inc.		1,722,037
	3,900	Fraport AG Frankfurt Airport Services Worldwide		208,810
	23,000	Fuji Electric Company, Ltd.		95,761
	22,533	G & K Services, Inc.		1,725,352
	8,025	Galliford Try plc		98,029
	25,870	GasLog, Ltd.		335,793
	78,550	Gener8 Maritime, Inc.^e		502,720
	200	Georg Fischer AG		159,882
	78,608	Gibraltar Industries, Inc.^e		2,481,655
	70,825	Granite Construction, Inc.		3,226,079
	13,670	Greenbrier Companies, Inc.		398,207
	20,532	H&E Equipment Services, Inc.		390,724
	23,410	Hackett Group, Inc.		324,697
	13,000	Hankyu Hanshin Holdings, Inc.		96,935
	193,140	Harsco Corporation		1,282,450
	62,492	Healthcare Services Group, Inc.		2,585,919
	44,453	Heico Corporation		2,969,905
	20,450	Herman Miller, Inc.		611,250
	28,960	Hexcel Corporation		1,205,894
	4,500	Hitachi Transport System, Ltd.		74,029
	10,298	HNI Corporation		478,754
	1,600	Hochtief AG		206,578
	76,083	Honeywell International, Inc.		8,849,975
	18,539	Hub Group, Inc.^e		711,341
	31,380	Hubbell, Inc.		3,309,649
	32,460	Huntington Ingalls Industries, Inc.		5,454,254
	45,626	Huron Consulting Group, Inc.^e		2,756,723
	4,240	Illinois Tool Works, Inc.		441,638
	6,000	Inaba Denki Sangyo Company, Ltd.		205,502
	118,240	Ingersoll-Rand plc		7,529,523
	20,680	Insperity, Inc.		1,597,116
	6,830	Insteel Industries, Inc.		195,270
	16,790	Interface, Inc.		256,047
	14,000	Intrum Justitia AB		439,076
	72,500	ITOCHU Corporation		886,908
	12,900	ITT Corporation		412,542
	46,374	JB Hunt Transport Services, Inc.		3,753,048
	11,000	Kamigumi Company, Ltd.		101,671
	23,170	KAR Auction Services, Inc.		967,116
	82,083	Kforce, Inc.		1,386,382
	26,900	KITZ Corporation		127,647
	14,850	Knoll, Inc.		360,558
	27,000	KONE Oyj		1,246,065
	6,189	Koninklijke Boskalis Westminster NV		211,186
	115,820	Korn/Ferry International		2,397,474
	1,200	Kuehne & Nagel International AG		168,132
	4,900	Kurita Water Industries, Ltd.		109,230
	108,640	Lincoln Electric Holdings, Inc.		6,418,451
	31,180	Manpower, Inc.		2,006,121
	17,900	Marubeni Corporation		80,867
	113,100	Masco Corporation		3,499,314
	39,000	Meggitt plc		211,983
	100,420	Meritor, Inc.^e		723,024
	24,138	Middleby Corporation^e		2,781,905
	10,600	MIRAIT Holdings Corporation		104,214
	12,000	Mitsuboshi Belting, Ltd.		93,564
	9,310	Moog, Inc.^e		501,995
	26,721	MSA Safety, Inc.		1,403,654
	6,010	Mueller Industries, Inc.		191,599
	18,520	Mueller Water Products, Inc.		211,498
	137,219	Navigant Consulting, Inc.^e		2,216,087
	36,982	Nielsen Holdings plc		1,921,955
	10,100	Nikkon Holdings Company, Ltd.		181,486
	18,000	Nippon Express Company, Ltd.		82,255
	18,900	Nitto Kogyo Corporation		234,974
	28,267	Nordson Corporation		2,363,404
	63,650	Norfolk Southern Corporation		5,418,524
	12,060	Northrop Grumman Corporation		2,680,697
	25,160	Old Dominion Freight Line, Inc.^e		1,517,400
	61,808	On Assignment, Inc.^e		2,283,806
	138,798	Oshkosh Corporation		6,622,053
	9,600	Owens Corning, Inc.		494,592
	3,080	Parker Hannifin Corporation		332,794
	85,060	Pentair, Ltd.		4,958,147
	59,266	PGT, Inc.^e		610,440
	40,084	Proto Labs, Inc.^e,f		2,307,235
	25,130	Quanex Building Products Corporation		467,167
	4,200	Randstad Holding NV		167,963
	65,570	Raven Industries, Inc.		1,241,896
	16,300	Raytheon Company		2,215,985
	30,450	Resources Connection, Inc.		450,051

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

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (33.6%)	Value
	Industrials (3.8%) - continued
	8,500	Rexnord Corporation^e	$	166,855
	1,055	Rieter Holding AG		215,955
	19,167	Ritchie Brothers Auctioneers, Inc.		647,461
	29,100	Rockwell Automation, Inc.		3,341,262
	45,210	Rockwell Collins, Inc.^f		3,849,179
	21,366	Roper Industries, Inc.		3,644,185
	5,370	Ryder System, Inc.		328,322
	2,000	SAAB AB		62,369
	33,888	Saia, Inc.^e		851,944
	16,400	Sanwa Holdings Corporation		149,077
	2,000	Schindler Holding AG		362,096
	400	Schindler Holding AG - REG		72,795
	3,100	Skanska AB		64,911
	18,890	SkyWest, Inc.		499,829
	282,260	Southwest Airlines Company		11,067,415
	22,090	Spirit Aerosystems Holdings, Inc.^e		949,870
	35,720	SPX FLOW, Inc.^e		931,220
	4,080	Stericycle, Inc.^e		424,810
	28,575	Tennant Company		1,539,335
	14,270	Tetra Tech, Inc.		438,731
	18,723	Textron, Inc.		684,513
	11,960	Toro Company		1,054,872
	2,800	TOTO, Ltd.		111,886
	57,010	TransUnion^e		1,906,414
	2,600	Travis Perkins plc		51,298
	11,020	TrueBlue, Inc.^e		208,498
	22,206	Tyco International plc		945,976
	4,620	UniFirst Corporation		534,626
	40,700	United Continental Holdings, Inc.^e		1,670,328
	100,450	United Parcel Service, Inc.		10,820,474
	49,624	United Rentals, Inc.^e		3,329,770
	31,935	Universal Forest Products, Inc.		2,960,055
	58,983	Universal Truckload Services, Inc.		760,881
	35,760	WABCO Holdings, Inc.^e		3,274,543
	6,800	Wabtec Corporation		477,564
	40,934	WageWorks, Inc.^e		2,448,263
	95,621	Waste Connections, Inc.		6,889,493
	6,585	Watsco, Inc.		926,444
	4,109	WSP Global, Inc.		125,692
	103,570	Xylem, Inc.		4,624,401
	39,120	YRC Worldwide, Inc.^e		344,256
	3,500	Yuasa Trading Company, Ltd.		72,208

		Total		333,009,248


	Information Technology (6.9%)
	14,473	Advanced Energy Industries, Inc.^e		549,395
	168,240	Agilent Technologies, Inc.		7,463,126
	63,160	Akamai Technologies, Inc.^e		3,532,539
	25,010	Alliance Data Systems Corporation^e		4,899,959
	52,074	Alphabet, Inc., Class A^e		36,635,621
	45,659	Alphabet, Inc., Class C^e		31,600,594
	40,902	Ambarella, Inc.^e,f		2,078,231
	61,320	Amkor Technology, Inc.^e		352,590
	114,397	Amphenol Corporation		6,558,380
	4,020	Analog Devices, Inc.		227,693
	8,911	ANSYS, Inc.^e		808,673
	323,239	Apple, Inc.		30,901,648
	262,761	Applied Materials, Inc.		6,298,381
	73,226	Arista Networks, Inc.^e,f		4,714,290
	76,870	ARRIS International plc^e		1,611,195
	83,016	Aspen Technology, Inc.^e		3,340,564
	2,232	AtoS		184,027
	20,590	AVX Corporation		279,612
	29,953	Belden, Inc.		1,808,263
	92,300	Blackhawk Network Holdings, Inc.^e		3,091,127
	155,070	Booz Allen Hamilton Holding Corporation		4,596,275
	3,600	Broadcom, Ltd.		559,440
	35,920	Broadridge Financial Solutions, Inc.		2,341,984
	199,189	Brocade Communications Systems, Inc.		1,828,555
	175,275	Brooks Automation, Inc.		1,966,585
	37,500	CA, Inc.		1,231,125
	39,442	Cabot Microelectronics Corporation		1,669,974
	21,794	CACI International, Inc.^e		1,970,396
	10,000	Canon, Inc.		285,502
	40,658	Cavium, Inc.^e,f		1,569,399
	14,400	CDK Global, Inc.		799,056
	19,510	CDW Corporation		781,961
	12,720	Check Point Software Technologies, Ltd.^e		1,013,530
	108,507	Ciena Corporation^e		2,034,506
	16,000	Cirrus Logic, Inc.^e		620,640
	1,068,680	Cisco Systems, Inc.		30,660,429
	4,280	Citrix Systems, Inc.^e		342,785
	58,849	Cognex Corporation		2,536,392
	32,550	Cognizant Technology Solutions Corporation^e		1,863,162
	10,580	Coherent, Inc.^e		971,032
	41,630	CommVault Systems, Inc.^e		1,798,000
	11,050	comScore, Inc.^e		263,874
	14,500	Comtech Telecommunications Corporation		186,180
	43,880	Convergys Corporation		1,097,000
	99,780	CoreLogic, Inc.^e		3,839,534
	41,540	Corning, Inc.		850,739
	106,275	Criteo SA ADR^e,f		4,880,148
	10,540	CTS Corporation		188,877
	43,425	Demandware, Inc.^e		3,252,533
	24,986	DST Systems, Inc.		2,909,120
	50,270	EarthLink Holdings Corporation		321,728
	77,650	eBay, Inc.^e		1,817,786
	262,300	EMC Corporation		7,126,691
	45,780	Envestnet, Inc.^e		1,524,932
	22,210	EVERTEC, Inc.		345,143
	20,260	ExlService Holdings, Inc.^e		1,061,827
	21,180	F5 Networks, Inc.^e		2,411,131
	76,177	Fabrinet^e		2,827,690
	443,000	Facebook, Inc.^e		50,626,040
	19,487	FEI Company		2,082,771
	99,640	Finisar Corporation^e		1,744,696
	45,020	Fitbit, Inc.^e		550,144
	148,580	FLIR Systems, Inc.		4,598,551
	149,139	Fortinet, Inc.^e		4,711,301
	22,900	FUJIFILM Holdings NPV		888,530
	36,480	Genpact, Ltd.^e		979,123
	102,238	Guidewire Software, Inc.^e		6,314,219
	5,600	Hoya Corporation		200,010
	39,440	HP, Inc.		494,972
	16,821	IAC/InterActiveCorporation		947,022
	47,740	Imperva, Inc.^e		2,053,297
	220,860	Intel Corporation		7,244,208
	3,000	ITOCHU Techno-Solutions Corporation		64,630
	155,275	Ixia^e		1,524,800
	119,084	Juniper Networks, Inc.		2,678,199
	11,790	Keysight Technologies, Inc.^e		342,971
	2,700	Kyocera Corporation		128,474
	51,380	Lam Research Corporation^f		4,319,003
	25,700	Liberty Tripadvisor Holdings, Inc.^e		562,316
	21,080	Linear Technology Corporation		980,852

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

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (33.6%)	Value
	Information Technology (6.9%) - continued
	65,470	Lionbridge Technologies, Inc.^e	$	258,607
	20,954	Littelfuse, Inc.		2,476,553
	20,320	M/A-COM Technology Solutions Holdings, Inc.^e		670,154
	21,348	Manhattan Associates, Inc.^e		1,369,047
	75,950	Marvell Technology Group, Ltd.		723,803
	31,150	Maxim Integrated Products, Inc.		1,111,743
	13,670	MAXIMUS, Inc.		756,908
	20,560	Mentor Graphics Corporation		437,106
	60,287	Methode Electronics, Inc.		2,063,624
	81,580	Microsemi Corporation^e		2,666,034
	719,530	Microsoft Corporation		36,818,350
	33,100	Mobileye NV^e		1,527,234
	87,666	Monolithic Power Systems, Inc.		5,989,341
	2,720	Morningstar, Inc.		222,442
	22,107	Nanometrics, Inc.^e		459,605
	60,920	National Instruments Corporation		1,669,208
	9,800	NEC Networks & System Integration Corporation		173,500
	7,380	NETGEAR, Inc.^e		350,845
	3,300	Nice, Ltd.		209,989
	37,766	Nice, Ltd. ADR^f		2,411,359
	5,000	NS Solutions Corporation		77,060
	272,514	NVIDIA Corporation		12,810,883
	60,075	NXP Semiconductors NV^e		4,706,276
	236,900	Oclaro, Inc.^e,f		1,156,072
	30,310	ON Semiconductor Corporation^e		267,334
	487,950	Oracle Corporation		19,971,793
	7,220	Palo Alto Networks, Inc.^e		885,461
	164,200	Pandora Media, Inc.^e,f		2,044,290
	52,600	Paylocity Holding Corporation^e,f		2,272,320
	630,754	PayPal Holdings, Inc.^e		23,028,829
	50,825	Pegasystems, Inc.		1,369,734
	153,487	Progress Software Corporation^e		4,214,753
	72,689	Proofpoint, Inc.^e,f		4,585,949
	49,590	PTC, Inc.^e		1,863,592
	35,026	Q2 Holdings, Inc.^e		981,429
	71,839	QLIK Technologies, Inc.^e		2,124,998
	15,370	QUALCOMM, Inc.		823,371
	11,160	Qualys, Inc.^e		332,680
	47,170	RealPage, Inc.^e		1,053,306
	62,160	Red Hat, Inc.^e		4,512,816
	444,260	Salesforce.com, Inc.^e		35,278,687
	13,110	ScanSource, Inc.^e		486,512
	31,875	ServiceNow, Inc.^e		2,116,500
	22,200	Shinko Electric Industries Company, Ltd.		108,737
	85,100	ShoreTel, Inc.^e		569,319
	26,250	Symantec Corporation		539,175
	102,848	Synopsys, Inc.^e		5,562,020
	1,200	TDK Corporation		67,172
	3,430	Tech Data Corporation^e		246,445
	216,967	Teradyne, Inc.		4,272,080
	9,070	Tessera Technologies, Inc.		277,905
	197,870	Texas Instruments, Inc.		12,396,555
	27,560	Trimble Navigation, Ltd.^e		671,362
	19,746	Tyler Technologies, Inc.^e		3,291,856
	300	U-Blox AG		64,672
	31,045	Ultimate Software Group, Inc.^e		6,528,453
	1,800	United Internet AG		74,824
	131,836	Virtusa Corporation^e		3,807,424
	431,130	Visa, Inc.		31,976,912
	371,310	Xilinx, Inc.		17,128,530

		Total		614,231,236


	Materials (1.6%)
	44,230	Agnico Eagle Mines, Ltd.		2,366,305
	1,900	Air Liquide SA		197,946
	22,250	Air Products and Chemicals, Inc.		3,160,390
	86,400	Albemarle Corporation		6,852,384
	231,540	Alcoa, Inc.		2,146,376
	5,700	Amcor, Ltd.		64,089
	41,654	American Vanguard Corporation		629,392
	26,580	Avery Dennison Corporation		1,986,855
	40,282	Axalta Coating Systems, Ltd.^e		1,068,681
	17,094	Balchem Corporation		1,019,657
	36,980	Ball Corporation^f		2,673,284
	246,470	Barrick Gold Corporation		5,262,134
	74,200	BHP Billiton, Ltd.		1,034,070
	22,800	BillerudKorsnas AB		340,233
	11,760	Boise Cascade Company^e		269,892
	6,500	Buzzi Unicem SPA		113,907
	41,950	Cabot Corporation		1,915,437
	9,160	Carpenter Technology Corporation		301,639
	573	CCL Industries, Inc.		99,720
	73,257	Celanese Corporation		4,794,671
	58,508	Chemtura Corporation^e		1,543,441
	27,647	Clearwater Paper Corporation^e		1,807,284
	24,800	Continental Building Products, Inc.^e		551,304
	3,600	Croda International plc		151,123
	98,830	Crown Holdings, Inc.^e		5,007,716
	56,700	Daicel Corporation		587,529
	15,000	Denki Kagaku Kogyo KK		60,661
	121,600	Dow Chemical Company		6,044,736
	9,000	Eagle Materials, Inc.		694,350
	7,920	Eastman Chemical Company		537,768
	171,180	Eldorado Gold Corporation		770,310
	2,300	Evonik Industries AG		68,560
	67,160	Ferroglobe plc		578,248
	102,186	FMC Corporation		4,732,234
	193,960	Freeport-McMoRan, Inc.^f		2,160,714
	1,800	FUCHS PETROLUB SE		70,814
	200	Givaudan SA		402,705
	167,840	Goldcorp, Inc.		3,210,779
	56,060	Graphic Packaging Holding Company		702,992
	7,800	Hexpol AB		80,098
	11,246	Ingevity Corporation^e		382,814
	10,050	Innophos Holdings, Inc.		424,211
	26,948	Innospec, Inc.		1,239,339
	113,340	International Paper Company		4,803,349
	4,900	JFE Holdings, Inc.		63,921
	6,200	JSR Corporation		82,107
	24,520	KapStone Paper and Packaging Corporation		319,005
	295,430	Kinross Gold Corporation^e		1,444,653
	14,630	Koppers Holdings, Inc.^e		449,580
	1,300	LafargeHolcim, Ltd.		54,389
	11,460	Martin Marietta Materials, Inc.		2,200,320
	11,220	Materion Corporation		277,807
	22,175	Minerals Technologies, Inc.		1,259,540
	30,200	Mitsubishi Chemical Holdings Corporation		138,437
	12,000	Mitsubishi Gas Chemical Company, Inc.		62,603
	37,000	Mitsubishi Materials Corporation		88,591
	244,870	Mosaic Company		6,410,697
	114,947	Myers Industries, Inc.		1,655,237
	134,900	Newmont Mining Corporation		5,277,288
	2,400	Nippon Shokubai Company, Ltd.		138,039
	121,768	Norsk Hydro ASA		445,772
	5,800	Novozymes AS		278,521
	77,790	Nucor Corporation		3,843,604

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

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (33.6%)	Value
	Materials (1.6%) - continued
	18,000	Oji Holdings Corporation	$	69,102
	8,410	Olin Corporation		208,904
	54,970	OMNOVA Solutions, Inc.^e		398,533
	33,400	Orora, Ltd.		69,348
	180,140	Owens-Illinois, Inc.^e		3,244,321
	118,024	Packaging Corporation of America		7,899,346
	11,660	PolyOne Corporation		410,898
	39,440	Rayonier Advanced Materials, Inc.		535,990
	22,020	Reliance Steel & Aluminum Company		1,693,338
	2,380	Rio Tinto, Ltd.		82,326
	15,940	Royal Gold, Inc.^f		1,147,999
	30,490	Schnitzer Steel Industries, Inc.		536,624
	22,255	Scotts Miracle-Gro Company		1,555,847
	48,950	Sealed Air Corporation		2,250,232
	75,030	Silver Wheaton Corporation		1,765,456
	50,420	Sonoco Products Company		2,503,857
	218,223	Steel Dynamics, Inc.		5,346,464
	44,450	Stillwater Mining Company^e		527,177
	6,000	Sumitomo Metal Mining Company, Ltd.		61,034
	15,000	Sumitomo Seika Chemicals Company, Ltd.		83,566
	131,050	Teck Resources, Ltd.^f		1,725,929
	15,000	Tosoh Corporation		69,189
	22,994	UPM-Kymmene Oyj		422,419
	24,130	Vulcan Materials Company		2,904,287
	67,479	Westrock Company		2,622,909
	248,110	Yamana Gold, Inc.		1,290,172
	22,698	Yara International ASA		721,043

		Total		137,546,562


	Telecommunications Services (0.3%)
	61,010	AT&T, Inc.		2,636,242
	9,040	BCE, Inc.		427,807
	151,070	Cincinnati Bell, Inc.^e		690,390
	21,000	Elisa Oyj		806,891
	24,760	FairPoint Communications, Inc.^e,f		363,477
	20,400	Freenet AG		525,374
	33,000	General Communication, Inc.^e		521,400
	26,580	Inteliquent, Inc.		528,676
	249,389	KCOM Group plc		350,261
	40,237	Level 3 Communications, Inc.^e		2,071,803
	1,600	Millicom International Cellular SA		98,143
	5,600	Nippon Telegraph & Telephone Corporation		262,612
	19,700	Orange SA		320,333
	7,100	Proximus SA		225,628
	48,712	SBA Communications Corporation^e		5,257,973
	100	Swisscom AG		49,681
	24,500	Telefonica Deutschland Holding AG		100,918
	212,556	Verizon Communications, Inc.		11,869,127
	85,050	Vonage Holdings Corporation^e		518,805

		Total		27,625,541


	Utilities (0.9%)
	46,630	Alliant Energy Corporation		1,851,211
	51,180	American States Water Company		2,242,708
	48,010	Aqua America, Inc.		1,712,037
	31,490	Artesian Resources Corporation		1,068,141
	124,290	Avista Corporation		5,568,192
	8,510	California Water Service Group		297,254
	42,140	CenterPoint Energy, Inc.		1,011,360
	4,800	Chubu Electric Power Company, Inc.		68,309
	26,650	Consolidated Water Company, Ltd.^f		348,049
	8,200	E.ON SE		82,778
	62,970	Edison International, Inc.		4,890,880
	120,100	Electricidade de Portugal SA		367,696
	24,100	Enagas SA^f		736,265
	119,410	Eversource Energy		7,152,659
	36,660	Exelon Corporation		1,332,958
	31,140	Great Plains Energy, Inc.		946,656
	132,820	MDU Resources Group, Inc.		3,187,680
	13,450	Middlesex Water Company		583,461
	10,760	New Jersey Resources Corporation		414,798
	174,000	Osaka Gas Company, Ltd.		668,941
	341,730	PG&E Corporation		21,843,382
	18,860	Portland General Electric Company		832,103
	73,160	Public Service Enterprise Group, Inc.		3,409,988
	87,700	Redes Energeticas Nacionais SGPS SA		246,617
	38,100	Renewable Energy Group, Inc.^e		336,423
	67,400	Southern Company		3,614,662
	45,398	Southwest Gas Corporation		3,573,276
	23,898	Spire, Inc.		1,692,934
	186,816	Talen Energy Corporation^e		2,531,357
	14,000	Toho Gas Company, Ltd.		114,558
	12,200	Tokyo Electric Power Company, Inc.^e		51,667
	34,200	United Utilities Group plc		474,026
	7,932	Unitil Corporation		338,458
	53,700	Vectren Corporation		2,828,379
	3,900	Veolia Environnement SA		84,219
	13,950	WEC Energy Group, Inc.		910,935

		Total		77,415,017


		Total Common Stock (cost $2,720,524,932)		2,975,600,807


		Registered Investment Companies (29.6%)
	Affiliated Equity Holdings (17.1%)
	22,936,793	Thrivent Large Cap Stock Portfolio		256,373,714
	30,302,240	Thrivent Large Cap Value Portfolio		447,939,834
	15,614,280	Thrivent Mid Cap Stock Portfolio		245,439,300
	57,080,403	Thrivent Partner Worldwide Allocation Portfolio		500,458,141
	4,432,127	Thrivent Small Cap Stock Portfolio		68,190,492

		Total		1,518,401,481


	Affiliated Fixed Income Holdings (11.3%)
	34,480,515	Thrivent High Yield Portfolio		159,962,007
	50,957,750	Thrivent Income Portfolio		525,807,548
	31,436,113	Thrivent Limited Maturity Bond Portfolio		308,592,603

		Total		994,362,158


	Equity Funds/ETFs (0.5%)
	1,530	iShares MSCI EAFE Index Fund		85,389
	37,491	iShares Russell 2000 Growth Index Fund		5,143,015
	30,973	iShares Russell 2000 Index Fund		3,560,966
	12,420	iShares Russell 2000 Value Index Fund		1,208,466
	33,940	Materials Select Sector SPDR Fund		1,572,780
	126,504	SPDR S&P 500 ETF Trust		26,506,383
	42,300	SPDR S&P Biotech ETF		2,288,007
	700	SPDR S&P MidCap 400 ETF Trust		190,666
	12,362	Utilities Select Sector SPDR Fund		648,634

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

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Registered Investment Companies (29.6%)	Value
	Equity Funds/ETFs (0.5%) - continued
	9,030	VanEck Vectors Oil Services ETF^f	$	264,128

		Total		41,468,434


	Fixed Income Funds/ETFs (0.7%)
	123,000	iShares Barclays 1-3 Year Credit Bond Fund		13,049,070
	411,900	iShares iBoxx $ Investment Grade Corporate Bond ETF		50,552,487

		Total		63,601,557


		Total Registered Investment Companies (cost $2,492,589,387)		2,617,833,630


Principal Amount		Long-Term Fixed Income (29.6%)
	Asset-Backed Securities (1.3%)
		Access Group, Inc.
$	778,670	0.946%, 2/25/2036^g,h		754,653
		Ares CLO, Ltd.
	4,400,000	1.921%, 10/12/2023*^,h		4,381,147
	2,750,000	2.106%, 11/15/2025*^,h		2,746,888
		BA Credit Card Trust
	1,750,000	0.822%, 6/15/2021^h		1,748,732
		Bayview Opportunity Master Fund Trust
	1,145,386	3.228%, 7/28/2034*^,i		1,144,593
	3,012,447	3.721%, 2/28/2035*		3,012,880
	1,639,118	3.721%, 7/28/2035^g,i		1,637,105
		Betony CLO, Ltd.
	1,260,000	2.138%, 4/15/2027*^,h		1,251,215
		CAM Mortgage, LLC
	1,115,553	3.500%, 7/15/2064*^,i		1,115,978
		Capital One Multi-Asset Execution Trust
	2,250,000	0.822%, 1/18/2022^h		2,248,780
		Chase Issuance Trust
	1,375,000	1.590%, 2/18/2020		1,389,226
	2,525,000	1.620%, 7/15/2020		2,553,007
	2,500,000	0.852%, 5/17/2021^h		2,500,719
		Chesapeake Funding II, LLC
	1,000,000	1.880%, 6/15/2028^g		1,002,661
		Chesapeake Funding, LLC
	1,035,032	0.915%, 1/7/2025^g,h		1,034,405
		Commonbond Student Loan Trust
	5,912,751	3.320%, 5/25/2040^g		5,983,914
		Countrywide Asset-Backed Certificates
	158,227	5.329%, 4/25/2047		152,054
		DRB Prime Student Loan Trust
	1,194,209	3.170%, 7/25/2031*		1,210,920
	3,748,952	3.200%, 1/25/2040*		3,805,717
	1,100,000	2.890%, 6/25/2040^g		1,107,487
		Edlinc Student Loan Funding Trust
	77,345	3.388%, 10/1/2025*^,h		77,716
		Enterprise Fleet Financing, LLC
	90,203	1.060%, 3/20/2019^g		90,191
	417,008	0.870%, 9/20/2019^g		416,513
		FirstEnergy Ohio PIRB Special Purpose Trust
	262,617	0.679%, 1/15/2019		262,304
		Ford Credit Auto Owner Trust
	1,350,000	2.260%, 11/15/2025^g		1,377,151
		GoldenTree Loan Opportunities IX, Ltd.
	1,400,000	2.148%, 10/29/2026*^,h		1,395,521
		Golub Capital Partners CLO 22B, Ltd.
	2,700,000	2.116%, 2/20/2027*^,h		2,681,848
		Golub Capital Partners CLO 23M, Ltd.
	1,350,000	2.118%, 5/5/2027*^,h		1,340,490
		Lehman XS Trust
	5,904,375	5.440%, 8/25/2035ⁱ		5,132,588
		Morgan Stanley Bank of America Merrill Lynch Trust
	5,400,000	3.176%, 8/15/2045		5,752,447
	5,400,000	3.246%, 12/15/2047		5,734,709
		Morgan Stanley Capital, Inc.
	2,724,744	0.603%, 2/25/2037^h		1,549,730
		OneMain Financial Issuance Trust
	2,600,000	4.100%, 3/20/2028^g		2,680,851
		OZLM VIII, Ltd.
	1,400,000	2.073%, 10/17/2026*^,h		1,395,285
		Pretium Mortgage Credit Partners, LLC
	2,896,989	4.125%, 10/27/2030*		2,900,261
		Race Point IX CLO, Ltd.
	3,260,000	2.138%, 4/15/2027*^,h		3,239,288
		Renaissance Home Equity Loan Trust
	6,360,861	6.011%, 5/25/2036ⁱ		4,255,563
	3,606,811	5.580%, 11/25/2036ⁱ		1,957,669
		SLM Student Loan Trust
	1,199,765	1.042%, 7/15/2022^g,h		1,198,481
	193,962	1.042%, 8/15/2022^g,h		193,805
	592,907	1.038%, 4/25/2023^g,h		592,288
	125,000	1.492%, 5/17/2027^g,h		124,773
		Sofi Consumer Loan Program, LLC
	2,100,000	3.260%, 8/25/2025^g		2,111,156
		SoFi Professional Loan Program, LLC
	2,566,245	2.420%, 3/25/2030^g		2,563,856
		Sunset Mortgage Loan Company, LLC
	2,439,022	4.459%, 9/16/2045*^,i		2,448,698
		U.S. Small Business Administration
	894,414	3.191%, 3/10/2024		943,013
		Vericrest Opportunity Loan Transferee
	6,579,845	3.375%, 10/25/2058*^,i		6,510,768
	3,499,593	3.500%, 6/26/2045^g		3,471,137
	3,654,607	3.500%, 6/26/2045^g,i		3,628,768
	2,746,908	3.625%, 7/25/2045^g,i		2,727,922
	1,582,881	3.500%, 2/25/2055*^,i		1,574,006
		Vericrest Opportunity Loan Trust
	3,978,411	4.250%, 3/26/2046*^,i		4,005,157
		Volvo Financial Equipment, LLC
	1,213,522	0.820%, 4/16/2018^g		1,211,281

		Total		116,327,315


	Basic Materials (0.1%)
		Albemarle Corporation
	395,000	3.000%, 12/1/2019		400,343
		Anglo American plc
	2,433,000	3.625%, 5/14/2020^f,g		2,338,721

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

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (29.6%)	Value
	Basic Materials (0.1%) - continued
		ArcelorMittal SA
$	1,425,000	6.500%, 3/1/2021^f	$	1,464,187
		First Quantum Minerals, Ltd.
	621,000	6.750%, 2/15/2020^g		518,535
	621,000	7.000%, 2/15/2021^g		499,129
		Georgia-Pacific, LLC
	920,000	2.539%, 11/15/2019^g		942,173
		Glencore Funding, LLC
	680,000	1.693%, 4/16/2018^g,h		652,800
		Novelis, Inc.
	1,130,000	8.375%, 12/15/2017		1,155,425
	1,560,000	8.750%, 12/15/2020		1,626,300
		Yamana Gold, Inc.
	1,285,000	4.950%, 7/15/2024		1,264,183

		Total		10,861,796


	Capital Goods (0.6%)
		AECOM
	3,030,000	5.875%, 10/15/2024		3,105,750
		Aircastle, Ltd.
	2,875,000	5.000%, 4/1/2023		2,921,575
		Ball Corporation
	1,415,000	4.375%, 12/15/2020		1,488,403
		Building Materials Corporation of America
	2,355,000	6.000%, 10/15/2025^g		2,460,975
		Case New Holland, Inc.
	1,500,000	7.875%, 12/1/2017		1,612,500
		Cemex Finance, LLC
	2,970,000	9.375%, 10/12/2022^g		3,267,000
		CNH Industrial Capital, LLC
	1,155,000	4.375%, 11/6/2020^f		1,166,550
		Crown Americas Capital Corporation IV
	1,470,000	4.500%, 1/15/2023		1,499,400
		Fortive Corporation
	1,100,000	1.800%, 6/15/2019^g		1,107,057
	600,000	4.300%, 6/15/2046^g		637,558
		General Electric Company
	2,095,000	5.000%, 12/29/2049^j		2,222,795
		HD Supply, Inc.
	2,805,000	5.750%, 4/15/2024^g		2,917,200
		Huntington Ingalls Industries, Inc.
	2,975,000	5.000%, 11/15/2025^g		3,146,062
		L-3 Communications Corporation
	1,550,000	3.950%, 5/28/2024		1,630,815
		Lockheed Martin Corporation
	1,332,000	2.500%, 11/23/2020		1,374,447
	1,544,000	4.500%, 5/15/2036		1,723,433
		Newell Rubbermaid, Inc.
	772,000	2.600%, 3/29/2019		792,212
	1,093,000	5.500%, 4/1/2046		1,300,372
		Northrop Grumman Corporation
	1,310,000	3.850%, 4/15/2045		1,363,757
		Owens-Brockway Glass Container, Inc.
	1,460,000	5.000%, 1/15/2022^g		1,461,825
	1,500,000	5.875%, 8/15/2023^f,g		1,575,630
		Pentair Finance SA
	1,500,000	2.900%, 9/15/2018		1,515,195
		Republic Services, Inc.
	1,100,000	2.900%, 7/1/2026^d		1,115,586
		Reynolds Group Issuer, Inc.
	2,401,432	5.750%, 10/15/2020		2,479,479
		Roper Industries, Inc.
	2,070,000	2.050%, 10/1/2018		2,095,134
		Standard Industries, Inc.
	800,000	5.500%, 2/15/2023^g		818,000
		Textron, Inc.
	785,000	5.600%, 12/1/2017		825,439
	1,225,000	7.250%, 10/1/2019		1,408,632
		United Rentals North America, Inc.
	4,640,000	5.500%, 7/15/2025^f		4,570,400
		Waste Management, Inc.
	310,000	3.125%, 3/1/2025		324,135

		Total		53,927,316


	Collateralized Mortgage Obligations (1.2%)
		Alm Loan Funding CLO
	1,400,000	2.063%, 10/17/2026*^,h		1,391,086
		Alternative Loan Trust
	1,313,650	6.000%, 6/25/2036		1,035,517
		Apidos CLO XVIII
	1,400,000	2.047%, 7/22/2026*^,h		1,397,252
		Babson CLO, Ltd.
	1,400,000	2.023%, 10/17/2026*^,h		1,391,080
		BCAP, LLC Trust
	3,048,683	0.633%, 3/25/2037^h		2,555,848
		Birchwood Park CLO, Ltd.
	1,400,000	2.068%, 7/15/2026*^,h		1,395,454
		BlueMountain CLO, Ltd.
	1,400,000	2.108%, 10/15/2026*^,h		1,398,940
		Carlyle Global Market Strategies CLO, Ltd.
	1,400,000	1.934%, 7/20/2023*^,h		1,394,744
	1,400,000	2.128%, 10/15/2026*^,h		1,397,860
		Cent CLO 16, LP
	1,400,000	1.887%, 8/1/2024*^,h		1,393,263
		Cent CLO 22, Ltd.
	1,400,000	2.112%, 11/7/2026*^,h		1,386,605
		Citigroup Mortgage Loan Trust, Inc.
	900,510	5.500%, 11/25/2035		855,487
		CitiMortgage Alternative Loan Trust
	2,969,699	5.750%, 4/25/2037		2,501,461
		Countrywide Alternative Loan Trust
	1,865,686	2.649%, 10/25/2035		1,459,879
	1,261,730	6.000%, 4/25/2036		1,008,706
	583,285	6.000%, 1/25/2037		513,624
	3,493,150	5.500%, 5/25/2037		2,793,702
	3,248,386	7.000%, 10/25/2037		2,005,969
		Countrywide Home Loans, Inc.
	1,074,959	5.750%, 4/25/2037		906,015
		Deutsche Alt-A Securities Mortgage Loan Trust
	820,355	6.000%, 10/25/2021		713,582
		Dryden 34 Senior Loan Fund CLO
	1,400,000	2.058%, 10/15/2026*^,h		1,394,968
		Federal Home Loan Mortgage Corporation
	9,274,578	4.000%, 7/15/2031^k		855,558
	4,578,525	3.000%, 2/15/2033^k		536,804

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

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (29.6%)	Value
	Collateralized Mortgage Obligations (1.2%) - continued
		Federal National Mortgage Association
$	9,336,386	3.500%, 1/25/2033^k	$	1,199,278
		First Horizon Alternative Mortgage Securities Trust
	2,614,623	6.000%, 8/25/2036^h		2,154,933
		Galaxy XX CLO, Ltd.
	4,500,000	2.084%, 7/20/2027*^,h		4,460,168
		IndyMac INDX Mortgage Loan Trust
	3,555,277	1.093%, 7/25/2045^h		2,907,674
		J.P. Morgan Alternative Loan Trust
	1,729,235	6.500%, 3/25/2036		1,404,772
		J.P. Morgan Mortgage Trust
	601,465	3.113%, 6/25/2036		514,708
	280,962	2.708%, 10/25/2036		252,291
	3,301,702	0.833%, 1/25/2037^h		1,726,445
	3,816,144	6.250%, 8/25/2037		2,861,888
		Limerock CLO III, LLC
	4,500,000	2.164%, 10/20/2026*^,h		4,381,414
		Madison Park Funding XIV CLO, Ltd.
	1,525,000	2.084%, 7/20/2026*^,h		1,522,159
		Madison Park Funding, Ltd.
	4,250,000	1.916%, 8/15/2022*^,h		4,233,557
		Magnetite XII, Ltd.
	4,425,000	2.128%, 4/15/2027*^,h		4,394,489
		MASTR Alternative Loans Trust
	732,459	6.500%, 7/25/2034		738,133
	2,162,750	0.903%, 12/25/2035^h		994,658
		Merrill Lynch Alternative Note Asset Trust
	701,611	6.000%, 3/25/2037		550,335
		Mountain View CLO, Ltd.
	4,525,000	2.088%, 7/15/2027*^,h		4,468,581
		Neuberger Berman CLO, Ltd.
	1,100,000	2.107%, 8/4/2025*^,h		1,097,057
		NZCG Funding CLO, Ltd.
	4,500,000	2.184%, 4/27/2027*^,h		4,471,161
		Octagon Investment Partners XX CLO, Ltd.
	1,400,000	2.068%, 8/12/2026*^,h		1,394,126
		OHA Loan Funding, Ltd.
	4,500,000	2.164%, 10/20/2026*^,h		4,498,278
		Residential Asset Securitization Trust
	3,464,032	0.833%, 8/25/2037^h		917,170
		Sequoia Mortgage Trust
	2,992,928	3.018%, 9/20/2046		2,393,006
		Shackleton VII CLO, Ltd.
	4,500,000	2.168%, 4/15/2027*^,h		4,476,968
		Symphony CLO VIII, Ltd.
	1,338,374	1.729%, 1/9/2023*^,h		1,335,420
		Symphony CLO XV, Ltd.
	4,500,000	2.083%, 10/17/2026*^,h		4,478,575
		Voya CLO 3, Ltd.
	1,400,000	2.058%, 7/25/2026*^,h		1,393,998
		WaMu Mortgage Pass Through Certificates
	285,257	2.471%, 9/25/2036		257,138
	988,507	2.484%, 10/25/2036		855,155
	2,758,993	2.204%, 11/25/2036		2,428,474
	3,231,111	2.008%, 1/25/2037		2,719,600
	5,532,765	1.397%, 9/25/2046^h		4,553,798
		Washington Mutual Mortgage Pass Through Certificates
	3,450,361	7.000%, 2/25/2036		2,485,225

		Total		110,204,036


	Commercial Mortgage-Backed Securities (0.9%)
		Commercial Mortgage Pass-Through Certificates
	1,680,000	1.498%, 6/8/2030^g,h		1,678,948
		Credit Suisse First Boston Mortgage Securities
	7,200,000	5.542%, 1/15/2049		7,287,104
		Credit Suisse Mortgage Capital Certificates
	3,587,043	5.509%, 9/15/2039		3,585,225
		Federal National Mortgage Association
	323,764	1.272%, 1/25/2017		323,823
		Greenwich Capital Commercial Funding Corporation
	4,650,000	5.867%, 12/10/2049		4,810,204
		GS Mortgage Securities Trust
	245,054	2.999%, 8/10/2044		245,075
	6,600,000	3.666%, 9/10/2047		7,190,431
	6,225,000	3.734%, 11/10/2048		6,880,980
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	2,750,000	3.507%, 5/15/2045		2,973,493
	3,650,000	5.887%, 2/12/2049		3,716,067
		JPMBB Commercial Mortgage Securities Trust
	4,500,000	3.231%, 1/15/2048		4,761,986
		Morgan Stanley Bank of America Merrill Lynch Trust
	6,525,000	3.635%, 10/15/2048		7,117,103
		Morgan Stanley Capital, Inc.
	6,580,000	5.406%, 3/15/2044		6,706,240
		SCG Trust
	1,150,000	1.842%, 11/15/2026^g,h		1,148,271
		UBS Commercial Mortgage Trust
	8,150,000	3.400%, 5/10/2045		8,747,722
		Wells Fargo Commercial Mortgage Trust
	4,000,000	3.617%, 9/15/2057		4,344,111
	3,750,000	3.839%, 9/15/2058		4,142,664
		WFRBS Commercial Mortgage Trust
	2,000,000	2.870%, 11/15/2045		2,094,559

		Total		77,754,006


	Communications Services (1.4%)
		21st Century Fox America, Inc.
	1,620,000	6.900%, 3/1/2019		1,843,192
		Altice Financing SA
	2,400,000	6.625%, 2/15/2023^g		2,356,488
		Altice US Finance I Corporation
	2,990,000	5.500%, 5/15/2026^g		2,990,000
		AMC Networks, Inc.
	4,360,000	5.000%, 4/1/2024		4,315,855
		America Movil SAB de CV
	1,125,000	1.656%, 9/12/2016^h		1,125,281
	1,039,000	5.000%, 10/16/2019		1,143,811

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

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (29.6%)	Value
	Communications Services (1.4%) - continued
		American Tower Corporation
$	180,000	2.800%, 6/1/2020	$	184,199
	1,930,000	3.300%, 2/15/2021		2,013,380
	910,000	3.450%, 9/15/2021		947,184
		AT&T, Inc.
	707,000	5.875%, 10/1/2019		799,821
	615,000	1.561%, 6/30/2020^h		612,594
	1,212,000	3.875%, 8/15/2021		1,305,720
	1,015,000	3.000%, 6/30/2022		1,039,435
	2,702,000	6.350%, 3/15/2040		3,243,913
	1,300,000	5.550%, 8/15/2041		1,456,476
	1,527,000	5.150%, 3/15/2042		1,647,575
	772,000	4.750%, 5/15/2046		791,202
		British Sky Broadcasting Group plc
	1,130,000	2.625%, 9/16/2019^g		1,149,760
		CCO Holdings, LLC
	3,100,000	5.875%, 4/1/2024^g		3,216,250
		CCOH Safari, LLC
	1,300,000	5.750%, 2/15/2026^g		1,339,000
		CenturyLink, Inc.
	2,315,000	6.450%, 6/15/2021		2,352,619
	565,000	7.500%, 4/1/2024^f		569,944
		Charter Communications Operating, LLC
	1,530,000	6.834%, 10/23/2055^g		1,819,191
	920,000	3.579%, 7/23/2020^g		961,808
	1,560,000	4.908%, 7/23/2025^g		1,705,551
		Clear Channel Worldwide Holdings, Inc.
	3,270,000	6.500%, 11/15/2022		3,270,000
		Columbus International, Inc.
	2,945,000	7.375%, 3/30/2021^g		3,109,920
		Comcast Corporation
	1,225,000	2.750%, 3/1/2023		1,282,890
	3,265,000	4.400%, 8/15/2035		3,682,910
	539,000	4.650%, 7/15/2042		618,511
	2,253,000	4.750%, 3/1/2044		2,627,052
		Cox Communications, Inc.
	648,000	9.375%, 1/15/2019^g		754,900
	1,475,000	3.850%, 2/1/2025^g		1,485,641
		Crown Castle International Corporation
	1,774,000	3.400%, 2/15/2021		1,851,941
	2,423,000	5.250%, 1/15/2023		2,718,751
	700,000	3.700%, 6/15/2026		722,184
		Digicel, Ltd.
	3,875,000	6.000%, 4/15/2021*		3,321,650
		Dish DBS Corporation
	2,880,000	5.875%, 7/15/2022		2,800,800
		FairPoint Communications, Inc.
	2,260,000	8.750%, 8/15/2019^g		2,226,100
		Frontier Communications Corporation
	3,250,000	8.875%, 9/15/2020		3,469,375
		Hughes Satellite Systems Corporation
	2,290,000	6.500%, 6/15/2019		2,473,200
		Level 3 Communications, Inc.
	3,020,000	5.375%, 1/15/2024		3,031,325
		Level 3 Financing, Inc.
	995,000	5.375%, 5/1/2025		987,538
		Neptune Finco Corporation
	1,895,000	10.875%, 10/15/2025^g		2,166,212
		Numericable-SFR SA
	3,480,000	6.000%, 5/15/2022^g		3,384,300
		Omnicom Group, Inc.
	750,000	3.600%, 4/15/2026		789,923
		Quebecor Media, Inc.
	2,005,000	5.750%, 1/15/2023		2,035,075
		S&P Global, Inc.
	1,544,000	3.300%, 8/14/2020		1,615,544
		SES Global Americas Holdings GP
	1,035,000	2.500%, 3/25/2019^g		1,043,073
		Sprint Communications, Inc.
	2,300,000	9.000%, 11/15/2018^g		2,449,500
		Sprint Corporation
	1,400,000	7.625%, 2/15/2025		1,107,750
		Telefonica Emisiones SAU
	1,110,000	3.192%, 4/27/2018		1,139,726
		Time Warner Entertainment Company, LP
	1,691,000	8.375%, 3/15/2023		2,205,488
		Time Warner, Inc.
	3,152,000	3.600%, 7/15/2025		3,335,273
	975,000	6.250%, 3/29/2041		1,226,996
		T-Mobile USA, Inc.
	3,570,000	6.125%, 1/15/2022		3,744,037
		Unitymedia Hessen GmbH & Company KG
	2,190,000	5.500%, 1/15/2023^g		2,200,950
		Univision Communications, Inc.
	970,000	5.125%, 5/15/2023^g		962,725
	650,000	5.125%, 2/15/2025^g		642,688
		UPCB Finance V, Ltd.
	990,000	7.250%, 11/15/2021^g		1,032,075
		Verizon Communications, Inc.
	945,000	1.426%, 6/17/2019^h		949,782
	2,485,000	3.000%, 11/1/2021		2,610,182
	3,489,000	5.150%, 9/15/2023		4,063,380
	650,000	5.050%, 3/15/2034		721,432
	1,165,000	4.272%, 1/15/2036		1,192,275
	2,530,000	4.522%, 9/15/2048		2,634,489

		Total		124,617,812


	Consumer Cyclical (0.9%)
		Automatic Data Processing, Inc.
	500,000	3.375%, 9/15/2025		543,710
		Cinemark USA, Inc.
	3,525,000	4.875%, 6/1/2023		3,489,750
		CVS Health Corporation
	400,000	2.250%, 8/12/2019		410,791
	2,900,000	4.875%, 7/20/2035		3,462,327
	1,225,000	5.125%, 7/20/2045		1,519,706
		Delphi Automotive plc
	1,930,000	3.150%, 11/19/2020		1,985,202
		eBay, Inc.
	760,000	2.500%, 3/9/2018		773,870
		Ford Motor Company
	625,000	7.450%, 7/16/2031		838,040
		Ford Motor Credit Company, LLC
	2,024,000	5.000%, 5/15/2018		2,144,497
	1,470,000	2.551%, 10/5/2018		1,497,173

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

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (29.6%)	Value
	Consumer Cyclical (0.9%) - continued
$	1,525,000	2.943%, 1/8/2019	$	1,569,451
		General Motors Company
	750,000	6.600%, 4/1/2036		860,031
	1,401,000	6.250%, 10/2/2043		1,556,305
		General Motors Financial Company, Inc.
	2,150,000	3.250%, 5/15/2018		2,194,565
	1,156,000	3.700%, 11/24/2020		1,187,685
	772,000	4.200%, 3/1/2021		807,629
	1,630,000	4.300%, 7/13/2025		1,672,354
		GLP Capital, LP
	1,465,000	4.875%, 11/1/2020		1,518,106
	2,000,000	4.375%, 4/15/2021^f		2,060,000
		Goodyear Tire & Rubber Company
	3,240,000	5.125%, 11/15/2023		3,345,300
		Hilton Worldwide Finance, LLC
	3,265,000	5.625%, 10/15/2021		3,379,275
		Home Depot, Inc.
	676,000	2.625%, 6/1/2022		707,460
	965,000	3.000%, 4/1/2026		1,025,575
		Hyundai Capital America
	1,158,000	2.400%, 10/30/2018^g		1,174,174
	1,158,000	3.000%, 10/30/2020^g		1,197,790
		Jaguar Land Rover Automotive plc
	1,270,000	4.125%, 12/15/2018^g		1,284,287
	1,100,000	5.625%, 2/1/2023^f,g		1,142,625
		KB Home
	1,815,000	4.750%, 5/15/2019		1,819,538
		L Brands, Inc.
	2,100,000	5.625%, 2/15/2022		2,259,600
		Lennar Corporation
	1,100,000	4.125%, 12/1/2018		1,111,000
	1,445,000	4.875%, 12/15/2023		1,448,613
		Live Nation Entertainment, Inc.
	2,150,000	5.375%, 6/15/2022^g		2,209,125
		McDonald’s Corporation
	1,100,000	2.750%, 12/9/2020		1,148,403
		MGM Resorts International
	3,140,000	6.000%, 3/15/2023^f		3,312,700
		MGP Escrow Issuer, LLC
	2,504,000	5.625%, 5/1/2024^g		2,647,980
		PulteGroup, Inc.
	2,810,000	4.250%, 3/1/2021		2,897,110
		Rite Aid Corporation
	2,955,000	6.125%, 4/1/2023^g		3,154,463
		Royal Caribbean Cruises, Ltd.
	1,450,000	5.250%, 11/15/2022		1,526,125
		Six Flags Entertainment Corporation
	2,850,000	5.250%, 1/15/2021^g		2,939,062
		Toll Brothers Finance Corporation
	620,000	8.910%, 10/15/2017		672,700
	609,000	4.000%, 12/31/2018		631,228
		West Corporation
	3,470,000	5.375%, 7/15/2022^g		3,227,100
		ZF North America Capital, Inc.
	3,200,000	4.500%, 4/29/2022^g		3,244,000

		Total		77,596,425

		AbbVie, Inc.
	1,150,000	2.500%, 5/14/2020		1,175,671
	1,910,000	3.600%, 5/14/2025		2,001,355
	1,930,000	4.450%, 5/14/2046		1,957,099
		Actavis Funding SCS
	1,158,000	3.800%, 3/15/2025		1,206,437
	2,350,000	4.550%, 3/15/2035		2,415,144
	3,474,000	4.850%, 6/15/2044		3,658,581
		Altria Group, Inc.
	2,990,000	2.850%, 8/9/2022		3,131,810
		Amgen, Inc.
	565,000	2.125%, 5/1/2020		573,922
	772,000	2.700%, 5/1/2022		794,491
	875,000	3.125%, 5/1/2025		912,827
		Anheuser-Busch InBev Finance, Inc.
	815,000	1.897%, 2/1/2021^h		839,714
	4,248,000	3.650%, 2/1/2026		4,550,653
	3,860,000	4.700%, 2/1/2036		4,337,590
	1,930,000	4.900%, 2/1/2046		2,261,655
		Aramark Services, Inc.
	2,000,000	4.750%, 6/1/2026^g		1,960,000
		B&G Foods, Inc.
	1,050,000	4.625%, 6/1/2021		1,050,000
		BAT International Finance plc
	825,000	1.163%, 6/15/2018^g,h		823,424
		Becton, Dickinson and Company
	1,904,000	6.375%, 8/1/2019		2,168,597
		Biogen, Inc.
	1,100,000	3.625%, 9/15/2022		1,167,660
		Boston Scientific Corporation
	740,000	6.000%, 1/15/2020		842,401
	1,025,000	3.850%, 5/15/2025		1,084,199
		BRF SA
	873,000	4.750%, 5/22/2024^g		866,452
		Bunge Limited Finance Corporation
	960,000	8.500%, 6/15/2019		1,122,503
	1,230,000	3.500%, 11/24/2020		1,289,308
		Cardinal Health, Inc.
	450,000	1.950%, 6/15/2018		455,216
	507,000	4.900%, 9/15/2045		565,066
		Celgene Corporation
	1,685,000	2.875%, 8/15/2020		1,742,509
	445,000	3.550%, 8/15/2022		466,215
	1,685,000	5.000%, 8/15/2045		1,855,756
		Centene Escrow Corporation
	3,100,000	5.625%, 2/15/2021^g		3,231,750
		CHS/Community Health Systems, Inc.
	3,205,000	7.125%, 7/15/2020^f		2,971,323
		Church & Dwight Company, Inc.
	530,000	2.450%, 12/15/2019		539,017
		Cigna Corporation
	980,000	5.375%, 2/15/2042		1,159,878
		ConAgra Foods, Inc.
	579,000	7.125%, 10/1/2026		752,339
		Cott Beverages, Inc.
	1,470,000	5.375%, 7/1/2022		1,470,000
		EMD Finance, LLC
	880,000	1.006%, 3/17/2017^g,h		879,482
	1,520,000	2.950%, 3/19/2022^g		1,557,321

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

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (29.6%)	Value
	Consumer Non-Cyclical (1.5%) - continued
		Endo Finance, LLC
$	2,025,000	6.000%, 2/1/2025^g	$	1,756,687
		Energizer Holdings, Inc.
	2,749,000	5.500%, 6/15/2025^g		2,735,255
		Envision Healthcare Corporation
	3,165,000	5.125%, 7/1/2022^g		3,180,825
		Express Scripts Holding Company
	772,000	3.900%, 2/15/2022		827,334
	1,820,000	4.500%, 2/25/2026		1,999,532
	305,000	3.400%, 3/1/2027		304,612
		Fresenius Medical Care US Finance II, Inc.
	1,100,000	5.875%, 1/31/2022^g		1,205,875
		Gilead Sciences, Inc.
	435,000	2.550%, 9/1/2020		452,004
		Grifols Worldwide Operations, Ltd.
	3,000,000	5.250%, 4/1/2022		3,052,500
		H. J. Heinz Company
	1,250,000	3.500%, 7/15/2022^g		1,327,576
		HCA, Inc.
	1,470,000	3.750%, 3/15/2019		1,521,450
	1,000,000	4.750%, 5/1/2023		1,025,000
	1,430,000	5.250%, 6/15/2026		1,484,519
		Imperial Tobacco Finance plc
	1,765,000	2.950%, 7/21/2020^g		1,817,565
		JBS USA, LLC
	2,220,000	5.750%, 6/15/2025^g		2,086,800
		Kraft Foods Group, Inc.
	1,544,000	5.000%, 6/4/2042		1,775,155
		Laboratory Corporation of America Holdings
	620,000	2.625%, 2/1/2020		633,262
		LifePoint Health, Inc.
	2,200,000	5.500%, 12/1/2021		2,293,500
	820,000	5.375%, 5/1/2024^g		822,050
		McKesson Corporation
	1,522,000	3.796%, 3/15/2024		1,647,860
	825,000	4.883%, 3/15/2044		940,825
		Mead Johnson Nutrition Company
	735,000	3.000%, 11/15/2020		767,840
		Medco Health Solutions, Inc.
	700,000	7.125%, 3/15/2018		764,235
		Medtronic plc
	3,855,000	4.375%, 3/15/2035^f		4,360,545
		Merck & Company, Inc.
	660,000	1.005%, 2/10/2020^h		660,242
	330,000	3.700%, 2/10/2045		349,690
		Mondelez International, Inc.
	672,000	1.157%, 2/1/2019^h		670,913
		Mylan NV
	1,550,000	3.000%, 12/15/2018^g		1,586,895
	590,000	3.750%, 12/15/2020^g		615,120
	1,900,000	3.150%, 6/15/2021^g		1,927,261
		PepsiCo, Inc.
	1,545,000	2.850%, 2/24/2026		1,617,901
		Pernod Ricard SA
	1,200,000	3.250%, 6/8/2026^g		1,228,180
		Perrigo Finance Unlimited Company
	2,315,000	3.500%, 3/15/2021		2,395,372
		Quintiles Transnational Holdings, Inc.
	800,000	4.875%, 5/15/2023^g		812,000
		Reynolds American, Inc.
	800,000	2.300%, 8/21/2017		809,720
	2,338,000	5.700%, 8/15/2035		2,847,275
		Roche Holdings, Inc.
	1,158,000	4.000%, 11/28/2044^g		1,319,135
		SABMiller Holdings, Inc.
	676,000	3.750%, 1/15/2022^g		724,835
		Safeway, Inc.
	62,000	3.400%, 12/1/2016		61,845
		Spectrum Brands Escrow Corporation
	1,390,000	6.375%, 11/15/2020		1,450,812
		Spectrum Brands, Inc.
	1,550,000	5.750%, 7/15/2025		1,613,938
		Tenet Healthcare Corporation
	3,700,000	8.125%, 4/1/2022		3,791,760
		Thermo Fisher Scientific, Inc.
	579,000	3.000%, 4/15/2023		591,085
		TreeHouse Foods, Inc.
	970,000	4.875%, 3/15/2022		989,400
		UnitedHealth Group, Inc.
	3,450,000	4.625%, 7/15/2035		4,006,820
		VRX Escrow Corporation
	4,500,000	6.125%, 4/15/2025^g		3,611,250

		Total		132,301,620


	Energy (0.8%)
		Anadarko Petroleum Corporation
	1,085,000	4.850%, 3/15/2021^f		1,150,766
		Antero Resources Corporation
	960,000	5.125%, 12/1/2022		921,600
	1,500,000	5.625%, 6/1/2023		1,455,000
		Boardwalk Pipelines, Ltd.
	1,140,000	5.875%, 11/15/2016		1,155,782
	765,000	5.950%, 6/1/2026		803,568
		BP Capital Markets plc
	1,590,000	3.062%, 3/17/2022		1,642,885
	2,285,000	3.535%, 11/4/2024		2,407,764
	415,000	3.119%, 5/4/2026		423,908
		Buckeye Partners, LP
	1,182,000	2.650%, 11/15/2018		1,198,682
		Canadian Natural Resources, Ltd.
	1,600,000	3.450%, 11/15/2021		1,599,509
		CNOOC Nexen Finance
	651,000	1.625%, 4/30/2017		652,064
		CNPC General Capital, Ltd.
	543,000	2.750%, 4/19/2017^g		548,836
		Columbia Pipeline Group, Inc.
	1,480,000	2.450%, 6/1/2018		1,484,772
		Concho Resources, Inc.
	2,907,000	6.500%, 1/15/2022		2,976,041
	1,101,432	5.500%, 10/1/2022		1,106,939
		ConocoPhillips Company
	965,000	4.200%, 3/15/2021		1,044,845
	1,150,000	5.950%, 3/15/2046		1,430,876
		Crestwood Midstream Partners, LP
	775,000	6.125%, 3/1/2022		716,875
		Devon Energy Corporation
	1,150,000	3.250%, 5/15/2022^f		1,115,264
	772,000	5.850%, 12/15/2025		851,582

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

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (29.6%)	Value
	Energy (0.8%) - continued
		Ecopetrol SA
$	640,000	5.875%, 9/18/2023	$	659,200
		Enbridge Energy Partners, LP
	1,930,000	4.375%, 10/15/2020		1,980,757
		Enbridge, Inc.
	700,000	1.136%, 6/2/2017^f,h		687,764
		Energy Transfer Partners, LP
	3,060,000	4.650%, 6/1/2021		3,159,398
	970,000	4.900%, 3/15/2035		856,965
		Enterprise Products Operating, LLC
	1,650,000	5.250%, 1/31/2020		1,833,747
	942,000	5.100%, 2/15/2045		1,030,938
		EQT Corporation
	659,000	5.150%, 3/1/2018		672,866
	770,000	8.125%, 6/1/2019		848,304
	425,000	4.875%, 11/15/2021		451,912
		Exxon Mobil Corporation
	625,000	4.114%, 3/1/2046		704,887
		Kinder Morgan, Inc.
	760,000	5.550%, 6/1/2045		772,219
		Magellan Midstream Partners, LP
	1,070,000	5.000%, 3/1/2026		1,210,422
	320,000	4.200%, 3/15/2045		292,467
		Marathon Oil Corporation
	1,700,000	2.700%, 6/1/2020		1,600,875
		Marathon Petroleum Corporation
	560,000	3.400%, 12/15/2020		578,902
	600,000	4.750%, 9/15/2044		511,636
		MEG Energy Corporation
	1,100,000	6.500%, 3/15/2021^g		852,500
		Newfield Exploration Company
	2,780,000	5.625%, 7/1/2024		2,780,000
		Noble Energy, Inc.
	970,000	5.625%, 5/1/2021^f		1,010,439
		Petrobras International Finance Company
	1,544,000	5.750%, 1/20/2020		1,491,658
		Petroleos Mexicanos
	1,107,000	5.500%, 2/4/2019^g		1,163,457
	720,000	2.378%, 4/15/2025		743,193
		Pioneer Natural Resources Company
	413,000	3.450%, 1/15/2021		426,455
	750,000	4.450%, 1/15/2026		817,122
		Regency Energy Partners, LP
	1,470,000	5.000%, 10/1/2022		1,508,367
		Rice Energy, Inc.
	2,440,000	6.250%, 5/1/2022		2,421,700
		Sabine Pass Liquefaction, LLC
	1,430,000	5.625%, 3/1/2025		1,424,638
		Schlumberger Holdings Corporation
	560,000	3.000%, 12/21/2020^g		584,055
		Shell International Finance BV
	615,000	1.080%, 5/11/2020^h		606,929
		Suncor Energy, Inc.
	990,000	3.600%, 12/1/2024		1,041,159
		Sunoco Logistics Partners Operations, LP
	2,660,000	4.400%, 4/1/2021		2,803,111
		Targa Resources Partners, LP
	1,000,000	6.625%, 10/1/2020^f		1,020,000
		Weatherford International, Ltd.
	2,630,000	8.250%, 6/15/2023^f		2,498,500
		WPX Energy, Inc.
	1,500,000	7.500%, 8/1/2020		1,497,180

		Total		67,231,280


	Financials (2.6%)
		ABN AMRO Bank NV
	1,550,000	4.750%, 7/28/2025^g		1,609,024
		ACE INA Holdings, Inc.
	1,544,000	2.300%, 11/3/2020		1,587,444
	1,115,000	4.350%, 11/3/2045		1,282,718
		AerCap Ireland Capital, Ltd.
	760,000	3.750%, 5/15/2019		765,700
	3,165,000	5.000%, 10/1/2021		3,291,600
		Aetna, Inc.
	1,150,000	2.400%, 6/15/2021		1,173,324
	1,500,000	2.800%, 6/15/2023		1,532,256
	765,000	3.200%, 6/15/2026		787,050
	1,100,000	4.250%, 6/15/2036		1,136,493
		Air Lease Corporation
	800,000	2.125%, 1/15/2018		796,000
	339,000	2.625%, 9/4/2018		338,928
		Ally Financial, Inc.
	960,000	3.750%, 11/18/2019		962,400
	2,025,000	4.125%, 3/30/2020		2,030,063
		American Express Credit Corporation
	945,000	1.197%, 3/18/2019^h		940,575
		American International Group, Inc.
	530,000	3.300%, 3/1/2021		547,546
	1,154,000	4.125%, 2/15/2024		1,217,390
	525,000	3.900%, 4/1/2026		541,029
		Aon plc
	577,000	3.875%, 12/15/2025		608,583
		Argos Merger Sub, Inc.
	2,730,000	7.125%, 3/15/2023^g		2,811,900
		Avalonbay Communities, Inc.
	1,650,000	3.500%, 11/15/2025		1,736,683
		Aviation Capital Group Corporation
	608,000	3.875%, 9/27/2016^g		608,869
		Banco Santander Chile
	1,200,000	1.529%, 4/11/2017^g,h		1,198,500
		Bank of America Corporation
	1,325,000	1.717%, 3/22/2018^h		1,331,934
	840,000	1.495%, 4/1/2019^h		838,184
	1,300,000	2.625%, 10/19/2020		1,320,718
	1,280,000	3.300%, 1/11/2023		1,317,308
	1,520,000	4.000%, 4/1/2024		1,622,285
	1,540,000	4.000%, 1/22/2025		1,569,739
	1,150,000	3.500%, 4/19/2026		1,188,396
	1,908,000	5.875%, 2/7/2042		2,408,398
	1,544,000	8.000%, 12/29/2049^j		1,534,350
		Bank of New York Mellon Corporation
	1,930,000	2.500%, 4/15/2021		1,999,903
		Bank of Tokyo-Mitsubishi UFJ, Ltd.
	530,000	2.850%, 9/8/2021^g		546,010
		Barclays Bank plc
	386,000	10.179%, 6/12/2021^g		485,983
		Barclays plc
	990,000	2.750%, 11/8/2019		983,014
	1,544,000	3.650%, 3/16/2025		1,484,663

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

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (29.6%)	Value
	Financials (2.6%) - continued
		BB&T Corporation
$	560,000	1.343%, 1/15/2020^h	$	555,633
		BBVA Banco Continental SA
	1,185,000	2.250%, 7/29/2016^g		1,182,418
		Berkshire Hathaway, Inc.
	965,000	2.750%, 3/15/2023		997,069
		BPCE SA
	960,000	5.700%, 10/22/2023^g		1,029,660
		Caisse Centrale Desjardins du Quebec
	780,000	1.303%, 1/29/2018^g,h		777,913
		Capital One Financial Corporation
	1,228,000	6.150%, 9/1/2016		1,237,551
	820,000	2.450%, 4/24/2019		832,595
		CIT Group, Inc.
	2,970,000	5.000%, 8/15/2022		3,021,975
		Citigroup, Inc.
	700,000	1.401%, 4/8/2019^h		697,356
	1,260,000	2.650%, 10/26/2020		1,282,205
	1,555,000	2.700%, 3/30/2021		1,582,668
	850,000	4.050%, 7/30/2022		895,554
	2,515,000	4.400%, 6/10/2025		2,629,707
	3,100,000	4.650%, 7/30/2045		3,406,680
		Citizens Bank NA
	1,865,000	2.300%, 12/3/2018		1,889,405
		CoBank ACB
	495,000	1.253%, 6/15/2022^h		460,373
		Compass Bank
	920,000	2.750%, 9/29/2019		908,556
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	795,000	3.950%, 11/9/2022		822,174
		Credit Agricole SA
	820,000	1.428%, 4/15/2019^g,h		817,169
		Credit Suisse AG
	772,000	5.400%, 1/14/2020		838,068
		Credit Suisse Group Funding Guernsey, Ltd.
	1,240,000	4.550%, 4/17/2026^g		1,286,350
		Credit Suisse Group Funding, Ltd.
	2,316,000	2.750%, 3/26/2020		2,286,591
	1,544,000	3.750%, 3/26/2025		1,511,196
		CyrusOne, LP
	1,900,000	6.375%, 11/15/2022		1,976,000
		Deutsche Bank AG
	2,300,000	3.375%, 5/12/2021		2,307,917
		Digital Realty Trust LP
	1,500,000	3.400%, 10/1/2020		1,559,088
		Discover Bank
	1,750,000	8.700%, 11/18/2019		2,060,648
		Discover Financial Services
	640,000	6.450%, 6/12/2017		665,498
		Duke Realty, LP
	330,000	3.875%, 2/15/2021		349,092
	990,000	4.375%, 6/15/2022		1,075,714
		ERP Operating, LP
	337,000	3.375%, 6/1/2025		355,453
		European Investment Bank
	1,215,000	1.875%, 3/15/2019		1,244,305
		Fifth Third Bancorp
	991,000	5.450%, 1/15/2017		1,013,065
	740,000	2.875%, 7/27/2020		771,198
	530,000	2.875%, 10/1/2021		547,431
		GE Capital International Funding Company
	3,052,000	4.418%, 11/15/2035^g		3,423,080
		Genworth Financial, Inc.
	890,000	7.700%, 6/15/2020		792,100
		Goldman Sachs Group, Inc.
	840,000	1.838%, 4/30/2018^h		844,362
	620,000	1.726%, 11/15/2018^h		621,513
	3,145,000	5.375%, 3/15/2020		3,498,243
	780,000	1.798%, 4/23/2020^h		777,729
	3,088,000	5.250%, 7/27/2021		3,484,752
	772,000	3.500%, 1/23/2025		793,236
	2,475,000	4.800%, 7/8/2044		2,739,790
	551,000	5.150%, 5/22/2045		574,837
	1,260,000	4.750%, 10/21/2045		1,388,878
		Hartford Financial Services Group, Inc.
	1,960,000	5.125%, 4/15/2022		2,229,098
		HBOS plc
	1,932,000	6.750%, 5/21/2018^g		2,072,269
		HCP, Inc.
	2,430,000	4.000%, 12/1/2022		2,522,831
	660,000	3.400%, 2/1/2025		638,172
		HSBC Bank plc
	1,765,000	1.266%, 5/15/2018^g,h		1,757,506
		HSBC Holdings plc
	1,550,000	3.400%, 3/8/2021		1,597,157
	1,170,000	3.600%, 5/25/2023		1,195,705
	1,460,000	3.900%, 5/25/2026		1,502,071
	1,158,000	6.375%, 12/29/2049^j		1,102,995
	1,475,000	6.875%, 12/29/2049^f,j		1,467,625
		Huntington Bancshares, Inc.
	304,000	2.600%, 8/2/2018		309,824
		Huntington National Bank
	1,030,000	2.200%, 11/6/2018		1,042,609
		Icahn Enterprises, LP
	2,430,000	6.000%, 8/1/2020		2,399,625
		ING Capital Funding Trust III
	1,015,000	4.231%, 12/29/2049^h,j		985,819
		International Lease Finance Corporation
	1,150,000	8.875%, 9/1/2017		1,226,187
		Intesa Sanpaolo SPA
	1,605,000	5.250%, 1/12/2024		1,708,261
		J.P. Morgan Chase & Company
	1,215,000	6.300%, 4/23/2019		1,365,800
	625,000	2.250%, 1/23/2020		633,596
	1,930,000	4.500%, 1/24/2022		2,147,791
	1,158,000	3.200%, 1/25/2023		1,200,297
	1,950,000	2.700%, 5/18/2023		1,969,832
	1,320,000	3.625%, 5/13/2024		1,401,647
	2,585,000	3.125%, 1/23/2025		2,642,723
	1,250,000	3.300%, 4/1/2026		1,293,530
	2,335,000	7.900%, 4/29/2049^j		2,381,700
		KeyBank NA
	1,225,000	2.350%, 3/8/2019		1,251,237
		KeyCorp
	1,600,000	2.900%, 9/15/2020		1,654,859
		Liberty Mutual Group, Inc.
	1,502,000	4.950%, 5/1/2022^g		1,659,817

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

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (29.6%)	Value
	Financials (2.6%) - continued
		Liberty Property, LP
$	2,210,000	3.750%, 4/1/2025	$	2,277,893
		Lincoln National Corporation
	1,158,000	7.000%, 6/15/2040		1,491,252
		Lloyds Bank plc
	885,000	1.175%, 3/16/2018^h		880,228
	800,000	4.650%, 3/24/2026		810,090
		Merrill Lynch & Company, Inc.
	2,295,000	6.400%, 8/28/2017		2,421,601
		MetLife, Inc.
	1,300,000	4.050%, 3/1/2045		1,280,640
		Mizuho Bank, Ltd.
	960,000	1.850%, 3/21/2018^g		966,813
		Molina Healthcare, Inc.
	2,500,000	5.375%, 11/15/2022^g		2,493,750
		Morgan Stanley
	2,625,000	6.625%, 4/1/2018		2,844,904
	560,000	1.918%, 4/25/2018^h		565,408
	780,000	1.774%, 1/27/2020^h		783,011
	945,000	2.500%, 4/21/2021		954,885
	670,000	4.875%, 11/1/2022		733,688
	1,530,000	4.000%, 7/23/2025		1,638,307
	1,925,000	4.350%, 9/8/2026		2,013,775
	815,000	4.300%, 1/27/2045		857,825
	2,020,000	5.550%, 12/29/2049^f,j		2,001,012
		MPT Operating Partnership, LP
	2,200,000	6.375%, 3/1/2024		2,343,000
	970,000	5.500%, 5/1/2024		994,250
		Nasdaq, Inc.
	900,000	3.850%, 6/30/2026		914,416
		National City Corporation
	975,000	6.875%, 5/15/2019		1,098,975
		Prudential Financial, Inc.
	530,000	2.350%, 8/15/2019		539,877
		Quicken Loans, Inc.
	3,265,000	5.750%, 5/1/2025^g		3,150,725
		Realty Income Corporation
	302,000	2.000%, 1/31/2018		304,512
		Regions Bank
	344,000	7.500%, 5/15/2018		377,263
		Regions Financial Corporation
	1,400,000	2.250%, 9/14/2018		1,409,321
	1,158,000	3.200%, 2/8/2021		1,191,927
		Reinsurance Group of America, Inc.
	500,000	5.625%, 3/15/2017		514,302
	990,000	5.000%, 6/1/2021		1,096,041
		Reliance Standard Life Global Funding II
	660,000	2.500%, 4/24/2019^g		673,028
		Royal Bank of Scotland Group plc
	1,544,000	7.500%, 12/29/2049^j		1,412,760
		Santander Holdings USA, Inc.
	1,030,000	3.450%, 8/27/2018		1,051,341
		Santander UK Group Holdings plc
	1,351,000	2.875%, 10/16/2020		1,340,562
	1,200,000	4.750%, 9/15/2025^g		1,184,424
		Santander UK plc
	608,000	3.050%, 8/23/2018		622,372
		Simon Property Group, LP
	620,000	10.350%, 4/1/2019		755,200
	570,000	2.500%, 9/1/2020		589,529
	1,400,000	2.750%, 2/1/2023		1,440,929
		Skandinaviska Enskilda Banken AB
	1,025,000	2.375%, 3/25/2019^g		1,043,195
		State Street Corporation
	873,000	1.526%, 8/18/2020^h		876,186
		Sumitomo Mitsui Banking Corporation
	930,000	1.213%, 1/16/2018^h		928,016
		Svenska Handelsbanken AB
	1,190,000	1.146%, 6/17/2019^h		1,181,988
		Synchrony Financial
	520,000	1.867%, 2/3/2020^h		503,734
	560,000	3.750%, 8/15/2021		580,125
	2,125,000	4.250%, 8/15/2024		2,199,226
		Toronto-Dominion Bank
	560,000	1.586%, 12/14/2020^h		563,143
		UBS Group Funding Jersey, Ltd.
	1,930,000	2.950%, 9/24/2020^g		1,962,750
	1,158,000	4.125%, 9/24/2025^g		1,200,323
		UnitedHealth Group, Inc.
	375,000	3.350%, 7/15/2022		401,183
		USB Realty Corporation
	535,000	1.775%, 12/29/2049^g,h,j		427,331
		Voya Financial, Inc.
	1,185,000	2.900%, 2/15/2018		1,207,177
		Wells Fargo & Company
	780,000	1.318%, 1/30/2020^h		775,179
	1,550,000	2.550%, 12/7/2020		1,595,167
	3,960,000	3.450%, 2/13/2023		4,097,523
	1,320,000	3.000%, 2/19/2025		1,351,978
	1,875,000	3.000%, 4/22/2026		1,911,283
	1,500,000	4.900%, 11/17/2045		1,641,456
		Welltower, Inc.
	300,000	2.250%, 3/15/2018		303,081
	655,000	3.750%, 3/15/2023		678,860
	740,000	4.000%, 6/1/2025		777,747

		Total		227,534,825


	Foreign Government (<0.1%)
		Argentina Government International Bond
	1,650,000	7.125%, 7/6/2036^g		1,650,000
	853,000	6.250%, 4/22/2019^g		889,252
		Export-Import Bank of Korea
	765,000	2.250%, 1/21/2020		776,642
		Kommunalbanken AS
	1,270,000	1.500%, 10/22/2019^g		1,284,420

		Total		4,600,314


	Mortgage-Backed Securities (9.0%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	65,995,000	3.000%, 7/1/2031^d		69,230,299
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	48,845,000	4.000%, 7/1/2046^d		52,279,414
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	1,000,000	2.500%, 8/1/2028^d		1,033,027

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

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (29.6%)	Value
	Mortgage-Backed Securities (9.0%) - continued
$	33,975,000	2.500%, 7/1/2031^d	$	35,150,168
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	7,465,625	1.735%, 7/1/2043^h		7,592,528
	6,762,006	2.035%, 7/1/2043^h		6,936,584
	6,728,840	2.088%, 8/1/2043^h		6,899,171
	19,000,000	3.000%, 7/1/2046^d		19,717,691
	220,250,000	3.500%, 7/1/2046^d		232,398,153
	162,432,500	4.000%, 7/1/2046^d		174,153,434
	84,494,000	4.500%, 7/1/2046^d		92,230,042
	90,500,000	3.500%, 8/1/2046^d		95,360,836

		Total		792,981,347


	Technology (0.7%)
		Amphenol Corporation
	511,000	2.550%, 1/30/2019		519,838
		Apple, Inc.
	615,000	0.927%, 5/6/2020^h		608,780
	2,676,000	3.200%, 5/13/2025		2,837,154
	1,154,000	4.650%, 2/23/2046		1,303,532
		Baidu, Inc.
	1,825,000	2.750%, 6/9/2019		1,849,928
		Cisco Systems, Inc.
	825,000	1.173%, 3/1/2019^h		827,962
		CommScope Technologies Finance, LLC
	2,125,000	6.000%, 6/15/2025^g		2,178,125
		Denali Borrower, LLC
	2,320,000	5.625%, 10/15/2020^g		2,433,680
		Diamond 1 Finance Corporation
	950,000	3.480%, 6/1/2019^g		973,189
	755,000	5.450%, 6/15/2023^g		783,368
	579,000	6.020%, 6/15/2026^g		603,600
		Equinix, Inc.
	2,695,000	5.750%, 1/1/2025		2,789,325
		Fidelity National Information Services, Inc.
	1,560,000	2.850%, 10/15/2018		1,601,008
	1,159,000	3.625%, 10/15/2020		1,225,202
		First Data Corporation
	1,570,000	5.375%, 8/15/2023^g		1,594,351
		Freescale Semiconductor, Inc.
	1,470,000	6.000%, 1/15/2022^g		1,550,115
		Hewlett Packard Enterprise Company
	1,520,000	2.450%, 10/5/2017^g		1,539,699
	760,000	2.850%, 10/5/2018^g		778,286
	760,000	4.400%, 10/15/2022^g		813,326
		IMS Health, Inc.
	1,497,000	6.000%, 11/1/2020^f,g		1,523,197
		Intel Corporation
	320,000	3.100%, 7/29/2022		342,634
	925,000	3.700%, 7/29/2025		1,027,410
	1,737,000	4.100%, 5/19/2046		1,805,971
		International Business Machines Corporation
	1,544,000	4.700%, 2/19/2046		1,775,622
		Iron Mountain, Inc.
	2,740,000	6.000%, 8/15/2023		2,883,850
		Lam Research Corporation
	1,410,000	3.450%, 6/15/2023		1,456,221
		Micron Technology, Inc.
	4,415,000	7.500%, 9/15/2023^g		4,690,937
		Microsoft Corporation
	2,400,000	4.750%, 11/3/2055		2,715,456
	2,400,000	4.200%, 11/3/2035		2,718,230
		Oracle Corporation
	565,000	2.500%, 5/15/2022		577,313
	1,544,000	2.400%, 9/15/2023^d		1,549,497
	1,690,000	2.950%, 5/15/2025		1,756,400
		Plantronics, Inc.
	1,470,000	5.500%, 5/31/2023^g		1,451,625
		Qualcomm, Inc.
	1,158,000	3.000%, 5/20/2022		1,222,042
		Seagate HDD Cayman
	1,352,000	4.875%, 6/1/2027		981,890
		Sensata Technologies UK Financing Company plc
	1,555,000	6.250%, 2/15/2026^g		1,609,425
		Western Digital Corporation
	2,930,000	10.500%, 4/1/2024^g		3,135,100

		Total		60,033,288


	Transportation (0.2%)
		Air Canada Pass Through Trust
	514,131	3.875%, 3/15/2023^g		481,998
		American Airlines Pass Through Trust
	1,503,349	3.375%, 5/1/2027		1,512,670
		Avis Budget Car Rental, LLC
	2,275,000	5.125%, 6/1/2022^f,g		2,195,375
	1,625,000	6.375%, 4/1/2024^f,g		1,608,750
		Burlington Northern Santa Fe, LLC
	1,320,000	5.050%, 3/1/2041		1,588,054
	1,640,000	3.900%, 8/1/2046		1,731,068
		Canadian Pacific Railway Company
	870,000	4.800%, 8/1/2045		1,003,030
		Continental Airlines, Inc.
	1,100,000	6.125%, 4/29/2018		1,157,750
	686,137	4.150%, 4/11/2024		725,590
		CSX Corporation
	532,000	3.700%, 11/1/2023		575,191
		Delta Air Lines, Inc.
	319,899	4.950%, 5/23/2019		338,293
		ERAC USA Finance, LLC
	294,000	2.800%, 11/1/2018^g		301,311
	940,000	4.500%, 2/15/2045^g		993,159
		FedEx Corporation
	1,665,000	3.900%, 2/1/2035		1,692,551
		J.B. Hunt Transport Services, Inc.
	510,000	3.300%, 8/15/2022		532,178
		Southwest Airlines Company
	1,075,000	2.750%, 11/6/2019		1,111,310
		Virgin Australia Holdings, Ltd.
	298,343	5.000%, 10/23/2023^g		308,069
		XPO Logistics, Inc.
	2,270,000	6.500%, 6/15/2022^f,g		2,165,012

		Total		20,021,359

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

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (29.6%)	Value
	U.S. Government and Agencies (7.6%)
		Federal National Mortgage Association
$	540,000	6.250%, 5/15/2029	$	786,429
		Tennessee Valley Authority
	520,000	5.250%, 9/15/2039		712,633
		U.S. Treasury Bonds
	4,750,000	5.250%, 11/15/2028		6,685,996
	2,975,000	4.375%, 5/15/2040		4,232,634
	66,460,000	3.000%, 5/15/2042		76,766,484
	50,250,000	3.625%, 2/15/2044		64,791,094
		U.S. Treasury Bonds, TIPS
	4,389,999	0.125%, 4/15/2019		4,482,773
	133,257	2.375%, 1/15/2025		159,108
	31,381,333	0.625%, 1/15/2026		33,045,610
	94,078	2.125%, 2/15/2040		122,991
	1,005,755	0.750%, 2/15/2042		1,007,733
		U.S. Treasury Notes
	65,050,000	0.875%, 11/15/2017		65,319,372
	25,100,000	0.875%, 3/31/2018		25,222,563
	10,000,000	0.875%, 10/15/2018		10,053,520
	9,150,000	0.750%, 2/15/2019		9,167,870
	15,000,000	1.000%, 3/15/2019		15,127,155
	112,320,000	1.500%, 10/31/2019		114,934,922
	38,359,000	1.875%, 6/30/2020		39,827,421
	76,185,000	1.375%, 9/30/2020		77,568,824
	5,000,000	1.375%, 5/31/2021		5,090,040
	1,000,000	2.125%, 9/30/2021		1,053,828
	2,000,000	2.125%, 6/30/2022		2,108,750
	8,105,000	1.625%, 8/15/2022		8,311,426
	68,135,000	2.250%, 11/15/2024		72,680,899
		U.S. Treasury Notes, TIPS
	35,139,142	0.125%, 1/15/2023		35,604,911

		Total		674,864,986


	Utilities (0.8%)
		AES Corporation
	1,100,000	7.375%, 7/1/2021		1,240,250
		American Electric Power Company, Inc.
	2,552,000	2.950%, 12/15/2022		2,656,637
		Arizona Public Service Company
	675,000	2.200%, 1/15/2020		691,413
		Berkshire Hathaway Energy Company
	495,000	2.400%, 2/1/2020		508,447
		Calpine Corporation
	1,470,000	5.375%, 1/15/2023		1,433,250
		Chesapeake Midstream Partners, LP
	1,930,000	6.125%, 7/15/2022		1,979,997
		Commonwealth Edison Company
	1,300,000	3.700%, 3/1/2045		1,332,688
	965,000	4.350%, 11/15/2045		1,096,409
		Consolidated Edison Company of New York, Inc.
	579,000	4.500%, 12/1/2045		658,092
		Consolidated Edison, Inc.
	772,000	2.000%, 5/15/2021		780,097
		Covanta Holding Corporation
	1,200,000	7.250%, 12/1/2020		1,236,000
		Dominion Resources, Inc.
	1,495,000	2.962%, 7/1/2019ⁱ		1,521,961
		DTE Electric Company
	965,000	3.700%, 3/15/2045		1,022,898
	1,225,000	3.700%, 6/1/2046		1,293,279
		DTE Energy Company
	265,000	2.400%, 12/1/2019		270,581
		Duke Energy Corporation
	1,073,000	2.100%, 6/15/2018		1,082,512
		Duke Energy Indiana, LLC
	1,550,000	3.750%, 5/15/2046		1,609,106
		Dynegy Finance I, Inc.
	2,665,000	7.375%, 11/1/2022		2,571,725
		Dynegy, Inc.
	1,800,000	6.750%, 11/1/2019		1,802,250
		Edison International
	1,520,000	2.950%, 3/15/2023		1,558,441
		EDP Finance BV
	1,122,000	4.125%, 1/15/2020^g		1,157,455
		Emera U.S. Finance, LP
	1,175,000	2.150%, 6/15/2019^g		1,188,669
	1,160,000	4.750%, 6/15/2046^g		1,177,311
		Enel Finance International NV
	474,000	6.250%, 9/15/2017^g		500,730
		Energy Transfer Equity, LP
	1,470,000	5.500%, 6/1/2027		1,381,800
		Eversource Energy
	565,000	1.600%, 1/15/2018		568,393
		Exelon Corporation
	825,000	5.100%, 6/15/2045		948,045
	1,158,000	4.450%, 4/15/2046		1,236,285
		Exelon Generation Company, LLC
	1,077,000	5.200%, 10/1/2019		1,191,665
	505,000	2.950%, 1/15/2020		519,475
		ITC Holdings Corporation
	294,000	4.050%, 7/1/2023		309,384
	975,000	5.300%, 7/1/2043		1,094,153
		Kinder Morgan Energy Partners, LP
	1,150,000	3.500%, 3/1/2021		1,153,749
		MidAmerican Energy Holdings Company
	1,497,000	6.500%, 9/15/2037		2,057,767
		Monongahela Power Company
	990,000	5.400%, 12/15/2043^g		1,242,593
		MPLX LP
	3,850,000	4.875%, 12/1/2024^g		3,750,520
		National Rural Utilities Cooperative Finance Corporation
	1,500,000	2.300%, 11/1/2020		1,547,246
		NextEra Energy Capital Holdings, Inc.
	965,000	2.300%, 4/1/2019		983,707
		NiSource Finance Corporation
	2,200,000	5.650%, 2/1/2045		2,764,553
		Northern States Power Company
	1,670,000	4.125%, 5/15/2044		1,869,532
		NRG Energy, Inc.
	1,100,000	6.625%, 3/15/2023		1,083,500
		Oncor Electric Delivery Company, LLC
	960,000	3.750%, 4/1/2045		984,186
		Pacific Gas & Electric Company
	1,301,000	5.625%, 11/30/2017		1,379,973
	1,158,000	4.250%, 3/15/2046		1,286,727
		PG&E Corporation
	485,000	2.400%, 3/1/2019		494,512

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

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (29.6%)	Value
	Utilities (0.8%) - continued
		PPL Capital Funding, Inc.
$	508,000	3.500%, 12/1/2022	$	534,659
	1,900,000	5.000%, 3/15/2044		2,125,961
		Sempra Energy
	1,640,000	6.150%, 6/15/2018		1,783,708
	630,000	2.400%, 3/15/2020		643,108
		Southern California Edison Company
	375,000	2.400%, 2/1/2022		388,757
		Southern Company
	1,550,000	1.850%, 7/1/2019		1,569,609
	1,550,000	4.400%, 7/1/2046		1,666,131
		Southwestern Electric Power Company
	670,000	3.900%, 4/1/2045		664,705
		Targa Resources Partners, LP
	975,000	5.250%, 5/1/2023		921,375
		TransAlta Corporation
	1,213,000	1.900%, 6/3/2017		1,202,846
		Williams Companies, Inc.
	664,000	7.875%, 9/1/2021		713,800
		Williams Partners, LP
	1,550,000	5.100%, 9/15/2045		1,329,390

		Total		71,762,012


		Total Long-Term Fixed Income (cost $2,552,057,163)		2,622,619,737


Shares		Collateral Held for Securities Loaned (1.6%)
	139,749,499	Thrivent Cash Management Trust		139,749,499

		Total Collateral Held for Securities Loaned (cost $139,749,499)		139,749,499


Shares or Principal Amount		Short-Term Investments (13.8%)^l
		Federal Home Loan Bank
	4,000,000	0.250%, 7/13/2016		3,999,932
		Federal Home Loan Bank Discount Notes
	5,000,000	0.285%, 7/6/2016		4,999,880
	6,600,000	0.340%, 7/8/2016^m		6,599,782
	15,000,000	0.340%, 7/13/2016		14,999,145
	28,419,000	0.340%, 7/15/2016^m		28,417,124
	43,000,000	0.339%, 7/20/2016^m		42,996,130
	43,545,000	0.344%, 7/22/2016^m		43,540,689
	5,800,000	0.340%, 7/25/2016^m		5,799,345
	1,000,000	0.340%, 7/26/2016		999,882
	28,640,000	0.342%, 7/27/2016^m		28,636,477
	1,805,000	0.338%, 7/29/2016^m		1,804,762
	18,000,000	0.320%, 8/1/2016		17,996,130
	11,200,000	0.250%, 8/12/2016^m		11,196,730
	1,000,000	0.370%, 9/14/2016^m		999,417
	1,100,000	0.380%, 9/21/2016^m		1,099,298
		Federal Home Loan Mortgage Corporation Discount Notes
	14,400,000	0.400%, 7/25/2016^m		14,398,373
		Thrivent Core Short-Term Reserve Fund
	98,519,186	0.580%		985,191,856
		U.S. Treasury Notes
	8,000,000	0.625%, 8/15/2016		8,003,800
	2,000,000	0.500%, 8/31/2016		2,000,662
	2,000,000	1.000%, 8/31/2016		2,002,316

		Total Short-Term Investments (cost $1,225,660,347)		1,225,681,730

		Total Investments (cost $9,311,831,997) 110.1%	$	9,746,299,945

		Other Assets and Liabilities, Net (10.1%)		(893,937,584	)

		Total Net Assets 100.0%	$	8,852,362,361

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

b	In bankruptcy. Interest is not being accrued.

c	All or a portion of the loan is unfunded.

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

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 June 30, 2016.

i	Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of June 30, 2016.

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

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

m	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 June 30, 2016 was $110,107,229 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 June 30, 2016.


Security	Acquisition Date		Cost
Alm Loan Funding CLO, 10/17/2026		7/31/2014	$	1,399,300
Apidos CLO XVIII, 7/22/2026		6/25/2014		1,396,500
Ares CLO, Ltd., 11/15/2025		11/26/2014		2,750,000
Ares CLO, Ltd., 10/12/2023		5/15/2015		4,400,000
Babson CLO, Ltd., 10/17/2026		8/15/2014		1,399,300

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

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Security	Acquisition Date		Cost
Bayview Opportunity Master Fund Trust, 2/28/2035		2/27/2015	$	3,010,914
Bayview Opportunity Master Fund Trust, 7/28/2034		3/19/2015		1,142,523
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		1,115,553
Carlyle Global Market Strategies CLO, Ltd., 10/15/2026		9/19/2014		1,400,000
Carlyle Global Market Strategies CLO, Ltd., 7/20/2023		7/3/2014		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
Digicel, Ltd., 4/15/2021		8/18/2014		3,613,036
DRB Prime Student Loan Trust, 7/25/2031		9/23/2015		1,194,018
DRB Prime Student Loan Trust, 1/25/2040		6/23/2016		3,796,535
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		77,869
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
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		2,894,454
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, 9/18/2045		10/2/2015		2,439,022
Symphony CLO VIII, Ltd., 1/9/2023		9/15/2014		1,338,374
Symphony CLO XV, Ltd., 10/17/2026		10/17/2014		4,466,250
Vericrest Opportunity Loan Transferee, 2/25/2055		2/25/2015		1,581,211
Vericrest Opportunity Loan Transferee, 10/25/2058		2/6/2015		6,516,557
Vericrest Opportunity Loan Trust, 3/26/2046		4/6/2016		3,974,325
Voya CLO 3, Ltd., 7/25/2026		7/10/2014		1,397,900

Securities Lending Transactions


Taxable Debt Security	$	33,288,736
Common Stock		103,761,861

Total lending	$	137,050,597
Gross amount payable upon return of collateral for securities loaned	$	139,749,499

Net amounts due to counterparty	$	2,698,902

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 June 30, 2016

(unaudited)


Principal Amount		Bank Loans (2.7%)^a	Value
	Basic Materials (0.2%)
		Alpha Natural Resources, Inc., Term Loan
$	1,908,336	3.500%, 5/22/2020^b	$	887,376
		Axalta Coating Systems US Holdings, Inc., Term Loan
	1,355,898	3.750%, 2/1/2020		1,352,928
		Fortescue Metals Group, Ltd., Term Loan
	1,091,846	4.250%, 6/30/2019		1,042,713
		Ineos US Finance, LLC, Term Loan
	2,254,574	3.750%, 12/15/2020		2,196,339
		NewPage Corporation, Delayed Draw
	171,500	11.000%, 7/26/2017		170,214
		NewPage Corporation, Term Loan
	176,321	11.000%, 7/26/2017		97,858
	852,250	0.000%, 2/11/2021^b		115,054
		Tronox Pigments BV, Term Loan
	1,826,196	4.500%, 3/19/2020		1,744,017

		Total		7,606,499


	Capital Goods (0.1%)
		Accudyne Industries, LLC, Term Loan
	1,145,978	4.000%, 12/13/2019		1,025,650
		ADS Waste Holdings, Inc., Term Loan
	989,228	3.750%, 10/9/2019		971,916
		Berry Plastics Group, Inc., Term Loan
	1,651,043	3.500%, 2/8/2020		1,638,660

		Total		3,636,226


	Communications Services (0.8%)
		Atlantic Broadband Penn, LLC, Term Loan
	897,790	3.250%, 11/30/2019		895,824
		Birch Communication Inc., Term Loan
	1,867,148	7.750%, 7/17/2020		1,531,062
		Charter Communications Operating, LLC, Term Loan
	446,200	3.000%, 7/1/2020		442,577
	359,100	3.500%, 1/24/2023		359,100
		Grande Communications Networks, LLC, Term Loan
	1,319,240	4.500%, 5/29/2020		1,292,855
		Hargray Communications Group, Inc., Term Loan
	1,945,895	5.250%, 6/26/2019		1,943,462
		Integra Telecom Holdings, Inc., Term Loan
	1,253,548	5.250%, 8/14/2020		1,216,732
	405,757	9.750%, 2/12/2021		371,267
		Intelsat Jackson Holdings SA, Term Loan
	650,968	3.750%, 6/30/2019		591,893
		Level 3 Communications, Inc., Term Loan
	2,540,000	4.000%, 1/15/2020		2,536,038
		Level 3 Financing, Inc., Term Loan
	840,000	3.500%, 5/31/2022		836,220
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	2,585,000	4.500%, 1/7/2022		2,520,375
		LTS Buyer, LLC, Term Loan
	1,991,820	4.000%, 4/13/2020		1,968,177
	72,738	8.000%, 4/12/2021		71,555
		NEP Broadcasting, LLC, Term Loan
	134,286	10.000%, 7/22/2020		126,900
		NEP/NCP Holdco, Inc., Term Loan
	2,498,111	4.250%, 1/22/2020		2,438,781
		Numericable US, LLC, Term Loan
	2,992,500	4.750%, 2/10/2023		2,946,535
		SBA Senior Finance II, LLC, Term Loan
	1,821,600	3.250%, 6/10/2022		1,794,658
		Syniverse Holdings, Inc., Term Loan
	1,508,440	4.000%, 4/23/2019		1,109,654
		TNS, Inc., Term Loan
	766,579	5.000%, 2/14/2020		765,621
		Univision Communications, Inc., Term Loan
	1,891,626	4.000%, 3/1/2020		1,879,463
		Virgin Media Investment Holdings, Ltd., Term Loan
	1,902,132	3.649%, 6/30/2023		1,853,932
		WideOpenWest Finance, LLC, Term Loan
	1,496,673	4.500%, 4/1/2019		1,490,851
		XO Communications, LLC, Term Loan
	2,070,191	4.250%, 3/20/2021		2,064,146
		Yankee Cable Acquisition, LLC, Term Loan
	1,561,808	4.250%, 3/1/2020		1,557,904
		Zayo Group, LLC, Term Loan
	2,385,450	3.750%, 5/6/2021		2,370,112

		Total		36,975,694


	Consumer Cyclical (0.5%)
		Amaya BV, Term Loan
	2,883,935	5.000%, 8/1/2021		2,788,996
		Burlington Coat Factory Warehouse Corporation, Term Loan
	1,094,626	4.250%, 8/13/2021		1,091,430
		Cengage Learning Acquisitions, Term Loan
	1,150,000	5.250%, 6/7/2023		1,135,625
		Ceridian HCM Holding, Inc., Term Loan
	564,653	4.500%, 9/15/2020		544,890
		Charter Communications Operating, LLC, Term Loan
	2,182,500	3.000%, 1/3/2021		2,168,314
		Chrysler Group, LLC, Term Loan
	874,087	3.500%, 5/24/2017		872,994
		Golden Nugget, Inc., Delayed Draw
	242,933	5.500%, 11/21/2019		242,932
		Golden Nugget, Inc., Term Loan
	566,842	5.500%, 11/21/2019		566,842
		IMG Worldwide, Inc., Term Loan
	2,058,803	5.250%, 5/6/2021		2,045,421
	950,000	8.250%, 5/6/2022		921,500
		Jack Ohio Finance, LLC, Term Loan
	953,174	5.000%, 6/20/2019		906,469
		Las Vegas Sands, LLC, Term Loan
	1,950,000	3.250%, 12/19/2020		1,947,562

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

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (2.7%)^a	Value
	Consumer Cyclical (0.5%) - continued
		Marina District Finance Company, Inc., Term Loan
$	1,139,657	6.500%, 8/15/2018	$	1,138,232
		Mohegan Tribal Gaming Authority, Term Loan
	2,055,344	5.500%, 6/15/2018		2,038,387
		Scientific Games International, Inc., Term Loan
	3,033,008	6.000%, 10/18/2020		2,992,578
	651,729	6.000%, 10/1/2021		641,953
		Seminole Indian Tribe of Florida, Term Loan
	668,212	3.000%, 4/29/2020		668,881

		Total		22,713,006


	Consumer Non-Cyclical (0.4%)
		Albertson’s, LLC, Term Loan
	2,950,000	4.750%, 6/22/2023^c,d		2,941,887
		Catalina Marketing Corporation, Term Loan
	1,546,769	4.500%, 4/9/2021		1,290,269
		CHS/Community Health Systems, Inc., Term Loan
	308,373	3.924%, 12/31/2018		305,354
	325,416	3.750%, 1/27/2021		315,979
	598,757	4.000%, 1/27/2021		582,705
		Endo Luxembourg Finance I Co Sarl, Term Loan
	1,646,725	3.750%, 9/26/2022		1,617,496
		JBS USA, LLC, Term Loan
	1,508,730	3.750%, 5/25/2018		1,506,210
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	1,775,000	5.000%, 5/4/2022		1,770,119
		Ortho-Clinical Diagnostics, Inc., Term Loan
	2,337,215	4.750%, 6/30/2021		2,206,728
		Sterigenics-Nordion Holdings, LLC, Term Loan
	1,076,863	4.250%, 5/16/2022		1,066,094
		Supervalu, Inc., Term Loan
	1,607,488	5.500%, 3/21/2019^c,d		1,603,469
		Valeant Pharmaceuticals International, Inc., Term Loan
	4,415,209	5.000%, 4/1/2022		4,292,554

		Total		19,498,864


	Energy (0.2%)
		Altice US Finance I Corporation, Term Loan
	1,057,016	4.250%, 12/14/2022		1,051,731
		Arch Coal, Inc., Term Loan
	2,618,289	7.500%, 5/16/2018^b		1,201,140
		Energy Solutions, LLC, Term Loan
	437,250	6.750%, 5/29/2020		424,133
		Expro Holdings UK 2, Ltd., Term Loan
	736,875	5.750%, 9/2/2021		549,156
		Fieldwood Energy, LLC, Term Loan
	879,760	3.875%, 10/1/2018		755,864
		Houston Fuel Oil Terminal, LLC, Term Loan
	1,842,237	4.250%, 8/19/2021		1,773,153
		McJunkin Red Man Corporation, Term Loan
	1,108,438	5.000%, 11/8/2019		1,064,100
		Pacific Drilling SA, Term Loan
	1,241,600	4.500%, 6/3/2018		378,688
		Targa Resources Partners, LP, Term Loan
	158,139	5.750%, 2/27/2022		156,558
		Western Refining, Inc., Term Loan
	985,000	5.500%, 5/27/2023		958,326

		Total		8,312,849


	Financials (0.2%)
		DJO Finance, LLC, Term Loan
	942,875	4.250%, 6/7/2020		897,306
		Harland Clarke Holdings Corporation, Term Loan
	918,756	7.000%, 5/22/2018		891,194
	1,010,000	7.000%, 12/31/2019		977,175
		MoneyGram International, Inc., Term Loan
	1,780,200	4.250%, 3/27/2020		1,680,615
		WaveDivision Holdings, LLC, Term Loan
	2,426,975	4.000%, 10/15/2019		2,419,888

		Total		6,866,178


	Technology (0.2%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	1,675,800	4.250%, 2/1/2023		1,676,588
		Dell International, LLC, Term Loan
	575,000	Zero Coupon, 6/2/2023^c,d		572,602
		First Data Corporation, Term Loan
	2,087,575	4.452%, 3/24/2021		2,078,014
	1,640,000	4.202%, 7/8/2022		1,623,600
		NXP BV, Term Loan
	666,501	3.750%, 12/7/2020		667,334
		SS&C European Holdings SARL, Term Loan
	600,788	4.000%, 7/8/2022		600,163
	82,208	4.000%, 7/8/2022		82,123
		Western Digital Corporation, Term Loan
	2,500,000	6.250%, 4/29/2023		2,507,825

		Total		9,808,249


	Transportation (0.1%)
		OSG Bulk Ships, Inc., Term Loan
	1,027,756	5.250%, 8/5/2019		986,646
		United Airlines, Inc., Term Loan
	1,112,625	3.250%, 4/1/2019		1,109,076
		XPO Logistics, Inc., Term Loan
	2,383,025	5.500%, 11/1/2021		2,383,025

		Total		4,478,747


	Utilities (<0.1%)
		Calpine Corporation, Term Loan
	333,728	3.500%, 5/27/2022		329,834

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

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (2.7%)^a	Value
	Utilities (<0.1%) - continued
		Intergen NV, Term Loan
$	868,150	5.500%, 6/15/2020	$	772,653

		Total		1,102,487


		Total Bank Loans (cost $127,299,615)		120,998,799


		Long-Term Fixed Income (42.0%)
	Asset-Backed Securities (1.8%)
		Access Group, Inc.
	1,084,577	0.946%, 2/25/2036^e,f		1,051,123
		Ares CLO, Ltd.
	2,800,000	1.921%, 10/12/2023*^,f		2,788,003
	1,500,000	2.106%, 11/15/2025*^,f		1,498,303
		BA Credit Card Trust
	1,100,000	0.822%, 6/15/2021^f		1,099,203
		Bayview Opportunity Master Fund Trust
	1,807,468	3.721%, 2/28/2035*		1,807,728
	991,094	3.721%, 7/28/2035^e,g		989,878
		Betony CLO, Ltd.
	750,000	2.138%, 4/15/2027*^,f		744,771
		CAM Mortgage, LLC
	669,332	3.500%, 7/15/2064*^,g		669,587
		Capital One Multi-Asset Execution Trust
	1,350,000	0.822%, 1/18/2022^f		1,349,268
		Chase Issuance Trust
	850,000	1.590%, 2/18/2020		858,794
	1,625,000	1.620%, 7/15/2020		1,643,024
	1,500,000	0.852%, 5/17/2021^f		1,500,431
		Chesapeake Funding II, LLC
	1,000,000	1.880%, 6/15/2028^e		1,002,661
		Chesapeake Funding, LLC
	793,524	0.915%, 1/7/2025^e,f		793,044
		Commonbond Student Loan Trust
	3,941,834	3.320%, 5/25/2040^e		3,989,276
		Countrywide Asset-Backed Certificates
	158,227	5.329%, 4/25/2047		152,054
		DRB Prime Student Loan Trust
	796,139	3.170%, 7/25/2031*		807,280
	3,536,747	3.200%, 1/25/2040*		3,590,299
		Earnest Student Loan Program
	2,800,000	3.020%, 5/25/2034^e		2,803,355
		Edlinc Student Loan Funding Trust
	841,435	3.388%, 10/1/2025*^,f		845,464
		FirstEnergy Ohio PIRB Special Purpose Trust
	365,787	0.679%, 1/15/2019		365,353
		Ford Credit Auto Owner Trust
	810,000	2.260%, 11/15/2025^e		826,291
		GoldenTree Loan Opportunities IX, Ltd.
	825,000	2.148%, 10/29/2026*^,f		822,360
		Golub Capital Partners CLO 22B, Ltd.
	1,575,000	2.116%, 2/20/2027*^,f		1,564,411
		Golub Capital Partners CLO 23M, Ltd.
	800,000	2.118%, 5/5/2027*^,f		794,365
		Lehman XS Trust
	3,493,422	5.440%, 8/25/2035^g		3,036,781
		Morgan Stanley Bank of America Merrill Lynch Trust
	3,400,000	3.176%, 8/15/2045		3,621,911
	3,400,000	3.246%, 12/15/2047		3,610,743
		Morgan Stanley Capital, Inc.
	1,806,834	0.603%, 2/25/2037^f		1,027,658
		OneMain Financial Issuance Trust
	1,750,000	4.100%, 3/20/2028^e		1,804,419
		OZLM VIII, Ltd.
	825,000	2.073%, 10/17/2026*^,f		822,222
		Pretium Mortgage Credit Partners, LLC
	1,775,574	4.125%, 10/27/2030*		1,777,579
		Race Point IX CLO, Ltd.
	1,925,000	2.138%, 4/15/2027*^,f		1,912,770
		Renaissance Home Equity Loan Trust
	5,382,267	6.011%, 5/25/2036^g		3,600,861
	2,404,541	5.580%, 11/25/2036^g		1,305,113
		SLM Student Loan Trust
	1,161,220	1.042%, 8/15/2022^e,f		1,160,282
	395,271	1.038%, 4/25/2023^e,f		394,859
	1,350,000	1.492%, 5/17/2027^e,f		1,347,550
		Sofi Consumer Loan Program, LLC
	1,500,000	3.260%, 8/25/2025^e		1,507,969
		SoFi Professional Loan Program, LLC
	1,731,443	2.420%, 3/25/2030^e		1,729,830
		Sunset Mortgage Loan Company, LLC
	1,393,727	4.459%, 9/16/2045*^,g		1,399,256
		U.S. Small Business Administration
	384,598	3.191%, 3/10/2024		405,495
		Vericrest Opportunity Loan Transferee
	4,470,004	3.375%, 10/25/2058*^,g		4,423,076
	2,099,756	3.500%, 6/26/2045^e		2,082,682
	2,357,811	3.500%, 6/26/2045^e,g		2,341,140
	1,678,666	3.625%, 7/25/2045^e,g		1,667,064
	965,826	3.500%, 2/25/2055*^,g		960,410
		Vericrest Opportunity Loan Trust
	2,772,832	4.250%, 3/26/2046*^,g		2,791,473

		Total		79,087,469


	Basic Materials (0.2%)
		Albemarle Corporation
	230,000	3.000%, 12/1/2019		233,111
		Anglo American plc
	1,777,000	3.625%, 5/14/2020^e,h		1,708,141
		ArcelorMittal SA
	1,300,000	6.500%, 3/1/2021^h		1,335,750
		First Quantum Minerals, Ltd.
	847,000	6.750%, 2/15/2020^e		707,245
	847,000	7.000%, 2/15/2021^e		680,777
		Georgia-Pacific, LLC
	535,000	2.539%, 11/15/2019^e		547,894
		Glencore Funding, LLC
	395,000	1.693%, 4/16/2018^e,f		379,200
		Novelis, Inc.
	790,000	8.375%, 12/15/2017		807,775
	1,080,000	8.750%, 12/15/2020		1,125,900

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

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (42.0%)	Value
	Basic Materials (0.2%) - continued
		Yamana Gold, Inc.
$	890,000	4.950%, 7/15/2024	$	875,582

		Total		8,401,375


	Capital Goods (0.9%)
		AECOM
	2,080,000	5.875%, 10/15/2024		2,132,000
		Aircastle, Ltd.
	1,915,000	5.000%, 4/1/2023		1,946,023
		Ball Corporation
	1,000,000	4.375%, 12/15/2020		1,051,875
		Building Materials Corporation of America
	1,575,000	6.000%, 10/15/2025^e		1,645,875
		Case New Holland, Inc.
	1,100,000	7.875%, 12/1/2017		1,182,500
		Cemex Finance, LLC
	2,030,000	9.375%, 10/12/2022^e		2,233,000
		CNH Industrial Capital, LLC
	800,000	4.375%, 11/6/2020^h		808,000
		Crown Americas Capital Corporation IV
	1,450,000	4.500%, 1/15/2023		1,479,000
		Fortive Corporation
	800,000	1.800%, 6/15/2019^e		805,132
	500,000	4.300%, 6/15/2046^e		531,299
		General Electric Company
	1,422,000	5.000%, 12/29/2049ⁱ		1,508,742
		HD Supply, Inc.
	1,955,000	5.750%, 4/15/2024^e		2,033,200
		Huntington Ingalls Industries, Inc.
	2,025,000	5.000%, 11/15/2025^e		2,141,437
		L-3 Communications Corporation
	1,056,000	3.950%, 5/28/2024		1,111,059
		Lockheed Martin Corporation
	892,000	2.500%, 11/23/2020		920,425
	1,024,000	4.500%, 5/15/2036		1,143,002
		Newell Rubbermaid, Inc.
	528,000	2.600%, 3/29/2019		541,824
	748,000	5.500%, 4/1/2046		889,916
		Northrop Grumman Corporation
	1,010,000	3.850%, 4/15/2045		1,051,446
		Owens-Brockway Glass Container, Inc.
	2,205,000	5.000%, 1/15/2022^e,h		2,207,756
		Pentair Finance SA
	1,100,000	2.900%, 9/15/2018		1,111,143
		Republic Services, Inc.
	850,000	2.900%, 7/1/2026^d		862,044
		Reynolds Group Issuer, Inc.
	1,612,019	5.750%, 10/15/2020		1,664,410
		Roper Industries, Inc.
	1,316,000	2.050%, 10/1/2018		1,331,979
		Standard Industries, Inc.
	675,000	5.500%, 2/15/2023^e		690,187
		Textron, Inc.
	680,000	5.600%, 12/1/2017		715,030
	825,000	7.250%, 10/1/2019		948,671
		United Rentals North America, Inc.
	2,900,000	5.500%, 7/15/2025^h		2,856,500
		Waste Management, Inc.
	260,000	3.125%, 3/1/2025		271,855

		Total		37,815,330


	Collateralized Mortgage Obligations (1.6%)
		Alm Loan Funding CLO
	825,000	2.063%, 10/17/2026*^,f		819,747
		Alternative Loan Trust
	1,567,162	6.000%, 6/25/2036		1,235,353
		Apidos CLO XVIII
	825,000	2.047%, 7/22/2026*^,f		823,381
		Babson CLO, Ltd.
	825,000	2.023%, 10/17/2026*^,f		819,743
		BCAP, LLC Trust
	2,055,683	0.633%, 3/25/2037^f		1,723,372
		Birchwood Park CLO, Ltd.
	825,000	2.068%, 7/15/2026*^,f		822,321
		BlueMountain CLO, Ltd.
	825,000	2.108%, 10/15/2026*^,f		824,376
		Carlyle Global Market Strategies CLO, Ltd.
	825,000	1.934%, 7/20/2023*^,f		821,903
	825,000	2.128%, 10/15/2026*^,f		823,739
		Cent CLO 16, LP
	825,000	1.887%, 8/1/2024*^,f		821,030
		Cent CLO 22, Ltd.
	825,000	2.112%, 11/7/2026*^,f		817,107
		Citigroup Mortgage Loan Trust, Inc.
	488,848	5.500%, 11/25/2035		464,407
		CitiMortgage Alternative Loan Trust
	1,633,334	5.750%, 4/25/2037		1,375,803
		Countrywide Alternative Loan Trust
	1,962,186	2.649%, 10/25/2035		1,535,390
	974,257	6.500%, 8/25/2036		606,333
	316,640	6.000%, 1/25/2037		278,824
	3,247,911	5.500%, 5/25/2037		2,597,569
	2,110,627	7.000%, 10/25/2037		1,303,371
		Countrywide Home Loans, Inc.
	597,200	5.750%, 4/25/2037		503,342
		Deutsche Alt-A Securities Mortgage Loan Trust
	450,391	6.000%, 10/25/2021		391,771
		Dryden 34 Senior Loan Fund CLO
	825,000	2.058%, 10/15/2026*^,f		822,035
		Federal Home Loan Mortgage Corporation
	7,305,886	3.000%, 4/15/2028^j		702,670
	6,531,137	4.000%, 7/15/2031^j		602,482
	5,158,373	3.000%, 2/15/2033^j		604,788
		Federal National Mortgage Association
	10,473,590	3.500%, 1/25/2033^j		1,345,355
		Galaxy XX CLO, Ltd.
	2,650,000	2.084%, 7/20/2027*^,f		2,626,543
		Greenpoint Mortgage Funding Trust
	1,214,710	0.653%, 10/25/2045^f		942,437
		IndyMac INDX Mortgage Loan Trust
	2,198,741	1.093%, 7/25/2045^f		1,798,235
		J.P. Morgan Mortgage Trust
	152,522	2.708%, 10/25/2036		136,958
	2,428,349	0.833%, 1/25/2037^f		1,269,772

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

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (42.0%)	Value
	Collateralized Mortgage Obligations (1.6%) - continued
$	2,731,162	6.250%, 8/25/2037	$	2,048,214
		Limerock CLO III, LLC
	2,500,000	2.164%, 10/20/2026*^,f		2,434,119
		Madison Park Funding XIV CLO, Ltd.
	900,000	2.084%, 7/20/2026*^,f		898,323
		Madison Park Funding, Ltd.
	2,975,000	1.916%, 8/15/2022*^,f		2,963,490
		Magnetite XII, Ltd.
	2,600,000	2.128%, 4/15/2027*^,f		2,582,073
		MASTR Alternative Loans Trust
	417,095	6.500%, 7/25/2034		420,326
	1,777,603	0.903%, 12/25/2035^f		817,527
		Merrill Lynch Alternative Note Asset Trust
	380,875	6.000%, 3/25/2037		298,753
		Mountain View CLO, Ltd.
	2,625,000	2.088%, 7/15/2027*^,f		2,592,271
		Neuberger Berman CLO, Ltd.
	700,000	2.107%, 8/4/2025*^,f		698,127
		NZCG Funding CLO, Ltd.
	2,650,000	2.184%, 4/27/2027*^,f		2,633,017
		Octagon Investment Partners XX CLO, Ltd.
	825,000	2.068%, 8/12/2026*^,f		821,539
		OHA Loan Funding, Ltd.
	2,500,000	2.164%, 10/20/2026*^,f		2,499,043
		Residential Accredit Loans, Inc. Trust
	669,117	5.750%, 9/25/2035		592,375
		Residential Asset Securitization Trust
	2,844,636	0.833%, 8/25/2037^f		753,173
		Sequoia Mortgage Trust
	2,618,812	3.018%, 9/20/2046		2,093,880
		Shackleton VII CLO, Ltd.
	2,650,000	2.168%, 4/15/2027*^,f		2,636,436
		Symphony CLO VIII, Ltd.
	788,685	1.729%, 1/9/2023*^,f		786,944
		Symphony CLO XV, Ltd.
	2,500,000	2.083%, 10/17/2026*^,f		2,488,097
		Voya CLO 3, Ltd.
	825,000	2.058%, 7/25/2026*^,f		821,463
		WaMu Mortgage Pass Through Certificates
	392,228	2.471%, 9/25/2036		353,564
	367,314	2.484%, 10/25/2036		317,762
	1,201,194	2.204%, 11/25/2036		1,057,295
	1,850,080	2.008%, 1/25/2037		1,557,198
	3,596,949	1.397%, 9/25/2046^f		2,960,505
		Washington Mutual Mortgage Pass Through Certificates
	3,401,187	1.187%, 2/25/2047^f		2,386,461
	2,410,271	7.000%, 2/25/2036		1,736,069

		Total		72,508,201


	Commercial Mortgage-Backed Securities (1.2%)
		Commercial Mortgage Pass-Through Certificates
	2,340,000	1.498%, 6/8/2030^e,f		2,338,535
		Credit Suisse First Boston Mortgage Securities
	4,600,000	5.542%, 1/15/2049		4,655,650
		Credit Suisse Mortgage Capital Certificates
	2,205,149	5.509%, 9/15/2039		2,204,032
		Federal National Mortgage Association
	440,319	1.272%, 1/25/2017		440,400
		Greenwich Capital Commercial Funding Corporation
	3,100,000	5.867%, 12/10/2049		3,206,803
		GS Mortgage Securities Trust
	4,000,000	3.666%, 9/10/2047		4,357,837
	4,200,000	3.734%, 11/10/2048		4,642,589
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	1,750,000	3.507%, 5/15/2045		1,892,223
	2,300,000	5.887%, 2/12/2049		2,341,632
		JPMBB Commercial Mortgage Securities Trust
	2,850,000	3.231%, 1/15/2048		3,015,924
		Morgan Stanley Bank of America Merrill Lynch Trust
	4,050,000	3.635%, 10/15/2048		4,417,512
		Morgan Stanley Capital, Inc.
	4,150,000	5.406%, 3/15/2044		4,229,619
		SCG Trust
	700,000	1.842%, 11/15/2026^e,f		698,947
		UBS Commercial Mortgage Trust
	5,100,000	3.400%, 5/10/2045		5,474,035
		Wells Fargo Commercial Mortgage Trust
	2,500,000	3.617%, 9/15/2057		2,715,069
	2,250,000	3.839%, 9/15/2058		2,485,598
		WFRBS Commercial Mortgage Trust
	2,800,000	2.870%, 11/15/2045		2,932,382

		Total		52,048,787


	Communications Services (2.0%)
		21st Century Fox America, Inc.
	1,140,000	6.900%, 3/1/2019		1,297,061
		Altice Financing SA
	1,675,000	6.625%, 2/15/2023^e		1,644,632
		Altice US Finance I Corporation
	2,295,000	5.500%, 5/15/2026^e		2,295,000
		AMC Networks, Inc.
	3,035,000	5.000%, 4/1/2024		3,004,271
		America Movil SAB de CV
	750,000	1.656%, 9/12/2016^f		750,187
	829,000	5.000%, 10/16/2019		912,627
		American Tower Corporation
	105,000	2.800%, 6/1/2020		107,449
	1,280,000	3.300%, 2/15/2021		1,335,299
	700,000	3.450%, 9/15/2021		728,603
		AT&T, Inc.
	600,000	5.875%, 10/1/2019		678,773
	360,000	1.561%, 6/30/2020^f		358,591
	963,000	3.875%, 8/15/2021		1,037,466
	805,000	3.000%, 6/30/2022		824,380
	1,792,000	6.350%, 3/15/2040		2,151,404
	950,000	5.550%, 8/15/2041		1,064,348
	1,000,000	5.150%, 3/15/2042		1,078,962
	546,000	4.750%, 5/15/2046		559,581

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

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (42.0%)	Value
	Communications Services (2.0%) - continued
		British Sky Broadcasting Group plc
$	880,000	2.625%, 9/16/2019^e	$	895,389
		CCO Holdings, LLC
	2,100,000	5.875%, 4/1/2024^e		2,178,750
		CenturyLink, Inc.
	1,630,000	6.450%, 6/15/2021		1,656,487
	395,000	7.500%, 4/1/2024^h		398,456
		Charter Communications Operating, LLC
	1,010,000	6.834%, 10/23/2055^e		1,200,904
	630,000	3.579%, 7/23/2020^e		658,630
	1,070,000	4.908%, 7/23/2025^e		1,169,833
		Clear Channel Worldwide Holdings, Inc.
	2,240,000	6.500%, 11/15/2022		2,240,000
		Columbus International, Inc.
	2,015,000	7.375%, 3/30/2021^e		2,127,840
		Comcast Corporation
	875,000	2.750%, 3/1/2023		916,350
	2,190,000	4.400%, 8/15/2035		2,470,313
	418,000	4.650%, 7/15/2042		479,662
	1,552,000	4.750%, 3/1/2044		1,809,669
		Cox Communications, Inc.
	476,000	9.375%, 1/15/2019^e		554,525
	800,000	3.850%, 2/1/2025^e		805,771
		Crown Castle International Corporation
	1,183,000	3.400%, 2/15/2021		1,234,975
	2,062,000	5.250%, 1/15/2023		2,313,688
	500,000	3.700%, 6/15/2026		515,846
		Digicel, Ltd.
	2,725,000	6.000%, 4/15/2021*		2,335,870
		Dish DBS Corporation
	1,905,000	5.875%, 7/15/2022		1,852,612
		FairPoint Communications, Inc.
	1,565,000	8.750%, 8/15/2019^e		1,541,525
		Frontier Communications Corporation
	2,270,000	8.875%, 9/15/2020		2,423,225
		Hughes Satellite Systems Corporation
	1,350,000	6.500%, 6/15/2019		1,458,000
		Level 3 Communications, Inc.
	2,080,000	5.375%, 1/15/2024		2,087,800
		Level 3 Financing, Inc.
	700,000	5.375%, 5/1/2025		694,750
		Neptune Finco Corporation
	1,330,000	10.875%, 10/15/2025^e		1,520,350
		Numericable-SFR SA
	2,455,000	6.000%, 5/15/2022^e		2,387,488
		Omnicom Group, Inc.
	530,000	3.600%, 4/15/2026		558,212
		Quebecor Media, Inc.
	1,375,000	5.750%, 1/15/2023		1,395,625
		S&P Global, Inc.
	1,024,000	3.300%, 8/14/2020		1,071,449
		SES Global Americas Holdings GP
	620,000	2.500%, 3/25/2019^e		624,836
		Sprint Communications, Inc.
	1,350,000	9.000%, 11/15/2018^e		1,437,750
		Sprint Corporation
	1,405,000	7.625%, 2/15/2025		1,111,706
		Telefonica Emisiones SAU
	858,000	3.192%, 4/27/2018		880,977
		Time Warner Entertainment Company, LP
	1,341,000	8.375%, 3/15/2023		1,749,001
		Time Warner, Inc.
	1,982,000	3.600%, 7/15/2025		2,097,243
	780,000	6.250%, 3/29/2041		981,596
		T-Mobile USA, Inc.
	2,520,000	6.125%, 1/15/2022		2,642,850
		Unitymedia Hessen GmbH & Company KG
	875,000	5.500%, 1/15/2023^e		879,375
		Univision Communications, Inc.
	970,000	5.125%, 5/15/2023^e		962,725
	500,000	5.125%, 2/15/2025^e		494,375
		UPCB Finance V, Ltd.
	1,350,000	7.250%, 11/15/2021^e		1,407,375
		Verizon Communications, Inc.
	590,000	1.426%, 6/17/2019^f		592,985
	1,655,000	3.000%, 11/1/2021		1,738,371
	2,304,000	5.150%, 9/15/2023		2,683,298
	508,000	5.050%, 3/15/2034		563,827
	859,000	4.272%, 1/15/2036		879,111
	1,796,000	4.522%, 9/15/2048		1,870,175

		Total		86,380,204


	Consumer Cyclical (1.3%)
		AmeriGas Finance, LLC
	2,000,000	5.625%, 5/20/2024		2,015,000
		Automatic Data Processing, Inc.
	375,000	3.375%, 9/15/2025		407,782
		Cinemark USA, Inc.
	2,695,000	4.875%, 6/1/2023		2,668,050
		CVS Health Corporation
	235,000	2.250%, 8/12/2019		241,340
	1,900,000	4.875%, 7/20/2035		2,268,421
	875,000	5.125%, 7/20/2045		1,085,504
		Delphi Automotive plc
	1,280,000	3.150%, 11/19/2020		1,316,611
		eBay, Inc.
	520,000	2.500%, 3/9/2018		529,490
		Ford Motor Company
	515,000	7.450%, 7/16/2031		690,545
		Ford Motor Credit Company, LLC
	1,150,000	5.000%, 5/15/2018		1,218,464
	950,000	2.551%, 10/5/2018		967,561
	1,000,000	2.943%, 1/8/2019		1,029,148
		General Motors Company
	500,000	6.600%, 4/1/2036		573,354
	992,000	6.250%, 10/2/2043		1,101,966
		General Motors Financial Company, Inc.
	1,500,000	3.250%, 5/15/2018		1,531,092
	770,000	3.700%, 11/24/2020		791,105
	512,000	4.200%, 3/1/2021		535,630
	1,240,000	4.300%, 7/13/2025		1,272,220
		GLP Capital, LP
	1,390,000	4.375%, 4/15/2021		1,431,700
		Goodyear Tire & Rubber Company
	2,325,000	5.125%, 11/15/2023		2,400,563

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

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (42.0%)	Value
	Consumer Cyclical (1.3%) - continued
		Hilton Worldwide Finance, LLC
$	2,275,000	5.625%, 10/15/2021	$	2,354,625
		Home Depot, Inc.
	536,000	2.625%, 6/1/2022		560,945
	640,000	3.000%, 4/1/2026		680,174
		Hyundai Capital America
	768,000	2.400%, 10/30/2018^e		778,727
	768,000	3.000%, 10/30/2020^e		794,389
		Jaguar Land Rover Automotive plc
	1,500,000	5.625%, 2/1/2023^e,h		1,558,125
		KB Home
	1,141,000	4.750%, 5/15/2019		1,143,852
		L Brands, Inc.
	1,500,000	5.625%, 2/15/2022		1,614,000
		Lennar Corporation
	1,500,000	4.125%, 12/1/2018		1,515,000
	1,485,000	4.875%, 12/15/2023		1,488,712
		Live Nation Entertainment, Inc.
	1,500,000	5.375%, 6/15/2022^e		1,541,250
		McDonald’s Corporation
	730,000	2.750%, 12/9/2020		762,122
		MGM Resorts International
	2,115,000	6.000%, 3/15/2023^h		2,231,325
		MGP Escrow Issuer, LLC
	1,738,000	5.625%, 5/1/2024^e		1,837,935
		PulteGroup, Inc.
	1,985,000	4.250%, 3/1/2021		2,046,535
		Rite Aid Corporation
	1,985,000	6.125%, 4/1/2023^e		2,118,987
		Six Flags Entertainment Corporation
	1,935,000	5.250%, 1/15/2021^e		1,995,469
		Toll Brothers Finance Corporation
	580,000	8.910%, 10/15/2017		629,300
	432,000	4.000%, 12/31/2018		447,768
		West Corporation
	2,420,000	5.375%, 7/15/2022^e		2,250,600
		Yum! Brands, Inc.
	3,155,000	5.000%, 6/1/2024^e		3,210,213
		ZF North America Capital, Inc.
	2,175,000	4.500%, 4/29/2022^e		2,204,906

		Total		57,840,505


	Consumer Non-Cyclical (2.1%)
		AbbVie, Inc.
	920,000	2.500%, 5/14/2020		940,537
	1,320,000	3.600%, 5/14/2025		1,383,136
	1,395,000	4.450%, 5/14/2046		1,414,587
		Actavis Funding SCS
	792,000	3.800%, 3/15/2025		825,128
	1,620,000	4.550%, 3/15/2035		1,664,908
	2,376,000	4.850%, 6/15/2044		2,502,242
		Altria Group, Inc.
	2,100,000	2.850%, 8/9/2022		2,199,599
		Amgen, Inc.
	330,000	2.125%, 5/1/2020		335,211
	512,000	2.700%, 5/1/2022		526,916
	475,000	3.125%, 5/1/2025		495,535
		Anheuser-Busch InBev Finance, Inc.
	550,000	1.897%, 2/1/2021^f		566,678
	2,949,000	3.650%, 2/1/2026		3,159,104
	2,560,000	4.700%, 2/1/2036		2,876,744
	1,320,000	4.900%, 2/1/2046		1,546,831
		Aramark Services, Inc.
	1,380,000	4.750%, 6/1/2026^e		1,352,400
		B&G Foods, Inc.
	1,055,000	4.625%, 6/1/2021		1,055,000
		BAT International Finance plc
	480,000	1.163%, 6/15/2018^e,f		479,083
		Becton, Dickinson and Company
	1,331,000	6.375%, 8/1/2019		1,515,968
		Biogen, Inc.
	810,000	3.625%, 9/15/2022		859,822
		Boston Scientific Corporation
	435,000	6.000%, 1/15/2020		495,195
	525,000	3.850%, 5/15/2025		555,321
		BRF SA
	642,000	4.750%, 5/22/2024^e		637,185
		Bunge Limited Finance Corporation
	762,000	8.500%, 6/15/2019		890,987
	590,000	3.500%, 11/24/2020		618,449
		Cardinal Health, Inc.
	260,000	1.950%, 6/15/2018		263,013
	402,000	4.900%, 9/15/2045		448,040
		Celgene Corporation
	1,185,000	2.875%, 8/15/2020		1,225,444
	260,000	3.550%, 8/15/2022		272,395
	1,185,000	5.000%, 8/15/2045		1,305,087
		Centene Escrow Corporation
	2,100,000	5.625%, 2/15/2021^e		2,189,250
		CHS/Community Health Systems, Inc.
	2,200,000	7.125%, 7/15/2020^h		2,039,598
		Church & Dwight Company, Inc.
	310,000	2.450%, 12/15/2019		315,274
		Cigna Corporation
	775,000	5.375%, 2/15/2042		917,251
		ConAgra Foods, Inc.
	396,000	7.125%, 10/1/2026		514,553
		EMD Finance, LLC
	515,000	1.006%, 3/17/2017^e,f		514,697
	1,128,000	2.950%, 3/19/2022^e		1,155,696
		Endo Finance, LLC
	750,000	6.000%, 2/1/2025^e		650,625
		Energizer Holdings, Inc.
	1,900,000	5.500%, 6/15/2025^e		1,890,500
		Envision Healthcare Corporation
	2,205,000	5.125%, 7/1/2022^e		2,216,025
		Express Scripts Holding Company
	512,000	3.900%, 2/15/2022		548,698
	1,240,000	4.500%, 2/25/2026		1,362,319
	223,000	3.400%, 3/1/2027		222,716
		Fresenius Medical Care US Finance II, Inc.
	1,500,000	5.875%, 1/31/2022^e		1,644,375
		Gilead Sciences, Inc.
	260,000	2.550%, 9/1/2020		270,163
		Grifols Worldwide Operations, Ltd.
	2,235,000	5.250%, 4/1/2022		2,274,113
		H. J. Heinz Company
	1,000,000	3.500%, 7/15/2022^e		1,062,061

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

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (42.0%)	Value
	Consumer Non-Cyclical (2.1%) - continued
		HCA, Inc.
$	1,450,000	3.750%, 3/15/2019	$	1,500,750
	200,000	4.750%, 5/1/2023		205,000
	1,070,000	5.250%, 6/15/2026		1,110,794
		Imperial Tobacco Finance plc
	1,250,000	2.950%, 7/21/2020^e		1,287,228
		JBS USA, LLC
	1,450,000	5.750%, 6/15/2025^e		1,363,000
		Kraft Foods Group, Inc.
	1,056,000	5.000%, 6/4/2042		1,214,096
		Laboratory Corporation of America Holdings
	360,000	2.625%, 2/1/2020		367,700
		LifePoint Health, Inc.
	1,500,000	5.500%, 12/1/2021		1,563,750
	580,000	5.375%, 5/1/2024^e		581,450
		McKesson Corporation
	1,024,000	3.796%, 3/15/2024		1,108,679
	650,000	4.883%, 3/15/2044		741,256
		Mead Johnson Nutrition Company
	512,000	3.000%, 11/15/2020		534,876
		Medco Health Solutions, Inc.
	550,000	7.125%, 3/15/2018		600,470
		Medtronic plc
	2,570,000	4.375%, 3/15/2035		2,907,030
		Merck & Company, Inc.
	385,000	1.005%, 2/10/2020^f		385,141
	260,000	3.700%, 2/10/2045		275,513
		Mondelez International, Inc.
	418,000	1.157%, 2/1/2019^f		417,324
		Mylan NV
	1,020,000	3.000%, 12/15/2018^e		1,044,279
	400,000	3.750%, 12/15/2020^e		417,031
	1,325,000	3.150%, 6/15/2021^e		1,344,011
		PepsiCo, Inc.
	1,032,000	2.850%, 2/24/2026		1,080,695
		Pernod Ricard SA
	850,000	3.250%, 6/8/2026^e		869,961
		Perrigo Finance Unlimited Company
	1,605,000	3.500%, 3/15/2021		1,660,722
		Quintiles Transnational Holdings, Inc.
	500,000	4.875%, 5/15/2023^e		507,500
		Reynolds American, Inc.
	604,000	2.300%, 8/21/2017		611,339
	1,563,000	5.700%, 8/15/2035		1,903,460
		Roche Holdings, Inc.
	768,000	4.000%, 11/28/2044^e		874,866
		SABMiller Holdings, Inc.
	536,000	3.750%, 1/15/2022^e		574,721
		Safeway, Inc.
	58,000	3.400%, 12/1/2016		57,855
		Spectrum Brands Escrow Corporation
	640,000	6.375%, 11/15/2020		668,000
		Spectrum Brands, Inc.
	1,065,000	5.750%, 7/15/2025		1,108,931
		Teleflex, Inc.
	560,000	4.875%, 6/1/2026		565,600
		Tenet Healthcare Corporation
	2,500,000	8.125%, 4/1/2022		2,562,000
		Thermo Fisher Scientific, Inc.
	396,000	3.000%, 4/15/2023		404,265
		TreeHouse Foods, Inc.
	970,000	4.875%, 3/15/2022		989,400
		UnitedHealth Group, Inc.
	2,470,000	4.625%, 7/15/2035		2,868,651
		VRX Escrow Corporation
	3,245,000	6.125%, 4/15/2025^e		2,604,113

		Total		91,079,916


	Energy (1.1%)
		Anadarko Petroleum Corporation
	755,000	4.850%, 3/15/2021		800,764
		Antero Resources Corporation
	1,775,000	5.125%, 12/1/2022		1,704,000
		Boardwalk Pipelines, Ltd.
	888,000	5.875%, 11/15/2016		900,293
	525,000	5.950%, 6/1/2026		551,468
		BP Capital Markets plc
	1,003,000	3.062%, 3/17/2022		1,036,361
	1,560,000	3.535%, 11/4/2024		1,643,813
	285,000	3.119%, 5/4/2026		291,117
		Buckeye Partners, LP
	846,000	2.650%, 11/15/2018		857,940
		Canadian Natural Resources, Ltd.
	1,005,000	3.450%, 11/15/2021		1,004,691
		CNOOC Nexen Finance
	762,000	1.625%, 4/30/2017		763,246
		CNPC General Capital, Ltd.
	446,000	2.750%, 4/19/2017^e		450,794
		Columbia Pipeline Group, Inc.
	995,000	2.450%, 6/1/2018		998,208
		Concho Resources, Inc.
	1,310,000	6.500%, 1/15/2022		1,341,112
	1,412,019	5.500%, 10/1/2022		1,419,079
		ConocoPhillips Company
	660,000	4.200%, 3/15/2021		714,609
	772,000	5.950%, 3/15/2046		960,553
		Crestwood Midstream Partners, LP
	850,000	6.125%, 3/1/2022		786,250
		Devon Energy Corporation
	765,000	3.250%, 5/15/2022^h		741,893
	512,000	5.850%, 12/15/2025		564,779
		Ecopetrol SA
	460,000	5.875%, 9/18/2023		473,800
		Enbridge Energy Partners, LP
	1,280,000	4.375%, 10/15/2020		1,313,663
		Enbridge, Inc.
	400,000	1.136%, 6/2/2017^f,h		393,008
		Energy Transfer Partners, LP
	2,084,000	4.650%, 6/1/2021		2,151,695
	765,000	4.900%, 3/15/2035		675,854
		Enterprise Products Operating, LLC
	1,200,000	5.250%, 1/31/2020		1,333,634
	758,000	5.100%, 2/15/2045		829,566
		EQT Corporation
	500,000	5.150%, 3/1/2018		510,520
	754,000	8.125%, 6/1/2019		830,676
		Exxon Mobil Corporation
	420,000	4.114%, 3/1/2046		473,684

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

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (42.0%)	Value
	Energy (1.1%) - continued
		Kinder Morgan, Inc.
$	510,000	5.550%, 6/1/2045	$	518,200
		Magellan Midstream Partners, LP
	750,000	5.000%, 3/1/2026		848,426
	255,000	4.200%, 3/15/2045		233,060
		Marathon Oil Corporation
	1,350,000	2.700%, 6/1/2020		1,271,283
		Marathon Petroleum Corporation
	375,000	3.400%, 12/15/2020		387,658
	470,000	4.750%, 9/15/2044		400,782
		MEG Energy Corporation
	1,500,000	6.500%, 3/15/2021^e		1,162,500
		Newfield Exploration Company
	1,960,000	5.625%, 7/1/2024		1,960,000
		Noble Energy, Inc.
	724,000	5.625%, 5/1/2021^h		754,184
		Petrobras International Finance Company
	1,056,000	5.750%, 1/20/2020		1,020,202
		Petroleos Mexicanos
	737,000	5.500%, 2/4/2019^e		774,587
	414,000	2.378%, 4/15/2025		427,336
		Pioneer Natural Resources Company
	278,000	3.450%, 1/15/2021		287,057
	500,000	4.450%, 1/15/2026		544,748
		Regency Energy Partners, LP
	1,450,000	5.000%, 10/1/2022		1,487,845
		Rice Energy, Inc.
	1,790,000	6.250%, 5/1/2022		1,776,575
		Sabine Pass Liquefaction, LLC
	1,440,000	5.625%, 3/1/2025		1,434,600
		Schlumberger Holdings Corporation
	375,000	3.000%, 12/21/2020^e		391,108
		Shell International Finance BV
	360,000	1.080%, 5/11/2020^f		355,275
		Suncor Energy, Inc.
	780,000	3.600%, 12/1/2024		820,307
		Sunoco Logistics Partners Operations, LP
	1,730,000	4.400%, 4/1/2021		1,823,076
		Targa Resources Partners, LP
	1,215,000	6.625%, 10/1/2020		1,239,300
		Weatherford International, Ltd.
	2,120,000	8.250%, 6/15/2023^h		2,014,000

		Total		48,449,179


	Financials (3.5%)
		ABN AMRO Bank NV
	1,050,000	4.750%, 7/28/2025^e		1,089,984
		ACE INA Holdings, Inc.
	1,024,000	2.300%, 11/3/2020		1,052,812
	737,000	4.350%, 11/3/2045		847,860
		AerCap Ireland Capital, Ltd.
	550,000	3.750%, 5/15/2019		554,125
	2,080,000	5.000%, 10/1/2021		2,163,200
		Aetna, Inc.
	805,000	2.400%, 6/15/2021		821,327
	1,100,000	2.800%, 6/15/2023		1,123,654
	535,000	3.200%, 6/15/2026		550,421
	800,000	4.250%, 6/15/2036		826,540
		Air Lease Corporation
	625,000	2.125%, 1/15/2018		621,875
	198,000	2.625%, 9/4/2018		197,958
		Ally Financial, Inc.
	960,000	3.750%, 11/18/2019		962,400
	1,050,000	4.125%, 3/30/2020		1,052,625
		American Express Credit Corporation
	590,000	1.197%, 3/18/2019^f		587,237
		American International Group, Inc.
	320,000	3.300%, 3/1/2021		330,594
	768,000	4.125%, 2/15/2024		810,187
	360,000	3.900%, 4/1/2026		370,992
		Aon plc
	384,000	3.875%, 12/15/2025		405,019
		Argos Merger Sub, Inc.
	1,975,000	7.125%, 3/15/2023^e		2,034,250
		Avalonbay Communities, Inc.
	1,125,000	3.500%, 11/15/2025		1,184,102
		Aviation Capital Group Corporation
	564,000	3.875%, 9/27/2016^e		564,807
		Banco Santander Chile
	710,000	1.529%, 4/11/2017^e,f		709,112
		Bank of America Corporation
	800,000	1.717%, 3/22/2018^f		804,186
	500,000	1.495%, 4/1/2019^f		498,919
	800,000	2.625%, 10/19/2020		812,750
	1,065,000	3.300%, 1/11/2023		1,096,042
	1,056,000	4.000%, 4/1/2024		1,127,061
	1,055,000	4.000%, 1/22/2025		1,075,373
	795,000	3.500%, 4/19/2026		821,543
	1,322,000	5.875%, 2/7/2042		1,668,712
	1,056,000	8.000%, 12/29/2049ⁱ		1,049,400
		Bank of New York Mellon Corporation
	1,280,000	2.500%, 4/15/2021		1,326,360
		Bank of Tokyo-Mitsubishi UFJ, Ltd.
	315,000	2.850%, 9/8/2021^e		324,516
		Barclays Bank plc
	264,000	10.179%, 6/12/2021^e		332,382
		Barclays plc
	780,000	2.750%, 11/8/2019		774,496
	1,039,000	3.650%, 3/16/2025		999,070
		BB&T Corporation
	325,000	1.343%, 1/15/2020^f		322,465
		BBVA Banco Continental SA
	930,000	2.250%, 7/29/2016^e		927,974
		Berkshire Hathaway, Inc.
	640,000	2.750%, 3/15/2023		661,268
		BPCE SA
	762,000	5.700%, 10/22/2023^e		817,292
		Caisse Centrale Desjardins du Quebec
	455,000	1.303%, 1/29/2018^e,f		453,783
		Capital One Financial Corporation
	1,149,000	6.150%, 9/1/2016		1,157,937
	635,000	2.450%, 4/24/2019		644,754
		CIT Group, Inc.
	2,075,000	5.000%, 8/15/2022		2,111,312
		Citigroup, Inc.
	415,000	1.401%, 4/8/2019^f		413,433
	840,000	2.650%, 10/26/2020		854,803
	1,075,000	2.700%, 3/30/2021		1,094,127

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

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (42.0%)	Value
	Financials (3.5%) - continued
$	690,000	4.050%, 7/30/2022	$	726,979
	1,990,000	4.400%, 6/10/2025		2,080,762
	2,050,000	4.650%, 7/30/2045		2,252,804
		Citizens Bank NA
	1,220,000	2.300%, 12/3/2018		1,235,965
		CoBank ACB
	395,000	1.253%, 6/15/2022^f		367,369
		Compass Bank
	750,000	2.750%, 9/29/2019		740,671
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	650,000	3.950%, 11/9/2022		672,218
		Credit Agricole SA
	485,000	1.428%, 4/15/2019^e,f		483,325
		Credit Suisse AG
	512,000	5.400%, 1/14/2020		555,817
		Credit Suisse Group Funding Guernsey, Ltd.
	875,000	4.550%, 4/17/2026^e		907,707
		Credit Suisse Group Funding, Ltd.
	1,536,000	2.750%, 3/26/2020		1,516,496
	1,024,000	3.750%, 3/26/2025		1,002,244
		CyrusOne, LP
	1,500,000	6.375%, 11/15/2022		1,560,000
		Deutsche Bank AG
	1,630,000	3.375%, 5/12/2021		1,635,610
		Digital Realty Trust LP
	1,125,000	3.400%, 10/1/2020		1,169,316
		Discover Bank
	1,135,000	8.700%, 11/18/2019		1,336,477
		Discover Financial Services
	526,000	6.450%, 6/12/2017		546,956
		Duke Realty, LP
	260,000	3.875%, 2/15/2021		275,042
	780,000	4.375%, 6/15/2022		847,532
		ERP Operating, LP
	267,000	3.375%, 6/1/2025		281,620
		European Investment Bank
	755,000	1.875%, 3/15/2019		773,210
		Fifth Third Bancorp
	755,000	5.450%, 1/15/2017		771,810
	548,000	2.875%, 7/27/2020		571,104
	310,000	2.875%, 10/1/2021		320,195
		GE Capital International Funding Company
	2,052,000	4.418%, 11/15/2035^e		2,301,494
		Genworth Financial, Inc.
	710,000	7.700%, 6/15/2020		631,900
		Goldman Sachs Group, Inc.
	1,170,000	1.838%, 4/30/2018^f		1,176,076
	430,000	1.726%, 11/15/2018^f		431,049
	2,150,000	5.375%, 3/15/2020		2,391,486
	460,000	1.798%, 4/23/2020^f		458,660
	2,048,000	5.250%, 7/27/2021		2,311,131
	512,000	3.500%, 1/23/2025		526,084
	1,325,000	4.800%, 7/8/2044		1,466,756
	451,000	5.150%, 5/22/2045		470,511
	800,000	4.750%, 10/21/2045		881,827
		Hartford Financial Services Group, Inc.
	1,250,000	5.125%, 4/15/2022		1,421,619
		HBOS plc
	1,384,000	6.750%, 5/21/2018^e		1,484,483
		HCP, Inc.
	1,630,000	4.000%, 12/1/2022		1,692,269
	520,000	3.400%, 2/1/2025		502,802
		HSBC Bank plc
	1,065,000	1.266%, 5/15/2018^e,f		1,060,478
		HSBC Holdings plc
	1,080,000	3.400%, 3/8/2021		1,112,858
	850,000	3.600%, 5/25/2023		868,675
	1,040,000	3.900%, 5/25/2026		1,069,969
	768,000	6.375%, 12/29/2049ⁱ		731,520
	1,075,000	6.875%, 12/29/2049^h,i		1,069,625
		Huntington Bancshares, Inc.
	282,000	2.600%, 8/2/2018		287,403
		Huntington National Bank
	720,000	2.200%, 11/6/2018		728,814
		Icahn Enterprises, LP
	1,600,000	6.000%, 8/1/2020		1,580,000
		ING Capital Funding Trust III
	825,000	4.231%, 12/29/2049^f,i		801,281
		Intesa Sanpaolo SPA
	1,000,000	5.250%, 1/12/2024		1,064,337
		J.P. Morgan Chase & Company
	980,000	6.300%, 4/23/2019		1,101,633
	365,000	2.250%, 1/23/2020		370,020
	1,220,000	4.500%, 1/24/2022		1,357,671
	768,000	3.200%, 1/25/2023		796,052
	1,400,000	2.700%, 5/18/2023		1,414,238
	1,040,000	3.625%, 5/13/2024		1,104,328
	2,040,000	3.125%, 1/23/2025		2,085,553
	855,000	3.300%, 4/1/2026		884,775
	1,605,000	7.900%, 4/29/2049ⁱ		1,637,100
		KeyBank NA
	860,000	2.350%, 3/8/2019		878,419
		KeyCorp
	1,080,000	2.900%, 9/15/2020		1,117,030
		Liberty Mutual Group, Inc.
	1,027,000	4.950%, 5/1/2022^e		1,134,908
		Liberty Property, LP
	1,417,000	3.750%, 4/1/2025		1,460,532
		Lincoln National Corporation
	792,000	7.000%, 6/15/2040		1,019,923
		Lloyds Bank plc
	515,000	1.175%, 3/16/2018^f		512,223
	575,000	4.650%, 3/24/2026		582,252
		Merrill Lynch & Company, Inc.
	1,555,000	6.400%, 8/28/2017		1,640,780
		MetLife, Inc.
	1,025,000	4.050%, 3/1/2045		1,009,736
		Mizuho Bank, Ltd.
	762,000	1.850%, 3/21/2018^e		767,408
		Morgan Stanley
	1,455,000	6.625%, 4/1/2018		1,576,890
	780,000	1.918%, 4/25/2018^f		787,532
	460,000	1.774%, 1/27/2020^f		461,776
	675,000	2.500%, 4/21/2021		682,061
	660,000	4.875%, 11/1/2022		722,737
	975,000	4.000%, 7/23/2025		1,044,019
	1,350,000	4.350%, 9/8/2026		1,412,258
	640,000	4.300%, 1/27/2045		673,629

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

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (42.0%)	Value
	Financials (3.5%) - continued
$	1,235,000	5.550%, 12/29/2049^h,i	$	1,223,391
		MPT Operating Partnership, LP
	1,535,000	6.375%, 3/1/2024		1,634,775
	970,000	5.500%, 5/1/2024		994,250
		Nasdaq, Inc.
	655,000	3.850%, 6/30/2026		665,492
		National City Corporation
	776,000	6.875%, 5/15/2019		874,671
		Prudential Financial, Inc.
	315,000	2.350%, 8/15/2019		320,870
		Quicken Loans, Inc.
	2,210,000	5.750%, 5/1/2025^e		2,132,650
		Realty Income Corporation
	265,000	2.000%, 1/31/2018		267,204
		Regions Bank
	261,000	7.500%, 5/15/2018		286,237
		Regions Financial Corporation
	1,000,000	2.250%, 9/14/2018		1,006,658
	768,000	3.200%, 2/8/2021		790,501
		Reinsurance Group of America, Inc.
	400,000	5.625%, 3/15/2017		411,442
	579,000	5.000%, 6/1/2021		641,018
		Reliance Standard Life Global Funding II
	395,000	2.500%, 4/24/2019^e		402,797
		Royal Bank of Scotland Group plc
	1,056,000	7.500%, 12/29/2049ⁱ		966,240
		Santander Holdings USA, Inc.
	725,000	3.450%, 8/27/2018		740,021
		Santander UK Group Holdings plc
	896,000	2.875%, 10/16/2020		889,078
	750,000	4.750%, 9/15/2025^e		740,265
		Santander UK plc
	456,000	3.050%, 8/23/2018		466,779
		Simon Property Group, LP
	580,000	10.350%, 4/1/2019		706,477
	330,000	2.500%, 9/1/2020		341,306
	1,115,000	2.750%, 2/1/2023		1,147,597
		Skandinaviska Enskilda Banken AB
	615,000	2.375%, 3/25/2019^e		625,917
		State Street Corporation
	510,000	1.526%, 8/18/2020^f		511,862
		Sumitomo Mitsui Banking Corporation
	545,000	1.213%, 1/16/2018^f		543,838
		Svenska Handelsbanken AB
	715,000	1.146%, 6/17/2019^f		710,186
		Synchrony Financial
	305,000	1.867%, 2/3/2020^f		295,459
	330,000	3.750%, 8/15/2021		341,859
	1,475,000	4.250%, 8/15/2024		1,526,522
		Toronto-Dominion Bank
	375,000	1.586%, 12/14/2020^f		377,105
		UBS Group Funding Jersey, Ltd.
	1,280,000	2.950%, 9/24/2020^e		1,301,720
	768,000	4.125%, 9/24/2025^e		796,069
		UnitedHealth Group, Inc.
	220,000	3.350%, 7/15/2022		235,361
		USB Realty Corporation
	310,000	1.775%, 12/29/2049^e,f,i		247,612
		Voya Financial, Inc.
	948,000	2.900%, 2/15/2018		965,742
		Wells Fargo & Company
	455,000	1.318%, 1/30/2020^f		452,188
	1,020,000	2.550%, 12/7/2020		1,049,723
	2,501,000	3.450%, 2/13/2023		2,587,855
	1,040,000	3.000%, 2/19/2025		1,065,195
	1,600,000	3.000%, 4/22/2026		1,630,962
	1,020,000	4.900%, 11/17/2045		1,116,190
		Welltower, Inc.
	268,000	2.250%, 3/15/2018		270,752
	520,000	3.750%, 3/15/2023		538,942
	540,000	4.000%, 6/1/2025		567,545

		Total		155,829,181


	Foreign Government (0.1%)
		Argentina Government International Bond
	1,175,000	7.125%, 7/6/2036^e		1,175,000
	625,000	6.250%, 4/22/2019^e		651,563
		Export-Import Bank of Korea
	450,000	2.250%, 1/21/2020		456,848
		Kommunalbanken AS
	735,000	1.500%, 10/22/2019^e		743,345

		Total		3,026,756


	Mortgage-Backed Securities (12.9%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	49,100,000	3.000%, 7/1/2031^d		51,507,049
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	33,600,000	4.000%, 7/1/2046^d		35,962,500
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	5,000,000	2.500%, 8/1/2028^d		5,165,134
	28,325,000	2.500%, 7/1/2031^d		29,304,739
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	5,416,474	1.735%, 7/1/2043^f		5,508,545
	12,150,000	3.000%, 7/1/2046^d		12,608,944
	180,675,000	3.500%, 7/1/2046^d		190,640,346
	112,750,000	4.000%, 7/1/2046^d		120,885,905
	54,396,000	4.500%, 7/1/2046^d		59,376,351
	52,975,000	3.500%, 8/1/2046^d		55,820,335

		Total		566,779,848


	Technology (0.9%)
		Amphenol Corporation
	318,000	2.550%, 1/30/2019		323,500
		Apple, Inc.
	360,000	0.927%, 5/6/2020^f		356,359
	1,792,000	3.200%, 5/13/2025		1,899,918
	768,000	4.650%, 2/23/2046		867,515
		Baidu, Inc.
	700,000	2.750%, 6/9/2019		709,561
		Cisco Systems, Inc.
	480,000	1.173%, 3/1/2019^f		481,723

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

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (42.0%)	Value
	Technology (0.9%) - continued
		CommScope Technologies Finance, LLC
$	1,480,000	6.000%, 6/15/2025^e	$	1,517,000
		Denali Borrower, LLC
	1,450,000	5.625%, 10/15/2020^e		1,521,050
		Diamond 1 Finance Corporation
	680,000	3.480%, 6/1/2019^e		696,599
	550,000	5.450%, 6/15/2023^e		570,665
	396,000	6.020%, 6/15/2026^e		412,825
		Equinix, Inc.
	1,870,000	5.750%, 1/1/2025		1,935,450
		Fidelity National Information Services, Inc.
	1,070,000	2.850%, 10/15/2018		1,098,127
	769,000	3.625%, 10/15/2020		812,925
		First Data Corporation
	970,000	5.375%, 8/15/2023^e		985,045
		Freescale Semiconductor, Inc.
	1,450,000	6.000%, 1/15/2022^e		1,529,025
		Hewlett Packard Enterprise Company
	1,130,000	2.450%, 10/5/2017^e		1,144,645
	565,000	2.850%, 10/5/2018^e		578,594
	565,000	4.400%, 10/15/2022^e		604,644
		IMS Health, Inc.
	859,000	6.000%, 11/1/2020^e		874,032
		Intel Corporation
	185,000	3.100%, 7/29/2022		198,085
	685,000	3.700%, 7/29/2025		760,839
	1,188,000	4.100%, 5/19/2046		1,235,172
		International Business Machines Corporation
	1,056,000	4.700%, 2/19/2046		1,214,415
		Iron Mountain, Inc.
	1,885,000	6.000%, 8/15/2023		1,983,962
		Lam Research Corporation
	1,000,000	3.450%, 6/15/2023		1,032,781
		Micron Technology, Inc.
	3,085,000	7.500%, 9/15/2023^e		3,277,812
		Microsoft Corporation
	1,575,000	4.750%, 11/3/2055		1,782,018
	1,575,000	4.200%, 11/3/2035		1,783,839
		Oracle Corporation
	330,000	2.500%, 5/15/2022		337,192
	1,056,000	2.400%, 9/15/2023^d		1,059,759
	1,340,000	2.950%, 5/15/2025		1,392,649
		Plantronics, Inc.
	1,450,000	5.500%, 5/31/2023^e		1,431,875
		Qualcomm, Inc.
	792,000	3.000%, 5/20/2022		835,801
		Seagate HDD Cayman
	1,072,000	4.875%, 6/1/2027		778,540
		Sensata Technologies UK Financing Company plc
	1,140,000	6.250%, 2/15/2026^e		1,179,900
		Western Digital Corporation
	2,025,000	10.500%, 4/1/2024^e		2,166,750

		Total		41,370,591


	Transportation (0.3%)
		Air Canada Pass Through Trust
	300,718	3.875%, 3/15/2023^e		281,923
		American Airlines Pass Through Trust
	1,202,679	3.375%, 5/1/2027		1,210,136
		Avis Budget Car Rental, LLC
	1,665,000	5.125%, 6/1/2022^e,h		1,606,725
	1,195,000	6.375%, 4/1/2024^e,h		1,183,050
		Burlington Northern Santa Fe, LLC
	1,040,000	5.050%, 3/1/2041		1,251,194
	1,175,000	3.900%, 8/1/2046		1,240,247
		Canadian Pacific Railway Company
	600,000	4.800%, 8/1/2045		691,745
		Continental Airlines, Inc.
	622,211	4.150%, 4/11/2024		657,988
		CSX Corporation
	494,000	3.700%, 11/1/2023		534,106
		Delta Air Lines, Inc.
	303,904	4.950%, 5/23/2019		321,378
		ERAC USA Finance, LLC
	284,000	2.800%, 11/1/2018^e		291,063
	700,000	4.500%, 2/15/2045^e		739,586
		FedEx Corporation
	1,320,000	3.900%, 2/1/2035		1,341,842
		J.B. Hunt Transport Services, Inc.
	295,000	3.300%, 8/15/2022		307,828
		Southwest Airlines Company
	845,000	2.750%, 11/6/2019		873,542
		Virgin Australia Holdings, Ltd.
	238,004	5.000%, 10/23/2023^e		245,763
		XPO Logistics, Inc.
	1,570,000	6.500%, 6/15/2022^e,h		1,497,388

		Total		14,275,504


	U.S. Government and Agencies (10.9%)
		Federal National Mortgage Association
	205,000	6.250%, 5/15/2029		298,552
		Tennessee Valley Authority
	200,000	5.250%, 9/15/2039		274,090
		U.S. Treasury Bonds
	1,075,000	4.375%, 5/15/2040		1,529,439
	56,100,000	3.625%, 2/15/2044		72,333,937
		U.S. Treasury Bonds, TIPS
	2,041,860	0.125%, 4/15/2019		2,085,011
	50,765	2.375%, 1/15/2025		60,612
	28,159,637	0.625%, 1/15/2026		29,653,055
	33,204	2.125%, 2/15/2040		43,409
	449,943	0.750%, 2/15/2042		450,828
		U.S. Treasury Notes
	21,220,000	0.875%, 11/15/2017		21,307,872
	23,000,000	0.875%, 3/31/2018		23,112,309
	9,650,000	0.750%, 2/15/2019		9,668,846
	10,750,000	1.000%, 3/15/2019		10,841,128
	41,710,000	1.500%, 10/31/2019		42,681,050
	59,409,000	1.875%, 6/30/2020		61,683,236
	79,080,000	1.375%, 9/30/2020		80,516,409
	10,250,000	1.375%, 5/31/2021		10,434,582
	41,325,000	2.125%, 6/30/2022		43,572,047
	10,765,000	1.625%, 8/15/2022		11,039,174
	49,630,000	2.250%, 11/15/2024		52,941,264

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

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (42.0%)	Value
	U.S. Government and Agencies (10.9%) - continued
		U.S. Treasury Notes, TIPS
$	7,358,440	0.125%, 1/15/2023	$	7,455,976

		Total		481,982,826


	Utilities (1.2%)
		AES Corporation
	1,500,000	7.375%, 7/1/2021		1,691,250
		American Electric Power Company, Inc.
	1,722,000	2.950%, 12/15/2022		1,792,605
		Arizona Public Service Company
	395,000	2.200%, 1/15/2020		404,605
		Berkshire Hathaway Energy Company
	390,000	2.400%, 2/1/2020		400,594
		Calpine Corporation
	1,450,000	5.375%, 1/15/2023		1,413,750
		Chesapeake Midstream Partners, LP
	1,320,000	6.125%, 7/15/2022		1,354,195
		Commonwealth Edison Company
	1,025,000	3.700%, 3/1/2045		1,050,774
	640,000	4.350%, 11/15/2045		727,152
		Consolidated Edison Company of New York, Inc.
	384,000	4.500%, 12/1/2045		436,455
		Consolidated Edison, Inc.
	528,000	2.000%, 5/15/2021		533,538
		Covanta Holding Corporation
	850,000	7.250%, 12/1/2020		875,500
		Dominion Resources, Inc.
	1,070,000	2.962%, 7/1/2019^g		1,089,296
		DTE Electric Company
	760,000	3.700%, 3/15/2045		805,598
	890,000	3.700%, 6/1/2046		939,607
		DTE Energy Company
	155,000	2.400%, 12/1/2019		158,265
		Duke Energy Corporation
	900,000	2.100%, 6/15/2018		907,978
		Duke Energy Indiana, LLC
	1,085,000	3.750%, 5/15/2046		1,126,374
		Dynegy Finance I, Inc.
	1,720,000	7.375%, 11/1/2022		1,659,800
		Dynegy, Inc.
	1,440,000	6.750%, 11/1/2019		1,441,800
		Edison International
	1,050,000	2.950%, 3/15/2023		1,076,554
		EDP Finance BV
	785,000	4.125%, 1/15/2020^e		809,806
		Emera U.S. Finance, LP
	800,000	2.150%, 6/15/2019^e		809,306
	820,000	4.750%, 6/15/2046^e		832,237
		Enel Finance International NV
	450,000	6.250%, 9/15/2017^e		475,377
		Energy Transfer Equity, LP
	1,450,000	5.500%, 6/1/2027		1,363,000
		Eversource Energy
	330,000	1.600%, 1/15/2018		331,982
		Exelon Corporation
	580,000	5.100%, 6/15/2045		666,504
	792,000	4.450%, 4/15/2046		845,542
		Exelon Generation Company, LLC
	770,000	5.200%, 10/1/2019		851,980
	295,000	2.950%, 1/15/2020		303,456
		ITC Holdings Corporation
	284,000	4.050%, 7/1/2023		298,861
	715,000	5.300%, 7/1/2043		802,379
		Kinder Morgan Energy Partners, LP
	765,000	3.500%, 3/1/2021		767,494
		MidAmerican Energy Holdings Company
	1,066,000	6.500%, 9/15/2037		1,465,317
		Monongahela Power Company
	780,000	5.400%, 12/15/2043^e		979,012
		MPLX LP
	2,725,000	4.875%, 12/1/2024^e		2,654,589
		National Rural Utilities Cooperative Finance Corporation
	1,025,000	2.300%, 11/1/2020		1,057,284
		NextEra Energy Capital Holdings, Inc.
	660,000	2.300%, 4/1/2019		672,795
		NiSource Finance Corporation
	1,475,000	5.650%, 2/1/2045		1,853,507
		Northern States Power Company
	1,240,000	4.125%, 5/15/2044		1,388,155
		NRG Energy, Inc.
	1,500,000	6.625%, 3/15/2023^h		1,477,500
		Oncor Electric Delivery Company, LLC
	760,000	3.750%, 4/1/2045		779,147
		Pacific Gas & Electric Company
	1,015,000	5.625%, 11/30/2017		1,076,613
	768,000	4.250%, 3/15/2046		853,373
		PG&E Corporation
	375,000	2.400%, 3/1/2019		382,354
		PPL Capital Funding, Inc.
	372,000	3.500%, 12/1/2022		391,522
	1,275,000	5.000%, 3/15/2044		1,426,632
		Sempra Energy
	1,285,000	6.150%, 6/15/2018		1,397,601
	370,000	2.400%, 3/15/2020		377,699
		Southern California Edison Company
	220,000	2.400%, 2/1/2022		228,071
		Southern Company
	1,080,000	1.850%, 7/1/2019		1,093,663
	1,100,000	4.400%, 7/1/2046		1,182,415
		Southwestern Electric Power Company
	530,000	3.900%, 4/1/2045		525,811
		Targa Resources Partners, LP
	525,000	5.250%, 5/1/2023		496,125
		TransAlta Corporation
	825,000	1.900%, 6/3/2017		818,094
		Williams Companies, Inc.
	496,000	7.875%, 9/1/2021		533,200
		Williams Partners, LP
	1,050,000	5.100%, 9/15/2045		900,555

		Total		53,054,648


		Total Long-Term Fixed Income (cost $1,804,176,163)		1,849,930,320

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

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Registered Investment Companies (26.7%)	Value
	Affiliated Equity Holdings (9.1%)
	2,586,561	Thrivent Large Cap Stock Portfolio	$	28,911,030
	8,818,308	Thrivent Large Cap Value Portfolio		130,355,760
	3,932,207	Thrivent Mid Cap Stock Portfolio		61,809,966
	16,955,184	Thrivent Partner Worldwide Allocation Portfolio		148,656,274
	1,989,819	Thrivent Small Cap Stock Portfolio		30,614,353

		Total		400,347,383


	Affiliated Fixed Income Holdings (15.8%)
	23,896,043	Thrivent High Yield Portfolio		110,858,521
	34,813,223	Thrivent Income Portfolio		359,220,237
	22,937,399	Thrivent Limited Maturity Bond Portfolio		225,164,977

		Total		695,243,735


	Equity Funds/ETFs (0.3%)
	5,750	iShares Russell 2000 Growth Index Fund		788,785
	8,532	iShares Russell 2000 Index Fund		980,924
	3,450	iShares Russell 2000 Value Index Fund		335,685
	9,410	Materials Select Sector SPDR Fund		436,059
	45,158	SPDR S&P 500 ETF Trust		9,461,956
	6,980	SPDR S&P Biotech ETF		377,548
	230	SPDR S&P MidCap 400 ETF Trust		62,647
	3,431	Utilities Select Sector SPDR Fund		180,025
	2,510	VanEck Vectors Oil Services ETF^h		73,418

		Total		12,697,047


	Fixed Income Funds/ETFs (1.5%)
	72,000	iShares Barclays 1-3 Year Credit Bond Fund		7,638,480
	471,200	iShares iBoxx $ Investment Grade Corporate Bond ETF		57,830,376

		Total		65,468,856


		Total Registered Investment Companies (cost $1,126,153,455)		1,173,757,021


		Common Stock (20.0%)
	Consumer Discretionary (2.9%)
	23,952	Aaron’s, Inc.		524,309
	26,536	Amazon.com, Inc.^k		18,989,692
	6,115	American Public Education, Inc.^k		171,832
	10,050	Ascena Retail Group, Inc.^k		70,249
	3,980	Ascent Capital Group, Inc.^k		61,252
	11,200	AutoZone, Inc.^k		8,891,008
	7,960	Beazer Homes USA, Inc.^k		61,690
	19,840	Bed Bath & Beyond, Inc.		857,485
	3,790	Best Buy Company, Inc.		115,974
	4,160	Big 5 Sporting Goods Corporation		38,563
	1,350	BJ’s Restaurants, Inc.^k		59,171
	12,100	Bloomin’ Brands, Inc.		216,227
	6,080	BorgWarner, Inc.		179,482
	6,580	Boyd Gaming Corporation^k		121,072
	13,370	Brunswick Corporation		605,928
	760	Buffalo Wild Wings, Inc.^k		105,602
	4,900	Burlington Stores, Inc.^k		326,879
	17,580	Caleres, Inc.		425,612
	17,300	Callaway Golf Company		176,633
	24,900	Carter’s, Inc.		2,651,103
	5,863	Cedar Fair, LP		338,999
	8,060	Cheesecake Factory, Inc.		388,008
	1,130	Children’s Place, Inc.		90,603
	3,610	Chuy’s Holdings, Inc.^k		124,942
	52,660	Cinemark Holdings, Inc.		1,919,984
	3,920	ClubCorp Holdings, Inc.		50,960
	235,553	Comcast Corporation		15,355,700
	13,918	Core-Mark Holding Company, Inc.		652,197
	9,559	CSS Industries, Inc.		256,277
	12,308	Culp, Inc.		340,070
	30,200	Dana Holding Corporation		318,912
	53,769	Delphi Automotive plc		3,365,939
	5,170	DeVry Education Group, Inc.		92,233
	103,681	Discovery Communications, Inc., Class A^k		2,615,872
	10,250	Dish DBS Corporation^k		537,100
	13,900	Dollar General Corporation		1,306,600
	15,930	Dollar Tree, Inc.^k		1,501,243
	4,930	Domino’s Pizza, Inc.		647,703
	8,320	Duluth Holdings, Inc.^h,k		203,507
	1,510	EchoStar Corporation^k		59,947
	5,528	Expedia, Inc.		587,626
	13,390	Finish Line, Inc.		270,344
	25,750	Ford Motor Company		323,677
	7,910	General Motors Company		223,853
	17,140	Gentex Corporation		264,813
	11,653	G-III Apparel Group, Ltd.^k		532,775
	107,244	Harley-Davidson, Inc.^h		4,858,153
	10,110	Harman International Industries, Inc.		726,100
	13,058	Haverty Furniture Companies, Inc.		235,436
	69,820	Home Depot, Inc.		8,915,316
	13,900	Houghton Mifflin Harcourt Company^k		217,257
	13,920	Interpublic Group of Companies, Inc.		321,552
	12,120	Jack in the Box, Inc.		1,041,350
	3,440	John Wiley and Sons, Inc.		179,499
	6,800	Kate Spade & Company^k		140,148
	5,330	L Brands, Inc.		357,803
	60,656	Las Vegas Sands Corporation		2,637,929
	14,380	La-Z-Boy, Inc.		400,052
	8,380	Lear Corporation		852,749
	36,370	Liberty Interactive Corporation^k		922,707
	3,000	Lithia Motors, Inc.		213,210
	38,630	LKQ Corporation^k		1,224,571
	86,430	Lowe’s Companies, Inc.		6,842,663
	2,880	Masonite International Corporation^k		190,483
	11,957	MDC Partners, Inc.^h		218,694
	8,550	Meredith Corporation		443,830
	2,210	Murphy USA, Inc.^k		163,894
	7,400	New Media Investment Group, Inc.		133,718
	5,020	New York Times Company		60,742
	31,020	Newell Brands, Inc.		1,506,641
	11,250	News Corporation		127,688
	66,630	NIKE, Inc.		3,677,976
	8,183	Nord Anglia Education, Inc.^h,k		172,989
	34,741	Nutrisystem, Inc.		881,032
	3,250	O’Reilly Automotive, Inc.^k		881,075
	14,500	Oxford Industries, Inc.		820,990
	8,780	Papa John’s International, Inc.		597,040
	14,100	Papa Murphy’s Holdings, Inc.^h,k		93,554
	8,100	Penn National Gaming, Inc.^k		112,995
	3,210	PetMed Express, Inc.^h		60,220
	13,160	PVH Corporation		1,240,067
	3,370	Ralph Lauren Corporation		302,019
	8,830	Rent-A-Center, Inc.		108,432
	1,700	Restoration Hardware Holdings, Inc.^k		48,756
	5,630	Retailmenot, Inc.^k		43,407
	25,290	Ross Stores, Inc.		1,433,690
	9,770	Ruth’s Hospitality Group, Inc.		155,831

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

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (20.0%)	Value
	Consumer Discretionary (2.9%) - continued
	7,350	Sally Beauty Holdings, Inc.^k	$	216,164
	5,700	Scripps Networks Interactive, Inc.		354,939
	10,080	Select Comfort Corporation^k		215,510
	20,820	Service Corporation International		562,973
	4,440	Shutterfly, Inc.^k		206,948
	4,450	Signet Jewelers, Ltd.		366,725
	2,500	Skechers USA, Inc.^k		74,300
	990	Snap-On, Inc.		156,242
	8,882	Sportsman’s Warehouse Holdings, Inc.^k		71,589
	8,310	Staples, Inc.		71,632
	130,640	Starbucks Corporation		7,462,157
	16,444	Stein Mart, Inc.		126,948
	3,710	Tailored Brands, Inc.		46,969
	7,110	Tempur-Pedic International, Inc.^h,k		393,325
	2,075	Tenneco, Inc.^k		96,716
	16,150	Time, Inc.		265,829
	32,630	Toll Brothers, Inc.^k		878,073
	32,403	Tower International, Inc.		666,854
	28,662	Tuesday Morning Corporation^k		201,207
	1,070	Tupperware Brands Corporation		60,220
	1,920	Ulta Salon Cosmetics & Fragrance, Inc.^k		467,789
	4,480	Under Armour, Inc., Class A^h,k		179,782
	4,511	Under Armour, Inc., Class C^k		164,200
	1,900	Vail Resorts, Inc.		262,637
	19,220	Vera Bradley, Inc.^k		272,347
	6,540	VF Corporation		402,145
	4,460	Visteon Corporation		293,513
	7,550	Vitamin Shoppe, Inc.^h,k		230,804
	5,930	Wingstop, Inc.^h,k		161,593
	2,970	Wolverine World Wide, Inc.		60,350
	10,960	Wyndham Worldwide Corporation		780,681
	15,890	Yum! Brands, Inc.		1,317,599
	6,860	Zoe’s Kitchen, Inc.^h,k		248,812

		Total		127,919,477


	Consumer Staples (1.0%)
	3,440	Aramark		114,965
	16,050	Avon Products, Inc.		60,669
	1,600	Blue Buffalo Pet Products, Inc.^k		37,344
	7,740	Brown-Forman Corporation		772,142
	20,010	Campbell Soup Company		1,331,265
	4,409	Casey’s General Stores, Inc.		579,828
	78,140	Coca-Cola Company		3,542,086
	146,500	CVS Health Corporation		14,025,910
	21,470	Estee Lauder Companies, Inc.		1,954,199
	87,230	Flowers Foods, Inc.		1,635,563
	6,950	General Mills, Inc.		495,674
	16,950	Hain Celestial Group, Inc.^k		843,262
	11,550	Hershey Company		1,310,809
	4,600	Ingredion, Inc.		595,286
	820	Kellogg Company		66,953
	17,350	Kimberly-Clark Corporation		2,385,278
	8,090	Kroger Company		297,631
	3,150	Lancaster Colony Corporation		401,972
	2,650	McCormick & Company, Inc.		282,676
	4,050	Molson Coors Brewing Company		409,576
	12,090	Monster Beverage Corporation^k		1,942,984
	8,960	PepsiCo, Inc.		949,222
	36,158	Philip Morris International, Inc.		3,677,992
	46,330	Pinnacle Foods, Inc.		2,144,616
	19,121	SpartanNash Company		584,720
	5,520	Tyson Foods, Inc.		368,681
	12,790	United Natural Foods, Inc.^k		598,572
	4,220	Universal Corporation		243,663
	2,590	Walgreens Boots Alliance, Inc.		215,669
	35,690	WhiteWave Foods Company^k		1,675,289

		Total		43,544,496


	Energy (2.7%)
	44,107	Archrock, Inc.		415,488
	21,899	Atwood Oceanics, Inc.^h		274,176
	175,694	Baker Hughes, Inc.		7,929,070
	10,606	Bristow Group, Inc.		121,015
	5,300	California Resources Corporation		64,660
	44,055	Callon Petroleum Company^k		494,738
	121,860	Canadian Natural Resources, Ltd.		3,756,944
	152,210	Chevron Corporation		15,956,174
	14,550	Cimarex Energy Company		1,736,106
	4,561	Clayton Williams Energy, Inc.^h,k		125,245
	41,860	Clean Energy Fuels Corporation^k		145,254
	394,912	Cobalt International Energy, Inc.^k		529,182
	31,520	Concho Resources, Inc.^k		3,759,390
	42,260	Continental Resources, Inc.^h,k		1,913,110
	15,170	Delek US Holdings, Inc.		200,396
	81,610	Devon Energy Corporation		2,958,363
	9,810	Diamond Offshore Drilling, Inc.^h		238,677
	8,790	Diamondback Energy, Inc.^k		801,736
	50,954	Ensco plc		494,763
	116,155	EOG Resources, Inc.		9,689,650
	16,800	EP Energy Corporation^h,k		87,024
	127,645	EQT Corporation		9,883,552
	57,130	Exxon Mobil Corporation		5,355,366
	16,920	FMC Technologies, Inc.^k		451,256
	11,340	Green Plains, Inc.		223,625
	7,730	Gulfport Energy Corporation^k		241,640
	58,990	Halliburton Company		2,671,657
	7,720	Helmerich & Payne, Inc.^h		518,244
	7,765	HollyFrontier Corporation		184,574
	20,380	Hornbeck Offshore Services, Inc.^k		169,969
	7,040	Kinder Morgan, Inc.		131,789
	603,993	Marathon Oil Corporation		9,065,935
	141,210	Marathon Petroleum Corporation		5,360,332
	2,870	Matador Resources Company^k		56,826
	77,440	Nabors Industries, Ltd.		778,272
	7,480	National Oilwell Varco, Inc.		251,702
	3,100	Noble Energy, Inc.		111,197
	36,159	Oasis Petroleum, Inc.^k		337,725
	8,970	Oceaneering International, Inc.		267,844
	11,400	Oil States International, Inc.^k		374,832
	33,988	Parsley Energy, Inc.^k		919,715
	61,135	Patterson-UTI Energy, Inc.		1,303,398
	35,707	Pioneer Energy Services Corporation^k		164,252
	2,437	PrairieSky Royalty, Ltd.		46,252
	5,330	QEP Resources, Inc.		93,968
	100,520	Rowan Companies plc		1,775,183
	67,506	Royal Dutch Shell plc ADR		3,727,681
	24,210	RPC, Inc.^h,k		375,981
	2,900	RSP Permian, Inc.^k		101,181
	88,328	Schlumberger, Ltd.		6,984,978
	8,440	SemGroup Corporation		274,806
	2,533	SM Energy Company		68,391
	196,800	Suncor Energy, Inc. ADR		5,457,264
	6,120	Superior Energy Services, Inc.		112,669
	1,400	Targa Resources Corporation		58,996
	12,220	Teekay Corporation		87,129
	47,831	Teekay Tankers, Ltd.		142,536
	16,430	Tesco Corporation		109,917
	470	Tesoro Corporation		35,213
	40,800	TETRA Technologies, Inc.^k		259,896
	6,050	U.S. Silica Holdings, Inc.^h		208,544

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

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (20.0%)	Value
	Energy (2.7%) - continued
	3,112	Vantage Drilling International^k	$	269,188
	767,920	Weatherford International plc^k		4,261,956
	6,122	Western Refining, Inc.		126,297
	1,050	World Fuel Services Corporation		49,865
	404,465	WPX Energy, Inc.^k		3,765,569

		Total		118,908,323


	Financials (2.8%)
	2,780	Acadia Realty Trust		98,746
	9,471	Affiliated Managers Group, Inc.^k		1,333,233
	10,160	Allied World Assurance Company Holdings AG		357,022
	6,620	American Assets Trust, Inc.		280,953
	12,270	American Campus Communities, Inc.		648,715
	16,190	American Financial Group, Inc.		1,196,927
	39,850	American International Group, Inc.		2,107,666
	13,385	Ameris Bancorp		397,535
	6,250	AMERISAFE, Inc.		382,625
	52,270	Anworth Mortgage Asset Corporation		245,669
	7,318	Argo Group International Holdings, Ltd.		379,804
	8,580	Ashford Hospitality Prime, Inc.		121,321
	17,960	Aspen Insurance Holdings, Ltd.		832,985
	4,860	Associated Banc-Corp		83,349
	35,750	Assured Guaranty, Ltd.		906,977
	10,040	BancorpSouth, Inc.		227,808
	529,170	Bank of America Corporation		7,022,086
	20,800	Bank of New York Mellon Corporation		808,080
	9,370	Bank of the Ozarks, Inc.^h		351,562
	6,120	BankFinancial Corporation		73,379
	53,200	BB&T Corporation		1,894,452
	30,638	BBCN Bancorp, Inc.		457,119
	100,300	Blackstone Group, LP		2,461,362
	38,280	Boston Private Financial Holdings, Inc.		450,938
	10,609	Brixmor Property Group, Inc.		280,714
	25,150	Brookline Bancorp, Inc.		277,404
	18,260	Brown & Brown, Inc.		684,202
	4,000	Camden Property Trust		353,680
	29,600	Capital One Financial Corporation		1,879,896
	16,930	Cathay General Bancorp		477,426
	100,040	CBL & Associates Properties, Inc.		931,372
	16,140	CBRE Group, Inc.^k		427,387
	52,477	Cedar Realty Trust, Inc.		389,904
	17,070	Central Pacific Financial Corporation		402,852
	10,490	Charles Schwab Corporation		265,502
	7,020	Chatham Lodging Trust		154,300
	22,450	Chubb, Ltd.		2,934,439
	179,600	Citigroup, Inc.		7,613,244
	9,340	Clifton Bancorp, Inc.		140,754
	3,330	CNO Financial Group, Inc.		58,142
	47,685	CoBiz Financial, Inc.		557,914
	12,719	Columbia Banking System, Inc.		356,895
	73,100	Comerica, Inc.		3,006,603
	1,610	Commerce Bancshares, Inc.		77,119
	44,470	Corporate Office Properties Trust		1,314,978
	15,500	DCT Industrial Trust, Inc.		744,620
	4,450	Digital Realty Trust, Inc.		485,005
	7,084	Douglas Emmett, Inc.		251,624
	32,030	Duke Realty Corporation		853,920
	1,390	DuPont Fabros Technology, Inc.		66,081
	92,420	E*TRADE Financial Corporation^k		2,170,946
	41,188	East West Bancorp, Inc.		1,407,806
	3,190	Eaton Vance Corporation		112,735
	11,610	Empire State Realty Trust, Inc.		220,474
	14,459	Employers Holdings, Inc.		419,600
	7,290	Endurance Specialty Holdings, Ltd.		489,596
	8,190	Enova International, Inc.^k		60,278
	11,960	Equity One, Inc.		384,873
	7,600	Essent Group, Ltd.^k		165,756
	41,530	EverBank Financial Corporation		617,136
	3,800	Evercore Partners, Inc.		167,922
	13,090	F.N.B. Corporation		164,149
	220,930	Fifth Third Bancorp		3,886,159
	37,910	First Commonwealth Financial Corporation		348,772
	9,010	First Financial Bancorp		175,244
	3,100	First Financial Corporation		113,522
	3,130	First Merchants Corporation		78,031
	40,670	First Midwest Bancorp, Inc.		714,165
	4,780	First NBC Bank Holding Company^k		80,256
	20,202	First Potomac Realty Trust		185,858
	26,400	First Republic Bank		1,847,736
	13,600	Franklin Street Properties Corporation		166,872
	29,310	Genworth Financial, Inc.^k		75,620
	1,688	Getty Realty Corporation		36,208
	14,965	Glacier Bancorp, Inc.		397,770
	20,770	Goldman Sachs Group, Inc.		3,086,007
	35,450	Great Western Bancorp, Inc.		1,118,093
	27,220	Green Bancorp, Inc.^k		237,358
	10,520	Greenhill & Company, Inc.		169,372
	34,700	Hancock Holding Company		906,017
	34,620	Hanmi Financial Corporation		813,224
	8,280	Hanover Insurance Group, Inc.		700,654
	6,360	Hartford Financial Services Group, Inc.		282,257
	1,970	Healthcare Trust of America, Inc.		63,710
	2,500	Hersha Hospitality Trust		42,875
	6,710	HFF, Inc.		193,785
	6,680	Highwoods Properties, Inc.		352,704
	29,636	Home BancShares, Inc.		586,496
	3,380	Hometrust Bancshares, Inc.^k		62,530
	11,430	Horace Mann Educators Corporation		386,220
	7,530	Hospitality Properties Trust		216,864
	47,748	Host Hotels & Resorts, Inc.		773,995
	10,651	Houlihan Lokey, Inc.		238,263
	7,890	Hudson Pacific Properties, Inc.		230,230
	77,350	Huntington Bancshares, Inc.		691,509
	1,304	Infinity Property & Casualty Corporation		105,181
	8,430	InfraREIT, Inc.		147,862
	16,080	International Exchange, Inc.		4,115,837
	110,200	Invesco, Ltd.		2,814,508
	63,930	Investors Bancorp, Inc.		708,344
	27,984	J.P. Morgan Chase & Company		1,738,926
	32,565	Janus Capital Group, Inc.		453,305
	1,230	Jones Lang LaSalle, Inc.		119,863
	152,130	KeyCorp		1,681,036
	32,070	LaSalle Hotel Properties		756,211
	53,700	Liberty Property Trust		2,132,964
	5,078	Lincoln National Corporation		196,874
	6,160	LPL Financial Holdings, Inc.		138,785
	7,560	M&T Bank Corporation		893,819
	1,050	Mercury General Corporation		55,818
	96,320	MetLife, Inc.		3,836,426
	1,760	Mid-America Apartment Communities, Inc.		187,264
	135,660	Morgan Stanley		3,524,447
	18,420	MSCI, Inc.		1,420,550
	2,930	National General Holdings Corporation		62,761

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

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (20.0%)	Value
	Financials (2.8%) - continued
	2,880	National Storage Affiliates Trust	$	59,962
	1,220	Navigators Group, Inc.		112,203
	8,130	NMI Holdings, Inc.^k		44,552
	1,060	Northern Trust Corporation		70,236
	15,790	NorthStar Realty Europe Corporation		146,058
	14,110	PacWest Bancorp		561,296
	3,450	Paramount Group, Inc.		54,993
	10,330	Parkway Properties, Inc.		172,821
	8,053	Pebblebrook Hotel Trust		211,391
	7,850	Physicians Realty Trust		164,928
	1,340	Piper Jaffray Companies^k		50,518
	5,170	Popular, Inc.		151,481
	21,005	Post Properties, Inc.		1,282,355
	2,506	Potlatch Corporation		85,455
	10,910	Primerica, Inc.^h		624,488
	1,660	PrivateBancorp, Inc.		73,090
	18,490	Provident Financial Services, Inc.		363,144
	6,100	Ramco-Gershenson Properties Trust		119,621
	23,913	Raymond James Financial, Inc.		1,178,911
	8,830	RE/MAX Holdings, Inc.		355,496
	3,420	Realogy Holdings Corporation^k		99,248
	8,451	Renasant Corporation		273,221
	19,940	Retail Properties of America, Inc.		336,986
	1,126	Safety Insurance Group, Inc.		69,339
	13,575	Sandy Spring Bancorp, Inc.		394,489
	4,650	Selective Insurance Group, Inc.		177,676
	4,380	Senior Housing Property Trust		91,235
	10,920	Silver Bay Realty Trust Corporation REIT		185,968
	119,450	SLM Corporation^k		738,201
	4,960	Sovran Self Storage, Inc.		520,403
	17,091	Stifel Financial Corporation^k		537,512
	11,000	Store Capital Corporation		323,950
	32,758	Summit Hotel Properties, Inc.		433,716
	15,160	SunTrust Banks, Inc.		622,773
	14,565	SVB Financial Group^k		1,386,005
	135,600	Synchrony Financial^k		3,427,968
	17,600	Synovus Financial Corporation		510,224
	17,830	Talmer Bancorp, Inc.		341,801
	98,160	TCF Financial Corporation		1,241,724
	37,180	TD Ameritrade Holding Corporation		1,058,700
	15,152	Terreno Realty Corporation		391,982
	3,360	Territorial Bancorp, Inc.		88,939
	8,000	TriCo Bancshares		220,800
	15,160	TrustCo Bank Corporation		97,176
	2,440	Trustmark Corporation		60,634
	4,350	U.S. Bancorp		175,435
	2,790	Union Bankshares Corporation		68,941
	17,540	United Community Banks, Inc.		320,807
	23,230	United Financial Bancorp, Inc.		301,525
	1,930	Unum Group		61,355
	4,860	Urstadt Biddle Properties, Inc.		120,431
	4,330	Voya Financial, Inc.		107,211
	1,460	Webster Financial Corporation		49,567
	6,100	Wells Fargo & Company		288,713
	3,200	Western Alliance Bancorp^k		104,480
	4,068	Wintrust Financial Corporation		207,468
	12,930	WisdomTree Investments, Inc.^h		126,585
	4,496	WSFS Financial Corporation		144,726
	155,524	Zions Bancorporation		3,908,318

		Total		124,335,949


	Health Care (2.6%)
	80,341	Abbott Laboratories		3,158,205
	3,070	AbbVie, Inc.		190,064
	3,500	ABIOMED, Inc.^k		382,515
	5,700	Acadia Healthcare Company, Inc.^k		315,780
	3,810	Aceto Corporation		83,401
	9,530	Advaxis, Inc.^k		77,098
	12,040	Aetna, Inc.		1,470,445
	15,520	Akorn, Inc.^k		442,087
	6,440	Albany Molecular Research, Inc.^h,k		86,554
	33,890	Alexion Pharmaceuticals, Inc.^k		3,956,996
	4,610	Align Technology, Inc.^k		371,335
	36,790	Allergan plc^k		8,501,801
	10,236	Allscripts Healthcare Solutions, Inc.^k		129,997
	7,340	AmerisourceBergen Corporation		582,209
	24,800	Amgen, Inc.		3,773,320
	6,924	AMN Healthcare Services, Inc.^k		276,752
	2,780	AmSurg Corporation^k		215,561
	6,877	Analogic Corporation		546,309
	31,298	Asterias Biotherapeutics, Inc.^h,k		75,115
	822	Atrion Corporation		351,701
	6,710	BioMarin Pharmaceutical, Inc.^k		522,038
	1,090	Bio-Rad Laboratories, Inc.^k		155,892
	6,970	Boston Scientific Corporation^k		162,889
	5,850	Bristol-Myers Squibb Company		430,267
	3,422	C.R. Bard, Inc.		804,718
	9,630	Cambrex Corporation^k		498,160
	2,450	Cardinal Health, Inc.		191,124
	6,600	Cardiovascular Systems, Inc.^k		121,275
	55,220	Celgene Corporation^k		5,446,349
	21,340	Centene Corporation^k		1,523,036
	34,630	Cerner Corporation^k		2,029,318
	1,360	Computer Programs and Systems, Inc.		54,291
	4,260	CONMED Corporation		203,330
	1,810	Cooper Companies, Inc.		310,542
	4,370	Cross Country Healthcare, Inc.^k		60,830
	29,200	Dentsply Sirona, Inc.		1,811,568
	30,390	Depomed, Inc.^k		596,252
	5,370	Dexcom, Inc.^k		426,002
	28,750	Edwards Lifesciences Corporation^k		2,867,237
	22,378	Ensign Group, Inc.		470,162
	28,650	Envision Healthcare Holdings, Inc.^k		726,851
	12,652	ExamWorks Group, Inc.^k		440,922
	48,050	Express Scripts Holding Company^k		3,642,190
	96,625	Gilead Sciences, Inc.		8,060,457
	3,900	Global Blood Therapeutics, Inc.^k		64,701
	4,080	Globus Medical, Inc.^k		97,226
	14,960	HCA Holdings, Inc.^k		1,152,070
	5,744	HealthEquity, Inc.^k		174,531
	10,270	HealthSouth Corporation		398,681
	7,730	Healthways, Inc.^k		89,281
	6,800	Hill-Rom Holdings, Inc.		343,060
	17,250	Hologic, Inc.^k		596,850
	4,400	Impax Laboratories, Inc.^k		126,808
	6,135	Inogen, Inc.^k		307,425
	11,400	Intersect ENT, Inc.^k		147,402
	5,600	Ironwood Pharmaceuticals, Inc.^k		73,220
	23,360	Kindred Healthcare, Inc.		263,734
	5,600	Magellan Health Services, Inc.^k		368,312
	78,099	Medtronic plc		6,776,650
	157,820	Merck & Company, Inc.		9,092,010
	2,160	Mettler-Toledo International, Inc.^k		788,227
	17,740	Mylan NV^k		767,078
	3,450	Myriad Genetics, Inc.^k		105,570
	6,193	National Healthcare Corporation		400,935
	1,820	Natural Health Trends Corporation^h		51,306
	1,270	Neogen Corporation^k		71,438
	6,340	Neurocrine Biosciences, Inc.^k		288,153
	4,100	Nevro Corporation^h,k		302,416

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

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (20.0%)	Value
	Health Care (2.6%) - continued
	15,365	NuVasive, Inc.^k	$	917,598
	13,320	Omnicell, Inc.^k		455,944
	38,230	PerkinElmer, Inc.		2,004,017
	13,700	Perrigo Company plc		1,242,179
	240,880	Pfizer, Inc.		8,481,385
	9,620	PharMerica Corporation^k		237,229
	1,000	Prothena Corporation plc^k		34,960
	1,960	Puma Biotechnology, Inc.^k		58,388
	2,490	Qiagen NV^k		54,307
	10,780	Quintiles Transnational Holdings, Inc.^k		704,150
	270	Regeneron Pharmaceuticals, Inc.^k		94,292
	65,800	Roche Holding AG ADR		2,168,110
	16,160	Team Health Holdings, Inc.^k		657,227
	12,830	Teleflex, Inc.		2,274,887
	12,460	Triple-S Management Corporation^k		304,398
	41,308	UnitedHealth Group, Inc.		5,832,690
	13,370	Universal Health Services, Inc.		1,792,917
	5,370	VCA Antech, Inc.^k		363,066
	8,500	Veeva Systems, Inc.^k		290,020
	49,657	Vertex Pharmaceuticals, Inc.^k		4,271,495
	3,700	Waters Corporation^k		520,405
	3,320	Wellcare Health Plans, Inc.^k		356,170
	8,810	West Pharmaceutical Services, Inc.		668,503
	13,750	Zoetis, Inc.		652,575

		Total		113,826,941


	Industrials (2.1%)
	36,624	3M Company		6,413,595
	850	A.O. Smith Corporation		74,893
	13,040	ABM Industries, Inc.		475,699
	10,150	Actuant Corporation		229,491
	3,650	Advisory Board Company^k		129,174
	3,770	AECOM^k		119,773
	16,514	Aegion Corporation^k		322,188
	2,000	Aerovironment, Inc.^k		55,600
	6,300	AGCO Corporation		296,919
	2,120	Allegion plc		147,192
	4,590	Allison Transmission Holdings, Inc.		129,576
	3,070	Applied Industrial Technologies, Inc.		138,580
	25,760	Ardmore Shipping Corporation		174,395
	7,343	Astec Industries, Inc.		412,309
	7,600	AZZ, Inc.		455,848
	9,900	B/E Aerospace, Inc.		457,132
	18,800	Barnes Group, Inc.		622,656
	4,676	Beacon Roofing Supply, Inc.^k		212,618
	29,720	Boeing Company		3,859,736
	2,870	Brady Corporation		87,707
	4,090	Briggs & Stratton Corporation		86,626
	55,640	BWX Technologies, Inc.		1,990,243
	23,420	Carlisle Companies, Inc.		2,475,026
	9,730	Caterpillar, Inc.		737,631
	4,920	CBIZ, Inc.^k		51,217
	8,120	CEB, Inc.		500,842
	6,782	CIRCOR International, Inc.		386,506
	8,257	CLARCOR, Inc.		502,273
	11,890	Colfax Corporation^k		314,609
	14,705	Comfort Systems USA, Inc.		478,942
	11,860	Commercial Vehicle Group, Inc.^k		61,672
	19,170	Copart, Inc.^k		939,522
	95,300	CSX Corporation		2,485,424
	3,650	Cummins, Inc.		410,406
	7,290	Curtiss-Wright Corporation		614,182
	8,190	Danaher Corporation		827,190
	190,720	Delta Air Lines, Inc.		6,947,930
	1,810	Deluxe Corporation		120,130
	24,040	EMCOR Group, Inc.		1,184,210
	5,670	Emerson Electric Company		295,747
	14,410	EnerSys		856,963
	4,975	Equifax, Inc.		638,790
	11,278	ESCO Technologies, Inc.		450,443
	22,126	Federal Signal Corporation		284,983
	1,220	Flowserve Corporation		55,107
	26,550	Fortune Brands Home and Security, Inc.		1,539,104
	9,365	Franklin Electric Company, Inc.		309,513
	4,406	G & K Services, Inc.		337,367
	4,650	GasLog, Ltd.		60,357
	14,120	Gener8 Maritime, Inc.^k		90,368
	14,138	Gibraltar Industries, Inc.^k		446,337
	16,067	Granite Construction, Inc.		731,852
	2,450	Greenbrier Companies, Inc.		71,369
	2,500	H&E Equipment Services, Inc.		47,575
	4,210	Hackett Group, Inc.		58,393
	34,730	Harsco Corporation		230,607
	7,360	Healthcare Services Group, Inc.		304,557
	8,710	Heico Corporation		581,915
	7,600	Herman Miller, Inc.		227,164
	9,310	Hexcel Corporation		387,668
	2,859	HNI Corporation		132,915
	34,514	Honeywell International, Inc.		4,014,668
	3,340	Hub Group, Inc.^k		128,156
	7,170	Hubbell, Inc.		756,220
	5,790	Huntington Ingalls Industries, Inc.		972,894
	7,084	Huron Consulting Group, Inc.^k		428,015
	1,770	Illinois Tool Works, Inc.		184,363
	52,860	Ingersoll-Rand plc		3,366,125
	7,140	Insperity, Inc.		551,422
	2,190	Insteel Industries, Inc.		62,612
	3,020	Interface, Inc.		46,055
	4,150	ITT Corporation		132,717
	10,570	JB Hunt Transport Services, Inc.		855,430
	7,440	KAR Auction Services, Inc.		310,546
	14,758	Kforce, Inc.		249,263
	2,670	Knoll, Inc.		64,828
	32,690	Korn/Ferry International		676,683
	30,599	Lincoln Electric Holdings, Inc.		1,807,789
	8,430	Manpower, Inc.		542,386
	16,700	Masco Corporation		516,698
	23,760	Meritor, Inc.^k		171,072
	2,700	Middleby Corporation^k		311,175
	2,160	Moog, Inc.^k		116,467
	7,415	MSA Safety, Inc.		389,510
	1,930	Mueller Industries, Inc.		61,528
	5,960	Mueller Water Products, Inc.		68,063
	24,668	Navigant Consulting, Inc.^k		398,388
	8,440	Nielsen Holdings plc		438,627
	5,422	Nordson Corporation		453,333
	28,855	Norfolk Southern Corporation		2,456,426
	5,030	Northrop Grumman Corporation		1,118,068
	5,740	Old Dominion Freight Line, Inc.^k		346,179
	8,220	On Assignment, Inc.^k		303,729
	23,897	Oshkosh Corporation		1,140,126
	1,730	Owens Corning, Inc.		89,130
	990	Parker Hannifin Corporation		106,969
	32,510	Pentair, Ltd.		1,895,008
	7,000	PGT, Inc.^k		72,100
	5,950	Proto Labs, Inc.^h,k		342,482
	4,510	Quanex Building Products Corporation		83,841
	18,190	Raven Industries, Inc.		344,519
	6,800	Raytheon Company		924,460

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

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (20.0%)	Value
	Industrials (2.1%) - continued
	12,700	Resources Connection, Inc.	$	187,706
	2,730	Rexnord Corporation^k		53,590
	3,461	Ritchie Brothers Auctioneers, Inc.		116,913
	13,200	Rockwell Automation, Inc.		1,515,624
	10,290	Rockwell Collins, Inc.		876,091
	5,230	Roper Industries, Inc.		892,029
	1,730	Ryder System, Inc.		105,772
	4,000	Saia, Inc.^k		100,560
	3,390	SkyWest, Inc.		89,699
	52,360	Southwest Airlines Company		2,053,036
	7,870	Spirit Aerosystems Holdings, Inc.^k		338,410
	6,420	SPX FLOW, Inc.^k		167,369
	1,700	Stericycle, Inc.^k		177,004
	7,940	Tennant Company		427,728
	4,580	Tetra Tech, Inc.		140,812
	6,019	Textron, Inc.		220,055
	3,850	Toro Company		339,570
	15,810	TransUnion^k		528,686
	1,980	TrueBlue, Inc.^k		37,462
	7,135	Tyco International plc		303,951
	1,480	UniFirst Corporation		171,266
	5,950	United Continental Holdings, Inc.^k		244,188
	45,550	United Parcel Service, Inc.		4,906,646
	11,310	United Rentals, Inc.^k		758,901
	7,369	Universal Forest Products, Inc.		683,033
	10,553	Universal Truckload Services, Inc.		136,134
	5,200	WABCO Holdings, Inc.^k		476,164
	2,190	Wabtec Corporation		153,804
	5,230	WageWorks, Inc.^k		312,806
	22,988	Waste Connections, Inc.		1,656,285
	800	Watsco, Inc.		112,552
	39,620	Xylem, Inc.		1,769,033
	7,030	YRC Worldwide, Inc.^k		61,864

		Total		91,481,569


	Information Technology (4.2%)
	2,608	Advanced Energy Industries, Inc.^k		99,000
	49,020	Agilent Technologies, Inc.		2,174,527
	14,410	Akamai Technologies, Inc.^k		805,951
	3,650	Alliance Data Systems Corporation^k		715,108
	17,159	Alphabet, Inc., Class A^k		12,071,871
	15,901	Alphabet, Inc., Class C^k		11,005,082
	4,800	Ambarella, Inc.^h,k		243,888
	19,700	Amkor Technology, Inc.^k		113,275
	26,160	Amphenol Corporation		1,499,753
	1,290	Analog Devices, Inc.		73,066
	2,030	ANSYS, Inc.^k		184,223
	109,694	Apple, Inc.		10,486,746
	38,705	Applied Materials, Inc.		927,759
	13,281	Arista Networks, Inc.^h,k		855,031
	21,160	ARRIS International plc^k		443,514
	19,550	Aspen Technology, Inc.^k		786,692
	6,620	AVX Corporation		89,900
	7,423	Belden, Inc.		448,127
	26,890	Blackhawk Network Holdings, Inc.^k		900,546
	38,760	Booz Allen Hamilton Holding Corporation		1,148,846
	1,500	Broadcom, Ltd.		233,100
	9,970	Broadridge Financial Solutions, Inc.		650,044
	65,580	Brocade Communications Systems, Inc.		602,024
	31,507	Brooks Automation, Inc.		353,509
	13,330	CA, Inc.		437,624
	7,092	Cabot Microelectronics Corporation		300,275
	6,424	CACI International, Inc.^k		580,794
	4,700	Cavium, Inc.^k		181,420
	6,000	CDK Global, Inc.		332,940
	5,580	CDW Corporation		223,646
	24,780	Ciena Corporation^k		464,625
	1,900	Cirrus Logic, Inc.^k		73,701
	475,670	Cisco Systems, Inc.		13,646,972
	1,780	Citrix Systems, Inc.^k		142,560
	13,380	Cognex Corporation		576,678
	13,600	Cognizant Technology Solutions Corporation^k		778,464
	3,400	Coherent, Inc.^k		312,052
	9,900	CommVault Systems, Inc.^k		427,581
	1,980	comScore, Inc.^k		47,282
	6,000	Comtech Telecommunications Corporation		77,040
	14,100	Convergys Corporation		352,500
	32,880	CoreLogic, Inc.^k		1,265,222
	17,330	Corning, Inc.		354,918
	18,971	Criteo SA ADR^h,k		871,148
	3,380	CTS Corporation		60,570
	5,128	Demandware, Inc.^k		384,087
	4,690	DST Systems, Inc.		546,057
	9,030	EarthLink Holdings Corporation		57,792
	32,400	eBay, Inc.^k		758,484
	118,700	EMC Corporation		3,225,079
	7,670	Envestnet, Inc.^k		255,488
	7,130	EVERTEC, Inc.		110,800
	7,470	ExlService Holdings, Inc.^k		391,503
	4,820	F5 Networks, Inc.^k		548,709
	13,703	Fabrinet^k		508,655
	142,000	Facebook, Inc.^k		16,227,760
	3,795	FEI Company		405,610
	17,110	Finisar Corporation^k		299,596
	8,090	Fitbit, Inc.^k		98,860
	36,070	FLIR Systems, Inc.		1,116,367
	34,280	Fortinet, Inc.^k		1,082,905
	12,390	Genpact, Ltd.^k		332,548
	18,183	Guidewire Software, Inc.^k		1,122,982
	16,460	HP, Inc.		206,573
	3,820	IAC/InterActiveCorporation		215,066
	10,900	Imperva, Inc.^k		468,809
	97,330	Intel Corporation		3,192,424
	27,915	Ixia^k		274,125
	17,507	Juniper Networks, Inc.		393,732
	2,120	Keysight Technologies, Inc.^k		61,671
	11,700	Lam Research Corporation^h		983,502
	6,500	Liberty Tripadvisor Holdings, Inc.^k		142,220
	8,790	Linear Technology Corporation		408,999
	11,770	Lionbridge Technologies, Inc.^k		46,492
	3,771	Littelfuse, Inc.		445,694
	4,210	M/A-COM Technology Solutions Holdings, Inc.^k		138,846
	2,500	Manhattan Associates, Inc.^k		160,325
	20,280	Marvell Technology Group, Ltd.		193,268
	10,005	Maxim Integrated Products, Inc.		357,078
	2,460	MAXIMUS, Inc.		136,210
	3,700	Mentor Graphics Corporation		78,662
	11,723	Methode Electronics, Inc.		401,278
	22,940	Microsemi Corporation^k		749,679
	276,350	Microsoft Corporation		14,140,829
	3,800	Mobileye NV^k		175,332
	16,720	Monolithic Power Systems, Inc.		1,142,310
	870	Morningstar, Inc.		71,149
	2,619	Nanometrics, Inc.^k		54,449
	16,940	National Instruments Corporation		464,156
	3,070	NETGEAR, Inc.^k		145,948
	8,620	Nice, Ltd. ADR		550,387

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

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (20.0%)	Value
	Information Technology (4.2%) - continued
	63,926	NVIDIA Corporation	$	3,005,161
	13,690	NXP Semiconductors NV^k		1,072,475
	27,800	Oclaro, Inc.^h,k		135,664
	5,450	ON Semiconductor Corporation^k		48,069
	213,880	Oracle Corporation		8,754,108
	1,640	Palo Alto Networks, Inc.^k		201,130
	37,530	Pandora Media, Inc.^h,k		467,249
	6,100	Paylocity Holding Corporation^h,k		263,520
	191,090	PayPal Holdings, Inc.^k		6,976,696
	14,097	Pegasystems, Inc.		379,914
	25,000	Progress Software Corporation^k		686,500
	8,500	Proofpoint, Inc.^h,k		536,265
	13,380	PTC, Inc.^k		502,820
	5,093	Q2 Holdings, Inc.^k		142,706
	15,900	QLIK Technologies, Inc.^k		470,322
	6,410	QUALCOMM, Inc.		343,384
	2,000	Qualys, Inc.^k		59,620
	13,090	RealPage, Inc.^k		292,300
	9,150	Red Hat, Inc.^k		664,290
	150,210	Salesforce.com, Inc.^k		11,928,176
	2,360	ScanSource, Inc.^k		87,580
	7,290	ServiceNow, Inc.^k		484,056
	15,300	ShoreTel, Inc.^k		102,357
	10,950	Symantec Corporation		224,913
	23,990	Synopsys, Inc.^k		1,297,379
	1,110	Tech Data Corporation^k		79,753
	42,183	Teradyne, Inc.		830,583
	2,910	Tessera Technologies, Inc.		89,162
	89,780	Texas Instruments, Inc.		5,624,717
	8,860	Trimble Navigation, Ltd.^k		215,830
	2,320	Tyler Technologies, Inc.^k		386,767
	5,740	Ultimate Software Group, Inc.^k		1,207,065
	25,012	Virtusa Corporation^k		722,347
	138,540	Visa, Inc.		10,275,512
	117,620	Xilinx, Inc.		5,425,811

		Total		185,676,290


	Materials (0.9%)
	12,530	Agnico Eagle Mines, Ltd.		670,355
	9,280	Air Products and Chemicals, Inc.		1,318,131
	38,597	Albemarle Corporation		3,061,128
	65,640	Alcoa, Inc.		608,483
	7,460	American Vanguard Corporation		112,721
	7,530	Avery Dennison Corporation		562,867
	12,944	Axalta Coating Systems, Ltd.^k		343,404
	4,726	Balchem Corporation		281,906
	10,480	Ball Corporation		757,599
	69,870	Barrick Gold Corporation		1,491,724
	2,110	Boise Cascade Company^k		48,425
	14,960	Cabot Corporation		683,074
	1,640	Carpenter Technology Corporation		54,005
	23,230	Celanese Corporation		1,520,403
	11,267	Chemtura Corporation^k		297,223
	5,453	Clearwater Paper Corporation^k		356,463
	4,460	Continental Building Products, Inc.^k		99,146
	32,790	Crown Holdings, Inc.^k		1,661,469
	55,060	Dow Chemical Company		2,737,033
	2,550	Eagle Materials, Inc.		196,732
	3,310	Eastman Chemical Company		224,749
	48,530	Eldorado Gold Corporation		218,385
	12,070	Ferroglobe plc		103,923
	23,980	FMC Corporation		1,110,514
	54,990	Freeport-McMoRan, Inc.		612,589
	47,580	Goldcorp, Inc.		910,205
	12,110	Graphic Packaging Holding Company		151,859
	3,187	Ingevity Corporation^k		108,485
	1,800	Innophos Holdings, Inc.		75,978
	4,848	Innospec, Inc.		222,960
	32,130	International Paper Company		1,361,669
	4,410	KapStone Paper and Packaging Corporation		57,374
	83,750	Kinross Gold Corporation^k		409,538
	2,620	Koppers Holdings, Inc.^k		80,513
	3,250	Martin Marietta Materials, Inc.		624,000
	2,010	Materion Corporation		49,768
	3,996	Minerals Technologies, Inc.		226,973
	105,470	Mosaic Company		2,761,205
	20,664	Myers Industries, Inc.		297,562
	39,420	Newmont Mining Corporation		1,542,110
	28,980	Nucor Corporation		1,431,902
	2,700	Olin Corporation		67,068
	9,880	OMNOVA Solutions, Inc.^k		71,630
	34,020	Owens-Illinois, Inc.^k		612,700
	34,633	Packaging Corporation of America		2,317,987
	3,740	PolyOne Corporation		131,798
	7,090	Rayonier Advanced Materials, Inc.		96,353
	5,680	Reliance Steel & Aluminum Company		436,792
	4,510	Royal Gold, Inc.		324,810
	5,450	Schnitzer Steel Industries, Inc.		95,920
	6,177	Scotts Miracle-Gro Company		431,834
	13,870	Sealed Air Corporation		637,604
	21,270	Silver Wheaton Corporation		500,483
	16,200	Sonoco Products Company		804,492
	37,271	Steel Dynamics, Inc.		913,139
	7,990	Stillwater Mining Company^k		94,761
	37,150	Teck Resources, Ltd.^h		489,266
	6,840	Vulcan Materials Company		823,262
	19,122	Westrock Company		743,272
	70,330	Yamana Gold, Inc.		365,716

		Total		39,403,439


	Telecommunications Services (0.2%)
	25,460	AT&T, Inc.		1,100,127
	27,160	Cincinnati Bell, Inc.^k		124,121
	4,450	FairPoint Communications, Inc.^k		65,326
	5,930	General Communication, Inc.^k		93,694
	11,090	Inteliquent, Inc.		220,580
	9,170	Level 3 Communications, Inc.^k		472,163
	11,100	SBA Communications Corporation^k		1,198,134
	95,909	Verizon Communications, Inc.		5,355,559
	35,450	Vonage Holdings Corporation^k		216,245

		Total		8,845,949


	Utilities (0.6%)
	13,940	Alliant Energy Corporation		553,418
	10,690	American States Water Company		468,436
	16,360	Aqua America, Inc.		583,398
	5,630	Artesian Resources Corporation		190,970
	28,510	Avista Corporation		1,277,248
	2,730	California Water Service Group		95,359
	13,540	CenterPoint Energy, Inc.		324,960
	4,790	Consolidated Water Company, Ltd.		62,557
	24,680	Edison International, Inc.		1,916,896
	45,790	Eversource Energy		2,742,821
	15,290	Exelon Corporation		555,944
	10,010	Great Plains Energy, Inc.		304,304
	31,140	MDU Resources Group, Inc.		747,360
	2,400	Middlesex Water Company		104,112
	3,460	New Jersey Resources Corporation		133,383
	153,280	PG&E Corporation		9,797,658
	4,300	Portland General Electric Company		189,716

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

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (20.0%)	Value
	Utilities (0.6%) - continued
	10,750	Public Service Enterprise Group, Inc.	$	501,057
	6,820	Renewable Energy Group, Inc.^k		60,221
	28,050	Southern Company		1,504,321
	8,170	Southwest Gas Corporation		643,061
	6,631	Spire, Inc.		469,740
	33,598	Talen Energy Corporation^k		455,253
	1,426	Unitil Corporation		60,847
	16,000	Vectren Corporation		842,720
	5,820	WEC Energy Group, Inc.		380,046

		Total		24,965,806


		Total Common Stock (cost $790,413,942)		878,908,239


		Collateral Held for Securities Loaned (0.8%)
	37,505,809	Thrivent Cash Management Trust		37,505,809

		Total Collateral Held for Securities Loaned (cost $37,505,809)		37,505,809


Shares or Principal Amount		Short-Term Investments (21.2%)^l
		Federal Home Loan Bank Discount Notes
	4,175,000	0.340%, 7/12/2016		4,174,783
	10,000,000	0.340%, 7/13/2016		9,999,430
	11,000,000	0.339%, 7/15/2016		10,999,274
	37,000,000	0.338%, 7/20/2016^m		36,996,670
	29,400,000	0.345%, 7/22/2016^m		29,397,089
	4,000,000	0.340%, 7/25/2016		3,999,548
	21,490,000	0.340%, 7/27/2016^m		21,487,357
	19,000,000	0.320%, 8/1/2016^m		18,995,915
		Federal Home Loan Mortgage Corporation Discount Notes
	12,750,000	0.400%, 7/25/2016^m		12,748,559
		Federal National Mortgage Association Discount Notes
	8,100,000	0.400%, 7/25/2016^m		8,099,085
		Thrivent Core Short-Term Reserve Fund
	76,086,539	0.580%		760,865,392
		U.S. Treasury Notes
	8,000,000	0.625%, 8/15/2016		8,003,800
	6,000,000	1.000%, 8/31/2016		6,006,948

		Total Short-Term Investments (cost $931,756,096)		931,773,850

		Total Investments (cost $4,817,305,080) 113.4%	$	4,992,874,038

		Other Assets and Liabilities, Net (13.4%)		(588,541,252	)

		Total Net Assets 100.0%	$	4,404,332,786

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

b	In bankruptcy. Interest is not being accrued.

c	All or a portion of the loan is unfunded.

d	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 June 30, 2016.

g	Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of June 30, 2016.

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	Non-income producing security.

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 Moderately Conservative Allocation Portfolio as of June 30, 2016 was $68,052,094 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 June 30, 2016.


Security	Acquisition Date		Cost
Alm Loan Funding CLO, 10/17/2026		7/31/2014	$	824,588
Apidos CLO XVIII, 7/22/2026		6/25/2014		822,937
Ares CLO, Ltd., 10/12/2023		5/15/2015		2,800,000
Ares CLO, Ltd., 11/15/2025		11/26/2014		1,500,000
Babson CLO, Ltd., 10/17/2026		8/15/2014		824,588
Bayview Opportunity Master Fund Trust, 2/28/2035		2/27/2015		1,806,608
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		669,332
Carlyle Global Market Strategies CLO, Ltd., 10/15/2026		9/19/2014		825,000
Carlyle Global Market Strategies CLO, Ltd., 7/20/2023		7/3/2014		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
Digicel, Ltd., 4/15/2021		8/18/2014		2,476,396

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

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Security	Acquisition Date		Cost
DRB Prime Student Loan Trust, 1/25/2040		12/4/2015	$	3,548,491
DRB Prime Student Loan Trust, 7/25/2031		9/23/2015		796,012
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		847,133
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		1,774,020
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, 9/18/2045		10/2/2015		1,393,727
Symphony CLO VIII, Ltd., 1/9/2023		9/15/2014		788,685
Symphony CLO XV, Ltd., 10/17/2026		10/17/2014		2,481,250
Vericrest Opportunity Loan Transferee, 10/25/2058		2/6/2015		4,426,664
Vericrest Opportunity Loan Transferee, 2/25/2055		2/25/2015		964,807
Vericrest Opportunity Loan Trust, 3/26/2046		4/6/2016		2,769,984
Voya CLO 3, Ltd., 7/25/2026		7/10/2014		823,762

Allocation Portfolio as of June 30, 2016:

Securities Lending Transactions


Taxable Debt Security	$	20,159,388
Common Stock		16,460,207

Total lending	$	36,619,595
Gross amount payable upon return of collateral for securities loaned	$	37,505,809

Net amounts due to counterparty	$	886,214

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 June 30, 2016

(unaudited)


Principal Amount		Bank Loans (10.5%)^a	Value
	Basic Materials (0.5%)
		Alpha Natural Resources, Inc., Term Loan
$	59,093	3.500%, 5/22/2020^b	$	27,478
		Fortescue Metals Group, Ltd., Term Loan
	135,321	4.250%, 6/30/2019		129,232
		Ineos US Finance, LLC, Term Loan
	104,276	3.750%, 12/15/2020		101,582
		NewPage Corporation, Delayed Draw
	22,050	11.000%, 7/26/2017		21,885
		NewPage Corporation, Term Loan
	22,670	11.000%, 7/26/2017		12,582
	109,575	0.000%, 2/11/2021^b		14,793
		Tronox Pigments BV, Term Loan
	102,256	4.500%, 3/19/2020		97,654

		Total		405,206


	Capital Goods (0.3%)
		Accudyne Industries, LLC, Term Loan
	67,089	4.000%, 12/13/2019		60,044
		ADS Waste Holdings, Inc., Term Loan
	56,638	3.750%, 10/9/2019		55,647
		Berry Plastics Group, Inc., Term Loan
	76,870	3.500%, 2/8/2020		76,293
		Rexnord, LLC, Term Loan
	52,516	4.000%, 8/21/2020		51,809

		Total		243,793


	Communications Services (2.9%)
		Atlantic Broadband Penn, LLC, Term Loan
	48,003	3.250%, 11/30/2019		47,898
		Birch Communication Inc., Term Loan
	102,693	7.750%, 7/17/2020		84,208
		Block Communications, Inc., Term Loan
	109,444	4.000%, 11/7/2021		109,308
		Charter Communications Operating, LLC, Term Loan
	25,475	3.000%, 7/1/2020		25,268
		Cincinnati Bell, Inc., Term Loan
	90,107	4.000%, 9/10/2020		89,476
		CommScope, Inc., Term Loan
	89,325	3.750%, 12/29/2022		89,270
		CSC Holdings, LLC, Term Loan
	37,500	5.000%, 10/9/2022		37,509
		Fairpoint Communications, Term Loan
	166,505	7.500%, 2/14/2019		165,845
		Grande Communications Networks, LLC, Term Loan
	104,763	4.500%, 5/29/2020		102,668
		Gray Television, Inc., Term Loan
	66,772	3.938%, 6/13/2021		66,773
		Hargray Communications Group, Inc., Term Loan
	48,866	5.250%, 6/26/2019		48,805
		Integra Telecom Holdings, Inc., Term Loan
	69,955	5.250%, 8/14/2020		67,901
		Intelsat Jackson Holdings SA, Term Loan
	42,173	3.750%, 6/30/2019		38,346
		Level 3 Communications, Inc., Term Loan
	79,000	4.000%, 8/1/2019		78,852
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	145,000	4.500%, 1/7/2022		141,375
		LTS Buyer, LLC, Term Loan
	83,394	4.000%, 4/13/2020		82,404
		MCC Georgia, LLC, Term Loan
	78,400	3.750%, 6/30/2021		78,139
		NEP/NCP Holdco, Inc., Term Loan
	105,045	4.250%, 1/22/2020		102,550
		Numericable US, LLC, Term Loan
	74,625	4.563%, 7/29/2022		73,319
	90,000	5.000%, 1/15/2024		89,100
		SBA Senior Finance II, LLC, Term Loan
	98,000	3.250%, 3/24/2021		96,870
		TNS, Inc., Term Loan
	46,478	5.000%, 2/14/2020		46,420
		Univision Communications, Inc., Term Loan
	104,702	4.000%, 3/1/2020		104,028
		Virgin Media Investment Holdings, Ltd., Term Loan
	54,539	3.649%, 6/30/2023		53,157
		WideOpenWest Finance, LLC, Term Loan
	116,808	4.500%, 4/1/2019		116,353
		WMG Acquisition Corporation, Term Loan
	54,719	0.000%, 7/1/2020		54,035
		XO Communications, LLC, Term Loan
	97,774	4.250%, 3/20/2021		97,489
		Yankee Cable Acquisition, LLC, Term Loan
	89,487	4.250%, 3/1/2020		89,263
		Zayo Group, LLC, Term Loan
	83,044	3.750%, 5/6/2021		82,510

		Total		2,359,139


	Consumer Cyclical (2.1%)
		Amaya BV, Term Loan
	185,473	5.000%, 8/1/2021		179,367
		Burlington Coat Factory Warehouse Corporation, Term Loan
	86,035	4.250%, 8/13/2021		85,784
		Cengage Learning Acquisitions, Term Loan
	155,000	5.250%, 6/7/2023		153,063
		Ceridian HCM Holding, Inc., Term Loan
	50,777	4.500%, 9/15/2020		49,000
		Charter Communications Operating, LLC, Term Loan
	52,380	3.000%, 1/3/2021		52,040
		Dollar Tree, Inc., Term Loan
	43,092	3.500%, 7/6/2022		43,029
		FCA US, LLC, Term Loan
	51,808	3.250%, 12/31/2018		51,630

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

Growth and Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (10.5%)^a	Value
	Consumer Cyclical (2.1%) - continued
		Golden Nugget, Inc., Delayed Draw
$	17,568	5.500%, 11/21/2019	$	17,568
		Golden Nugget, Inc., Term Loan
	40,992	5.500%, 11/21/2019		40,992
		IMG Worldwide, Inc., Term Loan
	127,885	5.250%, 5/6/2021^c,d		127,054
	60,000	8.250%, 5/6/2022^c,d		58,200
		KAR Auction Services, Inc., Term Loan
	109,725	4.250%, 3/9/2023		109,953
		Las Vegas Sands, LLC, Term Loan
	78,000	3.250%, 12/19/2020		77,902
		Marina District Finance Company, Inc., Term Loan
	37,658	6.500%, 8/15/2018		37,611
		Michaels Stores, Inc., Term Loan
	72,543	4.000%, 1/28/2020		72,520
		Mohegan Tribal Gaming Authority, Term Loan
	114,997	5.500%, 6/15/2018		114,049
		Scientific Games International, Inc., Term Loan
	105,300	6.000%, 10/18/2020		103,896
	239,078	0.000%, 10/1/2021^c,d		235,491
		Seminole Hard Rock Entertainment, Inc., Term Loan
	48,990	3.500%, 5/14/2020		48,663
		Seminole Indian Tribe of Florida, Term Loan
	74,758	3.000%, 4/29/2020		74,833

		Total		1,732,645


	Consumer Non-Cyclical (1.7%)
		Albertson’s, LLC, Term Loan
	24,938	4.750%, 12/21/2022		24,891
		Catalina Marketing Corporation, Term Loan
	48,302	4.500%, 4/9/2021		40,292
		CHS/Community Health Systems, Inc., Term Loan
	12,809	3.924%, 12/31/2018		12,684
	47,941	3.750%, 1/27/2021		46,551
	88,210	4.000%, 1/27/2021		85,845
		Endo Luxembourg Finance I Co Sarl, Term Loan
	99,500	3.750%, 9/26/2022		97,734
		JBS USA, LLC, Term Loan
	71,201	3.750%, 5/25/2018		71,082
	9,798	3.750%, 9/18/2020		9,768
	24,875	4.000%, 10/30/2022		24,797
		Libbey Glass, Inc., Term Loan
	71,795	3.750%, 4/9/2021		71,302
		LTF Merger Sub, Inc., Term Loan
	74,250	4.250%, 6/10/2022		72,394
		Mallinckrodt International Finance SA, Term Loan
	44,772	3.500%, 3/19/2021		44,212
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	135,000	5.000%, 5/4/2022		134,629
		MultiPlan, Inc., Term Loan
	95,000	5.000%, 6/7/2023		95,214
		Ortho-Clinical Diagnostics, Inc., Term Loan
	137,774	4.750%, 6/30/2021		130,082
		Supervalu, Inc., Term Loan
	109,282	5.500%, 3/21/2019^c,d		109,008
		Valeant Pharmaceuticals International, Inc., Term Loan
	301,660	5.000%, 4/1/2022		293,280

		Total		1,363,765


	Energy (0.6%)
		Arch Coal, Inc., Term Loan
	154,142	7.500%, 5/16/2018^b		70,712
		Energy Solutions, LLC, Term Loan
	62,020	6.750%, 5/29/2020		60,159
		Exgen Renewables I, LLC, Term Loan
	49,591	5.250%, 2/6/2021		49,499
		Houston Fuel Oil Terminal, LLC, Term Loan
	69,822	4.250%, 8/19/2021		67,204
		McJunkin Red Man Corporation, Term Loan
	75,655	5.000%, 11/8/2019		72,629
		MEG Energy Corporation, Term Loan
	73,841	3.750%, 3/31/2020		64,716
		Pacific Drilling SA, Term Loan
	78,570	4.500%, 6/3/2018		23,964
		Targa Resources Partners, LP, Term Loan
	45,000	5.750%, 2/27/2022		44,550
		Western Refining, Inc., Term Loan
	39,796	5.250%, 11/12/2020		38,353
	30,000	5.500%, 5/27/2023		29,188

		Total		520,974


	Financials (0.6%)
		Delos Finance Sarl, Term Loan
	100,000	3.500%, 3/6/2021		99,825
		DJO Finance, LLC, Term Loan
	39,700	4.250%, 6/7/2020		37,781
		Harland Clarke Holdings Corporation, Term Loan
	49,773	7.000%, 5/22/2018		48,280
	90,000	7.000%, 12/31/2019		87,075
		TransUnion, LLC, Term Loan
	87,975	3.500%, 4/9/2021		86,780
		WaveDivision Holdings, LLC, Term Loan
	109,930	4.000%, 10/15/2019		109,609

		Total		469,350


	Technology (1.1%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	249,375	4.250%, 2/1/2023		249,492
		First Data Corporation, Term Loan
	107,874	4.452%, 3/24/2021		107,381
	50,000	4.202%, 7/8/2022		49,500
		Micron Technology, Inc., Term Loan
	70,000	6.640%, 4/26/2022		70,295

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

Growth and Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (10.5%)^a	Value
	Technology (1.1%) - continued
		ON Semiconductor Corporation, Term Loan
$	180,000	5.250%, 3/31/2023	$	180,450
		SS&C European Holdings SARL, Term Loan
	5,416	4.000%, 7/8/2022		5,410
	39,573	4.000%, 7/8/2022		39,532
		Western Digital Corporation, Term Loan
	180,000	6.250%, 4/29/2023		180,563
		Zayo Group, LLC, Term Loan
	18,027	4.500%, 5/6/2021		18,005

		Total		900,628


	Transportation (0.5%)
		American Airlines, Inc., Term Loan
	104,784	3.250%, 6/27/2020		103,261
		Delta Airlines, Inc., Term Loan
	99,250	3.250%, 8/24/2022		99,002
		OSG Bulk Ships, Inc., Term Loan
	89,929	5.250%, 8/5/2019		86,331
		XPO Logistics, Inc., Term Loan
	111,937	5.500%, 11/1/2021		111,938

		Total		400,532


	Utilities (0.2%)
		Calpine Corporation, Term Loan
	83,927	3.500%, 5/27/2022		82,948
		Intergen NV, Term Loan
	64,863	5.500%, 6/15/2020^c,d		57,728

		Total		140,676


		Total Bank Loans (cost $8,896,967)		8,536,708


Shares		Common Stock (61.7%)
	Consumer Discretionary (9.8%)
	1,500	Aisan Industry Company, Ltd.		9,706
	1,400	Amazon.com, Inc.^e		1,001,868
	3,000	APN Outdoor Group Pty, Ltd.		15,546
	870	AutoZone, Inc.^e		690,641
	200	Bayerische Motoren Werke AG		12,749
	100	Beiersdorf AG		9,467
	3,500	Berkeley Group Holdings plc		118,188
	4,780	Best Buy Company, Inc.		146,268
	1,900	Betsson AB		15,892
	500	Brembo SPA		27,543
	1,200	Bridgestone Corporation		38,564
	1,600	Bunzl plc		49,230
	3,270	Burlington Stores, Inc.^e		218,142
	2,000	Calsonic Kansei Corporation		15,199
	2,615	Cedar Fair, LP		151,199
	3,200	Cineworld Group plc		23,344
	12,886	Comcast Corporation		840,038
	900	Compass Group plc		17,123
	2,000	Core-Mark Holding Company, Inc.		93,720
	400	Daimler AG		23,935
	10,800	Debenhams plc		7,981
	5,100	Denso Corporation		179,445
	6,500	EDION Corporation		53,613
	4,500	Eutelsat Communications		84,938
	7,800	Ford Motor Company		98,046
	4,400	Fuji Heavy Industries, Ltd.		151,243
	3,330	General Motors Company		94,239
	6,000	Gunze, Ltd.		16,761
	2,300	Hakuhodo Dy Holdings, Inc.		27,567
	2,310	Harman International Industries, Inc.		165,904
	300	Hennes & Mauritz AB		8,826
	6,800	Honda Motor Company, Ltd.		170,580
	4,100	Howden Joinery Group plc		21,058
	6,300	Inchcape plc		52,973
	600	InterContinental Hotels Group plc		22,128
	900	Intertek Group plc		41,934
	700	JB Hi-Fi, Ltd.		12,685
	200	Koito Manufacturing Co., Ltd.		9,209
	380	Linamar Corporation		13,536
	300	LVMH Moet Hennessy Louis Vuitton SE		45,221
	1,700	Marks and Spencer Group plc		7,280
	7,213	MDC Partners, Inc.		131,926
	4,380	Newell Brands, Inc.		212,737
	11,500	NIKE, Inc.		634,800
	3,000	NOK Corporation		51,017
	600	Nokian Renkaat Oyj		21,505
	100	Paddy Power plc		10,510
	2,000	PanaHome Corporation		15,832
	6,800	Persimmon plc		131,864
	500	ProSiebenSat.1 Media AG^e		21,871
	2,602	Restoration Hardware Holdings, Inc.^e		74,625
	200	Rightmove plc		9,768
	1,300	Saizeriya Company, Ltd.		23,229
	1,500	Sekisui House, Ltd.		26,268
	1,600	SHOWA Corporation		8,983
	900	Sky plc		10,227
	2,300	Sports Direct International plc^e		9,848
	1,000	Stanley Electric Company, Ltd.		21,356
	4,200	Star Entertainment Group, Ltd.		17,114
	7,370	Starbucks Corporation		420,974
	4,400	Sumitomo Forestry Company, Ltd.		59,718
	2,900	Sumitomo Rubber Industries, Ltd.		38,825
	200	Swatch Group AG		11,454
	500	Tamron Company, Ltd.		6,706
	5,100	Tatts Group, Ltd.		14,676
	10,300	Taylor Wimpey plc		18,273
	5,020	Toll Brothers, Inc.^e		135,088
	900	USS Company, Ltd.		14,874
	100	Valora Holding AG		27,800
	2,000	Wacoal Holdings Corporation		19,737
	5,890	Walt Disney Company		576,160
	3,900	WH Smith plc		81,934
	290	Whirlpool Corporation		48,326
	500	Whitbread plc		23,395
	4,000	Wolters Kluwer NV		161,966
	3,000	WPP plc		62,525
	2,500	Yokohama Rubber Company, Ltd.		31,355

		Total		7,990,795


	Consumer Staples (4.0%)
	300	AarhusKarlshamn AB		21,416
	4,479	Anheuser-Busch InBev NV ADR		589,795
	2,900	Axfood AB		55,701
	764	British American Tobacco plc		49,530
	11,520	Coca-Cola Company		522,201
	4,200	Coca-Cola HBC AG		84,985
	143	George Weston, Ltd.		12,376
	900	Henkel AG & Company KGaA		97,351
	6,847	Imperial Brands plc		371,334
	800	Jeronimo Martins SGPS SA		12,617

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

Growth and Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (61.7%)	Value
	Consumer Staples (4.0%) - continued
	400	Kesko Oyj	$	16,987
	12,700	Koninklijke Ahold NV		280,450
	300	KOSE Corporation		25,422
	1,300	Nestle SA		100,722
	1,000	Nichirei Corporation		9,226
	1,000	Nippon Meat Packers, Inc.		24,494
	5,350	Philip Morris International, Inc.		544,202
	284	Premium Brands Holdings Corporation		11,958
	1,000	Suedzucker AG		22,026
	400	Sugi Holdings Company, Ltd.		22,303
	3,500	Swedish Match AB		122,143
	200	Universal Corporation		11,548
	3,870	WhiteWave Foods Company^e		181,658
	2,239	Woolworths, Ltd.		35,216

		Total		3,225,661


	Energy (3.9%)
	80,561	BP plc		471,568
	800	Caltex Australia, Ltd.		19,288
	4,480	Continental Resources, Inc.^e		202,810
	6,280	EOG Resources, Inc.		523,878
	7,150	EQT Corporation		553,624
	3,770	OMV AG		105,978
	3,200	Parsley Energy, Inc.^e		86,592
	2,862	Royal Dutch Shell plc		78,506
	29	Royal Dutch Shell plc, Class A		796
	1,648	Royal Dutch Shell plc, Class B		45,532
	12,900	Spectra Energy Corporation		472,527
	2,209	Statoil ASA		38,169
	2,934	Total SA		140,703
	170	Vantage Drilling International^e		14,705
	75,680	Weatherford International plc^e		420,024

		Total		3,174,700


	Financials (18.7%)
	650	Acadia Realty Trust		23,088
	1,060	Affiliated Managers Group, Inc.^e		149,216
	800	Agree Realty Corporation		38,592
	2,971	Alexandria Real Estate Equities, Inc.		307,558
	3,200	Allianz SE		456,506
	300	American Campus Communities, Inc.		15,861
	2,600	Anima Holding SPA^f		12,258
	1,500	Apartment Investment & Management Company		66,240
	8,600	Apollo Investment Corporation		47,644
	1,200	Apple Hospitality REIT, Inc.		22,572
	3,950	Ares Capital Corporation		56,090
	5,500	Australia & New Zealand Banking Group, Ltd.		100,210
	1,100	AvalonBay Communities, Inc.		198,429
	12,100	Banco Santander SA		46,956
	7,300	Bank Hapoalim, Ltd.		36,777
	11,800	Bank of East Asia, Ltd.		45,633
	1,673	Bank of Montreal		106,120
	5,411	Bank of Nova Scotia		265,158
	4,035	Bank of Queensland, Ltd.		32,192
	3,750	Bank of the Ozarks, Inc.		140,700
	9,000	BinckBank NV		44,741
	400	Bluerock Residential Growth REIT, Inc.		5,200
	1,995	Boston Properties, Inc.		263,140
	8,634	Brixmor Property Group, Inc.		228,456
	3,000	Camden Property Trust		265,260
	168	Canadian Imperial Bank of Commerce		12,619
	1,732	Canadian Western Bank		33,046
	12,100	CapitaMall Trust		19,239
	650	Care Capital Properties, Inc.		17,037
	356	Chesapeake Lodging Trust		8,277
	3,000	Chiba Bank, Ltd.		14,177
	12,510	Citigroup, Inc.		530,299
	3,900	CNP Assurances		57,540
	250	CoreSite Realty Corporation		22,173
	1,800	Crown Castle International Corporation		182,574
	1,500	CubeSmart		46,320
	600	CyrusOne, Inc.		33,396
	100	Daito Trust Construction Company, Ltd.		16,236
	600	Danske Bank AS		15,792
	2,200	DDR Corporation		39,908
	1,700	Derwent London plc		59,309
	17,900	DEXUS Property Group		121,464
	1,018	Digital Realty Trust, Inc.		110,952
	12,290	Direct Line Insurance Group plc		56,819
	500	Douglas Emmett, Inc.		17,760
	12,420	Duke Realty Corporation		331,117
	350	DuPont Fabros Technology, Inc.		16,639
	400	Education Realty Trust, Inc.		18,456
	8,300	Encore Capital Group, Inc.^e		195,299
	456	EPR Properties		36,790
	710	Equinix, Inc.		275,288
	1,000	Equity Lifestyle Properties, Inc.		80,050
	400	Equity One, Inc.		12,872
	3,580	Equity Residential		246,590
	4,200	Erste Group Bank AG		95,626
	550	Essex Property Trust, Inc.		125,449
	1,400	EXOR SPA		51,682
	950	Extra Space Storage, Inc.		87,913
	400	Federal Realty Investment Trust		66,220
	300	First Industrial Realty Trust, Inc.		8,346
	17,700	FlexiGroup, Ltd.		23,215
	700	Forest City Realty Trust, Inc.		15,617
	11,000	Frasers Centrepoint Trust		17,416
	26,000	Fukuoka Financial Group, Inc.		85,728
	1,000	Gaming and Leisure Properties, Inc.		34,480
	4,239	General Growth Properties, Inc.		126,407
	967	Genworth MI Canada, Inc.		24,805
	500	GEO Group, Inc.		17,090
	3,100	Great Portland Estates plc		25,949
	100	Groupe Bruxelles Lambert SA		8,201
	5,981	H&R Real Estate Investment Trust		104,209
	1,500	Hamborner REIT AG		16,195
	3,200	Hang Seng Bank, Ltd.		54,889
	1,500	Hannover Rueckversicherung SE		157,167
	2,900	HCP, Inc.		102,602
	900	Healthcare Realty Trust, Inc.^d		31,491
	1,100	Healthcare Trust of America, Inc.		35,574
	21,000	Henderson Group plc		59,702
	2,200	Henderson Land Development Company, Ltd.		12,427
	1,100	Highwoods Properties, Inc.		58,080
	500	Hitachi Capital Corporation		9,924
	1,000	Hospitality Properties Trust		28,800
	6,171	Host Hotels & Resorts, Inc.		100,032
	800	Hudson Pacific Properties, Inc.		23,344
	3,400	Hufvudstaden AB		53,365
	22,000	Hysan Development Company, Ltd.		98,109
	863	Intact Financial Corporation		61,648

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

Growth and Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (61.7%)	Value
	Financials (18.7%) - continued
	2,260	International Exchange, Inc.	$	578,470
	1,650	Invesco Mortgage Capital, Inc.		22,588
	16,800	Investec plc		104,425
	1,100	Iron Mountain, Inc.		43,813
	7,600	J.P. Morgan Chase & Company		472,264
	300	Jyske Bank AS		11,389
	11,740	KeyCorp		129,727
	600	Kilroy Realty Corporation		39,774
	4,400	Kimco Realty Corporation		138,072
	467	Lamar Advertising Company		30,962
	700	LaSalle Hotel Properties		16,506
	300	Liberty Property Trust		11,916
	4,000	Link REIT		27,353
	1,175	Macerich Company		100,333
	2,600	Macquarie Group, Ltd.		135,342
	1,900	Medical Properties Trust, Inc.		28,899
	8,220	MetLife, Inc.		327,403
	800	Mid-America Apartment Communities, Inc.		85,120
	13,300	Mitsui & Company, Ltd.		158,764
	54,600	Mizuho Financial Group, Inc.		78,573
	1,000	MS and AD Insurance Group Holdings, Inc.		25,910
	2,700	National Australia Bank, Ltd.		51,839
	3,244	National Bank of Canada		110,958
	500	National Health Investors, Inc.		37,545
	1,600	National Retail Properties, Inc.		82,752
	150	National Storage Affiliates Trust		3,123
	78,912	New World Development Company, Ltd.		80,361
	1,150	NorthStar Realty Finance Corporation		13,144
	4,500	Old Mutual plc		12,157
	1,000	Omega Healthcare Investors, Inc.		33,950
	500	Outfront Media, Inc.		12,085
	1,200	Parkway Properties, Inc.		20,076
	400	Pebblebrook Hotel Trust		10,500
	1,550	Physicians Realty Trust		32,566
	973	Power Corporation of Canada		20,711
	6,285	Prologis, Inc.		308,216
	1,258	Public Storage, Inc.		321,532
	338	QTS Realty Trust, Inc.		18,921
	2,100	Raymond James Financial, Inc.		103,530
	700	Realty Income Corporation		48,552
	800	Regency Centers Corporation		66,984
	400	Retail Opportunity Investments Corporation		8,668
	600	Retail Properties of America, Inc.		10,140
	1,995	RLJ Lodging Trust		42,793
	300	Sampo Oyj		12,269
	2,246	Schroders plc		70,975
	1,123	Senior Housing Property Trust		23,392
	3,190	Simon Property Group, Inc.		691,911
	800	SL Green Realty Corporation		85,176
	3,375	Solar Capital, Ltd.		64,294
	617	Sovran Self Storage, Inc.		64,736
	6,000	Spirit Realty Captial, Inc.		76,620
	52,500	Stockland		186,139
	1,296	Store Capital Corporation		38,167
	1,500	Summit Hotel Properties, Inc.		19,860
	250	Sun Communities, Inc.		19,160
	1,121	Sunstone Hotel Investors, Inc.		13,530
	2,200	Swiss Re AG		192,149
	15,290	Synchrony Financial^e		386,531
	7,200	T&D Holdings, Inc.		61,143
	500	Talanx AG		14,892
	733	Tanger Factory Outlet Centers, Inc.		29,452
	300	Taubman Centers, Inc.		22,260
	300	Tokio Marine Holdings, Inc.		9,987
	1,037	Toronto-Dominion Bank		44,532
	2,300	UDR, Inc.		84,916
	10,200	United Overseas Bank, Ltd.		140,535
	850	Urban Edge Properties		25,381
	2,200	Ventas, Inc.		160,204
	1,642	VEREIT, Inc.		16,650
	2,540	Vornado Realty Trust		254,305
	800	Weingarten Realty Investors		32,656
	5,557	Welltower, Inc.		423,277
	2,000	Wharf Holdings, Ltd.		12,205
	2,000	Wheelock and Company, Ltd.		9,395
	19,200	Wing Tai Holdings, Ltd.		23,305
	400	WP Carey, Inc.		27,768
	5,750	XL Group plc		191,532
	7,090	Zions Bancorporation		178,172

		Total		15,150,519


	Health Care (6.9%)
	17,230	Abbott Laboratories		677,311
	200	Actelion, Ltd.		33,680
	5,120	Akorn, Inc.^e		145,843
	2,450	Allergan plc^e		566,170
	1,800	Amgen, Inc.		273,870
	900	Astellas Pharmaceutical, Inc.		14,114
	100	Bayer AG		10,044
	2,424	Essilor International SA		318,585
	200	Gerresheimer AG		15,406
	2,700	Hikma Pharmaceuticals plc		88,914
	4,450	Hologic, Inc.^e		153,970
	1,257	ICON plc^e		88,003
	300	Lonza Group AG		49,834
	6,780	Medtronic plc		588,301
	12,230	Merck & Company, Inc.		704,570
	1,000	Merck KGaA		101,643
	3,400	Novartis AG		280,631
	3,400	Novo Nordisk AS		183,100
	7,242	Pfizer, Inc.		254,991
	400	Roche Holding AG-Genusschein		105,552
	2,900	Sanofi		240,941
	1,180	Teleflex, Inc.		209,226
	4,210	Vertex Pharmaceuticals, Inc.^e		362,144
	1,120	Waters Corporation^e		157,528

		Total		5,624,371


	Industrials (6.0%)
	900	Adecco SA		45,394
	1,810	AerCap Holdings NV^e		60,798
	1,400	Aida Engineering, Ltd.		11,506
	18,400	Air New Zealand, Ltd.		27,577
	1,600	Amada Holdings Company, Ltd.		16,243
	400	Andritz AG		18,967
	8,000	Asahi Glass Company, Ltd.		43,415
	500	Atlas Copco Aktiebolag		12,986
	1,200	Babcock International Group plc		14,508
	7,000	Cathay Pacific Airways, Ltd.		10,269
	900	Compagnie de Saint-Gobain		34,115
	2,000	Dai Nippon Printing Company, Ltd.		22,290
	1,422	Dart Group plc		9,976
	100	DCC plc		8,800
	4,010	Delta Air Lines, Inc.		146,084
	1,500	Deutsche Post AG		42,259
	400	DSV AS		16,819

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

Growth and Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (61.7%)	Value
	Industrials (6.0%) - continued
	100	East Japan Railway Company	$	9,267
	3,280	EMCOR Group, Inc.		161,573
	1,410	Equifax, Inc.		181,044
	300	Flughafen Zuerich AG		53,091
	600	Fraport AG Frankfurt Airport Services Worldwide		32,125
	4,000	Fuji Electric Company, Ltd.		16,654
	1,438	Galliford Try plc		17,566
	2,000	Hankyu Hanshin Holdings, Inc.		14,913
	800	Hitachi Transport System, Ltd.		13,161
	3,300	HNI Corporation		153,417
	200	Hochtief AG		25,822
	6,030	Honeywell International, Inc.		701,410
	5,834	Illinois Tool Works, Inc.		607,670
	1,000	Inaba Denki Sangyo Company, Ltd.		34,250
	5,570	Ingersoll-Rand plc		354,698
	2,600	Intrum Justitia AB		81,543
	13,100	ITOCHU Corporation		160,255
	9,610	Jacobs Engineering Group, Inc.^e		478,674
	2,000	Kamigumi Company, Ltd.		18,486
	4,900	KITZ Corporation		23,252
	4,900	KONE Oyj		226,138
	1,049	Koninklijke Boskalis Westminster NV		35,795
	200	Kuehne & Nagel International AG		28,022
	800	Kurita Water Industries, Ltd.		17,833
	3,200	Marubeni Corporation		14,457
	4,990	Masco Corporation		154,391
	7,100	Meggitt plc		38,592
	1,500	Middleby Corporation^e		172,875
	1,900	MIRAIT Holdings Corporation		18,680
	2,000	Mitsuboshi Belting, Ltd.		15,594
	2,100	Nikkon Holdings Company, Ltd.		37,735
	3,000	Nippon Express Company, Ltd.		13,709
	3,400	Nitto Kogyo Corporation		42,270
	700	Randstad Holding NV		27,994
	200	Rieter Holding AG		40,939
	300	SAAB AB		9,355
	3,000	Sanwa Holdings Corporation		27,270
	300	Schindler Holding AG		54,314
	500	Skanska AB		10,470
	400	Southwest Airlines Company		15,684
	400	TOTO, Ltd.		15,984
	400	Travis Perkins plc		7,892
	1,530	WABCO Holdings, Inc.^e		140,102
	759	WSP Global, Inc.		23,217
	500	Yuasa Trading Company, Ltd.		10,316

		Total		4,880,505


	Information Technology (8.4%)
	930	Alphabet, Inc., Class A^e		654,283
	521	Alphabet, Inc., Class C^e		360,584
	6,610	Apple, Inc.		631,916
	365	AtoS		30,094
	1,800	Canon, Inc.		51,390
	2,360	Check Point Software Technologies, Ltd.^e		188,045
	8,590	Cisco Systems, Inc.		246,447
	15,369	EMC Corporation		417,576
	4,640	Facebook, Inc.^e		530,259
	10,340	Finisar Corporation^e		181,053
	4,300	FUJIFILM Holdings NPV		166,842
	900	Hoya Corporation		32,144
	600	ITOCHU Techno-Solutions Corporation		12,926
	5,830	Juniper Networks, Inc.		131,117
	400	Kyocera Corporation		19,033
	3,650	MasterCard, Inc.		321,419
	12,960	Microsoft Corporation		663,163
	1,800	NEC Networks & System Integration Corporation		31,867
	600	Nice, Ltd.		38,180
	800	NS Solutions Corporation		12,330
	65	NVIDIA Corporation		3,056
	12,830	Pandora Media, Inc.^e		159,734
	3,110	Plantronics, Inc.		136,840
	4,360	Progress Software Corporation^e		119,726
	7,050	QLIK Technologies, Inc.^e		208,539
	4,100	Shinko Electric Industries Company, Ltd.		20,082
	200	TDK Corporation		11,195
	950	Ultimate Software Group, Inc.^e		199,775
	300	United Internet AG		12,471
	9,330	Visa, Inc.		692,006
	11,320	Xilinx, Inc.		522,192

		Total		6,806,284


	Materials (1.8%)
	300	Air Liquide SA		31,255
	900	Amcor, Ltd.		10,119
	540	Ashland, Inc.		61,976
	13,700	BHP Billiton, Ltd.		190,927
	4,200	BillerudKorsnas AB		62,674
	1,200	Buzzi Unicem SPA		21,029
	105	CCL Industries, Inc.		18,273
	600	Croda International plc		25,187
	1,300	Crown Holdings, Inc.^e		65,871
	10,500	Daicel Corporation		108,802
	2,000	Denki Kagaku Kogyo KK		8,088
	1,661	Domtar Corporation		58,152
	300	Evonik Industries AG		8,943
	1,040	FMC Corporation		48,162
	300	FUCHS PETROLUB SE		11,802
	1,400	Hexpol AB		14,377
	800	JFE Holdings, Inc.		10,436
	1,000	JSR Corporation		13,243
	200	LafargeHolcim, Ltd.		8,368
	5,500	Mitsubishi Chemical Holdings Corporation		25,212
	2,000	Mitsubishi Gas Chemical Company, Inc.		10,434
	6,000	Mitsubishi Materials Corporation		14,366
	400	Nippon Shokubai Company, Ltd.		23,007
	22,628	Norsk Hydro ASA		82,837
	1,100	Novozymes AS		52,823
	3,000	Oji Holdings Corporation		11,517
	6,200	Orora, Ltd.		12,873
	1,160	Packaging Corporation of America		77,639
	700	PPG Industries, Inc.		72,905
	310	Rio Tinto, Ltd.		10,723
	3,220	Steel Dynamics, Inc.		78,890
	1,000	Sumitomo Metal Mining Company, Ltd.		10,172
	3,000	Sumitomo Seika Chemicals Company, Ltd.		16,713
	2,000	Tosoh Corporation		9,225
	4,299	UPM-Kymmene Oyj		78,976
	4,107	Yara International ASA		130,466

		Total		1,496,462


	Telecommunications Services (1.0%)
	1,668	BCE, Inc.		78,936

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

Growth and Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (61.7%)	Value
	Telecommunications Services (1.0%) - continued
	3,900	Elisa Oyj	$	149,851
	3,700	Freenet AG		95,289
	46,042	KCOM Group plc		64,665
	200	Millicom International Cellular SA		12,268
	900	Nippon Telegraph & Telephone Corporation		42,205
	3,700	Orange SA		60,164
	1,400	Proximus SA		44,490
	4,600	Telefonica Deutschland Holding AG		18,948
	7,890	Zayo Group Holdings, Inc.^e		220,368

		Total		787,184


	Utilities (1.2%)
	800	Chubu Electric Power Company, Inc.		11,385
	1,500	E.ON SE		15,142
	22,500	Electricidade de Portugal SA		68,886
	4,400	Enagas SA		134,422
	9,231	MDU Resources Group, Inc.		221,544
	3,774	NorthWestern Corporation		238,026
	32,000	Osaka Gas Company, Ltd.		123,024
	15,700	Redes Energeticas Nacionais SGPS SA		44,149
	2,000	Toho Gas Company, Ltd.		16,365
	2,200	Tokyo Electric Power Company, Inc.^e		9,317
	6,400	United Utilities Group plc		88,707
	600	Veolia Environnement SA		12,957

		Total		983,924


		Total Common Stock (cost $49,723,944)		50,120,405


Principal Amount		Long-Term Fixed Income (19.1%)
	Asset-Backed Securities (0.1%)
		Countrywide Asset-Backed Certificates
$	5,063	5.329%, 4/25/2047		4,866
		Vericrest Opportunity Loan Transferee
	52,494	3.500%, 6/26/2045^f		52,067

		Total		56,933


	Basic Materials (0.3%)
		Albemarle Corporation
	14,000	3.000%, 12/1/2019		14,189
		ArcelorMittal SA
	50,000	6.500%, 3/1/2021		51,375
		Dow Chemical Company
	10,000	8.550%, 5/15/2019		11,870
		First Quantum Minerals, Ltd.
	55,000	7.000%, 2/15/2021^f		44,206
		Glencore Funding, LLC
	10,000	1.693%, 4/16/2018^f,g		9,600
		LyondellBasell Industries NV
	10,000	5.000%, 4/15/2019		10,824
		Newmont Mining Corporation, Convertible
	30,000	1.625%, 7/15/2017		33,563
		NOVA Chemicals Corporation
	40,122	5.250%, 8/1/2023^f		40,323
		Royal Gold, Inc., Convertible
	20,000	2.875%, 6/15/2019		21,400
		RPM International, Inc., Convertible
	40,000	2.250%, 12/15/2020		46,400

		Total		283,750


	Capital Goods (0.7%)
		AECOM
	50,000	5.875%, 10/15/2024		51,250
		Berry Plastics Corporation
	30,000	6.000%, 10/15/2022		31,012
		Building Materials Corporation of America
	50,000	6.000%, 10/15/2025^f		52,250
		Cemex SAB de CV
	55,000	5.700%, 1/11/2025^f		52,112
		CNH Industrial Capital, LLC
	60,000	4.375%, 11/6/2020		60,600
		Crown Americas Capital Corporation IV
	50,000	4.500%, 1/15/2023		51,000
		General Electric Company
	16,000	5.000%, 12/29/2049^h		16,976
		Huntington Ingalls Industries, Inc.
	55,000	5.000%, 12/15/2021^f		57,544
		L-3 Communications Corporation
	13,000	1.500%, 5/28/2017		13,011
		Lockheed Martin Corporation
	10,000	2.500%, 11/23/2020		10,319
		Nortek, Inc.
	26,748	8.500%, 4/15/2021		27,751
		Owens-Brockway Glass Container, Inc.
	55,000	5.000%, 1/15/2022^f		55,069
		Roper Industries, Inc.
	11,000	2.050%, 10/1/2018		11,134
		United Rentals North America, Inc.
	55,000	5.500%, 7/15/2025		54,175

		Total		544,203


	Collateralized Mortgage Obligations (2.2%)
		Alternative Loan Trust
	146,910	5.500%, 10/25/2035		122,099
		Angel Oak Mortgage Trust
	36,229	4.500%, 11/25/2045*^,i		36,341
		Banc of America Alternative Loan Trust
	55,928	6.000%, 11/25/2035		48,812
		CHL Mortgage Pass-Through Trust
	78,963	2.801%, 1/25/2036		67,608
		Citigroup Mortgage Loan Trust, Inc.
	23,446	3.038%, 3/25/2037		18,487
		CitiMortgage Alternative Loan Trust
	83,523	5.750%, 4/25/2037		70,353
		Countrywide Alternative Loan Trust
	73,069	6.500%, 8/25/2036		45,475
	224,749	6.000%, 4/25/2037		142,392
		Credit Suisse First Boston Mortgage Securities Corporation
	49,196	5.250%, 10/25/2035		47,793
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	53,700	5.500%, 11/25/2035		52,226

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

Growth and Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (19.1%)	Value
	Collateralized Mortgage Obligations (2.2%) - continued
		J.P. Morgan Alternative Loan Trust
$	128,959	6.500%, 3/25/2036	$	104,762
		J.P. Morgan Mortgage Trust
	81,507	2.650%, 6/25/2035		80,789
	73,215	2.816%, 6/25/2035		73,307
	57,562	2.882%, 8/25/2035		56,935
	80,695	2.787%, 1/25/2037		71,646
		MortgageIT Trust
	66,447	0.713%, 12/25/2035^g		59,350
		New York Mortgage Trust
	65,769	2.949%, 5/25/2036		58,884
		Residential Accredit Loans, Inc. Trust
	65,038	5.750%, 9/25/2035		57,579
		Residential Funding Mortgage Security I Trust
	74,697	6.000%, 7/25/2037		67,128
		Structured Adjustable Rate Mortgage Loan Trust
	86,102	3.082%, 9/25/2035		70,713
		Structured Asset Mortgage Investments, Inc.
	129,775	0.763%, 12/25/2035^g		91,752
		WaMu Mortgage Pass Through Certificates
	64,820	2.484%, 10/25/2036		56,076
	119,050	1.177%, 1/25/2047^g		91,262
		Wells Fargo Mortgage Backed Securities Trust
	57,183	2.855%, 3/25/2036		55,953
	55,953	2.990%, 7/25/2036		54,628
	45,606	6.000%, 7/25/2037		44,952

		Total		1,747,302


	Commercial Mortgage-Backed Securities (0.1%)
		Bear Stearns Commercial Mortgage Securities Trust
	100,000	5.568%, 10/12/2041		100,379

		Total		100,379


	Communications Services (1.0%)
		Altice US Finance I Corporation
	35,000	5.500%, 5/15/2026^f		35,000
		AMC Networks, Inc.
	55,000	5.000%, 4/1/2024		54,443
		America Movil SAB de CV
	10,000	5.000%, 10/16/2019		11,009
		American Tower Corporation
	10,000	2.800%, 6/1/2020		10,233
		AT&T, Inc.
	10,000	5.875%, 10/1/2019		11,313
	10,000	1.561%, 6/30/2020^g		9,961
	10,000	2.800%, 2/17/2021		10,260
		British Sky Broadcasting Group plc
	14,000	2.625%, 9/16/2019^f		14,245
		CC Holdings GS V, LLC
	10,000	2.381%, 12/15/2017		10,130
		CCOH Safari, LLC
	30,000	5.750%, 2/15/2026^f		30,900
		CenturyLink, Inc.
	35,000	6.450%, 6/15/2021		35,569
	5,000	7.500%, 4/1/2024		5,044
		Charter Communications Operating, LLC
	5,000	3.579%, 7/23/2020^f		5,227
	5,000	4.464%, 7/23/2022^f		5,374
		Clear Channel Worldwide Holdings, Inc.
	40,000	6.500%, 11/15/2022		40,000
		Columbus International, Inc.
	50,000	7.375%, 3/30/2021^f		52,800
		Crown Castle International Corporation
	5,000	3.400%, 2/15/2021		5,220
		Digicel, Ltd.
	56,748	6.000%, 4/15/2021*		48,644
		Frontier Communications Corporation
	50,000	8.875%, 9/15/2020		53,375
		Hughes Satellite Systems Corporation
	30,000	6.500%, 6/15/2019		32,400
		Neptune Finco Corporation
	30,000	10.875%, 10/15/2025^f		34,293
		Numericable-SFR SA
	50,000	6.000%, 5/15/2022^f		48,625
		SBA Tower Trust
	16,000	5.101%, 4/17/2017^f		16,052
		Sprint Corporation
	55,000	7.625%, 2/15/2025		43,519
		Telefonica Emisiones SAU
	12,000	3.192%, 4/27/2018		12,321
		T-Mobile USA, Inc.
	40,000	6.633%, 4/28/2021		41,800
		Univision Communications, Inc.
	40,000	5.125%, 5/15/2023^f		39,700
		UPCB Finance V, Ltd.
	36,000	7.250%, 11/15/2021^f		37,530
		Verizon Communications, Inc.
	37,000	2.625%, 2/21/2020		38,290
	16,000	4.500%, 9/15/2020		17,759

		Total		811,036


	Consumer Cyclical (1.1%)
		BMW US Capital, LLC
	15,000	1.500%, 4/11/2019^f		15,107
		Brookfield Residential Properties, Inc.
	30,000	6.125%, 7/1/2022^f		28,350
		Cinemark USA, Inc.
	31,000	4.875%, 6/1/2023		30,690
		Corrections Corporation of America
	35,000	5.000%, 10/15/2022		36,313
		Daimler Finance North America, LLC
	9,000	1.875%, 1/11/2018^f		9,082
		eBay, Inc.
	10,000	2.500%, 3/9/2018		10,183
		ERAC USA Finance, LLC
	16,000	2.350%, 10/15/2019^f		16,302
		Ford Motor Credit Company, LLC
	16,000	5.000%, 5/15/2018		16,953
	14,000	2.597%, 11/4/2019		14,323

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

Growth and Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (19.1%)	Value
	Consumer Cyclical (1.1%) - continued
		General Motors Financial Company, Inc.
$	31,748	3.250%, 5/15/2018	$	32,406
	21,000	4.375%, 9/25/2021		22,160
		GLP Capital, LP
	60,000	4.875%, 11/1/2020		62,175
		Hilton Worldwide Finance, LLC
	50,000	5.625%, 10/15/2021		51,750
		Home Depot, Inc.
	10,000	1.023%, 9/15/2017^g		10,038
	10,000	2.625%, 6/1/2022		10,465
		Hyundai Capital America
	12,000	1.450%, 2/6/2017^f		12,014
		Jaguar Land Rover Automotive plc
	30,000	4.250%, 11/15/2019^f		30,600
	33,000	5.625%, 2/1/2023^f		34,279
		KB Home
	29,000	4.750%, 5/15/2019		29,072
		L Brands, Inc.
	33,000	6.625%, 4/1/2021		37,125
		Lennar Corporation
	50,000	4.750%, 11/15/2022		50,812
		Macy’s Retail Holdings, Inc.
	14,000	7.450%, 7/15/2017		14,826
		MGM Resorts International
	55,000	6.000%, 3/15/2023		58,025
		Newell Rubbermaid, Inc.
	10,000	3.150%, 4/1/2021		10,418
		Ralph Lauren Corporation
	10,000	2.625%, 8/18/2020		10,434
		Royal Caribbean Cruises, Ltd.
	51,748	5.250%, 11/15/2022		54,465
		Six Flags Entertainment Corporation
	40,000	5.250%, 1/15/2021^f		41,250
		Toll Brothers Finance Corporation
	20,000	4.000%, 12/31/2018		20,730
		Visa, Inc.
	10,000	2.200%, 12/14/2020		10,311
		Walgreens Boots Alliance, Inc.
	10,000	1.750%, 5/30/2018		10,078
	10,000	2.600%, 6/1/2021		10,187
		West Corporation
	50,000	5.375%, 7/15/2022^f		46,500
		Yum! Brands, Inc.
	55,000	5.000%, 6/1/2024^f		55,963

		Total		903,386


	Consumer Non-Cyclical (1.1%)
		Actavis Funding SCS
	7,000	1.911%, 3/12/2020^g		7,021
		Amgen, Inc.
	10,000	2.125%, 5/1/2020		10,158
		Anheuser-Busch InBev Finance, Inc.
	15,000	1.897%, 2/1/2021^g		15,455
		B&G Foods, Inc.
	40,000	4.625%, 6/1/2021		40,000
		BAT International Finance plc
	10,000	1.163%, 6/15/2018^f,g		9,981
		Becton, Dickinson and Company
	13,000	1.450%, 5/15/2017		13,034
		Boston Scientific Corporation
	5,000	6.000%, 1/15/2020		5,692
		Bunge Limited Finance Corporation
	10,000	3.500%, 11/24/2020		10,482
		Cardinal Health, Inc.
	10,000	1.950%, 6/15/2018		10,116
		Celgene Corporation
	10,000	3.550%, 8/15/2022		10,477
		Centene Escrow Corporation
	55,000	5.625%, 2/15/2021^f		57,338
		CHS/Community Health Systems, Inc.
	33,000	7.125%, 7/15/2020		30,594
		Cott Beverages, Inc.
	55,000	5.375%, 7/1/2022		55,000
		CVS Health Corporation
	10,000	2.250%, 12/5/2018		10,229
		EMD Finance, LLC
	6,000	1.006%, 3/17/2017^f,g		5,996
		Envision Healthcare Corporation
	50,000	5.125%, 7/1/2022^f		50,250
		Express Scripts Holding Company
	10,000	3.900%, 2/15/2022		10,717
		Forest Laboratories, Inc.
	15,000	4.375%, 2/1/2019^f		15,821
		Fresenius Medical Care US Finance, Inc.
	26,748	5.750%, 2/15/2021^f		29,690
		Gilead Sciences, Inc.
	10,000	3.250%, 9/1/2022		10,649
		Grifols Worldwide Operations, Ltd.
	40,000	5.250%, 4/1/2022		40,700
		HCA, Inc.
	26,748	4.750%, 5/1/2023		27,417
		Iconix Brand Group, Inc., Convertible
	35,000	1.500%, 3/15/2018		28,306
		JBS USA, LLC
	55,000	5.750%, 6/15/2025^f		51,700
		Laboratory Corporation of America Holdings
	5,000	2.625%, 2/1/2020		5,107
		Mead Johnson Nutrition Company
	10,000	3.000%, 11/15/2020		10,447
		Merck & Company, Inc.
	5,000	1.005%, 2/10/2020^g		5,002
		Mondelez International, Inc.
	8,000	2.250%, 2/1/2019		8,174
		Mylan NV
	10,000	2.500%, 6/7/2019^f		10,133
	5,000	3.750%, 12/15/2020^f		5,213
		Pinnacle Foods, Inc.
	50,000	5.875%, 1/15/2024^f		52,313
		Revlon Consumer Products Corporation
	26,748	5.750%, 2/15/2021		25,812
		Reynolds American, Inc.
	6,000	3.250%, 6/12/2020		6,342
		SABMiller plc
	12,000	6.500%, 7/15/2018^f		13,162
		Safeway, Inc.
	3,000	3.400%, 12/1/2016		2,992

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

Growth and Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (19.1%)	Value
	Consumer Non-Cyclical (1.1%) - continued
		Spectrum Brands Escrow Corporation
$	33,000	6.375%, 11/15/2020	$	34,444
		Tenet Healthcare Corporation
	50,000	8.125%, 4/1/2022		51,240
		TreeHouse Foods, Inc.
	40,000	4.875%, 3/15/2022		40,800
		Valeant Pharmaceuticals International
	26,748	7.250%, 7/15/2022^f		22,942
		VPII Escrow Corporation
	25,000	7.500%, 7/15/2021^f		22,047

		Total		872,993


	Energy (0.6%)
		Anadarko Petroleum Corporation
	10,000	8.700%, 3/15/2019		11,404
		Antero Resources Corporation
	35,000	5.125%, 12/1/2022		33,600
		Boardwalk Pipelines, Ltd.
	11,000	5.875%, 11/15/2016		11,152
		BP Capital Markets plc
	15,000	1.676%, 5/3/2019		15,120
		Buckeye Partners, LP
	17,000	2.650%, 11/15/2018		17,240
		Chevron Corporation
	10,000	1.136%, 11/16/2018^g		9,958
		CNPC General Capital, Ltd.
	3,000	2.750%, 4/19/2017^f		3,032
		Concho Resources, Inc.
	51,748	6.500%, 1/15/2022		52,977
		Crestwood Midstream Partners, LP
	40,000	6.250%, 4/1/2023^f		36,800
		Ecopetrol SA
	7,000	5.875%, 9/18/2023		7,210
		Enbridge, Inc.
	8,000	1.136%, 6/2/2017^g		7,860
		EQT Corporation
	10,000	8.125%, 6/1/2019		11,017
		Exxon Mobil Corporation
	10,000	1.708%, 3/1/2019		10,162
		Marathon Petroleum Corporation
	10,000	3.400%, 12/15/2020		10,338
		MEG Energy Corporation
	33,000	6.375%, 1/30/2023^f		24,420
		Occidental Petroleum Corporation
	10,000	2.600%, 4/15/2022		10,247
		Pacific Drilling V, Ltd.
	40,000	7.250%, 12/1/2017^f		16,400
		Petrobras International Finance Company
	20,000	5.750%, 1/20/2020		19,322
		Petroleos Mexicanos
	20,000	5.500%, 2/4/2019^f		21,020
		Pioneer Natural Resources Company
	3,000	3.450%, 1/15/2021		3,098
		Regency Energy Partners, LP
	50,000	5.000%, 10/1/2022		51,305
		Sabine Pass Liquefaction, LLC
	55,000	5.625%, 3/1/2025		54,794
		Schlumberger Holdings Corporation
	10,000	3.000%, 12/21/2020^f		10,430
		Shell International Finance BV
	10,000	1.080%, 5/11/2020^g		9,869
		Sunoco Logistics Partners Operations, LP
	10,000	4.400%, 4/1/2021		10,538
		Transcontinental Gas Pipe Line Company, LLC
	10,000	7.850%, 2/1/2026^f		12,445
		Whiting Petroleum Corporation, Convertible
	20,000	1.250%, 4/1/2020		15,825

		Total		497,583


	Financials (2.0%)
		Abbey National Treasury Services plc
	14,000	1.037%, 9/29/2017^g		13,932
		ACE INA Holdings, Inc.
	10,000	2.875%, 11/3/2022		10,460
		AerCap Ireland Capital, Ltd.
	25,000	3.950%, 2/1/2022		25,000
		Air Lease Corporation
	14,000	2.125%, 1/15/2018		13,930
	5,000	2.625%, 9/4/2018		4,999
		Ally Financial, Inc.
	40,000	4.750%, 9/10/2018		40,800
		American Express Credit Corporation
	10,000	1.706%, 9/14/2020^g		10,031
		AMG Capital Trust II, Convertible
	700	5.150%, 10/15/2037		38,238
		Aviation Capital Group Corporation
	8,000	3.875%, 9/27/2016^f		8,011
		Bank of America Corporation
	18,000	5.700%, 5/2/2017		18,633
	16,000	1.700%, 8/25/2017		16,060
	31,000	1.717%, 3/22/2018^g		31,162
	25,000	5.650%, 5/1/2018		26,791
	10,000	2.625%, 4/19/2021		10,153
	11,000	8.000%, 12/29/2049^h		10,931
		BB&T Corporation
	16,000	2.050%, 6/19/2018		16,259
		Bear Stearns Companies, LLC
	20,000	6.400%, 10/2/2017		21,249
		Blackstone Mortgage Trust, Inc., Convertible
	40,000	5.250%, 12/1/2018		42,450
		BNP Paribas SA
	12,000	2.375%, 9/14/2017		12,173
		Caisse Centrale Desjardins du Quebec
	7,000	1.303%, 1/29/2018^f,g		6,981
		CIT Group, Inc.
	30,000	3.875%, 2/19/2019		30,150
		Citigroup, Inc.
	21,000	1.850%, 11/24/2017		21,116
		Credit Agricole SA
	8,000	1.628%, 6/10/2020^f,g		7,970
		CyrusOne, LP
	26,748	6.375%, 11/15/2022		27,818

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

Growth and Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (19.1%)	Value
	Financials (2.0%) - continued
		Discover Bank
$	4,000	8.700%, 11/18/2019	$	4,710
		Discover Financial Services
	8,000	6.450%, 6/12/2017		8,319
		Duke Realty, LP
	14,000	8.250%, 8/15/2019		16,621
		Fifth Third Bancorp
	20,000	5.450%, 1/15/2017		20,445
		Goldman Sachs Group, Inc.
	8,000	2.625%, 1/31/2019		8,188
	12,000	7.500%, 2/15/2019		13,723
	10,000	2.000%, 4/25/2019		10,103
	5,000	1.798%, 4/23/2020^g		4,985
	10,000	2.274%, 11/29/2023^g		9,979
		Goldman Sachs Group, Inc., Convertible
	375,000	0.500%, 9/24/2022		402,450
		Guardian Life Global Funding
	10,000	2.000%, 4/26/2021^f		10,132
		Hartford Financial Services Group, Inc.
	17,000	6.000%, 1/15/2019		18,660
		HCP, Inc.
	10,000	3.750%, 2/1/2019		10,354
		Health Care REIT, Inc.
	10,000	4.700%, 9/15/2017		10,364
		Hospitality Properties Trust
	10,000	4.250%, 2/15/2021		10,421
		Huntington Bancshares, Inc.
	10,000	3.150%, 3/14/2021		10,359
		Hutchison Whampoa Finance CI, Ltd.
	15,000	1.625%, 10/31/2017^f		15,068
		Icahn Enterprises, LP
	50,000	6.000%, 8/1/2020		49,375
		ING Capital Funding Trust III
	10,000	4.231%, 12/29/2049^g,h		9,712
		International Lease Finance Corporation
	30,000	5.875%, 4/1/2019		31,987
		Intesa Sanpaolo SPA
	4,000	3.875%, 1/16/2018		4,104
	15,000	3.875%, 1/15/2019		15,417
		J.P. Morgan Chase & Company
	8,000	6.300%, 4/23/2019		8,993
	5,000	2.250%, 1/23/2020		5,069
	15,000	2.700%, 5/18/2023		15,153
	9,000	7.900%, 4/29/2049^h		9,180
		KeyCorp
	12,000	2.300%, 12/13/2018		12,196
		Liberty Mutual Group, Inc.
	4,000	5.000%, 6/1/2021^f		4,417
		Lloyds Bank plc
	7,000	1.175%, 3/16/2018^g		6,962
		Macquarie Bank, Ltd.
	10,000	1.808%, 1/15/2019^f,g		10,062
		MetLife, Inc.
	14,000	1.903%, 12/15/2017		14,127
		Mizuho Corporate Bank, Ltd.
	14,000	1.550%, 10/17/2017^f		14,023
		Morgan Stanley
	16,000	6.625%, 4/1/2018		17,340
	10,000	1.774%, 1/27/2020^g		10,039
	10,000	2.500%, 4/21/2021		10,105
	10,000	4.875%, 11/1/2022		10,951
		MPT Operating Partnership, LP
	40,000	5.500%, 5/1/2024		41,000
		Murray Street Investment Trust I
	24,000	4.647%, 3/9/2017		24,539
		National City Corporation
	8,000	6.875%, 5/15/2019		9,017
		New York Life Global Funding
	10,000	1.550%, 11/2/2018^f		10,093
		Nomura Holdings, Inc.
	8,000	2.750%, 3/19/2019		8,187
		Quicken Loans, Inc.
	55,000	5.750%, 5/1/2025^f		53,075
		Realty Income Corporation
	12,000	2.000%, 1/31/2018		12,100
		Regions Bank
	7,000	7.500%, 5/15/2018		7,677
		Regions Financial Corporation
	10,000	3.200%, 2/8/2021		10,293
		Reinsurance Group of America, Inc.
	16,000	5.625%, 3/15/2017		16,458
		Simon Property Group, LP
	10,000	2.500%, 9/1/2020		10,343
	15,000	2.500%, 7/15/2021		15,454
		State Street Corporation
	10,000	1.526%, 8/18/2020^g		10,036
		Sumitomo Mitsui Banking Corporation
	24,000	1.300%, 1/10/2017		24,015
		SunTrust Banks, Inc.
	10,000	2.900%, 3/3/2021		10,354
		Synchrony Financial
	22,000	1.875%, 8/15/2017		22,034
	5,000	1.867%, 2/3/2020^g		4,844
		Toronto-Dominion Bank
	10,000	1.475%, 1/22/2019^g		10,067
	10,000	1.586%, 12/14/2020^g		10,056
		UnitedHealth Group, Inc.
	10,000	3.350%, 7/15/2022		10,698
		USB Realty Corporation
	5,000	1.775%, 12/29/2049^f,g,h		3,994
		Voya Financial, Inc.
	12,000	2.900%, 2/15/2018		12,225
		Wells Fargo & Company
	7,000	1.318%, 1/30/2020^g		6,957

		Total		1,652,906


	Foreign Government (4.1%)
		Argentina Government International Bond
	140,000	7.500%, 4/22/2026^f		151,340
		Brazil Government International Bond
	66,000	5.875%, 1/15/2019		72,138
	73,000	4.875%, 1/22/2021		76,906
	100,000	2.625%, 1/5/2023		91,150
	21,000	6.000%, 4/7/2026		22,785
	74,000	5.000%, 1/27/2045		66,415

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

Growth and Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (19.1%)	Value
	Foreign Government (4.1%) - continued
		Colombia Government International Bond
$	40,000	2.625%, 3/15/2023	$	38,660
	40,000	4.000%, 2/26/2024		41,780
	29,000	5.625%, 2/26/2044		32,117
	85,000	5.000%, 6/15/2045		88,188
		Croatia Government International Bond
	20,000	6.750%, 11/5/2019^f		21,775
	55,000	6.625%, 7/14/2020^f		60,005
		Hungary Government International Bond
	70,000	5.750%, 11/22/2023		79,688
	72,000	5.375%, 3/25/2024		80,424
		Indonesia Government International Bond
	60,000	4.875%, 5/5/2021^f		65,144
	65,000	3.375%, 4/15/2023^f		65,353
	66,000	5.875%, 1/15/2024^f		76,327
	60,000	4.125%, 1/15/2025^f		62,488
	120,000	5.125%, 1/15/2045^f		127,313
		Mexico Government International Bond
	50,000	3.625%, 3/15/2022		52,700
	68,000	4.000%, 10/2/2023		73,205
	70,000	3.600%, 1/30/2025		73,150
	25,000	4.125%, 1/21/2026		27,100
	22,000	6.050%, 1/11/2040		27,665
	50,000	4.750%, 3/8/2044		53,875
	44,000	5.550%, 1/21/2045		52,690
	77,000	4.600%, 1/23/2046		81,235
		Panama Government International Bond
	32,000	4.000%, 9/22/2024		34,320
	40,000	3.750%, 3/16/2025		42,200
	22,000	6.700%, 1/26/2036		29,205
		Peru Government International Bond
	21,000	5.625%, 11/18/2050		26,040
	115,000	4.125%, 8/25/2027		126,213
		Philippines Government International Bond
	40,000	7.750%, 1/14/2031		62,081
	50,000	6.375%, 10/23/2034		72,712
	20,000	5.000%, 1/13/2037		25,786
	40,000	3.950%, 1/20/2040		46,070
		Romania Government International Bond
	42,000	4.375%, 8/22/2023^f		44,940
	20,000	4.875%, 1/22/2024^f		22,052
		Russia Government International Bond
	44,000	3.500%, 1/16/2019^f		45,438
	200,000	5.000%, 4/29/2020^f		215,784
	85,000	4.875%, 9/16/2023^f		92,713
	62,150	7.500%, 3/31/2030^f		75,823
	66,000	5.625%, 4/4/2042^f		74,638
		South Africa Government International Bond
	50,000	5.500%, 3/9/2020		54,000
	10,000	5.375%, 7/24/2044		10,464
		Turkey Government International Bond
	66,000	7.500%, 11/7/2019		75,378
	125,000	7.000%, 6/5/2020		141,771
	85,000	5.125%, 3/25/2022		90,885
	44,000	6.250%, 9/26/2022		49,756
	22,000	5.750%, 3/22/2024		24,532
	67,000	4.250%, 4/14/2026		68,015
	41,000	4.875%, 4/16/2043		40,026

		Total		3,352,458


	Mortgage-Backed Securities (3.7%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	350,000	3.000%, 7/1/2031^d		367,158
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	250,000	4.000%, 7/1/2046^d		267,578
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	1,075,000	3.500%, 7/1/2046^d		1,134,293
	550,000	4.000%, 7/1/2046^d		589,688
	425,000	4.500%, 7/1/2046^d		463,912
	200,000	3.500%, 8/1/2046^d		210,742

		Total		3,033,371


	Technology (0.8%)
		Alliance Data Systems Corporation
	30,000	5.375%, 8/1/2022^f		28,725
		Apple, Inc.
	10,000	0.927%, 5/6/2020^g		9,899
		Automatic Data Processing, Inc.
	10,000	2.250%, 9/15/2020		10,390
		Cisco Systems, Inc.
	10,000	1.173%, 3/1/2019^g		10,036
		Denali Borrower, LLC
	52,000	5.625%, 10/15/2020^f		54,548
		Diamond 1 Finance Corporation
	10,000	3.480%, 6/1/2019^f		10,244
		Equinix, Inc.
	40,000	5.750%, 1/1/2025		41,400
		Fidelity National Information Services, Inc.
	15,000	1.450%, 6/5/2017		14,982
	10,000	3.625%, 10/15/2020		10,571
		First Data Corporation
	40,000	5.375%, 8/15/2023^f		40,620
		Freescale Semiconductor, Inc.
	40,000	6.000%, 1/15/2022^f		42,180
		Hewlett Packard Enterprise Company
	10,000	3.600%, 10/15/2020^f		10,438
		IMS Health, Inc.
	30,000	6.000%, 11/1/2020^f		30,525
		Intel Corporation
	15,000	1.700%, 5/19/2021		15,140
	10,000	3.100%, 7/29/2022		10,707
		Intel Corporation, Convertible
	30,000	2.950%, 12/15/2035		38,794
		Iron Mountain, Inc.
	21,748	6.000%, 8/15/2023		22,890
		Micron Technology, Inc., Convertible
	30,000	2.375%, 5/1/2032		44,925
	38,000	3.000%, 11/15/2043		29,022

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

Growth and Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (19.1%)	Value
	Technology (0.8%) - continued
		NXP Semiconductors NV, Convertible
$	60,000	1.000%, 12/1/2019	$	65,213
		Oracle Corporation
	10,000	2.500%, 5/15/2022		10,218
		Sensata Technologies BV
	50,000	4.875%, 10/15/2023^f		50,000
		Texas Instruments, Inc.
	10,000	1.750%, 5/1/2020		10,152
		Tyco Electronics Group SA
	16,000	6.550%, 10/1/2017		17,009

		Total		628,628


	Transportation (0.2%)
		Air Canada Pass Through Trust
	4,850	3.875%, 3/15/2023^f		4,547
		American Airlines Pass Through Trust
	6,721	4.950%, 1/15/2023		7,309
		Avis Budget Car Rental, LLC
	50,000	5.125%, 6/1/2022^f		48,250
		Continental Airlines, Inc.
	18,615	6.250%, 4/11/2020		19,807
		Delta Air Lines, Inc.
	7,998	4.950%, 5/23/2019		8,457
		ERAC USA Finance, LLC
	10,000	2.600%, 12/1/2021^f		10,163
		J.B. Hunt Transport Services, Inc.
	10,000	3.300%, 8/15/2022		10,435
		Korea Expressway Corporation
	13,000	1.625%, 4/28/2017^f		13,040
		United Airlines 2015-1 Class A Pass Through Trust
	10,000	3.700%, 12/1/2022		10,300

		Total		132,308


	U.S. Government and Agencies (0.6%)
		U.S. Treasury Notes
	115,000	1.875%, 6/30/2020		119,402
	95,000	2.125%, 6/30/2022		100,166
	230,000	1.625%, 2/15/2026		232,587

		Total		452,155


	Utilities (0.5%)
		AES Corporation
	26,748	7.375%, 7/1/2021		30,158
		Ameren Corporation
	10,000	2.700%, 11/15/2020		10,299
		Arizona Public Service Company
	5,000	2.200%, 1/15/2020		5,122
		Berkshire Hathaway Energy Company
	14,000	2.400%, 2/1/2020		14,380
		Calpine Corporation
	50,000	5.375%, 1/15/2023		48,750
		DTE Energy Company
	14,000	2.400%, 12/1/2019		14,295
		Dynegy Finance I, Inc.
	55,000	7.375%, 11/1/2022		53,075
		EDP Finance BV
	14,000	4.125%, 1/15/2020^f		14,442
		El Paso Corporation
	7,000	7.000%, 6/15/2017		7,290
		Emera U.S. Finance, LP
	5,000	2.150%, 6/15/2019^f		5,058
		Energy Transfer Equity, LP
	55,000	5.500%, 6/1/2027		51,700
		Eversource Energy
	5,000	1.600%, 1/15/2018		5,030
		Exelon Generation Company, LLC
	8,000	5.200%, 10/1/2019		8,852
	5,000	2.950%, 1/15/2020		5,143
		MPLX LP
	55,000	4.875%, 12/1/2024^f		53,579
		NextEra Energy Capital Holdings, Inc.
	10,000	2.300%, 4/1/2019		10,194
		NiSource Finance Corporation
	7,000	6.400%, 3/15/2018		7,577
		NRG Energy, Inc.
	26,748	6.625%, 3/15/2023		26,347
		Pacific Gas & Electric Company
	10,000	5.625%, 11/30/2017		10,607
		PG&E Corporation
	8,000	2.400%, 3/1/2019		8,157
		PSEG Power, LLC
	9,000	3.000%, 6/15/2021		9,124
		Sempra Energy
	14,000	6.150%, 6/15/2018		15,227
	5,000	2.400%, 3/15/2020		5,104
		Southern California Edison Company
	5,000	2.400%, 2/1/2022		5,184
		Southern Company
	10,000	1.850%, 7/1/2019		10,127
		Xcel Energy, Inc.
	10,000	1.200%, 6/1/2017		10,006

		Total		444,827


		Total Long-Term Fixed Income (cost $15,331,262)		15,514,218


Shares		Registered Investment Companies (4.3%)
	Equity Funds/ETFs (2.1%)
	2,075	AllianzGI NFJ Dividend Interest & Premium Strategy Fund		25,585
	2,300	BlackRock Resources & Commodities Strategy Trust		17,710
	1,025	Guggenheim Multi-Asset Income ETF		19,424
	4,800	iShares MSCI EAFE Index Fund		267,888
	16,880	Materials Select Sector SPDR Fund		782,219
	10,700	Utilities Select Sector SPDR Fund		561,429

		Total		1,674,255


	Fixed Income Funds/ETFs (2.2%)
	12,047	Aberdeen Asia-Pacific Income Fund, Inc.		60,355
	3,250	Doubleline Income Solutions Fund		59,637
	1,895	First Trust High Income Long/Short Fund		28,103
	13,473	iShares S&P U.S. Preferred Stock Index Fund		537,438
	11,462	MFS Intermediate Income Trust		53,184

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

Growth and Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Registered Investment Companies (4.3%)	Value
	Fixed Income Funds/ETFs (2.2%) - continued
	4,377	PIMCO Dynamic Credit Income Fund	$	83,732
	18,944	PowerShares Preferred Portfolio		288,707
	17,530	PowerShares Senior Loan Portfolio		402,664
	9,283	Templeton Global Income Fund		59,040
	1,645	Vanguard Short-Term Corporate Bond ETF		132,982
	4,234	Western Asset Emerging Markets Debt Fund, Inc.		65,119
	6,718	Western Asset High Income Opportunity Fund, Inc.		32,918

		Total		1,803,879


		Total Registered Investment Companies (cost $3,480,839)		3,478,134


		Preferred Stock (0.3%)
	Financials (0.2%)
	1,500	American Tower Corporation, Convertible, 5.500%		168,480

		Total		168,480


	Health Care (0.1%)
	85	Allergan plc, Convertible, 5.50%		70,763

		Total		70,763


		Total Preferred Stock (cost $229,155)		239,243


Shares or Principal Amount		Short-Term Investments (8.0%)^j
		Federal Farm Credit Discount Notes
	100,000	0.430%, 8/15/2016^k		99,969
		Federal Home Loan Bank Discount Notes
	100,000	0.410%, 9/21/2016^k		99,936
		Thrivent Core Short-Term Reserve Fund
	629,173	0.580%		6,291,730

		Total Short-Term Investments (cost $6,491,583)		6,491,635

		Total Investments (cost $84,153,750) 103.9%	$	84,380,343

		Other Assets and Liabilities, Net (3.9%)		(3,184,067	)

		Total Net Assets 100.0%	$	81,196,276

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

b	In bankruptcy. Interest is not being accrued.

c	All or a portion of the loan is unfunded.

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

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 June 30, 2016.

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 step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of June 30, 2016.

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 Growth and Income Plus Portfolio as of June 30, 2016 was $84,985 or 0.1% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of June 30, 2016.


Security	Acquisition Date		Cost
Angel Oak Mortgage Trust, 11/25/2045		3/4/2016	$	35,866
Digicel, Ltd., 4/15/2021		8/19/2013		57,110

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 June 30, 2016

(unaudited)


Principal Amount		Bank Loans (15.9%)^a	Value
	Basic Materials (0.8%)
		Alpha Natural Resources, Inc., Term Loan
$	487,519	3.500%, 5/22/2020^b	$	226,696
		Fortescue Metals Group, Ltd., Term Loan
	820,890	4.250%, 6/30/2019		783,950
		Ineos US Finance, LLC, Term Loan
	617,932	3.750%, 12/15/2020		601,971
		NewPage Corporation, Delayed Draw
	179,667	11.000%, 7/26/2017		178,319
		NewPage Corporation, Term Loan
	184,717	11.000%, 7/26/2017		102,518
	892,833	0.000%, 2/11/2021^b		120,533
		Tronox Pigments BV, Term Loan
	635,815	4.500%, 3/19/2020		607,203

		Total		2,621,190


	Capital Goods (0.5%)
		Accudyne Industries, LLC, Term Loan
	411,858	4.000%, 12/13/2019		368,613
		ADS Waste Holdings, Inc., Term Loan
	345,835	3.750%, 10/9/2019		339,783
		Berry Plastics Group, Inc., Term Loan
	640,150	3.500%, 2/8/2020		635,349
		Rexnord, LLC, Term Loan
	336,058	4.000%, 8/21/2020		331,531

		Total		1,675,276


	Communications Services (4.2%)
		Atlantic Broadband Penn, LLC, Term Loan
	43,203	3.250%, 11/30/2019		43,108
		Birch Communication Inc., Term Loan
	522,802	7.750%, 7/17/2020		428,697
		Block Communications, Inc., Term Loan
	671,590	4.000%, 11/7/2021		670,751
		Cincinnati Bell, Inc., Term Loan
	559,188	4.000%, 9/10/2020		555,273
		CSC Holdings, LLC, Term Loan
	325,000	5.000%, 10/9/2022		325,081
		Fairpoint Communications, Term Loan
	682,510	7.500%, 2/14/2019		679,807
		Grande Communications Networks, LLC, Term Loan
	620,819	4.500%, 5/29/2020		608,403
		Gray Television, Inc., Term Loan
	378,378	3.938%, 6/13/2021		378,378
		Hargray Communications Group, Inc., Term Loan
	633,788	5.250%, 6/26/2019		632,996
		Integra Telecom Holdings, Inc., Term Loan
	436,203	5.250%, 8/14/2020		423,392
		Intelsat Jackson Holdings SA, Term Loan
	264,628	3.750%, 6/30/2019		240,613
		Level 3 Communications, Inc., Term Loan
	610,000	4.000%, 8/1/2019		608,859
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	745,000	4.500%, 1/7/2022		726,375
		LTS Buyer, LLC, Term Loan
	679,000	4.000%, 4/13/2020		670,940
		MCC Georgia, LLC, Term Loan
	460,600	3.750%, 6/30/2021		459,066
		NEP/NCP Holdco, Inc., Term Loan
	641,941	4.250%, 1/22/2020		626,695
		Numericable US, LLC, Term Loan
	646,750	4.563%, 7/29/2022		635,432
	29,925	4.750%, 2/10/2023		29,465
		SBA Senior Finance II, LLC, Term Loan
	686,000	3.250%, 3/24/2021		678,091
		TNS, Inc., Term Loan
	404,628	5.000%, 2/14/2020		404,122
		Univision Communications, Inc., Term Loan
	576,829	4.000%, 3/1/2020		573,120
		Virgin Media Investment Holdings, Ltd., Term Loan
	390,526	3.649%, 6/30/2023		380,631
		WideOpenWest Finance, LLC, Term Loan
	632,663	4.500%, 4/1/2019		630,203
		WMG Acquisition Corporation, Term Loan
	583,500	3.750%, 7/1/2020		576,206
		XO Communications, LLC, Term Loan
	537,625	4.250%, 3/20/2021		536,055
		Yankee Cable Acquisition, LLC, Term Loan
	561,246	4.250%, 3/1/2020		559,843
		Zayo Group, LLC, Term Loan
	584,754	3.750%, 5/6/2021		580,994

		Total		13,662,596


	Consumer Cyclical (2.8%)
		Amaya BV, Term Loan
	1,102,066	5.000%, 8/1/2021		1,065,786
		Burlington Coat Factory Warehouse Corporation, Term Loan
	542,772	4.250%, 8/13/2021		541,187
		Cengage Learning Acquisitions, Term Loan
	935,000	5.250%, 6/7/2023		923,313
		Ceridian HCM Holding, Inc., Term Loan
	300,901	4.500%, 9/15/2020		290,369
		Charter Communications Operating, LLC, Term Loan
	727,500	3.000%, 1/3/2021		722,771
		Golden Nugget, Inc., Delayed Draw
	71,370	5.500%, 11/21/2019		71,370
		Golden Nugget, Inc., Term Loan
	166,530	5.500%, 11/21/2019		166,530
		IMG Worldwide, Inc., Term Loan
	749,897	5.250%, 5/6/2021^c,d		745,022
	350,000	0.000%, 5/6/2022^c,d		339,500
		Jack Ohio Finance, LLC, Term Loan
	406,037	5.000%, 6/20/2019		386,142

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

Balanced Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (15.9%)^a	Value
	Consumer Cyclical (2.8%) - continued
		Marina District Finance Company, Inc., Term Loan
$	230,132	6.500%, 8/15/2018	$	229,844
		Michaels Stores, Inc., Term Loan
	536,009	4.000%, 1/28/2020		535,843
		Mohegan Tribal Gaming Authority, Term Loan
	696,390	5.500%, 6/15/2018		690,645
		Scientific Games International, Inc., Term Loan
	594,750	6.000%, 10/18/2020		586,822
	1,283,823	6.000%, 10/1/2021^c,d		1,264,566
		Seminole Hard Rock Entertainment, Inc., Term Loan
	44,091	3.500%, 5/14/2020		43,797
		Seminole Indian Tribe of Florida, Term Loan
	470,107	3.000%, 4/29/2020		470,577

		Total		9,074,084


	Consumer Non-Cyclical (3.3%)
		Albertson’s, LLC, Term Loan
	314,213	4.750%, 12/21/2022		313,625
	885,000	4.750%, 6/22/2023^c,d		882,566
		Catalina Marketing Corporation, Term Loan
	416,862	4.500%, 4/9/2021		347,733
		CHS/Community Health Systems, Inc., Term Loan
	177,907	3.924%, 12/31/2018		176,166
	187,740	3.750%, 1/27/2021		182,296
	345,437	4.000%, 1/27/2021		336,176
		Endo Luxembourg Finance I Co Sarl, Term Loan
	482,575	3.750%, 9/26/2022		474,009
		JBS USA, LLC, Term Loan
	659,266	3.750%, 5/25/2018		658,165
	139,300	4.000%, 10/30/2022		138,865
		Libbey Glass, Inc., Term Loan
	330,259	3.750%, 4/9/2021		327,990
		LTF Merger Sub, Inc., Term Loan
	618,750	4.250%, 6/10/2022		603,281
		Mallinckrodt International Finance SA, Term Loan
	273,608	3.500%, 3/19/2021		270,188
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	805,000	5.000%, 5/4/2022		802,786
		MultiPlan, Inc., Term Loan
	950,000	5.000%, 6/7/2023		952,138
		Ortho-Clinical Diagnostics, Inc., Term Loan
	852,082	4.750%, 6/30/2021		804,511
		Owens-Brockway Glass Container, Inc., Term Loan
	691,250	3.500%, 9/1/2022		688,658
		Sterigenics-Nordion Holdings, LLC, Term Loan
	399,481	4.250%, 5/16/2022		395,486
		Supervalu, Inc., Term Loan
	599,566	5.500%, 3/21/2019^c,d		598,067
		Valeant Pharmaceuticals International, Inc., Term Loan
	1,796,045	5.000%, 4/1/2022		1,746,151

		Total		10,698,857


	Energy (0.9%)
		Arch Coal, Inc., Term Loan
	609,250	7.500%, 5/16/2018^b		279,493
		Energy Solutions, LLC, Term Loan
	388,857	6.750%, 5/29/2020		377,191
		Exgen Renewables I, LLC, Term Loan
	376,070	5.250%, 2/6/2021		375,366
		Houston Fuel Oil Terminal, LLC, Term Loan
	403,972	4.250%, 8/19/2021		388,823
		McJunkin Red Man Corporation, Term Loan
	348,443	5.000%, 11/8/2019		334,506
		MEG Energy Corporation, Term Loan
	502,784	3.750%, 3/31/2020		440,655
		Pacific Drilling SA, Term Loan
	577,150	4.500%, 6/3/2018		176,031
		Targa Resources Partners, LP, Term Loan
	306,977	5.750%, 2/27/2022		303,907
		Western Refining, Inc., Term Loan
	238,775	5.250%, 11/12/2020		230,120
	165,000	5.500%, 5/27/2023		160,532

		Total		3,066,624


	Financials (0.8%)
		DJO Finance, LLC, Term Loan
	322,563	4.250%, 6/7/2020		306,973
		Harland Clarke Holdings Corporation, Term Loan
	304,263	7.000%, 5/22/2018		295,135
	450,000	7.000%, 12/31/2019		435,375
		TransUnion, LLC, Term Loan
	684,253	3.500%, 4/9/2021		674,954
		WaveDivision Holdings, LLC, Term Loan
	727,387	4.000%, 10/15/2019		725,263

		Total		2,437,700


	Technology (1.6%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	1,466,325	4.250%, 2/1/2023		1,467,014
		First Data Corporation, Term Loan
	669,223	4.452%, 3/24/2021		666,158
	290,000	4.202%, 7/8/2022		287,100
		Micron Technology, Inc., Term Loan
	300,000	6.640%, 4/26/2022		301,266
		ON Semiconductor Corporation, Term Loan
	1,175,000	5.250%, 3/31/2023		1,177,937
		SS&C European Holdings SARL, Term Loan
	38,397	4.000%, 7/8/2022		38,357
	280,607	4.000%, 7/8/2022		280,316

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

Balanced Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (15.9%)^a	Value
	Technology (1.6%) - continued
		Western Digital Corporation, Term Loan
$	1,075,000	6.250%, 4/29/2023	$	1,078,365

		Total		5,296,513


	Transportation (0.7%)
		American Airlines, Inc., Term Loan
	554,259	3.250%, 6/27/2020		546,206
		Delta Airlines, Inc., Term Loan
	694,750	3.250%, 8/24/2022		693,013
		OSG Bulk Ships, Inc., Term Loan
	231,245	5.250%, 8/5/2019		221,995
		XPO Logistics, Inc., Term Loan
	845,750	5.500%, 11/1/2021		845,750

		Total		2,306,964


	Utilities (0.3%)
		Calpine Corporation, Term Loan
	698,133	3.500%, 5/27/2022		689,985
		Intergen NV, Term Loan
	382,651	5.500%, 6/15/2020^c,d		340,560

		Total		1,030,545


		Total Bank Loans (cost $54,212,828)		51,870,349


Shares		Common Stock (43.7%)
	Consumer Discretionary (6.9%)
	4,300	Aisan Industry Company, Ltd.		27,823
	3,950	Amazon.com, Inc.^e		2,826,699
	8,300	APN Outdoor Group Pty, Ltd.		43,009
	2,470	AutoZone, Inc.^e		1,960,785
	600	Bayerische Motoren Werke AG		38,248
	400	Beiersdorf AG		37,870
	9,600	Berkeley Group Holdings plc		324,172
	13,100	Best Buy Company, Inc.		400,860
	5,300	Betsson AB		44,329
	1,300	Brembo SPA		71,612
	3,600	Bridgestone Corporation		115,693
	4,400	Bunzl plc		135,382
	8,950	Burlington Stores, Inc.^e		597,055
	6,000	Calsonic Kansei Corporation		45,598
	7,190	Cedar Fair, LP		415,726
	100	Christian Dior SE		16,019
	8,900	Cineworld Group plc		64,924
	36,485	Comcast Corporation		2,378,457
	2,300	Compass Group plc		43,759
	200	Continental AG		37,846
	5,540	Core-Mark Holding Company, Inc.		259,604
	1,200	Daimler AG		71,806
	29,800	Debenhams plc		22,022
	13,900	Denso Corporation		489,076
	17,600	EDION Corporation		145,168
	12,700	Eutelsat Communications		239,715
	22,090	Ford Motor Company		277,671
	12,200	Fuji Heavy Industries, Ltd.		419,355
	9,440	General Motors Company		267,152
	15,000	Gunze, Ltd.		41,901
	6,600	Hakuhodo Dy Holdings, Inc.		79,106
	6,330	Harman International Industries, Inc.		454,621
	900	Hennes & Mauritz AB		26,479
	18,700	Honda Motor Company, Ltd.		469,094
	11,600	Howden Joinery Group plc		59,579
	17,300	Inchcape plc		145,465
	1,700	InterContinental Hotels Group plc		62,697
	2,600	Intertek Group plc		121,143
	2,000	JB Hi-Fi, Ltd.		36,244
	700	Koito Manufacturing Co., Ltd.		32,231
	1,045	Linamar Corporation		37,224
	900	LVMH Moet Hennessy Louis Vuitton SE		135,662
	4,800	Marks and Spencer Group plc		20,556
	19,740	MDC Partners, Inc.^f		361,045
	12,020	Newell Brands, Inc.		583,811
	32,540	NIKE, Inc.		1,796,208
	8,100	NOK Corporation		137,746
	1,500	Nokian Renkaat Oyj		53,763
	400	Paddy Power plc		42,039
	7,000	PanaHome Corporation		55,412
	18,700	Persimmon plc		362,627
	1,500	ProSiebenSat.1 Media AG^e		65,613
	7,165	Restoration Hardware Holdings, Inc.^e,f		205,492
	600	Rightmove plc		29,305
	3,700	Saizeriya Company, Ltd.		66,113
	4,300	Sekisui House, Ltd.		75,302
	4,400	SHOWA Corporation		24,704
	2,700	Sky plc		30,681
	6,300	Sports Direct International plc^e		26,975
	3,000	Stanley Electric Company, Ltd.		64,069
	11,900	Star Entertainment Group, Ltd.		48,489
	20,860	Starbucks Corporation		1,191,523
	13,800	Sumitomo Forestry Company, Ltd.		187,296
	7,800	Sumitomo Rubber Industries, Ltd.		104,426
	500	Swatch Group AG		28,634
	2,200	Tamron Company, Ltd.		29,507
	14,000	Tatts Group, Ltd.		40,288
	28,200	Taylor Wimpey plc		50,030
	13,740	Toll Brothers, Inc.^e		369,743
	2,600	USS Company, Ltd.		42,969
	200	Valora Holding AG		55,600
	6,000	Wacoal Holdings Corporation		59,210
	16,700	Walt Disney Company		1,633,594
	10,600	WH Smith plc		222,691
	830	Whirlpool Corporation		138,311
	1,600	Whitbread plc		74,863
	11,300	Wolters Kluwer NV		457,553
	8,300	WPP plc		172,985
	6,900	Yokohama Rubber Company, Ltd.		86,540

		Total		22,514,594


	Consumer Staples (2.8%)
	700	AarhusKarlshamn AB		49,970
	12,670	Anheuser-Busch InBev NV ADR		1,668,386
	8,000	Axfood AB		153,658
	2,078	British American Tobacco plc		134,715
	32,600	Coca-Cola Company		1,477,758
	11,900	Coca-Cola HBC AG		240,792
	393	George Weston, Ltd.		34,012
	2,500	Henkel AG & Company KGaA		270,421
	19,030	Imperial Brands plc		1,032,055
	2,200	Jeronimo Martins SGPS SA		34,698
	1,300	Kesko Oyj		55,207
	36,000	Koninklijke Ahold NV		794,976
	600	KOSE Corporation		50,844
	3,600	Nestle SA		278,922
	3,000	Nichirei Corporation		27,677
	5,000	Nippon Meat Packers, Inc.		122,470

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

Balanced Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (43.7%)	Value
	Consumer Staples (2.8%) - continued
	15,140	Philip Morris International, Inc.	$	1,540,041
	796	Premium Brands Holdings Corporation		33,517
	2,800	Suedzucker AG		61,672
	1,200	Sugi Holdings Company, Ltd.		66,909
	9,600	Swedish Match AB		335,022
	800	Universal Corporation		46,192
	10,600	WhiteWave Foods Company^e		497,564
	6,007	Woolworths, Ltd.		94,482

		Total		9,101,960


	Energy (2.9%)
	227,474	BP plc		1,331,530
	2,500	Caltex Australia, Ltd.		60,275
	12,290	Continental Resources, Inc.^e,f		556,368
	17,770	EOG Resources, Inc.		1,482,373
	20,210	EQT Corporation		1,564,860
	10,448	OMV AG		293,702
	8,780	Parsley Energy, Inc.^e		237,587
	7,873	Royal Dutch Shell plc		215,961
	78	Royal Dutch Shell plc, Class A		2,142
	4,400	Royal Dutch Shell plc, Class B		121,566
	54,000	Spectra Energy Corporation		1,978,020
	6,062	Statoil ASA		104,743
	8,617	Total SA		413,239
	535	Vantage Drilling International^e		46,278
	214,160	Weatherford International plc^e		1,188,588

		Total		9,597,232


	Financials (13.3%)
	2,000	Acadia Realty Trust		71,040
	2,900	Affiliated Managers Group, Inc.^e		408,233
	2,250	Agree Realty Corporation		108,540
	8,280	Alexandria Real Estate Equities, Inc.		857,146
	8,800	Allianz SE		1,255,391
	850	American Campus Communities, Inc.		44,940
	7,200	Anima Holding SPA^g		33,945
	4,050	Apartment Investment & Management Company		178,848
	51,650	Apollo Investment Corporation		286,141
	3,500	Apple Hospitality REIT, Inc.		65,835
	23,800	Ares Capital Corporation		337,960
	15,100	Australia & New Zealand Banking Group, Ltd.		275,123
	3,100	AvalonBay Communities, Inc.		559,209
	33,300	Banco Santander SA		129,227
	20,400	Bank Hapoalim, Ltd.		102,773
	32,600	Bank of East Asia, Ltd.		126,071
	4,599	Bank of Montreal		291,720
	14,844	Bank of Nova Scotia		727,407
	11,024	Bank of Queensland, Ltd.		87,952
	10,280	Bank of the Ozarks, Inc.		385,706
	24,900	BinckBank NV		123,784
	1,200	Bluerock Residential Growth REIT, Inc.		15,600
	5,700	Boston Properties, Inc.		751,830
	23,568	Brixmor Property Group, Inc.		623,609
	8,220	Camden Property Trust		726,812
	462	Canadian Imperial Bank of Commerce		34,701
	4,755	Canadian Western Bank		90,724
	33,400	CapitaMall Trust		53,107
	1,800	Care Capital Properties, Inc.		47,178
	1,024	Chesapeake Lodging Trust		23,808
	8,000	Chiba Bank, Ltd.		37,806
	35,408	Citigroup, Inc.		1,500,945
	10,600	CNP Assurances		156,391
	650	CoreSite Realty Corporation		57,649
	5,110	Crown Castle International Corporation		518,307
	4,300	CubeSmart		132,784
	1,600	CyrusOne, Inc.		89,056
	400	Daito Trust Construction Company, Ltd.		64,945
	1,600	Danske Bank AS		42,113
	6,300	DDR Corporation		114,282
	4,900	Derwent London plc		170,950
	49,000	DEXUS Property Group		332,498
	2,968	Digital Realty Trust, Inc.		323,482
	33,710	Direct Line Insurance Group plc		155,847
	1,400	Douglas Emmett, Inc.		49,728
	34,360	Duke Realty Corporation		916,038
	1,150	DuPont Fabros Technology, Inc.		54,671
	1,200	Education Realty Trust, Inc.		55,368
	22,740	Encore Capital Group, Inc.^e,f		535,072
	1,319	EPR Properties		106,417
	2,112	Equinix, Inc.		818,886
	2,800	Equity Lifestyle Properties, Inc.		224,140
	1,100	Equity One, Inc.		35,398
	10,190	Equity Residential		701,887
	11,900	Erste Group Bank AG		270,940
	1,600	Essex Property Trust, Inc.		364,944
	4,000	EXOR SPA		147,663
	2,700	Extra Space Storage, Inc.		249,858
	1,100	Federal Realty Investment Trust		182,105
	900	First Industrial Realty Trust, Inc.		25,038
	48,800	FlexiGroup, Ltd.		64,004
	2,100	Forest City Realty Trust, Inc.		46,851
	30,600	Frasers Centrepoint Trust		48,448
	71,000	Fukuoka Financial Group, Inc.		234,105
	2,950	Gaming and Leisure Properties, Inc.		101,716
	12,086	General Growth Properties, Inc.		360,405
	2,657	Genworth MI Canada, Inc.		68,155
	1,900	GEO Group, Inc.		64,942
	8,600	Great Portland Estates plc		71,986
	300	Groupe Bruxelles Lambert SA		24,602
	16,436	H&R Real Estate Investment Trust		286,369
	4,300	Hamborner REIT AG		46,426
	9,100	Hang Seng Bank, Ltd.		156,091
	4,200	Hannover Rueckversicherung SE		440,067
	8,400	HCP, Inc.		297,192
	2,600	Healthcare Realty Trust, Inc.^d		90,974
	3,200	Healthcare Trust of America, Inc.		103,488
	58,900	Henderson Group plc		167,451
	5,500	Henderson Land Development Company, Ltd.		31,068
	3,200	Highwoods Properties, Inc.		168,960
	1,500	Hitachi Capital Corporation		29,770
	3,000	Hospitality Properties Trust		86,400
	17,496	Host Hotels & Resorts, Inc.		283,610
	2,200	Hudson Pacific Properties, Inc.		64,196
	9,400	Hufvudstaden AB		147,537
	59,000	Hysan Development Company, Ltd.		263,112
	2,371	Intact Financial Corporation		169,372
	6,400	International Exchange, Inc.		1,638,144
	10,000	Invesco Mortgage Capital, Inc.		136,900
	44,600	Investec plc		277,224
	3,200	Iron Mountain, Inc.		127,456
	21,510	J.P. Morgan Chase & Company		1,336,631
	800	Jyske Bank AS		30,370
	32,170	KeyCorp		355,478

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

Balanced Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (43.7%)	Value
	Financials (13.3%) - continued
	1,700	Kilroy Realty Corporation	$	112,693
	12,500	Kimco Realty Corporation		392,250
	1,403	Lamar Advertising Company		93,019
	2,400	LaSalle Hotel Properties		56,592
	900	Liberty Property Trust		35,748
	11,000	Link REIT		75,220
	3,450	Macerich Company		294,595
	7,100	Macquarie Group, Ltd.		369,587
	5,300	Medical Properties Trust, Inc.		80,613
	23,260	MetLife, Inc.		926,446
	2,300	Mid-America Apartment Communities, Inc.		244,720
	36,600	Mitsui & Company, Ltd.		436,901
	149,700	Mizuho Financial Group, Inc.		215,427
	2,800	MS and AD Insurance Group Holdings, Inc.		72,548
	7,200	National Australia Bank, Ltd.		138,236
	8,901	National Bank of Canada		304,451
	1,500	National Health Investors, Inc.		112,635
	4,600	National Retail Properties, Inc.		237,912
	450	National Storage Affiliates Trust		9,369
	217,510	New World Development Company, Ltd.		221,505
	3,500	NorthStar Realty Finance Corporation		40,005
	12,400	Old Mutual plc		33,498
	3,050	Omega Healthcare Investors, Inc.		103,548
	1,600	Outfront Media, Inc.		38,672
	3,400	Parkway Properties, Inc.		56,882
	1,200	Pebblebrook Hotel Trust		31,500
	4,500	Physicians Realty Trust		94,545
	2,669	Power Corporation of Canada		56,811
	17,813	Prologis, Inc.		873,550
	3,700	Public Storage, Inc.		945,683
	919	QTS Realty Trust, Inc.		51,446
	5,700	Raymond James Financial, Inc.		281,010
	1,900	Realty Income Corporation		131,784
	2,500	Regency Centers Corporation		209,325
	1,400	Retail Opportunity Investments Corporation		30,338
	1,800	Retail Properties of America, Inc.		30,420
	5,492	RLJ Lodging Trust		117,803
	900	Sampo Oyj		36,807
	6,232	Schroders plc		196,936
	3,171	Senior Housing Property Trust		66,052
	8,953	Simon Property Group, Inc.		1,941,906
	2,300	SL Green Realty Corporation		244,881
	20,250	Solar Capital, Ltd.		385,763
	1,777	Sovran Self Storage, Inc.		186,443
	16,900	Spirit Realty Captial, Inc.		215,813
	144,200	Stockland		511,262
	3,760	Store Capital Corporation		110,732
	4,300	Summit Hotel Properties, Inc.		56,932
	650	Sun Communities, Inc.		49,816
	3,262	Sunstone Hotel Investors, Inc.		39,372
	6,100	Swiss Re AG		532,777
	43,290	Synchrony Financial^e		1,094,371
	19,900	T&D Holdings, Inc.		168,991
	1,300	Talanx AG		38,718
	1,932	Tanger Factory Outlet Centers, Inc.		77,628
	800	Taubman Centers, Inc.		59,360
	900	Tokio Marine Holdings, Inc.		29,962
	2,846	Toronto-Dominion Bank		122,215
	6,400	UDR, Inc.		236,288
	28,000	United Overseas Bank, Ltd.		385,783
	2,400	Urban Edge Properties		71,664
	6,000	Ventas, Inc.		436,920
	4,719	VEREIT, Inc.		47,851
	7,040	Vornado Realty Trust		704,845
	2,300	Weingarten Realty Investors		93,886
	15,713	Welltower, Inc.		1,196,859
	6,000	Wharf Holdings, Ltd.		36,615
	8,000	Wheelock and Company, Ltd.		37,581
	53,100	Wing Tai Holdings, Ltd.		64,454
	1,200	WP Carey, Inc.		83,304
	15,740	XL Group plc		524,299
	19,420	Zions Bancorporation		488,025

		Total		43,211,466


	Health Care (4.8%)
	48,720	Abbott Laboratories		1,915,183
	600	Actelion, Ltd.		101,039
	14,030	Akorn, Inc.^e		399,645
	6,880	Allergan plc^e		1,589,899
	5,100	Amgen, Inc.		775,965
	2,500	Astellas Pharmaceutical, Inc.		39,206
	200	Bayer AG		20,087
	6,768	Essilor International SA		889,516
	500	Gerresheimer AG		38,516
	7,400	Hikma Pharmaceuticals plc		243,691
	12,170	Hologic, Inc.^e		421,082
	3,430	ICON plc^e		240,134
	900	Lonza Group AG		149,501
	19,160	Medtronic plc		1,662,513
	34,620	Merck & Company, Inc.		1,994,458
	2,700	Merck KGaA		274,437
	9,400	Novartis AG		775,862
	9,300	Novo Nordisk AS		500,832
	20,490	Pfizer, Inc.		721,453
	1,000	Roche Holding AG-Genusschein		263,880
	8,100	Sanofi		672,973
	3,220	Teleflex, Inc.		570,938
	11,960	Vertex Pharmaceuticals, Inc.^e		1,028,799
	3,060	Waters Corporation^e		430,389

		Total		15,719,998


	Industrials (4.3%)
	2,700	Adecco SA		136,183
	5,060	AerCap Holdings NV^e		169,965
	4,000	Aida Engineering, Ltd.		32,874
	50,700	Air New Zealand, Ltd.		75,986
	4,500	Amada Holdings Company, Ltd.		45,685
	1,200	Andritz AG		56,901
	22,000	Asahi Glass Company, Ltd.		119,392
	1,400	Atlas Copco Aktiebolag		36,361
	3,500	Babcock International Group plc		42,316
	20,000	Cathay Pacific Airways, Ltd.		29,341
	2,500	Compagnie de Saint-Gobain		94,764
	6,000	Dai Nippon Printing Company, Ltd.		66,870
	3,748	Dart Group plc		26,295
	300	DCC plc		26,400
	11,340	Delta Air Lines, Inc.		413,116
	4,200	Deutsche Post AG		118,325
	1,200	DSV AS		50,458
	500	East Japan Railway Company		46,337
	8,990	EMCOR Group, Inc.		442,847
	3,860	Equifax, Inc.		495,624
	800	Flughafen Zuerich AG		141,577
	1,800	Fraport AG Frankfurt Airport Services Worldwide		96,374
	11,000	Fuji Electric Company, Ltd.		45,799

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

100

Balance Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (43.7%)	Value
	Industrials (4.3%) - continued
	4,025	Galliford Try plc	$	49,167
	100	Georg Fischer AG		79,941
	6,000	Hankyu Hanshin Holdings, Inc.		44,739
	2,300	Hitachi Transport System, Ltd.		37,837
	9,020	HNI Corporation		419,340
	700	Hochtief AG		90,378
	17,080	Honeywell International, Inc.		1,986,746
	16,520	Illinois Tool Works, Inc.		1,720,723
	2,700	Inaba Denki Sangyo Company, Ltd.		92,476
	15,740	Ingersoll-Rand plc		1,002,323
	7,100	Intrum Justitia AB		222,674
	35,900	ITOCHU Corporation		439,172
	27,200	Jacobs Engineering Group, Inc.^e		1,354,832
	5,000	Kamigumi Company, Ltd.		46,214
	13,300	KITZ Corporation		63,112
	13,900	KONE Oyj		641,493
	2,932	Koninklijke Boskalis Westminster NV		100,048
	600	Kuehne & Nagel International AG		84,066
	2,300	Kurita Water Industries, Ltd.		51,271
	9,100	Marubeni Corporation		41,111
	13,660	Masco Corporation		422,640
	19,800	Meggitt plc		107,622
	4,100	Middleby Corporation^e		472,525
	5,200	MIRAIT Holdings Corporation		51,124
	6,000	Mitsuboshi Belting, Ltd.		46,782
	5,600	Nikkon Holdings Company, Ltd.		100,626
	8,000	Nippon Express Company, Ltd.		36,558
	9,300	Nitto Kogyo Corporation		115,622
	2,000	Randstad Holding NV		79,982
	500	Rieter Holding AG		102,349
	900	SAAB AB		28,066
	8,300	Sanwa Holdings Corporation		75,447
	1,000	Schindler Holding AG		181,048
	200	Schindler Holding AG - REG		36,397
	1,500	Skanska AB		31,409
	1,400	Southwest Airlines Company		54,894
	1,300	TOTO, Ltd.		51,947
	1,200	Travis Perkins plc		23,676
	4,160	WABCO Holdings, Inc.^e		380,931
	2,084	WSP Global, Inc.		63,748
	1,200	Yuasa Trading Company, Ltd.		24,757

		Total		13,865,603


	Information Technology (5.9%)
	2,640	Alphabet, Inc., Class A^e		1,857,319
	1,455	Alphabet, Inc., Class C^e		1,007,006
	18,720	Apple, Inc.		1,789,632
	974	AtoS		80,306
	5,100	Canon, Inc.		145,606
	6,460	Check Point Software Technologies, Ltd.^e		514,733
	24,310	Cisco Systems, Inc.		697,454
	43,470	EMC Corporation		1,181,080
	13,140	Facebook, Inc.^e		1,501,639
	28,340	Finisar Corporation^e		496,233
	11,800	FUJIFILM Holdings NPV		457,845
	2,700	Hoya Corporation		96,433
	1,500	ITOCHU Techno-Solutions Corporation		32,315
	15,970	Juniper Networks, Inc.		359,165
	1,200	Kyocera Corporation		57,099
	10,330	MasterCard, Inc.		909,660
	36,710	Microsoft Corporation		1,878,451
	5,000	NEC Networks & System Integration Corporation		88,520
	1,600	Nice, Ltd.		101,813
	2,700	NS Solutions Corporation		41,612
	775	NVIDIA Corporation		36,433
	35,150	Pandora Media, Inc.^e,f		437,618
	8,510	Plantronics, Inc.		374,440
	11,920	Progress Software Corporation^e		327,323
	19,323	QLIK Technologies, Inc.^e		571,574
	11,100	Shinko Electric Industries Company, Ltd.		54,369
	500	TDK Corporation		27,988
	100	U-Blox AG		21,557
	2,610	Ultimate Software Group, Inc.^e		548,857
	800	United Internet AG		33,255
	26,400	Visa, Inc.		1,958,088
	34,340	Xilinx, Inc.		1,584,104

		Total		19,269,527


	Materials (1.3%)
	900	Air Liquide SA		93,764
	2,800	Amcor, Ltd.		31,482
	1,400	Ashland, Inc.		160,678
	37,800	BHP Billiton, Ltd.		526,791
	11,400	BillerudKorsnas AB		170,116
	3,300	Buzzi Unicem SPA		57,830
	290	CCL Industries, Inc.		50,469
	1,700	Croda International plc		71,364
	3,620	Crown Holdings, Inc.^e		183,425
	29,400	Daicel Corporation		304,645
	7,000	Denki Kagaku Kogyo KK		28,309
	4,570	Domtar Corporation		159,996
	1,000	Evonik Industries AG		29,809
	2,880	FMC Corporation		133,373
	800	FUCHS PETROLUB SE		31,473
	100	Givaudan SA		201,352
	3,900	Hexpol AB		40,049
	2,300	JFE Holdings, Inc.		30,004
	3,000	JSR Corporation		39,729
	600	LafargeHolcim, Ltd.		25,103
	15,100	Mitsubishi Chemical Holdings Corporation		69,218
	5,000	Mitsubishi Gas Chemical Company, Inc.		26,085
	17,000	Mitsubishi Materials Corporation		40,704
	1,100	Nippon Shokubai Company, Ltd.		63,268
	62,189	Norsk Hydro ASA		227,663
	3,100	Novozymes AS		148,865
	7,000	Oji Holdings Corporation		26,873
	17,100	Orora, Ltd.		35,505
	3,180	Packaging Corporation of America		212,837
	1,920	PPG Industries, Inc.		199,968
	1,035	Rio Tinto, Ltd.		35,801
	8,820	Steel Dynamics, Inc.		216,090
	3,000	Sumitomo Metal Mining Company, Ltd.		30,517
	8,000	Sumitomo Seika Chemicals Company, Ltd.		44,568
	7,000	Tosoh Corporation		32,288
	11,897	UPM-Kymmene Oyj		218,558
	11,274	Yara International ASA		358,139

		Total		4,356,708


	Telecommunications Services (0.7%)
	4,580	BCE, Inc.		216,743
	10,500	Elisa Oyj		403,445
	10,300	Freenet AG		265,262
	126,585	KCOM Group plc		177,786

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

101

Balance Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (43.7%)	Value
	Telecommunications Services (0.7%) - continued
	700	Millicom International Cellular SA	$	42,937
	2,800	Nippon Telegraph & Telephone Corporation		131,306
	10,000	Orange SA		162,606
	3,600	Proximus SA		114,403
	12,600	Telefonica Deutschland Holding AG		51,901
	21,620	Zayo Group Holdings, Inc.^e		603,847

		Total		2,170,236


	Utilities (0.8%)
	2,200	Chubu Electric Power Company, Inc.		31,308
	4,200	E.ON SE		42,398
	61,600	Electricidade de Portugal SA		188,594
	12,400	Enagas SA		378,825
	25,280	MDU Resources Group, Inc.		606,720
	10,360	NorthWestern Corporation		653,405
	89,000	Osaka Gas Company, Ltd.		342,160
	43,300	Redes Energeticas Nacionais SGPS SA		121,762
	7,000	Toho Gas Company, Ltd.		57,279
	6,100	Tokyo Electric Power Company, Inc.^e		25,834
	17,300	United Utilities Group plc		239,785
	1,800	Veolia Environnement SA		38,870

		Total		2,726,940


		Total Common Stock (cost $134,175,322)		142,534,264


Principal Amount		Long-Term Fixed Income (31.6%)
	Asset-Backed Securities (1.2%)
		Asset Backed Securities Corporation Home Equity Loan Trust
$	364,842	0.593%, 7/25/2036^h		318,342
		Bayview Opportunity Master Fund Trust
	83,257	3.623%, 4/28/2030^g		82,912
	202,127	3.228%, 7/28/2034*^,i		201,987
		Credit Based Asset Servicing and Securitization, LLC
	264,220	3.460%, 12/25/2036ⁱ		176,621
		First Horizon ABS Trust
	192,042	0.613%, 10/25/2034^h,j		174,581
		GMAC Mortgage Corporation Loan Trust
	387,801	0.939%, 8/25/2035^h,j		364,656
	359,739	0.626%, 12/25/2036^h,j		318,967
		IndyMac Seconds Asset-Backed Trust
	239,907	0.793%, 10/25/2036^h,j		146,647
		J.P. Morgan Mortgage Acquisition Trust
	188,363	4.218%, 3/25/2047ⁱ		127,638
		Lehman XS Trust
	196,812	5.440%, 8/25/2035ⁱ		171,086
		NRZ Advance Receivables Trust
	451,000	2.751%, 6/15/2049*^,k		452,881
		Preferred Term Securities XXIII, Ltd.
	548,716	0.853%, 12/22/2036*^,h		417,820
		Pretium Mortgage Credit Partners I, LLC
	250,000	4.000%, 7/25/2031*^,i		250,089
		Sunset Mortgage Loan Company, LLC
	139,373	4.459%, 9/16/2045*^,i		139,926
		Vericrest Opportunity Loan Transferee
	143,040	3.375%, 10/25/2058*^,i		141,538
	157,482	3.500%, 6/26/2045^g		156,201
		Wachovia Asset Securitization, Inc.
	481,953	0.593%, 7/25/2037*^,h,j		398,357

		Total		4,040,249


	Basic Materials (0.4%)
		Albemarle Corporation
	96,000	3.000%, 12/1/2019		97,299
		ArcelorMittal SA
	190,000	6.500%, 3/1/2021^f		195,225
		Dow Chemical Company
	86,000	8.550%, 5/15/2019		102,085
		Glencore Funding, LLC
	65,000	1.693%, 4/16/2018^g,h		62,400
		LyondellBasell Industries NV
	80,000	5.000%, 4/15/2019		86,591
		Newmont Mining Corporation, Convertible
	200,000	1.625%, 7/15/2017		223,750
		NOVA Chemicals Corporation
	341,904	5.250%, 8/1/2023^g		343,613
		Royal Gold, Inc., Convertible
	150,000	2.875%, 6/15/2019^f		160,500
		RPM International, Inc., Convertible
	145,000	2.250%, 12/15/2020		168,200

		Total		1,439,663


	Capital Goods (0.9%)
		Ball Corporation
	200,000	4.375%, 12/15/2020		210,375
		Berry Plastics Corporation
	155,000	6.000%, 10/15/2022		160,231
		Building Materials Corporation of America
	280,000	6.000%, 10/15/2025^g		292,600
		Cemex SAB de CV
	300,000	5.700%, 1/11/2025^g		284,250
		CNH Industrial Capital, LLC
	305,000	4.375%, 11/6/2020^f		308,050
		Crown Americas Capital Corporation IV
	190,000	4.500%, 1/15/2023		193,800
		General Electric Company
	368,000	5.000%, 12/29/2049^l		390,448
		Huntington Ingalls Industries, Inc.
	300,000	5.000%, 12/15/2021^g		313,875
		L-3 Communications Corporation
	90,000	1.500%, 5/28/2017		90,079
		Lockheed Martin Corporation
	65,000	2.500%, 11/23/2020		67,071
		Nortek, Inc.
	227,936	8.500%, 4/15/2021		236,484
		Roper Industries, Inc.
	71,000	2.050%, 10/1/2018		71,862

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

102

Balance Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (31.6%)	Value
	Capital Goods (0.9%) - continued
		United Rentals North America, Inc.
$	290,000	5.500%, 7/15/2025	$	285,650

		Total		2,904,775


	Collateralized Mortgage Obligations (3.5%)
		Alternative Loan Trust
	100,462	5.500%, 5/25/2035		100,203
		Angel Oak Mortgage Trust
	271,716	4.500%, 11/25/2045*^,i		272,558
		Banc of America Alternative Loan Trust
	523,763	6.000%, 11/25/2035		457,126
		Banc of America Mortgage Securities, Inc.
	175,446	2.872%, 9/25/2035		160,249
		Bear Stearns ALT-A Trust
	185,410	2.846%, 10/25/2033		180,391
		Countrywide Alternative Loan Trust
	438,415	6.500%, 8/25/2036		272,850
		Countrywide Home Loan Mortgage Pass Through Trust
	348,501	2.759%, 11/25/2035		279,698
		Credit Suisse First Boston Mortgage Securities Corporation
	295,176	5.250%, 10/25/2035		286,759
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	328,068	2.501%, 8/25/2035		250,892
	537,004	5.500%, 11/25/2035		522,262
	351,043	1.207%, 4/25/2047^h		296,216
		GMAC Mortgage Corporation Loan Trust
	251,393	3.407%, 5/25/2035		230,762
		HarborView Mortgage Loan Trust
	275,003	3.073%, 7/19/2035		237,498
	190,132	3.024%, 12/19/2035		165,343
		IndyMac INDA Mortgage Loan Trust
	251,031	4.113%, 8/25/2036		233,015
		IndyMac INDX Mortgage Loan Trust
	440,950	0.663%, 4/25/2046^h		320,021
		J.P. Morgan Alternative Loan Trust
	585,939	6.500%, 3/25/2036		475,997
		J.P. Morgan Mortgage Trust
	460,496	2.882%, 8/25/2035		455,477
	484,170	2.787%, 1/25/2037		429,873
		Merrill Lynch Mortgage Investors Trust
	447,799	6.250%, 8/25/2036		356,314
		MortgageIT Trust
	664,469	0.713%, 12/25/2035^h		593,501
	732,973	0.653%, 4/25/2036^h		539,371
		New York Mortgage Trust
	175,383	2.949%, 5/25/2036		157,023
		Residential Accredit Loans, Inc. Trust
	347,941	5.750%, 9/25/2035		308,035
		Residential Funding Mortgage Security I Trust
	597,576	6.000%, 7/25/2037		537,026
		Structured Adjustable Rate Mortgage Loan Trust
	355,831	2.782%, 1/25/2035		291,139
	241,247	2.939%, 7/25/2035		205,194
	377,435	3.082%, 9/25/2035		309,976
		Structured Asset Mortgage Investments, Inc.
	843,534	0.763%, 12/25/2035^h		596,391
		WaMu Mortgage Pass Through Certificates
	119,222	5.000%, 11/25/2018		121,323
	168,287	2.008%, 1/25/2037		141,646
	299,665	1.177%, 1/25/2047^h		229,719
		Washington Mutual Mortgage Pass Through Certificates
	436,743	1.187%, 2/25/2047^h		306,443
		Wells Fargo Mortgage Backed Securities Trust
	152,488	2.855%, 3/25/2036		149,208
	535,724	2.990%, 7/25/2036		523,031
	258,999	6.000%, 7/25/2037		258,484
	304,040	6.000%, 7/25/2037		299,681

		Total		11,550,695


	Commercial Mortgage-Backed Securities (<0.1%)
		Bear Stearns Commercial Mortgage Securities Trust
	200,000	5.568%, 10/12/2041		200,758

		Total		200,758


	Communications Services (1.4%)
		Altice US Finance I Corporation
	200,000	5.500%, 5/15/2026^g		200,000
		AMC Networks, Inc.
	300,000	5.000%, 4/1/2024		296,963
		America Movil SAB de CV
	71,000	5.000%, 10/16/2019		78,162
		American Tower Corporation
	65,000	2.800%, 6/1/2020		66,516
		AT&T, Inc.
	86,000	5.875%, 10/1/2019		97,291
	65,000	1.561%, 6/30/2020^h		64,746
	60,000	2.800%, 2/17/2021		61,562
		British Sky Broadcasting Group plc
	102,000	2.625%, 9/16/2019^g		103,784
		CC Holdings GS V, LLC
	63,000	2.381%, 12/15/2017		63,818
		CCOH Safari, LLC
	305,000	5.750%, 2/15/2026^g		314,150
		CenturyLink, Inc.
	230,000	6.450%, 6/15/2021		233,737
	40,000	7.500%, 4/1/2024		40,350
		Charter Communications Operating, LLC
	32,000	3.579%, 7/23/2020^g		33,454
	32,000	4.464%, 7/23/2022^g		34,392
		Clear Channel Worldwide Holdings, Inc.
	200,000	6.500%, 11/15/2022		200,000
		Columbus International, Inc.
	205,000	7.375%, 3/30/2021^g		216,480
		Crown Castle International Corporation
	35,000	3.400%, 2/15/2021		36,538

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

103

Balance Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (31.6%)	Value
	Communications Services (1.4%) - continued
		Digicel, Ltd.
$	257,936	6.000%, 4/15/2021*	$	221,103
		Frontier Communications Corporation
	275,000	8.875%, 9/15/2020		293,562
		Hughes Satellite Systems Corporation
	246,000	6.500%, 6/15/2019		265,680
		Neptune Finco Corporation
	100,000	10.875%, 10/15/2025^g		114,312
		SBA Tower Trust
	84,000	5.101%, 4/17/2017^g		84,272
		Sprint Corporation
	290,000	7.625%, 2/15/2025		229,462
		Telefonica Emisiones SAU
	78,000	3.192%, 4/27/2018		80,089
		T-Mobile USA, Inc.
	250,000	6.633%, 4/28/2021		261,250
		Univision Communications, Inc.
	200,000	5.125%, 5/15/2023^g		198,500
		UPCB Finance V, Ltd.
	292,500	7.250%, 11/15/2021^g		304,931
		Verizon Communications, Inc.
	237,000	2.625%, 2/21/2020		245,263
	106,000	4.500%, 9/15/2020		117,655

		Total		4,558,022


	Consumer Cyclical (1.5%)
		AmeriGas Finance, LLC
	100,000	5.625%, 5/20/2024		100,750
		BMW US Capital, LLC
	80,000	1.500%, 4/11/2019^g		80,573
		Cinemark USA, Inc.
	263,000	4.875%, 6/1/2023		260,370
		Corrections Corporation of America
	190,000	5.000%, 10/15/2022		197,125
		Daimler Finance North America, LLC
	55,000	1.875%, 1/11/2018^g		55,502
		eBay, Inc.
	55,000	2.500%, 3/9/2018		56,004
		ERAC USA Finance, LLC
	106,000	2.350%, 10/15/2019^g		108,001
		Ford Motor Credit Company, LLC
	130,000	5.000%, 5/15/2018		137,739
	87,000	2.597%, 11/4/2019		89,008
		General Motors Financial Company, Inc.
	227,936	3.250%, 5/15/2018		232,661
	150,000	4.375%, 9/25/2021		158,287
		Home Depot, Inc.
	65,000	1.023%, 9/15/2017^h		65,247
	65,000	2.625%, 6/1/2022		68,025
		Hyundai Capital America
	84,000	1.450%, 2/6/2017^g		84,100
		Jaguar Land Rover Automotive plc
	273,000	5.625%, 2/1/2023^g		283,579
		KB Home
	189,000	4.750%, 5/15/2019		189,473
		L Brands, Inc.
	273,000	6.625%, 4/1/2021		307,125
		Lennar Corporation
	225,000	4.500%, 11/15/2019		234,371
		Live Nation Entertainment, Inc.
	200,000	5.375%, 6/15/2022^g		205,500
		Macy’s Retail Holdings, Inc.
	66,000	7.450%, 7/15/2017		69,894
		MGM Resorts International
	300,000	6.000%, 3/15/2023		316,500
		Newell Rubbermaid, Inc.
	55,000	3.150%, 4/1/2021		57,298
		Ralph Lauren Corporation
	60,000	2.625%, 8/18/2020		62,604
		Royal Caribbean Cruises, Ltd.
	517,936	5.250%, 11/15/2022		545,128
		Six Flags Entertainment Corporation
	200,000	5.250%, 1/15/2021^g		206,250
		Toll Brothers Finance Corporation
	76,000	4.000%, 12/31/2018		78,774
		Visa, Inc.
	65,000	2.200%, 12/14/2020		67,020
		Walgreens Boots Alliance, Inc.
	55,000	1.750%, 5/30/2018		55,430
	55,000	2.600%, 6/1/2021		56,026
		West Corporation
	210,000	5.375%, 7/15/2022^g		195,300
		Yum! Brands, Inc.
	305,000	5.000%, 6/1/2024^g		310,338

		Total		4,934,002


	Consumer Non-Cyclical (1.7%)
		Actavis Funding SCS
	40,000	1.911%, 3/12/2020^h		40,122
		Amgen, Inc.
	65,000	2.125%, 5/1/2020		66,027
		Anheuser-Busch InBev Finance, Inc.
	90,000	1.897%, 2/1/2021^h		92,729
		B&G Foods, Inc.
	120,000	4.625%, 6/1/2021		120,000
		BAT International Finance plc
	65,000	1.163%, 6/15/2018^g,h		64,876
		Becton, Dickinson and Company
	80,000	1.450%, 5/15/2017		80,208
		Boston Scientific Corporation
	40,000	6.000%, 1/15/2020		45,535
		Bunge Limited Finance Corporation
	65,000	3.500%, 11/24/2020		68,134
		Cardinal Health, Inc.
	65,000	1.950%, 6/15/2018		65,753
		Celgene Corporation
	65,000	3.550%, 8/15/2022		68,099
		Centene Escrow Corporation
	300,000	5.625%, 2/15/2021^g		312,750
		CHS/Community Health Systems, Inc.
	273,000	7.125%, 7/15/2020		253,096
		Cott Beverages, Inc.
	200,000	5.375%, 7/1/2022		200,000
		CVS Health Corporation
	86,000	2.250%, 12/5/2018		87,972

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

104

Balance Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (31.6%)	Value
	Consumer Non-Cyclical (1.7%) - continued
		EMD Finance, LLC
$	39,000	1.006%, 3/17/2017^g,h	$	38,977
		Envision Healthcare Corporation
	295,000	5.125%, 7/1/2022^g		296,475
		Express Scripts Holding Company
	55,000	3.900%, 2/15/2022		58,942
		Forest Laboratories, Inc.
	109,000	4.375%, 2/1/2019^g		114,967
		Fresenius Medical Care US Finance, Inc.
	227,936	5.750%, 2/15/2021^g		253,009
		Gilead Sciences, Inc.
	65,000	3.250%, 9/1/2022		69,218
		Grifols Worldwide Operations, Ltd.
	200,000	5.250%, 4/1/2022		203,500
		HCA, Inc.
	227,936	4.750%, 5/1/2023		233,634
		Iconix Brand Group, Inc., Convertible
	240,000	1.500%, 3/15/2018		194,100
		Intercept Pharmaceuticals, Inc. Convertible
	150,000	3.250%, 7/1/2023		154,710
		JBS USA, LLC
	290,000	5.750%, 6/15/2025^g		272,600
		Laboratory Corporation of America Holdings
	35,000	2.625%, 2/1/2020		35,749
		Land O’Lakes, Inc.
	260,000	8.000%, 12/31/2049^g,l		265,850
		Mead Johnson Nutrition Company
	65,000	3.000%, 11/15/2020		67,904
		Merck & Company, Inc.
	40,000	1.005%, 2/10/2020^h		40,015
		Mondelez International, Inc.
	56,000	2.250%, 2/1/2019		57,221
		Mylan NV
	65,000	2.500%, 6/7/2019^g		65,863
	30,000	3.750%, 12/15/2020^g		31,277
		Pinnacle Foods, Inc.
	200,000	5.875%, 1/15/2024^g		209,250
		Revlon Consumer Products Corporation
	227,936	5.750%, 2/15/2021		219,958
		Reynolds American, Inc.
	35,000	3.250%, 6/12/2020		36,998
		SABMiller plc
	78,000	6.500%, 7/15/2018^g		85,556
		Safeway, Inc.
	17,000	3.400%, 12/1/2016		16,958
		Spectrum Brands Escrow Corporation
	183,000	6.375%, 11/15/2020		191,006
		Spectrum Brands, Inc.
	130,000	5.750%, 7/15/2025		135,363
		TreeHouse Foods, Inc.
	200,000	4.875%, 3/15/2022		204,000
		Valeant Pharmaceuticals International
	227,936	7.250%, 7/15/2022^g		195,501
		WM Wrigley Jr. Company
	48,000	2.000%, 10/20/2017^g		48,510

		Total		5,362,412


	Energy (0.9%)
		Anadarko Petroleum Corporation
	60,000	8.700%, 3/15/2019		68,425
		Antero Resources Corporation
	200,000	5.125%, 12/1/2022		192,000
		Boardwalk Pipelines, Ltd.
	79,000	5.875%, 11/15/2016		80,094
		BP Capital Markets plc
	60,000	1.676%, 5/3/2019		60,481
		Buckeye Partners, LP
	100,000	2.650%, 11/15/2018		101,411
		Chevron Corporation
	65,000	1.136%, 11/16/2018^h		64,728
		Concho Resources, Inc.
	277,936	6.500%, 1/15/2022		284,537
		Crestwood Midstream Partners, LP
	200,000	6.250%, 4/1/2023^g		184,000
		Ecopetrol SA
	40,000	5.875%, 9/18/2023		41,200
		Enbridge, Inc.
	54,000	1.136%, 6/2/2017^f,h		53,056
		EQT Corporation
	88,000	8.125%, 6/1/2019		96,949
		Exxon Mobil Corporation
	80,000	1.708%, 3/1/2019		81,300
		Marathon Petroleum Corporation
	65,000	3.400%, 12/15/2020		67,194
		MEG Energy Corporation
	273,000	6.375%, 1/30/2023^g		202,020
		Occidental Petroleum Corporation
	65,000	2.600%, 4/15/2022		66,605
		Pacific Drilling V, Ltd.
	200,000	7.250%, 12/1/2017^g		82,000
		Petrobras International Finance Company
	140,000	5.750%, 1/20/2020		135,254
		Petroleos Mexicanos
	171,000	5.500%, 2/4/2019^g		179,721
		Pioneer Natural Resources Company
	22,000	3.450%, 1/15/2021		22,717
		Sabine Pass Liquefaction, LLC
	300,000	5.625%, 3/1/2025		298,875
		Schlumberger Holdings Corporation
	65,000	3.000%, 12/21/2020^g		67,792
		Shell International Finance BV
	65,000	1.080%, 5/11/2020^h		64,147
		Sunoco Logistics Partners Operations, LP
	65,000	4.400%, 4/1/2021		68,497
		Transcontinental Gas Pipe Line Company, LLC
	60,000	7.850%, 2/1/2026^g		74,670
		Weatherford International, Ltd.
	100,000	8.250%, 6/15/2023		95,000

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

105

Balanced Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (31.6%)	Value
	Energy (0.9%) - continued
		Whiting Petroleum Corporation, Convertible
$	160,000	1.250%, 4/1/2020	$	126,600

		Total		2,859,273


	Financials (4.0%)
		Abbey National Treasury Services plc
	100,000	1.037%, 9/29/2017^h		99,514
		ACE INA Holdings, Inc.
	65,000	2.875%, 11/3/2022		67,993
		Aetna, Inc.
	65,000	1.900%, 6/7/2019		65,844
		Air Lease Corporation
	100,000	2.125%, 1/15/2018		99,500
	32,000	2.625%, 9/4/2018		31,993
		Ally Financial, Inc.
	325,000	4.750%, 9/10/2018		331,500
		American Express Credit Corporation
	65,000	1.706%, 9/14/2020^h		65,199
		AMG Capital Trust II, Convertible
	2,250	5.150%, 10/15/2037		122,906
		Australia and New Zealand Banking Group, Ltd.
	200,000	6.750%, 12/29/2049^f,g,l		206,476
		Aviation Capital Group Corporation
	51,000	3.875%, 9/27/2016^g		51,073
		Bank of America Corporation
	120,000	5.700%, 5/2/2017		124,221
	102,000	1.700%, 8/25/2017		102,382
	209,000	1.717%, 3/22/2018^h		210,094
	80,000	5.650%, 5/1/2018		85,732
	215,000	6.300%, 12/29/2049^l		228,438
	77,000	8.000%, 12/29/2049^l		76,519
		BB&T Corporation
	130,000	2.050%, 6/19/2018		132,108
		Bear Stearns Companies, LLC
	122,000	6.400%, 10/2/2017		129,618
		Blackstone Mortgage Trust, Inc., Convertible
	110,000	5.250%, 12/1/2018		116,738
		BNP Paribas SA
	84,000	2.375%, 9/14/2017		85,210
	300,000	7.625%, 12/29/2049^g,l		300,000
		Caisse Centrale Desjardins du Quebec
	45,000	1.303%, 1/29/2018^g,h		44,880
		Central Fidelity Capital Trust I
	310,000	1.628%, 4/15/2027^h		269,700
		CIT Group, Inc.
	225,000	3.875%, 2/19/2019		226,125
		Citigroup, Inc.
	144,000	1.850%, 11/24/2017		144,794
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	160,000	11.000%, 12/29/2049^g,l		190,800
		Credit Agricole SA
	45,000	1.628%, 6/10/2020^g,h		44,833
		Credit Suisse Group AG
	255,000	7.500%, 12/11/2049^g,l		256,275
		CyrusOne, LP
	227,936	6.375%, 11/15/2022		237,053
		Discover Bank
	28,000	8.700%, 11/18/2019		32,970
		Discover Financial Services
	47,000	6.450%, 6/12/2017		48,873
		Duke Realty, LP
	96,000	8.250%, 8/15/2019		113,975
		Fifth Third Bancorp
	167,000	5.450%, 1/15/2017		170,718
		Goldman Sachs Group, Inc.
	52,000	2.625%, 1/31/2019		53,220
	78,000	7.500%, 2/15/2019		89,202
	45,000	1.798%, 4/23/2020^h		44,869
	65,000	2.274%, 11/29/2023^h		64,861
		Goldman Sachs Group, Inc., Convertible
	1,600,000	0.500%, 9/24/2022		1,717,120
		Hartford Financial Services Group, Inc.
	120,000	6.000%, 1/15/2019		131,718
		HCP, Inc.
	88,000	3.750%, 2/1/2019		91,119
		Health Care REIT, Inc.
	88,000	4.700%, 9/15/2017		91,208
		Hospitality Properties Trust
	60,000	4.250%, 2/15/2021		62,526
		Huntington Bancshares, Inc.
	80,000	3.150%, 3/14/2021		82,873
		Hutchison Whampoa Finance CI, Ltd.
	99,000	1.625%, 10/31/2017^g		99,451
		Icahn Enterprises, LP
	300,000	6.000%, 8/1/2020		296,250
		ILFC E-Capital Trust II
	370,000	4.230%, 12/21/2065^g,h		292,300
		ING Capital Funding Trust III
	68,000	4.231%, 12/29/2049^h,l		66,045
		International Lease Finance Corporation
	250,000	5.875%, 8/15/2022		270,625
		Intesa Sanpaolo SPA
	30,000	3.875%, 1/16/2018		30,780
	132,000	3.875%, 1/15/2019		135,670
		J.P. Morgan Chase & Company
	52,000	6.300%, 4/23/2019		58,454
	25,000	2.250%, 1/23/2020		25,344
	90,000	2.700%, 5/18/2023		90,915
	54,000	7.900%, 4/29/2049^l		55,080
	325,000	6.750%, 8/29/2049^l		357,906
		KeyCorp
	68,000	2.300%, 12/13/2018		69,108
		Liberty Mutual Group, Inc.
	35,000	5.000%, 6/1/2021^g		38,648
		Lloyds Bank plc
	40,000	1.175%, 3/16/2018^h		39,784
		Macquarie Bank, Ltd.
	60,000	1.808%, 1/15/2019^g,h		60,369
		Mellon Capital IV
	340,000	4.000%, 6/29/2049^h,l		272,850
		MetLife, Inc.
	100,000	1.903%, 12/15/2017		100,906
		Mizuho Corporate Bank, Ltd.
	59,000	1.550%, 10/17/2017^g		59,097

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

106

Balanced Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (31.6%)	Value
	Financials (4.0%) - continued
		Morgan Stanley
$	106,000	6.625%, 4/1/2018	$	114,880
	45,000	1.774%, 1/27/2020^h		45,174
	75,000	4.875%, 11/1/2022		82,129
		MPT Operating Partnership, LP
	200,000	5.500%, 5/1/2024		205,000
		Murray Street Investment Trust I
	173,000	4.647%, 3/9/2017		176,886
		National City Corporation
	56,000	6.875%, 5/15/2019		63,121
		New York Life Global Funding
	65,000	1.550%, 11/2/2018^g		65,603
		Nomura Holdings, Inc.
	56,000	2.750%, 3/19/2019		57,307
		Quicken Loans, Inc.
	295,000	5.750%, 5/1/2025^g		284,675
		Realty Income Corporation
	95,000	2.000%, 1/31/2018		95,790
		Regions Bank
	43,000	7.500%, 5/15/2018		47,158
		Regions Financial Corporation
	55,000	3.200%, 2/8/2021		56,611
		Reinsurance Group of America, Inc.
	104,000	5.625%, 3/15/2017		106,975
		Royal Bank of Scotland Group plc
	350,000	7.640%, 3/29/2049^l		332,500
	320,000	7.648%, 8/29/2049^l		377,600
		Simon Property Group, LP
	65,000	2.500%, 9/1/2020		67,227
	90,000	2.500%, 7/15/2021		92,724
		State Street Capital Trust IV
	306,000	1.653%, 6/15/2037^h		255,611
		State Street Corporation
	65,000	1.526%, 8/18/2020^h		65,237
		Sumitomo Mitsui Banking Corporation
	156,000	1.300%, 1/10/2017		156,096
	55,000	1.213%, 1/16/2018^h		54,883
		SunTrust Banks, Inc.
	55,000	2.900%, 3/3/2021		56,946
		Synchrony Financial
	159,000	1.875%, 8/15/2017		159,249
	30,000	1.867%, 2/3/2020^h		29,062
		Toronto-Dominion Bank
	60,000	1.475%, 1/22/2019^h		60,404
	65,000	1.586%, 12/14/2020^h		65,365
		UnitedHealth Group, Inc.
	65,000	3.350%, 7/15/2022		69,538
		USB Realty Corporation
	340,000	1.775%, 12/29/2049^g,h,l		271,575
		Voya Financial, Inc.
	84,000	2.900%, 2/15/2018		85,572
		Washington Mutual Bank
	500,000	5.500%, 1/15/2013^k,m		0
		Wells Fargo & Company
	45,000	1.318%, 1/30/2020^h		44,722

		Total		13,007,972


	Foreign Government (7.6%)
		Argentina Government International Bond
	370,000	6.250%, 4/22/2019^g		385,725
	150,000	6.875%, 4/22/2021^g		159,975
	175,000	7.625%, 4/22/2046^g		189,000
		Brazil Government International Bond
	432,000	5.875%, 1/15/2019		472,176
	491,000	4.875%, 1/22/2021		517,269
	700,000	2.625%, 1/5/2023		638,050
	138,000	6.000%, 4/7/2026		149,730
	630,000	5.000%, 1/27/2045		565,425
		Colombia Government International Bond
	365,000	2.625%, 3/15/2023		352,772
	350,000	4.000%, 2/26/2024^f		365,575
	205,000	5.625%, 2/26/2044		227,038
	625,000	5.000%, 6/15/2045		648,438
		Croatia Government International Bond
	126,000	6.750%, 11/5/2019^g		137,182
	490,000	6.625%, 7/14/2020^g		534,590
		Export-Import Bank of Korea
	45,000	2.250%, 1/21/2020		45,685
		Hungary Government International Bond
	562,000	5.750%, 11/22/2023		639,781
	564,000	5.375%, 3/25/2024		629,988
		Indonesia Government International Bond
	390,000	4.875%, 5/5/2021^g		423,438
	415,000	3.375%, 4/15/2023^g		417,253
	432,000	5.875%, 1/15/2024^g		499,594
	360,000	4.125%, 1/15/2025^g		374,926
	280,000	4.750%, 1/8/2026^g		304,884
	760,000	5.125%, 1/15/2045^g		806,313
		Mexico Government International Bond
	344,000	3.625%, 3/15/2022		362,576
	446,000	4.000%, 10/2/2023		480,141
	490,000	3.600%, 1/30/2025		512,050
	420,000	4.125%, 1/21/2026^f		455,280
	144,000	6.050%, 1/11/2040		181,080
	344,000	4.750%, 3/8/2044		370,660
	288,000	5.550%, 1/21/2045		344,880
	504,000	4.600%, 1/23/2046		531,720
		Panama Government International Bond
	280,000	4.000%, 9/22/2024		300,300
	280,000	3.750%, 3/16/2025		295,400
	144,000	6.700%, 1/26/2036		191,160
		Peru Government International Bond
	138,000	5.625%, 11/18/2050		171,120
	808,000	4.125%, 8/25/2027^f		886,780
		Philippines Government International Bond
	265,000	7.750%, 1/14/2031		411,286
	165,000	6.375%, 10/23/2034		239,950
	140,000	5.000%, 1/13/2037		180,503
	280,000	3.950%, 1/20/2040		322,489
	590,000	3.700%, 3/1/2041		657,484
		Romania Government International Bond
	276,000	4.375%, 8/22/2023^g		295,320
	130,000	4.875%, 1/22/2024^g		143,338

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

107

Balanced Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (31.6%)	Value
	Foreign Government (7.6%) - continued
		Russia Government International Bond
$	288,000	3.500%, 1/16/2019^g	$	297,413
	1,100,000	5.000%, 4/29/2020^g		1,186,812
	700,000	4.875%, 9/16/2023^g		763,518
	406,800	7.500%, 3/31/2030^g		496,296
	432,000	5.625%, 4/4/2042^g		488,540
		South Africa Government International Bond
	340,000	5.500%, 3/9/2020		367,200
	295,000	5.875%, 5/30/2022^f		328,335
	70,000	5.375%, 7/24/2044		73,251
		Turkey Government International Bond
	432,000	7.500%, 11/7/2019		493,383
	800,000	7.000%, 6/5/2020		907,336
	565,000	5.125%, 3/25/2022		604,118
	288,000	6.250%, 9/26/2022		325,673
	144,000	5.750%, 3/22/2024		160,576
	563,000	4.250%, 4/14/2026		571,529
	290,000	4.875%, 10/9/2026		305,382
	278,000	4.875%, 4/16/2043		271,398
	310,000	6.625%, 2/17/2045		376,470

		Total		24,835,554


	Mortgage-Backed Securities (5.5%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	22,073	5.500%, 12/1/2017		22,508
	1,430,000	3.000%, 7/1/2031^d		1,500,103
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	11,583	9.000%, 11/1/2024		13,151
	581	9.000%, 4/1/2025		673
	258	8.500%, 9/1/2025		258
	4,250	8.000%, 6/1/2027		5,236
	901	8.500%, 7/1/2027		1,040
	3,176	8.000%, 10/1/2027		3,719
	1,671	8.000%, 8/1/2030		1,934
	1,180,000	4.000%, 7/1/2046^d		1,262,969
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	500,000	2.500%, 8/1/2028^d		516,513
	600,000	2.500%, 7/1/2031^d		620,753
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	1,119	10.500%, 8/1/2020		1,193
	3,728	9.500%, 4/1/2025		3,745
	683	8.500%, 11/1/2025		769
	1,169	8.500%, 5/1/2026		1,219
	278	8.000%, 8/1/2026		279
	770	8.000%, 11/1/2026		907
	11,041	8.000%, 9/1/2027		12,939
	3,151	8.000%, 12/1/2027		3,188
	4,973	8.500%, 4/1/2030		6,445
	7,175,000	3.500%, 7/1/2046^d		7,570,746
	3,775,000	4.000%, 7/1/2046^d		4,047,399
	1,950,000	4.500%, 7/1/2046^d		2,128,537
		Government National Mortgage Association 30-Yr. Pass Through
	1,524	9.500%, 1/15/2025		1,606
	754	6.000%, 5/15/2026		862
	5,032	8.500%, 6/15/2026		5,115
	1,507	8.500%, 7/15/2026		1,712
	5,957	8.000%, 9/15/2026		6,862
	2,477	7.500%, 10/15/2026		2,740
	30	8.000%, 11/15/2026		30
	112	8.500%, 11/15/2026		112
	1,022	9.000%, 12/15/2026		1,254
	9,663	7.500%, 4/15/2027		10,928
	2,058	8.000%, 6/20/2027		2,518
	134	8.000%, 8/15/2027		135
	7,215	7.500%, 7/15/2028		7,280
	24,065	6.000%, 12/15/2028		27,704
	26,514	6.000%, 6/15/2029		30,630
	9,009	8.000%, 5/15/2030		9,142

		Total		17,834,853


	Technology (1.1%)
		Alliance Data Systems Corporation
	195,000	5.375%, 8/1/2022^g		186,713
		Apple, Inc.
	65,000	0.927%, 5/6/2020^h		64,343
		Automatic Data Processing, Inc.
	65,000	2.250%, 9/15/2020		67,533
		Cisco Systems, Inc.
	60,000	1.254%, 2/21/2018^h		60,371
	65,000	1.173%, 3/1/2019^h		65,233
		Denali Borrower, LLC
	425,000	5.625%, 10/15/2020^g		445,825
		Diamond 1 Finance Corporation
	55,000	3.480%, 6/1/2019^g		56,343
		Equinix, Inc.
	200,000	5.750%, 1/1/2025		207,000
		Fidelity National Information Services, Inc.
	109,000	1.450%, 6/5/2017		108,871
	65,000	3.625%, 10/15/2020		68,713
		First Data Corporation
	200,000	5.375%, 8/15/2023^g		203,102
		Freescale Semiconductor, Inc.
	245,000	6.000%, 1/15/2022^g		258,353
		Hewlett Packard Enterprise Company
	64,000	3.600%, 10/15/2020^g		66,802
		IMS Health, Inc.
	250,000	6.000%, 11/1/2020^g		254,375
		Intel Corporation
	90,000	1.700%, 5/19/2021		90,841
	65,000	3.100%, 7/29/2022		69,597
		Intel Corporation, Convertible
	190,000	2.950%, 12/15/2035		245,694
		Iron Mountain, Inc.
	122,936	6.000%, 8/15/2023		129,390
		Micron Technology, Inc., Convertible
	110,000	2.375%, 5/1/2032		164,725
	195,000	3.000%, 11/15/2043		148,931
		NXP Semiconductors NV, Convertible
	202,000	1.000%, 12/1/2019		219,549
		Oracle Corporation
	65,000	2.500%, 5/15/2022		66,417
		Sensata Technologies BV
	280,000	4.875%, 10/15/2023^g		280,000

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

108

Balanced Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (31.6%)	Value
	Technology (1.1%) - continued
		Texas Instruments, Inc.
$	65,000	1.750%, 5/1/2020	$	65,988
		Tyco Electronics Group SA
	130,000	6.550%, 10/1/2017		138,199

		Total		3,732,908


	Transportation (0.3%)
		Air Canada Pass Through Trust
	24,251	3.875%, 3/15/2023^g		22,736
		American Airlines Pass Through Trust
	47,049	4.950%, 1/15/2023		51,166
		Avis Budget Car Rental, LLC
	195,000	5.125%, 6/1/2022^g		188,175
		Continental Airlines, Inc.
	158,630	6.250%, 4/11/2020		168,782
		Delta Air Lines, Inc.
	70,378	4.950%, 5/23/2019		74,424
		ERAC USA Finance, LLC
	60,000	2.600%, 12/1/2021^g		60,978
		J.B. Hunt Transport Services, Inc.
	65,000	3.300%, 8/15/2022		67,827
		Korea Expressway Corporation
	93,000	1.625%, 4/28/2017^g		93,285
		United Airlines 2015-1 Class A Pass Through Trust
	65,000	3.700%, 12/1/2022		66,950
		XPO Logistics, Inc.
	200,000	6.500%, 6/15/2022^f,g		190,750

		Total		985,073


	U.S. Government and Agencies (0.7%)
		U.S. Treasury Notes
	195,000	1.875%, 6/30/2020		202,465
	585,000	2.125%, 6/30/2022		616,809
	1,450,000	1.625%, 2/15/2026		1,466,313

		Total		2,285,587


	Utilities (0.9%)
		AES Corporation
	227,936	7.375%, 7/1/2021		256,998
		Ameren Corporation
	65,000	2.700%, 11/15/2020		66,943
		Arizona Public Service Company
	40,000	2.200%, 1/15/2020		40,973
		Berkshire Hathaway Energy Company
	96,000	2.400%, 2/1/2020		98,608
		Calpine Corporation
	210,000	5.375%, 1/15/2023		204,750
		DTE Energy Company
	96,000	2.400%, 12/1/2019		98,022
		Dynegy Finance I, Inc.
	160,000	7.375%, 11/1/2022		154,400
		EDP Finance BV
	96,000	4.125%, 1/15/2020^g		99,034
		El Paso Corporation
	50,000	7.000%, 6/15/2017		52,071
		Electricite de France SA
	280,000	5.250%, 12/29/2049^g,l		268,772
		Emera U.S. Finance, LP
	25,000	2.150%, 6/15/2019^g		25,291
		Energy Transfer Equity, LP
	290,000	5.500%, 6/1/2027		272,600
		Eversource Energy
	30,000	1.600%, 1/15/2018		30,180
		Exelon Generation Company, LLC
	52,000	5.200%, 10/1/2019		57,536
	30,000	2.950%, 1/15/2020		30,860
		MPLX LP
	300,000	4.875%, 12/1/2024^g		292,248
		NextEra Energy Capital Holdings, Inc.
	55,000	2.300%, 4/1/2019		56,066
		NiSource Finance Corporation
	41,000	6.400%, 3/15/2018		44,381
		NRG Energy, Inc.
	227,936	6.625%, 3/15/2023		224,517
		Pacific Gas & Electric Company
	65,000	5.625%, 11/30/2017		68,946
		PG&E Corporation
	57,000	2.400%, 3/1/2019		58,118
		PSEG Power, LLC
	55,000	3.000%, 6/15/2021		55,760
		Sempra Energy
	100,000	6.150%, 6/15/2018		108,763
	25,000	2.400%, 3/15/2020		25,520
		Southern California Edison Company
	20,000	2.400%, 2/1/2022		20,734
		Southern Company
	50,000	1.850%, 7/1/2019		50,632
		Xcel Energy, Inc.
	65,000	1.200%, 6/1/2017		65,041

		Total		2,827,764


		Total Long-Term Fixed Income (cost $102,688,536)		103,359,560


Shares		Registered Investment Companies (3.4%)
	Equity Funds/ETFs (1.5%)
	13,850	AllianzGI NFJ Dividend Interest & Premium Strategy Fund		170,771
	15,400	BlackRock Resources & Commodities Strategy Trust		118,580
	6,800	Guggenheim Multi-Asset Income ETF		128,860
	8,850	iShares MSCI EAFE Index Fund		493,919
	47,810	Materials Select Sector SPDR Fund		2,215,515
	30,260	Utilities Select Sector SPDR Fund		1,587,742

		Total		4,715,387


	Fixed Income Funds/ETFs (1.9%)
	82,771	Aberdeen Asia-Pacific Income Fund, Inc.		414,683
	21,125	Doubleline Income Solutions Fund		387,644
	13,042	First Trust High Income Long/Short Fund		193,413
	4,797	iShares J.P. Morgan USD Emerging Markets Bond ETF		552,375
	79,271	MFS Intermediate Income Trust		367,817
	25,714	PIMCO Dynamic Credit Income Fund		491,909
	89,820	PowerShares Senior Loan Portfolio		2,063,165

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

109

Balanced Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Registered Investment Companies (3.4%)	Value
	Fixed Income Funds/ETFs (1.9%) - continued
	63,832	Templeton Global Income Fund	$	405,972
	6,430	Vanguard Short-Term Corporate Bond ETF		519,801
	29,063	Western Asset Emerging Markets Debt Fund, Inc.		446,989
	46,185	Western Asset High Income Opportunity Fund, Inc.		226,306

		Total		6,070,074


		Total Registered Investment Companies (cost $10,681,639)		10,785,461


		Preferred Stock (1.8%)
	Consumer Staples (0.1%)
	12,800	CHS, Inc., 7.100%^l		372,480

		Total		372,480


	Financials (1.6%)
	3,174	Agribank FCB, 6.875%^l		334,758
	5,400	American Tower Corporation, Convertible, 5.500%		606,528
	308	Bank of America Corporation, Convertible, 7.250%^l		368,060
	25,915	Citigroup, Inc., 6.875%^l		737,282
	2,485	Cobank ACB, 6.250%^l		256,421
	6,250	Farm Credit Bank of Texas, 6.750%^l		650,586
	13,000	GMAC Capital Trust I, 6.402%^h		322,660
	13,000	Goldman Sachs Group, Inc., 5.500%^l		344,240
	520	M&T Bank Corporation, 6.375%^l		538,362
	12,800	Morgan Stanley 7.125%^l		379,776
	8,640	U.S. Bancorp, 6.500%^l		266,112
	320	Wells Fargo & Company, Convertible, 7.500%^l		415,744

		Total		5,220,529


	Health Care (0.1%)
	255	Allergan plc, Convertible, 5.50%		212,288

		Total		212,288


		Total Preferred Stock (cost $5,395,866)		5,805,297


		Collateral Held for Securities Loaned (1.3%)
	4,194,070	Thrivent Cash Management Trust		4,194,070


		Total Collateral Held for Securities Loaned (cost $4,194,070)		4,194,070


Shares or Principal Amount		Short-Term Investments (8.9%)ⁿ
		Federal Home Loan Bank Discount Notes
	200,000	0.380%, 8/17/2016^o		199,935
	100,000	0.410%, 9/21/2016^o		99,936
		Thrivent Core Short-Term Reserve Fund
	2,853,332	0.580%		28,533,320

		Total Short-Term Investments (cost $28,833,128)		28,833,191

		Total Investments (cost $340,181,389) 106.6%	$	347,382,192

		Other Assets and Liabilities, Net (6.6%)		(21,518,296	)

		Total Net Assets 100.0%	$	325,863,896

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

b	In bankruptcy. Interest is not being accrued.

c	All or a portion of the loan is unfunded.

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

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 June 30, 2016.

i	Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of June 30, 2016.

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

k	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.

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

m	Defaulted security. Interest is not being accrued.

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

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

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 June 30, 2016 was $2,496,259 or 0.8% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of June 30, 2016.


Security	Acquisition Date		Cost
Angel Oak Mortgage Trust, 11/25/2045		12/10/2015	$	271,144
Bayview Opportunity Master Fund Trust, 7/28/2034		11/12/2014		201,622
Digicel, Ltd., 4/15/2021		8/19/2013		254,590
NRZ Advance Receivables Trust, 6/15/2049		6/23/2016		450,999

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

110

Balanced Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Security	Acquisition Date		Cost
Preferred Term Securities XXIII, Ltd., 12/22/2036		9/14/2006	$	548,716
Pretium Mortgage Credit Partners I, LLC, 7/25/2031		6/17/2016		250,000
Sunset Mortgage Loan Company, LLC, 9/18/2045		10/2/2015		139,373
Vericrest Opportunity Loan Transferee, 10/25/2058		1/13/2016		141,073
Wachovia Asset Securitization, Inc., 7/25/2037		3/16/2007		481,953

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 June 30, 2016:


Securities Lending Transactions
Common Stock	$	1,405,321
Taxable Debt Security		2,685,502

Total lending	$	4,090,823
Gross amount payable upon return of collateral for securities loaned	$	4,194,070

Net amounts due to counterparty	$	103,247

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.

111

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (12.6%)^a	Value
	Basic Materials (0.6%)
		Alpha Natural Resources, Inc., Term Loan
$	399,196	3.500%, 5/22/2020^b	$	185,626
		Fortescue Metals Group, Ltd., Term Loan
	1,007,862	4.250%, 6/30/2019		962,508
		Ineos US Finance, LLC, Term Loan
	846,236	3.750%, 12/15/2020		824,378
		NewPage Corporation, Delayed Draw
	159,250	11.000%, 7/26/2017		158,056
		NewPage Corporation, Term Loan
	163,727	11.000%, 7/26/2017		90,868
	791,375	0.000%, 2/11/2021^b		106,836
		Tronox Pigments BV, Term Loan
	805,175	4.500%, 3/19/2020		768,942

		Total		3,097,214


	Capital Goods (0.4%)
		Accudyne Industries, LLC, Term Loan
	479,384	4.000%, 12/13/2019		429,048
		ADS Waste Holdings, Inc., Term Loan
	561,833	3.750%, 10/9/2019		552,002
		Berry Plastics Group, Inc., Term Loan
	580,500	3.500%, 2/8/2020		576,146
		Rexnord, LLC, Term Loan
	398,337	4.000%, 8/21/2020		392,971

		Total		1,950,167


	Communications Services (3.3%)
		Atlantic Broadband Penn, LLC, Term Loan
	105,607	3.250%, 11/30/2019		105,376
		Birch Communication Inc., Term Loan
	653,502	7.750%, 7/17/2020		535,872
		Block Communications, Inc., Term Loan
	814,925	4.000%, 11/7/2021		813,906
		Charter Communications Operating, LLC, Term Loan
	58,788	3.000%, 7/1/2020		58,310
		Cincinnati Bell, Inc., Term Loan
	669,782	4.000%, 9/10/2020		665,093
		CommScope, Inc., Term Loan
	873,400	3.750%, 12/29/2022		872,858
		CSC Holdings, LLC, Term Loan
	875,000	5.000%, 10/9/2022		875,219
		Fairpoint Communications, Term Loan
	898,469	7.500%, 2/14/2019		894,911
		Grande Communications Networks, LLC, Term Loan
	776,024	4.500%, 5/29/2020		760,503
		Gray Television, Inc., Term Loan
	431,795	3.938%, 6/13/2021		431,795
		Hargray Communications Group, Inc., Term Loan
	657,244	5.250%, 6/26/2019		656,422
		Integra Telecom Holdings, Inc., Term Loan
	529,111	5.250%, 8/14/2020		513,571
		Intelsat Jackson Holdings SA, Term Loan
	331,029	3.750%, 6/30/2019		300,988
		Level 3 Communications, Inc., Term Loan
	800,000	4.000%, 1/15/2020		798,752
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	725,000	4.500%, 1/7/2022		706,875
		LTS Buyer, LLC, Term Loan
	836,080	4.000%, 4/13/2020		826,156
		NEP/NCP Holdco, Inc., Term Loan
	774,220	4.250%, 1/22/2020		755,832
		Numericable US, LLC, Term Loan
	855,700	4.563%, 7/29/2022		840,725
	64,837	4.750%, 2/10/2023		63,842
		SBA Senior Finance II, LLC, Term Loan
	465,500	3.250%, 3/24/2021		460,133
	89,100	3.250%, 6/10/2022		87,782
		TNS, Inc., Term Loan
	375,774	5.000%, 2/14/2020		375,304
		Univision Communications, Inc., Term Loan
	880,008	4.000%, 3/1/2020		874,350
		Virgin Media Investment Holdings, Ltd., Term Loan
	403,993	3.649%, 6/30/2023		393,756
		WideOpenWest Finance, LLC, Term Loan
	784,876	4.500%, 4/1/2019		781,823
		WMG Acquisition Corporation, Term Loan
	583,500	3.750%, 7/1/2020		576,206
		XO Communications, LLC, Term Loan
	635,375	4.250%, 3/20/2021		633,520
		Yankee Cable Acquisition, LLC, Term Loan
	541,783	4.250%, 3/1/2020		540,429
		Zayo Group, LLC, Term Loan
	604,308	3.750%, 5/6/2021		600,423

		Total		16,800,732


	Consumer Cyclical (2.3%)
		Amaya BV, Term Loan
	1,321,720	5.000%, 8/1/2021		1,278,209
		Burlington Coat Factory Warehouse Corporation, Term Loan
	506,237	4.250%, 8/13/2021		504,759
		Cengage Learning Acquisitions, Term Loan
	1,160,000	5.250%, 6/7/2023		1,145,500
		Ceridian HCM Holding, Inc., Term Loan
	282,095	4.500%, 9/15/2020		272,221
		Charter Communications Operating, LLC, Term Loan
	582,000	3.000%, 1/3/2021		578,217
		Chrysler Group, LLC, Term Loan
	284,719	3.500%, 5/24/2017		284,363
		Dollar Tree, Inc., Term Loan
	388,516	3.500%, 7/6/2022		387,949

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

112

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (12.6%)^a	Value
	Consumer Cyclical (2.3%) - continued
		FCA US, LLC, Term Loan
$	158,302	3.250%, 12/31/2018	$	157,757
		Golden Nugget, Inc., Delayed Draw
	61,762	5.500%, 11/21/2019		61,763
		Golden Nugget, Inc., Term Loan
	144,112	5.500%, 11/21/2019		144,112
		IMG Worldwide, Inc., Term Loan
	885,426	5.250%, 5/6/2021^c,d		879,670
	400,000	0.000%, 5/6/2022^c,d		388,000
		Jack Ohio Finance, LLC, Term Loan
	454,165	5.000%, 6/20/2019		431,911
		Las Vegas Sands, LLC, Term Loan
	487,500	3.250%, 12/19/2020		486,891
		Marina District Finance Company, Inc., Term Loan
	188,289	6.500%, 8/15/2018		188,054
		Michaels Stores, Inc., Term Loan
	556,160	4.000%, 1/28/2020		555,988
		Mohegan Tribal Gaming Authority, Term Loan
	1,097,648	5.500%, 6/15/2018		1,088,592
		Scientific Games International, Inc., Term Loan
	585,000	6.000%, 10/18/2020		577,202
	1,691,931	6.000%, 10/1/2021^c,d		1,666,552
		Seminole Hard Rock Entertainment, Inc., Term Loan
	309,145	3.500%, 5/14/2020		307,083
		Seminole Indian Tribe of Florida, Term Loan
	463,500	3.000%, 4/29/2020		463,963

		Total		11,848,756


	Consumer Non-Cyclical (2.4%)
		Albertson’s, LLC, Term Loan
	598,500	4.750%, 12/21/2022		597,381
	890,000	4.750%, 6/22/2023^c,d		887,553
		Catalina Marketing Corporation, Term Loan
	373,285	4.500%, 4/9/2021		311,383
		CHS/Community Health Systems, Inc., Term Loan
	106,745	3.924%, 12/31/2018		105,699
	155,674	3.750%, 1/27/2021		151,159
	286,436	4.000%, 1/27/2021		278,756
		Endo Luxembourg Finance I Co Sarl, Term Loan
	597,000	3.750%, 9/26/2022		586,403
		Hanesbrands, Inc., Term Loan
	503,625	3.250%, 4/29/2022		504,884
		JBS USA, LLC, Term Loan
	144,275	4.000%, 10/30/2022		143,825
		Libbey Glass, Inc., Term Loan
	294,361	3.750%, 4/9/2021		292,339
		LTF Merger Sub, Inc., Term Loan
	747,450	4.250%, 6/10/2022		728,764
		Mallinckrodt International Finance SA, Term Loan
	333,304	3.500%, 3/19/2021		329,138
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	1,000,000	5.000%, 5/4/2022		997,250
		MultiPlan, Inc., Term Loan
	1,550,000	5.000%, 6/7/2023		1,553,488
		Ortho-Clinical Diagnostics, Inc., Term Loan
	1,001,208	4.750%, 6/30/2021		945,310
		Owens-Brockway Glass Container, Inc., Term Loan
	898,625	3.500%, 9/1/2022		895,255
		Sterigenics-Nordion Holdings, LLC, Term Loan
	426,775	4.250%, 5/16/2022		422,507
		Supervalu, Inc., Term Loan
	737,695	5.500%, 3/21/2019^c,d		735,851
		Valeant Pharmaceuticals International, Inc., Term Loan
	2,169,831	5.000%, 4/1/2022		2,109,554

		Total		12,576,499


	Energy (0.7%)
		Arch Coal, Inc., Term Loan
	782,541	7.500%, 5/16/2018^b		358,990
		Energy Solutions, LLC, Term Loan
	336,104	6.750%, 5/29/2020		326,021
		Exgen Renewables I, LLC, Term Loan
	363,672	5.250%, 2/6/2021		362,992
		Houston Fuel Oil Terminal, LLC, Term Loan
	498,731	4.250%, 8/19/2021		480,028
		McJunkin Red Man Corporation, Term Loan
	295,848	5.000%, 11/8/2019		284,014
		MEG Energy Corporation, Term Loan
	582,060	3.750%, 3/31/2020		510,135
		Pacific Drilling SA, Term Loan
	582,000	4.500%, 6/3/2018		177,510
		Targa Resources Partners, LP, Term Loan
	364,651	5.750%, 2/27/2022		361,005
		Western Refining, Inc., Term Loan
	298,469	5.250%, 11/12/2020		287,650
	200,000	5.500%, 5/27/2023		194,584

		Total		3,342,929


	Financials (0.7%)
		Delos Finance Sarl, Term Loan
	630,000	3.500%, 3/6/2021		628,897
		DJO Finance, LLC, Term Loan
	297,750	4.250%, 6/7/2020		283,360
		Harland Clarke Holdings Corporation, Term Loan
	306,820	7.000%, 5/22/2018		297,616
	550,000	7.000%, 12/31/2019		532,125
		MoneyGram International, Inc., Term Loan
	513,068	4.250%, 3/27/2020		484,367
		TransUnion, LLC, Term Loan
	635,378	3.500%, 4/9/2021		626,743
		WaveDivision Holdings, LLC, Term Loan
	827,711	4.000%, 10/15/2019		825,294

		Total		3,678,402

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

113

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (12.6%)^a	Value
	Technology (1.4%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
$	1,830,412	4.250%, 2/1/2023	$	1,831,273
		Booz Allen Hamilton, Inc., Term Loan
	248,062	3.750%, 7/31/2019		247,752
		First Data Corporation, Term Loan
	898,956	4.452%, 3/24/2021		894,839
	280,000	4.202%, 7/8/2022		277,200
		Micron Technology, Inc., Term Loan
	375,000	6.640%, 4/26/2022		376,582
		NXP BV, Term Loan
	447,889	3.750%, 12/7/2020		448,448
		ON Semiconductor Corporation, Term Loan
	1,450,000	5.250%, 3/31/2023		1,453,625
		SS&C European Holdings SARL, Term Loan
	45,781	4.000%, 7/8/2022		45,733
	334,570	4.000%, 7/8/2022		334,223
		Western Digital Corporation, Term Loan
	1,325,000	6.250%, 4/29/2023		1,329,147
		Zayo Group, LLC, Term Loan
	54,081	4.500%, 5/6/2021		54,013

		Total		7,292,835


	Transportation (0.6%)
		American Airlines, Inc., Term Loan
	667,735	3.250%, 6/27/2020		658,033
		Delta Airlines, Inc., Term Loan
	977,152	3.250%, 8/24/2022		974,710
		OSG Bulk Ships, Inc., Term Loan
	603,807	5.250%, 8/5/2019		579,654
		XPO Logistics, Inc., Term Loan
	1,004,950	5.500%, 11/1/2021		1,004,950

		Total		3,217,347


	Utilities (0.2%)
		Calpine Corporation, Term Loan
	683,760	3.500%, 5/27/2022		675,781
		Intergen NV, Term Loan
	452,334	5.500%, 6/15/2020^c,d		402,577

		Total		1,078,358


		Total Bank Loans (cost $67,177,423)		64,883,239


		Long-Term Fixed Income (46.3%)
	Asset-Backed Securities (3.6%)
		Asset Backed Securities Corporation Home Equity Loan Trust
	608,071	0.593%, 7/25/2036^e		530,569
	643,264	0.613%, 11/25/2036^e		580,166
		Bayview Opportunity Master Fund Trust
	370,029	3.623%, 4/28/2030^f		368,497
	449,171	3.228%, 7/28/2034*^,g		448,860
	1,198,954	3.721%, 2/28/2035*		1,199,126
	991,094	3.721%, 7/28/2035^f,g		989,877
		Citi Held For Asset Issuance
	1,132,194	4.480%, 8/15/2022*		1,145,798
		Countrywide Asset-Backed Certificates
	47,468	5.329%, 4/25/2047		45,616
		GSAA Home Equity Trust
	1,400,962	0.723%, 7/25/2037^e		1,240,733
		J.P. Morgan Mortgage Acquisition Trust
	1,412,720	4.218%, 3/25/2047^g		957,285
		J.P. Morgan Mortgage Trust
	1,148,730	2.881%, 2/25/2036		997,283
		Lehman XS Trust
	1,180,875	5.440%, 8/25/2035^g		1,026,518
		NCF Dealer Floorplan Master Trust
	750,000	3.638%, 3/21/2022*^,e		733,122
		NRZ Advance Receivables Trust
	1,300,000	2.751%, 6/15/2049*^,h		1,305,421
		Pretium Mortgage Credit Partners I, LLC
	1,000,000	4.000%, 7/25/2031*^,g		1,000,355
		Pretium Mortgage Credit Partners, LLC
	747,610	4.125%, 10/27/2030*		748,454
		Renaissance Home Equity Loan Trust
	338,658	5.746%, 5/25/2036^g		217,876
	618,472	6.011%, 5/25/2036^g		413,772
	900,671	5.797%, 8/25/2036^g		536,673
		Sunset Mortgage Loan Company, LLC
	836,236	4.459%, 9/16/2045*^,g		839,554
		Vericrest Opportunity Loan Transferee
	1,323,121	3.375%, 10/25/2058*^,g		1,309,231
	785,937	3.500%, 6/26/2045^f,g		780,380
	763,030	3.625%, 7/25/2045^f,g		757,756
	429,256	3.500%, 2/25/2055*^,g		426,849

		Total		18,599,771


	Basic Materials (1.0%)
		ArcelorMittal SA
	730,000	6.500%, 3/1/2021		750,075
		BHP Billiton Finance USA, Ltd.
	400,000	6.250%, 10/19/2075^f		421,200
		Dow Chemical Company
	64,000	8.550%, 5/15/2019		75,970
		First Quantum Minerals, Ltd.
	322,000	6.750%, 2/15/2020^f		268,870
	322,000	7.000%, 2/15/2021^f		258,808
		Glencore Funding, LLC
	60,000	1.693%, 4/16/2018^e,f		57,600
		INEOS Group Holdings SA
	400,000	5.875%, 2/1/2019^f		399,500
		LyondellBasell Industries NV
	64,000	5.000%, 4/15/2019		69,273
		Newmont Mining Corporation, Convertible
	670,000	1.625%, 7/15/2017		749,562
		Novelis, Inc.
	295,000	8.375%, 12/15/2017		301,638
	405,000	8.750%, 12/15/2020		422,212

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

114

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (46.3%)	Value
	Basic Materials (1.0%) - continued
		Royal Gold, Inc., Convertible
$	280,000	2.875%, 6/15/2019	$	299,600
		RPM International, Inc., Convertible
	560,000	2.250%, 12/15/2020		649,600
		Yamana Gold, Inc.
	98,000	4.950%, 7/15/2024		96,412

		Total		4,820,320


	Capital Goods (2.1%)
		AECOM
	945,000	5.875%, 10/15/2024		968,625
		Berry Plastics Corporation
	425,000	6.000%, 10/15/2022		439,344
		Building Materials Corporation of America
	785,000	6.000%, 10/15/2025^f		820,325
		Cemex SAB de CV
	775,000	5.700%, 1/11/2025^f		734,312
		CNH Industrial Capital, LLC
	965,000	4.375%, 11/6/2020		974,650
		Crown Americas Capital Corporation IV
	730,000	4.500%, 1/15/2023		744,600
		Crown Cork & Seal Company, Inc.
	410,000	7.375%, 12/15/2026		451,000
		General Electric Company
	1,067,000	5.000%, 12/29/2049ⁱ		1,132,087
		Huntington Ingalls Industries, Inc.
	935,000	5.000%, 12/15/2021^f		978,244
		Ingersoll-Rand Luxembourg Finance SA
	190,000	2.625%, 5/1/2020		193,065
		L-3 Communications Corporation
	123,000	1.500%, 5/28/2017		123,108
		Lockheed Martin Corporation
	70,000	2.500%, 11/23/2020		72,231
		Owens-Brockway Glass Container, Inc.
	980,000	5.000%, 1/15/2022^f		981,225
		Reynolds Group Issuer, Inc.
	160,000	5.750%, 10/15/2020		165,200
	410,000	6.875%, 2/15/2021		422,300
		Sealed Air Corporation
	500,000	4.875%, 12/1/2022^f		514,375
		Standard Industries, Inc.
	185,000	5.500%, 2/15/2023^f		189,162
		Textron, Inc.
	137,000	7.250%, 10/1/2019		157,537
		United Rentals North America, Inc.
	780,000	5.500%, 7/15/2025		768,300

		Total		10,829,690


	Collateralized Mortgage Obligations (11.9%)
		Adjustable Rate Mortgage Trust
	991,984	2.860%, 11/25/2035		864,269
		Alternative Loan Trust
	541,712	5.500%, 5/25/2035		540,315
	921,860	6.000%, 6/25/2036		726,678
		American Home Mortgage Assets Trust
	1,496,088	0.643%, 12/25/2046^e		940,773
	1,466,357	0.643%, 6/25/2047^e		991,106
		American Home Mortgage Investment Trust
	1,395,659	6.250%, 12/25/2036		588,315
		Angel Oak Mortgage Trust
	833,261	4.500%, 11/25/2045*^,g		835,845
		Banc of America Alternative Loan Trust
	370,140	0.953%, 4/25/2035^e		279,355
	1,034,663	6.000%, 11/25/2035		903,025
		Banc of America Funding Corporation
	269,779	3.038%, 5/20/2036		224,404
		BCAP, LLC Trust
	1,132,368	0.633%, 3/25/2037^e		949,315
		Bear Stearns Adjustable Rate Mortgage Trust
	193,919	2.660%, 10/25/2035^e		186,180
	241,900	2.817%, 2/25/2036		186,114
		Bear Stearns ALT-A Trust
	1,127,199	5.212%, 7/25/2035		896,027
		Citicorp Mortgage Securities Trust
	326,520	6.000%, 5/25/2037		328,142
		Citigroup Mortgage Loan Trust, Inc.
	316,130	5.500%, 11/25/2035		300,324
	644,753	3.038%, 3/25/2037		508,405
		CitiMortgage Alternative Loan Trust
	445,455	5.750%, 4/25/2037		375,219
		Countrywide Alternative Loan Trust
	223,110	0.853%, 2/25/2035^e		204,671
	659,888	2.508%, 10/25/2035		540,655
	471,782	2.649%, 10/25/2035		369,165
	344,162	5.500%, 2/25/2036		305,173
	194,112	6.000%, 4/25/2036		155,186
	487,128	6.500%, 8/25/2036		303,167
	166,653	6.000%, 1/25/2037		146,750
	717,770	5.500%, 5/25/2037		574,048
		Countrywide Home Loan Mortgage Pass Through Trust
	1,022,269	2.759%, 11/25/2035		820,446
	409,026	2.754%, 2/20/2036		323,508
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	269,189	0.653%, 11/25/2035^e		135,361
	578,676	5.500%, 11/25/2035		562,790
	780,095	1.207%, 4/25/2047^e		658,258
	1,228,251	0.666%, 8/25/2047^e		997,605
		Federal Home Loan Mortgage Corporation
	5,338,860	2.500%, 12/15/2022^j		304,041
	1,749,294	2.500%, 5/15/2027^j		135,146
	2,093,099	2.500%, 2/15/2028^j		185,066
	6,424,623	2.500%, 3/15/2028^j		578,052
	3,338,034	3.000%, 4/15/2028^j		321,047
	2,861,578	3.000%, 2/15/2033^j		335,503
		Federal National Mortgage Association
	2,792,197	2.500%, 2/25/2028^j		243,912
	2,318,599	3.000%, 4/25/2028^j		226,754
	2,648,620	3.500%, 1/25/2033^j		340,221

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

115

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (46.3%)	Value
	Collateralized Mortgage Obligations (11.9%) - continued
		First Horizon Alternative Mortgage Securities Trust
$	804,078	2.624%, 3/25/2035	$	698,584
	817,073	2.757%, 7/25/2035		734,345
	817,070	6.000%, 8/25/2036^e		673,417
		First Horizon Mortgage Pass-Through Trust
	773,115	2.877%, 8/25/2037		613,340
		GMAC Mortgage Corporation Loan Trust
	1,340,764	3.407%, 5/25/2035		1,230,731
		Government National Mortgage Association
	2,586,446	4.000%, 1/16/2027^j		260,747
		Greenpoint Mortgage Funding Trust
	631,018	0.653%, 10/25/2045^e		489,577
		HarborView Mortgage Loan Trust
	1,386,013	3.073%, 7/19/2035		1,196,990
		IndyMac IMJA Mortgage Loan Trust
	707,215	6.250%, 11/25/2037		569,869
		IndyMac INDX Mortgage Loan Trust
	1,010,613	3.034%, 10/25/2035		824,798
	879,497	1.093%, 7/25/2045^e		719,294
		J.P. Morgan Alternative Loan Trust
	953,777	6.500%, 3/25/2036		774,816
		J.P. Morgan Mortgage Trust
	190,662	6.500%, 1/25/2035		183,510
	765,344	2.882%, 8/25/2035		757,003
	1,091,738	2.708%, 10/25/2036		980,332
	692,292	0.833%, 1/25/2037^e		361,996
	589,074	2.787%, 1/25/2037		523,013
	392,838	6.250%, 8/25/2037		294,606
		Lehman Mortgage Trust
	435,997	1.203%, 12/25/2035^e		299,027
		Master Asset Securitization Trust
	522,041	0.953%, 6/25/2036^e		280,441
		MASTR Alternative Loans Trust
	196,417	6.500%, 7/25/2034		197,939
	414,774	0.903%, 12/25/2035^e		190,756
		Merrill Lynch Alternative Note Asset Trust
	561,289	6.000%, 3/25/2037		440,268
		Morgan Stanley Mortgage Loan Trust
	443,825	2.880%, 11/25/2035		321,140
		MortgageIT Trust
	831,383	0.713%, 12/25/2035^e		742,588
		New Century Alternative Mortgage Loan Trust
	1,002,594	6.167%, 7/25/2036^g		577,526
		Pretium Mortgage Credit Partners, LLC
	1,136,567	4.375%, 11/27/2030*		1,139,523
		Residential Accredit Loans, Inc. Trust
	1,547,693	3.791%, 9/25/2035		1,267,369
	602,205	5.750%, 9/25/2035		533,138
	894,876	6.000%, 4/25/2036		733,275
	738,361	6.000%, 1/25/2037		607,449
	1,269,094	5.750%, 4/25/2037		1,042,778
	777,666	6.250%, 4/25/2037		658,548
	311,963	6.000%, 6/25/2037		253,490
	1,293,846	0.643%, 7/25/2037^e		1,016,155
		Residential Asset Securitization Trust
	806,859	6.239%, 8/25/2022		702,690
	468,258	5.500%, 4/25/2035		468,585
	779,981	0.833%, 8/25/2037^e		206,515
		Residential Funding Mortgage Security I Trust
	695,480	5.750%, 2/25/2036		645,723
	932,966	6.000%, 7/25/2037		838,431
		Sequoia Mortgage Trust
	1,745,874	3.018%, 9/20/2046		1,395,920
		Structured Adjustable Rate Mortgage Loan Trust
	219,309	3.025%, 12/25/2034		212,850
	665,508	2.939%, 7/25/2035		566,053
	356,204	3.082%, 9/25/2035		292,540
	583,983	2.805%, 5/25/2036		445,305
		Structured Asset Mortgage Investments, Inc.
	1,424,534	0.763%, 12/25/2035^e		1,007,167
	746,528	0.663%, 5/25/2046^e		514,814
		Suntrust Alternative Loan Trust
	772,821	5.750%, 12/25/2035		695,944
		WaMu Mortgage Pass Through Certificates
	1,099,146	4.041%, 8/25/2036		991,060
	588,285	2.204%, 11/25/2036		517,810
	1,199,765	2.008%, 1/25/2037		1,009,833
	111,493	2.448%, 8/25/2046		96,434
	506,119	1.357%, 9/25/2046^e		383,160
	1,498,729	1.397%, 9/25/2046^e		1,233,544
	1,389,163	1.230%, 12/25/2046^e		1,075,436
	539,444	1.928%, 3/25/2047^e		426,316
		Washington Mutual Mortgage Pass Through Certificates
	469,991	1.053%, 6/25/2035^e		352,374
	720,752	6.000%, 11/25/2035		641,441
	1,010,307	7.000%, 4/25/2037		555,289
	1,497,682	1.187%, 2/25/2047^e		1,050,857
	1,042,279	7.000%, 2/25/2036		750,732
		Wells Fargo Mortgage Backed Securities Trust
	1,178,592	2.990%, 7/25/2036		1,150,669
	364,848	6.000%, 7/25/2037		359,617
	507,819	6.000%, 11/25/2037		502,946

		Total		60,668,769


	Commercial Mortgage-Backed Securities (0.3%)
		Greenwich Capital Commercial Funding Corporation
	650,000	5.867%, 12/10/2049		672,394
		Morgan Stanley Capital, Inc.
	995,763	5.406%, 3/15/2044		1,014,867

		Total		1,687,261


	Communications Services (2.9%)
		Altice US Finance I Corporation
	725,000	5.500%, 5/15/2026^f		725,000
		AMC Networks, Inc.
	1,080,000	5.000%, 4/1/2024		1,069,065
		American Tower Corporation
	60,000	2.800%, 6/1/2020		61,400
	98,000	3.450%, 9/15/2021		102,004

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

116

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (46.3%)	Value
	Communications Services (2.9%) - continued
		AT&T, Inc.
$	104,000	5.875%, 10/1/2019	$	117,654
	65,000	1.561%, 6/30/2020^e		64,746
	80,000	2.800%, 2/17/2021		82,083
		CC Holdings GS V, LLC
	72,000	2.381%, 12/15/2017		72,934
		CCO Holdings, LLC
	1,000,000	5.875%, 4/1/2024^f		1,037,500
		CenturyLink, Inc.
	400,000	6.450%, 6/15/2021		406,500
	140,000	7.500%, 4/1/2024		141,225
		Charter Communications Operating, LLC
	35,000	3.579%, 7/23/2020^f		36,591
	35,000	4.464%, 7/23/2022^f		37,616
		Clear Channel Worldwide Holdings, Inc.
	1,020,000	6.500%, 11/15/2022		1,020,000
		Columbus International, Inc.
	750,000	7.375%, 3/30/2021^f		792,000
		Crown Castle International Corporation
	140,000	3.400%, 2/15/2021		146,151
	800,000	5.250%, 1/15/2023		897,648
		Digicel, Ltd.
	760,000	6.000%, 4/15/2021*		651,472
		Frontier Communications Corporation
	970,000	8.875%, 9/15/2020		1,035,475
		Hughes Satellite Systems Corporation
	513,000	6.500%, 6/15/2019		554,040
		Level 3 Communications, Inc.
	475,000	5.375%, 1/15/2024		476,781
		Level 3 Escrow II, Inc.
	400,000	5.375%, 8/15/2022		404,000
		Neptune Finco Corporation
	610,000	10.875%, 10/15/2025^f		697,303
		Numericable-SFR SA
	770,000	6.000%, 5/15/2022^f		748,825
		Quebecor Media, Inc.
	635,000	5.750%, 1/15/2023		644,525
		SBA Tower Trust
	200,000	3.598%, 4/16/2043^f		201,351
		Sprint Corporation
	760,000	7.625%, 2/15/2025		601,350
		Telefonica Emisiones SAU
	126,000	3.192%, 4/27/2018		129,374
		T-Mobile USA, Inc.
	770,000	6.125%, 1/15/2022		807,537
		Univision Communications, Inc.
	515,000	5.125%, 5/15/2023^f		511,138
		UPCB Finance V, Ltd.
	513,000	7.250%, 11/15/2021^f		534,802
		Verizon Communications, Inc.
	66,000	2.625%, 2/21/2020		68,301
	98,000	4.500%, 9/15/2020		108,776

		Total		14,985,167


	Consumer Cyclical (2.6%)
		AmeriGas Finance, LLC
	700,000	5.625%, 5/20/2024		705,250
		BMW US Capital, LLC
	145,000	1.500%, 4/11/2019^f		146,039
		Brookfield Residential Properties, Inc.
	570,000	6.500%, 12/15/2020^f		568,575
		Corrections Corporation of America
	535,000	5.000%, 10/15/2022		555,062
		eBay, Inc.
	95,000	2.500%, 3/9/2018		96,734
		Ford Motor Credit Company, LLC
	130,000	5.000%, 5/15/2018		137,739
	95,000	2.597%, 11/4/2019		97,193
		General Motors Financial Company, Inc.
	570,000	3.250%, 5/15/2018		581,815
	83,000	4.375%, 9/25/2021		87,586
		Hilton Worldwide Finance, LLC
	950,000	5.625%, 10/15/2021		983,250
		Home Depot, Inc.
	70,000	1.023%, 9/15/2017^e		70,266
	110,000	2.000%, 4/1/2021		112,978
	65,000	2.625%, 6/1/2022		68,025
		Jaguar Land Rover Automotive plc
	200,000	4.125%, 12/15/2018^f		202,250
	125,000	4.250%, 11/15/2019^f		127,500
	420,000	5.625%, 2/1/2023^f		436,275
		L Brands, Inc.
	570,000	5.625%, 2/15/2022		613,320
		Lennar Corporation
	410,000	12.250%, 6/1/2017		446,080
	160,000	4.125%, 12/1/2018		161,600
		Live Nation Entertainment, Inc.
	500,000	5.375%, 6/15/2022^f		513,750
		Macy’s Retail Holdings, Inc.
	176,000	7.450%, 7/15/2017		186,384
		MGM Resorts International
	775,000	6.000%, 3/15/2023		817,625
		Newell Rubbermaid, Inc.
	95,000	3.150%, 4/1/2021		98,969
		PulteGroup, Inc.
	835,000	4.250%, 3/1/2021		860,885
		Ralph Lauren Corporation
	70,000	2.625%, 8/18/2020		73,039
		Rite Aid Corporation
	905,000	6.125%, 4/1/2023^f		966,087
		Royal Caribbean Cruises, Ltd.
	750,000	5.250%, 11/15/2022		789,375
		Six Flags Entertainment Corporation
	510,000	5.250%, 1/15/2021^f		525,937
		Starbucks Corporation
	115,000	2.100%, 2/4/2021		118,200
		Toll Brothers Finance Corporation
	124,000	4.000%, 12/31/2018		128,526
		Visa, Inc.
	70,000	2.200%, 12/14/2020		72,176
		Walgreens Boots Alliance, Inc.
	95,000	1.750%, 5/30/2018		95,742
	95,000	2.600%, 6/1/2021		96,772

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

117

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (46.3%)	Value
	Consumer Cyclical (2.6%) - continued
		West Corporation
$	770,000	5.375%, 7/15/2022^f	$	716,100
		Yum! Brands, Inc.
	1,105,000	5.000%, 6/1/2024^f		1,124,338

		Total		13,381,442


	Consumer Non-Cyclical (3.2%)
		Amgen, Inc.
	60,000	2.125%, 5/1/2020		60,948
		Anheuser-Busch InBev Finance, Inc.
	120,000	1.897%, 2/1/2021^e		123,639
		B&G Foods, Inc.
	310,000	4.625%, 6/1/2021		310,000
		BAT International Finance plc
	65,000	1.163%, 6/15/2018^e,f		64,876
		Becton, Dickinson and Company
	45,000	1.450%, 5/15/2017		45,117
		Boston Scientific Corporation
	35,000	6.000%, 1/15/2020		39,843
		Bunge Limited Finance Corporation
	70,000	3.500%, 11/24/2020		73,375
		Cardinal Health, Inc.
	65,000	1.950%, 6/15/2018		65,753
		Celgene Corporation
	70,000	3.550%, 8/15/2022		73,337
		Centene Escrow Corporation
	1,050,000	5.625%, 2/15/2021^f		1,094,625
		CHS/Community Health Systems, Inc.
	1,000,000	7.125%, 7/15/2020		927,090
		Cott Beverages, Inc.
	770,000	5.375%, 7/1/2022		770,000
		CVS Health Corporation
	64,000	2.250%, 12/5/2018		65,468
		EMD Finance, LLC
	35,000	1.006%, 3/17/2017^e,f		34,979
		Envision Healthcare Corporation
	750,000	5.125%, 7/1/2022^f		753,750
		Express Scripts Holding Company
	90,000	3.900%, 2/15/2022		96,451
		Forest Laboratories, Inc.
	97,000	4.375%, 2/1/2019^f		102,310
		Gilead Sciences, Inc.
	70,000	3.250%, 9/1/2022		74,543
		Grifols Worldwide Operations, Ltd.
	920,000	5.250%, 4/1/2022		936,100
		HCA, Inc.
	575,000	3.750%, 3/15/2019		595,125
	430,000	5.250%, 6/15/2026		446,394
		Iconix Brand Group, Inc., Convertible
	680,000	1.500%, 3/15/2018		549,950
		Intercept Pharmaceuticals, Inc. Convertible
	800,000	3.250%, 7/1/2023		825,120
		JBS USA, LLC
	390,000	5.875%, 7/15/2024^f		377,812
	780,000	5.750%, 6/15/2025^f		733,200
		Laboratory Corporation of America Holdings
	25,000	2.625%, 2/1/2020		25,535
		Land O’Lakes, Inc.
	800,000	8.000%, 12/31/2049^f,i		818,000
		Mead Johnson Nutrition Company
	70,000	3.000%, 11/15/2020		73,128
		Medtronic plc
	178,000	4.375%, 3/15/2035		201,343
		Molson Coors Brewing Company
	185,000	1.450%, 7/15/2019^d		185,468
		Mondelez International, Inc.
	86,000	2.250%, 2/1/2019		87,875
		Mylan NV
	180,000	2.500%, 6/7/2019^f		182,390
	35,000	3.750%, 12/15/2020^f		36,490
		Pfizer, Inc.
	560,000	5.200%, 8/12/2020		641,659
		Pinnacle Foods, Inc.
	500,000	5.875%, 1/15/2024^f		523,125
		Reynolds American, Inc.
	35,000	3.250%, 6/12/2020		36,998
		SABMiller plc
	48,000	6.500%, 7/15/2018^f		52,650
		Safeway, Inc.
	37,000	3.400%, 12/1/2016		36,907
		Spectrum Brands Escrow Corporation
	340,000	6.375%, 11/15/2020		354,875
		Spectrum Brands, Inc.
	340,000	5.750%, 7/15/2025		354,025
		Teleflex, Inc.
	725,000	4.875%, 6/1/2026		732,250
		Tenet Healthcare Corporation
	1,005,000	8.125%, 4/1/2022		1,029,924
		TreeHouse Foods, Inc.
	510,000	4.875%, 3/15/2022		520,200
		Tyson Foods, Inc.
	98,000	4.500%, 6/15/2022		109,181
		VPII Escrow Corporation
	410,000	7.500%, 7/15/2021^f		361,569
		VRX Escrow Corporation
	800,000	6.125%, 4/15/2025^f		642,000

		Total		16,245,397


	Energy (2.0%)
		Anadarko Petroleum Corporation
	77,000	8.700%, 3/15/2019		87,812
	33,000	4.850%, 3/15/2021		35,000
		Antero Resources Corporation
	260,000	5.125%, 12/1/2022		249,600
	500,000	5.625%, 6/1/2023		485,000
		BP Capital Markets plc
	180,000	1.676%, 5/3/2019		181,444
		Buckeye Partners, LP
	98,000	2.650%, 11/15/2018		99,383
		Chevron Corporation
	70,000	1.136%, 11/16/2018^e		69,707
		Concho Resources, Inc.
	435,000	6.500%, 1/15/2022		445,331
	570,000	5.500%, 10/1/2022		572,850
		Crestwood Midstream Partners, LP
	510,000	6.250%, 4/1/2023^f		469,200

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

118

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (46.3%)	Value
	Energy (2.0%) - continued
		Ecopetrol SA
$	165,000	5.875%, 9/18/2023	$	169,950
		Enbridge Energy Partners, LP
	810,000	8.050%, 10/1/2037		623,700
		Enterprise Products Operating, LLC
	960,000	7.034%, 1/15/2068		1,011,834
		EQT Corporation
	60,000	5.150%, 3/1/2018		61,262
	62,000	8.125%, 6/1/2019		68,305
		Exxon Mobil Corporation
	140,000	1.708%, 3/1/2019		142,275
		Marathon Petroleum Corporation
	70,000	3.400%, 12/15/2020		72,363
		MEG Energy Corporation
	160,000	6.500%, 3/15/2021^f		124,000
	410,000	6.375%, 1/30/2023^f		303,400
		Occidental Petroleum Corporation
	175,000	2.600%, 4/15/2022		179,321
		Pacific Drilling V, Ltd.
	510,000	7.250%, 12/1/2017^f		209,100
		Petrobras International Finance Company
	100,000	5.750%, 1/20/2020		96,610
		Petroleos Mexicanos
	142,000	5.500%, 2/4/2019^f		149,242
		Pioneer Natural Resources Company
	25,000	3.450%, 1/15/2021		25,814
		Regency Energy Partners, LP
	730,000	5.000%, 10/1/2022		749,053
		Sabine Pass Liquefaction, LLC
	775,000	5.625%, 3/1/2025		772,094
		Schlumberger Holdings Corporation
	70,000	3.000%, 12/21/2020^f		73,007
		Shell International Finance BV
	60,000	1.080%, 5/11/2020^e		59,213
		Sunoco Logistics Partners Operations, LP
	70,000	4.400%, 4/1/2021		73,766
		Targa Resources Partners, LP
	730,000	6.625%, 10/1/2020		744,600
		Transcontinental Gas Pipe Line Company, LLC
	80,000	7.850%, 2/1/2026^f		99,560
		Weatherford International, Ltd.
	735,000	8.250%, 6/15/2023		698,250
		Whiting Petroleum Corporation, Convertible
	515,000	1.250%, 4/1/2020		407,494
		WPX Energy, Inc.
	500,000	7.500%, 8/1/2020		499,060

		Total		10,108,600


	Financials (6.5%)
		ACE INA Holdings, Inc.
	70,000	2.875%, 11/3/2022		73,223
		Aegon NV
	720,000	1.740%, 7/29/2049^e,i		410,400
		AerCap Ireland Capital, Ltd.
	545,000	3.950%, 2/1/2022		545,000
		Aetna, Inc.
	190,000	1.900%, 6/7/2019		192,468
		Air Lease Corporation
	35,000	2.625%, 9/4/2018		34,993
		Ally Financial, Inc.
	600,000	3.750%, 11/18/2019		601,500
	350,000	4.125%, 3/30/2020		350,875
		American Express Credit Corporation
	70,000	1.706%, 9/14/2020^e		70,214
		AMG Capital Trust II, Convertible
	4,600	5.150%, 10/15/2037		251,275
		Argos Merger Sub, Inc.
	960,000	7.125%, 3/15/2023^f		988,800
		Aviation Capital Group Corporation
	96,000	3.875%, 9/27/2016^f		96,137
		Banco de Brasil SA
	490,000	9.000%, 12/31/2049^f,i		379,750
		Bank of America Corporation
	164,000	5.700%, 5/2/2017		169,769
	58,000	5.650%, 5/1/2018		62,156
	185,000	5.625%, 7/1/2020		208,132
	200,000	2.625%, 4/19/2021		203,067
	43,000	8.000%, 12/29/2049ⁱ		42,731
		Barclays Bank plc
	100,000	5.140%, 10/14/2020		105,974
		BBVA Banco Continental SA
	117,000	2.250%, 7/29/2016^f		116,745
		Berkshire Hathaway Finance Corporation
	215,000	1.700%, 3/15/2019		218,512
		Blackstone Mortgage Trust, Inc., Convertible
	300,000	5.250%, 12/1/2018		318,375
		Caisse Centrale Desjardins du Quebec
	35,000	1.303%, 1/29/2018^e,f		34,906
		Capital One NA
	210,000	2.400%, 9/5/2019		212,779
		Central Fidelity Capital Trust I
	790,000	1.628%, 4/15/2027^e		687,300
		CIT Group, Inc.
	925,000	5.000%, 8/15/2022		941,188
		Citigroup, Inc.
	97,000	1.850%, 11/24/2017		97,535
	200,000	2.050%, 6/7/2019		201,377
	185,000	2.650%, 10/26/2020		188,260
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	525,000	11.000%, 12/29/2049^f,i		626,062
		Credit Agricole SA
	50,000	1.628%, 6/10/2020^e,f		49,815
	380,000	6.625%, 9/29/2049^f,i		344,850
		Credit Suisse Group AG
	400,000	7.500%, 12/11/2049^f,i		402,000
	760,000	6.250%, 12/29/2049^f,i		715,219
		Credit Suisse Group Funding, Ltd.
	420,000	2.750%, 3/26/2020		414,667
		CyrusOne, LP
	570,000	6.375%, 11/15/2022		592,800
		Discover Bank
	43,000	8.700%, 11/18/2019		50,633

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

119

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (46.3%)	Value
	Financials (6.5%) - continued
		Discover Financial Services
$	90,000	6.450%, 6/12/2017	$	93,586
		Duke Realty, LP
	95,000	4.375%, 6/15/2022		103,225
		Fifth Third Bancorp
	575,000	4.900%, 12/29/2049ⁱ		503,125
		Goldman Sachs Group, Inc.
	88,000	2.625%, 1/31/2019		90,065
	307,000	7.500%, 2/15/2019		351,088
	200,000	2.000%, 4/25/2019		202,052
	35,000	1.798%, 4/23/2020^e		34,898
	60,000	2.274%, 11/29/2023^e		59,872
		Goldman Sachs Group, Inc., Convertible
	2,450,000	0.500%, 9/24/2022		2,629,340
		Guardian Life Global Funding
	200,000	2.000%, 4/26/2021^f		202,631
		Hartford Financial Services Group, Inc.
	106,000	6.000%, 1/15/2019		116,351
		HCP, Inc.
	64,000	3.750%, 2/1/2019		66,269
		Health Care REIT, Inc.
	110,000	4.700%, 9/15/2017		114,010
		Hospitality Properties Trust
	80,000	4.250%, 2/15/2021		83,368
		HSBC Holdings plc
	900,000	6.875%, 12/29/2049ⁱ		895,500
		Huntington Bancshares, Inc.
	140,000	3.150%, 3/14/2021		145,029
		Icahn Enterprises, LP
	770,000	6.000%, 8/1/2020		760,375
		ILFC E-Capital Trust II
	1,035,000	4.230%, 12/21/2065^e,f		817,650
		ING Capital Funding Trust III
	89,000	4.231%, 12/29/2049^e,i		86,441
		International Lease Finance Corporation
	390,000	5.875%, 8/15/2022		422,175
		Intesa Sanpaolo SPA
	41,000	3.875%, 1/16/2018		42,066
	100,000	3.875%, 1/15/2019		102,780
		J.P. Morgan Chase & Company
	88,000	6.300%, 4/23/2019		98,922
	30,000	2.250%, 1/23/2020		30,413
	185,000	4.950%, 3/25/2020		204,496
	160,000	2.700%, 5/18/2023		161,627
	77,000	7.900%, 4/29/2049ⁱ		78,540
	750,000	6.750%, 8/29/2049ⁱ		825,938
		Liberty Mutual Group, Inc.
	525,000	10.750%, 6/15/2058*		761,250
	25,000	5.000%, 6/1/2021^f		27,605
		Lloyds Banking Group plc
	800,000	6.413%, 1/29/2049^f,i		856,000
		Macquarie Bank, Ltd.
	80,000	1.808%, 1/15/2019^e,f		80,492
		Mellon Capital IV
	560,000	4.000%, 6/29/2049^e,i		449,400
		MetLife Capital Trust IV
	823,000	7.875%, 12/15/2037^f		981,427
		Morgan Stanley
	35,000	1.774%, 1/27/2020^e		35,135
	210,000	2.800%, 6/16/2020		215,167
	200,000	2.500%, 4/21/2021		202,092
	64,000	4.875%, 11/1/2022		70,084
		MPT Operating Partnership, LP
	510,000	5.500%, 5/1/2024		522,750
		Murray Street Investment Trust I
	88,000	4.647%, 3/9/2017		89,977
		National City Corporation
	86,000	6.875%, 5/15/2019		96,935
		National Westminster Bank plc
	1,140,000	0.938%, 11/29/2049^e,i		627,779
		New York Life Global Funding
	70,000	1.550%, 11/2/2018^f		70,650
		Nomura Holdings, Inc.
	85,000	2.750%, 3/19/2019		86,984
		Prudential Financial, Inc.
	775,000	5.625%, 6/15/2043		808,185
		Quicken Loans, Inc.
	1,005,000	5.750%, 5/1/2025^f		969,825
		Realty Income Corporation
	78,000	2.000%, 1/31/2018		78,649
		Regions Bank
	28,000	7.500%, 5/15/2018		30,707
		Regions Financial Corporation
	90,000	3.200%, 2/8/2021		92,637
		Reinsurance Group of America, Inc.
	160,000	5.625%, 3/15/2017		164,577
		Royal Bank of Scotland Group plc
	725,000	7.640%, 3/29/2049ⁱ		688,750
	230,000	7.648%, 8/29/2049ⁱ		271,400
		Santander UK plc
	64,000	3.050%, 8/23/2018		65,513
		Simon Property Group, LP
	70,000	2.500%, 9/1/2020		72,398
	120,000	2.500%, 7/15/2021		123,633
		Societe Generale SA
	760,000	8.250%, 9/29/2049ⁱ		752,400
	800,000	8.000%, 12/31/2049^f,i		763,520
		Standard Chartered plc
	760,000	6.500%, 12/29/2049^f,i		697,300
		State Street Capital Trust IV
	1,043,000	1.653%, 6/15/2037^e		871,249
		State Street Corporation
	70,000	1.526%, 8/18/2020^e		70,256
		Sumitomo Mitsui Financial Group, Inc.
	215,000	2.337%, 3/9/2021^e		219,410
		SunTrust Banks, Inc.
	95,000	2.900%, 3/3/2021		98,361
		Synchrony Financial
	94,000	1.875%, 8/15/2017		94,147
	25,000	1.867%, 2/3/2020^e		24,218
	94,000	3.750%, 8/15/2021		97,378
		Toronto-Dominion Bank
	80,000	1.475%, 1/22/2019^e		80,538
	70,000	1.586%, 12/14/2020^e		70,393
		UnitedHealth Group, Inc.
	70,000	3.350%, 7/15/2022		74,888

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

120

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (46.3%)	Value
	Financials (6.5%) - continued
		USB Realty Corporation
$	760,000	1.775%, 12/29/2049^e,f,i	$	607,050
		Voya Financial, Inc.
	129,000	2.900%, 2/15/2018		131,414
		Wells Fargo & Company
	35,000	1.318%, 1/30/2020^e		34,784
	210,000	2.150%, 1/30/2020		213,562

		Total		33,762,188


	Foreign Government (3.5%)
		Argentina Government International Bond
	150,000	7.125%, 7/6/2036^f		150,000
	250,000	6.250%, 4/22/2019^f		260,625
	160,000	7.625%, 4/22/2046^f		172,800
		Brazil Government International Bond
	270,000	5.875%, 1/15/2019		295,110
	330,000	4.875%, 1/22/2021		347,655
	500,000	2.625%, 1/5/2023		455,750
	100,000	6.000%, 4/7/2026		108,500
	450,000	5.000%, 1/27/2045		403,875
		Colombia Government International Bond
	200,000	2.625%, 3/15/2023		193,300
	250,000	4.000%, 2/26/2024		261,125
	154,000	5.625%, 2/26/2044		170,555
	440,000	5.000%, 6/15/2045		456,500
		Croatia Government International Bond
	128,000	6.750%, 11/5/2019^f		139,360
	350,000	6.625%, 7/14/2020^f		381,850
		Hungary Government International Bond
	400,000	5.750%, 11/22/2023		455,360
	372,000	5.375%, 3/25/2024		415,524
		Indonesia Government International Bond
	300,000	4.875%, 5/5/2021^f		325,722
	290,000	3.375%, 4/15/2023^f		291,575
	270,000	5.875%, 1/15/2024^f		312,246
	210,000	4.125%, 1/15/2025^f		218,707
	200,000	4.750%, 1/8/2026^f		217,774
	720,000	5.125%, 1/15/2045^f		763,875
		Mexico Government International Bond
	250,000	3.625%, 3/15/2022		263,500
	454,000	4.000%, 10/2/2023		488,754
	350,000	3.600%, 1/30/2025		365,750
	370,000	4.125%, 1/21/2026		401,080
	90,000	6.050%, 1/11/2040		113,175
	250,000	4.750%, 3/8/2044		269,375
	180,000	5.550%, 1/21/2045		215,550
	315,000	4.600%, 1/23/2046		332,325
		Panama Government International Bond
	200,000	4.000%, 9/22/2024		214,500
	270,000	3.750%, 3/16/2025		284,850
	90,000	6.700%, 1/26/2036		119,475
		Peru Government International Bond
	100,000	5.625%, 11/18/2050		124,000
	590,000	4.125%, 8/25/2027		647,525
		Philippines Government International Bond
	235,000	7.750%, 1/14/2031		364,726
	90,000	6.375%, 10/23/2034		130,882
	100,000	5.000%, 1/13/2037		128,931
	200,000	3.950%, 1/20/2040		230,349
	480,000	3.700%, 3/1/2041		534,902
		Romania Government International Bond
	196,000	4.375%, 8/22/2023^f		209,720
	100,000	4.875%, 1/22/2024^f		110,260
		Russia Government International Bond
	180,000	3.500%, 1/16/2019^f		185,883
	850,000	5.000%, 4/29/2020^f		917,082
	500,000	4.875%, 9/16/2023^f		545,370
	254,250	7.500%, 3/31/2030^f		310,185
	270,000	5.625%, 4/4/2042^f		305,338
		South Africa Government International Bond
	245,000	5.500%, 3/9/2020		264,600
	210,000	5.875%, 5/30/2022		233,730
	50,000	5.375%, 7/24/2044		52,322
		Turkey Government International Bond
	270,000	7.500%, 11/7/2019		308,364
	700,000	7.000%, 6/5/2020		793,919
	385,000	5.125%, 3/25/2022		411,656
	180,000	6.250%, 9/26/2022		203,546
	90,000	5.750%, 3/22/2024		100,360
	400,000	4.250%, 4/14/2026		406,060
	210,000	4.875%, 10/9/2026		221,138
	200,000	4.875%, 4/16/2043		195,250
	240,000	6.625%, 2/17/2045		291,460

		Total		18,093,680


	Mortgage-Backed Securities (2.9%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	2,000,000	3.000%, 7/1/2031^d		2,098,047
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	2,500,000	2.500%, 8/1/2028^d		2,582,567
	1,000,000	2.500%, 7/1/2031^d		1,034,589
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	6,500,000	3.500%, 7/1/2046^d		6,858,515
	2,150,000	4.000%, 7/1/2046^d		2,305,141

		Total		14,878,859


	Technology (1.7%)
		Alliance Data Systems Corporation
	420,000	5.375%, 8/1/2022^f		402,150
		Apple, Inc.
	60,000	0.927%, 5/6/2020^e		59,393
		Automatic Data Processing, Inc.
	70,000	2.250%, 9/15/2020		72,728
		Cisco Systems, Inc.
	90,000	1.254%, 2/21/2018^e		90,557
	65,000	1.173%, 3/1/2019^e		65,233

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

121

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (46.3%)	Value
	Technology (1.7%) - continued
		CommScope Technologies Finance, LLC
$	580,000	6.000%, 6/15/2025^f	$	594,500
		Cypress Semiconductor Corporation Convertible
	400,000	4.500%, 1/15/2022^f		427,500
		Denali Borrower, LLC
	760,000	5.625%, 10/15/2020^f		797,240
		Diamond 1 Finance Corporation
	95,000	3.480%, 6/1/2019^f		97,319
		Equinix, Inc.
	675,000	5.750%, 1/1/2025		698,625
		Fidelity National Information Services, Inc.
	70,000	3.625%, 10/15/2020		73,998
		First Data Corporation
	510,000	5.375%, 8/15/2023^f		517,910
		Freescale Semiconductor, Inc.
	570,000	6.000%, 1/15/2022^f		601,065
		Hewlett Packard Enterprise Company
	68,000	3.600%, 10/15/2020^f		70,977
		IMS Health, Inc.
	320,000	6.000%, 11/1/2020^f		325,600
		Intel Corporation
	160,000	1.700%, 5/19/2021		161,496
	70,000	3.100%, 7/29/2022		74,951
		Intel Corporation, Convertible
	420,000	2.950%, 12/15/2035		543,113
		Micron Technology, Inc., Convertible
	295,000	2.375%, 5/1/2032		441,763
	450,000	3.000%, 11/15/2043		343,688
		NXP Semiconductors NV, Convertible
	465,000	1.000%, 12/1/2019		505,397
		Oracle Corporation
	60,000	2.500%, 5/15/2022		61,308
		Plantronics, Inc.
	800,000	5.500%, 5/31/2023^f		790,000
		Sensata Technologies BV
	725,000	4.875%, 10/15/2023^f		725,000
		Texas Instruments, Inc.
	60,000	1.750%, 5/1/2020		60,912

		Total		8,602,423


	Transportation (0.4%)
		American Airlines Pass Through Trust
	72,254	4.950%, 1/15/2023		78,576
		Avis Budget Car Rental, LLC
	770,000	5.125%, 6/1/2022^f		743,050
		Delta Air Lines, Inc.
	49,584	4.950%, 5/23/2019		52,435
		ERAC USA Finance, LLC
	175,000	2.600%, 12/1/2021^f		177,852
		J.B. Hunt Transport Services, Inc.
	70,000	3.300%, 8/15/2022		73,044
		Korea Expressway Corporation
	123,000	1.625%, 4/28/2017^f		123,377
		United Airlines 2015-1 Class A Pass Through Trust
	70,000	3.700%, 12/1/2022		72,100
		XPO Logistics, Inc.
	705,000	6.500%, 6/15/2022^f		672,394

		Total		1,992,828


	U.S. Government and Agencies (0.5%)
		U.S. Treasury Notes
	1,110,000	1.875%, 6/30/2020		1,152,492
	830,000	2.125%, 6/30/2022		875,131
	600,000	1.625%, 2/15/2026		606,750

		Total		2,634,373


	Utilities (1.2%)
		AES Corporation
	390,000	7.375%, 7/1/2021		439,725
		Ameren Corporation
	70,000	2.700%, 11/15/2020		72,093
		Calpine Corporation
	560,000	6.000%, 1/15/2022^f		586,600
	730,000	5.375%, 1/15/2023		711,750
		Dynegy Finance I, Inc.
	700,000	7.375%, 11/1/2022		675,500
		Electricite de France SA
	905,000	5.250%, 12/29/2049^f,i		868,709
		Emera U.S. Finance, LP
	116,000	2.150%, 6/15/2019^f		117,349
		Energy Transfer Equity, LP
	780,000	5.500%, 6/1/2027		733,200
		Exelon Generation Company, LLC
	88,000	5.200%, 10/1/2019		97,369
		MPLX LP
	1,010,000	4.875%, 12/1/2024^f		983,903
		NextEra Energy Capital Holdings, Inc.
	95,000	2.300%, 4/1/2019		96,842
		NRG Energy, Inc.
	390,000	6.625%, 3/15/2023		384,150
		PSEG Power, LLC
	100,000	3.000%, 6/15/2021		101,382
		Southern Company
	200,000	1.850%, 7/1/2019		202,530
		Xcel Energy, Inc.
	60,000	1.200%, 6/1/2017		60,038

		Total		6,131,140


		Total Long-Term Fixed Income (cost $235,586,761)		237,421,908


Shares		Common Stock (25.9%)
	Consumer Discretionary (3.9%)
	3,600	Aisan Industry Company, Ltd.		23,294
	3,520	Amazon.com, Inc.^k		2,518,982
	7,100	APN Outdoor Group Pty, Ltd.		36,791
	2,200	AutoZone, Inc.^k		1,746,448
	600	Bayerische Motoren Werke AG		38,248
	300	Beiersdorf AG		28,402
	8,200	Berkeley Group Holdings plc		276,896
	11,640	Best Buy Company, Inc.		356,184
	4,500	Betsson AB		37,638
	1,100	Brembo SPA		60,594
	3,100	Bridgestone Corporation		99,625
	3,800	Bunzl plc		116,921

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

122

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (25.9%)	Value
	Consumer Discretionary (3.9%) - continued
	7,960	Burlington Stores, Inc.^k	$	531,012
	6,000	Calsonic Kansei Corporation		45,598
	6,385	Cedar Fair, LP		369,181
	100	Christian Dior SE		16,019
	7,600	Cineworld Group plc		55,441
	32,494	Comcast Corporation		2,118,284
	2,200	Compass Group plc		41,856
	200	Continental AG		37,846
	5,100	Core-Mark Holding Company, Inc.		238,986
	800	Daimler AG		47,871
	25,400	Debenhams plc		18,771
	11,900	Denso Corporation		418,705
	15,000	EDION Corporation		123,722
	10,800	Eutelsat Communications		203,852
	19,670	Ford Motor Company		247,252
	10,300	Fuji Heavy Industries, Ltd.		354,046
	8,410	General Motors Company		238,003
	13,000	Gunze, Ltd.		36,315
	5,600	Hakuhodo Dy Holdings, Inc.		67,121
	5,630	Harman International Industries, Inc.		404,347
	800	Hennes & Mauritz AB		23,537
	15,900	Honda Motor Company, Ltd.		398,856
	10,000	Howden Joinery Group plc		51,361
	14,800	Inchcape plc		124,444
	1,500	InterContinental Hotels Group plc		55,321
	2,300	Intertek Group plc		107,165
	1,900	JB Hi-Fi, Ltd.		34,432
	600	Koito Manufacturing Co., Ltd.		27,627
	890	Linamar Corporation		31,702
	800	LVMH Moet Hennessy Louis Vuitton SE		120,588
	4,200	Marks and Spencer Group plc		17,987
	17,542	MDC Partners, Inc.		320,843
	10,680	Newell Brands, Inc.		518,728
	28,980	NIKE, Inc.		1,599,696
	7,000	NOK Corporation		119,039
	1,400	Nokian Renkaat Oyj		50,179
	300	Paddy Power plc		31,529
	6,000	PanaHome Corporation		47,496
	15,900	Persimmon plc		308,329
	1,400	ProSiebenSat.1 Media AG^k		61,239
	6,356	Restoration Hardware Holdings, Inc.^k		182,290
	600	Rightmove plc		29,305
	3,200	Saizeriya Company, Ltd.		57,179
	3,600	Sekisui House, Ltd.		63,044
	3,600	SHOWA Corporation		20,212
	2,300	Sky plc		26,136
	5,400	Sports Direct International plc^k		23,121
	2,700	Stanley Electric Company, Ltd.		57,662
	9,600	Star Entertainment Group, Ltd.		39,117
	18,570	Starbucks Corporation		1,060,718
	11,200	Sumitomo Forestry Company, Ltd.		152,009
	6,800	Sumitomo Rubber Industries, Ltd.		91,038
	500	Swatch Group AG		28,634
	2,000	Tamron Company, Ltd.		26,824
	12,000	Tatts Group, Ltd.		34,533
	24,000	Taylor Wimpey plc		42,578
	12,210	Toll Brothers, Inc.^k		328,571
	2,300	USS Company, Ltd.		38,011
	200	Valora Holding AG		55,600
	6,000	Wacoal Holdings Corporation		59,210
	14,860	Walt Disney Company		1,453,605
	9,100	WH Smith plc		191,178
	740	Whirlpool Corporation		123,314
	1,400	Whitbread plc		65,505
	9,700	Wolters Kluwer NV		392,767
	7,200	WPP plc		150,059
	5,900	Yokohama Rubber Company, Ltd.		73,998

		Total		19,870,567


	Consumer Staples (1.6%)
	600	AarhusKarlshamn AB		42,832
	11,281	Anheuser-Busch InBev NV ADR		1,485,482
	6,900	Axfood AB		132,531
	1,961	British American Tobacco plc		127,130
	29,030	Coca-Cola Company		1,315,930
	10,100	Coca-Cola HBC AG		204,369
	335	George Weston, Ltd.		28,992
	2,200	Henkel AG & Company KGaA		237,970
	16,319	Imperial Brands plc		885,029
	2,000	Jeronimo Martins SGPS SA		31,544
	1,200	Kesko Oyj		50,960
	30,700	Koninklijke Ahold NV		677,938
	600	KOSE Corporation		50,844
	3,100	Nestle SA		240,183
	3,000	Nichirei Corporation		27,677
	4,000	Nippon Meat Packers, Inc.		97,976
	13,480	Philip Morris International, Inc.		1,371,186
	684	Premium Brands Holdings Corporation		28,801
	2,500	Suedzucker AG		55,064
	1,100	Sugi Holdings Company, Ltd.		61,334
	8,100	Swedish Match AB		282,675
	2,600	Universal Corporation		150,124
	9,420	WhiteWave Foods Company^k		442,175
	5,098	Woolworths, Ltd.		80,184

		Total		8,108,930


	Energy (1.7%)
	194,187	BP plc		1,136,683
	2,200	Caltex Australia, Ltd.		53,042
	10,920	Continental Resources, Inc.^k		494,348
	15,820	EOG Resources, Inc.		1,319,704
	18,000	EQT Corporation		1,393,740
	8,974	OMV AG		252,266
	7,800	Parsley Energy, Inc.^k		211,068
	6,757	Royal Dutch Shell plc		185,348
	71	Royal Dutch Shell plc, Class A		1,950
	3,744	Royal Dutch Shell plc, Class B		103,442
	54,000	Spectra Energy Corporation		1,978,020
	5,171	Statoil ASA		89,351
	7,359	Total SA		352,910
	692	Vantage Drilling International^k		59,858
	190,730	Weatherford International plc^k		1,058,552

		Total		8,690,282


	Financials (8.7%)
	1,700	Acadia Realty Trust		60,384
	2,570	Affiliated Managers Group, Inc.^k		361,779
	2,100	Agree Realty Corporation		101,304
	7,279	Alexandria Real Estate Equities, Inc.		753,522
	7,500	Allianz SE		1,069,936
	900	American Campus Communities, Inc.		47,583
	6,200	Anima Holding SPA^f		29,230
	3,500	Apartment Investment & Management Company		154,560
	200,000	Apollo Investment Corporation		1,108,000
	3,000	Apple Hospitality REIT, Inc.		56,430
	115,400	Ares Capital Corporation		1,638,680

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

123

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (25.9%)	Value
	Financials (8.7%) - continued
	12,800	Australia & New Zealand Banking Group, Ltd.	$	233,217
	2,800	AvalonBay Communities, Inc.		505,092
	28,400	Banco Santander SA		110,212
	17,500	Bank Hapoalim, Ltd.		88,163
	27,800	Bank of East Asia, Ltd.		107,508
	3,921	Bank of Montreal		248,714
	12,657	Bank of Nova Scotia		620,237
	9,417	Bank of Queensland, Ltd.		75,131
	9,130	Bank of the Ozarks, Inc.		342,558
	21,700	BinckBank NV		107,876
	1,100	Bluerock Residential Growth REIT, Inc.		14,300
	4,945	Boston Properties, Inc.		652,245
	20,935	Brixmor Property Group, Inc.		553,940
	7,280	Camden Property Trust		643,698
	394	Canadian Imperial Bank of Commerce		29,594
	4,054	Canadian Western Bank^l		77,349
	27,000	CapitaMall Trust		42,931
	1,575	Care Capital Properties, Inc.		41,281
	901	Chesapeake Lodging Trust		20,948
	9,000	Chiba Bank, Ltd.		42,532
	31,540	Citigroup, Inc.		1,336,981
	9,200	CNP Assurances		135,735
	650	CoreSite Realty Corporation		57,648
	4,550	Crown Castle International Corporation		461,506
	3,700	CubeSmart		114,256
	1,400	CyrusOne, Inc.		77,924
	400	Daito Trust Construction Company, Ltd.		64,945
	1,500	Danske Bank AS		39,481
	5,500	DDR Corporation		99,770
	4,200	Derwent London plc		146,529
	41,800	DEXUS Property Group		283,641
	2,636	Digital Realty Trust, Inc.		287,298
	28,723	Direct Line Insurance Group plc		132,792
	1,200	Douglas Emmett, Inc.		42,624
	30,280	Duke Realty Corporation		807,265
	1,000	DuPont Fabros Technology, Inc.		47,540
	1,000	Education Realty Trust, Inc.		46,140
	20,200	Encore Capital Group, Inc.^k		475,306
	1,166	EPR Properties		94,073
	1,847	Equinix, Inc.		716,137
	2,500	Equity Lifestyle Properties, Inc.		200,125
	1,000	Equity One, Inc.		32,180
	8,900	Equity Residential		613,032
	10,000	Erste Group Bank AG		227,681
	1,400	Essex Property Trust, Inc.		319,326
	3,400	EXOR SPA		125,513
	2,400	Extra Space Storage, Inc.		222,096
	1,000	Federal Realty Investment Trust		165,550
	800	First Industrial Realty Trust, Inc.		22,256
	41,600	FlexiGroup, Ltd.		54,561
	1,800	Forest City Realty Trust, Inc.		40,158
	24,700	Frasers Centrepoint Trust		39,107
	61,000	Fukuoka Financial Group, Inc.		201,132
	2,600	Gaming and Leisure Properties, Inc.		89,648
	10,567	General Growth Properties, Inc.		315,108
	2,265	Genworth MI Canada, Inc.		58,100
	1,200	GEO Group, Inc.		41,016
	120,000	Golub Capital BDC, Inc.		2,168,400
	7,400	Great Portland Estates plc		61,942
	300	Groupe Bruxelles Lambert SA		24,602
	14,013	H&R Real Estate Investment Trust		244,152
	3,400	Hamborner REIT AG		36,709
	7,700	Hang Seng Bank, Ltd.		132,077
	3,600	Hannover Rueckversicherung SE		377,201
	7,300	HCP, Inc.		258,274
	2,200	Healthcare Realty Trust, Inc.^d		76,978
	2,800	Healthcare Trust of America, Inc.		90,552
	50,700	Henderson Group plc		144,139
	5,500	Henderson Land Development Company, Ltd.		31,068
	2,800	Highwoods Properties, Inc.		147,840
	1,400	Hitachi Capital Corporation		27,786
	2,500	Hospitality Properties Trust		72,000
	15,411	Host Hotels & Resorts, Inc.		249,812
	2,000	Hudson Pacific Properties, Inc.		58,360
	7,500	Hufvudstaden AB		117,716
	50,000	Hysan Development Company, Ltd.		222,976
	2,021	Intact Financial Corporation		144,369
	5,700	International Exchange, Inc.		1,458,972
	87,000	Invesco Mortgage Capital, Inc.		1,191,030
	38,800	Investec plc		241,173
	2,800	Iron Mountain, Inc.		111,524
	19,160	J.P. Morgan Chase & Company		1,190,602
	700	Jyske Bank AS		26,574
	28,570	KeyCorp		315,698
	1,500	Kilroy Realty Corporation		99,435
	10,900	Kimco Realty Corporation		342,042
	1,169	Lamar Advertising Company		77,505
	1,900	LaSalle Hotel Properties		44,802
	800	Liberty Property Trust		31,776
	9,500	Link REIT		64,963
	2,950	Macerich Company		251,900
	6,100	Macquarie Group, Ltd.		317,533
	4,450	Medical Properties Trust, Inc.		67,684
	20,710	MetLife, Inc.		824,879
	2,000	Mid-America Apartment Communities, Inc.		212,800
	31,200	Mitsui & Company, Ltd.		372,440
	127,700	Mizuho Financial Group, Inc.		183,768
	2,400	MS and AD Insurance Group Holdings, Inc.		62,184
	6,100	National Australia Bank, Ltd.		117,117
	7,589	National Bank of Canada		259,575
	1,300	National Health Investors, Inc.		97,617
	4,100	National Retail Properties, Inc.		212,052
	400	National Storage Affiliates Trust		8,328
	186,299	New World Development Company, Ltd.		189,720
	3,100	NorthStar Realty Finance Corporation		35,433
	10,500	Old Mutual plc		28,366
	2,550	Omega Healthcare Investors, Inc.		86,572
	1,400	Outfront Media, Inc.		33,838
	3,000	Parkway Properties, Inc.		50,190
	1,000	Pebblebrook Hotel Trust		26,250
	4,000	Physicians Realty Trust		84,040
	2,276	Power Corporation of Canada		48,446
	15,583	Prologis, Inc.		764,190
	3,192	Public Storage, Inc.		815,843
	823	QTS Realty Trust, Inc.		46,072
	5,070	Raymond James Financial, Inc.		249,951
	1,700	Realty Income Corporation		117,912
	2,200	Regency Centers Corporation		184,206
	1,200	Retail Opportunity Investments Corporation		26,004
	1,500	Retail Properties of America, Inc.		25,350
	4,888	RLJ Lodging Trust		104,848

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

124

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (25.9%)	Value
	Financials (8.7%) - continued
	900	Sampo Oyj	$	36,807
	5,313	Schroders plc		167,895
	2,775	Senior Housing Property Trust		57,803
	7,810	Simon Property Group, Inc.		1,693,989
	2,000	SL Green Realty Corporation		212,940
	93,000	Solar Capital, Ltd.		1,771,650
	1,553	Sovran Self Storage, Inc.		162,941
	14,800	Spirit Realty Captial, Inc.		188,996
	123,000	Stockland		436,097
	3,406	Store Capital Corporation		100,307
	3,700	Summit Hotel Properties, Inc.		48,988
	650	Sun Communities, Inc.		49,816
	2,855	Sunstone Hotel Investors, Inc.		34,460
	5,300	Swiss Re AG		462,904
	38,550	Synchrony Financial^k		974,544
	16,900	T&D Holdings, Inc.		143,515
	1,200	Talanx AG		35,740
	1,664	Tanger Factory Outlet Centers, Inc.		66,860
	700	Taubman Centers, Inc.		51,940
	800	Tokio Marine Holdings, Inc.		26,633
	2,427	Toronto-Dominion Bank		104,222
	5,600	UDR, Inc.		206,752
	23,500	United Overseas Bank, Ltd.		323,782
	2,100	Urban Edge Properties		62,706
	5,300	Ventas, Inc.		385,946
	4,159	VEREIT, Inc.		42,172
	6,270	Vornado Realty Trust		627,752
	2,000	Weingarten Realty Investors		81,640
	13,803	Welltower, Inc.		1,051,374
	5,000	Wharf Holdings, Ltd.		30,513
	7,000	Wheelock and Company, Ltd.		32,883
	45,100	Wing Tai Holdings, Ltd.		54,743
	1,100	WP Carey, Inc.		76,362
	13,980	XL Group plc		465,674
	17,250	Zions Bancorporation		433,492

		Total		44,666,109


	Health Care (2.7%)
	43,270	Abbott Laboratories		1,700,944
	500	Actelion, Ltd.		84,199
	12,460	Akorn, Inc.^k		354,923
	6,130	Allergan plc^k		1,416,582
	4,540	Amgen, Inc.		690,761
	2,200	Astellas Pharmaceutical, Inc.		34,501
	200	Bayer AG		20,087
	5,763	Essilor International SA		757,429
	400	Gerresheimer AG		30,813
	6,000	Hikma Pharmaceuticals plc		197,587
	10,820	Hologic, Inc.^k		374,372
	2,931	ICON plc^k		205,199
	900	Lonza Group AG		149,501
	17,070	Medtronic plc		1,481,164
	30,840	Merck & Company, Inc.		1,776,692
	2,400	Merck KGaA		243,944
	8,100	Novartis AG		668,562
	7,900	Novo Nordisk AS		425,438
	18,248	Pfizer, Inc.		642,512
	900	Roche Holding AG-Genusschein		237,492
	7,000	Sanofi		581,582
	2,860	Teleflex, Inc.		507,106
	10,650	Vertex Pharmaceuticals, Inc.^k		916,113
	2,720	Waters Corporation^k		382,568

		Total		13,880,071


	Industrials (2.4%)
	2,300	Adecco SA		116,008
	4,350	AerCap Holdings NV^k		146,116
	3,200	Aida Engineering, Ltd.		26,299
	41,000	Air New Zealand, Ltd.		61,448
	3,800	Amada Holdings Company, Ltd.		38,578
	1,100	Andritz AG		52,159
	19,000	Asahi Glass Company, Ltd.		103,111
	1,200	Atlas Copco Aktiebolag		31,167
	3,100	Babcock International Group plc		37,480
	18,000	Cathay Pacific Airways, Ltd.		26,407
	2,200	Compagnie de Saint-Gobain		83,393
	5,000	Dai Nippon Printing Company, Ltd.		55,725
	3,282	Dart Group plc		23,026
	300	DCC plc		26,400
	10,100	Delta Air Lines, Inc.		367,943
	3,300	Deutsche Post AG		92,970
	1,100	DSV AS		46,253
	400	East Japan Railway Company		37,069
	7,990	EMCOR Group, Inc.		393,587
	3,430	Equifax, Inc.		440,412
	700	Flughafen Zuerich AG		123,880
	1,700	Fraport AG Frankfurt Airport Services Worldwide		91,020
	10,000	Fuji Electric Company, Ltd.		41,635
	3,439	Galliford Try plc		42,009
	100	Georg Fischer AG		79,941
	6,000	Hankyu Hanshin Holdings, Inc.		44,739
	1,900	Hitachi Transport System, Ltd.		31,256
	8,020	HNI Corporation		372,850
	700	Hochtief AG		90,378
	15,210	Honeywell International, Inc.		1,769,227
	14,706	Illinois Tool Works, Inc.		1,531,777
	2,300	Inaba Denki Sangyo Company, Ltd.		78,776
	14,020	Ingersoll-Rand plc		892,794
	6,100	Intrum Justitia AB		191,312
	30,900	ITOCHU Corporation		378,006
	24,230	Jacobs Engineering Group, Inc.^k		1,206,896
	4,000	Kamigumi Company, Ltd.		36,971
	10,800	KITZ Corporation		51,249
	12,000	KONE Oyj		553,807
	2,412	Koninklijke Boskalis Westminster NV		82,304
	500	Kuehne & Nagel International AG		70,055
	2,100	Kurita Water Industries, Ltd.		46,813
	7,700	Marubeni Corporation		34,786
	12,130	Masco Corporation		375,302
	16,900	Meggitt plc		91,859
	3,650	Middleby Corporation^k		420,662
	4,200	MIRAIT Holdings Corporation		41,292
	5,000	Mitsuboshi Belting, Ltd.		38,985
	4,600	Nikkon Holdings Company, Ltd.		82,657
	8,000	Nippon Express Company, Ltd.		36,558
	8,500	Nitto Kogyo Corporation		105,676
	1,800	Randstad Holding NV		71,984
	500	Rieter Holding AG		102,348
	800	SAAB AB		24,948
	7,100	Sanwa Holdings Corporation		64,539
	800	Schindler Holding AG		144,838
	100	Schindler Holding AG - REG		18,199
	1,300	Skanska AB		27,221
	3,100	Southwest Airlines Company		121,551
	1,200	TOTO, Ltd.		47,951
	1,100	Travis Perkins plc		21,703
	3,700	WABCO Holdings, Inc.^k		338,809
	1,776	WSP Global, Inc.		54,327

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

125

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (25.9%)	Value
	Industrials (2.4%) - continued
	1,400	Yuasa Trading Company, Ltd.	$	28,883

		Total		12,308,324


	Information Technology (3.4%)
	2,350	Alphabet, Inc., Class A^k		1,653,295
	1,294	Alphabet, Inc., Class C^k		895,577
	16,660	Apple, Inc.		1,592,696
	892	AtoS		73,545
	4,300	Canon, Inc.		122,766
	5,500	Check Point Software Technologies, Ltd.^k		438,240
	21,650	Cisco Systems, Inc.		621,138
	38,721	EMC Corporation		1,052,050
	11,710	Facebook, Inc.^k		1,338,219
	25,180	Finisar Corporation^k		440,902
	10,000	FUJIFILM Holdings NPV		388,004
	2,400	Hoya Corporation		85,718
	1,300	ITOCHU Techno-Solutions Corporation		28,006
	14,180	Juniper Networks, Inc.		318,908
	1,100	Kyocera Corporation		52,341
	9,190	MasterCard, Inc.		809,271
	32,690	Microsoft Corporation		1,672,747
	4,300	NEC Networks & System Integration Corporation		76,128
	1,400	Nice, Ltd.		89,086
	2,400	NS Solutions Corporation		36,989
	2,475	NVIDIA Corporation		116,350
	31,230	Pandora Media, Inc.^k		388,814
	7,560	Plantronics, Inc.		332,640
	10,580	Progress Software Corporation^k		290,527
	17,170	QLIK Technologies, Inc.^k		507,889
	9,500	Shinko Electric Industries Company, Ltd.		46,532
	500	TDK Corporation		27,988
	100	U-Blox AG		21,557
	2,320	Ultimate Software Group, Inc.^k		487,873
	700	United Internet AG		29,098
	23,510	Visa, Inc.		1,743,737
	35,930	Xilinx, Inc.		1,657,451

		Total		17,436,082


	Materials (0.7%)
	800	Air Liquide SA		83,346
	2,400	Amcor, Ltd.		26,985
	1,270	Ashland, Inc.		145,758
	32,200	BHP Billiton, Ltd.		448,748
	9,800	BillerudKorsnas AB		146,240
	2,800	Buzzi Unicem SPA		49,067
	247	CCL Industries, Inc.		42,986
	1,500	Croda International plc		62,968
	3,140	Crown Holdings, Inc.^k		159,104
	25,200	Daicel Corporation		261,124
	6,000	Denki Kagaku Kogyo KK		24,264
	4,059	Domtar Corporation		142,106
	900	Evonik Industries AG		26,828
	2,550	FMC Corporation		118,091
	700	FUCHS PETROLUB SE		27,539
	100	Givaudan SA		201,352
	3,300	Hexpol AB		33,887
	2,100	JFE Holdings, Inc.		27,395
	2,700	JSR Corporation		35,756
	500	LafargeHolcim, Ltd.		20,919
	12,900	Mitsubishi Chemical Holdings Corporation		59,133
	5,000	Mitsubishi Gas Chemical Company, Inc.		26,085
	16,000	Mitsubishi Materials Corporation		38,310
	1,000	Nippon Shokubai Company, Ltd.		57,516
	53,021	Norsk Hydro ASA		194,101
	2,600	Novozymes AS		124,854
	6,000	Oji Holdings Corporation		23,034
	14,600	Orora, Ltd.		30,314
	2,820	Packaging Corporation of America		188,743
	1,710	PPG Industries, Inc.		178,097
	1,035	Rio Tinto, Ltd.		35,801
	7,840	Steel Dynamics, Inc.		192,080
	2,000	Sumitomo Metal Mining Company, Ltd.		20,345
	7,000	Sumitomo Seika Chemicals Company, Ltd.		38,997
	6,000	Tosoh Corporation		27,676
	10,097	UPM-Kymmene Oyj		185,490
	9,613	Yara International ASA		305,374

		Total		3,810,413


	Telecommunications Services (0.4%)
	3,904	BCE, Inc.		184,752
	9,000	Elisa Oyj		345,810
	8,800	Freenet AG		226,632
	107,960	KCOM Group plc		151,627
	500	Millicom International Cellular SA		30,670
	2,400	Nippon Telegraph & Telephone Corporation		112,548
	8,500	Orange SA^l		138,215
	3,100	Proximus SA		98,514
	10,700	Telefonica Deutschland Holding AG		44,074
	19,210	Zayo Group Holdings, Inc.^k		536,535

		Total		1,869,377


	Utilities (0.4%)
	2,000	Chubu Electric Power Company, Inc.		28,462
	3,600	E.ON SE		36,342
	52,500	Electricidade de Portugal SA		160,733
	10,700	Enagas SA^l		326,889
	22,459	MDU Resources Group, Inc.		539,016
	9,206	NorthWestern Corporation		580,623
	77,000	Osaka Gas Company, Ltd.		296,026
	35,000	Redes Energeticas Nacionais SGPS SA		98,422
	6,000	Toho Gas Company, Ltd.		49,096
	5,200	Tokyo Electric Power Company, Inc.^k		22,022
	14,800	United Utilities Group plc		205,134
	1,700	Veolia Environnement SA		36,711

		Total		2,379,476


		Total Common Stock (cost $132,331,792)		133,019,631


		Registered Investment Companies (5.5%)
	Equity Funds/ETFs (1.7%)
	256,500	Alerian MLP ETF		3,262,680
	6,400	iShares MSCI EAFE Index Fund		357,184
	42,580	Materials Select Sector SPDR Fund		1,973,157
	26,950	Utilities Select Sector SPDR Fund		1,414,067

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

126

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Registered Investment Companies (5.5%)	Value
	Equity Funds/ETFs (1.7%) - continued
	25,000	Vanguard High Dividend Yield ETF	$	1,786,500

		Total		8,793,588


	Fixed Income Funds/ETFs (3.8%)
	3,017	iShares J.P. Morgan USD Emerging Markets Bond ETF		347,408
	27,000	iShares S&P U.S. Preferred Stock Index Fund		1,077,030
	109,560	PowerShares Senior Loan Portfolio		2,516,593
	191,080	Vanguard Short-Term Corporate Bond ETF		15,446,907

		Total		19,387,938


		Total Registered Investment Companies (cost $28,467,787)		28,181,526


		Preferred Stock (3.0%)
	Consumer Staples (0.3%)
	19,000	CHS, Inc., 6.750%ⁱ		541,500
	31,200	CHS, Inc., 7.100%ⁱ		907,920

		Total		1,449,420


	Financials (2.6%)
	6,475	Agribank FCB, 6.875%ⁱ		682,911
	6,900	American Tower Corporation, Convertible, 5.500%		775,008
	39,710	Annaly Capital Management, Inc., 7.500%ⁱ		1,022,135
	800	Bank of America Corporation, Convertible, 7.250%ⁱ		956,000
	37,225	Citigroup, Inc., 6.875%ⁱ		1,059,051
	26,020	Citigroup, Inc., 7.008%^e		678,341
	8,650	Cobank ACB, 6.250%ⁱ		892,572
	16,000	Countrywide Capital V, 7.000%		417,440
	4,000	Farm Credit Bank of Texas, 6.750%ⁱ		416,375
	41,050	GMAC Capital Trust I, 6.402%^e		1,018,861
	48,800	Goldman Sachs Group, Inc., 5.500%ⁱ		1,292,224
	22,200	Morgan Stanley 7.125%ⁱ		658,674
	30,420	Morgan Stanley, 6.875%ⁱ		874,271
	15,500	PNC Financial Services Group, Inc., 6.125%ⁱ		469,495
	28,000	U.S. Bancorp, 6.500%ⁱ		862,400
	1,012	Wells Fargo & Company, Convertible, 7.500%ⁱ		1,314,791

		Total		13,390,549


	Health Care (0.1%)
	810	Allergan plc, Convertible, 5.50%		674,325

		Total		674,325


		Total Preferred Stock (cost $14,675,203)		15,514,294


		Collateral Held for Securities Loaned (0.1%)
	385,600	Thrivent Cash Management Trust		385,600

		Total Collateral Held for Securities Loaned (cost $385,600)		385,600


Shares or Principal Amount		Short-Term Investments (9.4%)^m
		Federal Home Loan Bank Discount Notes
	100,000	0.350%, 7/26/2016ⁿ		99,988
	800,000	0.342%, 8/5/2016ⁿ		799,806
	300,000	0.370%, 9/14/2016ⁿ		299,825
		Thrivent Core Short-Term Reserve Fund
	4,681,287	0.580%		46,812,873

		Total Short-Term Investments (cost $48,012,351)		48,012,492

		Total Investments (cost $526,636,917) 102.8%	$	527,418,690

		Other Assets and Liabilities, Net (2.8%)		(14,341,942	)

		Total Net Assets 100.0%	$	513,076,748

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

b	In bankruptcy. Interest is not being accrued.

c	All or a portion of the loan is unfunded.

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 June 30, 2016.

g	Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of June 30, 2016.

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

k	Non-income producing security.

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

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.

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

127

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Security	Acquisition Date		Cost
Angel Oak Mortgage Trust, 11/25/2045		12/10/2015	$	831,507
Bayview Opportunity Master Fund Trust, 7/28/2034		3/19/2015		448,048
Bayview Opportunity Master Fund Trust, 2/28/2035		2/27/2015		1,197,561
Citi Held For Asset Issuance, 8/15/2022		2/26/2016		1,129,408
Digicel, Ltd., 4/15/2021		6/9/2014		778,051
Liberty Mutual Group, Inc., 6/15/2058		1/12/2009		539,150
NCF Dealer Floorplan Master Trust, 3/21/2022		4/8/2016		734,863
NRZ Advance Receivables Trust, 6/15/2049		6/23/2016		1,299,998
Pretium Mortgage Credit Partners I, LLC, 7/25/2031		6/17/2016		1,000,000
Pretium Mortgage Credit Partners, LLC, 11/27/2030		11/6/2015		1,135,490
Pretium Mortgage Credit Partners, LLC, 10/27/2030		10/6/2015		746,956
Sunset Mortgage Loan Company, LLC, 9/18/2045		10/2/2015		836,236
Vericrest Opportunity Loan Transferee, 2/25/2055		2/25/2015		428,803
Vericrest Opportunity Loan Transferee, 10/25/2058		2/6/2015		1,316,255

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 June 30, 2016:


Securities Lending Transactions
Common Stock	$	365,378

Total lending	$	365,378
Gross amount payable upon return of collateral for securities loaned	$	385,600

Net amounts due to counterparty	$	20,222

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.

128

Opportunity Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (23.7%)^a	Value
	Basic Materials (1.3%)
		Alpha Natural Resources, Inc., Term Loan
$	432,608	3.500%, 5/22/2020^b	$	201,163
		Fortescue Metals Group, Ltd., Term Loan
	474,194	4.250%, 6/30/2019		452,855
		Ineos US Finance, LLC, Term Loan
	246,207	3.750%, 12/15/2020		239,848
		NewPage Corporation, Delayed Draw
	68,600	11.000%, 7/26/2017		68,086
		NewPage Corporation, Term Loan
	70,528	11.000%, 7/26/2017		39,143
	340,900	0.000%, 2/11/2021^b		46,021
		Tronox Pigments BV, Term Loan
	370,750	4.500%, 3/19/2020		354,066

		Total		1,401,182


	Capital Goods (0.6%)
		Accudyne Industries, LLC, Term Loan
	221,712	4.000%, 12/13/2019		198,433
		ADS Waste Holdings, Inc., Term Loan
	239,979	3.750%, 10/9/2019		235,779
		Rexnord, LLC, Term Loan
	187,781	4.000%, 8/21/2020		185,251

		Total		619,463


	Communications Services (7.1%)
		Atlantic Broadband Penn, LLC, Term Loan
	76,805	3.250%, 11/30/2019		76,637
		Birch Communication Inc., Term Loan
	411,924	7.750%, 7/17/2020		337,778
		Block Communications, Inc., Term Loan
	397,979	4.000%, 11/7/2021		397,482
		Charter Communications Operating, LLC, Term Loan
	244,950	3.000%, 7/1/2020		242,960
	219,450	3.500%, 1/24/2023		219,450
		Cincinnati Bell, Inc., Term Loan
	250,646	4.000%, 9/10/2020		248,892
		CSC Holdings, LLC, Term Loan
	475,000	5.000%, 10/9/2022		475,119
		Fairpoint Communications, Term Loan
	432,580	7.500%, 2/14/2019		430,867
		Grande Communications Networks, LLC, Term Loan
	247,358	4.500%, 5/29/2020		242,410
		Hargray Communications Group, Inc., Term Loan
	217,147	5.250%, 6/26/2019		216,876
		Integra Telecom Holdings, Inc., Term Loan
	242,084	5.250%, 8/14/2020		234,974
		Intelsat Jackson Holdings SA, Term Loan
	160,000	3.750%, 6/30/2019		145,480
		Level 3 Communications, Inc., Term Loan
	280,000	4.000%, 8/1/2019		279,476
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	475,000	4.500%, 1/7/2022		463,125
		LTS Buyer, LLC, Term Loan
	271,600	4.000%, 4/13/2020		268,376
		Numericable US, LLC, Term Loan
	264,337	4.750%, 2/10/2023		260,277
	315,000	5.000%, 1/15/2024		311,850
		SBA Senior Finance II, LLC, Term Loan
	735,000	3.250%, 3/24/2021		726,525
	217,800	3.250%, 6/10/2022		214,579
		TNS, Inc., Term Loan
	56,366	5.000%, 2/14/2020		56,296
		Univision Communications, Inc., Term Loan
	247,212	4.000%, 3/1/2020		245,623
		Virgin Media Investment Holdings, Ltd., Term Loan
	171,697	3.649%, 6/30/2023		167,346
		WideOpenWest Finance, LLC, Term Loan
	332,395	4.500%, 4/1/2019		331,102
		WMG Acquisition Corporation, Term Loan
	184,054	3.750%, 7/1/2020		181,753
		XO Communications, LLC, Term Loan
	684,250	4.250%, 3/20/2021		682,252
		Yankee Cable Acquisition, LLC, Term Loan
	234,619	4.250%, 3/1/2020		234,033
		Zayo Group, LLC, Term Loan
	224,088	3.750%, 5/6/2021		222,647

		Total		7,914,185


	Consumer Cyclical (4.0%)
		Amaya BV, Term Loan
	627,345	5.000%, 8/1/2021		606,693
		Burlington Coat Factory Warehouse Corporation, Term Loan
	249,141	4.250%, 8/13/2021		248,414
		Cengage Learning Acquisitions, Term Loan
	540,000	5.250%, 6/7/2023		533,250
		Ceridian HCM Holding, Inc., Term Loan
	131,644	4.500%, 9/15/2020		127,037
		FCA US, LLC, Term Loan
	85,259	3.250%, 12/31/2018		84,966
		Golden Nugget, Inc., Delayed Draw
	67,253	5.500%, 11/21/2019		67,252
		Golden Nugget, Inc., Term Loan
	156,922	5.500%, 11/21/2019		156,922
		IMG Worldwide, Inc., Term Loan
	416,344	5.250%, 5/6/2021		413,638
	225,000	0.000%, 5/6/2022^c,d		218,250
		KAR Auction Services, Inc., Term Loan
	379,050	4.250%, 3/9/2023		379,838
		Las Vegas Sands, LLC, Term Loan
	121,875	3.250%, 12/19/2020		121,723

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

129

Opportunity Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (23.7%)^a	Value
	Consumer Cyclical (4.0%) - continued
		Marina District Finance Company, Inc., Term Loan
$	154,816	6.500%, 8/15/2018	$	154,622
		Mohegan Tribal Gaming Authority, Term Loan
	400,539	5.500%, 6/15/2018		397,235
		Scientific Games International, Inc., Term Loan
	248,625	6.000%, 10/18/2020		245,311
	647,032	6.000%, 10/1/2021^c,d		637,327
		Seminole Hard Rock Entertainment, Inc., Term Loan
	117,576	3.500%, 5/14/2020		116,791

		Total		4,509,269


	Consumer Non-Cyclical (4.2%)
		Albertson’s, LLC, Term Loan
	79,800	4.750%, 12/21/2022		79,651
	600,000	4.750%, 6/22/2023		598,350
		Catalina Marketing Corporation, Term Loan
	73,553	4.500%, 4/9/2021		61,356
		Endo Luxembourg Finance I Co Sarl, Term Loan
	363,175	3.750%, 9/26/2022		356,729
		JBS USA, LLC, Term Loan
	343,532	3.750%, 5/25/2018		342,958
	208,950	4.000%, 10/30/2022		208,298
		LTF Merger Sub, Inc., Term Loan
	398,910	4.250%, 6/10/2022		388,938
		Mallinckrodt International Finance SA, Term Loan
	154,215	3.500%, 3/19/2021		152,287
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	465,000	5.000%, 5/4/2022		463,721
		MultiPlan, Inc., Term Loan
	550,000	5.000%, 6/7/2023		551,237
		Ortho-Clinical Diagnostics, Inc., Term Loan
	436,466	4.750%, 6/30/2021		412,098
		Supervalu, Inc., Term Loan
	341,036	5.500%, 3/21/2019^c,d		340,183
		Valeant Pharmaceuticals International, Inc., Term Loan
	786,671	5.000%, 4/1/2022		764,817

		Total		4,720,623


	Energy (1.2%)
		Arch Coal, Inc., Term Loan
	272,944	7.500%, 5/16/2018^b		125,213
		Exgen Renewables I, LLC, Term Loan
	268,621	5.250%, 2/6/2021		268,119
		Houston Fuel Oil Terminal, LLC, Term Loan
	234,404	4.250%, 8/19/2021		225,614
		McJunkin Red Man Corporation, Term Loan
	173,050	5.000%, 11/8/2019		166,128
		MEG Energy Corporation, Term Loan
	255,981	3.750%, 3/31/2020		224,349
		Pacific Drilling SA, Term Loan
	247,350	4.500%, 6/3/2018		75,442
		Targa Resources Partners, LP, Term Loan
	57,000	5.750%, 2/27/2022		56,430
		Western Refining, Inc., Term Loan
	114,413	5.250%, 11/12/2020		110,266
	120,000	5.500%, 5/27/2023		116,750

		Total		1,368,311


	Financials (1.3%)
		Delos Finance Sarl, Term Loan
	125,000	3.500%, 3/6/2021		124,781
		Harland Clarke Holdings Corporation, Term Loan
	130,399	7.000%, 5/22/2018		126,487
	325,000	7.000%, 12/31/2019		314,437
		TransUnion, LLC, Term Loan
	528,237	3.500%, 4/9/2021		521,059
		WaveDivision Holdings, LLC, Term Loan
	386,778	4.000%, 10/15/2019		385,648

		Total		1,472,412


	Technology (2.8%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	847,875	4.250%, 2/1/2023		848,273
		Booz Allen Hamilton, Inc., Term Loan
	103,359	3.750%, 7/31/2019		103,230
		First Data Corporation, Term Loan
	254,704	4.452%, 3/24/2021		253,538
	120,000	4.202%, 7/8/2022		118,800
		Micron Technology, Inc., Term Loan
	230,000	6.640%, 4/26/2022		230,971
		ON Semiconductor Corporation, Term Loan
	675,000	5.250%, 3/31/2023		676,687
		SS&C European Holdings SARL, Term Loan
	12,799	4.000%, 7/8/2022		12,785
	93,536	4.000%, 7/8/2022		93,439
		Western Digital Corporation, Term Loan
	625,000	6.250%, 4/29/2023		626,956
		Zayo Group, LLC, Term Loan
	135,203	4.500%, 5/6/2021		135,034

		Total		3,099,713


	Transportation (1.0%)
		American Airlines, Inc., Term Loan
	307,273	3.250%, 6/27/2020		302,809
		OSG Bulk Ships, Inc., Term Loan
	451,491	5.250%, 8/5/2019		433,431
		XPO Logistics, Inc., Term Loan
	368,150	5.500%, 11/1/2021		368,150

		Total		1,104,390

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

130

Opportunity Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (23.7%)^a	Value
	Utilities (0.2%)
		Intergen NV, Term Loan
$	207,453	5.500%, 6/15/2020^c,d	$	184,633

		Total		184,633


		Total Bank Loans (cost $27,494,126)		26,394,181


		Long-Term Fixed Income (61.7%)
	Asset-Backed Securities (4.0%)
		Asset Backed Securities Corporation Home Equity Loan Trust
	182,421	0.593%, 7/25/2036^e		159,171
		Bayview Opportunity Master Fund Trust
	46,254	3.623%, 4/28/2030^f		46,062
	129,105	3.721%, 2/28/2035*		129,123
	190,595	3.721%, 7/28/2035^f,g		190,361
		CAM Mortgage, LLC
	59,496	3.500%, 7/15/2064*^,g		59,519
		Citi Held For Asset Issuance
	253,768	4.480%, 8/15/2022*		256,817
		Countrywide Asset-Backed Certificates
	17,152	5.329%, 4/25/2047		16,483
		Credit Based Asset Servicing and Securitization, LLC
	105,688	3.460%, 12/25/2036^g		70,648
		DRB Prime Student Loan Trust
	100,000	2.890%, 6/25/2040^f		100,681
		First Horizon ABS Trust
	192,042	0.613%, 10/25/2034^e,h		174,581
		GMAC Mortgage Corporation Loan Trust
	310,241	0.939%, 8/25/2035^e,h		291,725
	48,380	3.358%, 9/19/2035		45,338
		GSAA Home Equity Trust
	348,939	0.723%, 7/25/2037^e		309,030
		Impac CMB Trust
	209,471	0.973%, 4/25/2035^e		190,443
	38,003	1.093%, 8/25/2035^e		33,161
		J.P. Morgan Mortgage Acquisition Trust
	141,272	4.218%, 3/25/2047^g		95,729
		Lehman XS Trust
	180,411	5.440%, 8/25/2035^g		156,829
		MLCC Mortgage Investors, Inc.
	124,676	1.113%, 8/25/2029^e		123,352
		NCF Dealer Floorplan Master Trust
	150,000	3.638%, 3/21/2022*^,e		146,624
		NRZ Advance Receivables Trust
	300,000	2.751%, 6/15/2049*^,i		301,251
		Popular ABS Mortgage Pass-Through Trust
	100,000	4.360%, 11/25/2035^g		95,081
		Pretium Mortgage Credit Partners I, LLC
	200,000	4.000%, 7/25/2031*^,g		200,071
		Pretium Mortgage Credit Partners, LLC
	186,902	4.125%, 10/27/2030*		187,114
		Renaissance Home Equity Loan Trust
	237,019	5.797%, 8/25/2036^g		141,230
	189,675	5.285%, 1/25/2037^g		98,351
		Sunset Mortgage Loan Company, LLC
	139,373	4.459%, 9/16/2045*^,g		139,926
		Vericrest Opportunity Loan Transferee
	107,280	3.375%, 10/25/2058*^,g		106,154
	139,984	3.500%, 6/26/2045^f		138,845
	128,952	3.625%, 7/25/2045^f,g		128,061
		Wachovia Asset Securitization, Inc.
	321,302	0.593%, 7/25/2037*^,e,h		265,571

		Total		4,397,332


	Basic Materials (0.5%)
		Albemarle Corporation
	46,000	3.000%, 12/1/2019		46,622
		ArcelorMittal SA
	120,000	6.500%, 3/1/2021		123,300
		Dow Chemical Company
	24,000	8.550%, 5/15/2019		28,489
		First Quantum Minerals, Ltd.
	130,000	7.000%, 2/15/2021^f		104,488
		Glencore Funding, LLC
	30,000	1.693%, 4/16/2018^e,f		28,800
		LyondellBasell Industries NV
	26,000	5.000%, 4/15/2019		28,142
		NOVA Chemicals Corporation
	97,215	5.250%, 8/1/2023^f		97,701
		Novelis, Inc.
	50,000	8.375%, 12/15/2017		51,125
	75,000	8.750%, 12/15/2020		78,187

		Total		586,854


	Capital Goods (1.8%)
		AECOM
	180,000	5.875%, 10/15/2024		184,500
		Berry Plastics Corporation
	95,000	6.000%, 10/15/2022		98,206
		Building Materials Corporation of America
	175,000	6.000%, 10/15/2025^f		182,875
		Cemex SAB de CV
	130,000	5.700%, 1/11/2025^f		123,175
		CNH Industrial Capital, LLC
	195,000	4.375%, 11/6/2020		196,950
		Crown Americas Capital Corporation IV
	120,000	4.500%, 1/15/2023		122,400
		General Electric Company
	253,000	5.000%, 12/29/2049^j		268,433
		Huntington Ingalls Industries, Inc.
	155,000	5.000%, 12/15/2021^f		162,169
		L-3 Communications Corporation
	33,000	1.500%, 5/28/2017		33,029
		Lockheed Martin Corporation
	35,000	2.500%, 11/23/2020		36,115
		Nortek, Inc.
	64,810	8.500%, 4/15/2021		67,241

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

131

Opportunity Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (61.7%)	Value
	Capital Goods (1.8%) - continued
		Owens-Brockway Glass Container, Inc.
$	155,000	5.000%, 1/15/2022^f	$	155,194
		Roper Industries, Inc.
	34,000	2.050%, 10/1/2018		34,413
		Sealed Air Corporation
	155,000	4.875%, 12/1/2022^f		159,456
		United Rentals North America, Inc.
	170,000	5.500%, 7/15/2025		167,450

		Total		1,991,606


	Collateralized Mortgage Obligations (5.6%)
		Alternative Loan Trust
	44,650	5.500%, 5/25/2035		44,534
		American Home Mortgage Assets Trust
	129,511	1.397%, 9/25/2046^e		88,506
	230,167	0.643%, 12/25/2046^e		144,734
		Angel Oak Mortgage Trust
	199,258	4.500%, 11/25/2045*^,g		199,876
		Bear Stearns Adjustable Rate Mortgage Trust
	165,801	2.660%, 10/25/2035^e		159,184
		Bear Stearns ALT-A Trust
	126,079	2.846%, 10/25/2033		122,666
	113,214	3.002%, 6/25/2034		111,458
		CitiMortgage Alternative Loan Trust
	265,417	5.750%, 4/25/2037		223,568
		Countrywide Alternative Loan Trust
	145,782	5.750%, 8/25/2035		128,351
	161,995	5.500%, 10/25/2035		149,985
	55,810	5.500%, 2/25/2036		49,488
	83,326	6.000%, 1/25/2037		73,375
	179,443	5.500%, 5/25/2037		143,512
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	117,014	1.207%, 4/25/2047^e		98,739
		First Horizon Alternative Mortgage Securities Trust
	215,019	2.757%, 7/25/2035		193,249
		GMAC Mortgage Corporation Loan Trust
	153,685	3.407%, 5/25/2035		141,072
		HarborView Mortgage Loan Trust
	126,755	3.024%, 12/19/2035		110,229
		IndyMac INDA Mortgage Loan Trust
	167,354	4.113%, 8/25/2036		155,343
		IndyMac INDX Mortgage Loan Trust
	188,979	0.663%, 4/25/2046^e		137,152
		J.P. Morgan Alternative Loan Trust
	131,450	6.500%, 3/25/2036		106,785
		J.P. Morgan Mortgage Trust
	108,042	6.500%, 1/25/2035		103,989
	81,507	2.650%, 6/25/2035		80,789
	71,062	2.816%, 6/25/2035		71,151
	122,284	2.719%, 7/25/2035		119,062
	161,173	2.882%, 8/25/2035		159,417
	216,551	2.825%, 6/25/2036		193,583
	45,355	2.708%, 10/25/2036		40,727
		Morgan Stanley Mortgage Loan Trust
	112,436	2.880%, 11/25/2035		81,355
		MortgageIT Trust
	212,630	0.713%, 12/25/2035^e		189,920
		Pretium Mortgage Credit Partners, LLC
	189,428	4.375%, 11/27/2030*		189,921
		Residential Accredit Loans, Inc. Trust
	18,563	5.500%, 12/25/2034		18,595
	126,629	3.791%, 9/25/2035		103,694
		Sequoia Mortgage Trust
	188,976	1.068%, 11/20/2034^e		176,421
		Structured Adjustable Rate Mortgage Loan Trust
	160,124	2.782%, 1/25/2035		131,012
		Structured Asset Mortgage Investments, Inc.
	371,155	0.763%, 12/25/2035^e		262,412
		WaMu Mortgage Pass Through Certificates
	119,222	5.000%, 11/25/2018		121,322
	182,810	4.041%, 8/25/2036		164,833
	116,676	2.484%, 10/25/2036		100,936
	199,252	2.008%, 1/25/2037		167,709
	37,164	2.448%, 8/25/2046		32,145
	248,789	1.397%, 9/25/2046^e		204,768
	138,906	1.167%, 1/25/2047^e		124,109
	153,064	1.177%, 1/25/2047^e		117,337
		Washington Mutual Mortgage Pass Through Certificates
	193,249	1.187%, 2/25/2047^e		135,594
		Wells Fargo Mortgage Backed Securities Trust
	171,550	2.855%, 3/25/2036		167,859
	76,176	2.866%, 4/25/2036		74,072
	289,750	6.000%, 7/25/2037		285,596
	161,875	6.000%, 7/25/2037		161,553

		Total		6,361,687


	Commercial Mortgage-Backed Securities (0.2%)
		Bear Stearns Commercial Mortgage Securities Trust
	200,000	5.568%, 10/12/2041		200,758

		Total		200,758


	Communications Services (3.1%)
		Altice US Finance I Corporation
	135,000	5.500%, 5/15/2026^f		135,000
		AMC Networks, Inc.
	195,000	5.000%, 4/1/2024		193,026
		America Movil SAB de CV
	21,000	5.000%, 10/16/2019		23,118
		American Tower Corporation
	30,000	2.800%, 6/1/2020		30,700
		AT&T, Inc.
	29,000	5.875%, 10/1/2019		32,807
	30,000	1.561%, 6/30/2020^e		29,883
	40,000	2.800%, 2/17/2021		41,042
		British Sky Broadcasting Group plc
	36,000	2.625%, 9/16/2019^f		36,630
		CC Holdings GS V, LLC
	33,000	2.381%, 12/15/2017		33,428

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

132

Opportunity Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (61.7%)	Value
	Communications Services (3.1%) - continued
		CCOH Safari, LLC
$	185,000	5.750%, 2/15/2026^f	$	190,550
		CenturyLink, Inc.
	90,000	6.450%, 6/15/2021		91,462
	25,000	7.500%, 4/1/2024		25,219
		Charter Communications Operating, LLC
	17,000	3.579%, 7/23/2020^f		17,773
	17,000	4.464%, 7/23/2022^f		18,271
		Clear Channel Worldwide Holdings, Inc.
	110,000	6.500%, 11/15/2022		110,000
		Columbus International, Inc.
	120,000	7.375%, 3/30/2021^f		126,720
		Crown Castle International Corporation
	35,000	3.400%, 2/15/2021		36,538
	200,000	5.250%, 1/15/2023		224,412
		Digicel, Ltd.
	184,810	6.000%, 4/15/2021*		158,419
		Dish DBS Corporation
	125,000	5.875%, 7/15/2022		121,562
		DISH DBS Corporation
	250,000	7.750%, 7/1/2026^f		257,500
		FairPoint Communications, Inc.
	155,000	8.750%, 8/15/2019^f		152,675
		Frontier Communications Corporation
	175,000	8.875%, 9/15/2020		186,812
		Gray Television, Inc.
	200,000	5.875%, 7/15/2026^f		200,500
		Hughes Satellite Systems Corporation
	69,000	6.500%, 6/15/2019		74,520
		Neptune Finco Corporation
	115,000	10.875%, 10/15/2025^f		131,459
		Numericable-SFR SA
	120,000	6.000%, 5/15/2022^f		116,700
		SBA Tower Trust
	40,000	5.101%, 4/17/2017^f		40,129
		Sprint Corporation
	165,000	7.625%, 2/15/2025		130,556
		Telefonica Emisiones SAU
	30,000	3.192%, 4/27/2018		30,803
		T-Mobile USA, Inc.
	125,000	6.633%, 4/28/2021		130,625
		Univision Communications, Inc.
	105,000	5.125%, 5/15/2023^f		104,212
		UPCB Finance V, Ltd.
	90,000	7.250%, 11/15/2021^f		93,825
		Verizon Communications, Inc.
	85,000	2.625%, 2/21/2020		87,964
	40,000	4.500%, 9/15/2020		44,398

		Total		3,459,238


	Consumer Cyclical (2.9%)
		AmeriGas Finance, LLC
	140,000	5.625%, 5/20/2024		141,050
		BMW US Capital, LLC
	50,000	1.500%, 4/11/2019^f		50,358
		Brookfield Residential Properties, Inc.
	100,000	6.500%, 12/15/2020^f		99,750
	75,000	6.125%, 7/1/2022^f		70,875
		Cinemark USA, Inc.
	80,000	4.875%, 6/1/2023		79,200
		Corrections Corporation of America
	120,000	5.000%, 10/15/2022		124,500
		Daimler Finance North America, LLC
	21,000	1.875%, 1/11/2018^f		21,192
		eBay, Inc.
	35,000	2.500%, 3/9/2018		35,639
		ERAC USA Finance, LLC
	40,000	2.350%, 10/15/2019^f		40,755
		Ford Motor Credit Company, LLC
	38,000	5.000%, 5/15/2018		40,262
	50,000	2.597%, 11/4/2019		51,154
		General Motors Financial Company, Inc.
	119,810	3.250%, 5/15/2018		122,293
	56,000	4.375%, 9/25/2021		59,094
		GLP Capital, LP
	120,000	4.875%, 11/1/2020		124,350
		Hanesbrands, Inc.
	250,000	4.875%, 5/15/2026^f		250,900
		Hilton Worldwide Finance, LLC
	180,000	5.625%, 10/15/2021		186,300
		Home Depot, Inc.
	35,000	1.023%, 9/15/2017^e		35,133
	35,000	2.625%, 6/1/2022		36,629
		Hyundai Capital America
	28,000	1.450%, 2/6/2017^f		28,033
		Jaguar Land Rover Automotive plc
	75,000	4.250%, 11/15/2019^f		76,500
	77,000	5.625%, 2/1/2023^f		79,984
		KB Home
	71,000	4.750%, 5/15/2019		71,178
		L Brands, Inc.
	77,000	6.625%, 4/1/2021		86,625
		Lennar Corporation
	150,000	4.750%, 11/15/2022		152,438
		Macy’s Retail Holdings, Inc.
	36,000	7.450%, 7/15/2017		38,124
		MGM Resorts International
	170,000	6.000%, 3/15/2023		179,350
		Newell Rubbermaid, Inc.
	35,000	3.150%, 4/1/2021		36,462
		Ralph Lauren Corporation
	35,000	2.625%, 8/18/2020		36,519
		RHP Hotel Properties, LP
	105,000	5.000%, 4/15/2021		107,100
		Royal Caribbean Cruises, Ltd.
	119,810	5.250%, 11/15/2022		126,100
		Six Flags Entertainment Corporation
	110,000	5.250%, 1/15/2021^f		113,438
		Toll Brothers Finance Corporation
	52,000	4.000%, 12/31/2018		53,898
		Visa, Inc.
	35,000	2.200%, 12/14/2020		36,088

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

133

Opportunity Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (61.7%)	Value
	Consumer Cyclical (2.9%) - continued
		Walgreens Boots Alliance, Inc.
$	35,000	1.750%, 5/30/2018	$	35,273
	35,000	2.600%, 6/1/2021		35,653
		West Corporation
	120,000	5.375%, 7/15/2022^f		111,600
		Yum! Brands, Inc.
	210,000	5.000%, 6/1/2024^f		213,675

		Total		3,187,472


	Consumer Non-Cyclical (2.7%)
		Actavis Funding SCS
	26,000	1.911%, 3/12/2020^e		26,079
		Amgen, Inc.
	30,000	2.125%, 5/1/2020		30,474
		Anheuser-Busch InBev Finance, Inc.
	60,000	1.897%, 2/1/2021^e		61,819
		B&G Foods, Inc.
	70,000	4.625%, 6/1/2021		70,000
		BAT International Finance plc
	35,000	1.163%, 6/15/2018^e,f		34,933
		Becton, Dickinson and Company
	32,000	1.450%, 5/15/2017		32,083
		Boston Scientific Corporation
	25,000	6.000%, 1/15/2020		28,459
		Bunge Limited Finance Corporation
	35,000	3.500%, 11/24/2020		36,688
		Cardinal Health, Inc.
	35,000	1.950%, 6/15/2018		35,406
		Celgene Corporation
	35,000	3.550%, 8/15/2022		36,669
		Centene Escrow Corporation
	180,000	5.625%, 2/15/2021^f		187,650
		CHS/Community Health Systems, Inc.
	187,000	7.125%, 7/15/2020		173,366
		Cott Beverages, Inc.
	120,000	5.375%, 7/1/2022		120,000
		CVS Health Corporation
	24,000	2.250%, 12/5/2018		24,550
		EMD Finance, LLC
	19,000	1.006%, 3/17/2017^e,f		18,989
		Envision Healthcare Corporation
	155,000	5.125%, 7/1/2022^f		155,775
		Express Scripts Holding Company
	35,000	3.900%, 2/15/2022		37,509
		Forest Laboratories, Inc.
	37,000	4.375%, 2/1/2019^f		39,025
		Fresenius Medical Care US Finance, Inc.
	64,810	5.750%, 2/15/2021^f		71,939
		Gilead Sciences, Inc.
	35,000	3.250%, 9/1/2022		37,271
		Grifols Worldwide Operations, Ltd.
	200,000	5.250%, 4/1/2022		203,500
		HCA, Inc.
	64,810	4.750%, 5/1/2023		66,430
		JBS USA, LLC
	170,000	5.750%, 6/15/2025^f		159,800
		Laboratory Corporation of America Holdings
	20,000	2.625%, 2/1/2020		20,428
		Land O’Lakes, Inc.
	100,000	8.000%, 12/31/2049^f,j		102,250
		Mead Johnson Nutrition Company
	35,000	3.000%, 11/15/2020		36,564
		Merck & Company, Inc.
	20,000	1.005%, 2/10/2020^e		20,007
		Molson Coors Brewing Company
	60,000	1.450%, 7/15/2019^d		60,152
		Mondelez International, Inc.
	20,000	2.250%, 2/1/2019		20,436
		Mylan NV
	70,000	2.500%, 6/7/2019^f		70,929
	15,000	3.750%, 12/15/2020^f		15,639
		Pinnacle Foods, Inc.
	200,000	5.875%, 1/15/2024^f		209,250
		Revlon Consumer Products Corporation
	64,810	5.750%, 2/15/2021		62,542
		Reynolds American, Inc.
	19,000	3.250%, 6/12/2020		20,085
		SABMiller plc
	30,000	6.500%, 7/15/2018^f		32,906
		Safeway, Inc.
	8,000	3.400%, 12/1/2016		7,980
		Spectrum Brands Escrow Corporation
	77,000	6.375%, 11/15/2020		80,369
		Teleflex, Inc.
	200,000	4.875%, 6/1/2026		202,000
		Tenet Healthcare Corporation
	120,000	8.125%, 4/1/2022		122,976
		TreeHouse Foods, Inc.
	110,000	4.875%, 3/15/2022		112,200
		Valeant Pharmaceuticals International
	64,810	7.250%, 7/15/2022^f		55,588
		WM Wrigley Jr. Company
	20,000	2.000%, 10/20/2017^f		20,213

		Total		2,960,928


	Energy (1.7%)
		Anadarko Petroleum Corporation
	40,000	8.700%, 3/15/2019		45,617
		Antero Resources Corporation
	140,000	5.125%, 12/1/2022		134,400
		Boardwalk Pipelines, Ltd.
	29,000	5.875%, 11/15/2016		29,402
		BP Capital Markets plc
	70,000	1.676%, 5/3/2019		70,561
		Buckeye Partners, LP
	22,000	2.650%, 11/15/2018		22,311
		Cheniere Corpus Christi Holdings, LLC
	250,000	7.000%, 6/30/2024^f		256,720
		Chevron Corporation
	35,000	1.136%, 11/16/2018^e		34,854
		Concho Resources, Inc.
	189,810	6.500%, 1/15/2022		194,318

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

134

Opportunity Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (61.7%)	Value
	Energy (1.7%) - continued
		Crestwood Midstream Partners, LP
$	110,000	6.250%, 4/1/2023^f	$	101,200
		Ecopetrol SA
	62,000	5.875%, 9/18/2023		63,860
		Enbridge, Inc.
	19,000	1.136%, 6/2/2017^e		18,668
		EQT Corporation
	5,000	5.150%, 3/1/2018		5,105
	26,000	8.125%, 6/1/2019		28,644
		Exxon Mobil Corporation
	55,000	1.708%, 3/1/2019		55,894
		Marathon Petroleum Corporation
	35,000	3.400%, 12/15/2020		36,181
		MEG Energy Corporation
	77,000	6.375%, 1/30/2023^f		56,980
		Occidental Petroleum Corporation
	45,000	2.600%, 4/15/2022		46,111
		Pacific Drilling V, Ltd.
	110,000	7.250%, 12/1/2017^f		45,100
		Petrobras International Finance Company
	92,000	5.750%, 1/20/2020		88,881
		Petroleos Mexicanos
	113,000	5.500%, 2/4/2019^f		118,763
		Pioneer Natural Resources Company
	11,000	3.450%, 1/15/2021		11,358
		Regency Energy Partners, LP
	120,000	5.000%, 10/1/2022		123,132
		Sabine Pass Liquefaction, LLC
	155,000	5.625%, 3/1/2025		154,419
		Schlumberger Holdings Corporation
	35,000	3.000%, 12/21/2020^f		36,503
		Shell International Finance BV
	30,000	1.080%, 5/11/2020^e		29,606
		Sunoco Logistics Partners Operations, LP
	35,000	4.400%, 4/1/2021		36,883
		Transcontinental Gas Pipe Line Company, LLC
	40,000	7.850%, 2/1/2026^f		49,780

		Total		1,895,251


	Financials (5.9%)
		Abbey National Treasury Services plc
	40,000	1.037%, 9/29/2017^e		39,806
		ACE INA Holdings, Inc.
	35,000	2.875%, 11/3/2022		36,612
		AerCap Ireland Capital, Ltd.
	100,000	3.950%, 2/1/2022		100,000
		Aetna, Inc.
	80,000	1.900%, 6/7/2019		81,039
		Air Lease Corporation
	36,000	2.125%, 1/15/2018		35,820
	17,000	2.625%, 9/4/2018		16,996
		Ally Financial, Inc.
	100,000	4.750%, 9/10/2018		102,000
	100,000	4.125%, 3/30/2020		100,250
		American Express Credit Corporation
	35,000	1.706%, 9/14/2020^e		35,107
		Australia and New Zealand Banking Group, Ltd.
	200,000	6.750%, 12/29/2049^f,j		206,476
		Aviation Capital Group Corporation
	20,000	3.875%, 9/27/2016^f		20,029
		Bank of America Corporation
	44,000	5.700%, 5/2/2017		45,548
	40,000	1.700%, 8/25/2017		40,150
	76,000	1.717%, 3/22/2018^e		76,398
	15,000	5.650%, 5/1/2018		16,075
	60,000	5.625%, 7/1/2020		67,502
	40,000	2.625%, 4/19/2021		40,614
	125,000	6.300%, 12/29/2049^j		132,813
	20,000	8.000%, 12/29/2049^j		19,875
		BB&T Corporation
	38,000	2.050%, 6/19/2018		38,616
		Bear Stearns Companies, LLC
	45,000	6.400%, 10/2/2017		47,810
		BNP Paribas SA
	30,000	2.375%, 9/14/2017		30,432
	200,000	7.625%, 12/29/2049^f,j		200,000
		Caisse Centrale Desjardins du Quebec
	25,000	1.303%, 1/29/2018^e,f		24,933
		Central Fidelity Capital Trust I
	195,000	1.628%, 4/15/2027^e		169,650
		CIT Group, Inc.
	80,000	3.875%, 2/19/2019		80,400
		Citigroup, Inc.
	69,000	1.850%, 11/24/2017		69,380
	75,000	2.050%, 6/7/2019		75,516
	60,000	2.650%, 10/26/2020		61,057
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	150,000	11.000%, 12/29/2049^f,j		178,875
		Credit Agricole SA
	25,000	1.628%, 6/10/2020^e,f		24,907
		Credit Suisse Group AG
	150,000	7.500%, 12/11/2049^f,j		150,750
		CyrusOne, LP
	64,810	6.375%, 11/15/2022		67,402
		Discover Bank
	10,000	8.700%, 11/18/2019		11,775
		Discover Financial Services
	20,000	6.450%, 6/12/2017		20,797
		Duke Realty, LP
	46,000	8.250%, 8/15/2019		54,613
		Fifth Third Bancorp
	48,000	5.450%, 1/15/2017		49,069
		Goldman Sachs Group, Inc.
	20,000	2.625%, 1/31/2019		20,469
	90,000	7.500%, 2/15/2019		102,925
	40,000	2.000%, 4/25/2019		40,410
	25,000	1.798%, 4/23/2020^e		24,927
	30,000	2.274%, 11/29/2023^e		29,936
		Guardian Life Global Funding
	40,000	2.000%, 4/26/2021^f		40,526
		Hartford Financial Services Group, Inc.
	45,000	6.000%, 1/15/2019		49,394
		HCP, Inc.
	25,000	3.750%, 2/1/2019		25,886

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

135

Opportunity Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (61.7%)	Value
	Financials (5.9%) - continued
		Health Care REIT, Inc.
$	26,000	4.700%, 9/15/2017	$	26,948
		Hospitality Properties Trust
	40,000	4.250%, 2/15/2021		41,684
		Huntington Bancshares, Inc.
	55,000	3.150%, 3/14/2021		56,976
		Hutchison Whampoa Finance CI, Ltd.
	46,000	1.625%, 10/31/2017^f		46,210
		Icahn Enterprises, LP
	110,000	6.000%, 8/1/2020		108,625
		ILFC E-Capital Trust II
	300,000	4.230%, 12/21/2065^e,f		237,000
		ING Capital Funding Trust III
	25,000	4.231%, 12/29/2049^e,j		24,281
		International Lease Finance Corporation
	85,000	5.875%, 4/1/2019		90,631
		Intesa Sanpaolo SPA
	10,000	3.875%, 1/16/2018		10,260
	32,000	3.875%, 1/15/2019		32,890
		J.P. Morgan Chase & Company
	20,000	6.300%, 4/23/2019		22,482
	15,000	2.250%, 1/23/2020		15,206
	60,000	4.950%, 3/25/2020		66,323
	60,000	2.700%, 5/18/2023		60,610
	39,000	7.900%, 4/29/2049^j		39,780
	180,000	6.750%, 8/29/2049^j		198,225
		KeyCorp
	30,000	2.300%, 12/13/2018		30,489
		Liberty Mutual Group, Inc.
	10,000	5.000%, 6/1/2021^f		11,042
		Lloyds Bank plc
	25,000	1.175%, 3/16/2018^e		24,865
		Macquarie Bank, Ltd.
	40,000	1.808%, 1/15/2019^e,f		40,246
		Mellon Capital IV
	200,000	4.000%, 6/29/2049^e,j		160,500
		MetLife, Inc.
	36,000	1.903%, 12/15/2017		36,326
		Mizuho Corporate Bank, Ltd.
	25,000	1.550%, 10/17/2017^f		25,041
		Morgan Stanley
	40,000	6.625%, 4/1/2018		43,351
	25,000	1.774%, 1/27/2020^e		25,097
	40,000	2.500%, 4/21/2021		40,418
	26,000	4.875%, 11/1/2022		28,472
		MPT Operating Partnership, LP
	110,000	5.500%, 5/1/2024		112,750
		Murray Street Investment Trust I
	60,000	4.647%, 3/9/2017		61,348
		National City Corporation
	20,000	6.875%, 5/15/2019		22,543
		New York Life Global Funding
	35,000	1.550%, 11/2/2018^f		35,325
		Nomura Holdings, Inc.
	21,000	2.750%, 3/19/2019		21,490
		Quicken Loans, Inc.
	190,000	5.750%, 5/1/2025^f		183,350
		Realty Income Corporation
	33,000	2.000%, 1/31/2018		33,275
		Regions Bank
	17,000	7.500%, 5/15/2018		18,644
		Regions Financial Corporation
	35,000	3.200%, 2/8/2021		36,025
		Reinsurance Group of America, Inc.
	40,000	5.625%, 3/15/2017		41,144
		Royal Bank of Scotland Group plc
	217,000	7.640%, 3/29/2049^j		206,150
	162,000	7.648%, 8/29/2049^j		191,160
		Simon Property Group, LP
	35,000	2.500%, 9/1/2020		36,199
	60,000	2.500%, 7/15/2021		61,816
		Societe Generale SA
	155,000	8.250%, 9/29/2049^j		153,450
		State Street Capital Trust IV
	411,000	1.653%, 6/15/2037^e		343,321
		State Street Corporation
	35,000	1.526%, 8/18/2020^e		35,128
		Sumitomo Mitsui Banking Corporation
	60,000	1.300%, 1/10/2017		60,037
	25,000	1.213%, 1/16/2018^e		24,947
		SunTrust Banks, Inc.
	35,000	2.900%, 3/3/2021		36,238
		Synchrony Financial
	56,000	1.875%, 8/15/2017		56,088
	15,000	1.867%, 2/3/2020^e		14,531
		Toronto-Dominion Bank
	40,000	1.475%, 1/22/2019^e		40,269
	35,000	1.586%, 12/14/2020^e		35,196
		UnitedHealth Group, Inc.
	35,000	3.350%, 7/15/2022		37,444
		USB Realty Corporation
	195,000	1.775%, 12/29/2049^e,f,j		155,756
		Voya Financial, Inc.
	30,000	2.900%, 2/15/2018		30,561
		Wells Fargo & Company
	25,000	1.318%, 1/30/2020^e		24,846

		Total		6,556,574


	Foreign Government (15.0%)
		Argentina Government International Bond
	230,000	6.250%, 4/22/2019^f		239,775
	300,000	7.500%, 4/22/2026^f		324,300
		Brazil Government International Bond
	282,000	5.875%, 1/15/2019		308,226
	431,000	4.875%, 1/22/2021		454,059
	460,000	2.625%, 1/5/2023		419,290
	100,000	6.000%, 4/7/2026		108,500
	366,000	5.000%, 1/27/2045		328,485
		Colombia Government International Bond
	205,000	2.625%, 3/15/2023		198,133
	180,000	4.000%, 2/26/2024		188,010
	150,000	5.625%, 2/26/2044		166,125
	340,000	5.000%, 6/15/2045		352,750
		Croatia Government International Bond
	80,000	6.750%, 11/5/2019^f		87,100
	255,000	6.625%, 7/14/2020^f		278,205

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

136

Opportunity Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (61.7%)	Value
	Foreign Government (15.0%) - continued
		Export-Import Bank of Korea
$	25,000	2.250%, 1/21/2020	$	25,380
		Hungary Government International Bond
	386,000	5.750%, 11/22/2023		439,422
	334,000	5.375%, 3/25/2024		373,078
		Indonesia Government International Bond
	240,000	4.875%, 5/5/2021^f		260,577
	225,000	3.375%, 4/15/2023^f		226,222
	282,000	5.875%, 1/15/2024^f		326,124
	210,000	4.125%, 1/15/2025^f		218,707
	200,000	4.750%, 1/8/2026^f		217,774
	810,000	5.125%, 1/15/2045^f		859,360
		Mexico Government International Bond
	230,000	3.625%, 3/15/2022		242,420
	284,000	4.000%, 10/2/2023		305,740
	322,000	3.600%, 1/30/2025		336,490
	411,000	4.125%, 1/21/2026		445,524
	94,000	6.050%, 1/11/2040		118,205
	230,000	4.750%, 3/8/2044		247,825
	188,000	5.550%, 1/21/2045		225,130
	329,000	4.600%, 1/23/2046		347,095
		Panama Government International Bond
	146,000	4.000%, 9/22/2024		156,585
	173,000	3.750%, 3/16/2025		182,515
	94,000	6.700%, 1/26/2036		124,785
		Peru Government International Bond
	105,000	5.625%, 11/18/2050		130,200
	550,000	4.125%, 8/25/2027		603,625
		Philippines Government International Bond
	125,000	7.750%, 1/14/2031		194,003
	110,000	6.375%, 10/23/2034		159,967
	92,000	5.000%, 1/13/2037		118,617
	184,000	3.950%, 1/20/2040		211,921
	500,000	3.700%, 3/1/2041		557,190
		Romania Government International Bond
	148,000	4.375%, 8/22/2023^f		158,360
	80,000	4.875%, 1/22/2024^f		88,208
		Russia Government International Bond
	188,000	3.500%, 1/16/2019^f		194,145
	700,000	5.000%, 4/29/2020^f		755,244
	560,000	4.875%, 9/16/2023^f		610,814
	265,550	7.500%, 3/31/2030^f		323,971
	282,000	5.625%, 4/4/2042^f		318,908
		South Africa Government International Bond
	200,000	5.500%, 3/9/2020		216,000
	145,000	5.875%, 5/30/2022		161,385
	46,000	5.375%, 7/24/2044		48,136
		Turkey Government International Bond
	282,000	7.500%, 11/7/2019		322,069
	650,000	7.000%, 6/5/2020		737,211
	295,000	5.125%, 3/25/2022		315,425
	188,000	6.250%, 9/26/2022		212,592
	94,000	5.750%, 3/22/2024		104,820
	288,000	4.250%, 4/14/2026		292,363
	200,000	4.875%, 10/9/2026		210,608
	192,000	4.875%, 4/16/2043		187,440
	325,000	6.625%, 2/17/2045		394,686

		Total		16,759,824


	Mortgage-Backed Securities (12.7%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	850,000	3.000%, 7/1/2031^d		891,670
		Federal Home Loan Mortgage Corporation Gold 20-Yr. Pass Through
	32,172	5.500%, 9/1/2024		35,822
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	750,000	4.000%, 7/1/2046^d		802,734
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	500,000	2.500%, 8/1/2028^d		516,513
	1,250,000	2.500%, 7/1/2031^d		1,293,237
		Federal National Mortgage Association Conventional 20-Yr. Pass Through
	239,064	6.000%, 8/1/2024		272,991
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	4,525,000	3.500%, 7/1/2046^d		4,774,582
	3,000,000	4.000%, 7/1/2046^d		3,216,476
	1,325,000	4.500%, 7/1/2046^d		1,446,314
	800,000	3.500%, 8/1/2046^d		842,969

		Total		14,093,308


	Technology (1.5%)
		Alliance Data Systems Corporation
	75,000	5.375%, 8/1/2022^f		71,812
		Apple, Inc.
	30,000	0.927%, 5/6/2020^e		29,697
		Automatic Data Processing, Inc.
	35,000	2.250%, 9/15/2020		36,364
		Cisco Systems, Inc.
	40,000	1.254%, 2/21/2018^e		40,248
	35,000	1.173%, 3/1/2019^e		35,126
		CommScope Technologies Finance, LLC
	130,000	6.000%, 6/15/2025^f		133,250
		Denali Borrower, LLC
	122,000	5.625%, 10/15/2020^f		127,978
		Diamond 1 Finance Corporation
	35,000	3.480%, 6/1/2019^f		35,854
		Equinix, Inc.
	155,000	5.750%, 1/1/2025		160,425
		Fidelity National Information Services, Inc.
	37,000	1.450%, 6/5/2017		36,956
	35,000	3.625%, 10/15/2020		36,999
		First Data Corporation
	110,000	5.375%, 8/15/2023^f		111,706
		Freescale Semiconductor, Inc.
	105,000	6.000%, 1/15/2022^f		110,722

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

137

Opportunity Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (61.7%)	Value
	Technology (1.5%) - continued
		Hewlett Packard Enterprise Company
$	33,000	3.600%, 10/15/2020^f	$	34,445
		IMS Health, Inc.
	75,000	6.000%, 11/1/2020^f		76,312
		Intel Corporation
	60,000	1.700%, 5/19/2021		60,561
	35,000	3.100%, 7/29/2022		37,476
		Iron Mountain, Inc.
	64,810	6.000%, 8/15/2023		68,213
		Oracle Corporation
	30,000	2.500%, 5/15/2022		30,654
		Plantronics, Inc.
	200,000	5.500%, 5/31/2023^f		197,500
		Sensata Technologies BV
	130,000	4.875%, 10/15/2023^f		130,000
		Texas Instruments, Inc.
	30,000	1.750%, 5/1/2020		30,456
		Tyco Electronics Group SA
	38,000	6.550%, 10/1/2017		40,397

		Total		1,673,151


	Transportation (0.5%)
		Air Canada Pass Through Trust
	14,551	3.875%, 3/15/2023^f		13,642
		American Airlines Pass Through Trust
	16,803	4.950%, 1/15/2023		18,273
		Avis Budget Car Rental, LLC
	105,000	5.125%, 6/1/2022^f		101,325
		Continental Airlines, Inc.
	45,104	6.250%, 4/11/2020		47,991
		Delta Air Lines, Inc.
	20,793	4.950%, 5/23/2019		21,989
		ERAC USA Finance, LLC
	65,000	2.600%, 12/1/2021^f		66,059
		J.B. Hunt Transport Services, Inc.
	35,000	3.300%, 8/15/2022		36,522
		Korea Expressway Corporation
	33,000	1.625%, 4/28/2017^f		33,101
		United Airlines 2015-1 Class A Pass Through Trust
	35,000	3.700%, 12/1/2022		36,050
		XPO Logistics, Inc.
	200,000	6.500%, 6/15/2022^f		190,750

		Total		565,702


	U.S. Government and Agencies (2.0%)
		U.S. Treasury Notes
	1,000,000	1.875%, 6/30/2020		1,038,281
	1,070,000	2.125%, 6/30/2022		1,128,181
	100,000	1.625%, 2/15/2026		101,125

		Total		2,267,587


	Utilities (1.6%)
		AES Corporation
	64,810	7.375%, 7/1/2021		73,073
		Ameren Corporation
	35,000	2.700%, 11/15/2020		36,046
		Arizona Public Service Company
	20,000	2.200%, 1/15/2020		20,486
		Berkshire Hathaway Energy Company
	48,000	2.400%, 2/1/2020		49,304
		Calpine Corporation
	100,000	6.000%, 1/15/2022^f		104,750
	120,000	5.375%, 1/15/2023		117,000
		DTE Energy Company
	46,000	2.400%, 12/1/2019		46,969
		Dynegy Finance I, Inc.
	140,000	7.375%, 11/1/2022		135,100
		EDP Finance BV
	46,000	4.125%, 1/15/2020^f		47,454
		El Paso Corporation
	18,000	7.000%, 6/15/2017		18,746
		Electricite de France SA
	165,000	5.250%, 12/29/2049^f,j		158,383
		Emera U.S. Finance, LP
	40,000	2.150%, 6/15/2019^f		40,465
		Energy Transfer Equity, LP
	170,000	5.500%, 6/1/2027		159,800
		Eversource Energy
	15,000	1.600%, 1/15/2018		15,090
		Exelon Generation Company, LLC
	20,000	5.200%, 10/1/2019		22,129
	15,000	2.950%, 1/15/2020		15,430
		MPLX LP
	330,000	4.875%, 12/1/2024^f		321,473
		NextEra Energy Capital Holdings, Inc.
	35,000	2.300%, 4/1/2019		35,679
		NiSource Finance Corporation
	16,000	6.400%, 3/15/2018		17,319
		NRG Energy, Inc.
	64,810	6.625%, 3/15/2023		63,838
		Pacific Gas & Electric Company
	26,000	5.625%, 11/30/2017		27,578
		PG&E Corporation
	19,000	2.400%, 3/1/2019		19,373
		PSEG Power, LLC
	75,000	3.000%, 6/15/2021		76,037
		Sempra Energy
	36,000	6.150%, 6/15/2018		39,155
	15,000	2.400%, 3/15/2020		15,312
		Southern California Edison Company
	10,000	2.400%, 2/1/2022		10,367
		Southern Company
	80,000	1.850%, 7/1/2019		81,012
		Xcel Energy, Inc.
	30,000	1.200%, 6/1/2017		30,019

		Total		1,797,387


		Total Long-Term Fixed Income (cost $67,800,336)		68,754,659


Shares		Registered Investment Companies (8.1%)
	Equity Funds/ETFs (0.2%)
	6,450	AllianzGI NFJ Dividend Interest & Premium Strategy Fund		79,528
	7,200	BlackRock Resources & Commodities Strategy Trust		55,440

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

138

Opportunity Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Registered Investment Companies (8.1%)	Value
	Equity Funds/ETFs (0.2%) - continued
	3,200	Guggenheim Multi-Asset Income ETF	$	60,640

		Total		195,608


	Fixed Income Funds/ETFs (7.9%)
	32,160	Aberdeen Asia-Pacific Income Fund, Inc.		161,121
	9,425	Doubleline Income Solutions Fund		172,949
	5,211	First Trust High Income Long/Short Fund		77,279
	9,022	iShares J.P. Morgan USD Emerging Markets Bond ETF		1,038,883
	29,597	MFS Intermediate Income Trust		137,330
	10,814	PIMCO Dynamic Credit Income Fund		206,872
	175,280	PowerShares Senior Loan Portfolio		4,026,182
	24,789	Templeton Global Income Fund		157,658
	31,830	Vanguard Short-Term Corporate Bond ETF		2,573,137
	11,299	Western Asset Emerging Markets Debt Fund, Inc.		173,779
	16,794	Western Asset High Income Opportunity Fund, Inc.		82,291

		Total		8,807,481


		Total Registered Investment Companies (cost $9,167,055)		9,003,089


		Preferred Stock (2.0%)
	Consumer Staples (0.1%)
	2,280	CHS, Inc., 7.100%^j		66,348

		Total		66,348


	Financials (1.9%)
	1,870	Agribank FCB, 6.875%^j		197,227
	177	Bank of America Corporation, Convertible, 7.250%^j		211,515
	10,320	Citigroup, Inc., 6.875%^j		293,604
	3,600	Citigroup, Inc., 7.008%^e		93,852
	1,445	Cobank ACB, 6.250%^j		149,106
	1,135	Farm Credit Bank of Texas, 6.750%^j		118,146
	7,800	GMAC Capital Trust I, 6.402%^e		193,596
	7,400	Goldman Sachs Group, Inc., 5.500%^j		195,952
	92	M&T Bank Corporation, 6.375%^j		95,249
	6,900	Morgan Stanley 7.125%^j		204,723
	4,839	U.S. Bancorp, 6.500%^j		149,041
	169	Wells Fargo & Company, Convertible, 7.500%^j		219,565

		Total		2,121,576


		Total Preferred Stock (cost $2,064,224)		2,187,924


		Common Stock (0.5%)
	Energy (<0.1%)
	341	Vantage Drilling International^k		29,497

		Total		29,497


	Financials (0.5%)
	24,100	Apollo Investment Corporation		133,514
	11,100	Ares Capital Corporation		157,620
	6,000	Invesco Mortgage Capital, Inc.		82,140
	9,450	Solar Capital, Ltd.		180,022

		Total		553,296


		Total Common Stock (cost $649,143)		582,793


Shares or Principal Amount		Short-Term Investments (17.4%)^l
		Federal Home Loan Bank Discount Notes
	100,000	0.280%, 9/21/2016^m		99,936
		Thrivent Core Short-Term Reserve Fund
	1,930,829	0.580%		19,308,288

		Total Short-Term Investments (cost $19,408,194)		19,408,224

		Total Investments (cost $126,583,078) 113.4%	$	126,330,870

		Other Assets and Liabilities, Net (13.4%)		(14,907,884	)

		Total Net Assets 100.0%	$	111,422,986

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

139

Opportunity Income Plus Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)

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

b	In bankruptcy. Interest is not being accrued.

c	All or a portion of the loan is unfunded.

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 June 30, 2016.

g	Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of June 30, 2016.

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

i	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.

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

k	Non-income producing security.

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

m	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 Opportunity Income Plus Portfolio as of June 30, 2016 was $2,340,386 or 2.1% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of June 30, 2016.


Security	Acquisition Date		Cost
Angel Oak Mortgage Trust, 11/25/2045		12/10/2015	$	198,839
Bayview Opportunity Master Fund Trust, 2/28/2035		9/1/2015		128,943
CAM Mortgage, LLC, 7/15/2064		6/24/2015		59,496
Citi Held For Asset Issuance, 8/15/2022		2/26/2016		253,143
Digicel, Ltd., 4/15/2021		8/19/2013		186,249
NCF Dealer Floorplan Master Trust, 3/21/2022		4/8/2016		146,973
NRZ Advance Receivables Trust, 6/15/2049		6/23/2016		299,999
Pretium Mortgage Credit Partners I, LLC, 7/25/2031		6/17/2016		200,000
Pretium Mortgage Credit Partners, LLC, 10/27/2030		10/6/2015		186,739
Pretium Mortgage Credit Partners, LLC, 11/27/2030		11/6/2015		189,248
Sunset Mortgage Loan Company, LLC, 9/18/2045		10/2/2015		139,373
Vericrest Opportunity Loan Transferee, 10/25/2058		1/13/2016		105,805
Wachovia Asset Securitization, Inc., 7/25/2037		3/16/2007		321,302

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.

140

Small Cap Index Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (96.4%)	Value
	Consumer Discretionary (13.5%)
	36,560	American Axle & Manufacturing Holdings, Inc.^a	$	529,389
	7,800	American Public Education, Inc.^a		219,180
	6,300	Arctic Cat, Inc.		107,100
	10,600	Asbury Automotive Group, Inc.^a		559,044
	18,727	Barnes & Noble Education, Inc.^a		190,079
	29,240	Barnes & Noble, Inc.		331,874
	42,160	Belmond, Ltd.^a		417,384
	8,910	Big 5 Sporting Goods Corporation		82,596
	518	Biglari Holdings, Inc.^a		208,930
	9,670	BJ’s Restaurants, Inc.^a		423,836
	5,570	Blue Nile, Inc.		152,507
	9,690	Bob Evans Farms, Inc.		367,735
	39,040	Boyd Gaming Corporation^a		718,336
	13,490	Buckle, Inc.^b		350,605
	21,105	Caleres, Inc.		510,952
	45,450	Callaway Golf Company		464,044
	5,180	Capella Education Company		272,675
	33,510	Career Education Corporation^a		199,384
	12,630	Cato Corporation		476,404
	4,060	Cavco Industries, Inc.^a		380,422
	9,110	Children’s Place, Inc.		730,440
	8,080	Chuy’s Holdings, Inc.^a		279,649
	22,560	Core-Mark Holding Company, Inc.		1,057,162
	35,140	Crocs, Inc.^a		396,379
	8,070	DineEquity, Inc.		684,175
	14,580	Dorman Products, Inc.^a,b		833,976
	11,850	Drew Industries, Inc.		1,005,354
	26,033	E.W. Scripps Company^a		412,363
	12,390	Ethan Allen Interiors, Inc.		409,366
	32,960	Express, Inc.^a		478,250
	20,133	Finish Line, Inc.		406,485
	26,590	Five Below, Inc.^a		1,234,042
	19,710	Francesca’s Holdings Corporation^a		217,796
	16,900	Fred’s, Inc.		272,259
	8,630	FTD Companies, Inc.^a		215,405
	57,150	Gannett Company, Inc.		789,242
	10,150	Genesco, Inc.^a		652,746
	17,510	Gentherm, Inc.^a		599,718
	19,290	G-III Apparel Group, Ltd.^a		881,939
	10,030	Group 1 Automotive, Inc.		495,081
	23,280	Harte-Hanks, Inc.		37,015
	9,710	Haverty Furniture Companies, Inc.		175,071
	10,840	Hibbett Sports, Inc.^a,b		377,124
	24,200	Iconix Brand Group, Inc.^a,b		163,592
	8,060	Installed Building Products, Inc.^a		292,497
	53,740	Interval Leisure Group, Inc.		854,466
	13,470	iRobot Corporation^a,b		472,528
	6,880	Kirkland’s, Inc.^a		100,998
	29,980	Krispy Kreme Doughnuts, Inc.^a		628,381
	24,350	La-Z-Boy, Inc.		677,417
	11,450	Lithia Motors, Inc.		813,751
	13,620	Lumber Liquidators Holdings, Inc.^a,b		210,020
	18,930	M.D.C. Holdings, Inc.		460,756
	11,860	M/I Homes, Inc.^a		223,324
	9,160	Marcus Corporation		193,276
	11,600	MarineMax, Inc.^a		196,852
	11,940	Marriott Vacations Worldwide Corporation		817,771
	17,920	Meritage Homes Corporation^a		672,717
	5,260	Monarch Casino & Resort, Inc.^a		115,562
	15,650	Monro Muffler Brake, Inc.		994,714
	8,950	Motorcar Parts of America, Inc.^a		243,261
	7,880	Movado Group, Inc.		170,838
	14,250	Nutrisystem, Inc.		361,380
	8,160	Outerwall, Inc.		342,720
	7,180	Oxford Industries, Inc.		406,532
	13,390	Papa John’s International, Inc.		910,520
	5,550	Perry Ellis International, Inc.^a		111,666
	9,850	PetMed Express, Inc.^b		184,786
	10,620	Popeyes Louisiana Kitchen, Inc.^a		580,277
	6,590	Red Robin Gourmet Burgers, Inc.^a		312,564
	18,020	Regis Corporation^a		224,349
	25,600	Rent-A-Center, Inc.^b		314,368
	28,930	Ruby Tuesday, Inc.^a		104,437
	16,500	Ruth’s Hospitality Group, Inc.		263,175
	12,830	Scholastic Corporation		508,196
	24,320	Scientific Games Corporation^a,b		223,501
	22,530	Select Comfort Corporation^a		481,691
	9,800	Sizmek, Inc.^a		22,442
	13,940	Sonic Automotive, Inc.		238,513
	23,792	Sonic Corporation		643,574
	12,940	Stage Stores, Inc.^b		63,147
	7,470	Stamps.com, Inc.^a,b		653,027
	9,630	Standard Motor Products, Inc.		383,081
	14,340	Stein Mart, Inc.		110,705
	26,735	Steven Madden, Ltd.^a		913,802
	5,440	Strayer Education, Inc.^a		267,267
	9,310	Sturm, Ruger & Company, Inc.^b		595,933
	10,810	Superior Industries International, Inc.		289,492
	23,390	Tailored Brands, Inc.^b		296,117
	18,600	TopBuild Corporation^a		673,320
	21,340	Tuesday Morning Corporation^a		149,807
	27,570	Tumi Holdings, Inc.^a		737,222
	7,290	Unifi, Inc.^a		198,507
	7,100	Universal Electronics, Inc.^a		513,188
	10,420	Universal Technical Institute, Inc.		23,549
	9,710	Vera Bradley, Inc.^a		137,591
	11,850	Vitamin Shoppe, Inc.^a,b		362,254
	9,760	VOXX International Corporation^a		27,230
	12,830	Winnebago Industries, Inc.		294,064
	47,490	Wolverine World Wide, Inc.		964,997
	16,590	World Wrestling Entertainment, Inc.		305,422
	9,300	Zumiez, Inc.^a		133,083

		Total		42,233,730


	Consumer Staples (2.8%)
	12,920	Andersons, Inc.		459,177
	30,790	B&G Foods, Inc.		1,484,078
	7,120	Calavo Growers, Inc.		477,040
	15,050	Cal-Maine Foods, Inc.^b		667,016
	4,780	Central Garden & Pet Company^a		109,127
	15,950	Central Garden & Pet Company, Class A^a		346,274
	79,160	Darling Ingredients, Inc.^a		1,179,484
	8,340	Inter Parfums, Inc.		238,274
	7,180	J & J Snack Foods Corporation		856,359
	4,560	Medifast, Inc.		151,711
	9,710	Sanderson Farms, Inc.^b		841,274
	2,950	Seneca Foods Corporation^a		106,820
	18,310	SpartanNash Company		559,920
	10,980	Universal Corporation		633,985
	6,480	WD-40 Company		761,076

		Total		8,871,615


	Energy (2.8%)
	33,760	Archrock, Inc.		318,019
	28,760	Atwood Oceanics, Inc.^b		360,075
	19,050	Basic Energy Services, Inc.^a,b		32,004
	24,340	Bill Barrett Corporation^a,b		155,533
	19,480	Bonanza Creek Energy, Inc.^a,b		39,155

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

141

Small Cap Index Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (96.4%)	Value
	Energy (2.8%) - continued
	17,030	Bristow Group, Inc.^b	$	194,312
	9,760	CARBO Ceramics, Inc.^b		127,856
	26,510	Carrizo Oil & Gas, Inc.^a		950,384
	29,700	Cloud Peak Energy, Inc.^a,b		61,182
	8,690	Contango Oil & Gas Company^a		106,366
	9,650	Era Group, Inc.^a		90,710
	17,225	Exterran Corporation^a		221,341
	6,470	Geospace Technologies Corporation^a		105,914
	17,490	Green Plains, Inc.		344,903
	6,550	Gulf Island Fabrication, Inc.		45,457
	12,250	Gulfmark Offshore, Inc.^a,b		38,343
	47,860	Helix Energy Solutions Group, Inc.^a		323,534
	15,980	Hornbeck Offshore Services, Inc.^a		133,273
	12,980	Matrix Service Company^a		214,040
	41,080	Newpark Resources, Inc.^a		237,853
	26,270	Northern Oil and Gas, Inc.^a,b		121,367
	22,320	PDC Energy, Inc.^a		1,285,855
	31,050	Pioneer Energy Services Corporation^a		142,830
	2,680	REX American Resources Corporation^a		160,344
	7,780	SEACOR Holdings, Inc.^a		450,851
	94,490	Synergy Resources Corporation^a		629,303
	22,340	Tesco Corporation		149,455
	44,560	TETRA Technologies, Inc.^a		283,847
	23,440	Tidewater, Inc.^b		103,370
	30,950	U.S. Silica Holdings, Inc.^b		1,066,847
	25,490	Unit Corporation^a		396,624

		Total		8,890,947


	Financials (22.4%)
	34,928	Acadia Realty Trust		1,240,643
	11,550	Agree Realty Corporation		557,172
	19,300	American Assets Trust, Inc.		819,092
	39,660	American Equity Investment Life Holding Company		565,155
	13,480	Ameris Bancorp		400,356
	9,280	AMERISAFE, Inc.		568,122
	44,200	Astoria Financial Corporation		677,586
	23,790	Banc of California, Inc.		430,599
	20,620	Bank Mutual Corporation		158,362
	9,880	Banner Corporation		420,295
	38,250	BBCN Bancorp, Inc.		570,690
	27,690	Bofi Holding, Inc.^a,b		490,390
	39,810	Boston Private Financial Holdings, Inc.		468,962
	33,940	Brookline Bancorp, Inc.		374,358
	8,170	Calamos Asset Management, Inc.		59,723
	47,170	Capstead Mortgage Corporation		457,549
	15,600	Cardinal Financial Corporation		342,264
	28,202	CareTrust REIT, Inc.		388,624
	11,660	Cash America International, Inc.		496,949
	36,480	Cedar Realty Trust, Inc.		271,046
	14,910	Central Pacific Financial Corporation		351,876
	29,220	Chesapeake Lodging Trust		679,365
	7,260	City Holding Company		330,112
	27,760	Columbia Banking System, Inc.		778,946
	21,260	Community Bank System, Inc.		873,573
	14,900	CoreSite Realty Corporation		1,321,481
	96,410	Cousins Properties, Inc.		1,002,664
	12,130	Customers Bancorp, Inc.^a		304,827
	48,210	CVB Financial Corporation		790,162
	97,577	DiamondRock Hospitality Company		881,120
	14,885	Dime Community Bancshares, Inc.		253,194
	15,730	EastGroup Properties, Inc.		1,084,112
	7,970	eHealth, Inc.^a		111,739
	15,660	Employers Holdings, Inc.		454,453
	11,460	Encore Capital Group, Inc.^a,b		269,654
	13,377	Enova International, Inc.^a		98,455
	19,040	Evercore Partners, Inc.		841,378
	24,680	EZCORP, Inc.^a		186,581
	25,500	Financial Engines, Inc.^b		659,685
	56,403	First BanCorporation^a		223,920
	13,690	First Cash Financial Services, Inc.		702,708
	42,730	First Commonwealth Financial Corporation		393,116
	29,800	First Financial Bancorp		579,610
	31,760	First Financial Bankshares, Inc.^b		1,041,410
	38,982	First Midwest Bancorp, Inc.		684,524
	7,550	First NBC Bank Holding Company^a		126,765
	16,490	Forestar Group, Inc.^a		196,066
	26,283	Four Corners Property Trust, Inc.		541,167
	43,310	Franklin Street Properties Corporation		531,414
	35,936	GEO Group, Inc.		1,228,292
	12,831	Getty Realty Corporation		275,225
	36,510	Glacier Bancorp, Inc.		970,436
	34,610	Government Properties Income Trust		798,107
	28,140	Great Western Bancorp, Inc.		887,536
	20,890	Green Dot Corporation^a		480,261
	13,410	Greenhill & Company, Inc.		215,901
	15,502	Hanmi Financial Corporation		364,142
	4,220	HCI Group, Inc.		115,122
	16,830	HFF, Inc.		486,050
	58,640	Home BancShares, Inc.		1,160,486
	19,390	Horace Mann Educators Corporation		655,188
	12,620	Independent Bank Corporation^b		576,734
	5,350	Infinity Property & Casualty Corporation		431,531
	28,080	Interactive Brokers Group, Inc.		994,032
	7,310	INTL FCStone, Inc.^a		199,490
	16,080	Investment Technology Group, Inc.		268,858
	40,675	Kite Realty Group Trust		1,140,120
	20,890	LegacyTexas Financial Group, Inc.		562,150
	3,390	LendingTree, Inc.^a,b		299,439
	102,159	Lexington Realty Trust		1,032,827
	18,540	LTC Properties, Inc.		959,074
	32,939	MB Financial, Inc.		1,195,027
	5,400	Navigators Group, Inc.		496,638
	20,820	NBT Bancorp, Inc.		596,077
	19,140	Northfield Bancorp, Inc.		283,846
	49,210	Northwest Bancshares, Inc.		729,784
	21,050	OFG Bancorp^b		174,715
	64,850	Old National Bancorp		812,570
	9,140	Opus Bank		308,932
	18,640	Oritani Financial Corporation		298,054
	39,380	Parkway Properties, Inc.		658,827
	33,720	Pennsylvania Real Estate Investment Trust		723,294
	18,470	Pinnacle Financial Partners, Inc.		902,259
	6,880	Piper Jaffray Companies^a		259,376
	22,550	PRA Group, Inc.^a		544,357
	25,830	ProAssurance Corporation		1,383,196
	28,720	Provident Financial Services, Inc.		564,061
	9,420	PS Business Parks, Inc.		999,274
	8,550	RE/MAX Holdings, Inc.		344,223
	49,090	Retail Opportunity Investments Corporation		1,063,780
	18,480	RLI Corporation		1,271,054
	16,930	S & T Bancorp, Inc.		413,939
	32,270	Sabra Health Care REIT, Inc.		665,891
	6,860	Safety Insurance Group, Inc.		422,439
	5,600	Saul Centers, Inc.		345,576

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

142

Small Cap Index Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (96.4%)	Value
	Financials (22.4%) - continued
	28,010	Selective Insurance Group, Inc.	$	1,070,262
	10,460	ServisFirst Bancshares, Inc.^b		516,619
	13,740	Simmons First National Corporation		634,582
	11,896	Southside Bancshares, Inc.		367,824
	57,829	Sterling Bancorp		907,915
	11,350	Stewart Information Services Corporation		470,003
	42,350	Summit Hotel Properties, Inc.		560,714
	30,780	Talmer Bancorp, Inc.		590,053
	21,770	Texas Capital Bancshares, Inc.^a		1,017,965
	5,960	Tompkins Financial Corporation		387,400
	46,092	TrustCo Bank Corporation		295,450
	20,250	UMB Financial Corporation		1,077,502
	31,250	United Bankshares, Inc.^b		1,172,187
	33,805	United Community Banks, Inc.		618,293
	10,270	United Fire Group, Inc.		435,756
	8,620	United Insurance Holdings Corporation		141,196
	5,940	Universal Health Realty Income Trust		339,649
	15,650	Universal Insurance Holdings, Inc.		290,777
	12,940	Urstadt Biddle Properties, Inc.		320,653
	2,870	Virtus Investment Partners, Inc.^b		204,287
	13,080	Walker & Dunlop, Inc.^a		297,962
	12,310	Westamerica Bancorporation^b		606,391
	34,140	Wilshire Bancorp, Inc.		355,739
	25,820	Wintrust Financial Corporation		1,316,820
	4,062	World Acceptance Corporation^a,b		185,227

		Total		69,791,430


	Health Care (12.4%)
	10,340	Abaxis, Inc.		488,358
	14,360	Aceto Corporation		314,340
	22,410	Acorda Therapeutics, Inc.^a		571,567
	6,590	Adeptus Health, Inc.^a,b		340,439
	16,710	Air Methods Corporation^a,b		598,719
	12,930	Albany Molecular Research, Inc.^a,b		173,779
	4,240	Almost Family, Inc.^a		180,666
	16,940	AMAG Pharmaceuticals, Inc.^a,b		405,205
	13,713	Amedisys, Inc.^a		692,232
	22,890	AMN Healthcare Services, Inc.^a		914,913
	6,050	Analogic Corporation		480,612
	12,860	AngioDynamics, Inc.^a		184,798
	3,660	ANI Pharmaceuticals, Inc.^a		204,301
	6,990	Anika Therapeutics, Inc.^a		375,014
	15,360	Cambrex Corporation^a		794,573
	17,345	Cantel Medical Corporation		1,192,122
	8,090	Chemed Corporation		1,102,748
	5,230	Computer Programs and Systems, Inc.^b		208,782
	12,600	CONMED Corporation		601,398
	4,920	CorVel Corporation^a		212,446
	15,810	Cross Country Healthcare, Inc.^a		220,075
	12,470	CryoLife, Inc.		147,271
	11,380	Cynosure, Inc.^a		553,580
	29,720	Depomed, Inc.^a		583,106
	17,520	Diplomat Pharmacy, Inc.^a,b		613,200
	15,220	Emergent Biosolutions, Inc.^a		427,986
	6,450	Enanta Pharmaceuticals, Inc.^a		142,223
	22,720	Ensign Group, Inc.		477,347
	19,450	ExamWorks Group, Inc.^a		677,833
	12,260	Greatbatch, Inc.^a		379,202
	24,760	Haemonetics Corporation^a		717,793
	17,380	HealthEquity, Inc.^a		528,091
	11,900	HealthStream, Inc.^a		315,588
	15,360	Healthways, Inc.^a		177,408
	41,420	HMS Holdings Corporation^a		729,406
	7,000	ICU Medical, Inc.^a		789,250
	33,970	Impax Laboratories, Inc.^a		979,015
	7,130	Inogen, Inc.^a		357,284
	14,210	Integra LifeSciences Holdings Corporation^a		1,133,674
	14,820	Invacare Corporation		179,767
	40,939	Kindred Healthcare, Inc.		462,201
	4,640	Landauer, Inc.		190,982
	13,820	Lannett Company, Inc.^a,b		328,778
	6,390	LHC Group, Inc.^a		276,559
	9,210	Ligand Pharmaceuticals, Inc.^a,b		1,098,477
	18,720	Luminex Corporation^a		378,706
	11,940	Magellan Health Services, Inc.^a		785,294
	21,400	Masimo Corporation^a		1,123,821
	34,180	Medicines Company^a,b		1,149,474
	27,860	Medidata Solutions, Inc.^a		1,305,798
	20,530	Meridian Bioscience, Inc.		400,335
	21,685	Merit Medical Systems, Inc.^a		430,014
	48,840	MiMedx Group, Inc.^a,b		389,743
	30,360	Momenta Pharmaceuticals, Inc.^a		327,888
	16,100	Natus Medical, Inc.^a		608,580
	66,180	Nektar Therapeutics^a		941,741
	18,285	Neogen Corporation^a		1,028,531
	24,190	NuVasive, Inc.^a		1,444,627
	17,430	Omnicell, Inc.^a		596,629
	14,850	PharMerica Corporation^a		366,201
	8,990	Phibro Animal Health Corporation		167,753
	5,960	Providence Service Corporation^a		267,485
	21,680	Quality Systems, Inc.		258,209
	14,640	Quorum Health Corporation^a		156,794
	16,220	Repligen Corporation^a		443,779
	11,660	Sagent Pharmaceuticals, Inc.^a		174,667
	23,980	SciClone Pharmaceuticals, Inc.^a		313,179
	50,720	Select Medical Holdings Corporation^a		551,326
	30,190	Spectrum Pharmaceuticals, Inc.^a		198,348
	17,160	Supernus Pharmaceuticals, Inc.^a		349,549
	13,310	Surgical Care Affiliates, Inc.^a		634,488
	6,310	SurModics, Inc.^a		148,159
	6,150	U.S. Physical Therapy, Inc.		370,292
	8,440	Vascular Solutions, Inc.^a		351,610
	15,750	ZELTIQ Aesthetics, Inc.^a,b		430,448

		Total		38,616,576


	Industrials (16.8%)
	19,242	AAON, Inc.		529,347
	15,910	AAR Corporation		371,339
	27,410	ABM Industries, Inc.		999,917
	28,000	Actuant Corporation		633,080
	16,970	Aegion Corporation^a		331,085
	31,540	Aerojet Rocketdyne Holdings, Inc.^a		576,551
	9,910	Aerovironment, Inc.^a		275,498
	4,620	Alamo Group, Inc.		304,781
	13,940	Albany International Corporation		556,624
	6,270	Allegiant Travel Company		949,905
	3,490	American Science & Engineering, Inc.		130,561
	6,600	American Woodmark Corporation^a		438,108
	13,930	Apogee Enterprises, Inc.		645,655
	18,880	Applied Industrial Technologies, Inc.		852,243
	11,520	ArcBest Corporation		187,200
	9,180	Astec Industries, Inc.		515,457
	11,890	Atlas Air Worldwide Holdings, Inc.^a		492,484
	12,570	AZZ, Inc.		753,949
	24,330	Barnes Group, Inc.		805,810
	22,600	Brady Corporation		690,656
	20,820	Briggs & Stratton Corporation		440,968

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

143

Small Cap Index Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (96.4%)	Value
	Industrials (16.8%) - continued
	24,060	Brink’s Company	$	685,469
	6,840	CDI Corporation		41,724
	12,460	Celadon Group, Inc.		101,798
	14,770	Chart Industries, Inc.^a		356,400
	8,050	CIRCOR International, Inc.		458,770
	18,100	Comfort Systems USA, Inc.		589,517
	10,580	Cubic Corporation		424,893
	6,210	DXP Enterprises, Inc.^a		92,715
	15,100	Dycom Industries, Inc.^a		1,355,376
	12,080	Echo Global Logistics, Inc.^a		270,834
	9,970	Encore Wire Corporation		371,682
	20,900	EnerSys		1,242,923
	8,422	Engility Holdings, Inc.^a		177,873
	10,510	EnPro Industries, Inc.		466,539
	12,450	ESCO Technologies, Inc.		497,253
	17,970	Essendant, Inc.		549,163
	12,660	Exponent, Inc.		739,471
	29,490	Federal Signal Corporation		379,831
	14,750	Forward Air Corporation		656,817
	18,530	Franklin Electric Company, Inc.		612,417
	9,530	G & K Services, Inc.		729,712
	23,550	General Cable Corporation		299,320
	14,220	Gibraltar Industries, Inc.^a		448,925
	12,790	Greenbrier Companies, Inc.^b		372,573
	17,750	Griffon Corporation		299,265
	38,720	Harsco Corporation		257,101
	23,140	Hawaiian Holdings, Inc.^a		878,394
	35,157	Healthcare Services Group, Inc.		1,454,797
	28,398	Heartland Express, Inc.^b		493,841
	8,450	Heidrick & Struggles International, Inc.		142,636
	30,460	Hillenbrand, Inc.		915,018
	16,510	Hub Group, Inc.^a		633,489
	7,910	Insperity, Inc.		610,889
	31,630	Interface, Inc.		482,357
	14,210	John Bean Technologies Corporation		869,936
	13,080	Kaman Corporation		556,162
	14,360	Kelly Services, Inc.		272,409
	29,080	Knight Transportation, Inc.		772,946
	27,760	Korn/Ferry International		574,632
	5,040	Lindsay Corporation^b		342,014
	8,290	Lydall, Inc.^a		319,662
	11,010	Marten Transport, Ltd.		217,998
	20,850	Matson, Inc.		673,246
	15,400	Matthews International Corporation		856,856
	21,250	Mobile Mini, Inc.		736,100
	15,930	Moog, Inc.^a		858,946
	27,750	Mueller Industries, Inc.		884,670
	6,320	Multi-Color Corporation		400,688
	8,950	MYR Group, Inc.^a		215,516
	2,350	National Presto Industries, Inc.^b		221,723
	22,930	Navigant Consulting, Inc.^a		370,320
	23,010	On Assignment, Inc.^a		850,219
	13,400	Orion Group Holdings, Inc.^a		71,154
	23,620	PGT, Inc.^a		243,286
	4,260	Powell Industries, Inc.		167,588
	11,500	Proto Labs, Inc.^a,b		661,940
	16,515	Quanex Building Products Corporation		307,014
	17,750	Resources Connection, Inc.		262,345
	14,310	Roadrunner Transportation Systems, Inc.^a		106,753
	11,930	Saia, Inc.^a		299,920
	19,850	Simpson Manufacturing Company, Inc.		793,405
	24,720	SkyWest, Inc.		654,091
	20,050	SPX Corporation^a		297,743
	20,000	SPX FLOW, Inc.^a		521,400
	6,150	Standex International Corporation		508,174
	25,580	TASER International, Inc.^a		636,430
	14,290	Team, Inc.^a		354,821
	8,530	Tennant Company		459,511
	28,126	Tetra Tech, Inc.		864,734
	21,100	Titan International, Inc.		130,820
	14,140	Trex Company, Inc.^a		635,169
	20,430	TrueBlue, Inc.^a		386,536
	10,570	U.S. Ecology, Inc.		485,692
	7,450	UniFirst Corporation		862,114
	9,930	Universal Forest Products, Inc.		920,412
	4,010	Veritiv Corporation^a		150,696
	9,810	Viad Corporation		304,110
	8,100	Vicor Corporation^a		81,567
	17,360	WageWorks, Inc.^a		1,038,302
	13,550	Watts Water Technologies, Inc.		789,423

		Total		52,560,193


	Information Technology (15.0%)
	23,860	ADTRAN, Inc.		444,989
	19,060	Advanced Energy Industries, Inc.^a		723,518
	7,400	Agilysys, Inc.^a		77,478
	13,720	Anixter International, Inc.^a		731,002
	7,010	Badger Meter, Inc.		511,940
	4,260	Bel Fuse, Inc.		75,743
	24,010	Benchmark Electronics, Inc.^a		507,811
	7,260	Black Box Corporation		94,961
	23,170	Blackbaud, Inc.		1,573,243
	19,640	Blucora, Inc.^a		203,470
	18,320	Bottomline Technologies (de), Inc.^a		394,430
	33,377	Brooks Automation, Inc.		374,490
	11,500	Cabot Microelectronics Corporation		486,910
	11,690	CACI International, Inc.^a		1,056,893
	17,750	CalAmp Corporation^a		262,877
	21,840	Cardtronics, Inc.^a		869,450
	9,900	CEVA, Inc.^a		268,983
	37,280	Ciber, Inc.^a		55,920
	30,200	Cirrus Logic, Inc.^a		1,171,458
	11,870	Coherent, Inc.^a		1,089,429
	12,060	Cohu, Inc.		130,851
	13,570	Comtech Telecommunications Corporation		174,239
	19,600	Cray, Inc.^a		586,432
	15,770	CSG Systems International, Inc.		635,689
	16,070	CTS Corporation		287,974
	19,150	Daktronics, Inc.		119,688
	19,970	DHI Group, Inc.^a		124,413
	12,560	Digi International, Inc.^a		134,769
	18,650	Diodes, Inc.^a		350,434
	10,510	DSP Group, Inc.^a		111,511
	8,500	DTS, Inc.^a		224,825
	12,310	Ebix, Inc.^b		589,649
	13,400	Electro Scientific Industries, Inc.^a		78,256
	22,790	Electronics for Imaging, Inc.^a		980,882
	16,070	EPIQ Systems, Inc.		234,622
	2,740	ePlus, Inc.^a		224,105
	23,170	Exar Corporation^a		186,518
	16,090	ExlService Holdings, Inc.^a		843,277
	14,730	Fabrinet^a		546,778
	8,120	FARO Technologies, Inc.^a		274,700
	4,820	Forrester Research, Inc.		177,665
	37,030	Harmonic, Inc.^a		105,535
	25,820	II-VI, Inc.^a		484,383
	17,555	Insight Enterprises, Inc.^a		456,430

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

144

Small Cap Index Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (96.4%)	Value
	Information Technology (15.0%) - continued
	8,540	Interactive Intelligence Group, Inc.^a	$	350,055
	18,330	Itron, Inc.^a		790,023
	30,290	Ixia^a		297,448
	30,830	Kopin Corporation^a		68,443
	34,250	Kulicke and Soffa Industries, Inc.^a		416,822
	12,010	Liquidity Services, Inc.^a		94,158
	10,930	Littelfuse, Inc.		1,291,817
	23,760	LivePerson, Inc.^a		150,638
	12,090	LogMeIn, Inc.^a		766,869
	23,270	Lumentum Holdings, Inc.^a		563,134
	11,870	ManTech International Corporation		448,923
	19,490	Mercury Systems, Inc.^a		484,521
	17,860	Methode Electronics, Inc.		611,348
	4,550	MicroStrategy, Inc.^a		796,341
	25,930	MKS Instruments, Inc.		1,116,546
	18,020	Monolithic Power Systems, Inc.		1,231,126
	19,660	Monotype Imaging Holdings, Inc.		484,226
	43,260	Monster Worldwide, Inc.^a		103,391
	7,930	MTS Systems Corporation		347,651
	11,790	Nanometrics, Inc.^a		245,114
	15,860	NETGEAR, Inc.^a		753,984
	29,810	NIC, Inc.		654,031
	8,480	OSI Systems, Inc.^a		492,942
	9,910	Park Electrochemical Corporation		143,992
	17,360	Perficient, Inc.^a		352,582
	16,150	Plexus Corporation^a		697,680
	13,980	Power Integrations, Inc.		699,979
	24,370	Progress Software Corporation^a		669,200
	40,860	QLogic Corporation^a		602,276
	11,810	Qualys, Inc.^a		352,056
	17,280	QuinStreet, Inc.^a		61,344
	53,250	Rambus, Inc.^a		643,260
	13,880	Rofin-Sinar Technologies, Inc.^a		443,327
	8,680	Rogers Corporation^a		530,348
	40,470	Rovi Corporation^a		632,951
	14,880	Rudolph Technologies, Inc.^a		231,086
	35,490	Sanmina Corporation^a		951,487
	12,380	ScanSource, Inc.^a		459,422
	31,700	Semtech Corporation^a		756,362
	8,910	Shutterstock, Inc.^a		408,078
	17,950	Super Micro Computer, Inc.^a		446,058
	18,700	Sykes Enterprises, Inc.^a		541,552
	19,440	Synchronoss Technologies, Inc.^a		619,358
	41,190	Take-Two Interactive Software, Inc.^a		1,561,925
	18,180	Tangoe, Inc.^a		140,350
	7,910	TeleTech Holdings, Inc.		214,598
	22,240	Tessera Technologies, Inc.		681,434
	31,550	TTM Technologies, Inc.^a		237,572
	12,930	Ultratech, Inc.^a		297,002
	14,150	VASCO Data Security International, Inc.^a,b		231,919
	19,070	Veeco Instruments, Inc.^a		315,799
	113,080	Viavi Solutions, Inc.^a		749,720
	13,180	Virtusa Corporation^a		380,638
	11,630	XO Group, Inc.^a		202,711

		Total		46,854,237


	Materials (5.1%)
	14,050	A. Schulman, Inc.		343,101
	114,580	AK Steel Holding Corporation^a		533,943
	12,480	American Vanguard Corporation		188,573
	15,350	Balchem Corporation		915,627
	18,620	Boise Cascade Company^a		427,329
	24,430	Calgon Carbon Corporation		321,254
	24,220	Century Aluminum Company^a		153,313
	88,870	Chemours Company		732,289
	8,340	Clearwater Paper Corporation^a		545,186
	5,170	Deltic Timber Corporation		347,062
	25,820	Flotek Industries, Inc.^a,b		340,824
	10,940	FutureFuel Corporation		119,027
	24,050	H.B. Fuller Company		1,057,959
	4,590	Hawkins, Inc.		199,252
	5,930	Haynes International, Inc.		190,234
	35,150	Headwaters, Inc.^a		630,591
	20,740	Ingevity Corporation^a		705,990
	9,400	Innophos Holdings, Inc.		396,774
	11,560	Innospec, Inc.		531,644
	26,490	Intrepid Potash, Inc.^a		38,146
	8,680	Kaiser Aluminum Corporation		784,759
	40,940	KapStone Paper and Packaging Corporation		532,629
	9,890	Koppers Holdings, Inc.^a		303,920
	14,810	Kraton Performance Polymers, Inc.^a		413,643
	9,910	LSB Industries, Inc.^a		119,713
	9,530	Materion Corporation		235,963
	10,623	Myers Industries, Inc.		152,971
	8,150	Neenah Paper, Inc.		589,815
	4,380	Olympic Steel, Inc.		119,618
	21,060	PH Glatfelter Company		411,933
	6,280	Quaker Chemical Corporation		560,176
	20,640	Rayonier Advanced Materials, Inc.		280,498
	14,750	Schweitzer-Mauduit International, Inc.		520,380
	8,860	Stepan Company		527,436
	58,150	Stillwater Mining Company^a		689,659
	30,757	SunCoke Energy, Inc.		179,006
	17,980	TimkenSteel Corporation^b		172,968
	11,910	Tredegar Corporation		191,989
	6,570	US Concrete, Inc.^a		400,179

		Total		15,905,373


	Telecommunications Services (1.4%)
	43,710	8x8, Inc.^a		638,603
	5,280	ATN International, Inc.		410,837
	101,110	Cincinnati Bell, Inc.^a		462,073
	20,720	Cogent Communications Holdings		830,043
	24,810	Consolidated Communications Holdings, Inc.^b		675,824
	14,310	General Communication, Inc.^a		226,098
	16,710	Inteliquent, Inc.		332,362
	39,570	Iridium Communications, Inc.^a,b		351,382
	11,390	Lumos Networks Corporation^a		137,819
	10,030	Spok Holdings, Inc.		192,225

		Total		4,257,266


	Utilities (4.2%)
	22,693	ALLETE, Inc.		1,466,648
	17,840	American States Water Company		781,749
	31,140	Avista Corporation		1,395,072
	23,520	California Water Service Group		821,554
	19,930	El Paso Electric Company		942,091
	13,580	Northwest Natural Gas Company		880,256
	23,700	NorthWestern Corporation		1,494,759
	39,900	Piedmont Natural Gas Company, Inc.		2,398,788
	38,960	South Jersey Industries, Inc.		1,231,915

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

145

Small Cap Index Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (96.4%)	Value
	Utilities (4.2%) - continued
	22,470	Spire, Inc.	$	1,591,775

		Total		13,004,607


		Total Common Stock (cost $238,340,258)		300,985,974


		Collateral Held for Securities Loaned (7.1%)
	22,383,665	Thrivent Cash Management Trust		22,383,665

		Total Collateral Held for Securities Loaned (cost $22,383,665)		22,383,665


Shares or Principal Amount		Short-Term Investments (2.7%)^c
		Federal Home Loan Bank Discount Notes
	2,000,000	0.335%, 7/20/2016^d		1,999,820
		Thrivent Core Short-Term Reserve Fund
	635,612	0.580%		6,356,118

		Total Short-Term Investments (cost $8,355,765)		8,355,938

		Total Investments (cost $269,079,688) 106.2%	$	331,725,577

		Other Assets and Liabilities, Net (6.2%)		(19,431,583	)

		Total Net Assets 100.0%	$	312,293,994

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	$	22,165,055

Total lending	$	22,165,055
Gross amount payable upon return of collateral for securities loaned	$	22,383,665

Net amounts due to counterparty	$	218,610

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.

146

Mid Cap Index Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (95.5%)	Value
	Consumer Discretionary (11.1%)
	9,220	Aaron’s, Inc.	$	201,826
	9,700	Abercrombie & Fitch Company		172,757
	8,690	AMC Networks, Inc.^a		525,050
	23,820	American Eagle Outfitters, Inc.^b		379,453
	24,002	Ascena Retail Group, Inc.^a,b		167,774
	6,320	Big Lots, Inc.		316,695
	7,945	Brinker International, Inc.		361,736
	12,770	Brunswick Corporation		578,737
	2,680	Buffalo Wild Wings, Inc.^a		372,386
	6,920	Cabela’s, Inc.^a		346,415
	620	Cable One, Inc.		317,074
	10,630	Calatlantic Group, Inc.		390,227
	7,170	Carter’s, Inc.		763,390
	6,380	Cheesecake Factory, Inc.		307,133
	18,750	Chico’s FAS, Inc.		200,813
	1,720	Churchill Downs, Inc.^a		217,339
	15,090	Cinemark Holdings, Inc.		550,181
	3,420	Cracker Barrel Old Country Store, Inc.^b		586,427
	10,800	CST Brands, Inc.		465,264
	20,910	Dana Holding Corporation		220,810
	4,550	Deckers Outdoor Corporation^a		261,716
	8,030	DeVry Education Group, Inc.		143,255
	12,640	Dick’s Sporting Goods, Inc.		569,558
	7,160	Domino’s Pizza, Inc.		940,681
	10,340	DreamWorks Animation SKG, Inc.^a		422,596
	13,120	Dunkin’ Brands Group, Inc.		572,294
	5,730	Fossil, Inc.^a		163,477
	40,880	Gentex Corporation		631,596
	610	Graham Holdings Company		298,619
	8,980	Guess ?, Inc.		135,149
	4,010	Helen of Troy, Ltd.^a		412,388
	4,500	HSN, Inc.		220,185
	3,770	International Speedway Corporation		126,107
	43,880	J.C. Penney Company, Inc.^a,b		389,654
	4,630	Jack in the Box, Inc.		397,810
	6,840	John Wiley and Sons, Inc.		356,911
	17,980	Kate Spade & Company^a		370,568
	11,840	KB Home^b		180,086
	20,650	Live Nation Entertainment, Inc.^a		485,275
	5,340	Meredith Corporation		277,199
	5,280	Murphy USA, Inc.^a		391,565
	17,540	New York Times Company		212,234
	520	NVR, Inc.^a		925,777
	69,560	Office Depot, Inc.^a		230,244
	3,250	Panera Bread Company^a		688,805
	8,520	Polaris Industries, Inc.^b		696,595
	6,040	Pool Corporation		567,941
	5,300	Restoration Hardware Holdings, Inc.^a,b		152,004
	27,560	Service Corporation International		745,222
	18,750	Skechers USA, Inc.^a		557,250
	7,260	Sotheby’s Holdings, Inc.^b		198,924
	8,620	Tempur-Pedic International, Inc.^a,b		476,858
	9,050	Texas Roadhouse, Inc.		412,680
	6,540	Thor Industries, Inc.		423,400
	14,440	Time, Inc.		237,682
	21,760	Toll Brothers, Inc.^a		585,562
	20,600	Tri Pointe Homes, Inc.^a		243,492
	7,170	Tupperware Brands Corporation		403,528
	8,590	Vista Outdoor, Inc.^a		410,001
	30,534	Wendy’s Company		293,737
	11,690	Williams-Sonoma, Inc.		609,400

		Total		24,259,512


	Consumer Staples (4.5%)
	60,400	Avon Products, Inc.		228,312
	1,320	Boston Beer Company, Inc.^a		225,760
	5,570	Casey’s General Stores, Inc.		732,511
	13,130	Dean Foods Company^b		237,522
	8,440	Edgewell Personal Care Company^a		712,420
	8,830	Energizer Holdings, Inc.		454,657
	26,025	Flowers Foods, Inc.		487,969
	14,720	Hain Celestial Group, Inc.^a		732,320
	10,230	Ingredion, Inc.		1,323,864
	2,780	Lancaster Colony Corporation		354,756
	9,230	Post Holdings, Inc.^a		763,229
	11,390	Snyder’s-Lance, Inc.		386,007
	20,240	Sprouts Farmers Markets, Inc.^a		463,496
	37,610	SUPERVALU, Inc.^a		177,519
	2,586	Tootsie Roll Industries, Inc.^b		99,638
	8,070	TreeHouse Foods, Inc.^a		828,385
	7,260	United Natural Foods, Inc.^a		339,768
	25,070	WhiteWave Foods Company^a		1,176,786

		Total		9,724,919


	Energy (3.5%)
	32,070	Consol Energy, Inc.^b		516,006
	49,370	Denbury Resources, Inc.^b		177,238
	5,460	Dril-Quip, Inc.^a		319,028
	13,680	Energen Corporation		659,513
	43,660	Ensco plc		423,938
	17,970	Gulfport Energy Corporation^a		561,742
	25,190	HollyFrontier Corporation		598,766
	40,190	Nabors Industries, Ltd.		403,909
	34,920	Noble Corporation		287,741
	14,060	Oceaneering International, Inc.		419,832
	7,370	Oil States International, Inc.^a		242,326
	21,340	Patterson-UTI Energy, Inc.		454,969
	33,420	QEP Resources, Inc.		589,195
	18,060	Rowan Companies plc		318,939
	9,710	SM Energy Company^b		262,170
	21,760	Superior Energy Services, Inc.		400,602
	11,220	Western Refining, Inc.		231,469
	10,120	World Fuel Services Corporation		480,599
	39,510	WPX Energy, Inc.^a		367,838

		Total		7,715,820


	Financials (25.8%)
	6,580	Alexander & Baldwin, Inc.		237,801
	10,560	Alexandria Real Estate Equities, Inc.		1,093,171
	2,220	Alleghany Corporation^a		1,220,068
	18,650	American Campus Communities, Inc.		986,026
	10,115	American Financial Group, Inc.		747,802
	8,600	Aspen Insurance Holdings, Ltd.		398,868
	21,093	Associated Banc-Corp		361,745
	11,920	BancorpSouth, Inc.		270,465
	6,080	Bank of Hawaii Corporation		418,304
	11,520	Bank of the Ozarks, Inc.		432,230
	16,550	Brown & Brown, Inc.		620,128
	12,400	Camden Property Trust		1,096,408
	11,990	Care Capital Properties, Inc.		314,258
	10,360	Cathay General Bancorp		292,152
	11,670	CBOE Holdings, Inc.		777,455
	25,210	CNO Financial Group, Inc.		440,167
	11,700	Commerce Bancshares, Inc.		560,430
	19,370	Communications Sales & Leasing, Inc.		559,793
	13,480	Corporate Office Properties Trust		398,604
	16,750	Corrections Corporation of America		586,585
	7,650	Cullen/Frost Bankers, Inc.^b		487,534

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

147

Mid Cap Index Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (95.5%)	Value
	Financials (25.8%) - continued
	12,660	DCT Industrial Trust, Inc.	$	608,186
	20,010	Douglas Emmett, Inc.		710,755
	49,380	Duke Realty Corporation		1,316,471
	20,250	East West Bancorp, Inc.		692,145
	15,940	Eaton Vance Corporation		563,320
	9,450	Education Realty Trust, Inc.		436,023
	8,830	Endurance Specialty Holdings, Ltd.		593,023
	9,110	EPR Properties		734,995
	13,000	Equity One, Inc.		418,340
	6,060	Everest Re Group, Ltd.		1,106,980
	29,340	F.N.B. Corporation		367,924
	5,820	FactSet Research Systems, Inc.		939,464
	13,400	Federated Investors, Inc.		385,652
	15,710	First American Financial Corporation		631,856
	32,580	First Horizon National Corporation		448,952
	16,740	First Industrial Realty Trust, Inc.		465,707
	50,080	First Niagara Financial Group, Inc.		487,779
	23,468	FirstMerit Corporation		475,696
	24,510	Fulton Financial Corporation		330,885
	68,640	Genworth Financial, Inc.^a		177,091
	10,860	Hancock Holding Company		283,555
	6,110	Hanover Insurance Group, Inc.		517,028
	16,050	Healthcare Realty Trust, Inc.^c		561,590
	13,970	Highwoods Properties, Inc.		737,616
	21,670	Hospitality Properties Trust		624,096
	7,770	International Bancshares Corporation		202,719
	20,490	Janus Capital Group, Inc.		285,221
	6,310	Jones Lang LaSalle, Inc.		614,910
	6,810	Kemper Corporation		210,974
	13,100	Kilroy Realty Corporation		868,399
	11,770	Lamar Advertising Company		780,351
	16,070	LaSalle Hotel Properties		378,931
	20,920	Liberty Property Trust		830,942
	12,880	Mack-Cali Realty Corporation		347,760
	5,410	MarketAxess Holdings, Inc.		786,614
	34,220	Medical Properties Trust, Inc.		520,486
	5,210	Mercury General Corporation		276,964
	10,780	Mid-America Apartment Communities, Inc.		1,146,992
	12,330	MSCI, Inc.		950,890
	20,730	National Retail Properties, Inc.		1,072,156
	69,161	New York Community Bancorp, Inc.		1,036,723
	34,720	Old Republic International Corporation		669,749
	24,000	Omega Healthcare Investors, Inc.		814,800
	16,030	PacWest Bancorp		637,673
	7,640	Post Properties, Inc.		466,422
	5,797	Potlatch Corporation		197,678
	6,640	Primerica, Inc.^b		380,074
	11,140	PrivateBancorp, Inc.		490,494
	9,200	Prosperity Bancshares, Inc.		469,108
	17,725	Raymond James Financial, Inc.		873,842
	17,512	Rayonier, Inc. REIT		459,515
	13,960	Regency Centers Corporation		1,168,871
	9,050	Reinsurance Group of America, Inc.		877,759
	6,140	RenaissanceRe Holdings, Ltd.		721,082
	19,120	SEI Investments Company		919,863
	34,020	Senior Housing Property Trust		708,637
	7,530	Signature Bank^a		940,648
	60,980	SLM Corporation^a		376,856
	6,640	Sovran Self Storage, Inc.		696,669
	9,290	Stifel Financial Corporation^a		292,171
	7,200	SVB Financial Group^a		685,152
	17,650	Synovus Financial Corporation		511,673
	13,610	Tanger Factory Outlet Centers, Inc.		546,850
	8,610	Taubman Centers, Inc.		638,862
	24,010	TCF Financial Corporation		303,726
	9,500	Trustmark Corporation		236,075
	31,050	Umpqua Holdings Corporation		480,344
	13,150	Urban Edge Properties		392,659
	31,604	Valley National Bancorp		288,228
	13,995	W.R. Berkley Corporation		838,580
	11,440	Waddell & Reed Financial, Inc.		196,997
	12,897	Washington Federal, Inc.		312,881
	12,950	Webster Financial Corporation		439,652
	16,540	Weingarten Realty Investors		675,163
	15,970	WisdomTree Investments, Inc.^b		156,346
	26,300	WP Glimcher, Inc.		294,297

		Total		56,385,551


	Health Care (8.7%)
	5,620	ABIOMED, Inc.^a		614,210
	11,970	Akorn, Inc.^a		340,966
	10,380	Align Technology, Inc.^a		836,109
	26,620	Allscripts Healthcare Solutions, Inc.^a		338,074
	7,710	AmSurg Corporation^a		597,833
	2,990	Bio-Rad Laboratories, Inc.^a		427,630
	5,320	Bio-Techne Corporation		599,936
	14,890	Catalent, Inc.^a		342,321
	6,740	Charles River Laboratories International, Inc.^a		555,646
	15,836	Community Health Systems, Inc.^a,b		190,824
	6,900	Cooper Companies, Inc.		1,183,833
	6,630	Halyard Health, Inc.^a		215,608
	8,120	Hill-Rom Holdings, Inc.		409,654
	12,700	IDEXX Laboratories, Inc.^a		1,179,322
	6,170	LifePoint Health, Inc.^a		403,333
	6,080	LivaNova plc^a		305,398
	13,300	Mednax, Inc.^a		963,319
	3,810	Mettler-Toledo International, Inc.^a		1,390,345
	5,870	Molina Healthcare, Inc.^a		292,913
	8,980	Owens & Minor, Inc.		335,672
	7,540	PAREXEL International Corporation^a		474,115
	7,500	Prestige Brands Holdings, Inc.^a		415,500
	19,850	ResMed, Inc.		1,255,116
	12,240	STERIS plc		841,500
	6,250	Teleflex, Inc.		1,108,188
	14,060	Tenet Healthcare Corporation^a		388,618
	6,270	United Therapeutics Corporation^a		664,118
	11,500	VCA Antech, Inc.^a		777,515
	6,300	Wellcare Health Plans, Inc.^a		675,864
	10,450	West Pharmaceutical Services, Inc.		792,946

		Total		18,916,426


	Industrials (12.8%)
	10,560	A.O. Smith Corporation		930,442
	21,650	AECOM^a		687,821
	10,100	AGCO Corporation		476,013
	14,470	B/E Aerospace, Inc.		668,152
	9,060	Carlisle Companies, Inc.		957,461
	4,570	CEB, Inc.		281,878
	6,880	CLARCOR, Inc.		418,510
	7,510	Clean Harbors, Inc.^a		391,346
	14,110	Copart, Inc.^a		691,531
	6,990	Crane Company		396,473
	6,360	Curtiss-Wright Corporation		535,830
	6,960	Deluxe Corporation		461,935
	17,520	Donaldson Company, Inc.		601,987
	8,630	EMCOR Group, Inc.		425,114
	4,180	Esterline Technologies Corporation^a		259,327

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

148

Mid Cap Index Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (95.5%)	Value
	Industrials (12.8%) - continued
	5,880	FTI Consulting, Inc.^a	$	239,198
	5,850	GATX Corporation^b		257,224
	8,080	Genesee & Wyoming, Inc.^a		476,316
	7,880	Graco, Inc.		622,441
	5,650	Granite Construction, Inc.		257,357
	8,530	Herman Miller, Inc.		254,962
	6,280	HNI Corporation		291,957
	7,350	Hubbell, Inc.		775,204
	6,721	Huntington Ingalls Industries, Inc.		1,129,330
	10,830	IDEX Corporation		889,143
	12,780	ITT Corporation		408,704
	45,775	JetBlue Airways Corporation^a		758,034
	13,960	Joy Global, Inc.^b		295,114
	20,140	KBR, Inc.		266,654
	11,270	Kennametal, Inc.		249,180
	7,660	Kirby Corporation^a		477,907
	7,525	KLX, Inc.^a		233,275
	6,030	Landstar System, Inc.		414,020
	5,520	Lennox International, Inc.		787,152
	8,870	Lincoln Electric Holdings, Inc.		524,040
	10,090	Manpower, Inc.		649,191
	4,530	MSA Safety, Inc.		237,961
	6,820	MSC Industrial Direct Company, Inc.		481,219
	7,710	Nordson Corporation		644,633
	15,270	NOW, Inc.^a		276,998
	9,560	Old Dominion Freight Line, Inc.^a		576,564
	8,330	Orbital ATK, Inc.		709,216
	10,390	Oshkosh Corporation		495,707
	29,730	R.R. Donnelley & Sons Company		503,032
	6,340	Regal-Beloit Corporation		349,017
	13,428	Rollins, Inc.		393,038
	4,880	Teledyne Technologies, Inc.^a		483,364
	15,610	Terex Corporation		317,039
	9,740	Timken Company		298,628
	7,850	Toro Company		692,370
	21,980	Trinity Industries, Inc.		408,169
	6,940	Triumph Group, Inc.		246,370
	3,220	Valmont Industries, Inc.		435,569
	12,830	Wabtec Corporation		901,051
	3,680	Watsco, Inc.		517,739
	6,310	Werner Enterprises, Inc.		144,941
	7,810	Woodward, Inc.		450,168

		Total		28,003,016


	Information Technology (16.3%)
	15,070	3D Systems Corporation^a,b		206,308
	16,530	ACI Worldwide, Inc.^a		322,500
	11,080	Acxiom Corporation^a		243,649
	92,770	Advanced Micro Devices, Inc.^a,b		476,838
	12,560	ANSYS, Inc.^a		1,139,820
	24,850	ARRIS International plc^a		520,856
	13,010	Arrow Electronics, Inc.^a		805,319
	18,210	Avnet, Inc.		737,687
	5,920	Belden, Inc.		357,390
	16,810	Broadridge Financial Solutions, Inc.		1,096,012
	67,260	Brocade Communications Systems, Inc.		617,447
	42,760	Cadence Design Systems, Inc.^a		1,039,068
	21,990	CDK Global, Inc.		1,220,225
	18,420	Ciena Corporation^a		345,375
	12,110	Cognex Corporation		521,941
	5,820	CommVault Systems, Inc.^a		251,366
	19,660	Computer Sciences Corporation		976,119
	6,600	comScore, Inc.^a		157,608
	13,730	Convergys Corporation		343,250
	12,800	CoreLogic, Inc.^a		492,544
	14,100	Cree, Inc.^a		344,604
	46,670	Cypress Semiconductor Corporation^b		492,368
	9,210	Diebold, Inc.		228,684
	4,420	DST Systems, Inc.		514,621
	4,440	Fair Isaac Corporation		501,764
	16,380	Fairchild Semiconductor International, Inc.^a		325,143
	5,870	FEI Company		627,386
	20,800	Fortinet, Inc.^a		657,072
	14,730	GameStop Corporation^b		391,523
	11,760	Gartner, Inc.^a		1,145,542
	21,230	Ingram Micro, Inc.		738,379
	19,060	Integrated Device Technology, Inc.^a		383,678
	4,950	InterDigital, Inc.		275,616
	19,200	Intersil Corporation		259,968
	5,160	IPG Photonics Corporation^a		412,800
	6,580	j2 Global, Inc.		415,659
	26,890	Jabil Circuit, Inc.		496,658
	11,220	Jack Henry & Associates, Inc.		979,169
	24,120	Keysight Technologies, Inc.^a		701,651
	12,570	Knowles Corporation^a,b		171,958
	9,195	Leidos Holdings, Inc.^b		440,165
	9,010	Lexmark International, Inc.		340,127
	10,270	Manhattan Associates, Inc.^a		658,615
	9,240	MAXIMUS, Inc.		511,619
	14,360	Mentor Graphics Corporation		305,294
	16,010	Microsemi Corporation^a		523,207
	14,372	National Instruments Corporation		393,793
	17,650	NCR Corporation^a		490,140
	13,280	NetScout Systems, Inc.^a		295,480
	7,730	NeuStar, Inc.^a,b		181,732
	4,740	Plantronics, Inc.		208,560
	19,410	Polycom, Inc.^a		218,363
	16,300	PTC, Inc.^a		612,554
	15,070	Rackspace Hosting, Inc.^a		314,360
	5,844	Science Applications International Corporation		340,997
	5,510	Silicon Laboratories, Inc.^a		268,557
	5,190	Synaptics, Inc.^a		278,963
	4,130	SYNNEX Corporation		391,607
	21,670	Synopsys, Inc.^a		1,171,914
	5,020	Tech Data Corporation^a		360,687
	28,770	Teradyne, Inc.		566,481
	35,620	Trimble Navigation, Ltd.^a		867,703
	4,640	Tyler Technologies, Inc.^a		773,534
	4,120	Ultimate Software Group, Inc.^a		866,395
	15,540	VeriFone Systems, Inc.^a		288,112
	6,430	ViaSat, Inc.^a,b		459,102
	19,240	Vishay Intertechnology, Inc.^b		238,384
	5,480	WebMD Health Corporation^a,b		318,443
	5,480	WEX, Inc.^a		485,912
	7,500	Zebra Technologies Corporation^a		375,750

		Total		35,482,115


	Materials (6.8%)
	15,290	Allegheny Technologies, Inc.^b		194,948
	8,990	AptarGroup, Inc.		711,379
	8,830	Ashland, Inc.		1,013,419
	13,460	Bemis Company, Inc.		693,055
	8,820	Cabot Corporation		402,721
	6,460	Carpenter Technology Corporation		212,728
	16,020	Commercial Metals Company		270,738
	4,790	Compass Minerals International, Inc.^b		355,370
	8,810	Domtar Corporation		308,438
	6,880	Eagle Materials, Inc.		530,792

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

149

Mid Cap Index Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (95.5%)	Value
	Materials (6.8%) - continued
	3,670	Greif, Inc.	$	136,781
	20,300	Louisiana-Pacific Corporation^a		352,205
	4,920	Minerals Technologies, Inc.		279,456
	1,420	NewMarket Corporation		588,420
	23,350	Olin Corporation^b		580,014
	13,300	Packaging Corporation of America		890,169
	11,950	PolyOne Corporation		421,118
	10,190	Reliance Steel & Aluminum Company		783,611
	9,550	Royal Gold, Inc.		687,791
	18,880	RPM International, Inc.		943,056
	6,430	Scotts Miracle-Gro Company		449,521
	6,360	Sensient Technologies Corporation		451,814
	5,750	Silgan Holdings, Inc.		295,895
	14,320	Sonoco Products Company		711,131
	34,200	Steel Dynamics, Inc.		837,900
	20,740	United States Steel Corporation^b		349,676
	10,520	Valspar Corporation		1,136,476
	6,320	Worthington Industries, Inc.		267,336

		Total		14,855,958


	Telecommunications Services (0.2%)
	13,495	Telephone & Data Systems, Inc.		400,262

		Total		400,262


	Utilities (5.8%)
	25,652	Aqua America, Inc.		914,750
	14,740	Atmos Energy Corporation		1,198,657
	7,450	Black Hills Corporation		469,648
	22,283	Great Plains Energy, Inc.		677,403
	15,510	Hawaiian Electric Industries, Inc.		508,573
	7,280	IDACORP, Inc.		592,228
	27,885	MDU Resources Group, Inc.		669,240
	12,180	National Fuel Gas Company		692,798
	12,400	New Jersey Resources Corporation		478,020
	28,620	OGE Energy Corporation		937,305
	7,540	ONE Gas, Inc.		502,089
	11,485	PNM Resources, Inc.		407,028
	25,300	Questar Corporation		641,861
	6,720	Southwest Gas Corporation		528,931
	9,270	Talen Energy Corporation^a		125,609
	24,990	UGI Corporation		1,130,797
	11,920	Vectren Corporation		627,826
	20,450	Westar Energy, Inc.		1,147,041
	7,220	WGL Holdings, Inc.		511,104

		Total		12,760,908


		Total Common Stock (cost $175,609,925)		208,504,487


		Collateral Held for Securities Loaned (4.7%)
	10,154,866	Thrivent Cash Management Trust		10,154,866

		Total Collateral Held for Securities Loaned (cost $10,154,866)		10,154,866


Shares or Principal Amount		Short-Term Investments (3.5%)^d
		Federal Home Loan Bank Discount Notes
	500,000	0.450%, 8/22/2016^e		499,819
		Thrivent Core Short-Term Reserve Fund
	724,237	0.580%		7,242,374

		Total Short-Term Investments (cost $7,742,048)		7,742,193

		Total Investments (cost $193,506,839) 103.7%	$	226,401,546

		Other Assets and Liabilities, Net (3.7%)		(8,068,176	)

		Total Net Assets 100.0%	$	218,333,370

a	Non-income producing security.

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

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.

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

Securities Lending Transactions


Common Stock	$	10,043,876

Total lending	$	10,043,876
Gross amount payable upon return of collateral for securities loaned	$	10,154,866

Net amounts due to counterparty	$	110,990

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.

150

Partner Worldwide Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (3.4%)^a	Value
	Basic Materials (0.1%)
		Fortescue Metals Group, Ltd., Term Loan
$	730,708	4.250%, 6/30/2019	$	697,826
		Ineos US Finance, LLC, Term Loan
	1,518,323	3.750%, 12/15/2020		1,479,105

		Total		2,176,931


	Capital Goods (0.2%)
		ADS Waste Holdings, Inc., Term Loan
	1,498,222	3.750%, 10/9/2019		1,472,003
		Berry Plastics Group, Inc., Term Loan
	1,426,442	3.500%, 2/8/2020		1,415,744

		Total		2,887,747


	Communications Services (1.1%)
		CSC Holdings, LLC, Term Loan
	775,000	5.000%, 10/9/2022		775,194
		Hargray Communications Group, Inc., Term Loan
	1,524,855	5.250%, 6/26/2019		1,522,949
		Intelsat Jackson Holdings SA, Term Loan
	239,713	3.750%, 6/30/2019		217,959
		Level 3 Communications, Inc., Term Loan
	1,600,000	4.000%, 1/15/2020		1,597,504
		LTS Buyer, LLC, Term Loan
	1,544,082	4.000%, 4/13/2020		1,525,753
		NEP/NCP Holdco, Inc., Term Loan
	1,548,439	4.250%, 1/22/2020		1,511,664
		Numericable US, LLC, Term Loan
	1,546,125	4.750%, 2/10/2023		1,522,376
		TNS, Inc., Term Loan
	857,078	5.000%, 2/14/2020		856,006
		Univision Communications, Inc., Term Loan
	1,608,473	4.000%, 3/1/2020		1,598,131
		Virgin Media Investment Holdings, Ltd., Term Loan
	727,314	3.649%, 6/30/2023		708,884
		WideOpenWest Finance, LLC, Term Loan
	1,548,400	4.500%, 4/1/2019		1,542,377
		Yankee Cable Acquisition, LLC, Term Loan
	1,444,755	4.250%, 3/1/2020		1,441,143
		Zayo Group, LLC, Term Loan
	1,398,974	3.750%, 5/6/2021		1,389,979

		Total		16,209,919


	Consumer Cyclical (0.5%)
		Amaya BV, Term Loan
	1,544,400	5.000%, 8/1/2021		1,493,558
		Burlington Coat Factory Warehouse Corporation, Term Loan
	1,301,838	4.250%, 8/13/2021		1,298,037
		Cengage Learning Acquisitions, Term Loan
	850,000	5.250%, 6/7/2023		839,375
		Chrysler Group, LLC, Term Loan
	899,711	3.500%, 5/24/2017		898,587
		IMG Worldwide, Inc., Term Loan
	1,237,374	5.250%, 5/6/2021		1,229,331
		Jack Ohio Finance, LLC, Term Loan
	1,205,329	5.000%, 6/20/2019		1,146,268

		Total		6,905,156


	Consumer Non-Cyclical (0.5%)
		Albertson’s, LLC, Term Loan
	1,085,000	4.750%, 6/22/2023^b,c		1,082,016
		CHS/Community Health Systems, Inc., Term Loan
	736,932	4.000%, 1/27/2021		717,175
		JBS USA, LLC, Term Loan
	945,250	4.000%, 10/30/2022		942,301
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	435,000	5.000%, 5/4/2022		433,804
		Ortho-Clinical Diagnostics, Inc., Term Loan
	723,160	4.750%, 6/30/2021		682,786
		Sterigenics-Nordion Holdings, LLC, Term Loan
	739,413	4.250%, 5/16/2022		732,018
		Valeant Pharmaceuticals International, Inc., Term Loan
	2,179,601	5.000%, 4/1/2022		2,119,052

		Total		6,709,152


	Energy (0.1%)
		Arch Coal, Inc., Term Loan
	1,548,913	7.500%, 5/16/2018^d		710,564
		Houston Fuel Oil Terminal, LLC, Term Loan
	374,048	4.250%, 8/19/2021		360,021
		McJunkin Red Man Corporation, Term Loan
	420,762	5.000%, 11/8/2019		403,931
		MEG Energy Corporation, Term Loan
	149,219	3.750%, 3/31/2020		130,780
		Targa Resources Partners, LP, Term Loan
	57,000	5.750%, 2/27/2022		56,430

		Total		1,661,726


	Financials (0.2%)
		Harland Clarke Holdings Corporation, Term Loan
	730,000	7.000%, 12/31/2019		706,275
		WaveDivision Holdings, LLC, Term Loan
	1,544,000	4.000%, 10/15/2019		1,539,492

		Total		2,245,767


	Technology (0.4%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	1,341,638	4.250%, 2/1/2023		1,342,268
		First Data Corporation, Term Loan
	1,598,143	4.452%, 3/24/2021		1,590,824
		ON Semiconductor Corporation, Term Loan
	725,000	5.250%, 3/31/2023		726,812

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

151

Partner Worldwide Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (3.4%)^a	Value
	Technology (0.4%) - continued
		Syniverse Holdings, Inc., Term Loan
$	600,291	4.000%, 4/23/2019	$	446,316
		Western Digital Corporation, Term Loan
	975,000	6.250%, 4/29/2023		978,052

		Total		5,084,272


	Transportation (0.2%)
		American Airlines, Inc., Term Loan
	1,438,047	3.250%, 6/27/2020		1,417,152
		XPO Logistics, Inc., Term Loan
	1,542,250	5.500%, 11/1/2021		1,542,250

		Total		2,959,402


	Utilities (0.1%)
		Calpine Corporation, Term Loan
	1,246,257	3.500%, 5/27/2022		1,231,714

		Total		1,231,714


		Total Bank Loans (cost $49,279,232)		48,071,786


		Long-Term Fixed Income (91.1%)
	Asset-Backed Securities (1.3%)
		Bayview Opportunity Master Fund Trust
	3,278,235	3.721%, 7/28/2035^e,f		3,274,210
		CAM Mortgage, LLC
	1,115,553	3.500%, 7/15/2064*^,f		1,115,978
		GMAC Mortgage Corporation Loan Trust
	1,551,204	0.939%, 8/25/2035^g,h		1,458,625
	2,757,996	0.626%, 12/25/2036^g,h		2,445,415
		IndyMac Seconds Asset-Backed Trust
	479,814	0.793%, 10/25/2036^g,h		293,296
		Preferred Term Securities XXIII, Ltd.
	2,560,675	0.853%, 12/22/2036*^,h		1,949,826
		Renaissance Home Equity Loan Trust
	2,006,860	5.746%, 5/25/2036^f		1,291,114
	1,957,188	6.011%, 5/25/2036^f		1,309,404
		Vericrest Opportunity Loan Transferee
	2,624,695	3.500%, 6/26/2045^e		2,603,353
	2,982,156	4.250%, 2/26/2046^e		2,981,537

		Total		18,722,758


	Basic Materials (2.2%)
		Alcoa, Inc.
	1,260,000	5.125%, 10/1/2024ⁱ		1,256,850
		Barrick Gold Corporation
	599,000	4.100%, 5/1/2023ⁱ		631,864
		BHP Billiton Finance USA, Ltd.
	1,250,000	6.250%, 10/19/2075^e,i		1,316,250
		Dow Chemical Company
	2,570,000	4.250%, 11/15/2020		2,808,822
		Freeport-McMoRan, Inc.
	1,940,000	3.550%, 3/1/2022ⁱ		1,707,200
	2,675,000	3.875%, 3/15/2023		2,340,625
		Georgia-Pacific, LLC
	3,780,000	3.163%, 11/15/2021^e		3,977,494
		Glencore Funding, LLC
	3,190,000	3.125%, 4/29/2019^e,i		3,110,250
	3,180,000	4.125%, 5/30/2023^e		2,925,600
		International Paper Company
	2,500,000	3.800%, 1/15/2026		2,623,600
	1,190,000	4.800%, 6/15/2044		1,209,819
		LyondellBasell Industries NV
	1,900,000	6.000%, 11/15/2021		2,227,716
	1,270,000	5.750%, 4/15/2024		1,511,563
		Weyerhaeuser Company
	2,570,000	7.375%, 3/15/2032		3,400,113
		Yara International ASA
	50,000	7.875%, 6/11/2019^e		57,970

		Total		31,105,736


	Capital Goods (1.8%)
		AECOM
	1,870,000	5.875%, 10/15/2024		1,916,750
		BAE Systems plc
	1,970,000	4.750%, 10/11/2021^e		2,199,481
		General Electric Capital Corporation
	3,200,000	1.653%, 3/15/2023^h		3,180,077
		L-3 Communications Corporation
	2,560,000	4.750%, 7/15/2020		2,763,087
		Republic Services, Inc.
	2,200,000	5.250%, 11/15/2021		2,542,646
	3,170,000	3.550%, 6/1/2022		3,423,261
	960,000	2.900%, 7/1/2026^c		973,602
		Textron, Inc.
	2,360,000	5.600%, 12/1/2017		2,481,575
	1,280,000	4.300%, 3/1/2024		1,375,532
	630,000	3.875%, 3/1/2025		665,636
		United Rentals North America, Inc.
	1,250,000	5.500%, 7/15/2025		1,231,250
		Waste Management, Inc.
	3,140,000	4.100%, 3/1/2045		3,426,710

		Total		26,179,607


	Collateralized Mortgage Obligations (0.7%)
		CitiMortgage Alternative Loan Trust
	1,651,895	5.750%, 4/25/2037		1,391,438
		Countrywide Alternative Loan Trust
	2,187,320	6.000%, 1/25/2037		1,926,088
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	1,950,237	1.207%, 4/25/2047^h		1,645,646
		Wachovia Mortgage Loan Trust, LLC
	1,489,614	3.040%, 5/20/2036		1,303,896
		WaMu Mortgage Pass Through Certificates
	505,341	0.743%, 10/25/2045^h		467,258
		Washington Mutual Mortgage Pass Through Certificates
	3,478,487	1.187%, 2/25/2047^h		2,440,699

		Total		9,175,025

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

152

Partner Worldwide Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (91.1%)	Value
	Commercial Mortgage-Backed Securities (0.5%)
		Bear Stearns Commercial Mortgage Securities, Inc.
$	2,631,198	5.331%, 2/11/2044	$	2,678,761
		Citigroup/Deutsche Bank Commercial Mortgage Trust
	1,447,921	5.322%, 12/11/2049		1,463,141
		Credit Suisse First Boston Mortgage Securities
	3,200,000	5.542%, 1/15/2049		3,238,713

		Total		7,380,615


	Communications Services (9.4%)
		21st Century Fox America, Inc.
	1,900,000	7.625%, 11/30/2028		2,628,728
		American Tower Corporation
	3,500,000	3.450%, 9/15/2021		3,643,017
		American Tower Trust I
	3,200,000	1.551%, 3/15/2018*		3,206,777
		AT&T, Inc.
	3,100,000	2.450%, 6/30/2020		3,164,973
	3,310,000	3.800%, 3/15/2022		3,516,289
	2,540,000	3.600%, 2/17/2023		2,649,675
	3,190,000	4.450%, 4/1/2024		3,504,563
	1,000,000	3.950%, 1/15/2025		1,062,944
	1,240,000	3.400%, 5/15/2025		1,268,405
	3,190,000	4.300%, 12/15/2042		3,088,603
		CenturyLink, Inc.
	2,200,000	5.800%, 3/15/2022		2,136,068
		Charter Communications Operating, LLC
	4,370,000	4.464%, 7/23/2022^e		4,696,596
	3,120,000	6.484%, 10/23/2045^e		3,725,345
		Columbus International, Inc.
	1,910,000	7.375%, 3/30/2021^e		2,016,960
		Comcast Corporation
	2,540,000	2.750%, 3/1/2023		2,660,033
	3,740,000	3.375%, 8/15/2025		4,041,201
	2,700,000	6.400%, 5/15/2038		3,716,496
		Cox Communications, Inc.
	1,900,000	9.375%, 1/15/2019^e		2,213,441
	3,317,000	3.850%, 2/1/2025^e		3,340,929
		Crown Castle International Corporation
	960,000	3.400%, 2/15/2021		1,002,177
	2,880,000	5.250%, 1/15/2023		3,231,533
	2,700,000	4.450%, 2/15/2026		2,931,214
		Frontier Communications Corporation
	1,880,000	6.875%, 1/15/2025		1,578,025
	1,270,000	11.000%, 9/15/2025		1,314,450
		Hughes Satellite Systems Corporation
	2,322,000	6.500%, 6/15/2019		2,507,760
		Numericable-SFR SA
	1,920,000	6.000%, 5/15/2022^e		1,867,200
		Omnicom Group, Inc.
	4,245,000	4.450%, 8/15/2020		4,683,156
	940,000	3.650%, 11/1/2024		991,000
		Scripps Networks Interactive, Inc.
	3,110,000	3.500%, 6/15/2022		3,223,378
		SES Global Americas Holdings GP
	3,180,000	2.500%, 3/25/2019^e		3,204,804
		Sprint Communications, Inc.
	1,290,000	7.000%, 3/1/2020^e,i		1,350,617
		Sprint Corporation
	1,600,000	7.125%, 6/15/2024		1,276,000
		Time Warner Cable, Inc.
	3,800,000	4.125%, 2/15/2021		4,022,828
		Time Warner Entertainment Company, LP
	3,620,000	8.375%, 3/15/2023		4,721,389
		Time Warner, Inc.
	2,490,000	4.750%, 3/29/2021		2,797,186
	1,600,000	7.700%, 5/1/2032		2,233,803
		Univision Communications, Inc.
	1,920,000	6.750%, 9/15/2022^e		2,025,600
		UPCB Finance VI, Ltd.
	2,340,000	6.875%, 1/15/2022^e		2,433,600
		Verizon Communications, Inc.
	3,277,000	2.625%, 2/21/2020		3,391,253
	3,830,000	3.450%, 3/15/2021		4,103,577
	5,300,000	3.500%, 11/1/2024		5,636,725
	5,854,000	4.272%, 1/15/2036		5,991,054
	1,910,000	4.862%, 8/21/2046		2,087,796
	5,457,000	4.522%, 9/15/2048		5,682,374
		Vodafone Group plc
	1,910,000	2.500%, 9/26/2022		1,883,820
	1,270,000	4.375%, 2/19/2043		1,197,402

		Total		133,650,764


	Consumer Cyclical (5.7%)
		CVS Health Corporation
	3,190,000	2.750%, 12/1/2022		3,291,180
	1,870,000	4.750%, 12/1/2022		2,135,938
	3,120,000	5.125%, 7/20/2045		3,870,597
		Family Tree Escrow, LLC
	1,870,000	5.750%, 3/1/2023^e		1,986,875
		Ford Motor Credit Company, LLC
	1,700,000	2.597%, 11/4/2019		1,739,236
	2,575,000	4.250%, 9/20/2022		2,776,852
	2,550,000	3.096%, 5/4/2023		2,585,618
	2,510,000	3.664%, 9/8/2024		2,599,406
	5,000,000	4.134%, 8/4/2025		5,360,755
		General Motors Company
	3,150,000	5.000%, 4/1/2035		3,137,287
		General Motors Financial Company, Inc.
	2,540,000	4.200%, 3/1/2021		2,657,226
	3,100,000	3.450%, 4/10/2022		3,097,811
	2,550,000	3.700%, 5/9/2023		2,563,247
	2,510,000	4.000%, 1/15/2025		2,539,643
		Hilton Worldwide Finance, LLC
	1,910,000	5.625%, 10/15/2021		1,976,850
		Home Depot, Inc.
	3,180,000	4.250%, 4/1/2046		3,645,682
		Hyundai Capital America
	2,065,000	2.875%, 8/9/2018^e		2,116,053
	3,850,000	2.450%, 6/15/2021^e		3,868,853
		Jaguar Land Rover Automotive plc
	1,910,000	4.125%, 12/15/2018^e		1,931,488
		Johnson Controls, Inc.
	1,150,000	5.250%, 12/1/2041		1,282,625

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

153

Partner Worldwide Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (91.1%)	Value
	Consumer Cyclical (5.7%) - continued
		L Brands, Inc.
$	1,900,000	5.625%, 2/15/2022	$	2,044,400
		Lennar Corporation
	1,880,000	4.500%, 11/15/2019		1,958,302
		Lowe’s Companies, Inc.
	3,180,000	2.500%, 4/15/2026		3,238,843
		Macy’s Retail Holdings, Inc.
	3,570,000	3.875%, 1/15/2022		3,670,321
		MGM Resorts International
	1,880,000	6.000%, 3/15/2023ⁱ		1,983,400
		Starwood Hotels & Resorts Worldwide, Inc.
	1,850,000	6.750%, 5/15/2018		2,018,100
		Toll Brothers Finance Corporation
	2,000,000	6.750%, 11/1/2019		2,250,000
	960,000	4.375%, 4/15/2023		945,600
		Visa, Inc.
	2,860,000	3.150%, 12/14/2025		3,057,658
		Walgreens Boots Alliance, Inc.
	2,240,000	3.100%, 6/1/2023		2,281,474
		ZF North America Capital, Inc.
	1,870,000	4.500%, 4/29/2022^e		1,895,713

		Total		80,507,033


	Consumer Non-Cyclical (10.8%)
		AbbVie, Inc.
	1,910,000	2.300%, 5/14/2021		1,933,214
	1,910,000	3.200%, 5/14/2026		1,934,788
		Actavis Funding SCS
	2,480,000	3.450%, 3/15/2022		2,575,629
	2,555,000	3.850%, 6/15/2024		2,673,774
		Altria Group, Inc.
	2,175,000	4.000%, 1/31/2024		2,433,259
	804,000	9.950%, 11/10/2038		1,446,351
		Amgen, Inc.
	1,870,000	4.400%, 5/1/2045		1,942,668
		Anheuser-Busch Inbev Finance, Inc.
	2,570,000	3.300%, 2/1/2023		2,707,932
		Anheuser-Busch InBev Finance, Inc.
	4,470,000	3.650%, 2/1/2026		4,788,470
	3,210,000	4.700%, 2/1/2036		3,607,167
	1,920,000	4.900%, 2/1/2046		2,249,937
		Baxter International, Inc.
	1,869,000	4.250%, 3/15/2020		2,032,096
		Becton Dickinson and Company
	3,120,000	3.125%, 11/8/2021		3,273,607
		Biogen, Inc.
	3,740,000	3.625%, 9/15/2022		3,970,044
		Boston Scientific Corporation
	4,360,000	3.375%, 5/15/2022		4,522,327
		BRF SA
	1,910,000	4.750%, 5/22/2024^e		1,895,675
		Bunge Limited Finance Corporation
	2,530,000	8.500%, 6/15/2019		2,958,263
	1,920,000	3.500%, 11/24/2020		2,012,579
		Celgene Corporation
	3,770,000	3.950%, 10/15/2020		4,066,431
	1,910,000	3.250%, 8/15/2022		1,972,740
		Centene Escrow Corporation
	1,270,000	5.625%, 2/15/2021^e		1,323,975
		ConAgra Foods, Inc.
	2,540,000	3.250%, 9/15/2022		2,628,029
	2,004,000	3.200%, 1/25/2023		2,067,465
		Diageo Capital plc
	3,120,000	2.625%, 4/29/2023		3,239,000
		Endo Finance, LLC
	1,260,000	6.000%, 2/1/2025^e		1,093,050
		Express Scripts Holding Company
	1,920,000	4.750%, 11/15/2021		2,153,585
	3,810,000	4.500%, 2/25/2026		4,185,834
		Forest Laboratories, Inc.
	2,550,000	5.000%, 12/15/2021^e		2,853,789
		H. J. Heinz Company
	3,120,000	3.500%, 7/15/2022^e		3,313,630
	1,860,000	5.200%, 7/15/2045^e		2,202,534
		HCA, Inc.
	2,560,000	4.750%, 5/1/2023		2,624,000
		Imperial Tobacco Finance plc
	2,190,000	3.750%, 7/21/2022^e		2,311,100
		JBS USA, LLC
	1,910,000	7.250%, 6/1/2021^e		1,976,850
		Kraft Foods Group, Inc.
	4,390,000	3.500%, 6/6/2022		4,668,844
		Laboratory Corporation of America Holdings
	1,250,000	3.200%, 2/1/2022		1,292,975
	1,250,000	4.700%, 2/1/2045		1,334,184
		McKesson Corporation
	2,510,000	3.796%, 3/15/2024		2,717,562
		Mondelez International, Inc.
	2,560,000	4.000%, 2/1/2024		2,799,785
		Mylan NV
	3,190,000	3.750%, 12/15/2020^e		3,325,821
	3,850,000	3.950%, 6/15/2026^e		3,896,154
		Mylan, Inc.
	1,920,000	3.125%, 1/15/2023^e		1,906,564
		Newell Rubbermaid, Inc.
	2,700,000	3.850%, 4/1/2023		2,863,806
	2,070,000	4.200%, 4/1/2026		2,243,986
		Pernod Ricard SA
	3,130,000	5.750%, 4/7/2021^e		3,606,636
	1,910,000	4.450%, 1/15/2022^e		2,104,444
		Perrigo Finance Unlimited Company
	2,540,000	3.500%, 3/15/2021		2,628,184
	3,350,000	4.375%, 3/15/2026		3,489,032
		Reynolds American, Inc.
	3,120,000	4.000%, 6/12/2022		3,390,775
	1,560,000	5.850%, 8/15/2045		1,993,260
		SABMiller Holdings, Inc.
	4,320,000	3.750%, 1/15/2022^e		4,632,081
		Spectrum Brands Escrow Corporation
	1,460,000	6.375%, 11/15/2020		1,523,875
		Tenet Healthcare Corporation
	1,910,000	8.125%, 4/1/2022		1,957,368
		Thermo Fisher Scientific, Inc.
	2,550,000	3.000%, 4/15/2023		2,603,224
		Valeant Pharmaceuticals International
	2,560,000	6.375%, 10/15/2020^e		2,201,600

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

154

Partner Worldwide Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (91.1%)	Value
	Consumer Non-Cyclical (10.8%) - continued
		Watson Pharmaceuticals, Inc.
$	3,180,000	3.250%, 10/1/2022	$	3,248,958
		Whirlpool Corporation
	3,245,000	3.700%, 3/1/2023		3,439,797
		Zoetis, Inc.
	3,190,000	3.250%, 2/1/2023		3,250,677

		Total		154,089,384


	Energy (8.1%)
		Anadarko Petroleum Corporation
	1,270,000	5.550%, 3/15/2026		1,402,436
		Antero Resources Corporation
	1,880,000	5.625%, 6/1/2023		1,823,600
		BP Capital Markets plc
	1,910,000	2.750%, 5/10/2023		1,924,577
	2,490,000	3.814%, 2/10/2024		2,667,572
	1,590,000	3.119%, 5/4/2026		1,624,129
		Buckeye Partners, LP
	3,180,000	5.850%, 11/15/2043		3,091,523
		Canadian Natural Resources, Ltd.
	3,110,000	3.450%, 11/15/2021		3,109,045
	1,600,000	6.250%, 3/15/2038		1,739,310
		Concho Resources, Inc.
	1,930,000	6.500%, 1/15/2022		1,975,837
		ConocoPhillips Company
	2,860,000	4.200%, 3/15/2021		3,096,639
		Continental Resources, Inc.
	3,830,000	3.800%, 6/1/2024ⁱ		3,341,675
		Devon Energy Corporation
	2,560,000	5.850%, 12/15/2025		2,823,898
		Ecopetrol SA
	1,120,000	5.875%, 9/18/2023		1,153,600
		El Paso Pipeline Partners Operating Company, LLC
	3,850,000	5.000%, 10/1/2021		4,077,138
	2,530,000	4.300%, 5/1/2024		2,551,733
	1,280,000	4.700%, 11/1/2042		1,153,196
		Enbridge Energy Partners, LP
	2,550,000	5.200%, 3/15/2020		2,675,320
	1,660,000	4.375%, 10/15/2020		1,703,656
	890,000	4.200%, 9/15/2021		912,738
		Energy Transfer Partners, LP
	3,405,000	4.650%, 6/1/2021		3,515,605
		Enterprise Products Operating, LLC
	2,490,000	3.700%, 2/15/2026		2,591,238
	1,690,000	7.034%, 1/15/2068		1,781,250
		EQT Midstream Partners, LP
	3,030,000	4.000%, 8/1/2024		2,910,233
		Exxon Mobil Corporation
	3,180,000	2.726%, 3/1/2023		3,319,945
		Hornbeck Offshore Services, Inc.
	1,560,000	5.000%, 3/1/2021		924,300
		Magellan Midstream Partners, LP
	1,280,000	5.000%, 3/1/2026		1,447,981
	2,500,000	4.200%, 3/15/2045		2,284,897
		Marathon Oil Corporation
	2,364,000	5.900%, 3/15/2018		2,452,265
	3,180,000	2.800%, 11/1/2022		2,884,025
		Marathon Petroleum Corporation
	1,920,000	6.500%, 3/1/2041		2,038,950
		MPLX, LP
	4,390,000	4.000%, 2/15/2025		3,987,683
		NiSource Finance Corporation
	1,250,000	6.800%, 1/15/2019		1,405,634
		Noble Holding International, Ltd.
	3,045,000	6.950%, 4/1/2025ⁱ		2,428,388
		Pioneer Natural Resources Company
	2,240,000	3.450%, 1/15/2021		2,312,975
	3,150,000	3.950%, 7/15/2022		3,295,747
		Plains All American Pipeline, LP
	3,210,000	2.850%, 1/31/2023		2,954,628
	905,000	4.650%, 10/15/2025		913,731
		Regency Energy Partners, LP
	1,270,000	5.000%, 10/1/2022		1,303,147
		Sabine Pass Liquefaction, LLC
	1,910,000	5.750%, 5/15/2024		1,895,675
		Schlumberger Holdings Corporation
	3,200,000	3.625%, 12/21/2022^e		3,385,101
		Spectra Energy Partners, LP
	1,560,000	3.500%, 3/15/2025		1,595,919
		Sunoco Logistics Partners Operations, LP
	3,200,000	3.450%, 1/15/2023		3,155,565
		Tesoro Logistics, LP
	1,880,000	5.500%, 10/15/2019		1,964,600
		Transcontinental Gas Pipe Line Company, LLC
	1,925,000	7.850%, 2/1/2026^e		2,395,666
		Valero Energy Corporation
	2,300,000	4.900%, 3/15/2045		2,130,345
		Western Gas Partners, LP
	1,920,000	4.650%, 7/1/2026^c		1,940,169
		Williams Companies, Inc.
	2,560,000	3.700%, 1/15/2023		2,265,600
		Williams Partners, LP
	1,930,000	4.500%, 11/15/2023		1,851,007
	1,600,000	3.900%, 1/15/2025		1,454,315
		Woodside Finance, Ltd.
	3,130,000	3.650%, 3/5/2025^e		3,057,428

		Total		114,691,634


	Financials (26.8%)
		Aegon NV
	2,600,000	1.740%, 7/29/2049^h,j		1,482,000
		AerCap Ireland Capital, Ltd.
	960,000	3.950%, 2/1/2022		960,000
		Aetna, Inc.
	3,210,000	2.800%, 6/15/2023		3,279,028
	2,560,000	4.375%, 6/15/2046		2,658,555
		Air Lease Corporation
	1,260,000	2.125%, 1/15/2018		1,253,700
	2,510,000	3.750%, 2/1/2022		2,571,103
	1,260,000	4.250%, 9/15/2024		1,275,750
		Ally Financial, Inc.
	1,860,000	4.125%, 3/30/2020		1,864,650
		American Express Company
	1,880,000	4.900%, 12/29/2049^j		1,797,750
		American International Group, Inc.
	1,870,000	3.750%, 7/10/2025		1,905,913
	2,230,000	3.900%, 4/1/2026		2,298,086

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

155

Partner Worldwide Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (91.1%)	Value
	Financials (26.8%) - continued
$	3,130,000	4.500%, 7/16/2044	$	3,028,100
		Aon plc
	1,910,000	3.875%, 12/15/2025		2,014,548
		Ares Capital Corporation
	3,190,000	4.875%, 11/30/2018		3,337,687
		Associated Banc-Corporation
	3,150,000	4.250%, 1/15/2025		3,251,852
		Assured Guaranty US Holdings, Inc.
	3,200,000	5.000%, 7/1/2024ⁱ		3,475,837
		Australia and New Zealand Banking Group, Ltd.
	1,280,000	6.750%, 12/29/2049^e,i,j		1,321,449
		AXA SA
	2,580,000	8.600%, 12/15/2030		3,534,600
		Axis Specialty Finance, LLC
	920,000	5.875%, 6/1/2020		1,028,370
		Banco de Brasil SA
	1,371,000	9.000%, 12/31/2049^e,j		1,062,525
		Bank of America Corporation
	3,840,000	1.717%, 3/22/2018^h		3,860,095
	3,380,000	7.625%, 6/1/2019		3,912,110
	2,870,000	2.625%, 4/19/2021		2,914,017
	1,000,000	4.100%, 7/24/2023		1,071,335
	3,830,000	4.125%, 1/22/2024		4,119,468
	2,830,000	4.200%, 8/26/2024		2,925,422
	2,750,000	3.950%, 4/21/2025		2,800,449
	1,270,000	3.875%, 8/1/2025		1,347,230
	1,950,000	5.875%, 2/7/2042		2,461,413
	3,110,000	4.750%, 4/21/2045		3,177,307
	3,130,000	6.500%, 10/23/2049^i,j		3,333,450
	1,270,000	6.300%, 12/29/2049^j		1,349,375
		Bank of Nova Scotia
	2,560,000	4.500%, 12/16/2025		2,659,753
		Barclays Bank plc
	1,910,000	10.179%, 6/12/2021^e		2,404,736
	3,760,000	1.188%, 11/29/2049^h,j		2,011,600
		BBVA Bancomer SA/Texas
	2,285,000	6.750%, 9/30/2022^e		2,550,905
		Berkshire Hathaway, Inc.
	2,860,000	2.750%, 3/15/2023		2,955,044
		BPCE SA
	1,265,000	5.700%, 10/22/2023^e		1,356,791
	2,190,000	5.150%, 7/21/2024^e		2,278,925
		Branch Banking and Trust Company
	3,130,000	3.625%, 9/16/2025		3,369,583
		Camden Property Trust
	3,140,000	3.500%, 9/15/2024		3,252,999
		Capital One Financial Corporation
	3,190,000	4.200%, 10/29/2025		3,279,454
		CIT Group, Inc.
	3,120,000	5.250%, 3/15/2018		3,214,474
		Citigroup, Inc.
	4,370,000	4.400%, 6/10/2025		4,569,311
	3,305,000	5.500%, 9/13/2025		3,704,710
	1,910,000	3.700%, 1/12/2026		2,010,634
	2,490,000	4.450%, 9/29/2027		2,564,976
		Citizens Bank NA
	2,560,000	2.550%, 5/13/2021		2,584,719
		CNA Financial Corporation
	1,995,000	7.350%, 11/15/2019		2,303,744
	1,870,000	7.250%, 11/15/2023		2,269,116
		Compass Bank
	1,575,000	2.750%, 9/29/2019		1,555,409
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	1,290,000	11.000%, 12/29/2049^e,j		1,538,325
		CoreStates Capital III
	2,440,000	1.196%, 2/15/2027^e,h		2,055,700
		Credit Agricole SA
	2,570,000	8.125%, 12/29/2049^e,i,j		2,552,431
		Credit Suisse Group Funding, Ltd.
	3,190,000	3.125%, 12/10/2020^e		3,185,148
	4,400,000	3.750%, 3/26/2025		4,306,518
		DDR Corporation
	2,010,000	3.625%, 2/1/2025		2,015,990
		DDR Corporation
	1,290,000	7.875%, 9/1/2020		1,557,856
		Discover Bank of Greenwood Delaware
	1,635,000	4.200%, 8/8/2023		1,728,216
	1,600,000	4.250%, 3/13/2026		1,673,506
		Duke Realty, LP
	3,220,000	3.875%, 10/15/2022		3,414,034
	1,280,000	3.250%, 6/30/2026		1,297,769
		Essex Portfolio, LP
	2,940,000	3.500%, 4/1/2025		3,034,433
		Fairfax Financial Holdings, Ltd.
	1,915,000	5.800%, 5/15/2021^e		2,068,054
		Five Corners Funding Trust
	1,910,000	4.419%, 11/15/2023^e		2,061,339
		GE Capital International Funding Company
	2,527,000	4.418%, 11/15/2035^e		2,834,248
		Glitnir Banki HF
	50,000	Zero Coupon, 1/21/2011*^,d		1,000
		Goldman Sachs Group, Inc.
	2,900,000	5.375%, 3/15/2020		3,225,725
	2,540,000	2.875%, 2/25/2021		2,604,051
	3,275,000	5.250%, 7/27/2021		3,695,779
	2,190,000	4.000%, 3/3/2024		2,341,263
	4,450,000	3.850%, 7/8/2024		4,718,384
	2,490,000	4.250%, 10/21/2025		2,573,886
	3,760,000	5.150%, 5/22/2045		3,922,661
		Hartford Financial Services Group, Inc.
	3,230,000	5.125%, 4/15/2022		3,673,463
		HCP, Inc.
	2,200,000	4.250%, 11/15/2023		2,283,193
	1,285,000	4.200%, 3/1/2024		1,323,484
		Host Hotels & Resorts, LP
	1,240,000	4.000%, 6/15/2025		1,260,869
		HSBC Finance Corporation
	3,210,000	6.676%, 1/15/2021		3,596,818
		HSBC Holdings plc
	1,920,000	3.600%, 5/25/2023		1,962,182
	1,870,000	5.250%, 3/14/2044		1,975,692
	1,280,000	6.875%, 12/29/2049^i,j		1,273,600
		Huntington Bancshares, Inc.
	2,850,000	7.000%, 12/15/2020		3,344,201
		Icahn Enterprises, LP
	2,040,000	6.000%, 8/1/2020		2,014,500
		ILFC E-Capital Trust II
	2,230,000	4.230%, 12/21/2065^e,h		1,761,700

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

156

Partner Worldwide Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (91.1%)	Value
	Financials (26.8%) - continued
		ING Bank NV
$	3,165,000	5.800%, 9/25/2023^e	$	3,473,325
		J.P. Morgan Chase & Company
	3,200,000	3.375%, 5/1/2023		3,262,493
	2,830,000	3.875%, 9/10/2024		2,930,004
	1,270,000	3.900%, 7/15/2025		1,369,770
	3,150,000	5.500%, 10/15/2040		3,943,031
	1,910,000	7.900%, 4/29/2049^j		1,948,200
	2,550,000	6.750%, 8/29/2049^i,j		2,808,187
	2,560,000	6.000%, 12/29/2049^j		2,614,400
		Kilroy Realty, LP
	2,550,000	4.250%, 8/15/2029		2,697,487
		Liberty Mutual Group, Inc.
	3,535,000	4.950%, 5/1/2022^e		3,906,426
	3,190,000	4.850%, 8/1/2044^e		3,265,683
		Liberty Property, LP
	1,875,000	4.750%, 10/1/2020		2,047,059
	1,910,000	4.400%, 2/15/2024		2,057,777
		Lincoln National Corporation
	635,000	6.250%, 2/15/2020		713,939
	4,150,000	4.000%, 9/1/2023		4,314,485
		Lloyds Bank plc
	1,910,000	4.650%, 3/24/2026		1,934,091
		MetLife Capital Trust IV
	700,000	7.875%, 12/15/2037^e		834,750
		MetLife Capital Trust X
	2,250,000	9.250%, 4/8/2038^e		3,087,704
		MetLife, Inc.
	2,500,000	3.600%, 4/10/2024		2,636,642
		Mizuho Bank, Ltd.
	2,400,000	3.600%, 9/25/2024^e		2,578,234
		Mizuho Financial Group, Inc.
	3,180,000	3.477%, 4/12/2026^e,i		3,391,222
		Morgan Stanley
	3,400,000	5.500%, 1/26/2020		3,781,521
	2,550,000	2.500%, 4/21/2021		2,576,673
	3,205,000	4.875%, 11/1/2022		3,509,654
	1,870,000	4.000%, 7/23/2025		2,002,375
	2,550,000	5.000%, 11/24/2025		2,791,717
	2,510,000	4.350%, 9/8/2026		2,625,754
	1,570,000	4.300%, 1/27/2045		1,652,497
		National Retail Properties, Inc.
	3,200,000	3.900%, 6/15/2024		3,373,757
		Nationwide Building Society
	2,490,000	3.900%, 7/21/2025^e		2,662,213
		Nordea Bank AB
	1,890,000	5.500%, 9/29/2049^e,j		1,795,500
		Omega Healthcare Investors, Inc.
	2,960,000	5.875%, 3/15/2024		3,100,618
	1,870,000	5.250%, 1/15/2026		1,987,711
		Peachtree Corners Funding Trust
	2,800,000	3.976%, 2/15/2025^e		2,807,255
		PNC Capital Trust C
	3,120,000	1.243%, 6/1/2028^h,i		2,745,600
		Prologis, LP
	2,510,000	4.250%, 8/15/2023		2,779,285
		Prudential Financial, Inc.
	1,915,000	3.500%, 5/15/2024		1,989,888
	1,425,000	6.200%, 11/15/2040		1,753,990
		Realty Income Corporation
	3,830,000	3.875%, 7/15/2024		4,022,607
		Regions Bank
	377,000	7.500%, 5/15/2018		413,454
		Reinsurance Group of America, Inc.
	1,930,000	6.450%, 11/15/2019		2,203,852
	1,905,000	4.700%, 9/15/2023		2,071,547
		Royal Bank of Scotland Group plc
	2,490,000	7.500%, 12/29/2049^j		2,278,350
		Santander UK plc
	1,700,000	3.125%, 1/8/2021		1,703,696
		Santander Holdings USA, Inc.
	3,210,000	2.700%, 5/24/2019		3,225,443
	2,500,000	4.500%, 7/17/2025		2,567,997
		Santander UK Group Holdings plc
	1,560,000	2.875%, 10/16/2020		1,547,947
	2,500,000	4.750%, 9/15/2025^e		2,467,550
		Societe Generale SA
	2,490,000	8.000%, 12/31/2049^e,j		2,376,456
		SunTrust Banks, Inc.
	1,910,000	2.900%, 3/3/2021		1,977,576
		Synchrony Financial
	2,510,000	2.700%, 2/3/2020		2,516,870
	2,690,000	4.250%, 8/15/2024		2,783,962
		Synovus Financial Corporation
	1,920,000	5.750%, 12/15/2025		1,977,600
		Travelers Companies, Inc.
	1,920,000	3.750%, 5/15/2046		2,009,100
		UBS Group Funding Jersey, Ltd.
	1,590,000	3.000%, 4/15/2021^e		1,621,721
	2,490,000	4.125%, 9/24/2025^e		2,581,005
		UnionBanCal Corporation
	2,580,000	3.500%, 6/18/2022		2,738,977
		UnitedHealth Group, Inc.
	2,480,000	3.350%, 7/15/2022		2,653,159
	1,240,000	4.750%, 7/15/2045		1,493,833
		Voya Financial, Inc.
	1,920,000	3.650%, 6/15/2026		1,929,047
		Wachovia Capital Trust III
	120,000	5.570%, 3/15/2042^h,j		118,505
		Wells Fargo & Company
	3,035,000	3.450%, 2/13/2023		3,140,399
	1,910,000	4.100%, 6/3/2026		2,042,957
	3,160,000	5.875%, 12/31/2049^j		3,369,350
		Welltower, Inc.
	1,280,000	6.125%, 4/15/2020		1,458,115
	3,150,000	4.950%, 1/15/2021		3,489,198
	1,550,000	4.000%, 6/1/2025		1,629,064
		Westpac Banking Corporation
	3,180,000	2.850%, 5/13/2026		3,228,625
		XLIT, Ltd.
	1,870,000	4.450%, 3/31/2025		1,887,067
	1,840,000	5.250%, 12/15/2043		1,989,029

		Total		381,711,050


	Foreign Government (0.8%)
		Argentina Government International Bond
	1,590,000	6.875%, 4/22/2021^e		1,695,735
		Colombia Government International Bond
	3,200,000	5.625%, 2/26/2044		3,544,000

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

157

Partner Worldwide Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (91.1%)	Value
	Foreign Government (0.8%) - continued
		Mexico Government International Bond
$	3,480,000	4.000%, 10/2/2023	$	3,746,394
	2,100,000	3.600%, 1/30/2025		2,194,500

		Total		11,180,629


	Mortgage-Backed Securities (3.7%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	4,172,500	3.000%, 7/1/2031^c		4,377,050
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	6,802,500	4.000%, 7/1/2046^c		7,280,801
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	25,150,000	3.500%, 7/1/2046^c		26,537,178
	11,777,500	4.000%, 7/1/2046^c		12,627,350
	2,025,000	4.500%, 7/1/2046^c		2,210,404

		Total		53,032,783


	Technology (2.8%)
		Apple, Inc.
	4,450,000	3.250%, 2/23/2026		4,724,013
		Diamond 1 Finance Corporation
	2,560,000	4.420%, 6/15/2021^e		2,634,934
	1,920,000	6.020%, 6/15/2026^e		2,001,575
		Equinix, Inc.
	1,890,000	5.375%, 1/1/2022		1,951,425
		Fidelity National Information Services, Inc.
	1,560,000	2.850%, 10/15/2018		1,601,008
	3,190,000	3.875%, 6/5/2024		3,372,707
		First Data Corporation
	1,250,000	5.375%, 8/15/2023^e		1,269,387
		Fiserv, Inc.
	3,740,000	3.850%, 6/1/2025		3,997,933
		Hewlett Packard Enterprise Company
	2,490,000	2.850%, 10/5/2018^e		2,549,909
	2,500,000	3.600%, 10/15/2020^e		2,609,453
		Intel Corporation
	2,870,000	4.100%, 5/19/2046		2,983,959
		Lam Research Corporation
	1,120,000	3.450%, 6/15/2023		1,156,715
		Oracle Corporation
	3,850,000	2.650%, 7/15/2026^c		3,859,660
		Qualcomm, Inc.
	2,490,000	3.450%, 5/20/2025		2,646,170
		Seagate HDD Cayman
	1,870,000	4.875%, 6/1/2027		1,358,087
		Sensata Technologies BV
	1,890,000	4.875%, 10/15/2023^e		1,890,000

		Total		40,606,935


	Transportation (2.4%)
		American Airlines Pass Through Trust
	2,241,147	4.000%, 7/15/2025		2,364,409
		British Airways plc
	4,090,940	4.625%, 6/20/2024^e		4,317,987
		Burlington Northern Santa Fe, LLC
	2,500,000	4.700%, 9/1/2045		2,939,875
		Canadian Pacific Railway Company
	940,000	3.700%, 2/1/2026		1,008,252
		Continental Airlines, Inc.
	778,923	7.250%, 11/10/2019		889,919
	1,234,000	4.000%, 10/29/2024		1,295,700
		Delta Air Lines, Inc.
	1,386,228	4.950%, 5/23/2019		1,465,936
	1,811,189	4.250%, 7/30/2023		1,847,413
		ERAC USA Finance, LLC
	3,450,000	5.250%, 10/1/2020^e		3,872,832
	2,000,000	3.800%, 11/1/2025^e		2,139,620
	2,560,000	3.300%, 12/1/2026^e		2,617,475
		Penske Truck Leasing Company, LP
	2,510,000	3.375%, 2/1/2022^e		2,559,680
		United Airlines Pass Through Trust
	1,543,736	3.750%, 9/3/2026		1,632,501
		US Airways Pass Through Trust
	2,788,936	3.950%, 11/15/2025		2,942,328
		Virgin Australia Holdings, Ltd.
	1,917,437	5.000%, 10/23/2023^e		1,979,946

		Total		33,873,873


	U.S. Government and Agencies (8.4%)
		U.S. Treasury Bonds
	1,000,000	2.875%, 3/31/2018		1,039,492
	3,210,000	1.625%, 5/15/2026ⁱ		3,249,249
	1,910,000	3.500%, 2/15/2039		2,410,479
	4,500,000	4.375%, 5/15/2041		6,425,509
	5,307,000	3.125%, 2/15/2042		6,270,969
	11,380,000	2.500%, 2/15/2045		11,848,093
	9,500,000	3.000%, 11/15/2045		10,923,518
	1,920,000	2.500%, 5/15/2046		2,000,774
		U.S. Treasury Notes
	7,000,000	1.375%, 10/31/2020		7,126,602
	7,990,000	1.750%, 12/31/2020		8,264,968
	5,730,000	1.125%, 2/28/2021		5,770,288
	5,650,000	2.000%, 7/31/2022		5,915,725
	1,960,000	1.875%, 8/31/2022		2,037,099
	7,000,000	1.875%, 10/31/2022		7,273,714
	6,410,000	2.000%, 11/30/2022		6,708,719
	4,250,000	2.125%, 12/31/2022		4,480,928
	10,000,000	1.625%, 5/31/2023		10,225,780
	5,680,000	2.000%, 2/15/2025		5,942,700
	6,570,000	2.250%, 11/15/2025		7,009,369
	5,090,000	1.625%, 2/15/2026		5,147,262

		Total		120,071,237


	U.S. Municipals (0.2%)
		Denver, CO City & County Airport Rev.
	2,550,000	5.250%, 11/15/2022, Ser. A, AMT		3,044,190

		Total		3,044,190


	Utilities (5.5%)
		Access Midstream Partners, LP
	1,270,000	4.875%, 5/15/2023		1,227,525
		American Electric Power Company, Inc.
	2,565,000	2.950%, 12/15/2022		2,670,170

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

158

Partner Worldwide Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (91.1%)	Value
	Utilities (5.5%) - continued
		Arizona Public Service Company
$	2,880,000	8.750%, 3/1/2019	$	3,412,460
		Calpine Corporation
	1,920,000	5.375%, 1/15/2023		1,872,000
		Cleveland Electric Illuminating Company
	923,000	5.700%, 4/1/2017		951,499
		Commonwealth Edison Company
	1,500,000	6.150%, 9/15/2017		1,590,129
		DCP Midstream Operating, LP
	2,550,000	5.600%, 4/1/2044		2,180,250
		DPL, Inc.
	248,000	6.500%, 10/15/2016		248,000
		Dynegy Finance I, Inc.
	1,250,000	7.375%, 11/1/2022		1,206,250
		Electricite de France SA
	3,200,000	5.250%, 12/29/2049^e,j		3,071,680
		Emera U.S. Finance, LP
	3,210,000	3.550%, 6/15/2026^e		3,284,597
		Energy Transfer Equity, LP
	1,870,000	5.500%, 6/1/2027		1,757,800
		Enterprise Products Operating, LLC
	1,930,000	6.650%, 4/15/2018		2,098,697
		Exelon Corporation
	3,120,000	3.950%, 6/15/2025		3,335,505
	1,910,000	3.400%, 4/15/2026		1,996,193
		Exelon Generation Company, LLC
	2,500,000	4.000%, 10/1/2020ⁱ		2,666,715
		FirstEnergy Transmission, LLC
	3,830,000	4.350%, 1/15/2025^e		4,049,191
		Great River Energy
	13,091	5.829%, 7/1/2017*		13,573
		ITC Holdings Corporation
	5,080,000	4.050%, 7/1/2023		5,345,826
		MidAmerican Energy Holdings Company
	4,450,000	3.750%, 11/15/2023		4,862,675
		Nevada Power Company
	2,800,000	6.750%, 7/1/2037		3,870,241
		NiSource Finance Corporation
	3,200,000	5.450%, 9/15/2020		3,622,253
		Ohio Power Company
	2,400,000	6.050%, 5/1/2018		2,588,138
		Oncor Electric Delivery Company, LLC
	2,490,000	3.750%, 4/1/2045		2,552,733
		Pacific Gas and Electric Company
	1,270,000	2.950%, 3/1/2026		1,322,541
		Pennsylvania Electric Company
	3,700,000	5.200%, 4/1/2020		3,913,024
		PPL Capital Funding, Inc.
	3,205,000	3.500%, 12/1/2022		3,373,192
	3,190,000	3.950%, 3/15/2024		3,435,777
		Southern Company
	2,560,000	3.250%, 7/1/2026		2,659,131
		Xcel Energy, Inc.
	2,490,000	3.300%, 6/1/2025		2,626,298

		Total		77,804,063


		Total Long-Term Fixed Income (cost $1,245,225,689)		1,296,827,316


Shares		Preferred Stock (1.4%)
	Consumer Staples (0.1%)
	76,576	CHS, Inc., 7.100%^j		2,228,362

		Total		2,228,362


	Financials (1.3%)
	102,122	Citigroup, Inc., 7.008%^h		2,662,320
	22,500	Cobank ACB, 6.250%^j		2,321,719
	31,925	Countrywide Capital V, 7.000%		832,923
	90,500	Discover Financial Services, 6.500%^j		2,392,820
	78,590	GMAC Capital Trust I, 6.402%^h		1,950,604
	95,940	Goldman Sachs Group, Inc., 5.500%^j		2,540,491
	88,200	Morgan Stanley 7.125%^j		2,616,894
	101,500	Wells Fargo & Company, 5.850%^j		2,800,385

		Total		18,118,156


		Total Preferred Stock (cost $19,317,283)		20,346,518


		Common Stock (<0.1%)
	Energy (<0.1%)
	1,346	Vantage Drilling International^k		116,429

		Total		116,429


		Total Common Stock (cost $121,140)		116,429


		Collateral Held for Securities Loaned (2.7%)
	38,614,774	Thrivent Cash Management Trust		38,614,774

		Total Collateral Held for Securities Loaned (cost $38,614,774)		38,614,774


Shares or Principal Amount		Short-Term Investments (7.3%)^l
		Federal Agricultural Mortgage Corporation Discount Notes
	10,700,000	0.270%, 7/8/2016		10,699,647
		Federal Home Loan Bank Discount Notes
	3,000,000	0.340%, 7/12/2016		2,999,844
	2,000,000	0.335%, 7/20/2016		1,999,820
	7,900,000	0.300%, 7/29/2016^m		7,898,957
	3,600,000	0.305%, 8/3/2016		3,599,175
	4,400,000	0.355%, 8/5/2016		4,398,931
		Thrivent Core Short-Term Reserve Fund
	7,156,263	0.580%		71,562,630

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

159

Partner Worldwide Allocation Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares or Principal Amount		Short-Term Investments (7.3%)^l	Value
		U.S. Treasury Notes
	550,000	0.500%, 8/31/2016ⁿ	$	550,182

		Total Short-Term Investments (cost $103,707,221)		103,709,186

		Total Investments (cost $1,456,265,339) 105.9%	$	1,507,686,009

		Other Assets and Liabilities, Net (5.9%)		(83,510,735	)

		Total Net Assets 100.0%	$	1,424,175,274

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	In bankruptcy. 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 June 30, 2016.

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 June 30, 2016.

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	Non-income producing security.

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	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 Income Portfolio as of June 30, 2016 was $6,287,154 or 0.4% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of June 30, 2016.


Security	Acquisition Date		Cost
American Tower Trust I, 3/15/2018		3/6/2013	$	3,200,241
CAM Mortgage, LLC, 7/15/2064		6/24/2015		1,115,553
Glitnir Banki HF, 1/21/2017		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		2,560,675

Securities Lending Transactions


Taxable Debt Security	$	37,442,090

Total lending	$	37,442,090
Gross amount payable upon return of collateral for securities loaned	$	38,614,774

Net amounts due to counterparty	$	1,172,684

Definitions:


AMT	-	Subject to Alternative Minimum Tax
Rev.	-	Revenue
Ser.	-	Series

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

160

Large Cap Stock Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (85.3%)	Value
	Consumer Discretionary (14.8%)
	24,000	Aisan Industry Company, Ltd.	$	155,292
	35,752	Amazon.com, Inc.^a		25,584,846
	46,100	APN Outdoor Group Pty, Ltd.		238,883
	25,540	AutoZone, Inc.^a		20,274,674
	3,500	Bayerische Motoren Werke AG		223,114
	2,500	Beiersdorf AG		236,687
	53,800	Berkeley Group Holdings plc		1,816,711
	29,800	Betsson AB		249,248
	7,000	Brembo SPA		385,601
	20,500	Bridgestone Corporation		658,807
	25,000	Bunzl plc		769,217
	35,000	Calsonic Kansei Corporation		265,991
	900	Christian Dior SE		144,173
	49,700	Cineworld Group plc		362,554
	273,260	Comcast Corporation		17,813,819
	14,300	Compass Group plc		272,064
	1,200	Continental AG		227,073
	5,000	Daimler AG		299,193
	166,700	Debenhams plc		123,191
	77,800	Denso Corporation		2,737,419
	98,200	EDION Corporation^b		809,969
	70,200	Eutelsat Communications		1,325,037
	67,600	Fuji Heavy Industries, Ltd.		2,323,641
	85,000	Gunze, Ltd.		237,442
	36,800	Hakuhodo Dy Holdings, Inc.		441,078
	5,500	Hennes & Mauritz AB		161,815
	104,200	Honda Motor Company, Ltd.		2,613,885
	65,200	Howden Joinery Group plc		334,873
	97,000	Inchcape plc		815,612
	9,800	InterContinental Hotels Group plc		361,428
	15,300	Intertek Group plc		712,881
	12,300	JB Hi-Fi, Ltd.		222,902
	4,000	Koito Manufacturing Co., Ltd.		184,178
	113,615	Las Vegas Sands Corporation		4,941,116
	5,819	Linamar Corporation		207,276
	5,700	LVMH Moet Hennessy Louis Vuitton SE		859,192
	27,500	Marks and Spencer Group plc		117,770
	45,800	NOK Corporation		778,858
	8,800	Nokian Renkaat Oyj		315,410
	2,400	Paddy Power plc		252,232
	39,000	PanaHome Corporation		308,726
	104,200	Persimmon plc		2,020,625
	9,300	ProSiebenSat.1 Media AG^a		406,803
	3,900	Rightmove plc		190,481
	20,800	Saizeriya Company, Ltd.		371,663
	24,100	Sekisui House, Ltd.		422,041
	23,100	SHOWA Corporation		129,694
	15,100	Sky plc		171,589
	35,900	Sports Direct International plc^a		153,712
	17,600	Stanley Electric Company, Ltd.		375,871
	61,400	Star Entertainment Group, Ltd.		250,189
	363,800	Starbucks Corporation		20,780,256
	72,800	Sumitomo Forestry Company, Ltd.		988,056
	44,900	Sumitomo Rubber Industries, Ltd.		601,117
	3,400	Swatch Group AG		194,710
	13,100	Tamron Company, Ltd.		175,699
	78,800	Tatts Group, Ltd.		226,766
	155,700	Taylor Wimpey plc		276,227
	15,000	USS Company, Ltd.		247,899
	1,306	Valora Holding AG		363,069
	42,000	Wacoal Holdings Corporation		414,473
	58,600	WH Smith plc		1,231,105
	9,700	Whitbread plc		453,858
	63,100	Wolters Kluwer NV		2,555,007
	46,300	WPP plc		964,962
	37,800	Yokohama Rubber Company, Ltd.		474,088

		Total		125,603,838


	Consumer Staples (7.2%)
	5,500	AarhusKarlshamn AB		392,622
	45,300	Axfood AB		870,092
	12,078	British American Tobacco plc		783,009
	67,100	Coca-Cola HBC AG		1,357,742
	87,340	CVS Health Corporation		8,361,932
	2,179	George Weston, Ltd.		188,578
	14,500	Henkel AG & Company KGaA		1,568,442
	105,117	Imperial Brands plc		5,700,815
	12,900	Jeronimo Martins SGPS SA		203,456
	6,900	Kesko Oyj		293,021
	99,840	Kimberly-Clark Corporation		13,726,003
	198,600	Koninklijke Ahold NV		4,385,618
	3,500	KOSE Corporation		296,589
	100	Lindt & Spruengli AG		596,412
	20,000	Nestle SA		1,549,567
	21,000	Nichirei Corporation		193,742
	27,000	Nippon Meat Packers, Inc.		661,338
	164,475	Philip Morris International, Inc.		16,730,397
	4,445	Premium Brands Holdings Corporation		187,165
	15,800	Suedzucker AG		348,005
	6,900	Sugi Holdings Company, Ltd.		384,730
	53,000	Swedish Match AB		1,849,600
	33,898	Woolworths, Ltd.		533,167

		Total		61,162,042


	Energy (8.4%)
	298,050	Baker Hughes, Inc.		13,450,997
	1,261,063	BP plc		7,381,692
	14,500	Caltex Australia, Ltd.		349,595
	142,229	Chevron Corporation		14,909,866
	114,120	EOG Resources, Inc.		9,519,890
	62,530	EQT Corporation		4,841,698
	58,585	OMV AG		1,646,872
	44,634	Royal Dutch Shell plc		1,224,335
	467	Royal Dutch Shell plc, Class A		12,826
	24,407	Royal Dutch Shell plc, Class B		674,334
	14,210	Schlumberger, Ltd.		1,123,727
	33,783	Statoil ASA		583,711
	82,770	Suncor Energy, Inc. ADR		2,295,212
	45,860	Total SA		2,199,273
	1,982,324	Weatherford International plc^a		11,001,898

		Total		71,215,926


	Financials (15.0%)
	48,600	Allianz SE		6,933,182
	40,500	Anima Holding SPA^c		190,940
	82,800	Australia & New Zealand Banking Group, Ltd.		1,508,622
	185,600	Banco Santander SA		720,257
	113,500	Bank Hapoalim, Ltd.		571,800
	225,134	Bank of America Corporation		2,987,528
	181,800	Bank of East Asia, Ltd.^b		703,057
	25,440	Bank of Montreal		1,613,691
	82,577	Bank of Nova Scotia		4,046,557
	61,432	Bank of Queensland, Ltd.		490,120
	142,900	BinckBank NV^b		710,390
	173,320	Blackstone Group, LP		4,253,273
	2,558	Canadian Imperial Bank of Commerce		192,135

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

161

Large Cap Stock Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (85.3%)	Value
	Financials (15.0%) - continued
	26,479	Canadian Western Bank^b	$	505,211
	171,900	CapitaMall Trust		273,325
	55,000	Chiba Bank, Ltd.		259,917
	52,260	Chubb, Ltd.		6,830,905
	219,870	Citigroup, Inc.		9,320,289
	60,100	CNP Assurances		886,705
	2,600	Daito Trust Construction Company, Ltd.		422,142
	9,500	Danske Bank AS		250,044
	27,400	Derwent London plc		955,925
	273,900	DEXUS Property Group		1,858,596
	187,541	Direct Line Insurance Group plc		867,035
	65,800	Erste Group Bank AG		1,498,140
	22,300	EXOR SPA		823,220
	270,400	FlexiGroup, Ltd.		354,648
	158,500	Frasers Centrepoint Trust		250,947
	401,000	Fukuoka Financial Group, Inc.		1,322,197
	14,796	Genworth MI Canada, Inc.^b		379,534
	30,380	Goldman Sachs Group, Inc.		4,513,860
	48,400	Great Portland Estates plc		405,132
	2,100	Groupe Bruxelles Lambert SA		172,213
	90,982	H&R Real Estate Investment Trust		1,585,204
	21,959	Hamborner REIT AG		237,087
	49,900	Hang Seng Bank, Ltd.		855,926
	22,900	Hannover Rueckversicherung SE		2,399,414
	329,300	Henderson Group plc		936,190
	33,000	Henderson Land Development Company, Ltd.		186,409
	9,100	Hitachi Capital Corporation		180,608
	48,500	Hufvudstaden AB		761,230
	322,000	Hysan Development Company, Ltd.		1,435,966
	13,212	Intact Financial Corporation		943,795
	42,570	International Exchange, Inc.		10,896,217
	233,360	Invesco, Ltd.		5,960,014
	254,800	Investec plc		1,583,784
	244,349	J.P. Morgan Chase & Company		15,183,847
	5,000	Jyske Bank AS		189,811
	59,500	Link REIT		406,873
	39,300	Macquarie Group, Ltd.		2,045,744
	203,100	Mitsui & Company, Ltd.		2,424,441
	833,900	Mizuho Financial Group, Inc.		1,200,031
	15,900	MS and AD Insurance Group Holdings, Inc.		411,971
	39,700	National Australia Bank, Ltd.		762,218
	49,504	National Bank of Canada		1,693,240
	1,214,799	New World Development Company, Ltd.		1,237,109
	68,700	Old Mutual plc		185,592
	14,925	Power Corporation of Canada		317,688
	5,000	Sampo Oyj		204,483
	35,028	Schroders plc		1,106,914
	803,202	Stockland		2,847,758
	34,500	Swiss Re AG		3,013,244
	134,730	Synchrony Financial^a		3,405,974
	109,600	T&D Holdings, Inc.		930,726
	7,200	Talanx AG		214,439
	5,700	Tokio Marine Holdings, Inc.		189,759
	15,838	Toronto-Dominion Bank		680,129
	154,717	United Overseas Bank, Ltd.		2,131,684
	35,000	Wharf Holdings, Ltd.		213,589
	48,000	Wheelock and Company, Ltd.		225,487
	296,600	Wing Tai Holdings, Ltd.		360,018

		Total		126,616,150


	Health Care (10.5%)
	3,100	Actelion, Ltd.		522,032
	20,360	Alexion Pharmaceuticals, Inc.^a		2,377,234
	30,322	Allergan plc^a		7,007,111
	26,800	Amgen, Inc.		4,077,620
	14,100	Astellas Pharmaceutical, Inc.		221,121
	1,600	Bayer AG		160,696
	48,920	Celgene Corporation^a		4,824,980
	43,130	Cerner Corporation^a		2,527,418
	37,208	Essilor International SA		4,890,235
	2,300	Gerresheimer AG		177,173
	69,309	Gilead Sciences, Inc.		5,781,757
	40,800	Hikma Pharmaceuticals plc		1,343,592
	19,217	ICON plc^a		1,345,382
	5,100	Lonza Group AG		847,170
	335,890	Merck & Company, Inc.		19,350,623
	16,100	Merck KGaA		1,636,460
	52,100	Novartis AG		4,300,258
	52,000	Novo Nordisk AS		2,800,351
	384,920	Pfizer, Inc.		13,553,033
	5,800	Roche Holding AG-Genusschein		1,530,503
	45,200	Sanofi		3,755,355
	71,982	Vertex Pharmaceuticals, Inc.^a		6,191,892

		Total		89,221,996


	Industrials (7.4%)
	15,500	Adecco SA		781,790
	28,250	AerCap Holdings NV^a		948,918
	20,700	Aida Engineering, Ltd.		170,121
	263,365	Air New Zealand, Ltd.		394,714
	25,200	Amada Holdings Company, Ltd.		255,834
	7,200	Andritz AG		341,405
	119,000	Asahi Glass Company, Ltd.		645,800
	8,400	Atlas Copco Aktiebolag		218,166
	20,200	Babcock International Group plc		244,224
	75,590	Boeing Company		9,816,873
	119,000	Cathay Pacific Airways, Ltd.		174,580
	14,900	Compagnie de Saint-Gobain		564,796
	31,000	Dai Nippon Printing Company, Ltd.		345,493
	20,870	Dart Group plc		146,418
	2,200	DCC plc		193,600
	224,780	Delta Air Lines, Inc.		8,188,736
	21,000	Deutsche Post AG		591,625
	7,600	DSV AS		319,566
	2,800	East Japan Railway Company		259,485
	5,000	Flughafen Zuerich AG		884,855
	11,000	Fraport AG Frankfurt Airport Services Worldwide		588,952
	66,000	Fuji Electric Company, Ltd.		274,793
	22,333	Galliford Try plc		272,808
	700	Georg Fischer AG		559,586
	35,000	Hankyu Hanshin Holdings, Inc.		260,979
	12,800	Hitachi Transport System, Ltd.		210,570
	4,700	Hochtief AG		606,823
	57,240	Honeywell International, Inc.		6,658,157
	14,800	Inaba Denki Sangyo Company, Ltd.		506,905
	39,600	Intrum Justitia AB		1,241,958
	202,700	ITOCHU Corporation		2,479,672
	32,000	Kamigumi Company, Ltd.		295,770
	68,900	KITZ Corporation		326,948
	78,000	KONE Oyj		3,599,743
	15,945	Koninklijke Boskalis Westminster NV		544,088
	3,600	Kuehne & Nagel International AG		504,395
	14,100	Kurita Water Industries, Ltd.		314,314
	50,400	Marubeni Corporation		227,694
	110,500	Meggitt plc		600,619
	27,000	MIRAIT Holdings Corporation		265,451
	31,000	Mitsuboshi Belting, Ltd.		241,706

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

162

Large Cap Stock Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (85.3%)	Value
	Industrials (7.4%) - continued
	28,500	Nikkon Holdings Company, Ltd.	$	512,113
	51,000	Nippon Express Company, Ltd.		233,056
	52,900	Nitto Kogyo Corporation		657,678
	129,970	Norfolk Southern Corporation		11,064,346
	11,900	Randstad Holding NV		475,895
	3,098	Rieter Holding AG		634,151
	5,700	SAAB AB		177,753
	46,300	Sanwa Holdings Corporation		420,869
	5,800	Schindler Holding AG		1,050,078
	1,100	Schindler Holding AG - REG		200,185
	9,000	Skanska AB		188,451
	7,900	TOTO, Ltd.		315,678
	7,300	Travis Perkins plc		144,029
	11,596	WSP Global, Inc.		354,715
	9,700	Yuasa Trading Company, Ltd.		200,120

		Total		62,698,047


	Information Technology (14.0%)
	24,244	Alphabet, Inc., Class A^a		17,056,381
	24,250	Alphabet, Inc., Class C^a		16,783,425
	306,198	Apple, Inc.		29,272,529
	6,250	AtoS		515,308
	28,000	Canon, Inc.		799,406
	35,910	Check Point Software Technologies, Ltd.^a		2,861,309
	199,060	Cisco Systems, Inc.		5,711,031
	476,130	EMC Corporation		12,936,452
	87,275	Facebook, Inc.^a		9,973,787
	64,500	FUJIFILM Holdings NPV		2,502,627
	15,800	Hoya Corporation		564,313
	8,400	ITOCHU Techno-Solutions Corporation		180,963
	7,400	Kyocera Corporation		352,113
	125,960	Microsoft Corporation		6,445,373
	27,500	NEC Networks & System Integration Corporation		486,862
	9,400	Nice, Ltd.		598,150
	14,800	NS Solutions Corporation		228,097
	131,640	Salesforce.com, Inc.^a		10,453,532
	62,600	Shinko Electric Industries Company, Ltd.		306,620
	3,500	TDK Corporation		195,917
	900	U-Blox AG		194,015
	5,100	United Internet AG		212,003

		Total		118,630,213


	Materials (3.7%)
	5,300	Air Liquide SA		552,165
	83,996	Albemarle Corporation		6,661,723
	16,200	Amcor, Ltd.		182,146
	208,800	BHP Billiton, Ltd.		2,909,890
	64,400	BillerudKorsnas AB		961,009
	18,400	Buzzi Unicem SPA		322,443
	1,618	CCL Industries, Inc.		281,583
	10,200	Croda International plc		428,182
	164,100	Daicel Corporation		1,700,416
	42,000	Denki Kagaku Kogyo KK		169,851
	146,250	Dow Chemical Company		7,270,087
	6,400	Evonik Industries AG		190,776
	5,100	FUCHS PETROLUB SE		200,640
	600	Givaudan SA		1,208,115
	22,100	Hexpol AB		226,943
	13,900	JFE Holdings, Inc.		181,328
	17,600	JSR Corporation		233,079
	3,800	LafargeHolcim, Ltd.		158,983
	84,200	Mitsubishi Chemical Holdings Corporation		385,972
	35,000	Mitsubishi Gas Chemical Company, Inc.		182,592
	105,000	Mitsubishi Materials Corporation		251,408
	6,900	Nippon Shokubai Company, Ltd.		396,863
	344,238	Norsk Hydro ASA		1,260,197
	16,800	Novozymes AS		806,751
	37,000	Oji Holdings Corporation		142,043
	94,800	Orora, Ltd.		196,833
	6,810	Rio Tinto, Ltd.		235,562
	18,000	Sumitomo Metal Mining Company, Ltd.		183,103
	39,000	Sumitomo Seika Chemicals Company, Ltd.		217,271
	43,000	Tosoh Corporation		198,343
	65,983	UPM-Kymmene Oyj		1,212,164
	62,755	Yara International ASA		1,993,527

		Total		31,501,988


	Telecommunications Services (1.1%)
	25,479	BCE, Inc.		1,205,763
	58,600	Elisa Oyj		2,251,609
	57,700	Freenet AG		1,485,985
	673,467	KCOM Group plc		945,868
	4,500	Millicom International Cellular SA		276,027
	16,100	Nippon Telegraph & Telephone Corporation		755,008
	55,400	Orange SA^b		900,836
	19,900	Proximus SA		632,394
	300	Swisscom AG		149,042
	69,100	Telefonica Deutschland Holding AG		284,630

		Total		8,887,162


	Utilities (3.2%)
	13,500	Chubu Electric Power Company, Inc.		192,119
	23,400	E.ON SE		236,220
	340,500	Electricidade de Portugal SA		1,042,470
	69,700	Enagas SA^b		2,129,364
	501,000	Osaka Gas Company, Ltd.		1,926,090
	296,050	PG&E Corporation		18,923,516
	224,500	Redes Energeticas Nacionais SGPS SA		631,305
	38,000	Toho Gas Company, Ltd.		310,943
	34,500	Tokyo Electric Power Company, Inc.^a		146,109
	96,300	United Utilities Group plc		1,334,756
	11,000	Veolia Environnement SA		237,542

		Total		27,110,434


		Total Common Stock (cost $613,792,398)		722,647,796


		Registered Investment Companies (0.1%)
	Equity Funds/ETFs (<0.1%)
	7,000	iShares MSCI EAFE Index Fund		390,670

		Total		390,670


		Total Registered Investment Companies (cost $376,746)		390,670

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

163

Large Cap Stock Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Collateral Held for Securities Loaned (0.5%)	Value
	4,591,378	Thrivent Cash Management Trust	$	4,591,378

		Total Collateral Held for Securities Loaned (cost $4,591,378)		4,591,378


Shares or Principal Amount		Short-Term Investments (14.3%)^d
		Federal Agricultural Mortgage Corporation Discount Notes		5,099,832
	5,100,000	0.270%, 7/8/2016
		Federal Home Loan Bank Discount Notes
	400,000	0.290%, 7/13/2016		399,977
	7,550,000	0.343%, 7/15/2016		7,549,502
	23,300,000	0.339%, 7/20/2016		23,297,903
	2,700,000	0.340%, 7/21/2016		2,699,746
	2,500,000	0.345%, 7/25/2016		2,499,717
	10,200,000	0.300%, 7/29/2016^e		10,198,654
	5,800,000	0.306%, 8/3/2016		5,798,672
	9,500,000	0.312%, 8/5/2016		9,497,691
	6,727,000	0.407%, 8/12/2016		6,725,036
	2,100,000	0.360%, 9/7/2016		2,098,889
	400,000	0.410%, 9/21/2016		399,745
		Federal National Mortgage Association Discount Notes
	5,000,000	0.400%, 7/25/2016^e		4,999,435
		Thrivent Core Short-Term Reserve Fund
	3,952,491	0.580%		39,524,914

		Total Short-Term Investments (cost $120,782,126)		120,789,713

		Total Investments (cost $739,542,648) 100.2%	$	848,419,557

		Other Assets and Liabilities, Net (0.2%)		(1,619,109	)

		Total Net Assets 100.0%	$	846,800,448

a	Non-income producing security.

b	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.

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

Securities Lending Transactions


Common Stock	$	4,356,546

Total lending	$	4,356,546
Gross amount payable upon return of collateral for securities loaned	$	4,591,378

Net amounts due to counterparty	$	234,832

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.

164

Large Cap Index Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (97.1%)	Value
	Consumer Discretionary (12.1%)
	2,270	Advance Auto Parts, Inc.	$	366,900
	11,920	Amazon.com, Inc.^a		8,530,190
	2,180	AutoNation, Inc.^a		102,416
	930	AutoZone, Inc.^a		738,271
	4,750	Bed Bath & Beyond, Inc.		205,295
	8,635	Best Buy Company, Inc.		264,231
	6,580	BorgWarner, Inc.		194,242
	5,950	CarMax, Inc.^a,b		291,729
	13,260	Carnival Corporation		586,092
	12,772	CBS Corporation		695,308
	900	Chipotle Mexican Grill, Inc.^a		362,484
	8,550	Coach, Inc.		348,327
	74,275	Comcast Corporation		4,841,987
	10,140	D.R. Horton, Inc.		319,207
	3,550	Darden Restaurants, Inc.		224,857
	8,240	Delphi Automotive plc		515,824
	4,600	Discovery Communications, Inc., Class A^a		116,058
	7,290	Discovery Communications, Inc., Class C^a		173,867
	8,780	Dollar General Corporation		825,320
	7,258	Dollar Tree, Inc.^a		683,994
	3,550	Expedia, Inc.		377,365
	4,170	Foot Locker, Inc.		228,766
	119,931	Ford Motor Company		1,507,533
	6,892	Gap, Inc.		146,248
	3,600	Garmin, Ltd.		152,712
	42,948	General Motors Company		1,215,428
	4,620	Genuine Parts Company		467,775
	8,120	Goodyear Tire & Rubber Company		208,359
	6,920	H&R Block, Inc.		159,160
	11,600	Hanesbrands, Inc.		291,508
	5,640	Harley-Davidson, Inc.^b		255,492
	2,200	Harman International Industries, Inc.		158,004
	3,450	Hasbro, Inc.		289,765
	38,550	Home Depot, Inc.		4,922,449
	12,407	Interpublic Group of Companies, Inc.		286,602
	19,920	Johnson Controls, Inc.		881,659
	5,630	Kohl’s Corporation		213,490
	7,834	L Brands, Inc.		525,896
	4,130	Leggett & Platt, Inc.		211,084
	5,620	Lennar Corporation		259,082
	9,470	LKQ Corporation^a		300,199
	27,410	Lowe’s Companies, Inc.		2,170,050
	9,478	Macy’s, Inc.		318,556
	5,856	Marriott International, Inc.		389,190
	10,460	Mattel, Inc.		327,293
	27,090	McDonald’s Corporation		3,260,011
	5,410	Michael Kors Holdings, Ltd.^a		267,687
	1,980	Mohawk Industries, Inc.^a		375,725
	13,320	Netflix, Inc.^a		1,218,514
	14,073	Newell Brands, Inc.		683,526
	11,685	News Corporation		132,625
	3,310	News Corporation, Class B		38,628
	40,950	NIKE, Inc.		2,260,440
	3,930	Nordstrom, Inc.^b		149,536
	7,310	Omnicom Group, Inc.		595,692
	2,980	O’Reilly Automotive, Inc.^a		807,878
	1,510	Priceline Group, Inc.^a		1,885,099
	9,672	PulteGroup, Inc.		188,507
	2,490	PVH Corporation		234,633
	1,750	Ralph Lauren Corporation		156,835
	12,350	Ross Stores, Inc.		700,121
	5,110	Royal Caribbean Cruises, Ltd.		343,137
	2,920	Scripps Networks Interactive, Inc.		181,828
	2,420	Sherwin-Williams Company		710,681
	2,390	Signet Jewelers, Ltd.		196,960
	1,810	Snap-On, Inc.		285,654
	19,785	Staples, Inc.		170,547
	45,130	Starbucks Corporation		2,577,826
	5,200	Starwood Hotels & Resorts Worldwide, Inc.		384,540
	18,160	Target Corporation		1,267,931
	6,690	Tegna, Inc.		155,007
	3,360	Tiffany & Company		203,750
	24,360	Time Warner, Inc.		1,791,434
	20,350	TJX Companies, Inc.		1,571,631
	4,100	Tractor Supply Company		373,838
	3,500	TripAdvisor, Inc.^a		225,050
	13,230	Twenty-First Century Fox, Inc., Class B		360,518
	33,600	Twenty-First Century Fox, Inc., Class A		908,880
	1,920	Ulta Salon Cosmetics & Fragrance, Inc.^a		467,789
	5,580	Under Armour, Inc., Class A^a,b		223,925
	5,628	Under Armour, Inc., Class C^a		204,859
	2,670	Urban Outfitters, Inc.^a		73,425
	10,240	VF Corporation		629,658
	10,662	Viacom, Inc.		442,153
	45,927	Walt Disney Company		4,492,579
	2,347	Whirlpool Corporation		391,104
	3,452	Wyndham Worldwide Corporation		245,886
	2,500	Wynn Resorts, Ltd.^b		226,600
	12,530	Yum! Brands, Inc.		1,038,988

		Total		69,751,899


	Consumer Staples (10.3%)
	60,710	Altria Group, Inc.		4,186,562
	18,078	Archer-Daniels-Midland Company		775,365
	3,137	Brown-Forman Corporation		312,947
	5,560	Campbell Soup Company		369,907
	3,960	Church & Dwight Company, Inc.		407,444
	4,020	Clorox Company		556,328
	120,300	Coca-Cola Company		5,453,199
	27,620	Colgate-Palmolive Company		2,021,784
	13,470	ConAgra Foods, Inc.		644,001
	5,440	Constellation Brands, Inc.		899,776
	13,500	Costco Wholesale Corporation		2,120,040
	33,554	CVS Health Corporation		3,212,460
	5,750	Dr. Pepper Snapple Group, Inc.		555,622
	6,860	Estee Lauder Companies, Inc.		624,397
	18,410	General Mills, Inc.		1,313,001
	4,360	Hershey Company		494,816
	8,360	Hormel Foods Corporation		305,976
	3,701	J.M. Smucker Company		564,069
	7,800	Kellogg Company		636,870
	11,162	Kimberly-Clark Corporation		1,534,552
	18,417	Kraft Heinz Company		1,629,536
	29,530	Kroger Company		1,086,409
	3,560	McCormick & Company, Inc.		379,745
	5,778	Mead Johnson Nutrition Company		524,354
	5,670	Molson Coors Brewing Company		573,407
	47,712	Mondelez International, Inc.		2,171,373
	4,370	Monster Beverage Corporation^a		702,303
	44,640	PepsiCo, Inc.		4,729,162
	47,990	Philip Morris International, Inc.		4,881,543
	82,628	Procter & Gamble Company		6,996,113
	25,688	Reynolds American, Inc.		1,385,354
	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.

165

Large Cap Index Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (97.1%)	Value
	Consumer Staples (10.3%) - continued
	5,450	Safeway, Inc. (Property Development Centers, LLC) Contingent Value Rights^a,c	$	266
	16,140	Sysco Corporation		818,944
	9,310	Tyson Foods, Inc.		621,815
	26,650	Walgreens Boots Alliance, Inc.		2,219,145
	47,200	Wal-Mart Stores, Inc.		3,446,544
	9,870	Whole Foods Market, Inc.		316,037

		Total		59,476,697


	Energy (7.2%)
	15,572	Anadarko Petroleum Corporation		829,209
	11,530	Apache Corporation		641,875
	13,393	Baker Hughes, Inc.		604,426
	14,310	Cabot Oil & Gas Corporation		368,339
	17,270	Chesapeake Energy Corporation^a,b		73,916
	57,956	Chevron Corporation		6,075,527
	2,910	Cimarex Energy Company		347,221
	12,449	Columbia Pipeline Group, Inc.		317,325
	4,000	Concho Resources, Inc.^a		477,080
	37,579	ConocoPhillips		1,638,444
	15,750	Devon Energy Corporation		570,937
	1,950	Diamond Offshore Drilling, Inc.		47,444
	16,900	EOG Resources, Inc.		1,409,798
	5,320	EQT Corporation		411,928
	128,200	Exxon Mobil Corporation		12,017,468
	6,910	FMC Technologies, Inc.^a		184,290
	26,330	Halliburton Company		1,192,486
	3,300	Helmerich & Payne, Inc.^b		221,529
	8,020	Hess Corporation		482,002
	56,160	Kinder Morgan, Inc.		1,051,315
	24,848	Marathon Oil Corporation		372,968
	16,198	Marathon Petroleum Corporation		614,876
	4,820	Murphy Oil Corporation		153,035
	11,510	National Oilwell Varco, Inc.		387,311
	6,020	Newfield Exploration Company^a		265,964
	13,090	Noble Energy, Inc.		469,538
	23,490	Occidental Petroleum Corporation		1,774,904
	6,430	ONEOK, Inc.		305,103
	14,384	Phillips 66		1,141,227
	5,020	Pioneer Natural Resources Company		759,074
	5,170	Range Resources Corporation		223,034
	42,459	Schlumberger, Ltd.		3,357,658
	14,610	Southwestern Energy Company^a		183,794
	21,074	Spectra Energy Corporation		771,941
	3,680	Tesoro Corporation		275,706
	10,340	Transocean, Ltd.^b		122,943
	14,480	Valero Energy Corporation		738,480
	21,040	Williams Companies, Inc.		455,095

		Total		41,335,210


	Financials (15.2%)
	1,650	Affiliated Managers Group, Inc.^a		232,270
	12,680	Aflac, Inc.		914,989
	11,542	Allstate Corporation		807,363
	24,730	American Express Company		1,502,595
	34,297	American International Group, Inc.		1,813,968
	13,100	American Tower Corporation		1,488,291
	5,060	Ameriprise Financial, Inc.		454,641
	8,255	Aon plc		901,694
	4,836	Apartment Investment & Management Company		213,558
	5,460	Arthur J. Gallagher & Company		259,896
	1,910	Assurant, Inc.		164,852
	4,231	AvalonBay Communities, Inc.		763,230
	309,730	Bank of America Corporation		4,110,117
	32,872	Bank of New York Mellon Corporation		1,277,077
	24,970	BB&T Corporation		889,182
	57,809	Berkshire Hathaway, Inc.^a		8,370,165
	3,840	BlackRock, Inc.		1,315,315
	4,740	Boston Properties, Inc.		625,206
	15,563	Capital One Financial Corporation		988,406
	8,900	CBRE Group, Inc.^a		235,672
	36,385	Charles Schwab Corporation		920,904
	14,318	Chubb, Ltd.		1,871,506
	4,568	Cincinnati Financial Corporation		342,098
	88,793	Citigroup, Inc.		3,763,935
	16,040	Citizens Financial Group, Inc.		320,479
	10,460	CME Group, Inc.		1,018,804
	5,460	Comerica, Inc.		224,570
	10,400	Crown Castle International Corporation		1,054,872
	4,540	Digital Realty Trust, Inc.		494,815
	12,585	Discover Financial Services		674,430
	8,430	E*TRADE Financial Corporation^a		198,021
	2,146	Equinix, Inc.		832,069
	11,250	Equity Residential		774,900
	2,040	Essex Property Trust, Inc.		465,304
	3,890	Extra Space Storage, Inc.		359,981
	2,210	Federal Realty Investment Trust		365,865
	23,284	Fifth Third Bancorp		409,566
	11,150	Franklin Resources, Inc.		372,075
	18,010	General Growth Properties, Inc.		537,058
	11,750	Goldman Sachs Group, Inc.		1,745,815
	12,050	Hartford Financial Services Group, Inc.		534,779
	14,510	HCP, Inc.		513,364
	22,831	Host Hotels & Resorts, Inc.		370,091
	24,271	Huntington Bancshares, Inc.		216,983
	3,680	International Exchange, Inc.		941,933
	12,650	Invesco, Ltd.		323,081
	7,422	Iron Mountain, Inc.		295,618
	111,438	J.P. Morgan Chase & Company		6,924,757
	25,660	KeyCorp		283,543
	12,980	Kimco Realty Corporation		407,312
	3,180	Legg Mason, Inc.		93,778
	10,281	Leucadia National Corporation		178,170
	7,234	Lincoln National Corporation		280,462
	8,210	Loews Corporation		337,349
	4,876	M&T Bank Corporation		576,489
	3,900	Macerich Company		333,021
	16,240	Marsh & McLennan Companies, Inc.		1,111,790
	33,312	MetLife, Inc.		1,326,817
	5,270	Moody’s Corporation		493,852
	45,780	Morgan Stanley		1,189,364
	3,550	Nasdaq, Inc.		229,578
	10,160	Navient Corporation		121,412
	6,530	Northern Trust Corporation		432,678
	9,510	People’s United Financial, Inc.		139,417
	15,254	PNC Financial Services Group, Inc.		1,241,523
	8,200	Principal Financial Group, Inc.		337,102
	18,020	Progressive Corporation		603,670
	16,186	Prologis, Inc.		793,761
	13,400	Prudential Financial, Inc.		955,956
	4,540	Public Storage, Inc.		1,160,379
	8,020	Realty Income Corporation		556,267
	38,507	Regions Financial Corporation		327,695
	8,130	S&P Global, Inc.		872,024
	9,564	Simon Property Group, Inc.		2,074,432
	3,090	SL Green Realty Corporation		328,992
	12,120	State Street Corporation		653,510

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

166

Large Cap Index Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (97.1%)	Value
	Financials (15.2%) - continued
	15,220	SunTrust Banks, Inc.	$	625,238
	26,010	Synchrony Financial^a		657,533
	7,588	T. Rowe Price Group, Inc.		553,696
	3,440	Torchmark Corporation		212,661
	9,021	Travelers Companies, Inc.		1,073,860
	49,645	U.S. Bancorp		2,002,183
	8,220	UDR, Inc.		303,482
	7,234	Unum Group		229,969
	10,530	Ventas, Inc.		766,795
	5,487	Vornado Realty Trust		549,358
	140,870	Wells Fargo & Company		6,667,377
	11,090	Welltower, Inc.		844,725
	22,920	Weyerhaeuser Company		682,328
	4,267	Willis Towers Watson plc		530,431
	8,730	XL Group plc		290,796
	6,230	Zions Bancorporation		156,560

		Total		87,783,495


	Health Care (14.2%)
	45,190	Abbott Laboratories		1,776,419
	49,840	AbbVie, Inc.		3,085,594
	10,809	Aetna, Inc.		1,320,103
	6,820	Alexion Pharmaceuticals, Inc.^a		796,303
	12,092	Allergan plc^a		2,794,340
	5,660	AmerisourceBergen Corporation		448,951
	23,040	Amgen, Inc.		3,505,536
	8,070	Anthem, Inc.		1,059,914
	17,020	Baxter International, Inc.		769,644
	6,525	Becton, Dickinson and Company		1,106,575
	6,720	Biogen, Inc.^a		1,625,030
	41,550	Boston Scientific Corporation^a		971,024
	51,348	Bristol-Myers Squibb Company		3,776,645
	2,280	C.R. Bard, Inc.		536,165
	10,025	Cardinal Health, Inc.		782,050
	23,770	Celgene Corporation^a		2,344,435
	5,160	Centene Corporation^a		368,269
	9,290	Cerner Corporation^a		544,394
	8,030	CIGNA Corporation		1,027,760
	5,060	DaVita HealthCare Partners, Inc.^a		391,239
	7,160	Dentsply Sirona, Inc.		444,206
	6,490	Edwards Lifesciences Corporation^a		647,248
	30,010	Eli Lilly and Company		2,363,288
	6,240	Endo International plc^a		97,282
	19,635	Express Scripts Holding Company^a		1,488,333
	40,930	Gilead Sciences, Inc.		3,414,381
	9,260	HCA Holdings, Inc.^a		713,113
	2,530	Henry Schein, Inc.^a		447,304
	7,420	Hologic, Inc.^a		256,732
	4,600	Humana, Inc.		827,448
	4,510	Illumina, Inc.^a		633,114
	1,170	Intuitive Surgical, Inc.^a		773,850
	84,910	Johnson & Johnson		10,299,583
	3,130	Laboratory Corporation of America Holdings^a		407,745
	3,310	Mallinckrodt, LLC^a		201,182
	7,012	McKesson Corporation		1,308,790
	43,369	Medtronic plc		3,763,128
	85,423	Merck & Company, Inc.		4,921,219
	13,020	Mylan NV^a		562,985
	2,570	Patterson Companies, Inc.		123,077
	3,400	PerkinElmer, Inc.		178,228
	4,410	Perrigo Company plc		399,855
	187,100	Pfizer, Inc.		6,587,791
	4,320	Quest Diagnostics, Inc.		351,691
	2,380	Regeneron Pharmaceuticals, Inc.^a		831,167
	8,774	St. Jude Medical, Inc.		684,372
	9,660	Stryker Corporation		1,157,558
	12,130	Thermo Fisher Scientific, Inc.		1,792,329
	29,290	UnitedHealth Group, Inc.		4,135,748
	2,770	Universal Health Services, Inc.		371,457
	2,930	Varian Medical Systems, Inc.^a		240,934
	7,540	Vertex Pharmaceuticals, Inc.^a		648,591
	2,520	Waters Corporation^a		354,438
	6,040	Zimmer Biomet Holdings, Inc.		727,095
	14,070	Zoetis, Inc.		667,762

		Total		81,853,414


	Industrials (9.8%)
	18,630	3M Company		3,262,486
	1,370	Acuity Brands, Inc.		339,705
	3,800	Alaska Air Group, Inc.		221,502
	2,941	Allegion plc		204,194
	17,650	American Airlines Group, Inc.		499,672
	7,160	AMETEK, Inc.		331,007
	18,290	Boeing Company		2,375,322
	4,390	C.H. Robinson Worldwide, Inc.		325,957
	17,930	Caterpillar, Inc.		1,359,273
	2,680	Cintas Corporation		262,988
	29,210	CSX Corporation		761,797
	4,840	Cummins, Inc.		544,210
	18,670	Danaher Corporation		1,885,670
	9,210	Deere & Company^b		746,378
	23,710	Delta Air Lines, Inc.		863,755
	4,770	Dover Corporation		330,656
	1,110	Dun & Bradstreet Corporation		135,242
	14,014	Eaton Corporation plc		837,056
	19,710	Emerson Electric Company		1,028,074
	3,640	Equifax, Inc.		467,376
	5,600	Expeditors International of Washington, Inc.		274,624
	8,870	Fastenal Company^b		393,739
	7,700	FedEx Corporation		1,168,706
	2,320	First Solar, Inc.^a		112,474
	4,000	Flowserve Corporation		180,680
	4,340	Fluor Corporation		213,875
	4,780	Fortune Brands Home and Security, Inc.		277,097
	8,870	General Dynamics Corporation		1,235,059
	282,977	General Electric Company		8,908,116
	23,375	Honeywell International, Inc.		2,718,980
	9,960	Illinois Tool Works, Inc.		1,037,434
	7,900	Ingersoll-Rand plc		503,072
	3,800	Jacobs Engineering Group, Inc.^a		189,278
	2,750	JB Hunt Transport Services, Inc.		222,558
	3,300	Kansas City Southern		297,297
	2,370	L-3 Communications Holdings, Inc.		347,655
	8,090	Lockheed Martin Corporation		2,007,695
	10,190	Masco Corporation		315,279
	11,130	Nielsen Holdings plc		578,426
	9,080	Norfolk Southern Corporation		772,980
	5,568	Northrop Grumman Corporation		1,237,655
	10,707	PACCAR, Inc.		555,372
	4,135	Parker Hannifin Corporation		446,787
	5,629	Pentair, Ltd.		328,114
	5,810	Pitney Bowes, Inc.		103,418
	4,620	Quanta Services, Inc.^a		106,814
	9,200	Raytheon Company		1,250,740
	7,370	Republic Services, Inc.		378,155
	4,020	Robert Half International, Inc.		153,403
	4,000	Rockwell Automation, Inc.		459,280
	4,040	Rockwell Collins, Inc.		343,966
	3,150	Roper Industries, Inc.		537,264

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

167

Large Cap Index Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (97.1%)	Value
	Industrials (9.8%) - continued
	1,640	Ryder System, Inc.	$	100,270
	19,600	Southwest Airlines Company		768,516
	4,620	Stanley Black & Decker, Inc.		513,836
	2,630	Stericycle, Inc.^a		273,836
	8,240	Textron, Inc.		301,254
	1,650	TransDigm Group, Inc.^a		435,089
	13,060	Tyco International plc		556,356
	25,910	Union Pacific Corporation		2,260,647
	10,280	United Continental Holdings, Inc.^a		421,891
	21,330	United Parcel Service, Inc.		2,297,668
	2,670	United Rentals, Inc.^a		179,157
	23,960	United Technologies Corporation		2,457,098
	4,760	Verisk Analytics, Inc.^a		385,941
	1,730	W.W. Grainger, Inc.^b		393,142
	12,829	Waste Management, Inc.		850,178
	5,500	Xylem, Inc.		245,575

		Total		56,878,766


	Information Technology (19.2%)
	19,130	Accenture plc		2,167,238
	15,680	Activision Blizzard, Inc.		621,398
	15,380	Adobe Systems, Inc.^a		1,473,250
	10,115	Agilent Technologies, Inc.		448,701
	5,370	Akamai Technologies, Inc.^a		300,344
	1,840	Alliance Data Systems Corporation^a		360,493
	9,110	Alphabet, Inc., Class A^a		6,409,158
	9,159	Alphabet, Inc., Class C^a		6,338,944
	9,500	Amphenol Corporation		544,635
	9,400	Analog Devices, Inc.		532,416
	168,580	Apple, Inc.		16,116,248
	33,310	Applied Materials, Inc.		798,441
	6,900	Autodesk, Inc.^a		373,566
	14,010	Automatic Data Processing, Inc.		1,287,099
	11,373	Broadcom, Ltd.		1,767,364
	9,122	CA, Inc.		299,475
	155,520	Cisco Systems, Inc.		4,461,869
	4,770	Citrix Systems, Inc.^a		382,029
	18,530	Cognizant Technology Solutions Corporation^a		1,060,657
	4,230	Computer Sciences Government Services, Inc.		99,109
	32,960	Corning, Inc.		675,021
	31,990	eBay, Inc.^a		748,886
	9,420	Electronic Arts, Inc.^a		713,659
	60,166	EMC Corporation		1,634,710
	2,070	F5 Networks, Inc.^a		235,649
	71,840	Facebook, Inc.^a		8,209,875
	8,550	Fidelity National Information Services, Inc.		629,964
	6,840	Fiserv, Inc.^a		743,713
	4,250	FLIR Systems, Inc.		131,537
	4,730	Global Payments, Inc.		337,627
	3,830	Harris Corporation		319,575
	50,846	Hewlett Packard Enterprise Company		928,956
	52,316	HP, Inc.		656,566
	145,200	Intel Corporation		4,762,560
	27,190	International Business Machines Corporation		4,126,898
	7,900	Intuit, Inc.		881,719
	10,840	Juniper Networks, Inc.		243,792
	4,820	KLA-Tencor Corporation		353,065
	4,900	Lam Research Corporation		411,894
	7,340	Linear Technology Corporation		341,530
	29,840	MasterCard, Inc.		2,627,710
	6,610	Microchip Technology, Inc.		335,524
	31,240	Micron Technology, Inc.^a		429,862
	241,840	Microsoft Corporation		12,374,953
	4,905	Motorola Solutions, Inc.		323,583
	8,840	NetApp, Inc.		217,376
	15,370	NVIDIA Corporation		722,544
	95,907	Oracle Corporation		3,925,474
	9,880	Paychex, Inc.		587,860
	34,090	PayPal Holdings, Inc.^a		1,244,626
	3,910	Qorvo, Inc.^a		216,067
	44,990	QUALCOMM, Inc.		2,410,114
	5,600	Red Hat, Inc.^a		406,560
	19,590	Salesforce.com, Inc.^a		1,555,642
	9,030	Seagate Technology plc		219,971
	5,820	Skyworks Solutions, Inc.		368,290
	18,224	Symantec Corporation		374,321
	10,990	TE Connectivity, Ltd.		627,639
	3,950	Teradata Corporation^a		99,026
	30,900	Texas Instruments, Inc.		1,935,885
	5,200	Total System Services, Inc.		276,172
	2,960	VeriSign, Inc.^a,b		255,922
	58,550	Visa, Inc.		4,342,654
	8,403	Western Digital Corporation		397,126
	15,080	Western Union Company^b		289,234
	29,085	Xerox Corporation		276,017
	7,770	Xilinx, Inc.		358,430
	26,890	Yahoo!, Inc.^a		1,009,988

		Total		111,138,200


	Materials (2.7%)
	6,020	Air Products and Chemicals, Inc.		855,081
	3,450	Albemarle Corporation		273,620
	39,884	Alcoa, Inc.		369,725
	2,750	Avery Dennison Corporation		205,562
	5,370	Ball Corporation		388,197
	7,060	CF Industries Holdings, Inc.		170,146
	34,663	Dow Chemical Company		1,723,098
	26,981	E.I. du Pont de Nemours and Company		1,748,369
	4,570	Eastman Chemical Company		310,303
	8,230	Ecolab, Inc.		976,078
	4,090	FMC Corporation		189,408
	37,362	Freeport-McMoRan, Inc.		416,213
	2,470	International Flavors & Fragrances, Inc.		311,393
	12,611	International Paper Company		534,454
	10,510	LyondellBasell Industries NV		782,154
	1,960	Martin Marietta Materials, Inc.		376,320
	13,618	Monsanto Company		1,408,237
	10,550	Mosaic Company		276,199
	16,938	Newmont Mining Corporation		662,615
	9,700	Nucor Corporation		479,277
	4,950	Owens-Illinois, Inc.^a		89,150
	8,290	PPG Industries, Inc.		863,404
	8,790	Praxair, Inc.		987,908
	6,052	Sealed Air Corporation		278,210
	4,090	Vulcan Materials Company		492,272
	7,789	Westrock Company		302,758

		Total		15,470,151


	Telecommunications Services (2.8%)
	190,476	AT&T, Inc.		8,230,468
	16,865	CenturyLink, Inc.		489,254
	36,208	Frontier Communications Corporation		178,867
	8,921	Level 3 Communications, Inc.^a		459,342

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

168

Large Cap Index Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (97.1%)	Value
	Telecommunications Services (2.8%) - continued
	126,346	Verizon Communications, Inc.	$	7,055,161

		Total		16,413,092


	Utilities (3.6%)
	20,280	AES Corporation		253,094
	3,765	AGL Resources, Inc.		248,377
	7,000	Alliant Energy Corporation		277,900
	7,550	Ameren Corporation		404,529
	15,330	American Electric Power Company, Inc.		1,074,480
	5,550	American Water Works Company, Inc.		469,031
	13,343	CenterPoint Energy, Inc.		320,232
	8,700	CMS Energy Corporation		398,982
	9,510	Consolidated Edison, Inc.		764,984
	19,164	Dominion Resources, Inc.		1,493,451
	5,600	DTE Energy Company		555,072
	21,512	Duke Energy Corporation		1,845,514
	10,170	Edison International, Inc.		789,904
	5,550	Entergy Corporation		451,492
	9,890	Eversource Energy		592,411
	28,644	Exelon Corporation		1,041,496
	13,224	FirstEnergy Corporation		461,650
	14,380	NextEra Energy, Inc.		1,875,152
	10,029	NiSource, Inc.		265,969
	9,700	NRG Energy, Inc.		145,403
	15,520	PG&E Corporation		992,038
	3,460	Pinnacle West Capital Corporation		280,468
	21,020	PPL Corporation		793,505
	15,760	Public Service Enterprise Group, Inc.		734,574
	4,430	SCANA Corporation		335,174
	7,365	Sempra Energy		839,757
	29,340	Southern Company		1,573,504
	7,340	TECO Energy, Inc.		202,878
	9,856	WEC Energy Group, Inc.		643,597
	15,845	Xcel Energy, Inc.		709,539

		Total		20,834,157


		Total Common Stock (cost $362,970,005)		560,935,081


		Collateral Held for Securities Loaned (0.6%)
	3,532,407	Thrivent Cash Management Trust		3,532,407

		Total Collateral Held for Securities Loaned (cost $3,532,407)		3,532,407


Shares or Principal Amount		Short-Term Investments (2.8%)^d
		Federal Home Loan Bank Discount Notes
	600,000	0.390%, 9/7/2016^e		599,683
	100,000	0.380%, 9/21/2016^e		99,936
		Thrivent Core Short-Term Reserve Fund
	1,573,130	0.580%		15,731,305

		Total Short-Term Investments (cost $16,430,777)		16,430,924

		Total Investments (cost $382,933,189) 100.5%	$	580,898,412

		Other Assets and Liabilities, Net (0.5%)		(3,102,693	)

		Total Net Assets 100.0%	$	577,795,719

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

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

Securities Lending Transactions


Common Stock	$	3,499,461

Total lending	$	3,499,461
Gross amount payable upon return of collateral for securities loaned	$	3,532,407

Net amounts due to counterparty	$	32,946

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

169

High Yield Portfolio

Schedule of Investments as of June 30, 2016


Principal Amount		Bank Loans (2.4%)^a	Value
	Basic Materials (0.6%)
		Fortescue Metals Group, Ltd., Term Loan
$	4,372,736	4.250%, 6/30/2019	$	4,175,964

		Total		4,175,964


	Communications Services (0.4%)
		Birch Communication Inc., Term Loan
	4,042,376	7.750%, 7/17/2020		3,314,748

		Total		3,314,748


	Consumer Cyclical (1.4%)
		IMG Worldwide, Inc., Term Loan
	3,250,000	8.250%, 5/6/2022		3,152,500
		Mohegan Tribal Gaming Authority, Term Loan
	2,567,481	5.500%, 6/15/2018		2,546,299
		Scientific Games International, Inc., Term Loan
	4,974,250	6.000%, 10/1/2021		4,899,636

		Total		10,598,435


		Total Bank Loans (cost $18,612,268)		18,089,147


		Long-Term Fixed Income (91.4%)
	Asset-Backed Securities (0.3%)
		Renaissance Home Equity Loan Trust
	1,756,003	5.746%, 5/25/2036^b		1,129,725
	1,761,469	6.011%, 5/25/2036^b		1,178,463

		Total		2,308,188


	Basic Materials (4.2%)
		ArcelorMittal SA
	2,065,000	6.500%, 3/1/2021^c		2,121,787
		Bluescope Steel Finance, Ltd.
	2,620,000	6.500%, 5/15/2021^d		2,712,748
		First Quantum Minerals, Ltd.
	2,205,000	6.750%, 2/15/2020^d		1,841,175
	2,140,000	7.000%, 2/15/2021^d		1,720,025
		GCP Applied Technologies, Inc.
	1,440,000	9.500%, 2/1/2023^d		1,609,200
		Graphic Packaging International, Inc.
	790,000	4.750%, 4/15/2021		826,040
	530,000	4.875%, 11/15/2022		551,200
		HudBay Minerals, Inc.
	3,070,000	9.500%, 10/1/2020		2,594,150
		INEOS Group Holdings SA
	2,795,000	6.125%, 8/15/2018^d		2,821,203
		Midwest Vanadium, Pty. Ltd.
	3,430,000	11.500%, 2/15/2018*^,e		274,400
		Novelis, Inc.
	3,950,000	8.750%, 12/15/2020		4,117,875
		PQ Corporation
	1,050,000	6.750%, 11/15/2022^d		1,094,625
		Resolute Forest Products, Inc.
	3,815,000	5.875%, 5/15/2023		3,004,313
		Signode Industrial Group Lux SA
	1,080,000	6.375%, 5/1/2022^d		1,032,750
		Teck Resources, Ltd.
	1,570,000	8.000%, 6/1/2021^d		1,617,100
	1,050,000	8.500%, 6/1/2024^d		1,089,375
		Tembec Industries, Inc.
	2,660,000	9.000%, 12/15/2019^c,d		2,061,500

		Total		31,089,466


	Capital Goods (9.2%)
		Abengoa Finance SAU
	3,250,000	7.750%, 2/1/2020*^,f		138,125
		Abengoa Greenfield SA
	3,460,000	6.500%, 10/1/2019*^,f		138,400
		AECOM
	2,660,000	5.750%, 10/15/2022		2,713,200
	1,065,000	5.875%, 10/15/2024		1,091,625
		Aircastle, Ltd.
	3,200,000	5.000%, 4/1/2023		3,251,840
		Anixter, Inc.
	3,455,000	5.125%, 10/1/2021		3,506,825
		Ardagh Packaging Finance plc
	2,620,000	7.250%, 5/15/2024^d		2,674,038
		Berry Plastics Corporation
	6,370,000	5.125%, 7/15/2023^c		6,370,000
		Bombardier, Inc.
	4,195,000	7.500%, 3/15/2025^d		3,628,675
		Building Materials Corporation of America
	3,990,000	6.000%, 10/15/2025^d		4,169,550
		Cemex Finance, LLC
	2,245,000	9.375%, 10/12/2022^d		2,469,500
		Cemex SAB de CV
	2,750,000	5.700%, 1/11/2025^d		2,605,625
		CNH Capital, LLC
	1,680,000	3.625%, 4/15/2018		1,680,000
		CNH Industrial Capital, LLC
	1,850,000	4.375%, 11/6/2020^c		1,868,500
		Huntington Ingalls Industries, Inc.
	925,000	5.000%, 12/15/2021^d		967,781
	2,650,000	5.000%, 11/15/2025^d		2,802,375
		Milacron, LLC
	2,640,000	7.750%, 2/15/2021^d		2,719,200
		Nortek, Inc.
	3,640,000	8.500%, 4/15/2021		3,776,500
		Owens-Brockway Glass Container, Inc.
	3,070,000	5.875%, 8/15/2023^c,d		3,224,789
		Reynolds Group Issuer, Inc.
	350,000	5.750%, 10/15/2020		361,375
	2,630,000	8.250%, 2/15/2021		2,751,296
		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		4,064,287
		U.S. Concrete, Inc.
	2,880,000	6.375%, 6/1/2024^d		2,880,000
		United Rentals North America, Inc.
	1,625,000	6.125%, 6/15/2023^c		1,692,031
	1,660,000	5.500%, 7/15/2025		1,635,100

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

170

High Yield Portfolio

Schedule of Investments as of June 30, 2016


Principal Amount		Long-Term Fixed Income (91.4%)	Value
	Capital Goods (9.2%) - continued
$	2,620,000	5.875%, 9/15/2026	$	2,600,350

		Total		68,948,050


	Communications Services (18.2%)
		Activision Blizzard, Inc.
	3,190,000	6.125%, 9/15/2023^d		3,469,125
		Altice Financing SA
	1,080,000	6.500%, 1/15/2022^d		1,090,800
	790,000	6.625%, 2/15/2023^d		775,677
	3,145,000	7.500%, 5/15/2026^d		3,082,100
		Altice Finco SA
	1,050,000	9.875%, 12/15/2020^d		1,120,219
	540,000	8.125%, 1/15/2024^c,d		522,450
		Altice US Finance I Corporation
	2,900,000	5.500%, 5/15/2026^d		2,900,000
		AMC Networks, Inc.
	3,800,000	4.750%, 12/15/2022		3,771,500
	3,100,000	5.000%, 4/1/2024		3,068,613
		CCO Holdings, LLC
	2,165,000	5.250%, 3/15/2021		2,246,187
	2,165,000	5.250%, 9/30/2022		2,221,831
	5,500,000	5.875%, 4/1/2024^d		5,706,250
		CCOH Safari, LLC
	2,500,000	5.750%, 2/15/2026^d		2,575,000
		CenturyLink, Inc.
	3,935,000	7.500%, 4/1/2024^c		3,969,431
		Clear Channel Worldwide Holdings, Inc.
	3,195,000	6.500%, 11/15/2022		3,195,000
		Columbus International, Inc.
	5,060,000	7.375%, 3/30/2021^d		5,343,360
		Digicel, Ltd.
	1,680,000	7.000%, 2/15/2020*		1,554,000
	3,220,000	6.000%, 4/15/2021*		2,760,184
		DISH DBS Corporation
	3,665,000	7.750%, 7/1/2026^d		3,774,950
		Frontier Communications Corporation
	2,263,000	10.500%, 9/15/2022		2,394,537
	3,140,000	11.000%, 9/15/2025		3,249,900
		Gray Television, Inc.
	2,710,000	7.500%, 10/1/2020^c		2,825,175
	2,250,000	5.875%, 7/15/2026^c,d		2,255,625
		Level 3 Escrow II, Inc.
	3,000,000	5.375%, 8/15/2022		3,030,000
		Level 3 Financing, Inc.
	1,620,000	6.125%, 1/15/2021		1,688,024
	2,620,000	5.250%, 3/15/2026^d		2,567,600
		McGraw-Hill Global Education Holdings, LLC
	3,145,000	7.875%, 5/15/2024^c,d		3,255,075
		MDC Partners, Inc.
	2,100,000	6.500%, 5/1/2024^d		2,084,250
		Neptune Finco Corporation
	5,630,000	10.875%, 10/15/2025^d		6,435,766
		Numericable-SFR SA
	3,590,000	6.000%, 5/15/2022^d		3,491,275
	2,710,000	6.250%, 5/15/2024^d		2,591,437
	2,620,000	7.375%, 5/1/2026^d		2,590,525
		Sinclair Television Group, Inc.
	1,570,000	5.875%, 3/15/2026^d		1,601,400
		Sprint Communications, Inc.
	10,325,000	9.000%, 11/15/2018^d		10,996,125
	2,870,000	7.000%, 3/1/2020^c,d		3,004,861
		Sprint Corporation
	7,215,000	7.625%, 2/15/2025		5,708,869
		T-Mobile USA, Inc.
	3,790,000	6.542%, 4/28/2020		3,908,437
	3,450,000	6.000%, 4/15/2024		3,570,750
		Unitymedia Hessen GmbH & Company KG
	5,100,000	5.500%, 1/15/2023^d		5,125,500
		Univision Communications, Inc.
	2,713,000	6.750%, 9/15/2022^d		2,862,215
	1,410,000	5.125%, 2/15/2025^d		1,394,138
		UPCB Finance V, Ltd.
	1,440,000	7.250%, 11/15/2021^d		1,501,200
		Virgin Media Secured Finance plc
	1,170,000	5.250%, 1/15/2026^d		1,131,975
	1,050,000	5.500%, 8/15/2026^d		1,021,125
		Zayo Group, LLC
	1,310,000	6.375%, 5/15/2025		1,336,200
		Ziggo Bond Finance BV
	1,320,000	5.875%, 1/15/2025^d		1,273,800

		Total		136,042,461


	Consumer Cyclical (12.4%)
		Brookfield Residential Properties, Inc.
	2,630,000	6.500%, 12/15/2020^d		2,623,425
	2,110,000	6.125%, 7/1/2022^d		1,993,950
		Choice Hotels International, Inc.
	3,445,000	5.750%, 7/1/2022		3,692,695
		Churchill Downs, Inc.
	3,536,000	5.375%, 12/15/2021		3,611,140
		Cinemark USA, Inc.
	4,475,000	4.875%, 6/1/2023		4,430,250
		CST Brands, Inc.
	2,110,000	5.000%, 5/1/2023		2,141,650
		Dana Financing Luxembourg SARL
	3,925,000	6.500%, 6/1/2026^c,d		3,821,969
		Family Tree Escrow, LLC
	1,590,000	5.250%, 3/1/2020^d		1,637,700
	2,120,000	5.750%, 3/1/2023^d		2,252,500
		Goodyear Tire & Rubber Company
	3,150,000	5.000%, 5/31/2026		3,209,063
		Hanesbrands, Inc.
	1,950,000	4.875%, 5/15/2026^d		1,957,020
		Jaguar Land Rover Automotive plc
	1,050,000	5.625%, 2/1/2023^d		1,090,687
		KB Home
	1,070,000	7.250%, 6/15/2018		1,144,900
	2,000,000	8.000%, 3/15/2020		2,140,000
	1,580,000	7.500%, 9/15/2022^c		1,627,400
		L Brands, Inc.
	1,570,000	6.625%, 4/1/2021		1,766,250
	1,860,000	5.625%, 2/15/2022		2,001,360
		Lennar Corporation
	1,060,000	4.500%, 11/15/2019		1,104,149
	3,190,000	4.750%, 5/30/2025		3,094,300
		Live Nation Entertainment, Inc.
	2,518,000	5.375%, 6/15/2022^d		2,587,245

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

171

High Yield Portfolio

Schedule of Investments as of June 30, 2016


Principal Amount		Long-Term Fixed Income (91.4%)	Value
	Consumer Cyclical (12.4%) - continued
		LKQ Corporation
	$4,005,000	4.750%, 5/15/2023		$3,934,912
		Masonite International Corporation
	2,065,000	5.625%, 3/15/2023^d		2,142,438
		New Cotai, LLC
	4,208,387	10.625%, 5/1/2019*		2,598,679
		PulteGroup, Inc.
	2,095,000	5.500%, 3/1/2026		2,147,375
		RHP Hotel Properties, LP
	790,000	5.000%, 4/15/2021		805,800
	960,000	5.000%, 4/15/2023		952,800
		Rite Aid Corporation
	3,165,000	6.750%, 6/15/2021		3,331,162
	3,160,000	6.125%, 4/1/2023^d		3,373,300
		Scientific Games International, Inc.
	2,190,000	6.625%, 5/15/2021^c		1,303,050
		Seminole Indian Tribe of Florida
	3,280,000	7.804%, 10/1/2020*		3,230,800
		Studio City Finance, Ltd.
	2,665,000	8.500%, 12/1/2020^c,d		2,691,650
		Summit Materials, LLC
	2,650,000	6.125%, 7/15/2023^d		2,611,893
		Toll Brothers Finance Corporation
	2,660,000	4.875%, 11/15/2025		2,633,400
		Tunica-Biloxi Gaming Authority
	4,570,000	9.000%, 11/15/2015*^,e		1,599,500
		West Corporation
	2,560,000	5.375%, 7/15/2022^d		2,380,800
		WMG Acquisition Corporation
	2,625,000	6.750%, 4/15/2022^d		2,644,688
		Yum! Brands, Inc.
	2,090,000	5.250%, 6/1/2026^d		2,142,250
		ZF North America Capital, Inc.
	2,125,000	4.500%, 4/29/2022^d		2,154,219
	2,125,000	4.750%, 4/29/2025^d		2,152,880

		Total		92,759,249


	Consumer Non-Cyclical (11.8%)
		Albertsons Companies, LLC
	2,620,000	6.625%, 6/15/2024^d		2,705,150
		B&G Foods, Inc.
	3,700,000	4.625%, 6/1/2021		3,700,000
		Centene Escrow Corporation
	4,440,000	6.125%, 2/15/2024^d		4,720,275
		Cott Beverages, Inc.
	3,265,000	5.375%, 7/1/2022		3,265,000
		Energizer Holdings, Inc.
	4,240,000	5.500%, 6/15/2025^d		4,218,800
		Envision Healthcare Corporation
	3,795,000	5.125%, 7/1/2022^d		3,813,975
		Grifols Worldwide Operations, Ltd.
	4,395,000	5.250%, 4/1/2022		4,471,913
		HCA, Inc.
	650,000	3.750%, 3/15/2019		672,750
	2,645,000	6.500%, 2/15/2020		2,926,031
	4,810,000	5.875%, 3/15/2022		5,230,875
	2,035,000	4.750%, 5/1/2023		2,085,875
	3,705,000	5.375%, 2/1/2025		3,797,625
	3,360,000	5.875%, 2/15/2026		3,486,000
		JBS USA, LLC
	3,250,000	5.875%, 7/15/2024^d		3,148,438
	4,705,000	5.750%, 6/15/2025^d		4,422,700
		MPH Acquisition Holdings, LLC
	4,190,000	7.125%, 6/1/2024^d		4,399,500
		Prestige Brands, Inc.
	790,000	6.375%, 3/1/2024^d		819,625
		Revlon Consumer Products Corporation
	4,760,000	5.750%, 2/15/2021		4,593,400
		Spectrum Brands Escrow Corporation
	1,470,000	6.375%, 11/15/2020		1,534,312
	2,030,000	6.625%, 11/15/2022		2,154,337
		Spectrum Brands, Inc.
	2,120,000	5.750%, 7/15/2025		2,207,450
		Teleflex, Inc.
	2,525,000	5.250%, 6/15/2024		2,550,250
		Tenet Healthcare Corporation
	3,250,000	6.000%, 10/1/2020		3,428,750
	1,900,000	8.125%, 4/1/2022		1,947,120
		TreeHouse Foods, Inc.
	4,155,000	4.875%, 3/15/2022^c		4,238,100
		Valeant Pharmaceuticals International
	2,600,000	7.250%, 7/15/2022^d		2,230,020
	2,645,000	5.500%, 3/1/2023^c,d		2,124,266
		VPII Escrow Corporation
	3,170,000	7.500%, 7/15/2021^d		2,795,544

		Total		87,688,081


	Energy (11.2%)
		Antero Resources Corporation
	1,585,000	5.125%, 12/1/2022		1,521,600
	2,640,000	5.625%, 6/1/2023		2,560,800
		Cheniere Corpus Christi Holdings, LLC
	2,200,000	7.000%, 6/30/2024^d		2,259,136
		Concho Resources, Inc.
	4,740,000	6.500%, 1/15/2022		4,852,575
		Continental Resources, Inc.
	3,670,000	5.000%, 9/15/2022^c		3,587,425
	2,610,000	4.500%, 4/15/2023		2,433,825
		Crestwood Midstream Partners, LP
	2,435,000	6.125%, 3/1/2022		2,252,375
	2,635,000	6.250%, 4/1/2023^d		2,424,200
		EP Energy, LLC
	3,715,000	6.375%, 6/15/2023^c		2,229,000
		Hornbeck Offshore Services, Inc.
	2,115,000	5.875%, 4/1/2020		1,337,737
	1,590,000	5.000%, 3/1/2021		942,075
		MEG Energy Corporation
	1,055,000	6.500%, 3/15/2021^d		817,625
	3,160,000	6.375%, 1/30/2023^d		2,338,400
		Oasis Petroleum, Inc.
	3,400,000	6.875%, 1/15/2023^c		3,094,000
		Pacific Drilling SA
	2,140,000	5.375%, 6/1/2020^d		642,000
		Pacific Drilling V, Ltd.
	4,908,000	7.250%, 12/1/2017^d		2,012,280

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

172

High Yield Portfolio

Schedule of Investments as of June 30, 2016


Principal Amount		Long-Term Fixed Income (91.4%)	Value
	Energy (11.2%) - continued
		Precision Drilling Corporation
	$2,450,000	6.625%, 11/15/2020		$2,223,375
	1,060,000	6.500%, 12/15/2021		951,350
	1,350,000	5.250%, 11/15/2024		1,080,000
		Range Resources Corporation
	4,180,000	5.000%, 3/15/2023^c		3,918,750
		Rice Energy, Inc.
	4,605,000	6.250%, 5/1/2022^c		4,570,463
	1,060,000	7.250%, 5/1/2023^c		1,075,900
		Rowan Companies, Inc.
	5,240,000	4.875%, 6/1/2022		4,585,000
		Sabine Pass Liquefaction, LLC
	2,645,000	5.625%, 2/1/2021		2,671,450
	2,085,000	5.625%, 3/1/2025		2,077,181
	2,620,000	5.875%, 6/30/2026^d		2,629,825
		Sunoco, LP
	2,665,000	5.500%, 8/1/2020^d		2,631,688
	1,330,000	6.375%, 4/1/2023^d		1,320,025
		Tesoro Logistics, LP
	2,400,000	5.500%, 10/15/2019		2,508,000
	2,130,000	6.250%, 10/15/2022		2,220,525
		Weatherford International, Ltd.
	3,665,000	7.750%, 6/15/2021^c		3,568,794
	3,940,000	4.500%, 4/15/2022^c		3,378,550
		Whiting Petroleum Corporation
	1,045,000	5.000%, 3/15/2019		961,400
	1,047,000	5.750%, 3/15/2021^c		944,917
		WPX Energy, Inc.
	2,190,000	7.500%, 8/1/2020		2,185,883
	2,670,000	8.250%, 8/1/2023^c		2,676,675

		Total		83,484,804


	Financials (8.2%)
		AerCap Ireland Capital, Ltd.
	1,595,000	4.625%, 10/30/2020		1,653,616
	1,190,000	5.000%, 10/1/2021		1,237,600
	1,870,000	3.950%, 2/1/2022		1,870,000
		Ally Financial, Inc.
	1,460,000	3.250%, 2/13/2018		1,460,000
	4,670,000	4.125%, 3/30/2020		4,681,675
	2,380,000	4.125%, 2/13/2022		2,362,150
		Argos Merger Sub, Inc.
	3,705,000	7.125%, 3/15/2023^d		3,816,150
		Banco do Brasil SA/Cayman Islands
	1,750,000	6.250%, 12/31/2049^d,g		1,080,625
		BBVA International Preferred SA Unipersonal
	1,585,000	5.919%, 12/29/2049^c,g		1,581,037
		CIT Group, Inc.
	3,795,000	3.875%, 2/19/2019		3,813,975
		Corrections Corporation of America
	3,585,000	4.625%, 5/1/2023		3,611,888
		Credit Agricole SA
	1,065,000	6.625%, 9/29/2049^d,g		966,488
		CyrusOne, LP
	3,540,000	6.375%, 11/15/2022		3,681,600
		Drawbridge Special Opportunities Fund, LP
	3,785,000	5.000%, 8/1/2021^d		3,482,200
		HSBC Holdings plc
	1,040,000	6.875%, 12/29/2049^g		1,034,800
		Icahn Enterprises, LP
	6,485,000	6.000%, 8/1/2020		6,403,938
		ILFC E-Capital Trust II
	1,895,000	4.230%, 12/21/2065^d,h		1,497,050
		Jefferies Finance, LLC
	2,650,000	7.375%, 4/1/2020*		2,454,562
		Lloyds Banking Group plc
	1,080,000	6.657%, 1/29/2049^d,g		1,161,000
		MPT Operating Partnership, LP
	1,192,000	6.375%, 2/15/2022		1,236,700
	3,010,000	5.500%, 5/1/2024		3,085,250
		Prime Security Services Borrower, LLC
	3,250,000	9.250%, 5/15/2023^d		3,445,000
		Quicken Loans, Inc.
	4,255,000	5.750%, 5/1/2025^d		4,106,075
		Royal Bank of Scotland Group plc
	1,865,000	7.500%, 12/29/2049^g		1,706,475

		Total		61,429,854


	Foreign Government (0.3%)
		Argentina Government International Bond
	2,100,000	7.500%, 4/22/2026^d		2,270,100

		Total		2,270,100


	Technology (7.6%)
		Alliance Data Systems Corporation
	6,880,000	5.375%, 8/1/2022^d		6,587,600
		Brocade Communications Systems, Inc.
	3,790,000	4.625%, 1/15/2023		3,652,612
		Cengage Learning, Inc.
	5,230,000	9.500%, 6/15/2024^d		5,321,525
		CommScope Technologies Finance, LLC
	4,775,000	6.000%, 6/15/2025^d		4,894,375
		Denali Borrower, LLC
	5,680,000	5.625%, 10/15/2020^d		5,958,320
		Diamond Finance Corporation
	1,050,000	5.875%, 6/15/2021^d		1,070,761
	1,570,000	7.125%, 6/15/2024^d		1,639,741
		Equinix, Inc.
	3,185,000	5.750%, 1/1/2025		3,296,475
	1,030,000	5.875%, 1/15/2026		1,073,131
		First Data Corporation
	3,000,000	5.375%, 8/15/2023^d		3,046,530
	1,910,000	7.000%, 12/1/2023^d		1,933,875
		Micron Technology, Inc.
	2,200,000	7.500%, 9/15/2023^d		2,337,500
		NXP Funding, LLC
	3,715,000	5.750%, 3/15/2023^d		3,882,175
		Plantronics, Inc.
	2,390,000	5.500%, 5/31/2023^d		2,360,125
		Sensata Technologies BV
	4,870,000	4.875%, 10/15/2023^d		4,870,000
		SS&C Technologies Holdings, Inc.
	1,590,000	5.875%, 7/15/2023		1,625,775

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

173

High Yield Portfolio

Schedule of Investments as of June 30, 2016


Principal Amount		Long-Term Fixed Income (91.4%)	Value
	Technology (7.6%) - continued
		Western Digital Corporation
	$3,200,000	10.500%, 4/1/2024^d	$	3,424,000

		Total		56,974,520


	Transportation (3.8%)
		Air Medical Merger Sub Corporation
	3,190,000	6.375%, 5/15/2023^d		3,030,500
		American Airlines Pass Through Trust
	3,527,741	5.600%, 7/15/2020^d		3,633,574
		Avis Budget Car Rental, LLC
	1,670,000	5.125%, 6/1/2022^c,d		1,611,550
	3,550,000	5.500%, 4/1/2023^c		3,496,750
		Dynagas LNG Partners, LP
	2,130,000	6.250%, 10/30/2019^c		1,853,100
		Eletson Holdings, Inc.
	2,170,000	9.625%, 1/15/2022*		1,692,600
		Navios Maritime Holdings, Inc.
	2,220,000	8.125%, 2/15/2019^c		893,550
	1,895,000	8.125%, 11/15/2021^d		1,487,575
		Navios South American Logistics, Inc.
	1,900,000	7.250%, 5/1/2022^d		1,339,500
		Teekay Offshore Partners, LP
	3,790,000	6.000%, 7/30/2019		3,032,000
		Ultrapetrol Bahamas, Ltd.
	3,720,000	8.875%, 6/15/2021^e		744,000
		United Airlines Pass Through Trust
	1,347,137	5.375%, 8/15/2021		1,394,286
		XPO Logistics, Inc.
	2,390,000	7.875%, 9/1/2019^c,d		2,437,800
	1,600,000	6.500%, 6/15/2022^c,d		1,526,000

		Total		28,172,785


	Utilities (4.2%)
		AES Corporation
	2,650,000	4.875%, 5/15/2023		2,616,875
		Calpine Corporation
	3,720,000	5.375%, 1/15/2023		3,627,000
		Covanta Holding Corporation
	1,850,000	6.375%, 10/1/2022		1,900,875
		Dynegy, Inc.
	4,720,000	7.625%, 11/1/2024		4,531,200
		Electricite de France SA
	2,500,000	5.250%, 12/29/2049^d,g		2,399,750
		Energy Transfer Equity, LP
	4,245,000	5.500%, 6/1/2027		3,990,300
		Holly Energy Partners, LP
	2,700,000	6.500%, 3/1/2020		2,713,500
		MPLX LP
	4,740,000	4.875%, 12/1/2024^d		4,617,523
		Regency Energy Partners, LP
	4,650,000	5.500%, 4/15/2023		4,691,348

		Total		31,088,371


		Total Long-Term Fixed Income (cost $708,189,431)		682,255,929


Shares		Preferred Stock (1.3%)
	Consumer Staples (0.2%)
	43,350	CHS, Inc., 7.100%^g		1,261,485

		Total		1,261,485


	Financials (1.1%)
	62,331	Citigroup, Inc., 6.875%^g		1,773,317
	48,000	Discover Financial Services, 6.500%^g		1,269,120
	86,021	Goldman Sachs Group, Inc., 5.500%^g		2,277,836
	20,016	Morgan Stanley, 6.875%^g		575,260
	18,720	PNC Financial Services Group, Inc., 6.125%^g		567,029
	1,560	Wells Fargo & Company, Convertible, 7.500%^g		2,026,752

		Total		8,489,314


		Total Preferred Stock (cost $9,184,908)		9,750,799


		Registered Investment Companies (0.8%)
	Equity Funds/ETFs (0.8%)
	54,500	Energy Select Sector SPDR Fund		3,719,080
	58,250	SPDR S&P Oil & Gas Exploration & Production ETF		2,027,682

		Total		5,746,762


		Total Registered Investment Companies (cost $5,352,250)		5,746,762


		Common Stock (0.1%)
	Consumer Discretionary (<0.1%)
	121,520	TVMAX Holdings, Inc.^i,j		12

		Total		12


	Energy (0.1%)
	7,311	Vantage Drilling International^j		632,402

		Total		632,402


	Financials (<0.1%)
	10	New Cotai, LLC^i,j		33,473

		Total		33,473


		Total Common Stock (cost $7,237,186)		665,887


		Collateral Held for Securities Loaned (7.8%)
	58,444,164	Thrivent Cash Management Trust		58,444,164

		Total Collateral Held for Securities Loaned (cost $58,444,164)		58,444,164


Shares or Principal Amount		Short-Term Investments (2.6%)^k
		Federal Home Loan Bank Discount Notes
	4,700,000	0.270%, 7/19/2016		4,699,601
		Thrivent Core Short-Term Reserve Fund
	1,389,097	0.580%		13,890,968

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

174

High Yield Portfolio

Schedule of Investments as of June 30, 2016


Shares or Principal Amount		Short-Term Investments (2.6%)^k	Value
		U.S. Treasury Notes
	750,000	0.500%, 8/31/2016^l	$	750,248

		Total Short-Term Investments (cost $19,340,600)		19,340,817

		Total Investments (cost $826,360,807) 106.4%	$	794,293,505

		Other Assets and Liabilities, Net (6.4%)		(47,816,739	)

		Total Net Assets 100.0%	$	746,476,766

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 June 30, 2016.

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

e	Defaulted security. Interest is not being accrued.

f	In bankruptcy. Interest is not being accrued.

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

h	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2016.

i	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.

j	Non-income producing security.

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

l	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 High Yield Portfolio as of June 30, 2016 was $16,441,250 or 2.2% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of June 30, 2016.


Security	Acquisition Date		Cost
Abengoa Finance SAU, 2/1/2020		12/6/2013	$	3,250,000
Abengoa Greenfield SA, 10/1/2019		9/24/2014		3,460,000
Digicel, Ltd., 2/15/2020		2/7/2012		1,680,000
Digicel, Ltd., 4/15/2021		3/19/2013		3,220,000
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		4,223,517
Seminole Indian Tribe of Florida, 10/1/2020		7/8/2010		3,124,040
Tunica-Biloxi Gaming Authority, 11/15/2016		11/8/2005		4,585,435

Securities Lending Transactions


Taxable Debt Security	$	56,717,095

Total lending	$	56,717,095
Gross amount payable upon return of collateral for securities loaned	$	58,444,164

Net amounts due to counterparty	$	1,727,069

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

175

Income Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (3.4%)^a	Value
	Basic Materials (0.1%)
		Fortescue Metals Group, Ltd., Term Loan
$	730,708	4.250%, 6/30/2019	$	697,826
		Ineos US Finance, LLC, Term Loan
	1,518,323	3.750%, 12/15/2020		1,479,105

		Total		2,176,931


	Capital Goods (0.2%)
		ADS Waste Holdings, Inc., Term Loan
	1,498,222	3.750%, 10/9/2019		1,472,003
		Berry Plastics Group, Inc., Term Loan
	1,426,442	3.500%, 2/8/2020		1,415,744

		Total		2,887,747


	Communications Services (1.1%)
		CSC Holdings, LLC, Term Loan
	775,000	5.000%, 10/9/2022		775,194
		Hargray Communications Group, Inc., Term Loan
	1,524,855	5.250%, 6/26/2019		1,522,949
		Intelsat Jackson Holdings SA, Term Loan
	239,713	3.750%, 6/30/2019		217,959
		Level 3 Communications, Inc., Term Loan
	1,600,000	4.000%, 1/15/2020		1,597,504
		LTS Buyer, LLC, Term Loan
	1,544,082	4.000%, 4/13/2020		1,525,753
		NEP/NCP Holdco, Inc., Term Loan
	1,548,439	4.250%, 1/22/2020		1,511,664
		Numericable US, LLC, Term Loan
	1,546,125	4.750%, 2/10/2023		1,522,376
		TNS, Inc., Term Loan
	857,078	5.000%, 2/14/2020		856,006
		Univision Communications, Inc., Term Loan
	1,608,473	4.000%, 3/1/2020		1,598,131
		Virgin Media Investment Holdings, Ltd., Term Loan
	727,314	3.649%, 6/30/2023		708,884
		WideOpenWest Finance, LLC, Term Loan
	1,548,400	4.500%, 4/1/2019		1,542,377
		Yankee Cable Acquisition, LLC, Term Loan
	1,444,755	4.250%, 3/1/2020		1,441,143
		Zayo Group, LLC, Term Loan
	1,398,974	3.750%, 5/6/2021		1,389,979

		Total		16,209,919


	Consumer Cyclical (0.5%)
		Amaya BV, Term Loan
	1,544,400	5.000%, 8/1/2021		1,493,558
		Burlington Coat Factory Warehouse Corporation, Term Loan
	1,301,838	4.250%, 8/13/2021		1,298,037
		Cengage Learning Acquisitions, Term Loan
	850,000	5.250%, 6/7/2023		839,375
		Chrysler Group, LLC, Term Loan
	899,711	3.500%, 5/24/2017		898,587
		IMG Worldwide, Inc., Term Loan
	1,237,374	5.250%, 5/6/2021		1,229,331
		Jack Ohio Finance, LLC, Term Loan
	1,205,329	5.000%, 6/20/2019		1,146,268

		Total		6,905,156


	Consumer Non-Cyclical (0.5%)
		Albertson’s, LLC, Term Loan
	1,085,000	4.750%, 6/22/2023^b,c		1,082,016
		CHS/Community Health Systems, Inc., Term Loan
	736,932	4.000%, 1/27/2021		717,175
		JBS USA, LLC, Term Loan
	945,250	4.000%, 10/30/2022		942,301
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	435,000	5.000%, 5/4/2022		433,804
		Ortho-Clinical Diagnostics, Inc., Term Loan
	723,160	4.750%, 6/30/2021		682,786
		Sterigenics-Nordion Holdings, LLC, Term Loan
	739,413	4.250%, 5/16/2022		732,018
		Valeant Pharmaceuticals International, Inc., Term Loan
	2,179,601	5.000%, 4/1/2022		2,119,052

		Total		6,709,152


	Energy (0.1%)
		Arch Coal, Inc., Term Loan
	1,548,913	7.500%, 5/16/2018^d		710,564
		Houston Fuel Oil Terminal, LLC, Term Loan
	374,048	4.250%, 8/19/2021		360,021
		McJunkin Red Man Corporation, Term Loan
	420,762	5.000%, 11/8/2019		403,931
		MEG Energy Corporation, Term Loan
	149,219	3.750%, 3/31/2020		130,780
		Targa Resources Partners, LP, Term Loan
	57,000	5.750%, 2/27/2022		56,430

		Total		1,661,726


	Financials (0.2%)
		Harland Clarke Holdings Corporation, Term Loan
	730,000	7.000%, 12/31/2019		706,275
		WaveDivision Holdings, LLC, Term Loan
	1,544,000	4.000%, 10/15/2019		1,539,492

		Total		2,245,767


	Technology (0.4%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	1,341,638	4.250%, 2/1/2023		1,342,268
		First Data Corporation, Term Loan
	1,598,143	4.452%, 3/24/2021		1,590,824
		ON Semiconductor Corporation, Term Loan
	725,000	5.250%, 3/31/2023		726,812

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

176

Income Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (3.4%)^a	Value
	Technology (0.4%) - continued
		Syniverse Holdings, Inc., Term Loan
$	600,291	4.000%, 4/23/2019	$	446,316
		Western Digital Corporation, Term Loan
	975,000	6.250%, 4/29/2023		978,052

		Total		5,084,272


	Transportation (0.2%)
		American Airlines, Inc., Term Loan
	1,438,047	3.250%, 6/27/2020		1,417,152
		XPO Logistics, Inc., Term Loan
	1,542,250	5.500%, 11/1/2021		1,542,250

		Total		2,959,402


	Utilities (0.1%)
		Calpine Corporation, Term Loan
	1,246,257	3.500%, 5/27/2022		1,231,714

		Total		1,231,714


		Total Bank Loans (cost $49,279,232)		48,071,786


		Long-Term Fixed Income (91.1%)
	Asset-Backed Securities (1.3%)
		Bayview Opportunity Master Fund Trust
	3,278,235	3.721%, 7/28/2035^e,f		3,274,210
		CAM Mortgage, LLC
	1,115,553	3.500%, 7/15/2064*^,f		1,115,978
		GMAC Mortgage Corporation Loan Trust
	1,551,204	0.939%, 8/25/2035^g,h		1,458,625
	2,757,996	0.626%, 12/25/2036^g,h		2,445,415
		IndyMac Seconds Asset-Backed Trust
	479,814	0.793%, 10/25/2036^g,h		293,296
		Preferred Term Securities XXIII, Ltd.
	2,560,675	0.853%, 12/22/2036*^,h		1,949,826
		Renaissance Home Equity Loan Trust
	2,006,860	5.746%, 5/25/2036^f		1,291,114
	1,957,188	6.011%, 5/25/2036^f		1,309,404
		Vericrest Opportunity Loan Transferee
	2,624,695	3.500%, 6/26/2045^e		2,603,353
	2,982,156	4.250%, 2/26/2046^e		2,981,537

		Total		18,722,758


	Basic Materials (2.2%)
		Alcoa, Inc.
	1,260,000	5.125%, 10/1/2024ⁱ		1,256,850
		Barrick Gold Corporation
	599,000	4.100%, 5/1/2023ⁱ		631,864
		BHP Billiton Finance USA, Ltd.
	1,250,000	6.250%, 10/19/2075^e,i		1,316,250
		Dow Chemical Company
	2,570,000	4.250%, 11/15/2020		2,808,822
		Freeport-McMoRan, Inc.
	1,940,000	3.550%, 3/1/2022ⁱ		1,707,200
	2,675,000	3.875%, 3/15/2023		2,340,625
		Georgia-Pacific, LLC
	3,780,000	3.163%, 11/15/2021^e		3,977,494
		Glencore Funding, LLC
	3,190,000	3.125%, 4/29/2019^e,i		3,110,250
	3,180,000	4.125%, 5/30/2023^e		2,925,600
		International Paper Company
	2,500,000	3.800%, 1/15/2026		2,623,600
	1,190,000	4.800%, 6/15/2044		1,209,819
		LyondellBasell Industries NV
	1,900,000	6.000%, 11/15/2021		2,227,716
	1,270,000	5.750%, 4/15/2024		1,511,563
		Weyerhaeuser Company
	2,570,000	7.375%, 3/15/2032		3,400,113
		Yara International ASA
	50,000	7.875%, 6/11/2019^e		57,970

		Total		31,105,736


	Capital Goods (1.8%)
		AECOM
	1,870,000	5.875%, 10/15/2024		1,916,750
		BAE Systems plc
	1,970,000	4.750%, 10/11/2021^e		2,199,481
		General Electric Capital Corporation
	3,200,000	1.653%, 3/15/2023^h		3,180,077
		L-3 Communications Corporation
	2,560,000	4.750%, 7/15/2020		2,763,087
		Republic Services, Inc.
	2,200,000	5.250%, 11/15/2021		2,542,646
	3,170,000	3.550%, 6/1/2022		3,423,261
	960,000	2.900%, 7/1/2026^c		973,602
		Textron, Inc.
	2,360,000	5.600%, 12/1/2017		2,481,575
	1,280,000	4.300%, 3/1/2024		1,375,532
	630,000	3.875%, 3/1/2025		665,636
		United Rentals North America, Inc.
	1,250,000	5.500%, 7/15/2025		1,231,250
		Waste Management, Inc.
	3,140,000	4.100%, 3/1/2045		3,426,710

		Total		26,179,607


	Collateralized Mortgage Obligations (0.7%)
		CitiMortgage Alternative Loan Trust
	1,651,895	5.750%, 4/25/2037		1,391,438
		Countrywide Alternative Loan Trust
	2,187,320	6.000%, 1/25/2037		1,926,088
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	1,950,237	1.207%, 4/25/2047^h		1,645,646
		Wachovia Mortgage Loan Trust, LLC
	1,489,614	3.040%, 5/20/2036		1,303,896
		WaMu Mortgage Pass Through Certificates
	505,341	0.743%, 10/25/2045^h		467,258
		Washington Mutual Mortgage Pass Through Certificates
	3,478,487	1.187%, 2/25/2047^h		2,440,699

		Total		9,175,025

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

177

Income Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (91.1%)	Value
	Commercial Mortgage-Backed Securities (0.5%)
		Bear Stearns Commercial Mortgage Securities, Inc.
$	2,631,198	5.331%, 2/11/2044	$	2,678,761
		Citigroup/Deutsche Bank Commercial Mortgage Trust
	1,447,921	5.322%, 12/11/2049		1,463,141
		Credit Suisse First Boston Mortgage Securities
	3,200,000	5.542%, 1/15/2049		3,238,713

		Total		7,380,615


	Communications Services (9.4%)
		21st Century Fox America, Inc.
	1,900,000	7.625%, 11/30/2028		2,628,728
		American Tower Corporation
	3,500,000	3.450%, 9/15/2021		3,643,017
		American Tower Trust I
	3,200,000	1.551%, 3/15/2018*		3,206,777
		AT&T, Inc.
	3,100,000	2.450%, 6/30/2020		3,164,973
	3,310,000	3.800%, 3/15/2022		3,516,289
	2,540,000	3.600%, 2/17/2023		2,649,675
	3,190,000	4.450%, 4/1/2024		3,504,563
	1,000,000	3.950%, 1/15/2025		1,062,944
	1,240,000	3.400%, 5/15/2025		1,268,405
	3,190,000	4.300%, 12/15/2042		3,088,603
		CenturyLink, Inc.
	2,200,000	5.800%, 3/15/2022		2,136,068
		Charter Communications Operating, LLC
	4,370,000	4.464%, 7/23/2022^e		4,696,596
	3,120,000	6.484%, 10/23/2045^e		3,725,345
		Columbus International, Inc.
	1,910,000	7.375%, 3/30/2021^e		2,016,960
		Comcast Corporation
	2,540,000	2.750%, 3/1/2023		2,660,033
	3,740,000	3.375%, 8/15/2025		4,041,201
	2,700,000	6.400%, 5/15/2038		3,716,496
		Cox Communications, Inc.
	1,900,000	9.375%, 1/15/2019^e		2,213,441
	3,317,000	3.850%, 2/1/2025^e		3,340,929
		Crown Castle International Corporation
	960,000	3.400%, 2/15/2021		1,002,177
	2,880,000	5.250%, 1/15/2023		3,231,533
	2,700,000	4.450%, 2/15/2026		2,931,214
		Frontier Communications Corporation
	1,880,000	6.875%, 1/15/2025		1,578,025
	1,270,000	11.000%, 9/15/2025		1,314,450
		Hughes Satellite Systems Corporation
	2,322,000	6.500%, 6/15/2019		2,507,760
		Numericable-SFR SA
	1,920,000	6.000%, 5/15/2022^e		1,867,200
		Omnicom Group, Inc.
	4,245,000	4.450%, 8/15/2020		4,683,156
	940,000	3.650%, 11/1/2024		991,000
		Scripps Networks Interactive, Inc.
	3,110,000	3.500%, 6/15/2022		3,223,378
		SES Global Americas Holdings GP
	3,180,000	2.500%, 3/25/2019^e		3,204,804
		Sprint Communications, Inc.
	1,290,000	7.000%, 3/1/2020^e,i		1,350,617
		Sprint Corporation
	1,600,000	7.125%, 6/15/2024		1,276,000
		Time Warner Cable, Inc.
	3,800,000	4.125%, 2/15/2021		4,022,828
		Time Warner Entertainment Company, LP
	3,620,000	8.375%, 3/15/2023		4,721,389
		Time Warner, Inc.
	2,490,000	4.750%, 3/29/2021		2,797,186
	1,600,000	7.700%, 5/1/2032		2,233,803
		Univision Communications, Inc.
	1,920,000	6.750%, 9/15/2022^e		2,025,600
		UPCB Finance VI, Ltd.
	2,340,000	6.875%, 1/15/2022^e		2,433,600
		Verizon Communications, Inc.
	3,277,000	2.625%, 2/21/2020		3,391,253
	3,830,000	3.450%, 3/15/2021		4,103,577
	5,300,000	3.500%, 11/1/2024		5,636,725
	5,854,000	4.272%, 1/15/2036		5,991,054
	1,910,000	4.862%, 8/21/2046		2,087,796
	5,457,000	4.522%, 9/15/2048		5,682,374
		Vodafone Group plc
	1,910,000	2.500%, 9/26/2022		1,883,820
	1,270,000	4.375%, 2/19/2043		1,197,402

		Total		133,650,764


	Consumer Cyclical (5.7%)
		CVS Health Corporation
	3,190,000	2.750%, 12/1/2022		3,291,180
	1,870,000	4.750%, 12/1/2022		2,135,938
	3,120,000	5.125%, 7/20/2045		3,870,597
		Family Tree Escrow, LLC
	1,870,000	5.750%, 3/1/2023^e		1,986,875
		Ford Motor Credit Company, LLC
	1,700,000	2.597%, 11/4/2019		1,739,236
	2,575,000	4.250%, 9/20/2022		2,776,852
	2,550,000	3.096%, 5/4/2023		2,585,618
	2,510,000	3.664%, 9/8/2024		2,599,406
	5,000,000	4.134%, 8/4/2025		5,360,755
		General Motors Company
	3,150,000	5.000%, 4/1/2035		3,137,287
		General Motors Financial Company, Inc.
	2,540,000	4.200%, 3/1/2021		2,657,226
	3,100,000	3.450%, 4/10/2022		3,097,811
	2,550,000	3.700%, 5/9/2023		2,563,247
	2,510,000	4.000%, 1/15/2025		2,539,643
		Hilton Worldwide Finance, LLC
	1,910,000	5.625%, 10/15/2021		1,976,850
		Home Depot, Inc.
	3,180,000	4.250%, 4/1/2046		3,645,682
		Hyundai Capital America
	2,065,000	2.875%, 8/9/2018^e		2,116,053
	3,850,000	2.450%, 6/15/2021^e		3,868,853
		Jaguar Land Rover Automotive plc
	1,910,000	4.125%, 12/15/2018^e		1,931,488
		Johnson Controls, Inc.
	1,150,000	5.250%, 12/1/2041		1,282,625

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

178

Income Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (91.1%)	Value
	Consumer Cyclical (5.7%) - continued
		L Brands, Inc.
$	1,900,000	5.625%, 2/15/2022	$	2,044,400
		Lennar Corporation
	1,880,000	4.500%, 11/15/2019		1,958,302
		Lowe’s Companies, Inc.
	3,180,000	2.500%, 4/15/2026		3,238,843
		Macy’s Retail Holdings, Inc.
	3,570,000	3.875%, 1/15/2022		3,670,321
		MGM Resorts International
	1,880,000	6.000%, 3/15/2023ⁱ		1,983,400
		Starwood Hotels & Resorts Worldwide, Inc.
	1,850,000	6.750%, 5/15/2018		2,018,100
		Toll Brothers Finance Corporation
	2,000,000	6.750%, 11/1/2019		2,250,000
	960,000	4.375%, 4/15/2023		945,600
		Visa, Inc.
	2,860,000	3.150%, 12/14/2025		3,057,658
		Walgreens Boots Alliance, Inc.
	2,240,000	3.100%, 6/1/2023		2,281,474
		ZF North America Capital, Inc.
	1,870,000	4.500%, 4/29/2022^e		1,895,713

		Total		80,507,033


	Consumer Non-Cyclical (10.8%)
		AbbVie, Inc.
	1,910,000	2.300%, 5/14/2021		1,933,214
	1,910,000	3.200%, 5/14/2026		1,934,788
		Actavis Funding SCS
	2,480,000	3.450%, 3/15/2022		2,575,629
	2,555,000	3.850%, 6/15/2024		2,673,774
		Altria Group, Inc.
	2,175,000	4.000%, 1/31/2024		2,433,259
	804,000	9.950%, 11/10/2038		1,446,351
		Amgen, Inc.
	1,870,000	4.400%, 5/1/2045		1,942,668
		Anheuser-Busch Inbev Finance, Inc.
	2,570,000	3.300%, 2/1/2023		2,707,932
		Anheuser-Busch InBev Finance, Inc.
	4,470,000	3.650%, 2/1/2026		4,788,470
	3,210,000	4.700%, 2/1/2036		3,607,167
	1,920,000	4.900%, 2/1/2046		2,249,937
		Baxter International, Inc.
	1,869,000	4.250%, 3/15/2020		2,032,096
		Becton Dickinson and Company
	3,120,000	3.125%, 11/8/2021		3,273,607
		Biogen, Inc.
	3,740,000	3.625%, 9/15/2022		3,970,044
		Boston Scientific Corporation
	4,360,000	3.375%, 5/15/2022		4,522,327
		BRF SA
	1,910,000	4.750%, 5/22/2024^e		1,895,675
		Bunge Limited Finance Corporation
	2,530,000	8.500%, 6/15/2019		2,958,263
	1,920,000	3.500%, 11/24/2020		2,012,579
		Celgene Corporation
	3,770,000	3.950%, 10/15/2020		4,066,431
	1,910,000	3.250%, 8/15/2022		1,972,740
		Centene Escrow Corporation
	1,270,000	5.625%, 2/15/2021^e		1,323,975
		ConAgra Foods, Inc.
	2,540,000	3.250%, 9/15/2022		2,628,029
	2,004,000	3.200%, 1/25/2023		2,067,465
		Diageo Capital plc
	3,120,000	2.625%, 4/29/2023		3,239,000
		Endo Finance, LLC
	1,260,000	6.000%, 2/1/2025^e		1,093,050
		Express Scripts Holding Company
	1,920,000	4.750%, 11/15/2021		2,153,585
	3,810,000	4.500%, 2/25/2026		4,185,834
		Forest Laboratories, Inc.
	2,550,000	5.000%, 12/15/2021^e		2,853,789
		H. J. Heinz Company
	3,120,000	3.500%, 7/15/2022^e		3,313,630
	1,860,000	5.200%, 7/15/2045^e		2,202,534
		HCA, Inc.
	2,560,000	4.750%, 5/1/2023		2,624,000
		Imperial Tobacco Finance plc
	2,190,000	3.750%, 7/21/2022^e		2,311,100
		JBS USA, LLC
	1,910,000	7.250%, 6/1/2021^e		1,976,850
		Kraft Foods Group, Inc.
	4,390,000	3.500%, 6/6/2022		4,668,844
		Laboratory Corporation of America Holdings
	1,250,000	3.200%, 2/1/2022		1,292,975
	1,250,000	4.700%, 2/1/2045		1,334,184
		McKesson Corporation
	2,510,000	3.796%, 3/15/2024		2,717,562
		Mondelez International, Inc.
	2,560,000	4.000%, 2/1/2024		2,799,785
		Mylan NV
	3,190,000	3.750%, 12/15/2020^e		3,325,821
	3,850,000	3.950%, 6/15/2026^e		3,896,154
		Mylan, Inc.
	1,920,000	3.125%, 1/15/2023^e		1,906,564
		Newell Rubbermaid, Inc.
	2,700,000	3.850%, 4/1/2023		2,863,806
	2,070,000	4.200%, 4/1/2026		2,243,986
		Pernod Ricard SA
	3,130,000	5.750%, 4/7/2021^e		3,606,636
	1,910,000	4.450%, 1/15/2022^e		2,104,444
		Perrigo Finance Unlimited Company
	2,540,000	3.500%, 3/15/2021		2,628,184
	3,350,000	4.375%, 3/15/2026		3,489,032
		Reynolds American, Inc.
	3,120,000	4.000%, 6/12/2022		3,390,775
	1,560,000	5.850%, 8/15/2045		1,993,260
		SABMiller Holdings, Inc.
	4,320,000	3.750%, 1/15/2022^e		4,632,081
		Spectrum Brands Escrow Corporation
	1,460,000	6.375%, 11/15/2020		1,523,875
		Tenet Healthcare Corporation
	1,910,000	8.125%, 4/1/2022		1,957,368
		Thermo Fisher Scientific, Inc.
	2,550,000	3.000%, 4/15/2023		2,603,224
		Valeant Pharmaceuticals International
	2,560,000	6.375%, 10/15/2020^e		2,201,600

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

179

Income Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (91.1%)	Value
	Consumer Non-Cyclical (10.8%) - continued
		Watson Pharmaceuticals, Inc.
$	3,180,000	3.250%, 10/1/2022	$	3,248,958
		Whirlpool Corporation
	3,245,000	3.700%, 3/1/2023		3,439,797
		Zoetis, Inc.
	3,190,000	3.250%, 2/1/2023		3,250,677

		Total		154,089,384


	Energy (8.1%)
		Anadarko Petroleum Corporation
	1,270,000	5.550%, 3/15/2026		1,402,436
		Antero Resources Corporation
	1,880,000	5.625%, 6/1/2023		1,823,600
		BP Capital Markets plc
	1,910,000	2.750%, 5/10/2023		1,924,577
	2,490,000	3.814%, 2/10/2024		2,667,572
	1,590,000	3.119%, 5/4/2026		1,624,129
		Buckeye Partners, LP
	3,180,000	5.850%, 11/15/2043		3,091,523
		Canadian Natural Resources, Ltd.
	3,110,000	3.450%, 11/15/2021		3,109,045
	1,600,000	6.250%, 3/15/2038		1,739,310
		Concho Resources, Inc.
	1,930,000	6.500%, 1/15/2022		1,975,837
		ConocoPhillips Company
	2,860,000	4.200%, 3/15/2021		3,096,639
		Continental Resources, Inc.
	3,830,000	3.800%, 6/1/2024ⁱ		3,341,675
		Devon Energy Corporation
	2,560,000	5.850%, 12/15/2025		2,823,898
		Ecopetrol SA
	1,120,000	5.875%, 9/18/2023		1,153,600
		El Paso Pipeline Partners Operating Company, LLC
	3,850,000	5.000%, 10/1/2021		4,077,138
	2,530,000	4.300%, 5/1/2024		2,551,733
	1,280,000	4.700%, 11/1/2042		1,153,196
		Enbridge Energy Partners, LP
	2,550,000	5.200%, 3/15/2020		2,675,320
	1,660,000	4.375%, 10/15/2020		1,703,656
	890,000	4.200%, 9/15/2021		912,738
		Energy Transfer Partners, LP
	3,405,000	4.650%, 6/1/2021		3,515,605
		Enterprise Products Operating, LLC
	2,490,000	3.700%, 2/15/2026		2,591,238
	1,690,000	7.034%, 1/15/2068		1,781,250
		EQT Midstream Partners, LP
	3,030,000	4.000%, 8/1/2024		2,910,233
		Exxon Mobil Corporation
	3,180,000	2.726%, 3/1/2023		3,319,945
		Hornbeck Offshore Services, Inc.
	1,560,000	5.000%, 3/1/2021		924,300
		Magellan Midstream Partners, LP
	1,280,000	5.000%, 3/1/2026		1,447,981
	2,500,000	4.200%, 3/15/2045		2,284,897
		Marathon Oil Corporation
	2,364,000	5.900%, 3/15/2018		2,452,265
	3,180,000	2.800%, 11/1/2022		2,884,025
		Marathon Petroleum Corporation
	1,920,000	6.500%, 3/1/2041		2,038,950
		MPLX, LP
	4,390,000	4.000%, 2/15/2025		3,987,683
		NiSource Finance Corporation
	1,250,000	6.800%, 1/15/2019		1,405,634
		Noble Holding International, Ltd.
	3,045,000	6.950%, 4/1/2025ⁱ		2,428,388
		Pioneer Natural Resources Company
	2,240,000	3.450%, 1/15/2021		2,312,975
	3,150,000	3.950%, 7/15/2022		3,295,747
		Plains All American Pipeline, LP
	3,210,000	2.850%, 1/31/2023		2,954,628
	905,000	4.650%, 10/15/2025		913,731
		Regency Energy Partners, LP
	1,270,000	5.000%, 10/1/2022		1,303,147
		Sabine Pass Liquefaction, LLC
	1,910,000	5.750%, 5/15/2024		1,895,675
		Schlumberger Holdings Corporation
	3,200,000	3.625%, 12/21/2022^e		3,385,101
		Spectra Energy Partners, LP
	1,560,000	3.500%, 3/15/2025		1,595,919
		Sunoco Logistics Partners Operations, LP
	3,200,000	3.450%, 1/15/2023		3,155,565
		Tesoro Logistics, LP
	1,880,000	5.500%, 10/15/2019		1,964,600
		Transcontinental Gas Pipe Line Company, LLC
	1,925,000	7.850%, 2/1/2026^e		2,395,666
		Valero Energy Corporation
	2,300,000	4.900%, 3/15/2045		2,130,345
		Western Gas Partners, LP
	1,920,000	4.650%, 7/1/2026^c		1,940,169
		Williams Companies, Inc.
	2,560,000	3.700%, 1/15/2023		2,265,600
		Williams Partners, LP
	1,930,000	4.500%, 11/15/2023		1,851,007
	1,600,000	3.900%, 1/15/2025		1,454,315
		Woodside Finance, Ltd.
	3,130,000	3.650%, 3/5/2025^e		3,057,428

		Total		114,691,634


	Financials (26.8%)
		Aegon NV
	2,600,000	1.740%, 7/29/2049^h,j		1,482,000
		AerCap Ireland Capital, Ltd.
	960,000	3.950%, 2/1/2022		960,000
		Aetna, Inc.
	3,210,000	2.800%, 6/15/2023		3,279,028
	2,560,000	4.375%, 6/15/2046		2,658,555
		Air Lease Corporation
	1,260,000	2.125%, 1/15/2018		1,253,700
	2,510,000	3.750%, 2/1/2022		2,571,103
	1,260,000	4.250%, 9/15/2024		1,275,750
		Ally Financial, Inc.
	1,860,000	4.125%, 3/30/2020		1,864,650
		American Express Company
	1,880,000	4.900%, 12/29/2049^j		1,797,750
		American International Group, Inc.
	1,870,000	3.750%, 7/10/2025		1,905,913
	2,230,000	3.900%, 4/1/2026		2,298,086

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

180

Income Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (91.1%)	Value
	Financials (26.8%) - continued
$	3,130,000	4.500%, 7/16/2044	$	3,028,100
		Aon plc
	1,910,000	3.875%, 12/15/2025		2,014,548
		Ares Capital Corporation
	3,190,000	4.875%, 11/30/2018		3,337,687
		Associated Banc-Corporation
	3,150,000	4.250%, 1/15/2025		3,251,852
		Assured Guaranty US Holdings, Inc.
	3,200,000	5.000%, 7/1/2024ⁱ		3,475,837
		Australia and New Zealand Banking Group, Ltd.
	1,280,000	6.750%, 12/29/2049^e,i,j		1,321,449
		AXA SA
	2,580,000	8.600%, 12/15/2030		3,534,600
		Axis Specialty Finance, LLC
	920,000	5.875%, 6/1/2020		1,028,370
		Banco de Brasil SA
	1,371,000	9.000%, 12/31/2049^e,j		1,062,525
		Bank of America Corporation
	3,840,000	1.717%, 3/22/2018^h		3,860,095
	3,380,000	7.625%, 6/1/2019		3,912,110
	2,870,000	2.625%, 4/19/2021		2,914,017
	1,000,000	4.100%, 7/24/2023		1,071,335
	3,830,000	4.125%, 1/22/2024		4,119,468
	2,830,000	4.200%, 8/26/2024		2,925,422
	2,750,000	3.950%, 4/21/2025		2,800,449
	1,270,000	3.875%, 8/1/2025		1,347,230
	1,950,000	5.875%, 2/7/2042		2,461,413
	3,110,000	4.750%, 4/21/2045		3,177,307
	3,130,000	6.500%, 10/23/2049^i,j		3,333,450
	1,270,000	6.300%, 12/29/2049^j		1,349,375
		Bank of Nova Scotia
	2,560,000	4.500%, 12/16/2025		2,659,753
		Barclays Bank plc
	1,910,000	10.179%, 6/12/2021^e		2,404,736
	3,760,000	1.188%, 11/29/2049^h,j		2,011,600
		BBVA Bancomer SA/Texas
	2,285,000	6.750%, 9/30/2022^e		2,550,905
		Berkshire Hathaway, Inc.
	2,860,000	2.750%, 3/15/2023		2,955,044
		BPCE SA
	1,265,000	5.700%, 10/22/2023^e		1,356,791
	2,190,000	5.150%, 7/21/2024^e		2,278,925
		Branch Banking and Trust Company
	3,130,000	3.625%, 9/16/2025		3,369,583
		Camden Property Trust
	3,140,000	3.500%, 9/15/2024		3,252,999
		Capital One Financial Corporation
	3,190,000	4.200%, 10/29/2025		3,279,454
		CIT Group, Inc.
	3,120,000	5.250%, 3/15/2018		3,214,474
		Citigroup, Inc.
	4,370,000	4.400%, 6/10/2025		4,569,311
	3,305,000	5.500%, 9/13/2025		3,704,710
	1,910,000	3.700%, 1/12/2026		2,010,634
	2,490,000	4.450%, 9/29/2027		2,564,976
		Citizens Bank NA
	2,560,000	2.550%, 5/13/2021		2,584,719
		CNA Financial Corporation
	1,995,000	7.350%, 11/15/2019		2,303,744
	1,870,000	7.250%, 11/15/2023		2,269,116
		Compass Bank
	1,575,000	2.750%, 9/29/2019		1,555,409
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	1,290,000	11.000%, 12/29/2049^e,j		1,538,325
		CoreStates Capital III
	2,440,000	1.196%, 2/15/2027^e,h		2,055,700
		Credit Agricole SA
	2,570,000	8.125%, 12/29/2049^e,i,j		2,552,431
		Credit Suisse Group Funding, Ltd.
	3,190,000	3.125%, 12/10/2020^e		3,185,148
	4,400,000	3.750%, 3/26/2025		4,306,518
		DDR Corporation
	2,010,000	3.625%, 2/1/2025		2,015,990
		DDR Corporation
	1,290,000	7.875%, 9/1/2020		1,557,856
		Discover Bank of Greenwood Delaware
	1,635,000	4.200%, 8/8/2023		1,728,216
	1,600,000	4.250%, 3/13/2026		1,673,506
		Duke Realty, LP
	3,220,000	3.875%, 10/15/2022		3,414,034
	1,280,000	3.250%, 6/30/2026		1,297,769
		Essex Portfolio, LP
	2,940,000	3.500%, 4/1/2025		3,034,433
		Fairfax Financial Holdings, Ltd.
	1,915,000	5.800%, 5/15/2021^e		2,068,054
		Five Corners Funding Trust
	1,910,000	4.419%, 11/15/2023^e		2,061,339
		GE Capital International Funding Company
	2,527,000	4.418%, 11/15/2035^e		2,834,248
		Glitnir Banki HF
	50,000	Zero Coupon, 1/21/2011*^,d		1,000
		Goldman Sachs Group, Inc.
	2,900,000	5.375%, 3/15/2020		3,225,725
	2,540,000	2.875%, 2/25/2021		2,604,051
	3,275,000	5.250%, 7/27/2021		3,695,779
	2,190,000	4.000%, 3/3/2024		2,341,263
	4,450,000	3.850%, 7/8/2024		4,718,384
	2,490,000	4.250%, 10/21/2025		2,573,886
	3,760,000	5.150%, 5/22/2045		3,922,661
		Hartford Financial Services Group, Inc.
	3,230,000	5.125%, 4/15/2022		3,673,463
		HCP, Inc.
	2,200,000	4.250%, 11/15/2023		2,283,193
	1,285,000	4.200%, 3/1/2024		1,323,484
		Host Hotels & Resorts, LP
	1,240,000	4.000%, 6/15/2025		1,260,869
		HSBC Finance Corporation
	3,210,000	6.676%, 1/15/2021		3,596,818
		HSBC Holdings plc
	1,920,000	3.600%, 5/25/2023		1,962,182
	1,870,000	5.250%, 3/14/2044		1,975,692
	1,280,000	6.875%, 12/29/2049^i,j		1,273,600
		Huntington Bancshares, Inc.
	2,850,000	7.000%, 12/15/2020		3,344,201
		Icahn Enterprises, LP
	2,040,000	6.000%, 8/1/2020		2,014,500
		ILFC E-Capital Trust II
	2,230,000	4.230%, 12/21/2065^e,h		1,761,700

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

181

Income Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (91.1%)	Value
	Financials (26.8%) - continued
		ING Bank NV
$	3,165,000	5.800%, 9/25/2023^e	$	3,473,325
		J.P. Morgan Chase & Company
	3,200,000	3.375%, 5/1/2023		3,262,493
	2,830,000	3.875%, 9/10/2024		2,930,004
	1,270,000	3.900%, 7/15/2025		1,369,770
	3,150,000	5.500%, 10/15/2040		3,943,031
	1,910,000	7.900%, 4/29/2049^j		1,948,200
	2,550,000	6.750%, 8/29/2049^i,j		2,808,187
	2,560,000	6.000%, 12/29/2049^j		2,614,400
		Kilroy Realty, LP
	2,550,000	4.250%, 8/15/2029		2,697,487
		Liberty Mutual Group, Inc.
	3,535,000	4.950%, 5/1/2022^e		3,906,426
	3,190,000	4.850%, 8/1/2044^e		3,265,683
		Liberty Property, LP
	1,875,000	4.750%, 10/1/2020		2,047,059
	1,910,000	4.400%, 2/15/2024		2,057,777
		Lincoln National Corporation
	635,000	6.250%, 2/15/2020		713,939
	4,150,000	4.000%, 9/1/2023		4,314,485
		Lloyds Bank plc
	1,910,000	4.650%, 3/24/2026		1,934,091
		MetLife Capital Trust IV
	700,000	7.875%, 12/15/2037^e		834,750
		MetLife Capital Trust X
	2,250,000	9.250%, 4/8/2038^e		3,087,704
		MetLife, Inc.
	2,500,000	3.600%, 4/10/2024		2,636,642
		Mizuho Bank, Ltd.
	2,400,000	3.600%, 9/25/2024^e		2,578,234
		Mizuho Financial Group, Inc.
	3,180,000	3.477%, 4/12/2026^e,i		3,391,222
		Morgan Stanley
	3,400,000	5.500%, 1/26/2020		3,781,521
	2,550,000	2.500%, 4/21/2021		2,576,673
	3,205,000	4.875%, 11/1/2022		3,509,654
	1,870,000	4.000%, 7/23/2025		2,002,375
	2,550,000	5.000%, 11/24/2025		2,791,717
	2,510,000	4.350%, 9/8/2026		2,625,754
	1,570,000	4.300%, 1/27/2045		1,652,497
		National Retail Properties, Inc.
	3,200,000	3.900%, 6/15/2024		3,373,757
		Nationwide Building Society
	2,490,000	3.900%, 7/21/2025^e		2,662,213
		Nordea Bank AB
	1,890,000	5.500%, 9/29/2049^e,j		1,795,500
		Omega Healthcare Investors, Inc.
	2,960,000	5.875%, 3/15/2024		3,100,618
	1,870,000	5.250%, 1/15/2026		1,987,711
		Peachtree Corners Funding Trust
	2,800,000	3.976%, 2/15/2025^e		2,807,255
		PNC Capital Trust C
	3,120,000	1.243%, 6/1/2028^h,i		2,745,600
		Prologis, LP
	2,510,000	4.250%, 8/15/2023		2,779,285
		Prudential Financial, Inc.
	1,915,000	3.500%, 5/15/2024		1,989,888
	1,425,000	6.200%, 11/15/2040		1,753,990
		Realty Income Corporation
	3,830,000	3.875%, 7/15/2024		4,022,607
		Regions Bank
	377,000	7.500%, 5/15/2018		413,454
		Reinsurance Group of America, Inc.
	1,930,000	6.450%, 11/15/2019		2,203,852
	1,905,000	4.700%, 9/15/2023		2,071,547
		Royal Bank of Scotland Group plc
	2,490,000	7.500%, 12/29/2049^j		2,278,350
		Santander UK plc
	1,700,000	3.125%, 1/8/2021		1,703,696
		Santander Holdings USA, Inc.
	3,210,000	2.700%, 5/24/2019		3,225,443
	2,500,000	4.500%, 7/17/2025		2,567,997
		Santander UK Group Holdings plc
	1,560,000	2.875%, 10/16/2020		1,547,947
	2,500,000	4.750%, 9/15/2025^e		2,467,550
		Societe Generale SA
	2,490,000	8.000%, 12/31/2049^e,j		2,376,456
		SunTrust Banks, Inc.
	1,910,000	2.900%, 3/3/2021		1,977,576
		Synchrony Financial
	2,510,000	2.700%, 2/3/2020		2,516,870
	2,690,000	4.250%, 8/15/2024		2,783,962
		Synovus Financial Corporation
	1,920,000	5.750%, 12/15/2025		1,977,600
		Travelers Companies, Inc.
	1,920,000	3.750%, 5/15/2046		2,009,100
		UBS Group Funding Jersey, Ltd.
	1,590,000	3.000%, 4/15/2021^e		1,621,721
	2,490,000	4.125%, 9/24/2025^e		2,581,005
		UnionBanCal Corporation
	2,580,000	3.500%, 6/18/2022		2,738,977
		UnitedHealth Group, Inc.
	2,480,000	3.350%, 7/15/2022		2,653,159
	1,240,000	4.750%, 7/15/2045		1,493,833
		Voya Financial, Inc.
	1,920,000	3.650%, 6/15/2026		1,929,047
		Wachovia Capital Trust III
	120,000	5.570%, 3/15/2042^h,j		118,505
		Wells Fargo & Company
	3,035,000	3.450%, 2/13/2023		3,140,399
	1,910,000	4.100%, 6/3/2026		2,042,957
	3,160,000	5.875%, 12/31/2049^j		3,369,350
		Welltower, Inc.
	1,280,000	6.125%, 4/15/2020		1,458,115
	3,150,000	4.950%, 1/15/2021		3,489,198
	1,550,000	4.000%, 6/1/2025		1,629,064
		Westpac Banking Corporation
	3,180,000	2.850%, 5/13/2026		3,228,625
		XLIT, Ltd.
	1,870,000	4.450%, 3/31/2025		1,887,067
	1,840,000	5.250%, 12/15/2043		1,989,029

		Total		381,711,050


	Foreign Government (0.8%)
		Argentina Government International Bond
	1,590,000	6.875%, 4/22/2021^e		1,695,735
		Colombia Government International Bond
	3,200,000	5.625%, 2/26/2044		3,544,000

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

182

Income Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (91.1%)	Value
	Foreign Government (0.8%) - continued
		Mexico Government International Bond
$	3,480,000	4.000%, 10/2/2023	$	3,746,394
	2,100,000	3.600%, 1/30/2025		2,194,500

		Total		11,180,629


	Mortgage-Backed Securities (3.7%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	4,172,500	3.000%, 7/1/2031^c		4,377,050
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	6,802,500	4.000%, 7/1/2046^c		7,280,801
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	25,150,000	3.500%, 7/1/2046^c		26,537,178
	11,777,500	4.000%, 7/1/2046^c		12,627,350
	2,025,000	4.500%, 7/1/2046^c		2,210,404

		Total		53,032,783


	Technology (2.8%)
		Apple, Inc.
	4,450,000	3.250%, 2/23/2026		4,724,013
		Diamond 1 Finance Corporation
	2,560,000	4.420%, 6/15/2021^e		2,634,934
	1,920,000	6.020%, 6/15/2026^e		2,001,575
		Equinix, Inc.
	1,890,000	5.375%, 1/1/2022		1,951,425
		Fidelity National Information Services, Inc.
	1,560,000	2.850%, 10/15/2018		1,601,008
	3,190,000	3.875%, 6/5/2024		3,372,707
		First Data Corporation
	1,250,000	5.375%, 8/15/2023^e		1,269,387
		Fiserv, Inc.
	3,740,000	3.850%, 6/1/2025		3,997,933
		Hewlett Packard Enterprise Company
	2,490,000	2.850%, 10/5/2018^e		2,549,909
	2,500,000	3.600%, 10/15/2020^e		2,609,453
		Intel Corporation
	2,870,000	4.100%, 5/19/2046		2,983,959
		Lam Research Corporation
	1,120,000	3.450%, 6/15/2023		1,156,715
		Oracle Corporation
	3,850,000	2.650%, 7/15/2026^c		3,859,660
		Qualcomm, Inc.
	2,490,000	3.450%, 5/20/2025		2,646,170
		Seagate HDD Cayman
	1,870,000	4.875%, 6/1/2027		1,358,087
		Sensata Technologies BV
	1,890,000	4.875%, 10/15/2023^e		1,890,000

		Total		40,606,935


	Transportation (2.4%)
		American Airlines Pass Through Trust
	2,241,147	4.000%, 7/15/2025		2,364,409
		British Airways plc
	4,090,940	4.625%, 6/20/2024^e		4,317,987
		Burlington Northern Santa Fe, LLC
	2,500,000	4.700%, 9/1/2045		2,939,875
		Canadian Pacific Railway Company
	940,000	3.700%, 2/1/2026		1,008,252
		Continental Airlines, Inc.
	778,923	7.250%, 11/10/2019		889,919
	1,234,000	4.000%, 10/29/2024		1,295,700
		Delta Air Lines, Inc.
	1,386,228	4.950%, 5/23/2019		1,465,936
	1,811,189	4.250%, 7/30/2023		1,847,413
		ERAC USA Finance, LLC
	3,450,000	5.250%, 10/1/2020^e		3,872,832
	2,000,000	3.800%, 11/1/2025^e		2,139,620
	2,560,000	3.300%, 12/1/2026^e		2,617,475
		Penske Truck Leasing Company, LP
	2,510,000	3.375%, 2/1/2022^e		2,559,680
		United Airlines Pass Through Trust
	1,543,736	3.750%, 9/3/2026		1,632,501
		US Airways Pass Through Trust
	2,788,936	3.950%, 11/15/2025		2,942,328
		Virgin Australia Holdings, Ltd.
	1,917,437	5.000%, 10/23/2023^e		1,979,946

		Total		33,873,873


	U.S. Government and Agencies (8.4%)
		U.S. Treasury Bonds
	1,000,000	2.875%, 3/31/2018		1,039,492
	3,210,000	1.625%, 5/15/2026ⁱ		3,249,249
	1,910,000	3.500%, 2/15/2039		2,410,479
	4,500,000	4.375%, 5/15/2041		6,425,509
	5,307,000	3.125%, 2/15/2042		6,270,969
	11,380,000	2.500%, 2/15/2045		11,848,093
	9,500,000	3.000%, 11/15/2045		10,923,518
	1,920,000	2.500%, 5/15/2046		2,000,774
		U.S. Treasury Notes
	7,000,000	1.375%, 10/31/2020		7,126,602
	7,990,000	1.750%, 12/31/2020		8,264,968
	5,730,000	1.125%, 2/28/2021		5,770,288
	5,650,000	2.000%, 7/31/2022		5,915,725
	1,960,000	1.875%, 8/31/2022		2,037,099
	7,000,000	1.875%, 10/31/2022		7,273,714
	6,410,000	2.000%, 11/30/2022		6,708,719
	4,250,000	2.125%, 12/31/2022		4,480,928
	10,000,000	1.625%, 5/31/2023		10,225,780
	5,680,000	2.000%, 2/15/2025		5,942,700
	6,570,000	2.250%, 11/15/2025		7,009,369
	5,090,000	1.625%, 2/15/2026		5,147,262

		Total		120,071,237


	U.S. Municipals (0.2%)
		Denver, CO City & County Airport Rev.
	2,550,000	5.250%, 11/15/2022, Ser. A, AMT		3,044,190

		Total		3,044,190


	Utilities (5.5%)
		Access Midstream Partners, LP
	1,270,000	4.875%, 5/15/2023		1,227,525
		American Electric Power Company, Inc.
	2,565,000	2.950%, 12/15/2022		2,670,170

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

183

Income Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (91.1%)	Value
	Utilities (5.5%) - continued
		Arizona Public Service Company
$	2,880,000	8.750%, 3/1/2019	$	3,412,460
		Calpine Corporation
	1,920,000	5.375%, 1/15/2023		1,872,000
		Cleveland Electric Illuminating Company
	923,000	5.700%, 4/1/2017		951,499
		Commonwealth Edison Company
	1,500,000	6.150%, 9/15/2017		1,590,129
		DCP Midstream Operating, LP
	2,550,000	5.600%, 4/1/2044		2,180,250
		DPL, Inc.
	248,000	6.500%, 10/15/2016		248,000
		Dynegy Finance I, Inc.
	1,250,000	7.375%, 11/1/2022		1,206,250
		Electricite de France SA
	3,200,000	5.250%, 12/29/2049^e,j		3,071,680
		Emera U.S. Finance, LP
	3,210,000	3.550%, 6/15/2026^e		3,284,597
		Energy Transfer Equity, LP
	1,870,000	5.500%, 6/1/2027		1,757,800
		Enterprise Products Operating, LLC
	1,930,000	6.650%, 4/15/2018		2,098,697
		Exelon Corporation
	3,120,000	3.950%, 6/15/2025		3,335,505
	1,910,000	3.400%, 4/15/2026		1,996,193
		Exelon Generation Company, LLC
	2,500,000	4.000%, 10/1/2020ⁱ		2,666,715
		FirstEnergy Transmission, LLC
	3,830,000	4.350%, 1/15/2025^e		4,049,191
		Great River Energy
	13,091	5.829%, 7/1/2017*		13,573
		ITC Holdings Corporation
	5,080,000	4.050%, 7/1/2023		5,345,826
		MidAmerican Energy Holdings Company
	4,450,000	3.750%, 11/15/2023		4,862,675
		Nevada Power Company
	2,800,000	6.750%, 7/1/2037		3,870,241
		NiSource Finance Corporation
	3,200,000	5.450%, 9/15/2020		3,622,253
		Ohio Power Company
	2,400,000	6.050%, 5/1/2018		2,588,138
		Oncor Electric Delivery Company, LLC
	2,490,000	3.750%, 4/1/2045		2,552,733
		Pacific Gas and Electric Company
	1,270,000	2.950%, 3/1/2026		1,322,541
		Pennsylvania Electric Company
	3,700,000	5.200%, 4/1/2020		3,913,024
		PPL Capital Funding, Inc.
	3,205,000	3.500%, 12/1/2022		3,373,192
	3,190,000	3.950%, 3/15/2024		3,435,777
		Southern Company
	2,560,000	3.250%, 7/1/2026		2,659,131
		Xcel Energy, Inc.
	2,490,000	3.300%, 6/1/2025		2,626,298

		Total		77,804,063


		Total Long-Term Fixed Income (cost $1,245,225,689)		1,296,827,316


Shares		Preferred Stock (1.4%)
	Consumer Staples (0.1%)
	76,576	CHS, Inc., 7.100%^j		2,228,362

		Total		2,228,362


	Financials (1.3%)
	102,122	Citigroup, Inc., 7.008%^h		2,662,320
	22,500	Cobank ACB, 6.250%^j		2,321,719
	31,925	Countrywide Capital V, 7.000%		832,923
	90,500	Discover Financial Services, 6.500%^j		2,392,820
	78,590	GMAC Capital Trust I, 6.402%^h		1,950,604
	95,940	Goldman Sachs Group, Inc., 5.500%^j		2,540,491
	88,200	Morgan Stanley 7.125%^j		2,616,894
	101,500	Wells Fargo & Company, 5.850%^j		2,800,385

		Total		18,118,156


		Total Preferred Stock (cost $19,317,283)		20,346,518


		Common Stock (<0.1%)
	Energy (<0.1%)
	1,346	Vantage Drilling International^k		116,429

		Total		116,429


		Total Common Stock (cost $121,140)		116,429


		Collateral Held for Securities Loaned (2.7%)
	38,614,774	Thrivent Cash Management Trust		38,614,774

		Total Collateral Held for Securities Loaned (cost $38,614,774)		38,614,774


Shares or Principal Amount		Short-Term Investments (7.3%)^l
		Federal Agricultural Mortgage Corporation Discount Notes
	10,700,000	0.270%, 7/8/2016		10,699,647
		Federal Home Loan Bank Discount Notes
	3,000,000	0.340%, 7/12/2016		2,999,844
	2,000,000	0.335%, 7/20/2016		1,999,820
	7,900,000	0.300%, 7/29/2016^m		7,898,957
	3,600,000	0.305%, 8/3/2016		3,599,175
	4,400,000	0.355%, 8/5/2016		4,398,931
		Thrivent Core Short-Term Reserve Fund
	7,156,263	0.580%		71,562,630

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

184

Income Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares or Principal Amount		Short-Term Investments (7.3%)^l	Value
		U.S. Treasury Notes
	550,000	0.500%, 8/31/2016ⁿ	$	550,182

		Total Short-Term Investments (cost $103,707,221)		103,709,186

		Total Investments (cost $1,456,265,339) 105.9%	$	1,507,686,009

		Other Assets and Liabilities, Net (5.9%)		(83,510,735	)

		Total Net Assets 100.0%	$	1,424,175,274

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	In bankruptcy. 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 June 30, 2016.

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 June 30, 2016.

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	Non-income producing security.

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	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 Income Portfolio as of June 30, 2016 was $6,287,154 or 0.4% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of June 30, 2016.


Security	Acquisition Date		Cost
American Tower Trust I, 3/15/2018		3/6/2013	$	3,200,241
CAM Mortgage, LLC, 7/15/2064		6/24/2015		1,115,553
Glitnir Banki HF, 1/21/2017		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		2,560,675

Securities Lending Transactions


Taxable Debt Security	$	37,442,090

Total lending	$	37,442,090
Gross amount payable upon return of collateral for securities loaned	$	38,614,774

Net amounts due to counterparty	$	1,172,684

Definitions:


AMT	-	Subject to Alternative Minimum Tax
Rev.	-	Revenue
Ser.	-	Series

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

185

Limited Maturity Bond Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Bank Loans (2.7%)^a	Value
	Basic Materials (<0.1%)
		Fortescue Metals Group, Ltd., Term Loan
$	393,782	4.250%, 6/30/2019	$	376,062

		Total		376,062


	Capital Goods (0.3%)
		Accudyne Industries, LLC, Term Loan
	620,291	4.000%, 12/13/2019		555,161
		ADS Waste Holdings, Inc., Term Loan
	1,162,416	3.750%, 10/9/2019		1,142,074
		Berry Plastics Group, Inc., Term Loan
	933,638	3.500%, 2/8/2020		926,635

		Total		2,623,870


	Communications Services (0.6%)
		Grande Communications Networks, LLC, Term Loan
	936,079	4.500%, 5/29/2020		917,357
		Integra Telecom Holdings, Inc., Term Loan
	1,176,423	5.250%, 8/14/2020		1,141,871
		LTS Buyer, LLC, Term Loan
	669,300	4.000%, 4/13/2020		661,356
		NEP/NCP Holdco, Inc., Term Loan
	933,902	4.250%, 1/22/2020		911,722
		TNS, Inc., Term Loan
	650,603	5.000%, 2/14/2020		649,790
		Univision Communications, Inc., Term Loan
	1,175,556	4.000%, 3/1/2020		1,167,997

		Total		5,450,093


	Consumer Cyclical (0.7%)
		Burlington Coat Factory Warehouse Corporation, Term Loan
	613,955	4.250%, 8/13/2021		612,163
		Cengage Learning Acquisitions, Term Loan
	460,000	5.250%, 6/7/2023		454,250
		Ceridian HCM Holding, Inc., Term Loan
	646,467	4.500%, 9/15/2020		623,841
		Chrysler Group, LLC, Term Loan
	549,507	3.500%, 5/24/2017		548,820
		Jack Ohio Finance, LLC, Term Loan
	938,463	5.000%, 6/20/2019		892,478
		Mohegan Tribal Gaming Authority, Term Loan
	1,327,336	5.500%, 6/15/2018		1,316,385
		Scientific Games International, Inc., Term Loan
	1,209,000	6.000%, 10/18/2020		1,192,884
		Seminole Hard Rock Entertainment, Inc., Term Loan
	470,450	3.500%, 5/14/2020		467,312

		Total		6,108,133


	Consumer Non-Cyclical (0.3%)
		Albertson’s, LLC, Term Loan
	590,000	4.750%, 6/22/2023^b,c		588,377
		JBS USA, LLC, Term Loan
	606,525	3.750%, 5/25/2018		605,512
		Supervalu, Inc., Term Loan
	1,204,846	5.500%, 3/21/2019^b,c		1,201,834

		Total		2,395,723


	Energy (0.1%)
		Arch Coal, Inc., Term Loan
	672,612	7.500%, 5/16/2018^d		308,560
		Pacific Drilling SA, Term Loan
	1,178,550	4.500%, 6/3/2018		359,458

		Total		668,018


	Financials (0.2%)
		Harland Clarke Holdings Corporation, Term Loan
	317,377	7.000%, 5/22/2018		307,856
	55,000	7.000%, 12/31/2019		53,213
		WaveDivision Holdings, LLC, Term Loan
	931,225	4.000%, 10/15/2019		928,506

		Total		1,289,575


	Technology (0.2%)
		First Data Corporation, Term Loan
	1,238,561	4.452%, 3/24/2021		1,232,889

		Total		1,232,889


	Transportation (0.2%)
		American Airlines, Inc., Term Loan
	1,334,051	3.250%, 6/27/2020		1,314,667

		Total		1,314,667


	Utilities (0.1%)
		Intergen NV, Term Loan
	1,178,550	5.500%, 6/15/2020		1,048,910

		Total		1,048,910


		Total Bank Loans (cost $24,121,115)		22,507,940


		Long-Term Fixed Income (93.4%)
	Asset-Backed Securities (13.7%)
		American Homes 4 Rent
	3,182,177	1.446%, 6/17/2031^e,f		3,144,159
		BA Credit Card Trust
	4,800,000	0.822%, 6/15/2021^f		4,796,522
		Bayview Opportunity Master Fund Trust
	2,245,856	3.228%, 7/28/2034*^,g		2,244,301
		Betony CLO, Ltd.
	3,425,000	2.138%, 4/15/2027*^,f		3,401,121
		Brazos Higher Education Authority, Inc.
	2,557,046	1.462%, 2/25/2030^f		2,536,804
		Capital One Multi-Asset Execution Trust
	6,750,000	1.260%, 1/15/2020		6,771,448

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

186

Limited Maturity Bond Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (93.4%)	Value
	Asset-Backed Securities (13.7%) - continued
		Chase Issuance Trust
$	3,700,000	1.590%, 2/18/2020	$	3,738,281
	2,800,000	1.620%, 7/15/2020		2,831,057
	3,000,000	0.852%, 5/17/2021^f		3,000,863
		Chesapeake Funding II, LLC
	4,000,000	1.880%, 6/15/2028^e		4,010,642
		Chesapeake Funding, LLC
	21,485	0.915%, 5/7/2024^e,f		21,481
		Citibank Credit Card Issuance Trust
	6,975,000	1.020%, 2/22/2019		6,982,264
		Commonbond Student Loan Trust
	1,107,816	3.200%, 6/25/2032*		1,116,963
		CPS Auto Receivables Trust
	2,782,091	2.070%, 11/15/2019^e		2,782,356
		Credit Based Asset Servicing and Securitization, LLC
	1,585,322	3.460%, 12/25/2036^g		1,059,727
		Edlinc Student Loan Funding Trust
	1,831,862	3.388%, 10/1/2025*^,f		1,840,633
		First Franklin Mortgage Loan Asset-Backed Certificates
	215,069	5.500%, 3/25/2036*^,h		2
		Ford Credit Auto Owner Trust
	3,575,000	2.260%, 11/15/2025^e		3,646,899
		GMAC Mortgage Corporation Loan Trust
	465,361	0.939%, 8/25/2035^f,i		437,588
	826,446	5.750%, 10/25/2036ⁱ		789,023
	1,678,780	0.626%, 12/25/2036^f,i		1,488,513
		GoldenTree Loan Opportunities IX, Ltd.
	3,750,000	2.148%, 10/29/2026*^,f		3,738,002
		Impac CMB Trust
	1,466,299	0.973%, 4/25/2035^f		1,333,104
	455,512	1.093%, 8/25/2035^f		397,481
		Master Credit Card Trust
	4,500,000	1.198%, 9/23/2019^e,f		4,500,824
		MLCC Mortgage Investors, Inc.
	416,883	1.113%, 8/25/2029^f		412,456
		Mortgage Equity Conversion Asset Trust
	4,381,572	1.070%, 1/25/2042*^,f		3,724,337
	4,433,201	1.170%, 2/25/2042*^,f		3,768,220
		Motor plc
	304,367	0.933%, 8/25/2021^e,f		304,302
		NextGear Floorplan Master Owner Trust
	3,000,000	1.920%, 10/15/2019*		2,987,328
		Northstar Education Finance, Inc.
	2,650,139	1.153%, 12/26/2031^e,f		2,542,743
		OneMain Financial Issuance Trust
	2,000,000	4.100%, 3/20/2028^e		2,062,193
		OZLM VIII, Ltd.
	3,760,000	2.073%, 10/17/2026*^,f		3,747,337
		Race Point IX CLO, Ltd.
	1,500,000	2.138%, 4/15/2027*^,f		1,490,470
		Renaissance Home Equity Loan Trust
	3,380,514	5.608%, 5/25/2036^g		2,129,720
	1,185,470	5.285%, 1/25/2037^g		614,695
		Selene Non-Performing Loans, LLC
	718,964	2.981%, 5/25/2054*^,g		714,027
		SLM Student Loan Trust
	2,692,615	1.042%, 7/15/2022^e,f		2,689,733
	1,205,883	1.042%, 8/15/2022^e,f		1,204,908
	765,968	1.192%, 10/16/2023^e,f		764,779
	1,459,046	0.853%, 3/25/2025^f		1,408,401
	3,510,951	0.973%, 3/25/2026^f		3,468,157
	2,700,000	1.492%, 5/17/2027^e,f		2,695,101
		SoFi Professional Loan Program, LLC
	2,720,838	2.420%, 3/25/2030^e		2,718,305
	2,280,871	2.510%, 8/25/2033^e		2,281,378
		Vericrest Opportunity Loan Transferee
	2,318,514	3.500%, 6/26/2045^e,g		2,302,122
	1,537,674	4.250%, 2/26/2046^e		1,537,355
	2,750,000	3.750%, 6/25/2046^e,g		2,750,000
	760,336	3.375%, 10/26/2054^e		755,763
		Wachovia Asset Securitization, Inc.
	803,255	0.593%, 7/25/2037*^,f,i		663,928

		Total		116,347,816


	Basic Materials (0.5%)
		Albemarle Corporation
	1,095,000	3.000%, 12/1/2019		1,109,812
		Georgia-Pacific, LLC
	2,555,000	2.539%, 11/15/2019^e		2,616,578
		Glencore Funding, LLC
	1,000,000	1.693%, 4/16/2018^e,f,j		960,000

		Total		4,686,390


	Capital Goods (0.5%)
		Lockheed Martin Corporation
	1,500,000	2.500%, 11/23/2020		1,547,800
		Roper Technologies, Inc.
	867,000	1.850%, 11/15/2017		871,713
	1,109,000	6.250%, 9/1/2019		1,249,179
		Textron, Inc.
	400,000	3.875%, 3/1/2025		422,626

		Total		4,091,318


	Collateralized Mortgage Obligations (10.9%)
		Alm Loan Funding CLO
	3,760,000	2.063%, 10/17/2026*^,f		3,736,059
		American Home Mortgage Assets Trust
	2,494,678	1.357%, 11/25/2046^f		1,162,856
		Apidos CLO XVIII
	3,775,000	2.047%, 7/22/2026*^,f		3,767,591
		Babson CLO, Ltd.
	3,760,000	2.023%, 10/17/2026*^,f		3,736,043
		BCAP, LLC Trust
	2,067,433	0.633%, 3/25/2037^f		1,733,222
		Bear Stearns Adjustable Rate Mortgage Trust
	813,684	2.660%, 10/25/2035^f		781,211
		Birchwood Park CLO, Ltd.
	3,760,000	2.068%, 7/15/2026*^,f		3,747,792
		BlueMountain CLO, Ltd.
	3,760,000	2.108%, 10/15/2026*^,f		3,757,154
		Carlyle Global Market Strategies CLO, Ltd.
	3,750,000	1.934%, 7/20/2023*^,f		3,735,921

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

187

Limited Maturity Bond Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (93.4%)	Value
	Collateralized Mortgage Obligations (10.9%) - continued
$	3,750,000	2.128%, 10/15/2026*^,f	$	3,744,268
		Cent CLO 16, LP
	3,760,000	1.887%, 8/1/2024*^,f		3,741,906
		Cent CLO 22, Ltd.
	3,750,000	2.112%, 11/7/2026*^,f		3,714,121
		Countrywide Alternative Loan Trust
	501,940	5.500%, 11/25/2035		483,604
	558,101	5.500%, 2/25/2036		494,875
	1,041,581	6.000%, 1/25/2037		917,185
		Countrywide Home Loans, Inc.
	1,491,750	2.720%, 3/20/2036		1,127,892
	1,368,959	2.699%, 9/20/2036		998,152
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	2,730,332	1.207%, 4/25/2047^f		2,303,904
		Dryden 34 Senior Loan Fund CLO
	3,760,000	2.058%, 10/15/2026*^,f		3,746,485
		HarborView Mortgage Loan Trust
	1,415,051	2.631%, 6/19/2034		1,378,653
		J.P. Morgan Alternative Loan Trust
	2,095,288	2.806%, 3/25/2036		1,743,421
		J.P. Morgan Mortgage Trust
	333,943	2.708%, 10/25/2036		299,866
		Madison Park Funding XIV CLO, Ltd.
	4,150,000	2.084%, 7/20/2026*^,f		4,142,268
		Master Asset Securitization Trust
	1,264,945	0.953%, 6/25/2036^f		679,529
		Neuberger Berman CLO, Ltd.
	3,000,000	2.107%, 8/4/2025*^,f		2,991,973
		Octagon Investment Partners XX CLO, Ltd.
	3,760,000	2.068%, 8/12/2026*^,f		3,744,225
		Residential Accredit Loans, Inc. Trust
	1,125,595	3.791%, 9/25/2035		921,723
		Sequoia Mortgage Trust
	2,453,733	1.610%, 9/20/2034^f		2,351,470
		Structured Adjustable Rate Mortgage Loan Trust
	27,966	3.025%, 12/25/2034		27,142
		Symphony CLO VIII, Ltd.
	3,594,490	1.729%, 1/9/2023*^,f		3,586,556
		Voya CLO 3, Ltd.
	3,760,000	2.058%, 7/25/2026*^,f		3,743,880
		Wachovia Mortgage Loan Trust, LLC
	902,797	3.040%, 5/20/2036		790,240
		WaMu Mortgage Pass Through Certificates
	721,916	0.743%, 10/25/2045^f		667,511
	2,294,373	1.317%, 10/25/2046^f		1,789,261
	2,229,520	1.230%, 12/25/2046^f		1,726,009
	2,295,958	1.177%, 1/25/2047^f		1,760,048
		Washington Mutual Mortgage Pass Through Certificates
	1,764,822	1.357%, 9/25/2046^f		1,158,471
	2,976,039	1.187%, 2/25/2047^f		2,088,154
		Wells Fargo Commercial Mortgage Trust
	3,575,000	2.632%, 5/15/2048		3,699,832
		Wells Fargo Mortgage Backed Securities Trust
	2,701,207	3.037%, 10/25/2034		2,691,954
	1,410,209	5.500%, 8/25/2035		1,434,118
	683,072	2.830%, 3/25/2036		643,773
	926,081	2.855%, 3/25/2036		906,160

		Total		92,396,478


	Commercial Mortgage-Backed Securities (4.8%)
		Bear Stearns Commercial Mortgage Securities Trust
	3,720,000	5.568%, 10/12/2041		3,734,099
		Bear Stearns Commercial Mortgage Securities, Inc.
	4,510,625	5.331%, 2/11/2044		4,592,161
		Citigroup Commercial Mortgage Trust
	1,250,000	5.901%, 12/10/2049		1,286,662
		Citigroup/Deutsche Bank Commercial Mortgage Trust
	2,286,191	5.322%, 12/11/2049		2,310,222
		Commercial Mortgage Pass-Through Certificates
	5,000,000	1.498%, 6/8/2030^e,f		4,996,870
	1,112,191	5.306%, 12/10/2046		1,117,374
		Credit Suisse First Boston Mortgage Securities
	4,974,000	5.542%, 1/15/2049		5,034,175
		Federal National Mortgage Association
	738,181	1.272%, 1/25/2017		738,317
		GS Mortgage Securities Trust
	857,690	2.999%, 8/10/2044		857,761
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	4,070,338	5.429%, 12/12/2043		4,098,606
		JPMBB Commercial Mortgage Securities Trust
	2,864,577	1.085%, 7/15/2045		2,862,589
		Morgan Stanley Capital, Inc.
	2,997,881	5.406%, 3/15/2044		3,055,397
		SCG Trust
	3,150,000	1.842%, 11/15/2026^e,f		3,145,263
		WFRBS Commercial Mortgage Trust
	3,057,386	1.406%, 9/15/2046		3,062,765

		Total		40,892,261


	Communications Services (3.2%)
		America Movil SAB de CV
	3,000,000	1.656%, 9/12/2016^f		3,000,750
		American Tower Corporation
	2,200,000	3.450%, 9/15/2021		2,289,896
		American Tower Trust I
	1,650,000	1.551%, 3/15/2018*		1,653,495
		AT&T, Inc.
	1,125,000	1.750%, 1/15/2018		1,131,123
	1,735,000	1.561%, 6/30/2020^f		1,728,211
	1,750,000	2.800%, 2/17/2021		1,795,570
		Charter Communications Operating, LLC
	1,397,000	3.579%, 7/23/2020^e		1,460,485
	1,397,000	4.464%, 7/23/2022^e		1,501,406
		Crown Castle International Corporation
	250,000	3.400%, 2/15/2021		260,984

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

188

Limited Maturity Bond Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (93.4%)	Value
	Communications Services (3.2%) - continued
		Moody’s Corporation
$	1,250,000	2.750%, 7/15/2019	$	1,289,144
		NBC Universal Enterprise, Inc.
	2,250,000	1.662%, 4/15/2018^e		2,275,988
		SES Global Americas Holdings GP
	1,375,000	2.500%, 3/25/2019^e		1,385,725
		Verizon Communications, Inc.
	1,650,000	2.183%, 9/15/2016^f		1,654,236
	1,000,000	1.057%, 6/9/2017^f		1,000,527
	2,580,000	1.426%, 6/17/2019^f		2,593,055
	1,825,000	3.000%, 11/1/2021		1,916,934

		Total		26,937,529


	Consumer Cyclical (1.7%)
		BMW US Capital, LLC
	1,600,000	1.500%, 4/11/2019^e		1,611,461
		CVS Health Corporation
	1,065,000	2.250%, 8/12/2019		1,093,732
		Daimler Finance North America, LLC
	2,500,000	1.347%, 8/3/2017^e,f		2,501,710
		eBay, Inc.
	775,000	2.500%, 3/9/2018		789,144
		Home Depot, Inc.
	825,000	1.023%, 9/15/2017^f		828,133
	2,100,000	4.400%, 4/1/2021		2,367,664
		Newell Rubbermaid, Inc.
	1,250,000	3.150%, 4/1/2021		1,302,227
		Ralph Lauren Corporation
	275,000	2.625%, 8/18/2020		286,937
		Walgreens Boots Alliance, Inc.
	980,000	1.750%, 5/30/2018		987,656
	980,000	2.600%, 6/1/2021		998,283
		Yale University
	1,550,000	2.086%, 4/15/2019		1,600,714

		Total		14,367,661


	Consumer Non-Cyclical (6.3%)
		Actavis Funding SCS
	2,435,000	1.911%, 3/12/2020^f		2,442,434
		Altria Group, Inc.
	500,000	2.850%, 8/9/2022		523,714
		Amgen, Inc.
	1,675,000	2.125%, 5/1/2020		1,701,452
		Anheuser-Busch InBev Finance, Inc.
	2,290,000	1.897%, 2/1/2021^f		2,359,442
		BAT International Finance plc
	2,335,000	1.163%, 6/15/2018^e,f		2,330,540
		Bayer U.S. Finance, LLC
	1,250,000	2.375%, 10/8/2019^e		1,277,794
		Boston Scientific Corporation
	2,045,000	6.000%, 1/15/2020		2,327,987
		Bunge Limited Finance Corporation
	1,135,000	3.500%, 11/24/2020		1,189,727
		Cardinal Health, Inc.
	1,275,000	1.950%, 6/15/2018		1,289,777
		Celgene Corporation
	1,270,000	3.550%, 8/15/2022		1,330,546
		Church & Dwight Company, Inc.
	1,440,000	2.450%, 12/15/2019		1,464,500
		EMD Finance, LLC
	2,470,000	1.006%, 3/17/2017^e,f		2,468,545
		Express Scripts Holding Company
	1,200,000	3.900%, 2/15/2022		1,286,011
		Forest Laboratories, Inc.
	2,750,000	4.375%, 2/1/2019^e		2,900,543
		Gilead Sciences, Inc.
	1,300,000	2.550%, 9/1/2020		1,350,816
	1,300,000	3.250%, 9/1/2022		1,384,367
		Howard Hughes Medical Institute
	1,500,000	3.500%, 9/1/2023		1,655,322
		Imperial Tobacco Finance plc
	1,750,000	3.750%, 7/21/2022^e		1,846,770
		Japan Tobacco, Inc.
	2,500,000	2.100%, 7/23/2018^e		2,538,660
		Laboratory Corporation of America Holdings
	1,705,000	2.625%, 2/1/2020		1,741,470
		Mead Johnson Nutrition Company
	1,150,000	3.000%, 11/15/2020		1,201,382
		Merck & Company, Inc.
	1,825,000	1.005%, 2/10/2020^f		1,825,670
		Mondelez International, Inc.
	1,858,000	1.157%, 2/1/2019^f		1,854,996
		Mylan NV
	1,250,000	2.500%, 6/7/2019^e		1,266,597
	1,580,000	3.750%, 12/15/2020^e		1,647,272
	950,000	3.150%, 6/15/2021^e		963,631
		Reynolds American, Inc.
	549,000	3.250%, 6/12/2020		580,338
		SABMiller Holdings, Inc.
	2,500,000	2.450%, 1/15/2017^e		2,516,545
		Unilever Capital Corporation
	2,600,000	2.200%, 3/6/2019		2,673,627
	3,650,000	2.100%, 7/30/2020		3,755,923

		Total		53,696,398


	Energy (3.4%)
		Anadarko Petroleum Corporation
	965,000	4.850%, 3/15/2021^j		1,023,492
		BP Capital Markets plc
	1,600,000	1.676%, 5/3/2019		1,612,834
		Cameron International Corporation
	1,575,000	1.400%, 6/15/2017		1,575,743
		Chevron Corporation
	3,000,000	1.718%, 6/24/2018		3,035,046
		DCP Midstream Operating, LP
	1,650,000	2.700%, 4/1/2019		1,581,043
		Ecopetrol SA
	400,000	5.875%, 9/18/2023		412,000
		Enable Midstream Partners, LP
	1,250,000	2.400%, 5/15/2019		1,173,737
		Enbridge, Inc.
	1,700,000	1.136%, 6/2/2017^f,j		1,670,284
		Exxon Mobil Corporation
	2,100,000	1.708%, 3/1/2019		2,134,119
	1,785,000	1.050%, 3/6/2022^f		1,735,236
		Marathon Petroleum Corporation
	1,500,000	3.400%, 12/15/2020		1,550,631

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

189

Limited Maturity Bond Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (93.4%)	Value
	Energy (3.4%) - continued
		Occidental Petroleum Corporation
$	1,075,000	2.600%, 4/15/2022	$	1,101,542
		Petroleos Mexicanos
	940,000	5.500%, 2/4/2019^e		987,940
	1,966,500	2.378%, 4/15/2025		2,029,847
		Pioneer Natural Resources Company
	1,114,000	3.450%, 1/15/2021		1,150,292
		Schlumberger Holdings Corporation
	1,500,000	3.000%, 12/21/2020^e		1,564,434
		Shell International Finance BV
	1,735,000	1.080%, 5/11/2020^f		1,712,230
		Sunoco Logistics Partners Operations, LP
	1,860,000	4.400%, 4/1/2021		1,960,070
		Transcontinental Gas Pipe Line Company, LLC
	725,000	7.850%, 2/1/2026^e		902,264

		Total		28,912,784


	Financials (19.0%)
		ABN AMRO Bank NV
	2,040,000	2.450%, 6/4/2020^e		2,086,059
		Aetna, Inc.
	2,200,000	1.900%, 6/7/2019		2,228,578
		Aflac, Inc.
	2,100,000	2.400%, 3/16/2020		2,163,584
		American Express Credit Corporation
	2,580,000	1.197%, 3/18/2019^f		2,567,918
	850,000	1.706%, 9/14/2020^f		852,604
		American International Group, Inc.
	1,430,000	3.300%, 3/1/2021		1,477,340
		Ares Capital Corporation
	1,400,000	4.875%, 11/30/2018		1,464,816
		Aviation Capital Group Corporation
	1,350,000	3.875%, 9/27/2016^e		1,351,930
		Bank of America Corporation
	1,800,000	1.700%, 8/25/2017		1,806,737
	2,000,000	1.717%, 3/22/2018^f		2,010,466
	2,200,000	1.495%, 4/1/2019^f		2,195,244
	1,100,000	4.000%, 1/22/2025		1,121,242
	1,100,000	6.100%, 12/29/2049^k		1,116,500
		Bank of America NA
	2,000,000	5.300%, 3/15/2017		2,053,934
		Bank of New York Mellon Corporation
	675,000	4.500%, 12/31/2049^k		648,216
		Bank of Tokyo-Mitsubishi UFJ, Ltd.
	1,445,000	2.850%, 9/8/2021^e		1,488,651
		BB&T Corporation
	1,520,000	1.343%, 1/15/2020^f		1,508,146
		Bear Stearns Companies, LLC
	2,500,000	6.400%, 10/2/2017		2,656,100
		Caisse Centrale Desjardins du Quebec
	2,155,000	1.303%, 1/29/2018^e,f		2,149,235
		Citigroup, Inc.
	1,840,000	1.401%, 4/8/2019^f		1,833,050
		CNA Financial Corporation
	3,000,000	5.875%, 8/15/2020		3,381,429
		CoBank ACB
	1,965,000	1.253%, 6/15/2022^f		1,827,542
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	1,600,000	2.500%, 1/19/2021		1,640,026
		Credit Agricole SA
	1,650,000	1.428%, 4/15/2019^e,f		1,644,303
	1,800,000	1.628%, 6/10/2020^e,f		1,793,326
	1,050,000	8.125%, 12/29/2049^e,j,k		1,042,822
		Credit Suisse Group AG
	1,500,000	6.500%, 8/8/2023^e		1,568,250
	990,000	7.500%, 12/11/2049^e,k		994,950
		Discover Bank
	1,850,000	8.700%, 11/18/2019		2,178,399
		Discover Financial Services
	2,750,000	2.600%, 11/13/2018		2,791,368
		DRB Prime Student Loan Trust
	2,230,420	2.353%, 10/27/2031*^,f		2,234,488
		Fifth Third Bancorp
	1,440,000	2.875%, 10/1/2021		1,487,359
		Goldman Sachs Capital II
	1,039,000	4.000%, 12/29/2049^f,k		778,128
		Goldman Sachs Group, Inc.
	1,915,000	1.726%, 11/15/2018^f		1,919,673
	2,160,000	1.798%, 4/23/2020^f		2,153,710
	1,375,000	2.274%, 11/29/2023^f		1,372,062
		HCP, Inc.
	1,330,000	4.000%, 12/1/2022		1,380,809
		Hospitality Properties Trust
	1,750,000	4.250%, 2/15/2021		1,823,665
		HSBC USA, Inc.
	1,905,000	0.942%, 6/23/2017^f		1,899,476
		Huntington Bancshares, Inc.
	1,600,000	3.150%, 3/14/2021		1,657,469
		ING Bank NV
	2,750,000	1.598%, 8/17/2020^e,f		2,728,547
		ING Capital Funding Trust III
	1,000,000	4.231%, 12/29/2049^f,k		971,250
		ING Groep NV
	1,650,000	6.000%, 12/31/2045^j,k		1,551,000
		Intesa Sanpaolo SPA
	1,500,000	5.017%, 6/26/2024^e		1,373,246
		J.P. Morgan Chase & Company
	4,000,000	1.538%, 1/25/2018^f		4,019,436
	1,750,000	2.250%, 1/23/2020		1,774,068
	1,750,000	3.875%, 9/10/2024		1,811,840
	1,450,000	7.900%, 4/29/2049^k		1,479,000
		Japan Bank for International Cooperation
	4,000,000	1.750%, 7/31/2018		4,040,532
		KeyBank NA
	2,750,000	1.193%, 6/1/2018^f		2,744,464
		Kilroy Realty, LP
	750,000	3.800%, 1/15/2023		786,394
		Lloyds Bank plc
	2,475,000	1.175%, 3/16/2018^f		2,461,655
		Lloyds Banking Group plc
	350,000	4.582%, 12/10/2025^e		351,840
		Metropolitan Life Global Funding I
	3,250,000	3.650%, 6/14/2018^e		3,396,760
		Mizuho Financial Group Cayman 3, Ltd.
	825,000	4.600%, 3/27/2024^e		898,213

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

190

Limited Maturity Bond Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (93.4%)	Value
	Financials (19.0%) - continued
		Morgan Stanley
$	2,155,000	1.774%, 1/27/2020^f	$	2,163,318
	1,750,000	5.000%, 11/24/2025		1,915,884
	1,000,000	5.450%, 12/29/2049^k		960,000
	1,100,000	5.550%, 12/29/2049^j,k		1,089,660
		New York Life Global Funding
	600,000	1.550%, 11/2/2018^e		605,570
		Peachtree Corners Funding Trust
	1,375,000	3.976%, 2/15/2025^e		1,378,563
		Prudential Financial, Inc.
	1,430,000	2.350%, 8/15/2019		1,456,649
		Realty Income Corporation
	1,500,000	2.000%, 1/31/2018		1,512,475
		Regions Financial Corporation
	1,200,000	3.200%, 2/8/2021		1,235,158
		Reliance Standard Life Global Funding II
	1,740,000	2.500%, 4/24/2019^e		1,774,346
		Santander UK plc
	975,000	3.125%, 1/8/2021		977,120
		Simon Property Group, LP
	1,635,000	2.500%, 9/1/2020		1,691,017
	1,600,000	2.500%, 7/15/2021		1,648,434
		Skandinaviska Enskilda Banken AB
	2,500,000	1.375%, 5/29/2018^e		2,501,752
		SLM Corporation
	700,000	4.625%, 9/25/2017		705,250
		Stadshypotek AB
	2,000,000	1.875%, 10/2/2019^e		2,029,374
		Standard Chartered plc
	1,225,000	3.950%, 1/11/2023^e,j		1,187,739
		State Street Corporation
	2,499,000	1.526%, 8/18/2020^f		2,508,121
		Sumitomo Mitsui Banking Corporation
	2,555,000	1.213%, 1/16/2018^f		2,549,550
		Sumitomo Mitsui Financial Group, Inc.
	1,800,000	4.436%, 4/2/2024^e		1,927,377
		SunTrust Banks, Inc.
	775,000	2.900%, 3/3/2021		802,420
		Svensk Exportkredit AB
	3,500,000	0.938%, 1/23/2017^f		3,503,010
		Svenska Handelsbanken AB
	750,000	1.146%, 6/17/2019^f		744,950
		Swedbank AB
	1,750,000	1.750%, 3/12/2018^e		1,760,167
		Synchrony Financial
	1,440,000	1.867%, 2/3/2020^f		1,394,955
	1,520,000	3.750%, 8/15/2021		1,574,624
		Toronto-Dominion Bank
	1,500,000	1.586%, 12/14/2020^f		1,508,420
		UBS AG
	2,750,000	1.340%, 3/26/2018^f		2,752,362
		USB Group Funding Jersey, Ltd.
	2,250,000	2.080%, 9/24/2020^e,f		2,251,213
		USB Realty Corporation
	1,495,000	1.775%, 12/29/2049^e,f,k		1,194,131
		Voya Financial, Inc.
	1,500,000	2.900%, 2/15/2018		1,528,072
	500,000	5.650%, 5/15/2053		471,250
		Wells Fargo & Company
	2,155,000	1.318%, 1/30/2020^f		2,141,680
	925,000	3.450%, 2/13/2023		957,123
	1,100,000	4.100%, 6/3/2026		1,176,572
	1,100,000	5.875%, 12/31/2049^k		1,172,875
		Westpac Banking Corporation
	2,500,000	1.250%, 12/15/2017^e,j		2,506,967
		XLIT, Ltd.
	1,100,000	4.450%, 3/31/2025		1,110,040

		Total		161,106,037


	Foreign Government (0.9%)
		Costa Rica Government International Bond
	1,650,000	4.250%, 1/26/2023^e		1,571,625
		Export-Import Bank of Korea
	2,130,000	2.250%, 1/21/2020		2,162,414
		Kommunalbanken AS
	3,500,000	1.500%, 10/22/2019^e		3,539,739
		Poland Government International Bond
	125,000	4.000%, 1/22/2024		135,000

		Total		7,408,778


	Mortgage-Backed Securities (3.3%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	7,150,000	3.000%, 7/1/2031^c		7,500,517
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	500,549	6.500%, 9/1/2037		587,894
	7,200,000	4.000%, 7/1/2046^c		7,706,250
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	2,445,344	2.250%, 6/25/2025		2,496,469
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	601,818	5.464%, 9/1/2037^f		634,649
	419,214	5.196%, 10/1/2037^f		419,254
	2,902,794	2.066%, 1/1/2043^f		2,983,738
	5,545,438	1.735%, 7/1/2043^f		5,639,701

		Total		27,968,472


	Technology (2.2%)
		Amphenol Corporation
	1,409,000	2.550%, 1/30/2019		1,433,369
		Apple, Inc.
	3,050,000	0.934%, 5/6/2019^f		3,045,760
	1,735,000	0.927%, 5/6/2020^f		1,717,452
		Automatic Data Processing, Inc.
	1,000,000	2.250%, 9/15/2020		1,038,972
		Cisco Systems, Inc.
	1,300,000	1.254%, 2/21/2018^f		1,308,048
	2,335,000	1.173%, 3/1/2019^f		2,343,383
		Diamond 1 Finance Corporation
	985,000	3.480%, 6/1/2019^e		1,009,044

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

191

Limited Maturity Bond Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Principal Amount		Long-Term Fixed Income (93.4%)	Value
	Technology (2.2%) - continued
		Hewlett Packard Enterprise Company
$	2,800,000	2.559%, 10/5/2018^e,f	$	2,838,595
		Intel Corporation
	905,000	3.100%, 7/29/2022		969,011
		Oracle Corporation
	1,675,000	2.500%, 5/15/2022		1,711,503
		Texas Instruments, Inc.
	1,300,000	1.750%, 5/1/2020		1,319,768

		Total		18,734,905


	Transportation (2.0%)
		Air Canada Pass Through Trust
	1,445,388	3.875%, 3/15/2023^e		1,355,051
		American Airlines Pass Through Trust
	1,294,201	5.600%, 7/15/2020^e		1,333,027
	1,260,235	4.950%, 1/15/2023		1,370,506
	999,088	3.700%, 5/1/2023		979,106
		British Airways plc
	1,369,734	4.625%, 6/20/2024^e		1,445,755
		Continental Airlines, Inc.
	2,770,118	4.150%, 4/11/2024		2,929,399
		Delta Air Lines, Inc.
	695,604	4.750%, 5/7/2020		737,340
		ERAC USA Finance, LLC
	1,600,000	2.600%, 12/1/2021^e		1,626,074
		J.B. Hunt Transport Services, Inc.
	1,450,000	3.300%, 8/15/2022		1,513,055
		TTX Company
	2,000,000	2.250%, 2/1/2019^e		2,033,866
	800,000	4.125%, 10/1/2023*		861,289
		Virgin Australia Holdings, Ltd.
	1,240,300	5.000%, 10/23/2023^e		1,280,734

		Total		17,465,202


	U.S. Government and Agencies (18.3%)
		Federal Home Loan Mortgage Corporation
	500,000	1.250%, 8/1/2019		506,134
		Federal National Mortgage Association
	7,500,000	1.250%, 5/6/2021		7,528,110
		NCUA Guaranteed Notes
	201,732	2.900%, 10/29/2020		201,823
	1,375,009	0.795%, 12/7/2020^f		1,371,874
		U.S. Treasury Bonds
	8,000,000	5.375%, 2/15/2031		11,865,312
	2,200,000	3.000%, 5/15/2042		2,541,172
	8,300,000	3.625%, 2/15/2044		10,701,813
		U.S. Treasury Bonds, TIPS
	19,397,670	0.125%, 4/15/2019		19,807,601
	7,676,698	0.625%, 1/15/2026		8,083,823
		U.S. Treasury Notes
	5,000,000	1.250%, 12/15/2018		5,072,265
	12,350,000	1.500%, 10/31/2019		12,637,520
	49,070,000	1.875%, 6/30/2020		50,948,449
	13,150,000	2.125%, 6/30/2022		13,865,031
	2,565,000	1.625%, 8/15/2022		2,630,328
		U.S. Treasury Notes, TIPS
	7,073,430	0.125%, 1/15/2023		7,167,188

		Total		154,928,443


	Utilities (2.7%)
		Ameren Corporation
	1,175,000	2.700%, 11/15/2020		1,210,128
		Berkshire Hathaway Energy Company
	1,550,000	2.400%, 2/1/2020		1,592,106
		DTE Energy Company
	730,000	2.400%, 12/1/2019		745,375
		Electricite de France SA
	1,500,000	5.250%, 12/29/2049^e,k		1,439,850
		Eversource Energy
	1,560,000	1.600%, 1/15/2018		1,569,368
	1,250,000	1.450%, 5/1/2018		1,251,743
		Exelon Corporation
	1,650,000	2.850%, 6/15/2020		1,702,087
		Exelon Generation Company, LLC
	1,385,000	2.950%, 1/15/2020		1,424,698
		National Rural Utilities Cooperative Finance Corporation
	1,150,000	4.750%, 4/30/2043		1,127,000
		NextEra Energy Capital Holdings, Inc.
	950,000	2.300%, 4/1/2019		968,417
		Pacific Gas & Electric Company
	250,000	5.625%, 11/30/2017		265,175
		PG&E Corporation
	1,500,000	2.400%, 3/1/2019		1,529,418
		Public Service Electric And Gas Company
	2,570,000	1.800%, 6/1/2019		2,612,310
		Sempra Energy
	2,425,000	2.300%, 4/1/2017		2,445,072
	1,765,000	2.400%, 3/15/2020		1,801,724
		Southern California Edison Company
	1,040,000	2.400%, 2/1/2022		1,078,152

		Total		22,762,623


		Total Long-Term Fixed Income (cost $791,903,415)		792,703,095


Shares		Preferred Stock (0.4%)
	Financials (0.3%)
	66,000	Citigroup, Inc., 7.008%^f		1,720,620
	8,125	Farm Credit Bank of Texas, 6.750%^k		845,762

		Total		2,566,382


	Utilities (0.1%)
	36,000	Southern California Edison Company Trust IV, 5.375%^k		1,003,320

		Total		1,003,320


		Total Preferred Stock (cost $3,534,100)		3,569,702

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

192

Limited Maturity Bond Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Shares		Common Stock (<0.1%)	Value
	Energy (<0.1%)
	816	Vantage Drilling International^l	$	70,584

		Total		70,584


		Total Common Stock (cost $73,440)		70,584


		Collateral Held for Securities Loaned (1.2%)
	10,266,465	Thrivent Cash Management Trust		10,266,465

		Total Collateral Held for Securities Loaned (cost $10,266,465)		10,266,465


Shares or Principal Amount		Short-Term Investments (4.9%)^m
		Federal Home Loan Bank Discount Notes
	3,500,000	0.340%, 7/20/2016		3,499,685
		Federal National Mortgage Association Discount Notes
	1,000,000	0.400%, 7/25/2016ⁿ		999,887
		Thrivent Core Short-Term Reserve Fund
	3,716,756	0.580%		37,167,556

		Total Short-Term Investments (cost $41,666,661)		41,667,128

		Total Investments (cost $871,565,196) 102.6%	$	870,784,914

		Other Assets and Liabilities, Net (2.6%)		(21,845,738	)

		Total Net Assets 100.0%	$	848,939,176

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	In bankruptcy. 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 June 30, 2016.

g	Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of June 30, 2016.

h	Defaulted security. Interest is not being accrued.

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

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

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

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 Limited Maturity Bond Portfolio as of June 30, 2016 was $89,822,183 or 10.6% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of June 30, 2016.


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		2,243,610
Betony CLO, Ltd., 4/15/2027		2/25/2015		3,425,000
Birchwood Park CLO, Ltd., 7/15/2026		7/31/2014		3,760,000
BlueMountain CLO, Ltd., 10/15/2026		8/27/2014		3,756,202
Carlyle Global Market Strategies CLO, Ltd., 7/20/2023		7/3/2014		3,750,000
Carlyle Global Market Strategies CLO, Ltd., 10/15/2026		9/19/2014		3,750,000
Cent CLO 16, LP, 8/1/2024		9/5/2014		3,760,000
Cent CLO 22, Ltd., 11/7/2026		9/19/2014		3,750,000
Commonbond Student Loan Trust, 6/25/2032		6/17/2015		1,107,535
DRB Prime Student Loan Trust, 10/27/2031		9/23/2015		2,230,420
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		1,844,949

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

193

Limited Maturity Bond Portfolio

Schedule of Investments as of June 30, 2016

(unaudited)


Security	Acquisition Date		Cost
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		718,964
Symphony CLO VIII, Ltd., 1/9/2023		9/15/2014		3,594,490
TTX Company, 10/1/2023		9/19/2013		799,992
Voya CLO 3, Ltd., 7/25/2026		7/10/2014		3,754,360
Wachovia Asset Securitization, Inc., 7/25/2037		3/16/2007		803,255

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 June 30, 2016:

Securities Lending Transactions


Taxable Debt Security	$	9,942,138

Total lending	$	9,942,138
Gross amount payable upon return of collateral for securities loaned	$	10,266,465

Net amounts due to counterparty	$	324,327

Definitions:


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

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

194

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to registrant’s board of directors.

Item 11.

Controls and Procedures

(a)(i) Registrant’s President and Treasurer have concluded that registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) are effective, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) Registrant’s President and Treasurer are aware of no change in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, registrant’s internal control over financial reporting.

Item 12.

Exhibits

(a)

Certifications pursuant to Rules 30a-2(a) and 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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.