Thrivent Series Fund, Inc.

N-CSRS 1 d313136dncsrs.htm THRIVENT SERIES FUND, INC. Thrivent Series Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-4603

Thrivent Series Fund, Inc.

(Exact name of registrant as specified in charter)

625 Fourth Avenue South

Minneapolis, Minnesota 55415

(Address of principal executive offices) (Zip code)

Michael W. Kremenak, Secretary and Chief Legal Officer

625 Fourth Avenue South

Minneapolis, Minnesota 55415

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2017

Item 1.

Report to Stockholders

LOGO

THRIVENT SERIES FUND, INC. Semiannual Report June 30, 2017 Nearly 250,000 members have given up paper. Add yours to the stack! Go paperless and start accessing reports and other documents online. Get started at Thrivent.com/gopaperless.

TABLE OF CONTENTS


Letter from the Chief Investment Officer			2

Portfolio Perspectives
Thrivent Aggressive Allocation Portfolio			4
Thrivent Moderately Aggressive Allocation Portfolio			5
Thrivent Moderate Allocation Portfolio			6
Thrivent Moderately Conservative Allocation Portfolio			7
Thrivent Growth and Income Plus Portfolio			8
Thrivent Balanced Income Plus Portfolio			9
Thrivent Diversified Income Plus Portfolio			10
Thrivent Opportunity Income Plus Portfolio			11
Thrivent Partner Healthcare Portfolio			12
Thrivent Partner Emerging Markets Portfolio			12
Thrivent Real Estate Securities Portfolio			13
Thrivent Small Cap Stock Portfolio			13
Thrivent Small Cap Index Portfolio			14
Thrivent Mid Cap Stock Portfolio			14
Thrivent Mid Cap Index Portfolio			15
Thrivent Partner Worldwide Allocation Portfolio			15
Thrivent Large Cap Stock Portfolio			16
Thrivent Partner All Cap Portfolio			16
Thrivent Large Cap Growth Portfolio			17
Thrivent Partner Growth Stock Portfolio			17
Thrivent Large Cap Value Portfolio			18
Thrivent Large Cap Index Portfolio			18
Thrivent Low Volatility Equity Portfolio			19
Thrivent Multidimensional Income Portfolio			20
Thrivent High Yield Portfolio			21
Thrivent Income Portfolio			22
Thrivent Bond Index Portfolio			23
Thrivent Limited Maturity Bond Portfolio			24
Thrivent Money Market Portfolio			25

Shareholder Expense Example			26

Schedules of Investments/Summary Schedules of Investments
Thrivent Aggressive Allocation Portfolio			29
Thrivent Moderately Aggressive Allocation Portfolio			34
Thrivent Moderate Allocation Portfolio			42
Thrivent Moderately Conservative Allocation Portfolio			50
Thrivent Growth and Income Plus Portfolio			58
Thrivent Balanced Income Plus Portfolio			64
Thrivent Diversified Income Plus Portfolio			71
Thrivent Opportunity Income Plus Portfolio			78
Thrivent Partner Healthcare Portfolio			84
Thrivent Partner Emerging Markets Equity Portfolio			86
Thrivent Real Estate Securities Portfolio			89
Thrivent Small Cap Stock Portfolio			92
Thrivent Small Cap Index Portfolio			95
Thrivent Mid Cap Stock Portfolio			99
Thrivent Mid Cap Index Portfolio			101
Thrivent Partner Worldwide Allocation Portfolio			105
Thrivent Large Cap Stock Portfolio			117
Thrivent Partner All Cap Portfolio			121
Thrivent Large Cap Growth Portfolio			124
Thrivent Partner Growth Stock Portfolio			126
Thrivent Large Cap Value Portfolio			129
Thrivent Large Cap Index Portfolio			131
Thrivent Low Volatility Equity Portfolio			134
Thrivent Multidimensional Income Portfolio			138
Thrivent High Yield Portfolio			146
Thrivent Income Portfolio			150
Thrivent Bond Index Portfolio			155
Thrivent Limited Maturity Bond Portfolio			161
Thrivent Money Market Portfolio			168

Statement of Assets and Liabilities			170

Statement of Operations			176

Statement of Changes in Net Assets			182

Notes to Financial Statements			192

Financial Highlights			208

Additional Information			216

Supplements to the Prospectus			217

Dear Member:

It is with some emotion that I share with you news of the retirement of Russ Swansen, who was Thrivent Financial’s Chief Investment Officer for the last 14 years. Russ and I worked together very closely since I joined Thrivent in 2006, and I have learned a great deal from his years of experience. He is also a close friend. Russ has been a truly exceptional steward of the resources of Thrivent’s members and clients and, while we will miss his knowledge and professionalism (as well as his humor) day to day, Russ will continue to serve as a director of Thrivent Series Fund. I’m sure you will join me in wishing Russ all the best in his retirement.

With Russ’s retirement, I have assumed the role of Chief Investment Officer for Thrivent and will continue to serve as President and Thrivent Series Fund director. Going forward, we will combine the President’s and Chief Investment Officer’s comments into a single, hopefully engaging, letter.

When writing these letters, it can sometimes be difficult to make references to the season of the year (meteorological or liturgical), since the timing of shareholder documents is tied to funds’ fiscal year-ends, and thus the reports can be mailed out over a period of several months. I was reminded of the seasonality of expressions recently when our pastor, during the seventh and final week of the Easter season, started the service by saying, “Jesus is risen!”—to which the congregation of course responded, “He is risen indeed!” I have often thought, as I’m sure many of you have as well, that it is such a joyous experience each Easter morning when we celebrate Christ’s resurrection that we should seek to preserve that joy all year long. Shame on me that our pastor’s expression took me by surprise less than two months after Easter Sunday!

My family’s church is in Long Lake, Minnesota, and has a giant cross outside a large window behind the sanctuary. It is wonderful to see the cross through the seasons: snow on the cross over Christmas (this is Minnesota, after all) and rain on the cross in the spring. In June, when the sun is high in the sky, the sunlight will illuminate the cross gradually from top to bottom over the course of our 9 a.m. service. During the Easter season, we drape a piece of white linen across the cross. I love to watch that piece of white cloth flap in the wind during church.

If you’ll indulge me in sharing another story about my children (as in my last letter), I’ll explain what comes to mind when I see that piece of white linen. When my elder son was younger, probably 6 or 7 years old, like a lot of children he started to grapple with the notion of death. Kids that age will sometimes joke about death in awkward ways as they struggle to understand what it means for them. As parents, we all try to do our best, so I thought I would share with my son the best source of understanding of the concept that I knew, namely the story of Lazarus in the Gospel of John. We read the Gospel together. I explained to my son that, as amazing as the raising of Lazarus was (one of my favorite expressions of Jesus is when he commanded so perfectly and succinctly, “Lazarus, come out!”), Lazarus would die again in an earthly sense. But Jesus would never die again. We then read together the story of Jesus’s resurrection in John and I asked him what he noticed. My son saw that in the story of Lazarus, he came out in his grave clothes, which Jesus told him to remove. But in Jesus’ resurrection, the burial garments are left behind in the tomb, because He would have no further need of them. Whenever I see that piece of white linen flapping on the cross in the wind, I know that it represents all of our sins and all of our fears. They can be left on the cross, because we have no further need of them.

I mention this story, in part, because as I begin my tenure as chief investment officer, I can’t help but feel that managing money for the more than two million Thrivent members and shareholders—more than one half of one percent of the U.S. population—is an awe-inspiring responsibility. Thrivent isn’t here just to serve wealthy Christians or help affluent people live generously. Thrivent exists to help all Christians be wise with money and live generously. We love coming to work each day knowing that we have the privilege of helping families achieve their financial goals. But it is also a serious and, at times, daunting responsibility. You can be assured that our team of more than 100 experienced investment professionals will always be dedicated to managing your money with the same care and expertise as we would our own—because that money also belongs to our friends, neighbors and fellow worshippers.

But markets can be volatile, stubborn and unpredictable. Hard as we try, no one can predict the future with certainty. At Thrivent, we stick to our long-standing investment approach, no matter who is leading the investment team. Invest for the long term. Do your homework through diligent, bottom-up credit analysis and equity research. Stay disciplined and invest the money the way we told investors we would. Don’t panic in turbulent times, but instead be prepared to seize opportunities. I can’t promise you we will always make the perfect investment decisions at the right time; no money manager can assure you of that. But I can promise you we will work our hardest to be good stewards of the assets you have entrusted to us. And I can promise you that whatever happens in the economy and in the financial markets, we will not be paralyzed by or subject to our fears—we have no further need of them.

Solid Market Through First Six Months

Stock markets in both the U.S. and abroad posted solid returns through the first six months of 2017 despite a continuing weakness in the oil market. Although the Federal Reserve approved two federal fund rate hikes during the six-month period, interest rates remained at historically low levels.

Economic Review

Gross domestic product (GDP), which is the broadest measure of economic output, grew at a seasonally adjusted annual rate of 1.4% in the first quarter of 2017, according to the third estimate of the U.S. Commerce Department. GDP growth has traditionally been fairly sluggish in the first quarter, with stronger growth coming in the final three quarters.

Although we expect GDP growth for the year to be modest, we have seen some encouraging areas of the economy. Employment has grown for 81 consecutive months, driving the unemployment rate down to just 4.4%. Consumer spending has improved during all six months of 2017, according to the U.S. Bureau of Economic Analysis, and corporate earnings have been on the upswing in 2017.

On the down side, retail sales have been spotty and the oil sector continues to struggle. Oil prices dipped 14.3% through the first six months of 2017 (West Texas Intermediate), and the energy sector of the S&P 500 Index dropped in each of the first six months of 2017 by more than 12%.

Market Review

In June, the Federal Reserve Board raised rates for the third time in the past seven months by 25 basis points (0.25%) to a new range of 1.00% to 1.25%. Yet, market yields on 10-year U.S. Treasuries have remained near historic lows of under 2.4%. However, we have seen some improvement in rates on money market funds and other short-term securities, which we believe is a positive development for consumers.

As corporate earnings improved, the stock market continued to climb through the first six months of 2017, extending the second-longest bull market in modern U.S. market history (beginning March 9, 2009, and continuing 99 months through June without experiencing a single drop of 20% or more from a closing high).

The S&P 500 was up 8.24% for the first six months of 2017, with a total return of 9.34%. The NASDAQ was up 14.07% for the period, while the MSCI EAFE Index, which tracks developed markets in Europe, Australasia and the Far East, was up 14.07% for the six-month period.

Nine of the 11 sectors of the S&P 500 were up for the period, led by information technology, up 17.23%, and health care, up 16.07%. Other leading gainers included consumer discretionary, up 11%, industrials, up 9.51%, and materials, up 9.21%. The two losing sectors both suffered double-digit losses for the year. The energy sector was down 12.61% and the telecommunications services sector was down 10.74% through the first six months of 2017.

In the fixed-income market, yields on 10-year U.S. Treasury bonds slipped in June to a new low for the year at about 2.10%, before bouncing back to end the second quarter at 2.30%. That was well below the 2.44% yield at the close of 2016.

The Bloomberg Barclays U.S. Treasury Index, which tracks the returns of U.S. Treasury bonds, posted a total return of 1.87% for the six-month period. The Bloomberg Barclays U.S. Aggregate Bond Index, which tracks a broad range of investment-grade bonds, generated a total return of 2.27% for the period.

Our Outlook

We expect consumer spending and retail sales to be fairly solid through the second half of the year due, in part, to the strength of the job market. We expect the job market to remain strong in the months ahead, although we would like to see faster wage growth as the employment market tightens. Wages have grown by about 2.5% over the past year, but still remain below the median income of 2009.

GDP growth should improve in the second half of the year, well beyond the 1.4% annualized first quarter growth. We believe the total GDP growth for this year will be about 2.3%, which is in line with the consensus view, according to the Blue Chip Economic Indicators.

Globally, over the next 12 months, we estimate that China will have GDP growth of about 7%, Japan will have growth of 1.5%, Europe will have growth of about 2%, and the U.K. will grow about 3%.

We believe that inflation growth may edge up this year, but remain at a modest pace for the near future, in the range of 2.0% to 2.3%. That could increase slightly if wage growth and consumer spending improve. For the recovery to continue, we would like to see a continuing increase in corporate earnings, as well as more spending on corporate infrastructure, higher rates of production, healthy consumer spending, and continuing improvement in the employment market.

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

Sincerely,

LOGO

David S. Royal

President and 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 Mutual Funds/Portfolios and in directly-held equity and debt instruments. The Portfolio is subject to its own fees and expenses and the expenses of other portfolios in which it invests, and is subject to all of the 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. The Portfolio may engage in active and frequent trading of portfolio securities in implementing its principal investment strategies.

*	Russell W. Swansen retired from Thrivent Financial effective June 30, 2017. As a result, he will no longer serve as a portfolio manager for the Portfolio.


Portfolio Composition		Top 10 Holdings
(% of Portfolio)		(% of Net Assets)
Large Cap	41.1%	Thrivent Partner Worldwide Allocation
International	22.9%	Portfolio	10.5%
Short-Term Investments	14.0%	Thrivent Mid Cap Stock Portfolio	5.8%
Small Cap	12.6%	Thrivent Large Cap Value Portfolio	4.7%
Mid Cap	4.8%	Thrivent Large Cap Stock Portfolio	3.9%
Investment Grade Debt	4.0%	Thrivent Small Cap Stock Portfolio	3.6%
High Yield	0.6%	Amazon.com, Inc.	1.4%
Total	100.0%	Facebook, Inc.	1.0%
		Apple, Inc.	0.8%
		Thrivent Limited Maturity Bond Portfolio	0.8%
		Alphabet, Inc., Class A	0.8%

		These securities represent 33.3% of the total net assets of the Fund.

Portfolio Composition illustrates market exposure of all asset classes, including long and short derivatives. Portfolio composition does not look-through other mutual funds held to their underlying assets, but rather each fund is assigned to an asset class.

The Portfolio Composition chart excludes collateral held for securities loaned.

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

Quoted Portfolio Composition and Top 10 Holdings are subject to change.

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.

*	Russell W. Swansen retired from Thrivent Financial effective June 30, 2017. As a result, he will no longer serve as a portfolio manager for the Portfolio.


Portfolio Composition		Top 10 Holdings
(% of Portfolio)		(% of Net Assets)
Large Cap	37.6%	Thrivent Partner Worldwide Allocation
International	18.5%	Portfolio	9.1%
Investment Grade Debt	16.5%	Thrivent Mid Cap Stock Portfolio	6.7%
Short-Term Investments	12.1%	Thrivent Large Cap Value Portfolio	6.7%
Small Cap	6.5%	Thrivent Large Cap Stock Portfolio	5.8%
Mid Cap	4.7%	Thrivent Income Portfolio	2.8%
Floating Rate Debt	2.1%	Thrivent Small Cap Stock Portfolio	1.9%
High Yield	2.0%	Federal National Mortgage Association
Total	100.0%	Conventional 30-Yr. Pass Through	1.8%
		Thrivent Limited Maturity Bond Portfolio	1.6%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.3%
		Thrivent High Yield Portfolio	0.9%

		These securities represent 38.6% of the total net assets of the Fund.

The Portfolio Composition chart excludes collateral held for securities loaned.

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

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.

*	Russell W. Swansen retired from Thrivent Financial effective June 30, 2017. As a result, he will no longer serve as a portfolio manager for the Portfolio.


Portfolio Composition		Top 10 Holdings
(% of Portfolio)		(% of Net Assets)
Investment Grade Debt Large Cap International Short-Term Investments Small Cap High Yield Mid Cap	32.1% 26.0% 13.7% 12.6% 4.8% 3.8% 3.6%	Thrivent Partner Worldwide Allocation Portfolio	6.1%
		Thrivent Income Portfolio	5.6%
		Thrivent Large Cap Value Portfolio	5.5%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through	3.5%
Floating Rate Debt	3.4%	Thrivent Mid Cap Stock Portfolio	3.3%
Total	100.0%	Thrivent Limited Maturity Bond Portfolio	3.2%
		Thrivent Large Cap Stock Portfolio	3.2%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through	2.2%
		Thrivent High Yield Portfolio	1.8%
		U.S. Treasury Notes	1.2%

		These securities represent 35.6% of the total net assets of the Fund.

The Portfolio Composition chart excludes collateral held for securities loaned.

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

Quoted Portfolio Composition and Top 10 Holdings are subject to change.

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.

*	Russell W. Swansen retired from Thrivent Financial effective June 30, 2017. As a result, he will no longer serve as a portfolio manager for the Portfolio.


Portfolio Composition		Top 10 Holdings
(% of Portfolio)		(% of Net Assets)
Investment Grade Debt	44.1%	Thrivent Income Portfolio	7.5%
Large Cap Short-Term Investments International Floating Rate Debt High Yield Mid Cap Small Cap	16.8% 16.7% 8.5% 5.2% 5.1% 2.5% 1.1%	Federal National Mortgage Association Conventional 30-Yr. Pass Through	5.1%
		Thrivent Limited Maturity Bond Portfolio	4.7%
		Thrivent Partner Worldwide Allocation Portfolio	3.6%
		Thrivent Large Cap Value Portfolio	3.2%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through	3.0%
Total	100.0%	Thrivent High Yield Portfolio	2.5%
		Thrivent Mid Cap Stock Portfolio	1.6%
		U.S. Treasury Notes	1.6%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.5%

		These securities represent 34.3% of the total net assets of the Fund.

The Portfolio Composition chart excludes collateral held for securities loaned.

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

Quoted Portfolio Composition and Top 10 Holdings are subject to change.

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 long-term capital growth and income.

The Portfolio invests in debt securities and equity securities. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment adviser. Bond prices generally fall as interest rates rise. Credit risk is the risk that an issuer of a debt security may not pay its debt, and high yield securities are subject to increased credit risk as well as liquidity risk. Leveraged loans, REITs, preferred securities, convertible 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. The Portfolio may engage in active and frequent trading of portfolio securities in implementing its principal investment strategies.


		Portfolio Composition
		(% of Portfolio)
		Common Stock			62.7%
		Long-Term Fixed Income			17.1%
		Bank Loans			8.3%
		Short-Term Investments			7.5%
		Registered Investment Companies			4.2%
		Preferred Stock			0.2%
		Total			100.0%


		Major Market Sectors
		(% of Net Assets)
		Information Technology			12.3%
		Financials			12.2%
		Consumer Discretionary			11.0%
		Real Estate			9.3%
		Industrials			7.8%
		Health Care			6.8%
		Consumer Staples			6.0%
		Materials			4.9%
		Energy			4.7%
		Telecommunications Services			4.4%


		Top 10 Holdings
		(% of Net Assets)
		Apple, Inc.			1.9%
		Amazon.com, Inc.			1.8%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through			1.7%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through			1.5%
		UnitedHealth Group, Inc.			1.4%
		Philip Morris International, Inc.			1.0%
		Materials Select Sector SPDR Fund			1.0%
		Goldman Sachs Group, Inc.			1.0%
		Visa, Inc.			1.0%
		Facebook, Inc.			1.0%

		These securities represent 13.7% 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 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
(% of Portfolio)
Common Stock	42.8	%
Long-Term Fixed Income	29.4	%
Bank Loans	15.2	%
Short-Term Investments	9.1	%
Registered Investment Companies	2.4	%
Preferred Stock	1.1	%
Total	100.0	%


Major Market Sectors
(% of Net Assets)
Financials	13.0	%
Information Technology	10.4	%
Consumer Discretionary	9.5	%
Telecommunications Services	7.2	%
Foreign Government	6.7	%
Consumer Staples	6.7	%
Real Estate	6.4	%
Materials	5.9	%
Mortgage-Backed Securities	5.8	%
Industrials	5.4	%


Top 10 Holdings
(% of Net Assets)
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.8	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.5	%
Apple, Inc.	1.3	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.2	%
Amazon.com, Inc.	1.2	%
UnitedHealth Group, Inc.	1.0	%
Philip Morris International, Inc.	0.9	%
Materials Select Sector SPDR Fund	0.7	%
Goldman Sachs Group, Inc.	0.7	%
Visa, Inc.	0.7	%

These securities represent 11.0% 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 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
(% of Portfolio)
Long-Term Fixed Income	47.0	%
Common Stock	25.5	%
Bank Loans	12.2	%
Short-Term Investments	11.0	%
Registered Investment Companies	2.2	%
Preferred Stock	2.1	%
Total	100.0	%


Major Market Sectors
(% of Net Assets)
Financials	15.4	%
Collateralized Mortgage Obligations	9.7	%
Telecommunications Services	7.9	%
Consumer Discretionary	7.7	%
Information Technology	7.4	%
Consumer Staples	6.7	%
Materials	6.1	%
Mortgage-Backed Securities	6.0	%
Asset-Backed Securities	4.7	%
Energy	4.7	%


Top 10 Holdings
(% of Net Assets)
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.7	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.4	%
Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through	1.4	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.1	%
Apple, Inc.	0.7	%
Amazon.com, Inc.	0.7	%
UnitedHealth Group, Inc.	0.6	%
Philip Morris International, Inc.	0.5	%
Alerian MLP ETF	0.5	%
Goldman Sachs Group, Inc., Convertible	0.5	%

These securities represent 9.1% 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, 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, REITs, preferred securities, convertible 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. The Portfolio may engage in active and frequent trading of portfolio securities in implementing its principal investment strategies.

Bond Quality Ratings Distributions

LOGO


Major Market Sectors
(% of Net Assets)
Foreign Government	14.3	%
Communications Services	13.3	%
Mortgage-Backed Securities	11.4	%
Financials	9.4	%
Consumer Non-Cyclical	7.6	%
Collateralized Mortgage Obligations	6.7	%
Consumer Cyclical	5.8	%
Asset-Backed Securities	5.5	%
Technology	4.6	%
Capital Goods	3.8	%


Top 10 Holdings
(% of Net Assets)
Federal National Mortgage Association Conventional 30-Yr. Pass Through	3.0	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	3.0	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	2.5	%
Vanguard Short-Term Corporate Bond ETF	1.6	%
Valeant Pharmaceuticals International, Inc., Term Loan	1.0	%
Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through	1.0	%
Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through	1.0	%
SPDR Bloomberg Barclays High Yield Bond ETF	0.9	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	0.8	%
Scientific Games International, Inc., Term Loan	0.8	%

These securities represent 15.6% of the total net assets of the Portfolio.

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. Investments in derivatives and short-term investments are not reflected in the table.

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 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
(% of Portfolio)
Common Stock			91.8%
Short-Term Investments			8.2%
Total			100.0%


		Major Market Sectors
		(% of Net Assets)
		Pharmaceuticals			42.9%
		Biotechnology			22.2%
		Health Care Equipment			21.0%
		Health Care Facilities			2.6%
		Health Care Services			1.7%
		Health Care Technology			1.2%


Top 10 Holdings
(% of Net Assets)
Pfizer, Inc.			7.5%
Johnson & Johnson			7.5%
Merck & Company, Inc.			7.5%
Novartis AG ADR			7.5%
Medtronic plc			5.6%
Celgene Corporation			4.7%
Regeneron Pharmaceuticals, Inc.			4.0%
BioMarin Pharmaceutical, Inc.			4.0%
Teva Pharmaceutical Industries, Ltd. ADR			3.3%
Mylan NV			3.1%

These securities represent 54.7% 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. To the extent that the financials sector continues to represent a significant portion of the Portfolio, the Portfolio will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this sector.


Portfolio Composition
(% of Portfolio)
Common Stock			91.2%
Preferred Stock			5.7%
Short-Term Investments			3.1%
Total			100.0%


				Major Market Sectors
				(% of Net Assets)
				Financials			27.9%
				Consumer Staples			16.6%
				Information Technology			13.2%
				Consumer Discretionary			11.0%
				Materials			9.0%
				Energy			6.0%
				Real Estate			5.6%
				Telecommunications Services			5.4%
				Industrials			1.5%
				Health Care			1.2%


Top 10 Countries
(% of Net Assets)
India			16.5%
Brazil			12.2%
Hong Kong			11.3%
South Korea			8.3%
Mexico			7.5%
Indonesia			5.3%
Taiwan			5.0%
Thailand			4.5%
Turkey			3.9%
Philippines			3.8%

Investments in securities in these countries represent 78.3% 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 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
(% of Portfolio)
Common Stock			99.4%
Short-Term Investments			0.5%
Registered Investment Companies			0.1%
Total			100.0%


		Major Market Sectors
		(% of Net Assets)
		Residential REITs			19.2%
		Retail REITs			18.9%
		Specialized REITs			17.3%
		Office REITs			14.9%
		Health Care REITs			9.5%
		Industrial REITs			7.8%
		Hotel & Resort REITs			6.3%
		Diversified REITs			4.6%
		Information Technology			0.4%
		Mortgage REITs			0.2%


Top 10 Holdings
(% of Net Assets)
Simon Property Group, Inc.			6.9%
Prologis, Inc.			4.0%
AvalonBay Communities, Inc.			3.8%
Equinix, Inc.			3.2%
Public Storage, Inc.			3.0%
Welltower, Inc.			2.7%
Boston Properties, Inc.			2.6%
Equity Residential			2.5%
Essex Property Trust, Inc.			2.5%
Vornado Realty Trust			2.3%

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

THRIVENT SMALL CAP STOCK PORTFOLIO

Matthew D. Finn, CFA, and James M. Tinucci, CFA, Portfolio Co-Managers

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
(% of Portfolio)
Common Stock			95.0%
Registered Investment Companies			2.7%
Short-Term Investments			2.3%
Total			100.0%


		Major Market Sectors
		(% of Net Assets)
		Financials			22.9%
		Industrials			21.0%
		Information Technology			16.2%
		Health Care			12.1%
		Consumer Discretionary			8.7%
		Materials			3.6%
		Real Estate			3.5%
		Energy			3.1%
		Equity Funds/ETFs			2.7%
		Utilities			2.3%


Top 10 Holdings
(% of Net Assets)
Arista Networks, Inc.			2.8%
AZZ, Inc.			2.0%
Tupperware Brands Corporation			2.0%
Kirby Corporation			2.0%
Assured Guaranty, Ltd.			1.8%
Chemed Corporation			1.7%
Synovus Financial Corporation			1.7%
National Instruments Corporation			1.7%
Pegasystems, Inc.			1.6%
Dolby Laboratories, Inc.			1.6%

These securities represent 18.9% 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 Sector 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
(% of Portfolio)
Common Stock			95.4%
Short-Term Investments			4.6%
Total			100.0%


		Major Market Sectors
		(% of Net Assets)
		Industrials			18.9%
		Financials			16.0%
		Consumer Discretionary			15.8%
		Information Technology			13.9%
		Health Care			12.4%
		Real Estate			6.7%
		Materials			5.1%
		Consumer Staples			3.0%
		Utilities			2.7%
		Energy			2.5%


Top 10 Holdings
(% of Net Assets)
MKS Instruments, Inc.			0.5%
ALLETE, Inc.			0.5%
CoreSite Realty Corporation			0.5%
Healthcare Services Group, Inc.			0.5%
Spire, Inc.			0.5%
Integra LifeSciences Holdings Corporation			0.5%
Chemed Corporation			0.4%
ProAssurance Corporation			0.4%
Lumentum Holdings, Inc.			0.4%
Sterling Bancorp			0.4%

These securities represent 4.6% 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
(% of Portfolio)
Common Stock			94.1%
Short-Term Investments			5.9%
Total			100.0%


		Major Market Sectors
		(% of Net Assets)
		Industrials			19.0%
		Financials			18.7%
		Information Technology			16.8%
		Consumer Discretionary			11.9%
		Health Care			9.5%
		Real Estate			6.4%
		Materials			4.4%
		Energy			4.1%
		Consumer Staples			1.7%
		Utilities			1.4%


Top 10 Holdings
(% of Net Assets)
Southwest Airlines Company			4.1%
Zions Bancorporation			3.7%
Alliance Data Systems Corporation			3.5%
Applied Materials, Inc.			3.3%
Steel Dynamics, Inc.			3.0%
First Republic Bank			2.9%
Oshkosh Corporation			2.8%
Red Hat, Inc.			2.7%
Raymond James Financial, Inc.			2.6%
KeyCorp			2.6%

These securities represent 31.2% 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 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
(% of Portfolio)
Common Stock			97.0%
Short-Term Investments			3.0%
Total			100.0%


		Major Market Sectors
		(% of Net Assets)
		Information Technology			17.2%
		Financials			16.0%
		Industrials			14.8%
		Consumer Discretionary			11.2%
		Real Estate			9.6%
		Health Care			8.9%
		Materials			7.4%
		Utilities			5.3%
		Consumer Staples			3.6%
		Energy			2.9%


Top 10 Holdings
(% of Net Assets)
ResMed, Inc.			0.6%
Packaging Corporation of America			0.6%
Domino’s Pizza, Inc.			0.6%
Duke Realty Corporation			0.6%
Cadence Design Systems, Inc.			0.6%
MSCI, Inc.			0.5%
Teleflex, Inc.			0.5%
SVB Financial Group			0.5%
Alleghany Corporation			0.5%
Trimble, Inc.			0.5%

These securities represent 5.5% 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
(% of Portfolio)
Common Stock			88.3%
Long-Term Fixed Income			8.9%
Short-Term Investments			1.6%
Preferred Stock			1.1%
Registered Investment Companies			0.1%
Total			100.0%


		Major Market Sectors
		(% of Net Assets)
		Financials			17.2%
		Industrials			13.9%
		Consumer Discretionary			11.2%
		Consumer Staples			9.4%
		Materials			7.9%
		Information Technology			7.7%
		Health Care			7.5%
		Energy			6.8%
		Foreign Government			5.9%
		Real Estate			3.8%


Top 10 Countries
(% of Net Assets)
Japan			18.5%
United Kingdom			11.4%
Germany			6.1%
Switzerland			6.0%
Australia			5.3%
France			4.9%
Canada			3.1%
Hong Kong			2.9%
Sweden			2.9%
India			2.5%

Investments in securities in these countries represent 63.6% 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 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.

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. The use of derivatives (such as futures and swaps) involves additional risks and transaction costs, which could leave the Portfolio in a worse position than if it had not used these instruments.


Portfolio Composition
(% of Portfolio)
Common Stock	90.2	%
Short-Term Investments	9.5	%
Preferred Stock	0.2	%
Registered Investment Companies	0.1	%
Total	100.0	%


Major Market Sectors
(% of Net Assets)
Information Technology	16.7	%
Financials	16.0	%
Consumer Discretionary	12.4	%
Industrials	11.1	%
Health Care	10.0	%
Energy	5.7	%
Materials	4.9	%
Consumer Staples	3.1	%
Utilities	3.0	%
Telecommunications Services	1.4	%


Top 10 Holdings
(% of Net Assets)
Apple, Inc.	4.1	%
Amazon.com, Inc.	3.5	%
Alphabet, Inc., Class A	2.3	%
Comcast Corporation	2.2	%
PG&E Corporation	2.0	%
Goldman Sachs Group, Inc.	1.9	%
Alphabet, Inc., Class C	1.9	%
Facebook, Inc.	1.7	%
Citigroup, Inc.	1.7	%
Boeing Company	1.5	%

These securities represent 22.8% of the total net assets of the Portfolio.

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.


Portfolio Composition
(% of Portfolio)
Common Stock	98.8	%
Short-Term Investments	1.2	%
Total	100.0	%


Major Market Sectors
(% of Net Assets)
Information Technology	21.4	%
Financials	14.7	%
Health Care	13.9	%
Consumer Discretionary	12.3	%
Industrials	10.9	%
Consumer Staples	8.4	%
Energy	5.6	%
Real Estate	3.4	%
Materials	3.2	%
Utilities	3.2	%


Top 10 Holdings
(% of Net Assets)
Alphabet, Inc., Class A	3.6	%
Citigroup, Inc.	2.8	%
Pioneer Natural Resources Company	2.5	%
Apple, Inc.	2.2	%
FedEx Corporation	1.9	%
Ingersoll-Rand plc	1.8	%
Broadcom, Ltd.	1.8	%
Diamondback Energy, Inc.	1.7	%
Danaher Corporation	1.7	%
Amazon.com, Inc.	1.7	%

These securities represent 21.7% of the total net assets of the Portfolio.

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

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

The Portfolio Composition chart excludes collateral held for securities loaned.

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. Common stocks of companies that rely extensively on technology, science or communications in their product development or operations may be more volatile than the overall stock market and may or may not move in tandem with the overall stock market.


Portfolio Composition
(% of Portfolio)
Common Stock	95.2	%
Short-Term Investments	4.1	%
Registered Investment Companies	0.7	%
Total	100.0	%


Major Market Sectors
(% of Net Assets)
Information Technology	46.2	%
Consumer Discretionary	20.5	%
Health Care	14.8	%
Industrials	7.1	%
Financials	4.7	%
Energy	1.6	%
Consumer Staples	1.4	%
Equity Funds/ETFs	0.7	%


Top 10 Holdings
(% of Net Assets)
Amazon.com, Inc.	9.3	%
Facebook, Inc.	6.8	%
Alphabet, Inc., Class A	5.1	%
Visa, Inc.	5.1	%
Apple, Inc.	5.0	%
MasterCard, Inc.	4.1	%
Microsoft Corporation	4.0	%
Salesforce.com, Inc.	3.6	%
UnitedHealth Group, Inc.	3.3	%
PayPal Holdings, Inc.	3.2	%

These securities represent 49.5% of the total net assets of the Portfolio.

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
(% of Portfolio)
Common Stock	94.8	%
Short-Term Investments	4.8	%
Preferred Stock	0.4	%
Total	100.0	%


Major Market Sectors
(% of Net Assets)
Information Technology	36.6	%
Consumer Discretionary	20.0	%
Health Care	16.7	%
Industrials	8.7	%
Financials	5.9	%
Consumer Staples	3.0	%
Real Estate	2.7	%
Utilities	0.9	%
Telecommunications Services	0.7	%


Top 10 Holdings
(% of Net Assets)
Amazon.com, Inc.	6.0	%
Apple, Inc.	5.2	%
Facebook, Inc.	3.6	%
Priceline Group, Inc.	3.4	%
Alphabet, Inc., Class A	3.1	%
Microsoft Corporation	3.1	%
PayPal Holdings, Inc.	2.8	%
Visa, Inc.	2.6	%
Alphabet, Inc., Class C	2.6	%
Alibaba Group Holding, Ltd. ADR	2.4	%

These securities represent 34.8% 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 VALUE PORTFOLIO

Kurt J. Lauber, CFA, Portfolio Manager

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


Portfolio Composition
(% of Portfolio)
Common Stock	97.7	%
Short-Term Investments	2.3	%
Total	100.0	%


Major Market Sectors
(% of Net Assets)
Financials	27.5	%
Information Technology	16.0	%
Health Care	11.8	%
Industrials	10.3	%
Consumer Discretionary	10.2	%
Energy	9.4	%
Consumer Staples	4.4	%
Materials	3.4	%
Utilities	3.0	%
Telecommunications Services	1.7	%


Top 10 Holdings
(% of Net Assets)
Citigroup, Inc.	4.4	%
Bank of America Corporation	4.0	%
Cisco Systems, Inc.	4.0	%
Microsoft Corporation	3.9	%
Comcast Corporation	3.2	%
Chevron Corporation	3.1	%
Merck & Company, Inc.	3.1	%
PG&E Corporation	3.0	%
Oracle Corporation	2.7	%
MetLife, Inc.	2.4	%

These securities represent 33.8% 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
(% of Portfolio)
Common Stock	95.8	%
Short-Term Investments	4.2	%
Total	100.0	%


Major Market Sectors
(% of Net Assets)
Information Technology	21.4	%
Financials	13.9	%
Health Care	13.8	%
Consumer Discretionary	11.9	%
Industrials	9.8	%
Consumer Staples	8.7	%
Energy	5.8	%
Utilities	3.0	%
Real Estate	2.8	%
Materials	2.6	%


Top 10 Holdings
(% of Net Assets)
Apple, Inc.	3.4	%
Microsoft Corporation	2.5	%
Amazon.com, Inc.	1.8	%
Johnson & Johnson	1.6	%
Facebook, Inc.	1.6	%
Exxon Mobil Corporation	1.6	%
J.P. Morgan Chase & Company	1.5	%
Berkshire Hathaway, Inc.	1.5	%
Alphabet, Inc., Class A	1.3	%
Alphabet, Inc., Class C	1.2	%

These securities represent 18.0% of the total net assets of the Portfolio.

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

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

The Portfolio Composition chart excludes collateral held for securities loaned.

THRIVENT LOW VOLATILITY EQUITY PORTFOLIO

Noah J. Monsen, CFA, Portfolio Manager

The Portfolio seeks long-term capital growth with lower volatility relative to the global equity markets.

The Portfolio primarily invests in equity securities. Although the Portfolio seeks lower volatility than the global equity markets, its returns will experience some volatility. 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. Small and medium-sized companies often have greater price volatility and less liquidity than larger companies. Large companies may be unable to respond quickly to new competitive challenges and may not be able to attain a high growth rate. The use of derivatives (such as futures and swaps) involves additional risks and transaction costs, which could leave the Portfolio in a worse position than if it had not used these instruments.


Portfolio Composition
(% of Portfolio)
Common Stock	83.5	%
Short-Term Investments	15.4	%
Preferred Stock	1.1	%
Total	100.0	%


Major Market Sectors
(% of Net Assets)
Financials	14.6	%
Health Care	12.0	%
Information Technology	10.9	%
Industrials	10.6	%
Consumer Staples	10.3	%
Consumer Discretionary	8.1	%
Utilities	4.9	%
Telecommunications Services	4.7	%
Energy	2.6	%
Materials	2.2	%


Top 10 Holdings
(% of Net Assets)
Oracle Corporation	1.4	%
Canon, Inc.	1.3	%
Johnson & Johnson	1.3	%
Aon plc	1.3	%
Chubb, Ltd.	1.3	%
CIGNA Corporation	1.2	%
Marsh & McLennan Companies, Inc.	1.2	%
3M Company	1.2	%
Allstate Corporation	1.2	%
Berkshire Hathaway, Inc.	1.2	%

These securities represent 12.6% 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 MULTIDIMENSIONAL INCOME PORTFOLIO

Mark L. Simenstad, CFA, Gregory R. Anderson, CFA, Paul J. Ocenasek, CFA, Conrad E. Smith, CFA, and Kent L. White, CFA, Portfolio Co-Managers

The Portfolio seeks a high level of current income and, secondarily, growth of capital.

The Portfolio allocates its assets across multiple income and growth producing asset classes and strategies. 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, closed-end funds, BDCs, MLPs, REITs, preferred securities, convertible 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.

Bond Quality Ratings Distributions

LOGO


Major Market Sectors
(% of Net Assets)
Fixed Income Funds/ETFs	26.9	%
Financials	13.5	%
Mortgage-Backed Securities	12.8	%
Foreign Government	9.7	%
Communications Services	6.0	%
Consumer Non-Cyclical	5.6	%
Equity Funds/ETFs	5.0	%
Technology	2.4	%
Consumer Cyclical	2.2	%
Collateralized Mortgage Obligations	2.3	%


Top 10 Holdings
(% of Net Assets)
SPDR Bloomberg Barclays High Yield Bond ETF	10.0	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	8.9	%
iShares iBoxx $ High Yield Corporate Bond ETF	5.0	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	3.9	%
Vanguard Short-Term Corporate Bond ETF	3.9	%
iShares 0-5 Year High Yield Corporate Bond ETF	2.0	%
iShares S&P U.S. Preferred Stock Index Fund	1.0	%
Bunge, Ltd., Convertible, 4.875%	0.9	%
DISH Network Corporation, Convertible	0.9	%
Wells Fargo Mortgage Backed Securities Trust	0.8	%

These securities represent 37.3% 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 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. Convertible securities are subject to additional risks. 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.

LOGO


Major Market Sectors
(% of Net Assets)
Communications Services	15.9	%
Consumer Cyclical	13.6	%
Energy	13.3	%
Consumer Non-Cyclical	10.9	%
Financials	9.8	%
Capital Goods	9.0	%
Basic Materials	6.9	%
Technology	6.4	%
Utilities	3.4	%
Transportation	2.7	%


Top 10 Holdings
(% of Net Assets)
Sprint Corporation	2.2	%
Alliance Data Systems Corporation	0.8	%
Neptune Finco Corporation	0.8	%
Valeant Pharmaceuticals International, Inc.	0.8	%
Berry Plastics Corporation	0.8	%
Intelsat Jackson Holdings SA	0.7	%
Quicken Loans, Inc.	0.7	%
CCO Holdings, LLC	0.7	%
Sprint Communications, Inc.	0.7	%
Columbus International, Inc.	0.6	%

These securities represent 8.8% of the total net assets of the Portfolio.

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

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

Bond Quality Ratings Distributions exclude collateral held for securities loaned.

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. To the extent that the financials sector continues to represent a significant portion of the Portfolio, the Portfolio will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this sector.

*	Kent L. White, CFA has joined Stephen D. Lowe, CFA as a portfolio manager of the Portfolio.

Bond Quality Ratings Distributions

LOGO


Major Market Sectors
(% of Net Assets)
Financials	28.2	%
Energy	10.6	%
Consumer Non-Cyclical	10.2	%
Communications Services	9.7	%
Utilities	6.0	%
U.S. Government and Agencies	5.6	%
Consumer Cyclical	4.8	%
Mortgage-Backed Securities	4.6	%
Technology	4.2	%
Basic Materials	3.2	%


Top 10 Holdings
(% of Net Assets)
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.7	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.0	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	0.8	%
Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through	0.7	%
U.S. Treasury Bonds	0.6	%
U.S. Treasury Bonds	0.5	%
U.S. Treasury Bonds	0.5	%
U.S. Treasury Notes	0.5	%
U.S. Treasury Bonds	0.5	%
U.S. Treasury Bonds	0.5	%

These securities represent 7.3% 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 Bloomberg 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.

*	Shareholders of the Thrivent Bond Index Portfolio approved changes described in a prospectus supplement dated August 18, 2017, which is included at the back of this semiannual report.

Bond Quality Ratings Distributions

LOGO


Major Market Sectors
(% of Net Assets)
U.S. Government and Agencies	40.9	%
Mortgage-Backed Securities	28.1	%
Financials	7.7	%
Fixed Income Funds/ETFs	3.9	%
Consumer Non-Cyclical	3.5	%
Consumer Cyclical	2.4	%
Foreign Government	2.3	%
Utilities	2.3	%
Energy	2.0	%
Commercial Mortgage-Backed Securities	1.7	%


Top 10 Holdings
(% of Net Assets)
Federal National Mortgage Association Conventional 30-Yr. Pass Through	9.4	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	7.4	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	4.5	%
iShares iBoxx $ Investment Grade Corporate Bond ETF	3.9	%
U.S. Treasury Notes	3.8	%
U.S. Treasury Notes	3.8	%
Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through	3.2	%
U.S. Treasury Notes	3.1	%
U.S. Treasury Bonds	3.0	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	2.6	%

These securities represent 44.7% 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 LIMITED MATURITY BOND PORTFOLIO

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

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

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

Bond Quality Ratings Distributions

LOGO


Major Market Sectors
(% of Net Assets)
Asset-Backed Securities	26.7	%
Financials	21.6	%
U.S. Government and Agencies	14.5	%
Consumer Non-Cyclical	6.0	%
Collateralized Mortgage Obligations	5.7	%
Energy	3.8	%
Communications Services	3.0	%
Mortgage-Backed Securities	2.8	%
Commercial Mortgage-Backed Securities	2.8	%
Utilities	2.6	%


Top 10 Holdings
(% of Net Assets)
U.S. Treasury Notes	4.3	%
U.S. Treasury Notes, TIPS	2.2	%
U.S. Treasury Notes	1.4	%
U.S. Treasury Notes	1.1	%
U.S. Treasury Bonds, TIPS	0.9	%
Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through	0.8	%
Federal National Mortgage Association	0.8	%
U.S. Treasury Bonds, TIPS	0.8	%
Commercial Mortgage Trust	0.8	%
U.S. Treasury Bonds, TIPS	0.7	%

These securities represent 13.8% 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 a high level of current income, while maintaining liquidity and a constant net asset value of $1 per share.

The Portfolio invests at least 99.5% of its total assets in government securities, cash and repurchase agreements collateralized fully by government securities or cash. 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. Credit risk is the risk that an issuer of a bond to which the Portfolio is exposed may no longer be able to pay its debt. A weak economy, strong equity markets, or changes by the Federal Reserve to its monetary policies may cause short-term interest rates to increase and affect the Portfolio’s ability to maintain a stable share price. Securities issued or guaranteed by U.S government related organizations are not backed by the full faith and credit of the U.S government.


Portfolio Composition
(% of Portfolio)
U.S. Government Agency Debt			86.3%
U.S. Treasury Debt			13.7%
Total			100.0%

An investment in the Thrivent Money Market Portfolio is not insured or guaranteed by the FDIC or any other government agency.

Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Portfolio.

Quoted Portfolio Composition is subject to change.

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, 2017 through June 30, 2017. 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 1/1/2017		Ending Account Value 6/30/2017		Expenses Paid During Period 1/1/2017 - 6/30/2017^*		Annualized Expense Ratio
Thrivent Aggressive Allocation Portfolio
Actual	$	1,000	$	1,105	$	3.03		0.58	%
Hypothetical^**	$	1,000	$	1,022	$	2.91		0.58	%
Thrivent Moderately Aggressive Allocation Portfolio
Actual	$	1,000	$	1,080	$	2.39		0.46	%
Hypothetical^**	$	1,000	$	1,022	$	2.32		0.46	%
Thrivent Moderate Allocation Portfolio
Actual	$	1,000	$	1,063	$	2.32		0.45	%
Hypothetical^**	$	1,000	$	1,023	$	2.27		0.45	%
Thrivent Moderately Conservative Allocation Portfolio
Actual	$	1,000	$	1,048	$	2.37		0.47	%
Hypothetical^**	$	1,000	$	1,022	$	2.35		0.47	%
Thrivent Growth and Income Plus Portfolio
Actual	$	1,000	$	1,071	$	4.11		0.80	%
Hypothetical^**	$	1,000	$	1,021	$	4.01		0.80	%
Thrivent Balanced Income Plus Portfolio
Actual	$	1,000	$	1,060	$	3.36		0.66	%
Hypothetical^**	$	1,000	$	1,022	$	3.30		0.66	%
Thrivent Diversified Income Plus Portfolio
Actual	$	1,000	$	1,052	$	2.43		0.48	%
Hypothetical^**	$	1,000	$	1,022	$	2.39		0.48	%
Thrivent Opportunity Income Plus Portfolio
Actual	$	1,000	$	1,027	$	3.32		0.66	%
Hypothetical^**	$	1,000	$	1,022	$	3.31		0.66	%
Thrivent Partner Healthcare Portfolio
Actual	$	1,000	$	1,200	$	5.05		0.93	%
Hypothetical^**	$	1,000	$	1,020	$	4.64		0.93	%


	Beginning Account Value 1/1/2017		Ending Account Value 6/30/2017		Expenses Paid During Period 1/1/2017 - 6/30/2017^*		Annualized Expense Ratio
Thrivent Partner Emerging Markets Equity Portfolio
Actual	$	1,000	$	1,172	$	7.00		1.30	%
Hypothetical^**	$	1,000	$	1,018	$	6.51		1.30	%
Thrivent Real Estate Securities Portfolio
Actual	$	1,000	$	1,024	$	4.52		0.90	%
Hypothetical^**	$	1,000	$	1,020	$	4.51		0.90	%
Thrivent Small Cap Stock Portfolio
Actual	$	1,000	$	1,084	$	3.75		0.73	%
Hypothetical^**	$	1,000	$	1,021	$	3.64		0.73	%
Thrivent Small Cap Index Portfolio
Actual	$	1,000	$	1,028	$	1.36		0.27	%
Hypothetical^**	$	1,000	$	1,023	$	1.36		0.27	%
Thrivent Mid Cap Stock Portfolio
Actual	$	1,000	$	1,073	$	3.47		0.67	%
Hypothetical^**	$	1,000	$	1,021	$	3.38		0.67	%
Thrivent Mid Cap Index Portfolio
Actual	$	1,000	$	1,059	$	1.42		0.28	%
Hypothetical^**	$	1,000	$	1,023	$	1.40		0.28	%
Thrivent Partner Worldwide Allocation Portfolio
Actual	$	1,000	$	1,142	$	4.64		0.87	%
Hypothetical^**	$	1,000	$	1,020	$	4.38		0.87	%
Thrivent Large Cap Stock Portfolio
Actual	$	1,000	$	1,108	$	3.46		0.66	%
Hypothetical^**	$	1,000	$	1,022	$	3.32		0.66	%
Thrivent Partner All Cap Portfolio
Actual	$	1,000	$	1,104	$	4.23		0.81	%
Hypothetical^**	$	1,000	$	1,021	$	4.07		0.81	%
Thrivent Large Cap Growth Portfolio
Actual	$	1,000	$	1,153	$	2.36		0.44	%
Hypothetical^**	$	1,000	$	1,023	$	2.22		0.44	%
Thrivent Partner Growth Stock Portfolio
Actual	$	1,000	$	1,195	$	4.35		0.80	%
Hypothetical^**	$	1,000	$	1,021	$	4.01		0.80	%
Thrivent Large Cap Value Portfolio
Actual	$	1,000	$	1,052	$	3.25		0.64	%
Hypothetical^**	$	1,000	$	1,022	$	3.20		0.64	%
Thrivent Large Cap Index Portfolio
Actual	$	1,000	$	1,092	$	1.29		0.25	%
Hypothetical^**	$	1,000	$	1,024	$	1.25		0.25	%
Thrivent Low Volatility Equity Portfolio
Actual	$	1,000	$	1,018	$	1.35		0.78	%
Hypothetical^**	$	1,000	$	1,007	$	1.35		0.78	%
Thrivent Multidimensional Income Portfolio
Actual	$	1,000	$	1,006	$	1.59		0.92	%
Hypothetical^**	$	1,000	$	1,007	$	1.59		0.92	%
Thrivent High Yield Portfolio
Actual	$	1,000	$	1,045	$	2.27		0.45	%
Hypothetical^**	$	1,000	$	1,023	$	2.24		0.45	%
Thrivent Income Portfolio
Actual	$	1,000	$	1,038	$	2.22		0.44	%
Hypothetical^**	$	1,000	$	1,023	$	2.20		0.44	%


	Beginning Account Value 1/1/2017		Ending Account Value 6/30/2017		Expenses Paid During Period 1/1/2017 - 6/30/2017^*		Annualized Expense Ratio
Thrivent Bond Index Portfolio
Actual	$	1,000	$	1,022	$	2.28		0.45	%
Hypothetical^**	$	1,000	$	1,023	$	2.28		0.45	%
Thrivent Limited Maturity Bond Portfolio
Actual	$	1,000	$	1,015	$	2.24		0.45	%
Hypothetical^**	$	1,000	$	1,023	$	2.25		0.45	%
Thrivent Money Market Portfolio
Actual	$	1,000	$	1,002	$	2.24		0.45	%
Hypothetical^**	$	1,000	$	1,023	$	2.26		0.45	%

Expenses are equal to the Portfolio’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period. The Low Volatility Equity Portfolio and the Multidimensional Income Portfolio expenses are equal to the Portfolio’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 63/365 to reflect the inception date short period.

**	Assuming 5% annualized total return before expenses.

AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)


					% of Net
Shares		Common Stock (50.7%)	Value		Assets
	Consumer Discretionary (8.0%)
	17,326	Amazon.com, Inc.^a	$	16,771,568		1.4	%
	173,341	Comcast Corporation		6,746,432		0.6	%
	43,870	Home Depot, Inc.		6,729,658		0.6	%
	1,900	Priceline Group, Inc.^a		3,553,988		0.3	%
	57,441	Starbucks Corporation		3,349,385		0.3	%
	31,863	Walt Disney Company		3,385,444		0.3	%
		Other Securities^		54,293,152		4.5	%

		Total		94,829,627


	Consumer Staples (1.3%)
	35,980	Altria Group, Inc.		2,679,431		0.2	%
		Other Securities^		12,511,645		1.1	%

		Total		15,191,076


	Energy (1.5%)
		Other Securities^		17,162,545		1.5	%

		Total		17,162,545


	Financials (7.4%)
	282,764	Bank of America Corporation		6,859,855		0.6	%
	39,080	Citigroup, Inc.		2,613,670		0.2	%
	29,568	First Republic Bank		2,959,757		0.3	%
	20,200	Goldman Sachs Group, Inc.		4,482,380		0.4	%
		Other Securities^		70,660,439		5.9	%

		Total		87,576,101


	Health Care (7.1%)
	27,976	Alexion Pharmaceuticals, Inc.^a		3,403,840		0.3	%
	45,755	Celgene Corporation^a		5,942,202		0.5	%
	108,200	Hologic, Inc.^a		4,910,116		0.4	%
	18,660	Johnson & Johnson		2,468,531		0.2	%
	58,090	Medtronic plc		5,155,487		0.4	%
	39,193	NuVasive, Inc.^a		3,014,726		0.3	%
	44,140	UnitedHealth Group, Inc.		8,184,439		0.7	%
	65,420	Zoetis, Inc.		4,080,900		0.3	%
		Other Securities^		47,505,035		4.0	%

		Total		84,665,276


	Industrials (7.1%)
	44,875	AZZ, Inc.		2,504,025		0.2	%
	82,518	CSX Corporation		4,502,182		0.4	%
	25,130	Cummins, Inc.		4,076,589		0.3	%
	34,113	Eaton Corporation plc		2,655,015		0.2	%
	111,271	Southwest Airlines Company		6,914,380		0.6	%
		Other Securities^		64,068,323		5.4	%

		Total		84,720,514


	Information Technology (14.8%)
	26,350	Alliance Data Systems Corporation		6,763,781		0.6	%
	10,023	Alphabet, Inc., Class A^a		9,318,183		0.8	%
	6,247	Alphabet, Inc., Class C^a		5,676,836		0.5	%
	65,064	Apple, Inc.		9,370,517		0.8	%
	30,282	Arista Networks, Inc.^a		4,535,941		0.4	%
	95,720	Ciena Corporation^a		2,394,914		0.2	%
	75,890	Cisco Systems, Inc.		2,375,357		0.2	%
	65,468	Cognizant Technology Solutions Corporation		4,347,075		0.4	%
	52,050	Dolby Laboratories, Inc.		2,548,368		0.2	%
	81,890	Facebook, Inc.^a		12,363,752		1.0	%
	68,550	FLIR Systems, Inc.		2,375,943		0.2	%
	39,322	Guidewire Software, Inc.^a		2,701,815		0.2	%
	73,872	MasterCard, Inc.		8,971,754		0.8	%
	114,040	Microsoft Corporation		7,860,777		0.7	%
	120,213	PayPal Holdings, Inc.^a		6,451,832		0.5	%
	33,706	Proofpoint, Inc.^a		2,926,692		0.3	%
	87,050	Salesforce.com, Inc.^a		7,538,530		0.6	%
	98,090	Visa, Inc.		9,198,880		0.8	%
		Other Securities^		67,881,973		5.6	%

		Total		175,602,920


	Materials (1.6%)
		Other Securities^		18,537,904		1.6	%

		Total		18,537,904


	Real Estate (1.2%)
		Other Securities^		14,409,988		1.2	%

		Total		14,409,988


	Telecommunications Services (0.1%)
		Other Securities^		1,547,150		0.1	%

		Total		1,547,150


	Utilities (0.6%)
		Other Securities^		7,342,509		0.6	%

		Total		7,342,509


		Total Common Stock (cost $468,063,034)		601,585,610


		Registered Investment Companies (31.7%)
	Affiliated Equity Holdings (28.6%)
	3,563,837	Thrivent Large Cap Stock Portfolio		46,859,113		4.0	%
	3,311,080	Thrivent Large Cap Value Portfolio		56,186,053		4.7	%
	3,656,772	Thrivent Mid Cap Stock Portfolio		68,630,656		5.8	%
	12,302,797	Thrivent Partner Worldwide Allocation Portfolio		124,995,186		10.5	%
	2,246,652	Thrivent Small Cap Stock Portfolio		42,182,462		3.6	%

		Total		338,853,470


	Affiliated Fixed Income Holdings (2.0%)
	1,817,596	Thrivent High Yield Portfolio		8,814,977		0.8	%
	477,105	Thrivent Income Portfolio		4,894,334		0.4	%
	947,950	Thrivent Limited Maturity Bond Portfolio		9,347,832		0.8	%

		Total		23,057,143


	Equity Funds/Exchange Traded Funds (1.1%)
	22,455	iShares Russell 2000 Growth Index Fund		3,789,730		0.3	%
	20,666	SPDR S&P 500 ETF Trust		4,997,039		0.4	%
		Other Securities^		4,626,837		0.4	%

		Total		13,413,606


		Total Registered Investment Companies (cost $335,302,843)		375,324,219


Principal Amount		Long-Term Fixed Income (3.2%)
	Collateralized Mortgage Obligations (<0.1%)
		Other Securities^		214,628		<0.1	%

		Total		214,628

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

AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (3.2%)	Value			% of Net Assets
	Mortgage-Backed Securities (1.5%)
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	$7,475,000	3.500%, 7/1/2047^b	$	7,675,075			0.6	%
	4,375,000	4.000%, 7/1/2047^b		4,598,193			0.4	%
	3,425,000	3.000% - 4.500%, 7/1/2047^b		3,536,172			0.3	%
		Other Securities^		2,291,648			0.2	%

		Total		18,101,088


	U.S. Government and Agencies (1.7%)
		U.S. Treasury Bonds
	2,028,000	2.500% - 3.625%, 2/15/2044 - 5/15/2046		2,262,633			0.2	%
		U.S. Treasury Bonds, TIPS
	1,843,772	0.375% - 0.625%, 1/15/2026 - 1/15/2027		1,842,805			0.2	%
		U.S. Treasury Notes
	2,520,000	0.750%, 2/15/2019		2,495,687			0.2	%
	3,425,000	1.125%, 8/31/2021		3,334,560			0.3	%
	5,100,000	1.625%, 10/31/2023		4,966,324			0.4	%
	5,415,000	0.875% - 2.250%, 3/31/2018 - 11/15/2026		5,411,430			0.4	%
		Other Securities^		216,817			<0.1	%

		Total		20,530,256


		Total Long-Term Fixed Income (cost $38,797,948)		38,845,972


Shares		Preferred Stock (<0.1%)
	Consumer Staples (<0.1%)
		Other Securities^		59,295			<0.1	%

		Total		59,295


		Total Preferred Stock (cost $55,807)		59,295


Shares or Principal Amount		Short-Term Investments (16.1%)^c
		Federal Home Loan Bank Discount Notes
	5,200,000	0.860%, 7/26/2017^d		5,196,677			0.5	%
		Thrivent Core Short-Term Reserve Fund
	18,102,780	1.240%		181,027,802			15.2	%
		Other Securities^		4,892,293			0.4	%

		Total Short-Term Investments (cost $191,116,801)		191,116,772

		Total Investments (cost $1,033,336,433) 101.7%	$	1,206,931,868

		Other Assets and Liabilities, Net (1.7%)		(19,982,211	)

		Total Net Assets 100.0%	$	1,186,949,657

^	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


ETF	-	Exchange Traded Fund
SPDR	-	S&P Depository Receipts, which are a family of exchange-traded funds traded in the U.S., Europe, and Asia-Pacific and managed by State Street Global Advisors.
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	$	188,612,546
Gross unrealized depreciation		(18,176,431	)

Net unrealized appreciation (depreciation)	$	170,436,115

Cost for federal income tax purposes	$	1,036,495,753

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

AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, 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		94,829,627		93,613,094		1,216,516		17
Consumer Staples		15,191,076		14,571,650		619,426		—
Energy		17,162,545		16,320,406		842,139		—
Financials		87,576,101		85,348,382		2,227,719		—
Health Care		84,665,276		84,023,222		642,054		—
Industrials		84,720,514		82,972,575		1,747,697		242
Information Technology		175,602,920		175,121,086		481,834		—
Materials		18,537,904		17,267,443		1,270,460		1
Real Estate^		14,409,988		14,063,434		346,554		0
Telecommunications Services		1,547,150		1,001,319		545,831		—
Utilities		7,342,509		6,957,729		384,780		—
Registered Investment Companies
Affiliated Equity Holdings		338,853,470		338,853,470		—		—
Affiliated Fixed Income Holdings		23,057,143		23,057,143		—		—
Equity Funds/Exchange Traded Funds		13,413,606		13,413,606		—		—
Long-Term Fixed Income
Collateralized Mortgage Obligations		214,628		—		214,628		—
Mortgage-Backed Securities		18,101,088		—		18,101,088		—
U.S. Government and Agencies		20,530,256		—		20,530,256		—
Preferred Stock
Consumer Staples		59,295		—		59,295		—
Short-Term Investments		10,088,970		—		10,088,970		—

Subtotal Investments in Securities	$	1,025,904,066	$	966,584,559	$	59,319,247	$	260


Other Investments *	Total
Short-Term Investments		181,027,802

Subtotal Other Investments	$	181,027,802

Total Investments at Value	$	1,206,931,868

* 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		507,896		507,896		—		—

Total Asset Derivatives	$	507,896	$	507,896	$	—	$	—

Liability Derivatives
Futures Contracts		792,800		792,800		—		—

Total Liability Derivatives	$	792,800	$	792,800	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2017. Transfers between Levels are identified as of the end of the period.

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

The following table presents Aggressive Allocation Portfolio’s futures contracts held as of June 30, 2017. Investments and/or cash totaling $9,989,080 were pledged as the initial margin deposit for these contracts.


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(11	)		September 2017	($	2,380,951	)	($	2,377,203	)	$	3,748
5-Yr. U.S. Treasury Bond Futures		33			September 2017		3,897,454			3,888,586			(8,868	)
10-Yr. U.S. Treasury Bond Futures		(27	)		September 2017		(3,389,890	)		(3,389,343	)		547
20-Yr. U.S. Treasury Bond Futures		10			September 2017		1,525,423			1,536,875			11,452
CME Ultra Long Term U.S. Treasury Bond		8			September 2017		1,299,839			1,327,000			27,161
ICE mini MSCI EAFE Index		1,877			September 2017		177,709,683			177,338,960			(370,723	)
NYBOT NYF mini Russell 2000 Index		(807	)		September 2017		(57,206,620	)		(57,067,005	)		139,615
S&P 400 Index Mini-Futures		(829	)		September 2017		(145,077,063	)		(144,751,690	)		325,373
S&P 500 Index Futures		303			September 2017		183,796,384			183,383,175			(413,209	)
Total Futures Contracts												($	284,904	)

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

AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2017, 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	$	42,908
Total Interest Rate Contracts			42,908
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		464,988
Total Equity Contracts			464,988

Total Asset Derivatives		$	507,896

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		8,868
Total Interest Rate Contracts			8,868
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		783,932
Total Equity Contracts			783,932

Total Liability Derivatives		$	792,800

*	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, 2017, 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	23,489,889
Total Equity Contracts		23,489,889
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts	67,552
Total Interest Rate Contracts		67,552

Total		$23,557,441

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2017, 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		55,538
Total Interest Rate Contracts			55,538
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(1,713,172	)
Total Equity Contracts			(1,713,172	)

Total		($	1,657,634	)

The following table presents Aggressive Allocation Portfolio’s average volume of derivative activity during the period ended June 30, 2017.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts		$452,538,067		39.8	%
Interest Rate Contracts		11,633,268		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.

AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)

Investment in Affiliates

Affiliated issuers, as defined under the Investment Company Act of 1940, include those in which the Portfolio’s holdings of an issuer represent 5% or more of the outstanding voting securities of an issuer, any affiliated mutual fund, or a company which is under common ownership or control with the Portfolio. The Portfolio owns shares of Thrivent Cash Management Trust for the purpose of securities lending and Thrivent Core Short-Term Reserve Fund primarily to serve as a cash sweep vehicle for the Portfolio. Thrivent Cash Management Trust and Thrivent Core Short-Term Reserve Fund are established for the sole use of affiliated portfolios.

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


Portfolio	Value December 31, 2016		Gross Purchases		Gross Sales		Shares Held at June 30, 2017		Value June 30, 2017		Income Earned January 1, 2017 - June 30, 2017
Small Cap Stock	$	38,931,305	$	2,631,430	$	—		2,246,652	$	42,182,462	$	147,046
Mid Cap Stock		63,971,952		5,651,784		—		3,656,772		68,630,656		240,090
Partner Worldwide Allocation		109,497,545		2,621,276		—		12,302,797		124,995,186		2,621,276
Large Cap Value		53,389,419		2,366,301		—		3,311,080		56,186,053		784,110
Large Cap Stock		42,283,026		894,547		—		3,563,837		46,859,113		601,497
High Yield		8,435,903		237,252		—		1,817,596		8,814,977		237,230
Income		4,713,587		91,409		—		477,105		4,894,334		79,852
Limited Maturity Bond		9,207,570		89,237		—		947,950		9,347,832		89,216
Cash Management Trust- Collateral Investment		1,164,525		—		1,164,525		—		—		347
Core Short-Term Reserve Fund		116,058,618		120,514,990		55,545,806		18,102,780		181,027,802		833,447
Total Value and Income Earned	$	447,653,450							$	542,938,415	$	5,634,111

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, 2017

(unaudited)


Principal Amount		Bank Loans (1.0%)	Value		% of Net Assets
	Basic Materials (0.1%)
		Other Securities^	$	3,386,535		0.1	%

		Total		3,386,535


	Capital Goods (0.1%)
		Other Securities^		3,977,791		0.1	%

		Total		3,977,791


	Communications Services (0.3%)
		Other Securities^		19,281,866		0.3	%

		Total		19,281,866


	Consumer Cyclical (0.1%)
		Other Securities^		6,147,120		0.1	%

		Total		6,147,120


	Consumer Non-Cyclical (0.1%)
		Other Securities^		7,709,912		0.1	%

		Total		7,709,912


	Energy (0.1%)
		Other Securities^		2,422,470		0.1	%

		Total		2,422,470


	Financials (0.1%)
		Other Securities^		3,672,547		0.1	%

		Total		3,672,547


	Technology (0.1%)
		Other Securities^		4,924,043		0.1	%

		Total		4,924,043


	Transportation (<0.1%)
		Other Securities^		2,290,073		<0.1	%

		Total		2,290,073


	Utilities (<0.1%)
		Other Securities^		1,794,207		<0.1	%

		Total		1,794,207


		Total Bank Loans (cost $56,022,565)		55,606,564


Shares		Common Stock (37.9%)
	Consumer Discretionary (5.5%)
	55,432	Amazon.com, Inc.^a		53,658,176		0.9	%
	713,130	Comcast Corporation		27,755,020		0.5	%
	143,830	Home Depot, Inc.		22,063,522		0.4	%
	132,438	Lowe’s Companies, Inc.		10,267,918		0.2	%
	6,090	Priceline Group, Inc.^a		11,391,467		0.2	%
	183,644	Starbucks Corporation		10,708,282		0.2	%
	101,884	Walt Disney Company		10,825,175		0.2	%
		Other Securities^		169,789,125		2.9	%

		Total		316,458,685


	Consumer Staples (1.1%)
		Other Securities^		60,858,684		1.1	%

		Total		60,858,684


	Energy (1.3%)
		Other Securities^		72,339,389		1.3	%

		Total		72,339,389


	Financials (6.5%)
	1,219,734	Bank of America Corporation		29,590,747		0.5	%
	250,770	Citigroup, Inc.		16,771,498		0.3	%
	80,860	Goldman Sachs Group, Inc.		17,942,834		0.3	%
		Other Securities^		311,329,004		5.4	%

		Total		375,634,083


	Health Care (4.9%)
	89,526	Alexion Pharmaceuticals, Inc.^a		10,892,628		0.2	%
	149,547	Celgene Corporation^a		19,421,669		0.3	%
	340,300	Hologic, Inc.^a		15,442,814		0.3	%
	226,788	Medtronic plc		20,127,435		0.4	%
	309,280	Pfizer, Inc.		10,388,715		0.2	%
	163,179	UnitedHealth Group, Inc.		30,256,650		0.5	%
	205,450	Zoetis, Inc.		12,815,971		0.2	%
		Other Securities^		159,680,353		2.8	%

		Total		279,026,235


	Industrials (5.2%)
	291,195	CSX Corporation		15,887,599		0.3	%
	80,340	Cummins, Inc.		13,032,755		0.2	%
	320,871	Southwest Airlines Company		19,938,924		0.4	%
		Other Securities^		249,360,046		4.3	%

		Total		298,219,324


	Information Technology (10.2%)
	77,950	Alliance Data Systems Corporation		20,008,985		0.4	%
	32,283	Alphabet, Inc., Class A^a		30,012,859		0.5	%
	22,907	Alphabet, Inc., Class C^a		20,816,278		0.4	%
	232,626	Apple, Inc.		33,502,797		0.6	%
	77,158	Arista Networks, Inc.^a		11,557,497		0.2	%
	487,560	Cisco Systems, Inc.		15,260,628		0.3	%
	209,319	Cognizant Technology Solutions Corporation		13,898,782		0.2	%
	261,370	Facebook, Inc.^a		39,461,643		0.7	%
	292,780	FLIR Systems, Inc.		10,147,755		0.2	%
	243,489	MasterCard, Inc.		29,571,739		0.5	%
	456,690	Microsoft Corporation		31,479,642		0.6	%
	245,779	Oracle Corporation		12,323,359		0.2	%
	372,492	PayPal Holdings, Inc.^a		19,991,646		0.4	%
	284,640	Salesforce.com, Inc.^a		24,649,824		0.4	%
	313,550	Visa, Inc.		29,404,719		0.5	%
		Other Securities^		241,664,304		4.1	%

		Total		583,752,457


	Materials (1.3%)
		Other Securities^		76,506,731		1.3	%

		Total		76,506,731


	Real Estate (1.1%)
		Other Securities^		63,208,730		1.1	%

		Total		63,208,730


	Telecommunications Services (0.1%)
		Other Securities^		8,605,565		0.1	%

		Total		8,605,565


	Utilities (0.7%)
		Other Securities^		37,302,614		0.7	%

		Total		37,302,614


		Total Common Stock (cost $1,713,067,134)		2,171,912,497

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, 2017

(unaudited)


Shares		Registered Investment Companies (37.2%)	Value		% of Net Assets
	Affiliated Equity Holdings (30.3%)
	25,235,015	Thrivent Large Cap Stock Portfolio	$	331,802,589		5.8	%
	22,744,946	Thrivent Large Cap Value Portfolio		385,961,260		6.7	%
	20,616,494	Thrivent Mid Cap Stock Portfolio		386,932,415		6.7	%
	51,143,446	Thrivent Partner Worldwide Allocation Portfolio		519,612,296		9.1	%
	5,955,004	Thrivent Small Cap Stock Portfolio		111,809,371		2.0	%

		Total		1,736,117,931


	Affiliated Fixed Income Holdings (5.3%)
	11,175,143	Thrivent High Yield Portfolio		54,197,210		0.9	%
	15,511,022	Thrivent Income Portfolio		159,118,269		2.8	%
	9,582,304	Thrivent Limited Maturity Bond Portfolio		94,492,060		1.6	%

		Total		307,807,539


	Equity Funds/Exchange Traded Funds (0.7%)
	96,579	SPDR S&P 500 ETF Trust		23,352,802		0.4	%
		Other Securities^		18,062,388		0.3	%

		Total		41,415,190


	Fixed Income Funds/Exchange Traded Funds (0.9%)
	260,650	iShares iBoxx $ Investment Grade Corporate Bond ETF		31,410,932		0.6	%
	173,100	Vanguard Short-Term Corporate Bond ETF		13,854,924		0.2	%
		Other Securities^		3,685,850		0.1	%

		Total		48,951,706


		Total Registered Investment Companies (cost $1,806,926,719)		2,134,292,366


Principal Amount		Long-Term Fixed Income (15.3%)
	Asset-Backed Securities (0.9%)
		U.S. Small Business Administration
	$446,002	3.191%, 3/10/2024, Ser. 2014-10A, Class 1		459,101		<0.1	%
		Other Securities^		50,708,424		0.9	%

		Total		51,167,525


	Basic Materials (0.2%)
		Other Securities^		12,216,305		0.2	%

		Total		12,216,305


	Capital Goods (0.3%)
		Other Securities^		16,498,291		0.3	%

		Total		16,498,291


	Collateralized Mortgage Obligations (0.4%)
		Federal Home Loan Mortgage Corporation
	3,199,377	3.000% - 4.000%, 7/15/2031 - 2/15/2033, Ser. 4170, Class IG^b		362,231		<0.1	%
		Federal National Mortgage Association
	2,300,347	3.500%, 1/25/2033, Ser. 2012-150, Class YI^b		300,740		<0.1	%
		Other Securities^		24,994,888		0.4	%

		Total		25,657,859


	Commercial Mortgage-Backed Securities (0.5%)
		Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates
	8,400,982	2.776% - 3.430%, 3/25/2023 - 1/25/2027, Ser. K063, Class A2		8,713,124		0.2	%
		Federal National Mortgage Association - ACES
	6,605,756	2.416% - 2.961%, 9/25/2026 - 2/25/2027, Ser. 2017-M7, Class A2		6,564,369		0.1	%
		Federal National Mortgage Association Grantor Trust
	2,400,000	2.898%, 6/25/2027, Ser. 2017-T1, Class A		2,383,029		<0.1	%
		Other Securities^		10,662,234		0.2	%

		Total		28,322,756


	Communications Services (0.6%)
		Other Securities^		35,515,235		0.6	%

		Total		35,515,235


	Consumer Cyclical (0.4%)
		Other Securities^		23,521,864		0.4	%

		Total		23,521,864


	Consumer Non-Cyclical (0.7%)
		Other Securities^		38,640,170		0.7	%

		Total		38,640,170


	Energy (0.6%)
		Other Securities^		33,843,847		0.6	%

		Total		33,843,847


	Financials (1.5%)
		Other Securities^		89,704,239		1.5	%

		Total		89,704,239


	Foreign Government (0.1%)
		Other Securities^		3,888,404		0.1	%

		Total		3,888,404


	Mortgage-Backed Securities (4.7%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	14,325,000	3.000%, 7/1/2031^c		14,707,747		0.3	%
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	25,825,000	4.000%, 7/1/2047^c		27,155,592		0.5	%
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	25,300,000	3.000%, 7/1/2047^c		25,260,469		0.4	%
	99,650,000	3.500%, 7/1/2047^c		102,317,222		1.8	%
	71,200,000	4.000%, 7/1/2047^c		74,832,311		1.3	%

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (15.3%)	Value			% of Net Assets
	Mortgage-Backed Securities (4.7%) - continued
	$21,500,000	4.500%, 7/1/2047^c	$	23,057,053			0.4	%
	2,103,643	1.746% - 2.044%, 7/1/2043 - 8/1/2043^d		2,157,768			<0.1	%

		Total		269,488,162


	Technology (0.3%)
		Other Securities^		18,857,869			0.3	%

		Total		18,857,869


	Transportation (0.1%)
		Other Securities^		5,345,992			0.1	%

		Total		5,345,992

	U.S. Government and Agencies (3.5%)
		Federal National Mortgage Association
	405,000	6.250%, 5/15/2029		549,635			<0.1	%
		U.S. Treasury Bonds
	10,625,000	3.000%, 5/15/2042		11,016,797			0.2	%
	14,300,000	3.625%, 2/15/2044		16,498,625			0.3	%
	25,429,000	2.375% - 6.500%, 11/15/2026 - 5/15/2047		27,965,541			0.6	%
		U.S. Treasury Bonds, TIPS
	37,312,434	0.125%, 1/15/2023		36,965,353			0.6	%
	30,442,669	0.625%, 1/15/2026		30,629,313			0.5	%
	766,768	0.750% - 2.375%, 1/15/2025 - 2/15/2042		768,721			<0.1	%
		U.S. Treasury Notes
	23,030,000	1.125%, 8/31/2021		22,421,870			0.4	%
	13,500,000	1.625%, 10/31/2023		13,146,151			0.2	%
	41,073,000	1.375% - 2.250%, 10/31/2019 - 11/15/2026		40,751,955			0.7	%
		U.S. Treasury Notes, TIPS
	1,753,737	0.125%, 4/15/2021		1,750,963			<0.1	%
		Other Securities^		512,477			<0.1	%

		Total		202,977,401


	Utilities (0.5%)
		Other Securities^		27,002,292			0.5	%
		Total		27,002,292


		Total Long-Term Fixed Income (cost $874,050,262)		882,648,211


Shares		Preferred Stock (<0.1%)
	Consumer Staples (<0.1%)
		Other Securities^		200,774			<0.1	%

		Total		200,774


	Energy (<0.1%)
		Other Securities^		42,499			<0.1	%

		Total		42,499


		Total Preferred Stock (cost $192,185)		243,273


		Collateral Held for Securities Loaned (0.8%)
	43,718,945	Thrivent Cash Management Trust		43,718,945			0.8	%


		Total Collateral Held for Securities Loaned (cost $43,718,945)		43,718,945


Shares or Principal Amount		Short-Term Investments (13.5%)^e
		U.S. Treasury Bills
	1,000,000	0.861% - 0.862%, 8/3/2017 - 8/10/2017^f		999,196			<0.1	%
		Thrivent Core Short-Term Reserve Fund
	73,483,716	1.240%		734,837,163			12.8	%
		Other Securities^		36,462,490			0.7	%

		Total Short-Term Investments (cost $772,297,998)		772,298,849

		Total Investments (cost $5,266,275,808) 105.7%	$	6,060,720,705

		Other Assets and Liabilities, Net (5.7%)		(324,245,896	)

		Total Net Assets 100.0%	$	5,736,474,809

^	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, 2017.

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

f	At June 30, 2017, $583,536 of investments were segregated to cover exposure to a counterparty for margin on open mortgage-backed security transactions.

Moderately Aggressive Allocation Portfolio held restricted securities as of June 30, 2017. Restricted securities are investment securities which cannot be offered for public sale without first being registered under the Securities Act of 1933. As of June 30, 2017, the value of these investments was $34,407,454 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, 2017:


Securities Lending Transactions
Taxable Debt Security	$	7,301,255
Common Stock		35,224,705

Total lending	$	42,525,960
Gross amount payable upon return of collateral for securities loaned	$	43,718,945

Net amounts due to counterparty	$	1,192,985

Definitions


ACES	-	Alternative Credit Enhancement Securities
ETF	-	Exchange Traded Fund
Ser.	-	Series
SPDR	-	S&P Depository Receipts, which are a family of exchange-traded funds traded in the U.S., Europe, and Asia-Pacific and managed by State Street Global Advisors.
TIPS	-	Treasury Inflation Protected Security

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(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	$	829,533,517
Gross unrealized depreciation		(46,729,850	)

Net unrealized appreciation (depreciation)	$	782,803,667

Cost for federal income tax purposes	$	5,277,917,038

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, 2017

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, 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		3,386,535		—		2,723,746		662,789
Capital Goods		3,977,791		—		3,098,314		879,477
Communications Services		19,281,866		—		19,112,716		169,150
Consumer Cyclical		6,147,120		—		6,147,120		—
Consumer Non-Cyclical		7,709,912		—		6,203,244		1,506,668
Energy		2,422,470		—		2,020,022		402,448
Financials		3,672,547		—		3,672,547		—
Technology		4,924,043		—		4,924,043		—
Transportation		2,290,073		—		2,290,073		—
Utilities		1,794,207		—		1,794,207		—
Common Stock
Consumer Discretionary		316,458,685		312,346,098		4,112,530		57
Consumer Staples		60,858,684		58,746,093		2,112,591		—
Energy		72,339,389		69,498,118		2,841,271		—
Financials		375,634,083		368,113,460		7,520,623		—
Health Care		279,026,235		276,854,325		2,171,910		—
Industrials		298,219,324		292,296,236		5,922,268		820
Information Technology		583,752,457		582,111,719		1,640,738		—
Materials		76,506,731		72,215,988		4,290,737		6
Real Estate^		63,208,730		61,983,558		1,225,172		0
Telecommunications Services		8,605,565		6,766,457		1,839,108		—
Utilities		37,302,614		35,995,751		1,306,863		—
Registered Investment Companies
Affiliated Equity Holdings		1,736,117,931		1,736,117,931		—		—
Affiliated Fixed Income Holdings		307,807,539		307,807,539		—		—
Fixed Income Funds/Exchange Traded Funds		48,951,706		48,951,706		—		—
Equity Funds/Exchange Traded Funds		41,415,190		41,415,190		—		—
Long-Term Fixed Income
Asset-Backed Securities		51,167,525		—		51,167,525		—
Basic Materials		12,216,305		—		12,216,305		—
Capital Goods		16,498,291		—		16,498,291		—
Collateralized Mortgage Obligations		25,657,859		—		25,657,859		—
Commercial Mortgage-Backed Securities		28,322,756		—		28,322,756		—
Communications Services		35,515,235		—		35,515,235		—
Consumer Cyclical		23,521,864		—		23,521,864		—
Consumer Non-Cyclical		38,640,170		—		38,640,170		—
Energy		33,843,847		—		33,843,847		—
Financials		89,704,239		—		89,704,239		—
Foreign Government		3,888,404		—		3,888,404		—
Mortgage-Backed Securities		269,488,162		—		269,488,162		—
Technology		18,857,869		—		18,857,869		—
Transportation		5,345,992		—		5,345,992		—
U.S. Government and Agencies		202,977,401		—		202,977,401		—
Utilities		27,002,292		—		27,002,292		—
Preferred Stock
Consumer Staples		200,774		—		200,774		—
Energy		42,499		—		42,499		—
Short-Term Investments		37,461,686		—		37,461,686		—

Subtotal Investments in Securities	$	5,282,164,597	$	4,271,220,169	$	1,007,323,013	$	3,621,415


Other Investments *	Total
Short-Term Investments		734,837,163
Collateral Held for Securities Loaned		43,718,945

Subtotal Other Investments	$	778,556,108

Total Investments at Value	$	6,060,720,705

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.

^	Level 3 security in this section is fair valued at <$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, 2017

(unaudited)


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		2,412,457		2,412,457		—		—

Total Asset Derivatives	$	2,412,457	$	2,412,457	$	—	$	—

Liability Derivatives
Futures Contracts		3,006,413		3,006,413		—		—

Total Liability Derivatives	$	3,006,413	$	3,006,413	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2017. 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, 2017. Investments and/or cash totaling $31,973,565 were pledged as the initial margin deposit for these contracts.


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		36			September 2017	$	7,792,422		$	7,779,937		($	12,485	)
5-Yr. U.S. Treasury Bond Futures		692			September 2017		81,728,425			81,542,471			(185,954	)
10-Yr. U.S. Treasury Bond Futures		(763	)		September 2017		(95,795,787	)		(95,780,344	)		15,443
20-Yr. U.S. Treasury Bond Futures		246			September 2017		37,525,408			37,807,125			281,717
CME Ultra Long Term U.S. Treasury Bond		(13	)		September 2017		(2,115,809	)		(2,156,376	)		(40,567	)
ICE mini MSCI EAFE Index		6,707			September 2017		635,001,946			633,677,360			(1,324,586	)
NYBOT NYF mini Russell 2000 Index		(5,440	)		September 2017		(385,630,747	)		(384,689,600	)		941,147
S&P 400 Index Mini-Futures		(2,983	)		September 2017		(522,035,780	)		(520,861,630	)		1,174,150
S&P 500 Index Futures		1,058			September 2017		641,770,871			640,328,050			(1,442,821	)
Total Futures Contracts												($	593,956	)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2017, 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	$	297,160
Total Interest Rate Contracts			297,160
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		2,115,297
Total Equity Contracts			2,115,297

Total Asset Derivatives		$	2,412,457

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		239,006
Total Interest Rate Contracts			239,006
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		2,767,407
Total Equity Contracts			2,767,407

Total Liability Derivatives		$	3,006,413

*	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, 2017

(unaudited)

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2017, 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		64,543,604
Total Equity Contracts			64,543,604
Interest Rate Contracts
Options Written	Net realized gains/(losses) on Written option contracts		38,695
Futures	Net realized gains/(losses) on Futures contracts		1,377,234
Total Interest Rate Contracts			1,415,929
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(868,462	)
Total Credit Contracts			(868,462	)

Total		$	65,091,071

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2017, 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		406,110
Total Interest Rate Contracts			406,110
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(4,141,508	)
Total Equity Contracts			(4,141,508	)

Total		($	3,735,398	)

The following table presents Moderately Aggressive Allocation Portfolio’s average volume of derivative activity during the period ended June 30, 2017.


		Futures		Swaps
		(Percentage		(Percentage
Derivative Risk Category	Futures ( Notional)*	of Average Net Assets)	Swaps (Notional)*	of Average Net Assets)	Options (Contracts)
Equity Contracts	$1,529,853,712	27.4%	N/A	N/A	N/A
Interest Rate Contracts	211,397,192	3.8	N/A	N/A	1
Credit Contracts	N/A	N/A	$1,584,468	<0.1%	N/A

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

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)

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, 2016		Gross Purchases		Gross Sales		Shares Held at June 30, 2017		Value June 30, 2017		Income Earned January 1, 2017 - June 30, 2017
Small Cap Stock	$	103,191,812	$	6,974,902	$	—		5,955,004	$	111,809,371	$	389,762
Mid Cap Stock		360,667,132		31,864,164		—		20,616,494		386,932,415		1,353,601
Partner Worldwide Allocation		455,187,694		10,896,796		—		51,143,446		519,612,296		10,896,796
Large Cap Value		366,750,218		16,254,929		—		22,744,946		385,961,260		5,386,319
Large Cap Stock		299,399,986		6,334,158		—		25,235,015		331,802,589		4,259,111
High Yield		51,866,545		1,458,699		—		11,175,143		54,197,210		1,458,562
Income		153,242,099		2,971,786		—		15,511,022		159,118,269		2,596,045
Limited Maturity Bond		93,074,230		902,049		—		9,582,304		94,492,060		901,834
Cash Management Trust- Collateral Investment		56,510,060		162,061,362		174,852,477		43,718,945		43,718,945		316,219
Core Short-Term Reserve Fund		640,776,883		445,149,068		351,088,788		73,483,716		734,837,163		3,846,771
Total Value and Income Earned	$	2,580,666,659							$	2,822,481,578	$	31,405,020

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

MODERATE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Bank Loans (1.7%)	Value		% of Net Assets
	Basic Materials (0.1%)
		Other Securities^	$	9,182,457		0.1	%

		Total		9,182,457


	Capital Goods (0.1%)
		Other Securities^		12,488,367		0.1	%

		Total		12,488,367


	Communications Services (0.5%)
		Other Securities^		51,813,930		0.5	%

		Total		51,813,930


	Consumer Cyclical (0.2%)
		Other Securities^		18,616,672		0.2	%

		Total		18,616,672


	Consumer Non-Cyclical (0.2%)
		Other Securities^		21,933,469		0.2	%

		Total		21,933,469


	Energy (0.1%)
		Other Securities^		11,963,198		0.1	%

		Total		11,963,198


	Financials (0.1%)
		Other Securities^		10,587,295		0.1	%

		Total		10,587,295


	Technology (0.2%)
		Other Securities^		13,282,082		0.2	%

		Total		13,282,082


	Transportation (0.1%)
		Other Securities^		7,934,709		0.1	%

		Total		7,934,709


	Utilities (0.1%)
		Other Securities^		7,066,690		0.1	%

		Total		7,066,690


		Total Bank Loans (cost $167,075,242)		164,868,869


Shares		Common Stock (32.8%)
	Consumer Discretionary (4.6%)
	73,982	Amazon.com, Inc.^a		71,614,576		0.8	%
	1,164,711	Comcast Corporation		45,330,552		0.5	%
	195,070	Home Depot, Inc.		29,923,738		0.3	%
	251,725	Lowe’s Companies, Inc.		19,516,239		0.2	%
		Other Securities^		284,029,975		2.8	%

		Total		450,415,080


	Consumer Staples (1.0%)
		Other Securities^		96,053,660		1.0	%

		Total		96,053,660


	Energy (1.3%)
		Other Securities^		125,211,753		1.3	%

		Total		125,211,753


	Financials (6.1%)
	2,033,937	Bank of America Corporation		49,343,312		0.5	%
	496,360	Citigroup, Inc.		33,196,557		0.4	%
	129,905	Goldman Sachs Group, Inc.		28,825,919		0.3	%
		Other Securities^		479,551,752		4.9	%

		Total		590,917,540


	Health Care (4.1%)
	202,204	Celgene Corporation^a		26,260,233		0.3	%
	510,180	Hologic, Inc.^a		23,151,968		0.2	%
	352,192	Medtronic plc		31,257,040		0.3	%
	252,150	Merck & Company, Inc.		16,160,293		0.2	%
	548,110	Pfizer, Inc.		18,411,015		0.2	%
	244,786	UnitedHealth Group, Inc.		45,388,220		0.5	%
	275,700	Zoetis, Inc.		17,198,166		0.2	%
		Other Securities^		216,568,373		2.2	%

		Total		394,395,308


	Industrials (4.4%)
	473,265	CSX Corporation		25,821,338		0.3	%
	107,310	Cummins, Inc.		17,407,828		0.2	%
	124,623	Honeywell International, Inc.		16,611,000		0.2	%
	495,870	Southwest Airlines Company		30,813,362		0.3	%
		Other Securities^		339,596,927		3.4	%

		Total		430,250,455


	Information Technology (8.3%)
	117,900	Alliance Data Systems Corporation		30,263,751		0.3	%
	43,134	Alphabet, Inc., Class A^a		40,100,817		0.4	%
	33,999	Alphabet, Inc., Class C^a		30,895,911		0.3	%
	344,419	Apple, Inc.		49,603,224		0.5	%
	964,540	Cisco Systems, Inc.		30,190,102		0.3	%
	279,607	Cognizant Technology Solutions Corporation		18,565,905		0.2	%
	349,110	Facebook, Inc.^a		52,708,628		0.5	%
	330,891	MasterCard, Inc.		40,186,712		0.4	%
	735,680	Microsoft Corporation		50,710,422		0.5	%
	462,796	Oracle Corporation		23,204,591		0.2	%
	524,533	PayPal Holdings, Inc.^a		28,151,686		0.3	%
	385,170	Salesforce.com, Inc.^a		33,355,722		0.4	%
	418,790	Visa, Inc.		39,274,126		0.4	%
		Other Securities^		345,153,965		3.6	%

		Total		812,365,562


	Materials (1.2%)
		Other Securities^		120,395,426		1.2	%

		Total		120,395,426


	Real Estate (1.0%)
		Other Securities^		95,732,170		1.0	%

		Total		95,732,170


	Telecommunications Services (0.2%)
		Other Securities^		18,199,059		0.2	%

		Total		18,199,059


	Utilities (0.6%)
		Other Securities^		59,063,970		0.6	%

		Total		59,063,970


		Total Common Stock (cost $2,561,745,289)		3,192,999,983

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

MODERATE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Registered Investment Companies (31.1%)	Value		% of Net Assets
	Affiliated Equity Holdings (18.9%)
	23,383,628	Thrivent Large Cap Stock Portfolio	$	307,459,639		3.1	%
	31,645,409	Thrivent Large Cap Value Portfolio		536,994,114		5.5	%
	17,030,386	Thrivent Mid Cap Stock Portfolio		319,627,989		3.3	%
	58,304,616	Thrivent Partner Worldwide Allocation Portfolio		592,369,068		6.1	%
	4,730,128	Thrivent Small Cap Stock Portfolio		88,811,455		0.9	%

		Total		1,845,262,265


	Affiliated Fixed Income Holdings (10.6%)
	36,451,463	Thrivent High Yield Portfolio		176,782,306		1.8	%
	52,805,603	Thrivent Income Portfolio		541,701,002		5.6	%
	32,031,348	Thrivent Limited Maturity Bond Portfolio		315,864,323		3.2	%
		Total		1,034,347,631

	Equity Funds/Exchange Traded Funds (0.5%)
	117,033	SPDR S&P 500 ETF Trust		28,298,579		0.3	%
		Other Securities^		18,964,897		0.2	%

		Total		47,263,476


	Fixed Income Funds/Exchange Traded Funds (1.1%)
	510,050	iShares iBoxx $ Investment Grade Corporate Bond ETF		61,466,125		0.6	%
	345,300	Vanguard Short-Term Corporate Bond ETF		27,637,812		0.3	%
		Other Securities^		12,953,130		0.2	%

		Total		102,057,067


		Total Registered Investment Companies (cost $2,639,737,443)		3,028,930,439


Principal Amount		Long-Term Fixed Income (29.2%)
	Asset-Backed Securities (1.6%)
		U.S. Small Business Administration
$	782,459	3.191%, 3/10/2024, Ser. 2014-10A, Class 1		805,441		<0.1	%
		Other Securities^		161,872,629		1.6	%

		Total		162,678,070


	Basic Materials (0.4%)
		Other Securities^		37,648,813		0.4	%

		Total		37,648,813


	Capital Goods (0.5%)
		Other Securities^		51,874,833		0.5	%

		Total		51,874,833


	Collateralized Mortgage Obligations (0.8%)
		Federal Home Loan Mortgage Corporation
	10,704,632	3.000% - 4.000%, 7/15/2031 - 2/15/2033, Ser. 4170, Class IG^b		1,212,134		<0.1	%
		Federal National Mortgage Association
	7,815,636	3.500%, 1/25/2033, Ser. 2012-150, Class YI^b		1,021,790		<0.1	%
		Other Securities^		71,492,889		0.8	%

		Total		73,726,813


	Commercial Mortgage-Backed Securities (1.0%)
		Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates
	26,717,373	2.776% - 3.430%, 3/25/2023 - 1/25/2027, Ser. K063, Class A2		27,715,767		0.2	%
		Federal National Mortgage Association - ACES
	20,763,419	2.416% - 2.961%, 9/25/2026 - 2/25/2027, Ser. 2017-M1, Class A1		20,630,328		0.3	%
		Federal National Mortgage Association Grantor Trust
	7,575,000	2.898%, 6/25/2027, Ser. 2017-T1, Class A		7,521,435		0.1	%
		Other Securities^		41,633,154		0.4	%

		Total		97,500,684


	Communications Services (1.2%)
		Other Securities^		117,237,394		1.2	%

		Total		117,237,394


	Consumer Cyclical (0.8%)
		Other Securities^		77,318,293		0.8	%

		Total		77,318,293


	Consumer Non-Cyclical (1.4%)
		Other Securities^		131,055,352		1.4	%

		Total		131,055,352


	Energy (1.1%)
		Other Securities^		108,580,285		1.1	%

		Total		108,580,285


	Financials (3.1%)
		Other Securities^		296,287,037		3.1	%

		Total		296,287,037


	Foreign Government (0.1%)
		Other Securities^		12,610,092		0.1	%

		Total		12,610,092


	Mortgage-Backed Securities (8.9%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	47,720,000	3.000%, 7/1/2031^c		48,995,021		0.5	%
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	82,595,000	4.000%, 7/1/2047^c		86,850,575		0.9	%
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	91,850,000	3.000%, 7/1/2047^c		91,706,484		0.9	%
	331,000,000	3.500%, 7/1/2047^c		339,859,513		3.5	%
	205,070,000	4.000%, 7/1/2047^c		215,531,769		2.2	%

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

MODERATE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (29.2%)	Value			% of Net Assets
	Mortgage-Backed Securities (8.9%) - continued
	$59,343,000	4.500%, 7/1/2047^c	$	63,640,685			0.7	%
	15,674,412	1.746% - 2.044%, 7/1/2043 - 8/1/2043^d		16,072,039			0.2	%

		Total		862,656,086


	Technology (0.7%)
		Other Securities^		68,356,326			0.7	%

		Total		68,356,326


	Transportation (0.2%)
		Other Securities^		18,532,922			0.2	%

		Total		18,532,922


	U.S. Government and Agencies (6.5%)
		Federal National Mortgage Association
	540,000	6.250%, 5/15/2029		732,846			<0.1	%
		U.S. Treasury Bonds
	35,920,000	3.625%, 2/15/2044		41,442,700			0.4	%
	25,136,000	2.500%, 5/15/2046		23,426,551			0.2	%
	33,575,000	2.375% - 5.250%, 5/15/2027 - 5/15/2047		36,259,175			0.4	%
		U.S. Treasury Bonds, TIPS
	35,914,210	0.125%, 1/15/2023		35,580,136			0.4	%
	32,073,618	0.625%, 1/15/2026		32,270,262			0.3	%
	31,933,964	0.375%, 1/15/2027		31,355,448			0.3	%
	1,260,296	0.750% - 2.375%, 1/15/2025 - 2/15/2042		1,252,557			<0.1	%
		U.S. Treasury Notes
	56,935,000	1.000%, 11/30/2018		56,659,207			0.6	%
	111,920,000	1.500%, 10/31/2019		112,059,900			1.2	%
	76,185,000	1.375%, 9/30/2020		75,616,584			0.8	%
	38,359,000	1.125%, 8/31/2021		37,346,092			0.4	%
	68,135,000	2.250%, 11/15/2024		68,496,933			0.7	%
	79,415,000	0.750% - 2.125%, 2/15/2019 - 11/15/2026		78,546,571			0.7	%
		U.S. Treasury Notes, TIPS
	4,435,923	0.125%, 4/15/2021		4,428,905			0.1	%
		Other Securities^		683,303			<0.1	%

		Total		636,157,170


	Utilities (0.9%)
		Other Securities^		89,183,086			0.9	%

		Total		89,183,086


		Total Long-Term Fixed Income (cost $2,816,323,328)		2,841,403,256


Shares		Preferred Stock (<0.1%)
	Consumer Staples (<0.1%)
		Other Securities^		535,580			<0.1	%

		Total		535,580


	Energy (<0.1%)
		Other Securities^		549,971			<0.1	%

		Total		549,971


		Total Preferred Stock (cost $600,365)		1,085,551


		Collateral Held for Securities Loaned (0.8%)
	81,917,400	Thrivent Cash Management
		Trust		81,917,400			0.8	%


		Total Collateral Held for Securities Loaned (cost $81,917,400)		81,917,400


Shares or Principal Amount		Short-Term Investments (14.2%)^e
		U.S. Treasury Bills
	3,220,000	0.861% - 0.930%, 8/3/2017 - 9/7/2017^f		3,216,919			<0.1	%
		Thrivent Core Short-Term Reserve Fund
	132,665,962	1.240%		1,326,659,615			13.6	%
		Other Securities^		52,407,903			0.6	%

		Total Short-Term Investments (cost $1,382,282,905)		1,382,284,437

		Total Investments (cost $9,649,681,972) 109.8%		10,693,489,935

		Other Assets and Liabilities, Net (9.8%)		(958,646,307	)

		Total Net Assets 100.0%	$	9,734,843,628

^	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, 2017.

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

f	At June 30, 2017, $2,752,540 of investments were segregated to cover exposure to a counterparty for margin on open mortgage-backed security transactions.

Moderate Allocation Portfolio held restricted securities as of June 30, 2017. Restricted securities are investment securities which cannot be offered for public sale without first being registered under the Securities Act of 1933. As of June 30, 2017, the value of these investments was $112,167,973 or 1.2% of total net assets.


Securities Lending Transactions
Taxable Debt Security	$	27,937,961
Common Stock		51,465,932

Total lending	$	79,403,893
Gross amount payable upon return of collateral for securities loaned	$	81,917,400

Net amounts due to counterparty	$	2,513,507

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

MODERATE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)

Definitions


ACES	-	Alternative Credit Enhancement Securities
ETF	-	Exchange Traded Fund
Ser.	-	Series
SPDR	-	S&P Depository Receipts, which are a family of exchange-traded funds traded in the U.S., Europe, and Asia-Pacific and managed by State Street Global Advisors.
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	$	1,104,441,197
Gross unrealized depreciation		(78,107,214	)

Net unrealized appreciation (depreciation)	$	1,026,333,983

Cost for federal income tax purposes	$	9,667,155,952

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

MODERATE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, 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		9,182,457		—		7,295,686		1,886,771
Capital Goods		12,488,367		—		9,108,318		3,380,049
Communications Services		51,813,930		—		51,295,409		518,521
Consumer Cyclical		18,616,672		—		18,616,672		—
Consumer Non-Cyclical		21,933,469		—		17,587,504		4,345,965
Energy		11,963,198		—		9,885,970		2,077,228
Financials		10,587,295		—		10,587,295		—
Technology		13,282,082		—		13,282,082		—
Transportation		7,934,709		—		7,934,709		—
Utilities		7,066,690		—		7,066,690		—
Common Stock
Consumer Discretionary		450,415,080		439,395,999		11,018,928		153
Consumer Staples		96,053,660		90,407,080		5,646,580		—
Energy		125,211,753		117,609,946		7,601,807		—
Financials		590,917,540		571,823,616		19,093,924		—
Health Care		394,395,308		388,628,932		5,766,376		—
Industrials		430,250,455		414,405,430		15,842,837		2,188
Information Technology		812,365,562		808,019,758		4,345,804		—
Materials		120,395,426		108,932,435		11,462,982		9
Real Estate^		95,732,170		92,437,705		3,294,465		0
Telecommunications Services		18,199,059		13,286,544		4,912,515		—
Utilities		59,063,970		55,588,294		3,475,676		—
Registered Investment Companies
Affiliated Equity Holdings		1,845,262,265		1,845,262,265		—		—
Affiliated Fixed Income Holdings		1,034,347,631		1,034,347,631		—		—
Fixed Income Funds/Exchange Traded Funds		102,057,067		102,057,067		—		—
Equity Funds/Exchange Traded Funds		47,263,476		47,263,476		—		—
Long-Term Fixed Income
Asset-Backed Securities		162,678,070		—		162,678,070		—
Basic Materials		37,648,813		—		37,648,813		—
Capital Goods		51,874,833		—		51,874,833		—
Collateralized Mortgage Obligations		73,726,813		—		73,726,813		—
Commercial Mortgage-Backed Securities		97,500,684		—		97,500,684		—
Communications Services		117,237,394		—		117,237,394		—
Consumer Cyclical		77,318,293		—		77,318,293		—
Consumer Non-Cyclical		131,055,352		—		131,055,352		—
Energy		108,580,285		—		108,580,285		—
Financials		296,287,037		—		296,287,037		—
Foreign Government		12,610,092		—		12,610,092		—
Mortgage-Backed Securities		862,656,086		—		862,656,086		—
Technology		68,356,326		—		68,356,326		—
Transportation		18,532,922		—		18,532,922		—
U.S. Government and Agencies		636,157,170		—		636,157,170		—
Utilities		89,183,086		—		89,183,086		—
Preferred Stock
Consumer Staples		535,580		–		535,580		—
Energy		549,971		–		549,971		—
Short-Term Investments		55,624,822		–		55,624,822		—

Subtotal Investments in Securities	$	9,284,912,920	$	6,129,466,178	$	3,143,235,858	$	12,210,884


Other Investments *	Total
Short-Term Investments		1,326,659,615
Collateral Held for Securities Loaned		81,917,400

Subtotal Other Investments	$	1,408,577,015

Total Investments at Value	$	10,693,489,935

^	Level 3 security in this section is fair valued at <$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, 2017

(unaudited)



Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		4,058,447		4,058,447		—		—

Total Asset Derivatives	$	4,058,447	$	4,058,447	$	—	$	—

Liability Derivatives
Futures Contracts		3,060,171		3,060,171		—		—

Total Liability Derivatives	$	3,060,171	$	3,060,171	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2017. 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, 2017. Investments and/or cash totaling $52,407,903 were pledged as the initial margin deposit for these contracts.


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(512	)		September 2017	($	110,822,441	)	($	110,648,003	)	$	174,438
5-Yr. U.S. Treasury Bond Futures		1,883			September 2017		222,391,075			221,885,075			(506,000	)
10-Yr. U.S. Treasury Bond Futures		(678	)		September 2017		(85,123,910	)		(85,110,187	)		13,723
20-Yr. U.S. Treasury Bond Futures		706			September 2017		107,694,871			108,503,375			808,504
CME Ultra Long Term U.S. Treasury Bond		222			September 2017		36,070,529			36,824,250			753,721
ICE mini MSCI EAFE Index		8,651			September 2017		819,055,142			817,346,480			(1,708,662	)
NYBOT NYF mini Russell 2000 Index		(6,070	)		September 2017		(430,290,190	)		(429,240,050	)		1,050,140
S&P 400 Index Mini-Futures		(3,201	)		September 2017		(560,184,531	)		(558,926,610	)		1,257,921
S&P 500 Index Futures		620			September 2017		376,085,010			375,239,501			(845,509	)
Total Futures Contracts												$	998,276

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2017, for Moderate Allocation Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	1,750,386
Total Interest Rate Contracts			1,750,386
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		2,308,061
Total Equity Contracts			2,308,061

Total Asset Derivatives		$	4,058,447

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		506,000
Total Interest Rate Contracts			506,000
Equity Contracts
Futures*	Net Assets-Net unrealized appreciation/(depreciation) on Futures contracts		2,554,171
Total Equity Contracts			2,554,171

Total Liability Derivatives		$	3,060,171

*	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, 2017

(unaudited)

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2017, 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		63,086,922
Total Equity Contracts			63,086,922
Interest Rate Contracts
Options Written	Net realized gains/(losses) on Written option contracts		183,555
Futures	Net realized gains/(losses) on Futures contracts		6,038,390
Total Interest Rate Contracts			6,221,945
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(2,809,287	)
Total Credit Contracts			(2,809,287	)

Total		$	66,499,580

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2017, 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		3,520,639
Total Interest Rate Contracts			3,520,639
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(3,580,030	)
Total Equity Contracts			(3,580,030	)

Total		($	59,391	)

The following table presents Moderate Allocation Portfolio’s average volume of derivative activity during the period ended June 30, 2017.

Derivative Risk Category

Futures
(Notional)*

Futures
(Percentage
of Average
Net Assets)

Swaps
(Notional)*

Swaps
(Percentage
of Average
Net Assets)

Options
(Contracts)

Equity Contracts

1,533,315,782

16.0

N/A

Interest Rate Contracts

604,624,966

6.3

N/A

Credit Contracts

N/A

5,125,409

0.1

N/A

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

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

MODERATE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)

Investment in Affiliates

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


Portfolio	Value December 31, 2016		Gross Purchases		Gross Sales		Shares Held at June 30, 2017		Value June 30, 2017		Income Earned January 1, 2017 - June 30, 2017
Small Cap Stock	$	81,966,430	$	5,540,244	$	—		4,730,128	$	88,811,455	$	309,592
Mid Cap Stock		297,931,385		26,321,596		—		17,030,386		319,627,989		1,118,151
Partner Worldwide Allocation		518,923,651		12,422,579		—		58,304,616		592,369,068		12,422,579
Large Cap Value		510,265,482		22,615,745		—		31,645,409		536,994,114		7,494,072
Large Cap Stock		277,434,277		5,869,448		—		23,383,628		307,459,639		3,946,638
High Yield		169,180,064		4,758,034		—		36,451,463		176,782,306		4,757,587
Income		521,696,215		10,117,124		—		52,805,603		541,701,002		8,837,956
Limited Maturity Bond		311,124,857		3,015,334		—		32,031,348		315,864,323		3,014,616
Cash Management Trust- Collateral Investment		186,669,340		211,604,945		316,356,885		81,917,400		81,917,400		502,718
Core Short-Term Reserve Fund		1,389,006,154		754,492,977		816,839,516		132,665,962		1,326,659,615		7,476,552
Total Value and Income Earned	$	4,264,197,855							$	4,288,186,911	$	49,880,461

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, 2017

(unaudited)


Principal Amount		Bank Loans (2.4%)	Value		% of Net Assets
	Basic Materials (0.1%)
		Other Securities^	$	6,152,220		0.1	%

		Total		6,152,220


	Capital Goods (0.2%)
		Other Securities^		9,533,120		0.2	%

		Total		9,533,120


	Communications Services (0.7%)
		Other Securities^		36,310,870		0.7	%

		Total		36,310,870


	Consumer Cyclical (0.3%)
		Other Securities^		12,125,339		0.3	%

		Total		12,125,339


	Consumer Non-Cyclical (0.4%)
		Other Securities^		18,600,344		0.4	%

		Total		18,600,344


	Energy (0.1%)
		Other Securities^		5,794,163		0.1	%

		Total		5,794,163


	Financials (0.1%)
		Other Securities^		7,154,273		0.1	%

		Total		7,154,273


	Technology (0.3%)
		Other Securities^		12,793,750		0.3	%

		Total		12,793,750


	Transportation (0.1%)
		Other Securities^		4,492,819		0.1	%

		Total		4,492,819


	Utilities (0.1%)
		Other Securities^		3,647,113		0.1	%

		Total		3,647,113


		Total Bank Loans (cost $117,355,757)		116,604,011


		Long-Term Fixed Income (42.2%)
	Asset-Backed Securities (2.3%)
		U.S. Small Business Administration
$	336,458	3.191%, 3/10/2024, Ser. 2014-10A, Class 1		346,339		<0.1	%
		Other Securities^		113,267,756		2.3	%

		Total		113,614,095


	Basic Materials (0.5%)
		Other Securities^		26,795,570		0.5	%

		Total		26,795,570


	Capital Goods (0.8%)
		Other Securities^		37,619,930		0.8	%

		Total		37,619,930


	Collateralized Mortgage Obligations (1.1%)
		Federal Home Loan Mortgage Corporation
$	14,997,766	3.000% - 4.000%, 4/15/2028 - 2/15/2033, Ser. 4170, Class IG^a		1,572,800		<0.1	%
		Federal National Mortgage Association
	8,767,607	3.500%, 1/25/2033, Ser. 2012-150, Class YI^a		1,146,247		<0.1	%
		Other Securities^		52,313,530		1.1	%

		Total		55,032,577


	Commercial Mortgage-Backed Securities (1.4%)
		Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates
	19,721,923	2.776% - 3.430%, 3/25/2023 - 1/25/2027, Ser. K063, Class A2		20,457,561		0.4	%
		Federal National Mortgage Association - ACES
	14,930,354	2.416% - 2.961%, 9/25/2026 - 2/25/2027, Ser. 2017-M1, Class A1		14,831,128		0.4	%
		Federal National Mortgage Association Grantor Trust
	5,600,000	2.898%, 6/25/2027, Ser. 2017-T1, Class A		5,560,401		0.1	%
		Other Securities^		28,955,070		0.5	%

		Total		69,804,160


	Communications Services (1.7%)
		Other Securities^		84,954,375		1.7	%

		Total		84,954,375


	Consumer Cyclical (1.1%)
		Other Securities^		56,835,645		1.1	%

		Total		56,835,645


	Consumer Non-Cyclical (1.9%)
		Other Securities^		92,308,944		1.9	%

		Total		92,308,944


	Energy (1.6%)
		Other Securities^		79,814,236		1.6	%

		Total		79,814,236


	Financials (4.3%)
		Other Securities^		214,226,371		4.3	%

		Total		214,226,371


	Foreign Government (0.2%)
		Other Securities^		9,113,538		0.2	%

		Total		9,113,538


	Mortgage-Backed Securities (12.9%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	37,325,000	3.000%, 7/1/2031^b		38,322,279		0.8	%

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (42.2%)	Value		% of Net Assets
	Mortgage-Backed Securities (12.9%) - continued
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	$64,500,000	4.000%, 7/1/2047^b	$	67,823,259		1.3	%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	74,425,000	3.000%, 7/1/2047^b		74,308,711		1.5	%
	245,400,000	3.500%, 7/1/2047^b		251,968,352		5.1	%
	141,275,000	4.000%, 7/1/2047^b		148,482,229		3.0	%
	50,850,000	4.500%, 7/1/2047^b		54,532,613		1.1	%
	4,180,951	1.746%, 7/1/2043^c		4,289,899		0.1	%

		Total		639,727,342


	Technology (1.0%)
		Other Securities^		48,507,783		1.0	%

		Total		48,507,783


	Transportation (0.3%)
		Other Securities^		14,080,139		0.3	%

		Total		14,080,139


	U.S. Government and Agencies (9.8%)
		Federal National Mortgage Association
	205,000	6.250%, 5/15/2029		278,210		<0.1	%
		U.S. Treasury Bonds
	26,928,000	2.500%, 5/15/2046		25,096,681		0.5	%
	23,060,000	2.375% - 4.375%, 5/15/2027 - 5/15/2047		23,877,517		0.5	%
		U.S. Treasury Bonds, TIPS
	28,780,850	0.625%, 1/15/2026		28,957,306		0.6	%
	23,684,778	0.375%, 1/15/2027		23,255,705		0.5	%
	8,066,438	0.125% - 2.375%, 1/15/2023 - 2/15/2042		7,989,550		0.2	%
		U.S. Treasury Notes
	21,220,000	1.000%, 11/30/2018		21,117,210		0.4	%
	22,250,000	0.750%, 2/15/2019		22,035,332		0.5	%
	15,200,000	1.000%, 10/15/2019		15,056,907		0.3	%
	41,710,000	1.500%, 10/31/2019		41,762,137		0.8	%
	79,080,000	1.375%, 9/30/2020		78,489,984		1.6	%
	10,250,000	1.375%, 5/31/2021		10,107,464		0.2	%
	59,409,000	1.125%, 8/31/2021		57,840,246		1.2	%
	12,600,000	1.875%, 2/28/2022		12,613,784		0.3	%
	41,325,000	2.125%, 6/30/2022		41,768,913		0.8	%
	10,765,000	1.625%, 8/15/2022		10,618,661		0.2	%
	47,630,000	2.250%, 11/15/2024		47,883,011		1.0	%
	12,320,000	0.875% - 2.000%, 3/31/2018 - 11/15/2026		12,211,580		0.2	%
		U.S. Treasury Notes, TIPS
	2,063,220	0.125%, 4/15/2021		2,059,956		<0.1	%
		Other Securities^		262,809		<0.1	%

		Total		483,282,963


	Utilities (1.3%)
		Other Securities^		65,604,765		1.3	%

		Total		65,604,765


		Total Long-Term Fixed Income (cost $2,080,209,581)		2,091,322,433


Shares		Registered Investment Companies (26.7%)
Affiliated Equity Holdings (9.8%)
	2,636,950	Thrivent Large Cap Stock Portfolio		34,671,942		0.7	%
	9,209,186	Thrivent Large Cap Value Portfolio		156,271,602		3.2	%
	4,288,831	Thrivent Mid Cap Stock Portfolio		80,493,202		1.6	%
	17,318,825	Thrivent Partner Worldwide Allocation Portfolio		175,957,531		3.5	%
	2,123,607	Thrivent Small Cap Stock Portfolio		39,872,205		0.8	%

		Total		487,266,482


Affiliated Fixed Income Holdings (14.6%)
	25,261,969	Thrivent High Yield Portfolio		122,515,499		2.5	%
	36,075,635	Thrivent Income Portfolio		370,078,298		7.5	%
	23,371,713	Thrivent Limited Maturity Bond Portfolio		230,470,796		4.6	%

		Total		723,064,593


Equity Funds/Exchange Traded Funds (0.3%)
	3,110	iShares Russell 2000 Growth Index Fund		524,875		<0.1	%
	3,031	iShares Russell 2000 Index Fund		427,129		<0.1	%
	3,350	iShares Russell 2000 Value Index Fund		398,214		<0.1	%
	41,336	SPDR S&P 500 ETF Trust		9,995,045		0.2	%
		Other Securities^{^}		3,153,460		0.1	%

		Total		14,498,723


Fixed Income Funds/Exchange Traded Funds (2.0%)
	72,000	iShares Barclays 1-3 Year Credit Bond Fund		7,582,320		0.2	%
	536,400	iShares iBoxx $ Investment Grade Corporate Bond ETF		64,641,564		1.3	%
	330,600	Vanguard Short-Term Corporate Bond ETF		26,461,224		0.5	%

		Total		98,685,108

		Total Registered Investment Companies (cost $1,204,692,550)		1,323,514,906


		Common Stock (22.1%)
	Consumer Discretionary (3.1%)
	29,216	Amazon.com, Inc.^d		28,281,088		0.6	%
	585,383	Comcast Corporation		22,783,106		0.5	%
	77,900	Home Depot, Inc.		11,949,860		0.3	%
	144,419	Lowe’s Companies, Inc.		11,196,805		0.2	%
		Other Securities^		78,781,636		1.5	%

		Total		152,992,495


	Consumer Staples (0.7%)
		Other Securities^		34,681,411		0.7	%

		Total		34,681,411


	Energy (1.1%)
	102,560	Chevron Corporation		10,700,085		0.2	%
		Other Securities^		41,042,630		0.9	%

		Total		51,742,715


	Financials (4.2%)
	1,049,091	Bank of America Corporation		25,450,948		0.5	%

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, 2017

(unaudited)


Shares		Common Stock (22.1%)	Value			% of Net Assets
Financials (4.2%) - continued
	294,120	Citigroup, Inc.	$	19,670,746			0.4	%
	65,039	Goldman Sachs Group, Inc.		14,432,154			0.3	%
		Other Securities^		148,658,816			3.0	%

		Total		208,212,664


	Health Care (2.9%)
	80,359	Celgene Corporation^d		10,436,223			0.2	%
	167,423	Medtronic plc		14,858,791			0.3	%
	169,110	Merck & Company, Inc.		10,838,260			0.2	%
	112,083	UnitedHealth Group, Inc.		20,782,430			0.4	%
		Other Securities^		86,106,712			1.8	%

		Total		143,022,416


	Industrials (2.6%)
	204,150	CSX Corporation		11,138,424			0.2	%
		Other Securities^		119,071,551			2.4	%

		Total		130,209,975


	Information Technology (5.8%)
	38,880	Alliance Data Systems Corporation		9,980,107			0.2	%
	16,999	Alphabet, Inc., Class A^d		15,803,630			0.3	%
	15,601	Alphabet, Inc., Class C^d		14,177,097			0.3	%
	156,854	Apple, Inc.		22,590,113			0.5	%
	571,500	Cisco Systems, Inc.		17,887,950			0.4	%
	137,780	Facebook, Inc.^d		20,802,024			0.4	%
	131,732	MasterCard, Inc.		15,998,851			0.3	%
	370,490	Microsoft Corporation		25,537,876			0.5	%
	260,674	Oracle Corporation		13,070,194			0.3	%
	190,686	PayPal Holdings, Inc.^d		10,234,118			0.2	%
	152,770	Salesforce.com, Inc.^d		13,229,882			0.3	%
	165,330	Visa, Inc.		15,504,647			0.3	%
		Other Securities^		91,433,941			1.8	%

		Total		286,250,430


	Materials (0.7%)
		Other Securities^		33,962,104			0.7	%

		Total		33,962,104


	Real Estate (0.4%)
		Other Securities^		21,336,690			0.4	%

		Total		21,336,690


	Telecommunications Services (0.2%)
		Other Securities^		7,366,782			0.2	%

		Total		7,366,782


	Utilities (0.4%)
	156,080	PG&E Corporation		10,359,030			0.2	%
		Other Securities^		10,957,687			0.2	%

		Total		21,316,717


		Total Common Stock (cost $881,128,132)		1,091,094,399


		Preferred Stock (<0.1%)
	Energy (<0.1%)
		Other Securities^		249,603			<0.1	%

		Total		249,603


		Total Preferred Stock (cost $43,842)		249,603


		Collateral Held for Securities Loaned (0.6%)
	28,219,107	Thrivent Cash Management Trust		28,219,107			0.6	%


		Total Collateral Held for Securities Loaned (cost $28,219,107)		28,219,107


Shares or Principal Amount		Short-Term Investments (19.8%)^e
		Federal Home Loan Bank Discount Notes
	10,300,000	0.840%, 7/19/2017^f		10,295,427			0.2	%
		U.S. Treasury Bills
	2,210,000	0.861% - 0.930%, 8/3/2017 - 9/7/2017^g		2,207,694			<0.1	%
		Thrivent Core Short-Term Reserve Fund
	95,457,024	1.240%		954,570,239			19.3	%
		Other Securities^		10,784,934			0.3	%


		Total Short-Term Investments (cost $977,857,795)		977,858,294

		Total Investments (cost $5,289,506,764) 113.8%	$	5,628,862,753

		Other Assets and Liabilities, Net (13.8%)		(683,803,831	)

		Total Net Assets 100.0%	$	4,945,058,922

^	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, 2017.

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.

g	At June 30, 2017, $1,849,079 of investments were segregated to cover exposure to a counterparty for margin on open mortgage-backed security transactions.

Moderately Conservative Allocation Portfolio held restricted securities as of June 30, 2017. Restricted securities are investment securities which cannot be offered for public sale without first being registered under the Securities Act of 1933. As of June 30, 2017, the value of these investments was $76,746,740 or 1.6% of total net assets.

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, 2017

(unaudited)

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, 2017:


Securities Lending Transactions
Taxable Debt Security	$	21,317,995
Common Stock		5,992,405

Total lending	$	27,310,400
Gross amount payable upon return of collateral for securities loaned	$	28,219,107

Net amounts due to counterparty	$	908,707

Definitions


ACES	-	Alternative Credit Enhancement Securities
ETF	-	Exchange Traded Fund
Ser.	-	Series
SPDR	-	S&P Depository Receipts, which are a family of exchange-traded funds traded in the U.S., Europe, and Asia-Pacific and managed by State Street Global Advisors.
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	$	367,266,318
Gross unrealized depreciation		(33,801,000	)

Net unrealized appreciation (depreciation)	$	333,465,318

Cost for federal income tax purposes	$	5,295,397,435

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, 2017

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, 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		6,152,220		—		4,783,101		1,369,119
Capital Goods		9,533,120		—		6,672,360		2,860,760
Communications Services		36,310,870		—		35,957,645		353,225
Consumer Cyclical		12,125,339		—		12,125,339		—
Consumer Non-Cyclical		18,600,344		—		15,467,669		3,132,675
Energy		5,794,163		—		5,354,727		439,436
Financials		7,154,273		—		7,154,273		—
Technology		12,793,750		—		12,793,750		—
Transportation		4,492,819		—		4,492,819		—
Utilities		3,647,113		—		3,647,113		—
Long-Term Fixed Income
Asset-Backed Securities		113,614,095		—		113,614,095		—
Basic Materials		26,795,570		—		26,795,570		—
Capital Goods		37,619,930		—		37,619,930		—
Collateralized Mortgage Obligations		55,032,577		—		55,032,577		—
Commercial Mortgage-Backed Securities		69,804,160		—		69,804,160		—
Communications Services		84,954,375		—		84,954,375		—
Consumer Cyclical		56,835,645		—		56,835,645		—
Consumer Non-Cyclical		92,308,944		—		92,308,944		—
Energy		79,814,236		—		79,814,236		—
Financials		214,226,371		—		214,226,371		—
Foreign Government		9,113,538		—		9,113,538		—
Mortgage-Backed Securities		639,727,342		—		639,727,342		—
Technology		48,507,783		—		48,507,783		—
Transportation		14,080,139		—		14,080,139		—
U.S. Government and Agencies		483,282,963		—		483,282,963		—
Utilities		65,604,765		—		65,604,765		—
Registered Investment Companies
Affiliated Fixed Income Holdings		723,064,593		723,064,593		—		—
Affiliated Equity Holdings		487,266,482		487,266,482		—		—
Fixed Income Funds/Exchange Traded Funds		98,685,108		98,685,108		—		—
Equity Funds/Exchange Traded Funds		14,498,723		14,498,723		—		—
Common Stock
Consumer Discretionary		152,992,495		152,992,495		—		—
Consumer Staples		34,681,411		34,681,411		—		—
Energy		51,742,715		51,742,715		—		—
Financials		208,212,664		208,103,694		108,970		—
Health Care		143,022,416		143,022,416		—		—
Industrials		130,209,975		130,209,975		—		—
Information Technology		286,250,430		286,250,430		—		—
Materials		33,962,104		33,962,102		—		2
Real Estate		21,336,690		21,336,690		—		—
Telecommunications Services		7,366,782		7,366,782		—		—
Utilities		21,316,717		21,316,717		—		—
Preferred Stock
Energy		249,603		—		249,603		—
Short-Term Investments		23,288,055		—		23,288,055		—

Subtotal Investments in Securities	$	4,646,073,407	$	2,414,500,333	$	2,223,417,857	$	8,155,217


Other Investments *	Total
Short-Term Investments		954,570,239
Collateral Held for Securities Loaned		28,219,107

Subtotal Other Investments	$	982,789,346

Total Investments at Value	$	5,628,862,753

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 air 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.

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, 2017

(unaudited)

Other Financial Instruments

Total

Level 1

Level 2

Level 3

Asset Derivatives

Futures Contracts

1,654,359

–

Total Asset Derivatives

1,654,359

–

Liability Derivatives

Futures Contracts

825,730

–

Total Liability Derivatives

825,730

–

There were no significant transfers between Levels during the period ended June 30, 2017. 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, 2017. Investments and/or cash totaling $20,480,871 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)
2-Yr. U.S. Treasury Bond Futures		(47	)	September 2017	($	10,173,154	)	($	10,157,141	)	$	16,013
5-Yr. U.S. Treasury Bond Futures		554		September 2017		65,429,982			65,281,111			(148,871	)
10-Yr. U.S. Treasury Bond Futures		(422	)	September 2017		(52,982,729	)		(52,974,188	)		8,541
20-Yr. U.S. Treasury Bond Futures		933		September 2017		142,321,975			143,390,437			1,068,462
ICE mini MSCI EAFE Index		3,427		September 2017		324,459,819			323,782,960			(676,859	)
NYBOT NYF mini Russell 2000 Index		(1,495	)	September 2017		(105,977,567	)		(105,718,924	)		258,643
S&P 400 Index Mini-Futures		(486	)	September 2017		(85,050,926	)		(84,860,460	)		190,466
S&P 500 Index Futures		(52	)	September 2017		(31,583,934	)		(31,471,700	)		112,234
Total Futures Contracts											$	828,629

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2017, 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	$	1,093,016
Total Interest Rate Contracts			1,093,016
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		561,343
Total Equity Contracts			561,343

Total Asset Derivatives		$	1,654,359

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		148,871
Total Interest Rate Contracts			148,871
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		676,859
Total Equity Contracts			676,859

Total Liability Derivatives		$	825,730

*	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, 2017

(unaudited)

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2017, 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		19,524,229
Total Equity Contracts			19,524,229
Interest Rate Contracts
Options Written	Net realized gains/(losses) on Written option contracts		138,906
Futures	Net realized gains/(losses) on Futures contracts		4,312,588
Total Interest Rate Contracts			4,451,494
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(2,023,895	)
Total Credit Contracts			(2,023,895	)

Total		$	21,951,828

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2017, 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		2,525,095
Total Interest Rate Contracts			2,525,095
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		49,797
Total Equity Contracts			49,797

Total		$	2,574,892

The following table presents Moderately Conservative Allocation Portfolio’s average volume of derivative activity during the period ended June 30, 2017.

Derivative Risk Category

Futures
(Notional)*

Futures
(Percentage
of Average Net
Assets)

Swaps
(Notional)*

Swaps
(Percentage
of Average Net
Assets)

Options
(Contracts)

Equity Contracts

463,376,758

9.6

N/A

Interest Rate Contracts

293,497,142

6.1

N/A

Credit Contracts

N/A

3,692,499

0.1

N/A

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

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)

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, 2016		Gross Purchases		Gross Sales		Shares Held at June 30, 2017		Value June 30, 2017		Income Earned January 1, 2017 - June 30, 2017
Small Cap Stock	$	36,799,107	$	2,487,311	$	—		2,123,607	$	39,872,205	$	138,993
Mid Cap Stock		75,029,259		6,628,673		—		4,288,831		80,493,202		281,588
Partner Worldwide Allocation		154,141,277		3,690,008		—		17,318,825		175,957,531		3,690,008
Large Cap Value		148,493,256		6,581,448		—		9,209,186		156,271,602		2,180,863
Large Cap Stock		31,286,010		661,892		—		2,636,950		34,671,942		445,059
High Yield		117,246,915		3,297,462		—		25,261,969		122,515,499		3,297,152
Income		356,411,464		6,911,798		—		36,075,635		370,078,298		6,037,899
Limited Maturity Bond		227,012,639		2,200,142		—		23,371,713		230,470,796		2,199,618
Cash Management Trust- Collateral Investment		78,436,450		103,303,166		153,520,509		28,219,107		28,219,107		116,332
Core Short-Term Reserve Fund		1,012,808,183		402,304,884		460,542,828		95,457,024		954,570,239		5,369,877
Total Value and Income Earned	$	2,237,664,560							$	2,193,120,421	$	23,757,389

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, 2017

(unaudited)


Principal Amount		Bank Loans (8.6%)	Value		% of Net Assets
	Basic Materials (0.5%)
		Other Securities^	$	420,781		0.5	%

		Total		420,781

	Capital Goods (0.4%)
		Other Securities^		354,375		0.4	%

		Total		354,375


	Communications Services (2.7%)
		Other Securities^		2,467,222		2.7	%

		Total		2,467,222


	Consumer Cyclical (1.1%)
		Other Securities^		973,586		1.1	%

		Total		973,586


	Consumer Non-Cyclical (1.2%)
		Other Securities^		1,068,724		1.2	%

		Total		1,068,724

	Energy (0.3%)
		Other Securities^		294,401		0.3	%

		Total		294,401

	Financials (0.8%)
		Other Securities^		750,516		0.8	%

		Total		750,516

	Technology (1.0%)
		Other Securities^		942,684		1.0	%

		Total		942,684


	Transportation (0.4%)
		Other Securities^		357,981		0.4	%

		Total		357,981

	Utilities (0.2%)
		Other Securities^		167,676		0.2	%

		Total		167,676


		Total Bank Loans
		(cost $7,867,653)		7,797,946


Shares		Common Stock (65.4%)
	Consumer Discretionary (9.0%)
	1,700	Amazon.com, Inc.^a		1,645,600		1.8	%
	18,182	Comcast Corporation		707,643		0.8	%
	300	Priceline Group, Inc.^a		561,156		0.6	%
	10,990	Starbucks Corporation		640,827		0.7	%
	5,740	Walt Disney Company		609,875		0.7	%
		Other Securities^		4,009,973		4.4	%

		Total		8,175,074


	Consumer Staples (3.9%)
	10,620	Philip Morris International, Inc.		1,247,319		1.4	%
	13,410	Whole Foods Market, Inc.		564,695		0.6	%
		Other Securities^{^}		1,690,412		1.9	%

		Total		3,502,426


	Energy (3.6%)
	97,766	BP plc		564,325		0.6	%
	3,510	Concho Resources, Inc.^a		426,570		0.5	%
	2,960	Pioneer Natural Resources Company		472,357		0.5	%
		Other Securities^{^}		1,769,876		2.0	%

		Total		3,233,128


	Financials (9.3%)
	35,100	Bank of America Corporation		851,526		0.9	%
	9,310	Encore Capital Group, Inc.^a		373,797		0.4	%
	4,180	Goldman Sachs Group, Inc.		927,542		1.0	%
	41,271	HSBC Holdings plc		383,078		0.4	%
	6,110	Intercontinental Exchange, Inc.		402,771		0.4	%
	5,900	MetLife, Inc.		324,146		0.4	%
	17,890	Synchrony Financial		533,480		0.6	%
		Other Securities^		4,684,552		5.2	%

		Total		8,480,892


	Health Care (6.7%)
	5,120	Celgene Corporation^a		664,934		0.7	%
	2,310	CIGNA Corporation		386,671		0.4	%
	8,770	Medtronic plc		778,338		0.9	%
	7,396	Novartis AG		617,763		0.7	%
	6,907	UnitedHealth Group, Inc.		1,280,696		1.4	%
	4,240	Zimmer Biomet Holdings, Inc.		544,416		0.6	%
		Other Securities^		1,802,413		2.0	%

		Total		6,075,231


	Industrials (7.8%)
	13,800	CSX Corporation		752,928		0.8	%
	2,170	Cummins, Inc.		352,017		0.4	%
	6,530	Delta Air Lines, Inc.		350,922		0.4	%
	8,060	Eaton Corporation plc		627,310		0.7	%
	4,434	Illinois Tool Works, Inc.		635,170		0.7	%
		Other Securities^		4,312,398		4.8	%

		Total		7,030,745


	Information Technology (10.5%)
	790	Alphabet, Inc., Class A^a		734,447		0.8	%
	571	Alphabet, Inc., Class C^a		518,885		0.6	%
	11,655	Apple, Inc.		1,678,553		1.9	%
	16,623	Cisco Systems, Inc.		520,300		0.6	%
	9,270	Cognizant Technology Solutions
		Corporation		615,528		0.7	%
	5,720	Facebook, Inc.^a		863,606		1.0	%
	13,130	PayPal Holdings, Inc.^a		704,687		0.8	%
	9,520	Visa, Inc.		892,785		1.0	%
		Other Securities^		3,006,609		3.1	%

		Total		9,535,400


	Materials (3.1%)
		Other Securities^		2,816,737		3.1	%

		Total		2,816,737


	Real Estate (9.3%)
	2,991	Alexandria Real Estate Equities, Inc.		360,326		0.4	%
	11,870	Duke Realty Corporation		331,766		0.4	%
	810	Equinix, Inc.		347,620		0.4	%
	6,245	Prologis, Inc.		366,207		0.4	%
	1,538	Public Storage, Inc.		320,719		0.4	%
	3,375	Simon Property Group, Inc.		545,940		0.6	%
		Other Securities^		6,187,848		6.7	%

		Total		8,460,426

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, 2017

(unaudited)


Shares		Common Stock (65.4%)	Value		% of Net Assets
	Telecommunications Services (1.0%)
		Other Securities^	$	933,484		1.0	%

		Total		933,484


	Utilities (1.2%)
		Other Securities^		1,095,056		1.2	%

		Total		1,095,056


		Total Common Stock
		(cost $52,433,262)		59,338,599


Principal Amount		Long-Term Fixed Income (17.8%)
	Asset-Backed Securities (0.2%)
		Other Securities^		191,964		0.2	%

		Total		191,964


	Basic Materials (0.5%)
		Other Securities^		423,578		0.5	%

		Total		423,578


	Capital Goods (0.4%)
		Other Securities^		365,667		0.4	%

		Total		365,667


	Collateralized Mortgage Obligations (1.7%)
		Alternative Loan Trust
$	118,726	5.500%, 10/25/2035, Ser. 2005-47CB, Class A7		102,125		0.1	%
		CHL Mortgage Pass-Through Trust
	63,901	3.337%, 1/25/2036, Ser. 2005-31, Class 4A2		57,587		0.1	%
		Other Securities^		1,411,489		1.5	%

		Total		1,571,201


	Communications Services (0.7%)
		Other Securities^		635,120		0.7	%

		Total		635,120


	Consumer Cyclical (0.9%)
		Visa, Inc.
	10,000	2.200%, 12/14/2020		10,083		<0.1	%
		Other Securities^		825,245		0.9	%

		Total		835,328


	Consumer Non-Cyclical (0.8%)
		Other Securities^		755,003		0.8	%

		Total		755,003


	Energy (0.8%)
		Other Securities^		756,768		0.8	%

		Total		756,768


	Financials (2.1%)
		Bank of America Corporation
	49,000	2.625% - 5.700%, 5/1/2018 - 1/24/2022		51,646		0.1	%
		Goldman Sachs Group, Inc.
	80,000	2.352% - 7.500%, 1/31/2019 - 4/26/2022^b,c		83,328		<0.1	%
		Goldman Sachs Group, Inc., Convertible
	375,000	0.500%, 9/24/2022		466,159		0.5	%
		UnitedHealth Group, Inc.
$	10,000	3.350%, 7/15/2022		10,439		<0.1	%
		Other Securities^		1,242,898		1.5	%

		Total		1,854,470


	Foreign Government (4.0%)
		Other Securities^		3,651,163		4.0	%

		Total		3,651,163


	Mortgage-Backed Securities (4.4%)
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	400,000	4.000%, 7/1/2047^d		420,609		0.5	%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	1,500,000	3.500%, 7/1/2047^d		1,540,149		1.7	%
	1,300,000	4.000%, 7/1/2047^d		1,366,320		1.5	%
	450,000	3.000% - 4.500%, 7/1/2047^d		464,094		0.5	%
		Other Securities^		154,008		0.2	%

		Total		3,945,180


	Technology (0.8%)
		Apple, Inc.
	27,000	1.532% - 2.850%, 5/6/2021 - 5/11/2022^c		27,427		<0.1	%
		Other Securities^		693,789		0.8	%

		Total		721,216


	Transportation (0.1%)
		Other Securities^		67,664		0.1	%

		Total		67,664


	Utilities (0.4%)
		Other Securities^		333,690		0.4	%

		Total		333,690


		Total Long-Term Fixed Income (cost $15,757,793)		16,108,012


Shares		Registered Investment Companies (4.4%)
	Equity Funds/Exchange Traded Funds (2.2%)
	17,250	Materials Select Sector SPDR Fund		928,222		1.0	%
	11,360	Utilities Select Sector SPDR Fund		590,266		0.7	%
		Other Securities^		442,770		0.5	%

		Total		1,961,258


	Fixed Income Funds/Exchange Traded Funds (2.2%)
	16,673	iShares S&P U.S. Preferred Stock Index Fund		653,081		0.7	%
	18,944	PowerShares Preferred Portfolio		286,244		0.3	%
	26,000	PowerShares Senior Loan Portfolio		601,640		0.7	%
		Other Securities^		436,998		0.5	%

		Total		1,977,963


		Total Registered Investment Companies (cost $3,796,706)		3,939,221

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, 2017

(unaudited)


Shares	Preferred Stock (0.2%)	Value			% of Net Assets
Consumer Staples (0.1%)
	Other Securities^	$	121,923			0.1	%

	Total		121,923


Energy (<0.1%)
	Other Securities^		7,721			<0.1	%

	Total		7,721


Health Care (0.1%)
	Other Securities^		73,525			0.1	%

	Total		73,525


Industrials (<0.1%)
	Other Securities^		11,521			<0.1	%

	Total		11,521


	Total Preferred Stock (cost $201,025)		214,690


Shares or Principal Amount	Short-Term Investments (7.9%)^e
	Thrivent Core Short-Term Reserve Fund
683,854	1.240%		6,838,538			7.6	%
	Other Securities^		299,527			0.3	%

	Total Short-Term Investments (cost $7,138,053)		7,138,065

	Total Investments (cost $87,194,492) 104.3%	$	94,536,533

	Other Assets and Liabilities, Net (4.3%)		(3,874,322	)

	Total Net Assets 100.0%	$	90,662,211

^	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 perpetual securities. Perpetual securities pay an indefinite stream of interest and have no contractual maturity date. Date shown, if applicable, is next call date.

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, 2017.

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.

Growth and Income Plus Portfolio held restricted securities as of June 30, 2017. Restricted securities are investment securities which cannot be offered for public sale without first being registered under the Securities Act of 1933. As of June 30, 2017, the value of these investments was $111,958 or 0.1% of total net assets.

Definitions


Ser.	-	Series
SPDR	-	S&P Depository Receipts, which are a family of exchange-traded funds traded in the U.S., Europe, and Asia-Pacific and managed by State Street Global Advisors.

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	8,848,938
Gross unrealized depreciation		(1,790,676	)

Net unrealized appreciation (depreciation)	$	7,058,262
Cost for federal income tax purposes	$	87,478,271

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, 2017

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, 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		420,781		—		290,158		130,623
Capital Goods		354,375		—		354,375		—
Communications Services		2,467,222		—		2,467,222		—
Consumer Cyclical		973,586		—		973,586		—
Consumer Non-Cyclical		1,068,724		—		1,007,513		61,211
Energy		294,401		—		232,071		62,330
Financials		750,516		—		720,516		30,000
Technology		942,684		—		942,684		—
Transportation		357,981		—		357,981		—
Utilities		167,676		—		167,676		—
Common Stock
Consumer Discretionary		8,175,074		6,082,607		2,092,438		29
Consumer Staples		3,502,426		2,426,798		1,075,628		—
Energy		3,233,128		1,782,297		1,450,831		—
Financials		8,480,892		4,926,716		3,554,176		—
Health Care		6,075,231		4,973,836		1,101,395		—
Industrials		7,030,745		4,040,638		2,989,696		411
Information Technology		9,535,400		8,713,218		822,182		—
Materials		2,816,737		650,162		2,166,575		—
Real Estate^		8,460,426		7,850,393		610,033		0
Telecommunications Services		933,484		—		933,484		—
Utilities		1,095,056		432,031		663,025		—
Long-Term Fixed Income
Asset-Backed Securities		191,964		—		191,964		—
Basic Materials		423,578		—		423,578		—
Capital Goods		365,667		—		365,667		—
Collateralized Mortgage Obligations		1,571,201		—		1,571,201		—
Communications Services		635,120		—		635,120		—
Consumer Cyclical		835,328		—		835,328		—
Consumer Non-Cyclical		755,003		—		755,003		—
Energy		756,768		—		756,768		—
Financials		1,854,470		—		1,388,311		466,159
Foreign Government		3,651,163		—		3,651,163		—
Mortgage-Backed Securities		3,945,180		—		3,945,180		—
Technology		721,216		—		721,216		—
Transportation		67,664		—		67,664		—
Utilities		333,690		—		333,690		—
Registered Investment Companies
Equity Funds/Exchange Traded Funds		1,961,258		1,961,258		—		—
Fixed Income Funds/Exchange Traded Funds		1,977,963		1,977,963		—		—
Preferred Stock
Consumer Staples		121,923		—		121,923		—
Energy		7,721		—		7,721		—
Health Care		73,525		—		73,525		—
Industrials		11,521		—		11,521		—
Short-Term Investments		299,527		—		299,527		—

Subtotal Investments in Securities	$	87,697,995	$	45,817,917	$	41,129,315	$	750,763


Other Investments *	Total
Short-Term Investments		6,838,538
Subtotal Other Investments	$	6,838,538

Total Investments at Value	$	94,536,533

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

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, 2017

(unaudited)


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		12,259		12,259		—		—

Total Asset Derivatives	$	12,259	$	12,259	$	—	$	—

Liability Derivatives
Futures Contracts		3,617		3,617		—		—

Total Liability Derivatives	$	3,617	$	3,617	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2017. 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, 2017. Investments and/or cash totaling $299,527 were pledged as the initial margin deposit for these contracts.


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(3	)		September 2017	($	649,350	)	($	648,328	)	$	1,022
5-Yr. U.S. Treasury Bond Futures		(2	)		September 2017		(236,259	)		(235,671	)		588
10-Yr. U.S. Treasury Bond Futures		1			September 2017		125,925			125,531			(394	)
CME Ultra Long Term U.S. Treasury Bond		1			September 2017		162,480			165,875			3,395
S&P 500 Index Futures		(5	)		September 2017		(3,033,042	)		(3,026,125	)		6,917
S&P 500 Index Mini-Futures		10			September 2017		1,213,673			1,210,450			(3,223	)
Ultra 10-Yr. U.S. Treasury Note		(2	)		September 2017		(269,962	)		(269,625	)		337
Total Futures Contracts												$	8,642

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2017, 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	$	5,342
Total Interest Rate Contracts			5,342
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		6,917
Total Equity Contracts			6,917

Total Asset Derivatives		$	12,259

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		394
Total Interest Rate Contracts			394
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		3,223
Total Equity Contracts			3,223

Total Liability Derivatives		$	3,617

*	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, 2017, 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		(142,409	)
Total Equity Contracts			(142,409	)
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		24,081
Total Interest Rate Contracts			24,081

Total		($	118,328	)

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, 2017

(unaudited)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2017, 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		9,541
Total Interest Rate Contracts			9,541
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		416
Total Equity Contracts			416

Total		$	9,957

The following table presents Growth and Income Plus Portfolio’s average volume of derivative activity during the period ended June 30, 2017.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts	$	4,312,379		4.8	%
Interest Rate Contracts		3,330,515		3.7

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

Investment in Affiliates

Affiliated issuers, as defined under the Investment Company Act of 1940, include those in which the Portfolio’s holdings of an issuer represent 5% or more of the outstanding voting securities of an issuer, any affiliated mutual fund, or a company which is under common ownership or control with the Portfolio. The Portfolio owns shares of Thrivent Core Short-Term Reserve Fund primarily to serve as a cash sweep vehicle for the Portfolio. Thrivent Core Short-Term Reserve Fund is established for the sole use of affiliated portfolios.

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


Portfolio	Value December 31, 2016		Gross Purchases		Gross Sales		Shares Held at June 30, 2017		Value June 30, 2017		Income Earned January 1, 2017 - June 30, 2017
Core Short-Term Reserve Fund	$	7,854,389	$	22,536,979	$	23,552,830		683,854	$	6,838,538	$	37,852
Total Value and Income Earned	$	7,854,389							$	6,838,538	$	37,852

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, 2017

(unaudited)


Principal Amount		Bank Loans (16.3%)	Value		% of Net Assets
	Basic Materials (0.9%)
		Other Securities^	$	3,613,167		0.9	%

		Total		3,613,167


	Capital Goods (1.4%)
		Cortes NP Intermediate Holding II Corporation, Term Loan
	$1,445,000	5.226%, 11/30/2023^a		1,449,812		0.4	%
		Sterigenics-Nordion Holdings, LLC, Term Loan
	1,382,996	4.226%, 5/15/2022^a		1,377,810		0.4	%
		Other Securities^		2,326,683		0.6	%

		Total		5,154,305


	Communications Services (5.1%)
		Level 3 Financing, Inc., Term Loan
	1,275,000	3.466%, 2/22/2024^a		1,277,397		0.3	%
		NEP/NCP Holdco, Inc., Term Loan
	1,189,676	4.476%, 1/22/2020^a		1,189,307		0.3	%
		Sprint Communications, Inc., Term Loan
	1,446,375	3.750%, 2/2/2024^a		1,446,071		0.4	%
		WideOpenWest Finance, LLC, Term Loan
	1,205,000	0.000%, 8/6/2023^a,b,c		1,202,952		0.3	%
		Other Securities^		14,319,307		3.8	%

		Total		19,435,034


	Consumer Cyclical (2.0%)
		Scientific Games International, Inc., Term Loan
	1,675,800	5.108%, 10/1/2021^a		1,691,402		0.4	%
		Other Securities^		5,940,923		1.6	%

		Total		7,632,325


	Consumer Non-Cyclical (2.5%)
		Valeant Pharmaceuticals International, Inc., Term Loan
	2,186,468	5.830%, 4/1/2022^a		2,215,176		0.6	%
		Other Securities^		7,276,412		1.9	%

		Total		9,491,588


	Energy (0.6%)
		Other Securities^		2,122,988		0.6	%

		Total		2,122,988


	Financials (1.0%)
		Other Securities^		3,932,322		1.0	%

		Total		3,932,322


	Technology (2.0%)
		First Data Corporation, Term Loan
	1,535,000	3.716%, 4/26/2024^a		1,534,447		0.4	%
		Western Digital Corporation, Term Loan
	1,258,675	3.976%, 4/29/2023^a		1,262,929		0.3	%
		Other Securities^		4,906,918		1.3	%

		Total		7,704,294


	Transportation (0.5%)
		Arctic LNG Carriers, Ltd., Term Loan
	$1,250,000	5.726%, 5/18/2023^a		1,245,312		0.3	%
		Other Securities^		813,492		0.2	%

		Total		2,058,804


	Utilities (0.3%)
		Other Securities^		1,275,408		0.3	%

		Total		1,275,408


		Total Bank Loans (cost $62,835,273)		62,420,235


Shares		Common Stock (46.0%)
	Consumer Discretionary (6.2%)
	4,870	Amazon.com, Inc.^d		4,714,160		1.2	%
	52,780	Comcast Corporation		2,054,198		0.5	%
	860	Priceline Group, Inc.^d		1,608,647		0.4	%
	31,900	Starbucks Corporation		1,860,089		0.5	%
	16,670	Walt Disney Company		1,771,188		0.5	%
		Other Securities^		11,906,251		3.1	%

		Total		23,914,533


	Consumer Staples (2.8%)
	30,420	Philip Morris International, Inc.		3,572,829		0.9	%
	38,920	Whole Foods Market, Inc.		1,638,921		0.4	%
		Other Securities^		5,325,248		1.5	%

		Total		10,536,998


	Energy (2.6%)
	298,983	BP plc		1,725,791		0.5	%
	10,060	Concho Resources, Inc.^d		1,222,592		0.3	%
	8,460	Pioneer Natural Resources Company		1,350,047		0.4	%
		Other Securities^		5,485,248		1.4	%

		Total		9,783,678


	Financials (6.6%)
	105,554	Bank of America Corporation		2,560,740		0.7	%
	11,990	Goldman Sachs Group, Inc.		2,660,581		0.7	%
	51,310	Synchrony Financial		1,530,064		0.4	%
		Other Securities^		18,673,815		4.8	%

		Total		25,425,200


	Health Care (4.8%)
	14,850	Celgene Corporation^d		1,928,570		0.5	%
	25,180	Medtronic plc		2,234,725		0.6	%
	22,617	Novartis AG		1,889,121		0.5	%
	20,072	UnitedHealth Group, Inc.		3,721,750		1.0	%
	12,290	Zimmer Biomet Holdings, Inc.		1,578,036		0.4	%
		Other Securities^		7,006,293		1.8	%

		Total		18,358,495


	Industrials (5.4%)
	39,530	CSX Corporation		2,156,757		0.6	%
	23,390	Eaton Corporation plc		1,820,444		0.5	%
	12,710	Illinois Tool Works, Inc.		1,820,707		0.5	%
		Other Securities^		14,933,116		3.8	%

		Total		20,731,024


	Information Technology (7.4%)
	2,280	Alphabet, Inc., Class A^d		2,119,670		0.6	%
	1,655	Alphabet, Inc., Class C^d		1,503,948		0.4	%

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

BALANCED INCOME PLUS PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (46.0%)	Value		% of Net Assets
	Information Technology (7.4%) - continued
	33,818	Apple, Inc.	$	4,870,468		1.3	%
	48,260	Cisco Systems, Inc.		1,510,538		0.4	%
	26,600	Cognizant Technology Solutions Corporation		1,766,240		0.5	%
	16,580	Facebook, Inc.^d		2,503,248		0.7	%
	37,620	PayPal Holdings, Inc.^d		2,019,065		0.5	%
	27,310	Visa, Inc.		2,561,132		0.7	%
		Other Securities^		9,407,646		2.3	%

		Total		28,261,955


	Materials (2.2%)
		Other Securities^		8,534,778		2.2	%

		Total		8,534,778


	Real Estate (6.4%)
	9,193	Simon Property Group, Inc.		1,487,060		0.4	%
		Other Securities^		23,186,105		6.0	%

		Total		24,673,165


	Telecommunications Services (0.7%)
		Other Securities^		2,813,797		0.7	%

		Total		2,813,797


	Utilities (0.9%)
		Other Securities^		3,268,674		0.9	%

		Total		3,268,674


		Total Common Stock (cost $152,191,154)		176,302,297


Principal Amount		Long-Term Fixed Income (31.4%)
	Asset-Backed Securities (2.4%)
		Other Securities^		9,135,951		2.4	%

		Total		9,135,951


	Basic Materials (0.6%)
		Other Securities^		2,531,087		0.6	%

		Total		2,531,087


	Capital Goods (0.8%)
		Other Securities^		3,004,640		0.8	%

		Total		3,004,640


	Collateralized Mortgage Obligations (3.5%)
		Other Securities^		13,599,666		3.5	%

		Total		13,599,666


	Commercial Mortgage-Backed Securities (0.1%)
		Other Securities^		303,642		0.1	%

		Total		303,642


	Communications Services (1.4%)
		Other Securities^		5,313,684		1.4	%

		Total		5,313,684


	Consumer Cyclical (1.3%)
		Other Securities^		4,904,077		1.3	%

		Total		4,904,077


	Consumer Non-Cyclical (1.2%)
		Other Securities^		4,526,694		1.2	%

		Total		4,526,694


	Energy (1.3%)
		Other Securities^		4,946,387		1.3	%

		Total		4,946,387


	Financials (4.6%)
		Goldman Sachs Group, Inc.
	999,000	2.268% - 7.500%,
		1/31/2019 - 11/10/2026^e,f		1,042,493		0.1	%
		Goldman Sachs Group, Inc., Convertible
	1,600,000	0.500%, 9/24/2022		1,988,944		0.5	%
		UnitedHealth Group, Inc.
	65,000	3.350%, 7/15/2022		67,853		<0.1	%
		Other Securities^		14,435,098		4.0	%

		Total		17,534,388


	Foreign Government (6.7%)
		Turkey Government International Bond
	3,544,000	4.250% - 7.000%,
		6/5/2020 - 2/17/2045^g		3,688,223		1.0	%
		Other Securities^		22,043,505		5.7	%

		Total		25,731,728


	Mortgage-Backed Securities (5.8%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	1,180,000	3.000%, 7/1/2031^c		1,211,528		0.3	%
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	2,105,000	4.000%, 7/1/2047^c		2,213,457		0.6	%
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	4,725,000	3.000%, 7/1/2047^c		4,717,617		1.2	%
	6,775,000	3.500%, 7/1/2047^c		6,956,339		1.8	%
	5,385,000	4.000%, 7/1/2047^c		5,659,719		1.5	%
	1,300,000	4.500%, 7/1/2047^c		1,394,147		0.4	%
	21,212	8.000% - 10.500%,
		8/1/2020 - 4/1/2030		23,223		<0.1	%
		Other Securities^		124,178		<0.1	%

		Total		22,300,208


	Technology (1.0%)
		Apple, Inc.
	171,000	1.532% - 2.850%,
		5/6/2021 - 5/11/2022^f		173,639		<0.1	%
		Other Securities^		3,638,514		1.0	%

		Total		3,812,153


	Transportation (0.2%)
		Other Securities^		792,299		0.2	%

		Total		792,299

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (31.4%)	Value			% of Net Assets
	Utilities (0.5%)
		Other Securities^	$	2,018,391			0.5	%

		Total		2,018,391


		Total Long-Term Fixed Income (cost $118,335,613)		120,454,995


Shares		Registered Investment Companies (2.3%)
	Equity Funds/Exchange Traded Funds (1.6%)
	49,490	Materials Select Sector SPDR Fund		2,663,057			0.7	%
	32,590	Utilities Select Sector SPDR Fund		1,693,376			0.4	%
		Other Securities^		1,880,857			0.5	%

		Total		6,237,290


	Fixed Income Funds/Exchange Traded Funds (0.7%)
		Other Securities^		2,705,792			0.7	%

		Total		2,705,792


		Total Registered Investment Companies (cost $8,412,374)		8,943,082


		Preferred Stock (1.1%)
	Consumer Non-Cyclical (0.1%)
		Other Securities^		376,576			0.1	%

		Total		376,576


	Consumer Staples (0.1%)
		Other Securities^		258,227			0.1	%

		Total		258,227


	Energy (<0.1%)
		Other Securities^		63,771			<0.1	%

		Total		63,771


Financials (0.8%)
	3,300	Federal National Mortgage Association,
		0.000%^d,e		19,008			<0.1	%
	13,000	Goldman Sachs Group, Inc.,
		5.500%^e		365,950			0.1	%
		Other Securities^		2,634,047

		Total		3,019,005


	Health Care (0.1%)
		Other Securities^		397,789			0.1	%

		Total		397,789


	Industrials (<0.1%)
		Other Securities^		187,621			<0.1	%

		Total		187,621


		Total Preferred Stock (cost $3,895,663)		4,302,989


		Collateral Held for Securities Loaned (1.4%)
	5,142,025	Thrivent Cash Management Trust		5,142,025			1.4	%


		Total Collateral Held for Securities Loaned (cost $5,142,025)		5,142,025


Shares or Principal Amount		Short-Term Investments (9.8%)^h
		Thrivent Core Short-Term Reserve Fund
	3,647,737	1.240%		36,477,372			9.5	%
		Other Securities^{^}		898,853			0.3	%
		Total Short-Term Investments (cost $37,376,222)		37,376,225

		Total Investments (cost $388,188,324) 108.3%	$	414,941,848

		Other Assets and Liabilities, Net (8.3%)		(31,718,037	)

		Total Net Assets 100.0%	$	383,223,811

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

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

b	All or a portion of the loan is unfunded.

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

d	Non-income producing security.

e	Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest and have no contractual maturity date. Date shown, if applicable, is next call date.

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, 2017.

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

h	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, 2017. Restricted securities are investment securities which cannot be offered for public sale without first being registered under the Securities Act of 1933. As of June 30, 2017, the value of these investments was $6,681,053 or 1.7% 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, 2017:


Securities Lending Transactions
Common Stock	$	1,942,238
Taxable Debt Security		3,039,820

Total lending	$	4,982,058
Gross amount payable upon return of collateral for securities loaned	$	5,142,025

Net amounts due to counterparty	$	159,967

Definitions


SPDR		-		S&P Depository Receipts, which are a family of exchange-traded funds traded in the U.S., Europe, and Asia-Pacific and managed by State Street Global Advisors.

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, 2017

(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	$	32,796,134
Gross unrealized depreciation		(6,478,945	)

Net unrealized appreciation (depreciation)	$	26,317,189
Cost for federal income tax purposes	$	388,624,659

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, 2017

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, in valuing Balanced Income Plus Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		3,613,167		—		2,868,134		745,033
Capital Goods		5,154,305		—		3,776,495		1,377,810
Communications Services		19,435,034		—		19,241,009		194,025
Consumer Cyclical		7,632,325		—		7,632,325		—
Consumer Non-Cyclical		9,491,588		—		8,111,095		1,380,493
Energy		2,122,988		—		1,732,187		390,801
Financials		3,932,322		—		3,777,323		154,999
Technology		7,704,294		—		7,704,294		—
Transportation		2,058,804		—		2,058,804		—
Utilities		1,275,408		—		1,275,408		—
Common Stock
Consumer Discretionary		23,914,533		17,544,989		6,369,456		88
Consumer Staples		10,536,998		6,994,860		3,542,138		—
Energy		9,783,678		5,373,533		4,410,145		—
Financials		25,425,200		14,659,649		10,765,551		—
Health Care		18,358,495		15,003,625		3,354,870		—
Industrials		20,731,024		11,625,419		9,104,435		1,170
Information Technology		28,261,955		25,734,210		2,527,745		—
Materials		8,534,778		1,922,999		6,611,779		—
Real Estate^		24,673,165		22,799,154		1,874,011		0
Telecommunications Services		2,813,797		—		2,813,797		—
Utilities		3,268,674		1,245,519		2,023,155		—
Long-Term Fixed Income
Asset-Backed Securities		9,135,951		—		8,710,951		425,000
Basic Materials		2,531,087		—		2,531,087		—
Capital Goods		3,004,640		—		3,004,640		—
Collateralized Mortgage Obligations		13,599,666		—		13,599,666		—
Commercial Mortgage-Backed Securities		303,642		—		303,642		—
Communications Services		5,313,684		—		5,313,684		—
Consumer Cyclical		4,904,077		—		4,904,077		—
Consumer Non-Cyclical		4,526,694		—		4,526,694		—
Energy		4,946,387		—		4,946,387		—
Financials		17,534,388		—		15,545,444		1,988,944
Foreign Government		25,731,728		—		25,731,728		—
Mortgage-Backed Securities		22,300,208		—		22,300,208		—
Technology		3,812,153		—		3,812,153		—
Transportation		792,299		—		792,299		—
Utilities		2,018,391		—		2,018,391		—
Registered Investment Companies
Equity Funds/Exchange Traded Funds		6,237,290		6,237,290		—		—
Fixed Income Funds/Exchange Traded Funds		2,705,792		2,705,792		—		—
Preferred Stock
Consumer Non-Cyclical		376,576		—		376,576		—
Consumer Staples		258,227		—		258,227		—
Energy		63,771		—		63,771		—
Financials		3,019,005		1,309,011		1,709,994		—
Health Care		397,789		—		397,789		—
Industrials		187,621		—		187,621		—
Short-Term Investments		898,853		—		898,853		—

Subtotal Investments in Securities	$	373,322,451	$	133,156,050	$	233,508,038	$	6,658,363


Other Investments *	Total
Short-Term Investments		36,477,372
Collateral Held for Securities Loaned		5,142,025

Subtotal Other Investments	$	41,619,397

Total Investments at Value	$	414,941,848

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

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, 2017

(unaudited)


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		81,286		81,286		—		—
Call Options Written		18,642		—		—		18,642

Total Asset Derivatives	$	99,928	$	81,286	$	—	$	18,642

Liability Derivatives
Futures Contracts		31,191		31,191		—		—

Total Liability Derivatives	$	31,191	$	31,191	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2017. 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, 2017. Investments and/or cash totaling $798,917 were pledged as the initial margin deposit for these contracts.


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(23	)		September 2017	($	4,978,352	)	($	4,970,516	)	$	7,836
5-Yr. U.S. Treasury Bond Futures		69			September 2017		8,149,222			8,130,680			(18,542	)
10-Yr. U.S. Treasury Bond Futures		(32	)		September 2017		(4,017,648	)		(4,017,000	)		648
20-Yr. U.S. Treasury Bond Futures		(2	)		September 2017		(304,212	)		(307,375	)		(3,163	)
CME Ultra Long Term U.S. Treasury Bond		10			September 2017		1,624,799			1,658,751			33,952
S&P 500 Index Futures		(18	)		September 2017		(10,932,900	)		(10,894,050	)		38,850
S&P 500 Index Mini-Futures		22			September 2017		2,672,476			2,662,990			(9,486	)
Total Futures Contracts												$	50,095

The following table presents Balanced Income Plus Portfolio’s options contracts held as of June 30, 2017.


Call Options Written	Number of Contracts		Exercise Price		Expiration Date		Value			Unrealized Gain/(Loss)
Federal National Mortgage Association
Conventional 30-Yr. Pass Through Call Option		5	$	100.75		July 2017	($	184	)	$	18,642
Total Call Options Written							($	184	)	$	18,642

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2017, 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	$42,436
Options Written	Net Assets - Net unrealized appreciation/(depreciation) on Written option contracts	18,642
Total Interest Rate Contracts		61,078
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	38,850
Total Equity Contracts		38,850

Total Asset Derivatives		$99,928
Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	21,705
Total Interest Rate Contracts		21,705
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	9,486
Total Equity Contracts		9,486

Total Liability Derivatives		$31,191

*	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, 2017

(unaudited)

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2017, 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
Options Written	Net realized gains/(losses) on Written option contracts		26,532
Options Purchased	Net realized gains/(losses) on Investments		(18,034	)
Futures	Net realized gains/(losses) on Futures contracts		(650,922	)
Total Equity Contracts			(642,424	)
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		85,302
Total Interest Rate Contracts			85,302

Total		($	557,122	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2017, 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
Options Written	Change in net unrealized appreciation/(depreciation) on Written option contracts		18,642
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		23,894
Total Interest Rate Contracts			42,536
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(4,240	)
Total Equity Contracts			(4,240	)

Total		$	38,296

The following table presents Balanced Income Plus Portfolio’s average volume of derivative activity during the period ended June 30, 2017.


			Futures
			(Percentage
Derivative Risk Category	Futures (Notional)*		of Average Net Assets)			Options (Contracts)
Equity Contracts	$	13,572,638		3.7	%		N/A
Interest Rate Contracts		22,582,812		6.1			31

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

Investment in Affiliates

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


Portfolio	Value December 31, 2016		Gross Purchases		Gross Sales		Shares Held at June 30, 2017		Value June 30, 2017		Income Earned January 1, 2017- June 30, 2017
Cash Management Trust- Collateral Investment	$	6,483,360	$	42,410,600	$	43,751,935		5,142,025	$	5,142,025	$	18,541
Core Short-Term Reserve Fund		40,236,638		86,395,351		90,154,617		3,647,737		36,477,372		195,714
Total Value and Income Earned	$	46,719,998							$	41,619,397	$	214,255

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, 2017

(unaudited)


Principal Amount	Bank Loans (13.0%)	Value		% of Net Assets
Basic Materials (0.7%)
	Other Securities^	$	4,679,443		0.7	%

	Total		4,679,443


Capital Goods (1.0%)
	Cortes NP Intermediate Holding II Corporation, Term Loan
$1,850,000	5.226%, 11/30/2023^a		1,856,161		0.3	%
	Sterigenics-Nordion Holdings, LLC, Term Loan
1,689,316	4.226%, 5/15/2022^a		1,682,981		0.3	%
	Other Securities^		2,927,180		0.4	%

	Total		6,466,322


Communications Services (4.1%)
	Level 3 Financing, Inc., Term Loan
1,600,000	3.466%, 2/22/2024^a		1,603,008		0.3	%
	NEP/NCP Holdco, Inc., Term Loan
1,488,870	4.476%, 1/22/2020^a		1,488,409		0.2	%
	Sprint Communications, Inc., Term Loan
1,815,450	3.750%, 2/2/2024^a		1,815,069		0.3	%
	WideOpenWest Finance, LLC, Term Loan
1,545,000	0.000%, 8/6/2023^a,b,c		1,542,374		0.2	%
	Other Securities^		18,985,223		3.1	%

	Total		25,434,083


Consumer Cyclical (1.5%)
	Scientific Games International, Inc., Term Loan
2,109,712	5.108%, 10/1/2021^a		2,129,354		0.3	%
	Other Securities^		7,140,240		1.2	%

	Total		9,269,594


Consumer Non-Cyclical (2.2%)
	JBS USA LUX SA, Term Loan
1,715,700	5.750%, 10/30/2022^a,b,c		1,671,092		0.3	%
	Valeant Pharmaceuticals International, Inc., Term Loan
2,743,464	5.830%, 4/1/2022^a		2,779,486		0.4	%
	Other Securities^		9,543,104		1.5	%

	Total		13,993,682


Energy (0.4%)
	Other Securities^		2,358,669		0.4	%

	Total		2,358,669


Financials (0.9%)
	Other Securities^		5,591,579		0.9	%

	Total		5,591,579


Technology (1.4%)
	First Data Corporation, Term Loan
2,070,000	3.716%, 4/26/2024^a		2,069,255		0.3	%
	Western Digital Corporation, Term Loan
1,611,900	3.976%, 4/29/2023^a		1,617,348		0.3	%
	Other Securities^		5,224,931		0.8	%

	Total		8,911,534


Transportation (0.5%)
	Arctic LNG Carriers, Ltd., Term Loan
$1,645,000	5.726%, 5/18/2023^a		1,638,831		0.3	%
	Other Securities^		1,294,799		0.2	%

	Total		2,933,630


Utilities (0.3%)
	Other Securities^		1,584,014		0.3	%

	Total		1,584,014


	Total Bank Loans (cost $81,658,398)		81,222,550


	Long-Term Fixed Income (50.2%)
Asset-Backed Securities (4.7%)
	Lendmark Funding Trust
1,600,000	2.830%, 1/22/2024, Ser. 2017-1A, Class A^d		1,599,673		0.3	%
	Other Securities^		27,663,871		4.4	%

	Total		29,263,544


Basic Materials (1.3%)
	Other Securities^		8,348,116		1.3	%

	Total		8,348,116


Capital Goods (1.9%)
	Other Securities^		11,625,305		1.9	%

	Total		11,625,305


Collateralized Mortgage Obligations (9.7%)
	Federal Home Loan Mortgage Corporation
17,542,625	2.500% - 3.000%, 12/15/2022 - 2/15/2033, Ser. 4177, Class EI^e		1,424,633		0.1	%
	Federal National Mortgage Association
6,466,585	2.500% - 3.500%, 2/25/2028 - 1/25/2033, Ser. 2012-150, Class YI^e		661,047		0.1	%
	Other Securities^		58,936,358		9.5	%

	Total		61,022,038


Commercial Mortgage-Backed Securities (0.1%)
	Other Securities^		651,752		0.1	%

	Total		651,752


Communications Services (3.4%)
	Other Securities^		21,263,984		3.4	%

	Total		21,263,984


Consumer Cyclical (2.7%)
	Other Securities^		16,778,456		2.7	%

	Total		16,778,456


Consumer Non-Cyclical (2.6%)
	Other Securities^		16,050,430		2.6	%

	Total		16,050,430

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (50.2%)	Value		% of Net Assets
	Energy (2.8%)
		Other Securities^{^}	$	17,678,846		2.8	%

		Total		17,678,846


	Financials (8.3%)
		Goldman Sachs Group, Inc.
	1,893,000	2.268% - 7.500%, 1/31/2019 - 11/10/2026^f,g		1,977,027		0.4	%
		Goldman Sachs Group, Inc., Convertible
	2,450,000	0.500%, 9/24/2022		3,045,570		0.5	%
		Other Securities^{^}		46,921,169		7.4	%

		Total		51,943,766


	Foreign Government (3.8%)
		Other Securities^{^}		23,565,124		3.8	%

		Total		23,565,124


	Mortgage-Backed Securities (6.0%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	2,950,000	3.000%, 7/1/2031^c		3,028,820		0.5	%
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	8,150,000	4.000%, 7/1/2047^c		8,569,916		1.4	%
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	6,650,000	3.000%, 7/1/2047^c		6,639,609		1.0	%
	10,275,000	3.500%, 7/1/2047^c		10,550,020		1.7	%
	8,350,000	4.000%, 7/1/2047^c		8,775,980		1.4	%

		Total		37,564,345


	Technology (1.7%)
		Other Securities^{^}		10,796,919		1.7	%

		Total		10,796,919


	Transportation (0.3%)
		Other Securities^{^}		1,881,813		0.3	%

		Total		1,881,813


	Utilities (0.9%)
		Other Securities^{^}		5,390,065		0.9	%

		Total		5,390,065


		Total Long-Term Fixed Income (cost $305,027,255)		313,824,503

Shares		Common Stock (27.5%)
	Consumer Discretionary (3.5%)
	4,560	Amazon.com, Inc.^h		4,414,080		0.7	%
	49,448	Comcast Corporation		1,924,516		0.3	%
	810	Priceline Group, Inc.^h		1,515,121		0.2	%
	29,890	Starbucks Corporation		1,742,886		0.3	%
	15,610	Walt Disney Company		1,658,563		0.3	%
		Other Securities^{^}		10,831,172		1.7	%

		Total		22,086,338


	Consumer Staples (1.5%)
	28,500	Philip Morris International, Inc.		3,347,325		0.5	%
	36,470	Whole Foods Market, Inc.		1,535,752		0.3	%
		Other Securities^{^}		4,602,546		0.7	%

		Total		9,485,623


	Energy (1.5%)
	272,069	BP plc		1,570,438		0.3	%
		Other Securities^{^}		7,579,072		1.2	%

		Total		9,149,510


	Financials (4.6%)
	115,400	Ares Capital Corporation		1,890,252		0.3	%
	104,943	Bank of America Corporation		2,545,917		0.4	%
	11,230	Goldman Sachs Group, Inc.		2,491,937		0.4	%
	120,000	Golub Capital BDC, Inc.		2,294,400		0.4	%
		Other Securities^{^}		19,149,904		3.1	%

		Total		28,372,410


	Health Care (2.8%)
	13,920	Celgene Corporation^h		1,807,790		0.3	%
	23,590	Medtronic plc		2,093,613		0.3	%
	20,581	Novartis AG		1,719,061		0.3	%
	18,799	UnitedHealth Group, Inc.		3,485,711		0.6	%
		Other Securities^{^}		8,557,905		1.3	%

		Total		17,664,080


	Industrials (3.1%)
	37,030	CSX Corporation		2,020,357		0.3	%
	21,910	Eaton Corporation plc		1,705,255		0.3	%
	11,906	Illinois Tool Works, Inc.		1,705,535		0.3	%
		Other Securities^{^}		13,605,135		2.2	%

		Total		19,036,282


	Information Technology (4.3%)
	2,130	Alphabet, Inc., Class A^h		1,980,218		0.3	%
	31,688	Apple, Inc.		4,563,706		0.7	%
	24,920	Cognizant Technology Solutions Corporation		1,654,688		0.3	%
	15,540	Facebook, Inc.^h		2,346,229		0.4	%
	35,250	PayPal Holdings, Inc.^h		1,891,868		0.3	%
	25,590	Visa, Inc.		2,399,830		0.4	%
		Other Securities^{^}		12,175,424		1.9	%

		Total		27,011,963


	Materials (1.2%)
		Other Securities^{^}		7,769,767		1.2	%

		Total		7,769,767


	Real Estate (4.1%)
	9,400	Simon Property Group, Inc.		1,520,544		0.3	%
		Other Securities^{^}		23,828,836		3.8	%

		Total		25,349,380


	Telecommunications Services (0.4%)
		Other Securities^{^}		2,575,212		0.4	%

		Total		2,575,212


	Utilities (0.5%)
		Other Securities^{^}		2,951,396		0.5	%

		Total		2,951,396


		Total Common Stock (cost $151,674,720)		171,451,961

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, 2017

(unaudited)


Shares	Preferred Stock (2.3%)	Value			% of Net Assets
Consumer Non-Cyclical (0.2%)
	Other Securities^	$	917,904		0.2%

	Total		917,904


Consumer Staples (0.2%)
	Other Securities^		1,486,950		0.2%

	Total		1,486,950


Energy (<0.1%)
	Other Securities^		52,222		<0.1%

	Total		52,222


Financials (1.6%)
7,350	Federal National Mortgage Association, 0.000%^f,h		42,336		<0.1%
30,800	Goldman Sachs Group, Inc.,
	5.500%^f		867,020		0.1%
	Other Securities^		9,276,559		1.5%

	Total		10,185,915


Health Care (0.2%)
	Other Securities^		1,158,337		0.2%

	Total		1,158,337


Industrials (0.1%)
	Other Securities^		445,463		0.1%

	Total		445,463


	Total Preferred Stock (cost $13,187,467)		14,246,791


	Registered Investment Companies (2.1%)
Equity Funds/Exchange Traded Funds (1.6%)
256,500	Alerian MLP ETF		3,067,740		0.5%
46,370	Materials Select Sector SPDR Fund		2,495,170		0.4%
30,530	Utilities Select Sector SPDR Fund		1,586,339		0.2%
25,000	Vanguard High Dividend Yield ETF		1,954,000		0.3%
	Other Securities^		1,141,638		0.2%

	Total		10,244,887


Fixed Income Funds/Exchange Traded Funds (0.5%)
24,825	Vanguard Short-Term Corporate Bond ETF		1,986,993		0.3%
	Other Securities^		1,404,746		0.2%

	Total		3,391,739


	Total Registered Investment Companies (cost $13,827,835)		13,636,626


	Collateral Held for Securities Loaned (0.2%)
1,140,232	Thrivent Cash Management Trust		1,140,232		0.2%

	Total Collateral Held for Securities Loaned (cost $1,140,232)		1,140,232


Shares or Principal Amount	Short-Term Investments (11.8%)ⁱ
	Thrivent Core Short-Term Reserve Fund
7,177,643	1.240%		71,776,433		11.5%
	Other Securities^		1,596,535		0.3%

	Total Short-Term Investments (cost $73,372,864)		73,372,968

	Total Investments (cost $639,888,771) 107.1%	$	668,895,631

	Other Assets and Liabilities, Net (7.1%)		(44,595,091	)

	Total Net Assets 100.0%	$	624,300,540

^	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.

Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities may be resold to other dealers in the program or to other qualified institutional buyers. As of June 30, 2017, the value of these investments was $79,816,704 or 12.8% of total net assets.

f	Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest and have no contractual maturity date. Date shown, if applicable, is next call date.

g	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2017.

h	Non-income producing security.

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

Diversified Income Plus Portfolio held restricted securities as of June 30, 2017. Restricted securities are investment securities which cannot be offered for public sale without first being registered under the Securities Act of 1933. As of June 30, 2017, the value of these investments was $22,752,927 or 3.6% 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 Diversified Income Plus Portfolio as of June 30, 2017:


Securities Lending Transactions
Common Stock	$	1,074,855

Total lending	$	1,074,855
Gross amount payable upon return of collateral for securities loaned	$	1,140,232

Net amounts due to counterparty	$	65,377

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, 2017

(unaudited)

Definitions


ETF	-	Exchange Traded Fund
Ser.	-	Series
SPDR	-	S&P Depository Receipts, which are a family of exchange- traded funds traded in the U.S., Europe, and Asia-Pacific and managed by State Street Global Advisors.

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	37,319,736
Gross unrealized depreciation		(9,273,288	)

Net unrealized appreciation (depreciation)	$	28,046,448
Cost for federal income tax purposes	$	640,849,183

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, 2017

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, in valuing Diversified Income Plus Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		4,679,443		—		3,726,382		953,061
Capital Goods		6,466,322		—		4,783,341		1,682,981
Communications Services		25,434,083		—		25,190,308		243,775
Consumer Cyclical		9,269,594		—		9,269,594		—
Consumer Non-Cyclical		13,993,682		—		12,320,582		1,673,100
Energy		2,358,669		—		2,020,885		337,784
Financials		5,591,579		—		5,391,580		199,999
Technology		8,911,534		—		8,911,534		—
Transportation		2,933,630		—		2,933,630		—
Utilities		1,584,014		—		1,584,014		—
Long-Term Fixed Income
Asset-Backed Securities		29,263,544		—		28,038,544		1,225,000
Basic Materials		8,348,116		—		8,348,116		—
Capital Goods		11,625,305		—		11,625,305		—
Collateralized Mortgage Obligations		61,022,038		—		61,022,038		—
Commercial Mortgage-Backed Securities		651,752		—		651,752		—
Communications Services		21,263,984		—		21,263,984		—
Consumer Cyclical		16,778,456		—		16,778,456		—
Consumer Non-Cyclical		16,050,430		—		16,050,430		—
Energy		17,678,846		—		17,678,846		—
Financials		51,943,766		—		48,898,196		3,045,570
Foreign Government		23,565,124		—		23,565,124		—
Mortgage-Backed Securities		37,564,345		—		37,564,345		—
Technology		10,796,919		—		10,796,919		—
Transportation		1,881,813		—		1,881,813		—
Utilities		5,390,065		—		5,390,065		—
Common Stock
Consumer Discretionary		22,086,338		16,282,982		5,803,276		80
Consumer Staples		9,485,623		6,516,320		2,969,303		—
Energy		9,149,510		5,103,919		4,045,591		—
Financials		28,372,410		18,508,056		9,864,354		—
Health Care		17,664,080		14,614,375		3,049,705		—
Industrials^		19,036,282		10,749,772		8,285,412		1,098
Information Technology		27,011,963		24,721,747		2,290,216		—
Materials		7,769,767		1,729,479		6,040,288		—
Real Estate^		25,349,380		23,650,410		1,698,970		0
Telecommunications Services		2,575,212		—		2,575,212		—
Utilities		2,951,396		1,120,348		1,831,048		—
Preferred Stock
Consumer Non-Cyclical		917,904		—		917,904		—
Consumer Staples		1,486,950		735,280		751,670		—
Energy		52,222		—		52,222		—
Financials		10,185,915		5,805,588		4,380,327		—
Health Care		1,158,337		—		1,158,337		—
Industrials		445,463		—		445,463		—
Registered Investment Companies
Equity Funds/Exchange Traded Funds		10,244,887		10,244,887		—		—
Fixed Income Funds/Exchange Traded Funds		3,391,739		3,391,739		—		—
Short-Term Investments		1,596,535		—		1,596,535		—

Subtotal Investments in Securities	$	595,978,966	$	143,174,902	$	443,441,616	$	9,362,448


Other Investments *	Total
Short-Term Investments		71,776,433
Collateral Held for Securities Loaned		1,140,232

Subtotal Other Investments	$	72,916,665

Total Investments at Value	$	668,895,631

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

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, 2017

(unaudited)


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		144,059		144,059		—		—
Call Options Written		26,236		—		—		26,236

Total Asset Derivatives	$	170,295	$	144,059	$	—	$	26,236

Liability Derivatives
Futures Contracts		73,225		73,225		—		—

Total Liability Derivatives	$	73,225	$	73,225	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2017. 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, 2017. Investments and/or cash totaling $1,596,535 were pledged as the initial margin deposit for these contracts.


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(26	)		September 2017	($	5,627,702	)	($	5,618,844	)	$	8,858
5-Yr. U.S. Treasury Bond Futures		176			September 2017		20,786,420			20,739,125			(47,295	)
10-Yr. U.S. Treasury Bond Futures		(40	)		September 2017		(5,022,060	)		(5,021,250	)		810
20-Yr. U.S. Treasury Bond Futures		39			September 2017		5,949,150			5,993,812			44,662
CME Ultra Long Term U.S. Treasury Bond		1			September 2017		162,480			165,875			3,395
S&P 500 Index Futures		(40	)		September 2017		(24,295,334	)		(24,209,000	)		86,334
S&P 500 Index Mini-Futures		71			September 2017		8,620,125			8,594,195			(25,930	)
Total Futures Contracts												$	70,834

The following table presents Diversified Income Plus Portfolio’s options contracts held as of June 30, 2017.


Call Options Written	Number of Contracts		Exercise Price		Expiration Date		Value			Unrealized Gain/(Loss)
Federal National Mortgage Association
Conventional 30-Yr. Pass Through Call Option		7	$	100.75		July 2017	($	260	)	$	26,236
Total Call Options Written							($	260	)	$	26,236

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2017, 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	$	57,725
Options Written	Net Assets - Net unrealized appreciation/(depreciation) on Written option contracts		26,236
Total Interest Rate Contracts			83,961
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		86,334
Total Equity Contracts			86,334

Total Asset Derivatives		$	170,295

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		47,295
Total Interest Rate Contracts			47,295
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		25,930
Total Equity Contracts			25,930

Total Liability Derivatives		$	73,225

*	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, 2017

(unaudited)

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2017, 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
Options Written	Net realized gains/(losses) on Written option contracts	39,886
Options Purchased	Net realized gains/(losses) on Investments	(40,229)
Futures	Net realized gains/(losses) on Futures contracts	(1,424,798)
Total Equity Contracts		(1,425,141)
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts	440,773
Total Interest Rate Contracts		440,773

Total		($984,368)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2017, 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
Options Written	Change in net unrealized appreciation/(depreciation) on Written option contracts	26,236
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts	64,265
Total Interest Rate Contracts		90,501
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts	(47,399)
Total Equity Contracts		(47,399)

Total		$43,102

The following table presents Diversified Income Plus Portfolio’s average volume of derivative activity during the period ended June 30, 2017.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)		Options (Contracts)
Equity Contracts	$	29,970,324		5.0%		N/A
Interest Rate Contracts		33,896,107		5.7		69

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

Investment in Affiliates

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


Portfolio	Value December 31, 2016		Gross Purchases		Gross Sales		Shares Held at June 30, 2017		Value June 30, 2017		Income Earned January 1, 2017 - June 30, 2017
Cash Management Trust-Collateral Investment	$	172,250	$	8,677,382	$	7,709,400		1,140,232	$	1,140,232	$	19,458
Core Short-Term Reserve Fund		64,989,751		163,567,679		156,780,997		7,177,643		71,776,433		363,397
Total Value and Income
Earned	$	65,162,001							$	72,916,665	$	382,855

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, 2017

(unaudited)


Principal Amount		Bank Loans (30.4%)	Value		% of Net Assets
	Basic Materials (1.8%)
		Contura Energy, Inc., Term Loan
	$ 578,550	6.230%, 3/17/2024^a	$	561,193		0.3	%
		Ineos Finance, LLC, Term Loan
	760,751	3.976%, 3/31/2022^a,b,c		761,862		0.5	%
		Tronox Pigments BV, Term Loan
	679,383	4.796%, 3/19/2020^a		682,780		0.4	%
		Other Securities^		903,728		0.6	%

		Total		2,909,563


	Capital Goods (2.4%)
		Advanced Disposal Services, Inc., Term Loan
	580,703	3.939%, 11/10/2023^a		582,468		0.4	%
		Berry Plastics Corporation, Term Loan
	538,650	3.617%, 1/19/2024^a		538,424		0.3	%
		Cortes NP Intermediate Holding II Corporation, Term Loan
	1,085,000	5.226%, 11/30/2023^a		1,088,613		0.7	%
		Sterigenics-Nordion Holdings, LLC, Term Loan
	738,150	4.226%, 5/15/2022^a		735,382		0.5	%
		Other Securities^		907,431		0.5	%

		Total		3,852,318


	Communications Services (10.8%)
		Coral-US Co-Borrower, LLC, Term Loan
	870,000	4.726%, 11/19/2024^a		871,636		0.6	%
		Level 3 Financing, Inc., Term Loan
	1,025,000	3.466%, 2/22/2024^a		1,026,927		0.6	%
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	725,000	4.658%, 1/7/2022^a		717,148		0.5	%
		LTS Buyer, LLC, Term Loan
	665,699	4.546%, 4/13/2020^a		667,696		0.4	%
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	1,063,826	5.226%, 5/4/2022^a		1,045,039		0.7	%
		NEP/NCP Holdco, Inc., Term Loan
	742,347	4.476%, 1/22/2020^a		742,117		0.5	%
	760,000	0.000%, 7/21/2022^a,b,c		759,764		0.5	%
		SBA Senior Finance II, LLC, Term Loan
	727,500	3.480%, 3/24/2021^a		728,686		0.5	%
		Sprint Communications, Inc., Term Loan
	1,062,338	3.750%, 2/2/2024^a		1,062,114		0.7	%
		Virgin Media Bristol, LLC, Term Loan
	550,000	3.909%, 1/31/2025^a		549,863		0.3	%
		WideOpenWest Finance, LLC, Term Loan
	950,000	0.000%, 8/6/2023^a,b,c		948,385		0.6	%
	918,063	4.702%, 8/19/2023^a		916,502		0.6	%
		Other Securities^		7,071,063		4.3	%

		Total		17,106,940


	Consumer Cyclical (3.1%)
		Amaya Holdings BV, Term Loan
	621,008	4.796%, 8/1/2021^a		621,573		0.4	%
		Four Seasons Hotels, Ltd., Term Loan
	598,496	3.726%, 11/30/2023^a		601,985		0.4	%
		Mohegan Tribal Gaming Authority, Term Loan
	552,549	5.226%, 10/13/2023^a,b,c		558,246		0.3	%
		Scientific Games International, Inc., Term Loan
	1,231,913	5.108%, 10/1/2021^a		1,243,382		0.8	%
		Other Securities^		1,893,651		1.2	%

		Total		4,918,837


	Consumer Non-Cyclical (4.9%)
		Air Medical Group Holdings, Inc., Term Loan
	955,000	0.000%, 4/28/2022^a,b,c		949,747		0.6	%
		Albertson’s, LLC, Term Loan
	610,839	0.000%, 6/22/2023^a,b,c		603,460		0.4	%
		CHS/Community Health Systems, Inc., Term Loan
	605,193	4.210%, 1/27/2021^a		603,868		0.4	%
		JBS USA LUX SA, Term Loan
	1,037,400	5.750%, 10/30/2022^a,b,c		1,010,428		0.6	%
		Valeant Pharmaceuticals International, Inc., Term Loan
	1,588,111	5.830%, 4/1/2022^a		1,608,963		1.0	%
		Other Securities^		2,962,403		1.9	%

		Total		7,738,869


	Energy (0.7%)
		Houston Fuel Oil Terminal, LLC, Term Loan
	660,915	4.550%, 8/19/2021^a,b,c		655,132		0.4	%
		Other Securities^		525,728		0.3	%

		Total		1,180,860


	Financials (1.6%)
		ASP AMC Merger Sub, Inc., Term Loan
	850,676	4.796%, 4/13/2024^a		841,105		0.5	%
		Other Securities^		1,646,765		1.1	%

		Total		2,487,870


	Technology (3.2%)
		First Data Corporation, Term Loan
	1,165,000	3.716%, 4/26/2024^a		1,164,581		0.7	%
		Rackspace Hosting, Inc., Term Loan
	590,000	0.000%, 11/3/2023^a,b,c		589,445		0.4	%
		Western Digital Corporation, Term Loan
	945,250	3.976%, 4/29/2023^a		948,445		0.6	%
		Xerox Business Services, LLC, Term Loan
	533,659	5.226%, 12/7/2023^a		539,663		0.4	%
		Other Securities^		1,904,471		1.1	%

		Total		5,146,605


	Transportation (1.1%)
		Arctic LNG Carriers, Ltd., Term Loan
	965,000	5.726%, 5/18/2023^a		961,381		0.6	%

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, 2017

(unaudited)


Principal Amount		Bank Loans (30.4%)	Value		% of Net Assets
	Transportation (1.1%) - continued
		Other Securities^	$	845,925		0.5	%

		Total		1,807,306


	Utilities (0.8%)
		Calpine Corporation, Term Loan
	769,114	4.050%, 1/15/2024^a		767,314		0.5	%

		Other Securities^		495,651		0.3	%

		Total		1,262,965


		Total Bank Loans (cost $48,654,139)		48,412,133


		Long-Term Fixed Income (60.2%)
	Asset-Backed Securities (5.5%)
		Other Securities^		8,739,006		5.5	%

		Total		8,739,006


	Basic Materials (1.3%)
		Other Securities^		2,147,733		1.3	%

		Total		2,147,733


	Capital Goods (1.4%)
		Other Securities^		2,254,109		1.4	%

		Total		2,254,109


	Collateralized Mortgage Obligations (6.7%)
		Other Securities^		10,724,677		6.7	%

		Total		10,724,677


	Communications Services (2.5%)
		Other Securities^		4,005,962		2.5	%

		Total		4,005,962


	Consumer Cyclical (2.7%)
		Other Securities^		4,329,329		2.7	%

		Total		4,329,329


	Consumer Non-Cyclical (2.6%)
		Valeant Pharmaceuticals International
	64,810	7.250%, 7/15/2022^d		60,921		0.1	%
		Other Securities^		4,073,543		2.5	%

		Total		4,134,464


	Energy (2.6%)
		Petrobras Global Finance BV
	278,000	7.375 % - 8.375%, 5/23/2021 - 1/17/2027		306,093		0.2	%
		Petroleos Mexicanos
	122,000	6.375% - 6.500%, 2/4/2021 - 3/13/2027^d		131,356		0.1	%
		Other Securities^		3,622,118		2.3	%

		Total		4,059,567


	Financials (6.5%)
		Other Securities^		10,341,805		6.5	%

		Total		10,341,805


	Foreign Government (14.3%)
		Argentina Government International Bond
	554,000	7.500%, 4/22/2026		595,550		0.4	%
	499,455	8.280%, 12/31/2033		553,396		0.4	%
	1,720,039	2.500% - 7.625%, 4/22/2021 - 4/22/2046^e		1,625,342		1.0	%
		Brazil Government International Bond
	1,972,000	2.625% - 7.125%, 1/22/2021 - 2/21/2047		1,957,484		1.3	%
		Colombia Government International Bond
	1,550,000	2.625% - 7.375%, 7/12/2021 - 6/15/2045		1,643,014		1.0	%
		Hungary Government International Bond
	472,000	5.750%, 11/22/2023		539,706		0.3	%
		Indonesia Government International Bond
	559,000	5.125%, 1/15/2045^d		598,444		0.4	%
	1,817,000	3.375% - 8.500%, 5/5/2021 - 1/15/2044^d		2,081,452		1.4	%
		Mexico Government International Bond
	2,632,000	3.600% - 6.750%, 10/2/2023 - 10/12/2110		2,748,094		1.7	%
		Russia Government International Bond
	940,000	5.000%, 4/29/2020^d		996,152		0.6	%
	1,132,965	3.500% - 7.500%, 1/16/2019 - 4/4/2042^d		1,240,085		0.8	%
		Turkey Government International Bond
	3,049,000	4.250% - 7.000%, 6/5/2020 - 2/17/2045		3,172,937		2.1	%
		Other Securities^		4,941,848		2.9	%

		Total		22,693,504


	Mortgage-Backed Securities (11.4%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	1,525,000	3.000%, 7/1/2031^c		1,565,746		1.0	%
		Federal Home Loan Mortgage Corporation Gold 20-Yr. Pass Through
	25,250	5.500%, 9/1/2024		27,834		<0.1	%
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	1,475,000	4.000%, 7/1/2047^c		1,550,997		1.0	%
		Federal National Mortgage Association Conventional 20- Yr. Pass Through
	189,882	6.000%, 8/1/2024		213,539		0.1	%
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	4,050,000	3.000%, 7/1/2047^c		4,043,672		2.5	%
	4,650,000	3.500%, 7/1/2047^c		4,774,461		3.0	%
	4,475,000	4.000%, 7/1/2047^c		4,703,295		3.0	%
	1,250,000	4.500%, 7/1/2047^c		1,340,526		0.8	%

		Total		18,220,070


	Technology (1.4%)
		Other Securities^		2,233,942		1.4	%

		Total		2,233,942

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (60.2%)	Value			% of Net Assets
	Transportation (0.3%)
		Other Securities^	$	479,682			0.3	%

		Total		479,682


	Utilities (1.0%)
		Other Securities^		1,567,095			1.0	%

		Total		1,567,095


		Total Long-Term Fixed Income (cost $94,784,580)		95,930,945


Shares		Registered Investment Companies (3.7%)
	Equity Funds/Exchange Traded Funds (<0.1%)
		Other Securities^		209,495			0.1	%

		Total		209,495


	Fixed Income Funds/Exchange Traded Funds (3.6%)
	38,705	PowerShares Senior Loan Portfolio		895,634			0.6	%
	37,440	SPDR Bloomberg Barclays High Yield Bond ETF		1,392,768			0.9	%
	31,210	Vanguard Short-Term Corporate Bond ETF		2,498,048			1.6	%
		Other Securities^		859,466			0.5	%

		Total		5,645,916


		Total Registered Investment Companies (cost $6,004,174)		5,855,411


		Preferred Stock (1.2%)
	Consumer Non-Cyclical (0.1%)
		Other Securities^		67,078			0.1	%

		Total		67,078


	Energy (<0.1%)
		Other Securities^		56,593			<0.1	%

		Total		56,593


	Financials (1.1%)
		Other Securities^		1,775,208			1.1	%

		Total		1,775,208


		Total Preferred Stock (cost $1,714,094)		1,898,879


		Common Stock (0.4%)
	Energy (0.2%)
		Other Securities^		287,504			0.2	%

		Total		287,504


	Financials (0.2%)
		Other Securities^		335,817			0.2	%

		Total		335,817


	Materials (<0.1%)
		Other Securities^		36,737			<0.1	%

		Total		36,737

		Total Common Stock (cost $626,481)		660,058

Shares or Principal Amount		Short-Term Investments (18.4%)^f
		Thrivent Core Short-Term Reserve Fund
	2,891,777	1.240%		28,917,773			18.2	%
		Other Securities^		299,764			0.2	%

		Total Short-Term Investments (cost $29,217,539)		29,217,537

		Total Investments (cost $181,001,007) 114.3%	$	181,974,963

		Other Assets and Liabilities, Net (14.3%)		(22,773,503	)

		Total Net Assets 100.0%	$	159,201,460

^	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	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, 2017.

f	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, 2017. Restricted securities are investment securities which cannot be offered for public sale without first being registered under the Securities Act of 1933. As of June 30, 2017, the value of these investments was $6,024,323 or 3.8% of total net assets.

Definitions


ETF	-	Exchange Traded Fund
SPDR	-	S&P Depository Receipts, which are a family of exchange- traded funds traded in the U.S., Europe, and Asia-Pacific and managed by State Street Global Advisors.

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	2,469,811
Gross unrealized depreciation		(1,434,737	)

Net unrealized appreciation (depreciation)	$	1,035,074

Cost for federal income tax purposes	$	180,939,889

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, 2017

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, 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		2,909,563		—		2,348,370		561,193
Capital Goods		3,852,318		—		3,116,936		735,382
Communications Services		17,106,940		—		16,962,665		144,275
Consumer Cyclical		4,918,837		—		4,918,837		—
Consumer Non-Cyclical		7,738,869		—		6,789,122		949,747
Energy		1,180,860		—		1,180,860		—
Financials		2,487,870		—		2,487,870		—
Technology		5,146,605		—		5,146,605		—
Transportation		1,807,306		—		1,807,306		—
Utilities		1,262,965		—		1,262,965		—
Long-Term Fixed Income
Asset-Backed Securities		8,739,006		—		8,389,006		350,000
Basic Materials		2,147,733		—		2,147,733		—
Capital Goods		2,254,109		—		2,254,109		—
Collateralized Mortgage Obligations		10,724,677		—		10,724,677		—
Communications Services		4,005,962		—		4,005,962		—
Consumer Cyclical		4,329,329		—		4,329,329		—
Consumer Non-Cyclical		4,134,464		—		4,134,464		—
Energy		4,059,567		—		4,059,567		—
Financials		10,341,805		—		10,341,805		—
Foreign Government		22,693,504		—		22,693,504		—
Mortgage-Backed Securities		18,220,070		—		18,220,070		—
Technology		2,233,942		—		2,233,942		—
Transportation		479,682		—		479,682		—
Utilities		1,567,095		—		1,567,095		—
Registered Investment Companies
Fixed Income Funds/Exchange Traded Funds		5,645,916		5,645,916		—		—
Equity Funds/Exchange Traded Funds		209,495		209,495		—		—
Preferred Stock
Consumer Non-Cyclical		67,078		—		67,078		—
Energy		56,593		—		56,593		—
Financials		1,775,208		803,535		971,673		—
Common Stock
Energy		287,504		287,504		—		—
Financials		335,817		335,817		—		—
Materials		36,737		36,737		—		—
Short-Term Investments		299,764		—		299,764		—

Subtotal Investments in Securities	$	153,057,190	$	7,319,004	$	142,997,589	$	2,740,597


Other Investments *	Total
Short-Term Investments		28,917,773

Subtotal Other Investments	$	28,917,773

Total Investments at Value	$	181,974,963


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		57,688		57,688		—		—

Call Options Written		15,979		—		—		15,979

Total Asset Derivatives	$	73,667	$	57,688	$	—	$	15,979

Liability Derivatives
Futures Contracts		8,775		8,775		—		—

Total Liability Derivatives	$	8,775	$	8,775	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2017. 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, 2017

(unaudited)

The following table presents Opportunity Income Plus Portfolio’s futures contracts held as of June 30, 2017. Investments and/or cash totaling $299,764 were pledged as the initial margin deposit for these contracts.


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(16	)		September 2017	($	3,463,201	)	($	3,457,750	)	$	5,451
5-Yr. U.S. Treasury Bond Futures		15			September 2017		1,771,570			1,767,539			(4,031	)
10-Yr. U.S. Treasury Bond Futures		(17	)		September 2017		(2,134,375	)		(2,134,031	)		344
20-Yr. U.S. Treasury Bond Futures		(3	)		September 2017		(456,318	)		(461,062	)		(4,744	)
CME Ultra Long Term U.S. Treasury Bond		10			September 2017		1,624,799			1,658,750			33,951
S&P 500 Index Futures		(8	)		September 2017		(4,859,067	)		(4,841,800	)		17,267
Ultra 10-Yr. U.S. Treasury Note		(4	)		September 2017		(539,925	)		(539,250	)		675
Total Futures Contracts												$	48,913

The following table presents Opportunity Income Plus Portfolio’s options contracts held as of June 30, 2017.


Call Options Written	Number of Contracts		Exercise Price		Expiration Date		Value			Unrealized Gain/(Loss)
Federal National Mortgage Association
Conventional 30-Yr. Pass Through Call Option		4	$	100.75		July 2017	($	158	)	$	15,979
Total Call Options Written							($	158	)	$	15,979

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2017, 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	$	40,421
Options Written	Net Assets - Net unrealized appreciation/(depreciation) on Written option contracts		15,979
Total Interest Rate Contracts			56,400
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		17,267
Total Equity Contracts			17,267

Total Asset Derivatives		$	73,667

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		8,775
Total Interest Rate Contracts			8,775

Total Liability Derivatives		$	8,775

*	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, 2017, 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
Equity Contracts
Options Purchased	Net realized gains/(losses) on Investments		(14,219	)
Futures	Net realized gains/(losses) on Futures contracts		(369,533	)
Total Equity Contracts			(383,752	)
Interest Rate Contracts
Options Written	Net realized gains/(losses) on Written option contracts		22,529
Futures	Net realized gains/(losses) on Futures contracts		14,252
Total Interest Rate Contracts			36,781

Total		($	346,971	)

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, 2017

(unaudited)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2017, 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
Options Written	Change in net unrealized appreciation/(depreciation) on Written option contracts		15,979
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		28,111
Total Interest Rate Contracts			44,090
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(11,300	)
Total Equity Contracts			(11,300	)

Total		$	32,790

The following table presents Opportunity Income Plus Portfolio’s average volume of derivative activity during the period ended June 30, 2017.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)			Options (Contracts)
Equity Contracts	$	4,767,231		3.2	%		N/A
Interest Rate Contracts		11,017,028		7.4			24

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

Investment in Affiliates

Affiliated issuers, as defined under the Investment Company Act of 1940, include those in which the Portfolio’s holdings of an issuer represent 5% or more of the outstanding voting securities of an issuer, any affiliated mutual fund, or a company which is under common ownership or control with the Portfolio. The Portfolio owns shares of Thrivent Core Short-Term Reserve Fund primarily to serve as a cash sweep vehicle for the Portfolio. Thrivent Core Short-Term Reserve Fund is established for the sole use of affiliated portfolios.

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


Portfolio	Value December 31, 2016		Gross Purchases		Gross Sales		Shares Held at June 30, 2017		Value June 30, 2017		Income Earned January 1, 2017 - June 30, 2017
Core Short-Term Reserve Fund	$	26,649,222	$	65,107,603	$	62,839,052		2,891,777	$	28,917,773	$	147,734
Total Value and Income Earned	$	26,649,222							$	28,917,773	$	147,734

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

PARTNER HEALTHCARE PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (91.6%)	Value
	Biotechnology (22.2%)
	143,096	ACADIA Pharmaceuticals, Inc.^a	$	3,990,947
	60,541	Acceleron Pharma, Inc.^a		1,839,841
	382,920	Amicus Therapeutics, Inc.^a		3,856,004
	85,069	BioMarin Pharmaceutical, Inc.^a		7,725,967
	71,100	Celgene Corporation^a		9,233,757
	63,868	Global Blood Therapeutics, Inc.^a		1,746,790
	67,557	La Jolla Pharmaceutical Company^a		2,011,172
	25,689	Loxo Oncology, Inc.^a		2,060,001
	52,625	Portola Pharmaceuticals, Inc.^a		2,955,946
	16,000	Regeneron Pharmaceuticals, Inc.^a		7,858,240

		Total		43,278,665


	Health Care Equipment (21.0%)
	41,186	ABIOMED, Inc.^a		5,901,954
	51,651	Dexcom, Inc.^a		3,778,271
	50,100	Edwards Lifesciences Corporation^a		5,923,824
	4,975	Intuitive Surgical, Inc.^a		4,653,466
	187,304	K2M Group Holdings, Inc.^a		4,562,725
	123,200	Medtronic plc		10,934,000
	67,300	NuVasive, Inc.^a		5,176,716

		Total		40,930,956


	Health Care Facilities (2.6%)
	103,600	Acadia Healthcare Company, Inc.^a		5,115,768

		Total		5,115,768


	Health Care Services (1.7%)
	97,175	Teladoc, Inc.a		3,371,973

		Total		3,371,973


	Health Care Technology (1.2%)
	97,100	Evolent Health, Inc.^a		2,461,485

		Total		2,461,485


	Pharmaceuticals (42.9%)
	37,279	Aerie Pharmaceuticals, Inc.a		1,959,011
	317,278	Collegium Pharmaceutical, Inc.^a		3,969,148
	244,099	Endo International plc^a		2,726,586
	110,799	Johnson & Johnson		14,657,600
	228,100	Merck & Company, Inc.		14,618,929
	153,899	Mylan NV^a		5,974,359
	68,329	Neuroderm, Ltd.^a		2,043,037
	174,800	Novartis AG ADR		14,590,556
	437,896	Pfizer , Inc.		14,708,927
	37,644	Sawai Pharmaceutical Company, Ltd.		2,114,174
	191,600	Teva Pharmaceutical Industries, Ltd. ADR		6,364,952

		Total		83,727,279


		Total Common Stock (cost $162,362,683)		178,886,126


Shares or Principal Amount		Short-Term Investments (8.2%)^b
		Federal Home Loan Bank Discount Notes
	2,900,000	0.901%, 7/5/2017		2,899,838
	900,000	0.930%, 7/12/2017		899,775
	300,000	1.000%, 7/19/2017		299,867
	400,000	0.970%, 7/21/2017		399,800
	500,000	1.000%, 7/26/2017		499,680
	1,100,000	1.025%, 8/4/2017		1,099,002
		Thrivent Core Short-Term Reserve Fund
	989,322	1.240%		9,893,220

		Total Short-Term Investments (cost $15,990,896)		15,991,182

		Total Investments (cost $178,353,579) 99.8%	$	194,877,308

		Other Assets and Liabilities, Net 0.2%		331,378

		Total Net Assets 100.0%	$	195,208,686

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	$	17,283,972
Gross unrealized depreciation		(3,097,887	)

Net unrealized appreciation (depreciation)	$	14,186,085
Cost for federal income tax purposes	$	180,691,223

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

PARTNER HEALTHCARE PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, in valuing Partner Healthcare Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Biotechnology		43,278,665		43,278,665		—		—
Health Care Equipment		40,930,956		40,930,956		—		—
Health Care Facilities		5,115,768		5,115,768		—		—
Health Care Services		3,371,973		3,371,973		—		—
Health Care Technology		2,461,485		2,461,485		—		—
Pharmaceuticals		83,727,279		81,613,105		2,114,174		—
Short-Term Investments		6,097,962		—		6,097,962		—

Subtotal Investments in Securities	$	184,984,088	$	176,771,952	$	8,212,136	$	—


Other Investments *	Total
Short-Term Investments		9,893,220

Subtotal Other Investments	$	9,893,220

Total Investments at Value	$	194,877,308

There were no significant transfers between Levels during the period ended June 30, 2017. 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. The Portfolio owns shares of Thrivent Core Short-Term Reserve Fund primarily to serve as a cash sweep vehicle for the Portfolio. Thrivent Core Short-Term Reserve Fund is established for the sole use of affiliated portfolios.

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


Portfolio	Value December 31, 2016		Gross Purchases		Gross Sales		Shares Held at June 30, 2017		Value June 30, 2017		Income Earned January 1, 2017 - June 30, 2017
Core Short-Term Reserve Fund	$	8,210,797	$	31,993,673	$	30,311,250		989,322	$	9,893,220	$	45,570
Total Value and Income Earned	$	8,210,797							$	9,893,220	$	45,570

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, 2017

(unaudited)


Shares		Common Stock (91.6%)	Value
	Brazil (11.4%)
	180,700	Ambev SA	$	1,003,071
	245,713	Banco Bradesco SA ADR		2,088,561
	65,900	BRF SA		778,172
	154,115	Lojas Renner SA		1,279,291
	46,756	Multiplan Empreendimentos Imobiliarios SA		921,317
	72,600	Ultrapar Participacoes SA		1,715,892
	87,960	Vale SA ADR		769,650

		Total		8,555,954


	Chile (2.1%)
	34,770	Banco Santander Chile SA ADR		883,506
	86,340	S.A.C.I. Falabella		707,108

		Total		1,590,614


	China (0.7%)
	890,000	PetroChina Company, Ltd.		544,476

		Total		544,476


	Hong Kong (11.3%)
	337,000	AIA Group, Ltd.		2,465,614
	245,000	China Mobile, Ltd.		2,597,442
	293,000	Hang Lung Group, Ltd.		1,212,316
	132,000	Hang Lung Properties, Ltd.		329,887
	31,965	Hong Kong Exchanges and Clearing, Ltd.		825,796
	71,000	Swire Pacific, Ltd., Class A		693,078
	80,000	Swire Pacific, Ltd., Class B		139,946
	59,500	Swire Properties, Ltd.		196,137

		Total		8,460,216


	Hungary (1.2%)
	34,710	Richter Gedeon Nyrt		907,439

		Total		907,439


	India (16.5%)
	59,005	Grasim Industries, Ltd.		1,132,905
	31,750	Grasim Industries, Ltd. GDR		610,870
	21,800	Hero Motocorp, Ltd.		1,247,378
	75,000	Hindustan Unilever, Ltd.		1,252,266
	122,639	Housing Development Finance Corporation		3,062,789
	39,116	Infosys, Ltd.		566,195
	424,339	ITC, Ltd.		2,122,729
	47,800	Kotak Mahindra Bank, Ltd.		706,326
	28,881	Tata Consultancy Services, Ltd.		1,054,907
	10,947	Ultra Tech Cement, Ltd.		670,159

		Total		12,426,524


	Indonesia (5.3%)
	3,473,800	Astra International Tbk PT		2,327,437
	604,900	Indocement Tunggal Prakarsa Tbk PT		835,953
	587,300	PT Bank Central Asia Tbk		800,971

		Total		3,964,361


	Luxembourg (1.1%)
	26,965	Tenaris SA ADR		839,690

		Total		839,690


	Malaysia (1.4%)
	222,000	Public Bank Berhad		1,050,741

		Total		1,050,741


	Mexico (7.5%)
	22,600	Fomento Economico Mexicano SAB de CV ADR		2,222,484
	5,500	Grupo Aeroportuario del Sureste SAB de CV ADR		1,157,200
	320,477	Grupo Financiero Banorte SAB de CV ADR		2,033,359
	97,300	Organizacion Soriana SAB de CV^a		226,781

		Total		5,639,824


	Philippines (3.8%)
	60,650	Ayala Corporation		1,022,300
	917,900	Ayala Land, Inc.		723,149
	540,862	Bank of the Philippine Islands		1,114,737

		Total		2,860,186


	Poland (0.9%)
	19,819	Bank Pekao SA		667,311

		Total		667,311


	Portugal (1.2%)
	45,229	Jeronimo Martins SGPS SA		883,043

		Total		883,043


	Russia (3.7%)
	28,386	Lukoil ADR		1,383,569
	9,219	Magnit PJSC		1,435,342

		Total		2,818,911


	South Africa (3.3%)
	88,421	Massmart Holdings, Ltd.		713,045
	83,564	MTN Group, Ltd.		728,465
	188,808	Truworths International, Ltd.		1,031,895

		Total		2,473,405


	South Korea (3.3%)
	2,811	Amorepacific Corporation		456,973
	4,081	Amorepacific Group		463,749
	2,090	NAVER Corporation		1,532,035

		Total		2,452,757


	Taiwan (5.0%)
	195,400	Taiwan Mobile Company, Ltd.^a		735,519
	443,499	Taiwan Semiconductor Manufacturing Company, Ltd.		3,030,080

		Total		3,765,599


	Thailand (4.5%)
	111,100	Siam Cement pcl		1,641,062
	376,800	Siam Commercial Bank pcl		1,722,695

		Total		3,363,757


	Turkey (3.9%)
	351,033	Akbank TAS		977,773
	60,836	BIM Birlesik Magazalar AS		1,127,938
	292,190	Turkiye Garanti Bankasi AS		813,269

		Total		2,918,980


	United Kingdom (1.6%)
	32,386	BHP Billiton plc		493,680
	73,303	Standard Chartered plc^a		742,432

		Total		1,236,112


	United States (1.9%)
	37,000	Yum China Holding, Inc.		1,458,910

		Total		1,458,910


		Total Common Stock (cost $58,308,272)		68,878,810


		Preferred Stock (5.8%)
	Brazil (0.8%)
	71,605	Vale SA ADR		583,581

		Total		583,581

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, 2017

(unaudited)


Shares		Preferred Stock (5.8%)	Value
	South Korea (5.0%)
	2,297	Samsung Electronics Company, Ltd.	$	3,745,254

		Total		3,745,254


		Total Preferred Stock (cost $2,146,754)		4,328,835


Shares or Principal Amount		Short-Term Investments (3.1%)^b
		Thrivent Core Short-Term Reserve Fund
	230,254	1.240%		2,302,540

		Total Short-Term Investments (cost $2,302,540)		2,302,540

		Total Investments (cost $62,757,566) 100.5%	$	75,510,185

		Other Assets and Liabilities, Net (0.5%)		(347,821	)

		Total Net Assets 100.0%	$	75,162,364

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.
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	$	17,929,327
Gross unrealized depreciation		(5,343,830	)

Net unrealized appreciation (depreciation)	$	12,585,497
Cost for federal income tax purposes	$	62,924,688

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, 2017

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, 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		8,278,800		1,458,910		6,819,890		—
Consumer Staples		12,458,812		2,222,484		10,236,328		—
Energy		4,483,627		839,690		3,643,937		—
Financials		20,978,180		2,972,067		18,006,113		—
Health Care		907,439		—		907,439		—
Industrials		1,157,200		1,157,200		—		—
Information Technology		6,183,217		—		6,183,217		—
Materials		6,154,279		769,650		5,384,629		—
Real Estate		4,215,830		—		4,215,830		—
Telecommunications Services		4,061,426		—		4,061,426		—
Preferred Stock
Information Technology		3,745,254		—		3,745,254		—
Materials		583,581		583,581		—		—

Subtotal Investments in Securities	$	73,207,645	$	10,003,585	$	63,204,063	$	—


Other Investments *	Total
Short-Term Investments		2,302,540

Subtotal Other Investments	$	2,302,540

Total Investments at Value	$	75,510,185

There were no significant transfers between Levels during the period ended June 30, 2017. 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, 2016		Gross Purchases		Gross Sales		Shares Held at June 30, 2017		Value June 30, 2017		Income Earned January 1, 2017 - June 30, 2017
Cash Management Trust- Collateral Investment	$	981,850	$	4,239,625	$	5,221,475		—	$	—	$	298
Core Short-Term Reserve Fund		1,398,177		6,980,051		6,075,688		230,254		2,302,540		10,394
Total Value and Income Earned	$	2,380,027							$	2,302,540	$	10,692

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

REAL ESTATE SECURITIES PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (99.3%)	Value
	Consumer Discretionary (0.1%)
	8,000	MGM Resorts International	$	250,320

		Total		250,320


	Diversified REITS (4.6%)
	11,292	American Assets Trust, Inc.		444,792
	12,450	Armada Hoffle Properties, Inc.		161,227
	25,000	Colony NorthStar, Inc.		352,250
	29,919	Empire State Realty Trust, Inc.		621,418
	9,376	First Potomac Realty Trust		104,167
	32,493	Forest City Realty Trust, Inc.		785,356
	35,901	Gramercy Property Trust		1,066,619
	28,414	Lexington Realty Trust		281,583
	30,743	Liberty Property Trust		1,251,547
	1,058	PS Business Parks, Inc.		140,069
	98,260	Spirit Realty Capital, Inc.		728,107
	56,846	Store Capital Corporation		1,276,193
	69,734	VEREIT, Inc.		567,635
	9,515	Washington REIT		303,528
	10,500	Winthrop Realty Trust Liquidation Escrow^a,b		78,120
	3,450	WP Carey, Inc.		227,734

		Total		8,390,345


	Health Care REITs (9.5%)
	29,511	Brookdale Senior Living, Inc.^b		434,107
	8,930	Care Capital Properties, Inc.		238,431
	67,242	HCP, Inc.		2,149,054
	28,262	Healthcare Realty Trust, Inc.		965,147
	48,419	Healthcare Trust of America, Inc.		1,506,315
	24,564	Medical Properties Trust, Inc.		316,139
	8,220	National Health Investors, Inc.		651,024
	14,371	Omega Healthcare Investors, Inc.		474,530
	69,070	Physicians Realty Trust		1,391,070
	12,431	Sabra Health Care REIT, Inc.		299,587
	17,822	Senior Housing Property Trust		364,282
	53,320	Ventas, Inc.		3,704,674
	65,277	Welltower, Inc.		4,885,983

		Total		17,380,343


	Hotel & Resort REITs (6.3%)
	12,300	Apple Hospitality REIT, Inc.		230,133
	6,000	Ashford Hospitality Prime, Inc.		61,740
	21,087	Chatham Lodging Trust		423,638
	21,883	Chesapeake Lodging Trust		535,477
	53,695	DiamondRock Hospitality Company		587,960
	30,093	FelCor Lodging Trust, Inc.		216,970
	8,786	Hersha Hospitality Trust		162,629
	19,833	Hilton Worldwide Holdings, Inc.		1,226,671
	17,449	Hospitality Properties Trust		508,638
	142,729	Host Hotels & Resorts, Inc.		2,607,659
	17,705	LaSalle Hotel Properties		527,609
	5,200	Marriott International, Inc.		521,612
	15,100	MGM Growth Properties, LLC		440,769
	14,000	Park Hotels & Resorts, Inc.		377,440
	16,674	Pebblebrook Hotel Trust		537,570
	26,691	RLJ Lodging Trust		530,350
	2,500	Ryman Hospitality Properties		160,025
	36,352	Summit Hotel Properties, Inc.		677,965
	76,031	Sunstone Hotel Investors, Inc.		1,225,620

		Total		11,560,475


	Industrial REITS (7.8%)
	19,016	DCT Industrial Trust, Inc.		1,016,215
	91,520	Duke Realty Corporation		2,557,984
	6,524	EastGroup Properties, Inc.		546,711
	48,496	First Industrial Realty Trust, Inc.		1,387,956
	5,450	Monmouth Real Estate Investment Corporation		82,023
	123,882	Prologis, Inc.		7,264,440
	26,578	Rexford Industrial Realty, Inc.		729,300
	12,400	STAG Industrial, Inc.		342,240
	9,608	Terreno Realty Corporation		323,405

		Total		14,250,274


	Information Technology (0.4%)
	14,750	InterXion Holding NV^b		675,255

		Total		675,255


	Mortgage REITS (0.2%)
	15,000	Starwood Property Trust, Inc.		335,850

		Total		335,850


	Office REITS (14.9%)
	33,712	Alexandria Real Estate Equities, Inc.		4,061,285
	38,098	Boston Properties, Inc.		4,686,816
	41,430	Brandywine Realty Trust		726,268
	30,697	City Office REIT, Inc.		389,852
	19,857	Corporate Office Properties Trust		695,591
	78,732	Cousins Properties, Inc.		692,054
	31,057	Douglas Emmett, Inc.		1,186,688
	14,700	Equity Commonwealth^b		464,520
	16,500	Franklin Street Properties Corporation		182,820
	25,312	Highwoods Properties, Inc.		1,283,571
	54,459	Hudson Pacific Properties, Inc.		1,861,953
	29,014	Kilroy Realty Corporation		2,180,402
	29,405	Mack-Cali Realty Corporation		798,052
	33,300	Paramount Group, Inc.		532,800
	7,091	Parkway, Inc.		162,313
	16,963	Piedmont Office Realty Trust, Inc.		357,580
	25,977	SL Green Realty Corporation		2,748,367
	45,050	Vornado Realty Trust		4,230,195

		Total		27,241,127


	Real Estate Operating Companies (<0.1%)
	3,000	Kennedy-Wilson Holdings, Inc.		57,150

		Total		57,150


	Real Estate Services (0.1%)
	6,619	CBRE Group, Inc.^b		240,932

		Total		240,932


	Residential REITS (19.2%)
	36,753	American Campus Communities, Inc.		1,738,417
	89,000	American Homes 4 Rent		2,008,730
	50,034	Apartment Investment & Management Company		2,149,961
	36,254	AvalonBay Communities, Inc.		6,966,931
	16,947	Bluerock Residential Growth REIT, Inc.		218,447
	19,431	Camden Property Trust		1,661,545
	35,400	Colony Starwood Homes		1,214,574
	13,638	Education Realty Trust, Inc.		528,472
	21,928	Equity Lifestyle Properties, Inc.		1,893,264
	70,958	Equity Residential		4,671,165
	17,485	Essex Property Trust, Inc.		4,498,366
	39,250	Invitation Homes, Inc.		848,977
	25,905	Mid-America Apartment Communities, Inc.		2,729,869
	39,739	Monogram Residential Trust, Inc.		385,866
	20,578	Sun Communities, Inc.		1,804,485
	46,294	UDR, Inc.		1,804,077

		Total		35,123,146


	Retail REITS (18.9%)
	35,413	Acadia Realty Trust		984,481
	14,809	Agree Realty Corporation		679,289

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

REAL ESTATE SECURITIES PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (99.3%)	Value
	Retail REITS (18.9%) - continued
	84,091	Brixmor Property Group, Inc.	$	1,503,547
	19,239	CBL & Associates Properties, Inc.		162,185
	11,320	Cedar Realty Trust, Inc.		54,902
	83,206	DDR Corporation		754,678
	15,795	Federal Realty Investment Trust		1,996,330
	154,705	General Growth Properties, Inc.		3,644,850
	65,987	Kimco Realty Corporation		1,210,862
	18,436	Kite Realty Group Trust		348,994
	20,291	Macerich Company		1,178,096
	23,286	National Retail Properties, Inc.		910,483
	12,026	Pennsylvania REIT		136,134
	31,548	Ramco-Gershenson Properties Trust		406,969
	14,077	Realty Income Corporation		776,769
	45,142	Regency Centers Corporation		2,827,695
	35,322	Retail Opportunity Investments Corporation		677,829
	56,300	Retail Properties of America, Inc.		687,423
	1,138	Saul Centers, Inc.		65,981
	78,311	Simon Property Group, Inc.		12,667,587
	18,133	Tanger Factory Outlet Centers, Inc.		471,095
	15,447	Taubman Centers, Inc.		919,869
	19,271	Urban Edge Properties		457,301
	14,000	Urstadt Biddle Properties, Inc.		277,200
	13,971	Washington Prime Group, Inc.		116,937
	23,142	Weingarten Realty Investors		696,574
	8,200	Whitestone REIT		100,450

		Total		34,714,510


	Specialized REITS (17.3%)
	19,757	American Tower Corporation		2,614,246
	3,000	CoreCivic, Inc.		82,740
	9,396	CoreSite Realty Corporation		972,768
	17,642	Crown Castle International Corporation		1,767,375
	58,672	CubeSmart		1,410,475
	31,100	CyrusOne, Inc.		1,733,825
	27,568	Digital Realty Trust, Inc.		3,113,806
	16,050	DuPont Fabros Technology, Inc.		981,618
	6,532	EPR Properties		469,455
	13,542	Equinix, Inc.		5,811,685
	33,870	Extra Space Storage, Inc.		2,641,860
	14,450	Gaming and Leisure Properties, Inc.		544,331
	11,500	GEO Group, Inc.		340,055
	4,957	Iron Mountain, Inc.		170,322
	9,258	Life Storage, Inc.		686,018
	13,965	National Storage Affiliates Trust		322,731
	5,182	Outfront Media, Inc.		119,808
	26,683	Public Storage, Inc.		5,564,206
	10,700	QTS Realty Trust, Inc.		559,931
	4,000	SBA Communications Corporation^b		539,600
	10,200	Uniti Group, Inc.		256,428
	31,430	Weyerhaeuser Company		1,052,905

		Total		31,756,188


		Total Common Stock (cost $156,088,226)		181,975,915


		Registered Investment Companies (0.1%)
	Equity Funds/Exchange Traded Funds (<0.1%)
	6,500	iShares Dow Jones US Home Construction Index Fund		220,610

		Total		220,610


		Total Registered Investment Companies (cost $178,880)		220,610


Shares or Principal Amount		Short-Term Investments (0.5%)^c
		Thrivent Core Short-Term Reserve Fund
	84,875	1.240%		848,747

		Total Short-Term Investments (cost $848,747)		848,747

		Total Investments (cost $157,115,853) 99.9%		183,045,272

		Other Assets and Liabilities, Net 0.1%		204,254

		Total Net Assets 100.0%		183,249,526

a	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.

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	$	37,891,368
Gross unrealized depreciation		(12,355,444	)

Net unrealized appreciation (depreciation)	$	25,535,924

Cost for federal income tax purposes	$	157,509,348

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

REAL ESTATE SECURITIES PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, 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		250,320		250,320		—		—
Diversified REITs		8,390,345		8,312,225		—		78,120
Health Care REITs		17,380,343		17,380,343		—		—
Hotel & Resort REITs		11,560,475		11,560,475		—		—
Industrial REITs		14,250,274		14,250,274		—		—
Information Technology		675,255		675,255		—		—
Mortgage REITs		335,850		335,850		—		—
Office REITs		27,241,127		27,241,127		—		—
Real Estate Operating Companies		57,150		57,150		—		—
Real Estate Services		240,932		240,932		—		—
Residential REITs		35,123,146		35,123,146		—		—
Retail REITs		34,714,510		34,714,510		—		—
Specialized REITs		31,756,188		31,756,188		—		—
Registered Investment Companies
Equity Funds/Exchange Traded Funds		220,610		220,610		—		—

Subtotal Investments in Securities	$	182,196,525	$	182,118,405	$	—	$	78,120


Other Investments *	Total
Short-Term Investments		848,747

Subtotal Other Investments	$	848,747

Total Investments at Value	$	183,045,272

There were no significant transfers between Levels during the period ended June 30, 2017. 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, 2016		Gross Purchases		Gross Sales		Shares Held at June 30, 2017		Value June 30, 2017		Income Earned January 1, 2017 - June 30, 2017
Cash Management Trust- Collateral Investment	$	—	$	212,875	$	212,875		—	$	—	$	9
Core Short-Term Reserve Fund		1,162,622		11,400,761		11,714,636		84,875		848,747		3,292
Total Value and Income Earned	$	1,162,622							$	848,747	$	3,301

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

SMALL CAP STOCK PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (95.4%)	Value
	Consumer Discretionary (8.7%)
	34,616	Cedar Fair, LP	$	2,495,814
	13,340	Children’s Place, Inc.		1,362,014
	74,635	Core-Mark Holding Company, Inc.		2,467,433
	55,480	G-III Apparel Group, Ltd.^a		1,384,226
	182,820	Houghton Mifflin Harcourt Company^a		2,248,686
	139,550	Nutrisystem, Inc.		7,263,578
	46,110	Oxford Industries, Inc.		2,881,414
	38,070	Papa John’s International, Inc.		2,731,903
	367,820	Pinnacle Entertainment, Inc.^a		7,268,123
	33,980	Stamps.com, Inc.^a,b		5,262,652
	377,692	Tuesday Morning Corporation^a,b		717,615
	152,845	Tupperware Brands Corporation		10,734,304
	92,800	Zoe’s Kitchen, Inc.^a,b		1,105,248

		Total		47,923,010


	Consumer Staples (2.0%)
	366,420	Cott Corporation		5,291,105
	107,420	MGP Ingredients, Inc.^b		5,496,681

		Total		10,787,786


	Energy (3.1%)
	250,200	Callon Petroleum Company^a,b		2,654,622
	107,810	Oil States International, Inc.^a		2,927,042
	457,050	Rowan Companies plc^a		4,680,192
	118,540	RPC, Inc.^b		2,395,693
	443,600	WPX Energy, Inc.^a		4,285,176

		Total		16,942,725


	Financials (22.9%)
	71,190	Allied World Assurance Company Holdings AG		3,765,951
	110,433	Ameris Bancorp		5,322,871
	31,067	Argo Group International Holdings, Ltd.		1,882,660
	236,972	Assured Guaranty, Ltd.		9,891,211
	245,788	Astoria Financial Corporation		4,952,628
	210,240	BancorpSouth, Inc.		6,412,320
	112,902	Chemical Financial Corporation		5,465,586
	251,768	CoBiz Financial, Inc.		4,380,763
	175,969	Hamilton Lane, Inc.		3,869,558
	280,781	Hanmi Financial Corporation		7,988,219
	62,709	Hanover Insurance Group, Inc.		5,557,899
	176,390	Heritage Commerce Corporation		2,430,654
	210,711	Hope Bancorp, Inc.		3,929,760
	143,224	Horace Mann Educators Corporation		5,413,867
	164,323	Houlihan Lokey, Inc.		5,734,873
	58,746	IBERIABANK Corporation		4,787,799
	53,108	Infinity Property & Casualty Corporation		4,992,152
	26,510	Meta Financial Group, Inc.		2,359,390
	152,550	National Bank Holdings Corporation		5,050,931
	70,670	Primerica, Inc.		5,353,253
	79,367	Renasant Corporation		3,471,513
	106,980	Santander Consumer USA Holdings Inc.^a		1,365,065
	95,426	State Auto Financial Corporation		2,455,311
	118,981	Stifel Financial Corporation^a		5,470,746
	214,730	Synovus Financial Corporation		9,499,655
	132,090	United Community Banks, Inc.		3,672,102

		Total		125,476,737


	Health Care (12.1%)
	69,760	Akorn, Inc.^a		2,339,750
	19,435	Align Technology, Inc.^a		2,917,582
	243,050	Catalent, Inc.^a		8,531,055
	46,850	Chemed Corporation		9,582,231
	62,990	Eagle Pharmaceuticals, Inc.^a		4,969,281
	26,168	Heska Corporation^a		2,670,968
	149,890	Myriad Genetics, Inc.^a		3,873,158
	49,920	Neurocrine Biosciences, Inc.^a		2,296,320
	91,723	NuVasive, Inc.^a		7,055,333
	171,180	Omnicell, Inc.^a		7,377,858
	97,650	PerkinElmer, Inc.		6,653,871
	24,170	Teleflex, Inc.		5,021,559
	35,164	West Pharmaceutical Services, Inc.		3,323,701

		Total		66,612,667


	Industrials (21.0%)
	56,990	AGCO Corporation		3,840,556
	201,340	AZZ, Inc.		11,234,772
	99,830	BWX Technologies, Inc.		4,866,712
	32,420	Curtiss-Wright Corporation		2,975,508
	130,830	Encore Wire Corporation		5,586,441
	80,030	Genesee & Wyoming, Inc.^a		5,473,252
	142,496	Granite Construction, Inc.		6,874,007
	62,670	ICF International, Inc.^a		2,951,757
	160,290	Kirby Corporation^a		10,715,386
	47,920	Lindsay Corporation^b		4,276,860
	329,410	MRC Global, Inc.^a		5,441,853
	85,740	Orbital ATK, Inc.		8,433,386
	85,220	Oshkosh Corporation		5,869,954
	129,896	Raven Industries, Inc.		4,325,537
	108,290	Saia, Inc.^a		5,555,277
	263,063	Team, Inc.^a		6,168,827
	37,252	Tennant Company		2,749,198
	134,180	Terex Corporation		5,031,750
	143,910	TransUnion^a		6,232,742
	6,587	Valmont Industries, Inc.		985,415
	89,556	Waste Connections, Inc.		5,769,198

		Total		115,358,388


	Information Technology (16.2%)
	102,305	Arista Networks, Inc.^a		15,324,266
	101,790	Belden, Inc.		7,678,020
	69,870	Booz Allen Hamilton Holding Corporation		2,273,570
	276,850	Ciena Corporation^a		6,926,787
	56,160	Criteo SA ADR^a,b		2,754,648
	174,280	Dolby Laboratories, Inc.		8,532,749
	73,870	DST Systems, Inc.		4,557,779
	52,230	Envestnet, Inc.^a		2,068,308
	22,270	Finisar Corporation^a		578,574
	76,080	Guidewire Software, Inc.^a		5,227,457
	20,300	II-VI, Inc.^a		696,290
	46,270	M/A-COM Technology Solutions Holdings, Inc.^a		2,580,478
	90,750	Microsemi Corporation^a		4,247,100
	233,900	National Instruments Corporation		9,407,458
	146,235	Pegasystems, Inc.		8,532,812
	23,458	Q2 Holdings, Inc.^a		866,773
	218,987	Virtusa Corporation^a		6,438,218

		Total		88,691,287


	Materials (3.6%)
	62,810	Balchem Corporation		4,880,965
	59,590	Materion Corporation		2,228,666
	37,090	Neenah Paper, Inc.		2,976,473
	42,244	Scotts Miracle-Gro Company		3,779,148
	72,440	Sensient Technologies Corporation		5,833,593

		Total		19,698,845


	Real Estate (3.5%)
	61,870	American Assets Trust, Inc.		2,437,059
	221,435	Cousins Properties, Inc.		1,946,414
	55,290	CyrusOne, Inc.		3,082,418

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

SMALL CAP STOCK PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (95.4%)	Value
	Real Estate (3.5%) - continued
	22,700	Mid-America Apartment Communities, Inc.	$	2,392,126
	42,921	Pebblebrook Hotel Trust		1,383,773
	118,310	Physicians Realty Trust		2,382,763
	166,859	Terreno Realty Corporation		5,616,474

		Total		19,241,027


	Utilities (2.3%)
	89,990	MDU Resources Group, Inc.		2,357,738
	68,080	New Jersey Resources Corporation		2,702,776
	115,030	PNM Resources, Inc.		4,399,898
	44,370	Southwest Gas Holdings, Inc.		3,241,672

		Total		12,702,084


		Total Common Stock (cost $410,286,338)		523,434,556


		Registered Investment Companies (2.7%)
	Equity Funds/Exchange Traded Funds (2.7%)
	17,436	iShares Russell 2000 Index Fund		2,457,081
	41,960	iShares Russell 2000 Value Index Fund		4,987,785
	73,370	Materials Select Sector SPDR Fund		3,948,040
	46,910	SPDR S&P Biotech ETF		3,620,514

		Total		15,013,420


		Total Registered Investment Companies (cost $11,909,167)		15,013,420


		Collateral Held for Securities Loaned (3.2%)
	17,530,042	Thrivent Cash Management Trust		17,530,042


		Total Collateral Held for Securities Loaned (cost $17,530,042)		17,530,042


Shares or Principal Amount		Short-Term Investments (2.4%)^c
		Thrivent Core Short-Term Reserve Fund
	1,294,969	1.240%		12,949,694

		Total Short-Term Investments (cost $12,949,694)		12,949,694

		Total Investments (cost $452,675,241) 103.7%	$	568,927,712

		Other Assets and Liabilities, Net (3.7%)		(20,067,109	)

		Total Net Assets 100.0%	$	548,860,603

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	$	17,195,173

Total lending	$	17,195,173
Gross amount payable upon return of collateral for securities loaned	$	17,530,042

Net amounts due to counterparty	$	334,869

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
SPDR	-	S&P Depository Receipts, which are exchange-traded funds traded in the U.S., Europe, and Asia-Pacific and managed by State Street Global Advisors.

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	129,898,492
Gross unrealized depreciation		(14,298,134	)

Net unrealized appreciation (depreciation)	$	115,600,358
Cost for federal income tax purposes	$	453,327,354

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

SMALL CAP STOCK PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, 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		47,923,010		47,923,010		—		—
Consumer Staples		10,787,786		10,787,786		—		—
Energy		16,942,725		16,942,725		—		—
Financials		125,476,737		124,111,672		1,365,065		—
Health Care		66,612,667		66,612,667		—		—
Industrials		115,358,388		115,358,388		—		—
Information Technology		88,691,287		88,691,287		—		—
Materials		19,698,845		19,698,845		—		—
Real Estate		19,241,027		19,241,027		—		—
Utilities		12,702,084		12,702,084		—		—
Registered Investment Companies
Equity Funds/Exchange Traded Funds		15,013,420		15,013,420		—		—

Subtotal Investments in Securities	$	538,447,976	$	537,082,911	$	1,365,065	$	—


Other Investments *	Total
Short-Term Investments		12,949,694
Collateral Held for Securities Loaned		17,530,042

Subtotal Other Investments	$	30,479,736

Total Investments at Value	$	568,927,712

There were no significant transfers between Levels during the period ended June 30, 2017. 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, 2016		Gross Purchases		Gross Sales		Shares Held at June 30, 2017		Value June 30, 2017		Income Earned January 1, 2017 - June 30, 2017
Cash Management Trust- Collateral Investment	$	11,513,109	$	101,926,211	$	95,909,278		17,530,042	$	17,530,042	$	61,217
Core Short-Term Reserve Fund		12,950,473		61,071,249		61,072,028		1,294,969		12,949,694		67,605
Total Value and Income Earned	$	24,463,582							$	30,479,736	$	128,822

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, 2017

(unaudited)


Shares		Common Stock (97.9%)	Value			% of Net Assets
	Consumer Discretionary (15.8%)
	22,740	Dave & Buster’s Entertainment, Inc.^a	$	1,512,437			0.3	%
	18,250	Dorman Products, Inc.^a		1,510,552			0.3	%
	33,290	Five Below, Inc.^a		1,643,527			0.4	%
	64,200	ILG, Inc.		1,764,858			0.4	%
	14,940	LCI Industries		1,529,856			0.3	%
	14,820	Marriott Vacations Worldwide Corporation		1,745,055			0.4	%
	9,560	Stamps.com, Inc.^a		1,480,605			0.3	%
	58,360	Wolverine World Wide, Inc.		1,634,664			0.4	%
		Other Securities^{^}		57,196,295			13.0	%

		Total		70,017,849


	Consumer Staples (3.0%)
	99,460	Darling Ingredients, Inc.^a		1,565,501			0.4	%
		Other Securities^{^}		11,514,638			2.6	%

		Total		13,080,139


	Energy (2.5%)
	43,790	U.S. Silica Holdings, Inc.^b		1,554,107			0.4	%
		Other Securities^{^}		9,373,960			2.1	%

		Total		10,928,067


	Financials (16.0%)
	29,680	Community Bank System, Inc.		1,655,254			0.4	%
	24,890	Evercore Partners, Inc.		1,754,745			0.4	%
	39,830	First Financial Bankshares, Inc.^b		1,760,486			0.4	%
	29,164	FirstCash, Inc.		1,700,261			0.4	%
	46,240	Glacier Bancorp, Inc.		1,692,846			0.4	%
	40,980	Interactive Brokers Group, Inc.		1,533,472			0.4	%
	32,210	ProAssurance Corporation		1,958,368			0.4	%
	35,240	Selective Insurance Group, Inc.		1,763,762			0.4	%
	81,279	Sterling Bancorp		1,889,737			0.4	%
		Other Securities^{^}		54,995,103			12.4	%

		Total		70,704,034


	Health Care (12.4%)
	21,925	Cantel Medical Corporation		1,708,177			0.4	%
	9,680	Chemed Corporation		1,979,850			0.4	%
	9,070	ICU Medical, Inc.^a		1,564,575			0.3	%
	36,660	Integra LifeSciences Holdings Corporation^a		1,998,337			0.4	%
	43,610	Medicines Company^a,b		1,657,616			0.4	%
	94,130	Nektar Therapeutics^a		1,840,241			0.4	%
	23,065	Neogen Corporation^a		1,594,022			0.4	%
		Other Securities^{^}		42,668,910			9.7	%

		Total		55,011,728


	Industrials (18.9%)
	30,110	Barnes Group, Inc.		1,762,338			0.4	%
	27,350	Brink’s Company		1,832,450			0.4	%
	32,400	Hawaiian Holdings, Inc.^a		1,521,180			0.3	%
	44,137	Healthcare Services Group, Inc.		2,066,936			0.5	%
	19,110	John Bean Technologies Corporation		1,872,780			0.4	%
	40,150	Knight Transportation, Inc.		1,487,558			0.3	%
	29,310	On Assignment, Inc.^a		1,587,136			0.4	%
	34,526	Tetra Tech, Inc.		1,579,564			0.4	%
	24,200	WageWorks, Inc.^a		1,626,240			0.4	%
		Other Securities^{^}		68,266,955			15.4	%

		Total		83,603,137


	Information Technology (13.9%)
	24,180	Advanced Energy Industries, Inc.^a		1,564,204			0.4	%
	14,740	CACI International, Inc.^a		1,843,237			0.4	%
	33,890	Lumentum Holdings, Inc.^a		1,933,425			0.4	%
	32,930	MKS Instruments, Inc.		2,216,189			0.5	%
	45,700	Sanmina Corporation^a		1,741,170			0.4	%
	138,150	Viavi Solutions, Inc.^a		1,454,719			0.3	%
		Other Securities^{^}		50,612,989			11.5	%

		Total		61,365,933


	Materials (5.1%)
	19,210	Balchem Corporation		1,492,809			0.3	%
	30,180	H.B. Fuller Company		1,542,500			0.3	%
		Other Securities^{^}		19,604,510			4.5	%

		Total		22,639,819


	Real Estate (6.7%)
	20,660	CoreSite Realty Corporation		2,138,930			0.5	%
	20,480	EastGroup Properties, Inc.		1,716,224			0.4	%
	11,810	PS Business Parks, Inc.		1,563,526			0.4	%
		Other Securities^{^}		24,274,618			5.4	%

		Total		29,693,298


	Telecommunications Services (0.9%)
		Other Securities^{^}		4,202,010			0.9	%

		Total		4,202,010


	Utilities (2.7%)
	30,753	ALLETE, Inc.		2,204,375			0.5	%
	38,970	Avista Corporation		1,654,666			0.4	%
	48,080	South Jersey Industries, Inc.		1,642,894			0.4	%
	29,090	Spire, Inc.		2,029,028			0.5	%
		Other Securities^{^}		4,411,928			0.9	%

		Total		11,942,891


		Total Common Stock (cost $330,510,868)		433,188,905


		Collateral Held for Securities Loaned (6.0%)
	26,659,443	Thrivent Cash Management Trust		26,659,443			6.0	%


		Total Collateral Held for Securities Loaned (cost $26,659,443)		26,659,443


Shares or Principal Amount		Short-Term Investments (4.8%)^c
		Thrivent Core Short-Term Reserve Fund
	1,994,842	1.240%		19,948,421			4.5	%
		Other Securities^{^}		999,454			0.3	%

		Total Short-Term Investments (cost $20,947,833)		20,947,875

		Total Investments (cost $378,118,144) 108.7%	$	480,796,223

		Other Assets and Liabilities, Net (8.7%)		(38,444,790	)

		Total Net Assets 100.0%	$	442,351,433

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, 2017

(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	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	$	25,845,565

Total lending	$	25,845,565
Gross amount payable upon return of collateral for securities loaned	$	26,659,443

Net amounts due to counterparty	$	813,878

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	119,168,246
Gross unrealized depreciation		(20,333,371	)

Net unrealized appreciation (depreciation)	$	98,834,875
Cost for federal income tax purposes	$	381,961,348

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, 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		70,017,849		70,017,849		—		—
Consumer Staples		13,080,139		13,080,139		—		—
Energy		10,928,067		10,928,067		—		—
Financials		70,704,034		70,704,034		—		—
Health Care		55,011,728		55,011,728		—		—
Industrials		83,603,137		83,603,137		—		—
Information Technology		61,365,933		61,365,933		—		—
Materials		22,639,819		22,639,819		—		—
Real Estate		29,693,298		29,693,298		—		—
Telecommunications Services		4,202,010		4,202,010		—		—
Utilities		11,942,891		11,942,891		—		—
Short-Term Investments		999,454		—		999,454		—

Subtotal Investments in Securities	$	434,188,359	$	433,188,905	$	999,454	$	—


Other Investments *	Total
Short-Term Investments		19,948,421
Collateral Held for Securities Loaned		26,659,443

Subtotal Other Investments	$	46,607,864

Total Investments at Value	$	480,796,223



Other Financial Instruments	Total		Level 1		Level 2		Level 3
Liability Derivatives
Futures Contracts		10,924		10,924		—		—

Total Liability Derivatives	$	10,924	$	10,924	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2017. 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, 2017

(unaudited)

The following table presents Small Cap Index Portfolio’s futures contracts held as of June 30, 2017. Investments and/or cash totaling $999,454 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		122		September 2017	$	8,638,154	$	8,627,230	($	10,924	)
Total Futures Contracts									($	10,924	)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2017, 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	$	10,924
Total Equity Contracts			10,924

Total Liability Derivatives		$	10,924

*	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, 2017, 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		161,497
Total Equity Contracts			161,497

Total		$	161,497

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2017, 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		144,149
Total Equity Contracts			144,149

Total		$	144,149

The following table presents Small Cap Index Portfolio’s average volume of derivative activity during the period ended June 30, 2017.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts	$	14,164,133		3.4	%

*	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.

SMALL CAP INDEX PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(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, 2016		Gross Purchases		Gross Sales		Shares Held at June 30, 2017		Value June 30, 2017		Income Earned January 1, 2017 - June 30, 2017
Cash Management Trust-Collateral Investment	$	23,458,379	$	70,836,062	$	67,634,998		26,659,443	$	26,659,443	$	141,750
Core Short-Term Reserve Fund		9,304,310		51,655,127		41,011,016		1,994,842		19,948,421		71,231
Total Value and Income Earned	$	32,762,689							$	46,607,864	$	212,981

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

MID CAP STOCK PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (93.9%)	Value
	Consumer Discretionary (11.9%)
	1,185,575	American Axle & Manufacturing Holdings, Inc.^a	$	18,494,970
	557,200	Aramark		22,834,056
	95,275	Cheesecake Factory, Inc.		4,792,332
	500,400	DISH Network Corporation^a		31,405,104
	219,100	Dollar Tree, Inc.^a		15,319,472
	279,219	Scripps Networks Interactive, Inc.		19,073,450
	180,050	Six Flags Entertainment Corporation		10,732,781
	1,254,591	Time, Inc.		18,003,381
	591,386	Toll Brothers, Inc.		23,365,661
	137,950	Whirlpool Corporation		26,433,979

		Total		190,455,186


	Consumer Staples (1.7%)
	224,000	Ingredion, Inc.		26,703,040

		Total		26,703,040


	Energy (4.1%)
	98,275	Cimarex Energy Company		9,238,833
	299,600	Continental Resources, Inc.^a		9,686,068
	378,025	Oil States International, Inc.^a		10,263,379
	564,631	Parsley Energy, Inc.^a		15,668,510
	767,800	Patterson-UTI Energy, Inc.		15,501,882
	621,275	WPX Energy, Inc.^a		6,001,516

		Total		66,360,188


	Financials (18.7%)
	1,000,100	Ally Financial, Inc.		20,902,090
	877,600	Assured Guaranty, Ltd.		36,631,024
	466,296	First Republic Bank		46,676,230
	2,376,275	Huntington Bancshares, Inc.		32,127,238
	2,204,900	KeyCorp		41,319,826
	134,900	M&T Bank Corporation		21,847,055
	519,122	Raymond James Financial, Inc.		41,643,967
	1,331,375	Zions Bancorporation		58,460,676

		Total		299,608,106


	Health Care (9.5%)
	247,775	Eagle Pharmaceuticals, Inc.^a		19,546,970
	218,725	Edwards Lifesciences Corporation^a		25,862,044
	841,300	Hologic, Inc.^a		38,178,194
	890,250	Myriad Genetics, Inc.^a,b		23,004,060
	204,353	Universal Health Services, Inc.		24,947,414
	110,950	Waters Corporation^a		20,397,048

		Total		151,935,730


	Industrials (19.0%)
	400,550	AGCO Corporation		26,993,064
	303,650	Brink’s Company		20,344,550
	493,425	CSX Corporation		26,921,268
	155,990	Equifax, Inc.		21,436,146
	189,650	Huntington Ingalls Industries, Inc.		35,305,244
	651,434	Oshkosh Corporation		44,870,774
	1,065,312	Southwest Airlines Company		66,198,488
	391,300	United Continental Holdings, Inc.^a		29,445,325
	256,050	WABCO Holdings, Inc.^a		32,648,935

		Total		304,163,794


	Information Technology (16.8%)
	642,300	Akamai Technologies, Inc.^a		31,992,963
	219,550	Alliance Data Systems Corporation		56,356,289
	1,288,583	Applied Materials, Inc.		53,231,364
	444,904	PayPal Holdings, Inc.^a		23,877,998
	445,500	Red Hat, Inc.^a		42,656,625
	1,035,722	Teradyne, Inc.		31,102,731
	1,648,125	Twitter, Inc.^a		29,451,994

		Total		268,669,964


	Materials (4.4%)
	906,850	Owens-Illinois, Inc.^a		21,691,852
	1,353,813	Steel Dynamics, Inc.		48,480,044

		Total		70,171,896


	Real Estate (6.4%)
	243,300	Camden Property Trust		20,804,583
	181,400	Digital Realty Trust, Inc.		20,489,130
	774,000	Duke Realty Corporation		21,633,300
	838,800	General Growth Properties, Inc.		19,762,128
	1,116,398	Host Hotels & Resorts, Inc.		20,396,591

		Total		103,085,732


	Utilities (1.4%)
	524,700	Public Service Enterprise Group, Inc.		22,567,347

		Total		22,567,347


		Total Common Stock (cost $1,069,779,938)		1,503,720,983


		Collateral Held for Securities Loaned (0.6%)
	9,875,250	Thrivent Cash Management Trust		9,875,250


		Total Collateral Held for Securities Loaned (cost $9,875,250)		9,875,250


Shares or Principal Amount		Short-Term Investments (5.9%)^c
		Federal Farm Credit Bank
	1,000,000	1.150%, 10/10/2017		1,000,168
		Federal Home Loan Bank Discount Notes
	3,300,000	0.825%, 7/11/2017		3,299,267
	4,100,000	0.000%, 7/19/2017		4,098,180
	3,100,000	0.990%, 7/28/2017		3,097,849
	350,000	1.030%, 9/8/2017		349,329
	2,000,000	1.040%, 9/29/2017		1,994,964
		Thrivent Core Short-Term Reserve Fund
	8,000,818	1.240%		80,008,184

		Total Short-Term Investments (cost $93,847,939)		93,847,941

		Total Investments (cost $1,173,503,127) 100.4%	$	1,607,444,174

		Other Assets and Liabilities, Net (0.4%)		(6,743,004	)

		Total Net Assets 100.0%	$	1,600,701,170

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	$	9,721,008

Total lending	$	9,721,008
Gross amount payable upon return of collateral for securities loaned	$	9,875,250

Net amounts due to counterparty	$	154,242

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

MID CAP STOCK PORTFOLIO

Schedule of Investments as of June 30, 2017

(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	$	457,341,606
Gross unrealized depreciation		(23,751,422	)

Net unrealized appreciation (depreciation)	$	433,590,184
Cost for federal income tax purposes	$	1,173,853,990

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, 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		190,455,186		190,455,186		—		—
Consumer Staples		26,703,040		26,703,040		—		—
Energy		66,360,188		66,360,188		—		—
Financials		299,608,106		299,608,106		—		—
Health Care		151,935,730		151,935,730		—		—
Industrials		304,163,794		304,163,794		—		—
Information Technology		268,669,964		268,669,964		—		—
Materials		70,171,896		70,171,896		—		—
Real Estate		103,085,732		103,085,732		—		—
Utilities		22,567,347		22,567,347		—		—
Short-Term Investments		13,839,757		—		13,839,757		—

Subtotal Investments in Securities	$	1,517,560,740	$	1,503,720,983	$	13,839,757	$	—


Other Investments *	Total
Short-Term Investments		80,008,184
Collateral Held for Securities Loaned		9,875,250

Subtotal Other Investments	$	89,883,434

Total Investments at Value	$	1,607,444,174

There were no significant transfers between Levels during the period ended June 30, 2017. 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 Mid Cap Stock Portfolio, is as follows:


Portfolio	Value December 31, 2016		Gross Purchases		Gross Sales		Shares Held at June 30, 2017		Value June 30, 2017		Income Earned January 1, 2017 - June 30, 2017
Cash Management Trust-Collateral Investment	$	30,153,421	$	148,739,420	$	169,017,591		9,875,250	$	9,875,250	$	28,209
Core Short-Term Reserve Fund		74,896,213		102,971,877		97,859,906		8,000,818		80,008,184		397,319
Total Value and Income Earned	$	105,049,634							$	89,883,434	$	425,528

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

100

MID CAP INDEX PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (97.1%)	Value			% of Net Assets
	Consumer Discretionary (11.2%)
	9,740	Domino’s Pizza, Inc.	$	2,060,302			0.6	%
	700	NVR, Inc.^a		1,687,427			0.5	%
	4,310	Panera Bread Company^a		1,356,098			0.4	%
		Other Securities^		33,519,070			9.7	%

		Total		38,622,897


	Consumer Staples (3.6%)
	14,460	Ingredion, Inc.		1,723,777			0.5	%
		Other Securities^		10,676,397			3.1	%

		Total		12,400,174


	Energy (2.9%)
		Other Securities^		9,921,623			2.9	%

		Total		9,921,623


	Financials (16.0%)
	3,120	Alleghany Corporation^a		1,855,776			0.5	%
	14,915	American Financial Group, Inc.		1,482,104			0.4	%
	29,180	East West Bancorp, Inc.		1,709,364			0.5	%
	7,570	MarketAxess Holdings, Inc.		1,522,327			0.4	%
	18,290	MSCI, Inc.		1,883,687			0.6	%
	12,990	Reinsurance Group of America, Inc.		1,667,786			0.5	%
	26,940	SEI Investments Company		1,448,833			0.4	%
	10,900	Signature Bank^a		1,564,477			0.5	%
	10,620	SVB Financial Group		1,866,890			0.5	%
	19,585	W.R. Berkley Corporation		1,354,695			0.4	%
		Other Securities^		38,468,723			11.3	%

		Total		54,824,662


	Health Care (8.9%)
	28,470	ResMed, Inc.		2,216,959			0.6	%
	17,120	STERIS plc		1,395,280			0.4	%
	9,050	Teleflex, Inc.		1,880,228			0.5	%
	16,420	VCA Antech, Inc.^a		1,515,730			0.4	%
	8,960	Wellcare Health Plans, Inc.^a		1,608,858			0.5	%
	14,920	West Pharmaceutical Services, Inc.		1,410,238			0.4	%
		Other Securities^		20,426,976			6.1	%

		Total		30,454,269


	Industrials (14.8%)
	29,770	A.O. Smith Corporation		1,676,944			0.5	%
	9,371	Huntington Ingalls Industries, Inc.		1,744,505			0.5	%
	15,400	IDEX Corporation		1,740,354			0.5	%
	67,355	JetBlue Airways Corporation^a		1,537,715			0.4	%
	7,720	Lennox International, Inc.		1,417,701			0.4	%
	13,510	Manpower, Inc.		1,508,392			0.4	%
	21,760	Toro Company		1,507,750			0.4	%
	17,450	Wabtec Corporation^b		1,596,675			0.5	%
		Other Securities^		38,257,569			11.2	%

		Total		50,987,605


	Information Technology (17.2%)
	17,970	Arrow Electronics, Inc.^a		1,409,207			0.4	%
	23,720	Broadridge Financial Solutions, Inc.		1,792,283			0.5	%
	56,610	Cadence Design Systems, Inc.^a		1,895,869			0.6	%
	29,300	CDK Global, Inc.		1,818,358			0.5	%
	17,370	Cognex Corporation		1,474,713			0.4	%
	15,670	Jack Henry & Associates, Inc.		1,627,643			0.5	%
	37,400	Keysight Technologies, Inc.^a		1,455,982			0.4	%
	28,915	Leidos Holdings, Inc.		1,494,616			0.4	%
	21,070	Take-Two Interactive Software, Inc.^a		1,546,117			0.5	%
	51,070	Trimble, Inc.^a		1,821,667			0.5	%
		Other Securities^		42,858,673			12.5	%

		Total		59,195,128


	Materials (7.4%)
	37,150	Chemours Company		1,408,728			0.4	%
	18,960	Packaging Corporation of America		2,111,954			0.6	%
	27,030	RPM International, Inc.		1,474,487			0.4	%
	48,750	Steel Dynamics, Inc.		1,745,738			0.5	%
		Other Securities^		18,653,345			5.5	%

		Total		25,394,252


	Real Estate (9.6%)
	17,700	Camden Property Trust		1,513,527			0.4	%
	72,120	Duke Realty Corporation		2,015,754			0.6	%
	19,910	Kilroy Realty Corporation		1,496,236			0.4	%
		Other Securities^		27,848,012			8.2	%

		Total		32,873,529


	Telecommunications Services (0.2%)
		Other Securities^		802,231			0.2	%

		Total		802,231


	Utilities (5.3%)
	21,210	Atmos Energy Corporation		1,759,369			0.5	%
	40,350	OGE Energy Corporation		1,403,776			0.4	%
	34,950	UGI Corporation		1,691,930			0.5	%
	28,680	Westar Energy, Inc.		1,520,614			0.4	%
		Other Securities^		11,964,270			3.5	%

		Total		18,339,959


		Total Common Stock (cost $272,821,950)		333,816,329


		Collateral Held for Securities Loaned (3.6%)
	12,440,069	Thrivent Cash Management Trust		12,440,069			3.6	%

		Total Collateral Held for Securities Loaned (cost $12,440,069)		12,440,069


Shares or Principal Amount		Short-Term Investments (3.0%)^c
		Federal Home Loan Bank Discount Notes
	1,400,000	1.032%, 8/16/2017^d		1,398,254			0.4	%
		Thrivent Core Short-Term Reserve Fund
	851,025	1.240%		8,510,247			2.5	%
		Other Securities^		299,808			0.1	%

		Total Short-Term Investments (cost $10,208,221)		10,208,309

		Total Investments (cost $295,470,240) 103.7%	$	356,464,707

		Other Assets and Liabilities, Net (3.7%)		(12,883,423	)

		Total Net Assets 100.0%	$	343,581,284

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

101

MID CAP INDEX PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(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	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	$	12,034,031

Total lending	$	12,034,031
Gross amount payable upon return of collateral for securities loaned	$	12,440,069

Net amounts due to counterparty	$	406,038

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	69,836,574
Gross unrealized depreciation		(10,692,730	)

Net unrealized appreciation (depreciation)	$	59,143,844
Cost for federal income tax purposes	$	297,320,863

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, 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		38,622,897		38,622,897		—		—
Consumer Staples		12,400,174		12,400,174		—		—
Energy		9,921,623		9,921,623		—		—
Financials		54,824,662		54,824,662		—		—
Health Care		30,454,269		30,454,269		—		—
Industrials		50,987,605		50,987,605		—		—
Information Technology		59,195,128		59,195,128		—		—
Materials		25,394,252		25,394,252		—		—
Real Estate		32,873,529		32,873,529		—		—
Telecommunications Services		802,231		802,231		—		—
Utilities		18,339,959		18,339,959		—		—
Short-Term Investments		1,698,062		—		1,698,062		—

Subtotal Investments in Securities	$	335,514,391	$	333,816,329	$	1,698,062	$	—


Other Investments *	Total
Short-Term Investments		8,510,247
Collateral Held for Securities Loaned		12,440,069

Subtotal Other Investments	$	20,950,316

Total Investments at Value	$	356,464,707


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Liability Derivatives
Futures Contracts		32,712		32,712		—		—

Total Liability Derivatives	$	32,712	$	32,712	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2017. 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.

102

MID CAP INDEX PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)

The following table presents Mid Cap Index Portfolio’s futures contracts held as of June 30, 2017. Investments and/or cash totaling $499,559 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)
S&P 400 Index Mini-Futures		52		September 2017	$	9,112,432	$	9,079,720	($	32,712	)
Total Futures Contracts									($	32,712	)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2017, for Mid Cap Index Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Liability Derivatives
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	32,712
Total Equity Contracts			32,712

Total Liability Derivatives		$	32,712

*	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, 2017, 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		854,007
Total Equity Contracts			854,007

Total		$	854,007

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2017, 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		81,415
Total Equity Contracts			81,415

Total		$	81,415

The following table presents Mid Cap Index Portfolio’s average volume of derivative activity during the period ended June 30, 2017.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts	$	10,664,134		3.3	%

*	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.

103

MID CAP INDEX PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(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, 2016		Gross Purchases		Gross Sales		Shares Held at June 30, 2017		Value June 30, 2017		Income Earned January 1, 2017 - June 30, 2017
Cash Management Trust-Collateral Investment	$	6,191,137	$	44,100,248	$	37,851,316		12,440,069	$	12,440,069	$	35,377
Core Short-Term Reserve Fund		8,307,047		54,569,780		54,366,580		851,025		8,510,247		55,775
Total Value and Income Earned	$	14,498,184							$	20,950,316	$	91,152

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, 2017

(unaudited)


Shares		Common Stock (87.2%)	Value		% of Net Assets
	Australia (5.3%)
	590,110	Australia & New Zealand Banking Group, Ltd.	$	13,024,694		0.7	%
		Other Securities^		87,601,272		4.6	%

		Total		100,625,966


	Austria (0.8%)
	177,550	OMV AG		9,222,438		0.5	%
		Other Securities^		6,130,158		0.3	%

		Total		15,352,596


	Belgium (1.3%)
	70,276	Solvay SA		9,431,846		0.5	%
		Other Securities^		16,006,465		0.8	%

		Total		25,438,311


	Bermuda (<0.1%)
		Other Securities^		111,800		<0.1	%

		Total		111,800


	Brazil (1.5%)
	816,830	Banco Bradesco SA ADR		6,943,055		0.4	%
		Other Securities^		21,258,206		1.1	%

		Total		28,201,261


	Canada (3.1%)
	92,746	Canadian National Railway Company		7,525,242		0.4	%
		Other Securities^		51,048,615		2.7	%

		Total		58,573,857


	Cayman Islands (0.4%)
		Other Securities^		7,034,387		0.4	%

		Total		7,034,387


	Chile (0.3%)
		Other Securities^		6,292,081		0.3	%

		Total		6,292,081


	China (0.1%)
		Other Securities^		1,577,145		0.1	%

		Total		1,577,145


	Denmark (1.6%)
	4,236	A P Moller - Maersk AS, Class B		8,529,239		0.4	%
		Other Securities^		21,654,285		1.2	%

		Total		30,183,524


	Faroe Islands (0.1%)
		Other Securities^		1,004,534		0.1	%

		Total		1,004,534


	Finland (1.4%)
	521,854	UPM-Kymmene Oyj		14,880,549		0.8	%
		Other Securities^		11,097,252		0.6	%

		Total		25,977,801


	France (4.9%)
	297,364	AXA SA		8,142,839		0.4	%
	30,213	LVMH Moet Hennessy Louis Vuitton SE		7,554,940		0.4	%
	114,738	Sanofi		10,994,215		0.6	%
	273,780	Total SA		13,592,388		0.7	%
		Other Securities^		52,859,435		2.8	%

		Total		93,143,817


	Germany (6.0%)
	59,473	Allianz SE		11,736,554		0.6	%
	81,316	Bayer AG		10,539,404		0.5	%
	223,056	Evonik Industries AG		7,139,092		0.4	%
	83,599	Fresenius SE & Company KGaA		7,177,235		0.4	%
	107,068	SAP SE		11,206,976		0.6	%
	123,477	Siemens AG		16,984,785		0.9	%
		Other Securities^		48,584,720		2.6	%

		Total		113,368,766


	Hong Kong (2.9%)
	1,403,800	AIA Group, Ltd.		10,270,707		0.5	%
	825,300	China Mobile, Ltd.		8,749,668		0.5	%
	495,000	Sun Hung Kai Properties, Ltd.		7,271,637		0.4	%
		Other Securities^		29,293,986		1.5	%

		Total		55,585,998


	Hungary (0.2%)
		Other Securities^		3,816,941		0.2	%

		Total		3,816,941


	India (2.5%)
	464,741	Housing Development Finance Corporation		11,606,450		0.6	%
	1,742,313	ITC, Ltd.		8,715,812		0.5	%
	114,696	Ultra Tech Cement, Ltd.		7,021,524		0.4	%
		Other Securities^		20,046,894		1.0	%

		Total		47,390,680


	Indonesia (0.8%)
	12,512,900	Astra International Tbk PT		8,383,610		0.4	%
		Other Securities^		6,006,370		0.4	%

		Total		14,389,980


	Ireland (0.5%)
		Other Securities^		8,998,096		0.5	%

		Total		8,998,096


	Israel (0.4%)
		Other Securities^		7,972,437		0.4	%

		Total		7,972,437


	Italy (1.5%)
		Other Securities^		27,583,353		1.5	%

		Total		27,583,353


	Japan (18.5%)
	320,500	Bridgestone Corporation		13,855,719		0.7	%
	567,700	Honda Motor Company, Ltd.		15,553,891		0.8	%
	2,245,400	Mitsubishi UFJ Financial Group, Inc.		15,145,332		0.8	%
	5,867,400	Mizuho Financial Group, Inc.		10,757,724		0.6	%
	279,800	Nippon Telegraph & Telephone Corporation		13,207,708		0.7	%
	102,900	SoftBank Group Corporation		8,364,756		0.5	%
		Other Securities^		272,735,869		14.4	%

		Total		349,620,999


	Jersey (0.1%)
		Other Securities^		1,301,852		0.1	%

		Total		1,301,852


	Luxembourg (0.8%)
	533,434	Subsea 7 SA		7,192,526		0.4	%
		Other Securities^		8,143,762		0.4	%

		Total		15,336,288


	Malaysia (0.2%)
		Other Securities^		3,362,371		0.2	%

		Total		3,362,371


	Mexico (1.1%)
	83,000	Fomento Economico Mexicano SAB de CV ADR		8,162,220		0.4	%

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

105

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (87.2%)	Value		% of Net Assets
	Mexico (1.1%) - continued
	1,272,594	Grupo Financiero Banorte SAB de CV ADR	$	8,074,341		0.4	%
		Other Securities^		5,043,102		0.3	%

		Total		21,279,663


	Netherlands (2.0%)
	348,810	ABN AMRO Group NV^a		9,240,642		0.5	%
	196,565	Unilever NV		10,850,764		0.6	%
		Other Securities^		16,765,833		0.9	%

		Total		36,857,239


	New Zealand (<0.1%)
		Other Securities^		593,258		<0.1	%

		Total		593,258


	Norway (1.0%)
	1,297,078	Norsk Hydro ASA		7,178,038		0.4	%
		Other Securities^		11,426,082		0.6	%

		Total		18,604,120


	Philippines (0.6%)
		Other Securities^		10,739,811		0.6	%

		Total		10,739,811


	Poland (0.1%)
		Other Securities^		2,621,162		0.1	%

		Total		2,621,162


	Portugal (0.9%)
	358,591	Jeronimo Martins SGPS SA		7,001,065		0.4	%
		Other Securities^		9,927,440		0.5	%

		Total		16,928,505


	Russia (0.6%)
		Other Securities^		10,792,084		0.6	%

		Total		10,792,084


	Singapore (0.3%)
		Other Securities^		5,637,691		0.3	%

		Total		5,637,691


	South Africa (0.5%)
		Other Securities^		8,516,644		0.5	%

		Total		8,516,644


	South Korea (0.5%)
		Other Securities^		8,591,649		0.5	%

		Total		8,591,649


	Spain (1.9%)
		Other Securities^		35,572,781		1.9	%

		Total		35,572,781


	Sweden (2.9%)
	787,512	Nordea Bank AB		10,030,093		0.5	%
		Other Securities^		45,369,854		2.4	%

		Total		55,399,947


	Switzerland (6.0%)
	219,774	Adecco SA		16,742,867		0.9	%
	208,130	Nestle SA		18,152,615		1.0	%
	138,605	Novartis AG		11,577,205		0.6	%
	11,816	Roche Holding AG-BR		3,052,757		0.2	%
	60,720	Roche Holding AG-Genusschein		15,514,866		0.8	%
		Other Securities^		47,747,738		2.5	%

		Total		112,788,048


	Taiwan (0.8%)
	1,693,951	Taiwan Semiconductor
		Manufacturing Company, Ltd.		11,573,435		0.6	%
		Other Securities^		2,797,911		0.2	%

		Total		14,371,346


	Thailand (0.6%)
		Other Securities^		12,066,775		0.6	%

		Total		12,066,775


	Turkey (0.6%)
		Other Securities^		11,197,033		0.6	%

		Total		11,197,033


	United Kingdom (11.4%)
	1,950,775	BP plc		11,260,269		0.6	%
	174,504	British American Tobacco plc		11,891,273		0.6	%
	4,125,815	HSBC Holdings plc		38,295,869		2.0	%
	78,030	Reckitt Benckiser Group plc		7,910,185		0.4	%
	37,269	Royal Dutch Shell plc		990,982		0.1	%
	95,571	Royal Dutch Shell plc, Class A		2,539,211		0.1	%
	565,261	Royal Dutch Shell plc, Class B		15,175,307		0.8	%
	160,176	Unilever plc		8,668,428		0.5	%
		Other Securities^		118,987,891		6.3	%

		Total		215,719,415


	United States (0.2%)
		Other Securities^		4,479,248		0.2	%

		Total		4,479,248


		Total Common Stock (cost $1,479,148,024)		1,645,001,260


Principal Amount		Long-Term Fixed Income (8.7%)
	Argentina (0.5%)
		Other Securities^		9,319,545		0.5	%

		Total		9,319,545


	Azerbaijan (<0.1%)
		Other Securities^		624,806		<0.1	%

		Total		624,806


	Bahrain (<0.1%)
		Other Securities^		374,413		<0.1	%

		Total		374,413


	Belize (<0.1%)
		Other Securities^		71,939		<0.1	%

		Total		71,939


	Bermuda (0.1%)
		Other Securities^		1,492,616		0.1	%

		Total		1,492,616


	Brazil (0.4%)
		Other Securities^		7,253,610		0.4	%

		Total		7,253,610


	Bulgaria (0.1%)
		Other Securities^		2,858,087		0.1	%

		Total		2,858,087


	Cayman Islands (<0.1%)
		Other Securities^		930,885		<0.1	%

		Total		930,885


	Chile (0.2%)
		Other Securities^		4,602,552		0.2	%

		Total		4,602,552

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

106

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount	Long-Term Fixed Income (8.7%)	Value		% of Net Assets
Colombia (0.3%)
	Other Securities^	$	5,887,381		0.3	%

	Total		5,887,381


Costa Rica (0.2%)
	Other Securities^		3,247,857		0.2	%

	Total		3,247,857


Croatia (0.1%)
	Other Securities^		1,093,554		0.1	%

	Total		1,093,554


Dominican Republic (0.4%)
	Other Securities^		7,150,019		0.4	%

	Total		7,150,019


Ecuador (0.3%)
	Other Securities^		6,297,334		0.3	%

	Total		6,297,334


Egypt (0.1%)
	Other Securities^		1,306,495		0.1	%

	Total		1,306,495


El Salvador (0.2%)
	Other Securities^		2,500,622		0.2	%

	Total		2,500,622


Ghana (<0.1%)
	Other Securities^		665,774		<0.1	%

	Total		665,774


Guatemala (0.2%)
	Other Securities^		4,242,468		0.2	%

	Total		4,242,468


Honduras (0.1%)
	Other Securities^		1,913,941		0.1	%

	Total		1,913,941


Hong Kong (<0.1%)
	Other Securities^		200,014		<0.1	%

	Total		200,014


Hungary (0.3%)
	Other Securities^		4,954,447		0.3	%

	Total		4,954,447


India (<0.1%)
	Other Securities^		708,764		<0.1	%

	Total		708,764


Indonesia (0.7%)
	Other Securities^		13,655,720		0.7	%

	Total		13,655,720


Israel (<0.1%)
	Other Securities^		111,650		<0.1	%

	Total		111,650


Ivory Coast (<0.1%)
	Other Securities^		775,729		<0.1	%

	Total		775,729


Japan (<0.1%)
	Other Securities^		523,063		<0.1	%

	Total		523,063


Kazakhstan (0.1%)
	Other Securities^		1,269,456		0.1	%

	Total		1,269,456


Kenya (0.1%)
	Other Securities^		1,298,575		0.1	%

	Total		1,298,575


Kuwait (<0.1%)
	Other Securities^		234,968		<0.1	%

	Total		234,968


Luxembourg (0.2%)
	Other Securities^		4,282,662		0.2	%

	Total		4,282,662


Macedonia, The Former Yugoslav Republic Of (0.1%)
	Other Securities^		1,677,360		0.1	%

	Total		1,677,360


Mauritius (0.1%)
	Other Securities^		1,222,688		0.1	%

	Total		1,222,688


Mexico (0.5%)
	Other Securities^		8,925,995		0.5	%

	Total		8,925,995


Montenegro (<0.1%)
	Other Securities^		231,747		<0.1	%

	Total		231,747


Netherlands (0.4%)
	Other Securities^		6,746,989		0.4	%

	Total		6,746,989


Nigeria (0.1%)
	Other Securities^		1,009,279		0.1	%

	Total		1,009,279


Pakistan (<0.1%)
	Other Securities^		432,332		<0.1	%

	Total		432,332


Panama (<0.1%)
	Other Securities^		118,938		<0.1	%

	Total		118,938


Paraguay (0.2%)
	Other Securities^		3,725,787		0.2	%

	Total		3,725,787


Peru (0.1%)
	Other Securities^		2,337,018		0.1	%

	Total		2,337,018


Romania (0.1%)
	Other Securities^		2,041,936		0.1	%

	Total		2,041,936


Russia (0.2%)
	Other Securities^		3,887,632		0.2	%

	Total		3,887,632


South Africa (0.2%)
	Other Securities^		2,867,631		0.2	%

	Total		2,867,631


South Korea (<0.1%)
	Other Securities^		696,427		<0.1	%

	Total		696,427


Sri Lanka (0.2%)
	Other Securities^		2,992,139		0.2	%

	Total		2,992,139

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

107

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)

Principal
Amount

Long-Term Fixed Income (8.7%)

Value

% of Net
Assets

Supranational (<0.1%)

Other Securities^

203,714

<0.1

Total

203,714

Suriname (0.1%)

Other Securities^

1,137,750

0.1

Total

1,137,750

Turkey (0.7%)

Other Securities^

13,373,837

0.7

Total

13,373,837

Ukraine (0.1%)

Other Securities^

2,805,854

0.1

Total

2,805,854

United Arab Emirates (0.1%)

Other Securities^

2,380,244

0.1

Total

2,380,244

United Kingdom (<0.1%)

HSBC Bank plc

$5,700,000

Zero Coupon, 9/14/2017^*,b,c

301,672

<0.1

Total

301,672

United States (0.3%)

Other Securities^

4,354,715

0.3

Total

4,354,715

Venezuela (0.5%)

Other Securities^

9,390,051

0.5

Total

9,390,051

Vietnam (<0.1%)

Other Securities^

123,800

<0.1

Total

123,800

Virgin Islands, British (<0.1%)

Other Securities^

327,484

<0.1

Total

327,484

Zambia (0.1%)

Other Securities^

1,915,399

0.1

Total

1,915,399

Total Long-Term Fixed Income

(cost $164,053,507)

165,077,364

Shares

Preferred Stock (1.1%)

Brazil (0.2%)

Other Securities^

3,932,636

0.2

Total

3,932,636

Germany (0.1%)

Other Securities^

928,133

0.1

Total

928,133

South Korea (0.8%)

9,250

Samsung Electronics Company, Ltd.

15,082,108

0.8

Total

15,082,108

Total Preferred Stock

(cost $14,021,787)

19,942,877

Equity Funds/Exchange Traded Funds (<0.1%)

Other Securities^

2,155,512

0.1

Total

2,155,512

Total Registered Investment Companies

(cost $2,201,396)

2,155,512

Collateral Held for Securities Loaned (1.4%)

26,722,327

Thrivent Cash Management Trust

26,722,327

1.4

Total Collateral Held for Securities Loaned

(cost $26,722,327)

26,722,327

Shares or
Principal
Amount

Short-Term Investments (1.7%)^d

Thrivent Core Short-Term Reserve Fund

3,010,711

1.240%

30,107,111

1.6

Other Securities^

898,675

0.1

Total Short-Term Investments (cost $31,005,748)

31,005,786

Total Investments (cost $1,717,152,789) 100.2%

1,889,905,126

Other Assets and Liabilities, Net (0.2%)

(3,411,909

)

Total Net Assets 100.0%

1,886,493,217

^	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	Principal amount is displayed in Egyptian Pounds. Security is linked to Egypt Government International Bond due 9/14/2017

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.

Denotes restricted securities. Restricted securities are investment securities which cannot be offered for public sale without first being registered under the Securities Act of 1933. The value of all restricted securities held in Partner Worldwide Allocation Portfolio as of June 30, 2017 was $8,429,563 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, 2017.

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

108

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)


Security	Acquisition Date		Cost
HSBC Bank plc,		3/9/2017		312,956

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, 2017:


Securities Lending Transactions
Common Stock	$	25,427,828

Total lending	$	25,427,828
Gross amount payable upon return of collateral for securities loaned	$	26,722,327

Net amounts due to counterparty	$	1,294,499

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	$	225,058,710
Gross unrealized depreciation		(56,311,273	)

Net unrealized appreciation (depreciation)	$	168,747,437
Cost for federal income tax purposes	$	1,721,157,689

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

109

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, 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		211,733,540		4,479,248		207,254,292		—
Consumer Staples		175,043,603		8,162,220		166,881,383		—
Energy		102,072,106		9,900,960		92,171,146		—
Financials		313,335,694		11,784,901		301,550,087		706
Health Care		138,906,490		3,243,268		135,663,222		—
Industrials		262,306,467		4,439,440		257,854,061		12,966
Information Technology		130,435,013		5,197,366		125,237,647		—
Materials		142,294,194		1,036,703		141,257,491		—
Real Estate		71,966,908		—		71,966,908		—
Telecommunications Services		65,568,972		—		65,568,972		—
Utilities		31,338,273		—		31,338,273		—
Long-Term Fixed Income
Basic Materials		2,174,038		—		2,174,038		—
Capital Goods		1,557,108		—		1,557,108		—
Communications Services		5,240,352		—		5,240,352		—
Consumer Cyclical		523,063		—		523,063		—
Consumer Non-Cyclical		1,958,844		—		1,958,844		—
Energy		26,359,474		—		26,359,474		—
Financials		10,167,296		—		9,865,624		301,672
Foreign Government		111,018,631		—		110,701,584		317,047
Technology		601,006		—		601,006		—
Transportation		1,376,044		—		1,376,044		—
U.S. Government and Agencies		279,457		—		279,457		—
U.S. Municipal		1,138,037		—		1,138,037		—
Utilities		2,684,014		—		2,684,014		—
Preferred Stock
Health Care		928,133		—		928,133		—
Information Technology		15,082,108		—		15,082,108		—
Materials		3,932,636		3,932,636		—		—
Registered Investment Companies
Equity Funds/Exchange Traded Funds		2,155,512		2,155,512		—		—
Short-Term Investments		898,675		—		898,675		—

Subtotal Investments in Securities	$	1,833,075,688	$	54,332,254	$	1,778,111,043	$	632,391


Other Investments *	Total
Short-Term Investments		30,107,111
Collateral Held for Securities Loaned		26,722,327

Subtotal Other Investments	$	56,829,438

Total Investments at Value	$	1,889,905,126


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		299,017		299,017		—		—
Foreign Currency Forward Contracts		1,465,191		—		1,465,191		—

Total Asset Derivatives	$	1,764,208	$	299,017	$	1,465,191	$	—

Liability Derivatives
Futures Contracts		226,680		226,680		—		—
Foreign Currency Forward Contracts		1,414,180		—		1,414,180		—

Total Liability Derivatives	$	1,640,860	$	226,680	$	1,414,180	$	—

There were no significant transfers between Levels during the period ended June 30, 2017. 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.

110

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)

The following table presents Partner Worldwide Allocation Portfolio’s futures contracts held as of June 30, 2017. Investments and/or cash totaling $1,506,501 were pledged as the initial margin deposit for these contracts.


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		45			September 2017	$	9,736,295		$	9,724,922		($	11,373	)
5-Yr. U.S. Treasury Bond Futures		27			September 2017		3,188,912			3,181,571			(7,341	)
10-Yr. Euro-Bund Futures		(28	)		September 2017		(5,261,901	)		(5,173,128	)		88,773
10-Yr. U.S. Treasury Bond Futures		95			September 2017		11,990,326			11,925,469			(64,857	)
20-Yr. U.S. Treasury Bond Futures		9			September 2017		1,383,486			1,383,188			(298	)
CME 3 Month Eurodollar		(41	)		December 2018		(10,055,258	)		(10,065,500	)		(10,242	)
CME Ultra Long Term U.S. Treasury Bond		46			September 2017		7,513,033			7,630,250			117,217
Eurex 2-Yr. Euro SCHATZ		(8	)		September 2017		(1,024,997	)		(1,021,998	)		2,999
Eurex 30-Yr. Euro BUXL		(4	)		September 2017		(760,598	)		(745,689	)		14,909
Eurex 5-Yr. Euro BOBL		(42	)		September 2017		(6,382,874	)		(6,316,741	)		66,133
Eurex Euro STOXX 50 Index		49			September 2017		1,995,667			1,929,689			(65,978	)
FTSE 100 Index		11			September 2017		1,068,176			1,040,141			(28,035	)
HKG Hang Seng Index		1			July 2017		164,635			163,850			(785	)
ICE mini MSCI EAFE Index		148			September 2017		14,011,664			13,983,040			(28,624	)
SFE S&P ASX Share Price Index 200		4			September 2017		443,328			434,181			(9,147	)
SGX MSCI Singapore Index		4			July 2017		103,894			104,144			250
TSE Tokyo Price Index		9			September 2017		1,280,751			1,289,487			8,736
Total Futures Contracts												$	72,337

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

111

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)

The following table presents Partner Worldwide Allocation Portfolio’s foreign currency forward contracts held as of June 30, 2017.


Foreign Currency Forward Contracts	Counterparty		Contracts to Deliver/ Receive		Settlement Date		Value on Settlement Date		Value		Unrealized Gain/(Loss)
Purchases
Argentina Peso		CITI		6,369,675		7/25/2017	$	395,632	$	378,033	($	17,599	)
Brazilian Real		BOA		1,941,689		7/5/2017		589,000		585,452		(3,548	)
Brazilian Real		MSC		18,135,767		7/5/2017 - 9/5/2017		5,468,527		5,460,077		(8,450	)
Chilean Peso		BNP		117,145,674		8/30/2017		174,464		176,426		1,962
Chilean Peso		CITI		393,235,876		8/30/2017		592,187		592,229		42
Chilean Peso		DB		58,072,960		7/17/2017		88,000		87,495		(505	)
Chilean Peso		HSBC		156,165,920		7/3/2017		235,998		235,255		(743	)
Chilean Peso		CSFB		155,556,150		8/30/2017		234,063		234,274		211
Chilean Peso		JPM		109,534,063		8/30/2017		164,785		164,963		178
Chinese Yuan		MSC		1,564,406		9/28/2017		227,088		229,463		2,375
Chinese Yuan Offshore		WBC		2,127,192		9/20/2017		310,621		311,953		1,332
Chinese Yuan Offshore		SB		2,013,086		9/20/2017		293,000		295,219		2,219
Chinese Yuan Offshore		HSBC		8,047,714		9/20/2017		1,173,000		1,180,198		7,198
Chinese Yuan Offshore		JPM		2,004,681		9/20/2017		292,236		293,987		1,751
Colombian Peso		UBS		811,648,800		8/11/2017		273,674		265,130		(8,544	)
Colombian Peso		RBS		339,465,780		8/11/2017		116,603		110,889		(5,714	)
Colombian Peso		JPM		336,052,000		9/14/2017		109,072		109,350		278
Colombian Peso		MSC		835,357,136		8/11/2017		284,609		272,875		(11,734	)
Colombian Peso		CSFB		1,319,166,169		9/14/2017		447,440		429,250		(18,190	)
Czech Republic Koruna		SSB		17,762,738		9/20/2017		731,991		782,243		50,252
Czech Republic Koruna		BNP		23,946,538		7/3/2017 - 9/20/2017		1,021,506		1,053,122		31,616
Czech Republic Koruna		CITI		22,901,543		7/10/2017 - 11/21/2017		900,641		1,010,530		109,889
Czech Republic Koruna		BOA		51,395,918		7/3/2017 - 10/3/2017		2,095,166		2,259,659		164,493
Czech Republic Koruna		JPM		77,075,280		9/20/2017 - 1/3/2018		3,111,619		3,409,460		297,841
Czech Republic Koruna		MSC		25,390,685		7/10/2017 - 11/22/2017		1,007,770		1,119,875		112,105
Euro		BOA		1,252,680		7/3/2017 - 9/20/2017		1,400,378		1,433,427		33,049
Euro		CITI		194,823		8/24/2017		223,176		223,136		(40	)
Euro		JPM		1,442,066		9/20/2017		1,616,600		1,652,476		35,876
Euro		UBS		371,688		9/20/2017		414,225		426,332		12,107
Euro		DB		105,000		9/20/2017		117,569		120,437		2,868
Euro		BNP		196,957		9/20/2017		224,777		224,955		178
Hungarian Forint		UBS		37,663,007		9/20/2017		136,960		139,896		2,936
Hungarian Forint		MSC		224,482,307		9/20/2017		823,350		833,822		10,472
Hungarian Forint		BOA		81,594,480		9/20/2017		293,566		303,076		9,510
Indian Rupee		BNP		36,698,885		7/14/2017		565,425		566,723		1,298
Indian Rupee		DB		133,456,671		7/14/2017 - 7/24/2017		2,057,502		2,059,399		1,897
Indian Rupee		SB		142,850,692		7/14/2017 - 7/31/2017		2,190,105		2,204,670		14,565
Indian Rupee		HSBC		78,817,263		7/14/2017 - 7/31/2017		1,212,081		1,216,098		4,017
Indian Rupee		MSC		56,851,196		7/14/2017 - 7/24/2017		880,157		877,543		(2,614	)
Indonesian Rupiah		JPM		10,961,563,465		8/25/2017		820,476		817,492		(2,984	)
Indonesian Rupiah		HSBC		14,049,063,390		8/25/2017		1,050,869		1,047,751		(3,118	)
Malaysian Ringgit		UBS		1,374,101		7/27/2017		318,462		320,034		1,572
Malaysian Ringgit		MSC		882,201		7/5/2017		205,411		205,491		80
Mexican Peso		RBS		4,397,039		9/20/2017		239,212		239,176		(36	)
Mexican Peso		JPM		10,809,087		8/25/2017 - 9/20/2017		591,964		588,209		(3,755	)
Mexican Peso		DB		20,376,747		9/20/2017		1,114,513		1,118,984		4,471
Mexican Peso		BOA		50,025,140		9/20/2017		2,714,956		2,721,111		6,155
New Taiwan Dollar		DB		21,228,326		7/11/2017 - 7/20/2017		698,735		698,288		(447	)
New Taiwan Dollar		SB		26,582,474		7/17/2017 - 7/20/2017		881,000		874,469		(6,531	)
New Taiwan Dollar		CITI		15,264,563		8/17/2017		504,780		502,716		(2,064	)
New Taiwan Dollar		MSC		21,656,471		7/11/2017 - 7/20/2017		710,849		712,433		1,584
Peruvian Nuevo Sol		CITI		945,516		8/29/2017		285,525		289,547		4,022
Philippines Peso		BNP		29,944,152		7/31/2017		590,000		592,688		2,688
Philippines Peso		DB		28,928,950		9/14/2017		580,786		571,297		(9,489	)
Polish Zloty		BNP		16,262,138		9/20/2017		4,341,838		4,389,263		47,425
Polish Zloty		DB		18,830,856		9/20/2017		5,026,924		5,082,577		55,653
Polish Zloty		BOA		2,962,816		9/20/2017		779,081		799,684		20,603
Polish Zloty		UBS		2,289,967		9/20/2017		614,206		618,078		3,872
Russian Ruble		MSC		109,194,880		7/20/2017		1,864,712		1,846,698		(18,014	)
Russian Ruble		CITI		123,703,031		7/20/2017		2,112,153		2,092,059		(20,094	)
Singapore Dollar		HSBC		814,592		9/20/2017		587,000		592,745		5,745
South African Rand		UBS		1,551,971		9/20/2017		118,000		117,088		(912	)

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

112

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)


Foreign Currency Forward Contracts	Counterparty		Contracts to Deliver/ Receive		Settlement Date		Value on Settlement Date		Value		Unrealized Gain/(Loss)
Purchases
South African Rand		MSC		10,179,356		9/20/2017	$	781,640	$	767,975	($	13,665	)
South African Rand		CITI		1,548,644		9/20/2017		118,000		116,837		(1,163	)
South Korean Won		CITI		333,043,200		7/20/2017		294,000		291,296		(2,704	)
South Korean Won		MSC		1,841,450,774		7/3/2017 - 7/31/2017		1,620,499		1,610,578		(9,921	)
South Korean Won		DB		5,849,890,710		7/13/2017 - 9/27/2017		5,154,919		5,117,471		(37,448	)
South Korean Won		SB		130,747,500		7/3/2017		114,731		114,287		(444	)
South Korean Won		UBS		1,454,505,520		7/12/2017 - 7/31/2017		1,304,766		1,271,840		(32,926	)
South Korean Won		JPM		133,877,250		7/20/2017		117,000		117,095		95
South Korean Won		HSBC		1,006,785,620		7/20/2017 - 7/26/2017		883,000		880,647		(2,353	)
South Korean Won		BNP		915,526,157		7/13/2017		799,706		800,559		853
Turkish Lira		MSC		8,946,731		9/20/2017		2,487,264		2,484,236		(3,028	)
Turkish Lira		SB		426,110		9/20/2017		118,000		118,318		318
Turkish Lira		HSBC		1,485,812		9/20/2017		411,000		412,565		1,565
Total Purchases							$	73,450,540	$	74,270,979	$	820,439
Sales
Argentina Peso		RBS		3,813,446		7/13/2017	$	236,000	$	227,811	$	8,189
Brazilian Real		RBC		958,989		7/5/2017		293,000		289,151		3,849
Brazilian Real		DB		957,017		7/5/2017		293,000		288,557		4,443
Brazilian Real		MSC		10,306,405		7/5/2017 - 8/2/2017		3,117,577		3,099,376		18,201
Brazilian Real		JPM		9,726,878		7/5/2017		2,956,049		2,932,819		23,230
Chilean Peso		HSBC		233,109,774		7/3/2017 - 8/30/2017		351,942		351,156		786
Chilean Peso		RBS		194,752,304		7/17/2017 - 7/24/2017		294,000		293,430		570
Chilean Peso		DB		391,008,240		7/3/2017 - 8/30/2017		589,000		589,001		(1	)
Chilean Peso		BOA		78,239,900		8/30/2017		118,000		117,832		168
Chinese Yuan Offshore		MSC		2,015,987		9/20/2017		294,000		295,645		(1,645	)
Chinese Yuan Offshore		JPM		4,018,264		9/20/2017		586,236		589,279		(3,043	)
Chinese Yuan Offshore		DB		2,563,311		9/20/2017		375,235		376,521		(1,286	)
Chinese Yuan Offshore		HSBC		12,080,396		9/20/2017		1,765,000		1,774,949		(9,949	)
Colombian Peso		DB		1,073,153,752		8/11/2017 - 9/14/2017		365,733		350,123		15,610
Czech Republic Koruna		BOA		19,157,284		7/3/2017		815,879		837,973		(22,094	)
Czech Republic Koruna		JPM		37,708,014		9/20/0207 - 9/20/2017		1,616,600		1,657,935		(41,335	)
Euro		WBC		11,981,091		8/24/2017		13,554,987		13,722,242		(167,255	)
Euro		CITI		854,899		7/10/2017 - 11/21/2017		900,641		981,847		(81,206	)
Euro		JPM		3,180,247		9/20/2017 - 1/3/2018		3,431,382		3,657,246		(225,864	)
Euro		MSC		950,377		7/10/2017 - 11/22/2017		1,007,771		1,091,179		(83,408	)
Euro		SSB		664,552		9/20/2017		731,991		762,250		(30,259	)
Euro		BOA		2,892,050		7/3/2017 - 10/3/2017		3,167,813		3,315,060		(147,247	)
Euro		BNP		4,770,447		7/3/2017 - 9/20/2017		5,363,344		5,470,905		(107,561	)
Euro		UBS		663,364		9/20/2017		751,166		760,886		(9,720	)
Euro		DB		4,468,630		9/20/2017		5,026,924		5,125,582		(98,658	)
Hong Kong Dollar		CITI		32,725,192		10/3/2017 - 3/27/2018		4,227,202		4,205,639		21,563
Hong Kong Dollar		UBS		3,971,310		9/29/2017		512,863		509,965		2,898
Hong Kong Dollar		SB		13,713,618		3/27/2018 - 5/11/2018		1,771,375		1,763,818		7,557
Hong Kong Dollar		HSBC		7,419,454		3/27/2018		958,480		954,275		4,205
Hungarian Forint		BNP		60,922,801		9/20/2017		224,777		225,297		(520	)
Indian Rupee		DB		19,202,848		7/14/2017		292,654		296,540		(3,886	)
Indian Rupee		BNP		38,674,798		7/14/2017		590,671		597,236		(6,565	)
Indian Rupee		SB		107,360,700		7/14/2017 - 7/24/2017		1,653,695		1,657,443		(3,748	)
Indonesian Rupiah		CITI		4,094,044,042		7/31/2017		306,835		306,222		613
Indonesian Rupiah		DB		3,834,704,800		8/25/2017		286,247		285,985		262
Indonesian Rupiah		JPM		3,919,020,000		7/21/2017		294,000		293,433		567
Malaysian Ringgit		UBS		882,201		7/5/2017		205,402		205,514		(112	)
Malaysian Ringgit		CITI		509,238		8/17/2017		117,539		118,463		(924	)
Mexican Peso		JPM		12,903,636		9/20/2017		706,000		701,892		4,108
Mexican Peso		RBS		7,548,625		9/20/2017		411,000		410,607		393
Mexican Peso		DB		13,916,881		9/20/2017		763,000		757,008		5,992
Mexican Peso		BOA		4,955,141		9/20/2017		269,774		269,534		240
Mexican Peso		CITI		15,847,606		9/20/2017		870,914		863,382		7,532
Mexican Peso		HSBC		2,146,420		9/20/2017		118,000		116,754		1,246
New Taiwan Dollar		DB		24,109,656		9/29/2017		799,471		795,474		3,997
New Taiwan Dollar		MSC		16,484,035		7/11/2017 - 9/29/2017		544,057		543,049		1,008
New Taiwan Dollar		UBS		41,856,473		7/11/2017 - 10/20/2017		1,383,829		1,381,192		2,637

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

113

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)


Foreign Currency Forward Contracts	Counterparty		Contracts to Deliver/Receive		Settlement Date		Value on Settlement Date		Value		Unrealized Gain/(Loss)
Sales
New Taiwan Dollar		BNP		2,903,560		7/11/2017	$	96,058	$	95,490	$	568
New Taiwan Dollar		SB		59,838,545		7/31/2017 - 8/17/2017		1,961,694		1,970,478		(8,784	)
New Taiwan Dollar		JPM		47,535,452		7/11/2017 - 8/30/2017		1,579,407		1,564,948		14,459
New Taiwan Dollar		HSBC		39,439,148		7/19/2017 - 7/31/2017		1,296,000		1,297,806		(1,806	)
Polish Zloty		BOA		2,219,819		9/20/2017		584,499		599,144		(14,645	)
Polish Zloty		DB		445,547		9/20/2017		117,569		120,256		(2,687	)
Polish Zloty		UBS		1,577,543		9/20/2017		414,225		425,790		(11,565	)
Polish Zloty		BNP		1,061,461		9/20/2017		281,048		286,496		(5,448	)
Russian Ruble		MSC		115,589,077		7/20/2017		1,997,497		1,954,835		42,662
Russian Ruble		CSFB		61,727,428		7/20/2017		1,081,420		1,043,931		37,489
Russian Ruble		BOA		13,692,626		7/20/2017		235,131		231,569		3,562
Singapore Dollar		WBC		364,213		9/20/2017		263,337		265,023		(1,686	)
Singapore Dollar		BOA		368,281		9/20/2017		265,895		267,983		(2,088	)
Singapore Dollar		HSBC		813,407		9/20/2017		588,000		591,883		(3,883	)
South African Rand		UBS		1,565,919		9/20/2017		118,000		119,696		(1,696	)
South African Rand		SSB		1,555,087		9/20/2017		118,000		117,323		677
South African Rand		MSC		3,111,860		9/20/2017		235,000		234,773		227
South African Rand		SB		7,585,545		9/20/2017		581,404		572,287		9,117
South Korean Won		HSBC		806,137,827		7/13/2017		713,278		704,907		8,371
South Korean Won		BNP		1,805,959,549		7/13/2017		1,581,017		1,579,176		1,841
South Korean Won		MSC		1,371,483,071		7/3/2017 - 9/27/2017		1,215,993		1,199,540		16,453
South Korean Won		JPM		1,265,450,640		7/13/2017 - 7/17/2017		1,118,872		1,106,584		12,288
South Korean Won		UBS		2,240,246,865		7/13/2017 - 7/31/2017		1,994,483		1,958,872		35,611
South Korean Won		DB		909,391,496		7/12/2017 - 7/13/2017		805,083		795,170		9,913
South Korean Won		SB		784,478,493		7/3/2017 - 7/31/2017		689,923		686,177		3,746
Turkish Lira		SB		852,043		9/20/2017		236,000		242,165		(6,165	)
Turkish Lira		MSC		1,644,721		9/20/2017		457,152		456,689		463
Total Sales							$	85,937,040	$	86,706,468	($	769,428	)
Net Unrealized Gain/(Loss) on Foreign Currency Forward Contracts											$	51,011


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

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

114

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2017, 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	$	290,031
Total Interest Rate Contracts			290,031
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		8,986
Total Equity Contracts			8,986
Foreign Exchange Contracts
Forward Contracts	Net Assets - Net unrealized appreciation/(depreciation) on Foreign currency forward contracts		1,465,191
Total Foreign Exchange Contracts			1,465,191

Total Asset Derivatives		$	1,764,208

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		94,111
Total Interest Rate Contracts			94,111
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		132,569
Total Equity Contracts			132,569
Foreign Exchange Contracts
Forward Contracts	Net Assets - Net unrealized appreciation/(depreciation) on Foreign currency forward contracts		1,414,180
Total Foreign Exchange Contracts			1,414,180

Total Liability Derivatives		$	1,640,860

*	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, 2017, 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		1,720,379
Total Equity Contracts			1,720,379
Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(317,715	)
Total Foreign Exchange Contracts			(317,715	)
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		292,584
Total Interest Rate Contracts			292,584

Total		$	1,695,248

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2017, 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		336,650
Total Interest Rate Contracts			336,650
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(229,156	)
Total Equity Contracts			(229,156	)
Foreign Exchange Contracts
Forward Contracts	Change in net unrealized appreciation/(depreciation) on Foreign currency forward contracts		92,331
Total Foreign Exchange Contracts			92,331

Total		$	199,825

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

115

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)

The following table presents Partner Worldwide Allocation Portfolio’s average volume of derivative activity during the period ended June 30, 2017.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)			Forwards (Notional)*		Forwards (Percentage of Average Net Assets)
Equity Contracts	$	14,852,949		0.8	%		N/A		N/A
Interest Rate Contracts		51,288,612		2.9			N/A		N/A
Foreign Exchange Contracts		N/A		N/A		$	160,998,552		9.0	%

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

Investment in Affiliates

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


Portfolio	Value December 31, 2016		Gross Purchases		Gross Sales		Shares Held at June 30, 2017		Value June 30, 2017		Income Earned January 1, 2017 - June 30, 2017
Cash Management Trust- Collateral Investment	$	16,401,014	$	253,377,165	$	243,055,852		26,722,327	$	26,722,327	$	305,547
Core Short-Term Reserve Fund		25,831,644		202,481,631		198,206,164		3,010,711		30,107,111		155,981
Total Value and Income Earned	$	42,232,658							$	56,829,438	$	461,528

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, 2017

(unaudited)


Shares		Common Stock (85.1%)	Value		% of Net Assets
	Consumer Discretionary (12.4%)
	36,522	Amazon.com, Inc.^a	$	35,353,296		3.6	%
	555,930	Comcast Corporation		21,636,796		2.2	%
	117,660	Lowe’s Companies, Inc.		9,122,180		0.9	%
	5,791	Priceline Group, Inc.^a		10,832,181		1.1	%
	100,767	Walt Disney Company		10,706,494		1.1	%
		Other Securities^		36,217,691		3.5	%

		Total		123,868,638


	Consumer Staples (2.9%)
	90,460	CVS Health Corporation		7,278,412		0.7	%
		Other Securities^		21,188,938		2.2	%

		Total		28,467,350


	Energy (5.7%)
	1,488,783	BP plc		8,593,557		0.9	%
	100,739	Chevron Corporation		10,510,100		1.1	%
	174,493	Halliburton Company		7,452,596		0.7	%
	1,890,940	Weatherford International plc^a		7,317,938		0.7	%
		Other Securities^		22,388,211		2.3	%

		Total		56,262,402


	Financials (16.0%)
	586,264	Bank of America Corporation		14,222,765		1.4	%
	238,260	Blackstone Group, LP		7,945,971		0.8	%
	52,260	Chubb, Ltd.		7,597,559		0.8	%
	246,820	Citigroup, Inc.		16,507,322		1.7	%
	87,170	Goldman Sachs Group, Inc.		19,343,023		1.9	%
	187,227	Intercontinental Exchange, Inc.		12,342,004		1.2	%
	185,497	Invesco, Ltd.		6,527,639		0.7	%
	123,720	MetLife, Inc.		6,797,177		0.7	%
	83,000	State Street Corporation		7,447,590		0.7	%
		Other Securities^		60,933,621		6.1	%

		Total		159,664,671


	Health Care (10.0%)
	71,626	Alexion Pharmaceuticals, Inc.^a		8,714,735		0.9	%
	49,930	Celgene Corporation^a		6,484,409		0.7	%
	48,100	CIGNA Corporation		8,051,459		0.8	%
	166,490	GlaxoSmithKline plc ADR		7,179,049		0.7	%
	180,277	Merck & Company, Inc.		11,553,953		1.2	%
	112,618	Novartis AG		9,406,600		0.9	%
	361,950	Pfizer, Inc.		12,157,901		1.2	%
	63,296	UnitedHealth Group, Inc.		11,736,344		1.2	%
	60,029	Zimmer Biomet Holdings, Inc.		7,707,724		0.8	%
		Other Securities^		16,797,669		1.6	%

		Total		99,789,843


	Industrials (11.1%)
	77,830	Boeing Company		15,390,882		1.6	%
	161,030	CSX Corporation		8,785,797		0.9	%
	59,121	Cummins, Inc.		9,590,609		1.0	%
	237,622	Delta Air Lines, Inc.		12,769,806		1.3	%
	108,658	Norfolk Southern Corporation		13,223,679		1.3	%
		Other Securities^		50,336,748		5.0	%

		Total		110,097,521


	Information Technology (16.7%)
	24,884	Alphabet, Inc., Class A^a		23,134,157		2.3	%
	21,130	Alphabet, Inc., Class C^a		19,201,465		1.9	%
	286,488	Apple, Inc.		41,260,002		4.1	%
	207,180	Cisco Systems, Inc.		6,484,734		0.7	%
	148,190	Cognizant Technology Solutions Corporation		9,839,816		1.0	%
	112,375	Facebook, Inc.^a		16,966,377		1.7	%
	208,589	Microsoft Corporation		14,378,040		1.4	%
	111,960	Salesforce.com, Inc.^a		9,695,736		1.0	%
	84,420	Visa, Inc.		7,916,908		0.8	%
		Other Securities^		17,778,017		1.8	%

		Total		166,655,252


	Materials (4.9%)
	98,200	Eastman Chemical Company		8,247,818		0.8	%
	136,210	Westrock Company		7,717,659		0.8	%
		Other Securities^		33,169,499		3.3	%

		Total		49,134,976


	Real Estate (1.0%)
		Other Securities^		9,542,160		1.0	%

		Total		9,542,160


	Telecommunications Services (1.4%)
		Other Securities^		14,179,017		1.4	%

		Total		14,179,017


	Utilities (3.0%)
	303,230	PG&E Corporation		20,125,375		2.0	%
		Other Securities^		10,051,034		1.0	%

		Total		30,176,409


		Total Common Stock (cost $649,053,871)		847,838,239


		Preferred Stock (0.2%)
	Consumer Staples (0.2%)
		Other Securities^		1,547,309		0.2	%

		Total		1,547,309


		Total Preferred Stock (cost $1,456,520)		1,547,309


		Registered Investment Companies (0.1%)
	Equity Funds/Exchange Traded Funds (<0.1%)
		Other Securities^		1,197,072		0.1	%

		Total		1,197,072


		Total Registered Investment Companies (cost $1,222,554)		1,197,072


		Collateral Held for Securities Loaned (0.9%)
	9,153,817	Thrivent Cash Management
		Trust		9,153,817		0.9	%


		Total Collateral Held for Securities Loaned (cost $9,153,817)		9,153,817


Shares or Principal Amount		Short-Term Investments (14.5%)^b
		Federal Home Loan Bank Discount Notes
	6,500,000	0.865%, 7/11/2017		6,498,557		0.6	%
	8,700,000	0.945%, 7/19/2017^c		8,696,137		0.9	%
	18,730,000	0.998%, 8/2/2017		18,714,080		1.9	%
	8,770,000	0.950%, 8/11/2017^c		8,760,309		0.9	%
	8,400,000	0.979%, 8/23/2017^c		8,387,862		0.8	%

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, 2017

(unaudited)


Shares or Principal Amount		Short-Term Investments (14.5%)^b	Value			% of Net Assets
		Federal Home Loan Bank Discount Notes
	42,880,000	0.821% - 1.035%, 7/5/2017 - 9/13/2017^c		42,841,789			4.3	%
	4,998,177	Thrivent Core Short-Term Reserve Fund 1.240%		49,981,772			5.0	%
		Other Securities^		1,124,687			0.1	%

		Total Short-Term Investments (cost $145,002,772)		145,005,193

		Total Investments (cost $805,889,534) 100.8%	$	1,004,741,630

		Other Assets and Liabilities, Net (0.8%)		(8,039,028	)

		Total Net Assets 100.0%	$	996,702,602

^	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	$	8,672,404

Total lending	$	8,672,404
Gross amount payable upon return of collateral for securities loaned	$	9,153,817

Net amounts due to counterparty	$	481,413

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	$	205,299,635
Gross unrealized depreciation		(11,186,114	)

Net unrealized appreciation (depreciation)	$	194,113,521
Cost for federal income tax purposes	$	810,628,109

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, 2017

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, 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		123,868,638		91,838,596		32,029,602		440
Consumer Staples		28,467,350		12,080,013		16,387,337		—
Energy		56,262,402		34,178,784		22,083,618		—
Financials		159,664,671		105,468,342		54,196,329		—
Health Care		99,789,843		83,016,010		16,773,833		—
Industrials		110,097,521		64,169,996		45,921,264		6,261
Information Technology		166,655,252		154,015,689		12,639,563		—
Materials		49,134,976		15,965,477		33,169,499		—
Real Estate^		9,542,160		—		9,542,160		0
Telecommunications Services		14,179,017		—		14,179,017		—
Utilities		30,176,409		20,125,375		10,051,034		—
Preferred Stock
Consumer Staples		1,547,309		—		1,547,309		—
Registered Investment Companies
Equity Funds/Exchange Traded Funds		1,197,072		1,197,072		—		—
Short-Term Investments		95,023,421		—		95,023,421		—

Subtotal Investments in Securities	$	945,606,041	$	582,055,354	$	363,543,986	$	6,701


Other Investments *	Total
Short-Term Investments		49,981,772
Collateral Held for Securities Loaned		9,153,817

Subtotal Other Investments	$	59,135,589

Total Investments at Value	$	1,004,741,630


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Liability Derivatives
Futures Contracts		2,275,889		2,275,889		—		—

Total Liability Derivatives	$	2,275,889	$	2,275,889	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2017. Transfers between Levels are identified as of the end of the period.

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

The following table presents Large Cap Stock Portfolio’s futures contracts held as of June 30, 2017. Investments and/or cash totaling $7,548,352 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		1,703		September 2017	$	69,084,058	$	67,066,542	($	2,017,516	)
Eurex Stoxx Europe 600 Index		321		September 2017		7,098,888		6,942,156		(156,732	)
ICE mini MSCI EAFE Index		515		September 2017		48,758,840		48,657,199		(101,641	)
Total Futures Contracts									($	2,275,889	)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2017, 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
Liability Derivatives
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$2,275,889
Total Equity Contracts		2,275,889

Total Liability Derivatives		$2,275,889

*	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.

119

LARGE CAP STOCK PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2017, 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		13,622,368
Total Equity Contracts			13,622,368

Total		$	13,622,368

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2017, 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		(3,310,743	)
Total Equity Contracts			(3,310,743	)

Total		($	3,310,743	)

The following table presents Large Cap Stock Portfolio’s average volume of derivative activity during the period ended June 30, 2017.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts	$	118,139,780		12.2	%

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

Investment in Affiliates

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


Portfolio	Value December 31, 2016		Gross Purchases		Gross Sales		Shares Held at June 30, 2017		Value June 30, 2017		Income Earned January 1, 2017 - June 30, 2017
Cash Management Trust-Collateral Investment	$	1,213,950	$	56,172,127	$	48,232,260		9,153,817	$	9,153,817	$	91,841
Core Short-Term Reserve Fund		45,427,642		69,027,550		64,473,420		4,998,177		49,981,772		255,215
Total Value and Income Earned	$	46,641,592							$	59,135,589	$	347,056

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

120

PARTNER ALL CAP PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (98.9%)	Value
	Consumer Discretionary (12.3%)
	1,800	Amazon.com, Inc.^a	$	1,742,400
	42,300	Comcast Corporation		1,646,316
	8,500	Delphi Automotive plc		745,025
	11,280	Home Depot, Inc.		1,730,352
	24,600	Lions Gate Entertainment Corporation^a		646,488
	31,779	Newell Brands, Inc.		1,703,990
	18,500	NIKE, Inc.		1,091,500
	20,320	Service Corporation International		679,704
	18,600	Starbucks Corporation		1,084,566
	15,900	Walt Disney Company		1,689,375

		Total		12,759,716


	Consumer Staples (8.4%)
	6,600	Constellation Brands, Inc.		1,278,618
	15,600	CVS Health Corporation		1,255,176
	10,300	Estee Lauder Companies, Inc.		988,594
	13,300	Herbalife, Ltd.^a,b		948,689
	9,800	Molson Coors Brewing Company		846,132
	22,300	Mondelez International, Inc.		963,137
	12,900	Philip Morris International, Inc.		1,515,105
	26,300	Snyder’s-Lance, Inc.		910,506

		Total		8,705,957


	Energy (5.6%)
	20,200	Diamondback Energy, Inc.^a		1,793,962
	33,200	Halliburton Company		1,417,972
	16,400	Pioneer Natural Resources Company		2,617,112

		Total		5,829,046


	Financials (14.7%)
	63,000	Boston Private Financial Holdings, Inc.		967,050
	16,520	Capital One Financial Corporation		1,364,883
	43,900	Citigroup, Inc.		2,936,032
	12,100	CME Group, Inc.		1,515,404
	16,900	Discover Financial Services		1,051,011
	5,300	Goldman Sachs Group, Inc.		1,176,070
	14,700	Hartford Financial Services Group, Inc.		772,779
	56,600	KeyCorp		1,060,684
	20,500	Progressive Corporation		903,845
	103,260	Regions Financial Corporation		1,511,726
	8,670	Reinsurance Group of America, Inc.		1,113,141
	14,400	Wells Fargo & Company		797,904

		Total		15,170,529


	Health Care (13.9%)
	9,100	Alexion Pharmaceuticals, Inc.^a		1,107,197
	13,090	BioMarin Pharmaceutical, Inc.^a		1,188,834
	20,100	Bristol-Myers Squibb Company		1,119,972
	4,300	C.R. Bard, Inc.		1,359,273
	20,750	Danaher Corporation		1,751,093
	9,744	Envision Healthcare Corporation^a		610,656
	6,200	Humana, Inc.		1,491,844
	23,100	Merck & Company, Inc.		1,480,479
	6,800	Shire Pharmaceuticals Group plc ADR		1,123,836
	10,300	Vertex Pharmaceuticals, Inc.^a		1,327,361
	35,554	Wright Medical Group NV^a		977,379
	6,700	Zimmer Biomet Holdings, Inc.		860,280

		Total		14,398,204


	Industrials (10.9%)
	7,720	Alaska Air Group, Inc.		692,947
	14,500	Colfax Corporation^a		570,865
	9,220	FedEx Corporation		2,003,783
	22,625	Fortive Corporation		1,433,294
	8,000	Fortune Brands Home and Security, Inc.		521,920
	12,610	IDEX Corporation		1,425,056
	20,300	Ingersoll-Rand plc		1,855,217
	5,800	Lockheed Martin Corporation		1,610,138
	9,150	WABCO Holdings, Inc.^a		1,166,716

		Total		11,279,936


	Information Technology (21.4%)
	7,370	Adobe Systems, Inc.^a		1,042,413
	4,040	Alphabet, Inc., Class A^a		3,755,907
	16,040	Apple, Inc.		2,310,081
	7,800	Broadcom, Ltd.		1,817,790
	12,980	Cavium, Inc.^a		806,448
	20,200	CommScope Holding Company, Inc.^a		768,206
	9,800	Ellie Mae, Inc.^a		1,077,118
	41,900	Gogo, Inc.^a,b		483,107
	20,200	Inphi Corporation^a,b		692,860
	50,000	Intel Corporation		1,687,000
	15,000	Luxoft Holding, Inc.^a		912,750
	22,500	Micron Technology, Inc.^a		671,850
	12,640	Monolithic Power Systems, Inc.		1,218,496
	16,300	Paycom Software, Inc.^a,b		1,115,083
	27,700	PayPal Holdings, Inc.^a		1,486,659
	17,300	Salesforce.com, Inc.^a		1,498,180
	4,600	Tyler Technologies, Inc.^a		808,082

		Total		22,152,030


	Materials (3.2%)
	5,800	Albemarle Corporation		612,132
	12,230	Eagle Materials, Inc.		1,130,297
	5,400	Ecolab, Inc.		716,850
	10,300	LyondellBasell Industries NV		869,217

		Total		3,328,496


	Real Estate (3.4%)
	7,600	Boston Properties, Inc.		934,952
	48,000	Brandywine Realty Trust		841,440
	75,100	FelCor Lodging Trust, Inc.		541,471
	5,900	Public Storage, Inc.		1,230,327

		Total		3,548,190


	Telecommunications Services (1.9%)
	40,600	AT&T, Inc.		1,531,838
	6,110	T-Mobile US, Inc.^a		370,388

		Total		1,902,226


	Utilities (3.2%)
	15,900	American Electric Power Company, Inc.		1,104,573
	11,340	Atmos Energy Corporation		940,653
	19,200	PG&E Corporation		1,274,304

		Total		3,319,530


		Total Common Stock (cost $84,497,030)		102,393,860


		Collateral Held for Securities Loaned (2.7%)
	2,782,878	Thrivent Cash Management Trust		2,782,878


		Total Collateral Held for Securities Loaned (cost $2,782,878)		2,782,878

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

121

PARTNER ALL CAP PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares or Principal Amount		Short-Term Investments (1.2%)^c	Value
		Thrivent Core Short-Term Reserve Fund
	124,666	1.240%	$	1,246,660

		Total Short-Term Investments (cost $1,246,660)		1,246,660

		Total Investments (cost $88,526,568) 102.8%	$	106,423,398

		Other Assets and Liabilities, Net (2.8%)		(2,942,334	)

		Total Net Assets 100.0%	$	103,481,064

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	$	2,732,229

Total lending	$	2,732,229
Gross amount payable upon return of collateral for securities loaned	$	2,782,878

Net amounts due to counterparty	$	50,649

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	$	19,929,310
Gross unrealized depreciation		(2,088,001	)

Net unrealized appreciation (depreciation)	$	17,841,309
Cost for federal income tax purposes	$	88,582,089

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

122

PARTNER ALL CAP PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, 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		12,759,716		12,759,716		—		—
Consumer Staples		8,705,957		8,705,957		—		—
Energy		5,829,046		5,829,046		—		—
Financials		15,170,529		15,170,529		—		—
Health Care		14,398,204		14,398,204		—		—
Industrials		11,279,936		11,279,936		—		—
Information Technology		22,152,030		22,152,030		—		—
Materials		3,328,496		3,328,496		—		—
Real Estate		3,548,190		3,548,190		—		—
Telecommunications Services		1,902,226		1,902,226		—		—
Utilities		3,319,530		3,319,530		—		—

Subtotal Investments in Securities	$	102,393,860	$	102,393,860	$	—	$	—


Other Investments *	Total
Short-Term Investments		1,246,660
Collateral Held for Securities Loaned		2,782,878

Subtotal Other Investments	$	4,029,538

Total Investments at Value	$	106,423,398

There were no significant transfers between Levels during the period ended June 30, 2017. 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, 2016		Gross Purchases		Gross Sales		Shares Held at June 30, 2017		Value June 30, 2017		Income Earned January 1, 2017 - June 30, 2017
Cash Management Trust- Collateral Investment	$	1,232,175	$	11,769,245	$	10,218,542		2,782,878	$	2,782,878	$	12,349
Core Short-Term Reserve Fund		1,338,819		7,764,698		7,856,857		124,666		1,246,660		7,290
Total Value and Income Earned	$	2,570,994							$	4,029,538	$	19,639

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

123

LARGE CAP GROWTH PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (96.3%)	Value
	Consumer Discretionary (20.5%)
	106,448	Amazon.com, Inc.^a	$	103,041,664
	698,235	Comcast Corporation		27,175,306
	227,422	Home Depot, Inc.		34,886,535
	11,787	Priceline Group, Inc.^a		22,047,819
	349,527	Starbucks Corporation		20,380,920
	188,067	Walt Disney Company		19,982,119

		Total		227,514,363


	Consumer Staples (1.4%)
	218,609	Altria Group, Inc.		16,279,812

		Total		16,279,812


	Energy (1.6%)
	31,865	Concho Resources, Inc.^a		3,872,553
	208,917	Halliburton Company		8,922,845
	29,370	Pioneer Natural Resources Company		4,686,865

		Total		17,482,263


	Financials (4.7%)
	1,122,799	Bank of America Corporation		27,239,104
	112,620	Goldman Sachs Group, Inc.		24,990,378

		Total		52,229,482


	Health Care (14.8%)
	169,530	Alexion Pharmaceuticals, Inc.^a		20,626,715
	246,894	Celgene Corporation^a		32,064,124
	72,015	CIGNA Corporation		12,054,591
	282,105	Hologic, Inc.^a		12,801,925
	222,098	Medtronic plc		19,711,197
	198,262	UnitedHealth Group, Inc.		36,761,740
	101,222	Zimmer Biomet Holdings, Inc.		12,996,905
	280,272	Zoetis, Inc.		17,483,367

		Total		164,500,564


	Industrials (7.1%)
	394,091	CSX Corporation		21,501,605
	152,009	Cummins, Inc.		24,658,900
	206,477	Eaton Corporation plc		16,070,105
	271,809	Southwest Airlines Company		16,890,211

		Total		79,120,821


	Information Technology (46.2%)
	122,655	Alliance Data Systems Corporation		31,484,312
	61,267	Alphabet, Inc., Class A^a		56,958,705
	36,925	Alphabet, Inc., Class C^a		33,554,855
	384,141	Apple, Inc.		55,323,987
	393,176	Cognizant Technology Solutions Corporation		26,106,886
	497,397	Facebook, Inc.^a		75,096,999
	378,542	MasterCard, Inc.		45,973,926
	640,795	Microsoft Corporation		44,169,999
	79,721	NVIDIA Corporation		11,524,468
	661,368	PayPal Holdings, Inc.^a		35,495,621
	464,744	Salesforce.com, Inc.^a		40,246,830
	606,405	Visa, Inc.		56,868,661

		Total		512,805,249


		Total Common Stock (cost $733,411,022)		1,069,932,554


		Registered Investment Companies (0.7%)
	Equity Funds/Exchange Traded Funds (0.7%)
	180,156	SPDR S&P Bank ETF		7,840,389

		Total		7,840,389


		Total Registered Investment Companies (cost $8,183,965)		7,840,389


Shares or Principal Amount		Short-Term Investments (4.2%)^b
		Federal Home Loan Bank Discount Notes
	2,650,000	0.880%, 7/14/2017		2,649,189
		Thrivent Core Short-Term Reserve Fund
	4,367,071	1.240%		43,670,706

		Total Short-Term Investments (cost $46,319,864)		46,319,895

		Total Investments (cost $787,914,851) 101.2%	$	1,124,092,838

		Other Assets and Liabilities, Net (1.2%)		(13,413,789	)

		Total Net Assets 100.0%	$	1,110,679,049

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


ETF	-	Exchange Traded Fund
SPDR	-	S&P Depository Receipts, which are exchange-traded funds traded in the U.S., Europe, and Asia-Pacific and managed by State Street Global Advisors.

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	339,078,478
Gross unrealized depreciation		(4,947,971	)

Net unrealized appreciation (depreciation)	$	334,130,507
Cost for federal income tax purposes	$	789,962,331

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

124

LARGE CAP GROWTH PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, 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		227,514,363		227,514,363		—		—
Consumer Staples		16,279,812		16,279,812		—		—
Energy		17,482,263		17,482,263		—		—
Financials		52,229,482		52,229,482		—		—
Health Care		164,500,564		164,500,564		—		—
Industrials		79,120,821		79,120,821		—		—
Information Technology		512,805,249		512,805,249		—		—
Registered Investment Companies
Equity Funds/Exchange Traded Funds		7,840,389		7,840,389		—		—
Short-Term Investments		2,649,189		—		2,649,189		—

Subtotal Investments in Securities	$	1,080,422,132	$	1,077,772,943	$	2,649,189	$	—


Other Investments *	Total
Short-Term Investments		43,670,706

Subtotal Other Investments	$	43,670,706

Total Investments at Value	$	1,124,092,838

There were no significant transfers between Levels during the period ended June 30, 2017. 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, 2017, 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		(9,660	)
Total Equity Contracts			(9,660	)

Total		($	9,660	)

The following table presents Large Cap Growth Portfolio’s average volume of derivative activity during the period ended June 30, 2017.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts	$	614,671		0.1	%

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

Investment in Affiliates

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


Portfolio	Value December 31, 2016		Gross Purchases		Gross Sales		Shares Held at June 30, 2017		Value June 30, 2017		Income Earned January 1, 2017 - June 30, 2017
Cash Management Trust- Collateral Investment	$	—	$	8,479,750	$	8,479,750		—	$	—	$	361
Core Short-Term Reserve Fund		39,354,611		162,754,039		158,437,944		4,367,071		43,670,706		197,784
Total Value and Income Earned	$	39,354,611							$	43,670,706	$	198,145

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

125

PARTNER GROWTH STOCK PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (94.8%)	Value
	Consumer Discretionary (19.6%)
	5,000	Altice USA, Inc.^a	$	161,500
	9,140	Amazon.com, Inc.^a		8,847,520
	2,480	AutoZone, Inc.^a		1,414,741
	9,500	Ctrip.com International, Ltd. ADR^a		511,670
	8,000	Delphi Automotive plc		701,200
	11,900	Dollar General Corporation		857,871
	12,976	Ferrari NV		1,116,195
	166	Flipkart, Ltd.^*,a,b		14,627
	7,900	Home Depot, Inc.		1,211,860
	15,400	L Brands, Inc.		829,906
	8,100	Lowe’s Companies, Inc.		627,993
	7,438	Marriott International, Inc.		746,106
	8,570	MGM Resorts International		268,155
	6,000	O’Reilly Automotive, Inc.^a		1,312,440
	2,725	Priceline Group, Inc.^a		5,097,167
	2,764	Restaurant Brands International, Inc.		172,860
	4,200	Ross Stores, Inc.		242,466
	31,800	Starbucks Corporation		1,854,258
	4,119	Tesla, Inc.^a,c		1,489,472
	7,133	Tractor Supply Company		386,680
	15,700	Yum! Brands, Inc.		1,158,032

		Total		29,022,719


	Consumer Staples (3.0%)
	13,930	Mondelez International, Inc.		601,637
	23,400	Philip Morris International, Inc.		2,748,330
	13,399	Walgreens Boots Alliance, Inc.		1,049,275

		Total		4,399,242


	Financials (5.9%)
	22,300	Charles Schwab Corporation		958,008
	9,956	First Republic Bank		996,596
	24,900	Intercontinental Exchange, Inc.		1,641,408
	15,200	J.P. Morgan Chase & Company		1,389,280
	41,900	Morgan Stanley		1,867,064
	9,700	State Street Corporation		870,381
	24,171	TD Ameritrade Holding Corporation		1,039,111

		Total		8,761,848


	Health Care (16.7%)
	7,319	Aetna, Inc.		1,111,244
	16,787	Alexion Pharmaceuticals, Inc.^a		2,042,474
	3,700	Anthem, Inc.		696,081
	9,120	Becton, Dickinson and Company		1,779,403
	6,265	Biogen, Inc.^a		1,700,070
	5,900	Celgene Corporation^a		766,233
	6,687	Centene Corporation^a		534,158
	8,004	CIGNA Corporation		1,339,790
	13,700	Danaher Corporation		1,156,143
	16,500	HCA Holdings, Inc.^a		1,438,800
	5,697	Humana, Inc.		1,370,812
	2,450	Intuitive Surgical, Inc.^a		2,291,656
	18,800	Merck & Company, Inc.		1,204,892
	14,300	Stryker Corporation		1,984,554
	13,900	UnitedHealth Group, Inc.		2,577,338
	13,946	Vertex Pharmaceuticals, Inc.^a		1,797,221
	14,100	Zoetis, Inc.		879,558

		Total		24,670,427


	Industrials (8.7%)
	8,106	Acuity Brands, Inc.^c		1,647,788
	35,500	American Airlines Group, Inc.		1,786,360
	11,700	Boeing Company		2,313,675
	7,749	Equifax, Inc.		1,064,868
	8,550	Fortive Corporation		541,642
	10,512	Fortune Brands Home and Security, Inc.		685,803
	11,500	Honeywell International, Inc.		1,532,835
	7,800	Illinois Tool Works, Inc.		1,117,350
	6,801	Roper Industries, Inc.		1,574,636
	6,223	Wabtec Corporation		569,404

		Total		12,834,361


	Information Technology (36.6%)
	25,746	Alibaba Group Holding, Ltd. ADR^a		3,627,612
	4,990	Alphabet, Inc., Class A^a		4,639,103
	4,190	Alphabet, Inc., Class C^a		3,807,579
	53,499	Apple, Inc.		7,704,926
	2,180	ASML Holding NV GDR^c		284,076
	12,000	Electronic Arts, Inc.^a		1,268,640
	35,553	Facebook, Inc.^a		5,367,792
	12,193	Fidelity National Information Services, Inc.		1,041,282
	9,573	Fiserv, Inc.^a		1,171,161
	11,400	Intuit, Inc.		1,514,034
	20,000	MasterCard, Inc.		2,429,000
	1,800	Mercadolibre, Inc.		451,584
	66,700	Microsoft Corporation		4,597,631
	3,700	NVIDIA Corporation		534,872
	76,500	PayPal Holdings, Inc.^a		4,105,755
	23,300	Salesforce.com, Inc.^a		2,017,780
	11,098	ServiceNow, Inc.^a		1,176,388
	46,269	Snap, Inc.^a,c		822,200
	45,000	Tencent Holdings, Ltd.		1,614,373
	2,472	VeriSign, Inc.^a		229,797
	41,200	Visa, Inc.		3,863,736
	6,800	Workday, Inc.^a		659,600
	21,300	Xilinx, Inc.		1,370,016

		Total		54,298,937


	Real Estate (2.7%)
	16,400	American Tower Corporation		2,170,048
	11,400	Crown Castle International Corporation		1,142,052
	1,642	Equinix, Inc.		704,681

		Total		4,016,781


	Telecommunications Services (0.7%)
	18,100	T-Mobile US, Inc.^a		1,097,222

		Total		1,097,222


	Utilities (0.9%)
	9,700	NextEra Energy, Inc.		1,359,261

		Total		1,359,261


		Total Common Stock (cost $86,002,615)		140,460,798


		Preferred Stock (0.4%)
	Consumer Discretionary (0.4%)
	2,943	Airbnb, Inc., Convertible^*,a,b		309,015
	7,282	Dropbox, Inc., Class A^*,a,b		59,348
	58	Flipkart, Ltd. Series A Preference Shares^*,a,b		5,111
	100	Flipkart, Ltd. Series C Preference Shares^*,a,b		8,811
	187	Flipkart, Ltd. Series E Preference Shares^*,a,b		16,477
	843	Flipkart, Ltd. Series G Preference Shares^*,a,b		100,958
	760	Flipkart, Ltd. Series H Preference Shares^*,a,b		108,103

		Total		607,823


		Total Preferred Stock (cost $507,304)		607,823

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

126

PARTNER GROWTH STOCK PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Collateral Held for Securities Loaned (2.8%)	Value
	4,132,862	Thrivent Cash Management Trust	$	4,132,862

		Total Collateral Held for Securities Loaned (cost $4,132,862)		4,132,862


Shares or Principal Amount		Short-Term Investments (4.8%)^d
		Thrivent Core Short-Term Reserve Fund
	715,892	1.240%		7,158,922

		Total Short-Term Investments (cost $7,158,922)		7,158,922

		Total Investments (cost $97,801,703) 102.8%	$	152,360,405

		Other Assets and Liabilities, Net (2.8%)		(4,136,503	)

		Total Net Assets 100.0%	$	148,223,902

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 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, 2017 was $622,450 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, 2017.


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		4/17/2017		108,102

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, 2017:


Securities Lending Transactions
Common Stock	$	4,240,366

Total lending	$	4,240,366
Gross amount payable upon return of collateral for securities loaned	$	4,132,862

Net amounts due to counterparty	$	(107,504	)

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	$	54,545,169
Gross unrealized depreciation		(542,351	)

Net unrealized appreciation (depreciation)	$	54,002,818
Cost for federal income tax purposes	$	98,357,587

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

127

PARTNER GROWTH STOCK PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, 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		29,022,719		29,008,092		—		14,627
Consumer Staples		4,399,242		4,399,242		—		—
Financials		8,761,848		8,761,848		—		—
Health Care		24,670,427		24,670,427		—		—
Industrials		12,834,361		12,834,361		—		—
Information Technology		54,298,937		52,684,564		1,614,373		—
Real Estate		4,016,781		4,016,781		—		—
Telecommunications Services		1,097,222		1,097,222		—		—
Utilities		1,359,261		1,359,261		—		—
Preferred Stock
Consumer Discretionary		607,823		—		—		607,823

Subtotal Investments in Securities	$	141,068,621	$	138,831,798	$	1,614,373	$	622,450


Other Investments *	Total
Short-Term Investments		7,158,922
Collateral Held for Securities Loaned		4,132,862

Subtotal Other Investments	$	11,291,784

Total Investments at Value	$	152,360,405

There were no significant transfers between Levels during the period ended June 30, 2017. 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 Growth Stock Portfolio, is as follows:


Portfolio	Value December 31, 2016		Gross Purchases		Gross Sales		Shares Held at June 30, 2017		Value June 30, 2017		Income Earned January 1, 2017 - June 30, 2017
Cash Management Trust-Collateral Investment	$	3,546,303	$	18,690,731	$	18,104,172		4,132,862	$	4,132,862	$	30,806
Core Short-Term Reserve Fund		1,163,701		20,853,762		14,858,541		715,892		7,158,922		12,646
Total Value and Income Earned	$	4,710,004							$	11,291,784	$	43,452

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

128

LARGE CAP VALUE PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (97.7%)	Value
	Consumer Discretionary (10.2%)
	1,181,100	Comcast Corporation	$	45,968,412
	168,840	Delphi Automotive plc		14,798,826
	543,348	Harley-Davidson, Inc.^a		29,351,659
	427,700	Lowe’s Companies, Inc.		33,159,581
	319,916	Scripps Networks Interactive, Inc.		21,853,462

		Total		145,131,940


	Consumer Staples (4.4%)
	409,170	CVS Health Corporation		32,921,818
	86,800	Kimberly-Clark Corporation		11,206,748
	248,921	Wal-Mart Stores, Inc.		18,838,341

		Total		62,966,907


	Energy (9.4%)
	213,250	Anadarko Petroleum Corporation		9,668,755
	421,025	Chevron Corporation		43,925,538
	387,500	Devon Energy Corporation		12,388,375
	188,119	EQT Corporation		11,021,892
	279,900	Halliburton Company		11,954,529
	1,944,301	Marathon Oil Corporation		23,039,967
	75,600	Pioneer Natural Resources Company		12,064,248
	2,515,350	Weatherford International plc^b		9,734,405

		Total		133,797,709


	Financials (27.5%)
	201,150	American International Group, Inc.		12,575,898
	2,357,690	Bank of America Corporation		57,197,559
	485,950	Blackstone Group, LP		16,206,433
	163,600	Capital One Financial Corporation		13,516,632
	112,730	Chubb, Ltd.		16,388,687
	938,900	Citigroup, Inc.		62,793,632
	335,450	Comerica, Inc.		24,568,358
	1,098,430	Fifth Third Bancorp		28,515,243
	141,250	Goldman Sachs Group, Inc.		31,343,375
	220,450	Intercontinental Exchange, Inc.		14,532,064
	554,710	Invesco, Ltd.		19,520,245
	621,070	MetLife, Inc.		34,121,586
	212,470	State Street Corporation		19,064,933
	827,650	Synchrony Financial		24,680,523
	315,580	Zions Bancorporation		13,857,118

		Total		388,882,286


	Health Care (11.8%)
	62,350	Biogen, Inc.^b		16,919,296
	289,650	Express Scripts Holding Company^b		18,491,256
	336,450	GlaxoSmithKline plc ADR		14,507,724
	263,640	Medtronic plc		23,398,050
	684,550	Merck & Company, Inc.		43,872,810
	709,000	Pfizer, Inc.		23,815,310
	143,397	UnitedHealth Group, Inc.		26,588,671

		Total		167,593,117


	Industrials (10.3%)
	90,150	Boeing Company		17,827,162
	353,300	CSX Corporation		19,276,048
	248,400	Delta Air Lines, Inc.		13,349,016
	176,603	Honeywell International, Inc.		23,539,414
	187,200	Ingersoll-Rand plc		17,108,208
	147,900	Norfolk Southern Corporation		17,999,430
	231,850	United Parcel Service, Inc.		25,640,292
	86,100	United Technologies Corporation		10,513,671

		Total		145,253,241


	Information Technology (16.0%)
	22,400	Alphabet, Inc., Class C^b		20,355,552
	215,300	Apple, Inc.		31,007,506
	1,818,340	Cisco Systems, Inc.		56,914,042
	801,610	Microsoft Corporation		55,254,977
	757,500	Oracle Corporation		37,981,050
	323,940	Texas Instruments, Inc.		24,920,704

		Total		226,433,831


	Materials (3.4%)
	384,000	CF Industries Holdings, Inc.		10,736,640
	215,021	Eastman Chemical Company		18,059,614
	343,750	Westrock Company		19,476,875

		Total		48,273,129


	Telecommunications Services (1.7%)
	528,114	Verizon Communications, Inc.		23,585,571

		Total		23,585,571


	Utilities (3.0%)
	633,930	PG&E Corporation		42,073,934

		Total		42,073,934


		Total Common Stock (cost $1,013,217,137)		1,383,991,665


		Collateral Held for Securities Loaned (0.6%)
	9,133,600	Thrivent Cash Management Trust		9,133,600


		Total Collateral Held for Securities Loaned (cost $9,133,600)		9,133,600


Shares or Principal Amount		Short-Term Investments (2.3%)^c
		Thrivent Core Short-Term Reserve Fund
	3,211,376	1.240%		32,113,757

		Total Short-Term Investments (cost $32,113,757)		32,113,757

		Total Investments (cost $1,054,464,494) 100.6%	$	1,425,239,022

		Other Assets and Liabilities, Net (0.6%)		(8,229,532	)

		Total Net Assets 100.0%	$	1,417,009,490

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.


Securities Lending Transactions
Common Stock	$	8,810,662

Total lending	$	8,810,662
Gross amount payable upon return of collateral for securities loaned	$	9,133,600

Net amounts due to counterparty	$	322,938

Definitions


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

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

129

LARGE CAP VALUE PORTFOLIO

Schedule of Investments as of June 30, 2017

(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	$	397,070,197
Gross unrealized depreciation		(26,292,433	)

Net unrealized appreciation (depreciation)	$	370,777,764
Cost for federal income tax purposes	$	1,054,461,258

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, 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		145,131,940		145,131,940		—		—
Consumer Staples		62,966,907		62,966,907		—		—
Energy		133,797,709		133,797,709		—		—
Financials		388,882,286		388,882,286		—		—
Health Care		167,593,117		167,593,117		—		—
Industrials		145,253,241		145,253,241		—		—
Information Technology		226,433,831		226,433,831		—		—
Materials		48,273,129		48,273,129		—		—
Telecommunications Services		23,585,571		23,585,571		—		—
Utilities		42,073,934		42,073,934		—		—

Subtotal Investments in Securities	$	1,383,991,665	$	1,383,991,665	$	—	$	—


Other Investments *	Total
Short-Term Investments		32,113,757
Collateral Held for Securities Loaned		9,133,600

Subtotal Other Investments	$	41,247,357

Total Investments at Value	$	1,425,239,022

There were no significant transfers between Levels during the period ended June 30, 2017. 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, 2016		Gross Purchases		Gross Sales		Shares Held at June 30, 2017		Value June 30, 2017		Income Earned January 1, 2017 - June 30, 2017
Cash Management Trust-Collateral Investment	$	—	$	37,046,100	$	27,912,500		9,133,600	$	9,133,600	$	1,033
Core Short-Term Reserve Fund		40,763,640		50,074,393		58,724,276		3,211,376		32,113,757		173,828
Total Value and Income Earned	$	40,763,640							$	41,247,357	$	174,861

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

130

LARGE CAP INDEX PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (95.8%)	Value			% of Net Assets
	Consumer Discretionary (11.9%)
	15,030	Amazon.com, Inc.^a	$	14,549,040			1.8	%
	178,920	Comcast Corporation		6,963,566			0.9	%
	45,240	Home Depot, Inc.		6,939,816			0.9	%
	30,920	McDonald’s Corporation		4,735,707			0.6	%
	1,850	Priceline Group, Inc.^a		3,460,462			0.4	%
	54,977	Walt Disney Company		5,841,306			0.7	%
		Other Securities^		55,413,999			6.6	%

		Total		97,903,896


	Consumer Staples (8.7%)
	73,080	Altria Group, Inc.		5,442,268			0.7	%
	145,250	Coca-Cola Company		6,514,463			0.8	%
	53,890	PepsiCo, Inc.		6,223,756			0.8	%
	58,680	Philip Morris International, Inc.		6,891,966			0.8	%
	96,928	Procter & Gamble Company		8,447,275			1.0	%
	56,030	Wal-Mart Stores, Inc.		4,240,350			0.5	%
		Other Securities^		33,216,203			4.1	%

		Total		70,976,281


	Energy (5.8%)
	71,986	Chevron Corporation		7,510,299			0.9	%
	160,870	Exxon Mobil Corporation		12,987,035			1.6	%
	52,829	Schlumberger, Ltd.		3,478,261			0.4	%
		Other Securities^		23,795,525			2.9	%

		Total		47,771,120


	Financials (13.9%)
	376,420	Bank of America Corporation		9,131,949			1.1	%
	71,929	Berkshire Hathaway, Inc.^a		12,182,615			1.5	%
	104,283	Citigroup, Inc.		6,974,447			0.9	%
	134,098	J.P. Morgan Chase & Company		12,256,557			1.5	%
	170,680	Wells Fargo & Company		9,457,379			1.2	%
		Other Securities^		64,361,751			7.7	%

		Total		114,364,698


	Health Care (13.8%)
	60,300	AbbVie, Inc.		4,372,353			0.5	%
	27,900	Amgen, Inc.		4,805,217			0.6	%
	62,228	Bristol-Myers Squibb Company		3,467,344			0.4	%
	29,440	Celgene Corporation^a		3,823,373			0.5	%
	49,490	Gilead Sciences, Inc.		3,502,902			0.4	%
	102,320	Johnson & Johnson		13,535,913			1.6	%
	51,809	Medtronic plc		4,598,049			0.6	%
	103,193	Merck & Company, Inc.		6,613,639			0.8	%
	225,530	Pfizer, Inc.		7,575,553			0.9	%
	36,520	UnitedHealth Group, Inc.		6,771,538			0.8	%
		Other Securities^		54,143,912			6.7	%

		Total		113,209,793


	Industrials (9.8%)
	22,660	3M Company		4,717,585			0.6	%
	21,170	Boeing Company		4,186,367			0.5	%
	330,127	General Electric Company		8,916,730			1.1	%
	28,815	Honeywell International, Inc.		3,840,751			0.5	%
	30,510	Union Pacific Corporation		3,322,844			0.4	%
	28,180	United Technologies Corporation		3,441,060			0.4	%
		Other Securities^		51,990,595			6.3	%

		Total		80,415,932


	Information Technology (21.4%)
	11,250	Alphabet, Inc., Class A^a		10,458,900			1.3	%
	11,269	Alphabet, Inc., Class C^a		10,240,478			1.2	%
	196,580	Apple, Inc.		28,311,452			3.4	%
	15,223	Broadcom, Ltd.		3,547,720			0.4	%
	188,490	Cisco Systems, Inc.		5,899,737			0.7	%
	89,270	Facebook, Inc.^a		13,477,985			1.6	%
	178,540	Intel Corporation		6,023,940			0.7	%
	32,440	International Business Machines Corporation		4,990,245			0.6	%
	35,580	MasterCard, Inc.		4,321,191			0.5	%
	293,120	Microsoft Corporation		20,204,762			2.5	%
	113,777	Oracle Corporation		5,704,779			0.7	%
	70,120	Visa, Inc.		6,575,854			0.8	%
		Other Securities^		55,788,349			7.0	%

		Total		175,545,392


	Materials (2.6%)
		Other Securities^		21,313,704			2.6	%

		Total		21,313,704


	Real Estate (2.8%)
		Other Securities^		22,998,902			2.8	%

		Total		22,998,902


	Telecommunications Services (2.1%)
	233,696	AT&T, Inc.		8,817,350			1.1	%
	154,896	Verizon Communications, Inc.		6,917,655			0.8	%
		Other Securities^		1,158,086			0.2	%

		Total		16,893,091


	Utilities (3.0%)
		Other Securities^		24,864,759			3.0	%

		Total		24,864,759


		Total Common Stock (cost $493,989,221)		786,257,568


		Collateral Held for Securities Loaned (0.3%)
	2,230,365	Thrivent Cash Management Trust		2,230,365			0.3	%


		Total Collateral Held for Securities Loaned (cost $2,230,365)		2,230,365


Shares or Principal Amount		Short-Term Investments (4.1%)^b
		Thrivent Core Short-Term Reserve Fund
	3,286,709	1.240%		32,867,086			4.0	%
		Other Securities^		1,298,077			0.1	%

		Total Short-Term Investments (cost $34,165,116)		34,165,163

		Total Investments (cost $530,384,702) 100.2%	$	822,653,096

		Other Assets and Liabilities, Net (0.2%)		(1,697,093	)

		Total Net Assets 100.0%	$	820,956,003

^	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.

131

LARGE CAP INDEX PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)


Securities Lending Transactions
Common Stock	$	2,178,952

Total lending	$	2,178,952
Gross amount payable upon return of collateral for securities loaned	$	2,230,365

Net amounts due to counterparty	$	51,413

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	286,902,900
Gross unrealized depreciation		(10,066,586	)

Net unrealized appreciation (depreciation)	$	276,836,314
Cost for federal income tax purposes	$	545,816,782

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, 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		97,903,896		97,903,896		—		—
Consumer Staples		70,976,281		70,971,302		—		4,979
Energy		47,771,120		47,771,120		—		—
Financials		114,364,698		114,364,698		—		—
Health Care		113,209,793		113,209,793		—		—
Industrials		80,415,932		80,415,932		—		—
Information Technology		175,545,392		175,545,392		—		—
Materials		21,313,704		21,313,704		—		—
Real Estate		22,998,902		22,998,902		—		—
Telecommunications Services		16,893,091		16,893,091		—		—
Utilities		24,864,759		24,864,759		—		—
Short-Term Investments		1,298,077		—		1,298,077		—

Subtotal Investments in Securities	$	787,555,645	$	786,252,589	$	1,298,077	$	4,979


Other Investments *	Total
Short-Term Investments		32,867,086
Collateral Held for Securities Loaned		2,230,365

Subtotal Other Investments	$	35,097,451

Total Investments at Value	$	822,653,096


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Liability Derivatives
Futures Contracts		100,601		100,601		—		—

Total Liability Derivatives	$	100,601	$	100,601	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2017. Transfers between Levels are identified as of the end of the period.

The following table presents Large Cap Index Portfolio’s futures contracts held as of June 30, 2017. Investments and/or cash totaling $1,298,077 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)
S&P 500 Index Mini-Futures		277		September 2017	$	33,630,066	$	33,529,465	($	100,601	)
Total Futures Contracts									($	100,601	)

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

132

LARGE CAP INDEX PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2017, 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	$	100,601
Total Equity Contracts			100,601

Total Liability Derivatives		$	100,601

*	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, 2017, for Large Cap Index Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		1,676,748
Total Equity Contracts			1,676,748

Total		$	1,676,748

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2017, 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		83,149
Total Equity Contracts			83,149

Total		$	83,149

The following table presents Large Cap Index Portfolio’s average volume of derivative activity during the period ended June 30, 2017.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts	$	26,087,118		3.4	%

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

Investment in Affiliates

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


Portfolio	Value December 31, 2016		Gross Purchases		Gross Sales		Shares Held at June 30, 2017		Value June 30, 2017		Income Earned January 1, 2017 - June 30, 2017
Cash Management Trust-Collateral Investment	$	848,560	$	10,641,227	$	9,259,422		2,230,365	$	2,230,365	$	8,348
Core Short-Term Reserve Fund		18,542,637		71,987,883		57,663,434		3,286,709		32,867,086		137,631
Total Value and Income Earned	$	19,391,197							$	35,097,451	$	145,979

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

133

LOW VOLATILITY EQUITY PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (81.9%)	Value
	Consumer Discretionary (8.1%)
	45	AutoZone, Inc.^a	$	25,671
	700	Bandai Namco Holdings, Inc.		23,917
	808	Carnival Corporation		52,981
	269	Darden Restaurants, Inc.		24,328
	364	Genuine Parts Company		33,765
	429	Home Depot, Inc.		65,809
	5,361	Kingfisher plc		20,999
	1,100	Nikon Corporation		17,632
	1,400	Sekisui Chemical Company, Ltd.		25,121
	981	Shaw Communications, Inc.		21,401
	200	SHIMAMURA Company, Ltd.		24,518
	8,500	Singapore Press Holdings, Ltd.		19,943
	3,000	Techtronic Industries Company, Ltd.		13,785
	801	TJX Companies, Inc.		57,808
	4,500	Yamada Denki Company, Ltd.		22,374
	6,000	Yue Yuen Industrial Holdings, Ltd.		24,885

		Total		474,937


	Consumer Staples (9.3%)
	754	Altria Group, Inc.		56,150
	485	Campbell Soup Company		25,293
	2,373	Coca-Cola Amatil, Ltd.		16,839
	1,323	Coca-Cola Company		59,337
	531	Colgate-Palmolive Company		39,363
	437	Colruyt SA		23,016
	978	Conagra Brands, Inc.		34,973
	438	Dr Pepper Snapple Group, Inc.		39,906
	378	Hershey Company		40,586
	169	Kellogg Company		11,739
	300	Lawson, Inc.		20,995
	124	McCormick & Company, Inc.		12,091
	128	Molson Coors Brewing Company		11,051
	500	NH Foods, Ltd.		15,210
	568	PepsiCo, Inc.		65,598
	438	Sysco Corporation		22,045
	1,238	Tate & Lyle plc		10,670
	396	Unilever plc		21,431
	300	Wal-Mart Stores, Inc.		22,704

		Total		548,997


	Energy (2.6%)
	993	Caltex Australia, Ltd.		24,113
	809	Exxon Mobil Corporation		65,311
	700	Idemitsu Kosan Company, Ltd.		19,914
	7,200	JXTG Holdings, Inc.		31,504
	260	Transcanada Corporation		12,394

		Total		153,236


	Financials (14.6%)
	876	Aflac, Inc.		68,048
	1,062	AGNC Investment Corporation		22,610
	42	Alleghany Corporation^a		24,982
	805	Allstate Corporation		71,194
	558	Aon plc		74,186
	186	Arch Capital Group, Ltd.^a		17,352
	411	Berkshire Hathaway, Inc.^a		69,611
	510	Chubb, Ltd.		74,144
	18,000	First Pacific Company, Ltd.		13,274
	913	Hartford Financial Services Group, Inc.		47,996
	333	Intact Financial Corporation		25,155
	6,500	Kerry Properties, Ltd.		22,070
	742	Loews Corporation		34,733
	938	Marsh & McLennan Companies, Inc.		73,126
	306	Pargesa Holding SA		23,316
	1,566	Progressive Corporation		69,045
	372	Swiss Re AG		34,091
	101	Travelers Companies, Inc.		12,780
	1,137	U.S. Bancorp		59,033
	298	W.R. Berkley Corporation		20,613

		Total		857,359


	Health Care (12.0%)
	1,248	Abbott Laboratories		60,665
	4,700	Astellas Pharmaceutical, Inc.		57,607
	438	CIGNA Corporation		73,317
	755	Eli Lilly and Company		62,137
	562	Johnson & Johnson		74,347
	160	Laboratory Corporation of America Holdings^a		24,662
	355	Medtronic plc		31,506
	104	Merck KGaA		12,584
	400	Miraca Holdings, Inc.		18,016
	1,100	Mitsubishi Tanabe Pharma Corporation		25,445
	2,037	Pfizer, Inc.		68,423
	253	Roche Holding AG-Genusschein		64,645
	147	Sonova Holding AG		23,913
	475	Stryker Corporation		65,921
	170	UnitedHealth Group, Inc.		31,521
	103	Zimmer Biomet Holdings, Inc.		13,225

		Total		707,934


	Industrials (10.6%)
	345	3M Company		71,826
	206	C.H. Robinson Worldwide, Inc.		14,148
	2,500	CK Hutchison Holdings, Ltd.		31,374
	234	Expeditors International of Washington, Inc.		13,216
	246	Fraport AG Frankfurt Airport Services Worldwide		21,769
	438	Honeywell International, Inc.		58,381
	200	Jardine Matheson Holdings, Ltd.		12,840
	1,314	Johnson Controls International plc		56,975
	900	Kurita Water Industries, Ltd.		24,619
	242	Lockheed Martin Corporation		67,182
	202	MAN AG		21,663
	2,300	Obayashi Corporation		27,099
	313	Raytheon Company		50,543
	600	Recruit Holdings Company, Ltd.		10,326
	594	RELX NV		12,246
	317	Rockwell Collins, Inc.		33,310
	3,300	Singapore Airlines, Ltd.		24,253
	6,700	Singapore Airport Terminal Services, Ltd.		24,855
	116	Union Pacific Corporation		12,634
	450	Waste Management, Inc.		33,007

		Total		622,266


	Information Technology (10.9%)
	208	AtoS		29,185
	477	CA, Inc.		16,442
	2,200	Canon, Inc.		74,834
	230	Check Point Software Technologies, Ltd.^a		25,088
	1,808	Cisco Systems, Inc.		56,590
	578	eBay, Inc.^a		20,184
	220	Fidelity National Information Services, Inc.		18,788
	209	Fiserv, Inc.^a		25,569
	359	FLIR Systems, Inc.		12,443
	1,100	FUJIFILM Holdings NPV		39,663
	1,696	Intel Corporation		57,223
	140	International Business Machines Corporation		21,536
	108	MasterCard, Inc.		13,117

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

134

LOW VOLATILITY EQUITY PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (81.9%)	Value
	Information Technology (10.9%) - continued
	727	Microsoft Corporation	$	50,112
	600	Nomura Research Institute, Ltd.		23,704
	1,610	Oracle Corporation		80,725
	400	Otsuka Corporation		24,882
	739	STMicroelectronics NV		10,627
	385	Symantec Corporation		10,876
	390	Synopsys, Inc.^a		28,443

		Total		640,031


	Materials (2.2%)
	3	Barrick Gold Corporation		48
	34	EMS-CHEMIE Holding AG		25,106
	275	FUCHS PETROLUB SE		14,988
	1,400	Kuraray Company, Ltd.		25,492
	1,568	Newcrest Mining, Ltd.		24,335
	1,207	Newmont Mining Corporation		39,095

		Total		129,064


	Real Estate (2.0%)
	935	Brixmor Property Group, Inc.		16,718
	200	Daito Trust Construction Company, Ltd.		31,159
	839	Duke Realty Corporation		23,450
	9,000	Hang Lung Properties, Ltd.		22,492
	633	UDR, Inc.		24,668

		Total		118,487


	Telecommunications Services (4.7%)
	1,570	AT&T, Inc.		59,236
	537	BCE, Inc.		24,183
	18,000	HKT Trust and HKT, Ltd.		23,608
	1,000	Nippon Telegraph & Telephone Corporation		47,204
	38,000	PCCW, Ltd.		21,596
	679	Proximus SA		23,765
	5,200	Singapore Telecommunications, Ltd.		14,685
	6,000	StarHub, Ltd.		11,854
	62	Swisscom AG		29,965
	692	TELUS Corporation		23,890

		Total		279,986


	Utilities (4.9%)
	858	American Electric Power Company, Inc.		59,605
	447	CMS Energy Corporation		20,674
	1,407	PPL Corporation		54,395
	718	Southern Company		34,378
	5,000	Tokyo Gas Company, Ltd.		26,043
	643	WEC Energy Group, Inc.		39,467
	1,193	Xcel Energy, Inc.		54,735

		Total		289,297


		Total Common Stock (cost $4,746,673)		4,821,594


		Preferred Stock (1.0%)
	Consumer Staples (1.0%)
	441	Henkel AG & Company KGaA,
		1.470%		60,811

		Total		60,811


		Total Preferred Stock (cost $60,120)		60,811


Shares or Principal Amount		Short-Term Investments (15.1%)^b
		Federal Home Loan Bank Discount Notes
	100,000	0.880%, 8/18/2017^c		99,870
		Thrivent Core Short-Term Reserve Fund
	78,991	1.240%		789,906

		Total Short-Term Investments (cost $889,788)		889,776

		Total Investments (cost $5,696,581) 98.0%	$	5,772,181

		Other Assets and Liabilities, Net 2.0%		118,638

		Total Net Assets 100.0%	$	5,890,819

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.

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	148,315
Gross unrealized depreciation		(72,715	)

Net unrealized appreciation (depreciation)	$	75,600
Cost for federal income tax purposes	$	5,696,581

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

135

LOW VOLATILITY EQUITY PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, in valuing Low Volatility Equity Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		474,937		260,362		214,575		—
Consumer Staples		548,997		440,836		108,161		—
Energy		153,236		65,311		87,925		—
Financials		857,359		739,453		117,906		—
Health Care		707,934		505,724		202,210		—
Industrials		622,266		411,222		211,044		—
Information Technology		640,031		437,136		202,895		—
Materials		129,064		39,095		89,969		—
Real Estate		118,487		64,836		53,651		—
Telecommunications Services		279,986		59,236		220,750		—
Utilities		289,297		263,254		26,043		—
Preferred Stock
Consumer Staples		60,811		—		60,811		—
Short-Term Investments		99,870		—		99,870		—

Subtotal Investments in Securities	$	4,982,275	$	3,286,465	$	1,695,810	$	—


Other Investments *	Total
Short-Term Investments		789,906
Subtotal Other Investments	$	789,906

Total Investments at Value	$	5,772,181



Other Financial Instruments	Total		Level 1		Level 2		Level 3
Liability Derivatives
Futures Contracts		2,250		2,250		—		—

Total Liability Derivatives	$	2,250	$	2,250	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2017. Transfers between Levels are identified as of the end of the period.

The following table presents Low Volatility Equity Portfolio’s futures contracts held as of June 30, 2017. Investments and/or cash totaling $99,870 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 MSCI World Index		12		September 2017	$	646,650	$	644,400	($	2,250	)
Total Futures Contracts									($	2,250	)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2017, for Low Volatility Equity 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	$	2,250
Total Equity Contracts			2,250

Total Liability Derivatives		$	2,250

*	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

LOW VOLATILITY EQUITY PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2017, for Low Volatility Equity 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		14,464
Total Equity Contracts			14,464

Total		$	14,464


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	$	2,250
Total Equity Contracts			2,250

Total Liability Derivatives		$	2,250

The following table presents Low Volatility Equity Portfolio’s average volume of derivative activity during the period ended June 30, 2017.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts	$	490,904		8.7	%

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

Investment in Affiliates

Affiliated issuers, as defined under the Investment Company Act of 1940, include those in which the Portfolio’s holdings of an issuer represent 5% or more of the outstanding voting securities of an issuer, any affiliated mutual fund, or a company which is under common ownership or control with the Portfolio. The Portfolio owns shares of Thrivent Core Short-Term Reserve Fund primarily to serve as a cash sweep vehicle for the Portfolio. Thrivent Core Short-Term Reserve Fund is established for the sole use of affiliated portfolios.

A summary of transactions for the fiscal year to date, in Low Volatility Equity Portfolio, is as follows:


Portfolio	Value April 28, 2017 (inception date)		Gross Purchases		Gross Sales		Shares Held at June 30, 2017		Value June 30, 2017		Income Earned April 28, 2017 - June 30, 2017
Core Short-Term Reserve Fund	$	—	$	4,903,794	$	4,113,888		78,991	$	789,906	$	1,622
Total Value and Income Earned	$	—							$	789,906	$	1,622

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

137

MULTIDIMENSIONAL INCOME PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Bank Loans (15.2%)^a	Value
	Basic Materials (0.9%)
		Arch Coal, Inc., Term Loan
	$ 74,812	5.226%, 3/7/2024	$	74,657
		Contura Energy, Inc., Term Loan
	119,700	0.000%, 3/17/2024		116,109

		Total		190,766


	Capital Goods (1.1%)
		Cortes NP Intermediate Holding II Corporation, Term Loan
	125,000	5.226%, 11/30/2023		125,416
		Sterigenics-Nordion Holdings, LLC, Term Loan
	89,775	4.226%, 5/15/2022		89,438

		Total		214,854


	Communications Services (4.4%)
		Altice Financing SA, Term Loan
	90,000	3.908%, 7/15/2025		89,691
		Altice US Finance I Corporation, Term Loan
	120,000	3.466%, 7/14/2025		118,800
		CBS Radio, Inc., Term Loan
	120,000	0.000%, 10/17/2023^b,c		120,526
		CenturyLink, Inc., Term Loan
	25,000	3.959%, 1/31/2025		24,702
		Coral-US Co-Borrower, LLC, Term Loan
	50,000	4.726%, 11/19/2024		50,094
		CSC Holdings, LLC, Term Loan
	125,000	3.459%, 7/17/2025		124,031
		Hargray Merger Subsidiary Corporation, Term Loan
	35,000	4.226%, 3/24/2024		35,033
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	90,000	4.658%, 1/7/2022		89,025
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	64,836	5.226%, 5/4/2022		63,691
		New LightSquared, Term Loan
	102,518	19.939%, 12/7/2020		99,369
		SFR Group SA, Term Loan
	80,000	3.944%, 6/22/2025		79,275

		Total		894,237


	Consumer Cyclical (2.2%)
		Amaya Holdings BV, Term Loan
	119,695	4.796%, 8/1/2021		119,804
		Boyd Gaming Corporation, Term Loan
	119,524	3.688%, 9/15/2023		119,749
		Eldorado Resorts, Inc., Term Loan
	124,688	3.375%, 4/17/2024		123,596
		Four Seasons Hotels, Ltd., Term Loan
	89,774	3.726%, 11/30/2023		90,298

		Total		453,447


	Consumer Non-Cyclical (2.5%)
		Air Medical Group Holdings, Inc., Term Loan
	100,000	0.000%, 4/28/2022^b,c		99,450
		Albertson’s, LLC, Term Loan
	60,000	0.000%, 12/21/2022^b,c		59,291
		CHS/Community Health Systems, Inc., Term Loan
	83,673	4.210%, 1/27/2021		83,490
		Endo Luxembourg Finance Company I SARL., Term Loan
	90,000	5.500%, 4/27/2024		90,788
		JBS USA LUX SA, Term Loan
	59,850	0.000%, 10/30/2022^b,c		58,294
		Valeant Pharmaceuticals International, Inc., Term Loan
	109,673	0.000%, 4/1/2022		111,113

		Total		502,426


	Financials (1.4%)
		ASP AMC Merger Sub, Inc., Term Loan
	110,000	4.796%, 4/13/2024		108,763
		Colorado Buyer, Inc., Term Loan
	60,000	4.170%, 5/1/2024		60,075
		Gartner, Inc., Term Loan
	104,738	3.226%, 4/5/2024		104,999

		Total		273,837


	Technology (1.3%)
		First Data Corporation, Term Loan
	90,000	0.000%, 4/26/2024		89,968
		ON Semiconductor Corporation, Term Loan
	45,000	3.476%, 3/31/2023		45,020
		Western Digital Corporation, Term Loan
	119,699	3.976%, 4/29/2023		120,104

		Total		255,092


	Transportation (1.0%)
		Arctic LNG Carriers, Ltd., Term Loan
	75,000	5.726%, 5/18/2023		74,719
		XPO Logistics, Inc., Term Loan
	120,000	3.405%, 10/30/2021		120,223

		Total		194,942


	Utilities (0.4%)
		Talen Energy Supply, LLC, Term Loan
	94,763	5.226%, 7/6/2023		87,715
		Total		87,715

		Total Bank Loans (cost $3,088,233)		3,067,316


		Long-Term Fixed Income (42.1%)

	Basic Materials (<0.1%)
		Sherwin-Williams Company
	5,000	2.250%, 5/15/2020		5,011
		Total		5,011

	Capital Goods (0.6%)
		Textron Financial Corporation
	150,000	2.917%, 2/15/2042^d,e		129,375

		Total		129,375


	Collateralized Mortgage Obligations (2.3%)
		Bear Stearns ARM Trust
		3.570%, 2/25/2035, Ser.
	107,557	2004-12, Class 3A1		107,224
		CSMC Mortgage-Backed Trust
		6.000%, 11/25/2036, Ser.
	96,328	2006-9, Class 6A14		93,316
		GMAC Mortgage Corporation Loan Trust
		3.573%, 11/19/2035, Ser.
	99,890	2005-AR6, Class 1A1		95,000

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

138

MULTIDIMENSIONAL INCOME PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (42.1%)	Value
	Collateralized Mortgage Obligations (2.3%) - continued
		Wells Fargo Mortgage Backed Securities Trust
		5.500%, 4/25/2036, Ser.
	$162,298	2006-4, Class 2A2	$	159,540

		Total		455,080


	Communications Services (1.6%)
		British Sky Broadcasting Group plc
	3,000	3.125%, 11/26/2022^d		3,052
		CBS Corporation
	4,000	2.500%, 2/15/2023^c		3,953
		DISH Network Corporation, Convertible
	150,000	3.375%, 8/15/2026^d		181,875
		Intelsat Jackson Holdings SA
	100,000	7.500%, 4/1/2021		92,250
		Liberty Media Corporation, Convertible
	2,000	1.000%, 1/30/2023^d		2,316
		Time Warner, Inc.
	3,000	4.875%, 3/15/2020		3,206
		VeriSign, Inc.
	40,000	4.750%, 7/15/2027^d		40,450

		Total		327,102


	Consumer Cyclical (<0.1%)
		General Motors Financial Company, Inc.
	3,000	3.150%, 6/30/2022		2,987
		Volkswagen Group of America Finance, LLC
	3,000	2.450%, 11/20/2019^d		3,017

		Total		6,004


	Consumer Non-Cyclical (2.2%)
		Amgen, Inc.
	5,000	2.650%, 5/11/2022		5,016
		Anthem, Inc., Convertible
	61,000	2.750%, 10/15/2042		157,113
		Cardinal Health, Inc.
	3,000	1.948%, 6/14/2019		3,003
	3,000	2.616%, 6/15/2022		3,003
		Community Health Systems, Inc.
	100,000	8.000%, 11/15/2019		100,500
		Constellation Brands, Inc.
	2,000	2.700%, 5/9/2022		1,997
		Land O’Lakes, Inc.
	75,000	7.250%, 4/4/2027^d,f		80,156
		Mondelez International Holdings
		Netherlands BV
	4,000	2.000%, 10/28/2021^d		3,897
		Shire Acquisitions Investments Ireland Designated Activity Company
	6,000	2.400%, 9/23/2021		5,930
		Valeant Pharmaceuticals International, Inc.
	100,000	5.500%, 3/1/2023^d		84,874
		Zoetis, Inc.
	4,000	3.450%, 11/13/2020		4,136

		Total		449,625


	Energy (0.7%)
		Canadian Natural Resources, Ltd.
	3,000	2.950%, 1/15/2023		2,976
		Enbridge, Inc.
	$3,000	2.900%, 7/15/2022^c		2,993
		Petrobras Global Finance BV
	7,000	7.375%, 1/17/2027		7,406
		Petroleos Mexicanos
	5,000	6.000%, 3/5/2020		5,360
		TransCanada Trust
	100,000	5.300%, 3/15/2077		102,800
		Western Gas Partners, LP
	3,000	4.000%, 7/1/2022		3,075
		Williams Partners, LP
	5,000	4.500%, 11/15/2023		5,336

		Total		129,946


	Financials (11.0%)
		AIG Global Funding
	6,000	2.150%, 7/2/2020^c,d		5,995
		ASP AMC Merger Sub, Inc.
	100,000	8.000%, 5/15/2025^d		94,750
		Australia & New Zealand Banking Group, Ltd.
	100,000	6.750%, 6/15/2026^d,f		110,565
		Bank of Montreal
	4,000	2.100%, 6/15/2020		3,995
		Blackstone Mortgage Trust, Inc., Convertible
	80,000	5.250%, 12/1/2018		92,600
		BNP Paribas SA
	100,000	7.625%, 3/30/2021^d,f		110,000
		Capital One Financial Corporation
	3,000	2.500%, 5/12/2020		3,013
		CBOE Holdings, Inc.
	4,000	1.950%, 6/28/2019		3,999
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	6,000	3.950%, 11/9/2022		6,266
		Credit Agricole SA
	100,000	8.125%, 12/23/2025^d,f		116,170
		Credit Suisse Group AG
	100,000	6.250%, 12/18/2024^d,f		106,250
		Credit Suisse Group Funding, Ltd.
	11,000	3.125%, 12/10/2020		11,206
		Fifth Third Bancorp
	4,000	2.600%, 6/15/2022		3,979
		First Tennessee Bank NA
	70	3.750%, 8/15/2017^d,e,f		53,099
		Goldman Sachs Group, Inc.
	6,000	5.375%, 5/10/2020^f		6,305
	10,000	5.250%, 7/27/2021		10,959
	6,000	2.268%, 6/5/2023^e		6,004
	100,000	5.300%, 11/10/2026^f		105,000
		HSBC Holdings plc
	75,000	6.375%, 9/17/2024^f		78,562
		Huntington Capital Trust I
	100,000	1.870%, 2/1/2027^e		90,250
		ILFC E-Capital Trust II
	100,000	4.590%, 12/21/2065^d,e		95,500
		ING Groep NV
	100,000	6.500%, 4/16/2025^f		105,080
		J.P. Morgan Chase & Company
	4,000	1.882%, 6/1/2021^e		4,006
		J.P. Morgan Chase Capital XXIII
	100,000	2.182%, 5/15/2047^e		92,125
		Lloyds Banking Group plc
	100,000	6.657%, 5/21/2037^d,f		113,375

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

139

MULTIDIMENSIONAL INCOME PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (42.1%)	Value

	Financials (11.0%) - continued
		Macquarie Bank, Ltd.
	$100,000	6.125%, 3/8/2027^d,f	$	102,250
		MGIC Investment Corporation, Convertible
	102,000	9.000%, 4/1/2063^d		134,130
		Morgan Stanley
	3,000	2.750%, 5/19/2022		2,999
		New York Life Global Funding
	3,000	2.300%, 6/10/2022^d		2,984
		PNC Bank NA
	6,000	2.450%, 11/5/2020		6,051
		Reinsurance Group of America, Inc.
	3,000	4.700%, 9/15/2023		3,254
		Royal Bank of Scotland Group plc
	104,000	8.625%, 8/15/2021^f		113,360
		Societe Generale SA
	100,000	8.000%, 9/29/2025^d,f		113,375
		Standard Chartered plc
	1,000	2.100%, 8/19/2019^d		996
	100,000	7.500%, 4/2/2022^d,f		107,000
		State Street Capital Trust IV
	100,000	2.246%, 6/15/2047^e		92,062
		Sumitomo Mitsui Financial Group, Inc.
	6,000	2.934%, 3/9/2021		6,095
		Synchrony Financial
	4,000	3.000%, 8/15/2019		4,057
		UBS Group Funding Jersey, Ltd.
	4,000	2.950%, 9/24/2020^d		4,086
		USB Realty Corporation
	100,000	2.305%, 1/15/2022^d,e,f		87,500

		Total		2,209,252


	Foreign Government (9.7%)
		Argentina Government International Bond
	15,000	6.875%, 4/22/2021		16,073
	50,000	5.625%, 1/26/2022		51,200
	66,000	7.500%, 4/22/2026		70,950
	43,836	8.280%, 12/31/2033		48,570
	80,000	2.500%, 12/31/2038^g		52,280
		Brazil Government International Bond
	59,000	4.875%, 1/22/2021		61,832
	40,000	6.000%, 4/7/2026		43,160
	47,000	7.125%, 1/20/2037		53,697
	20,000	5.625%, 2/21/2047		19,100
		Colombia Government International Bond
	25,000	4.375%, 7/12/2021		26,600
	42,000	4.000%, 2/26/2024		43,596
	64,000	5.625%, 2/26/2044		69,952
		Croatia Government International Bond
	15,000	6.000%, 1/26/2024^d		16,803
		Hungary Government International Bond
	82,000	5.750%, 11/22/2023		93,762
		Indonesia Government International Bond
	32,000	4.875%, 5/5/2021^d		34,368
	51,000	5.875%, 1/15/2024^d		58,131
	27,000	4.750%, 1/8/2026^d		28,981
	22,000	8.500%, 10/12/2035^d		31,669
	12,000	6.750%, 1/15/2044^d		15,441
	50,000	5.125%, 1/15/2045^d		53,528
		Mexico Government International Bond
	$36,000	4.000%, 10/2/2023		37,640
	60,000	4.150%, 3/28/2027		62,130
	138,000	4.750%, 3/8/2044		138,138
		Panama Government International Bond
	40,000	3.750%, 3/16/2025		41,200
	20,000	6.700%, 1/26/2036		25,750
		Peru Government International Bond
	38,000	8.750%, 11/21/2033		58,235
		Philippines Government International Bond
	17,000	4.000%, 1/15/2021		18,120
	59,000	6.375%, 10/23/2034		79,201
		Romania Government International Bond
	32,000	4.375%, 8/22/2023^d		33,944
		Russia Government International Bond
	100,000	5.000%, 4/29/2020^d		105,974
	99,000	4.875%, 9/16/2023^d		106,176
		South Africa Government International Bond
	25,000	5.875%, 5/30/2022		27,297
	42,000	4.300%, 10/12/2028		39,234
		Turkey Government International Bond
	19,000	7.000%, 6/5/2020		20,775
	60,000	6.250%, 9/26/2022		65,186
	95,000	4.875%, 10/9/2026		93,638
	90,000	6.750%, 5/30/2040		100,291

		Total		1,942,622


	Mortgage-Backed Securities (12.8%)
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	775,000	3.500%, 7/1/2047^c		795,744
	1,700,000	4.000%, 7/1/2047^c		1,786,726

		Total		2,582,470


	Technology (1.1%)
		Apple, Inc.
	5,000	1.532%, 5/11/2022^e		5,013
		Baidu, Inc.
	3,000	3.000%, 6/30/2020		3,040
		Microchip Technology, Inc., Convertible
	75,000	1.625%, 2/15/2027^d		78,844
		Micron Technology, Inc., Convertible
	45,000	2.125%, 2/15/2033		125,353

		Total		212,250


	Utilities (0.1%)
		Dominion Energy, Inc.
	6,000	2.579%, 7/1/2020		6,031
		FirstEnergy Corporation
	4,000	2.850%, 7/15/2022		3,986
		Southern Company
	3,000	2.350%, 7/1/2021		2,978

		Total		12,995


		Total Long-Term Fixed Income (cost $8,455,988)		8,461,732

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

140

MULTIDIMENSIONAL INCOME PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Registered Investment Companies (31.9%)	Value
	Equity Funds/Exchange Traded Funds (5.0%)
	6,075	AllianzGI NFJ Dividend Interest & Premium Strategy Fund	$	79,522
	4,072	BlackRock Enhanced Capital & Income Fund, Inc.		60,632
	11,586	BlackRock Enhanced Equity Dividend Trust		101,957
	13,354	BlackRock Enhanced International Dividend Trust		83,863
	11,672	BlackRock Resources & Commodities Strategy Trust		93,493
	5,055	Cohen & Steers REIT & Preferred Income Fund, Inc.		105,043
	4,275	Eaton Vance Enhanced Equity Income Fund II		62,116
	8,745	Eaton Vance Risk-Managed Diversified Equity Income Fund		81,941
	11,444	Eaton Vance Tax-Managed Global Diversified Equity Income Fund		104,941
	2,325	John Hancock Tax-Advantaged Dividend Income Fund		59,473
	10,050	Neuberger Berman MLP Income Fund, Inc.		96,681
	10,897	Voya Global Equity Dividend & Premium Opportunity Fund		82,381

		Total		1,012,043


	Fixed Income Funds/Exchange Traded Funds (26.9%)
	6,250	AllianceBernstein Global High Income Fund, Inc.		80,875
	5,927	BlackRock Core Bond Trust		82,267
	9,000	BlackRock Corporate High Yield Fund, Inc.		98,640
	7,539	BlackRock Credit Allocation Income Trust		101,399
	4,500	BlackRock Taxable Municipal Bond Trust		103,095
	2,333	Cohen & Steers Limited Duration Preferred & Income Fund, Inc.		62,338
	8,350	iShares 0-5 Year High Yield Corporate Bond ETF		399,631
	11,330	iShares iBoxx $ High Yield Corporate Bond ETF		1,001,459
	188	iShares J.P. Morgan USD Emerging Markets Bond ETF		21,500
	5,300	iShares S&P U.S. Preferred Stock Index Fund		207,601
	13,775	MFS Intermediate Income Trust		59,508
	7,925	Nuveen Preferred Income Opportunities Fund		82,420
	5,334	Prudential Global Short Duration High Yield Fund, Inc.		79,263
	53,750	SPDR Bloomberg Barclays High Yield Bond ETF		1,999,500
	12,030	Templeton Global Income Fund		80,842
	9,850	Vanguard Short-Term Corporate Bond ETF		788,394
	10,952	Western Asset High Income Fund II, Inc.		78,745
	15,464	Western Asset High Income Opportunity Fund, Inc.		78,402

		Total		5,405,879


		Total Registered Investment Companies (cost $6,412,093)		6,417,922


		Preferred Stock (2.1%)
	Consumer Staples (0.9%)
	1,770	Bunge, Ltd., Convertible, 4.875%^f		184,523

		Total		184,523


	Financials (1.1%)
	2,000	Citigroup, Inc., 6.875%^f		59,180
	2,000	Citigroup, Inc., 7.542%^e		51,960
	2,000	Countrywide Capital V, 7.000%		51,320
	2,000	GMAC Capital Trust I, 6.967%^e		52,400

		Total		214,860


	Health Care (0.1%)
	282	Becton Dickinson and Company, Convertible, 6.125%		15,448

		Total		15,448


	Industrials (<0.1%)
	20	Stanley Black & Decker, Inc., Convertible, 5.375%		2,194

		Total		2,194


		Total Preferred Stock (cost $420,671)		417,025


		Common Stock (1.2%)
	Energy (1.2%)
	550	Chevron Corporation		57,382
	1,000	Occidental Petroleum Corporation		59,870
	1,100	Royal Dutch Shell plc ADR		58,509
	900	Schlumberger, Ltd.		59,256

		Total		235,017


	Financials (<0.1%)
	44	Bank of America Corporation		1,067

		Total		1,067


	Health Care (<0.1%)
	16	Danaher Corporation		1,350

		Total		1,350


	Information Technology (<0.1%)
	22	Micron Technology, Inc.^h		657

		Total		657


	Real Estate (<0.1%)
	100	American Tower Corporation		13,232

		Total		13,232


		Total Common Stock (cost $251,814)		251,323


Shares or Principal Amount		Short-Term Investments (23.5%)ⁱ
		Federal Home Loan Bank Discount Notes
	100,000	0.940%, 8/9/2017^j		99,895
		Thrivent Core Short-Term Reserve Fund
	462,041	1.240%		4,620,411

		Total Short-Term Investments (cost $4,720,309)		4,720,306

		Total Investments (cost $23,349,108) 116.0%	$	23,335,624

		Other Assets and Liabilities, Net (16.0%)		(3,218,199	)

		Total Net Assets 100.0%	$	20,117,425

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

141

MULTIDIMENSIONAL INCOME PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)

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

b	All or a portion of the loan is unfunded.

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

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, 2017.

f	Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest and have no contractual maturity date. Date shown, if applicable, is next call date.

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, 2017,

h	Non-income producing security.

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

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

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.
Ser.	-	Series
SPDR	-	S&P Depository Receipts, which are exchange-traded funds traded in the U.S., Europe, and Asia-Pacific and managed by State Street Global Advisors.

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	82,539
Gross unrealized depreciation		(96,023	)

Net unrealized appreciation (depreciation)	$	(13,484	)
Cost for federal income tax purposes	$	23,349,108

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

142

MULTIDIMENSIONAL INCOME PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, in valuing Multidimensional Income Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		190,766		—		74,657		116,109
Capital Goods		214,854		—		125,416		89,438
Communications Services		894,237		—		894,237		—
Consumer Cyclical		453,447		—		453,447		—
Consumer Non-Cyclical		502,426		—		402,976		99,450
Financials		273,837		—		168,838		104,999
Technology		255,092		—		255,092		—
Transportation		194,942		—		194,942		—
Utilities		87,715		—		87,715		—
Long-Term Fixed Income
Basic Materials		5,011		—		5,011		—
Capital Goods		129,375		—		129,375		—
Collateralized Mortgage Obligations		455,080		—		455,080		—
Communications Services		327,102		—		327,102		—
Consumer Cyclical		6,004		—		6,004		—
Consumer Non-Cyclical		449,625		—		449,625		—
Energy		129,946		—		129,946		—
Financials		2,209,252		—		2,209,252		—
Foreign Government		1,942,622		—		1,942,622		—
Mortgage-Backed Securities		2,582,470		—		2,582,470		—
Technology		212,250		—		212,250		—
Utilities		12,995		—		12,995		—
Registered Investment Companies
Fixed Income Funds/Exchange Traded Funds		5,405,879		5,405,879		—		—
Equity Funds/Exchange Traded Funds		1,012,043		1,012,043		—		—
Preferred Stock
Consumer Staples		184,523		—		184,523		—
Financials		214,860		162,460		52,400		—
Health Care		15,448		—		15,448		—
Industrials		2,194		—		2,194		—
Common Stock
Energy		235,017		235,017		—		—
Financials		1,067		1,067		—		—
Health Care		1,350		1,350		—		—
Information Technology		657		657		—		—
Real Estate		13,232		13,232		—		—
Short-Term Investments		99,895		—		99,895		—

Subtotal Investments in Securities	$	18,715,213	$	6,831,705	$	11,473,512	$	409,996


Other Investments *	Total
Short-Term Investments		4,620,411

Subtotal Other Investments	$	4,620,411

Total Investments at Value	$	23,335,624


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Liability Derivatives
Futures Contracts		269		269		—		—

Total Liability Derivatives	$	269	$	269	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2017. 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.

143

MULTIDIMENSIONAL INCOME PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)

The following table presents Multidimensional Income Portfolio’s futures contracts held as of June 30, 2017. Investments and/or cash totaling $99,895 were pledged as the initial margin deposit for these contracts.


Futures Contracts	Number of Contracts Long/ (Short)		Expiration Date		Notional Principal Amount		Value		Unrealized Gain/ (Loss)
5-Yr. U.S. Treasury Bond Futures		1		September 2017	$	118,105	$	117,836	($	269	)
Total Futures Contracts									($	269	)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2017, for Multidimensional 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
Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	269
Total Interest Rate Contracts			269

Total Liability Derivatives		$	269

*	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, 2017, for Multidimensional 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		681
Total Interest Rate Contracts			681

Total		$	681

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2017, for Multidimensional 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		(269)
Total Interest Rate Contracts			(269)

Total		($	269)

The following table presents Multidimensional Income Portfolio’s average volume of derivative activity during the period ended June 30, 2017.


Derivative Risk Category	Futures (Notional) *		Futures (Percentage of Average Net Assets)
Interest Rate Contracts	$	95,774		0.5	%

*	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.

144

MULTIDIMENSIONAL INCOME PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)

Investment in Affiliates

Affiliated issuers, as defined under the Investment Company Act of 1940, include those in which the Portfolio’s holdings of an issuer represent 5% or more of the outstanding voting securities of an issuer, any affiliated mutual fund, or a company which is under common ownership or control with the Portfolio. The Portfolio owns shares of Thrivent Core Short-Term Reserve Fund primarily to serve as a cash sweep vehicle for the Portfolio. Thrivent Core Short-Term Reserve Fund is established for the sole use of affiliated portfolios.

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


Portfolio	Value April 28, 2017 (inception date)		Gross Purchases		Gross Sales		Shares Held at June 30, 2017		Value June 30, 2017		Income Earned April 28, 2017 - June 30, 2017
Core Short-Term Reserve Fund	$	—	$	23,817,045	$	19,196,634		462,041	$	4,620,411	$	14,127
Total Value and Income Earned	$	—							$	4,620,411	$	14,127

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

145

HIGH YIELD PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Bank Loans (2.6%)	Value		% of Net Assets
	Basic Materials (0.4%)
		Other Securities^	$	3,430,053		0.4	%

		Total		3,430,053


	Capital Goods (0.3%)
		Other Securities^		2,233,058		0.3	%

		Total		2,233,058


	Communications Services (1.1%)
		Cengage Learning Acquisitions, Term Loan
	$4,160,088	5.339%, 6/7/2023^a		3,921,341		0.5	%
		Other Securities^		5,136,346		0.6	%

		Total		9,057,687


	Consumer Cyclical (0.7%)
		Other Securities^		5,513,220		0.7	%

		Total		5,513,220


	Energy (0.1%)
		Other Securities^		1,109,325		0.1	%

		Total		1,109,325


		Total Bank Loans (cost $21,242,979)		21,343,343


		Long-Term Fixed Income (88.7%)
	Asset-Backed Securities (0.1%)
		Other Securities^		1,196,355		0.1	%

		Total		1,196,355


	Basic Materials (6.5%)
		Anglo American Capital plc
	4,205,000	4.750%, 4/10/2027^b,c		4,319,797		0.5	%
		Other Securities^		49,560,067		6.0	%

		Total		53,879,864


	Capital Goods (8.7%)
		Ardagh Packaging Finance plc
	4,190,000	7.250%, 5/15/2024^b		4,582,813		0.6	%
	3,720,000	6.000%, 2/15/2025^b		3,906,000		0.5	%
		Berry Plastics Corporation
	6,370,000	5.125%, 7/15/2023		6,632,763		0.8	%
		Bombardier, Inc.
	4,195,000	7.500%, 3/15/2025^b		4,352,312		0.5	%
		Building Materials Corporation of America
	3,990,000	6.000%, 10/15/2025^b		4,269,300		0.5	%
		Other Securities^		48,467,037		5.8	%

		Total		72,210,225


	Communications Services (14.8%)
		Altice Finco SA
	540,000	8.125%, 1/15/2024^b,c		587,250		0.1	%
		CCO Holdings, LLC
	5,500,000	5.875%, 4/1/2024^b		5,871,250		0.7	%
		Columbus International, Inc.
	5,060,000	7.375%, 3/30/2021^b		5,369,925		0.7	%
		Intelsat Jackson Holdings SA
	7,425,000	5.500%, 8/1/2023^c		6,144,188		0.7	%
		Neptune Finco Corporation
	5,630,000	10.875%, 10/15/2025^b		6,777,113		0.8	%
		SFR Group SA
	$8,920,000	6.000% - 7.375%,
		5/15/2022 - 5/1/2026^b		9,461,174		1.1	%
		Sprint Communications, Inc.
	5,130,000	6.000%, 11/15/2022		5,437,800		0.7	%
		Sprint Corporation
	15,495,000	7.625%, 2/15/2025^c		17,838,619		2.2	%
		Unitymedia Hessen GmbH & Company KG
	4,590,000	5.500%, 1/15/2023^b		4,762,125		0.6	%
		Virgin Media Secured Finance plc
	2,220,000	5.250% - 5.500%,
		1/15/2026 - 8/15/2026^b		2,317,623		0.3	%
		Zayo Group, LLC
	3,925,000	6.375%, 5/15/2025		4,236,527		0.5	%
		Other Securities^		54,093,212		6.4	%

		Total		122,896,806


	Consumer Cyclical (12.9%)
		Allison Transmission, Inc.
	3,835,000	5.000%, 10/1/2024^b		3,930,875		0.5	%
		Brookfield Residential Properties, Inc.
	3,960,000	6.125%, 7/1/2022^b		4,098,600		0.5	%
		Cinemark USA, Inc.
	4,475,000	4.875%, 6/1/2023		4,571,481		0.6	%
		Dana Financing Luxembourg SARL
	3,925,000	6.500%, 6/1/2026^b,c		4,177,672		0.5	%
		LKQ Corporation
	4,005,000	4.750%, 5/15/2023		4,085,100		0.5	%
		Scientific Games International, Inc.
	6,960,000	6.625% - 10.000%,
		5/15/2021 - 12/1/2022		7,341,913		1.0	%
		ServiceMaster Company, LLC
	4,210,000	5.125%, 11/15/2024^b		4,357,350		0.5	%
		Six Flags Entertainment Corporation
	4,280,000	4.875%, 7/31/2024^b		4,306,194		0.5	%
		Other Securities^		69,656,144		8.3	%

		Total		106,525,329


	Consumer Non-Cyclical (10.7%)
		CHS/Community Health Systems, Inc.
	4,890,000	6.250%, 3/31/2023		5,048,192		0.6	%
	2,120,000	6.875%, 2/1/2022^c		1,852,350		0.2	%
		Community Health Systems, Inc.
	3,420,000	8.000%, 11/15/2019^c		3,437,100		0.4	%
		Energizer Holdings, Inc.
	4,240,000	5.500%, 6/15/2025^b		4,436,100		0.5	%
		HCA, Inc.
	4,810,000	5.875%, 3/15/2022		5,333,087		0.6	%
	3,705,000	5.375%, 2/1/2025		3,908,034		0.5	%
	4,680,000	4.750% - 6.500%,
		2/15/2020 - 5/1/2023		5,038,368		0.6	%
		JBS USA, LLC
	4,705,000	5.750%, 6/15/2025^b		4,422,700		0.5	%
		MPH Acquisition Holdings, LLC
	4,190,000	7.125%, 6/1/2024^b		4,467,588		0.5	%

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

146

HIGH YIELD PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (88.7%)	Value		% of Net Assets
	Consumer Non-Cyclical (10.7%) - continued
		Valeant Pharmaceuticals International
	$2,600,000	7.250%, 7/15/2022^b,c	$	2,444,000		0.3	%
		Valeant Pharmaceuticals International, Inc.
	7,910,000	5.500%, 3/1/2023^b		6,713,533		0.8	%
	1,590,000	5.625%, 12/1/2021^b		1,434,975		0.2	%
		VPII Escrow Corporation
	3,170,000	7.500%, 7/15/2021^b		3,070,937		0.4	%
		Other Securities^		36,661,402		4.6	%

		Total		88,268,366


	Energy (13.2%)
		Cheniere Corpus Christi Holdings, LLC
	4,950,000	5.875% - 7.000%, 6/30/2024 - 3/31/2025		5,385,188		0.7	%
		Energy Transfer Equity, LP
	4,245,000	5.500%, 6/1/2027^c		4,393,575		0.5	%
		MPLX, LP
	4,740,000	4.875%, 12/1/2024		5,054,034		0.6	%
		Range Resources Corporation
	4,180,000	5.000%, 3/15/2023^b		4,085,950		0.5	%
		Rice Energy, Inc.
	4,605,000	6.250%, 5/1/2022		4,812,225		0.6	%
		Rowan Companies, Inc.
	5,240,000	4.875%, 6/1/2022^c		4,860,100		0.6	%
		Sabine Pass Liquefaction, LLC
	4,705,000	5.625% - 5.875%, 3/1/2025 - 6/30/2026		5,234,532		0.7	%
		Tesoro Corporation
	4,745,000	4.750%, 12/15/2023^b		5,109,891		0.6	%
		Tesoro Logistics, LP
	4,530,000	5.500% - 6.250%, 10/15/2019 - 10/15/2022		4,795,125		0.6	%
		Other Securities^		65,680,492		7.8	%

		Total		109,411,112


	Financials (8.9%)
		Ally Financial, Inc.
	4,670,000	4.125%, 3/30/2020		4,798,425		0.6	%
		ASP AMC Merger Sub, Inc.
	5,200,000	8.000%, 5/15/2025^b		4,927,000		0.6	%
		Centene Escrow Corporation
	4,440,000	6.125%, 2/15/2024		4,800,439		0.6	%
		Icahn Enterprises, LP
	3,860,000	6.000%, 8/1/2020		3,973,388		0.5	%
	3,710,000	6.250%, 2/1/2022		3,867,675		0.5	%
		Park Aerospace Holdings, Ltd.
	4,275,000	5.250%, 8/15/2022^b		4,468,743		0.5	%
		Quicken Loans, Inc.
	5,855,000	5.750%, 5/1/2025^b		6,045,288		0.7	%
		VEREIT Operating Partnership, LP
	3,955,000	4.875%, 6/1/2026		4,181,107		0.5	%
		Other Securities^		36,405,751		4.4	%

		Total		73,467,816


	Foreign Government (0.4%)
		Other Securities^		3,288,120		0.4	%

		Total		3,288,120


	Technology (6.4%)
		Alliance Data Systems Corporation
	6,880,000	5.375%, 8/1/2022^b		6,948,800		0.8	%
		CommScope Technologies Finance, LLC
	4,775,000	6.000%, 6/15/2025^b		5,097,313		0.6	%
		Inception Merger Sub, Inc.
	4,240,000	8.625%, 11/15/2024^b,c		4,515,600		0.5	%
		Micron Technology, Inc.
	4,730,000	5.250%, 8/1/2023^b		4,912,105		0.6	%
		Sensata Technologies BV
	4,870,000	4.875%, 10/15/2023^b		4,967,400		0.6	%
		Other Securities^		26,676,509		3.3	%

		Total		53,117,727


	Transportation (2.7%)
		XPO Logistics, Inc.
	4,710,000	6.500%, 6/15/2022^b		4,951,388		0.6	%
		Other Securities^		17,240,086		2.1	%

		Total		22,191,474


	Utilities (3.4%)
		Calpine Corporation
	5,340,000	5.375%, 1/15/2023^c		5,206,500		0.6	%
		Regency Energy Partners, LP
	4,650,000	5.500%, 4/15/2023		4,812,750		0.6	%
		Tesoro Logistics, LP
	2,000,000	5.250%, 1/15/2025		2,100,000		0.3	%
		Other Securities^		16,004,925		1.9	%

		Total		28,124,175


		Total Long-Term Fixed Income (cost $718,012,485)		734,577,369


Shares		Preferred Stock (1.1%)
	Consumer Non-Cyclical (0.2%)
		Other Securities^		1,275,357		0.2	%

		Total		1,275,357


	Financials (0.9%)
		Other Securities^		7,756,858		0.9	%

		Total		7,756,858


		Total Preferred Stock (cost $8,451,088)		9,032,215


		Registered Investment Companies (0.5%)
	Equity Funds/Exchange Traded Funds (0.5%)
		Other Securities^		3,735,268		0.5	%

		Total		3,735,268


		Total Registered Investment Companies (cost $3,739,251)		3,735,268


		Common Stock (<0.1%)
	Consumer Discretionary (<0.1%)
		Other Securities^		12		<0.1	%

		Total		12

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

147

HIGH YIELD PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (<0.1%)	Value			% of Net Assets
	Industrials (<0.1%)
		Other Securities^	$	157,695			<0.1	%

		Total		157,695


		Total Common Stock (cost $6,530,225)		157,707


		Collateral Held for Securities Loaned (13.2%)
	108,822,574	Thrivent Cash Management Trust		108,822,574			13.2	%


		Total Collateral Held for Securities Loaned (cost $108,822,574)		108,822,574


Shares or Principal Amount		Short-Term Investments (5.6%)^d
		Thrivent Core Short-Term Reserve Fund
	4,142,083	1.240%		41,420,826			5.0	%
		Other Securities^		5,222,735			0.6	%

		Total Short-Term Investments (cost $46,643,265)		46,643,561

		Total Investments (cost $913,441,867) 111.7%	$	924,312,037

		Other Assets and Liabilities, Net (11.7%)		(96,575,724	)

		Total Net Assets 100.0%	$	827,736,313

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

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

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

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

High Yield Portfolio held restricted securities as of June 30, 2017. Restricted securities are investment securities which cannot be offered for public sale without first being registered under the Securities Act of 1933. As of June 30, 2017, the value of these investments was $12,109,673 or 1.5% of total net assets.


Securities Lending Transactions
Taxable Debt Security	$	104,752,242

Total lending	$	104,752,242
Gross amount payable upon return of collateral for securities loaned	$	108,822,574

Net amounts due to counterparty	$	4,070,332

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	32,695,657
Gross unrealized depreciation		(21,858,595	)

Net unrealized appreciation (depreciation)	$	10,837,062

Cost for federal income tax purposes	$	913,474,975

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

148

HIGH YIELD PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, 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		3,430,053		—		—		3,430,053
Capital Goods		2,233,058		—		2,233,058		—
Communications Services		9,057,687		—		9,057,687		—
Consumer Cyclical		5,513,220		—		5,513,220		—
Energy		1,109,325		—		1,109,325		—
Long-Term Fixed Income
Asset-Backed Securities		1,196,355		—		1,196,355		—
Basic Materials		53,879,864		—		53,879,864		—
Capital Goods		72,210,225		—		72,210,225		—
Communications Services		122,896,806		—		122,896,806		—
Consumer Cyclical		106,525,329		—		106,525,329		—
Consumer Non-Cyclical		88,268,366		—		88,268,366		—
Energy		109,411,112		—		109,411,112		—
Financials		73,467,816		—		73,467,816		—
Foreign Government		3,288,120		—		3,288,120		—
Technology		53,117,727		—		53,117,727		—
Transportation		22,191,474		—		22,191,474		—
Utilities		28,124,175		—		28,124,175		—
Preferred Stock
Consumer Non-Cyclical		1,275,357		—		1,275,357		—
Financials		7,756,858		5,030,087		2,726,771		—
Registered Investment Companies
Equity Funds/Exchange Traded Funds		3,735,268		3,735,268		—		—
Common Stock
Consumer Discretionary		12		—		—		12
Industrials		157,695		—		157,695		—
Short-Term Investments		5,222,735		—		5,222,735		—

Subtotal Investments in Securities	$	774,068,637	$	8,765,355	$	761,873,217	$	3,430,065


Other Investments *	Total
Short-Term Investments		41,420,826
Collateral Held for Securities Loaned		108,822,574

Subtotal Other Investments	$	150,243,400

Total Investments at Value	$	924,312,037

There were no significant transfers between Levels during the period ended June 30, 2017. 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 High Yield Portfolio, is as follows:


Portfolio	Value December 31, 2016		Gross Purchases		Gross Sales		Shares Held at June 30, 2017		Value June 30, 2017		Income Earned January 1, 2017 - June 30, 2017


Cash Management Trust- Collateral Investment	$	74,873,939	$	198,791,314	$	164,842,679		108,822,574	$	108,822,574	$	293,188
Core Short-Term Reserve Fund		11,679,914		132,105,050		102,364,138		4,142,083		41,420,826		164,447
Total Value and Income Earned	$	86,553,853							$	150,243,400	$	457,635

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

149

INCOME PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount	Bank Loans (2.5%)	Value		% of Net Assets
Basic Materials (0.1%)
	Other Securities^	$	2,016,612	0.1%

	Total		2,016,612


Capital Goods (0.3%)
	Other Securities^		4,268,978	0.3%

	Total		4,268,978


Communications Services (0.9%)
	Other Securities^		12,640,057	0.9%

	Total		12,640,057


Consumer Cyclical (0.3%)
	Other Securities^		4,656,191	0.3%

	Total		4,656,191


Consumer Non-Cyclical (0.4%)
	Other Securities^		6,559,190	0.4%

	Total		6,559,190


Energy (0.1%)
	Other Securities^		791,527	0.1%

	Total		791,527


Financials (<0.1%)
	Other Securities^		632,045	<0.1%

	Total		632,045


Technology (0.3%)
	Other Securities^		3,880,070	0.3%

	Total		3,880,070


Transportation (0.1%)
	Other Securities^		1,123,053	0.1%

	Total		1,123,053


	Total Bank Loans (cost $36,465,572)		36,567,723


	Long-Term Fixed Income (91.1%)
Asset-Backed Securities (2.1%)
	Other Securities^		31,068,667	2.1%

	Total		31,068,667


Basic Materials (3.1%)
	Other Securities^		45,881,612	3.1%

	Total		45,881,612


Capital Goods (2.4%)
	Other Securities^		35,575,343	2.4%

	Total		35,575,343


Collateralized Mortgage Obligations (0.5%)
	Other Securities^		8,109,299	0.5%

	Total		8,109,299


Communications Services (8.8%)
	AT&T, Inc.
$5,120,000	4.250%, 3/1/2027		5,293,491	0.4%
20,870,000	3.400% - 5.450%,
	3/15/2022 - 3/1/2047		21,179,562	1.4%
	Charter Communications Operating, LLC
4,370,000	4.464%, 7/23/2022		4,655,571	0.3%
	Crown Castle International Corporation
4,160,000	5.250%, 1/15/2023		4,620,529	0.3%
	Omnicom Group, Inc.
4,245,000	4.450%, 8/15/2020		4,522,300	0.3%
	Time Warner Entertainment Company, LP
3,620,000	8.375%, 3/15/2023		4,554,376	0.3%
	Verizon Communications, Inc.
5,457,000	4.522%, 9/15/2048		5,173,896	0.3%
11,842,000	2.946% - 5.250%,
	3/15/2022 - 8/21/2046		12,038,620	0.8%
	Other Securities^		68,418,522	4.7%

	Total		130,456,867


Consumer Cyclical (4.5%)
	Other Securities^		66,770,060	4.5%

	Total		66,770,060


Consumer Non-Cyclical (9.6%)
	Abbott Laboratories
5,120,000	3.750%, 11/30/2026		5,227,090	0.4%
	AbbVie, Inc.
4,460,000	3.200%, 5/14/2026		4,407,778	0.3%
	Anheuser-Busch InBev Finance, Inc.
4,470,000	3.650%, 2/1/2026		4,605,745	0.3%
8,980,000	3.300% - 4.900%,
	2/1/2023 - 2/1/2046		9,809,076	0.7%
	Anheuser-Busch InBev Worldwide, Inc.
4,320,000	3.750%, 1/15/2022		4,555,440	0.3%
	Express Scripts Holding Company
3,810,000	4.500%, 2/25/2026		4,038,246	0.3%
	Kraft Foods Group, Inc.
4,390,000	3.500%, 6/6/2022		4,544,954	0.3%
	Teva Pharmaceutical Finance Netherlands III BV
4,480,000	3.150%, 10/1/2026^a		4,255,006	0.3%
	Other Securities^{^}		100,359,965	6.7%

	Total		141,803,300


Energy (10.5%)
	Anadarko Petroleum Corporation
3,830,000	5.550%, 3/15/2026^a		4,280,431	0.3%
	El Paso Pipeline Partners
	Operating Company, LLC
3,850,000	5.000%, 10/1/2021		4,134,569	0.3%
4,450,000	4.300%, 5/1/2024		4,599,689	0.3%
	Energy Transfer Partners, LP
4,480,000	4.200%, 4/15/2027^a		4,462,246	0.3%
	Other Securities^{^}		137,996,838	9.3%

	Total		155,473,773


Financials (27.0%)
	Bank of America Corporation
3,830,000	4.125%, 1/22/2024		4,041,941	0.3%
30,330,000	2.357% - 7.625%,
	3/22/2018 - 4/21/2045^b,c		32,189,317	2.3%
	Citigroup, Inc.
4,370,000	4.400%, 6/10/2025		4,550,791	0.3%

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

150

INCOME PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (91.1%)	Value		% of Net Assets
	Financials (27.0%) - continued
	$18,585,000	2.289% - 5.500%,
		12/8/2021 - 4/24/2048^c	$	19,260,388		1.3	%
		CoreStates Capital III
	2,440,000	1.752%, 2/15/2027^c,d		2,281,400		0.2	%
		Credit Suisse Group Funding, Ltd.
	4,400,000	3.750%, 3/26/2025		4,445,945		0.3	%
		Goldman Sachs Group, Inc.
	4,450,000	3.850%, 7/8/2024		4,619,082		0.3	%
	3,760,000	5.150%, 5/22/2045		4,183,237		0.3	%
	20,455,000	2.350% - 5.375%,
		3/15/2020
		- 11/16/2026^a,b		21,223,357		1.4	%
		J.P. Morgan Chase & Company
	14,650,000	2.295% - 6.750%,
		8/15/2021
		- 10/15/2040^b,c		15,649,155		1.1	%
		Lincoln National Corporation
	4,150,000	4.000%, 9/1/2023		4,371,544		0.3	%
		Morgan Stanley
	24,685,000	2.500% - 5.500%,
		1/26/2020 - 1/27/2045^c		25,701,340		1.7	%
		Wells Fargo & Company
	5,110,000	3.000%, 10/23/2026		4,976,430		0.3	%
	5,720,000	3.000% - 5.875%,
		6/15/2025 - 4/22/2026^b		5,982,713		0.4	%
		Other Securities^		247,267,881		16.5	%

		Total		400,744,521


	Foreign Government (0.7%)
		Other Securities^		11,101,685		0.7	%

		Total		11,101,685


	Mortgage-Backed Securities (4.6%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	4,172,500	3.000%, 7/1/2031^e		4,283,984		0.3	%
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	9,302,500	4.000%, 7/1/2047^e		9,781,796		0.7	%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	12,200,000	3.000%, 7/1/2047^e		12,180,938		0.8	%
	25,150,000	3.500%, 7/1/2047^e		25,823,162		1.7	%
	14,077,500	4.000%, 7/1/2047^e		14,795,672		1.0	%
	2,025,000	4.500%, 7/1/2047^e		2,171,653		0.1	%

		Total		69,037,205


	Technology (3.9%)
		Apple, Inc.
	4,450,000	3.250%, 2/23/2026		4,530,122		0.3	%
		Diamond 1 Finance Corporation
	3,840,000	6.020%, 6/15/2026^d		4,230,179		0.3	%
		Other Securities^		48,976,935		3.3	%

		Total		57,737,236


	Transportation (1.6%)
		Other Securities^		24,166,550		1.6	%

		Total		24,166,550


	U.S. Government and Agencies (5.6%)
		U.S. Treasury Bonds
	$7,040,000	2.375%, 5/15/2027	$	7,085,373		0.5	%
	4,500,000	4.375%, 5/15/2041		5,775,115		0.4	%
	5,307,000	3.125%, 2/15/2042		5,626,455		0.4	%
	7,550,000	2.500%, 2/15/2045		7,057,189		0.5	%
	7,940,000	3.000%, 11/15/2045		8,191,539		0.5	%
	7,050,000	3.000%, 2/15/2047		7,285,181		0.5	%
	7,040,000	3.000%, 5/15/2047		7,278,149		0.5	%
	7,340,000	1.500% - 2.875%,
		8/15/2026 - 11/15/2046		7,142,166		0.4	%
		U.S. Treasury Notes
	7,000,000	1.875%, 10/31/2022		6,974,296		0.5	%
	7,130,000	2.125%, 12/31/2022		7,186,263		0.5	%
	4,490,000	2.125%, 3/31/2024		4,492,106		0.3	%
	5,960,000	1.375% - 2.875%,
		3/31/2018 - 8/31/2022		5,942,898		0.4	%
		U.S. Treasury Notes, TIPS
	2,611,251	0.125%, 7/15/2026		2,518,116		0.2	%

		Total		82,554,846


	U.S. Municipals (0.2%)
		Other Securities^		2,929,210		0.2	%

		Total		2,929,210


	Utilities (6.0%)
		AEP Transmission Company, LLC
	4,480,000	3.100%, 12/1/2026		4,467,774		0.3	%
		ITC Holdings Corporation
	5,080,000	4.050%, 7/1/2023		5,327,071		0.4	%
		MidAmerican Energy Holdings
		Company
	4,450,000	3.750%, 11/15/2023		4,680,301		0.3	%
		Other Securities^		74,371,142		5.0	%

		Total		88,846,288


		Total Long-Term Fixed Income (cost $1,317,480,898)		1,352,256,462


Shares		Preferred Stock (1.4%)
	Consumer Non-Cyclical (0.2%)
		Other Securities^		2,252,866		0.2	%

		Total		2,252,866

	Financials (1.2%)
	31,925	Countrywide Capital V, 7.000%		819,195		<0.1	%
	95,940	Goldman Sachs Group, Inc.,
		5.500%^b		2,700,711		0.2	%
	88,200	Morgan Stanley, 7.125%^b		2,614,248		0.2	%
	101,500	Wells Fargo & Company,
		5.850%^b		2,807,490		0.2	%
		Other Securities^		9,383,872		0.6	%

		Total		18,325,516


		Total Preferred Stock (cost $19,317,283)		20,578,382


		Common Stock (<0.1%)
	Energy (<0.1%)
		Other Securities^		329,547		<0.1	%

		Total		329,547


		Total Common Stock (cost $314,820)		329,547

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

151

INCOME PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Collateral Held for Securities Loaned (2.6%)	Value			% of Net Assets
	38,048,799	Thrivent Cash Management Trust	$	38,048,799			2.6	%

		Total Collateral Held for Securities Loaned (cost $38,048,799)		38,048,799


Shares or Principal Amount		Short-Term Investments (9.1%)^f
		Federal Home Loan Bank Discount Notes
	5,400,000	0.825%, 7/11/2017		5,398,801			0.4	%
	6,550,000	0.908%, 7/19/2017^g		6,547,092			0.4	%
	4,240,000	1.014%, 8/2/2017		4,236,396			0.3	%
	6,800,000	1.013%, 8/4/2017		6,793,832			0.5	%
	4,100,000	1.023%, 8/10/2017		4,095,584			0.3	%
	4,490,000	1.001%, 8/11/2017		4,485,039			0.3	%
		Federal Home Loan Bank Discount Notes
	24,205,000	0.825% - 1.035%,
		7/5/2017 - 9/8/2017		24,183,579			1.5	%
		Thrivent Core Short-Term Reserve Fund
	7,820,953	1.240%		78,209,532			5.3	%
		Other Securities^		1,000,168			0.1	%

		Total Short-Term Investments (cost $134,948,142)		134,950,023

		Total Investments (cost $1,546,575,514) 106.7%	$	1,582,730,936

		Other Assets and Liabilities, Net (6.7%)		(99,280,040	)

		Total Net Assets 100.0%	$	1,483,450,896

^	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 security is on loan.

b	Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest and have no contractual maturity date. Date shown, if applicable, is next call date.

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, 2017.

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.

Income Portfolio held restricted securities as of June 30, 2017. Restricted securities are investment securities which cannot be offered for public sale without first being registered under the Securities Act of 1933. As of June 30, 2017, the value of these investments was $29,331,004 or 2.0% of total net assets.


Securities Lending Transactions
Taxable Debt Security	$	36,786,562

Total lending	$	36,786,562
Gross amount payable upon return of collateral for securities loaned	$	38,048,799

Net amounts due to counterparty	$	1,262,237

Definitions

TIPS - Treasury Inflation Protected Security

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	45,625,905
Gross unrealized depreciation		(9,347,919	)

Net unrealized appreciation (depreciation)	$	36,277,986
Cost for federal income tax purposes	$	1,546,452,950

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

152

INCOME PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, in valuing Income Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		2,016,612		—		1,798,908	217,704
Capital Goods		4,268,978		—		2,988,196	1,280,782
Communications Services		12,640,057		—		12,640,057	—
Consumer Cyclical		4,656,191		—		4,656,191	—
Consumer Non-Cyclical		6,559,190		—		5,679,057	880,133
Energy		791,527		—		791,527	—
Financials		632,045		—		632,045	—
Technology		3,880,070		—		3,880,070	—
Transportation		1,123,053		—		1,123,053	—
Long-Term Fixed Income
Asset-Backed Securities		31,068,667		—		31,068,667	—
Basic Materials		45,881,612		—		45,881,612	—
Capital Goods		35,575,343		—		35,575,343	—
Collateralized Mortgage Obligations		8,109,299		—		8,109,299	—
Communications Services		130,456,867		—		130,456,867	—
Consumer Cyclical		66,770,060		—		66,770,060	—
Consumer Non-Cyclical		141,803,300		—		141,803,300	—
Energy		155,473,773		—		155,473,773	—
Financials		400,744,521		—		400,744,521	—
Foreign Government		11,101,685		—		11,101,685	—
Mortgage-Backed Securities		69,037,205		—		69,037,205	—
Technology		57,737,236		—		57,737,236	—
Transportation		24,166,550		—		24,166,550	—
U.S. Government and Agencies		82,554,846		—		82,554,846	—
U.S. Municipals		2,929,210		—		2,929,210	—
Utilities		88,846,288		—		88,846,288	—
Preferred Stock
Consumer Non-Cyclical		2,252,866		—		2,252,866	—
Financials		18,325,516		3,472,325		14,853,191	—
Common Stock
Energy		329,547		329,547		—	—
Short-Term Investments		56,740,491		—		56,740,491	—

Subtotal Investments in Securities	$	1,466,472,605	$	3,801,872	$	1,460,292,114	$2,378,619


Other Investments*	Total
Short-Term Investments		78,209,532
Collateral Held for Securities Loaned		38,048,799

Subtotal Other Investments	$	116,258,331

Total Investments at Value	$	1,582,730,936

* 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		726,100		726,100		—	—

Total Asset Derivatives	$	726,100	$	726,100	$	—	$—

There were no significant transfers between Levels during the period ended June 30, 2017. Transfers between Levels are identified as of the end of the period.

The following table presents Income Portfolio’s futures contracts held as of June 30, 2017. Investments and/or cash totaling $900,090 were pledged as the initial margin deposit for these contracts.


	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)

Futures Contracts
5-Yr. U.S. Treasury Bond Futures		(437	)		September 2017	($	51,622,683	)	($	51,494,305	)	$	128,378
10-Yr. U.S. Treasury Bond Futures		(902	)		September 2017		(113,247,444	)		(113,229,188	)		18,256
20-Yr. U.S. Treasury Bond Futures		506			September 2017		77,186,409			77,765,875			579,466
Total Futures Contracts												$	726,100

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

153

INCOME PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2017, 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	$	726,100
Total Interest Rate Contracts			726,100

Total Asset Derivatives		$	726,100

*	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, 2017, 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		(47,709	)
Total Interest Rate Contracts			(47,709	)

Total		($	47,709	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2017, 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		454,821
Total Interest Rate Contracts			454,821

Total		$	454,821

The following table presents Income Portfolio’s average volume of derivative activity during the period ended June 30, 2017.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Interest Rate
Contracts	$	244,001,141		16.8	%

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

Investment in Affiliates

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


Portfolio	Value December 31, 2016		Gross Purchases		Gross Sales		Shares Held at June 30, 2017		Value June 30, 2017		Income Earned January 1, 2017 - June 30, 2017
Cash Management Trust- Collateral Investment	$	7,919,140	$	137,885,047	$	107,755,388		38,048,799	$	38,048,799	$	65,045
Core Short-Term Reserve Fund		75,275,609		91,458,609		88,524,686		7,820,953		78,209,532		402,113
Total Value and Income Earned	$	83,194,749							$	116,258,331	$	467,158

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

154

BOND INDEX PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (96.2%)	Value
	Asset-Backed Securities (0.8%)
		Conseco Financial Corporation
		6.330%, 11/1/2029, Ser.
	$729	1998-1, Class A6	$	730
		Credit Based Asset Servicing and Securitization, LLC
		3.390%, 12/25/2036, Ser.
	317,099	2006-CB2, Class AF2^a		252,464
		First Horizon ABS Trust
		1.376%, 10/25/2034, Ser.
	113,379	2006-HE1, Class A^b,c		111,145
		GMAC Mortgage Corporation Loan Trust
		1.716%, 8/25/2035, Ser.
	228,019	2005-HE1, Class A2^b,c		220,325
		1.204%, 12/25/2036, Ser.
	436,132	2006-HE4, Class A1^b,c		425,857
		IndyMac Seconds Asset-Backed Trust
		1.556%, 10/25/2036, Ser.
	285,825	2006-2B, Class A^b,c		181,544
		Wachovia Asset Securitization, Inc.
		1.356%, 7/25/2037, Ser.
	551,425	2007-HE1, Class A^*,b,c		473,152

		Total		1,665,217

	Basic Materials (0.1%)
		Dow Chemical Company
	27,000	7.375%, 11/1/2029		36,259
		Glencore Funding, LLC
	175,000	2.218%, 4/16/2018^c,d		175,385

		Total		211,644

	Capital Goods (0.5%)
		L3 Technologies, Inc.
	250,000	3.850%, 12/15/2026		257,740
		Lockheed Martin Corporation
	290,000	2.500%, 11/23/2020		293,956
		Roper Technologies, Inc.
	123,000	6.250%, 9/1/2019		133,510
	100,000	2.800%, 12/15/2021		100,841
		Textron, Inc.
	250,000	3.875%, 3/1/2025		256,829

		Total		1,042,876

	Commercial Mortgage-Backed Securities (1.7%)
		Commercial Mortgage Trust
		3.039%, 12/10/2018, Ser.
	435,000	2013-CR13, Class A2		442,096
		Federal National Mortgage Association - ACES
		2.961%, 2/25/2027, Ser.
	1,250,000	2017-M7, Class A2		1,254,039
		UBS Commercial Mortgage Trust
		3.400%, 5/10/2045, Ser.
	736,116	2012-C1, Class A3		766,192
		WFRBS Commercial Mortgage Trust
		2.870%, 11/15/2045, Ser.
	826,000	2012-C9, Class A3		836,869

		Total		3,299,196

	Communications Services (1.3%)
		American Tower Corporation
	100,000	2.800%, 6/1/2020		101,352
		American Tower Trust I
	225,000	1.551%, 3/15/2018^*		224,546
		AT&T, Inc.
	400,000	2.800%, 2/17/2021		404,209
	250,000	5.250%, 3/1/2037		266,632
		British Sky Broadcasting Group plc
	$200,000	3.125%, 11/26/2022^d	$	203,440
		Charter Communications Operating, LLC
	211,000	3.579%, 7/23/2020		218,026
	211,000	4.464%, 7/23/2022		224,788
		Crown Castle International Corporation
	250,000	4.000%, 3/1/2027		257,347
		Time Warner, Inc.
	250,000	3.800%, 2/15/2027		251,716
		Verizon Communications, Inc.
	250,000	3.000%, 11/1/2021		253,286
	250,000	4.125%, 8/15/2046		222,815

		Total		2,628,157

	Consumer Cyclical (2.4%)
		BMW US Capital, LLC
	200,000	1.500%, 4/11/2019^d		199,218
		Board of Trustees of The Leland Stanford Junior University
	550,000	3.563%, 6/1/2044		552,868
		California Institute of Technology
	325,000	4.700%, 11/1/2111		330,185
		CVS Health Corporation
	150,000	2.250%, 8/12/2019		150,912
		Daimler Finance North America, LLC
	27,000	8.500%, 1/18/2031		40,577
		Dartmouth College
	250,000	3.760%, 6/1/2043		261,831
		Ford Motor Credit Company, LLC
	250,000	3.810%, 1/9/2024		253,070
		General Motors Financial Company, Inc.
	250,000	4.350%, 1/17/2027		253,103
		Home Depot, Inc.
	300,000	4.400%, 4/1/2021		323,315
		Macy’s Retail Holdings, Inc.
	200,000	4.375%, 9/1/2023^e		196,508
		Massachusetts Institute of Technology
	500,000	4.678%, 7/1/2114		545,397
		Newell Rubbermaid, Inc.
	100,000	3.150%, 4/1/2021		102,367
		NIKE, Inc.
	250,000	2.375%, 11/1/2026		237,190
		President and Fellows of Harvard College
	500,000	3.619%, 10/1/2037		520,995
		Starbucks Corporation
	200,000	3.850%, 10/1/2023		215,328
		Wal-Mart Stores, Inc.
	327,000	7.550%, 2/15/2030		477,831
		Yale University
	200,000	2.086%, 4/15/2019		201,443

		Total		4,862,138

	Consumer Non-Cyclical (3.5%)
		Abbott Laboratories
	250,000	3.400%, 11/30/2023		255,884
	250,000	4.750%, 11/30/2036		272,421
		Actavis Funding SCS
	350,000	2.483%, 3/12/2020^c		357,795
		Altria Group, Inc.
	240,000	4.000%, 1/31/2024		256,075

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

155

BOND INDEX PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (96.2%)	Value
	Consumer Non-Cyclical (3.5%) - continued
		Anheuser-Busch InBev Finance, Inc.
	$250,000	3.300%, 2/1/2023	$	257,401
	250,000	3.650%, 2/1/2026		257,592
	250,000	4.700%, 2/1/2036		276,188
		BAT International Finance plc
	350,000	1.756%, 6/15/2018^c,d		350,949
		Bayer U.S. Finance, LLC
	250,000	2.375%, 10/8/2019^d		252,002
		Boston Scientific Corporation
	300,000	6.000%, 1/15/2020		326,487
		Bunge Limited Finance Corporation
	225,000	3.500%, 11/24/2020		230,652
		Cargill, Inc.
	325,000	4.100%, 11/1/2042^d		341,689
		Celgene Corporation
	195,000	3.550%, 8/15/2022		202,974
		Church & Dwight Company, Inc.
	210,000	2.450%, 12/15/2019		211,941
		Dr Pepper Snapple Group, Inc.
	250,000	2.700%, 11/15/2022		250,479
		Fomento Economico Mexicano SAB de CV
	200,000	2.875%, 5/10/2023		199,070
		Gilead Sciences, Inc.
	200,000	2.550%, 9/1/2020		202,866
	200,000	3.250%, 9/1/2022		206,789
		Imperial Tobacco Finance plc
	250,000	3.750%, 7/21/2022^d		260,255
		Laboratory Corporation of America Holdings
	255,000	2.625%, 2/1/2020		257,082
		McKesson Corporation
	275,000	2.700%, 12/15/2022		273,577
		Mead Johnson Nutrition Company
	200,000	3.000%, 11/15/2020		205,136
		Mylan NV
	195,000	3.150%, 6/15/2021		198,364
		Novartis Capital Corporation
	250,000	3.100%, 5/17/2027		253,039
		Reynolds American, Inc.
	81,000	3.250%, 6/12/2020		83,386
		Shire Acquisitions Investments Ireland Designated Activity Company
	250,000	1.900%, 9/23/2019		248,850
		Teva Pharmaceutical Finance Netherlands III BV
	250,000	2.800%, 7/21/2023		243,128
		Unilever Capital Corporation
	300,000	2.200%, 3/6/2019		302,061

		Total		7,034,132


	Energy (2.0%)
		Anadarko Petroleum Corporation
	100,000	4.850%, 3/15/2021		106,725
		Boardwalk Pipelines, LP
	250,000	4.450%, 7/15/2027		255,983
		BP Capital Markets plc
	250,000	1.676%, 5/3/2019		249,168
		El Paso Pipeline Partners Operating Company, LLC
	325,000	4.700%, 11/1/2042		307,216
		Enbridge, Inc.
	250,000	5.500%, 12/1/2046		282,130
		Encana Corporation
	215,000	3.900%, 11/15/2021		219,126
		Energy Transfer Partners, LP
	250,000	4.150%, 10/1/2020		259,631
	250,000	4.200%, 4/15/2027^e		249,009
		EOG Resources, Inc.
	200,000	2.625%, 3/15/2023		197,376
		Exxon Mobil Corporation
	250,000	1.708%, 3/1/2019		250,712
		Marathon Petroleum Corporation
	250,000	3.400%, 12/15/2020		257,141
		MPLX, LP
	250,000	5.200%, 3/1/2047		256,395
		Petro-Canada
	150,000	6.800%, 5/15/2038		195,700
		Petroleos Mexicanos
	240,000	2.378%, 4/15/2025		240,176
		Schlumberger Holdings Corporation
	250,000	3.000%, 12/21/2020^d		254,527
		Sunoco Logistics Partners Operations, LP
	300,000	4.400%, 4/1/2021		315,193
		Transcontinental Gas Pipe Line Company, LLC
	125,000	7.850%, 2/1/2026		160,833

		Total		4,057,041


	Financials (7.7%)
		ABN AMRO Bank NV
	300,000	2.450%, 6/4/2020^d		301,820
		Aflac, Inc.
	250,000	2.400%, 3/16/2020		252,624
		Allstate Corporation
	500,000	4.200%, 12/15/2046		522,582
		American International Group, Inc.
	200,000	3.300%, 3/1/2021		205,749
		AXA SA
	27,000	8.600%, 12/15/2030		38,070
		Bank of America Corporation
	250,000	3.824%, 1/20/2028		254,368
		Bank of Montreal
	250,000	1.500%, 7/18/2019		247,662
	250,000	2.500%, 1/11/2022^d		251,552
		Bank of Tokyo-Mitsubishi UFJ, Ltd.
	205,000	2.850%, 9/8/2021^d		207,073
		Barclays plc
	250,000	3.200%, 8/10/2021		253,593
		Boston Properties, LP
	300,000	3.125%, 9/1/2023		303,673
		CBOE Holdings, Inc.
	250,000	3.650%, 1/12/2027		252,177
		Chubb Corporation
	350,000	6.500%, 5/15/2038		485,844
		Citigroup, Inc.
	250,000	2.900%, 12/8/2021		252,508
	250,000	3.887%, 1/10/2028		254,093
		CNA Financial Corporation
	250,000	5.750%, 8/15/2021		278,981
		Cooperatieve Rabobank UA
	250,000	2.750%, 1/10/2022		253,775
		Credit Suisse Group AG
	250,000	4.282%, 1/9/2028^d		258,447
		Discover Bank
	288,000	8.700%, 11/18/2019		325,432
		Duke Realty, LP
	250,000	3.875%, 10/15/2022		260,006
		European Investment Bank
	500,000	1.250%, 5/15/2018		499,513

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

156

BOND INDEX PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (96.2%)	Value

	Financials (7.7%) - continued
		Fifth Third Bancorp
	$200,000	2.875%, 10/1/2021	$	203,775
		Goldman Sachs Group, Inc.
	250,000	4.000%, 3/3/2024		261,725
	133,000	5.950%, 1/15/2027		155,255
	250,000	6.125%, 2/15/2033		312,844
		HCP, Inc.
	250,000	4.000%, 12/1/2022		261,460
		Hospitality Properties Trust
	150,000	4.250%, 2/15/2021		156,399
		HSBC Holdings plc
	300,000	6.800%, 6/1/2038		401,176
		Huntington Bancshares, Inc.
	200,000	3.150%, 3/14/2021		203,927
		ING Bank NV
	400,000	2.625%, 12/5/2022^d		403,364
		J.P. Morgan Chase & Company
	250,000	2.250%, 1/23/2020		250,759
	250,000	2.700%, 5/18/2023		247,225
	500,000	3.782%, 2/1/2028		511,363
		Liberty Mutual Group, Inc.
	200,000	4.250%, 6/15/2023^d		212,749
		Lincoln National Corporation
	250,000	6.250%, 2/15/2020		274,206
		Marsh & McLennan Companies, Inc.
	250,000	4.350%, 1/30/2047		267,573
		MetLife, Inc.
	200,000	4.368%, 9/15/2023		218,923
		Morgan Stanley
	250,000	5.000%, 11/24/2025		271,889
	250,000	3.625%, 1/20/2027		251,596
		New York Life Global Funding
	350,000	1.550%, 11/2/2018^d		349,404
		North American Development Bank
	400,000	2.300%, 10/10/2018		402,530
		PNC Financial Services Group, Inc.
	325,000	2.854%, 11/9/2022		327,421
		Preferred Term Securities XXIII, Ltd.
	477,776	1.446%, 12/22/2036*,^c		386,244
		Prudential Financial, Inc.
	200,000	2.350%, 8/15/2019		201,202
		Regions Financial Corporation
	200,000	3.200%, 2/8/2021		204,465
		Reliance Standard Life Global Funding II
	240,000	2.500%, 4/24/2019^d		241,606
		Santander UK plc
	175,000	3.125%, 1/8/2021		177,656
		Simon Property Group, LP
	250,000	2.500%, 9/1/2020		252,243
		Standard Chartered plc
	200,000	3.950%, 1/11/2023^d		201,679
		Sumitomo Mitsui Financial Group, Inc.
	250,000	4.436%, 4/2/2024^d		265,378
		Svenska Handelsbanken AB
	125,000	1.625%, 3/21/2018		125,046
		Synchrony Financial
	215,000	4.250%, 8/15/2024		219,620
		UBS AG
	250,000	1.996%, 3/26/2018^c		251,128
		UnitedHealth Group, Inc.
	165,000	3.350%, 7/15/2022		172,242
		Wells Fargo & Company
	250,000	2.100%, 7/26/2021		246,663
	250,000	3.069%, 1/24/2023		253,322
	150,000	3.450%, 2/13/2023		153,558
	250,000	3.000%, 10/23/2026		243,465

		Total		15,500,622


	Foreign Government (2.3%)
		Chile Government International Bond
	350,000	3.875%, 8/5/2020		368,865
		Export Development Canada
	150,000	0.750%, 12/15/2017		149,655
		Export-Import Bank of Korea
	200,000	2.250%, 1/21/2020		199,646
		Hashemite Kingdom of Jordan
	500,000	2.503%, 10/30/2020		511,631
		Inter-American Development Bank
	500,000	3.000%, 10/4/2023		522,363
	400,000	4.375%, 1/24/2044		481,752
		Kommunalbanken AS
	495,000	1.500%, 10/22/2019^d		492,745
		Kommuninvest I Sverige AB
	300,000	1.000%, 10/24/2017^d		299,703
		Mexico Government International Bond
	250,000	3.600%, 1/30/2025		253,000
		Poland Government International Bond
	250,000	4.000%, 1/22/2024		267,376
		Province of New Brunswick
	125,000	2.750%, 6/15/2018		126,431
		Province of Quebec
	400,000	7.500%, 7/15/2023		503,765
		Sweden Government International Bond
	500,000	1.625%, 3/24/2020^d		499,300

		Total		4,676,232


	Mortgage-Backed Securities (28.1%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	2,791	5.500%, 12/1/2017		2,803
	2,087,500	3.000%, 7/1/2031^f		2,143,276
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	1,624	8.500%, 11/1/2025		1,630
	284	8.000%, 1/1/2026		307
	6,062,500	4.000%, 7/1/2047^f		6,374,861
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	587	10.500%, 8/1/2020		595
	784	8.000%, 12/1/2024		852
	123	8.500%, 12/1/2025		123
	1,057	8.000%, 9/1/2026		1,080
	1,365	8.000%, 4/1/2030		1,628
	5,200,000	3.000%, 7/1/2047^f		5,191,875
	18,395,000	3.500%, 7/1/2047^f		18,887,359
	14,137,500	4.000%, 7/1/2047^f		14,858,733
	8,400,000	4.500%, 7/1/2047^f		9,008,337
		Government National Mortgage Association 30-Yr. Pass Through
	2,251	7.500%, 3/15/2023		2,258
	1,531	9.000%, 9/15/2024		1,703
	1,767	8.000%, 6/15/2025		1,809
	315	8.000%, 9/15/2026		315

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

157

BOND INDEX PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (96.2%)	Value
	Mortgage-Backed Securities (28.1%) - continued
$	6,043	7.500%, 10/15/2027	$	6,158
	7,213	7.500%, 11/15/2028		7,235
	665	8.000%, 10/15/2030		665
	2,713	7.500%, 1/15/2031		3,039

		Total		56,496,641


	Technology (1.7%)
		Amphenol Corporation
	200,000	2.550%, 1/30/2019		201,846
		Apple, Inc.
	400,000	2.400%, 5/3/2023		397,856
	250,000	4.250%, 2/9/2047		265,553
		Automatic Data Processing, Inc.
	150,000	2.250%, 9/15/2020		151,912
		Broadcom Corporation
	250,000	3.875%, 1/15/2027^d		256,752
		Diamond 1 Finance Corporation
	150,000	3.480%, 6/1/2019^d		153,512
		Intel Corporation
	250,000	1.700%, 5/19/2021		246,733
	140,000	3.100%, 7/29/2022		145,023
		International Business Machines Corporation
	250,000	3.300%, 1/27/2027		253,860
		Microsoft Corporation
	250,000	3.450%, 8/8/2036		250,457
	250,000	4.100%, 2/6/2037		269,600
		Motorola Solutions, Inc.
	250,000	3.500%, 3/1/2023		251,073
		Oracle Corporation
	250,000	2.500%, 5/15/2022		252,344
		Texas Instruments, Inc.
	200,000	1.750%, 5/1/2020		199,170

		Total		3,295,691


	Transportation (0.9%)
		American Airlines Pass Through Trust
	148,992	5.600%, 7/15/2020^d		155,511
		Continental Airlines, Inc.
	281,094	4.150%, 4/11/2024		295,148
		Delta Air Lines, Inc.
	122,279	4.950%, 5/23/2019		127,018
		ERAC USA Finance, LLC
	250,000	2.600%, 12/1/2021^d		248,987
		FedEx Corporation
	250,000	3.300%, 3/15/2027		250,573
		J.B. Hunt Transport Services, Inc.
	220,000	3.300%, 8/15/2022		224,250
		TTX Company
	250,000	2.250%, 2/1/2019^d		250,145
	300,000	4.125%, 10/1/2023*		318,542

		Total		1,870,174


	U.S. Government and Agencies (40.9%)
		Federal Farm Credit Bank
	400,000	2.210%, 8/1/2024		389,539
		Federal Home Loan Bank
	650,000	1.375%, 11/15/2019		648,032
		Federal Home Loan Mortgage Corporation
	350,000	6.750%, 3/15/2031		506,449
		Federal National Mortgage Association
	1,500,000	1.250%, 8/17/2021		1,466,219
	1,000,000	2.000%, 1/5/2022		1,003,254
	1,000,000	1.875%, 4/5/2022		996,785
	800,000	1.875%, 9/24/2026		758,661
	$500,000	5.960%, 9/11/2028		647,333
	100,000	6.250%, 5/15/2029		135,712
		Resolution Funding Corporation
	200,000	8.125%, 10/15/2019		228,777
		Tennessee Valley Authority
	350,000	5.250%, 9/15/2039		459,915
		U.S. Treasury Bonds
	250,000	1.500%, 8/15/2026		233,887
	300,000	5.500%, 8/15/2028		392,367
	2,500,000	5.250%, 11/15/2028		3,219,432
	4,425,000	3.000%, 5/15/2042		4,588,172
	5,200,000	3.625%, 2/15/2044		5,999,500
	2,750,000	2.500%, 5/15/2046		2,562,978
		U.S. Treasury Notes
	7,625,000	1.000%, 11/30/2018		7,588,065
	3,500,000	1.250%, 12/15/2018		3,494,806
	4,500,000	1.000%, 3/15/2019		4,472,051
	6,250,000	0.875%, 9/15/2019		6,176,513
	150,000	1.500%, 10/31/2019		150,187
	4,250,000	1.375%, 12/15/2019		4,240,871
	3,000,000	1.375%, 2/15/2020		2,990,391
	3,000,000	1.250%, 3/31/2021		2,950,077
	1,000,000	2.250%, 7/31/2021		1,018,984
	4,095,000	1.125%, 8/31/2021		3,986,867
	1,000,000	2.125%, 9/30/2021		1,013,555
	1,400,000	2.125%, 6/30/2022		1,415,039
	2,825,000	1.625%, 8/15/2022		2,786,597
	500,000	1.375%, 6/30/2023		481,309
	2,350,000	1.375%, 9/30/2023		2,255,267
	1,000,000	1.625%, 10/31/2023		973,789
	2,500,000	2.000%, 5/31/2024		2,479,200
	7,650,000	2.250%, 11/15/2024		7,690,637
	180,000	1.625%, 2/15/2026		171,049
	1,500,000	2.250%, 2/15/2027		1,493,321

		Total		82,065,587


	Utilities (2.3%)
		Ameren Corporation
	225,000	2.700%, 11/15/2020		227,663
		Berkshire Hathaway Energy Company
	200,000	2.400%, 2/1/2020		201,727
		CenterPoint Energy Houston Electric, LLC
	400,000	5.600%, 7/1/2023		444,748
		Commonwealth Edison Company
	275,000	5.900%, 3/15/2036		348,208
		DTE Energy Company
	100,000	2.400%, 12/1/2019		100,457
		Duke Energy Florida, LLC
	250,000	3.200%, 1/15/2027		253,226
		Exelon Generation Company, LLC
	200,000	2.950%, 1/15/2020		203,549
		Kansas City Power & Light Company
	250,000	3.150%, 3/15/2023		252,146
		MidAmerican Energy Company
	250,000	3.950%, 8/1/2047		258,671
		National Rural Utilities Cooperative Finance Corporation
	28,000	4.023%, 11/1/2032		29,714
		NiSource Finance Corporation
	350,000	3.850%, 2/15/2023		363,785
		NSTAR Electric Company
	325,000	2.375%, 10/15/2022		323,059
		PPL Capital Funding, Inc.
	325,000	3.500%, 12/1/2022		335,800

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

158

BOND INDEX PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (96.2%)	Value
	Utilities (2.3%) - continued
		Public Service Company of Colorado
$	350,000	3.600%, 9/15/2042	$	340,977
		Public Service Electric And Gas Company
	360,000	1.800%, 6/1/2019		359,522
		Southern California Edison Company
	155,000	2.400%, 2/1/2022		155,487
		Southern California Gas Company
	325,000	3.750%, 9/15/2042		328,016

		Total		4,526,755

		Total Long-Term Fixed Income (cost $191,822,962)		193,232,103


Shares		Registered Investment Companies (3.9%)
	Fixed Income Funds/Exchange Traded Funds (3.9%)
	63,900	iShares iBoxx $ Investment Grade Corporate Bond ETF		7,700,589

		Total		7,700,589

		Total Registered Investment Companies (cost $7,522,078)		7,700,589


		Collateral Held for Securities Loaned (0.2%)
	464,000	Thrivent Cash Management Trust		464,000

		Total Collateral Held for Securities Loaned (cost $464,000)		464,000


Shares or Principal Amount		Short-Term Investments (27.9%)^g
		Federal Home Loan Bank Discount Notes
	3,100,000	0.985%, 7/5/2017		3,099,826
	100,000	0.825%, 7/10/2017		99,981
	1,100,000	0.825%, 7/11/2017		1,099,756
	6,550,000	0.855%, 7/12/2017		6,548,362
	300,000	0.880%, 7/14/2017		299,908
	3,500,000	0.955%, 7/19/2017		3,498,446
	400,000	0.910%, 7/21/2017		399,800
	7,990,000	0.970%, 8/2/2017		7,983,209
	6,500,000	1.021%, 8/9/2017		6,493,188
	3,750,000	1.027%, 8/10/2017		3,745,961
	4,515,000	0.984%, 8/11/2017		4,510,011
	4,050,000	1.030%, 8/16/2017		4,044,950
	800,000	1.000%, 8/25/2017		798,798
	1,600,000	1.020%, 8/28/2017		1,597,461
		Thrivent Core Short-Term Reserve Fund
	1,187,449	1.240%		11,874,488

		Total Short-Term Investments (cost $56,092,595)		56,094,145

		Total Investments (cost $255,901,635) 128.2%	$	257,490,837

		Other Assets and Liabilities, Net (28.2%)		(56,582,223	)

		Total Net Assets 100.0%	$	200,908,614

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, 2017.

b	All or a portion of the security is insured or guaranteed. Denotes

c	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, 2017.

e	All or a portion of the security is on loan. f Denotes investments purchased on a when-issued or delayed delivery basis. g The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

Denotes restricted securities. Restricted securities are investment securities which cannot be offered for public sale without first being registered under the Securities Act of 1933. The value of all restricted securities held in Bond Index Portfolio as of June 30, 2017 was $1,402,484 or 0.7% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of June 30, 2017.


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		477,776
TTX Company, 10/1/2023		9/19/2013		299,997
Wachovia Asset Securitization, Inc., 7/25/2037		3/16/2007		551,425


Securities Lending Transactions
Taxable Debt Security	$	445,517

Total lending	$	445,517
Gross amount payable upon return of collateral for securities loaned	$	464,000

Net amounts due to counterparty	$	18,483

Definitions

ACES - Alternative Credit Enhancement Securities

ETF - Exchange Traded Fund

Ser. - Series

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	3,303,427
Gross unrealized depreciation		(1,862,712	)

Net unrealized appreciation (depreciation)	$	1,440,715
Cost for federal income tax purposes	$	256,050,122

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

159

BOND INDEX PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, 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		1,665,217		—		1,665,217		—
Basic Materials		211,644		—		211,644		—
Capital Goods		1,042,876		—		1,042,876		—
Commercial Mortgage-Backed Securities		3,299,196		—		3,299,196		—
Communications Services		2,628,157		—		2,628,157		—
Consumer Cyclical		4,862,138		—		4,862,138		—
Consumer Non-Cyclical		7,034,132		—		7,034,132		—
Energy		4,057,041		—		4,057,041		—
Financials		15,500,622		—		15,500,622		—
Foreign Government		4,676,232		—		4,676,232		—
Mortgage-Backed Securities		56,496,641		—		56,496,641		—
Technology		3,295,691		—		3,295,691		—
Transportation		1,870,174		—		1,870,174		—
U.S. Government and Agencies		82,065,587		—		82,065,587		—
Utilities		4,526,755		—		4,526,755		—
Registered Investment Companies
Fixed Income Funds/Exchange Traded Funds		7,700,589		7,700,589		—		—
Short-Term Investments		44,219,657		—		44,219,657		—

Subtotal Investments in Securities	$	245,152,349	$	7,700,589	$	237,451,760	$	—


Other Investments *	Total
Short-Term Investments		11,874,488
Collateral Held for Securities Loaned		464,000

Subtotal Other Investments	$	12,338,488

Total Investments at Value	$	257,490,837

There were no significant transfers between Levels during the period ended June 30, 2017. Transfers between Levels are identified as of the end of the period.

Investment in Affiliates

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


Portfolio	Value December 31, 2016		Gross Purchases		Gross Sales		Shares Held at June 30, 2017		Value June 30, 2017		Income Earned January 1, 2017 - June 30, 2017
Cash Management Trust- Collateral Investment	$	11,000,368	$	4,275,917	$	14,812,285		464,000	$	464,000	$	4,344
Core Short-Term Reserve Fund		12,394,352		26,859,420		27,379,284		1,187,449		11,874,488		69,083
Total Value and Income Earned	$	23,394,720							$	12,338,488	$	73,427

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

160

LIMITED MATURITY BOND PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Bank Loans (1.2%)	Value		% of Net Assets
	Basic Materials (<0.1%)
		Other Securities^	$	84,611		<0.1	%

		Total		84,611

	Capital Goods (0.1%)
		Other Securities^		1,299,926		0.1	%

		Total		1,299,926

	Communications Services (0.5%)
		Other Securities^		4,498,783		0.5	%

		Total		4,498,783

	Consumer Cyclical (0.3%)
		Other Securities^		2,463,598		0.3	%

		Total		2,463,598

	Consumer Non-Cyclical (0.1%)
		Other Securities^		763,380		0.1	%

		Total		763,380

	Energy (0.1%)
		Other Securities^		667,673		0.1	%

		Total		667,673

	Technology (0.1%)
		Other Securities^		981,048		0.1	%

		Total		981,048

	Utilities (<0.1%)
		Other Securities^		250,414		<0.1	%

		Total		250,414


		Total Bank Loans (cost $11,686,491)		11,009,433


		Long-Term Fixed Income (96.4%)
	Asset-Backed Securities (26.7%)
		Americredit Automobile Receivables Trust
	$4,090,995	1.340%, 4/8/2020, Ser. 2016-4, Class A2A		4,086,567		0.5	%
		Apidos CLO XVIII
	3,600,000	2.273%, 7/22/2026, Ser. 2014-18A, Class A1R^*,a		3,599,978		0.4	%
		ARI Fleet Lease Trust
	3,600,000	1.910%, 4/15/2026, Ser. 2017-A, Class A2^b		3,597,180		0.4	%
		Babson CLO, Ltd.
	3,760,000	2.308%, 10/17/2026, Ser. 2014-IIA, Class AR^*,a		3,760,008		0.4	%
		Bayview Opportunity Master Fund IVa Trust
	3,800,000	3.500%, 6/28/2057, Ser. 2017-SPL5, Class A^b		3,898,776		0.5	%
		BlueMountain CLO, Ltd.
	4,000,000	2.298%, 10/15/2026, Ser. 2014-3A, Class A1R^*,a		3,999,984		0.5	%
		CARDS II Trust
	5,100,000	1.529%, 4/18/2022, Ser. 2017-1A, Class A^a,b		5,104,341		0.6	%
		Carlyle Global Market Strategies CLO, Ltd.
	3,750,000	2.358%, 10/15/2026, Ser. 2014-4A, Class A1R^*,a		3,752,134		0.4	%
		CarMax Auto Owner Trust
	5,714,638	1.210%, 11/15/2019, Ser. 2016-4, Class A2		5,705,776		0.6	%
		Cent CLO 22, Ltd.
	3,750,000	2.589%, 11/7/2026, Ser. 2014-22A, Class A1R^*,a		3,755,617		0.4	%
		Chase Issuance Trust
	3,700,000	1.590%, 2/18/2020, Ser. 2015-A2, Class A2		3,703,378		0.4	%
		Chesapeake Funding II, LLC
	3,849,756	1.880%, 6/15/2028, Ser. 2016-2A, Class A1^b		3,845,192		0.4	%
		Chrysler Capital Auto Receivables Trust
	4,537,486	1.360%, 1/15/2020, Ser. 2016-BA, Class A2^b		4,532,109		0.5	%
		Dryden 34 Senior Loan Fund CLO
	3,600,000	2.318%, 10/15/2026, Ser. 2014-34A, Class AR^*,a		3,600,187		0.4	%
		Earnest Student Loan Program, LLC
	3,600,000	2.650%, 1/25/2041, Ser. 2017-A, Class A2^b		3,583,818		0.4	%
		Ford Credit Auto Owner Trust
	4,952,254	1.040%, 9/15/2019, Ser. 2016-C, Class A2A		4,943,954		0.6	%
	3,575,000	2.260%, 11/15/2025, Ser. 2014-1, Class A^b		3,607,838		0.4	%
		GoldenTree Loan Opportunities IX, Ltd.
	3,500,000	2.540%, 10/29/2026, Ser. 2014-9A, Class AR^*,a		3,509,166		0.4	%
		Madison Park Funding XIV, Ltd.
	3,700,000	2.276%, 7/20/2026, Ser. 2014-14A, Class A1R^*,a		3,701,569		0.4	%
		Master Credit Card Trust
	4,500,000	1.964%, 9/23/2019, Ser. 2016-1A, Class A^a,b		4,521,333		0.5	%
		Navient Student Loan Trust
	5,250,000	1.966%, 7/25/2066, Ser. 2017-1A, Class A2^a,b		5,298,542		0.6	%
		OZLM VIII, Ltd.
	3,500,000	2.598%, 10/17/2026, Ser. 2014-8A, Class A1AR^*,a		3,499,993		0.4	%
		Prestige Auto Receivables Trust
	4,816,970	1.460%, 7/15/2020, Ser. 2016-2A, Class A2^b		4,805,796		0.5	%
		Securitized Term Auto Receivables Trust
	5,000,000	1.890%, 8/25/2020, Ser. 2017-1A, Class A3^b		4,996,942		0.6	%
		SLM Student Loan Trust
	4,168,984	1.616%, 3/25/2025, Ser. 2010-1, Class A^a		4,108,536		0.5	%
		Springleaf Funding Trust
	3,650,000	2.900%, 11/15/2029, Ser. 2016-AA, Class A^b		3,667,625		0.4	%
		Toyota Auto Receivables Owner Trust
	5,102,741	1.060%, 5/15/2019, Ser. 2016-D, Class A2A		5,095,292		0.6	%

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

161

LIMITED MATURITY BOND PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (96.4%)	Value		% of Net Assets
	Asset-Backed Securities (26.7%) - continued
		Verizon Owner Trust
$	4,000,000	1.420%, 1/20/2021, Ser. 2016-1A, Class A^b	$	3,980,191		0.4	%
		Voya CLO 3, Ltd.
	3,760,000	2.576%, 7/25/2026, Ser. 2014-3A, Class A1^*,a		3,760,669		0.4	%
		Other Securities^		117,716,493		13.2	%

		Total		237,738,984


	Basic Materials (0.7%)
		Other Securities^		5,892,539		0.7	%

		Total		5,892,539


	Capital Goods (0.6%)
		Other Securities^		5,658,273		0.6	%

		Total		5,658,273


	Collateralized Mortgage Obligations (5.7%)
		Countrywide Alternative Loan Trust
	888,880	5.500% - 5.500%, 11/25/2035 - 2/25/2036, Ser. 2005- 85CB, Class 2A2		865,798		<0.1	%
		Countrywide Home Loans, Inc.
	1,182,039	3.234%, 3/20/2036, Ser. 2006-HYB1, Class 1A1		1,017,244		0.1	%
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	1,601,228	2.250%, 6/25/2025, Ser. 2010-58, Class PT		1,612,546		0.2	%
		Wells Fargo Commercial Mortgage Trust
	6,200,000	2.819%, 8/15/2050, Ser. 2014-LC16, Class A2		6,295,124		0.7	%
	3,575,000	2.632%, 5/15/2048, Ser. 2015-NXS1, Class A2		3,620,867		0.4	%
		Other Securities^		37,351,064		4.3	%

		Total		50,762,643


	Commercial Mortgage-Backed Securities (2.8%)
		Cold Storage Trust
	5,150,000	2.159%, 4/15/2024, Ser. 2017-ICE3, Class A^*,a		5,156,379		0.6	%
		Commercial Mortgage Pass-Through Certificates
	5,000,000	2.139%, 6/8/2030, Ser. 2013-THL, Class A2^a,b		5,004,670		0.6	%
		Commercial Mortgage Trust
	7,000,000	2.928%, 2/10/2047, Ser. 2014-CR15, Class A2		7,098,305		0.8	%
		Other Securities^		7,610,269		0.8	%

		Total		24,869,623


	Communications Services (2.5%)
		Other Securities^		22,530,345		2.5	%

		Total		22,530,345


	Consumer Cyclical (2.0%)
		Other Securities^		18,249,821		2.0	%

		Total		18,249,821


	Consumer Non-Cyclical (5.9%)
		Other Securities^		52,801,178		5.9	%

		Total		52,801,178


	Energy (3.7%)
		Other Securities^		33,094,224		3.7	%

		Total		33,094,224


	Financials (21.3%)
		Bank of America Corporation
	9,085,000	2.018% - 6.100%, 3/22/2018 - 3/17/2025^a,c,d		9,250,195		0.9	%
		Bear Stearns Companies, LLC
	2,500,000	6.400%, 10/2/2017		2,528,835		0.3	%
		J.P. Morgan Chase & Company
	4,000,000	2.056%, 1/25/2018^a		4,020,828		0.4	%
	4,750,000	2.250% - 5.300%, 1/23/2020 - 9/10/2024^d		4,862,577		0.5	%
		J.P. Morgan Chase Bank NA
	1,350,000	1.879%, 9/23/2019^a		1,359,686		0.2	%
		Japan Bank for International Cooperation
	4,000,000	1.750%, 7/31/2018		3,999,284		0.4	%
		Morgan Stanley
	9,655,000	1.982% - 5.550%, 7/15/2019 - 11/24/2025^a,d		9,961,745		1.0	%
		Other Securities^		154,448,030		17.6	%

		Total		190,431,180


	Foreign Government (0.8%)
		Other Securities^		7,341,420		0.8	%

		Total		7,341,420


	Mortgage-Backed Securities (2.8%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	7,150,000	3.000%, 7/1/2031^e		7,341,040		0.8	%
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	6,000,000	4.000%, 7/1/2047^e		6,309,140		0.7	%
	388,758	6.500%, 9/1/2037		431,517		0.1	%
		Federal National Mortgage Association Connecticut Avenue Securities
	4,055,092	2.516%, 4/25/2029, Ser. 2016-C07, Class 2M1^a		4,083,940		0.4	%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	4,280,497	1.746%, 7/1/2043^a		4,392,040		0.5	%
	2,991,477	2.042% - 5.346%, 9/1/2037 - 1/1/2043^a		3,102,605		0.3	%

		Total		25,660,282


	Technology (2.1%)
		Other Securities^		18,799,163		2.1	%

		Total		18,799,163

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

162

LIMITED MATURITY BOND PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (96.4%)	Value			% of Net Assets
	Transportation (1.8%)
		Other Securities^	$	16,348,534			1.8	%

		Total		16,348,534


	U.S. Government and Agencies (14.5%)
		Federal National Mortgage Association
	7,500,000	1.250%, 8/17/2021		7,331,093			0.8	%
		U.S. Treasury Bonds
	4,335,000	2.500% - 5.500%,
		8/15/2028 - 5/15/2046		4,562,987			0.5	%
		U.S. Treasury Bonds, TIPS
	7,229,449	0.125%, 1/15/2023		7,162,201			0.8	%
	7,846,049	0.625%, 1/15/2026		7,894,153			0.9	%
	6,579,105	0.375%, 1/15/2027		6,459,918			0.7	%
	6,191,340	1.000%, 2/15/2046		6,186,350			0.7	%
		U.S. Treasury Notes
	5,000,000	1.250%, 12/15/2018		4,992,580			0.6	%
	12,350,000	1.500%, 10/31/2019		12,365,438			1.4	%
	39,595,000	1.125%, 8/31/2021		38,549,454			4.3	%
	9,515,000	2.125%, 6/30/2022		9,617,210			1.1	%
	3,665,000	1.625% - 2.250%,
		8/15/2022 - 2/15/2027		3,639,444			0.4	%
		U.S. Treasury Notes, TIPS
	19,600,590	0.125%, 4/15/2021		19,569,582			2.2	%
		Other Securities^		996,973			0.1	%

		Total		129,327,383


	Utilities (2.5%)
		Other Securities^		21,893,835			2.5	%

		Total		21,893,835


		Total Long-Term Fixed Income (cost $863,926,383)		861,399,427


Shares		Preferred Stock (0.4%)
	Financials (0.3%)
		Other Securities^		2,600,305			0.3	%

		Total		2,600,305


	Utilities (0.1%)
		Other Securities^		1,017,000			0.1	%

		Total		1,017,000


		Total Preferred Stock (cost $3,534,100)		3,617,305


		Common Stock (<0.1%)
	Energy (<0.1%)
		Other Securities^		143,088			<0.1	%

		Total		143,088


		Total Common Stock (cost $135,697)		143,088


		Collateral Held for Securities Loaned (0.4%)
	3,812,510	Thrivent Cash Management Trust		3,812,510			0.4	%


		Total Collateral Held for Securities Loaned (cost $3,812,510)		3,812,510


Shares or Principal Amount		Short-Term Investments (3.9%)^f
		Thrivent Core Short-Term Reserve Fund
	3,184,811	1.240%	$	31,848,105			3.6	%
		Other Securities^		2,699,379			0.3	%
		Total Short-Term Investments (cost $34,547,466)		34,547,484

		Total Investments (cost $917,642,647) 102.3%	$	914,529,247

		Other Assets and Liabilities, Net (2.3%)		(20,210,793	)

		Total Net Assets 100.0%	$	894,318,454

^	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, 2017.

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

d	Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest and have no contractual maturity date. Date shown, if applicable, is next call date.

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

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

Denotes restricted securities. Restricted securities are investment securities which cannot be offered for public sale without first being registered under the Securities Act of 1933. The value of all restricted securities held in Limited Maturity Bond Portfolio as of June 30, 2017 was $97,236,789 or 10.9% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of June 30, 2017.


Security	Acquisition Date		Cost
Apidos CLO XVIII, 7/22/2026		4/4/2017	$	3,600,000
Babson CLO, Ltd., 10/17/2026		3/10/2017		3,760,000
BlueMountain CLO, Ltd., 10/15/2026		4/10/2017		4,000,000
Carlyle Global Market Strategies CLO, Ltd., 10/15/2026		1/27/2017		3,750,000
Cold Storage Trust, 4/15/2036		4/20/2017		5,150,000
Dryden 34 Senior Loan Fund CLO, 10/15/2026		3/1/2017		3,600,000
GoldenTree Loan Opportunities IX, Ltd., 10/29/2026		10/7/2016		3,500,000
Madison Park Funding XIV, Ltd., 7/20/2026		4/13/2017		3,700,000
OZLM VIII, Ltd., 10/17/2026		5/16/2017		3,500,000
Voya CLO 3, Ltd., 7/25/2026		7/10/2014		3,754,360

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

163

LIMITED MATURITY BOND PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)

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, 2017:


Securities Lending Transactions
Taxable Debt Security	$	3,705,161

Total lending	$	3,705,161
Gross amount payable upon return of collateral for securities loaned	$	3,812,510

Net amounts due to counterparty	$	107,349

Definitions


CLO	-	Collateralized Loan Obligation
Ser.	-	Series
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	$	7,821,922
Gross unrealized depreciation		(10,776,106	)

Net unrealized appreciation (depreciation)	$	(2,954,184	)

Cost for federal income tax purposes	$	917,483,431

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

164

LIMITED MATURITY BOND PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, 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		84,611		—		84,611		—
Capital Goods		1,299,926		—		1,299,926		—
Communications Services		4,498,783		—		4,498,783		—
Consumer Cyclical		2,463,598		—		2,463,598		—
Consumer Non-Cyclical		763,380		—		514,755		248,625
Energy		667,673		—		667,673		—
Technology		981,048		—		981,048		—
Utilities		250,414		—		250,414		—
Long-Term Fixed Income
Asset-Backed Securities		237,738,984		—		231,082,054		6,656,930
Basic Materials		5,892,539		—		5,892,539		—
Capital Goods		5,658,273		—		5,658,273		—
Collateralized Mortgage Obligations		50,762,643		—		50,762,643		—
Commercial Mortgage-Backed Securities		24,869,623		—		24,869,623		—
Communications Services		22,530,345		—		22,530,345		—
Consumer Cyclical		18,249,821		—		18,249,821		—
Consumer Non-Cyclical		52,801,178		—		52,801,178		—
Energy		33,094,224		—		33,094,224		—
Financials		190,431,180		—		190,431,180		—
Foreign Government		7,341,420		—		7,341,420		—
Mortgage-Backed Securities		25,660,282		—		25,660,282		—
Technology		18,799,163		—		18,799,163		—
Transportation		16,348,534		—		16,348,534		—
U.S. Government and Agencies		129,327,383		—		129,327,383		—
Utilities		21,893,835		—		21,893,835		—
Preferred Stock
Financials		2,600,305		1,714,680		885,625		—
Utilities		1,017,000		—		1,017,000		—
Common Stock
Energy		143,088		143,088		—		—
Short-Term Investments		2,699,379		—		2,699,379		—

Subtotal Investments in Securities	$	878,868,632	$	1,857,768	$	870,105,309	$	6,905,555


Other Investments*	Total
Short-Term Investments		31,848,105
Collateral Held for Securities Loaned		3,812,510

Subtotal Other Investments	$	35,660,615

Total Investments at Value	$	914,529,247

* Certain investments are measured at fair value using a net asset value per share that is not publicly available (practical expedient). According to disclosure requirements of Accounting Standards Codification (ASC) 820, Fair Value Measurement, securities valued using the practical expedient are not classified in the fair value hierarchy. The fair value amounts presented in 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		260,731		260,731		—		—

Total Asset Derivatives	$	260,731	$	260,731	$	—	$	—

Liability Derivatives
Futures Contracts		413,263		413,263		—		—

Total Liability Derivatives	$	413,263	$	413,263	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2017. 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.

165

LIMITED MATURITY BOND PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)

The following table presents Limited Maturity Bond Portfolio’s futures contracts held as of June 30, 2017. Investments and/or cash totaling $1,299,673 were pledged as the initial margin deposit for these contracts.


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		728			September 2017	$	157,580,099		$	157,327,629		($	252,470	)
5-Yr. U.S. Treasury Bond Futures		(810	)		September 2017		(95,685,065	)		(95,447,111	)		237,954
10-Yr. U.S. Treasury Bond Futures		(417	)		September 2017		(52,354,971	)		(52,346,531	)		8,440
20-Yr. U.S. Treasury Bond Futures		(78	)		September 2017		(11,864,278	)		(11,987,625	)		(123,347	)
CME Ultra Long Term U.S. Treasury Bond		(12	)		September 2017		(1,953,054	)		(1,990,500	)		(37,446	)
Ultra 10-Yr. U.S. Treasury Note		85			September 2017		11,444,726			11,459,063			14,337
Total Futures Contracts												($	152,532	)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2017, 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	$	260,731
Total Interest Rate Contracts			260,731

Total Asset Derivatives		$	260,731

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		413,263
Total Interest Rate Contracts			413,263

Total Liability Derivatives		$	413,263

*	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, 2017, for Limited Maturity Bond Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Options Written	Net realized gains/(losses) on Written option contracts		18,727
Options Purchased	Net realized gains/(losses) on Investments		(109,242	)
Total Equity Contracts			(90,515	)
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		(1,246,090	)
Total Interest Rate Contracts			(1,246,090	)

Total		($	1,336,605	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2017, 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		(634,673	)
Total Interest Rate Contracts			(634,673	)
Total		($	634,673	)

The following table presents Limited Maturity Bond Portfolio’s average volume of derivative activity during the period ended June 30, 2017.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)			Options (Contracts)
Interest Rate
Contracts	$	321,579,306		36.2	%		178

*	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.

166

LIMITED MATURITY BOND PORTFOLIO

Summary Schedule of Investments as of June 30, 2017

(unaudited)

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, 2016		Gross Purchases		Gross Sales		Shares Held at June 30, 2017		Value June 30, 2017		Income Earned January 1, 2017 - June 30, 2017
Cash Management Trust- Collateral Investment	$	3,886,725	$	35,346,238	$	35,420,453		3,812,510	$	3,812,510	$	7,288
Core Short-Term Reserve Fund		36,943,713		141,706,755		146,802,363		3,184,811		31,848,105		186,161
Total Value and Income Earned	$	40,830,438							$	35,660,615	$	193,449

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

167

MONEY MARKET PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		U.S. Government Agency Debt (89.2%)^a	Value
		Federal Agricultural Mortgage Corporation
$	300,000	1.020%, 7/3/2017	$	300,002
	1,500,000	1.111%, 6/22/2018^b		1,500,000
	1,830,000	1.050%, 7/3/2018^b,c		1,830,000
		Federal Farm Credit Bank
	1,300,000	1.177%, 8/10/2017^b		1,299,929
	870,000	0.930%, 9/8/2017		868,449
	600,000	1.150%, 10/10/2017		600,256
	1,335,000	0.730%, 10/13/2017		1,333,673
	2,960,000	1.260%, 3/14/2018^b		2,959,789
	1,480,000	1.053%, 12/5/2018^b		1,479,894
	1,820,000	1.083%, 3/25/2019^b		1,819,845
	1,810,000	1.170%, 4/24/2019^b		1,809,675
	915,000	1.103%, 7/3/2019^b,c		914,908
		Federal Home Loan Bank
	1,395,000	0.650%, 7/3/2017		1,394,950
	860,000	0.830%, 7/5/2017		859,921
	1,985,000	0.813%, 7/7/2017		1,984,731
	2,420,000	0.824%, 7/10/2017		2,419,502
	3,448,000	0.859%, 7/12/2017		3,447,095
	1,800,000	1.000%, 7/13/2017		1,799,400
	2,770,000	0.915%, 7/14/2017		2,769,085
	550,000	1.000%, 7/17/2017		549,756
	400,000	0.950%, 7/18/2017		399,820
	9,600,000	0.887%, 7/19/2017		9,595,741
	1,390,000	1.020%, 7/20/2017		1,389,252
	2,590,000	0.881%, 7/21/2017		2,588,732
	500,000	0.865%, 7/25/2017		499,712
	2,530,000	0.894%, 7/26/2017		2,528,429
	4,690,000	0.892%, 7/28/2017		4,686,862
	2,255,000	1.017%, 8/1/2017		2,253,025
	1,000,000	0.930%, 8/2/2017		999,173
	550,000	1.025%, 8/3/2017		549,483
	4,300,000	0.999%, 8/4/2017		4,295,941
	1,480,000	1.111%, 8/4/2017^b		1,480,296
	6,500,000	0.984%, 8/9/2017		6,493,071
	1,000,000	0.990%, 8/10/2017		998,900
	1,345,000	0.997%, 8/11/2017		1,343,473
	3,260,000	0.998%, 8/16/2017		3,255,844
	2,000,000	1.159%, 8/17/2017^b		2,000,366
	2,345,000	0.952%, 8/18/2017		2,342,024
	935,000	0.985%, 8/22/2017		933,670
	2,100,000	0.962%, 8/23/2017		2,097,026
	1,300,000	1.161%, 8/23/2017^b		1,299,991
	910,000	0.950%, 8/24/2017		908,703
	1,730,000	1.000%, 8/25/2017		1,727,357
	820,000	1.050%, 8/29/2017		818,589
	3,575,000	0.950%, 8/30/2017		3,569,342
	1,870,000	0.980%, 9/5/2017		1,866,640
	1,825,000	1.116%, 9/5/2017^b		1,825,204
	2,600,000	1.038%, 9/6/2017		2,594,975
	550,000	1.040%, 9/7/2017		548,919
	2,100,000	0.983%, 9/8/2017		2,096,044
	1,500,000	1.000%, 9/13/2017		1,496,917
	576,000	1.048%, 9/15/2017		574,726
	2,500,000	1.000%, 9/20/2017		2,494,375
	1,820,000	0.960%, 9/21/2017		1,816,020
	1,870,000	1.029%, 9/22/2017		1,865,563
	450,000	1.030%, 9/25/2017		448,893
	2,730,000	0.957%, 9/26/2017		2,723,688
	140,000	1.005%, 9/29/2017		139,648
	400,000	1.010%, 10/20/2017		398,754
	1,000,000	1.040%, 10/25/2017		996,649
	800,000	1.135%, 11/2/2017^b		800,000
	740,000	1.120%, 12/6/2017		736,362
	1,500,000	1.022%, 12/13/2017^b		1,500,049
	1,830,000	1.116%, 12/21/2018^b		1,830,000
		Federal Home Loan Mortgage Corporation
	1,250,000	1.344%, 7/21/2017^b		1,249,993
	1,500,000	0.905%, 8/10/2018^b		1,500,000
		Federal National Mortgage Association
	100,000	1.000%, 9/20/2017		99,984
	1,630,000	1.128%, 1/11/2018^b		1,630,000
		Financing Corporation
	2,000,000	10.700%, 10/6/2017		2,050,724
		Overseas Private Investment Corporation
	2,700,000	1.080%, 7/7/2017^b		2,700,000
	1,890,000	1.080%, 7/7/2017^b		1,890,000
	577,440	1.080%, 7/7/2017^b		577,440
	2,742,453	1.090%, 7/7/2017^b		2,742,453
	3,450,000	1.090%, 7/7/2017^b		3,450,000
	1,575,000	1.090%, 7/7/2017^b		1,575,000
	355,622	1.090%, 7/7/2017^b		355,622
	1,828,302	1.090%, 7/7/2017^b		1,828,302
	1,847,368	1.100%, 7/7/2017^b		1,847,368
	3,700,000	1.100%, 7/7/2017^b		3,700,000
	1,860,000	1.100%, 7/7/2017^b		1,860,000
	835,000	1.100%, 7/7/2017^b		835,000
	2,131,579	1.100%, 7/7/2017^b		2,131,579
	1,857,513	1.100%, 7/7/2017^b		1,857,513
	3,600,000	1.280%, 1/7/2018^c		3,600,000
	1,450,000	1.500%, 3/17/2018		1,456,283
	1,220,000	1.380%, 4/30/2018		1,222,807

		Total		157,909,176


		U.S. Treasury Debt (14.1%)^a
		U.S. Treasury Bills
	1,800,000	1.000%, 9/21/2017		1,795,900
		U.S. Treasury Notes
	3,060,000	1.080%, 7/31/2017^b		3,059,954
	1,890,000	1.875%, 8/31/2017		1,892,909
	2,845,000	0.625%, 9/30/2017		2,842,354
	1,870,000	1.875%, 10/31/2017		1,875,103
	2,380,000	1.275%, 1/31/2018^b		2,381,840
	4,360,000	1.193%, 4/30/2018^b		4,362,743
	4,950,000	1.177%, 7/31/2018^b		4,950,636
	1,860,000	1.143%, 1/31/2019^b		1,860,563

		Total		25,022,002

		Total Investments (at amortized cost) 103.3%	$	182,931,178

		Other Assets and Liabilities, Net (3.3)%		(5,799,812	)

		Total Net Assets 100.0%	$	177,131,366

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, 2017.

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


Cost for federal income tax purposes		$	182,931,178

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

168

MONEY MARKET PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2017, 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		157,909,176		—		157,909,176		—
U.S. Treasury Debt		25,022,002		—		25,022,002		—

Total	$	182,931,178	$	—	$	182,931,178	$	—

There were no significant transfers between Levels during the period ended June 30, 2017. 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.

169

THRIVENT SERIES FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES


*As of June 30, 2017 (unaudited)*	Aggressive Allocation Portfolio			Moderately Aggressive Allocation Portfolio			Moderate Allocation Portfolio			Moderately Conservative Allocation Portfolio
Assets
Investments at cost	$	1,033,336,433		$	5,266,275,808		$	9,649,681,972		$	5,289,506,764
Investments in securities at value		663,993,453			3,238,239,127			6,405,303,024			3,435,742,332
Investments in affiliates at value		542,938,415			2,822,481,578			4,288,186,911			2,193,120,421
Investments at Value		1,206,931,868			6,060,720,705			10,693,489,935			5,628,862,753
Cash		8,813	^(a)		21,142	^(b)		52,654	^(c)		—
Dividends and interest receivable		686,990			7,084,582			19,103,814			12,165,123
Prepaid expenses		6,708			19,963			31,882			17,781
Receivable for:
Investments sold		1,315,113			6,500,079			13,817,076			7,757,744
Investments sold on a delayed delivery basis		—			6,613,871			8,002,168			483,539
Fund shares sold		28,786			10,524			104,561			739,789
Expense reimbursements		201,777			1,069,528			1,372,039			514,311
Variation margin on open future contracts		366,870			1,971,006			2,149,962			656,694
Total Assets		1,209,546,925			6,084,011,400			10,738,124,091			5,651,197,734
Liabilities
Accrued expenses		44,113			69,736			93,346			58,800
Cash overdraft		—			—			—			20,125	^(d)
Payable for:
Investments purchased		3,378,187			13,733,893			23,170,018			11,622,613
Investments purchased on a delayed delivery basis		18,209,959			285,353,742			890,186,834			662,490,637
Return of collateral for securities loaned		—			43,718,945			81,917,400			28,219,107
Fund shares redeemed		37,360			503,740			937,417			142,165
Variation margin on open future contracts		116,277			618,644			1,257,501			690,048
Investment advisory fees		717,899			3,103,115			4,762,722			2,287,357
Administrative fees		25,211			96,316			158,951			83,910
Director fees		682			2,421			4,357			2,260
Director deferred compensation		57,484			181,701			313,376			166,236
Open options written, at value		—			—			—			—
Commitments and contingent liabilities^		—			—			—			—
Mortgage dollar roll deferred revenue		10,096			154,338			478,541			355,554
Total Liabilities		22,597,268			347,536,591			1,003,280,463			706,138,812
Net Assets
Capital stock (beneficial interest)		951,974,384			4,694,885,589			8,360,736,067			4,476,597,104
Accumulated undistributed net investment income/(loss)		6,434,749			49,035,127			98,220,202			53,434,618
Accumulated undistributed net realized gain/(loss)		55,230,182			198,700,597			231,073,948			74,842,582
Net unrealized appreciation/(depreciation) on:
Investments		137,041,467			479,541,349			668,801,229			225,779,349
Affiliated investments		36,553,968			314,903,548			375,006,734			113,576,640
Written option contracts		—			—			—			—
Futures contracts		(284,904	)		(593,956	)		998,276			828,629
Foreign currency transactions		(189	)		2,555			7,172			—
Total Net Assets	$	1,186,949,657		$	5,736,474,809		$	9,734,843,628		$	4,945,058,922
Shares of beneficial interest outstanding		74,581,328			378,268,017			686,887,230			379,614,618
Net asset value per share	$	15.91		$	15.17		$	14.17		$	13.03

(a)	Includes foreign currency holdings of $7,901 (cost $7,913).

(b)	Includes foreign currency holdings of $26,347 (cost $26,401).

(c)	Includes foreign currency holdings of $69,799 (cost $69,944).

(d)	Includes foreign currency holdings of $4 (cost $4).

(e)	Includes foreign currency holdings of $13,141 (cost $13,164).

(f)	Includes foreign currency holdings of $40,172 (cost $40,256).

(g)	Includes foreign currency holdings of $37,867 (cost $37,901).

(h)	Includes foreign currency holdings of $126,852 (cost $126,323).

^	Commitments and contingent liability accrual. Additional information can be found in the accompanying Notes to Financial Statements.

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

170

THRIVENT SERIES FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES – CONTINUED


Growth and Income Plus Portfolio			Balanced Income Plus Portfolio			Diversified Income Plus Portfolio			Opportunity Income Plus Portfolio			Partner Healthcare Portfolio			Partner Emerging Markets Equity Portfolio			Real Estate Securities Portfolio

$	87,194,492		$	388,188,324		$	639,888,771		$	181,001,007		$	178,353,579		$	62,757,566		$	157,115,853
	87,697,995			373,322,451			595,978,966			153,057,190			184,984,088			73,207,645			182,196,525
	6,838,538			41,619,397			72,916,665			28,917,773			9,893,220			2,302,540			848,747
	94,536,533			414,941,848			668,895,631			181,974,963			194,877,308			75,510,185			183,045,272
	9,194	^(e)		9,300	^(f)		79,115	^(g)		—			35,492			126,852	^(h)		—
	319,017			1,615,140			3,199,679			940,493			292,531			212,474			680,773
	3,591			4,428			5,101			3,766			3,855			3,515			3,861

	181,683			2,997,985			1,373,920			330,138			1,173,429			—			55,399
	—			(1,057,850	)		1,464,822			592,719			—			—			—
	19,974			39,430			135,623			59,706			44,091			22,600			31,427
	10,651			—			—			—			11,155			13,259			—
	1,825			13,271			16,883			9,469			—			—			—
	95,082,468			418,563,552			675,170,774			183,911,254			196,437,861			75,888,885			183,816,732

	33,191			36,555			39,603			22,017			14,343			41,213			13,749
	—			—			—			26,808			—			—			—

	125,984			391,285			572,531			411,005			995,690			587,169			346,800
	4,148,247			29,389,914			48,733,031			24,132,164			—			—			—
	—			5,142,025			1,140,232			—			—			—			—
	32,973			71,897			27,109			1,175			51,730			1,554			26,235
	2,094			22,784			61,874			11,253			—			—			—
	48,332			172,940			204,286			64,873			139,563			70,560			121,021
	8,079			12,641			16,370			9,132			9,649			7,825			9,541
	192			454			608			192			192			192			192
	18,946			88,698			55,613			22,884			18,008			18,008			49,668
	—			185			260			158			—			—			—
	—			—			—			—			—			—			—
	2,219			10,363			18,717			8,133			—			—			—
	4,420,257			35,339,741			50,870,234			24,709,794			1,229,175			726,521			567,206

	83,686,010			351,299,496			590,765,121			160,434,601			191,519,854			62,794,490			155,756,193
	900,650			5,446,731			9,968,258			7,522			(11,680	)		459,525			2,165,052
	(1,276,495	)		(348,719	)		(5,539,674	)		(2,279,511	)		(12,826,394	)		(845,851	)		(600,900	)

	7,342,041			26,753,524			29,006,860			973,956			16,523,729			12,752,619			25,929,419
	—			—			—			—			—			—			—
	—			18,642			26,236			15,979			—			—			—
	8,642			50,095			70,834			48,913			—			—			—
	1,363			4,042			2,905			—			3,177			1,581			(238	)
$	90,662,211		$	383,223,811		$	624,300,540		$	159,201,460		$	195,208,686		$	75,162,364		$	183,249,526
	8,456,995			26,265,569			78,887,254			15,640,193			10,861,443			5,667,433			7,831,576
$	10.72		$	14.59		$	7.91		$	10.18		$	17.97		$	13.26		$	23.40

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

171

THRIVENT SERIES FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES – CONTINUED


*As of June 30, 2017 (unaudited)*	Small Cap Stock Portfolio		Small Cap Index Portfolio			Mid Cap Stock Portfolio		Mid Cap Index Portfolio
Assets
Investments at cost	$	452,675,241	$	378,118,144		$	1,173,503,127	$	295,470,240
Investments in securities at value		538,447,976		434,188,359			1,517,560,740		335,514,391
Investments in affiliates at value		30,479,736		46,607,864			89,883,434		20,950,316
Investments at Value		568,927,712		480,796,223			1,607,444,174		356,464,707
Cash		—		—			75,176		—
Initial margin deposit on open futures contracts		—		—			—		—
Initial margin deposit on open currency contracts		—		—			—		—
Dividends and interest receivable		424,112		476,909			1,120,352		358,225
Prepaid expenses		4,902		4,587			7,954		4,279
Receivable for:
Investments sold		298,650		2,504,734			5,964,944		22,118
Fund shares sold		8,254		179,022			49,154		158,903
Expense reimbursements		—		—			—		—
Variation margin on open future contracts		—		—			—		5,907
Unrealized gain on forward contracts		—		—			—		—
Total Assets		569,663,630		483,961,475			1,614,661,754		357,014,139
Liabilities
Accrued expenses		16,760		22,597			19,353		19,541
Payable for:
Investments purchased		2,767,308		14,696,861			2,850,255		865,479
Investments purchased on a delayed delivery basis		—		—			—		—
Return of collateral for securities loaned		17,530,042		26,659,443			9,875,250		12,440,069
Fund shares redeemed		9,256		52,498			103,266		9,398
Variation margin on open future contracts		—		22,786			—		—
Investment advisory fees		300,796		71,920			829,869		55,965
Administrative fees		15,219		13,499			31,384		11,983
Director fees		599		512			1,354		439
Director deferred compensation		163,047		69,926			249,853		29,981
Expense reimbursements		—		—			—		—
Unrealized loss on forward contracts		—		—			—		—
Commitments and contingent liabilities^		—		—			—		—
Total Liabilities		20,803,027		41,610,042			13,960,584		13,432,855
Net Assets
Capital stock (beneficial interest)		405,418,539		324,182,915			1,123,191,781		273,577,380
Accumulated undistributed net investment income/(loss)		870,233		2,428,708			2,788,936		1,890,002
Accumulated undistributed net realized gain/(loss)		26,319,360		13,072,655			40,779,406		7,152,147
Net unrealized appreciation/(depreciation) on:
Investments		116,252,471		102,678,079			433,941,047		60,994,467
Futures contracts		—		(10,924	)		—		(32,712	)
Foreign currency forward contracts		—		—			—		—
Foreign currency transactions		—		—			—		—
Total Net Assets	$	548,860,603	$	442,351,433		$	1,600,701,170	$	343,581,284
Shares of beneficial interest outstanding		29,232,527		25,362,134			85,288,568		19,821,373
Net asset value per share	$	18.78	$	17.44		$	18.77	$	17.33

(a)	Includes foreign currency holdings of $7,845,390 (cost $7,777,028).

(b)	Includes foreign currency holdings of $209,968 (cost $210,142).

^	Commitments and contingent liability accrual. Additional information can be found in the accompanying Notes to Financial Statements.

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

172

THRIVENT SERIES FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES – CONTINUED


Partner Worldwide Allocation Portfolio			Large Cap Stock Portfolio			Partner All Cap Portfolio		Large Cap Growth Portfolio		Partner Growth Stock Portfolio		Large Cap Value Portfolio		Large Cap Index Portfolio

$	1,717,152,789		$	805,889,534		$	88,526,568	$	787,914,851	$	97,801,703	$	1,054,464,494	$	530,384,702
	1,833,075,688			945,606,041			102,393,860		1,080,422,132		141,068,621		1,383,991,665		787,555,645
	56,829,438			59,135,589			4,029,538		43,670,706		11,291,784		41,247,357		35,097,451
	1,889,905,126			1,004,741,630			106,423,398		1,124,092,838		152,360,405		1,425,239,022		822,653,096
	8,251,745	^(a)		262,376	^(b)		8,120		—		—		74,880		3,932
	807,605			—			—		—		—		—		—
	2,530,000			—			—		—		—		—		—
	9,041,449			2,089,028			77,061		340,508		90,579		1,704,045		812,890
	8,664			6,198			3,618		6,533		3,714		7,539		5,616

	11,864,486			—			69,547		—		47,127		—		—
	180,487			13,886			12		2,762		94,734		50,595		394,147
	60,429			—			—		—		—		—		—
	1,112,705			42,291			—		—		—		—		11,255
	1,465,191			—			—		—		—		—		—
	1,925,227,887			1,007,155,409			106,581,756		1,124,442,641		152,596,559		1,427,076,081		823,880,936

	175,296			36,444			13,533		17,842		19,718		18,554		22,501

	7,174,369			294,434			213,265		12,679,967		102,697		—		340,521
	510,000			—			—		—		—		—		—
	26,722,327			9,153,817			2,782,878		—		4,132,862		9,133,600		2,230,365
	32,940			11,863			4,214		366,480		3,316		29,016		71,656
	1,158,148			258,600			—		—		—		—		—
	1,275,101			498,229			55,511		369,606		79,219		694,374		134,435
	36,106			22,285			8,289		24,223		8,982		28,655		19,438
	1,577			911			192		1,004		192		1,272		779
	234,626			176,224			22,810		304,470		24,291		161,120		105,238
	—			—			—		—		1,380		—		—
	1,414,180			—			—		—		—		—		—
	—			—			—		—		—		—		—
	38,734,670			10,452,807			3,100,692		13,763,592		4,372,657		10,066,591		2,924,933

	1,676,891,630			751,638,723			83,183,959		759,985,284		86,116,068		1,003,796,954		537,732,713
	26,960,955			7,406,248			284,790		1,969,895		106,832		11,254,661		7,106,386
	9,585,057			41,057,135			2,115,485		12,545,883		7,442,300		31,183,347		(16,050,889	)

	172,752,337			198,852,096			17,896,830		336,177,987		54,558,702		370,774,528		292,268,394
	72,337			(2,275,889	)		—		—		—		—		(100,601	)
	51,011			—			—		—		—		—		—
	179,890			24,289			—		—		—		—		—
$	1,886,493,217		$	996,702,602		$	103,481,064	$	1,110,679,049	$	148,223,902	$	1,417,009,490	$	820,956,003
	185,678,929			75,803,303			7,249,553		34,848,903		6,968,520		83,505,346		24,713,603
$	10.16		$	13.15		$	14.27	$	31.87	$	21.27	$	16.97	$	33.22

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

173

THRIVENT SERIES FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES – CONTINUED


*As of June 30, 2017 (unaudited)*	Low Volatility Equity Portfolio			Multidimensional Income Portfolio			High Yield Portfolio			Income Portfolio
Assets
Investments at cost	$	5,696,581		$	23,349,108		$	913,441,867		$	1,546,575,514
Investments in securities at value		4,982,275			18,715,213			774,068,637			1,466,472,605
Investments in affiliates at value		789,906			4,620,411			150,243,400			116,258,331
Investments at Value		5,772,181			23,335,624			924,312,037			1,582,730,936
Cash		134	^(a)		5,178			—			14,560
Dividends and interest receivable		8,822			71,652			11,890,174			13,128,060
Prepaid expenses		4,336			4,380			5,740			7,654
Receivable for:
Investments sold		—			46,959			3,504,348			5,494,180
Investments sold on a delayed delivery basis		—			260,133			—			—
Fund shares sold		114,283			54,971			57,238			62,460
Expense reimbursements		13,247			8,557			—			—
Variation margin on open future contracts		—			—			—			328,795
Total Assets		5,913,003			23,787,454			939,769,537			1,601,766,645
Liabilities
Accrued expenses		10,513			11,832			20,360			23,945
Cash overdraft		—			—			30,154			—
Payable for:
Investments purchased		—			58,077			2,645,853			1,366,703
Investments purchased on a delayed delivery basis		—			3,527,134			—			77,715,184
Return of collateral for securities loaned		—			—			108,822,574			38,048,799
Fund shares redeemed		4			54,972			66,194			80,167
Variation margin on open future contracts		1,922			172			—			284,625
Investment advisory fees		2,860			9,100			271,927			488,810
Administrative fees		6,757			6,981			19,583			29,885
Director fees		128			128			801			1,271
Director deferred compensation		—			—			155,778			236,735
Commitments and contingent liabilities^		—			—			—			—
Mortgage dollar roll deferred revenue		—			1,633			—			39,625
Total Liabilities		22,184			3,670,029			112,033,224			118,315,749
Net Assets
Capital stock (beneficial interest)		5,780,426			19,999,871			897,125,191			1,446,449,625
Accumulated undistributed net investment income/(loss)		17,746			121,078			20,442			13,554
Accumulated undistributed net realized gain/(loss)		19,266			10,229			(80,279,490	)		106,195
Net unrealized appreciation/(depreciation) on:
Investments		75,600			(13,484	)		10,870,170			36,155,422
Futures contracts		(2,250	)		(269	)		—			726,100
Foreign currency transactions		31			—			—			—
Total Net Assets	$	5,890,819		$	20,117,425		$	827,736,313		$	1,483,450,896
Shares of beneficial interest outstanding		578,422			1,999,987			170,674,141			144,607,729
Net asset value per share	$	10.18		$	10.06		$	4.85		$	10.26

(a)	Includes foreign currency holdings of $134 (cost $134).

^	Commitments and contingent liability accrual. Additional information can be found in the accompanying Notes to Financial Statements.

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

174

THRIVENT SERIES FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES – CONTINUED


*As of June 30, 2017 (unaudited)*	Bond Index Portfolio			Limited Maturity Bond Portfolio			Money Market Portfolio
Assets
Investments at cost	$	255,901,635		$	917,642,647		$	182,931,178
Investments in securities at value		245,152,349			878,868,632			182,931,178
Investments in affiliates at value		12,338,488			35,660,615			—
Investments at Value		257,490,837			914,529,247			182,931,178	^*
Cash		—			—			4,349
Dividends and interest receivable		838,325			3,537,586			168,144
Prepaid expenses		3,899			5,975			3,869
Receivable for:
Fund shares sold		29,255			1,410			513,715
Variation margin on open future contracts		—			308,621			—
Total Assets		258,362,316			918,382,839			183,621,255
Liabilities
Accrued expenses		16,461			21,647			14,830
Cash overdraft		4			403			—
Payable for:
Investments purchased		—			33			6,344,909
Investments purchased on a delayed delivery basis		56,816,146			19,613,887			—
Return of collateral for securities loaned		464,000			3,812,510			—
Fund shares redeemed		9,305			13,586			68,923
Variation margin on open future contracts		—			100,125			—
Investment advisory fees		57,835			294,589			51,569
Administrative fees		9,806			20,660			9,466
Director fees		192			858			192
Director deferred compensation		48,377			178,441			—
Commitments and contingent liabilities^		—			—			—
Mortgage dollar roll deferred revenue		31,576			7,646			—
Total Liabilities		57,453,702			24,064,385			6,489,889
Net Assets
Capital stock (beneficial interest)		200,216,378			903,290,590			177,134,248
Accumulated undistributed net investment income/(loss)		8,336			87,116			—
Accumulated undistributed net realized gain/(loss)		(905,302	)		(5,793,320	)		(2,882	)
Net unrealized appreciation/(depreciation) on:
Investments		1,589,202			(3,113,400	)		—
Futures contracts		—			(152,532	)		—
Total Net Assets	$	200,908,614		$	894,318,454		$	177,131,366
Shares of beneficial interest outstanding		18,304,808			90,691,163			177,132,380
Net asset value per share	$	10.98		$	9.86		$	1.00

^	Commitments and contingent liability accrual. Additional information can be found in the accompanying Notes to Financial Statements.

*	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.

175

THRIVENT SERIES FUND, INC.

STATEMENT OF OPERATIONS


*For the six months ended June 30, 2017 (unaudited)*	Aggressive Allocation Portfolio			Moderately Aggressive Allocation Portfolio			Moderate Allocation Portfolio			Moderately Conservative Allocation Portfolio
Investment Income
Dividends	$	3,476,937		$	15,280,254		$	24,898,807		$	9,303,551
Interest		233,499			11,130,928			33,862,920			23,992,959
Income from mortgage dollar rolls		188,005			3,087,008			9,860,365			7,271,910
Income from securities loaned, net		347			316,219			502,718			116,332
Income from affiliated investments		5,633,764			31,088,801			49,377,743			23,641,057
Foreign tax withholding		(28,362	)		(100,767	)		(254,801	)		(15,152	)
Total Investment Income		9,504,190			60,802,443			118,247,752			64,310,657
Expenses
Adviser fees		4,147,227			18,208,935			28,180,133			13,512,529
Sub-Adviser fees		—			—			—			—
Administrative service fees		147,062			565,286			940,446			496,090
Audit and legal fees		17,405			26,819			35,821			24,910
Custody fees		100,341			139,673			186,285			114,219
Insurance expenses		4,577			13,552			21,928			12,047
Directors’ fees		17,038			59,029			105,066			54,385
Other expenses		18,374			46,294			61,969			44,395
Total Expenses Before Reimbursement		4,452,024			19,059,588			29,531,648			14,258,575
Less:
Reimbursement from adviser		(1,177,900	)		(6,265,970	)		(8,060,814	)		(3,031,233	)
Total Net Expenses		3,274,124			12,793,618			21,470,834			11,227,342
Net Investment Income/(Loss)		6,230,066			48,008,825			96,776,918			53,083,315
Realized and Unrealized Gains/(Losses)
Net realized gains/(losses) on:
Investments		26,877,986			101,895,565			141,692,275			45,800,061
Distributions of realized capital gains from affiliated investments		9,782,432			50,400,644			48,708,532			14,153,099
Written option contracts		—			38,695			183,555			138,906
Futures contracts		23,557,441			65,920,838			69,125,312			23,836,817
Foreign currency and forward contract transactions		(3,924	)		(9,330	)		(30,300	)		2
Swap agreements		—			(868,462	)		(2,809,287	)		(2,023,895	)
Change in net unrealized appreciation/(depreciation) on:
Investments		30,165,193			81,681,412			122,524,270			55,536,889
Affiliated investments		16,897,069			82,888,271			100,427,431			31,452,414
Written option contracts		—			—			—			—
Futures contracts		(1,657,634	)		(3,735,398	)		(59,391	)		2,574,892
Foreign currency transactions		1,769			3,029			10,254			—
Net Realized and Unrealized Gains/(Losses)		105,620,332			378,215,264			479,772,651			171,469,185
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	111,850,398		$	426,224,089		$	576,549,569		$	224,552,500

(a)	Includes foreign capital gain taxes paid of $647.

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

176

THRIVENT SERIES FUND, INC.

STATEMENT OF OPERATIONS – CONTINUED


Growth and Income Plus Portfolio			Balanced Income Plus Portfolio			Diversified Income Plus Portfolio			Opportunity Income Plus Portfolio			Partner Healthcare Portfolio			Partner Emerging Markets Equity Portfolio			Real Estate Securities Portfolio

$	819,871		$	2,656,227		$	2,971,538		$	253,499		$	1,126,981		$	1,067,153		$	2,990,098
	475,643			3,315,855			7,969,836			2,445,607			15,304			1			109
	33,353			250,722			394,371			197,789			—			—			—
	—			18,541			19,458			—			—			298			9
	37,852			195,714			363,397			147,734			45,570			10,394			3,292
	(42,980	)		(130,117	)		(118,983	)		—			(73,297	)		(108,173	)		(93	)
	1,323,739			6,306,942			11,599,617			3,044,629			1,114,558			969,673			2,993,415

	291,190			1,013,306			1,184,163			371,270			328,323			153,271			723,883
	—			—			—			—			468,683			231,963			—
	48,512			75,005			96,248			54,108			56,984			46,268			57,192
	15,277			16,389			16,787			15,877			14,785			31,084			14,733
	52,519			60,032			63,505			19,678			5,369			48,270			3,371
	2,505			3,056			3,484			2,593			2,701			2,444			2,694
	4,952			14,240			15,221			5,169			4,880			4,880			6,809
	24,289			29,234			33,236			22,104			5,724			7,614			5,992
	439,244			1,211,262			1,412,644			490,799			887,449			525,794			814,674

	(80,857	)		—			—			—			(60,063	)		(96,914	)		—
	358,387			1,211,262			1,412,644			490,799			827,386			428,880			814,674
	965,352			5,095,680			10,186,973			2,553,830			287,172			540,793			2,178,741


	928,177			3,720,623			3,427,564			337,131			13,660,751			(41,492	)^(a)		(168,333	)

	—			—			—			—			—			—			—
	—			26,532			39,886			22,529			—			—			—
	(118,328	)		(565,620	)		(984,025	)		(355,281	)		—			—			—
	(6,257	)		(19,093	)		(14,548	)		—			(17,724	)		(11,346	)		—
	—			—			—			—			—			—			—

	4,384,962			13,210,553			17,087,867			1,320,613			18,497,215			9,688,803			2,388,443
	—			—			—			—			—			—			—
	—			18,642			26,236			15,979			—			—			—
	9,957			19,654			16,866			16,811			—			—			—
	2,679			7,235			6,539			—			11,224			1,809			84
	5,201,190			16,418,526			19,606,385			1,357,782			32,151,466			9,637,774			2,220,194

$	6,166,542		$	21,514,206		$	29,793,358		$	3,911,612		$	32,438,638		$	10,178,567		$	4,398,935

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

177

THRIVENT SERIES FUND, INC.

STATEMENT OF OPERATIONS – CONTINUED


*For the six months ended June 30, 2017 (unaudited)*	Small Cap Stock Portfolio			Small Cap Index Portfolio			Mid Cap Stock Portfolio		Mid Cap Index Portfolio
Investment Income
Dividends	$	2,733,035		$	2,823,878		$	7,550,106	$	2,267,446
Interest		1,713			4,971			182,997		3,583
Income from securities loaned, net		61,217			141,750			28,209		35,377
Income from affiliated investments		67,605			71,231			397,319		55,775
Foreign tax withholding		(9,044	)		(304	)		—		—
Total Investment Income		2,854,526			3,041,526			8,158,631		2,362,181
Expenses
Adviser fees		1,750,500			417,539			4,918,524		316,708
Sub-Adviser fees		—			—			—		—
Administrative service fees		89,719			79,666			186,331		70,087
Audit and legal fees		15,230			15,770			17,100		15,520
Custody fees		11,796			27,132			17,403		18,103
Insurance expenses		3,327			3,086			5,250		2,871
Directors’ fees		21,529			14,248			41,582		10,242
Other expenses		7,164			8,330			11,078		7,369
Total Expenses Before Reimbursement		1,899,265			565,771			5,197,268		440,900
Less:
Reimbursement from adviser		—			—			—		—
Total Net Expenses		1,899,265			565,771			5,197,268		440,900
Net Investment Income/(Loss)		955,261			2,475,755			2,961,363		1,921,281
Realized and Unrealized Gains/(Losses)
Net realized gains/(losses) on:
Investments		28,911,423			16,779,796			49,965,861		10,659,754
Futures contracts		—			161,497			—		854,007
Foreign currency and forward contract transactions		—			—			—		—
Change in net unrealized appreciation/(depreciation) on:
Investments		12,434,404			(7,759,329	)		55,838,122		4,285,064
Futures contracts		—			144,149			—		81,415
Foreign currency forward contracts		—			—			—		—
Foreign currency transactions		—			—			—		—
Net Realized and Unrealized Gains/(Losses)		41,345,827			9,326,113			105,803,983		15,880,240
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	42,301,088		$	11,801,868		$	108,765,346	$	17,801,521

(a)	Includes foreign capital gain taxes paid of $2,221.

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

178

THRIVENT SERIES FUND, INC.

STATEMENT OF OPERATIONS – CONTINUED


Partner Worldwide Allocation Portfolio			Large Cap Stock Portfolio			Partner All Cap Portfolio		Large Cap Growth Portfolio			Partner Growth Stock Portfolio			Large Cap Value Portfolio			Large Cap Index Portfolio

$	34,246,495		$	11,134,604		$	666,349	$	4,418,251		$	616,309		$	15,223,704		$	7,593,354
	5,157,445			302,035			1,427		5,645			143			148			4,738
	305,547			91,841			12,349		361			30,806			1,033			8,348
	155,981			255,215			7,290		197,784			12,646			173,828			137,631
	(3,277,620	)		(657,922	)		—		—			(1,384	)		(59,056	)		—
	36,587,848			11,125,773			687,415		4,622,041			658,520			15,339,657			7,744,071

	4,379,177			2,910,481			25,568		2,148,673			168,206			4,167,020			759,334
	2,961,711			—			300,069		—			269,301			—			—
	208,696			130,912			49,519		142,062			52,789			171,956			112,137
	33,533			17,194			14,531		16,887			14,588			16,986			16,337
	426,378			63,952			3,553		12,624			23,163			24,331			21,610
	5,959			4,275			2,522		4,609			2,581			5,065			3,716
	44,606			28,446			5,164		38,303			5,231			34,683			21,263
	49,561			15,673			5,621		9,669			5,600			10,649			9,449
	8,109,621			3,170,933			406,547		2,372,827			541,459			4,430,690			943,846

	(346,271	)		—			—		—			(2,989	)		—			—
	7,763,350			3,170,933			406,547		2,372,827			538,470			4,430,690			943,846
	28,824,498			7,954,840			280,868		2,249,214			120,050			10,908,967			6,800,225


	60,637,963	^(a)		32,848,417			2,850,491		14,646,652			8,010,327			31,693,900			207,306
	2,012,963			13,622,368			—		(9,660	)		—			—			1,676,748
	(412,764	)		(4,130	)		—		—			(40	)		—			—

	142,492,360			46,560,811			6,697,481		135,061,714			15,441,497			28,086,089			56,790,200
	107,494			(3,310,743	)		—		—			—			—			83,149
	92,331			—			—		—			—			—			—
	377,268			38,569			—		—			—			—			—
	205,307,615			89,755,292			9,547,972		149,698,706			23,451,784			59,779,989			58,757,403
$	234,132,113		$	97,710,132		$	9,828,840	$	151,947,920		$	23,571,834		$	70,688,956		$	65,557,628

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

179

THRIVENT SERIES FUND, INC.

STATEMENT OF OPERATIONS – CONTINUED


*For the six months ended June 30, 2017 (unaudited)*	Low Volatility Equity Portfolio(a)			Multidimensional Income Portfolio(a)			High Yield Portfolio			Income Portfolio
Investment Income
Dividends	$	24,260		$	76,200		$	294,440		$	619,976
Interest		280			53,430			23,479,546			25,490,607
Income from mortgage dollar rolls		—			9,180			—			767,386
Income from securities loaned, net		—			—			293,188			65,045
Income from affiliated investments		1,622			14,127			164,447			402,113
Foreign tax withholding		(857	)		—			—			—
Total Investment Income		25,305			152,937			24,231,621			27,345,127
Expenses
Adviser fees		5,669			18,445			1,610,809			2,888,056
Administrative service fees		13,513			13,970			116,513			177,183
Amortization of offering costs		201			201			—			—
Audit and legal fees		7,256			8,724			17,344			18,838
Custody fees		2,140			2,200			9,468			21,804
Insurance expenses		740			750			3,965			5,358
Directors’ fees		1,201			1,201			25,425			39,569
Other expenses		3,146			3,062			17,953			23,531
Total Expenses Before Reimbursement		33,866			48,553			1,801,477			3,174,339
Less:
Reimbursement from adviser		(26,307	)		(16,694	)		—			—
Total Net Expenses		7,559			31,859			1,801,477			3,174,339
Net Investment Income/(Loss)		17,746			121,078			22,430,144			24,170,788
Realized and Unrealized Gains/(Losses)
Net realized gains/(losses) on:
Investments		6,035			9,548			(5,143,390	)		2,536,126
Futures contracts		14,464			681			—			(47,709	)
Foreign currency and forward contract transactions		(1,233	)		—			—			—
Change in net unrealized appreciation/(depreciation) on:
Investments		75,600			(13,484	)		18,182,821			27,553,703
Futures contracts		(2,250	)		(269	)		—			454,821
Foreign currency transactions		31			—			—			—
Net Realized and Unrealized Gains/(Losses)		92,647			(3,524	)		13,039,431			30,496,941
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	110,393		$	117,554		$	35,469,575		$	54,667,729

(a)	For the period from April 28, 2017 (inception) through June 30, 2017.

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

180

THRIVENT SERIES FUND, INC.

STATEMENT OF OPERATIONS – CONTINUED


*For the six months ended June 30, 2017 (unaudited)*	Bond Index Portfolio		Limited Maturity Bond Portfolio			Money Market Portfolio
Investment Income
Dividends	$	96,414	$	112,495		$	—
Interest		1,728,235		9,767,942			703,088
Income from mortgage dollar rolls		577,394		143,533			—
Income from securities loaned, net		4,344		7,288			—
Income from affiliated investments		69,083		186,161			—
Total Investment Income		2,475,470		10,217,419			703,088
Expenses
Adviser fees		341,167		1,763,374			321,870
Administrative service fees		58,521		123,760			57,473
Audit and legal fees		14,615		17,612			14,298
Custody fees		7,605		16,990			7,017
Insurance expenses		2,713		4,174			2,684
Directors’ fees		6,721		27,990			3,785
Other expenses		10,988		21,452			7,103
Total Expenses Before Reimbursement		442,330		1,975,352			414,230
Total Net Expenses		442,330		1,975,352			414,230
Net Investment Income/(Loss)		2,033,140		8,242,067			288,858
Realized and Unrealized Gains/(Losses)
Net realized gains/(losses) on:
Investments		28,358		238,232			(38	)
Written option contracts		—		18,727			—
Futures contracts		—		(1,246,090	)		—
Change in net unrealized appreciation/(depreciation) on:
Investments		2,249,869		6,773,402			—
Futures contracts		—		(634,673	)		—
Net Realized and Unrealized Gains/(Losses)		2,278,227		5,149,598			(38	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	4,311,367	$	13,391,665		$	288,820

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

181

THRIVENT SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS


	Aggressive Allocation Portfolio						Moderately Aggressive Allocation Portfolio
*For the periods ended*	6/30/2017 (unaudited)			12/31/2016			6/30/2017 (unaudited)			12/31/2016
Operations
Net investment income/(loss)	$	6,230,066		$	8,808,951		$	48,008,825		$	70,676,110
Net realized gains/(losses)		60,213,935			7,387,253			217,377,950			49,681,923
Change in net unrealized appreciation/(depreciation)		45,406,397			82,962,845			160,837,314			377,405,782
Net Change in Net Assets Resulting From Operations		111,850,398			99,159,049			426,224,089			497,763,815
Distributions to Shareholders
From net investment income		(8,724,300	)		(9,699,089	)		(69,773,321	)		(71,972,085	)
From net realized gains		(5,753,453	)		(53,887,684	)		(40,723,582	)		(205,042,436	)
Total Distributions to Shareholders		(14,477,753	)		(63,586,773	)		(110,496,903	)		(277,014,521	)
Capital Stock Transactions
Sold		35,225,064			53,379,686			63,447,594			117,943,428
Distributions reinvested		14,477,753			63,586,773			110,496,903			277,014,521
Redeemed		(23,553,794	)		(56,669,269	)		(78,886,090	)		(188,096,646	)
Total Capital Stock Transactions		26,149,023			60,297,190			95,058,407			206,861,303
Net Increase/(Decrease) in Net Assets		123,521,668			95,869,466			410,785,593			427,610,597
Net Assets, Beginning of Period		1,063,427,989			967,558,523			5,325,689,216			4,898,078,619
Net Assets, End of Period	$	1,186,949,657		$	1,063,427,989		$	5,736,474,809		$	5,325,689,216
Accumulated Undistributed Net Investment Income/(Loss)	$	6,434,749		$	8,928,983		$	49,035,127		$	70,799,623
Capital Stock Share Transactions
Sold		2,276,944			3,855,769			4,239,298			8,584,715
Distributions reinvested		912,180			4,904,949			7,300,175			21,432,624
Redeemed		(1,521,230	)		(4,037,160	)		(5,252,986	)		(13,686,052	)

Total Capital Stock Share Transactions		1,667,894			4,723,558			6,286,487			16,331,287

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

182

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
6/30/2017 (unaudited)			12/31/2016			6/30/2017 (unaudited)			12/31/2016			6/30/2017 (unaudited)			12/31/2016			6/30/2017 (unaudited)			12/31/2016

$	96,776,918		$	159,350,677		$	53,083,315		$	89,205,068		$	965,352		$	1,734,504		$	5,095,680		$	9,361,399
	256,870,087			64,125,120			81,904,990			51,163,304			803,592			(1,789,555	)		3,162,442			(2,334,659	)
	222,902,564			538,197,975			89,564,195			165,965,607			4,397,598			5,212,328			13,256,084			15,140,361
	576,549,569			761,673,772			224,552,500			306,333,979			6,166,542			5,157,277			21,514,206			22,167,101

	(157,942,953	)		(149,917,958	)		(88,367,508	)		(74,694,401	)		(1,761,823	)		(1,812,791	)		(8,894,300	)		(8,280,417	)
	(54,363,306	)		(226,127,215	)		(45,666,776	)		(49,387,817	)		–			(1,403,976	)		–			(11,442,058	)
	(212,306,259	)		(376,045,173	)		(134,034,284	)		(124,082,218	)		(1,761,823	)		(3,216,767	)		(8,894,300	)		(19,722,475	)

	37,325,249			109,443,688			77,908,777			351,516,759			4,598,841			12,525,190			18,239,770			46,346,621
	212,306,259			376,045,173			134,034,284			124,082,218			1,761,823			3,216,767			8,894,300			19,722,475
	(140,427,668	)		(266,975,796	)		(52,470,958	)		(62,889,975	)		(7,663,019	)		(8,901,681	)		(11,904,151	)		(26,216,280	)
	109,203,840			218,513,065			159,472,103			412,709,002			(1,302,355	)		6,840,276			15,229,919			39,852,816

	473,447,150			604,141,664			249,990,319			594,960,763			3,102,364			8,780,786			27,849,825			42,297,442
	9,261,396,478			8,657,254,814			4,695,068,603			4,100,107,840			87,559,847			78,779,061			355,373,986			313,076,544
$	9,734,843,628		$	9,261,396,478		$	4,945,058,922		$	4,695,068,603		$	90,662,211		$	87,559,847		$	383,223,811		$	355,373,986
$	98,220,202		$	159,386,237		$	53,434,618		$	88,718,811		$	900,650		$	1,697,121		$	5,446,731		$	9,245,351

	2,651,492			8,291,033			5,954,266			28,042,093			431,482			1,239,808			1,250,146			3,303,376
	14,993,168			29,672,472			10,284,855			10,125,441			164,561			334,770			609,955			1,473,817
	(9,925,958	)		(20,205,143	)		(3,997,908	)		(5,028,395	)		(720,165	)		(893,012	)		(815,968	)		(1,877,855	)

	7,718,702			17,758,362			12,241,213			33,139,139			(124,122	)		681,566			1,044,133			2,899,338

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

183

THRIVENT SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS – CONTINUED


	Diversified Income Plus Portfolio						Opportunity Income Plus Portfolio
*For the periods ended*	6/30/2017 (unaudited)			12/31/2016			6/30/2017 (unaudited)			12/31/2016
Operations
Net investment income/(loss)	$	10,186,973		$	18,535,500		$	2,553,830		$	3,987,002
Net realized gains/(losses)		2,468,877			(7,243,101	)		4,379			(504,475	)
Change in net unrealized appreciation/(depreciation)		17,137,508			23,827,655			1,353,403			3,094,039
Net Change in Net Assets Resulting From Operations		29,793,358			35,120,054			3,911,612			6,576,566
Distributions to Shareholders
From net investment income		(18,882,918	)		(17,529,531	)		(2,583,948	)		(3,939,453	)
From net realized gains		—			(1,400,147	)		—			—
Total Distributions to Shareholders		(18,882,918	)		(18,929,678	)		(2,583,948	)		(3,939,453	)
Capital Stock Transactions
Sold		41,854,670			65,711,402			19,601,133			48,746,545
Distributions reinvested		18,882,918			18,929,678			2,583,948			3,939,453
Redeemed		(10,139,286	)		(17,612,443	)		(4,670,699	)		(14,628,664	)
Total Capital Stock Transactions		50,598,302			67,028,637			17,514,382			38,057,334
Net Increase/(Decrease) in Net Assets		61,508,742			83,219,013			18,842,046			40,694,447
Net Assets, Beginning of Period		562,791,798			479,572,785			140,359,414			99,664,967
Net Assets, End of Period	$	624,300,540		$	562,791,798		$	159,201,460		$	140,359,414
Accumulated Undistributed Net Investment Income/(Loss)	$	9,968,258		$	18,664,203		$	7,522		$	37,640
Capital Stock Share Transactions
Sold		5,244,277			8,581,927			1,930,354			4,825,048
Distributions reinvested		2,386,919			2,550,516			254,300			392,526
Redeemed		(1,265,489	)		(2,313,107	)		(460,167	)		(1,463,262	)

Total Capital Stock Share Transactions		6,365,707			8,819,336			1,724,487			3,754,312

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

184

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
6/30/2017 (unaudited)			12/31/2016			6/30/2017 (unaudited)			12/31/2016			6/30/2017 (unaudited)			12/31/2016			6/30/2017 (unaudited)			12/31/2016

$	287,172		$	257,870		$	540,793		$	500,262		$	2,178,741		$	3,000,422		$	955,261		$	2,417,398
	13,643,027			(25,872,629	)		(52,838	)		544,416			(168,333	)		9,801			28,911,423			33,252,812
	18,508,439			(5,247,215	)		9,690,612			3,926,129			2,388,527			8,247,377			12,434,404			68,760,261
	32,438,638			(30,861,974	)		10,178,567			4,970,807			4,398,935			11,257,600			42,301,088			104,430,471

	(494,439	)		(7,625,521	)		(507,471	)		(510,872	)		(2,965,031	)		(2,477,260	)		(1,913,807	)		(1,427,353	)
	—			(6,901,059	)		—			—			(214,463	)		(660,933	)		(32,334,318	)		(20,830,835	)
	(494,439	)		(14,526,580	)		(507,471	)		(510,872	)		(3,179,494	)		(3,138,193	)		(34,248,125	)		(22,258,188	)

	8,161,261			20,963,705			10,181,557			11,839,342			6,257,111			24,335,056			9,022,598			8,684,051
	494,439			14,526,580			507,471			510,872			3,179,494			3,138,193			34,248,125			22,258,188
	(8,812,077	)		(18,915,747	)		(1,671,449	)		(3,801,159	)		(7,434,607	)		(11,102,876	)		(8,576,422	)		(20,769,745	)
	(156,377	)		16,574,538			9,017,579			8,549,055			2,001,998			16,370,373			34,694,301			10,172,494

	31,787,822			(28,814,016	)		18,688,675			13,008,990			3,221,439			24,489,780			42,747,264			92,344,777
	163,420,864			192,234,880			56,473,689			43,464,699			180,028,087			155,538,307			506,113,339			413,768,562
$	195,208,686		$	163,420,864		$	75,162,364		$	56,473,689		$	183,249,526		$	180,028,087		$	548,860,603		$	506,113,339
$	(11,680	)	$	195,587		$	459,525		$	426,203		$	2,165,052		$	2,951,342		$	870,233		$	1,828,779

	487,453			1,229,575			802,298			1,038,037			267,225			1,040,150			470,238			521,560
	27,533			906,670			38,360			46,143			134,729			132,685			1,842,149			1,503,525
	(539,043	)		(1,132,464	)		(131,892	)		(340,356	)		(316,395	)		(491,936	)		(447,227	)		(1,307,173	)

	(24,057	)		1,003,781			708,766			743,824			85,559			680,899			1,865,160			717,912

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

185

THRIVENT SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS – CONTINUED


	Small Cap Index Portfolio						Mid Cap Stock Portfolio
*For the periods ended*	6/30/2017 (unaudited)			12/31/2016			6/30/2017 (unaudited)			12/31/2016
Operations
Net investment income/(loss)	$	2,475,755		$	3,790,718		$	2,961,363		$	5,666,415
Net realized gains/(losses)		16,941,293			26,131,755			49,965,861			131,926,071
Change in net unrealized appreciation/(depreciation)		(7,615,180	)		49,270,323			55,838,122			196,840,008
Net Change in Net Assets Resulting From Operations		11,801,868			79,192,796			108,765,346			334,432,494
Distributions to Shareholders
From net investment income		(3,770,585	)		(3,140,256	)		(5,597,742	)		(4,831,544	)
From net realized gains		(25,479,423	)		(22,598,303	)		(126,174,729	)		(131,855,876	)
Total Distributions to Shareholders		(29,250,008	)		(25,738,559	)		(131,772,471	)		(136,687,420	)
Capital Stock Transactions
Sold		38,203,564			60,369,176			24,690,324			17,646,659
Distributions reinvested		29,250,008			25,738,559			131,772,471			136,687,420
Redeemed		(9,385,934	)		(17,697,606	)		(24,695,042	)		(54,718,867	)
Total Capital Stock Transactions		58,067,638			68,410,129			131,767,753			99,615,212
Net Increase/(Decrease) in Net Assets		40,619,498			121,864,366			108,760,628			297,360,286
Net Assets, Beginning of Period		401,731,935			279,867,569			1,491,940,542			1,194,580,256
Net Assets, End of Period	$	442,351,433		$	401,731,935		$	1,600,701,170		$	1,491,940,542
Accumulated Undistributed Net Investment Income/(Loss)	$	2,428,708		$	3,723,538		$	2,788,936		$	5,425,315
Capital Stock Share Transactions
Sold		2,088,229			3,692,564			1,252,199			1,010,543
Distributions reinvested		1,694,150			1,755,053			7,089,382			9,015,785
Redeemed		(513,714	)		(1,097,646	)		(1,245,439	)		(3,243,947	)

Total Capital Stock Share Transactions		3,268,665			4,349,971			7,096,142			6,782,381

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

186

THRIVENT SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS – CONTINUED


Mid Cap Index Portfolio						Partner Worldwide Allocation Portfolio						Large Cap Stock Portfolio						Partner All Cap Portfolio
6/30/2017 (unaudited)			12/31/2016			6/30/2017 (unaudited)			12/31/2016			6/30/2017 (unaudited)			12/31/2016			6/30/2017 (unaudited)			12/31/2016

$	1,921,281		$	3,029,943		$	28,824,498		$	38,647,828		$	7,954,840		$	12,166,995		$	280,868		$	528,914
	11,513,761			10,170,468			62,238,162			(28,204,797	)		46,466,655			20,771,336			2,850,491			(678,096	)
	4,366,479			30,176,725			143,069,453			43,218,754			43,288,637			13,487,933			6,697,481			5,420,396
	17,801,521			43,377,136			234,132,113			53,661,785			97,710,132			46,426,264			9,828,840			5,271,214

	(3,034,535	)		(1,921,723	)		(39,554,008	)		(35,720,547	)		(12,790,679	)		(10,892,157	)		(504,651	)		(240,353	)
	(10,882,649	)		(11,233,356	)		—			—			(6,231,643	)		—			—			(4,074,564	)
	(13,917,184	)		(13,155,079	)		(39,554,008	)		(35,720,547	)		(19,022,322	)		(10,892,157	)		(504,651	)		(4,314,917	)

	40,783,609			69,403,024			17,181,713			18,483,768			5,863,528			6,567,049			3,538,762			11,037,988
	13,917,184			13,155,079			39,554,008			35,720,547			19,022,322			10,892,157			504,651			4,314,917
	(2,676,004	)		(5,278,292	)		(19,557,243	)		(22,969,541	)		(12,296,209	)		(26,483,492	)		(4,808,461	)		(7,602,381	)
	52,024,789			77,279,811			37,178,478			31,234,774			12,589,641			(9,024,286	)		(765,048	)		7,750,524

	55,909,126			107,501,868			231,756,583			49,176,012			91,277,451			26,509,821			8,559,141			8,706,821
	287,672,158			180,170,290			1,654,736,634			1,605,560,622			905,425,151			878,915,330			94,921,923			86,215,102
$	343,581,284		$	287,672,158		$	1,886,493,217		$	1,654,736,634		$	996,702,602		$	905,425,151		$	103,481,064		$	94,921,923
$	1,890,002		$	3,003,256		$	26,960,955		$	37,690,465		$	7,406,248		$	12,242,087		$	284,790		$	508,573

	2,309,021			4,383,386			1,726,553			2,065,052			449,690			572,866			252,533			883,585
	807,941			893,433			3,897,945			4,194,226			1,448,150			1,002,426			35,527			368,655
	(151,045	)		(337,826	)		(1,963,284	)		(2,561,643	)		(951,975	)		(2,309,504	)		(345,187	)		(607,926	)

	2,965,917			4,938,993			3,661,214			3,697,635			945,865			(734,212	)		(57,127	)		644,314

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

187

THRIVENT SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS – CONTINUED


	Large Cap Growth Portfolio						Partner Growth Stock Portfolio
*For the periods ended*	6/30/2017 (unaudited)			12/31/2016			6/30/2017 (unaudited)			12/31/2016
Operations
Net investment income/(loss)	$	2,249,214		$	5,648,313		$	120,050		$	137,840
Net realized gains/(losses)		14,636,992			(646,285	)		8,010,287			1,466,209
Change in net unrealized appreciation/(depreciation)		135,061,714			(23,172,012	)		15,441,497			889,198
Net Change in Net Assets Resulting From Operations		151,947,920			(18,169,984	)		23,571,834			2,493,247
Distributions to Shareholders
From net investment income		(315,878	)		(5,522,479	)		(128,959	)		—
From net realized gains		(323,424	)		(85,392,249	)		(1,595,948	)		(5,258,920	)
Total Distributions to Shareholders		(639,302	)		(90,914,728	)		(1,724,907	)		(5,258,920	)
Capital Stock Transactions
Sold		7,997,940			17,102,897			9,658,316			21,765,516
Distributions reinvested		639,302			90,914,728			1,724,907			5,258,920
Redeemed		(52,317,105	)		(105,532,973	)		(6,354,680	)		(12,983,981	)
Total Capital Stock Transactions		(43,679,863	)		2,484,652			5,028,543			14,040,455
Net Increase/(Decrease) in Net Assets		107,628,755			(106,600,060	)		26,875,470			11,274,782
Net Assets, Beginning of Period		1,003,050,294			1,109,650,354			121,348,432			110,073,650
Net Assets, End of Period	$	1,110,679,049		$	1,003,050,294		$	148,223,902		$	121,348,432
Accumulated Undistributed Net Investment Income/(Loss)	$	1,969,895		$	36,559		$	106,832		$	115,741
Capital Stock Share Transactions
Sold		262,483			600,671			471,607			1,251,720
Distributions reinvested		20,036			3,505,276			81,024			323,099
Redeemed		(1,715,467	)		(3,737,485	)		(320,298	)		(735,520	)

Total Capital Stock Share Transactions		(1,432,948	)		368,462			232,333			839,299

(a)	For the period from April 28, 2017 (inception) through June 30, 2017

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

188

THRIVENT SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS – CONTINUED


Large Cap Value Portfolio						Large Cap Index Portfolio						Low Volatility Equity Portfolio			Multidimensional Income Portfolio
6/30/2017 (unaudited)			12/31/2016			6/30/2017 (unaudited)			12/31/2016			6/30/2017 (unaudited)^(a)			6/30/2017 (unaudited)^(a)

$	10,908,967		$	20,271,586		$	6,800,225		$	11,423,336		$	17,746		$	121,078
	31,693,900			39,653,657			1,884,054			4,679,606			19,266			10,229
	28,086,089			139,629,657			56,873,349			51,129,250			73,381			(13,753	)
	70,688,956			199,554,900			65,557,628			67,232,192			110,393			117,554

	(19,778,143	)		(16,286,358	)		(11,015,237	)		(10,883,022	)		—			—
	(39,908,690	)		(70,697,664	)		(5,113,220	)		(3,760,238	)		—			—
	(59,686,833	)		(86,984,022	)		(16,128,457	)		(14,643,260	)		—			—

	8,752,668			18,947,215			76,832,469			127,865,686			8,100,022			22,259,213
	59,686,833			86,984,022			16,128,457			14,643,260			—			—
	(11,234,567	)		(16,717,880	)		(12,731,124	)		(24,979,907	)		(2,319,596	)		(2,259,342	)
	57,204,934			89,213,357			80,229,802			117,529,039			5,780,426			19,999,871

	68,207,057			201,784,235			129,658,973			170,117,971			5,890,819			20,117,425
	1,348,802,433			1,147,018,198			691,297,030			521,179,059			—			—
$	1,417,009,490		$	1,348,802,433		$	820,956,003		$	691,297,030		$	5,890,819		$	20,117,425
$	11,254,661		$	20,123,837		$	7,106,386		$	11,321,398		$	17,746		$	121,078

	502,173			1,188,892			2,340,915			4,344,678			804,319			2,225,271
	3,544,854			6,075,364			486,431			523,643			—			—
	(642,166	)		(1,081,694	)		(386,935	)		(857,549	)		(225,897	)		(225,284	)

	3,404,861			6,182,562			2,440,411			4,010,772			578,422			1,999,987

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

189

THRIVENT SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS – CONTINUED


	High Yield Portfolio						Income Portfolio
*For the periods ended*	6/30/2017 (unaudited)			12/31/2016			6/30/2017 (unaudited)			12/31/2016
Operations
Net investment income/(loss)	$	22,430,144		$	42,261,652		$	24,170,788		$	48,384,559
Net realized gains/(losses)		(5,143,390	)		(15,894,469	)		2,488,417			3,510,248
Change in net unrealized appreciation/(depreciation)		18,182,821			63,124,768			28,008,524			28,762,460
Net Change in Net Assets Resulting From Operations		35,469,575			89,491,951			54,667,729			80,657,267
Distributions to Shareholders
From net investment income		(22,262,532	)		(42,506,756	)		(24,342,800	)		(48,254,930	)
From net realized gains		—			—			(3,368,714	)		(1,034,971	)
Total Distributions to Shareholders		(22,262,532	)		(42,506,756	)		(27,711,514	)		(49,289,901	)
Capital Stock Transactions
Sold		17,344,979			26,319,016			16,868,229			44,403,247
Distributions reinvested		22,262,532			42,506,756			27,711,514			49,289,901
Redeemed		(16,174,016	)		(36,848,704	)		(15,494,325	)		(33,671,684	)
Total Capital Stock Transactions		23,433,495			31,977,068			29,085,418			60,021,464
Net Increase/(Decrease) in Net Assets		36,640,538			78,962,263			56,041,633			91,388,830
Net Assets, Beginning of Period		791,095,775			712,133,512			1,427,409,263			1,336,020,433
Net Assets, End of Period	$	827,736,313		$	791,095,775		$	1,483,450,896		$	1,427,409,263
Accumulated Undistributed Net Investment Income/(Loss)	$	20,442		$	(147,170	)	$	13,554		$	185,566
Capital Stock Share Transactions
Sold		3,591,955			5,610,450			1,659,118			4,320,096
Distributions reinvested		4,610,760			9,182,735			2,719,807			4,856,942
Redeemed		(3,347,656	)		(8,008,229	)		(1,522,141	)		(3,330,645	)

Total Capital Stock Share Transactions		4,855,059			6,784,956			2,856,784			5,846,393

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

190

THRIVENT SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS – CONTINUED


Bond Index Portfolio						Limited Maturity Bond Portfolio						Money Market Portfolio
6/30/2017 (unaudited)			12/31/2016			6/30/2017 (unaudited)			12/31/2016			6/30/2017 (unaudited)			12/31/2016

$	2,033,140		$	3,075,702		$	8,242,067		$	16,484,318		$	288,858		$	—
	28,358			(785,140	)		(989,131	)		314,571			(38	)		(2,844	)
	2,249,869			(858,199	)		6,138,729			6,732,921			—			—
	4,311,367			1,432,363			13,391,665			23,531,810			288,820			(2,844	)

	(2,041,651	)		(3,058,253	)		(8,542,506	)		(16,476,116	)		(288,858	)		—
	—			(352,623	)		—			—			—			—
	(2,041,651	)		(3,410,876	)		(8,542,506	)		(16,476,116	)		(288,858	)		—

	11,730,019			51,987,425			21,711,216			61,547,128			24,075,283			99,009,053
	2,041,651			3,410,876			8,542,506			16,476,116			288,858			—
	(10,064,800	)		(15,781,293	)		(24,870,863	)		(24,889,095	)		(39,157,636	)		(53,961,769	)
	3,706,870			39,617,008			5,382,859			53,134,149			(14,793,495	)		45,047,284

	5,976,586			37,638,495			10,232,018			60,189,843			(14,793,533	)		45,044,440
	194,932,028			157,293,533			884,086,436			823,896,593			191,924,899			146,880,459
$	200,908,614		$	194,932,028		$	894,318,454		$	884,086,436		$	177,131,366		$	191,924,899
$	8,336		$	16,847		$	87,116		$	387,555		$	—		$	—

	1,073,104			4,651,143			2,204,875			6,270,691			24,075,283			99,009,053
	187,114			305,984			867,612			1,682,484			288,858			—
	(923,316	)		(1,431,118	)		(2,526,598	)		(2,543,844	)		(39,157,636	)		(53,961,769	)

	336,902			3,526,009			545,889			5,409,331			(14,793,495	)		45,047,284

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

191

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2017

(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-nine 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, fifteen equity Portfolios, five 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 separate accounts of Thrivent Financial for Lutherans (“Thrivent Financial” or the “Adviser”) 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.

(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 valuations from 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 clearinghouse end of day prices 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.

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.

192

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2017

(unaudited)

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, 2017, open U.S. Federal, Minnesota, and Wisconsin tax years include the tax years ended December 31, 2013 through 2016. Additionally, as of June 30, 2017, the tax year ended December 31, 2012 is open for Wisconsin. The Portfolios have no examinations in progress and none are expected at this time.

As of June 30, 2017, the Adviser has reviewed all open tax years and major jurisdictions and concluded that there is no effect to the Portfolios’ tax liability, financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits related to uncertain income tax positions taken or expected to be taken in future tax returns. The Portfolios are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

Foreign Income Taxes – Portfolios are subject to foreign income taxes imposed by certain countries in which they invest. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country’s tax rules and rates. These amounts are shown as foreign dividend tax withholding in the Statement of Operations. The Portfolios pay tax on foreign capital gains, where applicable.

(E) Expenses and Income – Estimated expenses are accrued daily. The Portfolios are charged for those expenses that are directly attributable to them. Expenses that are not directly attributable to a Portfolio are allocated among all appropriate Portfolios in proportion to their respective net assets, number of shareholder accounts or other reasonable basis.

193

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2017

(unaudited)

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 and capital gain distributions are recorded on the ex-dividend date. However, in certain foreign markets where declaration of the dividend follows the ex-dividend date, the dividend 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 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.

194

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2017

(unaudited)

Collateral and margin requirements vary by type of derivative. Margin requirements are established by the broker or clearinghouse for exchange traded and centrally cleared derivatives (futures, options, and centrally cleared swaps). Brokers can ask for margining in excess of the minimum 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.

During the six months ended June 30, 2017, Moderately Aggressive Allocation Portfolio, Moderate Allocation Portfolio, Moderately Conservative Allocation Portfolio, Opportunity Income Plus Portfolio, Diversified Income Plus Portfolio, Balanced Income Plus Portfolio, and Limited Maturity Bond Portfolio used treasury options to manage the duration of the Fund versus the benchmark. Options on mortgage backed securities were used to generate income.

Futures Contracts – All Portfolios, with the exception of the Money Market Portfolio, may use futures contracts to manage the exposure to interest rate and market or currency fluctuations. Gains or losses on futures contracts can offset changes in the yield of securities. When a futures contract is opened, cash or other investments equal to the required “initial margin deposit” are held on deposit with and pledged to the broker. Additional securities held by the Portfolios may be earmarked to cover open futures contracts. The futures contract’s daily change in value (“variation margin”) is either paid to or received from the broker, and is recorded as an unrealized gain or loss. When the contract is closed, realized gain or loss is recorded equal to the difference between the value of the contract when opened and the value of the contract when closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. Exchange-traded futures have no significant counterparty risk as the exchange guarantees the contracts against default.

During the six months ended June 30, 2017, 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, Partner Worldwide Allocation Portfolio, Multidimensional Income Portfolio, Income Portfolio and Limited Maturity Bond Portfolio used treasury futures to manage the duration and yield curve exposure of the Portfolio versus the benchmark.

195

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2017

(unaudited)

During the six months ended June 30, 2017, 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 Growth Portfolio, Large Cap Index Portfolio and Low Volatility Equity Portfolio used equity futures to manage exposure to the equities market.

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 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.

During the six months ended June 30, 2017, Partner Worldwide Allocation Portfolio used foreign currency forward contracts in order to gain active currency exposure and to hedge unwanted currency exposure.

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 the clearinghouse end of day prices as furnished by an independent pricing service. The pricing service takes into account such factors as swap curves, default probabilities, recent trades, recovery rates and other factors it deems relevant in determining valuations. Daily fluctuations in the value of the centrally cleared credit default contracts are recorded in variation margin in the Statement of Assets and Liabilities and recorded as unrealized gain or loss. The Portfolio accrues for the periodic payment and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount recorded as realized gains or losses in the Statement of Operations. Receipts and payments received or made as a result of a credit event or termination of the contract are also recognized as realized gains or losses in the Statement of Operations. Collateral, in the form of cash or securities, may be required to be held with the Portfolio’s custodian, or a third party, in connection with these agreements. Certain swap agreements are over-the-counter 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

196

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2017

(unaudited)

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.

During the six months ended June 30 2017, Moderately Aggressive Allocation Portfolio, Moderate Allocation Portfolio and Moderately Conservative Allocation Portfolio used CDX indexes (comprised of credit default swaps) to help manage credit risk exposures within the portfolio.

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.

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	366,870	—	366,870	116,277	—	—	250,593^(*)
Moderately Aggressive
Allocation
Futures Contracts	1,971,006	—	1,971,006	618,644	—	—	1,352,362^(*)
Moderate Allocation
Futures Contracts	2,149,962	—	2,149,962	1,257,501	—	—	892,461^(*)
Moderately Conservative
Allocation
Futures Contracts	656,694	—	656,694	656,694	—	—	—
Growth and Income Plus
Futures Contracts	1,825	—	1,825	1,825	—	—	—
Balanced Income Plus
Futures Contracts	13,271	—	13,271	13,271	—	—	—
Diversified Income Plus
Futures Contracts	16,883	—	16,883	16,883	—	—	—
Opportunity Income Plus
Futures Contracts	9,469	—	9,469	9,469	—	—	—
Mid Cap Index
Futures Contracts	5,907	—	5,907	—	—	—	5,907^(*)
Partner Worldwide Allocation
Futures Contracts	1,112,705	—	1,112,705	1,112,705	—	—	—
Exchange Contracts	1,465,191	—	1,465,191	1,161,653	—	—	303,538⁽^†⁾
Large Cap Stock
Futures Contracts	42,291	—	42,291	42,291	—	—	—
Large Cap Index
Futures Contracts	11,255	—	11,255	—	—	—	11,255^(*)
Income
Futures Contracts	328,795	—	328,795	284,625	—	—	44,170^(*)
Limited Maturity Bond
Futures Contracts	308,621	—	308,621	100,125	—	—	208,496^(*)

^(*)	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.

197

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2017

(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		116,277		—		116,277		116,277		—		—		—
Moderately Aggressive
Allocation
Futures Contracts		618,644		—		618,644		618,644		—		—		—
Securities Lending		43,718,945		—		43,718,945		42,525,960		—		—		1,192,985	^{^}
Moderate Allocation
Futures Contracts		1,257,501		—		1,257,501		1,257,501		—		—		—
Securities Lending		81,917,400		—		81,917,400		79,403,893		—		—		2,513,507	^{^}
Moderately Conservative
Allocation
Futures Contracts		690,048		—		690,048		656,694		—		33,354		—
Securities Lending		28,219,107		—		28,219,107		27,310,400		—		—		908,707	^{^}
Growth and Income Plus
Futures Contracts		2,094		—		2,094		1,825		—		269		—
Balanced Income Plus
Futures Contracts		22,784		—		22,784		13,271		—		9,513		—
Options Written		185		—		185		185		—		—		—
Securities Lending		5,142,025		—		5,142,025		4,982,058		—		—		159,967	^{^}
Diversified Income Plus
Futures Contracts		61,874		—		61,874		16,883		—		44,991		—
Options Written		260		—		260		260		—		—		—
Securities Lending		1,140,232		—		1,140,232		1,074,855		—		—		65,377	^{^}
Opportunity Income Plus
Futures Contracts		11,253		—		11,253		9,469		—		1,784		—
Options Written		158		—		158		158		—		—		—
Small Cap Stock
Securities Lending		17,530,042		—		17,530,042		17,195,173		—		—		334,869	^{^}
Small Cap Index
Futures Contracts		22,786		—		22,786		—		—		22,786		—
Securities Lending		26,659,443		—		26,659,443		25,845,565		—		—		813,878	^{^}
Mid Cap Stock
Securities Lending		9,875,250		—		9,875,250		9,721,008		—		—		154,242	^{^}
Mid Cap Index
Securities Lending		12,440,069		—		12,440,069		12,034,031		—		—		406,038	^{^}
Partner Worldwide Allocation
Futures Contracts		1,158,148		—		1,158,148		1,112,705		—		45,443		—
Exchange Contracts		1,414,180		—		1,414,180		1,161,653		252,527		—		—
Securities Lending		26,722,327		—		26,722,327		25,427,828		—		—		1,294,499	^{^}
Large Cap Stock
Futures Contracts		258,600		—		258,600		42,291		—		216,309		—
Securities Lending		9,153,817		—		9,153,817		8,672,404		—		—		481,413	^{^}
Partner All Cap
Securities Lending		2,782,878		—		2,782,878		2,732,229		—		—		50,649	^{^}
Partner Growth Stock
Securities Lending		4,132,862		—		4,132,862		4,132,862		—		—		—
Large Cap Value
Securities Lending		9,133,600		—		9,133,600		8,810,662		—		—		322,938	^{^}
Large Cap Index
Securities Lending		2,230,365		—		2,230,365		2,178,952		—		—		51,413	^{^}
Low Volatility Equity
Futures Contracts		1,922		—		1,922		—		—		1,922		—

198

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2017

(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
Multidimensional Income
Futures Contracts		172		—		172		—		—		172		—
High Yield
Securities Lending		108,822,574		—		108,822,574		104,752,242		—		—		4,070,332	^{^}
Income
Futures Contracts		284,625		—		284,625		284,625		—		—		—
Securities Lending		38,048,799		—		38,048,799		36,786,562		—		—		1,262,237	^{^}
Bond Index
Securities Lending		464,000		—		464,000		445,517		—		—		18,483	^{^}
Limited Maturity Bond
Futures Contracts		100,125		—		100,125		100,125		—		—		—
Securities Lending		3,812,510		—		3,812,510		3,705,161		—		—		107,349	^{^}

**	Excess of collateral pledged to the counterparty may not be shown for financial reporting purposes.

^	Net securities lending amounts represent the net amount payable to 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 fund custodian - depending on market movements - on their mortgage dollar rolls. The value of the securities that the Portfolios are required to purchase may decline below the agreed upon repurchase price of those securities.

During the period between the sale and repurchase, the Portfolios forgo principal and interest paid on the mortgage securities sold. The Portfolios are compensated from negotiated fees paid by brokers offered as an inducement to the Portfolios to “roll over” their purchase commitments, thus enhancing the yield. Mortgage dollar rolls may be renewed with a new purchase and repurchase price and a cash settlement made on settlement date without physical delivery of the securities subject to the contract. The fees received are recognized over the roll period and are included in Income from mortgage dollar rolls in the Statement of Operations.

(I) Securities Lending – The Fund has entered into a Securities Lending Agreement (the “Agreement”) with Deutsche Bank AG (“Deutsche”). The Agreement authorizes Deutsche to lend securities to authorized borrowers on behalf of the Portfolios. Pursuant to the Agreement, all loaned securities are initially collateralized by cash equal to at least 102% of the value of the loaned securities. 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 income and corporate action proceeds from Duetsche 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 on 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.

199

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2017

(unaudited)

As of June 30, 2017, the value of securities on loan is as follows:


Portfolio	Securities on Loan
Moderately Aggressive Allocation	$	42,525,960
Moderate Allocation		79,403,893
Moderately Conservative Allocation		27,310,400
Balanced Income Plus		4,982,058
Diversified Income Plus		1,074,855
Small Cap Stock		17,195,173
Small Cap Index		25,845,565
Mid Cap Stock		9,721,008
Mid Cap Index		12,034,031
Partner Worldwide Allocation		25,427,828
Large Cap Stock		8,672,404
Partner All Cap		2,732,229
Partner Growth Stock		4,240,366
Large Cap Value		8,810,662
Large Cap Index		2,178,952
High Yield		104,752,242
Income		36,786,562
Bond Index		445,517
Limited Maturity Bond		3,705,161

(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, 2017, none of the 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, 2017, 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.

200

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2017

(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 were 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 court has dismissed the claims, but the dismissals are on appeal. If the plaintiffs are successful with their claims, 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.

201

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2017

(unaudited)

(S) Litigation – Awards from class action litigation are recorded as realized gains on payment date.

(T) Bank Loans (Leveraged Loans) – Certain Portfolios may invest in bank loans, which are senior secured loans that are made by banks or other lending institutions to companies that are typically rated below investment grade. A portfolio may invest in multiple series or tranches of a bank loan, with varying terms and different associated risks. Transactions in bank loan securities may settle on a delayed basis, which may result in the proceeds of the sale to not be readily available for a portfolio to make additional investments. Interest rates of bank loan securities typically reset periodically, as the rates are tied to a reference index, such as the London Interbank Offered Rate (“LIBOR”), plus a premium. Income is recorded daily on bank loan securities. On an ongoing basis, a portfolio may receive a commitment fee based on the undrawn portion of the underlying line of credit of the bank loan. This commitment fee is accrued as income over the term of the bank loan. A portfolio may receive consent and amendment fees for accepting an amendment to the current terms of a bank loan. Consent and amendment fees are accrued as income when the changes to the bank loan are immaterial and to capital when the changes are material.

(U) Amortization of Offering Costs – The offering costs referenced in the Statement of Operations for Low Volatility Equity Portfolio and Multidimensional Income Portfolio are costs incurred by the Portfolios in order to establish them for sale. These costs generally include any legal costs associated with registering the Portfolios. These costs are amortized over a period of 12 months from inception.

(V) Recent Accounting Pronouncements –

Investment Company Reporting Modernization

In October 2016, the Securities and Exchange Commission (SEC) adopted new rules and forms to modernize the reporting and disclosure of information by registered investment companies. The SEC also adopted amendments to Regulation S-X, which describe the specific format and content of financial reports, to require standardized and enhanced disclosures about derivatives in investment company financial statements and other amendments. These amendments are effective August 1, 2017. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statements and footnote disclosures.

(W) Other – For financial statement purposes, investment security transactions are accounted for on the trade date. Realized gains and losses from investment transactions are determined on a specific cost identification basis, which is the same basis used for federal income tax purposes.

(3) FEES AND COMPENSATION PAID TO AFFILIATES

(A) Investment Advisory Fees – The Fund has entered into an Investment Advisory Agreement with Thrivent Financial, the Adviser. Under the Investment Advisory Agreement, each of the Portfolios pays a fee for investment advisory services. The fees are accrued daily and paid monthly. The annual rates of fees as a percent of average daily net assets under the Investment Advisory Agreement were as follows:


Portfolio (M – Millions)	$0 to $500M			Over $500 to $2,000M			Over $2,000 to $5,000M			Over $5,000 to $10,000M			Over $10,000M
Aggressive Allocation		0.750	%		0.725	%		0.700	%		0.675	%		0.650	%
Moderately Aggressive Allocation		0.700	%		0.675	%		0.650	%		0.625	%		0.600	%
Moderate Allocation		0.650	%		0.625	%		0.600	%		0.575	%		0.550	%
Moderately Conservative Allocation		0.600	%		0.575	%		0.550	%		0.525	%		0.500	%


Portfolio (M – Millions)	$0 to $50M			Over $50 to $100M			Over $100 to $250M			Over $250M
Partner Healthcare		0.950	%		0.900	%		0.850	%		0.800	%


Portfolio (M – Millions)	$0 to $100M			Over $100M
Low Volatility Equity		0.600	%		0.500	%
Multidimensional Income		0.550	%		0.500	%

202

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2017

(unaudited)


Portfolio (M – Millions)	$0 to $50M			Over $50 to $200M			Over $200 to $250M			Over $250 to $500M			Over $500 to $750M			Over $750 to $1,000M			Over $1,000 to $1,500M			Over $1,500 to $2,000M			Over $2,000 to $2,500M			Over $2,500 to $5,000M			Over $5,000M
Growth and Income Plus		0.650	%		0.650	%		0.650	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%
Balanced Income Plus		0.550	%		0.550	%		0.550	%		0.550	%		0.500	%		0.500	%		0.475	%		0.475	%		0.475	%		0.450	%		0.425	%
Diversified Income Plus		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%
Opportunity Income Plus		0.500	%		0.500	%		0.500	%		0.500	%		0.500	%		0.500	%		0.500	%		0.500	%		0.500	%		0.500	%		0.500	%
Partner 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	%
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	%
Partner All Cap		0.650	%		0.650	%		0.650	%		0.650	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%
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		0.650	%		0.650	%		0.650	%		0.650	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%
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 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	%

(B) Sub-Adviser Fees – The following subadvisory fees are charged as part of the total investment advisory fees stated in the table above. The subadvisory fees are borne directly by the Adviser and do not increase the overall fees paid by the Portfolio. The amounts listed as subadviser fees in the Statement of Operations is the portion of the investment advisory fee that is paid to the subadviser. The amount listed as adviser fees in the Statement of Operations is the portion of the investment advisory fee that is retained by the investment adviser.

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 Worldwide Allocation Portfolio, Thrivent Partner Emerging Markets Equity Fund and Thrivent Partner Worldwide Allocation Fund are included in determining breakpoints for the assets managed by Aberdeen. Thrivent Partner Emerging Markets Equity Fund and Thrivent Partner Worldwide Allocation Fund are presented under a separate shareholder report.

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 Management, 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 (presented under a separate shareholder report) 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. Partner Emerging Markets Equity Fund and Partner Worldwide Allocation Fund are presented under a separate shareholder report.

203

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2017

(unaudited)

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 (presented under a separate shareholder report) is included in determining breakpoints for the assets managed by GSAM.

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, 2017, voluntary expense reimbursements, as a percentage of net assets, were in effect:


Portfolio	Expense Reimbursement			Expiration Date
Partner Healthcare		0.07	%		N/A

For the period ended June 30, 2017, contractual expense reimbursements, as a percentage of net assets, were in effect:


Portfolio	Expense Reimbursement			Expiration Date
Partner Worldwide Allocation		0.04	%		4/30/2018

For the period ended June 30, 2017, contractual expense reimbursements to limit expenses to the following percentages were in effect:


Portfolio	Expense Limit			Expiration Date
Growth and Income Plus		0.80	%		4/30/2018
Partner Healthcare		0.95	%		4/30/2018
Partner Emerging Markets Equity		1.30	%		4/30/2018
Partner All Cap		0.85	%		4/30/2018
Partner Growth Stock		0.80	%		4/30/2018
Low Volatility Equity		0.80	%		4/30/2018
Multidimensional Income		0.95	%		4/30/2018

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 and Thrivent Core Short-Term Reserve Fund. This contractual provision may be terminated upon the mutual agreement between the Independent Directors of the Portfolio and the Adviser. For the period ended June 30, 2017, 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		0.23	%		N/A
Moderate Allocation		0.17	%		N/A
Moderately Conservative Allocation		0.13	%		N/A

Expense reimbursements are accrued daily and paid by Thrivent Financial monthly. 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. The Portfolios pay an annual fixed fee per portfolio plus a certain percentage of net assets to Thrivent Financial. These fees are accrued daily and paid monthly. For the six months ended June 30, 2017, the Adviser received aggregate fees for accounting and administrative personnel and services of $4,438,007 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 fees received from the Portfolios. 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 $464,493 in fees from the Fund for the six months ended June 30, 2017. In addition, the Fund reimbursed independent Directors for reasonable expenses incurred in relation to attendance at the meetings and industry conferences.

204

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2017

(unaudited)

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. Affiliated employees and board consultants are reimbursed for reasonable expenses incurred in relation to board meeting attendance.

(E) Indirect Expenses – Some Portfolios invest in other open-ended funds. Fees and expenses of those underlying funds are not included in those Portfolios’ expense ratios. The Portfolios indirectly bear their proportionate share of the annualized weighted average expense ratio of the underlying funds in which they invest. The 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, 2017, the tax-basis balance has not yet been determined.

At December 31, 2016, the following Portfolios had accumulated net realized capital loss carryovers expiring as follows:


Portfolio	Capital Loss Carryover		Expiration Year
Growth and Income Plus	$	1,801,993		Unlimited

Balanced Income Plus		2,255,704		Unlimited

Diversified Income Plus		6,562,083		Unlimited

Opportunity Income Plus		2,177,272		Unlimited

Partner Healthcare		24,411,937		Unlimited

Partner Emerging Markets		691,268		Unlimited

Partner Worldwide Allocation		50,291,094		Unlimited

Partner All Cap		651,767		Unlimited

High Yield		46,838,004		2017
		28,031,031		Unlimited

		74,869,035

Bond Index		785,175		Unlimited

Limited Maturity Bond		4,353,022		2017

Money Market		2,844		Unlimited

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.

In addition to the capital loss carryovers noted above, $119,995,485 and $24,454,205 in Partner Worldwide Allocation Portfolio and High Yield Portfolio respectively, expired during the fiscal year 2016.

(5) SECURITY TRANSACTIONS

(A) Purchases and Sales of Investment Securities – For the six months ended June 30, 2017, 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	$	269,188	$	281,205
Moderately Aggressive Allocation		1,307,899		1,215,967
Moderate Allocation		2,219,589		1,915,553
Moderately Conservative Allocation		989,830		740,434
Growth and Income Plus		35,499		36,395
Balanced Income Plus		156,184		136,348
Diversified Income Plus		220,220		179,023
Opportunity Income Plus		67,490		48,178
Partner Healthcare		139,537		144,393
Partner Emerging Markets Equity		11,043		2,547
Real Estate Securities		18,675		15,344
Small Cap Stock		132,468		124,858
Small Cap Index		76,720		43,097
Mid Cap Stock		263,114		160,466
Mid Cap Index		77,657		37,144
Partner Worldwide Allocation		779,229		767,863
Large Cap Stock		247,022		254,048
Partner All Cap		25,752		26,504
Large Cap Growth		428,864		453,175
Partner Growth Stock		37,681		40,352
Large Cap Value		152,701		142,777
Large Cap Index		68,922		10,025
Low Volatility Equity		5,494		693
Multidimensional Income		18,881		2,845
High Yield		201,800		209,265
Income		288,636		271,222
Bond Index		18,067		14,184
Limited Maturity Bond		213,303		182,543

205

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2017

(unaudited)

Purchases and Sales of U.S. Government Securities were:


	In thousands
Portfolio	Purchases		Sales
Aggressive Allocation	$	109,692	$	109,623
Moderately Aggressive Allocation		1,802,674		1,864,607
Moderate Allocation		5,731,356		5,935,485
Moderately Conservative Allocation		4,257,508		4,378,146
Growth and Income Plus		21,733		21,532
Balanced Income Plus		148,594		153,558
Diversified Income Plus		248,500		248,369
Opportunity Income Plus		117,332		121,406
Partner Worldwide Allocation		15,545		20,880
Multidimensional Income		8,743		6,160
Income		471,875		472,744
Bond Index		365,666		365,916
Limited Maturity Bond		110,940		128,674

(B) Investments in Restricted Securities – Certain Portfolios may own restricted securities which 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, 2017, the following Portfolios held restricted securities:


Portfolio	Number of Securities		Percent of Portfolio’s Net Assets
Moderately Aggressive Allocation		45		0.60	%
Moderate Allocation		46		1.15	%
Moderately Conservative Allocation		47		1.55	%
Growth and Income Plus		3		0.12	%
Balanced Income Plus		24		1.74	%
Diversified Income Plus		28		3.64	%
Opportunity Income Plus		28		3.78	%
Partner Worldwide Allocation		21		0.45	%
High Yield		6		1.46	%
Income		11		1.98	%
Bond Index		4		0.70	%
Limited Maturity Bond		33		10.87	%

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 the lower rating categories or will be non-rated and generally will involve more risk than securities in the higher rating categories. Lower rated or unrated securities (e.g., junk bonds) 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 – The number of contracts and premium amounts associated with call option contracts written during the six months ended June 30, 2017 were as follows:


	Number of Contracts			Premium Amount
Moderately Aggressive Allocation
Balance at December 31, 2016		—		$	—
Opened		8			38,695
Closed		—			—
Expired		(8	)		(38,695	)
Exercised		—			—

Balance at June 30, 2017		—		$	—

Moderate Allocation
Balance at December 31, 2016		—		$	—
Opened		37			183,555
Closed		—			—
Expired		(37	)		(183,555	)
Exercised		—			—

Balance at June 30, 2017		—		$	—

Moderately Conservative Allocation
Balance at December 31, 2016		—		$	—
Opened		28			138,906
Closed		—			—
Expired		(28	)		(138,906	)
Exercised		—			—

Balance at June 30, 2017		—		$	—

Balanced Income Plus
Balance at December 31, 2016		—		$	—
Opened		62			45,358
Closed		—			—
Expired		(57	)		(26,532	)
Exercised		—			—

Balance at June 30, 2017		5		$	18,826

Diversified Income Plus
Balance at December 31, 2016		—		$	—
Opened		129			66,382
Closed		—			—
Expired		(122	)		(39,886	)
Exercised		—			—

Balance at June 30, 2017		7		$	26,496

Opportunity Income Plus
Balance at December 31, 2016		—		$	—
Opened		49			38,666
Closed		—			—
Expired		(45	)		(22,529	)
Exercised		—			—

Balance at June 30, 2017		4		$	16,137

206

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2017

(unaudited)


	Number of Contracts			Premium Amount
Limited Maturity Bond
Balance at December 31, 2016		—		$	—
Opened		315			18,727
Closed		—			—
Expired		(315	)		(18,727	)
Exercised		—			—

Balance at June 30, 2017		—		$	—

(6) SECURITY TRANSACTIONS WITH AFFILIATED FUNDS

The Portfolios are permitted to purchase or sell securities from or to certain other Portfolios or affiliated Funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Portfolio from or to another Portfolio or Fund that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common directors and/ or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is executed at the current market price.

During the period ended June 30, 2017, the following Portfolios engaged in purchase transactions that complied with Rule 17a-7 of the 1940 Act.


Portfolio	Purchase Amount
Large Cap Index	$	4,483,359
Mid Cap Index		11,312,042
Small Cap Index		2,578,840
Opportunity Income Plus		958,423

During the period ended June 30, 2017, the following Portfolios engaged in sale transactions that complied with Rule 17a-7 of the 1940 Act.


Portfolio	Sales Proceeds		Realized Gain/(Loss)
Mid Cap Index	$	6,607,984		N/A
Small Cap Index		10,168,346		2,796,716

(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, 2017, authorized capital stock consists of ten billion shares as follows:


Portfolio	Shares Authorized		Par Value
Aggressive Allocation		300,000,000	$	0.01
Moderately Aggressive Allocation		1,000,000,000		0.01
Moderate Allocation		1,800,000,000		0.01
Moderately Conservative Allocation		1,000,000,000		0.01
Growth and Income Plus		100,000,000		0.01
Balanced Income Plus		200,000,000		0.01
Diversified Income Plus		300,000,000		0.01
Opportunity Income Plus		100,000,000		0.01
Partner Healthcare		100,000,000		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		100,000,000		0.01
Mid Cap Stock		300,000,000		0.01
Mid Cap Index		100,000,000		0.01
Partner Worldwide Allocation		500,000,000		0.01
Large Cap Stock		300,000,000		0.01
Partner All Cap		100,000,000		0.01
Large Cap Growth		300,000,000		0.01
Partner Growth Stock		100,000,000		0.01
Large Cap Value		300,000,000		0.01
Large Cap Index		100,000,000		0.01
Low Volatility Equity		100,000,000		0.01
Multidimensional Income		100,000,000		0.01
High Yield		500,000,000		0.01
Income		500,000,000		0.01
Bond Index		100,000,000		0.01
Limited Maturity Bond		300,000,000		0.01
Money Market		1,000,000,000		0.01

(9) SUBSEQUENT EVENTS

Management of the Portfolios has evaluated the impact of subsequent events through August 18, 2017, and, except as already included in the Notes to Financial Statements, has determined that no additional items require disclosure.

(10) MARKET RISK

Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when security prices decline. The value of a Portfolio’s investments may move with these cycles and, in some instances, increase or decrease more than the applicable market(s) as measured by the Portfolio’s benchmark index(es). The securities markets may also decline because of factors that affect a particular industry. As of June 30, 2017, the following Portfolios had portfolio concentration greater than 25% in certain market sectors.


Portfolio	Sector	% Total Net Assets
Partner Emerging Markets Equity	Financials		27.9	%
Large Cap Growth	Information Technology		46.2	%
Partner Growth Stock	Information Technology		36.6	%
Large Cap Value	Financials		27.5	%
Income	Financials		28.2	%
Bond Index	U.S. Govt. & Agencies		40.9	%
Bond Index	Mortgage-Backed		28.1	%
Limited Maturity Bond	Asset-Backed		26.7	%

207

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 6/30/2017 (unaudited)	$	14.58	$	0.08	$	1.45		$	1.53		$	(0.12	)	$	(0.08	)
Year Ended 12/31/2016		14.19		0.12		1.19			1.31			(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	)
MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO
Period Ended 6/30/2017 (unaudited)		14.32		0.13		1.02			1.15			(0.19	)		(0.11	)
Year Ended 12/31/2016		13.77		0.19		1.14			1.33			(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	)
MODERATE ALLOCATION PORTFOLIO
Period Ended 6/30/2017 (unaudited)		13.64		0.14		0.71			0.85			(0.24	)		(0.08	)
Year Ended 12/31/2016		13.09		0.24		0.88			1.12			(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	)
MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO
Period Ended 6/30/2017 (unaudited)		12.78		0.14		0.47			0.61			(0.24	)		(0.12	)
Year Ended 12/31/2016		12.27		0.24		0.63			0.87			(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	)
GROWTH AND INCOME PLUS PORTFOLIO
Period Ended 6/30/2017 (unaudited)		10.20		0.12		0.61			0.73			(0.21	)		—
Year Ended 12/31/2016		9.97		0.20		0.44			0.64			(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	)		—
BALANCED INCOME PLUS PORTFOLIO
Period Ended 6/30/2017 (unaudited)		14.09		0.19		0.66			0.85			(0.35	)		—
Year Ended 12/31/2016		14.03		0.37		0.57			0.94			(0.37	)		(0.51	)
Year Ended 12/31/2015		14.87		0.38		(0.38	)		0.00			(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	)
DIVERSIFIED INCOME PLUS PORTFOLIO
Period Ended 6/30/2017 (unaudited)		7.76		0.12		0.28			0.40			(0.25	)		—
Year Ended 12/31/2016		7.53		0.25		0.27			0.52			(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	)		—

^(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.

208

THRIVENT SERIES FUND, INC.

FINANCIAL HIGHLIGHTS – CONTINUED


					RATIOS/SUPPLEMENTAL DATA
																Ratio to Average Net Assets
										Ratio to Average Net						Before Expenses Waived,
			Net Asset					Net Assets, End		Assets**						Credited or Paid Indirectly**						Portfolio Turnover
Total			Value, End of		Total			of Period					Net Investment						Net Investment			Portfolio Turnover
Distributions			Period		Return^(b)			(in millions)		Expenses			Income/(Loss)			Expenses			Income/(Loss)			Rate

$	(0.20	)	$	15.91		10.47	%	$	1,186.9		0.58	%		1.11	%		0.79	%		0.90	%		38	%
	(0.92	)		14.58		10.11	%		1,063.4		0.58	%		0.89	%		0.79	%		0.68	%		65	%
	(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	%

	(0.30	)		15.17		8.01	%		5,736.5		0.46	%		1.74	%		0.69	%		1.51	%		60	%
	(0.78	)		14.32		10.23	%		5,325.7		0.47	%		1.41	%		0.69	%		1.19	%		106	%
	(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	%

	(0.32	)		14.17		6.25	%		9,734.8		0.45	%		2.04	%		0.62	%		1.87	%		87	%
	(0.57	)		13.64		8.89	%		9,261.4		0.46	%		1.80	%		0.62	%		1.64	%		159	%
	(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	%

	(0.36	)		13.03		4.77	%		4,945.1		0.47	%		2.21	%		0.59	%		2.09	%		114	%
	(0.36	)		12.78		7.24	%		4,695.1		0.47	%		2.03	%		0.59	%		1.90	%		211	%
	(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	%

	(0.21	)		10.72		7.15	%		90.7		0.80	%		2.15	%		0.98	%		1.97	%		66	%
	(0.41	)		10.20		6.63	%		87.6		0.80	%		2.15	%		1.00	%		1.95	%		129	%
	(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	%

	(0.35	)		14.59		6.02	%		383.2		0.66	%		2.77	%		0.66	%		2.77	%		80	%
	(0.88	)		14.09		7.06	%		355.4		0.66	%		2.86	%		0.66	%		2.86	%		140	%
	(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	%

	(0.25	)		7.91		5.17	%		624.3		0.48	%		3.44	%		0.48	%		3.44	%		75	%
	(0.29	)		7.76		7.08	%		562.8		0.48	%		3.61	%		0.48	%		3.61	%		103	%
	(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	%

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

209

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 6/30/2017 (unaudited)	$	10.09	$	0.17		$	0.09		$	0.26		$	(0.17	)	$	—
Year Ended 12/31/2016		9.81		0.34			0.28			0.62			(0.34	)		—
Year Ended 12/31/2015		10.15		0.35			(0.35	)		0.00			(0.34	)		—
Year Ended 12/31/2014		10.15		0.35			0.00			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	)
PARTNER HEALTHCARE PORTFOLIO
Period Ended 6/30/2017 (unaudited)		15.01		0.03			2.98			3.01			(0.05	)		—
Year Ended 12/31/2016		19.45		0.00			(3.02	)		(3.02	)		(0.75	)		(0.67	)
Year Ended 12/31/2015		19.70		0.78	^***		0.20			0.98			0.00			(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	)
PARTNER EMERGING MARKETS EQUITY PORTFOLIO
Period Ended 6/30/2017 (unaudited)		11.39		0.09			1.87			1.96			(0.09	)		—
Year Ended 12/31/2016		10.31		0.10			1.09			1.19			(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	)
REAL ESTATE SECURITIES PORTFOLIO
Period Ended 6/30/2017 (unaudited)		23.24		0.28			0.29			0.57			(0.38	)		(0.03	)
Year Ended 12/31/2016		22.01		0.38			1.28			1.66			(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	)		—
SMALL CAP STOCK PORTFOLIO
Period Ended 6/30/2017 (unaudited)		18.49		0.03			1.51			1.54			(0.07	)		(1.18	)
Year Ended 12/31/2016		15.53		0.09			3.72			3.81			(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			—			—
SMALL CAP INDEX PORTFOLIO
Period Ended 6/30/2017 (unaudited)		18.18		0.09			0.41			0.50			(0.16	)		(1.08	)
Year Ended 12/31/2016		15.77		0.16			3.63			3.79			(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	)
MID CAP STOCK PORTFOLIO
Period Ended 6/30/2017 (unaudited)		19.08		0.03			1.35			1.38			(0.07	)		(1.62	)
Year Ended 12/31/2016		16.73		0.07			4.23			4.30			(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	)		—

^(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.

^***	Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.76 per share.

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

210

THRIVENT SERIES FUND, INC.

FINANCIAL HIGHLIGHTS – CONTINUED


					RATIOS/SUPPLEMENTAL DATA
																Ratio to Average Net Assets
										Ratio to Average Net						Before Expenses Waived,
			Net Asset					Net Assets, End		Assets**						Credited or Paid Indirectly**						Portfolio
Total			Value, End of		Total			of Period					Net Investment						Net Investment			Turnover
Distributions			of Period		Return^(b)			(in millions)		Expenses			Income/(Loss)			Expenses			Income/(Loss)			Rate

$	(0.17	)	$	10.18		2.68	%	$	159.2		0.66	%		3.44	%		0.66	%		3.44	%		117	%
	(0.34	)		10.09		6.38	%		140.4		0.69	%		3.42	%		0.69	%		3.42	%		202	%
	(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	%

	(0.05	)		17.97		20.02	%		195.2		0.93	%		0.32	%		0.99	%		0.25	%		84	%
	(1.42	)		15.01		(16.01	)%		163.4		0.93	%		0.14	%		0.99	%		0.08	%		101	%
	(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	%

	(0.09	)		13.26		17.24	%		75.2		1.30	%		1.64	%		1.59	%		1.35	%		4	%
	(0.11	)		11.39		11.58	%		56.5		1.33	%		0.98	%		1.66	%		0.65	%		7	%
	(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	%

	(0.41	)		23.40		2.44	%		183.2		0.90	%		2.41	%		0.90	%		2.41	%		8	%
	(0.43	)		23.24		7.50	%		180.0		0.90	%		1.77	%		0.90	%		1.77	%		17	%
	(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	%

	(1.25	)		18.78		8.35	%		548.9		0.73	%		0.37	%		0.73	%		0.37	%		24	%
	(0.85	)		18.49		25.94	%		506.1		0.73	%		0.56	%		0.73	%		0.56	%		57	%
	(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	%

	(1.24	)		17.44		2.79	%		442.4		0.27	%		1.19	%		0.27	%		1.19	%		11	%
	(1.38	)		18.18		26.12	%		401.7		0.28	%		1.20	%		0.28	%		1.20	%		21	%
	(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	%

	(1.69	)		18.77		7.28	%		1,600.7		0.67	%		0.38	%		0.67	%		0.38	%		11	%
	(1.95	)		19.08		28.71	%		1,491.9		0.68	%		0.45	%		0.68	%		0.45	%		23	%
	(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	%

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

211

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 6/30/2017 (unaudited)	$	17.07	$	0.08		$	0.91		$	0.99		$	(0.16	)	$	(0.57	)
Year Ended 12/31/2016		15.12		0.16			2.77			2.93			(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	)
PARTNER WORLDWIDE ALLOCATION PORTFOLIO
Period Ended 6/30/2017 (unaudited)		9.09		0.16			1.13			1.29			(0.22	)		—
Year Ended 12/31/2016		9.00		0.21			0.08			0.29			(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			0.00			—
Year Ended 12/31/2012		7.39		0.12			1.26			1.38			(0.12	)		(0.03	)
LARGE CAP STOCK PORTFOLIO
Period Ended 6/30/2017 (unaudited)		12.10		0.11			1.19			1.30			(0.17	)		(0.08	)
Year Ended 12/31/2016		11.63		0.16			0.46			0.62			(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	)		—
PARTNER ALL CAP PORTFOLIO
Period Ended 6/30/2017 (unaudited)		12.99		0.04			1.31			1.35			(0.07	)		—
Year Ended 12/31/2016		12.94		0.07			0.61			0.68			(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	)		—
LARGE CAP GROWTH PORTFOLIO
Period Ended 6/30/2017 (unaudited)		27.65		0.06			4.18			4.24			(0.01	)		(0.01	)
Year Ended 12/31/2016		30.90		0.16			(0.80	)		(0.64	)		(0.15	)		(2.46	)
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	)		—
PARTNER GROWTH STOCK PORTFOLIO
Period Ended 6/30/2017 (unaudited)		18.01		0.02			3.49			3.51			(0.02	)		(0.23	)
Year Ended 12/31/2016		18.67		0.02			0.14			0.16			—			(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			0.00			—
Year Ended 12/31/2012		11.41		—			2.13			2.13			—			—
LARGE CAP VALUE PORTFOLIO
Period Ended 6/30/2017 (unaudited)		16.84		0.13			0.75			0.88			(0.25	)		(0.50	)
Year Ended 12/31/2016		15.52		0.25			2.25			2.50			(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	)		—

^(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.

212

THRIVENT SERIES FUND, INC.

FINANCIAL HIGHLIGHTS – CONTINUED


					RATIOS/SUPPLEMENTAL DATA
																Ratio to Average Net Assets
										Ratio to Average Net						Before Expenses Waived,
			Net Asset					Net Assets, End		Assets**						Credited or Paid Indirectly**						Portfolio
Total			Value, End of		Total			of Period					Net Investment						Net Investment			Turnover
Distributions			of Period		Return^(b)			(in millions)		Expenses			Income/(Loss)			Expenses			Income/(Loss)			Rate

$	(0.73	)	$	17.33		5.89	%	$	343.6		0.28	%		1.21	%		0.28	%		1.21	%		12	%
	(0.98	)		17.07		20.43	%		287.7		0.30	%		1.38	%		0.30	%		1.38	%		19	%
	(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	%

	(0.22	)		10.16		14.15	%		1,886.5		0.87	%		3.25	%		0.91	%		3.21	%		45	%
	(0.20	)		9.09		3.35	%		1,654.7		0.92	%		2.40	%		0.92	%		2.40	%		114	%
	(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	%
	0.00			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	%

	(0.25	)		13.15		10.82	%		996.7		0.66	%		1.66	%		0.66	%		1.66	%		30	%
	(0.15	)		12.10		5.42	%		905.4		0.67	%		1.41	%		0.67	%		1.41	%		66	%
	(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	%

	(0.07	)		14.27		10.41	%		103.5		0.81	%		0.56	%		0.81	%		0.56	%		26	%
	(0.63	)		12.99		5.77	%		94.9		0.87	%		0.60	%		1.14	%		0.33	%		64	%
	(1.61	)		12.94		2.26	%		86.2		0.92	%		0.36	%		1.16	%		0.12	%		72	%
	(0.08	)		14.18		12.26	%		69.5		0.95	%		0.48	%		1.18	%		0.25	%		105	%
	(0.08	)		12.71		32.85	%		63.8		0.98	%		0.69	%		1.23	%		0.45	%		133	%
	(0.04	)		9.64		14.74	%		51.5		1.04	%		0.81	%		1.24	%		0.61	%		116	%

	(0.02	)		31.87		15.35	%		1,110.7		0.44	%		0.42	%		0.44	%		0.42	%		41	%
	(2.61	)		27.65		(1.48	)%		1,003.1		0.44	%		0.55	%		0.44	%		0.55	%		68	%
	(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	%

	(0.25	)		21.27		19.46	%		148.2		0.80	%		0.18	%		0.80	%		0.17	%		28	%
	(0.82	)		18.01		1.35	%		121.3		0.82	%		0.12	%		0.96	%		(0.03	)%		43	%
	(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	%
	0.00			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	%

	(0.75	)		16.97		5.24	%		1,417.0		0.64	%		1.57	%		0.64	%		1.57	%		10	%
	(1.18	)		16.84		17.44	%		1,348.8		0.64	%		1.70	%		0.64	%		1.70	%		22	%
	(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	%

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

213

THRIVENT SERIES FUND, INC.

FINANCIAL HIGHLIGHTS – CONTINUED


	FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD *
			Income From Investment Operations									Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income/ (Loss)			Net Realized and Unrealized Gain/(Loss) on Investments^(a)			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments
LARGE CAP INDEX PORTFOLIO
Period Ended 6/30/2017 (unaudited)	$	31.04	$	0.23		$	2.62		$	2.85		$	(0.46	)	$	(0.21	)
Year Ended 12/31/2016		28.54		0.47			2.78			3.25			(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	)		—
LOW VOLATILITY EQUITY PORTFOLIO
Period Ended 6/30/2017 (unaudited)^(c)		10.00		0.03			0.15			0.18			—			—
MULTIDIMENSIONAL INCOME PORTFOLIO
Period Ended 6/30/2017 (unaudited)^(c)		10.00		0.06			0.00			0.06			—			—
HIGH YIELD PORTFOLIO
Period Ended 6/30/2017 (unaudited)		4.77		0.13			0.08			0.21			(0.13	)		—
Year Ended 12/31/2016		4.48		0.26			0.29			0.55			(0.26	)		—
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	)		—
INCOME PORTFOLIO
Period Ended 6/30/2017 (unaudited)		10.07		0.17			0.21			0.38			(0.17	)		(0.02	)
Year Ended 12/31/2016		9.83		0.35			0.25			0.60			(0.35	)		(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	)		—
BOND INDEX PORTFOLIO
Period Ended 6/30/2017 (unaudited)		10.85		0.11			0.13			0.24			(0.11	)		—
Year Ended 12/31/2016		10.89		0.19			(0.02	)		0.17			(0.19	)		(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	)
LIMITED MATURITY BOND PORTFOLIO
Period Ended 6/30/2017 (unaudited)		9.81		0.09			0.05			0.14			(0.09	)		—
Year Ended 12/31/2016		9.72		0.19			0.09			0.28			(0.19	)		—
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	)		—
MONEY MARKET PORTFOLIO
Period Ended 6/30/2017 (unaudited)		1.00		0.00			0.00			—			0.00			—
Year Ended 12/31/2016		1.00		—			—			—			—			—
Year Ended 12/31/2015		1.00		0.00			0.00			—			—			—
Year Ended 12/31/2014		1.00		—			—			—			—			—
Year Ended 12/31/2013		1.00		0.00			0.00			—			—			—
Year Ended 12/31/2012		1.00		0.00			0.00			—			—			—

^(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)

^(c)	Since inception, April 28, 2017.

^*	All per share amounts have been rounded to the nearest cent.

^**	Computed on an annualized basis for periods less than one year.

^***	Net investment income per share reflects special dividends. The effect of these dividends amounted to $0.07 per share.

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

214

THRIVENT SERIES FUND, INC.

FINANCIAL HIGHLIGHTS – CONTINUED


					RATIOS/SUPPLEMENTAL DATA
			Net Asset					Net Assets, End		Ratio to Average Net Assets**						Ratio to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**						Portfolio
Total Distributions			Value, End of Period		Total Return^(b)			of Period (in millions)		Expenses			Net Investment Income/(Loss)			Expenses			Net Investment Income/(Loss)			Turnover Rate

$	(0.67	)	$	33.22		9.18	%	$	821.0		0.25	%		1.79	%		0.25	%		1.79	%		1	%
	(0.75	)		31.04		11.68	%		691.3		0.25	%		1.96	%		0.25	%		1.96	%		3	%
	(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	%

	—			10.18		1.84	%		5.9		0.78	%		1.83	%		3.48	%		(0.88	)%		21	%

	—			10.06		0.59	%		20.1		0.92	%		3.50	%		1.40	%		3.01	%		73	%

	(0.13	)		4.85		4.49	%		827.7		0.45	%		5.57	%		0.45	%		5.57	%		26	%
	(0.26	)		4.77		12.78	%		791.1		0.45	%		5.65	%		0.45	%		5.65	%		38	%
	(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	%

	(0.19	)		10.26		3.83	%		1,483.5		0.44	%		3.35	%		0.44	%		3.35	%		53	%
	(0.36	)		10.07		6.09	%		1,427.4		0.44	%		3.44	%		0.44	%		3.44	%		109	%
	(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	%

	(0.11	)		10.98		2.23	%		200.9		0.45	%		2.09	%		0.45	%		2.09	%		193	%
	(0.21	)		10.85		1.49	%		194.9		0.46	%		1.69	%		0.46	%		1.69	%		349	%
	(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	%

	(0.09	)		9.86		1.52	%		894.3		0.45	%		1.87	%		0.45	%		1.87	%		36	%
	(0.19	)		9.81		2.84	%		884.1		0.45	%		1.94	%		0.45	%		1.94	%		59	%
	(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	%

	0.00			1.00		0.16	%		177.1		0.45	%		0.31	%		0.45	%		0.31	%		N/A
	—			1.00		0.00	%		191.9		0.45	%		0.00	%		0.46	%		(0.02	)%		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

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

215

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.

216

Thrivent Series Fund, Inc.

Supplement to Prospectus

dated April 28, 2017

with respect to

Thrivent Aggressive Allocation Portfolio

Thrivent Moderately Aggressive Allocation Portfolio

Thrivent Moderate Allocation Portfolio

Thrivent Moderately Conservative Allocation Portfolio

Thrivent Income Portfolio

Russell W. Swansen has announced his retirement from Thrivent Financial, effective June 30, 2017. As a result, he will no longer serve as a portfolio manager for Thrivent Aggressive Allocation Portfolio, Thrivent Moderately Aggressive Allocation Portfolio, Thrivent Moderate Allocation Portfolio and Thrivent Moderately Conservative Allocation Portfolio after that date. All references to Mr. Swansen serving as a portfolio manager will be removed from the prospectus of Thrivent Series Fund, Inc. on June 30, 2017. David C. Francis, CFA, Mark L. Simenstad, CFA, Darren M. Bagwell, CFA and Stephen D. Lowe, CFA will continue to serve as portfolio managers of the Portfolios.

2.	Mark L. Simenstad, CFA has been appointed Chief Investment Strategist of Thrivent Financial. All references to Mr. Simenstad in the prospectus of Thrivent Series Fund, Inc. will be updated to reflect his new title.

3.	Stephen D. Lowe, CFA has been appointed Vice President of Fixed Income Mutual Funds and Separate Accounts of Thrivent Financial. All references to Mr. Lowe in the prospectus of Thrivent Series Fund, Inc. will be updated to reflect his new title.

4.	Kent L. White, CFA has been named as a portfolio manager of Thrivent Income Portfolio. Mr. White is the Director of Investment Grade Research at Thrivent Financial and has been with the firm since 1999. Stephen D. Lowe, CFA will continue to serve as a portfolio manager of the Portfolio.

The date of this Supplement is June 26, 2017.

Please include this Supplement with your Prospectus.

29563

217

Thrivent Series Fund, Inc.

Supplement to Prospectus

dated April 28, 2017

with respect to

Thrivent Bond Index Portfolio

Shareholders of Thrivent Bond Index Portfolio (the “Portfolio”) approved the changes described below at a meeting held on August 10, 2017. The changes will be implemented on August 28, 2017.

The Portfolio will change its name to Thrivent Government Bond Portfolio.

The disclosure under “Investment Objective” in the “Summary Section” of the prospectus will be deleted and replaced with the following:

Thrivent Government Bond Portfolio seeks total return, consistent with preservation of capital.

The disclosure under “Principal Strategies” in the “Summary Section” of the prospectus will be deleted and replaced with the following:

Under normal circumstances, the Portfolio invests at least 80% of its net assets (plus the amount of borrowings for investment purposes) in U.S. government bonds. For purposes of this disclosure, “U.S. government bonds” are debt instruments issued or guaranteed by the U.S. government or its agencies and instrumentalities, including Treasury Inflation Protected Securities (TIPS) and mortgage-backed securities issued or guaranteed by the Government National Mortgage Association (GNMA or Ginnie Mae), the Federal National Mortgage Association (FNMA or Fannie Mae) or the Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac). Should the Adviser determine that the Portfolio would benefit from reducing the percentage of its net assets invested in U.S. government bonds from 80% to a lesser amount, it will notify you at least 60 days prior to the change and will change its name. The Portfolio may invest in sovereign debt securities. These securities are issued or guaranteed by foreign governmental entities.

The Portfolio’s portfolio securities may be of any maturity. The Adviser uses fundamental, quantitative and technical investment research techniques to determine what debt obligations to buy and sell. The “total return” sought by the Portfolio consists of income earned on the Portfolio’s investments plus, if any, capital appreciation. The Portfolio may also invest in series of the Thrivent Core Funds, which are mutual funds that are only offered to the Portfolio and its affiliates and that do not charge an investment advisory fee.

The following risks will be added under “Principal Risks” in the “Summary Section” of the prospectus:

Government Securities Risk. The Portfolio invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as Ginnie Mae, Fannie Mae or Freddie Mac securities). Securities issued or guaranteed by Ginnie Mae, Fannie Mae or Freddie Mac are not issued directly by the U.S. government. Ginnie Mae is a wholly owned U.S. corporation that is authorized to guarantee, with the full faith and credit of the U.S. government, the timely payment of principal and interest of its securities. By contrast, securities issued or guaranteed by U.S. government-related organizations such as Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. government. No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law. In addition, the value of U.S. government securities may be affected by changes in the credit rating of the U.S. government.

218

Inflation-Linked Security Risk. Inflation-linked debt securities, such as TIPS, are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the price of an inflation-linked security tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-linked securities are unpredictable and will fluctuate as the principal and interest are adjusted for inflation. Any increase in the principal amount of an inflation-linked debt security will be considered taxable ordinary income, even though the Portfolio will not receive the principal until maturity.

There can also be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. The Portfolio’s investments in inflation-linked securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. In addition, inflation-linked securities are subject to the risk that the Consumer Price Index for All Urban Consumers (CPI-U) or other relevant pricing index may be discontinued, fundamentally altered in a manner materially adverse to the interests of an investor in the securities, altered by legislation or Executive Order in a materially adverse manner to the interests of an investor in the securities or substituted with an alternative index.

Sovereign Debt Risk. Sovereign debt securities are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting sovereign debts that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

Information about the portfolio managers under “Management–Portfolio Manager(s)” in the “Summary Section” and under “Portfolio Management–Thrivent Bond Index Portfolio” in the “Management” section of the prospectus will be deleted and replaced with the following to reflect the addition of Gregory R. Anderson as a portfolio manager of the Portfolio:

Michael G. Landreville, CFA, CPA (inactive) has served as a portfolio manager of the Portfolio since 2005. Gregory R. Anderson, CFA has served as a portfolio manager of the Portfolio since August of 2017. Mr. Landreville has been with Thrivent Financial since 1983 and has served as a portfolio manager since 1998. Mr. Anderson has been with Thrivent Financial since 1997 and has served as a portfolio manager since 2000.

The Portfolio’s investment objective is changed from “fundamental” to “non-fundamental.” Therefore, the Portfolio’s board of directors may change its investment objective with advance notice to shareholders.

The date of this Supplement is August 18, 2017.

Please include this Supplement with your Prospectus.

29593

219

THRIVENT VARIABLE LIFE ACCOUNT I

THRIVENT VARIABLE INSURANCE ACCOUNT A

TLIC VARIABLE INSURANCE ACCOUNT A

THRIVENT VARIABLE ANNUITY ACCOUNT I

THRIVENT VARIABLE ANNUITY ACCOUNT II

THRIVENT VARIABLE ANNUITY ACCOUNT A

THRIVENT VARIABLE ANNUITY ACCOUNT B

TLIC VARIABLE ANNUITY ACCOUNT A

Supplement to Prospectuses

dated April 28, 2017

with respect to

Thrivent Bond Index Portfolio

Shareholders of Thrivent Bond Index Portfolio (the “Portfolio”) approved the changes described below at a meeting held on August 10, 2017. The changes will be implemented on August 28, 2017.

The Portfolio will change its name to Thrivent Government Bond Portfolio. Consequently, the Subaccount has changed its name to Thrivent Government Bond Subaccount. All references to Thrivent Bond Index Subaccount are replaced by the new name.

The disclosure under “Investment Objective” in the “Investment Options” section of the prospectus will be deleted and replaced with the following: Thrivent Government Bond Portfolio seeks total return, consistent with preservation of capital.

The date of this Supplement is August 18, 2017.

Please include this Supplement with your Prospectus.

29610

220

LOGO

REGISTER ON THRIVENT.COM To access your accounts, member benefits and more It only takes five steps. Step 1: Visit Thrivent.com and click “Register.” Step 2: Enter your member ID and birth date. Step 3: Enter your email address. Step 4: Create a user ID, password and security questions. Your password should be something that only you would know and one that is not easily guessed by others. Step 5: Log in to Thrivent.com using your new user ID and password. A selection of popular links will REGISTER TODAY appear, ready for you to explore. so you can log in tomorrow! That’s it! Now you’re ready to enjoy all the features and benefits of Thrivent.com, anytime and from anywhere. This page is not part of the semiannual report.

LOGO

4321 N. Ballard Road, Appleton, WI 54919-0001 We’re listening to you! In response to concerns regarding multiple mailings, we send one copy of a shareholder report and one copy of a prospectus for Thrivent Series Fund, Inc. to each household. This process is known as householding. This consolidation helps reduce printing and postage costs, thereby saving money. If you wish to receive an additional copy of this report, call us toll-free at 800-847-4836. If you wish to revoke householding in the future, you may write to us at 4321 N. Ballard Road, Appleton, WI 54919-0001, or by calling us at 800-847-4836. We will begin to mail separate regulatory mailings within 30 days of receiving your request. It’s your choice—email, U.S. mail or some of each? Paperless delivery of documents provides faster access to important information. An email is sent to you when new documents are available. Paperless delivery options: • Prospectuses • Annual and semiannual reports • Most billing and contribution notices • Most contract and account statements • Most life insurance statements • Confirmation activity statements • Annual privacy notice • Thrivent magazine Go to Thrivent.com/gopaperless to learn more. 23572SAR R8-17

Item 2.

Code of Ethics

Not applicable to semiannual report

Item 3.

Audit Committee Financial Expert

Not applicable to semiannual report

Item 4.

Principal Accountant Fees and Services

Not applicable to semiannual report

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Investments

(a)

Registrant’s Schedule of Investments/Summary Schedule of Investments is included in the report to shareholders filed under Item 1. Where the registrant included a Summary Schedule of Investments in the report to shareholders filed under Item 1, the registrant has filed a Schedule of Investments under this item.

(b)

Not applicable to this filing.

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (50.7%)	Value
	Consumer Discretionary (8.0%)
	17,326	Amazon.com, Inc.^a	$	16,771,568
	32,575	American Axle & Manufacturing Holdings, Inc.^a		508,170
	641	American Public Education, Inc.^a		15,160
	31,169	Aramark		1,277,306
	1,150	Armstrong Flooring, Inc.^a		20,666
	1,360	Ascent Capital Group, Inc.^a		20,890
	1,300	Bandai Namco Holdings, Inc.		44,418
	4,580	Barnes & Noble Education, Inc.^a		48,685
	558	Bellway plc		21,653
	1,891	Berkeley Group Holdings plc		79,516
	5,350	Bloomin’ Brands, Inc.		113,580
	16,750	BorgWarner, Inc.		709,530
	3,000	Bridgestone Corporation		129,695
	19,281	Bright Horizons Family Solutions, Inc.^a		1,488,686
	20,987	Brunswick Corporation		1,316,515
	4,800	Buffalo Wild Wings, Inc.^a		608,160
	446	Bunzl plc		13,296
	13,326	Burlington Stores, Inc.		1,225,859
	8,340	Caleres, Inc.		231,685
	6,972	Callaway Golf Company		89,102
	4,002	Cedar Fair, LP		288,544
	2,335	Century Casinos, Inc.^a		17,209
	2,650	Cheesecake Factory, Inc.		133,295
	1,540	Children’s Place, Inc.		157,234
	930	Chipotle Mexican Grill, Inc.^a		386,973
	158	Cie Generale des Etablissements Michelin		21,029
	611	Citi Trends, Inc.		12,965
	1,340	ClubCorp Holdings, Inc.		17,554
	173,341	Comcast Corporation		6,746,432
	42,862	Core-Mark Holding Company, Inc.		1,417,018
	3,292	CSS Industries, Inc.		86,119
	3,013	Culp, Inc.		97,923
	10,649	Delphi Automotive plc		933,385
	2,600	Denso Corporation		110,339
	2,380	Discovery Communications, Inc., Class A^a		61,475
	27,779	Discovery Communications, Inc., Class C^a		700,309
	13,900	DISH Network Corporation^a		872,364
	25,616	Dollar Tree, Inc.^a		1,791,071
	2,440	Domino’s Pizza, Inc.		516,133
	6,890	DSW, Inc.		121,953
	71,517	Duluth Holdings, Inc.		1,302,325
	2,020	Entravision Communications Corporation		13,332
	3,482	Eutelsat Communications		88,843
	6,808	Expedia, Inc.		1,014,052
	36,646	Extended Stay America, Inc.		709,467
	10,600	Five Below, Inc.^a		523,322
	2,360	FTD Companies, Inc.^a		47,200
	17,986	G-III Apparel Group, Ltd.^a		448,751
	15,648	Gray Television, Inc.^a		214,378
	33,670	Habit Restaurants, Inc.^a		531,986
	6,720	Harley-Davidson, Inc.		363,014
	12,264	Harvey Norman Holdings, Ltd.		36,013
	1,800	Haseko Corporation		21,919
	4,252	Haverty Furniture Companies, Inc.		106,725
	43,870	Home Depot, Inc.		6,729,658
	5,900	Honda Motor Company, Ltd.		161,649
	20,890	Houghton Mifflin Harcourt Company^a		256,947
	680	Hyatt Hotels Corporation^a		38,223
	3,800	Inchcape plc		37,354
	8,548	International Speedway Corporation		320,977
	280	Ipsos SA		10,506
	6,205	La-Z-Boy, Inc.		201,662
	691	Libbey, Inc.		5,569
	10,780	Liberty Interactive Corporation^a		264,541
	14,457	Liberty Media Corporation - Liberty SiriusXM^a		602,857
	9,162	Lithia Motors, Inc.		863,335
	22,813	Lowe’s Companies, Inc.		1,768,692
	3,334	Marks and Spencer Group plc		14,470
	6,130	Modine Manufacturing Company^a		101,451
	24,690	Nautilus, Inc.^a		472,813
	38,310	Newell Brands, Inc.		2,054,182
	10,830	News Corporation, Class A		148,371
	3,540	News Corporation, Class B		50,091
	296	Nexity SA		17,180
	497	Next plc		24,961
	1,000	Nikon Corporation		16,029
	29,050	Norwegian Cruise Line Holdings, Ltd.^a		1,577,125
	44,030	Nutrisystem, Inc.		2,291,761
	1,624	O’Reilly Automotive, Inc.^a		355,234
	19,620	Oxford Industries, Inc.		1,226,054
	14,600	Papa John’s International, Inc.		1,047,696
	91,400	Pinnacle Entertainment, Inc.^a		1,806,064
	8,740	Polaris Industries, Inc.		806,090
	1,900	Priceline Group, Inc.^a		3,553,988
	137	Publicis Groupe SA		10,211
	137	Publicis Groupe SA Rights^a,b		17
	11,169	PVH Corporation		1,278,850
	14,226	Ross Stores, Inc.		821,267
	142	RTL Group SA		10,728
	3,350	Ruth’s Hospitality Group, Inc.		72,862
	11,545	Scripps Networks Interactive, Inc.		788,639
	695	SES SA		16,282
	913	Shoe Carnival, Inc.		19,063
	5,510	Signet Jewelers, Ltd.		348,452
	3,200	Singapore Press Holdings, Ltd.		7,508
	37,260	Six Flags Entertainment Corporation		2,221,069
	650	Snap-On, Inc.		102,700
	3,166	SSP Group plc		19,620
	3,910	Stamps.com, Inc.^a		605,561
	410	Standard Motor Products, Inc.		21,410
	29,860	Staples, Inc.		300,690
	57,441	Starbucks Corporation		3,349,385
	1,820	Steven Madden, Ltd.^a		72,709
	2,500	Subaru Corporation		84,770
	2,700	Sumitomo Forestry Company, Ltd.		42,532
	2,200	Sumitomo Rubber Industries, Ltd.		37,258
	100	Swatch Group AG		7,305
	9,571	Taylor Morrison Home Corporation^a		229,800
	8,042	Tenneco, Inc.		465,069
	6,910	Thomson Reuters Corporation		319,864
	34,231	Time, Inc.		491,215
	40,296	Toll Brothers, Inc.		1,592,095
	20,190	Tower International, Inc.		453,266
	500	Toyoda Gosei Company, Ltd.		11,981
	43,886	Tuesday Morning Corporation^a		83,383
	17,618	Tupperware Brands Corporation		1,237,312
	800	TV Asahi Holdings Corporation		14,452
	1,759	Ulta Beauty, Inc.^a		505,431
	5,395	Vail Resorts, Inc.		1,094,268
	8,069	VF Corporation		464,774
	500	Visteon Corporation^a		51,030
	31,863	Walt Disney Company		3,385,444
	3,775	Whirlpool Corporation		723,365
	39,640	Wingstop, Inc.		1,224,876

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

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (50.7%)	Value
	Consumer Discretionary (8.0%) - continued
	2,006	Wolters Kluwer NV	$	84,840
	1,400	Wyndham Worldwide Corporation		140,574
	1,000	Yokohama Rubber Company, Ltd.		20,159
	44,267	Zoe’s Kitchen, Inc.^a		527,220

		Total		94,829,627

	Consumer Staples (1.3%)
	35,980	Altria Group, Inc.		2,679,431
	1,500	Axfood AB		25,046
	44,190	Blue Buffalo Pet Products, Inc.^a		1,007,974
	7,821	Coca-Cola Amatil, Ltd.		55,499
	2,042	Coca-Cola HBC AG		60,054
	42,270	Cott Corporation		610,379
	5,050	CVS Health Corporation		406,323
	29,833	Darling Ingredients, Inc.^a		469,571
	9,396	e.l.f. Beauty, Inc.^a		255,665
	499	Ebro Foods SA		11,399
	1,207	Grieg Seafood ASA		8,406
	20,916	Hain Celestial Group, Inc.^a		811,959
	285	Henkel AG & Company KGaA		34,523
	3,475	Imperial Brands plc		156,157
	6,200	Ingredion, Inc.		739,102
	3,340	Inter Parfums, Inc.		122,411
	204	Kesko Oyj		10,377
	1,200	Kewpie Corporation		31,512
	1,160	Kimberly-Clark Corporation		149,768
	700	Kirin Holdings Company, Ltd.		14,279
	1	Lindt & Spruengli AG		5,798
	35,930	MGP Ingredients, Inc.		1,838,538
	14,910	Mondelez International, Inc.		643,963
	24,647	Monster Beverage Corporation^a		1,224,463
	348	Nestle SA		30,352
	9,450	PepsiCo, Inc.		1,091,381
	17,140	Pinnacle Foods, Inc.		1,018,116
	1,328	Revlon, Inc.^a		31,474
	290	SalMar ASA		7,188
	847	Seneca Foods Corporation^a		26,299
	300	Seven & I Holdings Company, Ltd.		12,379
	20,442	SpartanNash Company		530,674
	600	Suedzucker AG		12,526
	24,190	SUPERVALU, Inc.^a		79,585
	2,509	Tate & Lyle plc		21,624
	2,260	Unilever plc		122,307
	18,110	US Foods Holding Corporation		492,954
	4,514	Wal-Mart Stores, Inc.		341,620

		Total		15,191,076

	Energy (1.5%)
	2,550	Anadarko Petroleum Corporation		115,617
	24,270	Archrock, Inc.		276,678
	8,945	Bill Barrett Corporation^a		27,461
	56,698	BP plc		327,272
	4,464	California Resources Corporation^a		38,167
	50,327	Callon Petroleum Company^a		533,969
	1,670	CARBO Ceramics, Inc.^a		11,439
	5,120	Chevron Corporation		534,170
	2,680	Cimarex Energy Company		251,947
	13,207	Concho Resources, Inc.^a		1,605,047
	2,980	Contango Oil & Gas Company^a		19,787
	8,275	Continental Resources, Inc.^a		267,531
	1,279	Crescent Point Energy Corporation		9,784
	2,767	Delek US Holdings, Inc.		73,159
	4,700	Devon Energy Corporation		150,259
	11,450	Ensco plc		59,082
	2,371	EQT Corporation		138,917
	2,720	Era Group, Inc.^a		25,731
	2,160	Exterran Corporation^a		57,672
	20,510	Exxon Mobil Corporation		1,655,772
	9,756	Fairmount Santrol Holdings, Inc.^a		38,048
	37,270	Halliburton Company		1,591,802
	7,789	HollyFrontier Corporation		213,964
	3,712	John Wood Group plc		31,015
	23,878	Marathon Oil Corporation		282,954
	1,335	Matrix Service Company^a		12,482
	3,650	Newpark Resources, Inc.^a		26,828
	8,440	Noble Corporation		30,553
	41,377	Oil States International, Inc.^a		1,123,386
	2,146	OMV AG		111,469
	12,376	Overseas Shipholding Group, Inc.^a		32,920
	3,330	Par Pacific Holdings, Inc.^a		60,073
	38,875	Parsley Energy, Inc.^a		1,078,781
	46,795	Patterson-UTI Energy, Inc.		944,791
	7,007	Petrofac, Ltd.		40,290
	20,639	Pioneer Energy Services Corporation^a		42,310
	5,720	Pioneer Natural Resources Company		912,798
	1,192	Range Resources Corporation		27,619
	96,660	Rowan Companies plc^a		989,798
	1,926	Royal Dutch Shell plc		51,212
	680	Royal Dutch Shell plc, Class A		18,067
	4,411	Royal Dutch Shell plc, Class B		118,420
	13,740	RPC, Inc.		277,685
	14,499	Smart Sand, Inc.^a		129,186
	1,230	Statoil ASA		20,396
	23,270	Teekay Tankers, Ltd.		43,748
	7,338	Tesco Corporation^a		32,654
	1,959	TETRA Technologies, Inc.^a		5,466
	807	TGS Nopec Geophysical Company ASA		16,558
	1,967	Total SA		97,656
	18,776	U.S. Silica Holdings, Inc.		666,360
	140,830	Weatherford International plc^a		545,012
	3,196	Westmoreland Coal Company^a		15,565
	41,050	Whiting Petroleum Corporation^a		226,186
	116,670	WPX Energy, Inc.^a		1,127,032

		Total		17,162,545

	Financials (7.4%)
	1,793	ABN AMRO Group NV^c		47,500
	12,475	Affiliated Managers Group, Inc.		2,069,103
	5,460	AG Mortgage Investment Trust, Inc.		99,918
	19,317	AGNC Investment Corporation		411,259
	8,260	Allied World Assurance Company Holdings AG		436,954
	27,250	Ally Financial, Inc.		569,525
	2,470	American International Group, Inc.		154,424
	26,975	Ameris Bancorp		1,300,195
	4,701	Aon plc		624,998
	3,588	Argo Group International Holdings, Ltd.		217,433
	8,185	Aspen Insurance Holdings, Ltd.		408,022
	51,930	Assured Guaranty, Ltd.		2,167,558
	28,349	Astoria Financial Corporation		571,232
	1,331	ASX, Ltd.		54,838
	4,310	Australia & New Zealand Banking Group, Ltd.		95,129
	29,610	BancorpSouth, Inc.		903,105
	6,810	Bank Mutual Corporation		62,312
	282,764	Bank of America Corporation		6,859,855
	28,594	Bank of New York Mellon Corporation		1,458,866
	2,410	Bank of Nova Scotia		144,975
	20,552	Bank of the Ozarks, Inc.		963,272
	3,030	BankFinancial Corporation		45,208
	4,468	Bankia, SA		21,611
	10,870	Beneficial Bancorp, Inc.		163,050

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

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (50.7%)	Value
	Financials (7.4%) - continued
	12,730	Berkshire Hathaway, Inc.^a	$	2,156,080
	5,980	Blackstone Group, LP		199,433
	2,232	Blue Hills Bancorp, Inc.		39,953
	18,100	Boston Private Financial Holdings, Inc.		277,835
	6,410	Brookline Bancorp, Inc.		93,586
	476	Canadian Imperial Bank of Commerce		38,684
	1,950	Capital One Financial Corporation		161,109
	10,260	Capstead Mortgage Corporation		107,012
	304	Carolina Financial Corporation		9,825
	9,710	Cathay General Bancorp		368,494
	11,291	Central Pacific Financial Corporation		355,328
	13,113	Chemical Financial Corporation		634,800
	2,000	Chiba Bank, Ltd.		14,555
	1,390	Chubb, Ltd.		202,078
	1,042	CI Financial Corporation		22,209
	39,080	Citigroup, Inc.		2,613,670
	5,378	Citizens Financial Group, Inc.		191,887
	1,110	Clifton Bancorp, Inc.		18,348
	1,415	CNA Financial Corporation		68,981
	39,650	CNO Financial Group, Inc.		827,892
	3,966	CNP Assurances		89,022
	38,079	CoBiz Financial, Inc.		662,575
	176	Columbia Banking System, Inc.		7,014
	8,410	Comerica, Inc.		615,948
	125	Community Trust Bancorp, Inc.		5,469
	480	Customers Bancorp, Inc.^a		13,574
	1,356	Danske Bank AS		52,170
	700	DBS Group Holdings, Ltd.		10,536
	11,173	Direct Line Insurance Group plc		51,737
	1,473	Dynex Capital, Inc.		10,458
	38,450	E*TRADE Financial Corporation^a		1,462,253
	2,301	Eagle Bancorp, Inc.^a		145,653
	14,978	East West Bancorp, Inc.		877,411
	1,731	Ellington Residential Mortgage REIT		25,376
	8,638	Employers Holdings, Inc.		365,387
	2,810	Enova International, Inc.^a		41,729
	12,187	Enterprise Financial Services Corporation		497,230
	1,211	Erste Group Bank AG		46,387
	17,276	Essent Group, Ltd.^a		641,631
	86	FBL Financial Group, Inc.		5,289
	389	Fidelity Southern Corporation		8,893
	13,297	Fifth Third Bancorp		345,190
	2,379	Financial Institutions, Inc.		70,894
	101,534	First BanCorp^a		587,882
	12,290	First Commonwealth Financial Corporation		155,837
	713	First Connecticut Bancorp, Inc.		18,288
	720	First Defiance Financial Corporation		37,930
	3,090	First Financial Bancorp		85,593
	1,828	First Financial Corporation		86,464
	2,370	First Merchants Corporation		95,132
	13,442	First Midwest Bancorp, Inc.		313,333
	1,711	First of Long Island Corporation		48,935
	29,568	First Republic Bank		2,959,757
	13,682	FlexiGroup, Ltd.		19,179
	8,810	FNF Group		394,952
	268	Franklin Financial Network, Inc.^a		11,055
	18,000	Fukuoka Financial Group, Inc.		85,882
	8,100	GAIN Capital Holdings, Inc.		50,463
	873	Genworth MI Canada, Inc.		24,020
	20,200	Goldman Sachs Group, Inc.		4,482,380
	4,572	Great Southern Bancorp, Inc.		244,602
	6,895	Green Bancorp, Inc.^a		133,763
	20,320	Hamilton Lane, Inc.		446,837
	46,317	Hanmi Financial Corporation		1,317,719
	2,510	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		57,404
	834	Hannover Rueckversicherung SE		100,175
	14,310	Hanover Insurance Group, Inc.		1,268,295
	17,458	Hartford Financial Services Group, Inc.		917,767
	22,860	Heritage Commerce Corporation		315,011
	2,380	Heritage Financial Corporation		63,070
	500	Hokuhoku Financial Group, Inc.		7,998
	3,091	Hometrust Bancshares, Inc.^a		75,420
	33,011	Hope Bancorp, Inc.		615,655
	16,524	Horace Mann Educators Corporation		624,607
	3,820	Horizon Bancorp		100,657
	19,732	Houlihan Lokey, Inc.		688,647
	23,538	HSBC Holdings plc		218,480
	95,340	Huntington Bancshares, Inc.		1,288,997
	6,770	IBERIABANK Corporation		551,755
	2,740	Independent Bank Corporation		59,595
	6,148	Infinity Property & Casualty Corporation		577,912
	1,469	ING Groep NV		25,359
	520	Intact Financial Corporation		39,281
	23,180	Interactive Brokers Group, Inc.		867,396
	34,555	Intercontinental Exchange, Inc.		2,277,866
	12,310	Invesco Mortgage Capital. Inc.		205,700
	6,830	Invesco, Ltd.		240,348
	17,620	Investors Bancorp, Inc.		235,403
	1,280	Janus Henderson Group plc^a		42,381
	73,750	KeyCorp		1,382,075
	13,892	Kinsale Capital Group, Inc.		518,311
	4,290	Lazard, Ltd.		198,756
	22,320	Loews Corporation		1,044,799
	3,750	M&T Bank Corporation		607,312
	550	Macquarie Group, Ltd.		37,402
	23,187	Maiden Holdings, Ltd.		257,376
	417	MainSource Financial Group, Inc.		13,974
	23,110	Mapfre SA		80,890
	3,620	MarketAxess Holdings, Inc.		727,982
	15,630	Meta Financial Group, Inc.		1,391,070
	7,540	MetLife, Inc.		414,248
	21,850	MGIC Investment Corporation^a		244,720
	9,450	MidWestOne Financial Group, Inc.		320,261
	2,700	Mitsubishi UFJ Financial Group, Inc.		18,212
	31,800	Mizuho Financial Group, Inc.		58,304
	500	MS and AD Insurance Group Holdings, Inc.		16,864
	4,140	MTGE Investment Corporation		77,832
	95	Muenchener Rueckversicherungs-Gesellschaft AG		19,224
	19,310	National Bank Holdings Corporation		639,354
	1,559	National Bank of Canada		65,555
	356	National General Holdings Corporation		7,512
	2,160	Navigators Group, Inc.		118,584
	15,810	New Residential Investment Corporation		246,004
	3,597	Nordea Bank AB		45,813
	1,158	OFG Bancorp		11,580
	675	Old Second Bancorp, Inc.		7,796
	38,071	OM Asset Management plc		565,735
	15,439	PacWest Bancorp		721,001
	503	Pargesa Holding SA		38,326
	740	Peoples Bancorp, Inc.		23,776
	4,747	Poste Italiane SPA^c		32,550

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

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (50.7%)	Value
	Financials (7.4%) - continued
	1,547	Power Corporation of Canada	$	35,287
	760	Preferred Apartment Communities, Inc.		11,970
	830	Preferred Bank		44,380
	8,210	Primerica, Inc.		621,908
	23,049	Progressive Corporation		1,016,230
	8,130	Provident Financial Services, Inc.		206,339
	1,040	QCR Holdings, Inc.		49,296
	14,450	Raymond James Financial, Inc.		1,159,179
	9,156	Renasant Corporation		400,483
	5,600	Resona Holdings, Inc.		30,933
	393	Safety Insurance Group, Inc.		26,842
	11,331	Sandy Spring Bancorp, Inc.		460,718
	12,400	Santander Consumer USA Holdings Inc.^a		158,224
	9,340	Seacoast Banking Corporation of Florida^a		225,094
	1,340	Selective Insurance Group, Inc.		67,067
	5,900	Senshu Ikeda Holdings, Inc.		24,959
	176,080	SLM Corporation^a		2,024,920
	964	Societe Generale		51,984
	11,042	State Auto Financial Corporation		284,111
	500	State Bank Financial Corporation		13,560
	10,608	State National Companies, Inc.		194,975
	2,540	State Street Corporation		227,914
	670	Stewart Information Services Corporation		30,405
	40,657	Stifel Financial Corporation^a		1,869,409
	3,900	Sumitomo Mitsui Trust Holdings, Inc.		140,085
	11,516	SVB Financial Group		2,024,398
	1,341	Swiss Re AG		122,893
	10,060	Synchrony Financial		299,989
	40,907	Synovus Financial Corporation		1,809,726
	11,131	TCF Financial Corporation		177,428
	25,909	TD Ameritrade Holding Corporation		1,113,828
	1,150	Territorial Bancorp, Inc.		35,869
	315	TMX Group, Ltd.		17,139
	3,023	TriCo Bancshares		106,258
	3,793	TriState Capital Holdings, Inc.^a		95,584
	2,250	Triumph Bancorp, Inc.^a		55,238
	22,320	TrustCo Bank Corporation		172,980
	6,640	Umpqua Holdings Corporation		121,910
	6,768	Union Bankshares Corporation		229,435
	17,300	United Community Banks, Inc.		480,940
	8,304	United Financial Bancorp, Inc.		138,594
	510	United Fire Group, Inc.		22,471
	1,980	Unum Group		92,327
	7,210	Voya Financial, Inc.		265,977
	1,290	Washington Trust Bancorp, Inc.		66,500
	25,495	Western Alliance Bancorp^a		1,254,354
	10,395	Western Asset Mortgage Capital Corporation		107,069
	140	Westwood Holdings Group, Inc.		7,937
	5,163	WSFS Financial Corporation		234,142
	41,020	Zions Bancorporation		1,801,188
	80	Zurich Insurance Group AG		23,348

		Total		87,576,101

	Health Care (7.1%)
	12,450	Abbott Laboratories		605,194
	9,740	ABIOMED, Inc.^a		1,395,742
	28,355	Acadia Healthcare Company, Inc.^a		1,400,170
	11,944	Aerie Pharmaceuticals, Inc.^a		627,657
	5,550	Aetna, Inc.		842,656
	21,254	Akorn, Inc.^a		712,859
	27,976	Alexion Pharmaceuticals, Inc.^a		3,403,840
	6,591	Align Technology, Inc.^a		989,441
	4,370	Amgen, Inc.		752,645
	611	Ansell, Ltd.		11,142
	7,614	Asterias Biotherapeutics, Inc.^a		27,030
	232	Atrion Corporation		149,246
	700	Biogen, Inc.^a		189,952
	13,702	BioMarin Pharmaceutical, Inc.^a		1,244,416
	2,153	CAE, Inc.		37,123
	19,076	Cardiovascular Systems, Inc.^a		614,819
	63,730	Catalent, Inc.^a		2,236,923
	45,755	Celgene Corporation^a		5,942,202
	2,840	Charles River Laboratories International, Inc.^a		287,266
	5,430	Chemed Corporation		1,110,598
	1,704	ChemoCentryx, Inc.^a		15,949
	12,055	CIGNA Corporation		2,017,886
	7,110	Coherus Biosciences, Inc.^a		102,028
	1,790	CONMED Corporation		91,183
	580	Cooper Companies, Inc.		138,864
	2,440	Dentsply Sirona, Inc.		158,210
	12,200	Dexcom, Inc.^a		892,430
	14,050	Eagle Pharmaceuticals, Inc.^a		1,108,404
	6,000	Edwards Lifesciences Corporation^a		709,440
	30,830	Evolent Health, Inc.^a		781,541
	3,480	Express Scripts Holding Company^a		222,163
	65,650	GenMark Diagnostics, Inc.^a		776,639
	391	GlaxoSmithKline plc		8,323
	4,050	GlaxoSmithKline plc ADR		174,636
	3,033	HealthEquity, Inc.^a		151,134
	3,027	Heska Corporation^a		308,966
	108,200	Hologic, Inc.^a		4,910,116
	3,690	INC Research Holdings, Inc.^a		215,865
	19,077	Inogen, Inc.^a		1,820,327
	29,316	Intersect ENT, Inc.^a		819,382
	6,140	Intra-Cellular Therapies, Inc.^a		76,259
	21,228	Ironwood Pharmaceuticals, Inc.^a		400,785
	18,660	Johnson & Johnson		2,468,531
	72	Le Noble Age SA		4,928
	109	Lonza Group AG		23,611
	8,615	Magellan Health Services, Inc.^a		628,033
	58,090	Medtronic plc		5,155,487
	8,590	Merck & Company, Inc.		550,533
	656	Merck KGaA		79,375
	2,658	Mettler-Toledo International, Inc.^a		1,564,339
	21,885	Mylan NV^a		849,576
	41,730	Myriad Genetics, Inc.^a		1,078,303
	1,968	National Healthcare Corporation		138,036
	15,582	Neurocrine Biosciences, Inc.^a		716,772
	26,185	Nevro Corporation^a		1,948,950
	4,289	Novartis AG		358,246
	2,515	Novo Nordisk AS		108,063
	39,193	NuVasive, Inc.^a		3,014,726
	19,890	Omnicell, Inc.^a		857,259
	11,340	PerkinElmer, Inc.		772,708
	9,460	Perrigo Company plc		714,419
	61,310	Pfizer, Inc.		2,059,403
	2,645	PharMerica Corporation^a		69,431
	5,310	Prothena Corporation plc^a		287,377
	44	Roche Holding AG-Genusschein		11,243
	10,537	Teleflex, Inc.		2,189,167
	8,468	Thermo Fisher Scientific, Inc.		1,477,412
	3,003	Triple-S Management Corporation^a		50,781
	44,140	UnitedHealth Group, Inc.		8,184,439
	5,600	Universal Health Services, Inc.		683,648
	21,660	Veeva Systems, Inc.^a		1,327,975
	7,073	Vertex Pharmaceuticals, Inc.^a		911,498
	3,050	Waters Corporation^a		560,712

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

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (50.7%)	Value
	Health Care (7.1%) - continued
	4,080	West Pharmaceutical Services, Inc.	$	385,642
	26,670	Wright Medical Group NV^a		733,158
	16,660	Zimmer Biomet Holdings, Inc.		2,139,144
	65,420	Zoetis, Inc.		4,080,900

		Total		84,665,276

	Industrials (7.1%)
	17	A P Moller - Maersk AS, Class A		32,438
	30	A P Moller - Maersk AS, Class B		60,405
	4,575	ABM Industries, Inc.		189,954
	2,177	Acco Brands Corporation^a		25,362
	1,781	Adecco SA		135,681
	26,124	Advanced Disposal Services, Inc.^a		593,799
	8,687	AECOM^a		280,851
	10,884	Aegion Corporation^a		238,142
	17,565	AGCO Corporation		1,183,705
	200	Aica Kogyo Company, Ltd.		6,107
	2,757	Albany International Corporation		147,224
	19,913	Allison Transmission Holdings, Inc.		746,937
	13,127	AMETEK, Inc.		795,102
	1,000	Asahi Glass Company, Ltd.		42,233
	1,711	Astec Industries, Inc.		94,978
	44,875	AZZ, Inc.		2,504,025
	12,287	Babcock & Wilcox Enterprises, Inc.^a		144,495
	5,130	Barnes Group, Inc.		300,259
	1,110	Boeing Company		219,502
	8,300	Brink’s Company		556,100
	16,700	BWX Technologies, Inc.		814,125
	6,358	CBIZ, Inc.^a		95,370
	2,329	CIRCOR International, Inc.		138,296
	4,890	Colfax Corporation^a		192,519
	10,804	Comfort Systems USA, Inc.		400,828
	6,700	ComfortDelGro Corporation, Ltd		11,191
	10,155	Costamare, Inc.		74,233
	1,250	Crane Company		99,225
	309	CSW Industrials, Inc.^a		11,943
	82,518	CSX Corporation		4,502,182
	25,130	Cummins, Inc.		4,076,589
	5,200	Curtiss-Wright Corporation		477,256
	1,000	Dai Nippon Printing Company, Ltd.		11,140
	3,000	Delta Air Lines, Inc.		161,220
	802	Deutsche Lufthansa AG		18,277
	11,410	Dover Corporation		915,310
	34,113	Eaton Corporation plc		2,655,015
	3,540	EMCOR Group, Inc.		231,445
	15,080	Encore Wire Corporation		643,916
	3,670	EnerSys		265,891
	4,245	Equifax, Inc.		583,348
	1,470	ESCO Technologies, Inc.		87,686
	9,511	Federal Signal Corporation		165,111
	2,057	Finning International, Inc.		40,322
	3,460	Fluor Corporation		158,399
	16,077	Fortune Brands Home and Security, Inc.		1,048,863
	2,045	Franklin Electric Company, Inc.		84,663
	800	Fuji Machine Manufacturing Company, Ltd.		11,572
	65,160	General Electric Company		1,759,972
	9,230	Genesee & Wyoming, Inc.^a		631,240
	4,491	Gibraltar Industries, Inc.^a		160,104
	25,925	Granite Construction, Inc.		1,250,622
	6,312	GWA Group, Ltd.		15,274
	11,550	Harsco Corporation^a		185,955
	13,010	Healthcare Services Group, Inc.		609,258
	14,523	Heico Corporation		1,043,332
	790	Heidrick & Struggles International, Inc.		17,182
	1,640	Herman Miller, Inc.		49,856
	500	Hitachi Transport System, Ltd.		11,790
	52	Hochtief AG		9,546
	13,121	Honeywell International, Inc.		1,748,898
	1,950	Hubbell, Inc.		220,681
	5,200	Huntington Ingalls Industries, Inc.		968,032
	9,071	ICF International, Inc.^a		427,244
	800	Inaba Denki Sangyo Company, Ltd.		30,425
	2,280	Ingersoll-Rand plc		208,369
	35,770	Interface, Inc.		702,880
	1,480	International Seaways, Inc.^a		32,072
	11,000	ITOCHU Corporation		163,778
	5,673	ITT Corporation		227,941
	508	Jardine Matheson Holdings, Ltd.		32,614
	6,154	JB Hunt Transport Services, Inc.		562,353
	5,110	KAR Auction Services, Inc.		214,467
	10	KBR, Inc.		152
	470	Kelly Services, Inc.		10,552
	5,061	Kforce, Inc.		99,196
	32,750	Kirby Corporation^a		2,189,338
	3,000	KITZ Corporation		28,040
	2,530	KONE Oyj		128,714
	640	Koninklijke Boskalis Westminster NV		20,785
	2,820	Lincoln Electric Holdings, Inc.		259,694
	5,550	Lindsay Corporation		495,337
	345	Loomis AB		12,367
	1,700	Marubeni Corporation		11,014
	18,410	Masco Corporation		703,446
	14,410	Masonite International Corporation^a		1,087,955
	229	McGrath Rentcorp		7,930
	4,438	Meggitt plc		27,577
	2,680	Meritor, Inc.^a		44,515
	8,913	Middleby Corporation^a		1,083,019
	730	Milacron Holdings Corporation^a		12,841
	1,500	MIRAIT Holdings Corporation		16,872
	4,000	Mitsubishi Heavy Industries, Ltd.		16,469
	1,000	Mitsuboshi Belting, Ltd.		11,103
	1,548	Monadelphous Group, Ltd.		16,635
	3,480	Moog, Inc.^a		249,586
	68,290	MRC Global, Inc.^a		1,128,151
	1,020	Mueller Industries, Inc.		31,059
	8,221	MYR Group, Inc.^a		255,015
	2,456	National Express Group plc		11,729
	7,039	Navigant Consulting, Inc.^a		139,091
	9,804	NCI Building Systems, Inc.^a		163,727
	5,130	Neff Corporation^a		97,470
	1,000	Nippon Express Company, Ltd.		6,275
	2,100	Nitto Kogyo Corporation		33,225
	1,730	Norfolk Southern Corporation		210,541
	740	Northgate plc		4,271
	7,070	Old Dominion Freight Line, Inc.		673,347
	21,497	On Assignment, Inc.^a		1,164,063
	20,570	Orbital ATK, Inc.		2,023,265
	1,500	Orion Group Holdings, Inc.^a		11,205
	27,845	Oshkosh Corporation		1,917,964
	3,340	Parker Hannifin Corporation		533,799
	43,315	PGT Innovations, Inc.^a		554,432
	711	Philips Lighting NV^c		26,263
	601	Ply Gem Holdings, Inc.^a		10,788
	10,220	Proto Labs, Inc.^a		687,295
	1,550	Quanex Building Products Corporation		32,783
	1,551	Radiant Logistics, Inc.^a		8,344
	15,031	Raven Industries, Inc.		500,532
	8,755	Raytheon Company		1,413,757
	870	Regal-Beloit Corporation		70,948

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

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (50.7%)	Value
	Industrials (7.1%) - continued
	1,030	RELX NV	$	21,235
	16,480	Rockwell Collins, Inc.		1,731,718
	2,620	Rolls-Royce Holdings plc		30,389
	186,020	Rolls-Royce Holdings plc Rights^a,b		242
	7,668	Roper Industries, Inc.		1,775,372
	1,000	Ryobi, Ltd.		4,079
	44,870	Saia, Inc.^a		2,301,831
	1,100	Sanwa Holdings Corporation		11,617
	168	Schindler Holding AG, Participation Certificate		35,618
	130	SFS Group AG^a		14,750
	1,047	Siemens AG		144,019
	589	Skanska AB		13,986
	5,334	SKF AB		108,314
	1,700	Smiths Group plc		35,346
	13,200	Sojitz Corporation		32,494
	111,271	Southwest Airlines Company		6,914,380
	2,240	SP Plus Corporation^a		68,432
	323	Sparton Corporation^a		7,103
	321	Spirax-Sarco Engineering plc		22,388
	2,690	SPX Corporation^a		67,680
	4,770	SPX FLOW, Inc.^a		175,918
	1,420	Stanley Black & Decker, Inc.		199,837
	239	Sulzer, Ltd.		27,093
	30,339	Team, Inc.^a		711,450
	1,700	Teijin, Ltd.		32,805
	4,309	Tennant Company		318,004
	15,470	Terex Corporation		580,125
	800	Toppan Forms Company, Ltd.		8,281
	56,430	TPI Composites, Inc.^a		1,042,826
	21,514	TransUnion^a		931,771
	12,931	TriMas Corporation^a		269,611
	2,090	Triton International, Ltd.		69,890
	2,660	TrueBlue, Inc.^a		70,490
	25,070	United Continental Holdings, Inc.^a		1,886,518
	2,730	United Parcel Service, Inc.		301,911
	11,282	United Rentals, Inc.^a		1,271,594
	1,000	United Technologies Corporation		122,110
	7,530	Univar, Inc.^a		219,876
	3,143	Universal Forest Products, Inc.		274,415
	3,635	Universal Truckload Services, Inc.		54,525
	756	Valmont Industries, Inc.		113,098
	410	Vectrus, Inc.^a		13,251
	1,436	Vinci SA		122,493
	9,400	WABCO Holdings, Inc.^a		1,198,594
	23,486	WageWorks, Inc.^a		1,578,259
	36,231	Waste Connections, Inc.		2,334,001
	3,702	Watsco, Inc.		570,848
	21,800	Willdan Group, Inc.^a		665,990
	540	Wolseley plc		33,144
	456	WSP Global, Inc.		18,921
	6,056	Xylem, Inc.		335,684
	1,725	YIT Oyj		14,428
	400	Yuasa Trading Company, Ltd.		12,165

		Total		84,720,514

	Information Technology (14.8%)
	18,260	2U, Inc.^a		856,759
	30,350	Advanced Micro Devices, Inc.^a		378,768
	30,029	Agilent Technologies, Inc.		1,781,020
	43,580	Akamai Technologies, Inc.^a		2,170,720
	26,350	Alliance Data Systems Corporation		6,763,781
	10,023	Alphabet, Inc., Class A^a		9,318,183
	6,247	Alphabet, Inc., Class C^a		5,676,836
	65	Alten SA		5,361
	11,872	Ambarella, Inc.^a		576,386
	21,445	Amphenol Corporation		1,583,070
	3,542	Analog Devices, Inc.		275,568
	65,064	Apple, Inc.		9,370,517
	35,334	Applied Materials, Inc.		1,459,648
	15,950	Apptio, Inc.^a		276,732
	30,282	Arista Networks, Inc.^a		4,535,941
	21,022	Arrow Electronics, Inc.^a		1,648,545
	8,783	Aspen Technology, Inc.^a		485,349
	2,510	Atkore International Group, Inc.^a		56,601
	602	Autobytel, Inc.^a		7,591
	600	Azbil Corporation		22,842
	38,242	Bankrate, Inc.^a		491,410
	11,770	Belden, Inc.		887,811
	140	BKW FMB Energie		8,230
	36,310	Booz Allen Hamilton Holding Corporation		1,181,527
	7,742	Brooks Automation, Inc.		167,924
	2,910	CA, Inc.		100,308
	1,000	Canon, Inc.		34,015
	1,659	Cap Gemini SA		171,379
	661	Capital Power Corporation		12,396
	17,149	Cavium, Inc.^a		1,065,467
	5,330	CDW Corporation		333,285
	95,720	Ciena Corporation^a		2,394,914
	75,890	Cisco Systems, Inc.		2,375,357
	6,460	Cognex Corporation		548,454
	65,468	Cognizant Technology Solutions Corporation		4,347,075
	1,260	CommerceHub, Inc.^a		21,974
	2,050	CommScope Holding Company, Inc.^a		77,962
	14,220	CommVault Systems, Inc.^a		802,719
	3,296	Comtech Telecommunications Corporation		62,525
	5,944	Conduent Incorporated^a		94,747
	6,900	CoreLogic, Inc.^a		299,322
	20,596	Criteo SA ADR^a		1,010,234
	52,050	Dolby Laboratories, Inc.		2,548,368
	36,747	DST Systems, Inc.		2,267,290
	15,681	eBay, Inc.^a		547,581
	3,610	Entegris, Inc.^a		79,239
	20,160	Envestnet, Inc.^a		798,336
	34,426	EVERTEC, Inc.		595,570
	2,090	ExlService Holdings, Inc.^a		116,162
	8,400	Extreme Networks, Inc.^a		77,448
	850	Fabrinet^a		36,261
	81,890	Facebook, Inc.^a		12,363,752
	12,640	Fidelity National Information Services, Inc.		1,079,456
	31,300	Finisar Corporation^a		813,174
	8,430	Fiserv, Inc.^a		1,031,326
	68,550	FLIR Systems, Inc.		2,375,943
	179	Forrester Research, Inc.		7,008
	30,682	Fortinet, Inc.^a		1,148,734
	2,400	FUJIFILM Holdings NPV		86,538
	6,730	Global Payments, Inc.		607,854
	771	Guidance Software, Inc.^a		5,096
	39,322	Guidewire Software, Inc.^a		2,701,815
	19,520	HP, Inc.		341,210
	4,697	IAC/InterActiveCorporation^a		484,918
	14,210	II-VI, Inc.^a		487,403
	16,727	Insight Enterprises, Inc.^a		668,913
	1,470	Integrated Device Technology, Inc.^a		37,911
	44,230	Intel Corporation		1,492,320
	1,263	Intevac, Inc.^a		14,019
	1,683	IXYS Corporation^a		27,685
	14,440	Keysight Technologies, Inc.^a		562,149
	4,100	Konica Minolta Holdings, Inc.		34,206

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

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (50.7%)	Value
	Information Technology (14.8%) - continued
	12,330	Lam Research Corporation	$	1,743,832
	9,670	Liberty Tripadvisor Holdings, Inc.^a		112,172
	496	Littelfuse, Inc.		81,840
	15,770	M/A-COM Technology Solutions Holdings, Inc.^a		879,493
	5,544	Manhattan Associates, Inc.^a		266,445
	4,650	ManTech International Corporation		192,417
	73,872	MasterCard, Inc.		8,971,754
	5,790	Maxim Integrated Products, Inc.		259,971
	4,680	Methode Electronics, Inc.		192,816
	10,500	Microsemi Corporation^a		491,400
	114,040	Microsoft Corporation		7,860,777
	1,043	Mitek Systems, Inc.^a		8,761
	8,370	Mobileye NV^a		525,636
	20,889	Monolithic Power Systems, Inc.		2,013,700
	27,130	National Instruments Corporation		1,091,169
	266	NCI, Inc.^a		5,613
	1,100	NEC Networks & System Integration Corporation		23,939
	43,960	New Relic, Inc.^a		1,890,720
	8,471	Nice, Ltd. ADR		666,837
	6,380	NRG Yield, Inc., Class A		108,843
	13,081	NVIDIA Corporation		1,890,989
	9,140	NXP Semiconductors NV^a		1,000,373
	17,970	ON Semiconductor Corporation^a		252,299
	42,875	Oracle Corporation		2,149,752
	11,570	Paylocity Holding Corporation^a		522,733
	120,213	PayPal Holdings, Inc.^a		6,451,832
	16,873	Pegasystems, Inc.		984,540
	5,683	Progress Software Corporation		175,548
	33,706	Proofpoint, Inc.^a		2,926,692
	33,716	Q2 Holdings, Inc.^a		1,245,806
	20,566	Red Hat, Inc.^a		1,969,194
	4,693	Rudolph Technologies, Inc.^a		107,235
	400	Ryosan Company, Ltd.		14,628
	87,050	Salesforce.com, Inc.^a		7,538,530
	810	ScanSource, Inc.^a		32,643
	590	Seagate Technology plc		22,862
	123,951	Sequans Communications SA ADR^a		410,278
	16,101	ServiceNow, Inc.^a		1,706,706
	5,250	ShoreTel, Inc.^a		30,450
	570	Silicon Laboratories, Inc.^a		38,959
	317	SMA Solar Technology AG		9,527
	325	Software AG		14,255
	1,169	Sonus Networks, Inc.^a		8,697
	22,200	SS&C Technologies Holdings, Inc.		852,702
	15,062	Synopsys, Inc.^a		1,098,472
	2,431	Telefonaktiebolaget LM Ericsson		17,479
	39,821	Teradyne, Inc.		1,195,825
	3,930	Texas Instruments, Inc.		302,335
	740	TiVo Corp		13,801
	200	Tokyo Electron, Ltd.		27,039
	15,323	Total System Services, Inc.		892,565
	29,760	Travelport Worldwide, Ltd.		409,498
	4,690	Trimble, Inc.^a		167,292
	44,950	Twitter, Inc.^a		803,256
	12,072	Tyler Technologies, Inc.^a		2,120,688
	5,958	Ultimate Software Group, Inc.^a		1,251,537
	836	VASCO Data Security International, Inc.^a		11,997
	2,956	Verint Systems, Inc.^a		120,309
	56,704	Virtusa Corporation^a		1,667,098
	98,090	Visa, Inc.		9,198,880
	1,620	Western Digital Corporation		143,532
	4,745	Xerox Corporation		136,324
	15,230	Xilinx, Inc.		979,594
	536	XO Group, Inc.^a		9,444
	19,974	Zix Corporation^a		113,652

		Total		175,602,920

	Materials (1.6%)
	500	Adeka Corporation		7,639
	2,576	American Vanguard Corporation		44,436
	794	APERAM		36,870
	21,124	Axalta Coating Systems, Ltd.^a		676,813
	7,298	Balchem Corporation		567,128
	9,881	BHP Billiton, Ltd.		176,118
	1,516	BillerudKorsnas AB		23,959
	6,364	BlueScope Steel, Ltd.		64,429
	12,716	Boise Cascade Company^a		386,566
	7,117	Celanese Corporation		675,688
	4,600	CF Industries Holdings, Inc.		128,616
	10,541	Continental Building Products, Inc.^a		245,605
	10,060	Crown Holdings, Inc.^a		600,180
	4,700	Daicel Corporation		58,744
	5,000	DOWA Holdings Company, Ltd.		37,925
	7,040	Eastman Chemical Company		591,290
	7,620	Ecolab, Inc.		1,011,555
	2,897	Evonik Industries AG		92,721
	16,607	Ferro Corporation^a		303,742
	9,746	Ferroglobe plc		116,465
	8,150	Ferroglobe Representation & Warranty Insurance Trust^b		1
	19,015	FMC Corporation		1,389,046
	2,064	Granges AB		18,989
	12,393	Graphic Packaging Holding Company		170,776
	430	Innophos Holdings, Inc.		18,851
	4,307	Innospec, Inc.		282,324
	720	International Paper Company		40,759
	800	JSR Corporation		13,849
	3,434	Kadant, Inc.		258,237
	910	Koppers Holdings, Inc.^a		32,897
	4,100	Kuraray Company, Ltd.		74,657
	2,000	Kyoei Steel, Ltd.		33,194
	1,910	Louisiana-Pacific Corporation^a		46,050
	3,670	Martin Marietta Materials, Inc.		816,869
	7,600	Materion Corporation		284,240
	4,600	Mitsubishi Chemical Holdings Corporation		38,326
	7,088	Myers Industries, Inc.		127,230
	4,290	Neenah Paper, Inc.		344,272
	200	Nippon Shokubai Company, Ltd.		12,919
	12,980	Norsk Hydro ASA		71,831
	1,428	Nufarm, Ltd.		10,566
	41,860	Nutanix, Inc.^a		843,479
	8,000	Oji Holdings Corporation		41,420
	4,910	Olin Corporation		148,675
	5,352	OMNOVA Solutions, Inc.^a		52,182
	3,822	Orora, Ltd.		8,399
	59,660	Owens-Illinois, Inc.^a		1,427,067
	2,137	Packaging Corporation of America		238,040
	2,640	PolyOne Corporation		102,274
	69,970	Quantenna Communications, Inc.^a		1,329,430
	3,176	Quantum Corporation^a		24,805
	2,610	Rayonier Advanced Materials, Inc.		41,029
	2,080	Reliance Steel & Aluminum Company		151,445
	2,800	Rengo Company, Ltd.		16,256
	357	Rio Tinto, Ltd.		17,350
	10,600	RPM International, Inc.		578,230
	7,090	Ryerson Holding Corporation^a		70,191
	3,810	Schweitzer-Mauduit International, Inc.		141,846
	4,891	Scotts Miracle-Gro Company		437,549

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

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (50.7%)	Value
	Materials (1.6%) - continued
	8,410	Sensient Technologies Corporation	$	677,257
	3,748	Silgan Holdings, Inc.		119,111
	936	Solvay SA		125,622
	37,720	Steel Dynamics, Inc.		1,350,753
	300	Sumitomo Seika Chemicals Company, Ltd.		14,752
	1,400	Toagosei Company, Ltd.		18,261
	5,723	UPM-Kymmene Oyj		163,190
	1,250	W. R. Grace & Company		90,012
	5,020	Westrock Company		284,433
	400	Yamato Kogyo Company, Ltd.		10,275
	2,186	Yara International ASA		82,199

		Total		18,537,904

	Real Estate (1.2%)
	7,150	American Assets Trust, Inc.		281,638
	7,248	Ares Commercial Real Estate Corporation		94,876
	35,823	Armada Hoffler Properties, Inc.		463,908
	2,440	Ashford Hospitality Prime, Inc.		25,108
	2,910	Bluerock Residential Growth REIT, Inc.		37,510
	22,967	Brixmor Property Group, Inc.		410,650
	6,600	Camden Property Trust		564,366
	16,953	Cedar Realty Trust, Inc.		82,222
	9,999	Chatham Lodging Trust		200,880
	3,694	City Office REIT, Inc.		46,914
	1,585	Cominar Real Estate Investment Trust		15,535
	25,303	Cousins Properties, Inc.		222,413
	12,620	CyrusOne, Inc.		703,565
	100	Daito Trust Construction Company, Ltd.		15,579
	34,820	DDR Corporation		315,817
	10,579	DEXUS Property Group		77,021
	5,000	Digital Realty Trust, Inc.		564,750
	6,900	Douglas Emmett, Inc.		263,649
	25,000	Duke Realty Corporation		698,750
	7,500	Equity Commonwealth^a		237,000
	1,380	Equity Lifestyle Properties, Inc.		119,149
	4,210	Franklin Street Properties Corporation		46,647
	22,900	General Growth Properties, Inc.		539,524
	13,330	GEO Group, Inc.		394,168
	2,802	H&R Real Estate Investment Trust		47,579
	1,200	Healthcare Trust of America, Inc.		37,332
	7,070	HFF, Inc.		245,824
	11,060	Hospitality Properties Trust		322,399
	31,048	Host Hotels & Resorts, Inc.		567,247
	1,280	Hudson Pacific Properties, Inc.		43,763
	12,000	Hysan Development Company, Ltd.		57,269
	5,747	InfraREIT, Inc.		110,055
	11,917	Invitation Homes, Inc.		257,765
	7,230	Liberty Property Trust		294,333
	10,265	Mid-America Apartment Communities, Inc.		1,081,726
	14,654	National Storage Affiliates Trust		338,654
	17,637	New World Development Company, Ltd.		22,356
	245	One Liberty Properties, Inc.		5,740
	24,059	Outfront Media, Inc.		556,244
	16,583	Pebblebrook Hotel Trust		534,636
	13,740	Physicians Realty Trust		276,724
	4,780	Ramco-Gershenson Properties Trust		61,662
	1,240	RE/MAX Holdings, Inc.		69,502
	1,930	Realogy Holdings Corporation		62,628
	15,240	Retail Properties of America, Inc.		186,080
	3,000	Road King Infrastructure, Ltd.		3,703
	176	Road King Infrastructure, Ltd., Rights^a,b		0
	750	Saul Centers, Inc.		43,485
	8,774	SBA Communications Corporation^a		1,183,613
	17,293	Stockland		58,154
	540	Sun Communities, Inc.		47,353
	2,000	Sun Hung Kai Properties, Ltd.		29,380
	19,251	Terreno Realty Corporation		647,989
	11,740	UDR, Inc.		457,508
	4,617	Urstadt Biddle Properties, Inc.		91,417
	6,830	Weingarten Realty Investors		205,583
	1,000	Wheelock and Company, Ltd.		7,543
	8,600	Wing Tai Holdings, Ltd.		12,435
	1,067	Xenia Hotels & Resorts, Inc.		20,668

		Total		14,409,988

	Telecommunications Services (0.1%)
	14,480	AT&T, Inc.		546,331
	410	ATN International, Inc.		28,060
	1,741	Elisa Oyj		67,537
	1,664	Freenet AG		53,086
	6,102	Inmarsat plc		61,198
	26,380	KCOM Group plc		30,579
	2,500	Nippon Telegraph & Telephone Corporation		118,010
	1,800	NTT DOCOMO, Inc.		42,571
	30,494	PCCW, Ltd.		17,330
	2,672	Proximus SA		93,519
	3,284	TDC AS		19,098
	2,800	Telefonica Deutschland Holding AG		14,003
	1,742	Telenor ASA		28,900
	6,368	Verizon Communications, Inc.		284,395
	21,794	Vonage Holdings Corporation^a		142,533

		Total		1,547,150

	Utilities (0.6%)
	20,950	AES Corporation		232,755
	1,010	Alliant Energy Corporation		40,572
	3,040	American States Water Company		144,126
	2,095	Artesian Resources Corporation		78,856
	590	ATCO, Ltd.		23,071
	557	Canadian Utilities, Ltd.		17,898
	30,920	Centrica plc		80,617
	22,740	CMS Energy Corporation		1,051,725
	213	Connecticut Water Service, Inc.		11,824
	1,640	Consolidated Water Company, Ltd.		20,336
	20,904	Electricidade de Portugal SA		68,382
	86	Elia System Operator SA		4,867
	3,685	Endesa SA		85,008
	3,751	Eversource Energy		227,723
	10,450	MDU Resources Group, Inc.		273,790
	1,487	Middlesex Water Company		58,885
	7,870	New Jersey Resources Corporation		312,439
	7,610	NorthWestern Corporation		464,362
	820	NRG Yield, Inc., Class C		14,432
	39,660	OGE Energy Corporation		1,379,771
	18,000	Osaka Gas Company, Ltd.		73,707
	7,880	PG&E Corporation		522,996
	13,350	PNM Resources, Inc.		510,638
	1,640	Portland General Electric Company		74,932
	14,600	Public Service Enterprise Group, Inc.		627,946
	7,223	Redes Energeticas Nacionais SGPS SA		22,628
	1,960	Renewable Energy Group, Inc.^a		25,382
	5,140	Southwest Gas Holdings, Inc.		375,528
	272	Unitil Corporation		13,140

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

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (50.7%)	Value
	Utilities (0.6%) - continued
	8,480	Vectren Corporation	$	495,571
	451	Verbund AG		8,602

		Total		7,342,509

		Total Common Stock (cost $468,063,034)		601,585,610


		Registered Investment Companies (31.7%)
	Affiliated Equity Holdings (28.6%)
	3,563,837	Thrivent Large Cap Stock Portfolio		46,859,113
	3,311,080	Thrivent Large Cap Value Portfolio		56,186,053
	3,656,772	Thrivent Mid Cap Stock Portfolio		68,630,656
	12,302,797	Thrivent Partner Worldwide Allocation Portfolio		124,995,186
	2,246,652	Thrivent Small Cap Stock Portfolio		42,182,462

		Total		338,853,470

	Affiliated Fixed Income Holdings (2.0%)
	1,817,596	Thrivent High Yield Portfolio		8,814,977
	477,105	Thrivent Income Portfolio		4,894,334
	947,950	Thrivent Limited Maturity Bond Portfolio		9,347,832

		Total		23,057,143

	Equity Funds/Exchange Traded Funds (1.1%)
	370	iShares MSCI EAFE Index Fund		24,124
	22,455	iShares Russell 2000 Growth Index Fund		3,789,730
	2,580	iShares Russell 2000 Index Fund		363,574
	4,860	iShares Russell 2000 Value Index Fund		577,708
	8,520	Materials Select Sector SPDR Fund		458,461
	20,666	SPDR S&P 500 ETF Trust		4,997,039
	29,510	SPDR S&P Bank ETF		1,284,275
	24,860	SPDR S&P Biotech ETF		1,918,695

		Total		13,413,606

		Total Registered Investment Companies (cost $335,302,843)		375,324,219


Principal Amount		Long-Term Fixed Income (3.2%)
	Collateralized Mortgage Obligations (<0.1%)
		MASTR Alternative Loans Trust
$	24,619	1.666%, 12/25/2035, Ser. 2005-6, Class 2A1^d		12,087
		Residential Asset Securitization Trust
	44,965	1.596%, 8/25/2037, Ser. 2007-A8, Class 2A3^d		12,196
		Sequoia Mortgage Trust
	103,656	3.502%, 9/20/2046, Ser. 2007-1, Class 4A1		84,958
		WaMu Mortgage Pass Through Certificates
	44,634	2.918%, 9/25/2036, Ser. 2006-AR10, Class 1A2		41,940
	66,090	2.937%, 10/25/2036, Ser. 2006-AR12, Class 1A1		63,447

		Total		214,628

	Mortgage-Backed Securities (1.5%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	875,000	3.000%, 7/1/2031^e		898,379
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	1,325,000	4.000%, 7/1/2047^e		1,393,269
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	1,850,000	3.000%, 7/1/2047^e		1,847,109
	7,475,000	3.500%, 7/1/2047^e		7,675,075
	4,375,000	4.000%, 7/1/2047^e		4,598,193
	1,575,000	4.500%, 7/1/2047^e		1,689,063

		Total		18,101,088

	U.S. Government and Agencies (1.7%)
		Tennessee Valley Authority
	165,000	5.250%, 9/15/2039		216,817
		U.S. Treasury Bonds
	1,680,000	3.625%, 2/15/2044		1,938,300
	348,000	2.500%, 5/15/2046		324,333
		U.S. Treasury Bonds, TIPS
	1,337,687	0.625%, 1/15/2026		1,345,888
	506,085	0.375%, 1/15/2027		496,917
		U.S. Treasury Notes
	225,000	0.875%, 3/31/2018		224,350
	400,000	1.000%, 11/30/2018		398,062
	2,520,000	0.750%, 2/15/2019		2,495,687
	360,000	1.000%, 10/15/2019		356,611
	825,000	1.500%, 10/31/2019		826,031
	665,000	1.375%, 9/30/2020		660,038
	3,425,000	1.125%, 8/31/2021		3,334,560
	250,000	2.125%, 9/30/2021		253,389
	140,000	1.875%, 2/28/2022		140,153
	250,000	1.625%, 8/15/2022		246,602
	5,100,000	1.625%, 10/31/2023		4,966,324
	2,100,000	2.250%, 11/15/2024		2,111,155
	200,000	2.000%, 11/15/2026		195,039

		Total		20,530,256

		Total Long-Term Fixed Income (cost $38,797,948)		38,845,972


Shares		Preferred Stock (<0.1%)
	Consumer Staples (<0.1%)
	430	Henkel AG & Company KGaA, 1.470%		59,295

		Total		59,295

		Total Preferred Stock (cost $55,807)		59,295


Shares or Principal Amount		Short-Term Investments (16.1%)^f
		Federal Home Loan Bank Discount Notes
	100,000	0.815%, 7/7/2017^g		99,989
	400,000	0.819%, 7/14/2017^g		399,878
	5,200,000	0.860%, 7/26/2017^g		5,196,677
	300,000	1.020%, 8/1/2017^g		299,753
	1,000,000	0.990%, 8/2/2017^g		999,150
	100,000	1.030%, 8/11/2017		99,890
	1,000,000	0.980%, 8/23/2017^g		998,555
	2,000,000	1.035%, 9/27/2017^g		1,995,078

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

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares or Principal Amount		Short-Term Investments (16.1%)^f	Value
		Thrivent Core Short-Term Reserve Fund
	18,102,780	1.240%	$	181,027,802

		Total Short-Term Investments (cost $191,116,801)		191,116,772

		Total Investments (cost $1,033,336,433) 101.7%	$	1,206,931,868

		Other Assets and Liabilities, Net (1.7%)		(19,982,211	)

		Total Net Assets 100.0%	$	1,186,949,657

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.

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, 2017.

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.
Ser.	-	Series
SPDR	-	S&P Depository Receipts, which are exchange-traded funds traded in the U.S., Europe, and Asia-Pacific and managed by State Street Global Advisors.
TIPS	-	Treasury Inflation Protected Security

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Bank Loans (1.0%)^a	Value
	Basic Materials (0.1%)
		Arch Coal, Inc., Term Loan
	$ 369,075	5.226%, 3/7/2024	$	368,307
		Chemours Company, Term Loan
	502,904	3.570%, 5/12/2022		504,287
		Contura Energy, Inc., Term Loan
	683,288	6.230%, 3/17/2024		662,789
		Ineos Finance, LLC, Term Loan
	849,827	3.976%, 3/31/2022^b,c		851,068
		Peabody Energy Corporation, Term Loan
	214,463	5.726%, 3/31/2022		213,980
		Tronox Pigments BV, Term Loan
	782,193	4.796%, 3/19/2020		786,104

		Total		3,386,535

	Capital Goods (0.1%)
		Advanced Disposal Services, Inc., Term Loan
	385,198	3.939%, 11/10/2023		386,370
		Berry Plastics Corporation, Term Loan
	535,000	3.367%, 2/8/2020		534,850
	190,000	3.367%, 1/6/2021		189,890
	703,237	3.617%, 1/19/2024		702,942
		Cortes NP Intermediate Holding II Corporation, Term Loan
	1,280,000	5.226%, 11/30/2023		1,284,262
		Sterigenics-Nordion Holdings, LLC, Term Loan
	882,788	4.226%, 5/15/2022		879,477

		Total		3,977,791

	Communications Services (0.3%)
		Altice Financing SA, Term Loan
	345,000	3.908%, 7/15/2025		343,813
		Beasley Broadcast Group, Inc., Term Loan
	289,019	7.226%, 11/1/2023		291,909
		Cengage Learning Acquisitions, Term Loan
	458,836	5.339%, 6/7/2023		432,504
		Charter Communications Operating, LLC, Term Loan
	397,927	3.230%, 7/1/2020		398,974
	397,927	3.230%, 1/3/2021		398,922
		Coral-US Co-Borrower, LLC, Term Loan
	755,000	4.726%, 11/19/2024		756,419
		FairPoint Communications, Inc., Term Loan
	795,949	7.500%, 2/14/2019		796,116
		Hargray Merger Subsidiary Corporation, Term Loan
	275,000	4.226%, 3/24/2024		275,258
		Intelsat Jackson Holdings SA, Term Loan
	267,851	4.000%, 6/30/2019		265,381
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	2,765,000	4.658%, 1/7/2022		2,735,055
	170,000	7.908%, 7/7/2023		169,150
		LTS Buyer, LLC, Term Loan
	761,547	4.546%, 4/13/2020		763,832
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	796,950	5.226%, 5/4/2022		782,876
		Mediacom Illinois, LLC, Term Loan
	703,238	3.440%, 2/15/2024		704,996
		NEP Broadcasting, LLC, Term Loan
	68,571	10.039%, 7/22/2020		68,657
		NEP/NCP Holdco, Inc., Term Loan
	1,023,956	4.476%, 1/22/2020		1,023,639
	835,000	0.000%, 7/21/2022^b,c		834,741
		New LightSquared, Term Loan
	189,658	19.939%, 12/7/2020		183,833
		SBA Senior Finance II, LLC, Term Loan
	529,200	3.480%, 6/10/2022		529,332
		SFR Group SA, Term Loan
	310,000	3.944%, 6/22/2025		307,191
		Sprint Communications, Inc., Term Loan
	1,376,550	3.750%, 2/2/2024		1,376,261
		Syniverse Holdings, Inc., Term Loan
	683,347	4.296%, 4/23/2019		637,221
		TNS, Inc., Term Loan
	368,159	5.230%, 2/15/2020		370,644
		Univision Communications, Inc., Term Loan
	968,671	3.976%, 3/15/2024		948,891
		Virgin Media Bristol, LLC, Term Loan
	1,385,000	3.909%, 1/31/2025		1,384,654
		WideOpenWest Finance, LLC, Term Loan
	1,045,000	0.000%, 8/6/2023^b,c		1,043,224
	744,375	4.702%, 8/19/2023		743,110
		Zayo Group, LLC, Term Loan
	714,963	3.716%, 1/19/2024		715,263

		Total		19,281,866

	Consumer Cyclical (0.1%)
		Amaya Holdings BV, Term Loan
	1,352,174	4.796%, 8/1/2021		1,353,404
		Burlington Coat Factory Warehouse Corporation, Term Loan
	728,516	3.960%, 7/29/2021		730,031
		Ceridian HCM Holding, Inc., Term Loan
	339,664	4.726%, 9/15/2020		336,906
		Four Seasons Hotels, Ltd., Term Loan
	588,521	3.726%, 11/30/2023		591,952
		Golden Nugget, Inc., Term Loan
	324,682	4.710%, 11/21/2019		327,728
		Golden Nugget, Inc., Term Loan Delayed Draw
	135,773	4.680%, 11/21/2019		137,047
		IMG Worldwide, Inc., Term Loan
	266,667	8.476%, 5/6/2022		269,667
		Mohegan Tribal Gaming Authority, Term Loan
	776,487	5.226%, 10/13/2023^b,c		784,492
		Scientific Games International, Inc., Term Loan
	1,600,987	5.108%, 10/1/2021		1,615,893

		Total		6,147,120

	Consumer Non-Cyclical (0.1%)
		Air Medical Group Holdings, Inc., Term Loan
	1,515,000	0.000%, 4/28/2022^b,c		1,506,668
		Albertson’s, LLC, Term Loan
	803,736	0.000%, 6/22/2023^b,c		794,026

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Bank Loans (1.0%)^a	Value
	Consumer Non-Cyclical (0.1%) - continued
		Endo Luxembourg Finance Company I SARL., Term Loan
	$ 470,000	5.500%, 4/27/2024	$	474,112
		Grifols Worldwide Operations USA, Inc., Term Loan
	578,550	3.436%, 1/23/2025		578,938
		JBS USA LUX SA, Term Loan
	1,162,087	5.750%, 10/30/2022^b,c		1,131,873
		Ortho-Clinical Diagnostics, Inc., Term Loan
	1,015,046	5.046%, 6/30/2021		1,008,500
		Revlon Consumer Products Corporation, Term Loan
	498,744	4.726%, 9/7/2023		464,580
		Valeant Pharmaceuticals International, Inc., Term Loan
	1,728,520	5.830%, 4/1/2022		1,751,215

		Total		7,709,912

	Energy (0.1%)
		Energy Solutions, LLC, Term Loan
	400,446	6.980%, 5/29/2020		402,448
		Expro Holdings UK 2, Ltd., Term Loan
	437,625	5.960%, 9/2/2021		297,222
		Houston Fuel Oil Terminal, LLC, Term Loan
	825,332	4.550%, 8/19/2021^b,c		818,111
		McJunkin Red Man Corporation, Term Loan
	323,278	5.226%, 11/9/2019		325,056
		MEG Energy Corporation, Term Loan
	374,063	4.696%, 12/31/2023		364,011
		Pacific Drilling SA, Term Loan
	475,200	4.750%, 6/3/2018		215,622

		Total		2,422,470

	Financials (0.1%)
		ASP AMC Merger Sub, Inc., Term Loan
	1,003,109	4.796%, 4/13/2024		991,823
		Avolon TLB Borrower 1 (Luxembourg) SARL, Term Loan
	535,000	3.962%, 3/20/2022		538,130
		Digicel International Finance, Ltd., Term Loan
	315,000	4.940%, 5/10/2024		316,871
		DJO Finance, LLC, Term Loan
	540,375	4.387%, 6/7/2020		534,182
		MoneyGram International, Inc., Term Loan
	831,638	4.546%, 3/28/2020		831,289
		TransUnion, LLC, Term Loan
	457,638	3.726%, 4/26/2022		460,252

		Total		3,672,547

	Technology (0.1%)
		Accudyne Industries, LLC, Term Loan
	438,294	4.226%, 12/13/2019		434,389
		First Data Corporation, Term Loan
	1,020,000	3.716%, 4/26/2024		1,019,633
		Harland Clarke Holdings Corporation, Term Loan
	110,192	7.296%, 12/31/2021		110,605
	488,990	6.796%, 2/9/2022		489,112
		Micron Technologies, Inc., Term Loan
	254,357	3.800%, 4/9/2023		256,212
		ON Semiconductor Corporation, Term Loan
	200,965	3.476%, 3/31/2023		201,055
		Rackspace Hosting, Inc., Term Loan
	660,000	0.000%, 11/3/2023^b,c		659,379
		Western Digital Corporation, Term Loan
	1,114,400	3.976%, 4/29/2023		1,118,167
		Xerox Business Services, LLC, Term Loan
	628,421	5.226%, 12/7/2023		635,491

		Total		4,924,043

	Transportation (<0.1%)
		Arctic LNG Carriers, Ltd., Term Loan
	1,150,000	5.726%, 5/18/2023		1,145,688
		OSG Bulk Ships, Inc., Term Loan
	589,232	5.430%, 8/5/2019		558,297
		XPO Logistics, Inc., Term Loan
	585,000	3.405%, 10/30/2021		586,088

		Total		2,290,073

	Utilities (<0.1%)
		Calpine Corporation, Term Loan
	1,035,135	4.050%, 1/15/2024		1,032,713
		Intergen NV, Term Loan
	421,043	5.800%, 6/13/2020		420,167
		Talen Energy Supply, LLC, Term Loan
	368,751	5.226%, 7/6/2023		341,327

		Total		1,794,207

		Total Bank Loans (cost $56,022,565)		55,606,564

Shares		Common Stock (37.9%)
	Consumer Discretionary (5.5%)
	55,432	Amazon.com, Inc.^d		53,658,176
	70,450	American Axle & Manufacturing Holdings, Inc.^d		1,099,020
	5,836	American Public Education, Inc.^d		138,021
	101,720	Aramark		4,168,486
	10,650	Armstrong Flooring, Inc.^d		191,381
	12,650	Ascent Capital Group, Inc.^d		194,304
	4,500	Bandai Namco Holdings, Inc.		153,753
	42,240	Barnes & Noble Education, Inc.^d		449,011
	1,889	Bellway plc		73,303
	6,342	Berkeley Group Holdings plc		266,680
	25,800	Bloomin’ Brands, Inc.		547,734
	50,310	BorgWarner, Inc.		2,131,132
	10,100	Bridgestone Corporation		436,639
	71,133	Bright Horizons Family Solutions, Inc.^d		5,492,179
	61,069	Brunswick Corporation		3,830,858
	14,410	Buffalo Wild Wings, Inc.^d		1,825,747
	1,509	Bunzl plc		44,987
	28,501	Burlington Stores, Inc.		2,621,807
	52,610	Caleres, Inc.		1,461,506
	51,508	Callaway Golf Company		658,272
	12,693	Cedar Fair, LP		915,165
	8,896	Century Casinos, Inc.^d		65,564
	5,900	Cheesecake Factory, Inc.		296,770
	4,900	Children’s Place, Inc.		500,290
	2,810	Chipotle Mexican Grill, Inc.^d		1,169,241
	534	Cie Generale des Etablissements Michelin		71,072
	5,633	Citi Trends, Inc.		119,532
	12,450	ClubCorp Holdings, Inc.		163,095

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (37.9%)	Value
	Consumer Discretionary (5.5%) - continued
	713,130	Comcast Corporation	$	27,755,020
	100,651	Core-Mark Holding Company, Inc.		3,327,522
	30,482	CSS Industries, Inc.		797,409
	27,774	Culp, Inc.		902,655
	63,039	Delphi Automotive plc		5,525,368
	8,700	Denso Corporation		369,212
	11,493	Discovery Communications, Inc., Class A^d		296,864
	116,587	Discovery Communications, Inc., Class C^d		2,939,158
	31,500	DISH Network Corporation^d		1,976,940
	71,835	Dollar Tree, Inc.^d		5,022,703
	7,340	Domino’s Pizza, Inc.		1,552,630
	33,270	DSW, Inc.		588,879
	153,182	Duluth Holdings, Inc.^e		2,789,444
	18,630	Entravision Communications Corporation		122,958
	11,782	Eutelsat Communications		300,617
	20,440	Expedia, Inc.		3,044,538
	204,303	Extended Stay America, Inc.		3,955,306
	22,800	Five Below, Inc.^d		1,125,636
	21,790	FTD Companies, Inc.^d		435,800
	45,208	G-III Apparel Group, Ltd.^d		1,127,940
	114,984	Gray Television, Inc.^d		1,575,281
	72,110	Habit Restaurants, Inc.^d,e		1,139,338
	84,228	Harley-Davidson, Inc.		4,549,997
	41,501	Harvey Norman Holdings, Ltd.		121,867
	6,300	Haseko Corporation		76,718
	39,150	Haverty Furniture Companies, Inc.		982,665
	143,830	Home Depot, Inc.		22,063,522
	19,800	Honda Motor Company, Ltd.		542,482
	66,270	Houghton Mifflin Harcourt Company^d		815,121
	3,280	Hyatt Hotels Corporation^d		184,369
	12,900	Inchcape plc		126,806
	44,214	International Speedway Corporation		1,660,236
	947	Ipsos SA		35,531
	29,925	La-Z-Boy, Inc.		972,562
	6,378	Libbey, Inc.		51,407
	52,050	Liberty Interactive Corporation^d		1,277,307
	63,468	Liberty Media Corporation - Liberty SiriusXM^d		2,646,616
	19,611	Lithia Motors, Inc.		1,847,945
	132,438	Lowe’s Companies, Inc.		10,267,918
	11,281	Marks and Spencer Group plc		48,961
	56,600	Modine Manufacturing Company^d		936,730
	53,050	Nautilus, Inc.^d		1,015,907
	114,900	Newell Brands, Inc.		6,160,938
	52,320	News Corporation, Class A		716,784
	17,090	News Corporation, Class B		241,823
	999	Nexity SA		57,981
	1,682	Next plc		84,477
	3,400	Nikon Corporation		54,499
	87,310	Norwegian Cruise Line Holdings, Ltd.^d		4,740,060
	110,831	Nutrisystem, Inc.		5,768,754
	4,817	O’Reilly Automotive, Inc.^d		1,053,671
	47,705	Oxford Industries, Inc.		2,981,085
	35,810	Papa John’s International, Inc.		2,569,726
	239,660	Pinnacle Entertainment, Inc.^d		4,735,682
	26,260	Polaris Industries, Inc.^e		2,421,960
	6,090	Priceline Group, Inc.^d		11,391,467
	462	Publicis Groupe SA		34,434
	462	Publicis Groupe SA Rights^d,f		57
	38,909	PVH Corporation		4,455,080
	42,524	Ross Stores, Inc.		2,454,911
	500	RTL Group SA		37,775
	30,990	Ruth’s Hospitality Group, Inc.		674,032
	66,145	Scripps Networks Interactive, Inc.		4,518,365
	2,349	SES SA		55,030
	8,453	Shoe Carnival, Inc.		176,499
	16,580	Signet Jewelers, Ltd.^e		1,048,519
	10,600	Singapore Press Holdings, Ltd.		24,870
	96,300	Six Flags Entertainment Corporation		5,740,443
	3,180	Snap-On, Inc.		502,440
	10,714	SSP Group plc		66,396
	12,430	Stamps.com, Inc.^d		1,925,096
	3,820	Standard Motor Products, Inc.		199,480
	144,190	Staples, Inc.		1,451,993
	183,644	Starbucks Corporation		10,708,282
	11,440	Steven Madden, Ltd.^d		457,028
	8,400	Subaru Corporation		284,828
	9,000	Sumitomo Forestry Company, Ltd.		141,772
	7,500	Sumitomo Rubber Industries, Ltd.		127,016
	400	Swatch Group AG		29,221
	50,666	Taylor Morrison Home Corporation^d		1,216,491
	18,139	Tenneco, Inc.		1,048,978
	26,290	Thomson Reuters Corporation^e		1,216,964
	77,200	Time, Inc.		1,107,820
	111,407	Toll Brothers, Inc.		4,401,691
	117,353	Tower International, Inc.		2,634,575
	1,800	Toyoda Gosei Company, Ltd.		43,131
	139,228	Tuesday Morning Corporation^d		264,533
	55,905	Tupperware Brands Corporation		3,926,208
	2,700	TV Asahi Holdings Corporation		48,777
	5,322	Ulta Beauty, Inc.^d		1,529,223
	11,540	Vail Resorts, Inc.		2,340,658
	24,246	VF Corporation		1,396,570
	2,390	Visteon Corporation^d		243,923
	101,884	Walt Disney Company		10,825,175
	8,175	Whirlpool Corporation		1,566,493
	84,830	Wingstop, Inc.^e		2,621,247
	6,790	Wolters Kluwer NV		287,170
	6,770	Wyndham Worldwide Corporation		679,776
	3,300	Yokohama Rubber Company, Ltd.		66,525
	105,850	Zoe’s Kitchen, Inc.^d,e		1,260,673

		Total		316,458,685

	Consumer Staples (1.1%)
	115,050	Altria Group, Inc.		8,567,773
	5,000	Axfood AB		83,487
	94,540	Blue Buffalo Pet Products, Inc.^d		2,156,457
	26,467	Coca-Cola Amatil, Ltd.		187,814
	6,910	Coca-Cola HBC AG		203,217
	134,110	Cott Corporation		1,936,548
	63,860	CVS Health Corporation		5,138,176
	214,721	Darling Ingredients, Inc.^d		3,379,709
	20,104	e.l.f. Beauty, Inc.^d,e		547,030
	1,688	Ebro Foods SA		38,559
	4,085	Grieg Seafood ASA		28,451
	62,866	Hain Celestial Group, Inc.^d		2,440,458
	963	Henkel AG & Company KGaA		116,653
	11,757	Imperial Brands plc		528,329
	14,100	Ingredion, Inc.		1,680,861
	18,800	Inter Parfums, Inc.		689,020
	700	Kesko Oyj		35,608
	4,000	Kewpie Corporation		105,039
	13,630	Kimberly-Clark Corporation		1,759,769
	2,300	Kirin Holdings Company, Ltd.		46,917
	5	Lindt & Spruengli AG		28,992
	89,840	MGP Ingredients, Inc.^e		4,597,113
	56,830	Mondelez International, Inc.		2,454,488
	74,014	Monster Beverage Corporation^d		3,677,015
	1,178	Nestle SA		102,742

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (37.9%)	Value
	Consumer Staples (1.1%) - continued
	35,980	PepsiCo, Inc.	$	4,155,330
	109,890	Pinnacle Foods, Inc.		6,527,466
	5,059	Revlon, Inc.^d		119,898
	981	SalMar ASA		24,316
	7,838	Seneca Foods Corporation^d		243,370
	1,200	Seven & I Holdings Company, Ltd.		49,517
	111,831	SpartanNash Company		2,903,133
	2,200	Suedzucker AG		45,930
	116,880	SUPERVALU, Inc.^d		384,535
	8,491	Tate & Lyle plc		73,179
	7,647	Unilever plc		413,841
	76,430	US Foods Holding Corporation		2,080,425
	43,704	Wal-Mart Stores, Inc.		3,307,519

		Total		60,858,684

	Energy (1.3%)
	32,500	Anadarko Petroleum Corporation		1,473,550
	7,956	Arch Coal, Inc.^e		543,395
	169,115	Archrock, Inc.		1,927,911
	82,485	Bill Barrett Corporation^d		253,229
	191,844	BP plc		1,107,363
	41,164	California Resources Corporation^d,e		351,952
	137,508	Callon Petroleum Company^d		1,458,960
	15,404	CARBO Ceramics, Inc.^d,e		105,517
	65,120	Chevron Corporation		6,793,970
	6,145	Cimarex Energy Company		577,691
	40,794	Concho Resources, Inc.^d		4,957,695
	27,560	Contango Oil & Gas Company^d		182,998
	19,800	Continental Resources, Inc.^d		640,134
	2,631	Contura Energy, Inc.		172,331
	4,326	Crescent Point Energy Corporation		33,092
	12,580	Delek US Holdings, Inc.		332,615
	59,480	Devon Energy Corporation		1,901,576
	55,310	Ensco plc		285,400
	29,551	EQT Corporation		1,731,393
	25,080	Era Group, Inc.^d		237,257
	19,990	Exterran Corporation^d		533,733
	78,110	Exxon Mobil Corporation		6,305,820
	89,962	Fairmount Santrol Holdings, Inc.^d,e		350,852
	151,000	Halliburton Company		6,449,210
	23,434	HollyFrontier Corporation		643,732
	12,558	John Wood Group plc		104,925
	300,278	Marathon Oil Corporation		3,558,294
	12,312	Matrix Service Company^d		115,117
	33,656	Newpark Resources, Inc.^d		247,372
	40,760	Noble Corporation		147,551
	107,141	Oil States International, Inc.^d		2,908,878
	7,260	OMV AG		377,104
	51,249	Overseas Shipholding Group, Inc.^d		136,322
	30,630	Par Pacific Holdings, Inc.^d,e		552,565
	85,048	Parsley Energy, Inc.^d		2,360,082
	124,585	Patterson-UTI Energy, Inc.		2,515,371
	23,709	Petrofac, Ltd.		136,327
	190,313	Pioneer Energy Services Corporation^d		390,142
	26,880	Pioneer Natural Resources Company		4,289,510
	5,757	Range Resources Corporation		133,390
	299,320	Rowan Companies plc^d		3,065,037
	6,519	Royal Dutch Shell plc		173,340
	2,309	Royal Dutch Shell plc, Class A		61,347
	14,923	Royal Dutch Shell plc, Class B		400,631
	43,610	RPC, Inc.^e		881,358
	76,937	Smart Sand, Inc.^d		685,509
	4,161	Statoil ASA		68,998
	214,831	Teekay Tankers, Ltd.		403,882
	67,690	Tesco Corporation^d		301,221
	18,063	TETRA Technologies, Inc.^d		50,396
	2,731	TGS Nopec Geophysical Company ASA		56,033
	6,488	Total SA		322,111
	40,148	U.S. Silica Holdings, Inc.^e		1,424,853
	715,950	Weatherford International plc^d		2,770,726
	29,477	Westmoreland Coal Company^d		143,553
	228,300	Whiting Petroleum Corporation^d		1,257,933
	305,190	WPX Energy, Inc.^d		2,948,135

		Total		72,339,389

	Financials (6.5%)
	6,069	ABN AMRO Group NV^g		160,779
	38,578	Affiliated Managers Group, Inc.		6,398,547
	50,440	AG Mortgage Investment Trust, Inc.		923,052
	86,936	AGNC Investment Corporation		1,850,867
	26,180	Allied World Assurance Company Holdings AG		1,384,922
	61,550	Ally Financial, Inc.		1,286,395
	31,310	American International Group, Inc.		1,957,501
	71,125	Ameris Bancorp		3,428,225
	17,909	Aon plc		2,381,002
	11,381	Argo Group International Holdings, Ltd.		689,689
	50,010	Aspen Insurance Holdings, Ltd.		2,492,999
	142,600	Assured Guaranty, Ltd.		5,952,124
	89,946	Astoria Financial Corporation		1,812,412
	4,503	ASX, Ltd.		185,528
	14,585	Australia & New Zealand Banking Group, Ltd.		321,915
	102,610	BancorpSouth, Inc.		3,129,605
	62,760	Bank Mutual Corporation		574,254
	1,219,734	Bank of America Corporation		29,590,747
	108,909	Bank of New York Mellon Corporation		5,556,537
	8,156	Bank of Nova Scotia		490,630
	46,202	Bank of the Ozarks, Inc.		2,165,488
	27,990	BankFinancial Corporation		417,611
	15,117	Bankia, SA		73,117
	61,580	Beneficial Bancorp, Inc.		923,700
	48,740	Berkshire Hathaway, Inc.^d		8,255,094
	75,940	Blackstone Group, LP		2,532,599
	18,130	Blue Hills Bancorp, Inc.		324,527
	139,480	Boston Private Financial Holdings, Inc.		2,141,018
	59,170	Brookline Bancorp, Inc.		863,882
	1,611	Canadian Imperial Bank of Commerce		130,925
	24,550	Capital One Financial Corporation		2,028,321
	94,620	Capstead Mortgage Corporation		986,887
	2,803	Carolina Financial Corporation		90,593
	57,140	Cathay General Bancorp		2,168,463
	76,602	Central Pacific Financial Corporation		2,410,665
	41,614	Chemical Financial Corporation		2,014,534
	7,000	Chiba Bank, Ltd.		50,942
	17,530	Chubb, Ltd.		2,548,511
	3,526	CI Financial Corporation		75,153
	250,770	Citigroup, Inc.		16,771,498
	25,979	Citizens Financial Group, Inc.		926,931
	10,190	Clifton Bancorp, Inc.		168,441
	5,388	CNA Financial Corporation		262,665
	261,140	CNO Financial Group, Inc.		5,452,603
	13,422	CNP Assurances		301,274
	174,200	CoBiz Financial, Inc.		3,031,080
	1,617	Columbia Banking System, Inc.		64,437
	73,130	Comerica, Inc.		5,356,041
	1,153	Community Trust Bancorp, Inc.		50,444
	4,450	Customers Bancorp, Inc.^d		125,846
	4,588	Danske Bank AS		176,515

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (37.9%)	Value
	Financials (6.5%) - continued
	2,500	DBS Group Holdings, Ltd.	$	37,627
	38,207	Direct Line Insurance Group plc		176,919
	13,582	Dynex Capital, Inc.		96,432
	225,001	E*TRADE Financial Corporation^d		8,556,788
	12,111	Eagle Bancorp, Inc.^d		766,626
	105,521	East West Bancorp, Inc.		6,181,420
	6,597	Ellington Residential Mortgage REIT		96,712
	57,798	Employers Holdings, Inc.		2,444,855
	25,990	Enova International, Inc.^d		385,952
	67,703	Enterprise Financial Services Corporation		2,762,282
	4,200	Erste Group Bank AG		160,880
	41,652	Essent Group, Ltd.^d		1,546,955
	801	FBL Financial Group, Inc.		49,262
	3,593	Fidelity Southern Corporation		82,136
	168,324	Fifth Third Bancorp		4,369,691
	18,226	Financial Institutions, Inc.		543,135
	569,576	First BanCorp^d		3,297,845
	113,510	First Commonwealth Financial Corporation		1,439,307
	3,874	First Connecticut Bancorp, Inc.		99,368
	6,639	First Defiance Financial Corporation		349,743
	28,580	First Financial Bancorp		791,666
	15,350	First Financial Corporation		726,055
	17,690	First Merchants Corporation		710,077
	86,066	First Midwest Bancorp, Inc.		2,006,198
	8,050	First of Long Island Corporation		230,230
	79,101	First Republic Bank		7,918,010
	46,784	FlexiGroup, Ltd.		65,581
	41,660	FNF Group		1,867,618
	2,474	Franklin Financial Network, Inc.^d		102,053
	61,000	Fukuoka Financial Group, Inc.		291,044
	74,670	GAIN Capital Holdings, Inc.		465,194
	2,951	Genworth MI Canada, Inc.		81,193
	80,860	Goldman Sachs Group, Inc.		17,942,834
	27,552	Great Southern Bancorp, Inc.		1,474,032
	63,631	Green Bancorp, Inc.^d		1,234,441
	64,460	Hamilton Lane, Inc.		1,417,475
	145,301	Hanmi Financial Corporation		4,133,813
	23,180	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		530,127
	2,814	Hannover Rueckversicherung SE		338,000
	64,488	Hanover Insurance Group, Inc.		5,715,571
	67,716	Hartford Financial Services Group, Inc.		3,559,830
	87,670	Heritage Commerce Corporation		1,208,093
	21,953	Heritage Financial Corporation		581,755
	1,800	Hokuhoku Financial Group, Inc.		28,792
	21,541	Hometrust Bancshares, Inc.^d		525,600
	148,311	Hope Bancorp, Inc.		2,766,000
	52,429	Horace Mann Educators Corporation		1,981,816
	35,280	Horizon Bancorp		929,628
	67,312	Houlihan Lokey, Inc.		2,349,189
	79,643	HSBC Holdings plc		739,247
	293,340	Huntington Bancshares, Inc.		3,965,957
	21,479	IBERIABANK Corporation		1,750,539
	25,330	Independent Bank Corporation		550,928
	19,505	Infinity Property & Casualty Corporation		1,833,470
	4,971	ING Groep NV		85,813
	1,761	Intact Financial Corporation		133,026
	49,620	Interactive Brokers Group, Inc.		1,856,780
	132,005	Intercontinental Exchange, Inc.		8,701,770
	59,490	Invesco Mortgage Capital. Inc.		994,078
	85,290	Invesco, Ltd.		3,001,355
	85,110	Investors Bancorp, Inc.		1,137,070
	4,340	Janus Henderson Group plc^d		143,697
	198,510	KeyCorp		3,720,077
	29,784	Kinsale Capital Group, Inc.		1,111,241
	20,720	Lazard, Ltd.		959,958
	93,270	Loews Corporation		4,365,969
	8,050	M&T Bank Corporation		1,303,698
	1,860	Macquarie Group, Ltd.		126,487
	171,515	Maiden Holdings, Ltd.		1,903,817
	3,851	MainSource Financial Group, Inc.		129,047
	78,194	Mapfre SA^e		273,696
	7,760	MarketAxess Holdings, Inc.		1,560,536
	36,620	Meta Financial Group, Inc.		3,259,180
	94,640	MetLife, Inc.		5,199,522
	105,520	MGIC Investment Corporation^d		1,181,824
	55,580	MidWestOne Financial Group, Inc.		1,883,606
	9,200	Mitsubishi UFJ Financial Group, Inc.		62,054
	107,400	Mizuho Financial Group, Inc.		196,915
	1,600	MS and AD Insurance Group Holdings, Inc.		53,966
	38,300	MTGE Investment Corporation		720,040
	323	Muenchener Rueckversicherungs-Gesellschaft AG		65,360
	71,110	National Bank Holdings Corporation		2,354,452
	5,277	National Bank of Canada		221,896
	3,286	National General Holdings Corporation		69,335
	14,360	Navigators Group, Inc.		788,364
	76,350	New Residential Investment Corporation		1,188,006
	12,171	Nordea Bank AB		155,015
	10,683	OFG Bancorp		106,830
	6,229	Old Second Bancorp, Inc.		71,945
	206,544	OM Asset Management plc		3,069,244
	32,975	PacWest Bancorp		1,539,933
	1,703	Pargesa Holding SA		129,761
	6,880	Peoples Bancorp, Inc.		221,054
	16,063	Poste Italiane SPA^g		110,144
	5,235	Power Corporation of Canada		119,410
	7,013	Preferred Apartment Communities, Inc.		110,455
	7,670	Preferred Bank		410,115
	26,050	Primerica, Inc.		1,973,288
	87,787	Progressive Corporation		3,870,529
	49,060	Provident Financial Services, Inc.		1,245,143
	9,596	QCR Holdings, Inc.		454,850
	32,750	Raymond James Financial, Inc.		2,627,205
	29,045	Renasant Corporation		1,270,428
	18,900	Resona Holdings, Inc.		104,400
	3,567	Safety Insurance Group, Inc.		243,626
	67,943	Sandy Spring Bancorp, Inc.		2,762,562
	39,340	Santander Consumer USA Holdings Inc.^d		501,978
	66,950	Seacoast Banking Corporation of Florida^d		1,613,495
	8,830	Selective Insurance Group, Inc.		441,941
	20,200	Senshu Ikeda Holdings, Inc.		85,454
	425,900	SLM Corporation^d		4,897,850
	3,260	Societe Generale		175,798
	35,020	State Auto Financial Corporation		901,065
	4,612	State Bank Financial Corporation		125,077
	62,204	State National Companies, Inc.		1,143,310
	32,410	State Street Corporation		2,908,149
	6,130	Stewart Information Services Corporation		278,179
	101,503	Stifel Financial Corporation^d		4,667,108
	13,400	Sumitomo Mitsui Trust Holdings, Inc.		481,318

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (37.9%)	Value
	Financials (6.5%) - continued
	38,661	SVB Financial Group	$	6,796,217
	4,534	Swiss Re AG		415,508
	126,370	Synchrony Financial		3,768,353
	189,094	Synovus Financial Corporation		8,365,519
	65,265	TCF Financial Corporation		1,040,324
	77,704	TD Ameritrade Holding Corporation		3,340,495
	10,710	Territorial Bancorp, Inc.		334,045
	1,067	TMX Group, Ltd.		58,056
	27,880	TriCo Bancshares		979,982
	34,975	TriState Capital Holdings, Inc.^d		881,370
	20,820	Triumph Bancorp, Inc.^d		511,131
	136,010	TrustCo Bank Corporation		1,054,078
	32,090	Umpqua Holdings Corporation		589,172
	37,816	Union Bankshares Corporation		1,281,962
	58,210	United Community Banks, Inc.		1,618,238
	76,571	United Financial Bancorp, Inc.		1,277,970
	4,710	United Fire Group, Inc.		207,523
	9,570	Unum Group		446,249
	34,850	Voya Financial, Inc.		1,285,617
	11,900	Washington Trust Bancorp, Inc.		613,445
	132,137	Western Alliance Bancorp^d		6,501,140
	95,850	Western Asset Mortgage Capital Corporation		987,255
	1,295	Westwood Holdings Group, Inc.		73,414
	43,626	WSFS Financial Corporation		1,978,439
	133,620	Zions Bancorporation		5,867,254
	269	Zurich Insurance Group AG		78,507

		Total		375,634,083

	Health Care (4.9%)
	47,420	Abbott Laboratories		2,305,086
	20,714	ABIOMED, Inc.^d		2,968,316
	60,788	Acadia Healthcare Company, Inc.^d,e		3,001,711
	25,594	Aerie Pharmaceuticals, Inc.^d		1,344,965
	21,130	Aetna, Inc.		3,208,168
	53,678	Akorn, Inc.^d		1,800,360
	89,526	Alexion Pharmaceuticals, Inc.^d		10,892,628
	16,417	Align Technology, Inc.^d		2,464,520
	16,650	Amgen, Inc.		2,867,629
	2,065	Ansell, Ltd.		37,658
	70,153	Asterias Biotherapeutics, Inc.^d,e		249,043
	2,139	Atrion Corporation		1,376,019
	9,400	Biogen, Inc.^d		2,550,784
	41,244	BioMarin Pharmaceutical, Inc.^d		3,745,780
	7,287	CAE, Inc.		125,646
	40,795	Cardiovascular Systems, Inc.^d		1,314,823
	165,590	Catalent, Inc.^d		5,812,209
	149,547	Celgene Corporation^d		19,421,669
	21,080	Charles River Laboratories International, Inc.^d		2,132,242
	17,230	Chemed Corporation		3,524,052
	15,716	ChemoCentryx, Inc.^d		147,102
	38,559	CIGNA Corporation		6,454,391
	15,250	Coherus Biosciences, Inc.^d		218,838
	12,380	CONMED Corporation		630,637
	2,770	Cooper Companies, Inc.		663,193
	11,770	Dentsply Sirona, Inc.		763,167
	36,720	Dexcom, Inc.^d		2,686,068
	38,420	Eagle Pharmaceuticals, Inc.^d		3,030,954
	12,975	Edwards Lifesciences Corporation^d		1,534,164
	65,950	Evolent Health, Inc.^d,e		1,671,833
	44,260	Express Scripts Holding Company^d		2,825,558
	140,460	GenMark Diagnostics, Inc.^d		1,661,642
	1,320	GlaxoSmithKline plc		28,099
	51,200	GlaxoSmithKline plc ADR		2,207,744
	6,467	HealthEquity, Inc.^d		322,251
	9,581	Heska Corporation^d		977,933
	340,300	Hologic, Inc.^d		15,442,814
	17,820	INC Research Holdings, Inc.^d		1,042,470
	40,842	Inogen, Inc.^d		3,897,144
	62,697	Intersect ENT, Inc.^d		1,752,381
	13,170	Intra-Cellular Therapies, Inc.^d		163,571
	45,526	Ironwood Pharmaceuticals, Inc.^d		859,531
	71,080	Johnson & Johnson		9,403,173
	244	Le Noble Age SA		16,699
	368	Lonza Group AG		79,715
	48,191	Magellan Health Services, Inc.^d		3,513,124
	226,788	Medtronic plc		20,127,435
	107,360	Merck & Company, Inc.		6,880,702
	2,221	Merck KGaA		268,739
	8,018	Mettler-Toledo International, Inc.^d		4,718,914
	65,610	Mylan NV^d		2,546,980
	110,050	Myriad Genetics, Inc.^d,e		2,843,692
	18,134	National Healthcare Corporation		1,271,919
	39,904	Neurocrine Biosciences, Inc.^d		1,835,584
	56,044	Nevro Corporation^d		4,171,355
	14,511	Novartis AG		1,212,055
	8,512	Novo Nordisk AS		365,738
	95,290	NuVasive, Inc.^d		7,329,707
	63,100	Omnicell, Inc.^d		2,719,610
	35,990	PerkinElmer, Inc.		2,452,359
	28,420	Perrigo Company plc		2,146,278
	309,280	Pfizer, Inc.		10,388,715
	15,310	PharMerica Corporation^d		401,887
	11,370	Prothena Corporation plc^d		615,344
	147	Roche Holding AG-Genusschein		37,561
	27,805	Teleflex, Inc.		5,776,767
	32,267	Thermo Fisher Scientific, Inc.		5,629,623
	27,743	Triple-S Management Corporation^d		469,134
	163,179	UnitedHealth Group, Inc.		30,256,650
	12,600	Universal Health Services, Inc.		1,538,208
	46,340	Veeva Systems, Inc.^d		2,841,105
	21,374	Vertex Pharmaceuticals, Inc.^d		2,754,467
	6,550	Waters Corporation^d		1,204,152
	12,960	West Pharmaceutical Services, Inc.		1,224,979
	80,100	Wright Medical Group NV^d		2,201,949
	53,280	Zimmer Biomet Holdings, Inc.		6,841,152
	205,450	Zoetis, Inc.		12,815,971

		Total		279,026,235

	Industrials (5.2%)
	60	A P Moller-Maersk AS, Class A		114,486
	101	A P Moller-Maersk AS, Class B		203,365
	22,080	ABM Industries, Inc.		916,762
	20,080	Acco Brands Corporation^d		233,932
	6,027	Adecco SA		459,150
	134,163	Advanced Disposal Services, Inc.^d		3,049,525
	41,966	AECOM^d		1,356,761
	84,236	Aegion Corporation^d		1,843,084
	44,695	AGCO Corporation		3,011,996
	600	Aica Kogyo Company, Ltd.		18,321
	13,316	Albany International Corporation		711,074
	111,922	Allison Transmission Holdings, Inc.		4,198,194
	51,744	AMETEK, Inc.		3,134,134
	3,200	Asahi Glass Company, Ltd.		135,145
	15,758	Astec Industries, Inc.		874,727
	120,130	AZZ, Inc.		6,703,254
	113,384	Babcock & Wilcox Enterprises, Inc.^d		1,333,396
	35,810	Barnes Group, Inc.		2,095,959
	13,810	Boeing Company		2,730,927
	18,725	Brink’s Company		1,254,575
	61,530	BWX Technologies, Inc.		2,999,588
	44,634	CBIZ, Inc.^d		669,510
	21,522	CIRCOR International, Inc.		1,277,976

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (37.9%)	Value
	Industrials (5.2%) - continued
	23,610	Colfax Corporation^d	$	929,526
	75,091	Comfort Systems USA, Inc.		2,785,876
	22,700	ComfortDelGro Corporation, Ltd		37,916
	93,712	Costamare, Inc.		685,035
	7,540	Crane Company		598,525
	2,854	CSW Industrials, Inc.^d		110,307
	291,195	CSX Corporation		15,887,599
	80,340	Cummins, Inc.		13,032,755
	18,870	Curtiss-Wright Corporation		1,731,889
	5,000	Dai Nippon Printing Company, Ltd.		55,700
	38,660	Delta Air Lines, Inc.		2,077,588
	2,712	Deutsche Lufthansa AG		61,805
	48,090	Dover Corporation		3,857,780
	109,049	Eaton Corporation plc		8,487,284
	17,070	EMCOR Group, Inc.		1,116,037
	47,840	Encore Wire Corporation		2,042,768
	22,220	EnerSys		1,609,839
	9,195	Equifax, Inc.		1,263,577
	13,555	ESCO Technologies, Inc.		808,556
	50,828	Federal Signal Corporation		882,374
	6,960	Finning International, Inc.		136,431
	16,700	Fluor Corporation		764,526
	48,060	Fortune Brands Home and Security, Inc.		3,135,434
	18,861	Franklin Electric Company, Inc.		780,845
	2,400	Fuji Machine Manufacturing Company, Ltd.		34,715
	248,230	General Electric Company		6,704,692
	29,290	Genesee & Wyoming, Inc.^d		2,003,143
	41,454	Gibraltar Industries, Inc.^d		1,477,835
	72,978	Granite Construction, Inc.		3,520,459
	21,360	GWA Group, Ltd.		51,687
	106,440	Harsco Corporation^d		1,713,684
	27,841	Healthcare Services Group, Inc.		1,303,794
	33,143	Heico Corporation		2,380,993
	7,310	Heidrick & Struggles International, Inc.		158,992
	7,930	Herman Miller, Inc.		241,072
	1,600	Hitachi Transport System, Ltd.		37,729
	174	Hochtief AG		31,943
	68,854	Honeywell International, Inc.		9,177,550
	9,440	Hubbell, Inc.		1,068,325
	11,900	Huntington Ingalls Industries, Inc.		2,215,304
	31,135	ICF International, Inc.^d		1,466,458
	2,700	Inaba Denki Sangyo Company, Ltd.		102,685
	28,660	Ingersoll-Rand plc		2,619,237
	194,693	Interface, Inc.		3,825,717
	13,710	International Seaways, Inc.^d		297,096
	36,400	ITOCHU Corporation		541,957
	28,556	ITT Corporation		1,147,380
	1,525	Jardine Matheson Holdings, Ltd.		97,905
	18,473	JB Hunt Transport Services, Inc.		1,688,063
	24,720	KAR Auction Services, Inc.		1,037,498
	20	KBR, Inc.		304
	4,380	Kelly Services, Inc.		98,331
	46,814	Kforce, Inc.		917,554
	89,280	Kirby Corporation^d		5,968,368
	10,000	KITZ Corporation		93,466
	8,553	KONE Oyj		435,136
	2,169	Koninklijke Boskalis Westminster NV		70,441
	13,600	Lincoln Electric Holdings, Inc.		1,252,424
	17,620	Lindsay Corporation^e		1,572,585
	1,166	Loomis AB		41,798
	5,900	Marubeni Corporation		38,224
	61,040	Masco Corporation		2,332,338
	30,880	Masonite International Corporation^d		2,331,440
	2,118	McGrath Rentcorp		73,346
	15,070	Meggitt plc		93,642
	25,690	Meritor, Inc.^d		426,711
	19,108	Middleby Corporation^d		2,321,813
	2,780	Milacron Holdings Corporation^d		48,900
	5,300	MIRAIT Holdings Corporation		59,613
	15,000	Mitsubishi Heavy Industries, Ltd.		61,757
	4,000	Mitsuboshi Belting, Ltd.		44,411
	5,236	Monadelphous Group, Ltd.		56,267
	21,110	Moog, Inc.^d		1,514,009
	185,730	MRC Global, Inc.^d		3,068,260
	4,920	Mueller Industries, Inc.		149,814
	47,466	MYR Group, Inc.^d		1,472,395
	8,313	National Express Group plc		39,701
	64,957	Navigant Consulting, Inc.^d		1,283,550
	71,688	NCI Building Systems, Inc.^d		1,197,190
	47,370	Neff Corporation^d		900,030
	5,000	Nippon Express Company, Ltd.		31,376
	7,000	Nitto Kogyo Corporation		110,749
	22,770	Norfolk Southern Corporation		2,771,109
	2,506	Northgate plc		14,463
	21,257	Old Dominion Freight Line, Inc.		2,024,517
	48,316	On Assignment, Inc.^d		2,616,311
	54,280	Orbital ATK, Inc.		5,338,981
	13,810	Orion Group Holdings, Inc.^d		103,161
	70,056	Oshkosh Corporation		4,825,457
	12,750	Parker Hannifin Corporation		2,037,705
	92,902	PGT Innovations, Inc.^d		1,189,146
	2,407	Philips Lighting NV^g		88,908
	5,545	Ply Gem Holdings, Inc.^d		99,533
	21,846	Proto Labs, Inc.^d		1,469,143
	14,330	Quanex Building Products Corporation		303,079
	14,303	Radiant Logistics, Inc.^d		76,950
	47,672	Raven Industries, Inc.		1,587,478
	33,368	Raytheon Company		5,388,265
	4,220	Regal-Beloit Corporation		344,141
	3,487	RELX NV		71,891
	49,570	Rockwell Collins, Inc.		5,208,816
	8,867	Rolls-Royce Holdings plc		102,846
	629,557	Rolls-Royce Holdings plc Rights^d,f		820
	23,092	Roper Industries, Inc.		5,346,491
	5,000	Ryobi, Ltd.		20,397
	109,013	Saia, Inc.^d		5,592,367
	3,600	Sanwa Holdings Corporation		38,019
	568	Schindler Holding AG, Participation Certificate		120,423
	442	SFS Group AG^d		50,151
	3,541	Siemens AG		487,080
	1,993	Skanska AB		47,326
	18,046	SKF AB		366,449
	5,900	Smiths Group plc		122,673
	44,900	Sojitz Corporation		110,529
	320,871	Southwest Airlines Company		19,938,924
	20,630	SP Plus Corporation^d		630,247
	2,982	Sparton Corporation^d		65,574
	1,086	Spirax-Sarco Engineering plc		75,741
	16,810	SPX Corporation^d		422,940
	44,030	SPX FLOW, Inc.^d		1,623,826
	5,430	Stanley Black & Decker, Inc.		764,164
	811	Sulzer, Ltd.		91,934
	96,261	Team, Inc.^d		2,257,320
	5,800	Teijin, Ltd.		111,923
	13,667	Tennant Company		1,008,625
	49,100	Terex Corporation		1,841,250
	2,700	Toppan Forms Company, Ltd.		27,948

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (37.9%)	Value
	Industrials (5.2%) - continued
	120,730	TPI Composites, Inc.^d	$	2,231,090
	97,904	TransUnion^d		4,240,222
	75,848	TriMas Corporation^d		1,581,431
	10,110	Triton International, Ltd.		338,078
	24,550	TrueBlue, Inc.^d		650,575
	66,180	United Continental Holdings, Inc.^d		4,980,045
	35,720	United Parcel Service, Inc.		3,950,275
	33,899	United Rentals, Inc.^d		3,820,756
	13,100	United Technologies Corporation		1,599,641
	37,170	Univar, Inc.^d		1,085,364
	20,806	Universal Forest Products, Inc.		1,816,572
	33,649	Universal Truckload Services, Inc.		504,735
	2,411	Valmont Industries, Inc.		360,686
	3,788	Vectrus, Inc.^d		122,428
	4,859	Vinci SA		414,481
	27,000	WABCO Holdings, Inc.^d		3,442,770
	50,203	WageWorks, Inc.^d		3,373,642
	110,344	Waste Connections, Inc.		7,108,360
	7,839	Watsco, Inc.		1,208,774
	46,600	Willdan Group, Inc.^d,e		1,423,630
	1,827	Wolseley plc		112,138
	1,545	WSP Global, Inc.		64,109
	29,253	Xylem, Inc.		1,621,494
	5,837	YIT Oyj		48,822
	1,200	Yuasa Trading Company, Ltd.		36,496

		Total		298,219,324

	Information Technology (10.2%)
	39,070	2U, Inc.^d,e		1,833,164
	91,140	Advanced Micro Devices, Inc.^d		1,137,427
	100,610	Agilent Technologies, Inc.		5,967,179
	117,720	Akamai Technologies, Inc.^d		5,863,633
	77,950	Alliance Data Systems Corporation		20,008,985
	32,283	Alphabet, Inc., Class A^d		30,012,859
	22,907	Alphabet, Inc., Class C^d		20,816,278
	222	Alten SA		18,310
	25,403	Ambarella, Inc.^d,e		1,233,316
	64,224	Amphenol Corporation		4,741,016
	17,107	Analog Devices, Inc.		1,330,925
	232,626	Apple, Inc.		33,502,797
	80,002	Applied Materials, Inc.		3,304,883
	34,370	Apptio, Inc.^d		596,320
	77,158	Arista Networks, Inc.^d		11,557,497
	119,463	Arrow Electronics, Inc.^d		9,368,288
	18,810	Aspen Technology, Inc.^d		1,039,441
	12,140	Atkore International Group, Inc.^d		273,757
	5,559	Autobytel, Inc.^d		70,099
	2,300	Azbil Corporation		87,560
	211,123	Bankrate, Inc.^d		2,712,931
	37,340	Belden, Inc.		2,816,556
	473	BKW FMB Energie		27,804
	110,340	Booz Allen Hamilton Holding Corporation		3,590,464
	71,401	Brooks Automation, Inc.		1,548,688
	14,040	CA, Inc.		483,959
	3,600	Canon, Inc.		122,455
	5,612	Cap Gemini SA		579,735
	2,239	Capital Power Corporation		41,990
	36,711	Cavium, Inc.^d		2,280,854
	25,745	CDW Corporation		1,609,835
	278,481	Ciena Corporation^d		6,967,595
	487,560	Cisco Systems, Inc.		15,260,628
	13,825	Cognex Corporation		1,173,742
	209,319	Cognizant Technology Solutions Corporation		13,898,782
	4,800	CommerceHub, Inc.^d		83,712
	9,870	CommScope Holding Company, Inc.^d		375,356
	49,610	CommVault Systems, Inc.^d		2,800,484
	30,393	Comtech Telecommunications Corporation		576,555
	28,702	Conduent Incorporated^d		457,510
	38,990	CoreLogic, Inc.^d		1,691,386
	50,739	Criteo SA ADR^d,e		2,488,748
	132,200	Dolby Laboratories, Inc.		6,472,512
	147,969	DST Systems, Inc.		9,129,687
	59,740	eBay, Inc.^d		2,086,121
	17,420	Entegris, Inc.^d		382,369
	49,530	Envestnet, Inc.^d		1,961,388
	197,078	EVERTEC, Inc.		3,409,449
	10,130	ExlService Holdings, Inc.^d		563,025
	77,540	Extreme Networks, Inc.^d		714,919
	4,140	Fabrinet^d		176,612
	261,370	Facebook, Inc.^d		39,461,643
	48,140	Fidelity National Information Services, Inc.		4,111,156
	69,650	Finisar Corporation^d		1,809,507
	32,100	Fiserv, Inc.^d		3,927,114
	292,780	FLIR Systems, Inc.		10,147,755
	1,658	Forrester Research, Inc.		64,911
	92,021	Fortinet, Inc.^d		3,445,266
	8,200	FUJIFILM Holdings NPV		295,671
	20,220	Global Payments, Inc.		1,826,270
	7,112	Guidance Software, Inc.^d		47,010
	93,557	Guidewire Software, Inc.^d		6,428,301
	74,390	HP, Inc.		1,300,337
	14,190	IAC/InterActiveCorporation^d		1,464,976
	32,860	II-VI, Inc.^d		1,127,098
	92,947	Insight Enterprises, Inc.^d		3,716,951
	7,130	Integrated Device Technology, Inc.^d		183,883
	168,490	Intel Corporation		5,684,853
	4,815	Intevac, Inc.^d		53,447
	15,524	IXYS Corporation^d		255,370
	87,420	Keysight Technologies, Inc.^d		3,403,261
	14,200	Konica Minolta Holdings, Inc.		118,469
	37,020	Lam Research Corporation		5,235,739
	73,160	Liberty Tripadvisor Holdings, Inc.^d		848,656
	4,575	Littelfuse, Inc.		754,875
	39,270	M/A-COM Technology Solutions Holdings, Inc.^d		2,190,088
	11,854	Manhattan Associates, Inc.^d		569,703
	27,880	ManTech International Corporation		1,153,674
	243,489	MasterCard, Inc.		29,571,739
	17,430	Maxim Integrated Products, Inc.		782,607
	36,808	Methode Electronics, Inc.		1,516,490
	33,310	Microsemi Corporation^d		1,558,908
	456,690	Microsoft Corporation		31,479,642
	9,622	Mitek Systems, Inc.^d		80,825
	17,900	Mobileye NV^d		1,124,120
	44,721	Monolithic Power Systems, Inc.		4,311,104
	86,070	National Instruments Corporation		3,461,735
	2,452	NCI, Inc.^d		51,737
	3,700	NEC Networks & System Integration Corporation		80,522
	94,010	New Relic, Inc.^d		4,043,370
	25,416	Nice, Ltd. ADR		2,000,748
	37,520	NRG Yield, Inc., Class A		640,091
	41,824	NVIDIA Corporation		6,046,077
	27,416	NXP Semiconductors NV^d		3,000,681
	86,800	ON Semiconductor Corporation^d		1,218,672
	245,779	Oracle Corporation		12,323,359
	24,740	Paylocity Holding Corporation^d		1,117,753
	372,492	PayPal Holdings, Inc.^d		19,991,646
	53,525	Pegasystems, Inc.		3,123,184

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (37.9%)	Value
	Information Technology (10.2%) - continued
	47,954	Progress Software Corporation	$	1,481,299
	72,165	Proofpoint, Inc.^d,e		6,266,087
	74,919	Q2 Holdings, Inc.^d		2,768,257
	59,210	Red Hat, Inc.^d		5,669,357
	43,274	Rudolph Technologies, Inc.^d		988,811
	1,300	Ryosan Company, Ltd.		47,540
	284,640	Salesforce.com, Inc.^d		24,649,824
	7,480	ScanSource, Inc.^d		301,444
	2,010	Seagate Technology plc		77,887
	265,261	Sequans Communications SA ADR^d		878,014
	48,328	ServiceNow, Inc.^d		5,122,768
	48,540	ShoreTel, Inc.^d		281,532
	2,750	Silicon Laboratories, Inc.^d		187,962
	1,072	SMA Solar Technology AG^e		32,218
	1,099	Software AG		48,202
	10,780	Sonus Networks, Inc.^d		80,203
	47,700	SS&C Technologies Holdings, Inc.		1,832,157
	45,204	Synopsys, Inc.^d		3,296,728
	8,226	Telefonaktiebolaget LM Ericsson		59,146
	119,254	Teradyne, Inc.		3,581,198
	49,270	Texas Instruments, Inc.		3,790,341
	3,577	TiVo Corp		66,711
	600	Tokyo Electron, Ltd.		81,116
	64,076	Total System Services, Inc.		3,732,427
	207,585	Travelport Worldwide, Ltd.		2,856,370
	22,570	Trimble, Inc.^d		805,072
	101,475	Twitter, Inc.^d		1,813,358
	25,840	Tyler Technologies, Inc.^d		4,539,313
	12,837	Ultimate Software Group, Inc.^d		2,696,540
	7,717	VASCO Data Security International, Inc.^d		110,739
	14,281	Verint Systems, Inc.^d		581,237
	147,395	Virtusa Corporation^d		4,333,413
	313,550	Visa, Inc.		29,404,719
	6,190	Western Digital Corporation		548,434
	22,887	Xerox Corporation		657,544
	45,740	Xilinx, Inc.		2,941,997
	4,944	XO Group, Inc.^d		87,113
	115,079	Zix Corporation^d		654,800

		Total		583,752,457

	Materials (1.3%)
	1,900	Adeka Corporation		29,028
	23,763	American Vanguard Corporation		409,912
	2,684	APERAM		124,634
	143,456	Axalta Coating Systems, Ltd.^d		4,596,330
	23,149	Balchem Corporation		1,798,909
	33,433	BHP Billiton, Ltd.		595,906
	5,128	BillerudKorsnas AB		81,043
	21,528	BlueScope Steel, Ltd.		217,950
	87,800	Boise Cascade Company^d		2,669,120
	21,437	Celanese Corporation		2,035,229
	58,350	CF Industries Holdings, Inc.		1,631,466
	77,317	Continental Building Products, Inc.^d		1,801,486
	58,220	Crown Holdings, Inc.^d		3,473,405
	15,700	Daicel Corporation		196,231
	17,000	DOWA Holdings Company, Ltd.		128,945
	54,449	Eastman Chemical Company		4,573,171
	29,030	Ecolab, Inc.		3,853,732
	9,698	Evonik Industries AG		310,393
	103,749	Ferro Corporation^d		1,897,569
	47,058	Ferroglobe plc		562,343
	57,670	Ferroglobe Representation & Warranty Insurance Trust^f		6
	57,053	FMC Corporation		4,167,722
	6,984	Granges AB		64,255
	59,868	Graphic Packaging Holding Company		824,981
	3,920	Innophos Holdings, Inc.		171,853
	32,643	Innospec, Inc.		2,139,749
	3,510	International Paper Company		198,701
	3,000	JSR Corporation		51,934
	13,991	Kadant, Inc.		1,052,123
	8,350	Koppers Holdings, Inc.^d		301,852
	13,900	Kuraray Company, Ltd.		253,106
	7,000	Kyoei Steel, Ltd.		116,179
	9,250	Louisiana-Pacific Corporation^d		223,017
	11,060	Martin Marietta Materials, Inc.		2,461,735
	28,320	Materion Corporation		1,059,168
	15,700	Mitsubishi Chemical Holdings Corporation		130,809
	65,565	Myers Industries, Inc.		1,176,892
	13,610	Neenah Paper, Inc.		1,092,202
	500	Nippon Shokubai Company, Ltd.		32,297
	43,917	Norsk Hydro ASA		243,037
	4,833	Nufarm, Ltd.		35,761
	89,540	Nutanix, Inc.^d,e		1,804,231
	27,000	Oji Holdings Corporation		139,792
	23,720	Olin Corporation		718,242
	44,745	OMNOVA Solutions, Inc.^d		436,264
	12,916	Orora, Ltd.		28,384
	212,820	Owens-Illinois, Inc.^d		5,090,654
	10,300	Packaging Corporation of America		1,147,317
	12,780	PolyOne Corporation		495,097
	149,650	Quantenna Communications, Inc.^d		2,843,350
	12,102	Quantum Corporation^d		94,517
	24,130	Rayonier Advanced Materials, Inc.		379,324
	10,020	Reliance Steel & Aluminum Company		729,556
	9,600	Rengo Company, Ltd.		55,735
	1,210	Rio Tinto, Ltd.		58,804
	31,870	RPM International, Inc.		1,738,508
	65,430	Ryerson Holding Corporation^d		647,757
	26,660	Schweitzer-Mauduit International, Inc.		992,552
	15,515	Scotts Miracle-Gro Company		1,387,972
	26,680	Sensient Technologies Corporation		2,148,540
	18,105	Silgan Holdings, Inc.		575,377
	3,166	Solvay SA		424,914
	85,270	Steel Dynamics, Inc.		3,053,519
	1,000	Sumitomo Seika Chemicals Company, Ltd.		49,174
	4,700	Toagosei Company, Ltd.		61,306
	19,365	UPM-Kymmene Oyj		552,189
	26,111	Verso Corporation^d		122,461
	6,050	W. R. Grace & Company		435,660
	56,520	Westrock Company		3,202,423
	1,200	Yamato Kogyo Company, Ltd.		30,825
	7,396	Yara International ASA		278,106

		Total		76,506,731

	Real Estate (1.1%)
	22,680	American Assets Trust, Inc.		893,365
	51,879	Ares Commercial Real Estate Corporation		679,096
	194,048	Armada Hoffler Properties, Inc.		2,512,922
	22,540	Ashford Hospitality Prime, Inc.		231,937
	26,790	Bluerock Residential Growth REIT, Inc.		345,323
	157,059	Brixmor Property Group, Inc.		2,808,215
	14,950	Camden Property Trust		1,278,374
	156,256	Cedar Realty Trust, Inc.		757,842
	79,685	Chatham Lodging Trust		1,600,872
	34,066	City Office REIT, Inc.		432,638
	5,363	Cominar Real Estate Investment Trust		52,563

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (37.9%)	Value
	Real Estate (1.1%) - continued
	80,266	Cousins Properties, Inc.	$	705,538
	33,636	CyrusOne, Inc.		1,875,207
	300	Daito Trust Construction Company, Ltd.		46,739
	247,630	DDR Corporation		2,246,004
	35,294	DEXUS Property Group		256,961
	10,700	Digital Realty Trust, Inc.		1,208,565
	33,360	Douglas Emmett, Inc.		1,274,686
	66,540	Duke Realty Corporation		1,859,793
	36,210	Equity Commonwealth^d		1,144,236
	5,240	Equity Lifestyle Properties, Inc.		452,422
	38,860	Franklin Street Properties Corporation		430,569
	51,650	General Growth Properties, Inc.		1,216,874
	85,857	GEO Group, Inc.		2,538,791
	9,481	H&R Real Estate Investment Trust		160,990
	4,560	Healthcare Trust of America, Inc.		141,862
	42,820	HFF, Inc.		1,488,851
	53,430	Hospitality Properties Trust		1,557,484
	70,345	Host Hotels & Resorts, Inc.		1,285,203
	6,180	Hudson Pacific Properties, Inc.		211,294
	39,000	Hysan Development Company, Ltd.		186,123
	52,996	InfraREIT, Inc.		1,014,873
	55,497	Invitation Homes, Inc.		1,200,400
	37,430	Liberty Property Trust		1,523,775
	63,676	Mid-America Apartment Communities, Inc.		6,710,177
	100,332	National Storage Affiliates Trust		2,318,672
	59,926	New World Development Company, Ltd.		75,962
	2,267	One Liberty Properties, Inc.		53,116
	158,072	Outfront Media, Inc.		3,654,625
	40,571	Pebblebrook Hotel Trust		1,308,009
	43,610	Physicians Realty Trust		878,305
	23,080	Ramco-Gershenson Properties Trust		297,732
	11,400	RE/MAX Holdings, Inc.		638,970
	9,330	Realogy Holdings Corporation		302,758
	93,060	Retail Properties of America, Inc.		1,136,263
	12,000	Road King Infrastructure, Ltd.		14,813
	705	Road King Infrastructure, Ltd., Rights^d,f		0
	2,880	Saul Centers, Inc.		166,982
	26,366	SBA Communications Corporation^d		3,556,773
	58,517	Stockland		196,787
	5,060	Sun Communities, Inc.		443,711
	10,000	Sun Hung Kai Properties, Ltd.		146,902
	61,069	Terreno Realty Corporation		2,055,583
	44,730	UDR, Inc.		1,743,128
	35,756	Urstadt Biddle Properties, Inc.		707,969
	33,020	Weingarten Realty Investors		993,902
	6,000	Wheelock and Company, Ltd.		45,256
	29,100	Wing Tai Holdings, Ltd.		42,076
	5,156	Xenia Hotels & Resorts, Inc.		99,872

		Total		63,208,730

	Telecommunications Services (0.1%)
	55,160	AT&T, Inc.		2,081,187
	3,840	ATN International, Inc.		262,809
	5,888	Elisa Oyj		228,409
	5,632	Freenet AG		179,676
	20,646	Inmarsat plc		207,063
	89,270	KCOM Group plc		103,480
	8,400	Nippon Telegraph & Telephone Corporation		396,514
	5,900	NTT DOCOMO, Inc.		139,539
	104,697	PCCW, Ltd.		59,501
	9,041	Proximus SA		316,430
	11,112	TDC AS		64,621
	9,200	Telefonica Deutschland Holding AG		46,009
	5,899	Telenor ASA		97,866
	80,289	Verizon Communications, Inc.		3,585,707
	127,944	Vonage Holdings Corporation^d		836,754

		Total		8,605,565

	Utilities (0.7%)
	101,220	AES Corporation		1,124,554
	4,860	Alliant Energy Corporation		195,226
	26,880	American States Water Company		1,274,381
	19,358	Artesian Resources Corporation		728,635
	1,999	ATCO, Ltd.		78,169
	1,887	Canadian Utilities, Ltd.		60,635
	104,640	Centrica plc		272,824
	94,959	CMS Energy Corporation		4,391,854
	1,966	Connecticut Water Service, Inc.		109,133
	15,200	Consolidated Water Company, Ltd.		188,480
	70,731	Electricidade de Portugal SA		231,377
	293	Elia System Operator SA		16,582
	12,472	Endesa SA^e		287,712
	18,120	Eversource Energy		1,100,065
	33,170	MDU Resources Group, Inc.		869,054
	11,779	Middlesex Water Company		466,448
	24,990	New Jersey Resources Corporation		992,103
	39,940	NorthWestern Corporation		2,437,139
	7,610	NRG Yield, Inc., Class C		133,936
	233,063	OGE Energy Corporation		8,108,262
	62,000	Osaka Gas Company, Ltd.		253,880
	99,040	PG&E Corporation		6,573,285
	42,360	PNM Resources, Inc.		1,620,270
	7,920	Portland General Electric Company		361,865
	33,050	Public Service Enterprise Group, Inc.		1,421,481
	24,444	Redes Energeticas Nacionais SGPS SA		76,578
	18,000	Renewable Energy Group, Inc.^d		233,100
	16,290	Southwest Gas Holdings, Inc.		1,190,147
	1,033	Unitil Corporation		49,904
	41,520	Vectren Corporation		2,426,429
	1,526	Verbund AG		29,106

		Total		37,302,614

		Total Common Stock (cost $1,713,067,134)		2,171,912,497


		Registered Investment Companies (37.2%)
	Affiliated Equity Holdings (30.3%)
	25,235,015	Thrivent Large Cap Stock Portfolio		331,802,589
	22,744,946	Thrivent Large Cap Value Portfolio		385,961,260
	20,616,494	Thrivent Mid Cap Stock Portfolio		386,932,415
	51,143,446	Thrivent Partner Worldwide Allocation Portfolio		519,612,296
	5,955,004	Thrivent Small Cap Stock Portfolio		111,809,371

		Total		1,736,117,931

	Affiliated Fixed Income Holdings (5.3%)
	11,175,143	Thrivent High Yield Portfolio		54,197,210
	15,511,022	Thrivent Income Portfolio		159,118,269
	9,582,304	Thrivent Limited Maturity Bond Portfolio		94,492,060

		Total		307,807,539

	Equity Funds/Exchange Traded Funds (0.7%)
	26,541	iShares Russell 2000 Growth Index Fund		4,479,325
	11,594	iShares Russell 2000 Index Fund		1,633,826
	15,440	iShares Russell 2000 Value Index Fund		1,835,353

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Registered Investment Companies (37.2%)	Value
	Equity Funds/Exchange Traded Funds (0.7%) - continued
	27,040	Materials Select Sector SPDR Fund	$	1,455,022
	96,579	SPDR S&P 500 ETF Trust		23,352,802
	94,330	SPDR S&P Bank ETF		4,105,242
	59,000	SPDR S&P Biotech ETF		4,553,620

		Total		41,415,190

	Fixed Income Funds/Exchange Traded Funds (0.9%)
	35,000	iShares Barclays 1-3 Year Credit Bond Fund		3,685,850
	260,650	iShares iBoxx $ Investment Grade Corporate Bond ETF		31,410,932
	173,100	Vanguard Short-Term Corporate Bond ETF		13,854,924

		Total		48,951,706

		Total Registered Investment Companies (cost $1,806,926,719)		2,134,292,366

Principal Amount		Long-Term Fixed Income (15.3%)
	Asset-Backed Securities (0.9%)
		Access Group, Inc.
	282,579	1.716%, 2/25/2036, Ser. 2013-1, Class A^g,h		280,646
		ALM Loan Funding CLO
	975,000	2.232%, 10/17/2026, Ser. 2014-11A, Class A1R^*^,^h		974,971
		AMSR Trust
	1,075,000	2.609%, 11/17/2033, Ser. 2016-SFR1, Class A^g,h		1,081,714
		Apidos CLO XVIII
	950,000	2.273%, 7/22/2026, Ser. 2014-18A, Class A1R^*,^h		949,994
		Ares XXXII CLO, Ltd.
	750,000	2.392%, 11/15/2025, Ser. 2014-32A, Class A1R^*,^h		749,993
		Babson CLO, Ltd.
	385,000	2.308%, 10/17/2026, Ser. 2014-IIA, Class AR^*,^h		385,001
		Bayview Koitere Fund Trust
	1,064,072	4.000%, 11/28/2053, Ser. 2017-SPL3, Class A^g		1,110,890
		Betony CLO, Ltd.
	350,000	2.508%, 4/15/2027, Ser. 2015-1A, Class AR^*,^h		350,874
		Birchwood Park CLO, Ltd.
	385,000	2.338%, 7/15/2026, Ser. 2014-1A, Class AR^*,^h		385,219
		BlueMountain CLO, Ltd.
	725,000	2.298%, 10/15/2026, Ser. 2014-3A, Class A1R^*,^h		724,997
		Carlyle Global Market Strategies CLO, Ltd.
	400,000	2.358%, 10/15/2026, Ser. 2014-4A, Class A1R^*,^h		400,228
		Cent CLO 16, LP
	342,610	2.420%, 8/1/2024, Ser. 2012-16A, Class A1AR^*,^h		342,852
		Cent CLO 22, Ltd.
	400,000	2.589%, 11/7/2026, Ser. 2014-22A, Class A1R^*,^h		400,599
		Chesapeake Funding II, LLC
	769,951	1.880%, 6/15/2028, Ser. 2016-2A, Class A1^g		769,038
		Commonbond Student Loan Trust
	867,988	2.730%, 10/25/2040, Ser. 2016-B, Class A1^g		865,556
		DRB Prime Student Loan Trust
	500,360	3.116%, 10/27/2031, Ser. 2015-B, Class A1^*,^h		509,125
	1,431,422	3.200%, 1/25/2040, Ser. 2015-D, Class A2^*		1,443,988
		Dryden 34 Senior Loan Fund CLO
	385,000	2.318%, 10/15/2026, Ser. 2014-34A, Class AR^*,^h		385,020
		Earnest Student Loan Program, LLC
	2,102,315	3.020%, 5/25/2034, Ser. 2016-B, Class A2^g		2,118,196
		Edlinc Student Loan Funding Trust
	209,627	3.930%, 10/1/2025, Ser. 2012-A, Class AT^*,^h		213,060
		Galaxy XX CLO, Ltd.
	1,200,000	2.606%, 7/20/2027, Ser. 2015-20A, Class A^*,^h		1,200,086
		GoldenTree Loan Opportunities IX, Ltd.
	400,000	2.540%, 10/29/2026, Ser. 2014-9A, Class AR^*,^h		401,048
		Golub Capital Partners CLO 22B, Ltd.
	725,000	2.652%, 2/20/2027, Ser. 2015-22A, Class A1^*,^h		726,089
		Golub Capital Partners CLO 23M, Ltd.
	350,000	2.656%, 5/5/2027, Ser. 2015- 23A, Class A1^*,^h		350,626
		Limerock CLO III, LLC
	1,150,000	2.356%, 10/20/2026, Ser. 2014-3A, Class A1R^*,^h		1,150,670
		Madison Park Funding XIV, Ltd.
	1,050,000	2.276%, 7/20/2026, Ser. 2014-14A, Class A1R^*,^h		1,050,445
		Magnetite XII, Ltd.
	1,200,000	2.488%, 4/15/2027, Ser. 2015-12A, Class AR^*,^h		1,206,385
		Marlette Funding Trust
	314,333	3.060%, 1/17/2023, Ser. 2016-1A, Class A^*		315,750
	1,800,000	2.390%, 7/15/2024, Ser. 2017-2A, Class A^g		1,799,996
		Morgan Stanley Bank of America Merrill Lynch Trust
	1,425,000	3.176%, 8/15/2045, Ser. 2012-C5, Class A4		1,468,726
	1,425,000	3.246%, 12/15/2047, Ser. 2014-C19, Class A3		1,449,190
		Morgan Stanley Capital, Inc.
	887,368	1.366%, 2/25/2037, Ser. 2007-NC2, Class A2FP^h		522,087
		Mountain View CLO, Ltd.
	1,200,000	2.618%, 7/15/2027, Ser. 2015-9A, Class A1A^*,^h		1,200,818
		Murray Hill Marketplace Trust
	491,294	4.190%, 11/25/2022, Ser. 2016-LC1, Class A^*		495,702
		NCF Dealer Floorplan Master Trust
	1,500,000	4.462%, 3/21/2022, Ser. 2016-1A, Class A^*^,^h		1,491,576

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (15.3%)	Value
	Asset-Backed Securities (0.9%) - continued
		Neuberger Berman CLO XIV, Ltd.
$	600,000	2.422%, 1/28/2030, Ser. 2013-14A, Class AR^*,h	$	599,996
		Neuberger Berman CLO, Ltd.
	260,000	2.306%, 4/22/2029, Ser. 2014-17A, Class AR^*,h		259,999
		NZCG Funding CLO, Ltd.
	1,200,000	2.720%, 4/27/2027, Ser. 2015-2A, Class A1^*,h		1,200,109
		Octagon Investment Partners XX, Ltd.
	975,000	2.311%, 8/12/2026, Ser. 2014-1A, Class AR^*,h		974,991
		OHA Loan Funding, LLC
	1,150,000	2.306%, 10/20/2026, Ser. 2014-1A, Class A1R^*,h		1,150,003
		OneMain Financial Issuance Trust
	750,000	4.100%, 3/20/2028, Ser. 2016-2A, Class A^g		765,077
		OZLM VIII, Ltd.
	385,000	2.598%, 10/17/2026, Ser. 2014-8A, Class A1AR^*,h		384,999
		Race Point IX CLO, Ltd.
	900,000	2.668%, 4/15/2027, Ser. 2015-9A, Class A1^*,h		901,164
		Renaissance Home Equity Loan Trust
	1,126,592	5.746%, 5/25/2036, Ser. 2006-1, Class AF6ⁱ		811,813
	1,387,841	6.011%, 5/25/2036, Ser. 2006-1, Class AF4ⁱ		1,042,081
	1,170,703	5.580%, 11/25/2036, Ser. 2006-3, Class AF2ⁱ		671,298
		Shackleton, Ltd.
	1,200,000	2.528%, 4/15/2027, Ser. 2015-7A, Class AR^*,h		1,200,061
		SLM Student Loan Trust
	34,551	1.759%, 7/15/2022, Ser. 2014-A, Class A1^g,h		34,561
	560,213	1.736%, 3/25/2026, Ser. 2011-1, Class A1^h		561,643
	446,481	2.039%, 5/17/2027, Ser. 2013-A, Class A2B^g,h		449,655
		SoFi Consumer Loan Program, LLC
	486,143	3.260%, 8/25/2025, Ser. 2016-1, Class A^g		494,333
	619,091	3.050%, 12/26/2025, Ser. 2016-3, Class A^g		624,884
	900,000	2.500%, 5/26/2026, Ser. 2017-4, Class A^c,g		899,837
		SoFi Professional Loan Program, LLC
	457,559	2.420%, 3/25/2030, Ser. 2015-A, Class A2^g		458,145
		Stanwich Mortgage Loan Company, LLC
	1,216,938	3.598%, 3/16/2022, Ser. 2017-NPA1, Class A1^*,i		1,220,004
		Symphony CLO VIII, Ltd.
	238,326	2.255%, 1/9/2023, Ser. 2012-8A, Class AR^*,h		238,409
		Symphony CLO XV, Ltd.
	1,150,000	2.338%, 10/17/2026, Ser. 2014-15A, Class AR^*,h		1,153,524
		U.S. Small Business Administration
	446,002	3.191%, 3/10/2024, Ser. 2014-10A, Class 1		459,101
		Vericrest Opportunity Loan Transferee
	1,422,933	3.500%, 10/25/2046, Ser. 2016-NP11, Class A1^g		1,424,170
	2,147,625	3.625%, 11/26/2046, Ser. 2016-NP12, Class A1^g,i		2,156,096
	826,113	3.875%, 12/26/2046, Ser. 2016-NP13, Class A1^g,i		831,298
	167,100	3.500%, 2/25/2055, Ser. 2015-NPL4, Class A1^*,i		167,688
		Verizon Owner Trust
	375,000	2.060%, 9/20/2021, Ser. 2017-1A, Class A^g		376,362
		Voya CLO 3, Ltd.
	385,000	2.576%, 7/25/2026, Ser. 2014-3A, Class A1^*,h		385,069

		Total		51,167,525

	Basic Materials (0.2%)
		Alcoa Nederland Holding BV
	695,000	6.750%, 9/30/2024^g		754,075
		Anglo American Capital plc
	820,000	4.875%, 5/14/2025^g		852,800
		Anglo American plc
	772,000	3.625%, 5/14/2020^g		784,545
		ArcelorMittal SA
	670,000	6.000%, 3/1/2021		721,088
		BWAY Holding Company
	745,000	5.500%, 4/15/2024^g		760,831
		CF Industries, Inc.
	815,000	3.450%, 6/1/2023^e		770,175
		First Quantum Minerals, Ltd.
	355,000	7.000%, 2/15/2021^g		363,875
	500,000	7.500%, 4/1/2025^g		490,000
		Georgia-Pacific, LLC
	245,000	2.539%, 11/15/2019^g		247,244
		Glencore Finance Canada, Ltd.
	224,000	6.000%, 11/15/2041^g		247,314
		Glencore Funding, LLC
	180,000	2.218%, 4/16/2018^g,h		180,396
	224,000	4.125%, 5/30/2023^g		229,844
	300,000	4.000%, 3/27/2027^g		295,200
		Kinross Gold Corporation
	448,000	5.950%, 3/15/2024		494,901
	425,000	4.500%, 7/15/2027^c,g		423,938
		Novelis Corporation
	275,000	5.875%, 9/30/2026^g		283,250
		Olin Corporation
	895,000	5.125%, 9/15/2027		921,850
		Peabody Securities Finance Corporation
	745,000	6.375%, 3/31/2025^g		733,825
		Sherwin-Williams Company
	540,000	3.125%, 6/1/2024		542,595
		Steel Dynamics, Inc.
	615,000	5.000%, 12/15/2026		631,144
		Vale Overseas, Ltd.
	280,000	5.875%, 6/10/2021		300,580
	340,000	6.250%, 8/10/2026		366,775
	350,000	6.875%, 11/10/2039		375,375
		Westlake Chemical Corporation
	448,000	3.600%, 8/15/2026		444,685

		Total		12,216,305

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (15.3%)	Value
	Capital Goods (0.3%)
		AECOM
$	920,000	5.875%, 10/15/2024	$	1,000,500
		Ardagh Packaging Finance plc
	760,000	6.000%, 2/15/2025^g		798,000
		Bombardier, Inc.
	895,000	7.500%, 3/15/2025^g		928,563
		Building Materials Corporation of America
	660,000	6.000%, 10/15/2025^g		706,200
		Cemex Finance, LLC
	900,000	9.375%, 10/12/2022^g		956,250
		Cintas Corporation No. 2
	345,000	3.700%, 4/1/2027		355,816
		CNH Industrial Capital, LLC
	370,000	4.375%, 11/6/2020		388,041
		CNH Industrial NV
	450,000	4.500%, 8/15/2023		478,125
		Crown Americas Capital Corporation IV
	670,000	4.500%, 1/15/2023		701,825
		General Electric Company
	607,000	5.000%, 1/21/2021^j		644,270
		L3 Technologies, Inc.
	455,000	3.950%, 5/28/2024		467,877
		Lockheed Martin Corporation
	165,000	2.500%, 11/23/2020		167,251
	480,000	3.600%, 3/1/2035		474,150
	448,000	4.500%, 5/15/2036		489,130
	120,000	6.150%, 9/1/2036		156,132
		Northrop Grumman Corporation
	820,000	3.850%, 4/15/2045		814,387
		Owens-Brockway Glass Container, Inc.
	960,000	5.000%, 1/15/2022^g		1,015,200
		Pentair Finance SA
	545,000	2.900%, 9/15/2018		550,640
		Republic Services, Inc.
	335,000	2.900%, 7/1/2026		328,475
		Reynolds Group Issuer, Inc.
	670,000	5.125%, 7/15/2023^g		695,963
		Roper Industries, Inc.
	601,000	2.050%, 10/1/2018		602,193
		Roper Technologies, Inc.
	336,000	2.800%, 12/15/2021		338,826
		Siemens Financieringsmaatschappij NV
	932,000	4.200%, 3/16/2047^g		988,723
		Standard Industries, Inc.
	415,000	5.500%, 2/15/2023^g		437,825
		Textron, Inc.
	150,000	5.600%, 12/1/2017		152,371
	400,000	7.250%, 10/1/2019		442,371
		United Rentals North America, Inc.
	680,000	5.500%, 7/15/2025		712,300
		United Technologies Corporation
	600,000	4.050%, 5/4/2047		615,520
		Waste Management, Inc.
	90,000	3.125%, 3/1/2025		91,367

		Total		16,498,291

	Collateralized Mortgage Obligations (0.4%)
		Angel Oak Mortgage Trust I, LLC
	399,409	3.500%, 7/25/2046, Ser. 2016-1, Class A1^*		400,705
		Bayview Opportunity Master Fund Trust
	950,722	4.000%, 6/28/2054, Ser. 2017-SPL2, Class A^g		993,346
	1,545,154	4.000%, 10/28/2064, Ser. 2017-SPL1, Class A^g		1,613,622
		BCAP, LLC Trust
	895,760	1.396%, 3/25/2037, Ser. 2007-AA1, Class 2A1^h		843,906
		Citigroup Mortgage Loan Trust, Inc.
	327,384	5.500%, 11/25/2035, Ser. 2005-9, Class 21A2		323,675
		CitiMortgage Alternative Loan Trust
	1,067,863	5.750%, 4/25/2037, Ser. 2007-A4, Class 1A5		930,820
		COLT Mortgage Loan Trust
	713,171	2.800%, 12/26/2046, Ser. 2016-3, Class A1^*		713,604
		Countrywide Alternative Loan Trust
	419,339	3.045%, 10/25/2035, Ser. 2005-43, Class 4A1		355,011
	327,329	6.500%, 8/25/2036, Ser. 2006-23CB, Class 2A3		222,839
	200,947	6.000%, 1/25/2037, Ser. 2006-39CB, Class 1A16		193,302
	998,771	5.500%, 5/25/2037, Ser. 2007-8CB, Class A1		831,835
	951,076	7.000%, 10/25/2037, Ser. 2007-24, Class A10		544,023
		Countrywide Home Loans, Inc.
	377,599	5.750%, 4/25/2037, Ser. 2007-3, Class A27		318,936
		Deutsche Alt-A Securities Mortgage Loan Trust
	279,333	6.000%, 10/25/2021, Ser. 2006-AR5, Class 23A		250,506
		Federal Home Loan Mortgage Corporation
	2,026,509	4.000%, 7/15/2031, Ser.- 4104, Class KI^k		224,851
	1,172,868	3.000%, 2/15/2033, Ser. 4170, Class IG^k		137,380
		Federal National Mortgage Association
	2,300,347	3.500%, 1/25/2033, Ser. 2012-150, Class YI^k		300,740
		J.P. Morgan Mortgage Trust
	640,346	3.247%, 10/25/2036, Ser. 2006-A6, Class 1A2		592,063
	1,038,748	1.596%, 1/25/2037, Ser. 2006-S4, Class A8^h		593,778
	1,210,448	6.250%, 8/25/2037, Ser. 2007-S3, Class 1A10		899,093
		MASTR Alternative Loans Trust
	265,105	6.500%, 7/25/2034, Ser. 2004-6, Class 6A1		272,716
	603,173	1.666%, 12/25/2035, Ser. 2005-6, Class 2A1^h		296,137
		Merrill Lynch Alternative Note Asset Trust
	267,158	6.000%, 3/25/2037, Ser. 2007-F1, Class 2A1		211,697

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (15.3%)	Value
	Collateralized Mortgage Obligations (0.4%) - continued
		Pretium Mortgage Credit Partners, LLC
	$ 840,368	3.500%, 4/29/2031, Ser. 2017-NPL1, Class A1^*,i	$	843,530
		Residential Accredit Loans, Inc. Trust
	967,585	1.966%, 6/25/2035, Ser. 2005-QS7, Class A3^h		794,339
		Residential Asset Securitization Trust
	1,124,119	1.596%, 8/25/2037, Ser. 2007-A8, Class 2A3^h		304,897
		Sequoia Mortgage Trust
	621,934	3.502%, 9/20/2046, Ser. 2007-1, Class 4A1		509,750
		Sunset Mortgage Loan Company, LLC
	1,700,000	3.500%, 6/16/2047, Ser. 2017-NPL1, Class A^*,i		1,703,981
	719,918	3.844%, 7/16/2047, Ser. 2016-NPL1, Class A^*,i		720,420
		TBW Mortgage-Backed Trust
	2,983,199	5.965%, 7/25/2037, Ser. 2007-2, Class A1A		1,858,556
		Towd Point Mortgage Trust
	1,200,318	2.750%, 10/25/2056, Ser. 2017-1, Class A1^g		1,209,494
		Verus Securitization Trust
	1,136,741	2.853%, 1/25/2047, Ser. 2017-1A, Class A1^*,i		1,142,501
		WaMu Mortgage Pass Through Certificates
	162,303	2.918%, 9/25/2036, Ser. 2006-AR10, Class 1A2		152,509
	323,842	2.937%, 10/25/2036, Ser. 2006-AR12, Class 1A1		310,890
	2,291,483	2.708%, 11/25/2036, Ser. 2006-AR14, Class 1A1		2,175,820
	1,451,585	1.692%, 9/25/2046, Ser. 2006-AR11, Class 1A^h		1,225,475
		Washington Mutual Mortgage Pass Through Certificates Trust
	849,947	7.000%, 2/25/2036, Ser. 2006-1, Class 2CB1		641,112

		Total		25,657,859

	Commercial Mortgage-Backed Securities (0.5%)
		Commercial Mortgage Pass-Through Certificates
	780,000	2.139%, 6/8/2030, Ser. 2013-THL, Class A2^g,h		780,729
		Commercial Mortgage Trust
	350,000	3.039%, 12/10/2018, Ser. 2013-CR13, Class A2		355,710
		Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates
	1,150,982	2.776%, 3/25/2023, Ser. K724, Class A1		1,180,085
	3,750,000	3.002%, 1/25/2024, Ser. K725, Class A2		3,859,174
	3,500,000	3.430%, 1/25/2027, Ser. K063, Class A2		3,673,865
		Federal National Mortgage Association - ACES
	1,230,756	2.416%, 9/25/2026, Ser. 2017-M1, Class A1		1,225,343
	1,200,000	2.569%, 12/25/2026, Ser. 2017-M3, Class A2		1,166,332
	1,800,000	2.784%, 2/25/2027, Ser. 2017-M2, Class A2		1,790,020
	2,375,000	2.961%, 2/25/2027, Ser. 2017-M7, Class A2		2,382,674
		Federal National Mortgage Association Grantor Trust
	2,400,000	2.898%, 6/25/2027, Ser. 2017-T1, Class A		2,383,029
		Greenwich Capital Commercial Funding Corporation
	1,750,000	5.867%, 12/10/2049, Ser. 2007-GG11, Class AM		1,754,716
		GS Mortgage Securities Trust
	2,450,000	3.666%, 9/10/2047, Ser. 2104-GC24, Class A4		2,556,662
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	188,598	5.977%, 2/12/2049, Ser. 2007-CB19, Class AM		189,186
		JPMBB Commercial Mortgage Securities Trust
	1,175,000	3.231%, 1/15/2048, Ser. 2014-C26, Class A3		1,191,243
		SCG Trust
	425,000	2.809%, 11/15/2026, Ser. 2013-SRP1, Class A^g,h		421,781
		UBS Commercial Mortgage Trust
	2,110,200	3.400%, 5/10/2045, Ser. 2012-C1, Class A3		2,196,416
		WFRBS Commercial Mortgage Trust
	1,200,000	2.870%, 11/15/2045, Ser. 2012-C9, Class A3		1,215,791

		Total		28,322,756

	Communications Services (0.6%)
		21st Century Fox America, Inc.
	460,000	6.900%, 3/1/2019		496,081
		Altice Financing SA
	770,000	6.625%, 2/15/2023^g		816,924
		AMC Networks, Inc.
	690,000	5.000%, 4/1/2024		706,387
		America Movil SAB de CV
	288,000	5.000%, 10/16/2019		307,288
		American Tower Corporation
	50,000	2.800%, 6/1/2020		50,676
	560,000	3.300%, 2/15/2021		574,582
		AT&T, Inc.
	212,000	5.875%, 10/1/2019		229,441
	165,000	2.226%, 6/30/2020^h		167,159
	349,000	3.875%, 8/15/2021		364,625
	275,000	3.000%, 6/30/2022		275,483
	350,000	3.800%, 3/1/2024		358,618
	480,000	5.250%, 3/1/2037		511,934
	336,000	6.350%, 3/15/2040		395,190
	355,000	5.550%, 8/15/2041		386,208
	708,000	5.150%, 3/15/2042		723,900
	275,000	4.750%, 5/15/2046		270,035
		British Sky Broadcasting Group plc
	320,000	2.625%, 9/16/2019^g		322,179
	455,000	3.125%, 11/26/2022^g		462,826
		CBS Corporation
	625,000	2.500%, 2/15/2023^c		617,646
	240,000	3.375%, 2/15/2028^c		235,250

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (15.3%)	Value
	Communications Services (0.6%) - continued
		CCO Holdings, LLC
$	900,000	5.875%, 4/1/2024^g	$	960,750
		CenturyLink, Inc.
	775,000	6.450%, 6/15/2021		837,000
		Charter Communications Operating, LLC
	217,000	6.834%, 10/23/2055		264,847
	288,000	3.579%, 7/23/2020		297,589
	448,000	4.908%, 7/23/2025		484,025
	600,000	6.484%, 10/23/2045		721,022
		Clear Channel Worldwide Holdings, Inc.
	760,000	6.500%, 11/15/2022		781,052
		Columbus International, Inc.
	895,000	7.375%, 3/30/2021^g		949,819
		Comcast Corporation
	360,000	2.750%, 3/1/2023		363,470
	960,000	4.400%, 8/15/2035		1,033,070
	140,000	4.650%, 7/15/2042		153,706
	240,000	4.750%, 3/1/2044		267,437
		Cox Communications, Inc.
	184,000	9.375%, 1/15/2019^g		202,671
		Crown Castle International Corporation
	521,000	3.400%, 2/15/2021		534,988
	931,000	5.250%, 1/15/2023		1,034,065
		CSC Holdings, LLC
	100,000	5.500%, 4/15/2027^g		105,750
		Digicel, Ltd.
	1,295,000	6.000%, 4/15/2021^*		1,241,581
		FairPoint Communications, Inc.
	685,000	8.750%, 8/15/2019^g		703,735
		Gray Television, Inc.
	735,000	5.875%, 7/15/2026^g		749,700
		Level 3 Communications, Inc.
	920,000	5.375%, 1/15/2024		960,250
		Level 3 Financing, Inc.
	335,000	5.375%, 5/1/2025		352,587
		Moody’s Corporation
	308,000	2.750%, 12/15/2021		310,553
		Neptune Finco Corporation
	915,000	10.875%, 10/15/2025^g		1,101,431
		Nexstar Escrow Corporation
	740,000	5.625%, 8/1/2024^g		749,250
		Omnicom Group, Inc.
	224,000	3.600%, 4/15/2026		225,400
		S&P Global, Inc.
	448,000	3.300%, 8/14/2020		459,255
		SES Global Americas Holdings GP
	365,000	2.500%, 3/25/2019^g		364,525
		SFR Group SA
	1,165,000	6.000%, 5/15/2022^g		1,218,881
		Sprint Communications, Inc.
	615,000	6.000%, 11/15/2022		651,900
		Sprint Corporation
	640,000	7.625%, 2/15/2025^e		736,800
		Telefonica Emisiones SAU
	244,000	3.192%, 4/27/2018		246,583
		Time Warner Entertainment Company, LP
	459,000	8.375%, 3/15/2023		577,475
		Time Warner, Inc.
	224,000	3.600%, 7/15/2025		224,887
	265,000	6.250%, 3/29/2041		324,127
		T-Mobile USA, Inc.
	1,040,000	6.125%, 1/15/2022		1,092,976
		Verizon Communications, Inc.
	350,000	2.037%, 6/17/2019^h		352,612
	1,025,000	3.000%, 11/1/2021		1,038,473
	1,008,000	5.150%, 9/15/2023		1,119,522
	78,000	5.050%, 3/15/2034		82,658
	319,000	4.272%, 1/15/2036		308,227
	960,000	4.862%, 8/21/2046		959,762
	748,000	4.522%, 9/15/2048		709,195
		Viacom, Inc.
	240,000	4.250%, 9/1/2023		250,508
	336,000	5.850%, 9/1/2043		363,286
		Virgin Media Secured Finance plc
	745,000	5.250%, 1/15/2026^g		775,403

		Total		35,515,235

	Consumer Cyclical (0.4%)
		American Honda Finance Corporation
	510,000	2.000%, 2/14/2020		511,083
		Automatic Data Processing, Inc.
	100,000	3.375%, 9/15/2025		103,936
		Cinemark USA, Inc.
	1,130,000	4.875%, 6/1/2023		1,154,363
		CVS Health Corporation
	110,000	2.250%, 8/12/2019		110,669
	1,440,000	4.875%, 7/20/2035		1,601,140
	600,000	5.125%, 7/20/2045		688,782
		Daimler Finance North America, LLC
	448,000	1.792%, 10/30/2019^g,h		449,946
		Delphi Automotive plc
	560,000	3.150%, 11/19/2020		572,012
		eBay, Inc.
	225,000	2.500%, 3/9/2018		226,303
		Ford Motor Credit Company, LLC
	550,000	2.551%, 10/5/2018		553,634
	450,000	2.943%, 1/8/2019		455,797
	430,000	2.262%, 3/28/2019		431,187
	224,000	2.459%, 3/27/2020		224,179
	168,000	3.200%, 1/15/2021		170,505
	350,000	2.565%, 3/28/2022^h		352,311
		General Motors Financial Company, Inc.
	185,000	2.085%, 4/13/2020^h		185,946
	332,000	3.700%, 11/24/2020		343,482
	224,000	4.200%, 3/1/2021		234,926
	525,000	3.150%, 6/30/2022		522,769
	224,000	3.950%, 4/13/2024		227,125
	385,000	4.300%, 7/13/2025		392,715
		Home Depot, Inc.
	530,000	3.000%, 4/1/2026		532,882
	575,000	5.400%, 9/15/2040		712,919
	336,000	4.250%, 4/1/2046		361,522
	590,000	3.900%, 6/15/2047		599,024
		Hyundai Capital America
	176,000	2.400%, 10/30/2018^g		176,373
	336,000	3.000%, 10/30/2020^g		338,365
		Jaguar Land Rover Automotive plc
	630,000	5.625%, 2/1/2023^g		655,200
		KB Home
	503,000	4.750%, 5/15/2019		518,090
		L Brands, Inc.
	630,000	5.625%, 2/15/2022		674,100
		Lear Corporation
	485,000	5.250%, 1/15/2025		513,203

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (15.3%)	Value
	Consumer Cyclical (0.4%) - continued
		Lennar Corporation
$	660,000	4.875%, 12/15/2023	$	701,662
	365,000	4.500%, 4/30/2024		377,264
		Live Nation Entertainment, Inc.
	200,000	5.375%, 6/15/2022^g		207,516
	380,000	4.875%, 11/1/2024^g		385,700
		McDonald’s Corporation
	335,000	2.750%, 12/9/2020		341,045
	448,000	2.625%, 1/15/2022		450,631
		MGM Resorts International
	915,000	6.000%, 3/15/2023		1,008,787
		New Red Finance, Inc.
	750,000	4.250%, 5/15/2024^g		745,267
		Prime Security Services Borrower, LLC
	1,025,000	9.250%, 5/15/2023^g		1,113,826
		Scientific Games International, Inc.
	705,000	7.000%, 1/1/2022^g		750,825
		Six Flags Entertainment Corporation
	760,000	4.875%, 7/31/2024^g		764,651
		Toll Brothers Finance Corporation
	100,000	8.910%, 10/15/2017		101,750
	186,000	4.000%, 12/31/2018		190,650
		Wal-Mart Stores, Inc.
	475,000	6.200%, 4/15/2038		650,057
	475,000	5.625%, 4/15/2041		617,595
		West Corporation
	515,000	5.375%, 7/15/2022^g		520,150

		Total		23,521,864

	Consumer Non-Cyclical (0.7%)
		Abbott Laboratories
	610,000	2.900%, 11/30/2021		615,804
	280,000	3.400%, 11/30/2023		286,590
	941,000	4.750%, 11/30/2036		1,025,392
	475,000	4.900%, 11/30/2046		524,974
		AbbVie, Inc.
	795,000	2.500%, 5/14/2020		804,158
	540,000	3.600%, 5/14/2025		550,883
	560,000	4.450%, 5/14/2046		578,858
		Actavis Funding SCS
	380,000	3.850%, 6/15/2024		396,311
	675,000	4.550%, 3/15/2035		721,041
	336,000	4.850%, 6/15/2044		363,860
		Altria Group, Inc.
	224,000	2.850%, 8/9/2022		227,468
	280,000	2.625%, 9/16/2026		269,610
		Amgen, Inc.
	708,000	2.200%, 5/11/2020		711,377
	224,000	2.700%, 5/1/2022		225,261
	300,000	3.125%, 5/1/2025		300,690
		Anheuser-Busch InBev Finance, Inc.
	240,000	2.430%, 2/1/2021^h		248,560
	809,000	3.650%, 2/1/2026		833,568
	896,000	4.700%, 2/1/2036		989,858
	560,000	4.900%, 2/1/2046		632,930
		Anheuser-Busch InBev Worldwide, Inc.
	184,000	3.750%, 1/15/2022		194,028
		BAT International Finance plc
	220,000	1.756%, 6/15/2018^g,h		220,597
		Bayer U.S. Finance, LLC
	336,000	3.375%, 10/8/2024^g		344,062
		Becton, Dickinson and Company
	516,000	3.734%, 12/15/2024		524,498
	354,000	4.669%, 6/6/2047		364,630
		Biogen, Inc.
	210,000	3.625%, 9/15/2022		219,604
		Boston Scientific Corporation
	200,000	6.000%, 1/15/2020		217,658
	325,000	3.850%, 5/15/2025		335,639
	336,000	7.375%, 1/15/2040		449,638
		Bunge Limited Finance Corporation
	282,000	8.500%, 6/15/2019		315,407
	305,000	3.500%, 11/24/2020		312,662
		Cardinal Health, Inc.
	236,000	3.079%, 6/15/2024		236,508
	475,000	3.410%, 6/15/2027		472,972
		Celgene Corporation
	945,000	2.875%, 8/15/2020		966,259
	120,000	3.550%, 8/15/2022		124,907
		Church & Dwight Company, Inc.
	140,000	2.450%, 12/15/2019		141,294
		Community Health Systems, Inc.
	370,000	8.000%, 11/15/2019^e		371,850
		Conagra Brands, Inc.
	168,000	7.125%, 10/1/2026		210,593
		Constellation Brands, Inc.
	300,000	2.700%, 5/9/2022		299,599
		EMD Finance, LLC
	280,000	2.950%, 3/19/2022^g		284,941
		Energizer Holdings, Inc.
	820,000	5.500%, 6/15/2025^g		857,925
		Envision Healthcare Corporation
	970,000	5.125%, 7/1/2022^g		995,462
		Express Scripts Holding Company
	224,000	3.000%, 7/15/2023		222,408
	525,000	4.500%, 2/25/2026		556,451
	90,000	3.400%, 3/1/2027		86,871
		Forest Laboratories, LLC
	126,000	4.875%, 2/15/2021^g		135,553
		Gilead Sciences, Inc.
	120,000	2.550%, 9/1/2020		121,719
	224,000	2.950%, 3/1/2027		217,425
		H. J. Heinz Company
	350,000	3.500%, 7/15/2022		360,806
		HCA, Inc.
	585,000	5.250%, 6/15/2026		630,922
	300,000	4.500%, 2/15/2027		308,625
		Heineken NV
	525,000	4.350%, 3/29/2047^g		547,675
		Imperial Tobacco Finance plc
	450,000	2.950%, 7/21/2020^g		457,566
		JBS USA, LLC
	670,000	5.750%, 6/15/2025^e,g		629,800
		Kimberly-Clark Corporation
	600,000	3.900%, 5/4/2047		614,546
		Kraft Foods Group, Inc.
	448,000	5.000%, 6/4/2042		473,551
		Laboratory Corporation of America Holdings
	165,000	2.625%, 2/1/2020		166,348
		McKesson Corporation
	225,000	4.883%, 3/15/2044		245,096
		Mead Johnson Nutrition Company
	200,000	3.000%, 11/15/2020		205,136
		Medtronic, Inc.
	1,720,000	4.375%, 3/15/2035		1,892,488
	235,000	4.625%, 3/15/2045		264,857
		Merck & Company, Inc.
	175,000	1.560%, 2/10/2020^h		176,246

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (15.3%)	Value
	Consumer Non-Cyclical (0.7%) - continued
$	88,000	3.700%, 2/10/2045	$	87,892
		Molson Coors Brewing Company
	392,000	2.250%, 3/15/2020^g		391,978
		Mondelez International Holdings Netherlands BV
	510,000	2.000%, 10/28/2021^g		496,851
		Mondelez International, Inc.
	247,000	1.690%, 2/1/2019^h		247,961
		Mylan NV
	450,000	3.000%, 12/15/2018		456,088
	120,000	3.150%, 6/15/2021		122,070
	228,000	5.250%, 6/15/2046		249,746
		Newell Rubbermaid, Inc.
	336,000	5.500%, 4/1/2046		405,110
		PepsiCo, Inc.
	450,000	2.850%, 2/24/2026		448,853
		Post Holdings, Inc.
	760,000	5.500%, 3/1/2025^g		783,750
		Reynolds American, Inc.
	235,000	2.300%, 8/21/2017		235,228
	672,000	5.700%, 8/15/2035		797,141
		Roche Holdings, Inc.
	336,000	4.000%, 11/28/2044^g		354,290
		Shire Acquisitions Investments Ireland Designated Activity Company
	690,000	2.400%, 9/23/2021		681,886
	708,000	3.200%, 9/23/2026		692,394
		Smithfield Foods, Inc.
	555,000	2.700%, 1/31/2020^g		557,889
		Tenet Healthcare Corporation
	805,000	8.125%, 4/1/2022		855,312
		Teva Pharmaceutical Finance Netherlands III BV
	458,000	2.200%, 7/21/2021		449,556
	280,000	2.800%, 7/21/2023		272,303
		Thermo Fisher Scientific, Inc.
	168,000	3.000%, 4/15/2023		169,342
		TreeHouse Foods, Inc.
	450,000	4.875%, 3/15/2022		464,625
		Tyson Foods, Inc.
	236,000	3.550%, 6/2/2027		237,361
		VRX Escrow Corporation
	1,495,000	6.125%, 4/15/2025^g		1,265,144
		Zoetis, Inc.
	768,000	4.700%, 2/1/2043		835,385

		Total		38,640,170

	Energy (0.6%)
		Alliance Resource Operating Partners, LP
	730,000	7.500%, 5/1/2025^g		767,412
		Anadarko Petroleum Corporation
	710,000	4.850%, 3/15/2021		757,747
	472,000	5.550%, 3/15/2026^e		527,510
		Antero Resources Corporation
	240,000	5.125%, 12/1/2022		240,523
	500,000	5.625%, 6/1/2023		506,250
		Apache Corporation
	240,000	4.750%, 4/15/2043		241,012
		Boardwalk Pipelines, LP
	220,000	5.950%, 6/1/2026		244,996
		BP Capital Markets plc
	452,000	3.062%, 3/17/2022		461,970
	665,000	3.535%, 11/4/2024		682,727
	120,000	3.119%, 5/4/2026		118,948
		Buckeye Partners, LP
	288,000	2.650%, 11/15/2018		289,540
		Canadian Natural Resources, Ltd.
	585,000	3.450%, 11/15/2021		600,638
	225,000	6.250%, 3/15/2038		265,435
	225,000	4.950%, 6/1/2047		228,664
		Cenovus Energy, Inc.
	475,000	3.800%, 9/15/2023		468,539
		Cheniere Corpus Christi Holdings, LLC
	685,000	5.875%, 3/31/2025		730,381
		Cimarex Energy Company
	336,000	4.375%, 6/1/2024		352,238
		Columbia Pipeline Group, Inc.
	450,000	2.450%, 6/1/2018		452,069
		Concho Resources, Inc.
	629,634	5.500%, 10/1/2022		646,162
	305,000	4.375%, 1/15/2025		311,100
		ConocoPhillips
	590,000	6.500%, 2/1/2039		779,500
		Continental Resources, Inc.
	595,000	5.000%, 9/15/2022		583,844
		Devon Energy Corporation
	340,000	3.250%, 5/15/2022		337,869
		El Paso Pipeline Partners Operating Company, LLC
	355,000	4.300%, 5/1/2024		366,941
		Enbridge, Inc.
	400,000	2.900%, 7/15/2022^c		399,128
		Encana Corporation
	121,000	3.900%, 11/15/2021		123,322
	448,000	6.500%, 2/1/2038		510,009
		Energy Transfer Equity, LP
	670,000	5.500%, 6/1/2027		693,450
		Energy Transfer Partners, LP
	448,000	4.650%, 6/1/2021		472,542
	265,000	4.900%, 3/15/2035		257,951
	250,000	5.150%, 2/1/2043		237,563
		EnLink Midstream Partners, LP
	225,000	4.150%, 6/1/2025		222,210
	168,000	4.850%, 7/15/2026		174,807
		Enterprise Products Operating, LLC
	172,000	5.100%, 2/15/2045		189,129
		EQT Corporation
	162,000	5.150%, 3/1/2018		164,957
	118,000	8.125%, 6/1/2019		130,216
	250,000	4.875%, 11/15/2021		266,607
		Exxon Mobil Corporation
	180,000	4.114%, 3/1/2046		190,166
		Kinder Morgan Energy Partners, LP
	340,000	3.500%, 3/1/2021		348,123
		Magellan Midstream Partners, LP
	315,000	5.000%, 3/1/2026		347,416
		Marathon Oil Corporation
	336,000	2.700%, 6/1/2020		333,009
	830,000	6.600%, 10/1/2037^e		916,850
		Marathon Petroleum Corporation
	165,000	3.400%, 12/15/2020		169,713
	469,000	4.750%, 9/15/2044		446,158
		MPLX, LP
	708,000	4.875%, 6/1/2025		750,825
	350,000	4.125%, 3/1/2027		351,228
		Newfield Exploration Company
	850,000	5.625%, 7/1/2024		886,125

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (15.3%)	Value
	Energy (0.6%) - continued
		Noble Energy, Inc.
$	202,000	5.625%, 5/1/2021	$	207,790
		ONEOK, Inc.
	448,000	7.500%, 9/1/2023		534,240
		PBF Holding Company, LLC
	985,000	7.250%, 6/15/2025^g		949,294
		Petrobras Global Finance BV
	140,000	8.375%, 5/23/2021		156,713
	590,000	6.250%, 3/17/2024		601,210
		Petroleos Mexicanos
	705,000	6.000%, 3/5/2020		755,760
	168,000	2.378%, 4/15/2025		168,123
	295,000	6.750%, 9/21/2047		297,915
		Pioneer Natural Resources Company
	225,000	4.450%, 1/15/2026		236,599
		Regency Energy Partners, LP
	448,000	5.875%, 3/1/2022		493,461
	670,000	5.000%, 10/1/2022		718,501
		Rice Energy, Inc.
	750,000	6.250%, 5/1/2022		783,750
		Rowan Companies, Inc.
	95,000	7.375%, 6/15/2025		88,587
		Sabine Pass Liquefaction, LLC
	345,000	6.250%, 3/15/2022		390,630
	420,000	5.625%, 4/15/2023		466,817
	480,000	5.750%, 5/15/2024		534,525
	670,000	5.625%, 3/1/2025		739,807
		Schlumberger Holdings Corporation
	165,000	3.000%, 12/21/2020^g		167,988
	280,000	4.000%, 12/21/2025^g		293,549
		Shell International Finance BV
	165,000	1.632%, 5/11/2020^h		166,495
		Suncor Energy, Inc.
	270,000	3.600%, 12/1/2024		276,287
		Sunoco Logistics Partners Operations, LP
	200,000	4.400%, 4/1/2021		210,129
		Tesoro Corporation
	1,618,000	4.750%, 12/15/2023^g		1,742,424
		Valero Energy Corporation
	560,000	3.400%, 9/15/2026		547,871
		Weatherford International, Ltd.
	680,000	8.250%, 6/15/2023^e		680,000
		Western Gas Partners, LP
	472,000	4.000%, 7/1/2022		483,790
		Williams Partners, LP
	280,000	4.000%, 11/15/2021		291,309
	300,000	4.500%, 11/15/2023		320,191
	450,000	3.750%, 6/15/2027		445,469
	475,000	6.300%, 4/15/2040		551,104

		Total		33,843,847

	Financials (1.5%)
		ABN AMRO Bank NV
	450,000	4.750%, 7/28/2025^g		474,408
		ACE INA Holdings, Inc.
	335,000	4.350%, 11/3/2045		367,869
		AerCap Ireland Capital, Ltd.
	220,000	3.750%, 5/15/2019		225,977
	224,000	4.625%, 10/30/2020		238,041
	224,000	4.625%, 7/1/2022		240,040
		Aetna, Inc.
	480,000	2.800%, 6/15/2023		479,101
		Air Lease Corporation
	220,000	2.125%, 1/15/2018		220,392
	90,000	2.625%, 9/4/2018		90,671
	590,000	3.375%, 1/15/2019		600,992
		Ally Financial, Inc.
	440,000	3.750%, 11/18/2019		449,900
	475,000	4.125%, 3/30/2020		488,062
		American Express Credit Corporation
	350,000	1.817%, 3/18/2019^h		351,747
	720,000	1.875%, 5/3/2019		720,279
		American International Group, Inc.
	150,000	3.300%, 3/1/2021		154,312
	336,000	4.125%, 2/15/2024		354,777
	720,000	3.750%, 7/10/2025		733,443
	650,000	3.900%, 4/1/2026		665,030
		Anthem, Inc.
	590,000	4.625%, 5/15/2042		637,804
		Aon plc
	168,000	3.875%, 12/15/2025		175,571
		ASP AMC Merger Sub, Inc.
	850,000	8.000%, 5/15/2025^g		805,375
		Avalonbay Communities, Inc.
	500,000	3.500%, 11/15/2025		509,152
		Banco Santander SA
	800,000	6.375%, 5/19/2019^j		819,000
		Bank of America Corporation
	370,000	2.357%, 3/22/2018^h		372,237
	295,000	2.018%, 4/1/2019^h		297,720
	350,000	2.625%, 10/19/2020		353,499
	595,000	3.300%, 1/11/2023		606,644
	475,000	2.881%, 4/24/2023		475,825
	448,000	4.000%, 4/1/2024		469,482
	450,000	4.000%, 1/22/2025		457,876
	336,000	3.500%, 4/19/2026		337,178
	720,000	4.183%, 11/25/2027		732,376
	500,000	3.824%, 1/20/2028		508,735
	561,000	5.875%, 2/7/2042		703,911
		Bank of New York Mellon Corporation
	560,000	2.500%, 4/15/2021		564,394
		Bank of Nova Scotia
	500,000	2.700%, 3/7/2022		502,745
		Bank of Tokyo-Mitsubishi UFJ, Ltd.
	145,000	2.850%, 9/8/2021^g		146,467
		Barclays Bank plc
	112,000	10.179%, 6/12/2021^g		140,265
		Barclays plc
	264,000	2.750%, 11/8/2019		266,378
	680,000	3.684%, 1/10/2023		697,647
	448,000	3.650%, 3/16/2025		445,773
		BB&T Corporation
	150,000	1.873%, 1/15/2020^h		151,346
		Berkshire Hathaway, Inc.
	280,000	2.750%, 3/15/2023		283,674
		BPCE SA
	300,000	3.000%, 5/22/2022^g		302,609
		Caisse Centrale Desjardins du Quebec
	210,000	1.837%, 1/29/2018^g,h		210,639
		Capital One Financial Corporation
	235,000	2.450%, 4/24/2019		236,265
	413,000	2.500%, 5/12/2020		414,759
	448,000	3.050%, 3/9/2022		451,472
		Capital One NA
	595,000	2.350%, 1/31/2020		595,155
		CBOE Holdings, Inc.
	275,000	1.950%, 6/28/2019		274,917
		Centene Escrow Corporation
	900,000	5.625%, 2/15/2021		938,250

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (15.3%)	Value
	Financials (1.5%) - continued
		Cigna Corporation
$	215,000	5.375%, 2/15/2042	$	258,843
		CIT Group, Inc.
	905,000	5.000%, 8/15/2022		975,137
		Citigroup, Inc.
	245,000	1.925%, 4/8/2019^h		246,589
	600,000	1.945%, 1/10/2020^h		604,336
	450,000	2.700%, 3/30/2021		452,946
	530,000	2.750%, 4/25/2022		530,025
	244,000	4.050%, 7/30/2022		255,045
	685,000	4.400%, 6/10/2025		713,339
	448,000	3.200%, 10/21/2026		435,736
	336,000	4.125%, 7/25/2028		341,122
	177,000	4.650%, 7/30/2045		192,741
		Citizens Bank NA
	625,000	2.300%, 12/3/2018		627,268
	485,000	2.200%, 5/26/2020		484,131
		Commonwealth Bank of Australia
	336,000	2.250%, 3/10/2020^g		336,700
		Compass Bank
	250,000	2.750%, 9/29/2019		251,947
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	608,000	3.950%, 11/9/2022		634,926
	1,416,000	4.625%, 12/1/2023		1,525,717
		Credit Agricole SA
	290,000	1.958%, 4/15/2019^g,h		292,006
	400,000	3.375%, 1/10/2022^g		410,655
		Credit Suisse AG
	231,000	5.400%, 1/14/2020		248,043
		Credit Suisse Group Funding, Ltd.
	1,262,000	2.750%, 3/26/2020		1,271,833
	525,000	3.125%, 12/10/2020		534,826
	448,000	3.750%, 3/26/2025		452,678
		DDR Corporation
	515,000	4.625%, 7/15/2022		539,151
		Deutsche Bank AG
	675,000	3.375%, 5/12/2021		683,595
	280,000	4.250%, 10/14/2021		293,178
		Digital Realty Trust LP
	280,000	3.400%, 10/1/2020		287,149
		Discover Bank
	510,000	8.700%, 11/18/2019		576,285
		Duke Realty, LP
	88,000	3.875%, 2/15/2021		91,472
	264,000	4.375%, 6/15/2022		281,306
		ERP Operating, LP
	90,000	3.375%, 6/1/2025		90,566
		European Investment Bank
	445,000	1.875%, 3/15/2019		447,501
		Fifth Third Bancorp
	148,000	2.875%, 7/27/2020		151,075
	145,000	2.875%, 10/1/2021		147,737
	390,000	2.600%, 6/15/2022		387,950
		Five Corners Funding Trust
	590,000	4.419%, 11/15/2023^g		633,505
		GE Capital International Funding Company
	1,560,000	4.418%, 11/15/2035		1,699,679
		Goldman Sachs Group, Inc.
	390,000	2.372%, 4/30/2018^h		392,972
	205,000	2.282%, 11/15/2018^h		207,130
	909,000	5.375%, 3/15/2020		981,462
	210,000	2.313%, 4/23/2020^h		213,506
	830,000	5.375%, 5/10/2020^j		872,164
	1,446,000	5.250%, 7/27/2021		1,584,741
	480,000	3.000%, 4/26/2022		484,438
	472,000	2.908%, 6/5/2023		470,128
	224,000	3.500%, 1/23/2025		226,453
	825,000	3.691%, 6/5/2028		828,366
	390,000	4.750%, 10/21/2045		432,127
		Hartford Financial Services Group, Inc.
	919,000	5.125%, 4/15/2022		1,020,033
		HBOS plc
	558,000	6.750%, 5/21/2018^g		580,398
		HCP, Inc.
	705,000	4.000%, 12/1/2022		737,319
	176,000	3.400%, 2/1/2025		173,322
		HSBC Bank plc
	495,000	1.822%, 5/15/2018^g,h		496,988
		HSBC Holdings plc
	850,000	3.400%, 3/8/2021		873,552
	450,000	6.875%, 6/1/2021^j		486,000
	350,000	2.650%, 1/5/2022		348,816
	350,000	3.600%, 5/25/2023		361,646
	425,000	3.900%, 5/25/2026		438,730
		Huntington Bancshares, Inc.
	66,000	2.600%, 8/2/2018		66,446
		Huntington National Bank
	250,000	2.200%, 11/6/2018		250,698
		Icahn Enterprises, LP
	475,000	6.000%, 8/1/2020		488,953
	330,000	6.750%, 2/1/2024		344,058
		ING Capital Funding Trust III
	265,000	4.896%, 9/30/2017^h,j		265,827
		ING Groep NV
	375,000	3.150%, 3/29/2022		382,101
		International Lease Finance Corporation
	135,000	4.625%, 4/15/2021		143,674
	270,000	5.875%, 8/15/2022		304,785
		J.P. Morgan Chase & Company
	326,000	6.300%, 4/23/2019		350,876
	165,000	2.250%, 1/23/2020		165,501
	500,000	1.882%, 6/1/2021^h		500,692
	265,000	2.295%, 8/15/2021		263,433
	560,000	4.500%, 1/24/2022		606,332
	336,000	3.200%, 1/25/2023		342,531
	575,000	2.700%, 5/18/2023		568,619
	245,000	2.383%, 10/24/2023^h		248,683
	352,000	3.625%, 5/13/2024		363,068
	690,000	3.125%, 1/23/2025		686,023
	360,000	3.300%, 4/1/2026		357,516
		KeyBank NA
	365,000	2.350%, 3/8/2019		367,382
		KeyCorp
	300,000	2.900%, 9/15/2020		305,164
		Kookmin Bank
	375,000	1.625%, 8/1/2019^g		369,150
		Liberty Mutual Group, Inc.
	224,000	4.950%, 5/1/2022^g		245,648
		Liberty Property, LP
	618,000	3.750%, 4/1/2025		628,033
		Lincoln National Corporation
	220,000	8.750%, 7/1/2019		247,353
		Lloyds Bank plc
	235,000	1.770%, 3/16/2018^h		235,393
		MassMutual Global Funding
	400,000	2.750%, 6/22/2024^g		396,938

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (15.3%)	Value
	Financials (1.5%) - continued
		MetLife, Inc.
$	355,000	4.050%, 3/1/2045	$	358,531
		Mitsubishi UFJ Financial Group, Inc.
	370,000	2.190%, 9/13/2021		364,598
		Mizuho Bank, Ltd.
	282,000	1.850%, 3/21/2018^g		282,381
		Morgan Stanley
	1,018,000	6.625%, 4/1/2018		1,054,156
	260,000	2.436%, 4/25/2018^h		262,264
	210,000	2.310%, 1/27/2020^h		213,178
	224,000	5.550%, 7/15/2020^j		234,024
	280,000	2.500%, 4/21/2021		279,759
	560,000	2.625%, 11/17/2021		559,117
	531,000	2.750%, 5/19/2022		530,825
	155,000	4.875%, 11/1/2022		168,271
	275,000	4.000%, 7/23/2025		287,053
	540,000	4.350%, 9/8/2026		561,461
		MPT Operating Partnership, LP
	725,000	6.375%, 3/1/2024		788,532
		Nasdaq, Inc.
	295,000	3.850%, 6/30/2026		299,354
		National City Corporation
	602,000	6.875%, 5/15/2019		655,062
		New York Life Global Funding
	354,000	2.300%, 6/10/2022^g		352,068
		Park Aerospace Holdings, Ltd.
	1,125,000	5.500%, 2/15/2024^g		1,175,062
		Prudential Financial, Inc.
	145,000	2.350%, 8/15/2019		145,872
		Quicken Loans, Inc.
	1,165,000	5.750%, 5/1/2025^g		1,202,862
		Realty Income Corporation
	475,000	4.125%, 10/15/2026		491,048
		Regions Bank
	250,000	7.500%, 5/15/2018		261,722
		Regions Financial Corporation
	250,000	2.250%, 9/14/2018		251,021
	336,000	3.200%, 2/8/2021		343,501
		Reinsurance Group of America, Inc.
	252,000	5.000%, 6/1/2021		273,865
		Reliance Standard Life Global Funding II
	230,000	2.500%, 4/24/2019^g		231,539
		Royal Bank of Scotland Group plc
	590,000	8.625%, 8/15/2021^j		643,100
	300,000	3.875%, 9/12/2023		305,941
		Santander Holdings USA, Inc.
	295,000	3.450%, 8/27/2018		299,145
		Santander UK Group Holdings plc
	380,000	2.875%, 10/16/2020		385,427
		Santander UK plc
	132,000	3.050%, 8/23/2018		133,657
		Simon Property Group, LP
	150,000	2.500%, 9/1/2020		151,346
	400,000	2.750%, 2/1/2023		398,401
	448,000	4.250%, 11/30/2046		447,779
		Skandinaviska Enskilda Banken AB
	365,000	2.375%, 3/25/2019^g		367,236
		Societe Generale SA
	354,000	4.750%, 11/24/2025^e,g		371,203
		Standard Chartered plc
	846,000	2.100%, 8/19/2019^g		842,926
		State Street Corporation
	233,000	2.081%, 8/18/2020^h		237,955
		Sumitomo Mitsui Banking Corporation
	250,000	1.738%, 1/16/2018^h		250,588
		Sumitomo Mitsui Financial Group, Inc.
	336,000	3.010%, 10/19/2026		328,808
		SunTrust Banks, Inc.
	475,000	2.250%, 1/31/2020		477,014
		Svenska Handelsbanken AB
	330,000	1.757%, 6/17/2019^h		331,467
		Synchrony Financial
	590,000	3.000%, 8/15/2019		598,343
	140,000	2.402%, 2/3/2020^h		141,057
	155,000	4.250%, 8/15/2024		158,330
		Toronto-Dominion Bank
	165,000	2.172%, 12/14/2020^h		167,396
		UBS Group Funding Jersey, Ltd.
	560,000	2.950%, 9/24/2020^g		572,030
	336,000	4.125%, 9/24/2025^g		352,240
		UBS Group Funding Switzerland AG
	450,000	3.491%, 5/23/2023^g		460,345
		UnitedHealth Group, Inc.
	100,000	3.350%, 7/15/2022		104,389
	1,010,000	4.625%, 7/15/2035		1,136,421
		USB Realty Corporation
	140,000	2.305%, 1/15/2022^g,h,j		122,500
		Ventas Realty, LP
	500,000	3.100%, 1/15/2023		501,606
		Voya Financial, Inc.
	344,000	2.900%, 2/15/2018		346,331
	1,194,000	3.125%, 7/15/2024^c		1,175,886
		Wells Fargo & Company
	210,000	1.852%, 1/30/2020^h		211,367
	450,000	2.550%, 12/7/2020		455,121
	550,000	3.069%, 1/24/2023		557,309
	448,000	3.450%, 2/13/2023		458,627
	350,000	3.000%, 2/19/2025		344,598
	450,000	3.000%, 4/22/2026		439,539
	450,000	3.000%, 10/23/2026		438,237
	810,000	4.900%, 11/17/2045		884,441
		Welltower, Inc.
	185,000	3.750%, 3/15/2023		191,938
	440,000	4.000%, 6/1/2025		454,982

		Total		89,704,239

	Foreign Government (0.1%)
		Argentina Government International Bond
	335,000	7.500%, 4/22/2026		360,125
	118,000	6.875%, 1/26/2027		122,012
		Brazil Government International Bond
	315,000	7.125%, 1/20/2037		359,887
		Colombia Government International Bond
	390,000	3.875%, 4/25/2027^e		393,510
		Export-Import Bank of Korea
	205,000	2.250%, 1/21/2020		204,638
		Indonesia Government International Bond
	735,000	5.250%, 1/8/2047^g		799,653
		Kommunalbanken AS
	335,000	1.500%, 10/22/2019^g		333,474
		Mexico Government International Bond
	590,000	4.150%, 3/28/2027		610,945

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (15.3%)	Value
	Foreign Government (0.1%) - continued
		Turkey Government International Bond
$	720,000	5.750%, 5/11/2047	$	704,160

		Total		3,888,404

	Mortgage-Backed Securities (4.7%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	14,325,000	3.000%, 7/1/2031^c		14,707,747
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	25,825,000	4.000%, 7/1/2047^c		27,155,592
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	1,468,310	1.746%, 7/1/2043^h		1,506,572
	341,417	2.044%, 7/1/2043^h		350,297
	293,916	2.019%, 8/1/2043^h		300,899
	25,300,000	3.000%, 7/1/2047^c		25,260,469
	99,650,000	3.500%, 7/1/2047^c		102,317,222
	71,200,000	4.000%, 7/1/2047^c		74,832,311
	21,500,000	4.500%, 7/1/2047^c		23,057,053

		Total		269,488,162

	Technology (0.3%)
		Amphenol Corporation
	188,000	2.550%, 1/30/2019		189,736
		Apple, Inc.
	165,000	1.482%, 5/6/2020^h		166,018
	300,000	3.000%, 2/9/2024		304,474
	784,000	3.200%, 5/13/2025		800,778
	475,000	3.200%, 5/11/2027		479,506
	640,000	3.000%, 6/20/2027		636,858
	336,000	4.650%, 2/23/2046		377,173
	600,000	4.250%, 2/9/2047		637,326
		Applied Materials, Inc.
	240,000	3.300%, 4/1/2027		243,927
		Avnet, Inc.
	335,000	3.750%, 12/1/2021		340,378
		Baidu, Inc.
	540,000	3.000%, 6/30/2020		547,247
		Cisco Systems, Inc.
	220,000	1.702%, 3/1/2019^h		221,607
		CommScope Technologies Finance, LLC
	650,000	6.000%, 6/15/2025^g		693,875
		Diamond 1 Finance Corporation
	280,000	3.480%, 6/1/2019^g		286,556
	590,000	5.450%, 6/15/2023^g		640,170
	168,000	6.020%, 6/15/2026^g		185,070
	224,000	8.350%, 7/15/2046^g		289,413
		Equinix, Inc.
	700,000	5.750%, 1/1/2025		753,375
		Fidelity National Information Services, Inc.
	400,000	2.850%, 10/15/2018		404,730
	478,000	3.625%, 10/15/2020		500,684
		First Data Corporation
	450,000	5.375%, 8/15/2023^g		470,250
		Hewlett Packard Enterprise Company
	93,000	2.450%, 10/5/2017		93,246
	140,000	2.850%, 10/5/2018		141,201
	140,000	4.400%, 10/15/2022		148,401
		Intel Corporation
	85,000	3.100%, 7/29/2022		88,050
	180,000	3.700%, 7/29/2025		188,988
	504,000	4.100%, 5/19/2046		523,142
		International Business Machines Corporation
	448,000	4.700%, 2/19/2046^e		501,107
		Iron Mountain, Inc.
	825,000	6.000%, 8/15/2023		876,562
		Microsoft Corporation
	700,000	4.750%, 11/3/2055		800,911
	700,000	4.200%, 11/3/2035		765,722
	1,415,000	3.700%, 8/8/2046		1,402,380
	600,000	4.250%, 2/6/2047		650,575
		NXP BV
	650,000	3.875%, 9/1/2022^g		676,812
		Oracle Corporation
	150,000	2.500%, 5/15/2022		151,407
	448,000	2.400%, 9/15/2023		442,123
	1,060,000	2.950%, 5/15/2025		1,064,024
		QUALCOMM, Inc.
	336,000	3.000%, 5/20/2022		344,540
	236,000	4.300%, 5/20/2047		240,927
		Sensata Technologies UK Financing Company plc
	540,000	6.250%, 2/15/2026^g		588,600

		Total		18,857,869

	Transportation (0.1%)
		Air Canada Pass Through Trust
	125,047	3.875%, 3/15/2023^g		124,734
		American Airlines Pass Through Trust
	266,658	3.375%, 5/1/2027		267,991
		Avis Budget Car Rental, LLC
	500,000	6.375%, 4/1/2024^e,g		498,750
		Burlington Northern Santa Fe, LLC
	355,000	5.750%, 5/1/2040		448,831
	1,050,000	5.050%, 3/1/2041		1,228,750
	385,000	4.450%, 3/15/2043		418,822
	480,000	3.900%, 8/1/2046		488,904
		Continental Airlines, Inc.
	132,515	4.150%, 4/11/2024		139,142
		CSX Corporation
	115,000	3.700%, 11/1/2023		120,885
		Delta Air Lines, Inc.
	57,064	4.950%, 5/23/2019		59,275
	265,000	2.875%, 3/13/2020		268,446
		ERAC USA Finance, LLC
	67,000	2.800%, 11/1/2018^g		67,691
		J.B. Hunt Transport Services, Inc.
	135,000	3.300%, 8/15/2022		137,608
		Southwest Airlines Company
	285,000	2.750%, 11/6/2019		289,301
		Virgin Australia Holdings, Ltd.
	58,992	5.000%, 10/23/2023^g		61,499
		XPO Logistics, Inc.
	690,000	6.500%, 6/15/2022^g		725,363

		Total		5,345,992

	U.S. Government and Agencies (3.5%)
		Federal National Mortgage Association
	405,000	6.250%, 5/15/2029		549,635
		Tennessee Valley Authority
	390,000	5.250%, 9/15/2039		512,477

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (15.3%)	Value
	U.S. Government and Agencies (3.5%) - continued
		U.S. Treasury Bonds
	$ 4,150,000	6.500%, 11/15/2026	$	5,634,596
	3,000,000	2.375%, 5/15/2027		3,019,335
	2,900,000	5.250%, 11/15/2028		3,734,542
	2,050,000	4.375%, 5/15/2040		2,619,115
	10,625,000	3.000%, 5/15/2042		11,016,797
	14,300,000	3.625%, 2/15/2044		16,498,625
	7,534,000	2.500%, 5/15/2046		7,021,628
	2,045,000	2.875%, 11/15/2046		2,059,779
	660,000	3.000%, 2/15/2047		682,017
	3,090,000	3.000%, 5/15/2047		3,194,529
		U.S. Treasury Bonds, TIPS
	37,312,434	0.125%, 1/15/2023		36,965,353
	103,768	2.375%, 1/15/2025		118,190
	30,442,669	0.625%, 1/15/2026		30,629,313
	67,873	2.125%, 2/15/2040		84,393
	595,127	0.750%, 2/15/2042		566,138
		U.S. Treasury Notes
	6,315,000	1.500%, 10/31/2019		6,322,894
	4,180,000	1.500%, 5/15/2020		4,175,101
	4,070,000	1.375%, 9/30/2020		4,039,634
	1,500,000	1.375%, 5/31/2021		1,479,141
	23,030,000	1.125%, 8/31/2021		22,421,870
	2,700,000	1.875%, 2/28/2022		2,702,954
	2,000,000	2.125%, 6/30/2022		2,021,484
	1,015,000	1.625%, 8/15/2022		1,001,202
	1,858,000	1.375%, 9/30/2023		1,783,100
	13,500,000	1.625%, 10/31/2023		13,146,151
	7,435,000	2.250%, 11/15/2024		7,474,495
	10,000,000	2.000%, 11/15/2026		9,751,950
		U.S. Treasury Notes, TIPS
	1,753,737	0.125%, 4/15/2021		1,750,963

		Total		202,977,401

	Utilities (0.5%)
		American Electric Power Company, Inc.
	718,000	2.950%, 12/15/2022		730,918
		Appalachian Power Company
	238,000	3.300%, 6/1/2027		241,056
		Arizona Public Service Company
	180,000	2.200%, 1/15/2020		180,442
		Atmos Energy Corporation
	255,000	3.000%, 6/15/2027		253,333
		Berkshire Hathaway Energy Company
	132,000	2.400%, 2/1/2020		133,140
		Calpine Corporation
	670,000	5.375%, 1/15/2023^e		653,250
		CMS Energy Corporation
	336,000	2.950%, 2/15/2027		322,249
	336,000	3.450%, 8/15/2027		339,158
		Commonwealth Edison Company
	355,000	3.700%, 3/1/2045		349,988
	190,000	4.350%, 11/15/2045		205,094
		Consolidated Edison Company of New York, Inc.
	168,000	4.500%, 12/1/2045		186,016
		Consolidated Edison, Inc.
	224,000	2.000%, 5/15/2021		220,487
		Dominion Energy, Inc.
	475,000	2.962%, 7/1/2019		482,122
	472,000	2.579%, 7/1/2020		474,402
		DTE Electric Company
	265,000	3.700%, 3/15/2045		261,698
	360,000	3.700%, 6/1/2046		354,185
		DTE Energy Company
	70,000	2.400%, 12/1/2019		70,320
		Duke Energy Corporation
	468,000	2.100%, 6/15/2018		469,816
	448,000	3.750%, 9/1/2046		426,240
		Duke Energy Florida, LLC
	320,000	3.200%, 1/15/2027		324,129
		Duke Energy Indiana, LLC
	450,000	3.750%, 5/15/2046		445,146
		Dynegy, Inc.
	665,000	7.375%, 11/1/2022^e		656,687
		Edison International
	450,000	2.950%, 3/15/2023		454,410
		Emera U.S. Finance, LP
	335,000	2.150%, 6/15/2019		334,701
	335,000	4.750%, 6/15/2046		354,034
		Enbridge Energy Partners, LP
	595,000	5.875%, 10/15/2025^e		678,822
		Enel Finance International NV
	84,000	6.250%, 9/15/2017^g		84,740
		Eversource Energy
	150,000	1.600%, 1/15/2018		149,769
		Exelon Corporation
	240,000	5.100%, 6/15/2045		269,296
	336,000	4.450%, 4/15/2046		347,762
		Exelon Generation Company, LLC
	300,000	5.200%, 10/1/2019		318,661
	415,000	2.950%, 1/15/2020		422,365
		FirstEnergy Corporation
	150,000	2.850%, 7/15/2022		149,485
	845,000	4.850%, 7/15/2047		856,467
		Great Plains Energy, Inc.
	385,000	2.500%, 3/9/2020		388,565
		ITC Holdings Corporation
	67,000	4.050%, 7/1/2023		70,259
	224,000	5.300%, 7/1/2043		261,057
		Kinder Morgan Energy Partners, LP
	585,000	6.500%, 9/1/2039		663,180
		MidAmerican Energy Holdings Company
	672,000	6.500%, 9/15/2037		903,334
		Monongahela Power Company
	275,000	5.400%, 12/15/2043^g		334,425
		National Rural Utilities Cooperative Finance Corporation
	400,000	2.300%, 11/1/2020		400,432
		NextEra Energy Capital Holdings, Inc.
	280,000	2.300%, 4/1/2019		281,295
		NiSource Finance Corporation
	236,000	3.490%, 5/15/2027		237,650
	615,000	5.650%, 2/1/2045		740,461
		Northern States Power Company
	410,000	4.125%, 5/15/2044		435,576
		NRG Energy, Inc.
	630,000	6.625%, 3/15/2023		647,325
		Oncor Electric Delivery Company, LLC
	944,000	3.750%, 4/1/2045		924,217
		Pacific Gas and Electric Company
	580,000	3.300%, 3/15/2027		593,002
	336,000	4.250%, 3/15/2046		357,979
		PG&E Corporation
	140,000	2.400%, 3/1/2019		140,691
		PPL Capital Funding, Inc.
	144,000	3.500%, 12/1/2022		148,785
	236,000	3.400%, 6/1/2023		242,506

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (15.3%)	Value
	Utilities (0.5%) - continued
	$ 515,000	5.000%, 3/15/2044	$	581,383
		PPL Electric Utilities Corporation
	354,000	3.950%, 6/1/2047		364,723
		Public Service Electric & Gas Company
	600,000	3.000%, 5/15/2027		601,279
		Sempra Energy
	365,000	6.150%, 6/15/2018		380,093
	170,000	2.400%, 3/15/2020		170,752
		Southern California Edison Company
	100,000	2.400%, 2/1/2022		100,314
	485,000	4.000%, 4/1/2047		508,026
		Southern Company
	450,000	1.850%, 7/1/2019		448,274
	485,000	2.950%, 7/1/2023		481,825
	590,000	3.250%, 7/1/2026		577,233
	450,000	4.400%, 7/1/2046		458,834
		Southern Company Gas Capital Corporation
	590,000	4.400%, 5/30/2047		606,622
		Southwestern Electric Power Company
	180,000	3.900%, 4/1/2045		176,808
		Tesoro Logistics, LP
	755,000	5.250%, 1/15/2025		792,750
		Xcel Energy, Inc.
	775,000	3.350%, 12/1/2026		782,249

		Total		27,002,292

		Total Long-Term Fixed Income (cost $874,050,262)		882,648,211

Shares		Preferred Stock (<0.1%)
	Consumer Staples (<0.1%)
	1,456	Henkel AG & Company KGaA, 1.470%		200,774

		Total		200,774

	Energy (<0.1%)
	1,954	Alpha Natural Resources, Inc., 0.000%^d		36,637
	1,954	ANR Holdings, Inc., 0.000%^d		5,862

		Total		42,499

		Total Preferred Stock (cost $192,185)		243,273

		Collateral Held for Securities Loaned (0.8%)
	43,718,945	Thrivent Cash Management Trust		43,718,945

		Total Collateral Held for Securities Loaned (cost $43,718,945)		43,718,945

Shares or Principal Amount		Short-Term Investments (13.5%)^l
		Federal Home Loan Bank Discount Notes
	5,000,000	0.815%, 7/7/2017^m		4,999,445
	3,600,000	0.840%, 7/19/2017^m		3,598,401
	1,800,000	0.850%, 7/21/2017^m		1,799,100
	2,600,000	0.860%, 7/26/2017^m		2,598,338
	2,700,000	1.020%, 8/1/2017^m		2,697,781
	7,000,000	0.990%, 8/2/2017^m		6,994,050
	5,000,000	0.975%, 8/16/2017^m		4,993,765
	800,000	0.980%, 8/23/2017^m		798,844
	3,000,000	1.030%, 8/30/2017^m		2,995,071
	5,000,000	1.035%, 9/27/2017^m		4,987,695
		Thrivent Core Short-Term Reserve Fund
	73,483,716	1.240%		734,837,163
		U.S. Treasury Bills
	600,000	0.862%, 8/3/2017ⁿ		599,561
	400,000	0.861%, 8/10/2017ⁿ		399,635

		Total Short-Term Investments (cost $772,297,998)		772,298,849

		Total Investments (cost $5,266,275,808) 105.7%	$	6,060,720,705

		Other Assets and Liabilities, Net (5.7%)		(324,245,896	)

		Total Net Assets 100.0%	$	5,736,474,809

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

b	All or a portion of the loan is unfunded.

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

d	Non-income producing security.

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

f	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 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, 2017.

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, 2017.

j	Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest and have no contractual maturity date. Date shown, if applicable, is next call 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.

n	At June 30, 2017, $583,536 of investments were segregated to cover exposure to a counterparty for margin on open mortgage- backed security transactions.

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

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)

Denotes restricted securities. Restricted securities are investment securities which cannot be offered for public sale without first being registered under the Securities Act of 1933. The value of all restricted securities held in Moderately Aggressive Allocation Portfolio as of June 30, 2017 was $34,407,454 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, 2017.


Security	Acquisition Date		Cost
ALM Loan Funding CLO, 10/17/2026		4/28/2017	$	975,000
Angel Oak Mortgage Trust I, LLC, 7/25/2046		8/15/2016		398,704
Apidos CLO XVIII, 7/22/2026		4/4/2017		950,000
Ares XXXII CLO, Ltd., 11/15/2025		2/3/2017		750,000
Babson CLO, Ltd., 10/17/2026		3/10/2017		385,000
Betony CLO, Ltd., 4/15/2027		11/17/2016		350,000
Birchwood Park CLO, Ltd., 7/15/2026		2/14/2017		385,000
BlueMountain CLO, Ltd., 10/15/2026		4/10/2017		725,000
Carlyle Global Market Strategies CLO, Ltd., 10/15/2026		1/27/2017		400,000
Cent CLO 16, LP, 8/1/2024		9/5/2014		342,610
Cent CLO 22, Ltd., 11/7/2026		11/1/2016		400,000
COLT Mortgage Loan Trust, 12/26/2046		12/14/2016		713,765
Digicel, Ltd., 4/15/2021		8/18/2014		1,255,748
DRB Prime Student Loan Trust, 1/25/2040		12/4/2015		1,422,310
DRB Prime Student Loan Trust, 10/27/2031		9/30/2016		508,154
Dryden 34 Senior Loan Fund CLO, 10/15/2026		3/1/2017		385,000
Edlinc Student Loan Funding Trust, 10/1/2025		2/28/2013		210,913
Galaxy XX CLO, Ltd., 7/20/2027		5/20/2015		1,200,000
GoldenTree Loan Opportunities IX, Ltd., 10/29/2026		10/7/2016		400,000
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		1/30/2017		1,150,000
Madison Park Funding XIV, Ltd., 7/20/2026		4/13/2017		1,050,000
Magnetite XII, Ltd., 4/15/2027		11/17/2016		1,200,000
Marlette Funding Trust, 1/17/2023		7/20/2016		314,239
Mountain View CLO, Ltd., 7/15/2027		5/13/2015		1,196,892
Murray Hill Marketplace Trust, 11/25/2022		10/6/2016		491,281
NCF Dealer Floorplan Master Trust, 3/21/2022		4/8/2016		1,474,520
Neuberger Berman CLO XIV, Ltd., 1/28/2030		4/19/2017		600,000
Neuberger Berman CLO, Ltd., 4/22/2029		4/27/2017		260,000
NZCG Funding CLO, Ltd., 4/27/2027		3/27/2015		1,200,000
Octagon Investment Partners XX, Ltd., 8/12/2026		4/21/2017		975,000
OHA Loan Funding, LLC, 10/20/2026		3/9/2017		1,150,000
OZLM VIII, Ltd., 10/17/2026		5/16/2017		385,000
Pretium Mortgage Credit Partners, LLC, 4/29/2032		3/31/2017		840,368
Race Point IX CLO, Ltd., 4/15/2027		2/13/2015		900,000
Shackleton, Ltd., 4/15/2027		12/16/2016		1,200,000
Stanwich Mortgage Loan Company, LLC, 3/16/2022		4/6/2017		1,216,938
Sunset Mortgage Loan Company, LLC, 7/16/2047		7/27/2016		719,918
Sunset Mortgage Loan Company, LLC, 6/16/2047		6/15/2017		1,700,000
Symphony CLO VIII, Ltd., 1/9/2023		9/15/2014		238,326
Symphony CLO XV, Ltd., 10/17/2026		2/16/2017		1,150,000
Vericrest Opportunity Loan Transferee, 2/25/2055		2/25/2015		166,924
Verus Securitization Trust, 1/25/2047		2/16/2017		1,136,716
Voya CLO 3, Ltd., 7/25/2026		7/10/2014		384,422


Securities Lending Transactions
Taxable Debt Security	$	7,301,255
Common Stock		35,224,705

Total lending	$	42,525,960
Gross amount payable upon return of collateral for securities loaned	$	43,718,945

Net amounts due to counterparty	$	1,192,985

Definitions:


ACES	-	Alternative Credit Enhancement Securities
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.
Ser.	-	Series
SPDR	-	S&P Depository Receipts, which are exchange-traded funds traded in the U.S., Europe, and Asia-Pacific and managed by State Street Global Advisors.
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, 2017

(unaudited)


Principal Amount		Bank Loans (1.7%)^a	Value
	Basic Materials (0.1%)
		Arch Coal, Inc., Term Loan
$	1,052,362	5.226%, 3/7/2024	$	1,050,174
		Chemours Company, Term Loan
	790,976	3.570%, 5/12/2022		793,151
		Contura Energy, Inc., Term Loan
	1,945,125	6.230%, 3/17/2024		1,886,771
		Ineos Finance, LLC, Term Loan
	2,479,832	3.976%, 3/31/2022^b,c		2,483,452
		Tronox Pigments BV, Term Loan
	2,954,138	4.796%, 3/19/2020		2,968,909

		Total		9,182,457

	Capital Goods (0.1%)
		Advanced Disposal Services, Inc., Term Loan
	1,239,139	3.939%, 11/10/2023		1,242,906
		Berry Plastics Corporation, Term Loan
	1,580,000	3.367%, 2/8/2020		1,579,558
	575,000	3.367%, 1/6/2021		574,667
	2,044,875	3.617%, 1/19/2024		2,044,016
		Cortes NP Intermediate Holding II Corporation, Term Loan
	3,655,000	5.226%, 11/30/2023		3,667,171
		Sterigenics-Nordion Holdings, LLC, Term Loan
	3,392,772	4.226%, 5/15/2022		3,380,049

		Total		12,488,367

	Communications Services (0.5%)
		Beasley Broadcast Group, Inc., Term Loan
	921,509	7.226%, 11/1/2023		930,725
		Cengage Learning Acquisitions, Term Loan
	1,601,045	5.339%, 6/7/2023		1,509,161
		Charter Communications Operating, LLC, Term Loan
	1,114,197	3.230%, 7/1/2020		1,117,127
	1,104,249	3.230%, 1/3/2021		1,107,009
		Coral-US Co-Borrower, LLC, Term Loan
	1,689,000	4.726%, 11/19/2024		1,692,175
		FairPoint Communications, Inc., Term Loan
	2,860,060	7.500%, 2/14/2019		2,860,660
		Hargray Merger Subsidiary Corporation, Term Loan
	780,000	4.226%, 3/24/2024		780,733
		Intelsat Jackson Holdings SA, Term Loan
	919,236	4.000%, 6/30/2019		910,761
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	4,380,000	4.658%, 1/7/2022		4,332,565
	521,127	7.908%, 7/7/2023		518,521
		LTS Buyer, LLC, Term Loan
	2,930,455	4.546%, 4/13/2020		2,939,247
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	2,796,750	5.226%, 5/4/2022		2,747,359
		Mediacom Illinois, LLC, Term Loan
	977,550	3.440%, 2/15/2024		979,994
		NEP Broadcasting, LLC, Term Loan
	242,857	10.039%, 7/22/2020		243,161
		NEP/NCP Holdco, Inc., Term Loan
	3,823,280	4.476%, 1/22/2020		3,822,094
	2,430,000	0.000%, 7/21/2022^b,c		2,429,247
		New LightSquared, Term Loan
	543,344	19.939%, 12/7/2020		526,657
		SFR Group SA, Term Loan
	885,000	3.944%, 6/22/2025		876,982
		Sprint Communications, Inc., Term Loan
	4,034,888	3.750%, 2/2/2024		4,034,040
		Syniverse Holdings, Inc., Term Loan
	2,431,054	4.296%, 4/23/2019		2,266,958
		TNS, Inc., Term Loan
	2,365,340	5.230%, 2/15/2020		2,381,306
		Univision Communications, Inc., Term Loan
	3,420,408	3.976%, 3/15/2024		3,350,564
		Virgin Media Bristol, LLC, Term Loan
	2,025,000	3.909%, 1/31/2025		2,024,494
		WideOpenWest Finance, LLC, Term Loan
	3,050,000	0.000%, 8/6/2023^b,c		3,044,815
	2,406,812	4.702%, 8/19/2023		2,402,721
		Zayo Group, LLC, Term Loan
	1,984,021	3.716%, 1/19/2024		1,984,854

		Total		51,813,930

	Consumer Cyclical (0.2%)
		Amaya Holdings BV, Term Loan
	5,113,141	4.796%, 8/1/2021		5,117,794
		Burlington Coat Factory Warehouse Corporation, Term Loan
	1,754,092	3.960%, 7/29/2021		1,757,740
		Ceridian HCM Holding, Inc., Term Loan
	1,631,036	4.726%, 9/15/2020		1,617,792
		Four Seasons Hotels, Ltd., Term Loan
	842,882	3.726%, 11/30/2023		847,796
		Golden Nugget, Inc., Term Loan
	1,071,726	4.710%, 11/21/2019		1,081,779
		Golden Nugget, Inc., Term Loan Delayed Draw
	459,311	4.680%, 11/21/2019		463,620
		IMG Worldwide, Inc., Term Loan
	986,667	8.476%, 5/6/2022		997,767
		Mohegan Tribal Gaming Authority, Term Loan
	1,965,125	5.226%, 10/13/2023^b,c		1,985,385
		Scientific Games International, Inc., Term Loan
	4,703,212	5.108%, 10/1/2021		4,746,999

		Total		18,616,672

	Consumer Non-Cyclical (0.2%)
		Air Medical Group Holdings, Inc., Term Loan
	4,370,000	0.000%, 4/28/2022^b,c		4,345,965
		Albertson’s, LLC, Term Loan
	1,143,300	0.000%, 12/21/2022^b,c		1,129,797
	2,073,638	0.000%, 6/22/2023^b,c		2,048,589
		Endo Luxembourg Finance Company I SARL., Term Loan
	1,340,000	5.500%, 4/27/2024		1,351,725
		JBS USA LUX SA, Term Loan
	3,411,450	5.750%, 10/30/2022^b,c		3,322,752

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Bank Loans (1.7%)^a	Value
	Consumer Non-Cyclical (0.2%) - continued
		Ortho-Clinical Diagnostics, Inc., Term Loan
	$4,041,520	5.046%, 6/30/2021	$	4,015,452
		Valeant Pharmaceuticals International, Inc., Term Loan
	5,645,069	5.830%, 4/1/2022		5,719,189

		Total		21,933,469

	Energy (0.1%)
		Energy Solutions, LLC, Term Loan
	2,066,894	6.980%, 5/29/2020		2,077,228
		Expro Holdings UK 2, Ltd., Term Loan
	2,513,728	5.960%, 9/2/2021		1,707,249
		Fieldwood Energy, LLC, Term Loan
	2,052,773	4.171%, 9/28/2018		1,968,096
		Houston Fuel Oil Terminal, LLC, Term Loan
	2,987,299	4.550%, 8/19/2021^b,c		2,961,160
		McJunkin Red Man Corporation, Term Loan
	1,128,866	5.226%, 11/9/2019		1,135,075
		MEG Energy Corporation, Term Loan
	1,087,275	4.696%, 12/31/2023		1,058,060
		Pacific Drilling SA, Term Loan
	2,328,000	4.750%, 6/3/2018		1,056,330

		Total		11,963,198

	Financials (0.1%)
		ASP AMC Merger Sub, Inc., Term Loan
	2,861,810	4.796%, 4/13/2024		2,829,614
		Avolon TLB Borrower 1 (Luxembourg) SARL, Term Loan
	1,575,000	3.962%, 3/20/2022		1,584,214
		Digicel International Finance, Ltd., Term Loan
	450,000	4.940%, 5/10/2024		452,673
		DJO Finance, LLC, Term Loan
	1,429,537	4.387%, 6/7/2020		1,413,155
		MoneyGram International, Inc., Term Loan
	2,968,153	4.546%, 3/28/2020		2,966,906
		TransUnion, LLC, Term Loan
	1,333,121	3.726%, 4/26/2022		1,340,733

		Total		10,587,295

	Technology (0.2%)
		Accudyne Industries, LLC, Term Loan
	1,529,557	4.226%, 12/13/2019		1,515,928
		First Data Corporation, Term Loan
	1,000,000	3.716%, 4/26/2024		999,640
		Harland Clarke Holdings Corporation, Term Loan
	1,212,109	7.296%, 12/31/2021		1,216,655
	1,338,548	6.796%, 2/9/2022		1,338,883
		Micron Technologies, Inc., Term Loan
	713,199	3.800%, 4/9/2023		718,398
		ON Semiconductor Corporation, Term Loan
	568,768	3.476%, 3/31/2023		569,024
		Rackspace Hosting, Inc., Term Loan
	1,925,000	0.000%, 11/3/2023^b,c		1,923,191
		Western Digital Corporation, Term Loan
	3,184,000	3.976%, 4/29/2023		3,194,762
		Xerox Business Services, LLC, Term Loan
	1,785,514	5.226%, 12/7/2023		1,805,601

		Total		13,282,082

	Transportation (0.1%)
		Arctic LNG Carriers, Ltd., Term Loan
	3,250,000	5.726%, 5/18/2023		3,237,813
		OSG Bulk Ships, Inc., Term Loan
	3,154,328	5.430%, 8/5/2019		2,988,725
		XPO Logistics, Inc., Term Loan
	1,705,000	3.405%, 10/30/2021		1,708,171

		Total		7,934,709

	Utilities (0.1%)
		Calpine Corporation, Term Loan
	2,977,215	4.050%, 1/15/2024		2,970,248
		Intergen NV, Term Loan
	1,136,904	5.800%, 6/13/2020		1,134,540
		Talen Energy Supply, LLC, Term Loan
	1,051,602	5.226%, 7/6/2023		973,394
		Vistra Operations Company, LLC, Term Loan
	1,990,000	4.467%, 12/14/2023		1,988,508

		Total		7,066,690

		Total Bank Loans (cost $167,075,242)		164,868,869


Shares		Common Stock (32.8%)
	Consumer Discretionary (4.6%)
	73,982	Amazon.com, Inc.^d		71,614,576
	170,200	American Axle & Manufacturing Holdings, Inc.^d		2,655,120
	10,244	American Public Education, Inc.^d		242,271
	170,971	Aramark		7,006,392
	18,670	Armstrong Flooring, Inc.^d		335,500
	22,180	Ascent Capital Group, Inc.^d		340,685
	12,000	Bandai Namco Holdings, Inc.		410,008
	74,040	Barnes & Noble Education, Inc.^d		787,045
	5,039	Bellway plc		195,539
	16,918	Berkeley Group Holdings plc		711,398
	31,490	Bloomin’ Brands, Inc.		668,533
	68,280	BorgWarner, Inc.		2,892,341
	27,600	Bridgestone Corporation		1,193,191
	101,613	Bright Horizons Family Solutions, Inc.^d		7,845,540
	68,375	Brunswick Corporation		4,289,164
	19,570	Buffalo Wild Wings, Inc.^d		2,479,519
	4,026	Bunzl plc		120,025
	29,306	Burlington Stores, Inc.		2,695,859
	77,970	Caleres, Inc.		2,166,007
	82,827	Callaway Golf Company		1,058,529
	9,936	Cedar Fair, LP		716,386
	12,998	Century Casinos, Inc.^d		95,795
	13,660	Cheesecake Factory, Inc.		687,098
	3,840	Children’s Place, Inc.		392,064
	3,800	Chipotle Mexican Grill, Inc.^d		1,581,180
	1,426	Cie Generale des Etablissements Michelin		189,793
	9,879	Citi Trends, Inc.		209,632
	21,840	ClubCorp Holdings, Inc.		286,104
	1,164,711	Comcast Corporation		45,330,552
	96,778	Core-Mark Holding Company, Inc.		3,199,481
	53,440	CSS Industries, Inc.		1,397,990
	48,673	Culp, Inc.		1,581,872
	110,538	Delphi Automotive plc		9,688,656

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (32.8%)	Value
	Consumer Discretionary (4.6%) - continued
	23,600	Denso Corporation	$	1,001,540
	14,032	Discovery Communications, Inc., Class A^d		362,447
	158,121	Discovery Communications, Inc., Class C^d		3,986,230
	72,590	DISH Network Corporation^d		4,555,748
	111,303	Dollar Tree, Inc.^d		7,782,306
	9,980	Domino’s Pizza, Inc.		2,111,069
	40,620	DSW, Inc.		718,974
	157,496	Duluth Holdings, Inc.^e		2,868,002
	32,671	Entravision Communications Corporation		215,629
	31,428	Eutelsat Communications		801,884
	27,727	Expedia, Inc.		4,129,937
	313,385	Extended Stay America, Inc.		6,067,134
	23,400	Five Below, Inc.^d		1,155,258
	38,200	FTD Companies, Inc.^d		764,000
	41,515	G-III Apparel Group, Ltd.^d		1,035,799
	186,788	Gray Television, Inc.^d		2,558,996
	74,150	Habit Restaurants, Inc.^d,e		1,171,570
	197,758	Harley-Davidson, Inc.		10,682,887
	110,706	Harvey Norman Holdings, Ltd.^e		325,086
	16,900	Haseko Corporation		205,798
	68,631	Haverty Furniture Companies, Inc.		1,722,638
	195,070	Home Depot, Inc.		29,923,738
	52,800	Honda Motor Company, Ltd.		1,446,619
	51,870	Houghton Mifflin Harcourt Company^d		638,001
	4,010	Hyatt Hotels Corporation^d		225,402
	34,500	Inchcape plc		339,132
	61,458	International Speedway Corporation		2,307,748
	2,525	Ipsos SA		94,737
	36,540	La-Z-Boy, Inc.		1,187,550
	11,185	Libbey, Inc.		90,151
	63,550	Liberty Interactive Corporation^d		1,559,517
	84,410	Liberty Media Corporation - Liberty SiriusXM^d		3,519,897
	20,171	Lithia Motors, Inc.		1,900,713
	251,725	Lowe’s Companies, Inc.		19,516,239
	30,091	Marks and Spencer Group plc		130,599
	99,220	Modine Manufacturing Company^d		1,642,091
	54,510	Nautilus, Inc.^d		1,043,866
	155,930	Newell Brands, Inc.		8,360,967
	63,880	News Corporation, Class A		875,156
	20,860	News Corporation, Class B		295,169
	2,664	Nexity SA		154,616
	4,485	Next plc		225,255
	9,100	Nikon Corporation		145,865
	118,520	Norwegian Cruise Line Holdings, Ltd.^d		6,434,451
	101,427	Nutrisystem, Inc.		5,279,275
	6,571	O’Reilly Automotive, Inc.^d		1,437,340
	44,921	Oxford Industries, Inc.		2,807,113
	33,370	Papa John’s International, Inc.		2,394,631
	213,240	Pinnacle Entertainment, Inc.^d		4,213,622
	35,630	Polaris Industries, Inc.^e		3,286,155
	8,140	Priceline Group, Inc.^d		15,226,033
	1,234	Publicis Groupe SA		91,974
	1,234	Publicis Groupe SA Rights^d,f		153
	50,878	PVH Corporation		5,825,531
	57,648	Ross Stores, Inc.		3,328,019
	1,300	RTL Group SA		98,214
	54,340	Ruth’s Hospitality Group, Inc.		1,181,895
	154,604	Scripps Networks Interactive, Inc.		10,560,999
	6,266	SES SA		146,793
	14,820	Shoe Carnival, Inc.		309,442
	22,540	Signet Jewelers, Ltd.^e		1,425,430
	28,200	Singapore Press Holdings, Ltd.		66,165
	131,620	Six Flags Entertainment Corporation		7,845,868
	3,880	Snap-On, Inc.		613,040
	28,580	SSP Group plc		177,113
	9,730	Stamps.com, Inc.^d		1,506,934
	6,700	Standard Motor Products, Inc.		349,874
	176,040	Staples, Inc.		1,772,723
	245,315	Starbucks Corporation		14,304,318
	16,870	Steven Madden, Ltd.^d		673,956
	22,300	Subaru Corporation		756,150
	23,800	Sumitomo Forestry Company, Ltd.		374,907
	20,100	Sumitomo Rubber Industries, Ltd.		340,404
	1,200	Swatch Group AG		87,663
	66,864	Taylor Morrison Home Corporation^d		1,605,405
	18,948	Tenneco, Inc.		1,095,763
	38,410	Thomson Reuters Corporation^e		1,777,999
	179,233	Time, Inc.		2,571,994
	185,544	Toll Brothers, Inc.		7,330,843
	181,842	Tower International, Inc.		4,082,353
	4,900	Toyoda Gosei Company, Ltd.		117,411
	108,977	Tuesday Morning Corporation^d,e		207,056
	43,764	Tupperware Brands Corporation		3,073,546
	7,400	TV Asahi Holdings Corporation^e		133,684
	7,212	Ulta Beauty, Inc.^d		2,072,296
	11,879	Vail Resorts, Inc.		2,409,418
	32,932	VF Corporation		1,896,883
	2,920	Visteon Corporation^d		298,015
	136,116	Walt Disney Company		14,462,325
	19,800	Whirlpool Corporation		3,794,076
	87,230	Wingstop, Inc.^e		2,695,407
	18,112	Wolters Kluwer NV		766,012
	8,270	Wyndham Worldwide Corporation		830,391
	8,500	Yokohama Rubber Company, Ltd.		171,353
	100,492	Zoe’s Kitchen, Inc.^d,e		1,196,860

		Total		450,415,080

	Consumer Staples (1.0%)
	153,680	Altria Group, Inc.		11,444,550
	13,200	Axfood AB		220,405
	97,220	Blue Buffalo Pet Products, Inc.^d		2,217,588
	70,600	Coca-Cola Amatil, Ltd.		500,988
	18,430	Coca-Cola HBC AG		542,011
	104,980	Cott Corporation		1,515,911
	150,100	CVS Health Corporation		12,077,046
	341,102	Darling Ingredients, Inc.^d		5,368,945
	20,679	e.l.f. Beauty, Inc.^d,e		562,676
	4,502	Ebro Foods SA		102,839
	10,897	Grieg Seafood ASA		75,895
	85,320	Hain Celestial Group, Inc.^d		3,312,122
	2,569	Henkel AG & Company KGaA		311,195
	31,363	Imperial Brands plc		1,409,371
	32,470	Ingredion, Inc.		3,870,749
	25,900	Inter Parfums, Inc.		949,235
	1,900	Kesko Oyj		96,649
	10,600	Kewpie Corporation		278,352
	31,930	Kimberly-Clark Corporation		4,122,482
	6,300	Kirin Holdings Company, Ltd.		128,511
	15	Lindt & Spruengli AG		86,975
	82,750	MGP Ingredients, Inc.^e		4,234,318
	83,030	Mondelez International, Inc.		3,586,066
	100,410	Monster Beverage Corporation^d		4,988,369
	3,143	Nestle SA		274,125
	52,570	PepsiCo, Inc.		6,071,309
	174,790	Pinnacle Foods, Inc.		10,382,526
	7,392	Revlon, Inc.^d		175,190
	2,615	SalMar ASA		64,819
	13,748	Seneca Foods Corporation^d		426,875

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (32.8%)	Value
	Consumer Staples (1.0%) - continued
	3,300	Seven & I Holdings Company, Ltd.	$	136,173
	171,080	SpartanNash Company		4,441,237
	5,700	Suedzucker AG		119,001
	142,700	SUPERVALU, Inc.^d		469,483
	22,650	Tate & Lyle plc		195,207
	20,401	Unilever plc		1,104,064
	103,150	US Foods Holding Corporation		2,807,743
	97,551	Wal-Mart Stores, Inc.		7,382,660

		Total		96,053,660

	Energy (1.3%)
	76,300	Anadarko Petroleum Corporation		3,459,442
	10,640	Arch Coal, Inc.^e		726,712
	264,372	Archrock, Inc.		3,013,841
	144,646	Bill Barrett Corporation^d		444,063
	511,759	BP plc		2,953,977
	72,185	California Resources Corporation^d,e		617,182
	118,903	Callon Petroleum Company^d		1,261,561
	27,014	CARBO Ceramics, Inc.^d,e		185,046
	152,820	Chevron Corporation		15,943,711
	14,230	Cimarex Energy Company		1,337,762
	54,992	Concho Resources, Inc.^d		6,683,178
	48,320	Contango Oil & Gas Company^d		320,845
	43,450	Continental Resources, Inc.^d		1,404,738
	34,039	Contura Energy, Inc.^e		2,229,554
	11,540	Crescent Point Energy Corporation		88,276
	16,056	Delek US Holdings, Inc.		424,521
	139,630	Devon Energy Corporation		4,463,971
	67,530	Ensco plc		348,455
	69,281	EQT Corporation		4,059,174
	43,970	Era Group, Inc.^d		415,956
	35,050	Exterran Corporation^d		935,835
	114,120	Exxon Mobil Corporation		9,212,908
	157,757	Fairmount Santrol Holdings, Inc.^d,e		615,252
	244,770	Halliburton Company		10,454,127
	31,797	HollyFrontier Corporation		873,464
	33,498	John Wood Group plc		279,884
	704,671	Marathon Oil Corporation		8,350,351
	21,591	Matrix Service Company^d		201,876
	59,019	Newpark Resources, Inc.^d		433,790
	49,770	Noble Corporation		180,167
	133,441	Oil States International, Inc.^d		3,622,923
	19,367	OMV AG		1,005,975
	76,910	Overseas Shipholding Group, Inc.^d		204,581
	53,690	Par Pacific Holdings, Inc.^d,e		968,568
	132,418	Parsley Energy, Inc.^d		3,674,599
	214,615	Patterson-UTI Energy, Inc.		4,333,077
	63,242	Petrofac, Ltd.		363,642
	333,732	Pioneer Energy Services Corporation^d		684,151
	47,580	Pioneer Natural Resources Company		7,592,816
	7,029	Range Resources Corporation		162,862
	279,760	Rowan Companies plc^d		2,864,742
	17,390	Royal Dutch Shell plc		462,400
	6,166	Royal Dutch Shell plc, Class A		163,823
	39,808	Royal Dutch Shell plc, Class B		1,068,707
	34,130	RPC, Inc.^e		689,767
	123,226	Smart Sand, Inc.^d,e		1,097,944
	11,104	Statoil ASA		184,128
	376,582	Teekay Tankers, Ltd.		707,974
	118,696	Tesco Corporation^d		528,197
	31,676	TETRA Technologies, Inc.^d		88,376
	7,287	TGS Nopec Geophysical Company ASA		149,510
	17,755	Total SA		881,485
	41,284	U.S. Silica Holdings, Inc.^e		1,465,169
	1,352,960	Weatherford International plc^d		5,235,955
	51,691	Westmoreland Coal Company^d		251,735
	312,310	Whiting Petroleum Corporation^d		1,720,828
	322,795	WPX Energy, Inc.^d		3,118,200

		Total		125,211,753

	Financials (6.1%)
	16,190	ABN AMRO Group NV^g		428,904
	51,971	Affiliated Managers Group, Inc.		8,619,910
	88,420	AG Mortgage Investment Trust, Inc.		1,618,086
	111,827	AGNC Investment Corporation		2,380,797
	20,490	Allied World Assurance Company Holdings AG		1,083,921
	142,900	Ally Financial, Inc.		2,986,610
	73,430	American International Group, Inc.		4,590,844
	63,221	Ameris Bancorp		3,047,252
	26,167	Aon plc		3,478,903
	8,909	Argo Group International Holdings, Ltd.		539,885
	72,750	Aspen Insurance Holdings, Ltd.		3,626,587
	195,700	Assured Guaranty, Ltd.		8,168,518
	70,401	Astoria Financial Corporation		1,418,580
	12,012	ASX, Ltd.		494,906
	38,910	Australia & New Zealand Banking Group, Ltd.		858,807
	91,390	BancorpSouth, Inc.		2,787,395
	110,020	Bank Mutual Corporation		1,006,683
	2,033,937	Bank of America Corporation		49,343,312
	159,129	Bank of New York Mellon Corporation		8,118,762
	21,756	Bank of Nova Scotia		1,308,749
	47,585	Bank of the Ozarks, Inc.		2,230,309
	49,060	BankFinancial Corporation		731,975
	40,324	Bankia, SA		195,038
	94,190	Beneficial Bancorp, Inc.		1,412,850
	71,210	Berkshire Hathaway, Inc.^d		12,060,838
	178,330	Blackstone Group, LP		5,947,305
	31,780	Blue Hills Bancorp, Inc.		568,862
	228,350	Boston Private Financial Holdings, Inc.		3,505,172
	103,730	Brookline Bancorp, Inc.		1,514,458
	4,302	Canadian Imperial Bank of Commerce		349,620
	57,780	Capital One Financial Corporation		4,773,784
	165,860	Capstead Mortgage Corporation		1,729,920
	4,916	Carolina Financial Corporation		158,885
	81,160	Cathay General Bancorp		3,080,022
	121,891	Central Pacific Financial Corporation		3,835,910
	32,573	Chemical Financial Corporation		1,576,859
	15,000	Chiba Bank, Ltd.		109,161
	41,310	Chubb, Ltd.		6,005,648
	9,404	CI Financial Corporation^e		200,437
	496,360	Citigroup, Inc.		33,196,557
	31,717	Citizens Financial Group, Inc.		1,131,663
	17,860	Clifton Bancorp, Inc.		295,226
	7,872	CNA Financial Corporation		383,760
	395,000	CNO Financial Group, Inc.		8,247,600
	35,808	CNP Assurances		803,756
	215,315	CoBiz Financial, Inc.		3,746,481
	2,836	Columbia Banking System, Inc.		113,015
	148,550	Comerica, Inc.		10,879,802
	2,022	Community Trust Bancorp, Inc.		88,462
	7,800	Customers Bancorp, Inc.^d		220,584
	12,238	Danske Bank AS		470,834
	6,700	DBS Group Holdings, Ltd.		100,840
	102,521	Direct Line Insurance Group plc		474,728
	23,818	Dynex Capital, Inc.		169,108
	352,596	E*TRADE Financial Corporation^d		13,409,226
	18,265	Eagle Bancorp, Inc.^d		1,156,174
	165,903	East West Bancorp, Inc.		9,718,598

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (32.8%)	Value
	Financials (6.1%) - continued
	9,639	Ellington Residential Mortgage REIT	$	141,308
	96,853	Employers Holdings, Inc.		4,096,882
	45,570	Enova International, Inc.^d		676,714
	109,715	Enterprise Financial Services Corporation		4,476,372
	11,000	Erste Group Bank AG		421,353
	44,450	Essent Group, Ltd.^d		1,650,873
	1,405	FBL Financial Group, Inc.		86,407
	6,302	Fidelity Southern Corporation		144,064
	395,001	Fifth Third Bancorp		10,254,226
	31,185	Financial Institutions, Inc.		929,313
	866,685	First BanCorp^d		5,018,106
	198,980	First Commonwealth Financial Corporation		2,523,066
	6,235	First Connecticut Bancorp, Inc.		159,928
	11,642	First Defiance Financial Corporation		613,301
	50,110	First Financial Bancorp		1,388,047
	26,602	First Financial Corporation		1,258,275
	28,540	First Merchants Corporation		1,145,596
	128,766	First Midwest Bancorp, Inc.		3,001,535
	12,526	First of Long Island Corporation		358,244
	135,165	First Republic Bank		13,530,016
	125,536	FlexiGroup, Ltd.		175,974
	51,670	FNF Group		2,316,366
	4,339	Franklin Financial Network, Inc.^d		178,984
	162,000	Fukuoka Financial Group, Inc.		772,936
	130,940	GAIN Capital Holdings, Inc.		815,756
	7,871	Genworth MI Canada, Inc.^e		216,562
	129,905	Goldman Sachs Group, Inc.		28,825,919
	44,547	Great Southern Bancorp, Inc.		2,383,264
	111,578	Green Bancorp, Inc.^d		2,164,613
	50,461	Hamilton Lane, Inc.		1,109,637
	134,505	Hanmi Financial Corporation		3,826,667
	40,640	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		929,437
	7,506	Hannover Rueckversicherung SE		901,574
	77,152	Hanover Insurance Group, Inc.		6,837,982
	97,544	Hartford Financial Services Group, Inc.		5,127,888
	91,010	Heritage Commerce Corporation		1,254,118
	38,497	Heritage Financial Corporation		1,020,170
	4,900	Hokuhoku Financial Group, Inc.		78,379
	36,330	Hometrust Bancshares, Inc.^d		886,452
	179,745	Hope Bancorp, Inc.		3,352,244
	41,037	Horace Mann Educators Corporation		1,551,199
	61,840	Horizon Bancorp		1,629,484
	59,635	Houlihan Lokey, Inc.		2,081,261
	212,452	HSBC Holdings plc		1,971,982
	519,100	Huntington Bancshares, Inc.		7,018,232
	16,812	IBERIABANK Corporation		1,370,178
	44,400	Independent Bank Corporation		965,700
	15,273	Infinity Property & Casualty Corporation		1,435,662
	13,260	ING Groep NV		228,905
	4,682	Intact Financial Corporation		353,677
	51,030	Interactive Brokers Group, Inc.		1,909,543
	213,555	Intercontinental Exchange, Inc.		14,077,546
	72,640	Invesco Mortgage Capital. Inc.		1,213,814
	200,790	Invesco, Ltd.		7,065,800
	103,910	Investors Bancorp, Inc.		1,388,238
	11,379	Janus Henderson Group plc^d,e		376,759
	392,980	KeyCorp		7,364,445
	30,556	Kinsale Capital Group, Inc.		1,140,044
	25,300	Lazard, Ltd.		1,172,149
	126,890	Loews Corporation		5,939,721
	19,410	M&T Bank Corporation		3,143,449
	4,961	Macquarie Group, Ltd.		337,366
	275,900	Maiden Holdings, Ltd.		3,062,490
	6,753	MainSource Financial Group, Inc.		226,293
	208,587	Mapfre SA^e		730,100
	7,980	MarketAxess Holdings, Inc.		1,604,778
	35,250	Meta Financial Group, Inc.		3,137,250
	222,070	MetLife, Inc.		12,200,526
	128,830	MGIC Investment Corporation^d		1,442,896
	90,930	MidWestOne Financial Group, Inc.		3,081,618
	24,700	Mitsubishi UFJ Financial Group, Inc.		166,603
	294,000	Mizuho Financial Group, Inc.		539,041
	4,200	MS and AD Insurance Group Holdings, Inc.		141,661
	67,130	MTGE Investment Corporation		1,262,044
	862	Muenchener Rueckversicherungs-Gesellschaft AG		174,429
	70,200	National Bank Holdings Corporation		2,324,322
	14,078	National Bank of Canada		591,975
	5,762	National General Holdings Corporation		121,578
	21,880	Navigators Group, Inc.		1,201,212
	93,210	New Residential Investment Corporation		1,450,348
	32,470	Nordea Bank AB		413,552
	18,734	OFG Bancorp		187,340
	10,924	Old Second Bancorp, Inc.		126,172
	320,798	OM Asset Management plc		4,767,058
	33,853	PacWest Bancorp		1,580,935
	4,541	Pargesa Holding SA		346,003
	12,070	Peoples Bancorp, Inc.		387,809
	42,848	Poste Italiane SPA^g		293,809
	13,963	Power Corporation of Canada		318,496
	12,298	Preferred Apartment Communities, Inc.		193,693
	13,440	Preferred Bank		718,637
	20,390	Primerica, Inc.		1,544,542
	128,261	Progressive Corporation		5,655,027
	70,890	Provident Financial Services, Inc.		1,799,188
	16,829	QCR Holdings, Inc.		797,695
	75,470	Raymond James Financial, Inc.		6,054,203
	22,736	Renasant Corporation		994,473
	50,600	Resona Holdings, Inc.		279,505
	6,247	Safety Insurance Group, Inc.		426,670
	108,333	Sandy Spring Bancorp, Inc.		4,404,820
	30,790	Santander Consumer USA Holdings Inc.^d		392,880
	106,130	Seacoast Banking Corporation of Florida^d		2,557,733
	13,370	Selective Insurance Group, Inc.		669,168
	53,800	Senshu Ikeda Holdings, Inc.		227,596
	493,660	SLM Corporation^d		5,677,090
	8,696	Societe Generale		468,939
	27,411	State Auto Financial Corporation		705,285
	8,090	State Bank Financial Corporation		219,401
	101,744	State National Companies, Inc.		1,870,055
	76,140	State Street Corporation		6,832,042
	10,740	Stewart Information Services Corporation		487,381
	93,666	Stifel Financial Corporation^d		4,306,763
	35,700	Sumitomo Mitsui Trust Holdings, Inc.		1,282,319
	54,105	SVB Financial Group		9,511,118
	12,093	Swiss Re AG		1,108,236
	296,490	Synchrony Financial		8,841,332
	234,584	Synovus Financial Corporation		10,377,996
	92,602	TCF Financial Corporation		1,476,076
	105,434	TD Ameritrade Holding Corporation		4,532,608

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (32.8%)	Value
	Financials (6.1%) - continued
	18,780	Territorial Bancorp, Inc.	$	585,748
	2,844	TMX Group, Ltd.		154,744
	48,891	TriCo Bancshares		1,718,519
	61,333	TriState Capital Holdings, Inc.^d		1,545,592
	36,510	Triumph Bancorp, Inc.^d		896,320
	215,620	TrustCo Bank Corporation		1,671,055
	39,180	Umpqua Holdings Corporation		719,345
	56,671	Union Bankshares Corporation		1,921,147
	49,780	United Community Banks, Inc.		1,383,884
	134,274	United Financial Bancorp, Inc.		2,241,033
	8,260	United Fire Group, Inc.		363,936
	11,680	Unum Group		544,638
	42,550	Voya Financial, Inc.		1,569,669
	20,860	Washington Trust Bancorp, Inc.		1,075,333
	201,163	Western Alliance Bancorp^d		9,897,220
	168,082	Western Asset Mortgage Capital Corporation		1,731,245
	2,272	Westwood Holdings Group, Inc.		128,800
	74,133	WSFS Financial Corporation		3,361,932
	310,190	Zions Bancorporation		13,620,443
	718	Zurich Insurance Group AG		209,548

		Total		590,917,540

	Health Care (4.1%)
	69,280	Abbott Laboratories		3,367,701
	21,346	ABIOMED, Inc.^d		3,058,882
	62,512	Acadia Healthcare Company, Inc.^d,e		3,086,843
	26,324	Aerie Pharmaceuticals, Inc.^d		1,383,326
	30,870	Aetna, Inc.		4,686,992
	48,960	Akorn, Inc.^d		1,642,118
	119,593	Alexion Pharmaceuticals, Inc.^d		14,550,880
	15,130	Align Technology, Inc.^d		2,271,316
	24,327	Amgen, Inc.		4,189,839
	5,508	Ansell, Ltd.		100,445
	122,960	Asterias Biotherapeutics, Inc.^d,e		436,508
	3,751	Atrion Corporation		2,413,018
	22,200	Biogen, Inc.^d		6,024,192
	55,956	BioMarin Pharmaceutical, Inc.^d		5,081,924
	19,439	CAE, Inc.		335,176
	41,951	Cardiovascular Systems, Inc.^d		1,352,081
	148,290	Catalent, Inc.^d		5,204,979
	202,204	Celgene Corporation^d		26,260,233
	33,950	Charles River Laboratories International, Inc.^d		3,434,042
	13,490	Chemed Corporation		2,759,110
	27,497	ChemoCentryx, Inc.^d		257,372
	51,505	CIGNA Corporation		8,621,422
	15,680	Coherus Biosciences, Inc.^d		225,008
	19,240	CONMED Corporation		980,086
	3,380	Cooper Companies, Inc.		809,240
	14,370	Dentsply Sirona, Inc.		931,751
	49,840	Dexcom, Inc.^d,e		3,645,796
	53,530	Eagle Pharmaceuticals, Inc.^d		4,222,982
	31,395	Edwards Lifesciences Corporation^d		3,712,145
	67,820	Evolent Health, Inc.^d,e		1,719,237
	103,950	Express Scripts Holding Company^d		6,636,168
	144,470	GenMark Diagnostics, Inc.^d		1,709,080
	3,522	GlaxoSmithKline plc		74,974
	120,200	GlaxoSmithKline plc ADR		5,183,024
	6,659	HealthEquity, Inc.^d		331,818
	7,505	Heska Corporation^d		766,035
	510,180	Hologic, Inc.^d		23,151,968
	21,760	INC Research Holdings, Inc.^d		1,272,960
	41,993	Inogen, Inc.^d		4,006,972
	64,469	Intersect ENT, Inc.^d		1,801,909
	13,540	Intra-Cellular Therapies, Inc.^d		168,167
	46,766	Ironwood Pharmaceuticals, Inc.^d		882,942
	103,860	Johnson & Johnson		13,739,639
	652	Le Noble Age SA		44,621
	980	Lonza Group AG		212,284
	73,301	Magellan Health Services, Inc.^d		5,343,643
	352,192	Medtronic plc		31,257,040
	252,150	Merck & Company, Inc.		16,160,293
	5,700	Merck KGaA		689,694
	10,903	Mettler-Toledo International, Inc.^d		6,416,852
	89,022	Mylan NV^d		3,455,834
	170,645	Myriad Genetics, Inc.^d,e		4,409,467
	31,788	National Healthcare Corporation		2,229,610
	36,526	Neurocrine Biosciences, Inc.^d		1,680,196
	57,635	Nevro Corporation^d,e		4,289,773
	38,707	Novartis AG		3,233,064
	22,708	Novo Nordisk AS		975,701
	89,772	NuVasive, Inc.^d		6,905,262
	49,390	Omnicell, Inc.^d		2,128,709
	28,170	PerkinElmer, Inc.		1,919,504
	38,568	Perrigo Company plc		2,912,655
	548,110	Pfizer, Inc.		18,411,015
	21,522	PharMerica Corporation^d		564,953
	11,690	Prothena Corporation plc^d		632,663
	393	Roche Holding AG-Genusschein		100,417
	29,204	Teleflex, Inc.		6,067,423
	47,148	Thermo Fisher Scientific, Inc.		8,225,912
	48,652	Triple-S Management Corporation^d		822,705
	244,786	UnitedHealth Group, Inc.		45,388,220
	29,230	Universal Health Services, Inc.		3,568,398
	47,660	Veeva Systems, Inc.^d		2,922,035
	29,011	Vertex Pharmaceuticals, Inc.^d		3,738,648
	15,860	Waters Corporation^d		2,915,702
	10,140	West Pharmaceutical Services, Inc.		958,433
	108,690	Wright Medical Group NV^d		2,987,888
	71,170	Zimmer Biomet Holdings, Inc.		9,138,228
	275,700	Zoetis, Inc.		17,198,166

		Total		394,395,308

	Industrials (4.4%)
	160	A P Moller - Maersk AS, Class A		305,295
	271	A P Moller - Maersk AS, Class B		545,662
	26,950	ABM Industries, Inc.		1,118,964
	35,212	Acco Brands Corporation^d		410,220
	16,077	Adecco SA		1,224,781
	199,730	Advanced Disposal Services, Inc.^d		4,539,863
	51,234	AECOM^d		1,656,395
	138,127	Aegion Corporation^d		3,022,219
	73,905	AGCO Corporation		4,980,458
	1,800	Aica Kogyo Company, Ltd.		54,964
	16,256	Albany International Corporation		868,070
	170,569	Allison Transmission Holdings, Inc.		6,398,043
	73,667	AMETEK, Inc.		4,462,010
	8,600	Asahi Glass Company, Ltd.		363,202
	27,622	Astec Industries, Inc.		1,533,297
	105,364	AZZ, Inc.		5,879,311
	198,751	Babcock & Wilcox Enterprises, Inc.^d		2,337,312
	56,070	Barnes Group, Inc.		3,281,777
	32,370	Boeing Company		6,401,167
	43,450	Brink’s Company		2,911,150
	59,120	BWX Technologies, Inc.		2,882,100
	70,071	CBIZ, Inc.^d		1,051,065
	37,733	CIRCOR International, Inc.		2,240,586
	28,820	Colfax Corporation^d		1,134,643
	117,321	Comfort Systems USA, Inc.		4,352,609
	60,500	ComfortDelGro Corporation, Ltd		101,053
	164,269	Costamare, Inc.		1,200,806
	10,800	Crane Company		857,304
	5,006	CSW Industrials, Inc.^d		193,482

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (32.8%)	Value
	Industrials (4.4%) - continued
	473,265	CSX Corporation	$	25,821,338
	107,310	Cummins, Inc.		17,407,828
	17,850	Curtiss-Wright Corporation		1,638,273
	13,000	Dai Nippon Printing Company, Ltd.		144,819
	90,600	Delta Air Lines, Inc.		4,868,844
	7,233	Deutsche Lufthansa AG		164,837
	65,000	Dover Corporation		5,214,300
	145,670	Eaton Corporation plc		11,337,496
	20,840	EMCOR Group, Inc.		1,362,519
	37,450	Encore Wire Corporation		1,599,115
	32,130	EnerSys		2,327,819
	22,290	Equifax, Inc.		3,063,092
	23,770	ESCO Technologies, Inc.		1,417,881
	81,584	Federal Signal Corporation		1,416,298
	18,566	Finning International, Inc.		363,933
	20,390	Fluor Corporation		933,454
	65,209	Fortune Brands Home and Security, Inc.		4,254,235
	33,075	Franklin Electric Company, Inc.		1,369,305
	6,400	Fuji Machine Manufacturing Company, Ltd.		92,573
	362,680	General Electric Company		9,795,987
	22,920	Genesee & Wyoming, Inc.^d		1,567,499
	72,668	Gibraltar Industries, Inc.^d		2,590,614
	62,277	Granite Construction, Inc.		3,004,242
	56,977	GWA Group, Ltd.		137,872
	186,660	Harsco Corporation^d		3,005,226
	28,622	Healthcare Services Group, Inc.		1,340,368
	34,167	Heico Corporation		2,454,557
	12,820	Heidrick & Struggles International, Inc.		278,835
	9,680	Herman Miller, Inc.		294,272
	4,500	Hitachi Transport System, Ltd.		106,114
	463	Hochtief AG		84,997
	124,623	Honeywell International, Inc.		16,611,000
	11,530	Hubbell, Inc.		1,304,850
	27,480	Huntington Ingalls Industries, Inc.		5,115,677
	30,492	ICF International, Inc.^d		1,436,173
	7,200	Inaba Denki Sangyo Company, Ltd.		273,825
	67,220	Ingersoll-Rand plc		6,143,236
	294,029	Interface, Inc.		5,777,670
	24,040	International Seaways, Inc.^d		520,947
	97,000	ITOCHU Corporation		1,444,226
	38,937	ITT Corporation		1,564,489
	3,865	Jardine Matheson Holdings, Ltd.		248,133
	25,084	JB Hunt Transport Services, Inc.		2,292,176
	30,180	KAR Auction Services, Inc.		1,266,655
	20	KBR, Inc.		304
	7,680	Kelly Services, Inc.		172,416
	82,083	Kforce, Inc.		1,608,827
	77,360	Kirby Corporation^d		5,171,516
	26,900	KITZ Corporation		251,425
	22,815	KONE Oyj		1,160,718
	5,786	Koninklijke Boskalis Westminster NV		187,906
	16,600	Lincoln Electric Holdings, Inc.		1,528,694
	13,790	Lindsay Corporation^e		1,230,758
	3,110	Loomis AB		111,484
	15,800	Marubeni Corporation		102,363
	85,680	Masco Corporation		3,273,833
	31,750	Masonite International Corporation^d		2,397,125
	3,714	McGrath Rentcorp		128,616
	40,258	Meggitt plc		250,155
	45,030	Meritor, Inc.^d		747,948
	19,648	Middleby Corporation^d		2,387,428
	4,060	Milacron Holdings Corporation^d		71,415
	14,100	MIRAIT Holdings Corporation		158,594
	41,000	Mitsubishi Heavy Industries, Ltd.		168,803
	12,000	Mitsuboshi Belting, Ltd.		133,234
	13,967	Monadelphous Group, Ltd.		150,093
	30,530	Moog, Inc.^d		2,189,612
	161,210	MRC Global, Inc.^d		2,663,189
	6,010	Mueller Industries, Inc.		183,005
	72,975	MYR Group, Inc.^d		2,263,685
	22,176	National Express Group plc		105,907
	113,869	Navigant Consulting, Inc.^d		2,250,051
	121,852	NCI Building Systems, Inc.^d		2,034,928
	83,070	Neff Corporation^d		1,578,330
	15,000	Nippon Express Company, Ltd.		94,128
	18,900	Nitto Kogyo Corporation		299,023
	53,210	Norfolk Southern Corporation		6,475,657
	6,686	Northgate plc		38,586
	28,850	Old Dominion Freight Line, Inc.		2,747,674
	50,488	On Assignment, Inc.^d		2,733,925
	48,150	Orbital ATK, Inc.		4,736,034
	24,210	Orion Group Holdings, Inc.^d		180,849
	118,138	Oshkosh Corporation		8,137,345
	18,630	Parker Hannifin Corporation		2,977,447
	95,526	PGT Innovations, Inc.^d		1,222,733
	6,421	Philips Lighting NV^g		237,175
	9,725	Ply Gem Holdings, Inc.^d		174,564
	22,464	Proto Labs, Inc.^d		1,510,704
	25,130	Quanex Building Products Corporation		531,500
	25,082	Radiant Logistics, Inc.^d		134,941
	37,312	Raven Industries, Inc.		1,242,490
	48,750	Raytheon Company		7,872,150
	5,150	Regal-Beloit Corporation		419,983
	9,125	RELX NV		188,129
	67,260	Rockwell Collins, Inc.		7,067,681
	23,656	Rolls-Royce Holdings plc		274,378
	1,679,576	Rolls-Royce Holdings plc Rights^d,f		2,188
	31,336	Roper Industries, Inc.		7,255,224
	15,000	Ryobi, Ltd.		61,190
	102,318	Saia, Inc.^d		5,248,913
	9,600	Sanwa Holdings Corporation		101,385
	1,515	Schindler Holding AG, Participation Certificate		321,200
	1,180	SFS Group AG^d		133,887
	9,446	Siemens AG		1,299,337
	5,317	Skanska AB		126,257
	48,139	SKF AB		977,529
	15,700	Smiths Group plc		326,435
	119,900	Sojitz Corporation		295,155
	495,870	Southwest Airlines Company		30,813,362
	36,160	SP Plus Corporation^d		1,104,688
	5,230	Sparton Corporation^d		115,008
	2,898	Spirax-Sarco Engineering plc		202,116
	24,750	SPX Corporation^d		622,710
	77,190	SPX FLOW, Inc.^d		2,846,767
	7,930	Stanley Black & Decker, Inc.		1,115,989
	2,165	Sulzer, Ltd.		245,422
	75,344	Team, Inc.^d		1,766,817
	15,400	Teijin, Ltd.		297,175
	10,698	Tennant Company		789,512
	38,430	Terex Corporation		1,441,125
	7,300	Toppan Forms Company, Ltd.		75,562
	124,150	TPI Composites, Inc.^d		2,294,292
	120,544	TransUnion^d		5,220,761
	112,531	TriMas Corporation^d		2,346,271
	12,340	Triton International, Ltd.		412,650
	43,060	TrueBlue, Inc.^d		1,141,090
	114,510	United Continental Holdings, Inc.^d		8,616,878

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (32.8%)	Value
	Industrials (4.4%) - continued
	83,970	United Parcel Service, Inc.	$	9,286,242
	46,024	United Rentals, Inc.^d		5,187,365
	30,750	United Technologies Corporation		3,754,883
	58,530	Univar, Inc.^d		1,709,076
	31,625	Universal Forest Products, Inc.		2,761,179
	58,983	Universal Truckload Services, Inc.		884,745
	1,888	Valmont Industries, Inc.		282,445
	6,642	Vectrus, Inc.^d		214,669
	12,961	Vinci SA		1,105,595
	50,450	WABCO Holdings, Inc.^d		6,432,880
	51,624	WageWorks, Inc.^d		3,469,133
	130,777	Waste Connections, Inc.		8,424,654
	8,085	Watsco, Inc.		1,246,707
	47,900	Willdan Group, Inc.^d,e		1,463,345
	4,872	Wolseley plc		299,034
	4,109	WSP Global, Inc.^e		170,501
	35,713	Xylem, Inc.		1,979,572
	15,569	YIT Oyj		130,222
	3,500	Yuasa Trading Company, Ltd.		106,448

		Total		430,250,455

	Information Technology (8.3%)
	40,180	2U, Inc.^d,e		1,885,246
	123,690	Advanced Micro Devices, Inc.^d,e		1,543,651
	132,770	Agilent Technologies, Inc.		7,874,589
	197,970	Akamai Technologies, Inc.^d		9,860,886
	117,900	Alliance Data Systems Corporation		30,263,751
	43,134	Alphabet, Inc., Class A^d		40,100,817
	33,999	Alphabet, Inc., Class C^d		30,895,911
	594	Alten SA		48,992
	26,122	Ambarella, Inc.^d,e		1,268,223
	87,117	Amphenol Corporation		6,430,977
	20,885	Analog Devices, Inc.		1,624,853
	344,419	Apple, Inc.		49,603,224
	184,261	Applied Materials, Inc.		7,611,822
	35,340	Apptio, Inc.^d		613,149
	70,066	Arista Networks, Inc.^d		10,495,186
	172,874	Arrow Electronics, Inc.^d		13,556,779
	19,346	Aspen Technology, Inc.^d		1,069,060
	14,820	Atkore International Group, Inc.^d		334,191
	9,749	Autobytel, Inc.^d		122,935
	6,200	Azbil Corporation		236,032
	341,087	Bankrate, Inc.^d		4,382,968
	29,220	Belden, Inc.		2,204,065
	1,264	BKW FMB Energie		74,301
	135,080	Booz Allen Hamilton Holding Corporation		4,395,503
	125,214	Brooks Automation, Inc.		2,715,892
	17,140	CA, Inc.		590,816
	9,700	Canon, Inc.		329,949
	14,969	Cap Gemini SA		1,546,339
	5,500	Capital Power Corporation		103,146
	37,748	Cavium, Inc.^d		2,345,283
	31,430	CDW Corporation		1,965,318
	307,967	Ciena Corporation^d		7,705,334
	964,540	Cisco Systems, Inc.		30,190,102
	14,219	Cognex Corporation		1,207,193
	279,607	Cognizant Technology Solutions Corporation		18,565,905
	7,010	CommerceHub, Inc.^d		122,254
	12,050	CommScope Holding Company, Inc.^d		458,262
	64,850	CommVault Systems, Inc.^d		3,660,783
	53,297	Comtech Telecommunications Corporation		1,011,044
	35,042	Conduent Incorporated^d		558,570
	53,950	CoreLogic, Inc.^d		2,340,351
	47,105	Criteo SA ADR^d,e		2,310,500
	120,220	Dolby Laboratories, Inc.		5,885,971
	188,067	DST Systems, Inc.		11,603,734
	87,286	eBay, Inc.^d		3,048,027
	21,260	Entegris, Inc.^d		466,657
	46,320	Envestnet, Inc.^d		1,834,272
	300,514	EVERTEC, Inc.		5,198,892
	12,370	ExlService Holdings, Inc.^d		687,525
	135,910	Extreme Networks, Inc.^d		1,253,090
	5,060	Fabrinet^d		215,860
	349,110	Facebook, Inc.^d		52,708,628
	70,340	Fidelity National Information Services, Inc.		6,007,036
	69,600	Finisar Corporation^d		1,808,208
	46,890	Fiserv, Inc.^d		5,736,523
	435,550	FLIR Systems, Inc.		15,096,163
	2,908	Forrester Research, Inc.		113,848
	124,859	Fortinet, Inc.^d		4,674,721
	21,400	FUJIFILM Holdings NPV		771,630
	27,450	Global Payments, Inc.		2,479,284
	12,472	Guidance Software, Inc.^d		82,440
	89,308	Guidewire Software, Inc.^d		6,136,353
	108,690	HP, Inc.		1,899,901
	19,271	IAC/InterActiveCorporation^d		1,989,538
	31,970	II-VI, Inc.^d		1,096,571
	142,779	Insight Enterprises, Inc.^d		5,709,732
	8,700	Integrated Device Technology, Inc.^d		224,373
	246,180	Intel Corporation		8,306,113
	7,035	Intevac, Inc.^d		78,089
	27,223	IXYS Corporation^d		447,818
	126,450	Keysight Technologies, Inc.^d		4,922,699
	37,800	Konica Minolta Holdings, Inc.		315,360
	50,250	Lam Research Corporation		7,106,858
	118,800	Liberty Tripadvisor Holdings, Inc.^d		1,378,080
	8,023	Littelfuse, Inc.		1,323,795
	36,190	M/A-COM Technology Solutions Holdings, Inc.^d		2,018,316
	12,188	Manhattan Associates, Inc.^d		585,755
	40,110	ManTech International Corporation		1,659,752
	330,891	MasterCard, Inc.		40,186,712
	23,660	Maxim Integrated Products, Inc.		1,062,334
	60,737	Methode Electronics, Inc.		2,502,364
	26,080	Microsemi Corporation^d		1,220,544
	735,680	Microsoft Corporation		50,710,422
	16,873	Mitek Systems, Inc.^d		141,733
	18,410	Mobileye NV^d		1,156,148
	45,986	Monolithic Power Systems, Inc.		4,433,050
	67,370	National Instruments Corporation		2,709,621
	4,301	NCI, Inc.^d		90,751
	9,800	NEC Networks & System Integration Corporation		213,275
	96,670	New Relic, Inc.^d		4,157,777
	34,486	Nice, Ltd. ADR		2,714,738
	58,740	NRG Yield, Inc., Class A		1,002,104
	55,868	NVIDIA Corporation		8,076,278
	37,205	NXP Semiconductors NV^d		4,072,087
	105,970	ON Semiconductor Corporation^d		1,487,819
	462,796	Oracle Corporation		23,204,591
	25,440	Paylocity Holding Corporation^d		1,149,379
	524,533	PayPal Holdings, Inc.^d		28,151,686
	41,898	Pegasystems, Inc.		2,444,748
	81,347	Progress Software Corporation		2,512,809
	74,209	Proofpoint, Inc.^d		6,443,568
	74,931	Q2 Holdings, Inc.^d		2,768,700
	110,114	Red Hat, Inc.^d		10,543,416
	75,886	Rudolph Technologies, Inc.^d		1,733,995
	3,600	Ryosan Company, Ltd.		131,650

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (32.8%)	Value
	Information Technology (8.3%) - continued
	385,170	Salesforce.com, Inc.^d	$	33,355,722
	13,110	ScanSource, Inc.^d		528,333
	5,360	Seagate Technology plc		207,700
	272,721	Sequans Communications SA ADR^d		902,707
	65,565	ServiceNow, Inc.^d		6,949,890
	85,100	ShoreTel, Inc.^d		493,580
	3,360	Silicon Laboratories, Inc.^d		229,656
	2,860	SMA Solar Technology AG^e		85,955
	2,932	Software AG		128,598
	18,905	Sonus Networks, Inc.^d		140,653
	49,000	SS&C Technologies Holdings, Inc.		1,882,090
	61,328	Synopsys, Inc.^d		4,472,651
	21,945	Telefonaktiebolaget LM Ericsson		157,787
	215,877	Teradyne, Inc.		6,482,786
	115,590	Texas Instruments, Inc.		8,892,339
	4,366	TiVo Corp		81,426
	1,500	Tokyo Electron, Ltd.		202,790
	87,151	Total System Services, Inc.		5,076,546
	324,854	Travelport Worldwide, Ltd.		4,469,991
	27,560	Trimble, Inc.^d		983,065
	235,450	Twitter, Inc.^d		4,207,492
	26,576	Tyler Technologies, Inc.^d		4,668,606
	13,222	Ultimate Software Group, Inc.^d		2,777,413
	13,533	VASCO Data Security International, Inc.^d		194,199
	17,434	Verint Systems, Inc.^d		709,564
	131,816	Virtusa Corporation^d		3,875,390
	418,790	Visa, Inc.		39,274,126
	9,050	Western Digital Corporation		801,830
	27,945	Xerox Corporation		802,860
	62,060	Xilinx, Inc.		3,991,699
	8,670	XO Group, Inc.^d		152,765
	187,573	Zix Corporation^d		1,067,290

		Total		812,365,562

	Materials (1.2%)
	5,100	Adeka Corporation		77,918
	41,654	American Vanguard Corporation		718,532
	7,157	APERAM		332,341
	241,006	Axalta Coating Systems, Ltd.^d		7,721,832
	18,124	Balchem Corporation		1,408,416
	89,185	BHP Billiton, Ltd.		1,589,622
	13,680	BillerudKorsnas AB		216,200
	57,423	BlueScope Steel, Ltd.		581,352
	136,753	Boise Cascade Company^d		4,157,291
	29,117	Celanese Corporation		2,764,368
	137,000	CF Industries Holdings, Inc.		3,830,520
	131,475	Continental Building Products, Inc.^d		3,063,368
	86,200	Crown Holdings, Inc.^d		5,142,692
	41,700	Daicel Corporation		521,199
	45,000	DOWA Holdings Company, Ltd.		341,325
	103,394	Eastman Chemical Company		8,684,062
	42,410	Ecolab, Inc.		5,629,927
	26,017	Evonik Industries AG		832,696
	152,982	Ferro Corporation^d		2,798,041
	57,447	Ferroglobe plc		686,492
	90,800	Ferroglobe Representation & Warranty Insurance Trust^f		9
	77,426	FMC Corporation		5,655,969
	18,628	Granges AB		171,383
	73,089	Graphic Packaging Holding Company		1,007,166
	6,860	Innophos Holdings, Inc.		300,742
	53,048	Innospec, Inc.		3,477,296
	4,280	International Paper Company		242,291
	8,000	JSR Corporation		138,490
	19,436	Kadant, Inc.		1,461,587
	14,630	Koppers Holdings, Inc.^d		528,875
	37,000	Kuraray Company, Ltd.		673,735
	18,600	Kyoei Steel, Ltd.		308,705
	11,300	Louisiana-Pacific Corporation^d		272,443
	15,030	Martin Marietta Materials, Inc.		3,345,377
	28,380	Materion Corporation		1,061,412
	42,000	Mitsubishi Chemical Holdings Corporation		349,934
	114,947	Myers Industries, Inc.		2,063,299
	10,650	Neenah Paper, Inc.		854,663
	1,100	Nippon Shokubai Company, Ltd.		71,053
	117,141	Norsk Hydro ASA		648,259
	12,896	Nufarm, Ltd.		95,423
	92,040	Nutanix, Inc.^d,e		1,854,606
	72,000	Oji Holdings Corporation		372,780
	28,960	Olin Corporation		876,909
	75,728	OMNOVA Solutions, Inc.^d		738,348
	34,514	Orora, Ltd.		75,847
	331,360	Owens-Illinois, Inc.^d		7,926,131
	12,584	Packaging Corporation of America		1,401,732
	15,600	PolyOne Corporation		604,344
	153,850	Quantenna Communications, Inc.^d,e		2,923,150
	17,683	Quantum Corporation^d		138,104
	42,310	Rayonier Advanced Materials, Inc.^e		665,113
	12,230	Reliance Steel & Aluminum Company		890,466
	25,600	Rengo Company, Ltd.		148,626
	3,230	Rio Tinto, Ltd.		156,973
	43,240	RPM International, Inc.		2,358,742
	114,740	Ryerson Holding Corporation^d		1,135,926
	41,700	Schweitzer-Mauduit International, Inc.		1,552,491
	12,145	Scotts Miracle-Gro Company		1,086,492
	20,880	Sensient Technologies Corporation		1,681,466
	22,103	Silgan Holdings, Inc.		702,433
	8,446	Solvay SA		1,133,550
	196,530	Steel Dynamics, Inc.		7,037,739
	3,000	Sumitomo Seika Chemicals Company, Ltd.		147,523
	12,700	Toagosei Company, Ltd.		165,658
	51,656	UPM-Kymmene Oyj		1,472,959
	149,207	Verso Corporation^d		699,781
	7,390	W. R. Grace & Company		532,154
	127,950	Westrock Company		7,249,647
	3,800	Yamato Kogyo Company, Ltd.		97,613
	19,728	Yara International ASA		741,818

		Total		120,395,426

	Real Estate (1.0%)
	17,760	American Assets Trust, Inc.		699,566
	85,919	Ares Commercial Real Estate Corporation		1,124,680
	312,219	Armada Hoffler Properties, Inc.		4,043,236
	39,520	Ashford Hospitality Prime, Inc.		406,661
	46,960	Bluerock Residential Growth REIT, Inc.		605,314
	243,396	Brixmor Property Group, Inc.		4,351,920
	34,780	Camden Property Trust		2,974,038
	274,011	Cedar Realty Trust, Inc.		1,328,953
	132,406	Chatham Lodging Trust		2,660,037
	59,739	City Office REIT, Inc.		758,685
	14,307	Cominar Real Estate Investment Trust		140,224
	62,833	Cousins Properties, Inc.		552,302
	29,600	CyrusOne, Inc.		1,650,200
	900	Daito Trust Construction Company, Ltd.		140,216
	391,070	DDR Corporation		3,547,005
	94,153	DEXUS Property Group		685,488

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (32.8%)	Value
	Real Estate (1.0%) - continued
	25,970	Digital Realty Trust, Inc.	$	2,933,312
	40,730	Douglas Emmett, Inc.		1,556,293
	133,690	Duke Realty Corporation		3,736,635
	44,210	Equity Commonwealth^d		1,397,036
	7,650	Equity Lifestyle Properties, Inc.		660,501
	68,110	Franklin Street Properties Corporation		754,659
	119,950	General Growth Properties, Inc.		2,826,022
	128,809	GEO Group, Inc.		3,808,882
	25,290	H&R Real Estate Investment Trust		429,431
	6,660	Healthcare Trust of America, Inc.		207,193
	61,980	HFF, Inc.		2,155,045
	65,230	Hospitality Properties Trust		1,901,454
	162,086	Host Hotels & Resorts, Inc.		2,961,311
	7,550	Hudson Pacific Properties, Inc.		258,135
	108,000	Hysan Development Company, Ltd.		515,418
	92,934	InfraREIT, Inc.		1,779,686
	69,613	Invitation Homes, Inc.		1,505,729
	48,530	Liberty Property Trust		1,975,656
	94,738	Mid-America Apartment Communities, Inc.		9,983,490
	155,528	National Storage Affiliates Trust		3,594,252
	158,475	New World Development Company, Ltd.		200,882
	3,976	One Liberty Properties, Inc.		93,158
	247,807	Outfront Media, Inc.		5,729,298
	37,826	Pebblebrook Hotel Trust		1,219,510
	34,130	Physicians Realty Trust		687,378
	28,180	Ramco-Gershenson Properties Trust		363,522
	19,990	RE/MAX Holdings, Inc.		1,120,440
	11,400	Realogy Holdings Corporation		369,930
	135,270	Retail Properties of America, Inc.		1,651,647
	29,000	Road King Infrastructure, Ltd.		35,798
	1,705	Road King Infrastructure, Ltd., Rights^d,f		0
	4,200	Saul Centers, Inc.		243,516
	35,792	SBA Communications Corporation^d		4,828,341
	156,093	Stockland		524,925
	8,880	Sun Communities, Inc.		778,687
	26,000	Sun Hung Kai Properties, Ltd.		381,945
	47,803	Terreno Realty Corporation		1,609,049
	65,360	UDR, Inc.		2,547,079
	58,723	Urstadt Biddle Properties, Inc.		1,162,715
	40,320	Weingarten Realty Investors		1,213,632
	17,000	Wheelock and Company, Ltd.		128,224
	77,400	Wing Tai Holdings, Ltd.		111,914
	6,294	Xenia Hotels & Resorts, Inc.		121,915

		Total		95,732,170

	Telecommunications Services (0.2%)
	80,600	AT&T, Inc.		3,041,038
	6,730	ATN International, Inc.		460,601
	15,707	Elisa Oyj		609,310
	15,022	Freenet AG		479,242
	55,071	Inmarsat plc		552,318
	234,235	KCOM Group plc		271,522
	22,600	Nippon Telegraph & Telephone Corporation		1,066,813
	15,800	NTT DOCOMO, Inc.		373,681
	280,547	PCCW, Ltd.		159,439
	24,118	Proximus SA		844,117
	29,640	TDC AS		172,368
	24,500	Telefonica Deutschland Holding AG		122,525
	15,743	Telenor ASA		261,180
	188,446	Verizon Communications, Inc.		8,415,998
	209,313	Vonage Holdings Corporation^d		1,368,907

		Total		18,199,059

	Utilities (0.6%)
	123,590	AES Corporation		1,373,085
	5,930	Alliant Energy Corporation		238,208
	46,480	American States Water Company		2,203,617
	33,933	Artesian Resources Corporation		1,277,238
	5,000	ATCO, Ltd.		195,520
	5,035	Canadian Utilities, Ltd.		161,789
	279,128	Centrica plc		727,761
	129,274	CMS Energy Corporation		5,978,922
	3,447	Connecticut Water Service, Inc.		191,343
	26,650	Consolidated Water Company, Ltd.		330,460
	188,665	Electricidade de Portugal SA		617,166
	782	Elia System Operator SA		44,255
	33,271	Endesa SA^e		767,517
	22,121	Eversource Energy		1,342,966
	25,960	MDU Resources Group, Inc.		680,152
	20,256	Middlesex Water Company		802,138
	19,560	New Jersey Resources Corporation		776,532
	52,340	NorthWestern Corporation		3,193,787
	13,350	NRG Yield, Inc., Class C		234,960
	349,887	OGE Energy Corporation		12,172,569
	166,000	Osaka Gas Company, Ltd.		679,744
	232,530	PG&E Corporation		15,433,016
	33,160	PNM Resources, Inc.		1,268,370
	9,670	Portland General Electric Company		441,822
	76,110	Public Service Enterprise Group, Inc.		3,273,491
	65,205	Redes Energeticas Nacionais SGPS SA		204,275
	31,570	Renewable Energy Group, Inc.^d		408,831
	12,750	Southwest Gas Holdings, Inc.		931,515
	1,510	Unitil Corporation		72,948
	50,690	Vectren Corporation		2,962,324
	4,071	Verbund AG		77,649

		Total		59,063,970

		Total Common Stock (cost $2,561,745,289)		3,192,999,983

		Registered Investment Companies (31.1%)
	Affiliated Equity Holdings (18.9%)
	23,383,628	Thrivent Large Cap Stock Portfolio		307,459,639
	31,645,409	Thrivent Large Cap Value Portfolio		536,994,114
	17,030,386	Thrivent Mid Cap Stock Portfolio		319,627,989
	58,304,616	Thrivent Partner Worldwide Allocation Portfolio		592,369,068
	4,730,128	Thrivent Small Cap Stock Portfolio		88,811,455

		Total		1,845,262,265

	Affiliated Fixed Income Holdings (10.6%)
	36,451,463	Thrivent High Yield Portfolio		176,782,306
	52,805,603	Thrivent Income Portfolio		541,701,002
	32,031,348	Thrivent Limited Maturity Bond Portfolio		315,864,323

		Total		1,034,347,631

	Equity Funds/Exchange Traded Funds (0.5%)
	27,021	iShares Russell 2000 Growth Index Fund		4,560,334
	14,131	iShares Russell 2000 Index Fund		1,991,341
	12,080	iShares Russell 2000 Value Index Fund		1,435,950
	21,170	Materials Select Sector SPDR Fund		1,139,158
	117,033	SPDR S&P 500 ETF Trust		28,298,579
	126,020	SPDR S&P Bank ETF		5,484,390

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Registered Investment Companies (31.1%)	Value
	Equity Funds/Exchange Traded Funds (0.5%) - continued
	56,410	SPDR S&P Biotech ETF	$	4,353,724

		Total		47,263,476

	Fixed Income Funds/Exchange Traded Funds (1.1%)
	123,000	iShares Barclays 1-3 Year Credit Bond Fund		12,953,130
	510,050	iShares iBoxx $ Investment Grade Corporate Bond ETF		61,466,125
	345,300	Vanguard Short-Term Corporate Bond ETF		27,637,812

		Total		102,057,067

		Total Registered Investment Companies (cost $2,639,737,443)		3,028,930,439

Principal Amount		Long-Term Fixed Income (29.2%)
	Asset-Backed Securities (1.6%)
		Access Group, Inc.
	608,632	1.716%, 2/25/2036, Ser. 2013-1, Class A^g,h		604,467
		ALM Loan Funding CLO
	3,275,000	2.232%, 10/17/2026, Ser. 2014-11A, Class A1R^*,h		3,274,902
		AMSR Trust
	3,625,000	2.609%, 11/17/2033, Ser. 2016-SFR1, Class A^g,h		3,647,640
		Apidos CLO XVIII
	3,200,000	2.273%, 7/22/2026, Ser. 2014-18A, Class A1R^*,h		3,199,981
		Ares XXXII CLO, Ltd.
	2,750,000	2.392%, 11/15/2025, Ser. 2014-32A, Class A1R^*,h		2,749,973
		Babson CLO, Ltd.
	1,400,000	2.308%, 10/17/2026, Ser. 2014-IIA, Class AR^*,h		1,400,003
		Bayview Koitere Fund Trust
	2,756,913	4.000%, 11/28/2053, Ser. 2017-SPL3, Class A^g		2,878,215
		Betony CLO, Ltd.
	1,260,000	2.508%, 4/15/2027, Ser. 2015-1A, Class AR^*,h		1,263,146
		Birchwood Park CLO, Ltd.
	1,400,000	2.338%, 7/15/2026, Ser. 2014-1A, Class AR^*,h		1,400,795
		BlueMountain CLO, Ltd.
	2,350,000	2.298%, 10/15/2026, Ser. 2014-3A, Class A1R^*,h		2,349,991
		Carlyle Global Market Strategies CLO, Ltd.
	1,400,000	2.358%, 10/15/2026, Ser. 2014-4A, Class A1R^*,h		1,400,797
		Cent CLO 16, LP
	1,245,854	2.420%, 8/1/2024, Ser. 2012-16A, Class A1AR^*,h		1,246,736
		Cent CLO 22, Ltd.
	1,400,000	2.589%, 11/7/2026, Ser. 2014-22A, Class A1R^*,h		1,402,097
		Chesapeake Funding II, LLC
	962,439	1.880%, 6/15/2028, Ser. 2016-2A, Class A1^g		961,298
		Commonbond Student Loan Trust
	4,741,780	3.320%, 5/25/2040, Ser. 2016-A, Class A1^g		4,733,112
		DRB Prime Student Loan Trust
	836,159	3.170%, 7/25/2031, Ser. 2015-B, Class A2^*		840,636
	889,528	3.116%, 10/27/2031, Ser. 2015-B, Class A1^*,h		905,111
	3,034,615	3.200%, 1/25/2040, Ser. 2015-D, Class A2^*		3,061,254
	896,389	2.890%, 6/25/2040, Ser. 2016-B, Class A2^g		896,247
		Dryden 34 Senior Loan Fund CLO
	1,400,000	2.318%, 10/15/2026, Ser. 2014-34A, Class AR^*,h		1,400,073
		Earnest Student Loan Program, LLC
	4,267,564	2.680%, 7/25/2035, Ser. 2016-C, Class A2^g		4,270,941
	2,975,314	2.720%, 1/25/2041, Ser. 2016-D, Class A2^g		2,981,056
		Edlinc Student Loan Funding Trust
	58,145	3.930%, 10/1/2025, Ser. 2012-A, Class AT^*,h		59,097
		Galaxy XX CLO, Ltd.
	4,500,000	2.606%, 7/20/2027, Ser. 2015-20A, Class A^*,h		4,500,324
		GoldenTree Loan Opportunities IX, Ltd.
	1,325,000	2.540%, 10/29/2026, Ser. 2014-9A, Class AR^*,h		1,328,470
		Golub Capital Partners CLO 22B, Ltd.
	2,700,000	2.652%, 2/20/2027, Ser. 2015-22A, Class A1^*,h		2,704,055
		Golub Capital Partners CLO 23M, Ltd.
	1,350,000	2.656%, 5/5/2027, Ser. 2015- 23A, Class A1^*,h		1,352,415
		Lehman XS Trust
	5,010,007	5.440%, 8/25/2035, Ser. 2005-2, Class 2A3Bⁱ		4,293,369
		Limerock CLO III, LLC
	4,500,000	2.356%, 10/20/2026, Ser. 2014-3A, Class A1R^*,h		4,502,624
		Madison Park Funding XIV, Ltd.
	3,575,000	2.276%, 7/20/2026, Ser. 2014-14A, Class A1R^*,h		3,576,516
		Magnetite XII, Ltd.
	4,425,000	2.488%, 4/15/2027, Ser. 2015-12A, Class AR^*,h		4,448,545
		Marlette Funding Trust
	1,032,812	3.060%, 1/17/2023, Ser. 2016-1A, Class A^*2.390%, 7/15/2024, Ser.		1,037,466
	5,800,000	2017-2A, Class A^g		5,799,987
		Morgan Stanley Bank of America Merrill Lynch Trust
	5,400,000	3.176%, 8/15/2045, Ser. 2012-C5, Class A4 3.246%, 12/15/2047, Ser.		5,565,700
	5,400,000	2014-C19, Class A3		5,491,669
		Morgan Stanley Capital, Inc.
	2,579,771	1.366%, 2/25/2037, Ser. 2007-NC2, Class A2FP^h		1,517,820
		Mountain View CLO, Ltd.
	4,525,000	2.618%, 7/15/2027, Ser. 2015-9A, Class A1A^*,h		4,528,086

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (29.2%)	Value
	Asset-Backed Securities (1.6%) - continued
		Murray Hill Marketplace Trust
	$1,666,290	4.190%, 11/25/2022, Ser. 2016-LC1, Class A^*	$	1,681,239
		Neuberger Berman CLO XIV, Ltd.
	2,100,000	2.422%, 1/28/2030, Ser. 2013-14A, Class AR^*,h		2,099,985
		Neuberger Berman CLO, Ltd.
	850,000	2.306%, 4/22/2029, Ser. 2014-17A, Class AR^*,h		849,996
		NZCG Funding CLO, Ltd.
	4,500,000	2.720%, 4/27/2027, Ser. 2015-2A, Class A1^*,h		4,500,410
		Octagon Investment Partners XX, Ltd.
	3,250,000	2.311%, 8/12/2026, Ser. 2014-1A, Class AR^*,h		3,249,971
		OHA Loan Funding, LLC
	4,500,000	2.306%, 10/20/2026, Ser. 2014-1A, Class A1R^*,h		4,500,014
		OneMain Financial Issuance Trust
	2,600,000	4.100%, 3/20/2028, Ser. 2016-2A, Class A^g		2,652,268
		OZLM VIII, Ltd.
	1,300,000	2.598%, 10/17/2026, Ser. 2014-8A, Class A1AR^*,h		1,299,997
		Preston Ridge Partners Mortgage Trust, LLC
	2,033,639	4.250%, 1/25/2022, Ser. 2017-1A, Class A1^*,i		2,044,906
		Race Point IX CLO, Ltd.
	3,260,000	2.668%, 4/15/2027, Ser. 2015-9A, Class A1^*,h		3,264,215
		Renaissance Home Equity Loan Trust
	1,850,454	6.011%, 5/25/2036, Ser. 2006-1, Class AF4ⁱ		1,389,441
	3,512,110	5.580%, 11/25/2036, Ser. 2006-3, Class AF2ⁱ		2,013,895
		Shackleton, Ltd.
	4,500,000	2.528%, 4/15/2027, Ser. 2015-7A, Class AR*,h		4,500,230
		SLM Student Loan Trust
	120,928	1.759%, 7/15/2022, Ser. 2014-A, Class A1^g,h		120,962
	2,032,675	1.616%, 3/25/2025, Ser. 2010-1, Class A^h		2,003,202
	124,022	2.039%, 5/17/2027, Ser. 2013-A, Class A2B^g,h		124,904
		SoFi Consumer Loan Program, LLC
	1,458,430	3.260%, 8/25/2025, Ser. 2016-1, Class A^g		1,482,998
	2,900,000	2.500%, 5/26/2026, Ser. 2017-4, Class A^c,g		2,899,475
		SoFi Professional Loan Program, LLC
	1,550,099	2.420%, 3/25/2030, Ser. 2015-A, Class A2^g		1,552,084
		Stanwich Mortgage Loan Company, LLC
	3,650,814	3.598%, 3/16/2022, Ser. 2017-NPA1, Class A1^*,i		3,660,013
		Symphony CLO VIII, Ltd.
	866,639	2.255%, 1/9/2023, Ser. 2012- 8A, Class AR^*,h		866,943
		Symphony CLO XV, Ltd.
	4,500,000	2.338%, 10/17/2026, Ser. 2014-15A, Class AR^*,h		4,513,788
		U.S. Small Business Administration
	$782,459	3.191%, 3/10/2024, Ser. 2014-10A, Class 1		805,441
		Vericrest Opportunity Loan Transferee
	2,655,841	3.500%, 6/26/2045, Ser. 2015-NPL8, Class A1^g,i		2,662,349
	3,133,232	3.625%, 11/26/2046, Ser. 2016-NP12, Class A1^g,i		3,145,590
	2,608,778	3.875%, 12/26/2046, Ser. 2016-NP13, Class A1^g,i		2,625,152
	657,260	3.500%, 2/25/2055, Ser. 2015-NPL4, Class A1^*,i		659,571
		Verizon Owner Trust
	2,525,000	2.060%, 9/20/2021, Ser. 2017-1A, Class A^g		2,534,168
		Voya CLO 3, Ltd.
	1,400,000	2.576%, 7/25/2026, Ser. 2014-3A, Class A1^*,h		1,400,249

		Total		162,678,070

	Basic Materials (0.4%)
		Alcoa Nederland Holding BV
	2,120,000	6.750%, 9/30/2024^g		2,300,200
		Anglo American Capital plc
	2,615,000	4.875%, 5/14/2025^g		2,719,600
		Anglo American plc
	2,433,000	3.625%, 5/14/2020^g		2,472,536
		ArcelorMittal SA
	1,425,000	6.000%, 3/1/2021		1,533,656
		BWAY Holding Company
	2,375,000	5.500%, 4/15/2024^g		2,425,469
		CF Industries, Inc.
	2,220,000	3.450%, 6/1/2023^e		2,097,900
		First Quantum Minerals, Ltd.
	621,000	7.000%, 2/15/2021^g		636,525
	1,640,000	7.500%, 4/1/2025^g		1,607,200
		Georgia-Pacific, LLC
	920,000	2.539%, 11/15/2019^g		928,428
		Glencore Finance Canada, Ltd.
	760,000	6.000%, 11/15/2041^g		839,101
		Glencore Funding, LLC
	680,000	2.218%, 4/16/2018^g,h		681,496
	760,000	4.125%, 5/30/2023^g		779,828
	950,000	4.000%, 3/27/2027^g		934,801
		Kinross Gold Corporation
	1,520,000	5.950%, 3/15/2024		1,679,129
	1,300,000	4.500%, 7/15/2027^c,g		1,296,750
		Novelis Corporation
	905,000	5.875%, 9/30/2026^g		932,150
		Olin Corporation
	2,835,000	5.125%, 9/15/2027		2,920,050
		Peabody Securities Finance Corporation
	2,165,000	6.375%, 3/31/2025^g		2,132,525
		Sherwin-Williams Company
	1,685,000	3.125%, 6/1/2024		1,693,096
		Steel Dynamics, Inc.
	2,010,000	5.000%, 12/15/2026		2,062,763
		Vale Overseas, Ltd.
	950,000	5.875%, 6/10/2021		1,019,825
	1,135,000	6.250%, 8/10/2026		1,224,381
	1,140,000	6.875%, 11/10/2039		1,222,650

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (29.2%)	Value
	Basic Materials (0.4%) - continued
		Westlake Chemical Corporation
	$1,520,000	3.600%, 8/15/2026	$	1,508,754

		Total		37,648,813

	Capital Goods (0.5%)
		AECOM
	3,030,000	5.875%, 10/15/2024		3,295,125
		Bombardier, Inc.
	2,975,000	7.500%, 3/15/2025^g		3,086,563
		Building Materials Corporation of America
	2,355,000	6.000%, 10/15/2025^g		2,519,850
		Cemex Finance, LLC
	2,970,000	9.375%, 10/12/2022^g		3,155,625
		Cintas Corporation No. 2
	1,125,000	3.700%, 4/1/2027		1,160,270
		CNH Industrial Capital, LLC
	1,155,000	4.375%, 11/6/2020		1,211,318
		CNH Industrial NV
	1,500,000	4.500%, 8/15/2023		1,593,750
		Crown Americas Capital Corporation IV
	1,470,000	4.500%, 1/15/2023		1,539,825
		General Electric Company
	2,095,000	5.000%, 1/21/2021^j		2,223,633
		L3 Technologies, Inc.
	1,550,000	3.950%, 5/28/2024		1,593,868
		Lockheed Martin Corporation
	560,000	2.500%, 11/23/2020		567,639
	1,496,000	3.600%, 3/1/2035		1,477,768
	1,544,000	4.500%, 5/15/2036		1,685,753
	374,000	6.150%, 9/1/2036		486,612
		Northrop Grumman Corporation
	2,575,000	3.850%, 4/15/2045		2,557,374
		Owens-Brockway Glass Container, Inc.
	1,460,000	5.000%, 1/15/2022^g		1,543,950
	1,500,000	5.875%, 8/15/2023^g		1,653,750
		Pentair Finance SA
	2,300,000	2.900%, 9/15/2018		2,323,803
		Republic Services, Inc.
	1,100,000	2.900%, 7/1/2026		1,078,575
		Reynolds Group Issuer, Inc.
	2,935,000	5.125%, 7/15/2023^g		3,048,731
		Roper Industries, Inc.
	2,070,000	2.050%, 10/1/2018		2,074,109
		Roper Technologies, Inc.
	1,140,000	2.800%, 12/15/2021		1,149,587
		Siemens Financieringsmaatschappij NV
	3,055,000	4.200%, 3/16/2047^g		3,240,930
		Standard Industries, Inc.
	800,000	5.500%, 2/15/2023^g		844,000
		Textron, Inc.
	785,000	5.600%, 12/1/2017		797,409
	1,225,000	7.250%, 10/1/2019		1,354,761
		United Rentals North America, Inc.
	2,240,000	5.500%, 7/15/2025		2,346,400
		United Technologies Corporation
	1,900,000	4.050%, 5/4/2047		1,949,145
		Waste Management, Inc.
	310,000	3.125%, 3/1/2025		314,710

		Total		51,874,833

	Collateralized Mortgage Obligations (0.8%)
		Alternative Loan Trust
	1,102,220	6.000%, 6/25/2036, Ser. 2006-24CB, Class A9		929,757
		Angel Oak Mortgage Trust I, LLC
	1,331,362	3.500%, 7/25/2046, Ser. 2016-1, Class A1^*		1,335,683
		Bayview Opportunity Master Fund Trust
	3,042,312	4.000%, 6/28/2054, Ser. 2017-SPL2, Class A^g		3,178,708
	4,920,721	4.000%, 10/28/2064, Ser. 2017-SPL1, Class A^g		5,138,765
		BCAP, LLC Trust
	2,612,634	1.396%, 3/25/2037, Ser. 2007-AA1, Class 2A1^h		2,461,393
		Citigroup Mortgage Loan Trust, Inc.
	763,897	5.500%, 11/25/2035, Ser. 2005-9, Class 21A2		755,242
		CitiMortgage Alternative Loan Trust
	2,440,830	5.750%, 4/25/2037, Ser. 2007-A4, Class 1A5		2,127,588
		COLT Mortgage Loan Trust
	2,332,261	2.800%, 12/26/2046, Ser. 2016-3, Class A1^*		2,333,679
		Countrywide Alternative Loan Trust
	1,586,195	3.045%, 10/25/2035, Ser. 2005-43, Class 4A1		1,342,867
	1,067,465	6.000%, 4/25/2036, Ser. 2006-4CB, Class 1A1		902,869
	468,875	6.000%, 1/25/2037, Ser. 2006-39CB, Class 1A16		451,037
	2,896,713	5.500%, 5/25/2037, Ser. 2007-8CB, Class A1		2,412,552
	2,755,324	7.000%, 10/25/2037, Ser. 2007-24, Class A10		1,576,067
		Countrywide Home Loans, Inc.
	849,598	5.750%, 4/25/2037, Ser. 2007-3, Class A27		717,605
		Deutsche Alt-A Securities Mortgage Loan Trust
	642,289	6.000%, 10/25/2021, Ser. 2006-AR5, Class 23A		576,006
		Federal Home Loan Mortgage Corporation
	6,753,917	4.000%, 7/15/2031, Ser.- 4104, Class KI^k		749,379
	3,950,715	3.000%, 2/15/2033, Ser. 4170, Class IG^k		462,755
		Federal National Mortgage Association
	7,815,636	3.500%, 1/25/2033, Ser. 2012-150, Class YI^k		1,021,790
		First Horizon Alternative Mortgage Securities Trust
	2,091,632	6.000%, 8/25/2036, Ser. 2006-FA4, Class 1A4^h		1,755,794
		IndyMac INDX Mortgage Loan Trust
	3,060,578	1.856%, 7/25/2045, Ser. 2005-16IP, Class A1^h		2,812,411
		J.P. Morgan Alternative Loan Trust
	1,527,393	6.500%, 3/25/2036, Ser. 2006-S1, Class 1A19		1,384,900
		J.P. Morgan Mortgage Trust
	491,627	3.771%, 6/25/2036, Ser. 2006-A4, Class 1A2		463,173

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (29.2%)	Value
	Collateralized Mortgage Obligations (0.8%) - continued
	$ 215,605	3.247%, 10/25/2036, Ser. 2006-A6, Class 1A2	$	199,348
	2,875,105	1.596%, 1/25/2037, Ser. 2006-S4, Class A8^h		1,643,493
	3,249,096	6.250%, 8/25/2037, Ser. 2007-S3, Class 1A10		2,413,354
		MASTR Alternative Loans Trust
	615,728	6.500%, 7/25/2034, Ser. 2004-6, Class 6A1		633,405
	1,797,209	1.666%, 12/25/2035, Ser. 2005-6, Class 2A1^h		882,368
		Merrill Lynch Alternative Note Asset Trust
	623,368	6.000%, 3/25/2037, Ser. 2007-F1, Class 2A1		493,961
		Pretium Mortgage Credit Partners, LLC
	2,881,262	3.500%, 4/29/2031, Ser. 2017-NPL1, Class A1^*,i		2,892,104
		Residential Accredit Loans, Inc. Trust
	2,902,754	1.966%, 6/25/2035, Ser. 2005-QS7, Class A3^h		2,383,017
		Residential Asset Securitization Trust
	3,394,839	1.596%, 8/25/2037, Ser. 2007-A8, Class 2A3^h		920,790
		Sequoia Mortgage Trust
	2,487,736	3.502%, 9/20/2046, Ser. 2007-1, Class 4A1		2,038,998
		Sunset Mortgage Loan Company, LLC
	1,123,875	4.459%, 9/18/2045, Ser. 2015-NPL1, Class A^*,i		1,125,808
	5,300,000	3.500%, 6/16/2047, Ser. 2017-NPL1, Class A^*,i		5,312,412
	2,426,820	3.844%, 7/16/2047, Ser. 2016-NPL1, Class A^*,i		2,428,511
		Towd Point Mortgage Trust
	3,600,956	2.750%, 10/25/2056, Ser. 2017-1, Class A1^g		3,628,482
		WaMu Mortgage Pass Through Certificates
	227,225	2.918%, 9/25/2036, Ser. 2006-AR10, Class 1A2		213,512
	806,301	2.937%, 10/25/2036, Ser. 2006-AR12, Class 1A1		774,054
	2,291,484	2.708%, 11/25/2036, Ser. 2006-AR14, Class 1A1		2,175,820
	2,720,060	2.567%, 1/25/2037, Ser. 2006-AR18, Class 1A1		2,442,280
	4,871,572	1.692%, 9/25/2046, Ser. 2006-AR11, Class 1A^h		4,112,739
		Washington Mutual Mortgage Pass Through Certificates Trust
	2,813,664	7.000%, 2/25/2036, Ser. 2006-1, Class 2CB1		2,122,337

		Total		73,726,813

	Commercial Mortgage-Backed Securities (1.0%)
		Commercial Mortgage Pass-Through Certificates
	1,680,000	2.139%, 6/8/2030, Ser. 2013- THL, Class A2^g,h		1,681,569
		Commercial Mortgage Trust
	1,200,000	3.039%, 12/10/2018, Ser. 2013-CR13, Class A2		1,219,575
		Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates
	3,617,373	2.776%, 3/25/2023, Ser. K724, Class A1		3,708,839
	11,700,000	3.002%, 1/25/2024, Ser. K725, Class A2		12,040,624
	11,400,000	3.430%, 1/25/2027, Ser. K063, Class A2		11,966,304
		Federal National Mortgage Association - ACES
	3,938,419	2.416%, 9/25/2026, Ser. 2017-M1, Class A1		3,921,097
	3,825,000	2.569%, 12/25/2026, Ser. 2017-M3, Class A2		3,717,685
	5,750,000	2.784%, 2/25/2027, Ser. 2017-M2, Class A2		5,718,121
	7,250,000	2.961%, 2/25/2027, Ser. 2017-M7, Class A2		7,273,425
		Federal National Mortgage Association Grantor Trust
	7,575,000	2.898%, 6/25/2027, Ser. 2017-T1, Class A		7,521,435
		Greenwich Capital Commercial Funding Corporation
	4,650,000	5.867%, 12/10/2049, Ser. 2007-GG11, Class AM		4,662,532
		GS Mortgage Securities Trust
	6,600,000	3.666%, 9/10/2047, Ser. 2104-GC24, Class A4		6,887,334
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	2,398,916	3.507%, 5/15/2045, Ser. 2012-C6, Class A3		2,501,561
	529,523	5.977%, 2/12/2049, Ser. 2007-CB19, Class AM		531,176
		JPMBB Commercial Mortgage Securities Trust
	4,500,000	3.231%, 1/15/2048, Ser. 2014-C26, Class A3		4,562,206
		SCG Trust
	1,150,000	2.809%, 11/15/2026, Ser. 2013-SRP1, Class A^g,h		1,141,290
		UBS Commercial Mortgage Trust
	7,999,130	3.400%, 5/10/2045, Ser. 2012-C1, Class A3		8,325,950
		Wells Fargo Commercial Mortgage Trust
	4,000,000	3.617%, 9/15/2057, Ser. 2015-NXS3, Class A4		4,139,677
	3,750,000	3.839%, 9/15/2058, Ser. 2015-LC22, Class A4		3,953,966
		WFRBS Commercial Mortgage Trust
	2,000,000	2.870%, 11/15/2045, Ser. 2012-C9, Class A3		2,026,318

		Total		97,500,684

	Communications Services (1.2%)
		21st Century Fox America, Inc.
	1,620,000	6.900%, 3/1/2019		1,747,070
		Altice Financing SA
	2,400,000	6.625%, 2/15/2023^g		2,546,256
		AMC Networks, Inc.
	2,295,000	5.000%, 4/1/2024		2,349,506

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (29.2%)	Value
	Communications Services (1.2%) - continued
		America Movil SAB de CV
	$1,039,000	5.000%, 10/16/2019	$	1,108,583
		American Tower Corporation
	180,000	2.800%, 6/1/2020		182,433
	1,930,000	3.300%, 2/15/2021		1,980,255
		AT&T, Inc.
	707,000	5.875%, 10/1/2019		765,163
	615,000	2.226%, 6/30/2020^h		623,047
	1,212,000	3.875%, 8/15/2021		1,266,264
	1,015,000	3.000%, 6/30/2022		1,016,784
	1,115,000	3.800%, 3/1/2024		1,142,455
	1,475,000	5.250%, 3/1/2037		1,573,130
	1,140,000	6.350%, 3/15/2040		1,340,824
	1,300,000	5.550%, 8/15/2041		1,414,284
	2,244,000	5.150%, 3/15/2042		2,294,394
	772,000	4.750%, 5/15/2046		758,062
		British Sky Broadcasting Group plc
	1,130,000	2.625%, 9/16/2019^g		1,137,694
	1,450,000	3.125%, 11/26/2022^g		1,474,939
		CBS Corporation
	1,935,000	2.500%, 2/15/2023^c		1,912,231
	748,000	3.375%, 2/15/2028^c		733,196
		CCO Holdings, LLC
	3,100,000	5.875%, 4/1/2024^g		3,309,250
		CCOH Safari, LLC
	1,300,000	5.750%, 2/15/2026^g		1,391,000
		CenturyLink, Inc.
	2,315,000	6.450%, 6/15/2021		2,500,200
		Charter Communications Operating, LLC
	780,000	6.834%, 10/23/2055		951,984
	920,000	3.579%, 7/23/2020		950,632
	1,560,000	4.908%, 7/23/2025		1,685,443
	1,855,000	6.484%, 10/23/2045		2,229,161
		Clear Channel Worldwide Holdings, Inc.
	2,920,000	6.500%, 11/15/2022		3,000,884
		Columbus International, Inc.
	2,945,000	7.375%, 3/30/2021^g		3,125,381
		Comcast Corporation
	1,225,000	2.750%, 3/1/2023		1,236,808
	3,265,000	4.400%, 8/15/2035		3,513,515
	539,000	4.650%, 7/15/2042		591,768
	755,000	4.750%, 3/1/2044		841,311
		Cox Communications, Inc.
	648,000	9.375%, 1/15/2019^g		713,753
		Crown Castle International Corporation
	1,774,000	3.400%, 2/15/2021		1,821,628
	2,423,000	5.250%, 1/15/2023		2,691,236
		CSC Holdings, LLC
	330,000	5.500%, 4/15/2027^g		348,975
		Digicel, Ltd.
	3,875,000	6.000%, 4/15/2021^*		3,715,156
		FairPoint Communications, Inc.
	2,260,000	8.750%, 8/15/2019^g		2,321,811
		Gray Television, Inc.
	2,535,000	5.875%, 7/15/2026^g		2,585,700
		Level 3 Communications, Inc.
	3,020,000	5.375%, 1/15/2024		3,152,125
		Level 3 Financing, Inc.
	995,000	5.375%, 5/1/2025		1,047,237
		Moody’s Corporation
	1,045,000	2.750%, 12/15/2021		1,053,663
		Neptune Finco Corporation
	2,995,000	10.875%, 10/15/2025^g		3,605,231
		Nexstar Escrow Corporation
	2,510,000	5.625%, 8/1/2024^g		2,541,375
		Omnicom Group, Inc.
	750,000	3.600%, 4/15/2026		754,688
		S&P Global, Inc.
	1,544,000	3.300%, 8/14/2020		1,582,788
		SES Global Americas Holdings GP
	1,035,000	2.500%, 3/25/2019^g		1,033,653
		SFR Group SA
	3,480,000	6.000%, 5/15/2022^g		3,640,950
		Sprint Communications, Inc.
	2,025,000	6.000%, 11/15/2022		2,146,500
		Sprint Corporation
	1,400,000	7.625%, 2/15/2025		1,611,750
		Telefonica Emisiones SAU
	1,110,000	3.192%, 4/27/2018		1,121,753
		Time Warner Entertainment Company, LP
	1,691,000	8.375%, 3/15/2023		2,127,472
		Time Warner, Inc.
	760,000	3.600%, 7/15/2025		763,010
	975,000	6.250%, 3/29/2041		1,192,543
		T-Mobile USA, Inc.
	3,570,000	6.125%, 1/15/2022		3,751,849
		Verizon Communications, Inc.
	945,000	2.037%, 6/17/2019^h		952,052
	2,485,000	3.000%, 11/1/2021		2,517,663
	3,489,000	5.150%, 9/15/2023		3,875,012
	650,000	5.050%, 3/15/2034		688,817
	1,165,000	4.272%, 1/15/2036		1,125,656
	2,992,000	4.862%, 8/21/2046		2,991,258
	2,530,000	4.522%, 9/15/2048		2,398,746
		Viacom, Inc.
	735,000	4.250%, 9/1/2023		767,182
	1,140,000	5.850%, 9/1/2043		1,232,577
		Virgin Media Secured Finance plc
	2,565,000	5.250%, 1/15/2026^g		2,669,678

		Total		117,237,394

	Consumer Cyclical (0.8%)
		American Honda Finance Corporation
	1,455,000	2.000%, 2/14/2020		1,458,089
		Automatic Data Processing, Inc.
	500,000	3.375%, 9/15/2025		519,679
		Cinemark USA, Inc.
	3,525,000	4.875%, 6/1/2023		3,600,999
		CVS Health Corporation
	400,000	2.250%, 8/12/2019		402,432
	4,560,000	4.875%, 7/20/2035		5,070,278
	1,900,000	5.125%, 7/20/2045		2,181,143
		Daimler Finance North America, LLC
	1,520,000	1.792%, 10/30/2019^g,h		1,526,603
		Delphi Automotive plc
	1,930,000	3.150%, 11/19/2020		1,971,398
		eBay, Inc.
	760,000	2.500%, 3/9/2018		764,400
		Ford Motor Credit Company, LLC
	1,470,000	2.551%, 10/5/2018		1,479,712
	1,525,000	2.943%, 1/8/2019		1,544,647
	1,395,000	2.262%, 3/28/2019		1,398,852
	760,000	2.459%, 3/27/2020		760,606
	570,000	3.200%, 1/15/2021		578,499
	1,185,000	2.565%, 3/28/2022^h		1,192,826

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (29.2%)	Value
	Consumer Cyclical (0.8%) - continued
		General Motors Financial Company, Inc.
	$ 615,000	2.085%, 4/13/2020^h	$	618,144
	1,156,000	3.700%, 11/24/2020		1,195,978
	772,000	4.200%, 3/1/2021		809,657
	1,635,000	3.150%, 6/30/2022		1,628,051
	760,000	3.950%, 4/13/2024		770,602
	1,630,000	4.300%, 7/13/2025		1,662,665
		Home Depot, Inc.
	1,720,000	3.000%, 4/1/2026		1,729,352
	1,755,000	5.400%, 9/15/2040		2,175,953
	1,140,000	4.250%, 4/1/2046		1,226,591
	1,870,000	3.900%, 6/15/2047		1,898,602
		Hyundai Capital America
	639,000	2.400%, 10/30/2018^g		640,353
	1,158,000	3.000%, 10/30/2020^g		1,166,152
		Jaguar Land Rover Automotive plc
	1,270,000	4.125%, 12/15/2018^g		1,293,812
	1,100,000	5.625%, 2/1/2023^g		1,144,000
		KB Home
	1,815,000	4.750%, 5/15/2019		1,869,450
		L Brands, Inc.
	2,100,000	5.625%, 2/15/2022		2,247,000
		Lear Corporation
	1,625,000	5.250%, 1/15/2025		1,719,495
		Lennar Corporation
	1,445,000	4.875%, 12/15/2023		1,536,216
	1,180,000	4.500%, 4/30/2024		1,219,648
		Live Nation Entertainment, Inc.
	2,150,000	5.375%, 6/15/2022^g		2,230,799
		McDonald’s Corporation
	1,100,000	2.750%, 12/9/2020		1,119,848
	1,520,000	2.625%, 1/15/2022		1,528,927
		MGM Resorts International
	3,140,000	6.000%, 3/15/2023		3,461,850
		New Red Finance, Inc.
	2,420,000	4.250%, 5/15/2024^g		2,404,730
		Prime Security Services Borrower, LLC
	2,930,000	9.250%, 5/15/2023^g		3,183,914
		Scientific Games International, Inc.
	2,195,000	7.000%, 1/1/2022^g		2,337,675
		Six Flags Entertainment Corporation
	3,110,000	4.875%, 7/31/2024^g		3,129,033
		Toll Brothers Finance Corporation
	620,000	8.910%, 10/15/2017		630,850
	609,000	4.000%, 12/31/2018		624,225
		Wal-Mart Stores, Inc.
	1,500,000	6.200%, 4/15/2038		2,052,810
	1,500,000	5.625%, 4/15/2041		1,950,298
		West Corporation
	1,645,000	5.375%, 7/15/2022^g		1,661,450

		Total		77,318,293

	Consumer Non-Cyclical (1.4%)
		Abbott Laboratories
	1,880,000	2.900%, 11/30/2021		1,897,888
	950,000	3.400%, 11/30/2023		972,359
	2,980,000	4.750%, 11/30/2036		3,247,255
	1,490,000	4.900%, 11/30/2046		1,646,761
		AbbVie, Inc.
	2,650,000	2.500%, 5/14/2020		2,680,525
	1,910,000	3.600%, 5/14/2025		1,948,494
	1,930,000	4.450%, 5/14/2046		1,994,993
		Actavis Funding SCS
	1,175,000	3.850%, 6/15/2024		1,225,437
	2,350,000	4.550%, 3/15/2035		2,510,291
	1,140,000	4.850%, 6/15/2044		1,234,524
		Altria Group, Inc.
	760,000	2.850%, 8/9/2022		771,766
	875,000	2.625%, 9/16/2026		842,531
		Amgen, Inc.
	2,244,000	2.200%, 5/11/2020		2,254,704
	772,000	2.700%, 5/1/2022		776,346
	875,000	3.125%, 5/1/2025		877,012
		Anheuser-Busch InBev Finance, Inc.
	815,000	2.430%, 2/1/2021^h		844,069
	2,828,000	3.650%, 2/1/2026		2,913,881
	3,040,000	4.700%, 2/1/2036		3,358,446
	1,930,000	4.900%, 2/1/2046		2,181,348
		Anheuser-Busch InBev Worldwide, Inc.
	676,000	3.750%, 1/15/2022		712,842
		BAT International Finance plc
	825,000	1.756%, 6/15/2018^g,h		827,237
		Bayer U.S. Finance, LLC
	1,140,000	3.375%, 10/8/2024^g		1,167,352
		Becton, Dickinson and Company
	1,594,000	3.734%, 12/15/2024		1,620,253
	1,122,000	4.669%, 6/6/2047		1,155,693
		Biogen, Inc.
	1,100,000	3.625%, 9/15/2022		1,150,308
		Boston Scientific Corporation
	740,000	6.000%, 1/15/2020		805,334
	1,025,000	3.850%, 5/15/2025		1,058,553
	1,140,000	7.375%, 1/15/2040		1,525,557
		Bunge Limited Finance Corporation
	960,000	8.500%, 6/15/2019		1,073,727
	1,230,000	3.500%, 11/24/2020		1,260,900
		Cardinal Health, Inc.
	748,000	3.079%, 6/15/2024		749,609
	1,500,000	3.410%, 6/15/2027		1,493,595
		Celgene Corporation
	3,035,000	2.875%, 8/15/2020		3,103,275
	445,000	3.550%, 8/15/2022		463,196
		Church & Dwight Company, Inc.
	530,000	2.450%, 12/15/2019		534,898
		Community Health Systems, Inc.
	1,170,000	8.000%, 11/15/2019^e		1,175,850
		Conagra Brands, Inc.
	579,000	7.125%, 10/1/2026		725,795
		Constellation Brands, Inc.
	950,000	2.700%, 5/9/2022		948,732
		Cott Beverages, Inc.
	1,470,000	5.375%, 7/1/2022		1,523,287
		EMD Finance, LLC
	1,520,000	2.950%, 3/19/2022^g		1,546,822
		Energizer Holdings, Inc.
	2,749,000	5.500%, 6/15/2025^g		2,876,141
		Envision Healthcare Corporation
	3,165,000	5.125%, 7/1/2022^g		3,248,081
		Express Scripts Holding Company
	760,000	3.000%, 7/15/2023		754,598
	1,820,000	4.500%, 2/25/2026		1,929,031
	305,000	3.400%, 3/1/2027		294,395
		Forest Laboratories, LLC
	392,000	4.875%, 2/15/2021^e,g		421,721
		Gilead Sciences, Inc.
	435,000	2.550%, 9/1/2020		441,233
	760,000	2.950%, 3/1/2027		737,692

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (29.2%)	Value
	Consumer Non-Cyclical (1.4%) - continued
		H. J. Heinz Company
	$1,250,000	3.500%, 7/15/2022	$	1,288,591
		HCA, Inc.
	1,430,000	5.250%, 6/15/2026		1,542,255
	1,505,000	4.500%, 2/15/2027		1,548,269
		Heineken NV
	1,685,000	4.350%, 3/29/2047^g		1,757,775
		Imperial Tobacco Finance plc
	1,765,000	2.950%, 7/21/2020^g		1,794,677
		JBS USA, LLC
	2,220,000	5.750%, 6/15/2025^e,g		2,086,800
		Kimberly-Clark Corporation
	1,900,000	3.900%, 5/4/2047		1,946,064
		Kraft Foods Group, Inc.
	1,544,000	5.000%, 6/4/2042		1,632,059
		Laboratory Corporation of America Holdings
	620,000	2.625%, 2/1/2020		625,064
		McKesson Corporation
	825,000	4.883%, 3/15/2044		898,687
		Mead Johnson Nutrition Company
	735,000	3.000%, 11/15/2020		753,873
		Medtronic, Inc.
	5,820,000	4.375%, 3/15/2035		6,403,653
	735,000	4.625%, 3/15/2045		828,384
		Merck & Company, Inc.
	660,000	1.560%, 2/10/2020^h		664,698
	330,000	3.700%, 2/10/2045		329,594
		Molson Coors Brewing Company
	1,330,000	2.250%, 3/15/2020^g		1,329,926
		Mondelez International Holdings Netherlands BV
	1,570,000	2.000%, 10/28/2021^g		1,529,522
		Mondelez International, Inc.
	672,000	1.690%, 2/1/2019^h		674,614
		Mylan NV
	1,550,000	3.000%, 12/15/2018		1,570,968
	450,000	3.150%, 6/15/2021		457,762
	760,000	5.250%, 6/15/2046		832,487
		Newell Rubbermaid, Inc.
	1,093,000	5.500%, 4/1/2046		1,317,815
		PepsiCo, Inc.
	1,545,000	2.850%, 2/24/2026		1,541,063
		Post Holdings, Inc.
	2,550,000	5.500%, 3/1/2025^g		2,629,688
		Reynolds American, Inc.
	775,000	2.300%, 8/21/2017		775,751
	2,338,000	5.700%, 8/15/2035		2,773,387
		Roche Holdings, Inc.
	1,158,000	4.000%, 11/28/2044^g		1,221,035
		Shire Acquisitions Investments Ireland Designated Activity Company
	2,262,000	2.400%, 9/23/2021		2,235,399
	2,244,000	3.200%, 9/23/2026		2,194,536
		Smithfield Foods, Inc.
	1,770,000	2.700%, 1/31/2020^g		1,779,212
		Tenet Healthcare Corporation
	3,090,000	8.125%, 4/1/2022		3,283,125
		Teva Pharmaceutical Finance Netherlands III BV
	1,555,000	2.200%, 7/21/2021		1,526,332
	950,000	2.800%, 7/21/2023		923,885
		Thermo Fisher Scientific, Inc.
	579,000	3.000%, 4/15/2023		583,625
		TreeHouse Foods, Inc.
	970,000	4.875%, 3/15/2022		1,001,525
		Tyson Foods, Inc.
	748,000	3.550%, 6/2/2027		752,315
		VRX Escrow Corporation
	4,500,000	6.125%, 4/15/2025^g		3,808,125
		Zoetis, Inc.
	2,490,000	4.700%, 2/1/2043		2,708,475

		Total		131,055,352

	Energy (1.1%)
		Anadarko Petroleum Corporation
	2,255,000	4.850%, 3/15/2021		2,406,649
	1,496,000	5.550%, 3/15/2026^e		1,671,939
		Antero Resources Corporation
	960,000	5.125%, 12/1/2022		962,093
	1,500,000	5.625%, 6/1/2023		1,518,750
		Apache Corporation
	800,000	4.750%, 4/15/2043		803,372
		Boardwalk Pipelines, LP
	765,000	5.950%, 6/1/2026		851,916
		BP Capital Markets plc
	1,590,000	3.062%, 3/17/2022		1,625,071
	2,285,000	3.535%, 11/4/2024		2,345,911
	415,000	3.119%, 5/4/2026		411,360
		Buckeye Partners, LP
	1,182,000	2.650%, 11/15/2018		1,188,319
		Canadian Natural Resources, Ltd.
	1,500,000	3.450%, 11/15/2021		1,540,098
	750,000	6.250%, 3/15/2038		884,783
	690,000	4.950%, 6/1/2047		701,236
		Cenovus Energy, Inc.
	1,475,000	3.800%, 9/15/2023		1,454,936
		Cheniere Corpus Christi Holdings, LLC
	2,245,000	5.875%, 3/31/2025		2,393,731
		Cimarex Energy Company
	1,140,000	4.375%, 6/1/2024		1,195,093
		Columbia Pipeline Group, Inc.
	1,480,000	2.450%, 6/1/2018		1,486,804
		Concho Resources, Inc.
	1,101,432	5.500%, 10/1/2022		1,130,345
	995,000	4.375%, 1/15/2025		1,014,900
		ConocoPhillips
	1,870,000	6.500%, 2/1/2039		2,470,620
		Continental Resources, Inc.
	1,840,000	5.000%, 9/15/2022		1,805,500
		Devon Energy Corporation
	1,150,000	3.250%, 5/15/2022^e		1,142,792
		El Paso Pipeline Partners Operating Company, LLC
	1,120,000	4.300%, 5/1/2024		1,157,675
		Enbridge, Inc.
	1,285,000	2.900%, 7/15/2022^c		1,282,197
		Encana Corporation
	413,000	3.900%, 11/15/2021		420,925
	1,520,000	6.500%, 2/1/2038		1,730,389
		Energy Transfer Equity, LP
	1,470,000	5.500%, 6/1/2027		1,521,450
		Energy Transfer Partners, LP
	1,520,000	4.650%, 6/1/2021		1,603,267
	970,000	4.900%, 3/15/2035		944,198
	800,000	5.150%, 2/1/2043		760,202
		EnLink Midstream Partners, LP
	775,000	4.150%, 6/1/2025		765,390
	569,000	4.850%, 7/15/2026		592,054

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (29.2%)	Value
	Energy (1.1%) - continued
		Enterprise Products Operating, LLC
	$ 942,000	5.100%, 2/15/2045	$	1,035,810
		EQT Corporation
	659,000	5.150%, 3/1/2018		671,027
	770,000	8.125%, 6/1/2019		849,713
	425,000	4.875%, 11/15/2021		453,232
		Exxon Mobil Corporation
	625,000	4.114%, 3/1/2046		660,298
		Kinder Morgan Energy Partners, LP
	1,150,000	3.500%, 3/1/2021		1,177,475
		Magellan Midstream Partners, LP
	1,070,000	5.000%, 3/1/2026		1,180,113
		Marathon Oil Corporation
	1,140,000	2.700%, 6/1/2020		1,129,853
	2,600,000	6.600%, 10/1/2037^e		2,872,061
		Marathon Petroleum Corporation
	560,000	3.400%, 12/15/2020		575,996
	1,498,000	4.750%, 9/15/2044		1,425,043
		MPLX, LP
	2,244,000	4.875%, 6/1/2025		2,379,735
	1,125,000	4.125%, 3/1/2027		1,128,946
		Newfield Exploration Company
	2,780,000	5.625%, 7/1/2024		2,898,150
		Noble Energy, Inc.
	970,000	5.625%, 5/1/2021		997,802
		ONEOK, Inc.
	1,520,000	7.500%, 9/1/2023		1,812,600
		PBF Holding Company, LLC
	3,135,000	7.250%, 6/15/2025^g		3,021,356
		Petrobras Global Finance BV
	474,000	8.375%, 5/23/2021		530,586
	1,870,000	6.250%, 3/17/2024		1,905,530
		Petroleos Mexicanos
	2,240,000	6.000%, 3/5/2020		2,401,280
	640,000	2.378%, 4/15/2025		640,468
	1,000,000	6.750%, 9/21/2047		1,009,880
		Pioneer Natural Resources Company
	750,000	4.450%, 1/15/2026		788,663
		Regency Energy Partners, LP
	1,520,000	5.875%, 3/1/2022		1,674,242
	1,470,000	5.000%, 10/1/2022		1,576,412
		Rice Energy, Inc.
	2,440,000	6.250%, 5/1/2022		2,549,800
		Rowan Companies, Inc.
	310,000	7.375%, 6/15/2025		289,075
		Sabine Pass Liquefaction, LLC
	1,125,000	6.250%, 3/15/2022		1,273,795
	1,300,000	5.625%, 4/15/2023		1,444,910
	1,500,000	5.750%, 5/15/2024		1,670,391
	1,430,000	5.625%, 3/1/2025		1,578,992
		Schlumberger Holdings Corporation
	560,000	3.000%, 12/21/2020^g		570,140
	950,000	4.000%, 12/21/2025^g		995,970
		Shell International Finance BV
	615,000	1.632%, 5/11/2020^h		620,573
		Suncor Energy, Inc.
	990,000	3.600%, 12/1/2024		1,013,051
		Sunoco Logistics Partners Operations, LP
	730,000	4.400%, 4/1/2021		766,969
		Targa Resources Partners, LP
	975,000	5.250%, 5/1/2023		999,375
		Tesoro Corporation
	5,164,000	4.750%, 12/15/2023^g		5,561,112
		Valero Energy Corporation
	1,900,000	3.400%, 9/15/2026		1,858,848
		Weatherford International, Ltd.
	2,630,000	8.250%, 6/15/2023^e		2,630,000
		Western Gas Partners, LP
	1,496,000	4.000%, 7/1/2022		1,533,369
		Williams Partners, LP
	950,000	4.000%, 11/15/2021		988,370
	935,000	4.500%, 11/15/2023		997,930
	1,385,000	3.750%, 6/15/2027		1,371,056
	1,475,000	6.300%, 4/15/2040		1,711,323
		WPX Energy, Inc.
	1,500,000	7.500%, 8/1/2020		1,575,000

		Total		108,580,285

	Financials (3.1%)
		ABN AMRO Bank NV
	1,550,000	4.750%, 7/28/2025^g		1,634,074
		ACE INA Holdings, Inc.
	1,115,000	4.350%, 11/3/2045		1,224,398
		AerCap Ireland Capital, Ltd.
	760,000	3.750%, 5/15/2019		780,648
	760,000	4.625%, 10/30/2020		807,638
	760,000	4.625%, 7/1/2022		814,423
		Aetna, Inc.
	1,500,000	2.800%, 6/15/2023		1,497,192
		Air Lease Corporation
	800,000	2.125%, 1/15/2018		801,426
	339,000	2.625%, 9/4/2018		341,526
	1,870,000	3.375%, 1/15/2019^e		1,904,840
		Ally Financial, Inc.
	960,000	3.750%, 11/18/2019		981,600
	2,025,000	4.125%, 3/30/2020		2,080,688
		American Express Credit Corporation
	945,000	1.817%, 3/18/2019^h		949,717
	2,280,000	1.875%, 5/3/2019		2,280,885
		American International Group, Inc.
	530,000	3.300%, 3/1/2021		545,235
	1,154,000	4.125%, 2/15/2024		1,218,489
	2,245,000	3.750%, 7/10/2025		2,286,916
	2,085,000	3.900%, 4/1/2026		2,133,212
		Anthem, Inc.
	1,870,000	4.625%, 5/15/2042		2,021,515
		Aon plc
	577,000	3.875%, 12/15/2025		603,004
		ASP AMC Merger Sub, Inc.
	1,340,000	8.000%, 5/15/2025^g		1,269,650
		Avalonbay Communities, Inc.
	1,650,000	3.500%, 11/15/2025		1,680,202
		Banco Santander SA
	2,800,000	6.375%, 5/19/2019^j		2,866,500
		Bank of America Corporation
	1,325,000	2.357%, 3/22/2018^h		1,333,012
	840,000	2.018%, 4/1/2019^h		847,745
	1,300,000	2.625%, 10/19/2020		1,312,996
	1,280,000	3.300%, 1/11/2023		1,305,048
	1,490,000	2.881%, 4/24/2023		1,492,587
	1,520,000	4.000%, 4/1/2024		1,592,884
	1,540,000	4.000%, 1/22/2025		1,566,953
	1,150,000	3.500%, 4/19/2026		1,154,032
	2,244,000	4.183%, 11/25/2027		2,282,572
	1,550,000	3.824%, 1/20/2028		1,577,080
	1,908,000	5.875%, 2/7/2042		2,394,052
		Bank of New York Mellon Corporation
	1,930,000	2.500%, 4/15/2021		1,945,143

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (29.2%)	Value
	Financials (3.1%) - continued
		Bank of Nova Scotia
	$1,550,000	2.700%, 3/7/2022	$	1,558,511
		Bank of Tokyo-Mitsubishi UFJ, Ltd.
	530,000	2.850%, 9/8/2021^g		535,360
		Barclays Bank plc
	386,000	10.179%, 6/12/2021^g		483,412
		Barclays plc
	990,000	2.750%, 11/8/2019		998,917
	2,280,000	3.684%, 1/10/2023		2,339,168
	1,544,000	3.650%, 3/16/2025		1,536,325
		BB&T Corporation
	560,000	1.873%, 1/15/2020^h		565,026
		Berkshire Hathaway, Inc.
	965,000	2.750%, 3/15/2023		977,661
		BPCE SA
	975,000	3.000%, 5/22/2022^g		983,480
		Caisse Centrale Desjardins du Quebec
	780,000	1.837%, 1/29/2018^g,h		782,375
		Capital One Financial Corporation
	775,000	2.450%, 4/24/2019		779,172
	1,309,000	2.500%, 5/12/2020		1,314,576
	1,520,000	3.050%, 3/9/2022		1,531,779
		Capital One NA
	1,850,000	2.350%, 1/31/2020		1,850,481
		CBOE Holdings, Inc.
	825,000	1.950%, 6/28/2019		824,752
		Centene Escrow Corporation
	3,100,000	5.625%, 2/15/2021		3,231,750
		Cigna Corporation
	980,000	5.375%, 2/15/2042		1,179,842
		CIT Group, Inc.
	2,970,000	5.000%, 8/15/2022		3,200,175
		Citigroup, Inc.
	700,000	1.925%, 4/8/2019^h		704,540
	1,900,000	1.945%, 1/10/2020^h		1,913,731
	1,555,000	2.700%, 3/30/2021		1,565,179
	1,675,000	2.750%, 4/25/2022		1,675,080
	850,000	4.050%, 7/30/2022		888,477
	2,515,000	4.400%, 6/10/2025		2,619,048
	1,520,000	3.200%, 10/21/2026		1,478,390
	1,140,000	4.125%, 7/25/2028		1,157,377
	598,000	4.650%, 7/30/2045		651,183
		Citizens Bank NA
	1,865,000	2.300%, 12/3/2018		1,871,768
	1,525,000	2.200%, 5/26/2020		1,522,267
		Commonwealth Bank of Australia
	1,140,000	2.250%, 3/10/2020^g		1,142,376
		Compass Bank
	1,335,000	2.750%, 9/29/2019		1,345,397
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	1,975,000	3.950%, 11/9/2022		2,062,465
	4,488,000	4.625%, 12/1/2023		4,835,748
		Credit Agricole SA
	820,000	1.958%, 4/15/2019^g,h		825,671
	1,200,000	3.375%, 1/10/2022^g		1,231,964
		Credit Suisse AG
	772,000	5.400%, 1/14/2020		828,957
		Credit Suisse Group Funding, Ltd.
	4,216,000	2.750%, 3/26/2020		4,248,851
	1,036,000	3.125%, 12/10/2020		1,055,391
	1,544,000	3.750%, 3/26/2025		1,560,122
		DDR Corporation
	1,585,000	4.625%, 7/15/2022		1,659,329
		Deutsche Bank AG
	2,300,000	3.375%, 5/12/2021		2,329,288
	950,000	4.250%, 10/14/2021		994,710
		Digital Realty Trust LP
	1,500,000	3.400%, 10/1/2020		1,538,298
		Discover Bank
	1,750,000	8.700%, 11/18/2019		1,977,449
		Duke Realty, LP
	330,000	3.875%, 2/15/2021		343,018
	960,000	4.375%, 6/15/2022		1,022,931
		ERP Operating, LP
	337,000	3.375%, 6/1/2025		339,120
		European Investment Bank
	1,215,000	1.875%, 3/15/2019		1,221,830
		Fifth Third Bancorp
	740,000	2.875%, 7/27/2020		755,377
	530,000	2.875%, 10/1/2021		540,005
	1,200,000	2.600%, 6/15/2022		1,193,692
		Five Corners Funding Trust
	1,870,000	4.419%, 11/15/2023^g		2,007,888
		GE Capital International Funding Company
	4,862,000	4.418%, 11/15/2035		5,297,334
		Goldman Sachs Group, Inc.
	840,000	2.372%, 4/30/2018^h		846,401
	620,000	2.282%, 11/15/2018^h		626,443
	3,145,000	5.375%, 3/15/2020		3,395,707
	780,000	2.313%, 4/23/2020^h		793,023
	2,600,000	5.375%, 5/10/2020^j		2,732,080
	4,613,000	5.250%, 7/27/2021		5,055,608
	1,475,000	3.000%, 4/26/2022		1,488,638
	1,496,000	2.908%, 6/5/2023		1,490,067
	772,000	3.500%, 1/23/2025		780,453
	2,600,000	3.691%, 6/5/2028		2,610,608
	1,260,000	4.750%, 10/21/2045		1,396,101
		Hartford Financial Services Group, Inc.
	3,160,000	5.125%, 4/15/2022		3,507,404
		HBOS plc
	1,932,000	6.750%, 5/21/2018^g		2,009,549
		HCP, Inc.
	2,430,000	4.000%, 12/1/2022		2,541,396
	660,000	3.400%, 2/1/2025		649,957
		HSBC Bank plc
	1,765,000	1.822%, 5/15/2018^g,h		1,772,090
		HSBC Holdings plc
	2,675,000	3.400%, 3/8/2021		2,749,119
	1,475,000	6.875%, 6/1/2021^e,j		1,593,000
	1,225,000	2.650%, 1/5/2022		1,220,856
	1,170,000	3.600%, 5/25/2023		1,208,929
	1,460,000	3.900%, 5/25/2026		1,507,165
		Huntington Bancshares, Inc.
	304,000	2.600%, 8/2/2018		306,055
		Huntington National Bank
	1,030,000	2.200%, 11/6/2018		1,032,875
		Icahn Enterprises, LP
	1,565,000	6.000%, 8/1/2020		1,610,972
	1,045,000	6.750%, 2/1/2024		1,089,517
		ING Capital Funding Trust III
	1,015,000	4.896%, 9/30/2017^h,j		1,018,167
		ING Groep NV
	1,125,000	3.150%, 3/29/2022		1,146,302
		International Lease Finance Corporation
	375,000	4.625%, 4/15/2021		399,095

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (29.2%)	Value
	Financials (3.1%) - continued
	$750,000	5.875%, 8/15/2022	$	846,626
		J.P. Morgan Chase & Company
	1,215,000	6.300%, 4/23/2019		1,307,714
	625,000	2.250%, 1/23/2020		626,898
	1,615,000	1.882%, 6/1/2021^h		1,617,235
	900,000	2.295%, 8/15/2021		894,677
	1,930,000	4.500%, 1/24/2022		2,089,681
	1,158,000	3.200%, 1/25/2023		1,180,510
	1,950,000	2.700%, 5/18/2023		1,928,359
	825,000	2.383%, 10/24/2023^h		837,401
	1,320,000	3.625%, 5/13/2024		1,361,506
	2,585,000	3.125%, 1/23/2025		2,570,100
	1,250,000	3.300%, 4/1/2026		1,241,376
		KeyBank NA
	1,225,000	2.350%, 3/8/2019		1,232,993
		KeyCorp
	1,600,000	2.900%, 9/15/2020		1,627,542
		Kookmin Bank
	1,225,000	1.625%, 8/1/2019^g		1,205,890
		Liberty Mutual Group, Inc.
	760,000	4.950%, 5/1/2022^g		833,450
		Liberty Property, LP
	2,210,000	3.750%, 4/1/2025		2,245,877
		Lincoln National Corporation
	750,000	8.750%, 7/1/2019		843,250
		Lloyds Bank plc
	885,000	1.770%, 3/16/2018^h		886,481
		MassMutual Global Funding
	1,230,000	2.750%, 6/22/2024^g		1,220,583
		MetLife, Inc.
	1,300,000	4.050%, 3/1/2045		1,312,930
		Mitsubishi UFJ Financial Group, Inc.
	1,200,000	2.190%, 9/13/2021		1,182,481
		Mizuho Bank, Ltd.
	960,000	1.850%, 3/21/2018^g		961,297
		Morgan Stanley
	2,625,000	6.625%, 4/1/2018		2,718,232
	560,000	2.436%, 4/25/2018^h		564,877
	780,000	2.310%, 1/27/2020^h		791,802
	760,000	5.550%, 7/15/2020^j		794,010
	945,000	2.500%, 4/21/2021		944,186
	1,900,000	2.625%, 11/17/2021		1,897,004
	1,683,000	2.750%, 5/19/2022		1,682,445
	670,000	4.875%, 11/1/2022		727,363
	1,530,000	4.000%, 7/23/2025		1,597,060
	1,925,000	4.350%, 9/8/2026		2,001,503
		MPT Operating Partnership, LP
	2,200,000	6.375%, 3/1/2024		2,392,786
		Nasdaq, Inc.
	900,000	3.850%, 6/30/2026		913,283
		National City Corporation
	1,966,000	6.875%, 5/15/2019		2,139,289
		New York Life Global Funding
	1,120,000	2.300%, 6/10/2022^e,g		1,113,888
		Park Aerospace Holdings, Ltd.
	3,555,000	5.500%, 2/15/2024^g		3,713,198
		Prudential Financial, Inc.
	530,000	2.350%, 8/15/2019		533,186
		Quicken Loans, Inc.
	3,705,000	5.750%, 5/1/2025^g		3,825,413
		Realty Income Corporation
	1,475,000	4.125%, 10/15/2026		1,524,833
		Regions Bank
	344,000	7.500%, 5/15/2018		360,130
		Regions Financial Corporation
	1,400,000	2.250%, 9/14/2018		1,405,716
	1,158,000	3.200%, 2/8/2021		1,183,852
		Reinsurance Group of America, Inc.
	990,000	5.000%, 6/1/2021		1,075,897
		Reliance Standard Life Global Funding II
	660,000	2.500%, 4/24/2019^g		664,417
		Royal Bank of Scotland Group plc
	1,870,000	8.625%, 8/15/2021^j		2,038,300
	1,000,000	3.875%, 9/12/2023		1,019,802
		Santander Holdings USA, Inc.
	1,030,000	3.450%, 8/27/2018		1,044,472
		Santander UK Group Holdings plc
	1,351,000	2.875%, 10/16/2020		1,370,295
		Santander UK plc
	608,000	3.050%, 8/23/2018		615,632
		Simon Property Group, LP
	570,000	2.500%, 9/1/2020		575,114
	1,400,000	2.750%, 2/1/2023		1,394,403
	1,520,000	4.250%, 11/30/2046		1,519,249
		Skandinaviska Enskilda Banken AB
	1,025,000	2.375%, 3/25/2019^g		1,031,279
		Societe Generale SA
	1,122,000	4.750%, 11/24/2025^e,g		1,176,525
		Standard Chartered plc
	2,479,000	2.100%, 8/19/2019^g		2,469,991
		State Street Corporation
	873,000	2.081%, 8/18/2020^h		891,566
		Sumitomo Mitsui Banking Corporation
	930,000	1.738%, 1/16/2018^h		932,186
		Sumitomo Mitsui Financial Group, Inc.
	1,140,000	3.010%, 10/19/2026		1,115,597
		SunTrust Banks, Inc.
	1,500,000	2.250%, 1/31/2020		1,506,360
		Svenska Handelsbanken AB
	1,190,000	1.757%, 6/17/2019^h		1,195,291
		Synchrony Financial
	1,870,000	3.000%, 8/15/2019		1,896,442
	520,000	2.402%, 2/3/2020^h		523,928
	590,000	4.250%, 8/15/2024		602,677
		Toronto-Dominion Bank
	560,000	2.172%, 12/14/2020^h		568,133
		UBS Group Funding Jersey, Ltd.
	1,930,000	2.950%, 9/24/2020^g		1,971,460
	1,158,000	4.125%, 9/24/2025^g		1,213,969
		UBS Group Funding Switzerland AG
	1,505,000	3.491%, 5/23/2023^g		1,539,597
		UnitedHealth Group, Inc.
	375,000	3.350%, 7/15/2022		391,460
	3,450,000	4.625%, 7/15/2035		3,881,833
		USB Realty Corporation
	535,000	2.305%, 1/15/2022^g,h,j		468,125
		Ventas Realty, LP
	1,550,000	3.100%, 1/15/2023		1,554,977
		Voya Financial, Inc.
	1,185,000	2.900%, 2/15/2018		1,193,030
	3,740,000	3.125%, 7/15/2024^c		3,683,261
		Wells Fargo & Company
	780,000	1.852%, 1/30/2020^h		785,077
	1,550,000	2.550%, 12/7/2020		1,567,637
	1,550,000	3.069%, 1/24/2023		1,570,598
	1,520,000	3.450%, 2/13/2023		1,556,054

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (29.2%)	Value
	Financials (3.1%) - continued
	$1,320,000	3.000%, 2/19/2025	$	1,299,628
	1,875,000	3.000%, 4/22/2026		1,831,412
	1,475,000	3.000%, 10/23/2026		1,436,445
	2,680,000	4.900%, 11/17/2045		2,926,297
		Welltower, Inc.
	655,000	3.750%, 3/15/2023		679,565
	1,400,000	4.000%, 6/1/2025		1,447,671

		Total		296,287,037

	Foreign Government (0.1%)
		Argentina Government International Bond
	1,110,000	7.500%, 4/22/2026^e		1,193,250
	380,000	6.875%, 1/26/2027		392,920
		Brazil Government International Bond
	1,000,000	7.125%, 1/20/2037		1,142,500
		Colombia Government International Bond
	1,235,000	3.875%, 4/25/2027^e		1,246,115
		Export-Import Bank of Korea
	765,000	2.250%, 1/21/2020		763,647
		Indonesia Government International Bond
	2,300,000	5.250%, 1/8/2047^g		2,502,315
		Kommunalbanken AS
	1,270,000	1.500%, 10/22/2019^g		1,264,215
		Mexico Government International Bond
	1,845,000	4.150%, 3/28/2027		1,910,498
		Turkey Government International Bond
	2,244,000	5.750%, 5/11/2047		2,194,632

		Total		12,610,092

	Mortgage-Backed Securities (8.9%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	47,720,000	3.000%, 7/1/2031^c		48,995,021
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	82,595,000	4.000%, 7/1/2047^c		86,850,575
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	5,762,680	1.746%, 7/1/2043^h		5,912,846
	5,318,029	2.044%, 7/1/2043^h		5,456,345
	4,593,703	2.019%, 8/1/2043^h		4,702,848
	91,850,000	3.000%, 7/1/2047^c		91,706,484
	331,000,000	3.500%, 7/1/2047^c		339,859,513
	205,070,000	4.000%, 7/1/2047^c		215,531,769
	59,343,000	4.500%, 7/1/2047^c		63,640,685

		Total		862,656,086

	Technology (0.7%)
		Amphenol Corporation
	511,000	2.550%, 1/30/2019		515,718
		Apple, Inc.
	615,000	1.482%, 5/6/2020^h		618,793
	925,000	3.000%, 2/9/2024		938,795
	2,676,000	3.200%, 5/13/2025		2,733,269
	1,500,000	3.200%, 5/11/2027		1,514,231
	1,975,000	3.000%, 6/20/2027		1,965,303
	1,154,000	4.650%, 2/23/2046		1,295,410
	1,875,000	4.250%, 2/9/2047		1,991,644
		Applied Materials, Inc.
	736,000	3.300%, 4/1/2027		748,043
		Avnet, Inc.
	1,100,000	3.750%, 12/1/2021		1,117,658
		Baidu, Inc.
	1,650,000	3.000%, 6/30/2020		1,672,143
		Cisco Systems, Inc.
	825,000	1.702%, 3/1/2019^h		831,026
		CommScope Technologies Finance, LLC
	2,125,000	6.000%, 6/15/2025^g		2,268,437
		Diamond 1 Finance Corporation
	950,000	3.480%, 6/1/2019^g		972,244
	1,870,000	5.450%, 6/15/2023^g		2,029,014
	579,000	6.020%, 6/15/2026^g		637,832
	760,000	8.350%, 7/15/2046^g		981,938
		Equinix, Inc.
	2,695,000	5.750%, 1/1/2025		2,900,494
		Fidelity National Information Services, Inc.
	1,560,000	2.850%, 10/15/2018		1,578,445
	1,509,000	3.625%, 10/15/2020		1,580,613
		First Data Corporation
	1,570,000	5.375%, 8/15/2023^g		1,640,650
		Hewlett Packard Enterprise Company
	507,000	2.450%, 10/5/2017		508,338
	760,000	2.850%, 10/5/2018		766,522
	760,000	4.400%, 10/15/2022		805,608
		Intel Corporation
	320,000	3.100%, 7/29/2022		331,481
	925,000	3.700%, 7/29/2025		971,186
	1,737,000	4.100%, 5/19/2046		1,802,971
		International Business Machines Corporation
	1,544,000	4.700%, 2/19/2046^e		1,727,029
		Iron Mountain, Inc.
	2,740,000	6.000%, 8/15/2023		2,911,250
		Micron Technology, Inc.
	4,415,000	7.500%, 9/15/2023		4,939,060
		Microsoft Corporation
	2,400,000	4.750%, 11/3/2055		2,745,979
	2,400,000	4.200%, 11/3/2035		2,625,334
	4,500,000	3.700%, 8/8/2046		4,459,864
	1,850,000	4.250%, 2/6/2047		2,005,940
		NXP BV
	1,830,000	3.875%, 9/1/2022^g		1,905,487
		Oracle Corporation
	565,000	2.500%, 5/15/2022		570,299
	1,544,000	2.400%, 9/15/2023		1,523,746
	3,565,000	2.950%, 5/15/2025		3,578,533
		QUALCOMM, Inc.
	1,158,000	3.000%, 5/20/2022		1,187,433
	748,000	4.300%, 5/20/2047		763,616
		Sensata Technologies UK Financing Company plc
	1,555,000	6.250%, 2/15/2026^g		1,694,950

		Total		68,356,326

	Transportation (0.2%)
		Air Canada Pass Through Trust
	473,391	3.875%, 3/15/2023^g		472,208
		American Airlines Pass Through Trust
	1,423,682	3.375%, 5/1/2027		1,430,800
		Avis Budget Car Rental, LLC
	1,625,000	6.375%, 4/1/2024^e,g		1,620,937

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (29.2%)	Value
	Transportation (0.2%) - continued
		Burlington Northern Santa Fe, LLC
$	1,120,000	5.750%, 5/1/2040	$	1,416,031
	3,220,000	5.050%, 3/1/2041		3,768,166
	1,175,000	4.450%, 3/15/2043		1,278,221
	1,640,000	3.900%, 8/1/2046		1,670,420
		Continental Airlines, Inc.
	646,516	4.150%, 4/11/2024		678,842
		CSX Corporation
	532,000	3.700%, 11/1/2023		559,226
		Delta Air Lines, Inc.
	244,559	4.950%, 5/23/2019		254,036
	830,000	2.875%, 3/13/2020		840,794
		ERAC USA Finance, LLC
	294,000	2.800%, 11/1/2018^g		297,034
		J.B. Hunt Transport Services, Inc.
	510,000	3.300%, 8/15/2022		519,853
		Southwest Airlines Company
	1,075,000	2.750%, 11/6/2019		1,091,224
		Virgin Australia Holdings, Ltd.
	238,650	5.000%, 10/23/2023^g		248,793
		XPO Logistics, Inc.
	2,270,000	6.500%, 6/15/2022^g		2,386,337

		Total		18,532,922

	U.S. Government and Agencies (6.5%)
		Federal National Mortgage Association
	540,000	6.250%, 5/15/2029		732,846
		Tennessee Valley Authority
	520,000	5.250%, 9/15/2039		683,303
		U.S. Treasury Bonds
	9,000,000	2.375%, 5/15/2027		9,058,005
	4,750,000	5.250%, 11/15/2028		6,116,922
	2,975,000	4.375%, 5/15/2040		3,800,910
	35,920,000	3.625%, 2/15/2044		41,442,700
	25,136,000	2.500%, 5/15/2046		23,426,551
	5,100,000	2.875%, 11/15/2046		5,136,858
	2,130,000	3.000%, 2/15/2047		2,201,055
	9,620,000	3.000%, 5/15/2047		9,945,425
		U.S. Treasury Bonds, TIPS
	35,914,210	0.125%, 1/15/2023		35,580,136
	136,195	2.375%, 1/15/2025		155,125
	32,073,618	0.625%, 1/15/2026		32,270,262
	31,933,964	0.375%, 1/15/2027		31,355,448
	96,153	2.125%, 2/15/2040		119,557
	1,027,948	0.750%, 2/15/2042		977,875
		U.S. Treasury Notes
	56,935,000	1.000%, 11/30/2018		56,659,207
	14,000,000	0.750%, 2/15/2019		13,864,928
	13,600,000	1.000%, 10/15/2019		13,471,969
	111,920,000	1.500%, 10/31/2019		112,059,900
	12,740,000	1.500%, 5/15/2020		12,725,069
	76,185,000	1.375%, 9/30/2020		75,616,584
	5,000,000	1.375%, 5/31/2021		4,930,470
	38,359,000	1.125%, 8/31/2021		37,346,092
	1,000,000	2.125%, 9/30/2021		1,013,555
	6,400,000	1.875%, 2/28/2022		6,407,002
	2,000,000	2.125%, 6/30/2022		2,021,484
	8,105,000	1.625%, 8/15/2022		7,994,821
	1,520,000	1.375%, 9/30/2023		1,458,726
	12,900,000	1.625%, 10/31/2023		12,561,878
	68,135,000	2.250%, 11/15/2024		68,496,933
	2,150,000	2.000%, 11/15/2026		2,096,669
		U.S. Treasury Notes, TIPS
	4,435,923	0.125%, 4/15/2021		4,428,905

		Total		636,157,170

	Utilities (0.9%)
		American Electric Power Company, Inc.
	2,552,000	2.950%, 12/15/2022		2,597,916
		Appalachian Power Company
	750,000	3.300%, 6/1/2027		759,630
		Arizona Public Service Company
	675,000	2.200%, 1/15/2020		676,657
		Atmos Energy Corporation
	785,000	3.000%, 6/15/2027		779,868
		Berkshire Hathaway Energy Company
	455,000	2.400%, 2/1/2020		458,928
		Calpine Corporation
	1,470,000	5.375%, 1/15/2023^e		1,433,250
		CMS Energy Corporation
	1,140,000	2.950%, 2/15/2027		1,093,345
	1,140,000	3.450%, 8/15/2027		1,150,715
		Commonwealth Edison Company
	1,300,000	3.700%, 3/1/2045		1,281,645
	650,000	4.350%, 11/15/2045		701,638
		Consolidated Edison Company of New York, Inc.
	579,000	4.500%, 12/1/2045		641,092
		Consolidated Edison, Inc.
	772,000	2.000%, 5/15/2021		759,894
		Dominion Energy, Inc.
	1,495,000	2.962%, 7/1/2019		1,517,415
	1,496,000	2.579%, 7/1/2020		1,503,612
		DTE Electric Company
	965,000	3.700%, 3/15/2045		952,975
	1,225,000	3.700%, 6/1/2046		1,205,211
		DTE Energy Company
	265,000	2.400%, 12/1/2019		266,211
		Duke Energy Corporation
	1,073,000	2.100%, 6/15/2018		1,077,163
	1,520,000	3.750%, 9/1/2046		1,446,171
		Duke Energy Florida, LLC
	1,030,000	3.200%, 1/15/2027		1,043,290
		Duke Energy Indiana, LLC
	1,550,000	3.750%, 5/15/2046		1,533,282
		Dynegy, Inc.
	2,665,000	7.375%, 11/1/2022^e		2,631,687
		Edison International
	1,520,000	2.950%, 3/15/2023		1,534,894
		Emera U.S. Finance, LP
	1,175,000	2.150%, 6/15/2019		1,173,953
	1,160,000	4.750%, 6/15/2046		1,225,908
		Enbridge Energy Partners, LP
	1,840,000	5.875%, 10/15/2025^e		2,099,214
		Enel Finance International NV
	474,000	6.250%, 9/15/2017^g		478,176
		Eversource Energy
	565,000	1.600%, 1/15/2018		564,130
		Exelon Corporation
	825,000	5.100%, 6/15/2045		925,705
	1,158,000	4.450%, 4/15/2046		1,198,536
		Exelon Generation Company, LLC
	1,077,000	5.200%, 10/1/2019		1,143,995
	1,385,000	2.950%, 1/15/2020		1,409,580
		FirstEnergy Corporation
	460,000	2.850%, 7/15/2022		458,422
	2,645,000	4.850%, 7/15/2047		2,680,893

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (29.2%)	Value
	Utilities (0.9%) - continued
		Great Plains Energy, Inc.
$	1,200,000	2.500%, 3/9/2020	$	1,211,113
		ITC Holdings Corporation
	294,000	4.050%, 7/1/2023		308,299
	760,000	5.300%, 7/1/2043		885,728
		Kinder Morgan Energy Partners, LP
	1,870,000	6.500%, 9/1/2039		2,119,909
		MidAmerican Energy Holdings Company
	2,316,000	6.500%, 9/15/2037		3,113,276
		Monongahela Power Company
	990,000	5.400%, 12/15/2043^g		1,203,929
		National Rural Utilities Cooperative Finance Corporation
	1,500,000	2.300%, 11/1/2020		1,501,620
		NextEra Energy Capital Holdings, Inc.
	965,000	2.300%, 4/1/2019		969,463
		NiSource Finance Corporation
	748,000	3.490%, 5/15/2027		753,229
	2,200,000	5.650%, 2/1/2045		2,648,804
		Northern States Power Company
	1,670,000	4.125%, 5/15/2044		1,774,176
		NRG Energy, Inc.
	1,100,000	6.625%, 3/15/2023		1,130,250
		Oncor Electric Delivery Company, LLC
	2,992,000	3.750%, 4/1/2045		2,929,300
		Pacific Gas and Electric Company
	1,850,000	3.300%, 3/15/2027		1,891,471
	1,158,000	4.250%, 3/15/2046		1,233,749
		PG&E Corporation
	485,000	2.400%, 3/1/2019		487,395
		PPL Capital Funding, Inc.
	508,000	3.500%, 12/1/2022		524,881
	748,000	3.400%, 6/1/2023		768,622
	1,900,000	5.000%, 3/15/2044		2,144,910
		PPL Electric Utilities Corporation
	1,122,000	3.950%, 6/1/2047		1,155,988
		Public Service Electric & Gas Company
	1,900,000	3.000%, 5/15/2027		1,904,051
		Sempra Energy
	1,640,000	6.150%, 6/15/2018		1,707,814
	630,000	2.400%, 3/15/2020		632,785
		Southern California Edison Company
	375,000	2.400%, 2/1/2022		376,177
	1,500,000	4.000%, 4/1/2047		1,571,216
		Southern Company
	1,550,000	1.850%, 7/1/2019		1,544,054
	1,500,000	2.950%, 7/1/2023		1,490,180
	1,870,000	3.250%, 7/1/2026		1,829,535
	1,550,000	4.400%, 7/1/2046		1,580,428
		Southern Company Gas Capital Corporation
	1,870,000	4.400%, 5/30/2047		1,922,684
		Southwestern Electric Power Company
	620,000	3.900%, 4/1/2045		609,005
		Tesoro Logistics, LP
	2,460,000	5.250%, 1/15/2025		2,583,000
		Xcel Energy, Inc.
	2,250,000	3.350%, 12/1/2026		2,271,044

		Total		89,183,086

		Total Long-Term Fixed Income (cost $2,816,323,328)		2,841,403,256


Shares		Preferred Stock (<0.1%)
	Consumer Staples (<0.1%)
	3,884	Henkel AG & Company KGaA, 1.470%		535,580

		Total		535,580

	Energy (<0.1%)
	25,286	Alpha Natural Resources, Inc., 0.000%^d		474,113
	25,286	ANR Holdings, Inc., 0.000%^d		75,858

		Total		549,971

		Total Preferred Stock (cost $600,365)		1,085,551


		Collateral Held for Securities Loaned (0.8%)
	81,917,400	Thrivent Cash Management Trust		81,917,400

		Total Collateral Held for Securities Loaned (cost $81,917,400)		81,917,400


Shares or Principal Amount		Short-Term Investments (14.2%)^l
		Federal Home Loan Bank Discount Notes
	11,600,000	0.811%, 7/7/2017^m		11,598,712
	12,000,000	0.840%, 7/19/2017^m		11,994,672
	1,900,000	0.850%, 7/21/2017^m		1,899,050
	3,200,000	1.020%, 8/1/2017^m		3,197,370
	6,750,000	0.990%, 8/2/2017^m		6,744,263
	3,200,000	1.030%, 8/11/2017^m		3,196,464
	2,300,000	0.980%, 8/23/2017^m		2,296,676
	11,000,000	1.030%, 8/30/2017^m		10,981,927
	500,000	1.035%, 9/27/2017^m		498,769
		Thrivent Core Short-Term Reserve Fund
	132,665,962	1.240%		1,326,659,615
		U.S. Treasury Bills
	1,600,000	0.864%, 8/3/2017ⁿ		1,598,829
	1,100,000	0.861%, 8/10/2017ⁿ		1,098,996
	520,000	0.930%, 9/7/2017ⁿ		519,094

		Total Short-Term Investments (cost $1,382,282,905)		1,382,284,437

		Total Investments (cost $9,649,681,972) 109.8%	$	10,693,489,935

		Other Assets and Liabilities, Net (9.8%)		(958,646,307	)

		Total Net Assets 100.0%	$	9,734,843,628

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

b	All or a portion of the loan is unfunded.

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

d	Non-income producing security.

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

f	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.

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

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)

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, 2017.

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, 2017.

j	Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest and have no contractual maturity date. Date shown, if applicable, is next call 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.

n	At June 30, 2017, $2,752,540 of investments were segregated to cover exposure to a counterparty for margin on open mortgage-backed security transactions.

Denotes restricted securities. Restricted securities are investment securities which cannot be offered for public sale without first being registered under the Securities Act of 1933. The value of all restricted securities held in Moderate Allocation Portfolio as of June 30, 2017 was $112,167,973 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, 2017.


Security	Acquisition Date		Cost
ALM Loan Funding CLO, 10/17/2026		4/28/2017	$	3,275,000
Angel Oak Mortgage Trust I, LLC, 7/25/2046		8/15/2016		1,329,012
Apidos CLO XVIII, 7/22/2026		4/4/2017		3,200,000
Ares XXXII CLO, Ltd., 11/15/2025		2/3/2017		2,750,000
Babson CLO, Ltd., 10/17/2026		3/10/2017		1,400,000
Betony CLO, Ltd., 4/15/2027		11/17/2016		1,260,000
Birchwood Park CLO, Ltd., 7/15/2026		2/14/2017		1,400,000
BlueMountain CLO, Ltd., 10/15/2026		4/10/2017		2,350,000
Carlyle Global Market Strategies CLO, Ltd., 10/15/2026		1/27/2017		1,400,000
Cent CLO 16, LP, 8/1/2024		9/5/2014		1,245,854
Cent CLO 22, Ltd., 11/7/2026		11/1/2016		1,400,000
COLT Mortgage Loan Trust, 12/26/2046		12/14/2016		2,334,205
Digicel, Ltd., 4/15/2021		8/18/2014		3,705,076
DRB Prime Student Loan Trust, 1/25/2040		6/23/2016		3,072,006
DRB Prime Student Loan Trust, 10/27/2031		9/30/2016		903,384
DRB Prime Student Loan Trust, 7/25/2031		9/23/2015		836,026
Dryden 34 Senior Loan Fund CLO, 10/15/2026		3/1/2017		1,400,000
Edlinc Student Loan Funding Trust, 10/1/2025		2/28/2013		58,501
Galaxy XX CLO, Ltd., 7/20/2027		5/20/2015		4,500,000
GoldenTree Loan Opportunities IX, Ltd., 10/29/2026		10/7/2016		1,325,000
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		1/30/2017		4,500,000
Madison Park Funding XIV, Ltd., 7/20/2026		4/13/2017		3,575,000
Magnetite XII, Ltd., 4/15/2027		11/17/2016		4,425,000
Marlette Funding Trust, 1/17/2023		7/20/2016		1,032,502
Mountain View CLO, Ltd., 7/15/2027		5/13/2015		4,513,280
Murray Hill Marketplace Trust, 11/25/2022		10/6/2016		1,666,246
Neuberger Berman CLO XIV, Ltd., 1/28/2030		4/19/2017		2,100,000
Neuberger Berman CLO, Ltd., 4/22/2029		4/27/2017		850,000
NZCG Funding CLO, Ltd., 4/27/2027		3/27/2015		4,500,000
Octagon Investment Partners XX, Ltd., 8/12/2026		4/21/2017		3,250,000
OHA Loan Funding, LLC, 10/20/2026		3/9/2017		4,500,000
OZLM VIII, Ltd., 10/17/2026		5/16/2017		1,300,000
Preston Ridge Partners Mortgage Trust, LLC, 1/25/2022		1/24/2017		2,033,639
Pretium Mortgage Credit Partners, LLC, 4/29/2032		3/31/2017		2,881,262
Race Point IX CLO, Ltd., 4/15/2027		2/13/2015		3,260,000
Shackleton, Ltd., 4/15/2027		12/16/2016		4,500,000
Stanwich Mortgage Loan Company, LLC, 3/16/2022		4/6/2017		3,650,815
Sunset Mortgage Loan Company, LLC, 7/16/2047		7/27/2016		2,426,820
Sunset Mortgage Loan Company, LLC, 6/16/2047		6/15/2017		5,300,000
Sunset Mortgage Loan Company, LLC, 9/18/2045		10/2/2015		1,123,875
Symphony CLO VIII, Ltd., 1/9/2023		9/15/2014		866,639
Symphony CLO XV, Ltd., 10/17/2026		2/16/2017		4,500,000
Vericrest Opportunity Loan Transferee, 2/25/2055		2/25/2015		656,567
Voya CLO 3, Ltd., 7/25/2026		7/10/2014		1,397,900


Securities Lending Transactions
Taxable Debt Security	$	27,937,961
Common Stock		51,465,932

Total lending	$	79,403,893
Gross amount payable upon return of collateral for securities loaned	$	81,917,400

Net amounts due to counterparty	$	2,513,507

Definitions:


ACES	-	Alternative Credit Enhancement Securities
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.
Ser.	-	Series
SPDR	-	S&P Depository Receipts, which are exchange-traded funds traded in the U.S., Europe, and Asia-Pacific and managed by State Street Global Advisors.
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, 2017

(unaudited)


Principal Amount		Bank Loans (2.4%)^a	Value
	Basic Materials (0.1%)
		Arch Coal, Inc., Term Loan
$	768,075	5.226%, 3/7/2024	$	766,477
		Chemours Company, Term Loan
	283,189	3.570%, 5/12/2022		283,968
		Contura Energy, Inc., Term Loan
	1,411,463	6.230%, 3/17/2024		1,369,119
		Ineos Finance, LLC, Term Loan
	1,779,030	3.976%, 3/31/2022^b,c		1,781,627
		Tronox Pigments BV, Term Loan
	1,941,322	4.796%, 3/19/2020		1,951,029

		Total		6,152,220

	Capital Goods (0.2%)
		Advanced Disposal Services, Inc., Term Loan
	956,709	3.939%, 11/10/2023		959,618
		Berry Plastics Corporation, Term Loan
	2,235,000	3.367%, 2/8/2020		2,234,374
	815,000	3.367%, 1/6/2021		814,527
		Cortes NP Intermediate Holding II Corporation, Term Loan
	2,655,000	5.226%, 11/30/2023		2,663,841
		Sterigenics-Nordion Holdings, LLC, Term Loan
	2,871,528	4.226%, 5/15/2022		2,860,760

		Total		9,533,120

	Communications Services (0.7%)
		Atlantic Broadband Penn, LLC, Term Loan
	879,939	3.726%, 11/30/2019		880,309
		Beasley Broadcast Group, Inc., Term Loan
	720,453	7.226%, 11/1/2023		727,657
		Cengage Learning Acquisitions, Term Loan
	1,122,684	5.339%, 6/7/2023		1,058,253
		Charter Communications Operating, LLC, Term Loan
	810,777	3.230%, 7/1/2020		812,910
	800,829	3.230%, 1/3/2021		802,831
		Coral-US Co-Borrower, LLC, Term Loan
	1,250,000	4.726%, 11/19/2024		1,252,350
		Hargray Merger Subsidiary Corporation, Term Loan
	565,000	4.226%, 3/24/2024		565,531
		Intelsat Jackson Holdings SA, Term Loan
	650,968	4.000%, 6/30/2019		644,966
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	2,585,000	4.658%, 1/7/2022		2,557,005
	355,000	7.908%, 7/7/2023		353,225
		LTS Buyer, LLC, Term Loan
	1,971,286	4.546%, 4/13/2020		1,977,199
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	1,757,250	5.226%, 5/4/2022		1,726,217
		NEP Broadcasting, LLC, Term Loan
	134,286	10.039%, 7/22/2020		134,454
		NEP/NCP Holdco, Inc., Term Loan
	2,472,620	4.476%, 1/22/2020		2,471,854
	1,745,000	0.000%, 7/21/2022^b,c		1,744,459
		New LightSquared, Term Loan
	394,693	19.939%, 12/7/2020		382,572
		SBA Senior Finance II, LLC, Term Loan
	1,803,200	3.480%, 6/10/2022		1,803,651
		SFR Group SA, Term Loan
	645,000	3.944%, 6/22/2025		639,156
		Sprint Communications, Inc., Term Loan
	2,952,600	3.750%, 2/2/2024		2,951,980
		Syniverse Holdings, Inc., Term Loan
	1,506,611	4.296%, 4/23/2019		1,404,915
		TNS, Inc., Term Loan
	693,005	5.230%, 2/15/2020		697,683
		Univision Communications, Inc., Term Loan
	1,871,463	3.976%, 3/15/2024		1,833,248
		Virgin Media Bristol, LLC, Term Loan
	1,475,000	3.909%, 1/31/2025		1,474,631
		WideOpenWest Finance, LLC, Term Loan
	2,190,000	0.000%, 8/6/2023^b,c		2,186,277
	3,796,313	4.702%, 8/19/2023		3,789,859
		Zayo Group, LLC, Term Loan
	1,437,075	3.716%, 1/19/2024		1,437,678

		Total		36,310,870

	Consumer Cyclical (0.3%)
		Amaya Holdings BV, Term Loan
	2,854,804	4.796%, 8/1/2021		2,857,402
		Burlington Coat Factory Warehouse Corporation, Term Loan
	1,094,626	3.960%, 7/29/2021		1,096,903
		Ceridian HCM Holding, Inc., Term Loan
	566,107	4.726%, 9/15/2020		561,510
		Four Seasons Hotels, Ltd., Term Loan
	608,471	3.726%, 11/30/2023		612,019
		Golden Nugget, Inc., Term Loan
	535,863	4.710%, 11/21/2019		540,889
		Golden Nugget, Inc., Term Loan Delayed Draw
	229,656	4.680%, 11/21/2019		231,810
		IMG Worldwide, Inc., Term Loan
	633,333	8.476%, 5/6/2022		640,458
		Mohegan Tribal Gaming Authority, Term Loan
	1,517,375	5.226%, 10/13/2023^b,c		1,533,019
		Scientific Games International, Inc., Term Loan
	3,411,450	5.108%, 10/1/2021		3,443,211
		Seminole Indian Tribe of Florida, Term Loan
	607,663	3.476%, 4/29/2020		608,118

		Total		12,125,339

	Consumer Non-Cyclical (0.4%)
		Air Medical Group Holdings, Inc., Term Loan
	3,150,000	0.000%, 4/28/2022^b,c		3,132,675
		Albertson’s, LLC, Term Loan
	841,965	0.000%, 12/21/2022^b,c		832,021
	1,527,098	0.000%, 6/22/2023^b,c		1,508,651
		CHS/Community Health Systems, Inc., Term Loan
	262,135	3.960%, 12/31/2019		261,656

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Bank Loans (2.4%)^a	Value
	Consumer Non-Cyclical (0.4%) - continued
$	1,693,538	4.210%, 1/27/2021	$	1,689,830
		Endo Luxembourg Finance Company I SARL., Term Loan
	975,000	5.500%, 4/27/2024		983,531
		JBS USA LUX SA, Term Loan
	2,473,800	5.750%, 10/30/2022^b,c		2,409,481
		Ortho-Clinical Diagnostics, Inc., Term Loan
	2,307,480	5.046%, 6/30/2021		2,292,596
		Valeant Pharmaceuticals International, Inc., Term Loan
	5,418,755	5.830%, 4/1/2022		5,489,903

		Total		18,600,344

	Energy (0.1%)
		Energy Solutions, LLC, Term Loan
	437,250	6.980%, 5/29/2020		439,436
		Expro Holdings UK 2, Ltd., Term Loan
	729,375	5.960%, 9/2/2021		495,369
		Fieldwood Energy, LLC, Term Loan
	879,760	4.171%, 9/28/2018		843,470
		Houston Fuel Oil Terminal, LLC, Term Loan
	1,823,486	4.550%, 8/19/2021^b,c		1,807,531
		McJunkin Red Man Corporation, Term Loan
	879,103	5.226%, 11/9/2019		883,938
		MEG Energy Corporation, Term Loan
	788,025	4.696%, 12/31/2023		766,851
		Pacific Drilling SA, Term Loan
	1,228,800	4.750%, 6/3/2018		557,568

		Total		5,794,163

	Financials (0.1%)
		ASP AMC Merger Sub, Inc., Term Loan
	2,079,975	4.796%, 4/13/2024		2,056,575
		Avolon TLB Borrower 1 (Luxembourg) SARL, Term Loan
	1,145,000	3.462%, 9/20/2020		1,149,007
		Digicel International Finance, Ltd., Term Loan
	325,000	4.940%, 5/10/2024		326,931
		DJO Finance, LLC, Term Loan
	933,375	4.387%, 6/7/2020		922,679
		MoneyGram International, Inc., Term Loan
	1,724,272	4.546%, 3/28/2020		1,723,548
		TransUnion, LLC, Term Loan
	969,995	3.726%, 4/26/2022		975,533

		Total		7,154,273

	Technology (0.3%)
		Accudyne Industries, LLC, Term Loan
	1,145,978	4.226%, 12/13/2019		1,135,768
		Dell International, LLC, Term Loan
	572,129	3.730%, 9/7/2023		574,034
		First Data Corporation, Term Loan
	2,055,000	3.716%, 4/26/2024		2,054,260
		Harland Clarke Holdings Corporation, Term Loan
	890,349	7.296%, 12/31/2021		893,688
	963,162	6.796%, 2/9/2022		963,403
		Micron Technologies, Inc., Term Loan
	518,690	3.800%, 4/9/2023		522,471
		ON Semiconductor Corporation, Term Loan
	413,305	3.476%, 3/31/2023		413,491
		Rackspace Hosting, Inc., Term Loan
	1,380,000	0.000%, 11/3/2023^b,c		1,378,703
		RP Crown Parent, LLC, Term Loan
	1,218,875	4.726%, 10/12/2023		1,225,408
		Western Digital Corporation, Term Loan
	2,313,375	3.976%, 4/29/2023		2,321,194
		Xerox Business Services, LLC, Term Loan
	1,296,742	5.226%, 12/7/2023		1,311,330

		Total		12,793,750

	Transportation (0.1%)
		Arctic LNG Carriers, Ltd., Term Loan
	2,360,000	5.726%, 5/18/2023		2,351,150
		OSG Bulk Ships, Inc., Term Loan
	949,195	5.430%, 8/5/2019		899,363
		XPO Logistics, Inc., Term Loan
	1,240,000	3.405%, 10/30/2021		1,242,306

		Total		4,492,819

	Utilities (0.1%)
		Calpine Corporation, Term Loan
	2,084,050	4.050%, 1/15/2024		2,079,174
		Intergen NV, Term Loan
	859,200	5.800%, 6/13/2020		857,413
		Talen Energy Supply, LLC, Term Loan
	767,614	5.226%, 7/6/2023		710,526

		Total		3,647,113

		Total Bank Loans (cost $117,355,757)		116,604,011


		Long-Term Fixed Income (42.2%)
	Asset-Backed Securities (2.3%)
		Access Group, Inc.
		1.716%, 2/25/2036, Ser.
	847,738	2013-1, Class A^d,e		841,937
		ALM Loan Funding CLO
		2.232%, 10/17/2026, Ser.
	2,250,000	2014-11A, Class A1R^*,e		2,249,932
		AMSR Trust
		2.609%, 11/17/2033, Ser.
	2,700,000	2016-SFR1, Class A^d,e		2,716,863
		Apidos CLO XVIII
		2.273%, 7/22/2026, Ser.
	2,225,000	2014-18A, Class A1R^*,e		2,224,987
		Ares XXXII CLO, Ltd.
		2.392%, 11/15/2025, Ser.
	1,500,000	2014-32A, Class A1R^*,e		1,499,985
		Babson CLO, Ltd.
		2.308%, 10/17/2026, Ser.
	825,000	2014-IIA, Class AR^*,e		825,002
		Bayview Koitere Fund Trust
		4.000%, 11/28/2053, Ser.
	1,983,042	2017-SPL3, Class A^d		2,070,295
		Betony CLO, Ltd.
		2.508%, 4/15/2027, Ser.
	750,000	2015-1A, Class AR^*,e		751,873
		Birchwood Park CLO, Ltd.
		2.338%, 7/15/2026, Ser.
	825,000	2014-1A, Class AR^*,e		825,469

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (42.2%)	Value
	Asset-Backed Securities (2.3%) - continued
		BlueMountain CLO, Ltd.
$	1,650,000	2.298%, 10/15/2026, Ser. 2014-3A, Class A1R^*,e	$	1,649,993
		Carlyle Global Market Strategies CLO, Ltd.
	825,000	2.358%, 10/15/2026, Ser. 2014-4A, Class A1R^*,e		825,469
		Cent CLO 16, LP
	734,164	2.420%, 8/1/2024, Ser. 2012-16A, Class A1AR^*,e		734,684
		Cent CLO 22, Ltd.
	825,000	2.589%, 11/7/2026, Ser. 2014-22A, Class A1R^*,e		826,236
		Chesapeake Funding II, LLC
	962,439	1.880%, 6/15/2028, Ser. 2016-2A, Class A1^d		961,298
		Commonbond Student Loan Trust
	3,161,187	3.320%, 5/25/2040, Ser. 2016-A, Class A1^d		3,155,408
		DRB Prime Student Loan Trust
	557,440	3.170%, 7/25/2031, Ser. 2015-B, Class A2^*		560,424
	1,667,865	3.116%, 10/27/2031, Ser. 2015-B, Class A1^*,e		1,697,083
	2,862,844	3.200%, 1/25/2040, Ser. 2015-D, Class A2^*		2,887,975
		Dryden 34 Senior Loan Fund CLO
	825,000	2.318%, 10/15/2026, Ser. 2014-34A, Class AR^*,e		825,043
		Earnest Student Loan Program, LLC
	1,962,160	3.020%, 5/25/2034, Ser. 2016-B, Class A2^d		1,976,983
	1,544,819	2.680%, 7/25/2035, Ser. 2016-C, Class A2^d		1,546,042
	2,125,225	2.720%, 1/25/2041, Ser. 2016-D, Class A2^d		2,129,326
		Edlinc Student Loan Funding Trust
	632,554	3.930%, 10/1/2025, Ser. 2012-A, Class AT^*,e		642,912
		Galaxy XX CLO, Ltd.
	2,650,000	2.606%, 7/20/2027, Ser. 2015-20A, Class A^*,e		2,650,191
		GoldenTree Loan Opportunities IX, Ltd.
	825,000	2.540%, 10/29/2026, Ser. 2014-9A, Class AR^*,e		827,161
		Golub Capital Partners CLO 22B, Ltd.
	1,575,000	2.652%, 2/20/2027, Ser. 2015-22A, Class A1^*,e		1,577,366
		Golub Capital Partners CLO 23M, Ltd.
	800,000	2.656%, 5/5/2027, Ser. 2015-23A, Class A1^*,e		801,431
		Lehman XS Trust
	2,964,254	5.440%, 8/25/2035, Ser. 2005-2, Class 2A3B^f		2,540,243
		Limerock CLO III, LLC
	2,500,000	2.356%, 10/20/2026, Ser. 2014-3A, Class A1R^*,e		2,501,457
		Madison Park Funding XIV, Ltd.
	2,450,000	2.276%, 7/20/2026, Ser. 2014-14A, Class A1R^*,e		2,451,039
		Magnetite XII, Ltd.
	2,600,000	2.488%, 4/15/2027, Ser. 2015-12A, Class AR^*,e		2,613,835
		Marlette Funding Trust
	718,478	3.060%, 1/17/2023, Ser. 2016-1A, Class A^*		721,715
	4,300,000	2.390%, 7/15/2024, Ser. 2017-2A, Class A^d		4,299,991
		Morgan Stanley Bank of America Merrill Lynch Trust
	3,400,000	3.176%, 8/15/2045, Ser. 2012-C5, Class A4		3,504,330
	3,400,000	3.246%, 12/15/2047, Ser. 2014-C19, Class A3		3,457,718
		Morgan Stanley Capital, Inc.
	1,710,699	1.366%, 2/25/2037, Ser. 2007-NC2, Class A2FP^e		1,006,498
		Mountain View CLO, Ltd.
	2,625,000	2.618%, 7/15/2027, Ser. 2015-9A, Class A1A^*,e		2,626,790
		Murray Hill Marketplace Trust
	1,232,905	4.190%, 11/25/2022, Ser. 2016-LC1, Class A^*		1,243,966
		Neuberger Berman CLO XIV, Ltd.
	1,400,000	2.422%, 1/28/2030, Ser. 2013-14A, Class AR^*,e		1,399,990
		Neuberger Berman CLO, Ltd.
	600,000	2.306%, 4/22/2029, Ser. 2014-17A, Class AR^*,e		599,997
		NZCG Funding CLO, Ltd.
	2,650,000	2.720%, 4/27/2027, Ser. 2015-2A, Class A1^*,e		2,650,241
		Octagon Investment Partners XX, Ltd.
	2,250,000	2.311%, 8/12/2026, Ser. 2014-1A, Class AR^*,e		2,249,980
		OHA Loan Funding, LLC
	2,500,000	2.306%, 10/20/2026, Ser. 2014-1A, Class A1R^*,e		2,500,007
		OneMain Financial Issuance Trust
	1,750,000	4.100%, 3/20/2028, Ser. 2016-2A, Class A^d		1,785,180
		OZLM VIII, Ltd.
	825,000	2.598%, 10/17/2026, Ser. 2014-8A, Class A1AR^*,e		824,998
		Preston Ridge Partners Mortgage Trust, LLC
	1,561,021	4.250%, 1/25/2022, Ser. 2017-1A, Class A1^*,f		1,569,670
		Race Point IX CLO, Ltd.
	1,925,000	2.668%, 4/15/2027, Ser. 2015-9A, Class A1^*,e		1,927,489
		Renaissance Home Equity Loan Trust
	1,942,977	6.011%, 5/25/2036, Ser. 2006-1, Class AF4^f		1,458,913
	2,341,407	5.580%, 11/25/2036, Ser. 2006-3, Class AF2^f		1,342,597
		Shackleton, Ltd.
	2,650,000	2.528%, 4/15/2027, Ser. 2015-7A, Class AR^*,e		2,650,135
		SLM Student Loan Trust
	1,715,337	1.616%, 3/25/2025, Ser. 2010-1, Class A^e		1,690,466
	1,339,443	2.039%, 5/17/2027, Ser. 2013-A, Class A2B^d,e		1,348,966
		SoFi Consumer Loan Program, LLC
	1,041,735	3.260%, 8/25/2025, Ser. 2016-1, Class A^d		1,059,284

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (42.2%)	Value
	Asset-Backed Securities (2.3%) - continued
$	2,200,000	2.500%, 5/26/2026, Ser. 2017-4, Class A^c,d	$	2,199,602
		SoFi Professional Loan Program, LLC
	1,045,850	2.420%, 3/25/2030, Ser. 2015-A, Class A2^d		1,047,189
		Stanwich Mortgage Loan Company, LLC
	2,720,215	3.598%, 3/16/2022, Ser. 2017-NPA1, Class A1^*,f		2,727,069
		Symphony CLO VIII, Ltd.
	510,698	2.255%, 1/9/2023, Ser. 2012- 8A, Class AR^*,e		510,877
		Symphony CLO XV, Ltd.
	2,500,000	2.338%, 10/17/2026, Ser. 2014-15A, Class AR^*,e		2,507,660
		U.S. Small Business Administration
	336,458	3.191%, 3/10/2024, Ser. 2014-10A, Class 1		346,339
		Vericrest Opportunity Loan Transferee
	1,713,446	3.500%, 6/26/2045, Ser. 2015-NPL8, Class A1^d,f		1,717,645
	5,445,764	3.625%, 11/26/2046, Ser. 2016-NP12, Class A1^d,f		5,467,243
	1,913,104	3.875%, 12/26/2046, Ser. 2016-NP13, Class A1^d,f		1,925,111
	401,040	3.500%, 2/25/2055, Ser. 2015-NPL4, Class A1^*,f		402,450
		Verizon Owner Trust
	1,625,000	2.060%, 9/20/2021, Ser. 2017-1A, Class A^d		1,630,900
		Voya CLO 3, Ltd.
	825,000	2.576%, 7/25/2026, Ser. 2014-3A, Class A1^*,e		825,147

		Total		113,614,095

	Basic Materials (0.5%)
		Alcoa Nederland Holding BV
	1,605,000	6.750%, 9/30/2024^d		1,741,425
		Anglo American Capital plc
	1,970,000	4.875%, 5/14/2025^d		2,048,800
		Anglo American plc
	1,777,000	3.625%, 5/14/2020^d		1,805,876
		ArcelorMittal SA
	1,300,000	6.000%, 3/1/2021		1,399,125
		BWAY Holding Company
	1,740,000	5.500%, 4/15/2024^d		1,776,975
		CF Industries, Inc.
	1,800,000	3.450%, 6/1/2023^g		1,701,000
		First Quantum Minerals, Ltd.
	847,000	7.000%, 2/15/2021^d		868,175
	1,165,000	7.500%, 4/1/2025^d		1,141,700
		Georgia-Pacific, LLC
	535,000	2.539%, 11/15/2019^d		539,901
		Glencore Finance Canada, Ltd.
	560,000	6.000%, 11/15/2041^d		618,285
		Glencore Funding, LLC
	395,000	2.218%, 4/16/2018^d,e		395,869
	560,000	4.125%, 5/30/2023^d		574,610
	725,000	4.000%, 3/27/2027^d		713,401
		Kinross Gold Corporation
	1,120,000	5.950%, 3/15/2024		1,237,253
	1,000,000	4.500%, 7/15/2027^c,d		997,500
		Novelis Corporation
	670,000	5.875%, 9/30/2026^d		690,100
		Olin Corporation
	2,055,000	5.125%, 9/15/2027		2,116,650
		Sherwin-Williams Company
	1,285,000	3.125%, 6/1/2024		1,291,174
		Steel Dynamics, Inc.
	1,430,000	5.000%, 12/15/2026		1,467,538
		Vale Overseas, Ltd.
	700,000	5.875%, 6/10/2021		751,450
	840,000	6.250%, 8/10/2026		906,150
	840,000	6.875%, 11/10/2039		900,900
		Westlake Chemical Corporation
	1,120,000	3.600%, 8/15/2026		1,111,713

		Total		26,795,570

	Capital Goods (0.8%)
		AECOM
	2,080,000	5.875%, 10/15/2024		2,262,000
		Bombardier, Inc.
	2,055,000	7.500%, 3/15/2025^d		2,132,063
		Building Materials Corporation of America
	1,575,000	6.000%, 10/15/2025^d		1,685,250
		Cemex Finance, LLC
	2,030,000	9.375%, 10/12/2022^d		2,156,875
		Cintas Corporation No. 2
	840,000	3.700%, 4/1/2027		866,335
		CNH Industrial Capital, LLC
	800,000	4.375%, 11/6/2020		839,008
		CNH Industrial NV
	1,100,000	4.500%, 8/15/2023		1,168,750
		Crown Americas Capital Corporation IV
	1,450,000	4.500%, 1/15/2023		1,518,875
		General Electric Company
	1,422,000	5.000%, 1/21/2021^h		1,509,311
		L3 Technologies, Inc.
	1,056,000	3.950%, 5/28/2024		1,085,887
		Lockheed Martin Corporation
	380,000	2.500%, 11/23/2020		385,183
	1,136,000	3.600%, 3/1/2035		1,122,156
	1,024,000	4.500%, 5/15/2036		1,118,012
	284,000	6.150%, 9/1/2036		369,512
		Northrop Grumman Corporation
	1,960,000	3.850%, 4/15/2045		1,946,584
		Owens-Brockway Glass Container, Inc.
	2,205,000	5.000%, 1/15/2022^d		2,331,787
		Pentair Finance SA
	1,700,000	2.900%, 9/15/2018		1,717,593
		Republic Services, Inc.
	850,000	2.900%, 7/1/2026		833,445
		Reynolds Group Issuer, Inc.
	2,170,000	5.125%, 7/15/2023^d		2,254,088
		Roper Industries, Inc.
	1,316,000	2.050%, 10/1/2018		1,318,612
		Roper Technologies, Inc.
	840,000	2.800%, 12/15/2021		847,064
		Siemens Financieringsmaatschappij NV
	2,255,000	4.200%, 3/16/2047^d		2,392,242
		Standard Industries, Inc.
	675,000	5.500%, 2/15/2023^d		712,125
		Textron, Inc.
	680,000	5.600%, 12/1/2017		690,749
	825,000	7.250%, 10/1/2019		912,390

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (42.2%)	Value
	Capital Goods (0.8%) - continued
		United Rentals North America, Inc.
$	1,655,000	5.500%, 7/15/2025	$	1,733,613
		United Technologies Corporation
	1,410,000	4.050%, 5/4/2047		1,446,471
		Waste Management, Inc.
	260,000	3.125%, 3/1/2025		263,950

		Total		37,619,930

	Collateralized Mortgage Obligations (1.1%)
		Alternative Loan Trust
	1,314,929	6.000%, 6/25/2036, Ser. 2006-24CB, Class A9		1,109,184
		Angel Oak Mortgage Trust I, LLC
	998,522	3.500%, 7/25/2046, Ser. 2016-1, Class A1^*		1,001,762
		Bayview Opportunity Master Fund Trust
	2,234,198	4.000%, 6/28/2054, Ser. 2017-SPL2, Class A^d		2,334,364
	3,660,826	4.000%, 10/28/2064, Ser. 2017-SPL1, Class A^d		3,823,042
		BCAP, LLC Trust
	1,761,662	1.396%, 3/25/2037, Ser. 2007-AA1, Class 2A1^e		1,659,682
		Citigroup Mortgage Loan Trust, Inc.
	414,687	5.500%, 11/25/2035, Ser. 2005-9, Class 21A2		409,989
		CitiMortgage Alternative Loan Trust
	1,342,456	5.750%, 4/25/2037, Ser. 2007-A4, Class 1A5		1,170,173
		COLT Mortgage Loan Trust
	1,696,190	2.800%, 12/26/2046, Ser. 2016-3, Class A1^*		1,697,221
		Countrywide Alternative Loan Trust
	1,668,239	3.045%, 10/25/2035, Ser. 2005-43, Class 4A1		1,412,326
	872,878	6.500%, 8/25/2036, Ser. 2006-23CB, Class 2A3		594,238
	254,532	6.000%, 1/25/2037, Ser. 2006-39CB, Class 1A16		244,849
	2,693,348	5.500%, 5/25/2037, Ser. 2007-8CB, Class A1		2,243,177
	1,790,261	7.000%, 10/25/2037, Ser. 2007-24, Class A10		1,024,044
		Countrywide Home Loans, Inc.
	471,999	5.750%, 4/25/2037, Ser. 2007-3, Class A27		398,670
		Deutsche Alt-A Securities Mortgage Loan Trust
	352,629	6.000%, 10/25/2021, Ser. 2006-AR5, Class 23A		316,239
		Federal Home Loan Mortgage Corporation
	5,790,619	3.000%, 4/15/2028, Ser. 4193, Class AIⁱ		523,728
	4,756,093	4.000%, 7/15/2031, Ser.- 4104, Class KIⁱ		527,711
	4,451,054	3.000%, 2/15/2033, Ser. 4170, Class IGⁱ		521,361
		Federal National Mortgage Association
	8,767,607	3.500%, 1/25/2033, Ser. 2012-150, Class YIⁱ		1,146,247
		Greenpoint Mortgage Funding Trust
	1,062,033	1.224%, 10/25/2045, Ser. 2005-AR4, Class G41B^e		921,229
		IndyMac INDX Mortgage Loan Trust
	1,892,798	1.856%, 7/25/2045, Ser. 2005-16IP, Class A1^e		1,739,320
		J.P. Morgan Mortgage Trust
	117,043	3.247%, 10/25/2036, Ser. 2006-A6, Class 1A2		108,217
	2,114,593	1.596%, 1/25/2037, Ser. 2006-S4, Class A8^e		1,208,763
	2,325,333	6.250%, 8/25/2037, Ser. 2007-S3, Class 1A10		1,727,204
		MASTR Alternative Loans Trust
	350,623	6.500%, 7/25/2034, Ser. 2004-6, Class 6A1		360,689
	1,477,158	1.666%, 12/25/2035, Ser. 2005-6, Class 2A1^e		725,234
		Merrill Lynch Alternative Note Asset Trust
	338,400	6.000%, 3/25/2037, Ser. 2007-F1, Class 2A1		268,150
		Pretium Mortgage Credit Partners, LLC
	2,112,925	3.500%, 4/29/2031, Ser. 2017-NPL1, Class A1^*,f		2,120,876
		Residential Accredit Loans, Inc. Trust
	2,257,698	1.966%, 6/25/2035, Ser. 2005-QS7, Class A3^e		1,853,458
	552,965	5.750%, 9/25/2035, Ser. 2005-QS13, Class 2A3		500,216
		Residential Asset Securitization Trust
	2,787,815	1.596%, 8/25/2037, Ser. 2007-A8, Class 2A3^e		756,145
		Sequoia Mortgage Trust
	2,176,769	3.502%, 9/20/2046, Ser. 2007-1, Class 4A1		1,784,124
		Sunset Mortgage Loan Company, LLC
	642,214	4.459%, 9/18/2045, Ser. 2015-NPL1, Class A^*,f		643,319
	3,800,000	3.500%, 6/16/2047, Ser. 2017-NPL1, Class A^*,f		3,808,899
	1,764,960	3.844%, 7/16/2047, Ser. 2016-NPL1, Class A^*,f		1,766,190
		Towd Point Mortgage Trust
	2,769,966	2.750%, 10/25/2056, Ser. 2017-1, Class A1^d		2,791,140
		Verus Securitization Trust
	2,694,496	2.853%, 1/25/2047, Ser. 2017-1A, Class A1^*,f		2,708,151
		WaMu Mortgage Pass Through Certificates
	312,434	2.918%, 9/25/2036, Ser. 2006-AR10, Class 1A2		293,579
	299,609	2.937%, 10/25/2036, Ser. 2006-AR12, Class 1A1		287,627
	997,653	2.708%, 11/25/2036, Ser. 2006-AR14, Class 1A1		947,296
	1,557,461	2.567%, 1/25/2037, Ser. 2006-AR18, Class 1A1		1,398,409
	3,167,096	1.692%, 9/25/2046, Ser. 2006-AR11, Class 1A^e		2,673,764

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (42.2%)	Value
	Collateralized Mortgage Obligations (1.1%) - continued
		Washington Mutual Mortgage Pass Through Certificates Trust
$	1,965,502	7.000%, 2/25/2036, Ser. 2006-1, Class 2CB1	$	1,482,571

		Total		55,032,577

	Commercial Mortgage-Backed Securities (1.4%)
		Commercial Mortgage Pass-Through Certificates
	2,340,000	2.139%, 6/8/2030, Ser. 2013-THL, Class A2^d,e		2,342,186
		Commercial Mortgage Trust
	800,000	3.039%, 12/10/2018, Ser. 2013-CR13, Class A2		813,050
		Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates
	2,671,923	2.776%, 3/25/2023, Ser. K724, Class A1		2,739,484
	8,700,000	3.002%, 1/25/2024, Ser. K725, Class A2		8,953,284
	8,350,000	3.430%, 1/25/2027, Ser. K063, Class A2		8,764,793
		Federal National Mortgage Association—ACES
	2,855,354	2.416%, 9/25/2026, Ser. 2017-M1, Class A1		2,842,795
	2,825,000	2.569%, 12/25/2026, Ser. 2017-M3, Class A2		2,745,741
	4,250,000	2.784%, 2/25/2027, Ser. 2017-M2, Class A2		4,226,437
	5,000,000	2.961%, 2/25/2027, Ser. 2017-M7, Class A2		5,016,155
		Federal National Mortgage Association Grantor Trust
	5,600,000	2.898%, 6/25/2027, Ser. 2017-T1, Class A		5,560,401
		Greenwich Capital Commercial Funding Corporation
	3,100,000	5.867%, 12/10/2049, Ser. 2007-GG11, Class AM		3,108,354
		GS Mortgage Securities Trust
	4,000,000	3.666%, 9/10/2047, Ser. 2104-GC24, Class A4		4,174,142
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	1,526,583	3.507%, 5/15/2045, Ser. 2012-C6, Class A3		1,591,903
	333,672	5.977%, 2/12/2049, Ser. 2007-CB19, Class AM		334,714
		JPMBB Commercial Mortgage Securities Trust
	2,850,000	3.231%, 1/15/2048, Ser. 2014-C26, Class A3		2,889,397
		SCG Trust
	700,000	2.809%, 11/15/2026, Ser. 2013-SRP1, Class A^d,e		694,699
		UBS Commercial Mortgage Trust
	5,005,591	3.400%, 5/10/2045, Ser. 2012-C1, Class A3		5,210,103
		Wells Fargo Commercial Mortgage Trust
	2,500,000	3.617%, 9/15/2057, Ser. 2015-NXS3, Class A4		2,587,298
	2,250,000	3.839%, 9/15/2058, Ser. 2015-LC22, Class A4		2,372,379
		WFRBS Commercial Mortgage Trust
	2,800,000	2.870%, 11/15/2045, Ser. 2012-C9, Class A3		2,836,845

		Total		69,804,160

	Communications Services (1.7%)
		21st Century Fox America, Inc.
	1,140,000	6.900%, 3/1/2019		1,229,419
		Altice Financing SA
	1,675,000	6.625%, 2/15/2023^d		1,777,074
		AMC Networks, Inc.
	1,675,000	5.000%, 4/1/2024		1,714,781
		America Movil SAB de CV
	829,000	5.000%, 10/16/2019		884,519
		American Tower Corporation
	105,000	2.800%, 6/1/2020		106,419
	1,280,000	3.300%, 2/15/2021		1,313,330
		AT&T, Inc.
	600,000	5.875%, 10/1/2019		649,360
	360,000	2.226%, 6/30/2020^e		364,711
	963,000	3.875%, 8/15/2021		1,006,115
	805,000	3.000%, 6/30/2022		806,415
	835,000	3.800%, 3/1/2024		855,560
	1,100,000	5.250%, 3/1/2037		1,173,182
	840,000	6.350%, 3/15/2040		987,975
	950,000	5.550%, 8/15/2041		1,033,515
	1,680,000	5.150%, 3/15/2042		1,717,728
	546,000	4.750%, 5/15/2046		536,143
		British Sky Broadcasting Group plc
	880,000	2.625%, 9/16/2019^d		885,992
	1,100,000	3.125%, 11/26/2022^d		1,118,919
		CBS Corporation
	1,475,000	2.500%, 2/15/2023^c		1,457,644
	568,000	3.375%, 2/15/2028^c		556,759
		CCO Holdings, LLC
	2,100,000	5.875%, 4/1/2024^d		2,241,750
		CenturyLink, Inc.
	1,630,000	6.450%, 6/15/2021		1,760,400
		Charter Communications Operating, LLC
	450,000	6.834%, 10/23/2055		549,221
	630,000	3.579%, 7/23/2020		650,976
	1,070,000	4.908%, 7/23/2025		1,156,041
	1,420,000	6.484%, 10/23/2045		1,706,420
		Clear Channel Worldwide Holdings, Inc.
	2,160,000	6.500%, 11/15/2022		2,219,832
		Columbus International, Inc.
	2,015,000	7.375%, 3/30/2021^d		2,138,419
		Comcast Corporation
	875,000	2.750%, 3/1/2023		883,434
	2,190,000	4.400%, 8/15/2035		2,356,692
	418,000	4.650%, 7/15/2042		458,922
	565,000	4.750%, 3/1/2044		629,590
		Cox Communications, Inc.
	476,000	9.375%, 1/15/2019^d		524,300
		Crown Castle International Corporation
	1,183,000	3.400%, 2/15/2021		1,214,761
	2,062,000	5.250%, 1/15/2023		2,290,272
		CSC Holdings, LLC
	245,000	5.500%, 4/15/2027^d		259,088

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (42.2%)	Value
	Communications Services (1.7%) - continued
		Digicel, Ltd.
$	2,725,000	6.000%, 4/15/2021^*	$	2,612,594
		FairPoint Communications, Inc.
	1,565,000	8.750%, 8/15/2019^d		1,607,803
		Gray Television, Inc.
	1,690,000	5.875%, 7/15/2026^d		1,723,800
		Intelsat Jackson Holdings SA
	1,590,000	8.000%, 2/15/2024^d		1,713,225
		Level 3 Communications, Inc.
	2,080,000	5.375%, 1/15/2024		2,171,000
		Level 3 Financing, Inc.
	700,000	5.375%, 5/1/2025		736,750
		Moody’s Corporation
	770,000	2.750%, 12/15/2021		776,383
		Neptune Finco Corporation
	2,105,000	10.875%, 10/15/2025^d		2,533,894
		Nexstar Escrow Corporation
	1,700,000	5.625%, 8/1/2024^d		1,721,250
		Omnicom Group, Inc.
	530,000	3.600%, 4/15/2026		533,313
		S&P Global, Inc.
	1,024,000	3.300%, 8/14/2020		1,049,725
		SES Global Americas Holdings GP
	620,000	2.500%, 3/25/2019^d		619,193
		SFR Group SA
	2,455,000	6.000%, 5/15/2022^d		2,568,544
		Sprint Communications, Inc.
	1,485,000	6.000%, 11/15/2022		1,574,100
		Sprint Corporation
	1,405,000	7.625%, 2/15/2025^g		1,617,506
		Telefonica Emisiones SAU
	858,000	3.192%, 4/27/2018		867,084
		Time Warner Entertainment Company, LP
	1,341,000	8.375%, 3/15/2023		1,687,132
		Time Warner, Inc.
	560,000	3.600%, 7/15/2025		562,218
	780,000	6.250%, 3/29/2041		954,034
		T-Mobile USA, Inc.
	2,520,000	6.125%, 1/15/2022		2,648,364
		Verizon Communications, Inc.
	590,000	2.037%, 6/17/2019^e		594,403
	1,655,000	3.000%, 11/1/2021		1,676,753
	2,304,000	5.150%, 9/15/2023		2,558,908
	508,000	5.050%, 3/15/2034		538,337
	859,000	4.272%, 1/15/2036		829,990
	2,272,000	4.862%, 8/21/2046		2,271,437
	1,796,000	4.522%, 9/15/2048		1,702,825
		Viacom, Inc.
	560,000	4.250%, 9/1/2023		584,520
	840,000	5.850%, 9/1/2043		908,215
		Virgin Media Secured Finance plc
	1,725,000	5.250%, 1/15/2026^d		1,795,397

		Total		84,954,375

	Consumer Cyclical (1.1%)
		American Honda Finance Corporation
	1,075,000	2.000%, 2/14/2020		1,077,282
		Automatic Data Processing, Inc.
	375,000	3.375%, 9/15/2025		389,760
		Cinemark USA, Inc.
	2,695,000	4.875%, 6/1/2023		2,753,104
		CVS Health Corporation
	235,000	2.250%, 8/12/2019		236,429
	3,370,000	4.875%, 7/20/2035		3,747,113
	1,435,000	5.125%, 7/20/2045		1,647,337
		Daimler Finance North America, LLC
	1,120,000	1.792%, 10/30/2019^d,e		1,124,865
		Delphi Automotive plc
	1,280,000	3.150%, 11/19/2020		1,307,456
		eBay, Inc.
	520,000	2.500%, 3/9/2018		523,011
		Ford Motor Credit Company, LLC
	950,000	2.551%, 10/5/2018		956,277
	1,000,000	2.943%, 1/8/2019		1,012,883
	1,060,000	2.262%, 3/28/2019		1,062,927
	100,000	8.125%, 1/15/2020		113,677
	560,000	2.459%, 3/27/2020		560,447
	420,000	3.200%, 1/15/2021		426,262
	820,000	2.565%, 3/28/2022^e		825,415
		General Motors Financial Company, Inc.
	425,000	2.085%, 4/13/2020^e		427,173
	770,000	3.700%, 11/24/2020		796,629
	512,000	4.200%, 3/1/2021		536,974
	1,250,000	3.150%, 6/30/2022		1,244,687
	560,000	3.950%, 4/13/2024		567,812
	1,240,000	4.300%, 7/13/2025		1,264,850
		Home Depot, Inc.
	1,215,000	3.000%, 4/1/2026		1,221,606
	1,330,000	5.400%, 9/15/2040		1,649,012
	840,000	4.250%, 4/1/2046		903,804
	1,400,000	3.900%, 6/15/2047		1,421,413
		Hyundai Capital America
	418,000	2.400%, 10/30/2018^d		418,885
	768,000	3.000%, 10/30/2020^d		773,407
		Jaguar Land Rover Automotive plc
	1,500,000	5.625%, 2/1/2023^d		1,560,000
		KB Home
	1,141,000	4.750%, 5/15/2019		1,175,230
		L Brands, Inc.
	1,500,000	5.625%, 2/15/2022		1,605,000
		Lear Corporation
	1,200,000	5.250%, 1/15/2025		1,269,781
		Lennar Corporation
	1,485,000	4.875%, 12/15/2023		1,578,741
	840,000	4.500%, 4/30/2024		868,224
		Live Nation Entertainment, Inc.
	3,170,000	5.375%, 6/15/2022^d		3,289,131
		McDonald’s Corporation
	730,000	2.750%, 12/9/2020		743,172
	1,120,000	2.625%, 1/15/2022		1,126,578
		MGM Resorts International
	2,115,000	6.000%, 3/15/2023		2,331,787
		New Red Finance, Inc.
	1,750,000	4.250%, 5/15/2024^d		1,738,957
		Prime Security Services Borrower, LLC
	2,340,000	9.250%, 5/15/2023^d		2,542,784
		Six Flags Entertainment Corporation
	2,790,000	4.875%, 7/31/2024^d		2,807,075
		Toll Brothers Finance Corporation
	580,000	8.910%, 10/15/2017		590,150
	432,000	4.000%, 12/31/2018		442,800
		Wal-Mart Stores, Inc.
	1,120,000	6.200%, 4/15/2038		1,532,765
	1,120,000	5.625%, 4/15/2041		1,456,223
		West Corporation
	1,175,000	5.375%, 7/15/2022^d		1,186,750

		Total		56,835,645

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (42.2%)	Value
	Consumer Non-Cyclical (1.9%)
		Abbott Laboratories
$	1,440,000	2.900%, 11/30/2021	$	1,453,702
	700,000	3.400%, 11/30/2023		716,475
	2,250,000	4.750%, 11/30/2036		2,451,787
	1,130,000	4.900%, 11/30/2046		1,248,886
		AbbVie, Inc.
	2,070,000	2.500%, 5/14/2020		2,093,844
	1,320,000	3.600%, 5/14/2025		1,346,603
	1,395,000	4.450%, 5/14/2046		1,441,977
		Actavis Funding SCS
	900,000	3.850%, 6/15/2024		938,632
	1,620,000	4.550%, 3/15/2035		1,730,499
	840,000	4.850%, 6/15/2044		909,649
		Altria Group, Inc.
	560,000	2.850%, 8/9/2022		568,669
	700,000	2.625%, 9/16/2026^g		674,024
		Amgen, Inc.
	1,680,000	2.200%, 5/11/2020		1,688,014
	512,000	2.700%, 5/1/2022		514,882
	475,000	3.125%, 5/1/2025		476,092
		Anheuser-Busch InBev Finance, Inc.
	550,000	2.430%, 2/1/2021^e		569,617
	2,839,000	3.650%, 2/1/2026		2,925,215
	2,240,000	4.700%, 2/1/2036		2,474,644
	1,320,000	4.900%, 2/1/2046		1,491,906
		Anheuser-Busch InBev Worldwide, Inc.
	536,000	3.750%, 1/15/2022		565,212
		BAT International Finance plc
	480,000	1.756%, 6/15/2018^d,e		481,302
		Bayer U.S. Finance, LLC
	840,000	3.375%, 10/8/2024^d		860,154
		Becton, Dickinson and Company
	1,214,000	3.734%, 12/15/2024		1,233,995
	840,000	4.669%, 6/6/2047		865,224
		Biogen, Inc.
	810,000	3.625%, 9/15/2022		847,045
		Boston Scientific Corporation
	435,000	6.000%, 1/15/2020		473,406
	525,000	3.850%, 5/15/2025		542,186
	840,000	7.375%, 1/15/2040		1,124,095
		Bunge Limited Finance Corporation
	762,000	8.500%, 6/15/2019		852,271
	590,000	3.500%, 11/24/2020		604,822
		Cardinal Health, Inc.
	560,000	3.079%, 6/15/2024		561,205
	1,120,000	3.410%, 6/15/2027		1,115,218
		Celgene Corporation
	2,285,000	2.875%, 8/15/2020		2,336,403
	260,000	3.550%, 8/15/2022		270,632
		Church & Dwight Company, Inc.
	310,000	2.450%, 12/15/2019		312,865
		Community Health Systems, Inc.
	845,000	8.000%, 11/15/2019^g		849,225
		Conagra Brands, Inc.
	396,000	7.125%, 10/1/2026		496,399
		Constellation Brands, Inc.
	705,000	2.700%, 5/9/2022		704,059
		EMD Finance, LLC
	1,128,000	2.950%, 3/19/2022^d		1,147,905
		Energizer Holdings, Inc.
	1,900,000	5.500%, 6/15/2025^d		1,987,875
		Envision Healthcare Corporation
	2,205,000	5.125%, 7/1/2022^d		2,262,881
		Express Scripts Holding Company
	560,000	3.000%, 7/15/2023		556,020
	1,240,000	4.500%, 2/25/2026		1,314,285
	223,000	3.400%, 3/1/2027		215,246
		Forest Laboratories, LLC
	300,000	4.875%, 2/15/2021^d		322,746
		Gilead Sciences, Inc.
	260,000	2.550%, 9/1/2020		263,725
	560,000	2.950%, 3/1/2027		543,562
		H. J. Heinz Company
	1,000,000	3.500%, 7/15/2022		1,030,873
		HCA, Inc.
	1,070,000	5.250%, 6/15/2026		1,153,995
	1,105,000	4.500%, 2/15/2027		1,136,769
		Heineken NV
	1,290,000	4.350%, 3/29/2047^d		1,345,715
		Imperial Tobacco Finance plc
	1,250,000	2.950%, 7/21/2020^d		1,271,017
		JBS USA, LLC
	1,450,000	5.750%, 6/15/2025^d,g		1,363,000
		Kimberly-Clark Corporation
	1,410,000	3.900%, 5/4/2047		1,444,184
		Kraft Foods Group, Inc.
	1,056,000	5.000%, 6/4/2042		1,116,227
		Laboratory Corporation of America Holdings
	360,000	2.625%, 2/1/2020		362,940
		McKesson Corporation
	650,000	4.883%, 3/15/2044		708,056
		Mead Johnson Nutrition Company
	512,000	3.000%, 11/15/2020		525,147
		Medtronic, Inc.
	4,070,000	4.375%, 3/15/2035		4,478,156
	560,000	4.625%, 3/15/2045		631,150
		Merck & Company, Inc.
	385,000	1.560%, 2/10/2020^e		387,740
	260,000	3.700%, 2/10/2045		259,680
		Molson Coors Brewing Company
	980,000	2.250%, 3/15/2020^d		979,945
		Mondelez International Holdings Netherlands BV
	1,200,000	2.000%, 10/28/2021^d		1,169,062
		Mondelez International, Inc.
	418,000	1.690%, 2/1/2019^e		419,626
		Mylan NV
	1,020,000	3.000%, 12/15/2018		1,033,799
	260,000	3.150%, 6/15/2021		264,485
	580,000	5.250%, 6/15/2046		635,319
		Newell Rubbermaid, Inc.
	748,000	5.500%, 4/1/2046		901,853
		PepsiCo, Inc.
	1,032,000	2.850%, 2/24/2026		1,029,370
		Reynolds American, Inc.
	604,000	2.300%, 8/21/2017		604,585
	1,563,000	5.700%, 8/15/2035		1,854,065
		Roche Holdings, Inc.
	768,000	4.000%, 11/28/2044^d		809,805
		Shire Acquisitions Investments Ireland Designated Activity Company
	1,680,000	2.400%, 9/23/2021		1,660,243
	1,680,000	3.200%, 9/23/2026		1,642,968
		Smithfield Foods, Inc.
	1,320,000	2.700%, 1/31/2020^d		1,326,870

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (42.2%)	Value
	Consumer Non-Cyclical (1.9%) - continued
		Teleflex, Inc.
$	560,000	4.875%, 6/1/2026	$	572,600
		Tenet Healthcare Corporation
	2,285,000	8.125%, 4/1/2022		2,427,812
		Teva Pharmaceutical Finance Netherlands III BV
	1,150,000	2.200%, 7/21/2021		1,128,799
	700,000	2.800%, 7/21/2023		680,758
		Thermo Fisher Scientific, Inc.
	396,000	3.000%, 4/15/2023		399,163
		TreeHouse Foods, Inc.
	760,000	4.875%, 3/15/2022		784,700
		Tyson Foods, Inc.
	560,000	3.550%, 6/2/2027		563,231
		VRX Escrow Corporation
	3,245,000	6.125%, 4/15/2025^d		2,746,081
		Zoetis, Inc.
	1,870,000	4.700%, 2/1/2043		2,034,076

		Total		92,308,944

	Energy (1.6%)
		Anadarko Petroleum Corporation
	1,680,000	4.850%, 3/15/2021		1,792,980
	1,120,000	5.550%, 3/15/2026^g		1,251,719
		Antero Resources Corporation
	1,775,000	5.125%, 12/1/2022		1,778,869
		Apache Corporation
	595,000	4.750%, 4/15/2043		597,508
		Boardwalk Pipelines, LP
	525,000	5.950%, 6/1/2026		584,648
		BP Capital Markets plc
	1,003,000	3.062%, 3/17/2022		1,025,123
	1,560,000	3.535%, 11/4/2024		1,601,585
	285,000	3.119%, 5/4/2026		282,501
		Buckeye Partners, LP
	846,000	2.650%, 11/15/2018		850,523
		Canadian Natural Resources, Ltd.
	1,005,000	3.450%, 11/15/2021		1,031,866
	560,000	6.250%, 3/15/2038		660,638
	530,000	4.950%, 6/1/2047		538,631
		Cenovus Energy, Inc.
	1,120,000	3.800%, 9/15/2023		1,104,765
		Cheniere Corpus Christi Holdings, LLC
	1,635,000	5.875%, 3/31/2025		1,743,319
		Cimarex Energy Company
	840,000	4.375%, 6/1/2024		880,595
		Columbia Pipeline Group, Inc.
	995,000	2.450%, 6/1/2018		999,574
		Concho Resources, Inc.
	1,412,019	5.500%, 10/1/2022		1,449,084
	715,000	4.375%, 1/15/2025		729,300
		ConocoPhillips
	1,400,000	6.500%, 2/1/2039		1,849,662
		Continental Resources, Inc.
	1,400,000	5.000%, 9/15/2022		1,373,750
		Devon Energy Corporation
	765,000	3.250%, 5/15/2022^g		760,205
		El Paso Pipeline Partners Operating Company, LLC
	840,000	4.300%, 5/1/2024		868,256
		Enbridge, Inc.
	975,000	2.900%, 7/15/2022^c		972,874
		Encana Corporation
	278,000	3.900%, 11/15/2021		283,335
	1,120,000	6.500%, 2/1/2038		1,275,024
		Energy Transfer Equity, LP
	1,450,000	5.500%, 6/1/2027		1,500,750
		Energy Transfer Partners, LP
	1,120,000	4.650%, 6/1/2021		1,181,355
	765,000	4.900%, 3/15/2035		744,651
	600,000	5.150%, 2/1/2043		570,151
		EnLink Midstream Partners, LP
	575,000	4.150%, 6/1/2025		567,870
	420,000	4.850%, 7/15/2026		437,017
		Enterprise Products Operating, LLC
	758,000	5.100%, 2/15/2045		833,486
		EQT Corporation
	500,000	5.150%, 3/1/2018		509,125
	754,000	8.125%, 6/1/2019		832,056
		Exxon Mobil Corporation
	420,000	4.114%, 3/1/2046		443,720
		Kinder Morgan Energy Partners, LP
	765,000	3.500%, 3/1/2021		783,277
		Magellan Midstream Partners, LP
	750,000	5.000%, 3/1/2026		827,182
		Marathon Oil Corporation
	840,000	2.700%, 6/1/2020		832,523
	1,960,000	6.600%, 10/1/2037^g		2,165,092
		Marathon Petroleum Corporation
	375,000	3.400%, 12/15/2020		385,712
	1,153,000	4.750%, 9/15/2044		1,096,845
		MPLX, LP
	1,680,000	4.875%, 6/1/2025		1,781,620
	850,000	4.125%, 3/1/2027		852,982
		Newfield Exploration Company
	1,960,000	5.625%, 7/1/2024		2,043,300
		Noble Energy, Inc.
	724,000	5.625%, 5/1/2021		744,751
		ONEOK, Inc.
	1,120,000	7.500%, 9/1/2023		1,335,600
		PBF Holding Company, LLC
	2,260,000	7.250%, 6/15/2025^d		2,178,075
		Petrobras Global Finance BV
	340,000	8.375%, 5/23/2021		380,589
	1,400,000	6.250%, 3/17/2024		1,426,600
		Petroleos Mexicanos
	1,680,000	6.000%, 3/5/2020		1,800,960
	368,000	2.378%, 4/15/2025		368,269
	790,000	6.750%, 9/21/2047		797,805
		Pioneer Natural Resources Company
	500,000	4.450%, 1/15/2026		525,775
		Regency Energy Partners, LP
	1,120,000	5.875%, 3/1/2022		1,233,652
	1,450,000	5.000%, 10/1/2022		1,554,964
		Rice Energy, Inc.
	1,790,000	6.250%, 5/1/2022		1,870,550
		Rowan Companies, Inc.
	220,000	7.375%, 6/15/2025		205,150
		Sabine Pass Liquefaction, LLC
	840,000	6.250%, 3/15/2022		951,100
	1,000,000	5.625%, 4/15/2023		1,111,469
	1,140,000	5.750%, 5/15/2024		1,269,497
	1,440,000	5.625%, 3/1/2025		1,590,034
		Schlumberger Holdings Corporation
	375,000	3.000%, 12/21/2020^d		381,791
	700,000	4.000%, 12/21/2025^d		733,873
		Shell International Finance BV
	360,000	1.632%, 5/11/2020^e		363,262
		Suncor Energy, Inc.
	780,000	3.600%, 12/1/2024		798,162

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

MODERATE CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (42.2%)	Value
	Energy (1.6%) - continued
		Sunoco Logistics Partners Operations, LP
$	450,000	4.400%, 4/1/2021	$	472,789
		Targa Resources Partners, LP
	525,000	5.250%, 5/1/2023		538,125
		Tesoro Corporation
	3,755,000	4.750%, 12/15/2023^d		4,043,760
		Valero Energy Corporation
	1,400,000	3.400%, 9/15/2026		1,369,677
		Weatherford International, Ltd.
	2,120,000	8.250%, 6/15/2023^g		2,120,000
		Western Gas Partners, LP
	1,120,000	4.000%, 7/1/2022		1,147,976
		Williams Partners, LP
	700,000	4.000%, 11/15/2021		728,272
	710,000	4.500%, 11/15/2023		757,787
	1,050,000	3.750%, 6/15/2027		1,039,429
	1,120,000	6.300%, 4/15/2040		1,299,445

		Total		79,814,236

	Financials (4.3%)
		ABN AMRO Bank NV
	1,050,000	4.750%, 7/28/2025^d		1,106,953
		ACE INA Holdings, Inc.
	737,000	4.350%, 11/3/2045		809,311
		AerCap Ireland Capital, Ltd.
	550,000	3.750%, 5/15/2019		564,943
	560,000	4.625%, 10/30/2020		595,102
	560,000	4.625%, 7/1/2022		600,101
		Aetna, Inc.
	1,100,000	2.800%, 6/15/2023		1,097,941
		Air Lease Corporation
	625,000	2.125%, 1/15/2018		626,114
	198,000	2.625%, 9/4/2018		199,476
	1,400,000	3.375%, 1/15/2019		1,426,083
		Ally Financial, Inc.
	960,000	3.750%, 11/18/2019		981,600
	1,050,000	4.125%, 3/30/2020		1,078,875
		American Express Credit Corporation
	590,000	1.817%, 3/18/2019^e		592,945
	1,692,000	1.875%, 5/3/2019		1,692,657
		American International Group, Inc.
	320,000	3.300%, 3/1/2021		329,198
	768,000	4.125%, 2/15/2024		810,918
	1,705,000	3.750%, 7/10/2025		1,736,834
	1,560,000	3.900%, 4/1/2026		1,596,072
		Anthem, Inc.
	1,400,000	4.625%, 5/15/2042		1,513,434
		Aon plc
	384,000	3.875%, 12/15/2025		401,306
		ASP AMC Merger Sub, Inc.
	960,000	8.000%, 5/15/2025^d		909,600
		Avalonbay Communities, Inc.
	1,125,000	3.500%, 11/15/2025		1,145,592
		Banco Santander SA
	2,200,000	6.375%, 5/19/2019^h		2,252,250
		Bank of America Corporation
	800,000	2.357%, 3/22/2018^e		804,838
	500,000	2.018%, 4/1/2019^e		504,610
	800,000	2.625%, 10/19/2020		807,998
	1,065,000	3.300%, 1/11/2023		1,085,841
	1,130,000	2.881%, 4/24/2023		1,131,962
	1,056,000	4.000%, 4/1/2024		1,106,635
	1,055,000	4.000%, 1/22/2025		1,073,465
	795,000	3.500%, 4/19/2026		797,787
	1,704,000	4.183%, 11/25/2027		1,733,290
	1,160,000	3.824%, 1/20/2028		1,180,266
	1,322,000	5.875%, 2/7/2042		1,658,772
		Bank of New York Mellon Corporation
	1,280,000	2.500%, 4/15/2021		1,290,043
		Bank of Nova Scotia
	1,200,000	2.700%, 3/7/2022		1,206,589
		Bank of Tokyo-Mitsubishi UFJ, Ltd.
	315,000	2.850%, 9/8/2021^d		318,186
		Barclays Bank plc
	264,000	10.179%, 6/12/2021^d		330,624
		Barclays plc
	780,000	2.750%, 11/8/2019		787,025
	1,680,000	3.684%, 1/10/2023		1,723,598
	1,039,000	3.650%, 3/16/2025		1,033,835
		BB&T Corporation
	325,000	1.873%, 1/15/2020^e		327,917
		Berkshire Hathaway, Inc.
	640,000	2.750%, 3/15/2023		648,397
		BPCE SA
	725,000	3.000%, 5/22/2022^d		731,305
		Caisse Centrale Desjardins du Quebec
	455,000	1.837%, 1/29/2018^d,e		456,385
		Capital One Financial Corporation
	605,000	2.450%, 4/24/2019		608,257
	980,000	2.500%, 5/12/2020		984,175
	1,120,000	3.050%, 3/9/2022		1,128,679
		Capital One NA
	1,405,000	2.350%, 1/31/2020		1,405,365
		CBOE Holdings, Inc.
	630,000	1.950%, 6/28/2019		629,810
		Centene Escrow Corporation
	2,100,000	5.625%, 2/15/2021		2,189,250
		Cigna Corporation
	775,000	5.375%, 2/15/2042		933,038
		CIT Group, Inc.
	2,075,000	5.000%, 8/15/2022		2,235,813
		Citigroup, Inc.
	415,000	1.925%, 4/8/2019^e		417,692
	1,400,000	1.945%, 1/10/2020^e		1,410,118
	1,075,000	2.700%, 3/30/2021		1,082,037
	1,275,000	2.750%, 4/25/2022		1,275,061
	690,000	4.050%, 7/30/2022		721,234
	1,990,000	4.400%, 6/10/2025		2,072,328
	1,120,000	3.200%, 10/21/2026		1,089,340
	840,000	4.125%, 7/25/2028		852,804
	441,000	4.650%, 7/30/2045		480,220
		Citizens Bank NA
	1,220,000	2.300%, 12/3/2018		1,224,427
	1,165,000	2.200%, 5/26/2020		1,162,912
		Commonwealth Bank of Australia
	840,000	2.250%, 3/10/2020^d		841,751
		Compass Bank
	1,060,000	2.750%, 9/29/2019		1,068,255
		Cooperatieve Centrale Raiffeisen- Boerenleenbank BA
	1,560,000	3.950%, 11/9/2022		1,629,086
	3,360,000	4.625%, 12/1/2023		3,620,346
		Credit Agricole SA
	485,000	1.958%, 4/15/2019^d,e		488,354
	900,000	3.375%, 1/10/2022^d		923,973
		Credit Suisse AG
	512,000	5.400%, 1/14/2020		549,775
		Credit Suisse Group Funding, Ltd.
	2,961,000	2.750%, 3/26/2020		2,984,072

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (42.2%)	Value
	Financials (4.3%) - continued
$	1,200,000	3.125%, 12/10/2020	$	1,222,460
	1,024,000	3.750%, 3/26/2025		1,034,693
		DDR Corporation
	1,190,000	4.625%, 7/15/2022		1,245,805
		Deutsche Bank AG
	1,630,000	3.375%, 5/12/2021		1,650,756
	700,000	4.250%, 10/14/2021		732,944
		Digital Realty Trust LP
	1,125,000	3.400%, 10/1/2020		1,153,724
		Discover Bank
	1,135,000	8.700%, 11/18/2019		1,282,517
		Duke Realty, LP
	260,000	3.875%, 2/15/2021		270,257
	780,000	4.375%, 6/15/2022		831,131
		ERP Operating, LP
	267,000	3.375%, 6/1/2025		268,680
		European Investment Bank
	755,000	1.875%, 3/15/2019		759,244
		Fifth Third Bancorp
	548,000	2.875%, 7/27/2020		559,387
	310,000	2.875%, 10/1/2021		315,852
	915,000	2.600%, 6/15/2022		910,190
		Five Corners Funding Trust
	1,400,000	4.419%, 11/15/2023^d		1,503,232
		GE Capital International Funding Company
	3,692,000	4.418%, 11/15/2035		4,022,574
		Goldman Sachs Group, Inc.
	1,170,000	2.372%, 4/30/2018^e		1,178,915
	430,000	2.282%, 11/15/2018^e		434,469
	2,150,000	5.375%, 3/15/2020		2,321,389
	460,000	2.313%, 4/23/2020^e		467,680
	1,975,000	5.375%, 5/10/2020^h		2,075,330
	3,448,000	5.250%, 7/27/2021		3,778,829
	1,110,000	3.000%, 4/26/2022		1,120,263
	1,120,000	2.908%, 6/5/2023		1,115,558
	512,000	3.500%, 1/23/2025		517,606
	1,980,000	3.691%, 6/5/2028		1,988,078
	800,000	4.750%, 10/21/2045		886,414
		Hartford Financial Services Group, Inc.
	2,150,000	5.125%, 4/15/2022		2,386,367
		HBOS plc
	1,384,000	6.750%, 5/21/2018^d		1,439,552
		HCP, Inc.
	1,630,000	4.000%, 12/1/2022		1,704,722
	520,000	3.400%, 2/1/2025		512,087
		HSBC Bank plc
	1,065,000	1.822%, 5/15/2018^d,e		1,069,278
		HSBC Holdings plc
	2,025,000	3.400%, 3/8/2021		2,081,109
	1,075,000	6.875%, 6/1/2021^g,h		1,161,000
	925,000	2.650%, 1/5/2022		921,871
	850,000	3.600%, 5/25/2023		878,282
	1,040,000	3.900%, 5/25/2026		1,073,597
		Huntington Bancshares, Inc.
	282,000	2.600%, 8/2/2018		283,907
		Huntington National Bank
	720,000	2.200%, 11/6/2018		722,010
		Icahn Enterprises, LP
	1,145,000	6.000%, 8/1/2020		1,178,634
	750,000	6.750%, 2/1/2024		781,950
		ING Capital Funding Trust III
	825,000	4.896%, 9/30/2017^e,h		827,574
		ING Groep NV
	855,000	3.150%, 3/29/2022		871,189
		International Lease Finance Corporation
	275,000	4.625%, 4/15/2021		292,670
	550,000	5.875%, 8/15/2022		620,859
		J.P. Morgan Chase & Company
	980,000	6.300%, 4/23/2019		1,054,782
	365,000	2.250%, 1/23/2020		366,108
	1,200,000	1.882%, 6/1/2021^e		1,201,661
	670,000	2.295%, 8/15/2021		666,037
	1,220,000	4.500%, 1/24/2022		1,320,938
	768,000	3.200%, 1/25/2023		782,929
	1,400,000	2.700%, 5/18/2023		1,384,463
	565,000	2.383%, 10/24/2023^e		573,493
	1,040,000	3.625%, 5/13/2024		1,072,702
	2,040,000	3.125%, 1/23/2025		2,028,241
	855,000	3.300%, 4/1/2026		849,101
		KeyBank NA
	860,000	2.350%, 3/8/2019		865,612
		KeyCorp
	1,080,000	2.900%, 9/15/2020		1,098,591
		Kookmin Bank
	900,000	1.625%, 8/1/2019^d		885,960
		Liberty Mutual Group, Inc.
	560,000	4.950%, 5/1/2022^d		614,121
		Liberty Property, LP
	1,417,000	3.750%, 4/1/2025		1,440,004
		Lincoln National Corporation
	575,000	8.750%, 7/1/2019		646,491
		Lloyds Bank plc
	515,000	1.770%, 3/16/2018^e		515,862
		MassMutual Global Funding
	920,000	2.750%, 6/22/2024^d		912,956
		MetLife, Inc.
	1,025,000	4.050%, 3/1/2045		1,035,195
		Mitsubishi UFJ Financial Group, Inc.
	930,000	2.190%, 9/13/2021		916,423
		Mizuho Bank, Ltd.
	762,000	1.850%, 3/21/2018^d		763,029
		Morgan Stanley
	1,455,000	6.625%, 4/1/2018		1,506,677
	780,000	2.436%, 4/25/2018^e		786,793
	460,000	2.310%, 1/27/2020^e		466,960
	560,000	5.550%, 7/15/2020^h		585,060
	675,000	2.500%, 4/21/2021		674,419
	1,400,000	2.625%, 11/17/2021		1,397,792
	1,260,000	2.750%, 5/19/2022		1,259,584
	660,000	4.875%, 11/1/2022		716,507
	975,000	4.000%, 7/23/2025		1,017,734
	1,350,000	4.350%, 9/8/2026		1,403,652
		MPT Operating Partnership, LP
	1,535,000	6.375%, 3/1/2024		1,669,512
		Nasdaq, Inc.
	655,000	3.850%, 6/30/2026		664,667
		National City Corporation
	1,519,000	6.875%, 5/15/2019		1,652,889
		New York Life Global Funding
	840,000	2.300%, 6/10/2022^d		835,416
		Park Aerospace Holdings, Ltd.
	2,570,000	5.500%, 2/15/2024^d		2,684,365
		Prudential Financial, Inc.
	315,000	2.350%, 8/15/2019		316,894
		Quicken Loans, Inc.
	2,665,000	5.750%, 5/1/2025^d		2,751,613

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (42.2%)	Value
	Financials (4.3%) - continued
		Realty Income Corporation
$	1,120,000	4.125%, 10/15/2026	$	1,157,839
		Regions Bank
	261,000	7.500%, 5/15/2018		273,238
		Regions Financial Corporation
	1,000,000	2.250%, 9/14/2018		1,004,083
	768,000	3.200%, 2/8/2021		785,146
		Reinsurance Group of America, Inc.
	579,000	5.000%, 6/1/2021		629,237
		Reliance Standard Life Global Funding II
	395,000	2.500%, 4/24/2019^d		397,643
		Royal Bank of Scotland Group plc
	1,400,000	8.625%, 8/15/2021^h		1,526,000
	800,000	3.875%, 9/12/2023		815,842
		Santander Holdings USA, Inc.
	725,000	3.450%, 8/27/2018		735,186
		Santander UK Group Holdings plc
	896,000	2.875%, 10/16/2020		908,797
		Santander UK plc
	456,000	3.050%, 8/23/2018		461,724
		Simon Property Group, LP
	330,000	2.500%, 9/1/2020		332,960
	1,115,000	2.750%, 2/1/2023		1,110,542
	1,120,000	4.250%, 11/30/2046		1,119,447
		Skandinaviska Enskilda Banken AB
	615,000	2.375%, 3/25/2019^d		618,768
		Societe Generale SA
	840,000	4.750%, 11/24/2025^d,g		880,821
		Standard Chartered plc
	1,929,000	2.100%, 8/19/2019^d		1,921,990
		State Street Corporation
	510,000	2.081%, 8/18/2020^e		520,846
		Sumitomo Mitsui Banking Corporation
	545,000	1.738%, 1/16/2018^e		546,281
		Sumitomo Mitsui Financial Group, Inc.
	840,000	3.010%, 10/19/2026		822,019
		SunTrust Banks, Inc.
	1,120,000	2.250%, 1/31/2020		1,124,749
		Svenska Handelsbanken AB
	715,000	1.757%, 6/17/2019^e		718,179
		Synchrony Financial
	1,400,000	3.000%, 8/15/2019		1,419,796
	305,000	2.402%, 2/3/2020^e		307,304
	330,000	4.250%, 8/15/2024		337,091
		Toronto-Dominion Bank
	375,000	2.172%, 12/14/2020^e		380,446
		UBS Group Funding Jersey, Ltd.
	1,280,000	2.950%, 9/24/2020^d		1,307,497
	768,000	4.125%, 9/24/2025^d		805,119
		UBS Group Funding Switzerland AG
	1,105,000	3.491%, 5/23/2023^d		1,130,402
		UnitedHealth Group, Inc.
	220,000	3.350%, 7/15/2022		229,656
	2,470,000	4.625%, 7/15/2035		2,779,167
		USB Realty Corporation
	310,000	2.305%, 1/15/2022^d,e,h		271,250
		Ventas Realty, LP
	1,200,000	3.100%, 1/15/2023		1,203,853
		Voya Financial, Inc.
	948,000	2.900%, 2/15/2018		954,424
	2,836,000	3.125%, 7/15/2024^c		2,792,975
		Wells Fargo & Company
	455,000	1.852%, 1/30/2020^e		457,962
	1,020,000	2.550%, 12/7/2020		1,031,607
	1,150,000	3.069%, 1/24/2023		1,165,282
	1,120,000	3.450%, 2/13/2023		1,146,566
	1,040,000	3.000%, 2/19/2025		1,023,950
	1,600,000	3.000%, 4/22/2026		1,562,805
	1,140,000	3.000%, 10/23/2026		1,110,202
	1,930,000	4.900%, 11/17/2045		2,107,371
		Welltower, Inc.
	520,000	3.750%, 3/15/2023		539,502
	1,060,000	4.000%, 6/1/2025		1,096,094

		Total		214,226,371

	Foreign Government (0.2%)
		Argentina Government International Bond
	820,000	7.500%, 4/22/2026^g		881,500
	280,000	6.875%, 1/26/2027		289,520
		Brazil Government International Bond
	755,000	7.125%, 1/20/2037		862,588
		Colombia Government International Bond
	925,000	3.875%, 4/25/2027^g		933,325
		Export-Import Bank of Korea
	450,000	2.250%, 1/21/2020		449,204
		Indonesia Government International Bond
	1,700,000	5.250%, 1/8/2047^d		1,849,537
		Kommunalbanken AS
	735,000	1.500%, 10/22/2019^d		731,652
		Mexico Government International Bond
	1,400,000	4.150%, 3/28/2027		1,449,700
		Turkey Government International Bond
	1,704,000	5.750%, 5/11/2047		1,666,512

		Total		9,113,538

	Mortgage-Backed Securities (12.9%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	37,325,000	3.000%, 7/1/2031^c		38,322,279
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	64,500,000	4.000%, 7/1/2047^c		67,823,259
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	4,180,951	1.746%, 7/1/2043^e		4,289,899
	74,425,000	3.000%, 7/1/2047^c		74,308,711
	245,400,000	3.500%, 7/1/2047^c		251,968,352
	141,275,000	4.000%, 7/1/2047^c		148,482,229
	50,850,000	4.500%, 7/1/2047^c		54,532,613

		Total		639,727,342

	Technology (1.0%)
		Amphenol Corporation
	318,000	2.550%, 1/30/2019		320,936
		Apple, Inc.
	360,000	1.482%, 5/6/2020^e		362,220
	690,000	3.000%, 2/9/2024		700,291
	1,792,000	3.200%, 5/13/2025		1,830,351
	1,120,000	3.200%, 5/11/2027		1,130,625

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (42.2%)	Value
	Technology (1.0%) - continued
$	1,505,000	3.000%, 6/20/2027	$	1,497,610
	768,000	4.650%, 2/23/2046		862,110
	1,400,000	4.250%, 2/9/2047		1,487,094
		Applied Materials, Inc.
	560,000	3.300%, 4/1/2027		569,163
		Avnet, Inc.
	820,000	3.750%, 12/1/2021		833,163
		Baidu, Inc.
	1,275,000	3.000%, 6/30/2020		1,292,111
		Cisco Systems, Inc.
	480,000	1.702%, 3/1/2019^e		483,506
		CommScope Technologies Finance, LLC
	1,480,000	6.000%, 6/15/2025^d		1,579,900
		Diamond 1 Finance Corporation
	680,000	3.480%, 6/1/2019^d		695,922
	1,400,000	5.450%, 6/15/2023^d		1,519,048
	396,000	6.020%, 6/15/2026^d		436,237
	560,000	8.350%, 7/15/2046^d		723,533
		Equinix, Inc.
	1,870,000	5.750%, 1/1/2025		2,012,588
		Fidelity National Information Services, Inc.
	1,070,000	2.850%, 10/15/2018		1,082,652
	1,109,000	3.625%, 10/15/2020		1,161,630
		First Data Corporation
	970,000	5.375%, 8/15/2023^d		1,013,650
		Hewlett Packard Enterprise Company
	377,000	2.450%, 10/5/2017		377,995
	565,000	2.850%, 10/5/2018		569,849
	565,000	4.400%, 10/15/2022		598,906
		Intel Corporation
	185,000	3.100%, 7/29/2022		191,637
	685,000	3.700%, 7/29/2025		719,203
	1,188,000	4.100%, 5/19/2046		1,233,120
		International Business Machines Corporation
	1,056,000	4.700%, 2/19/2046^g		1,181,180
		Iron Mountain, Inc.
	1,885,000	6.000%, 8/15/2023		2,002,812
		Micron Technology, Inc.
	3,085,000	7.500%, 9/15/2023		3,451,190
		Microsoft Corporation
	1,575,000	4.750%, 11/3/2055		1,802,049
	1,575,000	4.200%, 11/3/2035		1,722,875
	3,350,000	3.700%, 8/8/2046		3,320,121
	1,400,000	4.250%, 2/6/2047		1,518,009
		NXP BV
	1,390,000	3.875%, 9/1/2022^d		1,447,338
		Oracle Corporation
	330,000	2.500%, 5/15/2022		333,095
	1,056,000	2.400%, 9/15/2023		1,042,147
	2,765,000	2.950%, 5/15/2025		2,775,496
		QUALCOMM, Inc.
	792,000	3.000%, 5/20/2022		812,130
	560,000	4.300%, 5/20/2047		571,691
		Sensata Technologies UK Financing Company plc
	1,140,000	6.250%, 2/15/2026^d		1,242,600

		Total		48,507,783

	Transportation (0.3%)
		Air Canada Pass Through Trust
	276,889	3.875%, 3/15/2023^d		276,197
		American Airlines Pass Through Trust
	1,138,946	3.375%, 5/1/2027		1,144,640
		Avis Budget Car Rental, LLC
	1,195,000	6.375%, 4/1/2024^d,g		1,192,013
		Burlington Northern Santa Fe, LLC
	850,000	5.750%, 5/1/2040		1,074,666
	2,485,000	5.050%, 3/1/2041		2,908,041
	900,000	4.450%, 3/15/2043		979,063
	1,175,000	3.900%, 8/1/2046		1,196,795
		Continental Airlines, Inc.
	586,281	4.150%, 4/11/2024		615,595
		CSX Corporation
	494,000	3.700%, 11/1/2023		519,281
		Delta Air Lines, Inc.
	232,331	4.950%, 5/23/2019		241,334
	630,000	2.875%, 3/13/2020		638,193
		ERAC USA Finance, LLC
	284,000	2.800%, 11/1/2018^d		286,931
		J.B. Hunt Transport Services, Inc.
	295,000	3.300%, 8/15/2022		300,699
		Southwest Airlines Company
	845,000	2.750%, 11/6/2019		857,753
		Virgin Australia Holdings, Ltd.
	190,384	5.000%, 10/23/2023^d		198,475
		XPO Logistics, Inc.
	1,570,000	6.500%, 6/15/2022^d		1,650,463

		Total		14,080,139

	U.S. Government and Agencies (9.8%)
		Federal National Mortgage Association
	205,000	6.250%, 5/15/2029		278,210
		Tennessee Valley Authority
	200,000	5.250%, 9/15/2039		262,809
		U.S. Treasury Bonds
	7,000,000	2.375%, 5/15/2027		7,045,115
	1,075,000	4.375%, 5/15/2040		1,373,438
	470,000	3.625%, 2/15/2044		542,262
	26,928,000	2.500%, 5/15/2046		25,096,681
	3,290,000	2.875%, 11/15/2046		3,313,777
	3,825,000	3.000%, 2/15/2047		3,952,598
	7,400,000	3.000%, 5/15/2047		7,650,327
		U.S. Treasury Bonds, TIPS
	7,520,746	0.125%, 1/15/2023		7,450,788
	51,884	2.375%, 1/15/2025		59,095
	28,780,850	0.625%, 1/15/2026		28,957,306
	23,684,778	0.375%, 1/15/2027		23,255,705
	33,937	2.125%, 2/15/2040		42,197
	459,871	0.750%, 2/15/2042		437,470
		U.S. Treasury Notes
	300,000	0.875%, 3/31/2018		299,133
	21,220,000	1.000%, 11/30/2018		21,117,210
	22,250,000	0.750%, 2/15/2019		22,035,332
	15,200,000	1.000%, 10/15/2019		15,056,907
	41,710,000	1.500%, 10/31/2019		41,762,137
	8,800,000	1.500%, 5/15/2020		8,789,686
	79,080,000	1.375%, 9/30/2020		78,489,984
	10,250,000	1.375%, 5/31/2021		10,107,464
	59,409,000	1.125%, 8/31/2021		57,840,246
	12,600,000	1.875%, 2/28/2022		12,613,784
	41,325,000	2.125%, 6/30/2022		41,768,913
	10,765,000	1.625%, 8/15/2022		10,618,661
	1,120,000	1.375%, 9/30/2023		1,074,851
	47,630,000	2.250%, 11/15/2024		47,883,011
	2,100,000	2.000%, 11/15/2026		2,047,910

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (42.2%)	Value
	U.S. Government and Agencies (9.8%) - continued
		U.S. Treasury Notes, TIPS
$	2,063,220	0.125%, 4/15/2021	$	2,059,956

		Total		483,282,963


	Utilities (1.3%)
		American Electric Power Company, Inc.
	1,722,000	2.950%, 12/15/2022		1,752,982
		Appalachian Power Company
	560,000	3.300%, 6/1/2027		567,190
		Arizona Public Service Company
	395,000	2.200%, 1/15/2020		395,970
		Atmos Energy Corporation
	600,000	3.000%, 6/15/2027		596,077
		Berkshire Hathaway Energy Company
	358,000	2.400%, 2/1/2020		361,091
		Calpine Corporation
	1,450,000	5.375%, 1/15/2023^g		1,413,750
		CMS Energy Corporation
	840,000	2.950%, 2/15/2027		805,623
	840,000	3.450%, 8/15/2027		847,895
		Commonwealth Edison Company
	1,025,000	3.700%, 3/1/2045		1,010,528
	395,000	4.350%, 11/15/2045		426,380
		Consolidated Edison Company of New York, Inc.
	384,000	4.500%, 12/1/2045		425,180
		Consolidated Edison, Inc.
	528,000	2.000%, 5/15/2021		519,720
		Dominion Energy, Inc.
	1,070,000	2.962%, 7/1/2019		1,086,043
	1,120,000	2.579%, 7/1/2020		1,125,699
		DTE Electric Company
	760,000	3.700%, 3/15/2045		750,530
	890,000	3.700%, 6/1/2046		875,623
		DTE Energy Company
	155,000	2.400%, 12/1/2019		155,709
		Duke Energy Corporation
	900,000	2.100%, 6/15/2018		903,492
	1,120,000	3.750%, 9/1/2046		1,065,599
		Duke Energy Florida, LLC
	775,000	3.200%, 1/15/2027		785,000
		Duke Energy Indiana, LLC
	1,085,000	3.750%, 5/15/2046		1,073,297
		Dynegy, Inc.
	1,720,000	7.375%, 11/1/2022^g		1,698,500
		Edison International
	1,050,000	2.950%, 3/15/2023		1,060,289
		Emera U.S. Finance, LP
	800,000	2.150%, 6/15/2019		799,287
	820,000	4.750%, 6/15/2046		866,590
		Enbridge Energy Partners, LP
	1,400,000	5.875%, 10/15/2025^g		1,597,228
		Enel Finance International NV
	450,000	6.250%, 9/15/2017^d		453,964
		Eversource Energy
	330,000	1.600%, 1/15/2018		329,492
		Exelon Corporation
	580,000	5.100%, 6/15/2045		650,799
	792,000	4.450%, 4/15/2046		819,724
		Exelon Generation Company, LLC
	770,000	5.200%, 10/1/2019		817,898
	970,000	2.950%, 1/15/2020		987,215
		FirstEnergy Corporation
	350,000	2.850%, 7/15/2022		348,800
	2,015,000	4.850%, 7/15/2047		2,042,344
		Great Plains Energy, Inc.
	905,000	2.500%, 3/9/2020		913,381
		ITC Holdings Corporation
	284,000	4.050%, 7/1/2023		297,813
	560,000	5.300%, 7/1/2043		652,642
		Kinder Morgan Energy Partners, LP
	1,400,000	6.500%, 9/1/2039		1,587,097
		MidAmerican Energy Holdings Company
	1,586,000	6.500%, 9/15/2037		2,131,976
		Monongahela Power Company
	780,000	5.400%, 12/15/2043^d		948,550
		National Rural Utilities Cooperative Finance Corporation
	1,025,000	2.300%, 11/1/2020		1,026,107
		NextEra Energy Capital Holdings, Inc.
	660,000	2.300%, 4/1/2019		663,052
		NiSource Finance Corporation
	560,000	3.490%, 5/15/2027		563,914
	1,475,000	5.650%, 2/1/2045		1,775,903
		Northern States Power Company
	1,240,000	4.125%, 5/15/2044		1,317,352
		NRG Energy, Inc.
	1,500,000	6.625%, 3/15/2023		1,541,250
		Oncor Electric Delivery Company, LLC
	2,240,000	3.750%, 4/1/2045		2,193,059
		Pacific Gas and Electric Company
	1,400,000	3.300%, 3/15/2027		1,431,384
	768,000	4.250%, 3/15/2046		818,238
		PG&E Corporation
	375,000	2.400%, 3/1/2019		376,852
		PPL Capital Funding, Inc.
	372,000	3.500%, 12/1/2022		384,362
	560,000	3.400%, 6/1/2023		575,439
	1,275,000	5.000%, 3/15/2044		1,439,347
		PPL Electric Utilities Corporation
	840,000	3.950%, 6/1/2047		865,445
		Public Service Electric & Gas Company
	1,410,000	3.000%, 5/15/2027		1,413,006
		Sempra Energy
	1,285,000	6.150%, 6/15/2018		1,338,135
	370,000	2.400%, 3/15/2020		371,636
		Southern California Edison Company
	220,000	2.400%, 2/1/2022		220,691
	1,135,000	4.000%, 4/1/2047		1,188,886
		Southern Company
	1,080,000	1.850%, 7/1/2019		1,075,857
	1,150,000	2.950%, 7/1/2023		1,142,471
	1,425,000	3.250%, 7/1/2026		1,394,164
	1,100,000	4.400%, 7/1/2046		1,121,594
		Southern Company Gas Capital Corporation
	1,400,000	4.400%, 5/30/2047		1,439,442
		Southwestern Electric Power Company
	460,000	3.900%, 4/1/2045		451,842
		Tesoro Logistics, LP
	1,755,000	5.250%, 1/15/2025		1,842,750
		Xcel Energy, Inc.
	1,670,000	3.350%, 12/1/2026		1,685,620

		Total		65,604,765


		Total Long-Term Fixed Income (cost $2,080,209,581)		2,091,322,433

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Registered Investment Companies (26.7%)	Value
	Affiliated Equity Holdings (9.8%)
	2,636,950	Thrivent Large Cap Stock Portfolio	$	34,671,942
	9,209,186	Thrivent Large Cap Value Portfolio		156,271,602
	4,288,831	Thrivent Mid Cap Stock Portfolio		80,493,202
	17,318,825	Thrivent Partner Worldwide Allocation Portfolio		175,957,531
	2,123,607	Thrivent Small Cap Stock Portfolio		39,872,205

		Total		487,266,482


	Affiliated Fixed Income Holdings (14.6%)
	25,261,969	Thrivent High Yield Portfolio		122,515,499
	36,075,635	Thrivent Income Portfolio		370,078,298
	23,371,713	Thrivent Limited Maturity Bond Portfolio		230,470,796

		Total		723,064,593


	Equity Funds/Exchange Traded Funds (0.3%)
	3,110	iShares Russell 2000 Growth Index Fund		524,875
	3,031	iShares Russell 2000 Index Fund		427,129
	3,350	iShares Russell 2000 Value Index Fund		398,214
	5,870	Materials Select Sector SPDR Fund		315,865
	41,336	SPDR S&P 500 ETF Trust		9,995,045
	49,720	SPDR S&P Bank ETF		2,163,814
	8,730	SPDR S&P Biotech ETF		673,781

		Total		14,498,723


	Fixed Income Funds/Exchange Traded Funds (2.0%)
	72,000	iShares Barclays 1-3 Year Credit Bond Fund		7,582,320
	536,400	iShares iBoxx $ Investment Grade Corporate Bond ETF		64,641,564
	330,600	Vanguard Short-Term Corporate Bond ETF		26,461,224

		Total		98,685,108


		Total Registered Investment Companies (cost $1,204,692,550)		1,323,514,906


		Common Stock (22.1%)
	Consumer Discretionary (3.1%)
	29,216	Amazon.com, Inc.^j		28,281,088
	25,050	American Axle & Manufacturing Holdings, Inc.^j		390,780
	1,845	American Public Education, Inc.^j		43,634
	45,181	Aramark		1,851,517
	3,350	Armstrong Flooring, Inc.^j		60,200
	3,980	Ascent Capital Group, Inc.^j		61,133
	13,320	Barnes & Noble Education, Inc.^j		141,592
	10,120	Bloomin’ Brands, Inc.		214,848
	15,570	BorgWarner, Inc.		659,545
	21,885	Bright Horizons Family Solutions, Inc.^j		1,689,741
	15,260	Brunswick Corporation		957,260
	4,450	Buffalo Wild Wings, Inc.^j		563,815
	3,450	Burlington Stores, Inc.		317,366
	18,640	Caleres, Inc.		517,819
	17,324	Callaway Golf Company		221,401
	2,758	Cedar Fair, LP		198,852
	5,421	Century Casinos, Inc.^j		39,953
	2,050	Cheesecake Factory, Inc.		103,115
	1,060	Children’s Place, Inc.		108,226
	860	Chipotle Mexican Grill, Inc.^j		357,846
	1,776	Citi Trends, Inc.		37,687
	3,920	ClubCorp Holdings, Inc.		51,352
	585,383	Comcast Corporation		22,783,106
	14,792	Core-Mark Holding Company, Inc.		489,024
	9,559	CSS Industries, Inc.		250,063
	8,758	Culp, Inc.		284,635
	59,539	Delphi Automotive plc		5,218,593
	4,515	Discovery Communications, Inc., Class A^j		116,622
	59,983	Discovery Communications, Inc., Class C^j		1,512,171
	10,650	DISH Network Corporation^j		668,394
	22,830	Dollar Tree, Inc.^j		1,596,274
	2,260	Domino’s Pizza, Inc.		478,058
	13,050	DSW, Inc.		230,985
	18,483	Duluth Holdings, Inc.^g		336,575
	5,875	Entravision Communications Corporation		38,775
	6,328	Expedia, Inc.		942,556
	86,492	Extended Stay America, Inc.		1,674,485
	2,700	Five Below, Inc.^j		133,299
	6,870	FTD Companies, Inc.^j		137,400
	7,563	G-III Apparel Group, Ltd.^j		188,697
	39,485	Gray Television, Inc.^j		540,945
	8,680	Habit Restaurants, Inc.^j		137,144
	132,864	Harley-Davidson, Inc.		7,177,313
	12,348	Haverty Furniture Companies, Inc.		309,935
	77,900	Home Depot, Inc.		11,949,860
	14,390	Houghton Mifflin Harcourt Company^j		176,997
	1,280	Hyatt Hotels Corporation^j		71,949
	18,252	International Speedway Corporation		685,363
	11,740	La-Z-Boy, Inc.		381,550
	2,011	Libbey, Inc.		16,209
	20,420	Liberty Interactive Corporation^j		501,107
	31,146	Liberty Media Corporation-Liberty SiriusXM^j		1,298,788
	2,370	Lithia Motors, Inc.		223,325
	144,419	Lowe’s Companies, Inc.		11,196,805
	17,850	Modine Manufacturing Company^j		295,417
	6,380	Nautilus, Inc.^j		122,177
	35,610	Newell Brands, Inc.		1,909,408
	20,520	News Corporation, Class A		281,124
	6,700	News Corporation, Class B		94,805
	27,020	Norwegian Cruise Line Holdings, Ltd.^j		1,466,916
	18,321	Nutrisystem, Inc.		953,608
	1,510	O’Reilly Automotive, Inc.^j		330,297
	7,490	Oxford Industries, Inc.		468,050
	5,680	Papa John’s International, Inc.		407,597
	41,970	Pinnacle Entertainment, Inc.^j		829,327
	8,130	Polaris Industries, Inc.^g		749,830
	3,210	Priceline Group, Inc.^j		6,004,369
	13,202	PVH Corporation		1,511,629
	13,270	Ross Stores, Inc.		766,077
	9,770	Ruth’s Hospitality Group, Inc.		212,497
	82,514	Scripps Networks Interactive, Inc.		5,636,531
	2,662	Shoe Carnival, Inc.		55,583
	5,090	Signet Jewelers, Ltd.^g		321,892
	24,480	Six Flags Entertainment Corporation		1,459,253
	1,240	Snap-On, Inc.		195,920
	2,700	Stamps.com, Inc.^j		418,162
	1,200	Standard Motor Products, Inc.		62,664
	56,550	Staples, Inc.		569,458
	96,756	Starbucks Corporation		5,641,842
	4,070	Steven Madden, Ltd.^j		162,596
	19,150	Taylor Morrison Home Corporation^j		459,792
	2,718	Tenneco, Inc.		157,182
	16,030	Thomson Reuters Corporation		742,029
	26,350	Time, Inc.		378,123
	36,190	Toll Brothers, Inc.		1,429,867
	48,121	Tower International, Inc.		1,080,316
	30,242	Tuesday Morning Corporation^j		57,460

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (22.1%)	Value
	Consumer Discretionary (3.1%) - continued
	12,137	Tupperware Brands Corporation	$	852,382
	1,600	Ulta Beauty, Inc.^j		459,744
	1,400	Vail Resorts, Inc.		283,962
	7,490	VF Corporation		431,424
	940	Visteon Corporation^j		95,936
	53,618	Walt Disney Company		5,696,912
	2,875	Whirlpool Corporation		550,907
	10,240	Wingstop, Inc.^g		316,416
	2,650	Wyndham Worldwide Corporation		266,086
	16,050	Zoe’s Kitchen, Inc.^g,j		191,156

		Total		152,992,495


	Consumer Staples (0.7%)
	60,610	Altria Group, Inc.		4,513,627
	11,410	Blue Buffalo Pet Products, Inc.^j		260,262
	29,130	Cott Corporation		420,637
	100,730	CVS Health Corporation		8,104,736
	72,821	Darling Ingredients, Inc.^j		1,146,203
	2,424	e.l.f. Beauty, Inc.^j		65,957
	19,450	Hain Celestial Group, Inc.^j		755,049
	4,750	Ingredion, Inc.		566,247
	6,950	Inter Parfums, Inc.		254,717
	21,510	Kimberly-Clark Corporation		2,777,156
	14,580	MGP Ingredients, Inc.^g		746,059
	34,630	Mondelez International, Inc.		1,495,670
	22,940	Monster Beverage Corporation^j		1,139,659
	21,930	PepsiCo, Inc.		2,532,696
	42,070	Pinnacle Foods, Inc.		2,498,958
	3,083	Revlon, Inc.^j		73,067
	2,470	Seneca Foods Corporation^j		76,693
	48,154	SpartanNash Company		1,250,078
	45,840	SUPERVALU, Inc.^j		150,814
	38,870	US Foods Holding Corporation		1,058,041
	63,360	Wal-Mart Stores, Inc.		4,795,085

		Total		34,681,411


	Energy (1.1%)
	51,250	Anadarko Petroleum Corporation		2,323,675
	8,156	Arch Coal, Inc.^g		557,055
	57,962	Archrock, Inc.		660,767
	26,014	Bill Barrett Corporation^j		79,863
	12,982	California Resources Corporation^g,j		110,996
	25,435	Callon Petroleum Company^j		269,865
	4,858	CARBO Ceramics, Inc.^j		33,277
	102,560	Chevron Corporation		10,700,085
	2,020	Cimarex Energy Company		189,900
	16,330	Concho Resources, Inc.^j		1,984,585
	8,690	Contango Oil & Gas Company^j		57,702
	6,350	Continental Resources, Inc.^j		205,295
	15,449	Contura Energy, Inc.^g		1,011,909
	5,569	Delek US Holdings, Inc.		147,244
	93,780	Devon Energy Corporation		2,998,147
	21,690	Ensco plc		111,920
	46,545	EQT Corporation		2,727,072
	7,910	Era Group, Inc.^j		74,829
	6,300	Exterran Corporation^j		168,210
	47,600	Exxon Mobil Corporation		3,842,748
	28,372	Fairmount Santrol Holdings, Inc.^j		110,651
	124,150	Halliburton Company		5,302,446
	7,260	HollyFrontier Corporation		199,432
	473,603	Marathon Oil Corporation		5,612,196
	3,883	Matrix Service Company^j		36,306
	10,614	Newpark Resources, Inc.^j		78,013
	15,990	Noble Corporation		57,884
	24,513	Oil States International, Inc.^j		665,528
	29,183	Overseas Shipholding Group, Inc.^j		77,627
	9,670	Par Pacific Holdings, Inc.^g,j		174,447
	17,938	Parsley Energy, Inc.^j		497,779
	40,180	Patterson-UTI Energy, Inc.		811,234
	60,020	Pioneer Energy Services Corporation^j		123,041
	26,270	Pioneer Natural Resources Company		4,192,167
	2,258	Range Resources Corporation		52,318
	70,810	Rowan Companies plc^j		725,094
	9,470	RPC, Inc.^g		191,389
	36,019	Smart Sand, Inc.^j		320,929
	67,741	Teekay Tankers, Ltd.		127,353
	21,331	Tesco Corporation^j		94,923
	5,696	TETRA Technologies, Inc.^j		15,892
	4,850	U.S. Silica Holdings, Inc.		172,126
	709,880	Weatherford International plc^j		2,747,236
	9,296	Westmoreland Coal Company^j		45,272
	84,690	Whiting Petroleum Corporation^j		466,642
	61,040	WPX Energy, Inc.^j		589,646

		Total		51,742,715


	Financials (4.2%)
	12,160	Affiliated Managers Group, Inc.		2,016,858
	15,900	AG Mortgage Investment Trust, Inc.		290,970
	39,240	AGNC Investment Corporation		835,420
	5,690	Allied World Assurance Company Holdings AG		301,001
	21,000	Ally Financial, Inc.		438,900
	49,360	American International Group, Inc.		3,085,987
	12,504	Ameris Bancorp		602,693
	10,914	Aon plc		1,451,016
	2,473	Argo Group International Holdings, Ltd.		149,864
	17,920	Aspen Insurance Holdings, Ltd.		893,312
	37,720	Assured Guaranty, Ltd.		1,574,433
	19,534	Astoria Financial Corporation		393,610
	26,710	BancorpSouth, Inc.		814,655
	19,800	Bank Mutual Corporation		181,170
	1,049,091	Bank of America Corporation		25,450,948
	66,370	Bank of New York Mellon Corporation		3,386,197
	5,650	Bank of the Ozarks, Inc.		264,815
	8,751	BankFinancial Corporation		130,565
	25,550	Beneficial Bancorp, Inc.		383,250
	29,700	Berkshire Hathaway, Inc.^j		5,030,289
	119,580	Blackstone Group, LP		3,987,993
	5,710	Blue Hills Bancorp, Inc.		102,209
	46,310	Boston Private Financial Holdings, Inc.		710,858
	18,660	Brookline Bancorp, Inc.		272,436
	39,480	Capital One Financial Corporation		3,261,838
	29,840	Capstead Mortgage Corporation		311,231
	884	Carolina Financial Corporation		28,571
	20,760	Cathay General Bancorp		787,842
	27,663	Central Pacific Financial Corporation		870,555
	9,034	Chemical Financial Corporation		437,336
	27,800	Chubb, Ltd.		4,041,564
	294,120	Citigroup, Inc.		19,670,746
	10,188	Citizens Financial Group, Inc.		363,508
	3,220	Clifton Bancorp, Inc.		53,227
	3,284	CNA Financial Corporation		160,095
	91,430	CNO Financial Group, Inc.		1,909,058
	45,767	CoBiz Financial, Inc.		796,346
	510	Columbia Banking System, Inc.		20,324
	90,830	Comerica, Inc.		6,652,389
	363	Community Trust Bancorp, Inc.		15,881
	1,400	Customers Bancorp, Inc.^j		39,592
	4,283	Dynex Capital, Inc.		30,409
	92,837	E*TRADE Financial Corporation^j		3,530,591
	5,369	Eagle Bancorp, Inc.^j		339,858
	36,031	East West Bancorp, Inc.		2,110,696

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (22.1%)	Value
	Financials (4.2%) - continued
	4,020	Ellington Residential Mortgage REIT	$	58,933
	22,752	Employers Holdings, Inc.		962,410
	8,190	Enova International, Inc.^j		121,622
	30,379	Enterprise Financial Services Corporation		1,239,463
	7,311	Essent Group, Ltd.^j		271,531
	252	FBL Financial Group, Inc.		15,498
	1,133	Fidelity Southern Corporation		25,900
	264,853	Fifth Third Bancorp		6,875,584
	6,522	Financial Institutions, Inc.		194,356
	237,281	First BanCorp^j		1,373,857
	35,790	First Commonwealth Financial Corporation		453,817
	1,779	First Connecticut Bancorp, Inc.		45,631
	2,093	First Defiance Financial Corporation		110,259
	9,010	First Financial Bancorp		249,577
	5,153	First Financial Corporation		243,737
	5,930	First Merchants Corporation		238,030
	30,343	First Midwest Bancorp, Inc.		707,295
	4,139	First of Long Island Corporation		118,375
	25,410	First Republic Bank		2,543,541
	17,060	FNF Group		764,800
	780	Franklin Financial Network, Inc.^j		32,175
	23,550	GAIN Capital Holdings, Inc.		146,717
	65,039	Goldman Sachs Group, Inc.		14,432,154
	11,468	Great Southern Bancorp, Inc.		613,538
	20,061	Green Bancorp, Inc.^j		389,183
	13,998	Hamilton Lane, Inc.		307,816
	30,350	Hanmi Financial Corporation		863,457
	7,310	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		167,180
	20,099	Hanover Insurance Group, Inc.		1,781,374
	40,014	Hartford Financial Services Group, Inc.		2,103,536
	21,300	Heritage Commerce Corporation		293,514
	6,923	Heritage Financial Corporation		183,460
	8,239	Hometrust Bancshares, Inc.^j		201,032
	39,838	Hope Bancorp, Inc.		742,979
	11,383	Horace Mann Educators Corporation		430,277
	11,120	Horizon Bancorp		293,012
	15,317	Houlihan Lokey, Inc.		534,563
	107,610	Huntington Bancshares, Inc.		1,454,887
	4,666	IBERIABANK Corporation		380,279
	7,980	Independent Bank Corporation		173,565
	4,239	Infinity Property & Casualty Corporation		398,466
	5,990	Interactive Brokers Group, Inc.		224,146
	86,590	Intercontinental Exchange, Inc.		5,708,013
	23,330	Invesco Mortgage Capital. Inc.		389,844
	136,570	Invesco, Ltd.		4,805,898
	33,380	Investors Bancorp, Inc.		445,957
	70,590	KeyCorp		1,322,857
	3,657	Kinsale Capital Group, Inc.		136,443
	8,120	Lazard, Ltd.		376,200
	48,360	Loews Corporation		2,263,732
	2,850	M&T Bank Corporation		461,557
	57,659	Maiden Holdings, Ltd.		640,015
	1,214	MainSource Financial Group, Inc.		40,681
	930	MarketAxess Holdings, Inc.		187,023
	5,360	Meta Financial Group, Inc.		477,040
	149,300	MetLife, Inc.		8,202,542
	41,390	MGIC Investment Corporation^j		463,568
	24,080	MidWestOne Financial Group, Inc.		816,071
	12,070	MTGE Investment Corporation		226,916
	16,910	National Bank Holdings Corporation		559,890
	1,036	National General Holdings Corporation		21,860
	5,000	Navigators Group, Inc.		274,500
	29,950	New Residential Investment Corporation		466,022
	3,369	OFG Bancorp		33,690
	1,964	Old Second Bancorp, Inc.		22,684
	91,286	OM Asset Management plc		1,356,510
	3,980	PacWest Bancorp		185,866
	2,170	Peoples Bancorp, Inc.		69,722
	2,211	Preferred Apartment Communities, Inc.		34,823
	2,410	Preferred Bank		128,863
	5,650	Primerica, Inc.		427,988
	53,501	Progressive Corporation		2,358,859
	17,650	Provident Financial Services, Inc.		447,957
	3,026	QCR Holdings, Inc.		143,432
	11,050	Raymond James Financial, Inc.		886,431
	6,310	Renasant Corporation		275,999
	1,126	Safety Insurance Group, Inc.		76,906
	28,055	Sandy Spring Bancorp, Inc.		1,140,716
	8,540	Santander Consumer USA Holdings Inc.^j		108,970
	22,730	Seacoast Banking Corporation of Florida^j		547,793
	3,080	Selective Insurance Group, Inc.		154,154
	83,860	SLM Corporation^j		964,390
	7,605	State Auto Financial Corporation		195,677
	1,455	State Bank Financial Corporation		39,460
	26,984	State National Companies, Inc.		495,966
	51,140	State Street Corporation		4,588,792
	1,940	Stewart Information Services Corporation		88,037
	16,398	Stifel Financial Corporation^j		753,980
	10,646	SVB Financial Group		1,871,460
	198,800	Synchrony Financial		5,928,216
	55,060	Synovus Financial Corporation		2,435,854
	23,742	TCF Financial Corporation		378,447
	24,110	TD Ameritrade Holding Corporation		1,036,489
	3,360	Territorial Bancorp, Inc.		104,798
	8,792	TriCo Bancshares		309,039
	11,030	TriState Capital Holdings, Inc.^j		277,956
	6,560	Triumph Bancorp, Inc.^j		161,048
	54,680	TrustCo Bank Corporation		423,770
	12,590	Umpqua Holdings Corporation		231,152
	15,576	Union Bankshares Corporation		528,026
	14,320	United Community Banks, Inc.		398,096
	24,148	United Financial Bancorp, Inc.		403,030
	1,480	United Fire Group, Inc.		65,209
	3,750	Unum Group		174,862
	13,670	Voya Financial, Inc.		504,286
	3,750	Washington Trust Bancorp, Inc.		193,313
	48,133	Western Alliance Bancorp^j		2,368,144
	30,229	Western Asset Mortgage Capital Corporation		311,359
	408	Westwood Holdings Group, Inc.		23,130
	14,098	WSFS Financial Corporation		639,344
	106,780	Zions Bancorporation		4,688,710

		Total		208,212,664


	Health Care (2.9%)
	28,900	Abbott Laboratories		1,404,829
	2,570	ABIOMED, Inc.^j		368,281
	7,352	Acadia Healthcare Company, Inc.^g,j		363,042
	3,095	Aerie Pharmaceuticals, Inc.^j		162,642
	12,880	Aetna, Inc.		1,955,570
	8,960	Akorn, Inc.^j		300,518

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (22.1%)	Value
	Health Care (2.9%) - continued
	47,100	Alexion Pharmaceuticals, Inc.^j	$	5,730,657
	2,676	Align Technology, Inc.^j		401,721
	10,146	Amgen, Inc.		1,747,446
	22,128	Asterias Biotherapeutics, Inc.^g,j		78,554
	674	Atrion Corporation		433,584
	14,900	Biogen, Inc.^j		4,043,264
	12,750	BioMarin Pharmaceutical, Inc.^j		1,157,955
	4,930	Cardiovascular Systems, Inc.^j		158,894
	28,620	Catalent, Inc.^j		1,004,562
	80,359	Celgene Corporation^j		10,436,223
	7,080	Charles River Laboratories International, Inc.^j		716,142
	3,740	Chemed Corporation		764,942
	4,953	ChemoCentryx, Inc.^j		46,360
	20,316	CIGNA Corporation		3,400,695
	1,840	Coherus Biosciences, Inc.^j		26,404
	4,260	CONMED Corporation		217,004
	1,090	Cooper Companies, Inc.		260,968
	4,620	Dentsply Sirona, Inc.		299,561
	11,360	Dexcom, Inc.^j		830,984
	10,230	Eagle Pharmaceuticals, Inc.^j		807,045
	4,575	Edwards Lifesciences Corporation^j		540,948
	7,960	Evolent Health, Inc.^j		201,786
	69,810	Express Scripts Holding Company^j		4,456,670
	16,960	GenMark Diagnostics, Inc.^j		200,637
	80,750	GlaxoSmithKline plc ADR		3,481,940
	784	HealthEquity, Inc.^j		39,067
	2,085	Heska Corporation^j		212,816
	158,410	Hologic, Inc.^j		7,188,646
	6,990	INC Research Holdings, Inc.^j		408,915
	4,942	Inogen, Inc.^j		471,566
	7,570	Intersect ENT, Inc.^j		211,582
	1,590	Intra-Cellular Therapies, Inc.^j		19,748
	5,600	Ironwood Pharmaceuticals, Inc.^j		105,728
	43,320	Johnson & Johnson		5,730,803
	20,135	Magellan Health Services, Inc.^j		1,467,841
	167,423	Medtronic plc		14,858,791
	169,110	Merck & Company, Inc.		10,838,260
	2,460	Mettler-Toledo International, Inc.^j		1,447,808
	20,350	Mylan NV^j		789,987
	30,705	Myriad Genetics, Inc.^j		793,417
	5,723	National Healthcare Corporation		401,411
	6,590	Neurocrine Biosciences, Inc.^j		303,140
	6,766	Nevro Corporation^g,j		503,593
	14,635	NuVasive, Inc.^j		1,125,724
	13,700	Omnicell, Inc.^j		590,470
	7,820	PerkinElmer, Inc.		532,855
	8,780	Perrigo Company plc		663,066
	293,640	Pfizer, Inc.		9,863,368
	5,594	PharMerica Corporation^j		146,843
	1,370	Prothena Corporation plc^j		74,144
	5,860	Teleflex, Inc.		1,217,474
	19,664	Thermo Fisher Scientific, Inc.		3,430,778
	8,750	Triple-S Management Corporation^j		147,963
	112,083	UnitedHealth Group, Inc.		20,782,430
	4,300	Universal Health Services, Inc.		524,944
	5,600	Veeva Systems, Inc.^j		343,336
	6,594	Vertex Pharmaceuticals, Inc.^j		849,769
	2,300	Waters Corporation^j		422,832
	2,810	West Pharmaceutical Services, Inc.		265,601
	24,810	Wright Medical Group NV^j		682,027
	28,070	Zimmer Biomet Holdings, Inc.		3,604,188
	95,570	Zoetis, Inc.		5,961,657

		Total		143,022,416


	Industrials (2.6%)
	8,660	ABM Industries, Inc.		359,563
	6,332	Acco Brands Corporation^j		73,768
	60,036	Advanced Disposal Services, Inc.^j		1,364,618
	16,457	AECOM^j		532,055
	27,934	Aegion Corporation^j		611,196
	12,940	AGCO Corporation		872,027
	5,222	Albany International Corporation		278,855
	46,603	Allison Transmission Holdings, Inc.		1,748,079
	29,782	AMETEK, Inc.		1,803,896
	4,973	Astec Industries, Inc.		276,051
	21,629	AZZ, Inc.		1,206,898
	35,757	Babcock & Wilcox Enterprises, Inc.^j		420,502
	12,260	Barnes Group, Inc.		717,578
	21,800	Boeing Company		4,310,950
	6,375	Brink’s Company		427,125
	17,750	BWX Technologies, Inc.		865,313
	15,263	CBIZ, Inc.^j		228,945
	6,782	CIRCOR International, Inc.		402,715
	9,260	Colfax Corporation^j		364,566
	25,757	Comfort Systems USA, Inc.		955,585
	29,549	Costamare, Inc.		216,003
	2,720	Crane Company		215,914
	900	CSW Industrials, Inc.^j		34,785
	204,150	CSX Corporation		11,138,424
	42,330	Cummins, Inc.		6,866,773
	5,330	Curtiss-Wright Corporation		489,187
	60,050	Delta Air Lines, Inc.		3,227,087
	24,550	Dover Corporation		1,969,401
	57,458	Eaton Corporation plc		4,471,956
	6,700	EMCOR Group, Inc.		438,046
	10,390	Encore Wire Corporation		443,653
	7,990	EnerSys		578,875
	3,255	Equifax, Inc.		447,302
	4,274	ESCO Technologies, Inc.		254,944
	23,646	Federal Signal Corporation		410,495
	6,550	Fluor Corporation		299,859
	14,920	Fortune Brands Home and Security, Inc.		973,381
	5,948	Franklin Electric Company, Inc.		246,247
	151,270	General Electric Company		4,085,803
	6,360	Genesee & Wyoming, Inc.^j		434,960
	13,068	Gibraltar Industries, Inc.^j		465,874
	13,692	Granite Construction, Inc.		660,502
	33,570	Harsco Corporation^j		540,477
	3,370	Healthcare Services Group, Inc.		157,817
	4,082	Heico Corporation		293,251
	2,300	Heidrick & Struggles International, Inc.		50,025
	3,110	Herman Miller, Inc.		94,544
	68,204	Honeywell International, Inc.		9,090,911
	3,700	Hubbell, Inc.		418,729
	4,000	Huntington Ingalls Industries, Inc.		744,640
	9,368	ICF International, Inc.^j		441,233
	45,120	Ingersoll-Rand plc		4,123,517
	84,101	Interface, Inc.		1,652,585
	4,320	International Seaways, Inc.^j		93,614
	11,927	ITT Corporation		479,227
	5,710	JB Hunt Transport Services, Inc.		521,780
	9,690	KAR Auction Services, Inc.		406,689
	10	KBR, Inc.		152
	1,380	Kelly Services, Inc.		30,981
	14,758	Kforce, Inc.		289,257
	16,450	Kirby Corporation^j		1,099,682
	5,339	Lincoln Electric Holdings, Inc.		491,669
	3,820	Lindsay Corporation^g		340,935
	27,030	Masco Corporation		1,032,816
	3,730	Masonite International Corporation^j		281,615

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (22.1%)	Value
	Industrials (2.6%) - continued
	667	McGrath Rentcorp	$	23,098
	8,100	Meritor, Inc.^j		134,541
	2,320	Middleby Corporation^j		281,903
	1,690	Milacron Holdings Corporation^j		29,727
	7,590	Moog, Inc.^j		544,355
	34,090	MRC Global, Inc.^j		563,167
	1,930	Mueller Industries, Inc.		58,768
	19,413	MYR Group, Inc.^j		602,191
	20,488	Navigant Consulting, Inc.^j		404,843
	26,479	NCI Building Systems, Inc.^j		442,199
	14,940	Neff Corporation^j		283,860
	35,735	Norfolk Southern Corporation		4,348,949
	6,580	Old Dominion Freight Line, Inc.		626,679
	6,950	On Assignment, Inc.^j		376,342
	9,510	Orbital ATK, Inc.		935,404
	4,350	Orion Group Holdings, Inc.^j		32,495
	20,617	Oshkosh Corporation		1,420,099
	7,770	Parker Hannifin Corporation		1,241,801
	11,210	PGT Innovations, Inc.^j		143,488
	1,749	Ply Gem Holdings, Inc.^j		31,395
	2,650	Proto Labs, Inc.^j		178,213
	4,510	Quanex Building Products Corporation		95,386
	4,511	Radiant Logistics, Inc.^j		24,269
	10,360	Raven Industries, Inc.		344,988
	20,335	Raytheon Company		3,283,696
	1,650	Regal-Beloit Corporation		134,557
	15,310	Rockwell Collins, Inc.		1,608,775
	7,140	Roper Industries, Inc.		1,653,124
	16,990	Saia, Inc.^j		871,587
	132,510	Southwest Airlines Company		8,234,171
	6,510	SP Plus Corporation^j		198,881
	940	Sparton Corporation^j		20,671
	5,980	SPX Corporation^j		150,457
	13,880	SPX FLOW, Inc.^j		511,894
	3,310	Stanley Black & Decker, Inc.		465,816
	20,911	Team, Inc.^j		490,363
	2,970	Tennant Company		219,186
	10,660	Terex Corporation		399,750
	14,570	TPI Composites, Inc.^j		269,254
	25,712	TransUnion^j		1,113,587
	29,214	TriMas Corporation^j		609,112
	3,970	Triton International, Ltd.		132,757
	7,740	TrueBlue, Inc.^j		205,110
	21,560	United Continental Holdings, Inc.^j		1,622,390
	56,400	United Parcel Service, Inc.		6,237,276
	10,480	United Rentals, Inc.^j		1,181,201
	20,650	United Technologies Corporation		2,521,571
	18,400	Univar, Inc.^j		537,280
	7,249	Universal Forest Products, Inc.		632,910
	10,553	Universal Truckload Services, Inc.		158,295
	520	Valmont Industries, Inc.		77,792
	1,194	Vectrus, Inc.^j		38,590
	9,660	WABCO Holdings, Inc.^j		1,231,747
	6,060	WageWorks, Inc.^j		407,232
	31,219	Waste Connections, Inc.		2,011,128
	900	Watsco, Inc.		138,780
	5,600	Willdan Group, Inc.^j		171,080
	11,472	Xylem, Inc.		635,893

		Total		130,209,975

	Information Technology (5.8%)
	4,710	2U, Inc.^g,j		220,993
	28,220	Advanced Micro Devices, Inc.^j		352,186
	33,500	Agilent Technologies, Inc.		1,986,885
	37,675	Akamai Technologies, Inc.^j		1,876,592
	38,880	Alliance Data Systems Corporation		9,980,107
	16,999	Alphabet, Inc., Class A^j		15,803,630
	15,601	Alphabet, Inc., Class C^j		14,177,097
	3,070	Ambarella, Inc.^j		149,049
	19,970	Amphenol Corporation		1,474,185
	6,709	Analog Devices, Inc.		521,960
	156,854	Apple, Inc.		22,590,113
	27,105	Applied Materials, Inc.		1,119,708
	4,070	Apptio, Inc.^j		70,615
	12,891	Arista Networks, Inc.^j		1,930,943
	46,196	Arrow Electronics, Inc.^j		3,622,690
	2,280	Aspen Technology, Inc.^j		125,993
	4,760	Atkore International Group, Inc.^j		107,338
	1,753	Autobytel, Inc.^j		22,105
	95,875	Bankrate, Inc.^j		1,231,994
	8,110	Belden, Inc.		611,737
	31,830	Booz Allen Hamilton Holding Corporation		1,035,748
	22,515	Brooks Automation, Inc.		488,350
	5,510	CA, Inc.		189,930
	4,440	Cavium, Inc.^j		275,857
	10,096	CDW Corporation		631,303
	70,180	Ciena Corporation^j		1,755,904
	571,500	Cisco Systems, Inc.		17,887,950
	1,680	Cognex Corporation		142,632
	110,285	Cognizant Technology Solutions Corporation		7,322,924
	2,920	CommerceHub, Inc.^j		50,925
	3,870	CommScope Holding Company, Inc.^j		147,176
	16,850	CommVault Systems, Inc.^j		951,183
	9,585	Comtech Telecommunications Corporation		181,827
	11,260	Conduent Incorporated^j		179,484
	14,370	CoreLogic, Inc.^j		623,371
	8,151	Criteo SA ADR^g,j		399,807
	22,130	Dolby Laboratories, Inc.		1,083,485
	41,515	DST Systems, Inc.		2,561,475
	36,406	eBay, Inc.^j		1,271,298
	6,840	Entegris, Inc.^j		150,138
	7,810	Envestnet, Inc.^j		309,276
	80,539	EVERTEC, Inc.		1,393,325
	3,970	ExlService Holdings, Inc.^j		220,653
	24,450	Extreme Networks, Inc.^j		225,429
	1,620	Fabrinet^j		69,109
	137,780	Facebook, Inc.^j		20,802,024
	29,340	Fidelity National Information Services, Inc.		2,505,636
	9,220	Finisar Corporation^j		239,536
	19,560	Fiserv, Inc.^j		2,392,970
	107,650	FLIR Systems, Inc.		3,731,149
	523	Forrester Research, Inc.		20,475
	28,540	Fortinet, Inc.^j		1,068,538
	6,260	Global Payments, Inc.		565,403
	2,243	Guidance Software, Inc.^j		14,826
	13,973	Guidewire Software, Inc.^j		960,085
	45,330	HP, Inc.		792,368
	4,360	IAC/InterActiveCorporation^j		450,126
	4,670	II-VI, Inc.^j		160,181
	39,564	Insight Enterprises, Inc.^j		1,582,164
	2,790	Integrated Device Technology, Inc.^j		71,954
	102,680	Intel Corporation		3,464,423
	2,934	Intevac, Inc.^j		32,567
	4,895	IXYS Corporation^j		80,523
	31,440	Keysight Technologies, Inc.^j		1,223,959
	11,450	Lam Research Corporation		1,619,373
	24,430	Liberty Tripadvisor Holdings, Inc.^j		283,388
	1,443	Littelfuse, Inc.		238,095

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (22.1%)	Value
	Information Technology (5.8%) - continued
	6,440	M/A-COM Technology Solutions Holdings, Inc.^j	$	359,159
	1,440	Manhattan Associates, Inc.^j		69,206
	10,060	ManTech International Corporation		416,283
	131,732	MasterCard, Inc.		15,998,851
	5,390	Maxim Integrated Products, Inc.		242,011
	12,153	Methode Electronics, Inc.		500,704
	7,240	Microsemi Corporation^j		338,832
	370,490	Microsoft Corporation		25,537,876
	3,034	Mitek Systems, Inc.^j		25,486
	2,170	Mobileye NV^j		136,276
	5,380	Monolithic Power Systems, Inc.		518,632
	18,690	National Instruments Corporation		751,712
	773	NCI, Inc.^j		16,310
	11,350	New Relic, Inc.^j		488,164
	7,880	Nice, Ltd. ADR		620,314
	15,400	NRG Yield, Inc., Class A		262,724
	22,035	NVIDIA Corporation		3,185,380
	8,480	NXP Semiconductors NV^j		928,136
	34,040	ON Semiconductor Corporation^j		477,922
	260,674	Oracle Corporation		13,070,194
	2,990	Paylocity Holding Corporation^j		135,088
	190,686	PayPal Holdings, Inc.^j		10,234,118
	11,628	Pegasystems, Inc.		678,494
	15,500	Progress Software Corporation		478,795
	8,710	Proofpoint, Inc.^j		756,289
	9,973	Q2 Holdings, Inc.^j		368,502
	28,458	Red Hat, Inc.^j		2,724,853
	13,647	Rudolph Technologies, Inc.^j		311,834
	152,770	Salesforce.com, Inc.^j		13,229,882
	2,360	ScanSource, Inc.^j		95,108
	32,023	Sequans Communications SA ADR^j		105,996
	14,970	ServiceNow, Inc.^j		1,586,820
	15,300	ShoreTel, Inc.^j		88,740
	1,070	Silicon Laboratories, Inc.^j		73,134
	3,400	Sonus Networks, Inc.^j		25,296
	5,700	SS&C Technologies Holdings, Inc.		218,937
	14,010	Synopsys, Inc.^j		1,021,749
	43,533	Teradyne, Inc.		1,307,296
	77,630	Texas Instruments, Inc.		5,972,076
	1,402	TiVo Corp		26,147
	33,185	Total System Services, Inc.		1,933,026
	71,114	Travelport Worldwide, Ltd.		978,529
	8,860	Trimble, Inc.^j		316,036
	34,575	Twitter, Inc.^j		617,855
	3,120	Tyler Technologies, Inc.^j		548,090
	1,480	Ultimate Software Group, Inc.^j		310,889
	2,433	VASCO Data Security International, Inc.^j		34,914
	5,600	Verint Systems, Inc.^j		227,920
	25,632	Virtusa Corporation^j		753,581
	165,330	Visa, Inc.		15,504,647
	3,770	Western Digital Corporation		334,022
	8,975	Xerox Corporation		257,852
	14,150	Xilinx, Inc.		910,128
	1,559	XO Group, Inc.^j		27,470
	50,598	Zix Corporation^j		287,903

		Total		286,250,430

	Materials (0.7%)
	7,460	American Vanguard Corporation		128,685
	55,861	Axalta Coating Systems, Ltd.^j		1,789,786
	5,026	Balchem Corporation		390,570
	30,174	Boise Cascade Company^j		917,290
	6,620	Celanese Corporation		628,503
	92,000	CF Industries Holdings, Inc.		2,572,320
	28,513	Continental Building Products, Inc.^j		664,353
	22,680	Crown Holdings, Inc.^j		1,353,089
	60,146	Eastman Chemical Company		5,051,663
	17,690	Ecolab, Inc.		2,348,347
	36,902	Ferro Corporation^j		674,938
	18,456	Ferroglobe plc		220,549
	19,660	Ferroglobe Representation & Warranty Insurance Trust^k		2
	17,700	FMC Corporation		1,292,985
	23,477	Graphic Packaging Holding Company		323,513
	1,240	Innophos Holdings, Inc.		54,362
	10,888	Innospec, Inc.		713,708
	1,380	International Paper Company		78,122
	7,609	Kadant, Inc.		572,197
	2,620	Koppers Holdings, Inc.^j		94,713
	3,630	Louisiana-Pacific Corporation^j		87,519
	3,420	Martin Marietta Materials, Inc.		761,224
	6,770	Materion Corporation		253,198
	20,664	Myers Industries, Inc.		370,919
	2,950	Neenah Paper, Inc.		236,737
	10,720	Nutanix, Inc.^g,j		216,008
	9,310	Olin Corporation		281,907
	14,494	OMNOVA Solutions, Inc.^j		141,316
	90,020	Owens-Illinois, Inc.^j		2,153,278
	4,043	Packaging Corporation of America		450,350
	5,010	PolyOne Corporation		194,087
	17,980	Quantenna Communications, Inc.^j		341,620
	7,375	Quantum Corporation^j		57,599
	7,610	Rayonier Advanced Materials, Inc.		119,629
	3,930	Reliance Steel & Aluminum Company		286,143
	9,860	RPM International, Inc.		537,863
	20,630	Ryerson Holding Corporation^j		204,237
	9,130	Schweitzer-Mauduit International, Inc.		339,910
	3,371	Scotts Miracle-Gro Company		301,570
	5,790	Sensient Technologies Corporation		466,269
	7,100	Silgan Holdings, Inc.		225,638
	28,980	Steel Dynamics, Inc.		1,037,774
	19,583	Verso Corporation^j		91,844
	2,370	W. R. Grace & Company		170,664
	84,100	Westrock Company		4,765,106

		Total		33,962,104

	Real Estate (0.4%)
	4,930	American Assets Trust, Inc.		194,193
	18,820	Ares Commercial Real Estate Corporation		246,354
	89,408	Armada Hoffler Properties, Inc.		1,157,834
	7,110	Ashford Hospitality Prime, Inc.		73,162
	8,450	Bluerock Residential Growth REIT, Inc.		108,920
	54,149	Brixmor Property Group, Inc.		968,184
	5,100	Camden Property Trust		436,101
	49,287	Cedar Realty Trust, Inc.		239,042
	26,191	Chatham Lodging Trust		526,177
	10,744	City Office REIT, Inc.		136,449
	17,429	Cousins Properties, Inc.		153,201
	6,010	CyrusOne, Inc.		335,057
	84,310	DDR Corporation		764,692
	3,850	Digital Realty Trust, Inc.		434,857
	13,080	Douglas Emmett, Inc.		499,787
	23,640	Duke Realty Corporation		660,738
	14,210	Equity Commonwealth^j		449,036
	3,190	Equity Lifestyle Properties, Inc.		275,425
	12,250	Franklin Street Properties Corporation		135,730
	17,600	General Growth Properties, Inc.		414,656
	30,224	GEO Group, Inc.		893,724

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (22.1%)	Value
	Real Estate (0.4%) - continued
	2,780	Healthcare Trust of America, Inc.	$	86,486
	15,400	HFF, Inc.		535,458
	20,950	Hospitality Properties Trust		610,692
	23,848	Host Hotels & Resorts, Inc.		435,703
	2,430	Hudson Pacific Properties, Inc.		83,082
	16,714	InfraREIT, Inc.		320,073
	23,438	Invitation Homes, Inc.		506,964
	14,280	Liberty Property Trust		581,339
	20,529	Mid-America Apartment Communities, Inc.		2,163,346
	34,575	National Storage Affiliates Trust		799,028
	715	One Liberty Properties, Inc.		16,752
	57,843	Outfront Media, Inc.		1,337,330
	6,433	Pebblebrook Hotel Trust		207,400
	9,470	Physicians Realty Trust		190,726
	9,060	Ramco-Gershenson Properties Trust		116,874
	3,600	RE/MAX Holdings, Inc.		201,780
	3,660	Realogy Holdings Corporation		118,767
	33,370	Retail Properties of America, Inc.		407,448
	1,750	Saul Centers, Inc.		101,465
	8,160	SBA Communications Corporation^j		1,100,784
	1,590	Sun Communities, Inc.		139,427
	13,266	Terreno Realty Corporation		446,533
	27,260	UDR, Inc.		1,062,322
	11,851	Urstadt Biddle Properties, Inc.		234,650
	12,950	Weingarten Realty Investors		389,795
	2,021	Xenia Hotels & Resorts, Inc.		39,147

		Total		21,336,690

	Telecommunications Services (0.2%)
	33,610	AT&T, Inc.		1,268,105
	1,210	ATN International, Inc.		82,813
	126,579	Verizon Communications, Inc.		5,653,018
	55,481	Vonage Holdings Corporation^j		362,846

		Total		7,366,782

	Utilities (0.4%)
	39,700	AES Corporation		441,067
	1,910	Alliant Energy Corporation		76,725
	8,580	American States Water Company		406,778
	6,086	Artesian Resources Corporation		229,077
	49,307	CMS Energy Corporation		2,280,449
	620	Connecticut Water Service, Inc.		34,416
	4,790	Consolidated Water Company, Ltd.		59,396
	7,106	Eversource Energy		431,405
	7,200	MDU Resources Group, Inc.		188,640
	4,119	Middlesex Water Company		163,112
	5,420	New Jersey Resources Corporation		215,174
	15,150	NorthWestern Corporation		924,453
	2,400	NRG Yield, Inc., Class C		42,240
	90,801	OGE Energy Corporation		3,158,967
	156,080	PG&E Corporation		10,359,030
	9,200	PNM Resources, Inc.		351,900
	3,100	Portland General Electric Company		141,639
	11,200	Public Service Enterprise Group, Inc.		481,712
	5,680	Renewable Energy Group, Inc.^j		73,556
	3,540	Southwest Gas Holdings, Inc.		258,632
	1,250	Unitil Corporation		60,387
	16,050	Vectren Corporation		937,962

		Total		21,316,717

		Total Common Stock (cost $881,128,132)		1,091,094,399


		Preferred Stock (<0.1%)
	Energy (<0.1%)
	11,476	Alpha Natural Resources, Inc., 0.000%^j		215,175
	11,476	ANR Holdings, Inc., 0.000%^j	$	34,428

		Total		249,603

		Total Preferred Stock (cost $43,842)		249,603


		Collateral Held for Securities Loaned (0.6%)
	28,219,107	Thrivent Cash Management Trust		28,219,107

		Total Collateral Held for Securities Loaned (cost $28,219,107)		28,219,107


Shares or Principal Amount		Short-Term Investments (19.8%)^l
		Federal Home Loan Bank Discount Notes
	10,300,000	0.840%, 7/19/2017^m		10,295,427
	600,000	1.020%, 8/1/2017^m		599,507
	800,000	0.925%, 8/2/2017^m		799,320
	2,700,000	1.030%, 8/11/2017^m		2,697,016
	500,000	0.980%, 8/23/2017^m		499,278
	6,200,000	1.030%, 8/30/2017^m		6,189,813
		Thrivent Core Short-Term Reserve Fund
	95,457,024	1.240%		954,570,239
		U.S. Treasury Bills
	1,200,000	0.862%, 8/3/2017ⁿ		1,199,122
	400,000	0.861%, 8/10/2017ⁿ		399,635
	610,000	0.930%, 9/7/2017ⁿ		608,937

		Total Short-Term Investments (cost $977,857,795)		977,858,294

		Total Investments (cost $5,289,506,764) 113.8%	$	5,628,862,753

		Other Assets and Liabilities, Net (13.8%)		(683,803,831	)

		Total Net Assets 100.0%	$	4,945,058,922

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)

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

b	All or a portion of the loan is unfunded.

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

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, 2017.

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, 2017.

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

h	Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest and have no contractual maturity date. Date shown, if applicable, is next call date.

j	Non-income producing security.

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

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

n	At June 30, 2017, $1,849,079 of investments were segregated to cover exposure to a counterparty for margin on open mortgage-backed security transactions.

Denotes restricted securities. Restricted securities are investment securities which cannot be offered for public sale without first being registered under the Securities Act of 1933. The value of all restricted securities held in Moderately Conservative Allocation Portfolio as of June 30, 2017 was $76,746,740 or 1.6% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of June 30, 2017.


Security	Acquisition Date		Cost
ALM Loan Funding CLO, 10/17/2026		4/28/2017	$	2,250,000
Angel Oak Mortgage Trust I, LLC, 7/25/2046		8/15/2016		996,759
Apidos CLO XVIII, 7/22/2026		4/4/2017		2,225,000
Ares XXXII CLO, Ltd., 11/15/2025		2/3/2017		1,500,000
Babson CLO, Ltd., 10/17/2026		3/10/2017		825,000
Betony CLO, Ltd., 4/15/2027		11/17/2016		750,000
Birchwood Park CLO, Ltd., 7/15/2026		2/14/2017		825,000
BlueMountain CLO, Ltd., 10/15/2026		4/10/2017		1,650,000
Carlyle Global Market Strategies CLO, Ltd., 10/15/2026		1/27/2017		825,000
Cent CLO 16, LP, 8/1/2024		9/5/2014		734,164
Cent CLO 22, Ltd., 11/7/2026		11/1/2016		825,000
COLT Mortgage Loan Trust, 12/26/2046		12/14/2016		1,697,603
Digicel, Ltd., 4/15/2021		8/8/2014		2,559,019
DRB Prime Student Loan Trust, 7/25/2031		9/23/2015		557,350
DRB Prime Student Loan Trust, 1/25/2040		12/4/2015		2,871,276
DRB Prime Student Loan Trust, 10/27/2031		9/30/2016		1,693,845
Dryden 34 Senior Loan Fund CLO, 10/15/2026		3/1/2017		825,000
Edlinc Student Loan Funding Trust, 10/1/2025		2/28/2013		636,434
Galaxy XX CLO, Ltd., 7/20/2027		5/20/2015		2,650,000
GoldenTree Loan Opportunities IX, Ltd., 10/29/2026		10/7/2016		825,000
Golub Capital Partners CLO 22B, Ltd., 2/20/2027		2/6/2015		1,566,967
Golub Capital Partners CLO 23M, Ltd., 5/5/2027		5/18/2015		798,000
Limerock CLO III, LLC, 10/20/2026		1/30/2017		2,500,000
Madison Park Funding XIV, Ltd., 7/20/2026		4/13/2017		2,450,000
Magnetite XII, Ltd., 4/15/2027		11/17/2016		2,600,000
Marlette Funding Trust, 1/17/2023		7/20/2016		718,262
Mountain View CLO, Ltd., 7/15/2027		5/13/2015		2,618,201
Murray Hill Marketplace Trust, 11/25/2022		10/6/2016		1,232,873
Neuberger Berman CLO XIV, Ltd., 1/28/2030		4/19/2017		1,400,000
Neuberger Berman CLO, Ltd., 4/22/2029		4/27/2017		600,000
NZCG Funding CLO, Ltd., 4/27/2027		3/27/2015		2,650,000
Octagon Investment Partners XX, Ltd., 8/12/2026		4/21/2017		2,250,000
OHA Loan Funding, LLC, 10/20/2026		3/9/2017		2,500,000
OZLM VIII, Ltd., 10/17/2026		5/16/2017		825,000
Preston Ridge Partners Mortgage Trust, LLC, 1/25/2022		1/24/2017		1,561,021
Pretium Mortgage Credit Partners, LLC, 4/29/2032		3/31/2017		2,112,925
Race Point IX CLO, Ltd., 4/15/2027		2/13/2015		1,925,000
Shackleton, Ltd., 4/15/2027		12/16/2016		2,650,000
Stanwich Mortgage Loan Company, LLC, 3/16/2022		4/6/2017		2,720,215
Sunset Mortgage Loan Company, LLC, 9/18/2045		10/2/2015		642,214
Sunset Mortgage Loan Company, LLC, 7/16/2047		7/27/2016		1,764,960
Sunset Mortgage Loan Company, LLC, 6/16/2047		6/15/2017		3,800,000
Symphony CLO VIII, Ltd., 1/9/2023		9/15/2014		510,698
Symphony CLO XV, Ltd., 10/17/2026		2/16/2017		2,500,000
Vericrest Opportunity Loan Transferee, 2/25/2055		2/25/2016		400,617
Verus Securitization Trust, 1/25/2047		2/16/2017		2,694,438
Voya CLO 3, Ltd., 7/25/2026		7/10/2014		823,762

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

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)

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, 2017:


Securities Lending Transactions
Taxable Debt Security	$	21,317,995
Common Stock		5,992,405

Total lending	$	27,310,400
Gross amount payable upon return of collateral for securities loaned	$	28,219,107

Net amounts due to counterparty	$	908,707

Definitions:


ACES	-	Alternative Credit Enhancement Securities
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.
Ser.	-	Series
SPDR	-	S&P Depository Receipts, which are exchange-traded funds traded in the U.S., Europe, and Asia-Pacific and managed by State Street Global Advisors.
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, 2017

(unaudited)


Principal Amount		Bank Loans (8.6%)^a	Value
	Basic Materials (0.5%)
		Arch Coal, Inc., Term Loan
	$74,812	5.226%, 3/7/2024	$	74,657
		Contura Energy, Inc., Term Loan
	134,663	6.230%, 3/17/2024		130,623
		Ineos Finance, LLC, Term Loan
	74,251	3.976%, 3/31/2022^b,c		74,359
		Peabody Energy Corporation, Term Loan
	39,900	5.726%, 3/31/2022		39,810
		Tronox Pigments BV, Term Loan
	100,828	4.796%, 3/19/2020		101,332

		Total		420,781

	Capital Goods (0.4%)
		Advanced Disposal Services, Inc., Term Loan
	58,975	3.939%, 11/10/2023		59,155
		Berry Plastics Corporation, Term Loan
	40,000	3.367%, 2/8/2020		39,989
	70,000	3.367%, 1/6/2021		69,959
	54,863	3.617%, 1/19/2024		54,839
		Cortes NP Intermediate Holding II Corporation, Term Loan
	130,000	5.226%, 11/30/2023		130,433

		Total		354,375

	Communications Services (2.7%)
		Altice Financing SA, Term Loan
	70,000	3.908%, 7/15/2025		69,759
		Altice US Finance I Corporation, Term Loan
	85,000	3.466%, 7/14/2025		84,150
		Atlantic Broadband Penn, LLC, Term Loan
	47,049	3.726%, 11/30/2019		47,069
		Beasley Broadcast Group, Inc., Term Loan
	62,830	7.226%, 11/1/2023		63,458
		Birch Communication Inc., Term Loan
	98,568	8.550%, 7/18/2020		70,148
		CBS Radio, Inc., Term Loan
	30,000	0.000%, 10/17/2023^b,c		30,131
	45,033	4.716%, 10/17/2023		45,089
		Cengage Learning Acquisitions, Term Loan
	161,081	5.339%, 6/7/2023		151,836
		Charter Communications Operating, LLC, Term Loan
	69,637	3.230%, 1/3/2021		69,811
		Cincinnati Bell, Inc., Term Loan
	54,186	4.051%, 9/10/2020		54,552
		Coral-US Co-Borrower, LLC, Term Loan
	115,000	4.726%, 11/19/2024		115,216
		CSC Holdings, LLC, Term Loan
	90,000	3.459%, 7/17/2025		89,303
		FairPoint Communications, Inc., Term Loan
	165,214	7.500%, 2/14/2019		165,249
		Gray Television, Inc., Term Loan
	69,650	3.551%, 2/7/2024		69,911
		Intelsat Jackson Holdings SA, Term Loan
	42,173	4.000%, 6/30/2019		41,784
		Level 3 Financing, Inc., Term Loan
	115,000	3.466%, 2/22/2024		115,216
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	145,000	4.658%, 1/7/2022		143,430
		LTS Buyer, LLC, Term Loan
	156,953	4.546%, 4/13/2020		157,423
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	133,650	5.226%, 5/4/2022		131,290
		Mediacom Illinois, LLC, Term Loan
	64,837	3.440%, 2/15/2024		65,000
		NEP/NCP Holdco, Inc., Term Loan
	207,902	4.476%, 1/22/2020		207,837
	95,000	0.000%, 7/21/2022^b,c		94,971
		SBA Senior Finance II, LLC, Term Loan
	47,129	3.480%, 3/24/2021		47,205
		Sprint Communications, Inc., Term Loan
	119,700	3.750%, 2/2/2024		119,675
		TNS, Inc., Term Loan
	42,017	5.230%, 2/15/2020		42,301
		Univision Communications, Inc., Term Loan
	103,586	3.976%, 3/15/2024		101,470
		WideOpenWest Finance, LLC, Term Loan
	74,063	4.702%, 8/19/2023		73,938

		Total		2,467,222

	Consumer Cyclical (1.1%)
		Amaya Holdings BV, Term Loan
	83,854	4.796%, 8/1/2021		83,930
		Boyd Gaming Corporation, Term Loan
	59,613	3.688%, 9/15/2023		59,725
		Burlington Coat Factory Warehouse Corporation, Term Loan
	86,035	3.960%, 7/29/2021		86,215
		Ceridian HCM Holding, Inc., Term Loan
	50,908	4.726%, 9/15/2020		50,494
		Eldorado Resorts, Inc., Term Loan
	59,850	3.375%, 4/17/2024		59,326
		Golden Nugget, Inc., Term Loan
	71,839	4.710%, 11/21/2019		72,513
		Golden Nugget, Inc., Term Loan Delayed Draw
	30,788	4.680%, 11/21/2019		31,077
		IMG Worldwide, Inc., Term Loan
	40,000	8.476%, 5/6/2022		40,450
		Michaels Stores, Inc., Term Loan
	71,722	3.938%, 1/28/2023		71,499
		Mohegan Tribal Gaming Authority, Term Loan
	149,250	5.226%, 10/13/2023^b,c		150,789
		Scientific Games International, Inc., Term Loan
	149,625	5.108%, 10/1/2021		151,018
		Seminole Hard Rock Entertainment, Inc., Term Loan
	48,485	4.046%, 5/14/2020		48,515

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, 2017

(unaudited)


Principal Amount		Bank Loans (8.6%)^a	Value
	Consumer Cyclical (1.1%) - continued
		Seminole Indian Tribe of Florida, Term Loan
	$67,984	3.476%, 4/29/2020	$	68,035

		Total		973,586

	Consumer Non-Cyclical (1.2%)
		Air Medical Group Holdings, Inc., Term Loan
	200,475	5.159%, 4/28/2022		199,372
		CHS/Community Health Systems, Inc., Term Loan
	38,618	3.960%, 12/31/2019		38,548
	131,698	4.210%, 1/27/2021		131,410
		Endo Luxembourg Finance Company I SARL., Term Loan
	95,000	5.500%, 4/27/2024		95,831
		Grifols Worldwide Operations USA, Inc., Term Loan
	104,738	3.436%, 1/23/2025		104,808
		JBS USA LUX SA, Term Loan
	109,725	5.750%, 10/30/2022^b,c		106,872
		Libbey Glass, Inc., Term Loan
	67,636	4.096%, 4/9/2021		61,211
		Ortho-Clinical Diagnostics, Inc., Term Loan
	136,021	5.046%, 6/30/2021		135,143
		Valeant Pharmaceuticals International, Inc., Term Loan
	192,995	5.830%, 4/1/2022		195,529

		Total		1,068,724

	Energy (0.3%)
		Energy Solutions, LLC, Term Loan
	62,020	6.980%, 5/29/2020		62,330
		Houston Fuel Oil Terminal, LLC, Term Loan
	69,111	4.550%, 8/19/2021^b,c		68,507
		McJunkin Red Man Corporation, Term Loan
	60,002	5.226%, 11/9/2019		60,332
		MEG Energy Corporation, Term Loan
	69,825	4.696%, 12/31/2023		67,949
		Pacific Drilling SA, Term Loan
	77,760	4.750%, 6/3/2018		35,283

		Total		294,401

	Financials (0.8%)
		ASP AMC Merger Sub, Inc., Term Loan
	196,688	4.796%, 4/13/2024		194,475
		Avolon TLB Borrower 1 (Luxembourg) SARL, Term Loan
	50,000	3.962%, 3/20/2022		50,293
		Colorado Buyer, Inc., Term Loan
	115,000	4.170%, 5/1/2024		115,144
	70,000	8.420%, 5/1/2025		70,394
		Delos Finance SARL, Term Loan
	50,000	3.546%, 10/6/2023		50,133
		DJO Finance, LLC, Term Loan
	39,300	4.387%, 6/7/2020		38,850
		Gartner, Inc., Term Loan
	29,925	3.226%, 4/5/2024		30,000
		MoneyGram International, Inc., Term Loan
	116,230	4.546%, 3/28/2020		116,181
		TransUnion, LLC, Term Loan
	84,564	3.726%, 4/26/2022		85,046

		Total		750,516

	Technology (1.0%)
		Accudyne Industries, LLC, Term Loan
	67,089	4.226%, 12/13/2019		66,491
		First Data Corporation, Term Loan
	140,000	3.716%, 4/26/2024		139,950
		Harland Clarke Holdings Corporation, Term Loan
	79,338	7.296%, 12/31/2021		79,636
	74,089	6.796%, 2/9/2022		74,108
		Micron Technologies, Inc., Term Loan
	49,874	3.800%, 4/9/2023		50,238
		ON Semiconductor Corporation, Term Loan
	41,710	3.476%, 3/31/2023		41,728
		Rackspace Hosting, Inc., Term Loan
	55,000	0.000%, 11/3/2023^b,c		54,948
		RP Crown Parent, LLC, Term Loan
	104,475	4.726%, 10/12/2023		105,035
		Western Digital Corporation, Term Loan
	119,151	3.976%, 4/29/2023		119,553
		Xerox Business Services, LLC, Term Loan
	124,687	5.226%, 12/7/2023		126,090
		Zayo Group, LLC, Term Loan
	84,787	3.216%, 1/19/2021		84,907

		Total		942,684

	Transportation (0.4%)
		Arctic LNG Carriers, Ltd., Term Loan
	220,000	5.726%, 5/18/2023		219,175
		OSG Bulk Ships, Inc., Term Loan
	83,054	5.430%, 8/5/2019		78,694
		XPO Logistics, Inc., Term Loan
	60,000	3.405%, 10/30/2021		60,112

		Total		357,981

	Utilities (0.2%)
		Calpine Corporation, Term Loan
	34,482	4.050%, 1/15/2024		34,401
		Intergen NV, Term Loan
	64,194	5.800%, 6/13/2020		64,061
		Talen Energy Supply, LLC, Term Loan
	74,775	5.226%, 7/6/2023		69,214

		Total		167,676


		Total Bank Loans (cost $7,867,653)		7,797,946


Shares		Common Stock (65.4%)
	Consumer Discretionary (9.0%)
	1,700	Amazon.com, Inc.^d		1,645,600
	14,110	American Axle & Manufacturing Holdings, Inc.^d		220,116
	2,200	Bandai Namco Holdings, Inc.		75,168
	952	Bellway plc		36,943
	3,235	Berkeley Group Holdings plc		136,031
	5,100	Bridgestone Corporation		220,481
	763	Bunzl plc		22,747
	1,690	Burlington Stores, Inc.		155,463
	269	Cie Generale des Etablissements Michelin		35,802
	18,182	Comcast Corporation		707,643
	4,400	Denso Corporation		186,728

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, 2017

(unaudited)


Shares		Common Stock (65.4%)	Value
	Consumer Discretionary (9.0%) - continued
	2,618	Dollar Tree, Inc.^d	$	183,051
	6,005	Eutelsat Communications		153,217
	3,390	General Motors Company		118,413
	21,003	Harvey Norman Holdings, Ltd.		61,675
	3,200	Haseko Corporation		38,968
	10,100	Honda Motor Company, Ltd.		276,721
	6,300	Inchcape plc		61,928
	478	Ipsos SA		17,934
	5,676	Marks and Spencer Group plc		24,635
	4,050	Newell Brands, Inc.		217,161
	505	Nexity SA		29,310
	848	Next plc		42,590
	5,270	NIKE, Inc.		310,930
	1,700	Nikon Corporation		27,249
	4,280	Norwegian Cruise Line Holdings, Ltd.^d		232,361
	2,340	Nutrisystem, Inc.		121,797
	300	Priceline Group, Inc.^d		561,156
	232	Publicis Groupe SA		17,292
	232	Publicis Groupe SA Rights^d,e		29
	243	RTL Group SA		18,358
	1,543	SES SA		36,148
	5,400	Singapore Press Holdings, Ltd.		12,670
	5,460	SSP Group plc		33,836
	10,990	Starbucks Corporation		640,827
	4,300	Subaru Corporation		145,805
	4,900	Sumitomo Forestry Company, Ltd.		77,187
	3,800	Sumitomo Rubber Industries, Ltd.		64,355
	200	Swatch Group AG		14,610
	10,260	Time, Inc.		147,231
	5,340	Toll Brothers, Inc.		210,983
	900	Toyoda Gosei Company, Ltd.		21,565
	1,400	TV Asahi Holdings Corporation		25,292
	5,740	Walt Disney Company		609,875
	3,427	Wolters Kluwer NV		144,938
	1,600	Yokohama Rubber Company, Ltd.		32,255

		Total		8,175,074

	Consumer Staples (3.9%)
	3,610	Altria Group, Inc.		268,837
	2,400	Axfood AB		40,074
	5,620	Blue Buffalo Pet Products, Inc.^d		128,192
	13,317	Coca-Cola Amatil, Ltd.		94,499
	3,483	Coca-Cola HBC AG		102,432
	15,080	Cott Corporation		217,755
	852	Ebro Foods SA		19,462
	2,067	Grieg Seafood ASA		14,396
	485	Henkel AG & Company KGaA		58,750
	6,096	Imperial Brands plc		273,938
	400	Kesko Oyj		20,347
	2,000	Kewpie Corporation		52,519
	1,200	Kirin Holdings Company, Ltd.		24,478
	3	Lindt & Spruengli AG		17,395
	592	Nestle SA		51,633
	10,620	Philip Morris International, Inc.		1,247,319
	500	SalMar ASA		12,394
	600	Seven & I Holdings Company, Ltd.		24,759
	1,000	Suedzucker AG		20,878
	4,267	Tate & Lyle plc		36,775
	3,897	Unilever plc		210,899
	13,410	Whole Foods Market, Inc.		564,695

		Total		3,502,426

	Energy (3.6%)
	481	Arch Coal, Inc.		32,852
	97,766	BP plc		564,325
	3,510	Concho Resources, Inc.^d		426,570
	478	Contura Energy, Inc.		31,309
	2,175	Crescent Point Energy Corporation		16,638
	8,760	Devon Energy Corporation		280,057
	7,430	Halliburton Company		317,335
	6,401	John Wood Group plc		53,482
	3,701	OMV AG		192,240
	11,950	Petrofac, Ltd.		68,713
	2,960	Pioneer Natural Resources Company		472,357
	3,279	Royal Dutch Shell plc		87,189
	1,157	Royal Dutch Shell plc, Class A		30,740
	7,745	Royal Dutch Shell plc, Class B		207,927
	2,093	Statoil ASA		34,706
	1,382	TGS Nopec Geophysical Company ASA		28,355
	3,354	Total SA		166,516
	3,090	U.S. Silica Holdings, Inc.		109,664
	11,610	WPX Energy, Inc.^d		112,153

		Total		3,233,128

	Financials (9.3%)
	3,071	ABN AMRO Group NV^f		81,357
	890	Affiliated Managers Group, Inc.		147,615
	8,608	Ally Financial, Inc.		179,907
	8,600	Apollo Investment Corporation		54,954
	3,950	Ares Capital Corporation		64,701
	2,270	ASX, Ltd.		93,526
	7,315	Australia & New Zealand Banking Group, Ltd.		161,454
	35,100	Bank of America Corporation		851,526
	4,193	Bank of Nova Scotia		252,233
	3,720	Bank of the Ozarks, Inc.		174,356
	7,619	Bankia, SA		36,851
	807	Canadian Imperial Bank of Commerce		65,584
	3,000	Chiba Bank, Ltd.		21,832
	1,772	CI Financial Corporation		37,768
	6,726	CNP Assurances		150,974
	2,313	Danske Bank AS		88,988
	1,200	DBS Group Holdings, Ltd.		18,061
	18,932	Direct Line Insurance Group plc		87,666
	9,310	Encore Capital Group, Inc.^d		373,797
	2,100	Erste Group Bank AG		80,440
	23,182	FlexiGroup, Ltd.		32,496
	31,000	Fukuoka Financial Group, Inc.		147,908
	1,488	Genworth MI Canada, Inc.		40,941
	4,180	Goldman Sachs Group, Inc.		927,542
	1,413	Hannover Rueckversicherung SE		169,721
	900	Hokuhoku Financial Group, Inc.		14,396
	41,271	HSBC Holdings plc		383,078
	2,501	ING Groep NV		43,174
	863	Intact Financial Corporation		65,191
	6,110	Intercontinental Exchange, Inc.		402,771
	2,170	Janus Henderson Group plc^d		71,849
	12,580	KeyCorp		235,749
	936	Macquarie Group, Ltd.		63,652
	39,853	Mapfre SA		139,494
	2,630	Meta Financial Group, Inc.		234,070
	5,900	MetLife, Inc.		324,146
	4,600	Mitsubishi UFJ Financial Group, Inc.		31,027
	54,600	Mizuho Financial Group, Inc.		100,108
	800	MS and AD Insurance Group Holdings, Inc.		26,983
	162	Muenchener Rueckversicherungs-Gesellschaft AG		32,781
	2,671	National Bank of Canada		112,315
	6,104	Nordea Bank AB		77,743
	860	Pargesa Holding SA		65,528

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, 2017

(unaudited)


Shares		Common Stock (65.4%)	Value
	Financials (9.3%) - continued
	8,082	Poste Italiane SPA^f	$	55,418
	2,634	Power Corporation of Canada		60,082
	9,500	Resona Holdings, Inc.		52,476
	10,200	Senshu Ikeda Holdings, Inc.		43,150
	1,643	Societe Generale		88,600
	6,800	Sumitomo Mitsui Trust Holdings, Inc.		244,251
	2,381	Swiss Re AG		218,201
	17,890	Synchrony Financial		533,480
	3,694	TD Ameritrade Holding Corporation		158,805
	539	TMX Group, Ltd.		29,328
	4,360	Zions Bancorporation		191,448
	135	Zurich Insurance Group AG		39,400

		Total		8,480,892

	Health Care (6.7%)
	5,150	Acadia Healthcare Company, Inc.^d		254,307
	1,041	Ansell, Ltd.		18,984
	200	Anthem, Inc.		37,626
	3,667	CAE, Inc.		63,228
	5,120	Celgene Corporation^d		664,934
	2,310	CIGNA Corporation		386,671
	160	Danaher Corporation		13,502
	666	GlaxoSmithKline plc		14,177
	6,520	GlaxoSmithKline plc ADR		281,142
	5,260	Hologic, Inc.^d		238,699
	124	Le Noble Age SA		8,486
	185	Lonza Group AG		40,074
	8,770	Medtronic plc		778,338
	1,113	Merck KGaA		134,672
	7,396	Novartis AG		617,763
	4,308	Novo Nordisk AS		185,103
	74	Roche Holding AG-Genusschein		18,908
	1,110	Teleflex, Inc.		230,614
	6,907	UnitedHealth Group, Inc.		1,280,696
	1,430	Waters Corporation^d		262,891
	4,240	Zimmer Biomet Holdings, Inc.		544,416

		Total		6,075,231

	Industrials (7.8%)
	30	A P Moller - Maersk AS, Class A		57,243
	51	A P Moller - Maersk AS, Class B		102,689
	3,043	Adecco SA		231,822
	300	Aica Kogyo Company, Ltd.		9,161
	1,600	Asahi Glass Company, Ltd.		67,573
	11,400	ComfortDelGro Corporation, Ltd		19,041
	13,800	CSX Corporation		752,928
	2,170	Cummins, Inc.		352,017
	2,000	Dai Nippon Printing Company, Ltd.		22,280
	6,530	Delta Air Lines, Inc.		350,922
	1,367	Deutsche Lufthansa AG		31,153
	8,060	Eaton Corporation plc		627,310
	1,400	Equifax, Inc.		192,388
	3,514	Finning International, Inc.		68,882
	1,200	Fuji Machine Manufacturing Company, Ltd.		17,357
	10,783	GWA Group, Ltd.		26,093
	800	Hitachi Transport System, Ltd.		18,865
	88	Hochtief AG		16,155
	4,434	Illinois Tool Works, Inc.		635,170
	1,300	Inaba Denki Sangyo Company, Ltd.		49,441
	18,800	ITOCHU Corporation		279,912
	813	Jardine Matheson Holdings, Ltd.		52,195
	4,900	KITZ Corporation		45,799
	4,411	KONE Oyj		224,411
	1,083	Koninklijke Boskalis Westminster NV		35,172
	588	Loomis AB		21,078
	2,900	Marubeni Corporation		18,788
	3,070	Masonite International Corporation^d		231,785
	7,328	Meggitt plc		45,535
	1,420	Middleby Corporation^d		172,544
	2,600	MIRAIT Holdings Corporation		29,244
	7,000	Mitsubishi Heavy Industries, Ltd.		28,820
	2,000	Mitsuboshi Belting, Ltd.		22,206
	2,644	Monadelphous Group, Ltd.		28,413
	4,190	National Express Group plc		20,010
	2,000	Nippon Express Company, Ltd.		12,550
	3,400	Nitto Kogyo Corporation		53,793
	1,277	Northgate plc		7,370
	2,740	Oshkosh Corporation		188,731
	1,206	Philips Lighting NV^f		44,547
	1,762	RELX NV		36,327
	4,444	Rolls-Royce Holdings plc		51,545
	315,524	Rolls-Royce Holdings plc Rights^d,e		411
	3,000	Ryobi, Ltd.		12,238
	4,400	Saia, Inc.^d		225,720
	1,800	Sanwa Holdings Corporation		19,010
	286	Schindler Holding AG, Participation Certificate		60,636
	225	SFS Group AG^d		25,529
	1,847	Siemens AG		254,063
	998	Skanska AB		23,698
	9,198	SKF AB		186,778
	3,000	Smiths Group plc		62,376
	22,700	Sojitz Corporation		55,880
	553	Spirax-Sarco Engineering plc		38,568
	408	Sulzer, Ltd.		46,250
	4,350	Team, Inc.^d		102,007
	2,900	Teijin, Ltd.		55,962
	1,300	Toppan Forms Company, Ltd.		13,456
	2,449	Vinci SA		208,904
	1,640	WABCO Holdings, Inc.^d		209,116
	921	Wolseley plc		56,529
	759	WSP Global, Inc.		31,494
	2,942	YIT Oyj		24,607
	600	Yuasa Trading Company, Ltd.		18,248

		Total		7,030,745

	Information Technology (10.5%)
	960	Alliance Data Systems Corporation		246,422
	790	Alphabet, Inc., Class A^d		734,447
	571	Alphabet, Inc., Class C^d		518,885
	113	Alten SA		9,320
	11,655	Apple, Inc.		1,678,553
	1,100	Azbil Corporation		41,877
	241	BKW FMB Energie		14,167
	1,800	Canon, Inc.		61,227
	2,860	Cap Gemini SA		295,446
	1,132	Capital Power Corporation		21,229
	10,790	Ciena Corporation^d		269,966
	16,623	Cisco Systems, Inc.		520,300
	9,270	Cognizant Technology Solutions Corporation		615,528
	1,730	F5 Networks, Inc.^d		219,814
	5,720	Facebook, Inc.^d		863,606
	8,580	Finisar Corporation^d		222,908
	4,100	FUJIFILM Holdings NPV		147,836
	7,110	Juniper Networks, Inc.		198,227
	7,100	Konica Minolta Holdings, Inc.		59,234
	1,800	NEC Networks & System Integration Corporation		39,173
	5,460	New Relic, Inc.^d		234,835
	63	NVIDIA Corporation		9,107
	13,130	PayPal Holdings, Inc.^d		704,687
	600	Ryosan Company, Ltd.		21,942

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, 2017

(unaudited)


Shares		Common Stock (65.4%)	Value
	Information Technology (10.5%) - continued
	3,500	Salesforce.com, Inc.^d	$	303,100
	1,010	Seagate Technology plc		39,137
	541	SMA Solar Technology AG		16,259
	553	Software AG		24,255
	4,125	Telefonaktiebolaget LM Ericsson		29,659
	300	Tokyo Electron, Ltd.		40,558
	7,580	Twitter, Inc.^d		135,455
	9,520	Visa, Inc.		892,785
	4,749	Xilinx, Inc.		305,456

		Total		9,535,400

	Materials (3.1%)
	900	Adeka Corporation		13,750
	1,350	APERAM		62,688
	570	Ashland Global Holdings, Inc.		37,569
	17,348	BHP Billiton, Ltd.		309,209
	2,589	BillerudKorsnas AB		40,917
	10,826	BlueScope Steel, Ltd.		109,603
	1,440	Crown Holdings, Inc.^d		85,910
	7,800	Daicel Corporation		97,490
	8,000	DOWA Holdings Company, Ltd.		60,680
	520	Eagle Materials, Inc.		48,058
	4,932	Evonik Industries AG		157,853
	1,070	FMC Corporation		78,163
	3,526	Granges AB		32,440
	1,500	JSR Corporation		25,967
	7,000	Kuraray Company, Ltd.		127,463
	3,500	Kyoei Steel, Ltd.		58,090
	7,900	Mitsubishi Chemical Holdings Corporation		65,821
	1,250	Neenah Paper, Inc.		100,313
	200	Nippon Shokubai Company, Ltd.		12,919
	22,628	Norsk Hydro ASA		125,224
	2,424	Nufarm, Ltd.		17,936
	13,000	Oji Holdings Corporation		67,307
	6,407	Orora, Ltd.		14,080
	1,200	Packaging Corporation of America		133,668
	4,800	Rengo Company, Ltd.		27,867
	606	Rio Tinto, Ltd.		29,451
	1,460	Sensient Technologies Corporation		117,574
	1,614	Solvay SA		216,617
	500	Sumitomo Seika Chemicals Company, Ltd.		24,587
	2,300	Toagosei Company, Ltd.		30,001
	9,870	UPM-Kymmene Oyj		281,441
	1,564	Valvoline, Inc.		37,098
	2,518	Verso Corporation^d		11,809
	600	Yamato Kogyo Company, Ltd.		15,413
	3,770	Yara International ASA		141,761

		Total		2,816,737

	Real Estate (9.3%)
	650	Acadia Realty Trust		18,070
	450	Agree Realty Corporation		20,641
	2,991	Alexandria Real Estate Equities, Inc.		360,326
	300	American Assets Trust, Inc.		11,817
	900	American Campus Communities, Inc.		42,570
	1,600	American Homes 4 Rent		36,112
	427	American Tower Corporation		56,501
	1,600	Apartment Investment & Management Company		68,752
	1,700	Apple Hospitality REIT, Inc.		31,807
	250	Armada Hoffler Properties, Inc.		3,238
	1,000	AvalonBay Communities, Inc.		192,170
	492	Bluerock Residential Growth REIT, Inc.		6,342
	1,741	Boston Properties, Inc.		214,178
	1,300	Brandywine Realty Trust		22,789
	2,702	Brixmor Property Group, Inc.		48,312
	3,300	Camden Property Trust		282,183
	650	Care Capital Properties, Inc.		17,355
	356	Chesapeake Lodging Trust		8,711
	200	City Office REIT, Inc.		2,540
	600	Colony Starwood Homes		20,586
	300	Columbia Property Trust, Inc.		6,714
	2,699	Cominar Real Estate Investment Trust		26,453
	700	CoreCivic, Inc.		19,306
	250	CoreSite Realty Corporation		25,883
	700	Corporate Office Properties Trust		24,521
	2,656	Cousins Properties, Inc.		23,346
	2,140	Crown Castle International Corporation		214,385
	1,700	CubeSmart		40,868
	850	CyrusOne, Inc.		47,388
	100	Daito Trust Construction Company, Ltd.		15,580
	700	DCT Industrial Trust, Inc.		37,408
	2,400	DDR Corporation		21,768
	17,701	DEXUS Property Group		128,873
	1,372	DiamondRock Hospitality Company		15,023
	1,318	Digital Realty Trust, Inc.		148,868
	900	Douglas Emmett, Inc.		34,389
	11,870	Duke Realty Corporation		331,766
	550	DuPont Fabros Technology, Inc.		33,638
	121	EastGroup Properties, Inc.		10,140
	400	Education Realty Trust, Inc.		15,500
	553	Empire State Realty Trust, Inc.		11,486
	456	EPR Properties		32,773
	810	Equinix, Inc.		347,620
	800	Equity Commonwealth^d		25,280
	600	Equity Lifestyle Properties, Inc.		51,804
	3,770	Equity Residential		248,179
	480	Essex Property Trust, Inc.		123,490
	950	Extra Space Storage, Inc.		74,100
	500	Federal Realty Investment Trust		63,195
	950	FelCor Lodging Trust, Inc.		6,849
	1,100	First Industrial Realty Trust, Inc.		31,482
	1,677	Forest City Realty Trust, Inc.		40,533
	1,400	Gaming and Leisure Properties, Inc.		52,738
	12,059	General Growth Properties, Inc.		284,110
	900	GEO Group, Inc.		26,613
	1,360	Gramercy Property Trust		40,406
	4,787	H&R Real Estate Investment Trust		81,285
	3,450	HCP, Inc.		110,262
	900	Healthcare Realty Trust, Inc.		30,735
	1,450	Healthcare Trust of America, Inc.		45,110
	1,100	Highwoods Properties, Inc.		55,781
	1,300	Hospitality Properties Trust		37,895
	5,671	Host Hotels & Resorts, Inc.		103,609
	1,350	Hudson Pacific Properties, Inc.		46,156
	20,000	Hysan Development Company, Ltd.		95,448
	950	Invitation Homes, Inc.		20,549
	1,700	Iron Mountain, Inc.		58,412
	800	Kilroy Realty Corporation		60,120
	3,000	Kimco Realty Corporation		55,050
	400	Kite Realty Group Trust		7,572
	467	Lamar Advertising Company		34,357
	700	LaSalle Hotel Properties		20,860
	1,100	Liberty Property Trust		44,781
	313	Life Storage, Inc.		23,193
	975	Macerich Company		56,608
	600	Mack-Cali Realty Corporation		16,284

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, 2017

(unaudited)


Shares		Common Stock (65.4%)	Value
	Real Estate (9.3%) - continued
	2,500	Medical Properties Trust, Inc.	$	32,175
	834	Mid-America Apartment Communities, Inc.		87,887
	400	National Health Investors, Inc.		31,680
	1,600	National Retail Properties, Inc.		62,560
	201	National Storage Affiliates Trust		4,645
	30,348	New World Development Company, Ltd.		38,469
	1,100	Omega Healthcare Investors, Inc.		36,322
	800	Outfront Media, Inc.		18,496
	207	Parkway, Inc.		4,738
	400	Pebblebrook Hotel Trust		12,896
	2,500	Physicians Realty Trust		50,350
	300	Piedmont Office Realty Trust, Inc.		6,324
	6,245	Prologis, Inc.		366,207
	1,538	Public Storage, Inc.		320,719
	338	QTS Realty Trust, Inc.		17,688
	630	Quality Care Properties, Inc.^d		11,535
	500	Ramco-Gershenson Properties Trust		6,450
	1,927	Realty Income Corporation		106,332
	1,420	Regency Centers Corporation		88,949
	650	Retail Opportunity Investments Corporation		12,473
	1,300	Retail Properties of America, Inc.		15,873
	1,195	RLJ Lodging Trust		23,745
	6,000	Road King Infrastructure, Ltd.		7,406
	352	Road King Infrastructure, Ltd., Rights^d,e		0
	300	Ryman Hospitality Properties		19,203
	400	Sabra Health Care REIT, Inc.		9,640
	1,323	Senior Housing Property Trust		27,042
	3,375	Simon Property Group, Inc.		545,940
	800	SL Green Realty Corporation		84,640
	3,100	Spirit Realty Capital, Inc.		22,971
	300	STAG Industrial, Inc.		8,280
	29,494	Stockland		99,185
	1,596	Store Capital Corporation		35,830
	1,435	Summit Hotel Properties, Inc.		26,763
	600	Sun Communities, Inc.		52,614
	5,000	Sun Hung Kai Properties, Ltd.		73,451
	1,621	Sunstone Hotel Investors, Inc.		26,131
	638	Tanger Factory Outlet Centers, Inc.		16,575
	450	Taubman Centers, Inc.		26,797
	2,050	UDR, Inc.		79,888
	100	Uniti Group, Inc.		2,514
	600	Urban Edge Properties		14,238
	200	Urstadt Biddle Properties, Inc.		3,960
	2,600	Ventas, Inc.		180,648
	7,242	VEREIT, Inc.		58,950
	2,060	Vornado Realty Trust		193,434
	700	Washington Prime Group, Inc.		5,859
	200	Washington REIT		6,380
	800	Weingarten Realty Investors		24,080
	2,799	Welltower, Inc.		209,505
	3,000	Wheelock and Company, Ltd.		22,628
	14,700	Wing Tai Holdings, Ltd.		21,255
	500	WP Carey, Inc.		33,005
	700	Xenia Hotels & Resorts, Inc.		13,559

		Total		8,460,426

	Telecommunications Services (1.0%)
	2,960	Elisa Oyj		114,825
	2,833	Freenet AG		90,380
	10,406	Inmarsat plc		104,364
	46,042	KCOM Group plc		53,371
	4,300	Nippon Telegraph & Telephone Corporation		202,978
	3,000	NTT DOCOMO, Inc.		70,952
	52,856	PCCW, Ltd.		30,039
	4,608	Proximus SA		161,277
	5,601	TDC AS		32,572
	4,600	Telefonica Deutschland Holding AG		23,005
	2,997	Telenor ASA		49,721

		Total		933,484

	Utilities (1.2%)
	1,010	ATCO, Ltd.		39,495
	962	Canadian Utilities, Ltd.		30,912
	52,826	Centrica plc		137,732
	35,590	Electricidade de Portugal SA		116,423
	149	Elia System Operator SA		8,432
	6,312	Endesa SA		145,609
	9,171	MDU Resources Group, Inc.		240,280
	4,830	New Jersey Resources Corporation		191,751
	32,000	Osaka Gas Company, Ltd.		131,035
	12,341	Redes Energeticas Nacionais SGPS SA		38,662
	772	Verbund AG		14,725

		Total		1,095,056

		Total Common Stock (cost $52,433,262)		59,338,599

Principal Amount		Long-Term Fixed Income (17.8%)
	Asset-Backed Securities (0.2%)
		Earnest Student Loan Program, LLC
	104,275	2.680%, 7/25/2035, Ser. 2016-C, Class A2^f		104,358
		Marlette Funding Trust
	44,905	3.060%, 1/17/2023, Ser. 2016-1A, Class A^*		45,107
		SoFi Consumer Loan Program, LLC
	41,954	3.280%, 1/26/2026, Ser. 2017-1, Class A^f		42,499

		Total		191,964

	Basic Materials (0.5%)
		Alcoa Nederland Holding BV
	15,000	6.750%, 9/30/2024^f		16,275
		Anglo American Capital plc
	13,000	4.125%, 9/27/2022^f		13,293
		ArcelorMittal SA
	50,000	6.000%, 3/1/2021		53,812
		BWAY Holding Company
	30,000	5.500%, 4/15/2024^f		30,638
		Dow Chemical Company
	10,000	8.550%, 5/15/2019		11,201
		EI du Pont de Nemours & Company
	14,000	2.200%, 5/1/2020		14,075
		First Quantum Minerals, Ltd.
	55,000	7.000%, 2/15/2021^f		56,375
		FMG Resources Property, Ltd.
	30,000	5.125%, 5/15/2024^f		30,000
		Kinross Gold Corporation
	7,000	5.125%, 9/1/2021		7,455
		LyondellBasell Industries NV
	10,000	5.000%, 4/15/2019		10,455
		NOVA Chemicals Corporation
	40,122	5.250%, 8/1/2023^f		41,225
		Peabody Securities Finance Corporation
	30,000	6.375%, 3/31/2025^f		29,550
		RPM International, Inc., Convertible
	40,000	2.250%, 12/15/2020		47,200

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (17.8%)	Value
	Basic Materials (0.5%) - continued
		Sherwin-Williams Company
	$13,000	2.250%, 5/15/2020	$	13,028
		Steel Dynamics, Inc.
	30,000	5.000%, 12/15/2026		30,787
		Vale Overseas, Ltd.
	7,000	5.875%, 6/10/2021		7,514
		Xstrata Finance Canada, Ltd.
	10,000	4.950%, 11/15/2021^f		10,695

		Total		423,578

	Capital Goods (0.4%)
		AECOM
	50,000	5.875%, 10/15/2024		54,375
		Bombardier, Inc.
	30,000	7.500%, 3/15/2025^f		31,125
		Building Materials Corporation of America
	50,000	6.000%, 10/15/2025^f		53,500
		Cemex SAB de CV
	55,000	5.700%, 1/11/2025^f		58,369
		Cintas Corporation No. 2
	10,000	2.900%, 4/1/2022		10,155
		Crown Americas Capital Corporation IV
	50,000	4.500%, 1/15/2023		52,375
		General Electric Company
	16,000	5.000%, 1/21/2021^g		16,982
		Lockheed Martin Corporation
	10,000	2.500%, 11/23/2020		10,136
		Rockwell Collins, Inc.
	10,000	1.950%, 7/15/2019		10,015
		Roper Industries, Inc.
	11,000	2.050%, 10/1/2018		11,022
		United Rentals North America, Inc.
	55,000	5.500%, 7/15/2025		57,613

		Total		365,667

	Collateralized Mortgage Obligations (1.7%)
		Alternative Loan Trust
	118,726	5.500%, 10/25/2035, Ser. 2005-47CB, Class A7		102,125
		Angel Oak Mortgage Trust
	12,428	4.500%, 11/25/2045, Ser. 2015-1, Class A^*,h		12,444
		Banc of America Alternative Loan Trust
	38,988	6.000%, 11/25/2035, Ser. 2005-10, Class 3CB1		34,224
		CHL Mortgage Pass-Through Trust
	63,901	3.337%, 1/25/2036, Ser. 2005-31, Class 4A2		57,587
		Citigroup Mortgage Loan Trust, Inc.
	21,502	3.670%, 3/25/2037, Ser. 2007-AR4, Class 2A1A		17,198
		CitiMortgage Alternative Loan Trust
	68,648	5.750%, 4/25/2037, Ser. 2007-A4, Class 1A5		59,838
		Countrywide Alternative Loan Trust
	65,466	6.500%, 8/25/2036, Ser. 2006-23CB, Class 2A3		44,568
	199,262	6.000%, 4/25/2037, Ser. 2007-7T2, Class A9		137,407
		Credit Suisse First Boston Mortgage Securities Corporation
	38,689	5.250%, 10/25/2035, Ser. 2005-9, Class 1A3		37,589
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	43,111	5.500%, 11/25/2035, Ser. 2005-5, Class 1A4		43,773
		J.P. Morgan Alternative Loan Trust
	113,907	6.500%, 3/25/2036, Ser. 2006-S1, Class 1A19		103,280
		J.P. Morgan Mortgage Trust
	56,007	3.087%, 6/25/2035, Ser. 2005-A3, Class 4A1		56,476
	64,422	3.177%, 6/25/2035, Ser. 2005-A3, Class 3A4		64,323
	43,915	3.300%, 8/25/2035, Ser. 2005-A5, Class 1A2		43,834
	61,839	3.263%, 1/25/2037, Ser. 2006-A7, Class 2A2		61,225
		Mill City Mortgage Loan Trust
	94,567	2.750%, 11/25/2058, Ser. 2017-1, Class A1^f		95,323
		MortgageIT Trust
	51,029	1.476%, 12/25/2035, Ser. 2005-5, Class A1ⁱ		47,703
		New York Mortgage Trust
	56,382	3.584%, 5/25/2036, Ser. 2006-1, Class 2A3		53,622
		Residential Accredit Loans, Inc. Trust
	53,748	5.750%, 9/25/2035, Ser. 2005-QS13, Class 2A3		48,621
		Residential Funding Mortgage Security I Trust
	59,242	6.000%, 7/25/2037, Ser. 2007-S7, Class A20		55,172
		Structured Adjustable Rate Mortgage Loan Trust
	68,286	3.489%, 9/25/2035, Ser. 2005-18, Class 1A1		55,256
		Structured Asset Mortgage Investments, Inc.
	111,714	1.526%, 12/25/2035, Ser. 2005-AR4, Class A1ⁱ		95,287
		WaMu Mortgage Pass Through Certificates
	52,872	2.937%, 10/25/2036, Ser. 2006-AR12, Class 1A1		50,758
	99,606	1.472%, 1/25/2047, Ser. 2006-AR19, Class 1Aⁱ		80,347
		Wells Fargo Mortgage Backed Securities Trust
	41,752	3.107%, 3/25/2036, Ser. 2006-AR2, Class 2A1		42,033
	39,449	3.270%, 7/25/2036, Ser. 2006-AR10, Class 2A1		38,931
	32,072	6.000%, 7/25/2037, Ser. 2007-8, Class 1A16		32,257

		Total		1,571,201

	Communications Services (0.7%)
		America Movil SAB de CV
	10,000	5.000%, 10/16/2019		10,670
		American Tower Corporation
	10,000	2.800%, 6/1/2020		10,135
		AT&T, Inc.
	10,000	5.875%, 10/1/2019		10,823
	7,000	5.200%, 3/15/2020		7,521
	10,000	2.226%, 6/30/2020ⁱ		10,131

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (17.8%)	Value
	Communications Services (0.7%) - continued
	$ 15,000	2.800%, 2/17/2021	$	15,158
		British Sky Broadcasting Group plc
	14,000	2.625%, 9/16/2019^f		14,095
		CCOH Safari, LLC
	30,000	5.750%, 2/15/2026^f		32,100
		CenturyLink, Inc.
	35,000	6.450%, 6/15/2021		37,800
		Charter Communications Operating, LLC
	10,000	3.579%, 7/23/2020		10,333
	5,000	4.464%, 7/23/2022		5,327
		Clear Channel Worldwide Holdings, Inc.
	40,000	6.500%, 11/15/2022		41,108
		Columbus International, Inc.
	50,000	7.375%, 3/30/2021^f		53,062
		Comcast Corporation
	14,000	1.625%, 1/15/2022		13,611
		Crown Castle International Corporation
	5,000	3.400%, 2/15/2021		5,134
		CSC Holdings, LLC
	5,000	5.500%, 4/15/2027^f		5,288
		Digicel, Ltd.
	56,748	6.000%, 4/15/2021^*		54,407
		DISH Network Corporation, Convertible
	8,000	3.375%, 8/15/2026^f		9,700
		Hughes Satellite Systems Corporation
	30,000	6.500%, 6/15/2019		32,400
		Moody’s Corporation
	7,000	2.750%, 12/15/2021		7,058
		Neptune Finco Corporation
	30,000	10.875%, 10/15/2025^f		36,113
		SFR Group SA
	50,000	6.000%, 5/15/2022^f		52,313
		Sprint Corporation
	55,000	7.625%, 2/15/2025		63,319
		Telefonica Emisiones SAU
	12,000	3.192%, 4/27/2018		12,127
		Time Warner, Inc.
	5,000	4.875%, 3/15/2020		5,344
		Verizon Communications, Inc.
	16,000	4.500%, 9/15/2020		17,090
	17,000	2.946%, 3/15/2022^f		17,116
		Viacom, Inc.
	14,000	4.250%, 9/1/2023		14,613
		Virgin Media Secured Finance plc
	30,000	5.250%, 1/15/2026^f		31,224

		Total		635,120

	Consumer Cyclical (0.9%)
		Allison Transmission, Inc.
	45,000	5.000%, 10/1/2024^f		46,125
		American Honda Finance Corporation
	10,000	2.000%, 2/14/2020		10,021
		BMW US Capital, LLC
	15,000	1.500%, 4/11/2019^f		14,941
		Brookfield Residential Properties, Inc.
	60,000	6.125%, 7/1/2022^f		62,100
		Cinemark USA, Inc.
	31,000	4.875%, 6/1/2023		31,668
		CVS Health Corporation
	7,000	2.750%, 12/1/2022		7,008
		eBay, Inc.
	10,000	2.500%, 3/9/2018		10,058
		Ford Motor Credit Company, LLC
	14,000	2.262%, 3/28/2019		14,039
	14,000	2.597%, 11/4/2019		14,094
	10,000	3.336%, 3/18/2021		10,192
		General Motors Financial Company, Inc.
	5,000	3.150%, 1/15/2020		5,085
	10,000	2.650%, 4/13/2020		10,046
	10,000	4.375%, 9/25/2021		10,579
	6,000	3.150%, 6/30/2022		5,975
		Home Depot, Inc.
	10,000	2.625%, 6/1/2022		10,150
		Hyundai Capital America
	7,000	2.550%, 4/3/2020^f		6,982
		KB Home
	29,000	4.750%, 5/15/2019		29,870
		L Brands, Inc.
	33,000	6.625%, 4/1/2021		36,547
		Lennar Corporation
	50,000	4.750%, 11/15/2022		53,250
		Macy’s Retail Holdings, Inc.
	14,000	7.450%, 7/15/2017		14,016
		McDonald’s Corporation
	14,000	2.625%, 1/15/2022		14,082
		MGM Resorts International
	55,000	6.000%, 3/15/2023		60,637
		New Red Finance, Inc.
	35,000	4.250%, 5/15/2024^f		34,779
		Newell Rubbermaid, Inc.
	10,000	3.150%, 4/1/2021		10,237
		Nissan Motor Acceptance Corporation
	11,000	2.000%, 3/8/2019^f		11,009
		Prime Security Services Borrower, LLC
	45,000	9.250%, 5/15/2023^f		48,900
		PulteGroup, Inc.
	30,000	4.250%, 3/1/2021		31,275
		Ralph Lauren Corporation
	10,000	2.625%, 8/18/2020		10,159
		Royal Caribbean Cruises, Ltd.
	51,748	5.250%, 11/15/2022		57,333
		Scientific Games International, Inc.
	30,000	7.000%, 1/1/2022^f		31,950
		Toll Brothers Finance Corporation
	20,000	4.000%, 12/31/2018		20,500
		Visa, Inc.
	10,000	2.200%, 12/14/2020		10,083
		Volkswagen Group of America Finance, LLC
	9,000	2.450%, 11/20/2019^f		9,050
		West Corporation
	25,000	5.375%, 7/15/2022^f		25,250
		Yum! Brands, Inc.
	55,000	5.000%, 6/1/2024^f		57,338

		Total		835,328

	Consumer Non-Cyclical (0.8%)
		Abbott Laboratories
	14,000	2.550%, 3/15/2022		13,892
	11,000	3.400%, 11/30/2023		11,259

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (17.8%)	Value
	Consumer Non-Cyclical (0.8%) - continued
		AbbVie, Inc.
	$14,000	2.500%, 5/14/2020	$	14,161
	7,000	2.900%, 11/6/2022		7,065
		Amgen, Inc.
	13,000	2.650%, 5/11/2022		13,042
		Anheuser-Busch InBev Finance, Inc.
	15,000	2.430%, 2/1/2021ⁱ		15,535
	10,000	2.650%, 2/1/2021		10,133
	7,000	3.300%, 2/1/2023		7,207
		Anheuser-Busch InBev Worldwide, Inc.
	12,000	6.500%, 7/15/2018		12,583
		BAT International Finance plc
	10,000	1.756%, 6/15/2018^f,i		10,027
		Becton, Dickinson and Company
	14,000	3.125%, 11/8/2021		14,259
		Biogen, Inc.
	10,000	3.625%, 9/15/2022		10,457
		Boston Scientific Corporation
	5,000	6.000%, 1/15/2020		5,441
		Bunge Limited Finance Corporation
	10,000	3.500%, 11/24/2020		10,251
		Celgene Corporation
	10,000	3.550%, 8/15/2022		10,409
		CHS/Community Health Systems, Inc.
	30,000	6.250%, 3/31/2023		30,971
		Constellation Brands, Inc.
	6,000	2.700%, 5/9/2022		5,992
		Cott Beverages, Inc.
	55,000	5.375%, 7/1/2022		56,994
		CVS Health Corporation
	10,000	2.250%, 12/5/2018		10,062
		Envision Healthcare Corporation
	50,000	5.125%, 7/1/2022^f		51,313
		Express Scripts Holding Company
	7,000	4.750%, 11/15/2021		7,564
		Forest Laboratories, Inc.
	4,000	4.375%, 2/1/2019^f		4,125
		Forest Laboratories, LLC
	4,000	4.875%, 2/15/2021^f		4,303
		HCA, Inc.
	26,748	4.750%, 5/1/2023		28,286
		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		5,041
		Mead Johnson Nutrition Company
	10,000	3.000%, 11/15/2020		10,257
		Medtronic Global Holdings SCA
	14,000	1.700%, 3/28/2019		14,009
		Molson Coors Brewing Company
	14,000	2.250%, 3/15/2020^f		13,999
		Mondelez International Holdings Netherlands BV
	5,000	2.000%, 10/28/2021^f		4,871
		Mylan NV
	14,000	3.150%, 6/15/2021		14,242
		Pernod Ricard SA
	5,000	5.750%, 4/7/2021^f		5,567
		Pinnacle Foods, Inc.
	50,000	5.875%, 1/15/2024		53,375
		Revlon Consumer Products Corporation
	26,748	5.750%, 2/15/2021		24,608
		Reynolds American, Inc.
	6,000	3.250%, 6/12/2020		6,177
		Shire Acquisitions Investments Ireland Designated Activity Company
	12,000	2.400%, 9/23/2021		11,859
		Smithfield Foods, Inc.
	11,000	2.700%, 1/31/2020^f		11,057
		Tenet Healthcare Corporation
	50,000	8.125%, 4/1/2022		53,125
		Teva Pharmaceutical Finance Netherlands III BV
	10,000	2.200%, 7/21/2021		9,816
		TreeHouse Foods, Inc.
	40,000	4.875%, 3/15/2022		41,300
		Valeant Pharmaceuticals International
	26,748	7.250%, 7/15/2022^f		25,143
		VPII Escrow Corporation
	25,000	7.500%, 7/15/2021^f		24,219
		Zoetis, Inc.
	9,000	3.450%, 11/13/2020		9,307

		Total		755,003

	Energy (0.8%)
		Alliance Resource Operating Partners, LP
	35,000	7.500%, 5/1/2025^f		36,794
		Anadarko Petroleum Corporation
	10,000	8.700%, 3/15/2019		11,029
		Antero Resources Corporation
	35,000	5.125%, 12/1/2022		35,076
		BP Capital Markets plc
	15,000	1.676%, 5/3/2019		14,950
	7,000	2.315%, 2/13/2020		7,064
		Buckeye Partners, LP
	17,000	2.650%, 11/15/2018		17,091
		Cenovus Energy, Inc.
	7,000	3.800%, 9/15/2023		6,905
		Concho Resources, Inc.
	15,000	4.375%, 1/15/2025		15,300
		Continental Resources, Inc.
	7,000	5.000%, 9/15/2022		6,869
		Crestwood Midstream Partners, LP
	40,000	6.250%, 4/1/2023		40,900
		Encana Corporation
	9,000	3.900%, 11/15/2021		9,173
		Energy Transfer Equity, LP
	55,000	5.500%, 6/1/2027		56,925
		EQT Corporation
	10,000	8.125%, 6/1/2019		11,035
		Exxon Mobil Corporation
	10,000	1.708%, 3/1/2019		10,029
		Kinder Morgan Energy Partners, LP
	14,000	3.450%, 2/15/2023		14,084
		Marathon Oil Corporation
	6,000	2.700%, 6/1/2020		5,947
		Marathon Petroleum Corporation
	10,000	3.400%, 12/15/2020		10,286
		MEG Energy Corporation
	33,000	6.375%, 1/30/2023^f		25,513
		MPLX, LP
	10,000	4.500%, 7/15/2023		10,614

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (17.8%)	Value
	Energy (0.8%) - continued
	$55,000	4.875%, 12/1/2024	$	58,644
		ONEOK, Inc.
	10,000	7.500%, 9/1/2023		11,925
		PBF Holding Company, LLC
	40,000	7.250%, 6/15/2025^f		38,550
		Petrobras Global Finance BV
	32,000	8.375%, 5/23/2021		35,820
	13,000	7.375%, 1/17/2027		13,754
		Petroleos Mexicanos
	10,000	6.375%, 2/4/2021		10,823
	13,000	6.500%, 3/13/2027^f		13,965
		Regency Energy Partners, LP
	50,000	5.000%, 10/1/2022		53,619
		Rowan Companies, Inc.
	5,000	7.375%, 6/15/2025		4,663
		Sabine Pass Liquefaction, LLC
	6,000	6.250%, 3/15/2022		6,794
	6,000	5.625%, 4/15/2023		6,669
	55,000	5.625%, 3/1/2025		60,730
		Schlumberger Holdings Corporation
	10,000	3.000%, 12/21/2020^f		10,181
		Sunoco Logistics Partners Operations, LP
	10,000	4.400%, 4/1/2021		10,506
		Tesoro Corporation
	40,000	4.750%, 12/15/2023^f		43,076
		Whiting Petroleum Corporation, Convertible
	20,000	1.250%, 4/1/2020		16,900
		Williams Partners, LP
	14,000	4.000%, 11/15/2021		14,565

		Total		756,768

	Financials (2.1%)
		ACE INA Holdings, Inc.
	10,000	2.875%, 11/3/2022		10,172
		Air Lease Corporation
	5,000	2.625%, 9/4/2018		5,037
		Ally Financial, Inc.
	40,000	4.750%, 9/10/2018		41,100
		American Express Credit Corporation
	7,000	1.502%, 5/3/2019ⁱ		7,020
	7,000	2.200%, 3/3/2020		7,033
	10,000	2.292%, 9/14/2020ⁱ		10,175
		AMG Capital Trust II, Convertible
	700	5.150%, 10/15/2037		41,388
		Bank of America Corporation
	25,000	5.650%, 5/1/2018		25,785
	10,000	2.625%, 4/19/2021		10,043
	14,000	5.700%, 1/24/2022		15,818
		Bank of Montreal
	8,000	1.500%, 7/18/2019		7,925
		Bank of New York Mellon Corporation
	14,000	2.600%, 2/7/2022		14,096
		Bank of Nova Scotia
	10,000	2.700%, 3/7/2022		10,055
		Barclays plc
	14,000	3.200%, 8/10/2021		14,201
		BB&T Corporation
	16,000	2.050%, 6/19/2018		16,063
		Bear Stearns Companies, LLC
	20,000	6.400%, 10/2/2017		20,231
		Blackstone Mortgage Trust, Inc., Convertible
	50,000	5.250%, 12/1/2018		57,875
		BNP Paribas SA
	12,000	2.375%, 9/14/2017		12,020
		Capital One Financial Corporation
	6,000	2.500%, 5/12/2020		6,026
	18,000	3.050%, 3/9/2022		18,140
		Citigroup, Inc.
	14,000	2.450%, 1/10/2020		14,083
	14,000	2.650%, 10/26/2020		14,133
	21,000	2.350%, 8/2/2021		20,807
	7,000	2.750%, 4/25/2022		7,000
		CNA Financial Corporation
	10,000	5.750%, 8/15/2021		11,159
		Commonwealth Bank of Australia
	14,000	2.250%, 3/10/2020^f		14,029
		Cooperatieve Centrale Raiffeisen- Boerenleenbank BA
	12,000	3.950%, 11/9/2022		12,531
		Credit Agricole SA
	7,000	3.375%, 1/10/2022^f		7,187
		Credit Suisse Group Funding Guernsey, Ltd.
	21,000	3.800%, 9/15/2022		21,816
		Credit Suisse Group Funding, Ltd.
	14,000	3.125%, 12/10/2020		14,262
		DDR Corporation
	10,000	3.500%, 1/15/2021		10,124
		Deutsche Bank AG
	21,000	4.250%, 10/14/2021		21,988
		Discover Bank
	4,000	8.700%, 11/18/2019		4,520
		Fifth Third Bancorp
	6,000	2.600%, 6/15/2022		5,968
		Goldman Sachs Group, Inc.
	8,000	2.625%, 1/31/2019		8,083
	12,000	7.500%, 2/15/2019		13,017
	12,000	5.375%, 5/10/2020^g		12,610
	10,000	2.600%, 12/27/2020		10,053
	14,000	5.250%, 7/27/2021		15,343
	10,000	2.352%, 11/15/2021ⁱ		10,093
	14,000	3.000%, 4/26/2022		14,129
		Goldman Sachs Group, Inc., Convertible
	375,000	0.500%, 9/24/2022		466,159
		Guardian Life Global Funding
	10,000	2.000%, 4/26/2021^f		9,853
		Hartford Financial Services Group, Inc.
	17,000	6.000%, 1/15/2019		18,017
		HCP, Inc.
	10,000	3.750%, 2/1/2019		10,210
		Hospitality Properties Trust
	10,000	4.250%, 2/15/2021		10,427
		HSBC Holdings plc
	20,000	3.400%, 3/8/2021		20,554
	14,000	6.875%, 6/1/2021^g		15,120
		Huntington Bancshares, Inc.
	10,000	3.150%, 3/14/2021		10,196
		Icahn Enterprises, LP
	25,000	6.000%, 8/1/2020		25,734
	15,000	6.750%, 2/1/2024		15,639
		ING Capital Funding Trust III
	10,000	4.896%, 9/30/2017^g,i		10,031
		International Lease Finance Corporation
	14,000	4.625%, 4/15/2021		14,900

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (17.8%)	Value
	Financials (2.1%) - continued
	$14,000	5.875%, 8/15/2022	$	15,804
		Intesa Sanpaolo SPA
	4,000	3.875%, 1/16/2018		4,037
		J.P. Morgan Chase & Company
	8,000	6.300%, 4/23/2019		8,611
	5,000	2.250%, 1/23/2020		5,015
	9,000	1.882%, 6/1/2021ⁱ		9,012
	10,000	2.776%, 4/25/2023		10,017
	14,000	2.383%, 10/24/2023ⁱ		14,210
		KeyCorp
	12,000	2.300%, 12/13/2018		12,065
		Liberty Mutual Group, Inc.
	4,000	5.000%, 6/1/2021^f		4,347
		Lincoln National Corporation
	8,000	6.250%, 2/15/2020		8,775
		MetLife, Inc.
	14,000	1.903%, 12/15/2017		14,024
		Mitsubishi UFJ Financial Group, Inc.
	7,000	2.998%, 2/22/2022		7,103
		Morgan Stanley
	16,000	6.625%, 4/1/2018		16,568
	10,000	2.310%, 1/27/2020ⁱ		10,151
	14,000	2.800%, 6/16/2020		14,208
	10,000	2.500%, 4/21/2021		9,991
	14,000	2.336%, 1/20/2022ⁱ		14,140
	6,000	2.750%, 5/19/2022		5,998
	10,000	4.875%, 11/1/2022		10,856
		MPT Operating Partnership, LP
	40,000	5.500%, 5/1/2024		41,800
		National City Corporation
	8,000	6.875%, 5/15/2019		8,705
		New York Life Global Funding
	10,000	1.550%, 11/2/2018^f		9,983
		Nomura Holdings, Inc.
	8,000	2.750%, 3/19/2019		8,080
		Park Aerospace Holdings, Ltd.
	50,000	5.500%, 2/15/2024^f		52,225
		PNC Bank NA
	11,000	2.450%, 11/5/2020		11,093
		Quicken Loans, Inc.
	55,000	5.750%, 5/1/2025^f		56,788
		Realty Income Corporation
	10,000	5.750%, 1/15/2021		10,992
		Regions Bank
	7,000	7.500%, 5/15/2018		7,328
		Regions Financial Corporation
	10,000	3.200%, 2/8/2021		10,223
		Reinsurance Group of America, Inc.
	10,000	4.700%, 9/15/2023		10,848
		Royal Bank of Canada
	14,000	2.125%, 3/2/2020		14,023
		Royal Bank of Scotland Group plc
	9,000	8.625%, 8/15/2021^g		9,810
		Simon Property Group, LP
	10,000	2.500%, 9/1/2020		10,090
	15,000	2.500%, 7/15/2021		15,001
		Standard Chartered plc
	2,000	2.100%, 8/19/2019^f		1,993
		State Street Corporation
	10,000	2.081%, 8/18/2020ⁱ		10,213
		Sumitomo Mitsui Financial Group, Inc.
	12,000	2.934%, 3/9/2021		12,190
		SunTrust Banks, Inc.
	10,000	2.900%, 3/3/2021		10,152
		Synchrony Financial
	5,000	2.402%, 2/3/2020ⁱ		5,038
		Toronto-Dominion Bank
	10,000	1.993%, 1/22/2019ⁱ		10,093
	10,000	2.172%, 12/14/2020ⁱ		10,145
		UBS Group Funding Jersey, Ltd.
	10,000	2.950%, 9/24/2020^f		10,215
		UnitedHealth Group, Inc.
	10,000	3.350%, 7/15/2022		10,439
		Voya Financial, Inc.
	12,000	2.900%, 2/15/2018		12,081
		Wells Fargo & Company
	7,000	1.852%, 1/30/2020ⁱ		7,046
	8,000	2.100%, 7/26/2021		7,893
	14,000	2.263%, 1/24/2023ⁱ		14,148
	10,000	2.402%, 10/31/2023ⁱ		10,178
		Welltower, Inc.
	10,000	4.950%, 1/15/2021		10,747

		Total		1,854,470

	Foreign Government (4.0%)
		Argentina Government International Bond
	71,000	6.875%, 4/22/2021		76,077
	45,000	5.625%, 1/26/2022		46,080
	87,000	7.500%, 4/22/2026		93,525
	37,000	6.875%, 1/26/2027		38,258
	82,150	8.280%, 12/31/2033		91,022
	27,000	7.125%, 7/6/2036		26,757
	68,266	2.500%, 12/31/2038^h		44,612
	32,000	7.625%, 4/22/2046		32,768
		Brazil Government International Bond
	68,000	4.875%, 1/22/2021		71,264
	98,000	2.625%, 1/5/2023		90,773
	35,000	6.000%, 4/7/2026		37,765
	46,000	7.125%, 1/20/2037		52,555
	54,000	5.000%, 1/27/2045		47,250
	23,000	5.625%, 2/21/2047		21,965
		Colombia Government International Bond
	45,000	4.375%, 7/12/2021		47,880
	43,000	2.625%, 3/15/2023		41,925
	40,000	4.000%, 2/26/2024		41,520
	25,000	7.375%, 9/18/2037		32,150
	52,000	5.625%, 2/26/2044		56,836
	54,000	5.000%, 6/15/2045		54,324
		Croatia Government International Bond
	9,000	6.750%, 11/5/2019^f		9,799
	55,000	6.625%, 7/14/2020^f		60,638
	28,000	6.000%, 1/26/2024^f		31,365
		Hungary Government International Bond
	76,000	5.750%, 11/22/2023		86,902
	76,000	5.375%, 3/25/2024		85,554
		Indonesia Government International Bond
	60,000	4.875%, 5/5/2021^f		64,440
	45,000	3.375%, 4/15/2023^f		45,185
	59,000	5.875%, 1/15/2024^f		67,250
	16,000	4.125%, 1/15/2025^f		16,497
	30,000	4.750%, 1/8/2026^f		32,201
	45,000	8.500%, 10/12/2035^f		64,778
	17,000	6.750%, 1/15/2044^f		21,875
	92,000	5.125%, 1/15/2045^f		98,492

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (17.8%)	Value
	Foreign Government (4.0%) - continued
		Mexico Government International Bond
	$10,000	5.750%, 10/12/2110	$	10,375
	64,000	4.000%, 10/2/2023		66,915
	64,000	3.600%, 1/30/2025		64,768
	60,000	4.125%, 1/21/2026		62,370
	28,000	4.150%, 3/28/2027		28,994
	18,000	6.750%, 9/27/2034		22,964
	26,000	6.050%, 1/11/2040		30,649
	56,000	4.750%, 3/8/2044		56,056
	36,000	5.550%, 1/21/2045		40,320
	31,000	4.600%, 1/23/2046		30,273
	29,000	4.350%, 1/15/2047		27,237
		Panama Government International Bond
	27,000	4.000%, 9/22/2024		28,350
	42,000	3.750%, 3/16/2025		43,260
	40,000	6.700%, 1/26/2036		51,500
		Peru Government International Bond
	21,000	5.625%, 11/18/2050		25,441
	47,000	8.750%, 11/21/2033		72,027
		Philippines Government International Bond
	35,000	4.000%, 1/15/2021		37,305
	40,000	7.750%, 1/14/2031		57,697
	23,000	6.375%, 10/23/2034		30,875
	18,000	5.000%, 1/13/2037		21,360
	37,000	3.950%, 1/20/2040		38,609
		Romania Government International Bond
	42,000	4.375%, 8/22/2023^f		44,551
	20,000	4.875%, 1/22/2024^f		21,800
	10,000	6.125%, 1/22/2044^f		12,690
		Russia Government International Bond
	158,000	5.000%, 4/29/2020^f		167,438
	54,000	4.875%, 9/16/2023^f		57,914
	48,985	7.500%, 3/31/2030^f		58,782
	60,000	5.625%, 4/4/2042^f		64,950
		South Africa Government International Bond
	50,000	5.500%, 3/9/2020		52,994
	75,000	4.875%, 4/14/2026		75,150
		Turkey Government International Bond
	34,000	7.000%, 6/5/2020		37,177
	75,000	5.125%, 3/25/2022		77,839
	44,000	6.250%, 9/26/2022		47,803
	56,000	5.750%, 3/22/2024		59,220
	79,000	4.250%, 4/14/2026		74,982
	25,000	4.875%, 10/9/2026		24,642
	56,000	6.875%, 3/17/2036		62,955
	36,000	6.750%, 5/30/2040		40,116
	36,000	4.875%, 4/16/2043		31,925
	55,000	6.625%, 2/17/2045		60,608

		Total		3,651,163

	Mortgage-Backed Securities (4.4%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	150,000	3.000%, 7/1/2031^c		154,008
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	400,000	4.000%, 7/1/2047^c		420,609
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	250,000	3.000%, 7/1/2047^c		249,610
	1,500,000	3.500%, 7/1/2047^c		1,540,149
	1,300,000	4.000%, 7/1/2047^c		1,366,320
	200,000	4.500%, 7/1/2047^c		214,484

		Total		3,945,180

	Technology (0.8%)
		Alliance Data Systems Corporation
	30,000	5.375%, 8/1/2022^f		30,300
		Apple, Inc.
	14,000	2.850%, 5/6/2021		14,393
	13,000	1.532%, 5/11/2022ⁱ		13,034
		Automatic Data Processing, Inc.
	10,000	2.250%, 9/15/2020		10,127
		Broadcom Corporation
	14,000	2.375%, 1/15/2020^f		14,019
		Diamond 1 Finance Corporation
	10,000	3.480%, 6/1/2019^f		10,234
	14,000	5.450%, 6/15/2023^f		15,191
		Equinix, Inc.
	40,000	5.750%, 1/1/2025		43,050
		Fidelity National Information Services, Inc.
	10,000	3.625%, 10/15/2020		10,475
		First Data Corporation
	40,000	5.375%, 8/15/2023^f		41,800
		Hewlett Packard Enterprise Company
	17,000	3.600%, 10/15/2020		17,527
		Intel Corporation
	15,000	1.700%, 5/19/2021		14,804
	10,000	3.100%, 7/29/2022		10,359
		Intel Corporation, Convertible
	30,000	3.493%, 12/15/2035^h		39,206
		Iron Mountain, Inc.
	21,748	6.000%, 8/15/2023		23,107
		Microchip Technology, Inc., Convertible
	80,000	1.625%, 2/15/2027^f		84,100
		Micron Technology, Inc., Convertible
	30,000	2.375%, 5/1/2032		93,563
	38,000	3.000%, 11/15/2043		42,750
		Microsoft Corporation
	14,000	2.400%, 2/6/2022		14,130
		NXP BV
	35,000	3.875%, 9/1/2022^f		36,444
		NXP Semiconductors NV, Convertible
	60,000	1.000%, 12/1/2019		71,550
		Oracle Corporation
	10,000	2.500%, 5/15/2022		10,094
		Sensata Technologies BV
	50,000	4.875%, 10/15/2023^f		51,000
		Texas Instruments, Inc.
	10,000	1.750%, 5/1/2020		9,959

		Total		721,216

	Transportation (0.1%)
		Air Canada Pass Through Trust
	4,466	3.875%, 3/15/2023^f		4,455
		American Airlines Pass Through Trust
	6,089	4.950%, 1/15/2023		6,485
		Avis Budget Car Rental, LLC
	20,000	5.125%, 6/1/2022^f		19,800

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (17.8%)	Value
	Transportation (0.1%) - continued
		Delta Air Lines, Inc.
	$ 6,114	4.950%, 5/23/2019	$	6,351
	10,000	2.875%, 3/13/2020		10,130
		J.B. Hunt Transport Services, Inc.
	10,000	3.300%, 8/15/2022		10,193
		United Airlines Pass Through Trust
	10,000	3.700%, 12/1/2022		10,250

		Total		67,664

	Utilities (0.4%)
		Alabama Power Company
	7,000	2.450%, 3/30/2022		7,023
		Ameren Corporation
	10,000	2.700%, 11/15/2020		10,118
		Arizona Public Service Company
	5,000	2.200%, 1/15/2020		5,012
		Berkshire Hathaway Energy Company
	14,000	2.400%, 2/1/2020		14,121
		Calpine Corporation
	50,000	5.375%, 1/15/2023		48,750
		Consolidated Edison, Inc.
	7,000	2.000%, 3/15/2020		6,997
		Dominion Energy, Inc.
	12,000	2.579%, 7/1/2020		12,061
		DTE Energy Company
	14,000	2.400%, 12/1/2019		14,064
		Dynegy, Inc.
	55,000	7.375%, 11/1/2022		54,312
		Edison International
	7,000	2.125%, 4/15/2020		7,007
		Emera U.S. Finance, LP
	5,000	2.150%, 6/15/2019		4,996
		Eversource Energy
	5,000	1.600%, 1/15/2018		4,992
		Exelon Generation Company, LLC
	8,000	5.200%, 10/1/2019		8,498
	10,000	2.950%, 1/15/2020		10,177
		Fortis, Inc.
	5,000	2.100%, 10/4/2021^f		4,897
		Great Plains Energy, Inc.
	10,000	2.500%, 3/9/2020		10,093
		NextEra Energy Capital Holdings, Inc.
	10,000	2.300%, 4/1/2019		10,046
		NRG Energy, Inc.
	26,748	6.625%, 3/15/2023		27,484
		Pacific Gas & Electric Company
	10,000	5.625%, 11/30/2017		10,164
		PG&E Corporation
	8,000	2.400%, 3/1/2019		8,040
		PPL Capital Funding, Inc.
	5,000	3.500%, 12/1/2022		5,166
		PSEG Power, LLC
	9,000	3.000%, 6/15/2021		9,137
		Sempra Energy
	14,000	6.150%, 6/15/2018		14,579
	5,000	2.400%, 3/15/2020		5,022
		Southern California Edison Company
	5,000	2.400%, 2/1/2022		5,016
		Southern Company
	10,000	1.850%, 7/1/2019		9,962
	6,000	2.350%, 7/1/2021		5,956

		Total		333,690

		Total Long-Term Fixed Income (cost $15,757,793)		16,108,012

Shares		Registered Investment Companies (4.4%)
	Equity Funds/Exchange Traded Funds (2.2%)
	2,075	AllianzGI NFJ Dividend Interest & Premium Strategy Fund		27,162
	2,314	BlackRock Resources & Commodities Strategy Trust		18,535
	1,025	Guggenheim Multi-Asset Income ETF		21,474
	2,300	iShares MSCI EAFE Index Fund		149,960
	17,250	Materials Select Sector SPDR Fund		928,222
	3,050	Powershares S&P SmallCap Information Technology Portfolio		225,639
	11,360	Utilities Select Sector SPDR Fund		590,266

		Total		1,961,258

	Fixed Income Funds/Exchange Traded Funds (2.2%)
	12,047	Aberdeen Asia-Pacific Income Fund, Inc.		60,235
	16,673	iShares S&P U.S. Preferred Stock Index Fund		653,081
	11,462	MFS Intermediate Income Trust		49,516
	18,944	PowerShares Preferred Portfolio		286,244
	26,000	PowerShares Senior Loan Portfolio		601,640
	9,283	Templeton Global Income Fund		62,382
	2,045	Vanguard Short-Term Corporate Bond ETF		163,682
	4,286	Western Asset Emerging Markets Debt Fund, Inc.		66,733
	6,795	Western Asset High Income Opportunity Fund, Inc.		34,450

		Total		1,977,963

		Total Registered Investment Companies (cost $3,796,706)		3,939,221

		Preferred Stock (0.2%)
	Consumer Staples (0.1%)
	196	Bunge, Ltd., Convertible, 4.875%^g		20,433
	736	Henkel AG & Company KGaA, 1.470%		101,490

		Total		121,923

	Energy (<0.1%)
	355	Alpha Natural Resources, Inc., 0.000%^d		6,656
	355	ANR Holdings, Inc., 0.000%^d		1,065

		Total		7,721

	Health Care (0.1%)
	85	Allergan plc, Convertible, 5.500%		73,525

		Total		73,525

	Industrials (<0.1%)
	105	Stanley Black & Decker, Inc., Convertible, 5.375%		11,521

		Total		11,521

		Total Preferred Stock (cost $201,025)		214,690

Shares or Principal Amount		Short-Term Investments (7.9%)^j
		Federal Home Loan Bank Discount Notes
	100,000	1.020%, 8/1/2017^k		99,918
	100,000	0.980%, 8/23/2017^k		99,855
	100,000	1.035%, 9/27/2017^k		99,754

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, 2017

(unaudited)


Shares or Principal Amount		Short-Term Investments (7.9%)^j	Value
		Thrivent Core Short-Term Reserve Fund
	683,854	1.240%	$	6,838,538

		Total Short-Term Investments (cost $7,138,053)		7,138,065

		Total Investments (cost $87,194,492) 104.3%	$	94,536,533

		Other Assets and Liabilities, Net (4.3%)		(3,874,322	)

		Total Net Assets 100.0%	$	90,662,211

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

b	All or a portion of the loan is unfunded.

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

d	Non-income producing security.

e	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.

g	Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest and have no contractual maturity date. Date shown, if applicable, is next call date.

h	Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of June 30, 2017.

i	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2017.

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 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, 2017 was $111,958 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, 2017.


Security	Acquisition Date		Cost
Angel Oak Mortgage Trust, 11/25/2045		3/4/2016	$	12,304
Digicel, Ltd., 4/15/2021		8/19/2013		56,997
Marlette Funding Trust, 1/17/2023		7/20/2016		44,892

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.
Ser.	-	Series
SPDR	-	S&P Depository Receipts, which are exchange-traded funds traded in the U.S., Europe, and Asia-Pacific and managed by State Street Global Advisors.

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

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Bank Loans (16.3%)^a	Value
	Basic Materials (0.9%)
		Arch Coal, Inc., Term Loan
$	418,950	5.226%, 3/7/2024	$	418,079
		Chemours Company, Term Loan
	283,189	3.570%, 5/12/2022		283,968
		Contura Energy, Inc., Term Loan
	768,075	6.230%, 3/17/2024		745,033
		Ineos Finance, LLC, Term Loan
	974,377	3.976%, 3/31/2022^b,c		975,799
		Peabody Energy Corporation, Term Loan
	224,438	5.726%, 3/31/2022		223,932
		Tronox Pigments BV, Term Loan
	961,548	4.796%, 3/19/2020		966,356

		Total		3,613,167

	Capital Goods (1.4%)
		Advanced Disposal Services, Inc., Term Loan
	473,460	3.939%, 11/10/2023		474,899
		Berry Plastics Corporation, Term Loan
	1,025,000	3.367%, 2/8/2020		1,024,713
	375,000	3.367%, 1/6/2021		374,783
	94,762	3.617%, 1/19/2024		94,723
		Cortes NP Intermediate Holding II Corporation, Term Loan
	1,445,000	5.226%, 11/30/2023		1,449,812
		Reynolds Group Holdings, Inc., Term Loan
	357,305	4.226%, 2/5/2023		357,565
		Sterigenics-Nordion Holdings, LLC, Term Loan
	1,382,996	4.226%, 5/15/2022		1,377,810

		Total		5,154,305

	Communications Services (5.1%)
		Altice Financing SA, Term Loan
	385,000	3.908%, 7/15/2025		383,676
		Altice US Finance I Corporation, Term Loan
	485,000	3.466%, 7/14/2025		480,150
		Atlantic Broadband Penn, LLC, Term Loan
	42,344	3.726%, 11/30/2019		42,362
		Beasley Broadcast Group, Inc., Term Loan
	356,038	7.226%, 11/1/2023		359,598
		Birch Communication Inc., Term Loan
	501,802	8.550%, 7/18/2020		357,117
		CBS Radio, Inc., Term Loan
	130,000	0.000%, 10/17/2023^b,c		130,569
		Cengage Learning Acquisitions, Term Loan
	932,316	5.339%, 6/7/2023		878,810
		Charter Communications Operating, LLC, Term Loan
	397,928	3.230%, 7/1/2020		398,974
	392,953	3.230%, 1/3/2021		393,936
		Cincinnati Bell, Inc., Term Loan
	336,269	4.051%, 9/10/2020		338,538
		Coral-US Co-Borrower, LLC, Term Loan
	1,105,000	4.726%, 11/19/2024		1,107,077
		CSC Holdings, LLC, Term Loan
	645,000	3.459%, 7/17/2025		640,001
		FairPoint Communications, Inc., Term Loan
	677,219	7.500%, 2/14/2019		677,362
		Gray Television, Inc., Term Loan
	398,000	3.551%, 2/7/2024		399,493
		Hargray Merger Subsidiary Corporation, Term Loan
	310,000	4.226%, 3/24/2024		310,291
		Intelsat Jackson Holdings SA, Term Loan
	264,628	4.000%, 6/30/2019		262,188
		Level 3 Financing, Inc., Term Loan
	1,275,000	3.466%, 2/22/2024		1,277,397
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	965,000	4.658%, 1/7/2022		954,549
	195,000	7.908%, 7/7/2023		194,025
		LTS Buyer, LLC, Term Loan
	905,178	4.546%, 4/13/2020		907,894
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	796,950	5.226%, 5/4/2022		782,876
		Mediacom Illinois, LLC, Term Loan
	349,125	3.440%, 2/15/2024		349,998
		NEP/NCP Holdco, Inc., Term Loan
	1,189,676	4.476%, 1/22/2020		1,189,307
	970,000	0.000%, 7/21/2022^b,c		969,699
		New LightSquared, Term Loan
	210,161	19.939%, 12/7/2020		203,707
		SBA Senior Finance II, LLC, Term Loan
	679,000	3.480%, 3/24/2021		680,107
		SFR Group SA, Term Loan
	350,000	3.944%, 6/22/2025		346,829
		Sprint Communications, Inc., Term Loan
	1,446,375	3.750%, 2/2/2024		1,446,071
		TNS, Inc., Term Loan
	365,793	5.230%, 2/15/2020		368,262
		Univision Communications, Inc., Term Loan
	570,681	3.976%, 3/15/2024		559,028
		WideOpenWest Finance, LLC, Term Loan
	1,205,000	0.000%, 8/6/2023^b,c		1,202,952
	843,625	4.702%, 8/19/2023		842,191

		Total		19,435,034

	Consumer Cyclical (2.0%)
		Amaya Holdings BV, Term Loan
	1,090,934	4.796%, 8/1/2021		1,091,927
		Boyd Gaming Corporation, Term Loan
	322,903	3.688%, 9/15/2023		323,509
		Burlington Coat Factory Warehouse Corporation, Term Loan
	542,772	3.960%, 7/29/2021		543,901
		Ceridian HCM Holding, Inc., Term Loan
	301,676	4.726%, 9/15/2020		299,226
		Eldorado Resorts, Inc., Term Loan
	329,175	3.375%, 4/17/2024		326,295
		Four Seasons Hotels, Ltd., Term Loan
	638,396	3.726%, 11/30/2023		642,118
		Golden Nugget, Inc., Term Loan
	306,144	4.710%, 11/21/2019		309,016

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

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Bank Loans (16.3%)^a	Value
	Consumer Cyclical (2.0%) - continued
		Golden Nugget, Inc., Term Loan Delayed Draw
$	128,504	4.680%, 11/21/2019	$	129,709
		IMG Worldwide, Inc., Term Loan
	233,333	8.476%, 5/6/2022		235,958
		Michaels Stores, Inc., Term Loan
	614,251	3.938%, 1/28/2023		612,335
		Mohegan Tribal Gaming Authority, Term Loan
	945,687	5.226%, 10/13/2023^b,c		955,436
		Scientific Games International, Inc., Term Loan
	1,675,800	5.108%, 10/1/2021		1,691,402
		Seminole Hard Rock Entertainment, Inc., Term Loan
	43,636	4.046%, 5/14/2020		43,664
		Seminole Indian Tribe of Florida, Term Loan
	427,508	3.476%, 4/29/2020		427,829

		Total		7,632,325

	Consumer Non-Cyclical (2.5%)
		Air Medical Group Holdings, Inc., Term Loan
	1,105,000	0.000%, 4/28/2022^b,c		1,098,923
	534,600	5.159%, 4/28/2022		531,660
		Albertson’s, LLC, Term Loan
	739,437	0.000%, 6/22/2023^b,c		730,504
		CHS/Community Health Systems, Inc., Term Loan
	151,232	3.960%, 12/31/2019		150,955
	823,415	4.210%, 1/27/2021		821,612
		Endo Luxembourg Finance Company I SARL., Term Loan
	530,000	5.500%, 4/27/2024		534,637
		Grifols Worldwide Operations USA, Inc., Term Loan
	603,487	3.436%, 1/23/2025		603,892
		JBS USA LUX SA, Term Loan
	1,211,962	5.750%, 10/30/2022^b,c		1,180,451
		Libbey Glass, Inc., Term Loan
	311,127	4.096%, 4/9/2021		281,570
		Ortho-Clinical Diagnostics, Inc., Term Loan
	841,242	5.046%, 6/30/2021		835,816
		Revlon Consumer Products Corporation, Term Loan
	543,631	4.726%, 9/7/2023		506,392
		Valeant Pharmaceuticals International, Inc., Term Loan
	2,186,468	5.830%, 4/1/2022		2,215,176

		Total		9,491,588

	Energy (0.6%)
		Energy Solutions, LLC, Term Loan
	388,857	6.980%, 5/29/2020		390,801
		Houston Fuel Oil Terminal, LLC, Term Loan
	823,771	4.550%, 8/19/2021^b,c		816,563
		McJunkin Red Man Corporation, Term Loan
	276,350	5.226%, 11/9/2019		277,870
		MEG Energy Corporation, Term Loan
	389,025	4.696%, 12/31/2023		378,572
		Pacific Drilling SA, Term Loan
	571,200	4.750%, 6/3/2018		259,182

		Total		2,122,988

	Financials (1.0%)
		ASP AMC Merger Sub, Inc., Term Loan
	1,130,956	4.796%, 4/13/2024		1,118,232
		Avolon TLB Borrower 1 (Luxembourg) SARL, Term Loan
	560,000	3.462%, 9/20/2020		561,960
		Colorado Buyer, Inc., Term Loan
	195,000	4.170%, 5/1/2024		195,244
	105,000	8.420%, 5/1/2025		105,591
		Digicel International Finance, Ltd., Term Loan
	340,000	4.940%, 5/10/2024		342,020
		DJO Finance, LLC, Term Loan
	319,312	4.387%, 6/7/2020		315,653
		Gartner, Inc., Term Loan
	154,612	3.226%, 4/5/2024		154,999
		MoneyGram International, Inc., Term Loan
	658,637	4.546%, 3/28/2020		658,360
		TransUnion, LLC, Term Loan
	477,536	3.726%, 4/26/2022		480,263

		Total		3,932,322

	Technology (2.0%)
		Accudyne Industries, LLC, Term Loan
	411,858	4.226%, 12/13/2019		408,188
		Dell International, LLC, Term Loan
	230,423	3.730%, 9/7/2023		231,190
		First Data Corporation, Term Loan
	1,535,000	3.716%, 4/26/2024		1,534,447
		Harland Clarke Holdings Corporation, Term Loan
	476,028	7.296%, 12/31/2021		477,814
	434,658	6.796%, 2/9/2022		434,766
		Micron Technologies, Inc., Term Loan
	284,282	3.800%, 4/9/2023		286,355
		ON Semiconductor Corporation, Term Loan
	223,715	3.476%, 3/31/2023		223,816
		Rackspace Hosting, Inc., Term Loan
	755,000	0.000%, 11/3/2023^b,c		754,290
		RP Crown Parent, LLC, Term Loan
	601,975	4.726%, 10/12/2023		605,202
		Western Digital Corporation, Term Loan
	1,258,675	3.976%, 4/29/2023		1,262,929
		Xerox Business Services, LLC, Term Loan
	703,233	5.226%, 12/7/2023		711,144
		Zayo Group, LLC, Term Loan
	773,063	3.216%, 1/19/2021		774,153

		Total		7,704,294

	Transportation (0.5%)
		Arctic LNG Carriers, Ltd., Term Loan
	1,250,000	5.726%, 5/18/2023		1,245,312
		OSG Bulk Ships, Inc., Term Loan
	213,569	5.430%, 8/5/2019		202,357
		XPO Logistics, Inc., Term Loan
	610,000	3.405%, 10/30/2021		611,135

		Total		2,058,804

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

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Bank Loans (16.3%)^a	Value
	Utilities (0.3%)
		Calpine Corporation, Term Loan
$	511,089	4.050%, 1/15/2024	$	509,893
		Intergen NV, Term Loan
	378,706	5.800%, 6/13/2020		377,919
		Talen Energy Supply, LLC, Term Loan
	418,738	5.226%, 7/6/2023		387,596

		Total		1,275,408

		Total Bank Loans (cost $62,835,273)		62,420,235


Shares		Common Stock (46.0%)
	Consumer Discretionary (6.2%)
	4,870	Amazon.com, Inc.^d		4,714,160
	40,470	American Axle & Manufacturing Holdings, Inc.^d		631,332
	6,900	Bandai Namco Holdings, Inc.		235,755
	2,912	Bellway plc		113,001
	9,574	Berkeley Group Holdings plc		402,584
	16,000	Bridgestone Corporation		691,705
	2,336	Bunzl plc		69,642
	4,880	Burlington Stores, Inc.		448,911
	823	Cie Generale des Etablissements Michelin		109,537
	52,780	Comcast Corporation		2,054,198
	13,300	Denso Corporation		564,427
	7,605	Dollar Tree, Inc.^d		531,742
	18,363	Eutelsat Communications		468,531
	9,710	General Motors Company		339,170
	64,225	Harvey Norman Holdings, Ltd.		188,596
	9,800	Haseko Corporation		119,338
	31,200	Honda Motor Company, Ltd.		854,820
	18,100	Inchcape plc		177,921
	1,462	Ipsos SA		54,854
	16,784	Marks and Spencer Group plc		72,845
	11,740	Newell Brands, Inc.		629,499
	1,542	Nexity SA		89,496
	2,592	Next plc		130,181
	15,300	NIKE, Inc.		902,700
	5,200	Nikon Corporation		83,352
	12,400	Norwegian Cruise Line Holdings, Ltd.^d		673,196
	6,778	Nutrisystem, Inc.		352,795
	860	Priceline Group, Inc.^d		1,608,647
	712	Publicis Groupe SA		53,068
	712	Publicis Groupe SA Rights^d,e		88
	700	RTL Group SA		52,884
	4,738	SES SA		110,997
	16,300	Singapore Press Holdings, Ltd.		38,244
	16,699	SSP Group plc		103,485
	31,900	Starbucks Corporation		1,860,089
	13,100	Subaru Corporation		444,196
	13,800	Sumitomo Forestry Company, Ltd.		217,383
	11,600	Sumitomo Rubber Industries, Ltd.		196,452
	700	Swatch Group AG		51,137
	29,440	Time, Inc.		422,464
	15,310	Toll Brothers, Inc.		604,898
	2,800	Toyoda Gosei Company, Ltd.		67,092
	4,200	TV Asahi Holdings Corporation		75,875
	16,670	Walt Disney Company		1,771,188
	10,483	Wolters Kluwer NV		443,358
	4,400	Yokohama Rubber Company, Ltd.		88,700

		Total		23,914,533

	Consumer Staples (2.8%)
	10,480	Altria Group, Inc.		780,446
	6,800	Axfood AB		113,542
	16,280	Blue Buffalo Pet Products, Inc.^d		371,347
	40,744	Coca-Cola Amatil, Ltd.		289,125
	10,651	Coca-Cola HBC AG		313,237
	43,720	Cott Corporation		631,317
	2,606	Ebro Foods SA		59,529
	6,321	Grieg Seafood ASA		44,024
	1,432	Henkel AG & Company KGaA		173,465
	2,253	Henkel AG & Company KGaA, 1.470%		310,675
	18,638	Imperial Brands plc		837,543
	1,000	Kesko Oyj		50,868
	6,000	Kewpie Corporation		157,558
	3,400	Kirin Holdings Company, Ltd.		69,355
	7	Lindt & Spruengli AG		40,588
	1,813	Nestle SA		158,126
	30,420	Philip Morris International, Inc.		3,572,829
	1,528	SalMar ASA		37,875
	1,800	Seven & I Holdings Company, Ltd.		74,276
	2,800	Suedzucker AG		58,457
	12,625	Tate & Lyle plc		108,807
	11,920	Unilever plc		645,088
	38,920	Whole Foods Market, Inc.		1,638,921

		Total		10,536,998

	Energy (2.6%)
	1,898	Arch Coal, Inc.		129,633
	298,983	BP plc		1,725,791
	10,060	Concho Resources, Inc.^d		1,222,592
	3,947	Contura Energy, Inc.		258,529
	6,432	Crescent Point Energy Corporation		49,202
	25,100	Devon Energy Corporation		802,447
	12,623	Ensco plc		65,135
	21,280	Halliburton Company		908,869
	19,573	John Wood Group plc		163,537
	11,316	OMV AG		587,784
	36,547	Petrofac, Ltd.		210,145
	8,460	Pioneer Natural Resources Company		1,350,047
	9,965	Royal Dutch Shell plc		264,969
	3,434	Royal Dutch Shell plc, Class A		91,237
	23,488	Royal Dutch Shell plc, Class B		630,572
	6,407	Statoil ASA		106,242
	4,227	TGS Nopec Geophysical Company ASA		86,727
	9,949	Total SA		493,939
	8,870	U.S. Silica Holdings, Inc.		314,796
	33,280	WPX Energy, Inc.^d		321,485

		Total		9,783,678

	Financials (6.6%)
	9,392	ABN AMRO Group NV^f		248,812
	2,570	Affiliated Managers Group, Inc.		426,260
	24,957	Ally Financial, Inc.		521,601
	51,650	Apollo Investment Corporation		330,043
	23,800	Ares Capital Corporation		389,844
	6,942	ASX, Ltd.		286,017
	22,483	Australia & New Zealand Banking Group, Ltd.		496,237
	105,554	Bank of America Corporation		2,560,740
	12,818	Bank of Nova Scotia		771,077
	10,670	Bank of the Ozarks, Inc.		500,103
	23,303	Bankia, SA		112,711
	2,300	Canadian Imperial Bank of Commerce		186,919
	10,000	Chiba Bank, Ltd.		72,774
	5,954	CI Financial Corporation		126,904
	20,254	CNP Assurances		454,626
	7,073	Danske Bank AS		272,120

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

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (46.0%)	Value
	Financials (6.6%) - continued
	3,900	DBS Group Holdings, Ltd.	$	58,698
	54,310	Direct Line Insurance Group plc		251,485
	26,690	Encore Capital Group, Inc.^d,g		1,071,604
	5,900	Erste Group Bank AG		225,999
	66,501	FlexiGroup, Ltd.		93,220
	94,000	Fukuoka Financial Group, Inc.		448,494
	4,549	Genworth MI Canada, Inc.		125,161
	11,990	Goldman Sachs Group, Inc.		2,660,581
	4,238	Hannover Rueckversicherung SE		509,042
	2,800	Hokuhoku Financial Group, Inc.		44,788
	126,206	HSBC Holdings plc		1,171,446
	7,652	ING Groep NV		132,095
	2,472	Intact Financial Corporation		186,734
	17,520	Intercontinental Exchange, Inc.		1,154,918
	6,130	Janus Henderson Group plc^d		202,964
	36,090	KeyCorp		676,327
	2,767	Macquarie Group, Ltd.		188,166
	121,877	Mapfre SA		426,596
	7,560	Meta Financial Group, Inc.		672,840
	17,124	MetLife, Inc.		940,793
	1,650	MGIC Investment Corporation^d		18,480
	14,300	Mitsubishi UFJ Financial Group, Inc.		96,454
	164,200	Mizuho Financial Group, Inc.		301,056
	2,400	MS and AD Insurance Group Holdings, Inc.		80,949
	481	Muenchener Rueckversicherungs-Gesellschaft AG		97,332
	8,167	National Bank of Canada		343,420
	18,069	Nordea Bank AB		230,135
	2,628	Pargesa Holding SA		200,241
	24,728	Poste Italiane SPA^f		169,560
	8,058	Power Corporation of Canada		183,803
	28,200	Resona Holdings, Inc.		155,772
	31,200	Senshu Ikeda Holdings, Inc.		131,989
	5,025	Societe Generale		270,977
	20,700	Sumitomo Mitsui Trust Holdings, Inc.		743,529
	7,200	Swiss Re AG		659,828
	51,310	Synchrony Financial		1,530,064
	10,572	TD Ameritrade Holding Corporation		454,490
	1,646	TMX Group, Ltd.		89,560
	12,480	Zions Bancorporation		547,997
	414	Zurich Insurance Group AG		120,825

		Total		25,425,200

	Health Care (4.8%)
	14,780	Acadia Healthcare Company, Inc.^d,g		729,836
	3,184	Ansell, Ltd.		58,064
	2,862	Anthem, Inc.		538,428
	11,218	CAE, Inc.		193,426
	14,850	Celgene Corporation^d		1,928,570
	6,640	CIGNA Corporation		1,111,470
	2,937	Danaher Corporation		247,853
	2,035	GlaxoSmithKline plc		43,320
	18,920	GlaxoSmithKline plc ADR		815,830
	15,090	Hologic, Inc.^d		684,784
	381	Le Noble Age SA		26,075
	547	Lonza Group AG		118,489
	25,180	Medtronic plc		2,234,725
	3,325	Merck KGaA		402,322
	22,617	Novartis AG		1,889,121
	13,174	Novo Nordisk AS		566,051
	227	Roche Holding AG-Genusschein		58,002
	3,170	Teleflex, Inc.		658,599
	20,072	UnitedHealth Group, Inc.		3,721,750
	4,100	Waters Corporation^d		753,744
	12,290	Zimmer Biomet Holdings, Inc.		1,578,036

		Total		18,358,495

	Industrials (5.4%)
	93	A P Moller - Maersk AS, Class A		177,453
	157	A P Moller - Maersk AS, Class B		316,121
	9,305	Adecco SA		708,875
	1,000	Aica Kogyo Company, Ltd.		30,535
	5,200	Asahi Glass Company, Ltd.		219,611
	35,000	ComfortDelGro Corporation, Ltd		58,461
	39,530	CSX Corporation		2,156,757
	6,280	Cummins, Inc.		1,018,742
	7,000	Dai Nippon Printing Company, Ltd.		77,980
	18,980	Delta Air Lines, Inc.		1,019,985
	4,180	Deutsche Lufthansa AG		95,261
	23,390	Eaton Corporation plc		1,820,444
	4,020	Equifax, Inc.		552,428
	10,745	Finning International, Inc.		210,625
	3,700	Fuji Machine Manufacturing Company, Ltd.		53,519
	32,976	GWA Group, Ltd.		79,795
	2,300	Hitachi Transport System, Ltd.		54,236
	268	Hochtief AG		49,199
	12,710	Illinois Tool Works, Inc.		1,820,707
	3,800	Inaba Denki Sangyo Company, Ltd.		144,519
	58,100	ITOCHU Corporation		865,047
	2,237	Jardine Matheson Holdings, Ltd.		143,615
	13,300	KITZ Corporation		124,310
	13,247	KONE Oyj		673,944
	3,130	Koninklijke Boskalis Westminster NV		101,650
	1,797	Loomis AB		64,417
	8,800	Marubeni Corporation		57,012
	8,810	Masonite International Corporation^d		665,155
	21,264	Meggitt plc		132,130
	4,050	Middleby Corporation^d		492,116
	8,200	MIRAIT Holdings Corporation		92,232
	24,000	Mitsubishi Heavy Industries, Ltd.		98,812
	6,000	Mitsuboshi Belting, Ltd.		66,617
	8,084	Monadelphous Group, Ltd.		86,873
	12,813	National Express Group plc		61,192
	9,000	Nippon Express Company, Ltd.		56,477
	11,300	Nitto Kogyo Corporation		178,781
	3,906	Northgate plc		22,542
	7,840	Oshkosh Corporation		540,019
	3,433	Philips Lighting NV^f		126,806
	4,969	RELX NV		102,445
	12,647	Rolls-Royce Holdings plc		146,689
	897,937	Rolls-Royce Holdings plc Rights^d,e		1,170
	9,000	Ryobi, Ltd.		36,714
	12,630	Saia, Inc.^d		647,919
	6,600	Sanwa Holdings Corporation		69,702
	845	Schindler Holding AG, Participation Certificate		179,151
	690	SFS Group AG^d		78,290
	5,615	Siemens AG		772,367
	2,842	Skanska AB		67,486
	28,127	SKF AB		571,158
	8,920	Smiths Group plc		185,465
	69,500	Sojitz Corporation		171,087
	1,693	Spirax-Sarco Engineering plc		118,075
	1,207	Sulzer, Ltd.		136,824
	12,500	Team, Inc.^d		293,125
	8,900	Teijin, Ltd.		171,744
	4,200	Toppan Forms Company, Ltd.		43,474
	7,490	Vinci SA		638,909
	4,690	WABCO Holdings, Inc.^d		598,022
	2,815	Wolseley plc		172,779

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

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (46.0%)	Value
	Industrials (5.4%) - continued
	2,084	WSP Global, Inc.	$	86,474
	8,997	YIT Oyj		75,252
	1,700	Yuasa Trading Company, Ltd.		51,703

		Total		20,731,024

	Information Technology (7.4%)
	4,241	Advanced Micro Devices, Inc.^d		52,928
	2,740	Alliance Data Systems Corporation		703,331
	2,280	Alphabet, Inc., Class A^d		2,119,670
	1,655	Alphabet, Inc., Class C^d		1,503,948
	347	Alten SA		28,620
	33,818	Apple, Inc.		4,870,468
	3,600	Azbil Corporation		137,051
	738	BKW FMB Energie		43,382
	5,700	Canon, Inc.		193,887
	8,747	Cap Gemini SA		903,589
	3,192	Capital Power Corporation		59,862
	30,960	Ciena Corporation^d		774,619
	48,260	Cisco Systems, Inc.		1,510,538
	26,600	Cognizant Technology Solutions Corporation		1,766,240
	4,970	F5 Networks, Inc.^d		631,488
	16,580	Facebook, Inc.^d		2,503,248
	24,620	Finisar Corporation^d		639,628
	12,400	FUJIFILM Holdings NPV		447,113
	20,410	Juniper Networks, Inc.		569,031
	21,800	Konica Minolta Holdings, Inc.		181,874
	1,470	Lam Research Corporation		207,902
	715	Micron Technology, Inc.^d		21,350
	5,900	NEC Networks & System Integration Corporation		128,400
	15,640	New Relic, Inc.^d		672,676
	2,338	NVIDIA Corporation		337,981
	37,620	PayPal Holdings, Inc.^d		2,019,065
	2,000	Ryosan Company, Ltd.		73,139
	10,150	Salesforce.com, Inc.^d		878,990
	2,980	Seagate Technology plc		115,475
	1,653	SMA Solar Technology AG		49,680
	1,634	Software AG		71,668
	12,212	Telefonaktiebolaget LM Ericsson		87,806
	900	Tokyo Electron, Ltd.		121,674
	21,740	Twitter, Inc.^d		388,494
	27,310	Visa, Inc.		2,561,132
	13,775	Xilinx, Inc.		886,008

		Total		28,261,955

	Materials (2.2%)
	2,900	Adeka Corporation		44,306
	3,992	APERAM		185,372
	1,620	Ashland Global Holdings, Inc.		106,774
	52,111	BHP Billiton, Ltd.		928,820
	7,917	BillerudKorsnas AB		125,121
	32,022	BlueScope Steel, Ltd.		324,192
	4,110	Crown Holdings, Inc.^d		245,203
	24,800	Daicel Corporation		309,970
	26,000	DOWA Holdings Company, Ltd.		197,210
	1,490	Eagle Materials, Inc.		137,706
	14,984	Evonik Industries AG		479,575
	3,060	FMC Corporation		223,533
	10,782	Granges AB		99,197
	4,400	JSR Corporation		76,170
	21,400	Kuraray Company, Ltd.		389,674
	10,800	Kyoei Steel, Ltd.		179,248
	24,200	Mitsubishi Chemical Holdings Corporation		201,628
	3,600	Neenah Paper, Inc.		288,900
	600	Nippon Shokubai Company, Ltd.		38,756
	67,279	Norsk Hydro ASA		372,322
	7,175	Nufarm, Ltd.		53,091
	41,000	Oji Holdings Corporation		212,277
	17,670	Orora, Ltd.		38,831
	3,420	Packaging Corporation of America		380,954
	14,800	Rengo Company, Ltd.		85,924
	2,112	Rio Tinto, Ltd.		102,640
	4,200	Sensient Technologies Corporation		338,226
	4,935	Solvay SA		662,334
	1,600	Sumitomo Seika Chemicals Company, Ltd.		78,679
	6,800	Toagosei Company, Ltd.		88,699
	30,182	UPM-Kymmene Oyj		860,633
	4,447	Valvoline, Inc.		105,483
	20,516	Verso Corporation^d		96,220
	1,700	Yamato Kogyo Company, Ltd.		43,669
	11,527	Yara International ASA		433,441

		Total		8,534,778

	Real Estate (6.4%)
	2,200	Acadia Realty Trust		61,160
	1,500	Agree Realty Corporation		68,805
	8,710	Alexandria Real Estate Equities, Inc.		1,049,294
	1,000	American Assets Trust, Inc.		39,390
	2,950	American Campus Communities, Inc.		139,535
	4,700	American Homes 4 Rent		106,079
	2,215	American Tower Corporation		293,089
	4,350	Apartment Investment & Management Company		186,919
	4,900	Apple Hospitality REIT, Inc.		91,679
	650	Armada Hoffler Properties, Inc.		8,418
	3,000	AvalonBay Communities, Inc.		576,510
	1,678	Bluerock Residential Growth REIT, Inc.		21,629
	5,037	Boston Properties, Inc.		619,652
	3,800	Brandywine Realty Trust		66,614
	7,758	Brixmor Property Group, Inc.		138,713
	9,660	Camden Property Trust		826,027
	2,000	Care Capital Properties, Inc.		53,400
	1,124	Chesapeake Lodging Trust		27,504
	600	City Office REIT, Inc.		7,620
	1,900	Colony Starwood Homes		65,189
	1,100	Columbia Property Trust, Inc.		24,618
	7,980	Cominar Real Estate Investment Trust		78,212
	2,300	CoreCivic, Inc.		63,434
	650	CoreSite Realty Corporation		67,294
	2,200	Corporate Office Properties Trust		77,066
	7,842	Cousins Properties, Inc.		68,931
	6,120	Crown Castle International Corporation		613,102
	4,800	CubeSmart		115,392
	2,400	CyrusOne, Inc.		133,800
	400	Daito Trust Construction Company, Ltd.		62,318
	2,200	DCT Industrial Trust, Inc.		117,568
	7,000	DDR Corporation		63,490
	53,704	DEXUS Property Group		390,996
	4,014	DiamondRock Hospitality Company		43,953
	3,568	Digital Realty Trust, Inc.		403,006
	2,900	Douglas Emmett, Inc.		110,809
	34,000	Duke Realty Corporation		950,300
	1,650	DuPont Fabros Technology, Inc.		100,914
	364	EastGroup Properties, Inc.		30,503
	1,300	Education Realty Trust, Inc.		50,375
	1,857	Empire State Realty Trust, Inc.		38,570
	1,419	EPR Properties		101,984

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

100

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (46.0%)	Value
	Real Estate (6.4%) - continued
	2,317	Equinix, Inc.	$	994,364
	2,700	Equity Commonwealth^d		85,320
	1,900	Equity Lifestyle Properties, Inc.		164,046
	10,670	Equity Residential		702,406
	1,575	Essex Property Trust, Inc.		405,200
	2,900	Extra Space Storage, Inc.		226,200
	1,600	Federal Realty Investment Trust		202,224
	3,100	FelCor Lodging Trust, Inc.		22,351
	3,200	First Industrial Realty Trust, Inc.		91,584
	4,740	Forest City Realty Trust, Inc.		114,566
	3,950	Gaming and Leisure Properties, Inc.		148,797
	34,126	General Growth Properties, Inc.		804,009
	2,850	GEO Group, Inc.		84,274
	4,013	Gramercy Property Trust		119,226
	14,637	H&R Real Estate Investment Trust		248,540
	9,300	HCP, Inc.		297,228
	2,900	Healthcare Realty Trust, Inc.		99,035
	4,000	Healthcare Trust of America, Inc.		124,440
	3,200	Highwoods Properties, Inc.		162,272
	3,700	Hospitality Properties Trust		107,855
	16,496	Host Hotels & Resorts, Inc.		301,382
	3,650	Hudson Pacific Properties, Inc.		124,793
	61,000	Hysan Development Company, Ltd.		291,116
	3,100	Invitation Homes, Inc.		67,053
	4,900	Iron Mountain, Inc.		168,364
	2,100	Kilroy Realty Corporation		157,815
	8,374	Kimco Realty Corporation		153,663
	1,300	Kite Realty Group Trust		24,609
	1,603	Lamar Advertising Company		117,933
	2,700	LaSalle Hotel Properties		80,460
	3,200	Liberty Property Trust		130,272
	1,015	Life Storage, Inc.		75,211
	3,000	Macerich Company		174,180
	1,900	Mack-Cali Realty Corporation		51,566
	7,100	Medical Properties Trust, Inc.		91,377
	2,302	Mid-America Apartment Communities, Inc.		242,585
	1,300	National Health Investors, Inc.		102,960
	4,200	National Retail Properties, Inc.		164,220
	590	National Storage Affiliates Trust		13,635
	92,340	New World Development Company, Ltd.		117,050
	3,350	Omega Healthcare Investors, Inc.		110,617
	2,700	Outfront Media, Inc.		62,424
	680	Parkway, Inc.		15,565
	1,200	Pebblebrook Hotel Trust		38,688
	6,800	Physicians Realty Trust		136,952
	1,000	Piedmont Office Realty Trust, Inc.		21,080
	17,063	Prologis, Inc.		1,000,574
	4,400	Public Storage, Inc.		917,532
	1,019	QTS Realty Trust, Inc.		53,324
	2,000	Quality Care Properties, Inc.^d		36,620
	1,600	Ramco-Gershenson Properties Trust		20,640
	5,193	Realty Income Corporation		286,550
	3,865	Regency Centers Corporation		242,104
	2,250	Retail Opportunity Investments Corporation		43,177
	3,900	Retail Properties of America, Inc.		47,619
	3,392	RLJ Lodging Trust		67,399
	19,000	Road King Infrastructure, Ltd.		23,454
	1,117	Road King Infrastructure, Ltd., Rights^d,e		0
	1,000	Ryman Hospitality Properties		64,010
	1,200	Sabra Health Care REIT, Inc.		28,920
	3,571	Senior Housing Property Trust		72,991
	9,193	Simon Property Group, Inc.		1,487,060
	2,200	SL Green Realty Corporation		232,760
	9,200	Spirit Realty Capital, Inc.		68,172
	1,000	STAG Industrial, Inc.		27,600
	90,652	Stockland		304,853
	4,360	Store Capital Corporation		97,882
	4,052	Summit Hotel Properties, Inc.		75,570
	1,900	Sun Communities, Inc.		166,611
	15,000	Sun Hung Kai Properties, Ltd.		220,353
	4,662	Sunstone Hotel Investors, Inc.		75,151
	1,752	Tanger Factory Outlet Centers, Inc.		45,517
	1,350	Taubman Centers, Inc.		80,392
	5,600	UDR, Inc.		218,232
	200	Uniti Group, Inc.		5,028
	1,900	Urban Edge Properties		45,087
	600	Urstadt Biddle Properties, Inc.		11,880
	7,600	Ventas, Inc.		528,048
	21,019	VEREIT, Inc.		171,095
	5,970	Vornado Realty Trust		560,583
	2,200	Washington Prime Group, Inc.		18,414
	500	Washington REIT		15,950
	2,600	Weingarten Realty Investors		78,260
	7,654	Welltower, Inc.		572,902
	8,000	Wheelock and Company, Ltd.		60,341
	53,100	Wing Tai Holdings, Ltd.		76,778
	1,300	WP Carey, Inc.		85,813
	2,300	Xenia Hotels & Resorts, Inc.		44,551

		Total		24,673,165

	Telecommunications Services (0.7%)
	8,755	Elisa Oyj		339,626
	8,594	Freenet AG		274,171
	31,825	Inmarsat plc		319,179
	126,585	KCOM Group plc		146,736
	13,200	Nippon Telegraph & Telephone Corporation		623,094
	9,100	NTT DOCOMO, Inc.		215,221
	175,422	PCCW, Ltd.		99,695
	14,092	Proximus SA		493,213
	17,129	TDC AS		99,612
	12,600	Telefonica Deutschland Holding AG		63,013
	8,453	Telenor ASA		140,237

		Total		2,813,797

	Utilities (0.9%)
	2,850	ATCO, Ltd.		111,446
	2,942	Canadian Utilities, Ltd.		94,535
	161,549	Centrica plc		421,201
	108,879	Electricidade de Portugal SA		356,168
	457	Elia System Operator SA		25,863
	19,302	Endesa SA		445,271
	26,310	MDU Resources Group, Inc.		689,322
	14,010	New Jersey Resources Corporation		556,197
	99,000	Osaka Gas Company, Ltd.		405,390
	37,739	Redes Energeticas Nacionais SGPS SA		118,229
	2,362	Verbund AG		45,052

		Total		3,268,674

		Total Common Stock (cost $152,191,154)		176,302,297

Principal Amount		Long-Term Fixed Income (31.4%)
	Asset-Backed Securities (2.4%)
		ALM XI Ltd.
	375,000	4.342%, 10/17/2026, Ser. 2014-11A, Class CR^*,h		374,987

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

101

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (31.4%)	Value
	Asset-Backed Securities (2.4%) - continued
		Apidos CLO XVIII
	$225,000	4.403%, 7/22/2026, Ser. 2014-18A, Class CR^*,h	$	225,201
		Asset Backed Securities Corporation Home Equity Loan Trust
	316,238	1.356%, 7/25/2036, Ser. 2006-HE5, Class A4^h		302,787
		Bear Stearns ARM Trust
	126,765	3.046%, 1/25/2034, Ser. 2003-8, Class 5A		123,347
		BlueMountain CLO, Ltd.
	525,000	4.358%, 10/15/2026, Ser. 2014-3A, Class CR^*,h		524,993
		CLUB Credit Trust
	300,000	3.170%, 4/17/2023, Ser. 2017-NP1, Class B^*		300,476
		Credit Based Asset Servicing and Securitization, LLC
	253,679	3.390%, 12/25/2036, Ser. 2006-CB2, Class AF2ⁱ		201,972
		Earnest Student Loan Program, LLC
	289,654	2.680%, 7/25/2035, Ser. 2016-C, Class A2^f		289,883
		First Horizon ABS Trust
	90,703	1.376%, 10/25/2034, Ser. 2006-HE1, Class A^h,j		88,916
		GMAC Mortgage Corporation Loan Trust
	228,019	1.716%, 8/25/2035, Ser. 2005-HE1, Class A2^h,j		220,325
	218,066	1.204%, 12/25/2036, Ser. 2006-HE4, Class A1^h,j		212,929
		IndyMac Seconds Asset-Backed Trust
	214,368	1.556%, 10/25/2036, Ser. 2006-2B, Class A^h,j		136,158
		J.P. Morgan Mortgage Acquisition Trust
	176,266	4.452%, 3/25/2047, Ser. 2007-HE1, Class AF4ⁱ		130,556
		Lehman XS Trust
	167,000	5.440%, 8/25/2035, Ser. 2005-2, Class 2A3Bⁱ		143,112
		Lendmark Funding Trust
	350,000	2.830%, 1/22/2024, Ser. 2017-1A, Class A^f		349,928
		Madison Park Funding XIV, Ltd.
	500,000	4.406%, 7/20/2026, Ser. 2014-14A, Class DR^*,h		499,991
		Marlette Funding Trust
	202,073	3.060%, 1/17/2023, Ser. 2016-1A, Class A^*		202,983
		Merrill Lynch Mortgage Investors Trust
	342,529	3.126%, 6/25/2035, Ser. 2005-A5, Class M1		242,269
		MLCC Mortgage Investors, Inc.
	174,361	1.876%, 9/25/2029, Ser. 2004-D, Class A1^h		173,371
		Murray Hill Marketplace Trust
	59,777	4.190%, 11/25/2022, Ser. 2016-LC1, Class A^*		60,313
		NRZ Advance Receivables Trust Advance Receivables Backed
	225,500	2.751%, 6/15/2049, Ser. 2016-T1, Class AT1^*		223,736
		Octagon Investment Partners XX, Ltd.
	350,000	4.731%, 8/12/2026, Ser. 2014-1A, Class DR^*,h		349,987
		Preston Ridge Partners Mortgage Trust, LLC
	243,912	4.000%, 9/27/2021, Ser. 2016-1A, Class A1^*,i		243,365
	284,710	4.250%, 1/25/2022, Ser. 2017-1A, Class A1^*,i		286,287
		Pretium Mortgage Credit Partners, LLC
	296,542	3.250%, 3/28/2057, Ser. 2017-NPL2, Class A1^f,i		297,015
		SoFi Consumer Loan Program, LLC
	309,545	3.050%, 12/26/2025, Ser. 2016-3, Class A^f		312,442
	272,698	3.280%, 1/26/2026, Ser. 2017-1, Class A^f		276,244
		US Residential Opportunity Fund Trust
	306,495	3.475%, 7/27/2036, Ser. 2016-1III, Class A^*,i		308,569
		Vericrest Opportunity Loan Transferee
	350,000	3.250%, 4/25/2059, Ser. 2017-NPL7, Class A1^f,i		349,693
	243,931	3.500%, 10/25/2046, Ser. 2016-NP11, Class A1^f		244,143
	268,453	3.625%, 11/26/2046, Ser. 2016-NP12, Class A1^f,i		269,512
	390,887	3.375%, 4/25/2047, Ser. 2017-NPL4, Class A1^f,i		390,597
		Voya CLO 4, Ltd.
	425,000	4.305%, 10/14/2026, Ser. 2014-4A, Class CR^*,c,h		425,000
		Wachovia Asset Securitization, Inc.
	413,569	1.356%, 7/25/2037, Ser. 2007-HE1, Class A^*,h,j		354,864

		Total		9,135,951

	Basic Materials (0.6%)
		Alcoa Nederland Holding BV
	90,000	6.750%, 9/30/2024^f		97,650
		Anglo American Capital plc
	86,000	4.125%, 9/27/2022^f		87,935
		ArcelorMittal SA
	190,000	6.000%, 3/1/2021		204,487
		BWAY Holding Company
	175,000	5.500%, 4/15/2024^f		178,719
		CF Industries, Inc.
	195,000	3.450%, 6/1/2023		184,275
		Dow Chemical Company
	86,000	8.550%, 5/15/2019		96,327
		EI du Pont de Nemours & Company
	86,000	2.200%, 5/1/2020		86,460
		FMG Resources Property, Ltd.
	180,000	5.125%, 5/15/2024^f		180,000
		INEOS Group Holdings SA
	380,000	5.625%, 8/1/2024^f,g		391,875
		Kinross Gold Corporation
	44,000	5.125%, 9/1/2021		46,860
		LyondellBasell Industries NV
	80,000	5.000%, 4/15/2019		83,638
		NOVA Chemicals Corporation
	341,904	5.250%, 8/1/2023^f		351,306

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

102

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (31.4%)	Value
	Basic Materials (0.6%) - continued
		Peabody Securities Finance Corporation
	$170,000	6.375%, 3/31/2025^f	$	167,450
		RPM International, Inc., Convertible
	145,000	2.250%, 12/15/2020		171,100
		Sherwin-Williams Company
	85,000	2.250%, 5/15/2020		85,184
		Vale Overseas, Ltd.
	44,000	5.875%, 6/10/2021		47,234
		Xstrata Finance Canada, Ltd.
	66,000	4.950%, 11/15/2021^f		70,587

		Total		2,531,087

	Capital Goods (0.8%)
		Bombardier, Inc.
	100,000	7.500%, 3/15/2025^f		103,750
		Building Materials Corporation of America
	280,000	6.000%, 10/15/2025^f		299,600
		Cemex SAB de CV
	300,000	5.700%, 1/11/2025^f		318,375
		Cintas Corporation No. 2
	64,000	2.900%, 4/1/2022		64,993
		CNH Industrial Capital, LLC
	305,000	4.375%, 11/6/2020		319,872
		Crown Americas Capital Corporation IV
	190,000	4.500%, 1/15/2023		199,025
		General Electric Company
	386,000	5.000%, 1/21/2021^k		409,700
		Lockheed Martin Corporation
	65,000	2.500%, 11/23/2020		65,887
		Reynolds Group Issuer, Inc.
	340,000	5.125%, 7/15/2023^f		353,175
		Rockwell Collins, Inc.
	64,000	1.950%, 7/15/2019		64,097
		Roper Industries, Inc.
	71,000	2.050%, 10/1/2018		71,141
		Textron Financial Corporation
	500,000	2.917%, 2/15/2042^f,h		431,250
		United Rentals North America, Inc.
	290,000	5.500%, 7/15/2025		303,775

		Total		3,004,640

	Collateralized Mortgage Obligations (3.5%)
		AJAX Mortgage Loan Trust
	349,933	3.470%, 4/25/2057, Ser. 2017-A, Class A^*,i		349,297
		Alternative Loan Trust
	220,043	5.750%, 4/25/2047, Ser. 2007-6, Class A4		193,305
		Angel Oak Mortgage Trust
	93,211	4.500%, 11/25/2045, Ser. 2015-1, Class A^*,i		93,332
		Banc of America Alternative Loan Trust
	365,120	6.000%, 11/25/2035, Ser. 2005-10, Class 3CB1		320,505
		Banc of America Mortgage Securities, Inc.
	117,161	3.209%, 9/25/2035, Ser. 2005-H, Class 2A1		112,398
		Bayview Opportunity Master Fund Trust
	160,637	3.475%, 7/28/2031, Ser. 2016-RPL3, Class A1^f		159,932
		Bear Stearns ALT-A Trust
	151,078	3.490%, 10/25/2033, Ser. 2003-3, Class 5A		149,489
		COLT Mortgage Loan Trust
	189,238	2.750%, 9/25/2046, Ser. 2016-2, Class A1^*		191,111
		Countrywide Alternative Loan Trust
	15,268	5.500%, 5/25/2035, Ser. 2005-J3, Class 2A13		15,223
	392,795	6.500%, 8/25/2036, Ser. 2006-23CB, Class 2A3		267,407
		Countrywide Asset-Backed Certificates
	163,811	1.716%, 7/25/2034, Ser. 2004-2, Class 3A4^h		152,498
		Countrywide Home Loan Mortgage Pass Through Trust
	281,485	3.193%, 11/25/2035, Ser. 2005-22, Class 2A1		241,541
		Credit Suisse First Boston Mortgage Securities Corporation
	232,135	5.250%, 10/25/2035, Ser. 2005-9, Class 1A3		225,532
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	289,373	2.595%, 8/25/2035, Ser. 2005-AR1, Class 2A3		227,983
	431,109	5.500%, 11/25/2035, Ser. 2005-5, Class 1A4		437,730
	311,275	1.502%, 4/25/2047, Ser. 2007-OA2, Class A1^h		288,236
		GCAT, LLC
	406,269	3.375%, 3/25/2047, Ser. 2017-1, Class A1^*,i		405,408
		GMAC Mortgage Corporation Loan Trust
	179,028	3.662%, 5/25/2035, Ser. 2005-AR2, Class 4A		168,309
	162,321	3.573%, 11/19/2035, Ser. 2005-AR6, Class 1A1		154,375
		HarborView Mortgage Loan Trust
	219,031	3.575%, 7/19/2035, Ser. 2005-4, Class 3A1		194,243
	128,363	3.523%, 12/19/2035, Ser. 2005-14, Class 3A1A		124,220
		IndyMac INDA Mortgage Loan Trust
	207,980	3.177%, 8/25/2036, Ser. 2006-AR1, Class A1		197,196
		IndyMac INDX Mortgage Loan Trust
	389,750	1.426%, 4/25/2046, Ser. 2006-AR2, Class 1A1B^h		342,556
		J.P. Morgan Alternative Loan Trust
	517,546	6.500%, 3/25/2036, Ser. 2006-S1, Class 1A19		469,263
		J.P. Morgan Mortgage Trust
	351,315	3.300%, 8/25/2035, Ser. 2005-A5, Class 1A2		350,674
	371,035	3.263%, 1/25/2037, Ser. 2006-A7, Class 2A2		367,351
		Merrill Lynch Mortgage Investors Trust
	388,026	6.250%, 8/25/2036, Ser. 2006-AF1, Class AF2A		315,267

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

103

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (31.4%)	Value
	Collateralized Mortgage Obligations (3.5%) - continued
		Mill City Mortgage Loan Trust
	$425,552	2.750%, 11/25/2058, Ser. 2017-1, Class A1^f	$	428,953
		MortgageIT Trust
	510,291	1.476%, 12/25/2035, Ser. 2005-5, Class A1^h		477,033
	608,763	1.416%, 4/25/2036, Ser. 2006-1, Class 1A2^h		462,837
		New York Mortgage Trust
	150,352	3.584%, 5/25/2036, Ser. 2006-1, Class 2A3		142,992
		Pretium Mortgage Credit Partners I, LLC
	222,246	4.000%, 7/27/2031, Ser. 2016-NPL4, Class A^*,i		223,659
		Residential Accredit Loans, Inc. Trust
	322,528	1.966%, 6/25/2035, Ser. 2005-QS7, Class A3^h		264,780
	287,542	5.750%, 9/25/2035, Ser. 2005-QS13, Class 2A3		260,113
	222,469	6.000%, 1/25/2037, Ser. 2007-QS1, Class 1A1		191,771
		Residential Funding Mortgage Security I Trust
	473,937	6.000%, 7/25/2037, Ser. 2007-S7, Class A20		441,377
		Structured Adjustable Rate Mortgage Loan Trust
	295,697	3.121%, 1/25/2035, Ser. 2004-19, Class 2A2		277,917
	186,825	3.357%, 7/25/2035, Ser. 2005-15, Class 4A1		161,372
	299,335	3.489%, 9/25/2035, Ser. 2005-18, Class 1A1		242,218
		Structured Asset Mortgage Investments, Inc.
	726,143	1.526%, 12/25/2035, Ser. 2005-AR4, Class A1^h		619,363
		Sunset Mortgage Loan Company, LLC
	64,221	4.459%, 9/18/2045, Ser. 2015-NPL1, Class A^*,i		64,332
	81,281	3.844%, 7/16/2047, Ser. 2016-NPL1, Class A^*,i		81,337
		WaMu Mortgage Pass Through Certificates
	73,519	5.000%, 11/25/2018, Ser. 2003-S12, Class 3A		74,312
	141,670	2.567%, 1/25/2037, Ser. 2006-AR18, Class 1A1		127,202
	482,105	1.612%, 10/25/2046, Ser. 2006-AR13, Class 1A^h		430,110
	180,595	1.462%, 1/25/2047, Ser. 2006-AR19, Class 1A1A^h		168,809
	250,723	1.472%, 1/25/2047, Ser. 2006-AR19, Class 1A^h		202,245
		Washington Mutual Mortgage Pass Through Certificates Trust
	379,780	1.482%, 2/25/2047, Ser. 2007-OA3, Class 2A^h		289,277
		Wells Fargo Mortgage Backed Securities Trust
	236,595	3.107%, 3/25/2036, Ser. 2006-AR2, Class 2A1		238,189
	261,840	5.500%, 4/25/2036, Ser. 2006-4, Class 2A2		257,391
	377,706	3.270%, 7/25/2036, Ser. 2006-AR10, Class 2A1		372,746
	201,507	3.076%, 10/25/2036, Ser. 2006-AR14, Class 2A3		189,374
	213,814	6.000%, 7/25/2037, Ser. 2007-8, Class 1A16		215,045
	182,449	6.000%, 7/25/2037, Ser. 2007-10, Class 1A1		180,531

		Total		13,599,666

	Commercial Mortgage-Backed Securities (0.1%)
		Bear Stearns Commercial Mortgage Securities Trust
	300,000	6.087%, 6/11/2050, Ser. 2007-PW18, Class AMA		303,642

		Total		303,642

	Communications Services (1.4%)
		Altice US Finance I Corporation
	200,000	5.500%, 5/15/2026^f		210,000
		AMC Networks, Inc.
	300,000	5.000%, 4/1/2024		307,125
		America Movil SAB de CV
	71,000	5.000%, 10/16/2019		75,755
		American Tower Corporation
	65,000	2.800%, 6/1/2020		65,878
		AT&T, Inc.
	86,000	5.875%, 10/1/2019		93,075
	44,000	5.200%, 3/15/2020		47,276
	65,000	2.226%, 6/30/2020^h		65,851
	60,000	2.800%, 2/17/2021		60,631
		British Sky Broadcasting Group plc
	102,000	2.625%, 9/16/2019^f		102,695
		CBS Corporation
	65,000	2.500%, 2/15/2023^c		64,235
		CCOH Safari, LLC
	305,000	5.750%, 2/15/2026^f		326,350
		CenturyLink, Inc.
	230,000	6.450%, 6/15/2021		248,400
		Charter Communications Operating, LLC
	72,000	3.579%, 7/23/2020		74,397
	32,000	4.464%, 7/23/2022		34,091
		Clear Channel Worldwide Holdings, Inc.
	290,000	6.500%, 11/15/2022		298,033
		Columbus International, Inc.
	205,000	7.375%, 3/30/2021^f		217,556
		Comcast Corporation
	88,000	1.625%, 1/15/2022		85,554
		Crown Castle International Corporation
	35,000	3.400%, 2/15/2021		35,940
		CSC Holdings, LLC
	20,000	5.500%, 4/15/2027^f		21,150
		Digicel, Ltd.
	257,936	6.000%, 4/15/2021^*		247,296
		DISH Network Corporation, Convertible
	496,000	3.375%, 8/15/2026^f		601,400
		Liberty Interactive, LLC, Convertible
	263,000	1.750%, 9/30/2046^f		300,642

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

104

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (31.4%)	Value
	Communications Services (1.4%) - continued
		Liberty Media Corporation, Convertible
	$399,000	1.000%, 1/30/2023^f	$	462,092
		Moody’s Corporation
	44,000	2.750%, 12/15/2021		44,365
		Neptune Finco Corporation
	100,000	10.875%, 10/15/2025^f		120,375
		Nexstar Escrow Corporation
	335,000	5.625%, 8/1/2024^f		339,188
		Sprint Corporation
	290,000	7.625%, 2/15/2025^g		333,863
		Telefonica Emisiones SAU
	78,000	3.192%, 4/27/2018		78,826
		Time Warner, Inc.
	43,000	4.875%, 3/15/2020		45,958
		Verizon Communications, Inc.
	106,000	4.500%, 9/15/2020		113,224
	102,000	2.946%, 3/15/2022^f		102,697
		Viacom, Inc.
	86,000	4.250%, 9/1/2023		89,766

		Total		5,313,684

	Consumer Cyclical (1.3%)
		Allison Transmission, Inc.
	305,000	5.000%, 10/1/2024^f		312,625
		American Honda Finance Corporation
	66,000	2.000%, 2/14/2020		66,140
		BMW US Capital, LLC
	80,000	1.500%, 4/11/2019^f		79,687
		Brookfield Residential Properties, Inc.
	200,000	6.125%, 7/1/2022^f		207,000
		Cinemark USA, Inc.
	263,000	4.875%, 6/1/2023		268,670
		CVS Health Corporation
	44,000	2.750%, 12/1/2022		44,050
		eBay, Inc.
	55,000	2.500%, 3/9/2018		55,318
		Ford Motor Credit Company, LLC
	86,000	2.262%, 3/28/2019		86,237
	87,000	2.597%, 11/4/2019		87,582
	64,000	3.336%, 3/18/2021		65,230
		General Motors Financial Company, Inc.
	40,000	3.150%, 1/15/2020		40,683
	64,000	2.650%, 4/13/2020		64,293
	64,000	4.375%, 9/25/2021		67,708
	43,000	3.150%, 6/30/2022		42,817
		Home Depot, Inc.
	65,000	2.625%, 6/1/2022		65,975
		Hyundai Capital America
	43,000	2.550%, 4/3/2020^f		42,889
		Jaguar Land Rover Automotive plc
	273,000	5.625%, 2/1/2023^f		283,920
		KB Home
	189,000	4.750%, 5/15/2019		194,670
		L Brands, Inc.
	273,000	6.625%, 4/1/2021		302,347
		Lennar Corporation
	265,000	4.500%, 4/30/2024		273,904
		Live Nation Entertainment, Inc.
	335,000	5.375%, 6/15/2022^f		347,590
		Macy’s Retail Holdings, Inc.
	66,000	7.450%, 7/15/2017		66,075
		McDonald’s Corporation
	86,000	2.625%, 1/15/2022		86,505
		MGM Resorts International
	300,000	6.000%, 3/15/2023		330,750
		New Red Finance, Inc.
	185,000	4.250%, 5/15/2024^f		183,833
		Newell Rubbermaid, Inc.
	55,000	3.150%, 4/1/2021		56,302
		Nissan Motor Acceptance Corporation
	66,000	2.000%, 3/8/2019^f		66,053
		Prime Security Services Borrower, LLC
	235,000	9.250%, 5/15/2023^f		255,365
		Ralph Lauren Corporation
	60,000	2.625%, 8/18/2020		60,955
		Six Flags Entertainment Corporation
	150,000	4.875%, 7/31/2024^f		150,918
		Toll Brothers Finance Corporation
	76,000	4.000%, 12/31/2018		77,900
		Visa, Inc.
	65,000	2.200%, 12/14/2020		65,538
		Volkswagen Group of America Finance, LLC
	60,000	2.450%, 11/20/2019^f		60,335
		West Corporation
	125,000	5.375%, 7/15/2022^f		126,250
		Yum! Brands, Inc.
	305,000	5.000%, 6/1/2024^f		317,963

		Total		4,904,077

	Consumer Non-Cyclical (1.2%)
		Abbott Laboratories
	88,000	2.550%, 3/15/2022		87,323
	66,000	3.400%, 11/30/2023		67,553
		AbbVie, Inc.
	88,000	2.500%, 5/14/2020		89,014
	44,000	2.900%, 11/6/2022		44,408
		Amgen, Inc.
	85,000	2.650%, 5/11/2022		85,274
		Anheuser-Busch InBev Finance, Inc.
	90,000	2.430%, 2/1/2021^h		93,210
	65,000	2.650%, 2/1/2021		65,866
	44,000	3.300%, 2/1/2023		45,303
		Anheuser-Busch InBev Worldwide, Inc.
	78,000	6.500%, 7/15/2018		81,786
		BAT International Finance plc
	65,000	1.756%, 6/15/2018^f,h		65,176
		Becton, Dickinson and Company
	86,000	3.125%, 11/8/2021		87,590
		Biogen, Inc.
	64,000	3.625%, 9/15/2022		66,927
		Boston Scientific Corporation
	40,000	6.000%, 1/15/2020		43,532
		Bunge Limited Finance Corporation
	65,000	3.500%, 11/24/2020		66,633
		Cardinal Health, Inc.
	44,000	1.948%, 6/14/2019		44,045
	44,000	2.616%, 6/15/2022		44,036
		Celgene Corporation
	65,000	3.550%, 8/15/2022		67,658
		CHS/Community Health Systems, Inc.
	170,000	6.250%, 3/31/2023		175,499

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (31.4%)	Value
	Consumer Non-Cyclical (1.2%) - continued
		Constellation Brands, Inc.
	$43,000	2.700%, 5/9/2022	$	42,943
		Cott Beverages, Inc.
	200,000	5.375%, 7/1/2022		207,250
		CVS Health Corporation
	86,000	2.250%, 12/5/2018		86,534
		Envision Healthcare Corporation
	295,000	5.125%, 7/1/2022^f		302,744
		Express Scripts Holding Company
	44,000	4.750%, 11/15/2021		47,544
	55,000	3.000%, 7/15/2023		54,609
		Forest Laboratories, Inc.
	29,000	4.375%, 2/1/2019^f		29,908
		Forest Laboratories, LLC
	21,000	4.875%, 2/15/2021^f		22,592
		HCA, Inc.
	227,936	4.750%, 5/1/2023		241,042
	115,000	4.500%, 2/15/2027		118,306
		JBS USA, LLC
	290,000	5.750%, 6/15/2025^f		272,600
		Laboratory Corporation of America Holdings
	35,000	2.625%, 2/1/2020		35,286
		Land O’Lakes, Inc.
	140,000	7.250%, 4/4/2027^f,k		149,625
		Mead Johnson Nutrition Company
	65,000	3.000%, 11/15/2020		66,669
		Medtronic Global Holdings SCA
	86,000	1.700%, 3/28/2019		86,058
		Molson Coors Brewing Company
	88,000	2.250%, 3/15/2020^f		87,995
		Mondelez International Holdings Netherlands BV
	65,000	2.000%, 10/28/2021^f		63,324
		Mylan NV
	88,000	3.150%, 6/15/2021		89,518
		Pernod Ricard SA
	35,000	5.750%, 4/7/2021^f		38,972
		Pinnacle Foods, Inc.
	200,000	5.875%, 1/15/2024		213,500
		Revlon Consumer Products Corporation
	227,936	5.750%, 2/15/2021		209,701
		Reynolds American, Inc.
	35,000	3.250%, 6/12/2020		36,031
		Shire Acquisitions Investments Ireland Designated Activity Company
	86,000	2.400%, 9/23/2021		84,989
		Smithfield Foods, Inc.
	66,000	2.700%, 1/31/2020^f		66,343
		Teva Pharmaceutical Finance Netherlands III BV
	65,000	2.200%, 7/21/2021		63,802
		TreeHouse Foods, Inc.
	200,000	4.875%, 3/15/2022		206,500
		Valeant Pharmaceuticals International
	227,936	7.250%, 7/15/2022^f		214,260
		Zoetis, Inc.
	65,000	3.450%, 11/13/2020		67,216

		Total		4,526,694

	Energy (1.3%)
		Alliance Resource Operating Partners, LP
	170,000	7.500%, 5/1/2025^f		178,713
		Anadarko Petroleum Corporation
	60,000	8.700%, 3/15/2019		66,177
		Antero Resources Corporation
	200,000	5.125%, 12/1/2022		200,436
		BP Capital Markets plc
	60,000	1.676%, 5/3/2019		59,800
	44,000	2.315%, 2/13/2020		44,401
		Buckeye Partners, LP
	100,000	2.650%, 11/15/2018		100,535
		Canadian Natural Resources, Ltd.
	43,000	2.950%, 1/15/2023		42,652
		Cenovus Energy, Inc.
	43,000	3.800%, 9/15/2023		42,415
		Concho Resources, Inc.
	75,000	4.375%, 1/15/2025		76,500
		Continental Resources, Inc.
	43,000	5.000%, 9/15/2022		42,194
		Crestwood Midstream Partners, LP
	200,000	6.250%, 4/1/2023		204,500
		Enbridge, Inc.
	42,000	2.900%, 7/15/2022^c		41,908
		Encana Corporation
	66,000	3.900%, 11/15/2021		67,267
		Energy Transfer Equity, LP
	290,000	5.500%, 6/1/2027		300,150
		Energy Transfer Partners, LP
	65,000	4.150%, 10/1/2020		67,504
		EOG Resources, Inc.
	65,000	2.625%, 3/15/2023		64,147
		EQT Corporation
	88,000	8.125%, 6/1/2019		97,110
		Exxon Mobil Corporation
	80,000	1.708%, 3/1/2019		80,228
		Kinder Morgan Energy Partners, LP
	88,000	3.450%, 2/15/2023		88,527
		Marathon Oil Corporation
	44,000	2.700%, 6/1/2020		43,608
		Marathon Petroleum Corporation
	65,000	3.400%, 12/15/2020		66,857
		MEG Energy Corporation
	273,000	6.375%, 1/30/2023^f		211,063
		MPLX, LP
	66,000	4.500%, 7/15/2023		70,055
		Nabors Industries, Inc., Convertible
	170,000	0.750%, 1/15/2024^f		135,256
		ONEOK, Inc.
	64,000	7.500%, 9/1/2023		76,320
		PBF Holding Company, LLC
	235,000	7.250%, 6/15/2025^f		226,481
		Petrobras Global Finance BV
	234,000	8.375%, 5/23/2021		261,935
	94,000	7.375%, 1/17/2027		99,452
		Petroleos Mexicanos
	42,000	6.375%, 2/4/2021		45,457
	96,000	6.500%, 3/13/2027^f		103,128
		Sabine Pass Liquefaction, LLC
	43,000	6.250%, 3/15/2022		48,687
	43,000	5.625%, 4/15/2023		47,793
	300,000	5.625%, 3/1/2025		331,257
		Schlumberger Holdings Corporation
	65,000	3.000%, 12/21/2020^f		66,177

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (31.4%)	Value
	Energy (1.3%) - continued
		Sunoco Logistics Partners Operations, LP
	$65,000	4.400%, 4/1/2021	$	68,292
		Tesoro Corporation
	150,000	4.750%, 12/15/2023^f		161,535
		TransCanada Trust
	245,000	5.300%, 3/15/2077		251,860
	255,000	5.875%, 8/15/2076		276,726
		Weatherford International, Ltd.
	100,000	8.250%, 6/15/2023		100,000
		Weatherford International, Ltd. Convertible
	91,000	5.875%, 7/1/2021		92,081
		Western Gas Partners, LP
	44,000	4.000%, 7/1/2022		45,099
		Whiting Petroleum Corporation, Convertible
	190,000	1.250%, 4/1/2020		160,550
		Williams Partners, LP
	88,000	4.000%, 11/15/2021		91,554

		Total		4,946,387

	Financials (4.6%)
		ACE INA Holdings, Inc.
	65,000	2.875%, 11/3/2022		66,115
		AIG Global Funding
	86,000	2.150%, 7/2/2020^c,f		85,932
		Air Lease Corporation
	32,000	2.625%, 9/4/2018		32,238
		Ally Financial, Inc.
	325,000	4.750%, 9/10/2018		333,938
		American Express Credit Corporation
	43,000	1.502%, 5/3/2019^h		43,122
	43,000	2.200%, 3/3/2020		43,202
	65,000	2.292%, 9/14/2020^h		66,138
		AMG Capital Trust II, Convertible
	3,650	5.150%, 10/15/2037		215,806
		Australia & New Zealand Banking Group, Ltd.
	200,000	6.750%, 6/15/2026^f,k		221,129
		Banco Santander SA
	200,000	6.375%, 5/19/2019^k		204,750
		Bank of America Corporation
	80,000	5.650%, 5/1/2018		82,513
	88,000	5.700%, 1/24/2022		99,427
		Bank of Montreal
	55,000	1.500%, 7/18/2019		54,486
	66,000	2.100%, 6/15/2020		65,925
		Bank of New York Mellon Corporation
	88,000	2.600%, 2/7/2022		88,606
		Bank of Nova Scotia
	64,000	2.700%, 3/7/2022		64,351
		Barclays plc
	88,000	3.200%, 8/10/2021		89,265
		BB&T Corporation
	130,000	2.050%, 6/19/2018		130,511
		Bear Stearns Companies, LLC
	122,000	6.400%, 10/2/2017		123,407
		Blackstone Mortgage Trust, Inc., Convertible
	332,000	5.250%, 12/1/2018		384,290
		BNP Paribas SA
	84,000	2.375%, 9/14/2017		84,142
	300,000	7.625%, 3/30/2021^f,k		330,000
		Capital One Financial Corporation
	43,000	2.500%, 5/12/2020		43,183
	129,000	3.050%, 3/9/2022		130,000
		CBOE Holdings, Inc.
	66,000	1.950%, 6/28/2019		65,980
		Centene Escrow Corporation
	215,000	5.625%, 2/15/2021		224,138
		Central Fidelity Capital Trust I
	310,000	2.158%, 4/15/2027^h		293,725
		Citigroup, Inc.
	88,000	2.450%, 1/10/2020		88,523
	88,000	2.650%, 10/26/2020		88,834
	144,000	2.350%, 8/2/2021		142,679
	43,000	2.750%, 4/25/2022		43,002
		CNA Financial Corporation
	75,000	5.750%, 8/15/2021		83,694
		Commonwealth Bank of Australia
	86,000	2.250%, 3/10/2020^f		86,179
		Cooperatieve Centrale Raiffeisen- Boerenleenbank BA
	86,000	3.950%, 11/9/2022		89,809
		Credit Agricole SA
	43,000	3.375%, 1/10/2022^f		44,145
	95,000	8.125%, 12/23/2025^f,k		110,362
		Credit Suisse Group AG
	255,000	7.500%, 12/11/2023^f,k		285,929
		Credit Suisse Group Funding Guernsey, Ltd.
	132,000	3.800%, 9/15/2022		137,129
		Credit Suisse Group Funding, Ltd.
	88,000	3.125%, 12/10/2020		89,647
		DDR Corporation
	66,000	3.500%, 1/15/2021		66,821
		Deutsche Bank AG
	129,000	4.250%, 10/14/2021		135,071
		Discover Bank
	28,000	8.700%, 11/18/2019		31,639
		Fifth Third Bancorp
	65,000	2.600%, 6/15/2022		64,658
		First Tennessee Bank NA
	380	3.750%, 8/15/2017^f,h,k		288,254
		Goldman Sachs Group, Inc.
	52,000	2.625%, 1/31/2019		52,540
	78,000	7.500%, 2/15/2019		84,610
	86,000	5.375%, 5/10/2020^k		90,369
	64,000	2.600%, 12/27/2020		64,337
	88,000	5.250%, 7/27/2021		96,443
	65,000	2.352%, 11/15/2021^h		65,603
	88,000	3.000%, 4/26/2022		88,814
	43,000	2.268%, 6/5/2023^h		43,027
	435,000	5.300%, 11/10/2026^k		456,750
		Goldman Sachs Group, Inc., Convertible
	1,600,000	0.500%, 9/24/2022		1,988,944
		Hartford Financial Services Group, Inc.
	120,000	6.000%, 1/15/2019		127,178
		HCP, Inc.
	88,000	3.750%, 2/1/2019		89,850
		Hospitality Properties Trust
	60,000	4.250%, 2/15/2021		62,559
		HSBC Holdings plc
	128,000	3.400%, 3/8/2021		131,547
	88,000	6.875%, 6/1/2021^k		95,040
	125,000	6.375%, 9/17/2024^k		130,938
		Huntington Bancshares, Inc.
	80,000	3.150%, 3/14/2021		81,571

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (31.4%)	Value
	Financials (4.6%) - continued
		Huntington Capital Trust I
$	100,000	1.870%, 2/1/2027^h	$	90,250
		Icahn Enterprises, LP
	120,000	6.000%, 8/1/2020		123,525
	75,000	6.750%, 2/1/2024		78,195
		ILFC E-Capital Trust II
	370,000	4.590%, 12/21/2065^f,h		353,350
		ING Capital Funding Trust III
	68,000	4.896%, 9/30/2017^h,k		68,212
		ING Groep NV
	250,000	6.875%, 12/29/2049^k		267,186
		International Lease Finance Corporation
	88,000	4.625%, 4/15/2021		93,654
	88,000	5.875%, 8/15/2022		99,337
		Intesa Sanpaolo SPA
	30,000	3.875%, 1/16/2018		30,278
		J.P. Morgan Chase & Company
	52,000	6.300%, 4/23/2019		55,968
	25,000	2.250%, 1/23/2020		25,076
	65,000	1.882%, 6/1/2021^h		65,090
	64,000	2.776%, 4/25/2023		64,108
	89,000	2.383%, 10/24/2023^h		90,338
		J.P. Morgan Chase Capital XXIII
	170,000	2.182%, 5/15/2047^h		156,613
		KeyCorp
	68,000	2.300%, 12/13/2018		68,369
		Liberty Mutual Group, Inc.
	35,000	5.000%, 6/1/2021^f		38,035
		Lincoln National Corporation
	55,000	6.250%, 2/15/2020		60,325
		Macquarie Bank, Ltd.
	200,000	6.125%, 3/8/2027^f,k		204,500
		MetLife, Inc.
	100,000	1.903%, 12/15/2017		100,169
	80,000	9.250%, 4/8/2038^f		119,200
		MGIC Investment Corporation, Convertible
	207,000	9.000%, 4/1/2063^f		272,205
		Mitsubishi UFJ Financial Group, Inc.
	44,000	2.998%, 2/22/2022		44,649
		Morgan Stanley
	106,000	6.625%, 4/1/2018		109,765
	45,000	2.310%, 1/27/2020^h		45,681
	88,000	2.800%, 6/16/2020		89,309
	89,000	2.336%, 1/20/2022^h		89,891
	43,000	2.750%, 5/19/2022		42,986
	75,000	4.875%, 11/1/2022		81,421
		MPT Operating Partnership, LP
	200,000	5.500%, 5/1/2024		209,000
		National City Corporation
	56,000	6.875%, 5/15/2019		60,936
		New York Life Global Funding
	65,000	1.550%, 11/2/2018^f		64,889
		Nomura Holdings, Inc.
	56,000	2.750%, 3/19/2019		56,562
		Park Aerospace Holdings, Ltd.
	260,000	5.500%, 2/15/2024^f		271,570
		PNC Bank NA
	86,000	2.450%, 11/5/2020		86,724
		Preferred Term Securities XXIII, Ltd.
	477,776	1.446%, 12/22/2036^*,h		386,244
		Quicken Loans, Inc.
	295,000	5.750%, 5/1/2025^f		304,588
		Realty Income Corporation
	64,000	5.750%, 1/15/2021		70,346
		Regions Bank
	43,000	7.500%, 5/15/2018		45,016
		Regions Financial Corporation
	55,000	3.200%, 2/8/2021		56,228
		Reinsurance Group of America, Inc.
	64,000	4.700%, 9/15/2023		69,426
		Royal Bank of Canada
	87,000	2.125%, 3/2/2020		87,144
		Royal Bank of Scotland Group plc
	190,000	7.500%, 8/10/2020^k		196,080
	63,000	8.625%, 8/15/2021^k		68,670
	150,000	7.640%, 3/29/2049^k		144,000
	320,000	7.648%, 8/29/2049^k		394,400
		Simon Property Group, LP
	65,000	2.500%, 9/1/2020		65,583
	90,000	2.500%, 7/15/2021		90,007
		Societe Generale SA
	300,000	8.000%, 9/29/2025^f,k		340,125
		Standard Chartered plc
	13,000	2.100%, 8/19/2019^f		12,953
	400,000	2.680%, 1/29/2049^f,h,k		340,000
		State Street Capital Trust IV
	516,000	2.246%, 6/15/2047^h		475,043
		State Street Corporation
	65,000	2.081%, 8/18/2020^h		66,382
		Sumitomo Mitsui Banking Corporation
	55,000	1.738%, 1/16/2018^h		55,129
		Sumitomo Mitsui Financial Group, Inc.
	86,000	2.934%, 3/9/2021		87,359
		SunTrust Banks, Inc.
	55,000	2.900%, 3/3/2021		55,834
		Synchrony Financial
	43,000	3.000%, 8/15/2019		43,608
	30,000	2.402%, 2/3/2020^h		30,227
		Toronto-Dominion Bank
	60,000	1.993%, 1/22/2019^h		60,559
	65,000	2.172%, 12/14/2020^h		65,944
		UBS Group Funding Jersey, Ltd.
	63,000	2.950%, 9/24/2020^f		64,353
		UnitedHealth Group, Inc.
	65,000	3.350%, 7/15/2022		67,853
		USB Realty Corporation
	315,000	2.305%, 1/15/2022^f,h,k		275,625
		Voya Financial, Inc.
	84,000	2.900%, 2/15/2018		84,569
		Wachovia Capital Trust II
	50,000	1.658%, 1/15/2027^h		46,500
		Wells Fargo & Company
	45,000	1.852%, 1/30/2020^h		45,293
	50,000	2.100%, 7/26/2021		49,333
	89,000	2.263%, 1/24/2023^h		89,942
	60,000	2.402%, 10/31/2023^h		61,065
		Welltower, Inc.
	64,000	4.950%, 1/15/2021		68,780

		Total		17,534,388


	Foreign Government (6.7%)
		Argentina Government International Bond
	504,000	6.875%, 4/22/2021		540,036
	318,000	5.625%, 1/26/2022		325,632
	611,000	7.500%, 4/22/2026^g		656,825

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (31.4%)	Value
	Foreign Government (6.7%) - continued
	$267,000	6.875%, 1/26/2027	$	276,078
	577,417	8.280%, 12/31/2033		639,778
	190,000	7.125%, 7/6/2036		188,290
	479,827	2.500%, 12/31/2038ⁱ		313,567
	225,000	7.625%, 4/22/2046		230,400
		Brazil Government International Bond
	481,000	4.875%, 1/22/2021		504,088
	667,000	2.625%, 1/5/2023		617,809
	255,000	6.000%, 4/7/2026		275,145
	320,000	7.125%, 1/20/2037		365,600
	384,000	5.000%, 1/27/2045		336,000
	164,000	5.625%, 2/21/2047		156,620
		Colombia Government International Bond
	320,000	4.375%, 7/12/2021		340,480
	229,000	2.625%, 3/15/2023^g		223,275
	350,000	4.000%, 2/26/2024		363,300
	120,000	7.375%, 9/18/2037		154,320
	300,000	5.625%, 2/26/2044		327,900
	384,000	5.000%, 6/15/2045		386,304
		Croatia Government International Bond
	64,000	6.750%, 11/5/2019^f		69,680
	393,000	6.625%, 7/14/2020^f		433,282
	205,000	6.000%, 1/26/2024^f,g		229,639
		Hungary Government International Bond
	546,000	5.750%, 11/22/2023		624,320
	544,000	5.375%, 3/25/2024		612,389
		Indonesia Government International Bond
	422,000	4.875%, 5/5/2021^f		453,231
	53,000	3.750%, 4/25/2022^f		54,441
	320,000	3.375%, 4/15/2023^f		321,312
	412,000	5.875%, 1/15/2024^f		469,611
	57,000	4.125%, 1/15/2025^f		58,772
	274,000	4.750%, 1/8/2026^f		294,099
	322,000	8.500%, 10/12/2035^f		463,524
	138,000	6.750%, 1/15/2044^f		177,577
	645,000	5.125%, 1/15/2045^f		690,512
		Mexico Government International Bond
	64,000	5.750%, 10/12/2110		66,400
	456,000	4.000%, 10/2/2023		476,771
	456,000	3.600%, 1/30/2025		461,472
	425,000	4.125%, 1/21/2026		441,787
	200,000	4.150%, 3/28/2027		207,100
	128,000	6.750%, 9/27/2034		163,299
	178,000	6.050%, 1/11/2040		209,826
	398,000	4.750%, 3/8/2044		398,398
	260,000	5.550%, 1/21/2045		291,200
	238,000	4.600%, 1/23/2046		232,419
	214,000	4.350%, 1/15/2047		200,989
		Panama Government International Bond
	192,000	4.000%, 9/22/2024		201,600
	292,000	3.750%, 3/16/2025		300,760
	272,000	6.700%, 1/26/2036		350,200
		Peru Government International Bond
	138,000	5.625%, 11/18/2050		167,187
	330,000	8.750%, 11/21/2033		505,725
		Philippines Government International Bond
	243,000	4.000%, 1/15/2021		259,002
	252,000	7.750%, 1/14/2031		363,491
	165,000	6.375%, 10/23/2034		221,493
	134,000	5.000%, 1/13/2037		159,014
	268,000	3.950%, 1/20/2040		279,656
		Romania Government International Bond
	276,000	4.375%, 8/22/2023^f		292,767
	130,000	4.875%, 1/22/2024^f		141,700
	66,000	6.125%, 1/22/2044^f		83,754
		Russia Government International Bond
	1,100,000	5.000%, 4/29/2020^f		1,165,710
	208,000	4.875%, 9/16/2023^f,g		223,077
	200,000	4.750%, 5/27/2026^f		208,750
	349,460	7.500%, 3/31/2030^f		419,352
	422,000	5.625%, 4/4/2042^f		456,815
		South Africa Government International Bond
	65,000	5.500%, 3/9/2020		68,892
	295,000	5.875%, 5/30/2022		322,103
	210,000	4.875%, 4/14/2026		210,420
	341,000	4.300%, 10/12/2028		318,540
		Turkey Government International Bond
	244,000	7.000%, 6/5/2020		266,797
	525,000	5.125%, 3/25/2022^g		544,876
	288,000	6.250%, 9/26/2022		312,895
	390,000	5.750%, 3/22/2024		412,425
	548,000	4.250%, 4/14/2026		520,129
	272,000	4.875%, 10/9/2026		268,101
	379,000	6.875%, 3/17/2036		426,072
	250,000	6.750%, 5/30/2040		278,585
	259,000	4.875%, 4/16/2043		229,681
	389,000	6.625%, 2/17/2045		428,662

		Total		25,731,728


	Mortgage-Backed Securities (5.8%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	5,583	5.500%, 12/1/2017		5,605
	1,180,000	3.000%, 7/1/2031^c		1,211,528
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	10,368	9.000%, 11/1/2024		11,464
	490	9.000%, 4/1/2025		551
	234	8.500%, 9/1/2025		235
	3,520	8.000%, 6/1/2027		4,136
	701	8.500%, 7/1/2027		735
	2,631	8.000%, 10/1/2027		2,971
	1,433	8.000%, 8/1/2030		1,687
	2,105,000	4.000%, 7/1/2047^c		2,213,457
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	587	10.500%, 8/1/2020		595
	3,308	9.500%, 4/1/2025		3,321
	561	8.500%, 11/1/2025		617
	1,087	8.500%, 5/1/2026		1,120
	259	8.000%, 8/1/2026		260
	606	8.000%, 11/1/2026		679
	7,389	8.000%, 9/1/2027		8,154
	2,965	8.000%, 12/1/2027		2,989
	4,450	8.500%, 4/1/2030		5,488
	4,725,000	3.000%, 7/1/2047^c		4,717,617

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (31.4%)	Value
	Mortgage-Backed Securities (5.8%) - continued
$	6,775,000	3.500%, 7/1/2047^c	$	6,956,339
	5,385,000	4.000%, 7/1/2047^c		5,659,719
	1,300,000	4.500%, 7/1/2047^c		1,394,147
		Government National Mortgage Association 30-Yr. Pass Through
	1,320	9.500%, 1/15/2025		1,377
	4,621	8.500%, 6/15/2026		4,687
	1,380	8.500%, 7/15/2026		1,528
	5,280	8.000%, 9/15/2026		5,871
	2,170	7.500%, 10/15/2026		2,344
	850	9.000%, 12/15/2026		1,001
	8,765	7.500%, 4/15/2027		9,637
	1,649	8.000%, 6/20/2027		1,967
	37	8.000%, 8/15/2027		37
	6,842	7.500%, 7/15/2028		6,863
	22,353	6.000%, 12/15/2028		25,330
	24,141	6.000%, 6/15/2029		27,434
	8,618	8.000%, 5/15/2030		8,718

		Total		22,300,208


	Technology (1.0%)
		Alliance Data Systems Corporation
	195,000	5.375%, 8/1/2022^f		196,950
		Apple, Inc.
	86,000	2.850%, 5/6/2021		88,414
	85,000	1.532%, 5/11/2022^h		85,225
		Automatic Data Processing, Inc.
	65,000	2.250%, 9/15/2020		65,828
		Baidu, Inc.
	43,000	3.000%, 6/30/2020		43,577
		Broadcom Corporation
	89,000	2.375%, 1/15/2020^f		89,123
		Diamond 1 Finance Corporation
	55,000	3.480%, 6/1/2019^f		56,288
	88,000	5.450%, 6/15/2023^f		95,483
		Equinix, Inc.
	200,000	5.750%, 1/1/2025		215,250
		Fidelity National Information Services, Inc.
	65,000	3.625%, 10/15/2020		68,085
		First Data Corporation
	200,000	5.375%, 8/15/2023^f		209,000
		Hewlett Packard Enterprise Company
	111,000	3.600%, 10/15/2020		114,443
		Intel Corporation
	90,000	1.700%, 5/19/2021		88,824
	65,000	3.100%, 7/29/2022		67,332
		Intel Corporation, Convertible
	220,000	3.493%, 12/15/2035ⁱ		287,512
		Iron Mountain, Inc.
	122,936	6.000%, 8/15/2023		130,619
		Microchip Technology, Inc., Convertible
	340,000	1.625%, 2/15/2027^f		357,425
		Micron Technology, Inc., Convertible
	110,000	2.375%, 5/1/2032		343,063
	195,000	3.000%, 11/15/2043		219,375
		Microsoft Corporation
	88,000	2.400%, 2/6/2022		88,818
		NXP BV
	235,000	3.875%, 9/1/2022^f		244,694
		NXP Semiconductors NV, Convertible
	202,000	1.000%, 12/1/2019		240,885
		Oracle Corporation
	65,000	2.500%, 5/15/2022		65,610
		Sensata Technologies BV
	280,000	4.875%, 10/15/2023^f		285,600
		Texas Instruments, Inc.
	65,000	1.750%, 5/1/2020		64,730

		Total		3,812,153


	Transportation (0.2%)
		Air Canada Pass Through Trust
	22,329	3.875%, 3/15/2023^f		22,274
		American Airlines Pass Through Trust
	42,626	4.950%, 1/15/2023		45,396
		Avis Budget Car Rental, LLC
	90,000	5.125%, 6/1/2022^f,g		89,100
		Delta Air Lines, Inc.
	53,803	4.950%, 5/23/2019		55,888
	64,000	2.875%, 3/13/2020		64,832
		J.B. Hunt Transport Services, Inc.
	65,000	3.300%, 8/15/2022		66,256
		Trinity Industries, Inc., Convertible
	137,000	3.875%, 6/1/2036		171,678
		United Airlines Pass Through Trust
	65,000	3.700%, 12/1/2022		66,625
		XPO Logistics, Inc.
	200,000	6.500%, 6/15/2022^f		210,250

		Total		792,299

	Utilities (0.5%)
		Alabama Power Company
	44,000	2.450%, 3/30/2022		44,146
		Ameren Corporation
	65,000	2.700%, 11/15/2020		65,769
		Arizona Public Service Company
	40,000	2.200%, 1/15/2020		40,098
		Berkshire Hathaway Energy Company
	96,000	2.400%, 2/1/2020		96,829
		Calpine Corporation
	210,000	5.375%, 1/15/2023^g		204,750
		Consolidated Edison, Inc.
	44,000	2.000%, 3/15/2020		43,981
		Dominion Energy, Inc.
	86,000	2.579%, 7/1/2020		86,438
		DTE Energy Company
	96,000	2.400%, 12/1/2019		96,439
		Dynegy, Inc.
	160,000	7.375%, 11/1/2022^g		158,000
		Edison International
	43,000	2.125%, 4/15/2020		43,044
		Emera U.S. Finance, LP
	25,000	2.150%, 6/15/2019		24,978
		Eversource Energy
	30,000	1.600%, 1/15/2018		29,954
		Exelon Generation Company, LLC
	52,000	5.200%, 10/1/2019		55,235
	65,000	2.950%, 1/15/2020		66,154
		FirstEnergy Corporation
	66,000	2.850%, 7/15/2022		65,774
		Fortis, Inc.
	60,000	2.100%, 10/4/2021^f		58,761
		Great Plains Energy, Inc.
	65,000	2.500%, 3/9/2020		65,602
		NextEra Energy Capital Holdings, Inc.
	55,000	2.300%, 4/1/2019		55,254
		NRG Energy, Inc.
	227,936	6.625%, 3/15/2023		234,204
		Pacific Gas & Electric Company
	65,000	5.625%, 11/30/2017		66,067

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (31.4%)	Value
	Utilities (0.5%) - continued
		PG&E Corporation
$	57,000	2.400%, 3/1/2019	$	57,281
		PPL Capital Funding, Inc.
	60,000	3.500%, 12/1/2022		61,994
		PSEG Power, LLC
	55,000	3.000%, 6/15/2021		55,840
		Sempra Energy
	100,000	6.150%, 6/15/2018		104,135
	25,000	2.400%, 3/15/2020		25,110
		Southern California Edison Company
	20,000	2.400%, 2/1/2022		20,063
		Southern Company
	50,000	1.850%, 7/1/2019		49,808
	43,000	2.350%, 7/1/2021		42,683

		Total		2,018,391

		Total Long-Term Fixed Income (cost $118,335,613)		120,454,995


Shares		Registered Investment Companies (2.3%)
	Equity Funds/Exchange Traded Funds (1.6%)
	13,850	AllianzGI NFJ Dividend Interest & Premium Strategy Fund		181,297
	15,495	BlackRock Resources & Commodities Strategy Trust		124,115
	6,800	Guggenheim Multi-Asset Income ETF		142,460
	12,050	iShares MSCI EAFE Index Fund		785,660
	49,490	Materials Select Sector SPDR Fund		2,663,057
	8,750	Powershares S&P SmallCap Information Technology Portfolio^g		647,325
	32,590	Utilities Select Sector SPDR Fund		1,693,376

		Total		6,237,290


	Fixed Income Funds/Exchange Traded Funds (0.7%)
	82,771	Aberdeen Asia-Pacific Income Fund, Inc.		413,855
	5,400	iShares S&P U.S. Preferred Stock Index Fund		211,518
	79,271	MFS Intermediate Income Trust		342,451
	63,832	Templeton Global Income Fund		428,951
	7,670	Vanguard Short-Term Corporate Bond ETF		613,907
	29,430	Western Asset Emerging Markets Debt Fund, Inc.		458,225
	46,723	Western Asset High Income Opportunity Fund, Inc.		236,885

		Total		2,705,792

		Total Registered Investment Companies (cost $8,412,374)		8,943,082


		Preferred Stock (1.1%)
	Consumer Non-Cyclical (0.1%)
	12,800	CHS, Inc., 7.100%^k		376,576

		Total		376,576


	Consumer Staples (0.1%)
	2,477	Bunge, Ltd., Convertible, 4.875%^k		258,227

		Total		258,227


	Energy (<0.1%)
	2,932	Alpha Natural Resources, Inc., 0.000%^d		54,975
	2,932	ANR Holdings, Inc., 0.000%^d		8,796

		Total		63,771

	Financials (0.8%)
	3,174	Agribank FCB, 6.875%^k		346,759
	13,915	Citigroup, Inc., 6.875%^k		411,745
	2,485	Cobank ACB, 6.250%^*,k		258,285
	8,620	Countrywide Capital V, 7.000%		221,189
	3,300	Federal National Mortgage Association, 0.000%^d,k		19,008
	13,000	GMAC Capital Trust I, 6.967%^h		340,600
	13,000	Goldman Sachs Group, Inc., 5.500%^k		365,950
	12,800	Morgan Stanley, 7.125%^k		379,392
	8,640	U.S. Bancorp, 6.500%^k		256,522
	320	Wells Fargo & Company, Convertible, 7.500%^k		419,555

		Total		3,019,005

	Health Care (0.1%)
	255	Allergan plc, Convertible, 5.500%		220,575
	3,235	Becton Dickinson and Company, Convertible, 6.125%		177,214

		Total		397,789


	Industrials (<0.1%)
	1,710	Stanley Black & Decker, Inc., Convertible, 5.375%		187,621

		Total		187,621


		Total Preferred Stock (cost $3,895,663)		4,302,989


		Collateral Held for Securities Loaned (1.4%)
	5,142,025	Thrivent Cash Management Trust		5,142,025

		Total Collateral Held for Securities Loaned (cost $5,142,025)		5,142,025

Shares or Principal Amount		Short-Term Investments (9.8%)^l
		Federal Home Loan Bank Discount Notes
	400,000	0.860%, 7/26/2017^m		399,744
	100,000	1.030%, 8/11/2017^m		99,890
	200,000	0.980%, 8/23/2017^m		199,711
	200,000	1.035%, 9/27/2017^m		199,508
	3,647,737	Thrivent Core Short-Term Reserve Fund 1.240%		36,477,372

		Total Short-Term Investments (cost $37,376,222)		37,376,225

		Total Investments (cost $388,188,324) 108.3%	$	414,941,848

		Other Assets and Liabilities, Net (8.3%)		(31,718,037	)

		Total Net Assets 100.0%	$	383,223,811

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

111

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)

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

b	All or a portion of the loan is unfunded.

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

d	Non-income producing security.

e	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.

g	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, 2017.

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, 2017.

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

k	Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest and have no contractual maturity date. Date shown, if applicable, is next call 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 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, 2017 was $6,681,053 or 1.7% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of June 30, 2017.


Security	Acquisition Date		Cost
AJAX Mortgage Loan Trust, 4/25/2057		5/19/2017	$	349,894
ALM XI Ltd., 10/17/2026		4/28/2017		375,000
Angel Oak Mortgage Trust, 11/25/2045		12/10/2015		93,015
Apidos CLO XVIII, 7/22/2026		4/4/2017		225,000
BlueMountain CLO, Ltd., 10/15/2026		4/10/2017		525,135
CLUB Credit Trust, 4/17/2023		6/14/2017		299,999
Cobank ACB, 6.250%, 10/1/2022		1/15/2016		257,508
COLT Mortgage Loan Trust, 9/25/2046		9/9/2016		190,316
Digicel, Ltd., 4/15/2021		8/19/2013		254,485
GCAT, LLC, 3/25/2047		3/22/2017		405,509
Madison Park Funding XIV, Ltd., 7/20/2026		4/13/2017		500,000
Marlette Funding Trust, 1/17/2023		7/20/2016		202,012
Murray Hill Marketplace Trust, 11/25/2022		10/6/2016		59,776
NRZ Advance Receivables Trust Advance Receivables Backed, 6/15/2049		6/23/2016		225,500
Octagon Investment Partners XX, Ltd., 8/12/2026		4/21/2017		350,000
Preferred Term Securities XXIII, Ltd., 12/22/2036		9/14/2006		477,776
Preston Ridge Partners Mortgage Trust, LLC, 9/27/2021		9/23/2016		243,912
Preston Ridge Partners Mortgage Trust, LLC, 1/25/2022		1/24/2017		284,709
Pretium Mortgage Credit Partners I, LLC, 7/27/2031		6/17/2016		222,246
Sunset Mortgage Loan Company, LLC, 7/16/2047		7/27/2016		81,281
Sunset Mortgage Loan Company, LLC, 9/18/2045		10/2/2015		64,221
US Residential Opportunity Fund Trust, 7/27/2036		7/20/2016		306,495
Voya CLO 4, Ltd., 10/14/2026		6/16/2017		425,000
Wachovia Asset Securitization, Inc., 7/25/2037		3/16/2007		413,569

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, 2017:

Securities Lending Transactions


Common Stock	$	1,942,238
Taxable Debt Security		3,039,820

Total lending	$	4,982,058
Gross amount payable upon return of collateral for securities loaned	$	5,142,025

Net amounts due to counterparty	$	159,967

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.
Ser.	-	Series
SPDR	-	S&P Depository Receipts, which are exchange-traded funds traded in the U.S., Europe, and Asia-Pacific and managed by State Street Global Advisors.

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, 2017

(unaudited)


Principal Amount		Bank Loans (13.0%)^a	Value
	Basic Materials (0.7%)
		Arch Coal, Inc., Term Loan
	$533,662	5.226%, 3/7/2024	$	532,553
		Chemours Company, Term Loan
	424,783	3.570%, 5/12/2022		425,952
		Contura Energy, Inc., Term Loan
	982,538	6.230%, 3/17/2024		953,061
		Ineos Finance, LLC, Term Loan
	1,262,815	3.976%, 3/31/2022^b,c		1,264,658
		Peabody Energy Corporation, Term Loan
	284,287	5.726%, 3/31/2022		283,648
		Tronox Pigments BV, Term Loan
	1,213,504	4.796%, 3/19/2020		1,219,571

		Total		4,679,443

	Capital Goods (1.0%)
		Advanced Disposal Services, Inc., Term Loan
	594,990	3.939%, 11/10/2023		596,798
		Berry Plastics Corporation, Term Loan
	1,125,000	3.367%, 2/8/2020		1,124,685
	410,000	3.367%, 1/6/2021		409,762
	349,125	3.617%, 1/19/2024		348,978
		Cortes NP Intermediate Holding II Corporation, Term Loan
	1,850,000	5.226%, 11/30/2023		1,856,161
		Reynolds Group Holdings, Inc., Term Loan
	446,631	4.226%, 2/5/2023		446,957
		Sterigenics-Nordion Holdings, LLC, Term Loan
	1,689,316	4.226%, 5/15/2022		1,682,981

		Total		6,466,322

	Communications Services (4.1%)
		Altice Financing SA, Term Loan
	495,000	3.908%, 7/15/2025		493,297
		Altice US Finance I Corporation, Term Loan
	620,000	3.466%, 7/14/2025		613,800
		Atlantic Broadband Penn, LLC, Term Loan
	103,507	3.726%, 11/30/2019		103,551
		Beasley Broadcast Group, Inc., Term Loan
	448,189	7.226%, 11/1/2023		452,671
		Birch Communication Inc., Term Loan
	627,252	8.550%, 7/18/2020		446,396
		CBS Radio, Inc., Term Loan
	342,251	4.716%, 10/17/2023		342,679
		Cengage Learning Acquisitions, Term Loan
	1,161,734	5.339%, 6/7/2023		1,095,062
		Charter Communications Operating, LLC, Term Loan
	49,741	3.230%, 7/1/2020		49,872
	49,741	3.230%, 1/3/2021		49,865
		Cincinnati Bell, Inc., Term Loan
	402,775	4.051%, 9/10/2020		405,493
		Coral-US Co-Borrower, LLC, Term Loan
	1,435,000	4.726%, 11/19/2024		1,437,698
		CSC Holdings, LLC, Term Loan
	825,000	3.459%, 7/17/2025		818,606
	Communications Services (4.1%) - continued
		FairPoint Communications, Inc., Term Loan
	891,504	7.500%, 2/14/2019		891,691
		Gray Television, Inc., Term Loan
	497,500	3.551%, 2/7/2024		499,366
		Hargray Merger Subsidiary Corporation, Term Loan
	395,000	4.226%, 3/24/2024		395,371
		Intelsat Jackson Holdings SA, Term Loan
	331,029	4.000%, 6/30/2019		327,977
		Level 3 Financing, Inc., Term Loan
	1,600,000	3.466%, 2/22/2024		1,603,008
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	1,235,000	4.658%, 1/7/2022		1,221,625
	245,000	7.908%, 7/7/2023		243,775
		LTS Buyer, LLC, Term Loan
	1,149,942	4.546%, 4/13/2020		1,153,391
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	990,000	5.226%, 5/4/2022		972,517
		Mediacom Illinois, LLC, Term Loan
	438,900	3.440%, 2/15/2024		439,997
		NEP/NCP Holdco, Inc., Term Loan
	1,488,870	4.476%, 1/22/2020		1,488,409
	1,250,000	0.000%, 7/21/2022^b,c		1,249,613
		New LightSquared, Term Loan
	266,546	19.939%, 12/7/2020		258,360
		SBA Senior Finance II, LLC, Term Loan
	460,750	3.480%, 3/24/2021		461,501
	88,200	3.480%, 6/10/2022		88,222
		SFR Group SA, Term Loan
	450,000	3.944%, 6/22/2025		445,923
		Sprint Communications, Inc., Term Loan
	1,815,450	3.750%, 2/2/2024		1,815,069
		TNS, Inc., Term Loan
	339,708	5.230%, 2/15/2020		342,001
		Univision Communications, Inc., Term Loan
	870,628	3.976%, 3/15/2024		852,850
		Virgin Media Bristol, LLC, Term Loan
	905,000	3.909%, 1/31/2025		904,774
		WideOpenWest Finance, LLC, Term Loan
	1,545,000	0.000%, 8/6/2023^b,c		1,542,374
	1,042,125	4.702%, 8/19/2023		1,040,353
		Zayo Group, LLC, Term Loan
	886,553	3.716%, 1/19/2024		886,926

		Total		25,434,083

	Consumer Cyclical (1.5%)
		Amaya Holdings BV, Term Loan
	1,308,369	4.796%, 8/1/2021		1,309,559
		Boyd Gaming Corporation, Term Loan
	412,322	3.688%, 9/15/2023		413,097
		Burlington Coat Factory Warehouse Corporation, Term Loan
	506,238	3.960%, 7/29/2021		507,290
		Ceridian HCM Holding, Inc., Term Loan
	282,821	4.726%, 9/15/2020		280,525
		Eldorado Resorts, Inc., Term Loan
	418,950	3.375%, 4/17/2024		415,284

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, 2017

(unaudited)


Principal Amount		Bank Loans (13.0%)^a	Value
	Consumer Cyclical (1.5%) - continued
		Four Seasons Hotels, Ltd., Term Loan
	$897,744	3.726%, 11/30/2023	$	902,978
		Golden Nugget, Inc., Term Loan
	136,236	4.710%, 11/21/2019		137,514
		Golden Nugget, Inc., Term Loan Delayed Draw
	58,387	4.680%, 11/21/2019		58,935
		IMG Worldwide, Inc., Term Loan
	266,667	8.476%, 5/6/2022		269,667
		KAR Auction Services, Inc., Term Loan
	335,163	3.813%, 3/9/2023		337,258
		Michaels Stores, Inc., Term Loan
	549,873	3.938%, 1/28/2023		548,158
		Mohegan Tribal Gaming Authority, Term Loan
	1,219,436	5.226%, 10/13/2023^b,c		1,232,008
		Scientific Games International, Inc., Term Loan
	2,109,712	5.108%, 10/1/2021		2,129,354
		Seminole Hard Rock Entertainment, Inc., Term Loan
	305,958	4.046%, 5/14/2020		306,151
		Seminole Indian Tribe of Florida, Term Loan
	421,500	3.476%, 4/29/2020		421,816

		Total		9,269,594

	Consumer Non-Cyclical (2.2%)
		Air Medical Group Holdings, Inc., Term Loan
	1,430,000	0.000%, 4/28/2022^b,c		1,422,135
	683,100	5.159%, 4/28/2022		679,343
		Albertson’s, LLC, Term Loan
	711,767	0.000%, 12/21/2022^b,c		703,361
	964,483	0.000%, 6/22/2023^b,c		952,832
		CHS/Community Health Systems, Inc., Term Loan
	125,401	3.960%, 12/31/2019		125,172
	1,098,576	4.210%, 1/27/2021		1,096,169
		Endo Luxembourg Finance Company I SARL., Term Loan
	680,000	5.500%, 4/27/2024		685,950
		Grifols Worldwide Operations USA, Inc., Term Loan
	758,100	3.436%, 1/23/2025		758,608
		Hanesbrands, Inc., Term Loan
	382,350	3.726%, 4/29/2022		385,099
		JBS USA LUX SA, Term Loan
	1,715,700	5.750%, 10/30/2022^b,c		1,671,092
		Libbey Glass, Inc., Term Loan
	277,309	4.096%, 4/9/2021		250,965
		MPH Acquisition Holdings, LLC, Term Loan
	842,330	4.296%, 6/7/2023		841,673
		Ortho-Clinical Diagnostics, Inc., Term Loan
	988,470	5.046%, 6/30/2021		982,094
		Revlon Consumer Products Corporation, Term Loan
	708,216	4.726%, 9/7/2023		659,703
		Valeant Pharmaceuticals International, Inc., Term Loan
	2,743,464	5.830%, 4/1/2022		2,779,486

		Total		13,993,682

	Energy (0.4%)
		Energy Solutions, LLC, Term Loan
	336,104	6.980%, 5/29/2020		337,784
		Houston Fuel Oil Terminal, LLC, Term Loan
	1,057,206	4.550%, 8/19/2021^b,c		1,047,955
		McJunkin Red Man Corporation, Term Loan
	234,637	5.226%, 11/9/2019		235,928
		MEG Energy Corporation, Term Loan
	488,775	4.696%, 12/31/2023		475,642
		Pacific Drilling SA, Term Loan
	576,000	4.750%, 6/3/2018		261,360

		Total		2,358,669

	Financials (0.9%)
		ASP AMC Merger Sub, Inc., Term Loan
	1,450,574	4.796%, 4/13/2024		1,434,255
		Avolon TLB Borrower 1 (Luxembourg) SARL, Term Loan
	705,000	3.962%, 3/20/2022		709,124
		Colorado Buyer, Inc., Term Loan
	220,000	4.170%, 5/1/2024		220,275
	135,000	8.420%, 5/1/2025		135,760
		Delos Finance SARL, Term Loan
	725,000	3.546%, 10/6/2023		726,928
		Digicel International Finance, Ltd., Term Loan
	440,000	4.940%, 5/10/2024		442,614
		DJO Finance, LLC, Term Loan
	294,750	4.387%, 6/7/2020		291,372
		Gartner, Inc., Term Loan
	199,500	3.226%, 4/5/2024		199,999
		MoneyGram International, Inc., Term Loan
	826,268	4.546%, 3/28/2020		825,921
		TransUnion, LLC, Term Loan
	601,894	3.726%, 4/26/2022		605,331

		Total		5,591,579

	Technology (1.4%)
		Accudyne Industries, LLC, Term Loan
	479,383	4.226%, 12/13/2019		475,112
		Dell International, LLC, Term Loan
	293,265	3.730%, 9/7/2023		294,242
		First Data Corporation, Term Loan
	2,070,000	3.716%, 4/26/2024		2,069,255
		Harland Clarke Holdings Corporation, Term Loan
	656,743	7.296%, 12/31/2021		659,206
	488,990	6.796%, 2/9/2022		489,112
		Micron Technologies, Inc., Term Loan
	364,081	3.800%, 4/9/2023		366,735
		ON Semiconductor Corporation, Term Loan
	288,176	3.476%, 3/31/2023		288,305
		Rackspace Hosting, Inc., Term Loan
	980,000	0.000%, 11/3/2023^b,c		979,079
		RP Crown Parent, LLC, Term Loan
	756,200	4.726%, 10/12/2023		760,253
		Western Digital Corporation, Term Loan
	1,611,900	3.976%, 4/29/2023		1,617,348

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, 2017

(unaudited)


Principal Amount		Bank Loans (13.0%)^a	Value
	Technology (1.4%) - continued
		Xerox Business Services, LLC, Term Loan
	$902,732	5.226%, 12/7/2023	$	912,887

		Total		8,911,534

	Transportation (0.5%)
		Arctic LNG Carriers, Ltd., Term Loan
	1,645,000	5.726%, 5/18/2023		1,638,831
		OSG Bulk Ships, Inc., Term Loan
	557,652	5.430%, 8/5/2019		528,376
		XPO Logistics, Inc., Term Loan
	765,000	3.405%, 10/30/2021		766,423

		Total		2,933,630

	Utilities (0.3%)
		Calpine Corporation, Term Loan
	645,063	4.050%, 1/15/2024		643,554
		Intergen NV, Term Loan
	447,671	5.800%, 6/13/2020		446,740
		Talen Energy Supply, LLC, Term Loan
	533,388	5.226%, 7/6/2023		493,720

		Total		1,584,014

		Total Bank Loans (cost $81,658,398)		81,222,550


		Long-Term Fixed Income (50.2%)
	Asset-Backed Securities (4.7%)
		ALM XI Ltd.
	1,100,000	4.342%, 10/17/2026, Ser. 2014-11A, Class CR^*,d		1,099,960
		Apidos CLO XVIII
	650,000	4.403%, 7/22/2026, Ser. 2014-18A, Class CR^*,d		650,582
		Asset Backed Securities Corporation Home Equity Loan Trust
	527,064	1.356%, 7/25/2036, Ser. 2006-HE5, Class A4^d		504,645
	505,268	1.376%, 11/25/2036, Ser. 2006-HE6, Class A4^d		485,869
		BlueMountain CLO, Ltd.
	1,400,000	4.358%, 10/15/2026, Ser. 2014-3A, Class CR^*,d		1,399,982
		CLUB Credit Trust
	825,000	3.170%, 4/17/2023, Ser. 2017-NP1, Class B^*		826,308
		GSAA Home Equity Trust
	1,146,166	1.486%, 7/25/2037, Ser. 2007-7, Class A4^d		1,053,193
		J.P. Morgan Mortgage Acquisition Trust
	1,321,998	4.452%, 3/25/2047, Ser. 2007-HE1, Class AF4^e		979,168
		Lehman XS Trust
	1,002,001	5.440%, 8/25/2035, Ser. 2005-2, Class 2A3B^e		858,674
		Lendmark Funding Trust
	1,600,000	2.830%, 1/22/2024, Ser. 2017-1A, Class A^f		1,599,673
		Madison Park Funding XIV, Ltd.
	1,450,000	4.406%, 7/20/2026, Ser. 2014-14A, Class DR^*,d		1,449,975
		Mariner Finance Issuance Trust
	1,000,000	3.620%, 2/20/2029, Ser. 2017-AA, Class A^*		1,007,779
		Marlette Funding Trust
	785,835	3.060%, 1/17/2023, Ser. 2016-1A, Class A^*		789,376
	1,072,138	2.827%, 3/15/2024, Ser. 2017-AA, Class A^f		1,076,003
		Merrill Lynch Mortgage Investors Trust
	965,308	3.126%, 6/25/2035, Ser. 2005-A5, Class M1		682,758
		Murray Hill Marketplace Trust
	179,332	4.190%, 11/25/2022, Ser. 2016-LC1, Class A^*		180,941
		NCF Dealer Floorplan Master Trust
	750,000	4.462%, 3/21/2022, Ser. 2016-1A, Class A^*,d		745,788
		NRZ Advance Receivables Trust Advance Receivables Backed
	650,000	2.751%, 6/15/2049, Ser. 2016-T1, Class AT1^*		644,914
		Octagon Investment Partners XX, Ltd.
	975,000	4.731%, 8/12/2026, Ser. 2014-1A, Class DR^*,d		974,964
		Preston Ridge Partners Mortgage Trust, LLC
	798,256	4.000%, 9/27/2021, Ser. 2016-1A, Class A1^*,e		796,466
	894,801	4.250%, 1/25/2022, Ser. 2017-1A, Class A1^*,e		899,759
		Pretium Mortgage Credit Partners, LLC
	1,482,712	3.250%, 3/28/2057, Ser. 2017-NPL2, Class A1^e,f		1,485,076
		Renaissance Home Equity Loan Trust
	320,189	5.746%, 5/25/2036, Ser. 2006-1, Class AF6^e		230,726
	881,900	5.797%, 8/25/2036, Ser. 2006-2, Class AF3^e		559,764
		SoFi Consumer Loan Program, LLC
	965,053	3.050%, 12/26/2025, Ser. 2016-3, Class A^f		974,084
	755,163	3.280%, 1/26/2026, Ser. 2017-1, Class A^f		764,983
		US Residential Opportunity Fund Trust
	1,007,054	3.475%, 7/27/2036, Ser. 2016-1III, Class A^*,e		1,013,869
		Vericrest Opportunity Loan Transferee
	1,300,000	3.250%, 4/25/2059, Ser. 2017-NPL7, Class A1^e,f		1,298,860
	571,149	3.500%, 6/26/2045, Ser. 2015-NPL8, Class A1^e,f		572,548
	1,123,820	3.500%, 2/25/2047, Ser. 2017-NPL1, Class A1^e,f		1,124,598
	1,129,228	3.375%, 4/25/2047, Ser. 2017-NPL4, Class A1^e,f		1,128,392
	178,240	3.500%, 2/25/2055, Ser. 2015-NPL4, Class A1^*,e		178,867
		Voya CLO 4, Ltd.
	1,225,000	4.305%, 10/14/2026, Ser. 2014-4A, Class CR^*,c,d		1,225,000

		Total		29,263,544

	Basic Materials (1.3%)
		Alcoa Nederland Holding BV
	735,000	6.750%, 9/30/2024^f		797,475

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (50.2%)	Value
	Basic Materials (1.3%) - continued
		Anglo American Capital plc
	$216,000	4.125%, 9/27/2022^f	$	220,860
	775,000	4.750%, 4/10/2027^f		796,158
		ArcelorMittal SA
	730,000	6.000%, 3/1/2021		785,662
		BWAY Holding Company
	760,000	5.500%, 4/15/2024^f		776,150
		CF Industries, Inc.
	860,000	3.450%, 6/1/2023		812,700
		Dow Chemical Company
	64,000	8.550%, 5/15/2019		71,685
		EI du Pont de Nemours & Company
	216,000	2.200%, 5/1/2020		217,156
		First Quantum Minerals, Ltd.
	322,000	7.000%, 2/15/2021^f		330,050
		FMG Resources Property, Ltd.
	795,000	5.125%, 5/15/2024^f		795,000
		Kinross Gold Corporation
	108,000	5.125%, 9/1/2021		115,020
		LyondellBasell Industries NV
	64,000	5.000%, 4/15/2019		66,910
		Peabody Securities Finance Corporation
	745,000	6.375%, 3/31/2025^f		733,825
		RPM International, Inc., Convertible
	560,000	2.250%, 12/15/2020		660,800
		Sherwin-Williams Company
	216,000	2.250%, 5/15/2020		216,467
		Steel Dynamics, Inc.
	645,000	5.000%, 12/15/2026		661,931
		Vale Overseas, Ltd.
	108,000	5.875%, 6/10/2021		115,938
		Xstrata Finance Canada, Ltd.
	163,000	4.950%, 11/15/2021^f		174,329

		Total		8,348,116


	Capital Goods (1.9%)
		AECOM
	1,105,000	5.875%, 10/15/2024		1,201,688
		Bombardier, Inc.
	725,000	7.500%, 3/15/2025^f		752,187
		Building Materials Corporation of America
	785,000	6.000%, 10/15/2025^f		839,950
		Cemex SAB de CV
	775,000	5.700%, 1/11/2025^f		822,469
		Cintas Corporation No. 2
	162,000	2.900%, 4/1/2022		164,514
		CNH Industrial Capital, LLC
	965,000	4.375%, 11/6/2020		1,012,053
		Crown Americas Capital Corporation IV
	730,000	4.500%, 1/15/2023		764,675
		Crown Cork & Seal Company, Inc.
	410,000	7.375%, 12/15/2026		474,575
		General Electric Company
	545,000	5.000%, 1/21/2021^g		578,463
		Ingersoll-Rand Luxembourg Finance SA
	190,000	2.625%, 5/1/2020		191,865
		L3 Technologies, Inc.
	280,000	4.950%, 2/15/2021		301,840
		Lockheed Martin Corporation
	70,000	2.500%, 11/23/2020		70,955
		Owens-Brockway Glass Container, Inc.
	980,000	5.000%, 1/15/2022^f		1,036,350
		Reynolds Group Issuer, Inc.
	1,125,000	5.125%, 7/15/2023^f		1,168,594
		Rockwell Collins, Inc.
	162,000	1.950%, 7/15/2019		162,244
		Roper Technologies, Inc.
	270,000	2.800%, 12/15/2021		272,271
		Standard Industries, Inc.
	185,000	5.500%, 2/15/2023^f		195,175
		Textron Financial Corporation
	750,000	2.917%, 2/15/2042^d,f		646,875
		Textron, Inc.
	137,000	7.250%, 10/1/2019		151,512
		United Rentals North America, Inc.
	780,000	5.500%, 7/15/2025		817,050

		Total		11,625,305

	Collateralized Mortgage Obligations (9.7%)
		Adjustable Rate Mortgage Trust
	830,305	2.860%, 11/25/2035, Ser. 2005-9, Class 1A4		722,361
		AJAX Mortgage Loan Trust
	949,817	3.470%, 4/25/2057, Ser. 2017-A, Class A^*,e		948,093
		Alternative Loan Trust
	773,488	6.000%, 6/25/2036, Ser. 2006-24CB, Class A9		652,461
		American Home Mortgage Assets Trust
	1,270,703	1.406%, 12/25/2046, Ser. 2006-6, Class A1A^d		999,261
	1,225,756	1.406%, 6/25/2047, Ser. 2007-5, Class A1^d		928,560
		American Home Mortgage Investment Trust
	1,349,998	6.750%, 12/25/2036, Ser. 2006-3, Class 3A2		698,858
		Angel Oak Mortgage Trust
	285,846	4.500%, 11/25/2045, Ser. 2015-1, Class A^*,e		286,219
		Banc of America Alternative Loan Trust
	297,860	1.716%, 4/25/2035, Ser. 2005-3, Class 1CB1^d		252,452
	721,274	6.000%, 11/25/2035, Ser. 2005-10, Class 3CB1		633,138
		Banc of America Funding Corporation
	231,416	3.444%, 5/20/2036, Ser. 2006-D, Class 6A1		204,997
		Bayview Opportunity Master Fund Trust
	401,593	3.475%, 7/28/2031, Ser. 2016-RPL3, Class A1^f		399,831
		BCAP, LLC Trust
	970,407	1.396%, 3/25/2037, Ser. 2007-AA1, Class 2A1^d		914,232
		Bear Stearns Adjustable Rate Mortgage Trust
	153,595	2.830%, 10/25/2035, Ser. 2005-9, Class A1^d		150,620
	185,239	3.272%, 2/25/2036, Ser. 2005-12, Class 11A1		165,003

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (50.2%)	Value
	Collateralized Mortgage Obligations (9.7%) - continued
		Bear Stearns Alt-A Trust
	$974,067	5.212%, 7/25/2035, Ser. 2005-5, Class 25A1	$	773,793
		Citicorp Mortgage Securities Trust
	264,263	6.000%, 5/25/2037, Ser. 2007-4, Class 1A5		263,174
		Citigroup Mortgage Loan Trust, Inc.
	268,171	5.500%, 11/25/2035, Ser. 2005-9, Class 21A2		265,133
	591,310	3.670%, 3/25/2037, Ser. 2007-AR4, Class 2A1A		472,955
		CitiMortgage Alternative Loan Trust
	366,124	5.750%, 4/25/2037, Ser. 2007-A4, Class 1A5		319,138
		COLT Mortgage Loan Trust
	662,334	2.750%, 9/25/2046, Ser. 2016-2, Class A1^*		668,890
		Countrywide Alternative Loan Trust
	176,250	1.616%, 2/25/2035, Ser. 2005-J1, Class 5A1^d		168,074
	82,329	5.500%, 5/25/2035, Ser. 2005-J3, Class 2A13		82,087
	590,873	2.508%, 10/25/2035, Ser. 2005-43, Class 1A1		556,823
	401,107	3.045%, 10/25/2035, Ser. 2005-43, Class 4A1		339,576
	288,592	5.500%, 2/25/2036, Ser. 2005-85CB, Class 2A2		272,736
	164,225	6.000%, 4/25/2036, Ser. 2006-4CB, Class 1A1		138,903
	436,439	6.500%, 8/25/2036, Ser. 2006-23CB, Class 2A3		297,119
	133,964	6.000%, 1/25/2037, Ser. 2006-39CB, Class 1A16		128,868
	595,215	5.500%, 5/25/2037, Ser. 2007-8CB, Class A1		495,730
		Countrywide Home Loan Mortgage Pass Through Trust
	825,690	3.193%, 11/25/2035, Ser. 2005-22, Class 2A1		708,520
	286,916	3.155%, 2/20/2036, Ser. 2005-HY10, Class 5A1		238,467
		CSMC Mortgage-Backed Trust
	698,926	5.500%, 3/25/2037, Ser. 2007-2, Class 3A4		639,037
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	225,489	1.416%, 11/25/2035, Ser. 2005-5, Class 2A1^d		134,574
	464,563	5.500%, 11/25/2035, Ser. 2005-5, Class 1A4		471,698
	691,723	1.502%, 4/25/2047, Ser. 2007-OA2, Class A1^d		640,525
	1,111,862	1.436%, 8/25/2047, Ser. 2007-OA5, Class A1B^d		1,000,890
		Federal Home Loan Mortgage Corporation
	4,004,130	2.500%, 12/15/2022, Ser. 4155, Class AI^h		201,977
	1,394,015	2.500%, 5/15/2027, Ser. 4106, Class HI^h		99,088
	1,684,551	2.500%, 2/15/2028, Ser. 4162, Class AI^h		132,723
	5,345,018	2.500%, 3/15/2028, Ser. 4177, Class EI^h		462,333
	2,645,714	3.000%, 4/15/2028, Ser. 4193, Class AI^h		239,290
	2,469,197	3.000%, 2/15/2033, Ser. 4170, Class IG^h		289,222
		Federal National Mortgage Association
	2,351,244	2.500%, 2/25/2028, Ser. 2013-46, Class CI^h		198,229
	1,898,139	3.000%, 4/25/2028, Ser. 2013-30, Class DI^h		172,949
	2,217,202	3.500%, 1/25/2033, Ser. 2012-150, Class YI^h		289,869
		First Horizon Alternative Mortgage Securities Trust
	601,280	3.131%, 3/25/2035, Ser. 2005-AA2, Class 1A1		566,676
	668,734	3.219%, 7/25/2035, Ser. 2005-AA5, Class 2A1		640,682
	653,635	6.000%, 8/25/2036, Ser. 2006-FA4, Class 1A4^d		548,686
		First Horizon Mortgage Pass-Through Trust
	624,290	3.178%, 8/25/2037, Ser. 2007-AR2, Class 1A2		534,056
		GCAT, LLC
	1,171,012	3.375%, 3/25/2047, Ser. 2017-1, Class A1^*,e		1,168,529
		GMAC Mortgage Corporation Loan Trust
	954,814	3.662%, 5/25/2035, Ser. 2005-AR2, Class 4A		897,647
		Government National Mortgage Association
	1,998,489	4.000%, 1/16/2027, Ser. 2012-3, Class IO^h		191,555
		Greenpoint Mortgage Funding Trust
	551,705	1.224%, 10/25/2045, Ser. 2005-AR4, Class G41B^d		478,561
		HarborView Mortgage Loan Trust
	1,103,917	3.575%, 7/19/2035, Ser. 2005-4, Class 3A1		978,984
		IndyMac IMJA Mortgage Loan Trust
	629,959	6.250%, 11/25/2037, Ser. 2007-A3, Class A1		507,567
		IndyMac INDX Mortgage Loan Trust
	845,098	3.285%, 10/25/2035, Ser. 2005-AR19, Class A1		697,435
	757,119	1.856%, 7/25/2045, Ser. 2005-16IP, Class A1^d		695,728
		J.P. Morgan Alternative Loan Trust
	842,449	6.500%, 3/25/2036, Ser. 2006-S1, Class 1A19		763,855
		J.P. Morgan Mortgage Trust
	165,620	6.500%, 1/25/2035, Ser. 2005-S1, Class 1A2		172,692
	583,886	3.300%, 8/25/2035, Ser. 2005-A5, Class 1A2		582,819
	890,221	3.317%, 2/25/2036, Ser. 2006-A1, Class 2A2		831,073
	837,779	3.247%, 10/25/2036, Ser. 2006-A6, Class 1A2		774,608

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (50.2%)	Value
	Collateralized Mortgage Obligations (9.7%) - continued
	$ 602,845	1.596%, 1/25/2037, Ser. 2006-S4, Class A8^d	$	344,603
	451,426	3.263%, 1/25/2037, Ser. 2006-A7, Class 2A2		446,944
	334,466	6.250%, 8/25/2037, Ser. 2007-S3, Class 1A10		248,434
		Lehman Mortgage Trust
	343,308	1.966%, 12/25/2035, Ser. 2005-2, Class 3A1^d		260,048
		Master Asset Securitization Trust
	448,184	1.716%, 6/25/2036, Ser. 2006-2, Class 2A2^d		220,074
		MASTR Alternative Loans Trust
	165,115	6.500%, 7/25/2034, Ser. 2004-6, Class 6A1		169,855
	344,670	1.666%, 12/25/2035, Ser. 2005-6, Class 2A1^d		169,221
		Merrill Lynch Alternative Note Asset Trust
	498,694	6.000%, 3/25/2037, Ser. 2007-F1, Class 2A1		395,169
		Mill City Mortgage Loan Trust
	1,182,089	2.750%, 11/25/2058, Ser. 2017-1, Class A1^f		1,191,536
		Morgan Stanley Mortgage Loan Trust
	376,983	3.188%, 11/25/2035, Ser. 2005-6AR, Class 5A1		298,216
		MortgageIT Trust
	638,476	1.476%, 12/25/2035, Ser. 2005-5, Class A1^d		596,863
		New Century Alternative Mortgage Loan Trust
	903,348	6.167%, 7/25/2036, Ser. 2006-ALT1, Class AF6^e		533,848
		Pretium Mortgage Credit Partners I, LLC
	888,983	4.000%, 7/27/2031, Ser. 2016-NPL4, Class A^*,e		894,634
		Pretium Mortgage Credit Partners, LLC
	1,056,463	3.500%, 4/29/2031, Ser. 2017-NPL1, Class A1^*,e		1,060,438
		Residential Accredit Loans, Inc. Trust
	1,248,092	4.110%, 9/25/2035, Ser. 2005-QA10, Class A31		1,058,683
	497,668	5.750%, 9/25/2035, Ser. 2005-QS13, Class 2A3		450,195
	733,622	6.000%, 4/25/2036, Ser. 2006-QS4, Class A2		661,608
	593,251	6.000%, 1/25/2037, Ser. 2007-QS1, Class 1A1		511,389
	1,019,297	5.750%, 4/25/2037, Ser. 2007-QS6, Class A28		908,634
	624,598	6.250%, 4/25/2037, Ser. 2007-QS6, Class A6		567,532
	264,976	6.000%, 6/25/2037, Ser. 2007-QS8, Class A10		229,032
	1,113,330	1.406%, 7/25/2037, Ser. 2007-QH6, Class A1^d		1,004,143
		Residential Asset Securitization Trust
	711,891	6.242%, 8/25/2022, Ser. 2007-A8, Class 3A1		614,872
	392,151	5.500%, 4/25/2035, Ser. 2005-A1, Class A3		394,904
	764,401	1.596%, 8/25/2037, Ser. 2007-A8, Class 2A3^d		207,330
		Residential Funding Mortgage Security I Trust
	611,582	5.977%, 12/25/2032, Ser. 2003-S12, Class M1		651,781
	581,800	5.750%, 2/25/2036, Ser. 2006-S2, Class A1		546,033
	739,934	6.000%, 7/25/2037, Ser. 2007-S7, Class A20		689,100
		Sequoia Mortgage Trust
	1,451,180	3.502%, 9/20/2046, Ser. 2007-1, Class 4A1		1,189,416
		Structured Adjustable Rate Mortgage Loan Trust
	145,401	3.529%, 12/25/2034, Ser. 2004-18, Class 5A		142,901
	515,380	3.357%, 7/25/2035, Ser. 2005-15, Class 4A1		445,165
	282,497	3.489%, 9/25/2035, Ser. 2005-18, Class 1A1		228,593
		Structured Asset Mortgage Investments, Inc.
	1,226,287	1.526%, 12/25/2035, Ser. 2005-AR4, Class A1^d		1,045,961
		Sunset Mortgage Loan Company, LLC
	385,329	4.459%, 9/18/2045, Ser. 2015-NPL1, Class A^*,e		385,991
	750,000	3.500%, 6/16/2047, Ser. 2017-NPL1, Class A^*,e		751,756
	243,843	3.844%, 7/16/2047, Ser. 2016-NPL1, Class A^*,e		244,013
		Suntrust Alternative Loan Trust
	560,820	5.750%, 12/25/2035, Ser. 2005-1F, Class 2A5		547,895
		WaMu Mortgage Pass Through Certificates
	882,502	2.925%, 8/25/2036, Ser. 2006-AR8, Class 3A2		806,894
	488,600	2.708%, 11/25/2036, Ser. 2006-AR14, Class 1A1		463,938
	1,010,003	2.567%, 1/25/2037, Ser. 2006-AR18, Class 1A1		906,859
	88,541	2.887%, 8/25/2046, Ser. 2006-AR8, Class 1A1		80,928
	450,187	1.652%, 9/25/2046, Ser. 2006-AR11, Class 3A1A^d		396,298
	1,319,623	1.692%, 9/25/2046, Ser. 2006-AR11, Class 1A^d		1,114,069
	1,285,613	1.612%, 10/25/2046, Ser. 2006-AR13, Class 1A^d		1,146,959
	1,197,772	1.512%, 12/25/2046, Ser. 2006-AR17, Class 1A^d		1,040,775
	488,051	1.895%, 3/25/2047, Ser. 2007-OA2, Class 2A^d		405,119
		Washington Mutual Mortgage Pass Through Certificates
	389,250	1.816%, 6/25/2035, Ser. 2005-4, Class 5A5^d		327,707
	624,868	6.000%, 11/25/2035, Ser. 2005-10, Class 2A9		583,732
	897,390	7.000%, 4/25/2037, Ser. 2007-2, Class 1A1		522,361

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (50.2%)	Value
	Collateralized Mortgage Obligations (9.7%) - continued
		Washington Mutual Mortgage Pass Through Certificates Trust
	$ 849,947	7.000%, 2/25/2036, Ser. 2006-1, Class 2CB1	$	641,112
	899,037	1.482%, 2/25/2047, Ser. 2007-OA3, Class 2A^d		684,792
		Wells Fargo Mortgage Backed Securities Trust
	830,953	3.270%, 7/25/2036, Ser. 2006-AR10, Class 2A1		820,042
	256,577	6.000%, 7/25/2037, Ser. 2007-8, Class 1A16		258,054
	368,350	6.000%, 11/25/2037, Ser. 2007-15, Class A1		365,960

		Total		61,022,038

	Commercial Mortgage-Backed Securities (0.1%)
		Greenwich Capital Commercial Funding Corporation
	650,000	5.867%, 12/10/2049, Ser. 2007-GG11, Class AM		651,752

		Total		651,752

	Communications Services (3.4%)
		Altice US Finance I Corporation
	725,000	5.500%, 5/15/2026^f		761,250
		AMC Networks, Inc.
	1,080,000	5.000%, 4/1/2024		1,105,650
		American Tower Corporation
	60,000	2.800%, 6/1/2020		60,811
	98,000	3.450%, 9/15/2021		101,052
		AT&T, Inc.
	104,000	5.875%, 10/1/2019		112,556
	108,000	5.200%, 3/15/2020		116,042
	65,000	2.226%, 6/30/2020^d		65,851
	380,000	2.800%, 2/17/2021		383,999
		British Sky Broadcasting Group plc
	110,000	3.125%, 11/26/2022^f		111,892
		CBS Corporation
	165,000	2.500%, 2/15/2023^c		163,058
		CCO Holdings, LLC
	1,000,000	5.875%, 4/1/2024^f		1,067,500
		CenturyLink, Inc.
	400,000	6.450%, 6/15/2021		432,000
		Charter Communications Operating, LLC
	245,000	3.579%, 7/23/2020		253,158
	35,000	4.464%, 7/23/2022		37,287
		Clear Channel Worldwide Holdings, Inc.
	1,070,000	6.500%, 11/15/2022		1,099,639
		Columbus International, Inc.
	750,000	7.375%, 3/30/2021^f		795,937
		Comcast Corporation
	216,000	1.625%, 1/15/2022		209,996
		Crown Castle International Corporation
	140,000	3.400%, 2/15/2021		143,759
	800,000	5.250%, 1/15/2023		888,563
		CSC Holdings, LLC
	80,000	5.500%, 4/15/2027^f		84,600
		Digicel, Ltd.
	760,000	6.000%, 4/15/2021^*		728,650
		DISH Network Corporation, Convertible
	754,000	3.375%, 8/15/2026^f		914,225
		Hughes Satellite Systems Corporation
	513,000	6.500%, 6/15/2019		554,040
		Intelsat Jackson Holdings SA
	1,165,000	8.000%, 2/15/2024^f		1,255,287
		Level 3 Communications, Inc.
	475,000	5.375%, 1/15/2024		495,781
		Level 3 Escrow II, Inc.
	400,000	5.375%, 8/15/2022		412,000
		Liberty Interactive, LLC, Convertible
	727,000	1.750%, 9/30/2046^f		831,052
		Liberty Media Corporation, Convertible
	736,000	1.000%, 1/30/2023^f		852,380
		Moody’s Corporation
	108,000	2.750%, 12/15/2021		108,895
		Neptune Finco Corporation
	610,000	10.875%, 10/15/2025^f		734,287
		Nexstar Escrow Corporation
	1,210,000	5.625%, 8/1/2024^f		1,225,125
		Orange SA
	185,000	1.625%, 11/3/2019		183,395
		Quebecor Media, Inc.
	635,000	5.750%, 1/15/2023		669,925
		SBA Tower Trust
	200,000	3.598%, 4/15/2043^f		200,064
		SFR Group SA
	770,000	6.000%, 5/15/2022^f		805,612
		Sprint Corporation
	760,000	7.625%, 2/15/2025		874,950
		Telefonica Emisiones SAU
	126,000	3.192%, 4/27/2018		127,334
		Time Warner, Inc.
	108,000	4.875%, 3/15/2020		115,431
		T-Mobile USA, Inc.
	770,000	6.125%, 1/15/2022		809,222
		Verizon Communications, Inc.
	190,000	1.375%, 8/15/2019		188,322
	98,000	4.500%, 9/15/2020		104,679
	67,000	2.946%, 3/15/2022^f		67,458
		Viacom, Inc.
	216,000	4.250%, 9/1/2023		225,458
		Virgin Media Secured Finance plc
	755,000	5.250%, 1/15/2026^f		785,812

		Total		21,263,984

	Consumer Cyclical (2.7%)
		Allison Transmission, Inc.
	1,115,000	5.000%, 10/1/2024^f		1,142,875
		American Honda Finance Corporation
	162,000	2.000%, 2/14/2020		162,344
		BMW US Capital, LLC
	145,000	1.500%, 4/11/2019^f		144,433
		Brookfield Residential Properties, Inc.
	730,000	6.125%, 7/1/2022^f		755,550
		CVS Health Corporation
	108,000	2.750%, 12/1/2022		108,122
		eBay, Inc.
	95,000	2.500%, 3/9/2018		95,550
		Ford Motor Credit Company, LLC
	216,000	2.262%, 3/28/2019		216,596

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (50.2%)	Value
	Consumer Cyclical (2.7%) - continued
	$ 210,000	1.897%, 8/12/2019	$	208,402
	95,000	2.597%, 11/4/2019		95,636
	162,000	3.336%, 3/18/2021		165,113
		General Motors Financial Company, Inc.
	210,000	3.150%, 1/15/2020		213,588
	162,000	2.650%, 4/13/2020		162,741
	162,000	4.375%, 9/25/2021		171,385
	108,000	3.150%, 6/30/2022		107,541
		Home Depot, Inc.
	110,000	2.000%, 4/1/2021		109,681
	65,000	2.625%, 6/1/2022		65,975
		Hyundai Capital America
	108,000	2.550%, 4/3/2020^f		107,722
		Jaguar Land Rover Automotive plc
	200,000	4.125%, 12/15/2018^f		203,750
	383,000	5.625%, 2/1/2023^f		398,320
		L Brands, Inc.
	570,000	5.625%, 2/15/2022		609,900
		Lennar Corporation
	1,180,000	4.500%, 4/30/2024		1,219,648
		Live Nation Entertainment, Inc.
	1,110,000	5.375%, 6/15/2022^f		1,151,715
		Macy’s Retail Holdings, Inc.
	176,000	7.450%, 7/15/2017		176,200
		McDonald’s Corporation
	216,000	2.625%, 1/15/2022		217,269
		MGM Resorts International
	775,000	6.000%, 3/15/2023		854,437
		New Red Finance, Inc.
	800,000	4.250%, 5/15/2024^f		794,952
		Newell Rubbermaid, Inc.
	95,000	3.150%, 4/1/2021		97,249
		Nissan Motor Acceptance Corporation
	162,000	2.000%, 3/8/2019^f		162,129
		Prime Security Services Borrower, LLC
	1,020,000	9.250%, 5/15/2023^f		1,108,393
		PulteGroup, Inc.
	1,105,000	4.250%, 3/1/2021		1,151,963
		Ralph Lauren Corporation
	70,000	2.625%, 8/18/2020		71,114
		Royal Caribbean Cruises, Ltd.
	750,000	5.250%, 11/15/2022		830,940
		Scientific Games International, Inc.
	705,000	7.000%, 1/1/2022^f		750,825
		Six Flags Entertainment Corporation
	770,000	4.875%, 7/31/2024^f		774,712
		Starbucks Corporation
	115,000	2.100%, 2/4/2021		115,708
		Toll Brothers Finance Corporation
	124,000	4.000%, 12/31/2018		127,100
		Visa, Inc.
	70,000	2.200%, 12/14/2020		70,579
		Volkswagen Group of America Finance, LLC
	150,000	2.450%, 11/20/2019^f		150,836
		West Corporation
	550,000	5.375%, 7/15/2022^f		555,500
		Yum! Brands, Inc.
	1,105,000	5.000%, 6/1/2024^f		1,151,963

		Total		16,778,456

	Consumer Non-Cyclical (2.6%)
		Abbott Laboratories
	216,000	2.550%, 3/15/2022		214,338
	162,000	3.400%, 11/30/2023		165,813
		AbbVie, Inc.
	216,000	2.500%, 5/14/2020		218,488
	108,000	2.900%, 11/6/2022		109,002
		Amgen, Inc.
	216,000	2.650%, 5/11/2022		216,697
		Anheuser-Busch InBev Finance, Inc.
	120,000	2.430%, 2/1/2021^d		124,280
	275,000	2.650%, 2/1/2021		278,664
	108,000	3.300%, 2/1/2023		111,197
		Anheuser-Busch InBev Worldwide, Inc.
	48,000	6.500%, 7/15/2018		50,330
		BAT International Finance plc
	65,000	1.756%, 6/15/2018^d,f		65,176
		Bayer U.S. Finance, LLC
	220,000	2.375%, 10/8/2019^f		221,762
		Becton, Dickinson and Company
	216,000	3.125%, 11/8/2021		219,993
		Biogen, Inc.
	162,000	3.625%, 9/15/2022		169,409
		Boston Scientific Corporation
	35,000	6.000%, 1/15/2020		38,090
		Bunge Limited Finance Corporation
	70,000	3.500%, 11/24/2020		71,759
		Cardinal Health, Inc.
	110,000	1.948%, 6/14/2019		110,114
	110,000	2.616%, 6/15/2022		110,089
		Celgene Corporation
	70,000	3.550%, 8/15/2022		72,862
		CHS/Community Health Systems, Inc.
	770,000	6.250%, 3/31/2023		794,910
		Community Health Systems, Inc.
	400,000	8.000%, 11/15/2019		402,000
		Constellation Brands, Inc.
	108,000	2.700%, 5/9/2022		107,856
		Cott Beverages, Inc.
	770,000	5.375%, 7/1/2022		797,913
		CVS Health Corporation
	64,000	2.250%, 12/5/2018		64,397
		Envision Healthcare Corporation
	750,000	5.125%, 7/1/2022^f		769,688
		Express Scripts Holding Company
	108,000	4.750%, 11/15/2021		116,698
	95,000	3.000%, 7/15/2023		94,325
		Forest Laboratories, Inc.
	26,000	4.375%, 2/1/2019^f		26,814
		Forest Laboratories, LLC
	53,000	4.875%, 2/15/2021^f		57,018
		Gilead Sciences, Inc.
	200,000	1.950%, 3/1/2022		195,984
		HCA, Inc.
	430,000	5.250%, 6/15/2026		463,755
	575,000	4.500%, 2/15/2027		591,531
		JBS USA, LLC
	390,000	5.875%, 7/15/2024^f		365,625
	780,000	5.750%, 6/15/2025^f		733,200
		Kraft Heinz Foods Company
	210,000	5.375%, 2/10/2020		226,319
		Laboratory Corporation of America Holdings
	25,000	2.625%, 2/1/2020		25,204

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (50.2%)	Value
	Consumer Non-Cyclical (2.6%) - continued
		Land O’Lakes, Inc.
	$ 440,000	7.250%, 4/4/2027^f,g	$	470,250
		Mead Johnson Nutrition Company
	70,000	3.000%, 11/15/2020		71,797
		Medtronic Global Holdings SCA
	216,000	1.700%, 3/28/2019		216,145
		Molson Coors Brewing Company
	185,000	1.450%, 7/15/2019		182,753
		Mondelez International Holdings Netherlands BV
	162,000	2.000%, 10/28/2021^f		157,823
		Mylan NV
	216,000	3.150%, 6/15/2021		219,726
		PepsiCo, Inc.
	210,000	1.680%, 10/6/2021^d		212,727
		Pernod Ricard SA
	190,000	5.750%, 4/7/2021^f		211,563
		Pinnacle Foods, Inc.
	500,000	5.875%, 1/15/2024		533,750
		Post Holdings, Inc.
	760,000	5.500%, 3/1/2025^f		783,750
		Reynolds American, Inc.
	35,000	3.250%, 6/12/2020		36,031
		Shire Acquisitions Investments Ireland Designated Activity Company
	225,000	1.900%, 9/23/2019		223,965
	216,000	2.400%, 9/23/2021		213,460
		Smithfield Foods, Inc.
	162,000	2.700%, 1/31/2020^f		162,843
		Teleflex, Inc.
	725,000	4.875%, 6/1/2026		741,313
		Tenet Healthcare Corporation
	1,005,000	8.125%, 4/1/2022		1,067,812
		Teva Pharmaceutical Finance Netherlands III BV
	275,000	2.200%, 7/21/2021		269,930
		TreeHouse Foods, Inc.
	510,000	4.875%, 3/15/2022		526,575
		Tyson Foods, Inc.
	98,000	4.500%, 6/15/2022		106,241
		VPII Escrow Corporation
	410,000	7.500%, 7/15/2021^f		397,187
		VRX Escrow Corporation
	800,000	6.125%, 4/15/2025^f		677,000
		Zoetis, Inc.
	161,000	3.450%, 11/13/2020		166,489

		Total		16,050,430

	Energy (2.8%)
		Alliance Resource Operating Partners, LP
	760,000	7.500%, 5/1/2025^f		798,950
		Anadarko Petroleum Corporation
	77,000	8.700%, 3/15/2019		84,927
	33,000	4.850%, 3/15/2021		35,219
		Antero Resources Corporation
	260,000	5.125%, 12/1/2022		260,567
	500,000	5.625%, 6/1/2023		506,250
		BP Capital Markets plc
	180,000	1.676%, 5/3/2019		179,401
	108,000	2.315%, 2/13/2020		108,984
		Buckeye Partners, LP
	98,000	2.650%, 11/15/2018		98,524
		Canadian Natural Resources, Ltd.
	110,000	2.950%, 1/15/2023		109,110
		Cenovus Energy, Inc.
	108,000	3.800%, 9/15/2023		106,531
		Concho Resources, Inc.
	570,000	5.500%, 10/1/2022		584,962
	320,000	4.375%, 1/15/2025		326,400
		Continental Resources, Inc.
	108,000	5.000%, 9/15/2022		105,975
		Crestwood Midstream Partners, LP
	510,000	6.250%, 4/1/2023		521,475
		Devon Energy Corporation
	210,000	3.250%, 5/15/2022		208,684
		Enbridge, Inc.
	110,000	2.900%, 7/15/2022^c		109,760
		Encana Corporation
	133,000	3.900%, 11/15/2021		135,552
		Energy Transfer Equity, LP
	780,000	5.500%, 6/1/2027		807,300
		Energy Transfer Partners, LP
	165,000	4.150%, 10/1/2020		171,356
		Enterprise Products Operating, LLC
	960,000	7.034%, 1/15/2068		983,040
		EOG Resources, Inc.
	180,000	2.625%, 3/15/2023		177,639
		EQT Corporation
	60,000	5.150%, 3/1/2018		61,095
	62,000	8.125%, 6/1/2019		68,418
		Exxon Mobil Corporation
	140,000	1.708%, 3/1/2019		140,399
		Kinder Morgan Energy Partners, LP
	216,000	3.450%, 2/15/2023		217,294
		Marathon Oil Corporation
	108,000	2.700%, 6/1/2020		107,039
	200,000	2.800%, 11/1/2022		191,726
		Marathon Petroleum Corporation
	70,000	3.400%, 12/15/2020		71,999
		MEG Energy Corporation
	410,000	6.375%, 1/30/2023^f		316,981
		MPLX, LP
	162,000	4.500%, 7/15/2023		171,953
	1,010,000	4.875%, 12/1/2024		1,076,914
		Nabors Industries, Inc., Convertible
	360,000	0.750%, 1/15/2024^f		286,425
		ONEOK, Inc.
	162,000	7.500%, 9/1/2023		193,185
		PBF Holding Company, LLC
	1,045,000	7.250%, 6/15/2025^f		1,007,119
		Petrobras Global Finance BV
	300,000	8.375%, 5/23/2021		335,814
	86,000	7.375%, 1/17/2027		90,988
		Petroleos Mexicanos
	108,000	6.375%, 2/4/2021		116,888
	88,000	6.500%, 3/13/2027^f		94,534
		Regency Energy Partners, LP
	730,000	5.000%, 10/1/2022		782,844
		Sabine Pass Liquefaction, LLC
	108,000	6.250%, 3/15/2022		122,284
	108,000	5.625%, 4/15/2023		120,039
	775,000	5.625%, 3/1/2025		855,747
		Schlumberger Holdings Corporation
	70,000	3.000%, 12/21/2020^f		71,268
		Sinopec Group Overseas Development, Ltd.
	210,000	1.750%, 9/29/2019^f		207,353

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (50.2%)	Value
	Energy (2.8%) - continued
		Sunoco Logistics Partners Operations, LP
	$ 70,000	4.400%, 4/1/2021	$	73,545
		Tesoro Corporation
	910,000	4.750%, 12/15/2023^f		979,979
		TransCanada Trust
	580,000	5.300%, 3/15/2077		596,240
	545,000	5.875%, 8/15/2076		591,434
		Weatherford International, Ltd.
	735,000	8.250%, 6/15/2023		735,000
		Weatherford International, Ltd. Convertible
	193,000	5.875%, 7/1/2021		195,292
		Western Gas Partners, LP
	110,000	4.000%, 7/1/2022		112,748
		Whiting Petroleum Corporation, Convertible
	605,000	1.250%, 4/1/2020		511,225
		Williams Partners, LP
	215,000	4.500%, 11/15/2023		229,471
		WPX Energy, Inc.
	500,000	7.500%, 8/1/2020		525,000

		Total		17,678,846

	Financials (8.3%)
		ACE INA Holdings, Inc.
	70,000	2.875%, 11/3/2022		71,201
		Aegon NV
	720,000	2.326%, 10/15/2017^d,g		612,000
		AIG Global Funding
	220,000	2.150%, 7/2/2020^c,f		219,826
		Air Lease Corporation
	35,000	2.625%, 9/4/2018		35,261
		Ally Financial, Inc.
	600,000	3.750%, 11/18/2019		613,500
	350,000	4.125%, 3/30/2020		359,625
		American Express Credit Corporation
	108,000	1.502%, 5/3/2019^d		108,307
	108,000	2.200%, 3/3/2020		108,507
	70,000	2.292%, 9/14/2020^d		71,226
		AMG Capital Trust II, Convertible
	7,400	5.150%, 10/15/2037		437,525
		Australia & New Zealand Banking Group, Ltd.
	750,000	6.750%, 6/15/2026^f,g		829,235
		Banco de Brasil SA
	490,000	9.000%, 6/18/2024^f,g		496,125
		Banco Santander SA
	1,000,000	6.375%, 5/19/2019^g		1,023,750
		Bank of America Corporation
	58,000	5.650%, 5/1/2018		59,822
	185,000	5.625%, 7/1/2020		202,579
	200,000	2.625%, 4/19/2021		200,868
	216,000	5.700%, 1/24/2022		244,047
	464,000	2.316%, 1/20/2023^d		469,119
		Bank of Montreal
	185,000	1.500%, 7/18/2019		183,270
	163,000	2.100%, 6/15/2020		162,815
		Bank of New York Mellon Corporation
	216,000	2.600%, 2/7/2022		217,487
		Bank of Nova Scotia
	162,000	2.700%, 3/7/2022		162,890
		Barclays Bank plc
	100,000	5.140%, 10/14/2020		107,020
		Barclays plc
	210,000	3.200%, 8/10/2021		213,018
		Berkshire Hathaway Finance Corporation
	215,000	1.700%, 3/15/2019		215,518
		Blackstone Mortgage Trust, Inc., Convertible
	705,000	5.250%, 12/1/2018		816,037
		BNP Paribas SA
	350,000	7.625%, 3/30/2021^f,g		385,000
		BNZ International Funding, Ltd.
	250,000	2.222%, 9/14/2021^d,f		251,156
		Capital One Financial Corporation
	108,000	2.500%, 5/12/2020		108,460
	324,000	3.050%, 3/9/2022		326,511
		Capital One NA
	210,000	2.400%, 9/5/2019		210,757
		CBOE Holdings, Inc.
	165,000	1.950%, 6/28/2019		164,950
		Centene Escrow Corporation
	1,050,000	5.625%, 2/15/2021		1,094,625
		Central Fidelity Capital Trust I
	790,000	2.158%, 4/15/2027^d		748,525
		CIT Group, Inc.
	925,000	5.000%, 8/15/2022		996,687
		Citigroup, Inc.
	200,000	2.050%, 6/7/2019		200,137
	216,000	2.450%, 1/10/2020		217,285
	216,000	2.650%, 10/26/2020		218,048
	97,000	2.350%, 8/2/2021		96,110
	108,000	2.750%, 4/25/2022		108,005
		Citizens Bank NA
	250,000	2.200%, 5/26/2020		249,552
		CNA Financial Corporation
	250,000	5.750%, 8/15/2021		278,981
		Commonwealth Bank of Australia
	216,000	2.250%, 3/10/2020^f		216,450
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	216,000	3.950%, 11/9/2022		225,566
		Credit Agricole SA
	108,000	3.375%, 1/10/2022^f		110,877
	270,000	8.125%, 12/23/2025^f,g		313,659
		Credit Suisse Group AG
	600,000	7.500%, 12/11/2023^f,g		672,774
	760,000	6.250%, 12/18/2024^f,g		807,500
		Credit Suisse Group Funding Guernsey, Ltd.
	325,000	3.800%, 9/15/2022		337,629
		Credit Suisse Group Funding, Ltd.
	216,000	3.125%, 12/10/2020		220,043
		DDR Corporation
	162,000	3.500%, 1/15/2021		164,016
		Deutsche Bank AG
	324,000	4.250%, 10/14/2021		339,248
		Discover Bank
	43,000	8.700%, 11/18/2019		48,589
		Fifth Third Bancorp
	164,000	2.600%, 6/15/2022		163,138
		First Tennessee Bank NA
	635	3.750%, 8/15/2017^d,f,g		481,687
		Goldman Sachs Group, Inc.
	88,000	2.625%, 1/31/2019		88,914
	307,000	7.500%, 2/15/2019		333,014
	216,000	5.375%, 5/10/2020^g		226,973
	162,000	2.600%, 12/27/2020		162,852
	216,000	5.250%, 7/27/2021		236,725

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (50.2%)	Value
	Financials (8.3%) - continued
	$160,000	2.352%, 11/15/2021^d	$	161,484
	216,000	3.000%, 4/26/2022		217,997
	108,000	2.268%, 6/5/2023^d		108,068
	420,000	5.300%, 11/10/2026^g		441,000
		Goldman Sachs Group, Inc., Convertible
	2,450,000	0.500%, 9/24/2022		3,045,570
		Guardian Life Global Funding
	200,000	2.000%, 4/26/2021^f		197,066
		Hartford Financial Services Group, Inc.
	106,000	6.000%, 1/15/2019		112,341
		HCP, Inc.
	64,000	3.750%, 2/1/2019		65,345
		Hospitality Properties Trust
	80,000	4.250%, 2/15/2021		83,413
		HSBC Holdings plc
	324,000	3.400%, 3/8/2021		332,977
	216,000	6.875%, 6/1/2021^g		233,280
	210,000	2.650%, 1/5/2022^d		216,021
	250,000	6.375%, 9/17/2024^g		261,875
		Huntington Bancshares, Inc.
	140,000	3.150%, 3/14/2021		142,749
		Huntington Capital Trust I
	160,000	1.870%, 2/1/2027^d		144,400
		Icahn Enterprises, LP
	400,000	6.000%, 8/1/2020		411,750
	325,000	6.750%, 2/1/2024		338,845
		ILFC E-Capital Trust II
	1,235,000	4.590%, 12/21/2065^d,f		1,179,425
		ING Capital Funding Trust III
	89,000	4.896%, 9/30/2017^d,g		89,278
		ING Groep NV
	250,000	6.500%, 4/16/2025^g		262,700
	750,000	6.875%, 12/29/2049^g		801,558
		International Lease Finance Corporation
	216,000	4.625%, 4/15/2021		229,879
	216,000	5.875%, 8/15/2022		243,828
		Intesa Sanpaolo SPA
	41,000	3.875%, 1/16/2018		41,380
		J.P. Morgan Chase & Company
	88,000	6.300%, 4/23/2019		94,715
	30,000	2.250%, 1/23/2020		30,091
	185,000	4.950%, 3/25/2020		198,395
	161,000	1.882%, 6/1/2021^d		161,223
	210,000	2.295%, 8/15/2021		208,758
	162,000	2.776%, 4/25/2023		162,273
	215,000	2.383%, 10/24/2023^d		218,232
		J.P. Morgan Chase Bank NA
	250,000	1.879%, 9/23/2019^d		251,794
		J.P. Morgan Chase Capital XXIII
	285,000	2.182%, 5/15/2047^d		262,556
		KeyBank NA
	250,000	1.600%, 8/22/2019		248,158
		Liberty Mutual Group, Inc.
	525,000	10.750%, 6/15/2058^*		832,125
	25,000	5.000%, 6/1/2021^f		27,168
		Lincoln National Corporation
	185,000	6.250%, 2/15/2020		202,913
		Lloyds Bank plc
	1,140,000	1.461%, 8/29/2049^d,g		946,246
		Lloyds Banking Group plc
	215,000	3.000%, 1/11/2022		217,100
	800,000	6.413%, 1/29/2049^f,g		896,000
		Macquarie Bank, Ltd.
	250,000	6.125%, 3/8/2027^f,g		255,625
		MetLife Capital Trust IV
	823,000	7.875%, 12/15/2037^f		1,111,132
		MetLife, Inc.
	95,000	9.250%, 4/8/2038^f		141,550
		MGIC Investment Corporation, Convertible
	505,000	9.000%, 4/1/2063^f		664,075
		Mitsubishi UFJ Financial Group, Inc.
	250,000	2.296%, 9/13/2021^d		253,244
	108,000	2.998%, 2/22/2022		109,592
		Mizuho Financial Group, Inc.
	250,000	2.376%, 9/13/2021^d		253,511
		Morgan Stanley
	35,000	2.310%, 1/27/2020^d		35,530
	210,000	2.800%, 6/16/2020		213,123
	200,000	2.500%, 4/21/2021		199,828
	216,000	2.336%, 1/20/2022^d		218,161
	108,000	2.750%, 5/19/2022		107,964
	64,000	4.875%, 11/1/2022		69,479
		MPT Operating Partnership, LP
	510,000	5.500%, 5/1/2024		532,950
		National City Corporation
	86,000	6.875%, 5/15/2019		93,580
		New York Life Global Funding
	70,000	1.550%, 11/2/2018^f		69,881
		Nomura Holdings, Inc.
	85,000	2.750%, 3/19/2019		85,854
		Park Aerospace Holdings, Ltd.
	1,125,000	5.500%, 2/15/2024^f		1,175,063
		PNC Bank NA
	216,000	2.450%, 11/5/2020		217,819
		Prudential Financial, Inc.
	775,000	5.625%, 6/15/2043		850,562
		Quicken Loans, Inc.
	1,160,000	5.750%, 5/1/2025^f		1,197,700
		Realty Income Corporation
	162,000	5.750%, 1/15/2021		178,062
		Regions Bank
	28,000	7.500%, 5/15/2018		29,313
		Regions Financial Corporation
	90,000	3.200%, 2/8/2021		92,009
		Reinsurance Group of America, Inc.
	162,000	4.700%, 9/15/2023		175,735
		Royal Bank of Canada
	216,000	2.125%, 3/2/2020		216,357
		Royal Bank of Scotland Group plc
	420,000	7.500%, 8/10/2020^g		433,440
	364,000	8.625%, 8/15/2021^g		396,760
	425,000	7.640%, 3/29/2049^g		408,000
	230,000	7.648%, 8/29/2049^g		283,475
		Santander UK Group Holdings plc
	210,000	2.875%, 8/5/2021		210,483
		Santander UK plc
	64,000	3.050%, 8/23/2018		64,803
		Simon Property Group, LP
	70,000	2.500%, 9/1/2020		70,628
	120,000	2.500%, 7/15/2021		120,009
		Societe Generale SA
	900,000	8.000%, 9/29/2025^f,g		1,020,375
	760,000	8.250%, 9/29/2049^g		806,292
		Standard Chartered plc
	210,000	2.308%, 8/19/2019^d,f		211,965
	960,000	2.680%, 1/29/2049^d,f,g		816,000

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (50.2%)	Value
	Financials (8.3%) - continued
		State Street Capital Trust IV
	$1,138,000	2.246%, 6/15/2047^d	$	1,047,671
		State Street Corporation
	70,000	2.081%, 8/18/2020^d		71,489
		Sumitomo Mitsui Financial Group, Inc.
	215,000	2.901%, 3/9/2021^d		221,468
	216,000	2.934%, 3/9/2021		219,414
		Sumitomo Mitsui Trust Bank, Ltd.
	250,000	2.050%, 3/6/2019^f		250,007
		SunTrust Banks, Inc.
	95,000	2.900%, 3/3/2021		96,440
		Synchrony Financial
	108,000	3.000%, 8/15/2019		109,527
	25,000	2.402%, 2/3/2020^d		25,189
	94,000	3.750%, 8/15/2021		96,541
		Toronto-Dominion Bank
	80,000	1.993%, 1/22/2019^d		80,745
	70,000	2.172%, 12/14/2020^d		71,017
		UBS Group Funding Jersey, Ltd.
	162,000	2.950%, 9/24/2020^f		165,480
		UnitedHealth Group, Inc.
	70,000	3.350%, 7/15/2022		73,073
		USB Realty Corporation
	1,090,000	2.305%, 1/15/2022^d,f,g		953,750
		Voya Financial, Inc.
	129,000	2.900%, 2/15/2018		129,874
		Wachovia Capital Trust II
	220,000	1.658%, 1/15/2027^d		204,600
		Wells Fargo & Company
	35,000	1.852%, 1/30/2020^d		35,228
	210,000	2.150%, 1/30/2020		210,765
	205,000	2.100%, 7/26/2021		202,263
	216,000	2.263%, 1/24/2023^d		218,287
	250,000	2.402%, 10/31/2023^d		254,438
		Welltower, Inc.
	162,000	4.950%, 1/15/2021		174,101
		Westpac Banking Corporation
	275,000	2.028%, 8/19/2021^d		277,473

		Total		51,943,766

	Foreign Government (3.8%)
		Argentina Government International Bond
	457,000	6.875%, 4/22/2021		489,676
	292,000	5.625%, 1/26/2022		299,008
	568,000	7.500%, 4/22/2026		610,600
	233,000	6.875%, 1/26/2027		240,922
	525,482	8.280%, 12/31/2033		582,235
	174,000	7.125%, 7/6/2036		172,434
	436,680	2.500%, 12/31/2038^e		285,370
	203,000	7.625%, 4/22/2046		207,872
		Brazil Government International Bond
	409,000	4.875%, 1/22/2021		428,632
	610,000	2.625%, 1/5/2023		565,013
	233,000	6.000%, 4/7/2026		251,407
	300,000	7.125%, 1/20/2037		342,750
	360,000	5.000%, 1/27/2045		315,000
	140,000	5.625%, 2/21/2047		133,700
		Colombia Government International Bond
	300,000	4.375%, 7/12/2021		319,200
	285,000	2.625%, 3/15/2023		277,875
	250,000	4.000%, 2/26/2024		259,500
	110,000	7.375%, 9/18/2037		141,460
	334,000	5.625%, 2/26/2044		365,062
	360,000	5.000%, 6/15/2045		362,160
		Croatia Government International Bond
	60,000	6.750%, 11/5/2019^f		65,325
	354,000	6.625%, 7/14/2020^f		390,285
	180,000	6.000%, 1/26/2024^f		201,634
		Hungary Government International Bond
	496,000	5.750%, 11/22/2023		567,148
	492,000	5.375%, 3/25/2024		553,852
		Indonesia Government International Bond
	376,000	4.875%, 5/5/2021^f		403,827
	83,000	3.750%, 4/25/2022^f		85,257
	293,000	3.375%, 4/15/2023^f		294,201
	377,000	5.875%, 1/15/2024^f		429,717
	74,000	4.125%, 1/15/2025^f		76,300
	252,000	4.750%, 1/8/2026^f		270,485
	294,000	8.500%, 10/12/2035^f		423,217
	139,000	6.750%, 1/15/2044^f		178,864
	588,000	5.125%, 1/15/2045^f		629,490
		Mexico Government International Bond
	62,000	5.750%, 10/12/2110		64,325
	416,000	4.000%, 10/2/2023		434,949
	410,000	3.600%, 1/30/2025		414,920
	382,000	4.125%, 1/21/2026		397,089
	180,000	4.150%, 3/28/2027		186,390
	120,000	6.750%, 9/27/2034		153,092
	136,000	6.050%, 1/11/2040		160,317
	400,000	4.750%, 3/8/2044		400,400
	236,000	5.550%, 1/21/2045		264,320
	196,000	4.600%, 1/23/2046		191,404
	200,000	4.350%, 1/15/2047		187,840
		Panama Government International Bond
	180,000	4.000%, 9/22/2024		189,000
	260,000	3.750%, 3/16/2025		267,800
	242,000	6.700%, 1/26/2036		311,575
		Peru Government International Bond
	100,000	5.625%, 11/18/2050		121,150
	303,000	8.750%, 11/21/2033		464,347
		Philippines Government International Bond
	219,000	4.000%, 1/15/2021		233,422
	257,000	7.750%, 1/14/2031		370,703
	155,000	6.375%, 10/23/2034		208,069
	108,000	5.000%, 1/13/2037		128,160
	216,000	3.950%, 1/20/2040		225,394
		Romania Government International Bond
	242,000	4.375%, 8/22/2023^f		256,702
	130,000	4.875%, 1/22/2024^f		141,700
	58,000	6.125%, 1/22/2044^f		73,602
		Russia Government International Bond
	990,000	5.000%, 4/29/2020^f		1,049,139
	336,000	4.875%, 9/16/2023^f		360,355
	200,000	4.750%, 5/27/2026^f		208,750
	262,600	7.500%, 3/31/2030^f		315,120
	381,000	5.625%, 4/4/2042^f		412,432
		South Africa Government International Bond
	55,000	5.500%, 3/9/2020		58,293

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (50.2%)	Value
	Foreign Government (3.8%) - continued
	$247,000	5.875%, 5/30/2022	$	269,693
	230,000	4.875%, 4/14/2026		230,460
	258,000	4.300%, 10/12/2028		241,007
		Turkey Government International Bond
	224,000	7.000%, 6/5/2020		244,928
	485,000	5.125%, 3/25/2022		503,362
	253,000	6.250%, 9/26/2022		274,869
	353,000	5.750%, 3/22/2024		373,298
	500,000	4.250%, 4/14/2026		474,570
	245,000	4.875%, 10/9/2026		241,488
	352,000	6.875%, 3/17/2036		395,718
	228,000	6.750%, 5/30/2040		254,070
	232,000	4.875%, 4/16/2043		205,738
	350,000	6.625%, 2/17/2045		385,686

		Total		23,565,124

	Mortgage-Backed Securities (6.0%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	2,950,000	3.000%, 7/1/2031^c		3,028,820
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	8,150,000	4.000%, 7/1/2047^c		8,569,916
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	6,650,000	3.000%, 7/1/2047^c		6,639,609
	10,275,000	3.500%, 7/1/2047^c		10,550,020
	8,350,000	4.000%, 7/1/2047^c		8,775,980

		Total		37,564,345

	Technology (1.7%)
		Alliance Data Systems Corporation
	420,000	5.375%, 8/1/2022^f		424,200
		Apple, Inc.
	217,000	2.850%, 5/6/2021		223,092
	216,000	1.532%, 5/11/2022^d		216,571
		Automatic Data Processing, Inc.
	70,000	2.250%, 9/15/2020		70,892
		Baidu, Inc.
	109,000	3.000%, 6/30/2020		110,463
		Broadcom Corporation
	216,000	2.375%, 1/15/2020^f		216,300
		CommScope Technologies Finance, LLC
	580,000	6.000%, 6/15/2025^f		619,150
		Cypress Semiconductor Corporation, Convertible
	400,000	4.500%, 1/15/2022^f		488,750
		Diamond 1 Finance Corporation
	95,000	3.480%, 6/1/2019^f		97,224
	216,000	5.450%, 6/15/2023^f		234,367
		Equinix, Inc.
	675,000	5.750%, 1/1/2025		726,469
		Fidelity National Information Services, Inc.
	70,000	3.625%, 10/15/2020		73,322
	275,000	2.250%, 8/15/2021		272,014
		First Data Corporation
	510,000	5.375%, 8/15/2023^f		532,950
		Hewlett Packard Enterprise Company
	268,000	3.600%, 10/15/2020		276,312
		Intel Corporation
	160,000	1.700%, 5/19/2021		157,910
	70,000	3.100%, 7/29/2022		72,511
		Intel Corporation, Convertible
	520,000	3.493%, 12/15/2035^e		679,575
		Microchip Technology, Inc., Convertible
	520,000	1.625%, 2/15/2027^f		546,650
		Micron Technology, Inc., Convertible
	295,000	2.375%, 5/1/2032		920,031
	450,000	3.000%, 11/15/2043		506,250
		Microsoft Corporation
	216,000	2.400%, 2/6/2022		218,008
		NXP BV
	565,000	3.875%, 9/1/2022^f		588,306
		NXP Semiconductors NV, Convertible
	695,000	1.000%, 12/1/2019		828,788
		Oracle Corporation
	60,000	2.500%, 5/15/2022		60,563
		Plantronics, Inc.
	800,000	5.500%, 5/31/2023^f		837,000
		Sensata Technologies BV
	725,000	4.875%, 10/15/2023^f		739,500
		Texas Instruments, Inc.
	60,000	1.750%, 5/1/2020		59,751

		Total		10,796,919

	Transportation (0.3%)
		American Airlines Pass Through Trust
	65,461	4.950%, 1/15/2023		69,716
		Avis Budget Car Rental, LLC
	395,000	5.125%, 6/1/2022^f		391,050
		Delta Air Lines, Inc.
	37,907	4.950%, 5/23/2019		39,376
	162,000	2.875%, 3/13/2020		164,107
		J.B. Hunt Transport Services, Inc.
	70,000	3.300%, 8/15/2022		71,352
		Trinity Industries, Inc., Convertible
	266,000	3.875%, 6/1/2036		333,331
		United Airlines Pass Through Trust
	70,000	3.700%, 12/1/2022		71,750
		XPO Logistics, Inc.
	705,000	6.500%, 6/15/2022^f		741,131

		Total		1,881,813

	Utilities (0.9%)
		Alabama Power Company
	108,000	2.450%, 3/30/2022		108,358
		Ameren Corporation
	70,000	2.700%, 11/15/2020		70,828
		Calpine Corporation
	560,000	6.000%, 1/15/2022^f		578,900
	730,000	5.375%, 1/15/2023		711,750
		Consolidated Edison, Inc.
	108,000	2.000%, 3/15/2020		107,954
		Dominion Energy, Inc.
	200,000	1.600%, 8/15/2019		198,315
	216,000	2.579%, 7/1/2020		217,099
		Dynegy, Inc.
	700,000	7.375%, 11/1/2022		691,250
		Edison International
	108,000	2.125%, 4/15/2020		108,111
		Electricite de France SA
	305,000	5.250%, 1/29/2023^f,g		312,930
		Emera U.S. Finance, LP
	116,000	2.150%, 6/15/2019		115,897

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (50.2%)	Value
	Utilities (0.9%) - continued
		Exelon Generation Company, LLC
	$ 88,000	5.200%, 10/1/2019	$	93,474
	162,000	2.950%, 1/15/2020		164,875
		FirstEnergy Corporation
	163,000	2.850%, 7/15/2022		162,441
		Fortis, Inc.
	180,000	2.100%, 10/4/2021^f		176,282
		Great Plains Energy, Inc.
	162,000	2.500%, 3/9/2020		163,500
		NextEra Energy Capital Holdings, Inc.
	95,000	2.300%, 4/1/2019		95,439
		NiSource Finance Corporation
	216,000	5.450%, 9/15/2020		235,334
		NRG Energy, Inc.
	390,000	6.625%, 3/15/2023		400,725
		PPL Capital Funding, Inc.
	260,000	3.500%, 12/1/2022		268,640
		PSEG Power, LLC
	100,000	3.000%, 6/15/2021		101,527
		Southern Company
	200,000	1.850%, 7/1/2019		199,233
	108,000	2.350%, 7/1/2021		107,203

		Total		5,390,065

		Total Long-Term Fixed Income (cost $305,027,255)		313,824,503

Shares		Common Stock (27.5%)
	Consumer Discretionary (3.5%)
	4,560	Amazon.com, Inc.ⁱ		4,414,080
	36,410	American Axle & Manufacturing Holdings, Inc.ⁱ		567,996
	6,300	Bandai Namco Holdings, Inc.		215,254
	2,649	Bellway plc		102,795
	8,558	Berkeley Group Holdings plc		359,862
	14,500	Bridgestone Corporation		626,858
	2,125	Bunzl plc		63,352
	4,390	Burlington Stores, Inc.		403,836
	748	Cie Generale des Etablissements Michelin		99,555
	49,448	Comcast Corporation		1,924,516
	12,200	Denso Corporation		517,745
	6,846	Dollar Tree, Inc.ⁱ		478,672
	16,710	Eutelsat Communications		426,355
	9,100	General Motors Company		317,863
	58,424	Harvey Norman Holdings, Ltd.^j		171,561
	8,900	Haseko Corporation		108,379
	28,100	Honda Motor Company, Ltd.		769,886
	17,000	Inchcape plc		167,108
	1,330	Ipsos SA		49,901
	15,795	Marks and Spencer Group plc		68,553
	10,560	Newell Brands, Inc.		566,227
	1,403	Nexity SA		81,429
	2,358	Next plc		118,428
	14,340	NIKE, Inc.		846,060
	4,700	Nikon Corporation		75,337
	11,160	Norwegian Cruise Line Holdings, Ltd.ⁱ		605,876
	6,095	Nutrisystem, Inc.		317,245
	810	Priceline Group, Inc.ⁱ		1,515,121
	647	Publicis Groupe SA		48,223
	647	Publicis Groupe SA Rights^i,k		80
	600	RTL Group SA		45,330
	4,294	SES SA		100,595
	14,900	Singapore Press Holdings, Ltd.		34,959
	15,196	SSP Group plc		94,171
	29,890	Starbucks Corporation		1,742,886
	11,900	Subaru Corporation		403,506
	13,000	Sumitomo Forestry Company, Ltd.		204,781
	10,500	Sumitomo Rubber Industries, Ltd.		177,823
	700	Swatch Group AG		51,137
	26,480	Time, Inc.		379,988
	13,770	Toll Brothers, Inc.		544,053
	2,500	Toyoda Gosei Company, Ltd.		59,904
	3,900	TV Asahi Holdings Corporation		70,455
	15,610	Walt Disney Company		1,658,563
	9,537	Wolters Kluwer NV		403,349
	4,300	Yokohama Rubber Company, Ltd.		86,685

		Total		22,086,338

	Consumer Staples (1.5%)
	9,820	Altria Group, Inc.		731,295
	6,600	Axfood AB		110,202
	14,650	Blue Buffalo Pet Products, Inc.ⁱ		334,167
	37,054	Coca-Cola Amatil, Ltd.		262,941
	9,689	Coca-Cola HBC AG		284,945
	39,320	Cott Corporation		567,781
	2,371	Ebro Foods SA		54,161
	5,750	Grieg Seafood ASA		40,047
	1,348	Henkel AG & Company KGaA		163,289
	16,955	Imperial Brands plc		761,913
	1,000	Kesko Oyj		50,868
	5,600	Kewpie Corporation		147,054
	3,100	Kirin Holdings Company, Ltd.		63,236
	7	Lindt & Spruengli AG		40,588
	1,649	Nestle SA		143,822
	28,500	Philip Morris International, Inc.		3,347,325
	1,391	SalMar ASA		34,479
	1,700	Seven & I Holdings Company, Ltd.		70,150
	2,500	Suedzucker AG		52,193
	11,881	Tate & Lyle plc		102,395
	10,847	Unilever plc		587,020
	36,470	Whole Foods Market, Inc.		1,535,752

		Total		9,485,623

	Energy (1.5%)
	2,438	Arch Coal, Inc.		166,515
	272,069	BP plc		1,570,438
	9,430	Concho Resources, Inc.ⁱ		1,146,028
	3,232	Contura Energy, Inc.		211,696
	6,053	Crescent Point Energy Corporation		46,303
	23,520	Devon Energy Corporation		751,934
	27,094	Ensco plc		139,805
	19,940	Halliburton Company		851,637
	17,811	John Wood Group plc		148,815
	10,298	OMV AG		534,907
	33,246	Petrofac, Ltd.		191,165
	7,920	Pioneer Natural Resources Company		1,263,874
	9,409	Royal Dutch Shell plc		250,185
	3,220	Royal Dutch Shell plc, Class A		85,552
	21,547	Royal Dutch Shell plc, Class B		578,463
	5,827	Statoil ASA		96,624
	3,845	TGS Nopec Geophysical Company ASA		78,889
	9,351	Total SA		464,250
	7,980	U.S. Silica Holdings, Inc.		283,210
	29,940	WPX Energy, Inc.ⁱ		289,220

		Total		9,149,510

	Financials (4.6%)
	8,544	ABN AMRO Group NV^f		226,347
	2,310	Affiliated Managers Group, Inc.		383,136
	22,448	Ally Financial, Inc.		469,163
	200,000	Apollo Investment Corporation		1,278,000
	115,400	Ares Capital Corporation		1,890,252

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, 2017

(unaudited)


Shares		Common Stock (27.5%)	Value
	Financials (4.6%) - continued
	6,315	ASX, Ltd.	$	260,184
	20,376	Australia & New Zealand Banking Group, Ltd.		449,732
	104,943	Bank of America Corporation		2,545,917
	11,662	Bank of Nova Scotia		701,536
	9,600	Bank of the Ozarks, Inc.		449,952
	21,198	Bankia, SA		102,530
	2,158	Canadian Imperial Bank of Commerce		175,379
	9,000	Chiba Bank, Ltd.		65,497
	5,588	CI Financial Corporation		119,103
	19,060	CNP Assurances		427,826
	6,434	Danske Bank AS		247,536
	3,600	DBS Group Holdings, Ltd.		54,183
	51,046	Direct Line Insurance Group plc		236,371
	24,020	Encore Capital Group, Inc.ⁱ		964,403
	5,500	Erste Group Bank AG		210,677
	62,505	FlexiGroup, Ltd.		87,618
	85,000	Fukuoka Financial Group, Inc.		405,553
	4,138	Genworth MI Canada, Inc.^j		113,852
	11,230	Goldman Sachs Group, Inc.		2,491,937
	120,000	Golub Capital BDC, Inc.		2,294,400
	3,900	Hannover Rueckversicherung SE		468,444
	2,600	Hokuhoku Financial Group, Inc.		41,589
	114,805	HSBC Holdings plc		1,065,621
	6,959	ING Groep NV		120,132
	2,321	Intact Financial Corporation		175,328
	16,420	Intercontinental Exchange, Inc.		1,082,406
	5,760	Janus Henderson Group plcⁱ		190,714
	32,470	KeyCorp		608,488
	2,604	Macquarie Group, Ltd.		177,082
	110,907	Mapfre SA^j		388,199
	6,800	Meta Financial Group, Inc.		605,200
	16,044	MetLife, Inc.		881,457
	3,325	MGIC Investment Corporationⁱ		37,240
	13,000	Mitsubishi UFJ Financial Group, Inc.		87,686
	146,300	Mizuho Financial Group, Inc.		268,237
	2,300	MS and AD Insurance Group Holdings, Inc.		77,576
	452	Muenchener Rueckversicherungs- Gesellschaft AG		91,464
	7,429	National Bank of Canada		312,387
	17,003	Nordea Bank AB		216,557
	2,391	Pargesa Holding SA		182,183
	22,489	Poste Italiane SPA^f		154,207
	7,328	Power Corporation of Canada		167,152
	26,500	Resona Holdings, Inc.		146,381
	28,400	Senshu Ikeda Holdings, Inc.		120,143
	4,571	Societe Generale		246,495
	18,800	Sumitomo Mitsui Trust Holdings, Inc.		675,283
	6,624	Swiss Re AG		607,042
	48,070	Synchrony Financial		1,433,447
	9,510	TD Ameritrade Holding Corporation		408,835
	1,498	TMX Group, Ltd.		81,507
	11,230	Zions Bancorporation		493,109
	376	Zurich Insurance Group AG		109,735

		Total		28,372,410

	Health Care (2.8%)
	13,290	Acadia Healthcare Company, Inc.ⁱ		656,260
	2,896	Ansell, Ltd.		52,812
	5,031	Anthem, Inc.		946,482
	10,202	CAE, Inc.		175,907
	13,920	Celgene Corporationⁱ		1,807,790
	6,220	CIGNA Corporation		1,041,166
	5,367	Danaher Corporation		452,921
	1,851	GlaxoSmithKline plc		39,403
	17,730	GlaxoSmithKline plc ADR		764,518
	13,580	Hologic, Inc.ⁱ		616,260
	346	Le Noble Age SA		23,679
	515	Lonza Group AG		111,557
	23,590	Medtronic plc		2,093,613
	2,973	Merck KGaA		359,730
	20,581	Novartis AG		1,719,061
	11,984	Novo Nordisk AS		514,920
	206	Roche Holding AG-Genusschein		52,636
	2,850	Teleflex, Inc.		592,116
	18,799	UnitedHealth Group, Inc.		3,485,711
	3,690	Waters Corporationⁱ		678,370
	11,520	Zimmer Biomet Holdings, Inc.		1,479,168

		Total		17,664,080

	Industrials (3.1%)
	84	A P Moller - Maersk AS, Class A		160,280
	143	A P Moller - Maersk AS, Class B		287,932
	8,465	Adecco SA		644,882
	900	Aica Kogyo Company, Ltd.		27,482
	4,600	Asahi Glass Company, Ltd.		194,271
	31,800	ComfortDelGro Corporation, Ltd		53,116
	37,030	CSX Corporation		2,020,357
	5,890	Cummins, Inc.		955,476
	6,000	Dai Nippon Printing Company, Ltd.		66,840
	17,780	Delta Air Lines, Inc.		955,497
	3,803	Deutsche Lufthansa AG		86,669
	21,910	Eaton Corporation plc		1,705,255
	3,610	Equifax, Inc.		496,086
	9,776	Finning International, Inc.		191,630
	3,400	Fuji Machine Manufacturing Company, Ltd.		49,180
	30,000	GWA Group, Ltd.		72,594
	2,200	Hitachi Transport System, Ltd.		51,878
	244	Hochtief AG		44,793
	11,906	Illinois Tool Works, Inc.		1,705,535
	3,600	Inaba Denki Sangyo Company, Ltd.		136,913
	52,800	ITOCHU Corporation		786,135
	2,034	Jardine Matheson Holdings, Ltd.		130,583
	12,400	KITZ Corporation		115,898
	12,000	KONE Oyj		610,503
	3,006	Koninklijke Boskalis Westminster NV		97,623
	1,635	Loomis AB		58,610
	8,200	Marubeni Corporation		53,125
	7,930	Masonite International Corporationⁱ		598,715
	20,025	Meggitt plc		124,431
	3,640	Middleby Corporationⁱ		442,296
	7,400	MIRAIT Holdings Corporation		83,234
	21,000	Mitsubishi Heavy Industries, Ltd.		86,460
	5,000	Mitsuboshi Belting, Ltd.		55,514
	7,354	Monadelphous Group, Ltd.		79,028
	11,657	National Express Group plc		55,671
	8,000	Nippon Express Company, Ltd.		50,201
	10,300	Nitto Kogyo Corporation		162,960
	3,555	Northgate plc		20,517
	7,050	Oshkosh Corporation		485,604
	3,222	Philips Lighting NV^f		119,012
	4,664	RELX NV		96,157
	11,870	Rolls-Royce Holdings plc		137,676
	842,770	Rolls-Royce Holdings plc Rights^i,k		1,098
	8,000	Ryobi, Ltd.		32,635
	11,370	Saia, Inc.ⁱ		583,281
	4,800	Sanwa Holdings Corporation		50,692
	795	Schindler Holding AG, Participation Certificate		168,550
	627	SFS Group AGⁱ		71,142
	4,985	Siemens AG		685,708

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, 2017

(unaudited)


Shares		Common Stock (27.5%)	Value
	Industrials (3.1%) - continued
	2,668	Skanska AB	$	63,354
	25,596	SKF AB		519,762
	8,394	Smiths Group plc		174,528
	63,200	Sojitz Corporation		155,578
	1,540	Spirax-Sarco Engineering plc		107,404
	1,135	Sulzer, Ltd.		128,663
	11,240	Team, Inc.ⁱ		263,578
	8,100	Teijin, Ltd.		156,306
	3,800	Toppan Forms Company, Ltd.		39,334
	6,814	Vinci SA		581,246
	4,220	WABCO Holdings, Inc.ⁱ		538,092
	2,561	Wolseley plc		157,189
	2,034	WSP Global, Inc.		84,400
	8,185	YIT Oyj		68,461
	1,600	Yuasa Trading Company, Ltd.		48,662

		Total		19,036,282

	Information Technology (4.3%)
	7,743	Advanced Micro Devices, Inc.ⁱ		96,633
	2,460	Alliance Data Systems Corporation		631,457
	2,130	Alphabet, Inc., Class Aⁱ		1,980,218
	1,554	Alphabet, Inc., Class Cⁱ		1,412,166
	315	Alten SA		25,980
	31,688	Apple, Inc.		4,563,706
	3,300	Azbil Corporation		125,630
	672	BKW FMB Energie		39,502
	5,100	Canon, Inc.		173,478
	7,959	Cap Gemini SA		822,187
	2,996	Capital Power Corporation		56,187
	27,850	Ciena Corporationⁱ		696,807
	45,212	Cisco Systems, Inc.		1,415,136
	24,920	Cognizant Technology Solutions Corporation		1,654,688
	4,470	F5 Networks, Inc.ⁱ		567,958
	15,540	Facebook, Inc.ⁱ		2,346,229
	22,150	Finisar Corporationⁱ		575,457
	11,200	FUJIFILM Holdings NPV		403,844
	18,360	Juniper Networks, Inc.		511,877
	19,900	Konica Minolta Holdings, Inc.		166,023
	3,010	Lam Research Corporation		425,704
	1,594	Micron Technology, Inc.ⁱ		47,597
	4,800	NEC Networks & System Integration Corporation		104,461
	14,070	New Relic, Inc.ⁱ		605,151
	5,447	NVIDIA Corporation		787,418
	35,250	PayPal Holdings, Inc.ⁱ		1,891,868
	1,900	Ryosan Company, Ltd.		69,482
	9,510	Salesforce.com, Inc.ⁱ		823,566
	2,810	Seagate Technology plc		108,887
	1,504	SMA Solar Technology AG		45,202
	1,538	Software AG		67,457
	11,492	Telefonaktiebolaget LM Ericsson		82,629
	800	Tokyo Electron, Ltd.		108,154
	19,560	Twitter, Inc.ⁱ		349,537
	25,590	Visa, Inc.		2,399,830
	12,902	Xilinx, Inc.		829,857

		Total		27,011,963

	Materials (1.2%)
	2,700	Adeka Corporation		41,251
	3,756	APERAM		174,413
	1,460	Ashland Global Holdings, Inc.		96,229
	48,256	BHP Billiton, Ltd.		860,109
	7,203	BillerudKorsnas AB		113,837
	30,134	BlueScope Steel, Ltd.		305,077
	3,700	Crown Holdings, Inc.ⁱ		220,742
	22,600	Daicel Corporation		282,472
	24,000	DOWA Holdings Company, Ltd.		182,040
	1,340	Eagle Materials, Inc.		123,843
	13,656	Evonik Industries AG		437,072
	2,760	FMC Corporation		201,618
	9,808	Granges AB		90,236
	4,200	JSR Corporation		72,707
	19,500	Kuraray Company, Ltd.		355,076
	9,800	Kyoei Steel, Ltd.		162,651
	22,000	Mitsubishi Chemical Holdings Corporation		183,298
	3,240	Neenah Paper, Inc.		260,010
	500	Nippon Shokubai Company, Ltd.		32,297
	60,505	Norsk Hydro ASA		334,835
	6,752	Nufarm, Ltd.		49,961
	38,000	Oji Holdings Corporation		196,745
	15,087	Orora, Ltd.		33,155
	3,080	Packaging Corporation of America		343,081
	13,500	Rengo Company, Ltd.		78,377
	1,691	Rio Tinto, Ltd.		82,180
	3,770	Sensient Technologies Corporation		303,598
	4,491	Solvay SA		602,744
	1,400	Sumitomo Seika Chemicals Company, Ltd.		68,844
	6,300	Toagosei Company, Ltd.		82,176
	27,466	UPM-Kymmene Oyj		783,187
	4,008	Valvoline, Inc.		95,070
	18,185	Verso Corporationⁱ		85,288
	1,600	Yamato Kogyo Company, Ltd.		41,100
	10,490	Yara International ASA		394,448

		Total		7,769,767

	Real Estate (4.1%)
	2,300	Acadia Realty Trust		63,940
	1,550	Agree Realty Corporation		71,098
	8,369	Alexandria Real Estate Equities, Inc.		1,008,213
	1,000	American Assets Trust, Inc.		39,390
	3,000	American Campus Communities, Inc.		141,900
	4,950	American Homes 4 Rent		111,722
	4,123	American Tower Corporation		545,555
	4,700	Apartment Investment & Management Company		201,959
	5,100	Apple Hospitality REIT, Inc.		95,421
	700	Armada Hoffler Properties, Inc.		9,065
	3,000	AvalonBay Communities, Inc.		576,510
	1,880	Bluerock Residential Growth REIT, Inc.		24,233
	5,127	Boston Properties, Inc.		630,724
	4,100	Brandywine Realty Trust		71,873
	8,287	Brixmor Property Group, Inc.		148,172
	8,980	Camden Property Trust		767,880
	2,075	Care Capital Properties, Inc.		55,403
	1,201	Chesapeake Lodging Trust		29,388
	700	City Office REIT, Inc.		8,890
	1,900	Colony Starwood Homes		65,189
	1,100	Columbia Property Trust, Inc.		24,618
	7,510	Cominar Real Estate Investment Trust		73,606
	2,500	CoreCivic, Inc.		68,950
	750	CoreSite Realty Corporation		77,648
	2,300	Corporate Office Properties Trust		80,569
	8,290	Cousins Properties, Inc.		72,869
	5,730	Crown Castle International Corporation		574,031
	5,100	CubeSmart		122,604
	2,550	CyrusOne, Inc.		142,163
	400	Daito Trust Construction Company, Ltd.		62,318

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

128

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (27.5%)	Value
	Real Estate (4.1%) - continued
	2,500	DCT Industrial Trust, Inc.	$	133,600
	7,400	DDR Corporation		67,118
	48,100	DEXUS Property Group		350,196
	4,218	DiamondRock Hospitality Company		46,187
	3,836	Digital Realty Trust, Inc.		433,276
	3,000	Douglas Emmett, Inc.		114,630
	32,620	Duke Realty Corporation		911,729
	1,700	DuPont Fabros Technology, Inc.		103,972
	254	EastGroup Properties, Inc.		21,285
	1,400	Education Realty Trust, Inc.		54,250
	1,856	Empire State Realty Trust, Inc.		38,549
	1,566	EPR Properties		112,548
	2,362	Equinix, Inc.		1,013,676
	2,800	Equity Commonwealthⁱ		88,480
	2,000	Equity Lifestyle Properties, Inc.		172,680
	10,890	Equity Residential		716,889
	1,630	Essex Property Trust, Inc.		419,350
	3,100	Extra Space Storage, Inc.		241,800
	1,700	Federal Realty Investment Trust		214,863
	3,300	FelCor Lodging Trust, Inc.		23,793
	3,400	First Industrial Realty Trust, Inc.		97,308
	5,042	Forest City Realty Trust, Inc.		121,865
	4,200	Gaming and Leisure Properties, Inc.		158,214
	32,827	General Growth Properties, Inc.		773,404
	2,850	GEO Group, Inc.		84,275
	4,280	Gramercy Property Trust		127,159
	13,316	H&R Real Estate Investment Trust		226,109
	9,900	HCP, Inc.		316,404
	2,900	Healthcare Realty Trust, Inc.		99,035
	4,300	Healthcare Trust of America, Inc.		133,773
	3,400	Highwoods Properties, Inc.		172,414
	3,700	Hospitality Properties Trust		107,855
	17,411	Host Hotels & Resorts, Inc.		318,099
	3,850	Hudson Pacific Properties, Inc.		131,632
	54,000	Hysan Development Company, Ltd.		257,709
	3,300	Invitation Homes, Inc.		71,379
	5,300	Iron Mountain, Inc.		182,108
	2,300	Kilroy Realty Corporation		172,845
	8,944	Kimco Realty Corporation		164,122
	1,400	Kite Realty Group Trust		26,502
	1,569	Lamar Advertising Company		115,431
	2,600	LaSalle Hotel Properties		77,480
	3,400	Liberty Property Trust		138,414
	1,091	Life Storage, Inc.		80,843
	3,250	Macerich Company		188,695
	2,000	Mack-Cali Realty Corporation		54,280
	7,300	Medical Properties Trust, Inc.		93,951
	2,599	Mid-America Apartment Communities, Inc.		273,883
	1,500	National Health Investors, Inc.		118,800
	4,500	National Retail Properties, Inc.		175,950
	653	National Storage Affiliates Trust		15,091
	83,508	New World Development Company, Ltd.		105,854
	3,450	Omega Healthcare Investors, Inc.		113,919
	2,800	Outfront Media, Inc.		64,736
	573	Parkway, Inc.		13,116
	1,400	Pebblebrook Hotel Trust		45,136
	7,250	Physicians Realty Trust		146,015
	900	Piedmont Office Realty Trust, Inc.		18,972
	17,453	Prologis, Inc.		1,023,444
	4,582	Public Storage, Inc.		955,484
	1,123	QTS Realty Trust, Inc.		58,767
	2,060	Quality Care Properties, Inc.ⁱ		37,719
	1,700	Ramco-Gershenson Properties Trust		21,930
	5,443	Realty Income Corporation		300,345
	4,060	Regency Centers Corporation		254,318
	2,500	Retail Opportunity Investments Corporation		47,975
	4,100	Retail Properties of America, Inc.		50,061
	3,688	RLJ Lodging Trust		73,281
	17,000	Road King Infrastructure, Ltd.		20,985
	1,000	Road King Infrastructure, Ltd., Rights^i,k		0
	1,000	Ryman Hospitality Properties		64,010
	1,200	Sabra Health Care REIT, Inc.		28,920
	3,675	Senior Housing Property Trust		75,117
	9,400	Simon Property Group, Inc.		1,520,544
	2,300	SL Green Realty Corporation		243,340
	9,800	Spirit Realty Capital, Inc.		72,618
	700	STAG Industrial, Inc.		19,320
	82,471	Stockland		277,341
	4,956	Store Capital Corporation		111,262
	4,298	Summit Hotel Properties, Inc.		80,158
	1,950	Sun Communities, Inc.		170,995
	14,000	Sun Hung Kai Properties, Ltd.		205,662
	4,955	Sunstone Hotel Investors, Inc.		79,875
	1,879	Tanger Factory Outlet Centers, Inc.		48,816
	1,500	Taubman Centers, Inc.		89,325
	5,900	UDR, Inc.		229,923
	250	Uniti Group, Inc.		6,285
	2,000	Urban Edge Properties		47,460
	500	Urstadt Biddle Properties, Inc.		9,900
	8,050	Ventas, Inc.		559,314
	22,209	VEREIT, Inc.		180,781
	6,040	Vornado Realty Trust		567,156
	2,400	Washington Prime Group, Inc.		20,088
	500	Washington REIT		15,950
	2,700	Weingarten Realty Investors		81,270
	8,089	Welltower, Inc.		605,462
	8,000	Wheelock and Company, Ltd.		60,341
	40,700	Wing Tai Holdings, Ltd.		58,849
	1,500	WP Carey, Inc.		99,015
	2,500	Xenia Hotels & Resorts, Inc.		48,425

		Total		25,349,380

	Telecommunications Services (0.4%)
	8,239	Elisa Oyj		319,609
	7,884	Freenet AG		251,521
	28,951	Inmarsat plc		290,356
	120,060	KCOM Group plc		139,172
	12,000	Nippon Telegraph & Telephone Corporation		566,449
	8,300	NTT DOCOMO, Inc.		196,301
	140,273	PCCW, Ltd.		79,719
	12,823	Proximus SA		448,798
	15,582	TDC AS		90,615
	12,200	Telefonica Deutschland Holding AG		61,012
	7,936	Telenor ASA		131,660

		Total		2,575,212

	Utilities (0.5%)
	2,674	ATCO, Ltd.		104,564
	2,677	Canadian Utilities, Ltd.		86,020
	146,968	Centrica plc		383,185
	99,021	Electricidade de Portugal SA		323,920
	416	Elia System Operator SA		23,543
	17,558	Endesa SA^j		405,039
	23,669	MDU Resources Group, Inc.		620,128
	12,600	New Jersey Resources Corporation		500,220
	87,000	Osaka Gas Company, Ltd.		356,251
	34,332	Redes Energeticas Nacionais SGPS SA		107,556

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

129

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (27.5%)	Value
	Utilities (0.5%) - continued
	2,148	Verbund AG	$	40,970

		Total		2,951,396

		Total Common Stock (cost $151,674,720)		171,451,961

		Preferred Stock (2.3%)
	Consumer Non-Cyclical (0.2%)
	31,200	CHS, Inc., 7.100%^g		917,904

		Total		917,904

	Consumer Staples (0.2%)
	4,500	Bunge, Ltd., Convertible, 4.875%^g		469,125
	26,000	CHS, Inc., 6.750%^g		735,280
	2,049	Henkel AG & Company KGaA, 1.470%		282,545

		Total		1,486,950

	Energy (<0.1%)
	2,401	Alpha Natural Resources, Inc., 0.000%ⁱ		45,019
	2,401	ANR Holdings, Inc., 0.000%ⁱ		7,203

		Total		52,222

	Financials (1.6%)
	6,475	Agribank FCB, 6.875%^g		707,394
	39,710	Annaly Capital Management, Inc., 7.500%^g		1,012,208
	37,225	Citigroup, Inc., 6.875%^g		1,101,488
	26,020	Citigroup, Inc., 7.542%^d		675,999
	8,650	Cobank ACB, 6.250%^*,g		899,059
	7,350	Federal National Mortgage Association, 0.000%^g,i		42,336
	46,050	GMAC Capital Trust I, 6.967%^d		1,206,510
	30,800	Goldman Sachs Group, Inc., 5.500%^g		867,020
	13,620	Morgan Stanley, 6.875%^g		398,930
	22,200	Morgan Stanley, 7.125%^g		658,008
	15,500	PNC Financial Services Group, Inc., 6.125%^g		458,800
	28,000	U.S. Bancorp, 6.500%^g		831,320
	1,012	Wells Fargo & Company, Convertible, 7.500%^g		1,326,843

		Total		10,185,915

	Health Care (0.2%)
	810	Allergan plc, Convertible, 5.500%		700,650
	8,355	Becton Dickinson and Company, Convertible, 6.125%		457,687

		Total		1,158,337

	Industrials (0.1%)
	4,060	Stanley Black & Decker, Inc., Convertible, 5.375%		445,463

		Total		445,463

		Total Preferred Stock (cost $13,187,467)		14,246,791

		Registered Investment Companies (2.1%)
	Equity Funds/Exchange Traded Funds (1.6%)
	256,500	Alerian MLP ETF		3,067,740
	8,580	iShares MSCI EAFE Index Fund		559,416
	46,370	Materials Select Sector SPDR Fund		2,495,170
	7,870	Powershares S&P SmallCap Information Technology Portfolio		582,222
	30,530	Utilities Select Sector SPDR Fund		1,586,339
	25,000	Vanguard High Dividend Yield ETF		1,954,000

		Total		10,244,887

	Fixed Income Funds/Exchange Traded Funds (0.5%)
	24,600	iShares S&P U.S. Preferred Stock Index Fund		963,582
	19,065	PowerShares Senior Loan Portfolio		441,164
	24,825	Vanguard Short-Term Corporate Bond ETF		1,986,993

		Total		3,391,739

		Total Registered Investment Companies (cost $13,827,835)		13,636,626

		Collateral Held for Securities Loaned (0.2%)
	1,140,232	Thrivent Cash Management Trust		1,140,232

		Total Collateral Held for Securities Loaned (cost $1,140,232)		1,140,232

Shares or Principal Amount		Short-Term Investments (11.8%)^l
		Federal Home Loan Bank Discount Notes
	100,000	0.910%, 7/19/2017^m		99,955
	200,000	1.030%, 8/11/2017^m		199,779
	1,300,000	1.035%, 9/27/2017^m		1,296,801
		Thrivent Core Short-Term Reserve Fund
	7,177,643	1.240%		71,776,433

		Total Short-Term Investments (cost $73,372,864)		73,372,968

		Total Investments (cost $639,888,771) 107.1%	$	668,895,631

		Other Assets and Liabilities, Net (7.1%)		(44,595,091	)

		Total Net Assets 100.0%	$	624,300,540

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

130

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)

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

b	All or a portion of the loan is unfunded.

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

d	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2017.

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, 2017.

g	Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest and have no contractual maturity date. Date shown, if applicable, is next call date.

i	Non-income producing security.

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

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	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 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, 2017 was $22,752,927 or 3.6% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of June 30, 2017.


Security	Acquisition Date		Cost
AJAX Mortgage Loan Trust, 4/25/2057		5/19/2017	$	949,713
ALM XI Ltd., 10/17/2026		4/28/2017		1,100,000
Angel Oak Mortgage Trust, 11/25/2045		12/10/2015		285,244
Apidos CLO XVIII, 7/22/2026		4/4/2017		650,000
BlueMountain CLO, Ltd., 10/15/2026		4/10/2017		1,400,347
CLUB Credit Trust, 4/17/2023		6/14/2017		824,996
Cobank ACB, 6.250%, 10/1/2022		10/1/2012		870,375
COLT Mortgage Loan Trust, 9/25/2046		9/9/2016		666,105
Digicel, Ltd., 4/15/2021		6/9/2014		775,363
GCAT, LLC, 3/25/2047		3/22/2017		1,168,820
Liberty Mutual Group, Inc., 6/15/2058		1/12/2009		538,913
Madison Park Funding XIV, Ltd., 7/20/2026		4/13/2017		1,450,000
Mariner Finance Issuance Trust, 2/20/2029		2/16/2017		999,803
Marlette Funding Trust, 1/17/2023		7/20/2016		785,599
Murray Hill Marketplace Trust, 11/25/2022		10/6/2016		179,327
NCF Dealer Floorplan Master Trust, 3/21/2022		4/8/2016		737,260
NRZ Advance Receivables Trust Advance Receivables Backed, 6/15/2049		6/23/2016		649,999
Octagon Investment Partners XX, Ltd., 8/12/2026		4/21/2017		975,000
Preston Ridge Partners Mortgage Trust, LLC, 1/25/2022		1/24/2017		894,801
Preston Ridge Partners Mortgage Trust, LLC, 9/27/2021		9/23/2016		798,256
Pretium Mortgage Credit Partners I, LLC, 7/27/2031		6/17/2016		888,983
Pretium Mortgage Credit Partners, LLC, 4/29/2032		3/31/2017		1,056,463
Sunset Mortgage Loan Company, LLC, 6/16/2047		6/15/2017		750,000
Sunset Mortgage Loan Company, LLC, 7/16/2047		7/27/2016		243,843
Sunset Mortgage Loan Company, LLC, 9/18/2045		10/2/2015		385,329
US Residential Opportunity Fund Trust, 7/27/2036		7/20/2016		1,007,054
Vericrest Opportunity Loan Transferee, 2/25/2055		2/25/2015		178,052
Voya CLO 4, Ltd., 10/14/2026		6/16/2017		1,225,000

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Diversified Income Plus Portfolio as of June 30, 2017:

Securities Lending Transactions


Common Stock	$	1,074,855

Total lending	$	1,074,855
Gross amount payable upon return of collateral for securities loaned	$	1,140,232

Net amounts due to counterparty	$	65,377

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

131

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)

Definitions:


ADR	-	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
ETF	-	Exchange Traded Fund
REIT	-	Real Estate Investment Trust is a company that buys, develops, manages and/or sells real estate assets.
Ser.	-	Series
SPDR	-	S&P Depository Receipts, which are exchange-traded funds traded in the U.S., Europe, and Asia-Pacific and managed by State Street Global Advisors.

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, 2017

(unaudited)


Principal Amount		Bank Loans (30.4%)^a	Value
	Basic Materials (1.8%)
		Arch Coal, Inc., Term Loan
	$ 314,213	5.226%, 3/7/2024	$	313,559
		Chemours Company, Term Loan
	424,783	3.570%, 5/12/2022		425,952
		Contura Energy, Inc., Term Loan
	578,550	6.230%, 3/17/2024		561,193
		Ineos Finance, LLC, Term Loan
	760,751	3.976%, 3/31/2022^b,c		761,862
		Peabody Energy Corporation, Term Loan
	164,588	5.726%, 3/31/2022		164,217
		Tronox Pigments BV, Term Loan
	679,383	4.796%, 3/19/2020		682,780

		Total		2,909,563

	Capital Goods (2.4%)
		Advanced Disposal Services, Inc., Term Loan
	580,703	3.939%, 11/10/2023		582,468
		Berry Plastics Corporation, Term Loan
	410,000	3.367%, 2/8/2020		409,885
	150,000	3.367%, 1/6/2021		149,913
	538,650	3.617%, 1/19/2024		538,424
		Cortes NP Intermediate Holding II Corporation, Term Loan
	1,085,000	5.226%, 11/30/2023		1,088,613
		Reynolds Group Holdings, Inc., Term Loan
	347,380	4.226%, 2/5/2023		347,633
		Sterigenics-Nordion Holdings, LLC, Term Loan
	738,150	4.226%, 5/15/2022		735,382

		Total		3,852,318

	Communications Services (10.8%)
		Altice Financing SA, Term Loan
	290,000	3.908%, 7/15/2025		289,002
		Altice US Finance I Corporation, Term Loan
	365,000	3.466%, 7/14/2025		361,350
		Atlantic Broadband Penn, LLC, Term Loan
	75,278	3.726%, 11/30/2019		75,310
		Beasley Broadcast Group, Inc., Term Loan
	272,264	7.226%, 11/1/2023		274,987
		Birch Communication Inc., Term Loan
	395,378	8.550%, 7/18/2020		281,379
		CBS Radio, Inc., Term Loan
	382,781	4.716%, 10/17/2023		383,259
		Cengage Learning Acquisitions, Term Loan
	561,342	5.339%, 6/7/2023		529,127
		CenturyLink, Inc., Term Loan
	495,000	3.959%, 1/31/2025		489,090
		Charter Communications Operating, LLC, Term Loan
	54,715	3.230%, 7/1/2020		54,859
	54,715	3.230%, 1/3/2021		54,852
	471,420	0.000%, 1/15/2024^b,c		472,923
		Cincinnati Bell, Inc., Term Loan
	150,727	4.051%, 9/10/2020		151,744
		Coral-US Co-Borrower, LLC, Term Loan
	870,000	4.726%, 11/19/2024		871,636
		CSC Holdings, LLC, Term Loan
	485,000	3.459%, 7/17/2025		481,241
		FairPoint Communications, Inc., Term Loan
	429,226	7.500%, 2/14/2019		429,317
		Gray Television, Inc., Term Loan
	492,525	3.551%, 2/7/2024		494,372
		Hargray Merger Subsidiary Corporation, Term Loan
	230,000	4.226%, 3/24/2024		230,216
		Intelsat Jackson Holdings SA, Term Loan
	160,000	4.000%, 6/30/2019		158,525
		Level 3 Financing, Inc., Term Loan
	1,025,000	3.466%, 2/22/2024		1,026,927
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	725,000	4.658%, 1/7/2022		717,148
	145,000	7.908%, 7/7/2023		144,275
		LTS Buyer, LLC, Term Loan
	665,699	4.546%, 4/13/2020		667,696
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	1,063,826	5.226%, 5/4/2022		1,045,039
		Mediacom Illinois, LLC, Term Loan
	259,350	3.440%, 2/15/2024		259,998
		NEP/NCP Holdco, Inc., Term Loan
	742,347	4.476%, 1/22/2020		742,117
	760,000	0.000%, 7/21/2022^b,c		759,764
		New LightSquared, Term Loan
	169,154	19.939%, 12/7/2020		163,959
		SBA Senior Finance II, LLC, Term Loan
	727,500	3.480%, 3/24/2021		728,686
	215,600	3.480%, 6/10/2022		215,654
		SFR Group SA, Term Loan
	265,000	3.944%, 6/22/2025		262,599
		Sprint Communications, Inc., Term Loan
	1,062,338	3.750%, 2/2/2024		1,062,114
		TNS, Inc., Term Loan
	50,956	5.230%, 2/15/2020		51,300
		Univision Communications, Inc., Term Loan
	244,577	3.976%, 3/15/2024		239,583
		Virgin Media Bristol, LLC, Term Loan
	550,000	3.909%, 1/31/2025		549,863
		WideOpenWest Finance, LLC, Term Loan
	950,000	0.000%, 8/6/2023^b,c		948,385
	918,063	4.702%, 8/19/2023		916,502
		Zayo Group, LLC, Term Loan
	521,923	3.716%, 1/19/2024		522,142

		Total		17,106,940

	Consumer Cyclical (3.1%)
		Amaya Holdings BV, Term Loan
	621,008	4.796%, 8/1/2021		621,573
		Burlington Coat Factory Warehouse Corporation, Term Loan
	249,141	3.960%, 7/29/2021		249,660

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, 2017

(unaudited)


Principal Amount		Bank Loans (30.4%)^a	Value
	Consumer Cyclical (3.1%) - continued
		Ceridian HCM Holding, Inc., Term Loan
	$ 131,983	4.726%, 9/15/2020	$	130,912
		Eldorado Resorts, Inc., Term Loan
	249,375	3.375%, 4/17/2024		247,193
		Four Seasons Hotels, Ltd., Term Loan
	598,496	3.726%, 11/30/2023		601,985
		Golden Nugget, Inc., Term Loan
	280,695	4.710%, 11/21/2019		283,328
		Golden Nugget, Inc., Term Loan Delayed Draw
	120,298	4.680%, 11/21/2019		121,426
		IMG Worldwide, Inc., Term Loan
	150,000	8.476%, 5/6/2022		151,687
		KAR Auction Services, Inc., Term Loan
	270,000	3.813%, 3/9/2023		271,688
		Michaels Stores, Inc., Term Loan
	322,326	3.938%, 1/28/2023		321,320
		Mohegan Tribal Gaming Authority, Term Loan
	552,549	5.226%, 10/13/2023^b,c		558,246
		Scientific Games International, Inc., Term Loan
	1,231,913	5.108%, 10/1/2021		1,243,382
		Seminole Hard Rock Entertainment, Inc., Term Loan
	116,364	4.046%, 5/14/2020		116,437

		Total		4,918,837

	Consumer Non-Cyclical (4.9%)
		Air Medical Group Holdings, Inc., Term Loan
	955,000	0.000%, 4/28/2022^b,c		949,747
	319,275	5.159%, 4/28/2022		317,519
		Albertson’s, LLC, Term Loan
	411,786	0.000%, 12/21/2022^b,c		406,923
	610,839	0.000%, 6/22/2023^b,c		603,460
		CHS/Community Health Systems, Inc., Term Loan
	605,193	4.210%, 1/27/2021		603,868
		Endo Luxembourg Finance Company I SARL., Term Loan
	400,000	5.500%, 4/27/2024		403,500
		Grifols Worldwide Operations USA, Inc., Term Loan
	443,887	3.436%, 1/23/2025		444,185
		JBS USA LUX SA, Term Loan
	1,037,400	5.750%, 10/30/2022^b,c		1,010,428
		MPH Acquisition Holdings, LLC, Term Loan
	508,389	4.296%, 6/7/2023		507,992
		Ortho-Clinical Diagnostics, Inc., Term Loan
	430,913	5.046%, 6/30/2021		428,134
		Revlon Consumer Products Corporation, Term Loan
	487,547	4.726%, 9/7/2023		454,150
		Valeant Pharmaceuticals International, Inc., Term Loan
	1,588,111	5.830%, 4/1/2022		1,608,963

		Total		7,738,869

	Energy (0.7%)
		Houston Fuel Oil Terminal, LLC, Term Loan
	660,915	4.550%, 8/19/2021^b,c		655,132
		McJunkin Red Man Corporation, Term Loan
	137,246	5.226%, 11/9/2019		138,001
		MEG Energy Corporation, Term Loan
	284,288	4.696%, 12/31/2023		276,649
		Pacific Drilling SA, Term Loan
	244,800	4.750%, 6/3/2018		111,078

		Total		1,180,860

	Financials (1.6%)
		ASP AMC Merger Sub, Inc., Term Loan
	850,676	4.796%, 4/13/2024		841,105
		Avolon TLB Borrower 1 (Luxembourg) SARL, Term Loan
	415,000	3.962%, 3/20/2022		417,428
		Colorado Buyer, Inc., Term Loan
	135,000	4.170%, 5/1/2024		135,169
	80,000	8.420%, 5/1/2025		80,450
		Digicel International Finance, Ltd., Term Loan
	265,000	4.940%, 5/10/2024		266,574
		MoneyGram International, Inc., Term Loan
	397,119	4.546%, 3/28/2020		396,952
		TransUnion, LLC, Term Loan
	348,203	3.726%, 4/26/2022		350,192

		Total		2,487,870

	Technology (3.2%)
		Accudyne Industries, LLC, Term Loan
	221,712	4.226%, 12/13/2019		219,737
		Dell International, LLC, Term Loan
	174,563	3.730%, 9/7/2023		175,144
		First Data Corporation, Term Loan
	1,165,000	3.716%, 4/26/2024		1,164,581
		Harland Clarke Holdings Corporation, Term Loan
	330,575	7.296%, 12/31/2021		331,815
	340,811	6.796%, 2/9/2022		340,896
		Micron Technologies, Inc., Term Loan
	214,459	3.800%, 4/9/2023		216,022
		ON Semiconductor Corporation, Term Loan
	170,630	3.476%, 3/31/2023		170,707
		Rackspace Hosting, Inc., Term Loan
	590,000	0.000%, 11/3/2023^b,c		589,445
		RP Crown Parent, LLC, Term Loan
	447,750	4.726%, 10/12/2023		450,150
		Western Digital Corporation, Term Loan
	945,250	3.976%, 4/29/2023		948,445
		Xerox Business Services, LLC, Term Loan
	533,659	5.226%, 12/7/2023		539,663

		Total		5,146,605

	Transportation (1.1%)
		Arctic LNG Carriers, Ltd., Term Loan
	965,000	5.726%, 5/18/2023		961,381
		OSG Bulk Ships, Inc., Term Loan
	416,979	5.430%, 8/5/2019		395,088

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, 2017

(unaudited)


Principal Amount		Bank Loans (30.4%)^a	Value
	Transportation (1.1%) - continued
		XPO Logistics, Inc., Term Loan
	$450,000	3.405%, 10/30/2021	$	450,837

		Total		1,807,306

	Utilities (0.8%)
		Calpine Corporation, Term Loan
	769,114	4.050%, 1/15/2024		767,314
		Intergen NV, Term Loan
	205,314	5.800%, 6/13/2020		204,887
		Talen Energy Supply, LLC, Term Loan
	314,125	5.226%, 7/6/2023		290,764

		Total		1,262,965

		Total Bank Loans (cost $48,654,139)		48,412,133

		Long-Term Fixed Income (60.2%)
	Asset-Backed Securities (5.5%)
		ALM XI Ltd.
	300,000	4.342%, 10/17/2026, Ser. 2014-11A, Class CR^*,d		299,989
		Apidos CLO XVIII
	200,000	4.403%, 7/22/2026, Ser. 2014-18A, Class CR^*,d		200,179
		Asset Backed Securities Corporation Home Equity Loan Trust
	158,119	1.356%, 7/25/2036, Ser. 2006-HE5, Class A4^d		151,393
		Bear Stearns ARM Trust
	224,461	3.046%, 1/25/2034, Ser. 2003-8, Class 5A		218,410
		BlueMountain CLO, Ltd.
	425,000	4.358%, 10/15/2026, Ser. 2014-3A, Class CR^*,d		424,994
		CLUB Credit Trust
	250,000	3.170%, 4/17/2023, Ser. 2017-NP1, Class B^*		250,396
		Credit Based Asset Servicing and Securitization, LLC
	101,472	3.390%, 12/25/2036, Ser. 2006-CB2, Class AF2^e		80,789
		DRB Prime Student Loan Trust
	220,023	2.890%, 6/25/2040, Ser. 2016-B, Class A2^f		219,988
		Earnest Student Loan Program, LLC
	212,413	2.680%, 7/25/2035, Ser. 2016-C, Class A2^f		212,581
		First Horizon ABS Trust
	90,703	1.376%, 10/25/2034, Ser. 2006-HE1, Class A^d,g		88,916
		FRS, LLC
	54,654	1.800%, 4/15/2043, Ser. 2013-1A, Class A1^*		54,090
		GMAC Mortgage Corporation Loan Trust
	182,415	1.716%, 8/25/2035, Ser. 2005-HE1, Class A2^d,g		176,260
	36,074	3.582%, 9/19/2035, Ser. 2005-AR5, Class 5A1		33,347
		GSAA Home Equity Trust
	285,476	1.486%, 7/25/2037, Ser. 2007-7, Class A4^d		262,319
		Impac CMB Trust
	174,741	1.736%, 4/25/2035, Ser. 2005-2, Class 1A1^d		161,307
	31,147	1.856%, 8/25/2035, Ser. 2005-5, Class A1^d		28,003
		J.P. Morgan Mortgage Acquisition Trust
	132,200	4.452%, 3/25/2047, Ser. 2007-HE1, Class AF4^e		97,917
		Lehman XS Trust
	153,083	5.440%, 8/25/2035, Ser. 2005-2, Class 2A3B^e		131,186
		Lendmark Funding Trust
	300,000	2.830%, 1/22/2024, Ser. 2017-1A, Class A^f		299,939
		Madison Park Funding XIV, Ltd.
	425,000	4.406%, 7/20/2026, Ser. 2014-14A, Class DR^*,d		424,993
		Mariner Finance Issuance Trust
	300,000	3.620%, 2/20/2029, Ser. 2017-AA, Class A^*		302,334
		Marlette Funding Trust
	157,168	3.060%, 1/17/2023, Ser. 2016-1A, Class A^*		157,876
	300,199	2.827%, 3/15/2024, Ser. 2017-AA, Class A^f		301,281
		Merrill Lynch Mortgage Investors Trust
	249,112	3.126%, 6/25/2035, Ser. 2005-A5, Class M1		176,196
		MLCC Mortgage Investors, Inc.
	88,555	1.876%, 9/25/2029, Ser. 2004-D, Class A1^d		88,052
		Murray Hill Marketplace Trust
	46,701	4.190%, 11/25/2022, Ser. 2016-LC1, Class A^*		47,120
		NCF Dealer Floorplan Master Trust
	150,000	4.462%, 3/21/2022, Ser. 2016-1A, Class A^*,d		149,158
		NRZ Advance Receivables Trust Advance Receivables Backed
	150,000	2.751%, 6/15/2049, Ser. 2016-T1, Class AT1^*		148,826
		Octagon Investment Partners XX, Ltd.
	275,000	4.731%, 8/12/2026, Ser. 2014-1A, Class DR^*,d		274,990
		Preston Ridge Partners Mortgage Trust, LLC
	177,390	4.000%, 9/27/2021, Ser. 2016-1A, Class A1^*,e		176,993
	203,364	4.250%, 1/25/2022, Ser. 2017-1A, Class A1^*,e		204,491
		Pretium Mortgage Credit Partners, LLC
	296,542	3.250%, 3/28/2057, Ser. 2017-NPL2, Class A1^e,f		297,015
		Renaissance Home Equity Loan Trust
	232,079	5.797%, 8/25/2036, Ser. 2006-2, Class AF3^e		147,306
	185,531	5.285%, 1/25/2037, Ser. 2006-4, Class AF2^e		100,100
		SoFi Consumer Loan Program, LLC
	182,085	3.050%, 12/26/2025, Ser. 2016-3, Class A^f		183,790
	167,814	3.280%, 1/26/2026, Ser. 2017-1, Class A^f		169,996

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (60.2%)	Value
	Asset-Backed Securities (5.5%) - continued
		Upstart Securitization Trust
	$330,000	2.639%, 6/20/2024, Ser. 2017-1, Class A^*	$	329,919
		US Residential Opportunity Fund Trust
	218,925	3.475%, 7/27/2036, Ser. 2016-1III, Class A^*,e		220,406
		Vericrest Opportunity Loan Transferee
	203,276	3.500%, 10/25/2046, Ser. 2016-NP11, Class A1^f		203,453
	210,928	3.625%, 11/26/2046, Ser. 2016-NP12, Class A1^e,f		211,759
	140,478	3.500%, 2/25/2047, Ser. 2017-NPL1, Class A1^e,f		140,575
	304,023	3.375%, 4/25/2047, Ser. 2017-NPL4, Class A1^e,f		303,798
		Voya CLO 4, Ltd.
	350,000	4.305%, 10/14/2026, Ser. 2014-4A, Class CR^*,c,d		350,000
		Wachovia Asset Securitization, Inc.
	275,713	1.356%, 7/25/2037, Ser. 2007-HE1, Class A^*,d,g		236,576

		Total		8,739,006

	Basic Materials (1.3%)
		Alcoa Nederland Holding BV
	175,000	6.750%, 9/30/2024^f		189,875
		Anglo American Capital plc
	74,000	4.125%, 9/27/2022^f		75,665
	200,000	4.750%, 4/10/2027^f		205,460
		ArcelorMittal SA
	120,000	6.000%, 3/1/2021		129,150
		BWAY Holding Company
	175,000	5.500%, 4/15/2024^f		178,719
		CF Industries, Inc.
	200,000	3.450%, 6/1/2023		189,000
		Dow Chemical Company
	24,000	8.550%, 5/15/2019		26,882
		EI du Pont de Nemours & Company
	74,000	2.200%, 5/1/2020		74,396
		First Quantum Minerals, Ltd.
	130,000	7.000%, 2/15/2021^f		133,250
		FMG Resources Property, Ltd.
	185,000	5.125%, 5/15/2024^f		185,000
		INEOS Group Holdings SA
	250,000	5.625%, 8/1/2024^f		257,813
		Kinross Gold Corporation
	38,000	5.125%, 9/1/2021		40,470
		LyondellBasell Industries NV
	26,000	5.000%, 4/15/2019		27,182
		NOVA Chemicals Corporation
	97,215	5.250%, 8/1/2023^f		99,888
		Sherwin-Williams Company
	74,000	2.250%, 5/15/2020		74,160
		Steel Dynamics, Inc.
	155,000	5.000%, 12/15/2026		159,069
		Vale Overseas, Ltd.
	38,000	5.875%, 6/10/2021		40,793
		Xstrata Finance Canada, Ltd.
	57,000	4.950%, 11/15/2021^f		60,961

		Total		2,147,733

	Capital Goods (1.4%)
		AECOM
	260,000	5.875%, 10/15/2024		282,750
		Bombardier, Inc.
	160,000	7.500%, 3/15/2025^f		166,000
		Building Materials Corporation of America
	175,000	6.000%, 10/15/2025^f		187,250
		Cemex SAB de CV
	130,000	5.700%, 1/11/2025^f		137,962
		Cintas Corporation No. 2
	57,000	2.900%, 4/1/2022		57,885
		CNH Industrial Capital, LLC
	195,000	4.375%, 11/6/2020		204,508
		Crown Americas Capital Corporation IV
	120,000	4.500%, 1/15/2023		125,700
		General Electric Company
	199,000	5.000%, 1/21/2021^h		211,219
		L3 Technologies, Inc.
	75,000	4.950%, 2/15/2021		80,850
		Lockheed Martin Corporation
	35,000	2.500%, 11/23/2020		35,477
		Owens-Brockway Glass Container, Inc.
	155,000	5.000%, 1/15/2022^f		163,912
		Reynolds Group Issuer, Inc.
	240,000	5.125%, 7/15/2023^f		249,300
		Rockwell Collins, Inc.
	57,000	1.950%, 7/15/2019		57,086
		Roper Industries, Inc.
	34,000	2.050%, 10/1/2018		34,067
		Roper Technologies, Inc.
	60,000	2.800%, 12/15/2021		60,505
		Textron Financial Corporation
	25,000	2.917%, 2/15/2042^d,f		21,563
		United Rentals North America, Inc.
	170,000	5.500%, 7/15/2025		178,075

		Total		2,254,109

	Collateralized Mortgage Obligations (6.7%)
		AJAX Mortgage Loan Trust
	274,947	3.470%, 4/25/2057, Ser. 2017-A, Class A^*,e		274,448
		Alternative Loan Trust
	254,787	5.750%, 4/25/2047, Ser. 2007-6, Class A4		223,827
		American Home Mortgage Assets Trust
	112,309	1.692%, 9/25/2046, Ser. 2006-2, Class 1A1^d		92,487
	195,493	1.406%, 12/25/2046, Ser. 2006-6, Class A1A^d		153,733
		Angel Oak Mortgage Trust
	68,354	4.500%, 11/25/2045, Ser. 2015-1, Class A^*,e		68,444
		Bayview Opportunity Master Fund Trust
	120,478	3.475%, 7/28/2031, Ser. 2016-RPL3, Class A1^f		119,949
		Bear Stearns Adjustable Rate Mortgage Trust
	131,324	2.830%, 10/25/2035, Ser. 2005-9, Class A1^d		128,780
		Bear Stearns ALT-A Trust
	102,733	3.490%, 10/25/2033, Ser. 2003-3, Class 5A		101,652
	72,446	3.494%, 6/25/2034, Ser. 2004-5, Class 3A1		73,055

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (60.2%)	Value
	Collateralized Mortgage Obligations (6.7%) - continued
		Bear Stearns ARM Trust
	$145,588	3.570%, 2/25/2035, Ser. 2004-12, Class 3A1	$	145,138
		ChaseFlex Trust
	308,999	6.500%, 2/25/2035, Ser. 2005-1, Class 1A5		298,967
		CHL Mortgage Pass-Through Trust
	172,196	6.000%, 4/25/2037, Ser. 2007-3, Class A18		147,670
		CitiMortgage Alternative Loan Trust
	218,149	5.750%, 4/25/2037, Ser. 2007-A4, Class 1A5		190,153
		COLT Mortgage Loan Trust
	162,204	2.750%, 9/25/2046, Ser. 2016-2, Class A1^*		163,810
		Countrywide Alternative Loan Trust
	240,000	5.500%, 5/25/2035, Ser. 2005-J3, Class 1A5		227,035
	6,786	5.500%, 5/25/2035, Ser. 2005-J3, Class 2A13		6,766
	121,986	5.750%, 8/25/2035, Ser. 2005-28CB, Class 2A5		108,229
	129,545	5.500%, 10/25/2035, Ser. 2005-46CB, Class A8		124,886
	218,899	1.732%, 12/25/2035, Ser. 2005-69, Class A1^d		197,105
	46,799	5.500%, 2/25/2036, Ser. 2005-85CB, Class 2A2		44,228
	66,982	6.000%, 1/25/2037, Ser. 2006-39CB, Class 1A16		64,434
	148,804	5.500%, 5/25/2037, Ser. 2007-8CB, Class A1		123,932
		Countrywide Asset-Backed Certificates
	199,049	1.716%, 7/25/2034, Ser. 2004-2, Class 3A4^d		185,301
		CSMC Mortgage-Backed Trust
	97,091	6.000%, 11/25/2036, Ser. 2006-9, Class 6A14		94,054
	182,329	5.500%, 3/25/2037, Ser. 2007-2, Class 3A4		166,705
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	103,758	1.502%, 4/25/2047, Ser. 2007-OA2, Class A1^d		96,079
		First Horizon Alternative Mortgage Securities Trust
	175,983	3.219%, 7/25/2035, Ser. 2005-AA5, Class 2A1		168,601
		GCAT, LLC
	334,575	3.375%, 3/25/2047, Ser. 2017-1, Class A1^*,e		333,865
		GMAC Mortgage Corporation Loan Trust
	109,446	3.662%, 5/25/2035, Ser. 2005-AR2, Class 4A		102,893
		HarborView Mortgage Loan Trust
	85,575	3.523%, 12/19/2035, Ser. 2005-14, Class 3A1A		82,813
		IndyMac INDA Mortgage Loan Trust
	138,654	3.177%, 8/25/2036, Ser. 2006-AR1, Class A1		131,464
		IndyMac INDX Mortgage Loan Trust
	158,995	1.856%, 7/25/2045, Ser. 2005-16IP, Class A1^d		146,103
	167,036	1.426%, 4/25/2046, Ser. 2006-AR2, Class 1A1B^d		146,810
		J.P. Morgan Alternative Loan Trust
	116,106	6.500%, 3/25/2036, Ser. 2006-S1, Class 1A19		105,275
		J.P. Morgan Mortgage Trust
	93,851	6.500%, 1/25/2035, Ser. 2005-S1, Class 1A2		97,859
	54,360	3.087%, 6/25/2035, Ser. 2005-A3, Class 4A1		54,814
	64,422	3.177%, 6/25/2035, Ser. 2005-A3, Class 3A4		64,324
	80,731	3.198%, 7/25/2035, Ser. 2007-A1, Class 2A1		79,723
	122,960	3.300%, 8/25/2035, Ser. 2005-A5, Class 1A2		122,736
	176,738	3.355%, 6/25/2036, Ser. 2006-A4, Class 2A2		159,496
	171,560	3.247%, 10/25/2036, Ser. 2006-A6, Class 1A2		158,624
		MASTR Alternative Loans Trust
	70,356	5.000%, 9/25/2019, Ser. 2004-10, Class 3A1		71,473
		Merrill Lynch Mortgage Investors, Inc.
	109,473	3.126%, 6/25/2035, Ser. 2005-A5, Class A9		107,287
		Mill City Mortgage Loan Trust
	330,985	2.750%, 11/25/2058, Ser. 2017-1, Class A1^f		333,630
		Morgan Stanley Mortgage Loan Trust
	95,502	3.188%, 11/25/2035, Ser. 2005-6AR, Class 5A1		75,548
		MortgageIT Trust
	163,293	1.476%, 12/25/2035, Ser. 2005-5, Class A1^d		152,650
		Popular ABS Mortgage Pass-Through Trust
	253,000	4.189%, 11/25/2035, Ser. 2005-5, Class AF4^e		249,603
		Pretium Mortgage Credit Partners I, LLC
	177,797	4.000%, 7/27/2031, Ser. 2016-NPL4, Class A^*,e		178,927
		Pretium Mortgage Credit Partners, LLC
	312,137	3.500%, 4/29/2031, Ser. 2017-NPL1, Class A1^*,e		313,311
		Provident Funding Mortgage Loan Trust
	181,664	3.262%, 4/25/2034, Ser. 2004-1, Class 1A1		181,578
		Residential Accredit Loans, Inc. Trust
	164,367	5.500%, 2/25/2035, Ser. 2005-QS2, Class A1		161,855
	241,896	1.966%, 6/25/2035, Ser. 2005-QS7, Class A3^d		198,585
	102,117	4.110%, 9/25/2035, Ser. 2005-QA10, Class A31		86,620
		Sequoia Mortgage Trust
	151,413	1.832%, 11/20/2034, Ser. 2004-10, Class A1A^d		142,895

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (60.2%)	Value
	Collateralized Mortgage Obligations (6.7%) - continued
		Structured Adjustable Rate Mortgage Loan Trust
		3.121%, 1/25/2035, Ser.
	$133,064	2004-19, Class 2A2	$	125,063
		Structured Asset Mortgage Investments, Inc.
		1.526%, 12/25/2035, Ser.
	319,503	2005-AR4, Class A1^d		272,520
		Sunset Mortgage Loan Company, LLC
		4.459%, 9/18/2045, Ser.
	64,221	2015-NPL1, Class A^*,e		64,332
		3.844%, 7/16/2047, Ser.
	46,446	2016-NPL1, Class A^*,e		46,479
		WaMu Mortgage Pass Through Certificates
		5.000%, 11/25/2018, Ser.
	73,519	2003-S12, Class 3A		74,312
		2.925%, 8/25/2036, Ser.
	146,778	2006-AR8, Class 3A2		134,203
		2.937%, 10/25/2036, Ser.
	95,170	2006-AR12, Class 1A1		91,364
		2.708%, 11/25/2036, Ser.
	187,060	2006-AR14, Class 1A1		177,618
		2.567%, 1/25/2037, Ser.
	167,737	2006-AR18, Class 1A1		150,607
		2.887%, 8/25/2046, Ser.
	29,514	2006-AR8, Class 1A1		26,976
		1.692%, 9/25/2046, Ser.
	219,057	2006-AR11, Class 1A^d		184,935
		1.612%, 10/25/2046, Ser.
	379,840	2006-AR13, Class 1A^d		338,874
		1.462%, 1/25/2047, Ser.
	120,396	2006-AR19, Class 1A1A^d		112,539
		1.472%, 1/25/2047, Ser.
	128,065	2006-AR19, Class 1A^d		103,303
		Washington Mutual Mortgage Pass Through Certificates Trust
		1.482%, 2/25/2047, Ser.
	168,044	2007-OA3, Class 2A^d		127,999
		Wells Fargo Mortgage Backed Securities Trust
		3.107%, 3/25/2036, Ser.
	125,256	2006-AR2, Class 2A1		126,100
		3.194%, 4/25/2036, Ser.
	56,611	2006-AR8, Class 2A4		56,853
		5.500%, 4/25/2036, Ser.
	227,216	2006-4, Class 2A2		223,356
		3.076%, 10/25/2036, Ser.
	148,167	2006-AR14, Class 2A3		139,245
		6.000%, 7/25/2037, Ser.
	203,765	2007-8, Class 1A16		204,938
		6.000%, 7/25/2037, Ser.
	114,031	2007-10, Class 1A1		112,832

		Total		10,724,677


	Communications Services (2.5%)
		Altice US Finance I Corporation
	135,000	5.500%, 5/15/2026^f		141,750
		AMC Networks, Inc.
	195,000	5.000%, 4/1/2024		199,631
		America Movil SAB de CV
	21,000	5.000%, 10/16/2019		22,406
		American Tower Corporation
	30,000	2.800%, 6/1/2020		30,405
		AT&T, Inc.
	29,000	5.875%, 10/1/2019		31,386
	38,000	5.200%, 3/15/2020		40,829
	30,000	2.226%, 6/30/2020^d		30,393
	105,000	2.800%, 2/17/2021		106,105
		British Sky Broadcasting Group plc
	36,000	2.625%, 9/16/2019^f		36,245
		CBS Corporation
	58,000	2.500%, 2/15/2023^c		57,318
		CCOH Safari, LLC
	185,000	5.750%, 2/15/2026^f		197,950
		CenturyLink, Inc.
	90,000	6.450%, 6/15/2021		97,200
		Charter Communications Operating, LLC
	67,000	3.579%, 7/23/2020		69,231
	17,000	4.464%, 7/23/2022		18,111
		Clear Channel Worldwide Holdings, Inc.
	245,000	6.500%, 11/15/2022		251,786
		Columbus International, Inc.
	120,000	7.375%, 3/30/2021^f		127,350
		Comcast Corporation
	76,000	1.625%, 1/15/2022		73,887
		Crown Castle International Corporation
	35,000	3.400%, 2/15/2021		35,940
	200,000	5.250%, 1/15/2023		222,141
		CSC Holdings, LLC
	20,000	5.500%, 4/15/2027^f		21,150
		Digicel, Ltd.
	184,810	6.000%, 4/15/2021^*		177,187
		FairPoint Communications, Inc.
	155,000	8.750%, 8/15/2019^f		159,239
		Gray Television, Inc.
	200,000	5.875%, 7/15/2026^f		204,000
		Hughes Satellite Systems Corporation
	69,000	6.500%, 6/15/2019		74,520
		Intelsat Jackson Holdings SA
	260,000	8.000%, 2/15/2024^f		280,150
		Moody’s Corporation
	38,000	2.750%, 12/15/2021		38,315
		Neptune Finco Corporation
	115,000	10.875%, 10/15/2025^f		138,431
		Nexstar Escrow Corporation
	235,000	5.625%, 8/1/2024^f		237,938
		Orange SA
	60,000	1.625%, 11/3/2019		59,480
		SFR Group SA
	120,000	6.000%, 5/15/2022^f		125,550
		Sprint Corporation
	165,000	7.625%, 2/15/2025		189,956
		Telefonica Emisiones SAU
	30,000	3.192%, 4/27/2018		30,318
		Time Warner, Inc.
	38,000	4.875%, 3/15/2020		40,614
		Verizon Communications, Inc.
	55,000	1.375%, 8/15/2019		54,514
	40,000	4.500%, 9/15/2020		42,726
	86,000	2.946%, 3/15/2022^f		86,588
		Viacom, Inc.
	75,000	4.250%, 9/1/2023		78,284

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (60.2%)	Value
	Communications Services (2.5%) - continued
		Virgin Media Secured Finance plc
	$170,000	5.250%, 1/15/2026^f	$	176,938

		Total		4,005,962


	Consumer Cyclical (2.7%)
		Allison Transmission, Inc.
	245,000	5.000%, 10/1/2024^f		251,125
		American Honda Finance Corporation
	57,000	2.000%, 2/14/2020		57,121
		BMW US Capital, LLC
	50,000	1.500%, 4/11/2019^f		49,805
		Brookfield Residential Properties, Inc.
	235,000	6.125%, 7/1/2022^f		243,225
		Cinemark USA, Inc.
	80,000	4.875%, 6/1/2023		81,725
		CVS Health Corporation
	38,000	2.750%, 12/1/2022		38,043
		eBay, Inc.
	35,000	2.500%, 3/9/2018		35,203
		Ford Motor Credit Company, LLC
	75,000	2.262%, 3/28/2019		75,207
	50,000	2.597%, 11/4/2019		50,335
	57,000	3.336%, 3/18/2021		58,095
		General Motors Financial Company, Inc.
	50,000	3.150%, 1/15/2020		50,854
	57,000	2.650%, 4/13/2020		57,261
	57,000	4.375%, 9/25/2021		60,302
	38,000	3.150%, 6/30/2022		37,839
		GLP Capital, LP
	120,000	4.875%, 11/1/2020		127,950
		Home Depot, Inc.
	35,000	2.625%, 6/1/2022		35,525
		Hyundai Capital America
	38,000	2.550%, 4/3/2020^f		37,902
		Jaguar Land Rover Automotive plc
	77,000	5.625%, 2/1/2023^f		80,080
		KB Home
	71,000	4.750%, 5/15/2019		73,130
		L Brands, Inc.
	77,000	6.625%, 4/1/2021		85,277
		Lennar Corporation
	150,000	4.750%, 11/15/2022		159,750
	270,000	4.500%, 4/30/2024		279,072
		Live Nation Entertainment, Inc.
	240,000	5.375%, 6/15/2022^f		249,019
		Macy’s Retail Holdings, Inc.
	36,000	7.450%, 7/15/2017		36,041
		McDonald’s Corporation
	75,000	2.625%, 1/15/2022		75,440
		MGM Resorts International
	170,000	6.000%, 3/15/2023		187,425
		New Red Finance, Inc.
	190,000	4.250%, 5/15/2024^f		188,801
		Newell Rubbermaid, Inc.
	35,000	3.150%, 4/1/2021		35,828
		Nissan Motor Acceptance Corporation
	57,000	2.000%, 3/8/2019^f		57,046
		Prime Security Services Borrower, LLC
	225,000	9.250%, 5/15/2023^f		244,499
		PulteGroup, Inc.
	235,000	4.250%, 3/1/2021		244,987
		Ralph Lauren Corporation
	$35,000	2.625%, 8/18/2020		35,557
		Royal Caribbean Cruises, Ltd.
	119,810	5.250%, 11/15/2022		132,740
		Scientific Games International, Inc.
	155,000	7.000%, 1/1/2022^f		165,075
		Six Flags Entertainment Corporation
	170,000	4.875%, 7/31/2024^f		171,040
		Toll Brothers Finance Corporation
	52,000	4.000%, 12/31/2018		53,300
		Visa, Inc.
	35,000	2.200%, 12/14/2020		35,290
		Volkswagen Group of America Finance, LLC
	52,000	2.450%, 11/20/2019^f		52,290
		West Corporation
	120,000	5.375%, 7/15/2022^f		121,200
		Yum! Brands, Inc.
	210,000	5.000%, 6/1/2024^f		218,925

		Total		4,329,329


	Consumer Non-Cyclical (2.6%)
		Abbott Laboratories
	76,000	2.550%, 3/15/2022		75,415
	57,000	3.400%, 11/30/2023		58,342
		AbbVie, Inc.
	76,000	2.500%, 5/14/2020		76,875
	38,000	2.900%, 11/6/2022		38,353
		Amgen, Inc.
	74,000	2.650%, 5/11/2022		74,239
		Anheuser-Busch InBev Finance, Inc.
	60,000	2.430%, 2/1/2021^d		62,140
	45,000	2.650%, 2/1/2021		45,600
	38,000	3.300%, 2/1/2023		39,125
		Anheuser-Busch InBev Worldwide, Inc.
	30,000	6.500%, 7/15/2018		31,456
		BAT International Finance plc
	35,000	1.756%, 6/15/2018^d,f		35,095
		Bayer U.S. Finance, LLC
	50,000	2.375%, 10/8/2019^f		50,400
		Becton, Dickinson and Company
	75,000	3.125%, 11/8/2021		76,386
		Biogen, Inc.
	57,000	3.625%, 9/15/2022		59,607
		Boston Scientific Corporation
	25,000	6.000%, 1/15/2020		27,207
		Bunge Limited Finance Corporation
	35,000	3.500%, 11/24/2020		35,879
		Cardinal Health, Inc.
	39,000	1.948%, 6/14/2019		39,040
	39,000	2.616%, 6/15/2022		39,032
		Celgene Corporation
	35,000	3.550%, 8/15/2022		36,431
		CHS/Community Health Systems, Inc.
	180,000	6.250%, 3/31/2023		185,823
		Community Health Systems, Inc.
	185,000	8.000%, 11/15/2019		185,925
		Constellation Brands, Inc.
	37,000	2.700%, 5/9/2022		36,951
		Cott Beverages, Inc.
	120,000	5.375%, 7/1/2022		124,350
		CVS Health Corporation
	24,000	2.250%, 12/5/2018		24,149

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, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (60.2%)	Value
	Consumer Non-Cyclical (2.6%) - continued
		Envision Healthcare Corporation
	$155,000	5.125%, 7/1/2022^f	$	159,069
		Express Scripts Holding Company
	38,000	4.750%, 11/15/2021		41,060
	35,000	3.000%, 7/15/2023		34,751
		Forest Laboratories, Inc.
	10,000	4.375%, 2/1/2019^f		10,313
		Forest Laboratories, LLC
	19,000	4.875%, 2/15/2021^f		20,441
		Gilead Sciences, Inc.
	25,000	1.950%, 3/1/2022		24,498
		HCA, Inc.
	64,810	4.750%, 5/1/2023		68,537
	185,000	4.500%, 2/15/2027		190,319
		JBS USA, LLC
	170,000	5.750%, 6/15/2025^f		159,800
		Kraft Heinz Foods Company
	50,000	5.375%, 2/10/2020		53,886
		Laboratory Corporation of America Holdings
	20,000	2.625%, 2/1/2020		20,163
		Land O’Lakes, Inc.
	125,000	7.250%, 4/4/2027^f,h		133,594
		Mead Johnson Nutrition Company
	35,000	3.000%, 11/15/2020		35,899
		Medtronic Global Holdings SCA
	75,000	1.700%, 3/28/2019		75,050
		Molson Coors Brewing Company
	60,000	1.450%, 7/15/2019		59,271
	74,000	2.250%, 3/15/2020^f		73,996
		Mondelez International Holdings Netherlands BV
	58,000	2.000%, 10/28/2021^f		56,505
		Mylan NV
	76,000	3.150%, 6/15/2021		77,311
		PepsiCo, Inc.
	68,000	1.680%, 10/6/2021^d		68,883
		Pernod Ricard SA
	50,000	5.750%, 4/7/2021^f		55,674
		Pinnacle Foods, Inc.
	200,000	5.875%, 1/15/2024		213,500
		Post Holdings, Inc.
	165,000	5.500%, 3/1/2025^f		170,156
		Revlon Consumer Products Corporation
	64,810	5.750%, 2/15/2021		59,625
		Reynolds American, Inc.
	19,000	3.250%, 6/12/2020		19,560
		Shire Acquisitions Investments Ireland Designated Activity Company
	55,000	1.900%, 9/23/2019		54,747
	74,000	2.400%, 9/23/2021		73,130
		Smithfield Foods, Inc.
	57,000	2.700%, 1/31/2020^f		57,297
		Teleflex, Inc.
	200,000	4.875%, 6/1/2026		204,500
		Tenet Healthcare Corporation
	120,000	8.125%, 4/1/2022		127,500
		Teva Pharmaceutical Finance Netherlands III BV
	45,000	2.200%, 7/21/2021		44,170
		TreeHouse Foods, Inc.
	110,000	4.875%, 3/15/2022		113,575
		Valeant Pharmaceuticals International
	64,810	7.250%, 7/15/2022^f		60,921
		Zoetis, Inc.
	57,000	3.450%, 11/13/2020		58,943

		Total		4,134,464


	Energy (2.6%)
		Alliance Resource Operating Partners, LP
	170,000	7.500%, 5/1/2025^f		178,713
		Anadarko Petroleum Corporation
	40,000	8.700%, 3/15/2019		44,118
		Antero Resources Corporation
	140,000	5.125%, 12/1/2022		140,305
		BP Capital Markets plc
	70,000	1.676%, 5/3/2019		69,767
	38,000	2.315%, 2/13/2020		38,346
		Buckeye Partners, LP
	22,000	2.650%, 11/15/2018		22,118
		Canadian Natural Resources, Ltd.
	40,000	2.950%, 1/15/2023		39,676
		Cenovus Energy, Inc.
	37,000	3.800%, 9/15/2023		36,497
		Cheniere Corpus Christi Holdings, LLC
	250,000	7.000%, 6/30/2024		278,750
		Concho Resources, Inc.
	70,000	4.375%, 1/15/2025		71,400
		Continental Resources, Inc.
	37,000	5.000%, 9/15/2022		36,306
		Crestwood Midstream Partners, LP
	110,000	6.250%, 4/1/2023		112,475
		Devon Energy Corporation
	50,000	3.250%, 5/15/2022		49,687
		Enbridge, Inc.
	39,000	2.900%, 7/15/2022^c		38,915
		Encana Corporation
	54,000	3.900%, 11/15/2021		55,036
		Energy Transfer Equity, LP
	170,000	5.500%, 6/1/2027		175,950
		Energy Transfer Partners, LP
	60,000	4.150%, 10/1/2020		62,311
		EOG Resources, Inc.
	45,000	2.625%, 3/15/2023		44,410
		EQT Corporation
	5,000	5.150%, 3/1/2018		5,091
	26,000	8.125%, 6/1/2019		28,692
		Exxon Mobil Corporation
	55,000	1.708%, 3/1/2019		55,157
		Kinder Morgan Energy Partners, LP
	76,000	3.450%, 2/15/2023		76,455
		Marathon Oil Corporation
	38,000	2.700%, 6/1/2020		37,662
	25,000	2.800%, 11/1/2022		23,966
		Marathon Petroleum Corporation
	35,000	3.400%, 12/15/2020		36,000
		MEG Energy Corporation
	77,000	6.375%, 1/30/2023^f		59,531
		MPLX, LP
	58,000	4.500%, 7/15/2023		61,563
	330,000	4.875%, 12/1/2024		351,863
		ONEOK, Inc.
	57,000	7.500%, 9/1/2023		67,972
		PBF Holding Company, LLC
	245,000	7.250%, 6/15/2025^f		236,119

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

140

OPPORTUNITY INCOME PLUS PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (60.2%)	Value
	Energy (2.6%) - continued
		Petrobras Global Finance BV
	$195,000	8.375%, 5/23/2021	$	218,279
	83,000	7.375%, 1/17/2027		87,814
		Petroleos Mexicanos
	37,000	6.375%, 2/4/2021		40,045
	85,000	6.500%, 3/13/2027^f		91,311
		Regency Energy Partners, LP
	120,000	5.000%, 10/1/2022		128,687
		Rowan Companies, Inc.
	25,000	7.375%, 6/15/2025		23,312
		Sabine Pass Liquefaction, LLC
	37,000	6.250%, 3/15/2022		41,894
	37,000	5.625%, 4/15/2023		41,124
	155,000	5.625%, 3/1/2025		171,149
		Schlumberger Holdings Corporation
	35,000	3.000%, 12/21/2020^f		35,634
		Sunoco Logistics Partners Operations, LP
	35,000	4.400%, 4/1/2021		36,773
		Tesoro Corporation
	110,000	4.750%, 12/15/2023^f		118,459
		TransCanada Trust
	225,000	5.300%, 3/15/2077		231,300
	150,000	5.875%, 8/15/2076		162,780
		Western Gas Partners, LP
	39,000	4.000%, 7/1/2022		39,974
		Williams Partners, LP
	54,000	4.000%, 11/15/2021		56,181

		Total		4,059,567


	Financials (6.5%)
		ACE INA Holdings, Inc.
	35,000	2.875%, 11/3/2022		35,600
		AIG Global Funding
	78,000	2.150%, 7/2/2020^c,f		77,938
		Air Lease Corporation
	17,000	2.625%, 9/4/2018		17,127
		Ally Financial, Inc.
	100,000	4.750%, 9/10/2018		102,750
	100,000	4.125%, 3/30/2020		102,750
		American Express Credit Corporation
	37,000	1.502%, 5/3/2019^d		37,105
	37,000	2.200%, 3/3/2020		37,174
	35,000	2.292%, 9/14/2020^d		35,613
		Australia & New Zealand Banking Group, Ltd.
	200,000	6.750%, 6/15/2026^f,h		221,129
		Bank of America Corporation
	15,000	5.650%, 5/1/2018		15,471
	60,000	5.625%, 7/1/2020		65,701
	40,000	2.625%, 4/19/2021		40,174
	76,000	5.700%, 1/24/2022		85,868
	152,000	2.316%, 1/20/2023^d		153,677
		Bank of Montreal
	65,000	1.500%, 7/18/2019		64,392
	59,000	2.100%, 6/15/2020		58,933
		Bank of New York Mellon Corporation
	76,000	2.600%, 2/7/2022		76,523
		Bank of Nova Scotia
	57,000	2.700%, 3/7/2022		57,313
		Barclays plc
	76,000	3.200%, 8/10/2021		77,092
		BB&T Corporation
	38,000	2.050%, 6/19/2018		38,149
		Bear Stearns Companies, LLC
	45,000	6.400%, 10/2/2017		45,519
		BNP Paribas SA
	30,000	2.375%, 9/14/2017		30,051
	200,000	7.625%, 3/30/2021^f,h		220,000
		Capital One Financial Corporation
	37,000	2.500%, 5/12/2020		37,158
	115,000	3.050%, 3/9/2022		115,891
		CBOE Holdings, Inc.
	59,000	1.950%, 6/28/2019		58,982
		Centene Escrow Corporation
	180,000	5.625%, 2/15/2021		187,650
		Central Fidelity Capital Trust I
	195,000	2.158%, 4/15/2027^d		184,763
		CIT Group, Inc.
	80,000	3.875%, 2/19/2019		82,000
		Citigroup, Inc.
	75,000	2.050%, 6/7/2019		75,051
	76,000	2.450%, 1/10/2020		76,452
	76,000	2.650%, 10/26/2020		76,721
	69,000	2.350%, 8/2/2021		68,367
	37,000	2.750%, 4/25/2022		37,002
		CNA Financial Corporation
	55,000	5.750%, 8/15/2021		61,376
		Commonwealth Bank of Australia
	75,000	2.250%, 3/10/2020^f		75,156
		Cooperatieve Centrale Raiffeisen- Boerenleenbank BA
	74,000	3.950%, 11/9/2022		77,277
		Credit Agricole SA
	37,000	3.375%, 1/10/2022^f		37,986
	70,000	8.125%, 12/23/2025^f,h		81,319
		Credit Suisse Group AG
	150,000	7.500%, 12/11/2023^f,h		168,194
		Credit Suisse Group Funding Guernsey, Ltd.
	114,000	3.800%, 9/15/2022		118,430
		Credit Suisse Group Funding, Ltd.
	76,000	3.125%, 12/10/2020		77,423
		DDR Corporation
	57,000	3.500%, 1/15/2021		57,709
		Deutsche Bank AG
	112,000	4.250%, 10/14/2021		117,271
		Discover Bank
	10,000	8.700%, 11/18/2019		11,300
		Fifth Third Bancorp
	57,000	2.600%, 6/15/2022		56,700
		First Tennessee Bank NA
	220	3.750%, 8/15/2017^d,f,h		166,884
		Goldman Sachs Group, Inc.
	20,000	2.625%, 1/31/2019		20,208
	90,000	7.500%, 2/15/2019		97,626
	74,000	5.375%, 5/10/2020^h		77,759
	57,000	2.600%, 12/27/2020		57,300
	76,000	5.250%, 7/27/2021		83,292
	55,000	2.352%, 11/15/2021^d		55,510
	76,000	3.000%, 4/26/2022		76,703
	39,000	2.268%, 6/5/2023^d		39,025
	120,000	5.300%, 11/10/2026^h		126,000
		Guardian Life Global Funding
	40,000	2.000%, 4/26/2021^f		39,413
		Hartford Financial Services Group, Inc.
	45,000	6.000%, 1/15/2019		47,692
		HCP, Inc.
	25,000	3.750%, 2/1/2019		25,526

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

141

OPPORTUNITY INCOME PLUS PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (60.2%)	Value
	Financials (6.5%) - continued
		Hospitality Properties Trust
	$40,000	4.250%, 2/15/2021	$	41,706
		HSBC Holdings plc
	114,000	3.400%, 3/8/2021		117,159
	76,000	6.875%, 6/1/2021^h		82,080
	100,000	6.375%, 9/17/2024^h		104,750
		Huntington Bancshares, Inc.
	55,000	3.150%, 3/14/2021		56,080
		Huntington Capital Trust I
	50,000	1.870%, 2/1/2027^d		45,125
		Icahn Enterprises, LP
	90,000	6.000%, 8/1/2020		92,644
	75,000	6.750%, 2/1/2024		78,195
		ILFC E-Capital Trust II
	300,000	4.590%, 12/21/2065^d,f		286,500
		ING Capital Funding Trust III
	25,000	4.896%, 9/30/2017^d,h		25,078
		International Lease Finance Corporation
	76,000	4.625%, 4/15/2021		80,883
	76,000	5.875%, 8/15/2022		85,791
		Intesa Sanpaolo SPA
	10,000	3.875%, 1/16/2018		10,093
		J.P. Morgan Chase & Company
	20,000	6.300%, 4/23/2019		21,526
	15,000	2.250%, 1/23/2020		15,046
	60,000	4.950%, 3/25/2020		64,344
	57,000	1.882%, 6/1/2021^d		57,079
	57,000	2.776%, 4/25/2023		57,096
	71,000	2.383%, 10/24/2023^d		72,067
		J.P. Morgan Chase Capital XXIII
	90,000	2.182%, 5/15/2047^d		82,913
		KeyCorp
	30,000	2.300%, 12/13/2018		30,163
		Liberty Mutual Group, Inc.
	10,000	5.000%, 6/1/2021^f		10,867
		Lincoln National Corporation
	65,000	6.250%, 2/15/2020		71,294
		Macquarie Bank, Ltd.
	200,000	6.125%, 3/8/2027^f,h		204,500
		MetLife, Inc.
	36,000	1.903%, 12/15/2017		36,061
		Mitsubishi UFJ Financial Group, Inc.
	38,000	2.998%, 2/22/2022		38,560
		Morgan Stanley
	40,000	6.625%, 4/1/2018		41,421
	25,000	2.310%, 1/27/2020^d		25,378
	76,000	2.800%, 6/16/2020		77,130
	40,000	2.500%, 4/21/2021		39,966
	74,000	2.336%, 1/20/2022^d		74,740
	37,000	2.750%, 5/19/2022		36,988
	26,000	4.875%, 11/1/2022		28,226
		MPT Operating Partnership, LP
	110,000	5.500%, 5/1/2024		114,950
		National City Corporation
	20,000	6.875%, 5/15/2019		21,763
		New York Life Global Funding
	35,000	1.550%, 11/2/2018^f		34,940
		Nomura Holdings, Inc.
	21,000	2.750%, 3/19/2019		21,211
		Park Aerospace Holdings, Ltd.
	250,000	5.500%, 2/15/2024^f		261,125
		PNC Bank NA
	75,000	2.450%, 11/5/2020		75,632
		Quicken Loans, Inc.
	255,000	5.750%, 5/1/2025^f		263,287
		Realty Income Corporation
	57,000	5.750%, 1/15/2021		62,652
		Regions Bank
	17,000	7.500%, 5/15/2018		17,797
		Regions Financial Corporation
	35,000	3.200%, 2/8/2021		35,781
		Reinsurance Group of America, Inc.
	57,000	4.700%, 9/15/2023		61,833
		Royal Bank of Canada
	74,000	2.125%, 3/2/2020		74,122
		Royal Bank of Scotland Group plc
	140,000	7.500%, 8/10/2020^h		144,480
	57,000	8.625%, 8/15/2021^h		62,130
	117,000	7.640%, 3/29/2049^h		112,320
	162,000	7.648%, 8/29/2049^h		199,665
		Simon Property Group, LP
	35,000	2.500%, 9/1/2020		35,314
	60,000	2.500%, 7/15/2021		60,005
		Societe Generale SA
	100,000	8.000%, 9/29/2025^f,h		113,375
	155,000	8.250%, 9/29/2049^h		164,441
		Standard Chartered plc
	11,000	2.100%, 8/19/2019^f		10,960
	280,000	2.680%, 1/29/2049^d,f,h		238,000
		State Street Capital Trust IV
	411,000	2.246%, 6/15/2047^d		378,377
		State Street Corporation
	35,000	2.081%, 8/18/2020^d		35,744
		Sumitomo Mitsui Banking Corporation
	25,000	1.738%, 1/16/2018^d		25,059
		Sumitomo Mitsui Financial Group, Inc.
	74,000	2.934%, 3/9/2021		75,170
		SunTrust Banks, Inc.
	35,000	2.900%, 3/3/2021		35,530
		Synchrony Financial
	45,000	3.000%, 8/15/2019		45,636
	15,000	2.402%, 2/3/2020^d		15,113
		Toronto-Dominion Bank
	40,000	1.993%, 1/22/2019^d		40,372
	35,000	2.172%, 12/14/2020^d		35,508
		UBS Group Funding Jersey, Ltd.
	56,000	2.950%, 9/24/2020^f		57,203
		UnitedHealth Group, Inc.
	35,000	3.350%, 7/15/2022		36,536
		USB Realty Corporation
	235,000	2.305%, 1/15/2022^d,f,h		205,625
		Voya Financial, Inc.
	30,000	2.900%, 2/15/2018		30,203
		Wachovia Capital Trust II
	50,000	1.658%, 1/15/2027^d		46,500
		Wells Fargo & Company
	25,000	1.852%, 1/30/2020^d		25,163
	35,000	2.100%, 7/26/2021		34,533
	74,000	2.263%, 1/24/2023^d		74,784
	80,000	2.402%, 10/31/2023^d		81,420
		Welltower, Inc.
	57,000	4.950%, 1/15/2021		61,258
		Westpac Banking Corporation
	75,000	2.028%, 8/19/2021^d		75,674

		Total		10,341,805

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

142

OPPORTUNITY INCOME PLUS PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (60.2%)	Value
	Foreign Government (14.3%)
		Argentina Government International Bond
	$445,000	6.875%, 4/22/2021	$	476,818
	279,000	5.625%, 1/26/2022		285,696
	554,000	7.500%, 4/22/2026		595,550
	220,000	6.875%, 1/26/2027		227,480
	499,455	8.280%, 12/31/2033		553,396
	168,000	7.125%, 7/6/2036		166,488
	415,039	2.500%, 12/31/2038^e		271,228
	193,000	7.625%, 4/22/2046		197,632
		Brazil Government International Bond
	411,000	4.875%, 1/22/2021		430,728
	580,000	2.625%, 1/5/2023		537,225
	221,000	6.000%, 4/7/2026		238,459
	279,000	7.125%, 1/20/2037		318,757
	338,000	5.000%, 1/27/2045		295,750
	143,000	5.625%, 2/21/2047		136,565
		Colombia Government International Bond
	280,000	4.375%, 7/12/2021		297,920
	330,000	2.625%, 3/15/2023		321,750
	180,000	4.000%, 2/26/2024		186,840
	160,000	7.375%, 9/18/2037		205,760
	312,000	5.625%, 2/26/2044		341,016
	288,000	5.000%, 6/15/2045		289,728
		Croatia Government International Bond
	48,000	6.750%, 11/5/2019^f		52,260
	330,000	6.625%, 7/14/2020^f		363,825
	170,000	6.000%, 1/26/2024^f		190,432
		Hungary Government International Bond
	472,000	5.750%, 11/22/2023		539,706
	468,000	5.375%, 3/25/2024		526,835
		Indonesia Government International Bond
	357,000	4.875%, 5/5/2021^f		383,421
	80,000	3.750%, 4/25/2022^f		82,176
	291,000	3.375%, 4/15/2023^f		292,193
	358,000	5.875%, 1/15/2024^f		408,060
	64,000	4.125%, 1/15/2025^f		65,989
	241,000	4.750%, 1/8/2026^f		258,678
	280,000	8.500%, 10/12/2035^f		403,064
	146,000	6.750%, 1/15/2044^f		187,871
	559,000	5.125%, 1/15/2045^f		598,444
		Mexico Government International Bond
	50,000	5.750%, 10/12/2110		51,875
	396,000	4.000%, 10/2/2023		414,038
	388,000	3.600%, 1/30/2025		392,656
	361,000	4.125%, 1/21/2026		375,260
	171,000	4.150%, 3/28/2027		177,071
	113,000	6.750%, 9/27/2034		144,162
	160,000	6.050%, 1/11/2040		188,608
	388,000	4.750%, 3/8/2044		388,388
	224,000	5.550%, 1/21/2045		250,880
	196,000	4.600%, 1/23/2046		191,404
	185,000	4.350%, 1/15/2047		173,752
		Panama Government International Bond
	146,000	4.000%, 9/22/2024		153,300
	270,000	3.750%, 3/16/2025		278,100
	230,000	6.700%, 1/26/2036		296,125
		Peru Government International Bond
	105,000	5.625%, 11/18/2050		127,207
	290,000	8.750%, 11/21/2033		444,425
		Philippines Government International Bond
	208,000	4.000%, 1/15/2021		221,697
	245,000	7.750%, 1/14/2031		353,394
	146,000	6.375%, 10/23/2034		195,988
	103,000	5.000%, 1/13/2037		122,227
	205,000	3.950%, 1/20/2040		213,916
		Romania Government International Bond
	230,000	4.375%, 8/22/2023^f		243,972
	124,000	4.875%, 1/22/2024^f		135,160
	52,000	6.125%, 1/22/2044^f		65,988
		Russia Government International Bond
	188,000	3.500%, 1/16/2019^f		191,263
	940,000	5.000%, 4/29/2020^f		996,152
	335,000	4.875%, 9/16/2023^f		359,282
	200,000	4.750%, 5/27/2026^f		208,750
	248,965	7.500%, 3/31/2030^f		298,758
	361,000	5.625%, 4/4/2042^f		390,782
		South Africa Government International Bond
	55,000	5.500%, 3/9/2020		58,293
	233,000	5.875%, 5/30/2022		254,407
	210,000	4.875%, 4/14/2026		210,420
	241,000	4.300%, 10/12/2028		225,127
		Turkey Government International Bond
	219,000	7.000%, 6/5/2020		239,461
	445,000	5.125%, 3/25/2022		461,848
	239,000	6.250%, 9/26/2022		259,659
	335,000	5.750%, 3/22/2024		354,262
	475,000	4.250%, 4/14/2026		450,842
	235,000	4.875%, 10/9/2026		231,631
	328,000	6.875%, 3/17/2036		368,738
	215,000	6.750%, 5/30/2040		239,583
	223,000	4.875%, 4/16/2043		197,756
	335,000	6.625%, 2/17/2045		369,157

		Total		22,693,504


	Mortgage-Backed Securities (11.4%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	1,525,000	3.000%, 7/1/2031^c		1,565,746
		Federal Home Loan Mortgage Corporation Gold 20-Yr. Pass Through
	25,250	5.500%, 9/1/2024		27,834
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	1,475,000	4.000%, 7/1/2047^c		1,550,997
		Federal National Mortgage Association Conventional 20-Yr. Pass Through
	189,882	6.000%, 8/1/2024		213,539
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	4,050,000	3.000%, 7/1/2047^c		4,043,672
	4,650,000	3.500%, 7/1/2047^c		4,774,461
	4,475,000	4.000%, 7/1/2047^c		4,703,295

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

143

OPPORTUNITY INCOME PLUS PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (60.2%)	Value
	Mortgage-Backed Securities (11.4%) - continued
	$1,250,000	4.500%, 7/1/2047^c	$	1,340,526

		Total		18,220,070


	Technology (1.4%)
		Alliance Data Systems Corporation
	75,000	5.375%, 8/1/2022^f		75,750
		Apple, Inc.
	74,000	2.850%, 5/6/2021		76,078
	74,000	1.532%, 5/11/2022^d		74,196
		Automatic Data Processing, Inc.
	35,000	2.250%, 9/15/2020		35,446
		Baidu, Inc.
	40,000	3.000%, 6/30/2020		40,537
		Broadcom Corporation
	74,000	2.375%, 1/15/2020^f		74,103
		CDK Global, Inc.
	100,000	4.875%, 6/1/2027^f		102,750
		CommScope Technologies Finance, LLC
	130,000	6.000%, 6/15/2025^f		138,775
		Diamond 1 Finance Corporation
	35,000	3.480%, 6/1/2019^f		35,819
	76,000	5.450%, 6/15/2023^f		82,463
		Equinix, Inc.
	155,000	5.750%, 1/1/2025		166,819
		Fidelity National Information Services, Inc.
	35,000	3.625%, 10/15/2020		36,661
	75,000	2.250%, 8/15/2021		74,186
		First Data Corporation
	110,000	5.375%, 8/15/2023^f		114,950
		Hewlett Packard Enterprise Company
	96,000	3.600%, 10/15/2020		98,977
		Inception Merger Sub, Inc.
	175,000	8.625%, 11/15/2024^f		186,375
		Intel Corporation
	60,000	1.700%, 5/19/2021		59,216
	35,000	3.100%, 7/29/2022		36,256
		Iron Mountain, Inc.
	64,810	6.000%, 8/15/2023		68,861
		Microsoft Corporation
	76,000	2.400%, 2/6/2022		76,706
		NXP BV
	170,000	3.875%, 9/1/2022^f		177,012
		Oracle Corporation
	30,000	2.500%, 5/15/2022		30,281
		Plantronics, Inc.
	200,000	5.500%, 5/31/2023^f		209,250
		Sensata Technologies BV
	130,000	4.875%, 10/15/2023^f		132,600
		Texas Instruments, Inc.
	30,000	1.750%, 5/1/2020		29,875

		Total		2,233,942


	Transportation (0.3%)
		Air Canada Pass Through Trust
	13,398	3.875%, 3/15/2023^f		13,365
		American Airlines Pass Through Trust
	15,224	4.950%, 1/15/2023		16,213
		Avis Budget Car Rental, LLC
	95,000	5.125%, 6/1/2022^f		94,050
		Delta Air Lines, Inc.
	15,896	4.950%, 5/23/2019		16,512
	57,000	2.875%, 3/13/2020		57,741
		J.B. Hunt Transport Services, Inc.
	35,000	3.300%, 8/15/2022		35,676
		United Airlines Pass Through Trust
	35,000	3.700%, 12/1/2022		35,875
		XPO Logistics, Inc.
	200,000	6.500%, 6/15/2022^f		210,250

		Total		479,682


	Utilities (1.0%)
		Alabama Power Company
	38,000	2.450%, 3/30/2022		38,126
		Ameren Corporation
	35,000	2.700%, 11/15/2020		35,414
		Arizona Public Service Company
	20,000	2.200%, 1/15/2020		20,049
		Berkshire Hathaway Energy Company
	48,000	2.400%, 2/1/2020		48,414
		Calpine Corporation
	100,000	6.000%, 1/15/2022^f		103,375
	120,000	5.375%, 1/15/2023		117,000
		Consolidated Edison, Inc.
	38,000	2.000%, 3/15/2020		37,984
		Dominion Energy, Inc.
	25,000	1.600%, 8/15/2019		24,789
	74,000	2.579%, 7/1/2020		74,377
		DTE Energy Company
	46,000	2.400%, 12/1/2019		46,210
		Dynegy, Inc.
	140,000	7.375%, 11/1/2022		138,250
		Edison International
	37,000	2.125%, 4/15/2020		37,038
		Emera U.S. Finance, LP
	40,000	2.150%, 6/15/2019		39,964
		Eversource Energy
	15,000	1.600%, 1/15/2018		14,977
		Exelon Generation Company, LLC
	20,000	5.200%, 10/1/2019		21,244
	55,000	2.950%, 1/15/2020		55,976
		FirstEnergy Corporation
	59,000	2.850%, 7/15/2022		58,798
		Fortis, Inc.
	55,000	2.100%, 10/4/2021^f		53,864
		Great Plains Energy, Inc.
	56,000	2.500%, 3/9/2020		56,519
		NextEra Energy Capital Holdings, Inc.
	35,000	2.300%, 4/1/2019		35,162
		NiSource Finance Corporation
	50,000	5.450%, 9/15/2020		54,475
		NRG Energy, Inc.
	64,810	6.625%, 3/15/2023		66,592
		Pacific Gas & Electric Company
	26,000	5.625%, 11/30/2017		26,427
		PG&E Corporation
	19,000	2.400%, 3/1/2019		19,094
		PPL Capital Funding, Inc.
	85,000	3.500%, 12/1/2022		87,825
		PSEG Power, LLC
	75,000	3.000%, 6/15/2021		76,146
		Sempra Energy
	36,000	6.150%, 6/15/2018		37,489
	15,000	2.400%, 3/15/2020		15,066
		Southern California Edison Company
	10,000	2.400%, 2/1/2022		10,031
		Southern Company
	80,000	1.850%, 7/1/2019		79,693

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

144

OPPORTUNITY INCOME PLUS PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (60.2%)	Value
	Utilities (1.0%) - continued
	$37,000	2.350%, 7/1/2021	$	36,727

		Total		1,567,095


		Total Long-Term Fixed Income (cost $94,784,580)		95,930,945


Shares		Registered Investment Companies (3.7%)
	Equity Funds/Exchange Traded Funds (<0.1%)
	6,450	AllianzGI NFJ Dividend Interest & Premium Strategy Fund		84,431
	7,244	BlackRock Resources & Commodities Strategy Trust		58,024
	3,200	Guggenheim Multi-Asset Income ETF		67,040

		Total		209,495


	Fixed Income Funds/Exchange Traded Funds (3.6%)
	32,160	Aberdeen Asia-Pacific Income Fund, Inc.		160,800
	43,472	MFS Intermediate Income Trust		187,799
	38,705	PowerShares Senior Loan Portfolio		895,634
	37,440	SPDR Bloomberg Barclays High Yield Bond ETF		1,392,768
	24,789	Templeton Global Income Fund		166,582
	31,210	Vanguard Short-Term Corporate Bond ETF		2,498,048
	11,441	Western Asset Emerging Markets Debt Fund, Inc.		178,136
	32,771	Western Asset High Income Opportunity Fund, Inc.		166,149

		Total		5,645,916


		Total Registered Investment Companies (cost $6,004,174)		5,855,411


		Preferred Stock (1.2%)
	Consumer Non-Cyclical (0.1%)
	2,280	CHS, Inc., 7.100%^h		67,078

		Total		67,078


	Energy (<0.1%)
	2,602	Alpha Natural Resources, Inc., 0.000%ⁱ		48,787
	2,602	ANR Holdings, Inc., 0.000%ⁱ		7,806

		Total		56,593


	Financials (1.1%)
	1,870	Agribank FCB, 6.875%^h		204,297
	10,320	Citigroup, Inc., 6.875%^h		305,369
	1,445	Cobank ACB, 6.250%^*,h		150,190
	5,180	Countrywide Capital V, 7.000%		132,919
	7,800	GMAC Capital Trust I, 6.967%^d		204,360
	7,400	Goldman Sachs Group, Inc., 5.500%^h		208,310
	6,900	Morgan Stanley, 7.125%^h		204,516
	4,839	U.S. Bancorp, 6.500%^h		143,670
	169	Wells Fargo & Company, Convertible, 7.500%^h		221,577

		Total		1,775,208


		Total Preferred Stock (cost $1,714,094)		1,898,879


		Common Stock (0.4%)
	Energy (0.2%)
	851	Arch Coal, Inc.		58,123
	3,502	Contura Energy, Inc.		229,381

		Total		287,504


	Financials (0.2%)
	24,100	Apollo Investment Corporation		153,999
	11,100	Ares Capital Corporation		181,818

		Total		335,817


	Materials (<0.1%)
	7,833	Verso Corporationⁱ		36,737

		Total		36,737


		Total Common Stock (cost $626,481)		660,058


Shares or Principal Amount		Short-Term Investments (18.4%)^j
		Federal Home Loan Bank Discount Notes
	100,000	0.900%, 7/13/2017^k		99,972
	100,000	0.860%, 7/26/2017^k		99,936
	100,000	0.980%, 8/23/2017^k		99,856
		Thrivent Core Short-Term Reserve Fund
	2,891,777	1.240%		28,917,773

		Total Short-Term Investments (cost $29,217,539)		29,217,537

		Total Investments (cost $181,001,007) 114.3%	$	181,974,963

		Other Assets and Liabilities, Net (14.3%)		(22,773,503	)

		Total Net Assets 100.0%	$	159,201,460

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

b	All or a portion of the loan is unfunded.

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

d	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2017.

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, 2017.

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

h	Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest and have no contractual maturity date. Date shown, if applicable, is next call 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.

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 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, 2017 was $6,024,323 or 3.8% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of June 30, 2017.

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

145

OPPORTUNITY INCOME PLUS PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Security	Acquisition Date		Cost
AJAX Mortgage Loan Trust, 4/25/2057		5/19/2017	$	274,917
ALM XI Ltd., 10/17/2026		4/28/2017		300,000
Angel Oak Mortgage Trust, 11/25/2045		12/10/2015		68,211
Apidos CLO XVIII, 7/22/2026		4/4/2017		200,000
BlueMountain CLO, Ltd., 10/15/2026		4/10/2017		425,116
CLUB Credit Trust, 4/17/2023		6/14/2017		249,999
Cobank ACB, 6.250%, 10/1/2022		1/15/2016		149,738
COLT Mortgage Loan Trust, 9/25/2046		9/9/2016		163,128
Digicel, Ltd., 4/15/2021		8/19/2013		185,826
FRS, LLC, 4/15/2043		11/17/2016		53,732
GCAT, LLC, 3/25/2047		3/22/2017		333,949
Madison Park Funding XIV, Ltd., 7/20/2026		4/13/2017		425,000
Mariner Finance Issuance Trust, 2/20/2029		2/16/2017		299,941
Marlette Funding Trust, 1/17/2023		7/20/2016		157,120
Murray Hill Marketplace Trust, 11/25/2022		10/6/2016		46,700
NCF Dealer Floorplan Master Trust, 3/21/2022		4/8/2016		147,452
NRZ Advance Receivables Trust Advance Receivables Backed, 6/15/2049		6/23/2016		150,000
Octagon Investment Partners XX, Ltd., 8/12/2026		4/21/2017		275,000
Preston Ridge Partners Mortgage Trust, LLC, 1/25/2022		1/24/2017		203,364
Preston Ridge Partners Mortgage Trust, LLC, 9/27/2021		9/23/2016		177,390
Pretium Mortgage Credit Partners I, LLC, 7/27/2031		6/17/2016		177,797
Pretium Mortgage Credit Partners, LLC, 4/29/2032		3/31/2017		312,137
Sunset Mortgage Loan Company, LLC, 7/16/2047		7/27/2016		46,446
Sunset Mortgage Loan Company, LLC, 9/18/2045		10/2/2015		64,221
Upstart Securitization Trust, 6/20/2024		6/13/2017		329,997
US Residential Opportunity Fund Trust, 7/27/2036		7/20/2016		218,925
Voya CLO 4, Ltd., 10/14/2026		6/16/2017		350,000
Wachovia Asset Securitization, Inc., 7/25/2037		3/16/2007		275,713

Definitions:


ETF	-	Exchange Traded Fund
Ser.	-	Series
SPDR	-	S&P Depository Receipts, which are exchange-traded funds traded in the U.S., Europe, and Asia-Pacific and managed by State Street Global Advisors.

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

146

SMALL CAP INDEX PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (97.9%)	Value
	Consumer Discretionary (15.8%)
	40,850	Abercrombie & Fitch Company	$	508,174
	50,220	American Axle & Manufacturing Holdings, Inc.^a		783,432
	9,870	American Public Education, Inc.^a		233,426
	11,300	Asbury Automotive Group, Inc.^a		639,015
	101,540	Ascena Retail Group, Inc.^a		218,311
	23,167	Barnes & Noble Education, Inc.^a		246,265
	32,950	Barnes & Noble, Inc.		250,420
	50,990	Belmond, Ltd.^a		678,167
	10,840	Big 5 Sporting Goods Corporation		141,462
	608	Biglari Holdings, Inc.^a		243,042
	10,790	BJ’s Restaurants, Inc.^a		401,928
	11,990	Bob Evans Farms, Inc.		861,242
	49,960	Boyd Gaming Corporation		1,239,508
	17,120	Buckle, Inc.^b		304,736
	26,015	Caleres, Inc.		722,697
	56,590	Callaway Golf Company		723,220
	7,000	Capella Education Company		599,200
	39,330	Career Education Corporation^a		377,568
	14,470	Cato Corporation		254,527
	5,100	Cavco Industries, Inc.^a		661,215
	10,660	Children’s Place, Inc.		1,088,386
	10,160	Chuy’s Holdings, Inc.^a		237,744
	10,800	Cooper-Standard Holdings, Inc.^a		1,089,396
	27,920	Core-Mark Holding Company, Inc.		923,035
	44,470	Crocs, Inc.^a		342,864
	22,740	Dave & Buster’s Entertainment, Inc.^a		1,512,437
	10,190	DineEquity, Inc.^b		448,869
	18,250	Dorman Products, Inc.^a		1,510,552
	40,390	DSW, Inc.		714,903
	34,133	E.W. Scripps Company^a		607,909
	12,940	El Pollo Loco Holdings, Inc.^a		179,219
	15,340	Ethan Allen Interiors, Inc.		495,482
	46,970	Express, Inc.^a		317,048
	16,270	Fiesta Restaurant Group, Inc.^a		335,976
	24,223	Finish Line, Inc.		343,240
	33,290	Five Below, Inc.^a		1,643,527
	25,280	Fossil, Inc.^a		261,648
	20,920	Fox Factory Holding Corporation^a		744,752
	22,100	Francesca’s Holdings Corporation^a		241,774
	21,470	Fred’s, Inc.^b		198,168
	10,460	FTD Companies, Inc.^a		209,200
	68,460	Gannett Company, Inc.		596,971
	11,810	Genesco, Inc.^a		400,359
	22,190	Gentherm, Inc.^a		860,972
	26,370	G-III Apparel Group, Ltd.^a		657,932
	11,970	Group 1 Automotive, Inc.		757,940
	36,560	Guess ?, Inc.		467,237
	11,640	Haverty Furniture Companies, Inc.		292,164
	12,520	Hibbett Sports, Inc.^a		259,790
	34,140	Iconix Brand Group, Inc.^a		235,907
	64,200	ILG, Inc.		1,764,858
	12,150	Installed Building Products, Inc.^a		643,343
	16,530	iRobot Corporation^a		1,390,834
	186,920	J.C. Penney Company, Inc.^a,b		869,178
	8,800	Kirkland’s, Inc.^a		90,464
	29,400	La-Z-Boy, Inc.		955,500
	14,940	LCI Industries		1,529,856
	10,410	LGI Homes, Inc.^a,b		418,274
	14,320	Lithia Motors, Inc.		1,349,374
	17,230	Lumber Liquidators Holdings, Inc.^a,b		431,784
	24,890	M.D.C. Holdings, Inc.		879,364
	14,930	M/I Homes, Inc.^a		426,251
	11,480	Marcus Corporation		346,696
	14,750	MarineMax, Inc.^a		288,362
	14,820	Marriott Vacations Worldwide Corporation		1,745,055
	22,840	Meritage Homes Corporation^a		963,848
	6,640	Monarch Casino & Resort, Inc.^a		200,860
	19,760	Monro Muffler Brake, Inc.		824,980
	11,290	Motorcar Parts of America, Inc.^a		318,830
	9,230	Movado Group, Inc.		233,057
	18,560	Nautilus, Inc.^a		355,424
	32,160	New Media Investment Group, Inc.		433,517
	18,090	Nutrisystem, Inc.		941,584
	29,230	Ollie’s Bargain Outlet Holdings, Inc.^a		1,245,198
	9,040	Oxford Industries, Inc.		564,910
	49,990	Penn National Gaming, Inc.^a		1,069,786
	7,340	Perry Ellis International, Inc.^a		142,836
	12,440	PetMed Express, Inc.^b		505,064
	7,750	Red Robin Gourmet Burgers, Inc.^a		505,687
	21,090	Regis Corporation^a		216,594
	32,090	Rent-A-Center, Inc.^b		376,095
	18,730	RH^a,b		1,208,460
	36,160	Ruby Tuesday, Inc.^a		72,682
	18,040	Ruth’s Hospitality Group, Inc.		392,370
	16,500	Scholastic Corporation		719,235
	31,070	Scientific Games Corporationa		810,927
	24,800	Select Comfort Corporation^a		880,152
	11,210	Shake Shack, Inc.^a,b		391,005
	7,530	Shoe Carnival, Inc.		157,226
	20,340	Shutterfly, Inc.a		966,150
	15,850	Sonic Automotive, Inc.		308,282
	25,672	Sonic Corporation^b		680,051
	9,560	Stamps.com, Inc.^a		1,480,605
	12,170	Standard Motor Products, Inc.		635,517
	18,320	Stein Mart, Inc.		30,961
	32,225	Steven Madden, Ltd.^a		1,287,389
	6,310	Strayer Education, Inc.		588,218
	10,630	Sturm, Ruger & Company, Inc.^b		660,654
	13,480	Superior Industries International, Inc.		277,014
	29,640	Tailored Brands, Inc.^b		330,782
	19,890	Tile Shop Holdings, Inc.		410,729
	60,150	Time, Inc.		863,153
	22,200	TopBuild Corporation^a		1,178,154
	9,210	Unifi, Inc.a		283,668
	8,740	Universal Electronics, Inc.^a		584,269
	11,340	Vera Bradley, Inc.^a		110,905
	34,490	Vista Outdoor, Inc.^a		776,370
	14,040	Vitamin Shoppe, Inc.^a		163,566
	14,130	William Lyon Homes^a		341,098
	17,490	Wingstop, Inc.^b		540,441
	15,940	Winnebago Industries, Inc.^b		557,900
	58,360	Wolverine World Wide, Inc.		1,634,664
	23,290	World Wrestling Entertainment, Inc.		474,417
	10,560	Zumiez, Inc.^a		130,416

		Total		70,017,849

	Consumer Staples (3.0%)
	15,850	Andersons, Inc.		541,278
	40,290	B&G Foods, Inc.		1,434,324
	9,320	Calavo Growers, Inc.^b		643,546
	17,980	Cal-Maine Foods, Inc.^a,b		712,008
	6,170	Central Garden & Pet Company^a		196,144
	20,500	Central Garden & Pet Company, Class A^a		615,410
	2,790	Coca-Cola Bottling Company Consolidated		638,547
	99,460	Darling Ingredients, Inc.^a		1,565,501
	10,360	Inter Parfums, Inc.		379,694
	9,030	J & J Snack Foods Corporation		1,192,592
	5,230	John B. Sanfilippo & Son, Inc.		330,065

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

147

SMALL CAP INDEX PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (97.9%)	Value
	Consumer Staples (3.0%) - continued
	6,760	Medifast, Inc.	$	280,337
	12,000	Sanderson Farms, Inc.		1,387,800
	3,780	Seneca Foods Corporation^a		117,369
	22,760	SpartanNash Company		590,850
	160,315	SUPERVALU, Inc.^a		527,436
	15,290	Universal Corporation		989,263
	8,500	WD-40 Company		937,975

		Total		13,080,139

	Energy (2.5%)
	42,410	Archrock, Inc.		483,474
	44,550	Atwood Oceanics, Inc.^a		363,082
	45,380	Bill Barrett Corporation^a		139,317
	19,130	Bristow Group, Inc.^b		146,345
	12,540	CARBO Ceramics, Inc.^a,b		85,899
	43,910	Carrizo Oil & Gas, Inc.^a		764,912
	44,860	Cloud Peak Energy, Inc.^a		158,356
	13,700	Contango Oil & Gas Company^a		90,968
	236,150	Denbury Resources, Inc.^a		361,309
	11,920	Era Group, Inc.^a		112,763
	19,035	Exterran Corporation^a		508,235
	8,070	Geospace Technologies Corporation^a		111,608
	22,310	Green Plains, Inc.		458,471
	8,230	Gulf Island Fabrication, Inc.		95,468
	81,160	Helix Energy Solutions Group, Inc.^a		457,742
	15,900	Matrix Service Company^a		148,665
	53,190	Newpark Resources, Inc.^a		390,947
	145,710	Noble Corporation		527,470
	26,340	Northern Oil and Gas, Inc.^a		36,876
	33,520	PDC Energy, Inc.^a		1,445,047
	47,190	Pioneer Energy Services Corporation^a		96,739
	3,450	REX American Resources Corporation^a		333,132
	9,810	SEACOR Holdings, Inc.^a		336,483
	120,790	SRC Energy, Inc.^a		812,917
	27,830	Tesco Corporation^a		123,844
	68,960	TETRA Technologies, Inc.^a		192,398
	43,790	U.S. Silica Holdings, Inc.^b		1,554,107
	31,580	Unit Corporation^a		591,493

		Total		10,928,067

	Financials (16.0%)
	53,240	American Equity Investment Life Holding Company		1,399,147
	22,380	Ameris Bancorp		1,078,716
	11,560	AMERISAFE, Inc.		658,342
	56,812	Apollo Commercial Real Estate Finance, Inc.		1,053,863
	54,900	Astoria Financial Corporation		1,106,235
	30,050	Banc of California, Inc.^b		646,075
	25,330	Bank Mutual Corporation		231,770
	15,740	Banner Corporation		889,467
	34,740	Bofi Holding, Inc.^a,b		824,033
	50,710	Boston Private Financial Holdings, Inc.		778,398
	45,887	Brookline Bancorp, Inc.		669,950
	57,820	Capstead Mortgage Corporation		603,063
	18,400	Central Pacific Financial Corporation		579,048
	9,410	City Holding Company		619,837
	35,070	Columbia Banking System, Inc.		1,397,540
	29,680	Community Bank System, Inc.		1,655,254
	17,280	Customers Bancorp, Inc.^a		488,678
	61,590	CVB Financial Corporation		1,381,464
	18,775	Dime Community Bancshares, Inc.		367,990
	19,723	Donnelley Financial Solutions, Inc.^a		452,840
	10,110	eHealth, Inc.^a		190,068
	19,410	Employers Holdings, Inc.		821,043
	14,290	Encore Capital Group, Inc.^a,b		573,744
	14,077	Enova International, Inc.^a		209,043
	24,890	Evercore Partners, Inc.		1,754,745
	29,290	EZCORP, Inc.^a		225,533
	12,920	Fidelity Southern Corporation		295,351
	34,570	Financial Engines, Inc.^b		1,265,262
	94,293	First BanCorp^a		545,956
	52,540	First Commonwealth Financial Corporation		666,207
	37,450	First Financial Bancorp		1,037,365
	39,830	First Financial Bankshares, Inc.^b		1,760,486
	48,782	First Midwest Bancorp, Inc.		1,137,108
	29,164	FirstCash, Inc.		1,700,261
	46,240	Glacier Bancorp, Inc.		1,692,846
	35,220	Great Western Bancorp, Inc.		1,437,328
	26,450	Green Dot Corporation^a		1,019,119
	16,460	Greenhill & Company, Inc.		330,846
	19,322	Hanmi Financial Corporation		549,711
	4,950	HCI Group, Inc.^b		232,551
	16,230	HomeStreet, Inc.^a		449,165
	76,504	Hope Bancorp, Inc.		1,426,800
	24,400	Horace Mann Educators Corporation		922,320
	16,340	Independent Bank Corporation		1,089,061
	6,670	Infinity Property & Casualty Corporation		626,980
	40,980	Interactive Brokers Group, Inc.		1,533,472
	9,090	INTL FCStone, Inc.^a		343,238
	19,050	Investment Technology Group, Inc.		404,622
	25,070	LegacyTexas Financial Group, Inc.		955,919
	4,420	LendingTree, Inc.^a,b		761,124
	44,340	Maiden Holdings, Ltd.		492,174
	16,060	National Bank Holdings Corporation		531,747
	13,540	Navigators Group, Inc.		743,346
	26,180	NBT Bancorp, Inc.		967,351
	27,380	Northfield Bancorp, Inc.		469,567
	61,150	Northwest Bancshares, Inc.		954,552
	26,350	OFG Bancorp^b		263,500
	81,350	Old National Bancorp		1,403,288
	10,930	Opus Bank		264,506
	23,230	Oritani Financial Corporation		396,072
	8,560	Piper Jaffray Companies		513,172
	27,890	PRA Group, Inc.^a		1,057,031
	32,210	ProAssurance Corporation		1,958,368
	36,280	Provident Financial Services, Inc.		920,786
	23,090	RLI Corporation		1,261,176
	21,030	S&T Bancorp, Inc.		754,136
	8,620	Safety Insurance Group, Inc.		588,746
	35,240	Selective Insurance Group, Inc.		1,763,762
	26,560	ServisFirst Bancshares, Inc.^b		979,798
	17,890	Simmons First National Corporation		946,381
	16,294	Southside Bancshares, Inc.		569,312
	81,279	Sterling Bancorp		1,889,737
	14,180	Stewart Information Services Corporation		643,488
	7,500	Tompkins Financial Corporation		590,400
	57,862	TrustCo Bank Corporation		448,430
	42,535	United Community Banks, Inc.		1,182,473
	12,930	United Fire Group, Inc.		569,696
	10,750	United Insurance Holdings Corporation		169,098
	19,640	Universal Insurance Holdings, Inc.		494,928
	3,980	Virtus Investment Partners, Inc.		441,581
	50,430	Waddell & Reed Financial, Inc.^b		952,118
	16,910	Walker & Dunlop, Inc.^a		825,715
	15,800	Westamerica Bancorporation^b		885,432
	69,160	WisdomTree Investments, Inc.^b		703,357

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

148

SMALL CAP INDEX PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (97.9%)	Value
	Financials (16.0%) - continued
	3,602	World Acceptance Corporation^a	$	269,826

		Total		70,704,034

	Health Care (12.4%)
	13,750	Abaxis, Inc.		729,025
	18,090	Aceto Corporation		279,490
	28,120	Acorda Therapeutics, Inc.^a		553,964
	13,460	Albany Molecular Research, Inc.^a		292,082
	7,180	Almost Family, Inc.^a		442,647
	21,060	AMAG Pharmaceuticals, Inc.^a,b		387,504
	16,913	Amedisys, Inc.^a		1,062,306
	28,960	AMN Healthcare Services, Inc.^a		1,130,888
	21,610	Amphastar Pharmaceuticals, Inc.^a		385,955
	7,530	Analogic Corporation		547,054
	20,610	AngioDynamics, Inc.^a		334,088
	4,840	ANI Pharmaceuticals, Inc.^a		226,512
	8,800	Anika Therapeutics, Inc.^a		434,192
	17,220	Biotelemetry, Inc.^a		576,009
	19,640	Cambrex Corporation^a		1,173,490
	21,925	Cantel Medical Corporation		1,708,177
	9,680	Chemed Corporation		1,979,850
	68,910	Community Health Systems, Inc.^a		686,344
	6,440	Computer Programs and Systems, Inc.^b		211,232
	14,970	CONMED Corporation		762,572
	5,900	CorVel Corporation^a		279,955
	19,120	Cross Country Healthcare, Inc.^a		246,839
	16,520	CryoLife, Inc.^a		329,574
	28,200	Cytokinetics, Inc.^a		341,220
	37,590	Depomed, Inc.^a		403,717
	26,270	Diplomat Pharmacy, Inc.^a		388,796
	4,710	Eagle Pharmaceuticals, Inc.^a		371,572
	20,970	Emergent Biosolutions, Inc.^a		711,093
	8,410	Enanta Pharmaceuticals, Inc.^a		302,592
	28,850	Ensign Group, Inc.		628,064
	31,760	Haemonetics Corporation^a		1,254,202
	26,900	HealthEquity, Inc.^a		1,340,427
	15,380	HealthStream, Inc.^a		404,802
	3,870	Heska Corporation^a		395,011
	50,760	HMS Holdings Corporation^a		939,060
	9,070	ICU Medical, Inc.^a		1,564,575
	44,630	Impax Laboratories, Inc.^a		718,543
	47,090	Innoviva, Inc.^a		602,752
	9,820	Inogen, Inc.^a		937,024
	16,870	Integer Holdings Corporation^a		729,627
	36,660	Integra LifeSciences Holdings Corporation^a		1,998,337
	19,470	Invacare Corporation		257,004
	51,529	Kindred Healthcare, Inc.		600,313
	5,830	Landauer, Inc.		304,909
	17,860	Lannett Company, Inc.^a,b		364,344
	18,170	Lantheus Holdings, Inc.^a		320,701
	7,620	LeMaitre Vascular, Inc.		237,896
	9,100	LHC Group, Inc.^a		617,799
	11,460	Ligand Pharmaceuticals, Inc.^a,b		1,391,244
	24,170	Luminex Corporation		510,470
	14,330	Magellan Health Services, Inc.^a		1,044,657
	43,610	Medicines Company^a,b		1,657,616
	25,520	Meridian Bioscience, Inc.		401,940
	30,285	Merit Medical Systems, Inc.^a		1,155,373
	61,600	MiMedx Group, Inc.^a,b		922,152
	40,540	Momenta Pharmaceuticals, Inc.^a		685,126
	41,170	Myriad Genetics, Inc.^a		1,063,833
	19,980	Natus Medical, Inc.^a		745,254
	94,130	Nektar Therapeutics^a		1,840,241
	23,065	Neogen Corporation^a		1,594,022
	22,500	Omnicell, Inc.^a		969,750
	34,870	OraSure Technologies, Inc.^a		601,856
	10,910	Orthofix International NV^a		507,097
	18,740	PharMerica Corporation^a		491,925
	11,310	Phibro Animal Health Corporation		419,036
	42,380	Progenics Pharmaceuticals, Inc.^a		287,760
	7,000	Providence Service Corporation^a		354,270
	28,070	Quality Systems, Inc.^a		483,085
	18,470	Quorum Health Corporation^a		76,651
	22,452	Repligen Corporation^a		930,411
	31,180	SciClone Pharmaceuticals, Inc.^a		342,980
	64,990	Select Medical Holdings Corporation^a		997,596
	42,680	Spectrum Pharmaceuticals, Inc.^a		317,966
	15,270	Sucampo Pharmaceuticals, Inc.^a		160,335
	30,340	Supernus Pharmaceuticals, Inc.^a		1,307,654
	8,020	Surmodics, Inc.^a		225,763
	20,320	Tivity Health, Inc.^a		809,752
	7,570	U.S. Physical Therapy, Inc.		457,228
	22,620	Varex Imaging Corporation^a		764,556

		Total		55,011,728

	Industrials (18.9%)
	23,872	AAON, Inc.		879,683
	19,260	AAR Corporation		669,478
	33,640	ABM Industries, Inc.		1,396,733
	35,970	Actuant Corporation		884,862
	20,150	Aegion Corporation^a		440,882
	45,070	Aerojet Rocketdyne Holdings, Inc.^a		937,456
	12,430	Aerovironment, Inc.^a		474,826
	5,690	Alamo Group, Inc.		516,709
	17,380	Albany International Corporation		928,092
	7,900	Allegiant Travel Company		1,071,240
	8,480	American Woodmark Corporation^a		810,264
	17,460	Apogee Enterprises, Inc.		992,426
	23,600	Applied Industrial Technologies, Inc.		1,393,580
	14,480	ArcBest Corporation		298,288
	11,510	Astec Industries, Inc.		638,920
	15,200	Atlas Air Worldwide Holdings, Inc.^a		792,680
	31,830	Axon Enterprise, Inc.^a,b		800,206
	15,790	AZZ, Inc.		881,082
	30,110	Barnes Group, Inc.		1,762,338
	28,780	Brady Corporation		975,642
	25,790	Briggs & Stratton Corporation		621,539
	27,350	Brink’s Company		1,832,450
	8,340	CDI Corporation^a		48,789
	18,460	Chart Industries, Inc.^a		641,116
	9,910	CIRCOR International, Inc.		588,456
	22,440	Comfort Systems USA, Inc.		832,524
	15,100	Cubic Corporation		699,130
	9,330	DXP Enterprises, Inc.^a		321,885
	16,490	Echo Global Logistics, Inc.^a		328,151
	12,480	Encore Wire Corporation		532,896
	10,622	Engility Holdings, Inc.^a		301,665
	12,900	EnPro Industries, Inc.		920,673
	15,590	ESCO Technologies, Inc.		929,944
	22,660	Essendant, Inc.		336,048
	15,650	Exponent, Inc.		912,395
	36,070	Federal Signal Corporation		626,175
	18,210	Forward Air Corporation		970,229
	23,170	Franklin Electric Company, Inc.		959,238
	29,680	General Cable Corporation		485,268
	19,010	Gibraltar Industries, Inc.^a		677,706
	17,170	Greenbrier Companies, Inc.^b		794,113
	18,850	Griffon Corporation		413,757
	48,640	Harsco Corporation^a		783,104
	32,400	Hawaiian Holdings, Inc.^a		1,521,180
	44,137	Healthcare Services Group, Inc.		2,066,936
	26,158	Heartland Express, Inc.		544,610

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

149

SMALL CAP INDEX PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (97.9%)	Value
	Industrials (18.9%) - continued
	11,270	Heidrick & Struggles International, Inc.	$	245,122
	38,060	Hillenbrand, Inc.		1,373,966
	20,200	Hub Group, Inc.^a		774,670
	11,350	Insperity, Inc.		805,850
	10,580	Insteel Industries, Inc.		348,823
	37,850	Interface, Inc.		743,752
	19,110	John Bean Technologies Corporation		1,872,780
	16,390	Kaman Corporation		817,369
	17,650	Kelly Services, Inc.		396,242
	40,150	Knight Transportation, Inc.		1,487,558
	34,620	Korn/Ferry International		1,195,429
	6,420	Lindsay Corporation		572,985
	20,453	LSC Communications, Inc.		437,694
	10,390	Lydall, Inc.^a		537,163
	13,970	Marten Transport, Ltd.		382,778
	25,850	Matson, Inc.		776,534
	19,360	Matthews International Corporation		1,185,800
	170,840	McDermott International, Inc.^a		1,224,923
	29,020	Mercury Systems, Inc.^a		1,221,452
	26,690	Mobile Mini, Inc.		796,696
	19,460	Moog, Inc.^a		1,395,671
	34,740	Mueller Industries, Inc.		1,057,833
	7,990	Multi-Color Corporation		651,984
	10,020	MYR Group, Inc.^a		310,820
	2,960	National Presto Industries, Inc.^b		327,080
	28,520	Navigant Consulting, Inc.^a		563,555
	29,310	On Assignment, Inc.^a		1,587,136
	16,680	Orion Group Holdings, Inc.^a		124,600
	9,650	Patrick Industries, Inc.^a		703,003
	29,970	PGT Innovations, Inc.^a		383,616
	5,230	Powell Industries, Inc.		167,308
	14,690	Proto Labs, Inc.^a		987,903
	20,705	Quanex Building Products Corporation		437,911
	42,263	R.R. Donnelley & Sons Company		529,978
	21,720	Raven Industries, Inc.		723,276
	17,940	Resources Connection, Inc.		245,778
	18,270	Roadrunner Transportation Systems, Inc.^a		132,823
	15,370	Saia, Inc.^a		788,481
	24,420	Simpson Manufacturing Company, Inc.		1,067,398
	31,140	SkyWest, Inc.		1,093,014
	25,730	SPX Corporation^a		647,367
	25,480	SPX FLOW, Inc.^a		939,702
	7,760	Standex International Corporation		703,832
	17,930	Team, Inc.^a		420,459
	10,790	Tennant Company		796,302
	34,526	Tetra Tech, Inc.		1,579,564
	29,170	Titan International, Inc.		350,332
	17,840	Trex Company, Inc.^a		1,207,054
	29,880	Triumph Group, Inc.		944,208
	25,700	TrueBlue, Inc.^a		681,050
	13,160	U.S. Ecology, Inc.		664,580
	9,400	UniFirst Corporation		1,322,580
	12,410	Universal Forest Products, Inc.		1,083,517
	6,860	Veritiv Corporation^a		308,700
	12,260	Viad Corporation		579,285
	9,750	Vicor Corporation^a		174,525
	36,280	Wabash National Corporation		797,434
	24,200	WageWorks, Inc.^a		1,626,240
	16,840	Watts Water Technologies, Inc.		1,064,288

		Total		83,603,137

	Information Technology (13.9%)
	55,430	8x8, Inc.^a		806,507
	29,050	ADTRAN, Inc.		599,882
	24,180	Advanced Energy Industries, Inc.^a		1,564,204
	9,080	Agilysys, Inc.^a		91,890
	17,220	Anixter International, Inc.^a		1,346,604
	10,720	Applied Optoelectronics, Inc.^a,b		662,389
	17,590	Badger Meter, Inc.		700,962
	5,340	Bel Fuse, Inc.		131,898
	30,160	Benchmark Electronics, Inc.^a		974,168
	9,020	Black Box Corporation		77,121
	23,970	Blucora, Inc.^a		508,164
	21,840	Bottomline Technologies (de), Inc.^a		561,070
	42,277	Brooks Automation, Inc.		916,988
	15,330	Cabot Microelectronics Corporation		1,131,814
	14,740	CACI International, Inc.^a		1,843,237
	21,360	CalAmp Corporation^a		434,249
	27,480	Cardtronics, Inc.^a		902,993
	13,090	CEVA, Inc.^a		594,941
	15,440	Cohu, Inc.		243,026
	14,230	Comtech Telecommunications Corporation		269,943
	24,150	Cray, Inc.^a		444,360
	20,430	CSG Systems International, Inc.		829,049
	19,850	CTS Corporation		428,760
	24,350	Daktronics, Inc.		234,490
	30,750	DHI Group, Inc.^a		87,638
	15,830	Digi International, Inc.^a		160,674
	23,220	Diodes, Inc.^a		557,977
	13,530	DSP Group, Inc.^a		156,948
	13,180	Ebix, Inc.^b		710,402
	20,020	Electro Scientific Industries, Inc.^a		164,965
	28,110	Electronics for Imaging, Inc.^a		1,331,852
	8,020	ePlus, Inc.^a		594,282
	20,380	ExlService Holdings, Inc.^a		1,132,720
	22,600	Fabrinet^a		964,116
	10,110	FARO Technologies, Inc.^a		382,158
	5,880	Forrester Research, Inc.		230,202
	18,885	Gigamon, Inc.^a		743,125
	48,530	Harmonic, Inc.^a		254,782
	33,200	II-VI, Inc.^a		1,138,760
	21,635	Insight Enterprises, Inc.^a		865,184
	20,430	Itron, Inc.^a		1,384,132
	36,810	Kopin Corporation^a		136,565
	42,710	Kulicke and Soffa Industries, Inc.^a		812,344
	14,740	Liquidity Services, Inc.^a		93,599
	32,700	LivePerson, Inc.^a		359,700
	33,890	Lumentum Holdings, Inc.^a		1,933,425
	15,460	ManTech International Corporation		639,735
	31,660	MaxLinear, Inc.^a		882,997
	22,230	Methode Electronics, Inc.		915,876
	5,710	MicroStrategy, Inc.^a		1,094,436
	32,930	MKS Instruments, Inc.		2,216,189
	25,290	Monotype Imaging Holdings, Inc.		462,807
	10,160	MTS Systems Corporation		526,288
	15,350	Nanometrics, Inc.^a		388,201
	19,560	NETGEAR, Inc.^a		843,036
	37,710	NIC, Inc.		714,604
	76,950	Oclaro, Inc.^a,b		718,713
	10,710	OSI Systems, Inc.^a		804,856
	11,480	Park Electrochemical Corporation		211,462
	21,310	Perficient, Inc.^a		397,218
	20,360	Plexus Corporation^a		1,070,325
	17,910	Power Integrations, Inc.		1,305,639
	29,180	Progress Software Corporation		901,370
	18,210	Qualys, Inc.^a		742,968
	21,470	QuinStreet, Inc.^a		89,530
	67,600	Rambus, Inc.^a		772,668

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

150

SMALL CAP INDEX PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (97.9%)	Value
	Information Technology (13.9%) - continued
	10,960	Rogers Corporation^a	$	1,190,475
	19,030	Rudolph Technologies, Inc.^a		434,835
	45,700	Sanmina Corporation^a		1,741,170
	15,330	ScanSource, Inc.^a		617,799
	39,620	Semtech Corporation^a		1,416,415
	11,510	Shutterstock, Inc.^a		507,361
	10,370	SPS Commerce, Inc.^a		661,191
	22,990	Super Micro Computer, Inc.^a		566,704
	23,610	Sykes Enterprises, Inc.^a		791,643
	25,890	Synchronoss Technologies, Inc.^a		425,891
	9,360	TeleTech Holdings, Inc.		381,888
	73,410	TiVo Corp		1,369,097
	51,980	TTM Technologies, Inc.^a		902,373
	18,140	VASCO Data Security International, Inc.^a		260,309
	29,077	Veeco Instruments, Inc.^a		809,794
	138,150	Viavi Solutions, Inc.^a		1,454,719
	16,810	Virtusa Corporation^a		494,214
	14,690	XO Group, Inc.^a		258,838
	29,800	Xperi Corporation		888,040

		Total		61,365,933

	Materials (5.1%)
	17,920	A. Schulman, Inc.		573,440
	18,310	AdvanSix, Inc.^a		572,004
	189,440	AK Steel Holding Corporation^a		1,244,621
	15,960	American Vanguard Corporation		275,310
	19,210	Balchem Corporation		1,492,809
	23,150	Boise Cascade Company^a		703,760
	30,690	Calgon Carbon Corporation		463,419
	30,050	Century Aluminum Company^a		468,179
	9,890	Clearwater Paper Corporation^a		462,358
	6,400	Deltic Timber Corporation		477,824
	32,410	Flotek Industries, Inc.^a		289,745
	13,740	FutureFuel Corporation		207,337
	30,180	H.B. Fuller Company		1,542,500
	5,810	Hawkins, Inc.		269,294
	7,540	Haynes International, Inc.		273,777
	25,340	Ingevity Corporation^a		1,454,516
	11,780	Innophos Holdings, Inc.		516,435
	14,620	Innospec, Inc.		958,341
	10,370	Kaiser Aluminum Corporation		917,952
	53,030	KapStone Paper and Packaging Corporation		1,094,009
	12,610	Koppers Holdings, Inc.^a		455,852
	18,800	Kraton Performance Polymers, Inc.^a		647,472
	12,270	LSB Industries, Inc.^a,b		126,749
	12,140	Materion Corporation		454,036
	13,233	Myers Industries, Inc.		237,532
	10,140	Neenah Paper, Inc.		813,735
	5,440	Olympic Steel, Inc.		105,971
	26,170	PH Glatfelter Company		511,362
	8,090	Quaker Chemical Corporation		1,174,911
	26,090	Rayonier Advanced Materials, Inc.^b		410,135
	18,510	Schweitzer-Mauduit International, Inc.		689,127
	11,840	Stepan Company		1,031,738
	38,687	SunCoke Energy, Inc.^a		421,688
	23,500	TimkenSteel Corporation^a		361,195
	15,430	Tredegar Corporation		235,307
	8,980	US Concrete, Inc.^a		705,379

		Total		22,639,819

	Real Estate (6.7%)
	51,028	Acadia Realty Trust		1,418,578
	17,310	Agree Realty Corporation		794,010
	24,990	American Assets Trust, Inc.		984,356
	27,090	Armada Hoffler Properties, Inc.		350,816
	43,892	CareTrust REIT, Inc.		813,758
	102,570	CBL & Associates Properties, Inc.		864,665
	45,710	Cedar Realty Trust, Inc.		221,693
	23,170	Chatham Lodging Trust		465,485
	36,150	Chesapeake Lodging Trust		884,590
	20,660	CoreSite Realty Corporation		2,138,930
	120,807	DiamondRock Hospitality Company		1,322,837
	20,480	EastGroup Properties, Inc.		1,716,224
	20,000	Forestar Group, Inc.^a		343,000
	36,273	Four Corners Property Trust, Inc.		910,815
	64,860	Franklin Street Properties Corporation		718,649
	16,261	Getty Realty Corporation		408,151
	59,280	Government Properties Income Trust		1,085,417
	25,150	Hersha Hospitality Trust		465,526
	21,360	HFF, Inc.		742,687
	35,800	Independence Realty Trust, Inc.		353,346
	50,295	Kite Realty Group Trust		952,084
	130,579	Lexington Realty Trust		1,294,038
	23,820	LTC Properties, Inc.		1,224,110
	26,756	National Storage Affiliates Trust		618,331
	25,730	Parkway, Inc.		588,960
	41,820	Pennsylvania REIT		473,402
	11,810	PS Business Parks, Inc.		1,563,526
	47,860	Ramco-Gershenson Properties Trust		617,394
	10,670	RE/MAX Holdings, Inc.		598,054
	66,170	Retail Opportunity Investments Corporation		1,269,802
	39,410	Sabra Health Care REIT, Inc.		949,781
	7,060	Saul Centers, Inc.		409,339
	63,120	Summit Hotel Properties, Inc.		1,177,188
	7,540	Universal Health Realty Income Trust		599,732
	17,880	Urstadt Biddle Properties, Inc.		354,024

		Total		29,693,298

	Telecommunications Services (0.9%)
	6,470	ATN International, Inc.		442,807
	25,396	Cincinnati Bell, Inc.^a		496,492
	24,740	Cogent Communications Holdings		992,074
	30,580	Consolidated Communications Holdings, Inc.^b		656,553
	16,130	General Communication, Inc.^a		591,003
	49,420	Iridium Communications, Inc.^a,b		546,091
	14,430	Lumos Networks Corporation^a		257,864
	12,380	Spok Holdings, Inc.		219,126

		Total		4,202,010

	Utilities (2.7%)
	30,753	ALLETE, Inc.		2,204,375
	22,080	American States Water Company		1,046,813
	38,970	Avista Corporation		1,654,666
	28,750	California Water Service Group		1,058,000
	24,540	El Paso Electric Company		1,268,718
	17,350	Northwest Natural Gas Company		1,038,397
	48,080	South Jersey Industries, Inc.		1,642,894
	29,090	Spire, Inc.		2,029,028

		Total		11,942,891

		Total Common Stock (cost $330,510,868)		433,188,905

		Collateral Held for Securities Loaned (6.0%)
	26,659,443	Thrivent Cash Management Trust		26,659,443

		Total Collateral Held for Securities Loaned (cost $26,659,443)		26,659,443

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

151

SMALL CAP INDEX PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares or Principal Amount		Short-Term Investments (4.8%)^c	Value
		Federal Home Loan Bank Discount Notes
	500,000	0.830%, 7/5/2017^d	$	499,972
	100,000	0.840%, 7/19/2017^d		99,955
	200,000	1.020%, 8/1/2017^d		199,836
	100,000	1.040%, 8/23/2017^d		99,855
	100,000	1.030%, 8/30/2017^d		99,836
		Thrivent Core Short-Term Reserve Fund
	1,994,842	1.240%		19,948,421

		Total Short-Term Investments (cost $20,947,833)		20,947,875

		Total Investments (cost $378,118,144) 108.7%	$	480,796,223

		Other Assets and Liabilities, Net (8.7%)		(38,444,790	)

		Total Net Assets 100.0%	$	442,351,433

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	$	25,845,565

Total lending	$	25,845,565
Gross amount payable upon return of collateral for securities loaned	$	26,659,443

Net amounts due to counterparty	$	813,878

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.

152

MID CAP INDEX PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (97.1%)	Value
	Consumer Discretionary (11.2%)
	12,760	Aaron’s, Inc.	$	496,364
	11,510	Adtalem Global Education, Inc.		436,804
	11,150	AMC Networks, Inc.^a		595,522
	33,580	American Eagle Outfitters, Inc.		404,639
	9,030	Big Lots, Inc.		436,149
	9,925	Brinker International, Inc.		378,142
	17,930	Brunswick Corporation		1,124,749
	3,260	Buffalo Wild Wings, Inc.^a		413,042
	10,430	Cabela’s, Inc.^a		619,751
	950	Cable One, Inc.		675,355
	15,880	Calatlantic Group, Inc.^b		561,358
	9,750	Carter’s, Inc.		867,262
	9,040	Cheesecake Factory, Inc.		454,712
	26,060	Chico’s FAS, Inc.		245,485
	2,500	Churchill Downs, Inc.		458,250
	21,370	Cinemark Holdings, Inc.		830,225
	10,750	Cooper Tire & Rubber Company		388,075
	4,860	Cracker Barrel Old Country Store, Inc.^b		812,835
	29,210	Dana, Inc.		652,259
	6,460	Deckers Outdoor Corporation^a		440,960
	17,630	Dick’s Sporting Goods, Inc.		702,203
	4,339	Dillard’s, Inc.^b		250,317
	9,740	Domino’s Pizza, Inc.		2,060,302
	18,630	Dunkin’ Brands Group, Inc.		1,026,886
	57,720	Gentex Corporation		1,094,948
	940	Graham Holdings Company		563,671
	5,470	Helen of Troy, Ltd.^a		514,727
	6,450	HSN, Inc.		205,755
	5,100	International Speedway Corporation		191,505
	5,960	Jack in the Box, Inc.		587,060
	9,030	John Wiley and Sons, Inc.		476,332
	25,920	Kate Spade & Company^a		479,261
	16,780	KB Home		402,217
	26,960	Live Nation Entertainment, Inc.^a		939,556
	7,420	Meredith Corporation		441,119
	21,120	Michaels Companies, Inc.^a		391,142
	6,920	Murphy USA, Inc.^a		512,841
	24,650	New York Times Company		436,305
	700	NVR, Inc.^a		1,687,427
	104,190	Office Depot, Inc.		587,632
	4,310	Panera Bread Company^a		1,356,098
	5,360	Papa John’s International, Inc.		384,634
	11,790	Polaris Industries, Inc.^b		1,087,392
	8,350	Pool Corporation		981,709
	27,710	Sally Beauty Holdings, Inc.^a		561,127
	37,990	Service Corporation International		1,270,765
	27,020	Skechers USA, Inc.^a		797,090
	9,260	Sotheby’s Holdings, Inc.^a		496,984
	43,670	Tegna, Inc.		629,285
	9,520	Tempur Sealy International, Inc.^a,b		508,273
	13,100	Texas Roadhouse, Inc.		667,445
	9,650	Thor Industries, Inc.		1,008,618
	29,870	Toll Brothers, Inc.		1,180,164
	32,050	Tri Pointe Homes, Inc.^a		422,740
	10,200	Tupperware Brands Corporation		716,346
	17,870	Urban Outfitters, Inc.^a		331,310
	38,584	Wendy’s Company		598,438
	16,110	Williams-Sonoma, Inc.		781,335

		Total		38,622,897

	Consumer Staples (3.6%)
	88,120	Avon Products, Inc.^a		334,856
	1,860	Boston Beer Company, Inc.^a		245,799
	7,930	Casey’s General Stores, Inc.		849,382
	18,370	Dean Foods Company		312,290
	11,610	Edgewell Personal Care Company^a		882,592
	12,530	Energizer Holdings, Inc.		601,691
	37,155	Flowers Foods, Inc.		643,153
	20,910	Hain Celestial Group, Inc.^a		811,726
	14,460	Ingredion, Inc.		1,723,777
	28,001	Lamb Weston Holdings, Inc.		1,233,164
	3,950	Lancaster Colony Corporation		484,349
	10,000	Nu Skin Enterprises, Inc.		628,400
	13,310	Post Holdings, Inc.^a		1,033,522
	17,380	Snyder’s-Lance, Inc.		601,696
	26,060	Sprouts Farmers Markets, Inc.^a		590,780
	3,592	Tootsie Roll Industries, Inc.^b		125,181
	11,390	TreeHouse Foods, Inc.^a		930,449
	10,010	United Natural Foods, Inc.^a		367,367

		Total		12,400,174

	Energy (2.9%)
	35,760	Consol Energy, Inc.^a		534,254
	12,990	Diamond Offshore Drilling, Inc.^a,b		140,682
	7,690	Dril-Quip, Inc.^a		375,272
	19,710	Energen Corporation^a,b		973,083
	61,280	Ensco plc		316,205
	32,140	Gulfport Energy Corporation^a		474,065
	35,720	HollyFrontier Corporation		981,228
	19,010	Matador Resources Company^a		406,244
	57,570	Nabors Industries, Ltd.		468,620
	19,890	Oceaneering International, Inc.		454,288
	10,560	Oil States International, Inc.^a		286,704
	33,587	Patterson-UTI Energy, Inc.		678,121
	22,150	PBF Energy, Inc.^b		493,059
	48,540	QEP Resources, Inc.^a		490,254
	25,490	Rowan Companies plc^a		261,018
	19,740	SM Energy Company		326,302
	102,670	Southwestern Energy Company^a		624,234
	30,970	Superior Energy Services, Inc.^a		323,017
	13,950	World Fuel Services Corporation		536,377
	80,600	WPX Energy, Inc.^a		778,596

		Total		9,921,623

	Financials (16.0%)
	3,120	Alleghany Corporation^a		1,855,776
	14,915	American Financial Group, Inc.		1,482,104
	12,120	Aspen Insurance Holdings, Ltd.		604,182
	30,743	Associated Banc-Corp		774,724
	16,880	BancorpSouth, Inc.		514,840
	8,640	Bank of Hawaii Corporation		716,861
	24,490	Bank of the Ozarks, Inc.		1,147,846
	23,210	Brown & Brown, Inc.		999,655
	15,230	Cathay General Bancorp		577,979
	14,430	Chemical Financial Corporation		698,556
	34,870	CNO Financial Group, Inc.		728,086
	17,681	Commerce Bancshares, Inc.		1,004,811
	11,510	Cullen/Frost Bankers, Inc.		1,080,904
	29,180	East West Bancorp, Inc.		1,709,364
	23,160	Eaton Vance Corporation		1,095,931
	65,670	F.N.B. Corporation		929,887
	8,000	FactSet Research Systems, Inc.		1,329,440
	18,720	Federated Investors, Inc.		528,840
	22,180	First American Financial Corporation		991,224
	47,310	First Horizon National Corporation		824,140
	35,370	Fulton Financial Corporation		672,030
	101,360	Genworth Financial, Inc.^a		382,127
	17,080	Hancock Holding Company		836,920
	8,620	Hanover Insurance Group, Inc.		763,991
	25,560	Home BancShares, Inc.		636,444
	11,760	International Bancshares Corporation		412,188
	36,783	Janus Henderson Group plc^a,b		1,217,885

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

153

MID CAP INDEX PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (97.1%)	Value
	Financials (16.0%) - continued
	9,850	Kemper Corporation	$	380,210
	17,160	Legg Mason, Inc.		654,826
	7,570	MarketAxess Holdings, Inc.		1,522,327
	14,460	MB Financial, Inc.		636,818
	7,360	Mercury General Corporation		397,440
	18,290	MSCI, Inc.		1,883,687
	99,031	New York Community Bancorp, Inc.		1,300,277
	49,550	Old Republic International Corporation		967,712
	24,220	PacWest Bancorp		1,131,074
	14,260	Pinnacle Financial Partners, Inc.		895,528
	9,200	Primerica, Inc.		696,900
	14,120	Prosperity Bancshares, Inc.		907,069
	12,990	Reinsurance Group of America, Inc.		1,667,786
	8,200	RenaissanceRe Holdings, Ltd.		1,140,210
	26,940	SEI Investments Company		1,448,833
	10,900	Signature Bank^a		1,564,477
	87,330	SLM Corporation^a		1,004,295
	13,830	Stifel Financial Corporation^a		635,903
	10,620	SVB Financial Group		1,866,890
	24,730	Synovus Financial Corporation		1,094,055
	34,700	TCF Financial Corporation		553,118
	10,010	Texas Capital Bancshares, Inc.^a		774,774
	13,720	Trustmark Corporation		441,235
	8,890	UMB Financial Corporation		665,505
	44,550	Umpqua Holdings Corporation		817,938
	21,170	United Bankshares, Inc.^b		829,864
	53,534	Valley National Bancorp		632,237
	19,585	W.R. Berkley Corporation		1,354,695
	18,147	Washington Federal, Inc.		602,480
	18,690	Webster Financial Corporation		975,992
	11,300	Wintrust Financial Corporation		863,772

		Total		54,824,662

	Health Care (8.9%)
	8,220	ABIOMED, Inc.^a		1,177,926
	15,410	Acadia Healthcare Company, Inc.^a,b		760,946
	17,620	Akorn, Inc.^a		590,975
	36,270	Allscripts Healthcare Solutions, Inc.^a		462,805
	4,200	Bio-Rad Laboratories, Inc.^a		950,502
	7,510	Bio-Techne Corporation		882,425
	21,660	Bioverativ, Inc.^a		1,303,282
	25,150	Catalent, Inc.^a		882,765
	9,600	Charles River Laboratories International, Inc.^a		971,040
	40,210	Endo International plc^a		449,146
	14,560	Globus Medical, Inc.^a		482,664
	9,450	Halyard Health, Inc.^a		371,196
	18,090	HealthSouth Corporation		875,556
	12,080	Hill-Rom Holdings, Inc.		961,689
	10,940	INC Research Holdings, Inc.^a		639,990
	8,130	LifePoint Health, Inc.^a		545,929
	8,770	LivaNova plc^a		536,812
	9,160	Masimo Corporation^a		835,209
	11,390	Medidata Solutions, Inc.^a		890,698
	18,730	Mednax, Inc.^a		1,130,730
	8,580	Molina Healthcare, Inc.^a		593,564
	10,170	NuVasive, Inc.^a		782,276
	12,370	Owens & Minor, Inc.		398,190
	10,240	PAREXEL International Corporation^a		889,958
	10,670	Prestige Brands Holdings, Inc.^a		563,483
	28,470	ResMed, Inc.		2,216,959
	17,120	STERIS plc		1,395,280
	9,050	Teleflex, Inc.		1,880,228
	16,240	Tenet Healthcare Corporation^a,b		314,082
	9,120	United Therapeutics Corporation^a		1,183,138
	16,420	VCA Antech, Inc.^a		1,515,730
	8,960	Wellcare Health Plans, Inc.^a		1,608,858
	14,920	West Pharmaceutical Services, Inc.		1,410,238

		Total		30,454,269

	Industrials (14.8%)
	29,770	A.O. Smith Corporation		1,676,944
	31,490	AECOM^a		1,018,072
	13,520	AGCO Corporation		911,113
	16,820	Avis Budget Group, Inc.^a		458,681
	13,040	Carlisle Companies, Inc.		1,244,016
	10,460	Clean Harbors, Inc.^a		583,982
	41,270	Copart, Inc.^a		1,311,973
	10,210	Crane Company		810,470
	8,930	Curtiss-Wright Corporation		819,595
	9,800	Deluxe Corporation		678,356
	26,670	Donaldson Company, Inc.		1,214,552
	7,450	Dun & Bradstreet Corporation		805,717
	6,230	Dycom Industries, Inc.^a		557,710
	11,930	EMCOR Group, Inc.		779,983
	8,840	EnerSys		640,458
	6,060	Esterline Technologies Corporation^a		574,488
	15,910	First Solar, Inc.^a,b		634,491
	8,380	FTI Consulting, Inc.^a		292,965
	7,880	GATX Corporation		506,448
	12,350	Genesee & Wyoming, Inc.^a		844,617
	11,220	Graco, Inc.		1,226,122
	8,050	Granite Construction, Inc.		388,332
	12,090	Herman Miller, Inc.		367,536
	8,910	HNI Corporation		355,242
	10,360	Hubbell, Inc.		1,172,441
	9,371	Huntington Ingalls Industries, Inc.		1,744,505
	15,400	IDEX Corporation		1,740,354
	17,890	ITT Corporation		718,820
	67,355	JetBlue Airways Corporation^a		1,537,715
	29,020	KBR, Inc.		441,684
	16,310	Kennametal, Inc.		610,320
	10,940	Kirby Corporation^a		731,339
	10,465	KLX, Inc.^a		523,250
	8,460	Landstar System, Inc.		724,176
	7,720	Lennox International, Inc.		1,417,701
	12,470	Lincoln Electric Holdings, Inc.		1,148,362
	13,510	Manpower, Inc.		1,508,392
	6,370	MSA Safety, Inc.		517,053
	9,100	MSC Industrial Direct Company, Inc.		782,236
	10,820	Nordson Corporation		1,312,682
	21,880	NOW, Inc.^a		351,830
	14,000	Old Dominion Freight Line, Inc.		1,333,360
	11,630	Orbital ATK, Inc.		1,143,927
	15,060	Oshkosh Corporation		1,037,333
	37,660	Pitney Bowes, Inc.		568,666
	9,060	Regal-Beloit Corporation		738,843
	19,368	Rollins, Inc.		788,471
	10,770	Ryder System, Inc.		775,225
	7,120	Teledyne Technologies, Inc.^a		908,868
	19,640	Terex Corporation		736,500
	14,150	Timken Company		654,437
	21,760	Toro Company		1,507,750
	30,760	Trinity Industries, Inc.		862,203
	4,560	Valmont Industries, Inc.		682,176
	17,450	Wabtec Corporation^b		1,596,675
	6,140	Watsco, Inc.		946,788
	9,090	Werner Enterprises, Inc.		266,791
	11,170	Woodward, Inc.		754,869

		Total		50,987,605

	Information Technology (17.2%)
	21,780	3D Systems Corporation^a,b		407,286

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

154

MID CAP INDEX PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (97.1%)	Value
	Information Technology (17.2%) - continued
	23,870	ACI Worldwide, Inc.^a	$	533,972
	15,910	Acxiom Corporation^a		413,342
	37,900	ARRIS International plc^a		1,061,958
	17,970	Arrow Electronics, Inc.^a		1,409,207
	25,330	Avnet, Inc.		984,830
	8,600	Belden, Inc.		648,698
	9,668	Blackbaud, Inc.		829,031
	23,720	Broadridge Financial Solutions, Inc.		1,792,283
	82,840	Brocade Communications Systems, Inc.		1,044,612
	56,610	Cadence Design Systems, Inc.^a		1,895,869
	14,420	Cars.com Inc.^a		384,005
	29,300	CDK Global, Inc.		1,818,358
	28,730	Ciena Corporation^a		718,825
	13,060	Cirrus Logic, Inc.^a		819,123
	17,370	Cognex Corporation		1,474,713
	4,990	Coherent, Inc.^a		1,122,700
	8,440	CommVault Systems, Inc.^a		476,438
	19,010	Convergys Corporation		452,058
	17,070	CoreLogic, Inc.^a		740,496
	19,630	Cree, Inc.^a		483,879
	66,660	Cypress Semiconductor Corporation		909,909
	15,220	Diebold Nixdorf, Inc.		426,160
	12,490	DST Systems, Inc.		770,633
	6,260	Fair Isaac Corporation		872,706
	30,180	Fortinet, Inc.^a		1,129,939
	20,380	GameStop Corporation		440,412
	26,880	Integrated Device Technology, Inc.^a		693,235
	7,050	InterDigital, Inc.		544,965
	7,590	IPG Photonics Corporation^a		1,101,309
	9,730	j2 Global, Inc.		827,926
	36,830	Jabil Circuit, Inc.		1,075,068
	15,670	Jack Henry & Associates, Inc.		1,627,643
	37,400	Keysight Technologies, Inc.^a		1,455,982
	18,030	Knowles Corporation^a		305,068
	28,915	Leidos Holdings, Inc.		1,494,616
	4,580	Littelfuse, Inc.		755,700
	10,650	LogMeIn, Inc.		1,112,925
	14,000	Manhattan Associates, Inc.^a		672,840
	13,030	MAXIMUS, Inc.		816,069
	23,410	Microsemi Corporation^a		1,095,588
	7,680	Monolithic Power Systems, Inc.		740,352
	21,462	National Instruments Corporation		863,202
	24,440	NCR Corporation^a		998,130
	18,510	NetScout Systems, Inc.^a		636,744
	11,260	NeuStar, Inc.^a		375,521
	6,770	Plantronics, Inc.		354,139
	23,300	PTC, Inc.^a		1,284,296
	41,558	Sabre Corporation		904,718
	8,874	Science Applications International Corporation		616,033
	8,540	Silicon Laboratories, Inc.^a		583,709
	6,910	Synaptics, Inc.^a		357,316
	5,920	SYNNEX Corporation		710,163
	21,070	Take-Two Interactive Software, Inc.^a		1,546,117
	7,030	Tech Data Corporation^a		710,030
	26,520	Teradata Corporation^a		782,075
	40,320	Teradyne, Inc.		1,210,810
	51,070	Trimble, Inc.^a		1,821,667
	6,770	Tyler Technologies, Inc.^a		1,189,286
	5,970	Ultimate Software Group, Inc.^a		1,254,058
	22,700	VeriFone Systems, Inc.^a		410,870
	21,860	Versum Materials, Inc.		710,450
	10,730	ViaSat, Inc.^a		710,326
	26,920	Vishay Intertechnology, Inc.		446,872
	7,620	WebMD Health Corporation^a		446,913
	7,820	WEX, Inc.^a		815,391
	10,700	Zebra Technologies Corporation^a		1,075,564

		Total		59,195,128

	Materials (7.4%)
	21,930	Allegheny Technologies, Inc.^b		373,029
	12,580	AptarGroup, Inc.		1,092,699
	12,670	Ashland Global Holdings, Inc.		835,080
	18,560	Bemis Company, Inc.		858,400
	12,650	Cabot Corporation		675,889
	9,450	Carpenter Technology Corporation		353,714
	37,150	Chemours Company		1,408,728
	23,450	Commercial Metals Company		455,633
	6,820	Compass Minerals International, Inc.^b		445,346
	12,660	Domtar Corporation		486,397
	9,850	Eagle Materials, Inc.		910,337
	5,220	Greif, Inc.		291,172
	29,210	Louisiana-Pacific Corporation^a		704,253
	7,100	Minerals Technologies, Inc.		519,720
	1,860	NewMarket Corporation		856,493
	33,700	Olin Corporation		1,020,436
	32,860	Owens-Illinois, Inc.^a		786,011
	18,960	Packaging Corporation of America		2,111,954
	16,650	PolyOne Corporation		645,021
	14,820	Reliance Steel & Aluminum Company		1,079,044
	13,150	Royal Gold, Inc.		1,027,936
	27,030	RPM International, Inc.		1,474,487
	8,900	Scotts Miracle-Gro Company		796,194
	9,000	Sensient Technologies Corporation		724,770
	15,140	Silgan Holdings, Inc.		481,149
	20,010	Sonoco Products Company		1,028,914
	48,750	Steel Dynamics, Inc.		1,745,738
	35,230	United States Steel Corporation^b		779,992
	41,263	Valvoline, Inc.		978,758
	8,900	Worthington Industries, Inc.		446,958

		Total		25,394,252

	Real Estate (9.6%)
	9,320	Alexander & Baldwin, Inc.		385,662
	27,140	American Campus Communities, Inc.		1,283,722
	17,700	Camden Property Trust		1,513,527
	16,930	Care Capital Properties, Inc.		452,031
	24,020	CoreCivic, Inc.		662,472
	20,140	Corporate Office Properties Trust		705,504
	84,780	Cousins Properties, Inc.		745,216
	15,800	CyrusOne, Inc.		880,850
	18,590	DCT Industrial Trust, Inc.		993,450
	29,700	Douglas Emmett, Inc.		1,134,837
	72,120	Duke Realty Corporation		2,015,754
	14,820	Education Realty Trust, Inc.		574,275
	12,900	EPR Properties		927,123
	23,730	First Industrial Realty Trust, Inc.		679,153
	25,285	GEO Group, Inc.		747,677
	23,490	Healthcare Realty Trust, Inc.		802,183
	20,600	Highwoods Properties, Inc.		1,044,626
	33,130	Hospitality Properties Trust		965,739
	9,130	Jones Lang LaSalle, Inc.		1,141,250
	19,910	Kilroy Realty Corporation		1,496,236
	16,750	Lamar Advertising Company		1,232,297
	22,790	LaSalle Hotel Properties		679,142
	29,760	Liberty Property Trust		1,211,530
	9,400	Life Storage, Inc.		696,540
	18,140	Mack-Cali Realty Corporation		492,320
	73,347	Medical Properties Trust, Inc.		943,976
	30,030	National Retail Properties, Inc.		1,174,173
	39,680	Omega Healthcare Investors, Inc.		1,310,234

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

155

MID CAP INDEX PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (97.1%)	Value
	Real Estate (9.6%) - continued
	8,197	Potlatch Corporation	$	374,603
	18,850	Quality Care Properties, Inc.^a		345,143
	25,932	Rayonier, Inc. REIT		746,064
	47,810	Senior Housing Property Trust		977,236
	19,400	Tanger Factory Outlet Centers, Inc.		504,012
	12,220	Taubman Centers, Inc.		727,701
	31,880	Uniti Group, Inc.		801,463
	20,000	Urban Edge Properties		474,600
	37,470	Washington Prime Group, Inc.		313,624
	23,840	Weingarten Realty Investors		717,584

		Total		32,873,529

	Telecommunications Services (0.2%)
	237,890	Frontier Communications Corporation^b		275,952
	18,965	Telephone & Data Systems, Inc.		526,279

		Total		802,231

	Utilities (5.3%)
	35,902	Aqua America, Inc.		1,195,537
	21,210	Atmos Energy Corporation		1,759,369
	10,810	Black Hills Corporation		729,351
	43,483	Great Plains Energy, Inc.		1,273,182
	21,960	Hawaiian Electric Industries, Inc.		711,065
	10,170	IDACORP, Inc.		868,009
	39,355	MDU Resources Group, Inc.		1,031,101
	17,350	National Fuel Gas Company^b		968,824
	17,440	New Jersey Resources Corporation		692,368
	9,780	NorthWestern Corporation		596,776
	40,350	OGE Energy Corporation		1,403,776
	10,590	ONE Gas, Inc.		739,288
	16,055	PNM Resources, Inc.		614,104
	9,640	Southwest Gas Holdings, Inc.		704,298
	34,950	UGI Corporation		1,691,930
	16,730	Vectren Corporation		977,701
	28,680	Westar Energy, Inc.		1,520,614
	10,340	WGL Holdings, Inc.		862,666

		Total		18,339,959

		Total Common Stock (cost $272,821,950)		333,816,329


		Collateral Held for Securities Loaned (3.6%)
	12,440,069	Thrivent Cash Management Trust		12,440,069

		Total Collateral Held for Securities Loaned (cost $12,440,069)		12,440,069


Shares or Principal Amount		Short-Term Investments (3.0%)^c
		Federal Home Loan Bank Discount Notes
	300,000	0.860%, 7/26/2017^d		299,808
	1,400,000	1.032%, 8/16/2017^d		1,398,254
		Thrivent Core Short-Term Reserve Fund
	851,025	1.240%		8,510,247

		Total Short-Term Investments (cost $10,208,221)		10,208,309

		Total Investments (cost $295,470,240) 103.7%	$	356,464,707

		Other Assets and Liabilities, Net (3.7%)		(12,883,423	)

		Total Net Assets 100.0%	$	343,581,284

a	Non-income producing security.

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

c	The interest rate shown reflects the yield, 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	$	12,034,031

Total lending	$	12,034,031
Gross amount payable upon return of collateral for securities loaned	$	12,440,069

Net amounts due to counterparty	$	406,038

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.

156

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (87.2%)	Value
	Australia (5.3%)
	96,746	Adelaide Brighton, Ltd.	$	418,499
	84,907	Altium, Ltd.		559,175
	22,186	Ansell, Ltd.		404,587
	246,111	Aristocrat Leisure, Ltd.		4,266,804
	590,110	Australia & New Zealand Banking Group, Ltd.		13,024,694
	373,537	Australian Pharmaceutical Industries, Ltd.		546,707
	165,913	BHP Billiton, Ltd.		2,957,213
	277,521	BlueScope Steel, Ltd.		2,809,632
	69,453	Breville Group, Ltd.		557,790
	601,212	Charter Hall Group		2,539,916
	336,619	Coca-Cola Amatil, Ltd.		2,388,696
	35,470	Cochlear, Ltd.		4,236,432
	4,091	Corporate Travel Management, Ltd.		72,130
	271,266	Costa Group Holdings, Ltd.		1,011,970
	62,168	CSL, Ltd.		6,597,859
	1,579,723	CSR, Ltd.		5,134,093
	465,235	Downer EDI, Ltd.		2,291,696
	288,939	FlexiGroup, Ltd.		405,029
	829,340	Fortescue Metals Group, Ltd.		3,319,919
	298,104	Genworth Mortgage Insurance Australia, Ltd.		671,005
	29,321	GrainCorp, Ltd.		213,446
	41,905	GUD Holdings, Ltd.		415,734
	41,240	GWA Group, Ltd.		99,792
	863,740	Harvey Norman Holdings, Ltd.^a		2,536,358
	777,411	Investa Office Fund		2,621,245
	104,380	IOOF Holdings, Ltd.		786,383
	49,469	Macquarie Group, Ltd.		3,364,075
	2,561,481	Metcash, Ltd.^a,b		4,725,298
	59,013	Mineral Resources, Ltd.		491,776
	1,800,264	Mirvac Group		2,943,862
	58,789	Monadelphous Group, Ltd.		631,761
	560,400	Myer Holdings, Ltd.^a		359,689
	20,720	Nanosonics, Ltd.^b		40,460
	1,075,761	Orora, Ltd.		2,364,065
	95,953	OZ Minerals, Ltd.		546,201
	54,153	Perpetual, Ltd.		2,324,450
	671,171	Qantas Airways, Ltd.		2,950,155
	134,494	Regis Resources, Ltd.		391,403
	244,820	Resolute Mining, Ltd.		224,549
	96,392	Rio Tinto, Ltd.		4,684,508
	40,416	Seven Group Holdings, Ltd.		340,029
	229,434	Sigma Healthcare, Ltd.		157,802
	46,503	Sims Metal Management, Ltd.		541,441
	8,853	Sirtex Medical, Ltd.		110,578
	1,586,757	South32, Ltd.		3,267,929
	1,070,383	Southern Cross Media Group, Ltd.		1,024,066
	154,636	St Barbara, Ltd.^b		346,447
	239,035	Telstra Corporation, Ltd.		789,801
	464,222	Treasury Wine Estates, Ltd.		4,694,177
	739,282	Vita Group, Ltd.		630,570
	813,490	Whitehaven Coal, Ltd.^b		1,794,070

		Total		100,625,966

	Austria (0.8%)
	2,272	BUWOG AG		65,277
	18,515	Lenzing AG		3,317,957
	177,550	OMV AG		9,222,438
	8,916	S IMMO AG		129,443
	52,737	Telekom Austria AG		415,277
	40,097	UNIQA Insurance Group AG		374,009
	33,998	Verbund AG		648,468
	20,200	Vienna Insurance Group AG Wiener Versicherung Gruppe		570,163
	13,078	Voestalpine AG		609,564

		Total		15,352,596

	Belgium (1.3%)
	35,535	Agfa-Gevaert NV^b		172,898
	30,243	Anheuser-Busch InBev NV		3,340,302
	5,109	Barco NV		524,478
	1,981	Compagnie d’ Entreprises CFE		280,695
	5,256	Gimv NV		318,347
	16,419	Melexis NV		1,348,236
	17,573	Mobistar SA		411,457
	55,944	NV Bekaert SA		2,846,141
	154,978	Proximus SA		5,424,149
	19,406	SA D’Ieteren NV		906,814
	70,276	Solvay SA		9,431,846
	10,068	Tessenderlo Group^b		432,948

		Total		25,438,311

	Bermuda (<0.1%)
	2,448,000	G-Resources Group, Ltd.^b		35,744
	5,404	Stolt-Nielsen, Ltd.		76,056

		Total		111,800

	Brazil (1.5%)
	642,300	Ambev SA		3,565,425
	816,830	Banco Bradesco SA ADR		6,943,055
	200,333	BRF SA		2,365,609
	608,569	Lojas Renner SA		5,051,661
	174,982	Multiplan Empreendimentos Imobiliarios SA		3,447,984
	258,000	Ultrapar Participacoes SA ADR		6,070,740
	86,490	Vale SA ADR		756,787

		Total		28,201,261

	Canada (3.1%)
	31,880	ATCO, Ltd.		1,246,634
	37,826	Bank of Montreal		2,777,446
	336,655	Birchcliff Energy, Ltd.		1,586,183
	208,514	CAE, Inc.		3,595,291
	29,872	Canadian Imperial Bank of Commerce		2,427,676
	92,746	Canadian National Railway Company		7,525,242
	27,820	Canadian Utilities, Ltd.		893,938
	77,660	CGI Group, Inc.^b		3,968,038
	70,097	Dollarama, Inc.		6,697,809
	96,726	Ensign Energy Services, Inc.		516,896
	154,042	Finning International, Inc.		3,019,547
	40,907	Genworth MI Canada, Inc.^a		1,125,510
	81,099	IGM Financial, Inc.^a		2,515,270
	58,800	Loblaw Companies, Ltd.		3,271,000
	131,032	Manulife Financial Corporation		2,456,345
	60,112	Mullen Group, Ltd.		741,666
	47,834	Premium Brands Holdings Corporation^a		3,431,890
	72,650	Restaurant Brands International, Inc.		4,545,667
	151,599	Teck Resources, Ltd.		2,627,965
	13,600	TMX Group, Ltd.		739,987
	202,500	Veresen, Inc.^a		2,863,857

		Total		58,573,857

	Cayman Islands (0.4%)
	4,119,680	WH Group, Ltd.^c		4,159,936
	2,904,000	Xinyi Glass Holdings Company, Ltd.		2,874,451

		Total		7,034,387

	Chile (0.3%)
	139,315	Banco Santander Chile SA ADR		3,539,994
	336,038	S.A.C.I. Falabella		2,752,087

		Total		6,292,081

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, 2017

(unaudited)


Shares		Common Stock (87.2%)	Value
	China (0.1%)
	2,578,000	PetroChina Company, Ltd.	$	1,577,145

		Total		1,577,145

	Denmark (1.6%)
	2,112	A P Moller - Maersk AS, Class A		4,029,899
	4,236	A P Moller - Maersk AS, Class B		8,529,239
	2,007	Aktieselskabet Schouw & Company		215,372
	71,334	Danske Bank AS		2,744,439
	28,948	DFDS AS		1,543,246
	107,071	GN Store Nord AS		3,126,365
	12,442	Jyske Bank AS		720,691
	14,292	Royal Unibrew AS		685,584
	21,402	Scandinavian Tobacco Group AS^c		348,462
	41,494	Spar Nord Bank AS		544,184
	63,926	Sydbank AS		2,409,583
	57,233	Vestas Wind Systems AS		5,286,460

		Total		30,183,524

	Faroe Islands (0.1%)
	26,677	Bakkafrost PF		1,004,534

		Total		1,004,534

	Finland (1.4%)
	19,399	Cramo Oyj		580,503
	30,360	Elisa Oyj		1,177,732
	57,475	Kemira Oyj		726,036
	13,137	Konecranes Oyj		556,194
	34,778	Orion Oyj, Class A		2,215,055
	49,216	Orion Oyj, Class B		3,143,965
	53,721	Ramirent Oyj		541,787
	521,854	UPM-Kymmene Oyj		14,880,549
	110,954	Valmet Oyj		2,155,980

		Total		25,977,801

	France (4.9%)
	256,720	Air France-KLM^b		3,664,586
	5,227	Alten SA		431,109
	39,618	Amundi SA^c		2,870,591
	27,697	AtoS		3,886,191
	297,364	AXA SA		8,142,839
	4,578	Beneteau SA		79,190
	28,916	Cap Gemini SA		2,987,102
	80,935	CNP Assurances		1,816,688
	173,304	Engie		2,615,812
	7,209	Euler Hermes Group		856,313
	6,133	Eurofins Scientific SE		3,460,278
	258,393	Eutelsat Communications		6,592,886
	21,969	Ipsos SA		824,270
	3,140	Kaufman & Broad SA		139,944
	15,035	Kering SA		5,119,608
	30,213	LVMH Moet Hennessy Louis Vuitton SE		7,554,940
	34,709	Metropole Television SA		806,980
	35,331	Neopost SA		1,640,742
	29,948	Nexity SA		1,738,159
	155,436	Orange SA		2,473,756
	114,738	Sanofi		10,994,215
	23,000	SCOR SE		913,741
	42,442	Societe Generale		2,288,719
	14,977	Sodexo SA		1,935,667
	20,845	SPIE SA		626,140
	6,928	Tarkett SA		322,000
	30,244	Thales SA		3,254,997
	273,780	Total SA		13,592,388
	57,280	Veolia Environnement SA		1,211,851
	3,713	Vilmorin & Cie SA		302,115

		Total		93,143,817

	Germany (6.0%)
	73,418	Aareal Bank AG		2,915,086
	23,644	Adidas AG		4,533,718
	27,325	ADVA Optical Networking SE^b		282,434
	59,473	Allianz SE		11,736,554
	50,843	Alstria Office REIT AG		687,578
	2,599	Amadeus Fire AG		228,274
	81,316	Bayer AG		10,539,404
	2,169	bet-at-home.com AG		314,858
	41,437	Covestro AG^c		3,003,942
	803	Deutsche Beteiligungs AG		35,815
	136,696	Deutsche Pfandbriefbank AG^c		1,690,595
	145,803	Deutsche Post AG		5,473,201
	116,048	Deutz AG		980,260
	77,119	E.ON SE		728,002
	223,056	Evonik Industries AG		7,139,092
	198,038	Evotec AG^b		3,165,685
	83,599	Fresenius SE & Company KGaA		7,177,235
	29,766	Gerresheimer AG		2,395,681
	24,094	Hamburger Hafen und Logistik AG		527,472
	24,777	Hannover Rueckversicherung SE		2,976,059
	6,886	Homag Group AG		467,173
	7,407	Indus Holding AG		525,392
	1,764	Isra Vision AG		300,028
	42,136	Jenoptik AG		1,107,700
	15,607	Jungheinrich AG		571,894
	9,239	Koenig & Bauer AG		626,260
	46,699	Merck KGaA		5,650,531
	8,658	Muenchener Rueckversicherungs- Gesellschaft AG		1,751,975
	32,429	Rheinmetall AG		3,086,717
	107,068	SAP SE		11,206,976
	123,477	Siemens AG		16,984,785
	43,379	Software AG		1,902,614
	126,741	TAG Immobilien AG		1,996,274
	11,235	Takkt AG		280,894
	12,524	Zeal Network SE		378,608

		Total		113,368,766

	Hong Kong (2.9%)
	1,403,800	AIA Group, Ltd.		10,270,707
	539,000	Champion REIT		343,091
	574,000	Cheung Kong Property Holdings, Ltd.		4,491,712
	825,300	China Mobile, Ltd.		8,749,668
	239,000	CITIC Telecom International Holdings, Ltd.		76,505
	24,000	Great Eagle Holdings, Ltd.		122,037
	1,304,000	Hang Lung Group, Ltd.		5,395,425
	180,000	Hang Lung Properties, Ltd.		449,846
	105,679	Hong Kong Exchanges and Clearing, Ltd.		2,730,153
	163,000	Hopewell Holdings, Ltd.		620,843
	1,760,000	Melco International Development, Ltd.		4,708,649
	1,598,544	PCCW, Ltd.		908,474
	324,000	Shun Tak Holdings, Ltd.^b		148,978
	564,880	Sino Land Company, Ltd.		925,490
	495,000	Sun Hung Kai Properties, Ltd.		7,271,637
	105,000	Sunlight Real Estate Investment Trust		68,840
	226,000	Swire Pacific, Ltd.		2,206,135
	507,500	Swire Pacific, Ltd., Class B		887,784
	347,700	Swire Properties, Ltd.		1,146,164
	1,272,000	Truly International Holdings, Ltd.^a		439,547
	438,000	Wharf Holdings, Ltd.		3,624,313

		Total		55,585,998

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, 2017

(unaudited)


Shares		Common Stock (87.2%)	Value
	Hungary (0.2%)
	146,000	Richter Gedeon Nyrt	$	3,816,941

		Total		3,816,941

	India (2.5%)
	82,840	Grasim Industries, Ltd.		1,590,541
	40,000	Grasim Industries, Ltd. GDR		769,600
	80,600	Hero Motocorp, Ltd.		4,611,866
	277,000	Hindustan Unilever, Ltd.		4,625,034
	464,741	Housing Development Finance Corporation		11,606,450
	164,216	Infosys, Ltd.		2,376,987
	1,742,313	ITC, Ltd.		8,715,812
	183,400	Kotak Mahindra Bank, Ltd.		2,710,048
	84,403	Tata Consultancy Services, Ltd.		3,082,902
	114,696	Ultra Tech Cement, Ltd.		7,021,524
	4,570	Ultra Tech Cement, Ltd. GDR^b		279,916

		Total		47,390,680

	Indonesia (0.8%)
	12,512,900	Astra International Tbk PT		8,383,610
	2,335,400	Indocement Tunggal Prakarsa Tbk PT		3,227,453
	2,037,600	PT Bank Central Asia Tbk		2,778,917

		Total		14,389,980

	Ireland (0.5%)
	125,921	CRH plc		4,463,068
	34,000	Seagate Technology plc		1,317,500
	285,263	United Drug plc		3,217,528

		Total		8,998,096

	Israel (0.4%)
	35,569	Check Point Software Technologies, Ltd.^b		3,879,866
	623,734	El Al Israel Airlines, Ltd.		573,377
	52,597	Shufersal, Ltd.		275,926
	97,630	Teva Pharmaceutical Industries, Ltd. ADR		3,243,268

		Total		7,972,437

	Italy (1.5%)
	1,205,718	A2A SPA		2,004,811
	36,591	Amplifon SPA		482,861
	29,714	Ascopiave SPA		118,104
	1,991	ASTM SPA		34,406
	25,169	Banca Generali SPA		751,051
	2,915	Banca IFIS SPA		118,498
	67,098	Banca Popolare Di Sondrio SCRL		265,474
	25,116	Biesse SPA		902,993
	57,139	Cerved Information Solutions SPA		613,060
	20,594	De’Longhi		646,054
	72,699	DiaSorin SPA		5,583,991
	22,001	EL En SPA		699,753
	324,921	Enav SPA^c		1,401,239
	579,002	Enel SPA		3,105,482
	59,746	Interpump Group SPA		1,634,743
	285,362	Iren SPA		660,980
	4,018	Italmobiliare SPA		109,814
	276,673	Poste Italiane SPA^c		1,897,149
	110,212	Recordati SPA		4,471,218
	57,669	Saras SPA		134,417
	112,538	Snam SPA		491,135
	132,191	Societa Cattolica di Assicurazioni SCRL		1,028,386
	38,788	Societa Iniziative Autostradali e Servizi SPA		427,734

		Total		27,583,353

	Japan (18.5%)
	69,300	Adeka Corporation		1,058,766
	50,900	Aisin Seiki Company, Ltd.		2,616,597
	14,000	Alpine Electronics, Inc.		210,044
	68,800	Asahi Glass Company, Ltd.		2,905,619
	6,100	Asahi Holdings, Inc.		100,401
	54,300	Asatsu-DK, Inc.		1,361,561
	24,200	ASKA Pharmaceutical Company, Ltd.		363,452
	3,100	Ateam, Inc.		82,236
	49,300	Avex Group Holdings, Inc.		661,569
	29,000	Azbil Corporation		1,104,021
	58,400	Bandai Namco Holdings, Inc.		1,995,373
	7,500	BML, Inc.		145,942
	320,500	Bridgestone Corporation		13,855,719
	118,300	Brother Industries, Ltd.		2,740,186
	25,700	Canon Electronics, Inc.		526,576
	21,100	Canon Marketing Japan, Inc.		481,001
	115,500	Canon, Inc.		3,928,769
	51,400	Capcom Company, Ltd.		1,219,986
	15,500	Cawachi, Ltd.		375,345
	6,100	Chiyoda Integre Company, Ltd.		121,119
	81,300	Citizen Watch Company, Ltd.		572,056
	12,300	CKD Corporation		188,324
	91,100	Daicel Corporation		1,138,638
	10,000	Daiichi Jitsugyo Company, Ltd.		54,672
	174,800	Daiichi Sankyo Company, Ltd.		4,125,789
	5,300	Daiichikosho Company, Ltd.		248,948
	71,000	Daishi Bank, Ltd.		327,868
	29,100	Daiwa House Industry Company, Ltd.		995,964
	137,900	DCM Holdings Company, Ltd.		1,209,970
	30,900	DIP Corporation		628,593
	35,900	Doutor Nichires Holdings Company, Ltd.		762,283
	91,608	DOWA Holdings Company, Ltd.		694,847
	111,800	DTS Corporation		3,434,726
	19,700	Earth Chemical Company, Ltd.		1,015,080
	1,500	Eiken Chemical Company, Ltd.		45,349
	13,700	EIZO Corporation		539,686
	34,100	EPS Holdings, Inc.		534,846
	9,100	Exedy Corporation		257,275
	9,800	Fancl Corporation		180,154
	125,200	Financial Products Group Company, Ltd.		1,196,062
	75,000	Foster Electric Company, Ltd.		1,296,670
	39,400	Fuji Machine Manufacturing Company, Ltd.		569,904
	17,800	Fuji Oil Holdings, Inc.		411,752
	11,000	Fuji Pharma Company, Ltd.		374,136
	19,800	Fuji Soft, Inc.		560,701
	11,800	Fujibo Holdings, Inc.		331,465
	28,800	Fujitec Company, Ltd.		377,701
	669,000	Fujitsu, Ltd.		4,948,102
	1,131,000	Fukuoka Financial Group, Inc.		5,396,240
	19,500	Geo Holdings Corporation		202,372
	18,500	Glory, Ltd.		607,605
	33,700	Goldcrest Company, Ltd.		746,829
	397	Hankyu REIT, Inc.		489,919
	325,700	Haseko Corporation		3,966,176
	419	Heiwa Real Estate REIT, Inc.		325,794
	808,019	Hiroshima Bank, Ltd.		3,596,828
	8,400	HIS Company, Ltd.		253,174
	78,300	Hitachi High-Technologies Corporation		3,049,232
	6,100	Hitachi Maxell, Ltd.		125,064
	538,000	Hitachi, Ltd.		3,317,142
	567,700	Honda Motor Company, Ltd.		15,553,891
	21,000	Hyakujushi Bank, Ltd.		69,548
	5,000	IBIDEN Company, Ltd.		86,473

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, 2017

(unaudited)


Shares		Common Stock (87.2%)	Value
	Japan (18.5%) - continued
	387	Industrial & Infrastructure Fund Investment Corporation	$	1,755,227
	32,300	INES Corporation		323,638
	367	Invincible Investment Corporation		157,664
	3,900	ITO EN, Ltd.		142,388
	420,500	ITOCHU Corporation		6,260,794
	6,000	Itoham Yonekyu Holdings, Inc.		54,449
	2,400	JAFCO Company, Ltd.		97,047
	78,300	Japan Airlines Company, Ltd.		2,425,396
	53,000	Japan Aviation Electronics Industry, Ltd.		735,437
	343	Japan Rental Housing Investments, Inc.		253,114
	203,600	JTEKT Corporation		2,996,045
	326,600	JVC Kenwood Corporation		975,477
	6,400	Kaga Electronics Company, Ltd.		131,378
	4,100	Kanematsu Electronics, Ltd.		126,130
	68,800	Kao Corporation		4,090,734
	89,500	KDDI Corporation		2,367,063
	25,900	Keihin Corporation		354,844
	408	Kenedix Office Investment Corporation		2,175,567
	149	Kenedix Residential Investment Corporation		371,059
	138,300	Kinden Corporation		2,232,909
	147,000	KITZ Corporation		1,373,956
	10,900	Kiyo Bank, Ltd.		189,145
	6,800	Koei Tecmo Holdings Company, Ltd.		135,149
	39,100	Kohnan Shoji Company, Ltd.		729,022
	92,000	Kokuyo Company, Ltd.		1,256,922
	403,700	Konica Minolta Holdings, Inc.		3,368,011
	88,000	Konoike Transport Company, Ltd.		1,202,083
	147,800	K’s Holdings Corporation^a		2,889,789
	62,000	Kurabo Industries, Ltd.		143,025
	276,400	Kuraray Company, Ltd.		5,032,980
	67,600	Kyoei Steel, Ltd.		1,121,959
	12,700	Kyokuto Kaihatsu Kogyo Company, Ltd.		204,687
	22,300	Kyokuto Securities Company, Ltd.		320,051
	7,200	KYORIN Holdings, Inc.		159,964
	4,400	Kyoritsu Maintenance Company, Ltd.		128,152
	400	LaSalle Logiport REIT		403,008
	303,800	Leopalace21 Corporation		1,889,852
	41,000	Maeda Corporation		452,438
	229,000	Makino Milling Machine Company, Ltd.		1,902,637
	7,800	Mandom Corporation		423,174
	139,600	Marubeni Corporation		904,420
	19,000	Maruwa Company, Ltd.		786,341
	7,000	Marvelous, Inc.		69,105
	34,300	Matsumotokiyoshi Holdings Company, Ltd.		1,953,875
	117,100	Mazda Motor Corporation		1,645,126
	14,400	Meiko Network Japan Company, Ltd.		192,008
	48,600	MIRAIT Holdings Corporation		546,644
	288,400	Mitsubishi Chemical Holdings Corporation		2,402,878
	278,600	Mitsubishi Corporation		5,856,456
	254,000	Mitsubishi Heavy Industries, Ltd.		1,045,758
	2,245,400	Mitsubishi UFJ Financial Group, Inc.		15,145,332
	202,400	Mitsui & Company, Ltd.		2,897,525
	6,200	Mitsui Sugar Company, Ltd.		179,621
	5,867,400	Mizuho Financial Group, Inc.		10,757,724
	6,000	Mizuno Corporation		34,236
	8,100	Modec, Inc.		180,520
	331,000	Morinaga Milk Industry Company, Ltd.		2,516,562
	115,463	MS and AD Insurance Group Holdings, Inc.		3,894,417
	5,100	Musashino Bank, Ltd.		157,030
	41,400	Namura Shipbuilding Company, Ltd.		244,793
	17,600	NEC Networks & System Integration Corporation		383,025
	121,200	Net One Systems Company, Ltd.		1,150,614
	67,000	NICHIAS Corporation		775,040
	9,900	Nichicon Corporation		106,619
	113,700	Nichirei Corporation		3,188,336
	52,700	Nikkiso Company, Ltd.		507,622
	21,400	Nikkon Holdings Company, Ltd.		496,303
	59,300	Nikon Corporation		950,529
	89,800	Nippon Electric Glass Company, Ltd.		3,275,688
	891,700	Nippon Light Metal Holdings Company, Ltd.		2,122,523
	21,900	Nippon Shokubai Company, Ltd.		1,414,592
	56,000	Nippon Soda Company, Ltd.		310,506
	217,600	Nippon Suisan Kaisha, Ltd.		1,275,214
	279,800	Nippon Telegraph & Telephone Corporation		13,207,708
	38,700	Nippon Thompson Company, Ltd.		205,350
	64,200	Nipro Corporation		837,940
	495,000	Nishimatsu Construction Company, Ltd.		2,628,760
	83,505	Nissan Motor Company, Ltd.		833,792
	155,000	Nisshin Oillio Group, Ltd.		909,110
	15,500	Nisshinbo Holdings, Inc.		157,710
	41,900	Nissin Electric Company, Ltd.		445,243
	200	Nittetsu Mining Company, Ltd.		10,783
	30,717	Nitto Kogyo Corporation		485,984
	3,600	Noevir Holdings Company, Ltd.		183,537
	23,700	Noritz Corporation		471,141
	140,400	North Pacific Bank, Ltd.		493,065
	38,200	NSD Company, Ltd.		688,868
	72,100	NTT DOCOMO, Inc.		1,705,214
	252,700	Obayashi Corporation		2,977,344
	6,900	Oiles Corporation		122,235
	27,345	Okinawa Electric Power Company, Inc.		625,526
	47,100	Open House Company, Ltd.		1,453,400
	1,600,000	Osaka Gas Company, Ltd.		6,551,749
	5,400	OUTSOURCING Inc.		263,597
	34,800	Paltac Corporation		1,172,755
	29,400	Paramount Bed Holdings Company, Ltd.		1,285,928
	3,500	Pilot Corporation		149,062
	28,900	Plenus Company, Ltd.		610,408
	13,000	Relo Group, Inc.		253,097
	20,900	Resorttrust, Inc.		385,647
	5,900	Riken Vitamin Company, Ltd.		231,033
	119,200	Round One Corporation		1,128,540
	67,000	Ryobi, Ltd.		273,317
	46,800	Saizeriya Company, Ltd.		1,362,591
	69,000	Sankyu, Inc.		451,412
	18,700	Sawai Pharmaceutical Company, Ltd.		1,050,235
	41,100	SCREEN Holdings Company, Ltd.		2,749,283
	1,013	Sekisui House Residential Investment Corporation		1,066,363
	221,200	Sekisui House, Ltd.		3,909,401
	72,400	Senko Group Holdings Company, Ltd.		471,445
	251,700	Senshu Ikeda Holdings, Inc.		1,064,792
	4,500	Shikoku Electric Power Company		53,119
	61,000	Shindengen Electric Manufacturing Company, Ltd.		332,160
	179,100	Shinko Electric Industries Company, Ltd.		1,522,156

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

160

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (87.2%)	Value
	Japan (18.5%) - continued
	149,000	ShinMaywa Industries, Ltd.	$	1,259,539
	27,300	Ship Healthcare Holdings, Inc.		850,451
	115,000	Shizuoka Bank, Ltd.		1,042,973
	13,800	Showa Denko KK		321,796
	28,000	Skylark Company, Ltd.		402,296
	5,000	SMK Corporation		19,190
	102,900	SoftBank Group Corporation		8,364,756
	938,200	Sojitz Corporation		2,309,548
	65,400	Square ENIX Holdings Company, Ltd.		2,143,284
	5,600	STUDIO ALICE Company, Inc.		114,229
	43,700	Subaru Corporation		1,481,782
	145,000	Sumitomo Bakelite Company, Ltd		1,025,372
	286,340	Sumitomo Corporation		3,733,924
	568,000	Sumitomo Heavy Industries, Ltd.		3,769,038
	89,800	Sumitomo Mitsui Financial Group, Inc.		3,506,193
	127,100	Sumitomo Mitsui Trust Holdings, Inc.		4,565,342
	103,700	Sumitomo Rubber Industries, Ltd.		1,756,213
	4,600	Sumitomo Seika Chemicals Company, Ltd.		226,202
	27,900	Sun Frontier Fudousan Co., Ltd.		280,552
	96,700	Suzuki Motor Corporation		4,606,592
	17,000	Taihei Dengyo Kaisha, Ltd.		196,416
	24,400	Taiho Kogyo Company, Ltd.		309,137
	8,500	Taiyo Yuden Company, Ltd.		134,295
	11,700	Takara Leben Company, Ltd.		52,566
	12,900	TANSEISHA Co., Ltd.		137,512
	21,400	Tatsuta Electric Wire and Cable Company, Ltd.		130,148
	58,100	Teijin, Ltd.		1,121,161
	98,100	Temp Holdings Company, Ltd.		1,843,122
	84,400	Toagosei Company, Ltd.		1,100,905
	56,100	Tokai Rika Company, Ltd.		1,037,875
	4,000	Token Corporation		492,428
	30,900	Tokyo Electron, Ltd.		4,177,463
	34,900	Tokyo Seimitsu Company, Ltd.		1,125,880
	837	Tokyu REIT, Inc.		1,016,530
	4,900	Topy Industries, Ltd.		146,389
	43,000	Tosei Corporation		305,825
	210,000	Toshiba Machine Company, Ltd.		944,995
	48,300	Toyoda Gosei Company, Ltd.		1,157,338
	69,800	Toyota Motor Corporation		3,668,932
	87,000	Tsubakimoto Chain Company		753,420
	13,800	Tsumura & Company		560,533
	101,000	UACJ Corporation		277,413
	85,100	ULVAC, Inc.		4,106,276
	36,900	Unipres Corporation		823,969
	5,100	Wakita & Company, Ltd.		59,269
	10,000	Warabeya Nichiyo Holdings Company, Ltd.		276,048
	66,000	West Japan Railway Company		4,669,869
	22,500	Yamato Kogyo Company, Ltd.		577,973
	30,500	Yodogawa Steel Works, Ltd.		807,476
	39,700	Zenkoku Hosho Company, Ltd.		1,625,473
	4,000	ZEON Corporation		42,815

		Total		349,620,999

	Jersey (0.1%)
	39,319	Janus Henderson Group plc^a,b		1,301,852

		Total		1,301,852

	Luxembourg (0.8%)
	163,634	Arcelor Mittal^b		3,711,734
	62,760	B&M European Value Retail SA		277,080
	1,258	Millicom International Cellular SA		74,408
	6,661	Oriflame Holdings AG		250,320
	533,434	Subsea 7 SA		7,192,526
	123,000	Tenaris SA ADR		3,830,220

		Total		15,336,288

	Malaysia (0.2%)
	710,400	Public Bank Berhad		3,362,371

		Total		3,362,371

	Mexico (1.1%)
	83,000	Fomento Economico Mexicano SAB de CV ADR		8,162,220
	21,100	Grupo Aeroportuario del Sureste SAB de CV ADR		4,439,440
	1,272,594	Grupo Financiero Banorte SAB de CV ADR		8,074,341
	259,000	Organizacion Soriana SAB de CV^b		603,662

		Total		21,279,663

	Netherlands (2.0%)
	14,782	Aalberts Industries NV		588,210
	348,810	ABN AMRO Group NV^c		9,240,642
	489,963	Aegon NV		2,507,592
	38,103	BE Semiconductor Industries NV		2,037,581
	9,536	Corbion NV		304,985
	19,888	Euronext NV^c		1,032,884
	41,841	Ferrari NV		3,600,474
	23,323	ING Groep NV		402,620
	83,388	Koninklijke Boskalis Westminster NV		2,708,112
	76,081	NN Group NV		2,699,592
	42,867	RELX NV		883,783
	196,565	Unilever NV		10,850,764

		Total		36,857,239

	New Zealand (<0.1%)
	248,287	Air New Zealand, Ltd.		593,258

		Total		593,258

	Norway (1.0%)
	11,866	Aker ASA		389,652
	108,846	Aker BP ASA		1,611,735
	11,554	Austevoll Seafood ASA		98,194
	31,005	Borregaard ASA		382,671
	24,724	DnB ASA		420,921
	153,335	Grieg Seafood ASA		1,067,942
	13,159	Leroy Seafood Group ASA		71,463
	1,297,078	Norsk Hydro ASA		7,178,038
	11,762	Norway Royal Salmon ASA		179,473
	66,714	SalMar ASA		1,653,654
	48,965	SpareBank 1 Nord-Norge		333,002
	48,377	SpareBank 1 SMN		416,048
	197,891	Telenor ASA		3,283,060
	40,377	Yara International ASA		1,518,267

		Total		18,604,120

	Philippines (0.6%)
	24,760	Ayala Corporation		417,348
	7,576,500	Ayala Land, Inc.		5,968,993
	2,112,270	Bank of the Philippine Islands		4,353,470

		Total		10,739,811

	Poland (0.1%)
	77,848	Bank Pekao SA		2,621,162

		Total		2,621,162

	Portugal (0.9%)
	40,839	Altri SGPS SA		188,086
	6,184,256	Banco Espirito Santo SA^b,d		706
	91,667	CTT-Correios de Portugal SA		580,029
	1,545,418	Electricidade de Portugal SA		5,055,414
	244,119	Galp Energia SGPS SA		3,699,329
	358,591	Jeronimo Martins SGPS SA		7,001,065

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

161

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (87.2%)	Value
	Portugal (0.9%) - continued
	16,093	NOS SGPS SA	$	97,669
	40,484	Redes Energeticas Nacionais SGPS SA		126,829
	9,252	Semapa-Sociedade de Investimento e Gestao, SGPS SA		179,378

		Total		16,928,505

	Russia (0.6%)
	112,500	Lukoil ADR		5,483,388
	34,097	Magnit PJSC		5,308,696

		Total		10,792,084

	Singapore (0.3%)
	301,700	Frasers Commercial Trust^b		312,106
	33,900	Haw Par Corporation, Ltd.		275,607
	310,400	Mapletree Industrial Trust^b		419,317
	80,000	OUE, Ltd.		113,889
	273,000	United Engineers, Ltd.		543,316
	358,900	Venture Corporation, Ltd.		3,141,525
	652,700	Yanlord Land Group, Ltd.		831,931

		Total		5,637,691

	South Africa (0.5%)
	290,584	Massmart Holdings, Ltd.		2,343,330
	304,479	MTN Group, Ltd.		2,654,279
	643,885	Truworths International, Ltd.		3,519,035

		Total		8,516,644

	South Korea (0.5%)
	6,377	Amorepacific Corporation		1,036,684
	16,691	Amorepacific Group		1,896,700
	7,719	NAVER Corporation		5,658,265

		Total		8,591,649

	Spain (1.9%)
	81,015	Actividades de Construccion y Servicios SA		3,132,361
	81,015	Actividades de Construccion y Servicios SA, Rights^b		64,772
	25,759	Aena SA^c		5,030,084
	4,167	Applus Services SA		52,572
	75,756	Banco Santander SA		503,012
	14,554	Construcciones y Auxiliar de Ferrocarriles SA		597,759
	289,212	Ence Energia y Celulosa SA		1,186,571
	118,314	Endesa SA^a		2,729,343
	8,447	Hispania Activos Inmobiliarios SA		139,651
	373,807	Iberdrola SA		2,962,211
	8,997	Let’s GOWEX SA^b,d		1
	1,761,362	Mapfre SA^a		6,165,153
	184,550	Melia Hotels International SA		2,764,088
	33,504	Merlin Properties Socimi SA		423,848
	9,703	NH Hotel Group SA^b		58,507
	204,284	Repsol SA		3,131,901
	204,284	Repsol SA Rights^b		93,329
	631,554	Telefonica SA		6,537,618

		Total		35,572,781

	Sweden (2.9%)
	166,653	Betsson AB		1,444,048
	31,804	Bilia AB		314,276
	120,517	Boliden AB		3,294,325
	38,295	Bonava AB		654,721
	17,382	Bure Equity AB		202,195
	12,897	Dechra Pharmaceuticals plc		285,805
	119,310	Elekta AB		1,129,119
	133,919	Essity Aktiebolag^b		3,664,027
	89,772	Granges AB		825,926
	7,548	Holmen AB		327,603
	62,416	Investor AB		3,011,356
	83,008	JM AB		2,940,936
	136,415	Loomis AB		4,890,065
	67,061	NCC AB		1,888,951
	4,404	Nobia AB		44,485
	55,100	Nobina AB^c		298,891
	787,512	Nordea Bank AB		10,030,093
	95,523	Scandic Hotels Group AB^c		1,241,560
	291,423	SKF AB		5,917,750
	522,084	Svenska Cellulosa AB SCA		3,949,569
	476,196	Telefonaktiebolaget LM Ericsson		3,423,911
	3,637	Vitrolife AB		228,586
	316,164	Volvo AB		5,391,749

		Total		55,399,947

	Switzerland (6.0%)
	231,976	ABB, Ltd.		5,757,903
	219,774	Adecco SA		16,742,867
	738	Bachem Holding AG		84,197
	14,331	BKW FMB Energie		842,416
	5,709	Bobst Group SA		548,983
	4,865	Bucher Industries AG		1,530,935
	22,827	Cembra Money Bank AG		2,163,378
	301	Conzzeta AG		298,049
	11,689	Flughafen Zuerich AG		2,870,821
	805	Forbo Holding AG		1,323,894
	3,186	Georg Fischer AG		3,090,354
	152	Gurit Holding AG		182,292
	6,454	Implenia AG		484,112
	1,749	Inficon Holding AG		864,354
	3,081	Kardex AG		354,079
	16,522	Logitech International SA		607,959
	22,252	Lonza Group AG		4,820,143
	2,150	Mobimo Holding AG		603,139
	208,130	Nestle SA		18,152,615
	138,605	Novartis AG		11,577,205
	16,457	Pargesa Holding SA		1,253,947
	5,577	Partners Group Holding AG		3,462,818
	2,404	Rieter Holding AG		548,791
	11,816	Roche Holding AG-BR		3,052,757
	60,720	Roche Holding AG-Genusschein		15,514,866
	573	Schweiter Technologies AG		742,730
	8,373	SFS Group AG^b		950,029
	2,004	Siegfried Holding AG		566,364
	26,464	Sulzer, Ltd.		2,999,934
	6,489	Tecan Group AG		1,221,922
	15,335	Temenos Group AG		1,371,916
	6,653	Valora Holding AG		2,126,546
	68,966	Wolseley plc		4,232,998
	6,314	Zurich Insurance Group AG		1,842,735

		Total		112,788,048

	Taiwan (0.8%)
	743,300	Taiwan Mobile Company, Ltd.^b		2,797,911
	1,693,951	Taiwan Semiconductor Manufacturing Company, Ltd.		11,573,435

		Total		14,371,346

	Thailand (0.6%)
	396,750	Siam Cement pcl		5,860,408
	1,357,500	Siam Commercial Bank pcl		6,206,367

		Total		12,066,775

	Turkey (0.6%)
	1,427,982	Akbank TAS		3,977,525
	231,340	BIM Birlesik Magazalar AS		4,289,189
	1,052,800	Turkiye Garanti Bankasi AS		2,930,319

		Total		11,197,033

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

162

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (87.2%)	Value
	United Kingdom (11.4%)
	241,720	3i Group plc	$	2,842,049
	42,067	Abcam plc		533,385
	351,072	Anglo American plc^b		4,690,248
	226,930	Ashmore Group plc		1,044,510
	128,550	Ashtead Group plc		2,660,050
	32,109	Beazley plc		204,224
	63,637	Bellway plc		2,469,448
	107,000	BHP Billiton plc		1,631,069
	16,348	Big Yellow Group plc		168,637
	7,356	Bodycote plc		72,210
	1,950,775	BP plc		11,260,269
	174,504	British American Tobacco plc		11,891,273
	57,889	Carnival plc		3,827,845
	15,085	Cineworld Group plc		137,871
	7,356	Close Brothers Group plc		144,691
	587,620	Cobham plc		991,893
	112,343	Coca-Cola HBC AG		3,303,913
	198,976	Compass Group plc		4,199,918
	205,117	Crest Nicholson Holdings plc		1,398,561
	9,301	Dart Group plc		74,563
	92,394	Diageo plc		2,730,420
	45,800	Dialog Semiconductor plc^b		1,956,822
	602,085	Direct Line Insurance Group plc		2,787,982
	177,857	DS Smith plc		1,097,712
	399,529	Electrocomponents plc		3,005,210
	146,059	Elementis plc		560,086
	113,844	Fenner plc		424,443
	1,520	Fevertree Drinks plc		33,813
	86,211	Galliford Try plc		1,304,984
	23,533	GlaxoSmithKline plc		500,955
	149,877	Grainger plc		513,398
	31,452	Great Portland Estates plc		244,845
	2,116	Halma plc		30,323
	186,125	Hansteen Holdings plc		301,812
	75,126	Hays plc		162,431
	88,525	Hiscox, Ltd.		1,460,850
	3,749	HomeServe plc		35,914
	4,125,815	HSBC Holdings plc		38,295,869
	295,125	Inchcape plc		2,901,051
	323,883	Indivior plc^b		1,318,833
	413,805	Inmarsat plc		4,150,135
	98,810	Intermediate Capital Group plc		1,071,539
	183,478	J Sainsbury plc		601,823
	390,849	JD Sports Fashion plc		1,780,351
	98,971	John Wood Group plc		826,926
	28,548	Jupiter Fund Management plc		187,766
	3,842,031	Lloyds TSB Group plc		3,310,988
	957,313	Marks and Spencer Group plc		4,154,877
	59,849	Micro Focus International plc		1,769,695
	827,729	Mitie Group plc		2,981,972
	16,347	Morgan Advanced Materials plc		60,403
	371,366	National Express Group plc		1,773,556
	9,975	NEX Group plc		81,172
	15,842	Next plc		795,651
	29,192	Northgate plc		168,473
	85,064	OneSavings Bank plc		415,471
	397,023	PageGroup plc		2,464,271
	61,327	Paragon Group of Companies plc		341,133
	479,457	Petrofac, Ltd.		2,756,879
	73,643	Playtech plc		912,247
	49,058	PZ Cussons plc		218,652
	546,737	QinetiQ Group plc		1,926,051
	78,030	Reckitt Benckiser Group plc		7,910,185
	200,724	Redrow plc		1,430,045
	87,724	Rentokil Initial plc		312,173
	9,317	Rio Tinto plc		394,594
	140,210	Rolls-Royce Holdings plc		1,626,251
	9,954,910	Rolls-Royce Holdings plc Rights^b,d		12,966
	37,269	Royal Dutch Shell plc		990,982
	95,571	Royal Dutch Shell plc, Class A		2,539,211
	565,261	Royal Dutch Shell plc, Class B		15,175,307
	497,166	Royal Mail plc		2,727,302
	107,997	RPC Group plc		1,058,441
	112,536	Safestore Holdings plc		616,363
	337,566	Saga plc		920,658
	82,534	Savills plc		944,361
	264,650	Smiths Group plc		5,502,611
	8,785	Spectris plc		288,821
	43,665	Spirax-Sarco Engineering plc		3,045,333
	256,092	SSP Group plc		1,587,025
	274,095	Standard Chartered plc^b		2,776,106
	206,477	Synthomer plc		1,312,634
	22,550	TP ICAP plc		137,248
	135,662	Tritax Big Box REIT plc		258,326
	259,590	UBM plc		2,332,890
	160,176	Unilever plc		8,668,428
	132,154	Vesuvius plc		913,122
	971,020	William Hill plc		3,214,896
	814,047	William Morrison Supermarkets plc		2,556,805
	6,039	Workspace Group plc		70,043
	15,934	WS Atkins plc		431,877

		Total		215,719,415

	United States (0.2%)
	113,600	Yum China Holding, Inc.		4,479,248

		Total		4,479,248

		Total Common Stock (cost $1,479,148,024)		1,645,001,260


Principal Amount		Long-Term Fixed Income (8.7%)
	Argentina (0.5%)
		Argentina Government International Bond
$	210,000	7.125%, 6/28/2117^c		190,575
	1,120,000	22.507%, 10/9/2017^e,f		70,615
	2,870,000	22.281%, 3/1/2018^e,f		174,821
	190,000	6.875%, 4/22/2021		203,585
	190,000	16.000%, 10/17/2023^e		12,665
	1,580,000	7.500%, 4/22/2026		1,698,500
	70,000	15.500%, 10/17/2026^e		4,843
	1,710,000	6.875%, 1/26/2027		1,768,140
	1,018,317	7.820%, 12/31/2033^g		1,220,529
	218,718	8.280%, 12/31/2033		242,339
	350,509	8.280%, 12/31/2033		382,932
	1,580,000	7.125%, 7/6/2036		1,565,780
	1,670,000	2.500%, 12/31/2038^h		1,091,345
		Cablevision SA
	160,000	6.500%, 6/15/2021		169,600
	150,000	6.500%, 6/15/2021^c		159,000
		YPF SA
	340,000	8.875%, 12/19/2018		364,276

		Total		9,319,545

	Azerbaijan (<0.1%)
		State Oil Company of Azerbaijan Republic
	650,000	4.750%, 3/13/2023		624,806

		Total		624,806

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

163

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (8.7%)	Value
	Bahrain (<0.1%)
		Bahrain Government International Bond
	$370,000	7.000%, 10/12/2028^c	$	374,413

		Total		374,413

	Belize (<0.1%)
		Belize Government International Bond
	116,500	4.938%, 2/20/2034^*		71,939

		Total		71,939

	Bermuda (0.1%)
		Bermuda Government International Bond
	460,000	3.717%, 1/25/2027^c		461,762
		Digicel, Ltd.
	770,000	6.750%, 3/1/2023^c		724,054
		TiVo Corporation
	320,000	6.000%, 4/15/2021		306,800

		Total		1,492,616

	Brazil (0.4%)
		Banco do Brasil SA/Cayman
	1,040,000	6.250%, 4/15/2024ⁱ		885,040
	400,000	9.000%, 6/18/2024ⁱ		405,000
		Brazil Government International Bond
	725,000	6.000%, 8/15/2050^j		705,008
		Brazil Letras do Tesouro Nacional NA
	364,000	Zero Coupon, 1/1/2018^j		105,281
		Brazil Loan Trust 1
	129,861	5.477%, 7/24/2023		130,835
	811,631	5.477%, 7/24/2023^*		817,718
		Brazil Minas SPE via State of Minas Gerais
	409,000	5.333%, 2/15/2028		397,752
	930,000	5.333%, 2/15/2028^*		904,425
		Brazil Notas do Tesouro Nacional Serie F
	2,180,000	10.000%, 1/1/2025^j		642,773
	6,133,000	10.000%, 1/1/2027^j		1,798,528
		Tupy SA
	450,000	6.625%, 7/17/2024^c		461,250

		Total		7,253,610

	Bulgaria (0.1%)
		Bulgaria Government International Bond
	180,000	4.250%, 7/9/2017^g		205,753
	600,000	1.875%, 3/21/2023^g		727,511
	100,000	2.950%, 9/3/2024^g		127,249
	520,000	3.000%, 3/21/2028^g		647,372
	980,000	3.125%, 3/26/2035^g		1,150,202

		Total		2,858,087

	Cayman Islands (<0.1%)
		Agromercantil Senior Trust
	110,000	6.250%, 4/10/2019		113,766
		China Evergrande Group
	610,000	8.250%, 3/23/2022		623,946
		Petrobras International Finance Company
	190,000	5.375%, 1/27/2021		193,173

		Total		930,885

	Chile (0.2%)
		Banco del Estado de Chile
	500,000	4.125%, 10/7/2020		527,132
	150,000	4.125%, 10/7/2020^c		158,139
		Chile Government International Bond
	614,000	3.125%, 1/21/2026		626,188
	1,190,000	3.860%, 6/21/2047		1,192,975
		GNL Quintero SA
	710,000	4.634%, 7/31/2029^c		736,625
		Itau CorpBanca
	552,000	3.875%, 9/22/2019^c		568,830
		Sociedad Quimica y Minera de Chile SA
	120,000	5.500%, 4/21/2020		128,100
	210,000	3.625%, 4/3/2023		208,163
	448,000	4.375%, 1/28/2025^*		456,400

		Total		4,602,552

	Colombia (0.3%)
		Banco de Bogota SA
	1,260,000	6.250%, 5/12/2026^c		1,342,051
		Colombia Government International Bond
	280,000	2.625%, 3/15/2023		273,000
	200,000	4.000%, 2/26/2024		207,600
	70,000	8.125%, 5/21/2024		89,180
	360,000	4.500%, 1/28/2026		383,400
	140,000	6.125%, 1/18/2041		161,420
	350,000	5.625%, 2/26/2044		382,550
	3,030,000	5.000%, 6/15/2045		3,048,180

		Total		5,887,381

	Costa Rica (0.2%)
		Banco de Costa Rica
	200,000	5.250%, 8/12/2018		203,900
	410,000	5.250%, 8/12/2018^c		417,995
		Banco Nacional de Costa Rica
	410,000	4.875%, 11/1/2018^c		417,101
		Costa Rica Government International Bond
	30,000	9.995%, 8/1/2020		35,025
	520,000	5.625%, 4/30/2043		466,336
	400,000	7.000%, 4/4/2044		416,000
	1,230,000	7.158%, 3/12/2045^c		1,291,500

		Total		3,247,857

	Croatia (0.1%)
		Croatia Government International Bond
	185,000	3.875%, 5/30/2022^g		233,485
	670,000	5.500%, 4/4/2023		732,705
	110,000	3.000%, 3/20/2027^g		127,364

		Total		1,093,554

	Dominican Republic (0.4%)
		Aeropuertos Dominicanos Siglo XXI SA
	590,000	6.750%, 3/30/2029^c		639,419
		Dominican Republic Government International Bond
	31,957	9.040%, 1/23/2018		32,592
	8,100,000	15.000%, 4/5/2019^k		185,253
	3,600,000	16.000%, 7/10/2020^k		88,005
	813,000	7.500%, 5/6/2021		898,365
	3,800,000	11.500%, 5/10/2024^k		84,460
	100,000	6.875%, 1/29/2026^c		111,625
	310,000	8.625%, 4/20/2027		367,992
	2,700,000	18.500%, 2/4/2028^*,k		78,808
	4,100,000	11.375%, 7/6/2029^k		87,195
	2,060,000	6.850%, 1/27/2045^c		2,193,900
	2,237,000	6.850%, 1/27/2045		2,382,405

		Total		7,150,019

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

164

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (8.7%)	Value
	Ecuador (0.3%)
		Ecuador Government International Bond
	$1,510,000	10.750%, 3/28/2022	$	1,611,925
	1,040,000	7.950%, 6/20/2024		972,400
	340,000	9.650%, 12/13/2026		339,558
	1,480,000	9.650%, 12/13/2026^c		1,478,076
	1,450,000	9.625%, 6/2/2027^c		1,450,000
		EP PetroEcuador
	118,421	6.925%, 9/24/2019^f		118,125
		Petroamazonas EP
	350,000	4.625%, 2/16/2020^c		327,250

		Total		6,297,334

	Egypt (0.1%)
		Egypt Government International Bond
	410,000	6.125%, 1/31/2022		418,815
	440,000	7.500%, 1/31/2027		467,280
	390,000	8.500%, 1/31/2047		420,400

		Total		1,306,495

	El Salvador (0.2%)
		El Salvador Government International Bond
	100,000	7.375%, 12/1/2019		101,250
	220,000	7.750%, 1/24/2023		222,486
	203,000	5.875%, 1/30/2025		182,193
	295,000	6.375%, 1/18/2027		266,237
	380,000	8.625%, 2/28/2029^c		395,200
	130,000	8.250%, 4/10/2032		128,976
	970,000	7.650%, 6/15/2035		908,162
	319,000	7.625%, 2/1/2041		296,118

		Total		2,500,622

	Ghana (<0.1%)
		Ghana Government International Bond
	200,000	7.875%, 8/7/2023		203,992
	210,000	8.125%, 1/18/2026		214,162
	200,000	10.750%, 10/14/2030		247,620

		Total		665,774

	Guatemala (0.2%)
		Agromercantil Senior Trust
	320,000	6.250%, 4/10/2019^c		330,957
		Guatemala Government International Bond
	850,000	5.750%, 6/6/2022		925,489
	760,000	4.500%, 5/3/2026^c		768,048
	210,000	4.500%, 5/3/2026		212,224
	820,000	4.375%, 6/5/2027^c		813,850
	380,000	4.875%, 2/13/2028^c		390,450
	780,000	4.875%, 2/13/2028		801,450

		Total		4,242,468

	Honduras (0.1%)
		Honduras Government International Bond
	675,000	8.750%, 12/16/2020		766,712
	1,010,000	8.750%, 12/16/2020^*		1,147,229

		Total		1,913,941

	Hong Kong (<0.1%)
		China Resources Cement Holdings, Ltd.
	200,000	2.125%, 10/5/2017		200,014

		Total		200,014

	Hungary (0.3%)
		Hungary Government International Bond
	2,070,000	6.250%, 1/29/2020		2,264,580
	160,000	6.375%, 3/29/2021		179,920
	540,000	5.375%, 2/21/2023		600,750
	1,440,000	5.750%, 11/22/2023		1,646,559
	20,000	7.625%, 3/29/2041		29,800
		MFB Magyar Fejlesztesi Bank Zrt
	210,000	6.250%, 10/21/2020^c		232,838

		Total		4,954,447

	India (<0.1%)
		Greenko Dutch BV
	200,000	8.000%, 8/1/2019		208,460
	480,000	8.000%, 8/1/2019^c		500,304

		Total		708,764

	Indonesia (0.7%)
		Indonesia Government International Bond
	500,000	3.700%, 1/8/2022^c		513,848
	560,000	2.625%, 6/14/2023^c,g		671,126
	470,000	5.375%, 10/17/2023		522,066
	1,840,000	5.875%, 1/15/2024		2,097,291
	1,070,000	3.375%, 7/30/2025^g		1,332,911
	1,340,000	4.750%, 1/8/2026^c		1,438,294
	210,000	4.750%, 1/8/2026		225,404
	360,000	3.750%, 6/14/2028^c,g		450,364
	585,000	8.500%, 10/12/2035		842,116
	200,000	6.625%, 2/17/2037		247,738
	750,000	5.250%, 1/17/2042		810,654
	200,000	6.750%, 1/15/2044		257,358
	210,000	5.250%, 1/8/2047		228,472
		Perusahaan Penerbit SBSN Indonesia III
	200,000	4.000%, 11/21/2018^c		205,500
	230,000	3.400%, 3/29/2022^c		232,300
	320,000	4.325%, 5/28/2025		330,016
	320,000	4.325%, 5/28/2025^c		330,016
	200,000	4.550%, 3/29/2026		208,260
	200,000	4.550%, 3/29/2026^c		208,260
	2,170,000	4.150%, 3/29/2027^c		2,202,550
		PT Saka Energi Indonesia
	300,000	4.450%, 5/5/2024^c		301,176

		Total		13,655,720

	Israel (<0.1%)
		Delek and Avner Yam Tethys, Ltd.
	110,000	3.839%, 12/30/2018^c		111,650

		Total		111,650

	Ivory Coast (<0.1%)
		Ivory Coast Government International Bond
	160,000	5.125%, 6/15/2025^c,g		184,669
	210,000	6.375%, 3/3/2028		212,100
	144,750	5.750%, 12/31/2032		138,960
	250,000	6.125%, 6/15/2033^c		240,000

		Total		775,729

	Japan (<0.1%)
		Universal Entertainment Corporation
	509,064	8.500%, 8/24/2020^*		523,063

		Total		523,063

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

165

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (8.7%)	Value
	Kazakhstan (0.1%)
		KazMunayGas National Company JSC
$	1,200,000	9.125%, 7/2/2018	$	1,269,456

		Total		1,269,456

	Kenya (0.1%)
		Kenya Government International Bond
	1,270,000	6.875%, 6/24/2024		1,298,575

		Total		1,298,575

	Kuwait (<0.1%)
		Kuwait Government International Bond
	230,000	3.500%, 3/20/2027^c		234,968

		Total		234,968

	Luxembourg (0.2%)
		Altice Financing SA
	290,000	6.625%, 2/15/2023^c		307,673
	280,000	7.500%, 5/15/2026^c		310,800
		Gazprom OAO Via Gaz Capital SA
	690,000	9.250%, 4/23/2019		766,079
		Sberbank of Russia Via SB Capital SA
	410,000	5.500%, 2/26/2024		416,929
		Severstal OAO
	370,000	6.700%, 10/25/2017		374,995
		Telefonica Celular del Paraguay SA
	400,000	6.750%, 12/13/2022		417,756
		Wind Acquisition Finance SA
	280,000	4.000%, 7/15/2020^*^,^g		323,161
	370,000	7.000%, 4/23/2021^g		439,669
	890,000	7.375%, 4/23/2021		925,600

		Total		4,282,662

	Macedonia, The Former Yugoslav Republic Of (0.1%)
		Macedonia Government International Bond
	790,000	4.875%, 12/1/2020^c,g		968,392
	570,000	5.625%, 7/26/2023^c,g		708,968

		Total		1,677,360

	Mauritius (0.1%)
		Greenko Investment Company
	200,000	4.875%, 8/16/2023		194,531
	200,000	4.875%, 8/16/2023^c		194,531
		MTN Mauritius Investment, Ltd.
	210,000	6.500%, 10/13/2026^c		220,175
		Neerg Energy, Ltd.
	200,000	6.000%, 2/13/2022		204,484
	400,000	6.000%, 2/13/2022^c		408,967

		Total		1,222,688

	Mexico (0.5%)
		America Movil SAB de CV
	2,600,000	6.000%, 6/9/2019^l		138,752
		Banco Mercantil del Norte SA
	510,000	6.875%, 7/6/2022^c,i		525,525
		Cemex SAB de CV
	180,000	4.750%, 1/11/2022^c,g		214,325
		Gruma, SAB de CV
	340,000	4.875%, 12/1/2024^c		368,475
		Mexico Government International Bond
	214,000	5.750%, 10/12/2110		222,025
	50,000	4.750%, 3/8/2044		50,050
	370,000	4.350%, 1/15/2047		347,504
		Pemex Project Funding Master Trust
	147,000	5.750%, 3/1/2018		150,432
		Petroleos Mexicanos
	300,000	5.500%, 2/4/2019		313,200
	100,000	3.500%, 7/23/2020		101,050
	1,080,000	6.375%, 2/4/2021		1,168,884
	10,000	4.875%, 1/24/2022		10,285
	260,000	5.375%, 3/13/2022^c		273,715
	1,590,000	5.125%, 3/15/2023^g		2,042,190
	1,085,000	6.875%, 8/4/2026		1,202,180
	850,000	6.500%, 3/13/2027^c		913,112
	120,000	2.750%, 4/21/2027^g		123,352
	230,000	4.875%, 2/21/2028^g		273,538
	227,000	5.500%, 6/27/2044		200,668
	60,000	6.375%, 1/23/2045		58,500
	226,000	6.750%, 9/21/2047		228,233

		Total		8,925,995

	Montenegro (<0.1%)
		Montenegro Government International Bond
	200,000	3.875%, 3/18/2020^c,g		231,747

		Total		231,747

	Netherlands (0.4%)
		IHS Netherlands Holdco BV
	590,000	9.500%, 10/27/2021^c		601,006
		Listrindo Capital BV
	350,000	4.950%, 9/14/2026^c		354,375
		Metinvest BV
	232,354	9.373%, 12/31/2021		210,280
		Petrobras Global Finance BV
	2,510,000	8.375%, 5/23/2021		2,809,644
	1,310,000	6.125%, 1/17/2022		1,352,575
	1,000,000	7.375%, 1/17/2027		1,058,000
		VimpelCom Holdings BV
	360,000	4.950%, 6/16/2024^c		361,109

		Total		6,746,989

	Nigeria (0.1%)
		Nigeria Government International Bond
	274,000	6.750%, 1/28/2021		290,462
	120,000	5.625%, 6/27/2022		118,620
	320,000	6.375%, 7/12/2023		329,200
	250,000	7.875%, 2/16/2032		270,997

		Total		1,009,279

	Pakistan (<0.1%)
		Pakistan Government International Bond
	200,000	7.250%, 4/15/2019^c		210,912
	210,000	6.750%, 12/3/2019^*		221,420

		Total		432,332

	Panama (<0.1%)
		Panama Notas del Tesoro
	110,000	4.875%, 2/5/2021		118,938

		Total		118,938

	Paraguay (0.2%)
		Banco Regional SAECA
	196,000	8.125%, 1/24/2019		208,054
	590,000	8.125%, 1/24/2019^c		626,285
		Paraguay Government International Bond
	330,000	4.625%, 1/25/2023		343,810
	580,000	5.000%, 4/15/2026^c		612,625
	200,000	5.000%, 4/15/2026		211,250
	730,000	4.700%, 3/27/2027^c		749,163

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

166

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (8.7%)	Value
	Paraguay (0.2%) - continued
$	880,000	6.100%, 8/11/2044	$	974,600

		Total		3,725,787

	Peru (0.1%)
		Abengoa Transmision Sur SA
	199,240	6.875%, 4/30/2043		217,172
	587,758	6.875%, 4/30/2043^*		640,656
		Corporacion Financiera de Desarrollo SA
	200,000	4.750%, 2/8/2022		213,680
	200,000	4.750%, 2/8/2022^c		213,680
		Corporacion Lindley SA
	70,000	6.750%, 11/23/2021^*		78,487
	690,000	6.750%, 11/23/2021		773,663
	92,000	4.625%, 4/12/2023		95,680
	100,000	4.625%, 4/12/2023^c		104,000

		Total		2,337,018

	Romania (0.1%)
		Romania Government International Bond
	800,000	6.750%, 2/7/2022		928,032
	180,000	4.375%, 8/22/2023		190,935
	150,000	4.875%, 1/22/2024		163,500
	200,000	2.875%, 5/26/2028^g		235,521
	290,000	3.875%, 10/29/2035^c,g		346,288
	140,000	6.125%, 1/22/2044		177,660

		Total		2,041,936

	Russia (0.2%)
		Gazprom OAO Via Gaz Capital SA
	260,000	7.288%, 8/16/2037		307,450
		Lukoil International Finance BV
	220,000	3.416%, 4/24/2018		221,507
	310,000	6.125%, 11/9/2020		337,435
		Phosagro OAO via Phosagro Bond Funding, Ltd.
	230,000	4.204%, 2/13/2018		232,185
	310,000	4.204%, 2/13/2018^*		312,945
		Russia Government International Bond
	400,000	4.500%, 4/4/2022^c		422,000
	400,000	4.875%, 9/16/2023^c		428,994
	600,000	4.750%, 5/27/2026		626,250
	800,000	4.250%, 6/23/2027^c		797,472
	200,000	5.250%, 6/23/2047^c		201,394

		Total		3,887,632

	South Africa (0.2%)
		South Africa Government International Bond
	1,529,000	5.875%, 9/16/2025		1,644,036
	1,050,000	4.300%, 10/12/2028		980,843
		ZAR Sovereign Capital Fund Propriety, Ltd.
	240,000	3.903%, 6/24/2020		242,752

		Total		2,867,631

	South Korea (<0.1%)
		Export-Import Bank of Korea
	270,000	1.807%, 8/14/2017^*,f		269,986
		Kookmin Bank
	230,000	1.625%, 8/1/2019^c		226,412
		Korea East-West Power Company, Ltd.
	200,000	2.500%, 7/16/2017		200,029

		Total		696,427

	Sri Lanka (0.2%)
		Sri Lanka Government International Bond
	200,000	5.125%, 4/11/2019		204,795
	100,000	6.250%, 10/4/2020		105,515
	171,000	6.250%, 10/4/2020^c		180,431
	340,000	5.750%, 1/18/2022^c		351,984
	1,520,000	6.850%, 11/3/2025^c		1,601,633
	520,000	6.825%, 7/18/2026^c		547,781

		Total		2,992,139

	Supranational (<0.1%)
		Eastern and Southern African Trade and Development Bank
	200,000	5.375%, 3/14/2022		203,714

		Total		203,714

	Suriname (0.1%)
		Suriname Government International Bond
	480,000	9.250%, 10/26/2026		492,000
	630,000	9.250%, 10/26/2026^c		645,750

		Total		1,137,750

	Turkey (0.7%)
		Export Credit Bank of Turkey
	200,000	5.875%, 4/24/2019		207,576
		Hazine Mustesarligi Varlik Kiralama AS
	1,770,000	5.004%, 4/6/2023^c		1,806,604
		Turkey Government International Bond
	280,000	6.750%, 4/3/2018		288,680
	1,830,000	7.000%, 6/5/2020		2,000,977
	1,596,000	6.250%, 9/26/2022		1,733,958
	200,000	3.250%, 3/23/2023		187,598
	2,235,000	5.750%, 3/22/2024		2,363,513
	1,283,000	7.375%, 2/5/2025		1,485,753
	1,080,000	3.250%, 6/14/2025^g		1,219,948
	652,000	4.250%, 4/14/2026		618,839
	200,000	4.875%, 10/9/2026		197,133
	315,000	6.000%, 3/25/2027		335,399
	20,000	6.875%, 3/17/2036		22,484
	410,000	6.000%, 1/14/2041		419,615
	250,000	4.875%, 4/16/2043		221,700
	270,000	5.750%, 5/11/2047		264,060

		Total		13,373,837

	Ukraine (0.1%)
		MHP SA
	200,000	8.250%, 4/2/2020		211,055
		Ukraine Government International Bond
	340,000	7.750%, 9/1/2022		341,700
	180,000	7.750%, 9/1/2023		178,200
	1,160,000	7.750%, 9/1/2024		1,137,194
	290,000	7.750%, 9/1/2025		283,321
	450,000	7.750%, 9/1/2026		437,679
	548,000	Zero Coupon, 5/31/2040^*		212,821
	10,000	Zero Coupon, 5/31/2040		3,884

		Total		2,805,854

	United Arab Emirates (0.1%)
		Aabar Investments PJSC, Convertible
	100,000	1.000%, 3/27/2022^g		96,455
		Abu Dhabi Government International Bond
	310,000	2.125%, 5/3/2021		307,730
	1,100,000	3.125%, 5/3/2026		1,113,750

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

167

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (8.7%)	Value
	United Arab Emirates (0.1%) - continued
		Dolphin Energy, Ltd.
	$120,040	5.888%, 6/15/2019	$	123,184
	250,000	5.500%, 12/15/2021		273,125
		Ruwais Power Company PJSC
	200,000	6.000%, 8/31/2036		233,000
	200,000	6.000%, 8/31/2036^c		233,000

		Total		2,380,244

	United Kingdom (<0.1%)
		HSBC Bank plc
	5,700,000	Zero Coupon, 9/14/2017^*,d,m		301,672

		Total		301,672

	United States (0.3%)
		Cemex Finance, LLC.
	350,000	4.625%, 6/15/2024^g		432,185
		Citigroup Global Markets Holdings, Inc.
	5,130,000	Zero Coupon, 8/10/2017^*,n		277,583
	7,675,000	Zero Coupon, 8/17/2017^*,o		413,662
	7,665,000	Zero Coupon, 11/2/2017^*,p		395,416
	6,525,000	Zero Coupon, 1/25/2018^*,q		322,595
	6,975,000	Zero Coupon, 2/8/2018^*,r		342,530
		Comcel Trust
	200,000	6.875%, 2/6/2024^c		212,782
	210,000	6.875%, 2/6/2024		223,421
		Commonwealth of Puerto Rico G.O.
	395,000	8.000%, 7/1/2035, Ser. A^s		239,469
		Commonwealth of Puerto Rico Public Improvement G.O.
	105,000	5.750%, 7/1/2041, Ser. A^s		61,425
		Commonwealth of Puerto Rico Public Improvement Refg. G.O.
	5,000	5.750%, 7/1/2028, Ser. A^s		3,000
	75,000	5.500%, 7/1/2032, Ser. A^s		45,281
		JPMorgan Chase Bank NA
	6,450,000	Zero Coupon, 2/15/2018^*,d,t		317,047
		Puerto Rico Sales Tax Financing Corporation Refg. Rev.
	20,000	5.375%, 8/1/2038, Ser. C^u		5,175
	870,000	5.250%, 8/1/2041, Ser. C^u		225,112
	10,000	5.000%, 8/1/2043, Ser. A-1^u		2,588
	5,000	5.250%, 8/1/2043, Ser. A-1^u		1,294
		Puerto Rico Sales Tax Financing Corporation Rev.
	225,000	5.250%, 8/1/2027, Ser. A^u		58,219
	175,000	5.500%, 8/1/2028, Ser. A^u		45,281
	185,000	6.750%, 8/1/2032, Ser. A^u		49,256
	75,000	5.500%, 8/1/2037, Ser. A^u		19,406
	70,000	5.375%, 8/1/2039, Ser. A^u		18,113
	1,055,000	5.500%, 8/1/2042, Ser. A^u		272,981
	350,000	6.000%, 8/1/2042, Ser. A^u		91,437
		U.S. Treasury Bonds
	90,000	2.750%, 11/15/2042		89,051
	80,000	3.125%, 2/15/2043		84,609
	100,000	3.125%, 8/15/2044		105,797

		Total		4,354,715

	Venezuela (0.5%)
		Petroleos de Venezuela SA
	11,790,000	6.000%, 10/28/2022		3,920,078
	2,100,000	6.000%, 5/16/2024		785,400
	7,986,000	6.000%, 11/15/2026		2,954,820
	1,090,000	5.375%, 4/12/2027		392,400
	210,000	5.500%, 4/12/2037		75,075
		Venezuela Government International Bond
	$422,000	8.250%, 10/13/2024		181,460
	240,000	7.650%, 4/21/2025		101,400
	1,201,000	9.250%, 5/7/2028		531,443
	990,000	9.375%, 1/13/2034		447,975

		Total		9,390,051

	Vietnam (<0.1%)
		Debt and Asset Trading Corporation
	200,000	1.000%, 10/10/2025		123,800

		Total		123,800

	Virgin Islands, British (<0.1%)
		Central American Bottling Corporation
	310,000	5.750%, 1/31/2027^c		327,484

		Total		327,484

	Zambia (0.1%)
		Zambia Government International Bond
	578,000	5.375%, 9/20/2022		541,291
	500,000	8.970%, 7/30/2027		532,600
	790,000	8.970%, 7/30/2027^c		841,508

		Total		1,915,399

		Total Long-Term Fixed Income (cost $164,053,507)		165,077,364


Shares		Preferred Stock (1.1%)
	Brazil (0.2%)
	482,532	Vale SA ADR^a		3,932,636

		Total		3,932,636

	Germany (0.1%)
	8,808	Draegerwerk AG & Company KGaA		928,133

		Total		928,133

	South Korea (0.8%)
	9,250	Samsung Electronics Company, Ltd.		15,082,108

		Total		15,082,108

		Total Preferred Stock (cost $14,021,787)		19,942,877


		Registered Investment Companies (0.1%)
	Equity Funds/Exchange Traded Funds (<0.1%)
	33,060	iShares MSCI EAFE Index Fund		2,155,512

		Total		2,155,512

		Total Registered Investment Companies (cost $2,201,396)		2,155,512


		Collateral Held for Securities Loaned (1.4%)
	26,722,327	Thrivent Cash Management Trust		26,722,327

		Total Collateral Held for Securities Loaned (cost $26,722,327)		26,722,327


Shares or Principal Amount		Short-Term Investments (1.7%)^v
		Federal Home Loan Bank Discount Notes
	100,000	0.880%, 7/12/2017^w		99,975
	100,000	0.815%, 7/14/2017^w		99,969
	100,000	0.860%, 7/26/2017^w		99,936
	200,000	1.030%, 8/11/2017		199,779
	400,000	1.035%, 9/27/2017^w		399,016

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

168

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares or Principal Amount	Short-Term Investments (1.7%)^v	Value
	Thrivent Core Short-Term Reserve Fund
3,010,711	1.240%		$30,107,111

	Total Short-Term Investments (cost $31,005,748)		31,005,786

	Total Investments (cost $1,717,152,789) 100.2%		$1,889,905,126

	Other Assets and Liabilities, Net (0.2%)		(3,411,909	)

	Total Net Assets 100.0%		$1,886,493,217

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

b	Non-income producing security.

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	Principal amount is displayed in Argentine Pesos.

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, 2017.

g	Principal amount is displayed in Euros.

h	Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of June 30, 2017.

i	Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest and have no contractual maturity date. Date shown, if applicable, is next call date.

j	Principal amount is displayed in Brazilian Real.

k	Principal amount is displayed in Dominican Republic Pesos.

l	Principal amount is displayed in Mexican Pesos.

m	Principal amount is displayed in Egyptian Pounds. Security is linked to Egypt Government International Bond due 9/14/2017

n	Principal amount is displayed in Egyptian Pounds. Security is linked to Egypt Government International Bond due 8/10/2017

o	Principal amount is displayed in Egyptian Pounds. Security is linked to Egypt Government International Bond due 8/17/2017

p	Principal amount is displayed in Egyptian Pounds. Security is linked to Egypt Government International Bond due 11/2/2017

q	Principal amount is displayed in Egyptian Pounds. Security is linked to Egypt Government International Bond due 1/25/2018

r	Principal amount is displayed in Egyptian Pounds. Security is linked to Egypt Government International Bond due 2/8/2018

s	Defaulted security. Interest is not being accrued.

t	Principal amount is displayed in Egyptian Pounds.

u	In bankruptcy. Interest is not being accrued.

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

w	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.


Security	Acquisition Date		Cost
Abengoa Transmision Sur SA, 4/30/2043		4/8/2014	$	587,729
Belize Government International Bond, 2/20/2034		3/22/2017		76,391
Brazil Loan Trust 1, 7/24/2023		7/25/2013		831,293
Brazil Minas SPE via State of Minas Gerais, 2/15/2028		3/22/2013		965,052
Citigroup Global Markets Holdings, Inc., 2/8/2018		2/9/2017		359,326

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

169

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Security	Acquisition Date		Cost
Citigroup Global Markets Holdings, Inc., 8/17/2017		2/9/2017	$	425,713
Citigroup Global Markets Holdings, Inc., 11/2/2017		4/27/2017		399,947
Citigroup Global Markets Holdings, Inc., 8/10/2017		5/8/2017		277,367
Citigroup Global Markets Holdings, Inc., 1/25/2018		2/6/2017		323,365
Corporacion Lindley SA, 11/23/2021		11/18/2011		70,000
Dominican Republic Government International Bond, 2/4/2028		3/6/2013		76,919
Export-Import Bank of Korea, 8/14/2017		5/29/2015		270,019
Honduras Government International Bond, 12/16/2020		12/11/2013		1,010,000
HSBC Bank plc, 9/14/2017		3/9/2017		312,956
JPMorgan Chase Bank NA, 2/15/2018		5/15/2017		318,562
Pakistan Government International Bond, 12/3/2019		11/26/2014		210,000
Phosagro OAO via Phosagro Bond Funding, Ltd., 2/13/2018		2/6/2013		310,000
Sociedad Quimica y Minera de Chile SA, 1/28/2025		10/23/2014		445,357
Ukraine Government International Bond, 5/31/2040		11/12/2015		260,062
Universal Entertainment Corporation, 8/24/2020		10/18/2016		512,329
Wind Acquisition Finance SA, 7/15/2020		6/24/2014		380,926

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, 2017:


Securities Lending Transactions
Common Stock	$	25,427,828

Total lending	$	25,427,828
Gross amount payable upon return of collateral for securities loaned	$	26,722,327

Net amounts due to counterparty	$	1,294,499

Definitions:


ADR	-	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
GDR	-	Global Depository Receipts, which are certificates for shares of an underlying foreign security’s shares held by an issuing depository bank from more than one country.
G.O.	-	General Obligation
Refg.	-	Refunding
REIT	-	Real Estate Investment Trust is a company that buys, develops, manages and/or sells real estate assets.
Rev.	-	Revenue
Ser.	-	Series

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

170

LARGE CAP STOCK PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (85.1%)	Value
	Consumer Discretionary (12.4%)
	36,522	Amazon.com, Inc.^a	$	35,353,296
	34,600	Bandai Namco Holdings, Inc.		1,182,190
	14,502	Bellway plc		562,753
	48,460	Berkeley Group Holdings plc		2,037,731
	79,400	Bridgestone Corporation		3,432,587
	11,632	Bunzl plc		346,779
	4,099	Cie Generale des Etablissements Michelin		545,554
	555,930	Comcast Corporation		21,636,796
	67,800	Denso Corporation		2,877,306
	91,438	Eutelsat Communications		2,333,037
	319,802	Harvey Norman Holdings, Ltd.^b		939,093
	49,100	Haseko Corporation		597,910
	155,400	Honda Motor Company, Ltd.		4,257,662
	97,000	Inchcape plc		953,501
	7,277	Ipsos SA		273,031
	117,660	Lowe’s Companies, Inc.		9,122,180
	86,467	Marks and Spencer Group plc		375,279
	7,678	Nexity SA		445,625
	12,908	Next plc		648,293
	26,100	Nikon Corporation		418,361
	5,791	Priceline Group, Inc.^a		10,832,181
	3,545	Publicis Groupe SA		264,220
	3,545	Publicis Groupe SA Rights^a,c		440
	3,800	RTL Group SA		287,087
	23,511	SES SA		550,791
	81,100	Singapore Press Holdings, Ltd.		190,283
	83,155	SSP Group plc		515,319
	71,817	Starbucks Corporation		4,187,649
	64,800	Subaru Corporation		2,197,242
	72,800	Sumitomo Forestry Company, Ltd.		1,146,776
	58,000	Sumitomo Rubber Industries, Ltd.		982,260
	3,400	Swatch Group AG		248,378
	14,100	Toyoda Gosei Company, Ltd.		337,856
	21,300	TV Asahi Holdings Corporation^b		384,794
	100,767	Walt Disney Company		10,706,494
	52,208	Wolters Kluwer NV		2,208,036
	24,300	Yokohama Rubber Company, Ltd.		489,868

		Total		123,868,638

	Consumer Staples (2.9%)
	37,500	Axfood AB		626,150
	202,871	Coca-Cola Amatil, Ltd.		1,439,602
	53,039	Coca-Cola HBC AG		1,559,832
	90,460	CVS Health Corporation		7,278,412
	12,976	Ebro Foods SA		296,411
	31,479	Grieg Seafood ASA		219,244
	7,374	Henkel AG & Company KGaA		893,246
	92,805	Imperial Brands plc		4,170,414
	5,300	Kesko Oyj		269,600
	30,400	Kewpie Corporation		798,293
	37,190	Kimberly-Clark Corporation		4,801,601
	18,200	Kirin Holdings Company, Ltd.		371,254
	47	Lindt & Spruengli AG		272,521
	9,031	Nestle SA		787,663
	7,609	SalMar ASA		188,606
	9,500	Seven & I Holdings Company, Ltd.		392,012
	15,800	Suedzucker AG		329,863
	65,016	Tate & Lyle plc		560,335
	59,357	Unilever plc		3,212,291

		Total		28,467,350

	Energy (5.7%)
	36,952	Anadarko Petroleum Corporation		1,675,404
	1,488,783	BP plc		8,593,557
	100,739	Chevron Corporation		10,510,100
	33,123	Crescent Point Energy Corporation		253,378
	62,530	EQT Corporation		3,663,633
	174,493	Halliburton Company		7,452,596
	97,462	John Wood Group plc		814,318
	56,347	OMV AG		2,926,819
	182,002	Petrofac, Ltd.		1,046,512
	22,303	Pioneer Natural Resources Company		3,559,113
	49,971	Royal Dutch Shell plc		1,328,727
	17,713	Royal Dutch Shell plc, Class A		470,614
	117,957	Royal Dutch Shell plc, Class B		3,166,738
	31,909	Statoil ASA		529,119
	21,051	TGS Nopec Geophysical Company ASA		431,911
	50,797	Total SA		2,521,925
	1,890,940	Weatherford International plc^a		7,317,938

		Total		56,262,402

	Financials (16.0%)
	46,770	ABN AMRO Group NV^d		1,239,027
	34,568	ASX, Ltd.		1,424,234
	111,458	Australia & New Zealand Banking Group, Ltd.		2,460,061
	586,264	Bank of America Corporation		14,222,765
	63,880	Bank of Nova Scotia		3,842,750
	116,049	Bankia, SA		561,301
	238,260	Blackstone Group, LP		7,945,971
	12,317	Canadian Imperial Bank of Commerce		1,000,994
	55,000	Chiba Bank, Ltd.		400,258
	52,260	Chubb, Ltd.		7,597,559
	26,992	CI Financial Corporation^b		575,308
	246,820	Citigroup, Inc.		16,507,322
	102,489	CNP Assurances		2,300,494
	35,219	Danske Bank AS		1,354,984
	19,700	DBS Group Holdings, Ltd.		296,500
	293,103	Direct Line Insurance Group plc		1,357,227
	31,300	Erste Group Bank AG		1,198,941
	358,900	FlexiGroup, Ltd.		503,099
	468,000	Fukuoka Financial Group, Inc.		2,232,927
	22,652	Genworth MI Canada, Inc.^b		623,244
	87,170	Goldman Sachs Group, Inc.		19,343,023
	21,500	Hannover Rueckversicherung SE		2,582,446
	14,300	Hokuhoku Financial Group, Inc.		228,739
	628,429	HSBC Holdings plc		5,833,086
	38,103	ING Groep NV		657,765
	13,212	Intact Financial Corporation		998,032
	187,227	Intercontinental Exchange, Inc.		12,342,004
	185,497	Invesco, Ltd.		6,527,639
	32,929	Janus Henderson Group plc^a,b		1,090,279
	14,246	Macquarie Group, Ltd.		968,781
	606,884	Mapfre SA^b		2,124,227
	123,720	MetLife, Inc.		6,797,177
	71,300	Mitsubishi UFJ Financial Group, Inc.		480,922
	833,900	Mizuho Financial Group, Inc.		1,528,934
	12,100	MS and AD Insurance Group Holdings, Inc.		408,117
	2,479	Muenchener Rueckversicherungs- Gesellschaft AG		501,634
	40,669	National Bank of Canada		1,710,118
	93,011	Nordea Bank AB		1,184,628
	13,088	Pargesa Holding SA		997,245
	123,124	Poste Italiane SPA^d		844,262
	40,124	Power Corporation of Canada		915,228
	145,200	Resona Holdings, Inc.		802,058
	155,100	Senshu Ikeda Holdings, Inc.		656,135
	25,024	Societe Generale		1,349,439
	83,000	State Street Corporation		7,447,590
	103,200	Sumitomo Mitsui Trust Holdings, Inc.		3,706,871

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

171

LARGE CAP STOCK PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (85.1%)	Value
	Financials (16.0%) - continued
	35,990	Swiss Re AG	$	3,298,223
	189,370	Synchrony Financial		5,647,013
	8,197	TMX Group, Ltd.		446,006
	2,063	Zurich Insurance Group AG		602,084

		Total		159,664,671

	Health Care (10.0%)
	71,626	Alexion Pharmaceuticals, Inc.^a		8,714,735
	15,852	Ansell, Ltd.		289,079
	23,740	Biogen, Inc.^a		6,442,086
	55,857	CAE, Inc.		963,111
	49,930	Celgene Corporation^a		6,484,409
	48,100	CIGNA Corporation		8,051,459
	46,810	Express Scripts Holding Company^a		2,988,350
	10,134	GlaxoSmithKline plc		215,726
	166,490	GlaxoSmithKline plc ADR		7,179,049
	1,897	Le Noble Age SA		129,827
	2,816	Lonza Group AG		609,991
	180,277	Merck & Company, Inc.		11,553,953
	16,958	Merck KGaA		2,051,901
	112,618	Novartis AG		9,406,600
	65,599	Novo Nordisk AS		2,818,611
	361,950	Pfizer, Inc.		12,157,901
	1,131	Roche Holding AG-Genusschein		288,987
	63,296	UnitedHealth Group, Inc.		11,736,344
	60,029	Zimmer Biomet Holdings, Inc.		7,707,724

		Total		99,789,843

	Industrials (11.1%)
	462	A P Moller - Maersk AS, Class A		881,540
	784	A P Moller - Maersk AS, Class B		1,578,594
	46,338	Adecco SA		3,530,131
	5,300	Aica Kogyo Company, Ltd.		161,837
	26,000	Asahi Glass Company, Ltd.		1,098,054
	77,830	Boeing Company		15,390,882
	173,900	ComfortDelGro Corporation, Ltd		290,466
	161,030	CSX Corporation		8,785,797
	59,121	Cummins, Inc.		9,590,609
	39,000	Dai Nippon Printing Company, Ltd.		434,458
	237,622	Delta Air Lines, Inc.		12,769,806
	20,816	Deutsche Lufthansa AG		474,388
	53,513	Finning International, Inc.		1,048,967
	18,300	Fuji Machine Manufacturing Company, Ltd.		264,702
	164,229	GWA Group, Ltd.		397,399
	12,800	Hitachi Transport System, Ltd.		301,835
	1,331	Hochtief AG		244,344
	20,800	Inaba Denki Sangyo Company, Ltd.		791,051
	288,800	ITOCHU Corporation		4,299,922
	11,088	Jardine Matheson Holdings, Ltd.		711,850
	68,900	KITZ Corporation		643,983
	67,203	KONE Oyj		3,418,967
	16,464	Koninklijke Boskalis Westminster NV		534,685
	8,948	Loomis AB		320,759
	45,400	Marubeni Corporation		294,131
	114,067	Meggitt plc		708,788
	40,800	MIRAIT Holdings Corporation		458,911
	119,000	Mitsubishi Heavy Industries, Ltd.		489,942
	31,000	Mitsuboshi Belting, Ltd.		344,189
	40,257	Monadelphous Group, Ltd.		432,612
	63,817	National Express Group plc		304,775
	45,000	Nippon Express Company, Ltd.		282,383
	52,900	Nitto Kogyo Corporation		836,948
	108,658	Norfolk Southern Corporation		13,223,679
	19,454	Northgate plc		112,273
	18,380	Philips Lighting NV^d		678,910
	26,617	RELX NV		548,759
	67,707	Rolls-Royce Holdings plc		785,312
	4,807,197	Rolls-Royce Holdings plc Rights^a,c		6,261
	45,000	Ryobi, Ltd.		183,571
	27,200	Sanwa Holdings Corporation		287,257
	4,347	Schindler Holding AG, Participation Certificate		921,620
	3,436	SFS Group AG^a		389,860
	28,136	Siemens AG		3,870,226
	15,219	Skanska AB		361,390
	140,058	SKF AB		2,844,073
	45,300	Smiths Group plc		941,879
	346,400	Sojitz Corporation		852,726
	8,431	Spirax-Sarco Engineering plc		588,004
	6,215	Sulzer, Ltd.		704,527
	44,500	Teijin, Ltd.		858,720
	21,100	Toppan Forms Company, Ltd.		218,405
	39,870	United Parcel Service, Inc.		4,409,223
	37,300	Vinci SA		3,181,752
	14,019	Wolseley plc		860,459
	11,596	WSP Global, Inc.^b		481,170
	44,804	YIT Oyj		374,748
	9,700	Yuasa Trading Company, Ltd.		295,012

		Total		110,097,521

	Information Technology (16.7%)
	24,884	Alphabet, Inc., Class A^a		23,134,157
	21,130	Alphabet, Inc., Class C^a		19,201,465
	1,728	Alten SA		142,521
	286,488	Apple, Inc.		41,260,002
	18,100	Azbil Corporation		689,062
	3,677	BKW FMB Energie		216,144
	28,400	Canon, Inc.		966,035
	43,552	Cap Gemini SA		4,499,041
	17,097	Capital Power Corporation		320,635
	207,180	Cisco Systems, Inc.		6,484,734
	148,190	Cognizant Technology Solutions Corporation		9,839,816
	112,375	Facebook, Inc.^a		16,966,377
	63,000	FUJIFILM Holdings NPV		2,271,620
	108,600	Konica Minolta Holdings, Inc.		906,034
	208,589	Microsoft Corporation		14,378,040
	27,500	NEC Networks & System Integration Corporation		598,476
	84,630	PayPal Holdings, Inc.^a		4,542,092
	10,400	Ryosan Company, Ltd.		380,322
	111,960	Salesforce.com, Inc.^a		9,695,736
	15,390	Seagate Technology plc		596,362
	8,229	SMA Solar Technology AG^b		247,317
	8,414	Software AG		369,040
	62,862	Telefonaktiebolaget LM Ericsson		451,986
	4,300	Tokyo Electron, Ltd.		581,330
	84,420	Visa, Inc.		7,916,908

		Total		166,655,252

	Materials (4.9%)
	14,900	Adeka Corporation		227,642
	20,555	APERAM		954,489
	264,139	BHP Billiton, Ltd.		4,707,981
	39,429	BillerudKorsnas AB		623,141
	164,911	BlueScope Steel, Ltd.		1,669,564
	119,300	Daicel Corporation		1,491,103
	131,000	DOWA Holdings Company, Ltd.		993,635
	98,200	Eastman Chemical Company		8,247,818
	74,439	Evonik Industries AG		2,382,482
	53,693	Granges AB		493,990
	22,900	JSR Corporation		396,428
	106,500	Kuraray Company, Ltd.		1,939,263

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

172

LARGE CAP STOCK PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (85.1%)	Value
	Materials (4.9%) - continued
	53,800	Kyoei Steel, Ltd.	$	892,920
	120,700	Mitsubishi Chemical Holdings Corporation		1,005,643
	3,200	Nippon Shokubai Company, Ltd.		206,698
	344,238	Norsk Hydro ASA		1,905,015
	36,941	Nufarm, Ltd.		273,342
	208,000	Oji Holdings Corporation		1,076,919
	97,964	Orora, Ltd.		215,283
	73,700	Rengo Company, Ltd.		427,880
	9,257	Rio Tinto, Ltd.		449,876
	24,571	Solvay SA		3,297,710
	7,800	Sumitomo Seika Chemicals Company, Ltd.		383,561
	36,400	Toagosei Company, Ltd.		474,798
	150,291	UPM-Kymmene Oyj		4,285,514
	136,210	Westrock Company		7,717,659
	9,200	Yamato Kogyo Company, Ltd.		236,327
	57,398	Yara International ASA		2,158,295

		Total		49,134,976

	Real Estate (1.0%)
	41,111	Cominar Real Estate Investment Trust		402,931
	2,600	Daito Trust Construction Company, Ltd.		405,069
	273,900	DEXUS Property Group		1,994,149
	72,896	H&R Real Estate Investment Trust		1,237,793
	307,000	Hysan Development Company, Ltd.		1,465,124
	455,981	New World Development Company, Ltd.		577,998
	96,000	Road King Infrastructure, Ltd.		118,504
	5,647	Road King Infrastructure, Ltd., Rights^a,c		0
	449,185	Stockland		1,510,563
	78,000	Sun Hung Kai Properties, Ltd.		1,145,834
	48,000	Wheelock and Company, Ltd.		362,045
	222,800	Wing Tai Holdings, Ltd.		322,150

		Total		9,542,160

	Telecommunications Services (1.4%)
	45,085	Elisa Oyj		1,748,948
	43,168	Freenet AG		1,377,174
	158,487	Inmarsat plc		1,589,498
	673,467	KCOM Group plc		780,674
	65,900	Nippon Telegraph & Telephone Corporation		3,110,750
	45,400	NTT DOCOMO, Inc.		1,073,741
	800,984	PCCW, Ltd.		455,210
	70,172	Proximus SA		2,455,984
	85,300	TDC AS		496,053
	69,100	Telefonica Deutschland Holding AG		345,569
	44,931	Telenor ASA		745,416

		Total		14,179,017

	Utilities (3.0%)
	15,262	ATCO, Ltd.		596,804
	14,650	Canadian Utilities, Ltd.		470,748
	804,559	Centrica plc		2,097,698
	542,126	Electricidade de Portugal SA		1,773,418
	2,276	Elia System Operator SA		128,805
	96,112	Endesa SA^b		2,217,173
	477,000	Osaka Gas Company, Ltd.		1,953,240
	303,230	PG&E Corporation		20,125,375
	187,947	Redes Energeticas Nacionais SGPS SA		588,803
	11,762	Verbund AG		224,345

		Total		30,176,409

		Total Common Stock (cost $649,053,871)		847,838,239


		Preferred Stock (0.2%)
	Consumer Staples (0.2%)
	11,221	Henkel AG & Company KGaA, 1.470%		1,547,309

		Total		1,547,309

		Total Preferred Stock (cost $1,456,520)		1,547,309


		Registered Investment Companies (0.1%)
	Equity Funds/Exchange Traded Funds (<0.1%)
	18,360	iShares MSCI EAFE Index Fund		1,197,072

		Total		1,197,072

		Total Registered Investment Companies (cost $1,222,554)		1,197,072


		Collateral Held for Securities Loaned (0.9%)
	9,153,817	Thrivent Cash Management Trust		9,153,817

		Total Collateral Held for Securities Loaned (cost $9,153,817)		9,153,817


Shares or Principal Amount		Short-Term Investments (14.5%)^e
		Federal Home Loan Bank Discount Notes
	1,300,000	0.847%, 7/5/2017		1,299,927
	3,530,000	0.821%, 7/10/2017		3,529,315
	6,500,000	0.865%, 7/11/2017		6,498,557
	1,000,000	0.880%, 7/12/2017		999,750
	1,125,000	1.000%, 7/13/2017		1,124,687
	4,900,000	0.922%, 7/14/2017		4,898,501
	8,700,000	0.945%, 7/19/2017^f		8,696,137
	800,000	1.020%, 7/20/2017		799,623
	2,740,000	0.941%, 7/21/2017^f		2,738,630
	2,900,000	0.860%, 7/26/2017^f		2,898,147
	585,000	1.020%, 7/28/2017		584,594
	1,900,000	1.010%, 8/1/2017		1,898,438
	18,730,000	0.998%, 8/2/2017		18,714,080
	4,800,000	1.006%, 8/4/2017		4,795,646
	3,700,000	1.015%, 8/9/2017		3,696,122
	3,475,000	1.021%, 8/10/2017		3,471,258
	8,770,000	0.950%, 8/11/2017^f		8,760,309
	5,200,000	1.005%, 8/16/2017		5,193,516
	8,400,000	0.979%, 8/23/2017^f		8,387,862
	400,000	1.030%, 8/30/2017^f		399,343
	2,700,000	1.035%, 9/5/2017		2,695,056
	2,950,000	1.030%, 9/13/2017		2,943,923
		Thrivent Core Short-Term Reserve Fund
	4,998,177	1.240%		49,981,772

		Total Short-Term Investments (cost $145,002,772)		145,005,193

		Total Investments (cost $805,889,534) 100.8%	$	1,004,741,630

		Other Assets and Liabilities, Net (0.8%)		(8,039,028	)

		Total Net Assets 100.0%		$996,702,602

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

173

LARGE CAP STOCK PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)

a	Non-income producing security.

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

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

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.


Securities Lending Transactions
Common Stock	$	8,672,404

Total lending	$	8,672,404
Gross amount payable upon return of collateral for securities loaned	$	9,153,817

Net amounts due to counterparty	$	481,413

Definitions:


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

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

174

LARGE CAP INDEX PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (95.8%)	Value
	Consumer Discretionary (11.9%)
	2,810	Advance Auto Parts, Inc.	$	327,618
	15,030	Amazon.com, Inc.^a		14,549,040
	2,490	AutoNation, Inc.^a		104,978
	1,070	AutoZone, Inc.^a		610,392
	5,480	Bed Bath & Beyond, Inc.		166,592
	10,055	Best Buy Company, Inc.		576,453
	7,550	BorgWarner, Inc.		319,818
	7,000	CarMax, Inc.^a,b		441,420
	15,910	Carnival Corporation		1,043,219
	14,022	CBS Corporation		894,323
	8,140	Charter Communications, Inc.^a		2,741,959
	1,080	Chipotle Mexican Grill, Inc.^a		449,388
	10,630	Coach, Inc.		503,224
	178,920	Comcast Corporation		6,963,566
	12,910	D.R. Horton, Inc.		446,299
	4,730	Darden Restaurants, Inc.		427,781
	10,140	Delphi Automotive plc		888,771
	5,830	Discovery Communications, Inc., Class A^a		150,589
	7,990	Discovery Communications, Inc., Class C^a		201,428
	8,600	DISH Network Corporation^a		539,736
	9,500	Dollar General Corporation		684,855
	8,938	Dollar Tree, Inc.^a		624,945
	4,610	Expedia, Inc.		686,659
	5,010	Foot Locker, Inc.		246,893
	147,831	Ford Motor Company		1,654,229
	8,362	Gap, Inc.		183,880
	4,340	Garmin, Ltd.		221,470
	51,878	General Motors Company		1,812,099
	5,640	Genuine Parts Company		523,166
	9,560	Goodyear Tire & Rubber Company		334,218
	7,780	H&R Block, Inc.		240,480
	13,830	Hanesbrands, Inc.^b		320,303
	6,600	Harley-Davidson, Inc.		356,532
	4,260	Hasbro, Inc.		475,033
	7,770	Hilton Worldwide Holdings, Inc.		480,575
	45,240	Home Depot, Inc.		6,939,816
	14,867	Interpublic Group of Companies, Inc.		365,728
	6,470	Kohl’s Corporation		250,195
	9,154	L Brands, Inc.		493,309
	5,000	Leggett & Platt, Inc.		262,650
	7,680	Lennar Corporation		409,498
	11,750	LKQ Corporation^a		387,163
	32,590	Lowe’s Companies, Inc.		2,526,703
	11,568	Macy’s, Inc.		268,840
	11,726	Marriott International, Inc.		1,176,235
	13,050	Mattel, Inc.		280,966
	30,920	McDonald’s Corporation		4,735,707
	5,910	Michael Kors Holdings, Ltd.^a		214,238
	2,390	Mohawk Industries, Inc.^a		577,639
	16,250	Netflix, Inc.^a		2,427,912
	18,283	Newell Brands, Inc.		980,334
	14,465	News Corporation, Class A		198,171
	4,530	News Corporation, Class B		64,100
	50,230	NIKE, Inc.		2,963,570
	4,230	Nordstrom, Inc.^b		202,321
	8,820	Omnicom Group, Inc.		731,178
	3,440	O’Reilly Automotive, Inc.^a		752,466
	1,850	Priceline Group, Inc.^a		3,460,462
	10,722	PulteGroup, Inc.		263,011
	2,960	PVH Corporation		338,920
	2,090	Ralph Lauren Corporation		154,242
	14,820	Ross Stores, Inc.		855,559
	6,350	Royal Caribbean Cruises, Ltd.		693,610
	3,650	Scripps Networks Interactive, Inc.		249,332
	3,070	Sherwin-Williams Company		1,077,447
	2,620	Signet Jewelers, Ltd.^b		165,689
	2,200	Snap-On, Inc.		347,600
	24,845	Staples, Inc.		250,189
	54,950	Starbucks Corporation		3,204,134
	21,140	Target Corporation		1,105,411
	4,050	Tiffany & Company		380,173
	29,390	Time Warner, Inc.		2,951,050
	24,400	TJX Companies, Inc.		1,760,948
	4,880	Tractor Supply Company		264,545
	4,200	TripAdvisor, Inc.^a		160,440
	18,360	Twenty-First Century Fox, Inc., Class B		511,693
	39,690	Twenty-First Century Fox, Inc., Class A		1,124,815
	2,210	Ulta Beauty, Inc.^a		635,021
	7,040	Under Armour, Inc., Class A^a,b		153,190
	7,028	Under Armour, Inc., Class C^a		141,684
	12,160	VF Corporation		700,416
	13,322	Viacom, Inc.		447,220
	54,977	Walt Disney Company		5,841,306
	2,797	Whirlpool Corporation		535,961
	3,962	Wyndham Worldwide Corporation		397,824
	3,030	Wynn Resorts, Ltd.		406,384
	12,540	Yum! Brands, Inc.		924,950

		Total		97,903,896

	Consumer Staples (8.7%)
	73,080	Altria Group, Inc.		5,442,268
	21,528	Archer-Daniels-Midland Company		890,829
	6,704	Brown-Forman Corporation		325,814
	7,230	Campbell Soup Company		377,044
	9,410	Church & Dwight Company, Inc.		488,191
	4,850	Clorox Company		646,214
	145,250	Coca-Cola Company		6,514,463
	33,350	Colgate-Palmolive Company		2,472,235
	15,310	Conagra Brands, Inc.		547,486
	6,440	Constellation Brands, Inc.		1,247,621
	16,710	Costco Wholesale Corporation		2,672,430
	17,870	Coty, Inc.		335,241
	38,404	CVS Health Corporation		3,089,986
	6,910	Dr Pepper Snapple Group, Inc.		629,570
	8,480	Estee Lauder Companies, Inc.		813,910
	21,760	General Mills, Inc.		1,205,504
	5,270	Hershey Company		565,840
	10,180	Hormel Foods Corporation		347,240
	4,391	J.M. Smucker Company		519,587
	9,520	Kellogg Company		661,259
	13,382	Kimberly-Clark Corporation		1,727,750
	22,437	Kraft Heinz Company		1,921,505
	34,850	Kroger Company		812,702
	4,260	McCormick & Company, Inc.		415,393
	6,980	Molson Coors Brewing Company		602,653
	57,012	Mondelez International, Inc.		2,462,348
	15,170	Monster Beverage Corporation^a		753,646
	53,890	PepsiCo, Inc.		6,223,756
	58,680	Philip Morris International, Inc.		6,891,966
	96,928	Procter & Gamble Company		8,447,275
	31,378	Reynolds American, Inc.		2,040,825
	5,450	Safeway, Inc. (Casa Ley SA de CV) Contingent Value Rights^a,c		4,978
	5,450	Safeway, Inc. (Property Development Centers, LLC) Contingent Value Rights^a,c		1
	18,610	Sysco Corporation		936,641
	10,860	Tyson Foods, Inc.		680,162
	32,100	Walgreens Boots Alliance, Inc.		2,513,751

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

175

LARGE CAP INDEX PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (95.8%)	Value
	Consumer Staples (8.7%) - continued
	56,030	Wal-Mart Stores, Inc.	$	4,240,350
	12,060	Whole Foods Market, Inc.		507,847

		Total		70,976,281

	Energy (5.8%)
	21,402	Anadarko Petroleum Corporation		970,367
	14,380	Apache Corporation		689,233
	16,163	Baker Hughes, Inc.		881,045
	17,800	Cabot Oil & Gas Corporation		446,424
	29,240	Chesapeake Energy Corporation^a,b		145,323
	71,986	Chevron Corporation		7,510,299
	3,610	Cimarex Energy Company		339,376
	5,650	Concho Resources, Inc.^a		686,645
	46,819	ConocoPhillips		2,058,163
	20,050	Devon Energy Corporation		640,998
	21,890	EOG Resources, Inc.		1,981,483
	6,780	EQT Corporation		397,240
	160,870	Exxon Mobil Corporation		12,987,035
	33,230	Halliburton Company		1,419,253
	4,140	Helmerich & Payne, Inc.		224,968
	10,310	Hess Corporation		452,300
	72,900	Kinder Morgan, Inc.		1,396,764
	32,288	Marathon Oil Corporation		382,613
	19,748	Marathon Petroleum Corporation		1,033,413
	6,140	Murphy Oil Corporation		157,368
	14,400	National Oilwell Varco, Inc.		474,336
	7,530	Newfield Exploration Company^a		214,304
	17,230	Noble Energy, Inc.		487,609
	28,980	Occidental Petroleum Corporation		1,735,033
	14,730	ONEOK, Inc.		768,317
	16,634	Phillips 66		1,375,465
	6,450	Pioneer Natural Resources Company		1,029,291
	7,170	Range Resources Corporation		166,129
	52,829	Schlumberger, Ltd.		3,478,261
	17,750	TechnipFMC plc^a		482,800
	5,770	Tesoro Corporation		540,072
	14,840	Transocean, Ltd.^a		122,133
	16,920	Valero Energy Corporation		1,141,423
	31,560	Williams Companies, Inc.		955,637

		Total		47,771,120

	Financials (13.9%)
	2,140	Affiliated Managers Group, Inc.		354,940
	14,950	Aflac, Inc.		1,161,316
	13,842	Allstate Corporation		1,224,186
	28,450	American Express Company		2,396,628
	33,307	American International Group, Inc.		2,082,354
	5,790	Ameriprise Financial, Inc.		737,009
	9,925	Aon plc		1,319,529
	6,790	Arthur J. Gallagher & Company		388,727
	2,080	Assurant, Inc.		215,675
	376,420	Bank of America Corporation		9,131,949
	39,392	Bank of New York Mellon Corporation		2,009,780
	30,800	BB&T Corporation		1,398,628
	71,929	Berkshire Hathaway, Inc.^a		12,182,615
	4,580	BlackRock, Inc.		1,934,638
	18,343	Capital One Financial Corporation		1,515,499
	3,480	CBOE Holdings, Inc.		318,072
	46,035	Charles Schwab Corporation		1,977,664
	17,658	Chubb, Ltd.		2,567,120
	5,688	Cincinnati Financial Corporation		412,096
	104,283	Citigroup, Inc.		6,974,447
	19,220	Citizens Financial Group, Inc.		685,770
	12,860	CME Group, Inc.		1,610,586
	6,710	Comerica, Inc.		491,440
	14,445	Discover Financial Services		898,335
	10,430	E*TRADE Financial Corporation^a		396,653
	1,550	Everest Re Group, Ltd.		394,614
	28,644	Fifth Third Bancorp		743,598
	12,930	Franklin Resources, Inc.		579,135
	13,860	Goldman Sachs Group, Inc.		3,075,534
	13,940	Hartford Financial Services Group, Inc.		732,826
	41,261	Huntington Bancshares, Inc.		557,849
	22,470	Intercontinental Exchange, Inc.		1,481,222
	15,350	Invesco, Ltd.		540,167
	134,098	J.P. Morgan Chase & Company		12,256,557
	41,560	KeyCorp		778,834
	12,271	Leucadia National Corporation		321,009
	8,514	Lincoln National Corporation		575,376
	10,490	Loews Corporation		491,037
	5,816	M&T Bank Corporation		941,901
	19,490	Marsh & McLennan Companies, Inc.		1,519,440
	41,022	MetLife, Inc.		2,253,749
	6,280	Moody’s Corporation		764,150
	53,880	Morgan Stanley		2,400,893
	4,330	Nasdaq, Inc.		309,552
	10,770	Navient Corporation		179,321
	8,170	Northern Trust Corporation		794,206
	13,100	People’s United Financial, Inc.		231,346
	18,354	PNC Financial Services Group, Inc.		2,291,864
	10,150	Principal Financial Group, Inc.		650,310
	21,990	Progressive Corporation		969,539
	16,290	Prudential Financial, Inc.		1,761,601
	4,860	Raymond James Financial, Inc.		389,869
	45,537	Regions Financial Corporation		666,662
	9,760	S&P Global, Inc.		1,424,862
	13,390	State Street Corporation		1,201,485
	18,320	SunTrust Banks, Inc.		1,039,110
	29,290	Synchrony Financial		873,428
	9,118	T. Rowe Price Group, Inc.		676,647
	4,140	Torchmark Corporation		316,710
	10,591	Travelers Companies, Inc.		1,340,079
	60,055	U.S. Bancorp		3,118,056
	8,694	Unum Group		405,401
	170,680	Wells Fargo & Company		9,457,379
	4,817	Willis Towers Watson plc		700,681
	9,910	XL Group, Ltd.		434,058
	7,720	Zions Bancorporation		338,985

		Total		114,364,698

	Health Care (13.8%)
	65,709	Abbott Laboratories		3,194,114
	60,300	AbbVie, Inc.		4,372,353
	12,569	Aetna, Inc.		1,908,351
	8,570	Alexion Pharmaceuticals, Inc.^a		1,042,712
	2,830	Align Technology, Inc.^a		424,840
	12,732	Allergan plc		3,095,022
	6,250	AmerisourceBergen Corporation		590,812
	27,900	Amgen, Inc.		4,805,217
	10,040	Anthem, Inc.		1,888,825
	18,390	Baxter International, Inc.		1,113,331
	8,615	Becton, Dickinson and Company		1,680,873
	8,030	Biogen, Inc.^a		2,179,021
	51,470	Boston Scientific Corporation^a		1,426,748
	62,228	Bristol-Myers Squibb Company		3,467,344
	2,740	C.R. Bard, Inc.		866,141
	11,905	Cardinal Health, Inc.		927,638
	29,440	Celgene Corporation^a		3,823,373
	6,510	Centene Corporation^a		520,019
	11,110	Cerner Corporation^a		738,482
	9,690	CIGNA Corporation		1,622,009
	1,840	Cooper Companies, Inc.		440,533
	23,170	Danaher Corporation		1,955,316

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

176

LARGE CAP INDEX PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (95.8%)	Value
	Health Care (13.8%) - continued
	5,900	DaVita, Inc.^a	$	382,084
	8,680	Dentsply Sirona, Inc.		562,811
	7,920	Edwards Lifesciences Corporation^a		936,461
	36,630	Eli Lilly and Company		3,014,649
	4,450	Envision Healthcare Corporation^a		278,882
	22,355	Express Scripts Holding Company^a		1,427,143
	49,490	Gilead Sciences, Inc.		3,502,902
	10,810	HCA Holdings, Inc.^a		942,632
	3,000	Henry Schein, Inc.^a		549,060
	10,600	Hologic, Inc.^a		481,028
	5,460	Humana, Inc.		1,313,785
	3,340	IDEXX Laboratories, Inc.^a		539,143
	5,530	Illumina, Inc.^a		959,566
	6,460	Incyte Corporation^a		813,379
	1,390	Intuitive Surgical, Inc.^a		1,300,164
	102,320	Johnson & Johnson		13,535,913
	3,880	Laboratory Corporation of America Holdings^a		598,063
	3,730	Mallinckrodt, LLC^a		167,141
	7,992	McKesson Corporation		1,315,004
	51,809	Medtronic plc		4,598,049
	103,193	Merck & Company, Inc.		6,613,639
	970	Mettler-Toledo International, Inc.^a		570,884
	17,430	Mylan NV^a		676,633
	3,080	Patterson Companies, Inc.		144,606
	4,180	PerkinElmer, Inc.		284,825
	5,440	Perrigo Company plc		410,829
	225,530	Pfizer, Inc.		7,575,553
	5,200	Quest Diagnostics, Inc.		578,032
	2,850	Regeneron Pharmaceuticals, Inc.^a		1,399,749
	11,730	Stryker Corporation		1,627,889
	14,800	Thermo Fisher Scientific, Inc.		2,582,156
	36,520	UnitedHealth Group, Inc.		6,771,538
	3,380	Universal Health Services, Inc.		412,630
	3,480	Varian Medical Systems, Inc.^a		359,101
	9,360	Vertex Pharmaceuticals, Inc.^a		1,206,223
	3,030	Waters Corporation^a		557,035
	7,650	Zimmer Biomet Holdings, Inc.		982,260
	18,520	Zoetis, Inc.		1,155,278

		Total		113,209,793

	Industrials (9.8%)
	22,660	3M Company		4,717,585
	1,680	Acuity Brands, Inc.		341,510
	4,670	Alaska Air Group, Inc.		419,179
	3,621	Allegion plc		293,736
	18,640	American Airlines Group, Inc.		937,965
	8,730	AMETEK, Inc.		528,776
	16,701	Arconic, Inc.		378,278
	21,170	Boeing Company		4,186,367
	5,330	C.H. Robinson Worldwide, Inc.		366,064
	22,380	Caterpillar, Inc.		2,404,955
	3,270	Cintas Corporation		412,151
	34,670	CSX Corporation		1,891,595
	5,850	Cummins, Inc.		948,987
	11,170	Deere & Company		1,380,500
	27,910	Delta Air Lines, Inc.		1,499,883
	5,900	Dover Corporation		473,298
	16,864	Eaton Corporation plc		1,312,525
	24,490	Emerson Electric Company		1,460,094
	4,560	Equifax, Inc.		626,635
	6,810	Expeditors International of Washington, Inc.		384,629
	11,020	Fastenal Company		479,701
	9,350	FedEx Corporation		2,032,036
	4,970	Flowserve Corporation		230,757
	5,320	Fluor Corporation		243,550
	11,415	Fortive Corporation		723,140
	5,800	Fortune Brands Home and Security, Inc.		378,392
	10,720	General Dynamics Corporation		2,123,632
	330,127	General Electric Company		8,916,730
	28,815	Honeywell International, Inc.		3,840,751
	12,030	IHS Markit, Ltd.^a		529,801
	11,770	Illinois Tool Works, Inc.		1,686,052
	9,720	Ingersoll-Rand plc		888,311
	4,560	Jacobs Engineering Group, Inc.		248,018
	3,260	JB Hunt Transport Services, Inc.		297,899
	35,445	Johnson Controls International plc		1,536,895
	4,030	Kansas City Southern		421,740
	2,940	L3 Technologies, Inc.		491,215
	9,390	Lockheed Martin Corporation		2,606,758
	12,080	Masco Corporation		461,577
	12,680	Nielsen Holdings plc		490,209
	10,960	Norfolk Southern Corporation		1,333,832
	6,588	Northrop Grumman Corporation		1,691,205
	13,337	PACCAR, Inc.		880,775
	5,035	Parker Hannifin Corporation		804,694
	6,319	Pentair, Ltd.		420,466
	5,640	Quanta Services, Inc.^a		185,669
	10,980	Raytheon Company		1,773,050
	8,700	Republic Services, Inc.		554,451
	4,820	Robert Half International, Inc.		231,023
	4,900	Rockwell Automation, Inc.		793,604
	6,147	Rockwell Collins, Inc.		645,927
	3,860	Roper Industries, Inc.		893,706
	22,860	Southwest Airlines Company		1,420,520
	5,770	Stanley Black & Decker, Inc.		812,012
	3,230	Stericycle, Inc.^a		246,514
	10,040	Textron, Inc.		472,884
	1,850	TransDigm Group, Inc.		497,410
	30,510	Union Pacific Corporation		3,322,844
	10,610	United Continental Holdings, Inc.^a		798,403
	26,030	United Parcel Service, Inc.		2,878,658
	3,190	United Rentals, Inc.^a		359,545
	28,180	United Technologies Corporation		3,441,060
	5,810	Verisk Analytics, Inc.^a		490,190
	2,050	W.W. Grainger, Inc.		370,086
	15,379	Waste Management, Inc.		1,128,050
	6,810	Xylem, Inc.		377,478

		Total		80,415,932

	Information Technology (21.4%)
	23,510	Accenture plc		2,907,717
	26,350	Activision Blizzard, Inc.		1,516,969
	18,670	Adobe Systems, Inc.^a		2,640,685
	28,820	Advanced Micro Devices, Inc.^a		359,674
	12,185	Agilent Technologies, Inc.		722,692
	6,580	Akamai Technologies, Inc.^a		327,750
	2,110	Alliance Data Systems Corporation		541,616
	11,250	Alphabet, Inc., Class A^a		10,458,900
	11,269	Alphabet, Inc., Class C^a		10,240,478
	11,600	Amphenol Corporation		856,312
	13,948	Analog Devices, Inc.		1,085,154
	3,240	ANSYS, Inc.^a		394,243
	196,580	Apple, Inc.		28,311,452
	40,720	Applied Materials, Inc.		1,682,143
	7,350	Autodesk, Inc.^a		741,027
	16,890	Automatic Data Processing, Inc.		1,730,549
	15,223	Broadcom, Ltd.		3,547,720
	11,862	CA, Inc.		408,883
	188,490	Cisco Systems, Inc.		5,899,737
	5,680	Citrix Systems, Inc.^a		452,014

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

177

LARGE CAP INDEX PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (95.8%)	Value
	Information Technology (21.4%) - continued
	22,290	Cognizant Technology Solutions Corporation	$	1,480,056
	5,510	Computer Sciences Government Services, Inc.		174,943
	34,870	Corning, Inc.		1,047,843
	10,672	DXC Technology Company		818,756
	37,880	eBay, Inc.^a		1,322,770
	11,690	Electronic Arts, Inc.^a		1,235,867
	2,450	F5 Networks, Inc.^a		311,297
	89,270	Facebook, Inc.^a		13,477,985
	12,530	Fidelity National Information Services, Inc.		1,070,062
	8,050	Fiserv, Inc.^a		984,837
	5,180	FLIR Systems, Inc.		179,539
	3,410	Gartner, Inc.^a		421,169
	5,760	Global Payments, Inc.		520,243
	4,610	Harris Corporation		502,859
	62,886	Hewlett Packard Enterprise Company		1,043,279
	63,676	HP, Inc.		1,113,056
	178,540	Intel Corporation		6,023,940
	32,440	International Business Machines Corporation		4,990,245
	9,210	Intuit, Inc.		1,223,180
	14,450	Juniper Networks, Inc.		402,866
	5,920	KLA-Tencor Corporation		541,739
	6,140	Lam Research Corporation		868,380
	35,580	MasterCard, Inc.		4,321,191
	8,710	Microchip Technology, Inc.		672,238
	39,460	Micron Technology, Inc.^a		1,178,276
	293,120	Microsoft Corporation		20,204,762
	6,205	Motorola Solutions, Inc.		538,222
	10,300	NetApp, Inc.		412,515
	22,340	NVIDIA Corporation		3,229,470
	113,777	Oracle Corporation		5,704,779
	12,130	Paychex, Inc.		690,682
	42,230	PayPal Holdings, Inc.^a		2,266,484
	4,840	Qorvo, Inc.^a		306,469
	55,740	QUALCOMM, Inc.		3,077,963
	6,700	Red Hat, Inc.^a		641,525
	25,200	Salesforce.com, Inc.^a		2,182,320
	11,320	Seagate Technology plc		438,650
	6,960	Skyworks Solutions, Inc.		667,812
	22,964	Symantec Corporation		648,733
	5,670	Synopsys, Inc.^a		413,513
	13,420	TE Connectivity, Ltd.		1,055,886
	37,690	Texas Instruments, Inc.		2,899,492
	6,270	Total System Services, Inc.		365,227
	3,340	VeriSign, Inc.^a,b		310,486
	70,120	Visa, Inc.		6,575,854
	11,083	Western Digital Corporation		981,954
	17,900	Western Union Company		340,995
	8,123	Xerox Corporation		233,374
	9,420	Xilinx, Inc.		605,894

		Total		175,545,392

	Materials (2.6%)
	8,280	Air Products and Chemicals, Inc.		1,184,537
	4,240	Albemarle Corporation		447,490
	3,340	Avery Dennison Corporation		295,156
	13,140	Ball Corporation		554,639
	8,790	CF Industries Holdings, Inc.		245,768
	42,413	Dow Chemical Company		2,674,988
	32,731	E.I. du Pont de Nemours and Company		2,641,719
	5,530	Eastman Chemical Company		464,465
	9,910	Ecolab, Inc.		1,315,552
	5,100	FMC Corporation		372,555
	50,732	Freeport-McMoRan, Inc.^a		609,291
	2,990	International Flavors & Fragrances, Inc.		403,650
	15,681	International Paper Company		887,701
	12,490	LyondellBasell Industries NV		1,054,031
	2,370	Martin Marietta Materials, Inc.		527,515
	16,628	Monsanto Company		1,968,090
	13,220	Mosaic Company		301,813
	20,288	Newmont Mining Corporation		657,128
	12,070	Nucor Corporation		698,491
	9,710	PPG Industries, Inc.		1,067,712
	10,820	Praxair, Inc.		1,434,191
	7,422	Sealed Air Corporation		332,209
	5,000	Vulcan Materials Company		633,400
	9,559	Westrock Company		541,613

		Total		21,313,704

	Real Estate (2.8%)
	3,460	Alexandria Real Estate Equities, Inc.		416,826
	16,060	American Tower Corporation		2,125,059
	5,936	Apartment Investment & Management Company		255,070
	5,191	AvalonBay Communities, Inc.		997,555
	5,810	Boston Properties, Inc.		714,746
	11,350	CBRE Group, Inc.^a		413,140
	13,880	Crown Castle International Corporation		1,390,498
	6,030	Digital Realty Trust, Inc.		681,089
	2,946	Equinix, Inc.		1,264,305
	13,880	Equity Residential		913,720
	2,470	Essex Property Trust, Inc.		635,457
	4,780	Extra Space Storage, Inc.		372,840
	2,730	Federal Realty Investment Trust		345,045
	22,100	General Growth Properties, Inc.		520,676
	17,780	HCP, Inc.		568,249
	27,951	Host Hotels & Resorts, Inc.		510,665
	9,272	Iron Mountain, Inc.		318,586
	16,180	Kimco Realty Corporation		296,903
	4,510	Macerich Company		261,851
	4,290	Mid-America Apartment Communities, Inc.		452,080
	20,046	Prologis, Inc.		1,175,497
	5,700	Public Storage, Inc.		1,188,621
	10,350	Realty Income Corporation		571,113
	5,580	Regency Centers Corporation		349,531
	11,834	Simon Property Group, Inc.		1,914,268
	3,860	SL Green Realty Corporation		408,388
	10,090	UDR, Inc.		393,207
	13,480	Ventas, Inc.		936,590
	6,547	Vornado Realty Trust		614,763
	13,910	Welltower, Inc.		1,041,164
	28,400	Weyerhaeuser Company		951,400

		Total		22,998,902

	Telecommunications Services (2.1%)
	233,696	AT&T, Inc.		8,817,350
	20,855	CenturyLink, Inc.^b		498,018
	11,131	Level 3 Communications, Inc.^a		660,068
	154,896	Verizon Communications, Inc.		6,917,655

		Total		16,893,091

	Utilities (3.0%)
	25,030	AES Corporation		278,083
	8,630	Alliant Energy Corporation		346,667
	9,180	Ameren Corporation		501,871
	18,630	American Electric Power Company, Inc.		1,294,226
	6,750	American Water Works Company, Inc.		526,163

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

178

LARGE CAP INDEX PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Common Stock (95.8%)	Value
	Utilities (3.0%) - continued
	16,303	CenterPoint Energy, Inc.	$	446,376
	10,600	CMS Energy Corporation		490,250
	11,580	Consolidated Edison, Inc.		935,896
	23,804	Dominion Resources, Inc.		1,824,101
	6,780	DTE Energy Company		717,256
	26,472	Duke Energy Corporation		2,212,794
	12,330	Edison International, Inc.		964,083
	6,790	Entergy Corporation		521,268
	12,010	Eversource Energy		729,127
	35,014	Exelon Corporation		1,262,955
	16,854	FirstEnergy Corporation		491,463
	17,780	NextEra Energy, Inc.		2,491,511
	12,209	NiSource, Inc.		309,620
	12,070	NRG Energy, Inc.		207,845
	19,300	PG&E Corporation		1,280,941
	4,230	Pinnacle West Capital Corporation		360,227
	25,810	PPL Corporation		997,815
	19,090	Public Service Enterprise Group, Inc.		821,061
	5,410	SCANA Corporation		362,524
	9,505	Sempra Energy		1,071,689
	37,680	Southern Company		1,804,118
	11,946	WEC Energy Group, Inc.		733,245
	19,215	Xcel Energy, Inc.		881,584

		Total		24,864,759

		Total Common Stock (cost $493,989,221)		786,257,568

		Collateral Held for Securities Loaned (0.3%)
	2,230,365	Thrivent Cash Management Trust		2,230,365

		Total Collateral Held for Securities Loaned (cost $2,230,365)		2,230,365

Shares or Principal Amount		Short-Term Investments (4.1%)^d
		Federal Home Loan Bank Discount Notes
	100,000	0.845%, 7/5/2017^e		99,995
	200,000	0.840%, 7/19/2017^e		199,911
	100,000	0.850%, 7/21/2017^e		99,950
	100,000	0.860%, 7/26/2017^e		99,936
	200,000	1.030%, 8/14/2017^e		199,762
	600,000	1.035%, 9/27/2017^e		598,523
		Thrivent Core Short-Term Reserve Fund
	3,286,709	1.240%		32,867,086

		Total Short-Term Investments (cost $34,165,116)		34,165,163

		Total Investments (cost $530,384,702) 100.2%	$	822,653,096

		Other Assets and Liabilities, Net (0.2%)		(1,697,093	)

		Total Net Assets 100.0%	$	820,956,003

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	$	2,178,952

Total lending	$	2,178,952
Gross amount payable upon return of collateral for securities loaned	$	2,230,365

Net amounts due to counterparty	$	51,413

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

179

HIGH YIELD PORTFOLIO

Schedule of Investments as of June 30, 2017


Principal Amount		Bank Loans (2.6%)^a	Value
	Basic Materials (0.4%)
		Contura Energy, Inc., Term Loan
	$3,536,137	6.230%, 3/17/2024	$	3,430,053

		Total		3,430,053

	Capital Goods (0.3%)
		Cortes NP Intermediate Holding II Corporation, Term Loan
	2,225,647	5.226%, 11/30/2023		2,233,058

		Total		2,233,058

	Communications Services (1.1%)
		Cengage Learning Acquisitions, Term Loan
	4,160,088	5.339%, 6/7/2023		3,921,341
		CenturyLink, Inc., Term Loan
	1,950,000	3.959%, 1/31/2025		1,926,717
		New LightSquared, Term Loan
	3,311,320	19.939%, 12/7/2020		3,209,629

		Total		9,057,687

	Consumer Cyclical (0.7%)
		IMG Worldwide, Inc., Term Loan
	2,166,667	8.476%, 5/6/2022		2,191,042
		Mohegan Tribal Gaming Authority, Term Loan
	3,288,276	5.226%, 10/13/2023^b,c		3,322,178

		Total		5,513,220

	Energy (0.1%)
		Chesapeake Energy Corporation, Term Loan
	1,050,000	8.686%, 8/23/2021		1,109,325

		Total		1,109,325

		Total Bank Loans (cost $21,242,979)		21,343,343

		Long-Term Fixed Income (88.7%)
	Asset-Backed Securities (0.1%)
		Renaissance Home Equity Loan Trust
	1,660,240	5.746%, 5/25/2036, Ser. 2006-1, Class AF6^d		1,196,355

		Total		1,196,355

	Basic Materials (6.5%)
		Alcoa Nederland Holding BV
	1,575,000	6.750%, 9/30/2024^e		1,708,875
	1,575,000	7.000%, 9/30/2026^e		1,728,562
		Alpha 3 BV
	1,300,000	6.250%, 2/1/2025^e		1,337,375
		Anglo American Capital plc
	4,205,000	4.750%, 4/10/2027^e,f		4,319,797
		ArcelorMittal SA
	2,065,000	6.000%, 3/1/2021		2,222,456
		Bluescope Steel Finance, Ltd.
	2,620,000	6.500%, 5/15/2021^e		2,764,100
		BWAY Holding Company
	2,670,000	5.500%, 4/15/2024^e		2,726,738
		Chemours Company
	2,140,000	5.375%, 5/15/2027		2,196,175
		Cliffs Natural Resources, Inc.
	530,000	5.750%, 3/1/2025^e,f		499,525
		First Quantum Minerals, Ltd.
	2,140,000	7.000%, 2/15/2021^e		2,193,500
	2,675,000	7.250%, 4/1/2023^e		2,628,188
		FMG Resources Property, Ltd.
	3,200,000	5.125%, 5/15/2024^e,f		3,200,000
		GCP Applied Technologies, Inc.
	1,440,000	9.500%, 2/1/2023^e		1,634,400
		Hexion, Inc.
	1,590,000	6.625%, 4/15/2020		1,450,875
	1,600,000	10.375%, 2/1/2022^e,f		1,584,000
		Hudbay Minerals, Inc.
	375,000	7.250%, 1/15/2023^e		386,719
	750,000	7.625%, 1/15/2025^e		785,625
		INEOS Group Holdings SA
	3,145,000	5.625%, 8/1/2024^e,f		3,243,281
		Krayton Polymers, LLC
	2,675,000	7.000%, 4/15/2025^e		2,808,750
		Midwest Vanadium, Pty. Ltd.
	3,268,453	11.500%, 2/15/2018^*,g		81,711
		Novelis Corporation
	1,570,000	6.250%, 8/15/2024^e		1,648,500
	2,240,000	5.875%, 9/30/2026^e		2,307,200
		Peabody Securities Finance Corporation
	3,180,000	6.000%, 3/31/2022^e,f		3,156,150
		PQ Corporation
	1,050,000	6.750%, 11/15/2022^e		1,128,750
		Teck Resources, Ltd.
	1,050,000	8.500%, 6/1/2024^e		1,212,750
		Tronox Finance, LLC
	3,180,000	7.500%, 3/15/2022^e,f		3,275,400
		Versum Materials, Inc.
	1,570,000	5.500%, 9/30/2024^e		1,650,462

		Total		53,879,864

	Capital Goods (8.7%)
		Abengoa Abenewco 2 SAU
	2,168,229	0.250%, 9/29/2022^e		303,552
		ABG Orphan Holdco SARL
	243,873	5.000%, 2/28/2021^e		265,090
	738,233	5.000%, 2/28/2021^e		802,459
		Advanced Disposal Services, Inc.
	3,155,000	5.625%, 11/15/2024^e		3,249,650
		AECOM
	1,065,000	5.875%, 10/15/2024		1,158,187
	1,590,000	5.125%, 3/15/2027^e		1,595,963
		Anixter, Inc.
	2,455,000	5.125%, 10/1/2021		2,614,575
		Ardagh Packaging Finance plc
	4,190,000	7.250%, 5/15/2024^e		4,582,813
	3,720,000	6.000%, 2/15/2025^e		3,906,000
		Berry Plastics Corporation
	6,370,000	5.125%, 7/15/2023		6,632,763
		Bombardier, Inc.
	4,195,000	7.500%, 3/15/2025^e		4,352,312
		Building Materials Corporation of America
	3,990,000	6.000%, 10/15/2025^e		4,269,300
		Cemex Finance, LLC
	2,245,000	9.375%, 10/12/2022^e		2,385,312
		Cemex SAB de CV
	2,750,000	5.700%, 1/11/2025^e		2,918,437
		CNH Industrial Capital, LLC
	1,800,000	4.375%, 11/6/2020		1,887,768
		CNH Industrial NV
	1,800,000	4.500%, 8/15/2023		1,912,500
		Covanta Holding Corporation
	1,600,000	5.875%, 7/1/2025		1,552,000
		Eagle Materials, Inc.
	1,570,000	4.500%, 8/1/2026		1,605,325

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

180

HIGH YIELD PORTFOLIO

Schedule of Investments as of June 30, 2017


Principal Amount		Long-Term Fixed Income (88.7%)	Value
	Capital Goods (8.7%) - continued
		Flex Acquisition Company, Inc.
	$2,140,000	6.875%, 1/15/2025^e	$	2,225,600
		Herc Rentals, Inc.
	2,995,000	7.750%, 6/1/2024^e		3,159,725
		Masonite International Corporation
	3,265,000	5.625%, 3/15/2023^e		3,411,925
		Owens-Brockway Glass Container, Inc.
	3,070,000	5.875%, 8/15/2023^e,f		3,384,675
		Reynolds Group Issuer, Inc.
	2,175,000	5.125%, 7/15/2023^e		2,259,281
		Ritchie Bros. Auctioneers, Inc.
	1,455,000	5.375%, 1/15/2025^e		1,516,838
		Summit Materials, LLC
	2,650,000	6.125%, 7/15/2023		2,775,875
	530,000	5.125%, 6/1/2025^e		543,250
		U.S. Concrete, Inc.
	2,880,000	6.375%, 6/1/2024		3,038,400
		United Rentals North America, Inc.
	1,060,000	5.500%, 7/15/2025		1,110,350
	2,620,000	5.875%, 9/15/2026		2,790,300

		Total		72,210,225

	Communications Services (14.8%)
		Altice Financing SA
	1,840,000	6.625%, 2/15/2023^e		1,952,130
	3,145,000	7.500%, 5/15/2026^e		3,490,950
		Altice Finco SA
	540,000	8.125%, 1/15/2024^e,f		587,250
		AMC Networks, Inc.
	2,195,000	4.750%, 12/15/2022		2,264,801
	3,100,000	5.000%, 4/1/2024		3,173,625
		Block Communications, Inc.
	2,650,000	6.875%, 2/15/2025^e		2,842,125
		CBS Radio, Inc.
	3,155,000	7.250%, 11/1/2024^e,f		3,249,650
		CCO Holdings, LLC
	5,500,000	5.875%, 4/1/2024^e		5,871,250
		CCOH Safari, LLC
	2,500,000	5.750%, 2/15/2026^e		2,675,000
		Cincinnati Bell, Inc.
	2,650,000	7.000%, 7/15/2024^e		2,769,780
		Clear Channel Worldwide Holdings, Inc.
	3,195,000	6.500%, 11/15/2022		3,283,501
		Columbus International, Inc.
	5,060,000	7.375%, 3/30/2021^e		5,369,925
		Digicel, Ltd.
	3,220,000	6.000%, 4/15/2021^*		3,087,175
		Gray Television, Inc.
	3,560,000	5.875%, 7/15/2026^e		3,631,200
		Intelsat Jackson Holdings SA
	800,000	7.500%, 4/1/2021		738,000
	7,425,000	5.500%, 8/1/2023^f		6,144,188
		Level 3 Escrow II, Inc.
	3,000,000	5.375%, 8/15/2022		3,090,000
		McGraw-Hill Global Education Holdings, LLC
	3,145,000	7.875%, 5/15/2024^e,f		3,042,787
		Neptune Finco Corporation
	5,630,000	10.875%, 10/15/2025^e		6,777,113
		Nexstar Escrow Corporation
	3,500,000	5.625%, 8/1/2024^e,f		3,543,750
		SFR Group SA
	3,590,000	6.000%, 5/15/2022^e		3,756,037
	2,710,000	6.250%, 5/15/2024^e		2,862,437
	2,620,000	7.375%, 5/1/2026^e		2,842,700
		Sinclair Television Group, Inc.
	1,570,000	5.875%, 3/15/2026^e		1,605,325
		Sprint Communications, Inc.
	5,130,000	6.000%, 11/15/2022		5,437,800
		Sprint Corporation
	15,495,000	7.625%, 2/15/2025^f		17,838,619
		T-Mobile USA, Inc.
	3,450,000	6.000%, 4/15/2024		3,691,500
		Unitymedia Hessen GmbH & Company KG
	4,590,000	5.500%, 1/15/2023^e		4,762,125
		VeriSign, Inc.
	2,630,000	4.750%, 7/15/2027^e		2,659,588
		Virgin Media Secured Finance plc
	1,170,000	5.250%, 1/15/2026^e		1,217,748
	1,050,000	5.500%, 8/15/2026^e		1,099,875
		Zayo Group, LLC
	3,925,000	6.375%, 5/15/2025		4,236,527
	1,860,000	5.750%, 1/15/2027^e		1,946,025
		Ziggo Bond Finance BV
	1,320,000	5.875%, 1/15/2025^e		1,356,300

		Total		122,896,806

	Consumer Cyclical (12.9%)
		Allison Transmission, Inc.
	3,835,000	5.000%, 10/1/2024^e		3,930,875
		American Axle & Manufacturing, Inc.
	2,673,000	6.250%, 4/1/2025^e,f		2,606,175
		Brookfield Residential Properties, Inc.
	3,960,000	6.125%, 7/1/2022^e		4,098,600
		Choice Hotels International, Inc.
	3,445,000	5.750%, 7/1/2022		3,828,256
		Cinemark USA, Inc.
	4,475,000	4.875%, 6/1/2023		4,571,481
		CST Brands, Inc.
	2,110,000	5.000%, 5/1/2023		2,215,922
		Dana Financing Luxembourg SARL
	3,925,000	6.500%, 6/1/2026^e,f		4,177,672
		Dollar Tree, Inc.
	2,120,000	5.750%, 3/1/2023		2,233,950
		Goodyear Tire & Rubber Company
	3,150,000	5.000%, 5/31/2026		3,260,250
		Hanesbrands, Inc.
	1,950,000	4.875%, 5/15/2026^e		1,979,250
		Hertz Corporation
	1,070,000	7.625%, 6/1/2022^e,f		1,067,432
		Hilton Escrow Issuer, LLC
	2,650,000	4.250%, 9/1/2024^e		2,686,437
		KAR Auction Services, Inc.
	2,670,000	5.125%, 6/1/2025^e		2,720,063
		KB Home
	2,000,000	8.000%, 3/15/2020		2,250,000
	1,580,000	7.500%, 9/15/2022		1,783,425
		L Brands, Inc.
	1,570,000	6.625%, 4/1/2021		1,738,775
	1,860,000	5.625%, 2/15/2022		1,990,200
		Lennar Corporation
	3,710,000	4.125%, 1/15/2022		3,835,212
	1,525,000	4.500%, 4/30/2024		1,576,240
	1,590,000	4.750%, 5/30/2025		1,661,550
		Live Nation Entertainment, Inc.
	3,265,000	4.875%, 11/1/2024^e		3,313,975
		LKQ Corporation
	4,005,000	4.750%, 5/15/2023		4,085,100

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

181

HIGH YIELD PORTFOLIO

Schedule of Investments as of June 30, 2017


Principal Amount		Long-Term Fixed Income (88.7%)	Value
	Consumer Cyclical (12.9%) - continued
		Mattamy Group Corporation
	$3,180,000	6.875%, 12/15/2023^e	$	3,247,575
		Mohegan Tribal Gaming Authority
	3,150,000	7.875%, 10/15/2024^e,f		3,276,000
		Prime Security Services Borrower, LLC
	3,250,000	9.250%, 5/15/2023^e		3,531,645
		RHP Hotel Properties, LP
	790,000	5.000%, 4/15/2021		809,750
	960,000	5.000%, 4/15/2023		981,600
		Rite Aid Corporation
	3,160,000	6.125%, 4/1/2023^e,f		3,108,650
		Scientific Games International, Inc.
	2,190,000	6.625%, 5/15/2021		2,179,050
	2,120,000	7.000%, 1/1/2022^e		2,257,800
	2,650,000	10.000%, 12/1/2022		2,905,063
		Seminole Indian Tribe of Florida
	2,710,000	7.804%, 10/1/2020^*		2,737,100
		ServiceMaster Company, LLC
	4,210,000	5.125%, 11/15/2024^e		4,357,350
		Six Flags Entertainment Corporation
	4,280,000	4.875%, 7/31/2024^e		4,306,194
		Studio City Finance, Ltd.
	2,665,000	8.500%, 12/1/2020^e,f		2,771,600
		Toll Brothers Finance Corporation
	2,660,000	4.875%, 11/15/2025		2,759,750
		Tunica-Biloxi Gaming Authority
	4,570,000	9.000%, 11/15/2015^*,g		1,708,037
		West Corporation
	1,760,000	5.375%, 7/15/2022^e		1,777,600
		Yum! Brands, Inc.
	2,090,000	5.250%, 6/1/2026^e		2,199,725

		Total		106,525,329

	Consumer Non-Cyclical (10.7%)
		Air Medical Merger Sub Corporation
	3,190,000	6.375%, 5/15/2023^e,f		3,022,525
		Albertsons Companies, LLC
	2,620,000	6.625%, 6/15/2024^e		2,600,350
		CHS/Community Health Systems, Inc.
	2,120,000	6.875%, 2/1/2022^f		1,852,350
	4,890,000	6.250%, 3/31/2023		5,048,192
		Community Health Systems, Inc.
	3,420,000	8.000%, 11/15/2019^f		3,437,100
		Cott Beverages, Inc.
	3,265,000	5.375%, 7/1/2022		3,383,356
		Cott Holdings, Inc.
	2,138,000	5.500%, 4/1/2025^e		2,180,760
		Endo Finance, LLC
	530,000	5.875%, 10/15/2024^e,f		545,900
		Energizer Holdings, Inc.
	4,240,000	5.500%, 6/15/2025^e		4,436,100
		Envision Healthcare Corporation
	3,795,000	5.125%, 7/1/2022^e		3,894,619
		HCA, Inc.
	2,645,000	6.500%, 2/15/2020		2,886,356
	4,810,000	5.875%, 3/15/2022		5,333,087
	2,035,000	4.750%, 5/1/2023		2,152,012
	3,705,000	5.375%, 2/1/2025		3,908,034
		JBS USA, LLC
	3,250,000	5.875%, 7/15/2024^e		3,046,875
	4,705,000	5.750%, 6/15/2025^e		4,422,700
		Lamb Weston Holdings, Inc.
	1,580,000	4.625%, 11/1/2024^e		1,627,400
		MPH Acquisition Holdings, LLC
	4,190,000	7.125%, 6/1/2024^e		4,467,588
		Post Holdings, Inc.
	1,590,000	5.500%, 3/1/2025^e		1,639,688
	3,210,000	5.000%, 8/15/2026^e		3,201,975
		Revlon Consumer Products Corporation
	2,798,000	5.750%, 2/15/2021		2,574,160
		Spectrum Brands, Inc.
	2,120,000	5.750%, 7/15/2025		2,273,912
		Teleflex, Inc.
	2,525,000	5.250%, 6/15/2024		2,613,375
		Tenet Healthcare Corporation
	3,250,000	6.000%, 10/1/2020		3,481,563
	530,000	7.500%, 1/1/2022^e,f		574,944
		Valeant Pharmaceuticals International
	2,600,000	7.250%, 7/15/2022^e,f		2,444,000
		Valeant Pharmaceuticals International, Inc.
	1,590,000	5.625%, 12/1/2021^e		1,434,975
	7,910,000	5.500%, 3/1/2023^e		6,713,533
		VPII Escrow Corporation
	3,170,000	7.500%, 7/15/2021^e		3,070,937

		Total		88,268,366

	Energy (13.2%)
		Alliance Resource Operating Partners, LP
	2,670,000	7.500%, 5/1/2025^e		2,806,838
		Antero Resources Corporation
	1,585,000	5.125%, 12/1/2022		1,588,455
	2,640,000	5.625%, 6/1/2023		2,673,000
		California Resources Corporation
	3,180,000	8.000%, 12/15/2022^e,f		2,011,350
		Cheniere Corpus Christi Holdings, LLC
	2,200,000	7.000%, 6/30/2024		2,453,000
	2,750,000	5.875%, 3/31/2025		2,932,188
		Chesapeake Energy Corporation
	3,446,000	8.000%, 1/15/2025^e,f		3,411,540
		Concho Resources, Inc.
	3,425,000	4.375%, 1/15/2025		3,493,500
		Continental Resources, Inc.
	3,670,000	5.000%, 9/15/2022		3,601,187
	2,610,000	4.500%, 4/15/2023^f		2,492,550
		Diamondback Energy, Inc.
	2,105,000	4.750%, 11/1/2024^e		2,094,475
		Energy Transfer Equity, LP
	4,245,000	5.500%, 6/1/2027^f		4,393,575
		Ensco plc
	3,740,000	4.500%, 10/1/2024^f		2,879,800
		Holly Energy Partners, LP
	915,000	6.000%, 8/1/2024^e		951,600
		Hornbeck Offshore Services, Inc.
	2,115,000	5.875%, 4/1/2020^f		1,216,125
	1,590,000	5.000%, 3/1/2021		854,625
		MEG Energy Corporation
	3,160,000	6.375%, 1/30/2023^e		2,443,075
		MPLX, LP
	4,740,000	4.875%, 12/1/2024		5,054,034
		Murphy Oil Corporation
	1,310,000	6.875%, 8/15/2024		1,368,950
		Noble Holding International, Ltd.
	2,120,000	7.750%, 1/15/2024^f		1,673,337

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

182

HIGH YIELD PORTFOLIO

Schedule of Investments as of June 30, 2017


Principal Amount		Long-Term Fixed Income (88.7%)	Value
	Energy (13.2%) - continued
		ONEOK, Inc.
$	2,675,000	7.500%, 9/1/2023	$	3,189,938
		PBF Holding Company, LLC
	2,140,000	7.250%, 6/15/2025^e		2,062,425
		Precision Drilling Corporation
	1,464,879	6.625%, 11/15/2020		1,435,581
	1,060,000	6.500%, 12/15/2021		1,037,475
	1,180,000	7.750%, 12/15/2023^e		1,162,300
	1,350,000	5.250%, 11/15/2024		1,181,250
		Range Resources Corporation
	4,180,000	5.000%, 3/15/2023^e		4,085,950
		Rice Energy, Inc.
	4,605,000	6.250%, 5/1/2022		4,812,225
	1,060,000	7.250%, 5/1/2023		1,142,150
		Rowan Companies, Inc.
	5,240,000	4.875%, 6/1/2022^f		4,860,100
		Sabine Pass Liquefaction, LLC
	2,085,000	5.625%, 3/1/2025		2,302,236
	2,620,000	5.875%, 6/30/2026		2,932,296
		Sunoco, LP
	2,665,000	5.500%, 8/1/2020		2,731,625
	1,330,000	6.375%, 4/1/2023		1,405,278
		Tesoro Corporation
	4,745,000	4.750%, 12/15/2023^e		5,109,891
		Tesoro Logistics, LP
	2,400,000	5.500%, 10/15/2019		2,532,000
	2,130,000	6.250%, 10/15/2022		2,263,125
		Ultra Resources, Inc.
	1,600,000	6.875%, 4/15/2022^e		1,588,000
	1,070,000	7.125%, 4/15/2025^e,f		1,055,288
		Weatherford International, Ltd.
	2,095,000	7.750%, 6/15/2021^f		2,105,475
	2,355,000	4.500%, 4/15/2022^f		2,078,287
		Williams Companies, Inc.
	2,675,000	4.550%, 6/24/2024		2,748,563
		WPX Energy, Inc.
	2,190,000	7.500%, 8/1/2020		2,299,500
	2,670,000	8.250%, 8/1/2023		2,896,950

		Total		109,411,112

	Financials (8.9%)
		Aircastle, Ltd.
	3,200,000	5.000%, 4/1/2023		3,416,000
		Ally Financial, Inc.
	4,670,000	4.125%, 3/30/2020		4,798,425
	2,380,000	4.125%, 2/13/2022		2,439,500
		ASP AMC Merger Sub, Inc.
	5,200,000	8.000%, 5/15/2025^e		4,927,000
		Centene Escrow Corporation
	4,440,000	6.125%, 2/15/2024		4,800,439
		CIT Group, Inc.
	3,765,000	3.875%, 2/19/2019		3,859,125
		Credit Agricole SA
	1,065,000	6.625%, 9/23/2019^e,h		1,095,414
		CyrusOne, LP
	1,870,000	5.000%, 3/15/2024^e		1,926,100
		Drawbridge Special Opportunities Fund, LP
	3,785,000	5.000%, 8/1/2021^e		3,816,552
		Grinding Media, Inc.
	2,500,000	7.375%, 12/15/2023^e		2,718,750
		HSBC Holdings plc
	1,040,000	6.875%, 6/1/2021^f,h		1,123,200
		Icahn Enterprises, LP
	3,860,000	6.000%, 8/1/2020		3,973,388
	3,710,000	6.250%, 2/1/2022		3,867,675
		ILFC E-Capital Trust II
	1,895,000	4.590%, 12/21/2065^e,i		1,809,725
		Jefferies Finance, LLC
	2,650,000	7.375%, 4/1/2020^*		2,716,250
		Lloyds Banking Group plc
	2,140,000	6.657%, 5/21/2037^e,h		2,426,225
		MPT Operating Partnership, LP
	1,192,000	6.375%, 2/15/2022		1,230,740
	3,010,000	5.500%, 5/1/2024		3,145,450
		Orchestra Borrower, LLC
	1,600,000	6.750%, 6/15/2022^e		1,648,640
		Park Aerospace Holdings, Ltd.
	4,275,000	5.250%, 8/15/2022^e		4,468,743
		Quicken Loans, Inc.
	5,855,000	5.750%, 5/1/2025^e		6,045,288
		Royal Bank of Scotland Group plc
	2,940,000	7.500%, 8/10/2020^h		3,034,080
		VEREIT Operating Partnership, LP
	3,955,000	4.875%, 6/1/2026		4,181,107

		Total		73,467,816

	Foreign Government (0.4%)
		Argentina Government International Bond
	3,180,000	6.875%, 1/26/2027		3,288,120

		Total		3,288,120

	Technology (6.4%)
		Alliance Data Systems Corporation
	6,880,000	5.375%, 8/1/2022^e		6,948,800
		Brocade Communications Systems, Inc.
	3,790,000	4.625%, 1/15/2023		3,898,962
		CommScope Technologies Finance, LLC
	4,775,000	6.000%, 6/15/2025^e		5,097,313
		Diamond Finance Corporation
	1,050,000	5.875%, 6/15/2021^e		1,099,875
	1,570,000	7.125%, 6/15/2024^e,f		1,725,874
		Equinix, Inc.
	3,185,000	5.750%, 1/1/2025		3,427,856
	1,030,000	5.875%, 1/15/2026		1,123,019
		First Data Corporation
	3,000,000	5.375%, 8/15/2023^e		3,135,000
	1,910,000	7.000%, 12/1/2023^e		2,038,925
		Harland Clarke Holdings Corporation
	2,120,000	8.375%, 8/15/2022^e		2,257,800
		Inception Merger Sub, Inc.
	4,240,000	8.625%, 11/15/2024^e,f		4,515,600
		Micron Technology, Inc.
	4,730,000	5.250%, 8/1/2023^e		4,912,105
		Plantronics, Inc.
	2,390,000	5.500%, 5/31/2023^e		2,500,538
		Sensata Technologies BV
	4,870,000	4.875%, 10/15/2023^e		4,967,400
		SS&C Technologies Holdings, Inc.
	1,590,000	5.875%, 7/15/2023		1,693,684
		Western Digital Corporation
	3,200,000	10.500%, 4/1/2024		3,774,976

		Total		53,117,727

	Transportation (2.7%)
		American Airlines Pass Through Trust
	3,147,460	5.600%, 7/15/2020^e		3,285,161
		Dynagas LNG Partners, LP
	2,130,000	6.250%, 10/30/2019		2,098,050

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

183

HIGH YIELD PORTFOLIO

Schedule of Investments as of June 30, 2017


Principal Amount		Long-Term Fixed Income (88.7%)	Value
	Transportation (2.7%) - continued
		Eletson Holdings, Inc.
$	2,170,000	9.625%, 1/15/2022^*	$	1,779,400
		Navios Maritime Holdings, Inc.
	2,220,000	8.125%, 2/15/2019		2,009,100
	1,895,000	8.125%, 11/15/2021^e		1,606,012
		Navios South American Logistics, Inc.
	1,900,000	7.250%, 5/1/2022^e,f		1,833,500
		Teekay Offshore Partners, LP
	3,790,000	6.000%, 7/30/2019		2,994,100
		XPO Logistics, Inc.
	4,710,000	6.500%, 6/15/2022^e		4,951,388
	1,570,000	6.125%, 9/1/2023^e		1,634,763

		Total		22,191,474

	Utilities (3.4%)
		Calpine Corporation
	5,340,000	5.375%, 1/15/2023^f		5,206,500
		Consolidated Energy Finance SA
	2,670,000	6.875%, 6/15/2025^e		2,750,100
		Covanta Holding Corporation
	1,850,000	6.375%, 10/1/2022		1,905,500
		Dynegy, Inc.
	2,670,000	7.375%, 11/1/2022^f		2,636,625
	2,405,000	7.625%, 11/1/2024^f		2,332,850
		Electricite de France SA
	2,500,000	5.250%, 1/29/2023^e,h		2,565,000
		NRG Energy, Inc.
	2,140,000	6.625%, 3/15/2023		2,198,850
	1,600,000	6.250%, 5/1/2024^f		1,616,000
		Regency Energy Partners, LP
	4,650,000	5.500%, 4/15/2023		4,812,750
		Tesoro Logistics, LP
	2,000,000	5.250%, 1/15/2025		2,100,000

		Total		28,124,175

		Total Long-Term Fixed Income (cost $718,012,485)		734,577,369

Shares		Preferred Stock (1.1%)
	Consumer Non-Cyclical (0.2%)
	43,350	CHS, Inc., 7.100%^h		1,275,357

		Total		1,275,357

	Financials (0.9%)
	62,331	Citigroup, Inc., 6.875%^h		1,844,374
	53,000	Federal National Mortgage Association, 0.000%^h,j		305,280
	86,021	Goldman Sachs Group, Inc., 5.500%^h		2,421,491
	20,016	Morgan Stanley, 6.875%^h		586,269
	18,720	PNC Financial Services Group, Inc., 6.125%^h		554,112
	1,560	Wells Fargo & Company, Convertible, 7.500%^h		2,045,332

		Total		7,756,858

		Total Preferred Stock (cost $8,451,088)		9,032,215

		Registered Investment Companies (0.5%)
	Equity Funds/Exchange Traded Funds (0.5%)
	28,896	Energy Select Sector SPDR Fund		1,875,928
	58,250	SPDR S&P Oil & Gas Exploration & Production ETF		1,859,340

		Total		3,735,268

		Total Registered Investment Companies (cost $3,739,251)		3,735,268

		Common Stock (<0.1%)
	Consumer Discretionary (<0.1%)
	121,520	TVMAX Holdings, Inc.^j,k		12

		Total		12

	Industrials (<0.1%)
	930,630	Abengoa SA, Class A^j		32,951
	9,928,936	Abengoa SA, Class B^j		124,744

		Total		157,695

		Total Common Stock (cost $6,530,225)		157,707

		Collateral Held for Securities Loaned (13.2%)
	108,822,574	Thrivent Cash Management Trust		108,822,574

		Total Collateral Held for Securities Loaned (cost $108,822,574)		108,822,574

Shares or Principal Amount		Short-Term Investments (5.6%)^l
		Federal Home Loan Bank Discount Notes
	400,000	1.020%, 8/1/2017		399,671
	1,600,000	1.020%, 8/16/2017		1,598,005
	2,650,000	1.020%, 8/23/2017		2,646,171
	580,000	1.030%, 9/8/2017		578,888
		Thrivent Core Short-Term Reserve Fund
	4,142,083	1.240%		41,420,826

		Total Short-Term Investments (cost $46,643,265)		46,643,561

		Total Investments (cost $913,441,867) 111.7%	$	924,312,037

		Other Assets and Liabilities, Net (11.7%)		(96,575,724	)

		Total Net Assets 100.0%	$	827,736,313

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

184

HIGH YIELD PORTFOLIO

Schedule of Investments as of June 30, 2017

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

b	All or a portion of the loan is unfunded.

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

d	Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of June 30, 2017.

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

g	Defaulted security. Interest is not being accrued.

h	Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest and have no contractual maturity date. Date shown, if applicable, is next call date.

i	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2017.

j	Non-income producing security.

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	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 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, 2017 was $12,109,673 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, 2017.


Security	Acquisition Date		Cost
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		3,095,017
Seminole Indian Tribe of Florida, 10/1/2020		7/8/2010		2,607,188
Tunica-Biloxi Gaming Authority, 11/15/2017		11/8/2005		4,585,435

Securities Lending Transactions


Taxable Debt Security	$	104,752,242

Total lending	$	104,752,242
Gross amount payable upon return of collateral for securities loaned	$	108,822,574

Net amounts due to counterparty	$	4,070,332

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

185

INCOME PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Bank Loans (2.5%)^a	Value
	Basic Materials (0.1%)
		Arch Coal, Inc., Term Loan
	$ 234,412	5.226%, 3/7/2024	$	233,925
		Contura Energy, Inc., Term Loan
	224,438	6.230%, 3/17/2024		217,704
		Ineos Finance, LLC, Term Loan
	835,800	3.976%, 3/31/2022^b,c		837,020
		Tronox Pigments BV, Term Loan
	724,341	4.796%, 3/19/2020		727,963

		Total		2,016,612

	Capital Goods (0.3%)
		Advanced Disposal Services, Inc., Term Loan
	1,182,261	3.939%, 11/10/2023		1,185,856
		Berry Plastics Corporation, Term Loan
	725,000	3.367%, 2/8/2020		724,797
	265,000	3.367%, 1/6/2021		264,846
		Cortes NP Intermediate Holding II Corporation, Term Loan
	810,000	5.226%, 11/30/2023		812,697
		Sterigenics-Nordion Holdings, LLC, Term Loan
	1,285,603	4.226%, 5/15/2022		1,280,782

		Total		4,268,978

	Communications Services (0.9%)
		Altice Financing SA, Term Loan
	220,000	3.908%, 7/15/2025		219,243
		Beasley Broadcast Group, Inc., Term Loan
	272,264	7.226%, 11/1/2023		274,987
		Cengage Learning Acquisitions, Term Loan
	829,810	5.339%, 6/7/2023		782,187
		Coral-US Co-Borrower, LLC, Term Loan
	615,000	4.726%, 11/19/2024		616,156
		Hargray Merger Subsidiary Corporation, Term Loan
	175,000	4.226%, 3/24/2024		175,165
		Intelsat Jackson Holdings SA, Term Loan
	239,713	4.000%, 6/30/2019		237,503
		Level 3 Financing, Inc., Term Loan
	800,000	3.466%, 2/22/2024		801,504
		LTS Buyer, LLC, Term Loan
	1,528,163	4.546%, 4/13/2020		1,532,748
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	754,831	5.226%, 5/4/2022		741,501
		NEP/NCP Holdco, Inc., Term Loan
	1,532,639	4.476%, 1/22/2020		1,532,164
	540,000	0.000%, 7/21/2022^b,c		539,833
		SFR Group SA, Term Loan
	200,000	3.944%, 6/22/2025		198,188
		Sprint Communications, Inc., Term Loan
	962,588	3.750%, 2/2/2024		962,385
		TNS, Inc., Term Loan
	774,819	5.230%, 2/15/2020		780,049
		Univision Communications, Inc., Term Loan
	1,591,329	3.976%, 3/15/2024		1,558,834
		WideOpenWest Finance, LLC, Term Loan
	670,000	0.000%, 8/6/2023^b,c		668,861
	719,563	4.702%, 8/19/2023		718,339
		Zayo Group, LLC, Term Loan
	300,284	3.716%, 1/19/2024		300,410

		Total		12,640,057

	Consumer Cyclical (0.3%)
		Amaya Holdings BV, Term Loan
	1,528,800	4.796%, 8/1/2021		1,530,191
		Burlington Coat Factory Warehouse Corporation, Term Loan
	1,301,838	3.960%, 7/29/2021		1,304,546
		Mohegan Tribal Gaming Authority, Term Loan
	696,737	5.226%, 10/13/2023^b,c		703,920
		Scientific Games International, Inc., Term Loan
	1,107,225	5.108%, 10/1/2021		1,117,534

		Total		4,656,191

	Consumer Non-Cyclical (0.4%)
		Air Medical Group Holdings, Inc., Term Loan
	885,000	0.000%, 4/28/2022^b,c		880,133
		Albertson’s, LLC, Term Loan
	287,154	0.000%, 12/21/2022^b,c		283,763
	520,821	0.000%, 6/22/2023^b,c		514,529
		CHS/Community Health Systems, Inc., Term Loan
	594,649	4.210%, 1/27/2021		593,346
		JBS USA LUX SA, Term Loan
	802,988	5.750%, 10/30/2022^b,c		782,110
		MPH Acquisition Holdings, LLC, Term Loan
	448,578	4.296%, 6/7/2023		448,228
		Ortho-Clinical Diagnostics, Inc., Term Loan
	713,959	5.046%, 6/30/2021		709,354
		Revlon Consumer Products Corporation, Term Loan
	299,246	4.726%, 9/7/2023		278,748
		Valeant Pharmaceuticals International, Inc., Term Loan
	2,042,165	5.830%, 4/1/2022		2,068,979

		Total		6,559,190

	Energy (0.1%)
		Houston Fuel Oil Terminal, LLC, Term Loan
	460,010	4.550%, 8/19/2021^b,c		455,985
		McJunkin Red Man Corporation, Term Loan
	333,707	5.226%, 11/9/2019		335,542

		Total		791,527

	Financials (<0.1%)
		ASP AMC Merger Sub, Inc., Term Loan
	639,236	4.796%, 4/13/2024		632,045

		Total		632,045

	Technology (0.3%)
		First Data Corporation, Term Loan
	1,015,000	3.716%, 4/26/2024		1,014,634

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

186

INCOME PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Bank Loans (2.5%)^a	Value
	Technology (0.3%) - continued
		Harland Clarke Holdings Corporation, Term Loan
	$643,520	7.296%, 12/31/2021	$	645,933
		ON Semiconductor Corporation, Term Loan
	128,921	3.476%, 3/31/2023		128,979
		Rackspace Hosting, Inc., Term Loan
	420,000	0.000%, 11/3/2023^b,c		419,605
		Syniverse Holdings, Inc., Term Loan
	599,563	4.172%, 4/23/2019		558,595
		Western Digital Corporation, Term Loan
	706,450	3.976%, 4/29/2023		708,838
		Xerox Business Services, LLC, Term Loan
	398,997	5.226%, 12/7/2023		403,486

		Total		3,880,070

	Transportation (0.1%)
		Arctic LNG Carriers, Ltd., Term Loan
	720,000	5.726%, 5/18/2023		717,300
		XPO Logistics, Inc., Term Loan
	405,000	3.405%, 10/30/2021		405,753

		Total		1,123,053

		Total Bank Loans (cost $36,465,572)		36,567,723


		Long-Term Fixed Income (91.1%)
	Asset-Backed Securities (2.1%)
		Babson CLO, Ltd.
	3,250,000	2.308%, 10/17/2026, Ser. 2014-IIA, Class AR^*,d		3,250,007
		Carlyle Global Market Strategies CLO, Ltd.
	2,600,000	2.358%, 10/15/2026, Ser. 2014-4A, Class A1R^*,d		2,601,479
		Cent CLO 22, Ltd.
	3,200,000	2.589%, 11/7/2026, Ser. 2014-22A, Class A1R^*,d		3,204,794
		Delta Air Lines, Inc.
	1,685,528	4.250%, 7/30/2023		1,731,880
		Dryden 34 Senior Loan Fund CLO
	3,250,000	2.318%, 10/15/2026, Ser. 2014-34A, Class AR^*,d		3,250,169
		GMAC Mortgage Corporation Loan Trust
	912,076	1.716%, 8/25/2035, Ser. 2005-HE1, Class A2^d,e		881,301
	1,671,841	1.204%, 12/25/2036, Ser. 2006-HE4, Class A1^d,e		1,632,453
		IndyMac Seconds Asset-Backed Trust
	428,737	1.556%, 10/25/2036, Ser. 2006-2B, Class A^d,e		272,316
		Magnetite XII, Ltd.
	3,200,000	2.488%, 4/15/2027, Ser. 2015-12A, Class AR^*,d		3,217,027
		OHA Loan Funding, LLC
	3,250,000	2.306%, 10/20/2026, Ser. 2014-1A, Class A1R^*,d		3,250,010
		Renaissance Home Equity Loan Trust
	1,897,418	5.746%, 5/25/2036, Ser. 2006-1, Class AF6^f		1,367,263
		Shackleton, Ltd.
	3,200,000	2.528%, 4/15/2027, Ser. 2015-7A, Class AR^*,d		3,200,163
		Symphony CLO XV, Ltd.
	3,200,000	2.338%, 10/17/2026, Ser. 2014-15A, Class AR^*,d		3,209,805

		Total		31,068,667

	Basic Materials (3.1%)
		Agrium, Inc.
	1,920,000	3.375%, 3/15/2025		1,920,373
		Anglo American plc
	1,280,000	3.625%, 5/14/2020^g		1,300,800
		Barrick Gold Corporation
	1,879,000	4.100%, 5/1/2023		2,032,586
		Dow Chemical Company
	2,570,000	4.250%, 11/15/2020		2,728,494
	1,920,000	3.000%, 11/15/2022		1,956,760
		First Quantum Minerals, Ltd.
	1,280,000	7.000%, 2/15/2021^g		1,312,000
		FMG Resources Property, Ltd.
	1,280,000	5.125%, 5/15/2024^g		1,280,000
		Freeport-McMoRan, Inc.
	2,675,000	3.875%, 3/15/2023^h		2,487,750
		Georgia-Pacific, LLC
	3,780,000	3.163%, 11/15/2021^g		3,859,792
		Glencore Funding, LLC
	3,180,000	4.125%, 5/30/2023^g		3,262,966
	2,880,000	4.000%, 3/27/2027^g		2,833,923
		International Paper Company
	2,240,000	3.000%, 2/15/2027		2,156,020
	1,190,000	4.800%, 6/15/2044		1,271,945
		Kinross Gold Corporation
	1,920,000	5.950%, 3/15/2024		2,121,005
		LyondellBasell Industries NV
	1,900,000	6.000%, 11/15/2021		2,146,225
	1,270,000	5.750%, 4/15/2024		1,455,228
		Sherwin-Williams Company
	1,600,000	3.450%, 6/1/2027		1,611,398
		Vale Overseas, Ltd.
	1,280,000	4.375%, 1/11/2022		1,302,784
	1,920,000	6.250%, 8/10/2026		2,071,200
		Westlake Chemical Corporation
	3,200,000	3.600%, 8/15/2026		3,176,323
		Weyerhaeuser Company
	2,570,000	7.375%, 3/15/2032		3,539,078
		Yara International ASA
	50,000	7.875%, 6/11/2019^g		54,962

		Total		45,881,612

	Capital Goods (2.4%)
		AECOM
	1,230,000	5.875%, 10/15/2024		1,337,625
		BAE Systems plc
	1,970,000	4.750%, 10/11/2021^g		2,125,788
		Bombardier, Inc.
	1,280,000	7.500%, 3/15/2025^g		1,328,000
		Embraer Netherlands Finance BV
	1,920,000	5.400%, 2/1/2027		2,006,400
		General Electric Capital Corporation
	3,200,000	2.246%, 3/15/2023^d		3,290,112
		General Electric Company
	2,560,000	1.551%, 5/5/2026^d		2,513,510
		Johnson Controls International plc
	1,150,000	5.250%, 12/1/2041		1,311,608
		L3 Technologies, Inc.
	2,560,000	4.750%, 7/15/2020		2,732,844
	1,280,000	4.950%, 2/15/2021		1,379,839
	800,000	3.850%, 12/15/2026		824,768

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

187

INCOME PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (91.1%)	Value
	Capital Goods (2.4%) - continued
		Republic Services, Inc.
	$3,170,000	3.550%, 6/1/2022	$	3,299,048
		Roper Technologies, Inc.
	1,920,000	3.125%, 11/15/2022		1,942,395
	2,240,000	3.800%, 12/15/2026		2,301,732
		Textron, Inc.
	1,280,000	4.300%, 3/1/2024		1,359,342
	630,000	3.875%, 3/1/2025		647,208
	2,560,000	3.650%, 3/15/2027		2,570,266
		United Rentals North America, Inc.
	1,250,000	5.500%, 7/15/2025		1,309,375
		Waste Management, Inc.
	3,140,000	4.100%, 3/1/2045		3,295,483

		Total		35,575,343

	Collateralized Mortgage Obligations (0.5%)
		CitiMortgage Alternative Loan Trust
		5.750%, 4/25/2037, Ser.
	1,357,711	2007-A4, Class 1A5		1,183,471
		Countrywide Alternative Loan Trust
		6.000%, 1/25/2037, Ser.
	1,758,283	2006-39CB, Class 1A16		1,691,389
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
		1.502%, 4/25/2047, Ser.
	1,729,307	2007-OA2, Class A1^d		1,601,313
		Wachovia Mortgage Loan Trust, LLC
		3.534%, 5/20/2036, Ser.
	1,006,828	2006-A, Class 2A1		900,256
		WaMu Mortgage Pass Through Certificates
		1.506%, 10/25/2045, Ser.
	432,500	2005-AR13, Class A1A1^d		428,897
		Washington Mutual Mortgage Pass Through Certificates Trust
		1.482%, 2/25/2047, Ser.
	3,024,796	2007-OA3, Class 2A^d		2,303,973

		Total		8,109,299

	Communications Services (8.8%)
		21st Century Fox America, Inc.
	1,900,000	7.625%, 11/30/2028		2,487,695
		America Movil SAB de CV
	1,920,000	3.125%, 7/16/2022		1,956,653
		American Tower Corporation
	3,500,000	3.450%, 9/15/2021		3,608,990
	2,560,000	3.125%, 1/15/2027		2,457,421
		AT&T, Inc.
	3,310,000	3.800%, 3/15/2022		3,425,592
	2,540,000	3.600%, 2/17/2023		2,599,266
	3,190,000	4.450%, 4/1/2024		3,358,359
	1,000,000	3.950%, 1/15/2025		1,019,267
	1,240,000	3.400%, 5/15/2025		1,219,142
	5,120,000	4.250%, 3/1/2027		5,293,491
	3,190,000	4.300%, 12/15/2042		2,966,247
	3,200,000	4.750%, 5/15/2046		3,142,227
	3,200,000	5.450%, 3/1/2047		3,449,462
		CBS Corporation
	1,280,000	2.900%, 1/15/2027		1,212,466
	1,280,000	3.375%, 2/15/2028^c		1,254,668
		Charter Communications Operating, LLC
	4,370,000	4.464%, 7/23/2022		4,655,571
	1,920,000	3.750%, 2/15/2028^c,g		1,891,884
	3,120,000	6.484%, 10/23/2045		3,749,316
		Columbus International, Inc.
	1,910,000	7.375%, 3/30/2021^g		2,026,987
		Comcast Corporation
	3,740,000	3.375%, 8/15/2025		3,837,251
	2,700,000	6.400%, 5/15/2038		3,594,802
		Cox Communications, Inc.
	3,317,000	3.850%, 2/1/2025^g,h		3,342,285
	1,920,000	8.375%, 3/1/2039^g		2,547,260
		Crown Castle International Corporation
	960,000	3.400%, 2/15/2021		985,774
	4,160,000	5.250%, 1/15/2023		4,620,529
	2,700,000	4.450%, 2/15/2026		2,868,115
		Hughes Satellite Systems Corporation
	2,322,000	6.500%, 6/15/2019		2,507,760
		Level 3 Financing, Inc.
	1,280,000	5.125%, 5/1/2023		1,328,794
		Omnicom Group, Inc.
	4,245,000	4.450%, 8/15/2020		4,522,300
	940,000	3.650%, 11/1/2024		964,032
		S&P Global, Inc.
	1,920,000	2.950%, 1/22/2027		1,848,474
		Scripps Networks Interactive, Inc.
	3,110,000	3.500%, 6/15/2022		3,207,004
		SES Global Americas Holdings GP
	3,180,000	2.500%, 3/25/2019^g		3,175,863
		SFR Group SA
	1,920,000	6.000%, 5/15/2022^g		2,008,800
		Sprint Communications, Inc.
	1,290,000	7.000%, 3/1/2020^g		1,415,775
		Sprint Corporation
	960,000	7.125%, 6/15/2024		1,068,000
		Telefonica Emisiones SAU
	3,200,000	4.103%, 3/8/2027		3,306,416
		Time Warner Cable, Inc.
	3,800,000	4.125%, 2/15/2021		3,973,364
		Time Warner Entertainment Company, LP
	3,620,000	8.375%, 3/15/2023		4,554,376
		Time Warner, Inc.
	1,210,000	4.750%, 3/29/2021		1,302,970
		Verizon Communications, Inc.
	3,352,000	2.946%, 3/15/2022^g		3,374,921
	2,740,000	3.500%, 11/1/2024		2,768,389
	1,920,000	5.250%, 3/16/2037		2,066,260
	3,830,000	4.862%, 8/21/2046		3,829,050
	5,457,000	4.522%, 9/15/2048		5,173,896
		Vodafone Group plc
	1,910,000	2.500%, 9/26/2022		1,894,688
	1,270,000	4.375%, 2/19/2043		1,255,815
		Zayo Group, LLC
	1,280,000	5.750%, 1/15/2027^g		1,339,200

		Total		130,456,867

	Consumer Cyclical (4.5%)
		CVS Health Corporation
	3,190,000	2.750%, 12/1/2022		3,193,592
	1,870,000	4.750%, 12/1/2022		2,049,456
	1,600,000	3.875%, 7/20/2025		1,663,742
	3,120,000	5.125%, 7/20/2045		3,581,666
		Dana, Inc.
	1,280,000	6.000%, 9/15/2023		1,334,400
		Dollar Tree, Inc.
	1,230,000	5.750%, 3/1/2023		1,296,113

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

188

INCOME PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (91.1%)	Value
	Consumer Cyclical (4.5%) - continued
		Ford Motor Credit Company, LLC
	$1,700,000	2.597%, 11/4/2019	$	1,711,380
	2,575,000	4.250%, 9/20/2022		2,704,796
	1,850,000	3.096%, 5/4/2023		1,827,880
	2,510,000	3.664%, 9/8/2024		2,504,094
	3,720,000	4.134%, 8/4/2025		3,784,527
		General Motors Company
	1,230,000	5.000%, 4/1/2035		1,234,233
	1,920,000	6.750%, 4/1/2046		2,279,919
		General Motors Financial Company, Inc.
	3,100,000	3.450%, 4/10/2022		3,150,499
	3,830,000	3.700%, 5/9/2023		3,888,710
	2,510,000	4.000%, 1/15/2025		2,520,886
		Home Depot, Inc.
	960,000	2.125%, 9/15/2026		897,561
	3,180,000	4.250%, 4/1/2046		3,421,543
		Hyundai Capital America
	3,850,000	2.450%, 6/15/2021^g,h		3,800,662
		Hyundai Capital Services, Inc.
	1,920,000	3.000%, 3/6/2022^g		1,912,226
		L Brands, Inc.
	1,260,000	5.625%, 2/15/2022		1,348,200
		Lennar Corporation
	1,880,000	4.500%, 11/15/2019		1,950,500
		Live Nation Entertainment, Inc.
	1,280,000	4.875%, 11/1/2024^g		1,299,200
		MGM Resorts International
	1,240,000	6.000%, 3/15/2023		1,367,100
		Scientific Games International, Inc.
	1,280,000	7.000%, 1/1/2022^g		1,363,200
		Toll Brothers Finance Corporation
	2,000,000	6.750%, 11/1/2019		2,197,500
	960,000	4.375%, 4/15/2023		993,120
	1,280,000	4.875%, 3/15/2027		1,318,400
		Visa, Inc.
	2,860,000	3.150%, 12/14/2025		2,903,941
		Wyndham Worldwide Corporation
	1,920,000	4.500%, 4/1/2027		1,979,514
		ZF North America Capital, Inc.
	1,230,000	4.500%, 4/29/2022^g		1,291,500

		Total		66,770,060


	Consumer Non-Cyclical (9.6%)
		Abbott Laboratories
	5,120,000	3.750%, 11/30/2026		5,227,090
	1,440,000	4.750%, 11/30/2036		1,569,144
	1,920,000	4.900%, 11/30/2046		2,122,001
		AbbVie, Inc.
	4,460,000	3.200%, 5/14/2026		4,407,778
		Actavis Funding SCS
	2,555,000	3.850%, 6/15/2024		2,664,673
	2,560,000	3.800%, 3/15/2025		2,648,161
		Altria Group, Inc.
	1,600,000	2.625%, 9/16/2026		1,540,627
		Amgen, Inc.
	1,920,000	4.400%, 5/1/2045		1,974,908
		Anheuser-Busch InBev Finance, Inc.
	2,570,000	3.300%, 2/1/2023		2,646,080
	4,470,000	3.650%, 2/1/2026		4,605,745
	3,210,000	4.700%, 2/1/2036		3,546,254
	3,200,000	4.900%, 2/1/2046		3,616,742
		Anheuser-Busch InBev Worldwide, Inc.
	4,320,000	3.750%, 1/15/2022		4,555,440
		Becton, Dickinson and Company
	3,120,000	3.125%, 11/8/2021		3,177,673
	1,920,000	3.363%, 6/6/2024		1,923,717
	1,920,000	3.734%, 12/15/2024		1,951,622
		Biogen, Inc.
	3,740,000	3.625%, 9/15/2022		3,911,049
		Boston Scientific Corporation
	2,660,000	3.375%, 5/15/2022		2,737,941
		Bunge Limited Finance Corporation
	2,530,000	8.500%, 6/15/2019		2,829,719
	1,920,000	3.500%, 11/24/2020		1,968,234
		Cardinal Health, Inc.
	1,280,000	3.079%, 6/15/2024		1,282,753
		Celgene Corporation
	1,910,000	3.250%, 8/15/2022		1,963,281
		Constellation Brands, Inc.
	2,560,000	4.250%, 5/1/2023		2,725,007
	640,000	3.500%, 5/9/2027		639,470
		Express Scripts Holding Company
	3,810,000	4.500%, 2/25/2026		4,038,246
	1,920,000	3.400%, 3/1/2027		1,853,240
		Forest Laboratories, Inc.
	2,550,000	5.000%, 12/15/2021^g		2,783,833
		H. J. Heinz Company
	3,120,000	3.500%, 7/15/2022		3,216,324
	1,860,000	5.200%, 7/15/2045		2,016,876
		HCA, Inc.
	1,920,000	4.750%, 5/1/2023		2,030,400
		Heineken NV
	1,920,000	3.500%, 1/29/2028^g		1,948,708
		Imperial Tobacco Finance plc
	2,190,000	3.750%, 7/21/2022^g		2,279,836
		JBS USA, LLC
	1,270,000	7.250%, 6/1/2021^g		1,269,365
		Kraft Foods Group, Inc.
	4,390,000	3.500%, 6/6/2022		4,544,954
		Kraft Heinz Foods Company
	1,280,000	3.000%, 6/1/2026		1,224,676
		Kroger Company
	3,200,000	2.650%, 10/15/2026^h		2,951,494
		Laboratory Corporation of America Holdings
	1,250,000	3.200%, 2/1/2022		1,275,569
		Mylan, Inc.
	1,920,000	3.125%, 1/15/2023^g		1,909,991
		Newell Rubbermaid, Inc.
	2,700,000	3.850%, 4/1/2023		2,834,476
		Pernod Ricard SA
	3,130,000	5.750%, 4/7/2021^g		3,485,218
	1,910,000	4.450%, 1/15/2022^g		2,047,656
		Reckitt Benckiser Treasury Services plc
	1,280,000	2.750%, 6/26/2024^g		1,267,645
	1,600,000	3.000%, 6/26/2027^g		1,577,075
		Reynolds American, Inc.
	1,560,000	5.850%, 8/15/2045		1,912,713
		Shire Acquisitions Investments Ireland Designated Activity Company
	3,200,000	2.875%, 9/23/2023		3,171,302
	1,280,000	3.200%, 9/23/2026		1,251,785
		Teva Pharmaceutical Finance Netherlands III BV
	3,040,000	2.800%, 7/21/2023		2,956,434
	4,480,000	3.150%, 10/1/2026^h		4,255,006

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

189

INCOME PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (91.1%)	Value
	Consumer Non-Cyclical (9.6%) - continued
		Thermo Fisher Scientific, Inc.
	$3,830,000	3.000%, 4/15/2023	$	3,860,594
	1,280,000	2.950%, 9/19/2026		1,244,787
		Tyson Foods, Inc.
	1,280,000	3.550%, 6/2/2027		1,287,384
		Valeant Pharmaceuticals International
	1,920,000	6.375%, 10/15/2020^g,h		1,860,000
		Watson Pharmaceuticals, Inc.
	3,180,000	3.250%, 10/1/2022		3,248,685
		Whirlpool Corporation
	2,605,000	3.700%, 3/1/2023		2,694,935
		Zoetis, Inc.
	3,190,000	3.250%, 2/1/2023		3,268,984

		Total		141,803,300


	Energy (10.5%)
		Access Midstream Partners, LP
	1,270,000	4.875%, 5/15/2023		1,317,777
		Anadarko Petroleum Corporation
	3,830,000	5.550%, 3/15/2026^h		4,280,431
		Antero Resources Corporation
	1,880,000	5.625%, 6/1/2023		1,903,500
		Boardwalk Pipelines, LP
	1,760,000	4.450%, 7/15/2027		1,802,119
		BP Capital Markets plc
	1,910,000	2.750%, 5/10/2023		1,901,707
	2,490,000	3.814%, 2/10/2024		2,596,955
	1,590,000	3.119%, 5/4/2026		1,576,056
	2,560,000	3.017%, 1/16/2027		2,490,916
		Buckeye Partners, LP
	640,000	3.950%, 12/1/2026		633,555
	1,900,000	5.850%, 11/15/2043		2,040,634
		Canadian Natural Resources, Ltd.
	3,110,000	3.450%, 11/15/2021		3,193,137
	1,600,000	3.850%, 6/1/2027		1,590,800
	1,600,000	6.250%, 3/15/2038		1,887,538
		Cenovus Energy, Inc.
	1,600,000	4.250%, 4/15/2027^g,h		1,524,362
		Continental Resources, Inc.
	1,910,000	3.800%, 6/1/2024^h		1,748,834
		El Paso Pipeline Partners Operating
		Company, LLC
	3,850,000	5.000%, 10/1/2021		4,134,569
	4,450,000	4.300%, 5/1/2024		4,599,689
	1,280,000	4.700%, 11/1/2042		1,209,957
		Enbridge Energy Partners, LP
	2,550,000	5.200%, 3/15/2020		2,703,995
	1,920,000	7.375%, 10/15/2045		2,448,073
		Enbridge, Inc.
	1,920,000	6.000%, 1/15/2077		2,013,600
	1,600,000	3.700%, 7/15/2027^c		1,598,994
	1,920,000	5.500%, 12/1/2046		2,166,758
		Encana Corporation
	1,280,000	6.625%, 8/15/2037		1,485,898
		Energy Transfer Equity, LP
	1,870,000	5.500%, 6/1/2027		1,935,450
		Energy Transfer Partners, LP
	4,480,000	4.200%, 4/15/2027^h		4,462,246
		EnLink Midstream Partners, LP
	1,280,000	4.150%, 6/1/2025		1,264,128
	960,000	4.850%, 7/15/2026		998,896
		Enterprise Products Operating, LLC
	1,930,000	6.650%, 4/15/2018		2,000,406
	2,490,000	3.700%, 2/15/2026		2,536,314
	1,690,000	7.034%, 1/15/2068		1,730,560
		EQT Midstream Partners, LP
	3,030,000	4.000%, 8/1/2024		3,074,974
		Exxon Mobil Corporation
	3,180,000	2.726%, 3/1/2023		3,217,184
		Halliburton Company
	1,920,000	5.000%, 11/15/2045		2,045,610
		Hess Corporation
	1,920,000	5.800%, 4/1/2047		1,938,374
		Hornbeck Offshore Services, Inc.
	1,560,000	5.000%, 3/1/2021		838,500
		Kinder Morgan, Inc.
	1,280,000	5.000%, 2/15/2021^g		1,372,243
		Magellan Midstream Partners, LP
	1,280,000	5.000%, 3/1/2026		1,411,724
		Marathon Oil Corporation
	2,560,000	2.800%, 11/1/2022		2,454,095
		Marathon Petroleum Corporation
	1,920,000	6.500%, 3/1/2041		2,219,898
	1,280,000	4.750%, 9/15/2044		1,217,660
		MPLX, LP
	2,550,000	4.875%, 6/1/2025		2,704,244
	1,920,000	5.200%, 3/1/2047		1,969,114
		Nabors Industries, Inc.
	640,000	5.500%, 1/15/2023^g		606,400
		NiSource Finance Corporation
	1,920,000	4.375%, 5/15/2047		1,982,600
		Noble Energy, Inc.
	1,280,000	5.050%, 11/15/2044		1,316,302
		ONEOK, Inc.
	1,920,000	7.500%, 9/1/2023		2,289,600
		Petrobras Global Finance BV
	1,930,000	8.375%, 5/23/2021		2,160,403
	1,920,000	7.375%, 1/17/2027		2,031,360
		Petroleos Mexicanos
	960,000	5.375%, 3/13/2022^g		1,010,640
	1,920,000	4.625%, 9/21/2023		1,943,040
		Pioneer Natural Resources Company
	3,150,000	3.950%, 7/15/2022		3,300,409
		Plains All American Pipeline, LP
	3,210,000	2.850%, 1/31/2023		3,113,661
	1,920,000	4.500%, 12/15/2026		1,941,982
		Regency Energy Partners, LP
	3,190,000	5.000%, 10/1/2022		3,420,921
		Sabine Pass Liquefaction, LLC
	1,910,000	5.750%, 5/15/2024		2,126,965
		Schlumberger Holdings Corporation
	3,200,000	3.625%, 12/21/2022^g		3,329,040
		Sempra Energy
	3,200,000	3.250%, 6/15/2027		3,153,741
		Spectra Energy Partners, LP
	3,190,000	3.375%, 10/15/2026		3,118,442
		Suncor Energy, Inc.
	1,920,000	3.600%, 12/1/2024		1,964,705
		Sunoco Logistics Partners Operations, LP
	3,200,000	3.450%, 1/15/2023		3,211,056
		Tesoro Corporation
	2,560,000	4.750%, 12/15/2023^g		2,756,864
		Tesoro Logistics, LP
	1,880,000	5.500%, 10/15/2019		1,983,400
		TransCanada Trust
	1,280,000	5.300%, 3/15/2077		1,315,840
	1,600,000	5.875%, 8/15/2076		1,736,320

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

190

INCOME PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (91.1%)	Value
	Energy (10.5%) - continued
		Transcontinental Gas Pipe Line Company, LLC
	$1,925,000	7.850%, 2/1/2026	$	2,476,826
		Williams Partners, LP
	1,930,000	4.500%, 11/15/2023		2,059,899
	2,880,000	3.900%, 1/15/2025		2,911,882
	1,600,000	3.750%, 6/15/2027		1,583,891
		Woodside Finance, Ltd.
	3,130,000	3.650%, 3/5/2025^g		3,118,910
		WPX Energy, Inc.
	1,280,000	6.000%, 1/15/2022^h		1,267,200

		Total		155,473,773


	Financials (27.0%)
		Aegon NV
	2,600,000	2.326%, 10/15/2017^d,i		2,210,000
		AerCap Ireland Capital, Ltd.
	960,000	3.950%, 2/1/2022		999,429
		Aflac, Inc.
	2,560,000	4.000%, 10/15/2046		2,526,180
		Air Lease Corporation
	2,510,000	3.750%, 2/1/2022^h		2,619,002
	1,260,000	4.250%, 9/15/2024		1,321,629
	1,280,000	3.625%, 4/1/2027		1,280,260
		Allstate Corporation
	2,880,000	4.200%, 12/15/2046		3,010,069
		American International Group, Inc.
	3,130,000	4.500%, 7/16/2044		3,187,188
		Aon plc
	1,910,000	3.875%, 12/15/2025		1,996,078
		Ares Capital Corporation
	3,190,000	4.875%, 11/30/2018		3,301,663
		Associated Banc-Corporation
	3,150,000	4.250%, 1/15/2025		3,213,047
		Assured Guaranty US Holdings, Inc.
	3,200,000	5.000%, 7/1/2024^h		3,431,085
		Australia & New Zealand Banking Group, Ltd.
	1,280,000	6.750%, 6/15/2026^g,h,i		1,415,227
		AXA SA
	2,580,000	8.600%, 12/15/2030		3,637,800
		Banco de Brasil SA
	1,371,000	9.000%, 6/18/2024^g,i		1,388,138
		Banco Santander SA
	2,000,000	6.375%, 5/19/2019ⁱ		2,047,500
		Bank of America Corporation
	3,840,000	2.357%, 3/22/2018^d		3,863,220
	3,380,000	7.625%, 6/1/2019		3,728,951
	2,870,000	2.625%, 4/19/2021		2,882,462
	1,000,000	4.100%, 7/24/2023		1,058,478
	3,830,000	4.125%, 1/22/2024		4,041,941
	2,830,000	4.200%, 8/26/2024		2,935,984
	2,860,000	6.500%, 10/23/2024ⁱ		3,180,120
	2,750,000	3.950%, 4/21/2025		2,786,660
	1,270,000	3.875%, 8/1/2025		1,313,950
	1,270,000	6.300%, 3/10/2026ⁱ		1,423,988
	3,200,000	3.705%, 4/24/2028		3,224,141
	1,950,000	5.875%, 2/7/2042		2,446,751
	3,110,000	4.750%, 4/21/2045		3,344,612
		Barclays Bank plc
	1,910,000	10.179%, 6/12/2021^g		2,392,013
		Barclays plc
	2,560,000	3.684%, 1/10/2023		2,626,435
	1,280,000	4.836%, 5/9/2028		1,308,667
		Berkshire Hathaway, Inc.
	2,860,000	2.750%, 3/15/2023		2,897,523
		Boston Properties, LP
	3,200,000	2.750%, 10/1/2026		3,021,670
		BPCE SA
	1,920,000	3.000%, 5/22/2022^g,h		1,936,698
	1,265,000	5.700%, 10/22/2023^g		1,407,566
	2,190,000	5.150%, 7/21/2024^g		2,339,910
		Camden Property Trust
	3,140,000	3.500%, 9/15/2024		3,139,598
		Capital One Financial Corporation
	3,190,000	4.200%, 10/29/2025		3,216,904
		Centene Escrow Corporation
	1,270,000	5.625%, 2/15/2021		1,323,975
		Citigroup, Inc.
	3,200,000	2.289%, 12/8/2021^d		3,230,394
	2,560,000	2.632%, 9/1/2023^d		2,607,539
	4,370,000	4.400%, 6/10/2025		4,550,791
	3,305,000	5.500%, 9/13/2025		3,675,560
	1,910,000	3.700%, 1/12/2026		1,931,942
	2,490,000	4.450%, 9/29/2027		2,589,929
	2,560,000	3.887%, 1/10/2028		2,601,910
	2,560,000	4.281%, 4/24/2048		2,623,114
		Citizens Bank NA
	2,560,000	2.550%, 5/13/2021		2,561,897
	1,280,000	2.650%, 5/26/2022		1,276,408
		Citizens Financial Group, Inc.
	1,280,000	2.375%, 7/28/2021		1,268,806
		CNA Financial Corporation
	1,995,000	7.350%, 11/15/2019		2,229,488
	1,870,000	7.250%, 11/15/2023		2,263,218
		Compass Bank
	1,575,000	2.750%, 9/29/2019		1,587,266
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	1,290,000	11.000%, 6/30/2019^g,i		1,498,335
		CoreStates Capital III
	2,440,000	1.752%, 2/15/2027^d,g		2,281,400
		Credit Agricole SA
	1,280,000	3.375%, 1/10/2022^g		1,314,095
	2,570,000	8.125%, 12/23/2025^g,i		2,985,569
		Credit Suisse Group AG
	3,200,000	3.574%, 1/9/2023^g		3,281,139
		Credit Suisse Group Funding, Ltd.
	3,190,000	3.125%, 12/10/2020		3,249,707
	4,400,000	3.750%, 3/26/2025		4,445,945
		Discover Bank of Greenwood Delaware
	1,635,000	4.200%, 8/8/2023		1,719,389
	1,600,000	4.250%, 3/13/2026		1,643,566
	1,280,000	3.450%, 7/27/2026		1,238,134
		Duke Realty, LP
	3,220,000	3.875%, 10/15/2022		3,348,877
		Fairfax Financial Holdings, Ltd.
	1,915,000	5.800%, 5/15/2021^g		2,066,747
		Five Corners Funding Trust
	1,910,000	4.419%, 11/15/2023^g		2,050,838
		GE Capital International Funding Company
	2,527,000	4.418%, 11/15/2035		2,753,263
		Goldman Sachs Group, Inc.
	2,900,000	5.375%, 3/15/2020		3,131,176
	3,275,000	5.250%, 7/27/2021		3,589,230
	3,200,000	2.350%, 11/15/2021		3,161,110
	1,920,000	2.908%, 6/5/2023		1,912,385
	2,190,000	4.000%, 3/3/2024		2,292,715
	4,450,000	3.850%, 7/8/2024		4,619,082

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

191

INCOME PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (91.1%)	Value
	Financials (27.0%) - continued
	$2,490,000	4.250%, 10/21/2025	$	2,574,050
	1,920,000	5.300%, 11/10/2026^h,i		2,016,000
	2,560,000	3.500%, 11/16/2026		2,546,691
	3,760,000	5.150%, 5/22/2045		4,183,237
		Hartford Financial Services Group, Inc.
	3,230,000	5.125%, 4/15/2022		3,585,100
		HCP, Inc.
	3,400,000	4.250%, 11/15/2023		3,564,495
		Host Hotels & Resorts, LP
	1,240,000	4.000%, 6/15/2025		1,262,939
		HSBC Holdings plc
	1,280,000	6.875%, 6/1/2021^h,i		1,382,400
	1,920,000	3.600%, 5/25/2023		1,983,884
	2,560,000	4.300%, 3/8/2026		2,724,408
	1,600,000	6.000%, 5/22/2027ⁱ		1,654,400
	1,920,000	4.041%, 3/13/2028		1,988,907
		Huntington Bancshares, Inc.
	2,850,000	7.000%, 12/15/2020		3,255,706
		Icahn Enterprises, LP
	1,360,000	6.000%, 8/1/2020		1,399,950
		ILFC E-Capital Trust II
	2,230,000	4.590%, 12/21/2065^d,g		2,129,650
		ING Groep NV
	1,920,000	3.950%, 3/29/2027		1,996,712
		International Lease Finance Corporation
	2,560,000	5.875%, 8/15/2022		2,889,815
		J.P. Morgan Chase & Company
	1,280,000	2.295%, 8/15/2021		1,272,429
	2,560,000	6.000%, 8/1/2023ⁱ		2,756,787
	3,190,000	2.383%, 10/24/2023^d		3,237,952
	1,270,000	6.750%, 2/1/2024ⁱ		1,443,038
	3,200,000	2.950%, 10/1/2026		3,088,650
	3,150,000	5.500%, 10/15/2040		3,850,299
		Kilroy Realty, LP
	2,550,000	4.250%, 8/15/2029		2,606,949
		Liberty Mutual Group, Inc.
	1,935,000	4.950%, 5/1/2022^g		2,122,008
	1,910,000	4.850%, 8/1/2044^g		2,052,051
		Liberty Property, LP
	1,875,000	4.750%, 10/1/2020		1,985,025
	2,550,000	4.400%, 2/15/2024		2,697,497
		Lincoln National Corporation
	4,150,000	4.000%, 9/1/2023		4,371,544
		Lloyds Bank plc
	1,910,000	4.650%, 3/24/2026		1,990,388
		Macquarie Bank, Ltd.
	960,000	6.125%, 3/8/2027^g,i		981,600
		Marsh & McLennan Companies, Inc.
	960,000	4.350%, 1/30/2047		1,027,479
		MetLife Capital Trust IV
	700,000	7.875%, 12/15/2037^g		945,070
		MetLife, Inc.
	2,250,000	9.250%, 4/8/2038^g		3,352,500
		Mitsubishi UFJ Financial Group, Inc.
	1,280,000	2.190%, 9/13/2021		1,261,313
	1,920,000	3.677%, 2/22/2027		1,981,860
		Mizuho Financial Group, Inc.
	2,560,000	3.663%, 2/28/2027		2,639,928
		Morgan Stanley
	3,400,000	5.500%, 1/26/2020		3,667,291
	2,550,000	2.500%, 4/21/2021		2,547,804
	2,560,000	2.625%, 11/17/2021		2,555,963
	3,205,000	4.875%, 11/1/2022		3,479,402
	3,190,000	2.553%, 10/24/2023^d		3,245,391
	1,870,000	4.000%, 7/23/2025		1,951,962
	2,550,000	5.000%, 11/24/2025		2,773,273
	1,280,000	3.125%, 7/27/2026		1,244,605
	2,510,000	4.350%, 9/8/2026		2,609,752
	1,570,000	4.300%, 1/27/2045		1,625,897
		National Retail Properties, Inc.
	3,200,000	3.900%, 6/15/2024		3,290,950
		Nationwide Building Society
	2,490,000	3.900%, 7/21/2025^g		2,604,465
	1,920,000	4.000%, 9/14/2026^g		1,899,325
		Nordea Bank AB
	1,890,000	5.500%, 9/23/2019^g,i		1,918,350
		Omega Healthcare Investors, Inc.
	1,870,000	5.250%, 1/15/2026		1,986,649
		Peachtree Corners Funding Trust
	2,800,000	3.976%, 2/15/2025^g		2,841,664
		Preferred Term Securities XXIII, Ltd.
	2,229,619	1.446%, 12/22/2036^*,d		1,802,471
		Prologis, LP
	2,510,000	4.250%, 8/15/2023		2,709,254
		Prudential Financial, Inc.
	1,915,000	3.500%, 5/15/2024		1,993,823
	1,425,000	6.200%, 11/15/2040		1,840,080
		Realty Income Corporation
	3,830,000	3.875%, 7/15/2024		3,955,421
		Regency Centers, LP
	2,560,000	3.600%, 2/1/2027		2,542,618
		Regions Bank
	377,000	7.500%, 5/15/2018		394,678
		Reinsurance Group of America, Inc.
	1,930,000	6.450%, 11/15/2019		2,111,522
		Royal Bank of Scotland Group plc
	2,490,000	7.500%, 8/10/2020ⁱ		2,569,680
	1,920,000	8.625%, 8/15/2021ⁱ		2,092,800
	2,560,000	3.498%, 5/15/2023		2,575,163
	2,560,000	3.875%, 9/12/2023		2,610,693
		Santander UK Group Holdings plc
	2,500,000	4.750%, 9/15/2025^g		2,589,635
		Santander UK plc
	1,700,000	3.125%, 1/8/2021		1,725,799
		State Street Capital Trust IV
	1,920,000	2.246%, 6/15/2047^d		1,767,600
		Sumitomo Mitsui Financial Group, Inc.
	2,560,000	3.010%, 10/19/2026		2,505,201
	2,600,000	3.446%, 1/11/2027		2,642,026
		SunTrust Banks, Inc.
	1,910,000	2.900%, 3/3/2021		1,938,946
		Synchrony Financial
	2,510,000	2.700%, 2/3/2020		2,522,563
	2,690,000	4.250%, 8/15/2024		2,747,800
	2,560,000	3.700%, 8/4/2026		2,470,774
		UBS Group Funding Jersey, Ltd.
	1,600,000	2.650%, 2/1/2022^g		1,596,430
	2,490,000	4.125%, 9/24/2025^g		2,610,347
		UBS Group Funding Switzerland AG
	2,560,000	4.253%, 3/23/2028^g		2,674,793
		UnionBanCal Corporation
	2,580,000	3.500%, 6/18/2022		2,657,372
		UnitedHealth Group, Inc.
	2,480,000	3.350%, 7/15/2022		2,588,855
	1,240,000	4.750%, 7/15/2045		1,426,392
		USB Realty Corporation
	1,900,000	2.305%, 1/15/2022^d,g,i		1,662,500

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

192

INCOME PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (91.1%)	Value
	Financials (27.0%) - continued
		Ventas Realty, LP
	$1,280,000	3.500%, 2/1/2025	$	1,271,816
	1,920,000	3.850%, 4/1/2027		1,930,214
		Voya Financial, Inc.
	2,560,000	3.650%, 6/15/2026		2,565,117
		Wells Fargo & Company
	3,160,000	5.875%, 6/15/2025ⁱ		3,482,225
	2,560,000	3.000%, 4/22/2026		2,500,488
	5,110,000	3.000%, 10/23/2026		4,976,430
		Welltower, Inc.
	950,000	4.950%, 1/15/2021		1,020,960
	1,550,000	4.000%, 6/1/2025		1,602,779
		XLIT, Ltd.
	1,870,000	4.450%, 3/31/2025		1,927,989
	1,840,000	5.250%, 12/15/2043		2,088,337

		Total		400,744,521


	Foreign Government (0.7%)
		Argentina Government International Bond
	1,590,000	6.875%, 4/22/2021		1,703,685
	2,240,000	5.625%, 1/26/2022		2,293,760
	1,920,000	6.875%, 1/26/2027		1,985,280
		Mexico Government International Bond
	2,100,000	3.600%, 1/30/2025		2,125,200
	2,880,000	4.125%, 1/21/2026		2,993,760

		Total		11,101,685


	Mortgage-Backed Securities (4.6%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	4,172,500	3.000%, 7/1/2031^c		4,283,984
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	9,302,500	4.000%, 7/1/2047^c		9,781,796
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	12,200,000	3.000%, 7/1/2047^c		12,180,938
	25,150,000	3.500%, 7/1/2047^c		25,823,162
	14,077,500	4.000%, 7/1/2047^c		14,795,672
	2,025,000	4.500%, 7/1/2047^c		2,171,653

		Total		69,037,205


	Technology (3.9%)
		Apple, Inc.
	4,450,000	3.250%, 2/23/2026		4,530,122
	2,550,000	2.450%, 8/4/2026		2,440,809
	2,560,000	3.350%, 2/9/2027		2,621,243
		Applied Materials, Inc.
	1,280,000	3.300%, 4/1/2027		1,300,945
		Broadcom Corporation
	1,600,000	3.625%, 1/15/2024^g		1,636,400
		Diamond 1 Finance Corporation
	2,560,000	4.420%, 6/15/2021^g		2,698,555
	1,920,000	5.450%, 6/15/2023^g		2,083,265
	3,840,000	6.020%, 6/15/2026^g		4,230,179
		DXC Technology Company
	2,560,000	4.750%, 4/15/2027^g		2,669,542
		Equinix, Inc.
	1,890,000	5.375%, 1/1/2022		1,993,950
		Fidelity National Information Services, Inc.
	3,190,000	3.875%, 6/5/2024		3,341,601
		Hewlett Packard Enterprise Company
	2,490,000	2.850%, 10/5/2018		2,511,369
	2,560,000	4.400%, 10/15/2022		2,713,626
		Intel Corporation
	2,870,000	4.100%, 5/19/2046		2,979,003
		Microsoft Corporation
	3,200,000	3.300%, 2/6/2027		3,290,250
	2,560,000	3.450%, 8/8/2036		2,564,682
	1,920,000	4.250%, 2/6/2047		2,081,841
		Oracle Corporation
	3,850,000	2.650%, 7/15/2026		3,694,714
	3,200,000	4.000%, 7/15/2046		3,236,509
		QUALCOMM, Inc.
	1,920,000	2.600%, 1/30/2023		1,913,783
	1,280,000	2.900%, 5/20/2024		1,277,048
		Sensata Technologies BV
	1,890,000	4.875%, 10/15/2023^g		1,927,800

		Total		57,737,236


	Transportation (1.6%)
		American Airlines Pass Through Trust
	2,113,598	4.000%, 7/15/2025		2,208,711
	2,560,000	3.650%, 8/15/2030		2,636,800
		British Airways plc
	2,764,874	4.625%, 6/20/2024^g		2,970,221
		Burlington Northern Santa Fe, LLC
	2,500,000	4.700%, 9/1/2045		2,819,558
		Continental Airlines, Inc.
	732,219	7.250%, 11/10/2019		810,932
	1,163,578	4.000%, 10/29/2024		1,226,120
		Delta Air Lines, Inc.
	1,059,756	4.950%, 5/23/2019		1,100,821
		ERAC USA Finance, LLC
	2,000,000	3.800%, 11/1/2025^g		2,038,822
		Penske Truck Leasing Company, LP
	2,510,000	3.375%, 2/1/2022^g		2,570,940
		United Airlines Pass Through Trust
	1,452,921	3.750%, 9/3/2026		1,503,773
		US Airways Pass Through Trust
	2,577,757	3.950%, 11/15/2025		2,680,868
		Virgin Australia Holdings, Ltd.
	1,533,798	5.000%, 10/23/2023^g		1,598,984

		Total		24,166,550


	U.S. Government and Agencies (5.6%)
		U.S. Treasury Bonds
	3,500,000	1.500%, 8/15/2026		3,274,414
	7,040,000	2.375%, 5/15/2027		7,085,373
	4,500,000	4.375%, 5/15/2041		5,775,115
	5,307,000	3.125%, 2/15/2042		5,626,455
	7,550,000	2.500%, 2/15/2045		7,057,189
	7,940,000	3.000%, 11/15/2045		8,191,539
	3,840,000	2.875%, 11/15/2046		3,867,752
	7,050,000	3.000%, 2/15/2047		7,285,181
	7,040,000	3.000%, 5/15/2047		7,278,149
		U.S. Treasury Notes
	1,000,000	2.875%, 3/31/2018		1,011,641
	3,000,000	1.375%, 10/31/2020		2,975,391
	1,960,000	1.875%, 8/31/2022		1,955,866
	7,000,000	1.875%, 10/31/2022		6,974,296
	7,130,000	2.125%, 12/31/2022		7,186,263
	4,490,000	2.125%, 3/31/2024		4,492,106
		U.S. Treasury Notes, TIPS
	2,611,251	0.125%, 7/15/2026		2,518,116

		Total		82,554,846

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

193

INCOME PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (91.1%)	Value
	U.S. Municipals (0.2%)
		Denver, CO City & County Airport Rev.
	$2,550,000	5.250%, 11/15/2022, Ser. A, AMT	$	2,929,210

		Total		2,929,210


	Utilities (6.0%)
		AEP Transmission Company, LLC
	4,480,000	3.100%, 12/1/2026		4,467,774
		American Electric Power Company, Inc.
	2,565,000	2.950%, 12/15/2022		2,611,149
		Arizona Public Service Company
	2,560,000	2.550%, 9/15/2026		2,435,397
		Baltimore Gas and Electric Company
	2,560,000	2.400%, 8/15/2026		2,423,242
		CMS Energy Corporation
	2,560,000	3.450%, 8/15/2027		2,584,061
		Consolidated Edison Company of New York, Inc.
	1,280,000	2.900%, 12/1/2026		1,254,984
		DCP Midstream Operating, LP
	2,550,000	5.600%, 4/1/2044		2,403,375
		Duke Energy Corporation
	3,840,000	2.650%, 9/1/2026		3,647,366
	3,200,000	3.750%, 9/1/2046		3,044,570
		Dynegy, Inc.
	1,250,000	7.375%, 11/1/2022^h		1,234,375
		Electricite de France SA
	3,200,000	5.250%, 1/29/2023^g,i		3,283,200
		Emera U.S. Finance, LP
	3,210,000	3.550%, 6/15/2026		3,217,749
		Exelon Corporation
	1,600,000	3.497%, 6/1/2022		1,640,842
	3,120,000	3.950%, 6/15/2025		3,228,988
	1,910,000	3.400%, 4/15/2026		1,903,750
		Exelon Generation Company, LLC
	2,560,000	4.250%, 6/15/2022^h		2,693,332
		FirstEnergy Corporation
	1,280,000	3.900%, 7/15/2027		1,280,259
		Fortis, Inc.
	2,560,000	3.055%, 10/4/2026^g		2,470,641
		Great River Energy
	6,485	5.829%, 7/1/2017^*		6,485
		ITC Holdings Corporation
	5,080,000	4.050%, 7/1/2023		5,327,071
		MidAmerican Energy Holdings Company
	4,450,000	3.750%, 11/15/2023		4,680,301
		Nevada Power Company
	2,800,000	6.750%, 7/1/2037		3,783,836
		NiSource Finance Corporation
	3,200,000	5.450%, 9/15/2020		3,486,426
		Oncor Electric Delivery Company, LLC
	2,490,000	3.750%, 4/1/2045		2,437,820
		Pacific Gas and Electric Company
	1,270,000	2.950%, 3/1/2026		1,261,321
		Pennsylvania Electric Company
	3,700,000	5.200%, 4/1/2020		3,908,636
		PPL Capital Funding, Inc.
	3,205,000	3.500%, 12/1/2022		3,311,505
	3,190,000	3.950%, 3/15/2024		3,357,057
	1,920,000	3.100%, 5/15/2026		1,879,273
		Southern Company
	1,920,000	5.500%, 3/15/2057		2,024,876
	3,840,000	3.250%, 7/1/2026		3,756,906
		Xcel Energy, Inc.
	3,766,000	3.300%, 6/1/2025		3,799,721

		Total		88,846,288


		Total Long-Term Fixed Income (cost $1,317,480,898)		1,352,256,462


Shares		Preferred Stock (1.4%)
	Consumer Non-Cyclical (0.2%)
	76,576	CHS, Inc., 7.100%ⁱ		2,252,866

		Total		2,252,866


	Financials (1.2%)
	102,122	Citigroup, Inc., 7.542%^d		2,653,130
	22,500	Cobank ACB, 6.250%^*,i		2,338,594
	31,925	Countrywide Capital V, 7.000%		819,195
	90,500	Discover Financial Services 6.500%ⁱ		2,333,090
	78,590	GMAC Capital Trust I, 6.967%^d		2,059,058
	95,940	Goldman Sachs Group, Inc., 5.500%ⁱ		2,700,711
	88,200	Morgan Stanley, 7.125%ⁱ		2,614,248
	101,500	Wells Fargo & Company, 5.850%ⁱ		2,807,490

		Total		18,325,516


		Total Preferred Stock (cost $19,317,283)		20,578,382


		Common Stock (<0.1%)
	Energy (<0.1%)
	4,825	Arch Coal, Inc.		329,547

		Total		329,547


		Total Common Stock (cost $314,820)		329,547


		Collateral Held for Securities Loaned (2.6%)
	38,048,799	Thrivent Cash Management Trust		38,048,799


		Total Collateral Held for Securities Loaned (cost $38,048,799)		38,048,799


Shares or Principal Amount		Short-Term Investments (9.1%)^j
		Federal Farm Credit Bank
	1,000,000	1.150%, 10/10/2017^k		1,000,168
		Federal Home Loan Bank Discount Notes
	1,890,000	0.922%, 7/5/2017		1,889,894
	1,815,000	0.888%, 7/7/2017		1,814,799
	2,700,000	0.825%, 7/10/2017		2,699,476
	5,400,000	0.825%, 7/11/2017		5,398,801
	6,550,000	0.908%, 7/19/2017^k		6,547,092
	3,200,000	1.020%, 7/20/2017		3,198,490
	1,100,000	0.970%, 7/28/2017		1,099,237
	4,240,000	1.014%, 8/2/2017		4,236,396
	6,800,000	1.013%, 8/4/2017		6,793,832
	3,700,000	0.954%, 8/9/2017		3,696,122
	4,100,000	1.023%, 8/10/2017		4,095,584
	4,490,000	1.001%, 8/11/2017		4,485,039
	1,300,000	1.030%, 8/14/2017		1,298,453
	1,800,000	1.032%, 8/16/2017		1,797,755
	3,000,000	1.035%, 8/17/2017		2,996,175
	3,150,000	1.035%, 9/5/2017		3,144,232
	550,000	1.030%, 9/8/2017		548,946

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

194

INCOME PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares or Principal Amount		Short-Term Investments (9.1%)^j	Value
		Thrivent Core Short-Term Reserve Fund
	7,820,953	1.240%	$	78,209,532

		Total Short-Term Investments (cost $134,948,142)		134,950,023

		Total Investments (cost $1,546,575,514) 106.7%	$	1,582,730,936

		Other Assets and Liabilities, Net (6.7%)		(99,280,040	)

		Total Net Assets 100.0%	$	1,483,450,896

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

b	All or a portion of the loan is unfunded.

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

d	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2017.

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

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, 2017.

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

i	Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest and have no contractual maturity date. Date shown, if applicable, is next call date.

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

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

Denotes restricted securities. Restricted securities are investment securities which cannot be offered for public sale without first being registered under the Securities Act of 1933. The value of all restricted securities held in Income Portfolio as of June 30, 2017 was $29,331,004 or 2.0% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of June 30, 2017.


Security	Acquisition Date		Cost
Babson CLO, Ltd., 10/17/2026		3/10/2017	$	3,250,000
Carlyle Global Market Strategies CLO, Ltd., 10/15/2026		1/27/2017		2,600,000
Cent CLO 22, Ltd., 11/7/2026		11/1/2016		3,200,000
Cobank ACB, 6.250%, 10/1/2022		10/1/2012		2,250,000
Dryden 34 Senior Loan Fund CLO, 10/15/2026		3/1/2017		3,250,000
Great River Energy, 7/1/2017		4/13/2009		6,485
Magnetite XII, Ltd., 4/15/2027		11/17/2016		3,200,000
OHA Loan Funding, LLC, 10/20/2026		3/9/2017		3,250,000
Preferred Term Securities XXIII, Ltd., 12/22/2036		9/14/2006		2,229,619
Shackleton, Ltd., 4/15/2027		12/16/2016		3,200,000
Symphony CLO XV, Ltd., 10/17/2026		2/16/2017		3,200,000

Securities Lending Transactions


Taxable Debt Security	$	36,786,562

Total lending	$	36,786,562
Gross amount payable upon return of collateral for securities loaned	$	38,048,799

Net amounts due to counterparty	$	1,262,237

Definitions:


AMT	-	Subject to Alternative Minimum Tax
CLO	-	Collateralized Loan Obligation
G.O.	-	General Obligation
Rev.	-	Revenue
Ser.	-	Series
TIPS	-	Treasury Inflation Protected Security

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

195

LIMITED MATURITY BOND PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Bank Loans (1.2%)^a	Value
	Basic Materials (<0.1%)
		Arch Coal, Inc., Term Loan
	$84,787	5.226%, 3/7/2024	$	84,611

		Total		84,611


	Capital Goods (0.1%)
		Advanced Disposal Services, Inc., Term Loan
	917,274	3.939%, 11/10/2023		920,062
		Berry Plastics Corporation, Term Loan
	280,000	3.367%, 2/8/2020		279,922
	100,000	3.367%, 1/6/2021		99,942

		Total		1,299,926


	Communications Services (0.5%)
		Cengage Learning Acquisitions, Term Loan
	449,074	5.339%, 6/7/2023		423,301
		Coral-US Co-Borrower, LLC, Term Loan
	175,000	4.726%, 11/19/2024		175,329
		LTS Buyer, LLC, Term Loan
	662,400	4.546%, 4/13/2020		664,387
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	214,458	5.226%, 5/4/2022		210,671
		NEP/NCP Holdco, Inc., Term Loan
	924,373	4.476%, 1/22/2020		924,086
	165,000	0.000%, 7/21/2022^b,c		164,949
		TNS, Inc., Term Loan
	588,161	5.230%, 2/15/2020		592,131
		Univision Communications, Inc., Term Loan
	1,163,026	3.976%, 3/15/2024		1,139,277
		WideOpenWest Finance, LLC, Term Loan
	205,000	0.000%, 8/6/2023^b,c		204,652

		Total		4,498,783


	Consumer Cyclical (0.3%)
		Burlington Coat Factory Warehouse Corporation, Term Loan
	613,955	3.960%, 7/29/2021		615,233
		Ceridian HCM Holding, Inc., Term Loan
	648,132	4.726%, 9/15/2020		642,869
		Mohegan Tribal Gaming Authority, Term Loan
	308,537	5.226%, 10/13/2023^b,c		311,718
		Scientific Games International, Inc., Term Loan
	423,938	5.108%, 10/1/2021		427,885
		Seminole Hard Rock Entertainment, Inc., Term Loan
	465,600	4.046%, 5/14/2020		465,893

		Total		2,463,598


	Consumer Non-Cyclical (0.1%)
		Air Medical Group Holdings, Inc., Term Loan
	250,000	0.000%, 4/28/2022^b,c		248,625
		JBS USA LUX SA, Term Loan
	304,238	5.750%, 10/30/2022^b,c		296,327
		MPH Acquisition Holdings, LLC, Term Loan
	139,558	4.296%, 6/7/2023		139,449
		Revlon Consumer Products Corporation, Term Loan
	84,786	4.726%, 9/7/2023		78,979

		Total		763,380


	Energy (0.1%)
		Houston Fuel Oil Terminal, LLC, Term Loan
	139,641	0.000%, 8/19/2021^b,c		138,419
		Pacific Drilling SA, Term Loan
	1,166,400	4.750%, 6/3/2018		529,254

		Total		667,673


	Technology (0.1%)
		Accudyne Industries, LLC, Term Loan
	620,291	4.226%, 12/13/2019		614,764
		Harland Clarke Holdings Corporation, Term Loan
	48,484	7.296%, 12/31/2021		48,666
	187,693	6.796%, 2/9/2022		187,740
		Rackspace Hosting, Inc., Term Loan
	130,000	0.000%, 11/3/2023^b,c		129,878

		Total		981,048


	Utilities (<0.1%)
		Intergen NV, Term Loan
	250,936	5.800%, 6/13/2020		250,414

		Total		250,414


		Total Bank Loans (cost $11,686,491)		11,009,433


		Long-Term Fixed Income (96.4%)
	Asset-Backed Securities (26.7%)
		ALM Loan Funding CLO
	3,500,000	2.232%, 10/17/2026, Ser. 2014-11A, Class A1R^*,d		3,499,895
		Americredit Automobile Receivables Trust
	4,090,995	1.340%, 4/8/2020, Ser. 2016-4, Class A2A		4,086,567
		Apidos CLO XVIII
	3,600,000	2.273%, 7/22/2026, Ser. 2014-18A, Class A1R^*,d		3,599,978
		ARI Fleet Lease Trust
	3,600,000	1.910%, 4/15/2026, Ser. 2017-A, Class A2^e		3,597,180
		Babson CLO, Ltd.
	3,760,000	2.308%, 10/17/2026, Ser. 2014-IIA, Class AR^*,d		3,760,008
		Barclays Dryrock Issuance Trust
	2,250,000	1.520%, 5/16/2022, Ser. 2016-1, Class A		2,237,198
		Bayview Opportunity Master Fund IVa Trust
	3,800,000	3.500%, 6/28/2057, Ser. 2017-SPL5, Class A^e		3,898,776
		Bayview Opportunity Master Fund Trust
	863,597	3.598%, 9/29/2031, Ser. 2016-RN3, Class A1^e,f		868,328
		Betony CLO, Ltd.
	3,425,000	2.508%, 4/15/2027, Ser. 2015-1A, Class AR^*,d		3,433,552
		Birchwood Park CLO, Ltd.
	3,420,000	2.338%, 7/15/2026, Ser. 2014-1A, Class AR^*,d		3,421,943

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

196

LIMITED MATURITY BOND PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (96.4%)	Value
	Asset-Backed Securities (26.7%) - continued
		BlueMountain CLO, Ltd.
	$4,000,000	2.298%, 10/15/2026, Ser. 2014-3A, Class A1R^*,d	$	3,999,984
		Brazos Higher Education Authority, Inc.
	1,990,556	1.989%, 2/25/2030, Ser. 2011-1, Class A2^d		1,987,390
		CARDS II Trust
	5,100,000	1.529%, 4/18/2022, Ser. 2017-1A, Class A^d,e		5,104,341
		Carlyle Global Market Strategies CLO, Ltd.
	3,750,000	2.358%, 10/15/2026, Ser. 2014-4A, Class A1R^*,d		3,752,134
		CarMax Auto Owner Trust
	5,714,638	1.210%, 11/15/2019, Ser. 2016-4, Class A2		5,705,776
		Cent CLO 16, LP
	3,346,008	2.420%, 8/1/2024, Ser. 2012- 16A, Class A1AR^*,d		3,348,377
		Cent CLO 22, Ltd.
	3,750,000	2.589%, 11/7/2026, Ser. 2014-22A, Class A1R^*,d		3,755,617
		Chase Issuance Trust
	2,250,000	1.100%, 1/15/2020, Ser. 2016-A6, Class A6		2,246,652
	3,700,000	1.590%, 2/18/2020, Ser. 2015-A2, Class A2		3,703,378
		Chesapeake Funding II, LLC
	3,849,756	1.880%, 6/15/2028, Ser. 2016-2A, Class A1^e		3,845,192
		Chrysler Capital Auto Receivables Trust
	4,537,486	1.360%, 1/15/2020, Ser. 2016-BA, Class A2^e		4,532,109
		CLUB Credit Trust
	2,550,000	2.390%, 4/17/2023, Ser. 2017-NP1, Class A^*		2,551,968
		Commonbond Student Loan Trust
	654,103	3.200%, 6/25/2032, Ser. 2015-A, Class A^*		657,690
	2,500,000	2.550%, 5/25/2041, Ser. 2017-AG5, Class A1^e		2,489,288
		CPS Auto Receivables Trust
	1,296,430	2.070%, 11/15/2019, Ser. 2016-B, Class A^e		1,298,062
		Credit Based Asset Servicing and Securitization, LLC
	1,522,074	3.390%, 12/25/2036, Ser. 2006-CB2, Class AF2^f		1,211,829
		DRB Prime Student Loan Trust
	2,918,764	3.116%, 10/27/2031, Ser. 2015-B, Class A1^*,d		2,969,895
	2,568,888	1.750%, 5/27/2042, Ser. 2017-A, Class A2A^e		2,567,274
		Dryden 34 Senior Loan Fund CLO
	3,600,000	2.318%, 10/15/2026, Ser. 2014-34A, Class AR^*,d		3,600,187
		Earnest Student Loan Program, LLC
	3,600,000	2.650%, 1/25/2041, Ser. 2017-A, Class A2^e		3,583,818
		Edlinc Student Loan Funding Trust
	1,377,114	3.930%, 10/1/2025, Ser. 2012-A, Class AT^*,d		1,399,664
		Ford Credit Auto Owner Trust
	4,952,254	1.040%, 9/15/2019, Ser. 2016-C, Class A2A		4,943,954
	3,575,000	2.260%, 11/15/2025, Ser. 2014-1, Class A^e		3,607,838
		GMAC Mortgage Corporation Loan Trust
	273,623	1.716%, 8/25/2035, Ser. 2005-HE1, Class A2^d,g		264,390
	625,877	5.750%, 10/25/2036, Ser. 2006-HE3, Class A2^g		603,104
	1,017,642	1.204%, 12/25/2036, Ser. 2006-HE4, Class A1^d,g		993,667
		GoldenTree Loan Opportunities IX, Ltd.
	3,500,000	2.540%, 10/29/2026, Ser. 2014-9A, Class AR^*,d		3,509,166
		GreatAmerica Leasing Receivables Funding, LLC
	2,000,000	2.060%, 6/22/2020, Ser. 2017-1, Class A3^e		2,002,424
		Impac CMB Trust
	1,223,190	1.736%, 4/25/2035, Ser. 2005-2, Class 1A1^d		1,129,152
	373,335	1.856%, 8/25/2035, Ser. 2005-5, Class A1^d		335,654
		John Deere Owner Trust
	1,750,000	1.250%, 6/15/2020, Ser. 2016-B, Class A3		1,742,226
		Kubota Credit Owner Trust
	3,000,000	1.500%, 7/15/2020, Ser. 2016-1A, Class A3^e		2,981,223
		Madison Park Funding XIV, Ltd.
	3,700,000	2.276%, 7/20/2026, Ser. 2014-14A, Class A1R^*,d		3,701,569
		Marlette Funding Trust
	2,573,131	2.827%, 3/15/2024, Ser. 2017-AA, Class A^e		2,582,408
		Master Credit Card Trust
	4,500,000	1.964%, 9/23/2019, Ser. 2016-1A, Class A^d,e		4,521,333
		Mill City Mortgage Loan Trust
	1,452,716	2.500%, 4/25/2057, Ser. 2016-1, Class A1^e		1,455,453
		MLCC Mortgage Investors, Inc.
	296,105	1.876%, 9/25/2029, Ser. 2004-D, Class A1^d		294,423
		MMAF Equipment Finance, LLC
	2,400,000	1.730%, 5/18/2020, Ser. 2017-AA, Class A2^e		2,399,737
		Mortgage Equity Conversion Asset Trust
	3,883,778	1.710%, 1/25/2042, Ser. 2007-FF1, Class A^*,d		3,340,049
	3,890,769	1.500%, 2/25/2042, Ser. 2007-FF2, Class A^*,d		3,316,881
		Navient Student Loan Trust
	5,250,000	1.966%, 7/25/2066, Ser. 2017-1A, Class A2^d,e		5,298,542
	2,800,000	1.816%, 7/26/2066, Ser. 2017-3A, Class A2^d,e		2,811,546
		Neuberger Berman CLO, Ltd.
	3,000,000	2.306%, 4/22/2029, Ser. 2014-17A, Class AR^*,d		2,999,985

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

197

LIMITED MATURITY BOND PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (96.4%)	Value
	Asset-Backed Securities (26.7%) - continued
		NextGear Floorplan Master Owner Trust
$	3,000,000	1.920%, 10/15/2019, Ser. 2014-1A, Class A^*	$	3,002,438
		Northstar Education Finance, Inc.
	1,998,771	1.916%, 12/26/2031, Ser. 2012-1, Class A^d,e		1,995,581
		Octagon Investment Partners XX, Ltd.
	3,500,000	2.311%, 8/12/2026, Ser. 2014-1A, Class AR^*,d		3,499,969
		OneMain Direct Auto Receivables Trust
	900,069	2.040%, 1/15/2021, Ser. 2016-1A, Class A^e		901,086
		OneMain Financial Issuance Trust
	2,000,000	4.100%, 3/20/2028, Ser. 2016-2A, Class A^e		2,040,206
		OZLM VIII, Ltd.
	3,500,000	2.598%, 10/17/2026, Ser. 2014-8A, Class A1AR^*,d		3,499,993
		Prestige Auto Receivables Trust
	4,816,970	1.460%, 7/15/2020, Ser. 2016-2A, Class A2^e		4,805,796
		Race Point IX CLO, Ltd.
	1,500,000	2.668%, 4/15/2027, Ser. 2015-9A, Class A1^*,d		1,501,939
		Renaissance Home Equity Loan Trust
	3,196,161	5.608%, 5/25/2036, Ser. 2006-1, Class AF3^f		2,252,833
	1,159,571	5.285%, 1/25/2037, Ser. 2006-4, Class AF2^f		625,627
		Securitized Term Auto Receivables Trust
	1,948,224	1.284%, 11/26/2018, Ser. 2016-1A, Class A2A^e		1,945,951
	5,000,000	1.890%, 8/25/2020, Ser. 2017-1A, Class A3^e		4,996,942
		SLM Student Loan Trust
	271,396	1.759%, 7/15/2022, Ser. 2014-A, Class A1^d,e		271,474
	4,168,984	1.616%, 3/25/2025, Ser. 2010-1, Class A^d		4,108,536
	3,119,615	1.736%, 3/25/2026, Ser. 2011-1, Class A1^d		3,127,582
	2,678,885	2.039%, 5/17/2027, Ser. 2013-A, Class A2B^d,e		2,697,931
		SoFi Consumer Loan Program, LLC
	2,685,023	3.280%, 1/26/2026, Ser. 2017-1, Class A^e		2,719,939
	2,037,434	2.770%, 5/25/2026, Ser. 2017-3, Class A^e		2,047,899
		SoFi Professional Loan Program, LLC
	1,643,478	2.420%, 3/25/2030, Ser. 2015-A, Class A2^e		1,645,583
	1,725,234	1.480%, 5/26/2031, Ser. 2016-C, Class A2A^e		1,722,501
	1,632,662	2.510%, 8/25/2033, Ser. 2015-C, Class A2^e		1,634,886
	1,686,671	2.066%, 7/25/2039, Ser. 2016-E, Class A1^d,e		1,699,164
		Springleaf Funding Trust
	3,650,000	2.900%, 11/15/2029, Ser. 2016-AA, Class A^e		3,667,625
		Symphony CLO VIII, Ltd.
	2,327,545	2.255%, 1/9/2023, Ser. 2012-8A, Class AR^*,d		2,328,362
		Towd Point Mortgage Trust
	2,017,192	2.750%, 4/25/2057, Ser. 2017-2, Class A1^e		2,036,368
		Toyota Auto Receivables Owner Trust
	5,102,741	1.060%, 5/15/2019, Ser. 2016-D, Class A2A		5,095,292
		Upstart Securitization Trust
	3,100,000	2.639%, 6/20/2024, Ser. 2017-1, Class A^*		3,099,241
		Vericrest Opportunity Loan Transferee
	1,684,888	3.500%, 6/26/2045, Ser. 2015-NPL8, Class A1^e,f		1,689,017
	2,153,989	3.500%, 2/25/2047, Ser. 2017-NPL1, Class A1^e,f		2,155,480
	1,824,137	3.375%, 4/25/2047, Ser. 2017-NPL4, Class A1^e,f		1,822,788
	408,804	3.375%, 10/26/2054, Ser. 2014-NPL8, Class A1^e		409,714
		Verizon Owner Trust
	4,000,000	1.420%, 1/20/2021, Ser. 2016-1A, Class A^e		3,980,191
	2,800,000	2.060%, 9/20/2021, Ser. 2017-1A, Class A^e		2,810,167
		Voya CLO 3, Ltd.
	3,760,000	2.576%, 7/25/2026, Ser. 2014-3A, Class A1^*,d		3,760,669
		Wachovia Asset Securitization, Inc.
	689,282	1.356%, 7/25/2037, Ser. 2007-HE1, Class A^*,d,g		591,440

		Total		237,738,984


	Basic Materials (0.7%)
		Georgia-Pacific, LLC
	2,470,000	2.539%, 11/15/2019^e		2,492,628
		Glencore Funding, LLC
	1,000,000	2.218%, 4/16/2018^d,e		1,002,200
		Sherwin-Williams Company
	1,000,000	2.250%, 5/15/2020		1,002,161
		Vale Overseas, Ltd.
	1,300,000	5.875%, 6/10/2021^h		1,395,550

		Total		5,892,539


	Capital Goods (0.6%)
		Lockheed Martin Corporation
	1,500,000	2.500%, 11/23/2020		1,520,460
		Roper Technologies, Inc.
	1,109,000	6.250%, 9/1/2019		1,203,764
	500,000	2.800%, 12/15/2021		504,205
		Siemens Financieringsmaatschappij NV
	2,000,000	1.860%, 3/16/2022^d,e		2,018,918
		Textron, Inc.
	400,000	3.875%, 3/1/2025		410,926

		Total		5,658,273


	Collateralized Mortgage Obligations (5.7%)
		American Home Mortgage Assets Trust
	2,332,423	1.652%, 11/25/2046, Ser. 2006-5, Class A1^d		1,234,836
		BCAP, LLC Trust
	1,771,731	1.396%, 3/25/2037, Ser. 2007-AA1, Class 2A1^d		1,669,169

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

198

LIMITED MATURITY BOND PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (96.4%)	Value
	Collateralized Mortgage Obligations (5.7%) - continued
		Bear Stearns Adjustable Rate Mortgage Trust
	$644,485	2.830%, 10/25/2035, Ser. 2005-9, Class A1^d	$	631,999
		Colt Mortgage Loan Trust
	3,353,057	2.614%, 5/27/2047, Ser. 2017-1, Class A1^*		3,370,364
		Countrywide Alternative Loan Trust
	420,893	5.500%, 11/25/2035, Ser. 2005-49CB, Class A1		423,523
	467,987	5.500%, 2/25/2036, Ser. 2005-85CB, Class 2A2		442,275
	837,278	6.000%, 1/25/2037, Ser. 2006-39CB, Class 1A16		805,423
		Countrywide Home Loans, Inc.
	1,182,039	3.234%, 3/20/2036, Ser. 2006-HYB1, Class 1A1		1,017,244
	1,115,933	3.128%, 9/20/2036, Ser. 2006-HYB5, Class 2A1		922,342
		Deephaven Residential Mortgage Trust
	2,022,733	2.725%, 12/26/2046, Ser. 2017-1A, Class A1^*		2,021,977
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	2,421,029	1.502%, 4/25/2047, Ser. 2007-OA2, Class A1^d		2,241,838
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	1,601,228	2.250%, 6/25/2025, Ser. 2010-58, Class PT		1,612,546
		GCAT, LLC
	2,294,228	3.375%, 3/25/2047, Ser. 2017-1, Class A1^*,f		2,289,363
		HarborView Mortgage Loan Trust
	1,183,988	3.120%, 6/19/2034, Ser. 2004-5, Class 3A		1,162,922
		J.P. Morgan Alternative Loan Trust
	1,809,264	3.359%, 3/25/2036, Ser. 2006-A1, Class 2A1		1,613,002
		J.P. Morgan Mortgage Trust
	256,262	3.247%, 10/25/2036, Ser. 2006-A6, Class 1A2		236,939
		Master Asset Securitization Trust
	1,085,984	1.716%, 6/25/2036, Ser. 2006-2, Class 2A2^d		533,257
		Residential Accredit Loans, Inc. Trust
	907,703	4.110%, 9/25/2035, Ser. 2005-QA10, Class A31		769,951
		Sequoia Mortgage Trust
	1,969,509	2.104%, 9/20/2034, Ser. 2004-8, Class A2^d		1,930,051
		Structured Adjustable Rate Mortgage Loan Trust
	18,541	3.529%, 12/25/2034, Ser. 2004-18, Class 5A		18,222
		Structured Asset Securities Corporation Trust
	1,411,316	5.500%, 12/25/2034, Ser. 2005-10, Class 3A1		1,414,291
		Wachovia Mortgage Loan Trust, LLC
	610,199	3.534%, 5/20/2036, Ser. 2006-A, Class 2A1		545,610
		WaMu Mortgage Pass Through Certificates
	617,857	1.506%, 10/25/2045, Ser. 2005-AR13, Class A1A1^d		612,710
	3,199,423	1.612%, 10/25/2046, Ser. 2006-AR13, Class 1A^d		2,854,365
	1,922,351	1.512%, 12/25/2046, Ser. 2006-AR17, Class 1A^d		1,670,380
	1,920,978	1.472%, 1/25/2047, Ser. 2006-AR19, Class 1A^d		1,549,550
		Washington Mutual Mortgage Pass Through Certificates Trust
	1,565,671	1.652%, 9/25/2046, Ser. 2006-AR7, Class A1A^d		1,094,311
	2,587,881	1.482%, 2/25/2047, Ser. 2007-OA3, Class 2A^d		1,971,177
		Wells Fargo Commercial Mortgage Trust
	6,200,000	2.819%, 8/15/2050, Ser. 2014-LC16, Class A2		6,295,124
	3,575,000	2.632%, 5/15/2048, Ser. 2015-NXS1, Class A2		3,620,867
		Wells Fargo Mortgage Backed Securities Trust
	1,946,307	3.367%, 10/25/2034, Ser. 2004-V, Class 2A1		1,943,988
	1,064,481	5.500%, 8/25/2035, Ser. 2005-6, Class A12		1,087,982
	676,175	3.107%, 3/25/2036, Ser. 2006-AR2, Class 2A1		680,730
	496,797	3.167%, 3/25/2036, Ser. 2006-AR6, Class 3A1		474,315

		Total		50,762,643


	Commercial Mortgage-Backed Securities (2.8%)
		Cold Storage Trust
	5,150,000	2.159%, 4/15/2024, Ser. 2017-ICE3, Class A^*,d		5,156,379
		Commercial Mortgage Pass-Through Certificates
	5,000,000	2.139%, 6/8/2030, Ser. 2013- THL, Class A2^d,e		5,004,670
		Commercial Mortgage Trust
	2,500,000	3.039%, 12/10/2018, Ser. 2013-CR13, Class A2		2,540,782
	7,000,000	2.928%, 2/10/2047, Ser. 2014-CR15, Class A2		7,098,305
		SCG Trust
	3,150,000	2.809%, 11/15/2026, Ser. 2013-SRP1, Class A^d,e		3,126,143
		WFRBS Commercial Mortgage Trust
	1,945,200	1.406%, 9/15/2046, Ser. 2013-C16, Class A1		1,943,344

		Total		24,869,623


	Communications Services (2.5%)
		American Tower Corporation
	2,200,000	3.450%, 9/15/2021		2,268,508
		American Tower Trust I
	1,650,000	1.551%, 3/15/2018^*		1,646,668
		AT&T, Inc.
	1,735,000	2.226%, 6/30/2020^d		1,757,702
	350,000	2.800%, 2/17/2021		353,683
	1,000,000	3.200%, 3/1/2022		1,012,092

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

199

LIMITED MATURITY BOND PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (96.4%)	Value
	Communications Services (2.5%) - continued
		CBS Corporation
	$2,000,000	2.500%, 2/15/2023^c	$	1,976,466
		Charter Communications Operating, LLC
	1,397,000	3.579%, 7/23/2020		1,443,515
	1,397,000	4.464%, 7/23/2022		1,488,291
		Crown Castle International Corporation
	250,000	3.400%, 2/15/2021		256,712
	1,000,000	2.250%, 9/1/2021		984,011
		Moody’s Corporation
	1,250,000	2.750%, 7/15/2019		1,267,313
		NBC Universal Enterprise, Inc.
	2,250,000	1.662%, 4/15/2018^e		2,253,933
		SES Global Americas Holdings GP
	1,375,000	2.500%, 3/25/2019^e		1,373,211
		Verizon Communications, Inc.
	2,580,000	2.037%, 6/17/2019^d		2,599,252
	1,825,000	3.000%, 11/1/2021		1,848,988

		Total		22,530,345


	Consumer Cyclical (2.0%)
		BMW US Capital, LLC
	1,600,000	1.500%, 4/11/2019^e		1,593,744
		CVS Health Corporation
	1,065,000	2.250%, 8/12/2019		1,071,475
		Daimler Finance North America, LLC
	2,000,000	1.701%, 5/5/2020^d,e		2,003,760
		eBay, Inc.
	775,000	2.500%, 3/9/2018		779,487
		Ford Motor Credit Company, LLC
	1,000,000	2.565%, 3/28/2022^d		1,006,604
		General Motors Financial Company, Inc.
	1,800,000	2.085%, 4/13/2020^d		1,809,202
	1,565,000	2.708%, 1/14/2022^d		1,595,777
	2,000,000	2.606%, 6/30/2022^d		2,010,464
		Home Depot, Inc.
	2,100,000	4.400%, 4/1/2021		2,263,208
		Hyundai Capital Services, Inc.
	1,000,000	3.000%, 3/6/2022^e		995,951
		Newell Rubbermaid, Inc.
	1,250,000	3.150%, 4/1/2021		1,279,588
		Ralph Lauren Corporation
	275,000	2.625%, 8/18/2020		279,376
		Yale University
	1,550,000	2.086%, 4/15/2019		1,561,185

		Total		18,249,821


	Consumer Non-Cyclical (5.9%)
		Abbott Laboratories
	2,100,000	2.350%, 11/22/2019		2,115,891
		Actavis Funding SCS
	2,435,000	2.483%, 3/12/2020^d		2,489,232
		Altria Group, Inc.
	500,000	2.850%, 8/9/2022		507,740
		Anheuser-Busch InBev Finance, Inc.
	2,290,000	2.430%, 2/1/2021^d		2,371,677
	1,415,000	3.300%, 2/1/2023		1,456,888
		BAT International Finance plc
	2,335,000	1.756%, 6/15/2018^d,e		2,341,333
		Bayer U.S. Finance, LLC
	1,250,000	2.375%, 10/8/2019^e		1,260,009
		Becton, Dickinson and Company
	2,050,000	3.125%, 11/8/2021		2,087,894
		Boston Scientific Corporation
	2,045,000	6.000%, 1/15/2020		2,225,551
		Bunge Limited Finance Corporation
	1,135,000	3.500%, 11/24/2020		1,163,513
		Celgene Corporation
	1,270,000	3.550%, 8/15/2022		1,321,932
		Church & Dwight Company, Inc.
	1,440,000	2.450%, 12/15/2019		1,453,308
		Constellation Brands, Inc.
	1,000,000	2.700%, 5/9/2022		998,665
		Express Scripts Holding Company
	1,000,000	4.750%, 11/15/2021		1,080,535
	1,200,000	3.000%, 7/15/2023		1,191,470
		Forest Laboratories, Inc.
	729,000	4.375%, 2/1/2019^e		751,822
		Gilead Sciences, Inc.
	1,300,000	2.550%, 9/1/2020		1,318,626
	1,300,000	3.250%, 9/1/2022		1,344,126
		H. J. Heinz Company
	2,050,000	3.500%, 7/15/2022		2,113,290
		Howard Hughes Medical Institute
	1,500,000	3.500%, 9/1/2023		1,584,090
		Imperial Tobacco Finance plc
	1,750,000	3.750%, 7/21/2022^e		1,821,787
		Japan Tobacco, Inc.
	2,500,000	2.100%, 7/23/2018^e		2,509,715
		Laboratory Corporation of America Holdings
	1,705,000	2.625%, 2/1/2020		1,718,925
		Mead Johnson Nutrition Company
	1,150,000	3.000%, 11/15/2020		1,179,530
		Merck & Company, Inc.
	1,825,000	1.560%, 2/10/2020^d		1,837,990
		Mondelez International, Inc.
	1,858,000	1.690%, 2/1/2019^d		1,865,228
		Mylan NV
	1,275,000	3.150%, 6/15/2021		1,296,994
		PepsiCo, Inc.
	1,185,000	1.680%, 10/6/2021^d		1,200,388
		Reynolds American, Inc.
	549,000	3.250%, 6/12/2020		565,174
		Shire Acquisitions Investments Ireland Designated Activity Company
	2,150,000	1.900%, 9/23/2019		2,140,112
		Smithfield Foods, Inc.
	780,000	2.700%, 1/31/2020^e		784,060
		Teva Pharmaceutical Finance Netherlands III BV
	2,125,000	2.200%, 7/21/2021		2,085,824
		Unilever Capital Corporation
	2,600,000	2.200%, 3/6/2019		2,617,859

		Total		52,801,178


	Energy (3.7%)
		Anadarko Petroleum Corporation
	965,000	4.850%, 3/15/2021		1,029,896
		BP Capital Markets plc
	1,600,000	1.676%, 5/3/2019		1,594,677
		Chevron Corporation
	3,000,000	1.718%, 6/24/2018		3,006,597
		DCP Midstream Operating, LP
	1,650,000	2.700%, 4/1/2019		1,635,562
		Devon Energy Corporation
	2,000,000	3.250%, 5/15/2022^h		1,987,464

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

200

LIMITED MATURITY BOND PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (96.4%)	Value
	Energy (3.7%) - continued
		Enable Midstream Partners, LP
	$1,250,000	2.400%, 5/15/2019	$	1,245,147
		Enbridge, Inc.
	1,000,000	2.900%, 7/15/2022^c		997,819
		Encana Corporation
	1,115,000	3.900%, 11/15/2021^h		1,136,397
		EOG Resources, Inc.
	1,075,000	2.625%, 3/15/2023		1,060,897
		Exxon Mobil Corporation
	2,100,000	1.708%, 3/1/2019		2,105,985
	1,785,000	1.593%, 3/6/2022^d		1,801,627
		Kinder Morgan Energy Partners, LP
	1,000,000	3.500%, 3/1/2021		1,023,891
		Marathon Oil Corporation
	1,000,000	2.800%, 11/1/2022		958,631
		Marathon Petroleum Corporation
	1,500,000	3.400%, 12/15/2020		1,542,846
		Petrobras Global Finance BV
	1,300,000	6.125%, 1/17/2022		1,342,250
		Petroleos Mexicanos
	1,300,000	4.878%, 3/11/2022^d,e		1,402,050
	1,748,000	2.378%, 4/15/2025		1,749,280
		Schlumberger Holdings Corporation
	1,500,000	3.000%, 12/21/2020^e		1,527,162
		Shell International Finance BV
	1,735,000	1.632%, 5/11/2020^d		1,750,723
		Sinopec Group Overseas Development, Ltd.
	1,325,000	1.750%, 9/29/2019^e		1,308,296
		Sunoco Logistics Partners Operations, LP
	1,860,000	4.400%, 4/1/2021		1,954,196
		Transcontinental Gas Pipe Line Company, LLC
	725,000	7.850%, 2/1/2026		932,831

		Total		33,094,224


	Financials (21.3%)
		ABN AMRO Bank NV
	2,040,000	2.450%, 6/4/2020^e		2,052,375
		Aflac, Inc.
	2,100,000	2.400%, 3/16/2020		2,122,042
		American Express Credit Corporation
	2,580,000	1.817%, 3/18/2019^d		2,592,879
	850,000	2.292%, 9/14/2020^d		864,888
		American International Group, Inc.
	1,430,000	3.300%, 3/1/2021		1,471,105
		Ares Capital Corporation
	1,400,000	4.875%, 11/30/2018		1,449,006
		Athene Global Funding
	2,000,000	2.529%, 7/1/2022^c,d,e		2,010,474
		Bank of America Corporation
	2,000,000	2.357%, 3/22/2018^d		2,012,094
	2,200,000	2.018%, 4/1/2019^d,h		2,220,284
	1,185,000	2.316%, 1/20/2023^d		1,198,073
	1,500,000	2.153%, 4/24/2023^d		1,505,507
	1,100,000	4.000%, 1/22/2025		1,119,252
	1,100,000	6.100%, 3/17/2025ⁱ		1,194,985
		Bank of New York Mellon Corporation
	675,000	4.500%, 6/20/2023ⁱ		671,625
		Bank of Tokyo-Mitsubishi UFJ, Ltd.
	1,445,000	2.850%, 9/8/2021^e		1,459,615
		Barclays plc
	1,000,000	3.684%, 1/10/2023		1,025,951
		BB&T Corporation
	1,520,000	1.873%, 1/15/2020^d		1,533,642
		Bear Stearns Companies, LLC
	2,500,000	6.400%, 10/2/2017		2,528,835
		BNZ International Funding, Ltd.
	1,000,000	1.872%, 2/21/2020^d,e		1,004,843
	1,325,000	2.222%, 9/14/2021^d,e		1,331,128
		BPCE SA
	1,000,000	2.392%, 5/22/2022^d,e		1,008,760
		Caisse Centrale Desjardins du Quebec
	2,155,000	1.837%, 1/29/2018^d,e		2,161,562
		Capital One Financial Corporation
	2,000,000	1.941%, 5/12/2020^d		2,009,768
		Capital One NA
	1,500,000	2.322%, 1/30/2023^d		1,508,648
		Citigroup, Inc.
	1,840,000	1.925%, 4/8/2019^d		1,851,934
	1,500,000	2.116%, 4/25/2022^d		1,508,381
	1,725,000	2.632%, 9/1/2023^d		1,757,033
	2,000,000	2.279%, 5/17/2024^d		1,997,948
		CNA Financial Corporation
	3,000,000	5.875%, 8/15/2020		3,303,594
	1,500,000	5.750%, 8/15/2021		1,673,887
		Compass Bank
	2,000,000	2.875%, 6/29/2022		1,992,144
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	1,600,000	2.500%, 1/19/2021		1,609,333
		Credit Agricole SA
	1,650,000	1.958%, 4/15/2019^d,e		1,661,411
	1,800,000	2.198%, 6/10/2020^d,e		1,821,092
	1,050,000	8.125%, 12/23/2025^e,i		1,219,785
		Credit Suisse Group AG
	1,500,000	6.500%, 8/8/2023^e		1,685,700
	990,000	7.500%, 12/11/2023^e,i		1,110,077
		Discover Bank
	1,850,000	8.700%, 11/18/2019		2,090,446
		Discover Financial Services
	2,750,000	2.600%, 11/13/2018		2,773,521
		Fifth Third Bancorp
	1,440,000	2.875%, 10/1/2021		1,467,183
		Goldman Sachs Capital II
	88,000	4.000%, 8/3/2017^d,i		76,396
		Goldman Sachs Group, Inc.
	1,915,000	2.282%, 11/15/2018^d		1,934,901
	2,160,000	2.313%, 4/23/2020^d		2,196,063
	1,720,000	2.352%, 11/15/2021^d		1,735,953
	1,375,000	2.800%, 11/29/2023^d		1,419,308
		HCP, Inc.
	1,330,000	4.000%, 12/1/2022		1,390,970
		Hospitality Properties Trust
	1,750,000	4.250%, 2/15/2021		1,824,650
		HSBC Holdings plc
	1,325,000	2.650%, 1/5/2022^d		1,362,992
	2,000,000	3.262%, 3/13/2023		2,037,676
	1,000,000	6.000%, 5/22/2027ⁱ		1,034,000
		Huntington Bancshares, Inc.
	1,600,000	3.150%, 3/14/2021		1,631,418
		ING Capital Funding Trust III
	1,000,000	4.896%, 9/30/2017^d,i		1,003,120
		ING Groep NV
	1,650,000	6.000%, 4/16/2020ⁱ		1,687,125
	2,600,000	2.445%, 3/29/2022^d		2,642,879
		International Lease Finance Corporation
	1,560,000	5.875%, 8/15/2022		1,760,981

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

201

LIMITED MATURITY BOND PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (96.4%)	Value
	Financials (21.3%) - continued
		Intesa Sanpaolo SPA
	$1,500,000	5.017%, 6/26/2024^e	$	1,521,352
		J.P. Morgan Chase & Company
	4,000,000	2.056%, 1/25/2018^d		4,020,828
	1,750,000	2.250%, 1/23/2020		1,755,313
	1,250,000	5.300%, 5/1/2020ⁱ		1,301,563
	1,750,000	3.875%, 9/10/2024		1,805,701
		J.P. Morgan Chase Bank NA
	1,350,000	1.879%, 9/23/2019^d		1,359,686
		Japan Bank for International Cooperation
	4,000,000	1.750%, 7/31/2018		3,999,284
		KeyBank NA
	2,750,000	1.722%, 6/1/2018^d		2,760,409
		Kilroy Realty, LP
	750,000	3.800%, 1/15/2023		772,883
		Lloyds Bank plc
	2,040,000	1.770%, 3/16/2018^d		2,043,413
		Lloyds Banking Group plc
	350,000	4.582%, 12/10/2025		362,906
		Metropolitan Life Global Funding I
	3,250,000	3.650%, 6/14/2018^e		3,312,302
		Mitsubishi UFJ Financial Group, Inc.
	1,325,000	2.296%, 9/13/2021^d		1,342,192
	1,400,000	2.092%, 2/22/2022^d		1,413,930
		Mizuho Financial Group Cayman 3, Ltd.
	825,000	4.600%, 3/27/2024^e		874,405
		Mizuho Financial Group, Inc.
	1,325,000	2.376%, 9/13/2021^d		1,343,606
	1,500,000	2.140%, 2/28/2022^d		1,507,056
		Morgan Stanley
	1,000,000	5.450%, 7/15/2019ⁱ		1,035,500
	2,155,000	2.310%, 1/27/2020^d		2,187,607
	2,050,000	1.982%, 2/14/2020^d		2,058,405
	1,100,000	5.550%, 7/15/2020ⁱ		1,149,225
	1,600,000	2.553%, 10/24/2023^d		1,627,782
	1,750,000	5.000%, 11/24/2025		1,903,226
		NCUA Guaranteed Notes
	998,568	1.446%, 12/7/2020, Ser. 2010-A1, Class A^d		999,166
		New York Life Global Funding
	600,000	1.550%, 11/2/2018^e		598,978
		Peachtree Corners Funding Trust
	1,375,000	3.976%, 2/15/2025^e		1,395,460
		Prudential Financial, Inc.
	1,430,000	2.350%, 8/15/2019		1,438,597
		Realty Income Corporation
	1,500,000	2.000%, 1/31/2018		1,501,482
		Regions Financial Corporation
	1,200,000	3.200%, 2/8/2021		1,226,790
		Reliance Standard Life Global Funding II
	1,740,000	2.500%, 4/24/2019^e		1,751,644
		Royal Bank of Scotland Group plc
	2,000,000	2.652%, 5/15/2023^d		2,016,200
	1,000,000	3.498%, 5/15/2023		1,005,923
		Santander Holdings USA, Inc.
	1,550,000	3.700%, 3/28/2022^e		1,569,863
		Santander UK plc
	975,000	3.125%, 1/8/2021		989,797
		Simon Property Group, LP
	1,635,000	2.500%, 9/1/2020		1,649,668
	1,600,000	2.500%, 7/15/2021^h		1,600,125
		Skandinaviska Enskilda Banken AB
	2,500,000	1.375%, 5/29/2018^e		2,494,347
		SLM Corporation
	700,000	4.625%, 9/25/2017		701,750
		Stadshypotek AB
	2,000,000	1.875%, 10/2/2019^e		1,997,224
	2,000,000	2.500%, 4/5/2022^e		2,008,506
		Standard Chartered plc
	1,225,000	3.950%, 1/11/2023^e		1,235,285
		State Street Corporation
	2,499,000	2.081%, 8/18/2020^d		2,552,146
		Sumitomo Mitsui Banking Corporation
	2,555,000	1.738%, 1/16/2018^d		2,561,007
		Sumitomo Mitsui Financial Group, Inc.
	1,800,000	4.436%, 4/2/2024^e		1,910,720
		SunTrust Banks, Inc.
	775,000	2.900%, 3/3/2021		786,745
		Svenska Handelsbanken AB
	750,000	1.757%, 6/17/2019^d		753,334
		Swedbank AB
	1,750,000	1.750%, 3/12/2018^e		1,751,738
		Synchrony Financial
	1,440,000	2.402%, 2/3/2020^d		1,450,876
	1,520,000	4.250%, 8/15/2024		1,552,660
		Toronto-Dominion Bank
	1,500,000	2.172%, 12/14/2020^d		1,521,785
		UBS AG
	2,750,000	1.996%, 3/26/2018^d		2,762,405
		USB Group Funding Jersey, Ltd.
	2,250,000	2.736%, 9/24/2020^d,e		2,291,157
		USB Realty Corporation
	1,495,000	2.305%, 1/15/2022^d,e,i		1,308,125
		Voya Financial, Inc.
	1,500,000	2.900%, 2/15/2018		1,510,164
	500,000	5.650%, 5/15/2053		531,250
		Wells Fargo & Company
	2,155,000	1.852%, 1/30/2020^d		2,169,027
	925,000	3.450%, 2/13/2023		946,941
	1,600,000	2.402%, 10/31/2023^d		1,628,402
	1,100,000	5.875%, 6/15/2025ⁱ		1,212,167
	1,100,000	4.100%, 6/3/2026		1,137,799
		XLIT, Ltd.
	1,100,000	4.450%, 3/31/2025		1,134,111

		Total		190,431,180


	Foreign Government (0.8%)
		Argentina Government International Bond
	1,560,000	5.625%, 1/26/2022		1,597,440
		Export-Import Bank of Korea
	2,130,000	2.250%, 1/21/2020		2,126,234
		Kommunalbanken AS
	3,500,000	1.500%, 10/22/2019^e		3,484,058
		Poland Government International Bond
	125,000	4.000%, 1/22/2024		133,688

		Total		7,341,420


	Mortgage-Backed Securities (2.8%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	7,150,000	3.000%, 7/1/2031^c		7,341,040

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

202

LIMITED MATURITY BOND PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Principal Amount		Long-Term Fixed Income (96.4%)	Value
	Mortgage-Backed Securities (2.8%) - continued
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	$388,758	6.500%, 9/1/2037	$	431,517
	6,000,000	4.000%, 7/1/2047^c		6,309,140
		Federal National Mortgage Association Connecticut Avenue Securities
	4,055,092	2.516%, 4/25/2029, Ser. 2016-C07, Class 2M1^d		4,083,940
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	521,874	5.346%, 9/1/2037^d		551,273
	358,707	5.210%, 10/1/2037^d		357,800
	2,110,896	2.042%, 1/1/2043^d		2,193,532
	4,280,497	1.746%, 7/1/2043^d		4,392,040

		Total		25,660,282


	Technology (2.1%)
		Amphenol Corporation
	1,409,000	2.550%, 1/30/2019		1,422,008
		Apple, Inc.
	3,050,000	1.479%, 5/6/2019^d		3,066,409
	1,735,000	1.482%, 5/6/2020^d		1,745,700
		Automatic Data Processing, Inc.
	1,000,000	2.250%, 9/15/2020		1,012,746
		Broadcom Corporation
	1,565,000	2.375%, 1/15/2020^e		1,567,170
		Cisco Systems, Inc.
	2,185,000	1.702%, 3/1/2019^d		2,200,959
		Diamond 1 Finance Corporation
	985,000	3.480%, 6/1/2019^e		1,008,064
		Hewlett Packard Enterprise Company
	2,800,000	3.080%, 10/5/2018^d		2,853,326
		Intel Corporation
	905,000	3.100%, 7/29/2022		937,469
		Oracle Corporation
	1,675,000	2.500%, 5/15/2022		1,690,708
		Texas Instruments, Inc.
	1,300,000	1.750%, 5/1/2020		1,294,604

		Total		18,799,163


	Transportation (1.8%)
		Air Canada Pass Through Trust
	1,330,854	3.875%, 3/15/2023^e		1,327,527
		American Airlines Pass Through Trust
	1,154,689	5.600%, 7/15/2020^e		1,205,207
	1,141,765	4.950%, 1/15/2023		1,215,980
	887,401	3.700%, 5/1/2023		878,526
		British Airways plc
	1,296,035	4.625%, 6/20/2024^e		1,392,291
		Continental Airlines, Inc.
	2,610,157	4.150%, 4/11/2024		2,740,665
		Delta Air Lines, Inc.
	603,236	4.750%, 5/7/2020		631,890
		ERAC USA Finance, LLC
	1,600,000	2.600%, 12/1/2021^e		1,593,518
		J.B. Hunt Transport Services, Inc.
	1,450,000	3.300%, 8/15/2022		1,478,013
		TTX Company
	2,000,000	2.250%, 2/1/2019^e		2,001,164
	800,000	4.125%, 10/1/2023^*		849,445
		Virgin Australia Holdings, Ltd.
	992,142	5.000%, 10/23/2023^e		1,034,308

		Total		16,348,534


	U.S. Government and Agencies (14.5%)
		Federal Home Loan Bank
	1,000,000	1.375%, 11/15/2019		996,973
		Federal National Mortgage Association
	7,500,000	1.250%, 8/17/2021		7,331,093
		U.S. Treasury Bonds
	1,335,000	5.500%, 8/15/2028		1,746,034
	200,000	3.000%, 5/15/2042		207,375
	2,800,000	2.500%, 5/15/2046		2,609,578
		U.S. Treasury Bonds, TIPS
	7,229,449	0.125%, 1/15/2023		7,162,201
	7,846,049	0.625%, 1/15/2026		7,894,153
	6,579,105	0.375%, 1/15/2027		6,459,918
	6,191,340	1.000%, 2/15/2046		6,186,350
		U.S. Treasury Notes
	5,000,000	1.250%, 12/15/2018		4,992,580
	12,350,000	1.500%, 10/31/2019		12,365,438
	39,595,000	1.125%, 8/31/2021		38,549,454
	9,515,000	2.125%, 6/30/2022		9,617,210
	565,000	1.625%, 8/15/2022		557,319
	200,000	2.000%, 11/15/2026		195,039
	2,900,000	2.250%, 2/15/2027		2,887,086
		U.S. Treasury Notes, TIPS
	19,600,590	0.125%, 4/15/2021		19,569,582

		Total		129,327,383


	Utilities (2.5%)
		Ameren Corporation
	1,175,000	2.700%, 11/15/2020		1,188,908
		Berkshire Hathaway Energy Company
	1,550,000	2.400%, 2/1/2020		1,563,381
		DTE Energy Company
	730,000	2.400%, 12/1/2019		733,337
		Electricite de France SA
	1,500,000	5.250%, 1/29/2023^e,i		1,539,000
		Eversource Energy
	1,540,000	1.600%, 1/15/2018		1,537,628
	1,250,000	1.450%, 5/1/2018		1,248,204
		Exelon Corporation
	1,650,000	2.850%, 6/15/2020		1,676,159
	1,250,000	3.497%, 6/1/2022		1,281,908
		Exelon Generation Company, LLC
	1,385,000	2.950%, 1/15/2020		1,409,580
		National Rural Utilities Cooperative Finance Corporation
	1,150,000	4.750%, 4/30/2043		1,175,098
		Pacific Gas & Electric Company
	250,000	5.625%, 11/30/2017		254,105
		PG&E Corporation
	1,500,000	2.400%, 3/1/2019		1,507,408
		PPL Capital Funding, Inc.
	1,580,000	3.500%, 12/1/2022		1,632,505
		Public Service Electric And Gas Company
	2,570,000	1.800%, 6/1/2019		2,566,584
		Sempra Energy
	1,530,000	2.400%, 3/15/2020		1,536,764
		Southern California Edison Company
	1,040,000	2.400%, 2/1/2022		1,043,266

		Total		21,893,835


		Total Long-Term Fixed Income (cost $863,926,383)		861,399,427

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

203

LIMITED MATURITY BOND PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Shares		Preferred Stock (0.4%)	Value
	Financials (0.3%)
	66,000	Citigroup, Inc., 7.542%^d	$	1,714,680
	8,125	Farm Credit Bank of Texas, 6.750%^e,i		885,625

		Total		2,600,305


	Utilities (0.1%)
	36,000	Southern California Edison Company Trust IV, 5.375%ⁱ		1,017,000

		Total		1,017,000


		Total Preferred Stock (cost $3,534,100)		3,617,305


		Common Stock (<0.1%)

	Energy (<0.1%)
	2,095	Arch Coal, Inc.		143,088

		Total		143,088

		Total Common Stock (cost $135,697)		143,088


		Collateral Held for Securities Loaned (0.4%)
	3,812,510	Thrivent Cash Management Trust		3,812,510

		Total Collateral Held for Securities Loaned (cost $3,812,510)		3,812,510

Shares or Principal Amount		Short-Term Investments (3.9%)^j
		Federal Home Loan Bank Discount Notes
	1,600,000	0.825%, 7/10/2017^k		1,599,690
	800,000	0.825%, 7/11/2017		799,822
	300,000	0.840%, 7/19/2017^k		299,867
		Thrivent Core Short-Term Reserve Fund
	3,184,811	1.240%		31,848,105

		Total Short-Term Investments (cost $34,547,466)		34,547,484

		Total Investments (cost $917,642,647) 102.3%	$	914,529,247

		Other Assets and Liabilities, Net (2.3%)		(20,210,793	)

		Total Net Assets 100.0%	$	894,318,454

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

b	All or a portion of the loan is unfunded.

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

d	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2017.

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, 2017.

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

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

i	Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest and have no contractual maturity date. Date shown, if applicable, is next call date.

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

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

Denotes restricted securities. Restricted securities are investment securities which cannot be offered for public sale without first being registered under the Securities Act of 1933. The value of all restricted securities held in Limited Maturity Bond Portfolio as of June 30, 2017 was $97,236,789 or 10.9% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of June 30, 2017.


Security	Acquisition Date		Cost
ALM Loan Funding CLO, 10/17/2026		4/28/2017	$	3,500,000
American Tower Trust I, 3/15/2018		3/6/2013		1,650,000
Apidos CLO XVIII, 7/22/2026		4/4/2017		3,600,000
Babson CLO, Ltd., 10/17/2026		3/10/2017		3,760,000
Betony CLO, Ltd., 4/15/2027		11/17/2016		3,425,000
Birchwood Park CLO, Ltd., 7/15/2026		2/14/2017		3,420,000
BlueMountain CLO, Ltd., 10/15/2026		4/10/2017		4,000,000
Carlyle Global Market Strategies CLO, Ltd., 10/15/2026		1/27/2017		3,750,000
Cent CLO 16, LP, 8/1/2024		9/5/2014		3,346,008
Cent CLO 22, Ltd., 11/7/2026		11/1/2016		3,750,000
CLUB Credit Trust, 4/17/2023		6/14/2017		2,549,992
Cold Storage Trust, 4/15/2036		4/20/2017		5,150,000
Colt Mortgage Loan Trust, 5/27/2047		4/27/2017		3,352,999
Commonbond Student Loan Trust, 6/25/2032		6/17/2015		653,937
Deephaven Residential Mortgage Trust, 12/26/2046		4/7/2017		2,022,730
DRB Prime Student Loan Trust, 10/27/2031		9/23/2015		2,940,414
Dryden 34 Senior Loan Fund CLO, 10/15/2026		3/1/2017		3,600,000
Edlinc Student Loan Funding Trust, 10/1/2025		11/29/2012		1,386,028
GCAT, LLC, 3/25/2047		3/22/2017		2,289,934

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

204

LIMITED MATURITY BOND PORTFOLIO

Schedule of Investments as of June 30, 2017

(unaudited)


Security	Acquisition Date		Cost
GoldenTree Loan Opportunities IX, Ltd., 10/29/2026		10/7/2016	$	3,500,000
Madison Park Funding XIV, Ltd., 7/20/2026		4/13/2017		3,700,000
Mortgage Equity Conversion Asset Trust, 1/25/2042		1/18/2007		3,883,778
Mortgage Equity Conversion Asset Trust, 2/25/2042		2/14/2007		3,890,769
Neuberger Berman CLO, Ltd., 4/22/2029		4/27/2017		3,000,000
NextGear Floorplan Master Owner Trust, 10/15/2019		11/3/2014		2,999,466
Octagon Investment Partners XX, Ltd., 8/12/2026		4/21/2017		3,500,000
OZLM VIII, Ltd., 10/17/2026		5/16/2017		3,500,000
Race Point IX CLO, Ltd., 4/15/2027		2/13/2015		1,500,000
Symphony CLO VIII, Ltd., 1/9/2023		9/15/2014		2,327,546
TTX Company, 10/1/2023		9/19/2013		799,992
Upstart Securitization Trust, 6/20/2024		6/13/2017		3,099,973
Voya CLO 3, Ltd., 7/25/2026		7/10/2014		3,754,360
Wachovia Asset Securitization, Inc., 7/25/2037		3/16/2007		689,282

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, 2017:

Securities Lending Transactions


Taxable Debt Security	$	3,705,161

Total lending	$	3,705,161
Gross amount payable upon return of collateral for securities loaned	$	3,812,510

Net amounts due to counterparty	$	107,349

Definitions:


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

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

205

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 of 1940) 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 of 1940) 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

Certifications pursuant to Rules 30a-2(a) and 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Date: August 28, 2017	THRIVENT SERIES FUND, INC.

	By:	/s/ David S. Royal
		David S. Royal
		President

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Date: August 28, 2017	By:	/s/ David S. Royal
		David S. Royal
		President

Date: August 28, 2017	By:	/s/ Gerard V. Vaillancourt
		Gerard V. Vaillancourt
		Treasurer