Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

1

Shares

Common

Stock

46.1%

Value

Communications

Services  3.4%

23,020

Alphabet,

Inc.,

Class

A

$

3,559,813

139,897

Alphabet,

Inc.,

Class

C

21,856,108

5,157

AMC

Networks,

Inc.

a

35,480

35,751

AT&T,

Inc.

1,011,038

3,335

Bandwidth,

Inc.

a

43,689

58,188

Cargurus,

Inc.

a

1,695,017

602

Charter

Communications,

Inc.

a

221,855

14,272

Cogent

Communications

Holdings

875,016

70,426

Comcast

Corporation

2,598,719

21,825

E.W.

Scripps

Company

a

64,602

288

Electronic

Arts,

Inc.

41,622

1,807

Entravision

Communications

Corporation

3,795

1,202

Fox

Corporation,

Class

B

63,357

7,758

iHeartMedia,

Inc.

a

12,801

6,079

Iridium

Communications,

Inc.

166,078

1,574

John

Wiley

and

Sons,

Inc.

70,137

2,670

Liberty

Global,

Ltd.,

Class

A

a

30,732

5,282

Liberty

Latin

America,

Ltd.,

Class

A

a

33,435

658

Liberty

Media

Corporation-Liberty

Live

Group

a

44,836

10,520

Lumen

Technologies,

Inc.

a

41,238

6,376

Magnite,

Inc.

a

72,750

49,865

Meta

Platforms,

Inc.

28,740,191

619

Netflix,

Inc.

a

577,236

5,563

New

York

Times

Company

275,925

5,935

News

Corporation,

Class

A

161,551

934

Omnicom

Group,

Inc.

77,438

39,144

Pinterest,

Inc.

a

1,213,464

18,625

QuinStreet,

Inc.

a

332,270

811

Sinclair,

Inc.

12,919

9,568

Sirius

XM

Holdings,

Inc.

b

215,711

5,406

Spotify

Technology

SA

a

2,973,462

990

TechTarget,

Inc.

a

14,662

3,521

Telephone

and

Data

Systems,

Inc.

136,404

1,525

TKO

Group

Holdings,

Inc.

233,035

13,899

Trade

Desk,

Inc.

a

760,553

99,486

Verizon

Communications,

Inc.

4,512,685

4,828

Walt

Disney

Company

476,524

103,156

Warner

Brothers

Discovery,

Inc.

a

1,106,864

Total

74,363,012

Consumer

Discretionary  5.8%

95

Adient

plc

a

1,222

123

Adtalem

Global

Education,

Inc.

a

12,379

16,209

Advance

Auto

Parts,

Inc.

635,555

174,301

Amazon.com,

Inc.

a

33,162,508

12,919

American

Axle

&

Manufacturing

Holdings,

Inc.

a

52,580

4,353

American

Eagle

Outfitters,

Inc.

50,582

21,455

Aptiv

plc

a

1,276,573

1,769

Autoliv,

Inc.

156,468

8,412

Bath

&

Body

Works,

Inc.

255,052

43,965

Best

Buy

Company,

Inc.

3,236,264

352

Booking

Holdings,

Inc.

1,621,632

12,842

Boot

Barn

Holdings,

Inc.

a

1,379,616

6,101

BorgWarner,

Inc.

174,794

1,211

Bright

Horizons

Family

Solutions,

Inc.

a

153,845

14,124

Brunswick

Corporation

760,577

279

Build-A-Bear

Workshop,

Inc.

10,370

242

CarMax,

Inc.

a

18,857

591

Carvana

Company

a

123,566

133

Cavco

Industries,

Inc.

a

69,111

Shares

Common

Stock  46.1%

Value

Consumer

Discretionary  5.8%

-

continued

31,250

Champion

Homes,

Inc.

a

$

2,961,250

4,373

Chewy,

Inc.

a

142,166

24,189

Chipotle

Mexican

Grill,

Inc.

a

1,214,530

9,278

Columbia

Sportswear

Company

702,252

858

Cooper-Standard

Holdings,

Inc.

a

13,145

3,481

Coursera,

Inc.

a

23,183

4,940

Crocs,

Inc.

a

524,628

10,314

D.R.

Horton,

Inc.

1,311,219

8,444

Dana,

Inc.

112,559

400

Darden

Restaurants,

Inc.

83,104

13,997

Deckers

Outdoor

Corporation

a

1,565,005

33,654

DoorDash,

Inc.

a

6,150,942

635

Dorman

Products,

Inc.

a

76,543

60,803

eBay,

Inc.

4,118,187

1,167

Etsy,

Inc.

a

55,059

21,842

Expedia

Group,

Inc.

3,671,640

425

Five

Below,

Inc.

a

31,843

3,151

Fox

Factory

Holding

Corporation

a

73,544

344

Frontdoor,

Inc.

a

13,216

8,774

Gap,

Inc.

180,832

4,862

Garmin,

Ltd.

1,055,686

14,143

Gentex

Corporation

329,532

3,600

Goodyear

Tire

&

Rubber

Company

a

33,264

3,991

Grand

Canyon

Education,

Inc.

a

690,523

2,187

Group

1

Automotive,

Inc.

835,325

6,382

Hanesbrands,

Inc.

a

36,824

5,809

Hasbro,

Inc.

357,195

11,548

Hilton

Worldwide

Holdings,

Inc.

2,627,747

25,292

Home

Depot,

Inc.

9,269,265

6,937

Installed

Building

Products,

Inc.

1,189,418

3,005

Latham

Group,

Inc.

a

19,322

6,783

Laureate

Education,

Inc.

a

138,712

18,793

La-Z-Boy,

Inc.

734,618

627

Lear

Corporation

55,314

1,818

Leggett

&

Platt,

Inc.

14,380

4,194

LKQ

Corporation

178,413

10,143

Lowe's

Companies,

Inc.

2,365,652

6,030

Lululemon

Athletica,

Inc.

a

1,706,852

17,099

Modine

Manufacturing

Company

a

1,312,348

2,087

Mohawk

Industries,

Inc.

a

238,294

489

Motorcar

Parts

of

America,

Inc.

a

4,646

44,219

NIKE,

Inc.

2,807,022

205

NVR,

Inc.

a

1,485,100

260

OneSpaWorld

Holdings,

Ltd.

4,365

1,524

O'Reilly

Automotive,

Inc.

a

2,183,252

12,505

Patrick

Industries,

Inc.

1,057,423

431

Planet

Fitness,

Inc.

a

41,639

3,285

Pool

Corporation

1,045,780

11,426

PUMA

SE

278,707

50,794

QVC

Group,

Inc.

10,215

332

Ralph

Lauren

Corporation

73,286

2,021

Revolve

Group,

Inc.

a

43,431

14,410

Ross

Stores,

Inc.

1,841,454

3,541

Service

Corporation

International/

US

283,988

32,076

SharkNinja,

Inc.

a

2,675,459

12,972

Six

Flags

Entertainment

Corporation

462,711

13,230

Skechers

USA,

Inc.

a

751,199

76,780

Sony

Group

Corporation

ADR

b

1,949,444

1,844

Stitch

Fix,

Inc.

a

5,993

6,140

Stoneridge,

Inc.

a

28,183

747

Strategic

Education,

Inc.

62,718

2,788

Tapestry,

Inc.

196,303

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

2

Shares

Common

Stock  46.1%

Value

Consumer

Discretionary  5.8%

-

continued

40,393

Tesla,

Inc.

a

$

10,468,250

3,650

Texas

Roadhouse,

Inc.

608,200

54

TopBuild

Corporation

a

16,467

2,513

Travel

+

Leisure

Company

116,327

383

Ulta

Beauty,

Inc.

a

140,385

1,663

Valvoline,

Inc.

a

57,889

6,399

VF

Corporation

99,312

870

Visteon

Corporation

a

67,529

3,357

Wingstop,

Inc.

757,272

47,821

Wyndham

Hotels

&

Resorts,

Inc.

4,328,279

38,066

Yum

China

Holding,

Inc.

1,981,716

Total

125,299,026

Consumer

Staples  1.7%

5,323

Albertson's

Companies,

Inc.

117,053

1,283

Archer-Daniels-Midland

Company

61,597

3,030

BellRing

Brands,

Inc.

a

225,614

13,996

BJ's

Wholesale

Club

Holdings,

Inc.

a

1,596,944

381

Bunge

Global

SA

29,116

5,047

Casey's

General

Stores,

Inc.

2,190,600

5,276

Colgate-Palmolive

Company

494,361

22,646

Conagra

Brands,

Inc.

603,969

462

Costco

Wholesale

Corporation

436,950

199,071

Coty,

Inc.

a

1,088,918

301

Dole

plc

4,349

6,627

e.l.f.

Beauty,

Inc.

a

416,109

3,510

Hershey

Company

600,315

17,726

J

&

J

Snack

Foods

Corporation

2,334,869

12,542

J.M.

Smucker

Company

1,485,098

13,557

John

B.

Sanfilippo

&

Son,

Inc.

960,649

110,314

Kenvue,

Inc.

2,645,330

1,979

Keurig

Dr

Pepper,

Inc.

67,721

819

Kimberly-Clark

Corporation

116,478

7,995

Lamb

Weston

Holdings,

Inc.

426,134

4,502

Lancaster

Colony

Corporation

787,850

952

Maplebear,

Inc.

a

37,975

4,406

McCormick

&

Company,

Inc.

362,658

40,144

Philip

Morris

International,

Inc.

6,372,057

8,327

Procter

&

Gamble

Company

1,419,087

45,144

Sysco

Corporation

3,387,606

9,028

Turning

Point

Brands,

Inc.

536,624

826

Tyson

Foods,

Inc.

52,707

1,836

US

Foods

Holding

Corporation

a

120,185

30,684

Vita

Coco

Company,

Inc.

a

940,465

81,082

Walmart,

Inc.

7,118,189

Total

37,037,577

Energy  1.7%

3,900

Antero

Midstream

Corporation

70,200

9,921

Antero

Resources

Corporation

a

401,205

22,496

Archrock,

Inc.

590,295

33,544

Baker

Hughes

Company

1,474,259

10,970

Berry

Corporation

35,214

1,914

Cactus,

Inc.

87,719

439

Cheniere

Energy,

Inc.

101,585

45,771

ConocoPhillips

4,806,870

751

Coterra

Energy,

Inc.

21,704

4,284

Crescent

Energy

Company

48,152

79,272

Devon

Energy

Corporation

2,964,773

913

DT

Midstream,

Inc.

88,086

90,872

Enterprise

Products

Partners,

LP

3,102,370

12,720

EOG

Resources,

Inc.

1,631,213

350

EQT

Corporation

18,700

16,092

Expand

Energy

Corporation

1,791,361

Shares

Common

Stock  46.1%

Value

Energy  1.7%

-

continued

53,474

Exxon

Mobil

Corporation

$

6,359,663

2,792

Gulfport

Energy

Corporation

a

514,119

46,034

Halliburton

Company

1,167,883

7,248

Hess

Midstream,

LP

306,518

20,095

Kinder

Morgan,

Inc.

573,310

1,894

Kodiak

Gas

Services,

Inc.

70,646

23,926

Kosmos

Energy,

Ltd.

a

54,551

9,214

Marathon

Petroleum

Corporation

1,342,388

37,539

Matador

Resources

Company

1,917,868

425

Natural

Gas

Services

Group,

Inc.

a

9,337

20,830

Noble

Corporation

plc

493,671

4,503

Oceaneering

International,

Inc.

a

98,210

3,019

Oil

States

International,

Inc.

a

15,548

8,692

Ovintiv,

Inc.

372,018

1,916

Par

Pacific

Holdings,

Inc.

a

27,322

67

Phillips

66

8,273

304

Ranger

Energy

Services,

Inc.

4,314

7,610

Schlumberger

NV

318,098

16,928

Shell

plc

ADR

1,240,484

9,287

Sitio

Royalties

Corporation

184,533

1,142

Solaris

Energy

Infrastructure,

Inc.

24,850

2,597

Talos

Energy,

Inc.

a

25,243

152

Targa

Resources

Corporation

30,471

88,701

TechnipFMC

plc

2,810,935

2,545

Vital

Energy,

Inc.

a

54,005

7,690

Williams

Companies,

Inc.

459,554

Total

35,717,518

Financials  6.7%

757

1st

Source

Corporation

45,276

468

Affiliated

Managers

Group,

Inc.

78,638

597

Affirm

Holdings,

Inc.

a

26,978

9,698

Allstate

Corporation

2,008,165

36,021

Ally

Financial,

Inc.

1,313,686

8,894

Amalgamated

Financial

Corporation

255,702

11,207

American

Express

Company

3,015,243

23,456

American

International

Group,

Inc.

2,039,265

7,280

Ameriprise

Financial,

Inc.

3,524,321

1,901

Ameris

Bancorp

109,441

652

AMERISAFE,

Inc.

34,263

6,015

Annaly

Capital

Management,

Inc.

122,165

9,673

Arch

Capital

Group,

Ltd.

930,349

235

Arrow

Financial

Corporation

6,178

3,151

Arthur

J.

Gallagher

&

Company

1,087,851

3,024

Artisan

Partners

Asset

Management,

Inc.

118,238

4,481

Associated

Banc-Corp

100,957

890

Assurant,

Inc.

186,677

1,656

Atlantic

Union

Bankshares

Corporation

51,568

99,589

AvidXchange

Holdings,

Inc.

a

844,515

426

Axis

Capital

Holdings,

Ltd.

42,702

1,278

Axos

Financial,

Inc.

a

82,457

130,387

Bank

of

America

Corporation

5,441,050

111

Bank

of

Hawaii

Corporation

7,656

441

Bank

of

Marin

Bancorp

9,733

16,634

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

647,395

27,153

Bank

of

New

York

Mellon

Corporation

2,277,322

1,115

Bank

OZK

48,447

1,190

BankFinancial

Corporation

15,042

5,351

BankUnited,

Inc.

184,288

1,645

Bar

Harbor

Bankshares

48,527

2,237

BCB

Bancorp,

Inc.

22,057

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

3

Shares

Common

Stock  46.1%

Value

Financials  6.7%

-

continued

4,173

Berkshire

Hathaway,

Inc.

a

$

2,222,456

3,792

Berkshire

Hills

Bancorp,

Inc.

98,933

2,046

Block,

Inc.

a

111,159

16,208

Blue

Owl

Capital,

Inc.

324,808

38,475

Bridgewater

Bancshares,

Inc.

a

534,418

5,120

Brookline

Bancorp,

Inc.

55,808

6,705

Brown

&

Brown,

Inc.

834,102

1,668

Burke

&

Herbert

Financial

Services

Corporation

93,591

2,142

Business

First

Bancshares,

Inc.

52,158

813

Byline

Bancorp,

Inc.

21,268

2,233

Cadence

Bank

67,794

155

Camden

National

Corporation

6,273

295

Capital

City

Bank

Group,

Inc.

10,608

13,090

Capital

One

Financial

Corporation

2,347,037

9,139

Capitol

Federal

Financial,

Inc.

51,178

4,881

Carlyle

Group,

Inc.

212,763

221

Cathay

General

Bancorp

9,510

3,023

Cboe

Global

Markets,

Inc.

684,075

56,960

Charles

Schwab

Corporation

4,458,829

3,742

Chimera

Investment

Corporation

48,010

190

ChoiceOne

Financial

Services,

Inc.

5,466

8,961

Chubb,

Ltd.

2,706,132

1,115

Cincinnati

Financial

Corporation

164,708

3,770

Citigroup,

Inc.

267,632

1,254

Citizens

Financial

Group,

Inc.

51,376

1,947

CNB

Financial

Corporation

43,321

3,139

CNO

Financial

Group,

Inc.

130,739

148

Coinbase

Global,

Inc.

a

25,490

2,291

Columbia

Banking

System,

Inc.

57,138

1,782

Comerica,

Inc.

105,245

1,683

Commerce

Bancshares,

Inc.

104,733

275

Community

Financial

System,

Inc.

15,636

4,487

Community

Trust

Bancorp,

Inc.

225,965

954

ConnectOne

Bancorp,

Inc.

23,192

746

Cullen/Frost

Bankers,

Inc.

93,399

1,085

Customers

Bancorp,

Inc.

a

54,467

377

CVB

Financial

Corporation

6,959

162

Diamond

Hill

Investment

Group,

Inc.

23,140

12,072

Discover

Financial

Services

2,060,690

16,750

Donnelley

Financial

Solutions,

Inc.

a

732,142

2,580

Eagle

Bancorp,

Inc.

54,180

2,224

East

West

Bancorp,

Inc.

199,626

1,144

Eastern

Bankshares,

Inc.

18,762

2,037

Ellington

Credit

Company

11,020

1,261

Enact

Holdings,

Inc.

43,820

1,093

Enova

International,

Inc.

a

105,540

2,551

Equitable

Holdings,

Inc.

132,882

1,343

Equity

Bancshares,

Inc.

52,914

1,323

Essent

Group,

Ltd.

76,364

2,289

Evercore,

Inc.

457,159

60,451

F.N.B.

Corporation

813,066

1,194

FactSet

Research

Systems,

Inc.

542,840

5,041

Federal

Agricultural

Mortgage

Corporation

945,238

13,390

Federated

Hermes,

Inc.

545,910

4,552

Fidelity

National

Information

Services,

Inc.

339,943

2,311

Fifth

Third

Bancorp

90,591

878

Financial

Institutions,

Inc.

21,915

423

First

American

Financial

Corporation

27,761

12,830

First

Bancorp/Puerto

Rico

245,951

2,172

First

Bancshares,

Inc.

73,435

Shares

Common

Stock  46.1%

Value

Financials  6.7%

-

continued

9,979

First

Busey

Corporation

$

215,546

326

First

Business

Financial

Services,

Inc.

15,371

926

First

Citizens

BancShares,

Inc./NC

1,716,915

3,425

First

Financial

Bancorp

85,557

1,020

First

Financial

Bankshares,

Inc.

36,638

1,685

First

Financial

Corporation

82,531

632

First

Hawaiian,

Inc.

15,446

7,823

First

Horizon

Corporation

151,923

1,579

First

Internet

Bancorp

42,286

315

First

Interstate

BancSystem,

Inc.

9,025

847

First

Merchants

Corporation

34,253

3,337

First

Mid-Illinois

Bancshares,

Inc.

116,461

8,819

Fiserv,

Inc.

a

1,947,500

2,093

Flagstar

Financial,

Inc.

24,321

2,958

Flushing

Financial

Corporation

37,567

809

Flywire

Corporation

a

7,686

14,703

Fulton

Financial

Corporation

265,977

37,872

Glacier

Bancorp,

Inc.

1,674,700

2,549

Great

Southern

Bancorp,

Inc.

141,138

4,871

Hamilton

Lane,

Inc.

724,172

2,314

Hancock

Whitney

Corporation

121,369

1,194

Hanmi

Financial

Corporation

27,056

618

Hanover

Insurance

Group,

Inc.

107,501

895

HarborOne

Bancorp,

Inc.

9,281

2,109

Hartford

Insurance

Group,

Inc.

260,947

43

HBT

Financial,

Inc.

964

2,016

Home

BancShares,

Inc.

56,992

3,304

Hometrust

Bancshares,

Inc.

113,261

5,529

Hope

Bancorp,

Inc.

57,889

269

Horace

Mann

Educators

Corporation

11,494

4,933

Horizon

Bancorp,

Inc.

74,390

16,274

Houlihan

Lokey,

Inc.

2,628,251

4,579

Huntington

Bancshares,

Inc./OH

68,731

148

Independent

Bank

Corporation/MA

9,272

2,899

Independent

Bank

Corporation/MI

89,260

272

Interactive

Brokers

Group,

Inc.

45,040

29,831

Intercontinental

Exchange,

Inc.

5,145,848

7,212

Invesco,

Ltd.

109,406

313

Investar

Holding

Corporation

5,512

41,857

J.P.

Morgan

Chase

&

Company

10,267,522

11,943

Jack

Henry

&

Associates,

Inc.

2,180,792

12,878

Janus

Henderson

Group

plc

465,540

7,500

Kearny

Financial

Corporation/MD

46,950

116,421

KeyCorp

1,861,572

7,455

Kinsale

Capital

Group,

Inc.

3,628,423

905

LendingTree,

Inc.

a

45,494

605

M&T

Bank

Corporation

108,144

999

MarketAxess

Holdings,

Inc.

216,134

4,096

Marsh

&

McLennan

Companies,

Inc.

999,547

4,163

Mastercard,

Inc.

2,281,824

2,142

Mercantile

Bank

Corporation

93,048

26,520

MetLife,

Inc.

2,129,291

918

Metropolitan

Bank

Holding

Corporation

a

51,399

32,261

MGIC

Investment

Corporation

799,428

775

Mid

Penn

Bancorp,

Inc.

20,080

3,968

Midland

States

Bancorp,

Inc.

67,932

5,883

MidWestOne

Financial

Group,

Inc.

174,196

720

Morningstar,

Inc.

215,906

3,931

Mr.

Cooper

Group,

Inc.

a

470,148

3,488

MSCI,

Inc.

1,972,464

44,708

Nasdaq,

Inc.

3,391,549

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

4

Shares

Common

Stock  46.1%

Value

Financials  6.7%

-

continued

45

Nelnet,

Inc.

$

4,992

14,762

NMI

Holdings,

Inc.

a

532,170

780

Northeast

Community

Bancorp,

Inc.

18,283

20,202

Northern

Trust

Corporation

1,992,927

2,370

Northfield

Bancorp,

Inc.

25,857

286

Northrim

BanCorp,

Inc.

20,941

5,585

Northwest

Bancshares,

Inc.

67,132

14,654

OceanFirst

Financial

Corporation

249,265

6,695

OFG

Bancorp

267,934

3,687

Old

National

Bancorp

78,128

4,956

Old

Republic

International

Corporation

194,374

9,161

Old

Second

Bancorp,

Inc.

152,439

11,441

OneMain

Holdings,

Inc.

559,236

1,796

Orrstown

Financial

Services,

Inc.

53,898

1,182

P10,

Inc.

13,889

542

Palomar

Holdings,

Inc.

a

74,297

50

Park

National

Corporation

7,570

871

Paymentus

Holdings,

Inc.

a

22,733

990

PCB

Bancorp

18,523

1,982

Peoples

Bancorp,

Inc./OH

58,786

983

Pinnacle

Financial

Partners,

Inc.

104,237

450

PNC

Financial

Services

Group,

Inc.

79,097

4,111

Popular,

Inc.

379,733

1,966

Principal

Financial

Group,

Inc.

165,871

4,221

Progressive

Corporation

1,194,585

12,037

Prosperity

Bancshares,

Inc.

859,081

7,170

Provident

Financial

Services,

Inc.

123,109

1,404

Prudential

Financial,

Inc.

156,799

23,219

Radian

Group,

Inc.

767,852

2,855

Regions

Financial

Corporation

62,039

292

Reinsurance

Group

of

America,

Inc.

57,495

5,431

Rithm

Capital

Corporation

62,185

27,496

RLI

Corporation

2,208,754

17,722

Robinhood

Markets,

Inc.

a

737,590

2,818

S&P

Global,

Inc.

1,431,826

7,284

SEI

Investments

Company

565,457

438

ServisFirst

Bancshares,

Inc.

36,179

2,896

Shore

Bancshares,

Inc.

39,212

986

Sierra

Bancorp

27,490

395

Simmons

First

National

Corporation

8,109

418

Southern

Missouri

Bancorp,

Inc.

21,744

952

Southside

Bancshares,

Inc.

27,570

1,409

SouthState

Corporation

130,783

3,466

StepStone

Group,

Inc.

181,029

1,497

Stifel

Financial

Corporation

141,107

715

StoneX

Group,

Inc.

a

54,612

3,414

Synovus

Financial

Corporation

159,570

285

Texas

Capital

Bancshares,

Inc.

a

21,290

130

Towne

Bank/Portsmouth,

VA

4,445

6,996

TPG

RE

Finance

Trust,

Inc.

57,017

24,959

TPG,

Inc.

1,183,805

27,823

Tradeweb

Markets,

Inc.

4,130,603

39,815

Triumph

Financial,

Inc.

a

2,301,307

5,861

Truist

Financial

Corporation

241,180

1,858

TrustCo

Bank

Corporation

NY

56,632

7,502

Trustmark

Corporation

258,744

1,588

U.S.

Bancorp

67,045

909

UMB

Financial

Corporation

91,900

1,282

United

Bankshares,

Inc.

44,447

3,721

United

Community

Banks,

Inc.

104,672

Shares

Common

Stock  46.1%

Value

Financials  6.7%

-

continued

836

Unity

Bancorp,

Inc.

$

34,025

1,867

Univest

Financial

Corporation

52,948

1,310

Unum

Group

106,713

13,632

Valley

National

Bancorp

121,188

2,758

Veritex

Holdings,

Inc.

68,867

242

Virtu

Financial,

Inc.

9,225

43,479

Visa,

Inc.

15,237,650

244

Walker

&

Dunlop,

Inc.

20,828

2,467

Webster

Financial

Corporation

127,174

94,185

Wells

Fargo

&

Company

6,761,541

438

WesBanco,

Inc.

13,560

1,353

Westamerica

Bancorporation

68,502

27,855

Western

Alliance

Bancorp

2,140,100

23,374

Western

Union

Company

247,297

216

Willis

Towers

Watson

plc

72,997

824

Wintrust

Financial

Corporation

92,667

270

WSFS

Financial

Corporation

14,005

21,606

Zions

Bancorp

NA

1,077,275

Total

145,468,415

Health

Care  5.5%

14,187

Abbott

Laboratories

1,881,906

1,638

AbbVie,

Inc.

343,194

46,309

ADMA

Biologics,

Inc.

a

918,771

19,763

Agilent

Technologies,

Inc.

2,311,876

1,086

Agios

Pharmaceuticals,

Inc.

a

31,820

1,825

Align

Technology,

Inc.

a

289,919

13,183

Amgen,

Inc.

4,107,164

3,438

Amicus

Therapeutics,

Inc.

a

28,054

3,570

Amneal

Pharmaceuticals,

Inc.

a

29,917

1,010

Anika

Therapeutics,

Inc.

a

15,180

2,375

Argenx

SE

ADR

a

1,405,679

269

Arvinas,

Inc.

a

1,888

634

Astria

Therapeutics,

Inc.

a

3,386

53,806

Avantor,

Inc.

a

872,195

794

Biogen,

Inc.

a

108,651

13,363

BioMarin

Pharmaceutical,

Inc.

a

944,630

4,333

Bio-Techne

Corporation

254,044

20,493

Boston

Scientific

Corporation

a

2,067,334

5,911

Cabaletta

Bio,

Inc.

a

8,187

3,589

CareDx,

Inc.

a

63,705

16,997

Caribou

Biosciences,

Inc.

a

15,520

5,173

Cencora,

Inc.

1,438,560

10,096

Centene

Corporation

a

612,928

6,935

Certara,

Inc.

a

68,656

1,290

Chemed

Corporation

793,763

6,143

Cigna

Group

2,021,047

62,222

Concentra

Group

Holdings

Parent,

Inc.

1,350,217

10,933

Cooper

Companies,

Inc.

a

922,199

7,361

CorVel

Corporation

a

824,211

2,386

CryoPort,

Inc.

a

14,507

27,783

Danaher

Corporation

5,695,515

2,318

Definitive

Healthcare

Corporation

a

6,699

4,206

Denali

Therapeutics,

Inc.

a

57,181

8,583

Dentsply

Sirona,

Inc.

128,230

18,174

Dexcom,

Inc.

a

1,241,102

1,263

Doximity,

Inc.

a

73,292

3,785

Editas

Medicine,

Inc.

a

4,391

14,575

Elanco

Animal

Health,

Inc.

a

153,037

11,269

Eli

Lilly

&

Company

9,307,180

5,315

Enanta

Pharmaceuticals,

Inc.

a

29,339

32,196

Encompass

Health

Corporation

3,260,811

10,269

Exact

Sciences

Corporation

a

444,545

360

Exelixis,

Inc.

a

13,291

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

5

Shares

Common

Stock  46.1%

Value

Health

Care  5.5%

-

continued

5,532

Fate

Therapeutics,

Inc.

a

$

4,371

3,470

Fortrea

Holdings,

Inc.

a

26,198

23,546

Gilead

Sciences,

Inc.

2,638,329

41,197

Globus

Medical,

Inc.

a

3,015,620

5,510

GoodRx

Holdings,

Inc.

a

24,299

18,098

HealthEquity,

Inc.

a

1,599,320

1,516

Humana,

Inc.

401,134

6,688

IDEXX

Laboratories,

Inc.

a

2,808,626

222

Illumina,

Inc.

a

17,613

1,430

Incyte

Corporation

a

86,586

6,739

Inspire

Medical

Systems,

Inc.

a

1,073,388

1,884

Insulet

Corporation

a

494,757

2,614

Integra

LifeSciences

Holdings

Corporation

a

57,482

3,984

Intellia

Therapeutics,

Inc.

a

28,326

9,822

Intuitive

Surgical,

Inc.

a

4,864,542

1,147

IQVIA

Holding,

Inc.

a

202,216

3,043

iTeos

Therapeutics,

Inc.

a

18,167

31,013

Johnson

&

Johnson

5,143,196

1,783

Kura

Oncology,

Inc.

a

11,768

7,963

Labcorp

Holdings,

Inc.

1,853,309

51

Ligand

Pharmaceuticals,

Inc.

a

5,362

1,639

Medpace

Holdings,

Inc.

a

499,387

31,143

Medtronic

plc

2,798,510

29,952

Merck

&

Company,

Inc.

2,688,492

5,685

Merit

Medical

Systems,

Inc.

a

600,961

1,132

Mettler-Toledo

International,

Inc.

a

1,336,790

1,672

Myriad

Genetics,

Inc.

a

14,831

8,826

Natera,

Inc.

a

1,248,085

5,833

Neurocrine

Biosciences,

Inc.

a

645,130

6,421

Nkarta,

Inc.

a

11,815

943

Novocure,

Ltd.

a

16,804

9,325

Penumbra,

Inc.

a

2,493,598

782

Prestige

Consumer

Healthcare,

Inc.

a

67,229

49,103

Progyny,

Inc.

a

1,096,961

2,395

Prothena

Corporation

plc

a

29,638

379

PTC

Therapeutics,

Inc.

a

19,314

3,372

QIAGEN

NV

135,386

757

Quest

Diagnostics,

Inc.

128,084

4,340

Regeneron

Pharmaceuticals,

Inc.

2,752,558

10,322

Relay

Therapeutics,

Inc.

a

27,044

20,092

Repligen

Corporation

a

2,556,506

39

Revvity,

Inc.

4,126

3,317

Rocket

Pharmaceuticals,

Inc.

a

22,124

34,257

Royalty

Pharma

plc

1,066,420

27,930

RxSight,

Inc.

a

705,232

43,936

Sanofi

SA

ADR

2,436,691

64,069

scPharmaceuticals,

Inc.

a

168,501

3,207

STERIS

plc

726,867

72,271

Stevanato

Group

SPA

1,475,774

2,687

Stryker

Corporation

1,000,236

691

Teleflex,

Inc.

95,489

1,426

Tenet

Healthcare

Corporation

a

191,797

3,403

Thermo

Fisher

Scientific,

Inc.

1,693,333

39,928

Twist

Bioscience

Corporation

a

1,567,573

1,290

United

Therapeutics

Corporation

a

397,668

16,570

UnitedHealth

Group,

Inc.

8,678,538

436

Veeva

Systems,

Inc.

a

100,991

17,338

Vericel

Corporation

a

773,622

3,687

Vertex

Pharmaceuticals,

Inc.

a

1,787,531

26,492

Viatris,

Inc.

230,745

38,134

Viemed

Healthcare,

Inc.

a

277,616

2,379

Waters

Corporation

a

876,828

1,808

Waystar

Holding

Corporation

a

67,547

Shares

Common

Stock  46.1%

Value

Health

Care  5.5%

-

continued

3,524

West

Pharmaceutical

Services,

Inc.

$

788,953

4,269

Xencor,

Inc.

a

45,422

1,902

Xenon

Pharmaceuticals,

Inc.

a

63,812

4,380

Zentalis

Pharmaceuticals,

Inc.

a

6,964

20,690

Zimmer

Biomet

Holdings,

Inc.

2,341,694

22,953

Zoetis,

Inc.

3,779,211

Total

119,076,758

Industrials  5.8%

2,918

A.O.

Smith

Corporation

190,720

7,769

Advanced

Drainage

Systems,

Inc.

844,102

11,909

AECOM

1,104,322

18,002

Air

Lease

Corporation

869,677

611

Alaska

Air

Group,

Inc.

a

30,073

869

Allegion

plc

113,370

1,530

Allison

Transmission

Holdings,

Inc.

146,375

38,127

Amentum

Holdings,

Inc.

a

693,911

11,581

AMETEK,

Inc.

1,993,553

481

Applied

Industrial

Technologies,

Inc.

108,389

1,337

Arcosa,

Inc.

103,109

88

Argan,

Inc.

11,543

3,845

Armstrong

World

Industries,

Inc.

541,684

3,800

Array

Technologies,

Inc.

a

18,506

33,248

Atmus

Filtration

Technologies,

Inc.

1,221,199

5,973

Automatic

Data

Processing,

Inc.

1,824,931

971

Axon

Enterprise,

Inc.

a

510,697

35,415

Badger

Infrastructure

Solutions,

Ltd.

956,344

23,427

Barrett

Business

Services,

Inc.

964,021

7,234

Brady

Corporation

511,010

27,321

BWX

Technologies,

Inc.

2,695,217

8

CACI

International,

Inc.

a

2,935

6,362

Casella

Waste

Systems,

Inc.

a

709,427

15,250

Caterpillar,

Inc.

5,029,450

35,105

CECO

Environmental

Corporation

a

800,394

5,553

Clean

Harbors,

Inc.

a

1,094,496

183,962

CNH

Industrial

NV

2,259,053

149

CSW

Industrials,

Inc.

43,436

114,304

CSX

Corporation

3,363,967

474

Cummins,

Inc.

148,571

1,628

Curtiss-Wright

Corporation

516,516

15,982

Dayforce,

Inc.

a

932,230

42,176

Delta

Air

Lines,

Inc.

1,838,874

4,431

DNOW,

Inc.

a

75,681

25

Dover

Corporation

4,392

2,749

EMCOR

Group,

Inc.

1,016,113

1,884

Energy

Recovery,

Inc.

a

29,937

46,114

Enerpac

Tool

Group

Corporation

2,068,674

5,848

EnPro,

Inc.

946,148

81

ESCO

Technologies,

Inc.

12,889

64,153

ExlService

Holdings,

Inc.

a

3,028,663

4,696

Expeditors

International

of

Washington,

Inc.

564,694

82,768

Fastenal

Company

6,418,658

13,802

Federal

Signal

Corporation

1,015,137

10,064

Ferguson

Enterprises,

Inc.

1,612,555

46,995

Flowserve

Corporation

2,295,236

3,099

Fortive

Corporation

226,785

3,110

Frontier

Group

Holdings,

Inc.

a

13,497

96,792

Gates

Industrial

Corporation

plc

a

1,781,941

8,111

General

Dynamics

Corporation

2,210,896

310

Gorman-Rupp

Company

10,881

11,950

Graco,

Inc.

997,945

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

6

Shares

Common

Stock  46.1%

Value

Industrials  5.8%

-

continued

9,617

Great

Lakes

Dredge

&

Dock

Corporation

a

$

83,668

559

Griffon

Corporation

39,969

37,770

Helios

Technologies,

Inc.

1,212,039

359

Herc

Holdings,

Inc.

48,203

15,242

Hexcel

Corporation

834,652

12,850

Honeywell

International,

Inc.

2,720,988

27,568

Howmet

Aerospace,

Inc.

3,576,397

4,986

Hudson

Technologies,

Inc.

a

30,764

78

Huron

Consulting

Group,

Inc.

a

11,189

3,663

IDEX

Corporation

662,893

4,597

IES

Holdings,

Inc.

a

759,011

11,004

Ingersoll

Rand,

Inc.

880,650

2,646

ITT

Corporation

341,757

12,981

Jacobs

Solutions,

Inc.

1,569,273

10,107

JB

Hunt

Transport

Services,

Inc.

1,495,331

2,080

Kirby

Corporation

a

210,101

18,119

Knight-Swift

Transportation

Holdings,

Inc.

787,995

26,083

Korn

Ferry

1,769,210

9,420

L3Harris

Technologies,

Inc.

1,971,700

11,255

Landstar

System,

Inc.

1,690,501

4,565

Leidos

Holdings,

Inc.

616,001

5,917

Limbach

Holdings,

Inc.

a

440,639

2,785

Lincoln

Electric

Holdings,

Inc.

526,811

3,483

Lockheed

Martin

Corporation

1,555,891

1,247

ManpowerGroup,

Inc.

72,176

4,319

Masco

Corporation

300,343

121,712

Masterbrand,

Inc.

a

1,589,559

1,683

McGrath

RentCorp

187,486

7,236

Miller

Industries,

Inc.

306,589

9,702

Moog,

Inc.

1,681,842

15,304

Mueller

Water

Products,

Inc.

389,028

18,808

nVent

Electric

plc

985,915

12,503

Old

Dominion

Freight

Line,

Inc.

2,068,621

1,519

Otis

Worldwide

Corporation

156,761

853

Owens

Corning,

Inc.

121,825

1,559

PACCAR,

Inc.

151,800

7,871

Parker-Hannifin

Corporation

4,784,387

142

Paylocity

Holding

Corporation

a

26,602

8,615

Pentair

plc

753,640

2,805

Quanta

Services,

Inc.

712,975

3,698

RBC

Bearings,

Inc.

a

1,189,905

7,141

Regal

Rexnord

Corporation

813,003

727

Republic

Services,

Inc.

176,050

14,198

Robert

Half,

Inc.

774,501

6,497

Rockwell

Automation,

Inc.

1,678,695

326

Rush

Enterprises,

Inc.

17,412

1,868

Saia,

Inc.

a

652,735

30,004

Schneider

National,

Inc.

685,591

13,542

Shoals

Technologies

Group,

Inc.

a

44,959

96

SkyWest,

Inc.

a

8,388

17,662

Southwest

Airlines

Company

593,090

439

SPX

Technologies,

Inc.

a

56,534

1,112

SS&C

Technologies

Holdings,

Inc.

92,885

3,647

Stanley

Black

&

Decker,

Inc.

280,381

4,665

Sterling

Construction

Company,

Inc.

a

528,125

21,343

Timken

Company

1,533,921

6,475

Trane

Technologies

plc

2,181,557

140

TransDigm

Group,

Inc.

193,661

13,254

TransUnion

1,099,949

10,847

Trex

Company,

Inc.

a

630,211

1,956

Trinity

Industries,

Inc.

54,885

93,670

Uber

Technologies,

Inc.

a

6,824,796

Shares

Common

Stock  46.1%

Value

Industrials  5.8%

-

continued

6,800

UFP

Industries,

Inc.

$

727,872

843

UL

Solutions,

Inc.

47,545

803

Union

Pacific

Corporation

189,701

12,498

United

Airlines

Holdings,

Inc.

a

862,987

15,518

United

Parcel

Service,

Inc.

1,706,825

1,276

United

Rentals,

Inc.

799,669

6,294

Verisk

Analytics,

Inc.

1,873,220

3,015

Verra

Mobility

Corporation

a

67,868

722

Wabtec

Corporation

130,935

8,282

Waste

Connections,

Inc.

1,616,564

1,388

Waste

Management,

Inc.

321,336

2,212

Watsco,

Inc.

1,124,360

34,113

WNS

Holdings,

Ltd.

a

2,097,608

Total

126,325,730

Information

Technology  11.3%

775

Adobe,

Inc.

a

297,236

13,433

Agilysys,

Inc.

a

974,430

1,339

Ambarella,

Inc.

a

67,392

61,005

Amphenol

Corporation

4,001,318

173,841

Apple,

Inc.

38,615,301

26,611

Applied

Materials,

Inc.

3,861,788

19,573

Arista

Networks,

Inc.

a

1,516,516

374

Astera

Labs,

Inc.

a

22,317

323

Atlassian

Corporation

a

68,544

10,551

Autodesk,

Inc.

a

2,762,252

291

BILL

Holdings,

Inc.

a

13,354

11,025

BlackLine,

Inc.

a

533,830

70,877

Broadcom,

Inc.

11,866,936

18,689

CDW

Corporation

2,995,099

16,650

Ciena

Corporation

a

1,006,159

83,266

Cisco

Systems,

Inc.

5,138,345

2,852

Clearwater

Analytics

Holdings,

Inc.

a

76,434

725

Coherent

Corporation

a

47,081

33,826

Cohu,

Inc.

a

497,580

1,153

CommVault

Systems,

Inc.

a

181,897

394

Consensus

Cloud

Solutions,

Inc.

a

9,094

14,521

Crane

NXT

Company

746,379

2,211

Credo

Technology

Group

Holding,

Ltd.

a

88,794

3,299

CrowdStrike

Holdings,

Inc.

a

1,163,161

8,076

CyberArk

Software,

Ltd.

a

2,729,688

4,684

Datadog,

Inc.

a

464,700

7,515

Descartes

Systems

Group,

Inc.

a

757,737

15,263

DocuSign,

Inc.

a

1,242,408

3,280

Dolby

Laboratories,

Inc.

263,417

22,910

Dynatrace

Holdings,

LLC

a

1,080,207

1,498

Elastic

NV

a

133,472

430

Enphase

Energy,

Inc.

a

26,682

1,244

Expensify,

Inc.

a

3,782

984

F5,

Inc.

a

262,010

6,962

Fabrinet

a

1,375,065

670

Fair

Isaac

Corporation

a

1,235,587

380

FARO

Technologies,

Inc.

a

10,374

6,437

Flex,

Ltd.

a

212,936

41,274

Fortinet,

Inc.

a

3,973,035

12,066

Freshworks,

Inc.

a

170,251

2,601

Gartner,

Inc.

a

1,091,744

2,725

Gen

Digital,

Inc.

72,322

38,649

Gitlab,

Inc.

a

1,816,503

5,137

Globant

SA

a

604,728

1,082

GoDaddy,

Inc.

a

194,911

13,767

Guidewire

Software,

Inc.

a

2,579,385

2,531

HubSpot,

Inc.

a

1,445,935

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

7

Shares

Common

Stock  46.1%

Value

Information

Technology  11.3%

-

continued

7,555

Impinj,

Inc.

a

$

685,239

30,601

International

Business

Machines

Corporation

7,609,245

630

IPG

Photonics

Corporation

a

39,778

1,091

Itron,

Inc.

a

114,293

73,779

JFrog,

Ltd.

a

2,360,928

2,971

Keysight

Technologies,

Inc.

a

444,967

29,976

Lattice

Semiconductor

Corporation

a

1,572,241

8,814

Littelfuse,

Inc.

1,734,066

221

MACOM

Technology

Solutions

Holdings,

Inc.

a

22,184

11,353

Marvell

Technology,

Inc.

699,004

102,323

Microsoft

Corporation

38,411,031

235

MicroStrategy,

Inc.

a

67,743

456

Mirion

Technologies,

Inc.

a

6,612

5,054

MongoDB,

Inc.

a

886,472

42

Monolithic

Power

Systems,

Inc.

24,359

3,893

Motorola

Solutions,

Inc.

1,704,394

1,773

Napco

Security

Technologies,

Inc.

40,814

5,669

NetApp,

Inc.

497,965

341,517

NVIDIA

Corporation

37,013,612

1,145

Okta,

Inc.

a

120,477

2,080

Olo,

Inc.

a

12,563

9,974

ON

Semiconductor

Corporation

a

405,842

15,799

Onto

Innovation,

Inc.

a

1,917,051

29,392

Palantir

Technologies,

Inc.

a

2,480,685

20,176

PDF

Solutions,

Inc.

a

385,563

22,066

Pegasystems,

Inc.

1,534,028

3,589

Plexus

Corporation

a

459,859

313

Procore

Technologies,

Inc.

a

20,664

8,427

PTC,

Inc.

a

1,305,764

1,886

Q2

Holdings,

Inc.

a

150,899

10,010

Qorvo,

Inc.

a

724,824

47,890

QUALCOMM,

Inc.

7,356,383

26,599

Salesforce,

Inc.

7,138,108

64,305

Samsung

Electronics

Company,

Ltd.

2,549,402

12,091

SAP

AG

ADR

3,245,708

9,397

ServiceNow,

Inc.

a

7,481,328

4,162

Silicon

Laboratories,

Inc.

a

468,516

11,738

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

1,948,508

17,936

TD

SYNNEX

Corporation

1,864,627

2,142

TE

Connectivity

plc

302,707

990

Teledyne

Technologies,

Inc.

a

492,733

1,685

Tenable

Holdings,

Inc.

a

58,941

56,890

Trimble,

Inc.

a

3,734,829

67,719

TTM

Technologies,

Inc.

a

1,388,917

2,524

Tyler

Technologies,

Inc.

a

1,467,428

14,376

Varonis

Systems,

Inc.

a

581,509

4,679

VeriSign,

Inc.

a

1,187,858

454

Vontier

Corporation

14,914

9,723

Workiva,

Inc.

a

738,073

798

Xerox

Holdings

Corporation

3,854

2,382

Zebra

Technologies

Corporation

a

673,058

Total

244,448,683

Materials  1.4%

4,573

Albemarle

Corporation

329,347

1,095

Alcoa

Corporation

33,397

1,707

Allegheny

Technologies,

Inc.

a

88,815

6,321

Amcor

plc

61,314

1,242

AptarGroup,

Inc.

184,288

Shares

Common

Stock  46.1%

Value

Materials  1.4%

-

continued

3,450

Aspen

Aerogels,

Inc.

a

$

22,045

4,183

Avient

Corporation

155,440

20,515

Axalta

Coating

Systems,

Ltd.

a

680,483

733

Balchem

Corporation

121,678

27,530

CF

Industries

Holdings,

Inc.

2,151,469

7,747

Chemours

Company

104,817

66,198

Constellium

SE

a

667,938

27,753

Corteva,

Inc.

1,746,496

28,240

DuPont

de

Nemours,

Inc.

2,108,963

412

Eagle

Materials,

Inc.

91,435

22,953

Eastman

Chemical

Company

2,022,389

11,608

Ecolab,

Inc.

2,942,860

16,304

Element

Solutions,

Inc.

368,633

5,121

FMC

Corporation

216,055

11,935

Greif,

Inc.

656,306

15,703

Hecla

Mining

Company

87,309

1,157

Huntsman

Corporation

18,269

16,980

Ingevity

Corporation

a

672,238

1,148

Innospec,

Inc.

108,773

3,580

International

Flavors

&

Fragrances,

Inc.

277,844

53,303

Ivanhoe

Mines,

Ltd.

a

452,634

1,627

Kaiser

Aluminum

Corporation

98,629

1,246

Koppers

Holdings,

Inc.

34,888

4,214

Linde

plc

1,962,207

304

LyondellBasell

Industries

NV

21,402

3,017

Magnera

Corporation

a

54,789

2,141

Martin

Marietta

Materials,

Inc.

1,023,676

1,712

Minerals

Technologies,

Inc.

108,832

8,484

Mosaic

Company

229,153

17,940

Nucor

Corporation

2,158,900

2,342

O-I

Glass,

Inc.

a

26,863

40,983

Olin

Corporation

993,428

1,313

Orion

SA

16,977

3,790

Packaging

Corporation

of

America

750,496

1,011

PPG

Industries,

Inc.

110,553

685

Ranpak

Holdings

Corporation

a

3,713

3,488

Royal

Gold,

Inc.

570,323

7,555

RPM

International,

Inc.

873,962

2,505

Sealed

Air

Corporation

72,394

4,395

Sensient

Technologies

Corporation

327,120

3,255

Sonoco

Products

Company

153,766

10,957

Steel

Dynamics,

Inc.

1,370,502

697

Stepan

Company

38,363

7,201

Trinseo

plc

26,500

84,087

Tronox

Holdings

plc

591,972

1,294

United

States

Lime

&

Minerals,

Inc.

114,364

4,062

United

States

Steel

Corporation

171,660

1,642

Vulcan

Materials

Company

383,079

11,776

West

Fraser

Timber

Company,

Ltd.

906,045

Total

29,565,791

Real

Estate  1.5%

11,835

Agree

Realty

Corporation

913,544

5,505

Alexandria

Real

Estate

Equities,

Inc.

509,267

1,199

Alpine

Income

Property

Trust,

Inc.

20,047

1,823

American

Assets

Trust,

Inc.

36,715

4,180

AvalonBay

Communities,

Inc.

897,112

10,697

Brixmor

Property

Group,

Inc.

284,005

19,532

Broadstone

Net

Lease,

Inc.

332,825

22,628

CBRE

Group,

Inc.

a

2,959,290

6,340

Chatham

Lodging

Trust

45,204

6,102

Colliers

International

Group,

Inc.

740,173

9,200

Compass,

Inc.

a

80,316

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

8

Shares

Common

Stock  46.1%

Value

Real

Estate  1.5%

-

continued

16,068

CoStar

Group,

Inc.

a

$

1,273,068

3,768

Cousins

Properties,

Inc.

111,156

20,871

Crown

Castle,

Inc.

2,175,384

3,990

Curbline

Properties

Corporation

96,518

66,985

Cushman

and

Wakefield

plc

a

684,587

11,386

Douglas

Elliman,

Inc.

a

19,584

5,421

EPR

Properties

285,199

2,245

Equinix,

Inc.

1,830,461

70,998

Essential

Properties

Realty

Trust,

Inc.

2,317,375

732

Essex

Property

Trust,

Inc.

224,409

2,751

Extra

Space

Storage,

Inc.

408,496

14,722

First

Industrial

Realty

Trust,

Inc.

794,399

8,898

Global

Net

Lease,

Inc.

71,540

94,032

Healthcare

Realty

Trust,

Inc.

1,589,141

2,144

Host

Hotels

&

Resorts,

Inc.

30,466

393

Howard

Hughes

Holdings,

Inc.

a

29,113

3,980

Independence

Realty

Trust,

Inc.

84,495

15,450

Industrial

Logistics

Properties

Trust

53,148

6,839

Innovative

Industrial

Properties,

Inc.

369,921

12,524

InvenTrust

Properties

Corporation

367,830

50,242

National

Storage

Affiliates

Trust

1,979,535

14,038

NetSTREIT

Corporation

222,502

45,103

Outfront

Media,

Inc.

727,962

48,154

Park

Hotels

&

Resorts,

Inc.

514,285

1,201

Peakstone

Realty

Trust

15,133

15,438

Pebblebrook

Hotel

Trust

156,387

904

RE/MAX

Holdings,

Inc.

a

7,566

70,848

RLJ

Lodging

Trust

558,991

1,104

RMR

Group,

Inc.

18,382

1,047

Ryman

Hospitality

Properties

95,738

127,519

Sabra

Health

Care

REIT,

Inc.

2,227,757

1,632

Safehold,

Inc.

30,551

4,428

SBA

Communications

Corporation

974,204

4,911

Sila

Realty

Trust,

Inc.

131,173

18,711

STAG

Industrial,

Inc.

675,841

34,920

Tanger,

Inc.

1,179,947

21,994

Terreno

Realty

Corporation

1,390,461

112,617

Uniti

Group,

Inc.

567,590

180

Universal

Health

Realty

Income

Trust

7,373

5,532

Zillow

Group,

Inc.,

Class

A

a

369,869

7,036

Zillow

Group,

Inc.,

Class

C

a

482,388

Total

31,968,423

Utilities  1.3%

75,389

AES

Corporation

936,331

13,053

Alliant

Energy

Corporation

839,961

1,522

American

States

Water

Company

119,751

5,009

American

Water

Works

Company,

Inc.

738,928

512

Artesian

Resources

Corporation

16,717

3,496

Black

Hills

Corporation

212,032

178

Brookfield

Renewable

Corporation

4,970

2,563

California

Water

Service

Group

124,203

24,204

CenterPoint

Energy,

Inc.

876,911

10,593

Clearway

Energy,

Inc.,

Class

A

301,477

15,004

Clearway

Energy,

Inc.,

Class

C

454,171

7,938

Constellation

Energy

Corporation

1,600,539

28,817

Duke

Energy

Corporation

3,514,809

11,849

Edison

International

698,143

46,394

Entergy

Corporation

3,966,223

6,114

Essential

Utilities,

Inc.

241,686

3,836

Eversource

Energy

238,254

Shares

Common

Stock  46.1%

Value

Utilities  1.3%

-

continued

15,719

Hawaiian

Electric

Industries,

Inc.

a

$

172,123

931

Middlesex

Water

Company

59,677

20,999

NiSource,

Inc.

841,850

6,531

Northwestern

Energy

Group,

Inc.

377,949

42,957

PG&E

Corporation

738,001

13,518

Portland

General

Electric

Company

602,903

27,087

Public

Service

Enterprise

Group,

Inc.

2,229,260

8,790

Spire,

Inc.

687,818

116,227

UGI

Corporation

3,843,627

21,120

Vistra

Energy

Corporation

2,480,333

45,403

XPLR

Infrastructure,

LP

431,328

Total

27,349,975

Total

Common

Stock

(cost

$759,405,740)

996,620,908

Shares

Registered

Investment

Companies  

37.1%

Value

U.S.

Affiliated  

36.5%  

5,244,250

Thrivent

Core

Emerging

Markets

Equity

Fund

50,187,470

5,373,009

Thrivent

Core

International

Equity

Fund

58,888,175

148,220

Thrivent

Core

Low

Volatility

Equity

Fund

1,769,744

5,281,106

Thrivent

Core

Mid

Cap

Value

Fund

54,553,827

2,510,506

Thrivent

Core

Small

Cap

Value

Fund

24,602,960

6,085,320

Thrivent

Global

Stock

Portfolio

90,681,003

15,969,422

Thrivent

International

Allocation

Portfolio

162,552,748

919,125

Thrivent

International

Index

Portfolio

13,264,533

5,035,734

Thrivent

Large

Cap

Value

Portfolio

122,072,747

6,490,763

Thrivent

Mid

Cap

Stock

Portfolio

133,338,443

4,394,140

Thrivent

Small

Cap

Stock

Portfolio

77,747,274

Total

789,658,924

U.S.

Unaffiliated  

0.6%  

4,492

Invesco

QQQ

Trust

Series

1

2,106,389

14,655

SPDR

S&P

500

ETF

Trust

8,197,860

5,595

SPDR

S&P

Biotech

ETF

453,754

1,435

SPDR

S&P

Oil

&

Gas

Exploration

ETF

189,004

3,769

SPDR

S&P

Regional

Banking

ETF

214,268

4,641

SPDR

S&P

Software

&

Services

ETF

741,910

Total

11,903,185

Total

Registered

Investment

Companies

(cost

$679,700,424)

801,562,109

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

9

Principal

Amount

Long-Term

Fixed

Income

4.6%

Value

Commercial

Mortgage-Backed

Securities  <0.1%

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

$

175,000

5.180%, 

3/25/2029,

Ser.

K520,

Class

A2

c

$

180,061

Total

180,061

Mortgage-Backed

Securities  2.5%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

472,077

2.000%, 

5/1/2051

380,889

919,865

2.500%, 

5/1/2051

775,884

447,293

3.500%, 

5/1/2052

406,806

427,757

4.000%, 

5/1/2052

402,455

135,427

5.000%, 

7/1/2053

133,668

936,228

5.500%, 

7/1/2053

943,097

776,560

5.000%, 

8/1/2053

770,203

1,756,782

5.500%, 

9/1/2053

1,776,874

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

162,516

2.500%, 

7/1/2030

156,310

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

527,266

3.000%, 

8/1/2038

496,736

478,179

3.500%, 

5/1/2040

450,645

450,118

2.500%, 

4/1/2042

396,868

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

897,576

3.000%, 

1/1/2052

784,766

94,032

2.000%, 

2/1/2051

75,868

141,242

2.000%, 

2/1/2051

113,958

678,309

2.500%, 

2/1/2051

571,734

498,642

2.500%, 

2/1/2051

415,906

1,233,178

2.000%, 

3/1/2051

987,396

1,513,112

4.000%, 

3/1/2051

1,424,123

264,633

2.000%, 

3/1/2052

212,970

970,542

3.000%, 

3/1/2052

843,237

590,406

3.000%, 

4/1/2051

516,033

591,441

3.000%, 

5/1/2050

514,760

193,645

2.000%, 

5/1/2051

155,484

442,789

3.000%, 

5/1/2051

390,894

1,202,691

2.000%, 

6/1/2050

965,786

368,395

3.000%, 

6/1/2050

327,698

380,478

4.000%, 

6/1/2052

355,752

116,464

5.000%, 

6/1/2053

115,107

723,366

2.500%, 

7/1/2051

612,521

309,835

3.500%, 

7/1/2051

282,377

1,096,551

4.000%, 

7/1/2052

1,025,294

322,443

3.500%, 

8/1/2050

294,728

434,348

3.500%, 

8/1/2052

392,361

3,123,056

4.500%, 

8/1/2052

2,995,431

1,028,033

5.000%, 

8/1/2053

1,016,052

964,586

6.000%, 

8/1/2054

998,899

131,191

3.500%, 

9/1/2052

119,316

160,999

3.500%, 

9/1/2052

146,434

809,211

5.000%, 

9/1/2052

797,808

854,293

4.500%, 

9/1/2053

822,314

2,380,077

4.500%, 

9/1/2053

2,283,521

Principal

Amount

Long-Term

Fixed

Income  4.6%

Value

Mortgage-Backed

Securities  2.5%

-

continued

$

696,060

4.000%, 

10/1/2052

$

652,552

189,371

2.000%, 

11/1/2051

152,575

154,917

3.500%, 

11/1/2052

141,357

774,148

2.000%, 

12/1/2050

621,596

801,903

2.500%, 

12/1/2051

674,479

376,153

4.500%, 

12/1/2052

362,320

5,000,000

6.000%, 

4/1/2041

5,078,210

8,750,000

5.500%, 

5/1/2041

8,730,849

3,700,000

3.000%, 

4/1/2048

3,206,284

375,000

3.500%, 

4/1/2049

338,176

2,890,000

4.500%, 

4/1/2049

2,764,191

250,000

3.500%, 

5/1/2049

225,304

3,867,907

5.000%, 

5/1/2049

3,787,571

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

497,178

2.500%, 

3/1/2062

402,086

167,068

3.500%, 

7/1/2061

147,989

349,790

4.000%, 

12/1/2061

323,461

Total

55,257,963

U.S.

Government

&

Agencies  2.1%

U.S.

Treasury

Bonds

1,880,000

1.625%, 

11/15/2050

1,023,352

2,950,000

4.000%, 

11/15/2052

2,660,416

170,000

5.250%, 

11/15/2028

177,577

3,030,000

1.375%, 

11/15/2040

1,969,027

120,000

3.000%, 

5/15/2042

97,730

2,413,000

2.500%, 

5/15/2046

1,710,025

U.S.

Treasury

Notes

1,300,000

5.000%, 

9/30/2025

1,304,763

640,000

2.625%, 

1/31/2026

632,338

3,330,000

2.500%, 

2/28/2026

3,282,417

5,800,000

4.625%, 

2/28/2026

5,825,647

2,600,000

4.500%, 

3/31/2026

2,610,684

2,000,000

4.375%, 

7/31/2026

2,010,000

920,000

2.250%, 

11/15/2027

882,553

300,000

0.750%, 

1/31/2028

274,981

900,000

3.500%, 

1/31/2028

890,578

1,700,000

3.625%, 

3/31/2028

1,687,648

5,000,000

2.875%, 

5/15/2028

4,850,195

5,200,000

4.375%, 

8/31/2028

5,276,172

2,600,000

4.125%, 

3/31/2029

2,618,992

125,000

0.875%, 

11/15/2030

105,488

90,000

1.375%, 

11/15/2031

76,008

2,500,000

2.875%, 

5/15/2032

2,312,891

2,500,000

3.375%, 

5/15/2033

2,368,066

Total

44,647,548

Total

Long-Term

Fixed

Income

(cost

$103,367,810)

100,085,572

Shares

Private

Equity

Funds

1.9%

Value

Secondary  1.9%

1

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP

*,a,d

8,226,992

1

ASF

IX,

LP

*,a,d

3,147,125

1

ASF

VIII

Sidecar

(Cayman),

LP

*,a,d

2,487,836

1

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF

*,a,d

2,863,367

1

LCP

X

(Offshore),

LP

*,a,d

15,662,376

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

10

Shares

Private

Equity

Funds

1.9%

Value

Secondary  1.9%

-

continued

1

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP

*,a,d

$

8,233,796

Total

40,621,492

Total

Private

Equity

Funds

(cost

$33,543,490)

40,621,492

Shares

Collateral

Held

for

Securities

Loaned

0.1%

Value

2,175,550

Thrivent

Cash

Management

Trust

2,175,550

Total

Collateral

Held

for

Securities

Loaned

(cost

$2,175,550)

2,175,550

Shares

or

Principal

Amount

Short-Term

Investments

11.2%

Value

Federal

Home

Loan

Bank

Discount

Notes

7,900,000

4.240%,

4/2/2025

e,f

7,898,148

200,000

4.235%,

4/16/2025

e,f

199,625

200,000

4.232%,

4/23/2025

e,f

199,461

100,000

4.225%,

5/2/2025

e,f

99,631

800,000

4.202%,

5/23/2025

e,f

795,112

2,100,000

4.196%,

5/28/2025

e,f

2,085,959

3,200,000

4.203%,

6/6/2025

e,f

3,175,106

400,000

4.190%,

6/13/2025

e,f

396,563

Federal

National

Mortgage

Association

Discount

Notes

3,700,000

4.225%,

4/7/2025

e,f

3,696,964

100,000

4.195%,

4/9/2025

e,f

99,894

100,000

4.195%,

4/10/2025

e,f

99,883

500,000

4.210%,

4/11/2025

e,f

499,355

100,000

4.175%,

4/24/2025

e,f

99,719

2,800,000

4.215%,

5/5/2025

e,f

2,788,703

State

Street

Institutional

U.S.

Government

Money

Market

Fund

67,884,524

4.293%

e

67,884,524

Thrivent

Core

Short-Term

Reserve

Fund

15,118,559

4.600%

151,185,585

U.S.

Treasury

Bills

800,000

4.220%,

5/8/2025

e

796,518

Total

Short-Term

Investments

(cost

$241,921,199)

242,000,750

Total

Investments

(cost

$1,820,114,213)

101.0%

$2,183,066,381

Other

Assets

and

Liabilities,

Net

(1.0%)

(22,209,083)

Total

Net

Assets

100.0%

$2,160,857,298

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

d

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

e

The

interest

rate

shown

reflects

the

yield.

f

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Aggressive

Allocation

Portfolio

as

of

March

31,

2025

was

$40,621,492

or

1.88%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

March

31,

2025.

Security

Acquisition

Date

Cost

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP 

6/28/2024

$

6,570,132

ASF

IX,

LP 

3/18/2024

2,725,299

ASF

VIII

Sidecar

(Cayman),

LP 

6/28/2024

2,173,158

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF 

2/15/2024

2,160,000

LCP

X

(Offshore),

LP 

10/25/2023

12,752,189

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP 

6/28/2024

7,162,712

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Aggressive

Allocation

Portfolio

as

of

March

31,

2025:

Securities

Lending

Transactions

Common

Stock

$

2,141,563

Total

lending

$2,141,563

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$2,175,550

Net

amounts

due

to

counterparty

$33,987

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

ETF

-

Exchange

Traded

Fund

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

11

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Aggressive

Allocation

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

74,363,012

74,363,012

–

–

Consumer

Discretionary

125,299,026

125,020,319

278,707

–

Consumer

Staples

37,037,577

37,037,577

–

–

Energy

35,717,518

35,717,518

–

–

Financials

145,468,415

145,468,415

–

–

Health

Care

119,076,758

119,076,758

–

–

Industrials

126,325,730

125,369,386

956,344

–

Information

Technology

244,448,683

241,899,281

2,549,402

–

Materials

29,565,791

29,113,157

452,634

–

Real

Estate

31,968,423

31,968,423

–

–

Utilities

27,349,975

27,349,975

–

–

Registered

Investment

Companies

U.S.

Affiliated

599,656,748

599,656,748

–

–

U.S.

Unaffiliated

11,903,185

11,903,185

–

–

Long-Term

Fixed

Income

Commercial

Mortgage-Backed

Securities

180,061

–

180,061

–

Mortgage-Backed

Securities

55,257,963

–

55,257,963

–

U.S.

Government

&

Agencies

44,647,548

–

44,647,548

–

Private

Equity

Funds

Secondary

40,621,492

–

–

40,621,492

Short-Term

Investments

90,815,165

67,884,524

22,930,641

–

Subtotal

Investments

in

Securities

$1,839,703,070

$1,671,828,278

$127,253,300

$40,621,492

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

190,002,176

Affiliated

Short-Term

Investments

151,185,585

Collateral

Held

for

Securities

Loaned

2,175,550

Subtotal

Other

Investments

$343,363,311

Total

Investments

at

Value

$2,183,066,381

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Aggressive

Allocation

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

7,290,059

6,762,963

527,096

–

Total

Return

Swaps

39,294

–

39,294

–

Total

Asset

Derivatives

$7,329,353

$6,762,963

$566,390

$–

Liability

Derivatives

Futures

Contracts

1,211,327

1,211,327

–

–

Total

Liability

Derivatives

$1,211,327

$1,211,327

$–

$–

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

12

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

The

following

table

is

a

reconciliation

of

assets

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

for

Aggressive

Allocation

Portfolio as

discussed

in

the

Notes

to

Schedule

of

Investments.

*

Change

in

net

unrealized

appreciation/(depreciation)

on

investments. 

   %

Net

realized

gains/(losses)

on

investments.  

 #

Transferred

from

Level

2

to

Level

3

because

of

a

lack

of

observable

market

data,

resulting

from

a

decrease

in

market

activity

for

the

securities.

   @

Transferred

from

level

3

to

Level

2

because

observable

market

data

became

available

for

the

securities.

**

The

reporting

entity's Private

Equity

Funds

-

Secondary Level

3

securities

are fair

valued using

the

adjusted

reported

Net

Asset

Value

(NAV)

of

the

investment,

adjusted

for

subsequent

investment

activity

and

market

movement

using

inputs

determined

by

the policies

and

procedures

of

the

reporting

entity. 

Inputs

used

in

valuation

include index

returns

that

are

adjusted based

on

a

regression

analysis

of

similar

types

of

assets

over

time. 

Significant

changes

in

the

inputs

in

isolation

could result

in

a

significantly

lower

or

higher

fair

value

measurement.

Investments

in

Securities 

Beginning

Value

12/31/2024

Realized

Gain/

(Loss)^ 

Change

in

Unrealized

Appreciation/

(Depreciation)

* 

Purchases 

Sales 

Transfers

Into

Level

3 #

Transfers

Out

of

Level

3 @

Ending

Value 

3/31/2025

Private

Equity

Funds

 Secondary

$35,512,014

$- 

$4,315,459

$3,602,408

($2,808,389) 

$-

$- 

$40,621,492

Total 

$35,512,014

$-  

$4,315,459

$3,602,408

($2,808,389) 

$-

$-

$40,621,492

Investments

in

Securities

Ending

Value  3/31/2025

Valuation

Technique(s)

Unobservable 

Input(s)

Range

of Inputs

Private

Equity

Funds

   Secondary

$40,621,492  

Adjusted

reported

investment

of

net

asset

value  

Fair

Value

adjustment

**

N/A

Total 

$40,621,492 

The

following

table

presents

Aggressive

Allocation

Portfolio's

futures

contracts

held

as

of

March

31,

2025.

Investments

and/or

cash

totaling

$21,334,310

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

32

June

2025

$

3,516,839

$

42,161

CBOT

2-Yr.

U.S.

Treasury

Note

15

June

2025

3,094,844

12,734

CBOT

5-Yr.

U.S.

Treasury

Note

60

June

2025

6,425,314

64,061

CBOT

U.S.

Long

Bond

6

June

2025

699,697

3,991

CME

E-mini

Russell

2000

Index

7

June

2025

705,048

4,437

CME

E-mini

S&P

500

Index

1,568

June

2025

437,451,906

5,762,894

CME

E-mini

S&P

Mid-Cap

400

Index

1

June

2025

288,267

5,592

CME

Ultra

Long

Term

U.S.

Treasury

Bond

7

June

2025

854,098

1,652

ICE

mini

MSCI

EAFE

Index

71

June

2025

8,754,517

(

176,652)

Ultra

10-Yr.

U.S.

Treasury

Note

8

June

2025

902,394

10,606

Total

Futures

Long

Contracts

$

462,692,924

$

5,731,476

CME

E-mini

Russell

2000

Index

(263)

June

2025

(

$

26,776,108)

$

119,743

CME

E-mini

S&P

Mid-Cap

400

Index

(478)

June

2025

(

139,430,405)

(

1,034,675)

CME

Euro

Foreign

Exchange

Currency

(174)

June

2025

(

23,869,247)

244,397

Eurex

Euro

STOXX

50

Index

(399)

June

2025

(

23,018,061)

527,096

ICE

US

mini

MSCI

Emerging

Markets

Index

(502)

June

2025

(

28,371,775)

490,695

Total

Futures

Short

Contracts

(

$

241,465,596)

$347,256

Total

Futures

Contracts

$

221,227,328

$6,078,732

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

13

Reference

Description:

EFFR

-

Effective

Federal

Funds

Rate

S&P

-

Standard

&

Poor's

The

following

table

presents

Aggressive

Allocation

Portfolio's

total

return

swap

contracts

held

as

of

March

31,

2025.

Total

Return

Swaps                

Reference

Entity

Fund

Pays

#

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

MidCap

400

Total

Return

Index

Swap

Total

Return

EFFR

1

day

+

45bps

Goldman

Sachs

&

Co.

LLC

8/6/2025

$

7,298,129

$

39,294

$

–

$

39,294

Total

Return

Swaps

$

39,294

$

–

$39,294

#

Payment

made

on

Termination

Date

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

14

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,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Aggressive

Allocation

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$48,667

$–

$–

$50,187

5,244

2.3%

Core

International

Equity

54,922

–

10

58,888

5,373

2.7

Core

Low

Volatility

Equity

1,650

–

–

1,770

148

0.1

Core

Mid

Cap

Value

56,613

–

–

54,554

5,281

2.5

Core

Small

Cap

Value

26,888

–

–

24,603

2,511

1.1

Global

Stock

91,511

–

–

90,681

6,085

4.2

International

Allocation

153,089

–

–

162,553

15,969

7.5

International

Index

12,296

–

–

13,265

919

0.6

Large

Cap

Value

119,700

–

–

122,073

5,036

5.7

Mid

Cap

Stock

138,467

–

10

133,338

6,491

6.2

Small

Cap

Stock

86,406

–

–

77,747

4,394

3.6

Total

U.S.

Affiliated

Registered

Investment

Companies

790,209

789,659

36.5

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

267,164

67,726

183,704

151,186

15,119

7.0

Total

Affiliated

Short-Term

Investments

267,164

151,186

7.0

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

1,135

32,087

31,046

2,176

2,176

0.1

Total

Collateral

Held

for

Securities

Loaned

1,135

2,176

0.1

Total

Value

$1,058,508

$943,021

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$–

$1,520

$

–

$–

Core

International

Equity

(0)

3,976

–

–

Core

Low

Volatility

Equity

–

120

–

–

Core

Mid

Cap

Value

Fund

–

(2,059)

–

–

Core

Small

Cap

Value

Fund

–

(2,285)

–

–

Global

Stock

–

(830)

–

–

International

Allocation

–

9,464

–

–

International

Index

–

969

–

–

Large

Cap

Value

–

2,373

–

–

Mid

Cap

Stock

(1)

(5,118)

–

–

Small

Cap

Stock

–

(8,659)

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

–

–

–

1,902

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$1,902

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

Value

($1)

($529

)

$

–

All

Cap

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

15

Shares

Common

Stock

96.8%

Value

Communications

Services  6.6%

27,959

Alphabet,

Inc.,

Class

C

$

4,368,035

10,289

Meta

Platforms,

Inc.

5,930,168

2,010

Netflix,

Inc.

a

1,874,385

Total

12,172,588

Consumer

Discretionary  9.9%

30,689

Amazon.com,

Inc.

a

5,838,889

7,135

Boot

Barn

Holdings,

Inc.

a

766,513

5,780

Deckers

Outdoor

Corporation

a

646,262

1,089

Domino's

Pizza,

Inc.

500,341

5,646

Garmin,

Ltd.

1,225,916

2,580

Group

1

Automotive,

Inc.

985,431

4,806

Home

Depot,

Inc.

1,761,351

10,965

Lowe's

Companies,

Inc.

2,557,367

2,776

McDonald's

Corporation

867,139

160

NVR,

Inc.

a

1,159,102

1,152

Tesla,

Inc.

a

298,552

1,795

Texas

Roadhouse,

Inc.

299,101

1,334

Ulta

Beauty,

Inc.

a

488,964

1,644

Wingstop,

Inc.

370,854

4,909

Wyndham

Hotels

&

Resorts,

Inc.

444,314

Total

18,210,096

Consumer

Staples  5.9%

19,599

BJ's

Wholesale

Club

Holdings,

Inc.

a

2,236,246

2,700

Casey's

General

Stores,

Inc.

1,171,908

6,282

Hershey

Company

1,074,410

5,633

PepsiCo,

Inc.

844,612

23,160

Philip

Morris

International,

Inc.

3,676,187

19,738

Walmart,

Inc.

1,732,799

Total

10,736,162

Energy  4.0%

8,780

ConocoPhillips

922,076

22,076

Devon

Energy

Corporation

825,642

30,771

Enterprise

Products

Partners,

LP

1,050,522

8,135

Expand

Energy

Corporation

905,588

19,374

Exxon

Mobil

Corporation

2,304,150

39,563

TechnipFMC

plc

1,253,751

Total

7,261,729

Financials  15.4%

6,760

American

Express

Company

1,818,778

3,718

Ameriprise

Financial,

Inc.

1,799,921

5,983

Arch

Capital

Group,

Ltd.

575,445

30,010

Bank

of

America

Corporation

1,252,317

4,711

Berkshire

Hathaway,

Inc.

a

2,508,984

19,850

Cadence

Bank

602,646

16,933

Charles

Schwab

Corporation

1,325,515

15,018

Equitable

Holdings,

Inc.

782,288

4,280

Houlihan

Lokey,

Inc.

691,220

9,080

Intercontinental

Exchange,

Inc.

1,566,300

13,838

J.P.

Morgan

Chase

&

Company

3,394,462

668

Kinsale

Capital

Group,

Inc.

325,122

6,944

Marsh

&

McLennan

Companies,

Inc.

1,694,544

6,000

Mastercard,

Inc.

3,288,720

10,009

Northern

Trust

Corporation

987,388

21,029

Old

National

Bancorp

445,605

11,473

TPG,

Inc.

544,164

5,377

Tradeweb

Markets,

Inc.

798,270

33,828

Wells

Fargo

&

Company

2,428,512

Shares

Common

Stock  96.8%

Value

Financials  15.4%

-

continued

1,880

Zurich

Insurance

Group

AG

$

1,312,255

Total

28,142,456

Health

Care  10.6%

7,356

Abbott

Laboratories

975,773

5,107

AbbVie,

Inc.

1,070,019

2,696

Amgen,

Inc.

839,939

15,128

Boston

Scientific

Corporation

a

1,526,113

3,507

Cencora,

Inc.

975,262

5,728

Danaher

Corporation

1,174,240

2,389

Elevance

Health,

Inc.

1,039,119

9,270

Halozyme

Therapeutics,

Inc.

a

591,519

2,830

HCA

Healthcare,

Inc.

977,906

10,821

Johnson

&

Johnson

1,794,555

6,621

Labcorp

Holdings,

Inc.

1,540,971

2,434

Penumbra,

Inc.

a

650,876

4,152

Repligen

Corporation

a

528,300

24,637

Sanofi

SA

ADR

1,366,368

65,959

Teva

Pharmaceutical

Industries,

Ltd.

ADR

a

1,013,790

4,357

UnitedHealth

Group,

Inc.

2,281,979

8,661

Zimmer

Biomet

Holdings,

Inc.

980,252

Total

19,326,981

Industrials  11.6%

5,010

Advanced

Drainage

Systems,

Inc.

544,336

12,983

Badger

Infrastructure

Solutions,

Ltd.

350,592

4,784

Caterpillar,

Inc.

1,577,763

29,185

CSX

Corporation

858,914

5,673

Cummins,

Inc.

1,778,145

2,756

Deere

&

Company

1,293,529

13,941

Fastenal

Company

1,081,125

4,076

General

Dynamics

Corporation

1,111,036

13,583

Howmet

Aerospace,

Inc.

1,762,123

13,865

Knight-Swift

Transportation

Holdings,

Inc.

602,989

18,300

Korn

Ferry

1,241,289

3,238

Landstar

System,

Inc.

486,348

61,913

Masterbrand,

Inc.

a

808,584

2,690

Middleby

Corporation

a

408,826

14,495

Moog,

Inc.

2,512,708

3,653

Rockwell

Automation,

Inc.

943,862

1,139

Saia,

Inc.

a

398,001

5,014

Simpson

Manufacturing

Company,

Inc.

787,599

12,913

Timken

Company

928,057

10,215

TransUnion

847,743

12,137

Uber

Technologies,

Inc.

a

884,302

Total

21,207,871

Information

Technology  25.9%

5,260

Accenture

plc

1,641,330

3,122

Adobe,

Inc.

a

1,197,381

43,814

Apple,

Inc.

9,732,404

20,237

Applied

Materials,

Inc.

2,936,793

12,077

Arista

Networks,

Inc.

a

935,726

7,720

Ciena

Corporation

a

466,520

7,850

Crane

NXT

Company

403,490

10,416

Descartes

Systems

Group,

Inc.

a

1,050,245

569

Fair

Isaac

Corporation

a

1,049,327

7,805

Guidewire

Software,

Inc.

a

1,462,345

7,334

International

Business

Machines

Corporation

1,823,672

All

Cap

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

16

Shares

Common

Stock  96.8%

Value

Information

Technology  25.9%

-

continued

20,177

Lattice

Semiconductor

Corporation

a

$

1,058,284

6,671

Littelfuse,

Inc.

1,312,453

25,127

Microsoft

Corporation

9,432,425

46,790

NVIDIA

Corporation

5,071,100

4,292

Palo

Alto

Networks,

Inc.

a

732,387

9,471

Pegasystems,

Inc.

658,424

8,499

QUALCOMM,

Inc.

1,305,531

3,864

Salesforce,

Inc.

1,036,943

1,764

ServiceNow,

Inc.

a

1,404,391

11,565

Shopify,

Inc.

a

1,104,226

7,392

Trimble,

Inc.

a

485,285

7,094

Universal

Display

Corporation

989,471

Total

47,290,153

Materials  2.4%

5,716

Albemarle

Corporation

411,666

5,465

Celanese

Corporation

310,248

42,252

Constellium

SE

a

426,323

19,141

Corteva,

Inc.

1,204,543

10,807

Greif,

Inc.

594,277

23,245

Olin

Corporation

563,459

3,563

Steel

Dynamics,

Inc.

445,660

51,924

Tronox

Holdings

plc

365,545

Total

4,321,721

Real

Estate  2.0%

6,040

Agree

Realty

Corporation

466,227

3,490

Alexandria

Real

Estate

Equities,

Inc.

322,860

4,390

AvalonBay

Communities,

Inc.

942,182

2,686

Extra

Space

Storage,

Inc.

398,844

5,780

FirstService

Corporation

959,191

5,529

Prologis,

Inc.

618,087

Total

3,707,391

Utilities  2.5%

6,173

ALLETE,

Inc.

405,566

13,890

CenterPoint

Energy,

Inc.

503,235

2,485

Constellation

Energy

Corporation

501,051

7,265

Duke

Energy

Corporation

886,112

13,499

NiSource,

Inc.

541,175

8,525

Public

Service

Enterprise

Group,

Inc.

701,607

2,330

Talen

Energy

Corporation

a

465,231

4,640

Vistra

Energy

Corporation

544,922

Total

4,548,899

Total

Common

Stock

(cost

$126,923,937)

176,926,047

Shares

Registered

Investment

Companies  

1.6%

Value

U.S.

Unaffiliated  

1.6%  

8,880

iShares

Biotechnology

ETF

1,135,752

8,615

SPDR

S&P

Semiconductor

ETF

b

1,729,634

Total

2,865,386

Total

Registered

Investment

Companies

(cost

$3,052,546)

2,865,386

Shares

Collateral

Held

for

Securities

Loaned

0.9%

Value

1,753,125

Thrivent

Cash

Management

Trust

$

1,753,125

Total

Collateral

Held

for

Securities

Loaned

(cost

$1,753,125)

1,753,125

Shares

or

Principal

Amount

Short-Term

Investments

1.6%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

2,895,562

4.293%

c

2,895,562

Total

Short-Term

Investments

(cost

$2,895,562)

2,895,562

Total

Investments

(cost

$134,625,170)

100.9%

$184,440,120

Other

Assets

and

Liabilities,

Net

(0.9%)

(1,607,374)

Total

Net

Assets

100.0%

$182,832,746

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

The

interest

rate

shown

reflects

the

yield.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

All

Cap

Portfolio

as

of

March

31,

2025:

Securities

Lending

Transactions

Common

Stock

$

1,706,545

Total

lending

$1,706,545

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$1,753,125

Net

amounts

due

to

counterparty

$46,580

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

ETF

-

Exchange

Traded

Fund

plc

-

Public

Limited

Company

S&P

-

Standard

&

Poor's

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

All

Cap

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

17

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

All

Cap

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

12,172,588

12,172,588

–

–

Consumer

Discretionary

18,210,096

18,210,096

–

–

Consumer

Staples

10,736,162

10,736,162

–

–

Energy

7,261,729

7,261,729

–

–

Financials

28,142,456

26,830,201

1,312,255

–

Health

Care

19,326,981

19,326,981

–

–

Industrials

21,207,871

20,857,279

350,592

–

Information

Technology

47,290,153

47,290,153

–

–

Materials

4,321,721

4,321,721

–

–

Real

Estate

3,707,391

3,707,391

–

–

Utilities

4,548,899

4,548,899

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

2,865,386

2,865,386

–

–

Short-Term

Investments

2,895,562

2,895,562

–

–

Subtotal

Investments

in

Securities

$182,686,995

$181,024,148

$1,662,847

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

1,753,125

Subtotal

Other

Investments

$1,753,125

Total

Investments

at

Value

$184,440,120

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

All

Cap

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$5,433

$622

$6,055

$–

–

–

Total

Affiliated

Short-Term

Investments

5,433

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

1,880

9,515

9,642

1,753

1,753

0.9%

Total

Collateral

Held

for

Securities

Loaned

1,880

1,753

0.9

Total

Value

$7,313

$1,753

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$–

$–

$

–

$12

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$12

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

29

Total

Affiliated

Income

from

Securities

Loaned,

Net

$29

Total

Value

$–

$–

$

–

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

18

Principal

Amount

Long-Term

Fixed

Income

48.7%

Value

Asset-Backed

Securities  4.5%

AGL

CLO

13,

Ltd.

$

350,000

6.205%, 

(TSFR3M

+

1.912%),

10/20/2034,

Ser.

2021-13A,

Class

B

a,b

$

350,178

Anchorage

Capital

CLO

20,

Ltd.

150,000

7.493%, 

(TSFR3M

+

3.200%),

1/20/2035,

Ser.

2021-20A,

Class

DR

a,b

150,119

Anchorage

Capital

CLO

21,

Ltd.

250,000

6.193%, 

(TSFR3M

+

1.900%),

10/20/2034,

Ser.

2021-21A,

Class

CR

a,b

247,778

Balboa

Bay

Loan

Funding,

Ltd.

300,000

6.566%, 

(TSFR3M

+

2.250%),

1/20/2035,

Ser.

2021-2A,

Class

CR

a,b

300,000

Barings

Loan

Partners

CLO,

Ltd.

2

500,000

5.955%, 

(TSFR3M

+

1.650%),

1/20/2034,

Ser.

LP-

2A,

Class

CR

a,b

494,671

Business

Jet

Securities,

LLC

169,592

4.455%, 

6/15/2037,

Ser.

2022-1A,

Class

A

a

165,365

407,253

6.197%, 

5/15/2039,

Ser.

2024-1A,

Class

A

a

414,796

333,071

5.364%, 

9/15/2039,

Ser.

2024-2A,

Class

A

a

330,801

CarVal

CLO,

Ltd.

350,000

7.993%, 

(TSFR3M

+

3.700%),

4/21/2034,

Ser.

2022-1A,

Class

D

a,b

351,166

Cascade

Funding

Mortgage

Trust,

LLC

161,085

4.250%, 

4/25/2033,

Ser.

2023-HB12,

Class

A

a,b

159,493

College

Avenue

Student

Loans,

LLC

59,845

6.085%, 

(TSFR1M

+

1.764%),

11/26/2046,

Ser.

2017-A,

Class

A1

a,b

60,386

GMAC

Mortgage

Corporation

Loan

Trust

22,883

4.935%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,c

11,454

GSAA

Home

Equity

Trust

76,740

4.312%, 

8/25/2034,

Ser.

2004-10,

Class

M2

b

71,948

Hertz

Vehicle

Financing

III,

LLC

475,000

6.120%, 

1/25/2029,

Ser.

2024-1A,

Class

B

a

483,185

400,000

5.450%, 

9/25/2029,

Ser.

2025-1A,

Class

B

a

402,175

Hotwire

Funding,

LLC

425,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

a

432,561

HTAP

Issuer

Trust

283,029

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

a

279,500

Madison

Park

Funding

XVIII,

Ltd.

650,000

6.455%, 

(TSFR3M

+

2.162%),

10/21/2030,

Ser.

2015-18A,

Class

CRR

a,b

650,316

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Asset-Backed

Securities  4.5%

-

continued

MetroNet

Infrastructure

Issuer,

LLC

$

400,000

6.230%, 

4/20/2054,

Ser.

2024-1A,

Class

A2

a

$

409,210

MFA

Trust

386,796

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

d

387,329

Pagaya

AI

Debt

Grantor

Trust

219,922

5.331%, 

1/15/2032,

Ser.

2024-8,

Class

A

a

220,929

327,011

5.092%, 

7/15/2032,

Ser.

2024-11,

Class

A

a

326,812

Pagaya

AI

Debt

Grantor

Trust

and

Pagaya

AI

Debt

Trust

147,373

6.093%, 

11/15/2031,

Ser.

2024-6,

Class

A

a

148,845

Palmer

Square

Loan

Funding,

Ltd.

750,000

6.852%, 

(TSFR3M

+

2.550%),

10/15/2032,

Ser.

2024-1A,

Class

C

a,b

735,322

250,000

6.150%, 

(TSFR3M

+

1.700%),

1/15/2033,

Ser.

2024-2A,

Class

B

a,b

247,666

250,000

5.921%, 

(TSFR3M

+

1.600%),

2/15/2033,

Ser.

2025-1A,

Class

B

a,b

249,822

Pretium

Mortgage

Credit

Partners,

LLC

450,000

5.438%, 

1/25/2052,

Ser.

2022-NPL1,

Class

A2

a,d

438,730

273,873

7.143%, 

3/25/2054,

Ser.

2024-RN1,

Class

A1

a,d

275,588

500,000

8.232%, 

3/25/2055,

Ser.

2025-NPL2,

Class

A2

a,d

501,053

368,012

7.520%, 

4/27/2054,

Ser.

2024-NPL3,

Class

A1

a,d

368,875

282,770

3.721%, 

7/25/2051,

Ser.

2021-NPL3,

Class

A2

a,d

279,867

474,152

6.996%, 

7/25/2054,

Ser.

2024-NPL4,

Class

A1

a,d

474,309

225,461

5.487%, 

10/25/2051,

Ser.

2021-NPL5,

Class

A1

a,d

225,360

RCO

VII

Mortgage,

LLC

258,459

7.021%, 

1/25/2029,

Ser.

2024-1,

Class

A1

a,d

259,176

Sculptor

CLO

XXVIII,

Ltd.

300,000

6.253%, 

(TSFR3M

+

1.950%),

1/20/2035,

Ser.

28A,

Class

CR

a,b

298,711

Signal

Peak

CLO

1,

Ltd.

250,000

6.240%, 

(TSFR3M

+

1.950%),

4/17/2034,

Ser.

2014-1A,

Class

CR4

a,b

247,623

Silver

Point

CLO

2,

Ltd.

500,000

6.993%, 

(TSFR3M

+

2.700%),

4/20/2035,

Ser.

2023-2A,

Class

A2

a,b

500,124

Stanwich

Mortgage

Loan

Company,

LLC

22,107

6.235%, 

10/16/2026,

Ser.

2021-NPB1,

Class

A1

a

22,144

Sunnova

Hestia

II

Issuer,

LLC

330,821

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

a,c

332,261

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

19

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Asset-Backed

Securities  4.5%

-

continued

Symphony

CLO

XX,

Ltd.

$

500,000

7.308%, 

(TSFR3M

+

3.000%),

1/16/2032,

Ser.

2018-20A,

Class

DR2

a,b

$

500,414

TCW

CLO,

Ltd.

450,000

6.330%, 

(TSFR3M

+

1.800%),

10/25/2035,

Ser.

2018-1A,

Class

BR3

a,b

445,980

Unlock

HEA

Trust

309,517

7.000%, 

10/25/2038,

Ser.

2023-1,

Class

A

a

308,183

267,886

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

a

266,088

388,949

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

a

381,008

Upstart

Securitization

Trust

43,638

6.770%, 

6/20/2033,

Ser.

2023-2,

Class

A

a

43,729

VERDE

CLO,

Ltd.

500,000

7.502%, 

(TSFR3M

+

3.200%),

4/15/2032,

Ser.

2019-1A,

Class

DRR

a,b

501,491

Vericrest

Opportunity

Loan

Transferee

213,824

8.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

a

214,175

267,688

8.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

a

268,148

72,543

6.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

a

72,565

368,747

8.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

a

369,453

210,991

8.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

a

210,716

367,271

4.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

a,d

366,999

254,563

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

a,d

249,677

Whitebox

CLO

I,

Ltd.

150,000

6.297%, 

(TSFR3M

+

2.000%),

7/24/2036,

Ser.

2019-1A,

Class

CRR

a,b

150,043

Whitebox

CLO

IV,

Ltd.

500,000

6.893%, 

(TSFR3M

+

2.600%),

4/20/2036,

Ser.

2023-4A,

Class

B

a,b

500,004

Wind

River

CLO,

Ltd.

200,000

6.555%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

a,b

200,065

Total

17,354,386

Basic

Materials  0.5%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

40,000

8.625%, 

6/15/2029

a

41,915

ATI,

Inc.

57,000

7.250%, 

8/15/2030

58,752

Cascades,

Inc./Cascades

USA,

Inc.

57,000

5.125%, 

1/15/2026

a

56,480

Celanese

US

Holdings,

LLC

16,000

6.600%, 

11/15/2028

16,503

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Basic

Materials  0.5%

-

continued

$

18,000

6.500%, 

4/15/2030

$

17,870

16,000

6.629%, 

7/15/2032

16,432

6,000

6.750%, 

4/15/2033

5,824

Cerdia

Finanz

GmbH

33,000

9.375%, 

10/3/2031

a

33,763

Chemours

Company

65,000

5.750%, 

11/15/2028

a

59,952

Chevron

Phillips

Chemical

Company,

LLC

76,000

4.750%, 

5/15/2030

a

75,880

Cleveland-Cliffs,

Inc.

31,000

5.875%, 

6/1/2027

30,783

80,000

4.625%, 

3/1/2029

a

74,341

31,000

6.875%, 

11/1/2029

a

30,335

28,000

4.875%, 

3/1/2031

a

24,362

19,000

7.375%, 

5/1/2033

a

18,231

28,000

6.250%, 

10/1/2040

22,834

Consolidated

Energy

Finance

SA

165,000

5.625%, 

10/15/2028

a

141,900

Eastman

Chemical

Company

59,000

5.000%, 

8/1/2029

59,308

Ecolab,

Inc.

54,000

2.125%, 

2/1/2032

45,770

First

Quantum

Minerals,

Ltd.

17,000

6.875%, 

10/15/2027

a

16,986

FMC

Corporation

36,000

5.150%, 

5/18/2026

36,092

FMG

Resources

August

2006,

Pty.

Ltd.

28,000

5.875%, 

4/15/2030

a

27,651

Glencore

Funding,

LLC

67,000

4.000%, 

3/27/2027

a

66,085

Hecla

Mining

Company

25,000

7.250%, 

2/15/2028

25,236

Hudbay

Minerals,

Inc.

46,000

4.500%, 

4/1/2026

a

45,310

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

33,000

9.000%, 

7/1/2028

a

32,801

INEOS

Finance

plc

83,000

7.500%, 

4/15/2029

a

82,597

International

Flavors

&

Fragrances,

Inc.

62,000

1.230%, 

10/1/2025

a

60,861

Magnera

Corporation

43,000

7.250%, 

11/15/2031

a

41,822

Mercer

International,

Inc.

33,000

5.125%, 

2/1/2029

28,281

Methanex

Corporation

42,000

5.125%, 

10/15/2027

41,179

28,000

5.250%, 

12/15/2029

26,892

Methanex

US

Operations,

Inc.

25,000

6.250%, 

3/15/2032

a

24,351

Mineral

Resources,

Ltd.

44,000

9.250%, 

10/1/2028

a

43,995

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

59,000

5.350%, 

3/15/2034

59,544

Novelis

Corporation

12,000

3.250%, 

11/15/2026

a

11,601

29,000

4.750%, 

1/30/2030

a

27,040

30,000

3.875%, 

8/15/2031

a

26,082

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

20

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Basic

Materials  0.5%

-

continued

Olin

Corporation

$

26,000

6.625%, 

4/1/2033

a

$

25,262

Peabody

Energy

Corporation,

Convertible

103,000

3.250%, 

3/1/2028

106,245

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

57,000

5.375%, 

11/1/2026

a

56,066

Sherwin-Williams

Company

39,000

4.800%, 

9/1/2031

38,902

Smurfit

Kappa

Treasury,

ULC

61,000

5.777%, 

4/3/2054

a

60,156

SNF

Group

SACA

56,000

3.375%, 

3/15/2030

a

49,452

Steel

Dynamics,

Inc.

26,000

5.250%, 

5/15/2035

25,752

SunCoke

Energy,

Inc.

75,000

4.875%, 

6/30/2029

a

68,830

Taseko

Mines,

Ltd.

57,000

8.250%, 

5/1/2030

a

58,195

Tronox,

Inc.

28,000

4.625%, 

3/15/2029

a

23,946

Total

2,068,447

Capital

Goods  1.1%

Advanced

Drainage

Systems,

Inc.

57,000

6.375%, 

6/15/2030

a

57,248

AECOM

31,000

5.125%, 

3/15/2027

30,757

Amsted

Industries,

Inc.

20,000

4.625%, 

5/15/2030

a

18,648

53,000

6.375%, 

3/15/2033

a

52,719

Axon

Enterprise,

Inc.

23,000

6.125%, 

3/15/2030

a

23,212

23,000

6.250%, 

3/15/2033

a

23,237

Boeing

Company

40,000

6.858%, 

5/1/2054

43,448

52,000

2.196%, 

2/4/2026

50,877

67,000

3.250%, 

3/1/2028

63,934

83,000

5.150%, 

5/1/2030

83,515

20,000

6.528%, 

5/1/2034

21,430

Bombardier,

Inc.

37,000

6.000%, 

2/15/2028

a

36,513

39,000

7.250%, 

7/1/2031

a

39,133

79,000

7.000%, 

6/1/2032

a,e

78,658

Builders

FirstSource,

Inc.

45,000

5.000%, 

3/1/2030

a

43,009

Camelot

Return

Merger

Sub,

Inc.

42,000

8.750%, 

8/1/2028

a

34,597

Canpack

SA/Canpack

US,

LLC

84,000

3.875%, 

11/15/2029

a

76,121

Carrier

Global

Corporation

75,000

2.722%, 

2/15/2030

68,595

Chart

Industries,

Inc.

67,000

7.500%, 

1/1/2030

a

69,489

Clean

Harbors,

Inc.

57,000

6.375%, 

2/1/2031

a

57,610

Clydesdale

Acquisition

Holdings,

Inc.

10,000

6.625%, 

4/15/2029

a

10,055

24,000

6.750%, 

4/15/2032

a

24,166

Crown

Cork

&

Seal

Company,

Inc.

34,000

7.375%, 

12/15/2026

34,963

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Capital

Goods  1.1%

-

continued

Deere

&

Company

$

28,000

5.700%, 

1/19/2055

$

29,163

Emerson

Electric

Company

33,000

5.000%, 

3/15/2035

33,220

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

86,000

6.625%, 

12/15/2030

a

86,038

ESAB

Corporation

53,000

6.250%, 

4/15/2029

a

53,773

Fluor

Corporation,

Convertible

82,000

1.125%, 

8/15/2029

e

87,125

GFL

Environmental,

Inc.

88,000

4.000%, 

8/1/2028

a

83,634

63,000

3.500%, 

9/1/2028

a

59,527

H&E

Equipment

Services,

Inc.

26,000

3.875%, 

12/15/2028

a

25,916

Herc

Holdings,

Inc.

18,000

5.500%, 

7/15/2027

a

17,924

46,000

6.625%, 

6/15/2029

a

46,148

Honeywell

International,

Inc.

80,000

5.250%, 

3/1/2054

76,145

Howmet

Aerospace,

Inc.

61,000

6.750%, 

1/15/2028

64,443

Huntington

Ingalls

Industries,

Inc.

67,000

4.200%, 

5/1/2030

64,342

Ingersoll

Rand,

Inc.

66,000

5.176%, 

6/15/2029

67,119

20,000

5.700%, 

8/14/2033

20,642

JBT

Marel

Corporation,

Convertible

84,000

0.250%, 

5/15/2026

83,782

John

Deere

Capital

Corporation

44,000

3.900%, 

6/7/2032

41,758

21,000

5.150%, 

9/8/2033

21,443

L3Harris

Technologies,

Inc.

36,000

5.400%, 

1/15/2027

36,516

Lockheed

Martin

Corporation

54,000

5.200%, 

2/15/2064

50,079

Martin

Marietta

Materials,

Inc.

25,000

5.150%, 

12/1/2034

24,844

MKS

Instruments,

Inc.,

Convertible

223,000

1.250%, 

6/1/2030

a

200,588

Mueller

Water

Products,

Inc.

49,000

4.000%, 

6/15/2029

a

45,523

Nesco

Holdings

II,

Inc.

75,000

5.500%, 

4/15/2029

a

69,219

New

Enterprise

Stone

and

Lime

Company,

Inc.

83,000

5.250%, 

7/15/2028

a

80,223

Northrop

Grumman

Corporation

79,000

5.200%, 

6/1/2054

73,992

22,000

4.700%, 

3/15/2033

21,704

OI

European

Group

BV

57,000

4.750%, 

2/15/2030

a

52,171

Owens-Brockway

Glass

Container,

Inc.

46,000

6.625%, 

5/13/2027

a

45,748

23,000

7.375%, 

6/1/2032

a

21,951

Patrick

Industries,

Inc.,

Convertible

52,000

1.750%, 

12/1/2028

72,696

Quikrete

Holdings,

Inc.

93,000

6.375%, 

3/1/2032

a

93,590

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

21

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Capital

Goods  1.1%

-

continued

Republic

Services,

Inc.

$

43,000

5.000%, 

12/15/2033

$

42,957

Resideo

Funding,

Inc.

58,000

6.500%, 

7/15/2032

a

57,861

Reworld

Holding

Corporation

25,000

4.875%, 

12/1/2029

a

23,253

Roller

Bearing

Company

of

America,

Inc.

65,000

4.375%, 

10/15/2029

a

61,021

RTX

Corporation

61,000

5.750%, 

1/15/2029

63,508

145,000

4.500%, 

6/1/2042

127,542

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

44,000

6.125%, 

2/1/2028

a

44,063

Smyrna

Ready

Mix

Concrete,

LLC

78,000

8.875%, 

11/15/2031

a

80,811

Spirit

AeroSystems,

Inc.

22,000

4.600%, 

6/15/2028

21,103

15,000

9.750%, 

11/15/2030

a

16,558

SRM

Escrow

Issuer,

LLC

25,000

6.000%, 

11/1/2028

a

24,257

Standard

Building

Solutions,

Inc.

26,000

6.500%, 

8/15/2032

a

25,992

Standard

Industries,

Inc./NY

28,000

4.750%, 

1/15/2028

a

27,101

28,000

3.375%, 

1/15/2031

a

24,345

Textron,

Inc.

67,000

3.650%, 

3/15/2027

65,739

Trane

Technologies

Financing,

Ltd.

65,000

5.100%, 

6/13/2034

65,261

TransDigm,

Inc.

23,000

6.750%, 

8/15/2028

a

23,336

95,000

7.125%, 

12/1/2031

a

97,740

79,000

6.625%, 

3/1/2032

a

80,007

Trivium

Packaging

Finance

42,000

5.500%, 

8/15/2026

a

41,350

United

Rentals

North

America,

Inc.

70,000

4.875%, 

1/15/2028

68,805

85,000

4.000%, 

7/15/2030

78,425

Veralto

Corporation

39,000

5.350%, 

9/18/2028

39,938

Waste

Connections,

Inc.

21,000

3.200%, 

6/1/2032

18,840

WESCO

Distribution,

Inc.

28,000

6.375%, 

3/15/2029

a

28,325

20,000

6.625%, 

3/15/2032

a

20,288

Total

4,161,346

Collateralized

Mortgage

Obligations  5.7%

A&D

Mortgage

Trust

189,316

6.498%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A1

a,d

192,056

420,702

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

a,d

425,409

378,701

5.464%, 

8/25/2069,

Ser.

2024-NQM4,

Class

A1

a

378,731

ACRA

Trust

384,424

5.912%, 

10/25/2064,

Ser.

2024-NQM1,

Class

A2

a,d

384,942

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Collateralized

Mortgage

Obligations  5.7%

-

continued

Banc

of

America

Alternative

Loan

Trust

$

180,351

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

$

160,823

Banc

of

America

Mortgage

Securities

Trust

20,507

5.708%, 

9/25/2035,

Ser.

2005-H,

Class

2A1

b

18,105

51,637

6.385%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

48,962

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

43,656

6.559%, 

1/25/2034,

Ser.

2003-8,

Class

5A

b

37,991

CAFL

Issuer,

LLC

365,780

4.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

a

365,023

CHNGE

Mortgage

Trust

200,273

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

a,b

192,302

229,988

5.000%, 

5/25/2067,

Ser.

2022-3,

Class

A1

a,b

228,981

204,813

6.525%, 

6/25/2058,

Ser.

2023-2,

Class

A1

a,d

205,474

359,910

5.820%, 

6/25/2067,

Ser.

2022-NQM1,

Class

A3

a,d

358,554

206,414

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

a,d

208,745

347,383

6.000%, 

10/25/2057,

Ser.

2022-4,

Class

A1

a,d

347,367

CIM

Trust

374,402

7.100%, 

4/25/2058,

Ser.

2023-I1,

Class

A3

a,d

376,611

Citigroup

Mortgage

Loan

Trust,

Inc.

61,535

5.500%, 

8/25/2034,

Ser.

2004-NCM2,

Class

1CB1

60,228

147,713

5.237%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

132,496

COLT

Mortgage

Loan

Trust

302,491

6.328%, 

12/25/2068,

Ser.

2024-INV1,

Class

A2

a,d

304,461

CSMC

Trust

235,659

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

a,b

235,426

194,457

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

a,b

165,904

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

110,600

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

96,514

75,607

4.317%, 

8/25/2035,

Ser.

2005-AR1,

Class

2A3

b

66,924

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

542,148

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

531,196

347,172

Zero

Coupon, 

9/25/2053,

Ser.

5334,

Class

BO

282,228

400,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

396,215

71,540

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

f

1,220

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

22

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Collateralized

Mortgage

Obligations  5.7%

-

continued

$

208,250

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

f

$

16,648

188,840

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

f

7,641

Federal

Home

Loan

Mortgage

Corporation

STRIPS

311,241

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

f

29,456

Federal

National

Mortgage

Association

-

REMIC

450,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

423,917

320,312

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

317,806

111,768

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

f

2,216

84,988

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

f

1,579

95,253

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

f

953

252,463

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

f

5,761

207,319

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

f

4,448

71,789

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

f

1,522

183,953

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

f

3,621

96,222

3.000%, 

2/25/2028,

Ser.

2013-2,

Class

GI

f

2,395

147,271

3.000%, 

3/25/2028,

Ser.

2013-18,

Class

IL

f

3,264

94,539

2.500%, 

6/25/2028,

Ser.

2013-87,

Class

IW

f

2,416

32,972

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

f

168

218,949

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

f

16,232

Flagstar

Mortgage

Trust

130,072

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,b

117,060

GCAT

Trust

602,055

6.500%, 

1/25/2054,

Ser.

2024-INV1,

Class

2A2

a,b

612,397

270,478

4.250%, 

5/25/2067,

Ser.

2023-NQM4,

Class

A2

a,b

251,032

533,612

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

a,b

538,072

GMAC

Mortgage

Corporation

Loan

Trust

60,598

3.962%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

52,399

GMACM

Mortgage

Loan

Trust

23,015

3.670%, 

11/19/2035,

Ser.

2005-AR6,

Class

1A1

b

20,022

GS

Mortgage-Backed

Securities

Trust

439,176

5.500%, 

10/27/2053,

Ser.

2023-PJ3,

Class

A16

a,b

437,757

Home

RE,

Ltd.

350,000

8.940%, 

(SOFR30A

+

4.600%),

10/25/2033,

Ser.

2023-1,

Class

M1B

a,b

362,084

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Collateralized

Mortgage

Obligations  5.7%

-

continued

$

181,835

7.840%, 

(SOFR30A

+

3.500%),

10/25/2034,

Ser.

2022-1,

Class

M1B

a,b

$

182,592

IndyMac

INDA

Mortgage

Loan

Trust

487,881

3.802%, 

8/25/2036,

Ser.

2006-AR1,

Class

A1

b

384,348

J.P.

Morgan

Mortgage

Trust

181,280

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

a,b

155,803

442,320

5.000%, 

10/25/2053,

Ser.

2023-3,

Class

A4A

a,b

438,002

73,404

5.373%, 

2/25/2036,

Ser.

2006-A1,

Class

2A2

b

52,237

LHOME

Mortgage

Trust

350,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

a,d

354,471

300,000

7.017%, 

1/25/2029,

Ser.

2024-RTL1,

Class

A1

a,d

303,207

500,000

7.128%, 

3/25/2029,

Ser.

2024-RTL2,

Class

A1

a,d

505,995

200,000

6.900%, 

5/25/2029,

Ser.

2024-RTL3,

Class

A1

a,d

202,372

500,000

5.921%, 

7/25/2039,

Ser.

2024-RTL4,

Class

A1

a,d

502,130

Merrill

Lynch

Alternative

Note

Asset

Trust

248,085

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

85,202

MFA

Trust

250,000

7.093%, 

2/25/2029,

Ser.

2024-RTL1,

Class

A1

a,d

251,962

MortgageIT

Securities

Corporation

Mortgage

Loan

Trust

517,306

4.895%, 

(TSFR1M

+

0.574%),

6/25/2047,

Ser.

2007-1,

Class

1A1

b

448,089

NYMT

Loan

Trust

250,000

7.154%, 

2/25/2029,

Ser.

2024-BPL1,

Class

A1

a,d

252,984

300,000

6.509%, 

5/25/2039,

Ser.

2024-BPL2,

Class

A1

a,d

303,345

PMT

Loan

Trust

295,971

6.000%, 

1/25/2060,

Ser.

2025-INV1,

Class

A1

a,b

299,369

Pretium

Mortgage

Credit

Partners,

LLC

150,000

8.956%, 

10/25/2054,

Ser.

2024-NPL7,

Class

A2

a,d

149,761

PRKCM

Trust

316,033

7.087%, 

6/25/2058,

Ser.

2023-AFC2,

Class

A3

a

318,144

273,133

7.627%, 

11/25/2058,

Ser.

2023-AFC4,

Class

A2

a,d

278,743

PRPM,

LLC

294,122

4.000%, 

1/25/2054,

Ser.

2024-RCF1,

Class

A1

a,d

287,958

300,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

a,d

277,979

255,161

7.026%, 

3/25/2029,

Ser.

2024-2,

Class

A1

a,d

255,762

458,076

5.689%, 

9/25/2029,

Ser.

2024-5,

Class

A1

a,d

457,480

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

23

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Collateralized

Mortgage

Obligations  5.7%

-

continued

$

475,703

5.699%, 

11/25/2029,

Ser.

2024-6,

Class

A1

a,d

$

474,955

300,000

8.835%, 

12/25/2029,

Ser.

2024-7,

Class

A2

a,d

300,027

Radnor

Re,

Ltd.

550,000

7.240%, 

(SOFR30A

+

2.900%),

9/25/2034,

Ser.

2024-1,

Class

M1B

a,b

554,718

Residential

Accredit

Loans,

Inc.

Trust

71,462

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

62,811

69,074

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

54,501

Residential

Asset

Securitization

Trust

90,918

4.962%, 

1/25/2034,

Ser.

2004-IP1,

Class

A1

b

86,519

Residential

Funding

Mortgage

Security

I

Trust

136,175

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

108,982

Roc

Mortgage

Trust

82,566

3.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

a,b

82,418

400,000

5.589%, 

10/25/2039,

Ser.

2024-RTL1,

Class

A1

a,d

399,226

Saluda

Grade

Alternative

Mortgage

Trust

300,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

a,d

302,281

650,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

a,d

654,185

Structured

Adjustable

Rate

Mortgage

Loan

Trust

44,993

5.160%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

b

39,026

Toorak

Mortgage

Trust

400,000

7.333%, 

2/25/2031,

Ser.

2024-1,

Class

A1

a,d

403,266

Triangle

Re,

Ltd.

350,548

7.740%, 

(SOFR30A

+

3.400%),

11/25/2033,

Ser.

2023-1,

Class

M1A

a,b

355,506

TVC

Mortgage

Trust

300,000

8.250%, 

11/25/2027,

Ser.

2023-RTL1,

Class

A1

a,d

300,553

550,000

5.545%, 

7/25/2039,

Ser.

2024-RRTL1,

Class

A1

a,d

551,026

Verus

Securitization

Trust

229,258

2.491%, 

11/25/2066,

Ser.

2021-8,

Class

A3

a,b

204,213

444,577

6.560%, 

12/25/2067,

Ser.

2023-1,

Class

A2

a,d

445,710

Vontive

Mortgage

Trust

400,000

6.507%, 

3/25/2030,

Ser.

2025-RTL1,

Class

A1

a,d

401,121

Total

21,962,733

Commercial

Mortgage-Backed

Securities  1.1%

BANK

2018-BNK12

600,000

4.341%, 

5/15/2061,

Ser.

2018-BN12,

Class

AS

b

583,110

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Commercial

Mortgage-Backed

Securities  1.1%

-

continued

BANK

2025-BNK49

$

2,100,000

0.835%, 

3/15/2058,

Ser.

2025-BNK49,

Class

XA

b,f

$

103,479

BBCMS

Mortgage

Trust

2,237,496

1.150%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

b,f

155,766

Benchmark

Mortgage

Trust

400,000

6.090%, 

4/15/2058,

Ser.

2025-V14,

Class

AM

413,169

FirstKey

Homes

Trust

650,000

1.968%, 

10/19/2037,

Ser.

2020-SFR2,

Class

D

a

636,702

HTAP

Issuer

Trust

500,000

6.500%, 

11/25/2042,

Ser.

2025-1,

Class

A

a

491,854

Progress

Residential

Trust

550,000

3.600%, 

4/17/2039,

Ser.

2022-SFR3,

Class

B

a

533,694

Silver

Hill

Trust

21,442

3.102%, 

11/25/2049,

Ser.

2019-1,

Class

A1

a,b

21,021

Tricon

Residential

Trust

250,000

5.700%, 

6/20/2040,

Ser.

2024-SFR2,

Class

B

a

248,470

Velocity

Commercial

Capital

Loan

Trust

249,096

6.550%, 

1/25/2054,

Ser.

2024-1,

Class

A

a,b

251,252

266,465

6.650%, 

6/25/2054,

Ser.

2024-3,

Class

A

a,b

269,751

297,131

7.670%, 

11/25/2053,

Ser.

2023-4,

Class

A

a,b

307,266

Total

4,015,534

Communications

Services  1.4%

AMC

Networks,

Inc.

14,000

10.250%, 

1/15/2029

a

14,508

American

Tower

Corporation

73,000

4.400%, 

2/15/2026

72,838

59,000

5.500%, 

3/15/2028

60,395

41,000

5.800%, 

11/15/2028

42,510

57,000

3.800%, 

8/15/2029

54,730

32,000

5.000%, 

1/31/2030

32,262

78,000

4.900%, 

3/15/2030

78,413

AppLovin

Corporation

45,000

5.500%, 

12/1/2034

44,990

AT&T,

Inc.

63,000

5.700%, 

3/1/2057

60,876

202,000

3.550%, 

9/15/2055

136,896

131,000

4.300%, 

2/15/2030

128,973

41,000

5.400%, 

2/15/2034

41,659

Bell

Telephone

Company

of

Canada

27,500

7.000%, 

9/15/2055

b

27,478

40,000

5.100%, 

5/11/2033

39,480

Cable

One,

Inc.,

Convertible

42,000

1.125%, 

3/15/2028

33,338

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

150,000

5.125%, 

5/1/2027

a

147,741

12,000

5.000%, 

2/1/2028

a

11,646

30,000

5.375%, 

6/1/2029

a

29,028

64,000

4.250%, 

2/1/2031

a

56,712

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

24

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Communications

Services  1.4%

-

continued

$

246,000

4.750%, 

2/1/2032

a

$

218,422

63,000

4.250%, 

1/15/2034

a

51,818

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

110,000

4.200%, 

3/15/2028

107,875

67,000

5.050%, 

3/30/2029

66,691

64,000

6.550%, 

6/1/2034

65,835

Clear

Channel

Outdoor

Holdings,

Inc.

47,000

5.125%, 

8/15/2027

a

45,425

63,000

7.875%, 

4/1/2030

a

61,768

Comcast

Corporation

119,000

5.650%, 

6/1/2054

116,535

95,000

3.400%, 

4/1/2030

89,899

Crown

Castle,

Inc.

61,000

2.900%, 

3/15/2027

58,917

24,000

4.900%, 

9/1/2029

23,890

Deluxe

Corporation

55,000

8.125%, 

9/15/2029

a

55,321

Deutsche

Telekom

International

Finance

BV

113,000

8.750%, 

6/15/2030

132,610

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

149,000

5.875%, 

8/15/2027

a

144,388

12,000

8.875%, 

2/1/2030

a

11,451

24,000

10.000%, 

2/15/2031

a

23,045

FiberCop

SPA

67,000

6.000%, 

9/30/2034

a

61,022

Frontier

Communications

Holdings,

LLC

86,000

5.875%, 

10/15/2027

a

85,903

GCI,

LLC

49,000

4.750%, 

10/15/2028

a

45,172

Gray

Media,

Inc.

25,000

10.500%, 

7/15/2029

a

26,046

Iliad

Holding

SASU

73,000

8.500%, 

4/15/2031

a

76,560

39,000

7.000%, 

4/15/2032

a

39,052

LCPR

Senior

Secured

Financing

DAC

46,000

6.750%, 

10/15/2027

a

38,458

Level

3

Financing,

Inc.

12,000

3.625%, 

1/15/2029

a

8,910

27,737

10.500%, 

4/15/2029

a

30,511

27,737

11.000%, 

11/15/2029

a

30,914

36,000

10.500%, 

5/15/2030

a

38,574

McGraw-Hill

Education,

Inc.

83,000

5.750%, 

8/1/2028

a

81,044

Meta

Platforms,

Inc.

70,000

5.550%, 

8/15/2064

68,873

41,000

3.850%, 

8/15/2032

38,779

68,000

4.750%, 

8/15/2034

67,517

Nexstar

Media,

Inc.

34,000

5.625%, 

7/15/2027

a

33,494

37,000

4.750%, 

11/1/2028

a

34,650

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

34,000

4.625%, 

3/15/2030

a

31,085

Paramount

Global

57,000

6.375%, 

3/30/2062

b

55,613

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Communications

Services  1.4%

-

continued

Playtika

Holding

Corporation

$

61,000

4.250%, 

3/15/2029

a

$

53,698

Rogers

Communications,

Inc.

50,000

5.250%, 

3/15/2082

a,b

48,876

19,000

7.000%, 

4/15/2055

b

19,074

53,500

7.125%, 

4/15/2055

b

53,318

60,000

5.000%, 

2/15/2029

60,054

36,000

5.300%, 

2/15/2034

35,338

Sinclair

Television

Group,

Inc.

12,000

8.125%, 

2/15/2033

a

11,841

Sirius

XM

Radio,

LLC

85,000

5.000%, 

8/1/2027

a

83,048

50,000

4.000%, 

7/15/2028

a

46,650

35,000

4.125%, 

7/1/2030

a

31,088

Snap,

Inc.,

Convertible

104,000

0.500%, 

5/1/2030

a

85,748

Sprint

Capital

Corporation

137,000

6.875%, 

11/15/2028

146,258

61,000

8.750%, 

3/15/2032

73,364

Take-Two

Interactive

Software,

Inc.

52,000

5.600%, 

6/12/2034

53,127

TEGNA,

Inc.

89,000

4.625%, 

3/15/2028

84,194

Telecom

Italia

Capital

SA

24,000

6.000%, 

9/30/2034

22,983

T-Mobile

USA,

Inc.

40,000

5.500%, 

1/15/2055

38,048

70,000

5.250%, 

6/15/2055

64,288

77,000

3.375%, 

4/15/2029

73,141

29,000

5.125%, 

5/15/2032

29,182

Uniti

Group,

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

86,000

4.750%, 

4/15/2028

a

82,159

Univision

Communications,

Inc.

11,000

8.000%, 

8/15/2028

a

11,034

94,000

4.500%, 

5/1/2029

a

83,052

42,000

7.375%, 

6/30/2030

a

40,125

23,000

8.500%, 

7/31/2031

a

22,474

Verizon

Communications,

Inc.

46,000

5.500%, 

2/23/2054

e

44,713

67,000

3.150%, 

3/22/2030

62,446

88,000

2.355%, 

3/15/2032

74,465

68,000

4.780%, 

2/15/2035

a

66,010

55,000

5.250%, 

4/2/2035

55,139

Viasat,

Inc.

25,000

5.625%, 

4/15/2027

a

23,989

Virgin

Media

Finance

plc

34,000

5.000%, 

7/15/2030

a,e

29,148

Virgin

Media

Secured

Finance

plc

72,000

5.500%, 

5/15/2029

a

68,194

VMED

O2

UK

Financing

I

plc

29,000

7.750%, 

4/15/2032

a

29,070

Vodafone

Group

plc

42,000

5.125%, 

6/4/2081

b

31,820

37,000

5.875%, 

6/28/2064

35,473

67,000

7.000%, 

4/4/2079

b

69,005

VZ

Secured

Financing

BV

64,000

5.000%, 

1/15/2032

a

55,611

Warnermedia

Holdings,

Inc.

136,000

4.054%, 

3/15/2029

128,078

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

25

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Communications

Services  1.4%

-

continued

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

$

32,000

8.250%, 

10/1/2031

a

$

32,579

Zegona

Finance

plc

27,000

8.625%, 

7/15/2029

a

28,596

Ziggo

Bond

Company

BV

33,000

5.125%, 

2/28/2030

a,e

28,754

Ziggo

BV

30,000

4.875%, 

1/15/2030

a

27,481

Total

5,523,273

Consumer

Cyclical  2.0%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

39,000

4.375%, 

1/15/2028

a

37,506

59,000

5.625%, 

9/15/2029

a

58,406

Adient

Global

Holdings,

Ltd.

16,000

8.250%, 

4/15/2031

a

15,503

25,000

7.500%, 

2/15/2033

a,e

23,408

Alimentation

Couche-Tard,

Inc.

66,000

5.617%, 

2/12/2054

a

62,216

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

60,000

4.625%, 

6/1/2028

a

56,829

50,000

4.625%, 

6/1/2028

a

47,189

Allison

Transmission,

Inc.

19,000

3.750%, 

1/30/2031

a

16,893

American

Axle

&

Manufacturing,

Inc.

79,000

5.000%, 

10/1/2029

e

67,999

American

Honda

Finance

Corporation

86,000

5.050%, 

7/10/2031

86,639

61,000

4.900%, 

1/10/2034

e

59,576

Arko

Corporation

46,000

5.125%, 

11/15/2029

a,e

37,278

Asbury

Automotive

Group,

Inc.

48,000

5.000%, 

2/15/2032

a

43,530

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

45,000

4.625%, 

8/1/2029

a

40,727

25,000

4.625%, 

4/1/2030

a

22,605

Aston

Martin

Capital

Holdings,

Ltd.

42,000

10.000%, 

3/31/2029

a

37,975

Belron

UK

Finance

plc

20,000

5.750%, 

10/15/2029

a

19,860

Best

Buy

Company,

Inc.

45,000

1.950%, 

10/1/2030

38,609

Boyd

Gaming

Corporation

65,000

4.750%, 

6/15/2031

a

59,948

Boyne

USA,

Inc.

46,000

4.750%, 

5/15/2029

a

43,308

Brinker

International,

Inc.

27,000

8.250%, 

7/15/2030

a

28,358

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

41,000

4.875%, 

2/15/2030

a

35,837

Burlington

Stores,

Inc.,

Convertible

47,000

1.250%, 

12/15/2027

61,946

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Consumer

Cyclical  2.0%

-

continued

Caesars

Entertainment,

Inc.

$

110,000

4.625%, 

10/15/2029

a

$

101,104

34,000

6.500%, 

2/15/2032

a

33,890

26,000

6.000%, 

10/15/2032

a,e

24,281

Carnival

Corporation

70,000

7.625%, 

3/1/2026

a

70,021

116,000

5.750%, 

3/1/2027

a

116,073

67,000

4.000%, 

8/1/2028

a

64,099

Carnival

Corporation,

Convertible

127,000

5.750%, 

12/1/2027

211,899

Carvana

Company

9,454

9.000%,PIK

0.000%,

12/1/2028

a,g

9,734

26,000

9.000%, 

6/1/2031

a

28,886

Churchill

Downs,

Inc.

45,000

4.750%, 

1/15/2028

a

43,717

35,000

6.750%, 

5/1/2031

a

35,276

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

32,000

6.750%, 

5/15/2028

a

32,451

Cracker

Barrel

Old

Country

Store,

Inc.,

Convertible

20,000

0.625%, 

6/15/2026

19,350

Crocs,

Inc.

28,000

4.250%, 

3/15/2029

a

26,028

Cushman

&

Wakefield

US

Borrower,

LLC

14,000

6.750%, 

5/15/2028

a

14,036

Dana,

Inc.

28,000

5.625%, 

6/15/2028

27,586

41,000

4.500%, 

2/15/2032

e

37,335

DraftKings

Holdings,

Inc.,

Convertible

192,000

Zero

Coupon, 

3/15/2028

167,136

eG

Global

Finance

plc

14,000

12.000%, 

11/30/2028

a

15,501

Expedia

Group,

Inc.

72,000

5.400%, 

2/15/2035

71,708

Expedia

Group,

Inc.,

Convertible

79,000

Zero

Coupon, 

2/15/2026

77,815

Ford

Motor

Company,

Convertible

143,000

Zero

Coupon, 

3/15/2026

139,997

Ford

Motor

Credit

Company,

LLC

76,000

2.900%, 

2/10/2029

67,994

68,000

7.122%, 

11/7/2033

69,491

Forestar

Group,

Inc.

44,000

6.500%, 

3/15/2033

a

43,075

FORVIA

SE

34,000

8.000%, 

6/15/2030

a

33,562

Gap,

Inc.

20,000

3.625%, 

10/1/2029

a

18,041

28,000

3.875%, 

10/1/2031

a

24,153

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

39,000

7.750%, 

5/31/2032

a

38,548

General

Motors

Financial

Company,

Inc.

35,000

2.750%, 

6/20/2025

34,834

61,000

5.800%, 

6/23/2028

62,303

48,000

5.800%, 

1/7/2029

48,893

66,000

4.900%, 

10/6/2029

64,922

28,000

5.750%, 

2/8/2031

28,233

23,000

5.625%, 

4/4/2032

22,748

92,000

5.950%, 

4/4/2034

91,536

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

26

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Consumer

Cyclical  2.0%

-

continued

Genting

New

York,

LLC/GENNY

Capital,

Inc.

$

15,000

7.250%, 

10/1/2029

a

$

15,287

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

26,000

8.750%, 

1/15/2032

a

21,902

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

28,000

3.500%, 

3/1/2029

a

25,938

Goodyear

Tire

&

Rubber

Company

28,000

4.875%, 

3/15/2027

27,361

24,000

5.000%, 

7/15/2029

22,262

Group

1

Automotive,

Inc.

14,000

6.375%, 

1/15/2030

a

14,030

Harley-Davidson

Financial

Services,

Inc.

61,000

5.950%, 

6/11/2029

a

61,535

Hilton

Domestic

Operating

Company,

Inc.

68,000

4.875%, 

1/15/2030

65,761

14,000

4.000%, 

5/1/2031

a

12,679

80,000

3.625%, 

2/15/2032

a

70,119

Hilton

Grand

Vacations

Borrower,

LLC/Hilton

Grand

Vacations

Borrower,

Inc.

42,000

5.000%, 

6/1/2029

a,e

39,362

Home

Depot,

Inc.

34,000

5.300%, 

6/25/2054

32,839

34,000

5.400%, 

6/25/2064

32,732

Hyundai

Capital

America

67,000

3.000%, 

2/10/2027

a

64,930

40,000

6.500%, 

1/16/2029

a

41,972

International

Game

Technology

plc

68,000

5.250%, 

1/15/2029

a

66,462

Jacobs

Entertainment,

Inc.

39,000

6.750%, 

2/15/2029

a

37,426

K

Hovnanian

Enterprises,

Inc.

12,000

11.750%, 

9/30/2029

a

12,835

KB

Home

60,000

4.800%, 

11/15/2029

57,240

33,000

4.000%, 

6/15/2031

29,622

L

Brands,

Inc.

135,000

6.625%, 

10/1/2030

a

136,883

34,000

6.875%, 

11/1/2035

34,440

Las

Vegas

Sands

Corporation

41,000

5.900%, 

6/1/2027

41,662

Life

Time,

Inc.

35,000

6.000%, 

11/15/2031

a

34,701

Light

&

Wonder

International,

Inc.

16,000

7.250%, 

11/15/2029

a

16,219

Live

Nation

Entertainment,

Inc.

31,000

4.750%, 

10/15/2027

a

30,220

Live

Nation

Entertainment,

Inc.,

Convertible

101,000

3.125%, 

1/15/2029

140,340

111,000

2.875%, 

1/15/2030

a

114,885

Lowe's

Companies,

Inc.

100,000

4.500%, 

4/15/2030

99,217

Macy's

Retail

Holdings,

LLC

26,000

5.875%, 

4/1/2029

a

25,222

27,000

6.125%, 

3/15/2032

a

24,673

Marriott

International,

Inc./MD

40,000

4.900%, 

4/15/2029

40,237

30,000

5.100%, 

4/15/2032

29,894

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Consumer

Cyclical  2.0%

-

continued

Marriott

Vacations

Worldwide

Corporation,

Convertible

$

65,000

Zero

Coupon, 

1/15/2026

$

62,308

98,000

3.250%, 

12/15/2027

90,650

Match

Group

Holdings

II,

LLC

25,000

4.125%, 

8/1/2030

a

22,405

Mattamy

Group

Corporation

55,000

5.250%, 

12/15/2027

a

53,431

McDonald's

Corporation

39,000

4.950%, 

8/14/2033

39,179

Melco

Resorts

Finance,

Ltd.

77,000

5.375%, 

12/4/2029

a

70,612

70,000

7.625%, 

4/17/2032

a

69,665

Meritage

Homes

Corporation

59,000

5.650%, 

3/15/2035

58,050

Meritage

Homes

Corporation,

Convertible

44,000

1.750%, 

5/15/2028

a

42,988

Michaels

Companies,

Inc.

41,000

5.250%, 

5/1/2028

a

28,146

NCL

Corporation,

Ltd.

5,000

5.875%, 

3/15/2026

a

4,990

73,000

5.875%, 

2/15/2027

a

72,900

Nissan

Motor

Company,

Ltd.

51,000

4.810%, 

9/17/2030

a

48,442

Nordstrom,

Inc.

39,000

4.250%, 

8/1/2031

33,505

PENN

Entertainment,

Inc.

70,000

4.125%, 

7/1/2029

a

62,149

PetSmart,

Inc./PetSmart

Finance

Corporation

50,000

4.750%, 

2/15/2028

a

46,762

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

20,000

5.750%, 

4/15/2026

a

19,971

QVC,

Inc.

17,000

6.875%, 

4/15/2029

a,e

11,644

Rakuten

Group,

Inc.

41,000

11.250%, 

2/15/2027

a

44,418

48,000

9.750%, 

4/15/2029

a

52,114

22,000

8.125%, 

12/15/2029

a,b,h

21,724

Raven

Acquisition

Holdings,

LLC

25,000

6.875%, 

11/15/2031

a

24,277

Royal

Caribbean

Cruises,

Ltd.

127,000

4.250%, 

7/1/2026

a

125,043

16,000

5.625%, 

9/30/2031

a

15,711

S&S

Holdings,

LLC

45,000

8.375%, 

10/1/2031

a

42,512

Saks

Global

Enterprises,

LLC

58,000

11.000%, 

12/15/2029

a

46,986

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

16,000

6.625%, 

3/1/2030

a

15,089

SeaWorld

Parks

and

Entertainment,

Inc.

67,000

5.250%, 

8/15/2029

a

63,470

Service

Corporation

International/

US

28,000

3.375%, 

8/15/2030

24,953

38,000

5.750%, 

10/15/2032

37,344

Six

Flags

Entertainment

Corporation

14,000

7.000%, 

7/1/2025

a,e

14,016

14,000

7.250%, 

5/15/2031

a

14,054

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

27

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Consumer

Cyclical  2.0%

-

continued

Six

Flags

Entertainment

Corporation/Canada's

Wonderland

Company/Magnum

Management

Corporation

$

14,000

5.375%, 

4/15/2027

$

13,823

68,000

5.250%, 

7/15/2029

64,347

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc./Canada's

Wonderland

Company

14,000

6.625%, 

5/1/2032

a

14,116

Sonic

Automotive,

Inc.

35,000

4.875%, 

11/15/2031

a,e

31,423

Staples,

Inc.

56,000

10.750%, 

9/1/2029

a

50,593

Station

Casinos,

LLC

53,000

4.625%, 

12/1/2031

a

47,622

Tenneco,

Inc.

51,000

8.000%, 

11/17/2028

a

48,641

Toyota

Motor

Credit

Corporation

40,000

5.550%, 

11/20/2030

41,606

40,000

4.800%, 

1/5/2034

39,450

50,000

5.350%, 

1/9/2035

50,819

Tractor

Supply

Company

41,000

5.250%, 

5/15/2033

41,417

Uber

Technologies,

Inc.

48,000

5.350%, 

9/15/2054

44,837

52,000

4.800%, 

9/15/2034

50,503

Uber

Technologies,

Inc.,

Convertible

79,000

Zero

Coupon, 

12/15/2025

83,740

130,000

0.875%, 

12/1/2028

158,210

Vail

Resorts,

Inc.,

Convertible

81,000

Zero

Coupon, 

1/1/2026

77,861

VICI

Properties,

LP/VICI

Note

Company,

Inc.

150,000

5.750%, 

2/1/2027

a

151,946

Victoria's

Secret

&

Company

71,000

4.625%, 

7/15/2029

a

62,082

Viking

Cruises,

Ltd.

142,000

5.875%, 

9/15/2027

a

141,281

Volkswagen

Group

of

America

Finance,

LLC

17,000

3.350%, 

5/13/2025

a

16,970

Walgreens

Boots

Alliance,

Inc.

37,000

3.200%, 

4/15/2030

34,140

WASH

Multifamily

Acquisition,

Inc.

43,000

5.750%, 

4/15/2026

a

42,618

Wayfair,

LLC

37,000

7.750%, 

9/15/2030

a

35,721

Wyndham

Hotels

&

Resorts,

Inc.

48,000

4.375%, 

8/15/2028

a

45,843

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

66,000

7.125%, 

2/15/2031

a

68,301

Yum!

Brands,

Inc.

71,000

4.750%, 

1/15/2030

a

68,582

ZF

North

America

Capital,

Inc.

48,000

7.125%, 

4/14/2030

a

46,208

25,000

6.750%, 

4/23/2030

a

23,756

Total

7,515,252

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Consumer

Non-Cyclical  2.1%

1375209

B.C.,

Ltd.

$

28,000

9.000%, 

1/30/2028

a,e

$

27,978

AbbVie,

Inc.

100,000

5.500%, 

3/15/2064

98,387

100,000

4.500%, 

5/14/2035

95,973

60,000

5.350%, 

3/15/2044

59,335

Acadia

Healthcare

Company,

Inc.

29,000

7.375%, 

3/15/2033

a

28,971

AdaptHealth,

LLC

120,000

4.625%, 

8/1/2029

a

109,135

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

32,000

4.625%, 

1/15/2027

a

31,524

93,000

3.500%, 

3/15/2029

a

85,589

10,000

6.250%, 

3/15/2033

a

10,097

Altria

Group,

Inc.

40,000

6.200%, 

11/1/2028

42,006

Anheuser-Busch

InBev

Worldwide,

Inc.

119,000

5.000%, 

6/15/2034

119,760

ANI

Pharmaceuticals,

Inc.,

Convertible

54,000

2.250%, 

9/1/2029

a

60,372

AstraZeneca

Finance,

LLC

59,000

5.000%, 

2/26/2034

59,573

BAT

Capital

Corporation

65,000

6.250%, 

8/15/2055

64,866

45,000

6.343%, 

8/2/2030

47,837

43,000

7.750%, 

10/19/2032

49,298

Bausch

+

Lomb

Corporation

16,000

8.375%, 

10/1/2028

a

16,600

Bausch

Health

Companies,

Inc.

28,000

5.500%, 

11/1/2025

a

27,972

19,000

6.125%, 

2/1/2027

a,e

19,266

54,000

4.875%, 

6/1/2028

a

43,605

Becton,

Dickinson

and

Company

38,000

4.693%, 

2/13/2028

38,143

67,000

2.823%, 

5/20/2030

61,143

BellRing

Brands,

Inc.

49,000

7.000%, 

3/15/2030

a

50,629

BioMarin

Pharmaceutical,

Inc.,

Convertible

103,000

1.250%, 

5/15/2027

96,871

Bio-Rad

Laboratories,

Inc.

61,000

3.300%, 

3/15/2027

59,489

Bristol-Myers

Squibb

Company

80,000

5.550%, 

2/22/2054

78,840

41,000

5.750%, 

2/1/2031

43,360

20,000

5.900%, 

11/15/2033

21,369

Bunge,

Ltd.

Finance

Corporation

14,000

4.650%, 

9/17/2034

13,535

Campbell's

Company

124,000

5.400%, 

3/21/2034

124,939

Cargill,

Inc.

79,000

2.125%, 

11/10/2031

a

67,422

124,000

5.125%, 

2/11/2035

a

123,611

CD&R

Smokey

Buyer,

Inc./Radio

Systems

Corporation

22,000

9.500%, 

10/15/2029

a

20,075

Cencora,

Inc.

36,000

5.150%, 

2/15/2035

35,996

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

28

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Consumer

Non-Cyclical  2.1%

-

continued

Central

Garden

&

Pet

Company

$

32,000

4.125%, 

10/15/2030

$

29,093

Champ

Acquisition

Corporation

20,000

8.375%, 

12/1/2031

a

20,661

Charles

River

Laboratories

International,

Inc.

33,000

4.000%, 

3/15/2031

a

29,533

Chefs'

Warehouse,

Inc.,

Convertible

101,000

2.375%, 

12/15/2028

140,085

CHS/Community

Health

Systems,

Inc.

64,000

5.625%, 

3/15/2027

a

61,115

19,000

8.000%, 

12/15/2027

a

18,798

37,000

4.750%, 

2/15/2031

a

29,248

39,000

10.875%, 

1/15/2032

a

38,422

Cigna

Group

40,000

5.600%, 

2/15/2054

38,080

51,000

2.400%, 

3/15/2030

45,715

Coca-Cola

Company

40,000

5.300%, 

5/13/2054

39,164

Concentra

Escrow

Issuer

Corporation

24,000

6.875%, 

7/15/2032

a

24,420

Constellation

Brands,

Inc.

40,000

4.800%, 

1/15/2029

40,095

90,000

3.150%, 

8/1/2029

83,992

16,000

4.900%, 

5/1/2033

15,610

CVS

Health

Corporation

80,000

6.050%, 

6/1/2054

77,618

31,000

6.750%, 

12/10/2054

b

30,863

41,000

5.000%, 

2/20/2026

41,085

35,000

4.300%, 

3/25/2028

34,578

120,000

4.780%, 

3/25/2038

107,670

127,000

6.000%, 

6/1/2044

124,077

DaVita,

Inc.

27,000

3.750%, 

2/15/2031

a

23,507

36,000

6.875%, 

9/1/2032

a

36,202

Diageo

Capital

plc

45,000

2.000%, 

4/29/2030

39,727

60,000

5.625%, 

10/5/2033

62,314

Edgewell

Personal

Care

Company

50,000

5.500%, 

6/1/2028

a

48,967

Eli

Lilly

&

Company

80,000

5.000%, 

2/9/2054

75,007

16,000

5.500%, 

2/12/2055

16,200

82,000

4.700%, 

2/27/2033

82,068

Embecta

Corporation

29,000

5.000%, 

2/15/2030

a

25,951

23,000

6.750%, 

2/15/2030

a,e

21,903

Encompass

Health

Corporation

37,000

4.500%, 

2/1/2028

35,925

Endo

Finance

Holdings,

Inc.

28,000

8.500%, 

4/15/2031

a,e

29,191

Energizer

Holdings,

Inc.

35,000

4.750%, 

6/15/2028

a

33,508

17,000

4.375%, 

3/31/2029

a

15,829

Envista

Holdings

Corporation,

Convertible

8,000

2.375%, 

6/1/2025

e

7,961

36,000

1.750%, 

8/15/2028

32,377

Fortrea

Holdings,

Inc.

11,000

7.500%, 

7/1/2030

a,e

10,003

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Consumer

Non-Cyclical  2.1%

-

continued

GE

HealthCare

Technologies,

Inc.

$

59,000

6.377%, 

11/22/2052

$

63,999

General

Mills,

Inc.

16,000

4.950%, 

3/29/2033

15,833

Gilead

Sciences,

Inc.

46,000

5.250%, 

10/15/2033

47,079

HCA,

Inc.

34,000

5.950%, 

9/15/2054

32,659

49,000

5.250%, 

3/1/2030

49,581

65,000

5.750%, 

3/1/2035

65,585

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

37,000

7.875%, 

9/1/2025

a

36,957

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

27,000

4.875%, 

6/1/2029

a

20,823

Insulet

Corporation

15,000

6.500%, 

4/1/2033

a

15,247

Integer

Holdings

Corporation,

Convertible

39,000

2.125%, 

2/15/2028

56,823

72,000

1.875%, 

3/15/2030

a

72,576

Jazz

Investments

I,

Ltd.,

Convertible

98,000

2.000%, 

6/15/2026

101,430

127,000

3.125%, 

9/15/2030

a

140,780

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

107,000

2.500%, 

1/15/2027

102,896

52,000

3.625%, 

1/15/2032

46,854

JBS

USA

LUX

SARL/JBS

USA

Food

Company/JBS

USA

Foods

Group

55,000

5.950%, 

4/20/2035

a

56,529

Johnson

&

Johnson

80,000

5.250%, 

6/1/2054

80,351

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

49,000

9.000%, 

2/15/2029

a

50,402

Keurig

Dr

Pepper,

Inc.

70,000

3.200%, 

5/1/2030

65,069

78,000

5.300%, 

3/15/2034

e

79,459

Kraft

Heinz

Foods

Company

41,000

6.750%, 

3/15/2032

44,676

59,000

5.400%, 

3/15/2035

59,469

Kroger

Company

37,000

4.500%, 

1/15/2029

36,906

Lamb

Weston

Holdings,

Inc.

25,000

4.375%, 

1/31/2032

a

22,836

LifePoint

Health,

Inc.

55,000

9.875%, 

8/15/2030

a

58,031

34,000

11.000%, 

10/15/2030

a

36,962

Mars,

Inc.

7,000

5.650%, 

5/1/2045

a

7,015

Mattel,

Inc.

124,000

3.375%, 

4/1/2026

a

122,058

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

29,000

6.250%, 

4/1/2029

a

29,369

Medtronic

Global

Holdings

SCA

41,000

4.500%, 

3/30/2033

40,061

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

29

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Consumer

Non-Cyclical  2.1%

-

continued

Mozart

Debt

Merger

Sub,

Inc.

$

89,000

3.875%, 

4/1/2029

a

$

83,191

60,000

5.250%, 

10/1/2029

a

57,574

MPH

Acquisition

Holdings,

LLC

14,559

5.750%, 

12/31/2030

a

10,555

7,603

11.500%, 

12/31/2030

a

6,603

Newell

Brands,

Inc.

29,000

6.375%, 

9/15/2027

29,107

29,000

6.625%, 

9/15/2029

29,061

15,000

6.375%, 

5/15/2030

14,592

Novartis

Capital

Corporation

87,000

4.700%, 

9/18/2054

78,335

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

39,000

4.125%, 

4/30/2028

a

36,448

65,000

5.125%, 

4/30/2031

a

56,674

PepsiCo,

Inc.

75,000

5.250%, 

7/17/2054

73,264

Performance

Food

Group,

Inc.

42,000

4.250%, 

8/1/2029

a

39,276

Perrigo

Finance

Unlimited

Company

47,000

4.900%, 

6/15/2030

44,898

Philip

Morris

International,

Inc.

43,000

5.625%, 

11/17/2029

44,831

40,000

5.125%, 

2/13/2031

40,697

43,000

5.750%, 

11/17/2032

45,014

60,000

5.250%, 

2/13/2034

60,563

30,000

4.900%, 

11/1/2034

29,478

Post

Holdings,

Inc.

42,000

4.625%, 

4/15/2030

a

39,222

56,000

4.500%, 

9/15/2031

a

50,719

33,000

6.250%, 

10/15/2034

a

32,491

Post

Holdings,

Inc.,

Convertible

195,000

2.500%, 

8/15/2027

232,440

Roche

Holdings,

Inc.

58,000

5.218%, 

3/8/2054

a

56,073

62,000

2.076%, 

12/13/2031

a

52,953

Royalty

Pharma

plc

105,000

1.200%, 

9/2/2025

103,374

54,000

5.150%, 

9/2/2029

54,354

Simmons

Foods,

Inc.

69,000

4.625%, 

3/1/2029

a

63,966

Sotera

Health

Holdings,

LLC

29,000

7.375%, 

6/1/2031

a

29,482

Spectrum

Brands,

Inc.

6,000

3.875%, 

3/15/2031

a

5,111

Spectrum

Brands,

Inc.,

Convertible

109,000

3.375%, 

6/1/2029

a

103,544

Star

Parent,

Inc.

27,000

9.000%, 

10/1/2030

a

26,613

Stryker

Corporation

43,000

5.200%, 

2/10/2035

43,415

Surgery

Center

Holdings,

Inc.

12,000

7.250%, 

4/15/2032

a

11,867

Sysco

Corporation

38,000

5.950%, 

4/1/2030

39,833

Takeda

Pharmaceutical

Company,

Ltd.

103,000

5.650%, 

7/5/2054

100,758

89,000

5.000%, 

11/26/2028

90,164

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Consumer

Non-Cyclical  2.1%

-

continued

Tenet

Healthcare

Corporation

$

99,000

5.125%, 

11/1/2027

$

97,550

76,000

4.375%, 

1/15/2030

71,244

68,000

6.750%, 

5/15/2031

68,971

US

Acute

Care

Solutions,

LLC

50,000

9.750%, 

5/15/2029

a

49,856

Varex

Imaging

Corporation,

Convertible

77,000

4.000%, 

6/1/2025

76,615

Viterra

Finance

BV

83,000

3.200%, 

4/21/2031

a

74,744

Winnebago

Industries,

Inc.,

Convertible

46,000

3.250%, 

1/15/2030

e

40,227

Wyeth,

LLC

99,000

6.500%, 

2/1/2034

109,435

Zoetis,

Inc.

62,000

5.600%, 

11/16/2032

64,671

Total

7,828,296

Energy  1.5%

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

57,000

5.375%, 

6/15/2029

a

55,716

APA

Corporation

61,000

4.375%, 

10/15/2028

a

58,615

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

30,000

6.250%, 

4/1/2028

a

30,023

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

57,000

8.250%, 

12/31/2028

a

58,124

28,000

5.875%, 

6/30/2029

a

27,323

Baytex

Energy

Corporation

35,000

8.500%, 

4/30/2030

a

35,542

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

45,000

7.000%, 

7/15/2029

a

45,989

BP

Capital

Markets

America,

Inc.

61,000

4.812%, 

2/13/2033

59,979

BP

Capital

Markets

plc

51,000

4.875%, 

3/22/2030

b,h

48,782

56,000

6.450%, 

12/1/2033

b,h

57,137

Buckeye

Partners,

LP

39,000

4.500%, 

3/1/2028

a

37,421

30,000

6.875%, 

7/1/2029

a

30,496

California

Resources

Corporation

34,000

8.250%, 

6/15/2029

a

34,553

Cheniere

Energy

Partners,

LP

45,000

4.500%, 

10/1/2029

43,769

44,000

3.250%, 

1/31/2032

38,722

55,000

5.950%, 

6/30/2033

56,487

Cheniere

Energy,

Inc.

35,000

5.650%, 

4/15/2034

35,405

Civitas

Resources,

Inc.

39,000

8.375%, 

7/1/2028

a

40,248

48,000

8.750%, 

7/1/2031

a

49,293

CNX

Resources

Corporation

33,000

6.000%, 

1/15/2029

a

32,583

CNX

Resources

Corporation,

Convertible

55,000

2.250%, 

5/1/2026

135,355

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

30

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Energy  1.5%

-

continued

Columbia

Pipelines

Holding

Company,

LLC

$

36,000

6.055%, 

8/15/2026

a

$

36,520

81,000

6.042%, 

8/15/2028

a

83,777

Comstock

Resources,

Inc.

33,000

6.750%, 

3/1/2029

a

32,068

43,000

5.875%, 

1/15/2030

a

40,609

ConocoPhillips

Company

68,000

4.850%, 

1/15/2032

68,083

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

53,000

5.500%, 

6/15/2031

a

50,846

Crescent

Energy

Finance,

LLC

59,000

7.625%, 

4/1/2032

a

58,355

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

62,000

8.625%, 

3/15/2029

a

64,223

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

22,000

8.500%, 

10/1/2030

a

22,545

Diamondback

Energy,

Inc.

94,000

5.750%, 

4/18/2054

88,619

DT

Midstream,

Inc.

45,000

4.125%, 

6/15/2029

a

42,351

Eastern

Energy

Gas

Holdings,

LLC

68,000

5.800%, 

1/15/2035

70,187

Enbridge,

Inc.

60,000

7.375%, 

1/15/2083

b

61,012

56,000

7.625%, 

1/15/2083

b

58,655

60,000

5.950%, 

4/5/2054

59,699

20,000

5.700%, 

3/8/2033

20,527

Enerflex,

Ltd.

19,000

9.000%, 

10/15/2027

a

19,444

Energy

Transfer,

LP

40,000

5.950%, 

5/15/2054

38,199

101,000

8.000%, 

5/15/2054

b

106,287

40,000

6.050%, 

9/1/2054

38,841

53,000

6.750%, 

5/15/2025

b,h

52,994

41,000

4.400%, 

3/15/2027

40,868

17,000

7.125%, 

5/15/2030

b,h

17,202

40,000

6.400%, 

12/1/2030

42,628

Enterprise

Products

Operating,

LLC

49,000

5.550%, 

2/16/2055

47,593

45,000

4.150%, 

10/16/2028

44,565

EQM

Midstream

Partners,

LP

66,000

4.750%, 

1/15/2031

a

63,480

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

45,000

8.875%, 

4/15/2030

46,734

68,000

7.875%, 

5/15/2032

68,483

Harvest

Midstream

I,

LP

68,000

7.500%, 

9/1/2028

a

68,680

Hess

Midstream

Operations,

LP

63,000

4.250%, 

2/15/2030

a

59,269

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

64,000

5.750%, 

2/1/2029

a

61,834

28,000

6.000%, 

4/15/2030

a

26,627

48,000

6.250%, 

4/15/2032

a

44,846

Howard

Midstream

Energy

Partners,

LLC

79,000

7.375%, 

7/15/2032

a

80,937

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Energy  1.5%

-

continued

ITT

Holdings,

LLC

$

53,000

6.500%, 

8/1/2029

a

$

48,894

Kinder

Morgan,

Inc.

68,000

5.950%, 

8/1/2054

66,476

Kodiak

Gas

Services,

LLC

34,000

7.250%, 

2/15/2029

a

34,658

Laredo

Petroleum,

Inc.

35,000

7.750%, 

7/31/2029

a

34,051

MEG

Energy

Corporation

26,000

5.875%, 

2/1/2029

a

25,567

MPLX,

LP

113,000

1.750%, 

3/1/2026

110,045

20,000

5.000%, 

3/1/2033

19,522

56,000

5.500%, 

6/1/2034

55,793

Nabors

Industries,

Inc.

28,000

7.375%, 

5/15/2027

a

27,616

71,000

9.125%, 

1/31/2030

a

71,024

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

23,000

8.125%, 

2/15/2029

a

23,161

34,000

8.375%, 

2/15/2032

a

34,073

Noble

Finance

II,

LLC

28,000

8.000%, 

4/15/2030

a

27,984

Northern

Oil

and

Gas,

Inc.

36,000

8.750%, 

6/15/2031

a

36,718

Northern

Oil

and

Gas,

Inc.,

Convertible

95,000

3.625%, 

4/15/2029

100,111

Occidental

Petroleum

Corporation

22,000

5.000%, 

8/1/2027

22,073

80,000

8.875%, 

7/15/2030

91,606

ONEOK,

Inc.

67,000

5.700%, 

11/1/2054

62,710

41,000

5.650%, 

11/1/2028

42,230

40,000

4.750%, 

10/15/2031

39,204

Ovintiv,

Inc.

47,000

5.650%, 

5/15/2028

48,163

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

44,000

6.000%, 

2/15/2028

40,922

Permian

Resources

Operating,

LLC

23,000

6.250%, 

2/1/2033

a

22,909

Permian

Resources

Operating,

LLC,

Convertible

29,000

3.250%, 

4/1/2028

70,307

Pioneer

Natural

Resources

Company

57,000

1.900%, 

8/15/2030

49,542

Prairie

Acquiror,

LP

45,000

9.000%, 

8/1/2029

a

45,805

Precision

Drilling

Corporation

29,000

6.875%, 

1/15/2029

a

28,333

Range

Resources

Corporation

46,000

4.750%, 

2/15/2030

a

43,761

Rockies

Express

Pipeline,

LLC

71,000

4.950%, 

7/15/2029

a

67,988

Saturn

Oil

&

Gas,

Inc.

14,000

9.625%, 

6/15/2029

a

13,540

Schlumberger

Holdings

Corporation

29,000

4.300%, 

5/1/2029

a

28,701

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

31

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Energy  1.5%

-

continued

SM

Energy

Company

$

35,000

6.500%, 

7/15/2028

$

34,760

19,000

7.000%, 

8/1/2032

a

18,647

South

Bow

USA

Infrastructure

Holdings,

LLC

15,000

5.584%, 

10/1/2034

a

14,687

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

28,000

5.875%, 

3/1/2027

27,849

Sunoco,

LP

83,000

7.000%, 

5/1/2029

a

84,908

Sunoco,

LP/Sunoco

Finance

Corporation

44,000

5.875%, 

3/15/2028

43,961

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

53,000

5.500%, 

1/15/2028

a

51,584

42,000

7.375%, 

2/15/2029

a

42,209

Talos

Production,

Inc.

13,000

9.000%, 

2/1/2029

a

13,358

Targa

Resources

Corporation

35,000

6.125%, 

5/15/2055

34,760

Targa

Resources

Partners,

LP

106,000

4.875%, 

2/1/2031

103,766

TGNR

Intermediate

Holdings,

LLC

60,000

5.500%, 

10/15/2029

a

56,334

TotalEnergies

Capital

SA

120,000

5.488%, 

4/5/2054

116,104

TransCanada

Trust

105,000

5.875%, 

8/15/2076

b

104,270

Transocean

Titan

Financing,

Ltd.

49,762

8.375%, 

2/1/2028

a

50,834

Transocean,

Inc.

58,400

8.750%, 

2/15/2030

a

60,654

UGI

Corporation,

Convertible

56,000

5.000%, 

6/1/2028

a

72,311

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

48,000

7.125%, 

3/15/2029

a

48,819

Valaris,

Ltd.

57,000

8.375%, 

4/30/2030

a

57,065

Venture

Global

Calcasieu

Pass,

LLC

34,000

3.875%, 

8/15/2029

a

31,474

40,000

4.125%, 

8/15/2031

a

36,344

Venture

Global

LNG,

Inc.

103,000

8.125%, 

6/1/2028

a

105,249

43,000

9.000%, 

9/30/2029

a,b,h

40,807

102,000

8.375%, 

6/1/2031

a

103,457

47,000

9.875%, 

2/1/2032

a

49,918

Viridien

SA

14,000

8.750%, 

4/1/2027

a,e

14,306

Williams

Companies,

Inc.

71,000

4.900%, 

3/15/2029

71,463

45,000

2.600%, 

3/15/2031

39,541

21,000

5.600%, 

3/15/2035

21,403

Total

5,823,478

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Financials  5.4%

Acrisure,

LLC/Acrisure

Finance,

Inc.

$

19,000

4.250%, 

2/15/2029

a

$

17,778

28,000

7.500%, 

11/6/2030

a

28,486

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

40,000

6.950%, 

3/10/2055

b

40,941

63,000

6.500%, 

7/15/2025

63,183

114,000

3.000%, 

10/29/2028

107,127

Agree,

LP

39,000

5.625%, 

6/15/2034

39,465

Air

Lease

Corporation

24,000

3.375%, 

7/1/2025

23,923

49,000

4.650%, 

6/15/2026

b,h

47,665

45,000

3.125%, 

12/1/2030

40,738

Aircastle,

Ltd.

45,000

5.250%, 

6/15/2026

a,b,h

44,155

45,000

2.850%, 

1/26/2028

a

42,477

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

28,000

4.250%, 

10/15/2027

a

27,023

58,000

6.750%, 

4/15/2028

a

58,227

39,000

7.000%, 

1/15/2031

a

39,119

Ally

Financial,

Inc.

88,000

4.700%, 

5/15/2026

b,h

81,897

108,000

8.000%, 

11/1/2031

120,345

43,000

6.700%, 

2/14/2033

43,013

American

Express

Company

50,000

3.550%, 

9/15/2026

b,h

48,287

American

International

Group,

Inc.

81,000

5.125%, 

3/27/2033

81,114

Americold

Realty

Operating

Partnership,

LP

55,000

5.600%, 

5/15/2032

55,207

Ameriprise

Financial,

Inc.

72,000

5.200%, 

4/15/2035

71,832

AmWINS

Group,

Inc.

23,000

6.375%, 

2/15/2029

a

23,175

67,000

4.875%, 

6/30/2029

a

63,161

Aon

North

America,

Inc.

80,000

5.750%, 

3/1/2054

78,896

Apollo

Debt

Solutions

BDC

55,000

6.700%, 

7/29/2031

56,746

Ares

Capital

Corporation

104,000

2.150%, 

7/15/2026

100,306

48,000

5.875%, 

3/1/2029

48,731

Ares

Strategic

Income

Fund

30,000

5.600%, 

2/15/2030

a

29,569

Arthur

J.

Gallagher

&

Company

60,000

5.750%, 

7/15/2054

59,110

20,000

5.000%, 

2/15/2032

19,998

Assurant,

Inc.

61,000

6.100%, 

2/27/2026

61,532

Aviation

Capital

Group,

LLC

48,000

4.875%, 

10/1/2025

a

47,980

Avolon

Holdings

Funding,

Ltd.

80,000

5.750%, 

3/1/2029

a

81,475

75,000

5.375%, 

5/30/2030

a

75,102

Azorra

Finance,

Ltd.

62,000

7.750%, 

4/15/2030

a

61,800

Banco

Santander

SA

25,000

4.750%, 

11/12/2026

b,h

23,965

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

32

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Financials  5.4%

-

continued

Bank

of

America

Corporation

$

80,000

6.125%, 

4/27/2027

b,h

$

80,996

84,000

4.376%, 

4/27/2028

b

83,652

134,000

3.593%, 

7/21/2028

b

131,131

125,000

5.819%, 

9/15/2029

b

129,540

179,000

3.974%, 

2/7/2030

b

174,174

70,000

5.162%, 

1/24/2031

b

70,965

159,000

2.687%, 

4/22/2032

b

139,943

65,000

2.572%, 

10/20/2032

b

56,079

82,000

2.972%, 

2/4/2033

b

71,897

60,000

5.468%, 

1/23/2035

b

60,874

142,000

5.425%, 

8/15/2035

b

139,037

42,000

3.846%, 

3/8/2037

b

37,697

Bank

of

Montreal

42,000

3.088%, 

1/10/2037

b

35,470

Bank

of

New

York

Mellon

Corporation

40,000

6.317%, 

10/25/2029

b

42,317

65,000

4.596%, 

7/26/2030

b

64,993

41,000

6.474%, 

10/25/2034

b

44,784

Bank

of

Nova

Scotia

34,000

4.900%, 

6/4/2025

b,h

33,768

Barclays

plc

35,000

6.125%, 

12/15/2025

b,h

34,973

41,000

2.852%, 

5/7/2026

b

40,914

80,000

5.501%, 

8/9/2028

b

81,190

68,000

4.972%, 

5/16/2029

b

68,217

51,000

6.224%, 

5/9/2034

b

53,128

41,000

7.119%, 

6/27/2034

b

44,172

BlackRock

Funding,

Inc.

40,000

5.250%, 

3/14/2054

38,573

Blackstone

Mortgage

Trust,

Inc.,

Convertible

14,000

5.500%, 

3/15/2027

13,566

Blackstone

Private

Credit

Fund

40,000

5.600%, 

11/22/2029

a

39,664

Blue

Owl

Capital

Corporation

II

40,000

8.450%, 

11/15/2026

41,929

Blue

Owl

Credit

Income

Corporation

62,000

4.700%, 

2/8/2027

61,233

Blue

Owl

Technology

Finance

Corporation

22,000

4.750%, 

12/15/2025

a

21,887

67,000

3.750%, 

6/17/2026

a

65,405

45,000

6.100%, 

3/15/2028

a

44,882

20,000

6.750%, 

4/4/2029

20,272

BNP

Paribas

SA

55,000

3.132%, 

1/20/2033

a,b

47,938

Bread

Financial

Holdings,

Inc.

20,000

8.375%, 

6/15/2035

a,b

19,557

Brixmor

Operating

Partnership,

LP

73,000

2.250%, 

4/1/2028

67,784

Brookfield

Finance,

Inc.

46,000

5.813%, 

3/3/2055

44,875

Burford

Capital

Global

Finance,

LLC

66,000

9.250%, 

7/1/2031

a

69,536

Capital

One

Financial

Corporation

28,000

3.950%, 

9/1/2026

b,h

26,783

61,000

3.273%, 

3/1/2030

b

57,187

Centene

Corporation

167,000

3.000%, 

10/15/2030

146,063

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Financials  5.4%

-

continued

Charles

Schwab

Corporation

$

98,000

5.375%, 

6/1/2025

b,h

$

97,652

54,000

4.000%, 

6/1/2026

b,h

52,636

40,000

6.136%, 

8/24/2034

b

42,573

CHL

Mortgage

Pass-Through

Trust

23,446

6.744%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

22,972

175,374

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

76,382

Citadel,

LP

44,000

6.375%, 

1/23/2032

a

45,146

Citigroup,

Inc.

105,000

3.875%, 

2/18/2026

b,h

102,572

91,000

1.462%, 

6/9/2027

b

87,659

78,000

3.070%, 

2/24/2028

b

75,800

29,000

7.375%, 

5/15/2028

b,h

29,775

55,000

7.625%, 

11/15/2028

b,h

57,220

180,000

4.075%, 

4/23/2029

b

176,989

34,000

7.125%, 

8/15/2029

b,h

34,771

28,000

6.950%, 

2/15/2030

b,h

27,919

41,000

6.174%, 

5/25/2034

b

42,024

45,000

7.000%, 

8/15/2034

b,h

46,654

62,000

6.020%, 

1/24/2036

b

62,592

Citizens

Financial

Group,

Inc.

65,000

4.000%, 

10/6/2026

b,h

62,272

30,000

5.718%, 

7/23/2032

b

30,539

CNA

Financial

Corporation

80,000

5.125%, 

2/15/2034

79,454

Coinbase

Global,

Inc.,

Convertible

116,000

0.500%, 

6/1/2026

113,332

126,000

0.250%, 

4/1/2030

116,487

Comerica,

Inc.

42,000

5.625%, 

7/1/2025

b,h

41,738

21,000

5.982%, 

1/30/2030

b

21,339

Commonwealth

Bank

of

Australia

54,000

2.688%, 

3/11/2031

a

47,144

Cooperatieve

Rabobank

UA

35,000

1.339%, 

6/24/2026

a,b

34,722

COPT

Defense

Properties,

LP

91,000

2.250%, 

3/15/2026

88,667

COPT

Defense

Properties,

LP,

Convertible

21,000

5.250%, 

9/15/2028

a

23,384

Corebridge

Financial,

Inc.

56,000

6.375%, 

9/15/2054

b

55,635

42,000

6.875%, 

12/15/2052

b

42,922

42,000

6.050%, 

9/15/2033

43,823

48,000

5.750%, 

1/15/2034

49,260

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

349,708

5.136%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

286,888

Cousins

Properties,

LP

10,000

5.375%, 

2/15/2032

9,959

Credit

Acceptance

Corporation

32,000

9.250%, 

12/15/2028

a

33,877

12,000

6.625%, 

3/15/2030

a

11,822

Credit

Agricole

SA

45,000

3.250%, 

1/14/2030

a

41,411

Credit

Suisse

Group

AG

32,000

7.250%, 

N/A

*,i

2,400

22,000

7.500%, 

N/A

*,h,i

1,650

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

33

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Financials  5.4%

-

continued

Dai-ichi

Life

Insurance

Company,

Ltd.

$

60,000

6.200%, 

1/16/2035

a,b,h

$

60,189

Deutsche

Bank

AG/New

York,

NY

152,000

2.129%, 

11/24/2026

b

149,270

64,000

2.311%, 

11/16/2027

b

61,499

58,000

6.819%, 

11/20/2029

b

61,504

62,000

3.742%, 

1/7/2033

b

54,481

Digital

Realty

Trust,

LP,

Convertible

81,000

1.875%, 

11/15/2029

a

80,214

Discover

Bank

90,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

91,948

Discover

Financial

Services

19,000

6.700%, 

11/29/2032

20,408

Diversified

Healthcare

Trust

22,000

Zero

Coupon, 

1/15/2026

a

20,736

Drawbridge

Special

Opportunities

Fund,

LP

97,000

3.875%, 

2/15/2026

a

95,132

Elevance

Health,

Inc.

80,000

5.650%, 

6/15/2054

77,160

124,000

2.550%, 

3/15/2031

109,580

Encore

Capital

Group,

Inc.,

Convertible

44,000

4.000%, 

3/15/2029

39,820

Extra

Space

Storage,

LP

44,000

2.400%, 

10/15/2031

37,438

Fairfax

Financial

Holdings,

Ltd.

60,000

6.350%, 

3/22/2054

61,125

Federal

Realty

OP,

LP,

Convertible

25,000

3.250%, 

1/15/2029

a

24,900

Fifth

Third

Bancorp

20,000

4.500%, 

9/30/2025

b,h

19,830

44,000

4.772%, 

7/28/2030

b

43,739

Fifth

Third

Bank

NA

110,000

3.850%, 

3/15/2026

109,080

FirstCash,

Inc.

69,000

5.625%, 

1/1/2030

a

66,904

Fortitude

Group

Holdings,

LLC

88,000

6.250%, 

4/1/2030

a

88,963

Fortress

Transportation

and

Infrastructure

Investors,

LLC

29,000

5.500%, 

5/1/2028

a

28,423

64,000

7.000%, 

5/1/2031

a

65,025

32,000

7.000%, 

6/15/2032

a

32,450

Freedom

Mortgage

Corporation

22,000

7.625%, 

5/1/2026

a

21,940

Freedom

Mortgage

Holdings,

LLC

65,000

9.250%, 

2/1/2029

a

66,010

28,000

9.125%, 

5/15/2031

a

28,177

FS

KKR

Capital

Corporation

45,000

3.400%, 

1/15/2026

44,411

45,000

2.625%, 

1/15/2027

42,951

GGAM

Finance,

Ltd.

22,000

7.750%, 

5/15/2026

a

22,243

28,000

8.000%, 

6/15/2028

a

29,361

53,000

5.875%, 

3/15/2030

a

52,305

Global

Aircraft

Leasing

Company,

Ltd.

70,000

8.750%, 

9/1/2027

a

71,150

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Financials  5.4%

-

continued

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

$

83,000

3.750%, 

12/15/2027

a

$

78,119

goeasy,

Ltd.

45,000

9.250%, 

12/1/2028

a

47,241

29,000

7.625%, 

7/1/2029

a

29,008

18,000

6.875%, 

5/15/2030

a

17,627

Goldman

Sachs

BDC,

Inc.

36,000

6.375%, 

3/11/2027

36,880

Goldman

Sachs

Group,

Inc.

46,000

7.379%, 

(H15T

5Y

+

3.623%),

8/10/2025

b,h

46,217

33,000

3.650%, 

8/10/2026

b,h

32,026

57,000

4.125%, 

11/10/2026

b,h

55,217

60,000

1.948%, 

10/21/2027

b

57,552

42,000

2.640%, 

2/24/2028

b

40,539

124,000

3.615%, 

3/15/2028

b

121,699

86,000

4.482%, 

8/23/2028

b

85,791

90,000

3.814%, 

4/23/2029

b

87,866

44,000

3.800%, 

3/15/2030

42,078

44,000

2.615%, 

4/22/2032

b

38,418

45,000

2.383%, 

7/21/2032

b

38,542

29,000

6.125%, 

11/10/2034

b,h

28,365

70,000

5.330%, 

7/23/2035

b

69,651

60,000

5.016%, 

10/23/2035

b

58,341

Hartford

Insurance

Group,

Inc.

45,000

2.800%, 

8/19/2029

41,574

22,000

6.710%, 

(TSFR3M

+

2.387%),

2/12/2047

a,b

20,273

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC,

Convertible

9,000

Zero

Coupon, 

5/1/2025

a

9,819

28,000

3.750%, 

8/15/2028

a

34,328

HSBC

Holdings

plc

41,000

1.645%, 

4/18/2026

b

40,942

126,000

4.583%, 

6/19/2029

b

124,882

53,000

2.804%, 

5/24/2032

b

46,358

HUB

International,

Ltd.

80,000

7.250%, 

6/15/2030

a

82,400

Huntington

Bancshares,

Inc./OH

28,000

4.450%, 

10/15/2027

b,h

26,944

95,000

5.709%, 

2/2/2035

b

96,012

54,000

6.141%, 

11/18/2039

b

54,379

Huntington

Bank

Auto

Credit-

Linked

Notes

252,633

5.442%, 

10/20/2032,

Ser.

2024-2,

Class

B1

a

253,769

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

25,000

6.250%, 

5/15/2026

24,755

112,000

5.250%, 

5/15/2027

106,480

ING

Groep

NV

90,000

1.726%, 

4/1/2027

b

87,434

46,000

6.083%, 

9/11/2027

b

46,927

Intesa

Sanpaolo

SPA

34,000

4.198%, 

6/1/2032

a,b

30,505

Invitation

Homes

Operating

Partnership,

LP

68,000

2.000%, 

8/15/2031

56,902

J.P.

Morgan

Chase

&

Company

40,000

3.650%, 

6/1/2026

b,h

39,106

134,000

4.005%, 

4/23/2029

b

131,707

45,000

2.069%, 

6/1/2029

b

41,664

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

34

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Financials  5.4%

-

continued

$

30,000

6.500%, 

4/1/2030

b,h

$

30,703

179,000

4.493%, 

3/24/2031

b

176,627

42,000

2.963%, 

1/25/2033

b

37,075

44,000

4.912%, 

7/25/2033

b

43,650

42,000

5.717%, 

9/14/2033

b

43,158

29,000

5.350%, 

6/1/2034

b

29,471

36,000

6.254%, 

10/23/2034

b

38,664

20,000

5.336%, 

1/23/2035

b

20,213

72,000

5.766%, 

4/22/2035

b

74,830

36,000

5.502%, 

1/24/2036

b

36,775

60,000

5.534%, 

11/29/2045

b

59,404

Jane

Street

Group/JSG

Finance,

Inc.

45,000

4.500%, 

11/15/2029

a

42,492

15,000

7.125%, 

4/30/2031

a

15,409

25,000

6.125%, 

11/1/2032

a

24,600

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

24,000

5.000%, 

8/15/2028

a

22,563

36,000

6.625%, 

10/15/2031

a

35,618

Jefferson

Capital

Holdings,

LLC

22,000

6.000%, 

8/15/2026

a

21,870

56,000

9.500%, 

2/15/2029

a

59,436

KeyBank

NA/Cleveland,

OH

67,000

3.900%, 

4/13/2029

64,331

77,000

5.000%, 

1/26/2033

74,989

Kilroy

Realty,

LP

58,000

4.250%, 

8/15/2029

55,174

28,000

6.250%, 

1/15/2036

27,761

Kite

Realty

Group,

LP,

Convertible

4,000

0.750%, 

4/1/2027

a

4,061

Ladder

Capital

Finance

Holdings,

LLLP/Ladder

Capital

Finance

Corporation

28,000

4.250%, 

2/1/2027

a

27,269

75,000

4.750%, 

6/15/2029

a

71,427

Liberty

Mutual

Group,

Inc.

16,000

4.125%, 

12/15/2051

a,b

15,320

Lincoln

National

Corporation

50,000

6.942%, 

(TSFR3M

+

2.619%),

5/19/2025

b

41,041

Lloyds

Banking

Group

plc

143,000

1.627%, 

5/11/2027

b

138,317

M&T

Bank

Corporation

96,000

3.500%, 

9/1/2026

b,h

91,058

Macquarie

Airfinance

Holdings,

Ltd.

16,000

6.400%, 

3/26/2029

a

16,538

33,000

5.150%, 

3/17/2030

a

32,538

Macquarie

Group,

Ltd.

89,000

1.629%, 

9/23/2027

a,b

85,155

Marsh

&

McLennan

Companies,

Inc.

40,000

2.375%, 

12/15/2031

34,430

MetLife,

Inc.

30,000

6.350%, 

3/15/2055

b

30,059

34,000

3.850%, 

9/15/2025

b,h

33,601

44,000

5.875%, 

3/15/2028

b,h

44,426

57,000

6.400%, 

12/15/2036

57,813

Metropolitan

Life

Global

Funding

I

73,000

2.950%, 

4/9/2030

a

67,142

Mid-America

Apartments,

LP

90,000

4.200%, 

6/15/2028

89,091

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Financials  5.4%

-

continued

Mitsubishi

UFJ

Financial

Group,

Inc.

$

91,000

1.538%, 

7/20/2027

b

$

87,555

Mizuho

Financial

Group,

Inc.

97,000

1.554%, 

7/9/2027

b

93,393

93,000

2.564%, 

9/13/2031

79,798

40,000

5.748%, 

7/6/2034

b

41,291

Molina

Healthcare,

Inc.

29,000

4.375%, 

6/15/2028

a

27,621

29,000

6.250%, 

1/15/2033

a

28,541

Morgan

Stanley

44,000

5.516%, 

11/19/2055

b

42,984

69,000

2.188%, 

4/28/2026

b

68,864

39,000

0.985%, 

12/10/2026

b

38,038

90,000

1.593%, 

5/4/2027

b

87,160

93,000

1.512%, 

7/20/2027

b

89,397

28,000

5.123%, 

2/1/2029

b

28,384

69,000

3.622%, 

4/1/2031

b

65,151

42,000

2.943%, 

1/21/2033

b

36,840

44,000

4.889%, 

7/20/2033

b

43,347

42,000

5.250%, 

4/21/2034

b

42,021

47,000

5.424%, 

7/21/2034

b

47,548

33,000

5.831%, 

4/19/2035

b

34,197

26,000

5.587%, 

1/18/2036

b

26,553

78,000

2.484%, 

9/16/2036

b

64,669

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

31,000

8.500%, 

2/15/2032

a

31,580

Nasdaq,

Inc.

33,000

5.350%, 

6/28/2028

33,778

Nationstar

Mortgage

Holdings,

Inc.

14,000

5.500%, 

8/15/2028

a

13,885

44,000

5.125%, 

12/15/2030

a

43,887

12,000

7.125%, 

2/1/2032

a

12,465

NatWest

Group

plc

45,000

4.892%, 

5/18/2029

b

45,084

97,000

6.475%, 

6/1/2034

b

101,065

Navient

Corporation

17,000

5.000%, 

3/15/2027

16,634

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

18,000

4.500%, 

9/30/2028

a

16,967

Neuberger

Berman

CLO,

Ltd.

350,000

7.564%, 

(TSFR3M

+

3.262%),

10/15/2029,

Ser.

2013-15A,

Class

DR2

a,b

350,288

New

Mountain

Finance

Corporation,

Convertible

12,000

7.500%, 

10/15/2025

12,138

New

York

Life

Global

Funding

43,000

4.550%, 

1/28/2033

a

41,708

40,000

5.000%, 

1/9/2034

a

40,002

Nippon

Life

Insurance

Company

135,000

5.950%, 

4/16/2054

a,b

135,777

NNN

REIT,

Inc.

45,000

2.500%, 

4/15/2030

40,221

Nomura

Holdings,

Inc.

67,000

2.172%, 

7/14/2028

61,851

69,000

5.783%, 

7/3/2034

70,764

Omega

Healthcare

Investors,

Inc.

46,000

4.750%, 

1/15/2028

45,889

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

35

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Financials  5.4%

-

continued

OneMain

Finance

Corporation

$

107,000

3.500%, 

1/15/2027

$

102,552

49,000

3.875%, 

9/15/2028

45,311

24,000

6.750%, 

3/15/2032

23,556

Panther

Escrow

Issuer,

LLC

80,000

7.125%, 

6/1/2031

a

81,515

Park

Intermediate

Holdings,

LLC

78,000

4.875%, 

5/15/2029

a

72,799

Pebblebrook

Hotel

Trust,

Convertible

231,000

1.750%, 

12/15/2026

215,870

PennyMac

Financial

Services,

Inc.

26,000

6.875%, 

2/15/2033

a

25,838

PNC

Bank

NA

45,000

2.700%, 

10/22/2029

41,268

PNC

Financial

Services

Group,

Inc.

42,000

6.200%, 

9/15/2027

b,h

42,584

36,000

5.582%, 

6/12/2029

b

37,018

58,000

6.250%, 

3/15/2030

b,h

58,297

40,000

6.875%, 

10/20/2034

b

44,226

PRA

Group,

Inc.

44,000

8.375%, 

2/1/2028

a

44,968

Preferred

Term

Securities

XXIII,

Ltd./Preferred

Term

Securities

XXIII,

Inc.

27,284

4.761%, 

(TSFR3M

+

0.462%),

12/22/2036,

Ser.

A-FP

a,b

24,779

Prologis

Targeted

US

Logistics

Fund,

LP

58,000

5.250%, 

4/1/2029

a

59,181

35,000

5.250%, 

1/15/2035

a

34,876

Prologis,

LP

48,000

5.250%, 

3/15/2054

45,526

Provident

Financing

Trust

I

42,000

7.405%, 

3/15/2038

44,313

Prudential

Financial,

Inc.

42,000

5.125%, 

3/1/2052

b

39,978

43,000

6.750%, 

3/1/2053

b

44,873

100,000

6.500%, 

3/15/2054

b

101,844

42,000

3.700%, 

10/1/2050

b

37,900

Realty

Income

Corporation

75,000

3.200%, 

1/15/2027

73,222

Regency

Centers,

LP

61,000

5.250%, 

1/15/2034

61,067

Regions

Financial

Corporation

40,000

2.250%, 

5/18/2025

39,853

49,000

5.750%, 

6/15/2025

b,e,h

48,730

Reinsurance

Group

of

America,

Inc.

44,000

6.000%, 

9/15/2033

45,645

79,000

5.750%, 

9/15/2034

80,357

RenaissanceRe

Holdings,

Ltd.

75,000

5.800%, 

4/1/2035

76,813

Rexford

Industrial

Realty,

LP,

Convertible

34,000

4.375%, 

3/15/2027

a

33,898

54,000

4.125%, 

3/15/2029

a

53,352

RGA

Global

Funding

37,000

5.500%, 

1/11/2031

a

38,028

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

14,000

4.750%, 

10/15/2027

13,665

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Financials  5.4%

-

continued

$

28,000

4.500%, 

2/15/2029

a

$

26,489

RLJ

Lodging

Trust,

LP

26,000

4.000%, 

9/15/2029

a

23,323

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

20,000

3.625%, 

3/1/2029

a

18,445

38,000

3.875%, 

3/1/2031

a

34,040

20,000

4.000%, 

10/15/2033

a

17,156

Ryan

Specialty,

LLC

15,000

4.375%, 

2/1/2030

a

14,272

48,000

5.875%, 

8/1/2032

a

47,409

Santander

Holdings

USA,

Inc.

90,000

3.450%, 

6/2/2025

89,764

41,000

2.490%, 

1/6/2028

b

39,296

65,000

5.473%, 

3/20/2029

b

65,366

Santander

UK

Group

Holdings

plc

92,000

1.673%, 

6/14/2027

b

88,628

Service

Properties

Trust

25,000

5.500%, 

12/15/2027

24,115

20,000

8.625%, 

11/15/2031

a

21,098

Simon

Property

Group,

LP

73,000

2.650%, 

7/15/2030

66,053

41,000

6.250%, 

1/15/2034

44,029

Sixth

Street

Lending

Partners

36,000

6.125%, 

7/15/2030

a

36,233

SLM

Corporation

7,000

6.500%, 

1/31/2030

7,183

Societe

Generale

SA

41,000

1.488%, 

12/14/2026

a,b

40,053

25,000

10.000%, 

11/14/2028

a,b,h

27,034

Standard

Chartered

plc

63,000

2.608%, 

1/12/2028

a,b

60,691

Starwood

Property

Trust,

Inc.

12,000

6.500%, 

10/15/2030

a

11,889

Starwood

Property

Trust,

Inc.,

Convertible

72,000

6.750%, 

7/15/2027

75,993

State

Street

Corporation

28,000

6.700%, 

3/15/2029

b,h

28,707

44,000

4.421%, 

5/13/2033

b

42,655

Sumitomo

Life

Insurance

Company

90,000

3.375%, 

4/15/2081

a,b

80,280

Sumitomo

Mitsui

Financial

Group,

Inc.

75,000

5.716%, 

9/14/2028

77,686

54,000

5.766%, 

1/13/2033

56,215

Summit

Hotel

Properties,

Inc.,

Convertible

51,000

1.500%, 

2/15/2026

48,646

Synchrony

Financial

29,000

5.935%, 

8/2/2030

b

29,408

29,000

7.250%, 

2/2/2033

29,853

Synovus

Bank

40,000

5.625%, 

2/15/2028

40,190

Toronto-Dominion

Bank

32,000

8.125%, 

10/31/2082

b

33,101

57,000

5.523%, 

7/17/2028

58,604

44,000

4.456%, 

6/8/2032

42,481

24,000

5.146%, 

9/10/2034

b

23,769

TrueNoord

Capital

DAC

27,000

8.750%, 

3/1/2030

a,e

27,403

Truist

Bank

42,000

2.250%, 

3/11/2030

36,824

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

36

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Financials  5.4%

-

continued

Truist

Financial

Corporation

$

74,000

6.047%, 

6/8/2027

b

$

75,232

37,000

1.887%, 

6/7/2029

b

33,898

85,000

5.100%, 

3/1/2030

b,h

82,433

64,000

5.153%, 

8/5/2032

b

64,108

56,000

5.711%, 

1/24/2035

b

57,177

U.S.

Bancorp

65,000

4.548%, 

7/22/2028

b

65,009

19,000

5.836%, 

6/12/2034

b

19,606

56,000

5.678%, 

1/23/2035

b

57,249

UBS

Group

AG

60,000

4.875%, 

2/12/2027

a,b,h

58,201

88,000

3.869%, 

1/12/2029

a,b

85,956

UniCredit

SPA

28,000

5.861%, 

6/19/2032

a,b

28,093

United

Wholesale

Mortgage,

LLC

76,000

5.500%, 

4/15/2029

a

73,273

UnitedHealth

Group,

Inc.

119,000

5.375%, 

4/15/2054

113,057

88,000

4.200%, 

5/15/2032

84,607

USB

Realty

Corporation

49,000

5.711%, 

(TSFR3M

+

1.409%),

1/15/2027

a,b,h

39,786

Ventas

Realty,

LP,

Convertible

64,000

3.750%, 

6/1/2026

82,336

Vornado

Realty,

LP

21,000

3.400%, 

6/1/2031

17,781

Wells

Fargo

&

Company

30,000

3.900%, 

3/15/2026

b,h

29,402

119,000

2.188%, 

4/30/2026

b

118,752

41,000

3.526%, 

3/24/2028

b

40,174

89,000

3.584%, 

5/22/2028

b

87,138

65,000

4.808%, 

7/25/2028

b

65,209

58,000

7.625%, 

9/15/2028

b,e,h

61,958

90,000

4.478%, 

4/4/2031

b

88,462

29,000

5.389%, 

4/24/2034

b

29,200

40,000

5.557%, 

7/25/2034

b

40,703

37,000

6.491%, 

10/23/2034

b

39,915

161,000

5.499%, 

1/23/2035

b

163,190

Welltower

OP,

LLC,

Convertible

121,000

2.750%, 

5/15/2028

a

197,230

Westpac

Banking

Corporation

67,000

4.110%, 

7/24/2034

b

64,017

Willis

North

America,

Inc.

40,000

5.900%, 

3/5/2054

39,409

90,000

4.500%, 

9/15/2028

89,321

XHR,

LP

27,000

4.875%, 

6/1/2029

a

25,291

12,000

6.625%, 

5/15/2030

a

11,781

Total

20,805,828

Foreign

Government  0.1%

NBN

Company,

Ltd.

82,000

2.625%, 

5/5/2031

a

73,047

Saudi

Arabian

Oil

Company

58,000

5.750%, 

7/17/2054

a

54,732

Teine

Energy,

Ltd.

50,000

6.875%, 

4/15/2029

a

48,886

Total

176,665

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Mortgage-Backed

Securities  13.8%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

$

314,508

2.000%, 

1/1/2052

$

253,754

1,645,144

2.500%, 

5/1/2051

1,387,638

935,249

3.500%, 

5/1/2052

850,594

998,099

4.000%, 

5/1/2052

939,062

2,573,113

5.000%, 

7/1/2053

2,539,702

674,955

5.500%, 

7/1/2053

679,907

288,437

5.000%, 

8/1/2053

286,075

379,845

5.500%, 

9/1/2053

384,189

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

843,941

2.500%, 

7/1/2030

811,717

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

796,966

3.500%, 

5/1/2040

751,075

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

2,425,365

3.000%, 

1/1/2052

2,120,539

370,760

2.000%, 

2/1/2051

299,140

244,483

2.000%, 

2/1/2051

197,257

1,151,548

2.500%, 

2/1/2051

970,617

1,282,222

2.500%, 

2/1/2051

1,069,473

2,430,087

2.000%, 

3/1/2051

1,945,751

1,176,865

4.000%, 

3/1/2051

1,107,651

2,608,332

3.000%, 

3/1/2052

2,266,201

1,686,160

2.000%, 

4/1/2051

1,342,768

1,586,716

3.000%, 

4/1/2051

1,386,838

1,621,693

3.000%, 

5/1/2050

1,411,438

445,384

2.000%, 

5/1/2051

357,613

789,320

3.000%, 

5/1/2051

696,810

835,974

3.000%, 

6/1/2050

743,624

338,202

4.000%, 

6/1/2052

316,224

1,514,037

5.000%, 

6/1/2053

1,496,393

1,880,752

2.500%, 

7/1/2051

1,592,554

619,669

3.500%, 

7/1/2051

564,755

970,026

4.000%, 

7/1/2052

906,991

762,543

2.500%, 

8/1/2050

645,518

1,327,706

3.500%, 

8/1/2050

1,213,588

1,645,950

3.500%, 

8/1/2052

1,486,840

1,068,414

4.500%, 

8/1/2052

1,024,753

379,925

5.000%, 

8/1/2053

375,498

1,126,990

3.500%, 

9/1/2052

1,025,035

481,033

3.500%, 

9/1/2052

437,491

323,684

5.000%, 

9/1/2052

319,123

269,777

4.500%, 

9/1/2053

259,678

850,898

4.500%, 

9/1/2053

816,378

1,658,260

4.000%, 

10/1/2052

1,554,610

454,490

2.000%, 

11/1/2051

366,180

619,667

3.500%, 

11/1/2052

565,430

1,812,211

2.000%, 

12/1/2050

1,455,100

3,092,813

4.500%, 

12/1/2052

2,979,075

1,700,000

6.000%, 

4/1/2041

1,726,591

300,000

5.500%, 

5/1/2041

299,343

775,000

4.500%, 

4/1/2049

741,262

250,000

3.500%, 

5/1/2049

225,304

2,575,000

5.000%, 

5/1/2049

2,521,518

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

2,118,413

2.500%, 

3/1/2062

1,713,236

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

37

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Mortgage-Backed

Securities  13.8%

-

continued

$

729,024

3.500%, 

7/1/2061

$

645,770

855,041

4.000%, 

12/1/2061

790,684

Total

52,864,355

Technology  1.5%

Accenture

Capital,

Inc.

49,000

4.500%, 

10/4/2034

47,347

Adobe,

Inc.

68,000

5.300%, 

1/17/2035

e

70,026

Advanced

Micro

Devices,

Inc.

44,000

3.924%, 

6/1/2032

41,821

Akamai

Technologies,

Inc.,

Convertible

30,000

0.125%, 

5/1/2025

29,865

72,000

0.375%, 

9/1/2027

70,092

92,000

1.125%, 

2/15/2029

87,400

Analog

Devices,

Inc.

22,000

2.100%, 

10/1/2031

18,891

Apple,

Inc.

201,000

3.750%, 

9/12/2047

159,751

Array

Technologies,

Inc.,

Convertible

125,000

1.000%, 

12/1/2028

91,664

Block,

Inc.

104,000

6.500%, 

5/15/2032

a

105,048

Block,

Inc.,

Convertible

18,000

0.250%, 

11/1/2027

15,840

Boost

Newco

Borrower,

LLC

70,000

7.500%, 

1/15/2031

a

72,866

Broadcom,

Inc.

41,000

4.000%, 

4/15/2029

a

40,018

30,000

4.800%, 

10/15/2034

29,285

Cadence

Design

Systems,

Inc.

22,000

4.700%, 

9/10/2034

21,481

Cisco

Systems,

Inc.

80,000

5.350%, 

2/26/2064

77,783

Clarivate

Science

Holdings

Corporation

30,000

3.875%, 

7/1/2028

a

27,829

Cloud

Software

Group,

Inc.

148,000

6.500%, 

3/31/2029

a

143,866

CommScope,

LLC

25,000

4.750%, 

9/1/2029

a

22,226

25,000

9.500%, 

12/15/2031

a

25,750

Consensus

Cloud

Solutions,

Inc.

14,000

6.000%, 

10/15/2026

a

13,901

CoreLogic,

Inc.

17,000

4.500%, 

5/1/2028

a

15,823

CSG

Systems

International,

Inc.,

Convertible

73,000

3.875%, 

9/15/2028

78,694

Dayforce,

Inc.,

Convertible

120,000

0.250%, 

3/15/2026

114,600

Dell

International,

LLC/EMC

Corporation

55,000

4.750%, 

4/1/2028

55,251

Dell,

Inc.

53,000

6.500%, 

4/15/2038

55,921

Diebold

Nixdorf,

Inc.

61,000

7.750%, 

3/31/2030

a

63,231

Fiserv,

Inc.

78,000

5.350%, 

3/15/2031

79,983

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Technology  1.5%

-

continued

$

20,000

5.600%, 

3/2/2033

$

20,552

78,000

5.450%, 

3/15/2034

79,071

58,000

5.150%, 

8/12/2034

57,527

Gen

Digital,

Inc.

2,000

6.750%, 

9/30/2027

a

2,025

34,000

7.125%, 

9/30/2030

a

34,704

12,000

6.250%, 

4/1/2033

a

11,945

Global

Payments,

Inc.

48,000

5.950%, 

8/15/2052

46,444

64,000

4.950%, 

8/15/2027

64,519

45,000

3.200%, 

8/15/2029

42,131

Global

Payments,

Inc.,

Convertible

144,000

1.500%, 

3/1/2031

135,648

Hewlett

Packard

Enterprise

Company

44,000

4.850%, 

10/15/2031

43,545

IBM

International

Capital

Private,

Ltd.

59,000

5.300%, 

2/5/2054

55,184

II-VI,

Inc.

26,000

5.000%, 

12/15/2029

a

24,803

Intel

Corporation

103,000

4.900%, 

7/29/2045

86,521

InterDigital,

Inc.,

Convertible

32,000

3.500%, 

6/1/2027

85,936

Iron

Mountain,

Inc.

55,000

5.000%, 

7/15/2028

a

53,324

47,000

4.875%, 

9/15/2029

a

44,862

66,000

4.500%, 

2/15/2031

a

60,501

Jabil,

Inc.

41,000

5.450%, 

2/1/2029

41,776

Marvell

Technology,

Inc.

44,000

2.950%, 

4/15/2031

39,266

Mastercard,

Inc.

40,000

2.000%, 

11/18/2031

34,118

48,000

4.875%, 

5/9/2034

48,122

Microchip

Technology,

Inc.

25,000

5.050%, 

3/15/2029

25,169

Microchip

Technology,

Inc.,

Convertible

108,000

0.750%, 

6/1/2030

a

100,926

Moody's

Corporation

42,000

4.250%, 

8/8/2032

40,564

NCR

Atleos

Corporation

23,000

9.500%, 

4/1/2029

a

24,939

NCR

Voyix

Corporation

42,000

5.000%, 

10/1/2028

a

40,413

26,000

5.125%, 

4/15/2029

a

24,763

Neptune

Bidco

US,

Inc.

93,000

9.290%, 

4/15/2029

a

80,692

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

17,000

2.700%, 

5/1/2025

16,970

45,000

4.300%, 

6/18/2029

44,092

ON

Semiconductor

Corporation,

Convertible

110,000

Zero

Coupon, 

5/1/2027

116,187

123,000

0.500%, 

3/1/2029

105,940

Open

Text

Corporation

74,000

3.875%, 

12/1/2029

a

67,315

Open

Text

Holdings,

Inc.

80,000

4.125%, 

2/15/2030

a

72,956

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

38

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Technology  1.5%

-

continued

Oracle

Corporation

$

66,000

5.375%, 

9/27/2054

$

60,188

141,000

6.900%, 

11/9/2052

155,434

43,000

6.150%, 

11/9/2029

45,519

112,000

2.950%, 

4/1/2030

102,894

64,000

6.250%, 

11/9/2032

68,259

PayPal

Holdings,

Inc.

80,000

5.500%, 

6/1/2054

77,307

Pitney

Bowes,

Inc.

14,000

6.875%, 

3/15/2027

a

13,982

Progress

Software

Corporation,

Convertible

28,000

1.000%, 

4/15/2026

e

29,890

28,000

3.500%, 

3/1/2030

e

29,400

RingCentral,

Inc.

55,000

8.500%, 

8/15/2030

a

57,814

Rocket

Software,

Inc.

34,000

9.000%, 

11/28/2028

a

35,062

S&P

Global,

Inc.

41,000

2.900%, 

3/1/2032

36,558

Seagate

HDD

Cayman

50,330

9.625%, 

12/1/2032

56,607

Semtech

Corporation,

Convertible

58,000

1.625%, 

11/1/2027

e

71,340

Sensata

Technologies

BV

13,000

4.000%, 

4/15/2029

a

11,948

Sensata

Technologies,

Inc.

16,000

3.750%, 

2/15/2031

a

13,970

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

20,000

4.625%, 

11/1/2026

a

19,643

SS&C

Technologies,

Inc.

56,000

5.500%, 

9/30/2027

a

55,576

12,000

6.500%, 

6/1/2032

a

12,130

Synaptics,

Inc.,

Convertible

78,000

0.750%, 

12/1/2031

a

73,320

Synopsys,

Inc.

48,000

5.700%, 

4/1/2055

47,660

Texas

Instruments,

Inc.

40,000

5.150%, 

2/8/2054

37,948

UKG,

Inc.

29,000

6.875%, 

2/1/2031

a

29,419

Verint

Systems,

Inc.,

Convertible

59,000

0.250%, 

4/15/2026

55,814

Verisk

Analytics,

Inc.

26,000

5.250%, 

3/15/2035

25,967

Viavi

Solutions,

Inc.

55,000

3.750%, 

10/1/2029

a

50,295

Viavi

Solutions,

Inc.,

Convertible

64,000

1.625%, 

3/15/2026

68,560

Vishay

Intertechnology,

Inc.,

Convertible

111,000

2.250%, 

9/15/2030

97,958

VMware,

LLC

91,000

1.400%, 

8/15/2026

87,147

94,000

4.700%, 

5/15/2030

93,175

56,000

2.200%, 

8/15/2031

47,598

Western

Digital

Corporation,

Convertible

182,000

3.000%, 

11/15/2028

234,052

Xerox

Holdings

Corporation

7,000

5.000%, 

8/15/2025

a

6,922

110,000

5.500%, 

8/15/2028

a

77,236

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Technology  1.5%

-

continued

Xerox

Holdings

Corporation,

Convertible

$

98,000

3.750%, 

3/15/2030

$

55,370

Xilinx,

Inc.

28,000

2.375%, 

6/1/2030

25,224

Ziff

Davis,

Inc.,

Convertible

4,000

1.750%, 

11/1/2026

3,748

45,000

3.625%, 

3/1/2028

a

41,794

Total

5,662,431

Transportation  0.3%

Air

Canada

26,000

3.875%, 

8/15/2026

a

25,425

Air

Transport

Services

Group,

Inc.,

Convertible

78,000

3.875%, 

8/15/2029

77,696

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

55,000

5.500%, 

4/20/2026

a

54,850

45,790

5.750%, 

4/20/2029

a

44,805

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

35,000

5.375%, 

3/1/2029

a

31,566

Burlington

Northern

Santa

Fe,

LLC

40,000

5.500%, 

3/15/2055

39,849

DCLI

Bidco,

LLC

22,000

7.750%, 

11/15/2029

a

22,644

Delta

Air

Lines,

Inc.

82,000

4.375%, 

4/19/2028

80,355

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

23,970

4.500%, 

10/20/2025

a

23,887

ERAC

USA

Finance,

LLC

80,000

5.200%, 

10/30/2034

a

80,693

Greenbrier

Companies,

Inc.,

Convertible

58,000

2.875%, 

4/15/2028

64,171

JetBlue

Airways

Corporation/

JetBlue

Loyalty,

LP

44,000

9.875%, 

9/20/2031

a

43,432

Mileage

Plus

Holdings,

LLC

53,100

6.500%, 

6/20/2027

a

53,329

Norfolk

Southern

Corporation

64,000

4.450%, 

3/1/2033

61,839

OneSky

Flight,

LLC

60,000

8.875%, 

12/15/2029

a

60,641

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

35,000

1.200%, 

11/15/2025

a

34,211

47,000

1.700%, 

6/15/2026

a

45,387

Rand

Parent,

LLC

62,000

8.500%, 

2/15/2030

a,e

61,381

RXO,

Inc.

23,000

7.500%, 

11/15/2027

a

23,650

Ryder

System,

Inc.

37,000

2.850%, 

3/1/2027

35,795

Southwest

Airlines

Company

42,000

5.125%, 

6/15/2027

42,280

Star

Leasing

Company,

LLC

24,000

7.625%, 

2/15/2030

a

23,066

Stena

International

SA

45,000

7.250%, 

1/15/2031

a

44,979

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

39

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Transportation  0.3%

-

continued

Stonepeak

Nile

Parent,

LLC

$

19,000

7.250%, 

3/15/2032

a

$

19,367

Union

Pacific

Corporation

30,000

5.600%, 

12/1/2054

30,131

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

17,000

7.875%, 

5/1/2027

a

16,694

29,000

6.375%, 

2/1/2030

a

25,405

Total

1,167,528

U.S.

Government

&

Agencies  5.9%

U.S.

Treasury

Bonds

300,000

4.250%, 

2/15/2054

282,656

3,200,000

4.750%, 

11/15/2053

3,270,875

1,200,000

4.625%, 

2/15/2035

1,239,750

2,190,000

3.250%, 

5/15/2042

1,850,464

4,510,000

3.375%, 

8/15/2042

3,866,444

1,200,000

4.750%, 

2/15/2045

1,221,937

U.S.

Treasury

Notes

200,000

0.500%, 

2/28/2026

193,584

870,000

0.500%, 

4/30/2027

811,343

1,550,000

1.125%, 

2/29/2028

1,433,387

3,100,000

4.125%, 

7/31/2028

3,121,918

2,500,000

3.500%, 

9/30/2029

2,454,590

715,000

1.375%, 

11/15/2031

603,840

900,000

4.125%, 

11/15/2032

901,336

100,000

3.375%, 

5/15/2033

94,723

1,200,000

4.000%, 

2/15/2034

1,183,688

Total

22,530,535

Utilities  1.8%

AES

Corporation

30,000

7.600%, 

1/15/2055

b

30,273

72,000

3.950%, 

7/15/2030

a

67,523

Algonquin

Power

&

Utilities

Corporation

105,000

4.750%, 

1/18/2082

b

100,012

Alliant

Energy

Corporation,

Convertible

53,000

3.875%, 

3/15/2026

56,657

Alpha

Generation,

LLC

21,000

6.750%, 

10/15/2032

a

21,014

Ameren

Corporation

45,000

1.750%, 

3/15/2028

41,470

American

Electric

Power

Company,

Inc.

51,000

6.950%, 

12/15/2054

b

52,023

44,000

2.300%, 

3/1/2030

39,072

American

Water

Capital

Corporation

58,000

5.450%, 

3/1/2054

55,904

American

Water

Capital

Corporation,

Convertible

80,000

3.625%, 

6/15/2026

81,680

Arizona

Public

Service

Company

37,000

5.550%, 

8/1/2033

37,454

Atmos

Energy

Corporation

30,000

5.000%, 

12/15/2054

27,124

Calpine

Corporation

50,000

4.500%, 

2/15/2028

a

48,472

CenterPoint

Energy,

Inc.

29,000

7.000%, 

2/15/2055

b

29,444

14,000

6.700%, 

5/15/2055

b

13,804

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Utilities  1.8%

-

continued

$

56,000

1.450%, 

6/1/2026

$

54,020

67,000

2.650%, 

6/1/2031

58,808

CenterPoint

Energy,

Inc.,

Convertible

89,000

4.250%, 

8/15/2026

96,298

2,208

3.369%, 

9/15/2029

99,846

CMS

Energy

Corporation,

Convertible

67,000

3.375%, 

5/1/2028

74,102

Consolidated

Edison

Company

of

New

York,

Inc.

120,000

5.700%, 

5/15/2054

119,604

Constellation

Energy

Generation,

LLC

60,000

5.750%, 

3/15/2054

57,724

41,000

5.800%, 

3/1/2033

42,459

Dominion

Energy,

Inc.

48,000

6.875%, 

2/1/2055

b

49,697

48,000

7.000%, 

6/1/2054

b

50,451

45,000

3.375%, 

4/1/2030

42,054

DTE

Energy

Company

42,000

4.875%, 

6/1/2028

42,256

Duke

Energy

Carolinas,

LLC

121,000

5.400%, 

1/15/2054

116,672

Duke

Energy

Corporation

56,000

3.250%, 

1/15/2082

b

52,856

55,000

5.800%, 

6/15/2054

53,814

33,000

6.450%, 

9/1/2054

b

32,944

43,000

4.500%, 

8/15/2032

41,474

44,000

5.750%, 

9/15/2033

45,856

Duke

Energy

Corporation,

Convertible

130,000

4.125%, 

4/15/2026

140,894

Duke

Energy

Ohio,

Inc.

40,000

5.550%, 

3/15/2054

38,739

Edison

International

28,000

7.875%, 

6/15/2054

b

26,948

54,000

4.950%, 

4/15/2025

53,979

43,000

5.000%, 

12/15/2026

b,h

38,848

Enel

Finance

International

NV

93,000

1.625%, 

7/12/2026

a

89,545

Entergy

Corporation

45,000

1.900%, 

6/15/2028

41,356

Entergy

Louisiana,

LLC

40,000

5.800%, 

3/15/2055

39,806

Evergy,

Inc.,

Convertible

82,000

4.500%, 

12/15/2027

96,367

Eversource

Energy

90,000

4.600%, 

7/1/2027

90,070

Exelon

Corporation

157,000

5.600%, 

3/15/2053

151,183

45,000

4.050%, 

4/15/2030

43,597

Fells

Point

Funding

Trust

100,000

3.046%, 

1/31/2027

a

96,883

FirstEnergy

Corporation,

Convertible

119,000

4.000%, 

5/1/2026

120,547

Georgia

Power

Company

25,000

4.950%, 

5/17/2033

24,828

ITC

Holdings

Corporation

43,000

4.950%, 

9/22/2027

a

43,300

Jersey

Central

Power

&

Light

Company

80,000

2.750%, 

3/1/2032

a

69,140

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

40

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Utilities  1.8%

-

continued

Lightning

Power,

LLC

$

45,000

7.250%, 

8/15/2032

a

$

46,331

Long

Ridge

Energy,

LLC

37,000

8.750%, 

2/15/2032

a

35,743

MidAmerican

Energy

Company

161,000

5.300%, 

2/1/2055

152,883

National

Rural

Utilities

Cooperative

Finance

Corporation

40,000

4.850%, 

2/7/2029

40,431

NextEra

Energy

Capital

Holdings,

Inc.

61,000

5.900%, 

3/15/2055

60,912

31,000

3.800%, 

3/15/2082

b

29,166

68,000

6.750%, 

6/15/2054

b

69,411

45,000

2.250%, 

6/1/2030

39,813

21,000

5.300%, 

3/15/2032

21,342

NextEra

Energy

Capital

Holdings,

Inc.,

Convertible

63,000

3.000%, 

3/1/2027

72,702

NiSource,

Inc.

15,000

6.375%, 

3/31/2055

b

14,822

13,000

5.850%, 

4/1/2055

12,922

32,000

6.950%, 

11/30/2054

b

32,444

45,000

2.950%, 

9/1/2029

41,837

Northern

States

Power

Company/

MN

40,000

5.400%, 

3/15/2054

38,837

NRG

Energy,

Inc.

34,000

2.000%, 

12/2/2025

a

33,293

46,000

10.250%, 

3/15/2028

a,b,h

50,647

24,000

3.375%, 

2/15/2029

a

22,036

35,000

5.250%, 

6/15/2029

a

34,109

20,000

6.000%, 

2/1/2033

a

19,457

20,000

6.250%, 

11/1/2034

a

19,688

NRG

Energy,

Inc.,

Convertible

40,000

2.750%, 

6/1/2048

93,115

Oncor

Electric

Delivery

Company,

LLC

52,000

5.550%, 

6/15/2054

50,792

Pacific

Gas

and

Electric

Company

40,000

6.750%, 

1/15/2053

41,773

78,000

5.550%, 

5/15/2029

79,065

82,000

6.950%, 

3/15/2034

88,855

PG&E

Corporation

28,000

7.375%, 

3/15/2055

b

27,520

38,000

5.000%, 

7/1/2028

36,967

PG&E

Corporation,

Convertible

254,000

4.250%, 

12/1/2027

268,351

Pinnacle

West

Capital

Corporation,

Convertible

46,000

4.750%, 

6/15/2027

a

51,632

PPL

Capital

Funding,

Inc.

56,000

5.250%, 

9/1/2034

55,723

PPL

Capital

Funding,

Inc.,

Convertible

78,000

2.875%, 

3/15/2028

87,282

San

Diego

Gas

&

Electric

Company

40,000

5.550%, 

4/15/2054

38,638

Sempra

28,000

6.550%, 

4/1/2055

b

26,637

28,000

6.625%, 

4/1/2055

b

27,338

31,000

6.400%, 

10/1/2054

b

29,403

28,000

6.875%, 

10/1/2054

b

27,725

Principal

Amount

Long-Term

Fixed

Income  48.7%

Value

Utilities  1.8%

-

continued

$

28,000

4.875%, 

10/15/2025

b,h

$

27,732

Southern

California

Edison

Company

79,000

5.450%, 

6/1/2031

80,050

Southern

Company

53,000

5.700%, 

10/15/2032

55,089

78,000

4.850%, 

3/15/2035

75,491

35,000

4.000%, 

1/15/2051

b

34,555

109,000

3.750%, 

9/15/2051

b

105,916

Southern

Company,

Convertible

149,000

3.875%, 

12/15/2025

165,837

80,000

4.500%, 

6/15/2027

a

88,064

Talen

Energy

Supply,

LLC

55,000

8.625%, 

6/1/2030

a

58,339

TerraForm

Power

Operating,

LLC

104,000

5.000%, 

1/31/2028

a

100,655

TXNM

Energy,

Inc.,

Convertible

93,000

5.750%, 

6/1/2054

a

116,032

Virginia

Electric

and

Power

Company

55,000

5.350%, 

1/15/2054

51,724

Vistra

Corporation

28,000

8.000%, 

10/15/2026

a,b,h

28,733

69,000

7.000%, 

12/15/2026

a,b,h

69,869

Vistra

Operations

Company,

LLC

113,000

5.000%, 

7/31/2027

a

111,254

WEC

Energy

Group,

Inc.,

Convertible

63,000

4.375%, 

6/1/2027

a

73,731

67,000

4.375%, 

6/1/2029

a

80,174

Xcel

Energy,

Inc.

45,000

4.000%, 

6/15/2028

44,114

64,000

4.600%, 

6/1/2032

61,698

39,000

5.600%, 

4/15/2035

39,154

XPLR

Infrastructure

Operating

Partners,

LP

81,000

3.875%, 

10/15/2026

a

77,910

7,000

8.375%, 

1/15/2031

a,e

6,884

7,000

8.625%, 

3/15/2033

a,e

6,810

XPLR

Infrastructure,

LP,

Convertible

188,000

Zero

Coupon, 

11/15/2025

a,e

181,420

36,000

2.500%, 

6/15/2026

a,e

34,326

Total

6,734,094

Total

Long-Term

Fixed

Income

(cost

$189,854,047)

186,194,181

Shares

Common

Stock

29.8%

Value

Communications

Services  2.0%

4,137

Alphabet,

Inc.,

Class

A

639,746

13,728

Alphabet,

Inc.,

Class

C

2,144,725

6,439

AT&T,

Inc.

182,095

3,818

Cogent

Communications

Holdings

234,081

11,594

Comcast

Corporation

427,819

4,954

Meta

Platforms,

Inc.

2,855,287

111

Netflix,

Inc.

j

103,511

1,068

News

Corporation,

Class

A

29,071

395

Spotify

Technology

SA

j

217,262

169

Tripadvisor,

Inc.

j

2,395

16,335

Verizon

Communications,

Inc.

740,956

866

Walt

Disney

Company

85,474

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

41

Shares

Common

Stock  29.8%

Value

Communications

Services  2.0%

-

continued

16,708

Warner

Brothers

Discovery,

Inc.

j

$

179,277

Total

7,841,699

Consumer

Discretionary  3.3%

4,355

Advance

Auto

Parts,

Inc.

170,760

16,225

Amazon.com,

Inc.

j

3,086,968

2,931

Aptiv

plc

j

174,394

3,211

Best

Buy

Company,

Inc.

236,362

58

Booking

Holdings,

Inc.

267,201

1,127

Boot

Barn

Holdings,

Inc.

j

121,074

3,801

Brunswick

Corporation

204,684

75

Build-A-Bear

Workshop,

Inc.

2,788

4,935

Champion

Homes,

Inc.

j

467,641

1,503

Columbia

Sportswear

Company

113,762

229

Cooper-Standard

Holdings,

Inc.

j

3,508

1,954

Crocs,

Inc.

j

207,515

1,671

D.R.

Horton,

Inc.

212,434

2,133

Deckers

Outdoor

Corporation

j

238,491

1,700

DoorDash,

Inc.

j

310,709

4,205

eBay,

Inc.

284,805

1,599

Expedia

Group,

Inc.

268,792

1,919

Garmin,

Ltd.

416,672

336

Group

1

Automotive,

Inc.

128,335

906

Hilton

Worldwide

Holdings,

Inc.

206,160

2,414

Home

Depot,

Inc.

884,707

5,057

La-Z-Boy,

Inc.

197,678

1,643

Lowe's

Companies,

Inc.

383,197

979

Lululemon

Athletica,

Inc.

j

277,116

1,482

Modine

Manufacturing

Company

j

113,743

3,223

NIKE,

Inc.

204,596

36

NVR,

Inc.

j

260,798

274

O'Reilly

Automotive,

Inc.

j

392,527

3,065

PUMA

SE

74,762

83

Ross

Stores,

Inc.

10,607

2,711

SharkNinja,

Inc.

j

226,124

3,491

Six

Flags

Entertainment

Corporation

124,524

3,560

Skechers

USA,

Inc.

j

202,137

12,436

Sony

Group

Corporation

ADR

e

315,750

3,573

Tesla,

Inc.

j

925,979

4,426

Wyndham

Hotels

&

Resorts,

Inc.

400,597

6,165

Yum

China

Holding,

Inc.

320,950

Total

12,438,847

Consumer

Staples  1.4%

2,192

BJ's

Wholesale

Club

Holdings,

Inc.

j

250,107

726

Casey's

General

Stores,

Inc.

315,113

949

Colgate-Palmolive

Company

88,921

83

Costco

Wholesale

Corporation

78,500

32,244

Coty,

Inc.

j

176,375

1,388

Hershey

Company

237,390

1,279

J

&

J

Snack

Foods

Corporation

168,470

2,032

J.M.

Smucker

Company

240,609

3,633

John

B.

Sanfilippo

&

Son,

Inc.

257,434

16,877

Kenvue,

Inc.

404,710

356

Keurig

Dr

Pepper,

Inc.

12,182

1,291

Lamb

Weston

Holdings,

Inc.

68,810

1,204

Lancaster

Colony

Corporation

210,700

6,725

Philip

Morris

International,

Inc.

1,067,459

1,498

Procter

&

Gamble

Company

255,289

6,663

Sysco

Corporation

499,992

2,420

Turning

Point

Brands,

Inc.

143,845

Shares

Common

Stock  29.8%

Value

Consumer

Staples  1.4%

-

continued

8,364

Walmart,

Inc.

$

734,276

Total

5,210,182

Energy  1.3%

688

Archrock,

Inc.

18,053

3,041

Baker

Hughes

Company

133,652

79

Cheniere

Energy,

Inc.

18,281

5,710

ConocoPhillips

599,664

16,557

Devon

Energy

Corporation

619,232

14,718

Enterprise

Products

Partners,

LP

502,472

2,289

EOG

Resources,

Inc.

293,541

5,804

Expand

Energy

Corporation

646,101

8,777

Exxon

Mobil

Corporation

1,043,849

6,781

Halliburton

Company

172,034

277

Hess

Midstream,

LP

11,714

618

Kinder

Morgan,

Inc.

17,632

1,492

Marathon

Petroleum

Corporation

217,369

3,501

Matador

Resources

Company

178,866

5,581

Noble

Corporation

plc

132,270

1,367

Schlumberger

NV

57,141

2,742

Shell

plc

ADR

200,934

5,293

TechnipFMC

plc

167,735

1,226

Williams

Companies,

Inc.

73,266

Total

5,103,806

Financials  4.7%

1,208

Allstate

Corporation

250,141

12,037

Ally

Financial,

Inc.

438,989

1,008

Amalgamated

Financial

Corporation

28,980

815

American

Express

Company

219,276

3,799

American

International

Group,

Inc.

330,285

1,008

Ameriprise

Financial,

Inc.

487,983

3,823

Arch

Capital

Group,

Ltd.

367,696

21,382

Bank

of

America

Corporation

892,271

95

Bank

of

Marin

Bancorp

2,097

4,450

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

173,194

3,967

Bank

of

New

York

Mellon

Corporation

332,712

295

BankUnited,

Inc.

10,160

751

Berkshire

Hathaway,

Inc.

j

399,968

10,256

Bridgewater

Bancshares,

Inc.

j

142,456

2,120

Capital

One

Financial

Corporation

380,116

231

Cboe

Global

Markets,

Inc.

52,273

9,560

Charles

Schwab

Corporation

748,357

1,451

Chubb,

Ltd.

438,187

678

Citigroup,

Inc.

48,131

487

Community

Trust

Bancorp,

Inc.

24,525

1,761

Discover

Financial

Services

300,603

4,507

Donnelley

Financial

Solutions,

Inc.

j

197,001

367

Ellington

Credit

Company

1,985

227

Enact

Holdings,

Inc.

7,888

13,580

F.N.B.

Corporation

182,651

140

FactSet

Research

Systems,

Inc.

63,650

1,354

Federal

Agricultural

Mortgage

Corporation

253,888

188

Financial

Institutions,

Inc.

4,692

992

First

Bancorp/Puerto

Rico

19,017

971

First

Busey

Corporation

20,974

144

First

Citizens

BancShares,

Inc./NC

266,993

132

First

Mid-Illinois

Bancshares,

Inc.

4,607

677

Fiserv,

Inc.

j

149,502

1,444

Fulton

Financial

Corporation

26,122

5,150

Glacier

Bancorp,

Inc.

227,733

383

Great

Southern

Bancorp,

Inc.

21,207

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

42

Shares

Common

Stock  29.8%

Value

Financials  4.7%

-

continued

99

Hanmi

Financial

Corporation

$

2,243

406

Hometrust

Bancshares,

Inc.

13,918

1,072

Houlihan

Lokey,

Inc.

173,128

61

Independent

Bank

Corporation/MI

1,878

5,158

Intercontinental

Exchange,

Inc.

889,755

5,277

J.P.

Morgan

Chase

&

Company

1,294,448

18,526

KeyCorp

296,231

1,297

Kinsale

Capital

Group,

Inc.

631,263

663

Marsh

&

McLennan

Companies,

Inc.

161,792

750

Mastercard,

Inc.

411,090

4,295

MetLife,

Inc.

344,845

821

MidWestOne

Financial

Group,

Inc.

24,310

521

MSCI,

Inc.

294,625

6,453

Nasdaq,

Inc.

489,525

3,033

Northern

Trust

Corporation

299,205

12,530

Nuveen

Credit

Strategies

Income

Fund,

Rights

j

376

1,527

OceanFirst

Financial

Corporation

25,974

689

OFG

Bancorp

27,574

652

Old

Second

Bancorp,

Inc.

10,849

81

PNC

Financial

Services

Group,

Inc.

14,237

299

Popular,

Inc.

27,619

760

Progressive

Corporation

215,088

2,923

Prosperity

Bancshares,

Inc.

208,614

7,019

Radian

Group,

Inc.

232,118

4,572

RLI

Corporation

367,269

320

Robinhood

Markets,

Inc.

j

13,318

508

S&P

Global,

Inc.

258,115

2,695

Tradeweb

Markets,

Inc.

400,100

4,205

Triumph

Financial,

Inc.

j

243,049

1,055

Truist

Financial

Corporation

43,413

12

TrustCo

Bank

Corporation

NY

366

808

Trustmark

Corporation

27,868

285

U.S.

Bancorp

12,033

3,492

Visa,

Inc.

1,223,806

15,400

Wells

Fargo

&

Company

1,105,566

6,207

Western

Alliance

Bancorp

476,884

5,765

Zions

Bancorp

NA

287,443

Total

18,066,245

Health

Care  3.5%

2,553

Abbott

Laboratories

338,655

295

AbbVie,

Inc.

61,808

4,368

ADMA

Biologics,

Inc.

j

86,661

2,772

Agilent

Technologies,

Inc.

324,269

721

Align

Technology,

Inc.

j

114,538

1,444

Amgen,

Inc.

449,878

8,715

Avantor,

Inc.

j

141,270

2,169

BioMarin

Pharmaceutical,

Inc.

j

153,327

3,688

Boston

Scientific

Corporation

j

372,045

2,890

Centene

Corporation

j

175,452

344

Chemed

Corporation

211,670

995

Cigna

Group

327,355

7,006

Concentra

Group

Holdings

Parent,

Inc.

152,030

855

Cooper

Companies,

Inc.

j

72,119

3,212

Danaher

Corporation

658,460

981

Eli

Lilly

&

Company

810,218

2,022

Encompass

Health

Corporation

204,788

3,812

Gilead

Sciences,

Inc.

427,135

600

Humana,

Inc.

158,760

569

IDEXX

Laboratories,

Inc.

j

238,952

650

Insulet

Corporation

j

170,696

Shares

Common

Stock  29.8%

Value

Health

Care  3.5%

-

continued

713

Intuitive

Surgical,

Inc.

j

$

353,128

5,084

Johnson

&

Johnson

843,131

1,261

Labcorp

Holdings,

Inc.

293,485

432

Medpace

Holdings,

Inc.

j

131,626

5,600

Medtronic

plc

503,216

4,851

Merck

&

Company,

Inc.

435,426

155

Mettler-Toledo

International,

Inc.

j

183,041

2,306

Neurocrine

Biosciences,

Inc.

j

255,044

981

Penumbra,

Inc.

j

262,329

16,230

Progyny,

Inc.

j

362,578

314

Regeneron

Pharmaceuticals,

Inc.

199,148

1,440

Repligen

Corporation

j

183,226

7,116

Sanofi

SA

ADR

394,653

7,785

Stevanato

Group

SPA

158,970

483

Stryker

Corporation

179,797

612

Thermo

Fisher

Scientific,

Inc.

304,531

4,247

Twist

Bioscience

Corporation

j

166,737

511

United

Therapeutics

Corporation

j

157,526

2,041

UnitedHealth

Group,

Inc.

1,068,974

663

Vertex

Pharmaceuticals,

Inc.

j

321,436

10,166

Viemed

Healthcare,

Inc.

j

74,008

940

Waters

Corporation

j

346,456

3,351

Zimmer

Biomet

Holdings,

Inc.

379,266

1,667

Zoetis,

Inc.

274,472

Total

13,482,290

Industrials  4.0%

564

AECOM

52,300

4,843

Air

Lease

Corporation

233,965

6,175

Amentum

Holdings,

Inc.

j

112,385

1,388

AMETEK,

Inc.

238,930

51

Armstrong

World

Industries,

Inc.

7,185

1,073

Automatic

Data

Processing,

Inc.

327,834

384

Axon

Enterprise,

Inc.

j

201,965

9,493

Badger

Infrastructure

Solutions,

Ltd.

256,348

6,283

Barrett

Business

Services,

Inc.

258,545

207

Brady

Corporation

14,622

1,605

BWX

Technologies,

Inc.

158,333

1,415

Caterpillar,

Inc.

466,667

29,796

CNH

Industrial

NV

365,895

19,617

CSX

Corporation

577,328

4,137

Dayforce,

Inc.

j

241,311

6,831

Delta

Air

Lines,

Inc.

297,832

2,988

Enerpac

Tool

Group

Corporation

134,042

3,950

ExlService

Holdings,

Inc.

j

186,479

1,853

Expeditors

International

of

Washington,

Inc.

222,823

8,729

Fastenal

Company

676,934

1,476

Ferguson

Enterprises,

Inc.

236,499

6,097

Flowserve

Corporation

297,777

10,388

Gates

Industrial

Corporation

plc

j

191,243

1,314

General

Dynamics

Corporation

358,170

190

Graco,

Inc.

15,867

88

Great

Lakes

Dredge

&

Dock

Corporation

j

766

5,569

Helios

Technologies,

Inc.

178,709

2,468

Hexcel

Corporation

135,148

2,081

Honeywell

International,

Inc.

440,652

2,973

Howmet

Aerospace,

Inc.

385,687

741

IES

Holdings,

Inc.

j

122,347

1,663

Ingersoll

Rand,

Inc.

133,090

2,102

Jacobs

Solutions,

Inc.

254,111

1,544

JB

Hunt

Transport

Services,

Inc.

228,435

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

43

Shares

Common

Stock  29.8%

Value

Industrials  4.0%

-

continued

4,848

Knight-Swift

Transportation

Holdings,

Inc.

$

210,840

2,784

Korn

Ferry

188,839

1,526

L3Harris

Technologies,

Inc.

319,407

1,271

Landstar

System,

Inc.

190,904

1,811

Leidos

Holdings,

Inc.

244,376

1,096

Lincoln

Electric

Holdings,

Inc.

207,319

627

Lockheed

Martin

Corporation

280,087

760

Masco

Corporation

52,850

15,021

Masterbrand,

Inc.

j

196,174

1,936

Miller

Industries,

Inc.

82,028

1,178

Moog,

Inc.

204,206

2,117

Old

Dominion

Freight

Line,

Inc.

350,258

154

Owens

Corning,

Inc.

21,994

682

Parker-Hannifin

Corporation

414,554

1,109

Quanta

Services,

Inc.

281,886

3,798

Robert

Half,

Inc.

207,181

1,255

Rockwell

Automation,

Inc.

324,267

8,027

Schneider

National,

Inc.

183,417

7,009

Southwest

Airlines

Company

235,362

7,047

Timken

Company

506,468

977

Trane

Technologies

plc

329,171

2,908

Trex

Company,

Inc.

j

168,955

7,073

Uber

Technologies,

Inc.

j

515,339

1,826

UFP

Industries,

Inc.

195,455

144

Union

Pacific

Corporation

34,019

1,620

United

Airlines

Holdings,

Inc.

j

111,861

2,513

United

Parcel

Service,

Inc.

276,405

504

United

Rentals,

Inc.

315,857

964

Verisk

Analytics,

Inc.

286,906

249

Waste

Management,

Inc.

57,646

4,116

WNS

Holdings,

Ltd.

j

253,093

Total

15,257,348

Information

Technology  6.4%

139

Adobe,

Inc.

j

53,311

6,324

Amphenol

Corporation

414,791

18,087

Apple,

Inc.

4,017,665

1,936

Applied

Materials,

Inc.

280,952

1,190

Arista

Networks,

Inc.

j

92,201

1,835

Autodesk,

Inc.

j

480,403

7,192

Broadcom,

Inc.

1,204,157

1,335

CDW

Corporation

213,947

5,358

Ciena

Corporation

j

323,784

13,703

Cisco

Systems,

Inc.

845,612

9,062

Cohu,

Inc.

j

133,302

3,893

Crane

NXT

Company

200,100

44

Credo

Technology

Group

Holding,

Ltd.

j

1,767

1,849

Datadog,

Inc.

j

183,439

6,020

DocuSign,

Inc.

j

490,028

1,095

Fabrinet

j

216,273

3,014

Fortinet,

Inc.

j

290,128

1,523

Freshworks,

Inc.

j

21,490

3,356

International

Business

Machines

Corporation

834,503

5,323

JFrog,

Ltd.

j

170,336

863

Littelfuse,

Inc.

169,787

11,153

Microsoft

Corporation

4,186,725

577

Motorola

Solutions,

Inc.

252,616

390

NetApp,

Inc.

34,258

33,939

NVIDIA

Corporation

3,678,309

3,958

ON

Semiconductor

Corporation

j

161,051

752

Onto

Innovation,

Inc.

j

91,248

1,763

Palantir

Technologies,

Inc.

j

148,797

Shares

Common

Stock  29.8%

Value

Information

Technology  6.4%

-

continued

3,232

Pegasystems,

Inc.

$

224,689

962

Plexus

Corporation

j

123,261

3,972

Qorvo,

Inc.

j

287,612

5,353

QUALCOMM,

Inc.

822,274

2,547

Salesforce,

Inc.

683,513

10,415

Samsung

Electronics

Company,

Ltd.

412,908

883

SAP

AG

ADR

237,032

847

ServiceNow,

Inc.

j

674,331

1,901

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

315,566

2,800

TD

SYNNEX

Corporation

291,088

8,301

Trimble,

Inc.

j

544,961

12,536

TTM

Technologies,

Inc.

j

257,113

2,192

Varonis

Systems,

Inc.

j

88,666

491

VeriSign,

Inc.

j

124,650

941

Zebra

Technologies

Corporation

j

265,889

Total

24,544,533

Materials  1.1%

1,807

Albemarle

Corporation

130,140

4,459

CF

Industries

Holdings,

Inc.

348,471

3,807

Corteva,

Inc.

239,574

3,626

DuPont

de

Nemours,

Inc.

270,790

2,867

Eastman

Chemical

Company

252,611

2,092

Ecolab,

Inc.

530,364

3,022

Greif,

Inc.

166,180

4,101

Ingevity

Corporation

j

162,359

14,265

Ivanhoe

Mines,

Ltd.

e,j

121,134

758

Linde

plc

352,955

2,906

Nucor

Corporation

349,708

4,963

Olin

Corporation

120,303

279

Packaging

Corporation

of

America

55,248

4,051

Steel

Dynamics,

Inc.

506,699

22,575

Tronox

Holdings

plc

158,928

347

United

States

Lime

&

Minerals,

Inc.

30,668

1,471

United

States

Steel

Corporation

62,164

3,151

West

Fraser

Timber

Company,

Ltd.

242,438

Total

4,100,734

Real

Estate  1.0%

3,167

Agree

Realty

Corporation

244,461

312

Alexandria

Real

Estate

Equities,

Inc.

28,863

677

AvalonBay

Communities,

Inc.

145,298

1,047

Broadstone

Net

Lease,

Inc.

17,841

1,765

CBRE

Group,

Inc.

j

230,827

3,381

Crown

Castle,

Inc.

352,402

17,930

Cushman

and

Wakefield

plc

j

183,245

165

Equinix,

Inc.

134,533

8,979

Essential

Properties

Realty

Trust,

Inc.

293,074

1,092

Extra

Space

Storage,

Inc.

162,151

5,823

First

Industrial

Realty

Trust,

Inc.

314,209

15,230

Healthcare

Realty

Trust,

Inc.

257,387

268

Innovative

Industrial

Properties,

Inc.

14,496

7,980

National

Storage

Affiliates

Trust

314,412

1,908

Outfront

Media,

Inc.

30,795

2,126

RLJ

Lodging

Trust

16,774

10,766

Sabra

Health

Care

REIT,

Inc.

188,082

1,751

SBA

Communications

Corporation

385,237

1,883

Tanger,

Inc.

63,626

3,671

Terreno

Realty

Corporation

232,081

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

44

Shares

Common

Stock  29.8%

Value

Real

Estate  1.0%

-

continued

6,948

Uniti

Group,

Inc.

$

35,018

722

Zillow

Group,

Inc.,

Class

C

j

49,500

Total

3,694,312

Utilities  1.1%

5,162

Alliant

Energy

Corporation

332,175

431

American

Water

Works

Company,

Inc.

63,581

174

Black

Hills

Corporation

10,553

304

California

Water

Service

Group

14,732

9,570

CenterPoint

Energy,

Inc.

346,721

703

Clearway

Energy,

Inc.,

Class

C

21,280

1,285

Constellation

Energy

Corporation

259,095

4,667

Duke

Energy

Corporation

569,234

628

Edison

International

37,002

7,515

Entergy

Corporation

642,457

8,305

NiSource,

Inc.

332,947

1,753

Northwestern

Energy

Group,

Inc.

101,446

6,681

PG&E

Corporation

114,780

3,629

Portland

General

Electric

Company

161,853

4,387

Public

Service

Enterprise

Group,

Inc.

361,050

2,360

Spire,

Inc.

184,670

13,247

UGI

Corporation

438,078

2,839

Vistra

Energy

Corporation

333,412

Total

4,325,066

Total

Common

Stock

(cost

$81,786,215)

114,065,062

Shares

Registered

Investment

Companies  

12.3%

Value

U.S.

Affiliated  

11.8%  

2,361,780

Thrivent

Core

Emerging

Markets

Debt

Fund

19,342,977

2,386,042

Thrivent

Core

International

Equity

Fund

26,151,016

Total

45,493,993

U.S.

Unaffiliated  

0.5%  

3,584

abrdn

Asia-Pacific

Income

Fund,

Inc.

56,269

10,774

abrdn

Income

Credit

Strategies

Fund

63,459

2,842

abrdn

Total

Dynamic

Dividend

Fund

23,844

6,822

AllianceBernstein

Global

High

Income

Fund,

Inc.

73,200

9,497

Allspring

Income

Opportunities

Fund

64,960

2,056

BlackRock

Capital

Allocation

Term

Trust

29,606

1,237

BlackRock

Core

Bond

Trust

13,421

6,759

BlackRock

Corporate

High

Yield

Fund,

Inc.

64,751

7,532

BlackRock

Credit

Allocation

Income

Trust

80,743

692

BlackRock

Debt

Strategies

Fund,

Inc.

7,225

1,042

BlackRock

Enhanced

Equity

Dividend

Trust

8,961

5,850

BlackRock

Enhanced

Global

Dividend

Trust

63,473

Shares

Registered

Investment

Companies  12.3%

Value

U.S.

Unaffiliated  

0.5%  -

continued

3,406

BlackRock

Enhanced

International

Dividend

Trust

$

19,108

220

BlackRock

Floating

Rate

Income

Strategies

Fund,

Inc.

2,842

2,286

BlackRock

Income

Trust,

Inc.

27,089

4,532

BlackRock

Multi-Sector

Income

Trust

65,623

5,915

Blackstone

Strategic

Credit

2027

Term

Fund

71,453

3,820

Cornerstone

Strategic

Investment

Fund,

Inc.

e

28,383

6,837

Eaton

Vance

Limited

Duration

Income

Fund

68,233

3,089

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

25,145

2,500

Invesco

Senior

Loan

ETF

e

51,750

12,530

Nuveen

Credit

Strategies

Income

Fund

67,411

5,305

Nuveen

Preferred

Income

Opportunities

Fund

42,228

6,040

PGIM

Global

High

Yield

Fund,

Inc.

81,057

5,499

PGIM

High

Yield

Bond

Fund,

Inc.

78,361

2,226

Pimco

Dynamic

Income

Fund

44,075

4,141

PIMCO

High

Income

Fund

20,250

4,167

PIMCO

Income

Strategy

Fund

II

e

31,419

617

Tri-Continental

Corporation

18,923

3,361

Vanguard

Short-Term

Corporate

Bond

ETF

e

265,317

1,358

Virtus

Convertible

&

Income

Fund

17,559

4,926

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

59,752

1,132

Virtus

Equity

&

Convertible

Income

Fund

25,051

11,034

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

63,666

1,294

Western

Asset

Diversified

Income

Fund

18,698

16,927

Western

Asset

High

Income

Opportunity

Fund,

Inc.

67,370

Total

1,810,675

Total

Registered

Investment

Companies

(cost

$46,155,043)

47,304,668

Shares

Preferred

Stock

0.9%

Value

Basic

Materials  <0.1%

3,057

Albemarle

Corporation,

Convertible,

7.250%

108,982

Total

108,982

Capital

Goods  0.1%

4,833

Boeing

Company,

Convertible,

6.000%

289,158

Total

289,158

Communications

Services  0.1%

4,500

AT&T,

Inc.,

4.750%

h

85,815

3,500

Telephone

and

Data

Systems,

Inc.,

6.000%

h

61,775

Total

147,590

Financials  0.6%

2,750

AEGON

Funding

Company,

LLC,

5.100%

54,835

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

45

Shares

Preferred

Stock  0.9%

Value

Financials  0.6%

-

continued

2,700

Allstate

Corporation,

5.100%

h

$

56,700

2,033

Apollo

Global

Management,

Inc.,

Convertible,

6.750%

148,592

2,094

Ares

Management

Corporation,

Convertible,

6.750%

100,952

1,400

Athene

Holding,

Ltd.,

5.625%

h

27,538

3,775

Bank

of

America

Corporation,

4.250%

h

67,874

3,100

Bank

of

America

Corporation,

4.375%

h

57,319

1,550

Bank

of

America

Corporation,

4.750%

h

31,031

3,100

Bank

of

America

Corporation,

5.000%

h

65,286

204

Bank

of

America

Corporation,

Convertible,

7.250%

h

251,852

700

Capital

One

Financial

Corporation,

4.800%

h

12,698

2,925

Capital

One

Financial

Corporation,

5.000%

h

55,516

700

Charles

Schwab

Corporation,

4.450%

h

13,580

550

Citizens

Financial

Group,

Inc.,

7.375%

h

14,206

1,200

Corebridge

Financial,

Inc.,

6.375%

29,856

1,425

Equitable

Holdings,

Inc.,

5.250%

h

29,369

1,400

Fifth

Third

Bancorp,

4.950%

h

30,408

1,400

Huntington

Bancshares,

Inc./OH,

4.500%

h

24,332

3,100

J.P.

Morgan

Chase

&

Company,

4.200%

h

56,854

3,100

J.P.

Morgan

Chase

&

Company,

4.625%

h

61,845

3,350

J.P.

Morgan

Chase

&

Company,

4.750%

h

68,876

700

KeyCorp,

5.650%

h

14,588

3,500

KeyCorp,

6.200%

b,e,h

83,265

700

MetLife,

Inc.,

4.750%

h

13,860

2,850

Morgan

Stanley,

4.250%

h

51,101

2,630

Morgan

Stanley,

5.850%

b,h

62,463

3,100

Morgan

Stanley,

7.125%

b,h

77,872

2,850

Public

Storage,

4.125%

h

48,764

1,300

Public

Storage,

4.625%

h

24,570

325

Public

Storage,

4.700%

h

6,334

1,400

Regions

Financial

Corporation,

4.450%

h

24,066

825

Regions

Financial

Corporation,

5.700%

b,h

19,495

775

Synovus

Financial

Corporation,

8.397%

b,h

19,654

1,400

Truist

Financial

Corporation,

4.750%

e,h

27,342

2,850

U.S.

Bancorp,

4.000%

h

47,168

3,300

Wells

Fargo

&

Company,

4.250%

h

58,344

3,100

Wells

Fargo

&

Company,

4.375%

h

55,800

1,400

Wells

Fargo

&

Company,

4.700%

h

26,908

2,400

Wells

Fargo

&

Company,

4.750%

h

47,784

249

Wells

Fargo

&

Company,

Convertible,

7.500%

h

298,999

Total

2,267,896

Shares

Preferred

Stock  0.9%

Value

Technology  <0.1%

2,090

Hewlett

Packard

Enterprise

Company,

Convertible,

7.625%

$

99,777

Total

99,777

Utilities  0.1%

3,900

CMS

Energy

Corporation,

4.200%

h

67,782

1,640

NextEra

Energy,

Inc.,

Convertible,

6.926%

66,633

2,374

NextEra

Energy,

Inc.,

Convertible,

7.299%

113,501

2,925

Southern

Company,

4.950%

e

59,729

Total

307,645

Total

Preferred

Stock

(cost

$3,604,618)

3,221,048

Shares

Collateral

Held

for

Securities

Loaned

0.7%

Value

2,560,396

Thrivent

Cash

Management

Trust

2,560,396

Total

Collateral

Held

for

Securities

Loaned

(cost

$2,560,396)

2,560,396

Shares

or

Principal

Amount

Short-Term

Investments

9.1%

Value

Federal

Home

Loan

Bank

Discount

Notes

800,000

4.240%,

4/2/2025

k,l

799,813

100,000

4.235%,

4/16/2025

k,l

99,812

600,000

4.203%,

6/6/2025

k,l

595,332

Federal

National

Mortgage

Association

Discount

Notes

900,000

4.215%,

5/5/2025

k,l

896,369

State

Street

Institutional

U.S.

Government

Money

Market

Fund

14,106,637

4.293%

k

14,106,637

Thrivent

Core

Short-Term

Reserve

Fund

1,821,628

4.600%

18,216,277

U.S.

Treasury

Bills

100,000

4.193%,

6/26/2025

k,m

98,998

Total

Short-Term

Investments

(cost

$34,809,148)

34,813,238

Total

Investments

(cost

$358,769,467)

101.5%

$388,158,593

Other

Assets

and

Liabilities,

Net

(1.5%)

(5,653,237)

Total

Net

Assets

100.0%

$382,505,356

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2025,

the

value

of

these

investments

was

$63,504,104

or

16.6%

of

total

net

assets.

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

46

x

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

d

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

March

31,

2025.

e

All

or

a

portion

of

the

security

is

on

loan.

f

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

g

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

March

31,

2025.

h

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

i

Defaulted

security.  Interest

is

not

being

accrued.

j

Non-income

producing

security.

k

The

interest

rate

shown

reflects

the

yield.

l

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

m

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Balanced

Income

Plus

Portfolio

as

of

March

31,

2025

was

$4,050

or

0.00%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

March

31,

2025.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG 

5/17/2021

$

35,474

Credit

Suisse

Group

AG 

1/31/2014

23,139

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Balanced

Income

Plus

Portfolio

as

of

March

31,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

1,369,959

Common

Stock

955,108

Total

lending

$2,325,067

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$2,560,396

Net

amounts

due

to

counterparty

$235,329

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

Ser.

-

Series

STRIPS

-

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

Reference

Rate

Index:

H15T

5Y

-

U.

S.

Treasury

Yield

Curve

Rate

Treasury

Note

Constant

Maturity

5

Year

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

47

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Balanced

Income

Plus

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

17,354,386

–

17,354,386

–

Basic

Materials

2,068,447

–

2,068,447

–

Capital

Goods

4,161,346

–

4,161,346

–

Collateralized

Mortgage

Obligations

21,962,733

–

21,962,733

–

Commercial

Mortgage-Backed

Securities

4,015,534

–

4,015,534

–

Communications

Services

5,523,273

–

5,523,273

–

Consumer

Cyclical

7,515,252

–

7,515,252

–

Consumer

Non-Cyclical

7,828,296

–

7,828,296

–

Energy

5,823,478

–

5,823,478

–

Financials

20,805,828

–

20,805,828

–

Foreign

Government

176,665

–

176,665

–

Mortgage-Backed

Securities

52,864,355

–

52,864,355

–

Technology

5,662,431

–

5,662,431

–

Transportation

1,167,528

–

1,167,528

–

U.S.

Government

&

Agencies

22,530,535

–

22,530,535

–

Utilities

6,734,094

–

6,734,094

–

Common

Stock

Communications

Services

7,841,699

7,841,699

–

–

Consumer

Discretionary

12,438,847

12,364,085

74,762

–

Consumer

Staples

5,210,182

5,210,182

–

–

Energy

5,103,806

5,103,806

–

–

Financials

18,066,245

18,066,245

–

–

Health

Care

13,482,290

13,482,290

–

–

Industrials

15,257,348

15,001,000

256,348

–

Information

Technology

24,544,533

24,131,625

412,908

–

Materials

4,100,734

3,979,600

121,134

–

Real

Estate

3,694,312

3,694,312

–

–

Utilities

4,325,066

4,325,066

–

–

Preferred

Stock

Basic

Materials

108,982

108,982

–

–

Capital

Goods

289,158

289,158

–

–

Communications

Services

147,590

147,590

–

–

Financials

2,267,896

2,267,896

–

–

Technology

99,777

99,777

–

–

Utilities

307,645

307,645

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

1,810,675

1,810,675

–

–

Short-Term

Investments

16,596,961

14,106,637

2,490,324

–

Subtotal

Investments

in

Securities

$321,887,927

$132,338,270

$189,549,657

$–

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

45,493,993

Affiliated

Short-Term

Investments

18,216,277

Collateral

Held

for

Securities

Loaned

2,560,396

Subtotal

Other

Investments

$66,270,666

Total

Investments

at

Value

$388,158,593

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

48

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Balanced

Income

Plus

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

642,848

529,239

113,609

–

Total

Return

Swaps

2,689

–

2,689

–

Credit

Default

Swaps

5,737

–

5,737

–

Total

Asset

Derivatives

$651,274

$529,239

$122,035

$–

Liability

Derivatives

Futures

Contracts

383,849

383,849

–

–

Total

Liability

Derivatives

$383,849

$383,849

$–

$–

The

following

table

presents

Balanced

Income

Plus

Portfolio's

futures

contracts

held

as

of

March

31,

2025.

Investments

and/or

cash

totaling

$2,256,873

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

15

June

2025

$

1,648,518

$

19,763

CBOT

2-Yr.

U.S.

Treasury

Note

45

June

2025

9,284,532

38,203

CBOT

5-Yr.

U.S.

Treasury

Note

143

June

2025

15,313,664

152,680

CBOT

U.S.

Long

Bond

2

June

2025

238,193

(

3,631)

CME

E-mini

S&P

500

Index

68

June

2025

18,980,131

240,919

CME

Ultra

Long

Term

U.S.

Treasury

Bond

37

June

2025

4,498,950

24,300

ICE

mini

MSCI

EAFE

Index

64

June

2025

7,891,396

(

159,236)

ICE

US

mini

MSCI

Emerging

Markets

Index

73

June

2025

4,127,603

(

73,183)

Total

Futures

Long

Contracts

$

61,982,987

$

239,815

CME

E-mini

Russell

2000

Index

(80)

June

2025

(

$

8,051,189)

(

$

57,211)

CME

E-mini

S&P

Mid-Cap

400

Index

(41)

June

2025

(

11,957,672)

(

90,588)

CME

Euro

Foreign

Exchange

Currency

(38)

June

2025

(

5,212,824)

53,374

Eurex

Euro

STOXX

50

Index

(86)

June

2025

(

4,961,286)

113,609

Total

Futures

Short

Contracts

(

$

30,182,971)

$19,184

Total

Futures

Contracts

$

31,800,016

$258,999

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

49

Reference

Description:

EFFR

-

Effective

Federal

Funds

Rate

S&P

-

Standard

&

Poor's

The

following

table

presents

Balanced

Income

Plus

Portfolio's

credit

default

swap

contracts

held

as

of

March

31,

2025.

Investments

totaling

$98,998

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Credit

Default

Swaps

Buy/Sell

Protection

1

Termination

Date

Notional

Principal

Amount

2

Upfront

Payments/

(Receipts)

Value

3

Unrealized

Gain/(Loss)

CDX

HY

44,

5

Year,

at

5.00%,

Quarterly

Buy

6/20/2030

$

875,000

$

–

$

5,737

$

5,737

Total

Credit

Default

Swaps

$–

$5,737

$5,737

1

As

the

buyer

of

protection,

Balanced

Income

Plus

Portfolio

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Balanced

Income

Plus

Portfolio

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Balanced

Income

Plus

Portfolio

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

following

table

presents

Balanced

Income

Plus

Portfolio's

total

return

swap

contracts

held

as

of

March

31,

2025.

Total

Return

Swaps                

Reference

Entity

Fund

Pays

#

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

MidCap

400

Total

Return

Index

Swap

Total

Return

EFFR

1

day

+

45bps

Goldman

Sachs

&

Co.

LLC

8/6/2025

$

499,420

$

2,689

$

–

$

2,689

Total

Return

Swaps

$

2,689

$

–

$2,689

#

Payment

made

on

Termination

Date

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

50

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,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Balanced

Income

Plus

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$20,008

$287

$1,080

$19,343

2,362

5.0%

Core

International

Equity

24,390

–

5

26,151

2,386

6.8

Total

U.S.

Affiliated

Registered

Investment

Companies

44,398

45,494

11.8

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

31,629

20,334

33,747

18,216

1,822

4.8

Total

Affiliated

Short-Term

Investments

31,629

18,216

4.8

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

2,418

10,325

10,183

2,560

2,560

0.7

Total

Collateral

Held

for

Securities

Loaned

2,418

2,560

0.7

Total

Value

$78,445

$66,270

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($210)

$338

$

–

$287

Core

International

Equity

0

1,766

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

1

(1)

–

185

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$472

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

4

Total

Affiliated

Income

from

Securities

Loaned,

Net

$4

Total

Value

($209)

$2,103

$

–

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

51

Principal

Amount

Long-Term

Fixed

Income

70.2%

Value

Asset-Backed

Securities  5.8%

AGL

CLO

13,

Ltd.

$

725,000

6.205%, 

(TSFR3M

+

1.912%),

10/20/2034,

Ser.

2021-13A,

Class

B

a,b

$

725,370

Anchorage

Capital

CLO

20,

Ltd.

150,000

7.493%, 

(TSFR3M

+

3.200%),

1/20/2035,

Ser.

2021-20A,

Class

DR

a,b

150,119

Anchorage

Capital

CLO

21,

Ltd.

875,000

6.193%, 

(TSFR3M

+

1.900%),

10/20/2034,

Ser.

2021-21A,

Class

CR

a,b

867,223

Balboa

Bay

Loan

Funding,

Ltd.

500,000

6.267%, 

(TSFR3M

+

1.950%),

7/20/2034,

Ser.

2021-1A,

Class

CR

a,b

496,067

675,000

6.566%, 

(TSFR3M

+

2.250%),

1/20/2035,

Ser.

2021-2A,

Class

CR

a,b

675,000

Barings

Loan

Partners

CLO,

Ltd.

2

1,000,000

5.955%, 

(TSFR3M

+

1.650%),

1/20/2034,

Ser.

LP-

2A,

Class

CR

a,b

989,342

Business

Jet

Securities,

LLC

565,306

4.455%, 

6/15/2037,

Ser.

2022-1A,

Class

A

a

551,217

1,028,849

6.197%, 

5/15/2039,

Ser.

2024-1A,

Class

A

a

1,047,905

CarVal

CLO

IV,

Ltd.

750,000

6.305%, 

(TSFR3M

+

2.012%),

7/20/2034,

Ser.

2021-1A,

Class

B

a,b

750,404

CarVal

CLO,

Ltd.

1,250,000

7.993%, 

(TSFR3M

+

3.700%),

4/21/2034,

Ser.

2022-1A,

Class

D

a,b

1,254,164

Cascade

Funding

Mortgage

Trust,

LLC

257,736

4.250%, 

4/25/2033,

Ser.

2023-HB12,

Class

A

a,b

255,188

Hertz

Vehicle

Financing

III,

LLC

875,000

5.450%, 

9/25/2029,

Ser.

2025-1A,

Class

B

a

879,757

Hotwire

Funding,

LLC

1,000,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

a

1,017,791

HTAP

621,106

7.000%, 

4/25/2037,

Ser.

2024-1,

Class

A

a

617,642

HTAP

Issuer

Trust

424,543

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

a

419,250

MetroNet

Infrastructure

Issuer,

LLC

1,000,000

6.230%, 

4/20/2054,

Ser.

2024-1A,

Class

A2

a

1,023,026

MFA

Trust

483,494

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

c

484,162

Pagaya

AI

Debt

Grantor

Trust

523,218

5.092%, 

7/15/2032,

Ser.

2024-11,

Class

A

a

522,899

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Asset-Backed

Securities  5.8%

-

continued

Pagaya

AI

Debt

Grantor

Trust

and

Pagaya

AI

Debt

Trust

$

405,275

6.093%, 

11/15/2031,

Ser.

2024-6,

Class

A

a

$

409,324

Palmer

Square

Loan

Funding,

Ltd.

250,000

6.150%, 

(TSFR3M

+

1.700%),

1/15/2033,

Ser.

2024-2A,

Class

B

a,b

247,666

525,000

5.921%, 

(TSFR3M

+

1.600%),

2/15/2033,

Ser.

2025-1A,

Class

B

a,b

524,627

Pretium

Mortgage

Credit

Partners,

LLC

1,250,000

5.438%, 

1/25/2052,

Ser.

2022-NPL1,

Class

A2

a,c

1,218,695

782,494

7.143%, 

3/25/2054,

Ser.

2024-RN1,

Class

A1

a,c

787,394

950,000

8.232%, 

3/25/2055,

Ser.

2025-NPL2,

Class

A2

a,c

952,000

920,030

7.520%, 

4/27/2054,

Ser.

2024-NPL3,

Class

A1

a,c

922,187

1,028,256

3.721%, 

7/25/2051,

Ser.

2021-NPL3,

Class

A2

a,c

1,017,699

948,305

6.996%, 

7/25/2054,

Ser.

2024-NPL4,

Class

A1

a,c

948,619

RCO

VII

Mortgage,

LLC

646,146

7.021%, 

1/25/2029,

Ser.

2024-1,

Class

A1

a,c

647,940

Renaissance

Home

Equity

Loan

Trust

1,130,711

5.797%, 

8/25/2036,

Ser.

2006-2,

Class

AF3

c

409,436

Saxon

Asset

Securities

Trust

399,056

3.654%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

351,824

Sculptor

CLO

XXVIII,

Ltd.

650,000

6.253%, 

(TSFR3M

+

1.950%),

1/20/2035,

Ser.

28A,

Class

CR

a,b

647,208

Signal

Peak

CLO

1,

Ltd.

250,000

6.240%, 

(TSFR3M

+

1.950%),

4/17/2034,

Ser.

2014-1A,

Class

CR4

a,b

247,623

Silver

Point

CLO

2,

Ltd.

1,200,000

6.993%, 

(TSFR3M

+

2.700%),

4/20/2035,

Ser.

2023-2A,

Class

A2

a,b

1,200,299

Stanwich

Mortgage

Loan

Company,

LLC

24,563

6.235%, 

10/16/2026,

Ser.

2021-NPB1,

Class

A1

a

24,604

Sunnova

Hestia

II

Issuer,

LLC

708,902

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

a,d

711,987

Symphony

CLO

XX,

Ltd.

700,000

7.308%, 

(TSFR3M

+

3.000%),

1/16/2032,

Ser.

2018-20A,

Class

DR2

a,b

700,580

TCW

CLO,

Ltd.

750,000

6.330%, 

(TSFR3M

+

1.800%),

10/25/2035,

Ser.

2018-1A,

Class

BR3

a,b

743,300

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

52

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Asset-Backed

Securities  5.8%

-

continued

Unlock

HEA

Trust

$

884,335

7.000%, 

10/25/2038,

Ser.

2023-1,

Class

A

a

$

880,523

803,659

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

a

798,264

413,258

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

a

404,821

Vericrest

Opportunity

Loan

Transferee

1,015,664

8.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

a

1,017,332

1,231,363

8.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

a

1,233,482

832,316

8.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

a

833,908

237,365

8.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

a

237,055

1,311,681

4.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

a,c

1,310,710

280,019

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

a,c

274,644

Whitebox

CLO

I,

Ltd.

250,000

6.297%, 

(TSFR3M

+

2.000%),

7/24/2036,

Ser.

2019-1A,

Class

CRR

a,b

250,072

Whitebox

CLO

IV,

Ltd.

800,000

6.893%, 

(TSFR3M

+

2.600%),

4/20/2036,

Ser.

2023-4A,

Class

B

a,b

800,006

Wind

River

CLO,

Ltd.

725,000

6.555%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

a,b

725,236

Total

34,205,591

Basic

Materials  1.0%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

108,000

8.625%, 

6/15/2029

a

113,171

ATI,

Inc.

172,000

7.250%, 

8/15/2030

177,287

Axalta

Coating

Systems

Dutch

Holding

B

BV

105,000

7.250%, 

2/15/2031

a

108,290

Cascades,

Inc./Cascades

USA,

Inc.

210,000

5.125%, 

1/15/2026

a

208,085

Celanese

US

Holdings,

LLC

29,000

6.600%, 

11/15/2028

29,913

47,000

6.500%, 

4/15/2030

46,661

35,000

6.629%, 

7/15/2032

35,944

16,000

6.750%, 

4/15/2033

15,532

Chemours

Company

175,000

5.750%, 

11/15/2028

a

161,410

Chevron

Phillips

Chemical

Company,

LLC

174,000

4.750%, 

5/15/2030

a

173,725

Cleveland-Cliffs,

Inc.

84,000

5.875%, 

6/1/2027

83,412

160,000

4.625%, 

3/1/2029

a

148,683

76,000

4.875%, 

3/1/2031

a

66,126

50,000

7.375%, 

5/1/2033

a

47,977

76,000

6.250%, 

10/1/2040

61,977

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Basic

Materials  1.0%

-

continued

Consolidated

Energy

Finance

SA

$

289,000

5.625%, 

10/15/2028

a

$

248,540

Eastman

Chemical

Company

136,000

5.000%, 

8/1/2029

136,709

Ecolab,

Inc.

119,000

2.125%, 

2/1/2032

100,864

First

Quantum

Minerals,

Ltd.

46,000

6.875%, 

10/15/2027

a

45,963

FMC

Corporation

77,000

5.150%, 

5/18/2026

77,197

FMG

Resources

August

2006,

Pty.

Ltd.

76,000

5.875%, 

4/15/2030

a

75,052

Glencore

Funding,

LLC

147,000

4.000%, 

3/27/2027

a

144,993

Hecla

Mining

Company

120,000

7.250%, 

2/15/2028

121,132

Hudbay

Minerals,

Inc.

127,000

4.500%, 

4/1/2026

a

125,095

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

92,000

9.000%, 

7/1/2028

a

91,445

INEOS

Finance

plc

227,000

7.500%, 

4/15/2029

a

225,896

International

Flavors

&

Fragrances,

Inc.

133,000

1.230%, 

10/1/2025

a

130,557

Magnera

Corporation

115,000

7.250%, 

11/15/2031

a

111,850

Mercer

International,

Inc.

93,000

5.125%, 

2/1/2029

79,700

Methanex

Corporation

117,000

5.125%, 

10/15/2027

114,712

78,000

5.250%, 

12/15/2029

74,913

Methanex

US

Operations,

Inc.

66,000

6.250%, 

3/15/2032

a

64,286

Mineral

Resources,

Ltd.

124,000

9.250%, 

10/1/2028

a

123,987

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

130,000

5.350%, 

3/15/2034

131,198

Novelis

Corporation

34,000

3.250%, 

11/15/2026

a

32,869

80,000

4.750%, 

1/30/2030

a

74,592

110,000

3.875%, 

8/15/2031

a

95,635

Olin

Corporation

66,000

6.625%, 

4/1/2033

a

64,126

Peabody

Energy

Corporation,

Convertible

213,000

3.250%, 

3/1/2028

219,709

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

164,000

5.375%, 

11/1/2026

a

161,311

Sherwin-Williams

Company

89,000

4.800%, 

9/1/2031

88,777

Smurfit

Kappa

Treasury,

ULC

136,000

5.777%, 

4/3/2054

a

134,119

SNF

Group

SACA

148,000

3.375%, 

3/15/2030

a

130,694

Steel

Dynamics,

Inc.

60,000

5.250%, 

5/15/2035

59,428

SunCoke

Energy,

Inc.

309,000

4.875%, 

6/30/2029

a

283,581

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

53

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Basic

Materials  1.0%

-

continued

Taseko

Mines,

Ltd.

$

162,000

8.250%, 

5/1/2030

a

$

165,397

Tronox,

Inc.

81,000

4.625%, 

3/15/2029

a

69,274

United

States

Steel

Corporation,

Convertible

136,000

5.000%, 

11/1/2026

430,032

Total

5,711,826

Capital

Goods  1.6%

Advanced

Drainage

Systems,

Inc.

155,000

6.375%, 

6/15/2030

a

155,675

AECOM

17,000

5.125%, 

3/15/2027

16,867

Axon

Enterprise,

Inc.

24,000

6.125%, 

3/15/2030

a

24,221

24,000

6.250%, 

3/15/2033

a

24,247

Boeing

Company

88,000

6.858%, 

5/1/2054

95,585

166,000

2.196%, 

2/4/2026

162,415

147,000

3.250%, 

3/1/2028

140,274

145,000

5.150%, 

5/1/2030

145,899

44,000

6.528%, 

5/1/2034

47,145

Bombardier,

Inc.

121,000

7.250%, 

7/1/2031

a

121,412

217,000

7.000%, 

6/1/2032

a,e

216,061

Builders

FirstSource,

Inc.

185,000

5.000%, 

3/1/2030

a

176,816

Camelot

Return

Merger

Sub,

Inc.

114,000

8.750%, 

8/1/2028

a

93,908

Canpack

SA/Canpack

US,

LLC

236,000

3.875%, 

11/15/2029

a

213,863

Carrier

Global

Corporation

147,000

2.722%, 

2/15/2030

134,447

Chart

Industries,

Inc.

189,000

7.500%, 

1/1/2030

a

196,021

Clydesdale

Acquisition

Holdings,

Inc.

39,000

6.625%, 

4/15/2029

a

39,215

62,000

6.750%, 

4/15/2032

a

62,429

Crown

Cork

&

Seal

Company,

Inc.

92,000

7.375%, 

12/15/2026

94,607

Deere

&

Company

60,000

5.700%, 

1/19/2055

62,492

Emerson

Electric

Company

75,000

5.000%, 

3/15/2035

75,501

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

164,000

6.625%, 

12/15/2030

a

164,073

ESAB

Corporation

64,000

6.250%, 

4/15/2029

a

64,934

Fluor

Corporation,

Convertible

164,000

1.125%, 

8/15/2029

174,250

GFL

Environmental,

Inc.

233,000

4.000%, 

8/1/2028

a

221,440

152,000

3.500%, 

9/1/2028

a

143,620

H&E

Equipment

Services,

Inc.

42,000

3.875%, 

12/15/2028

a

41,864

Herc

Holdings,

Inc.

49,000

5.500%, 

7/15/2027

a

48,795

124,000

6.625%, 

6/15/2029

a

124,398

Honeywell

International,

Inc.

176,000

5.250%, 

3/1/2054

167,518

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Capital

Goods  1.6%

-

continued

Howmet

Aerospace,

Inc.

$

132,000

6.750%, 

1/15/2028

$

139,451

Huntington

Ingalls

Industries,

Inc.

147,000

4.200%, 

5/1/2030

141,168

Ingersoll

Rand,

Inc.

146,000

5.176%, 

6/15/2029

148,475

43,000

5.700%, 

8/14/2033

44,380

JBT

Marel

Corporation,

Convertible

171,000

0.250%, 

5/15/2026

170,555

John

Deere

Capital

Corporation

91,000

3.900%, 

6/7/2032

86,363

46,000

5.150%, 

9/8/2033

46,969

L3Harris

Technologies,

Inc.

78,000

5.400%, 

1/15/2027

79,118

Lockheed

Martin

Corporation

120,000

5.200%, 

2/15/2064

111,287

Martin

Marietta

Materials,

Inc.

70,000

5.150%, 

12/1/2034

69,564

MKS

Instruments,

Inc.,

Convertible

443,000

1.250%, 

6/1/2030

a

398,479

Mueller

Water

Products,

Inc.

161,000

4.000%, 

6/15/2029

a

149,575

Nesco

Holdings

II,

Inc.

185,000

5.500%, 

4/15/2029

a

170,741

New

Enterprise

Stone

and

Lime

Company,

Inc.

233,000

5.250%, 

7/15/2028

a

225,204

Northrop

Grumman

Corporation

177,000

5.200%, 

6/1/2054

165,780

42,000

4.700%, 

3/15/2033

41,435

OI

European

Group

BV

161,000

4.750%, 

2/15/2030

a

147,359

Owens-Brockway

Glass

Container,

Inc.

140,000

6.625%, 

5/13/2027

a

139,233

Patrick

Industries,

Inc.,

Convertible

105,000

1.750%, 

12/1/2028

146,790

Quikrete

Holdings,

Inc.

241,000

6.375%, 

3/1/2032

a

242,530

Republic

Services,

Inc.

90,000

5.000%, 

12/15/2033

89,910

Resideo

Funding,

Inc.

158,000

6.500%, 

7/15/2032

a

157,622

Reworld

Holding

Corporation

72,000

4.875%, 

12/1/2029

a

66,968

Roller

Bearing

Company

of

America,

Inc.

217,000

4.375%, 

10/15/2029

a

203,716

RTX

Corporation

133,000

5.750%, 

1/15/2029

138,469

370,000

4.500%, 

6/1/2042

325,453

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

121,000

6.125%, 

2/1/2028

a

121,174

Smyrna

Ready

Mix

Concrete,

LLC

224,000

8.875%, 

11/15/2031

a

232,072

Spirit

AeroSystems,

Inc.

58,000

4.600%, 

6/15/2028

55,635

39,000

9.750%, 

11/15/2030

a

43,050

SRM

Escrow

Issuer,

LLC

66,000

6.000%, 

11/1/2028

a

64,037

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

54

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Capital

Goods  1.6%

-

continued

Standard

Industries,

Inc./NY

$

76,000

4.750%, 

1/15/2028

a

$

73,559

76,000

3.375%, 

1/15/2031

a

66,080

Textron,

Inc.

147,000

3.650%, 

3/15/2027

144,233

Trane

Technologies

Financing,

Ltd.

131,000

5.100%, 

6/13/2034

131,525

TransDigm,

Inc.

272,000

7.125%, 

12/1/2031

a

279,844

227,000

6.625%, 

3/1/2032

a

229,893

Trivium

Packaging

Finance

121,000

5.500%, 

8/15/2026

a

119,126

United

Rentals

North

America,

Inc.

240,000

4.000%, 

7/15/2030

221,436

Veralto

Corporation

82,000

5.350%, 

9/18/2028

83,972

Waste

Connections,

Inc.

46,000

3.200%, 

6/1/2032

41,268

WESCO

Distribution,

Inc.

81,000

6.375%, 

3/15/2029

a

81,940

57,000

6.625%, 

3/15/2032

a

57,822

Total

9,343,252

Collateralized

Mortgage

Obligations  6.5%

A&D

Mortgage

Trust

210,351

6.498%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A1

a,c

213,396

ACRA

Trust

432,477

5.912%, 

10/25/2064,

Ser.

2024-NQM1,

Class

A2

a,c

433,060

Alternative

Loan

Trust

351,237

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

181,882

Banc

of

America

Alternative

Loan

Trust

657,670

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

586,459

Banc

of

America

Mortgage

Securities

Trust

206,546

6.385%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

195,848

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

19,196

7.080%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

18,228

CAFL

Issuer,

LLC

1,039,585

4.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

a

1,037,434

CHNGE

Mortgage

Trust

851,159

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

a,b

817,282

689,964

5.000%, 

5/25/2067,

Ser.

2022-3,

Class

A1

a,b

686,942

614,438

6.525%, 

6/25/2058,

Ser.

2023-2,

Class

A1

a,c

616,422

467,883

5.820%, 

6/25/2067,

Ser.

2022-NQM1,

Class

A3

a,c

466,120

387,026

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

a,c

391,397

448,703

6.000%, 

10/25/2057,

Ser.

2022-4,

Class

A1

a,c

448,683

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Collateralized

Mortgage

Obligations  6.5%

-

continued

CIM

Trust

$

823,684

7.100%, 

4/25/2058,

Ser.

2023-I1,

Class

A3

a,c

$

828,544

Citigroup

Mortgage

Loan

Trust,

Inc.

205,117

5.500%, 

8/25/2034,

Ser.

2004-NCM2,

Class

1CB1

200,760

48,188

6.952%, 

3/25/2037,

Ser.

2007-AR4,

Class

2A1A

b

48,962

603,163

5.237%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

541,026

COLT

Mortgage

Loan

Trust

691,409

6.328%, 

12/25/2068,

Ser.

2024-INV1,

Class

A2

a,c

695,910

Countrywide

Alternative

Loan

Trust

304,795

5.000%, 

3/25/2035,

Ser.

2005-3CB,

Class

1A1

250,264

164,094

4.149%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

135,408

124,559

4.275%, 

10/25/2035,

Ser.

2005-43,

Class

1A1

b

105,141

170,321

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

136,113

CSMC

Trust

382,946

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

a,b

382,568

350,023

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

a,b

298,627

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

460,833

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

402,141

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

1,239,195

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

1,214,163

964,367

Zero

Coupon, 

9/25/2053,

Ser.

5334,

Class

BO

783,967

3,924,019

1.500%, 

12/25/2050,

Ser.

5107,

Class

IO

f

382,268

8,081

2.500%, 

5/15/2027,

Ser.

4106,

Class

HI

f

8

225,427

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

f

3,843

277,347

3.000%, 

7/15/2027,

Ser.

4084,

Class

NI

f

6,314

374,693

3.000%, 

7/15/2027,

Ser.

4074,

Class

IO

f

8,603

137,841

2.500%, 

2/15/2028,

Ser.

4162,

Class

AI

f

2,888

302,407

2.500%, 

2/15/2028,

Ser.

4161,

Class

UI

f

6,762

479,575

2.500%, 

3/15/2028,

Ser.

4177,

Class

EI

f

11,796

763,584

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

f

61,044

459,668

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

f

31,326

639,122

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

f

25,860

Federal

Home

Loan

Mortgage

Corporation

STRIPS

1,050,437

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

f

99,415

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

55

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Collateralized

Mortgage

Obligations  6.5%

-

continued

Federal

National

Mortgage

Association

-

REMIC

$

1,000,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

$

942,037

818,574

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

812,171

460,330

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

f

9,128

276,211

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

f

5,131

297,666

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

f

2,977

320,572

3.500%, 

9/25/2027,

Ser.

2012-98,

Class

YI

f

6,968

912,317

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

f

20,819

621,956

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

f

13,343

229,725

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

f

4,872

564,999

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

f

11,121

129,486

2.500%, 

2/25/2028,

Ser.

2013-46,

Class

CI

f

1,555

361,736

3.000%, 

2/25/2028,

Ser.

2013-2,

Class

GI

f

9,005

132,934

3.000%, 

4/25/2028,

Ser.

2013-30,

Class

DI

f

3,552

119,536

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

f

610

710,346

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

f

52,662

First

Horizon

Alternative

Mortgage

Securities

Trust

99,294

6.079%, 

3/25/2035,

Ser.

2005-AA2,

Class

1A1

b

96,695

87,440

5.537%, 

7/25/2035,

Ser.

2005-AA5,

Class

2A1

b

82,366

Flagstar

Mortgage

Trust

325,180

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,b

292,651

GCAT

Trust

676,195

4.250%, 

5/25/2067,

Ser.

2023-NQM4,

Class

A2

a,b

627,580

266,806

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

a,b

269,036

GMAC

Mortgage

Corporation

Loan

Trust

323,191

3.962%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

279,461

Government

National

Mortgage

Association

35,637

4.000%, 

1/16/2027,

Ser.

2012-3,

Class

IO

f

372

GS

Mortgage-Backed

Securities

Trust

598,876

5.500%, 

10/27/2053,

Ser.

2023-PJ3,

Class

A16

a,b

596,942

Home

RE,

Ltd.

1,000,000

8.940%, 

(SOFR30A

+

4.600%),

10/25/2033,

Ser.

2023-1,

Class

M1B

a,b

1,034,525

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Collateralized

Mortgage

Obligations  6.5%

-

continued

$

475,568

7.840%, 

(SOFR30A

+

3.500%),

10/25/2034,

Ser.

2022-1,

Class

M1B

a,b

$

477,548

IndyMac

IMJA

Mortgage

Loan

Trust

562,496

6.250%, 

11/25/2037,

Ser.

2007-A3,

Class

A1

229,222

J.P.

Morgan

Mortgage

Trust

435,072

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

a,b

373,927

589,761

5.000%, 

10/25/2053,

Ser.

2023-3,

Class

A4A

a,b

584,003

55,147

6.500%, 

1/25/2035,

Ser.

2005-S1,

Class

1A2

56,895

250,015

5.373%, 

2/25/2036,

Ser.

2006-A1,

Class

2A2

b

177,920

LHOME

Mortgage

Trust

600,000

7.017%, 

1/25/2029,

Ser.

2024-RTL1,

Class

A1

a,c

606,413

500,000

6.900%, 

5/25/2029,

Ser.

2024-RTL3,

Class

A1

a,c

505,930

Merrill

Lynch

Alternative

Note

Asset

Trust

503,922

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

173,066

MFA

Trust

1,000,000

7.093%, 

2/25/2029,

Ser.

2024-RTL1,

Class

A1

a,c

1,007,847

MortgageIT

Securities

Corporation

Mortgage

Loan

Trust

1,108,512

4.895%, 

(TSFR1M

+

0.574%),

6/25/2047,

Ser.

2007-1,

Class

1A1

b

960,191

NYMT

Loan

Trust

650,000

7.154%, 

2/25/2029,

Ser.

2024-BPL1,

Class

A1

a,c

657,758

750,000

6.509%, 

5/25/2039,

Ser.

2024-BPL2,

Class

A1

a,c

758,362

PMT

Loan

Trust

838,583

6.000%, 

1/25/2060,

Ser.

2025-INV1,

Class

A1

a,b

848,214

Pretium

Mortgage

Credit

Partners,

LLC

250,000

8.956%, 

10/25/2054,

Ser.

2024-NPL7,

Class

A2

a,c

249,602

PRKCM

Trust

738,884

7.087%, 

6/25/2058,

Ser.

2023-AFC2,

Class

A3

a

743,820

702,342

7.627%, 

11/25/2058,

Ser.

2023-AFC4,

Class

A2

a,c

716,769

PRPM,

LLC

714,297

4.000%, 

1/25/2054,

Ser.

2024-RCF1,

Class

A1

a,c

699,327

639,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

a,c

592,095

503,884

5.689%, 

9/25/2029,

Ser.

2024-5,

Class

A1

a,c

503,228

475,703

5.699%, 

11/25/2029,

Ser.

2024-6,

Class

A1

a,c

474,955

500,000

8.835%, 

12/25/2029,

Ser.

2024-7,

Class

A2

a,c

500,045

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

56

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Collateralized

Mortgage

Obligations  6.5%

-

continued

Residential

Accredit

Loans,

Inc.

Trust

$

267,983

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

$

235,542

184,198

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

145,335

190,342

6.250%, 

4/25/2037,

Ser.

2007-QS6,

Class

A6

159,502

Residential

Asset

Securitization

Trust

272,755

4.962%, 

1/25/2034,

Ser.

2004-IP1,

Class

A1

b

259,557

Residential

Funding

Mortgage

Security

I

Trust

429,632

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

343,837

Roc

Mortgage

Trust

159,015

3.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

a,b

158,731

800,000

5.589%, 

10/25/2039,

Ser.

2024-RTL1,

Class

A1

a,c

798,452

Saluda

Grade

Alternative

Mortgage

Trust

1,200,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

a,c

1,207,726

Sequoia

Mortgage

Trust

315,223

3.576%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

210,951

Structured

Adjustable

Rate

Mortgage

Loan

Trust

124,120

5.160%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

b

107,660

Toorak

Mortgage

Trust

1,000,000

7.333%, 

2/25/2031,

Ser.

2024-1,

Class

A1

a,c

1,008,165

Triangle

Re,

Ltd.

856,896

7.740%, 

(SOFR30A

+

3.400%),

11/25/2033,

Ser.

2023-1,

Class

M1A

a,b

869,015

TVC

Mortgage

Trust

900,000

8.250%, 

11/25/2027,

Ser.

2023-RTL1,

Class

A1

a,c

901,659

Verus

Securitization

Trust

703,059

2.491%, 

11/25/2066,

Ser.

2021-8,

Class

A3

a,b

626,252

444,577

6.560%, 

12/25/2067,

Ser.

2023-1,

Class

A2

a,c

445,710

Vontive

Mortgage

Trust

850,000

6.507%, 

3/25/2030,

Ser.

2025-RTL1,

Class

A1

a,c

852,382

WaMu

Mortgage

Pass-Through

Certificates

89,178

6.600%, 

5/25/2033,

Ser.

2003-AR4,

Class

A7

b

87,950

Washington

Mutual

Mortgage

Pass-Through

Certificates

233,040

6.000%, 

3/25/2035,

Ser.

2005-1,

Class

2A

200,027

Total

38,448,043

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Commercial

Mortgage-Backed

Securities  1.1%

BANK

2018-BNK12

$

650,000

4.341%, 

5/15/2061,

Ser.

2018-BN12,

Class

AS

b

$

631,702

BANK

2025-BNK49

4,600,000

0.835%, 

3/15/2058,

Ser.

2025-BNK49,

Class

XA

b,f

226,668

BBCMS

Mortgage

Trust

3,977,770

1.150%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

b,f

276,919

Benchmark

Mortgage

Trust

900,000

6.090%, 

4/15/2058,

Ser.

2025-V14,

Class

AM

929,630

FirstKey

Homes

Trust

900,000

1.968%, 

10/19/2037,

Ser.

2020-SFR2,

Class

D

a

881,587

HTAP

Issuer

Trust

900,000

6.500%, 

11/25/2042,

Ser.

2025-1,

Class

A

a

885,338

Progress

Residential

Trust

1,500,000

3.600%, 

4/17/2039,

Ser.

2022-SFR3,

Class

B

a

1,455,528

Silver

Hill

Trust

98,632

3.102%, 

11/25/2049,

Ser.

2019-1,

Class

A1

a,b

96,698

Velocity

Commercial

Capital

Loan

Trust

442,679

6.550%, 

1/25/2054,

Ser.

2024-1,

Class

A

a,b

446,511

355,287

6.650%, 

6/25/2054,

Ser.

2024-3,

Class

A

a,b

359,668

594,263

7.670%, 

11/25/2053,

Ser.

2023-4,

Class

A

a,b

614,531

Total

6,804,780

Communications

Services  2.3%

AMC

Networks,

Inc.

40,000

10.250%, 

1/15/2029

a

41,450

American

Tower

Corporation

161,000

4.400%, 

2/15/2026

160,644

127,000

5.500%, 

3/15/2028

130,002

88,000

5.800%, 

11/15/2028

91,241

126,000

3.800%, 

8/15/2029

120,982

101,000

5.000%, 

1/31/2030

101,826

180,000

4.900%, 

3/15/2030

180,953

AppLovin

Corporation

140,000

5.500%, 

12/1/2034

139,969

AT&T,

Inc.

144,000

5.700%, 

3/1/2057

139,145

445,000

3.550%, 

9/15/2055

301,579

288,000

4.300%, 

2/15/2030

283,543

88,000

5.400%, 

2/15/2034

89,414

Bell

Telephone

Company

of

Canada

93,000

7.000%, 

9/15/2055

b

92,924

87,000

5.100%, 

5/11/2033

85,868

Cable

One,

Inc.,

Convertible

113,000

1.125%, 

3/15/2028

89,696

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

319,000

5.125%, 

5/1/2027

a

314,195

34,000

5.000%, 

2/1/2028

a

32,996

460,000

4.750%, 

3/1/2030

a

426,623

224,000

4.250%, 

2/1/2031

a

198,493

19,000

4.750%, 

2/1/2032

a

16,870

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

57

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Communications

Services  2.3%

-

continued

$

250,000

4.250%, 

1/15/2034

a

$

205,625

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

262,000

4.200%, 

3/15/2028

256,938

147,000

5.050%, 

3/30/2029

146,321

142,000

6.550%, 

6/1/2034

146,072

Clear

Channel

Outdoor

Holdings,

Inc.

129,000

5.125%, 

8/15/2027

a

124,676

173,000

7.875%, 

4/1/2030

a

169,617

Comcast

Corporation

264,000

5.650%, 

6/1/2054

258,532

210,000

3.400%, 

4/1/2030

198,724

Crown

Castle,

Inc.

133,000

2.900%, 

3/15/2027

128,458

55,000

4.900%, 

9/1/2029

54,748

Deluxe

Corporation

92,000

8.125%, 

9/15/2029

a

92,537

Deutsche

Telekom

International

Finance

BV

244,000

8.750%, 

6/15/2030

286,344

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

418,000

5.875%, 

8/15/2027

a

405,061

31,000

8.875%, 

2/1/2030

a

29,581

62,000

10.000%, 

2/15/2031

a

59,532

FiberCop

SPA

178,000

6.000%, 

9/30/2034

a

162,117

Frontier

Communications

Holdings,

LLC

147,000

5.875%, 

10/15/2027

a

146,834

GCI,

LLC

159,000

4.750%, 

10/15/2028

a

146,578

Gray

Media,

Inc.

36,000

10.500%, 

7/15/2029

a

37,507

Iliad

Holding

SASU

201,000

8.500%, 

4/15/2031

a

210,801

103,000

7.000%, 

4/15/2032

a

103,136

LCPR

Senior

Secured

Financing

DAC

117,000

6.750%, 

10/15/2027

a

97,817

Level

3

Financing,

Inc.

33,000

3.625%, 

1/15/2029

a

24,503

77,888

10.500%, 

4/15/2029

a

85,677

77,888

11.000%, 

11/15/2029

a

86,809

138,000

10.500%, 

5/15/2030

a

147,866

McGraw-Hill

Education,

Inc.

228,000

5.750%, 

8/1/2028

a

222,626

Meta

Platforms,

Inc.

162,000

5.550%, 

8/15/2064

159,392

87,000

3.850%, 

8/15/2032

82,287

160,000

4.750%, 

8/15/2034

158,864

Nexstar

Media,

Inc.

93,000

5.625%, 

7/15/2027

a

91,617

101,000

4.750%, 

11/1/2028

a

94,584

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

86,000

4.625%, 

3/15/2030

a

78,626

Paramount

Global

190,000

6.375%, 

3/30/2062

b

185,378

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Communications

Services  2.3%

-

continued

Playtika

Holding

Corporation

$

71,000

4.250%, 

3/15/2029

a

$

62,501

Rogers

Communications,

Inc.

50,000

5.250%, 

3/15/2082

a,b

48,876

48,000

7.000%, 

4/15/2055

b

48,186

153,000

7.125%, 

4/15/2055

b

152,481

132,000

5.000%, 

2/15/2029

132,118

85,000

5.300%, 

2/15/2034

83,438

Sinclair

Television

Group,

Inc.

32,000

8.125%, 

2/15/2033

a

31,577

Sirius

XM

Radio,

LLC

296,000

5.000%, 

8/1/2027

a

289,204

200,000

4.000%, 

7/15/2028

a

186,601

Snap,

Inc.,

Convertible

218,000

0.500%, 

5/1/2030

a

179,741

Sprint

Capital

Corporation

286,000

6.875%, 

11/15/2028

305,328

136,000

8.750%, 

3/15/2032

163,566

Take-Two

Interactive

Software,

Inc.

108,000

5.600%, 

6/12/2034

110,340

TEGNA,

Inc.

255,000

4.625%, 

3/15/2028

241,229

Telenet

Finance

Luxembourg

Notes

SARL

200,000

5.500%, 

3/1/2028

a

194,000

T-Mobile

USA,

Inc.

89,000

5.500%, 

1/15/2055

84,657

167,000

5.250%, 

6/15/2055

153,373

165,000

3.375%, 

4/15/2029

156,731

60,000

5.125%, 

5/15/2032

60,377

Uniti

Group,

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

246,000

4.750%, 

4/15/2028

a

235,012

Univision

Communications,

Inc.

31,000

8.000%, 

8/15/2028

a

31,097

268,000

4.500%, 

5/1/2029

a

236,786

114,000

7.375%, 

6/30/2030

a

108,912

63,000

8.500%, 

7/31/2031

a

61,560

Verizon

Communications,

Inc.

103,000

5.500%, 

2/23/2054

e

100,117

147,000

3.150%, 

3/22/2030

137,009

194,000

2.355%, 

3/15/2032

164,161

150,000

4.780%, 

2/15/2035

a

145,611

126,000

5.250%, 

4/2/2035

126,318

Viasat,

Inc.

66,000

5.625%, 

4/15/2027

a

63,331

Virgin

Media

Finance

plc

97,000

5.000%, 

7/15/2030

a,e

83,157

Virgin

Media

Secured

Finance

plc

206,000

5.500%, 

5/15/2029

a

195,111

VMED

O2

UK

Financing

I

plc

80,000

7.750%, 

4/15/2032

a

80,193

Vodafone

Group

plc

114,000

5.125%, 

6/4/2081

b

86,368

83,000

5.875%, 

6/28/2064

79,576

240,000

7.000%, 

4/4/2079

b

247,183

VZ

Secured

Financing

BV

128,000

5.000%, 

1/15/2032

a

111,222

Walt

Disney

Company

80,000

3.800%, 

3/22/2030

77,561

Warnermedia

Holdings,

Inc.

316,000

4.054%, 

3/15/2029

297,594

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

58

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Communications

Services  2.3%

-

continued

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

$

87,000

8.250%, 

10/1/2031

a

$

88,575

Zegona

Finance

plc

77,000

8.625%, 

7/15/2029

a

81,553

Ziggo

Bond

Company

BV

95,000

5.125%, 

2/28/2030

a,e

82,777

Ziggo

BV

86,000

4.875%, 

1/15/2030

a

78,779

Total

13,608,085

Consumer

Cyclical  3.1%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

111,000

4.375%, 

1/15/2028

a

106,747

215,000

5.625%, 

9/15/2029

a

212,836

Adient

Global

Holdings,

Ltd.

44,000

8.250%, 

4/15/2031

a

42,635

65,000

7.500%, 

2/15/2033

a

60,860

Alimentation

Couche-Tard,

Inc.

144,000

5.617%, 

2/12/2054

a

135,743

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

294,000

4.625%, 

6/1/2028

a

278,464

Allison

Transmission,

Inc.

51,000

3.750%, 

1/30/2031

a

45,344

Amazon.com,

Inc.

98,000

1.500%, 

6/3/2030

85,120

American

Axle

&

Manufacturing,

Inc.

225,000

5.000%, 

10/1/2029

e

193,669

American

Honda

Finance

Corporation

194,000

5.050%, 

7/10/2031

195,441

135,000

4.900%, 

1/10/2034

e

131,848

Arko

Corporation

185,000

5.125%, 

11/15/2029

a,e

149,921

Asbury

Automotive

Group,

Inc.

136,000

5.000%, 

2/15/2032

a

123,336

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

180,000

4.625%, 

8/1/2029

a

162,909

17,000

4.625%, 

4/1/2030

a

15,372

Aston

Martin

Capital

Holdings,

Ltd.

114,000

10.000%, 

3/31/2029

a

103,076

Best

Buy

Company,

Inc.

98,000

1.950%, 

10/1/2030

84,083

Boyd

Gaming

Corporation

127,000

4.750%, 

6/15/2031

a

117,130

Boyne

USA,

Inc.

128,000

4.750%, 

5/15/2029

a

120,508

Brinker

International,

Inc.

58,000

8.250%, 

7/15/2030

a

60,916

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

114,000

4.875%, 

2/15/2030

a

99,644

Burlington

Stores,

Inc.,

Convertible

98,000

1.250%, 

12/15/2027

129,164

Caesars

Entertainment,

Inc.

276,000

4.625%, 

10/15/2029

a

253,680

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Consumer

Cyclical  3.1%

-

continued

$

97,000

6.500%, 

2/15/2032

a

$

96,685

Carnival

Corporation

152,000

7.625%, 

3/1/2026

a

152,045

251,000

5.750%, 

3/1/2027

a

251,158

198,000

4.000%, 

8/1/2028

a

189,427

Carnival

Corporation,

Convertible

258,000

5.750%, 

12/1/2027

430,473

Carvana

Company

25,782

9.000%,PIK

0.000%,

12/1/2028

a,g

26,546

67,000

9.000%, 

6/1/2031

a

74,438

Churchill

Downs,

Inc.

107,000

4.750%, 

1/15/2028

a

103,950

116,000

6.750%, 

5/1/2031

a

116,914

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

88,000

6.750%, 

5/15/2028

a

89,240

Cracker

Barrel

Old

Country

Store,

Inc.,

Convertible

38,000

0.625%, 

6/15/2026

36,765

Crocs,

Inc.

76,000

4.250%, 

3/15/2029

a

70,647

Cushman

&

Wakefield

US

Borrower,

LLC

39,000

6.750%, 

5/15/2028

a

39,099

Dana,

Inc.

78,000

5.625%, 

6/15/2028

76,846

117,000

4.500%, 

2/15/2032

e

106,542

DraftKings

Holdings,

Inc.,

Convertible

395,000

Zero

Coupon, 

3/15/2028

343,847

eG

Global

Finance

plc

39,000

12.000%, 

11/30/2028

a

43,183

Expedia

Group,

Inc.

165,000

5.400%, 

2/15/2035

164,331

Expedia

Group,

Inc.,

Convertible

161,000

Zero

Coupon, 

2/15/2026

158,585

Ford

Motor

Company,

Convertible

290,000

Zero

Coupon, 

3/15/2026

283,910

Ford

Motor

Credit

Company,

LLC

200,000

5.850%, 

5/17/2027

201,049

168,000

2.900%, 

2/10/2029

150,303

148,000

7.122%, 

11/7/2033

151,244

Forestar

Group,

Inc.

48,000

6.500%, 

3/15/2033

a

46,991

FORVIA

SE

87,000

8.000%, 

6/15/2030

a

85,878

Gap,

Inc.

56,000

3.625%, 

10/1/2029

a

50,514

22,000

3.875%, 

10/1/2031

a

18,977

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

109,000

7.750%, 

5/31/2032

a

107,737

General

Motors

Financial

Company,

Inc.

111,000

2.750%, 

6/20/2025

110,473

135,000

5.800%, 

6/23/2028

137,883

104,000

5.800%, 

1/7/2029

105,934

193,000

4.900%, 

10/6/2029

189,848

196,000

5.700%, 

9/30/2030

b,h

186,957

63,000

5.750%, 

2/8/2031

63,524

53,000

5.625%, 

4/4/2032

52,420

194,000

5.950%, 

4/4/2034

193,022

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

59

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Consumer

Cyclical  3.1%

-

continued

Genting

New

York,

LLC/GENNY

Capital,

Inc.

$

34,000

7.250%, 

10/1/2029

a

$

34,651

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

52,000

8.750%, 

1/15/2032

a

43,804

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

78,000

3.500%, 

3/1/2029

a

72,255

Goodyear

Tire

&

Rubber

Company

78,000

4.875%, 

3/15/2027

76,220

66,000

5.000%, 

7/15/2029

61,221

Group

1

Automotive,

Inc.

36,000

6.375%, 

1/15/2030

a

36,077

Harley-Davidson

Financial

Services,

Inc.

134,000

5.950%, 

6/11/2029

a

135,175

Hilton

Domestic

Operating

Company,

Inc.

99,000

4.875%, 

1/15/2030

95,741

39,000

4.000%, 

5/1/2031

a

35,319

219,000

3.625%, 

2/15/2032

a

191,952

Hilton

Grand

Vacations

Borrower,

LLC/Hilton

Grand

Vacations

Borrower,

Inc.

124,000

5.000%, 

6/1/2029

a

116,210

Home

Depot,

Inc.

81,000

5.300%, 

6/25/2054

78,234

81,000

5.400%, 

6/25/2064

77,978

51,000

3.250%, 

4/15/2032

46,522

Hyundai

Capital

America

2,000

5.500%, 

3/30/2026

a

2,017

147,000

3.000%, 

2/10/2027

a

142,459

89,000

6.500%, 

1/16/2029

a

93,389

International

Game

Technology

plc

193,000

5.250%, 

1/15/2029

a

188,634

Jacobs

Entertainment,

Inc.

158,000

6.750%, 

2/15/2029

a

151,622

K

Hovnanian

Enterprises,

Inc.

20,000

11.750%, 

9/30/2029

a

21,392

KB

Home

240,000

4.800%, 

11/15/2029

228,959

10,000

4.000%, 

6/15/2031

8,976

L

Brands,

Inc.

163,000

6.625%, 

10/1/2030

a

165,273

86,000

6.875%, 

11/1/2035

87,114

Las

Vegas

Sands

Corporation

89,000

5.900%, 

6/1/2027

90,436

Life

Time,

Inc.

94,000

6.000%, 

11/15/2031

a

93,197

Light

&

Wonder

International,

Inc.

55,000

7.250%, 

11/15/2029

a

55,753

Live

Nation

Entertainment,

Inc.

87,000

4.750%, 

10/15/2027

a

84,811

Live

Nation

Entertainment,

Inc.,

Convertible

206,000

3.125%, 

1/15/2029

286,237

225,000

2.875%, 

1/15/2030

a

232,875

Lowe's

Companies,

Inc.

219,000

4.500%, 

4/15/2030

217,285

Macy's

Retail

Holdings,

LLC

67,000

5.875%, 

4/1/2029

a,e

64,996

78,000

6.125%, 

3/15/2032

a

71,276

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Consumer

Cyclical  3.1%

-

continued

Marriott

International,

Inc./MD

$

83,000

4.900%, 

4/15/2029

$

83,492

68,000

5.100%, 

4/15/2032

67,759

Marriott

Vacations

Worldwide

Corporation,

Convertible

123,000

Zero

Coupon, 

1/15/2026

117,905

207,000

3.250%, 

12/15/2027

191,475

Match

Group

Holdings

II,

LLC

64,000

4.125%, 

8/1/2030

a

57,358

Mattamy

Group

Corporation

116,000

5.250%, 

12/15/2027

a

112,691

McDonald's

Corporation

94,000

4.950%, 

8/14/2033

94,432

Melco

Resorts

Finance,

Ltd.

217,000

5.375%, 

12/4/2029

a

198,998

122,000

7.625%, 

4/17/2032

a

121,417

Meritage

Homes

Corporation

136,000

5.650%, 

3/15/2035

133,809

Meritage

Homes

Corporation,

Convertible

87,000

1.750%, 

5/15/2028

a

84,999

Michaels

Companies,

Inc.

115,000

5.250%, 

5/1/2028

a

78,947

NCL

Corporation,

Ltd.

14,000

5.875%, 

3/15/2026

a

13,971

178,000

5.875%, 

2/15/2027

a

177,757

Nissan

Motor

Company,

Ltd.

93,000

4.810%, 

9/17/2030

a

88,335

Nordstrom,

Inc.

130,000

4.250%, 

8/1/2031

111,684

PENN

Entertainment,

Inc.

195,000

4.125%, 

7/1/2029

a

173,129

PetSmart,

Inc./PetSmart

Finance

Corporation

125,000

4.750%, 

2/15/2028

a

116,905

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

51,000

5.750%, 

4/15/2026

a

50,925

QVC,

Inc.

49,000

6.875%, 

4/15/2029

a,e

33,564

Rakuten

Group,

Inc.

28,000

11.250%, 

2/15/2027

a

30,334

140,000

9.750%, 

4/15/2029

a

152,001

56,000

8.125%, 

12/15/2029

a,b,h

55,298

Raven

Acquisition

Holdings,

LLC

67,000

6.875%, 

11/15/2031

a

65,061

Royal

Caribbean

Cruises,

Ltd.

365,000

4.250%, 

7/1/2026

a

359,376

S&S

Holdings,

LLC

60,000

8.375%, 

10/1/2031

a

56,683

Saks

Global

Enterprises,

LLC

51,000

11.000%, 

12/15/2029

a

41,315

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

33,000

6.625%, 

3/1/2030

a

31,122

SeaWorld

Parks

and

Entertainment,

Inc.

189,000

5.250%, 

8/15/2029

a

179,043

Service

Corporation

International/

US

78,000

3.375%, 

8/15/2030

69,512

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

60

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Consumer

Cyclical  3.1%

-

continued

Six

Flags

Entertainment

Corporation

$

53,000

7.000%, 

7/1/2025

a,e

$

53,061

38,000

7.250%, 

5/15/2031

a

38,146

Six

Flags

Entertainment

Corporation/Canada's

Wonderland

Company/Magnum

Management

Corporation

39,000

5.375%, 

4/15/2027

38,506

206,000

5.250%, 

7/15/2029

194,935

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc./Canada's

Wonderland

Company

39,000

6.625%, 

5/1/2032

a

39,323

Sonic

Automotive,

Inc.

95,000

4.875%, 

11/15/2031

a

85,290

Staples,

Inc.

155,000

10.750%, 

9/1/2029

a

140,033

Station

Casinos,

LLC

216,000

4.625%, 

12/1/2031

a

194,081

Tenneco,

Inc.

138,000

8.000%, 

11/17/2028

a

131,617

Toyota

Motor

Credit

Corporation

88,000

5.550%, 

11/20/2030

91,534

87,000

4.800%, 

1/5/2034

85,804

150,000

5.350%, 

1/9/2035

152,457

Tractor

Supply

Company

88,000

5.250%, 

5/15/2033

88,895

Uber

Technologies,

Inc.

121,000

5.350%, 

9/15/2054

113,027

150,000

4.800%, 

9/15/2034

145,682

Uber

Technologies,

Inc.,

Convertible

149,000

Zero

Coupon, 

12/15/2025

157,940

272,000

0.875%, 

12/1/2028

331,024

Vail

Resorts,

Inc.,

Convertible

155,000

Zero

Coupon, 

1/1/2026

148,994

VICI

Properties,

LP/VICI

Note

Company,

Inc.

326,000

5.750%, 

2/1/2027

a

330,230

Victoria's

Secret

&

Company

192,000

4.625%, 

7/15/2029

a

167,884

Viking

Cruises,

Ltd.

399,000

5.875%, 

9/15/2027

a

396,981

Volkswagen

Group

of

America

Finance,

LLC

56,000

3.350%, 

5/13/2025

a

55,900

Walgreens

Boots

Alliance,

Inc.

106,000

3.200%, 

4/15/2030

97,805

WASH

Multifamily

Acquisition,

Inc.

122,000

5.750%, 

4/15/2026

a

120,917

Wayfair,

LLC

71,000

7.750%, 

9/15/2030

a

68,547

Wyndham

Hotels

&

Resorts,

Inc.

134,000

4.375%, 

8/15/2028

a

127,979

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

190,000

7.125%, 

2/15/2031

a

196,623

Yum!

Brands,

Inc.

184,000

4.750%, 

1/15/2030

a

177,735

ZF

North

America

Capital,

Inc.

150,000

7.125%, 

4/14/2030

a

144,399

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Consumer

Cyclical  3.1%

-

continued

$

67,000

6.750%, 

4/23/2030

a

$

63,665

Total

18,332,202

Consumer

Non-Cyclical  3.1%

1375209

B.C.,

Ltd.

78,000

9.000%, 

1/30/2028

a,e

77,940

AbbVie,

Inc.

220,000

5.500%, 

3/15/2064

216,450

260,000

4.500%, 

5/14/2035

249,529

132,000

5.350%, 

3/15/2044

130,538

Acadia

Healthcare

Company,

Inc.

75,000

7.375%, 

3/15/2033

a

74,926

AdaptHealth,

LLC

349,000

4.625%, 

8/1/2029

a

317,402

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

61,000

4.625%, 

1/15/2027

a

60,093

261,000

3.500%, 

3/15/2029

a

240,200

Altria

Group,

Inc.

88,000

6.200%, 

11/1/2028

92,413

Anheuser-Busch

InBev

Worldwide,

Inc.

266,000

5.000%, 

6/15/2034

267,698

ANI

Pharmaceuticals,

Inc.,

Convertible

111,000

2.250%, 

9/1/2029

a

124,098

AstraZeneca

Finance,

LLC

131,000

5.000%, 

2/26/2034

132,273

BAT

Capital

Corporation

150,000

6.250%, 

8/15/2055

149,692

97,000

6.343%, 

8/2/2030

103,114

93,000

7.750%, 

10/19/2032

106,621

Bausch

+

Lomb

Corporation

48,000

8.375%, 

10/1/2028

a

49,800

Bausch

Health

Companies,

Inc.

80,000

5.500%, 

11/1/2025

a

79,920

148,000

4.875%, 

6/1/2028

a

119,510

Becton,

Dickinson

and

Company

71,000

4.693%, 

2/13/2028

71,267

147,000

2.823%, 

5/20/2030

134,150

BellRing

Brands,

Inc.

162,000

7.000%, 

3/15/2030

a

167,384

BioMarin

Pharmaceutical,

Inc.,

Convertible

214,000

1.250%, 

5/15/2027

201,267

Bio-Rad

Laboratories,

Inc.

133,000

3.300%, 

3/15/2027

129,705

Bristol-Myers

Squibb

Company

176,000

5.550%, 

2/22/2054

173,447

89,000

5.750%, 

2/1/2031

94,123

43,000

5.900%, 

11/15/2033

45,944

Bunge,

Ltd.

Finance

Corporation

48,000

4.650%, 

9/17/2034

46,405

Campbell's

Company

286,000

5.400%, 

3/21/2034

288,165

Cargill,

Inc.

172,000

2.125%, 

11/10/2031

a

146,792

286,000

5.125%, 

2/11/2035

a

285,103

Cencora,

Inc.

104,000

5.150%, 

2/15/2035

103,989

Central

Garden

&

Pet

Company

86,000

4.125%, 

10/15/2030

78,187

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

61

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Consumer

Non-Cyclical  3.1%

-

continued

Champ

Acquisition

Corporation

$

53,000

8.375%, 

12/1/2031

a

$

54,751

Charles

River

Laboratories

International,

Inc.

94,000

4.000%, 

3/15/2031

a

84,124

Chefs'

Warehouse,

Inc.,

Convertible

204,000

2.375%, 

12/15/2028

282,945

CHS/Community

Health

Systems,

Inc.

191,000

5.625%, 

3/15/2027

a

182,390

59,000

8.000%, 

12/15/2027

a

58,372

111,000

4.750%, 

2/15/2031

a

87,743

109,000

10.875%, 

1/15/2032

a

107,384

Cigna

Group

88,000

5.600%, 

2/15/2054

83,776

110,000

2.400%, 

3/15/2030

98,601

Coca-Cola

Company

88,000

5.300%, 

5/13/2054

86,160

Concentra

Escrow

Issuer

Corporation

66,000

6.875%, 

7/15/2032

a

67,155

Constellation

Brands,

Inc.

90,000

4.800%, 

1/15/2029

90,215

195,000

3.150%, 

8/1/2029

181,982

32,000

4.900%, 

5/1/2033

31,220

CVS

Health

Corporation

176,000

6.050%, 

6/1/2054

170,760

102,000

6.750%, 

12/10/2054

b

101,551

81,000

5.000%, 

2/20/2026

81,168

77,000

4.300%, 

3/25/2028

76,072

267,000

4.780%, 

3/25/2038

239,566

282,000

6.000%, 

6/1/2044

275,510

DaVita,

Inc.

111,000

6.875%, 

9/1/2032

a

111,623

Diageo

Capital

plc

97,000

2.000%, 

4/29/2030

85,634

130,000

5.625%, 

10/5/2033

135,014

Edgewell

Personal

Care

Company

200,000

5.500%, 

6/1/2028

a

195,868

Eli

Lilly

&

Company

176,000

5.000%, 

2/9/2054

165,016

52,000

5.500%, 

2/12/2055

52,650

176,000

4.700%, 

2/27/2033

176,146

Embecta

Corporation

78,000

5.000%, 

2/15/2030

a

69,799

91,000

6.750%, 

2/15/2030

a

86,660

Encompass

Health

Corporation

101,000

4.500%, 

2/1/2028

98,066

Endo

Finance

Holdings,

Inc.

78,000

8.500%, 

4/15/2031

a,e

81,317

Energizer

Holdings,

Inc.

151,000

4.375%, 

3/31/2029

a

140,596

Envista

Holdings

Corporation,

Convertible

16,000

2.375%, 

6/1/2025

15,923

76,000

1.750%, 

8/15/2028

68,352

Fortrea

Holdings,

Inc.

27,000

7.500%, 

7/1/2030

a,e

24,552

GE

HealthCare

Technologies,

Inc.

136,000

6.377%, 

11/22/2052

147,523

General

Mills,

Inc.

35,000

4.950%, 

3/29/2033

34,636

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Consumer

Non-Cyclical  3.1%

-

continued

Gilead

Sciences,

Inc.

$

89,000

5.250%, 

10/15/2033

$

91,087

HCA,

Inc.

80,000

5.950%, 

9/15/2054

76,845

114,000

5.250%, 

3/1/2030

115,352

150,000

5.750%, 

3/1/2035

151,350

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

101,000

7.875%, 

9/1/2025

a,e

100,882

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

74,000

4.875%, 

6/1/2029

a

57,069

Insulet

Corporation

36,000

6.500%, 

4/1/2033

a

36,593

Integer

Holdings

Corporation,

Convertible

84,000

2.125%, 

2/15/2028

122,388

141,000

1.875%, 

3/15/2030

a

142,128

Jazz

Investments

I,

Ltd.,

Convertible

212,000

2.000%, 

6/15/2026

219,420

249,000

3.125%, 

9/15/2030

a

276,016

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

231,000

2.500%, 

1/15/2027

222,139

114,000

3.625%, 

1/15/2032

102,718

JBS

USA

LUX

SARL/JBS

USA

Food

Company/JBS

USA

Foods

Group

130,000

5.950%, 

4/20/2035

a

133,614

Johnson

&

Johnson

176,000

5.250%, 

6/1/2054

176,773

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

78,000

9.000%, 

2/15/2029

a

80,231

Keurig

Dr

Pepper,

Inc.

107,000

3.200%, 

5/1/2030

99,462

172,000

5.300%, 

3/15/2034

e

175,217

Kraft

Heinz

Foods

Company

87,000

6.750%, 

3/15/2032

94,799

135,000

5.400%, 

3/15/2035

136,074

Kroger

Company

80,000

4.500%, 

1/15/2029

79,798

Lamb

Weston

Holdings,

Inc.

66,000

4.375%, 

1/31/2032

a

60,288

LifePoint

Health,

Inc.

90,000

9.875%, 

8/15/2030

a

94,959

98,000

11.000%, 

10/15/2030

a

106,537

Mars,

Inc.

15,000

5.650%, 

5/1/2045

a

15,033

Mattel,

Inc.

272,000

3.375%, 

4/1/2026

a

267,741

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

78,000

6.250%, 

4/1/2029

a

78,993

Medtronic

Global

Holdings

SCA

86,000

4.500%, 

3/30/2033

84,030

Mozart

Debt

Merger

Sub,

Inc.

269,000

3.875%, 

4/1/2029

a

251,443

141,000

5.250%, 

10/1/2029

a

135,300

MPH

Acquisition

Holdings,

LLC

40,982

5.750%, 

12/31/2030

a

29,712

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

62

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Consumer

Non-Cyclical  3.1%

-

continued

$

21,403

11.500%, 

12/31/2030

a

$

18,587

Nestle

Capital

Corporation

150,000

5.100%, 

3/12/2054

a

143,519

Newell

Brands,

Inc.

81,000

6.375%, 

9/15/2027

e

81,300

80,000

6.625%, 

9/15/2029

80,169

40,000

6.375%, 

5/15/2030

38,913

Novartis

Capital

Corporation

204,000

4.700%, 

9/18/2054

183,683

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

106,000

4.125%, 

4/30/2028

a

99,063

169,000

5.125%, 

4/30/2031

a

147,352

PepsiCo,

Inc.

167,000

5.250%, 

7/17/2054

163,135

Performance

Food

Group,

Inc.

117,000

4.250%, 

8/1/2029

a

109,411

Perrigo

Finance

Unlimited

Company

136,000

4.900%, 

6/15/2030

129,919

Philip

Morris

International,

Inc.

93,000

5.625%, 

11/17/2029

96,961

88,000

5.125%, 

2/13/2031

89,533

93,000

5.750%, 

11/17/2032

97,356

132,000

5.250%, 

2/13/2034

133,239

76,000

4.900%, 

11/1/2034

74,677

Post

Holdings,

Inc.

117,000

4.625%, 

4/15/2030

a

109,262

195,000

4.500%, 

9/15/2031

a

176,610

Post

Holdings,

Inc.,

Convertible

398,000

2.500%, 

8/15/2027

474,416

Roche

Holdings,

Inc.

130,000

5.218%, 

3/8/2054

a

125,680

136,000

2.076%, 

12/13/2031

a

116,154

Royalty

Pharma

plc

222,000

1.200%, 

9/2/2025

218,561

123,000

5.150%, 

9/2/2029

123,807

Simmons

Foods,

Inc.

186,000

4.625%, 

3/1/2029

a

172,430

Sotera

Health

Holdings,

LLC

80,000

7.375%, 

6/1/2031

a

81,330

Spectrum

Brands,

Inc.,

Convertible

222,000

3.375%, 

6/1/2029

a

210,888

Star

Parent,

Inc.

84,000

9.000%, 

10/1/2030

a

82,795

Stryker

Corporation

100,000

5.200%, 

2/10/2035

100,966

Surgery

Center

Holdings,

Inc.

30,000

7.250%, 

4/15/2032

a

29,666

Sysco

Corporation

84,000

5.950%, 

4/1/2030

88,052

Takeda

Pharmaceutical

Company,

Ltd.

230,000

5.650%, 

7/5/2054

224,993

161,000

5.000%, 

11/26/2028

163,106

Tenet

Healthcare

Corporation

394,000

5.125%, 

11/1/2027

388,228

281,000

4.375%, 

1/15/2030

263,417

Unilever

Capital

Corporation

100,000

5.000%, 

12/8/2033

101,551

US

Acute

Care

Solutions,

LLC

76,000

9.750%, 

5/15/2029

a

75,781

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Consumer

Non-Cyclical  3.1%

-

continued

Varex

Imaging

Corporation,

Convertible

$

154,000

4.000%, 

6/1/2025

$

153,230

Viterra

Finance

BV

178,000

3.200%, 

4/21/2031

a

160,294

Winnebago

Industries,

Inc.,

Convertible

94,000

3.250%, 

1/15/2030

e

82,203

Wyeth,

LLC

215,000

6.500%, 

2/1/2034

237,662

Zoetis,

Inc.

131,000

5.600%, 

11/16/2032

136,643

Total

18,287,498

Energy  2.6%

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

164,000

5.375%, 

6/15/2029

a

160,304

APA

Corporation

131,000

4.375%, 

10/15/2028

a

125,879

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

84,000

6.250%, 

4/1/2028

a

84,064

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

162,000

8.250%, 

12/31/2028

a

165,195

78,000

5.875%, 

6/30/2029

a

76,115

Baytex

Energy

Corporation

90,000

8.500%, 

4/30/2030

a

91,393

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

124,000

7.000%, 

7/15/2029

a

126,726

BP

Capital

Markets

America,

Inc.

127,000

4.812%, 

2/13/2033

124,874

120,000

5.227%, 

11/17/2034

120,617

BP

Capital

Markets

plc

165,000

4.875%, 

3/22/2030

b,h

157,825

177,000

6.450%, 

12/1/2033

b,h

180,593

Buckeye

Partners,

LP

111,000

4.500%, 

3/1/2028

a

106,506

85,000

6.875%, 

7/1/2029

a

86,405

California

Resources

Corporation

93,000

8.250%, 

6/15/2029

a

94,513

Cheniere

Energy

Partners,

LP

97,000

4.500%, 

10/1/2029

94,346

97,000

3.250%, 

1/31/2032

85,364

114,000

5.950%, 

6/30/2033

117,081

Cheniere

Energy,

Inc.

77,000

5.650%, 

4/15/2034

77,892

Civitas

Resources,

Inc.

118,000

8.375%, 

7/1/2028

a

121,774

125,000

8.750%, 

7/1/2031

a

128,368

CNX

Resources

Corporation

101,000

6.000%, 

1/15/2029

a

99,725

CNX

Resources

Corporation,

Convertible

114,000

2.250%, 

5/1/2026

280,554

Columbia

Pipelines

Holding

Company,

LLC

78,000

6.055%, 

8/15/2026

a

79,127

175,000

6.042%, 

8/15/2028

a

181,000

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

63

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Energy  2.6%

-

continued

Comstock

Resources,

Inc.

$

84,000

6.750%, 

3/1/2029

a

$

81,629

183,000

5.875%, 

1/15/2030

a

172,826

ConocoPhillips

Company

180,000

4.850%, 

1/15/2032

180,221

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

217,000

5.500%, 

6/15/2031

a

208,180

Crescent

Energy

Finance,

LLC

150,000

7.625%, 

4/1/2032

a

148,360

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

175,000

8.625%, 

3/15/2029

a

181,273

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

64,000

8.500%, 

10/1/2030

a

65,584

Diamondback

Energy,

Inc.

208,000

5.750%, 

4/18/2054

196,094

DT

Midstream,

Inc.

130,000

4.125%, 

6/15/2029

a

122,347

Eastern

Energy

Gas

Holdings,

LLC

153,000

5.800%, 

1/15/2035

157,922

Enbridge,

Inc.

190,000

7.375%, 

1/15/2083

b

193,205

182,000

7.625%, 

1/15/2083

b

190,629

132,000

5.950%, 

4/5/2054

131,339

44,000

5.700%, 

3/8/2033

45,159

Enerflex,

Ltd.

52,000

9.000%, 

10/15/2027

a

53,214

Energy

Transfer,

LP

89,000

5.950%, 

5/15/2054

84,993

297,000

8.000%, 

5/15/2054

b

312,547

88,000

6.050%, 

9/1/2054

85,451

210,000

6.500%, 

11/15/2026

b,h

209,752

87,000

4.400%, 

3/15/2027

86,719

54,000

7.125%, 

5/15/2030

b,h

54,641

87,000

6.400%, 

12/1/2030

92,716

Enterprise

Products

Operating,

LLC

115,000

5.550%, 

2/16/2055

111,697

97,000

4.150%, 

10/16/2028

96,062

215,000

7.571%, 

(TSFR3M

+

3.248%),

8/16/2077

b

213,935

EQM

Midstream

Partners,

LP

160,000

4.750%, 

1/15/2031

a

153,890

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

124,000

8.875%, 

4/15/2030

128,778

186,000

7.875%, 

5/15/2032

187,322

Harvest

Midstream

I,

LP

195,000

7.500%, 

9/1/2028

a

196,951

Hess

Midstream

Operations,

LP

175,000

4.250%, 

2/15/2030

a

164,637

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

162,000

5.750%, 

2/1/2029

a

156,517

78,000

6.000%, 

4/15/2030

a

74,176

34,000

6.250%, 

4/15/2032

a

31,766

Howard

Midstream

Energy

Partners,

LLC

217,000

7.375%, 

7/15/2032

a

222,322

ITT

Holdings,

LLC

140,000

6.500%, 

8/1/2029

a

129,154

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Energy  2.6%

-

continued

Kinder

Morgan,

Inc.

$

162,000

5.950%, 

8/1/2054

$

158,369

Kodiak

Gas

Services,

LLC

98,000

7.250%, 

2/15/2029

a

99,897

Laredo

Petroleum,

Inc.

89,000

7.750%, 

7/31/2029

a

86,586

MEG

Energy

Corporation

65,000

5.875%, 

2/1/2029

a

63,918

MPLX,

LP

243,000

1.750%, 

3/1/2026

236,645

43,000

5.000%, 

3/1/2033

41,972

123,000

5.500%, 

6/1/2034

122,545

Nabors

Industries,

Inc.

78,000

7.375%, 

5/15/2027

a

76,931

199,000

9.125%, 

1/31/2030

a

199,066

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

65,000

8.125%, 

2/15/2029

a

65,454

97,000

8.375%, 

2/15/2032

a

97,208

Noble

Finance

II,

LLC

78,000

8.000%, 

4/15/2030

a

77,954

Northern

Oil

and

Gas,

Inc.

90,000

8.750%, 

6/15/2031

a

91,796

Northern

Oil

and

Gas,

Inc.,

Convertible

191,000

3.625%, 

4/15/2029

201,276

Occidental

Petroleum

Corporation

58,000

5.000%, 

8/1/2027

58,194

174,000

8.875%, 

7/15/2030

199,243

ONEOK,

Inc.

168,000

5.700%, 

11/1/2054

157,244

87,000

5.650%, 

11/1/2028

89,609

113,000

4.750%, 

10/15/2031

110,750

Ovintiv,

Inc.

103,000

5.650%, 

5/15/2028

105,549

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

127,000

6.000%, 

2/15/2028

118,115

Permian

Resources

Operating,

LLC,

Convertible

58,000

3.250%, 

4/1/2028

140,614

Pioneer

Natural

Resources

Company

120,000

1.900%, 

8/15/2030

104,299

Plains

All

American

Pipeline,

LP/

PAA

Finance

Corporation

191,000

4.650%, 

10/15/2025

190,932

Prairie

Acquiror,

LP

130,000

9.000%, 

8/1/2029

a

132,326

Precision

Drilling

Corporation

77,000

6.875%, 

1/15/2029

a

75,228

Range

Resources

Corporation

140,000

4.750%, 

2/15/2030

a

133,186

Rockies

Express

Pipeline,

LLC

203,000

4.950%, 

7/15/2029

a

194,390

Saturn

Oil

&

Gas,

Inc.

36,000

9.625%, 

6/15/2029

a,e

34,816

Schlumberger

Holdings

Corporation

61,000

4.300%, 

5/1/2029

a

60,371

SM

Energy

Company

135,000

6.500%, 

7/15/2028

134,075

53,000

7.000%, 

8/1/2032

a

52,015

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

64

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Energy  2.6%

-

continued

South

Bow

USA

Infrastructure

Holdings,

LLC

$

46,000

5.584%, 

10/1/2034

a

$

45,040

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

78,000

5.875%, 

3/1/2027

77,581

Sunoco,

LP

234,000

7.000%, 

5/1/2029

a

239,378

Sunoco,

LP/Sunoco

Finance

Corporation

114,000

5.875%, 

3/15/2028

113,898

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

209,000

5.500%, 

1/15/2028

a

203,416

117,000

7.375%, 

2/15/2029

a

117,583

Talos

Production,

Inc.

34,000

9.000%, 

2/1/2029

a

34,936

Targa

Resources

Corporation

88,000

6.125%, 

5/15/2055

87,397

Targa

Resources

Partners,

LP

233,000

4.875%, 

2/1/2031

228,090

TGNR

Intermediate

Holdings,

LLC

185,000

5.500%, 

10/15/2029

a

173,697

TotalEnergies

Capital

SA

264,000

5.488%, 

4/5/2054

255,429

TransCanada

Trust

313,000

5.875%, 

8/15/2076

b

310,825

Transocean,

Inc.

57,600

8.750%, 

2/15/2030

a

59,823

UGI

Corporation,

Convertible

108,000

5.000%, 

6/1/2028

a

139,457

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

138,000

7.125%, 

3/15/2029

a

140,356

Valaris,

Ltd.

172,000

8.375%, 

4/30/2030

a

172,197

Venture

Global

Calcasieu

Pass,

LLC

94,000

3.875%, 

8/15/2029

a

87,016

160,000

4.125%, 

8/15/2031

a

145,376

Venture

Global

LNG,

Inc.

290,000

8.125%, 

6/1/2028

a

296,331

118,000

9.000%, 

9/30/2029

a,b,h

111,981

188,000

8.375%, 

6/1/2031

a

190,685

129,000

9.875%, 

2/1/2032

a

137,009

Viridien

SA

39,000

8.750%, 

4/1/2027

a

39,853

Williams

Companies,

Inc.

164,000

4.900%, 

3/15/2029

165,068

98,000

2.600%, 

3/15/2031

86,112

48,000

5.600%, 

3/15/2035

48,921

Total

15,306,276

Financials  8.4%

Acrisure,

LLC/Acrisure

Finance,

Inc.

54,000

4.250%, 

2/15/2029

a

50,526

76,000

7.500%, 

11/6/2030

a

77,319

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

150,000

6.950%, 

3/10/2055

b

153,530

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Financials  8.4%

-

continued

$

150,000

6.500%, 

7/15/2025

$

150,436

150,000

5.750%, 

6/6/2028

154,291

254,000

3.000%, 

10/29/2028

238,686

175,000

5.375%, 

12/15/2031

176,322

Agree,

LP

91,000

5.625%, 

6/15/2034

92,084

Air

Lease

Corporation

180,000

4.650%, 

6/15/2026

b,h

175,095

98,000

3.125%, 

12/1/2030

88,718

Aircastle,

Ltd.

165,000

5.250%, 

6/15/2026

a,b,h

161,902

98,000

2.850%, 

1/26/2028

a

92,506

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

78,000

4.250%, 

10/15/2027

a

75,278

92,000

6.750%, 

4/15/2028

a

92,360

108,000

7.000%, 

1/15/2031

a

108,330

Ally

Financial,

Inc.

255,000

4.700%, 

5/15/2026

b,h

237,314

254,000

8.000%, 

11/1/2031

283,032

122,000

6.700%, 

2/14/2033

122,038

American

Express

Company

190,000

3.550%, 

9/15/2026

b,h

183,489

5,000

6.338%, 

10/30/2026

b

5,048

American

International

Group,

Inc.

176,000

5.125%, 

3/27/2033

176,248

Americold

Realty

Operating

Partnership,

LP

125,000

5.600%, 

5/15/2032

125,471

Ameriprise

Financial,

Inc.

166,000

5.200%, 

4/15/2035

165,613

AmWINS

Group,

Inc.

65,000

6.375%, 

2/15/2029

a

65,495

192,000

4.875%, 

6/30/2029

a

181,000

Aon

North

America,

Inc.

176,000

5.750%, 

3/1/2054

173,572

Apollo

Debt

Solutions

BDC

137,000

6.700%, 

7/29/2031

141,349

Ares

Capital

Corporation

191,000

2.150%, 

7/15/2026

184,215

108,000

5.875%, 

3/1/2029

109,645

Ares

Strategic

Income

Fund

120,000

5.600%, 

2/15/2030

a

118,277

Arthur

J.

Gallagher

&

Company

132,000

5.750%, 

7/15/2054

130,041

75,000

5.000%, 

2/15/2032

74,994

Assurant,

Inc.

128,000

6.100%, 

2/27/2026

129,116

Aviation

Capital

Group,

LLC

96,000

4.875%, 

10/1/2025

a

95,961

Avolon

Holdings

Funding,

Ltd.

180,000

5.750%, 

3/1/2029

a

183,318

171,000

5.375%, 

5/30/2030

a

171,232

Azorra

Finance,

Ltd.

168,000

7.750%, 

4/15/2030

a

167,459

Banco

Santander

SA

82,000

4.750%, 

11/12/2026

b,h

78,605

Bank

of

America

Corporation

225,000

6.125%, 

4/27/2027

b,h

227,801

186,000

4.376%, 

4/27/2028

b

185,230

294,000

3.593%, 

7/21/2028

b

287,705

145,000

5.819%, 

9/15/2029

b

150,267

392,000

3.974%, 

2/7/2030

b

381,432

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

65

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Financials  8.4%

-

continued

$

160,000

5.162%, 

1/24/2031

b

$

162,205

328,000

2.687%, 

4/22/2032

b

288,688

144,000

2.572%, 

10/20/2032

b

124,236

179,000

2.972%, 

2/4/2033

b

156,945

134,000

5.468%, 

1/23/2035

b

135,951

339,000

5.425%, 

8/15/2035

b

331,926

92,000

3.846%, 

3/8/2037

b

82,574

Bank

of

Montreal

92,000

3.088%, 

1/10/2037

b

77,697

Bank

of

New

York

Mellon

Corporation

95,000

6.317%, 

10/25/2029

b

100,504

127,000

4.596%, 

7/26/2030

b

126,986

91,000

6.474%, 

10/25/2034

b

99,399

Bank

of

Nova

Scotia

110,000

4.900%, 

6/4/2025

b,h

109,248

Barclays

plc

124,000

6.125%, 

12/15/2025

b,h

123,904

134,000

2.852%, 

5/7/2026

b

133,718

85,000

5.501%, 

8/9/2028

b

86,265

145,000

4.972%, 

5/16/2029

b

145,462

200,000

4.942%, 

9/10/2030

b

199,362

110,000

6.224%, 

5/9/2034

b

114,590

88,000

7.119%, 

6/27/2034

b

94,809

BlackRock

Funding,

Inc.

88,000

5.250%, 

3/14/2054

84,862

Blackstone

Mortgage

Trust,

Inc.,

Convertible

26,000

5.500%, 

3/15/2027

25,194

Blackstone

Private

Credit

Fund

161,000

5.600%, 

11/22/2029

a

159,647

Blue

Owl

Capital

Corporation

II

86,000

8.450%, 

11/15/2026

90,148

Blue

Owl

Credit

Income

Corporation

136,000

4.700%, 

2/8/2027

134,317

Blue

Owl

Technology

Finance

Corporation

48,000

4.750%, 

12/15/2025

a

47,754

147,000

3.750%, 

6/17/2026

a

143,501

100,000

6.100%, 

3/15/2028

a

99,738

44,000

6.750%, 

4/4/2029

44,598

BNP

Paribas

SA

122,000

3.132%, 

1/20/2033

a,b

106,335

Bread

Financial

Holdings,

Inc.

24,000

8.375%, 

6/15/2035

a,b

23,468

Brixmor

Operating

Partnership,

LP

159,000

2.250%, 

4/1/2028

147,638

Brookfield

Finance,

Inc.

106,000

5.813%, 

3/3/2055

103,407

Burford

Capital

Global

Finance,

LLC

186,000

9.250%, 

7/1/2031

a

195,965

Capital

One

Financial

Corporation

110,000

3.950%, 

9/1/2026

b,e,h

105,218

135,000

3.273%, 

3/1/2030

b

126,561

Centene

Corporation

361,000

3.000%, 

10/15/2030

315,741

Charles

Schwab

Corporation

290,000

5.375%, 

6/1/2025

b,h

288,972

240,000

4.000%, 

6/1/2026

b,h

233,937

87,000

6.136%, 

8/24/2034

b

92,597

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Financials  8.4%

-

continued

CHL

Mortgage

Pass-Through

Trust

$

76,591

6.744%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

$

75,044

548,043

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

238,695

Citadel,

LP

102,000

6.375%, 

1/23/2032

a

104,657

Citigroup,

Inc.

325,000

3.875%, 

2/18/2026

b,h

317,486

194,000

1.462%, 

6/9/2027

b

186,877

172,000

3.070%, 

2/24/2028

b

167,149

90,000

7.375%, 

5/15/2028

b,h

92,406

175,000

7.625%, 

11/15/2028

b,h

182,064

391,000

4.075%, 

4/23/2029

b

384,460

107,000

7.125%, 

8/15/2029

b,h

109,428

94,000

6.950%, 

2/15/2030

b,h

93,729

87,000

6.174%, 

5/25/2034

b

89,173

150,000

7.000%, 

8/15/2034

b,h

155,515

145,000

6.020%, 

1/24/2036

b

146,385

Citizens

Financial

Group,

Inc.

205,000

4.000%, 

10/6/2026

b,h

196,396

72,000

5.718%, 

7/23/2032

b

73,295

CNA

Financial

Corporation

176,000

5.125%, 

2/15/2034

174,799

Coinbase

Global,

Inc.,

Convertible

235,000

0.500%, 

6/1/2026

229,595

259,000

0.250%, 

4/1/2030

239,446

Comerica,

Inc.

120,000

5.625%, 

7/1/2025

b,h

119,252

48,000

5.982%, 

1/30/2030

b

48,776

Commonwealth

Bank

of

Australia

117,000

2.688%, 

3/11/2031

a

102,144

Cooperatieve

Rabobank

UA

111,000

1.339%, 

6/24/2026

a,b

110,117

COPT

Defense

Properties,

LP

192,000

2.250%, 

3/15/2026

187,077

COPT

Defense

Properties,

LP,

Convertible

41,000

5.250%, 

9/15/2028

a

45,654

Corebridge

Financial,

Inc.

173,000

6.375%, 

9/15/2054

b

171,873

136,000

6.875%, 

12/15/2052

b

138,985

87,000

6.050%, 

9/15/2033

90,775

100,000

5.750%, 

1/15/2034

102,625

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

236,726

5.136%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

194,201

Cousins

Properties,

LP

40,000

5.375%, 

2/15/2032

39,835

Credit

Acceptance

Corporation

56,000

9.250%, 

12/15/2028

a

59,284

30,000

6.625%, 

3/15/2030

a

29,554

Credit

Agricole

SA

98,000

3.250%, 

1/14/2030

a

90,183

Credit

Suisse

Group

AG

110,000

7.250%, 

N/A

*,i

8,250

110,000

7.500%, 

N/A

*,h,i

8,250

Dai-ichi

Life

Insurance

Company,

Ltd.

205,000

6.200%, 

1/16/2035

a,b,h

205,645

Deutsche

Bank

AG/New

York,

NY

332,000

2.129%, 

11/24/2026

b

326,037

150,000

2.311%, 

11/16/2027

b

144,138

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

66

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Financials  8.4%

-

continued

$

124,000

6.819%, 

11/20/2029

b

$

131,492

136,000

3.742%, 

1/7/2033

b

119,507

Digital

Realty

Trust,

LP,

Convertible

165,000

1.875%, 

11/15/2029

a

163,400

Discover

Bank

196,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

200,242

Discover

Financial

Services

46,000

6.700%, 

11/29/2032

49,409

Diversified

Healthcare

Trust

63,000

Zero

Coupon, 

1/15/2026

a

59,382

Drawbridge

Special

Opportunities

Fund,

LP

264,000

3.875%, 

2/15/2026

a

258,915

Elevance

Health,

Inc.

176,000

5.650%, 

6/15/2054

169,753

257,000

2.550%, 

3/15/2031

227,114

Encore

Capital

Group,

Inc.,

Convertible

92,000

4.000%, 

3/15/2029

83,260

Extra

Space

Storage,

LP

96,000

2.400%, 

10/15/2031

81,683

Fairfax

Financial

Holdings,

Ltd.

132,000

6.350%, 

3/22/2054

134,475

Federal

Realty

OP,

LP,

Convertible

49,000

3.250%, 

1/15/2029

a

48,804

Fifth

Third

Bancorp

75,000

4.500%, 

9/30/2025

b,h

74,363

86,000

4.772%, 

7/28/2030

b

85,490

Fifth

Third

Bank

NA

237,000

3.850%, 

3/15/2026

235,017

FirstCash,

Inc.

190,000

5.625%, 

1/1/2030

a

184,229

Five

Corners

Funding

Trust

III

100,000

5.791%, 

2/15/2033

a

103,156

Fortitude

Group

Holdings,

LLC

200,000

6.250%, 

4/1/2030

a

202,190

Fortress

Transportation

and

Infrastructure

Investors,

LLC

79,000

5.500%, 

5/1/2028

a

77,429

177,000

7.000%, 

5/1/2031

a

179,836

48,000

7.000%, 

6/15/2032

a

48,675

Freedom

Mortgage

Holdings,

LLC

176,000

9.250%, 

2/1/2029

a

178,735

76,000

9.125%, 

5/15/2031

a

76,480

FS

KKR

Capital

Corporation

96,000

3.400%, 

1/15/2026

94,743

97,000

2.625%, 

1/15/2027

92,584

GGAM

Finance,

Ltd.

81,000

8.000%, 

6/15/2028

a

84,937

139,000

5.875%, 

3/15/2030

a

137,178

Global

Aircraft

Leasing

Company,

Ltd.

64,000

8.750%, 

9/1/2027

a

65,051

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

239,000

3.750%, 

12/15/2027

a

224,945

goeasy,

Ltd.

128,000

9.250%, 

12/1/2028

a

134,373

79,000

7.625%, 

7/1/2029

a

79,023

48,000

6.875%, 

5/15/2030

a

47,006

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Financials  8.4%

-

continued

Goldman

Sachs

BDC,

Inc.

$

80,000

6.375%, 

3/11/2027

$

81,955

Goldman

Sachs

Group,

Inc.

183,000

7.379%, 

(H15T

5Y

+

3.623%),

8/10/2025

b,h

183,865

124,000

3.650%, 

8/10/2026

b,h

120,338

188,000

4.125%, 

11/10/2026

b,h

182,119

173,000

1.948%, 

10/21/2027

b

165,940

92,000

2.640%, 

2/24/2028

b

88,801

185,000

4.482%, 

8/23/2028

b

184,551

196,000

3.814%, 

4/23/2029

b

191,352

98,000

3.800%, 

3/15/2030

93,718

98,000

2.615%, 

4/22/2032

b

85,568

97,000

2.383%, 

7/21/2032

b

83,080

98,000

6.125%, 

11/10/2034

b,h

95,856

165,000

5.330%, 

7/23/2035

b

164,177

250,000

5.016%, 

10/23/2035

b

243,088

Hartford

Insurance

Group,

Inc.

98,000

2.800%, 

8/19/2029

90,540

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC,

Convertible

20,000

Zero

Coupon, 

5/1/2025

a

21,820

55,000

3.750%, 

8/15/2028

a

67,430

HSBC

Holdings

plc

273,000

4.583%, 

6/19/2029

b

270,577

117,000

2.804%, 

5/24/2032

b

102,338

HUB

International,

Ltd.

225,000

7.250%, 

6/15/2030

a

231,751

Huntington

Bancshares,

Inc./OH

105,000

4.450%, 

10/15/2027

b,h

101,041

214,000

5.709%, 

2/2/2035

b

216,279

140,000

6.141%, 

11/18/2039

b

140,983

Huntington

Bank

Auto

Credit-

Linked

Notes

210,528

5.442%, 

10/20/2032,

Ser.

2024-2,

Class

B1

a

211,474

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

75,000

6.250%, 

5/15/2026

74,264

214,000

5.250%, 

5/15/2027

203,452

ING

Groep

NV

200,000

1.726%, 

4/1/2027

b

194,299

100,000

6.083%, 

9/11/2027

b

102,015

Intesa

Sanpaolo

SPA

97,000

4.198%, 

6/1/2032

a,b

87,029

Invitation

Homes

Operating

Partnership,

LP

145,000

2.000%, 

8/15/2031

121,334

J.P.

Morgan

Chase

&

Company

190,000

3.650%, 

6/1/2026

b,h

185,753

294,000

4.005%, 

4/23/2029

b

288,970

97,000

2.069%, 

6/1/2029

b

89,810

101,000

6.500%, 

4/1/2030

b,h

103,368

392,000

4.493%, 

3/24/2031

b

386,803

92,000

2.963%, 

1/25/2033

b

81,212

83,000

4.912%, 

7/25/2033

b

82,340

94,000

5.717%, 

9/14/2033

b

96,591

83,000

5.350%, 

6/1/2034

b

84,349

98,000

6.254%, 

10/23/2034

b

105,252

44,000

5.336%, 

1/23/2035

b

44,468

147,000

5.766%, 

4/22/2035

b

152,778

84,000

5.502%, 

1/24/2036

b

85,809

156,000

5.534%, 

11/29/2045

b

154,451

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

67

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Financials  8.4%

-

continued

Jane

Street

Group/JSG

Finance,

Inc.

$

123,000

4.500%, 

11/15/2029

a

$

116,146

40,000

7.125%, 

4/30/2031

a

41,091

67,000

6.125%, 

11/1/2032

a

65,927

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

78,000

5.000%, 

8/15/2028

a

73,331

98,000

6.625%, 

10/15/2031

a

96,961

Jefferson

Capital

Holdings,

LLC

65,000

6.000%, 

8/15/2026

a

64,616

162,000

9.500%, 

2/15/2029

a

171,940

KeyBank

NA/Cleveland,

OH

147,000

3.900%, 

4/13/2029

141,145

166,000

5.000%, 

1/26/2033

161,664

Kilroy

Realty,

LP

127,000

4.250%, 

8/15/2029

120,813

63,000

6.250%, 

1/15/2036

62,462

Kite

Realty

Group,

LP,

Convertible

9,000

0.750%, 

4/1/2027

a

9,137

Ladder

Capital

Finance

Holdings,

LLLP/Ladder

Capital

Finance

Corporation

212,000

4.750%, 

6/15/2029

a

201,901

Liberty

Mutual

Group,

Inc.

44,000

4.125%, 

12/15/2051

a,b

42,129

Lincoln

National

Corporation

235,000

6.942%, 

(TSFR3M

+

2.619%),

5/19/2025

b

192,893

Lloyds

Banking

Group

plc

310,000

1.627%, 

5/11/2027

b

299,847

M&T

Bank

Corporation

290,000

3.500%, 

9/1/2026

b,h

275,071

Macquarie

Airfinance

Holdings,

Ltd.

35,000

6.400%, 

3/26/2029

a

36,177

96,000

5.150%, 

3/17/2030

a

94,656

Macquarie

Group,

Ltd.

195,000

1.629%, 

9/23/2027

a,b

186,575

Marsh

&

McLennan

Companies,

Inc.

88,000

2.375%, 

12/15/2031

75,747

MetLife,

Inc.

96,000

6.350%, 

3/15/2055

b

96,188

130,000

3.850%, 

9/15/2025

b,h

128,476

130,000

5.875%, 

3/15/2028

b,h

131,258

182,000

6.400%, 

12/15/2036

184,595

Metropolitan

Life

Global

Funding

I

159,000

2.950%, 

4/9/2030

a

146,241

Mid-America

Apartments,

LP

196,000

4.200%, 

6/15/2028

194,020

Mizuho

Financial

Group,

Inc.

200,000

1.554%, 

7/9/2027

b

192,563

200,000

2.564%, 

9/13/2031

171,610

88,000

5.748%, 

7/6/2034

b

90,841

Molina

Healthcare,

Inc.

135,000

4.375%, 

6/15/2028

a

128,583

77,000

6.250%, 

1/15/2033

a

75,783

Morgan

Stanley

116,000

5.516%, 

11/19/2055

b

113,320

226,000

2.188%, 

4/28/2026

b

225,553

196,000

1.593%, 

5/4/2027

b

189,815

193,000

1.512%, 

7/20/2027

b

185,523

65,000

5.123%, 

2/1/2029

b

65,891

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Financials  8.4%

-

continued

$

118,000

3.622%, 

4/1/2031

b

$

111,417

92,000

2.943%, 

1/21/2033

b

80,697

85,000

4.889%, 

7/20/2033

b

83,739

88,000

5.250%, 

4/21/2034

b

88,043

102,000

5.424%, 

7/21/2034

b

103,188

72,000

5.831%, 

4/19/2035

b

74,611

61,000

5.587%, 

1/18/2036

b

62,297

185,000

2.484%, 

9/16/2036

b

153,382

Nasdaq,

Inc.

71,000

5.350%, 

6/28/2028

72,674

Nationstar

Mortgage

Holdings,

Inc.

38,000

5.500%, 

8/15/2028

a

37,689

120,000

5.125%, 

12/15/2030

a

119,692

31,000

7.125%, 

2/1/2032

a

32,202

NatWest

Group

plc

98,000

4.892%, 

5/18/2029

b

98,183

225,000

6.475%, 

6/1/2034

b

234,429

Navient

Corporation

47,000

5.000%, 

3/15/2027

45,989

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

52,000

4.500%, 

9/30/2028

a

49,015

Neuberger

Berman

CLO,

Ltd.

1,225,000

7.564%, 

(TSFR3M

+

3.262%),

10/15/2029,

Ser.

2013-15A,

Class

DR2

a,b

1,226,009

New

Mountain

Finance

Corporation,

Convertible

25,000

7.500%, 

10/15/2025

25,288

New

York

Life

Global

Funding

83,000

4.550%, 

1/28/2033

a

80,505

89,000

5.000%, 

1/9/2034

a

89,004

Nippon

Life

Insurance

Company

425,000

5.950%, 

4/16/2054

a,b

427,448

NNN

REIT,

Inc.

98,000

2.500%, 

4/15/2030

87,593

Nomura

Holdings,

Inc.

145,000

2.172%, 

7/14/2028

133,857

200,000

5.783%, 

7/3/2034

205,113

Omega

Healthcare

Investors,

Inc.

95,000

4.750%, 

1/15/2028

94,771

OneMain

Finance

Corporation

300,000

3.500%, 

1/15/2027

287,530

163,000

3.875%, 

9/15/2028

150,730

63,000

6.750%, 

3/15/2032

61,833

Panther

Escrow

Issuer,

LLC

226,000

7.125%, 

6/1/2031

a

230,278

Park

Intermediate

Holdings,

LLC

210,000

4.875%, 

5/15/2029

a

195,998

Pebblebrook

Hotel

Trust,

Convertible

475,000

1.750%, 

12/15/2026

443,888

PNC

Bank

NA

98,000

2.700%, 

10/22/2029

89,872

PNC

Financial

Services

Group,

Inc.

131,000

6.200%, 

9/15/2027

b,h

132,821

77,000

5.582%, 

6/12/2029

b

79,176

180,000

6.250%, 

3/15/2030

b,h

180,922

87,000

6.875%, 

10/20/2034

b

96,191

PRA

Group,

Inc.

123,000

8.375%, 

2/1/2028

a

125,705

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

68

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Financials  8.4%

-

continued

Prologis

Targeted

US

Logistics

Fund,

LP

$

128,000

5.250%, 

4/1/2029

a

$

130,605

81,000

5.250%, 

1/15/2035

a

80,713

Prologis,

LP

107,000

5.250%, 

3/15/2054

101,484

Provident

Financing

Trust

I

112,000

7.405%, 

3/15/2038

118,169

Prudential

Financial,

Inc.

90,000

5.125%, 

3/1/2052

b

85,667

138,000

6.750%, 

3/1/2053

b

144,010

220,000

6.500%, 

3/15/2054

b

224,056

120,000

3.700%, 

10/1/2050

b

108,285

Realty

Income

Corporation

80,000

4.875%, 

6/1/2026

80,257

163,000

3.200%, 

1/15/2027

159,137

112,000

3.950%, 

8/15/2027

110,744

Regency

Centers,

LP

135,000

5.250%, 

1/15/2034

135,148

Regions

Financial

Corporation

85,000

2.250%, 

5/18/2025

84,688

145,000

5.750%, 

6/15/2025

b,e,h

144,200

Reinsurance

Group

of

America,

Inc.

87,000

6.000%, 

9/15/2033

90,252

170,000

5.750%, 

9/15/2034

172,919

RenaissanceRe

Holdings,

Ltd.

175,000

5.800%, 

4/1/2035

179,230

Rexford

Industrial

Realty,

LP,

Convertible

63,000

4.375%, 

3/15/2027

a

62,811

114,000

4.125%, 

3/15/2029

a

112,632

RGA

Global

Funding

83,000

5.500%, 

1/11/2031

a

85,307

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

39,000

4.750%, 

10/15/2027

38,068

76,000

4.500%, 

2/15/2029

a

71,899

RLJ

Lodging

Trust,

LP

70,000

4.000%, 

9/15/2029

a

62,792

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

113,000

3.625%, 

3/1/2029

a

104,214

46,000

3.875%, 

3/1/2031

a

41,207

41,000

4.000%, 

10/15/2033

a

35,170

Ryan

Specialty,

LLC

40,000

4.375%, 

2/1/2030

a

38,059

52,000

5.875%, 

8/1/2032

a

51,360

Santander

Holdings

USA,

Inc.

196,000

3.450%, 

6/2/2025

195,486

90,000

2.490%, 

1/6/2028

b

86,260

149,000

5.473%, 

3/20/2029

b

149,839

Santander

UK

Group

Holdings

plc

200,000

1.673%, 

6/14/2027

b

192,669

Service

Properties

Trust

67,000

5.500%, 

12/15/2027

64,627

62,000

8.625%, 

11/15/2031

a

65,405

Simon

Property

Group,

LP

159,000

2.650%, 

7/15/2030

143,868

87,000

6.250%, 

1/15/2034

93,427

Sixth

Street

Lending

Partners

85,000

6.125%, 

7/15/2030

a

85,551

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Financials  8.4%

-

continued

SLM

Corporation

$

18,000

6.500%, 

1/31/2030

$

18,470

Societe

Generale

SA

133,000

1.488%, 

12/14/2026

a,b

129,929

67,000

10.000%, 

11/14/2028

a,b,h

72,452

200,000

6.100%, 

4/13/2033

a,b

204,843

Standard

Chartered

plc

131,000

2.608%, 

1/12/2028

a,b,e

126,198

Starwood

Property

Trust,

Inc.

31,000

6.500%, 

10/15/2030

a

30,713

Starwood

Property

Trust,

Inc.,

Convertible

146,000

6.750%, 

7/15/2027

154,097

State

Street

Corporation

88,000

6.700%, 

3/15/2029

b,h

90,224

91,000

4.421%, 

5/13/2033

b

88,218

Sumitomo

Life

Insurance

Company

265,000

3.375%, 

4/15/2081

a,b

236,381

Sumitomo

Mitsui

Financial

Group,

Inc.

200,000

5.716%, 

9/14/2028

207,161

132,000

5.766%, 

1/13/2033

137,413

Summit

Hotel

Properties,

Inc.,

Convertible

104,000

1.500%, 

2/15/2026

99,200

Synchrony

Financial

65,000

5.935%, 

8/2/2030

b

65,914

82,000

7.250%, 

2/2/2033

84,411

Synovus

Bank

87,000

5.625%, 

2/15/2028

87,413

Toronto-Dominion

Bank

125,000

8.125%, 

10/31/2082

b

129,301

124,000

5.523%, 

7/17/2028

127,490

91,000

4.456%, 

6/8/2032

87,857

69,000

5.146%, 

9/10/2034

b

68,335

TrueNoord

Capital

DAC

48,000

8.750%, 

3/1/2030

a

48,716

Truist

Bank

99,000

2.250%, 

3/11/2030

86,798

Truist

Financial

Corporation

160,000

6.047%, 

6/8/2027

b

162,664

80,000

1.887%, 

6/7/2029

b

73,292

315,000

5.100%, 

3/1/2030

b,h

305,486

155,000

5.153%, 

8/5/2032

b

155,262

129,000

5.711%, 

1/24/2035

b

131,711

U.S.

Bancorp

127,000

4.548%, 

7/22/2028

b

127,018

42,000

5.836%, 

6/12/2034

b

43,340

125,000

5.678%, 

1/23/2035

b

127,788

UBS

Group

AG

200,000

4.875%, 

2/12/2027

a,b,h

194,004

191,000

3.869%, 

1/12/2029

a,b

186,563

UniCredit

SPA

76,000

5.861%, 

6/19/2032

a,b

76,253

United

Wholesale

Mortgage,

LLC

212,000

5.500%, 

4/15/2029

a

204,393

UnitedHealth

Group,

Inc.

264,000

5.375%, 

4/15/2054

250,815

185,000

4.200%, 

5/15/2032

177,868

USB

Realty

Corporation

146,000

5.711%, 

(TSFR3M

+

1.409%),

1/15/2027

a,b,h

118,545

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

69

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Financials  8.4%

-

continued

Ventas

Realty,

LP,

Convertible

$

130,000

3.750%, 

6/1/2026

$

167,245

Vornado

Realty,

LP

58,000

3.400%, 

6/1/2031

49,109

Wells

Fargo

&

Company

100,000

3.900%, 

3/15/2026

b,h

98,008

169,000

2.188%, 

4/30/2026

b

168,647

89,000

3.526%, 

3/24/2028

b

87,208

196,000

3.584%, 

5/22/2028

b

191,899

127,000

4.808%, 

7/25/2028

b

127,408

180,000

7.625%, 

9/15/2028

b,h

192,282

196,000

4.478%, 

4/4/2031

b

192,652

62,000

5.389%, 

4/24/2034

b

62,428

88,000

5.557%, 

7/25/2034

b

89,547

101,000

6.491%, 

10/23/2034

b

108,957

357,000

5.499%, 

1/23/2035

b

361,856

Welltower

OP,

LLC,

Convertible

247,000

2.750%, 

5/15/2028

a

402,610

Westpac

Banking

Corporation

147,000

4.110%, 

7/24/2034

b

140,456

Willis

North

America,

Inc.

88,000

5.900%, 

3/5/2054

86,699

196,000

4.500%, 

9/15/2028

194,520

XHR,

LP

109,000

4.875%, 

6/1/2029

a

102,100

33,000

6.625%, 

5/15/2030

a

32,397

Total

49,686,582

Foreign

Government  0.1%

NBN

Company,

Ltd.

171,000

2.625%, 

5/5/2031

a

152,329

Saudi

Arabian

Oil

Company

130,000

5.750%, 

7/17/2054

a

122,675

Teine

Energy,

Ltd.

190,000

6.875%, 

4/15/2029

a

185,768

Total

460,772

Mortgage-Backed

Securities  22.0%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

314,508

2.000%, 

1/1/2052

253,754

5,200,777

2.500%, 

5/1/2051

4,386,728

3,680,002

3.500%, 

5/1/2052

3,346,904

2,362,847

4.000%, 

5/1/2052

2,223,086

4,604,518

5.000%, 

7/1/2053

4,544,729

5,617,368

5.500%, 

7/1/2053

5,658,581

310,624

5.000%, 

8/1/2053

308,081

1,139,535

5.500%, 

9/1/2053

1,152,567

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

2,229,601

2.500%, 

7/1/2030

2,144,468

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

2,731,418

3.500%, 

5/1/2040

2,574,141

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

5,557,333

3.000%, 

1/1/2052

4,858,873

720,578

2.000%, 

2/1/2051

581,385

451,353

2.000%, 

2/1/2051

364,167

2,760,561

2.500%, 

2/1/2051

2,326,823

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Mortgage-Backed

Securities  22.0%

-

continued

$

3,383,642

2.500%, 

2/1/2051

$

2,822,220

6,456,052

2.000%, 

3/1/2051

5,169,308

3,614,657

4.000%, 

3/1/2051

3,402,071

6,146,766

3.000%, 

3/1/2052

5,340,504

5,097,693

2.000%, 

4/1/2051

4,059,530

3,616,237

3.000%, 

4/1/2051

3,160,701

3,710,815

3.000%, 

5/1/2050

3,229,702

871,404

2.000%, 

5/1/2051

699,677

2,059,933

3.000%, 

5/1/2051

1,818,505

2,210,372

3.000%, 

6/1/2050

1,966,191

1,035,745

4.000%, 

6/1/2052

968,436

2,865,025

5.000%, 

6/1/2053

2,831,637

4,918,889

2.500%, 

7/1/2051

4,165,141

2,401,218

3.500%, 

7/1/2051

2,188,424

2,952,252

4.000%, 

7/1/2052

2,760,407

1,038,356

2.500%, 

8/1/2050

879,003

4,476,265

3.500%, 

8/1/2050

4,091,525

4,183,455

3.500%, 

8/1/2052

3,779,052

2,568,303

4.500%, 

8/1/2052

2,463,348

424,622

5.000%, 

8/1/2053

419,674

3,219,972

3.500%, 

9/1/2052

2,928,671

1,224,448

3.500%, 

9/1/2052

1,113,612

364,145

5.000%, 

9/1/2052

359,013

2,697,420

4.500%, 

9/1/2053

2,587,990

764,368

4.500%, 

9/1/2053

735,755

3,930,691

4.000%, 

10/1/2052

3,685,001

833,231

2.000%, 

11/1/2051

671,329

1,593,428

3.500%, 

11/1/2052

1,453,962

3,466,073

2.000%, 

12/1/2050

2,783,056

11,368,178

4.500%, 

12/1/2052

10,950,113

250,000

6.000%, 

4/1/2041

253,910

150,000

5.500%, 

5/1/2041

149,672

1,650,000

4.500%, 

4/1/2049

1,578,171

1,700,000

5.000%, 

5/1/2049

1,664,691

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

5,520,843

2.500%, 

3/1/2062

4,464,902

2,080,757

3.500%, 

7/1/2061

1,843,136

2,021,007

4.000%, 

12/1/2061

1,868,889

Total

130,031,216

Technology  2.2%

Accenture

Capital,

Inc.

143,000

4.500%, 

10/4/2034

138,176

Adobe,

Inc.

153,000

5.300%, 

1/17/2035

e

157,558

Advanced

Micro

Devices,

Inc.

90,000

3.924%, 

6/1/2032

85,543

Akamai

Technologies,

Inc.,

Convertible

33,000

0.125%, 

5/1/2025

32,851

155,000

0.375%, 

9/1/2027

150,892

182,000

1.125%, 

2/15/2029

172,900

Analog

Devices,

Inc.

48,000

2.100%, 

10/1/2031

41,217

Apple,

Inc.

183,000

1.650%, 

2/8/2031

158,100

444,000

3.750%, 

9/12/2047

352,882

Array

Technologies,

Inc.,

Convertible

253,000

1.000%, 

12/1/2028

185,527

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

70

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Technology  2.2%

-

continued

Block,

Inc.

$

266,000

6.500%, 

5/15/2032

a

$

268,682

Block,

Inc.,

Convertible

34,000

0.250%, 

11/1/2027

29,920

Boost

Newco

Borrower,

LLC

197,000

7.500%, 

1/15/2031

a

205,064

Broadcom,

Inc.

89,000

4.000%, 

4/15/2029

a

86,867

84,000

4.800%, 

10/15/2034

81,999

Cadence

Design

Systems,

Inc.

72,000

4.700%, 

9/10/2034

70,300

Cisco

Systems,

Inc.

176,000

5.350%, 

2/26/2064

171,123

Clarivate

Science

Holdings

Corporation

86,000

3.875%, 

7/1/2028

a

79,777

Cloud

Software

Group,

Inc.

422,000

6.500%, 

3/31/2029

a

410,212

CommScope,

LLC

63,000

4.750%, 

9/1/2029

a

56,010

63,000

9.500%, 

12/15/2031

a

64,890

Consensus

Cloud

Solutions,

Inc.

40,000

6.000%, 

10/15/2026

a

39,716

CoreLogic,

Inc.

48,000

4.500%, 

5/1/2028

a

44,677

CSG

Systems

International,

Inc.,

Convertible

149,000

3.875%, 

9/15/2028

160,622

Dayforce,

Inc.,

Convertible

244,000

0.250%, 

3/15/2026

233,020

Dell

International,

LLC/EMC

Corporation

126,000

4.750%, 

4/1/2028

126,576

Dell,

Inc.

118,000

6.500%, 

4/15/2038

124,503

Diebold

Nixdorf,

Inc.

49,000

7.750%, 

3/31/2030

a

50,792

Fiserv,

Inc.

172,000

5.350%, 

3/15/2031

176,373

43,000

5.600%, 

3/2/2033

44,186

172,000

5.450%, 

3/15/2034

174,362

138,000

5.150%, 

8/12/2034

136,875

Gen

Digital,

Inc.

7,000

6.750%, 

9/30/2027

a

7,086

97,000

7.125%, 

9/30/2030

a

99,009

30,000

6.250%, 

4/1/2033

a

29,864

Global

Payments,

Inc.

106,000

5.950%, 

8/15/2052

102,563

137,000

4.950%, 

8/15/2027

138,111

98,000

3.200%, 

8/15/2029

91,751

Global

Payments,

Inc.,

Convertible

283,000

1.500%, 

3/1/2031

266,586

Hewlett

Packard

Enterprise

Company

115,000

4.850%, 

10/15/2031

113,811

IBM

International

Capital

Private,

Ltd.

137,000

5.300%, 

2/5/2054

128,140

II-VI,

Inc.

83,000

5.000%, 

12/15/2029

a

79,179

Intel

Corporation

237,000

4.900%, 

7/29/2045

199,082

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Technology  2.2%

-

continued

InterDigital,

Inc.,

Convertible

$

66,000

3.500%, 

6/1/2027

$

177,243

Iron

Mountain,

Inc.

334,000

4.875%, 

9/15/2027

a

327,205

220,000

4.500%, 

2/15/2031

a

201,671

Jabil,

Inc.

88,000

5.450%, 

2/1/2029

89,667

Marvell

Technology,

Inc.

98,000

2.950%, 

4/15/2031

87,457

Mastercard,

Inc.

90,000

2.000%, 

11/18/2031

76,765

97,000

4.875%, 

5/9/2034

97,247

Microchip

Technology,

Inc.

55,000

5.050%, 

3/15/2029

55,372

Microchip

Technology,

Inc.,

Convertible

215,000

0.750%, 

6/1/2030

a

200,917

Moody's

Corporation

94,000

4.250%, 

8/8/2032

90,786

NCR

Atleos

Corporation

65,000

9.500%, 

4/1/2029

a

70,480

NCR

Voyix

Corporation

114,000

5.000%, 

10/1/2028

a

109,693

86,000

5.125%, 

4/15/2029

a

81,908

Neptune

Bidco

US,

Inc.

252,000

9.290%, 

4/15/2029

a

218,648

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

56,000

2.700%, 

5/1/2025

55,901

98,000

4.300%, 

6/18/2029

96,022

ON

Semiconductor

Corporation,

Convertible

219,000

Zero

Coupon, 

5/1/2027

231,319

260,000

0.500%, 

3/1/2029

223,938

Open

Text

Corporation

96,000

3.875%, 

12/1/2029

a

87,327

Open

Text

Holdings,

Inc.

200,000

4.125%, 

2/15/2030

a

182,390

Oracle

Corporation

163,000

5.375%, 

9/27/2054

148,646

312,000

6.900%, 

11/9/2052

343,938

93,000

6.150%, 

11/9/2029

98,449

245,000

2.950%, 

4/1/2030

225,081

133,000

6.250%, 

11/9/2032

141,851

PayPal

Holdings,

Inc.

176,000

5.500%, 

6/1/2054

170,076

Pitney

Bowes,

Inc.

40,000

6.875%, 

3/15/2027

a

39,950

Progress

Software

Corporation,

Convertible

64,000

1.000%, 

4/15/2026

e

68,320

53,000

3.500%, 

3/1/2030

e

55,650

RingCentral,

Inc.

167,000

8.500%, 

8/15/2030

a

175,545

Rocket

Software,

Inc.

96,000

9.000%, 

11/28/2028

a

98,997

S&P

Global,

Inc.

90,000

2.900%, 

3/1/2032

80,249

Seagate

HDD

Cayman

29,000

9.625%, 

12/1/2032

32,617

Semtech

Corporation,

Convertible

118,000

1.625%, 

11/1/2027

e

145,140

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

71

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Technology  2.2%

-

continued

Sensata

Technologies

BV

$

117,000

4.000%, 

4/15/2029

a

$

107,535

Sensata

Technologies,

Inc.

44,000

3.750%, 

2/15/2031

a

38,418

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

100,000

4.625%, 

11/1/2026

a

98,217

19,000

6.750%, 

8/15/2032

a

19,151

SS&C

Technologies,

Inc.

162,000

5.500%, 

9/30/2027

a

160,775

33,000

6.500%, 

6/1/2032

a

33,357

Synaptics,

Inc.,

Convertible

157,000

0.750%, 

12/1/2031

a

147,580

Synopsys,

Inc.

109,000

5.700%, 

4/1/2055

108,228

Texas

Instruments,

Inc.

88,000

5.150%, 

2/8/2054

83,486

UKG,

Inc.

88,000

6.875%, 

2/1/2031

a

89,271

Verint

Systems,

Inc.,

Convertible

114,000

0.250%, 

4/15/2026

107,844

Verisk

Analytics,

Inc.

60,000

5.250%, 

3/15/2035

59,925

Viavi

Solutions,

Inc.

224,000

3.750%, 

10/1/2029

a

204,837

Viavi

Solutions,

Inc.,

Convertible

130,000

1.625%, 

3/15/2026

139,263

Vishay

Intertechnology,

Inc.,

Convertible

228,000

2.250%, 

9/15/2030

201,210

VMware,

LLC

194,000

1.400%, 

8/15/2026

185,787

237,000

4.700%, 

5/15/2030

234,921

123,000

2.200%, 

8/15/2031

104,547

Western

Digital

Corporation,

Convertible

370,000

3.000%, 

11/15/2028

475,820

Xerox

Holdings

Corporation

20,000

5.000%, 

8/15/2025

a

19,776

300,000

5.500%, 

8/15/2028

a

210,644

Xerox

Holdings

Corporation,

Convertible

216,000

3.750%, 

3/15/2030

122,040

Xilinx,

Inc.

52,000

2.375%, 

6/1/2030

46,844

Ziff

Davis,

Inc.,

Convertible

23,000

1.750%, 

11/1/2026

21,548

92,000

3.625%, 

3/1/2028

a

85,445

Total

13,260,308

Transportation  0.4%

Air

Canada

68,000

3.875%, 

8/15/2026

a

66,496

Air

Transport

Services

Group,

Inc.,

Convertible

157,000

3.875%, 

8/15/2029

156,388

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

130,417

5.500%, 

4/20/2026

a

130,060

116,920

5.750%, 

4/20/2029

a

114,404

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

101,000

5.375%, 

3/1/2029

a

91,090

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Transportation  0.4%

-

continued

Burlington

Northern

Santa

Fe,

LLC

$

88,000

5.500%, 

3/15/2055

$

87,669

DCLI

Bidco,

LLC

60,000

7.750%, 

11/15/2029

a

61,757

Delta

Air

Lines,

Inc.

181,000

4.375%, 

4/19/2028

177,370

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

55,674

4.500%, 

10/20/2025

a

55,481

ERAC

USA

Finance,

LLC

179,000

5.200%, 

10/30/2034

a

180,550

Greenbrier

Companies,

Inc.,

Convertible

116,000

2.875%, 

4/15/2028

128,342

Mileage

Plus

Holdings,

LLC

111,601

6.500%, 

6/20/2027

a

112,081

Norfolk

Southern

Corporation

136,000

4.450%, 

3/1/2033

131,408

OneSky

Flight,

LLC

52,000

8.875%, 

12/15/2029

a

52,556

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

111,000

1.200%, 

11/15/2025

a

108,497

96,000

1.700%, 

6/15/2026

a

92,705

Rand

Parent,

LLC

165,000

8.500%, 

2/15/2030

a,e

163,351

RXO,

Inc.

61,000

7.500%, 

11/15/2027

a

62,725

Ryder

System,

Inc.

81,000

2.850%, 

3/1/2027

78,362

Southwest

Airlines

Company

100,000

5.125%, 

6/15/2027

100,668

Stena

International

SA

129,000

7.250%, 

1/15/2031

a

128,940

Union

Pacific

Corporation

70,000

5.600%, 

12/1/2054

70,304

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

52,000

7.875%, 

5/1/2027

a

51,065

88,000

6.375%, 

2/1/2030

a,e

77,091

Total

2,479,360

U.S.

Government

&

Agencies  7.4%

U.S.

Treasury

Bonds

3,317,000

3.625%, 

5/15/2053

2,794,054

1,252,000

4.750%, 

11/15/2053

1,279,730

4,556,000

4.625%, 

2/15/2035

4,706,918

U.S.

Treasury

Notes

7,900,000

4.250%, 

12/31/2025

7,906,542

16,900,000

4.375%, 

7/31/2026

16,984,500

7,400,000

4.125%, 

7/31/2028

7,452,320

2,501,000

4.000%, 

2/28/2030

2,506,666

Total

43,630,730

Utilities  2.6%

AES

Corporation

100,000

7.600%, 

1/15/2055

b

100,911

156,000

3.950%, 

7/15/2030

a

146,301

Algonquin

Power

&

Utilities

Corporation

256,000

4.750%, 

1/18/2082

b

243,839

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

72

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Utilities  2.6%

-

continued

Alliant

Energy

Corporation,

Convertible

$

105,000

3.875%, 

3/15/2026

$

112,245

Ameren

Corporation

98,000

1.750%, 

3/15/2028

90,311

American

Electric

Power

Company,

Inc.

161,000

6.950%, 

12/15/2054

b

164,228

98,000

2.300%, 

3/1/2030

87,023

American

Water

Capital

Corporation

129,000

5.450%, 

3/1/2054

124,338

American

Water

Capital

Corporation,

Convertible

162,000

3.625%, 

6/15/2026

165,402

Arizona

Public

Service

Company

87,000

5.550%, 

8/1/2033

88,067

Atmos

Energy

Corporation

84,000

5.000%, 

12/15/2054

75,947

Calpine

Corporation

130,000

4.500%, 

2/15/2028

a

126,028

CenterPoint

Energy,

Inc.

93,000

7.000%, 

2/15/2055

b

94,424

47,000

6.700%, 

5/15/2055

b

46,342

95,000

1.450%, 

6/1/2026

91,641

146,000

2.650%, 

6/1/2031

128,150

CenterPoint

Energy,

Inc.,

Convertible

171,000

4.250%, 

8/15/2026

185,022

4,502

3.369%, 

9/15/2029

203,580

CMS

Energy

Corporation,

Convertible

134,000

3.375%, 

5/1/2028

148,204

Consolidated

Edison

Company

of

New

York,

Inc.

264,000

5.700%, 

5/15/2054

263,128

Constellation

Energy

Generation,

LLC

132,000

5.750%, 

3/15/2054

126,994

90,000

5.800%, 

3/1/2033

93,203

Dominion

Energy,

Inc.

138,000

6.875%, 

2/1/2055

b

142,879

138,000

7.000%, 

6/1/2054

b

145,046

98,000

3.375%, 

4/1/2030

91,583

DTE

Energy

Company

80,000

4.875%, 

6/1/2028

80,488

Duke

Energy

Carolinas,

LLC

272,000

5.400%, 

1/15/2054

262,271

Duke

Energy

Corporation

180,000

3.250%, 

1/15/2082

b

169,894

121,000

5.800%, 

6/15/2054

118,392

100,000

6.450%, 

9/1/2054

b

99,831

93,000

4.500%, 

8/15/2032

89,699

95,000

5.750%, 

9/15/2033

99,007

Duke

Energy

Corporation,

Convertible

264,000

4.125%, 

4/15/2026

286,123

Duke

Energy

Ohio,

Inc.

88,000

5.550%, 

3/15/2054

85,226

Edison

International

88,000

7.875%, 

6/15/2054

b

84,694

118,000

4.950%, 

4/15/2025

117,955

138,000

5.000%, 

12/15/2026

b,e,h

124,675

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Utilities  2.6%

-

continued

Enel

Finance

International

NV

$

200,000

1.625%, 

7/12/2026

a

$

192,570

200,000

5.125%, 

6/26/2029

a

202,134

Entergy

Corporation

97,000

1.900%, 

6/15/2028

89,144

Entergy

Louisiana,

LLC

93,000

5.800%, 

3/15/2055

92,550

Evergy,

Inc.,

Convertible

166,000

4.500%, 

12/15/2027

195,084

Eversource

Energy

154,000

4.600%, 

7/1/2027

154,119

Exelon

Corporation

349,000

5.600%, 

3/15/2053

336,068

98,000

4.050%, 

4/15/2030

94,945

Fells

Point

Funding

Trust

165,000

3.046%, 

1/31/2027

a

159,857

FirstEnergy

Corporation,

Convertible

236,000

4.000%, 

5/1/2026

239,068

Georgia

Power

Company

54,000

4.950%, 

5/17/2033

53,628

ITC

Holdings

Corporation

93,000

4.950%, 

9/22/2027

a

93,648

Jersey

Central

Power

&

Light

Company

185,000

2.750%, 

3/1/2032

a

159,887

Lightning

Power,

LLC

72,000

7.250%, 

8/15/2032

a

74,130

Long

Ridge

Energy,

LLC

96,000

8.750%, 

2/15/2032

a

92,739

MidAmerican

Energy

Company

357,000

5.300%, 

2/1/2055

339,002

National

Rural

Utilities

Cooperative

Finance

Corporation

89,000

4.850%, 

2/7/2029

89,959

NextEra

Energy

Capital

Holdings,

Inc.

149,000

5.900%, 

3/15/2055

148,786

100,000

3.800%, 

3/15/2082

b

94,084

214,000

6.750%, 

6/15/2054

b

218,440

98,000

2.250%, 

6/1/2030

86,705

55,000

5.300%, 

3/15/2032

55,895

NextEra

Energy

Capital

Holdings,

Inc.,

Convertible

123,000

3.000%, 

3/1/2027

141,942

NiSource,

Inc.

49,000

6.375%, 

3/31/2055

b

48,418

30,000

5.850%, 

4/1/2055

29,821

102,000

6.950%, 

11/30/2054

b

103,416

98,000

2.950%, 

9/1/2029

91,113

Northern

States

Power

Company/

MN

88,000

5.400%, 

3/15/2054

85,441

NRG

Energy,

Inc.

111,000

2.000%, 

12/2/2025

a

108,692

128,000

10.250%, 

3/15/2028

a,b,h

140,930

73,000

3.375%, 

2/15/2029

a

67,025

135,000

5.250%, 

6/15/2029

a

131,562

54,000

6.000%, 

2/1/2033

a

52,533

54,000

6.250%, 

11/1/2034

a

53,158

NRG

Energy,

Inc.,

Convertible

80,000

2.750%, 

6/1/2048

186,230

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

73

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Utilities  2.6%

-

continued

Oncor

Electric

Delivery

Company,

LLC

$

116,000

5.550%, 

6/15/2054

$

113,304

Pacific

Gas

and

Electric

Company

88,000

6.750%, 

1/15/2053

91,900

172,000

5.550%, 

5/15/2029

174,348

176,000

6.950%, 

3/15/2034

190,714

PG&E

Corporation

74,000

7.375%, 

3/15/2055

b

72,731

102,000

5.000%, 

7/1/2028

99,227

PG&E

Corporation,

Convertible

505,000

4.250%, 

12/1/2027

533,532

Pinnacle

West

Capital

Corporation,

Convertible

90,000

4.750%, 

6/15/2027

a

101,018

PPL

Capital

Funding,

Inc.

129,000

5.250%, 

9/1/2034

128,361

PPL

Capital

Funding,

Inc.,

Convertible

158,000

2.875%, 

3/15/2028

176,802

San

Diego

Gas

&

Electric

Company

88,000

5.550%, 

4/15/2054

85,004

Sempra

101,000

6.550%, 

4/1/2055

b

96,084

101,000

6.625%, 

4/1/2055

b

98,611

100,000

6.400%, 

10/1/2054

b

94,849

101,000

6.875%, 

10/1/2054

b

100,009

101,000

4.875%, 

10/15/2025

b,h

100,034

Southern

California

Edison

Company

176,000

5.450%, 

6/1/2031

178,340

Southern

Company

112,000

5.700%, 

10/15/2032

116,414

193,000

4.850%, 

3/15/2035

186,791

111,000

4.000%, 

1/15/2051

b

109,589

317,000

3.750%, 

9/15/2051

b

308,030

Southern

Company,

Convertible

302,000

3.875%, 

12/15/2025

336,126

156,000

4.500%, 

6/15/2027

a

171,725

TerraForm

Power

Operating,

LLC

315,000

5.000%, 

1/31/2028

a

304,870

TXNM

Energy,

Inc.,

Convertible

187,000

5.750%, 

6/1/2054

a

233,311

Virginia

Electric

and

Power

Company

119,000

5.350%, 

1/15/2054

111,913

Vistra

Corporation

76,000

8.000%, 

10/15/2026

a,b,h

77,990

190,000

7.000%, 

12/15/2026

a,b,h

192,394

Vistra

Operations

Company,

LLC

241,000

5.000%, 

7/31/2027

a

237,277

WEC

Energy

Group,

Inc.,

Convertible

138,000

4.375%, 

6/1/2027

a

161,506

128,000

4.375%, 

6/1/2029

a

153,169

Xcel

Energy,

Inc.

98,000

4.000%, 

6/15/2028

96,071

138,000

4.600%, 

6/1/2032

133,036

89,000

5.600%, 

4/15/2035

89,352

XPLR

Infrastructure

Operating

Partners,

LP

214,000

3.875%, 

10/15/2026

a

205,837

19,000

8.375%, 

1/15/2031

a,e

18,684

Principal

Amount

Long-Term

Fixed

Income  70.2%

Value

Utilities  2.6%

-

continued

$

19,000

8.625%, 

3/15/2033

a,e

$

18,485

XPLR

Infrastructure,

LP,

Convertible

355,000

Zero

Coupon, 

11/15/2025

a

342,575

66,000

2.500%, 

6/15/2026

a,e

62,931

Total

15,508,758

Total

Long-Term

Fixed

Income

(cost

$423,912,045)

415,105,279

Shares

Common

Stock

14.0%

Value

Communications

Services  0.9%

3,109

Alphabet,

Inc.,

Class

A

480,776

8,675

Alphabet,

Inc.,

Class

C

1,355,295

4,841

AT&T,

Inc.

136,903

2,803

Cogent

Communications

Holdings

171,852

8,385

Comcast

Corporation

309,407

3,154

Meta

Platforms,

Inc.

1,817,839

84

Netflix,

Inc.

j

78,333

800

News

Corporation,

Class

A

21,776

216

Spotify

Technology

SA

j

118,806

342

Tripadvisor,

Inc.

j

4,846

11,795

Verizon

Communications,

Inc.

535,021

650

Walt

Disney

Company

64,155

11,990

Warner

Brothers

Discovery,

Inc.

j

128,653

Total

5,223,662

Consumer

Discretionary  1.5%

3,197

Advance

Auto

Parts,

Inc.

125,354

10,080

Amazon.com,

Inc.

j

1,917,821

2,104

Aptiv

plc

j

125,188

1,759

Best

Buy

Company,

Inc.

129,480

42

Booking

Holdings,

Inc.

193,490

827

Boot

Barn

Holdings,

Inc.

j

88,845

2,790

Brunswick

Corporation

150,241

55

Build-A-Bear

Workshop,

Inc.

2,044

4,194

Champion

Homes,

Inc.

j

397,423

1,078

Columbia

Sportswear

Company

81,594

168

Cooper-Standard

Holdings,

Inc.

j

2,574

1,783

Crocs,

Inc.

j

189,355

1,200

D.R.

Horton,

Inc.

152,556

1,946

Deckers

Outdoor

Corporation

j

217,582

933

DoorDash,

Inc.

j

170,524

2,310

eBay,

Inc.

156,456

876

Expedia

Group,

Inc.

147,256

1,746

Garmin,

Ltd.

379,109

247

Group

1

Automotive,

Inc.

94,342

680

Hilton

Worldwide

Holdings,

Inc.

154,734

1,519

Home

Depot,

Inc.

556,698

3,712

La-Z-Boy,

Inc.

145,102

1,179

Lowe's

Companies,

Inc.

274,978

895

Lululemon

Athletica,

Inc.

j

253,339

1,089

Modine

Manufacturing

Company

j

83,581

1,768

NIKE,

Inc.

112,233

33

NVR,

Inc.

j

239,065

206

O'Reilly

Automotive,

Inc.

j

295,111

2,249

PUMA

SE

54,858

50

Ross

Stores,

Inc.

6,389

1,990

SharkNinja,

Inc.

j

165,986

2,562

Six

Flags

Entertainment

Corporation

91,387

2,613

Skechers

USA,

Inc.

j

148,366

8,924

Sony

Group

Corporation

ADR

e

226,580

2,172

Tesla,

Inc.

j

562,896

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

74

Shares

Common

Stock  14.0%

Value

Consumer

Discretionary  1.5%

-

continued

3,215

Wyndham

Hotels

&

Resorts,

Inc.

$

290,990

4,425

Yum

China

Holding,

Inc.

230,366

Total

8,613,893

Consumer

Staples  0.7%

2,000

BJ's

Wholesale

Club

Holdings,

Inc.

j

228,200

665

Casey's

General

Stores,

Inc.

288,637

711

Colgate-Palmolive

Company

66,621

62

Costco

Wholesale

Corporation

58,638

23,139

Coty,

Inc.

j

126,570

1,267

Hershey

Company

216,695

940

J

&

J

Snack

Foods

Corporation

123,817

1,459

J.M.

Smucker

Company

172,760

2,667

John

B.

Sanfilippo

&

Son,

Inc.

188,984

12,112

Kenvue,

Inc.

290,446

289

Keurig

Dr

Pepper,

Inc.

9,890

925

Lamb

Weston

Holdings,

Inc.

49,302

884

Lancaster

Colony

Corporation

154,700

4,898

Philip

Morris

International,

Inc.

777,460

1,124

Procter

&

Gamble

Company

191,552

4,782

Sysco

Corporation

358,841

1,776

Turning

Point

Brands,

Inc.

105,565

5,419

Walmart,

Inc.

475,734

Total

3,884,412

Energy  0.6%

559

Archrock,

Inc.

14,668

2,281

Baker

Hughes

Company

100,250

59

Cheniere

Energy,

Inc.

13,653

3,862

ConocoPhillips

405,587

13,579

Devon

Energy

Corporation

507,855

10,562

Enterprise

Products

Partners,

LP

360,587

1,717

EOG

Resources,

Inc.

220,188

5,086

Expand

Energy

Corporation

566,174

6,337

Exxon

Mobil

Corporation

753,659

4,866

Halliburton

Company

123,450

225

Hess

Midstream,

LP

9,515

464

Kinder

Morgan,

Inc.

13,238

1,071

Marathon

Petroleum

Corporation

156,034

2,570

Matador

Resources

Company

131,301

4,097

Noble

Corporation

plc

97,099

1,026

Schlumberger

NV

42,887

1,968

Shell

plc

ADR

144,215

3,886

TechnipFMC

plc

123,147

919

Williams

Companies,

Inc.

54,920

Total

3,838,427

Financials  2.3%

867

Allstate

Corporation

179,530

10,212

Ally

Financial,

Inc.

372,432

758

Amalgamated

Financial

Corporation

21,792

449

American

Express

Company

120,803

2,726

American

International

Group,

Inc.

236,998

766

Ameriprise

Financial,

Inc.

370,828

3,497

Arch

Capital

Group,

Ltd.

336,341

15,443

Bank

of

America

Corporation

644,436

65

Bank

of

Marin

Bancorp

1,435

3,267

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

127,152

2,847

Bank

of

New

York

Mellon

Corporation

238,778

222

BankUnited,

Inc.

7,646

563

Berkshire

Hathaway,

Inc.

j

299,843

7,529

Bridgewater

Bancshares,

Inc.

j

104,578

Shares

Common

Stock  14.0%

Value

Financials  2.3%

-

continued

1,522

Capital

One

Financial

Corporation

$

272,895

173

Cboe

Global

Markets,

Inc.

39,148

6,974

Charles

Schwab

Corporation

545,925

1,042

Chubb,

Ltd.

314,674

508

Citigroup,

Inc.

36,063

366

Community

Trust

Bancorp,

Inc.

18,432

1,264

Discover

Financial

Services

215,765

3,308

Donnelley

Financial

Solutions,

Inc.

j

144,593

276

Ellington

Credit

Company

1,493

184

Enact

Holdings,

Inc.

6,394

9,968

F.N.B.

Corporation

134,070

105

FactSet

Research

Systems,

Inc.

47,737

994

Federal

Agricultural

Mortgage

Corporation

186,385

128

Financial

Institutions,

Inc.

3,195

745

First

Bancorp/Puerto

Rico

14,282

728

First

Busey

Corporation

15,725

103

First

Citizens

BancShares,

Inc./NC

190,974

90

First

Mid-Illinois

Bancshares,

Inc.

3,141

508

Fiserv,

Inc.

j

112,182

1,084

Fulton

Financial

Corporation

19,610

3,780

Glacier

Bancorp,

Inc.

167,152

287

Great

Southern

Bancorp,

Inc.

15,891

74

Hanmi

Financial

Corporation

1,677

330

Hometrust

Bancshares,

Inc.

11,312

788

Houlihan

Lokey,

Inc.

127,262

46

Independent

Bank

Corporation/MI

1,416

3,809

Intercontinental

Exchange,

Inc.

657,052

3,610

J.P.

Morgan

Chase

&

Company

885,533

13,296

KeyCorp

212,603

1,115

Kinsale

Capital

Group,

Inc.

542,682

476

Marsh

&

McLennan

Companies,

Inc.

116,158

563

Mastercard,

Inc.

308,592

3,083

MetLife,

Inc.

247,534

616

MidWestOne

Financial

Group,

Inc.

18,240

391

MSCI,

Inc.

221,110

4,842

Nasdaq,

Inc.

367,314

2,759

Northern

Trust

Corporation

272,175

31,444

Nuveen

Credit

Strategies

Income

Fund,

Rights

j

943

1,144

OceanFirst

Financial

Corporation

19,459

517

OFG

Bancorp

20,690

490

Old

Second

Bancorp,

Inc.

8,154

61

PNC

Financial

Services

Group,

Inc.

10,722

224

Popular,

Inc.

20,691

570

Progressive

Corporation

161,316

2,146

Prosperity

Bancshares,

Inc.

153,160

6,388

Radian

Group,

Inc.

211,251

3,357

RLI

Corporation

269,668

241

Robinhood

Markets,

Inc.

j

10,030

382

S&P

Global,

Inc.

194,094

2,362

Tradeweb

Markets,

Inc.

350,662

3,087

Triumph

Financial,

Inc.

j

178,429

791

Truist

Financial

Corporation

32,550

9

TrustCo

Bank

Corporation

NY

274

606

Trustmark

Corporation

20,901

232

U.S.

Bancorp

9,795

2,024

Visa,

Inc.

709,331

11,099

Wells

Fargo

&

Company

796,797

5,174

Western

Alliance

Bancorp

397,518

5,129

Zions

Bancorp

NA

255,732

Total

13,391,145

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

75

Shares

Common

Stock  14.0%

Value

Health

Care  1.7%

1,915

Abbott

Laboratories

$

254,025

222

AbbVie,

Inc.

46,514

3,207

ADMA

Biologics,

Inc.

j

63,627

2,080

Agilent

Technologies,

Inc.

243,318

656

Align

Technology,

Inc.

j

104,212

948

Amgen,

Inc.

295,349

6,254

Avantor,

Inc.

j

101,377

1,557

BioMarin

Pharmaceutical,

Inc.

j

110,064

2,765

Boston

Scientific

Corporation

j

278,933

2,636

Centene

Corporation

j

160,032

253

Chemed

Corporation

155,676

714

Cigna

Group

234,906

5,143

Concentra

Group

Holdings

Parent,

Inc.

111,603

642

Cooper

Companies,

Inc.

j

54,153

2,170

Danaher

Corporation

444,850

592

Eli

Lilly

&

Company

488,939

1,483

Encompass

Health

Corporation

150,198

2,735

Gilead

Sciences,

Inc.

306,457

547

Humana,

Inc.

144,736

427

IDEXX

Laboratories,

Inc.

j

179,319

1,010

Insulet

Corporation

j

265,236

396

Intuitive

Surgical,

Inc.

j

196,127

3,669

Johnson

&

Johnson

608,467

905

Labcorp

Holdings,

Inc.

210,630

317

Medpace

Holdings,

Inc.

j

96,587

4,203

Medtronic

plc

377,682

3,481

Merck

&

Company,

Inc.

312,455

116

Mettler-Toledo

International,

Inc.

j

136,986

2,105

Neurocrine

Biosciences,

Inc.

j

232,813

720

Penumbra,

Inc.

j

192,535

13,595

Progyny,

Inc.

j

303,712

171

Regeneron

Pharmaceuticals,

Inc.

108,453

1,056

Repligen

Corporation

j

134,365

5,107

Sanofi

SA

ADR

283,234

5,715

Stevanato

Group

SPA

116,700

362

Stryker

Corporation

134,755

459

Thermo

Fisher

Scientific,

Inc.

228,398

3,117

Twist

Bioscience

Corporation

j

122,373

468

United

Therapeutics

Corporation

j

144,270

1,379

UnitedHealth

Group,

Inc.

722,251

497

Vertex

Pharmaceuticals,

Inc.

j

240,956

7,461

Viemed

Healthcare,

Inc.

j

54,316

858

Waters

Corporation

j

316,233

2,405

Zimmer

Biomet

Holdings,

Inc.

272,198

922

Zoetis,

Inc.

151,807

Total

9,891,827

Industrials  1.9%

423

AECOM

39,225

3,555

Air

Lease

Corporation

171,742

4,432

Amentum

Holdings,

Inc.

j

80,662

1,042

AMETEK,

Inc.

179,370

38

Armstrong

World

Industries,

Inc.

5,353

806

Automatic

Data

Processing,

Inc.

246,257

351

Axon

Enterprise,

Inc.

j

184,608

6,970

Badger

Infrastructure

Solutions,

Ltd.

188,217

4,612

Barrett

Business

Services,

Inc.

189,784

168

Brady

Corporation

11,868

1,177

BWX

Technologies,

Inc.

116,111

869

Caterpillar,

Inc.

286,596

21,383

CNH

Industrial

NV

262,583

14,444

CSX

Corporation

425,087

3,038

Dayforce,

Inc.

j

177,207

Shares

Common

Stock  14.0%

Value

Industrials  1.9%

-

continued

4,902

Delta

Air

Lines,

Inc.

$

213,727

2,193

Enerpac

Tool

Group

Corporation

98,378

2,900

ExlService

Holdings,

Inc.

j

136,909

1,686

Expeditors

International

of

Washington,

Inc.

202,742

6,354

Fastenal

Company

492,753

1,108

Ferguson

Enterprises,

Inc.

177,535

4,375

Flowserve

Corporation

213,675

7,625

Gates

Industrial

Corporation

plc

j

140,376

943

General

Dynamics

Corporation

257,043

154

Graco,

Inc.

12,861

66

Great

Lakes

Dredge

&

Dock

Corporation

j

574

4,088

Helios

Technologies,

Inc.

131,184

1,772

Hexcel

Corporation

97,035

1,494

Honeywell

International,

Inc.

316,355

2,713

Howmet

Aerospace,

Inc.

351,958

544

IES

Holdings,

Inc.

j

89,820

1,247

Ingersoll

Rand,

Inc.

99,797

1,509

Jacobs

Solutions,

Inc.

182,423

1,108

JB

Hunt

Transport

Services,

Inc.

163,929

3,559

Knight-Swift

Transportation

Holdings,

Inc.

154,781

2,043

Korn

Ferry

138,577

1,095

L3Harris

Technologies,

Inc.

229,194

933

Landstar

System,

Inc.

140,137

1,658

Leidos

Holdings,

Inc.

223,731

996

Lincoln

Electric

Holdings,

Inc.

188,403

470

Lockheed

Martin

Corporation

209,954

570

Masco

Corporation

39,638

11,024

Masterbrand,

Inc.

j

143,973

1,421

Miller

Industries,

Inc.

60,208

864

Moog,

Inc.

149,774

1,932

Old

Dominion

Freight

Line,

Inc.

319,649

116

Owens

Corning,

Inc.

16,567

424

Parker-Hannifin

Corporation

257,728

1,012

Quanta

Services,

Inc.

257,230

2,788

Robert

Half,

Inc.

152,085

1,148

Rockwell

Automation,

Inc.

296,620

5,892

Schneider

National,

Inc.

134,632

6,414

Southwest

Airlines

Company

215,382

5,940

Timken

Company

426,908

734

Trane

Technologies

plc

247,299

2,135

Trex

Company,

Inc.

j

124,044

3,754

Uber

Technologies,

Inc.

j

273,516

1,340

UFP

Industries,

Inc.

143,434

108

Union

Pacific

Corporation

25,514

1,218

United

Airlines

Holdings,

Inc.

j

84,103

1,804

United

Parcel

Service,

Inc.

198,422

461

United

Rentals,

Inc.

288,909

724

Verisk

Analytics,

Inc.

215,477

187

Waste

Management,

Inc.

43,292

3,021

WNS

Holdings,

Ltd.

j

185,761

Total

11,528,686

Information

Technology  2.8%

105

Adobe,

Inc.

j

40,271

4,746

Amphenol

Corporation

311,290

11,800

Apple,

Inc.

2,621,134

1,062

Applied

Materials,

Inc.

154,117

894

Arista

Networks,

Inc.

j

69,267

1,384

Autodesk,

Inc.

j

362,331

4,637

Broadcom,

Inc.

776,373

731

CDW

Corporation

117,150

4,434

Ciena

Corporation

j

267,947

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

76

Shares

Common

Stock  14.0%

Value

Information

Technology  2.8%

-

continued

9,906

Cisco

Systems,

Inc.

$

611,299

6,652

Cohu,

Inc.

j

97,851

2,858

Crane

NXT

Company

146,901

33

Credo

Technology

Group

Holding,

Ltd.

j

1,325

1,683

Datadog,

Inc.

j

166,970

5,477

DocuSign,

Inc.

j

445,828

803

Fabrinet

j

158,601

1,654

Fortinet,

Inc.

j

159,214

1,143

Freshworks,

Inc.

j

16,128

2,185

International

Business

Machines

Corporation

543,322

3,907

JFrog,

Ltd.

j

125,024

634

Littelfuse,

Inc.

124,733

7,341

Microsoft

Corporation

2,755,738

433

Motorola

Solutions,

Inc.

189,572

293

NetApp,

Inc.

25,737

21,783

NVIDIA

Corporation

2,360,842

3,621

ON

Semiconductor

Corporation

j

147,338

552

Onto

Innovation,

Inc.

j

66,980

969

Palantir

Technologies,

Inc.

j

81,784

2,373

Pegasystems,

Inc.

164,971

706

Plexus

Corporation

j

90,460

3,633

Qorvo,

Inc.

j

263,066

3,509

QUALCOMM,

Inc.

539,017

1,609

Salesforce,

Inc.

431,791

7,474

Samsung

Electronics

Company,

Ltd.

296,310

485

SAP

AG

ADR

130,193

525

ServiceNow,

Inc.

j

417,974

1,364

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

226,424

2,009

TD

SYNNEX

Corporation

208,856

7,498

Trimble,

Inc.

j

492,244

9,202

TTM

Technologies,

Inc.

j

188,733

1,849

Varonis

Systems,

Inc.

j

74,792

368

VeriSign,

Inc.

j

93,424

859

Zebra

Technologies

Corporation

j

242,719

Total

16,806,041

Materials  0.5%

1,654

Albemarle

Corporation

119,121

3,200

CF

Industries

Holdings,

Inc.

250,080

2,732

Corteva,

Inc.

171,925

2,720

DuPont

de

Nemours,

Inc.

203,130

2,057

Eastman

Chemical

Company

181,242

1,570

Ecolab,

Inc.

398,026

2,219

Greif,

Inc.

122,023

3,010

Ingevity

Corporation

j

119,166

10,469

Ivanhoe

Mines,

Ltd.

j

88,900

568

Linde

plc

264,484

2,085

Nucor

Corporation

250,909

3,643

Olin

Corporation

88,306

209

Packaging

Corporation

of

America

41,386

3,697

Steel

Dynamics,

Inc.

462,421

16,573

Tronox

Holdings

plc

116,674

255

United

States

Lime

&

Minerals,

Inc.

22,537

2,167

United

States

Steel

Corporation

91,577

2,313

West

Fraser

Timber

Company,

Ltd.

177,962

Total

3,169,869

Real

Estate  0.5%

2,324

Agree

Realty

Corporation

179,390

Shares

Common

Stock  14.0%

Value

Real

Estate  0.5%

-

continued

233

Alexandria

Real

Estate

Equities,

Inc.

$

21,555

486

AvalonBay

Communities,

Inc.

104,305

851

Broadstone

Net

Lease,

Inc.

14,501

1,266

CBRE

Group,

Inc.

j

165,567

2,426

Crown

Castle,

Inc.

252,862

13,161

Cushman

and

Wakefield

plc

j

134,505

89

Equinix,

Inc.

72,566

6,735

Essential

Properties

Realty

Trust,

Inc.

219,830

993

Extra

Space

Storage,

Inc.

147,451

5,313

First

Industrial

Realty

Trust,

Inc.

286,689

10,930

Healthcare

Realty

Trust,

Inc.

184,717

201

Innovative

Industrial

Properties,

Inc.

10,872

397

Kite

Realty

Group

Trust

8,881

5,857

National

Storage

Affiliates

Trust

230,766

1,429

Outfront

Media,

Inc.

23,064

1,599

RLJ

Lodging

Trust

12,616

8,075

Sabra

Health

Care

REIT,

Inc.

141,070

1,599

SBA

Communications

Corporation

351,796

1,416

Tanger,

Inc.

47,847

2,694

Terreno

Realty

Corporation

170,315

5,225

Uniti

Group,

Inc.

26,334

571

Zillow

Group,

Inc.,

Class

C

j

39,148

Total

2,846,647

Utilities  0.6%

4,711

Alliant

Energy

Corporation

303,153

324

American

Water

Works

Company,

Inc.

47,796

141

Black

Hills

Corporation

8,552

247

California

Water

Service

Group

11,970

8,731

CenterPoint

Energy,

Inc.

316,324

527

Clearway

Energy,

Inc.,

Class

C

15,952

923

Constellation

Energy

Corporation

186,104

3,349

Duke

Energy

Corporation

408,477

471

Edison

International

27,751

5,393

Entergy

Corporation

461,048

7,578

NiSource,

Inc.

303,802

1,287

Northwestern

Energy

Group,

Inc.

74,479

5,011

PG&E

Corporation

86,089

2,664

Portland

General

Electric

Company

118,814

3,149

Public

Service

Enterprise

Group,

Inc.

259,163

1,732

Spire,

Inc.

135,529

9,937

UGI

Corporation

328,617

2,264

Vistra

Energy

Corporation

265,884

Total

3,359,504

Total

Common

Stock

(cost

$60,696,713)

82,554,113

Shares

Registered

Investment

Companies  

9.7%

Value

U.S.

Affiliated  

9.0%  

5,613,876

Thrivent

Core

Emerging

Markets

Debt

Fund

45,977,645

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

77

Shares

Registered

Investment

Companies  9.7%

Value

U.S.

Affiliated  

9.0%  -

continued

643,667

Thrivent

Core

International

Equity

Fund

$

7,054,586

Total

53,032,231

U.S.

Unaffiliated  

0.7%  

9,010

abrdn

Asia-Pacific

Income

Fund,

Inc.

141,457

27,032

abrdn

Income

Credit

Strategies

Fund

159,218

7,225

abrdn

Total

Dynamic

Dividend

Fund

60,618

17,145

AllianceBernstein

Global

High

Income

Fund,

Inc.

183,966

24,503

Allspring

Income

Opportunities

Fund

167,601

5,196

BlackRock

Capital

Allocation

Term

Trust

74,822

3,084

BlackRock

Core

Bond

Trust

33,461

16,974

BlackRock

Corporate

High

Yield

Fund,

Inc.

162,611

19,260

BlackRock

Credit

Allocation

Income

Trust

206,467

1,742

BlackRock

Debt

Strategies

Fund,

Inc.

18,186

2,666

BlackRock

Enhanced

Equity

Dividend

Trust

22,928

13,859

BlackRock

Enhanced

Global

Dividend

Trust

150,370

8,395

BlackRock

Enhanced

International

Dividend

Trust

47,096

532

BlackRock

Floating

Rate

Income

Strategies

Fund,

Inc.

6,873

5,735

BlackRock

Income

Trust,

Inc.

67,960

11,523

BlackRock

Multi-Sector

Income

Trust

166,853

14,848

Blackstone

Strategic

Credit

2027

Term

Fund

179,364

9,709

Cornerstone

Strategic

Investment

Fund,

Inc.

e

72,138

18,986

Eaton

Vance

Limited

Duration

Income

Fund

189,480

7,811

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

63,581

3,000

Invesco

Senior

Loan

ETF

e

62,100

8,000

iShares

Preferred

and

Income

Securities

ETF

e

245,840

31,444

Nuveen

Credit

Strategies

Income

Fund

169,169

13,087

Nuveen

Preferred

Income

Opportunities

Fund

104,173

15,353

PGIM

Global

High

Yield

Fund,

Inc.

206,037

14,060

PGIM

High

Yield

Bond

Fund,

Inc.

200,355

5,565

Pimco

Dynamic

Income

Fund

110,187

10,417

PIMCO

High

Income

Fund

50,939

10,595

PIMCO

Income

Strategy

Fund

II

79,886

1,591

Tri-Continental

Corporation

48,796

8,544

Vanguard

Short-Term

Corporate

Bond

ETF

e

674,463

3,393

Virtus

Convertible

&

Income

Fund

43,872

12,463

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

151,176

2,846

Virtus

Equity

&

Convertible

Income

Fund

62,982

27,753

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

160,135

Shares

Registered

Investment

Companies  9.7%

Value

U.S.

Unaffiliated  

0.7%  -

continued

3,255

Western

Asset

Diversified

Income

Fund

$

47,035

42,572

Western

Asset

High

Income

Opportunity

Fund,

Inc.

169,437

Total

4,761,632

Total

Registered

Investment

Companies

(cost

$62,878,137)

57,793,863

Shares

Preferred

Stock

1.5%

Value

Basic

Materials  0.1%

6,215

Albemarle

Corporation,

Convertible,

7.250%

221,565

Total

221,565

Capital

Goods  0.1%

10,854

Boeing

Company,

Convertible,

6.000%

649,395

Total

649,395

Communications

Services  0.1%

14,875

AT&T,

Inc.,

4.750%

h

283,666

11,250

Telephone

and

Data

Systems,

Inc.,

6.000%

h

198,563

Total

482,229

Financials  1.1%

7,525

AEGON

Funding

Company,

LLC,

5.100%

150,048

7,500

Allstate

Corporation,

5.100%

h

157,500

4,147

Apollo

Global

Management,

Inc.,

Convertible,

6.750%

303,104

4,259

Ares

Management

Corporation,

Convertible,

6.750%

205,326

4,800

Athene

Holding,

Ltd.,

5.625%

h

94,416

12,300

Bank

of

America

Corporation,

4.250%

h

221,154

10,000

Bank

of

America

Corporation,

4.375%

h

184,900

5,000

Bank

of

America

Corporation,

4.750%

h

100,100

10,000

Bank

of

America

Corporation,

5.000%

h

210,600

426

Bank

of

America

Corporation,

Convertible,

7.250%

h

525,927

2,400

Capital

One

Financial

Corporation,

4.800%

h

43,536

9,875

Capital

One

Financial

Corporation,

5.000%

h

187,427

2,400

Charles

Schwab

Corporation,

4.450%

e,h

46,560

1,775

Citizens

Financial

Group,

Inc.,

7.375%

h

45,848

4,050

Corebridge

Financial,

Inc.,

6.375%

100,764

6,200

Equitable

Holdings,

Inc.,

5.250%

h

127,782

4,800

Fifth

Third

Bancorp,

4.950%

h

104,256

4,800

Huntington

Bancshares,

Inc./OH,

4.500%

h

83,424

10,400

J.P.

Morgan

Chase

&

Company,

4.200%

h

190,736

10,000

J.P.

Morgan

Chase

&

Company,

4.625%

h

199,500

9,925

J.P.

Morgan

Chase

&

Company,

4.750%

h

204,058

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

78

Shares

Preferred

Stock  1.5%

Value

Financials  1.1%

-

continued

2,400

KeyCorp,

5.650%

h

$

50,016

10,750

KeyCorp,

6.200%

b,h

255,743

2,400

MetLife,

Inc.,

4.750%

h

47,520

9,050

Morgan

Stanley,

4.250%

e,h

162,267

7,800

Morgan

Stanley,

5.850%

b,h

185,250

5,100

Morgan

Stanley,

7.125%

b,h

128,112

9,350

Public

Storage,

4.125%

h

159,979

3,775

Public

Storage,

4.625%

h

71,348

958

Public

Storage,

4.700%

h

18,671

4,800

Regions

Financial

Corporation,

4.450%

h

82,512

2,700

Regions

Financial

Corporation,

5.700%

b,h

63,801

2,675

Synovus

Financial

Corporation,

8.397%

b,h

67,838

4,800

Truist

Financial

Corporation,

4.750%

h

93,744

9,000

U.S.

Bancorp,

4.000%

e,h

148,950

15,500

Wells

Fargo

&

Company,

4.250%

h

274,040

10,000

Wells

Fargo

&

Company,

4.375%

h

180,000

4,800

Wells

Fargo

&

Company,

4.700%

h

92,256

7,600

Wells

Fargo

&

Company,

4.750%

h

151,316

538

Wells

Fargo

&

Company,

Convertible,

7.500%

h

646,030

Total

6,366,359

Technology  <0.1%

4,261

Hewlett

Packard

Enterprise

Company,

Convertible,

7.625%

203,420

Total

203,420

Utilities  0.1%

14,250

CMS

Energy

Corporation,

4.200%

h

247,665

3,525

NextEra

Energy,

Inc.,

Convertible,

6.926%

143,221

819

Nextera

Energy,

Inc.,

Convertible,

7.234%

37,305

3,900

NextEra

Energy,

Inc.,

Convertible,

7.299%

186,459

6,200

Southern

Company,

4.950%

126,604

Total

741,254

Total

Preferred

Stock

(cost

$9,858,149)

8,664,222

Shares

Collateral

Held

for

Securities

Loaned

0.8%

Value

4,470,992

Thrivent

Cash

Management

Trust

4,470,992

Total

Collateral

Held

for

Securities

Loaned

(cost

$4,470,992)

4,470,992

Shares

or

Principal

Amount

Short-Term

Investments

4.3%

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

4.240%,

4/2/2025

k

99,976

400,000

4.220%,

5/9/2025

k,l

398,202

100,000

4.205%,

5/23/2025

k,l

99,389

800,000

4.203%,

6/6/2025

k,l

793,776

Federal

National

Mortgage

Association

Discount

Notes

500,000

4.210%,

4/11/2025

k,l

499,355

900,000

4.215%,

5/5/2025

k,l

896,369

Shares

or

Principal

Amount

Short-Term

Investments  4.3%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

14,410,283

4.293%

k

$

14,410,284

Thrivent

Core

Short-Term

Reserve

Fund

780,000

4.600%

7,800,000

U.S.

Treasury

Bills

100,000

4.217%,

4/15/2025

k,m

99,835

300,000

4.193%,

6/26/2025

k,m

296,994

Total

Short-Term

Investments

(cost

$25,393,891)

25,394,180

Total

Investments

(cost

$587,209,927)

100.5%

$593,982,649

Other

Assets

and

Liabilities,

Net

(0.5%)

(2,894,600)

Total

Net

Assets

100.0%

$591,088,049

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2025,

the

value

of

these

investments

was

$129,769,312

or

22.0%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

March

31,

2025.

d

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

e

All

or

a

portion

of

the

security

is

on

loan.

f

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

g

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

March

31,

2025.

h

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

i

Defaulted

security.  Interest

is

not

being

accrued.

j

Non-income

producing

security.

k

The

interest

rate

shown

reflects

the

yield.

l

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

m

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

79

*

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

March

31,

2025

was

$16,500

or

0.00%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

March

31,

2025.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG 

5/17/2021

$

121,941

Credit

Suisse

Group

AG 

12/4/2013

110,000

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Diversified

Income

Plus

Portfolio

as

of

March

31,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

2,748,581

Common

Stock

1,459,916

Total

lending

$4,208,497

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$4,470,992

Net

amounts

due

to

counterparty

$262,495

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

Ser.

-

Series

STRIPS

-

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

Reference

Rate

Index:

CMT

1Y

-

Constant

Maturity

Treasury

Yield

1

Year

H15T

5Y

-

U.

S.

Treasury

Yield

Curve

Rate

Treasury

Note

Constant

Maturity

5

Year

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

80

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Diversified

Income

Plus

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

34,205,591

–

34,205,591

–

Basic

Materials

5,711,826

–

5,711,826

–

Capital

Goods

9,343,252

–

9,343,252

–

Collateralized

Mortgage

Obligations

38,448,043

–

38,448,043

–

Commercial

Mortgage-Backed

Securities

6,804,780

–

6,804,780

–

Communications

Services

13,608,085

–

13,608,085

–

Consumer

Cyclical

18,332,202

–

18,332,202

–

Consumer

Non-Cyclical

18,287,498

–

18,287,498

–

Energy

15,306,276

–

15,306,276

–

Financials

49,686,582

–

49,686,582

–

Foreign

Government

460,772

–

460,772

–

Mortgage-Backed

Securities

130,031,216

–

130,031,216

–

Technology

13,260,308

–

13,260,308

–

Transportation

2,479,360

–

2,479,360

–

U.S.

Government

&

Agencies

43,630,730

–

43,630,730

–

Utilities

15,508,758

–

15,508,758

–

Common

Stock

Communications

Services

5,223,662

5,223,662

–

–

Consumer

Discretionary

8,613,893

8,559,035

54,858

–

Consumer

Staples

3,884,412

3,884,412

–

–

Energy

3,838,427

3,838,427

–

–

Financials

13,391,145

13,391,145

–

–

Health

Care

9,891,827

9,891,827

–

–

Industrials

11,528,686

11,340,469

188,217

–

Information

Technology

16,806,041

16,509,731

296,310

–

Materials

3,169,869

3,080,969

88,900

–

Real

Estate

2,846,647

2,846,647

–

–

Utilities

3,359,504

3,359,504

–

–

Preferred

Stock

Basic

Materials

221,565

221,565

–

–

Capital

Goods

649,395

649,395

–

–

Communications

Services

482,229

482,229

–

–

Financials

6,366,359

6,366,359

–

–

Technology

203,420

203,420

–

–

Utilities

741,254

741,254

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

4,761,632

4,761,632

–

–

Short-Term

Investments

17,594,180

14,410,284

3,183,896

–

Subtotal

Investments

in

Securities

$528,679,426

$109,761,966

$418,917,460

$–

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

53,032,231

Affiliated

Short-Term

Investments

7,800,000

Collateral

Held

for

Securities

Loaned

4,470,992

Subtotal

Other

Investments

$65,303,223

Total

Investments

at

Value

$593,982,649

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

81

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Diversified

Income

Plus

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

813,545

619,352

194,193

–

Total

Return

Swaps

533

–

533

–

Credit

Default

Swaps

48,192

–

48,192

–

Total

Asset

Derivatives

$862,270

$619,352

$242,918

$–

Liability

Derivatives

Futures

Contracts

317,999

317,999

–

–

Total

Liability

Derivatives

$317,999

$317,999

$–

$–

The

following

table

presents

Diversified

Income

Plus

Portfolio's

futures

contracts

held

as

of

March

31,

2025.

Investments

and/or

cash

totaling

$2,639,895

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

2-Yr.

U.S.

Treasury

Note

10

June

2025

$

2,063,229

$

8,490

CME

E-mini

S&P

500

Index

141

June

2025

39,334,444

520,969

ICE

mini

MSCI

EAFE

Index

66

June

2025

8,138,002

(

164,212)

ICE

US

mini

MSCI

Emerging

Markets

Index

22

June

2025

1,243,935

(

22,055)

Total

Futures

Long

Contracts

$

50,779,610

$

343,192

CBOT

U.S.

Long

Bond

(5)

June

2025

(

$

580,572)

(

$

5,835)

CME

E-mini

Russell

2000

Index

(117)

June

2025

(

11,774,864)

(

83,671)

CME

E-mini

S&P

Mid-Cap

400

Index

(15)

June

2025

(

4,369,517)

(

38,383)

CME

Euro

Foreign

Exchange

Currency

(64)

June

2025

(

8,779,493)

89,893

CME

Ultra

Long

Term

U.S.

Treasury

Bond

(5)

June

2025

(

607,407)

(

3,843)

Eurex

Euro

STOXX

50

Index

(147)

June

2025

(

8,480,338)

194,193

Total

Futures

Short

Contracts

(

$

34,592,191)

$152,354

Total

Futures

Contracts

$

16,187,419

$495,546

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

82

1

As

the

buyer

of

protection,

Diversified

Income

Plus

Portfolio

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Diversified

Income

Plus

Portfolio

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Diversified

Income

Plus

Portfolio

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

Reference

Description:

EFFR

-

Effective

Federal

Funds

Rate

S&P

-

Standard

&

Poor's

The

following

table

presents

Diversified

Income

Plus

Portfolio's

credit

default

swap

contracts

held

as

of

March

31,

2025.

Investments

totaling

$396,829

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Credit

Default

Swaps

Buy/Sell

Protection

1

Termination

Date

Notional

Principal

Amount

2

Upfront

Payments/

(Receipts)

Value

3

Unrealized

Gain/(Loss)

CDX

HY

44,

5

Year,

at

5.00%,

Quarterly

Buy

6/20/2030

$

7,350,000

$

–

$

48,192

$

48,192

Total

Credit

Default

Swaps

$–

$48,192

$48,192

The

following

table

presents

Diversified

Income

Plus

Portfolio's

total

return

swap

contracts

held

as

of

March

31,

2025.

Total

Return

Swaps                

Reference

Entity

Fund

Pays

#

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

MidCap

400

Total

Return

Index

Swap

Total

Return

EFFR

1

day

+

45bps

Goldman

Sachs

&

Co.

LLC

8/6/2025

$

98,942

$

533

$

–

$

533

Total

Return

Swaps

$

533

$

–

$533

#

Payment

made

on

Termination

Date

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

83

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,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Diversified

Income

Plus

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$49,160

$692

$4,200

$45,978

5,614

7.8%

Core

International

Equity

6,583

–

4

7,055

644

1.2

Total

U.S.

Affiliated

Registered

Investment

Companies

55,743

53,033

9.0

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

16,613

25,935

34,748

7,800

780

1.3

Total

Affiliated

Short-Term

Investments

16,613

7,800

1.3

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

5,762

20,682

21,973

4,471

4,471

0.8

Total

Collateral

Held

for

Securities

Loaned

5,762

4,471

0.8

Total

Value

$78,118

$65,304

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($838)

$1,164

$

–

$692

Core

International

Equity

0

476

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

1

(1)

–

89

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$781

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

7

Total

Affiliated

Income

from

Securities

Loaned,

Net

$7

Total

Value

($837)

$1,639

$

–

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

84

Shares

Common

Stock

97.4%

Value

Brazil  4.3%  

162,600

Ambev

SA

$

386,380

66,400

Banco

do

Brasil

SA

328,367

60,035

Companhia

Energetica

de

Minas

Gerais

ADR

105,661

890

Companhia

Paranaense

de

Energia

-

COPEL

ADR

5,999

35,100

Cury

Construtora

e

Incorporadora

SA

150,206

14,600

Direcional

Engenharia

SA

80,056

2,184

Embraer

SA

ADR

a

100,901

64,421

Gerdau

SA

ADR

182,956

65,863

Itau

Unibanco

Holding

SA

ADR

362,246

19,600

JBS

SA

141,338

26,600

Magazine

Luiza

SA

a

47,266

6,405

Petroleo

Brasileiro

SA

ADR

91,848

29,800

Telefonica

Brasil

SA

261,212

39,734

Vale

SA

ADR

396,545

Total

2,640,981

Cayman

Islands  17.8%  

119,000

3SBio,

Inc.

b

182,963

51,500

AAC

Technologies

Holdings,

Inc.

314,211

132,300

Alibaba

Group

Holding,

Ltd.

2,189,033

228,000

China

Feihe,

Ltd.

b

172,040

71,000

China

Mengniu

Dairy

Company,

Ltd.

175,364

88,500

China

Resources

Land,

Ltd.

293,573

78,000

Consun

Pharmaceutical

Group,

Ltd.

92,494

177,000

Geely

Automobile

Holdings,

Ltd.

379,950

215,000

Greentown

China

Holdings,

Ltd.

304,929

28,709

JD.com,

Inc.

590,588

2,104

JOYY,

Inc.

ADR

a

88,326

92,500

Kingboard

Holdings,

Ltd.

264,442

27,100

Meituan

a,b

545,319

9,500

NetDragon

Websoft

Holdings,

Ltd.

12,446

14,003

NU

Holdings,

Ltd./Cayman

Islands

a

143,391

3,056

PDD

Holdings,

Inc.

ADR

a

361,678

12,800

Pop

Mart

International

Group,

Ltd.

b

258,697

549,000

Shui

On

Land,

Ltd.

48,102

56,500

Tencent

Holdings,

Ltd.

3,610,122

58,000

Tingyi

(Cayman

Islands)

Holding

Corporation

97,374

90,600

Xiaomi

Corporation

a,b

573,292

120,500

Zhongsheng

Group

Holdings,

Ltd.

212,214

Total

10,910,548

Chile  0.4%  

2,814

Banco

de

Chile

ADR

74,543

2,111

Banco

de

Credito

e

Inversiones

SA

78,011

23,325

Cencosud

SA

71,237

302,272

Colbun

SA

42,498

1

Enel

Americas

SA

0

Total

266,289

China  12.8%  

8,000

Anhui

Conch

Cement

Company,

Ltd.,

Class

H

22,626

5,000

Anker

Innovations

Technology

Company,

Ltd.

71,183

24,600

Avary

Holding

Shenzhen

Company,

Ltd.

123,699

330,500

BAIC

Motor

Corporation,

Ltd.

b

86,040

148,400

BOE

Technology

Group

Company,

Ltd.

84,965

Shares

Common

Stock  97.4%

Value

China  12.8%  -

continued

900

BYD

Company,

Ltd.,

Class

A

$

46,775

500

BYD

Company,

Ltd.,

Class

H

25,318

225,000

China

Construction

Bank

Corporation,

Class

H

199,387

58,000

China

Life

Insurance

Company,

Ltd.

112,113

461,500

China

Southern

Airlines

Company,

Ltd.

a

360,955

278,400

China

Tower

Corporation,

Ltd.

b

375,019

865,800

China

United

Network

Communications,

Ltd.

664,703

15,500

CITIC

Securities

Company,

Ltd.,

Class

H

40,626

440,000

CRRC

Corporation,

Ltd.

274,511

8,200

Guotai

Junan

Securities

Company,

Ltd.

19,456

81,800

Haier

Smart

Home

Company,

Ltd.,

Class

H

263,684

3,700

Hithink

RoyalFlush

Information

Network

Company,

Ltd.

145,599

110,200

Huatai

Securities

Company,

Ltd.

b

177,694

400

Huatai

Securities

Company,

Ltd.,

Class

A

913

205,100

Huaxia

Bank

Company,

Ltd.

221,677

25,200

Industrial

and

Commercial

Bank

of

China,

Ltd.,

Class

A

23,956

236,000

Industrial

and

Commercial

Bank

of

China,

Ltd.,

Class

H

168,405

72,000

Inner

Mongolia

Yili

Industrial

Group

Company,

Ltd.

278,810

264,000

Lenovo

Group,

Ltd.

358,766

31,600

Lens

Technology

Company,

Ltd.

110,777

2,100

Midea

Group

Company,

Ltd.

22,741

53,300

New

China

Life

Insurance

Company,

Ltd.

203,788

575,000

People's

Insurance

Company

(Group)

of

China,

Ltd.,

Class

H

297,853

32,000

PICC

Property

and

Casualty

Company,

Ltd.

59,255

5,600

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.,

Class

A

39,898

115,000

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.,

Class

H

686,430

238,800

SAIC

Motor

Corporation,

Ltd.

521,877

26,800

Seres

Group

Company,

Ltd.

467,529

7,000

Shanghai

Conant

Optical

Company,

Ltd.

24,912

83,800

Shanghai

Pharmaceuticals

Holding

Company,

Ltd.,

Class

H

120,617

117,900

Shenwan

Hongyuan

Group

Company,

Ltd.

80,241

190,400

Sinopharm

Group

Company,

Ltd.

441,842

58,100

Suzhou

Dongshan

Precision

Manufacturing

Company,

Ltd.

263,503

83,000

Tong

Ren

Tang

Technologies

Company,

Ltd.

50,937

31,500

Universal

Scientific

Industrial

Shanghai

Company,

Ltd.

76,036

12,100

WuXi

AppTec

Company,

Ltd.,

Class

H

b

108,057

18,000

Xinhua

Winshare

Publishing

and

Media

Company,

Ltd.

24,957

2,800

ZTE

Corporation,

Class

A

13,267

30,800

ZTE

Corporation,

Class

H

95,032

Total

7,856,429

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

85

Shares

Common

Stock  97.4%

Value

Colombia  0.6%  

1,283

Bancolombia

SA

$

14,401

8,706

Bancolombia

SA

ADR

349,981

Total

364,382

Czech

Republic  0.1%  

1

CEZ

AS

50

42

Philip

Morris

CR

32,570

Total

32,620

Egypt  <0.1%  

7,402

Commercial

International

Bank

Egypt

SAE

GDR

11,177

Total

11,177

Greece  0.4%  

35,868

Eurobank

Ergasias

Services

and

Holdings

SA

96,351

9,247

HELLENiQ

ENERGY

Holdings

SA

76,517

4,116

OPAP

SA

81,768

Total

254,636

Hong

Kong  0.4%  

58,000

China

Overseas

Grand

Oceans

Group,

Ltd.

14,005

45,000

China

Resources

Pharmaceutical

Group,

Ltd.

b

29,255

57,200

China

Taiping

Insurance

Holdings

Company,

Ltd.

87,083

165,000

Yuexiu

Property

Company,

Ltd.

112,576

Total

242,919

Hungary  1.1%  

22,220

MOL

Hungarian

Oil

&

Gas

plc

175,224

4,572

OTP

Bank

Nyrt

307,613

6,831

Richter

Gedeon

Nyrt

188,155

Total

670,992

India  18.0%  

19,172

Adani

Power,

Ltd.

a

113,311

3,950

Bajaj

Auto,

Ltd.

362,600

134,897

Bharat

Petroleum

Corporation,

Ltd.

436,870

44,274

Bharti

Airtel,

Ltd.

895,056

28

Bosch,

Ltd.

9,267

35,073

Chambal

Fertilisers

and

Chemicals,

Ltd.

255,288

37,616

Cipla,

Ltd.

632,133

505

CRISIL,

Ltd.

24,690

3,321

Cummins

India,

Ltd.

117,883

1,757

Eicher

Motors,

Ltd.

109,608

278

GE

Vernova

T&D

India,

Ltd.

5,030

1,322

Gujarat

Gas,

Ltd.

6,352

9,916

HCL

Technologies,

Ltd.

183,697

13,621

HDFC

Asset

Management

Company,

Ltd.

b

637,276

24,258

HDFC

Bank,

Ltd.

517,089

14,053

Hero

MotoCorp,

Ltd.

609,853

72,839

Hindalco

Industries,

Ltd.

577,988

3,545

Hindustan

Aeronautics,

Ltd.

172,252

38,162

Hindustan

Petroleum

Corporation,

Ltd.

159,742

28,832

ICICI

Bank,

Ltd.

ADR

908,785

11,720

Infosys,

Ltd.

ADR

213,890

19,900

Jindal

Saw,

Ltd.

62,430

9,817

LT

Foods,

Ltd.

43,536

Shares

Common

Stock  97.4%

Value

India  18.0%  -

continued

4,990

Lupin,

Ltd.

$

118,153

4,367

Mahindra

&

Mahindra,

Ltd.

135,548

2,311

Maruti

Suzuki

India,

Ltd.

310,451

73

MRF,

Ltd.

95,958

11,549

Oberoi

Realty,

Ltd.

219,950

16,290

Oil

&

Natural

Gas

Corporation,

Ltd.

46,815

541

Page

Industries,

Ltd.

269,624

3,454

Persistent

Systems,

Ltd.

221,662

3,689

Pidilite

Industries,

Ltd.

122,760

25,942

Power

Finance

Corporation,

Ltd.

124,822

13,214

Reliance

Industries,

Ltd.

196,457

18,836

Tata

Consultancy

Services,

Ltd.

792,366

42,311

Tech

Mahindra,

Ltd.

697,894

2,134

Trent,

Ltd.

132,285

1,320

UltraTech

Cement,

Ltd.

177,053

6,245

United

Spirits,

Ltd.

102,181

17,777

Wipro,

Ltd.

ADR

54,398

14,711

Zydus

Lifesciences,

Ltd.

152,161

Total

11,025,164

Indonesia  1.3%  

1,552,600

Bank

Central

Asia

Tbk

PT

796,926

Total

796,926

Kuwait  0.6%  

10,895

HumanSoft

Holding

Company

KSCC

93,073

26,461

Kuwait

Finance

House

KSCP

68,049

52,606

National

Bank

of

Kuwait

KSC

178,554

Total

339,676

Malaysia  0.4%  

30,000

Hong

Leong

Bank

Bhd

136,509

16,700

RHB

Bank

Bhd

25,741

166,300

Sime

Darby

Property

Bhd

50,604

55,896

Sports

Toto

Bhd

17,761

Total

230,615

Mexico  0.9%  

3,299

Coca-Cola

FEMSA

SAB

de

CV

ADR

301,166

100

Grupo

Carso

SAB

de

CV

583

7,210

Grupo

Financiero

Banorte

SAB

de

CV

ADR

50,057

22,200

Grupo

Mexico

SAB

de

CV

110,910

7,472

Grupo

Televisa

SAB

ADR

13,076

31,500

Megacable

Holdings

SAB

de

CV

65,880

Total

541,672

Philippines  0.1%  

22,270

Bank

of

the

Philippine

Islands

51,372

Total

51,372

Poland  1.9%  

6,972

Asseco

Poland

SA

285,577

1,844

Bank

Polska

Kasa

Opieki

SA

84,300

3,531

Orlen

SA

62,194

20,437

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

399,043

23,652

Powszechny

Zaklad

Ubezpieczen

SA

343,635

Total

1,174,749

Qatar  0.4%  

26,623

Commercial

Bank

PSQC

30,512

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

86

Shares

Common

Stock  97.4%

Value

Qatar  0.4%  -

continued

33,657

Doha

Bank

QPSC

$

17,770

9,364

Gulf

Warehousing

Company

7,966

1

Ooredoo

QPSC

3

7,910

Qatar

Islamic

Bank

QPSC

44,620

30,862

Qatar

National

Bank

QPSC

136,021

Total

236,892

Russian

Federation  <0.1%  

22,154

LUKOIL

PJSC

c,d

0

78,093

NovaTek

PJSC

c,d

0

136,926

Sberbank

of

Russia

PJSC

c,d

0

Total

0

Saudi

Arabia  3.0%  

20,872

Al

Rajhi

Bank

566,577

55,142

Arab

National

Bank

338,429

1,908

Eastern

Province

Cement

Company

18,286

194

Elm

Company

50,167

3,784

Riyadh

Cement

Company

37,022

27,239

Saudi

Arabian

Oil

Company

b

194,044

10,377

Saudi

National

Bank

98,886

39,810

Saudi

Telecom

Company

481,294

1,873

Theeb

Rent

A

Car

Company

34,851

Total

1,819,556

South

Africa  2.6%  

20,726

Absa

Group,

Ltd.

200,071

25,369

AECI,

Ltd.

134,573

78

Capitec

Bank

Holdings,

Ltd.

13,266

4,412

Coronation

Fund

Managers,

Ltd.

9,358

27,182

DataTec,

Ltd.

82,309

17,042

FirstRand,

Ltd.

66,972

650

Gold

Fields,

Ltd.

ADR

14,358

16,101

Harmony

Gold

Mining

Company,

Ltd.

ADR

237,812

2,667

Kumba

Iron

Ore,

Ltd.

45,391

880

Naspers,

Ltd.

218,232

6,830

Nedbank

Group,

Ltd.

95,829

81,544

Pepkor

Holdings,

Ltd.

b

113,543

24,021

Standard

Bank

Group

313,866

3,616

Vodacom

Group

24,840

Total

1,570,420

South

Korea  6.3%  

1,069

Caregen

Company,

Ltd.

18,263

651

CJ

Corporation

51,781

3,295

Green

Cross

Holdings

Corporation

29,247

7,563

GS

Holdings

Corporation

189,688

2,064

HD

Hyundai

Company,

Ltd.

102,064

3,342

Kangwon

Land,

Inc.

a

38,006

2,151

KEPCO

Plant

Service

&

Engineering

Company,

Ltd.

61,320

6,878

KT&G

Corporation

473,081

5,324

LG

Uplus

Corporation

37,259

295

PharmaResearch

Company,

Ltd.

67,103

734

Samsung

Biologics

Company,

Ltd.

a,b

509,404

2,564

Samsung

C&T

Corporation

204,801

30,448

Samsung

Electronics

Company,

Ltd.

1,207,125

2,966

SD

Biosensor,

Inc.

18,669

1,876

SK

Hynix,

Inc.

250,082

5,895

SK

Telecom

Company,

Ltd.

222,051

854

SK,

Inc.

75,593

Shares

Common

Stock  97.4%

Value

South

Korea  6.3%  -

continued

4,333

Yuhan

Corporation

$

324,204

Total

3,879,741

Taiwan  18.7%  

5,000

Acter

Group

Corporation,

Ltd.

53,801

319,000

Asia

Cement

Corporation

450,811

6,000

Asustek

Computer,

Inc.

111,637

128,000

Cheng

Shin

Rubber

Industry

Company,

Ltd.

194,557

61,000

Chipbond

Technology

Corporation

120,180

1,069

Chunghwa

Telecom

Company,

Ltd.

ADR

41,916

132,000

Compal

Electronics,

Inc.

128,309

56,000

Delta

Electronics,

Inc.

619,375

6,000

Dynapack

International

Technology

Corporation

31,212

51,000

Far

Eastern

New

Century

Corporation

50,927

32,000

Far

EasTone

Telecommunications

Company,

Ltd.

89,146

53,000

Feng

Hsin

Steel

Company,

Ltd.

108,658

1,000

First

Financial

Holding

Company,

Ltd.

821

2,000

Fusheng

Precision

Company,

Ltd.

21,097

93,000

Hon

Hai

Precision

Industry

Company,

Ltd.

419,503

56,000

Lite-On

Technology

Corporation

155,528

21,000

MediaTek,

Inc.

905,110

174,000

Pegatron

Corporation

444,698

106,000

Pou

Chen

Corporation

113,662

5,000

Quanta

Computer,

Inc.

34,788

91,000

Synnex

Technology

International

Corporation

197,077

15,000

Systex

Corporation

57,920

219,586

Taichung

Commercial

Bank

Company,

Ltd.

136,758

77,000

Taiwan

Mobile

Company,

Ltd.

270,959

4,000

Taiwan

Secom

Company,

Ltd.

14,789

210,499

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

5,928,281

29,704

Topco

Scientific

Company,

Ltd.

236,522

168,000

Uni-President

Enterprises

Corporation

409,683

19,000

Wah

Lee

Industrial

Corporation

57,039

18,996

Yuanta

Financial

Holding

Company,

Ltd.

19,469

Total

11,424,233

Thailand  2.6%  

37,500

Advanced

Info

Service

Public

Company,

Ltd.

NVDR

304,944

142,700

Cal-Comp

Electronics

Thailand

pcl

ADR

24,987

245,300

Charoen

Pokphand

Foods

pcl

NVDR

172,593

129,100

Kasikornbank

pcl

NVDR

616,833

360,200

Krung

Thai

Bank

pcl

NVDR

256,853

53,100

SCB

X

pcl

NVDR

192,984

100

TISCO

Financial

Group

Public

Company,

Ltd.

c

292

98,300

True

Corporation

pcl

ADR

a

34,042

Total

1,603,528

Turkey  0.7%  

120,405

Dogan

Sirketler

Grubu

Holding

AS

50,417

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

87

Shares

Common

Stock  97.4%

Value

Turkey  0.7%  -

continued

21,617

Tekfen

Holding

AS

a

$

85,449

37,064

Turk

Hava

Yollari

Anonim

Ortakligi

a

303,554

Total

439,420

United

Arab

Emirates  2.0%  

1

Abu

Dhabi

Commercial

Bank

PJSC

3

80,851

Abu

Dhabi

National

Oil

Company

for

Distribution

PJSC

74,766

7,567

ADNOC

Drilling

Company

PJSC

10,589

171,431

Dubai

Islamic

Bank

PJSC

333,680

126,220

Emaar

Properties

PJSC

457,109

63,527

Emirates

NBD

Bank

PJSC

349,373

Total

1,225,520

United

Kingdom  <0.1%  

828

AngloGold

Ashanti

plc

31,080

Total

31,080

Total

Common

Stock

(cost

$51,656,466)

59,641,537

Shares

Preferred

Stock

1.9%

Brazil  0.7%  

74,200

Companhia

de

Sanena

do

Parana

70,085

58,100

Petroleo

Brasileiro

SA

379,056

Total

449,141

South

Korea  1.2%  

1,647

Hyundai

Motor

Company,

2nd

Preferred

167,084

2,985

Hyundai

Motor

Company,

Preferred

300,682

8,254

Samsung

Electronics

Company,

Ltd.

267,160

Total

734,926

Total

Preferred

Stock

(cost

$1,231,593)

1,184,067

Shares

or

Principal

Amount

Short-Term

Investments

0.5%

Federal

Home

Loan

Bank

Discount

Notes

100,000

4.203%,

 6/6/2025

e,f

99,222

State

Street

Institutional

U.S.

Government

Money

Market

Fund

191,755

4.293%

e

191,755

Total

Short-Term

Investments

(cost

$290,984)

290,977

Total

Investments

(cost

$53,179,043)

99.8%

$61,116,581

Other

Assets

and

Liabilities,

Net

0.2%

126,925

Total

Net

Assets

100.0%

$61,243,506

a

Non-income

producing

security.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2025,

the

value

of

these

investments

was

$3,962,643

or

6.5%

of

total

net

assets.

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

Pursuant

to

sanctions

related

to

the

Russian

invasion

of

Ukraine

which

restricts

the

ability

of

Russia

and

its

allied

nations

to

make

payments

on

its

dollar-denominated

sovereign

debt

and

equity,

existing

accruals

on

these

securities

have

been

reserved

and

income

is

currently

not

being

accrued.

e

The

interest

rate

shown

reflects

the

yield.

f

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

Bhd

-

Berhad

-

suffix

used

in

Malaysia

to

identify

a

Public

Limited

Company

GDR

-

Global

Depository

Receipts,

which

are

certificates

for

shares

of

an

underlying

foreign

security’s

shares

held

by

an

issuing

depository

bank

from

more

than

one

country.

NVDR

-

Non-Voting

Depository

Receipts

pcl

-

Public

Company

Limited

plc

-

Public

Limited

Company

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

88

Reference

Description:

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Emerging

Markets

Equity

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

7,517,251

143,318

7,373,933

–

Consumer

Discretionary

9,301,047

361,678

8,939,369

–

Consumer

Staples

2,857,353

301,166

2,556,187

–

Energy

@

1,552,364

91,848

1,460,516

0

Financials

@

12,516,546

1,850,123

10,666,131

292

Health

Care

3,108,569

–

3,108,569

–

Industrials

2,166,635

100,901

2,065,734

–

Information

Technology

15,860,506

268,288

15,592,218

–

Materials

2,986,547

831,671

2,154,876

–

Real

Estate

1,500,848

–

1,500,848

–

Utilities

@

273,871

111,660

162,211

–

Preferred

Stock

Consumer

Cyclical

467,766

–

467,766

–

Energy

379,056

–

379,056

–

Technology

267,160

–

267,160

–

Utilities

70,085

–

70,085

–

Short-Term

Investments

290,977

191,755

99,222

–

Subtotal

Investments

in

Securities

$61,116,581

$4,252,408

$56,863,881

$292

Total

Investments

at

Value

$61,116,581

@

Level

2

or

3

security

in

this

section

is

fair

valued

at

<$1.

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Emerging

Markets

Equity

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Liability

Derivatives

Futures

Contracts

36,561

36,561

–

–

Total

Liability

Derivatives

$36,561

$36,561

$–

$–

The

following

table

presents

Emerging

Markets

Equity

Portfolio's

futures

contracts

held

as

of

March

31,

2025.

Investments

and/or

cash

totaling

$99,222

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

ICE

US

mini

MSCI

Emerging

Markets

Index

32

June

2025

$

1,813,841

(

$

36,561)

Total

Futures

Long

Contracts

$

1,813,841

(

$

36,561)

Total

Futures

Contracts

$

1,813,841

($36,561)

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

89

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Emerging

Markets

Equity

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$204

$1,973

$2,177

$–

–

–

Total

Affiliated

Short-Term

Investments

204

–

–

Total

Value

$204

$–

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$–

$–

$

–

$1

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$1

Total

Value

$–

$–

$

–

ESG

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

90

Shares

Common

Stock

90.6%

Value

Communications

Services  7.7%

10,811

Alphabet,

Inc.,

Class

A

$

1,671,813

9,216

Alphabet,

Inc.,

Class

C

1,439,816

8

Cable

One,

Inc.

2,126

461

Electronic

Arts,

Inc.

66,624

81

John

Wiley

and

Sons,

Inc.

3,609

1,784

Lumen

Technologies,

Inc.

a

6,993

287

New

York

Times

Company

14,235

365

Omnicom

Group,

Inc.

30,262

54

Scholastic

Corporation

1,020

7,781

Verizon

Communications,

Inc.

352,946

3,350

Walt

Disney

Company

330,645

4,312

Warner

Brothers

Discovery,

Inc.

a

46,268

519

ZoomInfo

Technologies,

Inc.

a

5,190

Total

3,971,547

Consumer

Discretionary  8.4%

435

Aptiv

plc

a

25,883

457

Aramark

15,776

141

Autoliv,

Inc.

12,471

48

AutoNation,

Inc.

a

7,772

379

Best

Buy

Company,

Inc.

27,898

61

Booking

Holdings,

Inc.

281,022

405

BorgWarner,

Inc.

11,603

57

Buckle,

Inc.

2,184

217

Capri

Holdings,

Ltd.

a

4,281

289

CarMax,

Inc.

a

22,519

53

Choice

Hotels

International,

Inc.

7,037

53

Columbia

Sportswear

Company

4,012

217

Darden

Restaurants,

Inc.

45,084

282

Deckers

Outdoor

Corporation

a

31,530

64

Domino's

Pizza,

Inc.

29,405

40

Ethan

Allen

Interiors,

Inc.

1,108

160

Foot

Locker,

Inc.

a

2,256

783

GameStop

Corporation

a,b

17,477

454

Gap,

Inc.

9,357

282

Garmin,

Ltd.

61,231

647

Hanesbrands,

Inc.

a

3,733

244

Harley-Davidson,

Inc.

6,161

242

Hasbro,

Inc.

14,881

451

Hilton

Worldwide

Holdings,

Inc.

102,625

1,838

Home

Depot,

Inc.

673,609

40

Jack

in

the

Box,

Inc.

1,088

215

Kohl's

Corporation

1,759

81

La-Z-Boy,

Inc.

3,166

493

LKQ

Corporation

20,972

1,045

Lowe's

Companies,

Inc.

243,725

2,229

Lucid

Group,

Inc.

a

5,394

437

Marriott

International,

Inc./MD

104,093

643

Mattel,

Inc.

a

12,493

1,325

McDonald's

Corporation

413,890

134

Meritage

Homes

Corporation

9,498

100

Mohawk

Industries,

Inc.

a

11,418

725

Newell

Brands,

Inc.

4,495

2,186

NIKE,

Inc.

138,767

202

Nordstrom,

Inc.

4,939

67

ODP

Corporation

a

960

70

Pool

Corporation

22,285

107

PVH

Corporation

6,916

1,406

Rivian

Automotive,

Inc.

a

17,505

473

Royal

Caribbean

Cruises,

Ltd.

97,173

79

Signet

Jewelers,

Ltd.

4,587

2,098

Starbucks

Corporation

205,793

5,346

Tesla,

Inc.

a

1,385,469

257

Topgolf

Callaway

Brands

Corporation

a

1,694

Shares

Common

Stock  90.6%

Value

Consumer

Discretionary  8.4%

-

continued

988

Tractor

Supply

Company

$

54,439

86

Ulta

Beauty,

Inc.

a

31,522

344

Under

Armour,

Inc.,

Class

A

a

2,150

251

Under

Armour,

Inc.,

Class

C

a

1,493

70

Vail

Resorts,

Inc.

11,201

613

VF

Corporation

9,514

100

Whirlpool

Corporation

9,013

228

Williams-Sonoma,

Inc.

36,047

149

Wolverine

World

Wide,

Inc.

2,073

Total

4,296,446

Consumer

Staples  5.5%

883

Archer-Daniels-Midland

Company

42,393

262

Bunge

Global

SA

20,022

359

Campbell's

Company

14,331

454

Church

&

Dwight

Company,

Inc.

49,981

229

Clorox

Company

33,720

7,565

Coca-Cola

Company

541,805

1,434

Colgate-Palmolive

Company

134,366

886

Conagra

Brands,

Inc.

23,630

300

Darling

Ingredients,

Inc.

a

9,372

427

Estee

Lauder

Companies,

Inc.

28,182

1,020

General

Mills,

Inc.

60,986

550

Hormel

Foods

Corporation

17,017

120

Ingredion,

Inc.

16,225

196

J.M.

Smucker

Company

23,208

506

Kellanova

41,740

2,129

Keurig

Dr

Pepper,

Inc.

72,855

617

Kimberly-Clark

Corporation

87,750

1,681

Kraft

Heinz

Company

51,153

1,270

Kroger

Company

85,966

251

Lamb

Weston

Holdings,

Inc.

13,378

464

McCormick

&

Company,

Inc.

38,192

2,467

Mondelez

International,

Inc.

167,386

2,539

PepsiCo,

Inc.

380,698

4,358

Procter

&

Gamble

Company

742,690

907

Sysco

Corporation

68,061

848

Target

Corporation

88,497

103

United

Natural

Foods,

Inc.

a

2,821

Total

2,856,425

Energy  1.4%

1,835

Baker

Hughes

Company

80,648

415

Cheniere

Energy,

Inc.

96,031

87

Core

Laboratories,

Inc.

1,304

1,644

Halliburton

Company

41,708

295

HF

Sinclair

Corporation

9,700

595

Marathon

Petroleum

Corporation

86,686

715

NOV,

Inc.

10,882

1,147

ONEOK,

Inc.

113,805

764

Phillips

66

94,339

384

Targa

Resources

Corporation

76,981

791

TechnipFMC

plc

25,067

586

Valero

Energy

Corporation

77,393

Total

714,544

Financials  12.8%

488

Allstate

Corporation

101,050

499

Ally

Financial,

Inc.

18,199

1,043

American

Express

Company

280,619

181

Ameriprise

Financial,

Inc.

87,624

461

Arthur

J.

Gallagher

&

Company

159,156

73

Bank

of

Hawaii

Corporation

5,035

1,328

Bank

of

New

York

Mellon

Corporation

111,379

ESG

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

91

Shares

Common

Stock  90.6%

Value

Financials  12.8%

-

continued

272

BlackRock,

Inc.

$

257,443

130

Cathay

General

Bancorp

5,594

194

Cboe

Global

Markets,

Inc.

43,900

3,181

Charles

Schwab

Corporation

249,009

709

Chubb,

Ltd.

214,111

815

Citizens

Financial

Group,

Inc.

33,391

667

CME

Group,

Inc.

176,948

241

Comerica,

Inc.

14,233

465

Discover

Financial

Services

79,375

585

Equitable

Holdings,

Inc.

30,473

70

FactSet

Research

Systems,

Inc.

31,825

996

Fidelity

National

Information

Services,

Inc.

74,381

535

Franklin

Resources,

Inc.

10,299

536

Hartford

Insurance

Group,

Inc.

66,319

2,666

Huntington

Bancshares,

Inc./OH

40,017

1,062

Intercontinental

Exchange,

Inc.

183,195

100

International

Bancshares

Corporation

6,306

637

Invesco,

Ltd.

9,663

1,718

KeyCorp

27,471

302

Lincoln

National

Corporation

10,845

345

Loews

Corporation

31,709

306

M&T

Bank

Corporation

54,697

70

MarketAxess

Holdings,

Inc.

15,144

908

Marsh

&

McLennan

Companies,

Inc.

221,579

1,517

Mastercard,

Inc.

831,498

303

Moody's

Corporation

141,104

2,236

Morgan

Stanley

260,874

799

Nasdaq,

Inc.

60,612

367

Northern

Trust

Corporation

36,205

585

Old

National

Bancorp

12,396

1,762

PayPal

Holdings,

Inc.

a

114,970

736

PNC

Financial

Services

Group,

Inc.

129,367

423

Principal

Financial

Group,

Inc.

35,688

1,084

Progressive

Corporation

306,783

663

Prudential

Financial,

Inc.

74,044

361

Raymond

James

Financial,

Inc.

50,146

1,697

Regions

Financial

Corporation

36,876

587

S&P

Global,

Inc.

298,255

543

State

Street

Corporation

48,615

720

Synchrony

Financial

38,117

415

T.

Rowe

Price

Group,

Inc.

38,126

420

Travelers

Companies,

Inc.

111,073

2,464

Truist

Financial

Corporation

101,394

3,200

Visa,

Inc.

1,121,472

178

Voya

Financial,

Inc.

12,061

632

Western

Union

Company

6,687

186

Willis

Towers

Watson

plc

62,859

280

Zions

Bancorp

NA

13,961

Total

6,594,172

Health

Care  8.5%

3,270

AbbVie,

Inc.

685,130

531

Agilent

Technologies,

Inc.

62,116

132

Align

Technology,

Inc.

a

20,970

995

Amgen,

Inc.

309,992

536

Becton,

Dickinson

and

Company

122,776

267

Biogen,

Inc.

a

36,536

346

BioMarin

Pharmaceutical,

Inc.

a

24,459

288

Bio-Techne

Corporation

16,885

3,744

Bristol-Myers

Squibb

Company

228,347

449

Cardinal

Health,

Inc.

61,859

Shares

Common

Stock  90.6%

Value

Health

Care  8.5%

-

continued

322

Cencora,

Inc.

$

89,545

934

Centene

Corporation

a

56,703

516

Cigna

Group

169,764

364

Cooper

Companies,

Inc.

a

30,703

1,201

Danaher

Corporation

246,205

85

DaVita,

Inc.

a

13,003

392

Dentsply

Sirona,

Inc.

5,857

723

Dexcom,

Inc.

a

49,374

1,091

Edwards

Lifesciences

Corporation

a

79,076

428

Elevance

Health,

Inc.

186,163

2,304

Gilead

Sciences,

Inc.

258,163

352

HCA

Healthcare,

Inc.

121,634

234

Henry

Schein,

Inc.

a

16,027

420

Hologic,

Inc.

a

25,943

223

Humana,

Inc.

59,006

153

IDEXX

Laboratories,

Inc.

a

64,252

294

Illumina,

Inc.

a

23,326

129

Insulet

Corporation

a

33,877

338

IQVIA

Holding,

Inc.

a

59,589

106

Jazz

Pharmaceuticals,

Inc.

a

13,160

157

Labcorp

Holdings,

Inc.

36,540

4,678

Merck

&

Company,

Inc.

419,897

39

Mettler-Toledo

International,

Inc.

a

46,056

160

Patterson

Companies,

Inc.

4,998

143

Pediatrix

Medical

Group,

Inc.

a

2,072

206

Quest

Diagnostics,

Inc.

34,855

270

ResMed,

Inc.

60,440

199

Select

Medical

Holdings

Corporation

3,323

183

STERIS

plc

41,477

296

Teladoc

Health,

Inc.

a

2,356

284

Veeva

Systems,

Inc.

a

65,783

477

Vertex

Pharmaceuticals,

Inc.

a

231,259

109

Waters

Corporation

a

40,174

134

West

Pharmaceutical

Services,

Inc.

30,000

368

Zimmer

Biomet

Holdings,

Inc.

41,650

837

Zoetis,

Inc.

137,812

Total

4,369,132

Industrials  8.1%

1,008

3M

Company

148,035

227

A.O.

Smith

Corporation

14,837

158

ACCO

Brands

Corporation

662

57

Acuity

Brands,

Inc.

15,011

117

AGCO

Corporation

10,831

198

Air

Lease

Corporation

9,565

161

Allegion

plc

21,004

72

Applied

Industrial

Technologies,

Inc.

16,224

47

ArcBest

Corporation

3,317

753

Automatic

Data

Processing,

Inc.

230,064

33

Avis

Budget

Group,

Inc.

a

2,505

134

Axon

Enterprise,

Inc.

a

70,477

217

Broadridge

Financial

Solutions,

Inc.

52,614

215

Builders

FirstSource,

Inc.

a

26,862

217

C.H.

Robinson

Worldwide,

Inc.

22,221

1,494

Carrier

Global

Corporation

94,720

893

Caterpillar,

Inc.

294,511

1,610

CNH

Industrial

NV

19,771

1,597

Copart,

Inc.

a

90,374

3,581

CSX

Corporation

105,389

253

Cummins,

Inc.

79,300

480

Deere

&

Company

225,288

ESG

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

92

Shares

Common

Stock  90.6%

Value

Industrials  8.1%

-

continued

293

Delta

Air

Lines,

Inc.

$

12,775

76

Deluxe

Corporation

1,202

254

Dover

Corporation

44,623

731

Eaton

Corporation

plc

198,708

86

EMCOR

Group,

Inc.

31,788

261

Expeditors

International

of

Washington,

Inc.

31,385

97

Exponent,

Inc.

7,863

1,060

Fastenal

Company

82,203

373

Ferguson

Enterprises,

Inc.

59,766

240

Flowserve

Corporation

11,722

642

Fortive

Corporation

46,982

234

Fortune

Brands

Innovations,

Inc.

14,246

312

Graco,

Inc.

26,055

85

Granite

Construction,

Inc.

6,409

34

Heidrick

&

Struggles

International,

Inc.

1,456

78

HNI

Corporation

3,459

99

Hubbell,

Inc.

32,760

36

ICF

International,

Inc.

3,059

140

IDEX

Corporation

25,336

548

Illinois

Tool

Works,

Inc.

135,909

748

Ingersoll

Rand,

Inc.

59,862

107

Interface,

Inc.

2,123

149

JB

Hunt

Transport

Services,

Inc.

22,045

1,225

Johnson

Controls

International

plc

98,135

59

Kelly

Services,

Inc.

777

297

Knight-Swift

Transportation

Holdings,

Inc.

12,916

59

Lennox

International,

Inc.

33,089

106

Lincoln

Electric

Holdings,

Inc.

20,051

95

ManpowerGroup,

Inc.

5,499

406

Masco

Corporation

28,233

99

Middleby

Corporation

a

15,046

418

Norfolk

Southern

Corporation

99,003

161

Owens

Corning,

Inc.

22,994

965

PACCAR,

Inc.

93,962

238

Parker-Hannifin

Corporation

144,668

95

Paycom

Software,

Inc.

20,756

307

Pentair

plc

26,856

272

Quanta

Services,

Inc.

69,137

192

Robert

Half,

Inc.

10,474

210

Rockwell

Automation,

Inc.

54,260

81

Ryder

System,

Inc.

11,649

289

Sensata

Technologies

Holding

plc

7,014

98

Snap-On,

Inc.

33,027

282

Stanley

Black

&

Decker,

Inc.

21,680

143

Steelcase,

Inc.

1,567

33

Tennant

Company

2,632

495

Tetra

Tech,

Inc.

14,479

121

Timken

Company

8,696

417

Trane

Technologies

plc

140,496

359

TransUnion

29,793

179

U-Haul

Holding

Company

10,593

1,122

Union

Pacific

Corporation

265,061

1,353

United

Parcel

Service,

Inc.

148,816

121

United

Rentals,

Inc.

75,831

455

Veralto

Corporation

44,340

81

W.W.

Grainger,

Inc.

80,014

318

Wabtec

Corporation

57,669

447

Xylem,

Inc.

53,399

Total

4,177,930

Information

Technology  31.7%

1,157

Accenture

plc

361,030

Shares

Common

Stock  90.6%

Value

Information

Technology  31.7%

-

continued

805

Adobe,

Inc.

a

$

308,742

3,003

Advanced

Micro

Devices,

Inc.

a

308,528

281

Akamai

Technologies,

Inc.

a

22,621

917

Analog

Devices,

Inc.

184,931

162

ANSYS,

Inc.

a

51,283

1,506

Applied

Materials,

Inc.

218,551

89

ASGN,

Inc.

a

5,609

299

Atlassian

Corporation

a

63,451

398

Autodesk,

Inc.

a

104,196

506

Cadence

Design

Systems,

Inc.

a

128,691

7,371

Cisco

Systems,

Inc.

454,864

323

Cognex

Corporation

9,635

919

Cognizant

Technology

Solutions

Corporation

70,304

1,497

Corning,

Inc.

68,533

597

Dell

Technologies,

Inc.

54,417

109

F5,

Inc.

a

29,023

45

Fair

Isaac

Corporation

a

82,987

187

First

Solar,

Inc.

a

23,642

718

Flex,

Ltd.

a

23,751

1,206

Fortinet,

Inc.

a

116,090

1,023

Gen

Digital,

Inc.

27,150

145

Guidewire

Software,

Inc.

a

27,167

2,434

Hewlett

Packard

Enterprise

Company

37,557

1,735

HP,

Inc.

48,042

91

HubSpot,

Inc.

a

51,987

7,980

Intel

Corporation

181,226

1,711

International

Business

Machines

Corporation

425,457

518

Intuit,

Inc.

318,047

82

Itron,

Inc.

a

8,590

323

Keysight

Technologies,

Inc.

a

48,376

2,381

Lam

Research

Corporation

173,099

998

Microchip

Technology,

Inc.

48,313

13,069

Microsoft

Corporation

4,905,972

309

Motorola

Solutions,

Inc.

135,283

376

NetApp,

Inc.

33,028

45,314

NVIDIA

Corporation

4,911,131

470

NXP

Semiconductors

NV

89,328

303

Okta,

Inc.

a

31,882

789

ON

Semiconductor

Corporation

a

32,104

3,105

Oracle

Corporation

434,110

222

PTC,

Inc.

a

34,399

143

RingCentral,

Inc.

a

3,541

198

Roper

Industries,

Inc.

116,737

1,771

Salesforce,

Inc.

475,266

389

Seagate

Technology

Holdings

plc

33,046

381

ServiceNow,

Inc.

a

303,329

297

Skyworks

Solutions,

Inc.

19,195

286

Synopsys,

Inc.

a

122,651

554

TE

Connectivity

plc

78,291

189

Teradata

Corporation

a

4,249

1,686

Texas

Instruments,

Inc.

302,974

455

Trimble,

Inc.

a

29,871

270

Twilio,

Inc.

a

26,436

396

Workday,

Inc.

a

92,478

216

Xerox

Holdings

Corporation

1,043

95

Zebra

Technologies

Corporation

a

26,843

Total

16,329,077

Materials  2.7%

410

Air

Products

and

Chemicals,

Inc.

120,917

216

Albemarle

Corporation

15,556

149

Avery

Dennison

Corporation

26,518

ESG

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

93

Shares

Common

Stock  90.6%

Value

Materials  2.7%

-

continued

415

Axalta

Coating

Systems,

Ltd.

a

$

13,766

561

Ball

Corporation

29,211

63

Compass

Minerals

International,

Inc.

a

585

1,261

CRH

plc

110,930

474

Ecolab,

Inc.

120,169

98

H.B.

Fuller

Company

5,500

470

International

Flavors

&

Fragrances,

Inc.

36,477

921

International

Paper

Company

49,135

882

Linde

plc

410,695

480

LyondellBasell

Industries

NV

33,792

113

Martin

Marietta

Materials,

Inc.

54,029

63

Minerals

Technologies,

Inc.

4,005

594

Mosaic

Company

16,044

2,112

Newmont

Corporation

101,967

429

PPG

Industries,

Inc.

46,911

267

Sealed

Air

Corporation

7,716

443

Sherwin-Williams

Company

154,691

184

Sonoco

Products

Company

8,692

Total

1,367,306

Real

Estate  2.8%

863

American

Tower

Corporation

187,789

262

AvalonBay

Communities,

Inc.

56,230

273

BXP,

Inc.

18,343

563

CBRE

Group,

Inc.

a

73,629

206

COPT

Defense

Properties

5,617

800

Crown

Castle,

Inc.

83,384

614

Digital

Realty

Trust,

Inc.

87,980

179

Equinix,

Inc.

145,948

630

Equity

Residential

45,095

141

Federal

Realty

Investment

Trust

13,793

1,308

Healthpeak

Properties,

Inc.

26,448

1,306

Host

Hotels

&

Resorts,

Inc.

18,558

541

Iron

Mountain,

Inc.

46,548

88

Jones

Lang

LaSalle,

Inc.

a

21,816

460

Macerich

Company

7,898

1,711

Prologis,

Inc.

191,273

199

SBA

Communications

Corporation

43,782

604

Simon

Property

Group,

Inc.

100,312

577

UDR,

Inc.

26,063

776

Ventas,

Inc.

53,358

1,152

Welltower,

Inc.

176,498

Total

1,430,362

Utilities  1.0%

359

American

Water

Works

Company,

Inc.

52,960

287

Atmos

Energy

Corporation

44,364

134

Avista

Corporation

5,611

552

CMS

Energy

Corporation

41,461

639

Consolidated

Edison,

Inc.

70,667

480

Essential

Utilities,

Inc.

18,974

678

Eversource

Energy

42,111

1,849

Exelon

Corporation

85,202

176

New

Jersey

Resources

Corporation

8,634

864

NiSource,

Inc.

34,638

99

Ormat

Technologies,

Inc.

7,006

1,170

Sempra

83,491

Shares

Common

Stock  90.6%

Value

Utilities  1.0%

-

continued

388

UGI

Corporation

$

12,831

Total

507,950

Total

Common

Stock

(cost

$34,904,197)

46,614,891

Shares

Registered

Investment

Companies  

8.4%

Value

U.S.

Unaffiliated  

8.4%  

41,928

iShares

ESG

MSCI

KLD

400

ETF

4,293,846

Total

4,293,846

Total

Registered

Investment

Companies

(cost

$3,549,392)

4,293,846

Shares

Collateral

Held

for

Securities

Loaned

<0.1%

Value

15,575

Thrivent

Cash

Management

Trust

15,575

Total

Collateral

Held

for

Securities

Loaned

(cost

$15,575)

15,575

Shares

or

Principal

Amount

Short-Term

Investments

0.8%

Value

Federal

National

Mortgage

Association

Discount

Notes

100,000

4.215%,

5/5/2025

c,d

99,597

State

Street

Institutional

U.S.

Government

Money

Market

Fund

304,665

4.293%

c

304,665

Total

Short-Term

Investments

(cost

$404,267)

404,262

Total

Investments

(cost

$38,873,431)

99.8%

$51,328,574

Other

Assets

and

Liabilities,

Net

0.2%

95,261

Total

Net

Assets

100.0%

$51,423,835

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

The

interest

rate

shown

reflects

the

yield.

d

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

ESG

Index

Portfolio

as

of

March

31,

2025:

Securities

Lending

Transactions

Common

Stock

$

15,624

Total

lending

$15,624

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$15,575

Net

amounts

due

to

counterparty

$(49)

ESG

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

94

Definitions:

ETF

-

Exchange

Traded

Fund

plc

-

Public

Limited

Company

S&P

-

Standard

&

Poor's

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

ESG

Index

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

3,971,547

3,971,547

–

–

Consumer

Discretionary

4,296,446

4,296,446

–

–

Consumer

Staples

2,856,425

2,856,425

–

–

Energy

714,544

714,544

–

–

Financials

6,594,172

6,594,172

–

–

Health

Care

4,369,132

4,369,132

–

–

Industrials

4,177,930

4,177,930

–

–

Information

Technology

16,329,077

16,329,077

–

–

Materials

1,367,306

1,367,306

–

–

Real

Estate

1,430,362

1,430,362

–

–

Utilities

507,950

507,950

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

4,293,846

4,293,846

–

–

Short-Term

Investments

404,262

304,665

99,597

–

Subtotal

Investments

in

Securities

$51,312,999

$51,213,402

$99,597

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

15,575

Subtotal

Other

Investments

$15,575

Total

Investments

at

Value

$51,328,574

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

ESG

Index

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

6,582

6,582

–

–

Total

Asset

Derivatives

$6,582

$6,582

$–

$–

ESG

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

95

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

S&P

-

Standard

&

Poor's

The

following

table

presents

ESG

Index

Portfolio's

futures

contracts

held

as

of

March

31,

2025.

Investments

and/or

cash

totaling

$99,597

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CME

Micro

E-mini

S&P

500

Index

18

June

2025

$

502,211

$

6,582

Total

Futures

Long

Contracts

$

502,211

$

6,582

Total

Futures

Contracts

$

502,211

$6,582

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,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

ESG

Index

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$401

$1,196

$1,597

$–

–

–

Total

Affiliated

Short-Term

Investments

401

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

29

84

97

16

16

<0.1

Total

Collateral

Held

for

Securities

Loaned

29

16

<0.1

Total

Value

$430

$16

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$–

$–

$

–

$2

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$2

Cash

Management

Trust-

Collateral

Investment

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

Value

$–

$–

$

–

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

96

Shares

Common

Stock

79.2%

Value

Communications

Services  5.2%

122,372

Alphabet,

Inc.,

Class

C

$

19,118,178

5,984

AMC

Networks,

Inc.

a

41,170

408,690

Auto

Trader

Group

plc

b

3,951,894

3,870

Bandwidth,

Inc.

a

50,697

4,600

Capcom

Company,

Ltd.

113,535

38,765

Cargurus,

Inc.

a

1,129,225

702

Charter

Communications,

Inc.

a

258,708

98,266

Comcast

Corporation

3,626,015

97,304

Deutsche

Telekom

AG

3,592,473

25,229

E.W.

Scripps

Company

a

74,678

337

Electronic

Arts,

Inc.

48,703

2,094

Entravision

Communications

Corporation

4,397

1,401

Fox

Corporation,

Class

B

73,847

9,002

iHeartMedia,

Inc.

a

14,853

15,774

Imax

Corporation

a

415,645

7,698

Ipsos

SA

348,937

7,074

Iridium

Communications,

Inc.

193,262

1,823

John

Wiley

and

Sons,

Inc.

81,233

88,800

KDDI

Corporation

1,402,654

3,093

Liberty

Global,

Ltd.,

Class

A

a

35,600

6,122

Liberty

Latin

America,

Ltd.,

Class

A

a

38,752

762

Liberty

Media

Corporation-Liberty

Live

Group

a

51,923

13,122

Lumen

Technologies,

Inc.

a

51,438

7,383

Magnite,

Inc.

a

84,240

42,135

Meta

Platforms,

Inc.

24,284,929

171,829

MFE-MediaForEurope

NV

624,606

44,820

MONY

Group

plc

116,523

6,476

New

York

Times

Company

321,210

15,200

Nintendo

Company,

Ltd.

1,033,261

3,152,400

Nippon

Telegraph

and

Telephone

Corporation

3,046,706

5,000

Nippon

Television

Holdings,

Inc.

102,694

1,148

Omnicom

Group,

Inc.

95,181

29,369

Pinterest,

Inc.

a

910,439

10,291

QuinStreet,

Inc.

a

183,591

942

Sinclair,

Inc.

15,006

11,127

Sirius

XM

Holdings,

Inc.

c

250,858

17,000

SoftBank

Group

Corporation

869,549

6,425

Spotify

Technology

SA

a

3,533,943

1,149

TechTarget,

Inc.

a

17,017

4,168

Telephone

and

Data

Systems,

Inc.

161,468

383,083

Telstra

Corporation,

Ltd.

1,012,026

1,783

TKO

Group

Holdings,

Inc.

272,460

11,424

Trade

Desk,

Inc.

a

625,121

43,700

TV

Asahi

Holdings

Corporation

745,012

152,084

Verizon

Communications,

Inc.

6,898,530

1,361,870

Vodafone

Group

plc

1,279,648

191,678

Warner

Brothers

Discovery,

Inc.

a

2,056,705

Total

83,258,540

Consumer

Discretionary  9.2%

10,278

Adidas

AG

2,424,181

110

Adient

plc

a

1,415

142

Adtalem

Global

Education,

Inc.

a

14,291

131,029

Amazon.com,

Inc.

a

24,929,578

15,003

American

Axle

&

Manufacturing

Holdings,

Inc.

a

61,062

4,643

American

Eagle

Outfitters,

Inc.

53,952

33,531

Aptiv

plc

a

1,995,095

34,576

Aristocrat

Leisure,

Ltd.

1,398,365

2,054

Autoliv,

Inc.

181,676

9,770

Bath

&

Body

Works,

Inc.

296,226

Shares

Common

Stock  79.2%

Value

Consumer

Discretionary  9.2%

-

continued

40,661

Best

Buy

Company,

Inc.

$

2,993,056

575

Booking

Holdings,

Inc.

2,648,973

4,766

Boot

Barn

Holdings,

Inc.

a

512,011

7,136

BorgWarner,

Inc.

204,446

7,499

Breville

Group,

Ltd.

147,974

1,402

Bright

Horizons

Family

Solutions,

Inc.

a

178,110

280

CarMax,

Inc.

a

21,818

687

Carvana

Company

a

143,638

154

Cavco

Industries,

Inc.

a

80,023

11,107

Champion

Homes,

Inc.

a

1,052,499

5,064

Chewy,

Inc.

a

164,631

18,160

Chipotle

Mexican

Grill,

Inc.

a

911,814

23,679

Columbia

Sportswear

Company

1,792,264

9,536

Compagnie

Financiere

Richemont

SA

1,664,661

56,836

Compagnie

Generale

des

Etablissements

Michelin

SCA

1,997,596

189,293

Compass

Group

plc

6,261,142

4,040

Coursera,

Inc.

a

26,906

24,327

D.R.

Horton,

Inc.

3,092,692

9,810

Dana,

Inc.

130,767

469

Darden

Restaurants,

Inc.

97,439

6,454

Deckers

Outdoor

Corporation

a

721,622

29,433

DoorDash,

Inc.

a

5,379,469

737

Dorman

Products,

Inc.

a

88,838

57,283

eBay,

Inc.

3,879,778

1,354

Etsy,

Inc.

a

63,882

20,256

Expedia

Group,

Inc.

3,405,034

2,200

Fast

Retailing

Company,

Ltd.

654,921

1,035

Ferrari

NV

442,009

496

Five

Below,

Inc.

a

37,163

3,655

Fox

Factory

Holding

Corporation

a

85,308

398

Frontdoor,

Inc.

a

15,291

10,170

Gap,

Inc.

209,604

16,429

Gentex

Corporation

382,796

9,171

Gildan

Activewear,

Inc.

405,542

4,171

Goodyear

Tire

&

Rubber

Company

a

38,540

2,982

Grand

Canyon

Education,

Inc.

a

515,946

515

Group

1

Automotive,

Inc.

196,704

7,417

Hanesbrands,

Inc.

a

42,796

6,728

Hasbro,

Inc.

413,705

16,000

Heiwa

Corporation

250,965

785

Hermes

International

SCA

2,065,435

5,910

Hilton

Worldwide

Holdings,

Inc.

1,344,821

18,398

Home

Depot,

Inc.

6,742,683

288,500

Honda

Motor

Company,

Ltd.

2,610,802

16,367

Industria

de

Diseno

Textil

SA

814,946

3,832

Installed

Building

Products,

Inc.

657,035

4,114

InterContinental

Hotels

Group

plc

442,957

14,092

JB

Hi-Fi,

Ltd.

823,682

3,492

Latham

Group,

Inc.

a

22,454

7,856

Laureate

Education,

Inc.

a

160,655

728

Lear

Corporation

64,224

2,106

Leggett

&

Platt,

Inc.

16,658

4,883

LKQ

Corporation

207,723

16,591

Lowe's

Companies,

Inc.

3,869,519

2,668

Lululemon

Athletica,

Inc.

a

755,204

3,040

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,882,613

6,403

Modine

Manufacturing

Company

a

491,430

2,422

Mohawk

Industries,

Inc.

a

276,544

568

Motorcar

Parts

of

America,

Inc.

a

5,396

24,856

Next

plc

3,581,152

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

97

Shares

Common

Stock  79.2%

Value

Consumer

Discretionary  9.2%

-

continued

40,825

NIKE,

Inc.

$

2,591,571

96,300

Nissan

Motor

Company,

Ltd.

a

246,978

86

NVR,

Inc.

a

623,018

302

OneSpaWorld

Holdings,

Ltd.

5,071

15,500

Oriental

Land

Company,

Ltd.

305,671

7,644

Pandora

AS

1,171,529

6,902

Patrick

Industries,

Inc.

583,633

108,758

Pirelli

&

C.

SPA

b

647,379

500

Planet

Fitness,

Inc.

a

48,305

2,538

Pool

Corporation

807,972

59,000

QVC

Group,

Inc.

11,865

385

Ralph

Lauren

Corporation

84,985

7,098

Renault

SA

359,561

2,344

Revolve

Group,

Inc.

a

50,373

12,163

Ross

Stores,

Inc.

1,554,310

2,100

Sanrio

Company,

Ltd.

97,158

98,600

Sekisui

House,

Ltd.

2,206,878

4,139

Service

Corporation

International/

US

331,948

15,066

SharkNinja,

Inc.

a

1,256,655

11,244

Six

Flags

Entertainment

Corporation

401,073

206,300

Sony

Group

Corporation

5,220,010

125,593

Sony

Group

Corporation

ADR

c

3,188,806

234,337

Stellantis

NV

2,628,351

2,138

Stitch

Fix,

Inc.

a

6,949

7,133

Stoneridge,

Inc.

a

32,740

866

Strategic

Education,

Inc.

72,709

6,222

Tapestry,

Inc.

438,091

31,969

Tesla,

Inc.

a

8,285,086

2,017

Texas

Roadhouse,

Inc.

336,093

62

TopBuild

Corporation

a

18,907

213,400

Toyota

Motor

Corporation

3,772,336

2,915

Travel

+

Leisure

Company

134,935

449

Ulta

Beauty,

Inc.

a

164,576

1,924

Valvoline,

Inc.

a

66,974

7,425

VF

Corporation

115,236

1,010

Visteon

Corporation

a

78,396

18,637

Wesfarmers,

Ltd.

844,891

1,855

Wingstop,

Inc.

418,451

43,834

Wyndham

Hotels

&

Resorts,

Inc.

3,967,415

11,100

Yamada

Holdings

Company,

Ltd.

31,875

138,000

Yue

Yuen

Industrial

Holdings,

Ltd.

221,716

74,744

Yum

China

Holding,

Inc.

3,891,173

Total

146,865,796

Consumer

Staples  4.0%

1,438

AAK

AB

40,136

3,100

Ain

Holdings,

Inc.

104,561

6,209

Albertson's

Companies,

Inc.

136,536

34,913

Anheuser-Busch

InBev

NV

2,146,508

1,496

Archer-Daniels-Midland

Company

71,823

10,300

Arcs

Company,

Ltd.

199,791

3,520

BellRing

Brands,

Inc.

a

262,099

5,119

BJ's

Wholesale

Club

Holdings,

Inc.

a

584,078

7,648

British

American

Tobacco

plc

313,756

444

Bunge

Global

SA

33,931

2,653

Casey's

General

Stores,

Inc.

1,151,508

38,720

Coles

Group,

Ltd.

473,963

26,266

Conagra

Brands,

Inc.

700,514

325,630

Coty,

Inc.

a

1,781,196

31,443

Danone

SA

2,404,934

348

Dole

plc

5,029

3,662

e.l.f.

Beauty,

Inc.

a

229,937

Shares

Common

Stock  79.2%

Value

Consumer

Staples  4.0%

-

continued

100,193

Imperial

Brands

plc

$

3,707,346

12,142

J

&

J

Snack

Foods

Corporation

1,599,344

24,084

J.M.

Smucker

Company

2,851,786

105,000

Japan

Tobacco,

Inc.

2,886,046

177,592

Kenvue,

Inc.

4,258,656

960

Kimberly-Clark

Corporation

136,531

213,695

Koninklijke

Ahold

Delhaize

NV

7,982,613

13,024

Lamb

Weston

Holdings,

Inc.

694,179

1,112

Maplebear,

Inc.

a

44,358

5,147

McCormick

&

Company,

Inc.

423,650

22,333

Nestle

SA

2,256,898

45,332

Philip

Morris

International,

Inc.

7,195,548

82,734

Sysco

Corporation

6,208,359

1,604,912

Tesco

plc

6,904,822

963

Tyson

Foods,

Inc.

61,449

3,861

Unilever

plc

230,376

2,128

US

Foods

Holding

Corporation

a

139,299

16,953

Vita

Coco

Company,

Inc.

a

519,609

53,847

Walmart,

Inc.

4,727,228

603,000

WH

Group,

Ltd.

b

553,677

Total

64,022,074

Energy  3.7%

4,524

Antero

Midstream

Corporation

81,432

11,599

Antero

Resources

Corporation

a

469,064

21,713

Archrock,

Inc.

569,749

19,432

Baker

Hughes

Company

854,036

12,753

Berry

Corporation

40,937

71,607

BP

plc

401,821

2,224

Cactus,

Inc.

101,926

61,260

ConocoPhillips

6,433,525

29,068

Coterra

Energy,

Inc.

840,065

4,981

Crescent

Energy

Company

55,986

716

Delek

Group,

Ltd.

111,271

111,596

Devon

Energy

Corporation

4,173,690

1,062

DT

Midstream,

Inc.

102,462

6,000

Eneos

Holdings,

Inc.

31,644

106,275

Eni

SPA

1,643,711

166,232

Enterprise

Products

Partners,

LP

5,675,161

408

EQT

Corporation

21,799

1,749

Equinor

ASA

46,189

3,760

Expand

Energy

Corporation

418,563

76,613

Exxon

Mobil

Corporation

9,111,584

1,535

Gulfport

Energy

Corporation

a

282,655

73,368

Halliburton

Company

1,861,346

6,612

Hess

Midstream,

LP

279,622

19,468

Kinder

Morgan,

Inc.

555,422

2,206

Kodiak

Gas

Services,

Inc.

82,284

12,733

Koninklijke

Vopak

NV

553,184

27,814

Kosmos

Energy,

Ltd.

a

63,416

15,071

Marathon

Petroleum

Corporation

2,195,694

16,088

Matador

Resources

Company

821,936

494

Natural

Gas

Services

Group,

Inc.

a

10,853

16,129

Noble

Corporation

plc

382,257

5,235

Oceaneering

International,

Inc.

a

114,175

3,509

Oil

States

International,

Inc.

a

18,071

10,163

Ovintiv,

Inc.

434,976

2,225

Par

Pacific

Holdings,

Inc.

a

31,729

79

Phillips

66

9,755

354

Ranger

Energy

Services,

Inc.

5,023

11,331

SBM

Offshore

NV

241,451

387,155

Shell

plc

14,092,635

27,689

Shell

plc

ADR

2,029,050

10,756

Sitio

Royalties

Corporation

213,722

1,326

Solaris

Energy

Infrastructure,

Inc.

28,854

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

98

Shares

Common

Stock  79.2%

Value

Energy  3.7%

-

continued

3,019

Talos

Energy,

Inc.

a

$

29,345

178

Targa

Resources

Corporation

35,684

53,760

TechnipFMC

plc

1,703,654

2,959

Vital

Energy,

Inc.

a

62,790

1,021

Williams

Companies,

Inc.

61,015

41,553

Woodside

Energy

Group,

Ltd.

603,681

Total

57,988,894

Financials  14.6%

879

1st

Source

Corporation

52,573

30,609

AB

Industrivarden,

Class

A

1,124,636

542

Affiliated

Managers

Group,

Inc.

91,072

697

Affirm

Holdings,

Inc.

a

31,497

60,435

AGNC

Investment

Corporation

578,967

143,301

AIB

Group

plc

925,614

24,196

Allianz

SE

9,260,076

18,411

Allstate

Corporation

3,812,366

3,831

Amalgamated

Financial

Corporation

110,141

10,174

American

Express

Company

2,737,315

38,367

American

International

Group,

Inc.

3,335,627

5,391

Ameriprise

Financial,

Inc.

2,609,837

2,205

Ameris

Bancorp

126,942

687

AMERISAFE,

Inc.

36,102

6,970

Annaly

Capital

Management,

Inc.

141,561

273

Arrow

Financial

Corporation

7,177

2,366

Arthur

J.

Gallagher

&

Company

816,838

3,504

Artisan

Partners

Asset

Management,

Inc.

137,006

5,192

Associated

Banc-Corp

116,976

1,033

Assurant,

Inc.

216,672

1,922

Atlantic

Union

Bankshares

Corporation

59,851

92,521

Australia

and

New

Zealand

Banking

Group,

Ltd.

1,693,978

55,023

AvidXchange

Holdings,

Inc.

a

466,595

494

Axis

Capital

Holdings,

Ltd.

49,519

1,485

Axos

Financial,

Inc.

a

95,812

593,136

Banca

Monte

dei

Paschi

di

Siena

SPA

4,717,368

377,735

Banco

Bilbao

Vizcaya

Argentaria

SA

5,155,185

682,850

Banco

Santander

SA

4,600,315

15,952

Bank

Hapoalim

BM

216,326

62,148

Bank

Leumi

Le-Israel

BM

836,922

185,187

Bank

of

America

Corporation

7,727,854

129

Bank

of

Hawaii

Corporation

8,897

43,165

Bank

of

New

York

Mellon

Corporation

3,620,249

1,294

Bank

OZK

56,224

1,379

BankFinancial

Corporation

17,431

4,319

BankUnited,

Inc.

148,746

1,911

Bar

Harbor

Bankshares

56,374

721,023

Barclays

plc

2,711,083

3,024

BCB

Bancorp,

Inc.

29,817

4,310

Berkshire

Hills

Bancorp,

Inc.

112,448

2,385

Block,

Inc.

a

129,577

18,813

Blue

Owl

Capital,

Inc.

377,013

63,930

BNP

Paribas

SA

5,343,244

5,941

Brookline

Bancorp,

Inc.

64,757

7,760

Brown

&

Brown,

Inc.

965,344

1,937

Burke

&

Herbert

Financial

Services

Corporation

108,685

2,485

Business

First

Bancshares,

Inc.

60,510

943

Byline

Bancorp,

Inc.

24,669

Shares

Common

Stock  79.2%

Value

Financials  14.6%

-

continued

2,591

Cadence

Bank

$

78,663

180

Camden

National

Corporation

7,285

343

Capital

City

Bank

Group,

Inc.

12,334

23,618

Capital

One

Financial

Corporation

4,234,707

10,624

Capitol

Federal

Financial,

Inc.

59,494

21,964

Carlyle

Group,

Inc.

957,411

257

Cathay

General

Bancorp

11,059

2,029

Cboe

Global

Markets,

Inc.

459,142

70,213

Charles

Schwab

Corporation

5,496,274

4,341

Chimera

Investment

Corporation

55,695

221

ChoiceOne

Financial

Services,

Inc.

6,358

14,659

Chubb,

Ltd.

4,426,871

1,301

Cincinnati

Financial

Corporation

192,184

1,464

Citizens

Financial

Group,

Inc.

59,980

2,255

CNB

Financial

Corporation

50,174

3,656

CNO

Financial

Group,

Inc.

152,272

173

Coinbase

Global,

Inc.

a

29,796

2,661

Columbia

Banking

System,

Inc.

66,365

1,991

Comerica,

Inc.

117,588

1,943

Commerce

Bancshares,

Inc.

120,913

37,821

Commonwealth

Bank

of

Australia

3,596,555

320

Community

Financial

System,

Inc.

18,195

2,105

Community

Trust

Bancorp,

Inc.

106,008

1,109

ConnectOne

Bancorp,

Inc.

26,960

320,369

Credit

Agricole

SA

5,832,992

864

Cullen/Frost

Bankers,

Inc.

108,173

1,259

Customers

Bancorp,

Inc.

a

63,202

438

CVB

Financial

Corporation

8,085

36,800

Dai-ichi

Mutual

Life

Insurance

Company,

Ltd.

280,987

216,200

Daiwa

Securities

Group,

Inc.

1,455,728

124,170

DBS

Group

Holdings,

Ltd.

4,264,163

48,430

Deutsche

Bank

AG

1,154,437

29,514

Deutsche

Boerse

AG

8,708,419

189

Diamond

Hill

Investment

Group,

Inc.

26,997

19,242

Discover

Financial

Services

3,284,609

105,909

DNB

Bank

ASA

2,786,750

2,988

Eagle

Bancorp,

Inc.

62,748

2,585

East

West

Bancorp,

Inc.

232,030

1,327

Eastern

Bankshares,

Inc.

21,763

1,266

Enova

International,

Inc.

a

122,245

11,143

Equitable

Holdings,

Inc.

580,439

1,439

Equity

Bancshares,

Inc.

56,697

1,537

Essent

Group,

Ltd.

88,716

1,265

Evercore,

Inc.

252,646

2,901

EXOR

NV

263,450

11,234

F.N.B.

Corporation

151,097

486

FactSet

Research

Systems,

Inc.

220,955

15,537

Federated

Hermes,

Inc.

633,443

5,303

Fidelity

National

Information

Services,

Inc.

396,028

2,700

Fifth

Third

Bancorp

105,840

490

First

American

Financial

Corporation

32,159

8,493

First

Bancorp/Puerto

Rico

162,811

2,574

First

Bancshares,

Inc.

87,027

5,319

First

Busey

Corporation

114,890

378

First

Business

Financial

Services,

Inc.

17,823

1,499

First

Citizens

BancShares,

Inc./NC

2,779,326

3,974

First

Financial

Bancorp

99,271

1,318

First

Financial

Bankshares,

Inc.

47,343

1,862

First

Financial

Corporation

91,201

732

First

Hawaiian,

Inc.

17,890

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

99

Shares

Common

Stock  79.2%

Value

Financials  14.6%

-

continued

9,094

First

Horizon

Corporation

$

176,605

1,829

First

Internet

Bancorp

48,981

365

First

Interstate

BancSystem,

Inc.

10,457

983

First

Merchants

Corporation

39,753

3,041

First

Mid-Illinois

Bancshares,

Inc.

106,131

3,795

Fiserv,

Inc.

a

838,050

2,433

Flagstar

Financial,

Inc.

28,271

3,438

Flushing

Financial

Corporation

43,663

940

Flywire

Corporation

a

8,930

7,741

Fulton

Financial

Corporation

140,035

11,034

Glacier

Bancorp,

Inc.

487,923

490

Great

Southern

Bancorp,

Inc.

27,131

983

Groupe

Bruxelles

Lambert

SA

73,350

2,750

Hamilton

Lane,

Inc.

408,843

2,605

Hancock

Whitney

Corporation

136,632

744

Hanmi

Financial

Corporation

16,859

716

Hanover

Insurance

Group,

Inc.

124,548

1,037

HarborOne

Bancorp,

Inc.

10,754

2,464

Hartford

Insurance

Group,

Inc.

304,871

50

HBT

Financial,

Inc.

1,121

2,342

Home

BancShares,

Inc.

66,208

1,224

Hometrust

Bancshares,

Inc.

41,959

6,417

Hope

Bancorp,

Inc.

67,186

312

Horace

Mann

Educators

Corporation

13,332

5,432

Horizon

Bancorp,

Inc.

81,915

8,132

Houlihan

Lokey,

Inc.

1,313,318

48,632

HSBC

Holdings

plc

551,318

146

HUB24,

Ltd.

6,294

5,342

Huntington

Bancshares,

Inc./OH

80,183

172

Independent

Bank

Corporation/MA

10,776

2,479

Independent

Bank

Corporation/MI

76,328

227,052

Insurance

Australia

Group,

Ltd.

1,104,507

318

Interactive

Brokers

Group,

Inc.

52,658

18,750

Intercontinental

Exchange,

Inc.

3,234,375

8,364

Invesco,

Ltd.

126,882

363

Investar

Holding

Corporation

6,392

203,318

Investor

AB,

Class

B

6,063,777

42,165

J.P.

Morgan

Chase

&

Company

10,343,075

15,544

Jack

Henry

&

Associates,

Inc.

2,838,334

14,963

Janus

Henderson

Group

plc

540,912

210,300

Japan

Post

Holdings

Company,

Ltd.

2,108,766

900

Japan

Post

Insurance

Company,

Ltd.

18,342

7,986

Kearny

Financial

Corporation/MD

49,992

189,569

KeyCorp

3,031,208

2,638

Kinsale

Capital

Group,

Inc.

1,283,941

1,035

LendingTree,

Inc.

a

52,029

5,985

M&T

Bank

Corporation

1,069,819

2,236

Macquarie

Group,

Ltd.

278,263

55,364

Man

Group

plc

142,085

1,164

MarketAxess

Holdings,

Inc.

251,831

6,700

Marsh

&

McLennan

Companies,

Inc.

1,635,001

2,492

Mercantile

Bank

Corporation

108,252

43,381

MetLife,

Inc.

3,483,060

1,067

Metropolitan

Bank

Holding

Corporation

a

59,741

37,349

MGIC

Investment

Corporation

925,508

899

Mid

Penn

Bancorp,

Inc.

23,293

4,352

Midland

States

Bancorp,

Inc.

74,506

1,593

MidWestOne

Financial

Group,

Inc.

47,169

247,200

Mitsubishi

HC

Capital,

Inc.

1,675,129

234,900

Mitsubishi

UFJ

Financial

Group,

Inc.

c

3,202,584

Shares

Common

Stock  79.2%

Value

Financials  14.6%

-

continued

112,800

Mizuho

Financial

Group,

Inc.

$

3,095,653

838

Morningstar,

Inc.

251,291

4,563

Mr.

Cooper

Group,

Inc.

a

545,735

23,900

MS

and

AD

Insurance

Group

Holdings,

Inc.

519,773

689

MSCI,

Inc.

389,630

10,244

Nasdaq,

Inc.

777,110

60,035

National

Australia

Bank,

Ltd.

1,291,278

52

Nelnet,

Inc.

5,768

4,734

Netwealth

Group,

Ltd.

76,900

17,158

NMI

Holdings,

Inc.

a

618,546

274,800

Nomura

Holdings,

Inc.

1,693,297

907

Northeast

Community

Bancorp,

Inc.

21,260

9,972

Northern

Trust

Corporation

983,738

2,754

Northfield

Bancorp,

Inc.

30,046

332

Northrim

BanCorp,

Inc.

24,309

6,493

Northwest

Bancshares,

Inc.

78,046

7,173

OceanFirst

Financial

Corporation

122,013

3,329

OFG

Bancorp

133,227

4,271

Old

National

Bancorp

90,502

5,751

Old

Republic

International

Corporation

225,554

6,447

Old

Second

Bancorp,

Inc.

107,278

8,920

OneMain

Holdings,

Inc.

436,010

15,400

ORIX

Corporation

321,535

2,080

Orrstown

Financial

Services,

Inc.

62,421

1,372

P10,

Inc.

16,121

628

Palomar

Holdings,

Inc.

a

86,086

7,213

Paragon

Banking

Group

plc

68,623

58

Park

National

Corporation

8,781

1,012

Paymentus

Holdings,

Inc.

a

26,413

1,149

PCB

Bancorp

21,498

2,324

Peoples

Bancorp,

Inc./OH

68,930

1,143

Pinnacle

Financial

Partners,

Inc.

121,204

10,905

Plus500,

Ltd.

386,536

2,874

Popular,

Inc.

265,471

2,291

Principal

Financial

Group,

Inc.

193,292

1,329

Prosperity

Bancshares,

Inc.

94,851

8,336

Provident

Financial

Services,

Inc.

143,129

1,636

Prudential

Financial,

Inc.

182,708

99,251

QBE

Insurance

Group,

Ltd.

1,371,371

6,336

Radian

Group,

Inc.

209,532

3,331

Regions

Financial

Corporation

72,383

339

Reinsurance

Group

of

America,

Inc.

66,749

6,286

Rithm

Capital

Corporation

71,975

5,747

RLI

Corporation

461,657

13,473

Robinhood

Markets,

Inc.

a

560,746

8,475

SEI

Investments

Company

657,914

4,838

Selective

Insurance

Group,

Inc.

442,871

566

ServisFirst

Bancshares,

Inc.

46,752

3,366

Shore

Bancshares,

Inc.

45,576

1,145

Sierra

Bancorp

31,923

459

Simmons

First

National

Corporation

9,423

167,500

Singapore

Exchange,

Ltd.

1,658,256

484

Southern

Missouri

Bancorp,

Inc.

25,178

1,104

Southside

Bancshares,

Inc.

31,972

1,637

SouthState

Corporation

151,946

4,018

StepStone

Group,

Inc.

209,860

1,737

Stifel

Financial

Corporation

163,730

831

StoneX

Group,

Inc.

a

63,472

93,800

Sumitomo

Mitsui

Financial

Group,

Inc.

2,412,030

13,786

Svenska

Handelsbanken

AB

155,803

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

100

Shares

Common

Stock  79.2%

Value

Financials  14.6%

-

continued

4,586

Svolder

AB

$

25,450

3,967

Synovus

Financial

Corporation

185,418

4,360

Texas

Capital

Bancshares,

Inc.

a

325,692

35,100

Tokio

Marine

Holdings,

Inc.

1,365,489

151

Towne

Bank/Portsmouth,

VA

5,163

8,118

TPG

RE

Finance

Trust,

Inc.

66,162

18,726

TPG,

Inc.

888,174

15,753

Tradeweb

Markets,

Inc.

2,338,690

13,361

Triumph

Financial,

Inc.

a

772,266

1,927

TrustCo

Bank

Corporation

NY

58,735

3,506

Trustmark

Corporation

120,922

23,610

U.S.

Bancorp

996,814

132,960

UBS

Group

AG

4,083,813

1,055

UMB

Financial

Corporation

106,661

1,629

United

Bankshares,

Inc.

56,477

4,310

United

Community

Banks,

Inc.

121,240

971

Unity

Bancorp,

Inc.

39,520

2,257

Univest

Financial

Corporation

64,009

1,534

Unum

Group

124,960

15,844

Valley

National

Bancorp

140,853

3,200

Veritex

Holdings,

Inc.

79,904

281

Virtu

Financial,

Inc.

10,712

37,464

Visa,

Inc.

13,129,633

8,816

Voya

Financial,

Inc.

597,372

284

Walker

&

Dunlop,

Inc.

24,242

2,867

Webster

Financial

Corporation

147,794

140,756

Wells

Fargo

&

Company

10,104,873

953

Wendel

SA

92,135

508

WesBanco,

Inc.

15,728

1,569

Westamerica

Bancorporation

79,438

7,327

Western

Alliance

Bancorp

562,933

27,155

Western

Union

Company

287,300

67,614

Westpac

Banking

Corporation

1,347,378

252

Willis

Towers

Watson

plc

85,163

5,158

Wintrust

Financial

Corporation

580,069

313

WSFS

Financial

Corporation

16,235

5,793

Zions

Bancorp

NA

288,839

249

Zurich

Insurance

Group

AG

173,804

Total

231,867,349

Health

Care  9.3%

6,812

Acadia

Healthcare

Company,

Inc.

a

206,540

16,584

ADMA

Biologics,

Inc.

a

329,027

5,064

Agilent

Technologies,

Inc.

592,387

1,259

Agios

Pharmaceuticals,

Inc.

a

36,889

12,161

Amgen,

Inc.

3,788,759

3,994

Amicus

Therapeutics,

Inc.

a

32,591

4,142

Amneal

Pharmaceuticals,

Inc.

a

34,710

1,170

Anika

Therapeutics,

Inc.

a

17,585

1,566

Argenx

SE

ADR

a

926,861

311

Arvinas,

Inc.

a

2,183

61,412

AstraZeneca

plc

9,018,077

735

Astria

Therapeutics,

Inc.

a

3,925

109,119

Avantor,

Inc.

a

1,768,819

10,990

Baxter

International,

Inc.

376,188

927

Biogen,

Inc.

a

126,851

21,914

BioMarin

Pharmaceutical,

Inc.

a

1,549,101

5,033

Bio-Techne

Corporation

295,085

6,857

Cabaletta

Bio,

Inc.

a

9,497

4,159

CareDx,

Inc.

a

73,822

19,747

Caribou

Biosciences,

Inc.

a

18,031

3,885

Cencora,

Inc.

1,080,380

3,249

Centene

Corporation

a

197,247

8,062

Certara,

Inc.

a

79,814

10,048

Cigna

Group

3,305,792

Shares

Common

Stock  79.2%

Value

Health

Care  9.3%

-

continued

20,007

Concentra

Group

Holdings

Parent,

Inc.

$

434,152

7,184

Cooper

Companies,

Inc.

a

605,970

4,067

CorVel

Corporation

a

455,382

2,774

CryoPort,

Inc.

a

16,866

13,814

CSL,

Ltd.

2,174,180

6,100

Daiichi

Sankyo

Company,

Ltd.

145,265

15,300

Danaher

Corporation

3,136,500

2,687

Definitive

Healthcare

Corporation

a

7,765

4,886

Denali

Therapeutics,

Inc.

a

66,425

9,954

Dentsply

Sirona,

Inc.

148,713

13,833

Dexcom,

Inc.

a

944,656

1,472

Doximity,

Inc.

a

85,420

4,384

Editas

Medicine,

Inc.

a

5,085

16,908

Elanco

Animal

Health,

Inc.

a

177,534

9,054

Eli

Lilly

&

Company

7,477,789

6,175

Enanta

Pharmaceuticals,

Inc.

a

34,086

15,731

Encompass

Health

Corporation

1,593,236

7,720

Exact

Sciences

Corporation

a

334,199

417

Exelixis,

Inc.

a

15,396

6,417

Fate

Therapeutics,

Inc.

a

5,070

4,025

Fortrea

Holdings,

Inc.

a

30,389

10,310

Fresenius

Medical

Care

AG

513,027

38,501

Gilead

Sciences,

Inc.

4,314,037

29,600

Globus

Medical,

Inc.

a

2,166,720

6,399

GoodRx

Holdings,

Inc.

a

28,220

24,843

Haleon

plc

125,463

11,504

HealthEquity,

Inc.

a

1,016,608

7,353

Henry

Schein,

Inc.

a

503,607

18,400

Hoya

Corporation

2,076,596

1,255

Humana,

Inc.

332,073

2,969

IDEXX

Laboratories,

Inc.

a

1,246,832

261

Illumina,

Inc.

a

20,708

1,662

Incyte

Corporation

a

100,634

3,723

Inspire

Medical

Systems,

Inc.

a

592,999

614

Insulet

Corporation

a

161,242

3,039

Integra

LifeSciences

Holdings

Corporation

a

66,828

4,631

Intellia

Therapeutics,

Inc.

a

32,926

9,005

Intuitive

Surgical,

Inc.

a

4,459,906

1,344

IQVIA

Holding,

Inc.

a

236,947

3,536

iTeos

Therapeutics,

Inc.

a

21,110

48,525

Johnson

&

Johnson

8,047,386

2,066

Kura

Oncology,

Inc.

a

13,636

15,812

Labcorp

Holdings,

Inc.

3,680,085

60

Ligand

Pharmaceuticals,

Inc.

a

6,308

28

Medpace

Holdings,

Inc.

a

8,531

48,994

Merck

&

Company,

Inc.

4,397,701

3,141

Merit

Medical

Systems,

Inc.

a

332,035

314

Mettler-Toledo

International,

Inc.

a

370,806

1,938

Myriad

Genetics,

Inc.

a

17,190

5,780

Natera,

Inc.

a

817,350

7,448

Nkarta,

Inc.

a

13,704

111,011

Novartis

AG

12,329,970

79,958

Novo

Nordisk

AS

5,467,395

1,096

Novocure,

Ltd.

a

19,531

66,000

Ono

Pharmaceutical

Company,

Ltd.

c

710,071

3,502

Penumbra,

Inc.

a

936,470

908

Prestige

Consumer

Healthcare,

Inc.

a

78,061

6,387

Pro

Medicus,

Ltd.

808,440

2,778

Prothena

Corporation

plc

a

34,378

440

PTC

Therapeutics,

Inc.

a

22,422

3,915

QIAGEN

NV

157,187

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

101

Shares

Common

Stock  79.2%

Value

Health

Care  9.3%

-

continued

887

Quest

Diagnostics,

Inc.

$

150,080

46,168

Recordati

SPA

2,616,251

4,006

Regeneron

Pharmaceuticals,

Inc.

2,540,725

11,990

Relay

Therapeutics,

Inc.

a

31,414

9,608

Repligen

Corporation

a

1,222,522

46

Revvity,

Inc.

4,867

31,625

Roche

Holding

AG,

Participation

Certificates

10,408,661

3,843

Rocket

Pharmaceuticals,

Inc.

a

25,633

39,954

Royalty

Pharma

plc

1,243,768

15,432

RxSight,

Inc.

a

389,658

75,891

Sanofi

SA

ADR

4,208,915

35,447

scPharmaceuticals,

Inc.

a

93,226

23

Siegfried

Holding

AG

23,633

4,577

STERIS

plc

1,037,377

23,873

Stevanato

Group

SPA

487,487

125,200

Takeda

Pharmaceutical

Company,

Ltd.

3,710,775

802

Teleflex,

Inc.

110,828

1,658

Tenet

Healthcare

Corporation

a

223,001

43,800

Terumo

Corporation

824,142

13,312

Twist

Bioscience

Corporation

a

522,629

20,872

UnitedHealth

Group,

Inc.

10,931,710

511

Veeva

Systems,

Inc.

a

118,363

9,586

Vericel

Corporation

a

427,727

30,859

Viatris,

Inc.

268,782

2,101

Waystar

Holding

Corporation

a

78,493

2,856

West

Pharmaceutical

Services,

Inc.

639,401

4,963

Xencor,

Inc.

a

52,806

2,205

Xenon

Pharmaceuticals,

Inc.

a

73,978

5,081

Zentalis

Pharmaceuticals,

Inc.

a

8,079

33,844

Zimmer

Biomet

Holdings,

Inc.

3,830,464

21,183

Zoetis,

Inc.

3,487,781

Total

147,842,555

Industrials  10.9%

3,377

A.O.

Smith

Corporation

220,721

155

A.P.

Moller

-

Maersk

AS,

Class

A

265,516

827

A.P.

Moller

-

Maersk

AS,

Class

B

c

1,439,335

124,729

ABB,

Ltd.

6,435,762

1,884

Acuity

Brands,

Inc.

496,151

5,836

Advanced

Drainage

Systems,

Inc.

634,081

10,228

AECOM

948,442

529

Aena

SME

SA

b

124,106

5,426

AGCO

Corporation

502,285

17,725

Airbus

SE

3,121,128

710

Alaska

Air

Group,

Inc.

a

34,946

5,924

Alfa

Laval

AB

253,992

1,009

Allegion

plc

131,634

1,773

Allison

Transmission

Holdings,

Inc.

169,623

31,400

Amada

Company,

Ltd.

305,823

62,367

Amentum

Holdings,

Inc.

a

1,135,079

4,491

AMETEK,

Inc.

773,081

564

Applied

Industrial

Technologies,

Inc.

127,092

1,553

Arcosa,

Inc.

119,767

102

Argan,

Inc.

13,379

4,139

Armstrong

World

Industries,

Inc.

583,102

4,407

Array

Technologies,

Inc.

a

21,462

74,203

Assa

Abloy

AB

2,227,668

238,334

Atlas

Copco

AB,

Class

A

3,807,012

13,729

Atlas

Copco

AB,

Class

B

193,059

18,371

Atmus

Filtration

Technologies,

Inc.

674,767

18,498

BAE

Systems

plc

373,523

Shares

Common

Stock  79.2%

Value

Industrials  10.9%

-

continued

7,072

Brady

Corporation

$

499,566

100,727

Brambles,

Ltd.

1,272,510

15,293

BWX

Technologies,

Inc.

1,508,655

10

CACI

International,

Inc.

a

3,669

1,817

Carlisle

Companies,

Inc.

618,689

3,516

Casella

Waste

Systems,

Inc.

a

392,069

16,511

Caterpillar,

Inc.

5,445,328

19,416

CECO

Environmental

Corporation

a

442,685

506,000

CK

Hutchison

Holdings,

Ltd.

2,852,291

4,164

Clean

Harbors,

Inc.

a

820,724

300,915

CNH

Industrial

NV

3,695,236

149,000

ComfortDelGro

Corporation,

Ltd.

161,547

31,346

Compagnie

de

Saint-Gobain

SA

3,122,599

8,376

Computershare,

Ltd.

206,461

173

CSW

Industrials,

Inc.

50,433

85,479

CSX

Corporation

2,515,647

553

Cummins,

Inc.

173,332

1,894

Curtiss-Wright

Corporation

600,909

100,600

Dai

Nippon

Printing

Company,

Ltd.

1,432,287

200

Daikin

Industries,

Ltd.

21,704

604

Dayforce,

Inc.

a

35,231

68,990

Delta

Air

Lines,

Inc.

3,007,964

5,141

DNOW,

Inc.

a

87,808

29

Dover

Corporation

5,095

2,075

EMCOR

Group,

Inc.

766,982

2,189

Energy

Recovery,

Inc.

a

34,783

20,020

Enerpac

Tool

Group

Corporation

898,097

3,231

EnPro,

Inc.

522,744

93

ESCO

Technologies,

Inc.

14,798

34,059

ExlService

Holdings,

Inc.

a

1,607,925

64,204

Fastenal

Company

4,979,020

7,625

Federal

Signal

Corporation

560,819

2,177

Ferguson

Enterprises,

Inc.

348,821

86,457

Flowserve

Corporation

4,222,560

10,294

Fluor

Corporation

a

368,731

8,999

Fortive

Corporation

658,547

3,613

Frontier

Group

Holdings,

Inc.

a

15,680

32,145

Gates

Industrial

Corporation

plc

a

591,789

14,632

General

Dynamics

Corporation

3,988,391

360

Gorman-Rupp

Company

12,636

12,692

Graco,

Inc.

1,059,909

10,591

Great

Lakes

Dredge

&

Dock

Corporation

a

92,142

647

Griffon

Corporation

46,261

9,363

Helios

Technologies,

Inc.

300,459

416

Herc

Holdings,

Inc.

55,856

37,318

Hexcel

Corporation

2,043,534

96,200

Hitachi,

Ltd.

2,258,719

21,019

Honeywell

International,

Inc.

4,450,773

16,486

Howmet

Aerospace,

Inc.

2,138,729

5,792

Hudson

Technologies,

Inc.

a

35,737

90

Huron

Consulting

Group,

Inc.

a

12,911

4,260

IDEX

Corporation

770,932

1,018

IES

Holdings,

Inc.

a

168,082

36,900

Inaba

Denki

Sangyo

Company,

Ltd.

c

940,341

2,067

Ingersoll

Rand,

Inc.

165,422

18,000

ITOCHU

Corporation

835,613

3,071

ITT

Corporation

396,650

21,233

Jacobs

Solutions,

Inc.

2,566,857

27,400

Jardine

Matheson

Holdings,

Ltd.

1,157,178

19,133

JB

Hunt

Transport

Services,

Inc.

2,830,727

66,200

Kawasaki

Kisen

Kaisha,

Ltd.

899,817

2,367

Kirby

Corporation

a

239,091

4,800

Komatsu,

Ltd.

140,559

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

102

Shares

Common

Stock  79.2%

Value

Industrials  10.9%

-

continued

5,960

Kongsberg

Gruppen

ASA

$

873,826

8,688

Korn

Ferry

589,307

15,408

L3Harris

Technologies,

Inc.

3,225,049

3,609

Landstar

System,

Inc.

542,072

10,047

Legrand

SA

1,064,017

26,271

Leonardo

SPA

1,279,371

3,269

Limbach

Holdings,

Inc.

a

243,442

31,629

Logista

Integral

SA

1,005,224

1,449

ManpowerGroup,

Inc.

83,868

120

Masco

Corporation

8,345

36,370

Masterbrand,

Inc.

a

474,992

1,950

McGrath

RentCorp

217,230

11,000

MEITEC

Group

Holdings,

Inc.

214,743

173,200

Mitsubishi

Corporation

3,057,805

13,200

Mitsubishi

Electric

Corporation

243,438

50,600

Mitsubishi

Heavy

Industries,

Ltd.

868,984

64,300

Mitsui

&

Company,

Ltd.

1,212,262

2,927

Moog,

Inc.

507,396

9,348

MSC

Industrial

Direct

Company,

Inc.

726,059

17,777

Mueller

Water

Products,

Inc.

451,891

24,700

Nippon

Yusen

Kabushiki

Kaisha

c

816,288

2,800

Nishimatsu

Construction

Company,

Ltd.

90,197

15,100

Nitto

Kogyo

Corporation

314,248

14,801

nVent

Electric

plc

775,868

5,361

Old

Dominion

Freight

Line,

Inc.

886,978

1,783

Otis

Worldwide

Corporation

184,006

1,824

PACCAR,

Inc.

177,603

6,147

Parker-Hannifin

Corporation

3,736,454

165

Paylocity

Holding

Corporation

a

30,911

10,062

Pentair

plc

880,224

2,043

RBC

Bearings,

Inc.

a

657,376

48,100

Recruit

Holdings

Company,

Ltd.

2,492,122

5,365

Regal

Rexnord

Corporation

610,805

118,287

RELX

plc

5,941,665

852

Republic

Services,

Inc.

206,320

1,957

Rheinmetall

AG

2,800,324

10,833

Robert

Half,

Inc.

590,940

2,499

Rockwell

Automation,

Inc.

645,692

133,684

Rolls-Royce

Holdings

plc

a

1,299,330

379

Rush

Enterprises,

Inc.

20,242

12,841

Safran

SA

3,380,833

1,401

Saia,

Inc.

a

489,551

2,000

Sankyu,

Inc.

82,193

24,506

Schneider

Electric

SE

5,657,114

44,900

Secom

Company,

Ltd.

1,529,254

15,709

Shoals

Technologies

Group,

Inc.

a

52,154

3,205

Siemens

AG

740,185

14,244

Siemens

Energy

AG

a

844,416

111

SkyWest,

Inc.

a

9,698

10,700

Sojitz

Corporation

235,831

509

SPX

Technologies,

Inc.

a

65,549

1,299

SS&C

Technologies

Holdings,

Inc.

108,506

4,239

Stanley

Black

&

Decker,

Inc.

325,894

2,578

Sterling

Construction

Company,

Inc.

a

291,855

94,400

Sumitomo

Corporation

2,154,005

37,000

Techtronic

Industries

Company,

Ltd.

443,418

59,000

TOPPAN

Holdings,

Inc.

1,612,899

1,204

Trane

Technologies

plc

405,652

164

TransDigm

Group,

Inc.

226,860

9,948

TransUnion

825,585

1,356

Trelleborg

AB

50,432

Shares

Common

Stock  79.2%

Value

Industrials  10.9%

-

continued

2,270

Trinity

Industries,

Inc.

$

63,696

39,300

Tsubakimoto

Chain

Company

487,124

86,266

Uber

Technologies,

Inc.

a

6,285,341

980

UL

Solutions,

Inc.

55,272

7,264

United

Airlines

Holdings,

Inc.

a

501,579

25,384

United

Parcel

Service,

Inc.

2,791,986

1,080

Verisk

Analytics,

Inc.

321,430

3,494

Verra

Mobility

Corporation

a

78,650

846

Wabtec

Corporation

153,422

6,221

Waste

Connections,

Inc.

1,214,277

1,662

Watsco,

Inc.

844,795

15,354

Werner

Enterprises,

Inc.

449,872

10,386

WNS

Holdings,

Ltd.

a

638,635

5,994

Wolters

Kluwer

NV

933,246

580,100

Yangzijiang

Shipbuilding

Holdings,

Ltd.

1,018,092

6,800

Yuasa

Trading

Company,

Ltd.

206,737

20,931

Zigup

plc

79,890

Total

173,006,439

Information

Technology  13.8%

31,800

Advantest

Corporation

1,417,533

7,422

Agilysys,

Inc.

a

538,392

1,509

Ambarella,

Inc.

a

75,948

22,063

Amphenol

Corporation

1,447,112

113,451

Apple,

Inc.

25,200,871

24,600

Applied

Materials,

Inc.

3,569,952

9,742

Arista

Networks,

Inc.

a

754,810

11,037

ASML

Holding

NV

7,304,018

437

Astera

Labs,

Inc.

a

26,076

376

Atlassian

Corporation

a

79,791

379

Autodesk,

Inc.

a

99,222

339

BILL

Holdings,

Inc.

a

15,557

6,091

BlackLine,

Inc.

a

294,926

48,058

Broadcom,

Inc.

8,046,351

17,409

CDW

Corporation

2,789,966

11,487

Check

Point

Software

Technologies,

Ltd.

a

2,618,117

116,396

Cisco

Systems,

Inc.

7,182,797

3,304

Clearwater

Analytics

Holdings,

Inc.

a

88,547

6,042

Coherent

Corporation

a

392,367

3,464

CommVault

Systems,

Inc.

a

546,481

457

Consensus

Cloud

Solutions,

Inc.

a

10,548

2,282

Credo

Technology

Group

Holding,

Ltd.

a

91,645

2,479

CrowdStrike

Holdings,

Inc.

a

874,046

5,154

CyberArk

Software,

Ltd.

a

1,742,052

4,154

Descartes

Systems

Group,

Inc.

a

418,848

3,400

DISCO

Corporation

694,354

40

DocuSign,

Inc.

a

3,256

3,810

Dolby

Laboratories,

Inc.

305,981

17,206

Dynatrace

Holdings,

LLC

a

811,263

1,745

Elastic

NV

a

155,480

499

Enphase

Energy,

Inc.

a

30,963

1,446

Expensify,

Inc.

a

4,396

1,142

F5,

Inc.

a

304,080

1,586

Fabrinet

a

313,251

475

Fair

Isaac

Corporation

a

875,976

440

FARO

Technologies,

Inc.

a

12,012

7,321

Flex,

Ltd.

a

242,179

38,164

Fortinet,

Inc.

a

3,673,667

4,177

Freshworks,

Inc.

a

58,937

12,000

FUJIFILM

Holdings

NPV

229,908

25,900

Fujitsu,

Ltd.

515,433

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

103

Shares

Common

Stock  79.2%

Value

Information

Technology  13.8%

-

continued

1,951

Gartner,

Inc.

a

$

818,913

3,179

Gen

Digital,

Inc.

84,371

25,081

Gitlab,

Inc.

a

1,178,807

3,860

Globant

SA

a

454,399

1,261

GoDaddy,

Inc.

a

227,157

9,015

Guidewire

Software,

Inc.

a

1,689,050

8,837

Halma

plc

296,497

1,901

HubSpot,

Inc.

a

1,086,022

4,174

Impinj,

Inc.

a

378,582

37,277

International

Business

Machines

Corporation

9,269,299

713

IPG

Photonics

Corporation

a

45,019

1,264

Itron,

Inc.

a

132,417

2,948

Jabil,

Inc.

401,134

35,921

JFrog,

Ltd.

a

1,149,472

4,500

Keyence

Corporation

1,769,446

3,462

Keysight

Technologies,

Inc.

a

518,504

14,937

Knowles

Corporation

a

227,042

193,100

Kyocera

Corporation

2,181,072

1,300

Lasertec

Corporation

111,736

20,159

Lattice

Semiconductor

Corporation

a

1,057,340

3,091

Littelfuse,

Inc.

608,123

258

MACOM

Technology

Solutions

Holdings,

Inc.

a

25,898

8,532

Marvell

Technology,

Inc.

525,315

78,903

Microsoft

Corporation

29,619,397

274

MicroStrategy,

Inc.

a

78,986

530

Mirion

Technologies,

Inc.

a

7,685

8,865

MKS

Instruments,

Inc.

710,530

3,790

MongoDB,

Inc.

a

664,766

50

Monolithic

Power

Systems,

Inc.

28,999

798

Motorola

Solutions,

Inc.

349,372

100,600

Murata

Manufacturing

Company,

Ltd.

1,551,750

2,053

Napco

Security

Technologies,

Inc.

47,260

103,000

NEC

Corporation

2,193,975

4,049

NetApp,

Inc.

355,664

3,432

Nova,

Ltd.

a

637,178

11,400

NS

Solutions

Corporation

292,762

5,900

NSD

Company,

Ltd.

132,165

70,500

NTT

Data

Group

Corporation

c

1,277,112

236,356

NVIDIA

Corporation

25,616,263

1,325

Okta,

Inc.

a

139,416

2,416

Olo,

Inc.

a

14,593

8,086

Onto

Innovation,

Inc.

a

981,155

23,800

Otsuka

Corporation

515,304

26,266

Palantir

Technologies,

Inc.

a

2,216,850

11,137

PDF

Solutions,

Inc.

a

212,828

5,554

Pegasystems,

Inc.

386,114

362

Procore

Technologies,

Inc.

a

23,899

8,176

PTC,

Inc.

a

1,266,871

2,192

Q2

Holdings,

Inc.

a

175,382

57,447

QUALCOMM,

Inc.

8,824,434

28,900

Renesas

Electronics

Corporation

387,626

45,300

Rohm

Company,

Ltd.

c

437,672

19,084

Salesforce,

Inc.

5,121,382

105,187

Samsung

Electronics

Company,

Ltd.

4,170,188

11,184

SAP

AG

ADR

3,002,233

28,427

SAP

SE

7,617,028

27,300

SCSK

Corporation

675,066

7,309

ServiceNow,

Inc.

a

5,818,987

2,299

Silicon

Laboratories,

Inc.

a

258,798

Shares

Common

Stock  79.2%

Value

Information

Technology  13.8%

-

continued

19,200

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

$

3,187,200

29,029

TD

SYNNEX

Corporation

3,017,855

2,519

TE

Connectivity

plc

355,985

40,522

Technology

One,

Ltd.

712,754

1,156

Teledyne

Technologies,

Inc.

a

575,353

1,959

Tenable

Holdings,

Inc.

a

68,526

16,600

Tokyo

Electron,

Ltd.

2,276,401

30,982

Trimble,

Inc.

a

2,033,968

13,155

TTM

Technologies,

Inc.

a

269,809

1,906

Tyler

Technologies,

Inc.

a

1,108,129

4,314

Varonis

Systems,

Inc.

a

174,501

2,280

VeriSign,

Inc.

a

578,824

527

Vontier

Corporation

17,312

11,163

Western

Digital

Corporation

a

451,320

5,379

Workiva,

Inc.

a

408,320

924

Xerox

Holdings

Corporation

4,463

Total

219,143,134

Materials  3.6%

21,178

Air

Liquide

SA

4,022,672

10,829

Alcoa

Corporation

330,285

1,983

Allegheny

Technologies,

Inc.

a

103,176

7,322

Amcor

plc

71,023

3,873

Anglo

American

plc

108,554

1,449

AptarGroup,

Inc.

215,003

4,008

Aspen

Aerogels,

Inc.

a

25,611

4,858

Avient

Corporation

180,523

45,676

Axalta

Coating

Systems,

Ltd.

a

1,515,073

852

Balchem

Corporation

141,432

162,415

BHP

Group,

Ltd.

3,940,708

22,789

Buzzi

SPA

1,096,596

4,621

Celanese

Corporation

262,334

48,654

CF

Industries

Holdings,

Inc.

3,802,310

8,980

Chemours

Company

121,499

36,598

Constellium

SE

a

369,274

43,403

Corteva,

Inc.

2,731,351

31,365

Deterra

Royalties,

Ltd.

70,943

9,361

DuPont

de

Nemours,

Inc.

699,080

480

Eagle

Materials,

Inc.

106,526

35,073

Eastman

Chemical

Company

3,090,282

18,915

Element

Solutions,

Inc.

427,668

31,363

Evraz

plc

a,d

4

5,958

FMC

Corporation

251,368

1,487

Givaudan

SA

6,383,662

91,831

Granges

AB

1,044,839

787

Greif,

Inc.

43,277

18,216

Hecla

Mining

Company

101,281

13,031

Heidelberg

Materials

AG

2,246,259

35,621

Hexpol

AB

311,498

64,544

Holcim

AG

6,945,788

1,340

Huntsman

Corporation

21,159

1,917

Ingevity

Corporation

a

75,894

1,333

Innospec,

Inc.

126,302

4,173

International

Flavors

&

Fragrances,

Inc.

323,867

1,921

Kaiser

Aluminum

Corporation

116,451

1,447

Koppers

Holdings,

Inc.

40,516

30,600

Kyoei

Steel,

Ltd.

386,548

356

LyondellBasell

Industries

NV

25,062

3,505

Magnera

Corporation

a

63,651

1,672

Martin

Marietta

Materials,

Inc.

799,433

1,986

Minerals

Technologies,

Inc.

126,250

9,863

Mosaic

Company

266,400

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

104

Shares

Common

Stock  79.2%

Value

Materials  3.6%

-

continued

47,255

Northern

Star

Resources,

Ltd.

$

545,569

34,760

Nucor

Corporation

4,183,018

2,713

O-I

Glass,

Inc.

a

31,118

12,430

Olin

Corporation

301,303

1,525

Orion

SA

19,718

2,616

Packaging

Corporation

of

America

518,020

1,186

PPG

Industries,

Inc.

129,689

795

Ranpak

Holdings

Corporation

a

4,309

32,177

Rio

Tinto

plc

1,930,958

21,215

Rio

Tinto,

Ltd.

c

1,539,361

4,026

Royal

Gold,

Inc.

658,291

5,673

RPM

International,

Inc.

656,253

2,910

Sealed

Air

Corporation

84,099

5,091

Sensient

Technologies

Corporation

378,923

20,300

Shin-Etsu

Chemical

Company,

Ltd.

579,264

3,780

Sonoco

Products

Company

178,567

78,525

SSAB

AB,

Class

A

487,199

835

Steel

Dynamics,

Inc.

104,442

809

Stepan

Company

44,527

12,200

Taiyo

Holdings

Company,

Ltd.

394,439

27,500

Toagosei

Company,

Ltd.

260,073

8,338

Trinseo

plc

30,684

4,714

United

States

Steel

Corporation

199,214

739

Vidrala

SA

74,092

1,921

Vulcan

Materials

Company

448,169

4,933

West

Fraser

Timber

Company,

Ltd.

379,545

Total

57,292,276

Real

Estate  2.1%

4,406

Alexandria

Real

Estate

Equities,

Inc.

407,599

1,393

Alpine

Income

Property

Trust,

Inc.

23,291

2,114

American

Assets

Trust,

Inc.

42,576

32,154

Aroundtown

SA

a

88,100

6,838

AvalonBay

Communities,

Inc.

1,467,572

12,458

Brixmor

Property

Group,

Inc.

330,760

15,930

Broadstone

Net

Lease,

Inc.

271,447

31,648

CBRE

Group,

Inc.

a

4,138,925

7,369

Chatham

Lodging

Trust

52,541

31,500

City

Developments,

Ltd.

117,165

3,371

Colliers

International

Group,

Inc.

408,902

10,655

Compass,

Inc.

a

93,018

12,805

CoStar

Group,

Inc.

a

1,014,540

4,392

Cousins

Properties,

Inc.

129,564

40,181

Crown

Castle,

Inc.

4,188,066

4,635

Curbline

Properties

Corporation

112,121

41,350

DEXUS

Property

Group

183,880

13,196

Douglas

Elliman,

Inc.

a

22,697

6,316

EPR

Properties

332,285

2,092

Equinix,

Inc.

1,705,712

24,609

Essential

Properties

Realty

Trust,

Inc.

803,238

861

Essex

Property

Trust,

Inc.

263,957

10,321

Global

Net

Lease,

Inc.

82,981

6,863

Goodman

Group

123,168

180,675

Healthcare

Realty

Trust,

Inc.

3,053,407

210,000

Henderson

Land

Development

Company,

Ltd.

604,021

38,400

Hongkong

Land

Holdings,

Ltd.

165,888

28,999

Host

Hotels

&

Resorts,

Inc.

412,076

455

Howard

Hughes

Holdings,

Inc.

a

33,706

4,626

Independence

Realty

Trust,

Inc.

98,210

17,927

Industrial

Logistics

Properties

Trust

61,669

6,212

Innovative

Industrial

Properties,

Inc.

336,007

Shares

Common

Stock  79.2%

Value

Real

Estate  2.1%

-

continued

14,576

InvenTrust

Properties

Corporation

$

428,097

334,700

Link

REIT

1,568,462

19,100

Mitsubishi

Estate

Company,

Ltd.

312,207

11,286

National

Storage

Affiliates

Trust

444,668

16,278

NetSTREIT

Corporation

258,006

40,163

Outfront

Media,

Inc.

648,231

55,923

Park

Hotels

&

Resorts,

Inc.

597,258

1,396

Peakstone

Realty

Trust

17,590

17,516

Pebblebrook

Hotel

Trust

177,437

5,928

PSP

Swiss

Property

AG

926,081

1,046

RE/MAX

Holdings,

Inc.

a

8,755

68,642

RLJ

Lodging

Trust

541,585

1,282

RMR

Group,

Inc.

21,345

1,218

Ryman

Hospitality

Properties

111,374

78,756

Sabra

Health

Care

REIT,

Inc.

1,375,867

1,891

Safehold,

Inc.

35,399

5,715

Sila

Realty

Trust,

Inc.

152,648

3,113

Simon

Property

Group,

Inc.

517,007

21,741

STAG

Industrial,

Inc.

785,285

113,500

Sun

Hung

Kai

Properties,

Ltd.

1,081,388

28,462

Tanger,

Inc.

961,731

4,569

Terreno

Realty

Corporation

288,852

85,971

Uniti

Group,

Inc.

433,294

209

Universal

Health

Realty

Income

Trust

8,561

6,439

Zillow

Group,

Inc.,

Class

A

a

430,512

3,528

Zillow

Group,

Inc.,

Class

C

a

241,880

Total

33,542,609

Utilities  2.8%

8,732

ACEA

SPA

179,869

87,737

AES

Corporation

1,089,694

9,588

Alliant

Energy

Corporation

616,988

1,762

American

States

Water

Company

138,634

3,047

American

Water

Works

Company,

Inc.

449,493

175,649

APA

Group

870,128

594

Artesian

Resources

Corporation

19,394

2,929

Black

Hills

Corporation

177,644

207

Brookfield

Renewable

Corporation

5,779

1,012

California

Water

Service

Group

49,041

666,513

Centrica

plc

1,290,543

12,382

Clearway

Energy,

Inc.,

Class

A

352,392

12,913

Clearway

Energy,

Inc.,

Class

C

390,876

14,284

Constellation

Energy

Corporation

2,880,083

38,501

Contact

Energy,

Ltd.

200,473

5,018

DTE

Energy

Company

693,839

52,021

Duke

Energy

Corporation

6,345,001

18,829

E.ON

SE

284,220

9,730

Edison

International

573,292

300,579

Engie

SA

5,857,048

75,882

Entergy

Corporation

6,487,152

7,145

Essential

Utilities,

Inc.

282,442

10,497

Evergy,

Inc.

723,768

4,502

Eversource

Energy

279,619

142,986

Fortum

Oyj

c

2,341,475

18,241

Hawaiian

Electric

Industries,

Inc.

a

199,739

266,351

Italgas

SPA

1,909,795

1,078

Middlesex

Water

Company

69,100

14,439

NiSource,

Inc.

578,859

9,887

Origin

Energy,

Ltd.

65,426

6,811

PG&E

Corporation

117,013

44,302

Public

Service

Enterprise

Group,

Inc.

3,646,055

49,552

UGI

Corporation

1,638,685

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

105

Shares

Common

Stock  79.2%

Value

Utilities  2.8%

-

continued

24,941

Vistra

Energy

Corporation

$

2,929,071

52,796

XPLR

Infrastructure,

LP

501,562

Total

44,234,192

Total

Common

Stock

(cost

$986,215,152)

1,259,063,858

Shares

Registered

Investment

Companies  

5.6%

Value

U.S.

Affiliated  

4.8%  

4,677,921

Thrivent

Core

Emerging

Markets

Equity

Fund

44,767,702

3,194,893

Thrivent

Core

Small

Cap

Value

Fund

31,309,956

Total

76,077,658

U.S.

Unaffiliated  

0.8%  

7,234

Invesco

QQQ

Trust

Series

1

3,392,167

15,102

SPDR

S&P

500

ETF

Trust

8,447,908

4,198

SPDR

S&P

Biotech

ETF

c

340,458

1,077

SPDR

S&P

Oil

&

Gas

Exploration

ETF

c

141,852

2,832

SPDR

S&P

Regional

Banking

ETF

c

160,999

3,481

SPDR

S&P

Software

&

Services

ETF

c

556,472

Total

13,039,856

Total

Registered

Investment

Companies

(cost

$85,649,571)

89,117,514

Shares

Collateral

Held

for

Securities

Loaned

0.7%

Value

11,860,071

Thrivent

Cash

Management

Trust

11,860,071

Total

Collateral

Held

for

Securities

Loaned

(cost

$11,860,071)

11,860,071

Shares

Preferred

Stock

<0.1%

Value

Consumer

Cyclical  <0.1%

2,931

Porsche

Automobil

Holding

SE

110,377

Total

110,377

Total

Preferred

Stock

(cost

$126,661)

110,377

Shares

or

Principal

Amount

Short-Term

Investments

14.9%

Value

Federal

Home

Loan

Bank

Discount

Notes

2,600,000

4.240%,

4/2/2025

e,f

2,599,390

400,000

4.235%,

4/16/2025

e,f

399,250

700,000

4.232%,

4/23/2025

e,f

698,113

1,000,000

4.230%,

5/2/2025

e,f

996,311

100,000

4.200%,

5/23/2025

e,f

99,389

300,000

4.215%,

5/28/2025

e,f

297,994

1,600,000

4.203%,

6/6/2025

e,f

1,587,553

200,000

4.190%,

6/13/2025

e,f

198,282

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

600,000

4.205%,

4/17/2025

e

598,804

Shares

or

Principal

Amount

Short-Term

Investments  14.9%

Value

Federal

National

Mortgage

Association

Discount

Notes

3,100,000

4.225%,

4/7/2025

e,f

$

3,097,456

700,000

4.195%,

4/9/2025

e,f

699,262

500,000

4.210%,

4/11/2025

e

499,355

5,700,000

4.215%,

5/5/2025

e,f

5,677,002

100,000

4.240%,

5/7/2025

e,f

99,574

State

Street

Institutional

U.S.

Government

Money

Market

Fund

217,351,090

4.293%

e

217,351,089

U.S.

Treasury

Bills

900,000

4.206%,

4/10/2025

e

899,044

400,000

4.220%,

5/8/2025

e

398,259

Total

Short-Term

Investments

(cost

$236,197,651)

236,196,127

Total

Investments

(cost

$1,320,049,106)

100.4%

$1,596,347,947

Other

Assets

and

Liabilities,

Net

(0.4%)

(5,969,320)

Total

Net

Assets

100.0%

$1,590,378,627

a

Non-income

producing

security.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2025,

the

value

of

these

investments

was

$5,277,056

or

0.3%

of

total

net

assets.

c

All

or

a

portion

of

the

security

is

on

loan.

d

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

e

The

interest

rate

shown

reflects

the

yield.

f

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Global

Stock

Portfolio

as

of

March

31,

2025:

Securities

Lending

Transactions

Common

Stock

$

12,316,611

Total

lending

$12,316,611

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$11,860,071

Net

amounts

due

to

counterparty

$(456,540)

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

106

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

ETF

-

Exchange

Traded

Fund

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

107

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Global

Stock

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

83,258,540

65,019,022

18,239,518

–

Consumer

Discretionary

146,865,796

101,648,062

45,217,734

–

Consumer

Staples

64,022,074

33,816,647

30,205,427

–

Energy

57,988,894

40,263,307

17,725,587

–

Financials

231,867,349

131,575,582

100,291,767

–

Health

Care

147,842,555

96,890,609

50,951,946

–

Industrials

173,006,439

96,128,376

76,878,063

–

Information

Technology

219,143,134

181,746,156

37,396,978

–

Materials

57,292,276

24,923,250

32,369,022

4

Real

Estate

33,542,609

28,372,249

5,170,360

–

Utilities

44,234,192

31,235,215

12,998,977

–

Registered

Investment

Companies

U.S.

Unaffiliated

13,039,856

13,039,856

–

–

Preferred

Stock

Consumer

Cyclical

110,377

–

110,377

–

Short-Term

Investments

236,196,127

217,351,089

18,845,038

–

Subtotal

Investments

in

Securities

$1,508,410,218

$1,062,009,420

$446,400,794

$4

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

76,077,658

Collateral

Held

for

Securities

Loaned

11,860,071

Subtotal

Other

Investments

$87,937,729

Total

Investments

at

Value

$1,596,347,947

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Global

Stock

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

4,541,499

4,541,499

–

–

Total

Return

Swaps

18,315

–

18,315

–

Total

Asset

Derivatives

$4,559,814

$4,541,499

$18,315

$–

Liability

Derivatives

Futures

Contracts

2,295,211

2,295,211

–

–

Total

Liability

Derivatives

$2,295,211

$2,295,211

$–

$–

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

108

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

Reference

Description:

EFFR

-

Effective

Federal

Funds

Rate

S&P

-

Standard

&

Poor's

The

following

table

presents

Global

Stock

Portfolio's

futures

contracts

held

as

of

March

31,

2025.

Investments

and/or

cash

totaling

$15,452,919

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CME

E-mini

Russell

2000

Index

9

June

2025

$

906,586

$

5,609

CME

E-mini

S&P

500

Index

1,226

June

2025

342,013,928

4,530,297

CME

E-mini

S&P

Mid-Cap

400

Index

1

June

2025

288,267

5,593

ICE

mini

MSCI

EAFE

Index

342

June

2025

42,204,809

(

886,079)

ICE

US

mini

MSCI

Emerging

Markets

Index

203

June

2025

11,478,129

(

203,509)

Total

Futures

Long

Contracts

$

396,891,719

$

3,451,911

CME

E-mini

Russell

2000

Index

(819)

June

2025

(

$

82,424,045)

(

$

585,700)

CME

E-mini

S&P

Mid-Cap

400

Index

(286)

June

2025

(

83,424,037)

(

619,923)

Total

Futures

Short

Contracts

(

$

165,848,082)

($1,205,623)

Total

Futures

Contracts

$

231,043,637

$2,246,288

The

following

table

presents

Global

Stock

Portfolio's

total

return

swap

contracts

held

as

of

March

31,

2025.

Total

Return

Swaps                

Reference

Entity

Fund

Pays

#

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

MidCap

400

Total

Return

Index

Swap

Total

Return

EFFR

1

day

+

45bps

Goldman

Sachs

&

Co.

LLC

8/6/2025

$

3,401,710

$

18,315

$

–

$

18,315

Total

Return

Swaps

$

18,315

$

–

$18,315

#

Payment

made

on

Termination

Date

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

109

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,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Global

Stock

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$43,411

$–

$–

$44,768

4,678

2.8%

Core

Small

Cap

Value

34,227

–

10

31,310

3,195

2.0

Total

U.S.

Affiliated

Registered

Investment

Companies

77,638

76,078

4.8

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

2,524

28,993

19,657

11,860

11,860

0.7

Total

Collateral

Held

for

Securities

Loaned

2,524

11,860

0.7

Total

Value

$80,162

$87,938

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$–

$1,357

$

–

$–

Core

Small

Cap

Value

Fund

–

(2,907)

–

–

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

12

Total

Affiliated

Income

from

Securities

Loaned,

Net

$12

Total

Value

$–

($1,550)

$

–

Government

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

110

Principal

Amount

Long-Term

Fixed

Income

99.2%

Value

Asset-Backed

Securities  5.7%

ECMC

Group

Student

Loan

Trust

$

1,414,813

5.490%, 

(SOFR30A

+

1.150%),

4/25/2025,

Ser.

2024-1A,

Class

A

a,b

$

1,417,467

1,600,000

5.296%, 

(SOFR30A

+

0.950%),

4/25/2074,

Ser.

2025-1A,

Class

A

a,b

1,599,966

293,855

5.454%, 

(SOFR30A

+

1.114%),

1/27/2070,

Ser.

2020-3A,

Class

A1B

a,b

294,283

GMAC

Mortgage

Corporation

Loan

Trust

22,883

4.935%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,c

11,454

Goodgreen

715,154

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

a

655,569

Granite

Edvance

Corporation

370,601

5.635%, 

(TSFR1M

+

1.314%),

9/25/2060,

Ser.

2020-1,

Class

A1B

b

371,953

Kentucky

Higher

Education

Student

Loan

Corporation

Student

Loan

Rev.

870,979

1.650%, 

3/25/2051,

Ser.

2021-1

824,387

Missouri

Higher

Education

Loan

Auth.

679,542

1.530%, 

1/25/2061,

Ser.

2021-1

626,479

Navient

Student

Loan

Trust

822,066

1.310%, 

12/26/2069,

Ser.

2021-1A,

Class

A1A

a

698,587

RMF

Buyout

Issuance

Trust

43,292

1.259%, 

11/25/2031,

Ser.

2021-HB1,

Class

A

a,b

43,110

Sunnova

Hestia

I

Issuer,

LLC

1,172,831

5.750%, 

12/20/2050,

Ser.

2023-GRID1,

Class

1A

a,c

1,185,132

Sunnova

Hestia

II

Issuer,

LLC

1,606,845

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

a,c

1,613,837

Total

9,342,224

Collateralized

Mortgage

Obligations  10.2%

Federal

Agricultural

Mortgage

Corporation

Real

Estate

Trust

1,585,978

2.180%, 

1/25/2051,

Ser.

2021-1,

Class

A

a,b,c

1,274,294

609,076

5.193%, 

8/1/2054,

Ser.

2024-2,

Class

A

a,b

597,851

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

161,632

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

158,367

585,518

5.000%, 

1/25/2055,

Ser.

5490,

Class

LB

565,597

1,250,000

5.000%, 

2/25/2054,

Ser.

5460,

Class

LN

1,239,670

1,372,263

1.500%, 

3/25/2050,

Ser.

4982,

Class

JA

1,086,004

1,552,059

4.000%, 

8/25/2052,

Ser.

5256,

Class

AY

1,442,619

Principal

Amount

Long-Term

Fixed

Income  99.2%

Value

Collateralized

Mortgage

Obligations  10.2%

-

continued

$

550,000

5.000%, 

8/25/2054,

Ser.

5446,

Class

EC

$

522,252

1,250,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

1,238,173

1,668,000

4.000%, 

9/25/2035,

Ser.

5231,

Class

VB

1,558,215

66,818

2.000%, 

1/15/2041,

Ser.

4074,

Class

JA

65,352

547,649

1.750%, 

6/15/2042,

Ser.

4097,

Class

QN

489,008

Federal

Home

Loan

Mortgage

Corporation

-

SCRT

1,099,114

2.000%, 

11/25/2059,

Ser.

2020-2,

Class

MT

c

873,924

Federal

Home

Loan

Mortgage

Corporation

-

SLST

1,800,000

2.250%, 

5/26/2031,

Ser.

2021-1,

Class

A2C

c

1,572,503

Federal

Home

Loan

Mortgage

Corporation

Whole

Loan

Securities

Trust

931,390

3.000%, 

9/25/2045,

Ser.

2015-SC02,

Class

1A

c

809,362

Federal

National

Mortgage

Association

-

REMIC

900,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

847,833

907,101

4.000%, 

7/25/2053,

Ser.

2024-76,

Class

DA

880,722

266,196

2.000%, 

11/25/2032,

Ser.

2012-123,

Class

BA

249,653

317,918

3.000%, 

1/25/2043,

Ser.

2013-114,

Class

AB

302,891

1,037,349

3.500%, 

4/25/2045,

Ser.

2015-18,

Class

DY

970,183

Total

16,744,473

Commercial

Mortgage-Backed

Securities  8.3%

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

1,500,000

5.069%, 

10/25/2028,

Ser.

K510,

Class

A2

b,c

1,534,143

1,600,000

5.355%, 

1/25/2029,

Ser.

K517,

Class

A2

b,c

1,652,918

1,750,000

5.180%, 

3/25/2029,

Ser.

K520,

Class

A2

b

1,800,607

1,781,000

4.720%, 

5/25/2029,

Ser.

K524,

Class

A2

b,c

1,805,046

1,250,000

4.508%, 

7/25/2029,

Ser.

K528,

Class

A2

c

1,257,236

2,100,000

4.543%, 

7/25/2029,

Ser.

K526,

Class

A2

b,c

2,114,956

1,200,000

4.791%, 

9/25/2029,

Ser.

K529,

Class

A2

c

1,220,416

2,225,000

4.489%, 

9/25/2034,

Ser.

K-165,

Class

A2

c

2,203,590

Total

13,588,912

Government

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

111

Principal

Amount

Long-Term

Fixed

Income  99.2%

Value

Financials  <0.1%

Preferred

Term

Securities

XXIII,

Ltd./Preferred

Term

Securities

XXIII,

Inc.

$

27,284

4.761%, 

(TSFR3M

+

0.462%),

12/22/2036,

Ser.

A-FP

a,b

$

24,779

Total

24,779

Mortgage-Backed

Securities  38.8%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

673,946

2.000%, 

1/1/2052

543,760

1,509,229

3.000%, 

2/1/2050

1,327,780

963,824

2.000%, 

5/1/2051

777,647

609,945

3.500%, 

5/1/2052

554,735

814,775

4.000%, 

5/1/2052

766,581

55,976

5.000%, 

7/1/2053

55,250

846,499

3.500%, 

8/1/2052

770,361

280,426

3.500%, 

9/1/2047

257,617

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

230,943

2.500%, 

7/1/2030

222,125

Federal

National

Mortgage

Association

Conventional

10-Yr.

Pass

Through

1,384,256

2.000%, 

3/1/2033

1,317,528

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

912,888

3.500%, 

5/1/2040

860,323

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

1,871,542

3.000%, 

1/1/2052

1,636,321

37,613

2.000%, 

2/1/2051

30,347

70,621

2.000%, 

2/1/2051

56,979

725,633

2.500%, 

2/1/2051

611,622

1,246,605

2.500%, 

2/1/2051

1,039,765

3,676,488

2.000%, 

3/1/2051

2,923,704

882,649

4.000%, 

3/1/2051

830,738

1,587,801

2.000%, 

3/1/2052

1,277,819

2,021,962

3.000%, 

3/1/2052

1,756,744

1,019,539

2.000%, 

4/1/2051

811,906

1,217,712

3.000%, 

4/1/2051

1,064,317

4,334,626

2.000%, 

4/1/2052

3,477,069

1,240,118

3.000%, 

5/1/2050

1,079,335

74,360

2.000%, 

5/1/2051

59,706

1,001,089

3.000%, 

5/1/2051

883,760

1,658,885

2.000%, 

6/1/2050

1,332,119

807,636

3.000%, 

6/1/2050

718,416

211,376

4.000%, 

6/1/2052

197,640

1,844,584

2.500%, 

7/1/2051

1,561,928

406,658

3.500%, 

7/1/2051

370,620

590,450

4.000%, 

7/1/2052

552,081

720,755

3.500%, 

8/1/2050

658,805

1,325,904

3.500%, 

8/1/2052

1,197,732

1,130,053

4.500%, 

8/1/2052

1,083,873

2,218,547

6.000%, 

8/1/2054

2,297,468

393,572

3.500%, 

9/1/2052

357,947

724,494

3.500%, 

9/1/2052

658,951

427,147

4.500%, 

9/1/2053

411,157

1,156,037

4.500%, 

9/1/2053

1,109,139

Principal

Amount

Long-Term

Fixed

Income  99.2%

Value

Mortgage-Backed

Securities  38.8%

-

continued

$

1,228,341

4.000%, 

10/1/2052

$

1,151,563

83,940

2.000%, 

11/1/2051

67,630

486,881

3.500%, 

11/1/2052

444,266

316,697

2.000%, 

12/1/2050

254,289

2,004,757

2.500%, 

12/1/2051

1,686,198

3,824,222

4.500%, 

12/1/2052

3,683,586

2,000,000

6.000%, 

4/1/2041

2,031,284

8,500,000

5.500%, 

5/1/2041

8,481,396

328,397

3.500%, 

12/1/2047

302,505

500,000

4.500%, 

4/1/2049

478,234

5,260,000

5.000%, 

5/1/2049

5,150,751

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

1,469,919

2.500%, 

3/1/2062

1,188,776

486,016

3.500%, 

7/1/2061

430,514

621,848

4.000%, 

12/1/2061

575,043

Total

63,427,750

U.S.

Government

&

Agencies  36.2%

Federal

Home

Loan

Bank

2,050,000

5.900%, 

3/10/2043

2,050,327

Tennessee

Valley

Authority

1,580,000

5.250%, 

2/1/2055

1,567,757

420,000

4.375%, 

8/1/2034

415,983

1,115,000

5.250%, 

9/15/2039

1,166,855

U.S.

Treasury

Bonds

9,030,000

1.375%, 

8/15/2050

4,601,420

U.S.

Treasury

Notes

8,100,000

4.125%, 

10/31/2026

8,120,250

25,000,000

4.125%, 

11/30/2029

25,193,360

3,500,000

4.125%, 

11/30/2031

3,511,074

12,625,000

4.250%, 

11/15/2034

12,662,480

Total

59,289,506

Total

Long-Term

Fixed

Income

(cost

$164,552,631)

162,417,644

Shares

or

Principal

Amount

Short-Term

Investments

10.0%

Value

Federal

National

Mortgage

Association

Discount

Notes

200,000

4.215%,

5/5/2025

d,e

199,193

State

Street

Institutional

U.S.

Government

Money

Market

Fund

2,229,473

4.293%

d

2,229,473

Thrivent

Core

Short-Term

Reserve

Fund

1,396,329

4.600%

13,963,291

Total

Short-Term

Investments

(cost

$16,370,385)

16,391,957

Total

Investments

(cost

$180,923,016)

109.2%

$178,809,601

Other

Assets

and

Liabilities,

Net

(9.2%)

(15,050,378)

Total

Net

Assets

100.0%

$163,759,223

Government

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

112

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2025,

the

value

of

these

investments

was

$9,404,875

or

5.7%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

d

The

interest

rate

shown

reflects

the

yield.

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.

Definitions:

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

SCRT

-

Seasoned

Credit

Risk

Transfer

Ser.

-

Series

SLST

-

Seasoned

Loans

Structured

Transactions

Reference

Rate

Index:

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Government

Bond

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

9,342,224

–

9,342,224

–

Collateralized

Mortgage

Obligations

16,744,473

–

16,744,473

–

Commercial

Mortgage-Backed

Securities

13,588,912

–

13,588,912

–

Financials

24,779

–

24,779

–

Mortgage-Backed

Securities

63,427,750

–

63,427,750

–

U.S.

Government

&

Agencies

59,289,506

–

59,289,506

–

Short-Term

Investments

2,428,666

2,229,473

199,193

–

Subtotal

Investments

in

Securities

$164,846,310

$2,229,473

$162,616,837

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

13,963,291

Subtotal

Other

Investments

$13,963,291

Total

Investments

at

Value

$178,809,601

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Government

Bond

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

82,348

82,348

–

–

Total

Asset

Derivatives

$82,348

$82,348

$–

$–

Government

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

113

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

The

following

table

presents

Government

Bond

Portfolio's

futures

contracts

held

as

of

March

31,

2025.

Investments

and/or

cash

totaling

$199,193

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

2-Yr.

U.S.

Treasury

Note

97

June

2025

$

20,013,324

$

82,348

Total

Futures

Long

Contracts

$

20,013,324

$

82,348

Total

Futures

Contracts

$

20,013,324

$82,348

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Government

Bond

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$20,964

$3,307

$10,308

$13,963

1,396

8.5%

Total

Affiliated

Short-Term

Investments

20,964

13,963

8.5

Total

Value

$20,964

$13,963

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$–

$–

$

–

$178

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$178

Total

Value

$–

$–

$

–

Healthcare

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

114

a

Shares

Common

Stock

99.6%

Value

Biotechnology  17.2%

71,667

AbbVie,

Inc.

$

15,015,670

50,311

ADMA

Biologics,

Inc.

a

998,170

26,362

Amgen,

Inc.

8,213,081

26,666

BioMarin

Pharmaceutical,

Inc.

a

1,885,019

41,252

Gilead

Sciences,

Inc.

4,622,287

5,430

Regeneron

Pharmaceuticals,

Inc.

3,443,869

4,840

United

Therapeutics

Corporation

a

1,492,027

16,384

Vertex

Pharmaceuticals,

Inc.

a

7,943,291

Total

43,613,414

Health

Care

Distributors  3.8%

23,246

Cencora,

Inc.

6,464,480

4,696

McKesson

Corporation

3,160,361

Total

9,624,841

Health

Care

Equipment  21.5%

99,730

Abbott

Laboratories

13,229,184

7,266

ABIOMED,

Inc.,

CVR

a,b

6,670

91,535

Boston

Scientific

Corporation

a

9,234,051

16,604

Edwards

Lifesciences

Corporation

a

1,203,458

10,150

Globus

Medical,

Inc.

a

742,980

7,799

IDEXX

Laboratories,

Inc.

a

3,275,190

6,659

Inspire

Medical

Systems,

Inc.

a

1,060,645

16,577

Intuitive

Surgical,

Inc.

a

8,210,091

71,599

Medtronic

plc

6,433,886

14,224

STERIS

plc

3,223,870

21,259

Stryker

Corporation

7,913,663

Total

54,533,688

Health

Care

Facilities  2.0%

29,274

Encompass

Health

Corporation

2,964,871

16,433

Tenet

Healthcare

Corporation

a

2,210,238

Total

5,175,109

Health

Care

Services  3.5%

9,940

Cigna

Group

3,270,260

26,164

CVS

Health

Corporation

1,772,611

17,053

Labcorp

Holdings,

Inc.

3,968,915

Total

9,011,786

Life

Sciences

Tools

&

Services  8.5%

27,235

Bio-Techne

Corporation

1,596,788

43,707

Danaher

Corporation

8,959,935

18,128

IQVIA

Holding,

Inc.

a

3,195,967

1,265

Mettler-Toledo

International,

Inc.

a

1,493,851

12,694

Thermo

Fisher

Scientific,

Inc.

6,316,534

Total

21,563,075

Managed

Health

Care  13.2%

7,828

Elevance

Health,

Inc.

3,404,867

17,566

HealthEquity,

Inc.

a

1,552,308

5,494

Humana,

Inc.

1,453,712

7,135

Molina

Healthcare,

Inc.

a

2,350,198

47,504

UnitedHealth

Group,

Inc.

24,880,220

Total

33,641,305

Pharmaceuticals  29.9%

44,428

Bristol-Myers

Squibb

Company

2,709,664

34,538

Eli

Lilly

&

Company

28,525,279

120,705

Johnson

&

Johnson

20,017,717

113,897

Merck

&

Company,

Inc.

10,223,395

225,482

Pfizer,

Inc.

5,713,714

62,481

Sanofi

SA

ADR

3,465,196

Shares

Common

Stock  99.6%

Value

Pharmaceuticals  29.9%

-

continued

183,507

Teva

Pharmaceutical

Industries,

Ltd.

ADR

a

$

2,820,503

15,944

Zoetis,

Inc.

2,625,180

Total

76,100,648

Total

Common

Stock

(cost

$167,956,653)

253,263,866

Shares

Registered

Investment

Companies  

0.4%

Value

U.S.

Unaffiliated  

0.4%  

11,831

SPDR

S&P

Biotech

ETF

959,494

Total

959,494

Total

Registered

Investment

Companies

(cost

$1,152,519)

959,494

Shares

or

Principal

Amount

Short-Term

Investments

0.2%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

451,428

4.293%

c

451,428

Total

Short-Term

Investments

(cost

$451,428)

451,428

Total

Investments

(cost

$169,560,600)

100.2%

$254,674,788

Other

Assets

and

Liabilities,

Net

(0.2%)

(472,108)

Total

Net

Assets

100.0%

$254,202,680

a

Non-income

producing

security.

b

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

c

The

interest

rate

shown

reflects

the

yield.

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CVR

-

Contingent

Value

Right

ETF

-

Exchange

Traded

Fund

plc

-

Public

Limited

Company

S&P

-

Standard

&

Poor's

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Healthcare

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

115

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Healthcare

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Biotechnology

43,613,414

43,613,414

–

–

Health

Care

Distributors

9,624,841

9,624,841

–

–

Health

Care

Equipment

54,533,688

54,527,018

–

6,670

Health

Care

Facilities

5,175,109

5,175,109

–

–

Health

Care

Services

9,011,786

9,011,786

–

–

Life

Sciences

Tools

&

Services

21,563,075

21,563,075

–

–

Managed

Health

Care

33,641,305

33,641,305

–

–

Pharmaceuticals

76,100,648

76,100,648

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

959,494

959,494

–

–

Short-Term

Investments

451,428

451,428

–

–

Subtotal

Investments

in

Securities

$254,674,788

$254,668,118

$–

$6,670

Total

Investments

at

Value

$254,674,788

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Healthcare

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$708

$1,587

$2,295

$–

–

–

Total

Affiliated

Short-Term

Investments

708

–

–

Total

Value

$708

$–

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$–

$–

$

–

$2

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$2

Total

Value

$–

$–

$

–

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

116

Principal

Amount

Bank

Loans

2.5%

a

Value

Basic

Materials  0.2%

Grinding

Media,

Inc.,

Term

Loan

$

1,596,857

7.819%, 

(TSFR3M

+

3.500%),

10/12/2028

b,c

$

1,578,893

Total

1,578,893

Capital

Goods  0.1%

Eco

Material

Technologies,

Inc.,

Term

Loan

570,000

7.467%, 

(TSFR6M

+

3.250%),

2/12/2032

b

567,509

Total

567,509

Communications

Services  0.5%

Cengage

Learning,

Inc.,

Term

Loan

1,547,106

7.826%, 

(TSFR1M

+

3.500%),

3/24/2031

b

1,532,827

DIRECTV

Financing,

LLC,

Term

Loan

1,657,967

9.802%, 

(TSFR3M

+

5.250%),

8/2/2029

b

1,631,025

Gray

Media,

Inc.,

Term

Loan

1,124,944

7.437%, 

(TSFR1M

+

3.000%),

12/1/2028

b

1,028,266

Total

4,192,118

Consumer

Cyclical  0.2%

Marriott

Ownership

Resorts,

Inc.,

Term

Loan

1,066,938

6.575%, 

(TSFR1M

+

2.250%),

4/1/2031

b

1,064,270

Six

Flags

Entertainment

Corporation,

Term

Loan

536,942

6.325%, 

(TSFR1M

+

2.000%),

5/1/2031

b

534,795

Total

1,599,065

Consumer

Non-Cyclical  0.8%

Amneal

Pharmaceuticals,

LLC,

Term

Loan

1,497,986

9.825%, 

(TSFR1M

+

5.500%),

5/4/2028

b

1,521,864

B&G

Foods,

Inc.,

Term

Loan

1,676,575

7.825%, 

(TSFR1M

+

3.500%),

10/10/2029

b

1,643,882

Chobani,

LLC,

Term

Loan

527,339

6.825%, 

(TSFR1M

+

2.500%),

10/25/2027

b

526,901

HLF

Financing

SARL,

LLC,

Term

Loan

1,131,000

11.075%, 

(TSFR1M

+

6.750%),

4/12/2029

b

1,131,543

ModivCare,

Inc.,

Term

Loan

558,195

4.299%, 

(TSFR3M

+

4.750%),

7/1/2031

b

409,341

Primo

Brands

Corporation,

Term

Loan

1,326,891

6.549%, 

(TSFR3M

+

2.250%),

3/31/2028

b

1,320,389

Total

6,553,920

Principal

Amount

Bank

Loans  2.5%

a

Value

Financials  0.1%

Acrisure,

LLC,

Term

Loan

$

538,298

7.075%, 

(TSFR1M

+

2.750%),

2/16/2027

b

$

535,800

269,647

7.325%, 

(TSFR1M

+

3.000%),

11/6/2030

b

267,479

Total

803,279

Technology  0.2%

CoreLogic,

Inc.,

Term

Loan

1,534,350

7.939%, 

(TSFR1M

+

3.500%),

6/2/2028

b

1,502,067

Total

1,502,067

Transportation  0.4%

Aadvantage

Loyalty

IP,

Ltd.,

Term

Loan

1,703,000

6.543%, 

(TSFR1M

+

2.250%),

4/20/2028

b

1,681,185

Genesee

&

Wyoming,

Inc.,

Term

Loan

1,677,570

6.049%, 

(TSFR3M

+

1.750%),

4/10/2031

b

1,661,012

Total

3,342,197

Total

Bank

Loans

(cost

$20,352,171)

20,139,048

Principal

Amount

Long-Term

Fixed

Income

92.8%

Value

Basic

Materials  5.6%

ACN

113

874

712,

Pty.

Ltd.

3,195,300

11.500%, 

2/15/2018

*,d,e

3,195

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

640,000

8.625%, 

6/15/2029

f

670,646

Alumina,

Pty.

Ltd.

284,000

6.125%, 

3/15/2030

f

283,278

851,000

6.375%, 

9/15/2032

f

836,644

ATI,

Inc.

953,000

7.250%, 

8/15/2030

982,295

Avient

Corporation

1,685,000

6.250%, 

11/1/2031

f

1,669,143

Axalta

Coating

Systems

Dutch

Holding

B

BV

1,386,000

7.250%, 

2/15/2031

f

1,429,427

Baffinland

Iron

Mines

Corporation/

Baffinland

Iron

Mines,

LP

315,000

8.750%, 

7/15/2026

f

296,092

Cascades,

Inc./Cascades

USA,

Inc.

1,949,000

5.125%, 

1/15/2026

f

1,931,232

Celanese

US

Holdings,

LLC

1,136,000

6.500%, 

4/15/2030

1,127,801

Cerdia

Finanz

GmbH

1,100,000

9.375%, 

10/3/2031

f

1,125,421

Chemours

Company

2,339,000

5.750%, 

11/15/2028

f

2,157,355

Cleveland-Cliffs,

Inc.

1,262,000

6.875%, 

11/1/2029

f

1,234,941

1,515,000

4.875%, 

3/1/2031

f

1,318,161

1,685,000

7.000%, 

3/15/2032

f,g

1,616,872

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

117

Principal

Amount

Long-Term

Fixed

Income  92.8%

Value

Basic

Materials  5.6%

-

continued

Consolidated

Energy

Finance

SA

$

3,093,000

5.625%, 

10/15/2028

f

$

2,659,980

First

Quantum

Minerals,

Ltd.

1,140,000

6.875%, 

10/15/2027

f

1,139,093

570,000

8.000%, 

3/1/2033

f

577,556

Hecla

Mining

Company

895,000

7.250%, 

2/15/2028

903,441

Hudbay

Minerals,

Inc.

1,095,000

4.500%, 

4/1/2026

f

1,078,576

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

2,040,000

9.000%, 

7/1/2028

f

2,027,685

INEOS

Finance

plc

1,870,000

7.500%, 

4/15/2029

f

1,860,910

Magnera

Corporation

1,982,000

7.250%, 

11/15/2031

f

1,927,713

Mercer

International,

Inc.

281,000

12.875%, 

10/1/2028

f,g

297,326

Methanex

US

Operations,

Inc.

1,127,000

6.250%, 

3/15/2032

f

1,097,739

Mineral

Resources,

Ltd.

1,623,000

9.250%, 

10/1/2028

f

1,622,827

Novelis

Corporation

2,495,000

4.750%, 

1/30/2030

f

2,326,350

Olin

Corporation

1,135,000

6.625%, 

4/1/2033

f

1,102,780

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

1,652,000

5.375%, 

11/1/2026

f,g

1,624,916

SNF

Group

SACA

1,074,000

3.125%, 

3/15/2027

f

1,018,377

1,133,000

3.375%, 

3/15/2030

f

1,000,514

SunCoke

Energy,

Inc.

2,707,000

4.875%, 

6/30/2029

f

2,484,316

Taseko

Mines,

Ltd.

1,585,000

8.250%, 

5/1/2030

f

1,618,237

Tronox,

Inc.

785,000

4.625%, 

3/15/2029

f,g

671,356

United

States

Steel

Corporation

1,666,000

6.875%, 

3/1/2029

g

1,676,907

Veritiv

Operating

Company

849,000

10.500%, 

11/30/2030

f

898,942

Total

46,298,044

Capital

Goods  10.4%

AAR

Escrow

Issuer,

LLC

791,000

6.750%, 

3/15/2029

f

803,782

Abengoa

Abenewco

2

Bis

SA

3,963,662

0.000%,PIK

1.500%,

4/26/2024

*,d,e,h

19,818

Advanced

Drainage

Systems,

Inc.

1,780,000

5.000%, 

9/30/2027

f

1,746,135

AECOM

1,560,000

5.125%, 

3/15/2027

1,547,798

Amsted

Industries,

Inc.

2,240,000

4.625%, 

5/15/2030

f

2,088,565

1,130,000

6.375%, 

3/15/2033

f

1,124,005

Axon

Enterprise,

Inc.

680,000

6.125%, 

3/15/2030

f

686,273

680,000

6.250%, 

3/15/2033

f

686,995

Boeing

Company

541,000

6.298%, 

5/1/2029

567,342

421,000

6.388%, 

5/1/2031

448,626

Principal

Amount

Long-Term

Fixed

Income  92.8%

Value

Capital

Goods  10.4%

-

continued

Bombardier,

Inc.

$

2,250,000

6.000%, 

2/15/2028

f

$

2,220,391

2,242,000

7.000%, 

6/1/2032

f,g

2,232,302

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

849,000

7.500%, 

2/1/2032

f

808,551

Builders

FirstSource,

Inc.

795,000

5.000%, 

3/1/2030

f

759,830

Canpack

SA/Canpack

US,

LLC

3,166,000

3.875%, 

11/15/2029

f

2,869,024

Chart

Industries,

Inc.

2,631,000

7.500%, 

1/1/2030

f

2,728,731

Clean

Harbors,

Inc.

3,740,000

5.125%, 

7/15/2029

f

3,647,545

Clydesdale

Acquisition

Holdings,

Inc.

297,000

6.625%, 

4/15/2029

f

298,640

1,100,000

6.875%, 

1/15/2030

f

1,108,343

594,000

8.750%, 

4/15/2030

f,g

602,402

1,705,000

6.750%, 

4/15/2032

f

1,716,795

Cornerstone

Building

Brands,

Inc.

814,000

6.125%, 

1/15/2029

f,g

496,540

410,000

9.500%, 

8/15/2029

f

341,075

Crown

Cork

&

Seal

Company,

Inc.

1,113,000

7.375%, 

12/15/2026

1,144,540

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

2,400,000

6.625%, 

12/15/2030

f

2,401,064

GFL

Environmental,

Inc.

4,875,000

4.000%, 

8/1/2028

f

4,633,139

H&E

Equipment

Services,

Inc.

3,472,000

3.875%, 

12/15/2028

f

3,460,788

Herc

Holdings,

Inc.

831,000

5.500%, 

7/15/2027

f

827,515

1,280,000

6.625%, 

6/15/2029

f

1,284,113

Mauser

Packaging

Solutions

Holding

Company

1,515,000

9.250%, 

4/15/2027

f,g

1,429,097

Miter

Brands

Acquisition

Holdco,

Inc./MIWD

Borrower,

LLC

475,000

6.750%, 

4/1/2032

f

470,786

MIWD

Holdco

II,

LLC

1,369,000

5.500%, 

2/1/2030

f

1,230,515

Mueller

Water

Products,

Inc.

1,300,000

4.000%, 

6/15/2029

f

1,207,748

Nesco

Holdings

II,

Inc.

2,640,000

5.500%, 

4/15/2029

f

2,436,524

New

Enterprise

Stone

and

Lime

Company,

Inc.

3,553,000

5.250%, 

7/15/2028

f

3,434,119

OI

European

Group

BV

1,700,000

4.750%, 

2/15/2030

f

1,555,967

Owens-Brockway

Glass

Container,

Inc.

1,632,000

6.625%, 

5/13/2027

f

1,623,060

640,000

7.375%, 

6/1/2032

f,g

610,820

Pactiv

Evergreen

Group

876,000

4.375%, 

10/15/2028

f

895,167

Quikrete

Holdings,

Inc.

2,840,000

6.750%, 

3/1/2033

f

2,827,078

Resideo

Funding,

Inc.

1,636,000

6.500%, 

7/15/2032

f

1,632,090

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

118

Principal

Amount

Long-Term

Fixed

Income  92.8%

Value

Capital

Goods  10.4%

-

continued

Reworld

Holding

Corporation

$

965,000

4.875%, 

12/1/2029

f

$

897,559

Roller

Bearing

Company

of

America,

Inc.

1,672,000

4.375%, 

10/15/2029

f

1,569,643

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

732,000

6.125%, 

2/1/2028

f

733,054

Smyrna

Ready

Mix

Concrete,

LLC

1,825,000

8.875%, 

11/15/2031

f

1,890,766

Spirit

AeroSystems,

Inc.

2,270,000

4.600%, 

6/15/2028

2,177,436

820,000

9.750%, 

11/15/2030

f

905,152

SRM

Escrow

Issuer,

LLC

744,000

6.000%, 

11/1/2028

f

721,876

Standard

Building

Solutions,

Inc.

565,000

6.500%, 

8/15/2032

f

564,832

TransDigm,

Inc.

787,000

6.750%, 

8/15/2028

f

798,493

2,691,000

7.125%, 

12/1/2031

f

2,768,603

1,465,000

6.625%, 

3/1/2032

f

1,483,670

Trivium

Packaging

Finance

1,630,000

5.500%, 

8/15/2026

f

1,604,758

1,011,000

8.500%, 

8/15/2027

f

1,005,809

United

Rentals

North

America,

Inc.

2,100,000

3.875%, 

2/15/2031

1,905,492

Waste

Pro

USA,

Inc.

1,770,000

7.000%, 

2/1/2033

f

1,775,972

WESCO

Distribution,

Inc.

767,000

7.250%, 

6/15/2028

f

777,883

789,000

6.375%, 

3/15/2029

f

798,157

552,000

6.625%, 

3/15/2032

f

559,960

Total

85,592,753

Communications

Services  12.0%

Altice

Financing

SA

1,392,000

5.750%, 

8/15/2029

f,g

1,018,225

Altice

France

SA

1,207,000

5.125%, 

7/15/2029

f,g

945,483

2,796,000

5.500%, 

10/15/2029

f,g

2,215,426

AMC

Networks,

Inc.

1,538,000

10.250%, 

1/15/2029

f

1,593,753

C&W

Senior

Finance,

Ltd.

1,140,000

9.000%, 

1/15/2033

f,g

1,121,682

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

1,563,000

5.000%, 

2/1/2028

f

1,516,861

3,380,000

5.375%, 

6/1/2029

f

3,270,501

5,160,000

4.750%, 

3/1/2030

f

4,785,598

1,916,000

4.250%, 

2/1/2031

f

1,697,821

843,000

4.750%, 

2/1/2032

f

748,495

Clear

Channel

Outdoor

Holdings,

Inc.

3,030,000

5.125%, 

8/15/2027

f

2,928,431

952,000

7.500%, 

6/1/2029

f,g

786,216

CSC

Holdings,

LLC

1,031,000

5.375%, 

2/1/2028

f

879,267

855,000

11.750%, 

1/31/2029

f

829,215

1,462,000

6.500%, 

2/1/2029

f

1,209,805

3,061,000

5.750%, 

1/15/2030

f

1,622,330

1,240,000

4.125%, 

12/1/2030

f

897,930

Deluxe

Corporation

2,123,000

8.125%, 

9/15/2029

f

2,135,391

Principal

Amount

Long-Term

Fixed

Income  92.8%

Value

Communications

Services  12.0%

-

continued

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

$

5,300,000

5.875%, 

8/15/2027

f

$

5,135,943

DISH

DBS

Corporation

1,308,000

5.250%, 

12/1/2026

f,g

1,200,673

1,271,000

5.750%, 

12/1/2028

f

1,071,895

1,144,000

5.125%, 

6/1/2029

746,399

DISH

Network

Corporation

1,128,000

11.750%, 

11/15/2027

f

1,187,870

EchoStar

Corporation

1,977,000

10.750%, 

11/30/2029

2,077,358

FiberCop

SPA

1,504,000

6.000%, 

9/30/2034

f

1,369,799

Frontier

Communications

Holdings,

LLC

898,000

5.875%, 

10/15/2027

f

896,988

1,590,000

5.000%, 

5/1/2028

f

1,568,753

1,747,000

6.750%, 

5/1/2029

f

1,755,784

561,000

8.750%, 

5/15/2030

f

590,975

GCI,

LLC

2,447,000

4.750%, 

10/15/2028

f

2,255,829

Gray

Media,

Inc.

1,435,000

5.375%, 

11/15/2031

f,g

895,807

iHeartCommunications,

Inc.

453,150

9.125%, 

5/1/2029

f

360,889

493,950

7.750%, 

8/15/2030

f

365,647

Iliad

Holding

SASU

2,471,000

8.500%, 

4/15/2031

f

2,591,491

1,691,000

7.000%, 

4/15/2032

f

1,693,236

LCPR

Senior

Secured

Financing

DAC

1,429,000

6.750%, 

10/15/2027

f

1,194,699

Level

3

Financing,

Inc.

1,533,000

4.250%, 

7/1/2028

f

1,329,878

1,422,000

4.875%, 

6/15/2029

f,g

1,202,104

765,000

11.000%, 

11/15/2029

f

852,624

1,450,000

10.500%, 

5/15/2030

f

1,553,666

McGraw-Hill

Education,

Inc.

1,081,000

5.750%, 

8/1/2028

f

1,055,521

983,000

8.000%, 

8/1/2029

f

966,774

Nexstar

Media,

Inc.

960,000

5.625%, 

7/15/2027

f

945,722

843,000

4.750%, 

11/1/2028

f,g

789,446

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

1,468,000

4.625%, 

3/15/2030

f,g

1,342,120

Paramount

Global

477,000

6.375%, 

3/30/2062

b

465,395

Playtika

Holding

Corporation

2,293,000

4.250%, 

3/15/2029

f

2,018,517

Rogers

Communications,

Inc.

710,000

7.000%, 

4/15/2055

b

712,747

Sable

International

Finance,

Ltd.

1,122,000

7.125%, 

10/15/2032

f

1,075,602

Sinclair

Television

Group,

Inc.

990,000

8.125%, 

2/15/2033

f

976,917

Sirius

XM

Radio,

LLC

720,000

3.125%, 

9/1/2026

f

697,546

365,000

5.000%, 

8/1/2027

f

356,619

1,649,000

4.000%, 

7/15/2028

f

1,538,523

890,000

3.875%, 

9/1/2031

f

762,798

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

119

Principal

Amount

Long-Term

Fixed

Income  92.8%

Value

Communications

Services  12.0%

-

continued

TEGNA,

Inc.

$

789,000

4.750%, 

3/15/2026

f

$

779,271

2,086,000

4.625%, 

3/15/2028

1,973,351

Telenet

Finance

Luxembourg

Notes

SARL

2,200,000

5.500%, 

3/1/2028

f

2,134,000

Uniti

Group,

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

1,381,000

4.750%, 

4/15/2028

f

1,319,317

1,707,000

6.500%, 

2/15/2029

f,g

1,533,223

Univision

Communications,

Inc.

320,000

8.000%, 

8/15/2028

f

321,000

2,387,000

4.500%, 

5/1/2029

f

2,108,983

1,400,000

8.500%, 

7/31/2031

f

1,367,996

Viasat,

Inc.

1,263,000

6.500%, 

7/15/2028

f,g

1,101,365

Virgin

Media

Finance

plc

1,971,000

5.000%, 

7/15/2030

f,g

1,689,720

Virgin

Media

Secured

Finance

plc

2,335,000

5.500%, 

5/15/2029

f

2,211,571

VZ

Secured

Financing

BV

2,661,000

5.000%, 

1/15/2032

f

2,312,207

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

1,521,000

8.250%, 

10/1/2031

f

1,548,541

Zegona

Finance

plc

1,483,000

8.625%, 

7/15/2029

f

1,570,682

Ziggo

Bond

Company

BV

987,000

5.125%, 

2/28/2030

f,g

860,012

Total

98,636,223

Consumer

Cyclical  17.1%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

3,006,000

5.625%, 

9/15/2029

f

2,975,738

1,985,000

4.000%, 

10/15/2030

f

1,796,455

Adient

Global

Holdings,

Ltd.

1,256,000

8.250%, 

4/15/2031

f

1,217,022

1,420,000

7.500%, 

2/15/2033

f,g

1,329,551

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation

820,000

6.000%, 

6/1/2029

f,g

753,564

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

1,560,000

4.625%, 

6/1/2028

f

1,477,565

1,160,000

4.625%, 

6/1/2028

f

1,094,783

Allison

Transmission,

Inc.

1,299,000

3.750%, 

1/30/2031

f

1,154,945

American

Axle

&

Manufacturing,

Inc.

2,776,000

5.000%, 

10/1/2029

g

2,389,450

Arches

Buyer,

Inc.

1,732,000

6.125%, 

12/1/2028

f

1,521,127

Arko

Corporation

1,788,000

5.125%, 

11/15/2029

f,g

1,448,967

Asbury

Automotive

Group,

Inc.

540,000

5.000%, 

2/15/2032

f

489,715

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

800,000

4.625%, 

8/1/2029

f

724,041

1,410,000

4.625%, 

4/1/2030

f

1,274,937

Principal

Amount

Long-Term

Fixed

Income  92.8%

Value

Consumer

Cyclical  17.1%

-

continued

Aston

Martin

Capital

Holdings,

Ltd.

$

780,000

10.000%, 

3/31/2029

f

$

705,257

Bath

&

Body

Works,

Inc.

850,000

6.950%, 

3/1/2033

g

868,014

Belron

UK

Finance

plc

1,481,000

5.750%, 

10/15/2029

f

1,470,633

Boyd

Gaming

Corporation

2,655,000

4.750%, 

6/15/2031

f

2,448,656

Boyne

USA,

Inc.

1,275,000

4.750%, 

5/15/2029

f

1,200,377

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

135,000

6.250%, 

9/15/2027

f

133,263

1,607,000

5.000%, 

6/15/2029

f

1,448,941

350,000

4.875%, 

2/15/2030

f

305,926

Caesars

Entertainment,

Inc.

5,104,000

4.625%, 

10/15/2029

f

4,691,248

944,000

6.500%, 

2/15/2032

f

940,939

Carnival

Corporation

1,207,000

7.625%, 

3/1/2026

f

1,207,354

2,612,000

5.750%, 

3/1/2027

f

2,613,642

1,764,000

4.000%, 

8/1/2028

f

1,687,619

2,090,000

6.000%, 

5/1/2029

f

2,075,362

Carvana

Company

409,942

9.000%,PIK

0.000%,

12/1/2028

f,h

422,085

570,000

11.000%, 

6/1/2030

f

603,404

570,000

9.000%, 

6/1/2031

f

633,276

Churchill

Downs,

Inc.

1,065,000

4.750%, 

1/15/2028

f

1,034,644

899,000

6.750%, 

5/1/2031

f

906,082

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

1,200,000

6.750%, 

5/15/2028

f

1,216,904

Crocs,

Inc.

562,000

4.250%, 

3/15/2029

f

522,416

Dana,

Inc.

1,265,000

4.500%, 

2/15/2032

g

1,151,931

Ford

Motor

Company

2,900,000

3.250%, 

2/12/2032

2,390,015

Forestar

Group,

Inc.

1,710,000

6.500%, 

3/15/2033

f

1,674,068

FORVIA

SE

1,135,000

8.000%, 

6/15/2030

f

1,120,365

Gap,

Inc.

1,155,000

3.625%, 

10/1/2029

f

1,041,856

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

1,120,000

7.750%, 

5/31/2032

f

1,107,020

General

Motors

Financial

Company,

Inc.

1,606,000

5.750%, 

9/30/2027

b,g,i

1,519,097

Genting

New

York,

LLC/GENNY

Capital,

Inc.

899,000

7.250%, 

10/1/2029

f

916,207

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

850,000

8.750%, 

1/15/2032

f

716,027

Goodyear

Tire

&

Rubber

Company

1,790,000

5.000%, 

7/15/2029

g

1,660,379

Group

1

Automotive,

Inc.

614,000

6.375%, 

1/15/2030

f

615,319

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

120

Principal

Amount

Long-Term

Fixed

Income  92.8%

Value

Consumer

Cyclical  17.1%

-

continued

Hanesbrands,

Inc.

$

604,000

9.000%, 

2/15/2031

f

$

636,445

Hilton

Domestic

Operating

Company,

Inc.

2,081,000

4.875%, 

1/15/2030

2,012,490

2,475,000

3.625%, 

2/15/2032

f

2,169,318

Hilton

Grand

Vacations

Borrower,

LLC/Hilton

Grand

Vacations

Borrower,

Inc.

2,086,000

5.000%, 

6/1/2029

f

1,954,956

International

Game

Technology

plc

1,530,000

6.250%, 

1/15/2027

f

1,540,150

835,000

5.250%, 

1/15/2029

f

816,112

Jacobs

Entertainment,

Inc.

1,612,000

6.750%, 

2/15/2029

f

1,546,924

KB

Home

1,208,000

6.875%, 

6/15/2027

1,230,736

1,123,000

4.000%, 

6/15/2031

1,008,029

L

Brands,

Inc.

1,559,000

5.250%, 

2/1/2028

1,538,102

1,239,000

6.625%, 

10/1/2030

f

1,256,278

811,000

6.875%, 

11/1/2035

821,507

LGI

Homes,

Inc.

1,127,000

7.000%, 

11/15/2032

f

1,065,804

Life

Time,

Inc.

1,178,000

6.000%, 

11/15/2031

f

1,167,931

Light

&

Wonder

International,

Inc.

776,000

7.250%, 

11/15/2029

f

786,625

Live

Nation

Entertainment,

Inc.

858,000

4.750%, 

10/15/2027

f

836,410

Macy's

Retail

Holdings,

LLC

1,230,000

5.875%, 

4/1/2029

f

1,193,214

Mattamy

Group

Corporation

1,800,000

4.625%, 

3/1/2030

f

1,656,856

Melco

Resorts

Finance,

Ltd.

900,000

5.375%, 

12/4/2029

f

825,336

775,000

7.625%, 

4/17/2032

f

771,295

MGM

China

Holdings,

Ltd.

281,000

7.125%, 

6/26/2031

f

286,778

MGM

Resorts

International

1,124,000

6.125%, 

9/15/2029

1,112,862

Michaels

Companies,

Inc.

1,756,000

5.250%, 

5/1/2028

f

1,205,490

NCL

Corporation,

Ltd.

382,000

5.875%, 

3/15/2026

f

381,199

2,704,000

5.875%, 

2/15/2027

f

2,700,310

2,417,000

6.750%, 

2/1/2032

f

2,387,519

Nordstrom,

Inc.

825,000

4.250%, 

8/1/2031

g

708,765

Parkland

Corporation

809,000

6.625%, 

8/15/2032

f

808,537

PENN

Entertainment,

Inc.

1,890,000

4.125%, 

7/1/2029

f

1,678,019

PetSmart,

Inc./PetSmart

Finance

Corporation

1,592,000

4.750%, 

2/15/2028

f

1,488,897

1,574,000

7.750%, 

2/15/2029

f

1,445,529

Phinia,

Inc.

843,000

6.625%, 

10/15/2032

f

826,765

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

1,252,000

5.750%, 

4/15/2026

f

1,250,167

2,220,000

3.375%, 

8/31/2027

f

2,103,726

Principal

Amount

Long-Term

Fixed

Income  92.8%

Value

Consumer

Cyclical  17.1%

-

continued

QVC,

Inc.

$

450,000

6.875%, 

4/15/2029

f,g

$

308,237

Rakuten

Group,

Inc.

281,000

11.250%, 

2/15/2027

f

304,428

281,000

9.750%, 

4/15/2029

f

305,087

Raven

Acquisition

Holdings,

LLC

1,100,000

6.875%, 

11/15/2031

f

1,068,170

Real

Hero

Merger

Sub

2,

Inc.

564,000

6.250%, 

2/1/2029

f,g

444,041

Resorts

World

Las

Vegas,

LLC/

RWLV

Capital,

Inc.

1,100,000

4.625%, 

4/16/2029

f,g

977,219

Royal

Caribbean

Cruises,

Ltd.

3,333,000

4.250%, 

7/1/2026

f

3,281,645

1,300,000

5.375%, 

7/15/2027

f

1,294,913

614,000

6.000%, 

2/1/2033

f

613,617

S&S

Holdings,

LLC

1,303,000

8.375%, 

10/1/2031

f

1,230,971

Saks

Global

Enterprises,

LLC

1,977,000

11.000%, 

12/15/2029

f

1,601,566

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

584,000

6.625%, 

3/1/2030

f

550,766

SeaWorld

Parks

and

Entertainment,

Inc.

1,852,000

5.250%, 

8/15/2029

f

1,754,435

Service

Corporation

International/

US

1,010,000

5.750%, 

10/15/2032

992,564

Six

Flags

Entertainment

Corporation

265,000

7.000%, 

7/1/2025

f,g

265,305

Six

Flags

Entertainment

Corporation/Canada's

Wonderland

Company/Magnum

Management

Corporation

2,136,000

5.250%, 

7/15/2029

2,021,269

Sonic

Automotive,

Inc.

979,000

4.875%, 

11/15/2031

f,g

878,936

Staples,

Inc.

2,020,000

10.750%, 

9/1/2029

f

1,824,948

355,847

12.750%, 

1/15/2030

f,g

241,018

Station

Casinos,

LLC

800,000

4.500%, 

2/15/2028

f

766,250

700,000

4.625%, 

12/1/2031

f

628,965

Tenneco,

Inc.

1,485,000

8.000%, 

11/17/2028

f

1,416,310

Victoria's

Secret

&

Company

2,264,000

4.625%, 

7/15/2029

f

1,979,635

Victra

Holdings,

LLC/Victra

Finance

Corporation

365,000

8.750%, 

9/15/2029

f,g

376,489

Viking

Cruises,

Ltd.

4,049,000

5.875%, 

9/15/2027

f

4,028,512

Walgreens

Boots

Alliance,

Inc.

540,000

3.200%, 

4/15/2030

498,254

WASH

Multifamily

Acquisition,

Inc.

1,055,000

5.750%, 

4/15/2026

f

1,045,634

Wayfair,

LLC

1,140,000

7.750%, 

9/15/2030

f

1,100,607

Wyndham

Hotels

&

Resorts,

Inc.

1,638,000

4.375%, 

8/15/2028

f

1,564,401

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

121

Principal

Amount

Long-Term

Fixed

Income  92.8%

Value

Consumer

Cyclical  17.1%

-

continued

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

$

1,117,000

7.125%, 

2/15/2031

f

$

1,155,939

ZF

North

America

Capital,

Inc.

1,053,000

6.875%, 

4/14/2028

f

1,034,153

1,265,000

6.750%, 

4/23/2030

f

1,202,040

Total

140,671,591

Consumer

Non-Cyclical  11.0%

1261229

B.C.,

Ltd.

2,270,000

10.000%, 

4/15/2032

f

2,256,068

1375209

B.C.,

Ltd.

1,574,000

9.000%, 

1/30/2028

f,g

1,572,781

Acadia

Healthcare

Company,

Inc.

850,000

5.000%, 

4/15/2029

f

803,279

740,000

7.375%, 

3/15/2033

f

739,271

AdaptHealth,

LLC

3,819,000

4.625%, 

8/1/2029

f

3,473,234

Albertson's

Companies,

Inc.

3,250,000

5.875%, 

2/15/2028

f

3,248,415

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

400,000

6.250%, 

3/15/2033

f

403,897

Bausch

+

Lomb

Corporation

472,000

8.375%, 

10/1/2028

f

489,700

Bausch

Health

Companies,

Inc.

1,240,000

5.500%, 

11/1/2025

f,g

1,238,760

2,297,000

4.875%, 

6/1/2028

f

1,854,827

BellRing

Brands,

Inc.

1,257,000

7.000%, 

3/15/2030

f

1,298,779

CD&R

Smokey

Buyer,

Inc./Radio

Systems

Corporation

733,000

9.500%, 

10/15/2029

f

668,862

Central

Garden

&

Pet

Company

1,404,000

4.125%, 

10/15/2030

1,276,445

Champ

Acquisition

Corporation

675,000

8.375%, 

12/1/2031

f

697,299

Chobani

Holdco

II,

LLC

561,000

8.750%,PIK

9.500%,

10/1/2029

f,h

609,786

CHS/Community

Health

Systems,

Inc.

1,372,000

5.625%, 

3/15/2027

f

1,310,152

650,000

6.125%, 

4/1/2030

f,g

387,965

1,299,000

4.750%, 

2/15/2031

f

1,026,829

1,121,000

10.875%, 

1/15/2032

f

1,104,376

Concentra

Escrow

Issuer

Corporation

1,095,000

6.875%, 

7/15/2032

f

1,114,170

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US,

LLC

2,944,000

4.750%, 

1/15/2029

f

2,849,044

CVS

Health

Corporation

1,129,000

7.000%, 

3/10/2055

b

1,137,907

DaVita,

Inc.

2,070,000

6.875%, 

9/1/2032

f

2,081,613

Edgewell

Personal

Care

Company

1,910,000

5.500%, 

6/1/2028

f

1,870,536

Embecta

Corporation

2,541,000

5.000%, 

2/15/2030

f

2,273,847

Principal

Amount

Long-Term

Fixed

Income  92.8%

Value

Consumer

Non-Cyclical  11.0%

-

continued

Encompass

Health

Corporation

$

1,238,000

4.500%, 

2/1/2028

$

1,202,036

Endo

Finance

Holdings,

Inc.

1,985,000

8.500%, 

4/15/2031

f,g

2,069,414

Energizer

Holdings,

Inc.

2,670,000

4.750%, 

6/15/2028

f

2,556,215

Fiesta

Purchaser,

Inc.

1,123,000

9.625%, 

9/15/2032

f,g

1,154,033

Fortrea

Holdings,

Inc.

710,000

7.500%, 

7/1/2030

f,g

645,619

Grifols

SA

1,750,000

4.750%, 

10/15/2028

f

1,615,798

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

633,000

7.875%, 

9/1/2025

f,g

632,259

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

1,433,000

4.875%, 

6/1/2029

f

1,105,135

Insulet

Corporation

794,000

6.500%, 

4/1/2033

f

807,069

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

733,000

9.000%, 

2/15/2029

f

753,968

Lamb

Weston

Holdings,

Inc.

839,000

4.375%, 

1/31/2032

f

766,391

LifePoint

Health,

Inc.

811,000

5.375%, 

1/15/2029

f,g

711,755

895,000

9.875%, 

8/15/2030

f

944,316

1,010,000

11.000%, 

10/15/2030

f

1,097,980

1,082,000

10.000%, 

6/1/2032

f

1,032,131

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

1,582,000

6.250%, 

4/1/2029

f

1,602,137

Mozart

Debt

Merger

Sub,

Inc.

1,953,000

3.875%, 

4/1/2029

f

1,825,534

2,331,000

5.250%, 

10/1/2029

f

2,236,766

MPH

Acquisition

Holdings,

LLC

228,638

5.750%, 

12/31/2030

f

165,763

119,409

11.500%, 

12/31/2030

f

103,701

Newell

Brands,

Inc.

306,000

6.375%, 

9/15/2027

g

307,133

796,000

6.625%, 

9/15/2029

797,677

505,000

6.375%, 

5/15/2030

491,280

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

805,000

4.125%, 

4/30/2028

f

752,316

1,280,000

5.125%, 

4/30/2031

f

1,116,038

Performance

Food

Group,

Inc.

1,404,000

4.250%, 

8/1/2029

f

1,312,933

1,685,000

6.125%, 

9/15/2032

f

1,674,825

Perrigo

Finance

Unlimited

Company

1,092,000

4.900%, 

6/15/2030

1,043,172

742,000

6.125%, 

9/30/2032

730,024

Post

Holdings,

Inc.

1,560,000

4.500%, 

9/15/2031

f

1,412,877

1,100,000

6.250%, 

10/15/2034

f

1,083,019

Prime

Healthcare

Services,

Inc.

1,230,000

9.375%, 

9/1/2029

f

1,160,448

Radiology

Partners,

Inc.

850,000

7.775%, 

1/31/2029

f

841,500

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

122

Principal

Amount

Long-Term

Fixed

Income  92.8%

Value

Consumer

Non-Cyclical  11.0%

-

continued

Select

Medical

Corporation

$

850,000

6.250%, 

12/1/2032

f

$

828,188

Sigma

Holdco

BV

308,000

7.875%, 

5/15/2026

f,g

305,119

Simmons

Foods,

Inc.

3,523,000

4.625%, 

3/1/2029

f

3,265,970

Sotera

Health

Holdings,

LLC

1,122,000

7.375%, 

6/1/2031

f

1,140,660

Spectrum

Brands,

Inc.

196,000

3.875%, 

3/15/2031

f

166,949

Star

Parent,

Inc.

816,000

9.000%, 

10/1/2030

f

804,295

Surgery

Center

Holdings,

Inc.

1,650,000

7.250%, 

4/15/2032

f,g

1,631,657

Tenet

Healthcare

Corporation

4,497,000

5.125%, 

11/1/2027

4,431,115

1,100,000

6.750%, 

5/15/2031

1,115,715

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3,506,000

3.150%, 

10/1/2026

3,400,011

US

Acute

Care

Solutions,

LLC

1,693,000

9.750%, 

5/15/2029

f

1,688,120

Total

90,316,903

Energy  11.4%

Aethon

United

BR,

LP/Aethon

United

Finance

Corporation

734,000

7.500%, 

10/1/2029

f

746,585

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

2,126,000

5.375%, 

6/15/2029

f

2,078,092

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

1,330,000

6.250%, 

4/1/2028

f

1,331,020

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

1,571,000

8.250%, 

12/31/2028

f

1,601,985

800,000

5.875%, 

6/30/2029

f

780,663

Baytex

Energy

Corporation

769,000

8.500%, 

4/30/2030

f

780,899

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

1,281,000

7.000%, 

7/15/2029

f

1,309,156

Borr

IHC,

Ltd./Borr

Finance,

LLC

982,440

10.000%, 

11/15/2028

f

934,355

Buckeye

Partners,

LP

1,050,000

4.500%, 

3/1/2028

f

1,007,491

1,132,000

6.750%, 

2/1/2030

f

1,146,609

California

Resources

Corporation

451,000

8.250%, 

6/15/2029

f

458,338

Civitas

Resources,

Inc.

1,656,000

8.375%, 

7/1/2028

f

1,708,970

1,164,000

8.750%, 

7/1/2031

f

1,195,363

CNX

Resources

Corporation

818,000

7.375%, 

1/15/2031

f

831,287

Comstock

Resources,

Inc.

2,630,000

5.875%, 

1/15/2030

f

2,483,780

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

3,075,000

5.500%, 

6/15/2031

f

2,950,017

Crescent

Energy

Finance,

LLC

1,689,000

7.625%, 

4/1/2032

f

1,670,534

Principal

Amount

Long-Term

Fixed

Income  92.8%

Value

Energy  11.4%

-

continued

$

562,000

7.375%, 

1/15/2033

f

$

541,891

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

946,000

8.625%, 

3/15/2029

f

979,912

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

629,000

8.500%, 

10/1/2030

f

644,570

DT

Midstream,

Inc.

843,000

4.125%, 

6/15/2029

f

793,376

610,000

4.375%, 

6/15/2031

f

561,083

Enerflex,

Ltd.

513,000

9.000%, 

10/15/2027

f

524,974

Energy

Transfer,

LP

1,950,000

8.000%, 

5/15/2054

b

2,052,079

EQM

Midstream

Partners,

LP

1,695,000

4.750%, 

1/15/2031

f

1,630,274

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

1,280,000

8.875%, 

4/15/2030

1,329,324

2,320,000

7.875%, 

5/15/2032

2,336,484

Gulfport

Energy

Operating

Corporation

843,000

6.750%, 

9/1/2029

f

854,214

Harvest

Midstream

I,

LP

2,707,000

7.500%, 

9/1/2028

f

2,734,078

Hess

Midstream

Operations,

LP

1,605,000

4.250%, 

2/15/2030

f

1,509,960

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

851,000

5.750%, 

2/1/2029

f

822,199

1,505,000

6.000%, 

2/1/2031

f

1,402,276

1,750,000

6.250%, 

4/15/2032

f

1,634,997

Howard

Midstream

Energy

Partners,

LLC

2,645,000

7.375%, 

7/15/2032

f

2,709,867

ITT

Holdings,

LLC

1,995,000

6.500%, 

8/1/2029

f

1,840,450

Kraken

Oil

&

Gas

Partners,

LLC

515,000

7.625%, 

8/15/2029

f

502,787

Laredo

Petroleum,

Inc.

819,000

7.750%, 

7/31/2029

f

796,788

MEG

Energy

Corporation

478,000

5.875%, 

2/1/2029

f

470,043

Mesquite

Energy,

Inc.

3,740,000

0.000%, 

2/15/2023

d,e

56,100

Moss

Creek

Resources

Holdings,

Inc.

379,000

8.250%, 

9/1/2031

f

369,555

Nabors

Industries,

Inc.

1,668,000

9.125%, 

1/31/2030

f

1,668,557

562,000

8.875%, 

8/15/2031

f,g

487,980

Nabors

Industries,

Ltd.

1,268,000

7.500%, 

1/15/2028

f,g

1,167,182

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

628,000

8.125%, 

2/15/2029

f

632,388

1,347,000

8.375%, 

2/15/2032

f

1,349,888

Noble

Finance

II,

LLC

1,629,000

8.000%, 

4/15/2030

f

1,628,042

Northern

Oil

and

Gas,

Inc.

1,302,000

8.750%, 

6/15/2031

f

1,327,983

NuStar

Logistics,

LP

1,226,000

6.375%, 

10/1/2030

1,239,505

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

123

Principal

Amount

Long-Term

Fixed

Income  92.8%

Value

Energy  11.4%

-

continued

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

$

1,255,000

6.000%, 

2/15/2028

$

1,167,201

Permian

Resources

Operating,

LLC

1,189,000

7.000%, 

1/15/2032

f

1,215,868

Prairie

Acquiror,

LP

1,261,000

9.000%, 

8/1/2029

f

1,283,558

Precision

Drilling

Corporation

1,667,000

6.875%, 

1/15/2029

f

1,628,642

Range

Resources

Corporation

1,745,000

4.750%, 

2/15/2030

f

1,660,072

Rockies

Express

Pipeline,

LLC

1,610,000

4.950%, 

7/15/2029

f

1,541,710

Saturn

Oil

&

Gas,

Inc.

423,000

9.625%, 

6/15/2029

f,g

409,086

SM

Energy

Company

450,000

7.000%, 

8/1/2032

f

441,638

Sunoco,

LP/Sunoco

Finance

Corporation

1,200,000

4.500%, 

5/15/2029

1,136,447

850,000

4.500%, 

4/30/2030

794,904

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

3,265,000

5.500%, 

1/15/2028

f

3,177,771

Talos

Production,

Inc.

472,000

9.000%, 

2/1/2029

f

484,999

TGNR

Intermediate

Holdings,

LLC

2,143,000

5.500%, 

10/15/2029

f

2,012,065

Transocean,

Inc.

1,430,000

8.250%, 

5/15/2029

f

1,397,789

1,845,000

8.500%, 

5/15/2031

f,g

1,792,756

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

800,000

6.875%, 

9/1/2027

800,609

Valaris,

Ltd.

1,944,000

8.375%, 

4/30/2030

f

1,946,232

Venture

Global

Calcasieu

Pass,

LLC

1,382,000

3.875%, 

8/15/2029

f

1,279,324

Venture

Global

LNG,

Inc.

1,076,000

8.125%, 

6/1/2028

f

1,099,491

1,800,000

9.000%, 

9/30/2029

b,f,i

1,708,180

2,247,000

7.000%, 

1/15/2030

f

2,213,717

3,872,000

8.375%, 

6/1/2031

f

3,927,296

Weatherford

International,

Ltd.

743,000

8.625%, 

4/30/2030

f

754,424

Total

93,487,729

Financials  13.1%

Acrisure,

LLC/Acrisure

Finance,

Inc.

1,590,000

6.000%, 

8/1/2029

f,g

1,523,530

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

842,000

6.950%, 

3/10/2055

b

861,818

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

2,083,000

6.750%, 

10/15/2027

f

2,074,710

855,000

6.750%, 

4/15/2028

f

858,343

843,000

5.875%, 

11/1/2029

f,g

814,789

390,000

7.000%, 

1/15/2031

f

391,193

Principal

Amount

Long-Term

Fixed

Income  92.8%

Value

Financials  13.1%

-

continued

Ally

Financial,

Inc.

$

541,000

2.200%, 

11/2/2028

$

490,179

836,000

6.700%, 

2/14/2033

g

836,258

AmWINS

Group,

Inc.

630,000

6.375%, 

2/15/2029

f

634,801

1,872,000

4.875%, 

6/30/2029

f

1,764,749

Avolon

Holdings

Funding,

Ltd.

1,048,000

2.528%, 

11/18/2027

f

981,059

Azorra

Finance,

Ltd.

2,000,000

7.750%, 

4/15/2030

f

1,993,555

Baldwin

Insurance

Group

Holdings,

LLC/Baldwin

Insurance

Group

Holdings

Finance

842,000

7.125%, 

5/15/2031

f

853,237

Barclays

plc

1,199,000

6.125%, 

12/15/2025

b,i

1,198,074

BBVA

Mexico

SA,

Institucion

de

Banca

Multiple,

Grupo

Financiero

BBVA

Mexico

380,000

7.625%, 

2/11/2035

b,f

383,686

BNP

Paribas

SA

421,000

4.625%, 

1/12/2027

b,f,i

403,875

Bread

Financial

Holdings,

Inc.

740,000

8.375%, 

6/15/2035

b,f

723,591

Burford

Capital

Global

Finance,

LLC

2,222,000

9.250%, 

7/1/2031

f

2,341,048

Castlelake

Aviation

Finance

DAC

1,951,000

5.000%, 

4/15/2027

f

1,969,304

Citigroup,

Inc.

405,000

6.250%, 

8/15/2026

b,i

407,408

Constellation

Insurance,

Inc.

384,000

6.800%, 

1/24/2030

f

379,380

Credit

Acceptance

Corporation

1,436,000

9.250%, 

12/15/2028

f

1,520,220

710,000

6.625%, 

3/15/2030

f

699,439

Diversified

Healthcare

Trust

501,000

Zero

Coupon, 

1/15/2026

f

472,226

Drawbridge

Special

Opportunities

Fund,

LP

3,809,000

3.875%, 

2/15/2026

f

3,735,634

Encore

Capital

Group,

Inc.

384,000

9.250%, 

4/1/2029

f

402,172

FirstCash,

Inc.

1,610,000

4.625%, 

9/1/2028

f

1,537,508

842,000

5.625%, 

1/1/2030

f

816,425

Fortress

Transportation

and

Infrastructure

Investors,

LLC

1,839,000

7.000%, 

5/1/2031

f

1,868,466

1,121,000

7.000%, 

6/15/2032

f

1,136,756

Freedom

Mortgage

Corporation

805,000

7.625%, 

5/1/2026

f

802,809

Freedom

Mortgage

Holdings,

LLC

1,925,000

9.250%, 

2/1/2029

f

1,954,913

570,000

8.375%, 

4/1/2032

f

556,947

GGAM

Finance,

Ltd.

911,000

8.000%, 

2/15/2027

f

933,334

791,000

8.000%, 

6/15/2028

f

829,449

634,000

6.875%, 

4/15/2029

f

641,541

Global

Aircraft

Leasing

Company,

Ltd.

2,050,000

8.750%, 

9/1/2027

f

2,083,679

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

124

Principal

Amount

Long-Term

Fixed

Income  92.8%

Value

Financials  13.1%

-

continued

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

$

2,770,000

3.750%, 

12/15/2027

f

$

2,607,099

goeasy,

Ltd.

1,647,000

9.250%, 

12/1/2028

f

1,729,008

702,000

6.875%, 

5/15/2030

f

687,466

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC

531,000

8.000%, 

6/15/2027

f

549,707

Howard

Hughes

Corporation

512,000

4.125%, 

2/1/2029

f

467,192

HSBC

Holdings

plc

871,000

6.875%, 

9/11/2029

b,i

871,422

HUB

International,

Ltd.

2,343,000

5.625%, 

12/1/2029

f

2,266,301

380,000

7.250%, 

6/15/2030

f

391,402

624,000

7.375%, 

1/31/2032

f

635,346

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

3,064,000

5.250%, 

5/15/2027

2,912,979

Intesa

Sanpaolo

SPA

541,000

4.198%, 

6/1/2032

b,f

485,391

J.P.

Morgan

Chase

&

Company

1,966,000

4.000%, 

(TSFR3M

+

2.745%),

7/1/2025

b,i

1,971,898

406,000

3.650%, 

6/1/2026

b,i

396,925

Jane

Street

Group/JSG

Finance,

Inc.

477,000

4.500%, 

11/15/2029

f

450,418

505,000

7.125%, 

4/30/2031

f

518,776

1,280,000

6.125%, 

11/1/2032

f

1,259,498

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

601,000

5.000%, 

8/15/2028

f

565,027

1,121,000

6.625%, 

10/15/2031

f

1,109,112

Jefferson

Capital

Holdings,

LLC

627,000

6.000%, 

8/15/2026

f

623,299

1,961,000

9.500%, 

2/15/2029

f

2,081,327

Ladder

Capital

Finance

Holdings,

LLLP/Ladder

Capital

Finance

Corporation

788,000

4.250%, 

2/1/2027

f

767,436

1,267,000

4.750%, 

6/15/2029

f

1,206,642

Liberty

Mutual

Group,

Inc.

252,000

4.125%, 

12/15/2051

b,f

241,286

Macquarie

Airfinance

Holdings,

Ltd.

1,070,000

6.400%, 

3/26/2029

f

1,105,977

825,000

6.500%, 

3/26/2031

f

859,083

Midcap

Financial

Issuer

Trust

812,000

6.500%, 

5/1/2028

f

782,681

Molina

Healthcare,

Inc.

1,505,000

4.375%, 

6/15/2028

f

1,433,459

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

2,864,000

4.625%, 

8/1/2029

g

2,183,319

790,000

8.500%, 

2/15/2032

f

804,768

Nationstar

Mortgage

Holdings,

Inc.

818,000

6.500%, 

8/1/2029

f

829,287

881,000

5.125%, 

12/15/2030

f

878,742

NatWest

Group

plc

541,000

8.125%, 

11/10/2033

b,i

567,984

Principal

Amount

Long-Term

Fixed

Income  92.8%

Value

Financials  13.1%

-

continued

Navient

Corporation

$

512,000

5.500%, 

3/15/2029

$

484,511

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

501,000

4.500%, 

9/30/2028

f

472,239

OneMain

Finance

Corporation

1,678,000

3.500%, 

1/15/2027

1,608,250

811,000

3.875%, 

9/15/2028

749,949

2,105,000

9.000%, 

1/15/2029

2,209,010

1,298,000

4.000%, 

9/15/2030

1,143,478

1,135,000

6.750%, 

3/15/2032

1,113,980

Park

Intermediate

Holdings,

LLC

1,273,000

4.875%, 

5/15/2029

f

1,188,121

PennyMac

Financial

Services,

Inc.

730,000

6.875%, 

2/15/2033

f

725,438

PNC

Financial

Services

Group,

Inc.

842,000

3.400%, 

9/15/2026

b,i

801,011

PRA

Group,

Inc.

1,598,000

8.375%, 

2/1/2028

f

1,633,140

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

842,000

4.500%, 

2/15/2029

f

796,564

RLJ

Lodging

Trust,

LP

681,000

4.000%, 

9/15/2029

f

610,875

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

3,282,000

3.875%, 

3/1/2031

f

2,940,015

945,000

4.000%, 

10/15/2033

f

810,619

Ryan

Specialty,

LLC

1,685,000

5.875%, 

8/1/2032

f

1,664,246

Service

Properties

Trust

1,041,000

8.375%, 

6/15/2029

1,040,541

865,000

8.625%, 

11/15/2031

f

912,501

SLM

Corporation

570,000

6.500%, 

1/31/2030

584,877

Societe

Generale

SA

845,000

8.125%, 

11/21/2029

b,f,i

841,755

Starwood

Property

Trust,

Inc.

1,140,000

6.500%, 

10/15/2030

f

1,129,427

Synchrony

Financial

403,000

7.250%, 

2/2/2033

g

414,848

TrueNoord

Capital

DAC

1,140,000

8.750%, 

3/1/2030

f

1,157,011

UBS

Group

AG

1,420,000

7.000%, 

2/10/2030

b,f,i

1,398,460

United

Wholesale

Mortgage,

LLC

1,975,000

5.500%, 

4/15/2029

f

1,904,134

UWM

Holdings,

LLC

707,000

6.625%, 

2/1/2030

f

701,225

Wells

Fargo

&

Company

405,000

3.900%, 

3/15/2026

b,i

396,931

World

Acceptance

Corporation

406,000

7.000%, 

11/1/2026

f,g

402,613

XHR,

LP

840,000

4.875%, 

6/1/2029

f

786,827

423,000

6.625%, 

5/15/2030

f

415,276

Total

107,154,234

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

125

Principal

Amount

Long-Term

Fixed

Income  92.8%

Value

Foreign

Government  0.2%

Teine

Energy,

Ltd.

$

2,027,000

6.875%, 

4/15/2029

f

$

1,981,856

Total

1,981,856

Technology  6.8%

Amentum

Holdings,

Inc.

1,228,000

7.250%, 

8/1/2032

f

1,207,932

AthenaHealth

Group,

Inc.

2,292,000

6.500%, 

2/15/2030

f,g

2,149,923

Block,

Inc.

3,086,000

6.500%, 

5/15/2032

f

3,117,110

Boost

Newco

Borrower,

LLC

1,224,000

7.500%, 

1/15/2031

f

1,274,105

Central

Parent,

Inc./CDK

Global,

Inc.

842,000

7.250%, 

6/15/2029

f

728,650

Cloud

Software

Group,

Inc.

3,424,000

6.500%, 

3/31/2029

f

3,328,353

1,482,000

9.000%, 

9/30/2029

f

1,478,132

CommScope

Technologies,

LLC

566,000

5.000%, 

3/15/2027

f,g

507,567

CommScope,

LLC

431,000

4.750%, 

9/1/2029

f

383,180

566,000

9.500%, 

12/15/2031

f,g

582,980

Consensus

Cloud

Solutions,

Inc.

396,000

6.000%, 

10/15/2026

f

393,190

CoreLogic,

Inc.

475,000

4.500%, 

5/1/2028

f

442,115

Diebold

Nixdorf,

Inc.

1,130,000

7.750%, 

3/31/2030

f

1,171,319

Entegris,

Inc.

1,623,000

5.950%, 

6/15/2030

f

1,614,743

Everi

Holdings,

Inc.

1,065,000

5.000%, 

7/15/2029

f

1,066,249

Gen

Digital,

Inc.

61,000

6.750%, 

9/30/2027

f

61,750

944,000

7.125%, 

9/30/2030

f

963,548

570,000

6.250%, 

4/1/2033

f

567,408

II-VI,

Inc.

902,000

5.000%, 

12/15/2029

f

860,476

Iron

Mountain,

Inc.

4,225,000

5.250%, 

3/15/2028

f

4,128,841

890,000

5.000%, 

7/15/2028

f

862,871

1,560,000

5.250%, 

7/15/2030

f

1,495,779

1,840,000

4.500%, 

2/15/2031

f

1,686,705

McAfee

Corporation

1,245,000

7.375%, 

2/15/2030

f

1,101,920

NCR

Atleos

Corporation

633,000

9.500%, 

4/1/2029

f

686,365

NCR

Voyix

Corporation

1,124,000

5.000%, 

10/1/2028

f

1,081,536

660,000

5.125%, 

4/15/2029

f

628,593

Neptune

Bidco

US,

Inc.

2,189,000

9.290%, 

4/15/2029

f

1,899,287

Open

Text

Corporation

2,284,000

3.875%, 

12/1/2029

f

2,077,665

Open

Text

Holdings,

Inc.

1,578,000

4.125%, 

2/15/2030

f

1,439,061

Pitney

Bowes,

Inc.

396,000

6.875%, 

3/15/2027

f

395,503

RingCentral,

Inc.

1,960,000

8.500%, 

8/15/2030

f

2,060,293

Principal

Amount

Long-Term

Fixed

Income  92.8%

Value

Technology  6.8%

-

continued

Rocket

Software,

Inc.

$

953,000

9.000%, 

11/28/2028

f

$

982,753

Seagate

HDD

Cayman

2,483,000

4.091%, 

6/1/2029

2,338,052

Sensata

Technologies

BV

2,376,000

4.000%, 

4/15/2029

f

2,183,792

Sensata

Technologies,

Inc.

450,000

3.750%, 

2/15/2031

f

392,914

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

1,360,000

4.625%, 

11/1/2026

f

1,335,747

198,000

6.750%, 

8/15/2032

f

199,572

SS&C

Technologies,

Inc.

1,683,000

6.500%, 

6/1/2032

f

1,701,194

UKG,

Inc.

1,571,000

6.875%, 

2/1/2031

f

1,593,684

Viavi

Solutions,

Inc.

2,112,000

3.750%, 

10/1/2029

f

1,931,320

Xerox

Holdings

Corporation

167,000

5.000%, 

8/15/2025

f

165,132

1,775,000

5.500%, 

8/15/2028

f

1,246,311

Total

55,513,620

Transportation  1.9%

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

668,334

5.500%, 

4/20/2026

f

666,506

1,241,000

5.750%, 

4/20/2029

f

1,214,296

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

1,004,000

5.375%, 

3/1/2029

f,g

905,488

DCLI

Bidco,

LLC

757,000

7.750%, 

11/15/2029

f

779,164

Delta

Air

Lines,

Inc.

877,000

7.000%, 

5/1/2025

f

878,180

JetBlue

Airways

Corporation/

JetBlue

Loyalty,

LP

797,000

9.875%, 

9/20/2031

f

786,712

OneSky

Flight,

LLC

1,694,000

8.875%, 

12/15/2029

f

1,712,100

Rand

Parent,

LLC

1,974,000

8.500%, 

2/15/2030

f,g

1,954,275

RXO,

Inc.

2,176,000

7.500%, 

11/15/2027

f

2,237,537

Star

Leasing

Company,

LLC

1,280,000

7.625%, 

2/15/2030

f

1,230,203

Stena

International

SA

1,255,000

7.250%, 

1/15/2031

f

1,254,420

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

461,000

7.875%, 

5/1/2027

f

452,711

1,441,000

6.375%, 

2/1/2030

f,g

1,262,361

Total

15,333,953

Utilities  3.3%

AES

Corporation

541,000

7.600%, 

1/15/2055

b

545,928

Algonquin

Power

&

Utilities

Corporation

1,005,000

4.750%, 

1/18/2082

b

957,261

Alpha

Generation,

LLC

719,000

6.750%, 

10/15/2032

f

719,467

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

126

Principal

Amount

Long-Term

Fixed

Income  92.8%

Value

Utilities  3.3%

-

continued

Calpine

Corporation

$

1,290,000

4.500%, 

2/15/2028

f

$

1,250,585

Dominion

Energy,

Inc.

541,000

7.000%, 

6/1/2054

b

568,621

Duke

Energy

Corporation

550,000

6.450%, 

9/1/2054

b

549,072

Edison

International

711,000

5.000%, 

12/15/2026

b,g,i

642,345

Leeward

Renewable

Energy

Operations,

LLC

1,065,000

4.250%, 

7/1/2029

f,g

937,887

Lightning

Power,

LLC

1,230,000

7.250%, 

8/15/2032

f

1,266,384

NiSource,

Inc.

365,000

6.375%, 

3/31/2055

b

360,668

NRG

Energy,

Inc.

1,340,000

5.250%, 

6/15/2029

f

1,305,876

671,000

6.000%, 

2/1/2033

f

652,773

671,000

6.250%, 

11/1/2034

f

660,539

PG&E

Corporation

634,000

7.375%, 

3/15/2055

b

623,128

Talen

Energy

Supply,

LLC

1,868,000

8.625%, 

6/1/2030

f

1,981,391

Terraform

Global

Operating,

LLC

1,480,000

6.125%, 

3/1/2026

f

1,471,411

TerraForm

Power

Operating,

LLC

3,745,000

5.000%, 

1/31/2028

f

3,624,562

Vistra

Corporation

4,065,000

7.000%, 

12/15/2026

b,f,i

4,116,211

Vistra

Operations

Company,

LLC

2,437,000

5.000%, 

7/31/2027

f

2,399,349

XPLR

Infrastructure

Operating

Partners,

LP

1,596,000

3.875%, 

10/15/2026

f

1,535,121

397,000

8.375%, 

1/15/2031

f,g

390,404

397,000

8.625%, 

3/15/2033

f,g

386,240

Total

26,945,223

Total

Long-Term

Fixed

Income

(cost

$777,662,394)

761,932,129

Shares

Collateral

Held

for

Securities

Loaned

7.9%

Value

65,173,905

Thrivent

Cash

Management

Trust

65,173,905

Total

Collateral

Held

for

Securities

Loaned

(cost

$65,173,905)

65,173,905

Shares

Preferred

Stock

0.2%

Value

Capital

Goods  0.2%

21,904

Boeing

Company,

Convertible,

6.000%

1,310,516

Total

1,310,516

Total

Preferred

Stock

(cost

$1,205,057)

1,310,516

Shares

or

Principal

Amount

Short-Term

Investments

3.8%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

31,139,118

4.293%

j

$

31,139,118

Total

Short-Term

Investments

(cost

$31,139,118)

31,139,118

Total

Investments

(cost

$895,532,645)

107.2%

$879,694,716

Other

Assets

and

Liabilities,

Net

(7.2%)

(58,703,224)

Total

Net

Assets

100.0%

$820,991,492

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

Defaulted

security.  Interest

is

not

being

accrued.

e

In

bankruptcy.  Income

is

not

being

accrued

per

the

bankruptcy

agreement

terms.

f

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2025,

the

value

of

these

investments

was

$664,852,831

or

81.0%

of

total

net

assets.

g

All

or

a

portion

of

the

security

is

on

loan.

h

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

March

31,

2025.

i

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

j

The

interest

rate

shown

reflects

the

yield.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

High

Yield

Portfolio

as

of

March

31,

2025

was

$23,013

or

0.00%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

March

31,

2025.

Security

Acquisition

Date

Cost

Abengoa

Abenewco

2

Bis

SA,

4/26/2024

4/26/2019

$

563,723

ACN

113

874

712,

Pty.

Ltd.,

2/15/2018

2/9/2011

3,026,704

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

127

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

High

Yield

Portfolio

as

of

March

31,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

54,630,587

Total

lending

$54,630,587

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$65,173,905

Net

amounts

due

to

counterparty

$10,543,318

Definitions:

PIK

-

Payment-In-Kind

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Reference

Rate

Index:

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

TSFR6M

-

CME

Term

SOFR

6

Month

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

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

1,578,893

–

–

1,578,893

Capital

Goods

567,509

–

567,509

–

Communications

Services

4,192,118

–

4,192,118

–

Consumer

Cyclical

1,599,065

–

1,599,065

–

Consumer

Non-Cyclical

6,553,920

–

6,553,920

–

Financials

803,279

–

803,279

–

Technology

1,502,067

–

1,502,067

–

Transportation

3,342,197

–

3,342,197

–

Long-Term

Fixed

Income

Basic

Materials

46,298,044

–

46,298,044

–

Capital

Goods

85,592,753

–

85,592,753

–

Communications

Services

98,636,223

–

98,636,223

–

Consumer

Cyclical

140,671,591

–

140,671,591

–

Consumer

Non-Cyclical

90,316,903

–

90,316,903

–

Energy

93,487,729

–

93,487,729

–

Financials

107,154,234

–

107,154,234

–

Foreign

Government

1,981,856

–

1,981,856

–

Technology

55,513,620

–

55,513,620

–

Transportation

15,333,953

–

15,333,953

–

Utilities

26,945,223

–

26,945,223

–

Preferred

Stock

Capital

Goods

1,310,516

1,310,516

–

–

Short-Term

Investments

31,139,118

31,139,118

–

–

Subtotal

Investments

in

Securities

$814,520,811

$32,449,634

$780,492,284

$1,578,893

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

65,173,905

Subtotal

Other

Investments

$65,173,905

Total

Investments

at

Value

$879,694,716

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

128

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,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

High

Yield

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$25,904

$12,143

$38,047

$–

–

–

Total

Affiliated

Short-Term

Investments

25,904

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

49,599

112,383

96,808

65,174

65,174

7.9%

Total

Collateral

Held

for

Securities

Loaned

49,599

65,174

7.9

Total

Value

$75,503

$65,174

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$10

($10)

$

–

$59

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$59

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

95

Total

Affiliated

Income

from

Securities

Loaned,

Net

$95

Total

Value

$10

($10)

$

–

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

129

Principal

Amount

Long-Term

Fixed

Income

97.8%

Value

Asset-Backed

Securities  <0.1%

GMAC

Mortgage

Corporation

Loan

Trust

$

91,531

4.935%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

a,b

$

45,816

Total

45,816

Basic

Materials  1.9%

Anglo

American

Capital

plc

1,484,000

4.750%, 

4/10/2027

c

1,484,634

3,050,000

5.750%, 

4/5/2034

c

3,093,080

Eastman

Chemical

Company

3,050,000

5.000%, 

8/1/2029

3,065,902

FMC

Corporation

2,850,000

5.650%, 

5/18/2033

2,814,801

Glencore

Funding,

LLC

1,800,000

3.375%, 

9/23/2051

c

1,179,643

1,950,000

2.500%, 

9/1/2030

c

1,715,982

International

Flavors

&

Fragrances,

Inc.

1,200,000

1.832%, 

10/15/2027

c

1,116,857

3,650,000

2.300%, 

11/1/2030

c

3,154,309

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

1,700,000

5.350%, 

3/15/2034

1,715,666

Sherwin-Williams

Company

1,375,000

4.800%, 

9/1/2031

1,371,547

Smurfit

Kappa

Treasury,

ULC

1,300,000

5.777%, 

4/3/2054

c

1,282,020

1,800,000

5.438%, 

4/3/2034

c

1,811,066

Smurfit

Westrock

Financing

DAC

1,200,000

5.418%, 

1/15/2035

c

1,205,225

Total

25,010,732

Capital

Goods  4.2%

BAE

Systems

plc

625,000

5.500%, 

3/26/2054

c,d

617,397

2,050,000

3.400%, 

4/15/2030

c

1,921,705

1,600,000

1.900%, 

2/15/2031

c

1,361,099

Boeing

Company

1,250,000

5.805%, 

5/1/2050

1,189,977

1,825,000

6.858%, 

5/1/2054

1,982,307

1,950,000

5.930%, 

5/1/2060

1,834,283

900,000

6.528%, 

5/1/2034

964,338

3,500,000

5.705%, 

5/1/2040

3,402,372

Carrier

Global

Corporation

1,550,000

2.700%, 

2/15/2031

1,381,419

CNH

Industrial

Capital,

LLC

2,150,000

4.550%, 

4/10/2028

2,144,327

GFL

Environmental,

Inc.

3,700,000

6.750%, 

1/15/2031

c

3,814,006

Howmet

Aerospace,

Inc.

3,750,000

3.000%, 

1/15/2029

3,530,641

1,900,000

5.950%, 

2/1/2037

1,988,689

Ingersoll

Rand,

Inc.

700,000

5.400%, 

8/14/2028

716,923

1,000,000

5.700%, 

8/14/2033

1,032,091

Northrop

Grumman

Corporation

1,550,000

4.700%, 

3/15/2033

1,529,140

Regal

Rexnord

Corporation

2,100,000

6.050%, 

4/15/2028

2,154,339

2,300,000

6.300%, 

2/15/2030

2,392,060

Principal

Amount

Long-Term

Fixed

Income  97.8%

Value

Capital

Goods  4.2%

-

continued

Republic

Services,

Inc.

$

4,100,000

4.875%, 

4/1/2029

$

4,152,482

RTX

Corporation

1,000,000

3.030%, 

3/15/2052

634,252

1,150,000

6.400%, 

3/15/2054

1,258,804

2,350,000

6.000%, 

3/15/2031

2,495,853

1,150,000

6.100%, 

3/15/2034

1,233,212

925,000

4.450%, 

11/16/2038

843,809

Spirit

AeroSystems,

Inc.

5,150,000

4.600%, 

6/15/2028

4,939,998

Waste

Connections,

Inc.

3,900,000

5.000%, 

3/1/2034

3,886,873

Wrangler

Holdco

Corporation

1,500,000

6.625%, 

4/1/2032

c

1,527,219

Total

54,929,615

Collateralized

Mortgage

Obligations  1.0%

GCAT

Trust

5,091,565

6.000%, 

12/25/2054,

Ser.

2024-INV4,

Class

A1

b,c

5,134,126

PMT

Loan

Trust

5,179,485

6.000%, 

1/25/2060,

Ser.

2025-INV1,

Class

A1

b,c

5,238,966

2,600,000

6.000%, 

2/25/2056,

Ser.

2025-INV2,

Class

A10

b,c

2,640,145

Wachovia

Mortgage

Loan

Trust,

LLC

19,883

7.138%, 

5/20/2036,

Ser.

2006-A,

Class

2A1

b

19,451

Total

13,032,688

Commercial

Mortgage-Backed

Securities  0.3%

HTAP

Issuer

Trust

3,850,000

6.500%, 

11/25/2042,

Ser.

2025-1,

Class

A

c

3,787,279

Total

3,787,279

Communications

Services  7.6%

American

Tower

Corporation

1,300,000

5.000%, 

1/31/2030

1,310,631

1,400,000

5.650%, 

3/15/2033

1,443,131

3,850,000

5.350%, 

3/15/2035

3,861,292

AppLovin

Corporation

3,550,000

5.375%, 

12/1/2031

3,568,009

AT&T,

Inc.

2,250,000

3.650%, 

6/1/2051

1,593,526

2,300,000

3.500%, 

9/15/2053

1,568,347

2,250,000

2.750%, 

6/1/2031

1,999,847

5,587,000

2.550%, 

12/1/2033

4,580,528

3,550,000

5.400%, 

2/15/2034

3,607,056

1,700,000

4.500%, 

3/9/2048

1,410,931

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

1,200,000

6.550%, 

6/1/2034

1,234,408

1,700,000

6.384%, 

10/23/2035

1,722,802

2,500,000

3.500%, 

6/1/2041

1,731,819

3,150,000

6.484%, 

10/23/2045

2,994,628

Comcast

Corporation

1,700,000

5.300%, 

6/1/2034

d

1,728,444

2,650,000

4.600%, 

10/15/2038

2,440,154

1,200,000

4.650%, 

7/15/2042

1,067,689

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

130

Principal

Amount

Long-Term

Fixed

Income  97.8%

Value

Communications

Services  7.6%

-

continued

Crown

Castle,

Inc.

$

2,200,000

3.800%, 

2/15/2028

$

2,140,844

2,200,000

4.300%, 

2/15/2029

2,150,649

Meta

Platforms,

Inc.

1,500,000

5.600%, 

5/15/2053

1,512,195

2,400,000

3.850%, 

8/15/2032

2,269,979

2,250,000

4.950%, 

5/15/2033

2,277,870

Netflix,

Inc.

2,231,000

5.875%, 

11/15/2028

2,333,259

1,300,000

6.375%, 

5/15/2029

1,391,306

3,800,000

4.875%, 

6/15/2030

c

3,840,160

Paramount

Global

2,000,000

7.875%, 

7/30/2030

2,197,121

Rogers

Communications,

Inc.

1,350,000

7.000%, 

4/15/2055

b

1,355,224

1,700,000

7.125%, 

4/15/2055

b

1,694,232

1,350,000

5.000%, 

2/15/2029

1,351,209

1,100,000

5.300%, 

2/15/2034

1,079,787

Sprint

Capital

Corporation

230,000

6.875%, 

11/15/2028

245,543

5,200,000

8.750%, 

3/15/2032

6,254,007

T-Mobile

USA,

Inc.

4,400,000

3.400%, 

10/15/2052

2,973,598

1,300,000

3.500%, 

4/15/2031

1,202,049

2,000,000

5.125%, 

5/15/2032

2,012,577

1,550,000

3.000%, 

2/15/2041

1,124,535

Verizon

Communications,

Inc.

1,250,000

5.500%, 

2/23/2054

d

1,215,017

1,600,000

4.000%, 

3/22/2050

1,231,490

1,591,000

1.680%, 

10/30/2030

1,354,216

1,740,000

4.780%, 

2/15/2035

c

1,689,087

2,350,000

5.250%, 

4/2/2035

2,355,929

2,700,000

3.400%, 

3/22/2041

2,078,778

Videotron,

Ltd.

3,100,000

3.625%, 

6/15/2029

c,d

2,924,403

Warnermedia

Holdings,

Inc.

2,060,000

4.054%, 

3/15/2029

1,940,012

5,850,000

4.279%, 

3/15/2032

5,154,081

950,000

5.050%, 

3/15/2042

759,814

Total

97,972,213

Consumer

Cyclical  7.3%

Amazon.com,

Inc.

1,800,000

3.100%, 

5/12/2051

1,222,673

American

Honda

Finance

Corporation

3,700,000

5.050%, 

7/10/2031

3,727,476

BMW

US

Capital,

LLC

1,600,000

4.850%, 

8/13/2031

c,d

1,583,981

D.R.

Horton,

Inc.

2,700,000

5.000%, 

10/15/2034

2,631,276

Daimler

Trucks

Finance

North

America,

LLC

2,700,000

5.400%, 

9/20/2028

c

2,750,654

2,500,000

2.375%, 

12/14/2028

c

2,301,878

Expedia

Group,

Inc.

4,400,000

3.250%, 

2/15/2030

4,101,272

Ford

Motor

Credit

Company,

LLC

2,100,000

5.850%, 

5/17/2027

2,111,011

1,750,000

6.800%, 

5/12/2028

1,797,338

2,900,000

5.303%, 

9/6/2029

2,811,353

2,300,000

7.350%, 

3/6/2030

2,406,697

2,650,000

6.050%, 

3/5/2031

2,613,395

Principal

Amount

Long-Term

Fixed

Income  97.8%

Value

Consumer

Cyclical  7.3%

-

continued

General

Motors

Company

$

1,675,000

6.800%, 

10/1/2027

$

1,743,512

General

Motors

Financial

Company,

Inc.

3,550,000

5.750%, 

2/8/2031

3,579,529

1,700,000

5.625%, 

4/4/2032

1,681,400

2,700,000

6.400%, 

1/9/2033

2,784,757

GLP

Capital,

LP

2,500,000

3.250%, 

1/15/2032

2,163,893

Harley-Davidson

Financial

Services,

Inc.

1,044,000

6.500%, 

3/10/2028

c,d

1,075,225

2,150,000

5.950%, 

6/11/2029

c

2,168,858

Home

Depot,

Inc.

1,050,000

4.950%, 

6/25/2034

1,053,527

2,180,000

4.250%, 

4/1/2046

1,834,281

Hyatt

Hotels

Corporation

1,950,000

5.750%, 

4/23/2030

2,004,122

Hyundai

Capital

America

2,750,000

1.800%, 

1/10/2028

c

2,532,837

4,850,000

6.200%, 

9/21/2030

c

5,072,712

Las

Vegas

Sands

Corporation

3,350,000

6.000%, 

8/15/2029

3,424,059

Lowe's

Companies,

Inc.

1,450,000

5.625%, 

4/15/2053

1,399,702

3,500,000

2.625%, 

4/1/2031

3,101,907

Marriott

International,

Inc./MD

4,900,000

4.625%, 

6/15/2030

4,862,047

1,450,000

5.100%, 

4/15/2032

1,444,863

McDonald's

Corporation

2,175,000

4.450%, 

3/1/2047

1,844,440

Royal

Caribbean

Cruises,

Ltd.

2,900,000

6.250%, 

3/15/2032

c

2,926,186

Stellantis

Finance

US,

Inc.

2,700,000

5.350%, 

3/17/2028

c

2,703,124

Target

Corporation

2,750,000

2.950%, 

1/15/2052

d

1,766,946

1,250,000

4.500%, 

9/15/2034

1,202,526

Toll

Brothers

Finance

Corporation

2,300,000

3.800%, 

11/1/2029

2,192,201

Toyota

Motor

Credit

Corporation

3,350,000

5.350%, 

1/9/2035

3,404,863

VICI

Properties,

LP/VICI

Note

Company,

Inc.

180,000

4.250%, 

12/1/2026

c

178,033

3,000,000

5.750%, 

2/1/2027

c

3,038,922

1,300,000

3.750%, 

2/15/2027

c

1,271,891

180,000

4.625%, 

12/1/2029

c

174,621

Walmart,

Inc.

2,200,000

4.500%, 

9/9/2052

1,946,993

Total

94,636,981

Consumer

Non-Cyclical  9.7%

Abbott

Laboratories

2,500,000

6.000%, 

4/1/2039

2,748,336

AbbVie,

Inc.

2,125,000

5.400%, 

3/15/2054

2,087,161

1,400,000

5.600%, 

3/15/2055

1,416,867

1,050,000

5.050%, 

3/15/2034

1,057,441

2,100,000

4.550%, 

3/15/2035

2,027,331

2,500,000

4.500%, 

5/14/2035

2,399,318

3,100,000

4.300%, 

5/14/2036

2,897,166

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

131

Principal

Amount

Long-Term

Fixed

Income  97.8%

Value

Consumer

Non-Cyclical  9.7%

-

continued

Amgen,

Inc.

$

3,250,000

5.650%, 

3/2/2053

$

3,188,017

2,400,000

5.250%, 

3/2/2033

2,434,661

Anheuser-Busch

Companies,

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

1,710,000

4.700%, 

2/1/2036

1,648,993

Anheuser-Busch

InBev

Worldwide,

Inc.

2,750,000

3.500%, 

6/1/2030

2,620,368

2,200,000

4.439%, 

10/6/2048

1,879,330

AstraZeneca

plc

2,900,000

2.125%, 

8/6/2050

1,608,162

BAT

Capital

Corporation

2,150,000

6.250%, 

8/15/2055

2,145,584

3,500,000

2.259%, 

3/25/2028

3,270,710

2,500,000

6.343%, 

8/2/2030

2,657,588

1,150,000

5.834%, 

2/20/2031

1,195,693

1,900,000

7.750%, 

10/19/2032

2,178,279

Becton,

Dickinson

and

Company

2,291,000

3.794%, 

5/20/2050

1,718,356

1,550,000

5.081%, 

6/7/2029

1,573,100

Bristol-Myers

Squibb

Company

2,900,000

5.550%, 

2/22/2054

2,857,933

1,150,000

6.250%, 

11/15/2053

1,234,722

Bunge,

Ltd.

Finance

Corporation

775,000

4.650%, 

9/17/2034

749,251

Cargill,

Inc.

1,750,000

3.125%, 

5/25/2051

c

1,164,501

Conagra

Brands,

Inc.

1,550,000

5.300%, 

11/1/2038

1,474,870

Constellation

Brands,

Inc.

1,350,000

4.800%, 

1/15/2029

1,353,223

CVS

Health

Corporation

2,500,000

5.625%, 

2/21/2053

2,285,612

1,400,000

5.125%, 

2/21/2030

1,409,099

2,150,000

5.550%, 

6/1/2031

2,194,633

2,800,000

2.125%, 

9/15/2031

2,333,462

Eli

Lilly

&

Company

1,600,000

5.100%, 

2/9/2064

1,491,761

1,900,000

5.500%, 

2/12/2055

1,923,757

2,250,000

4.700%, 

2/27/2033

2,251,866

HCA,

Inc.

3,000,000

5.625%, 

9/1/2028

3,068,399

2,900,000

5.450%, 

4/1/2031

2,945,667

2,350,000

5.500%, 

3/1/2032

2,372,816

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

1,600,000

3.625%, 

1/15/2032

1,441,653

1,100,000

3.000%, 

5/15/2032

946,289

JBS

USA

LUX

SARL/JBS

USA

Food

Company/JBS

USA

Foods

Group

3,600,000

6.375%, 

2/25/2055

c

3,678,732

Kenvue,

Inc.

1,100,000

5.000%, 

3/22/2030

1,123,112

Kraft

Heinz

Foods

Company

1,020,000

4.375%, 

6/1/2046

833,711

Mars,

Inc.

3,800,000

4.800%, 

3/1/2030

c

3,821,735

1,350,000

5.000%, 

3/1/2032

c

1,355,836

700,000

5.650%, 

5/1/2045

c

701,523

Principal

Amount

Long-Term

Fixed

Income  97.8%

Value

Consumer

Non-Cyclical  9.7%

-

continued

Mattel,

Inc.

$

1,500,000

3.375%, 

4/1/2026

c

$

1,476,511

Medtronic,

Inc.

3,200,000

4.375%, 

3/15/2035

3,076,803

Nestle

Holdings,

Inc.

2,400,000

4.850%, 

3/14/2033

c

2,413,928

PepsiCo,

Inc.

1,625,000

5.250%, 

7/17/2054

1,587,395

Pfizer

Investment

Enterprises,

Private

Ltd.

2,325,000

5.300%, 

5/19/2053

2,207,525

2,000,000

5.340%, 

5/19/2063

1,862,068

1,167,000

4.750%, 

5/19/2033

1,154,174

Philip

Morris

International,

Inc.

3,750,000

5.500%, 

9/7/2030

3,896,376

1,850,000

5.125%, 

2/13/2031

1,882,229

2,435,000

5.750%, 

11/17/2032

2,549,048

3,000,000

5.250%, 

2/13/2034

3,028,149

Roche

Holdings,

Inc.

2,800,000

2.607%, 

12/13/2051

c

1,693,025

1,550,000

4.985%, 

3/8/2034

c

1,560,648

Smithfield

Foods,

Inc.

1,200,000

3.000%, 

10/15/2030

c

1,069,421

Sysco

Corporation

1,000,000

6.600%, 

4/1/2040

1,096,239

Takeda

Pharmaceutical

Company,

Ltd.

2,300,000

3.175%, 

7/9/2050

1,511,362

2,600,000

5.300%, 

7/5/2034

2,631,017

Viterra

Finance

BV

2,750,000

5.250%, 

4/21/2032

c

2,746,150

Total

125,208,692

Energy  5.7%

BP

Capital

Markets

America,

Inc.

4,500,000

3.001%, 

3/17/2052

2,851,936

BP

Capital

Markets

plc

1,600,000

6.450%, 

12/1/2033

b,e

1,632,480

Canadian

Natural

Resources,

Ltd.

700,000

2.950%, 

7/15/2030

632,612

Cheniere

Energy

Partners,

LP

5,810,000

4.500%, 

10/1/2029

5,651,015

2,000,000

4.000%, 

3/1/2031

1,875,650

1,150,000

5.950%, 

6/30/2033

1,181,084

Cheniere

Energy,

Inc.

1,100,000

5.650%, 

4/15/2034

1,112,743

Diamondback

Energy,

Inc.

550,000

5.150%, 

1/30/2030

558,341

550,000

5.400%, 

4/18/2034

549,086

Eastern

Energy

Gas

Holdings,

LLC

1,500,000

6.200%, 

1/15/2055

1,568,625

Energy

Transfer,

LP

1,100,000

8.000%, 

5/15/2054

b

1,157,583

1,950,000

6.050%, 

9/1/2054

1,893,509

1,500,000

6.500%, 

11/15/2026

b,e

1,498,232

2,150,000

3.750%, 

5/15/2030

2,032,830

1,100,000

5.550%, 

5/15/2034

1,099,324

1,400,000

5.700%, 

4/1/2035

1,410,356

Enterprise

Products

Operating,

LLC

1,350,000

7.571%, 

(TSFR3M

+

3.248%),

8/16/2077

b

1,343,312

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

132

Principal

Amount

Long-Term

Fixed

Income  97.8%

Value

Energy  5.7%

-

continued

EQM

Midstream

Partners,

LP

$

3,100,000

7.500%, 

6/1/2030

c

$

3,346,248

1,525,000

4.750%, 

1/15/2031

c,d

1,466,765

Expand

Energy

Corporation

4,300,000

5.375%, 

3/15/2030

4,268,559

1,500,000

4.750%, 

2/1/2032

1,418,764

1,475,000

5.700%, 

1/15/2035

1,480,283

Halliburton

Company

2,800,000

4.850%, 

11/15/2035

2,685,905

MPLX,

LP

1,750,000

4.800%, 

2/15/2029

1,752,998

1,050,000

5.500%, 

6/1/2034

1,046,112

ONEOK,

Inc.

4,400,000

6.350%, 

1/15/2031

4,673,587

Ovintiv,

Inc.

1,600,000

5.650%, 

5/15/2028

1,639,602

Pioneer

Natural

Resources

Company

1,800,000

2.150%, 

1/15/2031

1,568,231

Plains

All

American

Pipeline,

LP/

PAA

Finance

Corporation

1,950,000

3.800%, 

9/15/2030

1,837,729

Schlumberger

Holdings

Corporation

1,750,000

3.900%, 

5/17/2028

c

1,722,985

South

Bow

USA

Infrastructure

Holdings,

LLC

1,925,000

5.026%, 

10/1/2029

c

1,910,081

Targa

Resources

Corporation

2,100,000

6.125%, 

3/15/2033

2,192,011

725,000

5.500%, 

2/15/2035

720,711

TotalEnergies

Capital

SA

4,000,000

5.488%, 

4/5/2054

3,870,144

800,000

5.150%, 

4/5/2034

809,487

TransCanada

PipeLines,

Ltd.

1,250,000

4.625%, 

3/1/2034

1,178,907

Williams

Companies,

Inc.

1,200,000

5.300%, 

8/15/2052

1,100,056

1,700,000

7.500%, 

1/15/2031

1,891,942

1,600,000

5.600%, 

3/15/2035

1,630,685

2,000,000

4.850%, 

3/1/2048

1,729,319

Total

73,989,829

Financials  37.4%

200

Park

Funding

Trust

1,200,000

5.740%, 

2/15/2055

c

1,190,752

ABN

AMRO

Bank

NV

1,500,000

4.988%, 

12/3/2028

b,c

1,509,882

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

1,300,000

6.950%, 

3/10/2055

b

1,330,597

3,100,000

6.150%, 

9/30/2030

3,271,564

3,350,000

5.375%, 

12/15/2031

3,375,302

1,900,000

3.400%, 

10/29/2033

1,639,744

Air

Lease

Corporation

3,100,000

4.650%, 

6/15/2026

b,e

3,015,523

2,000,000

3.000%, 

2/1/2030

1,833,894

Aircastle,

Ltd.

800,000

2.850%, 

1/26/2028

c

755,147

1,350,000

6.500%, 

7/18/2028

c

1,406,539

Allianz

SE

1,000,000

5.600%, 

9/3/2054

b,c

982,768

Principal

Amount

Long-Term

Fixed

Income  97.8%

Value

Financials  37.4%

-

continued

Ally

Financial,

Inc.

$

2,640,000

5.750%, 

11/20/2025

$

2,647,821

1,250,000

8.000%, 

11/1/2031

1,392,876

American

Express

Company

3,400,000

5.085%, 

1/30/2031

b

3,442,981

1,800,000

6.489%, 

10/30/2031

b

1,945,199

2,000,000

5.284%, 

7/26/2035

b

1,999,084

American

Homes

4

Rent,

LP

1,550,000

2.375%, 

7/15/2031

1,329,803

Ameriprise

Financial,

Inc.

3,850,000

5.200%, 

4/15/2035

3,841,026

ANZ

Bank

New

Zealand,

Ltd.

1,700,000

5.548%, 

8/11/2032

b,c

1,723,551

1,500,000

5.898%, 

7/10/2034

b,c

1,541,242

Aon

North

America,

Inc.

1,600,000

5.450%, 

3/1/2034

1,629,155

Ares

Capital

Corporation

1,800,000

2.875%, 

6/15/2027

1,721,509

2,600,000

5.875%, 

3/1/2029

2,639,612

Ares

Strategic

Income

Fund

1,450,000

5.700%, 

3/15/2028

c

1,450,033

Arthur

J.

Gallagher

&

Company

2,000,000

5.150%, 

2/15/2035

1,981,914

Australia

&

New

Zealand

Banking

Group,

Ltd.

1,450,000

2.950%, 

7/22/2030

b,c

1,439,921

Aviation

Capital

Group,

LLC

1,550,000

5.125%, 

4/10/2030

c

1,541,494

Avolon

Holdings

Funding,

Ltd.

900,000

4.950%, 

1/15/2028

c

896,225

2,600,000

5.750%, 

11/15/2029

c

2,650,573

Banco

Santander

Mexico

SA

900,000

5.621%, 

12/10/2029

c

909,522

Banco

Santander

SA

3,600,000

5.294%, 

8/18/2027

3,646,366

1,600,000

5.439%, 

7/15/2031

1,639,872

Bank

of

America

Corporation

3,500,000

5.819%, 

9/15/2029

b

3,627,131

1,075,000

3.974%, 

2/7/2030

b

1,046,019

1,970,000

3.194%, 

7/23/2030

b

1,847,567

3,350,000

5.162%, 

1/24/2031

b

3,396,176

2,750,000

2.572%, 

10/20/2032

b

2,372,563

3,800,000

4.571%, 

4/27/2033

b

3,672,086

1,600,000

5.468%, 

1/23/2035

b

1,623,298

4,750,000

5.511%, 

1/24/2036

b

4,834,190

6,000,000

2.482%, 

9/21/2036

b

5,003,848

1,800,000

4.244%, 

4/24/2038

b

1,623,316

Bank

of

Montreal

3,150,000

5.511%, 

6/4/2031

3,245,818

Bank

of

New

York

Mellon

Corporation

2,900,000

4.942%, 

2/11/2031

b

2,925,759

Barclays

plc

3,100,000

6.125%, 

12/15/2025

b,e

3,097,606

1,800,000

5.829%, 

5/9/2027

b

1,821,959

825,000

5.674%, 

3/12/2028

b

839,542

2,150,000

4.837%, 

9/10/2028

b

2,151,901

1,150,000

9.625%, 

12/15/2029

b,e

1,261,379

1,100,000

5.367%, 

2/25/2031

b

1,112,179

2,600,000

2.645%, 

6/24/2031

b

2,308,541

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

133

Principal

Amount

Long-Term

Fixed

Income  97.8%

Value

Financials  37.4%

-

continued

BBVA

Mexico

SA,

Institucion

de

Banca

Multiple,

Grupo

Financiero

BBVA

Mexico

$

950,000

7.625%, 

2/11/2035

b,c

$

959,215

BBVA

Mexico

SA,

Institucion

de

Banca

Multiple,

Grupo

Financiero

BBVA

Mexico/TX

750,000

5.250%, 

9/10/2029

c

751,988

Berkshire

Hathaway

Finance

Corporation

4,000,000

2.850%, 

10/15/2050

2,566,329

950,000

4.250%, 

1/15/2049

804,321

Blackstone

Private

Credit

Fund

1,600,000

7.050%, 

9/29/2025

1,615,844

1,700,000

4.950%, 

9/26/2027

c

1,683,791

Blackstone

Reg

Finance

Company,

LLC

3,100,000

5.000%, 

12/6/2034

3,056,286

Blackstone

Secured

Lending

Fund

1,175,000

5.875%, 

11/15/2027

1,194,384

Blue

Owl

Credit

Income

Corporation

3,000,000

4.700%, 

2/8/2027

2,962,880

850,000

6.600%, 

9/15/2029

c

863,728

Blue

Owl

Technology

Finance

Corporation

3,000,000

3.750%, 

6/17/2026

c

2,928,598

2,100,000

6.750%, 

4/4/2029

2,128,549

BNP

Paribas

SA

1,650,000

8.500%, 

8/14/2028

b,c,d,e

1,725,611

2,000,000

5.786%, 

1/13/2033

b,c

2,044,916

BPCE

SA

1,000,000

6.612%, 

10/19/2027

b,c

1,027,047

2,250,000

5.876%, 

1/14/2031

b,c

2,304,220

1,650,000

6.508%, 

1/18/2035

b,c

1,694,214

Brixmor

Operating

Partnership,

LP

1,500,000

2.250%, 

4/1/2028

1,392,813

Capital

One

Financial

Corporation

3,900,000

6.312%, 

6/8/2029

b

4,055,476

2,375,000

6.183%, 

1/30/2036

b

2,369,526

Centene

Corporation

3,605,000

3.375%, 

2/15/2030

3,260,351

2,250,000

2.500%, 

3/1/2031

1,896,940

2,200,000

2.625%, 

8/1/2031

1,849,137

Charles

Schwab

Corporation

1,800,000

5.375%, 

6/1/2025

b,e

1,793,616

1,800,000

6.196%, 

11/17/2029

b

1,898,672

1,550,000

4.000%, 

12/1/2030

b,e

1,373,686

Citigroup,

Inc.

1,990,000

4.450%, 

9/29/2027

1,980,629

2,500,000

4.075%, 

4/23/2029

b

2,458,182

2,450,000

5.174%, 

2/13/2030

b

2,481,882

2,150,000

6.950%, 

2/15/2030

b,e

2,143,803

3,900,000

3.057%, 

1/25/2033

b

3,419,120

2,350,000

5.449%, 

6/11/2035

b

2,363,259

3,350,000

6.020%, 

1/24/2036

b

3,381,996

Citizens

Financial

Group,

Inc.

1,600,000

5.841%, 

1/23/2030

b

1,643,457

1,425,000

5.718%, 

7/23/2032

b

1,450,624

CME

Group,

Inc.

4,400,000

4.400%, 

3/15/2030

4,392,961

Comerica,

Inc.

1,600,000

5.625%, 

7/1/2025

b,d,e

1,590,033

Principal

Amount

Long-Term

Fixed

Income  97.8%

Value

Financials  37.4%

-

continued

COPT

Defense

Properties,

LP

$

1,675,000

2.250%, 

3/15/2026

$

1,632,055

Corebridge

Financial,

Inc.

1,550,000

6.375%, 

9/15/2054

b

1,539,905

1,650,000

3.850%, 

4/5/2029

1,595,349

Corebridge

Global

Funding

1,650,000

5.900%, 

9/19/2028

c

1,715,841

2,050,000

5.200%, 

6/24/2029

c

2,083,183

Cousins

Properties,

LP

1,000,000

5.375%, 

2/15/2032

995,868

Credit

Agricole

SA

1,650,000

5.230%, 

1/9/2029

b,c

1,667,867

Credit

Suisse

Group

AG

2,450,000

5.250%, 

N/A

*,e,f

183,750

2,500,000

7.250%, 

N/A

*,f

187,500

1,950,000

7.500%, 

N/A

*,e,f

146,250

Deutsche

Bank

AG/New

York,

NY

3,400,000

5.373%, 

1/10/2029

b

3,437,550

2,550,000

4.999%, 

9/11/2030

b

2,537,852

Discover

Bank

2,990,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

3,054,707

Elevance

Health,

Inc.

1,250,000

5.125%, 

2/15/2053

1,121,367

1,250,000

6.100%, 

10/15/2052

1,277,844

1,500,000

4.750%, 

2/15/2033

1,467,121

EPR

Properties

1,726,000

4.950%, 

4/15/2028

1,709,253

1,800,000

3.750%, 

8/15/2029

1,687,513

Extra

Space

Storage,

LP

2,000,000

5.500%, 

7/1/2030

2,050,676

3,950,000

5.900%, 

1/15/2031

4,114,329

Fairfax

Financial

Holdings,

Ltd.

2,650,000

6.100%, 

3/15/2055

c

2,606,989

Fifth

Third

Bancorp

1,550,000

4.895%, 

9/6/2030

b

1,546,287

First-Citizens

Bank

&

Trust

Company

4,350,000

6.125%, 

3/9/2028

4,515,638

Fortitude

Group

Holdings,

LLC

2,575,000

6.250%, 

4/1/2030

c

2,603,190

FS

KKR

Capital

Corporation

2,000,000

6.875%, 

8/15/2029

2,051,258

Glitnir

HoldCo

ehf.,

Convertible

362

Zero

Coupon, 

12/31/2030

g,h

0

Goldman

Sachs

BDC,

Inc.

950,000

6.375%, 

3/11/2027

973,219

Goldman

Sachs

Group,

Inc.

2,200,000

7.560%, 

(H15T

5Y

+

3.224%),

8/10/2025

b,e

2,202,684

3,750,000

3.814%, 

4/23/2029

b

3,661,079

2,700,000

4.223%, 

5/1/2029

b

2,662,753

5,050,000

5.207%, 

1/28/2031

b

5,118,697

4,700,000

3.102%, 

2/24/2033

b

4,142,341

2,450,000

5.536%, 

1/28/2036

b

2,484,205

High

Street

Funding

Trust

III

1,250,000

5.807%, 

2/15/2055

c

1,232,598

Highwoods

Realty,

LP

1,050,000

4.125%, 

3/15/2028

1,017,896

2,100,000

4.200%, 

4/15/2029

2,011,984

HSBC

Holdings

plc

2,970,000

4.041%, 

3/13/2028

b

2,932,822

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

134

Principal

Amount

Long-Term

Fixed

Income  97.8%

Value

Financials  37.4%

-

continued

Huntington

Bancshares,

Inc./OH

$

3,500,000

5.709%, 

2/2/2035

b

$

3,537,280

Invitation

Homes

Operating

Partnership,

LP

1,000,000

2.300%, 

11/15/2028

916,642

1,750,000

5.450%, 

8/15/2030

1,792,523

1,500,000

2.000%, 

8/15/2031

1,255,182

J.P.

Morgan

Chase

&

Company

2,700,000

6.875%, 

6/1/2029

b,d,e

2,835,807

3,350,000

5.299%, 

7/24/2029

b

3,418,335

2,150,000

6.500%, 

4/1/2030

b,e

2,200,402

2,600,000

4.995%, 

7/22/2030

b

2,623,533

1,500,000

4.603%, 

10/22/2030

b

1,490,089

2,450,000

5.140%, 

1/24/2031

b

2,488,209

2,200,000

2.956%, 

5/13/2031

b

2,000,454

1,200,000

2.580%, 

4/22/2032

b

1,054,357

2,400,000

2.545%, 

11/8/2032

b

2,075,667

3,300,000

4.586%, 

4/26/2033

b

3,215,117

2,550,000

4.912%, 

7/25/2033

b

2,529,723

2,500,000

5.717%, 

9/14/2033

b

2,568,923

900,000

5.336%, 

1/23/2035

b

909,582

3,100,000

4.946%, 

10/22/2035

b

3,033,702

KeyCorp

1,850,000

6.401%, 

3/6/2035

b

1,954,378

Kilroy

Realty,

LP

2,050,000

4.250%, 

8/15/2029

1,950,125

900,000

6.250%, 

1/15/2036

892,313

Kimco

Realty

OP,

LLC

1,000,000

6.400%, 

3/1/2034

1,073,472

Lincoln

Financial

Global

Funding

1,725,000

5.300%, 

1/13/2030

c

1,754,161

Lloyds

Banking

Group

plc

1,500,000

5.985%, 

8/7/2027

b

1,524,622

1,500,000

5.462%, 

1/5/2028

b

1,519,165

1,375,000

5.087%, 

11/26/2028

b

1,388,633

LPL

Holdings,

Inc.

2,900,000

4.375%, 

5/15/2031

c

2,759,282

1,350,000

5.650%, 

3/15/2035

1,336,816

Macquarie

Airfinance

Holdings,

Ltd.

1,350,000

5.200%, 

3/27/2028

c

1,350,903

925,000

6.400%, 

3/26/2029

c

956,101

1,550,000

5.150%, 

3/17/2030

c

1,528,305

375,000

6.500%, 

3/26/2031

c

390,492

Marsh

&

McLennan

Companies,

Inc.

1,000,000

4.850%, 

11/15/2031

1,003,405

Massachusetts

Mutual

Life

Insurance

Company

3,600,000

3.200%, 

12/1/2061

c

2,173,387

MetLife,

Inc.

1,600,000

6.350%, 

3/15/2055

b

1,603,136

Metropolitan

Life

Global

Funding

I

2,450,000

4.300%, 

8/25/2029

c

2,408,547

Mitsubishi

UFJ

Financial

Group,

Inc.

2,750,000

5.133%, 

7/20/2033

b

2,755,871

Mizuho

Financial

Group,

Inc.

1,200,000

5.098%, 

5/13/2031

b

1,211,508

1,100,000

1.979%, 

9/8/2031

b

945,755

Morgan

Stanley

1,300,000

5.449%, 

7/20/2029

b

1,329,616

2,650,000

5.656%, 

4/18/2030

b

2,732,037

2,500,000

5.230%, 

1/15/2031

b

2,540,673

Principal

Amount

Long-Term

Fixed

Income  97.8%

Value

Financials  37.4%

-

continued

$

2,600,000

3.622%, 

4/1/2031

b

$

2,454,948

2,350,000

1.794%, 

2/13/2032

b

1,968,989

2,250,000

2.943%, 

1/21/2033

b

1,973,572

1,050,000

4.889%, 

7/20/2033

b

1,034,420

3,600,000

6.342%, 

10/18/2033

b

3,862,320

1,400,000

6.627%, 

11/1/2034

b

1,527,034

1,600,000

5.466%, 

1/18/2035

b

1,618,922

1,650,000

5.587%, 

1/18/2036

b

1,685,091

Morgan

Stanley

Direct

Lending

Fund

2,750,000

6.150%, 

5/17/2029

2,780,296

Nationwide

Building

Society

2,300,000

6.557%, 

10/18/2027

b,c

2,362,491

Nationwide

Mutual

Insurance

Company

1,725,000

4.350%, 

4/30/2050

c

1,320,785

NatWest

Group

plc

2,850,000

3.032%, 

11/28/2035

b

2,518,142

New

York

Life

Global

Funding

3,150,000

4.550%, 

1/28/2033

c

3,055,324

3,250,000

5.350%, 

1/23/2035

c

3,324,731

NNN

REIT,

Inc.

1,100,000

5.600%, 

10/15/2033

1,115,182

Omega

Healthcare

Investors,

Inc.

2,333,000

4.750%, 

1/15/2028

2,327,376

1,625,000

3.625%, 

10/1/2029

1,519,433

PNC

Financial

Services

Group,

Inc.

2,300,000

5.222%, 

1/29/2031

b,d

2,340,313

4,000,000

5.068%, 

1/24/2034

b

3,959,866

2,100,000

6.875%, 

10/20/2034

b

2,321,856

Preferred

Term

Securities

XXIII,

Ltd./Preferred

Term

Securities

XXIII,

Inc.

127,327

4.761%, 

(TSFR3M

+

0.462%),

12/22/2036,

Ser.

A-FP

b,c

115,635

Prologis,

LP

1,250,000

1.750%, 

2/1/2031

1,060,235

Prudential

Financial,

Inc.

1,750,000

6.500%, 

3/15/2054

b

1,782,263

2,250,000

3.700%, 

10/1/2050

b

2,030,340

Regency

Centers,

LP

2,250,000

3.700%, 

6/15/2030

2,134,684

750,000

5.250%, 

1/15/2034

750,825

1,700,000

5.100%, 

1/15/2035

1,681,290

Regions

Financial

Corporation

1,900,000

5.722%, 

6/6/2030

b

1,945,732

1,400,000

5.502%, 

9/6/2035

b

1,381,973

RGA

Global

Funding

4,000,000

6.000%, 

11/21/2028

c

4,186,040

1,100,000

5.500%, 

1/11/2031

c

1,130,573

Santander

Holdings

USA,

Inc.

1,025,000

6.124%, 

5/31/2027

b

1,037,910

Simon

Property

Group,

LP

1,350,000

6.650%, 

1/15/2054

1,508,817

Societe

Generale

SA

3,050,000

10.000%, 

11/14/2028

b,c,d,e

3,298,188

5,050,000

6.100%, 

4/13/2033

b,c

5,172,282

Standard

Chartered

plc

1,050,000

5.688%, 

5/14/2028

b,c

1,068,052

State

Street

Corporation

2,850,000

4.729%, 

2/28/2030

2,865,336

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

135

Principal

Amount

Long-Term

Fixed

Income  97.8%

Value

Financials  37.4%

-

continued

Sumitomo

Mitsui

Financial

Group,

Inc.

$

2,850,000

5.808%, 

9/14/2033

d

$

2,992,556

Synchrony

Bank

2,150,000

5.625%, 

8/23/2027

2,181,054

Toronto-Dominion

Bank

1,750,000

5.146%, 

9/10/2034

b

1,733,146

Truist

Financial

Corporation

1,400,000

6.047%, 

6/8/2027

b

1,423,306

1,350,000

5.435%, 

1/24/2030

b

1,377,797

U.S.

Bancorp

2,350,000

5.775%, 

6/12/2029

b

2,423,649

1,100,000

5.384%, 

1/23/2030

b

1,122,287

2,350,000

5.046%, 

2/12/2031

b

2,369,232

1,000,000

5.678%, 

1/23/2035

b

1,022,302

UBS

Group

AG

2,850,000

4.875%, 

2/12/2027

b,c,e

2,764,552

5,100,000

3.869%, 

1/12/2029

b,c

4,981,525

250,000

3.091%, 

5/14/2032

b,c

222,553

4,750,000

6.537%, 

8/12/2033

b,c

5,089,390

1,650,000

9.250%, 

11/13/2033

b,c,e

1,882,983

UnitedHealth

Group,

Inc.

1,450,000

5.875%, 

2/15/2053

1,470,669

2,600,000

4.950%, 

5/15/2062

2,257,783

740,000

4.750%, 

7/15/2045

661,347

1,975,000

4.450%, 

12/15/2048

1,648,990

Unum

Group

2,350,000

4.046%, 

8/15/2041

c

1,893,176

Ventas

Realty,

LP

3,800,000

5.000%, 

1/15/2035

3,675,115

Wells

Fargo

&

Company

1,500,000

3.526%, 

3/24/2028

b

1,469,794

2,000,000

6.303%, 

10/23/2029

b

2,103,087

2,850,000

5.198%, 

1/23/2030

b

2,897,752

2,450,000

5.244%, 

1/24/2031

b

2,491,073

3,250,000

4.478%, 

4/4/2031

b

3,194,477

3,300,000

4.897%, 

7/25/2033

b

3,252,509

2,100,000

6.491%, 

10/23/2034

b

2,265,451

Zions

Bancorp

NA

2,125,000

6.816%, 

11/19/2035

b

2,167,999

Total

483,894,923

Foreign

Government  0.6%

Dominican

Republic

Government

International

Bond

2,450,000

6.000%, 

7/19/2028

c

2,462,250

2,125,000

6.000%, 

2/22/2033

c

2,062,100

Petroleos

Mexicanos

3,000,000

5.950%, 

1/28/2031

2,540,040

Total

7,064,390

Mortgage-Backed

Securities  0.5%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

6,967,277

5.500%, 

7/1/2053

7,018,395

Total

7,018,395

Technology  7.1%

Accenture

Capital,

Inc.

900,000

4.250%, 

10/4/2031

883,598

775,000

4.500%, 

10/4/2034

748,854

Principal

Amount

Long-Term

Fixed

Income  97.8%

Value

Technology  7.1%

-

continued

Apple,

Inc.

$

1,900,000

2.700%, 

8/5/2051

$

1,197,173

2,250,000

3.950%, 

8/8/2052

1,810,963

1,420,000

3.750%, 

9/12/2047

1,128,587

Broadcom,

Inc.

1,000,000

5.150%, 

11/15/2031

1,014,131

1,582,000

3.469%, 

4/15/2034

c

1,392,563

2,350,000

3.137%, 

11/15/2035

c

1,947,808

4,050,000

3.187%, 

11/15/2036

c

3,324,223

2,200,000

4.926%, 

5/15/2037

c

2,115,262

Cisco

Systems,

Inc.

1,350,000

4.950%, 

2/26/2031

1,377,090

1,600,000

5.050%, 

2/26/2034

1,621,538

Dell

International,

LLC/EMC

Corporation

2,575,000

4.850%, 

2/1/2035

d

2,456,340

464,000

8.350%, 

7/15/2046

583,135

Equinix

Europe

2

Financing

Corporation,

LLC

2,800,000

5.500%, 

6/15/2034

2,853,227

Equinix,

Inc.

2,200,000

2.000%, 

5/15/2028

2,036,417

Fiserv,

Inc.

1,750,000

2.650%, 

6/1/2030

1,575,415

3,000,000

5.600%, 

3/2/2033

3,082,733

3,200,000

5.150%, 

8/12/2034

3,173,907

Foundry

JV

Holdco,

LLC

2,900,000

6.150%, 

1/25/2032

c

3,014,886

3,300,000

5.900%, 

1/25/2033

c

3,358,022

Global

Payments,

Inc.

1,100,000

5.300%, 

8/15/2029

1,116,876

1,200,000

5.400%, 

8/15/2032

d

1,214,159

Hewlett

Packard

Enterprise

Company

2,025,000

5.000%, 

10/15/2034

1,972,848

Intel

Corporation

1,800,000

4.100%, 

5/11/2047

1,329,853

Marvell

Technology,

Inc.

1,400,000

4.875%, 

6/22/2028

1,406,196

1,350,000

2.950%, 

4/15/2031

1,204,763

Mastercard,

Inc.

1,000,000

4.850%, 

3/9/2033

1,008,429

2,550,000

4.550%, 

1/15/2035

2,485,141

Microchip

Technology,

Inc.

1,100,000

5.050%, 

3/15/2029

1,107,448

Micron

Technology,

Inc.

2,500,000

5.800%, 

1/15/2035

2,559,995

Microsoft

Corporation

2,000,000

2.500%, 

9/15/2050

1,242,469

NXP

BV/NXP

Funding,

LLC

1,300,000

5.550%, 

12/1/2028

1,331,441

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

1,150,000

4.300%, 

6/18/2029

1,126,783

1,200,000

3.250%, 

5/11/2041

879,668

Oracle

Corporation

3,300,000

5.550%, 

2/6/2053

3,084,373

2,600,000

3.950%, 

3/25/2051

1,909,609

3,450,000

6.150%, 

11/9/2029

3,652,128

1,300,000

5.250%, 

2/3/2032

1,316,765

3,300,000

6.250%, 

11/9/2032

3,519,620

1,700,000

4.300%, 

7/8/2034

1,581,197

2,650,000

4.000%, 

7/15/2046

2,026,618

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

136

Principal

Amount

Long-Term

Fixed

Income  97.8%

Value

Technology  7.1%

-

continued

PayPal

Holdings,

Inc.

$

2,200,000

5.150%, 

6/1/2034

$

2,209,594

Roper

Technologies,

Inc.

2,700,000

4.900%, 

10/15/2034

2,638,736

Synopsys,

Inc.

1,800,000

5.000%, 

4/1/2032

1,804,436

2,500,000

5.150%, 

4/1/2035

2,513,164

Texas

Instruments,

Inc.

2,400,000

5.000%, 

3/14/2053

2,237,609

VeriSign,

Inc.

1,750,000

5.250%, 

6/1/2032

1,765,425

VMware,

LLC

1,850,000

2.200%, 

8/15/2031

1,572,448

Total

92,513,663

Transportation  2.4%

Air

Canada

1,600,000

3.875%, 

8/15/2026

c

1,564,611

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

508,334

5.500%, 

4/20/2026

c

506,943

3,850,000

5.750%, 

4/20/2029

c

3,767,154

Burlington

Northern

Santa

Fe,

LLC

2,000,000

4.700%, 

9/1/2045

1,799,654

2,200,000

4.050%, 

6/15/2048

1,776,209

Canadian

Pacific

Railway

Company

2,957,000

4.700%, 

5/1/2048

2,595,279

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

3,100,000

4.750%, 

10/20/2028

c

3,087,116

ERAC

USA

Finance,

LLC

2,530,000

4.200%, 

11/1/2046

c

2,075,298

FedEx

Corporation

1,750,000

3.250%, 

5/15/2041

c

1,244,061

Mileage

Plus

Holdings,

LLC

1,800,000

6.500%, 

6/20/2027

c

1,807,759

Norfolk

Southern

Corporation

4,500,000

4.450%, 

3/1/2033

4,348,076

United

Airlines

Pass

Through

Trust

750,728

3.750%, 

9/3/2026

d

739,375

United

Airlines,

Inc.

2,273,000

4.375%, 

4/15/2026

c

2,236,856

3,000,000

4.625%, 

4/15/2029

c

2,838,840

Total

30,387,231

U.S.

Government

&

Agencies  4.1%

U.S.

Treasury

Bonds

13,750,000

4.250%, 

8/15/2054

12,978,711

15,500,000

4.500%, 

11/15/2054

15,272,344

10,500,000

4.375%, 

8/15/2043

10,232,578

U.S.

Treasury

Notes

2,000,000

4.000%, 

2/28/2030

2,004,531

12,650,000

3.875%, 

8/15/2034

12,329,797

Total

52,817,961

Utilities  8.0%

AES

Corporation

1,300,000

7.600%, 

1/15/2055

b

1,311,842

American

Electric

Power

Company,

Inc.

2,075,000

7.050%, 

12/15/2054

b

2,108,617

1,250,000

5.625%, 

3/1/2033

d

1,281,949

Principal

Amount

Long-Term

Fixed

Income  97.8%

Value

Utilities  8.0%

-

continued

American

Water

Capital

Corporation

$

1,700,000

3.450%, 

5/1/2050

$

1,196,319

Arizona

Public

Service

Company

2,050,000

5.550%, 

8/1/2033

2,075,140

Berkshire

Hathaway

Energy

Company

1,825,000

4.450%, 

1/15/2049

1,516,184

CenterPoint

Energy,

Inc.

1,275,000

7.000%, 

2/15/2055

b

1,294,518

2,500,000

6.700%, 

5/15/2055

b

2,464,997

1,750,000

2.950%, 

3/1/2030

1,600,831

2,150,000

2.650%, 

6/1/2031

1,887,136

Commonwealth

Edison

Company

1,050,000

5.650%, 

6/1/2054

1,039,634

Consolidated

Edison

Company

of

New

York,

Inc.

1,876,000

3.850%, 

6/15/2046

1,452,935

2,250,000

4.125%, 

5/15/2049

1,775,629

Constellation

Energy

Generation,

LLC

2,100,000

5.800%, 

3/1/2033

2,174,748

Consumers

Energy

Company

1,350,000

4.600%, 

5/30/2029

1,352,791

Dominion

Energy,

Inc.

1,550,000

6.875%, 

2/1/2055

b

1,604,798

1,000,000

4.350%, 

1/15/2027

b,e

971,846

DTE

Energy

Company

2,150,000

5.100%, 

3/1/2029

2,178,388

2,350,000

5.200%, 

4/1/2030

2,379,773

1,550,000

5.850%, 

6/1/2034

1,602,262

Duke

Energy

Corporation

2,450,000

3.250%, 

1/15/2082

b

2,312,446

1,750,000

3.500%, 

6/15/2051

1,191,146

3,000,000

5.000%, 

8/15/2052

2,617,072

1,500,000

6.450%, 

9/1/2054

b

1,497,468

2,200,000

3.750%, 

9/1/2046

1,619,951

Exelon

Corporation

1,800,000

4.100%, 

3/15/2052

1,384,176

2,850,000

5.875%, 

3/15/2055

2,843,868

FirstEnergy

Corporation

2,730,000

3.900%, 

7/15/2027

2,684,340

2,800,000

4.850%, 

7/15/2047

2,394,411

FirstEnergy

Transmission,

LLC

2,800,000

2.866%, 

9/15/2028

c

2,634,239

2,150,000

5.450%, 

7/15/2044

c

2,095,272

Florida

Power

&

Light

Company

650,000

5.300%, 

6/15/2034

665,220

Georgia

Power

Company

2,350,000

4.850%, 

3/15/2031

2,363,782

800,000

5.250%, 

3/15/2034

807,181

Indiana

Michigan

Power

Company

1,000,000

5.625%, 

4/1/2053

980,917

National

Rural

Utilities

Cooperative

Finance

Corporation

1,600,000

4.400%, 

11/1/2048

1,335,898

Nevada

Power

Company

825,000

6.000%, 

3/15/2054

841,799

NextEra

Energy

Capital

Holdings,

Inc.

2,050,000

6.750%, 

6/15/2054

b

2,092,531

1,650,000

5.300%, 

3/15/2032

1,676,837

NiSource,

Inc.

1,050,000

5.200%, 

7/1/2029

1,069,398

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

137

Principal

Amount

Long-Term

Fixed

Income  97.8%

Value

Utilities  8.0%

-

continued

$

1,350,000

3.600%, 

5/1/2030

$

1,278,396

1,170,000

4.375%, 

5/15/2047

962,583

Oncor

Electric

Delivery

Company,

LLC

1,740,000

3.750%, 

4/1/2045

1,343,570

Pacific

Gas

and

Electric

Company

1,000,000

5.900%, 

10/1/2054

947,122

1,400,000

3.300%, 

12/1/2027

1,343,178

3,300,000

4.550%, 

7/1/2030

3,194,277

1,850,000

5.800%, 

5/15/2034

1,868,039

PPL

Electric

Utilities

Corporation

1,350,000

4.850%, 

2/15/2034

1,333,872

Public

Service

Company

of

Colorado

1,300,000

4.500%, 

6/1/2052

1,085,189

Public

Service

Enterprise

Group,

Inc.

1,750,000

5.200%, 

4/1/2029

1,783,223

1,350,000

5.400%, 

3/15/2035

1,357,521

San

Diego

Gas

&

Electric

Company

800,000

5.400%, 

4/15/2035

805,717

2,200,000

4.150%, 

5/15/2048

1,728,622

Southern

California

Edison

Company

1,600,000

5.450%, 

3/1/2035

d

1,584,285

Southern

Company

2,500,000

5.700%, 

10/15/2032

2,598,536

1,700,000

4.000%, 

1/15/2051

b

1,678,396

1,650,000

3.750%, 

9/15/2051

b

1,603,311

Southern

Company

Gas

Capital

Corporation

2,550,000

4.950%, 

9/15/2034

2,482,399

Virginia

Electric

and

Power

Company

1,000,000

5.550%, 

8/15/2054

970,164

2,200,000

5.000%, 

1/15/2034

2,173,079

Vistra

Operations

Company,

LLC

1,450,000

5.050%, 

12/30/2026

c

1,454,122

Xcel

Energy,

Inc.

1,600,000

5.600%, 

4/15/2035

1,606,328

Total

103,560,218

Total

Long-Term

Fixed

Income

(cost

$1,306,182,226)

1,265,870,626

Shares

Collateral

Held

for

Securities

Loaned

2.1%

Value

26,880,530

Thrivent

Cash

Management

Trust

26,880,530

Total

Collateral

Held

for

Securities

Loaned

(cost

$26,880,530)

26,880,530

Shares

Registered

Investment

Companies  

0.5%

Value

U.S.

Unaffiliated  

0.5%  

70,000

SPDR

Bloomberg

High

Yield

Bond

ETF

d

6,671,000

Total

6,671,000

Total

Registered

Investment

Companies

(cost

$6,682,193)

6,671,000

Shares

Preferred

Stock

0.4%

Value

Capital

Goods  0.4%

80,000

Boeing

Company,

Convertible,

6.000%

$

4,786,400

Total

4,786,400

Total

Preferred

Stock

(cost

$4,255,332)

4,786,400

Shares

Common

Stock

<0.1%

Value

Financials  <0.1%

2,247

Glitnir

HoldCo

ehf.

h,i

0

Total

0

Total

Common

Stock

(cost

$–)

0

Shares

or

Principal

Amount

Short-Term

Investments

0.7%

Value

Federal

Home

Loan

Bank

Discount

Notes

500,000

4.232%,

4/23/2025

j,k

498,652

Federal

National

Mortgage

Association

Discount

Notes

400,000

4.210%,

4/11/2025

j,k

399,484

State

Street

Institutional

U.S.

Government

Money

Market

Fund

8,940,666

4.293%

j

8,940,666

Total

Short-Term

Investments

(cost

$9,838,905)

9,838,802

Total

Investments

(cost

$1,353,839,186)

101.5%

$1,314,047,358

Other

Assets

and

Liabilities,

Net

(1.5%)

(19,352,752)

Total

Net

Assets

100.0%

$1,294,694,606

a

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2025,

the

value

of

these

investments

was

$254,514,907

or

19.7%

of

total

net

assets.

d

All

or

a

portion

of

the

security

is

on

loan.

e

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

f

Defaulted

security.  Interest

is

not

being

accrued.

g

Principal

amount

is

displayed

in

Euros.

h

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

i

Non-income

producing

security.

j

The

interest

rate

shown

reflects

the

yield.

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

138

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

March

31,

2025

was

$517,500

or

0.04%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

March

31,

2025.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG 

8/4/2020

$

2,450,000

Credit

Suisse

Group

AG 

7/9/2018

1,950,000

Credit

Suisse

Group

AG 

5/17/2021

2,765,679

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Income

Portfolio

as

of

March

31,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

19,547,937

Common

Stock

6,604,290

Total

lending

$26,152,227

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$26,880,530

Net

amounts

due

to

counterparty

$728,303

Definitions:

ETF

-

Exchange

Traded

Fund

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

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.

Reference

Rate

Index:

H15T

5Y

-

U.

S.

Treasury

Yield

Curve

Rate

Treasury

Note

Constant

Maturity

5

Year

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

139

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Income

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

45,816

–

45,816

–

Basic

Materials

25,010,732

–

25,010,732

–

Capital

Goods

54,929,615

–

54,929,615

–

Collateralized

Mortgage

Obligations

13,032,688

–

13,032,688

–

Commercial

Mortgage-Backed

Securities

3,787,279

–

3,787,279

–

Communications

Services

97,972,213

–

97,972,213

–

Consumer

Cyclical

94,636,981

–

94,636,981

–

Consumer

Non-Cyclical

125,208,692

–

125,208,692

–

Energy

73,989,829

–

73,989,829

–

Financials

@

483,894,923

–

483,894,923

–

Foreign

Government

7,064,390

–

7,064,390

–

Mortgage-Backed

Securities

7,018,395

–

7,018,395

–

Technology

92,513,663

–

92,513,663

–

Transportation

30,387,231

–

30,387,231

–

U.S.

Government

&

Agencies

52,817,961

–

52,817,961

–

Utilities

103,560,218

–

103,560,218

–

Registered

Investment

Companies

U.S.

Unaffiliated

6,671,000

6,671,000

–

–

Preferred

Stock

Capital

Goods

4,786,400

4,786,400

–

–

Common

Stock

Financials

@

0

–

–

0

Short-Term

Investments

9,838,802

8,940,666

898,136

–

Subtotal

Investments

in

Securities

$1,287,166,828

$20,398,066

$1,266,768,762

$0

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

26,880,530

Subtotal

Other

Investments

$26,880,530

Total

Investments

at

Value

$1,314,047,358

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

@

Level

3

security

in

this

section

is

fair

valued

at

<$1.

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Income

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

361,002

361,002

–

–

Total

Asset

Derivatives

$361,002

$361,002

$–

$–

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

140

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

The

following

table

presents

Income

Portfolio's

futures

contracts

held

as

of

March

31,

2025.

Investments

and/or

cash

totaling

$898,136

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

U.S.

Long

Bond

54

June

2025

$

6,270,482

$

62,706

Ultra

10-Yr.

U.S.

Treasury

Note

225

June

2025

25,379,829

298,296

Total

Futures

Long

Contracts

$

31,650,311

$

361,002

Total

Futures

Contracts

$

31,650,311

$361,002

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,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Income

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$4,701

$71,252

$75,953

$–

–

–

Total

Affiliated

Short-Term

Investments

4,701

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

18,182

56,348

47,649

26,881

26,881

2.1%

Total

Collateral

Held

for

Securities

Loaned

18,182

26,881

2.1

Total

Value

$22,883

$26,881

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$–

$–

$

–

$73

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$73

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

15

Total

Affiliated

Income

from

Securities

Loaned,

Net

$15

Total

Value

$–

$–

$

–

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

141

Shares

Common

Stock

89.3%

Value

Australia  5.6%  

26,445

Amotiv,

Ltd.

$

148,091

267,144

AMP,

Ltd.

207,997

12,032

Ampol,

Ltd.

176,998

4,880

Ansell,

Ltd.

103,931

443,617

APA

Group

2,197,586

29,876

Arena

REIT

64,670

87,324

Aristocrat

Leisure,

Ltd.

3,531,664

327,011

Aurizon

Holdings,

Ltd.

635,718

53,870

Austal,

Ltd.

a

141,471

230,767

Australia

and

New

Zealand

Banking

Group,

Ltd.

4,225,141

412,165

BHP

Group,

Ltd.

10,000,443

20,527

BlueScope

Steel,

Ltd.

274,938

271,247

Brambles,

Ltd.

3,426,733

10,166

Breville

Group,

Ltd.

200,601

59,899

BWP

Trust

129,798

46,432

Centuria

Capital

Group

46,591

30,183

Challenger,

Ltd.

114,722

76,629

Charter

Hall

Retail

REIT

172,475

109,085

Coles

Group,

Ltd.

1,335,287

95,519

Commonwealth

Bank

of

Australia

9,083,296

23,790

Computershare,

Ltd.

586,402

34,451

CSL,

Ltd.

5,422,230

89,564

Deterra

Royalties,

Ltd.

202,580

86,911

Dexus

Industria

REIT

140,727

143,073

DEXUS

Property

Group

636,233

438,603

Dyno

Nobel,

Ltd.

703,432

34,585

Evolution

Mining,

Ltd.

154,747

19,359

Goodman

Group

347,430

18,011

Helia

Group,

Ltd.

45,311

208,157

HomeCo

Daily

Needs

REIT

154,528

370

HUB24,

Ltd.

15,951

54,426

Inghams

Group,

Ltd.

106,983

572,200

Insurance

Australia

Group,

Ltd.

2,783,499

21,609

IRESS,

Ltd.

110,403

36,393

JB

Hi-Fi,

Ltd.

2,127,183

26,480

Jumbo

Interactive,

Ltd.

175,600

5,647

Macquarie

Group,

Ltd.

702,752

3,707

Mineral

Resources,

Ltd.

a

55,972

151,624

National

Australia

Bank,

Ltd.

3,261,243

12,013

Netwealth

Group,

Ltd.

195,141

72,211

New

Hope

Corporation,

Ltd.

168,040

166,485

Nickel

Industries,

Ltd.

62,325

108,933

Northern

Star

Resources,

Ltd.

1,257,654

61,651

NRW

Holdings,

Ltd.

107,108

28,998

Orica,

Ltd.

309,936

24,970

Origin

Energy,

Ltd.

165,236

385,280

Perenti,

Ltd.

323,000

290,908

Perseus

Mining,

Ltd.

611,933

11,693

Premier

Investments,

Ltd.

147,154

15,930

Pro

Medicus,

Ltd.

2,016,353

250,668

QBE

Insurance

Group,

Ltd.

3,463,529

247,992

Regis

Resources,

Ltd.

a

613,370

145,275

Reliance

Worldwide

Corporation,

Ltd.

410,787

223,490

Resolute

Mining,

Ltd.

a

65,299

53,837

Rio

Tinto,

Ltd.

b

3,906,415

79,368

Stanmore

Resources,

Ltd.

105,782

90,597

Steadfast

Group,

Ltd.

329,431

42,216

Super

Retail

Group,

Ltd.

343,425

158,142

Technology

One,

Ltd.

2,781,608

957,156

Telstra

Corporation,

Ltd.

2,528,608

190,514

Ventia

Services

Group,

Pty.

Ltd.

481,518

105,583

Viva

Energy

Group,

Ltd.

c

113,474

181,869

Waypoint

REIT,

Ltd.

270,944

Shares

Common

Stock  89.3%

Value

Australia  5.6%  -

continued

46,414

Wesfarmers,

Ltd.

$

2,104,135

170,766

Westpac

Banking

Corporation

3,402,939

105,451

Woodside

Energy

Group,

Ltd.

1,531,989

18,214

Worley,

Ltd.

165,702

Total

81,934,192

Austria  <0.1%  

25,366

ams

OSRAM

AG

a

223,465

Total

223,465

Belgium  0.4%  

88,599

Anheuser-Busch

InBev

NV

5,447,210

7,691

Bekaert

SA

276,356

314

Cofinimmo

SA

20,714

1,124

Elia

System

Operator

SA

97,489

2,482

Groupe

Bruxelles

Lambert

SA

185,204

225

Melexis

NV

12,670

Total

6,039,643

Bermuda  0.3%  

250,000

Cafe

de

Coral

Holdings,

Ltd.

236,245

108,300

Hongkong

Land

Holdings,

Ltd.

467,856

68,200

Jardine

Matheson

Holdings,

Ltd.

2,880,276

18,509

Odfjell

Drilling,

Ltd.

102,795

475,500

Yue

Yuen

Industrial

Holdings,

Ltd.

763,957

Total

4,451,129

Brazil  0.4%  

369,700

Ambev

SA

878,503

153,300

Banco

do

Brasil

SA

758,112

136,508

Companhia

Energetica

de

Minas

Gerais

ADR

240,254

1,612

Companhia

Paranaense

de

Energia

-

COPEL

ADR

10,865

79,700

Cury

Construtora

e

Incorporadora

SA

341,066

29,700

Direcional

Engenharia

SA

162,853

4,565

Embraer

SA

ADR

a

210,903

151,407

Gerdau

SA

ADR

429,996

151,470

Itau

Unibanco

Holding

SA

ADR

833,085

45,100

JBS

SA

325,222

59,300

Magazine

Luiza

SA

a

105,372

14,100

Metalurgica

Gerdau

SA

22,114

13,712

Petroleo

Brasileiro

SA

ADR

196,630

68,300

Telefonica

Brasil

SA

598,685

91,059

Vale

SA

ADR

908,769

Total

6,022,429

Cayman

Islands  1.8%  

261,000

3SBio,

Inc.

c

401,289

118,000

AAC

Technologies

Holdings,

Inc.

719,940

303,600

Alibaba

Group

Holding,

Ltd.

5,023,360

529,000

China

Feihe,

Ltd.

c

399,163

164,000

China

Mengniu

Dairy

Company,

Ltd.

405,067

199,500

China

Resources

Land,

Ltd.

661,783

154,000

Consun

Pharmaceutical

Group,

Ltd.

182,616

406,000

Geely

Automobile

Holdings,

Ltd.

871,523

474,500

Greentown

China

Holdings,

Ltd.

672,972

64,183

JD.com,

Inc.

1,320,343

4,880

JOYY,

Inc.

ADR

a

204,862

218,000

Kingboard

Holdings,

Ltd.

623,225

61,352

Meituan

a,c

1,234,554

17,000

NetDragon

Websoft

Holdings,

Ltd.

22,273

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

142

Shares

Common

Stock  89.3%

Value

Cayman

Islands  1.8%  -

continued

32,553

NU

Holdings,

Ltd./Cayman

Islands

a

$

333,343

6,929

PDD

Holdings,

Inc.

ADR

a

820,047

29,200

Pop

Mart

International

Group,

Ltd.

c

590,154

1,130,500

Shui

On

Land,

Ltd.

99,052

66,000

Stella

International

Holdings,

Ltd.

146,903

130,324

Tencent

Holdings,

Ltd.

8,327,176

136,000

Tingyi

(Cayman

Islands)

Holding

Corporation

228,325

124,000

VSTECS

Holdings,

Ltd.

106,528

1,703,000

WH

Group,

Ltd.

c

1,563,702

204,200

Xiaomi

Corporation

a,c

1,292,122

277,000

Zhongsheng

Group

Holdings,

Ltd.

487,827

Total

26,738,149

Chile  <0.1%  

6,075

Banco

de

Chile

ADR

160,927

4,657

Banco

de

Credito

e

Inversiones

SA

172,098

48,739

Cencosud

SA

148,854

687,304

Colbun

SA

96,631

1

Enel

Americas

SA

0

Total

578,510

China  1.2%  

18,000

Anhui

Conch

Cement

Company,

Ltd.,

Class

H

50,908

11,700

Anker

Innovations

Technology

Company,

Ltd.

166,568

56,900

Avary

Holding

Shenzhen

Company,

Ltd.

286,117

726,000

BAIC

Motor

Corporation,

Ltd.

c

189,001

319,800

BOE

Technology

Group

Company,

Ltd.

183,098

1,600

BYD

Company,

Ltd.,

Class

A

83,157

1,500

BYD

Company,

Ltd.,

Class

H

75,955

522,000

China

Construction

Bank

Corporation,

Class

H

462,578

126,000

China

Life

Insurance

Company,

Ltd.

243,556

1,070,300

China

Southern

Airlines

Company,

Ltd.

a

837,118

603,600

China

Tower

Corporation,

Ltd.

c

813,080

2,008,100

China

United

Network

Communications,

Ltd.

1,541,684

34,000

CITIC

Securities

Company,

Ltd.,

Class

H

89,114

953,000

CRRC

Corporation,

Ltd.

594,566

18,900

Guotai

Junan

Securities

Company,

Ltd.

44,845

184,400

Haier

Smart

Home

Company,

Ltd.,

Class

H

594,417

8,500

Hithink

RoyalFlush

Information

Network

Company,

Ltd.

334,485

252,800

Huatai

Securities

Company,

Ltd.

c

407,631

900

Huatai

Securities

Company,

Ltd.,

Class

A

2,055

461,700

Huaxia

Bank

Company,

Ltd.

499,016

51,700

Industrial

and

Commercial

Bank

of

China,

Ltd.,

Class

A

49,147

541,000

Industrial

and

Commercial

Bank

of

China,

Ltd.,

Class

H

386,047

168,500

Inner

Mongolia

Yili

Industrial

Group

Company,

Ltd.

652,492

610,000

Lenovo

Group,

Ltd.

828,967

73,300

Lens

Technology

Company,

Ltd.

256,961

2,200

Midea

Group

Company,

Ltd.

23,824

Shares

Common

Stock  89.3%

Value

China  1.2%  -

continued

122,300

New

China

Life

Insurance

Company,

Ltd.

$

467,603

1,320,000

People's

Insurance

Company

(Group)

of

China,

Ltd.,

Class

H

683,768

72,000

PICC

Property

and

Casualty

Company,

Ltd.

133,323

9,200

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.,

Class

A

65,548

264,000

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.,

Class

H

1,575,804

526,500

SAIC

Motor

Corporation,

Ltd.

1,150,620

62,100

Seres

Group

Company,

Ltd.

1,083,340

16,000

Shanghai

Conant

Optical

Company,

Ltd.

56,941

188,900

Shanghai

Pharmaceuticals

Holding

Company,

Ltd.,

Class

H

271,892

250,500

Shenwan

Hongyuan

Group

Company,

Ltd.

170,486

429,600

Sinopharm

Group

Company,

Ltd.

996,930

134,800

Suzhou

Dongshan

Precision

Manufacturing

Company,

Ltd.

611,364

145,000

Tong

Ren

Tang

Technologies

Company,

Ltd.

88,987

67,900

Universal

Scientific

Industrial

Shanghai

Company,

Ltd.

163,900

27,800

WuXi

AppTec

Company,

Ltd.,

Class

H

c

248,262

39,000

Xinhua

Winshare

Publishing

and

Media

Company,

Ltd.

54,074

6,500

ZTE

Corporation,

Class

A

30,798

64,200

ZTE

Corporation,

Class

H

198,087

Total

17,748,114

Colombia  0.1%  

2,270

Bancolombia

SA

25,479

19,953

Bancolombia

SA

ADR

802,111

Total

827,590

Cyprus  <0.1%  

18,642

Ros

Agro

plc

GDR

a,d

0

Total

0

Czech

Republic  <0.1%  

1

CEZ

AS

50

75

Philip

Morris

CR

58,161

Total

58,211

Denmark  1.6%  

394

A.P.

Moller

-

Maersk

AS,

Class

A

674,926

2,100

A.P.

Moller

-

Maersk

AS,

Class

B

b

3,654,901

18,581

ALK-Abello

AS

a

374,945

3,073

ChemoMetec

AS

221,560

3,677

DFDS

AS

a

48,147

8,288

H

Lundbeck

AS,

Class

A

34,653

82,696

H

Lundbeck

AS,

Class

B

416,635

7,240

NKT

AS

a

493,309

201,941

Novo

Nordisk

AS

13,808,390

19,399

Pandora

AS

2,973,116

6,389

Per

Aarsleff

Holding

AS

452,822

2,620

Royal

Unibrew

AS

208,605

18,256

Scandinavian

Tobacco

Group

AS

c

266,181

6,184

Sydbank

AS

387,943

Total

24,016,133

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

143

Shares

Common

Stock  89.3%

Value

Egypt  <0.1%  

15,733

Commercial

International

Bank

Egypt

SAE

GDR

$

23,757

Total

23,757

Finland  0.5%  

361,123

Fortum

Oyj

b

5,913,588

6,493

Huhtamaki

Oyj

231,171

7,696

Kalmar

Oyj

254,346

15,787

Kemira

Oyj

343,389

32,208

Kojamo

Oyj

a

293,701

1,586

Konecranes

Oyj

101,501

Total

7,137,696

France  7.6%  

52,824

Air

Liquide

SA

10,033,696

159,439

BNP

Paribas

SA

13,325,850

78,198

Compagnie

de

Saint-Gobain

SA

7,789,861

143,544

Compagnie

Generale

des

Etablissements

Michelin

SCA

5,045,094

809,121

Credit

Agricole

SA

14,731,751

78,911

Danone

SA

6,035,547

748,577

Engie

SA

14,586,686

3,372

FDJ

United

c

106,104

30,638

FORVIA

SE

251,416

1,966

Hermes

International

SCA

5,172,797

6,785

ICADE

153,889

20,280

Ipsos

SA

919,258

25,496

Legrand

SA

2,700,126

7,582

LVMH

Moet

Hennessy

Louis

Vuitton

SE

4,695,384

17,926

Renault

SA

908,072

32,587

Safran

SA

8,579,643

61,892

Schneider

Electric

SE

14,287,525

1,701

Sopra

Steria

Group

316,174

16,252

Technip

Energies

NV

530,262

11,137

Valeo

SE

104,559

4,985

Wendel

SA

481,944

Total

110,755,638

Germany  7.2%  

26,967

Adidas

AG

6,360,469

60,991

Allianz

SE

23,341,927

4,154

Dermapharm

Holding

SE

164,241

122,314

Deutsche

Bank

AG

2,915,628

74,408

Deutsche

Boerse

AG

21,954,872

245,751

Deutsche

Telekom

AG

9,073,150

9,722

Deutz

AG

71,483

4,971

Duerr

AG

125,576

47,554

E.ON

SE

717,818

1,604

Eckert

&

Ziegler

SE

97,282

2,312

Freenet

AG

88,099

29,595

Fresenius

Medical

Care

AG

1,472,652

2,359

Fuchs

Petrolub

SE

113,661

1,115

Gerresheimer

AG

84,917

32,507

Heidelberg

Materials

AG

5,603,496

686

HENSOLDT

AG

46,044

1,675

Hornbach

Holding

AG

&

Company

KGaA

162,504

5,129

Jenoptik

AG

107,070

12,986

Jungheinrich

AG

453,204

1,427

KION

Group

AG

59,843

5,805

LANXESS

AG

176,582

3,068

LEG

Immobilien

SE

216,864

4,943

Rheinmetall

AG

7,073,073

15,032

SAF-Holland

SE

267,059

Shares

Common

Stock  89.3%

Value

Germany  7.2%  -

continued

71,605

SAP

SE

$

19,186,593

8,008

Siemens

AG

1,849,423

35,473

Siemens

Energy

AG

a

2,102,917

3,968

Stabilus

SE

104,251

4,784

SUSS

MicroTec

SE

179,347

35,368

TAG

Immobilien

AG

a

482,270

33,632

TUI

AG

a

232,007

Total

104,884,322

Greece  <0.1%  

81,556

Eurobank

Ergasias

Services

and

Holdings

SA

219,081

18,346

HELLENiQ

ENERGY

Holdings

SA

151,809

9,358

OPAP

SA

185,906

Total

556,796

Hong

Kong  1.2%  

124,000

China

Overseas

Grand

Oceans

Group,

Ltd.

29,940

99,000

China

Resources

Pharmaceutical

Group,

Ltd.

c

64,361

132,800

China

Taiping

Insurance

Holdings

Company,

Ltd.

202,180

1,283,500

CK

Hutchison

Holdings,

Ltd.

7,235,010

591,000

Henderson

Land

Development

Company,

Ltd.

1,699,888

845,200

Link

REIT

3,960,754

284,000

Sun

Hung

Kai

Properties,

Ltd.

2,705,852

94,000

Techtronic

Industries

Company,

Ltd.

1,126,522

346,000

United

Laboratories

International

Holdings,

Ltd.

651,139

38,100

VTech

Holdings,

Ltd.

279,420

378,000

Yuexiu

Property

Company,

Ltd.

257,902

Total

18,212,968

Hungary  0.1%  

49,563

MOL

Hungarian

Oil

&

Gas

plc

390,849

10,557

OTP

Bank

Nyrt

710,295

15,661

Richter

Gedeon

Nyrt

431,371

Total

1,532,515

India  1.7%  

44,467

Adani

Power,

Ltd.

a

262,811

9,065

Bajaj

Auto,

Ltd.

832,143

304,939

Bharat

Petroleum

Corporation,

Ltd.

987,558

101,617

Bharti

Airtel,

Ltd.

2,054,318

65

Bosch,

Ltd.

21,513

78,117

Chambal

Fertilisers

and

Chemicals,

Ltd.

568,595

85,036

Cipla,

Ltd.

1,429,020

1,021

CRISIL,

Ltd.

49,919

6,864

Cummins

India,

Ltd.

243,646

3,960

Eicher

Motors,

Ltd.

247,039

645

GE

Vernova

T&D

India,

Ltd.

11,671

3,033

Gujarat

Gas,

Ltd.

14,573

21,476

HCL

Technologies,

Ltd.

397,850

30,719

HDFC

Asset

Management

Company,

Ltd.

c

1,437,228

55,677

HDFC

Bank,

Ltd.

1,186,823

31,832

Hero

MotoCorp,

Ltd.

1,381,402

164,181

Hindalco

Industries,

Ltd.

1,302,800

7,986

Hindustan

Aeronautics,

Ltd.

388,041

83,871

Hindustan

Petroleum

Corporation,

Ltd.

351,076

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

144

Shares

Common

Stock  89.3%

Value

India  1.7%  -

continued

65,317

ICICI

Bank,

Ltd.

ADR

$

2,058,792

25,205

Infosys,

Ltd.

ADR

459,991

42,281

Jindal

Saw,

Ltd.

132,643

22,770

LT

Foods,

Ltd.

100,980

10,966

Lupin,

Ltd.

259,654

10,129

Mahindra

&

Mahindra,

Ltd.

314,396

5,209

Maruti

Suzuki

India,

Ltd.

699,758

156

MRF,

Ltd.

205,061

25,382

Oberoi

Realty,

Ltd.

483,398

36,719

Oil

&

Natural

Gas

Corporation,

Ltd.

105,524

1,219

Page

Industries,

Ltd.

607,525

7,799

Persistent

Systems,

Ltd.

500,505

7,459

Pidilite

Industries,

Ltd.

248,216

59,541

Power

Finance

Corporation,

Ltd.

286,486

29,041

Reliance

Industries,

Ltd.

431,762

42,539

Tata

Consultancy

Services,

Ltd.

1,789,470

93,638

Tech

Mahindra,

Ltd.

1,544,503

4,898

Trent,

Ltd.

303,624

2,744

UltraTech

Cement,

Ltd.

368,056

12,123

United

Spirits,

Ltd.

198,356

40,069

Wipro,

Ltd.

ADR

122,611

30,741

Zydus

Lifesciences,

Ltd.

317,965

Total

24,707,302

Indonesia  0.1%  

3,508,100

Bank

Central

Asia

Tbk

PT

1,800,655

Total

1,800,655

Ireland  0.2%  

357,423

AIB

Group

plc

2,308,678

Total

2,308,678

Israel  1.0%  

44,320

Bank

Hapoalim

BM

601,025

159,568

Bank

Leumi

Le-Israel

BM

2,148,837

2,644

Camtek,

Ltd./Israel

154,885

28,870

Check

Point

Software

Technologies,

Ltd.

a

6,580,050

4,210

Delek

Group,

Ltd.

654,258

686

First

International

Bank

of

Israel,

Ltd.

34,720

1,246

Hilan,

Ltd.

76,198

1,287

Israel

Corporation,

Ltd.

346,923

11,851

Ituran

Location

and

Control,

Ltd.

428,532

10,145

Nova,

Ltd.

a

1,883,499

408,786

Oil

Refineries,

Ltd.

97,244

8,222

One

Software

Technologies,

Ltd.

152,409

44,101

Plus500,

Ltd.

1,563,194

13,757

Tower

Semiconductor,

Ltd.

a

488,414

2,512

ZIM

Integrated

Shipping

Services,

Ltd.

36,650

Total

15,246,838

Italy  2.8%  

24,934

ACEA

SPA

513,611

9,323

Arnoldo

Mondadori

Editore

SPA

21,473

15,780

Azimut

Holding

SPA

441,831

14,047

Banca

IFIS

SPA

327,011

1,615,059

Banca

Monte

dei

Paschi

di

Siena

SPA

12,844,994

34,095

Banca

Popolare

di

Sondrio

SPA

412,455

3,466

Brunello

Cucinelli

SPA

398,183

71,095

Buzzi

SPA

3,421,057

269,696

Eni

SPA

4,171,274

790,539

Italgas

SPA

5,668,337

Shares

Common

Stock  89.3%

Value

Italy  2.8%  -

continued

66,668

Leonardo

SPA

$

3,246,665

136,173

OVS

SPA

c

468,844

387,078

Pirelli

&

C.

SPA

c

2,304,071

116,600

Recordati

SPA

6,607,495

604

Reply

SPA

98,937

Total

40,946,238

Japan  18.4%  

81,700

Advantest

Corporation

3,641,900

8,700

Ain

Holdings,

Inc.

293,444

2,400

Alfresa

Holdings

Corporation

33,972

152,300

Amada

Company,

Ltd.

1,483,341

8,200

Anycolor,

Inc.

177,271

29,600

Arcs

Company,

Ltd.

574,156

10,400

Artience

Company,

Ltd.

215,325

3,900

Autobacs

Seven

Company,

Ltd.

39,314

6,400

BayCurrent,

Inc.

277,338

4,000

BIPROGY,

Inc.

123,458

4,800

BML,

Inc.

96,992

8,900

Canon

Electronics,

Inc.

148,378

11,500

Capcom

Company,

Ltd.

283,838

11,500

Central

Glass

Company,

Ltd.

249,658

8,300

Chudenko

Corporation

183,676

24,400

COMSYS

Holdings

Corporation

519,082

6,400

Concordia

Financial

Group,

Ltd.

42,490

7,800

Cover

Corporation

a

125,912

283,700

Dai

Nippon

Printing

Company,

Ltd.

4,039,163

106,000

Dai-ichi

Mutual

Life

Insurance

Company,

Ltd.

809,366

15,300

Daiichi

Sankyo

Company,

Ltd.

364,352

600

Daikin

Industries,

Ltd.

65,111

180

Daiwa

House

REIT

Investment

Corporation

284,387

574,600

Daiwa

Securities

Group,

Inc.

3,868,925

9,100

DISCO

Corporation

1,858,417

2,900

Doshisha

Company,

Ltd.

42,387

43,100

Doutor

Nichires

Holdings

Company,

Ltd.

699,203

14,300

DTS

Corporation

382,941

2,200

Ebara

Corporation

33,485

75,300

Eneos

Holdings,

Inc.

397,133

5,800

F.C.C.

Company,

Ltd.

121,192

5,500

Fast

Retailing

Company,

Ltd.

1,637,303

12,700

Ferrotec

Holdings

Corporation

228,869

10,200

Financial

Partners

Group

Company,

Ltd.

157,881

34,400

FUJIFILM

Holdings

NPV

659,069

73,500

Fujitsu,

Ltd.

1,462,716

8,400

Fuyo

General

Lease

Company,

Ltd.

216,971

10,400

Glory,

Ltd.

183,234

34,400

GREE

Holdings,

Inc.

135,266

23,800

Gunze,

Ltd.

419,236

5,200

Hanwa

Company,

Ltd.

170,418

30,400

Haseko

Corporation

400,221

70,700

Heiwa

Corporation

1,108,950

237,200

Hitachi,

Ltd.

5,569,315

712,500

Honda

Motor

Company,

Ltd.

6,447,822

25

Hoshino

Resorts

REIT,

Inc.

33,826

45,900

Hoya

Corporation

5,180,205

17,800

Hyakugo

Bank,

Ltd.

88,467

1,400

IHI

Corporation

97,704

8,100

Iida

Group

Holdings

Company,

Ltd.

123,570

91,900

Inaba

Denki

Sangyo

Company,

Ltd.

2,341,934

41,000

INFRONEER

Holdings,

Inc.

331,202

45,000

ITOCHU

Corporation

2,089,033

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

145

Shares

Common

Stock  89.3%

Value

Japan  18.4%  -

continued

2,500

Jaccs

Company,

Ltd.

$

65,650

519,200

Japan

Post

Holdings

Company,

Ltd.

5,206,236

34,500

Japan

Post

Insurance

Company,

Ltd.

703,109

262,300

Japan

Tobacco,

Inc.

7,209,617

7,800

Juroku

Financial

Group,

Inc.

253,943

7,500

Kakaku.com,

Inc.

107,418

2,000

Kaken

Pharmaceutical

Company,

Ltd.

59,963

24,400

Kamigumi

Company,

Ltd.

571,046

20,000

Kanematsu

Corporation

337,820

1,300

Kawasaki

Heavy

Industries,

Ltd.

78,468

190,400

Kawasaki

Kisen

Kaisha,

Ltd.

2,587,993

222,400

KDDI

Corporation

3,512,954

294

KDX

Realty

Investment

Corporation

289,890

26,600

Keiyo

Bank,

Ltd.

160,648

11,300

Keyence

Corporation

4,443,275

4,600

Kokusai

Electric

Corporation

76,135

22,300

Kokuyo

Company,

Ltd.

426,368

12,100

Komatsu,

Ltd.

354,326

12,900

KOMEDA

Holdings

Company,

Ltd.

247,214

17,800

Kumagai

Gumi

Company,

Ltd.

480,524

3,800

Kuraray

Company,

Ltd.

46,825

476,900

Kyocera

Corporation

5,386,604

91,600

Kyoei

Steel,

Ltd.

1,157,117

3,900

Lasertec

Corporation

335,207

31,100

Lintec

Corporation

576,339

1,900

Maruha

Nichiro

Corporation

41,418

2,900

Maruichi

Steel

Tube,

Ltd.

64,587

500

Maruwa

Company,

Ltd./Aichi

103,447

28,600

Matsui

Securities

Company,

Ltd.

146,004

4,900

Mazda

Motor

Corporation

31,352

1,900

McDonald's

Holdings

Company

(Japan),

Ltd.

72,487

42,400

Medipal

Holdings

Corporation

661,550

53,700

MEITEC

Group

Holdings,

Inc.

1,048,338

38,900

MIRAIT

ONE

Corporation

567,516

2,100

Mitsubishi

Chemical

Group

Corporation

10,377

430,200

Mitsubishi

Corporation

7,595,078

32,600

Mitsubishi

Electric

Corporation

601,219

53,500

Mitsubishi

Estate

Company,

Ltd.

874,508

5,500

Mitsubishi

Gas

Chemical

Company,

Inc.

85,930

681,300

Mitsubishi

HC

Capital,

Inc.

4,616,769

126,500

Mitsubishi

Heavy

Industries,

Ltd.

2,172,460

67,000

Mitsubishi

Logistics

Corporation

435,173

12,900

Mitsubishi

Research

Institute,

Inc.

406,031

12,100

Mitsubishi

Shokuhin

Company,

Ltd.

397,557

579,400

Mitsubishi

UFJ

Financial

Group,

Inc.

7,899,434

158,700

Mitsui

&

Company,

Ltd.

2,992,007

3,400

Mitsui

DM

Sugar

Holdings

Company,

Ltd.

76,732

281,700

Mizuho

Financial

Group,

Inc.

7,730,900

6,800

Mizuho

Leasing

Company,

Ltd.

47,496

66,600

MS

and

AD

Insurance

Group

Holdings,

Inc.

1,448,407

251,200

Murata

Manufacturing

Company,

Ltd.

3,874,747

4,400

Nagase

&

Company,

Ltd.

78,277

4,000

Nanto

Bank,

Ltd.

106,446

255,000

NEC

Corporation

5,431,685

14,500

Nikkon

Holdings

Company,

Ltd.

260,653

37,700

Nintendo

Company,

Ltd.

2,562,759

Shares

Common

Stock  89.3%

Value

Japan  18.4%  -

continued

16,700

Nippon

Electric

Glass

Company,

Ltd.

$

389,750

4,700

Nippon

Express

Holdings,

Inc.

85,610

7,784,900

Nippon

Telegraph

and

Telephone

Corporation

7,523,886

42,200

Nippon

Television

Holdings,

Inc.

866,737

61,800

Nippon

Yusen

Kabushiki

Kaisha

b

2,042,372

7,900

Nishimatsu

Construction

Company,

Ltd.

254,485

373,400

Nissan

Motor

Company,

Ltd.

a

957,650

7,900

Nisshin

Oillio

Group,

Ltd.

254,546

1,600

Nitta

Corporation

40,137

1,300

Nitto

Denko

Corporation

24,046

43,700

Nitto

Kogyo

Corporation

909,446

722,800

Nomura

Holdings,

Inc.

4,453,838

59,500

Nomura

Real

Estate

Holdings,

Inc.

347,216

2,600

Noritsu

Koki

Company,

Ltd.

82,359

42,500

NS

Solutions

Corporation

1,091,439

28,600

NSD

Company,

Ltd.

640,666

175,200

NTT

Data

Group

Corporation

b

3,173,758

3,100

OBIC

Business

Consultants

Company,

Ltd.

151,262

2,300

Ogaki

Kyoritsu

Bank,

Ltd.

36,787

25,500

Ohsho

Food

Service

Corporation

548,128

10,900

Okamura

Corporation

143,724

1,700

Okinawa

Cellular

Telephone

Company

48,489

262,000

Ono

Pharmaceutical

Company,

Ltd.

b

2,818,766

43,100

Oriental

Land

Company,

Ltd.

849,963

38,700

ORIX

Corporation

808,014

59,600

Otsuka

Corporation

1,290,425

9,700

PeptiDream,

Inc.

a

141,967

10,600

Plus

Alpha

Consulting

Company,

Ltd.

98,341

9,500

Raito

Kogyo

Company,

Ltd.

157,188

2,700

RAIZNEXT

Corporation

27,376

13,800

Rakus

Company,

Ltd.

186,048

120,584

Recruit

Holdings

Company,

Ltd.

6,247,611

71,300

Renesas

Electronics

Corporation

956,322

4,000

Resona

Holdings,

Inc.

34,927

1,500

Restar

Corporation

23,038

155,100

Rohm

Company,

Ltd.

b

1,498,518

1,700

Rohto

Pharmaceutical

Company,

Ltd.

25,455

13,000

Rorze

Corporation

124,153

2,000

Sanki

Engineering

Company,

Ltd.

45,308

30,100

Sankyo

Company,

Ltd.

439,853

10,800

Sankyu,

Inc.

443,842

14,700

Sanrio

Company,

Ltd.

680,105

15,700

Sanyo

Chemical

Industries,

Ltd.

409,227

5,100

SBI

Sumishin

Net

Bank,

Ltd.

140,255

1,100

SCREEN

Holdings

Company,

Ltd.

71,766

86,100

SCSK

Corporation

2,129,055

112,100

Secom

Company,

Ltd.

3,818,025

8,700

Sega

Sammy

Holdings,

Inc.

167,986

5,500

Sekisui

Chemical

Company,

Ltd.

93,807

243,100

Sekisui

House,

Ltd.

5,441,096

36,000

SHIFT,

Inc.

a

279,885

56,600

Shin-Etsu

Chemical

Company,

Ltd.

1,615,091

9,500

ShinMaywa

Industries,

Ltd.

89,806

14,600

Ship

Healthcare

Holdings,

Inc.

195,403

36,000

Shizuoka

Financial

Group,

Inc.

393,572

50,900

SKY

Perfect

JSAT

Holdings,

Inc.

403,555

8,200

Socionext,

Inc.

99,570

42,500

SoftBank

Group

Corporation

2,173,872

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

146

Shares

Common

Stock  89.3%

Value

Japan  18.4%  -

continued

23,800

Sohgo

Security

Services

Company,

Ltd.

$

179,030

62,000

Sojitz

Corporation

1,366,495

526,100

Sony

Group

Corporation

13,311,912

1,046

Star

Asia

Investment

Corporation

376,707

7,500

Starts

Corporation,

Inc.

197,156

6,300

Sumco

Corporation

42,691

234,800

Sumitomo

Corporation

5,357,632

10,400

Sumitomo

Dainippon

Pharma

Company,

Ltd.

a

51,026

235,100

Sumitomo

Mitsui

Financial

Group,

Inc.

6,045,505

11,300

Sumitomo

Mitsui

Trust

Group,

Inc.

284,436

15,600

Suzuken

Company,

Ltd./Aichi

Japan

515,293

142,400

Systena

Corporation

345,081

35,100

Taiyo

Holdings

Company,

Ltd.

1,134,820

13,200

Taiyo

Yuden

Company,

Ltd.

219,991

17,300

Takamatsu

Construction

Group

Company,

Ltd.

320,588

5,000

Takashimaya

Company,

Ltd.

40,671

310,900

Takeda

Pharmaceutical

Company,

Ltd.

9,214,697

108,400

Terumo

Corporation

2,039,658

2,900

THK

Company,

Ltd.

71,086

79,900

Toagosei

Company,

Ltd.

755,630

900

Toei

Company,

Ltd.

30,522

9,500

Toho

Holdings

Company,

Ltd.

283,331

37,700

Tohoku

Electric

Power

Company,

Inc.

260,133

5,200

Tokai

Corporation/Gifu

72,622

87,600

Tokai

Tokyo

Financial

Holdings,

Inc.

286,280

87,600

Tokio

Marine

Holdings,

Inc.

3,407,888

41,400

Tokyo

Electron,

Ltd.

5,677,289

4,000

Tokyo

Seimitsu

Company,

Ltd.

216,637

3,700

Tokyo

Tatemono

Company,

Ltd.

62,648

40,300

Tokyu

Construction

Company,

Ltd.

215,649

15,400

Tokyu

Fudosan

Holdings

Corporation

103,327

3,000

TOMY

Company,

Ltd.

69,742

147,800

TOPPAN

Holdings,

Inc.

4,040,449

11,100

Totetsu

Kogyo

Company,

Ltd.

227,141

2,300

Toyo

Suisan

Kaisha,

Ltd.

136,121

536,300

Toyota

Motor

Corporation

9,480,337

3,400

Trial

Holdings,

Inc.

49,485

114,600

Tsubakimoto

Chain

Company

1,420,467

119,600

TV

Asahi

Holdings

Corporation

2,038,980

25,000

UBE

Corporation

365,009

29,100

USS

Company,

Ltd.

270,487

5,700

UT

Group

Company,

Ltd.

78,737

7,600

Valor

Holdings

Company,

Ltd.

121,319

206,400

Yamada

Holdings

Company,

Ltd.

592,700

14,900

Yokogawa

Bridge

Holdings

Corporation

250,568

20,800

Yuasa

Trading

Company,

Ltd.

632,373

1,900

Zeria

Pharmaceutical

Company,

Ltd.

28,750

Total

268,449,470

Jersey  0.1%  

357,628

Man

Group

plc

917,810

180,715

TP

ICAP

Group

plc

602,274

Total

1,520,084

Shares

Common

Stock  89.3%

Value

Kuwait  0.1%  

22,654

HumanSoft

Holding

Company

KSCC

$

193,526

51,056

Kuwait

Finance

House

KSCP

131,299

118,019

National

Bank

of

Kuwait

KSC

400,577

Total

725,402

Luxembourg  0.2%  

200,909

Aroundtown

SA

a

550,476

48,866

Grand

City

Properties

SA

a

522,313

3,548

Spotify

Technology

SA

a

1,951,506

Total

3,024,295

Malaysia  <0.1%  

66,200

Hong

Leong

Bank

Bhd

301,229

36,900

RHB

Bank

Bhd

56,878

374,800

Sime

Darby

Property

Bhd

114,049

100,511

Sports

Toto

Bhd

31,937

Total

504,093

Mexico  0.1%  

7,278

Coca-Cola

FEMSA

SAB

de

CV

ADR

664,409

100

Grupo

Carso

SAB

de

CV

583

19,033

Grupo

Financiero

Banorte

SAB

de

CV

ADR

132,141

51,100

Grupo

Mexico

SAB

de

CV

255,294

16,485

Grupo

Televisa

SAB

ADR

28,849

64,300

Megacable

Holdings

SAB

de

CV

134,478

Total

1,215,754

Netherlands  4.4%  

8,875

Aalberts

NV

302,602

44,765

Airbus

SE

7,882,499

661

ASM

International

NV

301,214

27,537

ASML

Holding

NV

18,223,318

30,519

Cementir

Holding

NV

441,035

671

COSMO

Pharmaceuticals

NV

42,405

7,361

EXOR

NV

668,478

2,626

Ferrari

NV

1,121,464

538,274

Koninklijke

Ahold

Delhaize

NV

20,107,317

53,672

Koninklijke

Vopak

NV

2,331,774

492,990

MFE-MediaForEurope

NV

1,792,040

62,687

SBM

Offshore

NV

1,335,793

591,839

Stellantis

NV

6,638,135

4,585

Wereldhave

NV

79,377

15,210

Wolters

Kluwer

NV

2,368,148

Total

63,635,599

New

Zealand  0.1%  

109,581

Contact

Energy,

Ltd.

570,582

5,103

EBOS

Group,

Ltd.

110,384

6,771

Neuren

Pharmaceuticals,

Ltd.

a

50,962

Total

731,928

Norway  0.7%  

37,466

Aker

Solutions

ASA

120,431

267,482

DNB

Bank

ASA

7,038,169

91,927

DNO

International

ASA

121,716

4,417

Equinor

ASA

116,647

48,678

Europris

ASA

c

389,147

15,913

Kongsberg

Gruppen

ASA

2,333,087

4,739

Nordic

Semiconductor

ASA

a

57,621

8,273

SpareBank

1

SMN

143,984

Total

10,320,802

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

147

Shares

Common

Stock  89.3%

Value

Philippines  <0.1%  

61,390

Bank

of

the

Philippine

Islands

$

141,614

Total

141,614

Poland  0.2%  

15,854

Asseco

Poland

SA

649,389

3,754

Bank

Polska

Kasa

Opieki

SA

171,617

7,876

Orlen

SA

138,725

45,850

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

895,244

53,062

Powszechny

Zaklad

Ubezpieczen

SA

770,927

Total

2,625,902

Portugal  0.1%  

91,448

CTT-Correios

de

Portugal

SA

739,645

128,080

REN

-

Redes

Energeticas

Nacionais

SGPS

SA

380,164

97,878

Sonae

SGPS

SA

112,398

Total

1,232,207

Qatar  <0.1%  

59,727

Commercial

Bank

PSQC

68,451

48,306

Doha

Bank

QPSC

25,505

16,866

Gulf

Warehousing

Company

14,348

1

Ooredoo

QPSC

3

17,117

Qatar

Islamic

Bank

QPSC

96,557

68,090

Qatar

National

Bank

QPSC

300,099

Total

504,963

Russian

Federation  <0.1%  

169,404

Gazprom

PJSC

ADR

a,d

17

14,886

GMK

Norilskiy

Nickel

PAO

ADR

a,d

1

6,112

LUKOIL

PJSC

d,e

0

6,042

Mechel

PJSC

ADR

a,d

1

444

Novatek

PJSC

GDR

a,d

0

6,840

Polyus

PJSC

a,d

0

1

Polyus

PJSC

GDR

a,d

0

329,720

Sberbank

of

Russia

PJSC

d,e

0

17,590

Sovcomflot

OAO

d,e

0

67,366

Surgutneftegas

PAO

ADR

a,d

7

Total

26

Saudi

Arabia  0.3%  

48,321

Al

Rajhi

Bank

1,311,687

129,910

Arab

National

Bank

797,311

3,451

Eastern

Province

Cement

Company

33,074

440

Elm

Company

113,780

8,348

Riyadh

Cement

Company

81,675

61,111

Saudi

Arabian

Oil

Company

c

435,341

22,453

Saudi

National

Bank

213,963

89,312

Saudi

Telecom

Company

1,079,763

3,971

Theeb

Rent

A

Car

Company

73,888

Total

4,140,482

Singapore  1.4%  

145,300

CapitaLand

Retail

China

Trust

75,898

88,700

City

Developments,

Ltd.

329,922

1,056,400

ComfortDelGro

Corporation,

Ltd.

1,145,355

309,750

DBS

Group

Holdings,

Ltd.

10,637,227

9,118

Kenon

Holdings,

Ltd.

289,054

38,100

Singapore

Airport

Terminal

Services,

Ltd.

87,061

463,900

Singapore

Exchange,

Ltd.

4,592,627

19,300

Venture

Corporation,

Ltd.

177,012

Shares

Common

Stock  89.3%

Value

Singapore  1.4%  -

continued

1,642,600

Yangzijiang

Shipbuilding

Holdings,

Ltd.

$

2,882,809

Total

20,216,965

South

Africa  0.2%  

49,100

Absa

Group,

Ltd.

473,968

56,166

AECI,

Ltd.

297,939

163

Capitec

Bank

Holdings,

Ltd.

27,723

7,314

Coronation

Fund

Managers,

Ltd.

15,514

59,599

DataTec,

Ltd.

180,471

38,233

FirstRand,

Ltd.

150,249

1,358

Gold

Fields,

Ltd.

ADR

29,998

36,609

Harmony

Gold

Mining

Company,

Ltd.

ADR

540,715

5,949

Kumba

Iron

Ore,

Ltd.

101,248

2,102

Naspers,

Ltd.

521,277

15,324

Nedbank

Group,

Ltd.

215,004

181,888

Pepkor

Holdings,

Ltd.

c

253,264

52,647

Standard

Bank

Group

687,903

7,605

Vodacom

Group

52,242

Total

3,547,515

South

Korea  0.6%  

1,948

Caregen

Company,

Ltd.

33,279

1,353

CJ

Corporation

107,619

5,798

Green

Cross

Holdings

Corporation

51,463

16,670

GS

Holdings

Corporation

418,100

4,848

HD

Hyundai

Company,

Ltd.

239,732

7,345

Kangwon

Land,

Inc.

a

83,530

5,659

KEPCO

Plant

Service

&

Engineering

Company,

Ltd.

161,324

15,503

KT&G

Corporation

1,066,323

11,701

LG

Uplus

Corporation

81,888

684

PharmaResearch

Company,

Ltd.

155,588

1,702

Samsung

Biologics

Company,

Ltd.

a,c

1,181,207

5,612

Samsung

C&T

Corporation

448,262

69,883

Samsung

Electronics

Company,

Ltd.

2,770,544

9,714

SD

Biosensor,

Inc.

61,143

4,136

SK

Hynix,

Inc.

551,354

12,955

SK

Telecom

Company,

Ltd.

487,984

1,622

SK,

Inc.

143,574

9,825

Yuhan

Corporation

735,128

Total

8,778,042

Spain  2.1%  

498

Acciona

SA

65,180

389

Acerinox

SA

4,557

1,337

Aena

SME

SA

c

313,667

954,005

Banco

Bilbao

Vizcaya

Argentaria

SA

13,019,901

1,700,604

Banco

Santander

SA

11,456,855

40,822

Industria

de

Diseno

Textil

SA

2,032,610

4,763

Laboratorios

Farmaceuticos

ROVI

SA

265,555

8,997

Let's

GOWEX

SA

a,d,f

1

87,159

Logista

Integral

SA

2,770,061

10,259

Melia

Hotels

International

SA

70,669

95,217

Unicaja

Banco

SA

c

176,084

2,106

Vidrala

SA

211,148

Total

30,386,288

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

148

Shares

Common

Stock  89.3%

Value

Supranational  <0.1%  

1,469

Unibail-Rodamco-Westfield

$

123,852

Total

123,852

Sweden  3.1%  

16,623

AAK

AB

463,964

76,601

AB

Industrivarden,

Class

A

2,814,474

85,653

AcadeMedia

AB

c

675,728

16,938

Alfa

Laval

AB

726,219

7,589

Alleima

AB

63,567

71,526

Arjo

AB

264,065

194,033

Assa

Abloy

AB

5,825,116

595,649

Atlas

Copco

AB,

Class

A

9,514,559

40,083

Atlas

Copco

AB,

Class

B

563,652

39,398

Attendo

AB

c

235,905

52,487

Betsson

AB

813,233

17,509

Billerud

AB

180,764

15,026

Biotage

AB

143,581

1,366

Boliden

AB

44,822

2,980

Catena

AB

128,962

11,229

Cibus

Nordic

Real

Estate

AB

publ

165,525

31,769

Cloetta

AB

89,632

44,570

Dios

Fastigheter

AB

a

295,085

9,849

Fabege

AB

79,855

242,226

Granges

AB

2,756,010

147,869

Hexpol

AB

1,293,083

506,728

Investor

AB,

Class

B

15,112,709

2,399

INVISIO

AB

91,647

12,903

Inwido

AB

259,012

10,627

NCC

AB

201,641

19,506

Nyfosa

AB

a

169,992

15,266

Peab

AB

116,855

198,323

SSAB

AB,

Class

A

1,230,472

51,042

SSAB

AB,

Class

B

311,006

34,817

Svenska

Handelsbanken

AB

393,485

15,380

Svolder

AB

85,352

3,365

Sweco

AB

60,399

3,441

Trelleborg

AB

127,976

22,902

Wihlborgs

Fastigheter

AB

224,992

Total

45,523,339

Switzerland  9.1%  

310,520

ABB,

Ltd.

16,022,198

4,466

Accelleron

Industries

AG

207,072

846

Burckhardt

Compression

Holding

AG

571,196

24,085

Compagnie

Financiere

Richemont

SA

4,204,420

2,685

DKSH

Holding

AG

204,456

1,635

Flughafen

Zurich

AG

387,870

3,774

Givaudan

SA

16,201,709

162,376

Holcim

AG

17,473,804

2,064

Huber+Suhner

AG

173,193

473

INFICON

Holding

AG

496,312

1,116

Kardex

Holding

AG

295,201

55,713

Nestle

SA

5,630,168

279,903

Novartis

AG

31,088,770

18,086

PSP

Swiss

Property

AG

2,825,423

79,871

Roche

Holding

AG,

Participation

Certificates

26,287,753

797

Siegfried

Holding

AG

818,948

671

Tecan

Group

AG

127,677

334,159

UBS

Group

AG

10,263,559

706

Zurich

Insurance

Group

AG

492,794

Total

133,772,523

Shares

Common

Stock  89.3%

Value

Taiwan  1.8%  

11,000

Acter

Group

Corporation,

Ltd.

$

118,362

720,000

Asia

Cement

Corporation

1,017,504

13,000

Asustek

Computer,

Inc.

241,880

272,000

Cheng

Shin

Rubber

Industry

Company,

Ltd.

413,434

136,000

Chipbond

Technology

Corporation

267,942

2,409

Chunghwa

Telecom

Company,

Ltd.

ADR

94,457

282,000

Compal

Electronics,

Inc.

274,114

126,000

Delta

Electronics,

Inc.

1,393,593

14,000

Dynapack

International

Technology

Corporation

72,828

99,000

Far

Eastern

New

Century

Corporation

98,859

65,000

Far

EasTone

Telecommunications

Company,

Ltd.

181,078

113,000

Feng

Hsin

Steel

Company,

Ltd.

231,667

1,000

First

Financial

Holding

Company,

Ltd.

821

4,000

Fusheng

Precision

Company,

Ltd.

42,194

205,000

Hon

Hai

Precision

Industry

Company,

Ltd.

924,712

124,000

Lite-On

Technology

Corporation

344,384

47,000

MediaTek,

Inc.

2,025,721

386,000

Pegatron

Corporation

986,514

244,000

Pou

Chen

Corporation

261,636

12,000

Quanta

Computer,

Inc.

83,492

195,000

Synnex

Technology

International

Corporation

422,309

27,000

Systex

Corporation

104,255

542,320

Taichung

Commercial

Bank

Company,

Ltd.

337,756

173,000

Taiwan

Mobile

Company,

Ltd.

608,779

7,000

Taiwan

Secom

Company,

Ltd.

25,881

482,515

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

13,589,065

64,947

Topco

Scientific

Company,

Ltd.

517,148

367,000

Uni-President

Enterprises

Corporation

894,962

38,000

Wah

Lee

Industrial

Corporation

114,079

43,827

Yuanta

Financial

Holding

Company,

Ltd.

44,919

Total

25,734,345

Thailand  0.2%  

86,100

Advanced

Info

Service

Public

Company,

Ltd.

NVDR

700,151

314,600

Cal-Comp

Electronics

Thailand

pcl

ADR

55,088

539,100

Charoen

Pokphand

Foods

pcl

NVDR

379,309

296,300

Kasikornbank

pcl

NVDR

1,415,705

811,900

Krung

Thai

Bank

pcl

NVDR

578,953

119,700

SCB

X

pcl

NVDR

435,032

100

TISCO

Financial

Group

Public

Company,

Ltd.

d

292

216,800

True

Corporation

pcl

ADR

a

75,080

Total

3,639,610

Turkey  0.1%  

273,777

Dogan

Sirketler

Grubu

Holding

AS

114,639

47,984

Tekfen

Holding

AS

a

189,673

84,971

Turk

Hava

Yollari

Anonim

Ortakligi

a

695,912

Total

1,000,224

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

149

Shares

Common

Stock  89.3%

Value

United

Arab

Emirates  0.2%  

1

Abu

Dhabi

Commercial

Bank

PJSC

$

3

201,309

Abu

Dhabi

National

Oil

Company

for

Distribution

PJSC

186,157

17,206

ADNOC

Drilling

Company

PJSC

24,078

393,019

Dubai

Islamic

Bank

PJSC

764,987

295,757

Emaar

Properties

PJSC

1,071,093

142,521

Emirates

NBD

Bank

PJSC

783,807

Total

2,830,125

United

Kingdom  12.0%  

123,241

Aderdeen

Group

plc

247,158

10,967

Anglo

American

plc

307,389

1,827

AngloGold

Ashanti

plc

68,579

154,814

AstraZeneca

plc

22,733,743

1,085,218

Auto

Trader

Group

plc

c

10,493,691

46,944

BAE

Systems

plc

947,921

96,374

Balfour

Beatty

plc

540,294

1,821,010

Barclays

plc

6,847,091

30,954

Big

Yellow

Group

plc

373,656

181,720

BP

plc

1,019,718

49,896

Breedon

Group

plc

289,074

21,953

British

American

Tobacco

plc

900,612

115,061

British

Land

Company

plc

550,905

1,662,429

Centrica

plc

3,218,896

472,139

Compass

Group

plc

15,616,686

3,102

Computacenter

plc

98,512

99,193

Currys

plc

a

111,476

955

Diploma

plc

47,807

15,836

Dunelm

Group

plc

181,754

99,833

Evraz

plc

a,d

13

90,865

FirstGroup

plc

183,106

13,533

Future

plc

131,647

3,452

Games

Workshop

Group

plc

627,237

16,188

Greggs

plc

365,419

62,744

Haleon

plc

316,872

32,039

Halma

plc

1,074,965

109,681

Harbour

Energy

plc

298,264

6,384

Hikma

Pharmaceuticals

plc

161,274

4,003

Hill

&

Smith

plc

90,872

36,898

Howden

Joinery

Group

plc

345,082

137,305

HSBC

Holdings

plc

1,556,563

66,814

IG

Group

Holdings

plc

824,366

30,362

IMI

plc

746,878

249,878

Imperial

Brands

plc

9,245,998

11,361

Inchcape

plc

98,327

10,389

InterContinental

Hotels

Group

plc

1,118,591

2,047

Intertek

Group

plc

133,105

14,563

Johnson

Matthey

plc

250,332

104,462

Jupiter

Fund

Management

plc

95,672

25,166

Kier

Group

plc

40,899

4,591

Lion

Finance

Group

plc

323,803

127,982

MONY

Group

plc

332,728

7,804

Morgan

Sindall

Group

plc

334,718

64,654

Next

plc

9,315,087

67,627

Paragon

Banking

Group

plc

643,388

30,448

Playtech

plc

a

274,140

48,966

QinetiQ

Group

plc

245,512

295,035

RELX

plc

14,819,881

96,380

Rightmove

plc

858,089

81,265

Rio

Tinto

plc

4,876,752

339,252

Rolls-Royce

Holdings

plc

a

3,297,330

68,141

Rotork

plc

276,990

975,821

Shell

plc

35,520,370

7,821

TBC

Bank

Group

plc

417,247

3,996,955

Tesco

plc

17,196,123

Shares

Common

Stock  89.3%

Value

United

Kingdom  12.0%  -

continued

52,158

Tritax

Big

Box

REIT

plc

$

94,595

9,752

Unilever

plc

581,876

3,456,047

Vodafone

Group

plc

3,247,391

95,685

Zigup

plc

365,211

Total

175,321,675

Virgin

Islands,

British  <0.1%  

4,449

VK

IPJSC

GDR

a,d

0

Total

0

Total

Common

Stock

(cost

$1,098,031,333)

1,306,398,092

Shares

Collateral

Held

for

Securities

Loaned

1.1%

15,982,166

Thrivent

Cash

Management

Trust

15,982,166

Total

Collateral

Held

for

Securities

Loaned

(cost

$15,982,166)

15,982,166

Shares

Preferred

Stock

0.2%

Brazil  0.1%  

143,100

Companhia

de

Sanena

do

Parana

135,165

130,278

Petroleo

Brasileiro

SA

849,959

Total

985,124

Germany  <0.1%  

7,439

Porsche

Automobil

Holding

SE

280,143

Total

280,143

Russian

Federation  <0.1%  

765,300

Surgutneftegas

PAO

d,e

1

17,100

Transneft

PJSC

d,e

0

Total

1

South

Korea  0.1%  

3,552

Hyundai

Motor

Company,

2nd

Preferred

360,341

6,755

Hyundai

Motor

Company,

Preferred

680,437

17,791

Samsung

Electronics

Company,

Ltd.

575,848

Total

1,616,626

Total

Preferred

Stock

(cost

$3,933,107)

2,881,894

Shares

or

Principal

Amount

Short-Term

Investments

9.8%

Federal

Home

Loan

Bank

Discount

Notes

2,400,000

4.215%,

 4/11/2025

g,h

2,396,905

260,000

4.235%,

 4/28/2025

g,h

259,147

100,000

4.240%,

 4/30/2025

g,h

99,648

800,000

4.201%,

 5/23/2025

g,h

795,112

4,300,000

4.190%,

 5/28/2025

g,h

4,271,250

800,000

4.203%,

 6/6/2025

g,h

793,777

Federal

National

Mortgage

Association

Discount

Notes

100,000

4.225%,

 4/7/2025

g,h

99,918

100,000

4.195%,

 4/9/2025

g,h

99,895

800,000

4.210%,

 4/11/2025

g,h

798,968

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

150

Shares

or

Principal

Amount

Short-Term

Investments  9.8%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

27,592,223

4.293%

g

$

27,592,222

Thrivent

Core

Short-Term

Reserve

Fund

10,535,477

4.600%

105,354,771

Total

Short-Term

Investments

(cost

$142,562,371)

142,561,613

Total

Investments

(cost

$1,260,508,977)

100.4%

$1,467,823,765

Other

Assets

and

Liabilities,

Net

(0.4%)

(5,359,255)

Total

Net

Assets

100.0%

$1,462,464,510

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2025,

the

value

of

these

investments

was

$26,053,255

or

1.8%

of

total

net

assets.

d

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

e

Pursuant

to

sanctions

related

to

the

Russian

invasion

of

Ukraine

which

restricts

the

ability

of

Russia

and

its

allied

nations

to

make

payments

on

its

dollar-denominated

sovereign

debt

and

equity,

existing

accruals

on

these

securities

have

been

reserved

and

income

is

currently

not

being

accrued.

f

In

bankruptcy.  Income

is

not

being

accrued

per

the

bankruptcy

agreement

terms.

g

The

interest

rate

shown

reflects

the

yield.

h

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

International

Allocation

Portfolio

as

of

March

31,

2025:

Securities

Lending

Transactions

Common

Stock

$

15,205,620

Total

lending

$15,205,620

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$15,982,166

Net

amounts

due

to

counterparty

$776,546

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

Bhd

-

Berhad

-

suffix

used

in

Malaysia

to

identify

a

Public

Limited

Company

GDR

-

Global

Depository

Receipts,

which

are

certificates

for

shares

of

an

underlying

foreign

security’s

shares

held

by

an

issuing

depository

bank

from

more

than

one

country.

NVDR

-

Non-Voting

Depository

Receipts

pcl

-

Public

Company

Limited

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

151

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

International

Allocation

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

@

68,570,044

2,279,674

66,290,369

1

Consumer

Discretionary

148,327,015

820,047

147,506,968

–

Consumer

Staples

@

84,871,579

664,409

84,207,170

0

Energy

@

52,261,288

196,630

52,064,634

24

Financials

@

293,093,642

4,212,015

288,881,335

292

Health

Care

142,849,960

–

142,849,960

–

Industrials

221,622,212

247,553

221,374,659

–

Information

Technology

136,646,261

7,591,184

129,055,077

–

Materials

@

98,370,681

1,909,478

96,461,188

15

Real

Estate

24,515,866

–

24,515,866

–

Utilities

@

35,269,544

251,119

35,018,425

–

Preferred

Stock

Consumer

Cyclical

1,320,921

–

1,320,921

–

Energy

@

849,960

–

849,959

1

Technology

575,848

–

575,848

–

Utilities

135,165

–

135,165

–

Short-Term

Investments

37,206,842

27,592,222

9,614,620

–

Subtotal

Investments

in

Securities

$1,346,486,828

$45,764,331

$1,300,722,164

$333

Other

Investments  *

Total

Affiliated

Short-Term

Investments

105,354,771

Collateral

Held

for

Securities

Loaned

15,982,166

Subtotal

Other

Investments

$121,336,937

Total

Investments

at

Value

$1,467,823,765

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

@

Level

2

or

3

security

in

this

section

is

valued

at

<$1.

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

International

Allocation

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

2,672,811

413,036

2,259,775

–

Total

Asset

Derivatives

$2,672,811

$413,036

$2,259,775

$–

Liability

Derivatives

Futures

Contracts

1,454,102

1,454,102

–

–

Total

Liability

Derivatives

$1,454,102

$1,454,102

$–

$–

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

152

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

TSX

-

Toronto

Stock

Exchange

The

following

table

presents

International

Allocation

Portfolio's

futures

contracts

held

as

of

March

31,

2025.

Investments

and/or

cash

totaling

$9,514,749

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CME

Canadian

Dollar

Foreign

Exchange

Currency

1,064

June

2025

$

74,257,007

$

42,113

CME

E-mini

S&P

500

Index

101

June

2025

28,177,990

370,923

ICE

mini

MSCI

EAFE

Index

445

June

2025

55,134,592

(

1,371,917)

ICE

US

mini

MSCI

Emerging

Markets

Index

72

June

2025

4,081,065

(

82,185)

S&P/TSX

60

Index

362

June

2025

73,085,932

2,259,775

Total

Futures

Long

Contracts

$

234,736,586

$

1,218,709

Total

Futures

Contracts

$

234,736,586

$1,218,709

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,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

International

Allocation

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$24,884

$217,141

$136,670

$105,355

10,535

7.2%

Total

Affiliated

Short-Term

Investments

24,884

105,355

7.2

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

7,291

24,509

15,818

15,982

15,982

1.1

Total

Collateral

Held

for

Securities

Loaned

7,291

15,982

1.1

Total

Value

$32,175

$121,337

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$–

$–

$

–

$760

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$760

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

15

Total

Affiliated

Income

from

Securities

Loaned,

Net

$15

Total

Value

$–

$–

$

–

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

153

Shares

Common

Stock

95.6%

Value

Australia  6.2%  

16,767

APA

Group

$

83,060

7,310

Aristocrat

Leisure,

Ltd.

295,640

2,510

ASX,

Ltd.

102,869

38,581

Australia

and

New

Zealand

Banking

Group,

Ltd.

706,384

65,697

BHP

Group,

Ltd.

1,594,020

5,679

BlueScope

Steel,

Ltd.

76,064

17,905

Brambles,

Ltd.

226,199

4,890

CAR

Group,

Ltd.

97,461

847

Cochlear,

Ltd.

139,594

17,354

Coles

Group,

Ltd.

212,427

21,668

Commonwealth

Bank

of

Australia

2,060,499

6,826

Computershare,

Ltd.

168,255

6,270

CSL,

Ltd.

986,833

21,927

Fortescue,

Ltd.

212,233

26,297

Goodman

Group

471,944

24,803

GPT

Group

68,030

30,626

Insurance

Australia

Group,

Ltd.

148,982

28,819

Lottery

Corporation,

Ltd.

86,227

4,688

Macquarie

Group,

Ltd.

583,407

35,659

Medibank,

Private

Ltd.

99,662

39,819

National

Australia

Bank,

Ltd.

856,457

14,818

Northern

Star

Resources,

Ltd.

171,077

22,306

Origin

Energy,

Ltd.

147,608

744

Pro

Medicus,

Ltd.

94,172

9,778

Qantas

Airways,

Ltd.

55,746

19,492

QBE

Insurance

Group,

Ltd.

269,325

684

REA

Group,

Ltd.

94,901

2,846

Reece,

Ltd.

28,238

4,807

Rio

Tinto,

Ltd.

348,796

42,052

Santos,

Ltd.

176,217

67,352

Scentre

Group

142,503

2,635

SGH,

Ltd.

82,715

5,909

Sonic

Healthcare,

Ltd.

95,944

58,492

South32,

Ltd.

117,835

30,909

Stockland

95,372

14,021

Suncorp

Group,

Ltd.

169,818

52,362

Telstra

Corporation,

Ltd.

138,330

40,191

Transurban

Group

338,517

10,506

Treasury

Wine

Estates,

Ltd.

64,415

50,102

Vicinity

Centres

69,376

3,095

Washington

H.

Soul

Pattinson

and

Company,

Ltd.

67,435

14,693

Wesfarmers,

Ltd.

666,093

44,447

Westpac

Banking

Corporation

885,718

2,382

Wisetech

Global,

Ltd.

122,835

24,585

Woodside

Energy

Group,

Ltd.

357,170

15,817

Woolworths,

Ltd.

293,680

Total

14,370,083

Austria  0.2%  

3,987

Erste

Group

Bank

AG

275,786

1,907

OMV

AG

98,204

882

Verbund

AG

62,420

Total

436,410

Belgium  0.7%  

1,947

Ageas

SA

NV

116,710

11,635

Anheuser-Busch

InBev

NV

715,339

278

D'ieteren

Group

47,889

1,075

Groupe

Bruxelles

Lambert

SA

80,215

2,974

KBC

Groep

NV

271,062

5

Lotus

Bakeries

NV

44,450

200

Sofina

SA

51,220

954

Syensqo

SA

65,103

Shares

Common

Stock  95.6%

Value

Belgium  0.7%  -

continued

1,637

UCB

SA

$

288,219

Total

1,680,207

Bermuda  0.1%  

16,996

Aegon,

Ltd.

111,627

8,000

CK

Infrastructure

Holdings,

Ltd.

47,900

14,300

Hongkong

Land

Holdings,

Ltd.

61,776

2,100

Jardine

Matheson

Holdings,

Ltd.

88,689

Total

309,992

Cayman

Islands  0.5%  

706

Futu

Holdings,

Ltd.

ADR

72,259

29,799

Grab

Holdings,

Ltd.

a

134,990

31,600

Sands

China,

Ltd.

a

63,392

4,759

Sea,

Ltd.

ADR

a

621,002

17,000

SITC

International

Holdings

Company,

Ltd.

46,206

108,033

WH

Group,

Ltd.

b

99,196

22,000

Wharf

Real

Estate

Investment

Company,

Ltd.

53,419

Total

1,090,464

Denmark  2.3%  

38

A.P.

Moller

-

Maersk

AS,

Class

A

65,094

59

A.P.

Moller

-

Maersk

AS,

Class

B

102,685

1,237

Carlsberg

AS

156,577

1,633

Coloplast

AS

171,275

8,931

Danske

Bank

AS

292,324

1,145

Demant

AS

a

38,479

2,646

DSV

AS

511,687

814

Genmab

AS

a

158,584

41,701

Novo

Nordisk

AS

2,851,445

4,563

Novonesis

(Novozymes)

B

265,688

2,177

Orsted

AS

a,b

95,072

1,062

Pandora

AS

162,763

122

Rockwool

International

AS

50,570

4,390

Tryg

AS

104,432

13,076

Vestas

Wind

Systems

AS

a

180,900

828

Zealand

Pharma

AS

a

62,178

Total

5,269,753

Finland  1.0%  

1,842

Elisa

Oyj

89,789

5,809

Fortum

Oyj

95,126

3,537

Kesko

Oyj

72,298

4,401

KONE

Oyj

242,829

8,050

Metso

Oyj

83,464

5,478

Neste

Oil

Oyj

50,668

67,701

Nokia

Oyj

356,568

40,817

Nordea

Bank

Abp

522,069

1,403

Orion

Oyj

83,334

31,350

Sampo

Oyj

300,434

7,540

Stora

Enso

Oyj

71,451

6,911

UPM-Kymmene

Oyj

185,411

6,512

Wartsila

Corporation

116,197

Total

2,269,638

France  10.2%  

2,524

Accor

SA

115,108

448

Aeroports

de

Paris

SA

45,608

7,487

Air

Liquide

SA

1,422,124

4,482

Alstom

SA

a

99,280

798

Amundi

SA

b

62,520

739

Arkema

SA

56,586

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

154

Shares

Common

Stock  95.6%

Value

France  10.2%  -

continued

22,942

AXA

SA

$

980,217

536

BioMerieux

66,254

13,178

BNP

Paribas

SA

1,101,412

9,233

Bollore

SA

54,091

2,453

Bouygues

SA

96,698

4,114

Bureau

Veritas

SA

124,820

1,997

Capgemini

SE

300,067

7,023

Carrefour

SA

100,442

5,816

Compagnie

de

Saint-Gobain

SA

579,373

8,681

Compagnie

Generale

des

Etablissements

Michelin

SCA

305,108

703

Covivio

SA/France

39,352

13,781

Credit

Agricole

SA

250,912

8,359

Danone

SA

639,342

254

Dassault

Aviation

SA

83,751

8,665

Dassault

Systemes

SE

329,901

3,133

Edenred

SE

101,812

888

Eiffage

SA

103,389

23,649

Engie

SA

460,822

3,850

EssilorLuxottica

SA

1,109,453

542

Eurazeo

SE

40,139

1,319

FDJ

United

b

41,504

596

Gecina

SA

55,925

3,917

Groupe

Eurotunnel

SA

67,650

410

Hermes

International

SCA

1,078,762

488

Ipsen

SA

56,208

964

Kering

SA

200,552

2,786

Klepierre

SA

93,252

3,396

Legrand

SA

359,650

3,113

L'Oreal

SA

1,157,084

3,563

LVMH

Moet

Hennessy

Louis

Vuitton

SE

2,206,496

24,110

Orange

SA

312,325

2,613

Pernod-Ricard

SA

258,146

2,964

Publicis

Groupe

SA

279,650

2,489

Renault

SA

126,085

2,896

Rexel

SA

78,050

4,662

Safran

SA

1,227,431

14,719

Sanofi

SA

1,629,720

378

Sartorius

Stedim

Biotech

74,889

7,081

Schneider

Electric

SE

1,634,621

9,326

Societe

Generale

SA

420,734

1,146

Sodexo

SA

73,607

688

Teleperformance

SE

69,179

1,200

Thales

SA

318,987

27,941

TotalEnergies

SE

1,800,327

9,110

Veolia

Environnement

SA

313,310

6,403

Vinci

SA

807,166

Total

23,409,891

Germany  9.3%  

2,214

Adidas

AG

522,197

5,000

Allianz

SE

1,913,555

11,556

BASF

SE

579,291

12,720

Bayer

AG

304,924

3,754

Bayerische

Motoren

Werke

AG

302,714

1,284

Beiersdorf

AG

165,873

1,589

Brenntag

AG

102,995

12,271

Commerzbank

AG

280,822

1,424

Continental

AG

100,420

2,325

Covestro

AG

a

149,333

808

CTS

Eventim

AG

&

Company

KGaA

81,060

6,152

Daimler

Truck

Holding

AG

249,216

2,439

Delivery

Hero

AG

a,b

58,482

23,965

Deutsche

Bank

AG

571,259

Shares

Common

Stock  95.6%

Value

Germany  9.3%  -

continued

2,438

Deutsche

Boerse

AG

$

719,358

7,769

Deutsche

Lufthansa

AG

56,607

45,195

Deutsche

Telekom

AG

1,668,604

12,430

DHL

Group

533,662

29,070

E.ON

SE

438,805

3,319

Evonik

Industries

AG

71,953

2,659

Fresenius

Medical

Care

AG

132,312

5,470

Fresenius

SE

&

Company

KGaA

a

233,535

2,008

GEA

Group

AG

122,065

781

Hannover

Rueckversicherung

SE

232,784

1,768

Heidelberg

Materials

AG

304,765

1,346

Henkel

AG

&

Company

KGaA

96,974

16,909

Infineon

Technologies

AG

563,662

939

Knorr-Bremse

AG

85,454

964

LEG

Immobilien

SE

68,141

9,351

Mercedes-Benz

Group

AG

552,381

1,673

Merck

KGaA

230,222

697

MTU

Aero

Engines

AG

242,189

1,732

Muenchener

Rueckversicherungs-

Gesellschaft

AG

1,094,144

748

Nemetschek

SE

87,199

1,329

PUMA

SE

32,417

66

Rational

AG

54,988

564

Rheinmetall

AG

807,043

8,187

RWE

AG

292,314

13,521

SAP

SE

3,622,958

971

Scout24

SE

b

101,686

9,840

Siemens

AG

2,272,518

8,280

Siemens

Energy

AG

a

490,857

3,651

Siemens

Healthineers

AG

b

196,974

1,719

Symrise

AG

178,216

836

Talanx

AG

87,928

9,589

Vonovia

SE

258,044

2,905

Zalando

SE

a,b

100,761

Total

21,413,661

Hong

Kong  1.6%  

139,800

AIA

Group,

Ltd.

1,058,268

48,000

BOC

Hong

Kong

(Holdings),

Ltd.

194,348

25,000

CK

Asset

Holdings,

Ltd.

101,149

34,500

CK

Hutchison

Holdings,

Ltd.

194,475

21,500

CLP

Holdings,

Ltd.

175,026

28,000

Galaxy

Entertainment

Group,

Ltd.

109,424

9,700

Hang

Seng

Bank,

Ltd.

132,103

19,000

Henderson

Land

Development

Company,

Ltd.

54,650

49,000

HKT

Trust

and

HKT,

Ltd.

65,460

145,162

Hong

Kong

and

China

Gas

Company,

Ltd.

124,923

15,600

Hong

Kong

Exchanges

&

Clearing,

Ltd.

693,954

33,660

Link

REIT

157,737

20,000

MTR

Corporation,

Ltd.

65,523

18,000

Power

Assets

Holdings,

Ltd.

107,794

52,571

Sino

Land

Company,

Ltd.

52,625

19,000

Sun

Hung

Kai

Properties,

Ltd.

181,025

5,000

Swire

Pacific,

Ltd.

44,079

18,000

Techtronic

Industries

Company,

Ltd.

215,717

14,000

Wharf

Holdings,

Ltd.

33,248

Total

3,761,528

Ireland  0.4%  

27,134

AIB

Group

plc

175,265

12,992

Bank

of

Ireland

Group

plc

153,505

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

155

Shares

Common

Stock  95.6%

Value

Ireland  0.4%  -

continued

1,281

DCC

plc

$

85,612

5,565

James

Hardie

Industries

plc

a

132,805

1,927

Kerry

Group

plc

201,786

2,002

Kingspan

Group

plc

161,719

Total

910,692

Isle

of

Man  <0.1%  

7,864

Entain

plc

59,416

Total

59,416

Israel  0.9%  

550

Azrieli

Group,

Ltd.

37,122

16,299

Bank

Hapoalim

BM

221,031

19,455

Bank

Leumi

Le-Israel

BM

261,992

1,108

Check

Point

Software

Technologies,

Ltd.

a

252,536

643

CyberArk

Software,

Ltd.

a

217,334

346

Elbit

Systems,

Ltd.

132,690

1,261

Global-e

Online,

Ltd.

a

44,955

10,025

ICL

Group,

Ltd.

56,933

15,962

Israel

Discount

Bank,

Ltd.

111,193

2,008

Mizrahi

Tefahot

Bank,

Ltd.

90,307

471

Monday.com,

Ltd.

a

114,528

814

NICE,

Ltd.

a

125,649

379

Nova,

Ltd.

a

70,364

14,460

Teva

Pharmaceutical

Industries,

Ltd.

ADR

a

222,250

665

Wix.com,

Ltd.

a

108,648

Total

2,067,532

Italy  2.5%  

1,612

Amplifon

SPA

32,725

16,676

Banco

BPM

SPA

169,696

12,885

BPER

Banca

SPA

101,144

7,971

Davide

Campari-Milano

NV

46,853

282

DiaSorin

SPA

28,006

105,311

Enel

SPA

853,707

27,643

Eni

SPA

427,543

7,911

Finecobank

Banca

Fineco

SPA

156,690

12,193

Generali

428,330

4,230

Infrastrutture

Wireless

Italiane

SPA

b

44,779

195,944

Intesa

Sanpaolo

SPA

1,009,834

5,240

Leonardo

SPA

255,183

6,474

Mediobanca

SPA

121,438

3,024

Moncler

SPA

186,270

6,480

Nexi

SPA

a,b

34,561

5,919

Poste

Italiane

SPA

b

105,597

3,638

Prysmian

SPA

200,261

1,489

Recordati

SPA

84,379

26,110

Snam

SPA

135,376

125,423

Telecom

Italia

SPA

a

42,368

18,218

Terna

Rete

Elettrica

Nazionale

SPA

164,642

18,079

UniCredit

SPA

1,014,816

4,645

Unipol

Assicurazioni

SPA

74,357

Total

5,718,555

Japan  20.9%  

9,900

Advantest

Corporation

441,307

8,500

Aeon

Company,

Ltd.

213,179

2,500

AGC,

Inc.

76,107

6,800

Aisin

Corporation

74,276

11,800

Ajinomoto

Company,

Inc.

233,613

2,100

All

Nippon

Airways

Company,

Ltd.

38,763

18,721

Asahi

Group

Holdings,

Ltd.

239,190

16,200

Asahi

Kasei

Corporation

113,573

Shares

Common

Stock  95.6%

Value

Japan  20.9%  -

continued

8,400

Asics

Corporation

$

178,144

23,400

Astellas

Pharma,

Inc.

227,787

7,700

Bandai

Namco

Holdings,

Inc.

258,316

7,400

Bridgestone

Corporation

297,279

12,100

Canon,

Inc.

377,316

4,500

Capcom

Company,

Ltd.

111,067

10,000

Central

Japan

Railway

Company

190,742

7,400

Chiba

Bank,

Ltd.

70,046

8,300

Chubu

Electric

Power

Company,

Inc.

89,991

8,700

Chugai

Pharmaceutical

Company,

Ltd.

398,560

13,600

Concordia

Financial

Group,

Ltd.

90,291

5,000

Dai

Nippon

Printing

Company,

Ltd.

71,187

4,200

Daifuku

Company,

Ltd.

103,242

46,800

Dai-ichi

Mutual

Life

Insurance

Company,

Ltd.

357,343

22,700

Daiichi

Sankyo

Company,

Ltd.

540,575

3,400

Daikin

Industries,

Ltd.

368,963

800

Daito

Trust

Construction

Company,

Ltd.

81,859

7,300

Daiwa

House

Industry

Company,

Ltd.

241,444

17,300

Daiwa

Securities

Group,

Inc.

116,485

24,500

Denso

Corporation

303,961

2,600

Dentsu

Group,

Inc.

57,420

1,159

DISCO

Corporation

236,693

11,800

East

Japan

Railway

Company

232,585

3,400

Eisai

Company,

Ltd.

94,647

35,300

Eneos

Holdings,

Inc.

186,173

12,200

FANUC

Corporation

332,398

2,500

Fast

Retailing

Company,

Ltd.

744,229

1,700

Fuji

Electric

Company,

Ltd.

72,675

14,500

FUJIFILM

Holdings

NPV

277,805

3,300

Fujikura,

Ltd.

122,215

22,800

Fujitsu,

Ltd.

453,740

2,900

Hankyu

Hanshin

Holdings,

Inc.

78,031

200

Hikari

Tsushin,

Inc.

51,619

60,000

Hitachi,

Ltd.

1,408,764

58,100

Honda

Motor

Company,

Ltd.

525,780

1,400

Hoshizaki

Corporation

54,192

4,500

Hoya

Corporation

507,863

6,000

Hulic

Company,

Ltd.

57,595

11,700

Idemitsu

Kosan

Company,

Ltd.

82,757

11,400

Inpex

Corporation

158,127

7,300

Isuzu

Motors,

Ltd.

99,263

15,400

ITOCHU

Corporation

714,913

1,900

Japan

Airlines

Company,

Ltd.

32,546

12,800

Japan

Exchange

Group,

Inc.

131,724

24,200

Japan

Post

Bank

Company,

Ltd.

245,716

24,900

Japan

Post

Holdings

Company,

Ltd.

249,683

2,500

Japan

Post

Insurance

Company,

Ltd.

50,950

15,500

Japan

Tobacco,

Inc.

426,035

7,500

JFE

Holdings,

Inc.

92,074

5,100

Kajima

Corporation

104,323

12,300

Kansai

Electric

Power

Company,

Inc.

145,977

6,000

Kao

Corporation

259,720

4,800

Kawasaki

Kisen

Kaisha,

Ltd.

65,244

39,800

KDDI

Corporation

628,667

2,500

Keyence

Corporation

983,025

8,800

Kikkoman

Corporation

84,891

10,100

Kirin

Holdings

Company,

Ltd.

139,947

1,900

Kobe

Bussan

Company,

Ltd.

44,237

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

156

Shares

Common

Stock  95.6%

Value

Japan  20.9%  -

continued

11,700

Komatsu,

Ltd.

$

342,613

1,300

Konami

Group

Corporation

153,507

12,700

Kubota

Corporation

156,939

16,600

Kyocera

Corporation

187,498

3,100

Kyowa

Hakko

Kirin

Company,

Ltd.

45,250

1,000

Lasertec

Corporation

85,950

37,000

LY

Corporation

125,288

5,700

M3,

Inc.

65,114

3,100

Makita

Corporation

102,714

18,300

Marubeni

Corporation

293,565

4,300

MatsukiyoCocokara

&

Company

67,269

3,100

MEIJI

Holdings

Company,

Ltd.

67,171

4,700

Minebea

Mitsumu,

Inc.

68,698

17,600

Mitsubishi

Chemical

Group

Corporation

86,970

44,300

Mitsubishi

Corporation

782,106

24,600

Mitsubishi

Electric

Corporation

453,680

13,800

Mitsubishi

Estate

Company,

Ltd.

225,574

11,400

Mitsubishi

HC

Capital,

Inc.

77,251

41,500

Mitsubishi

Heavy

Industries,

Ltd.

712,704

148,400

Mitsubishi

UFJ

Financial

Group,

Inc.

2,023,258

32,700

Mitsui

&

Company,

Ltd.

616,500

34,200

Mitsui

Fudosan

Company,

Ltd.

306,264

4,500

Mitsui

O.S.K.

Lines,

Ltd.

156,677

31,230

Mizuho

Financial

Group,

Inc.

857,068

3,200

MonotaRO

Company,

Ltd.

59,778

16,700

MS

and

AD

Insurance

Group

Holdings,

Inc.

363,189

21,600

Murata

Manufacturing

Company,

Ltd.

333,179

16,000

NEC

Corporation

340,812

4,400

NEXON

Company,

Ltd.

60,264

10,800

Nidec

Corporation

181,249

14,300

Nintendo

Company,

Ltd.

972,081

99

Nippon

Building

Fund,

Inc.

84,090

12,300

Nippon

Paint

Holdings

Company,

Ltd.

92,368

2,200

Nippon

Sanso

Holdings

Corporation

66,736

12,500

Nippon

Steel

Corporation

267,513

386,900

Nippon

Telegraph

and

Telephone

Corporation

373,928

5,700

Nippon

Yusen

Kabushiki

Kaisha

c

188,374

28,900

Nissan

Motor

Company,

Ltd.

a

74,119

2,500

Nissin

Foods

Holdings

Company,

Ltd.

51,026

1,000

Nitori

Holdings

Company,

Ltd.

97,839

9,200

Nitto

Denko

Corporation

170,168

38,900

Nomura

Holdings,

Inc.

239,699

4,900

Nomura

Research

Institute,

Ltd.

159,507

8,200

NTT

Data

Group

Corporation

c

148,544

8,400

Obayashi

Corporation

112,059

4,200

OBIC

Company,

Ltd.

121,099

14,500

Olympus

Corporation

189,816

2,300

OMRON

Corporation

64,944

4,700

Ono

Pharmaceutical

Company,

Ltd.

c

50,566

500

Oracle

Corporation

Japan

52,617

14,000

Oriental

Land

Company,

Ltd.

276,090

14,900

ORIX

Corporation

311,096

4,700

Osaka

Gas

Company,

Ltd.

106,348

3,000

Otsuka

Corporation

64,954

5,700

Otsuka

Holdings

Company,

Ltd.

297,027

4,900

Pan

Pacific

International

Holdings

Company

134,595

Shares

Common

Stock  95.6%

Value

Japan  20.9%  -

continued

30,200

Panasonic

Holdings

Corporation

$

360,271

19,500

Rakuten

Group,

Inc.

a

111,871

18,200

Recruit

Holdings

Company,

Ltd.

942,965

21,800

Renesas

Electronics

Corporation

292,396

27,100

Resona

Holdings,

Inc.

236,632

6,800

Ricoh

Company,

Ltd.

71,931

3,500

SBI

Holdings,

Inc.

94,510

1,100

SCREEN

Holdings

Company,

Ltd.

71,766

2,000

SCSK

Corporation

49,455

5,400

Secom

Company,

Ltd.

183,919

3,700

Seiko

Epson

Corporation

59,276

4,900

Sekisui

Chemical

Company,

Ltd.

83,574

7,700

Sekisui

House,

Ltd.

172,342

28,700

Seven

&

I

Holdings

Company,

Ltd.

415,602

4,100

SG

Holdings

Company,

Ltd.

40,889

3,100

Shimadzu

Corporation

77,434

1,000

Shimano,

Inc.

140,413

23,100

Shin-Etsu

Chemical

Company,

Ltd.

659,162

9,800

Shionogi

&

Company,

Ltd.

147,928

5,200

Shiseido

Company,

Ltd.

98,618

700

SMC

Corporation

250,491

370,500

SoftBank

Corporation

516,838

12,400

SoftBank

Group

Corporation

634,259

11,500

Sompo

Holdings,

Inc.

350,189

79,600

Sony

Group

Corporation

2,014,119

7,600

Subaru

Corporation

136,110

14,100

Sumitomo

Corporation

321,732

9,300

Sumitomo

Electric

Industries,

Ltd.

155,216

3,200

Sumitomo

Metal

Mining

Company,

Ltd.

69,948

48,300

Sumitomo

Mitsui

Financial

Group,

Inc.

1,242,016

8,400

Sumitomo

Mitsui

Trust

Group,

Inc.

211,439

4,000

Sumitomo

Realty

&

Development

Company,

Ltd.

150,294

1,800

Suntory

Beverage

and

Food,

Ltd.

59,385

20,400

Suzuki

Motor

Corporation

250,412

6,500

Sysmex

Corporation

124,085

6,300

T&D

Holdings,

Inc.

134,839

2,100

Taisei

Corporation

93,474

20,600

Takeda

Pharmaceutical

Company,

Ltd.

610,559

25,200

TDK

Corporation

264,073

17,300

Terumo

Corporation

325,517

2,800

TIS,

Inc.

77,484

1,400

Toho

Company,

Ltd.

69,566

23,100

Tokio

Marine

Holdings,

Inc.

898,655

5,800

Tokyo

Electron,

Ltd.

795,369

4,500

Tokyo

Gas

Company,

Ltd.

143,148

3,800

Tokyo

Metro

Company,

Ltd.

46,178

6,900

Tokyu

Corporation

77,681

3,100

TOPPAN

Holdings,

Inc.

84,746

18,000

Toray

Industries,

Inc.

123,011

2,100

Toyota

Industries

Corporation

179,607

122,700

Toyota

Motor

Corporation

2,169,005

8,300

Toyota

Tsusho

Corporation

139,837

1,600

Trend

Micro,

Inc.

108,013

14,500

Unicharm

Corporation

115,490

5,800

West

Japan

Railway

Company

113,143

3,350

Yakult

Honsha

Company,

Ltd.

63,746

12,000

Yamaha

Motor

Company,

Ltd.

96,076

2,900

Yaskawa

Electric

Corporation

72,669

3,000

Yokogawa

Electric

Corporation

58,548

1,200

Zensho

Holdings

Company,

Ltd.

64,709

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

157

Shares

Common

Stock  95.6%

Value

Japan  20.9%  -

continued

5,400

ZOZO,

Inc.

$

51,720

Total

48,078,501

Jersey  0.5%  

2,753

CVC

Capital

Partners

plc

a,b

54,615

11,909

Experian

plc

551,810

134,279

Glencore

plc

491,481

13,968

WPP

plc

106,144

Total

1,204,050

Luxembourg  0.7%  

6,073

ArcelorMittal

SA

175,428

1,749

Eurofins

Scientific

SE

93,297

2,913

InPost

SA

a

42,752

2,027

Spotify

Technology

SA

a

1,114,911

5,350

Tenaris

SA

104,693

Total

1,531,081

Netherlands  5.5%  

5,932

ABN

AMRO

Bank

NV

b

124,996

285

Adyen

NV

a,b

436,848

2,546

AerCap

Holdings

NV

260,125

7,694

Airbus

SE

1,354,807

2,211

Akzo

Nobel

NV

136,167

782

Argenx

SE

a

461,457

607

ASM

International

NV

276,607

5,099

ASML

Holding

NV

3,374,394

2,052

ASR

Nederland

NV

117,965

1,051

BE

Semiconductor

Industries

NV

109,837

1,012

Euronext

NV

b

146,874

1,288

EXOR

NV

116,968

1,632

Ferrari

NV

696,965

6,140

Ferrovial

SE

274,629

1,678

Heineken

Holding

NV

121,444

3,729

Heineken

NV

304,065

765

IMCD

NV

101,808

40,752

ING

Groep

NV

798,387

2,212

JDE

Peet's

BV

48,362

50,354

Koninklijke

(Royal)

KPN

NV

213,283

11,919

Koninklijke

Ahold

Delhaize

NV

445,236

10,345

Koninklijke

Philips

NV

a

263,365

3,483

NN

Group

NV

193,815

17,713

Prosus

NV

822,933

2,793

QIAGEN

NV

110,959

1,405

Randstad

Holding

NV

58,401

26,249

Stellantis

NV

294,412

8,767

STMicroelectronics

NV

192,239

10,659

Universal

Music

Group

NV

294,328

3,088

Wolters

Kluwer

NV

480,791

Total

12,632,467

New

Zealand  0.3%  

21,776

Auckland

International

Airport,

Ltd.

101,008

10,332

Contact

Energy,

Ltd.

53,798

7,589

Fisher

&

Paykel

Healthcare

Corporation,

Ltd.

144,831

11,908

Infratil,

Ltd.

70,177

16,873

Meridian

Energy,

Ltd.

53,646

1,882

Xero,

Ltd.

a

183,954

Total

607,414

Norway  0.6%  

4,092

Aker

BP

ASA

97,017

11,595

DNB

Bank

ASA

305,095

Shares

Common

Stock  95.6%

Value

Norway  0.6%  -

continued

10,848

Equinor

ASA

$

286,482

2,590

Gjensidige

Forsikring

ASA

59,527

1,139

Kongsberg

Gruppen

ASA

166,995

6,026

Mowi

ASA

111,706

18,209

Norsk

Hydro

ASA

105,266

9,077

Orkla

ASA

99,543

855

SalMar

ASA

41,106

7,973

Telenor

ASA

113,926

2,144

Yara

International

ASA

64,675

Total

1,451,338

Portugal  0.1%  

40,631

EDP

SA

136,724

5,403

Galp

Energia

SGPS

SA

94,661

3,667

Jeronimo

Martins

SGPS

SA

77,717

Total

309,102

Singapore  1.3%  

75,629

CapitaLand

Integrated

Commercial

Trust

117,524

30,300

Capitaland

Investment,

Ltd.

61,282

48,454

Capland

Ascendas

REIT

95,738

25,830

DBS

Group

Holdings,

Ltd.

887,036

78,300

Genting

Singapore,

Ltd.

43,448

18,900

Keppel,

Ltd.

96,407

43,863

Oversea-Chinese

Banking

Corporation,

Ltd.

562,150

11,600

Sembcorp

Industries,

Ltd.

54,287

19,300

Singapore

Airlines,

Ltd.

97,223

11,100

Singapore

Exchange,

Ltd.

109,890

20,200

Singapore

Technologies

Engineering,

Ltd.

101,448

96,200

Singapore

Telecommunications,

Ltd.

243,997

16,400

United

Overseas

Bank,

Ltd.

462,751

24,900

Wilmar

International,

Ltd.

61,743

33,400

Yangzijiang

Shipbuilding

Holdings,

Ltd.

58,618

Total

3,053,542

Spain  2.9%  

311

Acciona

SA

40,705

2,308

ACS

Actividades

de

Construccion

y

Servicios

SA

132,095

971

Aena

SME

SA

b

227,801

5,833

Amadeus

IT

Holding

SA

446,710

74,623

Banco

Bilbao

Vizcaya

Argentaria

SA

1,018,427

70,440

Banco

de

Sabadell

SA

197,772

196,195

Banco

Santander

SA

1,321,753

51,096

CaixaBank

SA

398,025

6,861

Cellnex

Telecom

SA

b

243,901

3,927

EDP

Renovaveis

SA

32,718

4,113

Endesa

SA

108,961

3,862

Grifols

SA

a

34,383

75,443

Iberdrola

SA

1,218,263

14,124

Industria

de

Diseno

Textil

SA

703,262

5,254

Redeia

Corporacion

SA

105,455

14,986

Repsol

SA

198,978

51,392

Telefonica

SA

242,231

Total

6,671,440

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

158

Shares

Common

Stock  95.6%

Value

Supranational  0.1%  

1,570

Unibail-Rodamco-Westfield

$

132,368

Total

132,368

Sweden  3.1%  

1,530

AB

Industrivarden,

Class

A

56,215

2,020

AB

Industrivarden,

Class

C

74,209

3,365

Addtech

AB

98,553

3,746

Alfa

Laval

AB

160,610

12,978

Assa

Abloy

AB

389,616

34,779

Atlas

Copco

AB,

Class

A

555,540

20,210

Atlas

Copco

AB,

Class

B

284,195

4,984

Beijer

Ref

AB

70,112

3,541

Boliden

AB

116,190

8,533

Epiroc

AB,

Class

A

171,806

5,049

Epiroc

AB,

Class

B

88,929

4,821

EQT

AB

147,007

7,902

Essity

AB

224,506

2,057

Evolution

Gaming

Group

AB

b

153,265

9,297

Fastighets

AB

Balder

a

58,177

7,334

Hennes

&

Mauritz

AB

96,736

26,882

Hexagon

AB

287,362

959

Holmen

AB

37,977

3,538

Indutrade

AB

98,045

1,917

Investment

AB

Latour

52,181

22,411

Investor

AB,

Class

B

668,388

984

L

E

Lundbergforetagen

AB

49,306

3,018

Lifco

AB

107,060

19,623

NIBE

Industrier

AB

74,636

4,147

Saab

AB

163,058

2,845

Sagax

AB

59,691

13,806

Sandvik

AB

290,361

6,368

Securitas

AB

90,113

20,547

Skandinaviska

Enskilda

Banken

AB

a

338,024

4,406

Skanska

AB

a

97,245

4,416

SKF

AB

a

89,462

7,856

Svenska

Cellulosa

AB

SCA

a

103,653

18,886

Svenska

Handelsbanken

AB

213,440

10,993

Swedbank

AB

250,360

2,535

Swedish

Orphan

Biovitrum

AB

a

72,644

7,078

Tele2

AB

95,448

35,968

Telefonaktiebolaget

LM

Ericsson

279,859

30,548

Telia

Company

AB

110,287

2,759

Trelleborg

AB

102,612

20,568

Volvo

AB,

Class

B

a

603,431

Total

7,080,309

Switzerland  9.7%  

20,478

ABB,

Ltd.

1,056,623

6,470

Alcon

AG

613,906

1,153

Avolta

AG

50,507

534

Baloise

Holding

AG

112,073

390

Banque

Cantonale

Vaudoise

42,616

46

Barry

Callebaut

AG

60,923

273

BKW

FMB

Energie

47,749

1

Chocoladefabriken

Lindt

and

Spruengli

AG

131,226

2,814

Coca-Cola

HBC

AG

127,446

6,961

Compagnie

Financiere

Richemont

SA

1,215,153

2,408

DSM-Firmenich

AG

238,388

91

EMS-CHEMIE

Holding

AG

62,001

1,232

Galderma

Group

AG

a

130,302

433

Geberit

AG

271,269

120

Givaudan

SA

515,158

Shares

Common

Stock  95.6%

Value

Switzerland  9.7%  -

continued

481

Helvetia

Holding

AG

$

99,765

6,749

Holcim

AG

726,282

2,667

Julius

Baer

Group,

Ltd.

184,866

625

Kuehne

&

Nagel

International

AG

144,331

12

Lindt

&

Spruengli

AG

162,233

1,969

Logitech

International

SA

166,843

935

Lonza

Group

AG

577,615

33,924

Nestle

SA

3,428,245

25,520

Novartis

AG

2,834,501

294

Partners

Group

Holding

AG

418,422

414

Roche

Holding

AG,

Bearer

Shares

143,704

9,097

Roche

Holding

AG,

Participation

Certificates

2,994,074

5,412

Sandoz

Group

AG

226,947

304

Schindler

Holding

AG

92,128

527

Schindler

Holding

AG,

Participation

Certificates

165,168

1,963

SGS

SA

195,591

3,960

SIG

Group

AG

73,218

1,974

Sika

AG

480,835

656

Sonova

Holding

AG

191,539

1,445

Straumann

Holding

AG

174,938

375

Swatch

Group

AG,

Bearer

Shares

64,668

372

Swiss

Life

Holding

AG

339,379

1,001

Swiss

Prime

Site

AG

122,841

3,905

Swiss

Re

AG

664,549

335

Swisscom

AG

193,044

730

Temenos

AG

56,679

42,586

UBS

Group

AG

1,308,012

350

VAT

Group

AG

b

126,162

1,895

Zurich

Insurance

Group

AG

1,322,725

Total

22,354,644

United

Kingdom  14.0%  

12,603

3i

Group

plc

592,604

3,371

Admiral

Group

plc

124,458

16,453

Anglo

American

plc

461,153

5,106

Antofagasta

plc

111,166

5,648

Ashtead

Group

plc

305,371

4,202

Associated

British

Foods

plc

104,174

20,077

AstraZeneca

plc

2,948,218

11,502

Auto

Trader

Group

plc

b

111,221

34,670

Aviva

PLC

249,871

38,972

BAE

Systems

plc

786,946

186,705

Barclays

plc

702,020

17,849

Barratt

Redrow

plc

98,185

208,742

BP

plc

1,171,352

25,734

British

American

Tobacco

plc

1,055,726

83,799

BT

Group

plc

179,746

4,282

Bunzl

plc

164,714

65,746

Centrica

plc

127,301

2,708

Coca-Cola

European

Partners

plc

235,677

21,978

Compass

Group

plc

726,954

1,718

Croda

International

plc

65,270

28,811

Diageo

plc

752,911

53,671

GSK

plc

1,025,669

117,223

Haleon

plc

592,003

4,916

Halma

plc

164,941

2,155

Hikma

Pharmaceuticals

plc

54,440

231,421

HSBC

Holdings

plc

2,623,513

10,268

Imperial

Brands

plc

379,937

17,224

Informa

plc

172,704

2,052

InterContinental

Hotels

Group

plc

220,940

2,090

Intertek

Group

plc

135,902

22,714

J

Sainsbury

plc

69,235

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

159

Shares

Common

Stock  95.6%

Value

United

Kingdom  14.0%  -

continued

32,621

JD

Sports

Fashion

plc

$

28,845

23,476

Kingfisher

plc

77,330

9,163

Land

Securities

Group

plc

65,309

76,305

Legal

&

General

Group

plc

240,640

784,871

Lloyds

TSB

Group

plc

736,147

6,193

London

Stock

Exchange

Group

plc

919,834

29,568

M&G

plc

76,166

26,563

Marks

&

Spencer

Group

plc

122,638

16,647

Melrose

Industries

plc

102,759

5,715

Mondi

plc

85,253

63,344

National

Grid

plc

826,278

99,074

NatWest

Group

plc

584,974

1,521

Next

plc

219,140

7,764

Pearson

plc

122,823

9,092

Phoenix

Group

Holdings

plc

67,493

34,306

Prudential

plc

370,199

34,306

Prudential

plc,

DRIP

a,d

4

8,882

Reckitt

Benckiser

Group

plc

600,608

24,079

RELX

plc

1,209,510

32,688

Rentokil

Initial

plc

148,344

14,601

Rio

Tinto

plc

876,213

110,122

Rolls-Royce

Holdings

plc

a

1,070,321

12,980

Sage

Group

plc

203,791

10,395

Schroders

plc

47,063

16,641

SEGRO

plc

148,835

3,498

Severn

Trent

plc

114,517

78,922

Shell

plc

2,872,800

10,756

Smith

&

Nephew

plc

151,257

4,439

Smiths

Group

plc

111,388

953

Spirax

Group

plc

76,825

14,288

SSE

plc

294,311

26,630

Standard

Chartered

plc

395,174

87,281

Tesco

plc

375,510

32,085

Unilever

plc

1,914,427

8,829

United

Utilities

Group

plc

115,201

263,295

Vodafone

Group

plc

247,399

2,259

Whitbread

plc

71,963

8,627

Wise

plc

a

105,896

Total

32,311,507

Total

Common

Stock

(cost

$162,816,087)

220,185,585

Shares

Preferred

Stock

0.3%

Germany  0.3%  

713

Bayerische

Motoren

Werke

AG

53,788

1,474

Dr.

Ing.

h.c.

F.

Porsche

AG

b

73,822

2,192

Henkel

AG

&

Company

KGaA

174,412

1,983

Porsche

Automobil

Holding

SE

74,677

339

Sartorius

AG

79,028

2,670

Volkswagen

AG

272,443

Total

728,170

Total

Preferred

Stock

(cost

$948,688)

728,170

Shares

Collateral

Held

for

Securities

Loaned

0.2%

383,501

Thrivent

Cash

Management

Trust

383,501

Total

Collateral

Held

for

Securities

Loaned

(cost

$383,501)

383,501

Shares

or

Principal

Amount

Short-Term

Investments

3.4%

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

4.240%,

 4/2/2025

e,f

$

99,976

200,000

4.235%,

 4/16/2025

e,f

199,625

State

Street

Institutional

U.S.

Government

Money

Market

Fund

7,660,505

4.293%

e

7,660,505

Total

Short-Term

Investments

(cost

$7,960,141)

7,960,106

Total

Investments

(cost

$172,108,417)

99.5%

$229,257,362

Other

Assets

and

Liabilities,

Net

0.5%

1,077,304

Total

Net

Assets

100.0%

$230,334,666

a

Non-income

producing

security.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2025,

the

value

of

these

investments

was

$2,640,637

or

1.1%

of

total

net

assets.

c

All

or

a

portion

of

the

security

is

on

loan.

d

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

e

The

interest

rate

shown

reflects

the

yield.

f

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

International

Index

Portfolio

as

of

March

31,

2025:

Securities

Lending

Transactions

Common

Stock

$

368,109

Total

lending

$368,109

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$383,501

Net

amounts

due

to

counterparty

$15,392

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

DRIP

-

Dividend

Reinvestment

Plan

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

160

Reference

Description:

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

International

Index

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

11,076,961

1,735,913

9,341,048

–

Consumer

Discretionary

22,479,057

44,955

22,434,102

–

Consumer

Staples

17,960,345

235,677

17,724,668

–

Energy

8,163,169

–

8,163,169

–

Financials

52,175,281

72,259

52,103,018

4

Health

Care

26,837,251

222,250

26,615,001

–

Industrials

39,426,192

395,115

39,031,077

–

Information

Technology

17,823,490

693,046

17,130,444

–

Materials

12,726,981

–

12,726,981

–

Real

Estate

4,103,575

–

4,103,575

–

Utilities

7,413,283

–

7,413,283

–

Preferred

Stock

Consumer

Cyclical

474,730

–

474,730

–

Consumer

Non-Cyclical

174,412

–

174,412

–

Health

Care

79,028

–

79,028

–

Short-Term

Investments

7,960,106

7,660,505

299,601

–

Subtotal

Investments

in

Securities

$228,873,861

$11,059,720

$217,814,137

$4

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

383,501

Subtotal

Other

Investments

$383,501

Total

Investments

at

Value

$229,257,362

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

International

Index

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Liability

Derivatives

Futures

Contracts

223,979

223,979

–

–

Total

Liability

Derivatives

$223,979

$223,979

$–

$–

The

following

table

presents

International

Index

Portfolio's

futures

contracts

held

as

of

March

31,

2025.

Investments

and/or

cash

totaling

$299,601

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

ICE

mini

MSCI

EAFE

Index

73

June

2025

$

9,043,474

(

$

223,979)

Total

Futures

Long

Contracts

$

9,043,474

(

$

223,979)

Total

Futures

Contracts

$

9,043,474

($223,979)

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

161

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,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

International

Index

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$3,437

$2,321

$5,758

$–

–

–

Total

Affiliated

Short-Term

Investments

3,437

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

585

201

384

384

0.2%

Total

Collateral

Held

for

Securities

Loaned

–

384

0.2

Total

Value

$3,437

$384

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$–

$–

$

–

$21

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$21

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

Value

$–

$–

$

–

Large

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

162

Shares

Common

Stock

97.3%

Value

Communications

Services  12.7%

875,437

Alphabet,

Inc.,

Class

C

$

136,769,522

306,082

Meta

Platforms,

Inc.

176,413,422

46,252

Spotify

Technology

SA

a

25,439,988

Total

338,622,932

Consumer

Discretionary  19.3%

1,191,016

Amazon.com,

Inc.

a

226,602,704

368,743

Best

Buy

Company,

Inc.

27,143,172

196,865

DoorDash,

Inc.

a

35,981,016

485,252

eBay,

Inc.

32,866,118

184,704

Expedia

Group,

Inc.

31,048,742

168,588

Home

Depot,

Inc.

61,785,816

372,923

NIKE,

Inc.

23,673,152

290,797

Tesla,

Inc.

a

75,362,951

Total

514,463,671

Consumer

Staples  1.6%

490,772

Walmart,

Inc.

43,084,874

Total

43,084,874

Energy  0.6%

163,279

ConocoPhillips

17,147,561

Total

17,147,561

Financials  7.8%

94,416

American

Express

Company

25,402,625

49,829

Ameriprise

Financial,

Inc.

24,122,717

154,388

J.P.

Morgan

Chase

&

Company

37,871,376

342,715

Visa,

Inc.

120,107,899

Total

207,504,617

Health

Care  9.2%

68,949

Amgen,

Inc.

21,481,061

138,990

Danaher

Corporation

28,492,950

82,226

Eli

Lilly

&

Company

67,911,276

81,671

Intuitive

Surgical,

Inc.

a

40,449,196

36,689

Regeneron

Pharmaceuticals,

Inc.

23,269,264

62,365

UnitedHealth

Group,

Inc.

32,663,669

192,449

Zoetis,

Inc.

31,686,728

Total

245,954,144

Industrials  6.0%

100,213

Caterpillar,

Inc.

33,050,247

479,560

Fastenal

Company

37,189,878

50,874

Parker-Hannifin

Corporation

30,923,761

787,578

Uber

Technologies,

Inc.

a

57,382,933

Total

158,546,819

Information

Technology  39.5%

1,028,863

Apple,

Inc.

228,541,338

227,304

Applied

Materials,

Inc.

32,986,356

439,355

Broadcom,

Inc.

73,561,208

154,239

CDW

Corporation

24,718,342

348,723

Fortinet,

Inc.

a

33,568,076

152,663

International

Business

Machines

Corporation

37,961,182

557,252

Microsoft

Corporation

209,186,828

2,150,408

NVIDIA

Corporation

233,061,219

203,831

Palantir

Technologies,

Inc.

a

17,203,336

229,305

QUALCOMM,

Inc.

35,223,541

170,103

Salesforce,

Inc.

45,648,841

102,936

SAP

AG

ADR

27,632,140

Shares

Common

Stock  97.3%

Value

Information

Technology  39.5%

-

continued

66,727

ServiceNow,

Inc.

a

$

53,124,034

Total

1,052,416,441

Real

Estate  0.6%

18,913

Equinix,

Inc.

15,420,715

Total

15,420,715

Total

Common

Stock

(cost

$1,487,527,038)

2,593,161,774

Shares

or

Principal

Amount

Short-Term

Investments

2.7%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

72,073,884

4.293%

b

72,073,885

Total

Short-Term

Investments

(cost

$72,073,884)

72,073,885

Total

Investments

(cost

$1,559,600,922)

100.0%

$2,665,235,659

Other

Assets

and

Liabilities,

Net

(<0.1%)

(498,370)

Total

Net

Assets

100.0%

$2,664,737,289

a

Non-income

producing

security.

b

The

interest

rate

shown

reflects

the

yield.

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

Large

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

163

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Large

Cap

Growth

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

338,622,932

338,622,932

–

–

Consumer

Discretionary

514,463,671

514,463,671

–

–

Consumer

Staples

43,084,874

43,084,874

–

–

Energy

17,147,561

17,147,561

–

–

Financials

207,504,617

207,504,617

–

–

Health

Care

245,954,144

245,954,144

–

–

Industrials

158,546,819

158,546,819

–

–

Information

Technology

1,052,416,441

1,052,416,441

–

–

Real

Estate

15,420,715

15,420,715

–

–

Short-Term

Investments

72,073,885

72,073,885

–

–

Subtotal

Investments

in

Securities

$2,665,235,659

$2,665,235,659

$–

$–

Total

Investments

at

Value

$2,665,235,659

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Large

Cap

Growth

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$91,293

$15,828

$107,121

$–

–

–

Total

Affiliated

Short-Term

Investments

91,293

–

–

Total

Value

$91,293

$–

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$–

$–

$

–

$231

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$231

Total

Value

$–

$–

$

–

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

164

Shares

Common

Stock

98.8%

Value

Communications

Services  9.1%

228,625

Alphabet,

Inc.,

Class

A

$

35,354,570

185,292

Alphabet,

Inc.,

Class

C

28,948,169

281,350

AT&T,

Inc.

7,956,578

3,783

Charter

Communications,

Inc.

a

1,394,149

147,827

Comcast

Corporation

5,454,816

9,296

Electronic

Arts,

Inc.

1,343,458

8,539

Fox

Corporation,

Class

A

483,307

5,171

Fox

Corporation,

Class

B

272,564

14,601

Interpublic

Group

of

Companies,

Inc.

396,563

6,146

Live

Nation

Entertainment,

Inc.

a

802,545

9,842

Match

Group,

Inc.

307,070

85,833

Meta

Platforms,

Inc.

49,470,708

16,766

Netflix,

Inc.

a

15,634,798

14,818

News

Corporation,

Class

A

403,346

4,379

News

Corporation,

Class

B

132,990

7,701

Omnicom

Group,

Inc.

638,490

23,319

Paramount

Global

b,c

278,895

6,434

Take-Two

Interactive

Software,

Inc.

a

1,333,447

2,610

TKO

Group

Holdings,

Inc.

398,834

18,795

T-Mobile

US,

Inc.

5,012,815

165,000

Verizon

Communications,

Inc.

7,484,400

70,856

Walt

Disney

Company

6,993,487

87,498

Warner

Brothers

Discovery,

Inc.

a

938,854

Total

171,434,853

Consumer

Discretionary  10.2%

16,967

Airbnb,

Inc.

a

2,026,878

369,687

Amazon.com,

Inc.

a

70,336,649

8,993

Aptiv

plc

a

535,083

658

AutoZone,

Inc.

a

2,508,809

7,626

Best

Buy

Company,

Inc.

561,350

1,297

Booking

Holdings,

Inc.

5,975,162

8,328

Caesars

Entertainment,

Inc.

a

208,200

6,028

CarMax,

Inc.

a

469,702

41,068

Carnival

Corporation

a

802,058

53,123

Chipotle

Mexican

Grill,

Inc.

a

2,667,306

11,116

D.R.

Horton,

Inc.

1,413,177

4,592

Darden

Restaurants,

Inc.

954,034

5,949

Deckers

Outdoor

Corporation

a

665,158

1,353

Domino's

Pizza,

Inc.

621,636

13,297

DoorDash,

Inc.

a

2,430,293

18,774

eBay,

Inc.

1,271,563

4,834

Expedia

Group,

Inc.

812,595

152,571

Ford

Motor

Company

1,530,287

6,021

Garmin,

Ltd.

1,307,340

38,999

General

Motors

Company

1,834,123

5,450

Genuine

Parts

Company

649,313

5,140

Hasbro,

Inc.

316,059

9,430

Hilton

Worldwide

Holdings,

Inc.

2,145,796

38,935

Home

Depot,

Inc.

14,269,288

13,469

Las

Vegas

Sands

Corporation

520,307

9,153

Lennar

Corporation

1,050,581

10,189

LKQ

Corporation

433,440

22,132

Lowe's

Companies,

Inc.

5,161,846

4,391

Lululemon

Athletica,

Inc.

a

1,242,916

8,969

Marriott

International,

Inc./MD

2,136,416

28,088

McDonald's

Corporation

8,773,849

8,769

MGM

Resorts

International

a

259,913

2,053

Mohawk

Industries,

Inc.

a

234,412

46,299

NIKE,

Inc.

2,939,060

17,234

Norwegian

Cruise

Line

Holdings,

Ltd.

a

326,757

117

NVR,

Inc.

a

847,594

Shares

Common

Stock  98.8%

Value

Consumer

Discretionary  10.2%

-

continued

2,253

O'Reilly

Automotive,

Inc.

a

$

3,227,603

1,492

Pool

Corporation

474,978

7,935

PulteGroup,

Inc.

815,718

1,563

Ralph

Lauren

Corporation

345,017

12,932

Ross

Stores,

Inc.

1,652,580

9,705

Royal

Caribbean

Cruises,

Ltd.

1,993,795

44,522

Starbucks

Corporation

4,367,163

8,114

Tapestry,

Inc.

571,307

109,682

Tesla,

Inc.

a

28,425,187

44,061

TJX

Companies,

Inc.

5,366,630

20,938

Tractor

Supply

Company

1,153,684

1,818

Ulta

Beauty,

Inc.

a

666,370

4,825

Williams-Sonoma,

Inc.

762,832

3,511

Wynn

Resorts,

Ltd.

293,168

10,938

Yum!

Brands,

Inc.

1,721,204

Total

192,076,186

Consumer

Staples  6.0%

66,428

Altria

Group,

Inc.

3,987,008

18,756

Archer-Daniels-Midland

Company

900,475

7,138

Brown-Forman

Corporation

242,264

5,232

Bunge

Global

SA

399,829

7,712

Campbell's

Company

307,863

9,641

Church

&

Dwight

Company,

Inc.

1,061,378

4,828

Clorox

Company

710,923

151,756

Coca-Cola

Company

10,868,765

31,808

Colgate-Palmolive

Company

2,980,410

18,709

Conagra

Brands,

Inc.

498,969

6,091

Constellation

Brands,

Inc.

1,117,820

17,399

Costco

Wholesale

Corporation

16,455,626

8,620

Dollar

General

Corporation

757,957

7,923

Dollar

Tree,

Inc.

a

594,780

9,178

Estee

Lauder

Companies,

Inc.

605,748

21,606

General

Mills,

Inc.

1,291,823

5,791

Hershey

Company

990,435

11,405

Hormel

Foods

Corporation

352,871

4,171

J.M.

Smucker

Company

493,888

10,538

Kellanova

869,280

75,147

Kenvue,

Inc.

1,802,025

46,797

Keurig

Dr

Pepper,

Inc.

1,601,393

13,000

Kimberly-Clark

Corporation

1,848,860

34,192

Kraft

Heinz

Company

1,040,462

26,093

Kroger

Company

1,766,235

5,591

Lamb

Weston

Holdings,

Inc.

298,000

9,897

McCormick

&

Company,

Inc.

814,622

6,748

Molson

Coors

Beverage

Company

410,751

50,700

Mondelez

International,

Inc.

3,439,995

27,445

Monster

Beverage

Corporation

a

1,606,081

53,756

PepsiCo,

Inc.

8,060,175

60,943

Philip

Morris

International,

Inc.

9,673,482

91,907

Procter

&

Gamble

Company

15,662,791

19,175

Sysco

Corporation

1,438,892

17,960

Target

Corporation

1,874,306

11,217

Tyson

Foods,

Inc.

715,757

28,113

Walgreens

Boots

Alliance,

Inc.

314,022

170,029

Walmart,

Inc.

14,926,846

Total

112,782,807

Energy  3.6%

14,500

APA

Corporation

304,790

38,808

Baker

Hughes

Company

1,705,611

65,507

Chevron

Corporation

10,958,666

50,008

ConocoPhillips

5,251,840

28,865

Coterra

Energy,

Inc.

834,198

25,747

Devon

Energy

Corporation

962,938

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

165

Shares

Common

Stock  98.8%

Value

Energy  3.6%

-

continued

7,325

Diamondback

Energy,

Inc.

$

1,171,121

22,045

EOG

Resources,

Inc.

2,827,051

23,387

EQT

Corporation

1,249,567

8,243

Expand

Energy

Corporation

917,611

170,616

Exxon

Mobil

Corporation

20,291,361

34,025

Halliburton

Company

863,214

10,833

Hess

Corporation

1,730,355

75,768

Kinder

Morgan,

Inc.

2,161,661

12,386

Marathon

Petroleum

Corporation

1,804,516

26,480

Occidental

Petroleum

Corporation

1,307,053

24,318

ONEOK,

Inc.

2,412,832

16,187

Phillips

66

1,998,771

54,906

Schlumberger

NV

2,295,071

8,547

Targa

Resources

Corporation

1,713,417

738

Texas

Pacific

Land

Corporation

977,843

12,409

Valero

Energy

Corporation

1,638,857

47,779

Williams

Companies,

Inc.

2,855,273

Total

68,233,617

Financials  14.5%

19,400

Aflac,

Inc.

2,157,086

10,387

Allstate

Corporation

2,150,836

21,753

American

Express

Company

5,852,645

23,256

American

International

Group,

Inc.

2,021,877

3,771

Ameriprise

Financial,

Inc.

1,825,579

8,477

Aon

plc

3,383,086

17,520

Apollo

Global

Management,

Inc.

2,399,189

14,693

Arch

Capital

Group,

Ltd.

1,413,173

9,970

Arthur

J.

Gallagher

&

Company

3,442,043

2,010

Assurant,

Inc.

421,597

259,528

Bank

of

America

Corporation

10,830,103

28,130

Bank

of

New

York

Mellon

Corporation

2,359,263

71,843

Berkshire

Hathaway,

Inc.

a

38,262,145

5,706

BlackRock,

Inc.

5,400,615

28,688

Blackstone,

Inc.

4,010,009

9,302

Brown

&

Brown,

Inc.

1,157,169

14,941

Capital

One

Financial

Corporation

2,678,921

4,103

Cboe

Global

Markets,

Inc.

928,468

66,793

Charles

Schwab

Corporation

5,228,556

14,606

Chubb,

Ltd.

4,410,866

6,130

Cincinnati

Financial

Corporation

905,524

73,573

Citigroup,

Inc.

5,222,947

17,134

Citizens

Financial

Group,

Inc.

701,980

14,124

CME

Group,

Inc.

3,746,956

2,732

Corpay,

Inc.

a

952,703

9,838

Discover

Financial

Services

1,679,347

978

Erie

Indemnity

Company

409,831

1,685

Everest

Group,

Ltd.

612,211

1,491

FactSet

Research

Systems,

Inc.

677,868

20,761

Fidelity

National

Information

Services,

Inc.

1,550,431

26,255

Fifth

Third

Bancorp

1,029,196

22,299

Fiserv,

Inc.

a

4,924,288

12,150

Franklin

Resources,

Inc.

233,887

3,290

Global

Life,

Inc.

433,359

9,705

Global

Payments,

Inc.

950,314

12,230

Goldman

Sachs

Group,

Inc.

6,681,127

11,273

Hartford

Insurance

Group,

Inc.

1,394,808

56,980

Huntington

Bancshares,

Inc./OH

855,270

22,520

Intercontinental

Exchange,

Inc.

3,884,700

17,559

Invesco,

Ltd.

266,370

109,594

J.P.

Morgan

Chase

&

Company

26,883,408

2,857

Jack

Henry

&

Associates,

Inc.

521,688

39,043

KeyCorp

624,297

Shares

Common

Stock  98.8%

Value

Financials  14.5%

-

continued

26,459

KKR

&

Company,

Inc.

$

3,058,925

6,925

Loews

Corporation

636,477

6,503

M&T

Bank

Corporation

1,162,411

1,478

MarketAxess

Holdings,

Inc.

319,765

19,250

Marsh

&

McLennan

Companies,

Inc.

4,697,577

31,921

Mastercard,

Inc.

17,496,538

22,691

MetLife,

Inc.

1,821,860

6,067

Moody's

Corporation

2,825,341

48,500

Morgan

Stanley

5,658,495

3,044

MSCI,

Inc.

1,721,382

16,220

Nasdaq,

Inc.

1,230,449

7,681

Northern

Trust

Corporation

757,731

38,773

PayPal

Holdings,

Inc.

a

2,529,938

15,519

PNC

Financial

Services

Group,

Inc.

2,727,775

8,248

Principal

Financial

Group,

Inc.

695,884

22,961

Progressive

Corporation

6,498,193

13,875

Prudential

Financial,

Inc.

1,549,560

7,228

Raymond

James

Financial,

Inc.

1,004,041

35,628

Regions

Financial

Corporation

774,196

12,346

S&P

Global,

Inc.

6,273,003

11,307

State

Street

Corporation

1,012,316

15,237

Synchrony

Financial

806,647

8,726

T.

Rowe

Price

Group,

Inc.

801,658

8,887

Travelers

Companies,

Inc.

2,350,256

51,578

Truist

Financial

Corporation

2,122,435

61,144

U.S.

Bancorp

2,581,500

67,547

Visa,

Inc.

23,672,522

11,768

W.R.

Berkley

Corporation

837,411

128,909

Wells

Fargo

&

Company

9,254,377

3,912

Willis

Towers

Watson

plc

1,322,060

Total

273,676,459

Health

Care  11.0%

67,982

Abbott

Laboratories

9,017,812

69,193

AbbVie,

Inc.

14,497,317

11,182

Agilent

Technologies,

Inc.

1,308,070

2,750

Align

Technology,

Inc.

a

436,865

21,056

Amgen,

Inc.

6,559,997

20,013

Baxter

International,

Inc.

685,045

11,254

Becton,

Dickinson

and

Company

2,577,841

5,737

Biogen,

Inc.

a

785,051

6,196

Bio-Techne

Corporation

363,272

57,767

Boston

Scientific

Corporation

a

5,827,535

79,539

Bristol-Myers

Squibb

Company

4,851,084

9,468

Cardinal

Health,

Inc.

1,304,406

6,765

Cencora,

Inc.

1,881,279

19,437

Centene

Corporation

a

1,180,020

2,004

Charles

River

Laboratories

International,

Inc.

a

301,642

10,731

Cigna

Group

3,530,499

7,823

Cooper

Companies,

Inc.

a

659,870

49,417

CVS

Health

Corporation

3,348,002

25,085

Danaher

Corporation

5,142,425

1,725

DaVita,

Inc.

a

263,873

15,314

Dexcom,

Inc.

a

1,045,793

23,117

Edwards

Lifesciences

Corporation

a

1,675,520

9,090

Elevance

Health,

Inc.

3,953,787

30,883

Eli

Lilly

&

Company

25,506,579

17,924

GE

HealthCare

Technologies,

Inc.

1,446,646

48,848

Gilead

Sciences,

Inc.

5,473,419

7,008

HCA

Healthcare,

Inc.

2,421,614

4,887

Henry

Schein,

Inc.

a

334,711

8,795

Hologic,

Inc.

a

543,267

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

166

Shares

Common

Stock  98.8%

Value

Health

Care  11.0%

-

continued

4,729

Humana,

Inc.

$

1,251,293

3,209

IDEXX

Laboratories,

Inc.

a

1,347,620

6,296

Incyte

Corporation

a

381,223

2,749

Insulet

Corporation

a

721,915

13,979

Intuitive

Surgical,

Inc.

a

6,923,379

6,557

IQVIA

Holding,

Inc.

a

1,155,999

94,367

Johnson

&

Johnson

15,649,823

3,269

Labcorp

Holdings,

Inc.

760,827

4,912

McKesson

Corporation

3,305,727

50,259

Medtronic

plc

4,516,274

99,149

Merck

&

Company,

Inc.

8,899,614

820

Mettler-Toledo

International,

Inc.

a

968,346

13,273

Moderna,

Inc.

a

376,290

2,175

Molina

Healthcare,

Inc.

a

716,423

222,118

Pfizer,

Inc.

5,628,470

4,351

Quest

Diagnostics,

Inc.

736,189

4,124

Regeneron

Pharmaceuticals,

Inc.

2,615,565

5,756

ResMed,

Inc.

1,288,481

4,770

Revvity,

Inc.

504,666

5,417

Solventum

Corporation

a

411,909

3,851

STERIS

plc

872,829

13,460

Stryker

Corporation

5,010,485

14,992

Thermo

Fisher

Scientific,

Inc.

7,460,019

36,071

UnitedHealth

Group,

Inc.

18,892,187

2,301

Universal

Health

Services,

Inc.

432,358

10,065

Vertex

Pharmaceuticals,

Inc.

a

4,879,713

46,783

Viatris,

Inc.

407,480

2,327

Waters

Corporation

a

857,662

2,839

West

Pharmaceutical

Services,

Inc.

635,595

7,803

Zimmer

Biomet

Holdings,

Inc.

883,144

17,551

Zoetis,

Inc.

2,889,772

Total

208,304,518

Industrials  8.4%

21,279

3M

Company

3,125,034

4,629

A.O.

Smith

Corporation

302,551

3,407

Allegion

plc

444,477

9,066

AMETEK,

Inc.

1,560,621

15,947

Automatic

Data

Processing,

Inc.

4,872,287

2,839

Axon

Enterprise,

Inc.

a

1,493,172

29,399

Boeing

Company

a

5,013,999

4,587

Broadridge

Financial

Solutions,

Inc.

1,112,164

4,511

Builders

FirstSource,

Inc.

a

563,604

4,653

C.H.

Robinson

Worldwide,

Inc.

476,467

31,652

Carrier

Global

Corporation

2,006,737

18,733

Caterpillar,

Inc.

6,178,143

13,444

Cintas

Corporation

2,763,145

34,367

Copart,

Inc.

a

1,944,829

75,585

CSX

Corporation

2,224,467

5,389

Cummins,

Inc.

1,689,128

6,232

Dayforce,

Inc.

a

363,513

9,928

Deere

&

Company

4,659,707

25,149

Delta

Air

Lines,

Inc.

1,096,496

5,379

Dover

Corporation

944,983

15,490

Eaton

Corporation

plc

4,210,647

22,102

Emerson

Electric

Company

2,423,263

4,860

Equifax,

Inc.

1,183,702

5,486

Expeditors

International

of

Washington,

Inc.

659,691

22,475

Fastenal

Company

1,742,936

8,685

FedEx

Corporation

2,117,229

13,373

Fortive

Corporation

978,636

10,814

GE

Vernova,

Inc.

3,301,298

Shares

Common

Stock  98.8%

Value

Industrials  8.4%

-

continued

2,336

Generac

Holdings,

Inc.

a

$

295,854

9,946

General

Dynamics

Corporation

2,711,081

42,068

General

Electric

Company

8,419,910

25,486

Honeywell

International,

Inc.

5,396,661

15,875

Howmet

Aerospace,

Inc.

2,059,464

2,104

Hubbell,

Inc.

696,235

1,534

Huntington

Ingalls

Industries,

Inc.

312,997

2,968

IDEX

Corporation

537,119

10,468

Illinois

Tool

Works,

Inc.

2,596,169

15,791

Ingersoll

Rand,

Inc.

1,263,754

4,803

Jacobs

Solutions,

Inc.

580,635

3,114

JB

Hunt

Transport

Services,

Inc.

460,716

25,874

Johnson

Controls

International

plc

2,072,766

7,381

L3Harris

Technologies,

Inc.

1,544,917

5,141

Leidos

Holdings,

Inc.

693,727

1,255

Lennox

International,

Inc.

703,842

8,211

Lockheed

Martin

Corporation

3,667,936

8,309

Masco

Corporation

577,808

2,126

Nordson

Corporation

428,857

8,875

Norfolk

Southern

Corporation

2,102,044

5,333

Northrop

Grumman

Corporation

2,730,549

7,364

Old

Dominion

Freight

Line,

Inc.

1,218,374

15,542

Otis

Worldwide

Corporation

1,603,934

20,554

PACCAR,

Inc.

2,001,343

5,047

Parker-Hannifin

Corporation

3,067,819

12,560

Paychex,

Inc.

1,937,757

1,846

Paycom

Software,

Inc.

403,314

6,476

Pentair

plc

566,520

5,786

Quanta

Services,

Inc.

1,470,685

7,956

Republic

Services,

Inc.

1,926,625

4,432

Rockwell

Automation,

Inc.

1,145,140

11,008

Rollins,

Inc.

594,762

52,213

RTX

Corporation

6,916,134

2,054

Snap-On,

Inc.

692,219

23,229

Southwest

Airlines

Company

780,030

6,042

Stanley

Black

&

Decker,

Inc.

464,509

7,156

Textron,

Inc.

517,021

8,791

Trane

Technologies

plc

2,961,864

2,198

TransDigm

Group,

Inc.

3,040,471

81,879

Uber

Technologies,

Inc.

a

5,965,704

23,685

Union

Pacific

Corporation

5,595,344

12,890

United

Airlines

Holdings,

Inc.

a

890,055

28,666

United

Parcel

Service,

Inc.

3,152,973

2,560

United

Rentals,

Inc.

1,604,352

9,693

Veralto

Corporation

944,583

5,535

Verisk

Analytics,

Inc.

1,647,327

1,737

W.W.

Grainger,

Inc.

1,715,861

6,696

Wabtec

Corporation

1,214,320

14,316

Waste

Management,

Inc.

3,314,297

9,522

Xylem,

Inc.

1,137,498

Total

157,796,802

Information

Technology  29.3%

24,516

Accenture

plc

7,649,973

17,062

Adobe,

Inc.

a

6,543,789

63,515

Advanced

Micro

Devices,

Inc.

a

6,525,531

5,888

Akamai

Technologies,

Inc.

a

473,984

47,468

Amphenol

Corporation

3,113,426

19,445

Analog

Devices,

Inc.

3,921,473

3,428

ANSYS,

Inc.

a

1,085,168

588,791

Apple,

Inc.

130,788,145

31,854

Applied

Materials,

Inc.

4,622,652

40,489

Arista

Networks,

Inc.

a

3,137,088

8,427

Autodesk,

Inc.

a

2,206,189

183,721

Broadcom,

Inc.

30,760,407

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

167

Shares

Common

Stock  98.8%

Value

Information

Technology  29.3%

-

continued

10,750

Cadence

Design

Systems,

Inc.

a

$

2,734,047

5,223

CDW

Corporation

837,038

156,105

Cisco

Systems,

Inc.

9,633,240

19,387

Cognizant

Technology

Solutions

Corporation

1,483,105

30,216

Corning,

Inc.

1,383,288

9,654

CrowdStrike

Holdings,

Inc.

a

3,403,807

12,227

Dell

Technologies,

Inc.

1,114,491

5,192

Enphase

Energy,

Inc.

a

322,164

2,223

EPAM

Systems,

Inc.

a

375,331

2,260

F5,

Inc.

a

601,770

957

Fair

Isaac

Corporation

a

1,764,861

4,196

First

Solar,

Inc.

a

530,500

24,934

Fortinet,

Inc.

a

2,400,147

3,011

Gartner,

Inc.

a

1,263,837

21,257

Gen

Digital,

Inc.

564,161

5,535

GoDaddy,

Inc.

a

997,075

51,479

Hewlett

Packard

Enterprise

Company

794,321

36,757

HP,

Inc.

1,017,801

169,715

Intel

Corporation

3,854,228

36,242

International

Business

Machines

Corporation

9,011,936

10,971

Intuit,

Inc.

6,736,084

4,293

Jabil,

Inc.

584,149

12,977

Juniper

Networks,

Inc.

469,638

6,777

Keysight

Technologies,

Inc.

a

1,014,991

5,209

KLA

Corporation

3,541,078

50,313

Lam

Research

Corporation

3,657,755

21,080

Microchip

Technology,

Inc.

1,020,483

43,670

Micron

Technology,

Inc.

3,794,486

291,376

Microsoft

Corporation

109,379,637

1,874

Monolithic

Power

Systems,

Inc.

1,086,883

6,550

Motorola

Solutions,

Inc.

2,867,655

7,969

NetApp,

Inc.

699,997

959,888

NVIDIA

Corporation

104,032,662

9,962

NXP

Semiconductors

NV

1,893,378

16,518

ON

Semiconductor

Corporation

a

672,117

63,584

Oracle

Corporation

8,889,679

80,343

Palantir

Technologies,

Inc.

a

6,780,949

25,951

Palo

Alto

Networks,

Inc.

a

4,428,279

4,716

PTC,

Inc.

a

730,744

43,350

QUALCOMM,

Inc.

6,658,994

4,203

Roper

Industries,

Inc.

2,478,005

37,510

Salesforce,

Inc.

10,066,184

8,298

Seagate

Technology

Holdings

plc

704,915

8,074

ServiceNow,

Inc.

a

6,428,034

6,300

Skyworks

Solutions,

Inc.

407,169

19,738

Super

Micro

Computer,

Inc.

a,b

675,829

6,059

Synopsys,

Inc.

a

2,598,402

11,694

TE

Connectivity

plc

1,652,596

1,827

Teledyne

Technologies,

Inc.

a

909,316

6,383

Teradyne,

Inc.

527,236

35,681

Texas

Instruments,

Inc.

6,411,876

9,634

Trimble,

Inc.

a

632,472

1,678

Tyler

Technologies,

Inc.

a

975,572

3,189

VeriSign,

Inc.

a

809,591

13,633

Western

Digital

Corporation

a

551,182

8,388

Workday,

Inc.

a

1,958,850

2,014

Zebra

Technologies

Corporation

a

569,076

Total

552,210,916

Materials  2.0%

8,720

Air

Products

and

Chemicals,

Inc.

2,571,702

4,608

Albemarle

Corporation

331,868

Shares

Common

Stock  98.8%

Value

Materials  2.0%

-

continued

56,650

Amcor

plc

$

549,505

3,149

Avery

Dennison

Corporation

560,427

11,697

Ball

Corporation

609,063

6,821

CF

Industries

Holdings,

Inc.

533,061

26,870

Corteva,

Inc.

1,690,929

27,587

Dow,

Inc.

963,338

16,385

DuPont

de

Nemours,

Inc.

1,223,632

4,514

Eastman

Chemical

Company

397,729

9,878

Ecolab,

Inc.

2,504,271

56,326

Freeport-McMoRan,

Inc.

2,132,502

10,021

International

Flavors

&

Fragrances,

Inc.

777,730

20,666

International

Paper

Company

1,102,531

18,663

Linde

plc

8,690,239

10,159

LyondellBasell

Industries

NV

715,194

2,396

Martin

Marietta

Materials,

Inc.

1,145,599

12,450

Mosaic

Company

336,274

44,622

Newmont

Corporation

2,154,350

9,204

Nucor

Corporation

1,107,609

3,495

Packaging

Corporation

of

America

692,080

9,093

PPG

Industries,

Inc.

994,320

9,082

Sherwin-Williams

Company

3,171,344

19,379

Smurfit

WestRock

plc

873,218

5,550

Steel

Dynamics,

Inc.

694,194

5,176

Vulcan

Materials

Company

1,207,561

Total

37,730,270

Real

Estate  2.2%

6,038

Alexandria

Real

Estate

Equities,

Inc.

558,575

18,315

American

Tower

Corporation

3,985,344

5,568

AvalonBay

Communities,

Inc.

1,195,004

5,704

BXP,

Inc.

383,252

4,181

Camden

Property

Trust

511,336

11,585

CBRE

Group,

Inc.

a

1,515,086

16,518

CoStar

Group,

Inc.

a

1,308,721

17,034

Crown

Castle,

Inc.

1,775,454

12,403

Digital

Realty

Trust,

Inc.

1,777,226

3,815

Equinix,

Inc.

3,110,560

13,394

Equity

Residential

958,743

2,519

Essex

Property

Trust,

Inc.

772,250

8,309

Extra

Space

Storage,

Inc.

1,233,803

3,022

Federal

Realty

Investment

Trust

295,612

27,420

Healthpeak

Properties,

Inc.

554,432

27,399

Host

Hotels

&

Resorts,

Inc.

389,340

22,330

Invitation

Homes,

Inc.

778,201

11,513

Iron

Mountain,

Inc.

990,579

26,633

Kimco

Realty

Corporation

565,685

4,582

Mid-America

Apartment

Communities,

Inc.

767,852

36,328

Prologis,

Inc.

4,061,107

6,177

Public

Storage

1,848,714

34,304

Realty

Income

Corporation

1,989,975

6,398

Regency

Centers

Corporation

471,916

4,214

SBA

Communications

Corporation

927,122

12,021

Simon

Property

Group,

Inc.

1,996,448

11,801

UDR,

Inc.

533,051

17,134

Ventas,

Inc.

1,178,134

41,318

VICI

Properties,

Inc.

1,347,793

23,879

Welltower,

Inc.

3,658,502

28,439

Weyerhaeuser

Company

832,694

Total

42,272,511

Utilities  2.5%

27,869

AES

Corporation

346,133

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

168

Shares

Common

Stock  98.8%

Value

Utilities  2.5%

-

continued

10,057

Alliant

Energy

Corporation

$

647,168

10,579

Ameren

Corporation

1,062,132

20,899

American

Electric

Power

Company,

Inc.

2,283,634

7,639

American

Water

Works

Company,

Inc.

1,126,905

6,221

Atmos

Energy

Corporation

961,642

25,544

CenterPoint

Energy,

Inc.

925,459

11,711

CMS

Energy

Corporation

879,613

13,579

Consolidated

Edison,

Inc.

1,501,702

12,262

Constellation

Energy

Corporation

2,472,387

32,924

Dominion

Energy,

Inc.

1,846,049

8,123

DTE

Energy

Company

1,123,167

30,415

Duke

Energy

Corporation

3,709,718

15,174

Edison

International

894,052

16,807

Entergy

Corporation

1,436,830

9,014

Evergy,

Inc.

621,515

14,376

Eversource

Energy

892,893

39,400

Exelon

Corporation

1,815,552

20,104

FirstEnergy

Corporation

812,604

80,601

NextEra

Energy,

Inc.

5,713,805

18,419

NiSource,

Inc.

738,418

7,940

NRG

Energy,

Inc.

757,952

85,977

PG&E

Corporation

1,477,085

4,456

Pinnacle

West

Capital

Corporation

424,434

28,937

PPL

Corporation

1,044,915

19,528

Public

Service

Enterprise

Group,

Inc.

1,607,154

24,826

Sempra

1,771,583

42,945

Southern

Company

3,948,793

13,335

Vistra

Energy

Corporation

1,566,062

12,452

WEC

Energy

Group,

Inc.

1,357,019

22,507

Xcel

Energy,

Inc.

1,593,271

Total

47,359,646

Total

Common

Stock

(cost

$555,615,554)

1,863,878,585

Shares

Collateral

Held

for

Securities

Loaned

<0.1%

Value

957,580

Thrivent

Cash

Management

Trust

957,580

Total

Collateral

Held

for

Securities

Loaned

(cost

$957,580)

957,580

Shares

or

Principal

Amount

Short-Term

Investments

1.2%

Value

Federal

Home

Loan

Bank

Discount

Notes

700,000

4.235%,

4/16/2025

d,e

698,687

500,000

4.195%,

5/28/2025

d,e

496,657

100,000

4.240%,

5/30/2025

d,e

99,308

State

Street

Institutional

U.S.

Government

Money

Market

Fund

20,451,391

4.293%

d

20,451,391

Total

Short-Term

Investments

(cost

$21,746,140)

21,746,043

Total

Investments

(cost

$578,319,274)

100.0%

$1,886,582,208

Other

Assets

and

Liabilities,

Net

(<0.1%)

(111,267)

Total

Net

Assets

100.0%

$1,886,470,941

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

Security

received

as

part

of

a

corporate

restructure

prior

to

period

end

with

a

contractual

restriction

on

its

sale

of

less

than

one

month.

d

The

interest

rate

shown

reflects

the

yield.

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.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Large

Cap

Index

Portfolio

as

of

March

31,

2025:

Securities

Lending

Transactions

Common

Stock

$

942,760

Total

lending

$942,760

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$957,580

Net

amounts

due

to

counterparty

$14,820

Definitions:

plc

-

Public

Limited

Company

S&P

-

Standard

&

Poor's

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

169

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

S&P

-

Standard

&

Poor's

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Large

Cap

Index

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

171,434,853

171,434,853

–

–

Consumer

Discretionary

192,076,186

192,076,186

–

–

Consumer

Staples

112,782,807

112,782,807

–

–

Energy

68,233,617

68,233,617

–

–

Financials

273,676,459

273,676,459

–

–

Health

Care

208,304,518

208,304,518

–

–

Industrials

157,796,802

157,796,802

–

–

Information

Technology

552,210,916

552,210,916

–

–

Materials

37,730,270

37,730,270

–

–

Real

Estate

42,272,511

42,272,511

–

–

Utilities

47,359,646

47,359,646

–

–

Short-Term

Investments

21,746,043

20,451,391

1,294,652

–

Subtotal

Investments

in

Securities

$1,885,624,628

$1,884,329,976

$1,294,652

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

957,580

Subtotal

Other

Investments

$957,580

Total

Investments

at

Value

$1,886,582,208

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Large

Cap

Index

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

166,959

166,959

–

–

Total

Asset

Derivatives

$166,959

$166,959

$–

$–

The

following

table

presents

Large

Cap

Index

Portfolio's

futures

contracts

held

as

of

March

31,

2025.

Investments

and/or

cash

totaling

$1,294,652

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CME

E-mini

S&P

500

Index

80

June

2025

$

22,446,041

$

166,959

Total

Futures

Long

Contracts

$

22,446,041

$

166,959

Total

Futures

Contracts

$

22,446,041

$166,959

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

170

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,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Large

Cap

Index

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$28,596

$5,661

$34,257

$–

–

–

Total

Affiliated

Short-Term

Investments

28,596

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

1,165

8,592

8,799

958

958

<0.1

Total

Collateral

Held

for

Securities

Loaned

1,165

958

<0.1

Total

Value

$29,761

$958

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$–

$–

$

–

$98

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$98

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

Value

$–

$–

$

–

Large

Cap

Value

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

171

Shares

Common

Stock

98.8%

Value

Communications

Services  6.7%

240,329

Alphabet,

Inc.,

Class

C

$

37,546,599

917,458

Comcast

Corporation

33,854,200

78,886

Meta

Platforms,

Inc.

45,466,735

1,330,005

Verizon

Communications,

Inc.

60,329,027

1,575,412

Warner

Brothers

Discovery,

Inc.

a

16,904,171

Total

194,100,732

Consumer

Discretionary  6.4%

276,385

Aptiv

plc

a

16,444,908

5,367

Booking

Holdings,

Inc.

24,725,286

141,694

Columbia

Sportswear

Company

10,724,819

157,549

D.R.

Horton,

Inc.

20,029,204

154,905

Lowe's

Companies,

Inc.

36,128,493

1,172,590

Sony

Group

Corporation

ADR

b

29,772,060

199,148

Wyndham

Hotels

&

Resorts,

Inc.

18,024,886

581,339

Yum

China

Holding,

Inc.

30,264,508

Total

186,114,164

Consumer

Staples  6.9%

3,040,231

Coty,

Inc.

a

16,630,064

191,571

J.M.

Smucker

Company

22,683,922

1,591,255

Kenvue,

Inc.

38,158,295

121,779

Lamb

Weston

Holdings,

Inc.

6,490,821

423,335

Philip

Morris

International,

Inc.

67,195,964

628,270

Sysco

Corporation

47,145,381

Total

198,304,447

Energy  8.9%

406,773

ConocoPhillips

42,719,300

748,876

Devon

Energy

Corporation

28,007,962

1,387,797

Enterprise

Products

Partners,

LP

47,379,390

715,294

Exxon

Mobil

Corporation

85,069,915

639,383

Halliburton

Company

16,221,147

140,711

Marathon

Petroleum

Corporation

20,500,186

258,518

Shell

plc

ADR

18,944,199

Total

258,842,099

Financials  20.4%

113,860

Allstate

Corporation

23,576,990

358,214

American

International

Group,

Inc.

31,143,125

1,728,992

Bank

of

America

Corporation

72,150,836

374,022

Bank

of

New

York

Mellon

Corporation

31,369,225

199,919

Capital

One

Financial

Corporation

35,845,477

588,378

Charles

Schwab

Corporation

46,058,230

136,859

Chubb,

Ltd.

41,330,049

165,650

Discover

Financial

Services

28,276,455

13,573

First

Citizens

BancShares,

Inc./NC

25,165,971

175,059

Intercontinental

Exchange,

Inc.

30,197,678

235,775

J.P.

Morgan

Chase

&

Company

57,835,608

1,746,060

KeyCorp

27,919,499

62,557

Marsh

&

McLennan

Companies,

Inc.

15,265,785

405,021

MetLife,

Inc.

32,519,136

1,314,160

Wells

Fargo

&

Company

94,343,546

Total

592,997,610

Health

Care  13.4%

42,668

Amgen,

Inc.

13,293,215

821,725

Avantor,

Inc.

a

13,320,162

204,433

BioMarin

Pharmaceutical,

Inc.

a

14,451,369

93,816

Cigna

Group

30,865,464

359,568

Gilead

Sciences,

Inc.

40,289,594

421,510

Johnson

&

Johnson

69,903,218

Shares

Common

Stock  98.8%

Value

Health

Care  13.4%

-

continued

118,907

Labcorp

Holdings,

Inc.

$

27,674,415

457,427

Merck

&

Company,

Inc.

41,058,648

670,995

Sanofi

SA

ADR

37,213,383

122,789

UnitedHealth

Group,

Inc.

64,310,739

315,984

Zimmer

Biomet

Holdings,

Inc.

35,763,069

Total

388,143,276

Industrials  11.4%

582,283

Amentum

Holdings,

Inc.

a

10,597,551

51,765

Caterpillar,

Inc.

17,072,097

2,809,486

CNH

Industrial

NV

34,500,488

798,072

CSX

Corporation

23,487,259

644,120

Delta

Air

Lines,

Inc.

28,083,632

574,798

Flowserve

Corporation

28,073,134

123,876

General

Dynamics

Corporation

33,766,120

232,814

Hexcel

Corporation

12,748,895

196,239

Honeywell

International,

Inc.

41,553,608

198,244

Jacobs

Solutions,

Inc.

23,965,717

145,563

JB

Hunt

Transport

Services,

Inc.

21,536,046

143,858

L3Harris

Technologies,

Inc.

30,110,918

236,994

United

Parcel

Service,

Inc.

26,066,970

Total

331,562,435

Information

Technology  11.0%

1,086,730

Cisco

Systems,

Inc.

67,062,108

191,482

International

Business

Machines

Corporation

47,613,914

166,296

Microsoft

Corporation

62,425,855

301,578

QUALCOMM,

Inc.

46,325,397

982,074

Samsung

Electronics

Company,

Ltd.

38,934,789

179,265

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

29,757,990

264,012

TD

SYNNEX

Corporation

27,446,688

Total

319,566,741

Materials  3.9%

420,446

CF

Industries

Holdings,

Inc.

32,857,855

358,930

Corteva,

Inc.

22,587,465

270,299

Eastman

Chemical

Company

23,816,045

273,979

Nucor

Corporation

32,970,632

Total

112,231,997

Real

Estate  3.2%

63,840

AvalonBay

Communities,

Inc.

13,701,341

166,379

CBRE

Group,

Inc.

a

21,759,046

318,747

Crown

Castle,

Inc.

33,223,000

1,436,055

Healthcare

Realty

Trust,

Inc.

24,269,329

Total

92,952,716

Utilities  6.6%

121,207

Constellation

Energy

Corporation

24,438,968

440,089

Duke

Energy

Corporation

53,677,655

708,513

Entergy

Corporation

60,570,776

413,658

Public

Service

Enterprise

Group,

Inc.

34,044,054

158,048

Vistra

Energy

Corporation

18,561,157

Total

191,292,610

Total

Common

Stock

(cost

$2,108,120,753)

2,866,108,827

Large

Cap

Value

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

172

Shares

Collateral

Held

for

Securities

Loaned

1.0%

Value

30,382,225

Thrivent

Cash

Management

Trust

$

30,382,225

Total

Collateral

Held

for

Securities

Loaned

(cost

$30,382,225)

30,382,225

Shares

or

Principal

Amount

Short-Term

Investments

1.1%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

31,231,890

4.293%

c

31,231,890

Total

Short-Term

Investments

(cost

$31,231,890)

31,231,890

Total

Investments

(cost

$2,169,734,868)

100.9%

$2,927,722,942

Other

Assets

and

Liabilities,

Net

(0.9%)

(25,404,425)

Total

Net

Assets

100.0%

$2,902,318,517

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

The

interest

rate

shown

reflects

the

yield.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Large

Cap

Value

Portfolio

as

of

March

31,

2025:

Securities

Lending

Transactions

Common

Stock

$

29,472,712

Total

lending

$29,472,712

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$30,382,225

Net

amounts

due

to

counterparty

$909,513

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

plc

-

Public

Limited

Company

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Large

Cap

Value

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

194,100,732

194,100,732

–

–

Consumer

Discretionary

186,114,164

186,114,164

–

–

Consumer

Staples

198,304,447

198,304,447

–

–

Energy

258,842,099

258,842,099

–

–

Financials

592,997,610

592,997,610

–

–

Health

Care

388,143,276

388,143,276

–

–

Industrials

331,562,435

331,562,435

–

–

Information

Technology

319,566,741

280,631,952

38,934,789

–

Materials

112,231,997

112,231,997

–

–

Real

Estate

92,952,716

92,952,716

–

–

Utilities

191,292,610

191,292,610

–

–

Short-Term

Investments

31,231,890

31,231,890

–

–

Subtotal

Investments

in

Securities

$2,897,340,717

$2,858,405,928

$38,934,789

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

30,382,225

Subtotal

Other

Investments

$30,382,225

Total

Investments

at

Value

$2,927,722,942

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Large

Cap

Value

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

173

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,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Large

Cap

Value

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$47,309

$16,040

$63,349

$–

–

–

Total

Affiliated

Short-Term

Investments

47,309

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

12,459

51,476

33,553

30,382

30,382

1.0%

Total

Collateral

Held

for

Securities

Loaned

12,459

30,382

1.0

Total

Value

$59,768

$30,382

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$5

($5)

$

–

$114

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$114

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

29

Total

Affiliated

Income

from

Securities

Loaned,

Net

$29

Total

Value

$5

($5)

$

–

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

174

Principal

Amount

Long-Term

Fixed

Income

99.0%

Value

Asset-Backed

Securities  14.3%

ACHV

ABS

Trust

$

490,888

5.900%, 

4/25/2031,

Ser.

2024-1PL,

Class

A

a

$

494,888

1,179,198

5.070%, 

10/27/2031,

Ser.

2024-2PL,

Class

A

a

1,180,038

Affirm

Asset

Securitization

Trust

2,200,000

6.820%, 

9/15/2028,

Ser.

2023-B,

Class

A

a

2,216,875

1,900,000

5.610%, 

2/15/2029,

Ser.

2024-A,

Class

A

a

1,912,709

232,118

6.270%, 

5/15/2029,

Ser.

2024-X1,

Class

A

a

232,474

1,806,299

5.220%, 

12/17/2029,

Ser.

2024-X2,

Class

A

a

1,805,571

Affirm

Master

Trust

2,500,000

4.990%, 

2/15/2033,

Ser.

2025-1A,

Class

A

a

2,513,035

Annisa

CLO,

Ltd.

1,500,000

5.793%, 

(TSFR3M

+

1.500%),

7/20/2031,

Ser.

2016-2A,

Class

BRR

a,b

1,500,034

Auxilior

Term

Funding,

LLC

1,799,438

5.840%, 

3/15/2027,

Ser.

2024-1A,

Class

A2

a

1,811,923

Avis

Budget

Rental

Car

Funding

AESOP,

LLC

3,210,000

5.780%, 

4/20/2028,

Ser.

2023-5A,

Class

A

a

3,276,396

2,450,000

5.250%, 

4/20/2029,

Ser.

2023-1A,

Class

A

a

2,489,725

Benefit

Street

Partners

CLO

IV,

Ltd.

2,500,000

6.193%, 

(TSFR3M

+

1.900%),

4/20/2034,

Ser.

2014-IVA,

Class

BR4

a,b

2,500,045

BRAVO

Residential

Funding

Trust

1,158,396

5.090%, 

(SOFR30A

+

0.750%),

4/25/2025,

Ser.

2021-HE2,

Class

A1

a,b

1,153,995

CarVal

CLO

I,

Ltd.

2,800,000

6.158%, 

(TSFR3M

+

1.850%),

7/16/2031,

Ser.

2018-1A,

Class

BR

a,b

2,801,364

CarVal

CLO

III,

Ltd.

3,000,000

5.432%, 

(TSFR3M

+

1.400%),

7/20/2032,

Ser.

2019-2A,

Class

BR2

a,b

2,990,424

Cascade

Funding

Mortgage

Trust

223,560

1.100%, 

3/20/2041,

Ser.

2021-GRN1,

Class

A

a

220,132

Cascade

Funding

Mortgage

Trust,

LLC

257,736

4.250%, 

4/25/2033,

Ser.

2023-HB12,

Class

A

a,b

255,188

Commonbond

Student

Loan

Trust

163,710

2.550%, 

5/25/2041,

Ser.

2017-AGS,

Class

A1

a

154,091

248,019

4.935%, 

(TSFR1M

+

0.614%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

a,b

244,817

Dryden

61

CLO,

Ltd.

1,750,000

5.882%, 

(TSFR3M

+

1.580%),

1/17/2032,

Ser.

2018-61A,

Class

B2R

a,b

1,748,252

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Asset-Backed

Securities  14.3%

-

continued

ECMC

Group

Student

Loan

Trust

$

1,603,455

5.490%, 

(SOFR30A

+

1.150%),

4/25/2025,

Ser.

2024-1A,

Class

A

a,b

$

1,606,463

3,000,000

5.296%, 

(SOFR30A

+

0.950%),

4/25/2074,

Ser.

2025-1A,

Class

A

a,b

2,999,937

Education

Funding

Trust

802,315

2.790%, 

7/25/2041,

Ser.

2020-A,

Class

A

a

755,150

Enterprise

Fleet

Financing,

LLC

1,500,000

4.700%, 

6/20/2031,

Ser.

2024-4,

Class

A4

a

1,506,259

Ford

Credit

Auto

Owner

Trust

1,000,000

4.110%, 

7/15/2030,

Ser.

2024-C,

Class

A4

991,912

Ford

Credit

Floorplan

Master

Owner

Trust

A

1,500,000

4.400%, 

9/15/2031,

Ser.

2024-4,

Class

A

a

1,495,391

Foundation

Finance

Trust

744,593

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

a

696,918

1,724,678

6.530%, 

6/15/2049,

Ser.

2023-2A,

Class

A

a

1,798,146

GM

Financial

Automobile

Leasing

Trust

750,000

4.220%, 

10/20/2028,

Ser.

2024-3,

Class

A4

746,557

GMAC

Mortgage

Corporation

Loan

Trust

27,459

4.935%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,c

13,745

GoldenTree

Loan

Management

US

CLO

11,

Ltd.

1,000,000

5.373%, 

(TSFR3M

+

1.080%),

10/20/2034,

Ser.

2021-11A,

Class

AR

a,b

995,463

GreatAmerica

Leasing

Receivables

Funding,

LLC

630,000

4.520%, 

10/15/2027,

Ser.

2025-1,

Class

A2

a

629,625

GSAA

Home

Equity

Trust

127,528

6.385%, 

(TSFR1M

+

2.064%),

5/25/2034,

Ser.

2004-4,

Class

M2

b

197,948

844,141

4.312%, 

8/25/2034,

Ser.

2004-10,

Class

M2

b

791,424

Hertz

Vehicle

Financing

III,

LLC

975,000

5.490%, 

6/25/2027,

Ser.

2023-1A,

Class

A

a

981,077

950,000

5.440%, 

1/25/2029,

Ser.

2024-1A,

Class

A

a

962,297

1,275,000

4.910%, 

9/25/2029,

Ser.

2025-1A,

Class

A

a

1,273,637

KKR

Static

CLO

I,

Ltd.

1,335,300

5.273%, 

(TSFR3M

+

0.980%),

7/20/2031,

Ser.

2022-1A,

Class

AR2

a,b

1,332,919

1,500,000

5.743%, 

(TSFR3M

+

1.450%),

7/20/2031,

Ser.

2022-1A,

Class

BR2

a,b

1,496,223

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

175

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Asset-Backed

Securities  14.3%

-

continued

Lendbuzz

Securitization

Trust

$

1,600,000

5.100%, 

10/15/2030,

Ser.

2025-1A,

Class

A2

a

$

1,601,738

M&T

Bank

Auto

Receivables

Trust

1,000,000

4.890%, 

7/15/2032,

Ser.

2025-1A,

Class

A4

a

1,008,646

Madison

Park

Funding

XXXIX,

Ltd.

2,500,000

6.040%, 

(TSFR3M

+

1.750%),

10/22/2034,

Ser.

2021-39A,

Class

BR

a,b

2,491,977

Marlette

Funding

Trust

524,165

5.950%, 

7/17/2034,

Ser.

2024-1A,

Class

A

a

525,696

Merchants

Fleet

Funding,

LLC

1,100,000

5.820%, 

4/20/2037,

Ser.

2024-1A,

Class

A

a

1,108,194

MFA

Trust

966,989

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

d

968,324

National

Collegiate

Trust

397,434

5.255%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

a,b

388,938

Navient

Student

Loan

Trust

1,269,139

4.160%, 

10/15/2070,

Ser.

2022-BA,

Class

A

a

1,242,173

Oak

Street

Investment

2,018,122

1.850%, 

11/20/2050,

Ser.

2020-1A,

Class

A1

a

1,956,108

Octane

Receivables

Trust

1,029,840

5.800%, 

7/20/2032,

Ser.

2024-2A,

Class

A2

a

1,041,208

OneMain

Financial

Issuance

Trust

3,500,000

1.750%, 

9/14/2035,

Ser.

2020-2A,

Class

A

a

3,386,907

OZLM

XVII,

Ltd.

2,800,000

6.293%, 

(TSFR3M

+

2.000%),

7/20/2030,

Ser.

2017-17A,

Class

BRR

a,b

2,804,396

Pagaya

AI

Debt

Grantor

Trust

967,657

5.331%, 

1/15/2032,

Ser.

2024-8,

Class

A

a

972,086

2,616,091

5.092%, 

7/15/2032,

Ser.

2024-11,

Class

A

a

2,614,493

Pagaya

AI

Debt

Grantor

Trust

and

Pagaya

AI

Debt

Trust

982,485

6.093%, 

11/15/2031,

Ser.

2024-6,

Class

A

a

992,302

Palmer

Square

Loan

Funding,

Ltd.

2,299,775

5.352%, 

(TSFR3M

+

1.050%),

10/15/2032,

Ser.

2024-1A,

Class

A1

a,b

2,299,094

1,250,000

5.752%, 

(TSFR3M

+

1.450%),

10/15/2032,

Ser.

2024-1A,

Class

A2

a,b

1,251,265

2,000,000

5.900%, 

(TSFR3M

+

1.450%),

1/15/2033,

Ser.

2024-2A,

Class

A2

a,b

1,999,790

2,000,000

5.521%, 

(TSFR3M

+

1.200%),

2/15/2033,

Ser.

2025-1A,

Class

A2

a,b

1,995,624

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Asset-Backed

Securities  14.3%

-

continued

PPM

CLO

2,

Ltd.

$

3,750,000

5.808%, 

(TSFR3M

+

1.500%),

4/16/2037,

Ser.

2019-2A,

Class

AR

a,b

$

3,752,242

Pretium

Mortgage

Credit

Partners,

LLC

1,113,800

5.835%, 

3/25/2055,

Ser.

2025-NPL2,

Class

A1

a,d

1,114,295

1,724,756

4.868%, 

7/25/2051,

Ser.

2021-NPL3,

Class

A1

a,d

1,722,354

948,305

6.996%, 

7/25/2054,

Ser.

2024-NPL4,

Class

A1

a,d

948,619

RCO

VII

Mortgage,

LLC

969,220

7.021%, 

1/25/2029,

Ser.

2024-1,

Class

A1

a,d

971,910

SCF

Equipment

Leasing,

LLC

299,339

6.560%, 

1/22/2030,

Ser.

2023-1A,

Class

A2

a

299,501

SFS

Auto

Receivables

Securitization

Trust

72,333

5.890%, 

3/22/2027,

Ser.

2023-1A,

Class

A2A

a

72,396

Terwin

Mortgage

Trust

661,709

5.935%, 

(TSFR1M

+

1.614%),

12/25/2034,

Ser.

2004-21HE,

Class

2M2

a,b

654,730

Tesla

Auto

Lease

Trust

1,500,000

4.880%, 

6/20/2028,

Ser.

2024-B,

Class

A4

a

1,502,624

Towd

Point

Asset

Trust

854,764

1.050%, 

11/20/2061,

Ser.

2021-SL1,

Class

A1

a

816,024

United

Auto

Credit

Securitization

Trust

120,180

6.170%, 

8/10/2026,

Ser.

2024-1,

Class

A

a

120,240

Upstart

Securitization

Trust

311,701

6.770%, 

6/20/2033,

Ser.

2023-2,

Class

A

a

312,347

Vericrest

Opportunity

Loan

Transferee

493,196

5.893%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A1

a

493,021

137,385

5.893%, 

2/27/2051,

Ser.

2021-NPL1,

Class

A1

a

137,354

217,630

6.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

a

217,694

1,276,610

4.868%, 

8/25/2051,

Ser.

2021-NP11,

Class

A1

a,d

1,274,870

Wheels

Fleet

Lease

Funding

1,

LLC

1,000,000

4.800%, 

9/19/2039,

Ser.

2024-3A,

Class

A1

a

1,003,573

Wind

River

CLO,

Ltd.

1,337,920

6.155%, 

(TSFR3M

+

1.862%),

7/20/2030,

Ser.

2013-1A,

Class

A2RR

a,b

1,337,723

Total

100,173,543

Basic

Materials  1.4%

Anglo

American

Capital

plc

1,050,000

4.875%, 

5/14/2025

a

1,049,755

Eastman

Chemical

Company

1,100,000

5.000%, 

8/1/2029

1,105,735

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

176

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Basic

Materials  1.4%

-

continued

FMC

Corporation

$

1,750,000

5.150%, 

5/18/2026

$

1,754,472

Glencore

Funding,

LLC

1,500,000

5.338%, 

4/4/2027

a

1,519,025

1,475,000

6.125%, 

10/6/2028

a

1,535,088

International

Flavors

&

Fragrances,

Inc.

750,000

1.832%, 

10/15/2027

a

698,036

LYB

International

Finance

III,

LLC

1,079,000

1.250%, 

10/1/2025

1,060,182

Steel

Dynamics,

Inc.

775,000

2.400%, 

6/15/2025

770,831

Total

9,493,124

Capital

Goods  1.8%

AGCO

Corporation

1,100,000

5.450%, 

3/21/2027

1,113,506

BAE

Systems

plc

935,000

5.000%, 

3/26/2027

a

943,093

Boeing

Company

1,750,000

2.196%, 

2/4/2026

1,712,202

650,000

6.259%, 

5/1/2027

668,760

Howmet

Aerospace,

Inc.

1,100,000

3.000%, 

1/15/2029

1,035,655

Huntington

Ingalls

Industries,

Inc.

700,000

3.844%, 

5/1/2025

699,406

Ingersoll

Rand,

Inc.

250,000

5.400%, 

8/14/2028

256,044

Regal

Rexnord

Corporation

850,000

6.050%, 

2/15/2026

856,435

Republic

Services,

Inc.

1,250,000

0.875%, 

11/15/2025

1,221,110

RTX

Corporation

1,100,000

5.750%, 

11/8/2026

1,120,206

Sonoco

Products

Company

850,000

4.450%, 

9/1/2026

847,306

Spirit

AeroSystems,

Inc.

1,425,000

4.600%, 

6/15/2028

1,366,893

Veralto

Corporation

1,100,000

5.500%, 

9/18/2026

1,113,490

Total

12,954,106

Collateralized

Mortgage

Obligations  10.3%

A&D

Mortgage

Trust

2,713,946

6.733%, 

7/25/2068,

Ser.

2023-NQM3,

Class

A1

a,d

2,742,995

1,514,804

5.464%, 

8/25/2069,

Ser.

2024-NQM4,

Class

A1

a

1,514,922

ACRA

Trust

2,168,151

5.912%, 

10/25/2064,

Ser.

2024-NQM1,

Class

A2

a,d

2,171,076

Banc

of

America

Funding

Trust

210,554

6.490%, 

1/25/2035,

Ser.

2004-D,

Class

4A1

b

213,076

419,945

5.750%, 

3/25/2036,

Ser.

2006-3,

Class

3A1

413,132

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

80,547

7.080%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

76,487

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Collateralized

Mortgage

Obligations  10.3%

-

continued

CAFL

Issuer,

LLC

$

2,695,221

4.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

a

$

2,689,643

Chenango

Park

CLO,

Ltd.

2,000,000

6.077%, 

(TSFR3M

+

1.800%),

4/15/2030,

Ser.

2018-1A,

Class

BR

a,b

2,000,000

CHNGE

Mortgage

Trust

1,114,292

6.000%, 

1/25/2058,

Ser.

2022-5,

Class

A1

a,b

1,134,822

1,313,243

3.007%, 

1/25/2067,

Ser.

2022-1,

Class

A1

a,b

1,234,395

1,496,439

7.065%, 

3/25/2058,

Ser.

2023-1,

Class

A1

a,b

1,505,797

2,002,726

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

a,b

1,923,016

1,495,645

6.525%, 

6/25/2058,

Ser.

2023-2,

Class

A1

a,d

1,500,475

1,548,105

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

a,d

1,565,589

Citigroup

Mortgage

Loan

Trust,

Inc.

443,566

5.465%, 

(CMT

1Y

+

2.400%),

3/25/2036,

Ser.

2006-AR1,

Class

3A1

b

423,746

COLT

Mortgage

Loan

Trust

1,833,164

5.443%, 

9/25/2069,

Ser.

2024-INV3,

Class

A1

a,d

1,832,294

1,798,099

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

a,b

1,595,886

Countrywide

Alternative

Loan

Trust

134,132

5.500%, 

11/25/2035,

Ser.

2005-49CB,

Class

A1

86,958

145,470

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

116,253

Credit

Suisse

Mortgage

Capital

Certificates

2,507,125

2.303%, 

10/25/2066,

Ser.

2021-NQM8,

Class

A2

a,b

2,207,026

Deephaven

Residential

Mortgage

Trust

1,991,735

2.205%, 

1/25/2067,

Ser.

2022-1,

Class

A1

a,b

1,789,958

2,021,013

2.085%, 

11/25/2066,

Ser.

2021-4,

Class

A2

a,b

1,750,334

Federal

National

Mortgage

Association

-

REMIC

2,177,043

4.000%, 

7/25/2053,

Ser.

2024-76,

Class

DA

2,113,732

Flagstar

Mortgage

Trust

1,333,238

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,b

1,199,867

GCAT

Trust

1,498,865

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

a,b

1,349,909

1,199,703

5.500%, 

12/25/2054,

Ser.

2024-INV4,

Class

A6

a,b

1,200,360

GS

Mortgage-Backed

Securities

Trust

249,180

1.791%, 

9/27/2060,

Ser.

2020-NQM1,

Class

A2

a,b

233,265

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

177

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Collateralized

Mortgage

Obligations  10.3%

-

continued

J.P.

Morgan

Alternative

Loan

Trust

$

490,145

5.073%, 

3/25/2036,

Ser.

2006-A1,

Class

2A1

b

$

369,931

LHOME

Mortgage

Trust

1,100,000

8.000%, 

6/25/2028,

Ser.

2023-RTL2,

Class

A1

a,d

1,108,138

1,250,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

a,d

1,265,969

2,000,000

7.128%, 

3/25/2029,

Ser.

2024-RTL2,

Class

A1

a,d

2,023,982

MFA

Trust

1,769,522

4.875%, 

9/25/2056,

Ser.

2022-CHM1,

Class

A1

a

1,719,023

2,250,000

7.093%, 

2/25/2029,

Ser.

2024-RTL1,

Class

A1

a,d

2,267,656

Mortgage

Equity

Conversion

Asset

Trust

460,539

4.530%, 

(CMT

1Y

+

0.490%),

1/25/2042,

Ser.

2007-FF1,

Class

A

a,b

454,874

375,897

4.560%, 

(CMT

1Y

+

0.470%),

2/25/2042,

Ser.

2007-FF2,

Class

A

a,b

374,083

NYMT

Loan

Trust

1,354,531

5.379%, 

6/25/2069,

Ser.

2024-INV1,

Class

A1

a,b

1,349,434

1,000,000

7.154%, 

2/25/2029,

Ser.

2024-BPL1,

Class

A1

a,d

1,011,935

1,500,000

6.509%, 

5/25/2039,

Ser.

2024-BPL2,

Class

A1

a,d

1,516,725

Palisades

Mortgage

Loan

Trust

521,742

3.487%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

a

518,878

Pretium

Mortgage

Credit

Partners,

LLc

2,000,000

4.000%, 

8/25/2064,

Ser.

2025-RPL2,

Class

A1

a,d

1,911,576

PRPM,

LLC

1,890,786

4.000%, 

1/25/2054,

Ser.

2024-RCF1,

Class

A1

a,d

1,851,160

1,382,663

6.363%, 

11/25/2025,

Ser.

2020-6,

Class

A1

a

1,384,590

1,020,645

7.026%, 

3/25/2029,

Ser.

2024-2,

Class

A1

a,d

1,023,047

951,405

5.699%, 

11/25/2029,

Ser.

2024-6,

Class

A1

a,d

949,911

Radnor

Re,

Ltd.

1,010,553

6.340%, 

(SOFR30A

+

2.000%),

9/25/2034,

Ser.

2024-1,

Class

M1A

a,b

1,012,041

Roc

Mortgage

Trust

507,626

3.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

a,b

506,717

1,500,000

5.589%, 

10/25/2039,

Ser.

2024-RTL1,

Class

A1

a,d

1,497,097

2,000,000

5.625%, 

2/25/2040,

Ser.

2025-RTL1,

Class

A1

a,d

2,012,885

Toorak

Mortgage

Corporation,

Ltd.

1,904,314

2.577%, 

2/25/2057,

Ser.

2022-INV1,

Class

A1

a,b

1,764,039

Toorak

Mortgage

Trust

2,750,000

6.597%, 

2/25/2039,

Ser.

2024-RRTL1,

Class

A1

a,d

2,769,613

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Collateralized

Mortgage

Obligations  10.3%

-

continued

$

1,200,000

5.524%, 

2/25/2040,

Ser.

2025-RRTL1,

Class

A1

a,d

$

1,201,855

TRK

Trust

1,249,096

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

a,b

1,095,622

TVC

Mortgage

Trust

1,500,000

8.250%, 

11/25/2027,

Ser.

2023-RTL1,

Class

A1

a,d

1,502,766

Vericrest

Opportunity

Loan

Transferee

365,627

6.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

a

365,672

Verus

Securitization

Trust

1,097,383

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

a,b

972,908

Wachovia

Mortgage

Loan

Trust,

LLC

12,051

7.138%, 

5/20/2036,

Ser.

2006-A,

Class

2A1

b

11,789

Total

72,398,929

Commercial

Mortgage-Backed

Securities  3.2%

AMSR

Trust

2,000,000

2.417%, 

12/17/2038,

Ser.

2021-SFR4,

Class

B

a

1,922,976

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

2,250,000

4.508%, 

7/25/2029,

Ser.

K528,

Class

A2

c

2,263,025

1,000,000

4.791%, 

9/25/2029,

Ser.

K529,

Class

A2

c

1,017,013

Home

Partners

of

America

Trust

2,016,176

2.302%, 

12/17/2026,

Ser.

2021-2,

Class

B

a

1,926,770

Progress

Residential

Trust

2,368,857

1.524%, 

7/17/2038,

Ser.

2021-SFR6,

Class

A

a

2,291,386

2,250,000

1.942%, 

8/17/2040,

Ser.

2021-SFR7,

Class

B

a

2,051,170

1,000,000

3.400%, 

2/17/2042,

Ser.

2025-SFR1,

Class

A

a

934,075

900,000

3.305%, 

4/17/2042,

Ser.

2025-SFR2,

Class

A

a

829,867

Silver

Hill

Trust

750,459

3.102%, 

11/25/2049,

Ser.

2019-1,

Class

A1

a,b

735,742

Tricon

Residential

Trust

3,250,000

2.244%, 

7/17/2038,

Ser.

2021-SFR1,

Class

B

a

3,146,393

1,199,254

4.750%, 

6/17/2040,

Ser.

2024-SFR2,

Class

A

a

1,191,648

1,250,000

5.700%, 

6/20/2040,

Ser.

2024-SFR2,

Class

B

a

1,242,350

3,000,000

5.400%, 

(TSFR1M

+

1.100%),

3/17/2042,

Ser.

2025-SFR1,

Class

A

a,b

2,999,994

Total

22,552,409

Communications

Services  2.8%

American

Tower

Corporation

500,000

1.450%, 

9/15/2026

478,119

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

178

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Communications

Services  2.8%

-

continued

$

1,200,000

5.500%, 

3/15/2028

$

1,228,369

AppLovin

Corporation

2,000,000

5.125%, 

12/1/2029

2,007,749

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

484,000

4.908%, 

7/23/2025

483,882

500,000

6.150%, 

11/10/2026

510,146

1,250,000

4.200%, 

3/15/2028

1,225,848

1,025,000

6.100%, 

6/1/2029

1,058,364

Comcast

Corporation

550,000

5.100%, 

6/1/2029

562,735

Crown

Castle,

Inc.

740,000

4.800%, 

9/1/2028

738,579

750,000

4.900%, 

9/1/2029

746,562

NTT

Finance

Corporation

750,000

5.104%, 

7/2/2027

a

761,539

Rogers

Communications,

Inc.

1,100,000

5.000%, 

2/15/2029

1,100,985

Sprint

Capital

Corporation

2,770,000

6.875%, 

11/15/2028

2,957,195

Take-Two

Interactive

Software,

Inc.

750,000

5.400%, 

6/12/2029

768,694

T-Mobile

USA,

Inc.

1,400,000

3.500%, 

4/15/2025

1,399,277

1,875,000

4.850%, 

1/15/2029

1,885,591

Warnermedia

Holdings,

Inc.

1,800,000

3.755%, 

3/15/2027

1,755,644

Total

19,669,278

Consumer

Cyclical  5.9%

American

Honda

Finance

Corporation

1,000,000

4.900%, 

7/9/2027

1,008,972

1,000,000

4.450%, 

10/22/2027

999,621

1,200,000

5.650%, 

11/15/2028

1,241,453

Daimler

Trucks

Finance

North

America,

LLC

350,000

5.600%, 

8/8/2025

a

350,920

Darden

Restaurants,

Inc.

1,000,000

4.350%, 

10/15/2027

992,627

Ford

Motor

Credit

Company,

LLC

1,100,000

3.375%, 

11/13/2025

1,086,868

600,000

5.125%, 

11/5/2026

596,103

1,125,000

5.800%, 

3/5/2027

1,129,869

1,500,000

5.113%, 

5/3/2029

1,445,973

General

Motors

Company

625,000

6.125%, 

10/1/2025

628,158

General

Motors

Financial

Company,

Inc.

925,000

2.750%, 

6/20/2025

920,606

550,000

5.400%, 

5/8/2027

555,311

1,100,000

5.350%, 

7/15/2027

1,109,327

1,100,000

5.050%, 

4/4/2028

1,101,136

1,000,000

5.800%, 

1/7/2029

1,018,597

Hyatt

Hotels

Corporation

1,650,000

5.750%, 

1/30/2027

1,678,594

Hyundai

Capital

America

1,140,000

1.800%, 

10/15/2025

a

1,121,714

750,000

6.250%, 

11/3/2025

a

755,893

750,000

1.650%, 

9/17/2026

a,e

718,335

1,100,000

5.300%, 

3/19/2027

a

1,111,870

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Consumer

Cyclical  5.9%

-

continued

Hyundai

Capital

Services,

Inc.

$

750,000

1.250%, 

2/8/2026

a

$

727,897

Las

Vegas

Sands

Corporation

935,000

5.900%, 

6/1/2027

950,089

Lennar

Corporation

1,100,000

4.750%, 

5/30/2025

1,099,765

McDonald's

Corporation

700,000

4.800%, 

8/14/2028

707,975

1,125,000

5.000%, 

5/17/2029

1,147,258

Mercedes-Benz

Finance

North

America,

LLC

925,000

5.200%, 

8/3/2026

a

933,558

1,150,000

4.800%, 

11/13/2026

a

1,154,593

Nissan

Motor

Acceptance

Company,

LLC

1,300,000

5.300%, 

9/13/2027

a,e

1,290,206

O'Reilly

Automotive,

Inc.

1,100,000

5.750%, 

11/20/2026

1,120,165

PACCAR

Financial

Corporation

1,200,000

4.550%, 

3/3/2028

1,209,129

700,000

4.000%, 

9/26/2029

688,890

PulteGroup,

Inc.

1,750,000

5.500%, 

3/1/2026

1,758,628

Royal

Caribbean

Cruises,

Ltd.

1,800,000

5.500%, 

4/1/2028

a

1,792,570

Stellantis

Finance

US,

Inc.

1,750,000

5.350%, 

3/17/2028

a

1,752,025

Toyota

Motor

Credit

Corporation

750,000

4.650%, 

1/5/2029

753,834

1,000,000

4.950%, 

1/9/2030

1,015,052

VICI

Properties,

LP/VICI

Note

Company,

Inc.

2,750,000

4.625%, 

6/15/2025

a

2,749,298

Volkswagen

Group

of

America

Finance,

LLC

1,100,000

5.300%, 

3/22/2027

a

1,109,183

Total

41,532,062

Consumer

Non-Cyclical  5.9%

AbbVie,

Inc.

1,800,000

4.650%, 

3/15/2028

1,814,597

Altria

Group,

Inc.

1,000,000

4.400%, 

2/14/2026

998,825

365,000

4.875%, 

2/4/2028

367,586

1,100,000

6.200%, 

11/1/2028

1,155,168

Amgen,

Inc.

825,000

5.150%, 

3/2/2028

839,837

BAT

International

Finance

plc

2,500,000

1.668%, 

3/25/2026

2,427,991

1,100,000

5.931%, 

2/2/2029

1,146,461

Becton,

Dickinson

and

Company

1,250,000

4.693%, 

2/13/2028

1,254,710

Bunge,

Ltd.

Finance

Corporation

1,300,000

4.100%, 

1/7/2028

1,285,998

Campbell's

Company

370,000

5.300%, 

3/20/2026

372,481

Cargill,

Inc.

1,100,000

4.625%, 

2/11/2028

a

1,107,809

Conagra

Brands,

Inc.

1,250,000

4.850%, 

11/1/2028

1,252,773

CVS

Health

Corporation

900,000

5.000%, 

2/20/2026

901,863

1,500,000

5.400%, 

6/1/2029

1,528,223

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

179

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Consumer

Non-Cyclical  5.9%

-

continued

Eli

Lilly

&

Company

$

1,500,000

4.550%, 

2/12/2028

$

1,514,826

General

Mills,

Inc.

1,100,000

5.500%, 

10/17/2028

1,133,079

GSK

Consumer

Healthcare

Capital

US,

LLC

1,100,000

3.375%, 

3/24/2027

1,078,071

HCA,

Inc.

1,250,000

5.875%, 

2/15/2026

1,254,914

1,400,000

5.000%, 

3/1/2028

1,411,403

Illumina,

Inc.

500,000

4.650%, 

9/9/2026

499,556

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

2,000,000

2.500%, 

1/15/2027

1,923,283

Keurig

Dr

Pepper,

Inc.

1,500,000

5.100%, 

3/15/2027

1,516,712

Kraft

Heinz

Foods

Company

1,500,000

3.000%, 

6/1/2026

1,473,435

Mars,

Inc.

900,000

4.600%, 

3/1/2028

a

903,620

Mattel,

Inc.

2,000,000

3.375%, 

4/1/2026

a

1,968,681

Nestle

Holdings,

Inc.

1,475,000

5.000%, 

3/14/2028

a,e

1,505,627

Novartis

Capital

Corporation

900,000

3.800%, 

9/18/2029

881,323

Pfizer

Investment

Enterprises,

Private

Ltd.

1,100,000

4.450%, 

5/19/2028

1,102,651

Philip

Morris

International,

Inc.

900,000

4.875%, 

2/15/2028

911,871

375,000

4.875%, 

2/13/2029

378,948

Royalty

Pharma

plc

2,675,000

1.200%, 

9/2/2025

2,633,564

500,000

5.150%, 

9/2/2029

503,282

Stryker

Corporation

1,100,000

4.700%, 

2/10/2028

1,107,140

Universal

Health

Services,

Inc.

1,650,000

1.650%, 

9/1/2026

1,579,271

Total

41,735,579

Energy  4.3%

APA

Corporation

1,100,000

4.375%, 

10/15/2028

a

1,056,996

BP

Capital

Markets

America,

Inc.

550,000

4.699%, 

4/10/2029

553,759

Canadian

Natural

Resources,

Ltd.

1,400,000

2.050%, 

7/15/2025

1,389,296

Cheniere

Energy

Partners,

LP

2,500,000

4.500%, 

10/1/2029

2,431,590

Columbia

Pipelines

Holding

Company,

LLC

925,000

6.055%, 

8/15/2026

a

938,361

740,000

6.042%, 

8/15/2028

a

765,373

Continental

Resources,

Inc.

2,650,000

2.268%, 

11/15/2026

a

2,540,605

Diamondback

Energy,

Inc.

750,000

5.200%, 

4/18/2027

759,188

Enbridge,

Inc.

1,100,000

5.900%, 

11/15/2026

1,122,137

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Energy  4.3%

-

continued

Energy

Transfer,

LP

$

950,000

2.900%, 

5/15/2025

$

947,785

750,000

6.050%, 

12/1/2026

766,340

1,100,000

5.250%, 

7/1/2029

1,116,014

Helmerich

&

Payne,

Inc.

1,300,000

4.650%, 

12/1/2027

a

1,297,288

Kinder

Morgan,

Inc.

700,000

5.100%, 

8/1/2029

707,326

Marathon

Petroleum

Corporation

1,700,000

4.700%, 

5/1/2025

1,699,579

MPLX,

LP

1,500,000

4.875%, 

6/1/2025

1,499,938

1,100,000

1.750%, 

3/1/2026

1,071,234

National

Fuel

Gas

Company

900,000

5.500%, 

3/15/2030

916,316

Occidental

Petroleum

Corporation

1,327,000

5.875%, 

9/1/2025

1,329,071

500,000

5.000%, 

8/1/2027

501,669

ONEOK,

Inc.

500,000

5.550%, 

11/1/2026

506,636

1,000,000

4.250%, 

9/24/2027

991,142

500,000

5.650%, 

11/1/2028

514,996

Ovintiv,

Inc.

750,000

5.650%, 

5/15/2025

750,481

1,200,000

5.375%, 

1/1/2026

1,201,630

Phillips

66

Company

800,000

4.950%, 

12/1/2027

809,887

Plains

All

American

Pipeline,

LP/

PAA

Finance

Corporation

750,000

4.650%, 

10/15/2025

749,734

Schlumberger

Holdings

Corporation

525,000

5.000%, 

5/29/2027

a

531,546

South

Bow

USA

Infrastructure

Holdings,

LLC

700,000

4.911%, 

9/1/2027

a

700,290

Total

30,166,207

Financials  31.6%

ABN

AMRO

Bank

NV

1,100,000

6.339%, 

9/18/2027

a,b

1,124,865

AEGON

Funding

Company,

LLC

1,125,000

5.500%, 

4/16/2027

a,e

1,140,383

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

1,200,000

1.750%, 

1/30/2026

1,171,742

250,000

2.450%, 

10/29/2026

241,598

900,000

6.100%, 

1/15/2027

920,242

665,000

6.450%, 

4/15/2027

686,461

1,075,000

4.625%, 

9/10/2029

1,063,308

Aircastle,

Ltd.

2,100,000

5.250%, 

8/11/2025

a

2,101,305

Ally

Financial,

Inc.

3,000,000

5.750%, 

11/20/2025

3,008,887

American

Express

Company

1,250,000

5.098%, 

2/16/2028

b

1,264,940

500,000

5.043%, 

7/26/2028

b

506,293

365,000

5.085%, 

1/30/2031

b

369,614

Aon

North

America,

Inc.

1,100,000

5.125%, 

3/1/2027

1,111,873

Apollo

Debt

Solutions

BDC

1,370,000

6.900%, 

4/13/2029

1,421,480

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

180

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Financials  31.6%

-

continued

Ares

Capital

Corporation

$

1,350,000

3.875%, 

1/15/2026

$

1,338,673

800,000

2.150%, 

7/15/2026

771,583

Ares

Strategic

Income

Fund

600,000

5.700%, 

3/15/2028

a

600,014

875,000

5.600%, 

2/15/2030

a

862,435

Arthur

J.

Gallagher

&

Company

450,000

4.600%, 

12/15/2027

450,972

450,000

4.850%, 

12/15/2029

453,109

Associated

Banc-Corp

700,000

6.455%, 

8/29/2030

b

708,309

Australia

&

New

Zealand

Banking

Group,

Ltd.

1,890,000

2.950%, 

7/22/2030

a,b

1,876,863

Aviation

Capital

Group,

LLC

1,500,000

4.875%, 

10/1/2025

a

1,499,384

725,000

4.750%, 

4/14/2027

a

725,505

Avolon

Holdings

Funding,

Ltd.

1,644,000

5.500%, 

1/15/2026

a

1,650,815

1,000,000

2.125%, 

2/21/2026

a

976,365

450,000

4.250%, 

4/15/2026

a

447,476

600,000

4.950%, 

1/15/2028

a

597,484

1,050,000

5.375%, 

5/30/2030

a

1,051,427

Banco

Santander

SA

600,000

4.175%, 

3/24/2028

b

593,952

1,000,000

5.365%, 

7/15/2028

b

1,014,461

1,000,000

5.588%, 

8/8/2028

1,028,476

Bank

of

America

Corporation

850,000

3.384%, 

4/2/2026

b

849,957

1,275,000

1.319%, 

6/19/2026

b

1,265,887

1,000,000

4.827%, 

7/22/2026

b

1,000,467

1,500,000

1.734%, 

7/22/2027

b

1,445,778

Bank

of

Montreal

1,115,000

5.266%, 

12/11/2026

1,129,879

500,000

5.370%, 

6/4/2027

e

509,148

750,000

4.567%, 

9/10/2027

b

750,364

Bank

of

New

York

Mellon

Corporation

700,000

4.700%, 

9/20/2025

b,f

695,761

750,000

6.317%, 

10/25/2029

b

793,451

Bank

of

New

Zealand

1,800,000

4.846%, 

2/7/2028

a

1,819,478

Bank

of

Nova

Scotia

935,000

4.900%, 

6/4/2025

b,f

928,611

1,000,000

4.404%, 

9/8/2028

b

995,287

Barclays

plc

1,100,000

6.496%, 

9/13/2027

b

1,126,788

500,000

2.279%, 

11/24/2027

b

480,694

550,000

5.674%, 

3/12/2028

b

559,694

850,000

4.837%, 

9/10/2028

b

850,752

1,100,000

5.086%, 

2/25/2029

b

1,107,799

Blackstone

Private

Credit

Fund

600,000

4.950%, 

9/26/2027

a

594,279

Blackstone

Secured

Lending

Fund

1,025,000

5.875%, 

11/15/2027

1,041,910

900,000

5.350%, 

4/13/2028

899,702

Blue

Owl

Capital

Corporation

II

750,000

8.450%, 

11/15/2026

786,174

Blue

Owl

Credit

Income

Corporation

650,000

4.700%, 

2/8/2027

641,957

1,100,000

6.600%, 

9/15/2029

a

1,117,765

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Financials  31.6%

-

continued

Blue

Owl

Technology

Finance

Corporation

$

750,000

4.750%, 

12/15/2025

a

$

746,162

1,800,000

3.750%, 

6/17/2026

a

1,757,159

1,025,000

6.750%, 

4/4/2029

1,038,935

BNP

Paribas

SA

1,300,000

1.323%, 

1/13/2027

a,b

1,265,747

850,000

5.176%, 

1/9/2030

a,b

860,491

Boston

Properties,

LP

1,500,000

3.650%, 

2/1/2026

1,483,880

BPCE

SA

750,000

5.975%, 

1/18/2027

a,b

756,709

Canadian

Imperial

Bank

of

Commerce

1,000,000

5.237%, 

6/28/2027

1,014,888

1,100,000

4.857%, 

3/30/2029

b

1,103,930

Capital

One

Financial

Corporation

1,500,000

4.985%, 

7/24/2026

b

1,500,401

Centene

Corporation

2,000,000

4.250%, 

12/15/2027

1,951,554

1,200,000

4.625%, 

12/15/2029

1,149,694

Charles

Schwab

Corporation

400,000

5.375%, 

6/1/2025

b,f

398,581

1,250,000

4.000%, 

6/1/2026

b,f

1,218,420

Chubb

INA

Holdings,

LLC

1,250,000

4.650%, 

8/15/2029

1,260,535

Citadel,

LP

1,450,000

6.000%, 

1/23/2030

a

1,473,733

Citibank

NA

850,000

4.876%, 

11/19/2027

b

854,048

Citigroup,

Inc.

500,000

4.000%, 

12/10/2025

b,f

492,231

925,000

3.106%, 

4/8/2026

b

924,693

1,150,000

1.122%, 

1/28/2027

b

1,116,982

650,000

5.174%, 

2/13/2030

b

658,458

Citizens

Financial

Group,

Inc.

900,000

5.253%, 

3/5/2031

b

904,835

Comerica,

Inc.

585,000

5.625%, 

7/1/2025

b,f

581,356

Commonwealth

Bank

of

Australia/

New

York

NY

1,500,000

4.423%, 

3/14/2028

1,506,641

Cooperatieve

Rabobank

UA

1,625,000

1.339%, 

6/24/2026

a,b

1,612,074

COPT

Defense

Properties,

LP

450,000

2.250%, 

3/15/2026

438,463

Corebridge

Financial,

Inc.

1,000,000

3.650%, 

4/5/2027

982,477

Corebridge

Global

Funding

1,425,000

4.650%, 

8/20/2027

a

1,429,707

Credit

Agricole

SA

750,000

1.247%, 

1/26/2027

a,b

729,439

1,000,000

4.631%, 

9/11/2028

a,b

997,082

550,000

5.230%, 

1/9/2029

a,b

555,956

725,000

6.316%, 

10/3/2029

a,b

757,806

Credit

Suisse

Group

AG

990,000

7.500%, 

N/A

*,f,g

74,250

Deutsche

Bank

AG

2,700,000

4.500%, 

4/1/2025

2,700,000

2,000,000

6.000%, 

10/30/2025

b,f

1,977,573

Deutsche

Bank

AG/New

York,

NY

1,100,000

2.129%, 

11/24/2026

b

1,080,243

1,100,000

5.414%, 

5/10/2029

1,129,268

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

181

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Financials  31.6%

-

continued

$

700,000

4.999%, 

9/11/2030

b

$

696,665

Discover

Bank

1,285,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

1,312,809

EPR

Properties

1,875,000

4.950%, 

4/15/2028

1,856,808

Fifth

Third

Bank

NA

200,000

3.850%, 

3/15/2026

198,327

First

Horizon

Bank

1,480,000

5.750%, 

5/1/2030

1,496,537

First-Citizens

Bank

&

Trust

Company

1,200,000

6.125%, 

3/9/2028

1,245,693

Fortitude

Group

Holdings,

LLC

1,400,000

6.250%, 

4/1/2030

a

1,415,327

FS

KKR

Capital

Corporation

2,000,000

3.400%, 

1/15/2026

1,973,810

GA

Global

Funding

Trust

1,200,000

1.625%, 

1/15/2026

a

1,170,431

GATX

Corporation

750,000

5.400%, 

3/15/2027

759,528

Goldman

Sachs

Bank

USA/New

York,

NY

1,100,000

5.283%, 

3/18/2027

b

1,107,033

Goldman

Sachs

BDC,

Inc.

550,000

6.375%, 

3/11/2027

563,442

Goldman

Sachs

Group,

Inc.

272,000

4.250%, 

10/21/2025

271,301

1,250,000

3.615%, 

3/15/2028

b

1,226,805

1,100,000

4.482%, 

8/23/2028

b

1,097,330

1,100,000

6.484%, 

10/24/2029

b

1,161,941

Highwoods

Realty,

LP

1,059,000

4.200%, 

4/15/2029

1,014,615

HSBC

Holdings

plc

1,325,000

1.645%, 

4/18/2026

b

1,323,116

850,000

5.130%, 

11/19/2028

b

856,862

750,000

4.899%, 

3/3/2029

b

751,761

Huntington

Bank

Auto

Credit-

Linked

Notes

210,527

5.442%, 

10/20/2032,

Ser.

2024-2,

Class

B1

a

211,474

ING

Groep

NV

1,250,000

1.726%, 

4/1/2027

b

1,214,366

1,000,000

4.017%, 

3/28/2028

b

988,818

1,100,000

4.858%, 

3/25/2029

b

1,103,992

J.P.

Morgan

Chase

&

Company

900,000

2.083%, 

4/22/2026

b

898,530

1,000,000

3.650%, 

6/1/2026

b,f

977,649

2,500,000

1.045%, 

11/19/2026

b

2,445,470

725,000

1.040%, 

2/4/2027

b

703,887

1,150,000

5.571%, 

4/22/2028

b

1,172,983

1,250,000

4.979%, 

7/22/2028

b

1,261,155

800,000

4.851%, 

7/25/2028

b

805,111

KeyBank

NA/Cleveland,

OH

500,000

4.700%, 

1/26/2026

499,548

KeyCorp

1,500,000

5.121%, 

4/4/2031

b

1,506,586

Kilroy

Realty,

LP

1,800,000

4.375%, 

10/1/2025

1,795,316

Lincoln

Financial

Global

Funding

500,000

5.300%, 

1/13/2030

a

508,452

Lloyds

Banking

Group

plc

350,000

4.582%, 

12/10/2025

349,326

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Financials  31.6%

-

continued

$

550,000

5.985%, 

8/7/2027

b

$

559,028

1,125,000

5.462%, 

1/5/2028

b

1,139,374

1,000,000

3.750%, 

3/18/2028

b

982,708

600,000

5.087%, 

11/26/2028

b

605,949

LPL

Holdings,

Inc.

900,000

5.200%, 

3/15/2030

903,700

M&T

Bank

Corporation

750,000

3.500%, 

9/1/2026

b,f

711,390

Macquarie

Airfinance

Holdings,

Ltd.

1,035,000

6.400%, 

3/26/2029

a

1,069,800

700,000

5.150%, 

3/17/2030

a

690,202

Manufacturers

&

Traders

Trust

Company

1,000,000

5.400%, 

11/21/2025

1,002,907

1,000,000

4.650%, 

1/27/2026

999,604

MassMutual

Global

Funding

II

1,100,000

4.850%, 

1/17/2029

a

1,112,516

Met

Tower

Global

Funding

1,000,000

4.000%, 

10/1/2027

a

988,851

Metropolitan

Life

Global

Funding

I

1,100,000

5.400%, 

9/12/2028

a

1,132,133

Morgan

Stanley

1,750,000

5.000%, 

11/24/2025

1,755,752

500,000

4.679%, 

7/17/2026

b

499,895

1,000,000

6.138%, 

10/16/2026

b

1,007,798

1,000,000

0.985%, 

12/10/2026

b

975,324

1,125,000

5.652%, 

4/13/2028

b

1,148,285

2,000,000

5.164%, 

4/20/2029

b

2,027,111

465,000

5.449%, 

7/20/2029

b

475,593

Morgan

Stanley

Bank

NA

1,150,000

4.447%, 

10/15/2027

b

1,148,554

1,100,000

5.016%, 

1/12/2029

b

1,113,205

Morgan

Stanley

Direct

Lending

Fund

1,425,000

6.150%, 

5/17/2029

1,440,699

National

Bank

of

Canada

1,300,000

5.600%, 

7/2/2027

b

1,315,787

NatWest

Group

plc

750,000

5.847%, 

3/2/2027

b

757,850

Neuberger

Berman

Loan

Advisers

CLO

35,

Ltd.

2,150,000

5.372%, 

(TSFR3M

+

1.050%),

1/19/2033,

Ser.

2019-35A,

Class

ARR

a,b

2,149,043

New

York

Life

Global

Funding

1,100,000

4.900%, 

6/13/2028

a

1,115,597

500,000

5.000%, 

6/6/2029

a,e

510,370

Nomura

Holdings,

Inc.

750,000

2.329%, 

1/22/2027

719,863

1,300,000

5.594%, 

7/2/2027

1,325,043

Nordea

Bank

Abp

1,700,000

1.500%, 

9/30/2026

a

1,626,942

Northwestern

Mutual

Global

Funding

1,100,000

4.900%, 

6/12/2028

a

1,115,214

Omega

Healthcare

Investors,

Inc.

1,000,000

5.250%, 

1/15/2026

1,001,795

PNC

Financial

Services

Group,

Inc.

1,500,000

3.400%, 

9/15/2026

b,f

1,426,979

1,000,000

4.758%, 

1/26/2027

b

1,000,358

750,000

6.615%, 

10/20/2027

b

772,911

925,000

5.582%, 

6/12/2029

b

951,146

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

182

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Financials  31.6%

-

continued

Principal

Life

Global

Funding

II

$

1,000,000

4.800%, 

1/9/2028

a

$

1,008,363

Realty

Income

Corporation

500,000

4.875%, 

6/1/2026

501,609

Regions

Financial

Corporation

1,285,000

2.250%, 

5/18/2025

1,280,280

300,000

5.722%, 

6/6/2030

b

307,221

RGA

Global

Funding

1,500,000

5.448%, 

5/24/2029

a

1,538,493

Royal

Bank

of

Canada

900,000

5.069%, 

7/23/2027

b

905,437

1,000,000

4.510%, 

10/18/2027

b

999,531

1,100,000

5.200%, 

8/1/2028

1,121,244

750,000

4.950%, 

2/1/2029

759,856

Santander

Holdings

USA,

Inc.

350,000

3.450%, 

6/2/2025

349,083

750,000

2.490%, 

1/6/2028

b

718,834

750,000

5.473%, 

3/20/2029

b

754,221

Santander

UK

Group

Holdings

plc

925,000

1.532%, 

8/21/2026

b

912,511

Societe

Generale

SA

1,400,000

1.488%, 

12/14/2026

a,b

1,367,675

850,000

5.250%, 

2/19/2027

a

856,374

1,000,000

5.500%, 

4/13/2029

a,b

1,013,675

Standard

Chartered

plc

1,000,000

2.608%, 

1/12/2028

a,b,e

963,346

750,000

5.688%, 

5/14/2028

a,b

762,894

900,000

5.545%, 

1/21/2029

a,b

915,704

State

Street

Corporation

1,000,000

5.751%, 

11/4/2026

b

1,006,639

1,250,000

4.536%, 

2/28/2028

1,255,888

1,300,000

5.684%, 

11/21/2029

b

1,349,716

Sumitomo

Mitsui

Financial

Group,

Inc.

1,200,000

2.174%, 

1/14/2027

1,154,737

1,100,000

5.716%, 

9/14/2028

1,139,388

Sumitomo

Mitsui

Trust

Bank,

Ltd.

1,100,000

5.650%, 

9/14/2026

a

1,117,686

Synchrony

Financial

1,920,000

4.500%, 

7/23/2025

1,917,865

500,000

5.935%, 

8/2/2030

b

507,034

Synovus

Bank

1,845,000

5.625%, 

2/15/2028

1,853,751

Toronto-Dominion

Bank

1,450,000

4.861%, 

1/31/2028

1,466,125

Truist

Financial

Corporation

675,000

4.950%, 

9/1/2025

b,f

670,068

650,000

4.260%, 

7/28/2026

b

648,809

1,100,000

1.267%, 

3/2/2027

b

1,066,378

U.S.

Bancorp

750,000

5.727%, 

10/21/2026

b

754,382

1,000,000

6.787%, 

10/26/2027

b

1,033,210

500,000

4.548%, 

7/22/2028

b

500,069

550,000

5.384%, 

1/23/2030

b

561,143

1,000,000

5.100%, 

7/23/2030

b

1,011,872

750,000

5.046%, 

2/12/2031

b

756,138

UBS

Group

AG

3,350,000

1.305%, 

2/2/2027

a,b

3,257,524

1,100,000

6.327%, 

12/22/2027

a,b

1,129,576

875,000

6.850%, 

9/10/2029

a,b,f

869,919

1,300,000

5.428%, 

2/8/2030

a,b

1,323,597

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Financials  31.6%

-

continued

USB

Realty

Corporation

$

95,000

5.711%, 

(TSFR3M

+

1.409%),

1/15/2027

a,b,f

$

77,136

Wells

Fargo

&

Company

500,000

3.908%, 

4/25/2026

b

499,665

500,000

4.540%, 

8/15/2026

b

499,768

850,000

3.526%, 

3/24/2028

b

832,883

1,000,000

5.707%, 

4/22/2028

b

1,021,861

1,100,000

5.574%, 

7/25/2029

b

1,129,908

Westpac

New

Zealand,

Ltd.

1,500,000

5.132%, 

2/26/2027

a

1,519,325

1,100,000

4.902%, 

2/15/2028

a

1,110,022

Total

221,956,790

Foreign

Government  0.4%

NBN

Company,

Ltd.

700,000

4.000%, 

10/1/2027

a

693,434

Syngenta

Finance

NV

2,235,000

4.892%, 

4/24/2025

a

2,234,197

Total

2,927,631

Mortgage-Backed

Securities  1.3%

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

1,750,000

6.000%, 

4/1/2041

1,777,374

7,400,000

5.500%, 

5/1/2041

7,383,804

47,496

6.502%, 

(RFUCCT1Y

+

1.502%),

1/1/2043

b

48,354

Total

9,209,532

Technology  3.2%

Applied

Materials,

Inc.

725,000

4.800%, 

6/15/2029

736,750

Broadcom,

Inc.

1,000,000

4.150%, 

2/15/2028

991,520

1,000,000

4.800%, 

4/15/2028

1,007,338

1,350,000

5.050%, 

7/12/2029

1,368,751

Dell

International,

LLC/EMC

Corporation

1,050,000

4.750%, 

4/1/2028

1,054,800

Fiserv,

Inc.

1,100,000

5.150%, 

3/15/2027

1,110,750

1,100,000

5.450%, 

3/2/2028

1,124,958

Foundry

JV

Holdco,

LLC

1,100,000

5.500%, 

1/25/2031

a

1,117,715

Hewlett

Packard

Enterprise

Company

350,000

4.450%, 

9/25/2026

349,183

International

Business

Machines

Corporation

1,500,000

4.650%, 

2/10/2028

1,509,576

Jabil,

Inc.

1,000,000

4.250%, 

5/15/2027

993,023

Microchip

Technology,

Inc.

350,000

5.050%, 

3/15/2029

352,370

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

1,342,000

2.700%, 

5/1/2025

1,339,625

Oracle

Corporation

1,100,000

4.500%, 

5/6/2028

1,100,410

900,000

4.800%, 

8/3/2028

907,265

875,000

4.200%, 

9/27/2029

858,248

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

183

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Technology  3.2%

-

continued

PayPal

Holdings,

Inc.

$

1,100,000

4.450%, 

3/6/2028

$

1,104,256

Qorvo,

Inc.

2,300,000

4.375%, 

10/15/2029

2,193,848

Roper

Technologies,

Inc.

1,075,000

4.500%, 

10/15/2029

1,068,405

SK

Hynix,

Inc.

750,000

5.500%, 

1/16/2027

a

759,692

Synopsys,

Inc.

700,000

4.550%, 

4/1/2027

702,603

VeriSign,

Inc.

440,000

5.250%, 

4/1/2025

440,000

VMware,

LLC

350,000

1.400%, 

8/15/2026

335,183

Total

22,526,269

Transportation  1.0%

Air

Canada

1,875,000

3.875%, 

8/15/2026

a

1,833,528

Delta

Air

Lines,

Inc.

1,000,000

7.000%, 

5/1/2025

a

1,001,346

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

537,500

4.500%, 

10/20/2025

a

535,632

ERAC

USA

Finance,

LLC

750,000

5.000%, 

2/15/2029

a

758,398

Mileage

Plus

Holdings,

LLC

450,000

6.500%, 

6/20/2027

a

451,939

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

800,000

1.200%, 

11/15/2025

a

781,959

United

Airlines,

Inc.

1,875,000

4.375%, 

4/15/2026

a

1,845,185

Total

7,207,987

U.S.

Government

&

Agencies  7.2%

U.S.

Treasury

Notes

31,780,000

3.500%, 

1/31/2028

31,447,303

18,950,000

4.000%, 

10/31/2029

18,992,194

Total

50,439,497

Utilities  4.4%

American

Electric

Power

Company,

Inc.

2,000,000

5.699%, 

8/15/2025

2,007,066

1,075,000

1.000%, 

11/1/2025

1,052,011

745,000

5.200%, 

1/15/2029

757,314

CenterPoint

Energy,

Inc.

900,000

5.250%, 

8/10/2026

908,210

Constellation

Energy

Generation,

LLC

1,100,000

5.600%, 

3/1/2028

1,129,816

Dominion

Energy,

Inc.

1,650,000

1.450%, 

4/15/2026

1,597,418

DTE

Energy

Company

900,000

4.950%, 

7/1/2027

906,794

950,000

5.100%, 

3/1/2029

962,543

Duke

Energy

Carolinas,

LLC

1,000,000

4.850%, 

3/15/2030

1,010,110

Enel

Finance

International

NV

1,000,000

6.800%, 

10/14/2025

a

1,009,341

Evergy

Kansas

Central,

Inc.

650,000

4.700%, 

3/13/2028

652,284

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Utilities  4.4%

-

continued

Eversource

Energy

$

1,100,000

5.450%, 

3/1/2028

$

1,123,979

Exelon

Corporation

725,000

5.150%, 

3/15/2028

736,680

Georgia

Power

Company

1,100,000

4.650%, 

5/16/2028

1,107,123

Jersey

Central

Power

&

Light

Company

1,500,000

4.300%, 

1/15/2026

a

1,493,431

National

Rural

Utilities

Cooperative

Finance

Corporation

1,100,000

4.750%, 

2/7/2028

1,110,890

1,100,000

4.800%, 

3/15/2028

1,113,805

862,000

7.459%, 

(TSFR3M

+

3.172%),

4/30/2043

b

862,846

Nevada

Power

Company

725,000

6.250%, 

5/15/2055

b

717,286

NextEra

Energy

Capital

Holdings,

Inc.

900,000

4.850%, 

2/4/2028

910,583

900,000

5.050%, 

3/15/2030

911,860

Pacific

Gas

and

Electric

Company

1,100,000

5.550%, 

5/15/2029

1,115,015

Sempra

1,750,000

3.300%, 

4/1/2025

1,750,000

Southern

California

Edison

Company

400,000

4.875%, 

2/1/2027

401,405

Southern

Company

900,000

4.000%, 

1/15/2051

b

888,563

750,000

3.750%, 

9/15/2051

b

728,778

Vistra

Operations

Company,

LLC

2,000,000

5.125%, 

5/13/2025

a

1,997,925

600,000

5.050%, 

12/30/2026

a

601,706

WEC

Energy

Group,

Inc.

460,000

5.600%, 

9/12/2026

466,676

Xcel

Energy,

Inc.

1,050,000

4.750%, 

3/21/2028

1,053,935

Total

31,085,393

Total

Long-Term

Fixed

Income

(cost

$696,308,746)

696,028,336

Shares

Collateral

Held

for

Securities

Loaned

0.7%

Value

4,876,007

Thrivent

Cash

Management

Trust

4,876,007

Total

Collateral

Held

for

Securities

Loaned

(cost

$4,876,007)

4,876,007

Shares

Preferred

Stock

0.3%

Value

Financials  0.3%

66,000

Citigroup

Capital

XIII,

10.919%

b

1,970,760

Total

1,970,760

Total

Preferred

Stock

(cost

$1,821,600)

1,970,760

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

184

Shares

or

Principal

Amount

Short-Term

Investments

2.3%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

16,505,858

4.293%

h

$

16,505,858

Total

Short-Term

Investments

(cost

$16,505,858)

16,505,858

Total

Investments

(cost

$719,512,211)

102.3%

$719,380,961

Other

Assets

and

Liabilities,

Net

(2.3%)

(16,172,653)

Total

Net

Assets

100.0%

$703,208,308

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2025,

the

value

of

these

investments

was

$301,591,620

or

42.9%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

d

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

March

31,

2025.

e

All

or

a

portion

of

the

security

is

on

loan.

f

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

g

Defaulted

security.  Interest

is

not

being

accrued.

h

The

interest

rate

shown

reflects

the

yield.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Limited

Maturity

Bond

Portfolio

as

of

March

31,

2025

was

$74,250

or

0.01%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

March

31,

2025.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG 

12/4/2013

$

990,000

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Limited

Maturity

Bond

Portfolio

as

of

March

31,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

4,729,619

Total

lending

$4,729,619

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$4,876,007

Net

amounts

due

to

counterparty

$146,388

Definitions:

CLO

-

Collateralized

Loan

Obligation

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

Ser.

-

Series

Reference

Rate

Index:

CMT

1Y

-

Constant

Maturity

Treasury

Yield

1

Year

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

RFUCCT1Y

-

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

Term

1

Year

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

185

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Limited

Maturity

Bond

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

100,173,543

–

100,173,543

–

Basic

Materials

9,493,124

–

9,493,124

–

Capital

Goods

12,954,106

–

12,954,106

–

Collateralized

Mortgage

Obligations

72,398,929

–

72,398,929

–

Commercial

Mortgage-Backed

Securities

22,552,409

–

22,552,409

–

Communications

Services

19,669,278

–

19,669,278

–

Consumer

Cyclical

41,532,062

–

41,532,062

–

Consumer

Non-Cyclical

41,735,579

–

41,735,579

–

Energy

30,166,207

–

30,166,207

–

Financials

221,956,790

–

221,956,790

–

Foreign

Government

2,927,631

–

2,927,631

–

Mortgage-Backed

Securities

9,209,532

–

9,209,532

–

Technology

22,526,269

–

22,526,269

–

Transportation

7,207,987

–

7,207,987

–

U.S.

Government

&

Agencies

50,439,497

–

50,439,497

–

Utilities

31,085,393

–

31,085,393

–

Preferred

Stock

Financials

1,970,760

1,970,760

–

–

Short-Term

Investments

16,505,858

16,505,858

–

–

Subtotal

Investments

in

Securities

$714,504,954

$18,476,618

$696,028,336

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

4,876,007

Subtotal

Other

Investments

$4,876,007

Total

Investments

at

Value

$719,380,961

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

for

the

Portfolio.

Thrivent

Cash

Management

Trust

is

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Limited

Maturity

Bond

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$5,061

$9,825

$10,010

$4,876

4,876

0.7%

Total

Collateral

Held

for

Securities

Loaned

5,061

4,876

0.7

Total

Value

$5,061

$4,876

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

$–

$

–

$7

Total

Affiliated

Income

from

Securities

Loaned,

Net

$7

Total

Value

$–

$–

$

–

Mid

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

186

Shares

Common

Stock

96.6%

Value

Communications

Services  3.2%

31,312

Cargurus,

Inc.

a

$

912,119

36,790

Pinterest,

Inc.

a

1,140,490

10,845

Trade

Desk,

Inc.

a

593,438

Total

2,646,047

Consumer

Discretionary  14.2%

8,878

Champion

Homes,

Inc.

a

841,279

22,604

Chipotle

Mexican

Grill,

Inc.

a

1,134,947

8,085

Deckers

Outdoor

Corporation

a

903,984

9,453

DoorDash,

Inc.

a

1,727,725

3,788

Hilton

Worldwide

Holdings,

Inc.

861,959

3,330

Lululemon

Athletica,

Inc.

a

942,590

108

NVR,

Inc.

a

782,394

2,925

Pool

Corporation

931,174

9,248

Ross

Stores,

Inc.

1,181,802

13,680

SharkNinja,

Inc.

a

1,141,049

12,869

Wyndham

Hotels

&

Resorts,

Inc.

1,164,773

Total

11,613,676

Consumer

Staples  1.3%

2,482

Casey's

General

Stores,

Inc.

1,077,287

Total

1,077,287

Energy  2.4%

12,069

Matador

Resources

Company

616,605

41,831

TechnipFMC

plc

1,325,625

Total

1,942,230

Financials  13.3%

2,950

Arthur

J.

Gallagher

&

Company

1,018,458

4,734

Fiserv,

Inc.

a

1,045,409

6,312

Houlihan

Lokey,

Inc.

1,019,388

5,612

Jack

Henry

&

Associates,

Inc.

1,024,751

2,728

Kinsale

Capital

Group,

Inc.

1,327,745

10,555

Northern

Trust

Corporation

1,041,251

11,553

Robinhood

Markets,

Inc.

a

480,836

23,394

TPG,

Inc.

1,109,577

15,069

Tradeweb

Markets,

Inc.

2,237,144

7,108

Western

Alliance

Bancorp

546,108

Total

10,850,667

Health

Care  13.1%

1,236

Argenx

SE

ADR

a

731,545

4,836

Cencora,

Inc.

1,344,843

16,544

Dexcom,

Inc.

a

1,129,790

9,946

Encompass

Health

Corporation

1,007,331

9,648

Exact

Sciences

Corporation

a

417,662

16,907

Globus

Medical,

Inc.

a

1,237,592

7,105

HealthEquity,

Inc.

a

627,869

2,573

IDEXX

Laboratories,

Inc.

a

1,080,531

4,292

Natera,

Inc.

a

606,932

1,766

Penumbra,

Inc.

a

472,246

6,992

Repligen

Corporation

a

889,662

2,235

STERIS

plc

506,563

2,809

West

Pharmaceutical

Services,

Inc.

628,879

Total

10,681,445

Industrials  19.8%

7,257

Advanced

Drainage

Systems,

Inc.

788,473

9,623

BWX

Technologies,

Inc.

949,309

5,187

Clean

Harbors,

Inc.

a

1,022,358

2,555

EMCOR

Group,

Inc.

944,405

31,669

ExlService

Holdings,

Inc.

a

1,495,093

Shares

Common

Stock  96.6%

Value

Industrials  19.8%

-

continued

15,428

Fastenal

Company

$

1,196,441

15,510

Howmet

Aerospace,

Inc.

2,012,112

16,097

nVent

Electric

plc

843,805

6,679

Old

Dominion

Freight

Line,

Inc.

1,105,041

6,671

Regal

Rexnord

Corporation

759,493

3,116

Rockwell

Automation,

Inc.

805,112

1,750

Saia,

Inc.

a

611,502

12,438

TransUnion

1,032,230

7,743

Waste

Connections,

Inc.

1,511,356

2,070

Watsco,

Inc.

1,052,181

Total

16,128,911

Information

Technology  23.7%

18,244

Amphenol

Corporation

1,196,624

12,134

Arista

Networks,

Inc.

a

940,142

3,087

CrowdStrike

Holdings,

Inc.

a

1,088,414

3,267

CyberArk

Software,

Ltd.

a

1,104,246

21,457

Dynatrace

Holdings,

LLC

a

1,011,698

593

Fair

Isaac

Corporation

a

1,093,587

2,446

Gartner,

Inc.

a

1,026,684

17,611

Gitlab,

Inc.

a

827,717

4,799

Globant

SA

a

564,938

6,654

Guidewire

Software,

Inc.

a

1,246,693

2,372

HubSpot,

Inc.

a

1,355,100

24,618

JFrog,

Ltd.

a

787,776

16,923

Lattice

Semiconductor

Corporation

a

887,611

10,640

Marvell

Technology,

Inc.

655,105

4,722

MongoDB,

Inc.

a

828,239

4,303

Onto

Innovation,

Inc.

a

522,126

4,848

Palantir

Technologies,

Inc.

a

409,171

7,908

PTC,

Inc.

a

1,225,345

18,319

Trimble,

Inc.

a

1,202,642

2,345

Tyler

Technologies,

Inc.

a

1,363,360

Total

19,337,218

Materials  2.1%

1,873

Martin

Marietta

Materials,

Inc.

895,538

7,065

RPM

International,

Inc.

817,279

Total

1,712,817

Real

Estate  2.4%

6,945

CBRE

Group,

Inc.

a

908,267

13,438

CoStar

Group,

Inc.

a

1,064,693

Total

1,972,960

Utilities  1.1%

7,313

Vistra

Energy

Corporation

858,839

Total

858,839

Total

Common

Stock

(cost

$69,204,793)

78,822,097

Shares

Registered

Investment

Companies  

1.8%

Value

U.S.

Unaffiliated  

1.8%  

5,211

SPDR

S&P

Biotech

ETF

b

422,612

1,340

SPDR

S&P

Oil

&

Gas

Exploration

ETF

b

176,491

3,522

SPDR

S&P

Regional

Banking

ETF

b

200,226

Mid

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

187

Shares

Registered

Investment

Companies  1.8%

Value

U.S.

Unaffiliated  

1.8%  -

continued

4,368

SPDR

S&P

Software

&

Services

ETF

$

698,269

Total

1,497,598

Total

Registered

Investment

Companies

(cost

$1,717,888)

1,497,598

Shares

Collateral

Held

for

Securities

Loaned

1.0%

Value

809,775

Thrivent

Cash

Management

Trust

809,775

Total

Collateral

Held

for

Securities

Loaned

(cost

$809,775)

809,775

Shares

or

Principal

Amount

Short-Term

Investments

1.7%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

1,349,146

4.293%

c

1,349,146

Total

Short-Term

Investments

(cost

$1,349,146)

1,349,146

Total

Investments

(cost

$73,081,602)

101.1%

$82,478,616

Other

Assets

and

Liabilities,

Net

(1.1%)

(919,948)

Total

Net

Assets

100.0%

$81,558,668

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

The

interest

rate

shown

reflects

the

yield.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Mid

Cap

Growth

Portfolio

as

of

March

31,

2025:

Securities

Lending

Transactions

Common

Stock

$

778,123

Total

lending

$778,123

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$809,775

Net

amounts

due

to

counterparty

$31,652

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

ETF

-

Exchange

Traded

Fund

plc

-

Public

Limited

Company

S&P

-

Standard

&

Poor's

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Mid

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

188

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Mid

Cap

Growth

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

2,646,047

2,646,047

–

–

Consumer

Discretionary

11,613,676

11,613,676

–

–

Consumer

Staples

1,077,287

1,077,287

–

–

Energy

1,942,230

1,942,230

–

–

Financials

10,850,667

10,850,667

–

–

Health

Care

10,681,445

10,681,445

–

–

Industrials

16,128,911

16,128,911

–

–

Information

Technology

19,337,218

19,337,218

–

–

Materials

1,712,817

1,712,817

–

–

Real

Estate

1,972,960

1,972,960

–

–

Utilities

858,839

858,839

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

1,497,598

1,497,598

–

–

Short-Term

Investments

1,349,146

1,349,146

–

–

Subtotal

Investments

in

Securities

$81,668,841

$81,668,841

$–

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

809,775

Subtotal

Other

Investments

$809,775

Total

Investments

at

Value

$82,478,616

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Growth

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$1,661

$2,532

$4,193

$–

–

–

Total

Affiliated

Short-Term

Investments

1,661

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

303

5,785

5,278

810

810

1.0%

Total

Collateral

Held

for

Securities

Loaned

303

810

1.0

Total

Value

$1,964

$810

Mid

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

189

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$–

$–

$

–

$8

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$8

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

1

Total

Affiliated

Income

from

Securities

Loaned,

Net

$1

Total

Value

$–

$–

$

–

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

190

Shares

Common

Stock

98.5%

Value

Communications

Services  1.2%

28,328

EchoStar

Corporation

a

$

724,630

51,962

Frontier

Communications

Parent,

Inc.

a

1,863,358

25,519

Iridium

Communications,

Inc.

697,179

38,258

New

York

Times

Company

1,897,597

6,837

Nexstar

Media

Group,

Inc.

1,225,327

33,992

Warner

Music

Group

Corporation

1,065,649

63,600

ZoomInfo

Technologies,

Inc.

a

636,000

Total

8,109,740

Consumer

Discretionary  13.1%

11,811

Abercrombie

&

Fitch

Company

a

902,006

62,157

Aramark

2,145,660

16,763

Autoliv,

Inc.

1,482,687

6,044

AutoNation,

Inc.

a

978,644

50,780

Bath

&

Body

Works,

Inc.

1,539,650

15,543

Boyd

Gaming

Corporation

1,023,196

15,470

Brunswick

Corporation

833,059

14,726

Burlington

Stores,

Inc.

a

3,509,648

27,645

Capri

Holdings,

Ltd.

a

545,436

19,028

Cavana

Company

a

1,644,209

38,838

Chewy,

Inc.

a

1,262,623

5,238

Choice

Hotels

International,

Inc.

b

695,502

17,232

Churchill

Downs,

Inc.

1,913,958

7,509

Columbia

Sportswear

Company

568,356

13,143

Crocs,

Inc.

a

1,395,787

13,576

Dick's

Sporting

Goods,

Inc.

2,736,379

8,885

Duolingo,

Inc.

a

2,759,148

12,898

Five

Below,

Inc.

a

966,383

25,142

Floor

&

Decor

Holdings,

Inc.

a

2,023,177

95,329

GameStop

Corporation

a,b

2,127,743

52,168

Gap,

Inc.

1,075,182

53,324

Gentex

Corporation

1,242,449

66,815

Goodyear

Tire

&

Rubber

Company

a

617,371

790

Graham

Holdings

Company

759,079

6,739

Grand

Canyon

Education,

Inc.

a

1,165,982

31,382

H&R

Block,

Inc.

1,723,186

26,868

Harley-Davidson,

Inc.

678,417

14,548

Hilton

Grand

Vacations,

Inc.

a

544,241

9,999

Hyatt

Hotels

Corporation

1,224,877

16,271

KB

Home

945,671

12,576

Lear

Corporation

1,109,455

20,705

Light

&

Wonder,

Inc.

a

1,793,260

6,245

Lithia

Motors,

Inc.

1,833,157

65,095

Macy's,

Inc.

817,593

7,530

Marriott

Vacations

Worldwide

Corporation

483,727

78,990

Mattel,

Inc.

a

1,534,776

4,271

Murphy

USA,

Inc.

2,006,559

22,831

Nordstrom,

Inc.

558,218

14,367

Ollie's

Bargain

Outlet

Holdings,

Inc.

a

1,671,744

4,383

Penske

Automotive

Group,

Inc.

631,064

19,737

Planet

Fitness,

Inc.

a

1,906,792

12,291

Polaris,

Inc.

503,194

13,044

PVH

Corporation

843,164

3,533

RH

a

828,171

33,812

Service

Corporation

International/

US

2,711,722

30,853

Skechers

USA,

Inc.

a

1,751,833

44,835

Somnigroup

International,

Inc.

b

2,684,720

24,262

Taylor

Morrison

Home

Corporation

a

1,456,690

15,642

Texas

Roadhouse,

Inc.

2,606,426

12,478

Thor

Industries,

Inc.

945,957

Shares

Common

Stock  98.5%

Value

Consumer

Discretionary  13.1%

-

continued

23,420

Toll

Brothers,

Inc.

$

2,472,918

6,875

TopBuild

Corporation

a

2,096,531

16,038

Travel

+

Leisure

Company

742,399

44,272

Under

Armour,

Inc.,

Class

A

a

276,700

30,030

Under

Armour,

Inc.,

Class

C

a

178,679

8,778

Vail

Resorts,

Inc.

1,404,656

29,800

Valvoline,

Inc.

a

1,037,338

77,639

VF

Corporation

1,204,957

6,476

Visteon

Corporation

a

502,667

40,145

Wendy's

Company

587,321

12,985

Whirlpool

Corporation

1,170,338

6,849

Wingstop,

Inc.

1,544,997

18,228

Wyndham

Hotels

&

Resorts,

Inc.

1,649,816

19,888

YETI

Holdings,

Inc.

a

658,293

Total

85,235,538

Consumer

Staples  5.3%

95,089

Albertson's

Companies,

Inc.

2,091,007

30,077

BellRing

Brands,

Inc.

a

2,239,534

30,971

BJ's

Wholesale

Club

Holdings,

Inc.

a

3,533,791

2,017

Boston

Beer

Company,

Inc.

a

481,740

8,703

Casey's

General

Stores,

Inc.

3,777,450

36,921

Celsius

Holdings,

Inc.

a

1,315,126

1,382

Coca-Cola

Consolidated,

Inc.

1,865,700

85,868

Coty,

Inc.

a

469,698

37,291

Darling

Ingredients,

Inc.

a

1,164,971

13,223

e.l.f.

Beauty,

Inc.

a

830,272

45,921

Flowers

Foods,

Inc.

872,958

15,123

Ingredion,

Inc.

2,044,781

4,525

Lancaster

Colony

Corporation

791,875

37,946

Maplebear,

Inc.

a

1,513,666

36,627

Performance

Food

Group

Company

a

2,879,981

9,451

Pilgrim's

Pride

Corporation

a

515,174

10,727

Post

Holdings,

Inc.

a

1,248,194

23,444

Sprouts

Farmers

Markets,

Inc.

a

3,578,492

54,015

US

Foods

Holding

Corporation

a

3,535,822

Total

34,750,232

Energy  4.1%

78,550

Antero

Midstream

Corporation

1,413,900

68,582

Antero

Resources

Corporation

a

2,773,456

44,735

ChampionX

Corporation

1,333,103

14,333

Chord

Energy

Corporation

1,615,616

20,818

Civitas

Resources,

Inc.

726,340

34,898

CNX

Resources

Corporation

a

1,098,589

23,757

DT

Midstream,

Inc.

2,292,075

37,497

HF

Sinclair

Corporation

1,232,901

27,207

Matador

Resources

Company

1,390,006

32,143

Murphy

Oil

Corporation

912,861

89,288

NOV,

Inc.

1,358,963

61,036

Ovintiv,

Inc.

2,612,341

22,981

PBF

Energy,

Inc.

438,707

149,982

Permian

Resources

Corporation

2,077,251

56,578

Range

Resources

Corporation

2,259,160

15,340

Valaris,

Ltd.

a

602,249

30,788

Viper

Energy,

Inc.

1,390,078

17,080

Weatherford

International

plc

914,634

Total

26,442,230

Financials  18.5%

6,860

Affiliated

Managers

Group,

Inc.

1,152,686

64,442

Ally

Financial,

Inc.

2,350,200

16,933

American

Financial

Group,

Inc.

2,223,980

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

191

Shares

Common

Stock  98.5%

Value

Financials  18.5%

-

continued

135,603

Annaly

Capital

Management,

Inc.

$

2,754,097

38,437

Associated

Banc-Corp

865,986

24,737

Bank

OZK

1,074,823

13,746

Brighthouse

Financial,

Inc.

a

797,131

43,031

Cadence

Bank

1,306,421

49,479

Carlyle

Group,

Inc.

2,156,790

23,826

CNO

Financial

Group,

Inc.

992,353

49,128

Columbia

Banking

System,

Inc.

1,225,252

30,810

Comerica,

Inc.

1,819,639

28,623

Commerce

Bancshares,

Inc.

1,781,209

15,061

Cullen/Frost

Bankers,

Inc.

1,885,637

32,503

East

West

Bancorp,

Inc.

2,917,469

72,660

Equitable

Holdings,

Inc.

3,784,859

24,622

Essent

Group,

Ltd.

1,421,182

9,682

Euronet

Worldwide,

Inc.

a

1,034,522

8,301

Evercore,

Inc.

1,657,876

84,316

F.N.B.

Corporation

1,134,050

18,269

Federated

Hermes,

Inc.

744,827

60,950

Fidelity

National

Financial,

Inc.

3,966,626

24,150

First

American

Financial

Corporation

1,584,964

30,156

First

Financial

Bankshares,

Inc.

1,083,203

122,858

First

Horizon

Corporation

2,385,902

9,130

FirstCash

Holdings,

Inc.

1,098,522

71,050

Flagstar

Financial,

Inc.

825,601

26,588

Glacier

Bancorp,

Inc.

1,175,721

10,161

Hamilton

Lane,

Inc.

1,510,636

20,178

Hancock

Whitney

Corporation

1,058,336

8,448

Hanover

Insurance

Group,

Inc.

1,469,530

43,348

Home

BancShares,

Inc.

1,225,448

12,667

Houlihan

Lokey,

Inc.

2,045,720

25,528

Interactive

Brokers

Group,

Inc.

4,227,181

12,542

International

Bancshares

Corporation

790,899

29,823

Janus

Henderson

Group

plc

1,078,101

38,174

Jefferies

Financial

Group,

Inc.

2,044,981

14,083

Kemper

Corporation

941,449

5,187

Kinsale

Capital

Group,

Inc.

2,524,565

58,252

MGIC

Investment

Corporation

1,443,485

6,334

Morningstar,

Inc.

1,899,377

74,790

Old

National

Bancorp

1,584,800

54,693

Old

Republic

International

Corporation

2,145,059

17,943

Pinnacle

Financial

Partners,

Inc.

1,902,676

7,824

Primerica,

Inc.

2,226,163

22,338

Prosperity

Bancshares,

Inc.

1,594,263

15,444

Reinsurance

Group

of

America,

Inc.

3,040,924

11,547

RenaissanceRe

Holdings,

Ltd.

2,771,280

19,553

RLI

Corporation

1,570,692

24,946

Ryan

Specialty

Holdings,

Inc.

1,842,761

22,602

SEI

Investments

Company

1,754,593

14,256

Selective

Insurance

Group,

Inc.

1,304,994

16,099

Shift4

Payments,

Inc.

a,b

1,315,449

49,331

SLM

Corporation

1,448,851

23,020

SouthState

Corporation

2,136,716

75,098

Starwood

Property

Trust,

Inc.

1,484,687

23,955

Stifel

Financial

Corporation

2,257,998

33,098

Synovus

Financial

Corporation

1,547,001

10,788

Texas

Capital

Bancshares,

Inc.

a

805,864

15,957

UMB

Financial

Corporation

1,613,253

33,473

United

Bankshares,

Inc.

1,160,509

38,525

Unum

Group

3,138,246

111,362

Valley

National

Bancorp

990,008

22,559

Voya

Financial,

Inc.

1,528,598

Shares

Common

Stock  98.5%

Value

Financials  18.5%

-

continued

40,185

Webster

Financial

Corporation

$

2,071,537

25,572

Western

Alliance

Bancorp

1,964,697

79,224

Western

Union

Company

838,190

8,186

WEX,

Inc.

a

1,285,366

15,591

Wintrust

Financial

Corporation

1,753,364

34,670

Zions

Bancorp

NA

1,728,646

Total

120,268,421

Health

Care  9.0%

21,778

Acadia

Healthcare

Company,

Inc.

a

660,309

7,679

Amedisys,

Inc.

a

711,306

159,645

Avantor,

Inc.

a

2,587,845

44,684

BioMarin

Pharmaceutical,

Inc.

a

3,158,712

4,518

Bio-Rad

Laboratories,

Inc.

a

1,100,404

25,947

Bruker

Corporation

1,083,028

3,513

Chemed

Corporation

2,161,619

27,670

Cytokinetics,

Inc.

a

1,112,057

46,606

Dentsply

Sirona,

Inc.

696,294

31,301

Doximity,

Inc.

a

1,816,397

23,622

Encompass

Health

Corporation

2,392,436

13,369

Ensign

Group,

Inc.

1,729,949

40,371

Envista

Holdings

Corporation

a

696,804

65,621

Exelixis,

Inc.

a

2,422,727

26,667

Globus

Medical,

Inc.

a

1,952,024

11,779

Haemonetics

Corporation

a

748,555

29,830

Halozyme

Therapeutics,

Inc.

a

1,903,452

20,319

HealthEquity,

Inc.

a

1,795,590

44,827

Hims

&

Hers

Health,

Inc.

a

1,324,638

37,139

Illumina,

Inc.

a

2,946,608

14,174

Jazz

Pharmaceuticals,

Inc.

a

1,759,702

16,301

Lantheus

Holdings,

Inc.

a

1,590,978

12,731

LivaNova

plc

a

500,074

10,419

Masimo

Corporation

a

1,735,805

5,858

Medpace

Holdings,

Inc.

a

1,784,874

23,377

Neurocrine

Biosciences,

Inc.

a

2,585,496

39,901

Option

Care

Health,

Inc.

a

1,394,540

8,998

Penumbra,

Inc.

a

2,406,155

31,987

Perrigo

Company

plc

896,916

12,217

Repligen

Corporation

a

1,554,491

98,707

Roivant

Sciences,

Ltd.

a

995,954

22,396

Sarepta

Therapeutics,

Inc.

a

1,429,313

35,861

Sotera

Health

Company

a

418,139

22,297

Tenet

Healthcare

Corporation

a

2,998,947

10,468

United

Therapeutics

Corporation

a

3,226,970

Total

58,279,108

Industrials  20.6%

15,817

AAON,

Inc.

1,235,782

7,188

Acuity

Brands,

Inc.

1,892,960

16,551

Advanced

Drainage

Systems,

Inc.

1,798,266

31,111

AECOM

2,884,923

14,526

AGCO

Corporation

1,344,672

28,857

Alaska

Air

Group,

Inc.

a

1,420,342

154,174

American

Airlines

Group,

Inc.

a

1,626,536

8,998

Applied

Industrial

Technologies,

Inc.

2,027,609

3,955

Avis

Budget

Group,

Inc.

a,b

300,185

10,233

Brink's

Company

881,675

21,440

BWX

Technologies,

Inc.

2,115,056

5,257

CACI

International,

Inc.

a

1,928,898

10,424

Carlisle

Companies,

Inc.

3,549,372

9,859

Chart

Industries,

Inc.

a

1,423,245

11,879

Clean

Harbors,

Inc.

a

2,341,351

204,987

CNH

Industrial

NV

2,517,240

8,319

Comfort

Systems

USA,

Inc.

2,681,463

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

192

Shares

Common

Stock  98.5%

Value

Industrials  20.6%

-

continued

10,861

Concentrix

Corporation

b

$

604,306

44,592

Core

&

Main,

Inc.

a

2,154,240

11,406

Crane

Company

1,747,171

8,830

Curtiss-Wright

Corporation

2,801,494

28,001

Donaldson

Company,

Inc.

1,877,747

10,786

EMCOR

Group,

Inc.

3,986,829

9,244

EnerSys

846,566

13,322

ESAB

Corporation

1,552,013

37,721

ExlService

Holdings,

Inc.

a

1,780,808

11,902

Exponent,

Inc.

964,776

30,803

Flowserve

Corporation

1,504,419

40,214

Fluor

Corporation

a

1,440,465

29,126

Fortune

Brands

Innovations,

Inc.

1,773,191

8,282

FTI

Consulting,

Inc.

a

1,358,911

8,333

GATX

Corporation

1,293,865

37,675

Genpact,

Ltd.

1,898,067

39,589

Graco,

Inc.

3,306,077

28,017

GXO

Logistics,

Inc.

a

1,094,904

19,022

Hexcel

Corporation

1,041,645

8,293

Insperity,

Inc.

739,984

19,085

ITT

Corporation

2,465,019

31,240

KBR,

Inc.

1,556,064

13,458

Kirby

Corporation

a

1,359,393

37,958

Knight-Swift

Transportation

Holdings,

Inc.

1,650,793

8,280

Landstar

System,

Inc.

1,243,656

13,230

Lincoln

Electric

Holdings,

Inc.

2,502,587

11,005

ManpowerGroup,

Inc.

636,969

14,435

MasTec,

Inc.

a

1,684,709

13,271

Maximus,

Inc.

904,949

12,612

Middleby

Corporation

a

1,916,772

9,203

MSA

Safety,

Inc.

1,349,988

10,477

MSC

Industrial

Direct

Company,

Inc.

813,749

26,666

Mueller

Industries,

Inc.

2,030,349

33,694

NEXTracker,

Inc.

a

1,419,865

38,643

nVent

Electric

plc

2,025,666

15,255

Oshkosh

Corporation

1,435,190

20,113

Owens

Corning,

Inc.

2,872,539

10,955

Parsons

Corporation

a

648,646

10,221

Paylocity

Holding

Corporation

a

1,914,802

43,238

RB

Global,

Inc.

4,336,771

7,332

RBC

Bearings,

Inc.

a

2,359,218

15,528

Regal

Rexnord

Corporation

1,767,863

9,867

Ryder

System,

Inc.

1,418,973

6,235

Saia,

Inc.

a

2,178,696

11,461

Science

Applications

International

Corporation

1,286,726

35,067

Sensata

Technologies

Holding

plc

851,076

9,886

Simpson

Manufacturing

Company,

Inc.

1,552,893

15,568

Terex

Corporation

588,159

62,844

Tetra

Tech,

Inc.

1,838,187

14,960

Timken

Company

1,075,175

23,593

Toro

Company

1,716,391

25,121

Trex

Company,

Inc.

a

1,459,530

14,238

UFP

Industries,

Inc.

1,524,036

4,697

Valmont

Industries,

Inc.

1,340,383

8,166

Watsco,

Inc.

4,150,778

6,417

Watts

Water

Technologies,

Inc.

1,308,555

10,411

WESCO

International,

Inc.

1,616,828

13,918

Woodward,

Inc.

2,539,896

27,489

XPO,

Inc.

a

2,957,267

Total

134,036,159

Shares

Common

Stock  98.5%

Value

Information

Technology  9.8%

30,651

Allegro

MicroSystems,

Inc.

a

$

770,260

26,600

Amkor

Technology,

Inc.

480,396

5,449

Appfolio,

Inc.

a

1,198,235

12,232

Arrow

Electronics,

Inc.

a

1,270,049

10,363

ASGN,

Inc.

a

653,076

20,282

Avnet,

Inc.

975,361

9,442

Belden,

Inc.

946,560

21,990

BILL

Holdings,

Inc.

a

1,009,121

8,918

Blackbaud,

Inc.

a

553,362

33,321

Ciena

Corporation

a

2,013,588

12,460

Cirrus

Logic,

Inc.

a

1,241,701

39,827

Cognex

Corporation

1,188,039

36,334

Coherent

Corporation

a

2,359,530

10,316

CommVault

Systems,

Inc.

a

1,627,452

11,529

Crane

NXT

Company

592,591

47,367

DocuSign,

Inc.

a

3,855,674

14,350

Dolby

Laboratories,

Inc.

1,152,448

50,748

Dropbox,

Inc.

a

1,355,479

70,186

Dynatrace

Holdings,

LLC

a

3,309,270

35,433

Entegris,

Inc.

3,099,679

8,438

Fabrinet

a

1,666,589

89,823

Flex,

Ltd.

a

2,971,345

19,582

Guidewire

Software,

Inc.

a

3,668,884

6,185

IPG

Photonics

Corporation

a

390,521

54,558

Kyndryl

Holdings,

Inc.

a

1,713,121

32,349

Lattice

Semiconductor

Corporation

a

1,696,705

5,818

Littelfuse,

Inc.

1,144,633

16,225

Lumentum

Holdings,

Inc.

a

1,011,467

13,944

MACOM

Technology

Solutions

Holdings,

Inc.

a

1,399,699

14,331

Manhattan

Associates,

Inc.

a

2,479,836

15,779

MKS

Instruments,

Inc.

1,264,687

8,422

Novanta,

Inc.

a

1,076,921

11,580

Onto

Innovation,

Inc.

a

1,405,117

13,349

Power

Integrations,

Inc.

674,125

72,665

Pure

Storage,

Inc.

a

3,216,880

8,579

Qualys,

Inc.

a

1,080,353

24,988

Rambus,

Inc.

a

1,293,754

7,610

Silicon

Laboratories,

Inc.

a

856,658

9,188

Synaptics,

Inc.

a

585,459

17,664

TD

SYNNEX

Corporation

1,836,349

10,349

Universal

Display

Corporation

1,443,479

34,864

Vontier

Corporation

1,145,282

Total

63,673,735

Materials  6.5%

60,574

Alcoa

Corporation

1,847,507

33,444

Allegheny

Technologies,

Inc.

a

1,740,091

15,591

AptarGroup,

Inc.

2,313,393

11,063

Ashland,

Inc.

655,925

21,421

Avient

Corporation

796,004

51,146

Axalta

Coating

Systems,

Ltd.

a

1,696,513

27,151

Berry

Plastics

Group,

Inc.

1,895,411

12,713

Cabot

Corporation

1,056,959

11,711

Carpenter

Technology

Corporation

2,121,799

113,495

Cleveland-Cliffs,

Inc.

a

932,929

26,645

Commercial

Metals

Company

1,225,937

27,446

Crown

Holdings,

Inc.

2,449,830

7,805

Eagle

Materials,

Inc.

1,732,164

70,389

Graphic

Packaging

Holding

Company

1,827,298

6,061

Greif,

Inc.

333,294

13,274

Knife

River

Corporation

a

1,197,448

14,657

Louisiana-Pacific

Corporation

1,348,151

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

193

Shares

Common

Stock  98.5%

Value

Materials  6.5%

-

continued

1,787

NewMarket

Corporation

$

1,012,246

27,127

Olin

Corporation

657,559

12,689

Reliance,

Inc.

3,663,949

15,418

Royal

Gold,

Inc.

2,520,997

30,144

RPM

International,

Inc.

3,487,058

10,106

Scotts

Miracle-Gro

Company

554,718

19,030

Silgan

Holdings,

Inc.

972,814

23,038

Sonoco

Products

Company

1,088,315

52,794

United

States

Steel

Corporation

2,231,074

7,846

Westlake

Corporation

784,835

Total

42,144,218

Real

Estate  7.4%

25,095

Agree

Realty

Corporation

1,937,083

74,378

American

Homes

4

Rent

2,812,232

71,729

Brixmor

Property

Group,

Inc.

1,904,405

26,371

COPT

Defense

Properties

719,137

39,310

Cousins

Properties,

Inc.

1,159,645

53,024

CubeSmart

2,264,655

12,178

EastGroup

Properties,

Inc.

2,145,155

17,756

EPR

Properties

934,143

44,795

Equity

Lifestyle

Properties,

Inc.

2,987,827

31,041

First

Industrial

Realty

Trust,

Inc.

1,674,972

64,334

Gaming

and

Leisure

Properties,

Inc.

3,274,601

83,090

Healthcare

Realty

Trust,

Inc.

1,404,221

54,036

Independence

Realty

Trust,

Inc.

1,147,184

11,124

Jones

Lang

LaSalle,

Inc.

a

2,757,751

24,929

Kilroy

Realty

Corporation

816,674

51,503

Kite

Realty

Group

Trust

1,152,122

20,618

Lamar

Advertising

Company

2,345,916

16,442

National

Storage

Affiliates

Trust

647,815

43,974

NNN

REIT,

Inc.

1,875,491

66,080

Omega

Healthcare

Investors,

Inc.

2,516,327

48,394

Park

Hotels

&

Resorts,

Inc.

516,848

16,810

PotlatchDeltic

Corporation

758,467

32,947

Rayonier,

Inc.

REIT

918,562

53,351

Rexford

Industrial

Realty,

Inc.

2,088,692

55,471

Sabra

Health

Care

REIT,

Inc.

969,078

43,742

STAG

Industrial,

Inc.

1,579,961

38,929

Vornado

Realty

Trust

1,439,984

51,312

WP

Carey,

Inc.

3,238,300

Total

47,987,248

Utilities  3.0%

13,576

ALLETE,

Inc.

891,943

16,791

Black

Hills

Corporation

1,018,374

59,235

Essential

Utilities,

Inc.

2,341,559

12,490

IDACORP,

Inc.

1,451,588

21,231

National

Fuel

Gas

Company

1,681,283

23,514

New

Jersey

Resources

Corporation

1,153,597

14,379

Northwestern

Energy

Group,

Inc.

832,113

47,115

OGE

Energy

Corporation

2,165,405

13,283

ONE

Gas,

Inc.

1,004,062

13,474

Ormat

Technologies,

Inc.

953,555

25,638

Portland

General

Electric

Company

1,143,455

14,130

Southwest

Gas

Holdings,

Inc.

1,014,534

13,680

Spire,

Inc.

1,070,460

21,148

TXNM

Energy,

Inc.

1,130,995

Shares

Common

Stock  98.5%

Value

Utilities  3.0%

-

continued

50,365

UGI

Corporation

$

1,665,571

Total

19,518,494

Total

Common

Stock

(cost

$470,128,394)

640,445,123

Shares

Collateral

Held

for

Securities

Loaned

1.1%

Value

7,031,265

Thrivent

Cash

Management

Trust

7,031,265

Total

Collateral

Held

for

Securities

Loaned

(cost

$7,031,265)

7,031,265

Shares

or

Principal

Amount

Short-Term

Investments

1.4%

Value

Federal

Home

Loan

Bank

Discount

Notes

300,000

4.240%,

4/2/2025

c,d

299,930

300,000

4.235%,

4/16/2025

c,d

299,437

100,000

4.240%,

5/30/2025

c,d

99,308

State

Street

Institutional

U.S.

Government

Money

Market

Fund

8,228,414

4.293%

c

8,228,415

Total

Short-Term

Investments

(cost

$8,927,155)

8,927,090

Total

Investments

(cost

$486,086,814)

101.0%

$656,403,478

Other

Assets

and

Liabilities,

Net

(1.0%)

(6,530,335)

Total

Net

Assets

100.0%

$649,873,143

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

The

interest

rate

shown

reflects

the

yield.

d

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Mid

Cap

Index

Portfolio

as

of

March

31,

2025:

Securities

Lending

Transactions

Common

Stock

$

6,960,432

Total

lending

$6,960,432

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$7,031,265

Net

amounts

due

to

counterparty

$70,833

Definitions:

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

194

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

S&P

-

Standard

&

Poor's

I

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Mid

Cap

Index

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

8,109,740

8,109,740

–

–

Consumer

Discretionary

85,235,538

85,235,538

–

–

Consumer

Staples

34,750,232

34,750,232

–

–

Energy

26,442,230

26,442,230

–

–

Financials

120,268,421

120,268,421

–

–

Health

Care

58,279,108

58,279,108

–

–

Industrials

134,036,159

134,036,159

–

–

Information

Technology

63,673,735

63,673,735

–

–

Materials

42,144,218

42,144,218

–

–

Real

Estate

47,987,248

47,987,248

–

–

Utilities

19,518,494

19,518,494

–

–

Short-Term

Investments

8,927,090

8,228,415

698,675

–

Subtotal

Investments

in

Securities

$649,372,213

$648,673,538

$698,675

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

7,031,265

Subtotal

Other

Investments

$7,031,265

Total

Investments

at

Value

$656,403,478

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Mid

Cap

Index

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

86,352

86,352

–

–

Total

Asset

Derivatives

$86,352

$86,352

$–

$–

The

following

table

presents

Mid

Cap

Index

Portfolio's

futures

contracts

held

as

of

March

31,

2025.

Investments

and/or

cash

totaling

$698,675

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CME

E-mini

S&P

Mid-Cap

400

Index

33

June

2025

$

9,611,028

$

86,352

Total

Futures

Long

Contracts

$

9,611,028

$

86,352

Total

Futures

Contracts

$

9,611,028

$86,352

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

195

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,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Index

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$4,298

$10,478

$14,776

$–

–

–

Total

Affiliated

Short-Term

Investments

4,298

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

4,508

27,873

25,350

7,031

7,031

1.1%

Total

Collateral

Held

for

Securities

Loaned

4,508

7,031

1.1

Total

Value

$8,806

$7,031

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$–

$–

$

–

$14

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$14

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

1

Total

Affiliated

Income

from

Securities

Loaned,

Net

$1

Total

Value

$–

$–

$

–

Mid

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

196

Shares

Common

Stock

97.0%

Value

Consumer

Discretionary  10.5%

412,642

Champion

Homes,

Inc.

a

$

39,101,956

251,680

Crocs,

Inc.

a

26,728,416

274,984

Deckers

Outdoor

Corporation

a

30,745,961

248,849

Garmin,

Ltd.

54,032,583

127,059

Lululemon

Athletica,

Inc.

a

35,965,321

4,603

NVR,

Inc.

a

33,345,927

Total

219,920,164

Consumer

Staples  4.9%

282,434

BJ's

Wholesale

Club

Holdings,

Inc.

a

32,225,719

93,500

Casey's

General

Stores,

Inc.

40,582,740

178,849

Hershey

Company

30,588,545

Total

103,397,004

Energy  5.2%

1,113,135

Devon

Energy

Corporation

41,631,249

593,345

Expand

Energy

Corporation

66,051,165

Total

107,682,414

Financials  17.1%

1,024,377

Ally

Financial,

Inc.

37,359,029

75,809

Ameriprise

Financial,

Inc.

36,699,895

495,074

Arch

Capital

Group,

Ltd.

47,616,218

120,206

Kinsale

Capital

Group,

Inc.

58,505,462

390,923

Northern

Trust

Corporation

38,564,554

911,996

Radian

Group,

Inc.

30,159,708

275,735

Tradeweb

Markets,

Inc.

40,935,618

462,895

Western

Alliance

Bancorp

35,564,223

663,128

Zions

Bancorp

NA

33,063,562

Total

358,468,269

Health

Care  8.8%

93,521

Align

Technology,

Inc.

a

14,856,746

372,821

Centene

Corporation

a

22,633,963

77,320

Humana,

Inc.

20,458,872

297,240

Neurocrine

Biosciences,

Inc.

a

32,874,744

1,218,178

Progyny,

Inc.

a

27,214,097

65,986

United

Therapeutics

Corporation

a

20,341,504

121,262

Waters

Corporation

a

44,693,535

Total

183,073,461

Industrials  21.0%

49,634

Axon

Enterprise,

Inc.

a

26,105,002

240,306

Expeditors

International

of

Washington,

Inc.

28,896,796

535,882

Fastenal

Company

41,557,649

384,513

Howmet

Aerospace,

Inc.

49,882,871

233,071

Leidos

Holdings,

Inc.

31,450,601

143,199

Lincoln

Electric

Holdings,

Inc.

27,087,523

272,046

Old

Dominion

Freight

Line,

Inc.

45,010,011

143,427

Quanta

Services,

Inc.

36,456,275

161,928

Rockwell

Automation,

Inc.

41,838,957

901,609

Southwest

Airlines

Company

30,276,030

570,803

Timken

Company

41,023,612

64,837

United

Rentals,

Inc.

40,633,348

Total

440,218,675

Information

Technology  13.2%

356,884

Ciena

Corporation

a

21,566,500

239,563

Datadog,

Inc.

a

23,767,045

778,540

DocuSign,

Inc.

a

63,373,156

509,190

ON

Semiconductor

Corporation

a

20,718,941

510,989

Qorvo,

Inc.

a

37,000,714

Shares

Common

Stock  97.0%

Value

Information

Technology  13.2%

-

continued

1,025,921

Trimble,

Inc.

a

$

67,351,714

176,296

Varonis

Systems,

Inc.

a

7,131,173

121,424

Zebra

Technologies

Corporation

a

34,309,565

Total

275,218,808

Materials  3.9%

233,573

Albemarle

Corporation

16,821,928

522,528

Steel

Dynamics,

Inc.

65,357,802

Total

82,179,730

Real

Estate  5.3%

140,981

Extra

Space

Storage,

Inc.

20,934,269

748,585

First

Industrial

Realty

Trust,

Inc.

40,393,647

225,156

SBA

Communications

Corporation

49,536,571

Total

110,864,487

Utilities  7.1%

666,998

Alliant

Energy

Corporation

42,921,321

1,237,784

CenterPoint

Energy,

Inc.

44,844,914

1,073,047

NiSource,

Inc.

43,018,454

149,676

Vistra

Energy

Corporation

17,577,950

Total

148,362,639

Total

Common

Stock

(cost

$1,509,384,223)

2,029,385,651

Shares

or

Principal

Amount

Short-Term

Investments

2.9%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

61,371,976

4.293%

b

61,371,976

Total

Short-Term

Investments

(cost

$61,371,976)

61,371,976

Total

Investments

(cost

$1,570,756,199)

99.9%

$2,090,757,627

Other

Assets

and

Liabilities,

Net

0.1%

1,897,354

Total

Net

Assets

100.0%

$2,092,654,981

a

Non-income

producing

security.

b

The

interest

rate

shown

reflects

the

yield.

Mid

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

197

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

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

219,920,164

219,920,164

–

–

Consumer

Staples

103,397,004

103,397,004

–

–

Energy

107,682,414

107,682,414

–

–

Financials

358,468,269

358,468,269

–

–

Health

Care

183,073,461

183,073,461

–

–

Industrials

440,218,675

440,218,675

–

–

Information

Technology

275,218,808

275,218,808

–

–

Materials

82,179,730

82,179,730

–

–

Real

Estate

110,864,487

110,864,487

–

–

Utilities

148,362,639

148,362,639

–

–

Short-Term

Investments

61,371,976

61,371,976

–

–

Subtotal

Investments

in

Securities

$2,090,757,627

$2,090,757,627

$–

$–

Total

Investments

at

Value

$2,090,757,627

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,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Stock

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$82,957

$18,780

$101,737

$–

–

–

Total

Affiliated

Short-Term

Investments

82,957

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

19,031

59,164

78,195

–

–

–

Total

Collateral

Held

for

Securities

Loaned

19,031

–

–

Total

Value

$101,988

$–

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$18

($18)

$

–

$207

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$207

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

1

Total

Affiliated

Income

from

Securities

Loaned,

Net

$1

Total

Value

$18

($18)

$

–

Mid

Cap

Value

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

198

Shares

Common

Stock

98.2%

Value

Communications

Services  2.7%

18,163

Imax

Corporation

a

$

478,595

11,233

Verizon

Communications,

Inc.

509,529

26,912

Warner

Brothers

Discovery,

Inc.

a

288,766

Total

1,276,890

Consumer

Discretionary  9.2%

9,790

Columbia

Sportswear

Company

741,005

8,568

D.R.

Horton,

Inc.

1,089,250

10,798

Gildan

Activewear,

Inc.

477,488

12,947

Six

Flags

Entertainment

Corporation

461,819

3,426

Tapestry,

Inc.

241,225

6,165

Wyndham

Hotels

&

Resorts,

Inc.

557,994

14,385

Yum

China

Holding,

Inc.

748,883

Total

4,317,664

Consumer

Staples  4.7%

5,768

J

&

J

Snack

Foods

Corporation

759,761

4,118

J.M.

Smucker

Company

487,612

12,391

Sysco

Corporation

929,821

Total

2,177,194

Energy  7.5%

32,568

Coterra

Energy,

Inc.

941,215

24,886

Devon

Energy

Corporation

930,736

20,669

Enterprise

Products

Partners,

LP

705,640

4,336

Expand

Energy

Corporation

482,684

18,737

Noble

Corporation

plc

444,067

Total

3,504,342

Financials  19.6%

70,747

AGNC

Investment

Corporation

677,756

4,131

Allstate

Corporation

855,406

2,542

Capital

One

Financial

Corporation

455,781

18,936

Carlyle

Group,

Inc.

825,420

8,388

Charles

Schwab

Corporation

656,613

9,416

Equitable

Holdings,

Inc.

490,479

4,742

Jack

Henry

&

Associates,

Inc.

865,889

6,088

M&T

Bank

Corporation

1,088,230

5,594

Selective

Insurance

Group,

Inc.

512,075

4,639

Texas

Capital

Bancshares,

Inc.

a

346,533

27,136

U.S.

Bancorp

1,145,682

10,150

Voya

Financial,

Inc.

687,764

4,891

Wintrust

Financial

Corporation

550,042

Total

9,157,670

Health

Care  10.0%

7,838

Acadia

Healthcare

Company,

Inc.

a

237,648

24,547

Avantor,

Inc.

a

397,907

12,782

Baxter

International,

Inc.

437,528

8,450

Henry

Schein,

Inc.

a

578,740

1,453

Humana,

Inc.

384,464

3,882

Johnson

&

Johnson

643,791

3,334

Labcorp

Holdings,

Inc.

775,955

4,749

Sanofi

SA

ADR

263,380

2,108

STERIS

plc

477,778

931

UnitedHealth

Group,

Inc.

487,611

Total

4,684,802

Industrials  16.1%

2,166

Acuity

Brands,

Inc.

570,416

6,316

AGCO

Corporation

584,672

2,095

Carlisle

Companies,

Inc.

713,348

16,162

Flowserve

Corporation

789,352

Shares

Common

Stock  98.2%

Value

Industrials  16.1%

-

continued

11,853

Fluor

Corporation

a

$

424,575

6,199

Fortive

Corporation

453,643

1,610

General

Dynamics

Corporation

438,854

14,309

Hexcel

Corporation

783,561

3,373

JB

Hunt

Transport

Services,

Inc.

499,035

10,763

MSC

Industrial

Direct

Company,

Inc.

835,962

12,677

Robert

Half,

Inc.

691,530

3,646

United

Airlines

Holdings,

Inc.

a

251,756

17,664

Werner

Enterprises,

Inc.

517,555

Total

7,554,259

Information

Technology  6.8%

6,008

Coherent

Corporation

a

390,160

2,447

CommVault

Systems,

Inc.

a

386,039

3,448

Jabil,

Inc.

469,169

17,246

Knowles

Corporation

a

262,139

10,219

MKS

Instruments,

Inc.

819,053

2,170

PTC,

Inc.

a

336,241

12,846

Western

Digital

Corporation

a

519,364

Total

3,182,165

Materials  6.4%

11,305

Alcoa

Corporation

344,803

25,133

Axalta

Coating

Systems,

Ltd.

a

833,662

5,430

Celanese

Corporation

308,261

4,183

CF

Industries

Holdings,

Inc.

326,901

6,260

Nucor

Corporation

753,328

5,695

West

Fraser

Timber

Company,

Ltd.

438,173

Total

3,005,128

Real

Estate  6.0%

3,766

CBRE

Group,

Inc.

a

492,517

6,964

Crown

Castle,

Inc.

725,858

31,436

Healthcare

Realty

Trust,

Inc.

531,268

30,593

Host

Hotels

&

Resorts,

Inc.

434,727

3,659

Simon

Property

Group,

Inc.

607,687

Total

2,792,057

Utilities  9.2%

11,246

Alliant

Energy

Corporation

723,680

1,507

Constellation

Energy

Corporation

303,856

5,776

DTE

Energy

Company

798,648

5,715

Duke

Energy

Corporation

697,059

12,065

Evergy,

Inc.

831,882

16,622

NiSource,

Inc.

666,376

2,480

Vistra

Energy

Corporation

291,251

Total

4,312,752

Total

Common

Stock

(cost

$42,399,573)

45,964,923

Mid

Cap

Value

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

199

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

plc

-

Public

Limited

Company

Shares

or

Principal

Amount

Short-Term

Investments

1.9%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

897,085

4.293%

b

$

897,085

Total

Short-Term

Investments

(cost

$897,085)

897,085

Total

Investments

(cost

$43,296,658)

100.1%

$46,862,008

Other

Assets

and

Liabilities,

Net

(0.1%)

(67,401)

Total

Net

Assets

100.0%

$46,794,607

a

Non-income

producing

security.

b

The

interest

rate

shown

reflects

the

yield.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Mid

Cap

Value

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

1,276,890

1,276,890

–

–

Consumer

Discretionary

4,317,664

4,317,664

–

–

Consumer

Staples

2,177,194

2,177,194

–

–

Energy

3,504,342

3,504,342

–

–

Financials

9,157,670

9,157,670

–

–

Health

Care

4,684,802

4,684,802

–

–

Industrials

7,554,259

7,554,259

–

–

Information

Technology

3,182,165

3,182,165

–

–

Materials

3,005,128

3,005,128

–

–

Real

Estate

2,792,057

2,792,057

–

–

Utilities

4,312,752

4,312,752

–

–

Short-Term

Investments

897,085

897,085

–

–

Subtotal

Investments

in

Securities

$46,862,008

$46,862,008

$–

$–

Total

Investments

at

Value

$46,862,008

Mid

Cap

Value

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

200

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Value

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$707

$1,098

$1,805

$–

–

–

Total

Affiliated

Short-Term

Investments

707

–

–

Total

Value

$707

$–

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$–

$–

$

–

$3

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$3

Total

Value

$–

$–

$

–

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

201

Shares

Registered

Investment

Companies  

41.3%

Value

U.S.

Affiliated  

40.8%  

17,304,305

Thrivent

Core

Emerging

Markets

Debt

Fund

$

141,722,255

6,262,310

Thrivent

Core

Emerging

Markets

Equity

Fund

59,930,302

549,918

Thrivent

Core

Low

Volatility

Equity

Fund

6,566,015

10,272,883

Thrivent

Core

Mid

Cap

Value

Fund

106,118,886

5,007,853

Thrivent

Core

Small

Cap

Value

Fund

49,076,961

36,497,991

Thrivent

Global

Stock

Portfolio

543,878,469

25,601,973

Thrivent

High

Yield

Portfolio

106,460,684

34,570,277

Thrivent

Income

Portfolio

306,182,027

31,967,293

Thrivent

International

Allocation

Portfolio

325,395,072

5,170,077

Thrivent

International

Index

Portfolio

74,612,998

43,029,844

Thrivent

Large

Cap

Value

Portfolio

1,043,099,364

17,784,716

Thrivent

Limited

Maturity

Bond

Portfolio

174,891,335

18,434,220

Thrivent

Mid

Cap

Stock

Portfolio

378,690,494

9,583,847

Thrivent

Small

Cap

Stock

Portfolio

169,570,830

Total

3,486,195,692

U.S.

Unaffiliated  

0.5%  

23,099

Invesco

QQQ

Trust

Series

1

10,831,583

12,000

Invesco

Senior

Loan

ETF

a

248,400

59,713

SPDR

S&P

500

ETF

Trust

33,402,855

10,856

SPDR

S&P

Biotech

ETF

880,422

2,785

SPDR

S&P

Oil

&

Gas

Exploration

ETF

366,812

7,316

SPDR

S&P

Regional

Banking

ETF

415,915

9,005

SPDR

S&P

Software

&

Services

ETF

1,439,539

Total

47,585,526

Total

Registered

Investment

Companies

(cost

$2,719,187,880)

3,533,781,218

Shares

Common

Stock

23.4%

Value

Communications

Services  2.1%

77,933

Alphabet,

Inc.,

Class

A

12,051,559

360,776

Alphabet,

Inc.,

Class

C

56,364,034

16,970

AMC

Networks,

Inc.

b

116,754

121,576

AT&T,

Inc.

3,438,169

10,979

Bandwidth,

Inc.

b

143,825

122,529

Cargurus,

Inc.

b

3,569,270

1,039

Charter

Communications,

Inc.

b

382,903

4,744

Cogent

Communications

Holdings

290,855

39,577

Comcast

Corporation

1,460,391

71,852

E.W.

Scripps

Company

b

212,682

498

Electronic

Arts,

Inc.

71,971

5,948

Entravision

Communications

Corporation

12,491

2,080

Fox

Corporation,

Class

B

109,637

25,529

iHeartMedia,

Inc.

b

42,123

17,117

Iridium

Communications,

Inc.

467,636

5,169

John

Wiley

and

Sons,

Inc.

230,331

8,769

Liberty

Global,

Ltd.,

Class

A

b

100,931

17,388

Liberty

Latin

America,

Ltd.,

Class

A

b

110,066

2,161

Liberty

Media

Corporation-Liberty

Live

Group

b

147,250

34,628

Lumen

Technologies,

Inc.

b

135,742

20,990

Magnite,

Inc.

b

239,496

Shares

Common

Stock  23.4%

Value

Communications

Services  2.1%

-

continued

130,428

Meta

Platforms,

Inc.

$

75,173,482

2,095

Netflix,

Inc.

b

1,953,650

14,354

New

York

Times

Company

711,958

20,090

News

Corporation,

Class

A

546,850

1,622

Omnicom

Group,

Inc.

134,480

75,952

Pinterest,

Inc.

b

2,354,512

43,401

QuinStreet,

Inc.

b

774,274

2,670

Sinclair,

Inc.

42,533

27,782

Sirius

XM

Holdings,

Inc.

a

626,345

15,155

Spotify

Technology

SA

b

8,335,705

3,258

TechTarget,

Inc.

b

48,251

11,592

Telephone

and

Data

Systems,

Inc.

449,074

2,648

TKO

Group

Holdings,

Inc.

404,641

26,470

Trade

Desk,

Inc.

b

1,448,438

48,342

Verizon

Communications,

Inc.

2,192,793

16,374

Walt

Disney

Company

1,616,114

7,508

Warner

Brothers

Discovery,

Inc.

b

80,561

Total

176,591,777

Consumer

Discretionary  3.3%

313

Adient

plc

b

4,025

404

Adtalem

Global

Education,

Inc.

b

40,659

5,388

Advance

Auto

Parts,

Inc.

211,263

507,934

Amazon.com,

Inc.

b

96,639,523

42,532

American

Axle

&

Manufacturing

Holdings,

Inc.

b

173,105

14,324

American

Eagle

Outfitters,

Inc.

166,445

7,133

Aptiv

plc

b

424,414

5,821

Autoliv,

Inc.

514,867

24,200

Bath

&

Body

Works,

Inc.

733,744

123,251

Best

Buy

Company,

Inc.

9,072,506

26

Booking

Holdings,

Inc.

119,780

21,506

Boot

Barn

Holdings,

Inc.

b

2,310,390

10,564

BorgWarner,

Inc.

302,659

3,988

Bright

Horizons

Family

Solutions,

Inc.

b

506,636

4,694

Brunswick

Corporation

252,772

93

Build-A-Bear

Workshop,

Inc.

3,457

794

CarMax,

Inc.

b

61,868

1,673

Carvana

Company

b

349,791

438

Cavco

Industries,

Inc.

b

227,598

40,423

Champion

Homes,

Inc.

b

3,830,483

14,357

Chewy,

Inc.

b

466,746

46,939

Chipotle

Mexican

Grill,

Inc.

b

2,356,807

676

Columbia

Sportswear

Company

51,166

285

Cooper-Standard

Holdings,

Inc.

b

4,366

11,456

Coursera,

Inc.

b

76,297

1,919

Crocs,

Inc.

b

203,798

751

D.R.

Horton,

Inc.

95,475

27,855

Dana,

Inc.

371,307

692

Darden

Restaurants,

Inc.

143,770

18,787

Deckers

Outdoor

Corporation

b

2,100,574

85,326

DoorDash,

Inc.

b

15,595,033

2,090

Dorman

Products,

Inc.

b

251,929

166,659

eBay,

Inc.

11,287,814

3,840

Etsy,

Inc.

b

181,171

61,202

Expedia

Group,

Inc.

10,288,056

734

Five

Below,

Inc.

b

54,995

10,355

Fox

Factory

Holding

Corporation

b

241,686

1,133

Frontdoor,

Inc.

b

43,530

28,469

Gap,

Inc.

586,746

1,886

Garmin,

Ltd.

409,507

42,794

Gentex

Corporation

997,100

11,851

Goodyear

Tire

&

Rubber

Company

b

109,503

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

202

Shares

Common

Stock  23.4%

Value

Consumer

Discretionary  3.3%

-

continued

10,534

Grand

Canyon

Education,

Inc.

b

$

1,822,593

2,590

Group

1

Automotive,

Inc.

989,251

20,977

Hanesbrands,

Inc.

b

121,037

19,137

Hasbro,

Inc.

1,176,734

29,232

Hilton

Worldwide

Holdings,

Inc.

6,651,742

74,015

Home

Depot,

Inc.

27,125,757

16,166

Installed

Building

Products,

Inc.

2,771,822

9,877

Latham

Group,

Inc.

b

63,509

22,271

Laureate

Education,

Inc.

b

455,442

6,246

La-Z-Boy,

Inc.

244,156

2,064

Lear

Corporation

182,086

5,985

Leggett

&

Platt,

Inc.

47,341

11,424

LKQ

Corporation

485,977

739

Lowe's

Companies,

Inc.

172,357

7,856

Lululemon

Athletica,

Inc.

b

2,223,719

28,838

Modine

Manufacturing

Company

b

2,213,317

6,867

Mohawk

Industries,

Inc.

b

784,074

1,608

Motorcar

Parts

of

America,

Inc.

b

15,276

124,011

NIKE,

Inc.

7,872,218

258

NVR,

Inc.

b

1,869,053

855

OneSpaWorld

Holdings,

Ltd.

14,355

5,169

O'Reilly

Automotive,

Inc.

b

7,405,006

29,101

Patrick

Industries,

Inc.

2,460,781

1,418

Planet

Fitness,

Inc.

b

136,993

6,340

Pool

Corporation

2,018,339

3,798

PUMA

SE

92,642

167,223

QVC

Group,

Inc.

33,629

1,012

Ralph

Lauren

Corporation

223,389

6,653

Revolve

Group,

Inc.

b

142,973

27,474

Ross

Stores,

Inc.

3,510,902

7,506

Service

Corporation

International/

US

601,981

48,898

SharkNinja,

Inc.

b

4,078,582

4,312

Six

Flags

Entertainment

Corporation

153,809

4,397

Skechers

USA,

Inc.

b

249,662

5,588

Sony

Group

Corporation

ADR

a

141,879

6,070

Stitch

Fix,

Inc.

b

19,728

20,211

Stoneridge,

Inc.

b

92,769

2,454

Strategic

Education,

Inc.

206,038

4,830

Tapestry,

Inc.

340,080

116,716

Tesla,

Inc.

b

30,248,119

8,506

Texas

Roadhouse,

Inc.

1,417,355

177

TopBuild

Corporation

b

53,976

8,273

Travel

+

Leisure

Company

382,957

663

Ulta

Beauty,

Inc.

b

243,016

5,474

Valvoline,

Inc.

b

190,550

21,057

VF

Corporation

326,805

2,863

Visteon

Corporation

b

222,226

7,823

Wingstop,

Inc.

1,764,712

59,391

Wyndham

Hotels

&

Resorts,

Inc.

5,375,479

2,771

Yum

China

Holding,

Inc.

144,258

Total

281,443,812

Consumer

Staples  0.7%

9,192

Albertson's

Companies,

Inc.

202,132

2,215

Archer-Daniels-Midland

Company

106,342

9,974

BellRing

Brands,

Inc.

b

742,664

21,416

BJ's

Wholesale

Club

Holdings,

Inc.

b

2,443,566

657

Bunge

Global

SA

50,208

6,836

Casey's

General

Stores,

Inc.

2,967,098

17,858

Colgate-Palmolive

Company

1,673,295

67,424

Conagra

Brands,

Inc.

1,798,198

1,570

Costco

Wholesale

Corporation

1,484,875

Shares

Common

Stock  23.4%

Value

Consumer

Staples  0.7%

-

continued

14,488

Coty,

Inc.

b

$

79,249

991

Dole

plc

14,320

15,443

e.l.f.

Beauty,

Inc.

b

969,666

1,364

Hershey

Company

233,285

31,749

J

&

J

Snack

Foods

Corporation

4,181,978

913

J.M.

Smucker

Company

108,108

4,506

John

B.

Sanfilippo

&

Son,

Inc.

319,295

18,193

Kenvue,

Inc.

436,268

7,251

Keurig

Dr

Pepper,

Inc.

248,129

1,419

Kimberly-Clark

Corporation

201,810

583

Lamb

Weston

Holdings,

Inc.

31,074

1,496

Lancaster

Colony

Corporation

261,800

1,645

Maplebear,

Inc.

b

65,619

7,618

McCormick

&

Company,

Inc.

627,038

44,160

Philip

Morris

International,

Inc.

7,009,517

28,209

Procter

&

Gamble

Company

4,807,378

9,928

Sysco

Corporation

744,997

3,001

Turning

Point

Brands,

Inc.

178,379

1,436

Tyson

Foods,

Inc.

91,631

6,046

US

Foods

Holding

Corporation

b

395,771

71,510

Vita

Coco

Company,

Inc.

b

2,191,782

240,651

Walmart,

Inc.

21,126,751

Total

55,792,223

Energy  0.5%

12,818

Antero

Midstream

Corporation

230,724

27,483

Antero

Resources

Corporation

b

1,111,412

67,099

Archrock,

Inc.

1,760,678

86,115

Baker

Hughes

Company

3,784,754

36,063

Berry

Corporation

115,762

6,290

Cactus,

Inc.

288,271

1,492

Cheniere

Energy,

Inc.

345,249

55,586

ConocoPhillips

5,837,642

1,301

Coterra

Energy,

Inc.

37,599

14,084

Crescent

Energy

Company

158,304

26,626

Devon

Energy

Corporation

995,812

2,402

DT

Midstream,

Inc.

231,745

6,614

Enterprise

Products

Partners,

LP

225,802

43,133

EOG

Resources,

Inc.

5,531,376

604

EQT

Corporation

32,272

6,004

Expand

Energy

Corporation

668,365

25,918

Exxon

Mobil

Corporation

3,082,428

6,514

Gulfport

Energy

Corporation

b

1,199,488

10,265

Halliburton

Company

260,423

24,447

Hess

Midstream,

LP

1,033,864

40,568

Kinder

Morgan,

Inc.

1,157,405

6,236

Kodiak

Gas

Services,

Inc.

232,603

78,652

Kosmos

Energy,

Ltd.

b

179,326

671

Marathon

Petroleum

Corporation

97,758

56,330

Matador

Resources

Company

2,877,900

1,404

Natural

Gas

Services

Group,

Inc.

b

30,846

6,924

Noble

Corporation

plc

164,099

14,803

Oceaneering

International,

Inc.

b

322,853

9,924

Oil

States

International,

Inc.

b

51,108

17,776

Ovintiv,

Inc.

760,813

6,306

Par

Pacific

Holdings,

Inc.

b

89,923

116

Phillips

66

14,324

1,000

Ranger

Energy

Services,

Inc.

14,190

25,769

Schlumberger

NV

1,077,144

1,233

Shell

plc

ADR

90,354

30,493

Sitio

Royalties

Corporation

605,896

3,759

Solaris

Energy

Infrastructure,

Inc.

81,796

8,537

Talos

Energy,

Inc.

b

82,980

263

Targa

Resources

Corporation

52,723

160,614

TechnipFMC

plc

5,089,858

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

203

Shares

Common

Stock  23.4%

Value

Energy  0.5%

-

continued

8,367

Vital

Energy,

Inc.

b

$

177,548

24,608

Williams

Companies,

Inc.

1,470,574

Total

41,653,991

Financials  3.0%

2,487

1st

Source

Corporation

148,747

1,536

Affiliated

Managers

Group,

Inc.

258,094

1,039

Affirm

Holdings,

Inc.

b

46,952

4,436

Allstate

Corporation

918,563

13,077

Ally

Financial,

Inc.

476,918

27,617

Amalgamated

Financial

Corporation

793,989

31,465

American

Express

Company

8,465,658

1,707

American

International

Group,

Inc.

148,407

16,810

Ameriprise

Financial,

Inc.

8,137,889

6,248

Ameris

Bancorp

359,697

2,145

AMERISAFE,

Inc.

112,720

19,803

Annaly

Capital

Management,

Inc.

402,199

3,764

Arch

Capital

Group,

Ltd.

362,022

773

Arrow

Financial

Corporation

20,322

6,112

Arthur

J.

Gallagher

&

Company

2,110,107

9,955

Artisan

Partners

Asset

Management,

Inc.

389,240

14,718

Associated

Banc-Corp

331,597

2,930

Assurant,

Inc.

614,567

5,450

Atlantic

Union

Bankshares

Corporation

169,713

232,086

AvidXchange

Holdings,

Inc.

b

1,968,089

1,402

Axis

Capital

Holdings,

Ltd.

140,536

4,217

Axos

Financial,

Inc.

b

272,081

65,642

Bank

of

America

Corporation

2,739,241

367

Bank

of

Hawaii

Corporation

25,312

1,623

Bank

of

Marin

Bancorp

35,820

5,529

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

215,189

6,379

Bank

of

New

York

Mellon

Corporation

535,007

3,669

Bank

OZK

159,418

3,918

BankFinancial

Corporation

49,524

15,873

BankUnited,

Inc.

546,666

5,416

Bar

Harbor

Bankshares

159,772

7,365

BCB

Bancorp,

Inc.

72,619

14,135

Berkshire

Hathaway,

Inc.

b

7,528,018

10,222

Berkshire

Hills

Bancorp,

Inc.

266,692

3,537

Block,

Inc.

b

192,165

53,340

Blue

Owl

Capital,

Inc.

1,068,934

12,794

Bridgewater

Bancshares,

Inc.

b

177,709

16,849

Brookline

Bancorp,

Inc.

183,654

11,545

Brown

&

Brown,

Inc.

1,436,198

4,399

Burke

&

Herbert

Financial

Services

Corporation

246,828

7,040

Business

First

Bancshares,

Inc.

171,424

2,671

Byline

Bancorp,

Inc.

69,873

7,108

Cadence

Bank

215,799

512

Camden

National

Corporation

20,721

972

Capital

City

Bank

Group,

Inc.

34,953

953

Capital

One

Financial

Corporation

170,873

30,044

Capitol

Federal

Financial,

Inc.

168,246

15,969

Carlyle

Group,

Inc.

696,089

727

Cathay

General

Bancorp

31,283

7,360

Cboe

Global

Markets,

Inc.

1,665,494

65,491

Charles

Schwab

Corporation

5,126,635

12,299

Chimera

Investment

Corporation

157,796

627

ChoiceOne

Financial

Services,

Inc.

18,039

652

Chubb,

Ltd.

196,897

1,926

Cincinnati

Financial

Corporation

284,509

Shares

Common

Stock  23.4%

Value

Financials  3.0%

-

continued

12,760

Citigroup,

Inc.

$

905,832

2,174

Citizens

Financial

Group,

Inc.

89,069

6,413

CNB

Financial

Corporation

142,689

10,335

CNO

Financial

Group,

Inc.

430,453

257

Coinbase

Global,

Inc.

b

44,263

7,541

Columbia

Banking

System,

Inc.

188,073

5,645

Comerica,

Inc.

333,394

5,534

Commerce

Bancshares,

Inc.

344,381

908

Community

Financial

System,

Inc.

51,629

13,960

Community

Trust

Bancorp,

Inc.

703,026

3,142

ConnectOne

Bancorp,

Inc.

76,382

2,551

Cullen/Frost

Bankers,

Inc.

319,385

3,570

Customers

Bancorp,

Inc.

b

179,214

1,244

CVB

Financial

Corporation

22,964

535

Diamond

Hill

Investment

Group,

Inc.

76,419

2,911

Discover

Financial

Services

496,908

5,567

Donnelley

Financial

Solutions,

Inc.

b

243,334

8,471

Eagle

Bancorp,

Inc.

177,891

6,969

East

West

Bancorp,

Inc.

625,537

3,763

Eastern

Bankshares,

Inc.

61,713

6,927

Ellington

Credit

Company

37,475

4,623

Enact

Holdings,

Inc.

160,649

3,590

Enova

International,

Inc.

b

346,650

4,808

Equitable

Holdings,

Inc.

250,449

4,412

Equity

Bancshares,

Inc.

173,833

4,355

Essent

Group,

Ltd.

251,371

5,334

Evercore,

Inc.

1,065,306

48,716

F.N.B.

Corporation

655,230

3,359

FactSet

Research

Systems,

Inc.

1,527,136

1,676

Federal

Agricultural

Mortgage

Corporation

314,267

44,064

Federated

Hermes,

Inc.

1,796,489

7,873

Fidelity

National

Information

Services,

Inc.

587,956

4,174

Fifth

Third

Bancorp

163,621

3,205

Financial

Institutions,

Inc.

79,997

1,389

First

American

Financial

Corporation

91,160

39,310

First

Bancorp/Puerto

Rico

753,573

6,561

First

Bancshares,

Inc.

221,827

30,626

First

Busey

Corporation

661,522

1,072

First

Business

Financial

Services,

Inc.

50,545

132

First

Citizens

BancShares,

Inc./NC

244,744

11,270

First

Financial

Bancorp

281,525

3,359

First

Financial

Bankshares,

Inc.

120,655

4,685

First

Financial

Corporation

229,471

2,075

First

Hawaiian,

Inc.

50,713

24,988

First

Horizon

Corporation

485,267

5,201

First

Internet

Bancorp

139,283

1,035

First

Interstate

BancSystem,

Inc.

29,653

2,789

First

Merchants

Corporation

112,787

9,116

First

Mid-Illinois

Bancshares,

Inc.

318,148

22,569

Fiserv,

Inc.

b

4,983,912

6,880

Flagstar

Financial,

Inc.

79,946

10,393

Flushing

Financial

Corporation

131,991

2,659

Flywire

Corporation

b

25,260

47,565

Fulton

Financial

Corporation

860,451

50,747

Glacier

Bancorp,

Inc.

2,244,032

8,605

Great

Southern

Bancorp,

Inc.

476,459

11,443

Hamilton

Lane,

Inc.

1,701,231

7,606

Hancock

Whitney

Corporation

398,935

3,982

Hanmi

Financial

Corporation

90,232

2,034

Hanover

Insurance

Group,

Inc.

353,814

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

204

Shares

Common

Stock  23.4%

Value

Financials  3.0%

-

continued

2,938

HarborOne

Bancorp,

Inc.

$

30,467

3,647

Hartford

Insurance

Group,

Inc.

451,243

142

HBT

Financial,

Inc.

3,182

6,636

Home

BancShares,

Inc.

187,600

11,742

Hometrust

Bancshares,

Inc.

402,516

18,203

Hope

Bancorp,

Inc.

190,585

885

Horace

Mann

Educators

Corporation

37,816

13,996

Horizon

Bancorp,

Inc.

211,060

27,328

Houlihan

Lokey,

Inc.

4,413,472

7,923

Huntington

Bancshares,

Inc./OH

118,924

487

Independent

Bank

Corporation/MA

30,511

7,597

Independent

Bank

Corporation/MI

233,912

471

Interactive

Brokers

Group,

Inc.

77,993

63,042

Intercontinental

Exchange,

Inc.

10,874,745

23,745

Invesco,

Ltd.

360,212

1,029

Investar

Holding

Corporation

18,121

79,925

J.P.

Morgan

Chase

&

Company

19,605,602

26,848

Jack

Henry

&

Associates,

Inc.

4,902,445

35,763

Janus

Henderson

Group

plc

1,292,832

24,688

Kearny

Financial

Corporation/MD

154,547

12,364

KeyCorp

197,700

8,924

Kinsale

Capital

Group,

Inc.

4,343,400

2,981

LendingTree,

Inc.

b

149,855

1,047

M&T

Bank

Corporation

187,151

2,540

MarketAxess

Holdings,

Inc.

549,529

299

Marsh

&

McLennan

Companies,

Inc.

72,965

14,136

Mastercard,

Inc.

7,748,224

5,623

Mercantile

Bank

Corporation

244,263

1,930

MetLife,

Inc.

154,960

3,017

Metropolitan

Bank

Holding

Corporation

b

168,922

77,477

MGIC

Investment

Corporation

1,919,880

2,549

Mid

Penn

Bancorp,

Inc.

66,045

11,281

Midland

States

Bancorp,

Inc.

193,131

19,818

MidWestOne

Financial

Group,

Inc.

586,811

1,953

Morningstar,

Inc.

585,646

12,937

Mr.

Cooper

Group,

Inc.

b

1,547,265

10,835

MSCI,

Inc.

6,127,193

136,840

Nasdaq,

Inc.

10,380,682

147

Nelnet,

Inc.

16,307

46,225

NMI

Holdings,

Inc.

b

1,666,411

2,565

Northeast

Community

Bancorp,

Inc.

60,124

27,071

Northern

Trust

Corporation

2,670,554

7,790

Northfield

Bancorp,

Inc.

84,989

939

Northrim

BanCorp,

Inc.

68,754

18,362

Northwest

Bancshares,

Inc.

220,711

45,237

OceanFirst

Financial

Corporation

769,481

20,590

OFG

Bancorp

824,012

12,107

Old

National

Bancorp

256,547

16,310

Old

Republic

International

Corporation

639,678

26,796

Old

Second

Bancorp,

Inc.

445,885

30,677

OneMain

Holdings,

Inc.

1,499,492

5,915

Orrstown

Financial

Services,

Inc.

177,509

3,891

P10,

Inc.

45,719

1,783

Palomar

Holdings,

Inc.

b

244,414

164

Park

National

Corporation

24,830

2,872

Paymentus

Holdings,

Inc.

b

74,959

3,265

PCB

Bancorp

61,088

6,522

Peoples

Bancorp,

Inc./OH

193,443

3,232

Pinnacle

Financial

Partners,

Inc.

342,721

1,522

PNC

Financial

Services

Group,

Inc.

267,522

Shares

Common

Stock  23.4%

Value

Financials  3.0%

-

continued

12,682

Popular,

Inc.

$

1,171,436

3,405

Principal

Financial

Group,

Inc.

287,280

14,319

Progressive

Corporation

4,052,420

7,273

Prosperity

Bancshares,

Inc.

519,074

19,684

Provident

Financial

Services,

Inc.

337,974

2,427

Prudential

Financial,

Inc.

271,047

24,885

Radian

Group,

Inc.

822,947

4,941

Regions

Financial

Corporation

107,368

963

Reinsurance

Group

of

America,

Inc.

189,615

17,881

Rithm

Capital

Corporation

204,737

29,922

RLI

Corporation

2,403,634

36,235

Robinhood

Markets,

Inc.

b

1,508,101

9,584

S&P

Global,

Inc.

4,869,630

21,353

SEI

Investments

Company

1,657,633

1,440

ServisFirst

Bancshares,

Inc.

118,944

9,521

Shore

Bancshares,

Inc.

128,914

3,240

Sierra

Bancorp

90,331

1,300

Simmons

First

National

Corporation

26,689

1,376

Southern

Missouri

Bancorp,

Inc.

71,580

3,128

Southside

Bancshares,

Inc.

90,587

4,637

SouthState

Corporation

430,406

11,410

StepStone

Group,

Inc.

595,944

4,927

Stifel

Financial

Corporation

464,419

2,355

StoneX

Group,

Inc.

b

179,875

11,221

Synovus

Financial

Corporation

524,470

938

Texas

Capital

Bancshares,

Inc.

b

70,069

429

Towne

Bank/Portsmouth,

VA

14,668

23,024

TPG

RE

Finance

Trust,

Inc.

187,646

48,429

TPG,

Inc.

2,296,987

49,569

Tradeweb

Markets,

Inc.

7,359,014

61,561

Triumph

Financial,

Inc.

b

3,558,226

19,860

Truist

Financial

Corporation

817,239

6,124

TrustCo

Bank

Corporation

NY

186,660

23,290

Trustmark

Corporation

803,272

5,821

U.S.

Bancorp

245,763

2,993

UMB

Financial

Corporation

302,592

4,629

United

Bankshares,

Inc.

160,487

12,258

United

Community

Banks,

Inc.

344,818

2,747

Unity

Bancorp,

Inc.

111,803

6,138

Univest

Financial

Corporation

174,074

2,268

Unum

Group

184,751

44,810

Valley

National

Bancorp

398,361

9,076

Veritex

Holdings,

Inc.

226,628

797

Virtu

Financial,

Inc.

30,382

123,637

Visa,

Inc.

43,329,823

804

Walker

&

Dunlop,

Inc.

68,629

7,953

Webster

Financial

Corporation

409,977

33,809

Wells

Fargo

&

Company

2,427,148

1,438

WesBanco,

Inc.

44,520

4,446

Westamerica

Bancorporation

225,101

25,962

Western

Alliance

Bancorp

1,994,660

77,108

Western

Union

Company

815,803

374

Willis

Towers

Watson

plc

126,393

2,709

Wintrust

Financial

Corporation

304,654

890

WSFS

Financial

Corporation

46,164

31,220

Zions

Bancorp

NA

1,556,629

Total

258,800,178

Health

Care  2.7%

48,129

Abbott

Laboratories

6,384,312

5,569

AbbVie,

Inc.

1,166,817

75,369

ADMA

Biologics,

Inc.

b

1,495,321

59,742

Agilent

Technologies,

Inc.

6,988,619

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

205

Shares

Common

Stock  23.4%

Value

Health

Care  2.7%

-

continued

3,575

Agios

Pharmaceuticals,

Inc.

b

$

104,747

707

Align

Technology,

Inc.

b

112,314

30,612

Amgen,

Inc.

9,537,169

11,342

Amicus

Therapeutics,

Inc.

b

92,551

11,747

Amneal

Pharmaceuticals,

Inc.

b

98,440

3,326

Anika

Therapeutics,

Inc.

b

49,990

5,027

Argenx

SE

ADR

b

2,975,305

884

Arvinas,

Inc.

b

6,206

2,087

Astria

Therapeutics,

Inc.

b

11,145

3,916

Avantor,

Inc.

b

63,478

1,376

Biogen,

Inc.

b

188,292

973

BioMarin

Pharmaceutical,

Inc.

b

68,781

12,019

Bio-Techne

Corporation

704,674

69,442

Boston

Scientific

Corporation

b

7,005,309

19,427

Cabaletta

Bio,

Inc.

b

26,906

11,816

CareDx,

Inc.

b

209,734

56,073

Caribou

Biosciences,

Inc.

b

51,200

10,042

Cencora,

Inc.

2,792,580

7,656

Centene

Corporation

b

464,796

22,799

Certara,

Inc.

b

225,710

428

Chemed

Corporation

263,357

447

Cigna

Group

147,063

92,963

Concentra

Group

Holdings

Parent,

Inc.

2,017,297

26,830

Cooper

Companies,

Inc.

b

2,263,110

17,156

CorVel

Corporation

b

1,920,957

7,844

CryoPort,

Inc.

b

47,692

84,538

Danaher

Corporation

17,330,290

7,632

Definitive

Healthcare

Corporation

b

22,056

13,874

Denali

Therapeutics,

Inc.

b

188,617

26,065

Dentsply

Sirona,

Inc.

389,411

35,178

Dexcom,

Inc.

b

2,402,306

2,762

Doximity,

Inc.

b

160,279

12,462

Editas

Medicine,

Inc.

b

14,456

47,903

Elanco

Animal

Health,

Inc.

b

502,981

32,453

Eli

Lilly

&

Company

26,803,257

17,535

Enanta

Pharmaceuticals,

Inc.

b

96,793

55,770

Encompass

Health

Corporation

5,648,386

19,929

Exact

Sciences

Corporation

b

862,726

1,184

Exelixis,

Inc.

b

43,713

18,211

Fate

Therapeutics,

Inc.

b

14,389

11,404

Fortrea

Holdings,

Inc.

b

86,100

1,713

Gilead

Sciences,

Inc.

191,942

92,582

Globus

Medical,

Inc.

b

6,777,002

18,140

GoodRx

Holdings,

Inc.

b

79,997

39,222

HealthEquity,

Inc.

b

3,466,048

590

Humana,

Inc.

156,114

17,400

IDEXX

Laboratories,

Inc.

b

7,307,130

385

Illumina,

Inc.

b

30,546

4,701

Incyte

Corporation

b

284,646

15,706

Inspire

Medical

Systems,

Inc.

b

2,501,652

5,523

Insulet

Corporation

b

1,450,395

8,594

Integra

LifeSciences

Holdings

Corporation

b

188,982

13,097

Intellia

Therapeutics,

Inc.

b

93,120

27,483

Intuitive

Surgical,

Inc.

b

13,611,505

1,986

IQVIA

Holding,

Inc.

b

350,132

10,039

iTeos

Therapeutics,

Inc.

b

59,933

13,570

Johnson

&

Johnson

2,250,449

5,857

Kura

Oncology,

Inc.

b

38,656

873

Labcorp

Holdings,

Inc.

203,182

169

Ligand

Pharmaceuticals,

Inc.

b

17,769

615

Medpace

Holdings,

Inc.

b

187,384

105,546

Medtronic

plc

9,484,364

2,180

Merck

&

Company,

Inc.

195,677

Shares

Common

Stock  23.4%

Value

Health

Care  2.7%

-

continued

13,248

Merit

Medical

Systems,

Inc.

b

$

1,400,446

3,389

Mettler-Toledo

International,

Inc.

b

4,002,104

5,506

Myriad

Genetics,

Inc.

b

48,838

18,787

Natera,

Inc.

b

2,656,670

2,265

Neurocrine

Biosciences,

Inc.

b

250,509

21,103

Nkarta,

Inc.

b

38,830

3,105

Novocure,

Ltd.

b

55,331

13,669

Penumbra,

Inc.

b

3,655,227

2,573

Prestige

Consumer

Healthcare,

Inc.

b

221,201

17,653

Progyny,

Inc.

b

394,368

7,872

Prothena

Corporation

plc

b

97,416

1,247

PTC

Therapeutics,

Inc.

b

63,547

10,961

QIAGEN

NV

440,084

1,311

Quest

Diagnostics,

Inc.

221,821

12,172

Regeneron

Pharmaceuticals,

Inc.

7,719,848

33,982

Relay

Therapeutics,

Inc.

b

89,033

33,166

Repligen

Corporation

b

4,220,042

130

Revvity,

Inc.

13,754

10,921

Rocket

Pharmaceuticals,

Inc.

b

72,843

89,703

Royalty

Pharma

plc

2,792,454

65,089

RxSight,

Inc.

b

1,643,497

3,198

Sanofi

SA

ADR

177,361

149,221

scPharmaceuticals,

Inc.

b

392,451

6,059

STERIS

plc

1,373,272

110,279

Stevanato

Group

SPA

2,251,897

9,098

Stryker

Corporation

3,386,731

2,276

Teleflex,

Inc.

314,520

3,886

Tenet

Healthcare

Corporation

b

522,667

11,544

Thermo

Fisher

Scientific,

Inc.

5,744,294

61,412

Twist

Bioscience

Corporation

b

2,411,035

502

United

Therapeutics

Corporation

b

154,752

25,153

UnitedHealth

Group,

Inc.

13,173,884

755

Veeva

Systems,

Inc.

b

174,881

40,404

Vericel

Corporation

b

1,802,826

12,494

Vertex

Pharmaceuticals,

Inc.

b

6,057,341

53,088

Viatris,

Inc.

462,396

12,678

Viemed

Healthcare,

Inc.

b

92,296

924

Waters

Corporation

b

340,559

5,953

Waystar

Holding

Corporation

b

222,404

6,730

West

Pharmaceutical

Services,

Inc.

1,506,712

14,033

Xencor,

Inc.

b

149,311

6,261

Xenon

Pharmaceuticals,

Inc.

b

210,057

14,396

Zentalis

Pharmaceuticals,

Inc.

b

22,890

1,506

Zimmer

Biomet

Holdings,

Inc.

170,449

64,390

Zoetis,

Inc.

10,601,814

Total

232,790,920

Industrials  2.5%

9,606

A.O.

Smith

Corporation

627,848

15,075

Advanced

Drainage

Systems,

Inc.

1,637,899

32,199

AECOM

2,985,813

5,983

Air

Lease

Corporation

289,039

2,016

Alaska

Air

Group,

Inc.

b

99,228

2,855

Allegion

plc

372,463

5,035

Allison

Transmission

Holdings,

Inc.

481,698

2,775

Amentum

Holdings,

Inc.

b

50,505

32,835

AMETEK,

Inc.

5,652,217

833

Applied

Industrial

Technologies,

Inc.

187,708

4,402

Arcosa,

Inc.

339,482

289

Argan,

Inc.

37,908

11,996

Armstrong

World

Industries,

Inc.

1,689,996

12,487

Array

Technologies,

Inc.

b

60,812

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

206

Shares

Common

Stock  23.4%

Value

Industrials  2.5%

-

continued

77,483

Atmus

Filtration

Technologies,

Inc.

$

2,845,951

20,231

Automatic

Data

Processing,

Inc.

6,181,177

378

Axon

Enterprise,

Inc.

b

198,809

11,776

Badger

Infrastructure

Solutions,

Ltd.

317,998

7,787

Barrett

Business

Services,

Inc.

320,435

22,348

Brady

Corporation

1,578,663

47,524

BWX

Technologies,

Inc.

4,688,243

14

CACI

International,

Inc.

b

5,137

14,837

Casella

Waste

Systems,

Inc.

b

1,654,474

33,496

Caterpillar,

Inc.

11,046,981

81,808

CECO

Environmental

Corporation

b

1,865,222

10,774

Clean

Harbors,

Inc.

b

2,123,555

13,388

CNH

Industrial

NV

164,405

490

CSW

Industrials,

Inc.

142,845

214,013

CSX

Corporation

6,298,403

822

Cummins,

Inc.

257,648

4,570

Curtiss-Wright

Corporation

1,449,924

6,034

Dayforce,

Inc.

b

351,963

3,070

Delta

Air

Lines,

Inc.

133,852

14,580

DNOW,

Inc.

b

249,026

43

Dover

Corporation

7,554

5,364

EMCOR

Group,

Inc.

1,982,695

6,215

Energy

Recovery,

Inc.

b

98,756

86,312

Enerpac

Tool

Group

Corporation

3,871,956

13,628

EnPro,

Inc.

2,204,874

265

ESCO

Technologies,

Inc.

42,167

106,973

ExlService

Holdings,

Inc.

b

5,050,195

1,821

Expeditors

International

of

Washington,

Inc.

218,975

192,470

Fastenal

Company

14,926,048

32,166

Federal

Signal

Corporation

2,365,809

31,021

Ferguson

Enterprises,

Inc.

4,970,495

33,528

Flowserve

Corporation

1,637,508

5,379

Fortive

Corporation

393,635

10,237

Frontier

Group

Holdings,

Inc.

b

44,429

148,439

Gates

Industrial

Corporation

plc

b

2,732,762

591

General

Dynamics

Corporation

161,095

1,021

Gorman-Rupp

Company

35,837

32,372

Graco,

Inc.

2,703,386

31,701

Great

Lakes

Dredge

&

Dock

Corporation

b

275,799

1,839

Griffon

Corporation

131,488

46,402

Helios

Technologies,

Inc.

1,489,040

1,181

Herc

Holdings,

Inc.

158,573

1,109

Hexcel

Corporation

60,729

935

Honeywell

International,

Inc.

197,986

41,098

Howmet

Aerospace,

Inc.

5,331,644

16,411

Hudson

Technologies,

Inc.

b

101,256

255

Huron

Consulting

Group,

Inc.

b

36,580

10,001

IDEX

Corporation

1,809,881

5,210

IES

Holdings,

Inc.

b

860,223

34,388

Ingersoll

Rand,

Inc.

2,752,072

8,707

ITT

Corporation

1,124,596

945

Jacobs

Solutions,

Inc.

114,241

1,690

JB

Hunt

Transport

Services,

Inc.

250,035

6,711

Kirby

Corporation

b

677,878

6,023

Knight-Swift

Transportation

Holdings,

Inc.

261,940

40,068

Korn

Ferry

2,717,812

686

L3Harris

Technologies,

Inc.

143,587

16,791

Landstar

System,

Inc.

2,522,008

1,776

Leidos

Holdings,

Inc.

239,653

13,790

Limbach

Holdings,

Inc.

b

1,026,941

1,080

Lincoln

Electric

Holdings,

Inc.

204,293

Shares

Common

Stock  23.4%

Value

Industrials  2.5%

-

continued

11,816

Lockheed

Martin

Corporation

$

5,278,325

4,114

ManpowerGroup,

Inc.

238,118

14,490

Masco

Corporation

1,007,635

171,977

Masterbrand,

Inc.

b

2,246,020

5,545

McGrath

RentCorp

617,713

2,405

Miller

Industries,

Inc.

101,900

13,808

Moog,

Inc.

2,393,617

50,373

Mueller

Water

Products,

Inc.

1,280,482

38,700

nVent

Electric

plc

2,028,654

15,951

Old

Dominion

Freight

Line,

Inc.

2,639,093

2,631

Otis

Worldwide

Corporation

271,519

2,901

Owens

Corning,

Inc.

414,321

2,700

PACCAR,

Inc.

262,899

22,282

Parker-Hannifin

Corporation

13,544,114

358

Paylocity

Holding

Corporation

b

67,068

21,220

Pentair

plc

1,856,326

1,090

Quanta

Services,

Inc.

277,056

8,617

RBC

Bearings,

Inc.

b

2,772,692

13,860

Regal

Rexnord

Corporation

1,577,961

1,259

Republic

Services,

Inc.

304,879

4,719

Robert

Half,

Inc.

257,421

7,690

Rockwell

Automation,

Inc.

1,986,942

1,073

Rush

Enterprises,

Inc.

57,309

3,625

Saia,

Inc.

b

1,266,684

9,973

Schneider

National,

Inc.

227,883

44,508

Shoals

Technologies

Group,

Inc.

b

147,767

314

SkyWest,

Inc.

b

27,434

6,875

Southwest

Airlines

Company

230,863

1,442

SPX

Technologies,

Inc.

b

185,701

1,922

SS&C

Technologies

Holdings,

Inc.

160,545

11,642

Stanley

Black

&

Decker,

Inc.

895,037

10,873

Sterling

Construction

Company,

Inc.

b

1,230,932

7,710

Timken

Company

554,118

20,220

Trane

Technologies

plc

6,812,522

242

TransDigm

Group,

Inc.

334,756

25,718

TransUnion

2,134,337

3,607

Trex

Company,

Inc.

b

209,567

6,437

Trinity

Industries,

Inc.

180,622

262,804

Uber

Technologies,

Inc.

b

19,147,899

2,260

UFP

Industries,

Inc.

241,910

2,770

UL

Solutions,

Inc.

156,228

2,719

Union

Pacific

Corporation

642,337

36,661

United

Airlines

Holdings,

Inc.

b

2,531,442

1,129

United

Parcel

Service,

Inc.

124,179

496

United

Rentals,

Inc.

310,843

19,775

Verisk

Analytics,

Inc.

5,885,436

9,928

Verra

Mobility

Corporation

b

223,479

1,250

Wabtec

Corporation

226,688

16,074

Waste

Connections,

Inc.

3,137,484

4,701

Waste

Management,

Inc.

1,088,329

4,293

Watsco,

Inc.

2,182,132

48,895

WNS

Holdings,

Ltd.

b

3,006,554

Total

217,309,530

Information

Technology  7.0%

2,625

Adobe,

Inc.

b

1,006,766

31,306

Agilysys,

Inc.

b

2,270,937

4,409

Ambarella,

Inc.

b

221,905

167,947

Amphenol

Corporation

11,015,644

517,119

Apple,

Inc.

114,867,643

74,496

Applied

Materials,

Inc.

10,810,859

47,624

Arista

Networks,

Inc.

b

3,689,907

650

Astera

Labs,

Inc.

b

38,785

559

Atlassian

Corporation

b

118,625

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

207

Shares

Common

Stock  23.4%

Value

Information

Technology  7.0%

-

continued

35,237

Autodesk,

Inc.

b

$

9,225,047

958

BILL

Holdings,

Inc.

b

43,963

25,693

BlackLine,

Inc.

b

1,244,055

209,700

Broadcom,

Inc.

35,110,071

51,927

CDW

Corporation

8,321,821

5,930

Ciena

Corporation

b

358,350

46,194

Cisco

Systems,

Inc.

2,850,632

9,390

Clearwater

Analytics

Holdings,

Inc.

b

251,652

2,385

Coherent

Corporation

b

154,882

11,245

Cohu,

Inc.

b

165,414

2,763

CommVault

Systems,

Inc.

b

435,891

1,298

Consensus

Cloud

Solutions,

Inc.

b

29,958

4,828

Crane

NXT

Company

248,159

6,660

Credo

Technology

Group

Holding,

Ltd.

b

267,466

6,403

CrowdStrike

Holdings,

Inc.

b

2,257,570

17,459

CyberArk

Software,

Ltd.

b

5,901,142

1,816

Datadog,

Inc.

b

180,165

17,523

Descartes

Systems

Group,

Inc.

b

1,766,844

6,016

DocuSign,

Inc.

b

489,702

10,819

Dolby

Laboratories,

Inc.

868,874

44,458

Dynatrace

Holdings,

LLC

b

2,096,195

2,937

Elastic

NV

b

261,687

1,415

Enphase

Energy,

Inc.

b

87,801

4,088

Expensify,

Inc.

b

12,428

3,233

F5,

Inc.

b

860,851

8,050

Fabrinet

b

1,589,955

1,294

Fair

Isaac

Corporation

b

2,386,343

1,252

FARO

Technologies,

Inc.

b

34,180

20,770

Flex,

Ltd.

b

687,072

115,707

Fortinet,

Inc.

b

11,137,956

40,505

Freshworks,

Inc.

b

571,526

5,047

Gartner,

Inc.

b

2,118,428

4,706

Gen

Digital,

Inc.

124,897

82,716

Gitlab,

Inc.

b

3,887,652

9,972

Globant

SA

b

1,173,904

1,873

GoDaddy,

Inc.

b

337,402

29,310

Guidewire

Software,

Inc.

b

5,491,522

4,914

HubSpot,

Inc.

b

2,807,319

17,607

Impinj,

Inc.

b

1,596,955

51,496

International

Business

Machines

Corporation

12,804,995

2,074

IPG

Photonics

Corporation

b

130,952

3,591

Itron,

Inc.

b

376,193

123,395

JFrog,

Ltd.

b

3,948,640

5,139

Keysight

Technologies,

Inc.

b

769,668

62,807

Lattice

Semiconductor

Corporation

b

3,294,227

14,109

Littelfuse,

Inc.

2,775,805

382

MACOM

Technology

Solutions

Holdings,

Inc.

b

38,345

22,032

Marvell

Technology,

Inc.

1,356,510

271,969

Microsoft

Corporation

102,094,443

408

MicroStrategy,

Inc.

b

117,614

1,500

Mirion

Technologies,

Inc.

b

21,750

9,807

MongoDB,

Inc.

b

1,720,148

72

Monolithic

Power

Systems,

Inc.

41,759

12,050

Motorola

Solutions,

Inc.

5,275,610

5,821

Napco

Security

Technologies,

Inc.

133,999

13,397

NetApp,

Inc.

1,176,792

1,006,685

NVIDIA

Corporation

109,104,520

1,969

Okta,

Inc.

b

207,178

6,846

Olo,

Inc.

b

41,350

3,881

ON

Semiconductor

Corporation

b

157,918

Shares

Common

Stock  23.4%

Value

Information

Technology  7.0%

-

continued

29,406

Onto

Innovation,

Inc.

b

$

3,568,124

77,870

Palantir

Technologies,

Inc.

b

6,572,228

46,955

PDF

Solutions,

Inc.

b

897,310

27,426

Pegasystems,

Inc.

1,906,656

1,194

Plexus

Corporation

b

152,987

1,029

Procore

Technologies,

Inc.

b

67,935

16,355

PTC,

Inc.

b

2,534,207

6,199

Q2

Holdings,

Inc.

b

495,982

3,895

Qorvo,

Inc.

b

282,037

80,963

QUALCOMM,

Inc.

12,436,726

78,008

Salesforce,

Inc.

20,934,227

4,680

Samsung

Electronics

Company,

Ltd.

185,541

33,895

SAP

AG

ADR

9,098,774

27,255

ServiceNow,

Inc.

b

21,698,796

9,699

Silicon

Laboratories,

Inc.

b

1,091,816

854

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

141,764

3,393

TD

SYNNEX

Corporation

352,736

3,709

TE

Connectivity

plc

524,156

1,717

Teledyne

Technologies,

Inc.

b

854,568

5,012

Tenable

Holdings,

Inc.

b

175,320

89,457

Trimble,

Inc.

b

5,872,852

67,043

TTM

Technologies,

Inc.

b

1,375,052

4,895

Tyler

Technologies,

Inc.

b

2,845,904

20,562

Varonis

Systems,

Inc.

b

831,733

12,633

VeriSign,

Inc.

b

3,207,140

1,493

Vontier

Corporation

49,045

22,658

Workiva,

Inc.

b

1,719,969

2,627

Xerox

Holdings

Corporation

12,688

925

Zebra

Technologies

Corporation

b

261,368

Total

597,212,859

Materials  0.6%

1,779

Albemarle

Corporation

128,124

1,894

Alcoa

Corporation

57,767

5,620

Allegheny

Technologies,

Inc.

b

292,409

20,825

Amcor

plc

202,003

2,907

AptarGroup,

Inc.

431,341

11,382

Aspen

Aerogels,

Inc.

b

72,731

13,770

Avient

Corporation

511,693

51,269

Axalta

Coating

Systems,

Ltd.

b

1,700,593

2,323

Balchem

Corporation

385,618

2,004

CF

Industries

Holdings,

Inc.

156,613

24,227

Chemours

Company

327,791

154,264

Constellium

SE

b

1,556,524

9,104

Corteva,

Inc.

572,915

82,418

DuPont

de

Nemours,

Inc.

6,154,976

711

Eagle

Materials,

Inc.

157,792

14,443

Eastman

Chemical

Company

1,272,573

39,407

Ecolab,

Inc.

9,990,463

49,971

Element

Solutions,

Inc.

1,129,844

13,057

FMC

Corporation

550,875

5,973

Greif,

Inc.

328,455

51,697

Hecla

Mining

Company

287,435

3,809

Huntsman

Corporation

60,144

10,539

Ingevity

Corporation

b

417,239

3,674

Innospec,

Inc.

348,111

6,201

International

Flavors

&

Fragrances,

Inc.

481,260

18,090

Ivanhoe

Mines,

Ltd.

b

153,615

5,357

Kaiser

Aluminum

Corporation

324,741

4,103

Koppers

Holdings,

Inc.

114,884

14,264

Linde

plc

6,641,889

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

208

Shares

Common

Stock  23.4%

Value

Materials  0.6%

-

continued

526

LyondellBasell

Industries

NV

$

37,030

9,954

Magnera

Corporation

b

180,765

4,125

Martin

Marietta

Materials,

Inc.

1,972,286

5,635

Minerals

Technologies,

Inc.

358,217

22,191

Mosaic

Company

599,379

1,306

Nucor

Corporation

157,164

7,692

O-I

Glass,

Inc.

b

88,227

58,572

Olin

Corporation

1,419,785

4,322

Orion

SA

55,883

9,131

Packaging

Corporation

of

America

1,808,121

1,750

PPG

Industries,

Inc.

191,363

2,257

Ranpak

Holdings

Corporation

b

12,233

8,652

Royal

Gold,

Inc.

1,414,689

14,661

RPM

International,

Inc.

1,695,984

8,263

Sealed

Air

Corporation

238,801

14,479

Sensient

Technologies

Corporation

1,077,672

10,716

Sonoco

Products

Company

506,224

5,213

Steel

Dynamics,

Inc.

652,042

2,295

Stepan

Company

126,317

23,706

Trinseo

plc

87,238

27,958

Tronox

Holdings

plc

196,824

430

United

States

Lime

&

Minerals,

Inc.

38,003

13,371

United

States

Steel

Corporation

565,058

2,843

Vulcan

Materials

Company

663,272

3,914

West

Fraser

Timber

Company,

Ltd.

301,143

Total

49,254,138

Real

Estate  0.6%

3,934

Agree

Realty

Corporation

303,665

12,384

Alexandria

Real

Estate

Equities,

Inc.

1,145,644

3,956

Alpine

Income

Property

Trust,

Inc.

66,144

5,990

American

Assets

Trust,

Inc.

120,639

305

AvalonBay

Communities,

Inc.

65,459

21,393

Brixmor

Property

Group,

Inc.

567,984

66,571

Broadstone

Net

Lease,

Inc.

1,134,370

22,728

CBRE

Group,

Inc.

b

2,972,368

20,841

Chatham

Lodging

Trust

148,596

14,219

Colliers

International

Group,

Inc.

1,724,765

30,205

Compass,

Inc.

b

263,690

30,814

CoStar

Group,

Inc.

b

2,441,393

6,527

Cousins

Properties,

Inc.

192,547

1,520

Crown

Castle,

Inc.

158,430

13,162

Curbline

Properties

Corporation

318,389

22,269

Cushman

and

Wakefield

plc

b

227,589

37,485

Douglas

Elliman,

Inc.

b

64,474

13,782

EPR

Properties

725,071

6,285

Equinix,

Inc.

5,124,475

217,800

Essential

Properties

Realty

Trust,

Inc.

7,108,992

1,267

Essex

Property

Trust,

Inc.

388,424

1,064

Extra

Space

Storage,

Inc.

157,993

5,717

First

Industrial

Realty

Trust,

Inc.

308,489

29,243

Global

Net

Lease,

Inc.

235,114

6,843

Healthcare

Realty

Trust,

Inc.

115,647

3,710

Host

Hotels

&

Resorts,

Inc.

52,719

1,294

Howard

Hughes

Holdings,

Inc.

b

95,860

12,678

Independence

Realty

Trust,

Inc.

269,154

50,840

Industrial

Logistics

Properties

Trust

174,890

19,444

Innovative

Industrial

Properties,

Inc.

1,051,726

35,569

InvenTrust

Properties

Corporation

1,044,662

57,485

National

Storage

Affiliates

Trust

2,264,909

41,403

NetSTREIT

Corporation

656,238

124,982

Outfront

Media,

Inc.

2,017,209

Shares

Common

Stock  23.4%

Value

Real

Estate  0.6%

-

continued

129,304

Park

Hotels

&

Resorts,

Inc.

$

1,380,967

3,947

Peakstone

Realty

Trust

49,732

50,802

Pebblebrook

Hotel

Trust

514,624

2,975

RE/MAX

Holdings,

Inc.

b

24,901

206,707

RLJ

Lodging

Trust

1,630,918

3,634

RMR

Group,

Inc.

60,506

2,217

Ryman

Hospitality

Properties

202,722

378,878

Sabra

Health

Care

REIT,

Inc.

6,618,999

5,360

Safehold,

Inc.

100,339

1,720

SBA

Communications

Corporation

378,417

10,996

Sila

Realty

Trust,

Inc.

293,703

53,039

STAG

Industrial,

Inc.

1,915,769

99,560

Tanger,

Inc.

3,364,132

23,850

Terreno

Realty

Corporation

1,507,797

332,979

Uniti

Group,

Inc.

1,678,214

592

Universal

Health

Realty

Income

Trust

24,248

13,340

Zillow

Group,

Inc.,

Class

A

b

891,912

19,605

Zillow

Group,

Inc.,

Class

C

b

1,344,119

Total

55,689,737

Utilities  0.4%

193,871

AES

Corporation

2,407,878

5,070

Alliant

Energy

Corporation

326,254

4,931

American

States

Water

Company

387,971

12,642

American

Water

Works

Company,

Inc.

1,864,948

1,685

Artesian

Resources

Corporation

55,015

11,847

Black

Hills

Corporation

718,521

587

Brookfield

Renewable

Corporation

16,389

9,067

California

Water

Service

Group

439,387

9,397

CenterPoint

Energy,

Inc.

340,453

23,519

Clearway

Energy,

Inc.,

Class

A

669,351

41,934

Clearway

Energy,

Inc.,

Class

C

1,269,342

578

Constellation

Energy

Corporation

116,542

2,097

Duke

Energy

Corporation

255,771

26,306

Edison

International

1,549,950

3,377

Entergy

Corporation

288,700

10,613

Essential

Utilities,

Inc.

419,532

6,642

Eversource

Energy

412,535

42,716

Hawaiian

Electric

Industries,

Inc.

b

467,740

3,056

Middlesex

Water

Company

195,890

8,153

NiSource,

Inc.

326,854

2,170

Northwestern

Energy

Group,

Inc.

125,578

136,005

PG&E

Corporation

2,336,566

4,493

Portland

General

Electric

Company

200,388

1,971

Public

Service

Enterprise

Group,

Inc.

162,213

2,922

Spire,

Inc.

228,646

358,984

UGI

Corporation

11,871,601

17,085

Vistra

Energy

Corporation

2,006,462

115,945

XPLR

Infrastructure,

LP

1,101,477

Total

30,561,954

Total

Common

Stock

(cost

$1,402,512,140)

1,997,101,119

Principal

Amount

Long-Term

Fixed

Income

20.5%

Value

Asset-Backed

Securities  0.5%

Access

Group,

Inc.

$

66,692

4.954%, 

(SOFR30A

+

0.614%),

2/25/2036,

Ser.

2013-1,

Class

A

c,d

66,458

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

209

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Asset-Backed

Securities  0.5%

-

continued

ALLO

Issuer,

LLC

$

2,600,000

5.528%, 

4/20/2055,

Ser.

2025-1A,

Class

A2

c

$

2,613,609

Balboa

Bay

Loan

Funding,

Ltd.

2,000,000

6.267%, 

(TSFR3M

+

1.950%),

7/20/2034,

Ser.

2021-1A,

Class

CR

c,d

1,984,270

1,750,000

6.566%, 

(TSFR3M

+

2.250%),

1/20/2035,

Ser.

2021-2A,

Class

CR

c,d

1,750,000

CarVal

CLO

I,

Ltd.

1,700,000

6.158%, 

(TSFR3M

+

1.850%),

7/16/2031,

Ser.

2018-1A,

Class

BR

c,d

1,700,828

CMFT

Net

Lease

Master

Issuer,

LLC

1,699,926

2.090%, 

7/20/2051,

Ser.

2021-1,

Class

A1

c

1,539,587

Commonbond

Student

Loan

Trust

98,272

4.935%, 

(TSFR1M

+

0.614%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

c,d

97,003

Foundation

Finance

Trust

719,773

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

c

673,687

Goodgreen

1,662,734

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

c

1,524,199

Hertz

Vehicle

Financing

III,

LLC

1,350,000

5.450%, 

9/25/2029,

Ser.

2025-1A,

Class

B

c

1,357,339

Hotwire

Funding,

LLC

2,200,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

c

2,239,141

HTAP

1,672,209

7.000%, 

4/25/2037,

Ser.

2024-1,

Class

A

c

1,662,882

HTAP

Issuer

Trust

1,698,171

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

c

1,676,998

Laurel

Road

Prime

Student

Loan

Trust

831,309

5.950%, 

11/25/2043,

Ser.

2018-D,

Class

A

c,d

786,658

MFA

Trust

1,595,532

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

e

1,597,734

National

Collegiate

Trust

500,767

5.255%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

c,d

490,062

Oak

Street

Investment

2,109,855

1.850%, 

11/20/2050,

Ser.

2020-1A,

Class

A1

c

2,045,022

Palmer

Square

Loan

Funding,

Ltd.

1,300,000

5.921%, 

(TSFR3M

+

1.600%),

2/15/2033,

Ser.

2025-1A,

Class

B

c,d

1,299,076

Pretium

Mortgage

Credit

Partners,

LLC

3,118,639

5.835%, 

3/25/2055,

Ser.

2025-NPL2,

Class

A1

c,e

3,120,025

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Asset-Backed

Securities  0.5%

-

continued

Renaissance

Home

Equity

Loan

Trust

$

3,418,210

5.580%, 

11/25/2036,

Ser.

2006-3,

Class

AF2

e

$

1,116,295

Saxon

Asset

Securities

Trust

1,204,048

3.654%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

d

1,061,538

Sunnova

Hestia

II

Issuer,

LLC

1,654,105

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

c,f

1,661,303

Unlock

HEA

Trust

1,562,669

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

c

1,552,179

1,944,745

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

c

1,905,038

Vericrest

Opportunity

Loan

Transferee

246,598

5.893%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A1

c

246,511

261,156

6.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

c

261,233

1,160,452

8.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

c

1,158,937

1,018,251

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

c,e

998,707

Wind

River

CLO,

Ltd.

1,650,000

6.555%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

c,d

1,650,536

Total

39,836,855

Basic

Materials  0.2%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

278,000

8.625%, 

6/15/2029

c

291,312

Alumina,

Pty.

Ltd.

300,000

6.125%, 

3/15/2030

c

299,238

ATI,

Inc.

340,000

7.250%, 

8/15/2030

350,452

Avient

Corporation

283,000

6.250%, 

11/1/2031

c

280,337

Axalta

Coating

Systems

Dutch

Holding

B

BV

230,000

7.250%, 

2/15/2031

c

237,206

Cascades,

Inc./Cascades

USA,

Inc.

400,000

5.125%, 

1/15/2026

c

396,353

Celanese

US

Holdings,

LLC

158,000

6.600%, 

11/15/2028

162,972

131,000

6.500%, 

4/15/2030

130,054

159,000

6.629%, 

7/15/2032

163,289

44,000

6.750%, 

4/15/2033

42,713

Cerdia

Finanz

GmbH

323,000

9.375%, 

10/3/2031

c

330,464

Chemours

Company

452,000

5.750%, 

11/15/2028

c

416,898

Chevron

Phillips

Chemical

Company,

LLC

786,000

4.750%, 

5/15/2030

c

784,756

Cleveland-Cliffs,

Inc.

179,000

5.875%, 

6/1/2027

177,746

290,000

4.625%, 

3/1/2029

c

269,487

219,000

6.875%, 

11/1/2029

c

214,304

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

210

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Basic

Materials  0.2%

-

continued

$

350,000

4.875%, 

3/1/2031

c

$

304,526

129,000

7.375%, 

5/1/2033

c

123,780

162,000

6.250%, 

10/1/2040

132,108

Consolidated

Energy

Finance

SA

640,000

5.625%, 

10/15/2028

c

550,400

Eastman

Chemical

Company

590,000

5.000%, 

8/1/2029

593,076

FMC

Corporation

624,000

5.150%, 

5/18/2026

625,595

FMG

Resources

August

2006,

Pty.

Ltd.

101,000

4.500%, 

9/15/2027

c

97,949

162,000

5.875%, 

4/15/2030

c

159,980

168,000

6.125%, 

4/15/2032

c

165,692

Glencore

Funding,

LLC

944,000

4.000%, 

3/27/2027

c

931,114

892,000

4.907%, 

4/1/2028

c

895,643

Hecla

Mining

Company

220,000

7.250%, 

2/15/2028

222,075

Hudbay

Minerals,

Inc.

273,000

4.500%, 

4/1/2026

c

268,905

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

192,000

9.000%, 

7/1/2028

c

190,841

INEOS

Finance

plc

488,000

7.500%, 

4/15/2029

c

485,628

International

Flavors

&

Fragrances,

Inc.

739,000

1.230%, 

10/1/2025

c

725,426

Magnera

Corporation

419,000

7.250%, 

11/15/2031

c

407,524

Mercer

International,

Inc.

192,000

5.125%, 

2/1/2029

164,541

Methanex

Corporation

241,000

5.125%, 

10/15/2027

236,288

160,000

5.250%, 

12/15/2029

a

153,668

Methanex

US

Operations,

Inc.

173,000

6.250%, 

3/15/2032

c

168,508

Mineral

Resources,

Ltd.

264,000

9.250%, 

10/1/2028

c

263,972

114,000

8.500%, 

5/1/2030

c

110,261

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

227,000

5.350%, 

3/15/2034

229,092

Novelis

Corporation

73,000

3.250%, 

11/15/2026

c

70,572

171,000

4.750%, 

1/30/2030

c

159,441

200,000

3.875%, 

8/15/2031

c

173,881

Olin

Corporation

183,000

6.625%, 

4/1/2033

c

177,805

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

335,000

5.375%, 

11/1/2026

a,c

329,508

Sherwin-Williams

Company

470,000

4.800%, 

9/1/2031

468,820

Smurfit

Kappa

Treasury,

ULC

627,000

5.777%, 

4/3/2054

c

618,328

SNF

Group

SACA

508,000

3.375%, 

3/15/2030

c

448,598

Steel

Dynamics,

Inc.

293,000

5.250%, 

5/15/2035

290,204

SunCoke

Energy,

Inc.

544,000

4.875%, 

6/30/2029

c

499,249

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Basic

Materials  0.2%

-

continued

Taseko

Mines,

Ltd.

$

332,000

8.250%, 

5/1/2030

c

$

338,962

Tronox,

Inc.

166,000

4.625%, 

3/15/2029

c

141,968

WR

Grace

Holdings,

LLC

126,000

4.875%, 

6/15/2027

c

121,692

Total

16,593,201

Capital

Goods  0.3%

Advanced

Drainage

Systems,

Inc.

333,000

6.375%, 

6/15/2030

c

334,449

AECOM

155,000

5.125%, 

3/15/2027

153,788

Amsted

Industries,

Inc.

373,000

6.375%, 

3/15/2033

c

371,021

Axon

Enterprise,

Inc.

161,000

6.125%, 

3/15/2030

c

162,485

161,000

6.250%, 

3/15/2033

c

162,656

BAE

Systems

plc

250,000

5.500%, 

3/26/2054

a,c

246,959

300,000

5.250%, 

3/26/2031

c

305,917

Ball

Corporation

201,000

3.125%, 

9/15/2031

174,222

Boeing

Company

712,000

5.040%, 

5/1/2027

715,238

377,000

6.259%, 

5/1/2027

387,881

444,000

6.388%, 

5/1/2031

473,135

733,000

5.705%, 

5/1/2040

712,554

Bombardier,

Inc.

259,000

6.000%, 

2/15/2028

c

255,592

159,000

7.250%, 

7/1/2031

c

159,541

465,000

7.000%, 

6/1/2032

a,c

462,988

180,000

7.450%, 

5/1/2034

c

184,597

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

207,000

7.500%, 

2/1/2032

c

197,138

Builders

FirstSource,

Inc.

330,000

5.000%, 

3/1/2030

c

315,401

Camelot

Return

Merger

Sub,

Inc.

244,000

8.750%, 

8/1/2028

c

200,995

Canpack

SA/Canpack

US,

LLC

527,000

3.875%, 

11/15/2029

c

477,566

Carrier

Global

Corporation

709,000

2.700%, 

2/15/2031

631,888

Chart

Industries,

Inc.

507,000

7.500%, 

1/1/2030

c

525,833

Clean

Harbors,

Inc.

327,000

6.375%, 

2/1/2031

c

330,498

Clydesdale

Acquisition

Holdings,

Inc.

68,000

6.625%, 

4/15/2029

c

68,375

313,000

6.875%, 

1/15/2030

c

315,374

174,000

6.750%, 

4/15/2032

c

175,204

Cornerstone

Building

Brands,

Inc.

85,000

9.500%, 

8/15/2029

c

70,711

Crown

Cork

&

Seal

Company,

Inc.

236,000

7.375%, 

12/15/2026

242,688

Emerson

Electric

Company

346,000

5.000%, 

3/15/2035

348,311

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

510,000

6.625%, 

12/15/2030

c

510,226

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

211

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Capital

Goods  0.3%

-

continued

ESAB

Corporation

$

132,000

6.250%, 

4/15/2029

c

$

133,926

GFL

Environmental,

Inc.

415,000

4.000%, 

8/1/2028

c

394,411

674,000

3.500%, 

9/1/2028

c

636,842

H&E

Equipment

Services,

Inc.

271,000

3.875%, 

12/15/2028

c

270,125

Herc

Holdings,

Inc.

105,000

5.500%, 

7/15/2027

c

104,560

265,000

6.625%, 

6/15/2029

c

265,851

Ingersoll

Rand,

Inc.

658,000

5.176%, 

6/15/2029

669,156

151,000

5.700%, 

8/14/2033

155,846

Lockheed

Martin

Corporation

374,000

6.150%, 

9/1/2036

408,934

Martin

Marietta

Materials,

Inc.

326,000

5.150%, 

12/1/2034

323,968

Mueller

Water

Products,

Inc.

286,000

4.000%, 

6/15/2029

c

265,705

Nesco

Holdings

II,

Inc.

446,000

5.500%, 

4/15/2029

c

411,625

New

Enterprise

Stone

and

Lime

Company,

Inc.

552,000

5.250%, 

7/15/2028

c

533,530

Nordson

Corporation

615,000

5.600%, 

9/15/2028

633,808

Northrop

Grumman

Corporation

1,225,000

3.850%, 

4/15/2045

967,615

OI

European

Group

BV

352,000

4.750%, 

2/15/2030

c

322,177

Owens-Brockway

Glass

Container,

Inc.

272,000

6.625%, 

5/13/2027

c

270,510

133,000

7.375%, 

6/1/2032

a,c

126,936

Quikrete

Holdings,

Inc.

652,000

6.375%, 

3/1/2032

c

656,140

165,000

6.750%, 

3/1/2033

c

164,249

Regal

Rexnord

Corporation

770,000

6.050%, 

2/15/2026

775,829

Resideo

Funding,

Inc.

340,000

6.500%, 

7/15/2032

c

339,187

Reworld

Holding

Corporation

276,000

4.875%, 

12/1/2029

c

256,711

Roller

Bearing

Company

of

America,

Inc.

386,000

4.375%, 

10/15/2029

c

362,370

RTX

Corporation

201,000

6.400%, 

3/15/2054

220,017

500,000

4.125%, 

11/16/2028

492,949

900,000

4.450%, 

11/16/2038

821,004

859,000

4.500%, 

6/1/2042

755,578

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

260,000

6.125%, 

2/1/2028

c

260,374

Smyrna

Ready

Mix

Concrete,

LLC

472,000

8.875%, 

11/15/2031

c

489,009

Sonoco

Products

Company

602,000

4.600%, 

9/1/2029

593,269

Spirit

AeroSystems,

Inc.

155,000

4.600%, 

6/15/2028

148,680

102,000

9.750%, 

11/15/2030

c

112,592

SRM

Escrow

Issuer,

LLC

130,000

6.000%, 

11/1/2028

c

126,134

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Capital

Goods  0.3%

-

continued

Standard

Building

Solutions,

Inc.

$

185,000

6.500%, 

8/15/2032

c

$

184,945

Standard

Industries,

Inc./NY

162,000

4.750%, 

1/15/2028

c

156,796

162,000

3.375%, 

1/15/2031

c

140,854

Textron,

Inc.

1,010,000

3.375%, 

3/1/2028

974,126

TopBuild

Corporation

114,000

4.125%, 

2/15/2032

c

101,412

Trane

Technologies

Financing,

Ltd.

401,000

5.100%, 

6/13/2034

402,608

TransDigm,

Inc.

395,000

6.750%, 

8/15/2028

c

400,769

569,000

7.125%, 

12/1/2031

c

585,409

463,000

6.625%, 

3/1/2032

c

468,901

424,000

6.000%, 

1/15/2033

c

417,274

Trivium

Packaging

Finance

233,000

5.500%, 

8/15/2026

c

229,392

United

Rentals

North

America,

Inc.

525,000

4.875%, 

1/15/2028

516,035

430,000

4.000%, 

7/15/2030

396,740

Veralto

Corporation

619,000

5.350%, 

9/18/2028

633,885

Waste

Pro

USA,

Inc.

376,000

7.000%, 

2/1/2033

c

377,269

WESCO

Distribution,

Inc.

166,000

6.375%, 

3/15/2029

c

167,927

116,000

6.625%, 

3/15/2032

c

117,673

215,000

6.375%, 

3/15/2033

c

216,085

Total

29,630,948

Collateralized

Mortgage

Obligations  0.9%

A&D

Mortgage

Trust

1,598,666

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

c,e

1,616,552

Alternative

Loan

Trust

500,514

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

259,183

Arroyo

Mortgage

Trust

3,000,000

3.269%, 

12/25/2056,

Ser.

2022-1,

Class

A1B

c,e

2,754,612

BINOM

Securitization

Trust

1,023,217

2.370%, 

6/25/2056,

Ser.

2021-INV1,

Class

A2

c,d

923,641

CHNGE

Mortgage

Trust

1,290,088

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

c,e

1,304,657

1,968,505

6.000%, 

10/25/2057,

Ser.

2022-4,

Class

A1

c,e

1,968,415

Citicorp

Mortgage

Securities,

Inc.

1,304,490

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

1,180,608

COLT

Mortgage

Loan

Trust

2,007,877

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

c,d

1,782,072

Countrywide

Alternative

Loan

Trust

668,878

4.149%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

d

551,948

1,637,933

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

561,713

CSMC

Trust

1,031,009

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

c,d

1,029,990

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

212

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Collateralized

Mortgage

Obligations  0.9%

-

continued

$

1,166,744

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

c,d

$

995,424

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

3,097,986

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

3,035,407

2,000,000

5.000%, 

1/25/2055,

Ser.

5490,

Class

LB

1,931,955

4,250,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

4,209,789

735,468

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

g

50,122

1,467,109

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

g

124,068

2,745,203

4.500%, 

10/15/2033,

Ser.

2695,

Class

BH

2,743,524

3,000,000

2.500%, 

12/15/2048,

Ser.

5094,

Class

BC

2,419,811

Federal

National

Mortgage

Association

-

REMIC

2,750,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

2,590,601

3,025,165

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

3,001,501

2,996,461

Zero

Coupon, 

11/25/2053,

Ser.

2023-54,

Class

EO

2,408,042

1,008,703

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

g

23,282

Flagstar

Mortgage

Trust

1,268,202

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

c,d

1,141,337

GCAT

Trust

1,673,732

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

c,d

1,507,399

2,934,863

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

c,d

2,959,396

GS

Mortgage-Backed

Securities

Trust

2,588,376

3.000%, 

6/25/2052,

Ser.

2022-GR1,

Class

A2

c,d

2,202,444

J.P.

Morgan

Mortgage

Trust

2,600,471

2.500%, 

2/25/2052,

Ser.

2021-INV7,

Class

A2A

c,d

2,134,417

1,667,777

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

c,d

1,433,387

LHOME

Mortgage

Trust

1,650,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

c,e

1,671,080

1,125,000

6.900%, 

5/25/2029,

Ser.

2024-RTL3,

Class

A1

c,e

1,138,343

Mello

Mortgage

Capital

Acceptance

2,591,929

2.500%, 

8/25/2051,

Ser.

2021-INV2,

Class

A3

c,d

2,120,862

Merrill

Lynch

Alternative

Note

Asset

Trust

339,178

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

116,487

Morgan

Stanley

Residential

Mortgage

Loan

Trust

1,100,000

7.416%, 

9/25/2068,

Ser.

2023-NQM1,

Class

M1

c,d

1,116,577

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Collateralized

Mortgage

Obligations  0.9%

-

continued

New

Residential

Mortgage

Loan

Trust

$

5,627,388

2.500%, 

9/25/2051,

Ser.

2021-INV2,

Class

A2

c,d

$

4,618,853

OBX

Trust

1,550,000

3.688%, 

1/25/2062,

Ser.

2022-NQM3,

Class

A1B

c,d

1,418,736

Palisades

Mortgage

Loan

Trust

1,460,877

3.487%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

c

1,452,858

PMT

Loan

Trust

3,050,000

6.000%, 

2/25/2056,

Ser.

2025-INV2,

Class

A10

c,d

3,097,094

Pretium

Mortgage

Credit

Partners,

LLc

1,550,000

4.000%, 

8/25/2064,

Ser.

2025-RPL2,

Class

A1

c,e

1,481,472

PRPM,

LLC

1,600,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

c,e

1,482,553

Residential

Accredit

Loans,

Inc.

Trust

595,518

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

523,427

Roc

Mortgage

Trust

489,278

3.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

c,d

488,402

Saluda

Grade

Alternative

Mortgage

Trust

2,500,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

c,e

2,519,010

2,000,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

c,e

2,012,877

Sequoia

Mortgage

Trust

540,383

3.576%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

d

361,630

Toorak

Mortgage

Trust

1,500,000

5.524%, 

2/25/2040,

Ser.

2025-RRTL1,

Class

A1

c,e

1,502,319

TRK

Trust

1,623,825

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

c,d

1,424,308

TVC

Mortgage

Trust

1,700,000

5.545%, 

7/25/2039,

Ser.

2024-RRTL1,

Class

A1

c,e

1,703,170

Vericrest

Opportunity

Loan

Transferee

340,411

6.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

c

340,453

Verus

Securitization

Trust

917,034

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

c,d

813,015

Vontive

Mortgage

Trust

1,200,000

6.507%, 

3/25/2030,

Ser.

2025-RTL1,

Class

A1

c,e

1,203,363

Total

81,452,186

Commercial

Mortgage-Backed

Securities  0.4%

AMSR

Trust

1,400,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

c

1,285,259

4,500,000

1.877%, 

8/17/2038,

Ser.

2021-SFR2,

Class

C

c

4,308,030

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

213

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Commercial

Mortgage-Backed

Securities  0.4%

-

continued

$

1,750,000

2.517%, 

12/17/2038,

Ser.

2021-SFR4,

Class

C

c

$

1,681,870

BANK

2022-BNK39

39,657,364

0.418%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

d,g

952,114

BANK

2025-BNK49

12,600,000

0.835%, 

3/15/2058,

Ser.

2025-BNK49,

Class

XA

d,g

620,874

2,150,000

6.025%, 

3/15/2058,

Ser.

2025-BNK49,

Class

AS

d

2,230,053

BBCMS

Mortgage

Trust

17,899,964

1.150%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

d,g

1,246,133

2,500,000

6.198%, 

12/15/2056,

Ser.

2023-5C23,

Class

A2

2,598,615

18,345,621

1.807%, 

10/15/2053,

Ser.

2020-C8,

Class

XA

d,g

1,299,017

Benchmark

Mortgage

Trust

1,675,000

6.090%, 

4/15/2058,

Ser.

2025-V14,

Class

AM

1,730,145

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

3,250,000

4.489%, 

9/25/2034,

Ser.

K-165,

Class

A2

f

3,218,727

FRTKL

Trust

3,050,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

c

2,904,008

Home

Partners

of

America

Trust

3,168,277

2.302%, 

12/17/2026,

Ser.

2021-2,

Class

B

c

3,027,781

2,543,590

2.078%, 

9/17/2041,

Ser.

2021-1,

Class

C

c

2,217,842

HTAP

Issuer

Trust

3,050,000

6.500%, 

11/25/2042,

Ser.

2025-1,

Class

A

c

3,000,312

Morgan

Stanley

Capital

I

Trust

17,582,044

1.782%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

d,g

1,304,983

Tricon

Residential

Trust

1,700,000

5.400%, 

(TSFR1M

+

1.100%),

3/17/2042,

Ser.

2025-SFR1,

Class

A

c,d

1,699,996

Total

35,325,759

Communications

Services  0.6%

AMC

Networks,

Inc.

398,000

10.250%, 

1/15/2029

c

412,427

American

Tower

Corporation

340,000

3.375%, 

10/15/2026

333,878

619,000

5.800%, 

11/15/2028

641,799

793,000

2.900%, 

1/15/2030

729,448

440,000

5.000%, 

1/31/2030

443,598

821,000

4.900%, 

3/15/2030

825,344

412,000

5.650%, 

3/15/2033

424,693

AppLovin

Corporation

624,000

5.500%, 

12/1/2034

623,861

AT&T,

Inc.

630,000

5.700%, 

3/1/2057

608,761

923,000

3.650%, 

6/1/2051

653,700

1,282,000

3.500%, 

9/15/2053

874,183

621,000

5.400%, 

2/15/2034

630,981

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Communications

Services  0.6%

-

continued

$

1,265,000

4.900%, 

8/15/2037

$

1,206,864

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

900,000

5.125%, 

5/1/2027

c

886,445

74,000

5.000%, 

2/1/2028

c

71,816

329,000

6.375%, 

9/1/2029

c

328,017

750,000

4.750%, 

3/1/2030

c

695,581

271,000

4.250%, 

2/1/2031

c

240,141

519,000

4.750%, 

2/1/2032

c

460,817

168,000

4.500%, 

6/1/2033

c

143,278

589,000

4.250%, 

1/15/2034

a,c

484,452

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

2,120,000

4.200%, 

3/15/2028

2,079,039

688,000

6.100%, 

6/1/2029

710,394

1,400,000

3.500%, 

6/1/2041

969,818

Clear

Channel

Outdoor

Holdings,

Inc.

330,000

5.125%, 

8/15/2027

c

318,938

424,000

7.875%, 

4/1/2030

c

415,708

Comcast

Corporation

923,000

5.350%, 

5/15/2053

860,991

640,000

4.400%, 

8/15/2035

601,032

1,090,000

4.750%, 

3/1/2044

971,091

Crown

Castle,

Inc.

642,000

4.900%, 

9/1/2029

639,057

Deluxe

Corporation

387,000

8.125%, 

9/15/2029

c

389,259

Deutsche

Telekom

International

Finance

BV

1,535,000

8.750%, 

6/15/2030

1,801,387

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

1,115,000

5.875%, 

8/15/2027

c

1,080,486

87,000

8.875%, 

2/1/2030

c

83,018

288,000

10.000%, 

2/15/2031

c

276,538

FiberCop

SPA

563,000

6.000%, 

9/30/2034

c

512,764

Frontier

Communications

Holdings,

LLC

567,000

5.875%, 

10/15/2027

c

566,361

GCI,

LLC

347,000

4.750%, 

10/15/2028

c

319,891

Gray

Media,

Inc.

173,000

10.500%, 

7/15/2029

a,c

180,240

Iliad

Holding

SASU

433,000

8.500%, 

4/15/2031

c

454,114

246,000

7.000%, 

4/15/2032

c

246,325

LCPR

Senior

Secured

Financing

DAC

330,000

6.750%, 

10/15/2027

c

275,893

Level

3

Financing,

Inc.

87,000

3.625%, 

1/15/2029

c

64,597

160,880

10.500%, 

4/15/2029

c

176,968

160,879

11.000%, 

11/15/2029

c

179,306

243,000

10.500%, 

5/15/2030

c

260,373

82,000

10.750%, 

12/15/2030

c

90,610

200,000

4.000%, 

4/15/2031

c

150,000

Lumen

Technologies,

Inc.

95,601

4.125%, 

4/15/2030

a,c

89,252

McGraw-Hill

Education,

Inc.

488,000

5.750%, 

8/1/2028

c

476,498

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

214

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Communications

Services  0.6%

-

continued

Meta

Platforms,

Inc.

$

462,000

5.600%, 

5/15/2053

$

465,756

905,000

5.400%, 

8/15/2054

886,724

238,000

3.850%, 

8/15/2032

225,106

Netflix,

Inc.

552,000

5.375%, 

11/15/2029

c

569,883

500,000

4.875%, 

6/15/2030

c

505,284

Nexstar

Media,

Inc.

199,000

5.625%, 

7/15/2027

c

196,040

258,000

4.750%, 

11/1/2028

a,c

241,610

Omnicom

Group,

Inc.

435,000

4.200%, 

6/1/2030

424,083

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

294,000

4.625%, 

3/15/2030

c

268,790

Paramount

Global

140,000

6.375%, 

3/30/2062

d

136,594

Playtika

Holding

Corporation

428,000

4.250%, 

3/15/2029

c

376,766

Rogers

Communications,

Inc.

131,000

7.000%, 

4/15/2055

d

131,507

267,000

7.125%, 

4/15/2055

d

266,094

760,000

5.000%, 

2/15/2029

760,681

265,000

5.300%, 

2/15/2034

260,131

Sinclair

Television

Group,

Inc.

192,000

8.125%, 

2/15/2033

c

189,463

Sirius

XM

Radio,

LLC

685,000

5.000%, 

8/1/2027

c

669,272

365,000

4.000%, 

7/15/2028

c

340,546

Sprint

Capital

Corporation

1,127,000

8.750%, 

3/15/2032

1,355,436

Take-Two

Interactive

Software,

Inc.

422,000

5.600%, 

6/12/2034

431,145

TEGNA,

Inc.

530,000

4.625%, 

3/15/2028

501,379

Telecom

Italia

Capital

SA

170,000

6.000%, 

9/30/2034

a

162,800

Telenet

Finance

Luxembourg

Notes

SARL

600,000

5.500%, 

3/1/2028

c

582,000

T-Mobile

USA,

Inc.

1,223,000

3.600%, 

11/15/2060

818,790

916,000

4.850%, 

1/15/2029

921,174

1,100,000

4.375%, 

4/15/2040

968,262

Uniti

Group,

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

72,000

10.500%, 

2/15/2028

c

76,485

504,000

4.750%, 

4/15/2028

c

481,489

201,000

6.500%, 

2/15/2029

c

180,538

Univision

Communications,

Inc.

66,000

8.000%, 

8/15/2028

c

66,206

554,000

4.500%, 

5/1/2029

c

489,475

244,000

7.375%, 

6/30/2030

c

233,110

243,000

8.500%, 

7/31/2031

c

237,445

Verizon

Communications,

Inc.

923,000

3.000%, 

11/20/2060

544,664

2,689,000

2.650%, 

11/20/2040

1,888,440

1,400,000

3.400%, 

3/22/2041

1,077,885

Viasat,

Inc.

173,000

5.625%, 

4/15/2027

c

166,003

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Communications

Services  0.6%

-

continued

Virgin

Media

Finance

plc

$

206,000

5.000%, 

7/15/2030

a,c

$

176,602

Virgin

Media

Secured

Finance

plc

417,000

5.500%, 

5/15/2029

c

394,957

VMED

O2

UK

Financing

I

plc

171,000

7.750%, 

4/15/2032

c

171,412

Vodafone

Group

plc

244,000

5.125%, 

6/4/2081

d

184,857

VZ

Secured

Financing

BV

462,000

5.000%, 

1/15/2032

c

401,443

Warnermedia

Holdings,

Inc.

1,491,000

4.054%, 

3/15/2029

1,404,154

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

226,000

8.250%, 

10/1/2031

c

230,092

Zegona

Finance

plc

230,000

8.625%, 

7/15/2029

c

243,599

Ziggo

Bond

Company

BV

196,000

5.125%, 

2/28/2030

a,c

170,782

Ziggo

BV

177,000

4.875%, 

1/15/2030

c

162,139

Total

48,597,125

Consumer

Cyclical  0.6%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

117,000

3.875%, 

1/15/2028

c

111,824

259,000

4.375%, 

1/15/2028

c

249,076

175,000

6.125%, 

6/15/2029

c

176,105

301,000

5.625%, 

9/15/2029

c

297,970

Adient

Global

Holdings,

Ltd.

112,000

8.250%, 

4/15/2031

a,c

108,524

173,000

7.500%, 

2/15/2033

a,c

161,980

ADT

Security

Corporation

266,000

4.125%, 

8/1/2029

c

249,740

266,000

4.875%, 

7/15/2032

c

248,307

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

405,000

4.625%, 

6/1/2028

c

383,599

355,000

4.625%, 

6/1/2028

c

335,041

Allison

Transmission,

Inc.

131,000

3.750%, 

1/30/2031

c

116,473

Amazon.com,

Inc.

521,000

3.875%, 

8/22/2037

468,391

American

Axle

&

Manufacturing,

Inc.

462,000

5.000%, 

10/1/2029

a

397,668

American

Honda

Finance

Corporation

893,000

5.050%, 

7/10/2031

899,631

Arko

Corporation

328,000

5.125%, 

11/15/2029

a,c

265,806

Asbury

Automotive

Group,

Inc.

282,000

5.000%, 

2/15/2032

c

255,740

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

320,000

4.625%, 

8/1/2029

c

289,616

91,000

4.625%, 

4/1/2030

c

82,283

Aston

Martin

Capital

Holdings,

Ltd.

294,000

10.000%, 

3/31/2029

c

265,828

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

215

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Consumer

Cyclical  0.6%

-

continued

Bath

&

Body

Works,

Inc.

$

137,000

6.950%, 

3/1/2033

a

$

139,903

Belron

UK

Finance

plc

342,000

5.750%, 

10/15/2029

c

339,606

Boyd

Gaming

Corporation

490,000

4.750%, 

6/15/2031

c

451,918

Boyne

USA,

Inc.

265,000

4.750%, 

5/15/2029

c

249,490

Brinker

International,

Inc.

187,000

8.250%, 

7/15/2030

c

196,402

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

244,000

4.875%, 

2/15/2030

c

213,274

Caesars

Entertainment,

Inc.

734,000

4.625%, 

10/15/2029

c

674,643

199,000

6.500%, 

2/15/2032

c

198,355

184,000

6.000%, 

10/15/2032

a,c

171,832

Carnival

Corporation

323,000

7.625%, 

3/1/2026

c

323,095

797,000

5.750%, 

3/1/2027

c

797,501

388,000

4.000%, 

8/1/2028

c

371,200

106,000

6.000%, 

5/1/2029

c

105,258

Carvana

Company

134,928

9.000%,PIK

0.000%,

12/1/2028

c,h

138,925

318,000

9.000%, 

6/1/2031

c

353,302

Churchill

Downs,

Inc.

325,000

4.750%, 

1/15/2028

c

315,736

202,000

6.750%, 

5/1/2031

c

203,591

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

226,000

6.750%, 

5/15/2028

c

229,184

Crocs,

Inc.

163,000

4.250%, 

3/15/2029

c

151,519

Cushman

&

Wakefield

US

Borrower,

LLC

80,000

6.750%, 

5/15/2028

c

80,203

Dana,

Inc.

161,000

5.625%, 

6/15/2028

158,619

240,000

4.500%, 

2/15/2032

a

218,548

eG

Global

Finance

plc

80,000

12.000%, 

11/30/2028

c

88,580

Expedia

Group,

Inc.

766,000

5.400%, 

2/15/2035

762,894

Ford

Motor

Credit

Company,

LLC

618,000

5.850%, 

5/17/2027

621,240

929,000

2.900%, 

2/10/2029

831,141

780,000

7.122%, 

11/7/2033

797,097

Forestar

Group,

Inc.

309,000

6.500%, 

3/15/2033

c

302,507

FORVIA

SE

411,000

8.000%, 

6/15/2030

c

405,700

Gap,

Inc.

116,000

3.625%, 

10/1/2029

c

104,637

193,000

3.875%, 

10/1/2031

c

166,481

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

318,000

7.750%, 

5/31/2032

c

314,315

General

Motors

Company

506,000

6.125%, 

10/1/2025

508,557

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Consumer

Cyclical  0.6%

-

continued

General

Motors

Financial

Company,

Inc.

$

298,000

5.400%, 

5/8/2027

$

300,877

1,067,000

5.800%, 

1/7/2029

1,086,843

840,000

4.900%, 

10/6/2029

826,281

216,000

5.625%, 

4/4/2032

213,637

Genting

New

York,

LLC/GENNY

Capital,

Inc.

276,000

7.250%, 

10/1/2029

c

281,283

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

187,000

8.750%, 

1/15/2032

c

157,526

GLP

Capital,

LP

1,153,000

5.750%, 

6/1/2028

1,173,234

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

161,000

3.500%, 

3/1/2029

c

149,142

Goodyear

Tire

&

Rubber

Company

161,000

4.875%, 

3/15/2027

157,326

170,000

5.000%, 

7/15/2029

a

157,690

264,000

5.250%, 

4/30/2031

a

238,142

Group

1

Automotive,

Inc.

242,000

6.375%, 

1/15/2030

c

242,520

Hanesbrands,

Inc.

93,000

9.000%, 

2/15/2031

c

97,996

Harley-Davidson

Financial

Services,

Inc.

612,000

5.950%, 

6/11/2029

c

617,368

Hilton

Domestic

Operating

Company,

Inc.

487,000

4.875%, 

1/15/2030

470,967

80,000

4.000%, 

5/1/2031

c

72,449

470,000

3.625%, 

2/15/2032

c

411,951

Hilton

Grand

Vacations

Borrower,

LLC/Hilton

Grand

Vacations

Borrower,

Inc.

365,000

5.000%, 

6/1/2029

c

342,070

Home

Depot,

Inc.

1,140,000

4.250%, 

4/1/2046

959,211

970,000

3.900%, 

6/15/2047

769,058

Hyundai

Capital

America

1,150,000

1.800%, 

1/10/2028

c

1,059,186

579,000

5.300%, 

6/24/2029

c

584,614

International

Game

Technology

plc

600,000

5.250%, 

1/15/2029

c

586,428

Jacobs

Entertainment,

Inc.

274,000

6.750%, 

2/15/2029

c

262,939

K

Hovnanian

Enterprises,

Inc.

230,000

11.750%, 

9/30/2029

c

246,011

KB

Home

450,000

4.800%, 

11/15/2029

429,299

96,000

4.000%, 

6/15/2031

86,172

L

Brands,

Inc.

588,000

6.625%, 

10/1/2030

c

596,200

270,000

6.875%, 

11/1/2035

273,498

Las

Vegas

Sands

Corporation

436,000

5.900%, 

6/1/2027

443,036

Life

Time,

Inc.

242,000

6.000%, 

11/15/2031

c

239,932

Light

&

Wonder

International,

Inc.

160,000

7.250%, 

11/15/2029

c

162,191

Live

Nation

Entertainment,

Inc.

179,000

4.750%, 

10/15/2027

c

174,496

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

216

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Consumer

Cyclical  0.6%

-

continued

Lowe's

Companies,

Inc.

$

616,000

5.625%, 

4/15/2053

$

594,632

1,290,000

2.625%, 

4/1/2031

1,143,274

Macy's

Retail

Holdings,

LLC

179,000

5.875%, 

4/1/2029

a,c

173,647

161,000

6.125%, 

3/15/2032

c

147,121

188,000

4.500%, 

12/15/2034

150,219

Marriott

International,

Inc./MD

286,000

5.100%, 

4/15/2032

284,987

Match

Group

Holdings

II,

LLC

361,000

4.125%, 

8/1/2030

c

323,533

Mattamy

Group

Corporation

376,000

5.250%, 

12/15/2027

c

365,273

McDonald's

Corporation

784,000

4.450%, 

3/1/2047

664,846

Melco

Resorts

Finance,

Ltd.

446,000

5.375%, 

12/4/2029

c

409,000

415,000

7.625%, 

4/17/2032

c

413,016

Meritage

Homes

Corporation

593,000

5.650%, 

3/15/2035

583,447

MGM

Resorts

International

168,000

4.625%, 

9/1/2026

166,073

175,000

6.125%, 

9/15/2029

173,266

Michaels

Companies,

Inc.

236,000

5.250%, 

5/1/2028

c

162,013

NCL

Corporation,

Ltd.

31,000

5.875%, 

3/15/2026

c

30,935

442,000

5.875%, 

2/15/2027

c

441,397

364,000

6.750%, 

2/1/2032

c

359,560

Nissan

Motor

Company,

Ltd.

425,000

4.810%, 

9/17/2030

c

403,681

Nordstrom,

Inc.

231,000

4.250%, 

8/1/2031

a

198,454

Parkland

Corporation

174,000

6.625%, 

8/15/2032

c

173,900

PENN

Entertainment,

Inc.

405,000

4.125%, 

7/1/2029

a,c

359,576

PetSmart,

Inc./PetSmart

Finance

Corporation

383,000

4.750%, 

2/15/2028

c

358,196

Phinia,

Inc.

249,000

6.625%, 

10/15/2032

c

244,205

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

136,000

5.750%, 

4/15/2026

c

135,801

QVC,

Inc.

102,000

6.875%, 

4/15/2029

a,c

69,867

Rakuten

Group,

Inc.

241,000

11.250%, 

2/15/2027

c

261,093

280,000

9.750%, 

4/15/2029

c

304,001

405,000

8.125%, 

12/15/2029

c,d,i

399,923

Raven

Acquisition

Holdings,

LLC

172,000

6.875%, 

11/15/2031

c

167,023

Resorts

World

Las

Vegas,

LLC/

RWLV

Capital,

Inc.

200,000

4.625%, 

4/16/2029

c

177,676

Royal

Caribbean

Cruises,

Ltd.

880,000

4.250%, 

7/1/2026

c

866,441

112,000

5.625%, 

9/30/2031

c

109,975

127,000

6.000%, 

2/1/2033

c

126,921

S&S

Holdings,

LLC

404,000

8.375%, 

10/1/2031

c

381,667

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Consumer

Cyclical  0.6%

-

continued

Saks

Global

Enterprises,

LLC

$

370,000

11.000%, 

12/15/2029

c

$

299,737

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

57,000

6.625%, 

3/1/2030

c

53,756

SeaWorld

Parks

and

Entertainment,

Inc.

389,000

5.250%, 

8/15/2029

c

368,507

Service

Corporation

International/

US

161,000

3.375%, 

8/15/2030

143,481

117,000

4.000%, 

5/15/2031

105,969

262,000

5.750%, 

10/15/2032

257,477

Six

Flags

Entertainment

Corporation

99,000

7.000%, 

7/1/2025

a,c

99,114

81,000

7.250%, 

5/15/2031

c

81,312

Six

Flags

Entertainment

Corporation/Canada's

Wonderland

Company/Magnum

Management

Corporation

80,000

5.375%, 

4/15/2027

78,986

399,000

5.250%, 

7/15/2029

377,568

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc./Canada's

Wonderland

Company

80,000

6.625%, 

5/1/2032

c

80,662

Sonic

Automotive,

Inc.

203,000

4.875%, 

11/15/2031

c

182,251

Staples,

Inc.

332,000

10.750%, 

9/1/2029

c

299,942

Station

Casinos,

LLC

381,000

4.625%, 

12/1/2031

c

342,337

Stellantis

Finance

US,

Inc.

654,000

5.750%, 

3/18/2030

c

653,532

200,000

6.450%, 

3/18/2035

c

198,499

Target

Corporation

923,000

2.950%, 

1/15/2052

593,051

Tenneco,

Inc.

354,000

8.000%, 

11/17/2028

c

337,625

Toyota

Motor

Credit

Corporation

291,000

4.800%, 

1/5/2034

287,001

720,000

5.350%, 

1/9/2035

731,792

Uber

Technologies,

Inc.

553,000

5.350%, 

9/15/2054

516,559

663,000

4.800%, 

9/15/2034

643,912

VICI

Properties,

LP/VICI

Note

Company,

Inc.

1,023,000

4.625%, 

6/15/2025

c

1,022,739

276,000

5.750%, 

2/1/2027

c

279,581

452,000

4.125%, 

8/15/2030

c

425,485

Victoria's

Secret

&

Company

496,000

4.625%, 

7/15/2029

c

433,701

Victra

Holdings,

LLC/Victra

Finance

Corporation

118,000

8.750%, 

9/15/2029

c

121,714

Viking

Cruises,

Ltd.

823,000

5.875%, 

9/15/2027

c

818,836

Walgreens

Boots

Alliance,

Inc.

114,000

4.100%, 

4/15/2050

a

98,177

403,000

3.200%, 

4/15/2030

371,845

Walmart,

Inc.

796,000

4.500%, 

9/9/2052

704,458

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

217

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Consumer

Cyclical  0.6%

-

continued

WASH

Multifamily

Acquisition,

Inc.

$

251,000

5.750%, 

4/15/2026

c

$

248,772

Wayfair,

LLC

282,000

7.750%, 

9/15/2030

c

272,255

Wyndham

Hotels

&

Resorts,

Inc.

249,000

4.375%, 

8/15/2028

c

237,812

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

151,000

5.125%, 

10/1/2029

c

144,907

388,000

7.125%, 

2/15/2031

c

401,526

Yum!

Brands,

Inc.

497,000

4.750%, 

1/15/2030

c

480,077

ZF

North

America

Capital,

Inc.

280,000

7.125%, 

4/14/2030

c

269,545

172,000

6.750%, 

4/23/2030

c

163,439

Total

54,771,006

Consumer

Non-Cyclical  0.7%

1261229

B.C.,

Ltd.

165,000

10.000%, 

4/15/2032

c

163,987

1375209

B.C.,

Ltd.

161,000

9.000%, 

1/30/2028

a,c

160,875

Abbott

Laboratories

892,000

4.750%, 

11/30/2036

877,992

175,000

6.000%, 

4/1/2039

192,383

AbbVie,

Inc.

300,000

5.400%, 

3/15/2054

294,658

1,322,000

4.500%, 

5/14/2035

1,268,759

683,000

5.350%, 

3/15/2044

675,434

Acadia

Healthcare

Company,

Inc.

251,000

5.000%, 

4/15/2029

c

237,204

209,000

7.375%, 

3/15/2033

c

208,794

AdaptHealth,

LLC

716,000

4.625%, 

8/1/2029

a,c

651,175

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

386,000

4.625%, 

1/15/2027

c

380,263

540,000

3.500%, 

3/15/2029

c

496,966

71,000

6.250%, 

3/15/2033

c

71,692

Altria

Group,

Inc.

225,000

4.875%, 

2/4/2028

226,594

619,000

6.875%, 

11/1/2033

682,485

Amgen,

Inc.

900,000

4.200%, 

2/22/2052

707,696

919,000

5.600%, 

3/2/2043

910,937

Anheuser-Busch

Companies,

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

1,231,000

4.700%, 

2/1/2036

1,187,082

Anheuser-Busch

InBev

Worldwide,

Inc.

765,000

5.550%, 

1/23/2049

765,969

Archer-Daniels-Midland

Company

1,188,000

2.700%, 

9/15/2051

726,077

AstraZeneca

plc

1,600,000

3.000%, 

5/28/2051

1,069,002

BAT

Capital

Corporation

380,000

6.250%, 

8/15/2055

379,219

620,000

7.079%, 

8/2/2043

677,255

Bausch

+

Lomb

Corporation

103,000

8.375%, 

10/1/2028

c

106,863

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Consumer

Non-Cyclical  0.7%

-

continued

Bausch

Health

Companies,

Inc.

$

192,000

5.500%, 

11/1/2025

c

$

191,808

136,000

6.125%, 

2/1/2027

a,c

137,904

379,000

4.875%, 

6/1/2028

c

306,043

Becton,

Dickinson

and

Company

324,000

3.794%, 

5/20/2050

243,015

BellRing

Brands,

Inc.

286,000

7.000%, 

3/15/2030

c

295,506

Bristol-Myers

Squibb

Company

1,143,000

3.550%, 

3/15/2042

900,942

Bunge,

Ltd.

Finance

Corporation

221,000

4.650%, 

9/17/2034

213,657

Campbell's

Company

584,000

5.400%, 

3/21/2034

588,420

Cargill,

Inc.

930,000

3.125%, 

5/25/2051

c

618,849

705,000

5.125%, 

2/11/2035

c

702,788

CD&R

Smokey

Buyer,

Inc./Radio

Systems

Corporation

152,000

9.500%, 

10/15/2029

c

138,700

Cencora,

Inc.

524,000

5.150%, 

2/15/2035

523,944

Central

Garden

&

Pet

Company

225,000

4.125%, 

10/15/2030

204,558

Champ

Acquisition

Corporation

138,000

8.375%, 

12/1/2031

c

142,559

Charles

River

Laboratories

International,

Inc.

193,000

4.000%, 

3/15/2031

c

172,722

CHS/Community

Health

Systems,

Inc.

376,000

5.625%, 

3/15/2027

c

359,050

118,000

8.000%, 

12/15/2027

c

116,743

237,000

6.000%, 

1/15/2029

c

210,611

220,000

4.750%, 

2/15/2031

c

173,905

232,000

10.875%, 

1/15/2032

c

228,560

Conagra

Brands,

Inc.

1,072,000

1.375%, 

11/1/2027

985,863

Concentra

Escrow

Issuer

Corporation

146,000

6.875%, 

7/15/2032

c

148,556

Constellation

Brands,

Inc.

775,000

3.600%, 

2/15/2028

754,053

501,000

2.875%, 

5/1/2030

454,483

CVS

Health

Corporation

277,000

7.000%, 

3/10/2055

d

279,185

601,000

4.780%, 

3/25/2038

539,247

1,286,000

6.000%, 

6/1/2044

1,256,405

DaVita,

Inc.

189,000

3.750%, 

2/15/2031

c

164,548

332,000

6.875%, 

9/1/2032

c

333,863

Edgewell

Personal

Care

Company

380,000

5.500%, 

6/1/2028

c

372,148

Eli

Lilly

&

Company

323,000

5.500%, 

2/12/2055

327,039

459,000

4.950%, 

2/27/2063

417,878

Embecta

Corporation

200,000

5.000%, 

2/15/2030

c

178,973

158,000

6.750%, 

2/15/2030

c

150,465

Encompass

Health

Corporation

256,000

4.500%, 

2/1/2028

248,563

Endo

Finance

Holdings,

Inc.

161,000

8.500%, 

4/15/2031

a,c

167,847

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

218

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Consumer

Non-Cyclical  0.7%

-

continued

Energizer

Holdings,

Inc.

$

425,000

4.750%, 

6/15/2028

c

$

406,888

Fortrea

Holdings,

Inc.

82,000

7.500%, 

7/1/2030

a,c

74,564

GE

HealthCare

Technologies,

Inc.

659,000

6.377%, 

11/22/2052

714,835

General

Mills,

Inc.

246,000

4.950%, 

3/29/2033

243,439

Grifols

SA

195,000

4.750%, 

10/15/2028

c

180,046

HCA,

Inc.

557,000

5.250%, 

3/1/2030

563,608

1,059,000

3.500%, 

9/1/2030

982,076

444,000

5.450%, 

9/15/2034

440,145

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

258,000

7.875%, 

9/1/2025

a,c

257,698

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

175,000

12.250%, 

4/15/2029

c

188,157

189,000

4.875%, 

6/1/2029

c

145,758

Illumina,

Inc.

420,000

4.650%, 

9/9/2026

419,627

Imperial

Brands

Finance

plc

950,000

3.875%, 

7/26/2029

c

912,049

Insulet

Corporation

105,000

6.500%, 

4/1/2033

c

106,728

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

612,000

5.500%, 

1/15/2030

621,714

845,000

3.000%, 

5/15/2032

726,922

JBS

USA

LUX

SARL/JBS

USA

Food

Company/JBS

USA

Foods

Group

600,000

5.950%, 

4/20/2035

c

616,680

Johnson

&

Johnson

611,000

5.250%, 

6/1/2054

613,682

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

312,000

9.000%, 

2/15/2029

c

320,925

Kimberly-Clark

Corporation

900,000

3.900%, 

5/4/2047

721,213

Kraft

Heinz

Foods

Company

886,000

5.200%, 

3/15/2032

895,809

638,000

4.375%, 

6/1/2046

521,478

Lamb

Weston

Holdings,

Inc.

176,000

4.125%, 

1/31/2030

c

163,943

177,000

4.375%, 

1/31/2032

c

161,682

LifePoint

Health,

Inc.

315,000

9.875%, 

8/15/2030

c

332,357

208,000

11.000%, 

10/15/2030

c

226,119

129,000

10.000%, 

6/1/2032

c

123,054

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

201,000

6.250%, 

4/1/2029

c

203,559

Mozart

Debt

Merger

Sub,

Inc.

485,000

3.875%, 

4/1/2029

c

453,346

535,000

5.250%, 

10/1/2029

c

513,372

MPH

Acquisition

Holdings,

LLC

86,817

5.750%, 

12/31/2030

c

62,942

45,341

11.500%, 

12/31/2030

c

39,376

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Consumer

Non-Cyclical  0.7%

-

continued

Newell

Brands,

Inc.

$

166,000

6.375%, 

9/15/2027

a

$

166,615

165,000

6.625%, 

9/15/2029

165,348

104,000

6.375%, 

5/15/2030

101,175

Novartis

Capital

Corporation

516,000

4.700%, 

9/18/2054

464,610

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

229,000

4.125%, 

4/30/2028

c

214,013

454,000

5.125%, 

4/30/2031

c

395,845

PepsiCo,

Inc.

610,000

4.200%, 

7/18/2052

504,834

Performance

Food

Group,

Inc.

367,000

4.250%, 

8/1/2029

c

343,195

234,000

6.125%, 

9/15/2032

c

232,587

Perrigo

Finance

Unlimited

Company

284,000

4.900%, 

6/15/2030

271,301

153,000

6.125%, 

9/30/2032

150,531

Pfizer

Investment

Enterprises,

Private

Ltd.

182,000

5.300%, 

5/19/2053

172,804

611,000

5.110%, 

5/19/2043

582,699

Philip

Morris

International,

Inc.

484,000

5.500%, 

9/7/2030

502,892

299,000

5.125%, 

2/13/2031

304,209

923,000

5.375%, 

2/15/2033

941,380

758,000

4.900%, 

11/1/2034

744,806

Post

Holdings,

Inc.

241,000

4.625%, 

4/15/2030

c

225,061

397,000

4.500%, 

9/15/2031

c

359,559

227,000

6.250%, 

10/15/2034

c

223,496

Prime

Healthcare

Services,

Inc.

255,000

9.375%, 

9/1/2029

c

240,581

Radiology

Partners,

Inc.

137,000

7.775%, 

1/31/2029

c

135,630

Roche

Holdings,

Inc.

1,158,000

4.000%, 

11/28/2044

c

969,376

Royalty

Pharma

plc

546,000

5.150%, 

9/2/2029

549,583

Select

Medical

Corporation

168,000

6.250%, 

12/1/2032

c

163,689

Simmons

Foods,

Inc.

481,000

4.625%, 

3/1/2029

c

445,907

Sotera

Health

Holdings,

LLC

171,000

7.375%, 

6/1/2031

c

173,844

Spectrum

Brands,

Inc.

42,000

3.875%, 

3/15/2031

c

35,775

Star

Parent,

Inc.

179,000

9.000%, 

10/1/2030

c

176,432

Stryker

Corporation

466,000

5.200%, 

2/10/2035

470,501

Surgery

Center

Holdings,

Inc.

164,000

7.250%, 

4/15/2032

a,c

162,177

Sysco

Corporation

935,000

6.600%, 

4/1/2040

1,024,983

Takeda

Pharmaceutical

Company,

Ltd.

290,000

5.650%, 

7/5/2054

283,687

925,000

3.175%, 

7/9/2050

607,831

600,000

5.650%, 

7/5/2044

599,127

Tenet

Healthcare

Corporation

742,000

5.125%, 

11/1/2027

731,129

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

219

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Consumer

Non-Cyclical  0.7%

-

continued

$

439,000

4.375%, 

1/15/2030

$

411,531

407,000

6.750%, 

5/15/2031

412,815

Teva

Pharmaceutical

Finance

Company,

LLC

168,000

6.150%, 

2/1/2036

167,437

US

Acute

Care

Solutions,

LLC

310,000

9.750%, 

5/15/2029

c

309,106

Viterra

Finance

BV

774,000

3.200%, 

4/21/2031

c

697,009

Wyeth,

LLC

619,000

6.500%, 

2/1/2034

684,246

Zoetis,

Inc.

1,451,000

4.700%, 

2/1/2043

1,317,701

Total

57,159,609

Energy  0.5%

Aethon

United

BR,

LP/Aethon

United

Finance

Corporation

78,000

7.500%, 

10/1/2029

c

79,337

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

352,000

5.375%, 

6/15/2029

c

344,068

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

244,000

6.250%, 

4/1/2028

c

244,187

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

332,000

8.250%, 

12/31/2028

c

338,548

166,000

5.875%, 

6/30/2029

c

161,988

Baytex

Energy

Corporation

254,000

8.500%, 

4/30/2030

c

257,930

80,000

7.375%, 

3/15/2032

a,c

76,947

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

266,000

7.000%, 

7/15/2029

c

271,847

BP

Capital

Markets

America,

Inc.

1,637,000

2.939%, 

6/4/2051

1,032,868

Buckeye

Partners,

LP

228,000

4.500%, 

3/1/2028

c

218,770

153,000

6.875%, 

7/1/2029

c

155,529

79,000

6.750%, 

2/1/2030

c

80,020

California

Resources

Corporation

199,000

8.250%, 

6/15/2029

c

202,238

Cheniere

Energy

Partners,

LP

1,761,000

4.500%, 

10/1/2029

1,712,812

Cheniere

Energy,

Inc.

170,000

5.650%, 

4/15/2034

171,969

Civitas

Resources,

Inc.

232,000

8.375%, 

7/1/2028

c

239,421

346,000

8.750%, 

7/1/2031

c

355,323

CNX

Resources

Corporation

196,000

6.000%, 

1/15/2029

c

193,525

Columbia

Pipelines

Holding

Company,

LLC

613,000

6.042%, 

8/15/2028

c

634,018

Columbia

Pipelines

Operating

Company,

LLC

153,000

5.927%, 

8/15/2030

c

158,986

Comstock

Resources,

Inc.

236,000

6.750%, 

3/1/2029

c

229,338

410,000

5.875%, 

1/15/2030

c

387,205

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Energy  0.5%

-

continued

ConocoPhillips

Company

$

831,000

4.850%, 

1/15/2032

$

832,018

Continental

Resources,

Inc.

1,076,000

2.268%, 

11/15/2026

c

1,031,582

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

377,000

5.500%, 

6/15/2031

c

361,677

Crescent

Energy

Finance,

LLC

423,000

7.625%, 

4/1/2032

c

418,375

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

360,000

8.625%, 

3/15/2029

c

372,905

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

137,000

8.500%, 

10/1/2030

c

140,391

Diamondback

Energy,

Inc.

860,000

5.750%, 

4/18/2054

810,774

DT

Midstream,

Inc.

278,000

4.125%, 

6/15/2029

c

261,635

Eastern

Energy

Gas

Holdings,

LLC

750,000

5.800%, 

1/15/2035

774,126

Enbridge,

Inc.

608,000

5.250%, 

4/5/2027

615,645

Enerflex,

Ltd.

127,000

9.000%, 

10/15/2027

c

129,964

Energy

Transfer,

LP

391,000

8.000%, 

5/15/2054

d

411,468

639,000

4.000%, 

10/1/2027

629,319

800,000

5.150%, 

2/1/2043

711,132

1,100,000

6.000%, 

6/15/2048

1,065,207

EnLink

Midstream

Partners,

LP

331,000

5.600%, 

4/1/2044

307,967

Enterprise

Products

Operating,

LLC

876,000

3.300%, 

2/15/2053

585,001

EQM

Midstream

Partners,

LP

463,000

4.750%, 

1/15/2031

c

445,320

Exxon

Mobil

Corporation

1,450,000

3.452%, 

4/15/2051

1,036,943

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

266,000

8.875%, 

4/15/2030

276,250

400,000

7.875%, 

5/15/2032

402,842

Gulfport

Energy

Operating

Corporation

116,000

6.750%, 

9/1/2029

c

117,543

Halliburton

Company

615,000

5.000%, 

11/15/2045

553,335

Harvest

Midstream

I,

LP

417,000

7.500%, 

9/1/2028

c

421,171

Hess

Midstream

Operations,

LP

362,000

4.250%, 

2/15/2030

c

340,564

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

456,000

5.750%, 

2/1/2029

c

440,567

161,000

6.000%, 

4/15/2030

c

153,106

279,000

6.250%, 

4/15/2032

c

260,665

Howard

Midstream

Energy

Partners,

LLC

464,000

7.375%, 

7/15/2032

c

475,379

ITT

Holdings,

LLC

470,000

6.500%, 

8/1/2029

c

433,590

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

220

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Energy  0.5%

-

continued

Kodiak

Gas

Services,

LLC

$

200,000

7.250%, 

2/15/2029

c

$

203,870

Laredo

Petroleum,

Inc.

251,000

7.750%, 

7/31/2029

c

244,193

MEG

Energy

Corporation

184,000

5.875%, 

2/1/2029

c

180,937

Moss

Creek

Resources

Holdings,

Inc.

85,000

8.250%, 

9/1/2031

c

82,882

MPLX,

LP

1,231,000

4.950%, 

9/1/2032

1,206,244

230,000

5.000%, 

3/1/2033

224,502

Nabors

Industries,

Inc.

161,000

7.375%, 

5/15/2027

c

158,794

411,000

9.125%, 

1/31/2030

c

411,137

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

133,000

8.125%, 

2/15/2029

c

133,929

199,000

8.375%, 

2/15/2032

c

199,427

Noble

Finance

II,

LLC

338,000

8.000%, 

4/15/2030

c

337,801

Northern

Oil

and

Gas,

Inc.

254,000

8.750%, 

6/15/2031

c

259,069

NuStar

Logistics,

LP

324,000

6.375%, 

10/1/2030

327,569

Occidental

Petroleum

Corporation

244,000

5.000%, 

8/1/2027

244,815

ONEOK,

Inc.

465,000

5.700%, 

11/1/2054

435,229

347,000

5.000%, 

3/1/2026

347,514

540,000

4.750%, 

10/15/2031

529,247

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

273,000

6.000%, 

2/15/2028

253,901

Permian

Resources

Operating,

LLC

313,000

6.250%, 

2/1/2033

c

311,762

Prairie

Acquiror,

LP

265,000

9.000%, 

8/1/2029

c

269,741

Precision

Drilling

Corporation

221,000

6.875%, 

1/15/2029

c

215,915

Range

Resources

Corporation

273,000

4.750%, 

2/15/2030

c

259,713

Rockies

Express

Pipeline,

LLC

416,000

4.950%, 

7/15/2029

c

398,355

Saturn

Oil

&

Gas,

Inc.

101,000

9.625%, 

6/15/2029

a,c

97,678

SM

Energy

Company

245,000

6.500%, 

7/15/2028

243,321

114,000

7.000%, 

8/1/2032

c

111,882

South

Bow

USA

Infrastructure

Holdings,

LLC

485,000

5.026%, 

10/1/2029

c

481,241

193,000

5.584%, 

10/1/2034

c

188,970

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

161,000

5.875%, 

3/1/2027

160,134

Sunoco,

LP

482,000

7.000%, 

5/1/2029

c

493,078

Sunoco,

LP/Sunoco

Finance

Corporation

229,000

5.875%, 

3/15/2028

228,795

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Energy  0.5%

-

continued

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

$

617,000

5.500%, 

1/15/2028

c

$

600,516

241,000

7.375%, 

2/15/2029

c

242,201

Talos

Production,

Inc.

96,000

9.000%, 

2/1/2029

c

98,644

Targa

Resources

Corporation

234,000

6.125%, 

5/15/2055

232,397

1,077,000

4.200%, 

2/1/2033

995,547

TGNR

Intermediate

Holdings,

LLC

361,000

5.500%, 

10/15/2029

c

338,943

TotalEnergies

Capital

SA

452,000

5.275%, 

9/10/2054

425,991

Transocean

Titan

Financing,

Ltd.

294,048

8.375%, 

2/1/2028

c

300,384

Transocean,

Inc.

163,200

8.750%, 

2/15/2030

c

169,499

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

281,000

7.125%, 

3/15/2029

c

285,796

Valaris,

Ltd.

339,000

8.375%, 

4/30/2030

c

339,389

Venture

Global

Calcasieu

Pass,

LLC

240,000

3.875%, 

8/15/2029

c

222,169

290,000

4.125%, 

8/15/2031

c

263,494

Venture

Global

LNG,

Inc.

597,000

8.125%, 

6/1/2028

c

610,033

301,000

9.000%, 

9/30/2029

c,d,i

285,646

234,000

7.000%, 

1/15/2030

c

230,534

692,000

8.375%, 

6/1/2031

c

701,883

330,000

9.875%, 

2/1/2032

c

350,488

Viridien

SA

80,000

8.750%, 

4/1/2027

c

81,750

Western

Midstream

Operating,

LP

619,000

6.350%, 

1/15/2029

646,345

308,000

6.150%, 

4/1/2033

318,008

Williams

Companies,

Inc.

1,015,000

7.500%, 

1/15/2031

1,129,601

220,000

5.600%, 

3/15/2035

224,219

Total

40,698,457

Financials  1.9%

200

Park

Funding

Trust

200,000

5.740%, 

2/15/2055

c

198,459

Acrisure,

LLC/Acrisure

Finance,

Inc.

114,000

4.250%, 

2/15/2029

c

106,666

162,000

7.500%, 

11/6/2030

c

164,812

AEGON

Funding

Company,

LLC

906,000

5.500%, 

4/16/2027

a,c

918,388

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

692,000

6.100%, 

1/15/2027

707,564

1,250,000

3.875%, 

1/23/2028

1,220,967

805,000

5.375%, 

12/15/2031

811,080

550,000

3.400%, 

10/29/2033

474,663

AG

TTMT

Escrow

Issuer,

LLC

125,000

8.625%, 

9/30/2027

c

128,179

Agree,

LP

444,000

5.625%, 

6/15/2034

449,291

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

221

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Financials  1.9%

-

continued

Air

Lease

Corporation

$

169,000

4.650%, 

6/15/2026

d,i

$

164,395

1,415,000

3.000%, 

2/1/2030

1,297,480

Aircastle,

Ltd.

650,000

5.250%, 

8/11/2025

c

650,404

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

159,000

4.250%, 

10/15/2027

c

153,451

352,000

6.750%, 

4/15/2028

c

353,376

231,000

7.000%, 

1/15/2031

c

231,706

Ally

Financial,

Inc.

1,194,000

8.000%, 

11/1/2031

1,330,475

251,000

6.700%, 

2/14/2033

a

251,078

American

Express

Company

132,000

5.043%, 

7/26/2028

d

133,661

222,000

5.085%, 

1/30/2031

d

224,806

American

International

Group,

Inc.

1,248,000

5.125%, 

3/27/2033

1,249,759

Americold

Realty

Operating

Partnership,

LP

580,000

5.600%, 

5/15/2032

582,184

Ameriprise

Financial,

Inc.

796,000

5.200%, 

4/15/2035

794,145

AmWINS

Group,

Inc.

133,000

6.375%, 

2/15/2029

c

134,014

394,000

4.875%, 

6/30/2029

c

371,427

ANZ

Bank

New

Zealand,

Ltd.

600,000

5.548%, 

8/11/2032

c,d

608,312

Aon

North

America,

Inc.

455,000

5.750%, 

3/1/2054

448,723

Apollo

Debt

Solutions

BDC

652,000

6.700%, 

7/29/2031

672,699

Ares

Capital

Corporation

455,000

3.250%, 

7/15/2025

453,113

1,100,000

3.875%, 

1/15/2026

1,090,771

550,000

2.150%, 

7/15/2026

530,463

533,000

5.875%, 

3/1/2029

541,120

Ares

Strategic

Income

Fund

535,000

5.600%, 

2/15/2030

c

527,317

Arthur

J.

Gallagher

&

Company

154,000

6.750%, 

2/15/2054

170,648

226,000

5.750%, 

7/15/2054

222,646

931,000

5.000%, 

2/15/2032

930,921

Aviation

Capital

Group,

LLC

396,000

5.125%, 

4/10/2030

c

393,827

Avolon

Holdings

Funding,

Ltd.

368,000

4.950%, 

1/15/2028

c

366,457

758,000

5.750%, 

3/1/2029

c

771,973

787,000

5.375%, 

5/30/2030

c

788,070

Azorra

Finance,

Ltd.

430,000

7.750%, 

4/15/2030

c

428,614

Banco

Santander

SA

1,200,000

4.175%, 

3/24/2028

d

1,187,904

Bank

of

America

Corporation

800,000

3.824%, 

1/20/2028

d

789,865

537,000

5.202%, 

4/25/2029

d

545,564

500,000

2.087%, 

6/14/2029

d

462,341

1,500,000

2.496%, 

2/13/2031

d

1,346,554

1,475,000

1.922%, 

10/24/2031

d

1,262,120

923,000

2.972%, 

2/4/2033

d

809,277

1,844,000

4.571%, 

4/27/2033

d

1,781,928

928,000

5.872%, 

9/15/2034

d

968,415

367,000

5.468%, 

1/23/2035

d

372,344

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Financials  1.9%

-

continued

$

902,000

5.425%, 

8/15/2035

d

$

883,177

1,230,000

3.846%, 

3/8/2037

d

1,103,982

Bank

of

New

York

Mellon

Corporation

619,000

6.317%, 

10/25/2029

d

654,862

Bank

of

Nova

Scotia

308,000

4.850%, 

2/1/2030

309,777

Barclays

plc

160,000

6.125%, 

12/15/2025

d,i

159,876

930,000

6.496%, 

9/13/2027

d

952,648

954,000

4.972%, 

5/16/2029

d

957,043

864,000

4.942%, 

9/10/2030

d

861,244

900,000

5.746%, 

8/9/2033

d

914,582

BBVA

Mexico

SA,

Institucion

de

Banca

Multiple,

Grupo

Financiero

BBVA

Mexico

300,000

7.625%, 

2/11/2035

c,d

302,910

BBVA

Mexico

SA,

Institucion

de

Banca

Multiple,

Grupo

Financiero

BBVA

Mexico/TX

200,000

5.250%, 

9/10/2029

c

200,530

Belrose

Funding

Trust

1,220,000

2.330%, 

8/15/2030

c

1,063,942

Berkshire

Hathaway

Finance

Corporation

1,231,000

2.850%, 

10/15/2050

789,788

BlackRock

Funding,

Inc.

305,000

5.250%, 

3/14/2054

294,123

Blackstone

Private

Credit

Fund

590,000

5.600%, 

11/22/2029

c

585,042

600,000

6.250%, 

1/25/2031

610,009

Blue

Owl

Capital

Corporation

II

465,000

8.450%, 

11/15/2026

487,428

Blue

Owl

Credit

Income

Corporation

769,000

4.700%, 

2/8/2027

759,485

Blue

Owl

Technology

Finance

Corporation

250,000

4.750%, 

12/15/2025

c

248,721

500,000

6.100%, 

3/15/2028

c

498,692

620,000

6.750%, 

4/4/2029

628,429

BNP

Paribas

SA

890,000

5.283%, 

11/19/2030

c,d

899,342

1,538,000

3.132%, 

1/20/2033

c,d

1,340,519

BPCE

SA

1,091,000

3.500%, 

10/23/2027

c

1,056,868

250,000

5.876%, 

1/14/2031

c,d

256,024

Bread

Financial

Holdings,

Inc.

141,000

8.375%, 

6/15/2035

c,d

137,873

Brookfield

Finance,

Inc.

330,000

5.813%, 

3/3/2055

321,927

Burford

Capital

Global

Finance,

LLC

383,000

9.250%, 

7/1/2031

c

403,520

Camden

Property

Trust

1,012,000

3.150%, 

7/1/2029

954,850

Capital

One

Financial

Corporation

1,100,000

4.200%, 

10/29/2025

1,095,691

210,000

5.700%, 

2/1/2030

d

214,515

Charles

Schwab

Corporation

619,000

6.136%, 

8/24/2034

d

658,821

Chubb

INA

Holdings,

LLC

615,000

4.350%, 

11/3/2045

528,260

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

222

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Financials  1.9%

-

continued

Citadel

Finance,

LLC

$

1,000,000

5.900%, 

2/10/2030

c

$

996,175

Citadel,

LP

465,000

6.375%, 

1/23/2032

c

477,114

Citigroup,

Inc.

74,000

3.200%, 

10/21/2026

72,543

1,094,000

3.668%, 

7/24/2028

d

1,070,189

915,000

3.520%, 

10/27/2028

d

889,328

374,000

5.174%, 

2/13/2030

d

378,867

1,308,000

4.910%, 

5/24/2033

d

1,282,622

778,000

6.174%, 

5/25/2034

d

797,428

670,000

6.020%, 

1/24/2036

d

676,399

Citizens

Financial

Group,

Inc.

384,000

5.718%, 

7/23/2032

d

390,905

CNA

Financial

Corporation

453,000

5.125%, 

2/15/2034

449,909

Comerica,

Inc.

219,000

5.982%, 

1/30/2030

d

222,540

Constellation

Insurance,

Inc.

328,000

6.800%, 

1/24/2030

c

324,054

Cooperatieve

Rabobank

UA

1,227,000

5.564%, 

2/28/2029

c,d

1,255,476

Corebridge

Financial,

Inc.

332,000

6.375%, 

9/15/2054

d

329,838

462,000

4.350%, 

4/5/2042

386,333

Countrywide

Home

Loans,

Inc.

336,978

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

153,595

Cousins

Properties,

LP

193,000

5.375%, 

2/15/2032

192,203

Credit

Acceptance

Corporation

229,000

9.250%, 

12/15/2028

c

242,431

87,000

6.625%, 

3/15/2030

c

85,706

Credit

Agricole

SA

563,000

5.230%, 

1/9/2029

c,d

569,096

Credit

Suisse

Group

AG

900,000

7.250%, 

N/A

*,j

67,500

Deutsche

Bank

AG/New

York,

NY

950,000

5.373%, 

1/10/2029

d

960,492

686,000

6.819%, 

11/20/2029

d

727,449

1,175,000

3.729%, 

1/14/2032

d

1,056,553

Discover

Bank

1,170,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

d

1,195,320

Diversified

Healthcare

Trust

131,000

Zero

Coupon, 

1/15/2026

c

123,476

Drawbridge

Special

Opportunities

Fund,

LP

564,000

3.875%, 

2/15/2026

c

553,137

Elevance

Health,

Inc.

1,185,000

3.125%, 

5/15/2050

770,877

820,000

4.625%, 

5/15/2042

723,317

Encore

Capital

Group,

Inc.

92,000

9.250%, 

4/1/2029

c

96,354

EPR

Properties

405,000

4.950%, 

4/15/2028

401,070

Fairfax

Financial

Holdings,

Ltd.

618,000

6.350%, 

3/22/2054

629,589

FirstCash,

Inc.

407,000

5.625%, 

1/1/2030

c

394,638

First-Citizens

Bank

&

Trust

Company

545,000

6.125%, 

3/9/2028

565,752

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Financials  1.9%

-

continued

Five

Corners

Funding

Trust

IV

$

616,000

5.997%, 

2/15/2053

c

$

625,336

Fortitude

Group

Holdings,

LLC

823,000

6.250%, 

4/1/2030

c

832,010

Fortress

Transportation

and

Infrastructure

Investors,

LLC

171,000

5.500%, 

5/1/2028

c

167,600

386,000

7.000%, 

5/1/2031

c

392,185

232,000

7.000%, 

6/15/2032

c

235,261

Freedom

Mortgage

Corporation

162,000

7.625%, 

5/1/2026

c

161,559

Freedom

Mortgage

Holdings,

LLC

378,000

9.250%, 

2/1/2029

c

383,874

163,000

9.125%, 

5/15/2031

c

164,029

137,000

8.375%, 

4/1/2032

c

133,863

FS

KKR

Capital

Corporation

1,300,000

3.400%, 

1/15/2026

1,282,977

GGAM

Finance,

Ltd.

153,000

7.750%, 

5/15/2026

c

154,690

166,000

8.000%, 

6/15/2028

c

174,069

452,000

5.875%, 

3/15/2030

c

446,074

Global

Aircraft

Leasing

Company,

Ltd.

490,000

8.750%, 

9/1/2027

c

498,050

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

487,000

3.750%, 

12/15/2027

c

458,360

goeasy,

Ltd.

269,000

9.250%, 

12/1/2028

c

282,394

165,000

7.625%, 

7/1/2029

c

165,048

124,000

6.875%, 

5/15/2030

c

121,433

Goldman

Sachs

BDC,

Inc.

394,000

6.375%, 

3/11/2027

403,630

Goldman

Sachs

Group,

Inc.

785,000

1.948%, 

10/21/2027

d

752,966

931,000

6.484%, 

10/24/2029

d

983,425

275,000

1.992%, 

1/27/2032

d

232,862

2,326,000

3.102%, 

2/24/2033

d

2,050,018

High

Street

Funding

Trust

III

209,000

5.807%, 

2/15/2055

c

206,090

Highwoods

Realty,

LP

487,000

3.050%, 

2/15/2030

434,926

426,000

2.600%, 

2/1/2031

361,366

Howard

Hughes

Corporation

106,000

4.125%, 

2/1/2029

c

96,723

HSBC

Holdings

plc

200,000

6.875%, 

9/11/2029

d,i

200,097

661,000

5.130%, 

3/3/2031

d

663,043

900,000

5.402%, 

8/11/2033

d

909,835

HUB

International,

Ltd.

466,000

7.250%, 

6/15/2030

c

479,983

Huntington

Bancshares,

Inc./OH

757,000

5.709%, 

2/2/2035

d

765,063

652,000

6.141%, 

11/18/2039

d

656,576

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

150,000

6.250%, 

5/15/2026

148,527

660,000

5.250%, 

5/15/2027

627,469

Intesa

Sanpaolo

SPA

201,000

4.198%, 

6/1/2032

c,d

180,339

Invitation

Homes

Operating

Partnership,

LP

769,000

2.000%, 

8/15/2031

643,490

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

223

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Financials  1.9%

-

continued

J.P.

Morgan

Chase

&

Company

$

1,230,000

2.947%, 

2/24/2028

d

$

1,194,882

903,000

4.979%, 

7/22/2028

d

911,058

1,346,000

4.505%, 

10/22/2028

d

1,344,642

1,475,000

4.203%, 

7/23/2029

d

1,455,337

900,000

2.522%, 

4/22/2031

d

807,588

1,100,000

1.953%, 

2/4/2032

d

935,762

1,229,000

4.586%, 

4/26/2033

d

1,197,388

923,000

4.912%, 

7/25/2033

d

915,661

651,000

5.766%, 

4/22/2035

d

676,588

375,000

5.502%, 

1/24/2036

d

383,078

605,000

5.534%, 

11/29/2045

d

598,994

Jackson

National

Life

Global

Funding

663,000

5.550%, 

7/2/2027

c

675,513

Jane

Street

Group/JSG

Finance,

Inc.

263,000

4.500%, 

11/15/2029

c

248,344

104,000

7.125%, 

4/30/2031

c

106,837

173,000

6.125%, 

11/1/2032

c

170,229

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

137,000

5.000%, 

8/15/2028

c

128,800

251,000

6.625%, 

10/15/2031

c

248,338

Jefferson

Capital

Holdings,

LLC

133,000

6.000%, 

8/15/2026

c

132,215

331,000

9.500%, 

2/15/2029

c

351,310

KeyBank

NA/Cleveland,

OH

777,000

5.000%, 

1/26/2033

756,706

Kilroy

Realty,

LP

310,000

4.250%, 

8/15/2029

294,897

266,000

6.250%, 

1/15/2036

263,728

Ladder

Capital

Finance

Holdings,

LLLP/Ladder

Capital

Finance

Corporation

166,000

4.250%, 

2/1/2027

c

161,668

440,000

4.750%, 

6/15/2029

c

419,039

Liberty

Mutual

Group,

Inc.

90,000

4.125%, 

12/15/2051

c,d

86,174

Lloyds

Banking

Group

plc

600,000

5.087%, 

11/26/2028

d

605,949

920,000

5.871%, 

3/6/2029

d

948,787

Macquarie

Airfinance

Holdings,

Ltd.

515,000

5.200%, 

3/27/2028

c

515,344

159,000

6.400%, 

3/26/2029

c

164,346

418,000

5.150%, 

3/17/2030

c

412,149

Marsh

&

McLennan

Companies,

Inc.

231,000

5.450%, 

3/15/2053

224,146

Massachusetts

Mutual

Life

Insurance

Company

1,150,000

3.200%, 

12/1/2061

c

694,276

Mitsubishi

UFJ

Financial

Group,

Inc.

900,000

2.048%, 

7/17/2030

783,231

Mizuho

Financial

Group,

Inc.

398,000

5.098%, 

5/13/2031

d

401,817

Molina

Healthcare,

Inc.

274,000

4.375%, 

6/15/2028

c

260,975

117,000

3.875%, 

5/15/2032

c

102,648

200,000

6.250%, 

1/15/2033

c

196,838

Morgan

Stanley

514,000

5.516%, 

11/19/2055

d

502,126

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Financials  1.9%

-

continued

$

1,925,000

4.350%, 

9/8/2026

$

1,917,196

1,244,000

3.591%, 

7/22/2028

d

1,213,015

615,000

5.164%, 

4/20/2029

d

623,337

612,000

3.622%, 

4/1/2031

d

577,857

615,000

5.250%, 

4/21/2034

d

615,304

476,000

5.831%, 

4/19/2035

d

493,263

280,000

5.587%, 

1/18/2036

d

285,955

1,076,000

5.297%, 

4/20/2037

d

1,055,453

Morgan

Stanley

Direct

Lending

Fund

448,000

6.150%, 

5/17/2029

452,936

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

221,000

8.500%, 

2/15/2032

c

225,131

Nasdaq,

Inc.

750,000

3.250%, 

4/28/2050

504,801

Nationstar

Mortgage

Holdings,

Inc.

81,000

5.500%, 

8/15/2028

c

80,337

170,000

6.500%, 

8/1/2029

c

172,346

256,000

5.125%, 

12/15/2030

c

255,344

87,000

7.125%, 

2/1/2032

c

90,373

NatWest

Group

plc

650,000

4.445%, 

5/8/2030

d

637,243

925,000

6.475%, 

6/1/2034

d

963,766

Navient

Corporation

96,000

5.000%, 

3/15/2027

93,934

106,000

5.500%, 

3/15/2029

100,309

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

105,000

4.500%, 

9/30/2028

c

98,972

New

York

Life

Global

Funding

925,000

4.550%, 

1/28/2033

c

897,198

Nomura

Holdings,

Inc.

598,000

5.783%, 

7/3/2034

613,288

Omega

Healthcare

Investors,

Inc.

780,000

3.625%, 

10/1/2029

729,328

OneMain

Finance

Corporation

618,000

3.500%, 

1/15/2027

592,311

745,000

3.875%, 

9/15/2028

688,918

175,000

6.750%, 

3/15/2032

171,759

Panther

Escrow

Issuer,

LLC

465,000

7.125%, 

6/1/2031

c

473,803

Park

Intermediate

Holdings,

LLC

457,000

4.875%, 

5/15/2029

c

426,529

PennyMac

Financial

Services,

Inc.

184,000

6.875%, 

2/15/2033

c

182,850

Pine

Street

Trust

III

268,000

6.223%, 

5/15/2054

c

274,398

PNC

Financial

Services

Group,

Inc.

307,000

6.615%, 

10/20/2027

d

316,378

PRA

Group,

Inc.

254,000

8.375%, 

2/1/2028

c

259,585

Prologis

Targeted

US

Logistics

Fund,

LP

618,000

5.250%, 

4/1/2029

c

630,578

294,000

5.250%, 

1/15/2035

c

292,958

Prologis,

LP

416,000

5.250%, 

3/15/2054

394,556

Prudential

Financial,

Inc.

1,170,000

5.125%, 

3/1/2052

d

1,113,672

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

224

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Financials  1.9%

-

continued

Regency

Centers,

LP

$

1,050,000

4.125%, 

3/15/2028

$

1,038,146

461,000

5.250%, 

1/15/2034

461,507

Reinsurance

Group

of

America,

Inc.

651,000

5.750%, 

9/15/2034

662,180

RenaissanceRe

Holdings,

Ltd.

804,000

5.800%, 

4/1/2035

823,433

RFNA,

LP

279,000

7.875%, 

2/15/2030

c

275,596

RGA

Global

Funding

298,000

5.500%, 

1/11/2031

c

306,282

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

80,000

4.750%, 

10/15/2027

78,088

163,000

4.500%, 

2/15/2029

c

154,204

RLJ

Lodging

Trust,

LP

149,000

4.000%, 

9/15/2029

c

133,657

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

140,000

3.625%, 

3/1/2029

c

129,114

301,000

3.875%, 

3/1/2031

c

269,636

115,000

4.000%, 

10/15/2033

c

98,647

Ryan

Specialty,

LLC

85,000

4.375%, 

2/1/2030

c

80,875

398,000

5.875%, 

8/1/2032

c

393,098

Santander

Holdings

USA,

Inc.

308,000

6.499%, 

3/9/2029

d

318,956

699,000

5.473%, 

3/20/2029

d

702,934

268,000

6.174%, 

1/9/2030

d

275,415

Santander

UK

Group

Holdings

plc

1,000,000

1.673%, 

6/14/2027

d

963,343

Service

Properties

Trust

172,000

5.500%, 

12/15/2027

165,909

91,000

8.625%, 

11/15/2031

c

95,997

Simon

Property

Group,

LP

1,025,000

3.800%, 

7/15/2050

760,203

Sixth

Street

Lending

Partners

400,000

6.125%, 

7/15/2030

c

402,592

SLM

Corporation

138,000

6.500%, 

1/31/2030

141,602

Societe

Generale

SA

1,122,000

4.750%, 

11/24/2025

c

1,117,790

172,000

10.000%, 

11/14/2028

c,d,i

185,996

713,000

6.100%, 

4/13/2033

c,d

730,265

Standard

Chartered

plc

400,000

5.545%, 

1/21/2029

c,d

406,980

Starwood

Property

Trust,

Inc.

201,000

6.500%, 

10/15/2030

c

199,136

State

Street

Corporation

73,000

4.530%, 

2/20/2029

d

73,041

Sumitomo

Mitsui

Financial

Group,

Inc.

433,000

5.710%, 

1/13/2030

450,124

850,000

1.710%, 

1/12/2031

716,545

Synchrony

Financial

328,000

5.935%, 

8/2/2030

d

332,615

169,000

7.250%, 

2/2/2033

a

173,969

Synovus

Bank

1,201,000

5.625%, 

2/15/2028

1,206,696

Toronto-Dominion

Bank

805,000

5.523%, 

7/17/2028

827,659

309,000

5.146%, 

9/10/2034

d

306,024

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Financials  1.9%

-

continued

TrueNoord

Capital

DAC

$

187,000

8.750%, 

3/1/2030

c

$

189,790

Truist

Financial

Corporation

623,000

6.047%, 

6/8/2027

d

633,371

440,000

5.125%, 

12/15/2027

d,i

431,689

770,000

5.122%, 

1/26/2034

d

756,157

390,000

5.711%, 

1/24/2035

d

398,196

U.S.

Bancorp

954,000

5.775%, 

6/12/2029

d

983,898

244,000

5.836%, 

6/12/2034

d

251,786

416,000

5.678%, 

1/23/2035

d

425,278

UBS

Group

AG

123,000

4.875%, 

2/12/2027

c,d,i

119,312

928,000

6.246%, 

9/22/2029

c,d

969,937

767,000

3.091%, 

5/14/2032

c,d

682,793

589,000

5.699%, 

2/8/2035

c,d

603,982

300,000

5.379%, 

9/6/2045

c,d

286,538

UniCredit

SPA

163,000

5.861%, 

6/19/2032

c,d

163,542

United

Wholesale

Mortgage,

LLC

440,000

5.500%, 

4/15/2029

c

424,212

UnitedHealth

Group,

Inc.

616,000

5.875%, 

2/15/2053

624,781

923,000

4.750%, 

5/15/2052

797,904

Vornado

Realty,

LP

121,000

3.400%, 

6/1/2031

102,452

Wells

Fargo

&

Company

123,000

3.900%, 

3/15/2026

d,i

120,549

1,103,000

4.900%, 

1/24/2028

d

1,109,219

923,000

3.526%, 

3/24/2028

d

904,413

607,000

5.707%, 

4/22/2028

d

620,270

1,400,000

2.393%, 

6/2/2028

d

1,336,179

644,000

5.574%, 

7/25/2029

d

661,510

507,000

5.389%, 

4/24/2034

d

510,501

1,180,000

4.900%, 

11/17/2045

1,022,817

XHR,

LP

189,000

4.875%, 

6/1/2029

c

177,036

87,000

6.625%, 

5/15/2030

c

85,411

Zions

Bancorp

NA

500,000

6.816%, 

11/19/2035

d

510,117

Total

159,846,714

Foreign

Government  <0.1%

NBN

Company,

Ltd.

1,050,000

2.625%, 

5/5/2031

c

935,355

Saudi

Arabian

Oil

Company

578,000

5.250%, 

7/17/2034

c

581,165

Teine

Energy,

Ltd.

345,000

6.875%, 

4/15/2029

c

337,317

Total

1,853,837

Mortgage-Backed

Securities  6.2%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

8,806,232

2.000%, 

1/1/2052

7,105,126

5,173,180

2.000%, 

5/1/2051

4,173,903

19,918,622

2.500%, 

5/1/2051

16,800,869

7,441,331

3.500%, 

5/1/2052

6,767,772

8,608,499

4.000%, 

5/1/2052

8,099,312

4,849,448

5.000%, 

7/1/2053

4,786,479

2,612,729

5.500%, 

7/1/2053

2,631,898

6,981,704

3.500%, 

8/1/2052

6,353,739

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

225

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Mortgage-Backed

Securities  6.2%

-

continued

$

5,327,505

5.000%, 

8/1/2053

$

5,283,892

7,217,052

5.500%, 

9/1/2053

7,299,590

3,411,847

3.500%, 

9/1/2047

3,134,342

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

3,697,945

2.500%, 

7/1/2030

3,556,746

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

4,578,697

3.000%, 

12/1/2036

4,285,913

4,780,544

3.000%, 

8/1/2038

4,503,740

7,451,701

3.500%, 

5/1/2040

7,022,624

4,805,722

2.500%, 

4/1/2042

4,237,196

2,131,547

2.000%, 

5/1/2042

1,821,966

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

18,917,828

3.000%, 

1/1/2052

16,540,185

1,260,027

2.000%, 

2/1/2051

1,016,632

1,924,419

2.000%, 

2/1/2051

1,552,681

10,044,074

2.500%, 

2/1/2051

8,377,537

5,316,052

2.500%, 

2/1/2051

4,480,796

5,514,732

2.000%, 

3/1/2051

4,385,557

26,404,526

2.000%, 

3/1/2051

21,141,887

11,558,497

4.000%, 

3/1/2051

10,878,716

7,056,893

2.000%, 

3/1/2052

5,679,195

19,815,233

3.000%, 

3/1/2052

17,216,097

8,626,866

2.000%, 

4/1/2051

6,869,973

12,601,479

3.000%, 

4/1/2051

11,014,074

2,167,313

2.000%, 

4/1/2052

1,738,534

7,938,665

3.000%, 

5/1/2050

6,909,403

2,362,474

2.000%, 

5/1/2051

1,896,903

8,932,791

3.000%, 

5/1/2051

7,885,855

19,132,468

2.000%, 

6/1/2050

15,363,769

7,339,570

3.000%, 

6/1/2050

6,528,763

2,895,858

4.000%, 

6/1/2052

2,707,668

3,680,275

5.000%, 

6/1/2053

3,637,387

15,154,520

2.500%, 

7/1/2051

12,832,309

4,608,789

3.500%, 

7/1/2051

4,200,363

8,835,669

4.000%, 

7/1/2052

8,261,505

1,979,366

2.500%, 

8/1/2050

1,675,600

9,673,285

3.500%, 

8/1/2050

8,841,855

11,841,694

3.500%, 

8/1/2052

10,696,988

17,711,014

4.500%, 

8/1/2052

16,987,246

7,017,440

5.000%, 

8/1/2053

6,935,662

13,986,490

6.000%, 

8/1/2054

14,484,040

7,184,232

2.500%, 

9/1/2051

6,048,499

3,542,152

3.500%, 

9/1/2052

3,221,521

7,144,312

3.500%, 

9/1/2052

6,497,988

5,684,704

5.000%, 

9/1/2052

5,604,599

6,025,017

4.500%, 

9/1/2053

5,799,478

9,792,316

4.500%, 

9/1/2053

9,395,057

15,006,230

4.000%, 

10/1/2052

14,068,260

2,291,385

2.000%, 

11/1/2051

1,846,155

4,536,844

3.500%, 

11/1/2052

4,139,753

9,441,905

2.000%, 

12/1/2050

7,581,305

25,259,938

2.500%, 

12/1/2051

21,246,095

14,419,197

4.500%, 

12/1/2052

13,888,930

29,000,000

5.500%, 

5/1/2041

28,936,528

3,940,763

3.500%, 

12/1/2047

3,630,060

13,850,000

3.000%, 

4/1/2048

12,001,900

4,500,000

4.500%, 

4/1/2049

4,304,103

5,410,000

3.500%, 

5/1/2049

4,875,577

14,600,000

5.000%, 

5/1/2049

14,296,760

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Mortgage-Backed

Securities  6.2%

-

continued

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

$

17,639,027

2.500%, 

3/1/2062

$

14,265,310

4,799,409

3.500%, 

7/1/2061

4,251,322

7,362,850

4.000%, 

12/1/2061

6,808,658

Total

531,310,145

Technology  0.5%

Accenture

Capital,

Inc.

638,000

4.500%, 

10/4/2034

616,476

Adobe,

Inc.

750,000

5.300%, 

1/17/2035

a

772,345

Advanced

Micro

Devices,

Inc.

615,000

4.393%, 

6/1/2052

a

522,302

Amentum

Holdings,

Inc.

328,000

7.250%, 

8/1/2032

c

322,640

Analog

Devices,

Inc.

1,150,000

2.950%, 

10/1/2051

747,966

Apple,

Inc.

973,000

2.650%, 

2/8/2051

609,014

582,000

3.750%, 

9/12/2047

462,562

Block,

Inc.

175,000

3.500%, 

6/1/2031

153,861

728,000

6.500%, 

5/15/2032

c

735,339

Boost

Newco

Borrower,

LLC

483,000

7.500%, 

1/15/2031

c

502,772

Broadcom,

Inc.

929,000

5.050%, 

7/12/2027

940,709

354,000

3.469%, 

4/15/2034

c

311,610

1,231,000

3.137%, 

11/15/2035

c

1,020,320

1,350,000

3.187%, 

11/15/2036

c

1,108,074

600,000

4.926%, 

5/15/2037

c

576,890

Cadence

Design

Systems,

Inc.

332,000

4.700%, 

9/10/2034

324,162

Central

Parent,

Inc./CDK

Global,

Inc.

169,000

7.250%, 

6/15/2029

c

146,249

Cisco

Systems,

Inc.

301,000

5.300%, 

2/26/2054

294,639

307,000

4.950%, 

2/26/2031

313,160

Clarivate

Science

Holdings

Corporation

177,000

3.875%, 

7/1/2028

c

164,192

Cloud

Software

Group,

Inc.

1,018,000

6.500%, 

3/31/2029

c

989,563

CommScope,

LLC

175,000

4.750%, 

9/1/2029

c

155,584

175,000

9.500%, 

12/15/2031

a,c

180,250

Consensus

Cloud

Solutions,

Inc.

83,000

6.000%, 

10/15/2026

c

82,411

CoreLogic,

Inc.

100,000

4.500%, 

5/1/2028

c

93,077

Dell

International,

LLC/EMC

Corporation

486,000

4.750%, 

4/1/2028

488,222

Dell,

Inc.

563,000

6.500%, 

4/15/2038

594,029

Diebold

Nixdorf,

Inc.

431,000

7.750%, 

3/31/2030

c

446,760

Fiserv,

Inc.

639,000

2.650%, 

6/1/2030

575,252

613,000

5.350%, 

3/15/2031

628,585

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

226

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Technology  0.5%

-

continued

$

537,000

5.600%, 

3/2/2033

$

551,809

645,000

5.150%, 

8/12/2034

639,741

Foundry

JV

Holdco,

LLC

698,000

5.900%, 

1/25/2030

c

722,975

300,000

5.900%, 

1/25/2033

c

305,275

Gen

Digital,

Inc.

13,000

6.750%, 

9/30/2027

c

13,160

199,000

7.125%, 

9/30/2030

a,c

203,121

87,000

6.250%, 

4/1/2033

c

86,604

Global

Payments,

Inc.

607,000

5.950%, 

8/15/2052

a

587,319

923,000

5.300%, 

8/15/2029

937,160

Hewlett

Packard

Enterprise

Company

85,000

4.400%, 

9/25/2027

84,742

528,000

4.850%, 

10/15/2031

522,543

II-VI,

Inc.

164,000

5.000%, 

12/15/2029

c

156,450

Intel

Corporation

1,028,000

4.900%, 

7/29/2045

863,530

Iron

Mountain,

Inc.

570,000

4.875%, 

9/15/2029

c

544,073

580,000

5.250%, 

7/15/2030

c

556,123

585,000

4.500%, 

2/15/2031

c

536,262

KLA

Corporation

923,000

3.300%, 

3/1/2050

640,631

Marvell

Technology,

Inc.

155,000

5.950%, 

9/15/2033

161,675

Mastercard,

Inc.

729,000

3.950%, 

2/26/2048

594,911

Microchip

Technology,

Inc.

131,000

5.050%, 

3/15/2029

131,887

Microsoft

Corporation

375,000

3.041%, 

3/17/2062

244,500

915,000

2.500%, 

9/15/2050

568,429

NCR

Atleos

Corporation

133,000

9.500%, 

4/1/2029

c

144,213

NCR

Voyix

Corporation

244,000

5.000%, 

10/1/2028

c

234,782

151,000

5.125%, 

4/15/2029

c

143,814

Neptune

Bidco

US,

Inc.

644,000

9.290%, 

4/15/2029

c

558,767

NXP

BV/NXP

Funding,

LLC

480,000

5.550%, 

12/1/2028

491,609

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

480,000

4.300%, 

6/18/2029

470,309

480,000

3.250%, 

5/11/2041

351,867

Open

Text

Corporation

207,000

3.875%, 

12/1/2029

c

188,300

Open

Text

Holdings,

Inc.

675,000

4.125%, 

2/15/2030

c

615,568

Oracle

Corporation

615,000

6.900%, 

11/9/2052

677,955

621,000

4.800%, 

8/3/2028

626,013

558,000

5.250%, 

2/3/2032

565,196

290,000

4.700%, 

9/27/2034

276,935

1,815,000

3.850%, 

7/15/2036

1,573,033

1,250,000

4.000%, 

7/15/2046

955,952

PayPal

Holdings,

Inc.

542,000

5.500%, 

6/1/2054

523,756

Pitney

Bowes,

Inc.

83,000

6.875%, 

3/15/2027

c

82,896

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Technology  0.5%

-

continued

RingCentral,

Inc.

$

459,000

8.500%, 

8/15/2030

c

$

482,487

Rocket

Software,

Inc.

199,000

9.000%, 

11/28/2028

c

205,213

Roper

Technologies,

Inc.

771,000

1.750%, 

2/15/2031

647,967

Seagate

HDD

Cayman

327,350

9.625%, 

12/1/2032

368,173

Sensata

Technologies

BV

392,000

4.000%, 

4/15/2029

c

360,289

Sensata

Technologies,

Inc.

177,000

4.375%, 

2/15/2030

c

163,507

95,000

3.750%, 

2/15/2031

c

82,948

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

190,000

4.625%, 

11/1/2026

c

186,612

43,000

6.750%, 

8/15/2032

c

43,341

SS&C

Technologies,

Inc.

301,000

5.500%, 

9/30/2027

c

298,723

87,000

6.500%, 

6/1/2032

c

87,941

Synopsys,

Inc.

502,000

5.700%, 

4/1/2055

498,442

Texas

Instruments,

Inc.

615,000

5.050%, 

5/18/2063

563,625

UKG,

Inc.

165,000

6.875%, 

2/1/2031

c

167,382

Verisk

Analytics,

Inc.

260,000

5.250%, 

3/15/2035

259,674

Viavi

Solutions,

Inc.

396,000

3.750%, 

10/1/2029

c

362,122

VMware,

LLC

900,000

2.200%, 

8/15/2031

764,975

Xerox

Holdings

Corporation

40,000

5.000%, 

8/15/2025

c

39,553

644,000

5.500%, 

8/15/2028

c

452,183

Total

39,048,057

Transportation  0.1%

Air

Canada

173,000

3.875%, 

8/15/2026

c

169,174

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

409,584

5.500%, 

4/20/2026

c

408,463

416,767

5.750%, 

4/20/2029

c

407,799

Avianca

Midco

2

plc

200,000

9.625%, 

2/14/2030

c

183,750

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

216,000

5.375%, 

3/1/2029

a,c

194,806

Burlington

Northern

Santa

Fe,

LLC

724,000

2.875%, 

6/15/2052

454,882

15,000

5.750%, 

5/1/2040

15,602

625,000

4.450%, 

3/15/2043

549,795

Canadian

Pacific

Railway

Company

615,000

4.700%, 

5/1/2048

539,769

CSX

Corporation

900,000

3.800%, 

4/15/2050

687,132

DCLI

Bidco,

LLC

155,000

7.750%, 

11/15/2029

c

159,538

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

1,340,000

4.750%, 

10/20/2028

c

1,334,431

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

227

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Transportation  0.1%

-

continued

ERAC

USA

Finance,

LLC

$

616,000

5.400%, 

5/1/2053

c

$

594,789

JetBlue

Airways

Corporation/

JetBlue

Loyalty,

LP

308,000

9.875%, 

9/20/2031

c

304,024

Mileage

Plus

Holdings,

LLC

692,550

6.500%, 

6/20/2027

c

695,535

OneSky

Flight,

LLC

424,000

8.875%, 

12/15/2029

c

428,530

Rand

Parent,

LLC

436,000

8.500%, 

2/15/2030

a,c

431,643

RXO,

Inc.

164,000

7.500%, 

11/15/2027

c

168,638

Star

Leasing

Company,

LLC

171,000

7.625%, 

2/15/2030

c

164,347

Stena

International

SA

265,000

7.250%, 

1/15/2031

c

264,878

Stonepeak

Nile

Parent,

LLC

131,000

7.250%, 

3/15/2032

c

133,527

Union

Pacific

Corporation

1,231,000

2.973%, 

9/16/2062

718,592

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

102,000

7.875%, 

5/1/2027

c

100,166

194,000

6.375%, 

2/1/2030

a,c

169,950

Total

9,279,760

U.S.

Government

&

Agencies  6.7%

U.S.

Treasury

Bonds

4,250,000

2.875%, 

5/15/2052

3,085,732

1,843,000

3.625%, 

5/15/2053

1,552,440

7,260,000

1.625%, 

11/15/2050

3,951,879

14,500,000

4.750%, 

11/15/2053

14,821,152

19,150,000

5.250%, 

11/15/2028

20,003,522

2,975,000

4.375%, 

5/15/2040

2,952,804

44,475,000

1.375%, 

11/15/2040

28,901,801

1,340,000

3.000%, 

5/15/2042

1,091,315

5,750,000

3.250%, 

5/15/2042

4,858,525

68,726,000

2.500%, 

5/15/2046

48,704,184

46,100,000

2.875%, 

5/15/2049

33,978,941

U.S.

Treasury

Notes

2,300,000

5.000%, 

8/31/2025

2,306,595

8,000,000

4.250%, 

12/31/2025

8,006,625

52,575,000

2.625%, 

1/31/2026

51,945,537

2,300,000

0.500%, 

2/28/2026

2,226,220

90,300,000

2.500%, 

2/28/2026

89,009,698

6,400,000

4.625%, 

2/28/2026

6,428,300

38,900,000

4.375%, 

7/31/2026

39,094,500

9,500,000

3.500%, 

9/30/2026

9,436,914

7,285,000

2.250%, 

11/15/2027

6,988,478

13,950,000

3.875%, 

12/31/2027

13,946,730

1,500,000

0.750%, 

1/31/2028

1,374,902

30,100,000

3.500%, 

1/31/2028

29,784,891

15,300,000

3.625%, 

3/31/2028

15,188,836

72,550,000

2.875%, 

5/15/2028

70,376,334

21,000,000

4.375%, 

8/31/2028

21,307,617

9,500,000

3.500%, 

9/30/2029

9,327,441

270,000

1.375%, 

11/15/2031

228,024

32,000,000

4.500%, 

11/15/2033

32,765,000

Total

573,644,937

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Utilities  0.4%

AES

Corporation

$

1,227,000

3.950%, 

7/15/2030

c

$

1,150,712

Algonquin

Power

&

Utilities

Corporation

459,000

4.750%, 

1/18/2082

d

437,197

Alpha

Generation,

LLC

149,000

6.750%, 

10/15/2032

c

149,097

American

Water

Capital

Corporation

604,000

5.450%, 

3/1/2054

582,172

Atmos

Energy

Corporation

150,000

5.000%, 

12/15/2054

135,620

Berkshire

Hathaway

Energy

Company

1,165,000

4.500%, 

2/1/2045

1,007,640

Calpine

Corporation

353,000

4.500%, 

2/15/2028

c

342,214

CenterPoint

Energy,

Inc.

270,000

4.250%, 

11/1/2028

265,364

Commonwealth

Edison

Company

1,025,000

3.700%, 

3/1/2045

789,638

Consolidated

Edison

Company

of

New

York,

Inc.

579,000

4.500%, 

12/1/2045

498,074

1,250,000

4.125%, 

5/15/2049

986,461

Constellation

Energy

Generation,

LLC

310,000

6.125%, 

1/15/2034

326,665

Consumers

Energy

Company

1,012,000

4.350%, 

4/15/2049

857,103

Dominion

Energy,

Inc.

81,000

6.875%, 

2/1/2055

d

83,864

81,000

7.000%, 

6/1/2054

d

85,136

DTE

Electric

Company

965,000

3.700%, 

3/15/2045

751,087

475,000

3.700%, 

6/1/2046

366,086

Duke

Energy

Carolinas,

LLC

1,090,000

3.700%, 

12/1/2047

817,263

Duke

Energy

Corporation

117,000

6.450%, 

9/1/2054

d

116,803

918,000

5.450%, 

6/15/2034

a

930,465

Duke

Energy

Indiana,

LLC

847,000

3.750%, 

5/15/2046

643,187

Edison

International

143,000

7.875%, 

6/15/2054

d

137,628

Enel

Finance

International

NV

629,000

5.125%, 

6/26/2029

c

635,711

Entergy

Louisiana,

LLC

175,000

5.800%, 

3/15/2055

174,153

Eversource

Energy

769,000

4.750%, 

5/15/2026

769,349

Exelon

Corporation

585,000

4.700%, 

4/15/2050

490,792

983,000

4.450%, 

4/15/2046

813,713

FirstEnergy

Corporation

769,000

4.850%, 

7/15/2047

657,608

Georgia

Power

Company

523,000

4.950%, 

5/17/2033

519,392

303,000

5.250%, 

3/15/2034

305,720

ITC

Holdings

Corporation

760,000

5.300%, 

7/1/2043

711,665

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

228

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Utilities  0.4%

-

continued

Jersey

Central

Power

&

Light

Company

$

450,000

2.750%, 

3/1/2032

c

$

388,914

Lightning

Power,

LLC

487,000

7.250%, 

8/15/2032

c

501,406

Long

Ridge

Energy,

LLC

261,000

8.750%, 

2/15/2032

a,c

252,133

MidAmerican

Energy

Company

706,000

5.850%, 

9/15/2054

725,269

National

Rural

Utilities

Cooperative

Finance

Corporation

292,000

3.700%, 

3/15/2029

283,912

NextEra

Energy

Capital

Holdings,

Inc.

572,000

5.900%, 

3/15/2055

571,179

213,000

5.300%, 

3/15/2032

216,464

NiSource,

Inc.

82,000

6.375%, 

3/31/2055

d

81,027

900,000

5.650%, 

2/1/2045

876,181

NRG

Energy,

Inc.

141,000

3.375%, 

2/15/2029

c

129,460

240,000

5.250%, 

6/15/2029

c

233,888

138,000

6.000%, 

2/1/2033

c

134,251

138,000

6.250%, 

11/1/2034

c

135,849

Pacific

Gas

and

Electric

Company

800,000

3.300%, 

12/1/2027

767,530

618,000

5.550%, 

5/15/2029

626,436

538,000

4.550%, 

7/1/2030

520,764

619,000

6.950%, 

3/15/2034

670,750

300,000

5.800%, 

5/15/2034

302,925

PG&E

Corporation

193,000

7.375%, 

3/15/2055

d

189,691

262,000

5.000%, 

7/1/2028

254,877

PPL

Capital

Funding,

Inc.

640,000

5.250%, 

9/1/2034

636,832

PPL

Electric

Utilities

Corporation

547,000

3.950%, 

6/1/2047

437,971

Public

Service

Company

of

Colorado

779,000

4.500%, 

6/1/2052

650,278

Public

Service

Enterprise

Group,

Inc.

834,000

4.900%, 

3/15/2030

837,943

San

Diego

Gas

&

Electric

Company

940,000

4.150%, 

5/15/2048

738,593

Southern

California

Edison

Company

224,000

5.450%, 

3/1/2035

221,800

Southern

Company

1,231,000

5.113%, 

8/1/2027

1,244,332

885,000

4.850%, 

3/15/2035

856,529

Southern

Company

Gas

Capital

Corporation

620,000

4.400%, 

5/30/2047

506,550

Southwestern

Electric

Power

Company

620,000

3.900%, 

4/1/2045

474,558

Talen

Energy

Supply,

LLC

329,000

8.625%, 

6/1/2030

c

348,971

TerraForm

Power

Operating,

LLC

750,000

5.000%, 

1/31/2028

c

725,880

Principal

Amount

Long-Term

Fixed

Income  20.5%

Value

Utilities  0.4%

-

continued

Virginia

Electric

and

Power

Company

$

222,000

5.350%, 

1/15/2054

$

208,778

850,000

4.600%, 

12/1/2048

726,674

Vistra

Corporation

163,000

8.000%, 

10/15/2026

c,d,i

167,267

407,000

7.000%, 

12/15/2026

c,d,i

412,127

Vistra

Operations

Company,

LLC

833,000

5.000%, 

7/31/2027

c

820,130

Xcel

Energy,

Inc.

462,000

4.600%, 

6/1/2032

445,382

257,000

5.600%, 

4/15/2035

258,016

XPLR

Infrastructure

Operating

Partners,

LP

566,000

3.875%, 

10/15/2026

a,c

544,410

52,000

8.375%, 

1/15/2031

a,c

51,136

52,000

8.625%, 

3/15/2033

a,c

50,591

Total

35,765,233

Total

Long-Term

Fixed

Income

(cost

$1,859,895,197)

1,754,813,829

Shares

Private

Equity

Funds

1.1%

Value

Secondary  1.1%

1

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP

*,b,k

16,734,761

1

ASF

IX

LP

*,b,k

8,851,282

1

ASF

VIII

Sidecar

(Cayman),

LP

*,b,k

5,066,044

1

Crown

Global

Secondaries

VI

Feeder

S.A.,

SICAV-RAIF

*,b,k

8,017,428

1

LCP

X

(Offshore),

LP

*,b,k

36,143,943

1

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP

*,b,k

16,609,543

Total

91,423,001

Total

Private

Equity

Funds

(cost

$75,379,689)

91,423,001

Shares

Collateral

Held

for

Securities

Loaned

0.2%

Value

14,658,938

Thrivent

Cash

Management

Trust

14,658,938

Total

Collateral

Held

for

Securities

Loaned

(cost

$14,658,938)

14,658,938

Shares

or

Principal

Amount

Short-Term

Investments

14.0%

Value

Federal

Home

Loan

Bank

Discount

Notes

7,000,000

4.240%,

4/2/2025

l,m

6,998,359

8,300,000

4.235%,

4/16/2025

l,m

8,284,433

100,000

4.280%,

4/21/2025

l,m

99,754

1,600,000

4.232%,

4/23/2025

l,m

1,595,686

7,400,000

4.240%,

4/30/2025

l,m

7,373,977

1,400,000

4.222%,

5/2/2025

l,m

1,394,836

400,000

4.220%,

5/16/2025

l,m

397,879

100,000

4.210%,

5/21/2025

l,m

99,412

1,200,000

4.201%,

5/23/2025

l,m

1,192,668

12,800,000

4.196%,

5/28/2025

l,m

12,714,418

7,000,000

4.203%,

6/6/2025

l,m

6,945,544

800,000

4.190%,

6/13/2025

l,m

793,126

200,000

4.185%,

6/25/2025

l,m

198,003

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

229

Shares

or

Principal

Amount

Short-Term

Investments  14.0%

Value

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

400,000

4.205%,

4/17/2025

l,m

$

399,203

Federal

National

Mortgage

Association

Discount

Notes

12,300,000

4.225%,

4/7/2025

l,m

12,289,907

1,500,000

4.195%,

4/9/2025

l,m

1,498,417

300,000

4.195%,

4/10/2025

l,m

299,648

5,400,000

4.210%,

4/11/2025

l,m

5,393,037

800,000

4.175%,

4/24/2025

l,m

797,749

16,600,000

4.215%,

5/5/2025

l,m

16,533,024

State

Street

Institutional

U.S.

Government

Money

Market

Fund

259,176,631

4.293%

l

259,176,630

Thrivent

Core

Short-Term

Reserve

Fund

84,733,716

4.600%

847,337,164

U.S.

Treasury

Bills

900,000

4.220%,

5/8/2025

l

896,083

400,000

4.185%,

6/5/2025

l

396,970

Total

Short-Term

Investments

(cost

$1,193,056,721)

1,193,105,927

Total

Investments

(cost

$7,264,690,565)

100.5%

$8,584,884,032

Other

Assets

and

Liabilities,

Net

(0.5%)

(45,938,497)

Total

Net

Assets

100.0%

$8,538,945,535

a

All

or

a

portion

of

the

security

is

on

loan.

b

Non-income

producing

security.

c

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2025,

the

value

of

these

investments

was

$304,025,500

or

3.6%

of

total

net

assets.

d

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

e

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

March

31,

2025.

f

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

g

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

h

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

March

31,

2025.

i

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

j

Defaulted

security.  Interest

is

not

being

accrued.

k

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

l

The

interest

rate

shown

reflects

the

yield.

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

Moderate

Allocation

Portfolio

as

of

March

31,

2025

was

$91,490,501

or

1.07%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

March

31,

2025.

Security

Acquisition

Date

Cost

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP 

6/28/2024

$

13,364,491

ASF

IX

LP 

3/18/2024

7,664,896

ASF

VIII

Sidecar

(Cayman),

LP 

6/28/2024

4,425,255

Credit

Suisse

Group

AG 

9/5/2018

900,000

Crown

Global

Secondaries

VI

Feeder

S.A.,

SICAV-RAIF 

2/15/2024

6,048,000

LCP

X

(Offshore),

LP 

10/25/2023

29,428,129

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP 

6/28/2024

14,448,918

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Moderate

Allocation

Portfolio

as

of

March

31,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

12,870,863

Common

Stock

1,001,638

Total

lending

$13,872,501

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$14,658,938

Net

amounts

due

to

counterparty

$786,437

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

Ser.

-

Series

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.

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

230

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

231

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Moderate

Allocation

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Registered

Investment

Companies

U.S.

Affiliated

3,122,781,273

3,122,781,273

–

–

U.S.

Unaffiliated

47,585,526

47,585,526

–

–

Common

Stock

Communications

Services

176,591,777

176,591,777

–

–

Consumer

Discretionary

281,443,812

281,351,170

92,642

–

Consumer

Staples

55,792,223

55,792,223

–

–

Energy

41,653,991

41,653,991

–

–

Financials

258,800,178

258,800,178

–

–

Health

Care

232,790,920

232,790,920

–

–

Industrials

217,309,530

216,991,532

317,998

–

Information

Technology

597,212,859

597,027,318

185,541

–

Materials

49,254,138

49,100,523

153,615

–

Real

Estate

55,689,737

55,689,737

–

–

Utilities

30,561,954

30,561,954

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

39,836,855

–

39,836,855

–

Basic

Materials

16,593,201

–

16,593,201

–

Capital

Goods

29,630,948

–

29,630,948

–

Collateralized

Mortgage

Obligations

81,452,186

–

81,452,186

–

Commercial

Mortgage-Backed

Securities

35,325,759

–

35,325,759

–

Communications

Services

48,597,125

–

48,597,125

–

Consumer

Cyclical

54,771,006

–

54,771,006

–

Consumer

Non-Cyclical

57,159,609

–

57,159,609

–

Energy

40,698,457

–

40,698,457

–

Financials

159,846,714

–

159,846,714

–

Foreign

Government

1,853,837

–

1,853,837

–

Mortgage-Backed

Securities

531,310,145

–

531,310,145

–

Technology

39,048,057

–

39,048,057

–

Transportation

9,279,760

–

9,279,760

–

U.S.

Government

&

Agencies

573,644,937

–

573,644,937

–

Utilities

35,765,233

–

35,765,233

–

Private

Equity

Funds

Secondary

91,423,001

–

–

91,423,001

Short-Term

Investments

345,768,763

259,176,630

86,592,133

–

Subtotal

Investments

in

Securities

$7,359,473,511

$5,425,894,752

$1,842,155,758

$91,423,001

Other

Investments  *

Total

Affiliated

Short-Term

Investments

847,337,164

U.S.

Affiliated

Registered

Investment

Cos.

363,414,419

Collateral

Held

for

Securities

Loaned

14,658,938

Subtotal

Other

Investments

$1,225,410,521

Total

Investments

at

Value

$8,584,884,032

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Moderate

Allocation

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

32,076,944

29,524,692

2,552,252

–

Total

Return

Swaps

129,781

–

129,781

–

Total

Asset

Derivatives

$32,206,725

$29,524,692

$2,682,033

$–

Liability

Derivatives

Futures

Contracts

4,292,711

4,292,711

–

–

Total

Liability

Derivatives

$4,292,711

$4,292,711

$–

$–

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

232

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

The

following

table

is

a

reconciliation

of

assets

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

for

Moderate

Allocation

Portfolio as

discussed

in

the

Notes

to

Schedule

of

Investments.

*

Change

in

net

unrealized

appreciation/(depreciation)

on

investments. 

   %

Net

realized

gains/(losses)

on

investments.  

 #

Transferred

from

Level

2

to

Level

3

because

of

a

lack

of

observable

market

data,

resulting

from

a

decrease

in

market

activity

for

the

securities.

   @

Transferred

from

level

3

to

Level

2

because

observable

market

data

became

available

for

the

securities.

**

The

reporting

entity's Private

Equity

Funds

-

Secondary Level

3

securities

are fair

valued using

the

adjusted

reported

Net

Asset

Value

(NAV)

of

the

investment,

adjusted

for

subsequent

investment

activity

and

market

movement

using

inputs

determined

by

the policies

and

procedures

of

the

reporting

entity. 

Inputs

used

in

valuation

include index

returns

that

are

adjusted based

on

a

regression

analysis

of

similar

types

of

assets

over

time. 

Significant

changes

in

the

inputs

in

isolation

could result

in

a

significantly

lower

or

higher

fair

value

measurement.

Investments

in

Securities 

Beginning

Value

12/31/2024

Realized

Gain/

(Loss)^ 

Change

in

Unrealized

Appreciation/

(Depreciation)

* 

Purchases 

Sales 

Transfers

Into

Level

3 #

Transfers

Out

of

Level

3 @

Ending

Value 

3/31/2025

Private

Equity

Funds

 Secondary

$81,176,498

$- 

($1,690,999)

$18,880,177

($6,942,675) 

$-

$- 

$91,423,001

Total 

$81,176,498

$-  

($1,690,999)

$18,880,177

($6,942,675) 

$-

$-

$91,423,001

Investments

in

Securities

Ending

Value  3/31/2025

Valuation

Technique(s)

Unobservable 

Input(s)

Range

of Inputs

Private

Equity

Funds

   Secondary

$91,423,001  

Adjusted

reported

investment

of

net

asset

value  

Fair

Value

adjustment

**

N/A

Total 

$91,423,001 

The

following

table

presents

Moderate

Allocation

Portfolio's

futures

contracts

held

as

of

March

31,

2025.

Investments

and/or

cash

totaling

$80,100,358

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

780

June

2025

$

85,722,944

$

1,027,681

CBOT

2-Yr.

U.S.

Treasury

Note

1,140

June

2025

235,208,140

967,803

CBOT

5-Yr.

U.S.

Treasury

Note

1,314

June

2025

140,714,368

1,402,945

CBOT

U.S.

Long

Bond

276

June

2025

32,049,128

320,497

CME

E-mini

Russell

2000

Index

25

June

2025

2,518,219

15,656

CME

E-mini

S&P

500

Index

5,440

June

2025

1,517,685,853

19,998,147

CME

E-mini

S&P

Mid-Cap

400

Index

2

June

2025

576,535

11,185

CME

Ultra

Long

Term

U.S.

Treasury

Bond

310

June

2025

37,710,696

186,804

Ultra

10-Yr.

U.S.

Treasury

Note

374

June

2025

42,186,916

495,834

Total

Futures

Long

Contracts

$

2,094,372,799

$

24,426,552

CBOT

U.S.

Long

Bond

(2)

June

2025

(

$

232,229)

(

$

2,334)

CME

E-mini

Russell

2000

Index

(2,377)

June

2025

(

239,804,382)

(

1,116,453)

CME

E-mini

S&P

Mid-Cap

400

Index

(1,464)

June

2025

(

427,037,116)

(

3,173,924)

CME

Euro

Foreign

Exchange

Currency

(845)

June

2025

(

115,916,745)

1,186,870

Eurex

Euro

STOXX

50

Index

(1,932)

June

2025

(

111,455,876)

2,552,252

ICE

mini

MSCI

EAFE

Index

(1,008)

June

2025

(

124,260,782)

2,479,262

ICE

US

mini

MSCI

Emerging

Markets

Index

(1,465)

June

2025

(

82,798,108)

1,432,008

Total

Futures

Short

Contracts

(

$

1,101,505,238)

$3,357,681

Total

Futures

Contracts

$

992,867,561

$27,784,233

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

233

Reference

Description:

EFFR

-

Effective

Federal

Funds

Rate

S&P

-

Standard

&

Poor's

The

following

table

presents

Moderate

Allocation

Portfolio's

total

return

swap

contracts

held

as

of

March

31,

2025.

Total

Return

Swaps                

Reference

Entity

Fund

Pays

#

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

MidCap

400

Total

Return

Index

Swap

Total

Return

EFFR

1

day

+

45bps

Goldman

Sachs

&

Co.

LLC

8/6/2025

$

24,104,085

$

129,781

$

–

$

129,781

Total

Return

Swaps

$

129,781

$

–

$129,781

#

Payment

made

on

Termination

Date

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Moderate

Allocation

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$147,942

$2,111

$9,288

$141,722

17,304

1.7%

Core

Emerging

Markets

Equity

58,114

–

–

59,930

6,262

0.7

Core

Low

Volatility

Equity

6,121

–

–

6,566

550

0.1

Core

Mid

Cap

Value

110,125

–

–

106,119

10,273

1.2

Core

Small

Cap

Value

53,644

–

10

49,077

5,008

0.6

Global

Stock

548,857

–

–

543,878

36,498

6.4

High

Yield

111,350

1,733

6,011

106,461

25,602

1.2

Income

322,135

3,637

23,544

306,182

34,570

3.6

International

Allocation

306,451

–

–

325,395

31,967

3.8

International

Index

69,162

–

–

74,613

5,170

0.9

Large

Cap

Value

1,022,828

–

–

1,043,099

43,030

12.2

Limited

Maturity

Bond

184,322

1,813

12,444

174,891

17,785

2.0

Mid

Cap

Stock

393,239

–

10

378,690

18,434

4.4

Small

Cap

Stock

188,456

–

–

169,571

9,584

2.0

Total

U.S.

Affiliated

Registered

Investment

Companies

3,522,746

3,486,194

40.8

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

1,430,631

199,629

782,923

847,337

84,734

9.9

Total

Affiliated

Short-Term

Investments

1,430,631

847,337

9.9

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

10,075

155,200

150,616

14,659

14,659

0.2

Total

Collateral

Held

for

Securities

Loaned

10,075

14,659

0.2

Total

Value

$4,963,452

$4,348,190

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

234

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($1,944)

$2,901

$

–

$2,111

Core

Emerging

Markets

Equity

–

1,816

–

–

Core

Low

Volatility

Equity

–

445

–

–

Core

Mid

Cap

Value

Fund

–

(4,006)

–

–

Core

Small

Cap

Value

Fund

(1)

(4,556)

–

–

Global

Stock

–

(4,979)

–

–

High

Yield

(806)

195

–

1,731

Income

(2,758)

6,712

–

3,542

International

Allocation

–

18,944

–

–

International

Index

–

5,451

–

–

Large

Cap

Value

–

20,271

–

–

Limited

Maturity

Bond

(36)

1,236

–

1,813

Mid

Cap

Stock

2

(14,541)

–

–

Small

Cap

Stock

–

(18,885)

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

67

(67)

–

11,128

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$20,325

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

12

Total

Affiliated

Income

from

Securities

Loaned,

Net

$12

Total

Value

($5,476)

$10,937

$

–

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

235

Shares

Registered

Investment

Companies  

47.4%

Value

U.S.

Affiliated  

47.0%  

6,265,074

Thrivent

Core

Emerging

Markets

Debt

Fund

$

51,310,955

13,875,253

Thrivent

Core

Emerging

Markets

Equity

Fund

132,786,172

5,137,191

Thrivent

Core

International

Equity

Fund

56,303,610

516,927

Thrivent

Core

Low

Volatility

Equity

Fund

6,172,107

8,484,478

Thrivent

Core

Mid

Cap

Value

Fund

87,644,655

6,429,854

Thrivent

Core

Small

Cap

Value

Fund

63,012,567

40,535,013

Thrivent

Global

Stock

Portfolio

604,036,555

9,253,575

Thrivent

High

Yield

Portfolio

38,479,142

12,392,636

Thrivent

Income

Portfolio

109,759,097

53,541,740

Thrivent

International

Allocation

Portfolio

545,001,376

3,676,499

Thrivent

International

Index

Portfolio

53,058,132

34,592,185

Thrivent

Large

Cap

Value

Portfolio

838,559,541

6,440,032

Thrivent

Limited

Maturity

Bond

Portfolio

63,329,983

19,517,025

Thrivent

Mid

Cap

Stock

Portfolio

400,934,351

9,842,126

Thrivent

Small

Cap

Stock

Portfolio

174,140,669

Total

3,224,528,912

U.S.

Unaffiliated  

0.4%  

14,778

Invesco

QQQ

Trust

Series

1

6,929,700

23,000

Invesco

Senior

Loan

ETF

a

476,100

5,478

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

a

201,645

39,638

SPDR

S&P

500

ETF

Trust

22,173,101

9,575

SPDR

S&P

Biotech

ETF

776,532

2,457

SPDR

S&P

Oil

&

Gas

Exploration

ETF

323,611

6,455

SPDR

S&P

Regional

Banking

ETF

366,967

7,943

SPDR

S&P

Software

&

Services

ETF

1,269,768

Total

32,517,424

Total

Registered

Investment

Companies

(cost

$2,519,707,905)

3,257,046,336

Shares

Common

Stock

27.8%

Value

Communications

Services  2.4%

70,416

Alphabet,

Inc.,

Class

A

10,889,130

323,682

Alphabet,

Inc.,

Class

C

50,568,839

16,196

AMC

Networks,

Inc.

b

111,428

109,433

AT&T,

Inc.

3,094,765

10,485

Bandwidth,

Inc.

b

137,353

120,291

Cargurus,

Inc.

b

3,504,077

1,089

Charter

Communications,

Inc.

b

401,329

14,706

Cogent

Communications

Holdings

901,625

46,221

Comcast

Corporation

1,705,555

68,619

E.W.

Scripps

Company

b

203,112

521

Electronic

Arts,

Inc.

75,295

5,681

Entravision

Communications

Corporation

11,930

2,177

Fox

Corporation,

Class

B

114,750

24,364

iHeartMedia,

Inc.

b

40,201

16,648

Iridium

Communications,

Inc.

454,823

4,953

John

Wiley

and

Sons,

Inc.

220,706

8,380

Liberty

Global,

Ltd.,

Class

A

b

96,454

16,606

Liberty

Latin

America,

Ltd.,

Class

A

b

105,116

Shares

Common

Stock  27.8%

Value

Communications

Services  2.4%

-

continued

2,071

Liberty

Media

Corporation-Liberty

Live

Group

b

$

141,118

35,565

Lumen

Technologies,

Inc.

b

139,415

20,045

Magnite,

Inc.

b

228,713

116,971

Meta

Platforms,

Inc.

67,417,406

1,890

Netflix,

Inc.

b

1,762,482

14,161

New

York

Times

Company

702,386

18,121

News

Corporation,

Class

A

493,254

1,696

Omnicom

Group,

Inc.

140,615

66,990

Pinterest,

Inc.

b

2,076,690

47,505

QuinStreet,

Inc.

b

847,489

2,548

Sinclair,

Inc.

40,590

26,964

Sirius

XM

Holdings,

Inc.

a

607,903

13,434

Spotify

Technology

SA

b

7,389,103

3,109

TechTarget,

Inc.

b

46,044

11,070

Telephone

and

Data

Systems,

Inc.

428,852

2,769

TKO

Group

Holdings,

Inc.

423,131

24,028

Trade

Desk,

Inc.

b

1,314,812

58,992

Verizon

Communications,

Inc.

2,675,877

14,784

Walt

Disney

Company

1,459,181

24,956

Warner

Brothers

Discovery,

Inc.

b

267,778

Total

161,239,327

Consumer

Discretionary  3.8%

299

Adient

plc

b

3,845

385

Adtalem

Global

Education,

Inc.

b

38,746

16,713

Advance

Auto

Parts,

Inc.

655,317

451,816

Amazon.com,

Inc.

b

85,962,512

40,619

American

Axle

&

Manufacturing

Holdings,

Inc.

b

165,319

13,670

American

Eagle

Outfitters,

Inc.

158,845

10,493

Aptiv

plc

b

624,334

5,554

Autoliv,

Inc.

491,251

23,451

Bath

&

Body

Works,

Inc.

711,034

109,252

Best

Buy

Company,

Inc.

8,042,040

85

Booking

Holdings,

Inc.

391,587

26,349

Boot

Barn

Holdings,

Inc.

b

2,830,673

11,097

BorgWarner,

Inc.

317,929

3,809

Bright

Horizons

Family

Solutions,

Inc.

b

483,895

14,563

Brunswick

Corporation

784,218

287

Build-A-Bear

Workshop,

Inc.

10,668

757

CarMax,

Inc.

b

58,986

1,624

Carvana

Company

b

339,546

418

Cavco

Industries,

Inc.

b

217,205

42,591

Champion

Homes,

Inc.

b

4,035,923

13,756

Chewy,

Inc.

b

447,208

41,408

Chipotle

Mexican

Grill,

Inc.

b

2,079,096

2,245

Columbia

Sportswear

Company

169,924

885

Cooper-Standard

Holdings,

Inc.

b

13,558

10,934

Coursera,

Inc.

b

72,820

856

Crocs,

Inc.

b

90,907

2,495

D.R.

Horton,

Inc.

317,189

26,495

Dana,

Inc.

353,178

727

Darden

Restaurants,

Inc.

151,042

15,657

Deckers

Outdoor

Corporation

b

1,750,609

75,630

DoorDash,

Inc.

b

13,822,895

1,996

Dorman

Products,

Inc.

b

240,598

148,635

eBay,

Inc.

10,067,049

3,664

Etsy,

Inc.

b

172,868

54,223

Expedia

Group,

Inc.

9,114,886

768

Five

Below,

Inc.

b

57,542

9,880

Fox

Factory

Holding

Corporation

b

230,599

1,082

Frontdoor,

Inc.

b

41,570

27,229

Gap,

Inc.

561,190

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

236

Shares

Common

Stock  27.8%

Value

Consumer

Discretionary  3.8%

-

continued

841

Garmin,

Ltd.

$

182,606

41,253

Gentex

Corporation

961,195

11,318

Goodyear

Tire

&

Rubber

Company

b

104,578

10,940

Grand

Canyon

Education,

Inc.

b

1,892,839

3,672

Group

1

Automotive,

Inc.

1,402,520

20,080

Hanesbrands,

Inc.

b

115,862

18,251

Hasbro,

Inc.

1,122,254

26,818

Hilton

Worldwide

Holdings,

Inc.

6,102,436

65,902

Home

Depot,

Inc.

24,152,424

17,694

Installed

Building

Products,

Inc.

3,033,813

8,148

Latham

Group,

Inc.

b

52,392

21,339

Laureate

Education,

Inc.

b

436,383

19,376

La-Z-Boy,

Inc.

757,408

1,971

Lear

Corporation

173,882

5,716

Leggett

&

Platt,

Inc.

45,214

11,157

LKQ

Corporation

474,619

2,454

Lowe's

Companies,

Inc.

572,346

6,509

Lululemon

Athletica,

Inc.

b

1,842,438

35,241

Modine

Manufacturing

Company

b

2,704,747

6,560

Mohawk

Industries,

Inc.

b

749,021

1,539

Motorcar

Parts

of

America,

Inc.

b

14,621

109,887

NIKE,

Inc.

6,975,627

211

NVR,

Inc.

b

1,528,566

817

OneSpaWorld

Holdings,

Ltd.

13,717

4,662

O'Reilly

Automotive,

Inc.

b

6,678,688

31,874

Patrick

Industries,

Inc.

2,695,265

1,354

Planet

Fitness,

Inc.

b

130,810

5,643

Pool

Corporation

1,796,449

11,780

PUMA

SE

287,342

159,699

QVC

Group,

Inc.

32,116

976

Ralph

Lauren

Corporation

215,442

6,353

Revolve

Group,

Inc.

b

136,526

25,691

Ross

Stores,

Inc.

3,283,053

7,604

Service

Corporation

International/

US

609,841

54,193

SharkNinja,

Inc.

b

4,520,238

13,375

Six

Flags

Entertainment

Corporation

477,086

13,640

Skechers

USA,

Inc.

b

774,479

18,575

Sony

Group

Corporation

ADR

a

471,619

5,797

Stitch

Fix,

Inc.

b

18,840

19,282

Stoneridge,

Inc.

b

88,504

2,342

Strategic

Education,

Inc.

196,634

5,047

Tapestry,

Inc.

355,359

103,731

Tesla,

Inc.

b

26,882,926

9,310

Texas

Roadhouse,

Inc.

1,551,325

169

TopBuild

Corporation

b

51,537

7,901

Travel

+

Leisure

Company

365,737

698

Ulta

Beauty,

Inc.

b

255,845

5,228

Valvoline,

Inc.

b

181,987

20,096

VF

Corporation

311,890

2,734

Visteon

Corporation

b

212,213

8,563

Wingstop,

Inc.

1,931,642

67,243

Wyndham

Hotels

&

Resorts,

Inc.

6,086,164

9,209

Yum

China

Holding,

Inc.

479,421

Total

262,569,087

Consumer

Staples  0.8%

9,628

Albertson's

Companies,

Inc.

211,720

2,320

Archer-Daniels-Midland

Company

111,383

9,516

BellRing

Brands,

Inc.

b

708,561

21,985

BJ's

Wholesale

Club

Holdings,

Inc.

b

2,508,489

689

Bunge

Global

SA

52,653

Shares

Common

Stock  27.8%

Value

Consumer

Staples  0.8%

-

continued

5,883

Casey's

General

Stores,

Inc.

$

2,553,457

16,108

Colgate-Palmolive

Company

1,509,320

65,045

Conagra

Brands,

Inc.

1,734,750

1,416

Costco

Wholesale

Corporation

1,339,225

48,160

Coty,

Inc.

b

263,435

945

Dole

plc

13,655

16,904

e.l.f.

Beauty,

Inc.

b

1,061,402

609

Hershey

Company

104,157

37,942

J

&

J

Snack

Foods

Corporation

4,997,720

3,035

J.M.

Smucker

Company

359,374

13,977

John

B.

Sanfilippo

&

Son,

Inc.

990,410

36,310

Kenvue,

Inc.

870,714

6,052

Keurig

Dr

Pepper,

Inc.

207,099

1,488

Kimberly-Clark

Corporation

211,623

1,934

Lamb

Weston

Holdings,

Inc.

103,082

4,638

Lancaster

Colony

Corporation

811,650

1,722

Maplebear,

Inc.

b

68,691

7,974

McCormick

&

Company,

Inc.

656,340

44,694

Philip

Morris

International,

Inc.

7,094,279

25,447

Procter

&

Gamble

Company

4,336,678

17,229

Sysco

Corporation

1,292,864

9,308

Turning

Point

Brands,

Inc.

553,268

1,497

Tyson

Foods,

Inc.

95,524

5,774

US

Foods

Holding

Corporation

b

377,966

78,270

Vita

Coco

Company,

Inc.

b

2,398,976

214,527

Walmart,

Inc.

18,833,325

Total

56,431,790

Energy  0.6%

12,231

Antero

Midstream

Corporation

220,158

26,749

Antero

Resources

Corporation

b

1,081,730

63,198

Archrock,

Inc.

1,658,316

81,859

Baker

Hughes

Company

3,597,703

34,367

Berry

Corporation

110,318

6,021

Cactus,

Inc.

275,942

1,343

Cheniere

Energy,

Inc.

310,770

53,997

ConocoPhillips

5,670,765

1,366

Coterra

Energy,

Inc.

39,477

13,422

Crescent

Energy

Company

150,863

30,920

Devon

Energy

Corporation

1,156,408

2,354

DT

Midstream,

Inc.

227,114

21,984

Enterprise

Products

Partners,

LP

750,534

38,902

EOG

Resources,

Inc.

4,988,792

633

EQT

Corporation

33,821

6,560

Expand

Energy

Corporation

730,259

31,654

Exxon

Mobil

Corporation

3,764,610

7,130

Gulfport

Energy

Corporation

b

1,312,918

17,714

Halliburton

Company

449,404

22,645

Hess

Midstream,

LP

957,657

40,748

Kinder

Morgan,

Inc.

1,162,540

5,956

Kodiak

Gas

Services,

Inc.

222,159

74,953

Kosmos

Energy,

Ltd.

b

170,893

2,229

Marathon

Petroleum

Corporation

324,743

65,049

Matador

Resources

Company

3,323,353

1,335

Natural

Gas

Services

Group,

Inc.

b

29,330

21,475

Noble

Corporation

plc

508,958

14,107

Oceaneering

International,

Inc.

b

307,674

9,500

Oil

States

International,

Inc.

b

48,925

18,118

Ovintiv,

Inc.

775,450

6,016

Par

Pacific

Holdings,

Inc.

b

85,788

122

Phillips

66

15,065

957

Ranger

Energy

Services,

Inc.

13,580

23,264

Schlumberger

NV

972,435

4,095

Shell

plc

ADR

300,082

29,216

Sitio

Royalties

Corporation

580,522

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

237

Shares

Common

Stock  27.8%

Value

Energy  0.6%

-

continued

3,588

Solaris

Energy

Infrastructure,

Inc.

$

78,075

8,136

Talos

Energy,

Inc.

b

79,082

276

Targa

Resources

Corporation

55,330

165,400

TechnipFMC

plc

5,241,526

7,973

Vital

Energy,

Inc.

b

169,187

22,435

Williams

Companies,

Inc.

1,340,716

Total

43,292,972

Financials  3.7%

2,381

1st

Source

Corporation

142,408

1,472

Affiliated

Managers

Group,

Inc.

247,340

1,082

Affirm

Holdings,

Inc.

b

48,896

5,876

Allstate

Corporation

1,216,743

20,033

Ally

Financial,

Inc.

730,603

25,554

Amalgamated

Financial

Corporation

734,677

27,501

American

Express

Company

7,399,144

5,674

American

International

Group,

Inc.

493,298

14,652

Ameriprise

Financial,

Inc.

7,093,180

5,962

Ameris

Bancorp

343,232

2,044

AMERISAFE,

Inc.

107,412

18,912

Annaly

Capital

Management,

Inc.

384,103

1,682

Arch

Capital

Group,

Ltd.

161,775

740

Arrow

Financial

Corporation

19,455

5,394

Arthur

J.

Gallagher

&

Company

1,862,225

9,507

Artisan

Partners

Asset

Management,

Inc.

371,724

14,064

Associated

Banc-Corp

316,862

2,798

Assurant,

Inc.

586,880

5,201

Atlantic

Union

Bankshares

Corporation

161,959

254,027

AvidXchange

Holdings,

Inc.

b

2,154,149

1,339

Axis

Capital

Holdings,

Ltd.

134,221

4,011

Axos

Financial,

Inc.

b

258,790

79,132

Bank

of

America

Corporation

3,302,178

350

Bank

of

Hawaii

Corporation

24,139

1,354

Bank

of

Marin

Bancorp

29,883

17,138

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

667,011

10,739

Bank

of

New

York

Mellon

Corporation

900,680

3,502

Bank

OZK

152,162

3,741

BankFinancial

Corporation

47,286

15,031

BankUnited,

Inc.

517,668

4,935

Bar

Harbor

Bankshares

145,582

7,033

BCB

Bancorp,

Inc.

69,345

12,751

Berkshire

Hathaway,

Inc.

b

6,790,928

9,983

Berkshire

Hills

Bancorp,

Inc.

260,456

3,707

Block,

Inc.

b

201,401

50,952

Blue

Owl

Capital,

Inc.

1,021,078

39,628

Bridgewater

Bancshares,

Inc.

b

550,433

16,080

Brookline

Bancorp,

Inc.

175,272

12,055

Brown

&

Brown,

Inc.

1,499,642

4,321

Burke

&

Herbert

Financial

Services

Corporation

242,451

6,717

Business

First

Bancshares,

Inc.

163,559

2,549

Byline

Bancorp,

Inc.

66,682

7,004

Cadence

Bank

212,641

489

Camden

National

Corporation

19,790

928

Capital

City

Bank

Group,

Inc.

33,371

3,167

Capital

One

Financial

Corporation

567,843

28,631

Capitol

Federal

Financial,

Inc.

160,334

15,254

Carlyle

Group,

Inc.

664,922

697

Cathay

General

Bancorp

29,992

7,077

Cboe

Global

Markets,

Inc.

1,601,454

65,746

Charles

Schwab

Corporation

5,146,597

Shares

Common

Stock  27.8%

Value

Financials  3.7%

-

continued

11,736

Chimera

Investment

Corporation

$

150,573

599

ChoiceOne

Financial

Services,

Inc.

17,233

2,168

Chubb,

Ltd.

654,714

2,016

Cincinnati

Financial

Corporation

297,803

11,509

Citigroup,

Inc.

817,024

2,276

Citizens

Financial

Group,

Inc.

93,248

6,117

CNB

Financial

Corporation

136,103

9,870

CNO

Financial

Group,

Inc.

411,085

269

Coinbase

Global,

Inc.

b

46,330

7,194

Columbia

Banking

System,

Inc.

179,418

5,388

Comerica,

Inc.

318,215

5,274

Commerce

Bancshares,

Inc.

328,201

866

Community

Financial

System,

Inc.

49,241

13,012

Community

Trust

Bancorp,

Inc.

655,284

3,000

ConnectOne

Bancorp,

Inc.

72,930

2,435

Cullen/Frost

Bankers,

Inc.

304,862

3,407

Customers

Bancorp,

Inc.

b

171,031

1,183

CVB

Financial

Corporation

21,838

510

Diamond

Hill

Investment

Group,

Inc.

72,848

4,829

Discover

Financial

Services

824,310

17,269

Donnelley

Financial

Solutions,

Inc.

b

754,828

8,117

Eagle

Bancorp,

Inc.

170,457

6,705

East

West

Bancorp,

Inc.

601,841

3,592

Eastern

Bankshares,

Inc.

58,909

6,235

Ellington

Credit

Company

33,731

3,859

Enact

Holdings,

Inc.

134,100

3,430

Enova

International,

Inc.

b

331,201

4,956

Equitable

Holdings,

Inc.

258,158

4,210

Equity

Bancshares,

Inc.

165,874

4,154

Essent

Group,

Ltd.

239,769

5,838

Evercore,

Inc.

1,165,965

82,803

F.N.B.

Corporation

1,113,700

3,131

FactSet

Research

Systems,

Inc.

1,423,478

5,197

Federal

Agricultural

Mortgage

Corporation

974,489

42,053

Federated

Hermes,

Inc.

1,714,501

8,240

Fidelity

National

Information

Services,

Inc.

615,363

4,195

Fifth

Third

Bancorp

164,444

2,674

Financial

Institutions,

Inc.

66,743

1,327

First

American

Financial

Corporation

87,091

36,909

First

Bancorp/Puerto

Rico

707,546

6,191

First

Bancshares,

Inc.

209,318

28,571

First

Busey

Corporation

617,134

1,023

First

Business

Financial

Services,

Inc.

48,234

282

First

Citizens

BancShares,

Inc./NC

522,862

10,756

First

Financial

Bancorp

268,685

3,208

First

Financial

Bankshares,

Inc.

115,231

4,554

First

Financial

Corporation

223,055

1,988

First

Hawaiian,

Inc.

48,587

23,992

First

Horizon

Corporation

465,925

4,960

First

Internet

Bancorp

132,829

988

First

Interstate

BancSystem,

Inc.

28,306

2,661

First

Merchants

Corporation

107,611

8,980

First

Mid-Illinois

Bancshares,

Inc.

313,402

20,169

Fiserv,

Inc.

b

4,453,920

6,586

Flagstar

Financial,

Inc.

76,529

9,917

Flushing

Financial

Corporation

125,946

2,534

Flywire

Corporation

b

24,073

44,156

Fulton

Financial

Corporation

798,782

68,045

Glacier

Bancorp,

Inc.

3,008,950

7,842

Great

Southern

Bancorp,

Inc.

434,212

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

238

Shares

Common

Stock  27.8%

Value

Financials  3.7%

-

continued

12,481

Hamilton

Lane,

Inc.

$

1,855,550

7,258

Hancock

Whitney

Corporation

380,682

3,705

Hanmi

Financial

Corporation

83,955

1,943

Hanover

Insurance

Group,

Inc.

337,985

2,815

HarborOne

Bancorp,

Inc.

29,192

3,817

Hartford

Insurance

Group,

Inc.

472,277

136

HBT

Financial,

Inc.

3,048

6,331

Home

BancShares,

Inc.

178,977

10,222

Hometrust

Bancshares,

Inc.

350,410

17,384

Hope

Bancorp,

Inc.

182,010

846

Horace

Mann

Educators

Corporation

36,150

13,594

Horizon

Bancorp,

Inc.

204,997

29,783

Houlihan

Lokey,

Inc.

4,809,954

8,300

Huntington

Bancshares,

Inc./OH

124,583

466

Independent

Bank

Corporation/MA

29,195

8,566

Independent

Bank

Corporation/MI

263,747

493

Interactive

Brokers

Group,

Inc.

81,636

58,934

Intercontinental

Exchange,

Inc.

10,166,115

22,676

Invesco,

Ltd.

343,995

983

Investar

Holding

Corporation

17,311

73,972

J.P.

Morgan

Chase

&

Company

18,145,332

25,323

Jack

Henry

&

Associates,

Inc.

4,623,980

34,829

Janus

Henderson

Group

plc

1,259,068

23,553

Kearny

Financial

Corporation/MD

147,442

31,448

KeyCorp

502,854

8,891

Kinsale

Capital

Group,

Inc.

4,327,339

2,847

LendingTree,

Inc.

b

143,119

1,097

M&T

Bank

Corporation

196,089

2,502

MarketAxess

Holdings,

Inc.

541,308

991

Marsh

&

McLennan

Companies,

Inc.

241,834

12,732

Mastercard,

Inc.

6,978,664

5,511

Mercantile

Bank

Corporation

239,398

6,416

MetLife,

Inc.

515,141

2,888

Metropolitan

Bank

Holding

Corporation

b

161,699

76,821

MGIC

Investment

Corporation

1,903,624

2,433

Mid

Penn

Bancorp,

Inc.

63,039

10,951

Midland

States

Bancorp,

Inc.

187,481

18,134

MidWestOne

Financial

Group,

Inc.

536,948

1,912

Morningstar,

Inc.

573,351

12,358

Mr.

Cooper

Group,

Inc.

b

1,478,017

9,930

MSCI,

Inc.

5,615,415

125,680

Nasdaq,

Inc.

9,534,085

141

Nelnet,

Inc.

15,641

44,471

NMI

Holdings,

Inc.

b

1,603,180

2,455

Northeast

Community

Bancorp,

Inc.

57,545

22,956

Northern

Trust

Corporation

2,264,609

7,457

Northfield

Bancorp,

Inc.

81,356

899

Northrim

BanCorp,

Inc.

65,825

17,498

Northwest

Bancshares,

Inc.

210,326

42,053

OceanFirst

Financial

Corporation

715,322

19,393

OFG

Bancorp

776,108

11,599

Old

National

Bancorp

245,783

15,565

Old

Republic

International

Corporation

610,459

25,290

Old

Second

Bancorp,

Inc.

420,826

31,646

OneMain

Holdings,

Inc.

1,546,856

5,641

Orrstown

Financial

Services,

Inc.

169,286

3,713

P10,

Inc.

43,628

1,703

Palomar

Holdings,

Inc.

b

233,447

157

Park

National

Corporation

23,770

2,732

Paymentus

Holdings,

Inc.

b

71,305

Shares

Common

Stock  27.8%

Value

Financials  3.7%

-

continued

3,115

PCB

Bancorp

$

58,282

6,224

Peoples

Bancorp,

Inc./OH

184,604

3,094

Pinnacle

Financial

Partners,

Inc.

328,088

1,373

PNC

Financial

Services

Group,

Inc.

241,332

11,873

Popular,

Inc.

1,096,709

3,558

Principal

Financial

Group,

Inc.

300,188

12,908

Progressive

Corporation

3,653,093

14,747

Prosperity

Bancshares,

Inc.

1,052,493

19,180

Provident

Financial

Services,

Inc.

329,321

2,543

Prudential

Financial,

Inc.

284,002

20,258

Radian

Group,

Inc.

669,932

5,176

Regions

Financial

Corporation

112,474

920

Reinsurance

Group

of

America,

Inc.

181,148

17,077

Rithm

Capital

Corporation

195,532

44,144

RLI

Corporation

3,546,088

33,097

Robinhood

Markets,

Inc.

b

1,377,497

8,627

S&P

Global,

Inc.

4,383,379

20,676

SEI

Investments

Company

1,605,078

1,376

ServisFirst

Bancshares,

Inc.

113,658

9,114

Shore

Bancshares,

Inc.

123,404

3,101

Sierra

Bancorp

86,456

1,242

Simmons

First

National

Corporation

25,498

1,314

Southern

Missouri

Bancorp,

Inc.

68,354

2,984

Southside

Bancshares,

Inc.

86,417

4,424

SouthState

Corporation

410,636

10,896

StepStone

Group,

Inc.

569,098

4,702

Stifel

Financial

Corporation

443,211

2,248

StoneX

Group,

Inc.

b

171,702

10,741

Synovus

Financial

Corporation

502,034

896

Texas

Capital

Bancshares,

Inc.

b

66,931

409

Towne

Bank/Portsmouth,

VA

13,984

21,973

TPG

RE

Finance

Trust,

Inc.

179,080

42,715

TPG,

Inc.

2,025,972

43,900

Tradeweb

Markets,

Inc.

6,517,394

77,809

Triumph

Financial,

Inc.

b

4,497,360

17,930

Truist

Financial

Corporation

737,819

5,831

TrustCo

Bank

Corporation

NY

177,729

21,604

Trustmark

Corporation

745,122

4,857

U.S.

Bancorp

205,063

2,856

UMB

Financial

Corporation

288,742

4,030

United

Bankshares,

Inc.

139,720

11,691

United

Community

Banks,

Inc.

328,868

2,630

Unity

Bancorp,

Inc.

107,041

6,359

Univest

Financial

Corporation

180,341

2,381

Unum

Group

193,956

42,894

Valley

National

Bancorp

381,328

8,662

Veritex

Holdings,

Inc.

216,290

759

Virtu

Financial,

Inc.

28,933

109,743

Visa,

Inc.

38,460,532

767

Walker

&

Dunlop,

Inc.

65,471

7,605

Webster

Financial

Corporation

392,038

45,678

Wells

Fargo

&

Company

3,279,224

1,377

WesBanco,

Inc.

42,632

4,243

Westamerica

Bancorporation

214,823

29,103

Western

Alliance

Bancorp

2,235,983

73,344

Western

Union

Company

775,980

393

Willis

Towers

Watson

plc

132,814

2,593

Wintrust

Financial

Corporation

291,609

849

WSFS

Financial

Corporation

44,038

26,878

Zions

Bancorp

NA

1,340,137

Total

252,190,856

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

239

Shares

Common

Stock  27.8%

Value

Health

Care  3.3%

43,384

Abbott

Laboratories

$

5,754,888

5,013

AbbVie,

Inc.

1,050,324

93,358

ADMA

Biologics,

Inc.

b

1,852,223

55,032

Agilent

Technologies,

Inc.

6,437,643

3,414

Agios

Pharmaceuticals,

Inc.

b

100,030

313

Align

Technology,

Inc.

b

49,723

27,752

Amgen,

Inc.

8,646,136

10,788

Amicus

Therapeutics,

Inc.

b

88,030

11,211

Amneal

Pharmaceuticals,

Inc.

b

93,948

3,176

Anika

Therapeutics,

Inc.

b

47,735

4,962

Argenx

SE

ADR

b

2,936,834

844

Arvinas,

Inc.

b

5,925

1,993

Astria

Therapeutics,

Inc.

b

10,643

13,017

Avantor,

Inc.

b

211,006

1,439

Biogen,

Inc.

b

196,913

3,233

BioMarin

Pharmaceutical,

Inc.

b

228,541

11,706

Bio-Techne

Corporation

686,323

62,693

Boston

Scientific

Corporation

b

6,324,470

18,537

Cabaletta

Bio,

Inc.

b

25,674

11,284

CareDx,

Inc.

b

200,291

53,336

Caribou

Biosciences,

Inc.

b

48,701

8,859

Cencora,

Inc.

2,463,599

6,318

Centene

Corporation

b

383,566

21,727

Certara,

Inc.

b

215,097

1,329

Chemed

Corporation

817,760

1,486

Cigna

Group

488,894

119,129

Concentra

Group

Holdings

Parent,

Inc.

2,585,099

25,759

Cooper

Companies,

Inc.

b

2,172,772

18,777

CorVel

Corporation

b

2,102,461

7,475

CryoPort,

Inc.

b

45,448

75,517

Danaher

Corporation

15,480,985

7,288

Definitive

Healthcare

Corporation

b

21,062

13,197

Denali

Therapeutics,

Inc.

b

179,413

25,110

Dentsply

Sirona,

Inc.

375,143

31,155

Dexcom,

Inc.

b

2,127,575

2,774

Doximity,

Inc.

b

160,975

11,901

Editas

Medicine,

Inc.

b

13,805

45,709

Elanco

Animal

Health,

Inc.

b

479,944

28,846

Eli

Lilly

&

Company

23,824,200

16,679

Enanta

Pharmaceuticals,

Inc.

b

92,068

61,681

Encompass

Health

Corporation

6,247,052

17,580

Exact

Sciences

Corporation

b

761,038

1,130

Exelixis,

Inc.

b

41,720

17,392

Fate

Therapeutics,

Inc.

b

13,741

10,882

Fortrea

Holdings,

Inc.

b

82,159

5,696

Gilead

Sciences,

Inc.

638,237

91,815

Globus

Medical,

Inc.

b

6,720,858

17,323

GoodRx

Holdings,

Inc.

b

76,394

39,788

HealthEquity,

Inc.

b

3,516,066

263

Humana,

Inc.

69,590

15,795

IDEXX

Laboratories,

Inc.

b

6,633,110

404

Illumina,

Inc.

b

32,053

4,480

Incyte

Corporation

b

271,264

17,191

Inspire

Medical

Systems,

Inc.

b

2,738,182

5,114

Insulet

Corporation

b

1,342,988

8,189

Integra

LifeSciences

Holdings

Corporation

b

180,076

12,481

Intellia

Therapeutics,

Inc.

b

88,740

24,364

Intuitive

Surgical,

Inc.

b

12,066,758

2,085

IQVIA

Holding,

Inc.

b

367,585

9,549

iTeos

Therapeutics,

Inc.

b

57,008

17,105

Johnson

&

Johnson

2,836,693

5,597

Kura

Oncology,

Inc.

b

36,940

2,204

Labcorp

Holdings,

Inc.

512,959

Shares

Common

Stock  27.8%

Value

Health

Care  3.3%

-

continued

162

Ligand

Pharmaceuticals,

Inc.

b

$

17,033

1,740

Medpace

Holdings,

Inc.

b

530,161

95,309

Medtronic

plc

8,564,467

7,246

Merck

&

Company,

Inc.

650,401

14,500

Merit

Medical

Systems,

Inc.

b

1,532,795

3,128

Mettler-Toledo

International,

Inc.

b

3,693,886

5,258

Myriad

Genetics,

Inc.

b

46,638

18,680

Natera,

Inc.

b

2,641,539

1,011

Neurocrine

Biosciences,

Inc.

b

111,817

20,137

Nkarta,

Inc.

b

37,052

2,963

Novocure,

Ltd.

b

52,801

16,623

Penumbra,

Inc.

b

4,445,156

2,458

Prestige

Consumer

Healthcare,

Inc.

b

211,314

30,159

Progyny,

Inc.

b

673,752

7,511

Prothena

Corporation

plc

b

92,949

1,189

PTC

Therapeutics,

Inc.

b

60,591

10,478

QIAGEN

NV

420,692

1,379

Quest

Diagnostics,

Inc.

233,327

10,786

Regeneron

Pharmaceuticals,

Inc.

6,840,805

32,453

Relay

Therapeutics,

Inc.

b

85,027

36,818

Repligen

Corporation

b

4,684,722

124

Revvity,

Inc.

13,119

10,430

Rocket

Pharmaceuticals,

Inc.

b

69,568

88,121

Royalty

Pharma

plc

2,743,207

71,243

RxSight,

Inc.

b

1,798,886

10,629

Sanofi

SA

ADR

589,484

163,293

scPharmaceuticals,

Inc.

b

429,461

5,570

STERIS

plc

1,262,441

140,078

Stevanato

Group

SPA

2,860,393

8,211

Stryker

Corporation

3,056,545

2,173

Teleflex,

Inc.

300,287

3,792

Tenet

Healthcare

Corporation

b

510,024

10,405

Thermo

Fisher

Scientific,

Inc.

5,177,528

77,778

Twist

Bioscience

Corporation

b

3,053,564

223

United

Therapeutics

Corporation

b

68,744

23,778

UnitedHealth

Group,

Inc.

12,453,728

793

Veeva

Systems,

Inc.

b

183,683

44,223

Vericel

Corporation

b

1,973,230

11,283

Vertex

Pharmaceuticals,

Inc.

b

5,470,224

54,182

Viatris,

Inc.

471,925

39,271

Viemed

Healthcare,

Inc.

b

285,893

412

Waters

Corporation

b

151,851

5,679

Waystar

Holding

Corporation

b

212,167

6,080

West

Pharmaceutical

Services,

Inc.

1,361,190

13,373

Xencor,

Inc.

b

142,289

5,979

Xenon

Pharmaceuticals,

Inc.

b

200,595

13,737

Zentalis

Pharmaceuticals,

Inc.

b

21,842

5,005

Zimmer

Biomet

Holdings,

Inc.

566,466

57,065

Zoetis,

Inc.

9,395,752

Total

224,808,089

Industrials  3.2%

9,174

A.O.

Smith

Corporation

599,613

13,299

Advanced

Drainage

Systems,

Inc.

1,444,936

30,993

AECOM

2,873,981

18,560

Air

Lease

Corporation

896,634

1,918

Alaska

Air

Group,

Inc.

b

94,404

2,733

Allegion

plc

356,547

4,809

Allison

Transmission

Holdings,

Inc.

460,077

9,224

Amentum

Holdings,

Inc.

b

167,877

30,602

AMETEK,

Inc.

5,267,828

876

Applied

Industrial

Technologies,

Inc.

197,398

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

240

Shares

Common

Stock  27.8%

Value

Industrials  3.2%

-

continued

4,199

Arcosa,

Inc.

$

323,827

276

Argan,

Inc.

36,203

11,480

Armstrong

World

Industries,

Inc.

1,617,302

11,915

Array

Technologies,

Inc.

b

58,026

84,808

Atmus

Filtration

Technologies,

Inc.

3,114,998

18,267

Automatic

Data

Processing,

Inc.

5,581,116

169

Axon

Enterprise,

Inc.

b

88,886

36,500

Badger

Infrastructure

Solutions,

Ltd.

985,643

24,153

Barrett

Business

Services,

Inc.

993,896

21,031

Brady

Corporation

1,485,630

51,278

BWX

Technologies,

Inc.

5,058,575

15

CACI

International,

Inc.

b

5,504

16,235

Casella

Waste

Systems,

Inc.

b

1,810,365

30,292

Caterpillar,

Inc.

9,990,302

89,542

CECO

Environmental

Corporation

b

2,041,558

9,503

Clean

Harbors,

Inc.

b

1,873,041

44,504

CNH

Industrial

NV

546,509

467

CSW

Industrials,

Inc.

136,140

202,468

CSX

Corporation

5,958,633

861

Cummins,

Inc.

269,872

4,450

Curtiss-Wright

Corporation

1,411,851

16,870

Dayforce,

Inc.

b

984,027

10,203

Delta

Air

Lines,

Inc.

444,851

13,915

DNOW,

Inc.

b

237,668

45

Dover

Corporation

7,906

4,738

EMCOR

Group,

Inc.

1,751,307

5,912

Energy

Recovery,

Inc.

b

93,942

101,384

Enerpac

Tool

Group

Corporation

4,548,086

14,916

EnPro,

Inc.

2,413,260

253

ESCO

Technologies,

Inc.

40,257

112,932

ExlService

Holdings,

Inc.

b

5,331,520

811

Expeditors

International

of

Washington,

Inc.

97,523

168,686

Fastenal

Company

13,081,599

35,207

Federal

Signal

Corporation

2,589,475

28,477

Ferguson

Enterprises,

Inc.

4,562,870

38,516

Flowserve

Corporation

1,881,121

5,625

Fortive

Corporation

411,637

9,767

Frontier

Group

Holdings,

Inc.

b

42,389

188,228

Gates

Industrial

Corporation

plc

b

3,465,277

1,962

General

Dynamics

Corporation

534,802

975

Gorman-Rupp

Company

34,222

31,204

Graco,

Inc.

2,605,846

30,164

Great

Lakes

Dredge

&

Dock

Corporation

b

262,427

1,757

Griffon

Corporation

125,625

64,676

Helios

Technologies,

Inc.

2,075,453

1,127

Herc

Holdings,

Inc.

151,322

3,687

Hexcel

Corporation

201,900

3,109

Honeywell

International,

Inc.

658,331

35,963

Howmet

Aerospace,

Inc.

4,665,480

15,657

Hudson

Technologies,

Inc.

b

96,604

243

Huron

Consulting

Group,

Inc.

b

34,858

9,757

IDEX

Corporation

1,765,724

7,541

IES

Holdings,

Inc.

b

1,245,095

31,473

Ingersoll

Rand,

Inc.

2,518,784

8,317

ITT

Corporation

1,074,224

3,140

Jacobs

Solutions,

Inc.

379,595

3,348

JB

Hunt

Transport

Services,

Inc.

495,337

6,409

Kirby

Corporation

b

647,373

18,669

Knight-Swift

Transportation

Holdings,

Inc.

811,915

50,773

Korn

Ferry

3,443,933

2,279

L3Harris

Technologies,

Inc.

477,017

Shares

Common

Stock  27.8%

Value

Industrials  3.2%

-

continued

21,530

Landstar

System,

Inc.

$

3,233,806

792

Leidos

Holdings,

Inc.

106,872

15,093

Limbach

Holdings,

Inc.

b

1,123,976

481

Lincoln

Electric

Holdings,

Inc.

90,986

10,651

Lockheed

Martin

Corporation

4,757,908

3,913

ManpowerGroup,

Inc.

226,484

13,096

Masco

Corporation

910,696

225,510

Masterbrand,

Inc.

b

2,945,161

5,289

McGrath

RentCorp

589,195

7,456

Miller

Industries,

Inc.

315,911

18,050

Moog,

Inc.

3,128,967

48,057

Mueller

Water

Products,

Inc.

1,221,609

34,528

nVent

Electric

plc

1,809,958

13,163

Old

Dominion

Freight

Line,

Inc.

2,177,818

2,763

Otis

Worldwide

Corporation

285,142

2,612

Owens

Corning,

Inc.

373,046

2,836

PACCAR,

Inc.

276,141

19,981

Parker-Hannifin

Corporation

12,145,451

353

Paylocity

Holding

Corporation

b

66,131

20,950

Pentair

plc

1,832,706

487

Quanta

Services,

Inc.

123,786

9,432

RBC

Bearings,

Inc.

b

3,034,935

12,228

Regal

Rexnord

Corporation

1,392,158

1,322

Republic

Services,

Inc.

320,136

14,628

Robert

Half,

Inc.

797,957

6,246

Rockwell

Automation,

Inc.

1,613,841

1,025

Rush

Enterprises,

Inc.

54,745

3,198

Saia,

Inc.

b

1,117,477

30,913

Schneider

National,

Inc.

706,362

42,470

Shoals

Technologies

Group,

Inc.

b

141,000

301

SkyWest,

Inc.

b

26,298

3,070

Southwest

Airlines

Company

103,091

1,382

SPX

Technologies,

Inc.

b

177,974

2,011

SS&C

Technologies

Holdings,

Inc.

167,979

11,114

Stanley

Black

&

Decker,

Inc.

854,444

11,901

Sterling

Construction

Company,

Inc.

b

1,347,312

12,476

Timken

Company

896,650

18,503

Trane

Technologies

plc

6,234,031

253

TransDigm

Group,

Inc.

349,972

22,687

TransUnion

1,882,794

11,180

Trex

Company,

Inc.

b

649,558

6,143

Trinity

Industries,

Inc.

172,373

232,367

Uber

Technologies,

Inc.

b

16,930,260

7,010

UFP

Industries,

Inc.

750,350

2,640

UL

Solutions,

Inc.

148,896

2,455

Union

Pacific

Corporation

579,969

33,886

United

Airlines

Holdings,

Inc.

b

2,339,828

3,754

United

Parcel

Service,

Inc.

412,902

221

United

Rentals,

Inc.

138,501

18,088

Verisk

Analytics,

Inc.

5,383,351

9,481

Verra

Mobility

Corporation

b

213,417

1,314

Wabtec

Corporation

238,294

14,180

Waste

Connections,

Inc.

2,767,794

4,243

Waste

Management,

Inc.

982,297

3,787

Watsco,

Inc.

1,924,932

63,737

WNS

Holdings,

Ltd.

b

3,919,188

Total

218,550,570

Information

Technology  8.0%

2,369

Adobe,

Inc.

b

908,583

34,266

Agilysys,

Inc.

b

2,485,656

4,211

Ambarella,

Inc.

b

211,940

152,467

Amphenol

Corporation

10,000,311

460,839

Apple,

Inc.

102,366,167

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

241

Shares

Common

Stock  27.8%

Value

Information

Technology  8.0%

-

continued

66,044

Applied

Materials,

Inc.

$

9,584,305

42,416

Arista

Networks,

Inc.

b

3,286,392

679

Astera

Labs,

Inc.

b

40,516

585

Atlassian

Corporation

b

124,143

31,897

Autodesk,

Inc.

b

8,350,635

917

BILL

Holdings,

Inc.

b

42,081

28,122

BlackLine,

Inc.

b

1,361,667

186,976

Broadcom,

Inc.

31,305,392

46,127

CDW

Corporation

7,392,313

11,167

Ciena

Corporation

b

674,822

54,214

Cisco

Systems,

Inc.

3,345,546

8,967

Clearwater

Analytics

Holdings,

Inc.

b

240,316

2,276

Coherent

Corporation

b

147,803

34,875

Cohu,

Inc.

b

513,011

2,747

CommVault

Systems,

Inc.

b

433,367

1,240

Consensus

Cloud

Solutions,

Inc.

b

28,619

14,966

Crane

NXT

Company

769,252

6,376

Credo

Technology

Group

Holding,

Ltd.

b

256,060

5,649

CrowdStrike

Holdings,

Inc.

b

1,991,724

17,670

CyberArk

Software,

Ltd.

b

5,972,460

809

Datadog,

Inc.

b

80,261

19,177

Descartes

Systems

Group,

Inc.

b

1,933,617

2,743

DocuSign,

Inc.

b

223,280

10,291

Dolby

Laboratories,

Inc.

826,470

39,220

Dynatrace

Holdings,

LLC

b

1,849,223

3,004

Elastic

NV

b

267,656

1,350

Enphase

Energy,

Inc.

b

83,767

3,914

Expensify,

Inc.

b

11,899

3,094

F5,

Inc.

b

823,839

11,538

Fabrinet

b

2,278,870

1,133

Fair

Isaac

Corporation

b

2,089,433

1,194

FARO

Technologies,

Inc.

b

32,596

19,835

Flex,

Ltd.

b

656,142

102,562

Fortinet,

Inc.

b

9,872,618

37,152

Freshworks,

Inc.

b

524,215

4,451

Gartner,

Inc.

b

1,868,263

4,930

Gen

Digital,

Inc.

130,842

82,760

Gitlab,

Inc.

b

3,889,720

8,796

Globant

SA

b

1,035,465

1,958

GoDaddy,

Inc.

b

352,714

29,150

Guidewire

Software,

Inc.

b

5,461,544

4,335

HubSpot,

Inc.

b

2,476,542

19,271

Impinj,

Inc.

b

1,747,880

47,861

International

Business

Machines

Corporation

11,901,116

1,980

IPG

Photonics

Corporation

b

125,017

3,429

Itron,

Inc.

b

359,222

136,750

JFrog,

Ltd.

b

4,376,000

5,379

Keysight

Technologies,

Inc.

b

805,613

61,290

Lattice

Semiconductor

Corporation

b

3,214,660

17,590

Littelfuse,

Inc.

3,460,657

400

MACOM

Technology

Solutions

Holdings,

Inc.

b

40,152

19,436

Marvell

Technology,

Inc.

1,196,674

244,351

Microsoft

Corporation

91,726,922

426

MicroStrategy,

Inc.

b

122,803

1,429

Mirion

Technologies,

Inc.

b

20,720

8,650

MongoDB,

Inc.

b

1,517,210

76

Monolithic

Power

Systems,

Inc.

44,078

11,049

Motorola

Solutions,

Inc.

4,837,363

5,578

Napco

Security

Technologies,

Inc.

128,406

12,928

NetApp,

Inc.

1,135,596

Shares

Common

Stock  27.8%

Value

Information

Technology  8.0%

-

continued

896,527

NVIDIA

Corporation

$

97,165,596

2,058

Okta,

Inc.

b

216,543

6,538

Olo,

Inc.

b

39,490

1,733

ON

Semiconductor

Corporation

b

70,516

32,171

Onto

Innovation,

Inc.

b

3,903,629

68,979

Palantir

Technologies,

Inc.

b

5,821,828

51,425

PDF

Solutions,

Inc.

b

982,732

38,031

Pegasystems,

Inc.

2,643,915

3,701

Plexus

Corporation

b

474,209

983

Procore

Technologies,

Inc.

b

64,898

14,428

PTC,

Inc.

b

2,235,619

5,908

Q2

Holdings,

Inc.

b

472,699

1,739

Qorvo,

Inc.

b

125,921

75,350

QUALCOMM,

Inc.

11,574,513

69,424

Salesforce,

Inc.

18,630,625

15,557

Samsung

Electronics

Company,

Ltd.

616,765

30,046

SAP

AG

ADR

8,065,548

24,253

ServiceNow,

Inc.

b

19,308,783

10,615

Silicon

Laboratories,

Inc.

b

1,194,931

2,840

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

471,440

6,221

TD

SYNNEX

Corporation

646,735

3,889

TE

Connectivity

plc

549,593

1,798

Teledyne

Technologies,

Inc.

b

894,883

4,843

Tenable

Holdings,

Inc.

b

169,408

79,053

Trimble,

Inc.

b

5,189,829

103,338

TTM

Technologies,

Inc.

b

2,119,462

4,325

Tyler

Technologies,

Inc.

b

2,514,512

23,722

Varonis

Systems,

Inc.

b

959,555

11,892

VeriSign,

Inc.

b

3,019,022

1,424

Vontier

Corporation

46,778

24,800

Workiva,

Inc.

b

1,882,568

2,508

Xerox

Holdings

Corporation

12,114

413

Zebra

Technologies

Corporation

b

116,697

Total

547,563,502

Materials  0.7%

793

Albemarle

Corporation

57,112

1,982

Alcoa

Corporation

60,451

5,367

Allegheny

Technologies,

Inc.

b

279,245

19,861

Amcor

plc

192,652

2,900

AptarGroup,

Inc.

430,302

10,827

Aspen

Aerogels,

Inc.

b

69,185

13,151

Avient

Corporation

488,691

50,686

Axalta

Coating

Systems,

Ltd.

b

1,681,255

2,306

Balchem

Corporation

382,796

6,660

CF

Industries

Holdings,

Inc.

520,479

23,267

Chemours

Company

314,802

168,846

Constellium

SE

b

1,703,656

13,390

Corteva,

Inc.

842,633

76,412

DuPont

de

Nemours,

Inc.

5,706,448

744

Eagle

Materials,

Inc.

165,116

17,283

Eastman

Chemical

Company

1,522,805

35,549

Ecolab,

Inc.

9,012,382

48,248

Element

Solutions,

Inc.

1,090,887

12,847

FMC

Corporation

542,015

13,738

Greif,

Inc.

755,453

49,371

Hecla

Mining

Company

274,503

3,637

Huntsman

Corporation

57,428

20,973

Ingevity

Corporation

b

830,321

3,518

Innospec,

Inc.

333,330

6,480

International

Flavors

&

Fragrances,

Inc.

502,913

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

242

Shares

Common

Stock  27.8%

Value

Materials  0.7%

-

continued

54,918

Ivanhoe

Mines,

Ltd.

b

$

466,348

5,116

Kaiser

Aluminum

Corporation

310,132

3,918

Koppers

Holdings,

Inc.

109,704

12,866

Linde

plc

5,990,924

554

LyondellBasell

Industries

NV

39,002

9,468

Magnera

Corporation

b

171,939

3,683

Martin

Marietta

Materials,

Inc.

1,760,953

5,381

Minerals

Technologies,

Inc.

342,070

21,754

Mosaic

Company

587,576

4,340

Nucor

Corporation

522,276

7,350

O-I

Glass,

Inc.

b

84,304

76,444

Olin

Corporation

1,853,003

4,123

Orion

SA

53,310

8,792

Packaging

Corporation

of

America

1,740,992

1,838

PPG

Industries,

Inc.

200,985

2,155

Ranpak

Holdings

Corporation

b

11,680

8,535

Royal

Gold,

Inc.

1,395,558

12,934

RPM

International,

Inc.

1,496,205

7,860

Sealed

Air

Corporation

227,154

13,809

Sensient

Technologies

Corporation

1,027,804

10,234

Sonoco

Products

Company

483,454

3,075

Steel

Dynamics,

Inc.

384,621

2,192

Stepan

Company

120,648

22,639

Trinseo

plc

83,311

86,694

Tronox

Holdings

plc

610,326

1,334

United

States

Lime

&

Minerals,

Inc.

117,899

12,770

United

States

Steel

Corporation

539,660

2,987

Vulcan

Materials

Company

696,867

12,133

West

Fraser

Timber

Company,

Ltd.

933,513

Total

50,179,078

Real

Estate  0.8%

12,194

Agree

Realty

Corporation

941,255

12,113

Alexandria

Real

Estate

Equities,

Inc.

1,120,574

3,763

Alpine

Income

Property

Trust,

Inc.

62,917

5,716

American

Assets

Trust,

Inc.

115,120

1,011

AvalonBay

Communities,

Inc.

216,981

21,848

Brixmor

Property

Group,

Inc.

580,064

60,840

Broadstone

Net

Lease,

Inc.

1,036,714

23,165

CBRE

Group,

Inc.

b

3,029,519

19,950

Chatham

Lodging

Trust

142,244

15,564

Colliers

International

Group,

Inc.

1,887,913

28,940

Compass,

Inc.

b

252,646

27,696

CoStar

Group,

Inc.

b

2,194,354

6,820

Cousins

Properties,

Inc.

201,190

5,049

Crown

Castle,

Inc.

526,257

12,519

Curbline

Properties

Corporation

302,835

69,015

Cushman

and

Wakefield

plc

b

705,333

35,799

Douglas

Elliman,

Inc.

b

61,574

13,622

EPR

Properties

716,653

5,571

Equinix,

Inc.

4,542,315

201,193

Essential

Properties

Realty

Trust,

Inc.

6,566,940

1,328

Essex

Property

Trust,

Inc.

407,125

473

Extra

Space

Storage,

Inc.

70,236

2,553

First

Industrial

Realty

Trust,

Inc.

137,760

27,904

Global

Net

Lease,

Inc.

224,348

22,748

Healthcare

Realty

Trust,

Inc.

384,441

3,887

Host

Hotels

&

Resorts,

Inc.

55,234

1,234

Howard

Hughes

Holdings,

Inc.

b

91,415

12,124

Independence

Realty

Trust,

Inc.

257,393

48,520

Industrial

Logistics

Properties

Trust

166,909

18,664

Innovative

Industrial

Properties,

Inc.

1,009,536

Shares

Common

Stock  27.8%

Value

Real

Estate  0.8%

-

continued

34,603

InvenTrust

Properties

Corporation

$

1,016,290

82,788

National

Storage

Affiliates

Trust

3,261,847

40,038

NetSTREIT

Corporation

634,602

119,944

Outfront

Media,

Inc.

1,935,896

126,745

Park

Hotels

&

Resorts,

Inc.

1,353,637

3,779

Peakstone

Realty

Trust

47,615

48,483

Pebblebrook

Hotel

Trust

491,133

2,841

RE/MAX

Holdings,

Inc.

b

23,779

197,921

RLJ

Lodging

Trust

1,561,597

3,470

RMR

Group,

Inc.

57,776

2,241

Ryman

Hospitality

Properties

204,917

355,555

Sabra

Health

Care

REIT,

Inc.

6,211,546

5,122

Safehold,

Inc.

95,884

768

SBA

Communications

Corporation

168,968

11,020

Sila

Realty

Trust,

Inc.

294,344

51,529

STAG

Industrial,

Inc.

1,861,227

94,903

Tanger,

Inc.

3,206,772

35,245

Terreno

Realty

Corporation

2,228,189

314,886

Uniti

Group,

Inc.

1,587,025

565

Universal

Health

Realty

Income

Trust

23,142

13,222

Zillow

Group,

Inc.,

Class

A

b

884,023

17,761

Zillow

Group,

Inc.,

Class

C

b

1,217,694

Total

56,375,698

Utilities  0.5%

190,853

AES

Corporation

2,370,394

2,265

Alliant

Energy

Corporation

145,753

4,711

American

States

Water

Company

370,661

12,055

American

Water

Works

Company,

Inc.

1,778,354

1,608

Artesian

Resources

Corporation

52,501

10,893

Black

Hills

Corporation

660,660

560

Brookfield

Renewable

Corporation

15,635

7,914

California

Water

Service

Group

383,512

4,201

CenterPoint

Energy,

Inc.

152,202

23,695

Clearway

Energy,

Inc.,

Class

A

674,360

40,238

Clearway

Energy,

Inc.,

Class

C

1,218,004

1,920

Constellation

Energy

Corporation

387,130

6,971

Duke

Energy

Corporation

850,253

25,829

Edison

International

1,521,845

11,224

Entergy

Corporation

959,540

11,099

Essential

Utilities,

Inc.

438,743

6,977

Eversource

Energy

433,341

41,724

Hawaiian

Electric

Industries,

Inc.

b

456,878

2,928

Middlesex

Water

Company

187,685

3,643

NiSource,

Inc.

146,048

6,733

Northwestern

Energy

Group,

Inc.

389,639

124,070

PG&E

Corporation

2,131,523

13,938

Portland

General

Electric

Company

621,635

6,553

Public

Service

Enterprise

Group,

Inc.

539,312

9,062

Spire,

Inc.

709,102

332,834

UGI

Corporation

11,006,820

16,412

Vistra

Energy

Corporation

1,927,425

114,022

XPLR

Infrastructure,

LP

a

1,083,209

Total

31,612,164

Total

Common

Stock

(cost

$1,394,736,522)

1,904,813,133

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

243

Principal

Amount

Long-Term

Fixed

Income

9.3%

Value

Asset-Backed

Securities  0.2%

Access

Group,

Inc.

$

30,964

4.954%, 

(SOFR30A

+

0.614%),

2/25/2036,

Ser.

2013-1,

Class

A

c,d

$

30,855

ALLO

Issuer,

LLC

950,000

5.528%, 

4/20/2055,

Ser.

2025-1A,

Class

A2

c

954,973

Balboa

Bay

Loan

Funding,

Ltd.

1,000,000

6.267%, 

(TSFR3M

+

1.950%),

7/20/2034,

Ser.

2021-1A,

Class

CR

c,d

992,135

625,000

6.566%, 

(TSFR3M

+

2.250%),

1/20/2035,

Ser.

2021-2A,

Class

CR

c,d

625,000

CarVal

CLO

I,

Ltd.

650,000

6.158%, 

(TSFR3M

+

1.850%),

7/16/2031,

Ser.

2018-1A,

Class

BR

c,d

650,317

CMFT

Net

Lease

Master

Issuer,

LLC

622,508

2.090%, 

7/20/2051,

Ser.

2021-1,

Class

A1

c

563,792

Commonbond

Student

Loan

Trust

42,117

4.935%, 

(TSFR1M

+

0.614%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

c,d

41,573

Foundation

Finance

Trust

260,607

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

c

243,921

Goodgreen

536,366

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

c

491,677

Hertz

Vehicle

Financing

III,

LLC

475,000

5.450%, 

9/25/2029,

Ser.

2025-1A,

Class

B

c

477,582

Hotwire

Funding,

LLC

750,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

c

763,343

HTAP

573,329

7.000%, 

4/25/2037,

Ser.

2024-1,

Class

A

c

570,131

HTAP

Issuer

Trust

566,057

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

c

558,999

Laurel

Road

Prime

Student

Loan

Trust

180,115

5.950%, 

11/25/2043,

Ser.

2018-D,

Class

A

c,d

170,441

MFA

Trust

531,844

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

e

532,578

National

Collegiate

Trust

176,637

5.255%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

c,d

172,861

Palmer

Square

Loan

Funding,

Ltd.

475,000

5.921%, 

(TSFR3M

+

1.600%),

2/15/2033,

Ser.

2025-1A,

Class

B

c,d

474,662

Pretium

Mortgage

Credit

Partners,

LLC

1,113,800

5.835%, 

3/25/2055,

Ser.

2025-NPL2,

Class

A1

c,e

1,114,295

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Asset-Backed

Securities  0.2%

-

continued

Renaissance

Home

Equity

Loan

Trust

$

1,083,770

5.580%, 

11/25/2036,

Ser.

2006-3,

Class

AF2

e

$

353,930

Saxon

Asset

Securities

Trust

430,017

3.654%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

d

379,121

Sunnova

Hestia

II

Issuer,

LLC

567,122

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

c,f

569,590

Unlock

HEA

Trust

535,772

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

c

532,176

680,661

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

c

666,763

Vericrest

Opportunity

Loan

Transferee

88,775

5.893%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A1

c

88,744

90,679

6.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

c

90,706

474,731

8.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

c

474,111

381,844

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

c,e

374,515

Wind

River

CLO,

Ltd.

625,000

6.555%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

c,d

625,203

Total

13,583,994

Basic

Materials  0.1%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

97,000

8.625%, 

6/15/2029

c

101,645

ATI,

Inc.

120,000

7.250%, 

8/15/2030

123,689

Avient

Corporation

99,000

6.250%, 

11/1/2031

c

98,068

Axalta

Coating

Systems

Dutch

Holding

B

BV

81,000

7.250%, 

2/15/2031

c

83,538

Cascades,

Inc./Cascades

USA,

Inc.

165,000

5.125%, 

1/15/2026

c

163,496

Celanese

US

Holdings,

LLC

85,000

6.600%, 

11/15/2028

87,675

47,000

6.500%, 

4/15/2030

46,661

57,000

6.629%, 

7/15/2032

58,537

16,000

6.750%, 

4/15/2033

15,532

Cerdia

Finanz

GmbH

114,000

9.375%, 

10/3/2031

c

116,634

Chemours

Company

158,000

5.750%, 

11/15/2028

c

145,730

Chevron

Phillips

Chemical

Company,

LLC

313,000

4.750%, 

5/15/2030

c

312,505

Cleveland-Cliffs,

Inc.

63,000

5.875%, 

6/1/2027

62,559

90,000

4.625%, 

3/1/2029

c

83,634

77,000

6.875%, 

11/1/2029

c

75,349

123,000

4.875%, 

3/1/2031

c

107,019

45,000

7.375%, 

5/1/2033

c

43,179

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

244

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Basic

Materials  0.1%

-

continued

$

57,000

6.250%, 

10/1/2040

$

46,483

Consolidated

Energy

Finance

SA

188,000

5.625%, 

10/15/2028

c

161,680

Eastman

Chemical

Company

259,000

5.000%, 

8/1/2029

260,350

First

Quantum

Minerals,

Ltd.

34,000

6.875%, 

10/15/2027

c

33,973

FMC

Corporation

227,000

5.150%, 

5/18/2026

227,580

FMG

Resources

August

2006,

Pty.

Ltd.

35,000

4.500%, 

9/15/2027

c

33,943

57,000

5.875%, 

4/15/2030

c

56,289

59,000

6.125%, 

4/15/2032

c

58,189

Glencore

Funding,

LLC

323,000

4.000%, 

3/27/2027

c

318,591

335,000

4.907%, 

4/1/2028

c

336,368

Hecla

Mining

Company

90,000

7.250%, 

2/15/2028

90,849

Hudbay

Minerals,

Inc.

96,000

4.500%, 

4/1/2026

c

94,560

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

67,000

9.000%, 

7/1/2028

c

66,596

INEOS

Finance

plc

171,000

7.500%, 

4/15/2029

c

170,169

International

Flavors

&

Fragrances,

Inc.

269,000

1.230%, 

10/1/2025

c

264,059

Magnera

Corporation

147,000

7.250%, 

11/15/2031

c

142,974

Mercer

International,

Inc.

68,000

5.125%, 

2/1/2029

58,275

Methanex

Corporation

85,000

5.125%, 

10/15/2027

83,338

57,000

5.250%, 

12/15/2029

54,744

Methanex

US

Operations,

Inc.

61,000

6.250%, 

3/15/2032

c

59,416

Mineral

Resources,

Ltd.

93,000

9.250%, 

10/1/2028

c

92,990

40,000

8.500%, 

5/1/2030

c

38,688

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

79,000

5.350%, 

3/15/2034

79,728

Novelis

Corporation

25,000

3.250%, 

11/15/2026

c

24,168

60,000

4.750%, 

1/30/2030

c

55,944

85,000

3.875%, 

8/15/2031

c

73,900

Olin

Corporation

66,000

6.625%, 

4/1/2033

c

64,126

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

118,000

5.375%, 

11/1/2026

c

116,065

Sherwin-Williams

Company

166,000

4.800%, 

9/1/2031

165,583

Smurfit

Kappa

Treasury,

ULC

223,000

5.777%, 

4/3/2054

c

219,916

SNF

Group

SACA

166,000

3.375%, 

3/15/2030

c

146,589

Steel

Dynamics,

Inc.

117,000

5.250%, 

5/15/2035

115,884

SunCoke

Energy,

Inc.

180,000

4.875%, 

6/30/2029

c

165,193

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Basic

Materials  0.1%

-

continued

Taseko

Mines,

Ltd.

$

117,000

8.250%, 

5/1/2030

c

$

119,453

Tronox,

Inc.

58,000

4.625%, 

3/15/2029

c

49,603

WR

Grace

Holdings,

LLC

44,000

4.875%, 

6/15/2027

c

42,496

Total

5,914,202

Capital

Goods  0.2%

Advanced

Drainage

Systems,

Inc.

117,000

6.375%, 

6/15/2030

c

117,509

AECOM

55,000

5.125%, 

3/15/2027

54,570

Amsted

Industries,

Inc.

133,000

6.375%, 

3/15/2033

c

132,294

Axon

Enterprise,

Inc.

58,000

6.125%, 

3/15/2030

c

58,535

58,000

6.250%, 

3/15/2033

c

58,597

BAE

Systems

plc

200,000

5.500%, 

3/26/2054

a,c

197,567

200,000

5.250%, 

3/26/2031

c

203,945

Ball

Corporation

71,000

3.125%, 

9/15/2031

61,541

Boeing

Company

234,000

5.040%, 

5/1/2027

235,064

134,000

6.259%, 

5/1/2027

137,867

155,000

6.388%, 

5/1/2031

165,171

308,000

5.705%, 

5/1/2040

299,409

Bombardier,

Inc.

145,000

6.000%, 

2/15/2028

c

143,092

59,000

7.250%, 

7/1/2031

c

59,201

163,000

7.000%, 

6/1/2032

a,c

162,295

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

73,000

7.500%, 

2/1/2032

c

69,522

Builders

FirstSource,

Inc.

140,000

5.000%, 

3/1/2030

c

133,807

Camelot

Return

Merger

Sub,

Inc.

86,000

8.750%, 

8/1/2028

c

70,842

Canpack

SA/Canpack

US,

LLC

185,000

3.875%, 

11/15/2029

c

167,647

Carrier

Global

Corporation

244,000

2.700%, 

2/15/2031

217,462

Chart

Industries,

Inc.

179,000

7.500%, 

1/1/2030

c

185,649

Clean

Harbors,

Inc.

115,000

6.375%, 

2/1/2031

c

116,230

Clydesdale

Acquisition

Holdings,

Inc.

24,000

6.625%, 

4/15/2029

c

24,133

110,000

6.875%, 

1/15/2030

c

110,834

64,000

6.750%, 

4/15/2032

c

64,443

Cornerstone

Building

Brands,

Inc.

30,000

9.500%, 

8/15/2029

c

24,957

Crown

Cork

&

Seal

Company,

Inc.

82,000

7.375%, 

12/15/2026

84,324

Emerson

Electric

Company

156,000

5.000%, 

3/15/2035

157,042

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

180,000

6.625%, 

12/15/2030

c

180,080

ESAB

Corporation

47,000

6.250%, 

4/15/2029

c

47,686

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

245

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Capital

Goods  0.2%

-

continued

GFL

Environmental,

Inc.

$

140,000

4.000%, 

8/1/2028

c

$

133,054

248,000

3.500%, 

9/1/2028

c

234,328

H&E

Equipment

Services,

Inc.

95,000

3.875%, 

12/15/2028

c

94,693

Herc

Holdings,

Inc.

37,000

5.500%, 

7/15/2027

c

36,845

94,000

6.625%, 

6/15/2029

c

94,302

Ingersoll

Rand,

Inc.

232,000

5.176%, 

6/15/2029

235,933

55,000

5.700%, 

8/14/2033

56,765

Lockheed

Martin

Corporation

193,000

5.200%, 

2/15/2064

178,986

120,000

6.150%, 

9/1/2036

131,209

Martin

Marietta

Materials,

Inc.

114,000

5.150%, 

12/1/2034

113,290

Mueller

Water

Products,

Inc.

101,000

4.000%, 

6/15/2029

c

93,833

Nesco

Holdings

II,

Inc.

190,000

5.500%, 

4/15/2029

c

175,356

New

Enterprise

Stone

and

Lime

Company,

Inc.

193,000

5.250%, 

7/15/2028

c

186,542

Nordson

Corporation

218,000

5.600%, 

9/15/2028

224,667

Northrop

Grumman

Corporation

470,000

3.850%, 

4/15/2045

371,248

OI

European

Group

BV

123,000

4.750%, 

2/15/2030

c

112,579

Owens-Brockway

Glass

Container,

Inc.

96,000

6.625%, 

5/13/2027

c

95,474

47,000

7.375%, 

6/1/2032

c

44,857

Quikrete

Holdings,

Inc.

231,000

6.375%, 

3/1/2032

c

232,467

58,000

6.750%, 

3/1/2033

c

57,736

Regal

Rexnord

Corporation

281,000

6.050%, 

2/15/2026

283,127

Resideo

Funding,

Inc.

119,000

6.500%, 

7/15/2032

c

118,716

Reworld

Holding

Corporation

85,000

4.875%, 

12/1/2029

c

79,060

Roller

Bearing

Company

of

America,

Inc.

136,000

4.375%, 

10/15/2029

c

127,674

RTX

Corporation

68,000

6.400%, 

3/15/2054

74,434

179,000

4.125%, 

11/16/2028

176,476

375,000

4.450%, 

11/16/2038

342,085

270,000

4.500%, 

6/1/2042

237,492

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

91,000

6.125%, 

2/1/2028

c

91,131

Smyrna

Ready

Mix

Concrete,

LLC

165,000

8.875%, 

11/15/2031

c

170,946

Sonoco

Products

Company

214,000

4.600%, 

9/1/2029

210,896

Spirit

AeroSystems,

Inc.

79,000

4.600%, 

6/15/2028

75,779

36,000

9.750%, 

11/15/2030

c

39,738

SRM

Escrow

Issuer,

LLC

46,000

6.000%, 

11/1/2028

c

44,632

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Capital

Goods  0.2%

-

continued

Standard

Building

Solutions,

Inc.

$

65,000

6.500%, 

8/15/2032

c

$

64,981

Standard

Industries,

Inc./NY

57,000

4.750%, 

1/15/2028

c

55,169

57,000

3.375%, 

1/15/2031

c

49,560

Textron,

Inc.

320,000

3.375%, 

3/1/2028

308,634

TopBuild

Corporation

40,000

4.125%, 

2/15/2032

c

35,583

Trane

Technologies

Financing,

Ltd.

141,000

5.100%, 

6/13/2034

141,565

TransDigm,

Inc.

138,000

6.750%, 

8/15/2028

c

140,015

200,000

7.125%, 

12/1/2031

c

205,768

163,000

6.625%, 

3/1/2032

c

165,077

149,000

6.000%, 

1/15/2033

c

146,636

Trivium

Packaging

Finance

87,000

5.500%, 

8/15/2026

c

85,653

United

Rentals

North

America,

Inc.

175,000

4.875%, 

1/15/2028

172,012

185,000

4.000%, 

7/15/2030

170,690

Veralto

Corporation

215,000

5.350%, 

9/18/2028

220,170

Waste

Pro

USA,

Inc.

132,000

7.000%, 

2/1/2033

c

132,445

WESCO

Distribution,

Inc.

58,000

6.375%, 

3/15/2029

c

58,673

41,000

6.625%, 

3/15/2032

c

41,591

95,000

6.375%, 

3/15/2033

c

95,480

Total

11,007,367

Collateralized

Mortgage

Obligations  0.4%

A&D

Mortgage

Trust

504,842

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

c,e

510,490

Banc

of

America

Alternative

Loan

Trust

10,694

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

9,536

BINOM

Securitization

Trust

390,438

2.370%, 

6/25/2056,

Ser.

2021-INV1,

Class

A2

c,d

352,442

CHNGE

Mortgage

Trust

464,432

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

c,e

469,677

665,818

6.000%, 

10/25/2057,

Ser.

2022-4,

Class

A1

c,e

665,787

Citicorp

Mortgage

Securities,

Inc.

464,690

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

420,560

Citigroup

Mortgage

Loan

Trust,

Inc.

1,752

6.952%, 

3/25/2037,

Ser.

2007-AR4,

Class

2A1A

d

1,781

COLT

Mortgage

Loan

Trust

749,208

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

c,d

664,952

Countrywide

Alternative

Loan

Trust

268,801

4.149%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

d

221,811

565,378

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

193,891

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

246

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Collateralized

Mortgage

Obligations  0.4%

-

continued

CSMC

Trust

$

324,031

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

c,d

$

323,711

388,915

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

c,d

331,808

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

890,671

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

872,679

700,000

5.000%, 

1/25/2055,

Ser.

5490,

Class

LB

676,184

1,400,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

1,386,754

218,342

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

g

14,880

489,036

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

g

41,356

946,576

4.500%, 

10/15/2033,

Ser.

2695,

Class

BH

945,997

1,000,000

2.500%, 

12/15/2048,

Ser.

5094,

Class

BC

806,604

Federal

National

Mortgage

Association

-

REMIC

1,000,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

942,037

1,067,705

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

1,059,353

989,066

Zero

Coupon, 

11/25/2053,

Ser.

2023-54,

Class

EO

794,842

317,021

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

g

7,317

Flagstar

Mortgage

Trust

471,511

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

c,d

424,343

GCAT

Trust

624,527

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

c,d

562,462

1,067,223

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

c,d

1,076,144

GS

Mortgage-Backed

Securities

Trust

889,754

3.000%, 

6/25/2052,

Ser.

2022-GR1,

Class

A2

c,d

757,090

J.P.

Morgan

Mortgage

Trust

970,325

2.500%, 

2/25/2052,

Ser.

2021-INV7,

Class

A2A

c,d

796,424

652,608

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

c,d

560,891

LHOME

Mortgage

Trust

550,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

c,e

557,027

400,000

6.900%, 

5/25/2029,

Ser.

2024-RTL3,

Class

A1

c,e

404,744

Mello

Mortgage

Capital

Acceptance

967,138

2.500%, 

8/25/2051,

Ser.

2021-INV2,

Class

A3

c,d

791,366

Merrill

Lynch

Alternative

Note

Asset

Trust

145,362

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

49,923

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Collateralized

Mortgage

Obligations  0.4%

-

continued

Morgan

Stanley

Residential

Mortgage

Loan

Trust

$

975,000

7.416%, 

9/25/2068,

Ser.

2023-NQM1,

Class

M1

c,d

$

989,693

New

Residential

Mortgage

Loan

Trust

1,875,796

2.500%, 

9/25/2051,

Ser.

2021-INV2,

Class

A2

c,d

1,539,618

OBX

Trust

525,000

3.688%, 

1/25/2062,

Ser.

2022-NQM3,

Class

A1B

c,d

480,540

Palisades

Mortgage

Loan

Trust

556,525

3.487%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

c

553,470

PMT

Loan

Trust

1,050,000

6.000%, 

2/25/2056,

Ser.

2025-INV2,

Class

A10

c,d

1,066,213

Pretium

Mortgage

Credit

Partners,

LLc

575,000

4.000%, 

8/25/2064,

Ser.

2025-RPL2,

Class

A1

c,e

549,578

PRPM,

LLC

500,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

c,e

463,298

Residential

Accredit

Loans,

Inc.

Trust

190,566

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

167,497

Residential

Funding

Mortgage

Security

I

Trust

52,200

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

41,776

Roc

Mortgage

Trust

204,885

3.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

c,d

204,518

Saluda

Grade

Alternative

Mortgage

Trust

800,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

c,e

806,083

700,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

c,e

704,507

Sequoia

Mortgage

Trust

135,096

3.576%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

d

90,407

Toorak

Mortgage

Trust

500,000

5.524%, 

2/25/2040,

Ser.

2025-RRTL1,

Class

A1

c,e

500,773

TRK

Trust

612,057

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

c,d

536,855

TVC

Mortgage

Trust

600,000

5.545%, 

7/25/2039,

Ser.

2024-RRTL1,

Class

A1

c,e

601,119

Vericrest

Opportunity

Loan

Transferee

126,078

6.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

c

126,094

Verus

Securitization

Trust

351,530

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

c,d

311,656

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

247

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Collateralized

Mortgage

Obligations  0.4%

-

continued

Vontive

Mortgage

Trust

$

1,000,000

6.507%, 

3/25/2030,

Ser.

2025-RTL1,

Class

A1

c,e

$

1,002,802

Total

28,431,360

Commercial

Mortgage-Backed

Securities  0.2%

AMSR

Trust

500,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

c

459,021

675,000

2.517%, 

12/17/2038,

Ser.

2021-SFR4,

Class

C

c

648,721

BANK

2022-BNK39

16,358,662

0.418%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

d,g

392,747

BANK

2025-BNK49

4,500,000

0.835%, 

3/15/2058,

Ser.

2025-BNK49,

Class

XA

d,g

221,741

800,000

6.025%, 

3/15/2058,

Ser.

2025-BNK49,

Class

AS

d

829,787

BBCMS

Mortgage

Trust

6,961,097

1.150%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

d,g

484,607

825,000

6.198%, 

12/15/2056,

Ser.

2023-5C23,

Class

A2

857,543

6,758,913

1.807%, 

10/15/2053,

Ser.

2020-C8,

Class

XA

d,g

478,585

Benchmark

Mortgage

Trust

600,000

6.090%, 

4/15/2058,

Ser.

2025-V14,

Class

AM

619,753

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

1,350,000

4.489%, 

9/25/2034,

Ser.

K-165,

Class

A2

f

1,337,009

FRTKL

Trust

1,150,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

c

1,094,954

Home

Partners

of

America

Trust

1,200,105

2.302%, 

12/17/2026,

Ser.

2021-2,

Class

B

c

1,146,887

959,059

2.078%, 

9/17/2041,

Ser.

2021-1,

Class

C

c

836,236

HTAP

Issuer

Trust

1,100,000

6.500%, 

11/25/2042,

Ser.

2025-1,

Class

A

c

1,082,080

Morgan

Stanley

Capital

I

Trust

6,329,536

1.782%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

d,g

469,794

Tricon

Residential

Trust

550,000

5.400%, 

(TSFR1M

+

1.100%),

3/17/2042,

Ser.

2025-SFR1,

Class

A

c,d

549,999

Total

11,509,464

Communications

Services  0.3%

AMC

Networks,

Inc.

140,000

10.250%, 

1/15/2029

c

145,075

American

Tower

Corporation

100,000

3.375%, 

10/15/2026

98,199

215,000

5.800%, 

11/15/2028

222,919

291,000

2.900%, 

1/15/2030

267,679

156,000

5.000%, 

1/31/2030

157,276

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Communications

Services  0.3%

-

continued

$

314,000

4.900%, 

3/15/2030

$

315,662

136,000

5.650%, 

3/15/2033

140,190

AppLovin

Corporation

219,000

5.500%, 

12/1/2034

218,951

AT&T,

Inc.

220,000

5.700%, 

3/1/2057

212,583

337,000

3.650%, 

6/1/2051

238,675

451,000

3.500%, 

9/15/2053

307,532

227,000

5.400%, 

2/15/2034

230,648

459,000

4.900%, 

8/15/2037

437,905

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

133,000

5.500%, 

5/1/2026

c

132,768

220,000

5.125%, 

5/1/2027

c

216,686

26,000

5.000%, 

2/1/2028

c

25,232

128,000

5.375%, 

6/1/2029

c

123,853

103,000

4.250%, 

2/1/2031

c

91,271

489,000

4.750%, 

2/1/2032

c

434,181

59,000

4.500%, 

6/1/2033

c

50,318

206,000

4.250%, 

1/15/2034

a,c

169,435

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

765,000

4.200%, 

3/15/2028

750,219

244,000

6.100%, 

6/1/2029

251,942

650,000

3.500%, 

6/1/2041

450,273

Clear

Channel

Outdoor

Holdings,

Inc.

115,000

5.125%, 

8/15/2027

c

111,145

148,000

7.875%, 

4/1/2030

c

145,106

Comcast

Corporation

337,000

5.350%, 

5/15/2053

314,360

285,000

4.400%, 

8/15/2035

267,647

380,000

4.750%, 

3/1/2044

338,546

Crown

Castle,

Inc.

227,000

4.900%, 

9/1/2029

225,959

Deluxe

Corporation

136,000

8.125%, 

9/15/2029

c

136,794

Deutsche

Telekom

International

Finance

BV

560,000

8.750%, 

6/15/2030

657,184

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

391,000

5.875%, 

8/15/2027

c

378,897

32,000

8.875%, 

2/1/2030

c

30,535

105,000

10.000%, 

2/15/2031

c

100,821

FiberCop

SPA

197,000

6.000%, 

9/30/2034

c

179,422

Frontier

Communications

Holdings,

LLC

214,000

5.875%, 

10/15/2027

c

213,759

GCI,

LLC

109,000

4.750%, 

10/15/2028

c

100,484

Gray

Media,

Inc.

60,000

10.500%, 

7/15/2029

c

62,511

Iliad

Holding

SASU

152,000

8.500%, 

4/15/2031

c

159,412

95,000

7.000%, 

4/15/2032

c

95,126

LCPR

Senior

Secured

Financing

DAC

117,000

6.750%, 

10/15/2027

c

97,816

Level

3

Financing,

Inc.

30,000

3.625%, 

1/15/2029

c

22,275

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

248

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Communications

Services  0.3%

-

continued

$

56,484

10.500%, 

4/15/2029

c

$

62,132

56,484

11.000%, 

11/15/2029

c

62,954

85,000

10.500%, 

5/15/2030

c

91,077

29,000

10.750%, 

12/15/2030

c

32,045

70,000

4.000%, 

4/15/2031

c

52,500

Lumen

Technologies,

Inc.

31,867

4.125%, 

4/15/2030

c

29,751

McGraw-Hill

Education,

Inc.

171,000

5.750%, 

8/1/2028

c

166,969

Meta

Platforms,

Inc.

168,000

5.600%, 

5/15/2053

169,366

320,000

5.400%, 

8/15/2054

313,538

88,000

3.850%, 

8/15/2032

83,233

Netflix,

Inc.

254,000

5.375%, 

11/15/2029

c

262,229

230,000

4.875%, 

6/15/2030

c

232,431

Nexstar

Media,

Inc.

70,000

5.625%, 

7/15/2027

c

68,959

90,000

4.750%, 

11/1/2028

c

84,283

Omnicom

Group,

Inc.

200,000

4.200%, 

6/1/2030

194,981

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

106,000

4.625%, 

3/15/2030

c

96,911

Paramount

Global

49,000

6.375%, 

3/30/2062

d

47,808

Playtika

Holding

Corporation

151,000

4.250%, 

3/15/2029

c

132,925

Rogers

Communications,

Inc.

47,000

7.000%, 

4/15/2055

d

47,182

117,000

7.125%, 

4/15/2055

d

116,603

268,000

5.000%, 

2/15/2029

268,240

79,000

5.300%, 

2/15/2034

77,548

Sinclair

Television

Group,

Inc.

68,000

8.125%, 

2/15/2033

c

67,101

Sirius

XM

Radio,

LLC

285,000

5.000%, 

8/1/2027

c

278,456

115,000

4.000%, 

7/15/2028

c

107,295

Sprint

Capital

Corporation

473,000

8.750%, 

3/15/2032

568,874

Take-Two

Interactive

Software,

Inc.

150,000

5.600%, 

6/12/2034

153,251

TEGNA,

Inc.

186,000

4.625%, 

3/15/2028

175,956

Telecom

Italia

Capital

SA

61,000

6.000%, 

9/30/2034

58,416

Telenet

Finance

Luxembourg

Notes

SARL

200,000

5.500%, 

3/1/2028

c

194,000

T-Mobile

USA,

Inc.

561,000

3.600%, 

11/15/2060

375,585

324,000

4.850%, 

1/15/2029

325,830

315,000

4.375%, 

4/15/2040

277,275

Uniti

Group,

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

26,000

10.500%, 

2/15/2028

c

27,620

177,000

4.750%, 

4/15/2028

c

169,094

70,000

6.500%, 

2/15/2029

c

62,874

Univision

Communications,

Inc.

23,000

8.000%, 

8/15/2028

c

23,072

194,000

4.500%, 

5/1/2029

c

171,405

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Communications

Services  0.3%

-

continued

$

86,000

7.375%, 

6/30/2030

c

$

82,162

102,000

8.500%, 

7/31/2031

c

99,668

Verizon

Communications,

Inc.

337,000

3.000%, 

11/20/2060

198,864

725,000

2.650%, 

11/20/2040

509,155

492,000

3.400%, 

3/22/2041

378,800

Viasat,

Inc.

60,000

5.625%, 

4/15/2027

c

57,573

Virgin

Media

Finance

plc

73,000

5.000%, 

7/15/2030

a,c

62,582

Virgin

Media

Secured

Finance

plc

149,000

5.500%, 

5/15/2029

c

141,124

VMED

O2

UK

Financing

I

plc

60,000

7.750%, 

4/15/2032

c

60,145

Vodafone

Group

plc

86,000

5.125%, 

6/4/2081

d

65,155

VZ

Secured

Financing

BV

243,000

5.000%, 

1/15/2032

c

211,148

Warnermedia

Holdings,

Inc.

519,000

4.054%, 

3/15/2029

488,770

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

79,000

8.250%, 

10/1/2031

c

80,430

Zegona

Finance

plc

113,000

8.625%, 

7/15/2029

c

119,681

Ziggo

Bond

Company

BV

69,000

5.125%, 

2/28/2030

a,c

60,122

Ziggo

BV

62,000

4.875%, 

1/15/2030

c

56,794

Total

17,729,213

Consumer

Cyclical  0.3%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

41,000

3.875%, 

1/15/2028

c

39,186

91,000

4.375%, 

1/15/2028

c

87,513

61,000

6.125%, 

6/15/2029

c

61,385

106,000

5.625%, 

9/15/2029

c

104,933

Adient

Global

Holdings,

Ltd.

39,000

8.250%, 

4/15/2031

c

37,790

62,000

7.500%, 

2/15/2033

a,c

58,051

ADT

Security

Corporation

93,000

4.125%, 

8/1/2029

c

87,315

93,000

4.875%, 

7/15/2032

c

86,814

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

245,000

4.625%, 

6/1/2028

c

232,053

Allison

Transmission,

Inc.

46,000

3.750%, 

1/30/2031

c

40,899

Amazon.com,

Inc.

286,000

3.875%, 

8/22/2037

257,121

American

Axle

&

Manufacturing,

Inc.

162,000

5.000%, 

10/1/2029

a

139,442

American

Honda

Finance

Corporation

316,000

5.050%, 

7/10/2031

318,347

Arko

Corporation

109,000

5.125%, 

11/15/2029

a,c

88,332

Asbury

Automotive

Group,

Inc.

99,000

5.000%, 

2/15/2032

c

89,781

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

249

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Consumer

Cyclical  0.3%

-

continued

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

$

140,000

4.625%, 

8/1/2029

c

$

126,707

13,000

4.625%, 

4/1/2030

c

11,755

Aston

Martin

Capital

Holdings,

Ltd.

103,000

10.000%, 

3/31/2029

c

93,130

Bath

&

Body

Works,

Inc.

48,000

6.950%, 

3/1/2033

49,017

Belron

UK

Finance

plc

50,000

5.750%, 

10/15/2029

c

49,650

Boyd

Gaming

Corporation

155,000

4.750%, 

6/15/2031

c

142,954

Boyne

USA,

Inc.

93,000

4.750%, 

5/15/2029

c

87,557

Brinker

International,

Inc.

66,000

8.250%, 

7/15/2030

c

69,318

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

85,000

4.875%, 

2/15/2030

c

74,296

Caesars

Entertainment,

Inc.

257,000

4.625%, 

10/15/2029

c

236,217

70,000

6.500%, 

2/15/2032

c

69,773

65,000

6.000%, 

10/15/2032

a,c

60,701

Carnival

Corporation

80,000

7.625%, 

3/1/2026

c

80,023

297,000

5.750%, 

3/1/2027

c

297,187

136,000

4.000%, 

8/1/2028

c

130,111

37,000

6.000%, 

5/1/2029

c

36,741

Carvana

Company

47,268

9.000%,PIK

0.000%,

12/1/2028

c,h

48,668

135,000

9.000%, 

6/1/2031

c

149,986

Churchill

Downs,

Inc.

140,000

4.750%, 

1/15/2028

c

136,010

71,000

6.750%, 

5/1/2031

c

71,559

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

79,000

6.750%, 

5/15/2028

c

80,113

Crocs,

Inc.

57,000

4.250%, 

3/15/2029

c

52,985

Cushman

&

Wakefield

US

Borrower,

LLC

28,000

6.750%, 

5/15/2028

c

28,071

Dana,

Inc.

56,000

5.625%, 

6/15/2028

55,172

85,000

4.500%, 

2/15/2032

a

77,402

eG

Global

Finance

plc

28,000

12.000%, 

11/30/2028

c

31,003

Expedia

Group,

Inc.

312,000

5.400%, 

2/15/2035

310,735

Ford

Motor

Credit

Company,

LLC

220,000

5.850%, 

5/17/2027

221,154

328,000

2.900%, 

2/10/2029

293,449

258,000

7.122%, 

11/7/2033

263,655

Forestar

Group,

Inc.

111,000

6.500%, 

3/15/2033

c

108,668

FORVIA

SE

163,000

8.000%, 

6/15/2030

c

160,898

Gap,

Inc.

41,000

3.625%, 

10/1/2029

c

36,984

68,000

3.875%, 

10/1/2031

c

58,656

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Consumer

Cyclical  0.3%

-

continued

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

$

111,000

7.750%, 

5/31/2032

c

$

109,714

General

Motors

Company

203,000

6.125%, 

10/1/2025

204,026

General

Motors

Financial

Company,

Inc.

105,000

5.400%, 

5/8/2027

106,014

350,000

5.800%, 

1/7/2029

356,509

300,000

4.900%, 

10/6/2029

295,100

98,000

5.625%, 

4/4/2032

96,928

Genting

New

York,

LLC/GENNY

Capital,

Inc.

113,000

7.250%, 

10/1/2029

c

115,163

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

85,000

8.750%, 

1/15/2032

c

71,603

GLP

Capital,

LP

467,000

5.750%, 

6/1/2028

475,195

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

56,000

3.500%, 

3/1/2029

c

51,876

Goodyear

Tire

&

Rubber

Company

56,000

4.875%, 

3/15/2027

54,722

59,000

5.000%, 

7/15/2029

54,728

97,000

5.250%, 

4/30/2031

87,499

Group

1

Automotive,

Inc.

107,000

6.375%, 

1/15/2030

c

107,230

Hanesbrands,

Inc.

33,000

9.000%, 

2/15/2031

a,c

34,773

Harley-Davidson

Financial

Services,

Inc.

216,000

5.950%, 

6/11/2029

c

217,895

Hilton

Domestic

Operating

Company,

Inc.

259,000

4.875%, 

1/15/2030

250,473

28,000

4.000%, 

5/1/2031

c

25,357

165,000

3.625%, 

2/15/2032

c

144,621

Hilton

Grand

Vacations

Borrower,

LLC/Hilton

Grand

Vacations

Borrower,

Inc.

201,000

5.000%, 

6/1/2029

c

188,373

Home

Depot,

Inc.

336,000

4.250%, 

4/1/2046

282,715

315,000

3.900%, 

6/15/2047

249,745

Hyundai

Capital

America

475,000

1.800%, 

1/10/2028

c

437,490

206,000

5.300%, 

6/24/2029

c

207,997

International

Game

Technology

plc

200,000

5.250%, 

1/15/2029

c

195,476

Jacobs

Entertainment,

Inc.

97,000

6.750%, 

2/15/2029

c

93,084

K

Hovnanian

Enterprises,

Inc.

83,000

11.750%, 

9/30/2029

c

88,778

KB

Home

195,000

4.800%, 

11/15/2029

186,030

L

Brands,

Inc.

260,000

6.625%, 

10/1/2030

c

263,626

95,000

6.875%, 

11/1/2035

96,231

Las

Vegas

Sands

Corporation

154,000

5.900%, 

6/1/2027

156,485

Life

Time,

Inc.

84,000

6.000%, 

11/15/2031

c

83,282

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

250

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Consumer

Cyclical  0.3%

-

continued

Light

&

Wonder

International,

Inc.

$

56,000

7.250%, 

11/15/2029

c

$

56,767

Live

Nation

Entertainment,

Inc.

63,000

4.750%, 

10/15/2027

c

61,415

Lowe's

Companies,

Inc.

224,000

5.625%, 

4/15/2053

216,230

455,000

2.625%, 

4/1/2031

403,248

Macy's

Retail

Holdings,

LLC

63,000

5.875%, 

4/1/2029

c

61,116

57,000

6.125%, 

3/15/2032

c

52,086

66,000

4.500%, 

12/15/2034

52,737

Marriott

International,

Inc./MD

142,000

5.100%, 

4/15/2032

141,497

Match

Group

Holdings

II,

LLC

127,000

4.125%, 

8/1/2030

c

113,819

Mattamy

Group

Corporation

133,000

5.250%, 

12/15/2027

c

129,206

McDonald's

Corporation

325,000

4.450%, 

3/1/2047

275,606

Melco

Resorts

Finance,

Ltd.

157,000

5.375%, 

12/4/2029

c

143,975

155,000

7.625%, 

4/17/2032

c

154,259

Meritage

Homes

Corporation

234,000

5.650%, 

3/15/2035

230,230

MGM

Resorts

International

59,000

4.625%, 

9/1/2026

58,323

61,000

6.125%, 

9/15/2029

60,395

Michaels

Companies,

Inc.

83,000

5.250%, 

5/1/2028

c

56,979

NCL

Corporation,

Ltd.

10,000

5.875%, 

3/15/2026

c

9,979

156,000

5.875%, 

2/15/2027

c

155,787

128,000

6.750%, 

2/1/2032

c

126,439

Nissan

Motor

Company,

Ltd.

152,000

4.810%, 

9/17/2030

c

144,375

Nordstrom,

Inc.

81,000

4.250%, 

8/1/2031

a

69,588

Parkland

Corporation

61,000

6.625%, 

8/15/2032

c

60,965

PENN

Entertainment,

Inc.

140,000

4.125%, 

7/1/2029

a,c

124,298

PetSmart,

Inc./PetSmart

Finance

Corporation

140,000

4.750%, 

2/15/2028

c

130,933

Phinia,

Inc.

87,000

6.625%, 

10/15/2032

c

85,324

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

48,000

5.750%, 

4/15/2026

c

47,930

QVC,

Inc.

36,000

6.875%, 

4/15/2029

a,c

24,659

Rakuten

Group,

Inc.

85,000

11.250%, 

2/15/2027

c

92,087

100,000

9.750%, 

4/15/2029

c

108,572

151,000

8.125%, 

12/15/2029

c,d,i

149,107

Raven

Acquisition

Holdings,

LLC

60,000

6.875%, 

11/15/2031

c

58,264

Resorts

World

Las

Vegas,

LLC/

RWLV

Capital,

Inc.

100,000

4.625%, 

4/16/2029

c

88,838

Royal

Caribbean

Cruises,

Ltd.

298,000

4.250%, 

7/1/2026

c

293,408

39,000

5.625%, 

9/30/2031

c

38,295

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Consumer

Cyclical  0.3%

-

continued

$

45,000

6.000%, 

2/1/2033

c

$

44,972

S&S

Holdings,

LLC

151,000

8.375%, 

10/1/2031

c

142,653

Saks

Global

Enterprises,

LLC

141,000

11.000%, 

12/15/2029

c

114,224

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

40,000

6.625%, 

3/1/2030

c

37,724

SeaWorld

Parks

and

Entertainment,

Inc.

137,000

5.250%, 

8/15/2029

c

129,783

Service

Corporation

International/

US

56,000

3.375%, 

8/15/2030

49,906

41,000

4.000%, 

5/15/2031

37,134

92,000

5.750%, 

10/15/2032

90,412

Six

Flags

Entertainment

Corporation

30,000

7.000%, 

7/1/2025

a,c

30,035

29,000

7.250%, 

5/15/2031

c

29,112

Six

Flags

Entertainment

Corporation/Canada's

Wonderland

Company/Magnum

Management

Corporation

28,000

5.375%, 

4/15/2027

27,645

140,000

5.250%, 

7/15/2029

132,480

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc./Canada's

Wonderland

Company

28,000

6.625%, 

5/1/2032

c

28,232

Sonic

Automotive,

Inc.

71,000

4.875%, 

11/15/2031

c

63,743

Staples,

Inc.

117,000

10.750%, 

9/1/2029

c

105,702

Station

Casinos,

LLC

122,000

4.625%, 

12/1/2031

c

109,620

Stellantis

Finance

US,

Inc.

236,000

5.750%, 

3/18/2030

c

235,831

Target

Corporation

337,000

2.950%, 

1/15/2052

216,531

Tenneco,

Inc.

124,000

8.000%, 

11/17/2028

c

118,264

Toyota

Motor

Credit

Corporation

102,000

4.800%, 

1/5/2034

100,598

270,000

5.350%, 

1/9/2035

274,422

Uber

Technologies,

Inc.

195,000

5.350%, 

9/15/2054

182,150

234,000

4.800%, 

9/15/2034

227,263

VICI

Properties,

LP/VICI

Note

Company,

Inc.

340,000

4.625%, 

6/15/2025

c

339,913

127,000

5.750%, 

2/1/2027

c

128,648

158,000

4.125%, 

8/15/2030

c

148,732

Victoria's

Secret

&

Company

173,000

4.625%, 

7/15/2029

c

151,271

Victra

Holdings,

LLC/Victra

Finance

Corporation

41,000

8.750%, 

9/15/2029

c

42,290

Viking

Cruises,

Ltd.

289,000

5.875%, 

9/15/2027

c

287,538

Walgreens

Boots

Alliance,

Inc.

41,000

4.100%, 

4/15/2050

a

35,309

145,000

3.200%, 

4/15/2030

133,790

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

251

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Consumer

Cyclical  0.3%

-

continued

Walmart,

Inc.

$

263,000

4.500%, 

9/9/2052

$

232,754

WASH

Multifamily

Acquisition,

Inc.

88,000

5.750%, 

4/15/2026

c

87,219

Wayfair,

LLC

114,000

7.750%, 

9/15/2030

c

110,061

Wyndham

Hotels

&

Resorts,

Inc.

89,000

4.375%, 

8/15/2028

c

85,001

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

53,000

5.125%, 

10/1/2029

c

50,861

137,000

7.125%, 

2/15/2031

c

141,776

Yum!

Brands,

Inc.

176,000

4.750%, 

1/15/2030

c

170,007

ZF

North

America

Capital,

Inc.

96,000

7.125%, 

4/14/2030

c

92,416

60,000

6.750%, 

4/23/2030

c

57,014

Total

19,817,777

Consumer

Non-Cyclical  0.3%

1261229

B.C.,

Ltd.

60,000

10.000%, 

4/15/2032

c

59,632

1375209

B.C.,

Ltd.

57,000

9.000%, 

1/30/2028

a,c

56,956

Abbott

Laboratories

284,000

4.750%, 

11/30/2036

279,540

AbbVie,

Inc.

104,000

5.400%, 

3/15/2054

102,148

465,000

4.500%, 

5/14/2035

446,273

239,000

5.350%, 

3/15/2044

236,353

Acadia

Healthcare

Company,

Inc.

88,000

5.000%, 

4/15/2029

c

83,163

76,000

7.375%, 

3/15/2033

c

75,925

AdaptHealth,

LLC

253,000

4.625%, 

8/1/2029

c

230,094

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

180,000

4.625%, 

1/15/2027

c

177,325

191,000

3.500%, 

3/15/2029

c

175,779

Altria

Group,

Inc.

110,000

4.875%, 

2/4/2028

110,779

216,000

6.875%, 

11/1/2033

238,153

Amgen,

Inc.

315,000

4.200%, 

2/22/2052

247,693

335,000

5.600%, 

3/2/2043

332,061

Anheuser-Busch

Companies,

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

434,000

4.700%, 

2/1/2036

418,516

Anheuser-Busch

InBev

Worldwide,

Inc.

270,000

5.550%, 

1/23/2049

270,342

Archer-Daniels-Midland

Company

393,000

2.700%, 

9/15/2051

240,192

AstraZeneca

plc

580,000

3.000%, 

5/28/2051

387,513

BAT

Capital

Corporation

162,000

6.250%, 

8/15/2055

161,667

215,000

7.079%, 

8/2/2043

234,855

Bausch

+

Lomb

Corporation

36,000

8.375%, 

10/1/2028

c

37,350

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Consumer

Non-Cyclical  0.3%

-

continued

Bausch

Health

Companies,

Inc.

$

65,000

5.500%, 

11/1/2025

c

$

64,935

49,000

6.125%, 

2/1/2027

a,c

49,686

133,000

4.875%, 

6/1/2028

c

107,398

Becton,

Dickinson

and

Company

157,000

3.794%, 

5/20/2050

117,757

BellRing

Brands,

Inc.

101,000

7.000%, 

3/15/2030

c

104,357

Bristol-Myers

Squibb

Company

556,000

3.550%, 

3/15/2042

438,254

Bunge,

Ltd.

Finance

Corporation

78,000

4.650%, 

9/17/2034

75,409

Campbell's

Company

208,000

5.400%, 

3/21/2034

209,574

Cargill,

Inc.

329,000

3.125%, 

5/25/2051

c

218,926

276,000

5.125%, 

2/11/2035

c

275,134

CD&R

Smokey

Buyer,

Inc./Radio

Systems

Corporation

53,000

9.500%, 

10/15/2029

c

48,363

Cencora,

Inc.

187,000

5.150%, 

2/15/2035

186,980

Central

Garden

&

Pet

Company

79,000

4.125%, 

10/15/2030

71,823

Champ

Acquisition

Corporation

49,000

8.375%, 

12/1/2031

c

50,619

Charles

River

Laboratories

International,

Inc.

67,000

4.000%, 

3/15/2031

c

59,960

CHS/Community

Health

Systems,

Inc.

131,000

5.625%, 

3/15/2027

c

125,095

42,000

8.000%, 

12/15/2027

c

41,553

86,000

6.000%, 

1/15/2029

c

76,424

77,000

4.750%, 

2/15/2031

c

60,867

82,000

10.875%, 

1/15/2032

c

80,784

Conagra

Brands,

Inc.

380,000

1.375%, 

11/1/2027

349,466

Concentra

Escrow

Issuer

Corporation

50,000

6.875%, 

7/15/2032

c

50,875

Constellation

Brands,

Inc.

266,000

3.600%, 

2/15/2028

258,811

160,000

2.875%, 

5/1/2030

145,144

CVS

Health

Corporation

98,000

7.000%, 

3/10/2055

d

98,773

214,000

4.780%, 

3/25/2038

192,012

417,000

6.000%, 

6/1/2044

407,404

DaVita,

Inc.

66,000

3.750%, 

2/15/2031

c

57,461

116,000

6.875%, 

9/1/2032

c

116,651

Edgewell

Personal

Care

Company

120,000

5.500%, 

6/1/2028

c

117,521

Eli

Lilly

&

Company

117,000

5.500%, 

2/12/2055

118,463

168,000

4.950%, 

2/27/2063

152,949

Embecta

Corporation

70,000

5.000%, 

2/15/2030

c

62,640

56,000

6.750%, 

2/15/2030

c

53,329

Encompass

Health

Corporation

90,000

4.500%, 

2/1/2028

87,386

Endo

Finance

Holdings,

Inc.

56,000

8.500%, 

4/15/2031

a,c

58,381

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

252

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Consumer

Non-Cyclical  0.3%

-

continued

Energizer

Holdings,

Inc.

$

149,000

4.750%, 

6/15/2028

c

$

142,650

Fortrea

Holdings,

Inc.

38,000

7.500%, 

7/1/2030

a,c

34,554

GE

HealthCare

Technologies,

Inc.

226,000

6.377%, 

11/22/2052

245,148

General

Mills,

Inc.

90,000

4.950%, 

3/29/2033

89,063

Grifols

SA

69,000

4.750%, 

10/15/2028

c

63,709

HCA,

Inc.

234,000

5.250%, 

3/1/2030

236,776

401,000

3.500%, 

9/1/2030

371,872

157,000

5.450%, 

9/15/2034

155,637

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

115,000

7.875%, 

9/1/2025

a,c

114,865

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

61,000

12.250%, 

4/15/2029

c

65,586

66,000

4.875%, 

6/1/2029

c

50,899

Illumina,

Inc.

145,000

4.650%, 

9/9/2026

144,871

Imperial

Brands

Finance

plc

550,000

3.875%, 

7/26/2029

c

528,028

Insulet

Corporation

38,000

6.500%, 

4/1/2033

c

38,625

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

227,000

5.500%, 

1/15/2030

230,603

373,000

3.000%, 

5/15/2032

320,878

JBS

USA

LUX

SARL/JBS

USA

Food

Company/JBS

USA

Foods

Group

200,000

5.950%, 

4/20/2035

c

205,560

Johnson

&

Johnson

216,000

5.250%, 

6/1/2054

216,948

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

110,000

9.000%, 

2/15/2029

c

113,147

Kimberly-Clark

Corporation

300,000

3.900%, 

5/4/2047

240,404

Kraft

Heinz

Foods

Company

332,000

5.200%, 

3/15/2032

335,676

219,000

4.375%, 

6/1/2046

179,003

Lamb

Weston

Holdings,

Inc.

62,000

4.125%, 

1/31/2030

c

57,753

62,000

4.375%, 

1/31/2032

c

56,634

LifePoint

Health,

Inc.

111,000

9.875%, 

8/15/2030

c

117,116

73,000

11.000%, 

10/15/2030

c

79,359

44,000

10.000%, 

6/1/2032

c

41,972

Mars,

Inc.

44,000

5.650%, 

5/1/2045

c

44,096

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

70,000

6.250%, 

4/1/2029

c

70,891

Mozart

Debt

Merger

Sub,

Inc.

151,000

3.875%, 

4/1/2029

c

141,145

191,000

5.250%, 

10/1/2029

c

183,279

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Consumer

Non-Cyclical  0.3%

-

continued

MPH

Acquisition

Holdings,

LLC

$

30,736

5.750%, 

12/31/2030

c

$

22,284

16,052

11.500%, 

12/31/2030

c

13,940

Newell

Brands,

Inc.

58,000

6.375%, 

9/15/2027

a

58,215

58,000

6.625%, 

9/15/2029

58,122

36,000

6.375%, 

5/15/2030

35,022

Novartis

Capital

Corporation

182,000

4.700%, 

9/18/2054

163,874

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

80,000

4.125%, 

4/30/2028

c

74,764

212,000

5.125%, 

4/30/2031

c

184,844

PepsiCo,

Inc.

215,000

4.200%, 

7/18/2052

177,933

Performance

Food

Group,

Inc.

129,000

4.250%, 

8/1/2029

c

120,633

82,000

6.125%, 

9/15/2032

c

81,505

Perrigo

Finance

Unlimited

Company

99,000

4.900%, 

6/15/2030

94,573

54,000

6.125%, 

9/30/2032

53,128

Pfizer

Investment

Enterprises,

Private

Ltd.

504,000

5.300%, 

5/19/2053

478,535

217,000

5.110%, 

5/19/2043

206,949

Philip

Morris

International,

Inc.

103,000

5.125%, 

2/13/2031

104,794

336,000

5.375%, 

2/15/2033

342,691

268,000

4.900%, 

11/1/2034

263,335

Post

Holdings,

Inc.

85,000

4.625%, 

4/15/2030

c

79,378

140,000

4.500%, 

9/15/2031

c

126,797

80,000

6.250%, 

10/15/2034

c

78,765

Prime

Healthcare

Services,

Inc.

89,000

9.375%, 

9/1/2029

c

83,967

Radiology

Partners,

Inc.

48,000

7.775%, 

1/31/2029

c

47,520

Roche

Holdings,

Inc.

336,000

4.000%, 

11/28/2044

c

281,270

Royalty

Pharma

plc

194,000

5.150%, 

9/2/2029

195,273

Select

Medical

Corporation

59,000

6.250%, 

12/1/2032

c

57,486

Simmons

Foods,

Inc.

169,000

4.625%, 

3/1/2029

c

156,670

Sotera

Health

Holdings,

LLC

60,000

7.375%, 

6/1/2031

c

60,998

Spectrum

Brands,

Inc.

14,000

3.875%, 

3/15/2031

c

11,925

Star

Parent,

Inc.

63,000

9.000%, 

10/1/2030

c

62,096

Stryker

Corporation

194,000

5.200%, 

2/10/2035

195,874

Surgery

Center

Holdings,

Inc.

64,000

7.250%, 

4/15/2032

c

63,289

Sysco

Corporation

338,000

6.600%, 

4/1/2040

370,529

Takeda

Pharmaceutical

Company,

Ltd.

335,000

3.175%, 

7/9/2050

220,133

316,000

5.650%, 

7/5/2044

315,540

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

253

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Consumer

Non-Cyclical  0.3%

-

continued

Tenet

Healthcare

Corporation

$

237,000

5.125%, 

11/1/2027

$

233,528

173,000

4.375%, 

1/15/2030

162,175

144,000

6.750%, 

5/15/2031

146,057

Teva

Pharmaceutical

Finance

Company,

LLC

59,000

6.150%, 

2/1/2036

58,802

US

Acute

Care

Solutions,

LLC

109,000

9.750%, 

5/15/2029

c

108,686

Viterra

Finance

BV

273,000

3.200%, 

4/21/2031

c

245,844

Zoetis,

Inc.

468,000

4.700%, 

2/1/2043

425,006

Total

20,632,969

Energy  0.2%

Aethon

United

BR,

LP/Aethon

United

Finance

Corporation

28,000

7.500%, 

10/1/2029

c

28,480

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

124,000

5.375%, 

6/15/2029

c

121,206

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

85,000

6.250%, 

4/1/2028

c

85,065

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

117,000

8.250%, 

12/31/2028

c

119,308

58,000

5.875%, 

6/30/2029

c

56,598

Baytex

Energy

Corporation

92,000

8.500%, 

4/30/2030

c

93,423

28,000

7.375%, 

3/15/2032

c

26,932

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

93,000

7.000%, 

7/15/2029

c

95,044

BP

Capital

Markets

America,

Inc.

567,000

2.939%, 

6/4/2051

357,750

Buckeye

Partners,

LP

80,000

4.500%, 

3/1/2028

c

76,761

54,000

6.875%, 

7/1/2029

c

54,893

28,000

6.750%, 

2/1/2030

c

28,361

California

Resources

Corporation

70,000

8.250%, 

6/15/2029

c

71,139

Cheniere

Energy

Partners,

LP

712,000

4.500%, 

10/1/2029

692,517

Cheniere

Energy,

Inc.

61,000

5.650%, 

4/15/2034

61,707

Civitas

Resources,

Inc.

82,000

8.375%, 

7/1/2028

c

84,623

125,000

8.750%, 

7/1/2031

c

128,368

CNX

Resources

Corporation

69,000

6.000%, 

1/15/2029

c

68,129

Columbia

Pipelines

Holding

Company,

LLC

219,000

6.042%, 

8/15/2028

c

226,509

Columbia

Pipelines

Operating

Company,

LLC

55,000

5.927%, 

8/15/2030

c

57,152

Comstock

Resources,

Inc.

85,000

6.750%, 

3/1/2029

c

82,600

135,000

5.875%, 

1/15/2030

c

127,494

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Energy  0.2%

-

continued

ConocoPhillips

Company

$

295,000

4.850%, 

1/15/2032

$

295,361

Continental

Resources,

Inc.

394,000

2.268%, 

11/15/2026

c

377,735

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

133,000

5.500%, 

6/15/2031

c

127,594

Crescent

Energy

Finance,

LLC

153,000

7.625%, 

4/1/2032

c

151,327

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

126,000

8.625%, 

3/15/2029

c

130,517

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

48,000

8.500%, 

10/1/2030

c

49,188

Diamondback

Energy,

Inc.

309,000

5.750%, 

4/18/2054

291,313

DT

Midstream,

Inc.

98,000

4.125%, 

6/15/2029

c

92,231

Eastern

Energy

Gas

Holdings,

LLC

310,000

5.800%, 

1/15/2035

319,972

Enbridge,

Inc.

162,000

5.250%, 

4/5/2027

164,037

Enerflex,

Ltd.

45,000

9.000%, 

10/15/2027

c

46,050

Energy

Transfer,

LP

137,000

8.000%, 

5/15/2054

d

144,172

250,000

5.150%, 

2/1/2043

222,229

400,000

6.000%, 

6/15/2048

387,348

EnLink

Midstream

Partners,

LP

113,000

5.600%, 

4/1/2044

105,137

Enterprise

Products

Operating,

LLC

300,000

3.300%, 

2/15/2053

200,343

EQM

Midstream

Partners,

LP

162,000

4.750%, 

1/15/2031

c

155,814

Exxon

Mobil

Corporation

525,000

3.452%, 

4/15/2051

375,445

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

93,000

8.875%, 

4/15/2030

96,584

140,000

7.875%, 

5/15/2032

140,995

Gulfport

Energy

Operating

Corporation

40,000

6.750%, 

9/1/2029

c

40,532

Halliburton

Company

225,000

5.000%, 

11/15/2045

202,439

Harvest

Midstream

I,

LP

147,000

7.500%, 

9/1/2028

c

148,470

Hess

Midstream

Operations,

LP

127,000

4.250%, 

2/15/2030

c

119,480

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

165,000

5.750%, 

2/1/2029

c

159,416

56,000

6.000%, 

4/15/2030

c

53,254

112,000

6.250%, 

4/15/2032

c

104,640

Howard

Midstream

Energy

Partners,

LLC

163,000

7.375%, 

7/15/2032

c

166,997

ITT

Holdings,

LLC

150,000

6.500%, 

8/1/2029

c

138,380

Kodiak

Gas

Services,

LLC

71,000

7.250%, 

2/15/2029

c

72,374

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

254

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Energy  0.2%

-

continued

Laredo

Petroleum,

Inc.

$

91,000

7.750%, 

7/31/2029

c

$

88,532

MEG

Energy

Corporation

67,000

5.875%, 

2/1/2029

c

65,885

Moss

Creek

Resources

Holdings,

Inc.

31,000

8.250%, 

9/1/2031

c

30,227

MPLX,

LP

449,000

4.950%, 

9/1/2032

439,970

82,000

5.000%, 

3/1/2033

80,040

Nabors

Industries,

Inc.

56,000

7.375%, 

5/15/2027

c

55,233

144,000

9.125%, 

1/31/2030

c

144,048

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

47,000

8.125%, 

2/15/2029

c

47,328

70,000

8.375%, 

2/15/2032

c

70,150

Noble

Finance

II,

LLC

118,000

8.000%, 

4/15/2030

c

117,931

Northern

Oil

and

Gas,

Inc.

92,000

8.750%, 

6/15/2031

c

93,836

NuStar

Logistics,

LP

114,000

6.375%, 

10/1/2030

115,256

Occidental

Petroleum

Corporation

90,000

5.000%, 

8/1/2027

90,300

ONEOK,

Inc.

164,000

5.700%, 

11/1/2054

153,500

112,000

5.000%, 

3/1/2026

112,166

188,000

4.750%, 

10/15/2031

184,257

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

96,000

6.000%, 

2/15/2028

89,284

Permian

Resources

Operating,

LLC

110,000

6.250%, 

2/1/2033

c

109,565

Prairie

Acquiror,

LP

93,000

9.000%, 

8/1/2029

c

94,664

Precision

Drilling

Corporation

77,000

6.875%, 

1/15/2029

c

75,228

Range

Resources

Corporation

97,000

4.750%, 

2/15/2030

c

92,279

Rockies

Express

Pipeline,

LLC

147,000

4.950%, 

7/15/2029

c

140,765

Saturn

Oil

&

Gas,

Inc.

37,000

9.625%, 

6/15/2029

a,c

35,783

SM

Energy

Company

105,000

6.500%, 

7/15/2028

104,280

40,000

7.000%, 

8/1/2032

c

39,257

South

Bow

USA

Infrastructure

Holdings,

LLC

173,000

5.026%, 

10/1/2029

c

171,659

69,000

5.584%, 

10/1/2034

c

67,559

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

56,000

5.875%, 

3/1/2027

55,699

Sunoco,

LP

169,000

7.000%, 

5/1/2029

c

172,884

Sunoco,

LP/Sunoco

Finance

Corporation

84,000

5.875%, 

3/15/2028

83,925

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Energy  0.2%

-

continued

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

$

217,000

5.500%, 

1/15/2028

c

$

211,203

85,000

7.375%, 

2/15/2029

c

85,423

Talos

Production,

Inc.

35,000

9.000%, 

2/1/2029

c

35,964

Targa

Resources

Corporation

98,000

6.125%, 

5/15/2055

97,329

394,000

4.200%, 

2/1/2033

364,202

TGNR

Intermediate

Holdings,

LLC

127,000

5.500%, 

10/15/2029

c

119,240

TotalEnergies

Capital

SA

160,000

5.275%, 

9/10/2054

150,793

Transocean,

Inc.

139,200

8.750%, 

2/15/2030

c

144,572

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

96,000

7.125%, 

3/15/2029

c

97,639

Valaris,

Ltd.

120,000

8.375%, 

4/30/2030

c

120,138

Venture

Global

Calcasieu

Pass,

LLC

84,000

3.875%, 

8/15/2029

c

77,759

95,000

4.125%, 

8/15/2031

c

86,317

Venture

Global

LNG,

Inc.

210,000

8.125%, 

6/1/2028

c

214,585

105,000

9.000%, 

9/30/2029

c,d,i

99,644

82,000

7.000%, 

1/15/2030

c

80,785

244,000

8.375%, 

6/1/2031

c

247,485

116,000

9.875%, 

2/1/2032

c

123,202

Viridien

SA

28,000

8.750%, 

4/1/2027

a,c

28,613

Western

Midstream

Operating,

LP

219,000

6.350%, 

1/15/2029

228,675

112,000

6.150%, 

4/1/2033

115,639

Williams

Companies,

Inc.

500,000

7.500%, 

1/15/2031

556,453

97,000

5.600%, 

3/15/2035

98,860

Total

14,429,443

Financials  0.8%

200

Park

Funding

Trust

101,000

5.740%, 

2/15/2055

c

100,222

Acrisure,

LLC/Acrisure

Finance,

Inc.

39,000

4.250%, 

2/15/2029

c

36,491

57,000

7.500%, 

11/6/2030

c

57,990

AEGON

Funding

Company,

LLC

318,000

5.500%, 

4/16/2027

a,c

322,348

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

247,000

6.100%, 

1/15/2027

252,555

375,000

3.875%, 

1/23/2028

366,290

289,000

5.375%, 

12/15/2031

291,183

250,000

3.400%, 

10/29/2033

215,756

AG

TTMT

Escrow

Issuer,

LLC

44,000

8.625%, 

9/30/2027

c

45,119

Agree,

LP

158,000

5.625%, 

6/15/2034

159,883

Air

Lease

Corporation

59,000

4.650%, 

6/15/2026

d,i

57,392

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

255

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Financials  0.8%

-

continued

$

482,000

3.000%, 

2/1/2030

$

441,968

Aircastle,

Ltd.

300,000

5.250%, 

8/11/2025

c

300,186

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

57,000

4.250%, 

10/15/2027

c

55,011

114,000

6.750%, 

4/15/2028

c

114,446

81,000

7.000%, 

1/15/2031

c

81,248

Ally

Financial,

Inc.

460,000

8.000%, 

11/1/2031

512,578

88,000

6.700%, 

2/14/2033

88,027

American

Express

Company

149,000

5.043%, 

7/26/2028

d

150,875

138,000

5.085%, 

1/30/2031

d

139,744

American

International

Group,

Inc.

453,000

5.125%, 

3/27/2033

453,638

Americold

Realty

Operating

Partnership,

LP

237,000

5.600%, 

5/15/2032

237,892

Ameriprise

Financial,

Inc.

312,000

5.200%, 

4/15/2035

311,273

AmWINS

Group,

Inc.

47,000

6.375%, 

2/15/2029

c

47,358

140,000

4.875%, 

6/30/2029

c

131,979

ANZ

Bank

New

Zealand,

Ltd.

225,000

5.548%, 

8/11/2032

c,d

228,117

Aon

North

America,

Inc.

158,000

5.750%, 

3/1/2054

155,820

Apollo

Debt

Solutions

BDC

232,000

6.700%, 

7/29/2031

239,365

Ares

Capital

Corporation

173,000

3.250%, 

7/15/2025

172,283

425,000

3.875%, 

1/15/2026

421,434

145,000

2.150%, 

7/15/2026

139,849

189,000

5.875%, 

3/1/2029

191,879

Ares

Strategic

Income

Fund

190,000

5.600%, 

2/15/2030

c

187,272

Arthur

J.

Gallagher

&

Company

54,000

6.750%, 

2/15/2054

59,838

79,000

5.750%, 

7/15/2054

77,828

304,000

5.000%, 

2/15/2032

303,974

Aviation

Capital

Group,

LLC

167,000

5.125%, 

4/10/2030

c

166,084

Avolon

Holdings

Funding,

Ltd.

122,000

4.950%, 

1/15/2028

c

121,488

270,000

5.750%, 

3/1/2029

c

274,977

315,000

5.375%, 

5/30/2030

c

315,428

Azorra

Finance,

Ltd.

151,000

7.750%, 

4/15/2030

c

150,513

Banco

Santander

Mexico

SA

200,000

5.621%, 

12/10/2029

c

202,116

Banco

Santander

SA

400,000

4.175%, 

3/24/2028

d

395,968

Bank

of

America

Corporation

275,000

1.734%, 

7/22/2027

d

265,059

265,000

3.824%, 

1/20/2028

d

261,643

196,000

5.202%, 

4/25/2029

d

199,126

230,000

2.087%, 

6/14/2029

d

212,677

500,000

2.496%, 

2/13/2031

d

448,851

650,000

1.922%, 

10/24/2031

d

556,189

338,000

2.972%, 

2/4/2033

d

296,355

676,000

4.571%, 

4/27/2033

d

653,245

324,000

5.872%, 

9/15/2034

d

338,111

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Financials  0.8%

-

continued

$

129,000

5.468%, 

1/23/2035

d

$

130,878

319,000

5.425%, 

8/15/2035

d

312,343

450,000

3.846%, 

3/8/2037

d

403,896

Bank

of

New

York

Mellon

Corporation

214,000

6.317%, 

10/25/2029

d

226,398

Barclays

plc

56,000

6.125%, 

12/15/2025

d,i

55,957

333,000

6.496%, 

9/13/2027

d

341,110

275,000

4.972%, 

5/16/2029

d

275,877

301,000

4.942%, 

9/10/2030

d

300,040

335,000

5.746%, 

8/9/2033

d

340,428

BBVA

Mexico

SA,

Institucion

de

Banca

Multiple,

Grupo

Financiero

BBVA

Mexico/TX

200,000

5.250%, 

9/10/2029

c

200,530

Belrose

Funding

Trust

430,000

2.330%, 

8/15/2030

c

374,996

Berkshire

Hathaway

Finance

Corporation

449,000

2.850%, 

10/15/2050

288,070

BlackRock

Funding,

Inc.

104,000

5.250%, 

3/14/2054

100,291

Blackstone

Private

Credit

Fund

208,000

5.600%, 

11/22/2029

c

206,252

210,000

6.250%, 

1/25/2031

213,503

Blue

Owl

Capital

Corporation

II

164,000

8.450%, 

11/15/2026

171,910

Blue

Owl

Credit

Income

Corporation

282,000

4.700%, 

2/8/2027

278,511

Blue

Owl

Technology

Finance

Corporation

115,000

4.750%, 

12/15/2025

c

114,412

181,000

3.750%, 

6/17/2026

c

176,692

232,000

6.100%, 

3/15/2028

c

231,393

217,000

6.750%, 

4/4/2029

219,950

BNP

Paribas

SA

314,000

5.283%, 

11/19/2030

c,d

317,296

564,000

3.132%, 

1/20/2033

c,d

491,582

BPCE

SA

440,000

3.500%, 

10/23/2027

c

426,235

250,000

5.876%, 

1/14/2031

c,d

256,024

Bread

Financial

Holdings,

Inc.

51,000

8.375%, 

6/15/2035

c,d

49,869

Brookfield

Finance,

Inc.

156,000

5.813%, 

3/3/2055

152,184

Burford

Capital

Global

Finance,

LLC

134,000

9.250%, 

7/1/2031

c

141,179

Camden

Property

Trust

278,000

3.150%, 

7/1/2029

262,301

Capital

One

Financial

Corporation

500,000

4.200%, 

10/29/2025

498,041

71,000

5.700%, 

2/1/2030

d

72,527

Charles

Schwab

Corporation

220,000

6.136%, 

8/24/2034

d

234,153

Chubb

INA

Holdings,

LLC

220,000

4.350%, 

11/3/2045

188,971

Citadel,

LP

194,000

6.375%, 

1/23/2032

c

199,054

Citigroup,

Inc.

348,000

3.200%, 

10/21/2026

341,148

520,000

3.668%, 

7/24/2028

d

508,682

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

256

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Financials  0.8%

-

continued

$

175,000

3.520%, 

10/27/2028

d

$

170,090

130,000

5.174%, 

2/13/2030

d

131,692

478,000

4.910%, 

5/24/2033

d

468,726

284,000

6.174%, 

5/25/2034

d

291,092

252,000

6.020%, 

1/24/2036

d

254,407

Citizens

Financial

Group,

Inc.

136,000

5.718%, 

7/23/2032

d

138,446

CNA

Financial

Corporation

160,000

5.125%, 

2/15/2034

158,908

Comerica,

Inc.

75,000

5.982%, 

1/30/2030

d

76,212

Constellation

Insurance,

Inc.

138,000

6.800%, 

1/24/2030

c

136,340

Cooperatieve

Rabobank

UA

447,000

5.564%, 

2/28/2029

c,d

457,374

Corebridge

Financial,

Inc.

117,000

6.375%, 

9/15/2054

d

116,238

169,000

4.350%, 

4/5/2042

141,321

Countrywide

Home

Loans,

Inc.

149,768

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

68,264

Cousins

Properties,

LP

69,000

5.375%, 

2/15/2032

68,715

Credit

Acceptance

Corporation

82,000

9.250%, 

12/15/2028

c

86,809

31,000

6.625%, 

3/15/2030

c

30,539

Credit

Agricole

SA

250,000

5.230%, 

1/9/2029

c,d

252,707

Credit

Suisse

Group

AG

350,000

7.250%, 

N/A

*,j

26,250

Deutsche

Bank

AG/New

York,

NY

354,000

5.373%, 

1/10/2029

d

357,910

239,000

6.819%, 

11/20/2029

d

253,441

500,000

3.729%, 

1/14/2032

d

449,597

Discover

Bank

475,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

d

485,279

Diversified

Healthcare

Trust

47,000

Zero

Coupon, 

1/15/2026

c

44,301

Drawbridge

Special

Opportunities

Fund,

LP

199,000

3.875%, 

2/15/2026

c

195,167

Elevance

Health,

Inc.

375,000

3.125%, 

5/15/2050

243,948

300,000

4.625%, 

5/15/2042

264,628

EPR

Properties

190,000

4.950%, 

4/15/2028

188,156

Fairfax

Financial

Holdings,

Ltd.

207,000

6.350%, 

3/22/2054

210,882

FirstCash,

Inc.

143,000

5.625%, 

1/1/2030

c

138,656

First-Citizens

Bank

&

Trust

Company

189,000

6.125%, 

3/9/2028

196,197

Five

Corners

Funding

Trust

IV

224,000

5.997%, 

2/15/2053

c

227,395

Fortitude

Group

Holdings,

LLC

383,000

6.250%, 

4/1/2030

c

387,193

Fortress

Transportation

and

Infrastructure

Investors,

LLC

60,000

5.500%, 

5/1/2028

c

58,807

136,000

7.000%, 

5/1/2031

c

138,179

82,000

7.000%, 

6/15/2032

c

83,153

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Financials  0.8%

-

continued

Freedom

Mortgage

Corporation

$

59,000

7.625%, 

5/1/2026

c

$

58,839

Freedom

Mortgage

Holdings,

LLC

133,000

9.250%, 

2/1/2029

c

135,067

57,000

9.125%, 

5/15/2031

c

57,360

49,000

8.375%, 

4/1/2032

c

47,878

FS

KKR

Capital

Corporation

450,000

3.400%, 

1/15/2026

444,107

GGAM

Finance,

Ltd.

54,000

7.750%, 

5/15/2026

c

54,596

58,000

8.000%, 

6/15/2028

c

60,819

158,000

5.875%, 

3/15/2030

c

155,929

Global

Aircraft

Leasing

Company,

Ltd.

172,000

8.750%, 

9/1/2027

c

174,826

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

171,000

3.750%, 

12/15/2027

c

160,944

goeasy,

Ltd.

94,000

9.250%, 

12/1/2028

c

98,680

58,000

7.625%, 

7/1/2029

c

58,017

44,000

6.875%, 

5/15/2030

c

43,089

Goldman

Sachs

BDC,

Inc.

135,000

6.375%, 

3/11/2027

138,300

Goldman

Sachs

Group,

Inc.

318,000

1.948%, 

10/21/2027

d

305,023

322,000

6.484%, 

10/24/2029

d

340,132

120,000

1.992%, 

1/27/2032

d

101,613

810,000

3.102%, 

2/24/2033

d

713,893

High

Street

Funding

Trust

III

100,000

5.807%, 

2/15/2055

c

98,608

Highwoods

Realty,

LP

171,000

3.050%, 

2/15/2030

152,715

150,000

2.600%, 

2/1/2031

127,242

Howard

Hughes

Corporation

37,000

4.125%, 

2/1/2029

c

33,762

HSBC

Holdings

plc

264,000

5.130%, 

3/3/2031

d

264,816

300,000

5.402%, 

8/11/2033

d

303,278

HUB

International,

Ltd.

164,000

7.250%, 

6/15/2030

c

168,921

Huntington

Bancshares,

Inc./OH

267,000

5.709%, 

2/2/2035

d

269,844

229,000

6.141%, 

11/18/2039

d

230,607

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

50,000

6.250%, 

5/15/2026

49,509

232,000

5.250%, 

5/15/2027

220,565

Intesa

Sanpaolo

SPA

71,000

4.198%, 

6/1/2032

c,d

63,702

Invitation

Homes

Operating

Partnership,

LP

282,000

2.000%, 

8/15/2031

235,974

J.P.

Morgan

Chase

&

Company

320,000

4.979%, 

7/22/2028

d

322,856

350,000

4.505%, 

10/22/2028

d

349,647

25,000

4.203%, 

7/23/2029

d

24,667

400,000

2.522%, 

4/22/2031

d

358,928

400,000

1.953%, 

2/4/2032

d

340,277

450,000

4.586%, 

4/26/2033

d

438,425

337,000

4.912%, 

7/25/2033

d

334,320

228,000

5.766%, 

4/22/2035

d

236,962

156,000

5.502%, 

1/24/2036

d

159,360

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

257

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Financials  0.8%

-

continued

$

214,000

5.534%, 

11/29/2045

d

$

211,876

Jackson

National

Life

Global

Funding

236,000

5.550%, 

7/2/2027

c

240,454

Jane

Street

Group/JSG

Finance,

Inc.

92,000

4.500%, 

11/15/2029

c

86,873

36,000

7.125%, 

4/30/2031

c

36,982

60,000

6.125%, 

11/1/2032

c

59,039

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

49,000

5.000%, 

8/15/2028

c

46,067

200,000

6.625%, 

10/15/2031

c

197,879

Jefferson

Capital

Holdings,

LLC

47,000

6.000%, 

8/15/2026

c

46,723

117,000

9.500%, 

2/15/2029

c

124,179

KeyBank

NA/Cleveland,

OH

258,000

5.000%, 

1/26/2033

251,262

Kilroy

Realty,

LP

109,000

4.250%, 

8/15/2029

103,690

93,000

6.250%, 

1/15/2036

92,206

Ladder

Capital

Finance

Holdings,

LLLP/Ladder

Capital

Finance

Corporation

58,000

4.250%, 

2/1/2027

c

56,486

155,000

4.750%, 

6/15/2029

c

147,616

Liberty

Mutual

Group,

Inc.

32,000

4.125%, 

12/15/2051

c,d

30,639

Lloyds

Banking

Group

plc

200,000

5.087%, 

11/26/2028

d

201,983

335,000

5.871%, 

3/6/2029

d

345,482

Macquarie

Airfinance

Holdings,

Ltd.

212,000

5.200%, 

3/27/2028

c

212,142

57,000

6.400%, 

3/26/2029

c

58,917

146,000

5.150%, 

3/17/2030

c

143,956

Marsh

&

McLennan

Companies,

Inc.

83,000

5.450%, 

3/15/2053

80,537

Massachusetts

Mutual

Life

Insurance

Company

475,000

3.200%, 

12/1/2061

c

286,766

Mizuho

Financial

Group,

Inc.

200,000

5.098%, 

5/13/2031

d

201,918

Molina

Healthcare,

Inc.

96,000

4.375%, 

6/15/2028

c

91,437

41,000

3.875%, 

5/15/2032

c

35,971

70,000

6.250%, 

1/15/2033

c

68,893

Morgan

Stanley

179,000

5.516%, 

11/19/2055

d

174,865

540,000

4.350%, 

9/8/2026

537,811

435,000

3.591%, 

7/22/2028

d

424,165

223,000

5.164%, 

4/20/2029

d

226,023

260,000

3.622%, 

4/1/2031

d

245,495

223,000

5.250%, 

4/21/2034

d

223,110

168,000

5.831%, 

4/19/2035

d

174,093

116,000

5.587%, 

1/18/2036

d

118,467

394,000

5.297%, 

4/20/2037

d

386,476

Morgan

Stanley

Direct

Lending

Fund

159,000

6.150%, 

5/17/2029

160,752

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

78,000

8.500%, 

2/15/2032

c

79,458

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Financials  0.8%

-

continued

Nasdaq,

Inc.

$

335,000

3.250%, 

4/28/2050

$

225,478

Nationstar

Mortgage

Holdings,

Inc.

29,000

5.500%, 

8/15/2028

c

28,763

60,000

6.500%, 

8/1/2029

c

60,828

90,000

5.125%, 

12/15/2030

c

89,769

32,000

7.125%, 

2/1/2032

c

33,240

NatWest

Group

plc

250,000

4.445%, 

5/8/2030

d

245,094

325,000

6.475%, 

6/1/2034

d

338,620

Navient

Corporation

34,000

5.000%, 

3/15/2027

33,268

37,000

5.500%, 

3/15/2029

35,014

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

37,000

4.500%, 

9/30/2028

c

34,876

New

York

Life

Global

Funding

331,000

4.550%, 

1/28/2033

c

321,052

Nomura

Holdings,

Inc.

224,000

5.783%, 

7/3/2034

229,726

Omega

Healthcare

Investors,

Inc.

416,000

3.625%, 

10/1/2029

388,975

OneMain

Finance

Corporation

217,000

3.500%, 

1/15/2027

207,980

262,000

3.875%, 

9/15/2028

242,277

63,000

6.750%, 

3/15/2032

61,833

Panther

Escrow

Issuer,

LLC

164,000

7.125%, 

6/1/2031

c

167,105

Park

Intermediate

Holdings,

LLC

161,000

4.875%, 

5/15/2029

c

150,265

PennyMac

Financial

Services,

Inc.

65,000

6.875%, 

2/15/2033

c

64,594

Pine

Street

Trust

III

100,000

6.223%, 

5/15/2054

c

102,387

PNC

Financial

Services

Group,

Inc.

107,000

6.615%, 

10/20/2027

d

110,269

PRA

Group,

Inc.

89,000

8.375%, 

2/1/2028

c

90,957

Prologis

Targeted

US

Logistics

Fund,

LP

216,000

5.250%, 

4/1/2029

c

220,396

104,000

5.250%, 

1/15/2035

c

103,631

Prologis,

LP

146,000

5.250%, 

3/15/2054

138,474

Prudential

Financial,

Inc.

428,000

5.125%, 

3/1/2052

d

407,395

Regency

Centers,

LP

299,000

4.125%, 

3/15/2028

295,624

162,000

5.250%, 

1/15/2034

162,178

Reinsurance

Group

of

America,

Inc.

231,000

5.750%, 

9/15/2034

234,967

RenaissanceRe

Holdings,

Ltd.

312,000

5.800%, 

4/1/2035

319,541

RGA

Global

Funding

105,000

5.500%, 

1/11/2031

c

107,918

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

28,000

4.750%, 

10/15/2027

27,331

57,000

4.500%, 

2/15/2029

c

53,924

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

258

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Financials  0.8%

-

continued

RLJ

Lodging

Trust,

LP

$

52,000

4.000%, 

9/15/2029

c

$

46,645

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

95,000

3.625%, 

3/1/2029

c

87,613

73,000

3.875%, 

3/1/2031

c

65,393

32,000

4.000%, 

10/15/2033

c

27,450

Ryan

Specialty,

LLC

30,000

4.375%, 

2/1/2030

c

28,544

140,000

5.875%, 

8/1/2032

c

138,276

Santander

Holdings

USA,

Inc.

111,000

6.499%, 

3/9/2029

d

114,949

296,000

5.473%, 

3/20/2029

d

297,666

93,000

6.174%, 

1/9/2030

d

95,573

Santander

UK

Group

Holdings

plc

460,000

1.673%, 

6/14/2027

d

443,138

Service

Properties

Trust

60,000

5.500%, 

12/15/2027

57,875

32,000

8.625%, 

11/15/2031

c

33,757

Simon

Property

Group,

LP

343,000

3.800%, 

7/15/2050

254,390

Sixth

Street

Lending

Partners

155,000

6.125%, 

7/15/2030

c

156,004

SLM

Corporation

49,000

6.500%, 

1/31/2030

50,279

Societe

Generale

SA

354,000

4.750%, 

11/24/2025

c

352,672

60,000

10.000%, 

11/14/2028

c,d,i

64,882

262,000

6.100%, 

4/13/2033

c,d

268,344

Standard

Chartered

plc

200,000

5.545%, 

1/21/2029

c,d

203,490

Starwood

Property

Trust,

Inc.

82,000

6.500%, 

10/15/2030

c

81,239

State

Street

Corporation

314,000

4.530%, 

2/20/2029

d

314,175

Sumitomo

Mitsui

Financial

Group,

Inc.

329,000

5.710%, 

1/13/2030

342,011

275,000

1.710%, 

1/12/2031

231,823

Synchrony

Financial

115,000

5.935%, 

8/2/2030

d

116,618

59,000

7.250%, 

2/2/2033

60,735

Synovus

Bank

250,000

5.625%, 

2/15/2028

251,186

Toronto-Dominion

Bank

293,000

5.523%, 

7/17/2028

301,247

110,000

5.146%, 

9/10/2034

d

108,941

TrueNoord

Capital

DAC

66,000

8.750%, 

3/1/2030

c

66,985

Truist

Financial

Corporation

227,000

6.047%, 

6/8/2027

d

230,779

160,000

5.125%, 

12/15/2027

d,i

156,978

266,000

5.122%, 

1/26/2034

d

261,218

137,000

5.711%, 

1/24/2035

d

139,879

U.S.

Bancorp

348,000

5.775%, 

6/12/2029

d

358,906

88,000

5.836%, 

6/12/2034

d

90,808

146,000

5.678%, 

1/23/2035

d

149,256

UBS

Group

AG

43,000

4.875%, 

2/12/2027

c,d,i

41,711

328,000

6.246%, 

9/22/2029

c,d

342,823

278,000

3.091%, 

5/14/2032

c,d

247,479

200,000

5.699%, 

2/8/2035

c,d

205,087

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Financials  0.8%

-

continued

$

200,000

5.379%, 

9/6/2045

c,d

$

191,026

UniCredit

SPA

57,000

5.861%, 

6/19/2032

c,d

57,190

United

Wholesale

Mortgage,

LLC

154,000

5.500%, 

4/15/2029

c

148,474

UnitedHealth

Group,

Inc.

224,000

5.875%, 

2/15/2053

227,193

228,000

4.750%, 

5/15/2052

197,099

Vornado

Realty,

LP

42,000

3.400%, 

6/1/2031

35,562

Wells

Fargo

&

Company

43,000

3.900%, 

3/15/2026

d,i

42,143

500,000

4.900%, 

1/24/2028

d

502,819

338,000

3.526%, 

3/24/2028

d

331,194

214,000

5.707%, 

4/22/2028

d

218,678

550,000

2.393%, 

6/2/2028

d

524,927

234,000

5.574%, 

7/25/2029

d

240,362

185,000

5.389%, 

4/24/2034

d

186,277

310,000

4.900%, 

11/17/2045

268,706

XHR,

LP

66,000

4.875%, 

6/1/2029

c

61,822

30,000

6.625%, 

5/15/2030

c

29,452

Zions

Bancorp

NA

250,000

6.816%, 

11/19/2035

d

255,059

Total

57,989,984

Foreign

Government  <0.1%

NBN

Company,

Ltd.

350,000

2.625%, 

5/5/2031

c

311,785

Saudi

Arabian

Oil

Company

200,000

5.250%, 

7/17/2034

c

201,095

Teine

Energy,

Ltd.

150,000

6.875%, 

4/15/2029

c

146,660

Total

659,540

Mortgage-Backed

Securities  2.9%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

2,946,733

2.000%, 

1/1/2052

2,377,511

2,222,697

2.000%, 

5/1/2051

1,793,350

4,263,222

2.500%, 

5/1/2051

3,595,923

1,728,178

3.500%, 

5/1/2052

1,571,750

2,831,343

4.000%, 

5/1/2052

2,663,871

1,760,551

5.000%, 

7/1/2053

1,737,691

870,910

5.500%, 

7/1/2053

877,299

2,316,734

3.500%, 

8/1/2052

2,108,357

1,774,994

5.000%, 

8/1/2053

1,760,463

2,753,875

5.500%, 

9/1/2053

2,785,370

1,792,250

3.500%, 

9/1/2047

1,646,476

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

1,197,484

2.500%, 

7/1/2030

1,151,760

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

1,671,889

3.000%, 

12/1/2036

1,564,981

1,652,100

3.000%, 

8/1/2038

1,556,439

2,579,270

3.500%, 

5/1/2040

2,430,753

2,485,436

2.500%, 

4/1/2042

2,191,404

852,619

2.000%, 

5/1/2042

728,786

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

259

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Mortgage-Backed

Securities  2.9%

-

continued

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

$

6,855,954

3.000%, 

1/1/2052

$

5,994,280

847,450

2.000%, 

2/1/2051

683,750

564,191

2.000%, 

2/1/2051

455,208

3,276,790

2.500%, 

2/1/2051

2,733,097

2,760,561

2.500%, 

2/1/2051

2,326,823

9,560,760

2.000%, 

3/1/2051

7,655,222

1,373,846

2.000%, 

3/1/2051

1,092,542

4,875,584

4.000%, 

3/1/2051

4,588,840

2,425,807

2.000%, 

3/1/2052

1,952,223

7,400,383

3.000%, 

3/1/2052

6,429,685

6,352,510

2.000%, 

4/1/2051

5,058,799

4,446,495

3.000%, 

4/1/2051

3,886,372

3,764,236

3.000%, 

5/1/2050

3,276,196

1,045,685

2.000%, 

5/1/2051

839,613

3,388,300

3.000%, 

5/1/2051

2,991,186

6,414,353

2.000%, 

6/1/2050

5,150,859

2,777,135

3.000%, 

6/1/2050

2,470,343

1,183,708

4.000%, 

6/1/2052

1,106,784

1,304,401

5.000%, 

6/1/2053

1,289,200

4,792,300

2.500%, 

7/1/2051

4,057,950

1,123,150

3.500%, 

7/1/2051

1,023,618

3,374,003

4.000%, 

7/1/2052

3,154,751

1,038,356

2.500%, 

8/1/2050

879,003

1,820,854

3.500%, 

8/1/2050

1,664,349

3,131,877

3.500%, 

8/1/2052

2,829,126

5,835,183

4.500%, 

8/1/2052

5,596,726

2,435,142

5.000%, 

8/1/2053

2,406,764

4,822,928

6.000%, 

8/1/2054

4,994,497

1,077,635

2.500%, 

9/1/2051

907,275

1,650,236

3.500%, 

9/1/2052

1,500,944

918,336

3.500%, 

9/1/2052

835,209

1,942,105

5.000%, 

9/1/2052

1,914,739

3,128,101

4.500%, 

9/1/2053

3,001,199

1,888,438

4.500%, 

9/1/2053

1,817,747

4,749,585

4.000%, 

10/1/2052

4,452,710

1,022,602

2.000%, 

11/1/2051

823,904

1,217,202

3.500%, 

11/1/2052

1,110,666

4,187,438

2.000%, 

12/1/2050

3,362,271

9,422,358

2.500%, 

12/1/2051

7,925,131

5,725,884

4.500%, 

12/1/2052

5,515,314

2,450,000

6.000%, 

4/1/2041

2,488,323

11,425,000

5.500%, 

5/1/2041

11,399,994

2,087,666

3.500%, 

12/1/2047

1,923,068

9,650,000

3.000%, 

4/1/2048

8,362,334

7,100,000

3.500%, 

5/1/2049

6,398,631

6,425,000

5.000%, 

5/1/2049

6,291,554

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

5,620,278

2.500%, 

3/1/2062

4,545,319

1,181,867

3.500%, 

7/1/2061

1,046,899

2,448,528

4.000%, 

12/1/2061

2,264,230

Total

197,017,451

Technology  0.2%

Accenture

Capital,

Inc.

227,000

4.500%, 

10/4/2034

219,342

Adobe,

Inc.

310,000

5.300%, 

1/17/2035

a

319,236

Advanced

Micro

Devices,

Inc.

225,000

4.393%, 

6/1/2052

a

191,086

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Technology  0.2%

-

continued

Amentum

Holdings,

Inc.

$

144,000

7.250%, 

8/1/2032

c

$

141,647

Analog

Devices,

Inc.

525,000

2.950%, 

10/1/2051

341,463

Apple,

Inc.

292,000

2.650%, 

2/8/2051

182,767

241,000

3.750%, 

9/12/2047

191,542

Block,

Inc.

61,000

3.500%, 

6/1/2031

53,632

255,000

6.500%, 

5/15/2032

c

257,571

Boost

Newco

Borrower,

LLC

169,000

7.500%, 

1/15/2031

c

175,918

Broadcom,

Inc.

2,000

5.050%, 

7/12/2027

2,025

121,000

3.469%, 

4/15/2034

c

106,511

452,000

3.137%, 

11/15/2035

c

374,642

500,000

3.187%, 

11/15/2036

c

410,398

250,000

4.926%, 

5/15/2037

c

240,371

Cadence

Design

Systems,

Inc.

117,000

4.700%, 

9/10/2034

114,238

Central

Parent,

Inc./CDK

Global,

Inc.

59,000

7.250%, 

6/15/2029

c

51,057

Cisco

Systems,

Inc.

103,000

5.300%, 

2/26/2054

100,823

69,000

4.950%, 

2/26/2031

70,385

Clarivate

Science

Holdings

Corporation

62,000

3.875%, 

7/1/2028

c

57,514

Cloud

Software

Group,

Inc.

357,000

6.500%, 

3/31/2029

c

347,027

CommScope,

LLC

63,000

4.750%, 

9/1/2029

c

56,010

63,000

9.500%, 

12/15/2031

c

64,890

Consensus

Cloud

Solutions,

Inc.

29,000

6.000%, 

10/15/2026

c

28,794

CoreLogic,

Inc.

35,000

4.500%, 

5/1/2028

c

32,577

Dell

International,

LLC/EMC

Corporation

229,000

4.750%, 

4/1/2028

230,047

Dell,

Inc.

196,000

6.500%, 

4/15/2038

206,802

Diebold

Nixdorf,

Inc.

151,000

7.750%, 

3/31/2030

c

156,521

Fiserv,

Inc.

220,000

2.650%, 

6/1/2030

198,052

215,000

5.350%, 

3/15/2031

220,466

195,000

5.600%, 

3/2/2033

200,378

230,000

5.150%, 

8/12/2034

228,125

Foundry

JV

Holdco,

LLC

251,000

5.900%, 

1/25/2030

c

259,981

200,000

5.900%, 

1/25/2033

c

203,516

Gen

Digital,

Inc.

5,000

6.750%, 

9/30/2027

c

5,061

70,000

7.125%, 

9/30/2030

c

71,450

31,000

6.250%, 

4/1/2033

c

30,859

Global

Payments,

Inc.

216,000

5.950%, 

8/15/2052

208,997

337,000

5.300%, 

8/15/2029

342,170

Hewlett

Packard

Enterprise

Company

313,000

4.400%, 

9/25/2027

312,049

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

260

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Technology  0.2%

-

continued

$

187,000

4.850%, 

10/15/2031

$

185,067

II-VI,

Inc.

58,000

5.000%, 

12/15/2029

c

55,330

Intel

Corporation

391,000

4.900%, 

7/29/2045

328,444

Iron

Mountain,

Inc.

296,000

4.875%, 

9/15/2029

c

282,536

160,000

5.250%, 

7/15/2030

c

153,413

182,000

4.500%, 

2/15/2031

c

166,837

KLA

Corporation

338,000

3.300%, 

3/1/2050

234,597

Marvell

Technology,

Inc.

54,000

5.950%, 

9/15/2033

56,326

Mastercard,

Inc.

265,000

3.950%, 

2/26/2048

216,257

Microchip

Technology,

Inc.

47,000

5.050%, 

3/15/2029

47,318

Microsoft

Corporation

48,000

2.500%, 

9/15/2050

29,819

NCR

Atleos

Corporation

47,000

9.500%, 

4/1/2029

c

50,962

NCR

Voyix

Corporation

85,000

5.000%, 

10/1/2028

c

81,789

53,000

5.125%, 

4/15/2029

c

50,478

Neptune

Bidco

US,

Inc.

225,000

9.290%, 

4/15/2029

c

195,221

NXP

BV/NXP

Funding,

LLC

150,000

5.550%, 

12/1/2028

153,628

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

106,000

4.300%, 

6/18/2029

103,860

250,000

3.250%, 

5/11/2041

183,264

Open

Text

Corporation

102,000

3.875%, 

12/1/2029

c

92,785

Open

Text

Holdings,

Inc.

220,000

4.125%, 

2/15/2030

c

200,630

Oracle

Corporation

224,000

6.900%, 

11/9/2052

246,930

274,000

4.800%, 

8/3/2028

276,212

198,000

5.250%, 

2/3/2032

200,553

103,000

4.700%, 

9/27/2034

98,360

450,000

3.850%, 

7/15/2036

390,008

624,000

4.000%, 

7/15/2046

477,211

PayPal

Holdings,

Inc.

191,000

5.500%, 

6/1/2054

184,571

Pitney

Bowes,

Inc.

29,000

6.875%, 

3/15/2027

c

28,964

RingCentral,

Inc.

160,000

8.500%, 

8/15/2030

c

168,187

Rocket

Software,

Inc.

70,000

9.000%, 

11/28/2028

c

72,185

Roper

Technologies,

Inc.

273,000

1.750%, 

2/15/2031

229,436

Seagate

HDD

Cayman

114,560

9.625%, 

12/1/2032

128,846

Sensata

Technologies

BV

140,000

4.000%, 

4/15/2029

c

128,675

Sensata

Technologies,

Inc.

62,000

4.375%, 

2/15/2030

c

57,274

33,000

3.750%, 

2/15/2031

c

28,814

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

60,000

4.625%, 

11/1/2026

c

58,930

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Technology  0.2%

-

continued

$

15,000

6.750%, 

8/15/2032

c

$

15,119

SS&C

Technologies,

Inc.

106,000

5.500%, 

9/30/2027

c

105,198

30,000

6.500%, 

6/1/2032

c

30,324

Synopsys,

Inc.

196,000

5.700%, 

4/1/2055

194,611

Texas

Instruments,

Inc.

224,000

5.050%, 

5/18/2063

205,288

UKG,

Inc.

59,000

6.875%, 

2/1/2031

c

59,852

Verisk

Analytics,

Inc.

117,000

5.250%, 

3/15/2035

116,853

Viavi

Solutions,

Inc.

128,000

3.750%, 

10/1/2029

c

117,050

VMware,

LLC

300,000

2.200%, 

8/15/2031

254,992

Xerox

Holdings

Corporation

15,000

5.000%, 

8/15/2025

c

14,832

226,000

5.500%, 

8/15/2028

c

158,685

Total

13,922,461

Transportation  <0.1%

Air

Canada

59,000

3.875%, 

8/15/2026

c

57,695

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

158,333

5.500%, 

4/20/2026

c

157,900

165,446

5.750%, 

4/20/2029

c

161,886

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

76,000

5.375%, 

3/1/2029

c

68,543

Burlington

Northern

Santa

Fe,

LLC

309,000

2.875%, 

6/15/2052

194,142

240,000

4.450%, 

3/15/2043

211,121

Canadian

Pacific

Railway

Company

225,000

4.700%, 

5/1/2048

197,476

CSX

Corporation

360,000

3.800%, 

4/15/2050

274,853

DCLI

Bidco,

LLC

54,000

7.750%, 

11/15/2029

c

55,581

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

456,000

4.750%, 

10/20/2028

c

454,105

ERAC

USA

Finance,

LLC

224,000

5.400%, 

5/1/2053

c

216,287

JetBlue

Airways

Corporation/

JetBlue

Loyalty,

LP

108,000

9.875%, 

9/20/2031

c

106,606

Mileage

Plus

Holdings,

LLC

253,800

6.500%, 

6/20/2027

c

254,894

OneSky

Flight,

LLC

148,000

8.875%, 

12/15/2029

c

149,581

Rand

Parent,

LLC

152,000

8.500%, 

2/15/2030

a,c

150,481

RXO,

Inc.

58,000

7.500%, 

11/15/2027

c

59,640

Star

Leasing

Company,

LLC

61,000

7.625%, 

2/15/2030

c

58,627

Stena

International

SA

94,000

7.250%, 

1/15/2031

c

93,956

Stonepeak

Nile

Parent,

LLC

47,000

7.250%, 

3/15/2032

c

47,907

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

261

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Transportation  <0.1%

-

continued

Union

Pacific

Corporation

$

449,000

2.973%, 

9/16/2062

$

262,102

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

36,000

7.875%, 

5/1/2027

c

35,353

68,000

6.375%, 

2/1/2030

a,c

59,570

Total

3,328,306

U.S.

Government

&

Agencies  3.0%

U.S.

Treasury

Bonds

1,500,000

2.875%, 

5/15/2052

1,089,082

723,000

3.625%, 

5/15/2053

609,015

680,000

1.625%, 

11/15/2050

370,148

4,000,000

4.750%, 

11/15/2053

4,088,594

5,830,000

5.250%, 

11/15/2028

6,089,845

2,050,000

4.375%, 

5/15/2040

2,034,705

7,430,000

1.375%, 

11/15/2040

4,828,339

11,465,000

3.000%, 

5/15/2042

9,337,257

2,500,000

3.250%, 

5/15/2042

2,112,402

25,124,000

2.500%, 

5/15/2046

17,804,672

16,725,000

2.875%, 

5/15/2049

12,327,501

U.S.

Treasury

Notes

16,300,000

2.875%, 

5/31/2025

16,258,826

2,500,000

4.250%, 

12/31/2025

2,502,070

12,650,000

2.625%, 

1/31/2026

12,498,546

2,500,000

0.500%, 

2/28/2026

2,419,805

25,060,000

2.500%, 

2/28/2026

24,701,916

100,000

4.625%, 

2/28/2026

100,442

10,500,000

3.500%, 

9/30/2026

10,430,274

20,005,000

2.250%, 

11/15/2027

19,190,734

10,550,000

3.875%, 

12/31/2027

10,547,527

300,000

0.750%, 

1/31/2028

274,981

3,200,000

3.625%, 

3/31/2028

3,176,750

18,050,000

2.875%, 

5/15/2028

17,509,205

2,500,000

3.750%, 

12/31/2028

2,485,254

10,600,000

3.500%, 

9/30/2029

10,407,461

160,000

1.375%, 

11/15/2031

135,125

4,400,000

4.125%, 

11/15/2032

4,406,531

1,400,000

3.500%, 

2/15/2033

1,341,047

7,900,000

4.500%, 

11/15/2033

8,088,859

Total

207,166,913

Utilities  0.2%

AES

Corporation

450,000

3.950%, 

7/15/2030

c

422,021

Algonquin

Power

&

Utilities

Corporation

161,000

4.750%, 

1/18/2082

d

153,352

Alpha

Generation,

LLC

52,000

6.750%, 

10/15/2032

c

52,034

American

Water

Capital

Corporation

210,000

5.450%, 

3/1/2054

202,411

Berkshire

Hathaway

Energy

Company

375,000

4.500%, 

2/1/2045

324,347

Calpine

Corporation

125,000

4.500%, 

2/15/2028

c

121,181

CenterPoint

Energy,

Inc.

126,000

4.250%, 

11/1/2028

123,837

Commonwealth

Edison

Company

355,000

3.700%, 

3/1/2045

273,484

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Utilities  0.2%

-

continued

Consolidated

Edison

Company

of

New

York,

Inc.

$

168,000

4.500%, 

12/1/2045

$

144,519

450,000

4.125%, 

5/15/2049

355,126

Constellation

Energy

Generation,

LLC

108,000

6.125%, 

1/15/2034

113,806

Consumers

Energy

Company

367,000

4.350%, 

4/15/2049

310,827

Dominion

Energy,

Inc.

29,000

6.875%, 

2/1/2055

d

30,025

29,000

7.000%, 

6/1/2054

d

30,481

DTE

Electric

Company

265,000

3.700%, 

3/15/2045

206,257

145,000

3.700%, 

6/1/2046

111,753

Duke

Energy

Carolinas,

LLC

340,000

3.700%, 

12/1/2047

254,926

Duke

Energy

Corporation

41,000

6.450%, 

9/1/2054

d

40,931

326,000

5.450%, 

6/15/2034

a

330,427

Duke

Energy

Indiana,

LLC

295,000

3.750%, 

5/15/2046

224,014

Edison

International

50,000

7.875%, 

6/15/2054

d

48,122

Enel

Finance

International

NV

220,000

5.125%, 

6/26/2029

c

222,347

Entergy

Louisiana,

LLC

60,000

5.800%, 

3/15/2055

59,710

Eversource

Energy

281,000

4.750%, 

5/15/2026

281,127

Exelon

Corporation

275,000

4.700%, 

4/15/2050

230,714

336,000

4.450%, 

4/15/2046

278,136

FirstEnergy

Corporation

281,000

4.850%, 

7/15/2047

240,296

Georgia

Power

Company

190,000

4.950%, 

5/17/2033

188,689

102,000

5.250%, 

3/15/2034

102,916

ITC

Holdings

Corporation

224,000

5.300%, 

7/1/2043

209,754

Jersey

Central

Power

&

Light

Company

200,000

2.750%, 

3/1/2032

c

172,851

Lightning

Power,

LLC

171,000

7.250%, 

8/15/2032

c

176,058

Long

Ridge

Energy,

LLC

93,000

8.750%, 

2/15/2032

c

89,841

MidAmerican

Energy

Company

253,000

5.850%, 

9/15/2054

259,905

National

Rural

Utilities

Cooperative

Finance

Corporation

138,000

3.700%, 

3/15/2029

134,178

NextEra

Energy

Capital

Holdings,

Inc.

219,000

5.900%, 

3/15/2055

218,686

116,000

5.300%, 

3/15/2032

117,887

NiSource,

Inc.

29,000

6.375%, 

3/31/2055

d

28,656

415,000

5.650%, 

2/1/2045

404,017

NRG

Energy,

Inc.

50,000

3.375%, 

2/15/2029

c

45,908

80,000

5.250%, 

6/15/2029

c

77,963

48,000

6.000%, 

2/1/2033

c

46,696

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

262

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Utilities  0.2%

-

continued

$

48,000

6.250%, 

11/1/2034

c

$

47,252

Pacific

Gas

and

Electric

Company

250,000

3.300%, 

12/1/2027

239,853

213,000

5.550%, 

5/15/2029

215,907

199,000

4.550%, 

7/1/2030

192,625

215,000

6.950%, 

3/15/2034

232,974

102,000

5.800%, 

5/15/2034

102,995

PG&E

Corporation

67,000

7.375%, 

3/15/2055

d

65,851

92,000

5.000%, 

7/1/2028

89,499

PPL

Capital

Funding,

Inc.

225,000

5.250%, 

9/1/2034

223,886

PPL

Electric

Utilities

Corporation

204,000

3.950%, 

6/1/2047

163,338

Public

Service

Company

of

Colorado

267,000

4.500%, 

6/1/2052

222,881

Public

Service

Enterprise

Group,

Inc.

321,000

4.900%, 

3/15/2030

322,518

San

Diego

Gas

&

Electric

Company

500,000

4.150%, 

5/15/2048

392,869

Southern

California

Edison

Company

87,000

5.450%, 

3/1/2035

86,145

Southern

Company

274,000

5.113%, 

8/1/2027

276,967

312,000

4.850%, 

3/15/2035

301,963

Southern

Company

Gas

Capital

Corporation

140,000

4.400%, 

5/30/2047

114,382

Southwestern

Electric

Power

Company

180,000

3.900%, 

4/1/2045

137,775

Talen

Energy

Supply,

LLC

116,000

8.625%, 

6/1/2030

c

123,041

TerraForm

Power

Operating,

LLC

235,000

5.000%, 

1/31/2028

c

227,442

Virginia

Electric

and

Power

Company

77,000

5.350%, 

1/15/2054

72,414

284,000

4.600%, 

12/1/2048

242,795

Vistra

Corporation

57,000

8.000%, 

10/15/2026

c,d,i

58,492

143,000

7.000%, 

12/15/2026

c,d,i

144,801

Vistra

Operations

Company,

LLC

294,000

5.000%, 

7/31/2027

c

289,458

Xcel

Energy,

Inc.

163,000

4.600%, 

6/1/2032

157,137

118,000

5.600%, 

4/15/2035

118,467

XPLR

Infrastructure

Operating

Partners,

LP

198,000

3.875%, 

10/15/2026

a,c

190,447

19,000

8.375%, 

1/15/2031

a,c

18,684

19,000

8.625%, 

3/15/2033

a,c

18,485

Total

12,551,559

Total

Long-Term

Fixed

Income

(cost

$671,698,756)

635,692,003

Shares

Private

Equity

Funds

1.1%

Value

Secondary  1.1%

1

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP

*,b,k

$

12,337,109

1

ASF

IX,

LP

*,b,k

7,671,109

1

ASF

VIII

Sidecar

(Cayman),

LP

*,b,k

3,737,071

1

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF

*,b,k

7,158,418

1

LCP

X

(Offshore),

LP

*,b,k

31,324,750

1

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP

*,b,k

11,924,801

Total

74,153,258

Total

Private

Equity

Funds

(cost

$61,037,746)

74,153,258

Shares

Collateral

Held

for

Securities

Loaned

0.1%

Value

5,572,580

Thrivent

Cash

Management

Trust

5,572,580

Total

Collateral

Held

for

Securities

Loaned

(cost

$5,572,580)

5,572,580

Shares

or

Principal

Amount

Short-Term

Investments

14.7%

Value

Federal

Home

Loan

Bank

Discount

Notes

2,200,000

4.240%,

4/2/2025

l,m

2,199,484

900,000

4.235%,

4/16/2025

l,m

898,312

5,000,000

4.232%,

4/23/2025

l,m

4,986,520

700,000

4.215%,

5/2/2025

l,m

697,418

100,000

4.220%,

5/16/2025

l,m

99,470

3,900,000

4.199%,

5/23/2025

l,m

3,876,172

8,600,000

4.196%,

5/28/2025

l,m

8,542,499

4,000,000

4.203%,

6/6/2025

l,m

3,968,882

400,000

4.190%,

6/13/2025

l,m

396,563

100,000

4.185%,

6/25/2025

l,m

99,001

100,000

4.180%,

7/11/2025

l,m

98,840

Federal

National

Mortgage

Association

Discount

Notes

7,200,000

4.225%,

4/7/2025

l,m

7,194,092

800,000

4.195%,

4/9/2025

l,m

799,156

300,000

4.195%,

4/10/2025

l,m

299,648

1,500,000

4.210%,

4/11/2025

l,m

1,498,066

500,000

4.175%,

4/24/2025

l,m

498,593

19,300,000

4.215%,

5/5/2025

l,m

19,222,130

State

Street

Institutional

U.S.

Government

Money

Market

Fund

237,388,092

4.293%

l

237,388,092

Thrivent

Core

Short-Term

Reserve

Fund

70,354,057

4.600%

703,540,572

U.S.

Treasury

Bills

15,000,000

4.213%,

4/24/2025

l

14,959,419

900,000

4.220%,

5/8/2025

l

896,083

100,000

4.197%,

6/12/2025

l,n

99,162

Total

Short-Term

Investments

(cost

$1,012,198,652)

1,012,258,174

Total

Investments

(cost

$5,664,952,161)

100.4%

$6,889,535,484

Other

Assets

and

Liabilities,

Net

(0.4%)

(29,103,307)

Total

Net

Assets

100.0%

$6,860,432,177

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

263

a

All

or

a

portion

of

the

security

is

on

loan.

b

Non-income

producing

security.

c

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2025,

the

value

of

these

investments

was

$107,829,522

or

1.6%

of

total

net

assets.

d

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

e

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

March

31,

2025.

f

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

g

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

h

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

March

31,

2025.

i

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

j

Defaulted

security.  Interest

is

not

being

accrued.

k

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

l

The

interest

rate

shown

reflects

the

yield.

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

March

31,

2025,

$99,162

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

Aggressive

Allocation

Portfolio

as

of

March

31,

2025

was

$74,179,508

or

1.08%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

March

31,

2025.

Security

Acquisition

Date

Cost

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP 

6/28/2024

$

9,852,496

ASF

IX,

LP 

3/18/2024

6,642,909

ASF

VIII

Sidecar

(Cayman),

LP 

6/28/2024

3,264,381

Credit

Suisse

Group

AG 

9/5/2018

350,000

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF 

2/15/2024

5,400,000

LCP

X

(Offshore),

LP 

10/25/2023

25,504,379

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP 

6/28/2024

10,373,581

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Moderately

Aggressive

Allocation

Portfolio

as

of

March

31,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

3,232,862

Common

Stock

2,074,998

Total

lending

$5,307,860

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$5,572,580

Net

amounts

due

to

counterparty

$264,720

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

264

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Moderately

Aggressive

Allocation

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Registered

Investment

Companies

U.S.

Affiliated

2,827,298,846

2,827,298,846

–

–

U.S.

Unaffiliated

32,517,424

32,517,424

–

–

Common

Stock

Communications

Services

161,239,327

161,239,327

–

–

Consumer

Discretionary

262,569,087

262,281,745

287,342

–

Consumer

Staples

56,431,790

56,431,790

–

–

Energy

43,292,972

43,292,972

–

–

Financials

252,190,856

252,190,856

–

–

Health

Care

224,808,089

224,808,089

–

–

Industrials

218,550,570

217,564,927

985,643

–

Information

Technology

547,563,502

546,946,737

616,765

–

Materials

50,179,078

49,712,730

466,348

–

Real

Estate

56,375,698

56,375,698

–

–

Utilities

31,612,164

31,612,164

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

13,583,994

–

13,583,994

–

Basic

Materials

5,914,202

–

5,914,202

–

Capital

Goods

11,007,367

–

11,007,367

–

Collateralized

Mortgage

Obligations

28,431,360

–

28,431,360

–

Commercial

Mortgage-Backed

Securities

11,509,464

–

11,509,464

–

Communications

Services

17,729,213

–

17,729,213

–

Consumer

Cyclical

19,817,777

–

19,817,777

–

Consumer

Non-Cyclical

20,632,969

–

20,632,969

–

Energy

14,429,443

–

14,429,443

–

Financials

57,989,984

–

57,989,984

–

Foreign

Government

659,540

–

659,540

–

Mortgage-Backed

Securities

197,017,451

–

197,017,451

–

Technology

13,922,461

–

13,922,461

–

Transportation

3,328,306

–

3,328,306

–

U.S.

Government

&

Agencies

207,166,913

–

207,166,913

–

Utilities

12,551,559

–

12,551,559

–

Private

Equity

Funds

Secondary

74,153,258

–

–

74,153,258

Short-Term

Investments

308,717,602

237,388,092

71,329,510

–

Subtotal

Investments

in

Securities

$5,783,192,266

$4,999,661,397

$709,377,611

$74,153,258

Other

Investments  *

Total

Affiliated

Short-Term

Investments

703,540,572

U.S.

Affiliated

Registered

Investment

Cos.

397,230,066

Collateral

Held

for

Securities

Loaned

5,572,580

Subtotal

Other

Investments

$1,106,343,218

Total

Investments

at

Value

$6,889,535,484

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Moderately

Aggressive

Allocation

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

20,836,671

19,061,191

1,775,480

–

Total

Return

Swaps

108,751

–

108,751

–

Total

Asset

Derivatives

$20,945,422

$19,061,191

$1,884,231

$–

Liability

Derivatives

Futures

Contracts

3,809,674

3,809,674

–

–

Total

Liability

Derivatives

$3,809,674

$3,809,674

$–

$–

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

265

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

The

following

table

is

a

reconciliation

of

assets

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

for

Moderately

Aggressive

Allocation

Portfolio as

discussed

in

the

Notes

to

Schedule

of

Investments.

*

Change

in

net

unrealized

appreciation/(depreciation)

on

investments. 

   %

Net

realized

gains/(losses)

on

investments.  

 #

Transferred

from

Level

2

to

Level

3

because

of

a

lack

of

observable

market

data,

resulting

from

a

decrease

in

market

activity

for

the

securities.

   @

Transferred

from

level

3

to

Level

2

because

observable

market

data

became

available

for

the

securities.

**

The

reporting

entity's Private

Equity

Funds

-

Secondary Level

3

securities

are fair

valued using

the

adjusted

reported

Net

Asset

Value

(NAV)

of

the

investment,

adjusted

for

subsequent

investment

activity

and

market

movement

using

inputs

determined

by

the policies

and

procedures

of

the

reporting

entity. 

Inputs

used

in

valuation

include index

returns

that

are

adjusted based

on

a

regression

analysis

of

similar

types

of

assets

over

time. 

Significant

changes

in

the

inputs

in

isolation

could result

in

a

significantly

lower

or

higher

fair

value

measurement.

Investments

in

Securities 

Beginning

Value

12/31/2024

Realized

Gain/

(Loss)^ 

Change

in

Unrealized

Appreciation/

(Depreciation)

* 

Purchases 

Sales 

Transfers

Into

Level

3 #

Transfers

Out

of

Level

3 @

Ending

Value 

3/31/2025

Private

Equity

Funds

 Secondary

$65,841,314

$- 

$1,291,854

$11,952,369

($4,932,279) 

$-

$- 

$74,153,258

Total 

$65,841,314

$-  

$1,291,854

$11,952,369

($4,932,279) 

$-

$-

$74,153,258

 Investments

in

Securities

Ending

Value  3/31/2025

Valuation

Technique(s)

Unobservable 

Input(s)

Range

of Inputs

Private

Equity

Funds

   Secondary

$74,153,258  

Adjusted

reported

investment

of

net

asset

value  

Fair

Value

adjustment

**

N/A

Total 

$74,153,258 

The

following

table

presents

Moderately

Aggressive

Allocation

Portfolio's

futures

contracts

held

as

of

March

31,

2025.

Investments

and/or

cash

totaling

$54,375,609

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

369

June

2025

$

40,553,546

$

486,172

CBOT

2-Yr.

U.S.

Treasury

Note

691

June

2025

142,569,145

586,624

CBOT

5-Yr.

U.S.

Treasury

Note

753

June

2025

80,637,686

803,971

CBOT

U.S.

Long

Bond

193

June

2025

22,411,166

224,116

CME

E-mini

Russell

2000

Index

24

June

2025

2,417,562

14,958

CME

E-mini

S&P

500

Index

4,175

June

2025

1,164,782,005

15,333,932

CME

E-mini

S&P

Mid-Cap

400

Index

2

June

2025

576,535

11,185

CME

Ultra

Long

Term

U.S.

Treasury

Bond

207

June

2025

25,149,477

156,273

Ultra

10-Yr.

U.S.

Treasury

Note

231

June

2025

26,056,624

306,251

Total

Futures

Long

Contracts

$

1,505,153,746

$

17,923,482

CBOT

U.S.

Long

Bond

(8)

June

2025

(

$

928,915)

(

$

9,335)

CME

E-mini

Russell

2000

Index

(1,692)

June

2025

(

170,282,642)

(

1,210,018)

CME

E-mini

S&P

Mid-Cap

400

Index

(1,196)

June

2025

(

348,870,082)

(

2,586,478)

CME

Euro

Foreign

Exchange

Currency

(588)

June

2025

(

80,661,593)

825,893

CME

Ultra

Long

Term

U.S.

Treasury

Bond

(5)

June

2025

(

607,407)

(

3,843)

Eurex

Euro

STOXX

50

Index

(1,344)

June

2025

(

77,534,522)

1,775,480

ICE

US

mini

MSCI

Emerging

Markets

Index

(319)

June

2025

(

18,029,076)

311,816

Total

Futures

Short

Contracts

(

$

696,914,237)

($896,485)

Total

Futures

Contracts

$

808,239,509

$17,026,997

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

266

Reference

Description:

EFFR

-

Effective

Federal

Funds

Rate

S&P

-

Standard

&

Poor's

The

following

table

presents

Moderately

Aggressive

Allocation

Portfolio's

total

return

swap

contracts

held

as

of

March

31,

2025.

Total

Return

Swaps                

Reference

Entity

Fund

Pays

#

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

MidCap

400

Total

Return

Index

Swap

Total

Return

EFFR

1

day

+

45bps

Goldman

Sachs

&

Co.

LLC

8/6/2025

$

20,198,243

$

108,751

$

–

$

108,751

Total

Return

Swaps

$

108,751

$

–

$108,751

#

Payment

made

on

Termination

Date

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

267

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,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Moderately

Aggressive

Allocation

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$51,386

$749

$1,142

$51,311

6,265

0.7%

Core

Emerging

Markets

Equity

128,762

–

–

132,786

13,875

1.9

Core

International

Equity

52,512

–

10

56,304

5,137

0.8

Core

Low

Volatility

Equity

5,753

–

–

6,172

517

0.1

Core

Mid

Cap

Value

90,954

–

–

87,645

8,484

1.3

Core

Small

Cap

Value

68,864

–

–

63,013

6,430

0.9

Global

Stock

609,566

–

–

604,037

40,535

8.8

High

Yield

38,508

610

411

38,479

9,254

0.6

Income

110,824

1,236

3,684

109,759

12,393

1.6

International

Allocation

513,273

–

–

545,001

53,542

8.0

International

Index

49,182

–

–

53,058

3,676

0.8

Large

Cap

Value

822,263

–

–

838,560

34,592

12.2

Limited

Maturity

Bond

64,093

640

1,828

63,330

6,440

0.9

Mid

Cap

Stock

416,337

–

10

400,934

19,517

5.9

Small

Cap

Stock

193,535

–

–

174,141

9,842

2.5

Total

U.S.

Affiliated

Registered

Investment

Companies

3,215,812

3,224,530

47.0

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

1,033,703

113,315

443,477

703,541

70,354

10.2

Total

Affiliated

Short-Term

Investments

1,033,703

703,541

10.2

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

4,600

102,118

101,145

5,573

5,573

0.1

Total

Collateral

Held

for

Securities

Loaned

4,600

5,573

0.1

Total

Value

$4,254,115

$3,933,644

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($240)

$558

$

–

$749

Core

Emerging

Markets

Equity

–

4,024

–

–

Core

International

Equity

0

3,802

–

–

Core

Low

Volatility

Equity

–

419

–

–

Core

Mid

Cap

Value

Fund

–

(3,309)

–

–

Core

Small

Cap

Value

Fund

–

(5,851)

–

–

Global

Stock

–

(5,529)

–

–

High

Yield

(53)

(175)

–

610

Income

(474)

1,857

–

1,237

International

Allocation

–

31,728

–

–

International

Index

–

3,876

–

–

Large

Cap

Value

–

16,297

–

–

Limited

Maturity

Bond

0

425

–

640

Mid

Cap

Stock

2

(15,395)

–

–

Small

Cap

Stock

–

(19,394)

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

5

(5)

–

8,885

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$12,121

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

5

Total

Affiliated

Income

from

Securities

Loaned,

Net

$5

Total

Value

($760)

$13,328

$

–

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

268

Principal

Amount

Long-Term

Fixed

Income

37.4%

Value

Asset-Backed

Securities  0.8%

Access

Group,

Inc.

$

92,893

4.954%, 

(SOFR30A

+

0.614%),

2/25/2036,

Ser.

2013-1,

Class

A

a,b

$

92,566

ALLO

Issuer,

LLC

1,925,000

5.528%, 

4/20/2055,

Ser.

2025-1A,

Class

A2

a

1,935,076

Balboa

Bay

Loan

Funding,

Ltd.

1,300,000

6.566%, 

(TSFR3M

+

2.250%),

1/20/2035,

Ser.

2021-2A,

Class

CR

a,b

1,300,000

CarVal

CLO

I,

Ltd.

1,250,000

6.158%, 

(TSFR3M

+

1.850%),

7/16/2031,

Ser.

2018-1A,

Class

BR

a,b

1,250,609

CMFT

Net

Lease

Master

Issuer,

LLC

1,316,844

2.090%, 

7/20/2051,

Ser.

2021-1,

Class

A1

a

1,192,637

Commonbond

Student

Loan

Trust

102,951

4.935%, 

(TSFR1M

+

0.614%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

a,b

101,622

Foundation

Finance

Trust

558,445

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

a

522,689

Goodgreen

1,197,883

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

a

1,098,079

Hertz

Vehicle

Financing

III,

LLC

1,000,000

5.450%, 

9/25/2029,

Ser.

2025-1A,

Class

B

a

1,005,436

Hotwire

Funding,

LLC

1,750,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

a

1,781,135

HTAP

1,433,322

7.000%, 

4/25/2037,

Ser.

2024-1,

Class

A

a

1,425,328

HTAP

Issuer

Trust

1,320,800

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

a

1,304,332

Laurel

Road

Prime

Student

Loan

Trust

554,206

5.950%, 

11/25/2043,

Ser.

2018-D,

Class

A

a,b

524,438

MFA

Trust

1,208,736

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

c

1,210,405

National

Collegiate

Trust

375,354

5.255%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

a,b

367,331

Oak

Street

Investment

1,651,191

1.850%, 

11/20/2050,

Ser.

2020-1A,

Class

A1

a

1,600,452

Palmer

Square

Loan

Funding,

Ltd.

1,000,000

5.921%, 

(TSFR3M

+

1.600%),

2/15/2033,

Ser.

2025-1A,

Class

B

a,b

999,289

Pretium

Mortgage

Credit

Partners,

LLC

2,351,355

5.835%, 

3/25/2055,

Ser.

2025-NPL2,

Class

A1

a,c

2,352,400

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Asset-Backed

Securities  0.8%

-

continued

Renaissance

Home

Equity

Loan

Trust

$

2,167,539

5.580%, 

11/25/2036,

Ser.

2006-3,

Class

AF2

c

$

707,860

Saxon

Asset

Securities

Trust

860,035

3.654%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

758,242

Sunnova

Hestia

II

Issuer,

LLC

1,228,763

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

a,d

1,234,111

Unlock

HEA

Trust

1,250,136

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

a

1,241,743

1,507,177

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

a

1,476,404

Vericrest

Opportunity

Loan

Transferee

187,414

5.893%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A1

a

187,348

203,122

6.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

a

203,181

949,461

8.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

a

948,221

840,057

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

a,c

823,933

Wind

River

CLO,

Ltd.

1,275,000

6.555%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

a,b

1,275,414

Total

28,920,281

Basic

Materials  0.4%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

216,000

8.625%, 

6/15/2029

a

226,343

Alumina,

Pty.

Ltd.

200,000

6.125%, 

3/15/2030

a

199,492

ATI,

Inc.

272,000

7.250%, 

8/15/2030

280,361

Avient

Corporation

220,000

6.250%, 

11/1/2031

a

217,930

Axalta

Coating

Systems

Dutch

Holding

B

BV

182,000

7.250%, 

2/15/2031

a

187,703

Cascades,

Inc./Cascades

USA,

Inc.

316,000

5.125%, 

1/15/2026

a

313,119

Celanese

US

Holdings,

LLC

59,000

6.600%, 

11/15/2028

60,857

98,000

6.500%, 

4/15/2030

97,293

83,000

6.629%, 

7/15/2032

85,239

33,000

6.750%, 

4/15/2033

32,034

Cerdia

Finanz

GmbH

250,000

9.375%, 

10/3/2031

a

255,778

Chemours

Company

350,000

5.750%, 

11/15/2028

a

322,819

Chevron

Phillips

Chemical

Company,

LLC

577,000

4.750%, 

5/15/2030

a

576,087

Cleveland-Cliffs,

Inc.

142,000

5.875%, 

6/1/2027

141,005

230,000

4.625%, 

3/1/2029

a

213,731

170,000

6.875%, 

11/1/2029

a

166,355

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

269

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Basic

Materials  0.4%

-

continued

$

277,000

4.875%, 

3/1/2031

a

$

241,010

100,000

7.375%, 

5/1/2033

a

95,954

129,000

6.250%, 

10/1/2040

105,197

Consolidated

Energy

Finance

SA

485,000

5.625%, 

10/15/2028

a

417,100

Eastman

Chemical

Company

430,000

5.000%, 

8/1/2029

432,242

First

Quantum

Minerals,

Ltd.

76,000

6.875%, 

10/15/2027

a

75,940

FMC

Corporation

519,000

5.150%, 

5/18/2026

520,326

FMG

Resources

August

2006,

Pty.

Ltd.

79,000

4.500%, 

9/15/2027

a

76,614

129,000

5.875%, 

4/15/2030

a

127,391

132,000

6.125%, 

4/15/2032

a

130,186

Glencore

Funding,

LLC

765,000

4.000%, 

3/27/2027

a

754,557

654,000

4.907%, 

4/1/2028

a

656,671

Hecla

Mining

Company

175,000

7.250%, 

2/15/2028

176,651

Hudbay

Minerals,

Inc.

216,000

4.500%, 

4/1/2026

a

212,760

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

155,000

9.000%, 

7/1/2028

a

154,064

INEOS

Finance

plc

389,000

7.500%, 

4/15/2029

a

387,109

International

Flavors

&

Fragrances,

Inc.

560,000

1.230%, 

10/1/2025

a

549,714

Magnera

Corporation

320,000

7.250%, 

11/15/2031

a

311,235

Mercer

International,

Inc.

157,000

5.125%, 

2/1/2029

134,547

Methanex

Corporation

195,000

5.125%, 

10/15/2027

191,187

129,000

5.250%, 

12/15/2029

e

123,895

Methanex

US

Operations,

Inc.

133,000

6.250%, 

3/15/2032

a

129,547

Mineral

Resources,

Ltd.

211,000

9.250%, 

10/1/2028

a

210,977

87,000

8.500%, 

5/1/2030

a

84,146

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

183,000

5.350%, 

3/15/2034

184,686

Novelis

Corporation

58,000

3.250%, 

11/15/2026

a

56,071

135,000

4.750%, 

1/30/2030

a

125,875

160,000

3.875%, 

8/15/2031

a

139,105

Olin

Corporation

89,000

6.625%, 

4/1/2033

a

86,473

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

274,000

5.375%, 

11/1/2026

a

269,508

Sherwin-Williams

Company

331,000

4.800%, 

9/1/2031

330,169

Smurfit

Kappa

Treasury,

ULC

500,000

5.777%, 

4/3/2054

a

493,085

SNF

Group

SACA

302,000

3.375%, 

3/15/2030

a

266,686

Steel

Dynamics,

Inc.

205,000

5.250%, 

5/15/2035

203,044

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Basic

Materials  0.4%

-

continued

SunCoke

Energy,

Inc.

$

438,000

4.875%, 

6/30/2029

a

$

401,969

Taseko

Mines,

Ltd.

269,000

8.250%, 

5/1/2030

a

274,641

Tronox,

Inc.

135,000

4.625%, 

3/15/2029

a

115,456

WR

Grace

Holdings,

LLC

99,000

4.875%, 

6/15/2027

a

95,615

Total

12,717,549

Capital

Goods  0.6%

Advanced

Drainage

Systems,

Inc.

264,000

6.375%, 

6/15/2030

a

265,149

AECOM

136,000

5.125%, 

3/15/2027

134,936

Amsted

Industries,

Inc.

280,000

6.375%, 

3/15/2033

a

278,515

Axon

Enterprise,

Inc.

49,000

6.125%, 

3/15/2030

a

49,452

49,000

6.250%, 

3/15/2033

a

49,504

BAE

Systems

plc

400,000

5.250%, 

3/26/2031

a

407,890

Ball

Corporation

159,000

3.125%, 

9/15/2031

137,818

Boeing

Company

551,000

5.040%, 

5/1/2027

553,506

299,000

6.259%, 

5/1/2027

307,629

335,000

6.388%, 

5/1/2031

356,982

508,000

5.705%, 

5/1/2040

493,830

Bombardier,

Inc.

196,000

6.000%, 

2/15/2028

a

193,421

109,000

7.250%, 

7/1/2031

a

109,371

373,000

7.000%, 

6/1/2032

a,e

371,386

120,000

7.450%, 

5/1/2034

a

123,065

Builders

FirstSource,

Inc.

265,000

5.000%, 

3/1/2030

a

253,277

Camelot

Return

Merger

Sub,

Inc.

194,000

8.750%, 

8/1/2028

a

159,807

Canpack

SA/Canpack

US,

LLC

415,000

3.875%, 

11/15/2029

a

376,072

Carrier

Global

Corporation

567,000

2.700%, 

2/15/2031

505,332

Chart

Industries,

Inc.

411,000

7.500%, 

1/1/2030

a

426,267

Clean

Harbors,

Inc.

264,000

6.375%, 

2/1/2031

a

266,824

Clydesdale

Acquisition

Holdings,

Inc.

55,000

6.625%, 

4/15/2029

a

55,304

247,000

6.875%, 

1/15/2030

a

248,873

130,000

6.750%, 

4/15/2032

a

130,899

Cornerstone

Building

Brands,

Inc.

67,000

9.500%, 

8/15/2029

a

55,737

Crown

Cork

&

Seal

Company,

Inc.

183,000

7.375%, 

12/15/2026

188,186

Emerson

Electric

Company

260,000

5.000%, 

3/15/2035

261,737

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

401,000

6.625%, 

12/15/2030

a

401,178

ESAB

Corporation

107,000

6.250%, 

4/15/2029

a

108,562

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

270

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Capital

Goods  0.6%

-

continued

GFL

Environmental,

Inc.

$

339,000

4.000%, 

8/1/2028

a

$

322,181

491,000

3.500%, 

9/1/2028

a

463,931

H&E

Equipment

Services,

Inc.

138,000

3.875%, 

12/15/2028

a

137,554

Herc

Holdings,

Inc.

84,000

5.500%, 

7/15/2027

a

83,648

212,000

6.625%, 

6/15/2029

a

212,681

Ingersoll

Rand,

Inc.

499,000

5.176%, 

6/15/2029

507,460

128,000

5.700%, 

8/14/2033

132,108

Lockheed

Martin

Corporation

284,000

6.150%, 

9/1/2036

310,527

Martin

Marietta

Materials,

Inc.

249,000

5.150%, 

12/1/2034

247,448

Mueller

Water

Products,

Inc.

232,000

4.000%, 

6/15/2029

a

215,537

Nesco

Holdings

II,

Inc.

353,000

5.500%, 

4/15/2029

a

325,793

New

Enterprise

Stone

and

Lime

Company,

Inc.

433,000

5.250%, 

7/15/2028

a

418,512

Nordson

Corporation

512,000

5.600%, 

9/15/2028

527,658

Northrop

Grumman

Corporation

935,000

3.850%, 

4/15/2045

738,547

OI

European

Group

BV

278,000

4.750%, 

2/15/2030

a

254,446

Owens-Brockway

Glass

Container,

Inc.

221,000

6.625%, 

5/13/2027

a

219,789

105,000

7.375%, 

6/1/2032

a,e

100,213

Quikrete

Holdings,

Inc.

495,000

6.375%, 

3/1/2032

a

498,143

Regal

Rexnord

Corporation

670,000

6.050%, 

2/15/2026

675,072

Resideo

Funding,

Inc.

270,000

6.500%, 

7/15/2032

a

269,355

Reworld

Holding

Corporation

208,000

4.875%, 

12/1/2029

a

193,464

Roller

Bearing

Company

of

America,

Inc.

314,000

4.375%, 

10/15/2029

a

294,777

RTX

Corporation

159,000

6.400%, 

3/15/2054

174,043

414,000

4.125%, 

11/16/2028

408,162

775,000

4.450%, 

11/16/2038

706,975

600,000

4.500%, 

6/1/2042

527,761

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

206,000

6.125%, 

2/1/2028

a

206,297

Smyrna

Ready

Mix

Concrete,

LLC

378,000

8.875%, 

11/15/2031

a

391,622

Sonoco

Products

Company

450,000

4.600%, 

9/1/2029

443,473

Spirit

AeroSystems,

Inc.

118,000

4.600%, 

6/15/2028

113,188

79,000

9.750%, 

11/15/2030

a

87,204

SRM

Escrow

Issuer,

LLC

108,000

6.000%, 

11/1/2028

a

104,788

Standard

Industries,

Inc./NY

129,000

4.750%, 

1/15/2028

a

124,856

129,000

3.375%, 

1/15/2031

a

112,161

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Capital

Goods  0.6%

-

continued

Textron,

Inc.

$

710,000

3.375%, 

3/1/2028

$

684,782

TopBuild

Corporation

87,000

4.125%, 

2/15/2032

a

77,393

Trane

Technologies

Financing,

Ltd.

283,000

5.100%, 

6/13/2034

284,135

TransDigm,

Inc.

309,000

6.750%, 

8/15/2028

a

313,513

457,000

7.125%, 

12/1/2031

a

470,179

378,000

6.625%, 

3/1/2032

a

382,817

332,000

6.000%, 

1/15/2033

a

326,734

Trivium

Packaging

Finance

203,000

5.500%, 

8/15/2026

a

199,856

United

Rentals

North

America,

Inc.

405,000

4.875%, 

1/15/2028

398,084

360,000

4.000%, 

7/15/2030

332,154

Veralto

Corporation

507,000

5.350%, 

9/18/2028

519,192

Waste

Pro

USA,

Inc.

288,000

7.000%, 

2/1/2033

a

288,972

WESCO

Distribution,

Inc.

135,000

6.375%, 

3/15/2029

a

136,567

95,000

6.625%, 

3/15/2032

a

96,370

Total

22,330,631

Collateralized

Mortgage

Obligations  1.9%

A&D

Mortgage

Trust

1,262,105

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

a,c

1,276,226

Alternative

Loan

Trust

597,104

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

309,201

BINOM

Securitization

Trust

807,803

2.370%, 

6/25/2056,

Ser.

2021-INV1,

Class

A2

a,b

729,190

CHNGE

Mortgage

Trust

1,135,277

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

a,c

1,148,098

1,650,070

6.000%, 

10/25/2057,

Ser.

2022-4,

Class

A1

a,c

1,649,995

Citicorp

Mortgage

Securities,

Inc.

930,475

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

842,112

COLT

Mortgage

Loan

Trust

1,498,416

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

a,b

1,329,905

Countrywide

Alternative

Loan

Trust

697,008

4.149%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

575,161

1,064,241

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

364,971

CSMC

Trust

883,722

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

a,b

882,849

1,030,624

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

a,b

879,291

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

3,504,597

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

3,433,804

1,550,000

5.000%, 

1/25/2055,

Ser.

5490,

Class

LB

1,497,265

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

271

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Collateralized

Mortgage

Obligations  1.9%

-

continued

$

3,250,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

$

3,219,250

828,612

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

f

56,470

978,073

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

f

82,712

2,543,924

4.500%, 

10/15/2033,

Ser.

2695,

Class

BH

2,542,368

2,650,000

2.500%, 

12/15/2048,

Ser.

5094,

Class

BC

2,137,500

Federal

National

Mortgage

Association

-

REMIC

2,100,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

1,978,277

2,491,312

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

2,471,824

2,434,624

Zero

Coupon, 

11/25/2053,

Ser.

2023-54,

Class

EO

1,956,534

737,794

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

f

17,029

Flagstar

Mortgage

Trust

975,540

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,b

877,952

GCAT

Trust

1,249,054

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

a,b

1,124,924

2,445,719

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

a,b

2,466,163

GS

Mortgage-Backed

Securities

Trust

2,305,273

3.000%, 

6/25/2052,

Ser.

2022-GR1,

Class

A2

a,b

1,961,552

J.P.

Morgan

Mortgage

Trust

2,018,276

2.500%, 

2/25/2052,

Ser.

2021-INV7,

Class

A2A

a,b

1,656,563

1,377,729

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

a,b

1,184,102

LHOME

Mortgage

Trust

1,400,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

a,c

1,417,886

900,000

6.900%, 

5/25/2029,

Ser.

2024-RTL3,

Class

A1

a,c

910,675

Mello

Mortgage

Capital

Acceptance

2,050,332

2.500%, 

8/25/2051,

Ser.

2021-INV2,

Class

A3

a,b

1,677,697

Merrill

Lynch

Alternative

Note

Asset

Trust

184,125

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

63,236

Morgan

Stanley

Residential

Mortgage

Loan

Trust

500,000

7.416%, 

9/25/2068,

Ser.

2023-NQM1,

Class

M1

a,b

507,535

New

Residential

Mortgage

Loan

Trust

3,826,624

2.500%, 

9/25/2051,

Ser.

2021-INV2,

Class

A2

a,b

3,140,820

OBX

Trust

1,400,000

3.688%, 

1/25/2062,

Ser.

2022-NQM3,

Class

A1B

a,b

1,281,439

Palisades

Mortgage

Loan

Trust

1,200,006

3.487%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

a

1,193,419

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Collateralized

Mortgage

Obligations  1.9%

-

continued

PMT

Loan

Trust

$

2,300,000

6.000%, 

2/25/2056,

Ser.

2025-INV2,

Class

A10

a,b

$

2,335,513

Pretium

Mortgage

Credit

Partners,

LLc

1,150,000

4.000%, 

8/25/2064,

Ser.

2025-RPL2,

Class

A1

a,c

1,099,156

PRPM,

LLC

1,300,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

a,c

1,204,574

Residential

Accredit

Loans,

Inc.

Trust

416,862

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

366,399

Residential

Asset

Securitization

Trust

1,486,802

5.375%, 

7/25/2035,

Ser.

2005-A8CB,

Class

A9

826,765

Roc

Mortgage

Trust

366,959

3.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

a,b

366,301

Saluda

Grade

Alternative

Mortgage

Trust

2,100,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

a,c

2,115,968

1,600,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

a,c

1,610,301

Sequoia

Mortgage

Trust

472,835

3.576%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

316,426

Toorak

Mortgage

Trust

1,050,000

5.524%, 

2/25/2040,

Ser.

2025-RRTL1,

Class

A1

a,c

1,051,624

TRK

Trust

1,186,641

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

a,b

1,040,840

TVC

Mortgage

Trust

1,350,000

5.545%, 

7/25/2039,

Ser.

2024-RRTL1,

Class

A1

a,c

1,352,518

Vericrest

Opportunity

Loan

Transferee

264,764

6.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

a

264,797

Verus

Securitization

Trust

733,627

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

a,b

650,412

Vontive

Mortgage

Trust

1,000,000

6.507%, 

3/25/2030,

Ser.

2025-RTL1,

Class

A1

a,c

1,002,802

Total

64,448,391

Commercial

Mortgage-Backed

Securities  0.7%

AMSR

Trust

1,100,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

a

1,009,847

1,379,000

2.517%, 

12/17/2038,

Ser.

2021-SFR4,

Class

C

a

1,325,313

BANK

2022-BNK39

9,652,602

0.418%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

b,f

231,745

BANK

2025-BNK49

9,400,000

0.835%, 

3/15/2058,

Ser.

2025-BNK49,

Class

XA

b,f

463,192

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

272

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Commercial

Mortgage-Backed

Securities  0.7%

-

continued

$

1,600,000

6.025%, 

3/15/2058,

Ser.

2025-BNK49,

Class

AS

b

$

1,659,574

BBCMS

Mortgage

Trust

17,213,799

1.150%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

b,f

1,198,364

2,775,000

6.198%, 

12/15/2056,

Ser.

2023-5C23,

Class

A2

2,884,462

14,097,161

1.807%, 

10/15/2053,

Ser.

2020-C8,

Class

XA

b,f

998,192

Benchmark

Mortgage

Trust

1,250,000

6.090%, 

4/15/2058,

Ser.

2025-V14,

Class

AM

1,291,153

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

2,650,000

4.489%, 

9/25/2034,

Ser.

K-165,

Class

A2

d

2,624,500

FRTKL

Trust

2,350,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

a

2,237,514

Home

Partners

of

America

Trust

2,496,218

2.302%, 

12/17/2026,

Ser.

2021-2,

Class

B

a

2,385,524

2,001,514

2.078%, 

9/17/2041,

Ser.

2021-1,

Class

C

a

1,745,188

HTAP

Issuer

Trust

2,275,000

6.500%, 

11/25/2042,

Ser.

2025-1,

Class

A

a

2,237,938

Morgan

Stanley

Capital

I

Trust

13,098,623

1.782%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

b,f

972,213

Tricon

Residential

Trust

1,150,000

5.400%, 

(TSFR1M

+

1.100%),

3/17/2042,

Ser.

2025-SFR1,

Class

A

a,b

1,149,998

Total

24,414,717

Communications

Services  1.0%

AMC

Networks,

Inc.

314,000

10.250%, 

1/15/2029

a

325,383

American

Tower

Corporation

245,000

3.375%, 

10/15/2026

240,589

505,000

5.800%, 

11/15/2028

523,600

660,000

2.900%, 

1/15/2030

607,107

265,000

5.000%, 

1/31/2030

267,167

598,000

4.900%, 

3/15/2030

601,164

321,000

5.650%, 

3/15/2033

330,889

AppLovin

Corporation

463,000

5.500%, 

12/1/2034

462,897

AT&T,

Inc.

490,000

5.700%, 

3/1/2057

473,481

805,000

3.650%, 

6/1/2051

570,128

579,000

3.500%, 

9/15/2053

394,814

522,000

5.400%, 

2/15/2034

530,390

1,026,000

4.900%, 

8/15/2037

978,847

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

508,000

5.125%, 

5/1/2027

a

500,349

58,000

5.000%, 

2/1/2028

a

56,288

770,000

4.750%, 

3/1/2030

a

714,130

510,000

4.500%, 

8/15/2030

a

464,257

220,000

4.250%, 

2/1/2031

a

194,948

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Communications

Services  1.0%

-

continued

$

9,000

4.750%, 

2/1/2032

a

$

7,991

132,000

4.500%, 

6/1/2033

a

112,575

465,000

4.250%, 

1/15/2034

a,e

382,463

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

1,611,000

4.200%, 

3/15/2028

1,579,873

549,000

6.100%, 

6/1/2029

566,870

1,225,000

3.500%, 

6/1/2041

848,591

Clear

Channel

Outdoor

Holdings,

Inc.

256,000

5.125%, 

8/15/2027

a

247,419

332,000

7.875%, 

4/1/2030

a

325,508

Comcast

Corporation

303,000

5.350%, 

5/15/2053

282,644

640,000

4.400%, 

8/15/2035

601,032

885,000

4.750%, 

3/1/2044

788,455

Crown

Castle,

Inc.

488,000

4.900%, 

9/1/2029

485,763

Deluxe

Corporation

187,000

8.125%, 

9/15/2029

a

188,091

Deutsche

Telekom

International

Finance

BV

1,335,000

8.750%, 

6/15/2030

1,566,679

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

899,000

5.875%, 

8/15/2027

a

871,172

65,000

8.875%, 

2/1/2030

a

62,025

130,000

10.000%, 

2/15/2031

a

124,826

FiberCop

SPA

319,000

6.000%, 

9/30/2034

a

290,536

Frontier

Communications

Holdings,

LLC

457,000

5.875%, 

10/15/2027

a

456,485

GCI,

LLC

271,000

4.750%, 

10/15/2028

a

249,828

Gray

Media,

Inc.

108,000

10.500%, 

7/15/2029

a

112,520

Iliad

Holding

SASU

348,000

8.500%, 

4/15/2031

a

364,969

209,000

7.000%, 

4/15/2032

a

209,276

LCPR

Senior

Secured

Financing

DAC

250,000

6.750%, 

10/15/2027

a

209,010

Level

3

Financing,

Inc.

67,000

3.625%, 

1/15/2029

a

49,748

129,730

10.500%, 

4/15/2029

a

142,703

129,729

11.000%, 

11/15/2029

a

144,588

198,000

10.500%, 

5/15/2030

a

212,156

64,000

10.750%, 

12/15/2030

a

70,720

Lumen

Technologies,

Inc.

69,709

4.125%, 

4/15/2030

a,e

65,080

McGraw-Hill

Education,

Inc.

389,000

5.750%, 

8/1/2028

a

379,831

Meta

Platforms,

Inc.

402,000

5.600%, 

5/15/2053

405,268

687,000

5.400%, 

8/15/2054

673,127

Netflix,

Inc.

480,000

5.375%, 

11/15/2029

a

495,550

450,000

4.875%, 

6/15/2030

a

454,756

Nexstar

Media,

Inc.

159,000

5.625%, 

7/15/2027

a

156,635

200,000

4.750%, 

11/1/2028

a,e

187,295

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

273

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Communications

Services  1.0%

-

continued

Omnicom

Group,

Inc.

$

330,000

4.200%, 

6/1/2030

$

321,718

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

181,000

4.625%, 

3/15/2030

a

165,479

Paramount

Global

113,000

6.375%, 

3/30/2062

b

110,251

Playtika

Holding

Corporation

348,000

4.250%, 

3/15/2029

a

306,343

Rogers

Communications,

Inc.

98,000

7.000%, 

4/15/2055

b

98,379

200,000

7.125%, 

4/15/2055

b

199,321

620,000

5.000%, 

2/15/2029

620,555

197,000

5.300%, 

2/15/2034

193,380

Sinclair

Television

Group,

Inc.

66,000

8.125%, 

2/15/2033

a

65,128

Sirius

XM

Radio,

LLC

535,000

5.000%, 

8/1/2027

a

522,716

295,000

4.000%, 

7/15/2028

a

275,236

Sprint

Capital

Corporation

874,000

8.750%, 

3/15/2032

1,051,154

Take-Two

Interactive

Software,

Inc.

305,000

5.600%, 

6/12/2034

311,609

TEGNA,

Inc.

425,000

4.625%, 

3/15/2028

402,049

Telecom

Italia

Capital

SA

48,000

6.000%, 

9/30/2034

45,967

Telenet

Finance

Luxembourg

Notes

SARL

400,000

5.500%, 

3/1/2028

a

388,000

T-Mobile

USA,

Inc.

909,000

3.600%, 

11/15/2060

608,569

758,000

4.850%, 

1/15/2029

762,281

900,000

4.375%, 

4/15/2040

792,214

Uniti

Group,

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

57,000

10.500%, 

2/15/2028

a

60,551

411,000

4.750%, 

4/15/2028

a

392,642

154,000

6.500%, 

2/15/2029

a

138,322

Univision

Communications,

Inc.

53,000

8.000%, 

8/15/2028

a

53,166

445,000

4.500%, 

5/1/2029

a

393,170

195,000

7.375%, 

6/30/2030

a

186,297

127,000

8.500%, 

7/31/2031

a

124,097

Verizon

Communications,

Inc.

806,000

3.000%, 

11/20/2060

475,622

1,842,000

2.650%, 

11/20/2040

1,293,606

469,000

3.400%, 

3/22/2041

361,092

Viasat,

Inc.

133,000

5.625%, 

4/15/2027

a

127,621

Virgin

Media

Finance

plc

165,000

5.000%, 

7/15/2030

a,e

141,453

Virgin

Media

Secured

Finance

plc

341,000

5.500%, 

5/15/2029

a

322,975

VMED

O2

UK

Financing

I

plc

135,000

7.750%, 

4/15/2032

a

135,325

Vodafone

Group

plc

194,000

5.125%, 

6/4/2081

b

146,977

VZ

Secured

Financing

BV

271,000

5.000%, 

1/15/2032

a

235,478

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Communications

Services  1.0%

-

continued

Warnermedia

Holdings,

Inc.

$

1,135,000

4.054%, 

3/15/2029

$

1,068,890

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

175,000

8.250%, 

10/1/2031

a

178,169

Zegona

Finance

plc

110,000

8.625%, 

7/15/2029

a

116,504

Ziggo

Bond

Company

BV

157,000

5.125%, 

2/28/2030

a,e

136,800

Ziggo

BV

143,000

4.875%, 

1/15/2030

a

130,993

Total

36,068,585

Consumer

Cyclical  1.2%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

92,000

3.875%, 

1/15/2028

a

87,930

203,000

4.375%, 

1/15/2028

a

195,221

138,000

6.125%, 

6/15/2029

a

138,871

236,000

5.625%, 

9/15/2029

a

233,624

Adient

Global

Holdings,

Ltd.

87,000

8.250%, 

4/15/2031

a

84,300

132,000

7.500%, 

2/15/2033

a,e

123,592

ADT

Security

Corporation

210,000

4.125%, 

8/1/2029

a

197,163

210,000

4.875%, 

7/15/2032

a

196,032

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

201,000

4.625%, 

6/1/2028

a

190,379

285,000

4.625%, 

6/1/2028

a

268,977

Allison

Transmission,

Inc.

101,000

3.750%, 

1/30/2031

a

89,799

Amazon.com,

Inc.

670,000

3.875%, 

8/22/2037

602,346

American

Axle

&

Manufacturing,

Inc.

373,000

5.000%, 

10/1/2029

e

321,061

American

Honda

Finance

Corporation

700,000

5.050%, 

7/10/2031

705,198

Arko

Corporation

264,000

5.125%, 

11/15/2029

a,e

213,941

Asbury

Automotive

Group,

Inc.

230,000

5.000%, 

2/15/2032

a

208,582

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

260,000

4.625%, 

8/1/2029

a

235,313

74,000

4.625%, 

4/1/2030

a

66,912

Aston

Martin

Capital

Holdings,

Ltd.

228,000

10.000%, 

3/31/2029

a

206,152

Belron

UK

Finance

plc

311,000

5.750%, 

10/15/2029

a

308,823

Boyd

Gaming

Corporation

270,000

4.750%, 

6/15/2031

a

249,016

Boyne

USA,

Inc.

214,000

4.750%, 

5/15/2029

a

201,475

Brinker

International,

Inc.

118,000

8.250%, 

7/15/2030

a

123,933

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

274

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Consumer

Cyclical  1.2%

-

continued

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

$

193,000

4.875%, 

2/15/2030

a

$

168,696

Caesars

Entertainment,

Inc.

574,000

4.625%, 

10/15/2029

a

527,582

162,000

6.500%, 

2/15/2032

a

161,475

144,000

6.000%, 

10/15/2032

a,e

134,477

Carnival

Corporation

262,000

7.625%, 

3/1/2026

a

262,077

457,000

5.750%, 

3/1/2027

a

457,287

313,000

4.000%, 

8/1/2028

a

299,447

81,000

6.000%, 

5/1/2029

a

80,433

Carvana

Company

103,130

9.000%,PIK

0.000%,

12/1/2028

a,g

106,185

142,000

9.000%, 

6/1/2031

a

157,764

Churchill

Downs,

Inc.

265,000

4.750%, 

1/15/2028

a

257,447

164,000

6.750%, 

5/1/2031

a

165,292

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

176,000

6.750%, 

5/15/2028

a

178,479

Crocs,

Inc.

131,000

4.250%, 

3/15/2029

a

121,773

Cushman

&

Wakefield

US

Borrower,

LLC

65,000

6.750%, 

5/15/2028

a

65,165

Dana,

Inc.

130,000

5.625%, 

6/15/2028

128,077

197,000

4.500%, 

2/15/2032

179,392

eG

Global

Finance

plc

65,000

12.000%, 

11/30/2028

a

71,971

Expedia

Group,

Inc.

555,000

5.400%, 

2/15/2035

552,749

Ford

Motor

Credit

Company,

LLC

476,000

5.850%, 

5/17/2027

478,496

770,000

2.900%, 

2/10/2029

688,890

605,000

7.122%, 

11/7/2033

618,262

Forestar

Group,

Inc.

99,000

6.500%, 

3/15/2033

a

96,920

FORVIA

SE

200,000

8.000%, 

6/15/2030

a

197,421

Gap,

Inc.

93,000

3.625%, 

10/1/2029

a

83,890

145,000

3.875%, 

10/1/2031

a

125,076

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

251,000

7.750%, 

5/31/2032

a

248,091

General

Motors

Company

438,000

6.125%, 

10/1/2025

440,213

General

Motors

Financial

Company,

Inc.

243,000

5.400%, 

5/8/2027

245,346

817,000

5.800%, 

1/7/2029

832,194

650,000

4.900%, 

10/6/2029

639,384

135,000

5.625%, 

4/4/2032

133,523

Genting

New

York,

LLC/GENNY

Capital,

Inc.

228,000

7.250%, 

10/1/2029

a

232,364

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

99,000

8.750%, 

1/15/2032

a

83,396

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Consumer

Cyclical  1.2%

-

continued

GLP

Capital,

LP

$

1,004,000

5.750%, 

6/1/2028

$

1,021,619

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

129,000

3.500%, 

3/1/2029

a

119,499

Goodyear

Tire

&

Rubber

Company

130,000

4.875%, 

3/15/2027

127,033

132,000

5.000%, 

7/15/2029

e

122,441

Group

1

Automotive,

Inc.

101,000

6.375%, 

1/15/2030

a

101,217

Hanesbrands,

Inc.

73,000

9.000%, 

2/15/2031

a

76,921

Harley-Davidson

Financial

Services,

Inc.

473,000

5.950%, 

6/11/2029

a

477,149

Hilton

Domestic

Operating

Company,

Inc.

360,000

4.875%, 

1/15/2030

348,148

65,000

4.000%, 

5/1/2031

a

58,865

377,000

3.625%, 

2/15/2032

a

330,438

Hilton

Grand

Vacations

Borrower,

LLC/Hilton

Grand

Vacations

Borrower,

Inc.

210,000

5.000%, 

6/1/2029

a

196,808

Home

Depot,

Inc.

840,000

4.250%, 

4/1/2046

706,787

700,000

3.900%, 

6/15/2047

554,990

Hyundai

Capital

America

1,000,000

1.800%, 

1/10/2028

a

921,031

420,000

5.300%, 

6/24/2029

a

424,072

International

Game

Technology

plc

445,000

5.250%, 

1/15/2029

a

434,934

Jacobs

Entertainment,

Inc.

223,000

6.750%, 

2/15/2029

a

213,998

K

Hovnanian

Enterprises,

Inc.

64,000

11.750%, 

9/30/2029

a

68,455

KB

Home

360,000

4.800%, 

11/15/2029

343,439

76,000

4.000%, 

6/15/2031

68,219

L

Brands,

Inc.

312,000

6.625%, 

10/1/2030

a

316,351

208,000

6.875%, 

11/1/2035

210,695

Las

Vegas

Sands

Corporation

344,000

5.900%, 

6/1/2027

349,552

Life

Time,

Inc.

187,000

6.000%, 

11/15/2031

a

185,402

Light

&

Wonder

International,

Inc.

122,000

7.250%, 

11/15/2029

a

123,670

Live

Nation

Entertainment,

Inc.

145,000

4.750%, 

10/15/2027

a

141,351

Lowe's

Companies,

Inc.

536,000

5.625%, 

4/15/2053

517,407

657,000

2.625%, 

4/1/2031

582,272

Macy's

Retail

Holdings,

LLC

136,000

5.875%, 

4/1/2029

a

131,933

131,000

6.125%, 

3/15/2032

a

119,707

148,000

4.500%, 

12/15/2034

118,258

Marriott

International,

Inc./MD

200,000

5.100%, 

4/15/2032

199,292

Match

Group

Holdings

II,

LLC

278,000

4.125%, 

8/1/2030

a

249,147

Mattamy

Group

Corporation

295,000

5.250%, 

12/15/2027

a

286,584

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

275

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Consumer

Cyclical  1.2%

-

continued

McDonald's

Corporation

$

590,000

4.450%, 

3/1/2047

$

500,331

Melco

Resorts

Finance,

Ltd.

361,000

5.375%, 

12/4/2029

a

331,052

335,000

7.625%, 

4/17/2032

a

333,399

Meritage

Homes

Corporation

446,000

5.650%, 

3/15/2035

438,815

MGM

Resorts

International

132,000

4.625%, 

9/1/2026

130,486

137,000

6.125%, 

9/15/2029

135,642

Michaels

Companies,

Inc.

193,000

5.250%, 

5/1/2028

a

132,494

NCL

Corporation,

Ltd.

25,000

5.875%, 

3/15/2026

a

24,948

347,000

5.875%, 

2/15/2027

a

346,526

280,000

6.750%, 

2/1/2032

a

276,585

Nissan

Motor

Company,

Ltd.

254,000

4.810%, 

9/17/2030

a

241,259

Nordstrom,

Inc.

187,000

4.250%, 

8/1/2031

e

160,653

Parkland

Corporation

138,000

6.625%, 

8/15/2032

a

137,921

PENN

Entertainment,

Inc.

325,000

4.125%, 

7/1/2029

a,e

288,548

PetSmart,

Inc./PetSmart

Finance

Corporation

283,000

4.750%, 

2/15/2028

a

264,672

Phinia,

Inc.

194,000

6.625%, 

10/15/2032

a

190,264

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

105,000

5.750%, 

4/15/2026

a

104,846

QVC,

Inc.

83,000

6.875%, 

4/15/2029

a,e

56,853

Rakuten

Group,

Inc.

225,000

9.750%, 

4/15/2029

a

244,287

250,000

8.125%, 

12/15/2029

a,b,h

246,866

Raven

Acquisition

Holdings,

LLC

134,000

6.875%, 

11/15/2031

a

130,123

Resorts

World

Las

Vegas,

LLC/

RWLV

Capital,

Inc.

100,000

4.625%, 

4/16/2029

a

88,838

Royal

Caribbean

Cruises,

Ltd.

723,000

4.250%, 

7/1/2026

a

711,860

101,000

6.000%, 

2/1/2033

a

100,937

S&S

Holdings,

LLC

240,000

8.375%, 

10/1/2031

a

226,733

Saks

Global

Enterprises,

LLC

153,000

11.000%, 

12/15/2029

a

123,945

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

62,000

6.625%, 

3/1/2030

a

58,472

SeaWorld

Parks

and

Entertainment,

Inc.

317,000

5.250%, 

8/15/2029

a

300,300

Service

Corporation

International/

US

129,000

3.375%, 

8/15/2030

114,963

92,000

4.000%, 

5/15/2031

83,326

205,000

5.750%, 

10/15/2032

201,461

Six

Flags

Entertainment

Corporation

74,000

7.000%, 

7/1/2025

a,e

74,085

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Consumer

Cyclical  1.2%

-

continued

$

66,000

7.250%, 

5/15/2031

a

$

66,254

Six

Flags

Entertainment

Corporation/Canada's

Wonderland

Company/Magnum

Management

Corporation

65,000

5.375%, 

4/15/2027

64,176

322,000

5.250%, 

7/15/2029

304,704

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc./Canada's

Wonderland

Company

65,000

6.625%, 

5/1/2032

a

65,538

Sonic

Automotive,

Inc.

163,000

4.875%, 

11/15/2031

a

146,340

Staples,

Inc.

266,000

10.750%, 

9/1/2029

a

240,315

Station

Casinos,

LLC

307,000

4.625%, 

12/1/2031

a

275,846

Stellantis

Finance

US,

Inc.

489,000

5.750%, 

3/18/2030

a

488,650

200,000

6.450%, 

3/18/2035

a

198,499

Target

Corporation

805,000

2.950%, 

1/15/2052

517,233

Tenneco,

Inc.

275,000

8.000%, 

11/17/2028

a

262,280

Toyota

Motor

Credit

Corporation

119,000

4.800%, 

1/5/2034

117,364

532,000

5.350%, 

1/9/2035

540,713

Uber

Technologies,

Inc.

400,000

5.350%, 

9/15/2054

373,642

435,000

4.800%, 

9/15/2034

422,476

VICI

Properties,

LP/VICI

Note

Company,

Inc.

797,000

4.625%, 

6/15/2025

a

796,797

240,000

5.750%, 

2/1/2027

a

243,114

371,000

4.125%, 

8/15/2030

a

349,237

Victoria's

Secret

&

Company

384,000

4.625%, 

7/15/2029

a

335,768

Victra

Holdings,

LLC/Victra

Finance

Corporation

92,000

8.750%, 

9/15/2029

a

94,896

Viking

Cruises,

Ltd.

663,000

5.875%, 

9/15/2027

a

659,645

Walgreens

Boots

Alliance,

Inc.

84,000

4.100%, 

4/15/2050

e

72,341

164,000

3.200%, 

4/15/2030

151,322

Walmart,

Inc.

608,000

4.500%, 

9/9/2052

538,078

WASH

Multifamily

Acquisition,

Inc.

205,000

5.750%, 

4/15/2026

a

203,180

Wayfair,

LLC

148,000

7.750%, 

9/15/2030

a

142,886

Wyndham

Hotels

&

Resorts,

Inc.

206,000

4.375%, 

8/15/2028

a

196,744

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

119,000

5.125%, 

10/1/2029

a

114,198

317,000

7.125%, 

2/15/2031

a

328,051

Yum!

Brands,

Inc.

377,000

4.750%, 

1/15/2030

a

364,163

ZF

North

America

Capital,

Inc.

222,000

7.125%, 

4/14/2030

a

213,711

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

276

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Consumer

Cyclical  1.2%

-

continued

$

134,000

6.750%, 

4/23/2030

a

$

127,331

Total

40,532,540

Consumer

Non-Cyclical  1.2%

1375209

B.C.,

Ltd.

130,000

9.000%, 

1/30/2028

a,e

129,899

Abbott

Laboratories

743,000

4.750%, 

11/30/2036

731,332

AbbVie,

Inc.

241,000

5.400%, 

3/15/2054

236,709

1,028,000

4.500%, 

5/14/2035

986,600

555,000

5.350%, 

3/15/2044

548,852

Acadia

Healthcare

Company,

Inc.

87,000

5.000%, 

4/15/2029

a

82,218

156,000

7.375%, 

3/15/2033

a

155,846

AdaptHealth,

LLC

575,000

4.625%, 

8/1/2029

a,e

522,940

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

213,000

4.625%, 

1/15/2027

a

209,834

443,000

3.500%, 

3/15/2029

a

407,696

53,000

6.250%, 

3/15/2033

a

53,516

Altria

Group,

Inc.

100,000

4.875%, 

2/4/2028

100,709

505,000

6.875%, 

11/1/2033

556,793

Amgen,

Inc.

808,000

5.600%, 

3/2/2043

800,911

Anheuser-Busch

Companies,

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

1,007,000

4.700%, 

2/1/2036

971,074

Anheuser-Busch

InBev

Worldwide,

Inc.

623,000

5.550%, 

1/23/2049

623,789

Archer-Daniels-Midland

Company

924,000

2.700%, 

9/15/2051

564,726

AstraZeneca

plc

1,400,000

3.000%, 

5/28/2051

935,377

BAT

Capital

Corporation

261,000

6.250%, 

8/15/2055

260,464

500,000

7.079%, 

8/2/2043

546,174

Bausch

+

Lomb

Corporation

82,000

8.375%, 

10/1/2028

a

85,075

Bausch

Health

Companies,

Inc.

147,000

5.500%, 

11/1/2025

a

146,853

102,000

6.125%, 

2/1/2027

a,e

103,428

294,000

4.875%, 

6/1/2028

a

237,405

Becton,

Dickinson

and

Company

291,000

3.794%, 

5/20/2050

218,264

BellRing

Brands,

Inc.

232,000

7.000%, 

3/15/2030

a

239,711

Bristol-Myers

Squibb

Company

744,000

3.550%, 

3/15/2042

586,440

Bunge,

Ltd.

Finance

Corporation

175,000

4.650%, 

9/17/2034

169,186

Campbell's

Company

460,000

5.400%, 

3/21/2034

463,482

Cargill,

Inc.

809,000

3.125%, 

5/25/2051

a

538,332

275,000

5.125%, 

2/11/2035

a

274,137

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Consumer

Non-Cyclical  1.2%

-

continued

CD&R

Smokey

Buyer,

Inc./Radio

Systems

Corporation

$

118,000

9.500%, 

10/15/2029

a

$

107,675

Cencora,

Inc.

383,000

5.150%, 

2/15/2035

382,959

Central

Garden

&

Pet

Company

173,000

4.125%, 

10/15/2030

157,283

Champ

Acquisition

Corporation

107,000

8.375%, 

12/1/2031

a

110,535

Charles

River

Laboratories

International,

Inc.

156,000

4.000%, 

3/15/2031

a

139,609

CHS/Community

Health

Systems,

Inc.

301,000

5.625%, 

3/15/2027

a

287,431

96,000

8.000%, 

12/15/2027

a

94,978

202,000

6.000%, 

1/15/2029

a

179,508

176,000

4.750%, 

2/15/2031

a

139,124

186,000

10.875%, 

1/15/2032

a

183,242

Conagra

Brands,

Inc.

854,000

1.375%, 

11/1/2027

785,379

Concentra

Escrow

Issuer

Corporation

114,000

6.875%, 

7/15/2032

a

115,996

Constellation

Brands,

Inc.

624,000

3.600%, 

2/15/2028

607,134

369,000

2.875%, 

5/1/2030

334,739

CVS

Health

Corporation

124,000

7.000%, 

3/10/2055

b

124,978

487,000

4.780%, 

3/25/2038

436,961

DaVita,

Inc.

73,000

3.750%, 

2/15/2031

a

63,556

262,000

6.875%, 

9/1/2032

a

263,470

Edgewell

Personal

Care

Company

290,000

5.500%, 

6/1/2028

a

284,008

Eli

Lilly

&

Company

165,000

5.500%, 

2/12/2055

167,063

401,000

4.950%, 

2/27/2063

365,074

Embecta

Corporation

156,000

5.000%, 

2/15/2030

a

139,599

128,000

6.750%, 

2/15/2030

a

121,895

Encompass

Health

Corporation

200,000

4.500%, 

2/1/2028

194,190

Endo

Finance

Holdings,

Inc.

130,000

8.500%, 

4/15/2031

a,e

135,528

Energizer

Holdings,

Inc.

336,000

4.750%, 

6/15/2028

a

321,681

Fortrea

Holdings,

Inc.

62,000

7.500%, 

7/1/2030

a,e

56,378

GE

HealthCare

Technologies,

Inc.

525,000

6.377%, 

11/22/2052

569,482

General

Mills,

Inc.

214,000

4.950%, 

3/29/2033

211,772

HCA,

Inc.

395,000

5.250%, 

3/1/2030

399,686

921,000

3.500%, 

9/1/2030

854,101

325,000

5.450%, 

9/15/2034

322,178

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

201,000

7.875%, 

9/1/2025

a,e

200,765

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

138,000

12.250%, 

4/15/2029

a

148,375

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

277

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Consumer

Non-Cyclical  1.2%

-

continued

$

147,000

4.875%, 

6/1/2029

a

$

113,367

Illumina,

Inc.

250,000

4.650%, 

9/9/2026

249,778

Imperial

Brands

Finance

plc

350,000

3.875%, 

7/26/2029

a

336,018

Insulet

Corporation

78,000

6.500%, 

4/1/2033

a

79,284

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

533,000

5.500%, 

1/15/2030

541,460

743,000

3.000%, 

5/15/2032

639,175

JBS

USA

LUX

SARL/JBS

USA

Food

Company/JBS

USA

Foods

Group

417,000

5.950%, 

4/20/2035

a

428,593

Johnson

&

Johnson

480,000

5.250%, 

6/1/2054

482,107

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

249,000

9.000%, 

2/15/2029

a

256,123

Kimberly-Clark

Corporation

710,000

3.900%, 

5/4/2047

568,957

Kraft

Heinz

Foods

Company

624,000

5.200%, 

3/15/2032

630,908

513,000

4.375%, 

6/1/2046

419,307

Lamb

Weston

Holdings,

Inc.

139,000

4.125%, 

1/31/2030

a

129,478

135,000

4.375%, 

1/31/2032

a

123,317

LifePoint

Health,

Inc.

255,000

9.875%, 

8/15/2030

a

269,051

167,000

11.000%, 

10/15/2030

a

181,547

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

156,000

6.250%, 

4/1/2029

a

157,986

Mozart

Debt

Merger

Sub,

Inc.

391,000

3.875%, 

4/1/2029

a

365,481

392,000

5.250%, 

10/1/2029

a

376,153

MPH

Acquisition

Holdings,

LLC

69,562

5.750%, 

12/31/2030

a

50,432

36,329

11.500%, 

12/31/2030

a

31,550

Newell

Brands,

Inc.

134,000

6.375%, 

9/15/2027

e

134,496

133,000

6.625%, 

9/15/2029

133,280

80,000

6.375%, 

5/15/2030

77,827

Novartis

Capital

Corporation

375,000

4.700%, 

9/18/2054

337,653

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

181,000

4.125%, 

4/30/2028

a

169,154

346,000

5.125%, 

4/30/2031

a

301,679

PepsiCo,

Inc.

515,000

4.200%, 

7/18/2052

426,212

Performance

Food

Group,

Inc.

294,000

4.250%, 

8/1/2029

a

274,930

184,000

6.125%, 

9/15/2032

a

182,889

Perrigo

Finance

Unlimited

Company

227,000

4.900%, 

6/15/2030

216,850

120,000

6.125%, 

9/30/2032

118,063

Pfizer

Investment

Enterprises,

Private

Ltd.

200,000

5.300%, 

5/19/2053

189,895

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Consumer

Non-Cyclical  1.2%

-

continued

$

509,000

5.110%, 

5/19/2043

$

485,423

Philip

Morris

International,

Inc.

240,000

5.125%, 

2/13/2031

244,181

802,000

5.375%, 

2/15/2033

817,970

575,000

4.900%, 

11/1/2034

564,991

Post

Holdings,

Inc.

195,000

4.625%, 

4/15/2030

a

182,103

322,000

4.500%, 

9/15/2031

a

291,632

177,000

6.250%, 

10/15/2034

a

174,268

Prime

Healthcare

Services,

Inc.

200,000

9.375%, 

9/1/2029

a

188,691

Roche

Holdings,

Inc.

768,000

4.000%, 

11/28/2044

a

642,902

Royalty

Pharma

plc

431,000

5.150%, 

9/2/2029

433,829

Simmons

Foods,

Inc.

372,000

4.625%, 

3/1/2029

a

344,860

Sotera

Health

Holdings,

LLC

135,000

7.375%, 

6/1/2031

a

137,245

Spectrum

Brands,

Inc.

34,000

3.875%, 

3/15/2031

a

28,961

Star

Parent,

Inc.

145,000

9.000%, 

10/1/2030

a

142,920

Stryker

Corporation

350,000

5.200%, 

2/10/2035

353,380

Surgery

Center

Holdings,

Inc.

62,000

7.250%, 

4/15/2032

a

61,311

Sysco

Corporation

797,000

6.600%, 

4/1/2040

873,702

Takeda

Pharmaceutical

Company,

Ltd.

800,000

3.175%, 

7/9/2050

525,691

722,000

5.650%, 

7/5/2044

720,950

Tenet

Healthcare

Corporation

587,000

5.125%, 

11/1/2027

578,400

183,000

4.375%, 

1/15/2030

171,549

330,000

6.750%, 

5/15/2031

334,715

Teva

Pharmaceutical

Finance

Company,

LLC

132,000

6.150%, 

2/1/2036

131,558

US

Acute

Care

Solutions,

LLC

129,000

9.750%, 

5/15/2029

a

128,628

Viterra

Finance

BV

642,000

3.200%, 

4/21/2031

a

578,140

Zoetis,

Inc.

1,266,000

4.700%, 

2/1/2043

1,149,696

Total

40,774,800

Energy  0.9%

Aethon

United

BR,

LP/Aethon

United

Finance

Corporation

55,000

7.500%, 

10/1/2029

a

55,943

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

282,000

5.375%, 

6/15/2029

a

275,645

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

191,000

6.250%, 

4/1/2028

a

191,146

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

271,000

8.250%, 

12/31/2028

a

276,345

133,000

5.875%, 

6/30/2029

a

129,785

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

278

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Energy  0.9%

-

continued

Baytex

Energy

Corporation

$

189,000

8.500%, 

4/30/2030

a

$

191,924

63,000

7.375%, 

3/15/2032

a,e

60,596

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

213,000

7.000%, 

7/15/2029

a

217,682

BP

Capital

Markets

America,

Inc.

1,327,000

2.939%, 

6/4/2051

837,273

Buckeye

Partners,

LP

186,000

4.500%, 

3/1/2028

a

178,470

125,000

6.875%, 

7/1/2029

a

127,066

60,000

6.750%, 

2/1/2030

a

60,774

California

Resources

Corporation

160,000

8.250%, 

6/15/2029

a

162,603

Cheniere

Energy

Partners,

LP

1,342,000

4.500%, 

10/1/2029

1,305,277

Cheniere

Energy,

Inc.

133,000

5.650%, 

4/15/2034

134,541

Civitas

Resources,

Inc.

189,000

8.375%, 

7/1/2028

a

195,046

257,000

8.750%, 

7/1/2031

a

263,925

CNX

Resources

Corporation

159,000

6.000%, 

1/15/2029

a

156,993

Columbia

Pipelines

Holding

Company,

LLC

514,000

6.042%, 

8/15/2028

a

531,624

Columbia

Pipelines

Operating

Company,

LLC

130,000

5.927%, 

8/15/2030

a

135,086

Comstock

Resources,

Inc.

175,000

6.750%, 

3/1/2029

a

170,060

330,000

5.875%, 

1/15/2030

a

311,653

ConocoPhillips

Company

593,000

4.850%, 

1/15/2032

593,727

Continental

Resources,

Inc.

936,000

2.268%, 

11/15/2026

a

897,361

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

306,000

5.500%, 

6/15/2031

a

293,563

Crescent

Energy

Finance,

LLC

314,000

7.625%, 

4/1/2032

a

310,567

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

291,000

8.625%, 

3/15/2029

a

301,432

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

110,000

8.500%, 

10/1/2030

a

112,723

Diamondback

Energy,

Inc.

684,000

5.750%, 

4/18/2054

644,848

DT

Midstream,

Inc.

223,000

4.125%, 

6/15/2029

a

209,873

Eastern

Energy

Gas

Holdings,

LLC

530,000

5.800%, 

1/15/2035

547,049

Enbridge,

Inc.

315,000

5.250%, 

4/5/2027

318,961

Enerflex,

Ltd.

100,000

9.000%, 

10/15/2027

a

102,334

Energy

Transfer,

LP

316,000

8.000%, 

5/15/2054

b

332,542

600,000

5.150%, 

2/1/2043

533,349

1,090,000

6.000%, 

6/15/2048

1,055,523

EnLink

Midstream

Partners,

LP

240,000

5.600%, 

4/1/2044

223,299

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Energy  0.9%

-

continued

Enterprise

Products

Operating,

LLC

$

724,000

3.300%, 

2/15/2053

$

483,494

EQM

Midstream

Partners,

LP

326,000

4.750%, 

1/15/2031

a

313,551

Exxon

Mobil

Corporation

1,200,000

3.452%, 

4/15/2051

858,159

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

214,000

8.875%, 

4/15/2030

222,246

321,000

7.875%, 

5/15/2032

323,281

Gulfport

Energy

Operating

Corporation

92,000

6.750%, 

9/1/2029

a

93,224

Halliburton

Company

537,000

5.000%, 

11/15/2045

483,156

Harvest

Midstream

I,

LP

334,000

7.500%, 

9/1/2028

a

337,341

Hess

Midstream

Operations,

LP

292,000

4.250%, 

2/15/2030

a

274,709

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

334,000

5.750%, 

2/1/2029

a

322,696

130,000

6.000%, 

4/15/2030

a

123,626

318,000

6.250%, 

4/15/2032

a

297,102

Howard

Midstream

Energy

Partners,

LLC

371,000

7.375%, 

7/15/2032

a

380,099

ITT

Holdings,

LLC

380,000

6.500%, 

8/1/2029

a

350,562

Kodiak

Gas

Services,

LLC

164,000

7.250%, 

2/15/2029

a

167,174

Laredo

Petroleum,

Inc.

181,000

7.750%, 

7/31/2029

a

176,091

MEG

Energy

Corporation

124,000

5.875%, 

2/1/2029

a

121,936

Moss

Creek

Resources

Holdings,

Inc.

63,000

8.250%, 

9/1/2031

a

61,430

MPLX,

LP

1,073,000

4.950%, 

9/1/2032

1,051,421

202,000

5.000%, 

3/1/2033

197,171

Nabors

Industries,

Inc.

130,000

7.375%, 

5/15/2027

a

128,219

332,000

9.125%, 

1/31/2030

a

332,111

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

108,000

8.125%, 

2/15/2029

a

108,755

163,000

8.375%, 

2/15/2032

a

163,350

Noble

Finance

II,

LLC

266,000

8.000%, 

4/15/2030

a

265,844

Northern

Oil

and

Gas,

Inc.

193,000

8.750%, 

6/15/2031

a

196,852

NuStar

Logistics,

LP

123,000

6.375%, 

10/1/2030

124,355

Occidental

Petroleum

Corporation

182,000

5.000%, 

8/1/2027

182,608

ONEOK,

Inc.

352,000

5.700%, 

11/1/2054

329,464

244,000

5.000%, 

3/1/2026

244,361

400,000

4.750%, 

10/15/2031

392,035

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

219,000

6.000%, 

2/15/2028

203,679

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

279

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Energy  0.9%

-

continued

Permian

Resources

Operating,

LLC

$

247,000

6.250%, 

2/1/2033

a

$

246,023

Prairie

Acquiror,

LP

216,000

9.000%, 

8/1/2029

a

219,864

Precision

Drilling

Corporation

173,000

6.875%, 

1/15/2029

a

169,019

Range

Resources

Corporation

221,000

4.750%, 

2/15/2030

a

210,244

Rockies

Express

Pipeline,

LLC

340,000

4.950%, 

7/15/2029

a

325,578

Saturn

Oil

&

Gas,

Inc.

68,000

9.625%, 

6/15/2029

a

65,763

SM

Energy

Company

200,000

6.500%, 

7/15/2028

198,629

90,000

7.000%, 

8/1/2032

a

88,328

South

Bow

USA

Infrastructure

Holdings,

LLC

338,000

5.026%, 

10/1/2029

a

335,380

124,000

5.584%, 

10/1/2034

a

121,411

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

130,000

5.875%, 

3/1/2027

129,301

Sunoco,

LP

390,000

7.000%, 

5/1/2029

a

398,963

Sunoco,

LP/Sunoco

Finance

Corporation

186,000

5.875%, 

3/15/2028

185,834

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

495,000

5.500%, 

1/15/2028

a

481,775

195,000

7.375%, 

2/15/2029

a

195,971

Talos

Production,

Inc.

71,000

9.000%, 

2/1/2029

a

72,955

Targa

Resources

Corporation

80,000

6.125%, 

5/15/2055

79,452

939,000

4.200%, 

2/1/2033

867,984

TGNR

Intermediate

Holdings,

LLC

292,000

5.500%, 

10/15/2029

a

274,159

TotalEnergies

Capital

SA

346,000

5.275%, 

9/10/2054

326,090

Transocean,

Inc.

342,400

8.750%, 

2/15/2030

a

355,615

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

230,000

7.125%, 

3/15/2029

a

233,926

Valaris,

Ltd.

272,000

8.375%, 

4/30/2030

a

272,312

Venture

Global

Calcasieu

Pass,

LLC

187,000

3.875%, 

8/15/2029

a

173,107

235,000

4.125%, 

8/15/2031

a

213,521

Venture

Global

LNG,

Inc.

482,000

8.125%, 

6/1/2028

a

492,523

235,000

9.000%, 

9/30/2029

a,b,h

223,012

186,000

7.000%, 

1/15/2030

a

183,245

562,000

8.375%, 

6/1/2031

a

570,026

257,000

9.875%, 

2/1/2032

a

272,956

Viridien

SA

65,000

8.750%, 

4/1/2027

a,e

66,422

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Energy  0.9%

-

continued

Western

Midstream

Operating,

LP

$

515,000

6.350%, 

1/15/2029

$

537,751

267,000

6.150%, 

4/1/2033

275,675

Williams

Companies,

Inc.

900,000

7.500%, 

1/15/2031

1,001,616

160,000

5.600%, 

3/15/2035

163,069

Total

31,784,209

Financials  3.4%

200

Park

Funding

Trust

100,000

5.740%, 

2/15/2055

a

99,229

Acrisure,

LLC/Acrisure

Finance,

Inc.

91,000

4.250%, 

2/15/2029

a

85,146

130,000

7.500%, 

11/6/2030

a

132,257

AEGON

Funding

Company,

LLC

724,000

5.500%, 

4/16/2027

a,e

733,900

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

581,000

6.100%, 

1/15/2027

594,067

950,000

3.875%, 

1/23/2028

927,935

588,000

5.375%, 

12/15/2031

592,441

475,000

3.400%, 

10/29/2033

409,936

AG

TTMT

Escrow

Issuer,

LLC

99,000

8.625%, 

9/30/2027

a

101,518

Agree,

LP

357,000

5.625%, 

6/15/2034

361,254

Air

Lease

Corporation

133,000

4.650%, 

6/15/2026

b,h

129,376

1,117,000

3.000%, 

2/1/2030

1,024,230

Aircastle,

Ltd.

565,000

5.250%, 

8/11/2025

a

565,351

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

130,000

4.250%, 

10/15/2027

a

125,463

190,000

6.750%, 

4/15/2028

a

190,743

184,000

7.000%, 

1/15/2031

a

184,563

Ally

Financial,

Inc.

900,000

8.000%, 

11/1/2031

1,002,871

204,000

6.700%, 

2/14/2033

e

204,063

American

Express

Company

167,000

5.085%, 

1/30/2031

b

169,111

American

International

Group,

Inc.

1,019,000

5.125%, 

3/27/2033

1,020,436

Americold

Realty

Operating

Partnership,

LP

420,000

5.600%, 

5/15/2032

421,581

Ameriprise

Financial,

Inc.

546,000

5.200%, 

4/15/2035

544,727

AmWINS

Group,

Inc.

108,000

6.375%, 

2/15/2029

a

108,823

322,000

4.875%, 

6/30/2029

a

303,552

ANZ

Bank

New

Zealand,

Ltd.

550,000

5.548%, 

8/11/2032

a,b

557,620

Aon

North

America,

Inc.

365,000

5.750%, 

3/1/2054

359,965

Apollo

Debt

Solutions

BDC

505,000

6.700%, 

7/29/2031

521,032

Ares

Capital

Corporation

397,000

3.250%, 

7/15/2025

395,354

975,000

3.875%, 

1/15/2026

966,819

450,000

2.150%, 

7/15/2026

434,015

441,000

5.875%, 

3/1/2029

447,719

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

280

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Financials  3.4%

-

continued

Ares

Strategic

Income

Fund

$

408,000

5.600%, 

2/15/2030

a

$

402,141

Arthur

J.

Gallagher

&

Company

126,000

6.750%, 

2/15/2054

139,621

176,000

5.750%, 

7/15/2054

173,388

674,000

5.000%, 

2/15/2032

673,943

Aviation

Capital

Group,

LLC

284,000

5.125%, 

4/10/2030

a

282,442

Avolon

Holdings

Funding,

Ltd.

210,000

4.950%, 

1/15/2028

a

209,119

629,000

5.750%, 

3/1/2029

a

640,595

580,000

5.375%, 

5/30/2030

a

580,788

Azorra

Finance,

Ltd.

334,000

7.750%, 

4/15/2030

a

332,924

Banco

Santander

SA

1,000,000

4.175%, 

3/24/2028

b

989,920

Bank

of

America

Corporation

467,000

5.202%, 

4/25/2029

b

474,447

450,000

2.087%, 

6/14/2029

b

416,106

1,200,000

2.496%, 

2/13/2031

b

1,077,244

1,250,000

1.922%, 

10/24/2031

b

1,069,593

804,000

2.972%, 

2/4/2033

b

704,939

1,609,000

4.571%, 

4/27/2033

b

1,554,839

760,000

5.872%, 

9/15/2034

b

793,099

300,000

5.468%, 

1/23/2035

b

304,368

692,000

5.425%, 

8/15/2035

b

677,559

1,075,000

3.846%, 

3/8/2037

b

964,863

Bank

of

New

York

Mellon

Corporation

500,000

6.317%, 

10/25/2029

b

528,967

Barclays

plc

128,000

6.125%, 

12/15/2025

b,h

127,901

783,000

6.496%, 

9/13/2027

b

802,068

621,000

4.972%, 

5/16/2029

b

622,981

684,000

4.942%, 

9/10/2030

b

681,818

825,000

5.746%, 

8/9/2033

b

838,367

BBVA

Mexico

SA,

Institucion

de

Banca

Multiple,

Grupo

Financiero

BBVA

Mexico

200,000

7.625%, 

2/11/2035

a,b

201,940

BBVA

Mexico

SA,

Institucion

de

Banca

Multiple,

Grupo

Financiero

BBVA

Mexico/TX

200,000

5.250%, 

9/10/2029

a

200,530

Belrose

Funding

Trust

970,000

2.330%, 

8/15/2030

a

845,921

Berkshire

Hathaway

Finance

Corporation

71,000

2.850%, 

10/15/2050

45,552

BlackRock

Funding,

Inc.

237,000

5.250%, 

3/14/2054

228,548

Blackstone

Private

Credit

Fund

400,000

5.600%, 

11/22/2029

a

396,638

490,000

6.250%, 

1/25/2031

498,174

Blue

Owl

Capital

Corporation

II

385,000

8.450%, 

11/15/2026

403,570

Blue

Owl

Credit

Income

Corporation

670,000

4.700%, 

2/8/2027

661,710

Blue

Owl

Technology

Finance

Corporation

225,000

4.750%, 

12/15/2025

a

223,849

340,000

6.100%, 

3/15/2028

a

339,111

485,000

6.750%, 

4/4/2029

491,593

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Financials  3.4%

-

continued

BNP

Paribas

SA

$

664,000

5.283%, 

11/19/2030

a,b

$

670,970

1,340,000

3.132%, 

1/20/2033

a,b

1,167,943

BPCE

SA

860,000

3.500%, 

10/23/2027

a

833,095

Bread

Financial

Holdings,

Inc.

49,000

8.375%, 

6/15/2035

a,b

47,913

Brookfield

Finance,

Inc.

215,000

5.813%, 

3/3/2055

209,740

Burford

Capital

Global

Finance,

LLC

310,000

9.250%, 

7/1/2031

a

326,609

Camden

Property

Trust

661,000

3.150%, 

7/1/2029

623,672

Capital

One

Financial

Corporation

1,000,000

4.200%, 

10/29/2025

996,083

165,000

5.700%, 

2/1/2030

b

168,548

Charles

Schwab

Corporation

518,000

6.136%, 

8/24/2034

b

551,323

Chubb

INA

Holdings,

LLC

527,000

4.350%, 

11/3/2045

452,672

Citadel,

LP

350,000

6.375%, 

1/23/2032

a

359,118

Citigroup,

Inc.

1,404,000

3.668%, 

7/24/2028

b

1,373,441

700,000

3.520%, 

10/27/2028

b

680,360

300,000

5.174%, 

2/13/2030

b

303,904

1,141,000

4.910%, 

5/24/2033

b

1,118,862

648,000

6.174%, 

5/25/2034

b

664,182

500,000

6.020%, 

1/24/2036

b

504,775

Citizens

Financial

Group,

Inc.

299,000

5.718%, 

7/23/2032

b

304,377

CNA

Financial

Corporation

371,000

5.125%, 

2/15/2034

368,468

Comerica,

Inc.

175,000

5.982%, 

1/30/2030

b

177,829

Constellation

Insurance,

Inc.

150,000

6.800%, 

1/24/2030

a

148,195

Cooperatieve

Rabobank

UA

1,071,000

5.564%, 

2/28/2029

a,b

1,095,855

Corebridge

Financial,

Inc.

225,000

6.375%, 

9/15/2054

b

223,535

402,000

4.350%, 

4/5/2042

336,159

Countrywide

Home

Loans,

Inc.

187,210

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

85,330

Cousins

Properties,

LP

120,000

5.375%, 

2/15/2032

119,504

Credit

Acceptance

Corporation

168,000

9.250%, 

12/15/2028

a

177,853

66,000

6.625%, 

3/15/2030

a

65,018

Credit

Agricole

SA

437,000

5.230%, 

1/9/2029

a,b

441,732

Credit

Suisse

Group

AG

775,000

7.250%, 

N/A

*,i

58,125

Deutsche

Bank

AG/New

York,

NY

639,000

5.373%, 

1/10/2029

b

646,057

561,000

6.819%, 

11/20/2029

b

594,897

950,000

3.729%, 

1/14/2032

b

854,234

Discover

Bank

910,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

929,693

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

281

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Financials  3.4%

-

continued

Diversified

Healthcare

Trust

$

107,000

Zero

Coupon, 

1/15/2026

a

$

100,855

Drawbridge

Special

Opportunities

Fund,

LP

454,000

3.875%, 

2/15/2026

a

445,255

Elevance

Health,

Inc.

900,000

3.125%, 

5/15/2050

585,476

725,000

4.625%, 

5/15/2042

639,518

EPR

Properties

355,000

4.950%, 

4/15/2028

351,556

Fairfax

Financial

Holdings,

Ltd.

478,000

6.350%, 

3/22/2054

486,964

FirstCash,

Inc.

327,000

5.625%, 

1/1/2030

a

317,067

First-Citizens

Bank

&

Trust

Company

443,000

6.125%, 

3/9/2028

459,868

Five

Corners

Funding

Trust

IV

536,000

5.997%, 

2/15/2053

a

544,124

Fortitude

Group

Holdings,

LLC

589,000

6.250%, 

4/1/2030

a

595,448

Fortress

Transportation

and

Infrastructure

Investors,

LLC

137,000

5.500%, 

5/1/2028

a

134,276

308,000

7.000%, 

5/1/2031

a

312,935

186,000

7.000%, 

6/15/2032

a

188,614

Freedom

Mortgage

Corporation

118,000

7.625%, 

5/1/2026

a

117,679

Freedom

Mortgage

Holdings,

LLC

303,000

9.250%, 

2/1/2029

a

307,708

131,000

9.125%, 

5/15/2031

a

131,827

FS

KKR

Capital

Corporation

1,137,000

3.400%, 

1/15/2026

1,122,111

GGAM

Finance,

Ltd.

120,000

7.750%, 

5/15/2026

a

121,325

135,000

8.000%, 

6/15/2028

a

141,562

354,000

5.875%, 

3/15/2030

a

349,359

Global

Aircraft

Leasing

Company,

Ltd.

381,000

8.750%, 

9/1/2027

a

387,259

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

397,000

3.750%, 

12/15/2027

a

373,653

goeasy,

Ltd.

216,000

9.250%, 

12/1/2028

a

226,755

133,000

7.625%, 

7/1/2029

a

133,039

Goldman

Sachs

BDC,

Inc.

307,000

6.375%, 

3/11/2027

314,503

Goldman

Sachs

Group,

Inc.

684,000

1.948%, 

10/21/2027

b

656,088

756,000

6.484%, 

10/24/2029

b

798,570

230,000

1.992%, 

1/27/2032

b

194,758

1,879,000

3.102%, 

2/24/2033

b

1,656,055

High

Street

Funding

Trust

III

115,000

5.807%, 

2/15/2055

a

113,399

Highwoods

Realty,

LP

366,000

3.050%, 

2/15/2030

326,864

320,000

2.600%, 

2/1/2031

271,449

Howard

Hughes

Corporation

84,000

4.125%, 

2/1/2029

a

76,649

HSBC

Holdings

plc

435,000

5.130%, 

3/3/2031

b

436,345

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Financials  3.4%

-

continued

$

800,000

5.402%, 

8/11/2033

b

$

808,742

HUB

International,

Ltd.

376,000

7.250%, 

6/15/2030

a

387,282

Huntington

Bancshares,

Inc./OH

624,000

5.709%, 

2/2/2035

b

630,647

454,000

6.141%, 

11/18/2039

b

457,186

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

118,000

6.250%, 

5/15/2026

116,841

530,000

5.250%, 

5/15/2027

503,877

Intesa

Sanpaolo

SPA

164,000

4.198%, 

6/1/2032

a,b

147,143

Invitation

Homes

Operating

Partnership,

LP

670,000

2.000%, 

8/15/2031

560,648

J.P.

Morgan

Chase

&

Company

305,000

2.947%, 

2/24/2028

b

296,292

687,000

4.979%, 

7/22/2028

b

693,131

700,000

2.522%, 

4/22/2031

b

628,124

975,000

1.953%, 

2/4/2032

b

829,426

1,073,000

4.586%, 

4/26/2033

b

1,045,400

805,000

4.912%, 

7/25/2033

b

798,599

489,000

5.766%, 

4/22/2035

b

508,221

275,000

5.502%, 

1/24/2036

b

280,924

455,000

5.534%, 

11/29/2045

b

450,483

Jackson

National

Life

Global

Funding

502,000

5.550%, 

7/2/2027

a

511,475

Jane

Street

Group/JSG

Finance,

Inc.

210,000

4.500%, 

11/15/2029

a

198,297

80,000

7.125%, 

4/30/2031

a

82,182

134,000

6.125%, 

11/1/2032

a

131,854

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

112,000

5.000%, 

8/15/2028

a

105,296

200,000

6.625%, 

10/15/2031

a

197,879

Jefferson

Capital

Holdings,

LLC

109,000

6.000%, 

8/15/2026

a

108,357

271,000

9.500%, 

2/15/2029

a

287,629

KeyBank

NA/Cleveland,

OH

599,000

5.000%, 

1/26/2033

583,355

Kilroy

Realty,

LP

255,000

4.250%, 

8/15/2029

242,577

218,000

6.250%, 

1/15/2036

216,138

Ladder

Capital

Finance

Holdings,

LLLP/Ladder

Capital

Finance

Corporation

135,000

4.250%, 

2/1/2027

a

131,477

356,000

4.750%, 

6/15/2029

a

339,041

Liberty

Mutual

Group,

Inc.

74,000

4.125%, 

12/15/2051

a,b

70,854

Lloyds

Banking

Group

plc

400,000

5.087%, 

11/26/2028

b

403,966

802,000

5.871%, 

3/6/2029

b

827,095

Macquarie

Airfinance

Holdings,

Ltd.

351,000

5.200%, 

3/27/2028

a

351,235

127,000

6.400%, 

3/26/2029

a

131,270

305,000

5.150%, 

3/17/2030

a

300,731

Marsh

&

McLennan

Companies,

Inc.

201,000

5.450%, 

3/15/2053

195,036

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

282

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Financials  3.4%

-

continued

Massachusetts

Mutual

Life

Insurance

Company

$

1,000,000

3.200%, 

12/1/2061

a

$

603,719

Mizuho

Financial

Group,

Inc.

302,000

5.098%, 

5/13/2031

b

304,896

Molina

Healthcare,

Inc.

220,000

4.375%, 

6/15/2028

a

209,542

92,000

3.875%, 

5/15/2032

a

80,714

Morgan

Stanley

600,000

4.350%, 

9/8/2026

597,568

989,000

3.591%, 

7/22/2028

b

964,366

535,000

5.164%, 

4/20/2029

b

542,252

409,000

3.622%, 

4/1/2031

b

386,182

535,000

5.250%, 

4/21/2034

b

535,264

379,000

5.831%, 

4/19/2035

b

392,745

200,000

5.587%, 

1/18/2036

b

204,253

939,000

5.297%, 

4/20/2037

b

921,069

Morgan

Stanley

Direct

Lending

Fund

344,000

6.150%, 

5/17/2029

347,790

Nasdaq,

Inc.

575,000

3.250%, 

4/28/2050

387,014

Nationstar

Mortgage

Holdings,

Inc.

64,000

5.500%, 

8/15/2028

a

63,476

134,000

6.500%, 

8/1/2029

a

135,849

205,000

5.125%, 

12/15/2030

a

204,475

65,000

7.125%, 

2/1/2032

a

67,520

NatWest

Group

plc

450,000

4.445%, 

5/8/2030

b

441,168

758,000

6.475%, 

6/1/2034

b

789,767

Navient

Corporation

78,000

5.000%, 

3/15/2027

76,322

84,000

5.500%, 

3/15/2029

79,490

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

86,000

4.500%, 

9/30/2028

a

81,063

New

York

Life

Global

Funding

812,000

4.550%, 

1/28/2033

a

787,595

Nomura

Holdings,

Inc.

487,000

5.783%, 

7/3/2034

499,450

Omega

Healthcare

Investors,

Inc.

774,000

3.625%, 

10/1/2029

723,718

OneMain

Finance

Corporation

499,000

3.500%, 

1/15/2027

478,258

468,000

3.875%, 

9/15/2028

432,770

130,000

6.750%, 

3/15/2032

127,592

Panther

Escrow

Issuer,

LLC

378,000

7.125%, 

6/1/2031

a

385,156

Park

Intermediate

Holdings,

LLC

366,000

4.875%, 

5/15/2029

a

341,597

Pine

Street

Trust

III

210,000

6.223%, 

5/15/2054

a

215,014

PNC

Financial

Services

Group,

Inc.

250,000

6.615%, 

10/20/2027

b

257,637

PRA

Group,

Inc.

208,000

8.375%, 

2/1/2028

a

212,574

Prologis

Targeted

US

Logistics

Fund,

LP

502,000

5.250%, 

4/1/2029

a

512,217

200,000

5.250%, 

1/15/2035

a

199,291

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Financials  3.4%

-

continued

Prologis,

LP

$

340,000

5.250%, 

3/15/2054

$

322,474

Prudential

Financial,

Inc.

1,020,000

5.125%, 

3/1/2052

b

970,894

Regency

Centers,

LP

700,000

4.125%, 

3/15/2028

692,097

370,000

5.250%, 

1/15/2034

370,407

Reinsurance

Group

of

America,

Inc.

509,000

5.750%, 

9/15/2034

517,741

RenaissanceRe

Holdings,

Ltd.

580,000

5.800%, 

4/1/2035

594,019

RFNA,

LP

225,000

7.875%, 

2/15/2030

a

222,255

RGA

Global

Funding

245,000

5.500%, 

1/11/2031

a

251,809

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

65,000

4.750%, 

10/15/2027

63,447

129,000

4.500%, 

2/15/2029

a

122,039

RLJ

Lodging

Trust,

LP

119,000

4.000%, 

9/15/2029

a

106,746

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

118,000

3.625%, 

3/1/2029

a

108,825

262,000

3.875%, 

3/1/2031

a

234,700

87,000

4.000%, 

10/15/2033

a

74,628

Ryan

Specialty,

LLC

68,000

4.375%, 

2/1/2030

a

64,700

153,000

5.875%, 

8/1/2032

a

151,116

Santander

Holdings

USA,

Inc.

268,000

6.499%, 

3/9/2029

b

277,533

461,000

5.473%, 

3/20/2029

b

463,595

218,000

6.174%, 

1/9/2030

b

224,032

Santander

UK

Group

Holdings

plc

900,000

1.673%, 

6/14/2027

b

867,009

Service

Properties

Trust

134,000

5.500%, 

12/15/2027

129,254

81,000

8.625%, 

11/15/2031

a

85,448

Simon

Property

Group,

LP

805,000

3.800%, 

7/15/2050

597,037

Sixth

Street

Lending

Partners

272,000

6.125%, 

7/15/2030

a

273,762

SLM

Corporation

38,000

6.500%, 

1/31/2030

38,992

Societe

Generale

SA

840,000

4.750%, 

11/24/2025

a

836,848

134,000

10.000%, 

11/14/2028

a,b,h

144,904

520,000

6.100%, 

4/13/2033

a,b

532,591

Standard

Chartered

plc

290,000

5.545%, 

1/21/2029

a,b

295,060

Starwood

Property

Trust,

Inc.

65,000

6.500%, 

10/15/2030

a

64,397

Sumitomo

Mitsui

Financial

Group,

Inc.

700,000

1.710%, 

1/12/2031

590,096

Synchrony

Financial

253,000

5.935%, 

8/2/2030

b

256,559

138,000

7.250%, 

2/2/2033

e

142,057

Synovus

Bank

799,000

5.625%, 

2/15/2028

802,790

Toronto-Dominion

Bank

608,000

5.523%, 

7/17/2028

625,114

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

283

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Financials  3.4%

-

continued

$

223,000

5.146%, 

9/10/2034

b

$

220,852

TrueNoord

Capital

DAC

99,000

8.750%, 

3/1/2030

a

100,477

Truist

Financial

Corporation

519,000

6.047%, 

6/8/2027

b

527,640

383,000

5.125%, 

12/15/2027

b,h

375,766

699,000

5.122%, 

1/26/2034

b

686,433

310,000

5.711%, 

1/24/2035

b

316,515

U.S.

Bancorp

744,000

5.775%, 

6/12/2029

b

767,317

178,000

5.836%, 

6/12/2034

b

183,680

340,000

5.678%, 

1/23/2035

b

347,583

UBS

Group

AG

96,000

4.875%, 

2/12/2027

a,b,h

93,122

771,000

6.246%, 

9/22/2029

a,b

805,842

668,000

3.091%, 

5/14/2032

a,b

594,662

486,000

5.699%, 

2/8/2035

a,b

498,362

200,000

5.379%, 

9/6/2045

a,b

191,026

UniCredit

SPA

129,000

5.861%, 

6/19/2032

a,b

129,429

United

Wholesale

Mortgage,

LLC

355,000

5.500%, 

4/15/2029

a

342,262

UnitedHealth

Group,

Inc.

536,000

5.875%, 

2/15/2053

543,641

489,000

4.750%, 

5/15/2052

422,725

Vornado

Realty,

LP

98,000

3.400%, 

6/1/2031

e

82,978

Wells

Fargo

&

Company

96,000

3.900%, 

3/15/2026

b,h

94,087

800,000

4.900%, 

1/24/2028

b

804,511

805,000

3.526%, 

3/24/2028

b

788,789

481,000

5.707%, 

4/22/2028

b

491,515

1,200,000

2.393%, 

6/2/2028

b

1,145,296

480,000

5.574%, 

7/25/2029

b

493,051

441,000

5.389%, 

4/24/2034

b

444,045

930,000

4.900%, 

11/17/2045

806,118

XHR,

LP

153,000

4.875%, 

6/1/2029

a

143,315

67,000

6.625%, 

5/15/2030

a

65,777

Zions

Bancorp

NA

400,000

6.816%, 

11/19/2035

b

408,094

Total

118,593,225

Foreign

Government  <0.1%

NBN

Company,

Ltd.

1,025,000

2.625%, 

5/5/2031

a

913,085

Saudi

Arabian

Oil

Company

451,000

5.250%, 

7/17/2034

a

453,470

Teine

Energy,

Ltd.

280,000

6.875%, 

4/15/2029

a

273,764

Total

1,640,319

Mortgage-Backed

Securities  11.3%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

3,100,153

2.000%, 

1/1/2052

2,501,294

3,599,590

2.000%, 

5/1/2051

2,904,275

19,246,412

2.500%, 

5/1/2051

16,233,877

6,404,424

3.500%, 

5/1/2052

5,824,722

6,049,704

4.000%, 

5/1/2052

5,691,868

2,437,686

5.000%, 

7/1/2053

2,406,033

783,819

5.500%, 

7/1/2053

789,569

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Mortgage-Backed

Securities  11.3%

-

continued

$

4,633,469

3.500%, 

8/1/2052

$

4,216,714

3,816,238

5.000%, 

8/1/2053

3,784,996

4,035,851

5.500%, 

9/1/2053

4,082,008

3,201,528

3.500%, 

9/1/2047

2,941,129

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

3,754,854

2.500%, 

7/1/2030

3,611,482

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

5,158,158

3.000%, 

12/1/2036

4,828,322

4,218,127

3.000%, 

8/1/2038

3,973,888

6,527,873

3.500%, 

5/1/2040

6,151,991

5,186,146

2.500%, 

4/1/2042

4,572,616

1,790,499

2.000%, 

5/1/2042

1,530,451

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

15,583,450

3.000%, 

1/1/2052

13,624,881

2,612,972

2.000%, 

2/1/2051

2,108,228

1,692,574

2.000%, 

2/1/2051

1,365,625

10,257,778

2.500%, 

2/1/2051

8,555,782

5,846,784

2.500%, 

2/1/2051

4,928,139

2,399,392

2.000%, 

3/1/2051

1,908,102

27,655,840

2.000%, 

3/1/2051

22,143,804

11,978,806

4.000%, 

3/1/2051

11,274,306

1,764,223

2.000%, 

3/1/2052

1,419,799

16,350,166

3.000%, 

3/1/2052

14,205,538

9,778,600

3.000%, 

4/1/2051

8,546,792

4,814,683

3.000%, 

5/1/2050

4,190,451

3,175,784

2.000%, 

5/1/2051

2,549,935

7,354,152

3.000%, 

5/1/2051

6,492,234

16,934,446

2.000%, 

6/1/2050

13,598,712

6,106,862

3.000%, 

6/1/2050

5,432,233

2,959,271

4.000%, 

6/1/2052

2,766,960

2,142,945

5.000%, 

6/1/2053

2,117,972

15,046,015

2.500%, 

7/1/2051

12,740,431

4,202,131

3.500%, 

7/1/2051

3,829,743

8,350,657

4.000%, 

7/1/2052

7,808,009

2,190,282

2.500%, 

8/1/2050

1,854,147

8,781,825

3.500%, 

8/1/2050

8,027,017

10,950,137

3.500%, 

8/1/2052

9,891,616

12,060,749

4.500%, 

8/1/2052

11,567,881

5,140,163

5.000%, 

8/1/2053

5,080,262

11,382,109

6.000%, 

8/1/2054

11,787,012

2,658,166

2.500%, 

9/1/2051

2,237,945

6,801,538

3.500%, 

9/1/2052

6,186,224

3,230,878

3.500%, 

9/1/2052

2,938,422

4,207,895

5.000%, 

9/1/2052

4,148,600

5,644,182

4.500%, 

9/1/2053

5,415,206

4,241,956

4.500%, 

9/1/2053

4,083,164

10,113,339

4.000%, 

10/1/2052

9,481,201

3,086,742

2.000%, 

11/1/2051

2,486,969

4,204,880

3.500%, 

11/1/2052

3,836,845

12,685,474

2.000%, 

12/1/2050

10,185,703

20,047,570

2.500%, 

12/1/2051

16,861,980

8,776,902

4.500%, 

12/1/2052

8,454,131

4,000,000

6.000%, 

4/1/2041

4,062,568

8,700,000

5.500%, 

5/1/2041

8,680,959

3,706,194

3.500%, 

12/1/2047

3,413,985

10,000

3.500%, 

5/1/2049

9,012

1,450,000

5.000%, 

5/1/2049

1,419,884

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

284

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Mortgage-Backed

Securities  11.3%

-

continued

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

$

17,725,493

2.500%, 

3/1/2062

$

14,335,238

4,450,085

3.500%, 

7/1/2061

3,941,890

5,207,979

4.000%, 

12/1/2061

4,815,982

Total

392,856,754

Technology  0.8%

Accenture

Capital,

Inc.

476,000

4.500%, 

10/4/2034

459,941

Adobe,

Inc.

530,000

5.300%, 

1/17/2035

e

545,791

Advanced

Micro

Devices,

Inc.

537,000

4.393%, 

6/1/2052

e

456,059

Amentum

Holdings,

Inc.

201,000

7.250%, 

8/1/2032

a

197,715

Analog

Devices,

Inc.

1,000,000

2.950%, 

10/1/2051

650,405

Block,

Inc.

138,000

3.500%, 

6/1/2031

121,331

566,000

6.500%, 

5/15/2032

a

571,706

Boost

Newco

Borrower,

LLC

379,000

7.500%, 

1/15/2031

a

394,515

Broadcom,

Inc.

283,000

3.469%, 

4/15/2034

a

249,112

1,072,000

3.137%, 

11/15/2035

a

888,532

1,100,000

3.187%, 

11/15/2036

a

902,875

460,000

4.926%, 

5/15/2037

a

442,282

Cadence

Design

Systems,

Inc.

222,000

4.700%, 

9/10/2034

216,759

Central

Parent,

Inc./CDK

Global,

Inc.

133,000

7.250%, 

6/15/2029

a

115,096

Cisco

Systems,

Inc.

235,000

5.300%, 

2/26/2054

230,034

Clarivate

Science

Holdings

Corporation

143,000

3.875%, 

7/1/2028

a

132,653

Cloud

Software

Group,

Inc.

796,000

6.500%, 

3/31/2029

a

773,764

CommScope,

LLC

131,000

4.750%, 

9/1/2029

a

116,466

131,000

9.500%, 

12/15/2031

a,e

134,930

Consensus

Cloud

Solutions,

Inc.

68,000

6.000%, 

10/15/2026

a

67,518

CoreLogic,

Inc.

81,000

4.500%, 

5/1/2028

a

75,392

Dell

International,

LLC/EMC

Corporation

338,000

4.750%, 

4/1/2028

339,545

Dell,

Inc.

452,000

6.500%, 

4/15/2038

476,911

Diebold

Nixdorf,

Inc.

101,000

7.750%, 

3/31/2030

a

104,693

Fiserv,

Inc.

517,000

2.650%, 

6/1/2030

465,423

494,000

5.350%, 

3/15/2031

506,560

468,000

5.600%, 

3/2/2033

480,906

500,000

5.150%, 

8/12/2034

495,923

Foundry

JV

Holdco,

LLC

551,000

5.900%, 

1/25/2030

a

570,715

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Technology  0.8%

-

continued

$

200,000

5.900%, 

1/25/2033

a

$

203,516

Gen

Digital,

Inc.

11,000

6.750%, 

9/30/2027

a

11,135

163,000

7.125%, 

9/30/2030

a,e

166,375

66,000

6.250%, 

4/1/2033

a

65,700

Global

Payments,

Inc.

487,000

5.950%, 

8/15/2052

e

471,210

805,000

5.300%, 

8/15/2029

817,350

Hewlett

Packard

Enterprise

Company

400,000

4.850%, 

10/15/2031

395,866

II-VI,

Inc.

131,000

5.000%, 

12/15/2029

a

124,969

Intel

Corporation

755,000

4.900%, 

7/29/2045

634,207

Iron

Mountain,

Inc.

540,000

4.875%, 

9/15/2029

a

515,438

300,000

5.250%, 

7/15/2030

a

287,650

440,000

4.500%, 

2/15/2031

a

403,342

KLA

Corporation

804,000

3.300%, 

3/1/2050

558,036

Marvell

Technology,

Inc.

127,000

5.950%, 

9/15/2033

132,469

Mastercard,

Inc.

566,000

3.950%, 

2/26/2048

461,892

Microchip

Technology,

Inc.

102,000

5.050%, 

3/15/2029

102,691

NCR

Atleos

Corporation

108,000

9.500%, 

4/1/2029

a

117,105

NCR

Voyix

Corporation

194,000

5.000%, 

10/1/2028

a

186,671

123,000

5.125%, 

4/15/2029

a

117,147

Neptune

Bidco

US,

Inc.

500,000

9.290%, 

4/15/2029

a

433,825

NXP

BV/NXP

Funding,

LLC

475,000

5.550%, 

12/1/2028

486,488

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

476,000

4.300%, 

6/18/2029

466,390

475,000

3.250%, 

5/11/2041

348,202

Open

Text

Holdings,

Inc.

545,000

4.125%, 

2/15/2030

a

497,014

Oracle

Corporation

536,000

6.900%, 

11/9/2052

590,868

210,000

4.700%, 

9/27/2034

200,539

1,400,000

3.850%, 

7/15/2036

1,213,359

1,266,000

4.000%, 

7/15/2046

968,188

PayPal

Holdings,

Inc.

420,000

5.500%, 

6/1/2054

e

405,863

Pitney

Bowes,

Inc.

68,000

6.875%, 

3/15/2027

a

67,915

RingCentral,

Inc.

359,000

8.500%, 

8/15/2030

a

377,370

Rocket

Software,

Inc.

160,000

9.000%, 

11/28/2028

a

164,995

Roper

Technologies,

Inc.

640,000

1.750%, 

2/15/2031

537,872

Seagate

HDD

Cayman

257,280

9.625%, 

12/1/2032

289,365

Sensata

Technologies

BV

214,000

4.000%, 

4/15/2029

a

196,688

Sensata

Technologies,

Inc.

68,000

4.375%, 

2/15/2030

a

62,816

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

285

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Technology  0.8%

-

continued

$

77,000

3.750%, 

2/15/2031

a

$

67,232

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

150,000

4.625%, 

11/1/2026

a

147,325

34,000

6.750%, 

8/15/2032

a

34,270

SS&C

Technologies,

Inc.

250,000

5.500%, 

9/30/2027

a

248,109

67,000

6.500%, 

6/1/2032

a

67,724

Synopsys,

Inc.

328,000

5.700%, 

4/1/2055

325,675

Texas

Instruments,

Inc.

535,000

5.050%, 

5/18/2063

490,308

UKG,

Inc.

141,000

6.875%, 

2/1/2031

a

143,036

Verisk

Analytics,

Inc.

194,000

5.250%, 

3/15/2035

193,756

Viavi

Solutions,

Inc.

319,000

3.750%, 

10/1/2029

a

291,710

VMware,

LLC

875,000

2.200%, 

8/15/2031

743,726

Xerox

Holdings

Corporation

33,000

5.000%, 

8/15/2025

a

32,631

510,000

5.500%, 

8/15/2028

a

358,095

Total

27,407,675

Transportation  0.2%

Air

Canada

135,000

3.875%, 

8/15/2026

a

132,014

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

302,500

5.500%, 

4/20/2026

a

301,673

245,647

5.750%, 

4/20/2029

a

240,361

Avianca

Midco

2

plc

200,000

9.625%, 

2/14/2030

a,e

183,750

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

173,000

5.375%, 

3/1/2029

a,e

156,025

Burlington

Northern

Santa

Fe,

LLC

631,000

2.875%, 

6/15/2052

396,451

530,000

4.450%, 

3/15/2043

466,226

Canadian

Pacific

Railway

Company

537,000

4.700%, 

5/1/2048

471,310

CSX

Corporation

720,000

3.800%, 

4/15/2050

549,705

DCLI

Bidco,

LLC

120,000

7.750%, 

11/15/2029

a

123,513

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

1,126,000

4.750%, 

10/20/2028

a

1,121,320

ERAC

USA

Finance,

LLC

536,000

5.400%, 

5/1/2053

a

517,543

JetBlue

Airways

Corporation/

JetBlue

Loyalty,

LP

177,000

9.875%, 

9/20/2031

a

174,715

Mileage

Plus

Holdings,

LLC

603,450

6.500%, 

6/20/2027

a

606,051

OneSky

Flight,

LLC

105,000

8.875%, 

12/15/2029

a

106,122

Rand

Parent,

LLC

335,000

8.500%, 

2/15/2030

a,e

331,653

RXO,

Inc.

124,000

7.500%, 

11/15/2027

a

127,507

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Transportation  0.2%

-

continued

Stena

International

SA

$

217,000

7.250%, 

1/15/2031

a

$

216,900

Union

Pacific

Corporation

1,074,000

2.973%, 

9/16/2062

626,944

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

81,000

7.875%, 

5/1/2027

a

79,544

156,000

6.375%, 

2/1/2030

a,e

136,661

Total

7,065,988

U.S.

Government

&

Agencies  12.2%

U.S.

Treasury

Bonds

507,000

3.625%, 

5/15/2053

427,068

15,480,000

1.625%, 

11/15/2050

8,426,320

11,400,000

4.750%, 

11/15/2053

11,652,492

14,120,000

5.250%, 

11/15/2028

14,749,333

1,075,000

4.375%, 

5/15/2040

1,066,980

41,740,000

1.375%, 

11/15/2040

27,124,478

600,000

3.000%, 

5/15/2042

488,648

27,658,000

2.500%, 

5/15/2046

19,600,447

35,275,000

2.875%, 

5/15/2049

26,000,155

U.S.

Treasury

Notes

50,200,000

5.000%, 

8/31/2025

50,343,933

2,500,000

4.250%, 

12/31/2025

2,502,070

33,790,000

2.625%, 

1/31/2026

33,385,444

3,050,000

0.500%, 

2/28/2026

2,952,162

22,580,000

2.500%, 

2/28/2026

22,257,353

2,900,000

4.625%, 

2/28/2026

2,912,823

1,500,000

4.375%, 

7/31/2026

1,507,500

2,200,000

3.500%, 

9/30/2026

2,185,391

2,350,000

0.500%, 

4/30/2027

2,191,559

16,875,000

2.250%, 

11/15/2027

16,188,135

12,250,000

3.875%, 

12/31/2027

12,247,129

4,300,000

0.750%, 

1/31/2028

3,941,387

16,200,000

3.500%, 

1/31/2028

16,030,406

13,400,000

3.625%, 

3/31/2028

13,302,641

31,750,000

2.875%, 

5/15/2028

30,798,740

55,000,000

4.375%, 

8/31/2028

55,805,664

6,300,000

3.750%, 

12/31/2028

6,262,840

2,200,000

3.500%, 

9/30/2029

2,160,039

850,000

1.375%, 

11/15/2031

717,852

24,275,000

4.125%, 

11/15/2032

24,311,033

13,500,000

4.500%, 

11/15/2033

13,822,734

Total

425,362,756

Utilities  0.8%

AES

Corporation

1,069,000

3.950%, 

7/15/2030

a

1,002,535

Algonquin

Power

&

Utilities

Corporation

295,000

4.750%, 

1/18/2082

b

280,987

Alpha

Generation,

LLC

116,000

6.750%, 

10/15/2032

a

116,075

American

Water

Capital

Corporation

486,000

5.450%, 

3/1/2054

468,436

Berkshire

Hathaway

Energy

Company

900,000

4.500%, 

2/1/2045

778,434

Calpine

Corporation

266,000

4.500%, 

2/15/2028

a

257,873

CenterPoint

Energy,

Inc.

225,000

4.250%, 

11/1/2028

221,137

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

286

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Utilities  0.8%

-

continued

Commonwealth

Edison

Company

$

800,000

3.700%, 

3/1/2045

$

616,303

Consolidated

Edison

Company

of

New

York,

Inc.

384,000

4.500%, 

12/1/2045

330,329

900,000

4.125%, 

5/15/2049

710,252

Constellation

Energy

Generation,

LLC

253,000

6.125%, 

1/15/2034

266,600

Consumers

Energy

Company

880,000

4.350%, 

4/15/2049

745,307

Dominion

Energy,

Inc.

66,000

6.875%, 

2/1/2055

b

68,333

66,000

7.000%, 

6/1/2054

b

69,370

DTE

Electric

Company

760,000

3.700%, 

3/15/2045

591,530

Duke

Energy

Carolinas,

LLC

960,000

3.700%, 

12/1/2047

719,791

Duke

Energy

Corporation

92,000

6.450%, 

9/1/2054

b

91,845

729,000

5.450%, 

6/15/2034

e

738,899

Duke

Energy

Indiana,

LLC

693,000

3.750%, 

5/15/2046

526,244

Enel

Finance

International

NV

470,000

5.125%, 

6/26/2029

a

475,015

Eversource

Energy

669,000

4.750%, 

5/15/2026

669,304

Exelon

Corporation

575,000

4.700%, 

4/15/2050

482,402

642,000

4.450%, 

4/15/2046

531,438

FirstEnergy

Corporation

669,000

4.850%, 

7/15/2047

572,093

Georgia

Power

Company

455,000

4.950%, 

5/17/2033

451,861

237,000

5.250%, 

3/15/2034

239,127

ITC

Holdings

Corporation

560,000

5.300%, 

7/1/2043

524,384

Jersey

Central

Power

&

Light

Company

375,000

2.750%, 

3/1/2032

a

324,095

Lightning

Power,

LLC

383,000

7.250%, 

8/15/2032

a

394,329

Long

Ridge

Energy,

LLC

197,000

8.750%, 

2/15/2032

a,e

190,308

MidAmerican

Energy

Company

589,000

5.850%, 

9/15/2054

605,076

NextEra

Energy

Capital

Holdings,

Inc.

412,000

5.900%, 

3/15/2055

411,409

160,000

5.300%, 

3/15/2032

162,602

NiSource,

Inc.

64,000

6.375%, 

3/31/2055

b

63,240

675,000

5.650%, 

2/1/2045

657,136

NRG

Energy,

Inc.

115,000

3.375%, 

2/15/2029

a

105,588

195,000

5.250%, 

6/15/2029

a

190,034

107,000

6.000%, 

2/1/2033

a

104,093

107,000

6.250%, 

11/1/2034

a

105,332

Pacific

Gas

and

Electric

Company

700,000

3.300%, 

12/1/2027

671,589

495,000

5.550%, 

5/15/2029

501,757

467,000

4.550%, 

7/1/2030

452,039

505,000

6.950%, 

3/15/2034

547,219

Principal

Amount

Long-Term

Fixed

Income  37.4%

Value

Utilities  0.8%

-

continued

$

233,000

5.800%, 

5/15/2034

$

235,272

PG&E

Corporation

203,000

5.000%, 

7/1/2028

197,481

PPL

Capital

Funding,

Inc.

470,000

5.250%, 

9/1/2034

467,673

PPL

Electric

Utilities

Corporation

440,000

3.950%, 

6/1/2047

352,299

Public

Service

Company

of

Colorado

624,000

4.500%, 

6/1/2052

520,891

Public

Service

Enterprise

Group,

Inc.

600,000

4.900%, 

3/15/2030

602,837

San

Diego

Gas

&

Electric

Company

900,000

4.150%, 

5/15/2048

707,164

Southern

California

Edison

Company

140,000

5.450%, 

3/1/2035

138,625

Southern

Company

650,000

4.850%, 

3/15/2035

629,089

Southern

Company

Gas

Capital

Corporation

600,000

4.400%, 

5/30/2047

490,209

Southwestern

Electric

Power

Company

542,000

3.900%, 

4/1/2045

414,856

Talen

Energy

Supply,

LLC

267,000

8.625%, 

6/1/2030

a

283,207

TerraForm

Power

Operating,

LLC

520,000

5.000%, 

1/31/2028

a

503,277

Virginia

Electric

and

Power

Company

180,000

5.350%, 

1/15/2054

169,280

675,000

4.600%, 

12/1/2048

577,065

Vistra

Corporation

129,000

8.000%, 

10/15/2026

a,b,h

132,377

327,000

7.000%, 

12/15/2026

a,b,h

331,120

Vistra

Operations

Company,

LLC

500,000

5.000%, 

7/31/2027

a

492,275

Xcel

Energy,

Inc.

379,000

4.600%, 

6/1/2032

365,367

160,000

5.600%, 

4/15/2035

160,633

XPLR

Infrastructure

Operating

Partners,

LP

434,000

3.875%, 

10/15/2026

a,e

417,445

39,000

8.375%, 

1/15/2031

a,e

38,352

39,000

8.625%, 

3/15/2033

a,e

37,943

Total

26,296,487

Total

Long-Term

Fixed

Income

(cost

$1,383,915,120)

1,301,214,907

Shares

Registered

Investment

Companies  

36.1%

Value

U.S.

Affiliated  

35.7%  

12,945,711

Thrivent

Core

Emerging

Markets

Debt

Fund

106,025,371

3,317,050

Thrivent

Core

Emerging

Markets

Equity

Fund

31,744,167

2,986,559

Thrivent

Core

International

Equity

Fund

32,732,683

198,143

Thrivent

Core

Low

Volatility

Equity

Fund

2,365,832

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

287

Shares

Registered

Investment

Companies  36.1%

Value

U.S.

Affiliated  

35.7%  -

continued

2,300,985

Thrivent

Core

Mid

Cap

Value

Fund

$

23,769,179

1,437,678

Thrivent

Core

Small

Cap

Value

Fund

14,089,242

1,104,443

Thrivent

Global

Stock

Portfolio

16,457,967

19,187,078

Thrivent

High

Yield

Portfolio

79,785,625

25,702,475

Thrivent

Income

Portfolio

227,641,683

8,844,840

Thrivent

International

Allocation

Portfolio

90,031,624

1,723,359

Thrivent

International

Index

Portfolio

24,870,999

12,306,401

Thrivent

Large

Cap

Value

Portfolio

298,323,149

13,274,853

Thrivent

Limited

Maturity

Bond

Portfolio

130,542,246

4,697,566

Thrivent

Mid

Cap

Stock

Portfolio

96,501,157

3,769,349

Thrivent

Small

Cap

Stock

Portfolio

66,692,604

Total

1,241,573,528

U.S.

Unaffiliated  

0.4%  

7,119

Invesco

QQQ

Trust

Series

1

3,338,242

6,000

Invesco

Senior

Loan

ETF

e

124,200

15,550

SPDR

S&P

500

ETF

Trust

8,698,515

2,830

SPDR

S&P

Biotech

ETF

229,513

723

SPDR

S&P

Oil

&

Gas

Exploration

ETF

95,226

1,898

SPDR

S&P

Regional

Banking

ETF

107,901

2,348

SPDR

S&P

Software

&

Services

ETF

375,351

Total

12,968,948

Total

Registered

Investment

Companies

(cost

$1,070,836,277)

1,254,542,476

Shares

Common

Stock

13.6%

Value

Communications

Services  1.2%

23,652

Alphabet,

Inc.,

Class

A

3,657,545

78,403

Alphabet,

Inc.,

Class

C

12,248,901

4,095

AMC

Networks,

Inc.

j

28,174

36,860

AT&T,

Inc.

1,042,401

2,650

Bandwidth,

Inc.

j

34,715

25,728

Cargurus,

Inc.

j

749,457

202

Charter

Communications,

Inc.

j

74,443

1,368

Cogent

Communications

Holdings

83,872

14,624

Comcast

Corporation

539,626

17,344

E.W.

Scripps

Company

j

51,338

96

Electronic

Arts,

Inc.

13,874

1,436

Entravision

Communications

Corporation

3,016

402

Fox

Corporation,

Class

B

21,189

6,160

iHeartMedia,

Inc.

j

10,164

3,967

Iridium

Communications,

Inc.

108,378

1,252

John

Wiley

and

Sons,

Inc.

55,789

2,118

Liberty

Global,

Ltd.,

Class

A

j

24,378

4,197

Liberty

Latin

America,

Ltd.,

Class

A

j

26,567

523

Liberty

Media

Corporation-Liberty

Live

Group

j

35,637

8,348

Lumen

Technologies,

Inc.

j

32,724

5,067

Magnite,

Inc.

j

57,814

28,639

Meta

Platforms,

Inc.

16,506,374

636

Netflix,

Inc.

j

593,089

3,250

New

York

Times

Company

161,200

6,101

News

Corporation,

Class

A

166,069

312

Omnicom

Group,

Inc.

25,868

19,801

Pinterest,

Inc.

j

613,831

Shares

Common

Stock  13.6%

Value

Communications

Services  1.2%

-

continued

6,622

QuinStreet,

Inc.

j

$

118,136

644

Sinclair,

Inc.

10,259

6,517

Sirius

XM

Holdings,

Inc.

e

146,926

2,954

Spotify

Technology

SA

j

1,624,789

786

TechTarget,

Inc.

j

11,641

2,798

Telephone

and

Data

Systems,

Inc.

108,395

510

TKO

Group

Holdings,

Inc.

77,933

6,600

Trade

Desk,

Inc.

j

361,152

18,452

Verizon

Communications,

Inc.

836,983

4,942

Walt

Disney

Company

487,775

6,785

Warner

Brothers

Discovery,

Inc.

j

72,803

Total

40,823,225

Consumer

Discretionary  1.8%

75

Adient

plc

j

965

97

Adtalem

Global

Education,

Inc.

j

9,762

1,553

Advance

Auto

Parts,

Inc.

60,893

110,939

Amazon.com,

Inc.

j

21,107,254

10,267

American

Axle

&

Manufacturing

Holdings,

Inc.

j

41,787

3,456

American

Eagle

Outfitters,

Inc.

40,159

2,322

Aptiv

plc

j

138,159

1,403

Autoliv,

Inc.

124,095

5,664

Bath

&

Body

Works,

Inc.

171,732

24,025

Best

Buy

Company,

Inc.

1,768,480

24

Booking

Holdings,

Inc.

110,566

3,471

Boot

Barn

Holdings,

Inc.

j

372,890

2,057

BorgWarner,

Inc.

58,933

963

Bright

Horizons

Family

Solutions,

Inc.

j

122,340

1,354

Brunswick

Corporation

72,913

27

Build-A-Bear

Workshop,

Inc.

1,004

192

CarMax,

Inc.

j

14,961

388

Carvana

Company

j

81,123

106

Cavco

Industries,

Inc.

j

55,081

9,313

Champion

Homes,

Inc.

j

882,500

3,476

Chewy,

Inc.

j

113,005

12,197

Chipotle

Mexican

Grill,

Inc.

j

612,411

610

Columbia

Sportswear

Company

46,171

83

Cooper-Standard

Holdings,

Inc.

j

1,272

2,764

Coursera,

Inc.

j

18,408

822

Crocs,

Inc.

j

87,296

679

D.R.

Horton,

Inc.

86,321

6,709

Dana,

Inc.

89,431

132

Darden

Restaurants,

Inc.

27,424

5,250

Deckers

Outdoor

Corporation

j

587,002

17,917

DoorDash,

Inc.

j

3,274,690

504

Dorman

Products,

Inc.

j

60,752

32,472

eBay,

Inc.

2,199,329

926

Etsy,

Inc.

j

43,689

11,920

Expedia

Group,

Inc.

2,003,752

142

Five

Below,

Inc.

j

10,639

2,504

Fox

Factory

Holding

Corporation

j

58,443

274

Frontdoor,

Inc.

j

10,527

6,850

Gap,

Inc.

141,179

808

Garmin,

Ltd.

175,441

10,135

Gentex

Corporation

236,146

2,861

Goodyear

Tire

&

Rubber

Company

j

26,436

1,983

Grand

Canyon

Education,

Inc.

j

343,099

452

Group

1

Automotive,

Inc.

172,641

5,072

Hanesbrands,

Inc.

j

29,265

4,630

Hasbro,

Inc.

284,699

8,050

Hilton

Worldwide

Holdings,

Inc.

1,831,778

16,372

Home

Depot,

Inc.

6,000,174

2,466

Installed

Building

Products,

Inc.

422,820

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

288

Shares

Common

Stock  13.6%

Value

Consumer

Discretionary  1.8%

-

continued

2,388

Latham

Group,

Inc.

j

$

15,355

5,392

Laureate

Education,

Inc.

j

110,266

1,802

La-Z-Boy,

Inc.

70,440

498

Lear

Corporation

43,934

1,445

Leggett

&

Platt,

Inc.

11,430

2,621

LKQ

Corporation

111,497

668

Lowe's

Companies,

Inc.

155,798

2,202

Lululemon

Athletica,

Inc.

j

623,298

4,647

Modine

Manufacturing

Company

j

356,657

1,659

Mohawk

Industries,

Inc.

j

189,425

389

Motorcar

Parts

of

America,

Inc.

j

3,696

24,169

NIKE,

Inc.

1,534,248

73

NVR,

Inc.

j

528,840

206

OneSpaWorld

Holdings,

Ltd.

3,459

1,567

O'Reilly

Automotive,

Inc.

j

2,244,853

4,440

Patrick

Industries,

Inc.

375,446

343

Planet

Fitness,

Inc.

j

33,137

1,627

Pool

Corporation

517,955

1,095

PUMA

SE

26,710

40,364

QVC

Group,

Inc.

8,117

240

Ralph

Lauren

Corporation

52,978

1,606

Revolve

Group,

Inc.

j

34,513

6,812

Ross

Stores,

Inc.

870,505

1,597

Service

Corporation

International/

US

128,079

10,968

SharkNinja,

Inc.

j

914,841

1,244

Six

Flags

Entertainment

Corporation

44,373

1,268

Skechers

USA,

Inc.

j

71,997

5,050

Sony

Group

Corporation

ADR

e

128,220

1,465

Stitch

Fix,

Inc.

j

4,761

4,872

Stoneridge,

Inc.

j

22,362

593

Strategic

Education,

Inc.

49,788

930

Tapestry,

Inc.

65,481

24,897

Tesla,

Inc.

j

6,452,307

1,298

Texas

Roadhouse,

Inc.

216,286

43

TopBuild

Corporation

j

13,113

1,997

Travel

+

Leisure

Company

92,441

126

Ulta

Beauty,

Inc.

j

46,184

1,321

Valvoline,

Inc.

j

45,984

5,081

VF

Corporation

78,857

691

Visteon

Corporation

j

53,635

1,193

Wingstop,

Inc.

269,117

13,011

Wyndham

Hotels

&

Resorts,

Inc.

1,177,626

2,504

Yum

China

Holding,

Inc.

130,358

Total

62,158,204

Consumer

Staples  0.4%

1,785

Albertson's

Companies,

Inc.

39,252

430

Archer-Daniels-Midland

Company

20,644

2,405

BellRing

Brands,

Inc.

j

179,076

3,911

BJ's

Wholesale

Club

Holdings,

Inc.

j

446,245

128

Bunge

Global

SA

9,782

1,828

Casey's

General

Stores,

Inc.

793,425

5,424

Colgate-Palmolive

Company

508,229

15,934

Conagra

Brands,

Inc.

424,960

475

Costco

Wholesale

Corporation

449,245

13,093

Coty,

Inc.

j

71,619

240

Dole

plc

3,468

2,356

e.l.f.

Beauty,

Inc.

j

147,933

584

Hershey

Company

99,881

5,058

J

&

J

Snack

Foods

Corporation

666,240

825

J.M.

Smucker

Company

97,688

1,300

John

B.

Sanfilippo

&

Son,

Inc.

92,118

Shares

Common

Stock  13.6%

Value

Consumer

Staples  0.4%

-

continued

8,902

Kenvue,

Inc.

$

213,470

2,031

Keurig

Dr

Pepper,

Inc.

69,501

270

Kimberly-Clark

Corporation

38,399

526

Lamb

Weston

Holdings,

Inc.

28,036

431

Lancaster

Colony

Corporation

75,425

318

Maplebear,

Inc.

j

12,685

1,465

McCormick

&

Company,

Inc.

120,584

14,601

Philip

Morris

International,

Inc.

2,317,617

8,557

Procter

&

Gamble

Company

1,458,284

4,054

Sysco

Corporation

304,212

866

Turning

Point

Brands,

Inc.

51,475

276

Tyson

Foods,

Inc.

17,612

1,459

US

Foods

Holding

Corporation

j

95,506

10,907

Vita

Coco

Company,

Inc.

j

334,300

55,302

Walmart,

Inc.

4,854,963

Total

14,041,874

Energy  0.3%

3,100

Antero

Midstream

Corporation

55,800

6,351

Antero

Resources

Corporation

j

256,834

16,279

Archrock,

Inc.

427,161

22,943

Baker

Hughes

Company

1,008,345

8,691

Berry

Corporation

27,898

1,521

Cactus,

Inc.

69,707

452

Cheniere

Energy,

Inc.

104,593

12,208

ConocoPhillips

1,282,084

248

Coterra

Energy,

Inc.

7,167

3,394

Crescent

Energy

Company

38,149

9,692

Devon

Energy

Corporation

362,481

548

DT

Midstream,

Inc.

52,871

5,977

Enterprise

Products

Partners,

LP

204,055

13,076

EOG

Resources,

Inc.

1,676,866

117

EQT

Corporation

6,251

2,368

Expand

Energy

Corporation

263,606

9,873

Exxon

Mobil

Corporation

1,174,196

985

Gulfport

Energy

Corporation

j

181,378

4,128

Halliburton

Company

104,727

6,130

Hess

Midstream,

LP

259,238

9,098

Kinder

Morgan,

Inc.

259,566

1,505

Kodiak

Gas

Services,

Inc.

56,136

18,956

Kosmos

Energy,

Ltd.

j

43,220

606

Marathon

Petroleum

Corporation

88,288

11,870

Matador

Resources

Company

606,438

338

Natural

Gas

Services

Group,

Inc.

j

7,426

1,996

Noble

Corporation

plc

47,305

3,568

Oceaneering

International,

Inc.

j

77,818

2,400

Oil

States

International,

Inc.

j

12,360

3,725

Ovintiv,

Inc.

159,430

1,520

Par

Pacific

Holdings,

Inc.

j

21,675

23

Phillips

66

2,840

242

Ranger

Energy

Services,

Inc.

3,434

7,807

Schlumberger

NV

326,333

1,113

Shell

plc

ADR

81,561

7,382

Sitio

Royalties

Corporation

146,680

907

Solaris

Energy

Infrastructure,

Inc.

19,736

2,058

Talos

Energy,

Inc.

j

20,004

50

Targa

Resources

Corporation

10,023

37,933

TechnipFMC

plc

1,202,097

2,016

Vital

Energy,

Inc.

j

42,780

7,296

Williams

Companies,

Inc.

436,009

Total

11,234,566

Financials  1.9%

601

1st

Source

Corporation

35,946

372

Affiliated

Managers

Group,

Inc.

62,507

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

289

Shares

Common

Stock  13.6%

Value

Financials  1.9%

-

continued

199

Affirm

Holdings,

Inc.

j

$

8,993

1,240

Allstate

Corporation

256,767

4,854

Ally

Financial,

Inc.

177,025

7,727

Amalgamated

Financial

Corporation

222,151

6,129

American

Express

Company

1,649,007

1,543

American

International

Group,

Inc.

134,148

3,395

Ameriprise

Financial,

Inc.

1,643,553

1,511

Ameris

Bancorp

86,988

517

AMERISAFE,

Inc.

27,168

4,780

Annaly

Capital

Management,

Inc.

97,082

1,613

Arch

Capital

Group,

Ltd.

155,138

187

Arrow

Financial

Corporation

4,916

1,587

Arthur

J.

Gallagher

&

Company

547,896

2,403

Artisan

Partners

Asset

Management,

Inc.

93,957

3,555

Associated

Banc-Corp

80,094

707

Assurant,

Inc.

148,293

1,315

Atlantic

Union

Bankshares

Corporation

40,949

35,401

AvidXchange

Holdings,

Inc.

j

300,201

338

Axis

Capital

Holdings,

Ltd.

33,881

1,016

Axos

Financial,

Inc.

j

65,552

24,850

Bank

of

America

Corporation

1,036,991

89

Bank

of

Hawaii

Corporation

6,138

556

Bank

of

Marin

Bancorp

12,271

1,594

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

62,038

2,505

Bank

of

New

York

Mellon

Corporation

210,094

885

Bank

OZK

38,453

946

BankFinancial

Corporation

11,957

4,071

BankUnited,

Inc.

140,205

1,306

Bar

Harbor

Bankshares

38,527

1,778

BCB

Bancorp,

Inc.

17,531

4,288

Berkshire

Hathaway,

Inc.

j

2,283,703

2,342

Berkshire

Hills

Bancorp,

Inc.

61,103

681

Block,

Inc.

j

36,999

12,889

Blue

Owl

Capital,

Inc.

258,296

3,686

Bridgewater

Bancshares,

Inc.

j

51,199

4,066

Brookline

Bancorp,

Inc.

44,319

2,225

Brown

&

Brown,

Inc.

276,790

1,007

Burke

&

Herbert

Financial

Services

Corporation

56,503

1,702

Business

First

Bancshares,

Inc.

41,444

646

Byline

Bancorp,

Inc.

16,899

1,775

Cadence

Bank

53,889

123

Camden

National

Corporation

4,978

235

Capital

City

Bank

Group,

Inc.

8,451

861

Capital

One

Financial

Corporation

154,377

7,241

Capitol

Federal

Financial,

Inc.

40,550

3,859

Carlyle

Group,

Inc.

168,214

176

Cathay

General

Bancorp

7,573

1,895

Cboe

Global

Markets,

Inc.

428,820

21,540

Charles

Schwab

Corporation

1,686,151

2,974

Chimera

Investment

Corporation

38,156

151

ChoiceOne

Financial

Services,

Inc.

4,344

590

Chubb,

Ltd.

178,174

372

Cincinnati

Financial

Corporation

54,952

3,875

Citigroup,

Inc.

275,086

418

Citizens

Financial

Group,

Inc.

17,125

1,551

CNB

Financial

Corporation

34,510

2,495

CNO

Financial

Group,

Inc.

103,917

49

Coinbase

Global,

Inc.

j

8,439

1,818

Columbia

Banking

System,

Inc.

45,341

1,416

Comerica,

Inc.

83,629

Shares

Common

Stock  13.6%

Value

Financials  1.9%

-

continued

1,333

Commerce

Bancshares,

Inc.

$

82,953

219

Community

Financial

System,

Inc.

12,452

3,874

Community

Trust

Bancorp,

Inc.

195,095

758

ConnectOne

Bancorp,

Inc.

18,427

593

Cullen/Frost

Bankers,

Inc.

74,244

861

Customers

Bancorp,

Inc.

j

43,222

300

CVB

Financial

Corporation

5,538

129

Diamond

Hill

Investment

Group,

Inc.

18,426

1,118

Discover

Financial

Services

190,843

1,606

Donnelley

Financial

Solutions,

Inc.

j

70,198

2,051

Eagle

Bancorp,

Inc.

43,071

1,666

East

West

Bancorp,

Inc.

149,540

908

Eastern

Bankshares,

Inc.

14,891

2,100

Ellington

Credit

Company

11,361

1,295

Enact

Holdings,

Inc.

45,001

867

Enova

International,

Inc.

j

83,718

973

Equitable

Holdings,

Inc.

50,684

1,067

Equity

Bancshares,

Inc.

42,040

1,050

Essent

Group,

Ltd.

60,606

814

Evercore,

Inc.

162,572

12,575

F.N.B.

Corporation

169,134

937

FactSet

Research

Systems,

Inc.

425,998

483

Federal

Agricultural

Mortgage

Corporation

90,567

10,632

Federated

Hermes,

Inc.

433,467

1,521

Fidelity

National

Information

Services,

Inc.

113,588

772

Fifth

Third

Bancorp

30,262

1,076

Financial

Institutions,

Inc.

26,857

335

First

American

Financial

Corporation

21,986

10,383

First

Bancorp/Puerto

Rico

199,042

1,506

First

Bancshares,

Inc.

50,918

8,385

First

Busey

Corporation

181,116

259

First

Business

Financial

Services,

Inc.

12,212

71

First

Citizens

BancShares,

Inc./NC

131,643

2,719

First

Financial

Bancorp

67,921

811

First

Financial

Bankshares,

Inc.

29,131

1,084

First

Financial

Corporation

53,094

502

First

Hawaiian,

Inc.

12,269

6,002

First

Horizon

Corporation

116,559

1,258

First

Internet

Bancorp

33,689

250

First

Interstate

BancSystem,

Inc.

7,163

673

First

Merchants

Corporation

27,216

2,333

First

Mid-Illinois

Bancshares,

Inc.

81,422

6,413

Fiserv,

Inc.

j

1,416,183

1,664

Flagstar

Financial,

Inc.

19,336

2,351

Flushing

Financial

Corporation

29,858

641

Flywire

Corporation

j

6,090

13,069

Fulton

Financial

Corporation

236,418

9,008

Glacier

Bancorp,

Inc.

398,334

2,521

Great

Southern

Bancorp,

Inc.

139,588

1,774

Hamilton

Lane,

Inc.

263,741

1,839

Hancock

Whitney

Corporation

96,456

1,074

Hanmi

Financial

Corporation

24,337

491

Hanover

Insurance

Group,

Inc.

85,409

711

HarborOne

Bancorp,

Inc.

7,373

701

Hartford

Insurance

Group,

Inc.

86,735

34

HBT

Financial,

Inc.

762

1,600

Home

BancShares,

Inc.

45,232

3,154

Hometrust

Bancshares,

Inc.

108,119

4,394

Hope

Bancorp,

Inc.

46,005

214

Horace

Mann

Educators

Corporation

9,144

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

290

Shares

Common

Stock  13.6%

Value

Financials  1.9%

-

continued

3,258

Horizon

Bancorp,

Inc.

$

49,131

5,752

Houlihan

Lokey,

Inc.

928,948

1,525

Huntington

Bancshares,

Inc./OH

22,890

118

Independent

Bank

Corporation/MA

7,393

1,879

Independent

Bank

Corporation/MI

57,854

91

Interactive

Brokers

Group,

Inc.

15,069

19,600

Intercontinental

Exchange,

Inc.

3,381,000

5,732

Invesco,

Ltd.

86,954

248

Investar

Holding

Corporation

4,367

19,303

J.P.

Morgan

Chase

&

Company

4,735,026

6,454

Jack

Henry

&

Associates,

Inc.

1,178,500

8,271

Janus

Henderson

Group

plc

298,997

5,952

Kearny

Financial

Corporation/MD

37,260

8,218

KeyCorp

131,406

2,288

Kinsale

Capital

Group,

Inc.

1,113,593

720

LendingTree,

Inc.

j

36,194

202

M&T

Bank

Corporation

36,108

572

MarketAxess

Holdings,

Inc.

123,752

270

Marsh

&

McLennan

Companies,

Inc.

65,888

4,278

Mastercard,

Inc.

2,344,857

1,281

Mercantile

Bank

Corporation

55,647

1,745

MetLife,

Inc.

140,106

729

Metropolitan

Bank

Holding

Corporation

j

40,817

17,191

MGIC

Investment

Corporation

425,993

615

Mid

Penn

Bancorp,

Inc.

15,935

2,626

Midland

States

Bancorp,

Inc.

44,957

5,738

MidWestOne

Financial

Group,

Inc.

169,902

449

Morningstar,

Inc.

134,642

3,126

Mr.

Cooper

Group,

Inc.

j

373,870

3,175

MSCI,

Inc.

1,795,463

39,771

Nasdaq,

Inc.

3,017,028

36

Nelnet,

Inc.

3,993

11,061

NMI

Holdings,

Inc.

j

398,749

620

Northeast

Community

Bancorp,

Inc.

14,533

7,400

Northern

Trust

Corporation

730,010

1,884

Northfield

Bancorp,

Inc.

20,554

227

Northrim

BanCorp,

Inc.

16,621

4,425

Northwest

Bancshares,

Inc.

53,189

12,502

OceanFirst

Financial

Corporation

212,659

5,751

OFG

Bancorp

230,155

2,931

Old

National

Bancorp

62,108

3,935

Old

Republic

International

Corporation

154,331

7,031

Old

Second

Bancorp,

Inc.

116,996

5,915

OneMain

Holdings,

Inc.

289,125

1,431

Orrstown

Financial

Services,

Inc.

42,944

939

P10,

Inc.

11,033

430

Palomar

Holdings,

Inc.

j

58,944

40

Park

National

Corporation

6,056

692

Paymentus

Holdings,

Inc.

j

18,061

787

PCB

Bancorp

14,725

1,574

Peoples

Bancorp,

Inc./OH

46,685

781

Pinnacle

Financial

Partners,

Inc.

82,817

462

PNC

Financial

Services

Group,

Inc.

81,206

3,322

Popular,

Inc.

306,853

655

Principal

Financial

Group,

Inc.

55,262

4,342

Progressive

Corporation

1,228,829

1,928

Prosperity

Bancshares,

Inc.

137,601

4,538

Provident

Financial

Services,

Inc.

77,917

467

Prudential

Financial,

Inc.

52,155

7,293

Radian

Group,

Inc.

241,180

Shares

Common

Stock  13.6%

Value

Financials  1.9%

-

continued

951

Regions

Financial

Corporation

$

20,665

232

Reinsurance

Group

of

America,

Inc.

45,681

4,316

Rithm

Capital

Corporation

49,418

5,336

RLI

Corporation

428,641

9,277

Robinhood

Markets,

Inc.

j

386,109

2,906

S&P

Global,

Inc.

1,476,539

5,010

SEI

Investments

Company

388,926

348

ServisFirst

Bancshares,

Inc.

28,745

2,302

Shore

Bancshares,

Inc.

31,169

783

Sierra

Bancorp

21,830

314

Simmons

First

National

Corporation

6,446

332

Southern

Missouri

Bancorp,

Inc.

17,271

756

Southside

Bancshares,

Inc.

21,894

1,118

SouthState

Corporation

103,773

2,754

StepStone

Group,

Inc.

143,841

1,189

Stifel

Financial

Corporation

112,075

568

StoneX

Group,

Inc.

j

43,384

2,713

Synovus

Financial

Corporation

126,806

226

Texas

Capital

Bancshares,

Inc.

j

16,882

103

Towne

Bank/Portsmouth,

VA

3,522

5,555

TPG

RE

Finance

Trust,

Inc.

45,273

12,627

TPG,

Inc.

598,899

13,354

Tradeweb

Markets,

Inc.

1,982,535

10,097

Triumph

Financial,

Inc.

j

583,607

6,024

Truist

Financial

Corporation

247,888

1,491

TrustCo

Bank

Corporation

NY

45,446

6,460

Trustmark

Corporation

222,805

1,630

U.S.

Bancorp

68,819

722

UMB

Financial

Corporation

72,994

1,019

United

Bankshares,

Inc.

35,329

2,965

United

Community

Banks,

Inc.

83,405

664

Unity

Bancorp,

Inc.

27,025

1,484

Univest

Financial

Corporation

42,086

432

Unum

Group

35,191

10,835

Valley

National

Bancorp

96,323

2,190

Veritex

Holdings,

Inc.

54,684

192

Virtu

Financial,

Inc.

7,319

25,188

Visa,

Inc.

8,827,386

194

Walker

&

Dunlop,

Inc.

16,560

1,908

Webster

Financial

Corporation

98,357

14,014

Wells

Fargo

&

Company

1,006,065

348

WesBanco,

Inc.

10,774

1,007

Westamerica

Bancorporation

50,984

7,343

Western

Alliance

Bancorp

564,163

18,573

Western

Union

Company

196,502

71

Willis

Towers

Watson

plc

23,994

655

Wintrust

Financial

Corporation

73,661

214

WSFS

Financial

Corporation

11,100

9,097

Zions

Bancorp

NA

453,576

Total

65,370,809

Health

Care  1.6%

14,593

Abbott

Laboratories

1,935,761

1,689

AbbVie,

Inc.

353,879

12,231

ADMA

Biologics,

Inc.

j

242,663

17,283

Agilent

Technologies,

Inc.

2,021,765

863

Agios

Pharmaceuticals,

Inc.

j

25,286

302

Align

Technology,

Inc.

j

47,976

6,902

Amgen,

Inc.

2,150,318

2,732

Amicus

Therapeutics,

Inc.

j

22,293

2,835

Amneal

Pharmaceuticals,

Inc.

j

23,757

803

Anika

Therapeutics,

Inc.

j

12,069

1,035

Argenx

SE

ADR

j

612,580

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

291

Shares

Common

Stock  13.6%

Value

Health

Care  1.6%

-

continued

213

Arvinas,

Inc.

j

$

1,495

504

Astria

Therapeutics,

Inc.

j

2,691

3,539

Avantor,

Inc.

j

57,367

265

Biogen,

Inc.

j

36,263

879

BioMarin

Pharmaceutical,

Inc.

j

62,137

2,780

Bio-Techne

Corporation

162,991

21,063

Boston

Scientific

Corporation

j

2,124,835

4,698

Cabaletta

Bio,

Inc.

j

6,507

2,852

CareDx,

Inc.

j

50,623

13,506

Caribou

Biosciences,

Inc.

j

12,332

2,607

Cencora,

Inc.

724,981

2,144

Centene

Corporation

j

130,162

5,495

Certara,

Inc.

j

54,401

123

Chemed

Corporation

75,684

405

Cigna

Group

133,245

15,357

Concentra

Group

Holdings

Parent,

Inc.

333,247

6,940

Cooper

Companies,

Inc.

j

585,389

2,617

CorVel

Corporation

j

293,026

1,890

CryoPort,

Inc.

j

11,491

20,563

Danaher

Corporation

4,215,415

1,842

Definitive

Healthcare

Corporation

j

5,323

3,342

Denali

Therapeutics,

Inc.

j

45,435

6,172

Dentsply

Sirona,

Inc.

92,210

9,083

Dexcom,

Inc.

j

620,278

591

Doximity,

Inc.

j

34,296

3,008

Editas

Medicine,

Inc.

j

3,489

11,584

Elanco

Animal

Health,

Inc.

j

121,632

6,869

Eli

Lilly

&

Company

5,673,176

4,223

Enanta

Pharmaceuticals,

Inc.

j

23,311

11,067

Encompass

Health

Corporation

1,120,866

5,174

Exact

Sciences

Corporation

j

223,982

286

Exelixis,

Inc.

j

10,559

4,396

Fate

Therapeutics,

Inc.

j

3,473

2,758

Fortrea

Holdings,

Inc.

j

20,823

1,549

Gilead

Sciences,

Inc.

173,565

19,214

Globus

Medical,

Inc.

j

1,406,465

4,379

GoodRx

Holdings,

Inc.

j

19,311

7,580

HealthEquity,

Inc.

j

669,845

253

Humana,

Inc.

66,944

4,895

IDEXX

Laboratories,

Inc.

j

2,055,655

73

Illumina,

Inc.

j

5,792

1,133

Incyte

Corporation

j

68,603

2,395

Inspire

Medical

Systems,

Inc.

j

381,476

1,574

Insulet

Corporation

j

413,348

2,071

Integra

LifeSciences

Holdings

Corporation

j

45,541

3,156

Intellia

Therapeutics,

Inc.

j

22,439

5,348

Intuitive

Surgical,

Inc.

j

2,648,704

386

IQVIA

Holding,

Inc.

j

68,052

2,418

iTeos

Therapeutics,

Inc.

j

14,435

5,322

Johnson

&

Johnson

882,601

1,415

Kura

Oncology,

Inc.

j

9,339

572

Labcorp

Holdings,

Inc.

133,127

41

Ligand

Pharmaceuticals,

Inc.

j

4,311

173

Medpace

Holdings,

Inc.

j

52,711

31,974

Medtronic

plc

2,873,184

1,970

Merck

&

Company,

Inc.

176,827

2,021

Merit

Medical

Systems,

Inc.

j

213,640

976

Mettler-Toledo

International,

Inc.

j

1,152,568

1,329

Myriad

Genetics,

Inc.

j

11,788

3,824

Natera,

Inc.

j

540,752

971

Neurocrine

Biosciences,

Inc.

j

107,393

5,103

Nkarta,

Inc.

j

9,390

749

Novocure,

Ltd.

j

13,347

Shares

Common

Stock  13.6%

Value

Health

Care  1.6%

-

continued

2,648

Penumbra,

Inc.

j

$

708,102

621

Prestige

Consumer

Healthcare,

Inc.

j

53,387

6,395

Progyny,

Inc.

j

142,864

1,903

Prothena

Corporation

plc

j

23,550

301

PTC

Therapeutics,

Inc.

j

15,339

2,632

QIAGEN

NV

105,675

250

Quest

Diagnostics,

Inc.

42,300

2,371

Regeneron

Pharmaceuticals,

Inc.

1,503,759

8,203

Relay

Therapeutics,

Inc.

j

21,492

6,852

Repligen

Corporation

j

871,848

31

Revvity,

Inc.

3,280

2,636

Rocket

Pharmaceuticals,

Inc.

j

17,582

20,470

Royalty

Pharma

plc

637,231

9,929

RxSight,

Inc.

j

250,707

2,890

Sanofi

SA

ADR

160,279

22,839

scPharmaceuticals,

Inc.

j

60,067

1,478

STERIS

plc

334,989

18,162

Stevanato

Group

SPA

370,868

2,760

Stryker

Corporation

1,027,410

549

Teleflex,

Inc.

75,866

892

Tenet

Healthcare

Corporation

j

119,974

3,500

Thermo

Fisher

Scientific,

Inc.

1,741,600

10,085

Twist

Bioscience

Corporation

j

395,937

215

United

Therapeutics

Corporation

j

66,278

5,714

UnitedHealth

Group,

Inc.

2,992,708

144

Veeva

Systems,

Inc.

j

33,355

6,166

Vericel

Corporation

j

275,127

3,785

Vertex

Pharmaceuticals,

Inc.

j

1,835,044

11,039

Viatris,

Inc.

96,150

3,659

Viemed

Healthcare,

Inc.

j

26,638

396

Waters

Corporation

j

145,954

1,435

Waystar

Holding

Corporation

j

53,612

1,694

West

Pharmaceutical

Services,

Inc.

379,253

3,382

Xencor,

Inc.

j

35,984

1,511

Xenon

Pharmaceuticals,

Inc.

j

50,694

3,481

Zentalis

Pharmaceuticals,

Inc.

j

5,535

1,362

Zimmer

Biomet

Holdings,

Inc.

154,151

12,529

Zoetis,

Inc.

2,062,900

Total

55,660,124

Industrials  1.5%

2,319

A.O.

Smith

Corporation

151,570

3,914

Advanced

Drainage

Systems,

Inc.

425,256

8,036

AECOM

745,178

1,726

Air

Lease

Corporation

83,383

486

Alaska

Air

Group,

Inc.

j

23,921

690

Allegion

plc

90,017

1,215

Allison

Transmission

Holdings,

Inc.

116,239

2,508

Amentum

Holdings,

Inc.

j

45,646

9,215

AMETEK,

Inc.

1,586,270

159

Applied

Industrial

Technologies,

Inc.

35,829

1,061

Arcosa,

Inc.

81,824

70

Argan,

Inc.

9,182

2,919

Armstrong

World

Industries,

Inc.

411,229

3,020

Array

Technologies,

Inc.

j

14,707

11,819

Atmus

Filtration

Technologies,

Inc.

434,112

6,129

Automatic

Data

Processing,

Inc.

1,872,593

162

Axon

Enterprise,

Inc.

j

85,204

3,395

Badger

Infrastructure

Solutions,

Ltd.

91,678

2,246

Barrett

Business

Services,

Inc.

92,423

5,459

Brady

Corporation

385,624

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

292

Shares

Common

Stock  13.6%

Value

Industrials  1.5%

-

continued

10,000

BWX

Technologies,

Inc.

$

986,500

3

CACI

International,

Inc.

j

1,101

2,264

Casella

Waste

Systems,

Inc.

j

252,459

6,705

Caterpillar,

Inc.

2,211,309

12,482

CECO

Environmental

Corporation

j

284,590

2,809

Clean

Harbors,

Inc.

j

553,654

12,099

CNH

Industrial

NV

148,576

118

CSW

Industrials,

Inc.

34,399

67,117

CSX

Corporation

1,975,253

158

Cummins,

Inc.

49,524

1,062

Curtiss-Wright

Corporation

336,941

1,654

Dayforce,

Inc.

j

96,478

2,774

Delta

Air

Lines,

Inc.

120,946

3,518

DNOW,

Inc.

j

60,087

8

Dover

Corporation

1,405

1,392

EMCOR

Group,

Inc.

514,525

1,497

Energy

Recovery,

Inc.

j

23,787

13,989

Enerpac

Tool

Group

Corporation

627,547

2,079

EnPro,

Inc.

336,361

64

ESCO

Technologies,

Inc.

10,184

24,015

ExlService

Holdings,

Inc.

j

1,133,748

779

Expeditors

International

of

Washington,

Inc.

93,675

44,237

Fastenal

Company

3,430,579

4,906

Federal

Signal

Corporation

360,836

9,050

Ferguson

Enterprises,

Inc.

1,450,082

9,916

Flowserve

Corporation

484,297

1,035

Fortive

Corporation

75,741

2,468

Frontier

Group

Holdings,

Inc.

j

10,711

24,388

Gates

Industrial

Corporation

plc

j

448,983

534

General

Dynamics

Corporation

145,558

246

Gorman-Rupp

Company

8,635

7,591

Graco,

Inc.

633,924

7,753

Great

Lakes

Dredge

&

Dock

Corporation

j

67,451

444

Griffon

Corporation

31,746

8,020

Helios

Technologies,

Inc.

257,362

285

Herc

Holdings,

Inc.

38,267

1,002

Hexcel

Corporation

54,870

846

Honeywell

International,

Inc.

179,141

10,770

Howmet

Aerospace,

Inc.

1,397,192

3,956

Hudson

Technologies,

Inc.

j

24,409

62

Huron

Consulting

Group,

Inc.

j

8,894

2,310

IDEX

Corporation

418,041

918

IES

Holdings,

Inc.

j

151,571

10,081

Ingersoll

Rand,

Inc.

806,782

2,104

ITT

Corporation

271,753

854

Jacobs

Solutions,

Inc.

103,240

819

JB

Hunt

Transport

Services,

Inc.

121,171

1,620

Kirby

Corporation

j

163,636

1,736

Knight-Swift

Transportation

Holdings,

Inc.

75,499

6,581

Korn

Ferry

446,389

620

L3Harris

Technologies,

Inc.

129,772

2,775

Landstar

System,

Inc.

416,805

760

Leidos

Holdings,

Inc.

102,554

2,103

Limbach

Holdings,

Inc.

j

156,610

462

Lincoln

Electric

Holdings,

Inc.

87,392

3,583

Lockheed

Martin

Corporation

1,600,562

991

ManpowerGroup,

Inc.

57,359

4,374

Masco

Corporation

304,168

28,769

Masterbrand,

Inc.

j

375,723

1,341

McGrath

RentCorp

149,387

694

Miller

Industries,

Inc.

29,405

2,305

Moog,

Inc.

399,572

Shares

Common

Stock  13.6%

Value

Industrials  1.5%

-

continued

12,144

Mueller

Water

Products,

Inc.

$

308,701

9,951

nVent

Electric

plc

521,631

4,508

Old

Dominion

Freight

Line,

Inc.

745,849

501

Otis

Worldwide

Corporation

51,703

880

Owens

Corning,

Inc.

125,682

514

PACCAR,

Inc.

50,048

4,844

Parker-Hannifin

Corporation

2,944,425

80

Paylocity

Holding

Corporation

j

14,987

4,729

Pentair

plc

413,693

468

Quanta

Services,

Inc.

118,956

1,314

RBC

Bearings,

Inc.

j

422,806

3,599

Regal

Rexnord

Corporation

409,746

240

Republic

Services,

Inc.

58,118

1,361

Robert

Half,

Inc.

74,243

2,204

Rockwell

Automation,

Inc.

569,470

259

Rush

Enterprises,

Inc.

13,833

941

Saia,

Inc.

j

328,814

2,876

Schneider

National,

Inc.

65,717

10,763

Shoals

Technologies

Group,

Inc.

j

35,733

76

SkyWest,

Inc.

j

6,640

2,945

Southwest

Airlines

Company

98,893

349

SPX

Technologies,

Inc.

j

44,944

371

SS&C

Technologies

Holdings,

Inc.

30,990

2,783

Stanley

Black

&

Decker,

Inc.

213,957

1,658

Sterling

Construction

Company,

Inc.

j

187,702

2,826

Timken

Company

203,105

5,927

Trane

Technologies

plc

1,996,925

47

TransDigm

Group,

Inc.

65,015

6,679

TransUnion

554,290

1,039

Trex

Company,

Inc.

j

60,366

1,553

Trinity

Industries,

Inc.

43,577

51,205

Uber

Technologies,

Inc.

j

3,730,796

651

UFP

Industries,

Inc.

69,683

668

UL

Solutions,

Inc.

37,675

824

Union

Pacific

Corporation

194,662

10,444

United

Airlines

Holdings,

Inc.

j

721,158

1,022

United

Parcel

Service,

Inc.

112,410

212

United

Rentals,

Inc.

132,860

5,814

Verisk

Analytics,

Inc.

1,730,363

2,396

Verra

Mobility

Corporation

j

53,934

238

Wabtec

Corporation

43,161

4,173

Waste

Connections,

Inc.

814,528

1,424

Waste

Management,

Inc.

329,670

1,114

Watsco,

Inc.

566,246

8,150

WNS

Holdings,

Ltd.

j

501,144

Total

51,929,852

Information

Technology  3.9%

796

Adobe,

Inc.

j

305,290

4,775

Agilysys,

Inc.

j

346,378

1,064

Ambarella,

Inc.

j

53,551

48,031

Amphenol

Corporation

3,150,353

119,438

Apple,

Inc.

26,530,763

14,488

Applied

Materials,

Inc.

2,102,499

13,345

Arista

Networks,

Inc.

j

1,033,971

125

Astera

Labs,

Inc.

j

7,459

108

Atlassian

Corporation

j

22,919

10,646

Autodesk,

Inc.

j

2,787,123

232

BILL

Holdings,

Inc.

j

10,646

3,919

BlackLine,

Inc.

j

189,758

47,823

Broadcom,

Inc.

8,007,005

10,112

CDW

Corporation

1,620,549

2,091

Ciena

Corporation

j

126,359

17,122

Cisco

Systems,

Inc.

1,056,599

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

293

Shares

Common

Stock  13.6%

Value

Information

Technology  3.9%

-

continued

2,266

Clearwater

Analytics

Holdings,

Inc.

j

$

60,729

575

Coherent

Corporation

j

37,340

3,242

Cohu,

Inc.

j

47,690

608

CommVault

Systems,

Inc.

j

95,918

313

Consensus

Cloud

Solutions,

Inc.

j

7,224

1,392

Crane

NXT

Company

71,549

1,628

Credo

Technology

Group

Holding,

Ltd.

j

65,380

1,662

CrowdStrike

Holdings,

Inc.

j

585,988

3,388

CyberArk

Software,

Ltd.

j

1,145,144

778

Datadog,

Inc.

j

77,185

2,673

Descartes

Systems

Group,

Inc.

j

269,519

2,556

DocuSign,

Inc.

j

208,058

2,606

Dolby

Laboratories,

Inc.

209,288

11,545

Dynatrace

Holdings,

LLC

j

544,347

601

Elastic

NV

j

53,549

341

Enphase

Energy,

Inc.

j

21,159

989

Expensify,

Inc.

j

3,007

783

F5,

Inc.

j

208,489

1,412

Fabrinet

j

278,884

385

Fair

Isaac

Corporation

j

710,002

303

FARO

Technologies,

Inc.

j

8,272

5,013

Flex,

Ltd.

j

165,830

22,553

Fortinet,

Inc.

j

2,170,952

11,550

Freshworks,

Inc.

j

162,970

1,310

Gartner,

Inc.

j

549,859

914

Gen

Digital,

Inc.

24,258

16,577

Gitlab,

Inc.

j

779,119

2,589

Globant

SA

j

304,777

361

GoDaddy,

Inc.

j

65,031

5,949

Guidewire

Software,

Inc.

j

1,114,605

1,276

HubSpot,

Inc.

j

728,966

2,686

Impinj,

Inc.

j

243,620

10,679

International

Business

Machines

Corporation

2,655,440

501

IPG

Photonics

Corporation

j

31,633

867

Itron,

Inc.

j

90,827

25,710

JFrog,

Ltd.

j

822,720

993

Keysight

Technologies,

Inc.

j

148,722

13,339

Lattice

Semiconductor

Corporation

j

699,631

2,297

Littelfuse,

Inc.

451,912

74

MACOM

Technology

Solutions

Holdings,

Inc.

j

7,428

5,721

Marvell

Technology,

Inc.

352,242

62,850

Microsoft

Corporation

23,593,261

78

MicroStrategy,

Inc.

j

22,485

361

Mirion

Technologies,

Inc.

j

5,234

2,557

MongoDB,

Inc.

j

448,498

14

Monolithic

Power

Systems,

Inc.

8,120

3,522

Motorola

Solutions,

Inc.

1,541,967

1,409

Napco

Security

Technologies,

Inc.

32,435

3,391

NetApp,

Inc.

297,865

226,872

NVIDIA

Corporation

24,588,387

379

Okta,

Inc.

j

39,878

1,653

Olo,

Inc.

j

9,984

1,663

ON

Semiconductor

Corporation

j

67,667

5,565

Onto

Innovation,

Inc.

j

675,257

15,850

Palantir

Technologies,

Inc.

j

1,337,740

7,170

PDF

Solutions,

Inc.

j

137,019

4,727

Pegasystems,

Inc.

328,621

344

Plexus

Corporation

j

44,077

248

Procore

Technologies,

Inc.

j

16,373

4,247

PTC,

Inc.

j

658,073

Shares

Common

Stock  13.6%

Value

Information

Technology  3.9%

-

continued

1,494

Q2

Holdings,

Inc.

j

$

119,535

1,668

Qorvo,

Inc.

j

120,780

17,119

QUALCOMM,

Inc.

2,629,650

17,322

Salesforce,

Inc.

4,648,532

4,230

Samsung

Electronics

Company,

Ltd.

167,700

6,608

SAP

AG

ADR

1,773,851

5,850

ServiceNow,

Inc.

j

4,657,419

1,479

Silicon

Laboratories,

Inc.

j

166,491

772

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

128,152

1,652

TD

SYNNEX

Corporation

171,742

721

TE

Connectivity

plc

101,892

330

Teledyne

Technologies,

Inc.

j

164,244

1,180

Tenable

Holdings,

Inc.

j

41,276

25,083

Trimble,

Inc.

j

1,646,699

13,039

TTM

Technologies,

Inc.

j

267,430

1,268

Tyler

Technologies,

Inc.

j

737,203

3,647

Varonis

Systems,

Inc.

j

147,521

3,453

VeriSign,

Inc.

j

876,613

360

Vontier

Corporation

11,826

3,458

Workiva,

Inc.

j

262,497

634

Xerox

Holdings

Corporation

3,062

396

Zebra

Technologies

Corporation

j

111,894

Total

136,439,435

Materials  0.4%

761

Albemarle

Corporation

54,807

366

Alcoa

Corporation

11,163

1,357

Allegheny

Technologies,

Inc.

j

70,605

5,038

Amcor

plc

48,869

635

AptarGroup,

Inc.

94,221

2,742

Aspen

Aerogels,

Inc.

j

17,521

3,324

Avient

Corporation

123,520

11,537

Axalta

Coating

Systems,

Ltd.

j

382,682

562

Balchem

Corporation

93,292

1,811

CF

Industries

Holdings,

Inc.

141,530

5,780

Chemours

Company

78,203

23,539

Constellium

SE

j

237,509

2,965

Corteva,

Inc.

186,587

23,365

DuPont

de

Nemours,

Inc.

1,744,898

138

Eagle

Materials,

Inc.

30,626

4,121

Eastman

Chemical

Company

363,101

11,949

Ecolab,

Inc.

3,029,310

11,893

Element

Solutions,

Inc.

268,901

2,946

FMC

Corporation

124,292

1,618

Greif,

Inc.

88,974

12,479

Hecla

Mining

Company

69,383

919

Huntsman

Corporation

14,511

2,781

Ingevity

Corporation

j

110,100

880

Innospec,

Inc.

83,380

1,193

International

Flavors

&

Fragrances,

Inc.

92,589

5,110

Ivanhoe

Mines,

Ltd.

e,j

43,393

1,293

Kaiser

Aluminum

Corporation

78,382

990

Koppers

Holdings,

Inc.

27,720

4,332

Linde

plc

2,017,152

100

LyondellBasell

Industries

NV

7,040

2,398

Magnera

Corporation

j

43,548

1,053

Martin

Marietta

Materials,

Inc.

503,471

1,360

Minerals

Technologies,

Inc.

86,455

5,043

Mosaic

Company

136,211

1,181

Nucor

Corporation

142,122

1,858

O-I

Glass,

Inc.

j

21,311

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

294

Shares

Common

Stock  13.6%

Value

Materials  0.4%

-

continued

9,770

Olin

Corporation

$

236,825

1,042

Orion

SA

13,473

2,342

Packaging

Corporation

of

America

463,763

333

PPG

Industries,

Inc.

36,414

545

Ranpak

Holdings

Corporation

j

2,954

1,931

Royal

Gold,

Inc.

315,738

3,807

RPM

International,

Inc.

440,394

1,990

Sealed

Air

Corporation

57,511

3,503

Sensient

Technologies

Corporation

260,728

2,587

Sonoco

Products

Company

122,210

1,939

Steel

Dynamics,

Inc.

242,530

554

Stepan

Company

30,492

5,722

Trinseo

plc

21,057

8,061

Tronox

Holdings

plc

56,749

125

United

States

Lime

&

Minerals,

Inc.

11,048

3,228

United

States

Steel

Corporation

136,415

553

Vulcan

Materials

Company

129,015

1,128

West

Fraser

Timber

Company,

Ltd.

86,788

Total

13,331,483

Real

Estate  0.4%

1,134

Agree

Realty

Corporation

87,533

3,040

Alexandria

Real

Estate

Equities,

Inc.

281,230

953

Alpine

Income

Property

Trust,

Inc.

15,934

1,449

American

Assets

Trust,

Inc.

29,183

275

AvalonBay

Communities,

Inc.

59,021

4,415

Brixmor

Property

Group,

Inc.

117,218

16,872

Broadstone

Net

Lease,

Inc.

287,499

5,904

CBRE

Group,

Inc.

j

772,125

5,039

Chatham

Lodging

Trust

35,928

2,169

Colliers

International

Group,

Inc.

263,100

7,313

Compass,

Inc.

j

63,843

7,792

CoStar

Group,

Inc.

j

617,360

1,256

Cousins

Properties,

Inc.

37,052

1,373

Crown

Castle,

Inc.

143,108

3,170

Curbline

Properties

Corporation

76,682

6,421

Cushman

and

Wakefield

plc

j

65,623

9,048

Douglas

Elliman,

Inc.

j

15,563

3,105

EPR

Properties

163,354

1,225

Equinix,

Inc.

998,804

61,903

Essential

Properties

Realty

Trust,

Inc.

2,020,514

246

Essex

Property

Trust,

Inc.

75,416

455

Extra

Space

Storage,

Inc.

67,563

2,450

First

Industrial

Realty

Trust,

Inc.

132,202

7,071

Global

Net

Lease,

Inc.

56,851

6,185

Healthcare

Realty

Trust,

Inc.

104,527

714

Host

Hotels

&

Resorts,

Inc.

10,146

313

Howard

Hughes

Holdings,

Inc.

j

23,187

3,034

Independence

Realty

Trust,

Inc.

64,412

12,267

Industrial

Logistics

Properties

Trust

42,198

4,842

Innovative

Industrial

Properties,

Inc.

261,904

8,298

InvenTrust

Properties

Corporation

243,712

10,129

National

Storage

Affiliates

Trust

399,083

9,721

NetSTREIT

Corporation

154,078

31,086

Outfront

Media,

Inc.

501,728

29,775

Park

Hotels

&

Resorts,

Inc.

317,997

954

Peakstone

Realty

Trust

12,020

12,258

Pebblebrook

Hotel

Trust

124,174

718

RE/MAX

Holdings,

Inc.

j

6,010

50,881

RLJ

Lodging

Trust

401,451

877

RMR

Group,

Inc.

14,602

470

Ryman

Hospitality

Properties

42,977

Shares

Common

Stock  13.6%

Value

Real

Estate  0.4%

-

continued

101,432

Sabra

Health

Care

REIT,

Inc.

$

1,772,017

1,295

Safehold,

Inc.

24,242

737

SBA

Communications

Corporation

162,147

2,372

Sila

Realty

Trust,

Inc.

63,356

12,358

STAG

Industrial,

Inc.

446,371

25,371

Tanger,

Inc.

857,286

4,256

Terreno

Realty

Corporation

269,064

86,377

Uniti

Group,

Inc.

435,340

143

Universal

Health

Realty

Income

Trust

5,857

2,958

Zillow

Group,

Inc.,

Class

A

j

197,772

5,145

Zillow

Group,

Inc.,

Class

C

j

352,741

Total

13,793,105

Utilities  0.2%

43,912

AES

Corporation

545,387

2,173

Alliant

Energy

Corporation

139,832

1,188

American

States

Water

Company

93,472

3,342

American

Water

Works

Company,

Inc.

493,012

407

Artesian

Resources

Corporation

13,288

2,998

Black

Hills

Corporation

181,829

142

Brookfield

Renewable

Corporation

3,965

2,428

California

Water

Service

Group

117,661

4,033

CenterPoint

Energy,

Inc.

146,115

5,045

Clearway

Energy,

Inc.,

Class

A

143,581

10,512

Clearway

Energy,

Inc.,

Class

C

318,198

523

Constellation

Energy

Corporation

105,452

1,895

Duke

Energy

Corporation

231,133

6,371

Edison

International

375,379

3,052

Entergy

Corporation

260,915

2,043

Essential

Utilities,

Inc.

80,760

1,292

Eversource

Energy

80,246

9,822

Hawaiian

Electric

Industries,

Inc.

j

107,551

740

Middlesex

Water

Company

47,434

3,497

NiSource,

Inc.

140,195

626

Northwestern

Energy

Group,

Inc.

36,227

40,138

PG&E

Corporation

689,571

1,296

Portland

General

Electric

Company

57,802

1,782

Public

Service

Enterprise

Group,

Inc.

146,659

843

Spire,

Inc.

65,965

100,423

UGI

Corporation

3,320,989

5,132

Vistra

Energy

Corporation

602,702

26,160

XPLR

Infrastructure,

LP

248,520

Total

8,793,840

Total

Common

Stock

(cost

$330,456,681)

473,576,517

Shares

Private

Equity

Funds

0.8%

Value

Secondary  0.8%

1

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP

*,j,k

2,554,019

1

ASF

IX,

LP

*,j,k

3,737,210

1

ASF

VIII

Sidecar

(Cayman),

LP

*,j,k

770,806

1

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF

*,j,k

3,436,041

1

LCP

X

(Offshore),

LP

*,j,k

14,457,575

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

295

Shares

Private

Equity

Funds

0.8%

Value

Secondary  0.8%

-

continued

1

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP

*,j,k

$

2,555,317

Total

27,510,968

Total

Private

Equity

Funds

(cost

$22,535,418)

27,510,968

Shares

Collateral

Held

for

Securities

Loaned

0.3%

Value

10,280,172

Thrivent

Cash

Management

Trust

10,280,172

Total

Collateral

Held

for

Securities

Loaned

(cost

$10,280,172)

10,280,172

Shares

or

Principal

Amount

Short-Term

Investments

11.6%

Value

Federal

Home

Loan

Bank

Discount

Notes

1,600,000

4.240%,

4/2/2025

l,m

1,599,625

1,900,000

4.235%,

4/16/2025

l,m

1,896,436

400,000

4.232%,

4/23/2025

l,m

398,921

200,000

4.240%,

4/30/2025

l,m

199,297

1,100,000

4.218%,

5/2/2025

l,m

1,095,942

100,000

4.225%,

5/8/2025

l,m

99,562

300,000

4.220%,

5/9/2025

l,m

298,651

100,000

4.210%,

5/21/2025

l,m

99,412

200,000

4.202%,

5/23/2025

l,m

198,778

4,400,000

4.195%,

5/28/2025

l,m

4,370,581

2,200,000

4.203%,

6/6/2025

l,m

2,182,885

200,000

4.190%,

6/13/2025

l,m

198,282

Federal

National

Mortgage

Association

Discount

Notes

1,900,000

4.225%,

4/7/2025

l,m

1,898,441

100,000

4.195%,

4/10/2025

l,m

99,883

4,900,000

4.210%,

4/11/2025

l,m

4,893,682

300,000

4.175%,

4/24/2025

l,m

299,156

6,200,000

4.215%,

5/5/2025

l,m

6,174,985

State

Street

Institutional

U.S.

Government

Money

Market

Fund

105,478,835

4.293%

l

105,478,835

Thrivent

Core

Short-Term

Reserve

Fund

27,318,639

4.600%

273,186,392

Total

Short-Term

Investments

(cost

$404,610,242)

404,669,746

Total

Investments

(cost

$3,222,633,910)

99.8%

$3,471,794,786

Other

Assets

and

Liabilities,

Net

0.2%

7,267,630

Total

Net

Assets

100.0%

$3,479,062,416

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2025,

the

value

of

these

investments

was

$222,903,806

or

6.4%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

March

31,

2025.

d

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

e

All

or

a

portion

of

the

security

is

on

loan.

f

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

g

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

March

31,

2025.

h

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

i

Defaulted

security.  Interest

is

not

being

accrued.

j

Non-income

producing

security.

k

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

l

The

interest

rate

shown

reflects

the

yield.

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

Moderately

Conservative

Allocation

Portfolio

as

of

March

31,

2025

was

$27,569,093

or

0.79%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

March

31,

2025.

Security

Acquisition

Date

Cost

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP 

6/28/2024

$

2,039,659

ASF

IX,

LP 

3/18/2024

3,236,292

ASF

VIII

Sidecar

(Cayman),

LP 

6/28/2024

673,307

Credit

Suisse

Group

AG 

9/5/2018

775,000

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF 

2/15/2024

2,592,000

LCP

X

(Offshore),

LP 

10/25/2023

11,771,250

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP 

6/28/2024

2,222,910

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

296

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Moderately

Conservative

Allocation

Portfolio

as

of

March

31,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

9,266,501

Common

Stock

429,335

Total

lending

$9,695,836

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$10,280,172

Net

amounts

due

to

counterparty

$584,336

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

297

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Moderately

Conservative

Allocation

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

28,920,281

–

28,920,281

–

Basic

Materials

12,717,549

–

12,717,549

–

Capital

Goods

22,330,631

–

22,330,631

–

Collateralized

Mortgage

Obligations

64,448,391

–

64,448,391

–

Commercial

Mortgage-Backed

Securities

24,414,717

–

24,414,717

–

Communications

Services

36,068,585

–

36,068,585

–

Consumer

Cyclical

40,532,540

–

40,532,540

–

Consumer

Non-Cyclical

40,774,800

–

40,774,800

–

Energy

31,784,209

–

31,784,209

–

Financials

118,593,225

–

118,593,225

–

Foreign

Government

1,640,319

–

1,640,319

–

Mortgage-Backed

Securities

392,856,754

–

392,856,754

–

Technology

27,407,675

–

27,407,675

–

Transportation

7,065,988

–

7,065,988

–

U.S.

Government

&

Agencies

425,362,756

–

425,362,756

–

Utilities

26,296,487

–

26,296,487

–

Registered

Investment

Companies

U.S.

Affiliated

1,030,847,054

1,030,847,054

–

–

U.S.

Unaffiliated

12,968,948

12,968,948

–

–

Common

Stock

Communications

Services

40,823,225

40,823,225

–

–

Consumer

Discretionary

62,158,204

62,131,494

26,710

–

Consumer

Staples

14,041,874

14,041,874

–

–

Energy

11,234,566

11,234,566

–

–

Financials

65,370,809

65,370,809

–

–

Health

Care

55,660,124

55,660,124

–

–

Industrials

51,929,852

51,838,174

91,678

–

Information

Technology

136,439,435

136,271,735

167,700

–

Materials

13,331,483

13,288,090

43,393

–

Real

Estate

13,793,105

13,793,105

–

–

Utilities

8,793,840

8,793,840

–

–

Private

Equity

Funds

Secondary

27,510,968

–

–

27,510,968

Short-Term

Investments

131,483,354

105,478,835

26,004,519

–

Subtotal

Investments

in

Securities

$2,977,601,748

$1,622,541,873

$1,327,548,907

$27,510,968

Other

Investments  *

Total

Affiliated

Short-Term

Investments

273,186,392

U.S.

Affiliated

Registered

Investment

Cos.

210,726,474

Collateral

Held

for

Securities

Loaned

10,280,172

Subtotal

Other

Investments

$494,193,038

Total

Investments

at

Value

$3,471,794,786

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Moderately

Conservative

Allocation

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

7,974,530

6,753,888

1,220,642

–

Total

Return

Swaps

30,695

–

30,695

–

Total

Asset

Derivatives

$8,005,225

$6,753,888

$1,251,337

$–

Liability

Derivatives

Futures

Contracts

2,931,305

2,931,305

–

–

Total

Liability

Derivatives

$2,931,305

$2,931,305

$–

$–

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

298

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

Reference

Description:

EFFR

-

Effective

Federal

Funds

Rate

S&P

-

Standard

&

Poor's

The

following

table

presents

Moderately

Conservative

Allocation

Portfolio's

futures

contracts

held

as

of

March

31,

2025.

Investments

and/or

cash

totaling

$24,550,288

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

126

June

2025

$

13,847,552

$

166,010

CBOT

2-Yr.

U.S.

Treasury

Note

632

June

2025

130,396,092

536,536

CBOT

5-Yr.

U.S.

Treasury

Note

405

June

2025

43,370,867

432,415

CBOT

U.S.

Long

Bond

225

June

2025

26,168,678

219,603

CME

E-mini

Russell

2000

Index

6

June

2025

604,390

3,740

CME

E-mini

S&P

500

Index

1,273

June

2025

355,156,398

4,672,965

CME

Ultra

Long

Term

U.S.

Treasury

Bond

51

June

2025

6,196,248

38,502

ICE

mini

MSCI

EAFE

Index

748

June

2025

92,230,689

(

1,861,069)

ICE

US

mini

MSCI

Emerging

Markets

Index

55

June

2025

3,109,838

(

55,138)

Ultra

10-Yr.

U.S.

Treasury

Note

88

June

2025

9,926,333

116,667

Total

Futures

Long

Contracts

$

681,007,085

$

4,270,231

CME

E-mini

Russell

2000

Index

(671)

June

2025

(

$

67,769,163)

(

$

240,042)

CME

E-mini

S&P

Mid-Cap

400

Index

(350)

June

2025

(

102,091,315)

(

759,685)

CME

Euro

Foreign

Exchange

Currency

(404)

June

2025

(

55,420,550)

567,450

CME

Ultra

Long

Term

U.S.

Treasury

Bond

(20)

June

2025

(

2,429,629)

(

15,371)

Eurex

Euro

STOXX

50

Index

(924)

June

2025

(

53,304,984)

1,220,642

Total

Futures

Short

Contracts

(

$

281,015,641)

$772,994

Total

Futures

Contracts

$

399,991,444

$5,043,225

The

following

table

presents

Moderately

Conservative

Allocation

Portfolio's

total

return

swap

contracts

held

as

of

March

31,

2025.

Total

Return

Swaps                

Reference

Entity

Fund

Pays

#

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

MidCap

400

Total

Return

Index

Swap

Total

Return

EFFR

1

day

+

45bps

Goldman

Sachs

&

Co.

LLC

8/6/2025

$

5,700,927

$

30,695

$

–

$

30,695

Total

Return

Swaps

$

30,695

$

–

$30,695

#

Payment

made

on

Termination

Date

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

299

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,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Moderately

Conservative

Allocation

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$114,164

$1,601

$10,500

$106,025

12,946

3.1%

Core

Emerging

Markets

Equity

30,782

–

–

31,744

3,317

0.9

Core

International

Equity

30,532

–

9

32,733

2,987

0.9

Core

Low

Volatility

Equity

2,205

–

–

2,366

198

<0.1

Core

Mid

Cap

Value

24,667

–

–

23,769

2,301

0.7

Core

Small

Cap

Value

15,398

–

–

14,089

1,438

0.4

Global

Stock

16,609

–

–

16,458

1,104

0.5

High

Yield

86,239

1,324

7,331

79,786

19,187

2.3

Income

246,464

2,674

24,481

227,642

25,702

6.5

International

Allocation

84,790

–

–

90,032

8,845

2.6

International

Index

23,054

–

–

24,871

1,723

0.7

Large

Cap

Value

292,526

–

–

298,323

12,306

8.6

Limited

Maturity

Bond

141,768

1,377

13,513

130,542

13,275

3.8

Mid

Cap

Stock

100,216

–

10

96,501

4,698

2.8

Small

Cap

Stock

74,120

–

–

66,693

3,769

1.9

Total

U.S.

Affiliated

Registered

Investment

Companies

1,283,534

1,241,574

35.7

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

502,841

77,707

307,362

273,186

27,319

7.9

Total

Affiliated

Short-Term

Investments

502,841

273,186

7.9

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

7,346

54,702

51,768

10,280

10,280

0.3

Total

Collateral

Held

for

Securities

Loaned

7,346

10,280

0.3

Total

Value

$1,793,721

$1,525,040

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($2,198)

$2,958

$

–

$1,601

Core

Emerging

Markets

Equity

–

962

–

–

Core

International

Equity

0

2,210

–

–

Core

Low

Volatility

Equity

–

161

–

–

Core

Mid

Cap

Value

Fund

–

(898)

–

–

Core

Small

Cap

Value

Fund

–

(1,309)

–

–

Global

Stock

–

(151)

–

–

High

Yield

(909)

463

–

1,323

Income

(3,346)

6,331

–

2,678

International

Allocation

–

5,242

–

–

International

Index

–

1,817

–

–

Large

Cap

Value

–

5,797

–

–

Limited

Maturity

Bond

21

889

–

1,377

Mid

Cap

Stock

2

(3,707)

–

–

Small

Cap

Stock

–

(7,427)

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

118

(118)

–

3,597

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$10,576

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

9

Total

Affiliated

Income

from

Securities

Loaned,

Net

$9

Total

Value

($6,312)

$13,220

$

–

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

300

Principal

Amount

Long-Term

Fixed

Income

83.6%

Value

Asset-Backed

Securities  11.2%

AGL

CLO

13,

Ltd.

$

475,000

6.205%, 

(TSFR3M

+

1.912%),

10/20/2034,

Ser.

2021-13A,

Class

B

a,b

$

475,242

Anchorage

Capital

CLO

20,

Ltd.

500,000

7.493%, 

(TSFR3M

+

3.200%),

1/20/2035,

Ser.

2021-20A,

Class

DR

a,b

500,395

Anchorage

Capital

CLO

21,

Ltd.

400,000

6.193%, 

(TSFR3M

+

1.900%),

10/20/2034,

Ser.

2021-21A,

Class

CR

a,b

396,445

Balboa

Bay

Loan

Funding,

Ltd.

250,000

6.267%, 

(TSFR3M

+

1.950%),

7/20/2034,

Ser.

2021-1A,

Class

CR

a,b

248,034

200,000

6.566%, 

(TSFR3M

+

2.250%),

1/20/2035,

Ser.

2021-2A,

Class

CR

a,b

200,000

Barings

Loan

Partners

CLO,

Ltd.

2

250,000

5.955%, 

(TSFR3M

+

1.650%),

1/20/2034,

Ser.

LP-

2A,

Class

CR

a,b

247,335

Business

Jet

Securities,

LLC

254,387

4.455%, 

6/15/2037,

Ser.

2022-1A,

Class

A

a

248,048

300,081

6.197%, 

5/15/2039,

Ser.

2024-1A,

Class

A

a

305,639

237,908

5.364%, 

9/15/2039,

Ser.

2024-2A,

Class

A

a

236,286

CarVal

CLO

IV,

Ltd.

400,000

6.305%, 

(TSFR3M

+

2.012%),

7/20/2034,

Ser.

2021-1A,

Class

B

a,b

400,216

CarVal

CLO,

Ltd.

300,000

7.993%, 

(TSFR3M

+

3.700%),

4/21/2034,

Ser.

2022-1A,

Class

D

a,b

300,999

College

Avenue

Student

Loans,

LLC

50,638

6.085%, 

(TSFR1M

+

1.764%),

11/26/2046,

Ser.

2017-A,

Class

A1

a,b

51,096

Education

Funding

Trust

165,812

2.790%, 

7/25/2041,

Ser.

2020-A,

Class

A

a

156,064

GMAC

Mortgage

Corporation

Loan

Trust

18,306

4.935%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,c

9,163

GSAA

Home

Equity

Trust

76,740

4.312%, 

8/25/2034,

Ser.

2004-10,

Class

M2

b

71,948

Hertz

Vehicle

Financing

III,

LLC

650,000

6.120%, 

1/25/2029,

Ser.

2024-1A,

Class

B

a

661,201

275,000

5.450%, 

9/25/2029,

Ser.

2025-1A,

Class

B

a

276,495

Home

Equity

Asset

Trust

316,961

5.755%, 

(TSFR1M

+

1.434%),

8/25/2033,

Ser.

2003-2,

Class

M1

b

304,830

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Asset-Backed

Securities  11.2%

-

continued

Hotwire

Funding,

LLC

$

300,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

a

$

305,337

HTAP

191,110

7.000%, 

4/25/2037,

Ser.

2024-1,

Class

A

a

190,044

HTAP

Issuer

Trust

424,543

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

a

419,250

KKR

Static

CLO

I,

Ltd.

500,000

5.743%, 

(TSFR3M

+

1.450%),

7/20/2031,

Ser.

2022-1A,

Class

BR2

a,b

498,741

Long

Beach

Mortgage

Loan

Trust

303,964

5.935%, 

(TSFR1M

+

1.614%),

9/25/2034,

Ser.

2004-5,

Class

M3

b

315,119

Madison

Park

Funding

XVIII,

Ltd.

550,000

6.455%, 

(TSFR3M

+

2.162%),

10/21/2030,

Ser.

2015-18A,

Class

CRR

a,b

550,268

MetroNet

Infrastructure

Issuer,

LLC

200,000

6.230%, 

4/20/2054,

Ser.

2024-1A,

Class

A2

a

204,605

MFA

Trust

386,796

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

d

387,329

OZLM

XVII,

Ltd.

400,000

6.293%, 

(TSFR3M

+

2.000%),

7/20/2030,

Ser.

2017-17A,

Class

BRR

a,b

400,628

Pagaya

AI

Debt

Grantor

Trust

164,942

5.331%, 

1/15/2032,

Ser.

2024-8,

Class

A

a

165,696

392,414

5.092%, 

7/15/2032,

Ser.

2024-11,

Class

A

a

392,174

Pagaya

AI

Debt

Grantor

Trust

and

Pagaya

AI

Debt

Trust

159,654

6.093%, 

11/15/2031,

Ser.

2024-6,

Class

A

a

161,249

Palmer

Square

Loan

Funding,

Ltd.

500,000

6.852%, 

(TSFR3M

+

2.550%),

10/15/2032,

Ser.

2024-1A,

Class

C

a,b

490,215

250,000

6.150%, 

(TSFR3M

+

1.700%),

1/15/2033,

Ser.

2024-2A,

Class

B

a,b

247,666

275,000

5.921%, 

(TSFR3M

+

1.600%),

2/15/2033,

Ser.

2025-1A,

Class

B

a,b

274,804

PPM

CLO

3,

Ltd.

400,000

6.115%, 

(TSFR3M

+

1.812%),

4/17/2034,

Ser.

2019-3A,

Class

BR

a,b

399,324

Pretium

Mortgage

Credit

Partners,

LLC

225,000

5.438%, 

1/25/2052,

Ser.

2022-NPL1,

Class

A2

a,d

219,365

234,748

7.143%, 

3/25/2054,

Ser.

2024-RN1,

Class

A1

a,d

236,218

400,000

8.232%, 

3/25/2055,

Ser.

2025-NPL2,

Class

A2

a,d

400,842

276,009

7.520%, 

4/27/2054,

Ser.

2024-NPL3,

Class

A1

a,d

276,656

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

301

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Asset-Backed

Securities  11.2%

-

continued

$

257,064

3.721%, 

7/25/2051,

Ser.

2021-NPL3,

Class

A2

a,d

$

254,425

237,076

6.996%, 

7/25/2054,

Ser.

2024-NPL4,

Class

A1

a,d

237,155

231,662

5.487%, 

10/25/2051,

Ser.

2021-NPL5,

Class

A1

a,d

231,557

RCO

VII

Mortgage,

LLC

129,229

7.021%, 

1/25/2029,

Ser.

2024-1,

Class

A1

a,d

129,588

Renaissance

Home

Equity

Loan

Trust

216,611

5.797%, 

8/25/2036,

Ser.

2006-2,

Class

AF3

d

78,436

Saxon

Asset

Securities

Trust

120,405

3.654%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

106,154

Sculptor

CLO

XXVIII,

Ltd.

250,000

6.253%, 

(TSFR3M

+

1.950%),

1/20/2035,

Ser.

28A,

Class

CR

a,b

248,926

Signal

Peak

CLO

1,

Ltd.

350,000

6.240%, 

(TSFR3M

+

1.950%),

4/17/2034,

Ser.

2014-1A,

Class

CR4

a,b

346,673

375,000

7.845%, 

(TSFR3M

+

3.500%),

4/17/2034,

Ser.

2014-1A,

Class

DR4

a,b

375,441

Silver

Point

CLO

2,

Ltd.

200,000

6.993%, 

(TSFR3M

+

2.700%),

4/20/2035,

Ser.

2023-2A,

Class

A2

a,b

200,050

Stanwich

Mortgage

Loan

Company,

LLC

17,194

6.235%, 

10/16/2026,

Ser.

2021-NPB1,

Class

A1

a

17,223

Sunnova

Hestia

II

Issuer,

LLC

259,931

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

a,c

261,062

Symphony

CLO

XX,

Ltd.

250,000

7.308%, 

(TSFR3M

+

3.000%),

1/16/2032,

Ser.

2018-20A,

Class

DR2

a,b

250,207

TCW

CLO,

Ltd.

700,000

6.330%, 

(TSFR3M

+

1.800%),

10/25/2035,

Ser.

2018-1A,

Class

BR3

a,b

693,746

Unlock

HEA

Trust

265,300

7.000%, 

10/25/2038,

Ser.

2023-1,

Class

A

a

264,157

312,534

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

a

310,436

486,186

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

a

476,259

VERDE

CLO,

Ltd.

400,000

7.502%, 

(TSFR3M

+

3.200%),

4/15/2032,

Ser.

2019-1A,

Class

DRR

a,b

401,193

Vericrest

Opportunity

Loan

Transferee

374,192

8.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

a

374,806

428,300

8.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

a

429,037

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Asset-Backed

Securities  11.2%

-

continued

$

474,104

8.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

a

$

475,011

210,991

8.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

a

210,716

341,037

4.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

a,d

340,785

254,563

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

a,d

249,677

Voya

CLO,

Ltd.

350,000

6.269%, 

(TSFR3M

+

1.962%),

7/16/2034,

Ser.

2020-1A,

Class

BR

a,b

349,989

Whitebox

CLO

I,

Ltd.

200,000

6.297%, 

(TSFR3M

+

2.000%),

7/24/2036,

Ser.

2019-1A,

Class

CRR

a,b

200,058

Whitebox

CLO

IV,

Ltd.

450,000

6.893%, 

(TSFR3M

+

2.600%),

4/20/2036,

Ser.

2023-4A,

Class

B

a,b

450,004

Wind

River

CLO,

Ltd.

200,000

6.555%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

a,b

200,065

500,000

6.143%, 

(TSFR3M

+

1.850%),

7/20/2035,

Ser.

2022-1A,

Class

B1R

a,b

500,019

Total

20,287,821

Basic

Materials  1.7%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

71,000

8.625%, 

6/15/2029

a

74,400

ATI,

Inc.

119,000

7.250%, 

8/15/2030

122,658

Avient

Corporation

35,000

6.250%, 

11/1/2031

a

34,671

Cascades,

Inc./Cascades

USA,

Inc.

121,000

5.125%, 

1/15/2026

a

119,897

Celanese

US

Holdings,

LLC

19,000

6.600%, 

11/15/2028

19,598

31,000

6.500%, 

4/15/2030

30,776

27,000

6.629%, 

7/15/2032

27,728

10,000

6.750%, 

4/15/2033

9,707

Cerdia

Finanz

GmbH

23,000

9.375%, 

10/3/2031

a

23,532

Chemours

Company

115,000

5.750%, 

11/15/2028

a

106,069

Chevron

Phillips

Chemical

Company,

LLC

92,000

4.750%, 

5/15/2030

a

91,854

Cleveland-Cliffs,

Inc.

55,000

5.875%, 

6/1/2027

54,615

150,000

4.625%, 

3/1/2029

a

139,390

49,000

4.875%, 

3/1/2031

a

42,634

33,000

7.375%, 

5/1/2033

a

31,665

49,000

6.250%, 

10/1/2040

39,959

Consolidated

Energy

Finance

SA

146,000

5.625%, 

10/15/2028

a

125,560

Eastman

Chemical

Company

66,000

5.000%, 

8/1/2029

66,344

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

302

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Basic

Materials  1.7%

-

continued

Ecolab,

Inc.

$

58,000

2.125%, 

2/1/2032

$

49,161

First

Quantum

Minerals,

Ltd.

30,000

6.875%, 

10/15/2027

a

29,976

FMC

Corporation

44,000

5.150%, 

5/18/2026

44,112

FMG

Resources

August

2006,

Pty.

Ltd.

49,000

5.875%, 

4/15/2030

a

48,389

Glencore

Funding,

LLC

63,000

4.000%, 

3/27/2027

a

62,140

Hecla

Mining

Company

65,000

7.250%, 

2/15/2028

65,613

Hudbay

Minerals,

Inc.

83,000

4.500%, 

4/1/2026

a

81,755

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

60,000

9.000%, 

7/1/2028

a

59,638

INEOS

Finance

plc

147,000

7.500%, 

4/15/2029

a

146,285

International

Flavors

&

Fragrances,

Inc.

75,000

1.230%, 

10/1/2025

a

73,622

Magnera

Corporation

75,000

7.250%, 

11/15/2031

a

72,946

Mercer

International,

Inc.

63,000

5.125%, 

2/1/2029

53,990

Methanex

Corporation

76,000

5.125%, 

10/15/2027

74,514

51,000

5.250%, 

12/15/2029

48,982

Methanex

US

Operations,

Inc.

43,000

6.250%, 

3/15/2032

a

41,884

Mineral

Resources,

Ltd.

83,000

9.250%, 

10/1/2028

a

82,991

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

50,000

5.350%, 

3/15/2034

50,461

Novelis

Corporation

21,000

3.250%, 

11/15/2026

a

20,302

38,000

4.750%, 

1/30/2030

a

35,431

65,000

3.875%, 

8/15/2031

a

56,511

Olin

Corporation

43,000

6.625%, 

4/1/2033

a

41,779

Peabody

Energy

Corporation,

Convertible

50,000

3.250%, 

3/1/2028

51,575

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

110,000

5.375%, 

11/1/2026

a,e

108,197

Sherwin-Williams

Company

74,000

4.800%, 

9/1/2031

73,814

Smurfit

Kappa

Treasury,

ULC

56,000

5.777%, 

4/3/2054

a

55,225

SNF

Group

SACA

96,000

3.375%, 

3/15/2030

a

84,774

Steel

Dynamics,

Inc.

29,000

5.250%, 

5/15/2035

28,723

SunCoke

Energy,

Inc.

201,000

4.875%, 

6/30/2029

a

184,465

Taseko

Mines,

Ltd.

104,000

8.250%, 

5/1/2030

a

106,181

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Basic

Materials  1.7%

-

continued

Tronox,

Inc.

$

55,000

4.625%, 

3/15/2029

a

$

47,038

Total

3,141,531

Capital

Goods  3.1%

Advanced

Drainage

Systems,

Inc.

99,000

6.375%, 

6/15/2030

a

99,431

AECOM

11,000

5.125%, 

3/15/2027

10,914

Amsted

Industries,

Inc.

10,000

4.625%, 

5/15/2030

a

9,324

86,000

6.375%, 

3/15/2033

a

85,544

Axon

Enterprise,

Inc.

37,000

6.125%, 

3/15/2030

a

37,341

37,000

6.250%, 

3/15/2033

a

37,381

Boeing

Company

36,000

6.858%, 

5/1/2054

39,103

163,000

2.196%, 

2/4/2026

159,479

63,000

3.250%, 

3/1/2028

60,117

76,000

5.150%, 

5/1/2030

76,471

17,000

6.528%, 

5/1/2034

18,215

Bombardier,

Inc.

69,000

7.250%, 

7/1/2031

a

69,235

139,000

7.000%, 

6/1/2032

a,e

138,399

Builders

FirstSource,

Inc.

100,000

5.000%, 

3/1/2030

a

95,576

Camelot

Return

Merger

Sub,

Inc.

73,000

8.750%, 

8/1/2028

a

60,134

Canpack

SA/Canpack

US,

LLC

153,000

3.875%, 

11/15/2029

a

138,648

Carrier

Global

Corporation

85,000

2.722%, 

2/15/2030

77,741

Chart

Industries,

Inc.

131,000

7.500%, 

1/1/2030

a

135,866

Clean

Harbors,

Inc.

25,000

6.375%, 

2/1/2031

a

25,267

Clydesdale

Acquisition

Holdings,

Inc.

29,000

6.625%, 

4/15/2029

a

29,160

40,000

6.750%, 

4/15/2032

a

40,277

Crown

Cork

&

Seal

Company,

Inc.

27,000

7.375%, 

12/15/2026

27,765

Deere

&

Company

30,000

5.700%, 

1/19/2055

31,246

Emerson

Electric

Company

44,000

5.000%, 

3/15/2035

44,294

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

108,000

6.625%, 

12/15/2030

a

108,048

ESAB

Corporation

41,000

6.250%, 

4/15/2029

a

41,598

Fluor

Corporation,

Convertible

39,000

1.125%, 

8/15/2029

41,437

GFL

Environmental,

Inc.

101,000

4.000%, 

8/1/2028

a

95,989

145,000

3.500%, 

9/1/2028

a

137,006

H&E

Equipment

Services,

Inc.

44,000

3.875%, 

12/15/2028

a

43,858

Herc

Holdings,

Inc.

80,000

6.625%, 

6/15/2029

a

80,257

Honeywell

International,

Inc.

69,000

5.250%, 

3/1/2054

65,675

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

303

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Capital

Goods  3.1%

-

continued

Howmet

Aerospace,

Inc.

$

59,000

6.750%, 

1/15/2028

$

62,330

Huntington

Ingalls

Industries,

Inc.

63,000

4.200%, 

5/1/2030

60,501

Ingersoll

Rand,

Inc.

52,000

5.176%, 

6/15/2029

52,882

19,000

5.700%, 

8/14/2033

19,610

JBT

Marel

Corporation,

Convertible

40,000

0.250%, 

5/15/2026

39,896

John

Deere

Capital

Corporation

42,000

3.900%, 

6/7/2032

39,860

16,000

5.150%, 

9/8/2033

16,337

L3Harris

Technologies,

Inc.

31,000

5.400%, 

1/15/2027

31,444

Lockheed

Martin

Corporation

42,000

5.200%, 

2/15/2064

38,950

Martin

Marietta

Materials,

Inc.

34,000

5.150%, 

12/1/2034

33,788

MKS

Instruments,

Inc.,

Convertible

105,000

1.250%, 

6/1/2030

a

94,448

Mueller

Water

Products,

Inc.

109,000

4.000%, 

6/15/2029

a

101,265

Nesco

Holdings

II,

Inc.

122,000

5.500%, 

4/15/2029

a

112,597

New

Enterprise

Stone

and

Lime

Company,

Inc.

153,000

5.250%, 

7/15/2028

a

147,881

Northrop

Grumman

Corporation

65,000

5.200%, 

6/1/2054

60,880

21,000

4.700%, 

3/15/2033

20,717

OI

European

Group

BV

104,000

4.750%, 

2/15/2030

a

95,189

Owens-Brockway

Glass

Container,

Inc.

98,000

6.625%, 

5/13/2027

a

97,463

Parker-Hannifin

Corporation

35,000

4.250%, 

9/15/2027

34,923

Patrick

Industries,

Inc.,

Convertible

25,000

1.750%, 

12/1/2028

34,950

Quikrete

Holdings,

Inc.

158,000

6.375%, 

3/1/2032

a

159,003

Republic

Services,

Inc.

38,000

5.000%, 

12/15/2033

37,962

Resideo

Funding,

Inc.

103,000

6.500%, 

7/15/2032

a

102,754

Reworld

Holding

Corporation

47,000

4.875%, 

12/1/2029

a

43,715

Roller

Bearing

Company

of

America,

Inc.

109,000

4.375%, 

10/15/2029

a

102,327

RTX

Corporation

44,000

5.750%, 

1/15/2029

45,809

200,000

4.500%, 

6/1/2042

175,920

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

79,000

6.125%, 

2/1/2028

a

79,114

Smyrna

Ready

Mix

Concrete,

LLC

155,000

8.875%, 

11/15/2031

a

160,586

Spirit

AeroSystems,

Inc.

38,000

4.600%, 

6/15/2028

36,450

25,000

9.750%, 

11/15/2030

a

27,596

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Capital

Goods  3.1%

-

continued

SRM

Escrow

Issuer,

LLC

$

45,000

6.000%, 

11/1/2028

a

$

43,662

Standard

Industries,

Inc./NY

49,000

4.750%, 

1/15/2028

a

47,426

49,000

3.375%, 

1/15/2031

a

42,604

Textron,

Inc.

63,000

3.650%, 

3/15/2027

61,814

Trane

Technologies

Financing,

Ltd.

40,000

5.100%, 

6/13/2034

40,160

TransDigm,

Inc.

187,000

7.125%, 

12/1/2031

a

192,393

146,000

6.625%, 

3/1/2032

a

147,861

120,000

6.000%, 

1/15/2033

a

118,096

Trivium

Packaging

Finance

75,000

5.500%, 

8/15/2026

a

73,839

United

Rentals

North

America,

Inc.

7,000

5.500%, 

5/15/2027

6,975

219,000

4.875%, 

1/15/2028

215,261

120,000

4.000%, 

7/15/2030

110,718

Veralto

Corporation

35,000

5.350%, 

9/18/2028

35,842

Waste

Connections,

Inc.

23,000

3.200%, 

6/1/2032

20,634

WESCO

Distribution,

Inc.

52,000

6.375%, 

3/15/2029

a

52,604

36,000

6.625%, 

3/15/2032

a

36,519

Total

5,574,351

Collateralized

Mortgage

Obligations  10.8%

A&D

Mortgage

Trust

168,281

6.498%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A1

a,d

170,717

231,386

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

a,d

233,975

473,376

5.464%, 

8/25/2069,

Ser.

2024-NQM4,

Class

A1

a

473,413

ACRA

Trust

384,424

5.912%, 

10/25/2064,

Ser.

2024-NQM1,

Class

A2

a,d

384,942

Arroyo

Mortgage

Trust

500,000

3.269%, 

12/25/2056,

Ser.

2022-1,

Class

A1B

a,d

459,102

Banc

of

America

Alternative

Loan

Trust

80,204

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

71,519

Banc

of

America

Mortgage

Securities

Trust

65,232

6.385%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

61,853

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

77,302

6.559%, 

1/25/2034,

Ser.

2003-8,

Class

5A

b

67,271

18,716

7.080%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

17,773

CAFL

Issuer,

LLC

404,283

4.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

a

403,447

ChaseFlex

Trust

146,144

6.500%, 

2/25/2035,

Ser.

2005-1,

Class

1A5

102,317

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

304

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Collateralized

Mortgage

Obligations  10.8%

-

continued

CHNGE

Mortgage

Trust

$

200,273

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

a,b

$

192,302

172,491

5.000%, 

5/25/2067,

Ser.

2022-3,

Class

A1

a,b

171,736

153,609

6.525%, 

6/25/2058,

Ser.

2023-2,

Class

A1

a,d

154,106

431,892

5.820%, 

6/25/2067,

Ser.

2022-NQM1,

Class

A3

a,d

430,265

231,589

6.000%, 

10/25/2057,

Ser.

2022-4,

Class

A1

a,d

231,578

Citigroup

Mortgage

Loan

Trust,

Inc.

151,787

5.500%, 

8/25/2034,

Ser.

2004-NCM2,

Class

1CB1

148,563

242,496

5.237%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

217,515

Countrywide

Alternative

Loan

Trust

67,732

5.000%, 

3/25/2035,

Ser.

2005-3CB,

Class

1A1

55,614

97,902

5.500%, 

5/25/2035,

Ser.

2005-J3,

Class

1A5

77,972

42,096

5.500%, 

10/25/2035,

Ser.

2005-46CB,

Class

A8

29,299

26,669

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

21,313

CSMC

Trust

176,744

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

a,b

176,570

194,457

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

a,b

165,904

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

92,167

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

80,428

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

96,812

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

94,856

270,023

Zero

Coupon, 

9/25/2053,

Ser.

5334,

Class

BO

219,511

300,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

297,162

3,139,215

1.500%, 

12/25/2050,

Ser.

5107,

Class

IO

f

305,814

64,408

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

f

1,098

83,204

3.000%, 

7/15/2027,

Ser.

4084,

Class

NI

f

1,894

208,250

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

f

16,648

178,954

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

f

7,241

Federal

Home

Loan

Mortgage

Corporation

STRIPS

280,117

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

f

26,511

Federal

National

Mortgage

Association

-

REMIC

300,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

282,611

142,361

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

141,247

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Collateralized

Mortgage

Obligations  10.8%

-

continued

$

58,060

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

f

$

1,151

84,988

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

f

1,579

71,440

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

f

714

237,613

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

f

5,422

124,391

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

f

2,669

57,431

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

f

1,218

164,244

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

f

3,233

133,245

3.000%, 

3/25/2028,

Ser.

2013-18,

Class

IL

f

2,953

128,917

2.500%, 

6/25/2028,

Ser.

2013-87,

Class

IW

f

3,294

34,865

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

f

178

197,318

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

f

14,628

First

Horizon

Alternative

Mortgage

Securities

Trust

23,011

5.537%, 

7/25/2035,

Ser.

2005-AA5,

Class

2A1

b

21,675

Flagstar

Mortgage

Trust

248,943

3.000%, 

3/25/2050,

Ser.

2020-1INV,

Class

A3

a,b

215,683

495,457

2.500%, 

8/25/2051,

Ser.

2021-6INV,

Class

A4

a,b

404,803

195,108

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,b

175,590

GCAT

Trust

566,640

6.500%, 

1/25/2054,

Ser.

2024-INV1,

Class

2A2

a,b

576,373

180,319

4.250%, 

5/25/2067,

Ser.

2023-NQM4,

Class

A2

a,b

167,355

355,741

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

a,b

358,715

GMAC

Mortgage

Corporation

Loan

Trust

23,573

3.962%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

20,383

GMACM

Mortgage

Loan

Trust

14,163

3.670%, 

11/19/2035,

Ser.

2005-AR6,

Class

1A1

b

12,321

GS

Mortgage-Backed

Securities

Trust

199,625

5.500%, 

10/27/2053,

Ser.

2023-PJ3,

Class

A16

a,b

198,981

Home

RE,

Ltd.

350,000

8.940%, 

(SOFR30A

+

4.600%),

10/25/2033,

Ser.

2023-1,

Class

M1B

a,b

362,084

111,898

7.840%, 

(SOFR30A

+

3.500%),

10/25/2034,

Ser.

2022-1,

Class

M1B

a,b

112,364

IndyMac

IMJA

Mortgage

Loan

Trust

81,421

6.250%, 

11/25/2037,

Ser.

2007-A3,

Class

A1

33,180

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

305

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Collateralized

Mortgage

Obligations  10.8%

-

continued

IndyMac

INDA

Mortgage

Loan

Trust

$

460,305

3.802%, 

8/25/2036,

Ser.

2006-AR1,

Class

A1

b

$

362,624

J.P.

Morgan

Mortgage

Trust

181,280

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

a,b

155,803

294,880

5.000%, 

10/25/2053,

Ser.

2023-3,

Class

A4A

a,b

292,001

31,250

6.500%, 

1/25/2035,

Ser.

2005-S1,

Class

1A2

32,241

25,772

6.233%, 

7/25/2035,

Ser.

2007-A1,

Class

2A1

b

24,692

LHOME

Mortgage

Trust

200,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

a,d

202,555

200,000

7.017%, 

1/25/2029,

Ser.

2024-RTL1,

Class

A1

a,d

202,138

275,000

7.128%, 

3/25/2029,

Ser.

2024-RTL2,

Class

A1

a,d

278,297

200,000

6.900%, 

5/25/2029,

Ser.

2024-RTL3,

Class

A1

a,d

202,372

375,000

5.921%, 

7/25/2039,

Ser.

2024-RTL4,

Class

A1

a,d

376,598

MASTR

Alternative

Loans

Trust

33,183

5.000%, 

3/25/2055,

Ser.

2004-10,

Class

3A1

27,277

Merrill

Lynch

Alternative

Note

Asset

Trust

164,821

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

56,606

MFA

Trust

200,000

7.093%, 

2/25/2029,

Ser.

2024-RTL1,

Class

A1

a,d

201,569

MortgageIT

Securities

Corporation

Mortgage

Loan

Trust

443,405

4.895%, 

(TSFR1M

+

0.574%),

6/25/2047,

Ser.

2007-1,

Class

1A1

b

384,076

New

Residential

Mortgage

Loan

Trust

386,000

3.858%, 

1/25/2064,

Ser.

2024-RPL1,

Class

B2

a,b

306,211

NYMT

Loan

Trust

200,000

7.154%, 

2/25/2029,

Ser.

2024-BPL1,

Class

A1

a,d

202,387

375,000

6.509%, 

5/25/2039,

Ser.

2024-BPL2,

Class

A1

a,d

379,181

PMT

Loan

Trust

394,627

6.000%, 

1/25/2060,

Ser.

2025-INV1,

Class

A1

a,b

399,159

250,000

6.000%, 

2/25/2056,

Ser.

2025-INV2,

Class

A10

a,b

253,860

Pretium

Mortgage

Credit

Partners,

LLC

200,000

8.956%, 

10/25/2054,

Ser.

2024-NPL7,

Class

A2

a,d

199,682

PRKCM

Trust

63,207

7.087%, 

6/25/2058,

Ser.

2023-AFC2,

Class

A3

a

63,629

156,078

7.627%, 

11/25/2058,

Ser.

2023-AFC4,

Class

A2

a,d

159,284

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Collateralized

Mortgage

Obligations  10.8%

-

continued

PRPM,

LLC

$

210,087

4.000%, 

1/25/2054,

Ser.

2024-RCF1,

Class

A1

a,d

$

205,684

300,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

a,d

277,979

212,634

7.026%, 

3/25/2029,

Ser.

2024-2,

Class

A1

a,d

213,135

458,076

5.689%, 

9/25/2029,

Ser.

2024-5,

Class

A1

a,d

457,480

380,562

5.699%, 

11/25/2029,

Ser.

2024-6,

Class

A1

a,d

379,964

400,000

8.835%, 

12/25/2029,

Ser.

2024-7,

Class

A2

a,d

400,036

Radnor

Re,

Ltd.

700,000

7.240%, 

(SOFR30A

+

2.900%),

9/25/2034,

Ser.

2024-1,

Class

M1B

a,b

706,005

Residential

Accredit

Loans,

Inc.

Trust

104,216

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

91,600

81,738

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

64,492

54,046

6.250%, 

4/25/2037,

Ser.

2007-QS6,

Class

A6

45,289

Roc

Mortgage

Trust

73,392

3.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

a,b

73,260

400,000

5.589%, 

10/25/2039,

Ser.

2024-RTL1,

Class

A1

a,d

399,226

Saluda

Grade

Alternative

Mortgage

Trust

200,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

a,d

201,521

350,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

a,d

352,253

Toorak

Mortgage

Trust

400,000

7.333%, 

2/25/2031,

Ser.

2024-1,

Class

A1

a,d

403,266

350,000

5.524%, 

2/25/2040,

Ser.

2025-RRTL1,

Class

A1

a,d

350,541

Triangle

Re,

Ltd.

194,749

7.740%, 

(SOFR30A

+

3.400%),

11/25/2033,

Ser.

2023-1,

Class

M1A

a,b

197,504

TVC

Mortgage

Trust

350,000

5.545%, 

7/25/2039,

Ser.

2024-RRTL1,

Class

A1

a,d

350,653

Verus

Securitization

Trust

328,839

2.137%, 

10/25/2066,

Ser.

2021-7,

Class

A2

a,b

285,288

183,407

2.491%, 

11/25/2066,

Ser.

2021-8,

Class

A3

a,b

163,370

205,189

6.560%, 

12/25/2067,

Ser.

2023-1,

Class

A2

a,d

205,712

Vontive

Mortgage

Trust

150,000

6.507%, 

3/25/2030,

Ser.

2025-RTL1,

Class

A1

a,d

150,420

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

306

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Collateralized

Mortgage

Obligations  10.8%

-

continued

Washington

Mutual

Mortgage

Pass-Through

Certificates

$

83,229

6.000%, 

3/25/2035,

Ser.

2005-1,

Class

2A

$

71,438

Total

19,498,991

Commercial

Mortgage-Backed

Securities  1.7%

BANK

2018-BNK12

400,000

4.341%, 

5/15/2061,

Ser.

2018-BN12,

Class

AS

b

388,740

BANK

2022-BNK39

3,965,736

0.418%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

b,f

95,211

BANK

2025-BNK49

1,400,000

0.835%, 

3/15/2058,

Ser.

2025-BNK49,

Class

XA

b,f

68,986

BBCMS

Mortgage

Trust

1,988,885

1.150%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

b,f

138,459

Benchmark

Mortgage

Trust

265,000

6.090%, 

4/15/2058,

Ser.

2025-V14,

Class

AM

273,724

FirstKey

Homes

Trust

700,000

1.968%, 

10/19/2037,

Ser.

2020-SFR2,

Class

D

a

685,679

FRTKL

Trust

200,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

a

190,427

HTAP

Issuer

Trust

350,000

6.500%, 

11/25/2042,

Ser.

2025-1,

Class

A

a

344,298

Progress

Residential

Trust

350,000

3.600%, 

4/17/2039,

Ser.

2022-SFR3,

Class

B

a

339,623

Tricon

Residential

Trust

250,000

5.700%, 

6/20/2040,

Ser.

2024-SFR2,

Class

B

a

248,470

Velocity

Commercial

Capital

Loan

Trust

222,055

6.650%, 

6/25/2054,

Ser.

2024-3,

Class

A

a,b

224,793

Total

2,998,410

Communications

Services  4.1%

AMC

Networks,

Inc.

26,000

10.250%, 

1/15/2029

a

26,942

American

Tower

Corporation

41,000

1.450%, 

9/15/2026

39,206

68,000

5.500%, 

3/15/2028

69,608

35,000

5.800%, 

11/15/2028

36,289

63,000

3.800%, 

8/15/2029

60,491

40,000

5.000%, 

1/31/2030

40,327

87,000

4.900%, 

3/15/2030

87,460

AppLovin

Corporation

75,000

5.500%, 

12/1/2034

74,983

AT&T,

Inc.

70,000

5.700%, 

3/1/2057

67,640

175,000

3.550%, 

9/15/2055

118,598

123,000

4.300%, 

2/15/2030

121,096

37,000

5.400%, 

2/15/2034

37,595

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Communications

Services  4.1%

-

continued

Bell

Telephone

Company

of

Canada

$

30,000

7.000%, 

9/15/2055

b

$

29,976

43,000

5.100%, 

5/11/2033

42,441

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

94,000

6.375%, 

9/1/2029

a

93,719

303,000

4.750%, 

3/1/2030

a

281,015

85,000

4.500%, 

8/15/2030

a

77,376

21,000

4.250%, 

2/1/2031

a

18,609

181,000

4.750%, 

2/1/2032

a

160,709

178,000

4.250%, 

1/15/2034

a,e

146,405

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

180,000

4.200%, 

3/15/2028

176,522

63,000

5.050%, 

3/30/2029

62,709

48,000

6.550%, 

6/1/2034

49,376

Clear

Channel

Outdoor

Holdings,

Inc.

84,000

5.125%, 

8/15/2027

a

81,184

113,000

7.875%, 

4/1/2030

a

110,790

Comcast

Corporation

109,000

5.650%, 

6/1/2054

106,742

105,000

3.400%, 

4/1/2030

99,362

Crown

Castle,

Inc.

71,000

2.900%, 

3/15/2027

68,576

50,000

4.900%, 

9/1/2029

49,771

Deluxe

Corporation

61,000

8.125%, 

9/15/2029

a

61,356

Deutsche

Telekom

International

Finance

BV

144,000

8.750%, 

6/15/2030

168,990

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

275,000

5.875%, 

8/15/2027

a

266,488

20,000

8.875%, 

2/1/2030

a

19,084

41,000

10.000%, 

2/15/2031

a

39,368

FiberCop

SPA

117,000

6.000%, 

9/30/2034

a

106,560

Frontier

Communications

Holdings,

LLC

122,000

5.875%, 

10/15/2027

a

121,863

GCI,

LLC

116,000

4.750%, 

10/15/2028

a

106,938

Gray

Media,

Inc.

28,000

10.500%, 

7/15/2029

a

29,172

Iliad

Holding

SASU

129,000

8.500%, 

4/15/2031

a

135,290

68,000

7.000%, 

4/15/2032

a

68,090

LCPR

Senior

Secured

Financing

DAC

77,000

6.750%, 

10/15/2027

a

64,375

Level

3

Financing,

Inc.

22,000

3.625%, 

1/15/2029

a

16,335

50,503

10.500%, 

4/15/2029

a

55,553

50,503

11.000%, 

11/15/2029

a

56,288

95,000

10.500%, 

5/15/2030

a

101,792

McGraw-Hill

Education,

Inc.

147,000

5.750%, 

8/1/2028

a

143,535

Meta

Platforms,

Inc.

95,000

5.550%, 

8/15/2064

93,470

30,000

3.850%, 

8/15/2032

28,375

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

307

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Communications

Services  4.1%

-

continued

$

110,000

4.750%, 

8/15/2034

$

109,219

Nexstar

Media,

Inc.

60,000

5.625%, 

7/15/2027

a

59,108

66,000

4.750%, 

11/1/2028

a

61,807

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

52,000

4.625%, 

3/15/2030

a

47,541

Paramount

Global

82,000

6.375%, 

3/30/2062

b

80,005

Playtika

Holding

Corporation

82,000

4.250%, 

3/15/2029

a

72,184

Rogers

Communications,

Inc.

75,000

5.250%, 

3/15/2082

a,b

73,314

31,000

7.000%, 

4/15/2055

b

31,120

59,000

7.125%, 

4/15/2055

b

58,800

29,000

5.000%, 

2/15/2029

29,026

58,000

5.300%, 

2/15/2034

56,934

Sinclair

Television

Group,

Inc.

20,000

8.125%, 

2/15/2033

a

19,736

Sirius

XM

Radio,

LLC

108,000

5.000%, 

8/1/2027

a

105,520

185,000

4.000%, 

7/15/2028

a

172,606

60,000

4.125%, 

7/1/2030

a

53,295

Snap,

Inc.,

Convertible

50,000

0.500%, 

5/1/2030

a

41,225

Sprint

Capital

Corporation

118,000

6.875%, 

11/15/2028

125,974

65,000

8.750%, 

3/15/2032

78,175

Take-Two

Interactive

Software,

Inc.

37,000

5.600%, 

6/12/2034

37,802

TEGNA,

Inc.

175,000

4.625%, 

3/15/2028

165,550

T-Mobile

USA,

Inc.

35,000

5.500%, 

1/15/2055

33,292

87,000

5.250%, 

6/15/2055

79,901

70,000

3.375%, 

4/15/2029

66,492

29,000

5.125%, 

5/15/2032

29,182

Uniti

Group,

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

158,000

4.750%, 

4/15/2028

a

150,943

Univision

Communications,

Inc.

20,000

8.000%, 

8/15/2028

a

20,062

184,000

4.500%, 

5/1/2029

a

162,569

73,000

7.375%, 

6/30/2030

a

69,742

41,000

8.500%, 

7/31/2031

a

40,063

Verizon

Communications,

Inc.

39,000

5.500%, 

2/23/2054

e

37,909

132,000

3.150%, 

3/22/2030

123,029

18,000

2.355%, 

3/15/2032

15,231

78,000

4.780%, 

2/15/2035

a

75,718

68,000

5.250%, 

4/2/2035

68,172

Viasat,

Inc.

44,000

5.625%, 

4/15/2027

a

42,220

Virgin

Media

Finance

plc

68,000

5.000%, 

7/15/2030

a,e

58,296

Virgin

Media

Secured

Finance

plc

141,000

5.500%, 

5/15/2029

a

133,547

Vodafone

Group

plc

74,000

5.125%, 

6/4/2081

b

56,063

39,000

5.875%, 

6/28/2064

37,391

62,000

7.000%, 

4/4/2079

b

63,856

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Communications

Services  4.1%

-

continued

VZ

Secured

Financing

BV

$

82,000

5.000%, 

1/15/2032

a

$

71,252

Walt

Disney

Company

42,000

3.800%, 

3/22/2030

40,719

Warnermedia

Holdings,

Inc.

166,000

4.054%, 

3/15/2029

156,331

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

57,000

8.250%, 

10/1/2031

a

58,032

Zegona

Finance

plc

72,000

8.625%, 

7/15/2029

a

76,257

Ziggo

Bond

Company

BV

65,000

5.125%, 

2/28/2030

a,e

56,637

Ziggo

BV

56,000

4.875%, 

1/15/2030

a

51,298

Total

7,471,584

Consumer

Cyclical  5.4%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

73,000

4.375%, 

1/15/2028

a

70,203

80,000

5.625%, 

9/15/2029

a

79,195

Adient

Global

Holdings,

Ltd.

29,000

8.250%, 

4/15/2031

a

28,100

42,000

7.500%, 

2/15/2033

a,e

39,325

Alimentation

Couche-Tard,

Inc.

53,000

5.617%, 

2/12/2054

a

49,961

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

149,000

4.625%, 

6/1/2028

a

141,126

40,000

4.625%, 

6/1/2028

a

37,751

Allison

Transmission,

Inc.

33,000

3.750%, 

1/30/2031

a

29,340

Amazon.com,

Inc.

42,000

1.500%, 

6/3/2030

e

36,480

86,000

4.700%, 

12/1/2032

86,740

American

Axle

&

Manufacturing,

Inc.

145,000

5.000%, 

10/1/2029

e

124,809

American

Honda

Finance

Corporation

84,000

5.050%, 

7/10/2031

84,624

44,000

4.900%, 

1/10/2034

e

42,973

Arko

Corporation

115,000

5.125%, 

11/15/2029

a,e

93,194

Asbury

Automotive

Group,

Inc.

88,000

5.000%, 

2/15/2032

a

79,805

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

105,000

4.625%, 

8/1/2029

a

95,030

19,000

4.625%, 

4/1/2030

a

17,180

Aston

Martin

Capital

Holdings,

Ltd.

75,000

10.000%, 

3/31/2029

a

67,813

Belron

UK

Finance

plc

37,000

5.750%, 

10/15/2029

a

36,741

Best

Buy

Company,

Inc.

42,000

1.950%, 

10/1/2030

36,035

Boyd

Gaming

Corporation

83,000

4.750%, 

6/15/2031

a

76,549

Boyne

USA,

Inc.

84,000

4.750%, 

5/15/2029

a

79,084

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

308

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Consumer

Cyclical  5.4%

-

continued

Brinker

International,

Inc.

$

38,000

8.250%, 

7/15/2030

a

$

39,911

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

73,000

4.875%, 

2/15/2030

a

63,807

Burlington

Stores,

Inc.,

Convertible

24,000

1.250%, 

12/15/2027

31,632

Caesars

Entertainment,

Inc.

203,000

4.625%, 

10/15/2029

a

186,584

64,000

6.500%, 

2/15/2032

a

63,792

47,000

6.000%, 

10/15/2032

a,e

43,892

Carnival

Corporation

124,000

7.625%, 

3/1/2026

a

124,036

148,000

5.750%, 

3/1/2027

a

148,093

128,000

4.000%, 

8/1/2028

a

122,458

Carnival

Corporation,

Convertible

61,000

5.750%, 

12/1/2027

101,779

Carvana

Company

16,329

9.000%,PIK

0.000%,

12/1/2028

a,g

16,813

44,000

9.000%, 

6/1/2031

a

48,884

Churchill

Downs,

Inc.

43,000

4.750%, 

1/15/2028

a

41,774

77,000

6.750%, 

5/1/2031

a

77,607

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

58,000

6.750%, 

5/15/2028

a

58,817

Cracker

Barrel

Old

Country

Store,

Inc.,

Convertible

9,000

0.625%, 

6/15/2026

8,708

Crocs,

Inc.

48,000

4.250%, 

3/15/2029

a

44,619

Cushman

&

Wakefield

US

Borrower,

LLC

25,000

6.750%, 

5/15/2028

a

25,064

Dana,

Inc.

50,000

5.625%, 

6/15/2028

49,261

79,000

4.500%, 

2/15/2032

e

71,939

DraftKings

Holdings,

Inc.,

Convertible

93,000

Zero

Coupon, 

3/15/2028

80,957

eG

Global

Finance

plc

25,000

12.000%, 

11/30/2028

a

27,681

Expedia

Group,

Inc.

80,000

5.400%, 

2/15/2035

79,676

Expedia

Group,

Inc.,

Convertible

38,000

Zero

Coupon, 

2/15/2026

37,430

Ford

Motor

Company,

Convertible

69,000

Zero

Coupon, 

3/15/2026

67,551

Ford

Motor

Credit

Company,

LLC

80,000

2.900%, 

2/10/2029

71,573

67,000

7.122%, 

11/7/2033

68,469

Forestar

Group,

Inc.

72,000

6.500%, 

3/15/2033

a

70,487

FORVIA

SE

57,000

8.000%, 

6/15/2030

a

56,265

Gap,

Inc.

36,000

3.625%, 

10/1/2029

a

32,473

48,000

3.875%, 

10/1/2031

a

41,404

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

70,000

7.750%, 

5/31/2032

a

69,189

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Consumer

Cyclical  5.4%

-

continued

General

Motors

Financial

Company,

Inc.

$

41,000

2.750%, 

6/20/2025

$

40,805

20,000

5.800%, 

6/23/2028

20,427

45,000

5.800%, 

1/7/2029

45,837

108,000

4.900%, 

10/6/2029

106,236

84,000

5.700%, 

9/30/2030

b,h

80,124

14,000

5.750%, 

2/8/2031

14,116

26,000

5.625%, 

4/4/2032

25,716

58,000

5.950%, 

4/4/2034

57,708

Genting

New

York,

LLC/GENNY

Capital,

Inc.

26,000

7.250%, 

10/1/2029

a

26,498

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

31,000

8.750%, 

1/15/2032

a

26,114

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

50,000

3.500%, 

3/1/2029

a

46,318

Goodyear

Tire

&

Rubber

Company

50,000

4.875%, 

3/15/2027

48,859

43,000

5.000%, 

7/15/2029

39,886

Group

1

Automotive,

Inc.

26,000

6.375%, 

1/15/2030

a

26,056

Hanesbrands,

Inc.

26,000

9.000%, 

2/15/2031

a,e

27,397

Harley-Davidson

Financial

Services,

Inc.

53,000

5.950%, 

6/11/2029

a

53,465

Hilton

Domestic

Operating

Company,

Inc.

86,000

4.875%, 

1/15/2030

83,169

25,000

4.000%, 

5/1/2031

a

22,640

141,000

3.625%, 

2/15/2032

a

123,585

Hilton

Grand

Vacations

Borrower,

LLC/Hilton

Grand

Vacations

Borrower,

Inc.

84,000

5.000%, 

6/1/2029

a

78,723

Home

Depot,

Inc.

39,000

5.300%, 

6/25/2054

37,668

39,000

5.400%, 

6/25/2064

37,545

66,000

3.250%, 

4/15/2032

60,205

Hyundai

Capital

America

33,000

5.500%, 

3/30/2026

a

33,278

63,000

3.000%, 

2/10/2027

a

61,054

30,000

6.500%, 

1/16/2029

a

31,479

International

Game

Technology

plc

127,000

5.250%, 

1/15/2029

a

124,127

Jacobs

Entertainment,

Inc.

111,000

6.750%, 

2/15/2029

a

106,519

K

Hovnanian

Enterprises,

Inc.

13,000

11.750%, 

9/30/2029

a

13,905

KB

Home

135,000

4.800%, 

11/15/2029

128,790

L

Brands,

Inc.

111,000

6.625%, 

10/1/2030

a

112,548

58,000

6.875%, 

11/1/2035

58,751

Las

Vegas

Sands

Corporation

26,000

5.900%, 

6/1/2027

26,420

Life

Time,

Inc.

61,000

6.000%, 

11/15/2031

a

60,479

Light

&

Wonder

International,

Inc.

36,000

7.250%, 

11/15/2029

a

36,493

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

309

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Consumer

Cyclical  5.4%

-

continued

Live

Nation

Entertainment,

Inc.

$

56,000

4.750%, 

10/15/2027

a

$

54,591

Live

Nation

Entertainment,

Inc.,

Convertible

48,000

3.125%, 

1/15/2029

66,696

53,000

2.875%, 

1/15/2030

a

54,855

Lowe's

Companies,

Inc.

98,000

4.500%, 

4/15/2030

97,232

Macy's

Retail

Holdings,

LLC

44,000

5.875%, 

4/1/2029

a

42,684

51,000

6.125%, 

3/15/2032

a

46,604

Marriott

International,

Inc./MD

46,000

4.900%, 

4/15/2029

46,273

33,000

5.100%, 

4/15/2032

32,883

Marriott

Vacations

Worldwide

Corporation,

Convertible

53,000

3.250%, 

12/15/2027

49,025

Match

Group

Holdings

II,

LLC

42,000

4.125%, 

8/1/2030

a

37,641

Mattamy

Group

Corporation

76,000

5.250%, 

12/15/2027

a

73,832

McDonald's

Corporation

40,000

4.950%, 

8/14/2033

40,184

Melco

Resorts

Finance,

Ltd.

140,000

5.375%, 

12/4/2029

a

128,386

83,000

7.625%, 

4/17/2032

a

82,603

Meritage

Homes

Corporation

66,000

5.650%, 

3/15/2035

64,937

Meritage

Homes

Corporation,

Convertible

21,000

1.750%, 

5/15/2028

a

20,517

Michaels

Companies,

Inc.

73,000

5.250%, 

5/1/2028

a

50,114

NCL

Corporation,

Ltd.

9,000

5.875%, 

3/15/2026

a

8,981

135,000

5.875%, 

2/15/2027

a

134,816

70,000

6.750%, 

2/1/2032

a

69,146

Nissan

Motor

Company,

Ltd.

61,000

4.810%, 

9/17/2030

a

57,940

Nordstrom,

Inc.

64,000

4.250%, 

8/1/2031

54,983

PENN

Entertainment,

Inc.

130,000

4.125%, 

7/1/2029

a,e

115,419

PetSmart,

Inc./PetSmart

Finance

Corporation

81,000

4.750%, 

2/15/2028

a

75,754

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

33,000

5.750%, 

4/15/2026

a

32,952

QVC,

Inc.

32,000

6.875%, 

4/15/2029

a,e

21,919

Rakuten

Group,

Inc.

41,000

11.250%, 

2/15/2027

a

44,418

89,000

9.750%, 

4/15/2029

a

96,629

37,000

8.125%, 

12/15/2029

a,b,h

36,536

Raven

Acquisition

Holdings,

LLC

44,000

6.875%, 

11/15/2031

a

42,727

Royal

Caribbean

Cruises,

Ltd.

236,000

4.250%, 

7/1/2026

a

232,364

S&S

Holdings,

LLC

39,000

8.375%, 

10/1/2031

a

36,844

Saks

Global

Enterprises,

LLC

37,000

11.000%, 

12/15/2029

a

29,974

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Consumer

Cyclical  5.4%

-

continued

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

$

6,000

6.625%, 

3/1/2030

a

$

5,659

SeaWorld

Parks

and

Entertainment,

Inc.

122,000

5.250%, 

8/15/2029

a

115,573

Service

Corporation

International/

US

50,000

3.375%, 

8/15/2030

44,559

Six

Flags

Entertainment

Corporation

29,000

7.000%, 

7/1/2025

a,e

29,033

24,000

7.250%, 

5/15/2031

a

24,092

Six

Flags

Entertainment

Corporation/Canada's

Wonderland

Company/Magnum

Management

Corporation

25,000

5.375%, 

4/15/2027

24,683

148,000

5.250%, 

7/15/2029

140,050

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc./Canada's

Wonderland

Company

25,000

6.625%, 

5/1/2032

a

25,207

Staples,

Inc.

100,000

10.750%, 

9/1/2029

a

90,344

Station

Casinos,

LLC

139,000

4.625%, 

12/1/2031

a

124,894

Tenneco,

Inc.

90,000

8.000%, 

11/17/2028

a

85,837

Toyota

Motor

Credit

Corporation

35,000

5.550%, 

11/20/2030

36,406

30,000

4.800%, 

1/5/2034

29,588

70,000

5.350%, 

1/9/2035

71,146

Tractor

Supply

Company

44,000

5.250%, 

5/15/2033

44,447

Uber

Technologies,

Inc.

60,000

5.350%, 

9/15/2054

56,046

80,000

4.800%, 

9/15/2034

77,697

Uber

Technologies,

Inc.,

Convertible

20,000

Zero

Coupon, 

12/15/2025

21,200

73,000

0.875%, 

12/1/2028

88,841

VICI

Properties,

LP/VICI

Note

Company,

Inc.

152,000

5.750%, 

2/1/2027

a

153,972

Victoria's

Secret

&

Company

125,000

4.625%, 

7/15/2029

a

109,300

Viking

Cruises,

Ltd.

259,000

5.875%, 

9/15/2027

a

257,689

Volkswagen

Group

of

America

Finance,

LLC

21,000

3.350%, 

5/13/2025

a

20,963

Walgreens

Boots

Alliance,

Inc.

67,000

3.200%, 

4/15/2030

61,820

WASH

Multifamily

Acquisition,

Inc.

55,000

5.750%, 

4/15/2026

a

54,512

Wayfair,

LLC

47,000

7.750%, 

9/15/2030

a

45,376

Wyndham

Hotels

&

Resorts,

Inc.

85,000

4.375%, 

8/15/2028

a

81,181

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

106,000

7.125%, 

2/15/2031

a

109,695

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

310

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Consumer

Cyclical  5.4%

-

continued

Yum!

Brands,

Inc.

$

120,000

4.750%, 

1/15/2030

a

$

115,914

ZF

North

America

Capital,

Inc.

104,000

7.125%, 

4/14/2030

a

100,117

44,000

6.750%, 

4/23/2030

a

41,810

Total

9,795,733

Consumer

Non-Cyclical  4.9%

1375209

B.C.,

Ltd.

50,000

9.000%, 

1/30/2028

a,e

49,961

AbbVie,

Inc.

86,000

5.500%, 

3/15/2064

84,612

125,000

4.500%, 

5/14/2035

119,966

48,000

5.350%, 

3/15/2044

47,468

Acadia

Healthcare

Company,

Inc.

49,000

7.375%, 

3/15/2033

a

48,952

AdaptHealth,

LLC

220,000

4.625%, 

8/1/2029

a

200,082

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

44,000

4.625%, 

1/15/2027

a

43,346

166,000

3.500%, 

3/15/2029

a

152,771

17,000

6.250%, 

3/15/2033

a

17,166

Altria

Group,

Inc.

35,000

6.200%, 

11/1/2028

36,755

Amgen,

Inc.

46,000

5.150%, 

3/2/2028

46,827

Anheuser-Busch

InBev

Worldwide,

Inc.

99,000

5.000%, 

6/15/2034

99,632

ANI

Pharmaceuticals,

Inc.,

Convertible

26,000

2.250%, 

9/1/2029

a

29,068

AstraZeneca

Finance,

LLC

42,000

5.000%, 

2/26/2034

42,408

BAT

Capital

Corporation

72,000

6.250%, 

8/15/2055

71,852

40,000

6.343%, 

8/2/2030

42,521

43,000

7.750%, 

10/19/2032

49,298

Bausch

+

Lomb

Corporation

34,000

8.375%, 

10/1/2028

a

35,275

Bausch

Health

Companies,

Inc.

49,000

5.500%, 

11/1/2025

a

48,951

32,000

6.125%, 

2/1/2027

a,e

32,448

97,000

4.875%, 

6/1/2028

a

78,328

Becton,

Dickinson

and

Company

48,000

4.693%, 

2/13/2028

48,181

63,000

2.823%, 

5/20/2030

57,493

BellRing

Brands,

Inc.

109,000

7.000%, 

3/15/2030

a

112,623

Bio-Rad

Laboratories,

Inc.

70,000

3.300%, 

3/15/2027

68,266

Bristol-Myers

Squibb

Company

63,000

5.550%, 

2/22/2054

62,086

30,000

5.750%, 

2/1/2031

31,727

19,000

5.900%, 

11/15/2033

20,301

Bunge,

Ltd.

Finance

Corporation

30,000

4.650%, 

9/17/2034

29,003

Campbell's

Company

110,000

5.400%, 

3/21/2034

110,833

Cargill,

Inc.

88,000

2.125%, 

11/10/2031

a

75,103

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Consumer

Non-Cyclical  4.9%

-

continued

$

138,000

5.125%, 

2/11/2035

a

$

137,567

Cencora,

Inc.

66,000

5.150%, 

2/15/2035

65,993

Central

Garden

&

Pet

Company

56,000

4.125%, 

10/15/2030

50,912

Champ

Acquisition

Corporation

35,000

8.375%, 

12/1/2031

a

36,156

Charles

River

Laboratories

International,

Inc.

60,000

4.000%, 

3/15/2031

a

53,696

Chefs'

Warehouse,

Inc.,

Convertible

48,000

2.375%, 

12/15/2028

66,575

CHS/Community

Health

Systems,

Inc.

115,000

5.625%, 

3/15/2027

a

109,816

47,000

8.000%, 

12/15/2027

a

46,500

22,000

6.000%, 

1/15/2029

a

19,550

76,000

4.750%, 

2/15/2031

a

60,076

69,000

10.875%, 

1/15/2032

a

67,977

Cigna

Group

30,000

5.600%, 

2/15/2054

28,560

51,000

2.400%, 

3/15/2030

45,715

Coca-Cola

Company

36,000

5.300%, 

5/13/2054

35,247

Concentra

Escrow

Issuer

Corporation

25,000

6.875%, 

7/15/2032

a

25,438

Constellation

Brands,

Inc.

29,000

4.800%, 

1/15/2029

29,069

84,000

3.150%, 

8/1/2029

78,392

28,000

4.900%, 

5/1/2033

27,317

CVS

Health

Corporation

76,000

6.050%, 

6/1/2054

73,738

33,000

6.750%, 

12/10/2054

b

32,855

47,000

5.000%, 

2/20/2026

47,097

33,000

4.300%, 

3/25/2028

32,602

100,000

4.780%, 

3/25/2038

89,725

116,000

6.000%, 

6/1/2044

113,330

DaVita,

Inc.

72,000

6.875%, 

9/1/2032

a

72,404

Diageo

Capital

plc

39,000

2.000%, 

4/29/2030

34,430

40,000

5.625%, 

10/5/2033

41,543

Edgewell

Personal

Care

Company

110,000

5.500%, 

6/1/2028

a

107,727

Eli

Lilly

&

Company

66,000

5.000%, 

2/9/2054

61,881

34,000

5.500%, 

2/12/2055

34,425

87,000

4.700%, 

2/27/2033

87,072

Embecta

Corporation

51,000

5.000%, 

2/15/2030

a

45,638

66,000

6.750%, 

2/15/2030

a

62,852

Encompass

Health

Corporation

66,000

4.500%, 

2/1/2028

64,083

Endo

Finance

Holdings,

Inc.

51,000

8.500%, 

4/15/2031

a,e

53,169

Energizer

Holdings,

Inc.

35,000

4.750%, 

6/15/2028

a

33,508

65,000

4.375%, 

3/31/2029

a

60,521

Envista

Holdings

Corporation,

Convertible

4,000

2.375%, 

6/1/2025

e

3,981

17,000

1.750%, 

8/15/2028

15,289

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

311

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Consumer

Non-Cyclical  4.9%

-

continued

Fortrea

Holdings,

Inc.

$

19,000

7.500%, 

7/1/2030

a,e

$

17,277

GE

HealthCare

Technologies,

Inc.

100,000

6.377%, 

11/22/2052

108,473

General

Mills,

Inc.

18,000

4.950%, 

3/29/2033

17,813

Gilead

Sciences,

Inc.

30,000

5.250%, 

10/15/2033

30,703

HCA,

Inc.

55,000

5.950%, 

9/15/2054

52,831

55,000

5.250%, 

3/1/2030

55,653

70,000

5.750%, 

3/1/2035

70,630

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

66,000

7.875%, 

9/1/2025

a,e

65,923

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

49,000

4.875%, 

6/1/2029

a

37,789

Insulet

Corporation

24,000

6.500%, 

4/1/2033

a

24,395

Integer

Holdings

Corporation,

Convertible

18,000

2.125%, 

2/15/2028

26,226

37,000

1.875%, 

3/15/2030

a

37,296

Jazz

Investments

I,

Ltd.,

Convertible

50,000

2.000%, 

6/15/2026

51,750

59,000

3.125%, 

9/15/2030

a

65,402

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

114,000

2.500%, 

1/15/2027

109,627

49,000

3.625%, 

1/15/2032

44,151

JBS

USA

LUX

SARL/JBS

USA

Food

Company/JBS

USA

Foods

Group

63,000

5.950%, 

4/20/2035

a

64,751

Johnson

&

Johnson

72,000

5.250%, 

6/1/2054

72,316

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

53,000

9.000%, 

2/15/2029

a

54,516

Keurig

Dr

Pepper,

Inc.

72,000

3.200%, 

5/1/2030

66,928

66,000

5.300%, 

3/15/2034

e

67,234

Kraft

Heinz

Foods

Company

45,000

6.750%, 

3/15/2032

49,034

65,000

5.400%, 

3/15/2035

65,517

Kroger

Company

42,000

4.500%, 

1/15/2029

41,894

Lamb

Weston

Holdings,

Inc.

43,000

4.375%, 

1/31/2032

a

39,279

LifePoint

Health,

Inc.

59,000

9.875%, 

8/15/2030

a

62,251

68,000

11.000%, 

10/15/2030

a

73,923

Mars,

Inc.

7,000

5.650%, 

5/1/2045

a

7,015

Mattel,

Inc.

137,000

3.375%, 

4/1/2026

a

134,855

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

51,000

6.250%, 

4/1/2029

a

51,649

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Consumer

Non-Cyclical  4.9%

-

continued

Medtronic

Global

Holdings

SCA

$

45,000

4.500%, 

3/30/2033

$

43,969

Mozart

Debt

Merger

Sub,

Inc.

156,000

3.875%, 

4/1/2029

a

145,818

114,000

5.250%, 

10/1/2029

a

109,391

MPH

Acquisition

Holdings,

LLC

26,422

5.750%, 

12/31/2030

a

19,156

13,799

11.500%, 

12/31/2030

a

11,984

Newell

Brands,

Inc.

52,000

6.375%, 

9/15/2027

e

52,193

52,000

6.625%, 

9/15/2029

52,110

26,000

6.375%, 

5/15/2030

25,294

Novartis

Capital

Corporation

121,000

4.700%, 

9/18/2054

108,949

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

69,000

4.125%, 

4/30/2028

a

64,484

110,000

5.125%, 

4/30/2031

a

95,910

PepsiCo,

Inc.

75,000

5.250%, 

7/17/2054

73,264

Performance

Food

Group,

Inc.

76,000

4.250%, 

8/1/2029

a

71,070

Perrigo

Finance

Unlimited

Company

93,000

4.900%, 

6/15/2030

88,842

Philip

Morris

International,

Inc.

88,000

4.875%, 

2/15/2028

89,161

43,000

5.625%, 

11/17/2029

44,831

23,000

5.125%, 

2/13/2031

23,401

43,000

5.750%, 

11/17/2032

45,014

39,000

5.250%, 

2/13/2034

39,366

37,000

4.900%, 

11/1/2034

36,356

Post

Holdings,

Inc.

76,000

4.625%, 

4/15/2030

a

70,974

133,000

4.500%, 

9/15/2031

a

120,457

Post

Holdings,

Inc.,

Convertible

94,000

2.500%, 

8/15/2027

112,048

Roche

Holdings,

Inc.

52,000

5.218%, 

3/8/2054

a

50,272

68,000

2.076%, 

12/13/2031

a

58,077

Royalty

Pharma

plc

97,000

1.200%, 

9/2/2025

95,497

40,000

5.150%, 

9/2/2029

40,263

Simmons

Foods,

Inc.

122,000

4.625%, 

3/1/2029

a

113,099

Spectrum

Brands,

Inc.,

Convertible

52,000

3.375%, 

6/1/2029

a

49,397

Star

Parent,

Inc.

63,000

9.000%, 

10/1/2030

a

62,096

Stryker

Corporation

50,000

5.200%, 

2/10/2035

50,483

Surgery

Center

Holdings,

Inc.

20,000

7.250%, 

4/15/2032

a

19,778

Sysco

Corporation

42,000

5.950%, 

4/1/2030

44,026

Takeda

Pharmaceutical

Company,

Ltd.

95,000

5.650%, 

7/5/2054

92,932

75,000

5.000%, 

11/26/2028

75,981

Tenet

Healthcare

Corporation

326,000

5.125%, 

11/1/2027

321,224

108,000

4.375%, 

1/15/2030

101,242

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

312

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Consumer

Non-Cyclical  4.9%

-

continued

US

Acute

Care

Solutions,

LLC

$

48,000

9.750%, 

5/15/2029

a

$

47,862

Varex

Imaging

Corporation,

Convertible

36,000

4.000%, 

6/1/2025

35,820

Viterra

Finance

BV

60,000

3.200%, 

4/21/2031

a

54,032

Winnebago

Industries,

Inc.,

Convertible

22,000

3.250%, 

1/15/2030

e

19,239

Wyeth,

LLC

106,000

6.500%, 

2/1/2034

117,173

Zoetis,

Inc.

56,000

5.600%, 

11/16/2032

58,412

Total

8,863,777

Energy  4.5%

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

115,000

5.375%, 

6/15/2029

a

112,409

APA

Corporation

59,000

4.375%, 

10/15/2028

a

56,693

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

55,000

6.250%, 

4/1/2028

a

55,042

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

106,000

8.250%, 

12/31/2028

a

108,091

50,000

5.875%, 

6/30/2029

a

48,791

Baytex

Energy

Corporation

56,000

8.500%, 

4/30/2030

a

56,867

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

80,000

7.000%, 

7/15/2029

a

81,758

BP

Capital

Markets

America,

Inc.

69,000

4.234%, 

11/6/2028

68,416

61,000

4.812%, 

2/13/2033

59,979

130,000

5.227%, 

11/17/2034

130,668

BP

Capital

Markets

plc

51,000

4.875%, 

3/22/2030

b,h

48,782

37,000

6.450%, 

12/1/2033

b,h

37,751

Buckeye

Partners,

LP

75,000

4.500%, 

3/1/2028

a

71,964

53,000

6.875%, 

7/1/2029

a

53,876

California

Resources

Corporation

60,000

8.250%, 

6/15/2029

a

60,976

Cheniere

Energy

Partners,

LP

42,000

4.500%, 

10/1/2029

40,851

41,000

3.250%, 

1/31/2032

36,082

52,000

5.950%, 

6/30/2033

53,406

Cheniere

Energy,

Inc.

28,000

5.650%, 

4/15/2034

28,324

Civitas

Resources,

Inc.

78,000

8.375%, 

7/1/2028

a

80,495

80,000

8.750%, 

7/1/2031

a

82,156

CNX

Resources

Corporation

71,000

6.000%, 

1/15/2029

a

70,104

CNX

Resources

Corporation,

Convertible

27,000

2.250%, 

5/1/2026

66,447

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Energy  4.5%

-

continued

Columbia

Pipelines

Holding

Company,

LLC

$

34,000

6.055%, 

8/15/2026

a

$

34,491

77,000

6.042%, 

8/15/2028

a

79,640

Comstock

Resources,

Inc.

55,000

6.750%, 

3/1/2029

a

53,447

40,000

5.875%, 

1/15/2030

a

37,776

ConocoPhillips

Company

108,000

4.850%, 

1/15/2032

108,132

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

147,000

5.500%, 

6/15/2031

a

141,025

Crescent

Energy

Finance,

LLC

99,000

7.625%, 

4/1/2032

a

97,918

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

113,000

8.625%, 

3/15/2029

a

117,051

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

45,000

8.500%, 

10/1/2030

a

46,114

Diamondback

Energy,

Inc.

82,000

5.750%, 

4/18/2054

77,306

DT

Midstream,

Inc.

91,000

4.125%, 

6/15/2029

a

85,643

Eastern

Energy

Gas

Holdings,

LLC

75,000

5.800%, 

1/15/2035

77,413

Enbridge,

Inc.

75,000

7.375%, 

1/15/2083

b

76,265

57,000

7.625%, 

1/15/2083

b

59,703

51,000

5.950%, 

4/5/2054

50,744

22,000

5.700%, 

3/8/2033

22,580

Enerflex,

Ltd.

34,000

9.000%, 

10/15/2027

a

34,794

Energy

Transfer,

LP

31,000

5.950%, 

5/15/2054

29,604

155,000

8.000%, 

5/15/2054

b

163,114

36,000

6.050%, 

9/1/2054

34,957

65,000

6.750%, 

5/15/2025

b,h

64,993

30,000

4.400%, 

3/15/2027

29,903

15,000

7.125%, 

5/15/2030

b,h

15,178

28,000

6.400%, 

12/1/2030

29,840

Enterprise

Products

Operating,

LLC

76,000

5.550%, 

2/16/2055

73,817

42,000

4.150%, 

10/16/2028

41,594

40,000

7.571%, 

(TSFR3M

+

3.248%),

8/16/2077

b

39,802

EQM

Midstream

Partners,

LP

105,000

4.750%, 

1/15/2031

a

100,990

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

80,000

8.875%, 

4/15/2030

83,083

120,000

7.875%, 

5/15/2032

120,853

Harvest

Midstream

I,

LP

136,000

7.500%, 

9/1/2028

a

137,360

Hess

Midstream

Operations,

LP

114,000

4.250%, 

2/15/2030

a

107,250

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

102,000

5.750%, 

2/1/2029

a

98,548

50,000

6.000%, 

4/15/2030

a

47,549

66,000

6.250%, 

4/15/2032

a

61,663

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

313

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Energy  4.5%

-

continued

Howard

Midstream

Energy

Partners,

LLC

$

140,000

7.375%, 

7/15/2032

a

$

143,433

ITT

Holdings,

LLC

91,000

6.500%, 

8/1/2029

a

83,950

Kinder

Morgan,

Inc.

94,000

5.950%, 

8/1/2054

91,893

Kodiak

Gas

Services,

LLC

66,000

7.250%, 

2/15/2029

a

67,277

Laredo

Petroleum,

Inc.

59,000

7.750%, 

7/31/2029

a

57,400

MEG

Energy

Corporation

43,000

5.875%, 

2/1/2029

a

42,284

MPLX,

LP

105,000

1.750%, 

3/1/2026

102,254

21,000

5.000%, 

3/1/2033

20,498

25,000

5.500%, 

6/1/2034

24,907

Nabors

Industries,

Inc.

50,000

7.375%, 

5/15/2027

a

49,315

129,000

9.125%, 

1/31/2030

a

129,043

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

43,000

8.125%, 

2/15/2029

a

43,300

65,000

8.375%, 

2/15/2032

a

65,139

Noble

Finance

II,

LLC

51,000

8.000%, 

4/15/2030

a

50,970

Northern

Oil

and

Gas,

Inc.

60,000

8.750%, 

6/15/2031

a

61,197

Northern

Oil

and

Gas,

Inc.,

Convertible

45,000

3.625%, 

4/15/2029

47,421

Occidental

Petroleum

Corporation

53,000

5.000%, 

8/1/2027

53,177

70,000

8.875%, 

7/15/2030

80,155

ONEOK,

Inc.

86,000

5.700%, 

11/1/2054

80,494

42,000

5.650%, 

11/1/2028

43,260

78,000

4.750%, 

10/15/2031

76,447

Ovintiv,

Inc.

37,000

5.650%, 

5/15/2028

37,916

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

88,000

6.000%, 

2/15/2028

81,844

Permian

Resources

Operating,

LLC

40,000

6.250%, 

2/1/2033

a

39,842

Permian

Resources

Operating,

LLC,

Convertible

14,000

3.250%, 

4/1/2028

33,941

Pioneer

Natural

Resources

Company

63,000

1.900%, 

8/15/2030

54,757

Plains

All

American

Pipeline,

LP/

PAA

Finance

Corporation

103,000

4.650%, 

10/15/2025

102,964

Prairie

Acquiror,

LP

83,000

9.000%, 

8/1/2029

a

84,485

Precision

Drilling

Corporation

59,000

6.875%, 

1/15/2029

a

57,642

Range

Resources

Corporation

98,000

4.750%, 

2/15/2030

a

93,230

Rockies

Express

Pipeline,

LLC

136,000

4.950%, 

7/15/2029

a

130,231

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Energy  4.5%

-

continued

Saturn

Oil

&

Gas,

Inc.

$

24,000

9.625%, 

6/15/2029

a

$

23,211

Schlumberger

Holdings

Corporation

27,000

4.300%, 

5/1/2029

a

26,722

SM

Energy

Company

70,000

6.500%, 

7/15/2028

69,520

34,000

7.000%, 

8/1/2032

a

33,368

South

Bow

USA

Infrastructure

Holdings,

LLC

30,000

5.584%, 

10/1/2034

a

29,374

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

50,000

5.875%, 

3/1/2027

49,731

Sunoco,

LP

152,000

7.000%, 

5/1/2029

a

155,493

Sunoco,

LP/Sunoco

Finance

Corporation

64,000

5.875%, 

3/15/2028

63,943

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

122,000

5.500%, 

1/15/2028

a

118,741

76,000

7.375%, 

2/15/2029

a

76,379

Talos

Production,

Inc.

22,000

9.000%, 

2/1/2029

a

22,606

Targa

Resources

Corporation

42,000

6.125%, 

5/15/2055

41,712

Targa

Resources

Partners,

LP

115,000

4.875%, 

2/1/2031

112,576

TGNR

Intermediate

Holdings,

LLC

129,000

5.500%, 

10/15/2029

a

121,118

TotalEnergies

Capital

SA

102,000

5.488%, 

4/5/2054

98,689

TransCanada

Trust

90,000

5.875%, 

8/15/2076

b

89,375

UGI

Corporation,

Convertible

26,000

5.000%, 

6/1/2028

a

33,573

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

90,000

7.125%, 

3/15/2029

a

91,536

Valaris,

Ltd.

119,000

8.375%, 

4/30/2030

a

119,137

Venture

Global

Calcasieu

Pass,

LLC

37,000

3.875%, 

8/15/2029

a

34,251

90,000

4.125%, 

8/15/2031

a

81,774

Venture

Global

LNG,

Inc.

188,000

8.125%, 

6/1/2028

a

192,104

77,000

9.000%, 

9/30/2029

a,b,h

73,072

85,000

9.875%, 

2/1/2032

a

90,277

Viridien

SA

25,000

8.750%, 

4/1/2027

a,e

25,547

Williams

Companies,

Inc.

65,000

4.900%, 

3/15/2029

65,423

42,000

2.600%, 

3/15/2031

36,905

23,000

5.600%, 

3/15/2035

23,441

Total

8,120,332

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

314

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Financials  12.6%

Acrisure,

LLC/Acrisure

Finance,

Inc.

$

35,000

4.250%, 

2/15/2029

a

$

32,748

49,000

7.500%, 

11/6/2030

a

49,851

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

25,000

6.950%, 

3/10/2055

b

25,588

63,000

6.500%, 

7/15/2025

63,183

108,000

3.000%, 

10/29/2028

101,489

Agree,

LP

34,000

5.625%, 

6/15/2034

34,405

Air

Lease

Corporation

11,000

3.375%, 

7/1/2025

10,965

52,000

4.650%, 

6/15/2026

b,h

50,583

52,000

3.125%, 

12/1/2030

47,075

Aircastle,

Ltd.

51,000

5.250%, 

6/15/2026

a,b,h

50,042

51,000

2.850%, 

1/26/2028

a

48,141

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

51,000

4.250%, 

10/15/2027

a

49,220

64,000

6.750%, 

4/15/2028

a

64,250

69,000

7.000%, 

1/15/2031

a

69,211

Ally

Financial,

Inc.

112,000

4.700%, 

5/15/2026

b,h

104,232

138,000

8.000%, 

11/1/2031

153,774

79,000

6.700%, 

2/14/2033

79,024

American

Express

Company

35,000

3.550%, 

9/15/2026

b,h

33,801

65,000

6.338%, 

10/30/2026

b

65,628

American

International

Group,

Inc.

76,000

5.125%, 

3/27/2033

76,107

Americold

Realty

Operating

Partnership,

LP

61,000

5.600%, 

5/15/2032

61,230

Ameriprise

Financial,

Inc.

85,000

5.200%, 

4/15/2035

84,802

AmWINS

Group,

Inc.

42,000

6.375%, 

2/15/2029

a

42,320

130,000

4.875%, 

6/30/2029

a

122,552

Aon

North

America,

Inc.

66,000

5.750%, 

3/1/2054

65,090

Apollo

Debt

Solutions

BDC

71,000

6.700%, 

7/29/2031

73,254

Ares

Capital

Corporation

90,000

2.150%, 

7/15/2026

86,803

35,000

5.875%, 

3/1/2029

35,533

Ares

Strategic

Income

Fund

78,000

5.600%, 

2/15/2030

a

76,880

Arthur

J.

Gallagher

&

Company

49,000

5.750%, 

7/15/2054

48,273

30,000

5.000%, 

2/15/2032

29,997

Assurant,

Inc.

67,000

6.100%, 

2/27/2026

67,584

Aviation

Capital

Group,

LLC

41,000

4.875%, 

10/1/2025

a

40,983

Avolon

Holdings

Funding,

Ltd.

62,000

5.750%, 

3/1/2029

a

63,143

83,000

5.375%, 

5/30/2030

a

83,113

Azorra

Finance,

Ltd.

110,000

7.750%, 

4/15/2030

a

109,646

Banco

Santander

SA

29,000

4.750%, 

11/12/2026

b,h

27,799

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Financials  12.6%

-

continued

Bank

of

America

Corporation

$

85,000

6.125%, 

4/27/2027

b,h

$

86,058

89,000

4.376%, 

4/27/2028

b

88,632

126,000

3.593%, 

7/21/2028

b

123,302

60,000

5.819%, 

9/15/2029

b

62,179

202,000

3.974%, 

2/7/2030

b

196,554

80,000

5.162%, 

1/24/2031

b

81,103

149,000

2.687%, 

4/22/2032

b

131,142

62,000

2.572%, 

10/20/2032

b

53,490

92,000

2.972%, 

2/4/2033

b

80,665

49,000

5.468%, 

1/23/2035

b

49,713

164,000

5.425%, 

8/15/2035

b

160,578

45,000

3.846%, 

3/8/2037

b

40,390

Bank

of

Montreal

46,000

3.088%, 

1/10/2037

b

38,848

Bank

of

New

York

Mellon

Corporation

29,000

6.317%, 

10/25/2029

b

30,680

59,000

4.596%, 

7/26/2030

b

58,993

30,000

6.474%, 

10/25/2034

b

32,769

Bank

of

Nova

Scotia

53,000

4.900%, 

6/4/2025

b,h

52,638

Barclays

plc

61,000

6.125%, 

12/15/2025

b,h

60,953

49,000

2.852%, 

5/7/2026

b

48,897

50,000

5.501%, 

8/9/2028

b

50,744

64,000

4.972%, 

5/16/2029

b

64,204

54,000

6.224%, 

5/9/2034

b

56,253

35,000

7.119%, 

6/27/2034

b

37,708

BlackRock

Funding,

Inc.

35,000

5.250%, 

3/14/2054

33,752

Blackstone

Private

Credit

Fund

90,000

5.600%, 

11/22/2029

a

89,244

Blue

Owl

Capital

Corporation

II

37,000

8.450%, 

11/15/2026

38,785

Blue

Owl

Credit

Income

Corporation

68,000

4.700%, 

2/8/2027

67,159

Blue

Owl

Technology

Finance

Corporation

20,000

4.750%, 

12/15/2025

a

19,898

63,000

3.750%, 

6/17/2026

a

61,501

50,000

6.100%, 

3/15/2028

a

49,869

18,000

6.750%, 

4/4/2029

18,245

BNP

Paribas

SA

66,000

3.132%, 

1/20/2033

a,b

57,526

Bread

Financial

Holdings,

Inc.

33,000

8.375%, 

6/15/2035

a,b

32,268

Brixmor

Operating

Partnership,

LP

83,000

2.250%, 

4/1/2028

77,069

Brookfield

Finance,

Inc.

51,000

5.813%, 

3/3/2055

49,752

Burford

Capital

Global

Finance,

LLC

120,000

9.250%, 

7/1/2031

a

126,429

Capital

Automotive

REIT

392,000

4.400%, 

10/15/2054,

Ser.

2024-3A,

Class

A1

a

376,387

Capital

One

Financial

Corporation

60,000

3.950%, 

9/1/2026

b,h

57,392

69,000

3.273%, 

3/1/2030

b

64,687

Centene

Corporation

178,000

3.000%, 

10/15/2030

155,684

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

315

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Financials  12.6%

-

continued

Charles

Schwab

Corporation

$

102,000

5.375%, 

6/1/2025

b,h

$

101,638

88,000

0.900%, 

3/11/2026

85,084

58,000

4.000%, 

6/1/2026

b,h

56,535

41,000

6.136%, 

8/24/2034

b

43,638

CHL

Mortgage

Pass-Through

Trust

19,538

6.744%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

19,144

68,299

6.000%, 

4/25/2037,

Ser.

2007-3,

Class

A18

32,479

Citadel,

LP

49,000

6.375%, 

1/23/2032

a

50,277

Citigroup,

Inc.

53,000

4.000%, 

12/10/2025

b,h

52,176

90,000

3.875%, 

2/18/2026

b,h

87,919

83,000

1.462%, 

6/9/2027

b

79,953

98,000

3.070%, 

2/24/2028

b

95,236

27,000

7.375%, 

5/15/2028

b,h

27,722

47,000

7.625%, 

11/15/2028

b,h

48,897

168,000

4.075%, 

4/23/2029

b

165,190

32,000

7.125%, 

8/15/2029

b,h

32,726

30,000

6.950%, 

2/15/2030

b,h

29,914

41,000

6.174%, 

5/25/2034

b

42,024

45,000

7.000%, 

8/15/2034

b,h

46,654

70,000

6.020%, 

1/24/2036

b

70,669

Citizens

Financial

Group,

Inc.

78,000

4.000%, 

10/6/2026

b,h

74,726

42,000

5.718%, 

7/23/2032

b

42,755

CNA

Financial

Corporation

53,000

5.125%, 

2/15/2034

52,638

Coinbase

Global,

Inc.,

Convertible

68,000

0.500%, 

6/1/2026

66,436

56,000

0.250%, 

4/1/2030

51,772

Comerica,

Inc.

42,000

5.625%, 

7/1/2025

b,h

41,738

15,000

5.982%, 

1/30/2030

b

15,242

Commonwealth

Bank

of

Australia

51,000

2.688%, 

3/11/2031

a

44,524

Cooperatieve

Rabobank

UA

41,000

1.339%, 

6/24/2026

a,b

40,674

COPT

Defense

Properties,

LP

82,000

2.250%, 

3/15/2026

79,898

COPT

Defense

Properties,

LP,

Convertible

10,000

5.250%, 

9/15/2028

a

11,135

Corebridge

Financial,

Inc.

72,000

6.375%, 

9/15/2054

b

71,531

44,000

6.875%, 

12/15/2052

b

44,966

35,000

6.050%, 

9/15/2033

36,519

35,000

5.750%, 

1/15/2034

35,919

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

67,252

5.136%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

55,171

Cousins

Properties,

LP

14,000

5.375%, 

2/15/2032

13,942

Credit

Acceptance

Corporation

37,000

9.250%, 

12/15/2028

a

39,170

21,000

6.625%, 

3/15/2030

a

20,688

Credit

Agricole

SA

42,000

3.250%, 

1/14/2030

a

38,650

Credit

Suisse

Group

AG

64,000

7.250%, 

N/A

*,i

4,800

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Financials  12.6%

-

continued

$

110,000

7.500%, 

N/A

*,h,i

$

8,250

Dai-ichi

Life

Insurance

Company,

Ltd.

60,000

6.200%, 

1/16/2035

a,b,h

60,189

Deutsche

Bank

AG/New

York,

NY

143,000

2.129%, 

11/24/2026

b

140,432

90,000

2.311%, 

11/16/2027

b

86,483

51,000

6.819%, 

11/20/2029

b

54,081

68,000

3.742%, 

1/7/2033

b

59,754

Digital

Realty

Trust,

LP,

Convertible

38,000

1.875%, 

11/15/2029

a

37,631

Discover

Bank

84,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

85,818

Discover

Financial

Services

22,000

6.700%, 

11/29/2032

23,631

Diversified

Healthcare

Trust

41,000

Zero

Coupon, 

1/15/2026

a

38,645

Drawbridge

Special

Opportunities

Fund,

LP

167,000

3.875%, 

2/15/2026

a

163,783

Elevance

Health,

Inc.

72,000

5.650%, 

6/15/2054

69,444

133,000

2.550%, 

3/15/2031

117,533

Encore

Capital

Group,

Inc.,

Convertible

22,000

4.000%, 

3/15/2029

19,910

Extra

Space

Storage,

LP

41,000

2.400%, 

10/15/2031

34,885

Fairfax

Financial

Holdings,

Ltd.

50,000

6.350%, 

3/22/2054

50,938

Federal

Realty

OP,

LP,

Convertible

12,000

3.250%, 

1/15/2029

a

11,952

Fifth

Third

Bancorp

28,000

4.500%, 

9/30/2025

b,h

27,762

40,000

4.772%, 

7/28/2030

b

39,763

Fifth

Third

Bank

NA

111,000

3.850%, 

3/15/2026

110,071

FirstCash,

Inc.

122,000

5.625%, 

1/1/2030

a

118,294

Fortitude

Group

Holdings,

LLC

107,000

6.250%, 

4/1/2030

a

108,171

Fortress

Transportation

and

Infrastructure

Investors,

LLC

51,000

5.500%, 

5/1/2028

a

49,986

115,000

7.000%, 

5/1/2031

a

116,843

30,000

7.000%, 

6/15/2032

a

30,422

Freedom

Mortgage

Holdings,

LLC

113,000

9.250%, 

2/1/2029

a

114,756

48,000

9.125%, 

5/15/2031

a

48,303

FS

KKR

Capital

Corporation

41,000

3.400%, 

1/15/2026

40,463

42,000

2.625%, 

1/15/2027

40,088

GGAM

Finance,

Ltd.

52,000

8.000%, 

6/15/2028

a

54,528

91,000

5.875%, 

3/15/2030

a

89,807

Global

Aircraft

Leasing

Company,

Ltd.

50,000

8.750%, 

9/1/2027

a

50,821

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

154,000

3.750%, 

12/15/2027

a

144,943

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

316

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Financials  12.6%

-

continued

goeasy,

Ltd.

$

88,000

9.250%, 

12/1/2028

a

$

92,382

25,000

7.625%, 

7/1/2029

a

25,007

32,000

6.875%, 

5/15/2030

a

31,337

Goldman

Sachs

BDC,

Inc.

26,000

6.375%, 

3/11/2027

26,635

Goldman

Sachs

Group,

Inc.

106,000

7.379%, 

(H15T

5Y

+

3.623%),

8/10/2025

b,h

106,501

45,000

3.650%, 

8/10/2026

b,e,h

43,671

75,000

4.125%, 

11/10/2026

b,h

72,654

135,000

1.948%, 

10/21/2027

b

129,491

45,000

2.640%, 

2/24/2028

b

43,435

132,000

3.615%, 

3/15/2028

b

129,551

86,000

4.482%, 

8/23/2028

b

85,791

84,000

3.814%, 

4/23/2029

b

82,008

42,000

3.800%, 

3/15/2030

40,165

42,000

2.615%, 

4/22/2032

b

36,672

42,000

2.383%, 

7/21/2032

b

35,973

32,000

6.125%, 

11/10/2034

b,h

31,300

77,000

5.330%, 

7/23/2035

b

76,616

121,000

5.016%, 

10/23/2035

b

117,655

Hartford

Insurance

Group,

Inc.

42,000

2.800%, 

8/19/2029

38,803

44,000

6.710%, 

(TSFR3M

+

2.387%),

2/12/2047

a,b

40,546

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC,

Convertible

4,000

Zero

Coupon, 

5/1/2025

a

4,364

13,000

3.750%, 

8/15/2028

a

15,938

HSBC

Holdings

plc

37,000

1.645%, 

4/18/2026

b

36,947

118,000

4.583%, 

6/19/2029

b

116,953

50,000

2.804%, 

5/24/2032

b

43,734

HUB

International,

Ltd.

147,000

7.250%, 

6/15/2030

a

151,411

Huntington

Bancshares,

Inc./OH

30,000

4.450%, 

10/15/2027

b,h

28,869

77,000

5.709%, 

2/2/2035

b

77,820

67,000

6.141%, 

11/18/2039

b

67,470

Huntington

Bank

Auto

Credit-

Linked

Notes

294,738

5.442%, 

10/20/2032,

Ser.

2024-2,

Class

B1

a

296,064

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

44,000

6.250%, 

5/15/2026

43,568

136,000

5.250%, 

5/15/2027

129,297

ING

Groep

NV

84,000

1.726%, 

4/1/2027

b

81,605

Intesa

Sanpaolo

SPA

63,000

4.198%, 

6/1/2032

a,b

56,524

Invitation

Homes

Operating

Partnership,

LP

72,000

2.000%, 

8/15/2031

60,249

J.P.

Morgan

Chase

&

Company

35,000

3.650%, 

6/1/2026

b,h

34,218

96,000

1.045%, 

11/19/2026

b

93,906

105,000

2.947%, 

2/24/2028

b

102,002

126,000

4.005%, 

4/23/2029

b

123,844

41,000

2.069%, 

6/1/2029

b

37,961

33,000

6.500%, 

4/1/2030

b,h

33,774

168,000

4.493%, 

3/24/2031

b

165,773

45,000

2.963%, 

1/25/2033

b

39,723

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Financials  12.6%

-

continued

$

39,000

4.912%, 

7/25/2033

b

$

38,690

42,000

5.717%, 

9/14/2033

b

43,158

30,000

5.350%, 

6/1/2034

b

30,488

25,000

6.254%, 

10/23/2034

b

26,850

16,000

5.336%, 

1/23/2035

b

16,170

50,000

5.766%, 

4/22/2035

b

51,965

40,000

5.502%, 

1/24/2036

b

40,862

75,000

5.534%, 

11/29/2045

b

74,255

Jane

Street

Group/JSG

Finance,

Inc.

79,000

4.500%, 

11/15/2029

a

74,598

26,000

7.125%, 

4/30/2031

a

26,709

45,000

6.125%, 

11/1/2032

a

44,279

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

54,000

5.000%, 

8/15/2028

a

50,768

64,000

6.625%, 

10/15/2031

a

63,321

Jefferson

Capital

Holdings,

LLC

44,000

6.000%, 

8/15/2026

a

43,740

108,000

9.500%, 

2/15/2029

a

114,627

KeyBank

NA/Cleveland,

OH

63,000

3.900%, 

4/13/2029

60,491

82,000

5.000%, 

1/26/2033

79,858

Kilroy

Realty,

LP

55,000

4.250%, 

8/15/2029

52,320

20,000

6.250%, 

1/15/2036

19,829

Kite

Realty

Group,

LP,

Convertible

2,000

0.750%, 

4/1/2027

a

2,031

Ladder

Capital

Finance

Holdings,

LLLP/Ladder

Capital

Finance

Corporation

140,000

4.750%, 

6/15/2029

a

133,331

Liberty

Mutual

Group,

Inc.

28,000

4.125%, 

12/15/2051

a,b

26,810

Lincoln

National

Corporation

90,000

6.942%, 

(TSFR3M

+

2.619%),

5/19/2025

b

73,874

Lloyds

Banking

Group

plc

124,000

1.627%, 

5/11/2027

b

119,939

M&T

Bank

Corporation

99,000

3.500%, 

9/1/2026

b,h

93,903

Macquarie

Airfinance

Holdings,

Ltd.

4,000

6.400%, 

3/26/2029

a

4,134

70,000

5.150%, 

3/17/2030

a

69,020

Macquarie

Group,

Ltd.

83,000

1.629%, 

9/23/2027

a,b

79,414

Marsh

&

McLennan

Companies,

Inc.

45,000

2.375%, 

12/15/2031

38,734

MetLife,

Inc.

27,000

6.350%, 

3/15/2055

b

27,053

39,000

3.850%, 

9/15/2025

b,h

38,543

61,000

5.875%, 

3/15/2028

b,h

61,590

82,000

6.400%, 

12/15/2036

83,169

Metropolitan

Life

Global

Funding

I

68,000

2.950%, 

4/9/2030

a

62,543

Mid-America

Apartments,

LP

84,000

4.200%, 

6/15/2028

83,151

Mitsubishi

UFJ

Financial

Group,

Inc.

81,000

1.538%, 

7/20/2027

b

77,934

Mizuho

Financial

Group,

Inc.

111,000

1.554%, 

7/9/2027

b

106,872

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

317

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Financials  12.6%

-

continued

$

84,000

2.564%, 

9/13/2031

$

72,076

39,000

5.748%, 

7/6/2034

b

40,259

Molina

Healthcare,

Inc.

97,000

4.375%, 

6/15/2028

a

92,389

50,000

6.250%, 

1/15/2033

a

49,209

Morgan

Stanley

51,000

5.516%, 

11/19/2055

b

49,822

61,000

0.985%, 

12/10/2026

b

59,495

84,000

1.593%, 

5/4/2027

b

81,349

82,000

1.512%, 

7/20/2027

b

78,823

30,000

5.123%, 

2/1/2029

b

30,411

76,000

3.622%, 

4/1/2031

b

71,760

45,000

2.943%, 

1/21/2033

b

39,471

40,000

4.889%, 

7/20/2033

b

39,406

43,000

5.250%, 

4/21/2034

b

43,021

25,000

5.831%, 

4/19/2035

b

25,907

29,000

5.587%, 

1/18/2036

b

29,617

85,000

2.484%, 

9/16/2036

b

70,473

Nasdaq,

Inc.

28,000

5.350%, 

6/28/2028

28,660

Nationstar

Mortgage

Holdings,

Inc.

24,000

5.500%, 

8/15/2028

a

23,804

76,000

5.125%, 

12/15/2030

a

75,805

20,000

7.125%, 

2/1/2032

a

20,775

NatWest

Group

plc

42,000

4.892%, 

5/18/2029

b

42,078

83,000

6.475%, 

6/1/2034

b

86,478

Navient

Corporation

30,000

5.000%, 

3/15/2027

29,354

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

33,000

4.500%, 

9/30/2028

a

31,106

Neuberger

Berman

CLO,

Ltd.

425,000

7.564%, 

(TSFR3M

+

3.262%),

10/15/2029,

Ser.

2013-15A,

Class

DR2

a,b

425,350

New

Mountain

Finance

Corporation,

Convertible

6,000

7.500%, 

10/15/2025

6,069

New

York

Life

Global

Funding

44,000

4.550%, 

1/28/2033

a

42,678

27,000

5.000%, 

1/9/2034

a

27,001

Nippon

Life

Insurance

Company

130,000

5.950%, 

4/16/2054

a,b

130,749

NNN

REIT,

Inc.

42,000

2.500%, 

4/15/2030

37,540

Nomura

Holdings,

Inc.

62,000

2.172%, 

7/14/2028

57,235

63,000

5.783%, 

7/3/2034

64,611

Omega

Healthcare

Investors,

Inc.

43,000

4.750%, 

1/15/2028

42,896

OneMain

Finance

Corporation

194,000

3.500%, 

1/15/2027

185,936

99,000

3.875%, 

9/15/2028

91,547

41,000

6.750%, 

3/15/2032

40,241

Panther

Escrow

Issuer,

LLC

146,000

7.125%, 

6/1/2031

a

148,764

Park

Intermediate

Holdings,

LLC

123,000

4.875%, 

5/15/2029

a

114,799

Pebblebrook

Hotel

Trust,

Convertible

112,000

1.750%, 

12/15/2026

104,664

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Financials  12.6%

-

continued

PNC

Bank

NA

$

42,000

2.700%, 

10/22/2029

$

38,516

PNC

Financial

Services

Group,

Inc.

43,000

6.200%, 

9/15/2027

b,h

43,598

31,000

5.582%, 

6/12/2029

b

31,876

79,000

6.250%, 

3/15/2030

b,h

79,404

30,000

6.875%, 

10/20/2034

b

33,169

PRA

Group,

Inc.

80,000

8.375%, 

2/1/2028

a

81,759

Prologis

Targeted

US

Logistics

Fund,

LP

46,000

5.250%, 

4/1/2029

a

46,936

57,000

5.250%, 

1/15/2035

a

56,798

Prologis,

LP

41,000

5.250%, 

3/15/2054

38,887

Provident

Financing

Trust

I

47,000

7.405%, 

3/15/2038

49,589

Prudential

Financial,

Inc.

45,000

5.125%, 

3/1/2052

b

42,834

65,000

6.750%, 

3/1/2053

b

67,831

90,000

6.500%, 

3/15/2054

b

91,659

42,000

3.700%, 

10/1/2050

b

37,900

Realty

Income

Corporation

41,000

4.875%, 

6/1/2026

41,132

68,000

3.200%, 

1/15/2027

66,388

63,000

3.950%, 

8/15/2027

62,294

Regency

Centers,

LP

45,000

5.250%, 

1/15/2034

45,049

Regions

Financial

Corporation

45,000

2.250%, 

5/18/2025

44,835

24,000

5.750%, 

6/15/2025

b,h

23,868

Reinsurance

Group

of

America,

Inc.

35,000

6.000%, 

9/15/2033

36,308

50,000

5.750%, 

9/15/2034

50,859

RenaissanceRe

Holdings,

Ltd.

85,000

5.800%, 

4/1/2035

87,054

Rexford

Industrial

Realty,

LP,

Convertible

13,000

4.375%, 

3/15/2027

a

12,961

28,000

4.125%, 

3/15/2029

a

27,664

RGA

Global

Funding

26,000

5.500%, 

1/11/2031

a

26,723

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

25,000

4.750%, 

10/15/2027

24,403

48,000

4.500%, 

2/15/2029

a

45,410

RLJ

Lodging

Trust,

LP

45,000

4.000%, 

9/15/2029

a

40,366

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

41,000

3.625%, 

3/1/2029

a

37,812

59,000

3.875%, 

3/1/2031

a

52,852

27,000

4.000%, 

10/15/2033

a

23,161

Santander

Holdings

USA,

Inc.

84,000

3.450%, 

6/2/2025

83,780

47,000

2.490%, 

1/6/2028

b

45,047

72,000

5.473%, 

3/20/2029

b

72,405

Santander

UK

Group

Holdings

plc

81,000

1.673%, 

6/14/2027

b

78,031

Service

Properties

Trust

44,000

5.500%, 

12/15/2027

42,442

44,000

8.625%, 

11/15/2031

a

46,416

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

318

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Financials  12.6%

-

continued

Simon

Property

Group,

LP

$

82,000

2.650%, 

7/15/2030

$

74,196

35,000

6.250%, 

1/15/2034

37,585

Sixth

Street

Lending

Partners

41,000

6.125%, 

7/15/2030

a

41,266

SLM

Corporation

12,000

6.500%, 

1/31/2030

12,313

Societe

Generale

SA

49,000

1.488%, 

12/14/2026

a,b

47,869

44,000

10.000%, 

11/14/2028

a,b,h

47,580

Standard

Chartered

plc

66,000

2.608%, 

1/12/2028

a,b

63,581

Starwood

Property

Trust,

Inc.

20,000

6.500%, 

10/15/2030

a

19,815

Starwood

Property

Trust,

Inc.,

Convertible

34,000

6.750%, 

7/15/2027

35,886

State

Street

Corporation

29,000

6.700%, 

3/15/2029

b,h

29,733

42,000

4.421%, 

5/13/2033

b

40,716

Sumitomo

Life

Insurance

Company

65,000

3.375%, 

4/15/2081

a,b

57,980

Sumitomo

Mitsui

Financial

Group,

Inc.

59,000

5.766%, 

1/13/2033

61,420

Summit

Hotel

Properties,

Inc.,

Convertible

24,000

1.500%, 

2/15/2026

22,892

Synchrony

Financial

42,000

5.935%, 

8/2/2030

b

42,591

53,000

7.250%, 

2/2/2033

54,558

Synovus

Bank

43,000

5.625%, 

2/15/2028

43,204

Toronto-Dominion

Bank

40,000

8.125%, 

10/31/2082

b

41,376

53,000

5.523%, 

7/17/2028

54,492

42,000

4.456%, 

6/8/2032

40,550

44,000

5.146%, 

9/10/2034

b

43,576

TrueNoord

Capital

DAC

31,000

8.750%, 

3/1/2030

a

31,463

Truist

Bank

42,000

2.250%, 

3/11/2030

36,824

Truist

Financial

Corporation

74,000

6.047%, 

6/8/2027

b

75,232

42,000

1.887%, 

6/7/2029

b

38,478

100,000

5.100%, 

3/1/2030

b,h

96,980

105,000

5.153%, 

8/5/2032

b

105,178

25,000

5.711%, 

1/24/2035

b

25,525

U.S.

Bancorp

59,000

4.548%, 

7/22/2028

b

59,008

15,000

5.836%, 

6/12/2034

b

15,479

46,000

5.678%, 

1/23/2035

b

47,026

UBS

Group

AG

55,000

4.875%, 

2/12/2027

a,b,h

53,351

83,000

3.869%, 

1/12/2029

a,b

81,072

UniCredit

SPA

49,000

5.861%, 

6/19/2032

a,b

49,163

United

Wholesale

Mortgage,

LLC

141,000

5.500%, 

4/15/2029

a

135,941

UnitedHealth

Group,

Inc.

106,000

5.375%, 

4/15/2054

100,706

85,000

4.200%, 

5/15/2032

81,723

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Financials  12.6%

-

continued

USB

Realty

Corporation

$

122,000

5.711%, 

(TSFR3M

+

1.409%),

1/15/2027

a,b,h

$

99,058

Ventas

Realty,

LP,

Convertible

31,000

3.750%, 

6/1/2026

39,881

Vornado

Realty,

LP

38,000

3.400%, 

6/1/2031

32,175

Wells

Fargo

&

Company

32,000

3.900%, 

3/15/2026

b,h

31,362

6,000

2.188%, 

4/30/2026

b

5,987

46,000

3.526%, 

3/24/2028

b

45,074

99,000

3.584%, 

5/22/2028

b

96,928

59,000

4.808%, 

7/25/2028

b

59,189

65,000

7.625%, 

9/15/2028

b,e,h

69,435

230,000

4.478%, 

4/4/2031

b

226,071

30,000

5.389%, 

4/24/2034

b

30,207

28,000

6.491%, 

10/23/2034

b

30,206

136,000

5.499%, 

1/23/2035

b

137,850

Welltower

OP,

LLC,

Convertible

59,000

2.750%, 

5/15/2028

a

96,170

Westpac

Banking

Corporation

63,000

4.110%, 

7/24/2034

b

60,195

Willis

North

America,

Inc.

33,000

5.900%, 

3/5/2054

32,512

84,000

4.500%, 

9/15/2028

83,366

XHR,

LP

88,000

4.875%, 

6/1/2029

a

82,430

22,000

6.625%, 

5/15/2030

a

21,598

Total

22,768,504

Foreign

Government  0.1%

NBN

Company,

Ltd.

74,000

2.625%, 

5/5/2031

a

65,920

Saudi

Arabian

Oil

Company

54,000

5.750%, 

7/17/2054

a

50,957

Teine

Energy,

Ltd.

120,000

6.875%, 

4/15/2029

a

117,328

Total

234,205

Mortgage-Backed

Securities  10.3%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

813,727

2.500%, 

5/1/2051

686,359

609,945

3.500%, 

5/1/2052

554,735

366,649

4.000%, 

5/1/2052

344,962

270,854

5.000%, 

7/1/2053

267,337

66,562

5.000%, 

8/1/2053

66,017

237,403

5.500%, 

9/1/2053

240,118

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

325,031

2.500%, 

7/1/2030

312,621

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

231,845

3.500%, 

5/1/2040

218,495

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

1,050,355

3.000%, 

1/1/2052

918,344

105,931

2.000%, 

2/1/2051

85,469

77,956

2.000%, 

2/1/2051

62,898

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

319

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Mortgage-Backed

Securities  10.3%

-

continued

$

463,025

2.500%, 

2/1/2051

$

386,198

961,154

2.000%, 

3/1/2051

769,588

1,092,803

4.000%, 

3/1/2051

1,028,533

1,091,860

3.000%, 

3/1/2052

948,642

705,835

2.000%, 

4/1/2051

562,089

705,914

3.000%, 

5/1/2050

614,390

116,187

2.000%, 

5/1/2051

93,290

346,531

3.000%, 

5/1/2051

305,917

338,202

4.000%, 

6/1/2052

316,224

651,029

2.500%, 

7/1/2051

551,269

927,851

4.000%, 

7/1/2052

867,557

189,672

3.500%, 

8/1/2050

173,370

640,092

3.500%, 

8/1/2052

578,215

862,950

4.500%, 

8/1/2052

827,685

89,394

5.000%, 

8/1/2053

88,352

442,746

3.500%, 

9/1/2052

402,692

196,786

3.500%, 

9/1/2052

178,973

60,691

5.000%, 

9/1/2052

59,836

1,156,037

4.500%, 

9/1/2053

1,109,139

327,558

4.000%, 

10/1/2052

307,083

113,622

2.000%, 

11/1/2051

91,545

243,440

3.500%, 

11/1/2052

222,133

527,828

2.000%, 

12/1/2050

423,816

1,107,562

4.500%, 

12/1/2052

1,066,831

1,100,000

5.500%, 

5/1/2041

1,097,592

1,200,000

5.000%, 

5/1/2049

1,175,076

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

389,096

2.500%, 

3/1/2062

314,676

318,948

3.500%, 

7/1/2061

282,524

155,462

4.000%, 

12/1/2061

143,761

Total

18,744,351

Technology  3.4%

Accenture

Capital,

Inc.

69,000

4.500%, 

10/4/2034

66,672

Adobe,

Inc.

75,000

5.300%, 

1/17/2035

e

77,235

Advanced

Micro

Devices,

Inc.

42,000

3.924%, 

6/1/2032

39,920

Akamai

Technologies,

Inc.,

Convertible

58,000

0.125%, 

5/1/2025

57,739

3,000

0.375%, 

9/1/2027

2,921

59,000

1.125%, 

2/15/2029

56,050

Analog

Devices,

Inc.

20,000

2.100%, 

10/1/2031

17,174

Apple,

Inc.

90,000

1.650%, 

2/8/2031

77,754

173,000

3.750%, 

9/12/2047

137,497

Array

Technologies,

Inc.,

Convertible

59,000

1.000%, 

12/1/2028

43,265

Block,

Inc.

186,000

6.500%, 

5/15/2032

a

187,875

Block,

Inc.,

Convertible

13,000

0.250%, 

11/1/2027

11,440

Boost

Newco

Borrower,

LLC

128,000

7.500%, 

1/15/2031

a

133,240

Broadcom,

Inc.

46,000

4.000%, 

4/15/2029

a

44,898

47,000

4.800%, 

10/15/2034

45,880

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Technology  3.4%

-

continued

Cadence

Design

Systems,

Inc.

$

45,000

4.700%, 

9/10/2034

$

43,938

Cisco

Systems,

Inc.

69,000

5.350%, 

2/26/2064

67,088

Clarivate

Science

Holdings

Corporation

56,000

3.875%, 

7/1/2028

a

51,948

Cloud

Software

Group,

Inc.

279,000

6.500%, 

3/31/2029

a

271,206

CommScope,

LLC

41,000

4.750%, 

9/1/2029

a

36,451

41,000

9.500%, 

12/15/2031

a

42,230

Consensus

Cloud

Solutions,

Inc.

26,000

6.000%, 

10/15/2026

a

25,816

CoreLogic,

Inc.

31,000

4.500%, 

5/1/2028

a

28,854

CSG

Systems

International,

Inc.,

Convertible

34,000

3.875%, 

9/15/2028

36,652

Dayforce,

Inc.,

Convertible

57,000

0.250%, 

3/15/2026

54,435

Dell

International,

LLC/EMC

Corporation

68,000

4.750%, 

4/1/2028

68,311

Dell,

Inc.

45,000

6.500%, 

4/15/2038

47,480

Diebold

Nixdorf,

Inc.

32,000

7.750%, 

3/31/2030

a

33,170

Fiserv,

Inc.

67,000

5.350%, 

3/15/2031

68,703

22,000

5.600%, 

3/2/2033

22,607

67,000

5.450%, 

3/15/2034

67,920

94,000

5.150%, 

8/12/2034

93,234

Gen

Digital,

Inc.

5,000

6.750%, 

9/30/2027

a

5,061

63,000

7.125%, 

9/30/2030

a

64,305

21,000

6.250%, 

4/1/2033

a

20,905

Global

Payments,

Inc.

42,000

5.950%, 

8/15/2052

40,638

65,000

4.950%, 

8/15/2027

65,527

42,000

3.200%, 

8/15/2029

39,322

Global

Payments,

Inc.,

Convertible

68,000

1.500%, 

3/1/2031

64,056

Hewlett

Packard

Enterprise

Company

77,000

4.850%, 

10/15/2031

76,204

IBM

International

Capital

Private,

Ltd.

33,000

5.300%, 

2/5/2054

30,866

II-VI,

Inc.

58,000

5.000%, 

12/15/2029

a

55,330

Intel

Corporation

115,000

4.900%, 

7/29/2045

96,601

InterDigital,

Inc.,

Convertible

16,000

3.500%, 

6/1/2027

42,968

Iron

Mountain,

Inc.

109,000

5.000%, 

7/15/2028

a

105,677

156,000

4.875%, 

9/15/2029

a

148,904

30,000

5.250%, 

7/15/2030

a

28,765

218,000

4.500%, 

2/15/2031

a

199,838

Jabil,

Inc.

43,000

5.450%, 

2/1/2029

43,814

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

320

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Technology  3.4%

-

continued

Marvell

Technology,

Inc.

$

42,000

2.950%, 

4/15/2031

$

37,482

Mastercard,

Inc.

46,000

2.000%, 

11/18/2031

39,235

12,000

4.875%, 

5/9/2034

12,031

Microchip

Technology,

Inc.

20,000

5.050%, 

3/15/2029

20,135

Microchip

Technology,

Inc.,

Convertible

51,000

0.750%, 

6/1/2030

a

47,660

Moody's

Corporation

43,000

4.250%, 

8/8/2032

41,530

NCR

Atleos

Corporation

42,000

9.500%, 

4/1/2029

a

45,541

NCR

Voyix

Corporation

73,000

5.000%, 

10/1/2028

a

70,242

43,000

5.125%, 

4/15/2029

a

40,954

Neptune

Bidco

US,

Inc.

166,000

9.290%, 

4/15/2029

a

144,030

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

21,000

2.700%, 

5/1/2025

20,963

42,000

4.300%, 

6/18/2029

41,152

ON

Semiconductor

Corporation,

Convertible

48,000

Zero

Coupon, 

5/1/2027

50,700

75,000

0.500%, 

3/1/2029

64,598

Open

Text

Holdings,

Inc.

180,000

4.125%, 

2/15/2030

a

164,151

Oracle

Corporation

88,000

5.375%, 

9/27/2054

80,251

121,000

6.900%, 

11/9/2052

133,386

142,000

2.950%, 

4/1/2030

130,455

59,000

5.250%, 

2/3/2032

59,761

63,000

6.250%, 

11/9/2032

67,193

PayPal

Holdings,

Inc.

72,000

5.500%, 

6/1/2054

69,576

Pitney

Bowes,

Inc.

26,000

6.875%, 

3/15/2027

a

25,967

Progress

Software

Corporation,

Convertible

14,000

1.000%, 

4/15/2026

e

14,945

14,000

3.500%, 

3/1/2030

e

14,700

RingCentral,

Inc.

115,000

8.500%, 

8/15/2030

a

120,885

Rocket

Software,

Inc.

63,000

9.000%, 

11/28/2028

a

64,967

S&P

Global,

Inc.

46,000

2.900%, 

3/1/2032

41,016

Seagate

HDD

Cayman

93,330

9.625%, 

12/1/2032

104,969

Semtech

Corporation,

Convertible

28,000

1.625%, 

11/1/2027

e

34,440

Sensata

Technologies

BV

21,000

4.000%, 

4/15/2029

a

19,301

Sensata

Technologies,

Inc.

28,000

3.750%, 

2/15/2031

a

24,448

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

50,000

4.625%, 

11/1/2026

a

49,108

SS&C

Technologies,

Inc.

104,000

5.500%, 

9/30/2027

a

103,213

22,000

6.500%, 

6/1/2032

a

22,238

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Technology  3.4%

-

continued

Synaptics,

Inc.,

Convertible

$

37,000

0.750%, 

12/1/2031

a,e

$

34,780

Synopsys,

Inc.

52,000

5.700%, 

4/1/2055

51,631

Texas

Instruments,

Inc.

30,000

5.150%, 

2/8/2054

28,461

UKG,

Inc.

60,000

6.875%, 

2/1/2031

a

60,866

Verint

Systems,

Inc.,

Convertible

28,000

0.250%, 

4/15/2026

26,488

Verisk

Analytics,

Inc.

29,000

5.250%, 

3/15/2035

28,964

Viavi

Solutions,

Inc.

138,000

3.750%, 

10/1/2029

a

126,194

Viavi

Solutions,

Inc.,

Convertible

31,000

1.625%, 

3/15/2026

33,209

Vishay

Intertechnology,

Inc.,

Convertible

54,000

2.250%, 

9/15/2030

47,655

VMware,

LLC

82,000

1.400%, 

8/15/2026

78,528

141,000

4.700%, 

5/15/2030

139,763

61,000

2.200%, 

8/15/2031

51,848

Western

Digital

Corporation,

Convertible

88,000

3.000%, 

11/15/2028

113,168

Xerox

Holdings

Corporation

14,000

5.000%, 

8/15/2025

a

13,843

147,000

5.500%, 

8/15/2028

a

103,216

Xerox

Holdings

Corporation,

Convertible

43,000

3.750%, 

3/15/2030

24,295

Xilinx,

Inc.

24,000

2.375%, 

6/1/2030

21,620

Ziff

Davis,

Inc.,

Convertible

22,000

3.625%, 

3/1/2028

a

20,433

Total

6,214,569

Transportation  0.7%

Air

Canada

43,000

3.875%, 

8/15/2026

a

42,049

Air

Transport

Services

Group,

Inc.,

Convertible

37,000

3.875%, 

8/15/2029

36,856

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

95,000

5.500%, 

4/20/2026

a

94,740

76,568

5.750%, 

4/20/2029

a

74,920

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

71,000

5.375%, 

3/1/2029

a

64,034

Burlington

Northern

Santa

Fe,

LLC

36,000

5.500%, 

3/15/2055

35,864

DCLI

Bidco,

LLC

40,000

7.750%, 

11/15/2029

a

41,171

Delta

Air

Lines,

Inc.

91,000

4.375%, 

4/19/2028

89,175

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

23,769

4.500%, 

10/20/2025

a

23,686

ERAC

USA

Finance,

LLC

51,000

5.200%, 

10/30/2034

a

51,442

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

321

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Transportation  0.7%

-

continued

Greenbrier

Companies,

Inc.,

Convertible

$

28,000

2.875%, 

4/15/2028

$

30,979

Mileage

Plus

Holdings,

LLC

56,700

6.500%, 

6/20/2027

a

56,945

Norfolk

Southern

Corporation

65,000

4.450%, 

3/1/2033

62,806

OneSky

Flight,

LLC

33,000

8.875%, 

12/15/2029

a

33,353

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

41,000

1.200%, 

11/15/2025

a

40,075

42,000

1.700%, 

6/15/2026

a

40,558

Rand

Parent,

LLC

108,000

8.500%, 

2/15/2030

a,e

106,921

RXO,

Inc.

40,000

7.500%, 

11/15/2027

a

41,131

Ryder

System,

Inc.

51,000

2.850%, 

3/1/2027

49,339

Southwest

Airlines

Company

42,000

5.125%, 

6/15/2027

42,280

Stena

International

SA

87,000

7.250%, 

1/15/2031

a

86,960

Union

Pacific

Corporation

35,000

5.600%, 

12/1/2054

35,152

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

36,000

7.875%, 

5/1/2027

a

35,353

60,000

6.375%, 

2/1/2030

a,e

52,562

Total

1,268,351

U.S.

Government

&

Agencies  5.9%

U.S.

Treasury

Notes

400,000

4.750%, 

7/31/2025

400,562

1,000,000

4.250%, 

12/31/2025

1,000,828

800,000

4.625%, 

6/30/2026

805,937

5,300,000

4.375%, 

7/31/2026

5,326,500

1,980,000

1.250%, 

12/31/2026

1,891,055

300,000

4.125%, 

7/31/2028

302,121

450,000

4.125%, 

11/15/2032

450,668

400,000

3.375%, 

5/15/2033

378,891

100,000

4.500%, 

11/15/2033

102,391

Total

10,658,953

Utilities  3.2%

AES

Corporation

35,000

7.600%, 

1/15/2055

b

35,319

81,000

3.950%, 

7/15/2030

a

75,964

Algonquin

Power

&

Utilities

Corporation

141,000

4.750%, 

1/18/2082

b

134,302

Alliant

Energy

Corporation,

Convertible

25,000

3.875%, 

3/15/2026

26,725

Alpha

Generation,

LLC

38,000

6.750%, 

10/15/2032

a

38,025

Ameren

Corporation

52,000

1.750%, 

3/15/2028

47,920

American

Electric

Power

Company,

Inc.

48,000

6.950%, 

12/15/2054

b

48,962

42,000

2.300%, 

3/1/2030

37,296

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Utilities  3.2%

-

continued

American

Water

Capital

Corporation

$

49,000

5.450%, 

3/1/2054

$

47,229

American

Water

Capital

Corporation,

Convertible

38,000

3.625%, 

6/15/2026

38,798

Arizona

Public

Service

Company

37,000

5.550%, 

8/1/2033

37,454

Atmos

Energy

Corporation

52,000

5.000%, 

12/15/2054

47,015

Calpine

Corporation

85,000

4.500%, 

2/15/2028

a

82,403

CenterPoint

Energy,

Inc.

45,000

7.000%, 

2/15/2055

b

45,689

14,000

6.700%, 

5/15/2055

b

13,804

62,000

1.450%, 

6/1/2026

59,808

63,000

2.650%, 

6/1/2031

55,297

CenterPoint

Energy,

Inc.,

Convertible

40,000

4.250%, 

8/15/2026

43,280

1,066

3.369%, 

9/15/2029

48,204

Consolidated

Edison

Company

of

New

York,

Inc.

109,000

5.700%, 

5/15/2054

108,640

Constellation

Energy

Generation,

LLC

51,000

5.750%, 

3/15/2054

49,066

43,000

5.800%, 

3/1/2033

44,531

Dominion

Energy,

Inc.

59,000

6.875%, 

2/1/2055

b

61,086

59,000

7.000%, 

6/1/2054

b

62,012

52,000

3.375%, 

4/1/2030

48,595

DTE

Energy

Company

39,000

4.875%, 

6/1/2028

39,238

Duke

Energy

Carolinas,

LLC

88,000

5.400%, 

1/15/2054

84,852

Duke

Energy

Corporation

52,000

3.250%, 

1/15/2082

b

49,080

61,000

5.800%, 

6/15/2054

59,685

32,000

6.450%, 

9/1/2054

b

31,946

26,000

2.450%, 

6/1/2030

23,183

43,000

4.500%, 

8/15/2032

41,474

35,000

5.750%, 

9/15/2033

36,476

Duke

Energy

Corporation,

Convertible

62,000

4.125%, 

4/15/2026

67,196

Duke

Energy

Ohio,

Inc.

33,000

5.550%, 

3/15/2054

31,960

Edison

International

69,000

7.875%, 

6/15/2054

b

66,408

58,000

4.950%, 

4/15/2025

57,978

65,000

5.000%, 

12/15/2026

b,h

58,723

Enel

Finance

International

NV

81,000

1.625%, 

7/12/2026

a

77,991

Entergy

Corporation

42,000

1.900%, 

6/15/2028

38,598

Entergy

Louisiana,

LLC

45,000

5.800%, 

3/15/2055

44,782

Evergy,

Inc.,

Convertible

39,000

4.500%, 

12/15/2027

45,833

Eversource

Energy

73,000

4.600%, 

7/1/2027

73,056

Exelon

Corporation

137,000

5.600%, 

3/15/2053

131,924

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

322

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Utilities  3.2%

-

continued

$

42,000

4.050%, 

4/15/2030

$

40,691

Fells

Point

Funding

Trust

100,000

3.046%, 

1/31/2027

a

96,883

FirstEnergy

Corporation,

Convertible

56,000

4.000%, 

5/1/2026

56,728

Georgia

Power

Company

27,000

4.950%, 

5/17/2033

26,814

ITC

Holdings

Corporation

42,000

4.950%, 

9/22/2027

a

42,293

Jersey

Central

Power

&

Light

Company

86,000

2.750%, 

3/1/2032

a

74,326

Lightning

Power,

LLC

76,000

7.250%, 

8/15/2032

a

78,248

Long

Ridge

Energy,

LLC

63,000

8.750%, 

2/15/2032

a

60,860

MidAmerican

Energy

Company

133,000

5.300%, 

2/1/2055

126,295

National

Rural

Utilities

Cooperative

Finance

Corporation

22,000

4.850%, 

2/7/2029

22,237

NextEra

Energy

Capital

Holdings,

Inc.

71,000

5.900%, 

3/15/2055

70,898

20,000

3.800%, 

3/15/2082

b

18,817

64,000

6.750%, 

6/15/2054

b

65,328

42,000

2.250%, 

6/1/2030

37,159

30,000

5.300%, 

3/15/2032

30,488

NextEra

Energy

Capital

Holdings,

Inc.,

Convertible

32,000

3.000%, 

3/1/2027

36,928

NiSource,

Inc.

15,000

6.375%, 

3/31/2055

b

14,822

14,000

5.850%, 

4/1/2055

13,916

34,000

6.950%, 

11/30/2054

b

34,472

42,000

2.950%, 

9/1/2029

39,048

Northern

States

Power

Company/

MN

31,000

5.400%, 

3/15/2054

30,099

NRG

Energy,

Inc.

53,000

2.000%, 

12/2/2025

a

51,898

50,000

10.250%, 

3/15/2028

a,b,h

55,051

51,000

3.375%, 

2/15/2029

a

46,826

75,000

5.250%, 

6/15/2029

a

73,090

35,000

6.000%, 

2/1/2033

a

34,049

35,000

6.250%, 

11/1/2034

a

34,454

NRG

Energy,

Inc.,

Convertible

19,000

2.750%, 

6/1/2048

44,229

Oncor

Electric

Delivery

Company,

LLC

62,000

5.550%, 

6/15/2054

60,559

Pacific

Gas

and

Electric

Company

33,000

6.750%, 

1/15/2053

34,462

67,000

5.550%, 

5/15/2029

67,915

69,000

6.950%, 

3/15/2034

74,768

PG&E

Corporation

67,000

5.000%, 

7/1/2028

65,178

PG&E

Corporation,

Convertible

67,000

4.250%, 

12/1/2027

70,785

Pinnacle

West

Capital

Corporation,

Convertible

12,000

4.750%, 

6/15/2027

a

13,469

Principal

Amount

Long-Term

Fixed

Income  83.6%

Value

Utilities  3.2%

-

continued

PPL

Capital

Funding,

Inc.

$

84,000

5.250%, 

9/1/2034

$

83,584

San

Diego

Gas

&

Electric

Company

33,000

5.550%, 

4/15/2054

31,876

Sempra

30,000

6.550%, 

4/1/2055

b

28,540

30,000

6.625%, 

4/1/2055

b

29,290

32,000

6.400%, 

10/1/2054

b

30,352

30,000

6.875%, 

10/1/2054

b

29,706

30,000

4.875%, 

10/15/2025

b,h

29,713

Southern

California

Edison

Company

70,000

5.450%, 

6/1/2031

70,931

Southern

Company

40,000

5.700%, 

10/15/2032

41,577

102,000

4.850%, 

3/15/2035

98,719

41,000

4.000%, 

1/15/2051

b

40,479

106,000

3.750%, 

9/15/2051

b

103,001

Southern

Company,

Convertible

72,000

3.875%, 

12/15/2025

80,136

37,000

4.500%, 

6/15/2027

a

40,730

TerraForm

Power

Operating,

LLC

196,000

5.000%, 

1/31/2028

a

189,697

TXNM

Energy,

Inc.,

Convertible

45,000

5.750%, 

6/1/2054

a

56,144

Virginia

Electric

and

Power

Company

52,000

5.350%, 

1/15/2054

48,903

Vistra

Corporation

48,000

8.000%, 

10/15/2026

a,b,h

49,257

122,000

7.000%, 

12/15/2026

a,b,h

123,537

Vistra

Operations

Company,

LLC

158,000

5.000%, 

7/31/2027

a

155,559

WEC

Energy

Group,

Inc.,

Convertible

20,000

4.375%, 

6/1/2027

a

23,407

35,000

4.375%, 

6/1/2029

a

41,882

Xcel

Energy,

Inc.

51,000

4.000%, 

6/15/2028

49,996

65,000

4.600%, 

6/1/2032

62,662

43,000

5.600%, 

4/15/2035

43,170

XPLR

Infrastructure

Operating

Partners,

LP

139,000

3.875%, 

10/15/2026

a,e

133,698

12,000

8.375%, 

1/15/2031

a,e

11,801

12,000

8.625%, 

3/15/2033

a,e

11,675

Total

5,881,912

Total

Long-Term

Fixed

Income

(cost

$154,121,103)

151,523,375

Shares

Registered

Investment

Companies  

12.0%

Value

U.S.

Affiliated  

8.8%  

1,943,346

Thrivent

Core

Emerging

Markets

Debt

Fund

15,916,005

Total

15,916,005

U.S.

Unaffiliated  

3.2%  

6,977

abrdn

Asia-Pacific

Income

Fund,

Inc.

109,539

23,877

abrdn

Income

Credit

Strategies

Fund

140,635

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

323

Shares

Registered

Investment

Companies  12.0%

Value

U.S.

Unaffiliated  

3.2%  -

continued

5,531

abrdn

Total

Dynamic

Dividend

Fund

$

46,405

13,565

AllianceBernstein

Global

High

Income

Fund,

Inc.

145,552

18,858

Allspring

Income

Opportunities

Fund

128,989

710

Barings

Global

Short

Duration

High

Yield

Fund

10,735

3,908

BlackRock

Capital

Allocation

Term

Trust

56,275

2,425

BlackRock

Core

Bond

Trust

26,311

13,357

BlackRock

Corporate

High

Yield

Fund,

Inc.

127,960

14,785

BlackRock

Credit

Allocation

Income

Trust

158,495

2,248

BlackRock

Debt

Strategies

Fund,

Inc.

23,469

2,551

BlackRock

Enhanced

Equity

Dividend

Trust

21,939

12,169

BlackRock

Enhanced

Global

Dividend

Trust

132,034

9,005

BlackRock

Enhanced

International

Dividend

Trust

50,518

358

BlackRock

Floating

Rate

Income

Strategies

Fund,

Inc.

4,625

5,032

BlackRock

Income

Trust,

Inc.

59,629

8,813

BlackRock

Multi-Sector

Income

Trust

127,612

12,135

Blackstone

Strategic

Credit

2027

Term

Fund

146,591

682

BNY

Mellon

High

Yield

Strategies

Fund

1,739

7,429

Cornerstone

Strategic

Investment

Fund,

Inc.

e

55,197

13,913

Eaton

Vance

Limited

Duration

Income

Fund

138,852

6,064

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

49,361

2,000

Invesco

Senior

Loan

ETF

e

41,400

19,972

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

e

2,170,757

25,612

Nuveen

Credit

Strategies

Income

Fund

137,793

1,581

Nuveen

Floating

Rate

Income

Fund/Closed-End

Fund

13,391

272

Nuveen

Global

High

Income

Fund

3,558

10,278

Nuveen

Preferred

Income

Opportunities

Fund

81,813

11,754

PGIM

Global

High

Yield

Fund,

Inc.

157,739

10,655

PGIM

High

Yield

Bond

Fund,

Inc.

151,834

5,770

Pimco

Dynamic

Income

Fund

114,246

8,234

PIMCO

High

Income

Fund

40,264

8,107

PIMCO

Income

Strategy

Fund

II

e

61,127

1,224

Tri-Continental

Corporation

37,540

6,341

Vanguard

Short-Term

Corporate

Bond

ETF

e

500,559

2,675

Virtus

Convertible

&

Income

Fund

34,588

9,712

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

117,807

2,300

Virtus

Equity

&

Convertible

Income

Fund

50,899

187

Voya

Asia

Pacific

High

Dividend

Equity

Income

Fund

1,154

21,985

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

126,853

Shares

Registered

Investment

Companies  12.0%

Value

U.S.

Unaffiliated  

3.2%  -

continued

2,627

Western

Asset

Diversified

Income

Fund

$

37,960

33,077

Western

Asset

High

Income

Opportunity

Fund,

Inc.

131,646

Total

5,775,390

Total

Registered

Investment

Companies

(cost

$23,560,965)

21,691,395

Shares

Collateral

Held

for

Securities

Loaned

2.1%

Value

3,731,150

Thrivent

Cash

Management

Trust

3,731,150

Total

Collateral

Held

for

Securities

Loaned

(cost

$3,731,150)

3,731,150

Shares

Preferred

Stock

1.3%

Value

Basic

Materials  0.1%

1,449

Albemarle

Corporation,

Convertible,

7.250%

51,657

Total

51,657

Capital

Goods  0.1%

2,794

Boeing

Company,

Convertible,

6.000%

167,165

Total

167,165

Communications

Services  0.1%

4,075

AT&T,

Inc.,

4.750%

h

77,710

3,500

Telephone

and

Data

Systems,

Inc.,

6.000%

h

61,775

Total

139,485

Financials  0.9%

1,425

AEGON

Funding

Company,

LLC,

5.100%

28,414

3,200

Allstate

Corporation,

5.100%

h

67,200

977

Apollo

Global

Management,

Inc.,

Convertible,

6.750%

71,409

1,004

Ares

Management

Corporation,

Convertible,

6.750%

48,403

1,450

Athene

Holding,

Ltd.,

5.625%

h

28,521

4,350

Bank

of

America

Corporation,

4.250%

h

78,213

3,300

Bank

of

America

Corporation,

4.375%

h

61,017

1,650

Bank

of

America

Corporation,

4.750%

h

33,033

3,300

Bank

of

America

Corporation,

5.000%

h

69,498

100

Bank

of

America

Corporation,

Convertible,

7.250%

h

123,457

725

Capital

One

Financial

Corporation,

4.800%

h

13,151

2,600

Capital

One

Financial

Corporation,

5.000%

h

49,348

725

Charles

Schwab

Corporation,

4.450%

h

14,065

525

Citizens

Financial

Group,

Inc.,

7.375%

h

13,561

1,275

Corebridge

Financial,

Inc.,

6.375%

31,722

1,275

Equitable

Holdings,

Inc.,

5.250%

h

26,278

1,450

Fifth

Third

Bancorp,

4.950%

h

31,494

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

324

Shares

Preferred

Stock  1.3%

Value

Financials  0.9%

-

continued

1,450

Huntington

Bancshares,

Inc./OH,

4.500%

h

$

25,201

3,200

J.P.

Morgan

Chase

&

Company,

4.200%

h

58,688

3,300

J.P.

Morgan

Chase

&

Company,

4.625%

h

65,835

3,125

J.P.

Morgan

Chase

&

Company,

4.750%

h

64,250

725

KeyCorp,

5.650%

h

15,109

2,000

KeyCorp,

6.200%

b,h

47,580

725

MetLife,

Inc.,

4.750%

h

14,355

2,300

Morgan

Stanley,

4.250%

h

41,239

1,380

Morgan

Stanley,

5.850%

b,h

32,775

2,200

Morgan

Stanley,

7.125%

b,h

55,264

2,925

Public

Storage,

4.125%

h

50,047

668

Public

Storage,

4.625%

h

12,625

100

Public

Storage,

4.700%

h

1,949

1,450

Regions

Financial

Corporation,

4.450%

h

24,926

550

Regions

Financial

Corporation,

5.700%

b,h

12,996

425

Synovus

Financial

Corporation,

8.397%

b,h

10,778

1,450

Truist

Financial

Corporation,

4.750%

h

28,319

1,800

U.S.

Bancorp,

4.000%

h

29,790

2,000

Wells

Fargo

&

Company,

4.250%

h

35,360

3,300

Wells

Fargo

&

Company,

4.375%

h

59,400

1,450

Wells

Fargo

&

Company,

4.700%

h

27,869

1,750

Wells

Fargo

&

Company,

4.750%

h

34,843

118

Wells

Fargo

&

Company,

Convertible,

7.500%

h

141,694

Total

1,679,676

Technology  <0.1%

1,003

Hewlett

Packard

Enterprise

Company,

Convertible,

7.625%

47,883

Total

47,883

Utilities  0.1%

4,025

CMS

Energy

Corporation,

4.200%

h

69,954

876

NextEra

Energy,

Inc.,

Convertible,

6.926%

35,592

69

Nextera

Energy,

Inc.,

Convertible,

7.234%

3,143

944

NextEra

Energy,

Inc.,

Convertible,

7.299%

45,133

2,875

Southern

Company,

4.950%

58,708

Total

212,530

Total

Preferred

Stock

(cost

$2,639,059)

2,298,396

Shares

Common

Stock

<0.1%

Value

Communications

Services  <0.1%

74

Tripadvisor,

Inc.

j

1,049

Total

1,049

Financials  <0.1%

428

AGNC

Investment

Corporation

4,100

236

Annaly

Capital

Management,

Inc.

4,793

445

Apollo

Commercial

Real

Estate

Finance,

Inc.

4,259

224

Chimera

Investment

Corporation

2,874

Shares

Common

Stock  <0.1%

Value

Financials  <0.1%

-

continued

25,612

Nuveen

Credit

Strategies

Income

Fund,

Rights

j

$

768

761

Rithm

Capital

Corporation

8,714

Total

25,508

Health

Care  <0.1%

194

Insulet

Corporation

j

50,946

Total

50,946

Materials  <0.1%

674

United

States

Steel

Corporation

28,483

Total

28,483

Total

Common

Stock

(cost

$106,769)

105,986

Shares

or

Principal

Amount

Short-Term

Investments

3.5%

Value

Federal

National

Mortgage

Association

Discount

Notes

100,000

4.210%,

4/11/2025

k,l

99,871

State

Street

Institutional

U.S.

Government

Money

Market

Fund

5,980,545

4.293%

k

5,980,544

U.S.

Treasury

Bills

100,000

4.217%,

4/15/2025

k,m

99,835

100,000

4.213%,

5/8/2025

k,m

99,565

Total

Short-Term

Investments

(cost

$6,279,831)

6,279,815

Total

Investments

(cost

$190,438,877)

102.5%

$185,630,117

Other

Assets

and

Liabilities,

Net

(2.5%)

(4,505,700)

Total

Net

Assets

100.0%

$181,124,417

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2025,

the

value

of

these

investments

was

$75,130,706

or

41.5%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

d

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

March

31,

2025.

e

All

or

a

portion

of

the

security

is

on

loan.

f

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

325

g

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

March

31,

2025.

h

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

i

Defaulted

security.  Interest

is

not

being

accrued.

j

Non-income

producing

security.

k

The

interest

rate

shown

reflects

the

yield.

l

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

m

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Opportunity

Income

Plus

Portfolio

as

of

March

31,

2025

was

$13,050

or

0.01%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

March

31,

2025.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG 

8/24/2015

$

118,598

Credit

Suisse

Group

AG 

5/17/2021

70,948

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Opportunity

Income

Plus

Portfolio

as

of

March

31,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

2,053,782

Common

Stock

1,489,022

Total

lending

$3,542,804

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$3,731,150

Net

amounts

due

to

counterparty

$188,346

Definitions:

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

Ser.

-

Series

STRIPS

-

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

Reference

Rate

Index:

CMT

1Y

-

Constant

Maturity

Treasury

Yield

1

Year

H15T

5Y

-

U.

S.

Treasury

Yield

Curve

Rate

Treasury

Note

Constant

Maturity

5

Year

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

326

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Opportunity

Income

Plus

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

20,287,821

–

20,287,821

–

Basic

Materials

3,141,531

–

3,141,531

–

Capital

Goods

5,574,351

–

5,574,351

–

Collateralized

Mortgage

Obligations

19,498,991

–

19,498,991

–

Commercial

Mortgage-Backed

Securities

2,998,410

–

2,998,410

–

Communications

Services

7,471,584

–

7,471,584

–

Consumer

Cyclical

9,795,733

–

9,795,733

–

Consumer

Non-Cyclical

8,863,777

–

8,863,777

–

Energy

8,120,332

–

8,120,332

–

Financials

22,768,504

–

22,768,504

–

Foreign

Government

234,205

–

234,205

–

Mortgage-Backed

Securities

18,744,351

–

18,744,351

–

Technology

6,214,569

–

6,214,569

–

Transportation

1,268,351

–

1,268,351

–

U.S.

Government

&

Agencies

10,658,953

–

10,658,953

–

Utilities

5,881,912

–

5,881,912

–

Registered

Investment

Companies

U.S.

Unaffiliated

5,775,390

5,775,390

–

–

Preferred

Stock

Basic

Materials

51,657

51,657

–

–

Capital

Goods

167,165

167,165

–

–

Communications

Services

139,485

139,485

–

–

Financials

1,679,676

1,679,676

–

–

Technology

47,883

47,883

–

–

Utilities

212,530

212,530

–

–

Common

Stock

Communications

Services

1,049

1,049

–

–

Financials

25,508

25,508

–

–

Health

Care

50,946

50,946

–

–

Materials

28,483

28,483

–

–

Short-Term

Investments

6,279,815

5,980,544

299,271

–

Subtotal

Investments

in

Securities

$165,982,962

$14,160,316

$151,822,646

$–

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

15,916,005

Collateral

Held

for

Securities

Loaned

3,731,150

Subtotal

Other

Investments

$19,647,155

Total

Investments

at

Value

$185,630,117

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Opportunity

Income

Plus

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

6,791

6,791

–

–

Credit

Default

Swaps

14,425

–

14,425

–

Total

Asset

Derivatives

$21,216

$6,791

$14,425

$–

Liability

Derivatives

Futures

Contracts

10,872

10,872

–

–

Total

Liability

Derivatives

$10,872

$10,872

$–

$–

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

327

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

The

following

table

presents

Opportunity

Income

Plus

Portfolio's

futures

contracts

held

as

of

March

31,

2025.

Investments

and/or

cash

totaling

$99,871

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

2-Yr.

U.S.

Treasury

Note

8

June

2025

$

1,650,584

$

6,791

Total

Futures

Long

Contracts

$

1,650,584

$

6,791

CBOT

U.S.

Long

Bond

(8)

June

2025

(

$

928,915)

(

$

9,335)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

(2)

June

2025

(

242,963)

(

1,537)

Total

Futures

Short

Contracts

(

$

1,171,878)

($10,872)

Total

Futures

Contracts

$

478,706

($4,081)

The

following

table

presents

Opportunity

Income

Plus

Portfolio's

credit

default

swap

contracts

held

as

of

March

31,

2025.

Investments

totaling

$199,400

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Credit

Default

Swaps

Buy/Sell

Protection

1

Termination

Date

Notional

Principal

Amount

2

Upfront

Payments/

(Receipts)

Value

3

Unrealized

Gain/(Loss)

CDX

HY

44,

5

Year,

at

5.00%,

Quarterly

Buy

6/20/2030

$

2,200,000

$

–

$

14,425

$

14,425

Total

Credit

Default

Swaps

$–

$14,425

$14,425

1

As

the

buyer

of

protection,

Opportunity

Income

Plus

Portfolio

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Opportunity

Income

Plus

Portfolio

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Opportunity

Income

Plus

Portfolio

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

328

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,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Opportunity

Income

Plus

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$16,533

$237

$960

$15,916

1,943

8.8%

Total

U.S.

Affiliated

Registered

Investment

Companies

16,533

15,916

8.8

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

3,654

7,037

10,691

–

–

–

Total

Affiliated

Short-Term

Investments

3,654

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

5,181

15,458

16,908

3,731

3,731

2.1

Total

Collateral

Held

for

Securities

Loaned

5,181

3,731

2.1

Total

Value

$25,368

$19,647

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($149)

$255

$

–

$237

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

2

(2)

–

14

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$251

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

5

Total

Affiliated

Income

from

Securities

Loaned,

Net

$5

Total

Value

($147)

$253

$

–

Real

Estate

Securities

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

329

Shares

Common

Stock

99.1%

Value

Data

Center

REITs  9.7%

39,739

Digital

Realty

Trust,

Inc.

$

5,694,201

10,266

Equinix,

Inc.

8,370,383

Total

14,064,584

Diversified

REITs  4.4%

11,799

Alpine

Income

Property

Trust,

Inc.

197,279

9,916

American

Assets

Trust,

Inc.

199,708

139,109

Broadstone

Net

Lease,

Inc.

2,370,417

31,296

CTO

Realty

Growth,

Inc.

604,326

91,496

Essential

Properties

Realty

Trust,

Inc.

2,986,430

Total

6,358,160

Health

Care

REITs  14.9%

35,985

Alexandria

Real

Estate

Equities,

Inc.

3,328,972

22,223

CareTrust

REIT,

Inc.

635,133

38,757

Healthpeak

Properties,

Inc.

783,667

35,580

Omega

Healthcare

Investors,

Inc.

1,354,887

163,988

Sabra

Health

Care

REIT,

Inc.

2,864,870

61,350

Ventas,

Inc.

4,218,426

55,249

Welltower,

Inc.

8,464,699

Total

21,650,654

Hotel

&

Resort

REITs  1.3%

21,307

Ryman

Hospitality

Properties

1,948,312

Total

1,948,312

Industrial

REITs  9.4%

50,053

First

Industrial

Realty

Trust,

Inc.

2,700,860

237,418

Industrial

Logistics

Properties

Trust

816,718

5,777

Innovative

Industrial

Properties,

Inc.

312,478

87,710

Prologis,

Inc.

9,805,101

Total

13,635,157

Multi-Family

Residential

REITs  8.0%

20,195

AvalonBay

Communities,

Inc.

4,334,251

19,496

Equity

Residential

1,395,524

15,048

Essex

Property

Trust,

Inc.

4,613,265

40,210

Independence

Realty

Trust,

Inc.

853,658

2,605

Mid-America

Apartment

Communities,

Inc.

436,546

Total

11,633,244

Office

REITs  2.2%

8,253

BXP,

Inc.

554,519

90,412

Cousins

Properties,

Inc.

2,667,154

Total

3,221,673

Other

Specialized

REITs  10.1%

54,684

Iron

Mountain,

Inc.

4,705,011

127,694

Outfront

Media,

Inc.

2,060,981

4,569

Safehold,

Inc.

85,532

326,054

Uniti

Group,

Inc.

1,643,312

186,841

VICI

Properties,

Inc.

6,094,754

Total

14,589,590

Retail

REITs  19.3%

114,308

Brixmor

Property

Group,

Inc.

3,034,877

84,533

InvenTrust

Properties

Corporation

2,482,734

141,865

Kimco

Realty

Corporation

3,013,213

84,602

Kite

Realty

Group

Trust

1,892,547

33,656

NetSTREIT

Corporation

533,448

Shares

Common

Stock  99.1%

Value

Retail

REITs  19.3%

-

continued

40,902

NNN

REIT,

Inc.

$

1,744,470

66,053

Realty

Income

Corporation

3,831,734

48,826

Regency

Centers

Corporation

3,601,406

35,528

Simon

Property

Group,

Inc.

5,900,490

55,295

Tanger,

Inc.

1,868,418

Total

27,903,337

Self-Storage

REITs  5.6%

30,961

Extra

Space

Storage,

Inc.

4,597,399

11,937

Public

Storage

3,572,625

Total

8,170,024

Single-Family

Residential

REITs  1.8%

18,326

Invitation

Homes,

Inc.

638,661

13,446

Sun

Communities,

Inc.

1,729,693

16,344

UMH

Properties,

Inc.

305,633

Total

2,673,987

Telecom

Tower

REITs  11.8%

49,731

American

Tower

Corporation

10,821,466

30,239

Crown

Castle,

Inc.

3,151,811

14,117

SBA

Communications

Corporation

3,105,881

Total

17,079,158

Timber

REITs  0.6%

26,971

Weyerhaeuser

Company

789,711

Total

789,711

Total

Common

Stock

(cost

$107,775,738)

143,717,591

Shares

or

Principal

Amount

Short-Term

Investments

0.7%

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

4.195%,

5/28/2025

a,b

99,331

State

Street

Institutional

U.S.

Government

Money

Market

Fund

862,174

4.293%

a

862,175

Total

Short-Term

Investments

(cost

$961,510)

961,506

Total

Investments

(cost

$108,737,248)

99.8%

$144,679,097

Other

Assets

and

Liabilities,

Net

0.2%

296,489

Total

Net

Assets

100.0%

$144,975,586

Real

Estate

Securities

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

330

a

The

interest

rate

shown

reflects

the

yield.

b

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

Definitions:

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Real

Estate

Securities

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Data

Center

REITs

14,064,584

14,064,584

–

–

Diversified

REITs

6,358,160

6,358,160

–

–

Health

Care

REITs

21,650,654

21,650,654

–

–

Hotel

&

Resort

REITs

1,948,312

1,948,312

–

–

Industrial

REITs

13,635,157

13,635,157

–

–

Multi-Family

Residential

REITs

11,633,244

11,633,244

–

–

Office

REITs

3,221,673

3,221,673

–

–

Other

Specialized

REITs

14,589,590

14,589,590

–

–

Retail

REITs

27,903,337

27,903,337

–

–

Self-Storage

REITs

8,170,024

8,170,024

–

–

Single-Family

Residential

REITs

2,673,987

2,673,987

–

–

Telecom

Tower

REITs

17,079,158

17,079,158

–

–

Timber

REITs

789,711

789,711

–

–

Short-Term

Investments

961,506

862,175

99,331

–

Subtotal

Investments

in

Securities

$144,679,097

$144,579,766

$99,331

$–

Total

Investments

at

Value

$144,679,097

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Real

Estate

Securities

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

13,529

13,529

–

–

Total

Asset

Derivatives

$13,529

$13,529

$–

$–

Real

Estate

Securities

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

331

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

S&P

-

Standard

&

Poor's

The

following

table

presents

Real

Estate

Securities

Portfolio's

futures

contracts

held

as

of

March

31,

2025.

Investments

and/or

cash

totaling

$99,331

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CME

Micro

E-mini

S&P

500

Index

37

June

2025

$

1,032,322

$

13,529

Total

Futures

Long

Contracts

$

1,032,322

$

13,529

Total

Futures

Contracts

$

1,032,322

$13,529

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Real

Estate

Securities

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$1,637

$1,299

$2,936

$–

–

–

Total

Affiliated

Short-Term

Investments

1,637

–

–

Total

Value

$1,637

$–

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$–

$–

$

–

$8

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$8

Total

Value

$–

$–

$

–

Small

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

332

Shares

Common

Stock

97.8%

Value

Communications

Services  1.5%

39,809

Cargurus,

Inc.

a

$

1,159,636

30,102

QuinStreet,

Inc.

a

537,020

Total

1,696,656

Consumer

Discretionary  12.1%

13,883

Boot

Barn

Holdings,

Inc.

a

1,491,451

11,406

Champion

Homes,

Inc.

a

1,080,833

4,334

Grand

Canyon

Education,

Inc.

a

749,869

1,505

Group

1

Automotive,

Inc.

574,835

11,161

Installed

Building

Products,

Inc.

1,913,665

18,557

Modine

Manufacturing

Company

a

1,424,250

20,229

Patrick

Industries,

Inc.

1,710,564

11,845

SharkNinja,

Inc.

a

987,991

5,846

Texas

Roadhouse,

Inc.

974,119

5,437

Wingstop,

Inc.

1,226,478

20,116

Wyndham

Hotels

&

Resorts,

Inc.

1,820,699

Total

13,954,754

Consumer

Staples  5.5%

12,505

BJ's

Wholesale

Club

Holdings,

Inc.

a

1,426,821

10,746

e.l.f.

Beauty,

Inc.

a

674,741

20,725

J

&

J

Snack

Foods

Corporation

2,729,897

49,477

Vita

Coco

Company,

Inc.

a

1,516,470

Total

6,347,929

Energy  2.1%

4,528

Gulfport

Energy

Corporation

a

833,786

18,628

Matador

Resources

Company

951,704

21,184

TechnipFMC

plc

671,321

Total

2,456,811

Financials  9.3%

160,757

AvidXchange

Holdings,

Inc.

a

1,363,219

3,689

Evercore,

Inc.

736,767

28,296

Glacier

Bancorp,

Inc.

1,251,249

7,735

Hamilton

Lane,

Inc.

1,149,962

8,931

Houlihan

Lokey,

Inc.

1,442,357

1,311

Kinsale

Capital

Group,

Inc.

638,077

11,627

OneMain

Holdings,

Inc.

568,328

16,780

RLI

Corporation

1,347,937

39,046

Triumph

Financial,

Inc.

a

2,256,859

Total

10,754,755

Health

Care  19.8%

48,426

ADMA

Biologics,

Inc.

a

960,772

1,710

Argenx

SE

ADR

a

1,012,089

58,302

Concentra

Group

Holdings

Parent,

Inc.

1,265,153

11,905

CorVel

Corporation

a

1,333,003

22,477

Encompass

Health

Corporation

2,276,471

28,434

Globus

Medical,

Inc.

a

2,081,369

16,992

HealthEquity,

Inc.

a

1,501,583

10,919

Inspire

Medical

Systems,

Inc.

a

1,739,178

9,171

Merit

Medical

Systems,

Inc.

a

969,466

6,821

Natera,

Inc.

a

964,558

6,079

Penumbra,

Inc.

a

1,625,585

11,771

Repligen

Corporation

a

1,497,742

45,245

RxSight,

Inc.

a

1,142,436

103,764

scPharmaceuticals,

Inc.

a

272,899

69,882

Stevanato

Group

SPA

1,426,991

38,952

Twist

Bioscience

Corporation

a

1,529,256

Shares

Common

Stock  97.8%

Value

Health

Care  19.8%

-

continued

28,079

Vericel

Corporation

a

$

1,252,885

Total

22,851,436

Industrials  23.6%

53,430

Atmus

Filtration

Technologies,

Inc.

1,962,484

14,005

BWX

Technologies,

Inc.

1,381,593

10,305

Casella

Waste

Systems,

Inc.

a

1,149,111

56,789

CECO

Environmental

Corporation

a

1,294,789

54,950

Enerpac

Tool

Group

Corporation

2,465,057

9,397

EnPro,

Inc.

1,520,341

25,110

ExlService

Holdings,

Inc.

a

1,185,443

22,270

Federal

Signal

Corporation

1,637,958

93,629

Gates

Industrial

Corporation

plc

a

1,723,710

27,392

Helios

Technologies,

Inc.

879,009

2,985

IES

Holdings,

Inc.

a

492,853

25,449

Korn

Ferry

1,726,206

10,537

Landstar

System,

Inc.

1,582,657

9,548

Limbach

Holdings,

Inc.

a

711,040

106,517

Masterbrand,

Inc.

a

1,391,112

8,582

Moog,

Inc.

1,487,690

5,966

RBC

Bearings,

Inc.

a

1,919,680

7,522

Sterling

Construction

Company,

Inc.

a

851,566

30,329

WNS

Holdings,

Ltd.

a

1,864,930

Total

27,227,229

Information

Technology  19.3%

21,675

Agilysys,

Inc.

a

1,572,305

17,847

BlackLine,

Inc.

a

864,152

7,395

CyberArk

Software,

Ltd.

a

2,499,510

12,169

Descartes

Systems

Group,

Inc.

a

1,227,000

4,636

Fabrinet

a

915,656

32,061

Gitlab,

Inc.

a

1,506,867

10,713

Guidewire

Software,

Inc.

a

2,007,188

12,191

Impinj,

Inc.

a

1,105,724

41,752

JFrog,

Ltd.

a

1,336,064

19,105

Lattice

Semiconductor

Corporation

a

1,002,057

9,006

Littelfuse,

Inc.

1,771,841

13,548

Onto

Innovation,

Inc.

a

1,643,914

32,636

PDF

Solutions,

Inc.

a

623,674

16,256

Pegasystems,

Inc.

1,130,117

6,714

Silicon

Laboratories,

Inc.

a

755,795

30,157

TTM

Technologies,

Inc.

a

618,520

12,643

Varonis

Systems,

Inc.

a

511,409

15,724

Workiva,

Inc.

a

1,193,609

Total

22,285,402

Materials  1.7%

107,198

Constellium

SE

a

1,081,628

36,028

Olin

Corporation

873,318

Total

1,954,946

Real

Estate  2.9%

9,855

Colliers

International

Group,

Inc.

1,195,412

33,176

National

Storage

Affiliates

Trust

1,307,134

13,399

Terreno

Realty

Corporation

847,085

Total

3,349,631

Total

Common

Stock

(cost

$108,114,169)

112,879,549

Small

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

333

Shares

or

Principal

Amount

Short-Term

Investments

2.6%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

3,015,030

4.293%

b

$

3,015,030

Total

Short-Term

Investments

(cost

$3,015,030)

3,015,030

Total

Investments

(cost

$111,129,199)

100.4%

$115,894,579

Other

Assets

and

Liabilities,

Net

(0.4%)

(503,865)

Total

Net

Assets

100.0%

$115,390,714

a

Non-income

producing

security.

b

The

interest

rate

shown

reflects

the

yield.

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

plc

-

Public

Limited

Company

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Small

Cap

Growth

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

1,696,656

1,696,656

–

–

Consumer

Discretionary

13,954,754

13,954,754

–

–

Consumer

Staples

6,347,929

6,347,929

–

–

Energy

2,456,811

2,456,811

–

–

Financials

10,754,755

10,754,755

–

–

Health

Care

22,851,436

22,851,436

–

–

Industrials

27,227,229

27,227,229

–

–

Information

Technology

22,285,402

22,285,402

–

–

Materials

1,954,946

1,954,946

–

–

Real

Estate

3,349,631

3,349,631

–

–

Short-Term

Investments

3,015,030

3,015,030

–

–

Subtotal

Investments

in

Securities

$115,894,579

$115,894,579

$–

$–

Total

Investments

at

Value

$115,894,579

Small

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

334

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,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Small

Cap

Growth

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$3,650

$5,141

$8,791

$–

–

–

Total

Affiliated

Short-Term

Investments

3,650

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

2,901

2,901

–

–

–

Total

Collateral

Held

for

Securities

Loaned

–

–

–

Total

Value

$3,650

$–

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$–

$–

$

–

$11

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$11

Cash

Management

Trust-

Collateral

Investment

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

Value

$–

$–

$

–

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

335

Shares

Common

Stock

99.1%

Value

Communications

Services  3.0%

3,385

Cable

One,

Inc.

$

899,631

64,602

Cargurus,

Inc.

a

1,881,856

43,748

Cars.com,

Inc.

a

493,040

78,437

Cinemark

Holdings,

Inc.

1,952,297

31,013

Cogent

Communications

Holdings

1,901,407

43,422

Gogo,

Inc.

a

374,298

52,020

IAC,

Inc.

a

2,389,799

30,119

John

Wiley

and

Sons,

Inc.

1,342,103

745,399

Lumen

Technologies,

Inc.

a

2,921,964

12,305

Madison

Square

Garden

Sports

Corporation

a

2,396,030

41,478

QuinStreet,

Inc.

a

739,968

18,230

Scholastic

Corporation

344,182

33,689

Shenandoah

Telecommunications

Company

423,471

17,652

Shutterstock,

Inc.

328,857

19,944

TechTarget,

Inc.

a

295,371

118,347

TEGNA,

Inc.

2,156,282

71,630

Telephone

and

Data

Systems,

Inc.

2,774,946

29,621

Thryv

Holdings,

Inc.

a

379,445

80,861

Tripadvisor,

Inc.

a

1,145,800

48,345

Yelp,

Inc.

a

1,790,215

31,394

Ziff

Davis,

Inc.

a

1,179,786

Total

28,110,748

Consumer

Discretionary  12.6%

50,973

Academy

Sports

and

Outdoors,

Inc.

2,324,879

20,097

Acushnet

Holdings

Corporation

b

1,379,860

61,650

Adient

plc

a

792,819

27,372

Adtalem

Global

Education,

Inc.

a

2,754,718

43,587

Advance

Auto

Parts,

Inc.

1,709,046

86,366

American

Axle

&

Manufacturing

Holdings,

Inc.

a

351,510

128,403

American

Eagle

Outfitters,

Inc.

1,492,043

14,387

Asbury

Automotive

Group,

Inc.

a

3,177,225

16,760

BJ's

Restaurants,

Inc.

a

574,198

55,464

Bloomin'

Brands,

Inc.

397,677

22,471

Boot

Barn

Holdings,

Inc.

a

2,414,060

160,628

BorgWarner,

Inc.

4,601,992

32,618

Brinker

International,

Inc.

a

4,861,713

21,971

Buckle,

Inc.

841,929

24,701

Caleres,

Inc.

425,598

26,471

Carter's,

Inc.

1,082,664

5,886

Cavco

Industries,

Inc.

a

3,058,542

20,012

Century

Communities,

Inc.

1,342,805

38,705

Champion

Homes,

Inc.

a

3,667,686

34,491

Cheesecake

Factory,

Inc.

1,678,332

16,350

Cracker

Barrel

Old

Country

Store,

Inc.

634,707

94,776

Dana,

Inc.

1,263,364

22,625

Dave

&

Buster's

Entertainment,

Inc.

a,b

397,521

19,950

Dorman

Products,

Inc.

a

2,404,773

20,126

Dream

Finders

Homes,

Inc.

a,b

454,043

16,624

Ethan

Allen

Interiors,

Inc.

460,485

82,628

Etsy,

Inc.

a

3,898,389

60,637

Foot

Locker,

Inc.

a

854,982

30,617

Fox

Factory

Holding

Corporation

a

714,601

55,694

Frontdoor,

Inc.

a

2,139,763

22,755

Gentherm,

Inc.

a

608,469

28,368

G-III

Apparel

Group,

Ltd.

a

775,865

15,110

Golden

Entertainment,

Inc.

398,753

22,552

Green

Brick

Partners,

Inc.

a

1,315,007

9,536

Group

1

Automotive,

Inc.

3,642,275

Shares

Common

Stock  99.1%

Value

Consumer

Discretionary  12.6%

-

continued

20,032

Guess

?,

Inc.

b

$

221,754

259,365

Hanesbrands,

Inc.

a

1,496,536

16,788

Helen

of

Troy,

Ltd.

a

897,990

17,057

Installed

Building

Products,

Inc.

2,924,593

13,850

Jack

in

the

Box,

Inc.

b

376,581

81,765

Kohl's

Corporation

b

668,838

36,452

Kontoor

Brands,

Inc.

2,337,667

30,469

La-Z-Boy,

Inc.

1,191,033

18,702

LCI

Industries

1,635,116

98,719

Leggett

&

Platt,

Inc.

780,867

15,198

LGI

Homes,

Inc.

a

1,010,211

19,983

M/I

Homes,

Inc.

a

2,281,659

14,677

MarineMax,

Inc.

a

315,555

53,149

Meritage

Homes

Corporation

3,767,201

68,643

Mister

Car

Wash,

Inc.

a

541,593

9,344

Monarch

Casino

&

Resort,

Inc.

726,496

21,998

Monro,

Inc.

318,311

57,843

National

Vision

Holdings,

Inc.

a

739,234

305,560

Newell

Brands,

Inc.

1,894,472

22,122

ODP

Corporation

a

317,008

10,841

Oxford

Industries,

Inc.

636,041

23,976

Papa

John's

International,

Inc.

984,934

24,679

Patrick

Industries,

Inc.

2,086,856

109,902

PENN

Entertainment,

Inc.

a

1,792,502

45,374

Perdoceo

Education

Corporation

1,142,517

29,979

Phinia,

Inc.

1,272,009

283,417

Sabre

Corporation

a

796,402

74,887

Sally

Beauty

Holdings,

Inc.

a

676,230

29,401

Shake

Shack,

Inc.

a

2,592,286

12,974

Shoe

Carnival,

Inc.

285,298

31,945

Signet

Jewelers,

Ltd.

1,854,727

68,501

Six

Flags

Entertainment

Corporation

2,443,431

10,743

Sonic

Automotive,

Inc.

611,921

87,469

Sonos,

Inc.

a

933,294

15,157

Standard

Motor

Products,

Inc.

377,864

53,026

Steven

Madden,

Ltd.

1,412,613

17,866

Strategic

Education,

Inc.

1,500,029

31,415

Stride,

Inc.

a

3,973,998

12,333

Sturm,

Ruger

&

Company,

Inc.

484,564

103,967

Topgolf

Callaway

Brands

Corporation

a

685,143

68,744

Tri

Pointe

Homes,

Inc.

a

2,194,308

37,517

Upbound

Group,

Inc.

898,907

41,345

Urban

Outfitters,

Inc.

a

2,166,478

57,749

Victoria's

Secret

&

Company

a

1,072,976

20,858

Winnebago

Industries,

Inc.

718,767

58,811

Wolverine

World

Wide,

Inc.

818,061

16,653

XPEL,

Inc.

a

489,265

Total

118,236,429

Consumer

Staples  3.2%

23,598

Andersons,

Inc.

1,013,062

58,148

B&G

Foods,

Inc.

399,477

29,892

Cal-Maine

Foods,

Inc.

2,717,183

6,770

Central

Garden

&

Pet

Company

a

248,188

37,113

Central

Garden

&

Pet

Company,

Class

A

a

1,214,708

25,825

Chefs'

Warehouse,

Inc.

a

1,406,430

35,425

Edgewell

Personal

Care

Company

1,105,614

48,254

Energizer

Holdings,

Inc.

1,443,760

24,650

Fresh

Del

Monte

Produce,

Inc.

759,960

35,651

Freshpet,

Inc.

a

2,965,094

71,348

Grocery

Outlet

Holding

Corporation

a

997,445

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

336

Shares

Common

Stock  99.1%

Value

Consumer

Staples  3.2%

-

continued

13,175

Interparfums,

Inc.

$

1,500,237

11,453

J

&

J

Snack

Foods

Corporation

1,508,589

6,641

John

B.

Sanfilippo

&

Son,

Inc.

470,581

10,320

MGP

Ingredients,

Inc.

303,202

17,191

National

Beverage

Corporation

714,114

18,225

PriceSmart,

Inc.

1,601,066

67,531

Simply

Good

Foods

Company

a

2,329,144

24,792

SpartanNash

Company

502,286

12,452

Tootsie

Roll

Industries,

Inc.

391,989

33,186

TreeHouse

Foods,

Inc.

a

899,009

44,012

United

Natural

Foods,

Inc.

a

1,205,489

18,137

Universal

Corporation

1,016,579

8,120

USANA

Health

Sciences,

Inc.

a

218,996

9,950

WD-40

Company

2,427,800

48,697

WK

Kellogg

Company

b

970,531

Total

30,330,533

Energy  4.5%

128,654

Archrock,

Inc.

3,375,881

52,757

Atlas

Energy

Solutions,

Inc.

b

941,185

18,084

Bristow

Group,

Inc.

a

571,093

48,960

Cactus,

Inc.

2,243,837

52,350

California

Resources

Corporation

2,301,830

66,548

Comstock

Resources,

Inc.

a

1,353,586

34,395

Core

Laboratories,

Inc.

515,581

37,267

Core

Natural

Resources,

Inc.

2,873,286

134,343

Crescent

Energy

Company

1,510,015

25,106

CVR

Energy,

Inc.

487,056

26,724

Dorian

LPG,

Ltd.

597,014

105,020

Helix

Energy

Solutions

Group,

Inc.

a

872,716

72,996

Helmerich

&

Payne,

Inc.

1,906,656

28,449

Innovex

International,

Inc.

a

510,944

29,629

International

Seaways,

Inc.

983,683

118,936

Liberty

Energy,

Inc.

1,882,757

140,320

Magnolia

Oil

&

Gas

Corporation

3,544,483

72,943

Northern

Oil

and

Gas,

Inc.

b

2,205,067

74,231

Oceaneering

International,

Inc.

a

1,618,978

41,098

Par

Pacific

Holdings,

Inc.

a

586,057

258,268

Patterson-UTI

Energy,

Inc.

2,122,963

89,244

Peabody

Energy

Corporation

1,209,256

58,215

ProPetro

Holding

Corporation

a

427,880

11,355

REX

American

Resources

Corporation

a

426,607

60,672

RPC,

Inc.

333,696

84,042

SM

Energy

Company

2,517,058

91,208

Talos

Energy,

Inc.

a

886,542

35,358

Tidewater,

Inc.

a

1,494,583

19,806

Vital

Energy,

Inc.

a

420,283

42,659

World

Kinect

Corporation

1,209,809

Total

41,930,382

Financials  19.0%

20,558

Acadian

Asset

Management,

Inc.

531,630

47,510

Ameris

Bancorp

2,735,151

13,985

AMERISAFE,

Inc.

734,912

93,843

Apollo

Commercial

Real

Estate

Finance,

Inc.

898,077

138,537

Arbor

Realty

Trust,

Inc.

1,627,810

56,128

ARMOUR

Residential

REIT,

Inc.

959,789

51,467

Artisan

Partners

Asset

Management,

Inc.

2,012,360

35,129

Assured

Guaranty,

Ltd.

3,094,865

95,779

Atlantic

Union

Bankshares

Corporation

2,982,558

39,843

Axos

Financial,

Inc.

a

2,570,670

Shares

Common

Stock  99.1%

Value

Financials  19.0%

-

continued

101,178

Banc

of

California,

Inc.

$

1,435,716

14,639

BancFirst

Corporation

1,608,387

35,046

Bancorp,

Inc.

a

1,851,831

29,196

Bank

of

Hawaii

Corporation

2,013,648

54,904

BankUnited,

Inc.

1,890,894

25,312

Banner

Corporation

1,614,146

33,499

Berkshire

Hills

Bancorp,

Inc.

873,989

274,929

BGC

Group,

Inc.

2,521,099

126,040

Blackstone

Mortgage

Trust,

Inc.

2,520,800

36,059

Bread

Financial

Holdings,

Inc.

1,805,835

65,444

Brookline

Bancorp,

Inc.

713,340

89,731

Capitol

Federal

Financial,

Inc.

502,494

52,297

Cathay

General

Bancorp

2,250,340

19,881

Central

Pacific

Financial

Corporation

537,582

10,799

City

Holding

Company

1,268,558

19,682

Cohen

&

Steers,

Inc.

1,579,480

38,686

Community

Financial

System,

Inc.

2,199,686

21,413

Customers

Bancorp,

Inc.

a

1,074,933

96,449

CVB

Financial

Corporation

1,780,448

28,837

Dime

Community

Bancshares,

Inc.

803,976

19,501

Donnelley

Financial

Solutions,

Inc.

a

852,389

22,184

Eagle

Bancorp,

Inc.

465,864

66,593

Ellington

Financial,

Inc.

883,023

18,154

Employers

Holdings,

Inc.

919,319

17,402

Encore

Capital

Group,

Inc.

a

596,541

18,956

Enova

International,

Inc.

a

1,830,391

46,726

EVERTEC,

Inc.

1,718,115

38,172

EZCORP,

Inc.

a

561,892

25,706

FB

Financial

Corporation

1,191,730

119,608

First

Bancorp/Puerto

Rico

2,292,885

30,370

First

Bancorp/Southern

Pines,

NC

1,219,052

74,510

First

Commonwealth

Financial

Corporation

1,157,885

70,143

First

Financial

Bancorp

1,752,172

92,860

First

Hawaiian,

Inc.

2,269,498

61,014

Franklin

BSP

Realty

Trust,

Inc.

777,318

133,748

Fulton

Financial

Corporation

2,419,501

313,663

Genworth

Financial,

Inc.

a

2,223,871

17,917

Goosehead

Insurance,

Inc.

2,115,281

87,378

HA

Sustainable

Infrastructure

Capital,

Inc.

2,554,933

22,036

Hanmi

Financial

Corporation

499,336

6,237

HCI

Group,

Inc.

930,747

24,967

Heritage

Financial

Corporation

607,447

33,827

Hilltop

Holdings,

Inc.

1,030,032

88,698

Hope

Bancorp,

Inc.

928,668

29,938

Horace

Mann

Educators

Corporation

1,279,251

31,212

Independent

Bank

Corporation/MA

1,955,432

54,253

Jackson

Financial,

Inc.

4,545,316

42,396

KKR

Real

Estate

Finance

Trust,

Inc.

457,877

18,738

Lakeland

Financial

Corporation

1,113,787

125,120

Lincoln

National

Corporation

4,493,059

19,528

Mercury

General

Corporation

1,091,615

51,848

Moelis

&

Company

3,025,849

46,715

Mr.

Cooper

Group,

Inc.

a

5,587,114

27,951

National

Bank

Holdings

Corporation

1,069,685

54,472

Navient

Corporation

687,981

34,649

NBT

Bancorp,

Inc.

1,486,442

53,244

NCR

Atleos

Corporation

a

1,404,577

66,532

New

York

Mortgage

Trust,

Inc.

431,793

57,625

NMI

Holdings,

Inc.

a

2,077,381

93,657

Northwest

Bancshares,

Inc.

1,125,757

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

337

Shares

Common

Stock  99.1%

Value

Financials  19.0%

-

continued

33,713

OFG

Bancorp

$

1,349,194

70,839

Pacific

Premier

Bancorp,

Inc.

1,510,287

19,486

Palomar

Holdings,

Inc.

a

2,671,141

10,682

Park

National

Corporation

1,617,255

17,515

Pathward

Financial,

Inc.

1,277,719

188,596

Payoneer

Global,

Inc.

a

1,378,637

63,801

PennyMac

Mortgage

Investment

Trust

934,685

11,826

Piper

Sandler

Companies

2,928,827

17,410

PJT

Partners,

Inc.

2,400,491

28,960

PRA

Group,

Inc.

a

597,155

9,009

Preferred

Bank/Los

Angeles,

CA

753,693

37,575

ProAssurance

Corporation

a

877,376

30,514

PROG

Holdings,

Inc.

811,672

95,847

Provident

Financial

Services,

Inc.

1,645,693

106,552

Radian

Group,

Inc.

3,523,675

123,789

Ready

Capital

Corporation

630,086

97,339

Redwood

Trust,

Inc.

590,848

67,713

Renasant

Corporation

2,297,502

28,102

S&T

Bancorp,

Inc.

1,041,179

10,899

Safety

Insurance

Group,

Inc.

859,713

62,291

Seacoast

Banking

Corporation

of

Florida

1,602,747

36,876

ServisFirst

Bancshares,

Inc.

3,045,958

92,294

Simmons

First

National

Corporation

1,894,796

67,770

SiriusPoint,

Ltd.

a

1,171,743

20,926

Southside

Bancshares,

Inc.

606,017

34,928

Stellar

Bancorp,

Inc.

966,108

48,471

StepStone

Group,

Inc.

2,531,640

20,393

Stewart

Information

Services

Corporation

1,455,041

31,503

StoneX

Group,

Inc.

a

2,406,199

9,225

Tompkins

Financial

Corporation

580,990

16,136

Triumph

Financial,

Inc.

a

932,661

24,571

Trupanion,

Inc.

a

915,761

13,971

TrustCo

Bank

Corporation

NY

425,836

44,812

Trustmark

Corporation

1,545,566

76,155

Two

Harbors

Investment

Corporation

1,017,431

87,675

United

Community

Banks,

Inc.

2,466,298

15,636

United

Fire

Group,

Inc.

460,637

40,044

Veritex

Holdings,

Inc.

999,899

59,347

Virtu

Financial,

Inc.

2,262,308

4,846

Virtus

Investment

Partners,

Inc.

835,257

59,901

WaFd,

Inc.

1,711,971

23,562

Walker

&

Dunlop,

Inc.

2,011,252

19,618

Westamerica

Bancorporation

993,259

84,052

WisdomTree,

Inc.

749,744

2,377

World

Acceptance

Corporation

a

300,809

43,085

WSFS

Financial

Corporation

2,234,819

Total

178,447,385

Health

Care  12.0%

90,441

ACADIA

Pharmaceuticals,

Inc.

a

1,502,225

78,035

AdaptHealth

Corporation

a

845,899

13,171

Addus

HomeCare

Corporation

a

1,302,480

173,633

ADMA

Biologics,

Inc.

a

3,444,879

119,443

Alkermes

plc

a

3,944,008

27,966

AMN

Healthcare

Services,

Inc.

a

684,048

27,547

Amphastar

Pharmaceuticals,

Inc.

a

798,588

12,190

ANI

Pharmaceuticals,

Inc.

a

816,121

49,429

Arcus

Biosciences,

Inc.

a

388,018

92,621

Arrowhead

Research

Corporation

a

1,179,992

27,712

Artivion,

Inc.

a

681,161

Shares

Common

Stock  99.1%

Value

Health

Care  12.0%

-

continued

30,532

Astrana

Health,

Inc.

a

$

946,797

33,756

Avanos

Medical,

Inc.

a

483,723

33,565

Azenta,

Inc.

a

1,162,692

26,576

BioLife

Solutions,

Inc.

a

606,996

82,352

Catalyst

Pharmaceuticals,

Inc.

a

1,997,036

80,409

Certara,

Inc.

a

796,049

23,688

Collegium

Pharmaceutical,

Inc.

a

707,087

79,506

Concentra

Group

Holdings

Parent,

Inc.

1,725,280

22,690

CONMED

Corporation

1,370,249

68,494

Corcept

Therapeutics,

Inc.

a

7,823,385

19,994

CorVel

Corporation

a

2,238,728

76,638

Cytek

Biosciences,

Inc.

a

307,318

89,797

Dynavax

Technologies

Corporation

a

1,164,667

42,701

Embecta

Corporation

544,438

41,764

Enovis

Corporation

a

1,595,802

65,886

Fortrea

Holdings,

Inc.

a

497,439

40,499

Glaukos

Corporation

a

3,985,912

28,067

Harmony

Biosciences

Holdings,

Inc.

a

931,544

17,649

HealthStream,

Inc.

567,945

17,984

ICU

Medical,

Inc.

a

2,497,258

40,464

Innoviva,

Inc.

a

733,612

21,792

Inspire

Medical

Systems,

Inc.

a

3,471,030

24,637

Integer

Holdings

Corporation

a

2,907,412

48,743

Integra

LifeSciences

Holdings

Corporation

a

1,071,859

18,590

Krystal

Biotech,

Inc.

a

3,351,777

15,029

LeMaitre

Vascular,

Inc.

1,260,933

13,879

Ligand

Pharmaceuticals,

Inc.

a

1,459,238

42,807

Merit

Medical

Systems,

Inc.

a

4,525,128

3,991

Mesa

Laboratories,

Inc.

473,572

66,867

Myriad

Genetics,

Inc.

a

593,110

9,073

National

HealthCare

Corporation

841,974

145,008

Neogen

Corporation

a

1,257,219

94,284

NeoGenomics,

Inc.

a

894,755

6,287

OmniAb,

Inc.,

12.5

Earnout

Share

a,c

1

6,287

OmniAb,

Inc.,

15.0

Earnout

Share

a,c

1

34,021

Omnicell,

Inc.

a

1,189,374

189,167

Organon

&

Company

2,816,697

54,287

Owens

&

Minor,

Inc.

a

490,212

33,915

Pacira

Pharmaceuticals,

Inc.

a

842,788

57,698

Patterson

Companies,

Inc.

1,802,486

62,084

Pediatrix

Medical

Group,

Inc.

a

899,597

14,939

Phibro

Animal

Health

Corporation

319,097

67,067

Premier,

Inc.

b

1,293,052

36,387

Prestige

Consumer

Healthcare,

Inc.

a

3,128,190

75,803

Privia

Health

Group,

Inc.

a

1,701,777

54,415

Progyny,

Inc.

a

1,215,631

43,776

Protagonist

Therapeutics,

Inc.

a

2,117,007

48,414

QuidelOrtho

Corporation

a

1,693,038

47,849

RadNet,

Inc.

a

2,379,052

40,703

Schrodinger,

Inc./United

States

a

803,477

76,746

Select

Medical

Holdings

Corporation

1,281,658

11,954

Simulations

Plus,

Inc.

293,112

36,182

STAAR

Surgical

Company

a

637,889

40,559

Supernus

Pharmaceuticals,

Inc.

a

1,328,307

48,241

Tandem

Diabetes

Care,

Inc.

a

924,298

34,114

Teleflex,

Inc.

4,714,214

98,038

TG

Therapeutics,

Inc.

a

3,865,638

24,652

TransMedics

Group,

Inc.

a

1,658,587

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

338

Shares

Common

Stock  99.1%

Value

Health

Care  12.0%

-

continued

11,088

U.S.

Physical

Therapy,

Inc.

$

802,328

5,355

UFP

Technologies,

Inc.

a

1,080,157

36,254

Vericel

Corporation

a

1,617,653

67,776

Vir

Biotechnology,

Inc.

a

439,188

51,403

Xencor,

Inc.

a

546,928

Total

112,260,817

Industrials  17.6%

25,913

AAR

Corporation

a

1,450,869

45,689

ABM

Industries,

Inc.

2,163,831

20,569

AeroVironment,

Inc.

a

2,451,619

76,082

Air

Lease

Corporation

3,675,521

7,618

Alamo

Group,

Inc.

1,357,604

22,990

Albany

International

Corporation

1,587,230

10,683

Allegiant

Travel

Company

551,777

105,439

Amentum

Holdings,

Inc.

a

1,918,990

11,057

American

Woodmark

Corporation

a

650,483

16,125

Apogee

Enterprises,

Inc.

747,071

17,105

ArcBest

Corporation

1,207,271

35,828

Arcosa,

Inc.

2,763,055

32,016

Armstrong

World

Industries,

Inc.

4,510,414

16,749

Astec

Industries,

Inc.

577,003

21,949

AZZ,

Inc.

1,835,156

28,209

Boise

Cascade

Company

2,767,021

32,483

Brady

Corporation

2,294,599

80,695

CoreCivic,

Inc.

a

1,637,302

20,278

CSG

Systems

International,

Inc.

1,226,211

12,327

CSW

Industrials,

Inc.

3,593,567

32,519

Deluxe

Corporation

514,125

77,604

DNOW,

Inc.

a

1,325,476

9,338

DXP

Enterprises,

Inc.

a

768,144

21,430

Dycom

Industries,

Inc.

a

3,264,646

39,958

Enerpac

Tool

Group

Corporation

1,792,516

15,419

EnPro,

Inc.

2,494,640

58,861

Enviri

Corporation

a

391,426

18,955

ESCO

Technologies,

Inc.

3,016,120

37,447

Everus

Construction

Group,

Inc.

a

1,388,909

44,884

Federal

Signal

Corporation

3,301,218

14,674

Forward

Air

Corporation

a

294,801

28,860

Franklin

Electric

Company,

Inc.

2,709,377

166,970

Gates

Industrial

Corporation

plc

a

3,073,918

99,955

GEO

Group,

Inc.

a

2,919,686

22,286

Gibraltar

Industries,

Inc.

a

1,307,297

28,510

GMS,

Inc.

a

2,086,077

31,904

Granite

Construction,

Inc.

2,405,562

23,034

Greenbrier

Companies,

Inc.

1,179,801

28,977

Griffon

Corporation

2,071,855

104,434

Hayward

Holdings,

Inc.

a

1,453,721

53,978

Healthcare

Services

Group,

Inc.

a

544,098

31,721

Heartland

Express,

Inc.

292,468

14,991

Heidrick

&

Struggles

International,

Inc.

642,065

90,108

Hertz

Global

Holdings,

Inc.

a,b

355,025

51,725

Hillenbrand,

Inc.

1,248,641

35,113

HNI

Corporation

1,557,262

44,620

Hub

Group,

Inc.

1,658,525

14,272

Insteel

Industries,

Inc.

375,354

42,825

Interface,

Inc.

849,648

33,914

JBT

Marel

Corporation

4,144,291

222,986

JetBlue

Airways

Corporation

a

1,074,792

8,627

Kadant,

Inc.

2,906,523

56,822

Kennametal,

Inc.

1,210,309

37,889

Korn

Ferry

2,570,011

112,266

Kratos

Defense

&

Security

Solutions,

Inc.

a

3,333,178

Shares

Common

Stock  99.1%

Value

Industrials  17.6%

-

continued

7,982

Lindsay

Corporation

$

1,009,883

16,643

Liquidity

Services,

Inc.

a

516,099

42,484

Marten

Transport,

Ltd.

582,880

93,360

Masterbrand,

Inc.

a

1,219,282

24,393

Matson,

Inc.

3,126,451

22,747

Matthews

International

Corporation

505,893

37,261

Mercury

Systems,

Inc.

a

1,605,576

50,064

MillerKnoll,

Inc.

958,225

20,824

Moog,

Inc.

3,609,840

115,026

Mueller

Water

Products,

Inc.

2,923,961

11,842

MYR

Group,

Inc.

a

1,339,212

3,755

National

Presto

Industries,

Inc.

330,102

38,236

NV5

Global,

Inc.

a

736,808

78,479

OPENLANE,

Inc.

a

1,513,075

116,113

Pitney

Bowes,

Inc.

1,050,823

6,912

Powell

Industries,

Inc.

1,177,321

18,003

Proto

Labs,

Inc.

a

630,825

15,631

Pursuit

Attractions

and

Hospitality,

Inc.

a

553,181

34,676

Quanex

Building

Products

Corporation

644,627

107,954

Resideo

Technologies,

Inc.

a

1,910,786

73,777

Robert

Half,

Inc.

4,024,535

45,784

Rush

Enterprises,

Inc.

2,445,323

103,854

RXO,

Inc.

a

1,983,611

34,522

Schneider

National,

Inc.

788,828

29,623

SkyWest,

Inc.

a

2,588,161

34,052

SPX

Technologies,

Inc.

a

4,385,217

8,739

Standex

International

Corporation

1,410,387

28,894

Sun

Country

Airlines

Holdings,

Inc.

a

355,974

164,781

Sunrun,

Inc.

a

965,617

13,863

Tennant

Company

1,105,574

35,246

Titan

International,

Inc.

a

295,714

60,350

Trinity

Industries,

Inc.

1,693,421

56,858

Triumph

Group,

Inc.

a

1,440,782

11,023

UniFirst

Corporation/MA

1,918,002

121,052

Verra

Mobility

Corporation

a

2,724,880

84,189

Vestis

Corporation

833,471

16,925

Vicor

Corporation

a

791,751

45,430

Werner

Enterprises,

Inc.

1,331,099

135,710

WillScot

Mobile

Mini

Holdings

Corporation

3,772,738

22,790

Worthington

Enterprises,

Inc.

1,141,551

104,924

Zurn

Elkay

Water

Solutions

Corporation

3,460,393

Total

164,889,978

Information

Technology  11.6%

54,129

A10

Networks,

Inc.

884,468

77,043

ACI

Worldwide,

Inc.

a

4,215,022

80,257

Adeia,

Inc.

1,060,997

27,672

Advanced

Energy

Industries,

Inc.

2,637,418

16,489

Agilysys,

Inc.

a

1,196,112

36,307

Alarm.com

Holdings,

Inc.

a

2,020,485

17,717

Alpha

and

Omega

Semiconductor,

Ltd.

a

440,445

73,702

Arlo

Technologies,

Inc.

a

727,439

23,876

Axcelis

Technologies,

Inc.

a

1,185,921

21,603

Badger

Meter,

Inc.

4,109,971

26,441

Benchmark

Electronics,

Inc.

1,005,551

38,095

BlackLine,

Inc.

a

1,844,560

105,553

Box,

Inc.

a

3,257,366

43,352

Calix,

Inc.

a

1,536,395

17,354

CEVA,

Inc.

a

444,436

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

339

Shares

Common

Stock  99.1%

Value

Information

Technology  11.6%

-

continued

204,196

CleanSpark,

Inc.

a,b

$

1,372,197

69,056

Clear

Secure,

Inc.

1,789,241

34,239

Cohu,

Inc.

a

503,656

33,069

Corsair

Gaming,

Inc.

a

292,991

22,121

CTS

Corporation

919,128

27,103

Digi

International,

Inc.

a

754,276

46,770

DigitalOcean

Holdings,

Inc.

a

1,561,650

34,033

Diodes,

Inc.

a

1,469,205

103,132

DoubleVerify

Holdings,

Inc.

a

1,378,875

132,984

DXC

Technology

Company

a

2,267,377

19,348

ePlus,

Inc.

a

1,180,808

97,511

Extreme

Networks,

Inc.

a

1,290,070

56,889

FormFactor,

Inc.

a

1,609,390

45,307

Grid

Dynamics

Holdings,

Inc.

a

709,055

85,978

Harmonic,

Inc.

a

824,529

24,871

Ichor

Holdings,

Ltd.

a

562,333

16,979

Impinj,

Inc.

a

1,539,995

20,074

Insight

Enterprises,

Inc.

a

3,010,899

18,865

InterDigital,

Inc.

3,900,339

33,119

Itron,

Inc.

a

3,469,546

64,390

Knowles

Corporation

a

978,728

39,211

Kulicke

and

Soffa

Industries,

Inc.

1,293,179

48,303

LiveRamp

Holding,

Inc.

a

1,262,640

249,283

MARA

Holdings,

Inc.

a,b

2,866,754

56,570

MaxLinear,

Inc.

a

614,350

51,848

N-able,

Inc./US

a

367,602

107,216

NCR

Voyix

Corporation

a

1,045,356

52,705

NetScout

Systems,

Inc.

a

1,107,332

11,475

OSI

Systems,

Inc.

a

2,230,051

9,076

PC

Connection,

Inc.

566,524

22,784

PDF

Solutions,

Inc.

a

435,402

39,143

Penguin

Solutions,

Inc.

a

679,914

46,521

Photronics,

Inc.

a

965,776

19,861

Plexus

Corporation

a

2,544,790

31,856

Progress

Software

Corporation

1,640,903

68,602

Qorvo,

Inc.

a

4,967,471

12,473

Rogers

Corporation

a

842,302

84,643

SanDisk

Corporation

a

4,029,853

39,903

Sanmina

Corporation

a

3,039,811

15,856

ScanSource,

Inc.

a

539,263

63,094

Semtech

Corporation

a

2,170,434

14,040

SiTime

Corporation

a

2,146,295

42,565

SolarEdge

Technologies,

Inc.

a

688,702

40,335

SolarWinds

Corporation

743,374

82,133

Sprinklr,

Inc.

a

685,811

27,872

SPS

Commerce,

Inc.

a

3,699,451

70,294

Teradata

Corporation

a

1,580,209

74,898

TTM

Technologies,

Inc.

a

1,536,158

33,097

Ultra

Clean

Holdings,

Inc.

a

708,607

42,555

Veeco

Instruments,

Inc.

a

854,504

62,595

ViaSat,

Inc.

a

652,240

163,164

Viavi

Solutions,

Inc.

a

1,825,805

82,529

Vishay

Intertechnology,

Inc.

1,312,211

114,270

Wolfspeed,

Inc.

a,b

349,666

85,002

Xerox

Holdings

Corporation

b

410,560

Total

108,354,174

Materials  4.9%

19,634

AdvanSix,

Inc.

444,710

8,031

Alpha

Metallurgical

Resources,

Inc.

a

1,005,883

23,878

Balchem

Corporation

3,963,748

80,292

Celanese

Corporation

4,558,177

38,171

Century

Aluminum

Company

a

708,454

109,745

Chemours

Company

1,484,850

Shares

Common

Stock  99.1%

Value

Materials  4.9%

-

continued

163,644

Element

Solutions,

Inc.

$

3,699,991

91,694

FMC

Corporation

3,868,570

40,160

H.B.

Fuller

Company

2,253,779

13,989

Hawkins,

Inc.

1,481,715

26,699

Ingevity

Corporation

a

1,057,013

18,320

Innospec,

Inc.

1,735,820

11,708

Kaiser

Aluminum

Corporation

709,739

14,888

Koppers

Holdings,

Inc.

416,864

15,242

Materion

Corporation

1,243,747

27,467

Metallus,

Inc.

a

366,959

23,423

Minerals

Technologies,

Inc.

1,489,000

88,710

MP

Materials

Corporation

a,b

2,165,411

113,166

O-I

Glass,

Inc.

a

1,298,014

10,061

Quaker

Chemical

Corporation

1,243,640

107,014

Sealed

Air

Corporation

3,092,705

31,115

Sensient

Technologies

Corporation

2,315,889

15,532

Stepan

Company

854,881

61,958

SunCoke

Energy,

Inc.

570,014

25,050

Sylvamo

Corporation

1,680,103

38,592

Warrior

Met

Coal,

Inc.

1,841,610

25,723

Worthington

Steel,

Inc.

651,564

Total

46,202,850

Real

Estate  8.2%

87,891

Acadia

Realty

Trust

1,841,316

53,350

Alexander

&

Baldwin,

Inc.

919,221

34,683

American

Assets

Trust,

Inc.

698,516

163,894

Apple

Hospitality

REIT,

Inc.

2,115,872

58,537

Armada

Hoffler

Properties,

Inc.

439,613

126,827

Brandywine

Realty

Trust

565,648

137,841

CareTrust

REIT,

Inc.

3,939,496

12,172

Centerspace

788,137

69,440

Curbline

Properties

Corporation

1,679,754

168,563

Cushman

and

Wakefield

plc

a

1,722,714

152,480

DiamondRock

Hospitality

Company

1,177,146

122,992

Douglas

Emmett,

Inc.

1,967,872

72,927

Easterly

Government

Properties,

Inc.

773,026

64,659

Elme

Communities

1,125,067

137,863

Essential

Properties

Realty

Trust,

Inc.

4,499,848

62,032

eXp

World

Holdings,

Inc.

b

606,673

73,431

Four

Corners

Property

Trust,

Inc.

2,107,470

37,186

Getty

Realty

Corporation

1,159,459

145,475

Global

Net

Lease,

Inc.

1,169,619

79,052

Highwoods

Properties,

Inc.

2,343,101

20,810

Innovative

Industrial

Properties,

Inc.

1,125,613

62,051

JBG

SMITH

Properties

999,642

86,801

Kennedy-Wilson

Holdings,

Inc.

753,433

33,245

LTC

Properties,

Inc.

1,178,535

217,218

LXP

Industrial

Trust

1,878,936

182,548

Macerich

Company

3,134,349

17,674

Marcus

and

Millichap,

Inc.

608,869

441,006

Medical

Properties

Trust,

Inc.

2,659,266

88,334

Millrose

Properties,

Inc.

a

2,341,734

16,234

NexPoint

Residential

Trust,

Inc.

641,730

101,194

Outfront

Media,

Inc.

1,633,271

87,917

Pebblebrook

Hotel

Trust

890,599

91,945

Phillips

Edison

and

Company,

Inc.

3,355,073

43,998

Ryman

Hospitality

Properties

4,023,177

33,588

Safehold,

Inc.

628,767

8,877

Saul

Centers,

Inc.

320,193

34,660

SITE

Centers

Corporation

445,034

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

340

/

Shares

Common

Stock  99.1%

Value

Real

Estate  8.2%

-

continued

51,444

SL

Green

Realty

Corporation

$

2,968,319

27,881

St.

Joe

Company

1,309,013

79,635

Summit

Hotel

Properties,

Inc.

430,825

147,566

Sunstone

Hotel

Investors,

Inc.

1,388,596

81,306

Tanger,

Inc.

2,747,330

73,289

Terreno

Realty

Corporation

4,633,331

179,307

Uniti

Group,

Inc.

903,707

9,359

Universal

Health

Realty

Income

Trust

383,345

92,153

Urban

Edge

Properties

1,750,907

59,332

Veris

Residential,

Inc.

1,003,897

32,736

Whitestone

REIT

476,964

74,787

Xenia

Hotels

&

Resorts,

Inc.

879,495

Total

77,133,518

Utilities  2.5%

27,763

American

States

Water

Company

2,184,393

58,161

Avista

Corporation

2,435,201

43,684

California

Water

Service

Group

2,116,927

16,733

Chesapeake

Utilities

Corporation

2,149,019

25,425

Clearway

Energy,

Inc.,

Class

A

723,595

60,842

Clearway

Energy,

Inc.,

Class

C

1,841,687

149,760

MDU

Resources

Group,

Inc.

2,532,442

26,595

MGE

Energy,

Inc.

2,472,271

13,115

Middlesex

Water

Company

840,671

29,478

Northwest

Natural

Holding

Company

1,259,300

30,723

Otter

Tail

Corporation

2,469,208

22,227

SJW

Group

1,215,595

11,933

Unitil

Corporation

688,415

Total

22,928,724

Total

Common

Stock

(cost

$756,424,540)

928,825,538

Shares

Collateral

Held

for

Securities

Loaned

1.7%

Value

16,462,885

Thrivent

Cash

Management

Trust

16,462,885

Total

Collateral

Held

for

Securities

Loaned

(cost

$16,462,885)

16,462,885

Shares

Registered

Investment

Companies  

0.7%

Value

U.S.

Unaffiliated  

0.7%  

64,450

iShares

Core

S&P

Small-Cap

ETF

6,739,537

Total

6,739,537

Total

Registered

Investment

Companies

(cost

$6,843,273)

6,739,537

Shares

or

Principal

Amount

Short-Term

Investments

0.2%

Value

Federal

Home

Loan

Bank

Discount

Notes

300,000

4.240%,

4/2/2025

d,e

299,930

Shares

or

Principal

Amount

Short-Term

Investments  0.2%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

1,460,763

4.293%

d

$

1,460,763

Total

Short-Term

Investments

(cost

$1,760,728)

1,760,693

Total

Investments

(cost

$781,491,426)

101.7%

$953,788,653

Other

Assets

and

Liabilities,

Net

(1.7%)

(16,231,976)

Total

Net

Assets

100.0%

$937,556,677

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

The

interest

rate

shown

reflects

the

yield.

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.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Small

Cap

Index

Portfolio

as

of

March

31,

2025:

Securities

Lending

Transactions

Common

Stock

$

15,584,884

Total

lending

$15,584,884

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$16,462,885

Net

amounts

due

to

counterparty

$878,001

Definitions:

ETF

-

Exchange

Traded

Fund

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

341

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Small

Cap

Index

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

28,110,748

28,110,748

–

–

Consumer

Discretionary

118,236,429

118,236,429

–

–

Consumer

Staples

30,330,533

30,330,533

–

–

Energy

41,930,382

41,930,382

–

–

Financials

178,447,385

178,447,385

–

–

Health

Care

112,260,817

112,260,815

–

2

Industrials

164,889,978

164,889,978

–

–

Information

Technology

108,354,174

108,354,174

–

–

Materials

46,202,850

46,202,850

–

–

Real

Estate

77,133,518

77,133,518

–

–

Utilities

22,928,724

22,928,724

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

6,739,537

6,739,537

–

–

Short-Term

Investments

1,760,693

1,460,763

299,930

–

Subtotal

Investments

in

Securities

$937,325,768

$937,025,836

$299,930

$2

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

16,462,885

Subtotal

Other

Investments

$16,462,885

Total

Investments

at

Value

$953,788,653

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Small

Cap

Index

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

13,951

13,951

–

–

Total

Asset

Derivatives

$13,951

$13,951

$–

$–

The

following

table

presents

Small

Cap

Index

Portfolio's

futures

contracts

held

as

of

March

31,

2025.

Investments

and/or

cash

totaling

$299,930

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CME

E-mini

Russell

2000

Index

20

June

2025

$

2,013,149

$

13,951

Total

Futures

Long

Contracts

$

2,013,149

$

13,951

Total

Futures

Contracts

$

2,013,149

$13,951

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

342

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,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Small

Cap

Index

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$303

$6,337

$6,640

$–

–

–

Total

Affiliated

Short-Term

Investments

303

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

19,401

52,752

55,690

16,463

16,463

1.7%

Total

Collateral

Held

for

Securities

Loaned

19,401

16,463

1.7

Total

Value

$19,704

$16,463

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$–

$–

$

–

$5

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$5

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

7

Total

Affiliated

Income

from

Securities

Loaned,

Net

$7

Total

Value

$–

$–

$

–

Small

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

343

Shares

Common

Stock

99.5%

Value

Communications

Services  1.4%

223,224

Cogent

Communications

Holdings

$

13,685,863

Total

13,685,863

Consumer

Discretionary  11.7%

254,911

Advance

Auto

Parts,

Inc.

9,995,060

65,914

Boot

Barn

Holdings,

Inc.

a

7,081,141

221,565

Brunswick

Corporation

11,931,275

4,366

Build-A-Bear

Workshop,

Inc.

162,284

101,339

Champion

Homes,

Inc.

a

9,602,884

13,409

Cooper-Standard

Holdings,

Inc.

a

205,426

19,686

Group

1

Automotive,

Inc.

7,519,068

294,805

La-Z-Boy,

Inc.

11,523,927

86,444

Modine

Manufacturing

Company

a

6,634,577

179,328

PUMA

SE

4,374,229

158,422

SharkNinja,

Inc.

a

13,213,979

203,504

Six

Flags

Entertainment

Corporation

7,258,988

207,540

Skechers

USA,

Inc.

a

11,784,121

135,516

Wyndham

Hotels

&

Resorts,

Inc.

12,265,553

Total

113,552,512

Consumer

Staples  4.7%

74,849

J

&

J

Snack

Foods

Corporation

9,859,110

212,590

John

B.

Sanfilippo

&

Son,

Inc.

15,064,128

70,402

Lancaster

Colony

Corporation

12,320,350

141,548

Turning

Point

Brands,

Inc.

8,413,613

Total

45,657,201

Energy  3.7%

68,894

Expand

Energy

Corporation

7,669,280

205,068

Matador

Resources

Company

10,476,924

326,825

Noble

Corporation

plc

7,745,753

309,452

TechnipFMC

plc

9,806,534

Total

35,698,491

Financials  16.3%

251,624

Ally

Financial,

Inc.

9,176,727

260,151

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

10,125,077

601,063

Bridgewater

Bancshares,

Inc.

a

8,348,765

263,018

Donnelley

Financial

Solutions,

Inc.

a

11,496,517

793,726

F.N.B.

Corporation

10,675,615

79,257

Federal

Agricultural

Mortgage

Corporation

14,861,480

301,013

Glacier

Bancorp,

Inc.

13,310,795

62,588

Houlihan

Lokey,

Inc.

10,107,962

21,542

Kinsale

Capital

Group,

Inc.

10,484,707

170,913

Prosperity

Bancshares,

Inc.

12,198,061

267,379

RLI

Corporation

21,478,555

245,160

Triumph

Financial,

Inc.

a

14,170,248

153,816

Western

Alliance

Bancorp

11,817,683

Total

158,252,192

Health

Care  10.8%

255,344

ADMA

Biologics,

Inc.

a

5,066,025

20,174

Chemed

Corporation

12,413,466

409,268

Concentra

Group

Holdings

Parent,

Inc.

8,881,115

118,215

Encompass

Health

Corporation

11,972,815

25,323

Medpace

Holdings,

Inc.

a

7,715,665

57,339

Penumbra,

Inc.

a

15,333,022

396,798

Progyny,

Inc.

a

8,864,467

84,165

Repligen

Corporation

a

10,709,155

455,052

Stevanato

Group

SPA

9,292,162

248,538

Twist

Bioscience

Corporation

a

9,757,602

Shares

Common

Stock  99.5%

Value

Health

Care  10.8%

-

continued

595,682

Viemed

Healthcare,

Inc.

a

$

4,336,565

Total

104,342,059

Industrials  25.6%

282,861

Air

Lease

Corporation

13,665,015

555,055

Badger

Infrastructure

Solutions,

Ltd.

14,988,664

367,370

Barrett

Business

Services,

Inc.

15,117,276

93,805

BWX

Technologies,

Inc.

9,253,863

241,865

Dayforce,

Inc.

a

14,107,985

174,711

Enerpac

Tool

Group

Corporation

7,837,536

230,967

ExlService

Holdings,

Inc.

a

10,903,952

605,601

Gates

Industrial

Corporation

plc

a

11,149,114

325,540

Helios

Technologies,

Inc.

10,446,579

43,328

IES

Holdings,

Inc.

a

7,153,886

283,382

Knight-Swift

Transportation

Holdings,

Inc.

12,324,283

162,821

Korn

Ferry

11,044,148

74,302

Landstar

System,

Inc.

11,160,160

878,241

Masterbrand,

Inc.

a

11,469,827

113,183

Miller

Industries,

Inc.

4,795,564

68,896

Moog,

Inc.

11,943,122

222,061

Robert

Half,

Inc.

12,113,428

469,244

Schneider

National,

Inc.

10,722,225

160,131

Timken

Company

11,508,615

169,818

Trex

Company,

Inc.

a

9,866,426

106,778

UFP

Industries,

Inc.

11,429,517

240,863

WNS

Holdings,

Ltd.

a

14,810,666

Total

247,811,851

Information

Technology  10.7%

151,068

Ciena

Corporation

a

9,129,039

530,133

Cohu,

Inc.

a

7,798,256

227,325

Crane

NXT

Company

11,684,505

63,992

Fabrinet

a

12,639,060

311,132

JFrog,

Ltd.

a

9,956,224

50,534

Littelfuse,

Inc.

9,942,059

44,005

Onto

Innovation,

Inc.

a

5,339,567

188,827

Pegasystems,

Inc.

13,127,253

56,306

Plexus

Corporation

a

7,214,488

732,158

TTM

Technologies,

Inc.

a

15,016,561

48,631

Varonis

Systems,

Inc.

a

1,967,124

Total

103,814,136

Materials  6.0%

176,780

Greif,

Inc.

9,721,132

239,758

Ingevity

Corporation

a

9,492,019

833,633

Ivanhoe

Mines,

Ltd.

a,b

7,078,973

290,297

Olin

Corporation

7,036,799

1,320,280

Tronox

Holdings

plc

9,294,771

20,313

United

States

Lime

&

Minerals,

Inc.

1,795,263

184,174

West

Fraser

Timber

Company,

Ltd.

14,170,348

Total

58,589,305

Real

Estate  5.9%

185,106

Agree

Realty

Corporation

14,288,332

1,047,614

Cushman

and

Wakefield

plc

a

10,706,615

466,432

National

Storage

Affiliates

Trust

18,377,421

214,576

Terreno

Realty

Corporation

13,565,495

Total

56,937,863

Utilities  2.7%

102,558

Northwestern

Energy

Group,

Inc.

5,935,031

212,283

Portland

General

Electric

Company

9,467,822

Small

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

344

Shares

Common

Stock  99.5%

Value

Utilities  2.7%

-

continued

138,037

Spire,

Inc.

$

10,801,395

Total

26,204,248

Total

Common

Stock

(cost

$928,188,381)

964,545,721

Shares

Collateral

Held

for

Securities

Loaned

0.3%

Value

2,730,880

Thrivent

Cash

Management

Trust

2,730,880

Total

Collateral

Held

for

Securities

Loaned

(cost

$2,730,880)

2,730,880

Shares

or

Principal

Amount

Short-Term

Investments

0.5%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

5,425,019

4.293%

c

5,425,019

Total

Short-Term

Investments

(cost

$5,425,019)

5,425,019

Total

Investments

(cost

$936,344,280)

100.3%

$972,701,620

Other

Assets

and

Liabilities,

Net

(0.3%)

(3,160,743)

Total

Net

Assets

100.0%

$969,540,877

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

The

interest

rate

shown

reflects

the

yield.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Small

Cap

Stock

Portfolio

as

of

March

31,

2025:

Securities

Lending

Transactions

Common

Stock

$

1,847,797

Total

lending

$1,847,797

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$2,730,880

Net

amounts

due

to

counterparty

$883,083

Definitions:

plc

-

Public

Limited

Company

Small

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

345

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Small

Cap

Stock

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

13,685,863

13,685,863

–

–

Consumer

Discretionary

113,552,512

109,178,283

4,374,229

–

Consumer

Staples

45,657,201

45,657,201

–

–

Energy

35,698,491

35,698,491

–

–

Financials

158,252,192

158,252,192

–

–

Health

Care

104,342,059

104,342,059

–

–

Industrials

247,811,851

232,823,187

14,988,664

–

Information

Technology

103,814,136

103,814,136

–

–

Materials

58,589,305

51,510,332

7,078,973

–

Real

Estate

56,937,863

56,937,863

–

–

Utilities

26,204,248

26,204,248

–

–

Short-Term

Investments

5,425,019

5,425,019

–

–

Subtotal

Investments

in

Securities

$969,970,740

$943,528,874

$26,441,866

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

2,730,880

Subtotal

Other

Investments

$2,730,880

Total

Investments

at

Value

$972,701,620

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Small

Cap

Stock

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$31,227

$19,233

$50,460

$–

–

–

Total

Affiliated

Short-Term

Investments

31,227

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

5,285

9,867

12,421

2,731

2,731

0.3%

Total

Collateral

Held

for

Securities

Loaned

5,285

2,731

0.3

Total

Value

$36,512

$2,731

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

$–

$–

$

–

$38

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$38

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

3

Total

Affiliated

Income

from

Securities

Loaned,

Net

$3

Total

Value

$–

$–

$

–

Notes

to

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

346

SIGNIFICANT

ACCOUNTING

POLICIES

Valuation

of

Investments

—

The

Portfolios

record

their

investments

at

fair

value

using

market quotations

when

they

are

readily

available

pursuant

to Rule

2a-5. 

The

Portfolios'

investments

are

recorded

at

fair value

determined

in

good

faith

when

market

quotations

are

not

readily

available. 

Securities

traded

on

U.S.

or

foreign

securities

exchanges

or

included

in

a

national

market

system

are

valued

at

the last

sale price

on

the

principal exchange as

of the

close

of

regular

trading

on

such

exchange

or

the

official

closing

price

of

the

national

market

system. 

Over-the-counter

securities

and

listed

securities

for

which

no

price

is

readily

available

are

valued

at

the

current

bid

price

considered

best

to

represent

the

value

at

that

time. 

Security

prices

are

based

on

quotes

that

are

obtained

from

an

independent

pricing

service

approved

by

the

Fund's

Board

of

Directors

(the

“Board”).

The

pricing

service,

in

determining

values

of

fixed-income

securities,

takes

into

consideration

such

factors

as

current

quotations

by

broker/dealers,

coupon,

maturity,

quality,

type

of

issue,

trading

characteristics,

and

other

yield

and

risk

factors

it

deems

relevant

in

determining

valuations.

Securities

which

cannot

be

valued

by

the

approved

pricing

service

are

valued

using

valuations obtained from dealers

that

make

markets

in

the

securities.

Exchange-listed

options and

futures

contracts

are

valued

at

the

primary

exchange

settle

price. 

Exchange

cleared

swap

agreements

are

valued at the

clearinghouse

end

of

day

price. Swap

agreements

not

cleared

on

exchanges

will

be

valued

using

the

mid-price

from

the

primary

approved

pricing

service.  Forward

foreign

currency

exchange

contracts

are

marked-to-market

based

upon

foreign

currency

exchange rates

provided

by the

pricing

service. 

Investments

in

open-ended

mutual

funds

are

valued

at

their

net

asset

value

at

the

close

of

each

business

day.

Thrivent

Money

Market seeks

to

maintain

a

stable

net

asset

value

of

$1.00

per

share,

pursuant

to

procedures

established

by

the

Board,

and

generally

utilizes

the

amortized

cost

method.

Valuing

securities

held

by

Money

Market

on

the

basis

of

amortized

cost

(which

approximates

market

value)

involves

a

constant

amortization

of

premium

or

accretion

of

discount

to

maturity.

Money

Market

will

not

value

a

security

at

amortized

cost,

but

will

instead

make

a

fair

value

determination

of

each

security,

if

it

determines

that

amortized

cost

is

not

approximately

the

same

as

the

fair

value

of

the

security.

The

Board

has

chosen the

Portfolios'

Investment

Adviser

as

the

valuation

designee,

responsible

for

daily

valuation

of

the

Portfolios'

securities. 

The

Adviser

has

formed

a

Valuation

Committee

(the

“Committee”)

that

is

responsible

for

overseeing

the

Portfolios’

valuation

policies

in

accordance

with

Valuation

Policies

and

Procedures. 

The

Committee

meets

on

a

monthly

and

on

an

as-

needed

basis

to

review

price

challenges,

price

overrides,

stale

prices,

shadow

prices,

manual

prices,

money

market

pricing,

international

fair

valuation,

and

other

securities

requiring

fair

valuation.

Certain Portfolios

may

invest

in

Private

Equity Funds

("Private

Funds"),

which

are

fair

valued

by

the

Portfolios

pursuant

to

valuation

procedures

designed

by

the

Committee. Private

Funds

are

typically

valued

at

an

amount

equal

to

the

Net

Asset

Value

(NAV)

of

a

portfolio's

investment

in

the Private

Fund

when

this

information

is

readily

available

to

the

portfolio.

This

is

commonly

referred

to

as

using

the

NAV

as

a

practical

expedient,

which

allows

for

the

estimation

of

the

fair

value

of

an

investment

in

an

investment

company

based

on

the

NAV

of

the

investment

company,

if

it

is

calculated

in

a

manner

consistent

with

ASC

946.

The

Committee

has

determined

that

for

the Private

Funds

held

by

the

Portfolios,

if

the

NAV

of

the Private

Fund

is

not

readily

available

for

the

daily

pricing

needs

of

the

Portfolios,

the

Committee,

pursuant

to

the

valuation

procedures,

will

adjust

the

daily

value

of

the Private

Fund

via

a

model

utilizing

unobservable

inputs.

The

Committee

monitors

for

significant

events

occurring

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

that

could

have

a

material

impact

on

the

value

of

any

securities

that

are

held

by

the

Portfolios. 

Examples

of

such

events

include

trading

halts,

national

news/events,

and

issuer-specific

developments. 

If

the

Committee

decides

that

such

events

warrant

using

fair

value

estimates,

the

Committee

will

take

such

events

into

consideration

in

determining

the

fair

value

of

such

securities. 

If

market

quotations

or

prices

are

not

readily

available

or

determined

to

be

unreliable,

the

securities

will

be

valued

at

fair

value

as

determined

in

good

faith

pursuant

to

procedures

adopted

by

the

Board.

In

accordance

with U.S.

Generally

Accepted

Accounting

Principles

(“GAAP”),

the

various

inputs

used

to

determine

the

fair

value

of

the

Portfolios’

investments

are

summarized

in

three

broad

levels.

Level

1

includes

quoted

prices

in

active

markets

for

identical

securities;

typically included

in

this

level

are

U.S.

equity

securities,

futures, options

and

registered

investment

company

funds.

Level

2

includes

other

significant

observable

inputs

such

as

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds

and

credit

risk;

typically

included

in

this

level

are

fixed

income

securities,

international securities,

swaps

and

forward

contracts.

Level

3

includes

significant

unobservable

inputs

such

as

the

Adviser’s

own

assumptions

and

broker

evaluations

in

determining

the

fair

value

of

investments.

The

valuation

levels

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

these

securities

or

other

investments. 

Investments

measured

using

net

asset

value

per

share

as

a

practical

expedient

for

fair

value

and

that

are

not

publicly

available-for-sale are

not

categorized

within

the

fair

value

hierarchy. 

Valuation

of

International

Securities 

—

The

Portfolios

value

certain

foreign

securities

traded

on

foreign

exchanges

that

close

prior

to

the

close

of

the

New

York

Stock

Exchange

using

a

fair

value

pricing

service. 

The

fair

value

pricing

service

uses

a

multi-factor

model

that

may

take

into

account

the

local

close,

relevant

general

and

sector

indices,

currency

fluctuation,

prices

of

other

securities

(including

ADRs,

New

York

registered

shares,

and

ETFs),

and

futures,

as

applicable,

to

determine

price

adjustments

for

each

Notes

to

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

347

security

in

order

to

reflect

the

effects

of

post-closing

events. 

The

Board

has

authorized

the

Adviser

to

make

fair

valuation

determinations

pursuant

to

policies

approved

by

the

Board.

Foreign

Currency

Translation

—

The

accounting

records

of

each

Portfolio

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

that

are

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

daily

closing

rates

of

exchange.

Foreign

currency

amounts

related

to

the

purchase

or

sale

of

securities

and

income

and

expenses

are

translated

at

the

exchange

rate

on

the

transaction

date.

Net

realized

and

unrealized

currency

gains

and

losses

are

recorded

from

closed currency

contracts,

disposition

of foreign

currencies,

exchange

gains

or

losses

between

the

trade

date

and

settlement

date

on

securities

transactions,

and

other

translation

gains

or

losses

on

dividends,

interest

income

and

foreign

withholding

taxes.

The

Portfolios

do

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement

of

Operations.

For

federal

income

tax

purposes,

the

Portfolios

treat

the

effect

of

changes

in

foreign

exchange

rates

arising

from

actual

foreign

currency

transactions

and

the

changes

in

foreign

exchange

rates

between

the

trade

date

and

settlement

date

as

ordinary

income.

Foreign

Denominated

Investments

—

Foreign

denominated

assets

and

currency

contracts

may

involve

more

risks

than

domestic

transactions

including

currency

risk,

political

and

economic

risk,

regulatory

risk,

and

market

risk.

Certain

Portfolios

may

also

invest

in

securities

of

companies

located

in

emerging

markets.

Future

economic

or

political

developments

could

adversely

affect

the

liquidity

or

value,

or

both,

of

such

securities.

Derivative

Financial

Instruments

—

Each

of

the

Portfolios,

with

the

exception

of

the Money

Market,

may

invest

in

derivatives,

a

category

that

includes

options,

futures,

swaps,

foreign

currency

forward

contracts and

hybrid

instruments.

Derivatives

are

financial

instruments

whose

value

is

derived

from

another

security,

an

index

or

a

currency.

Each

applicable Portfolio

may

use

derivatives

for

hedging

(attempting

to

offset

a

potential

loss

in

one

position

by

establishing

an

interest

in

an

opposite

position).

This

includes

the

use

of

currency-based

derivatives

to

manage

the

risk

of

its

positions

in foreign

securities.

Each

applicable

Portfolio

may

also

use

derivatives

for

replication

of

a

certain

asset

class

or

speculation

(investing

for

potential

income

or

capital

gain).

These

contracts

may

be

transacted

on

an

exchange

or

over-the-counter

("OTC").

A

derivative

may

incur

a loss

if

the

value

of

the

derivative

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

derivative.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

derivative

contract.

A

Portfolio’s

risk

of

loss

from

the

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

such

Portfolio.

With

exchange

traded

futures

and

centrally

cleared

swaps,

there

is

minimal

counterparty

credit

risk

to

the

Portfolios

because

the

exchange’s

clearinghouse,

as

counterparty

to

such

derivatives,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

derivative;

thus,

the

credit

risk

is

limited

to

the

failure

of

the

clearinghouse.

However,

credit

risk

still

exists

in

exchange

traded

futures

and

centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

broker’s

customer

accounts.

While

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

broker

for

all

its

clients,

U.S.

bankruptcy

laws

will

typically

allocate

that

shortfall

on

a

pro-rata

basis

across

all

of the

broker’s

customers,

potentially

resulting

in

losses to

the

Portfolios.

Using

derivatives

to

hedge

can

guard

against

potential

risks,

but

it

also

adds

to

the

Portfolios’

expenses

and

can

eliminate

some

opportunities

for

gains.

In

addition,

a

derivative

used

for

mitigating

exposure

or

replication

may

not

accurately

track

the

value

of

the

underlying

asset.

Another

risk

with

derivatives

is

that

some

types

can

amplify

a

gain

or

loss,

potentially

earning

or

losing

substantially

more

money

than

the

actual

cost

of

the

derivative.

In

order

to

define

their

contractual

rights

and

to

secure

rights

that

will

help

the

Portfolios

mitigate

their

counterparty

risk,

the

Portfolios

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

a

Portfolio

and

a

counterparty

that

governs

OTC

derivatives

and

foreign

exchange

contracts

and

typically

includes,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

each

Portfolio

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivatives'

payables

and/

or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

a

default

(close-out

netting)

including

the

bankruptcy

or

insolvency

of

the

counterparty.

Note,

however,

that

bankruptcy

and

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

and

margin

requirements

vary

by

type

of

derivative.

Margin

requirements

are

established

by

the

broker

or

clearinghouse

for

exchange

traded

and

centrally

cleared

derivatives

(futures,

options,

and

centrally

cleared

swaps).

Brokers

can

ask

for

margining

in

excess

of

the

minimum requirements

in

certain

situations.

Collateral

terms

are

contract

specific

for

OTC

derivatives

(foreign

currency

exchange

contracts,

options,

and swaps).

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark

to

market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Portfolio

and

the

counterparty.

Notes

to

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

348

For

financial

reporting

purposes,

non-cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Portfolio

has

been

noted

in

the

Schedule

of

Investments.

To

the

extent

amounts

due

to a

Portfolio

from

its

counterparties

are

not

fully

collateralized,

contractually

or

otherwise,

the

Portfolio

bears

the

risk

of

loss

from

counterparty

nonperformance.

The

Portfolios

attempt

to

mitigate

counterparty

risk

by

only

entering

into

agreements

with

counterparties

that

they

believe

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Options

—

All

Portfolios,

with

the

exception

of

the Money

Market,

may

buy

put

and

call

options

and

write

put

and

covered

call

options.

The

Portfolios

intend

to

use

such

derivative

instruments

as

hedges

to

facilitate

buying

or

selling

securities

or

to

provide

protection

against

adverse

movements

in

security

prices

or

interest

rates.

The

Portfolios

may

also

enter

into

options

contracts

to

protect

against

adverse

foreign

exchange

rate

fluctuations.

Option

contracts

are

valued

daily

and

unrealized

appreciation

or

depreciation

is

recorded.

A

Portfolio

will

realize

a

gain

or

loss

upon

expiration

or

closing

of

the

option

transaction.

When

an

option

is

exercised,

the

proceeds

upon

sale

for

a

written

call

option

or

the

cost

of

a

security

for

purchased

put

and

call

options

is

adjusted

by

the

amount

of

premium

received

or

paid.

Buying

put

options

tends

to

decrease

a

Portfolio’s

exposure

to

the

underlying

security

while

buying

call

options

tends

to

increase

a

Portfolio’s

exposure

to

the

underlying

security.

The

risk

associated

with

purchasing

put

and

call

options

is

limited

to

the

premium

paid.

There

is

no

significant

counterparty

risk

on

exchange-traded

options

as

the

exchange

guarantees

the

contract

against

default.

Writing

put

options

tends

to

increase

a

Portfolio’s

exposure

to

the

underlying

security

while

writing

call

options

tends

to

decrease

a

Portfolio’s

exposure

to

the

underlying

security.

The

writer

of

an

option

has

no

control

over

whether

the

underlying

security

may

be

bought

or

sold,

and

therefore

bears

the

market

risk

of

an

unfavorable

change

in

the

price

of

the

underlying

security.

The

counterparty

risk

for

purchased

options

arises

when

the

Portfolio

has

purchased

an

option,

exercises

that

option,

and

the

counterparty

doesn’t

buy

from

the

Portfolio

or

sell

to

the

Portfolio

the

underlying

asset

as

required.

In

the

case

where

the

Portfolio

has

written

an

option,

the

Portfolio

doesn’t

have

counterparty

risk.

Counterparty

risk

on

purchased

over-the-

counter

options

is

partially

mitigated

by

the

Portfolio’s

collateral

posting

requirements.

As

the

option

increases

in

value

to

the

Portfolio,

the

Portfolio

receives

collateral

from

the

counterparty.

Risks

of

loss

may

exceed

amounts

recognized

on

the

Statement

of

Assets

and

Liabilities.

During

the three

months

ended March

31,

2025,

no

Portfolios

engaged

in

options. 

Futures

Contracts

—

All

Portfolios, with

the

exception

of

the

Money

Market, may

use

futures

contracts

to

manage

the

exposure

to

interest

rate

and

market

or

currency

fluctuations.

Gains

or

losses

on

futures

contracts

can

offset

changes

in

the

yield

of

securities.

When

a

futures

contract

is

opened,

cash

or

other

investments

equal

to

the

required

“initial

margin

deposit”

are

held

on

deposit

with

and

pledged

to

the

broker.

Additional

securities

held

by

the

Portfolios

may

be

earmarked

to

cover

open

futures

contracts. A

futures

contract’s

daily

change

in

value

(“variation

margin”)

is

either

paid

to

or

received

from

the

broker,

and

is

recorded

as

an

unrealized

gain

or

loss.

When

the

contract

is

closed,

realized

gain

or

loss

is

recorded

equal

to

the

difference

between

the

value

of

the

contract

when

opened

and

the

value

of

the

contract

when

closed.

Futures

contracts

involve,

to

varying

degrees,

risk

of

loss

in

excess

of

the

variation

margin

disclosed

in

the

Statement

of

Assets

and

Liabilities.

Exchange-traded

futures

have

no

significant

counterparty

risk

as

the

exchange

guarantees

the

contracts

against

default.

During

the three

months

ended

March

31,

2025,

Aggressive

Allocation,

Balanced

Income

Plus,

Diversified

Income

Plus, Government

Bond, Income, Moderate

Allocation,

Moderately

Aggressive

Allocation,

Moderately

Conservative

Allocation, and Opportunity

Income

Plus used

treasury

futures

to

manage

the

duration

and

yield

curve

exposure

of

the

respective

Portfolio

versus its

benchmark.

During

the three

months

ended

March

31,

2025,

Aggressive

Allocation,

Balanced

Income

Plus,

Diversified

Income

Plus, Emerging

Markets

Equity,

ESG

Index, Global

Stock, International

Allocation,

International

Index,

Large

Cap Index, Mid

Cap

Index,

Moderate

Allocation,

Moderately

Aggressive

Allocation,

Moderately

Conservative

Allocation,

Real

Estate

Securities,

and

Small

Cap

Index used

equity

futures

to

manage

exposure

to

the

equities

market.

During

the three

months

ended

March

31,

2025,

Aggressive

Allocation,

Balanced

Income

Plus,

Diversified

Income

Plus,

Global

Stock,

International

Allocation,

Moderate

Allocation,

Moderately

Aggressive

Allocation,

and

Moderately

Conservative

Allocation

used

foreign

exchange

futures

to

hedge

the

currency

risk.

Foreign

Currency

Forward

Contracts 

—

In

connection

with

purchases

and

sales

of

securities

denominated

in

foreign

currencies,

all

Portfolios,

with

the

exception

of

the Money

Market,

may

enter

into

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 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

Notes

to

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

349

contracts

are

over-the-counter

and a

Portfolio

is

exposed

to

counterparty

risk

equal

to

the

discounted

net

amount

of

payments

to

the

Portfolio.

During

the

three

months

ended March

31,

2025,

no

Portfolios

engaged

in

foreign

currency

forward

contracts. 

Swap

Agreements

—

All

Portfolios,

with

the

exception

of

the

Money

Market,

may enter

into

swap

transactions,

which

involve

swapping

one

or

more

investment

characteristics

of

a

security

or

a

basket

of

securities

with

another

party.

Such

transactions

include

market

risk,

risk

of

default

by

the

other

party

to

the

transaction,

risk

of

imperfect

correlation

and

manager

risk

and

may

involve

commissions

or

other

costs.

Swap

transactions

generally

do

not

involve

delivery

of

securities,

other

underlying

assets

or

principal.

Accordingly,

the

risk

of

loss

with

respect

to

swap

transactions

is

generally

limited

to

the

net

amount

of

payments

that

the

Portfolio

is

contractually

obligated

to

make,

or

in

the

case

of

the

counterparty

defaulting,

the

net

amount

of

payments

that

the

Portfolio

is

contractually

entitled

to

receive.

Risks

of

loss

may

exceed

amounts

recognized

on

the

Statement

of

Assets

and

Liabilities.

If

there

is

a

default

by

the

counterparty,

the

Portfolio

may

have

contractual

remedies

pursuant

to

the

agreements

related

to

the

transaction.

The

contracts

are

valued

daily

and

unrealized

appreciation

or

depreciation

is

recorded.

Swap

agreements

are

valued

at

the

clearinghouse

end

of

day

prices

as

furnished

by

an

independent

pricing

service.

The

pricing

service

takes

into

account

such

factors

as

swap

curves,

default

probabilities,

recent

trades,

recovery

rates

and

other

factors

it

deems

relevant

in

determining

valuations.

Daily

fluctuations

in

the

value

of

the

centrally

cleared

credit

default

contracts

are

recorded

in

variation

margin

in

the

Statement

of

Assets

and

Liabilities

and

recorded

as

unrealized

gain

or

loss. 

The

Portfolio

accrues

for

the

periodic

payment

and

amortizes

upfront

payments,

if

any,

on

swap

agreements

on

a

daily

basis

with

the

net

amount

recorded

as

realized

gains

or

losses

in

the

Statement

of

Operations.

Receipts

and

payments

received

or

made

as

a

result

of

a

credit

event

or

termination

of

the

contract

are

also

recognized

as

realized

gains

or

losses

in

the

Statement

of

Operations.

Collateral,

in

the

form

of

cash

or

securities,

may

be

required

to

be

held

with

the

Portfolio’s

custodian,

or

a

third

party,

in

connection

with

these

agreements.

Certain swap

agreements

are

over-the-counter. In

these

types

of transactions,

the

Portfolio

is

exposed

to

counterparty

risk,

which

is

the

discounted

net

amount

of

payments

owed

to

the

Portfolio.

This

risk

is

partially

mitigated

by

the

Portfolio’s

collateral

posting

requirements.

As

the

swap

increases

in

value

to

the

Portfolio,

the

Portfolio

receives

collateral

from

the

counterparty. 

Certain

interest

rate

and

credit

default

index

swaps

must

be

cleared

through

a

clearinghouse

or

central

counterparty.

Credit

Default

Swaps

—

A

credit

default

swap

("CDS")

is

a

swap

agreement

between

two

parties

to

exchange

the

credit

risk

of

a

particular

issuer,

basket

of

securities

or

reference

entity.

In

a

CDS

transaction,

a

buyer

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

The

seller

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

CDS

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

A

buyer

of

a

CDS

is

said

to

buy

protection

whereas

a

seller

of

a

CDS

is

said

to

sell

protection.

The

Portfolios

may

be

either

the

protection seller

or

the

protection

buyer.

Certain

Portfolios

enter

into

credit

default

derivative

contracts

directly

through

CDSs or

through

credit

default

swap

indices

("CDX

Indices").

CDX

indices

are

static

pools

of

equally

weighted

CDSs

referencing

corporate

bonds

and/or

loans

designed

to increase

or

decrease diversified

credit

exposure

to

these

asset

classes.

Portfolios

sell

default

protection

and

assume

long-risk

positions

in

individual

credits

or

indices.

Index

positions

are

entered

into

to

gain

exposure

to

the

corporate

bond

and/or

loan

markets

in

a

cost-efficient

and

diversified

structure.

In

the

event

that

a

position

defaults,

by

going

into

bankruptcy

and

failing

to

pay

interest

or

principal

on

borrowed

money,

within

any

CDX

Indices

held,

the

maximum

potential

amount

of

future

payments

required

would

be

equal

to

the

pro-rata

share

of

that

position

within

the

index

based

on

the

notional

amount

of

the

index.

In

the

event

of

a

default

under

a

CDS

contract,

the

maximum

potential

amount

of

future

payments

would

be

the

notional

amount.

Portfolios

buy

default

protection

in

order

to reduce

their

overall

credit

exposure

to

the

corporate

bond

and/or

loan

markets

in

a

cost-efficient

and

diversified

structure. 

If

a

default

event

as

specified

in

the

CDS

reference

entity

agreement

occurs,

the

Portfolio

has

the

option

to

receive

a

cash

payment

in

exchange

for

the

credit

loss

of

the

reference

entity

obligation

as

of

the

date

of

the

credit

event. A

realized

gain

or

loss

is

recorded

upon

a

default

event

or

the

maturity

or

termination

of

the

CDS

agreement.   

For

CDS,

the

default

events

could

be

bankruptcy

and

failing

to

pay

interest

or

principal

on

borrowed

money

or

a

restructuring.

A

restructuring

is

a

change

in

the

underlying

obligations

which

could

include

a

reduction

in

interest

or

principal,

maturity

extension and

subordination

to

other

obligations.

During

the three

months

ended

March

31,

2025, Balanced

Income

Plus,

Diversified

Income

Plus,

and

Opportunity

Income

Plus

used

CDX

Indices

(comprised

of

CDSs)

to

help

manage

credit

risk

exposure

within

the

Portfolio.

Total Return Swaps

—

A

total return

swap

is

a

swap

agreement

between

two

parties

to

exchange

the

total

return

of

a

particular

reference

asset. 

A

total

return

swap

involves

commitments

to

pay

interest

in

exchange

for

a

marked

linked

return

based

on

a

notional

amount. 

To

the

extent

that

the

total

return

of

the

security,

group

of

securities,

or

index

underlying

the

transactions

exceeds

or

falls

short

of

the

offsetting

interest

obligation,

the

Portfolios

will

Notes

to

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

350

receive

a

payment

from

or

make

a

payment

to

the

counterparty. 

The

Portfolios

may

take

a

"long"

or

"short"

position

with

respect

to

the

underlying

referenced

asset. 

During

the three

months

ended March

31,

2025, Aggressive

Allocation,

Balanced

Income

Plus,

Diversified

Income

Plus, Global

Stock, Moderate

Allocation,

Moderately

Aggressive

Allocation,

and

Moderately

Conservative

Allocation used total return

swaps to

achieve

exposure

to

asset

classes

where

liquid

future

contracts

do

not

exist or

where

pricing

of

the

swap

contract

is

more

attractive

than

the

futures

contract. 

For

financial

reporting

purposes,

the

Portfolios

do

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements

in

the

Statement

of

Assets

and

Liabilities.

Bank Loans

(Leveraged Loans) 

—

Certain

Portfolios

may

invest

in

bank

loans,

which

are

senior

secured

loans

that

are

made

by

banks

or

other

lending

institutions

to

companies

that

are

typically

rated

below

investment

grade. 

A

Portfolio

may

invest

in

multiple

series

or

tranches

of

a

bank

loan,

with

varying

terms

and

different

associated

risks. 

Transactions

in

bank

loan

securities

may

settle

on

a

delayed

basis,

which

may

result

in

the

proceeds

of

the

sale

to

not

be

readily

available

for

a

Portfolio

to

make

additional

investments. 

Interest

rates

of

bank

loan

securities

typically

reset

periodically,

as

the

rates

are

tied

to

a

reference

index

rate, plus

a

premium. 

Income

is

recorded

daily

on

bank

loan

securities. 

On

an

ongoing

basis,

a

Portfolio

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

of

the

bank

loan. 

This

commitment

fee

is

accrued

as

income

over

the

term

of

the

bank

loan. 

A

Portfolio

may

receive

consent

and

amendment

fees

for

accepting

an

amendment

to

the

current

terms

of

a

bank

loan. 

Consent

and

amendment

fees

are

accrued

as

income

when

the

changes

to

the

bank

loan

are

immaterial

and

to

capital

when

the

changes

are

material.

All

or

a

portion

of

these

bank

loan

commitments may

be

unfunded.

A

Portfolio

is

obligated

to

fund

these

commitments

at

the

borrower’s

discretion.

Therefore,

the

Portfolio

must

have

funds

sufficient

to

cover

its

contractual

obligation.

These

unfunded

bank

loan

commitments,

which

are

marked-to-market

daily,

are

presented

in

the

Schedule

of

Investments

and

included

in

Payable

for

investments

purchased

on

a

delayed-delivery

basis

on

the

Statement

of

Assets

and

Liabilities.

Private

Equity

Funds

— 

Typically,

when

a

Portfolio

invests

in

a

Private

Equity

Fund, it

makes

a

commitment

to

invest

a

specified

amount

of

capital

in

the

applicable

Private

Equity

Fund.

The

capital

commitment

may

be

drawn

by

the

general

partner

of

the

Private

Equity

Fund

either

all

at

once

or

through

a

series

of

capital

calls

at

the

discretion

of

the

general

partner.

Thus,

an

unfunded

capital

commitment

represents

the

portion

of

the

Portfolio’s

overall

capital

commitment

that

has

not

yet

been

called

by

the

general

partner.

Unfunded

commitments

may

subject

the Portfolio

to

certain

risks.

For

example,

the Portfolio

may

be

required

to:

liquidate

other

portfolio

investments,

potentially

at

inopportune

times,

to

obtain

the

cash

needed

to

satisfy

its

obligations

with

respect

to

a

capital

call

or

borrow

under

a

credit

facility

which

may

result

in

additional

expenses

to

the

Portfolio.

Management

recognizes

these

risks

as

potentially

detrimental

to

the

overall

strategy

and

so

the

Fund

will

generally

maintain

with

its

custodian

cash

and/or,

liquid

investments

having

an

aggregate

value

at

least

equal

to

the

par

value

of

unfunded

capital

commitments. 

As

of

March

31,

2025, private

equity capital

commitments

were

as

follows:

Additional

information

for

the

Portfolio's

policy

regarding

valuation

of

investments

and

other

significant

accounting

policies

can

be

obtained

by

referring

to

the

Portfolio's

most

recent

annual

or

semiannual

shareholder

report.

Portfolio

Total

Commitments

Unfunded

Commitments

Percent

Funded

Aggressive

Allocation

$120,000,000

$85,974,554

28.35%

Moderate

Allocation

278,500,000

201,888,233

27.51%

Moderately

Aggressive

Allocation

226,500,000

164,394,452

27.42%

Moderately

Conservative

Allocation

85,000,000

61,956,911

27.11%