Income Portfolio

Income Portfolio Schedule of Investments as of September 30, 2019 (unaudited) Principal Principal Amount Bank Loans (1.3%)a Value Amount Bank Loans (1.3%)a Value Basic Materials (<0.1%) Communications Services (0.3%) - continued Ball Metalpack Finco, LLC, Term Windstream Services, LLC, Term Loan Loan 6.624%, (LIBOR 3M + 10.000%, (PRIME + 5.000%), $98,750 4.500%), 7/31/2025b $92,578 $248,097 3/30/2021b,d $251,455 Big River Steel, LLC, Term Loan Total 5,118,964 7.104%, (LIBOR 3M + 5.000%), 240,100 8/23/2023b,c 237,699 Consumer Cyclical (0.2%) MRC Global (US), Inc., Term Loan Cengage Learning, Inc., Term Loan 5.044%, (LIBOR 1M + 6.294%, (LIBOR 1M + 256,090 3.000%), 9/22/2024b 256,090 223,898 4.250%), 6/7/2023b 211,397 Total 586,367 Golden Entertainment, Inc., Term Loan Capital Goods (0.1%) 5.060%, (LIBOR 1M + Advanced Disposal Services, Inc., 593,475 3.000%), 10/20/2024b,c 594,959 Term Loan Golden Nugget, LLC, Term Loan 4.197%, (LIBOR 1W + 2.250%), 4.800%, (LIBOR 1M + 447,648 11/10/2023b 448,826 478,928 2.750%), 10/4/2023b,e,f 478,081 GFL Environmental, Inc., Term Loan Scientific Games International, Inc., 5.044%, (LIBOR 1M + Term Loan 668,233 3.000%), 5/31/2025b 662,266 4.876%, (LIBOR 1M + 2.750%), Sotera Health Holdings, LLC, Term 886,500 8/14/2024b 878,193 Loan Stars Group Holdings BV, Term Loan 5.044%, (LIBOR 1M + 5.604%, (LIBOR 3M + 318,630 3.000%), 5/15/2022b 314,647 185,036 3.500%), 7/10/2025b 185,730 Vertiv Group Corporation, Term Loan Tenneco, Inc., Term Loan 6.044%, (LIBOR 1M + 5.044%, (LIBOR 1M + 629,599 4.000%), 11/15/2023b 598,119 297,750 3.000%), 10/1/2025b 279,141 Total 2,023,858 Total 2,627,501

Communications Services (0.3%) Consumer Non-Cyclical (0.3%) Altice France SA, Term Loan Air Medical Group Holdings, Inc., 4.794%, (LIBOR 1M + Term Loan 195,500 2.750%), 7/31/2025b 190,429 5.307%, (LIBOR 1M + CenturyLink, Inc., Term Loan 776,175 3.250%), 4/28/2022b 724,916 4.794%, (LIBOR 1M + 6.294%, (LIBOR 1M + 742,207 2.750%), 1/31/2025b 736,848 191,588 4.250%), 3/14/2025b 179,054 Frontier Communications Amneal Pharmaceuticals, LLC, Term Corporation, Term Loan Loan 5.800%, (LIBOR 1M + 5.563%, (LIBOR 1M + 439,875 3.750%), 6/15/2024b 438,463 345,544 3.500%), 5/4/2025b 293,712 HCP Acquisition, LLC, Term Loan Bausch Health Companies, Inc., 5.044%, (LIBOR 1M + Term Loan 352,637 3.000%), 5/16/2024b 352,020 5.039%, (LIBOR 1M + Intelsat Jackson Holdings SA, Term 503,866 3.000%), 6/1/2025b 505,705 Loan Endo International plc, Term Loan 5.804%, (LIBOR 1M + 6.313%, (LIBOR 1M + 300,000 3.750%), 11/27/2023b 300,657 530,503 4.250%), 4/27/2024b 481,930 Liberty Cablevision of Puerto Rico, JBS USA LUX SA, Term Loan LLC, Term Loan 4.544%, (LIBOR 1M + 5.528%, (LIBOR 1M + 253,725 2.500%), 5/1/2026b 254,783 675,000 3.500%), 1/7/2022b,c 672,469 McGraw-Hill Global Education Sprint Communications, Inc., Term Holdings, LLC, Term Loan Loan 6.044%, (LIBOR 1M + 4.563%, (LIBOR 1M + 671,590 4.000%), 5/4/2022b 630,207 940,875 2.500%), 2/3/2024b 933,527 MPH Acquisition Holdings, LLC, Term TNS, Inc., Term Loan Loan 6.260%, (LIBOR 3M + 4.854%, (LIBOR 3M + 351,887 4.000%), 8/14/2022b 346,697 385,308 2.750%), 6/7/2023b 366,443 Virgin Media Bristol, LLC, Term Loan Plantronics, Inc., Term Loan 4.528%, (LIBOR 1M + 4.544%, (LIBOR 1M + 580,000 2.500%), 1/15/2026b 580,000 539,676 2.500%), 7/2/2025b 538,101 WideOpenWest Finance, LLC, Term Total 3,974,851 Loan 5.294%, (LIBOR 1M + 328,300 3.250%), 8/19/2023b 316,399

The accompanying Notes to Schedule of Investments are an integral part of this schedule. 1 Income Portfolio Schedule of Investments as of September 30, 2019 (unaudited) Principal Principal Amount Bank Loans (1.3%)a Value Amount Long-Term Fixed Income (92.7%) Value Energy (0.1%) Asset-Backed Securities (1.1%) - continued HFOTCO, LLC, Term Loan Shackleton CLO, Ltd. 4.800%, (LIBOR 1M + 3.473%, (LIBOR 3M + 1.170%), $444,375 2.750%), 6/26/2025b $442,989 7/15/2031, Ser. 2015-7RA, Radiate Holdco, LLC, Term Loan $2,150,000 Class A1b,g $2,139,572 5.044%, (LIBOR 1M + Sound Point CLO X, Ltd. 977,456 3.000%), 2/1/2024b 973,008 4.978%, (LIBOR 3M + Total 1,415,997 2.700%), 1/20/2028, Ser. 3,200,000 2015-3A, Class DRb,g 3,111,382 Financials (0.2%) THL Credit Wind River CLO, Ltd. Avolon TLB Borrower 1 US, LLC, Term 5.153%, (LIBOR 3M + Loan 2.850%), 7/15/2028, Ser. 3.794%, (LIBOR 1M + 3,200,000 2016-1A, Class DRb,g 3,111,818 297,259 1.750%), 1/15/2025b 298,174 Total 17,751,331 DTZ U.S. Borrower, LLC, Term Loan 5.294%, (LIBOR 1M + Basic Materials (2.9%) 297,000 3.250%), 8/21/2025b 297,148 Alcoa, Inc. GGP Nimbus, LLC, Term Loan 640,000 5.125%, 10/1/2024 681,600 4.544%, (LIBOR 1M + Anglo American Capital plc 420,750 2.500%), 8/24/2025b 414,704 3,200,000 3.625%, 9/11/2024g 3,298,887 Harland Clarke Holdings Corporation, 2,550,000 4.750%, 4/10/2027g 2,750,419 Term Loan Cleveland-Cliffs, Inc. 6.854%, (LIBOR 3M + 640,000 5.750%, 3/1/2025 628,800 482,046 4.750%), 11/3/2023b 374,791 Dow Chemical Company Level 3 Parent, LLC, Term Loan 1,920,000 3.000%, 11/15/2022 1,956,284 4.294%, (LIBOR 1M + Glencore Funding, LLC 800,000 2.250%), 2/22/2024b 801,168 3,180,000 4.125%, 5/30/2023g 3,332,914 Sable International Finance, Ltd., 2,880,000 4.000%, 3/27/2027g 2,960,851 Term Loan International Paper Company 5.294%, (LIBOR 2M + 2,240,000 3.000%, 2/15/2027h 2,279,618 852,800 3.250%), 1/31/2026b 855,759 Kinross Gold Corporation Tronox Finance, LLC, Term Loan 640,000 5.950%, 3/15/2024 712,352 4.817%, (LIBOR 1M + 2.750%), 3,980,000 4.500%, 7/15/2027 4,173,945 646,762 9/22/2024b 646,187 LyondellBasell Industries NV Total 3,687,931 1,900,000 6.000%, 11/15/2021 2,030,374 Novelis Corporation Technology (0.1%) 640,000 5.875%, 9/30/2026g 671,200 Prime Security Services Borrower, Packaging Corporation of America LLC, Term Loan 2,700,000 2.450%, 12/15/2020 2,705,606 0.000%, (LIBOR 1M + Syngenta Finance NV 495,000 3.250%), 9/23/2026b,e,f 489,511 3,175,000 4.441%, 4/24/2023g 3,318,182 Rackspace Hosting, Inc., Term Loan Teck Resources, Ltd. 5.287%, (LIBOR 3M + 3,270,000 6.125%, 10/1/2035 3,705,316 533,044 3.000%), 11/3/2023b 488,316 Tronox Finance plc Total 977,827 640,000 5.750%, 10/1/2025g 605,280 Vale Overseas, Ltd. Total Bank Loans 869,000 4.375%, 1/11/2022h 897,242 (cost $20,809,139) 20,413,296 1,920,000 6.250%, 8/10/2026 2,212,800 Westlake Chemical Corporation Principal 3,200,000 3.600%, 8/15/2026 3,304,619 Amount Long-Term Fixed Income (92.7%) Value WestRock Company Asset-Backed Securities (1.1%) 1,270,000 3.750%, 3/15/2025 1,337,045 Babson CLO, Ltd. Weyerhaeuser Company 5.178%, (LIBOR 3M + 2.900%), 2,570,000 7.375%, 3/15/2032 3,601,867 7/20/2029, Ser. 2018-3A, Total 47,165,201 3,900,000 Class Db,g 3,645,490 Magnetite XII, Ltd. Capital Goods (3.2%) 3.403%, (LIBOR 3M + Amsted Industries, Inc. 1.100%), 10/15/2031, Ser. 260,000 5.625%, 7/1/2027g 274,300 3,200,000 2015-12A, Class ARRb,g 3,190,186 BAE Systems plc Octagon Investment Partners XVI, 1,970,000 4.750%, 10/11/2021g 2,055,871 Ltd. Bombardier, Inc. 3.703%, (LIBOR 3M + 550,000 7.500%, 3/15/2025g 549,312 1.400%), 7/17/2030, Ser. CNH Industrial Capital, LLC 2,600,000 2013-1A, Class A2Rb,g 2,552,883 2,560,000 4.875%, 4/1/2021 2,650,061

The accompanying Notes to Schedule of Investments are an integral part of this schedule. 2 Income Portfolio Schedule of Investments as of September 30, 2019 (unaudited) Principal Principal Amount Long-Term Fixed Income (92.7%) Value Amount Long-Term Fixed Income (92.7%) Value Capital Goods (3.2%) - continued Communications Services (7.8%) - continued CNH Industrial NV $1,240,000 3.400%, 5/15/2025 $1,294,775 $2,560,000 3.850%, 11/15/2027 $2,638,651 5,120,000 4.250%, 3/1/2027 5,571,677 Crown Cork & Seal Company, Inc. 2,643,000 4.300%, 2/15/2030 2,908,763 640,000 7.375%, 12/15/2026 777,600 3,190,000 4.300%, 12/15/2042 3,330,813 General Electric Capital Corporation British Telecommunications plc 3.119%, (LIBOR 3M + 3,200,000 4.500%, 12/4/2023 3,441,819 3,200,000 1.000%), 3/15/2023b 3,151,350 CCO Holdings, LLC General Electric Company 640,000 5.125%, 2/15/2023 650,400 5,200,000 5.000%, 1/21/2021b,i 4,933,500 640,000 5.500%, 5/1/2026g 670,336 L3Harris Technologies, Inc. Charter Communications Operating, 1,280,000 4.950%, 2/15/2021g 1,315,121 LLC Northrop Grumman Corporation 3,300,000 4.908%, 7/23/2025 3,626,627 2,250,000 3.250%, 1/15/2028 2,361,888 2,475,000 6.484%, 10/23/2045 3,015,776 Owens-Brockway Glass Container, Comcast Corporation Inc. 3,600,000 4.950%, 10/15/2058 4,618,672 1,000,000 5.875%, 8/15/2023g 1,061,250 1,920,000 3.375%, 8/15/2025 2,030,395 Parker-Hannifin Corporation 605,000 6.400%, 5/15/2038 859,065 3,250,000 4.000%, 6/14/2049 3,581,633 3,150,000 4.600%, 10/15/2038 3,774,535 Republic Services, Inc. 3,200,000 4.650%, 7/15/2042 3,832,207 3,170,000 3.550%, 6/1/2022 3,282,131 Cox Communications, Inc. Roper Technologies, Inc. 3,200,000 3.350%, 9/15/2026g 3,305,797 1,920,000 3.125%, 11/15/2022 1,971,298 560,000 4.800%, 2/1/2035g 609,104 2,240,000 3.800%, 12/15/2026 2,394,832 2,405,000 4.700%, 12/15/2042g 2,615,073 Spirit AeroSystems, Inc. Crown Castle International 2.919%, (LIBOR 3M + Corporation 3,200,000 0.800%), 6/15/2021b 3,197,325 960,000 3.400%, 2/15/2021 973,139 Textron, Inc. 4,160,000 5.250%, 1/15/2023 4,538,964 1,280,000 4.300%, 3/1/2024 1,368,687 2,200,000 3.150%, 7/15/2023 2,259,150 630,000 3.875%, 3/1/2025 665,091 Discovery Communications, LLC 2,560,000 3.650%, 3/15/2027 2,671,711 1,830,000 3.500%, 6/15/2022 1,875,258 United Rentals North America, Inc. 1,600,000 4.900%, 3/11/2026 1,778,102 625,000 5.500%, 7/15/2025 650,313 3,300,000 5.300%, 5/15/2049 3,656,577 United Technologies Corporation Fox Corporation 1,925,000 3.950%, 8/16/2025 2,107,354 3,200,000 5.476%, 1/25/2039g 3,930,670 3,825,000 4.450%, 11/16/2038 4,554,032 Frontier Communications 3,850,000 4.625%, 11/16/2048 4,817,953 Corporation Total 53,031,264 260,000 8.000%, 4/1/2027g 274,219 Interpublic Group of Companies, Inc. Collateralized Mortgage Obligations (0.1%) 3,200,000 3.750%, 10/1/2021 3,280,393 Countrywide Alternative Loan Trust Level 3 Financing, Inc. 6.000%, 1/25/2037, Ser. 640,000 5.250%, 3/15/2026 665,504 1,205,256 2006-39CB, Class 1A16 1,202,442 Nexstar Escrow Corporation GMAC Mortgage Corporation Loan 640,000 5.625%, 8/1/2024g 666,144 Trust Omnicom Group, Inc. 2.518%, (LIBOR 1M + 940,000 3.650%, 11/1/2024 989,981 0.500%), 8/25/2035, Ser. Sinclair Television Group, Inc. 247,611 2005-HE1, Class A2b,j 293,795 640,000 5.875%, 3/15/2026g 669,600 IndyMac Seconds Asset-Backed Trust Sprint Corporation 2.358%, (LIBOR 1M + 960,000 7.125%, 6/15/2024 1,034,688 0.340%), 10/25/2036, Ser. Telefonica Emisiones SAU 335,509 2006-2B, Class Ab,j 183,331 1,260,000 4.665%, 3/6/2038 1,386,496 Wachovia Mortgage Loan Trust, LLC Time Warner Cable, Inc. 4.848%, 5/20/2036, Ser. 3,800,000 4.125%, 2/15/2021 3,868,349 461,454 2006-A, Class 2A1b 456,893 Time Warner Entertainment Total 2,136,461 Company, LP 1,720,000 8.375%, 3/15/2023 2,036,546 Communications Services (7.8%) T-Mobile USA, Inc. AMC Networks, Inc. 640,000 4.500%, 2/1/2026 658,752 640,000 5.000%, 4/1/2024 659,200 VeriSign, Inc. American Tower Corporation 640,000 4.750%, 7/15/2027 670,400 2,560,000 3.125%, 1/15/2027 2,611,008 Verizon Communications, Inc. AT&T, Inc. 2,740,000 3.500%, 11/1/2024 2,897,688 3,190,000 4.450%, 4/1/2024 3,450,892 3.258%, (LIBOR 3M + 3.312%, (LIBOR 3M + 1.180%), 4,400,000 1.100%), 5/15/2025b 4,468,007 3,850,000 6/12/2024b 3,920,455 1,920,000 5.250%, 3/16/2037 2,386,319

The accompanying Notes to Schedule of Investments are an integral part of this schedule. 3 Income Portfolio Schedule of Investments as of September 30, 2019 (unaudited) Principal Principal Amount Long-Term Fixed Income (92.7%) Value Amount Long-Term Fixed Income (92.7%) Value Communications Services (7.8%) - continued Consumer Cyclical (4.9%) - continued $3,830,000 4.862%, 8/21/2046 $4,682,996 $1,900,000 4.125%, 1/15/2022 $1,945,125 Viacom, Inc. 1,900,000 4.500%, 4/30/2024 2,001,650 4,500,000 6.875%, 4/30/2036 5,776,972 Live Nation Entertainment, Inc. 3,200,000 4.375%, 3/15/2043 3,297,293 1,280,000 4.875%, 11/1/2024g 1,326,128 Virgin Media Secured Finance plc Macy's Retail Holdings, Inc. 640,000 5.250%, 1/15/2026g 657,600 500,000 3.875%, 1/15/2022 508,532 Vodafone Group plc 775,000 2.875%, 2/15/2023 765,193 2,150,000 5.000%, 5/30/2038 2,452,370 McDonald's Corporation 3,250,000 4.875%, 6/19/2049 3,621,102 3,175,000 4.450%, 3/1/2047 3,648,050 Walt Disney Company ServiceMaster Company, LLC 1,900,000 7.625%, 11/30/2028g 2,673,220 640,000 5.125%, 11/15/2024g 664,000 2,105,000 6.400%, 12/15/2035g 3,036,054 Six Flags Entertainment Corporation Total 127,959,942 640,000 4.875%, 7/31/2024g 662,400 Viking Cruises, Ltd. Consumer Cyclical (4.9%) 640,000 5.875%, 9/15/2027g 678,144 Amazon.com, Inc. Visa, Inc. 4,480,000 4.050%, 8/22/2047 5,392,291 2,860,000 3.150%, 12/14/2025 3,049,424 American Honda Finance Volkswagen Group of America Corporation Finance, LLC 2,600,000 2.150%, 9/10/2024 2,585,692 3,800,000 4.250%, 11/13/2023g 4,048,914 Brookfield Property REIT, Inc. 3,800,000 4.750%, 11/13/2028g 4,228,282 640,000 5.750%, 5/15/2026g 668,800 Yum! Brands, Inc. Brookfield Residential Properties, 640,000 5.000%, 6/1/2024g 664,000 Inc. Total 81,162,706 400,000 6.250%, 9/15/2027g 402,000 Cinemark USA, Inc. Consumer Non-Cyclical (12.2%) 640,000 4.875%, 6/1/2023 648,800 Abbott Laboratories Daimler Finance North America, LLC 2,901,000 3.750%, 11/30/2026 3,161,060 2.837%, (LIBOR 3M + 1,440,000 4.750%, 11/30/2036 1,769,757 1,900,000 0.550%), 5/4/2021b,g 1,898,957 2,500,000 6.000%, 4/1/2039 3,429,228 Ford Motor Credit Company, LLC 1,920,000 4.900%, 11/30/2046 2,477,194 1,700,000 2.597%, 11/4/2019 1,699,924 AbbVie, Inc. 1,900,000 3.470%, 4/5/2021 1,909,493 4,460,000 3.200%, 5/14/2026 4,541,527 2,600,000 5.596%, 1/7/2022 2,731,703 Albertson's Companies, LLC 3,200,000 2.979%, 8/3/2022 3,168,404 640,000 6.625%, 6/15/2024 670,400 2,575,000 4.250%, 9/20/2022 2,636,487 Altria Group, Inc. 3,200,000 3.350%, 11/1/2022 3,203,456 3,200,000 4.800%, 2/14/2029 3,509,209 General Motors Company 5,150,000 5.800%, 2/14/2039 5,971,926 3.034%, (LIBOR 3M + 3,200,000 5.950%, 2/14/2049 3,764,493 3,200,000 0.900%), 9/10/2021b 3,197,026 Anheuser-Busch Companies, LLC 1,230,000 5.000%, 4/1/2035 1,234,625 3,210,000 4.700%, 2/1/2036 3,712,498 General Motors Financial Company, Anheuser-Busch InBev Worldwide, Inc. Inc. 3,100,000 3.450%, 4/10/2022 3,152,075 3,825,000 4.000%, 4/13/2028 4,222,709 2,510,000 4.000%, 1/15/2025 2,579,747 2,550,000 4.600%, 4/15/2048 2,939,506 Hanesbrands, Inc. 3,200,000 4.439%, 10/6/2048 3,613,215 640,000 4.625%, 5/15/2024g 674,406 3,200,000 5.550%, 1/23/2049 4,189,905 Harley-Davidson Financial Services, BAT Capital Corporation Inc. 2,550,000 3.222%, 8/15/2024 2,580,822 3,380,000 4.050%, 2/4/2022g 3,486,174 Baxalta, Inc. Hertz Corporation 1,511,000 4.000%, 6/23/2025 1,628,780 640,000 7.625%, 6/1/2022g 666,400 Bayer U.S. Finance II, LLC Home Depot, Inc. 1,280,000 4.250%, 12/15/2025g 1,366,554 960,000 2.125%, 9/15/2026 954,216 Bayer U.S. Finance II, LLC 3,180,000 4.250%, 4/1/2046 3,804,693 4,450,000 4.875%, 6/25/2048g 4,918,807 Hyundai Capital America Becton, Dickinson and Company 1,850,000 3.000%, 3/18/2021g 1,861,761 3,250,000 3.363%, 6/6/2024 3,390,148 3,850,000 2.450%, 6/15/2021g 3,846,000 3,850,000 3.700%, 6/6/2027 4,079,060 Hyundai Capital Services, Inc. 3,300,000 4.669%, 6/6/2047 3,899,801 1,920,000 3.000%, 3/6/2022g 1,936,104 Boston Scientific Corporation L Brands, Inc. 2,660,000 3.375%, 5/15/2022 2,735,769 310,000 5.625%, 2/15/2022 326,662 1,950,000 3.750%, 3/1/2026 2,084,940 310,000 6.694%, 1/15/2027 304,575 1,300,000 4.000%, 3/1/2028 1,425,385 Lennar Corporation 1,722,000 7.375%, 1/15/2040 2,619,966 2,005,000 2.950%, 11/29/2020 2,002,393

The accompanying Notes to Schedule of Investments are an integral part of this schedule. 4 Income Portfolio Schedule of Investments as of September 30, 2019 (unaudited) Principal Principal Amount Long-Term Fixed Income (92.7%) Value Amount Long-Term Fixed Income (92.7%) Value Consumer Non-Cyclical (12.2%) - continued Consumer Non-Cyclical (12.2%) - continued Bunge, Ltd. Finance Corporation Shire Acquisitions Investments $1,920,000 3.500%, 11/24/2020 $1,940,730 Ireland Designated Activity Cargill, Inc. Company 3,250,000 3.250%, 5/23/2029g 3,478,043 $3,200,000 2.875%, 9/23/2023 $3,264,223 Celgene Corporation Smithfield Foods, Inc. 1,910,000 3.250%, 8/15/2022 1,967,998 7,500,000 2.650%, 10/3/2021g 7,427,924 Centene Escrow Corporation Tenet Healthcare Corporation 640,000 6.125%, 2/15/2024 667,328 640,000 5.125%, 11/1/2027g 661,344 Cigna Corporation Thermo Fisher Scientific, Inc. 3,200,000 4.125%, 11/15/2025 3,445,717 1,280,000 2.950%, 9/19/2026 1,318,657 3,200,000 4.800%, 8/15/2038 3,595,555 Tyson Foods, Inc. Conagra Brands, Inc. 1,280,000 3.550%, 6/2/2027 1,356,583 1,000,000 4.600%, 11/1/2025 1,099,857 UnitedHealth Group, Inc. Constellation Brands, Inc. 3,200,000 2.950%, 10/15/2027 3,303,975 1,700,000 4.400%, 11/15/2025 1,879,788 1,240,000 4.750%, 7/15/2045 1,505,666 640,000 3.500%, 5/9/2027 669,523 3,225,000 4.450%, 12/15/2048 3,824,796 3,300,000 5.250%, 11/15/2048 4,134,388 VRX Escrow Corporation CVS Health Corporation 700,000 6.125%, 4/15/2025g 726,250 1,870,000 4.750%, 12/1/2022 1,994,393 Zimmer Biomet Holdings, Inc. 3,175,000 4.100%, 3/25/2025 3,390,251 3,250,000 3.550%, 4/1/2025 3,412,591 1,600,000 3.875%, 7/20/2025 1,694,932 Total 200,649,496 5,000,000 4.780%, 3/25/2038 5,512,009 5,190,000 5.050%, 3/25/2048 5,902,237 Energy (8.4%) Forest Laboratories, Inc. Alliance Resource Operating 2,550,000 5.000%, 12/15/2021g 2,678,899 Partners, LP H. J. Heinz Company 510,000 7.500%, 5/1/2025g 503,625 1,860,000 5.200%, 7/15/2045 1,956,381 BP Capital Markets America, Inc. HCA, Inc. 1,590,000 3.119%, 5/4/2026 1,659,774 640,000 5.375%, 2/1/2025 699,200 2,560,000 3.017%, 1/16/2027 2,647,277 4,500,000 5.125%, 6/15/2039 4,921,335 BP Capital Markets plc Imperial Brands Finance plc 2,490,000 3.814%, 2/10/2024 2,652,832 3,200,000 3.500%, 7/26/2026g 3,198,336 Cenovus Energy, Inc. Imperial Tobacco Finance plc 3,200,000 4.250%, 4/15/2027h 3,336,561 2,190,000 3.750%, 7/21/2022g 2,254,616 Centennial Resource Production, LLC JBS USA, LLC 640,000 5.375%, 1/15/2026g 611,200 640,000 6.500%, 4/15/2029g 710,400 Cheniere Corpus Christi Holdings, Kellogg Company LLC 2,550,000 3.125%, 5/17/2022 2,608,229 960,000 5.125%, 6/30/2027 1,051,200 Keurig Dr Pepper, Inc. Chesapeake Energy Corporation 1,250,000 3.551%, 5/25/2021 1,277,632 640,000 8.000%, 1/15/2025h 462,400 Kraft Foods Group, Inc. Continental Resources, Inc. 3,200,000 6.875%, 1/26/2039 3,945,842 3,200,000 4.375%, 1/15/2028 3,306,449 Kraft Heinz Foods Company Devon Energy Corporation 1,280,000 3.000%, 6/1/2026 1,266,450 2,600,000 5.000%, 6/15/2045 3,012,583 3,250,000 4.625%, 10/1/2039g 3,268,543 Diamondback Energy, Inc. Kroger Company 620,000 4.750%, 11/1/2024 634,725 3,200,000 2.650%, 10/15/2026 3,174,085 El Paso Pipeline Partners Operating Nestle Holdings, Inc. Company, LLC 3,850,000 3.900%, 9/24/2038g 4,450,281 3,850,000 5.000%, 10/1/2021 4,026,509 Par Pharmaceutical, Inc. 1,280,000 4.700%, 11/1/2042 1,348,947 640,000 7.500%, 4/1/2027g 582,400 Enbridge Energy Partners, LP Pernod Ricard SA 2,550,000 5.200%, 3/15/2020 2,581,979 3,130,000 5.750%, 4/7/2021g 3,293,659 Energy Transfer Operating, LP Perrigo Finance Unlimited Company 3,200,000 6.000%, 6/15/2048 3,782,869 1,450,000 4.375%, 3/15/2026 1,498,979 Energy Transfer Partners, LP 3,200,000 4.900%, 12/15/2044 2,996,781 4,480,000 4.200%, 4/15/2027 4,712,553 Reckitt Benckiser Treasury Services Eni SPA plc 2,550,000 4.000%, 9/12/2023g 2,699,715 2,880,000 2.750%, 6/26/2024g 2,933,571 EnLink Midstream Partners, LP Reynolds American, Inc. 1,280,000 4.150%, 6/1/2025 1,187,200 4,000,000 4.850%, 9/15/2023 4,329,242 960,000 4.850%, 7/15/2026 912,000 1,560,000 5.850%, 8/15/2045 1,727,218 Enterprise Products Operating, LLC 2,490,000 3.700%, 2/15/2026 2,647,020 3,200,000 4.875%, 8/16/2077b 3,092,000

The accompanying Notes to Schedule of Investments are an integral part of this schedule. 5 Income Portfolio Schedule of Investments as of September 30, 2019 (unaudited) Principal Principal Amount Long-Term Fixed Income (92.7%) Value Amount Long-Term Fixed Income (92.7%) Value Energy (8.4%) - continued Energy (8.4%) - continued EQM Midstream Partners LP Woodside Finance, Ltd. $2,700,000 4.750%, 7/15/2023 $2,710,166 $3,130,000 3.650%, 3/5/2025g $3,226,371 EQT Corporation Total 138,020,814 3,280,000 3.000%, 10/1/2022 3,154,171 Hess Corporation Financials (26.7%) 1,280,000 3.500%, 7/15/2024 1,306,413 Aegon NV 1,300,000 4.300%, 4/1/2027 1,358,441 2.139%, (USISDA 10Y + Kinder Morgan, Inc. 2,600,000 0.100%), 1/15/2020b,i 1,833,000 1,280,000 5.000%, 2/15/2021g 1,322,089 AerCap Ireland Capital, Ltd. 3,175,000 5.200%, 3/1/2048 3,658,550 3,200,000 5.000%, 10/1/2021 3,364,485 Marathon Petroleum Corporation 960,000 3.950%, 2/1/2022 991,597 2,560,000 4.750%, 12/15/2023 2,778,370 Air Lease Corporation 3,220,000 6.500%, 3/1/2041 4,009,852 2,510,000 3.750%, 2/1/2022 2,580,071 MPLX, LP 1,260,000 4.250%, 9/15/2024 1,342,864 2,550,000 3.500%, 12/1/2022g 2,622,473 Ally Financial, Inc. 2,550,000 4.875%, 6/1/2025 2,805,589 640,000 4.125%, 2/13/2022 654,400 3,250,000 4.800%, 2/15/2029 3,591,314 American International Group, Inc. 1,920,000 5.200%, 3/1/2047 2,122,213 2,700,000 4.200%, 4/1/2028 2,944,739 Murphy Oil Corporation 3,130,000 4.500%, 7/16/2044 3,484,516 640,000 5.750%, 8/15/2025 649,600 Ares Capital Corporation Newfield Exploration Company 3,132,000 3.875%, 1/15/2020 3,140,346 3,300,000 5.750%, 1/30/2022 3,524,816 Associated Banc-Corporation 2,000,000 5.625%, 7/1/2024 2,206,504 3,150,000 4.250%, 1/15/2025 3,333,542 Noble Energy, Inc. Athene Holding, Ltd. 3,240,000 3.900%, 11/15/2024 3,396,904 2,050,000 4.125%, 1/12/2028 2,108,132 2,600,000 5.050%, 11/15/2044 2,837,883 Avolon Holdings Funding, Ltd. Occidental Petroleum Corporation 1,300,000 5.250%, 5/15/2024g 1,391,910 1,920,000 4.300%, 8/15/2039 1,970,802 Banco Bilbao Vizcaya Argentaria SA Petrobras Global Finance BV 2,600,000 6.500%, 3/5/2025b,i 2,646,800 2,671,000 5.093%, 1/15/2030g 2,786,254 Banco Santander SA Petroleos Mexicanos 1,800,000 4.379%, 4/12/2028 1,967,702 2,600,000 7.690%, 1/23/2050g 2,711,280 Bank of America Corporation 2,600,000 6.490%, 1/23/2027g 2,710,240 1,920,000 2.328%, 10/1/2021b 1,922,114 Phillips 66 1,900,000 3.499%, 5/17/2022b 1,937,633 1,950,000 3.900%, 3/15/2028 2,102,585 1,000,000 4.100%, 7/24/2023 1,067,752 Plains All American Pipeline, LP 3,649,000 3.004%, 12/20/2023b 3,726,760 2,700,000 5.000%, 2/1/2021 2,769,845 2,830,000 4.200%, 8/26/2024 3,035,561 3,200,000 3.650%, 6/1/2022 3,282,688 2,860,000 6.500%, 10/23/2024b,i 3,181,750 Regency Energy Partners, LP 3,200,000 4.000%, 1/22/2025 3,399,235 4,140,000 5.000%, 10/1/2022 4,392,659 2,750,000 3.950%, 4/21/2025 2,917,811 Sabine Pass Liquefaction, LLC 1,270,000 3.875%, 8/1/2025 1,373,696 1,910,000 5.750%, 5/15/2024 2,129,112 3,200,000 3.093%, 10/1/2025b 3,296,076 Schlumberger Holdings Corporation 3,200,000 3.705%, 4/24/2028b 3,408,138 1,920,000 4.000%, 12/21/2025g 2,047,289 2,550,000 4.271%, 7/23/2029b 2,841,954 Suncor Energy, Inc. 5,250,000 3.194%, 7/23/2030b 5,417,592 1,920,000 3.600%, 12/1/2024 2,024,248 Bank of Nova Scotia Sunoco Logistics Partners 3,200,000 3.125%, 4/20/2021 3,252,578 Operations, LP Barclays Bank plc 3,200,000 3.450%, 1/15/2023 3,269,852 1,910,000 10.179%, 6/12/2021g 2,136,030 Sunoco, LP Barclays plc 640,000 5.500%, 2/15/2026 667,949 3,900,000 4.610%, 2/15/2023b 4,051,593 Tallgrass Energy Partners, LP 2,800,000 4.338%, 5/16/2024b 2,925,093 640,000 5.500%, 1/15/2028g 625,536 1,280,000 4.836%, 5/9/2028 1,337,635 Tesoro Logistics, LP Berkshire Hathaway Finance 1,880,000 5.500%, 10/15/2019 1,881,978 Corporation Transocean, Inc. 1,950,000 4.250%, 1/15/2049 2,311,531 640,000 7.500%, 1/15/2026g 568,000 BNP Paribas SA Williams Companies, Inc. 2,650,000 4.375%, 3/1/2033b,g,h 2,795,566 3,200,000 7.500%, 1/15/2031 4,208,304 Boston Properties, LP Williams Partners, LP 3,200,000 2.750%, 10/1/2026 3,229,200 1,930,000 4.500%, 11/15/2023 2,065,938 BPCE SA 1,600,000 3.750%, 6/15/2027 1,655,118 1,920,000 3.000%, 5/22/2022g 1,948,317 1,265,000 5.700%, 10/22/2023g 1,392,350 2,190,000 5.150%, 7/21/2024g 2,398,315

The accompanying Notes to Schedule of Investments are an integral part of this schedule. 6 Income Portfolio Schedule of Investments as of September 30, 2019 (unaudited) Principal Principal Amount Long-Term Fixed Income (92.7%) Value Amount Long-Term Fixed Income (92.7%) Value Financials (26.7%) - continued Financials (26.7%) - continued Camden Property Trust Fidelity National Information $2,000,000 4.100%, 10/15/2028 $2,227,375 Services, Inc. Capital One Bank USA NA $1,900,000 3.750%, 5/21/2029 $2,061,592 2,000,000 3.375%, 2/15/2023 2,061,117 Five Corners Funding Trust Capital One Financial Corporation 5,110,000 4.419%, 11/15/2023g 5,524,639 3,190,000 4.200%, 10/29/2025 3,399,755 GE Capital International Funding Capital One NA Company 3,200,000 2.150%, 9/6/2022 3,197,288 9,100,000 4.418%, 11/15/2035 9,545,090 CIT Bank NA Glitnir HoldCo ehf., Convertible 1,950,000 2.969%, 9/27/2025b 1,952,437 362 Zero Coupon, 12/31/2030c 0 CIT Group, Inc. Goldman Sachs Group, Inc. 320,000 4.125%, 3/9/2021 325,600 3,275,000 5.250%, 7/27/2021 3,450,900 320,000 5.250%, 3/7/2025 349,184 2,100,000 2.876%, 10/31/2022b 2,124,318 Citigroup, Inc. 1,920,000 2.908%, 6/5/2023b 1,945,258 1,900,000 3.142%, 1/24/2023b 1,935,211 2,190,000 4.000%, 3/3/2024 2,336,772 3.568%, (LIBOR 3M + 4,450,000 3.850%, 7/8/2024 4,714,832 2,560,000 1.430%), 9/1/2023b 2,603,911 2,490,000 4.250%, 10/21/2025 2,669,259 3,600,000 3.352%, 4/24/2025b 3,733,502 2,560,000 3.500%, 11/16/2026 2,662,919 4,370,000 4.400%, 6/10/2025 4,698,566 3,760,000 5.150%, 5/22/2045 4,472,139 3,305,000 5.500%, 9/13/2025 3,744,244 HCP, Inc. 1,910,000 3.700%, 1/12/2026 2,025,332 1,595,000 4.250%, 11/15/2023 1,702,836 2,490,000 4.450%, 9/29/2027 2,716,690 Host Hotels & Resorts, LP 2,560,000 3.887%, 1/10/2028b 2,739,546 1,240,000 4.000%, 6/15/2025 1,309,993 2,550,000 4.650%, 7/23/2048 3,120,823 HSBC Holdings plc Citizens Bank NA 1,280,000 6.875%, 6/1/2021b,i 1,342,720 2,560,000 2.550%, 5/13/2021 2,577,486 3.124%, (LIBOR 3M + 1,280,000 2.650%, 5/26/2022 1,295,437 3,200,000 1.000%), 5/18/2024b 3,212,688 Citizens Financial Group, Inc. 2,100,000 3.803%, 3/11/2025b 2,187,701 1,280,000 2.375%, 7/28/2021 1,283,234 2,560,000 4.300%, 3/8/2026 2,772,174 CNA Financial Corporation 1,600,000 6.000%, 5/22/2027b,i 1,645,632 1,870,000 7.250%, 11/15/2023 2,197,494 1,920,000 4.041%, 3/13/2028b 2,037,961 650,000 3.950%, 5/15/2024 697,645 Huntington Bancshares, Inc. 3,250,000 3.450%, 8/15/2027 3,369,391 2,850,000 7.000%, 12/15/2020h 3,007,214 Commerzbank AG ILFC E-Capital Trust II 3,200,000 8.125%, 9/19/2023g 3,731,802 4.020%, (H15T30Y + 1.800%), CoreStates Capital III 2,230,000 12/21/2065b,g 1,554,533 2.728%, (LIBOR 3M + ING Groep NV 2,440,000 0.570%), 2/15/2027b,g 2,257,000 4,500,000 4.100%, 10/2/2023 4,777,196 Credit Agricole SA International Lease Finance 1,280,000 3.375%, 1/10/2022g 1,308,616 Corporation Credit Suisse Group AG 2,560,000 5.875%, 8/15/2022 2,804,861 3,200,000 3.574%, 1/9/2023g 3,272,263 J.P. Morgan Chase & Company 3,950,000 7.500%, 7/17/2023b,g,i 4,221,562 1,280,000 2.295%, 8/15/2021 1,283,396 Credit Suisse Group Funding, Ltd. 2,500,000 2.972%, 1/15/2023 2,544,410 3,900,000 3.750%, 3/26/2025 4,098,306 3.513%, (LIBOR 3M + Danske Bank AS 3,190,000 1.230%), 10/24/2023b 3,240,578 5,600,000 5.000%, 1/12/2022g 5,887,728 1,270,000 6.750%, 2/1/2024b,i 1,409,700 1,950,000 3.244%, 12/20/2025b,g 1,965,899 3,200,000 5.000%, 8/1/2024b,i 3,288,000 Deutsche Bank AG 4,000,000 3.875%, 9/10/2024 4,261,606 2,560,000 2.700%, 7/13/2020 2,554,738 3,800,000 3.900%, 7/15/2025 4,100,284 1,900,000 4.875%, 12/1/2032b 1,720,222 3,200,000 2.950%, 10/1/2026 3,284,679 Digital Realty Trust, LP 3,900,000 4.452%, 12/5/2029b 4,411,509 2,700,000 2.750%, 2/1/2023 2,727,428 2,600,000 3.882%, 7/24/2038b 2,855,131 Discover Bank 3,150,000 5.500%, 10/15/2040 4,195,447 2,600,000 2.450%, 9/12/2024 2,592,947 Kilroy Realty, LP 4,490,000 4.682%, 8/9/2028b 4,694,272 2,550,000 4.250%, 8/15/2029 2,773,987 Discover Bank of Greenwood Kimco Realty Corporation Delaware 5,100,000 3.300%, 2/1/2025 5,260,400 1,635,000 4.200%, 8/8/2023 1,738,055 Liberty Mutual Group, Inc. Duke Realty, LP 1,935,000 4.950%, 5/1/2022g 2,051,220 3,220,000 3.875%, 10/15/2022 3,366,488 Liberty Property, LP Fidelity National Financial, Inc. 1,875,000 4.750%, 10/1/2020 1,922,626 1,250,000 5.500%, 9/1/2022 1,341,464 Lincoln National Corporation 4,150,000 4.000%, 9/1/2023 4,396,426

The accompanying Notes to Schedule of Investments are an integral part of this schedule. 7 Income Portfolio Schedule of Investments as of September 30, 2019 (unaudited) Principal Principal Amount Long-Term Fixed Income (92.7%) Value Amount Long-Term Fixed Income (92.7%) Value Financials (26.7%) - continued Financials (26.7%) - continued Lloyds Bank plc SunTrust Banks, Inc. $1,910,000 4.650%, 3/24/2026 $2,017,524 $1,910,000 2.900%, 3/3/2021 $1,929,861 Lloyds Banking Group plc Synchrony Financial 4,000,000 2.858%, 3/17/2023b 4,012,906 3,250,000 4.250%, 8/15/2024 3,428,985 Marsh & McLennan Companies, Inc. 3,850,000 3.950%, 12/1/2027 3,947,472 1,700,000 4.375%, 3/15/2029 1,923,532 UBS Group Funding Jersey, Ltd. MGM Growth Properties Operating 1,600,000 2.650%, 2/1/2022g 1,614,281 Partnership, LP 2,490,000 4.125%, 9/24/2025g 2,690,466 640,000 4.500%, 9/1/2026 678,400 UBS Group Funding Switzerland AG Mitsubishi UFJ Financial Group, Inc. 2,560,000 4.253%, 3/23/2028g 2,792,914 1,950,000 3.455%, 3/2/2023 2,018,279 UnionBanCal Corporation Mizuho Financial Group, Inc. 2,580,000 3.500%, 6/18/2022 2,658,984 2,560,000 3.663%, 2/28/2027h 2,743,349 Ventas Realty, LP Morgan Stanley 1,280,000 3.500%, 2/1/2025 1,340,471 2,550,000 2.500%, 4/21/2021 2,566,348 1,920,000 3.850%, 4/1/2027 2,042,028 3,205,000 4.875%, 11/1/2022 3,436,876 3,200,000 4.000%, 3/1/2028 3,435,042 3.683%, (LIBOR 3M + Wells Fargo & Company 3,190,000 1.400%), 10/24/2023b 3,247,484 4,000,000 4.125%, 8/15/2023 4,244,216 2,000,000 2.720%, 7/22/2025b 2,023,076 2,560,000 3.000%, 4/22/2026 2,625,433 1,870,000 4.000%, 7/23/2025 2,016,786 Welltower, Inc. 1,280,000 3.125%, 7/27/2026 1,318,249 2,200,000 4.000%, 6/1/2025 2,351,449 2,510,000 4.350%, 9/8/2026 2,721,164 Total 439,140,807 1,570,000 4.300%, 1/27/2045 1,818,060 MPT Operating Partnership, LP Foreign Government (0.8%) 640,000 5.000%, 10/15/2027 670,400 Bahrain Government International Nationwide Building Society Bond 2,490,000 3.900%, 7/21/2025g 2,654,582 3,250,000 5.875%, 1/26/2021 3,327,448 1,920,000 4.000%, 9/14/2026g 1,967,190 Dominican Republic Government Park Aerospace Holdings, Ltd. International Bond 1,300,000 4.500%, 3/15/2023g 1,345,240 950,000 6.000%, 7/19/2028g 1,036,697 Peachtree Corners Funding Trust Qatar Government International 2,800,000 3.976%, 2/15/2025g 2,949,795 Bond Preferred Term Securities XXIII, Ltd. 1,900,000 4.500%, 4/23/2028g 2,164,864 2.319%, (LIBOR 3M + 2,500,000 5.103%, 4/23/2048g 3,193,750 656,396 0.200%), 12/22/2036b,g 599,510 2,650,000 4.817%, 3/14/2049g 3,278,198 Prudential Financial, Inc. Total 13,000,957 3,800,000 3.700%, 3/13/2051 3,927,459 1,957,000 3.935%, 12/7/2049 2,114,328 Mortgage-Backed Securities (4.3%) Realty Income Corporation Federal National Mortgage 3,830,000 3.875%, 7/15/2024 4,097,524 Association Conventional 15-Yr. Regency Centers, LP Pass Through 2,560,000 3.600%, 2/1/2027 2,688,564 5,000,000 2.500%, 10/1/2034f 5,043,066 Reinsurance Group of America, Inc. 8,150,000 3.500%, 10/1/2034f 8,429,520 3,050,000 4.700%, 9/15/2023 3,295,936 14,745,000 3.000%, 10/1/2034f 15,073,883 2,600,000 3.900%, 5/15/2029 2,767,078 Federal National Mortgage Royal Bank of Scotland Group plc Association Conventional 30-Yr. 1,920,000 8.625%, 8/15/2021b,i 2,056,032 Pass Through 2,560,000 3.498%, 5/15/2023b 2,594,160 15,430,000 3.500%, 10/1/2049f 15,830,818 2,560,000 3.875%, 9/12/2023 2,641,922 25,750,000 3.000%, 10/1/2049f 26,142,285 2,750,000 4.269%, 3/22/2025b 2,876,088 Total 70,519,572 Santander Holdings USA, Inc. 1,435,000 4.450%, 12/3/2021 1,498,749 Technology (4.1%) Santander UK Group Holdings plc Apple, Inc. 1,700,000 3.125%, 1/8/2021 1,711,544 4,450,000 3.250%, 2/23/2026 4,716,395 2,500,000 4.750%, 9/15/2025g 2,605,821 1,920,000 3.750%, 9/12/2047 2,138,407 SITE Centers Corporation Applied Materials, Inc. 996,000 4.625%, 7/15/2022 1,041,104 1,280,000 3.300%, 4/1/2027 1,362,277 Standard Chartered plc Broadcom Corporation 2,700,000 2.744%, 9/10/2022b,g 2,702,781 2,550,000 3.875%, 1/15/2027 2,563,182 3.428%, (LIBOR 3M + Dell International, LLC/EMC 3,250,000 1.150%), 1/20/2023b,g 3,256,870 Corporation State Street Capital Trust IV 1,800,000 4.000%, 7/15/2024g 1,882,749 3.119%, (LIBOR 3M + Diamond 1 Finance Corporation 1,920,000 1.000%), 6/15/2047b 1,473,427 640,000 5.875%, 6/15/2021g 650,240 1,920,000 5.450%, 6/15/2023g 2,090,732

The accompanying Notes to Schedule of Investments are an integral part of this schedule. 8 Income Portfolio Schedule of Investments as of September 30, 2019 (unaudited) Principal Principal Amount Long-Term Fixed Income (92.7%) Value Amount Long-Term Fixed Income (92.7%) Value Technology (4.1%) - continued U.S. Government & Agencies (6.5%) - continued $8,025,000 6.020%, 6/15/2026g $9,049,690 $20,000,000 2.250%, 4/30/2024 $20,605,469 Diamond Sports Group, LLC Total 106,513,568 640,000 6.625%, 8/15/2027g,h 663,072 DXC Technology Company Utilities (8.3%) 2,560,000 4.750%, 4/15/2027 2,678,076 AEP Transmission Company, LLC Fiserv, Inc. 4,480,000 3.100%, 12/1/2026 4,685,105 1,300,000 2.750%, 7/1/2024 1,322,233 Ameren Illinois Company 3,225,000 3.200%, 7/1/2026 3,341,081 1,950,000 4.500%, 3/15/2049 2,398,982 Hewlett Packard Enterprise Company American Electric Power Company, 2,560,000 4.400%, 10/15/2022 2,711,890 Inc. 2,250,000 2.250%, 4/1/2023 2,243,427 2,565,000 2.950%, 12/15/2022 2,616,913 Intel Corporation Baltimore Gas and Electric Company 2,870,000 4.100%, 5/19/2046 3,341,064 2,560,000 2.400%, 8/15/2026 2,563,228 Lam Research Corporation Berkshire Hathaway Energy Company 3,250,000 4.000%, 3/15/2029 3,584,882 2,575,000 4.450%, 1/15/2049 3,075,776 Marvell Technology Group, Ltd. CenterPoint Energy, Inc. 1,600,000 4.200%, 6/22/2023 1,677,146 4,160,000 2.500%, 9/1/2022 4,188,849 1,900,000 4.875%, 6/22/2028 2,110,612 3,250,000 2.950%, 3/1/2030 3,237,952 NXP BV/NXP Funding, LLC CMS Energy Corporation 3,250,000 4.875%, 3/1/2024g 3,524,445 2,560,000 3.450%, 8/15/2027 2,694,143 3,250,000 5.350%, 3/1/2026g 3,643,679 Consolidated Edison Company of Oracle Corporation New York, Inc. 3,200,000 4.300%, 7/8/2034 3,723,600 1,280,000 2.900%, 12/1/2026 1,312,455 Panasonic Corporation 4,750,000 4.125%, 5/15/2049 5,436,420 2,900,000 3.113%, 7/19/2029g 3,006,419 Consumers Energy Company Seagate HDD Cayman 1,950,000 4.350%, 4/15/2049 2,394,253 994,000 4.250%, 3/1/2022 1,023,990 Dominion Energy, Inc. Texas Instruments, Inc. 1,700,000 2.715%, 8/15/2021 1,711,101 3,200,000 4.150%, 5/15/2048 3,924,429 2,900,000 3.071%, 8/15/2024 2,967,713 Total 66,973,717 Duke Energy Corporation 3,840,000 2.650%, 9/1/2026 3,858,260 Transportation (1.4%) 3,840,000 3.150%, 8/15/2027 3,990,941 Aircastle, Ltd. 3,200,000 3.750%, 9/1/2046 3,300,186 3,215,000 4.400%, 9/25/2023 3,379,345 Edison International Boeing Company 9,000,000 5.750%, 6/15/2027 10,115,194 5,200,000 3.600%, 5/1/2034 5,641,520 Exelon Corporation Burlington Northern Santa Fe, LLC 1,600,000 3.497%, 6/1/2022 1,641,854 2,500,000 4.700%, 9/1/2045 3,080,353 3,120,000 3.950%, 6/15/2025 3,345,833 3,200,000 4.050%, 6/15/2048 3,673,509 1,660,000 3.400%, 4/15/2026 1,735,407 CSX Corporation Exelon Generation Company, LLC 1,900,000 2.400%, 2/15/2030 1,856,881 2,560,000 4.250%, 6/15/2022 2,680,672 Delta Air Lines, Inc. FirstEnergy Corporation 1,371,374 4.250%, 7/30/2023 1,466,613 4,480,000 3.900%, 7/15/2027 4,774,024 Penske Truck Leasing Company, LP 1,300,000 4.850%, 7/15/2047 1,545,031 2,600,000 3.375%, 2/1/2022g 2,653,664 FirstEnergy Transmission, LLC United Airlines Pass Through Trust 3,150,000 5.450%, 7/15/2044g 4,003,012 1,230,025 3.750%, 9/3/2026 1,295,216 Georgia Power Company XPO Logistics, Inc. 3,200,000 2.650%, 9/15/2029 3,145,988 640,000 6.125%, 9/1/2023g 660,800 ITC Holdings Corporation Total 23,707,901 5,080,000 4.050%, 7/1/2023 5,347,386 National Rural Utilities Cooperative U.S. Government & Agencies (6.5%) Finance Corporation U.S. Treasury Bonds 2,600,000 4.400%, 11/1/2048 3,164,580 5,150,000 2.250%, 11/15/2027 5,387,584 Nevada Power Company 9,500,000 2.750%, 2/15/2028 10,315,664 2,800,000 6.750%, 7/1/2037 4,045,602 7,750,000 2.875%, 5/15/2028 8,507,441 NextEra Energy Operating Partners, 8,000,000 2.375%, 5/15/2029 8,497,812 LP 3,000,000 3.125%, 5/15/2048 3,649,336 640,000 3.875%, 10/15/2026g 640,000 9,400,000 3.000%, 2/15/2049 11,216,844 NiSource Finance Corporation 4,500,000 2.875%, 5/15/2049 5,252,695 1,920,000 4.375%, 5/15/2047 2,157,329 25,600,000 2.250%, 8/15/2049 26,355,000 Oncor Electric Delivery Company, LLC U.S. Treasury Notes 2,490,000 3.750%, 4/1/2045 2,745,920 6,500,000 2.375%, 2/29/2024 6,725,723 Pacific Gas and Electric Company 1,270,000 2.950%, 3/1/2026d,k 1,250,950 1,900,000 3.300%, 12/1/2027d,k 1,881,000

The accompanying Notes to Schedule of Investments are an integral part of this schedule. 9 Income Portfolio Schedule of Investments as of September 30, 2019 (unaudited) Principal Shares or Amount Long-Term Fixed Income (92.7%) Value Principal Utilities (8.3%) - continued Amount Short-Term Investments (8.7%) Value $1,900,000 3.950%, 12/1/2047d,k $1,838,250 Thrivent Core Short-Term Reserve PPL Capital Funding, Inc. Fund 3,205,000 3.500%, 12/1/2022 3,305,500 14,314,462 2.230% $143,144,618 3,190,000 3.950%, 3/15/2024 3,367,531 Total Short-Term Investments (cost PPL Electric Utilities Corporation $143,544,484) 143,544,493 3,800,000 3.000%, 10/1/2049 3,672,775 Total Investments (cost San Diego Gas and Electric Company $1,619,436,529) 104.1% $1,710,470,345 3,200,000 4.150%, 5/15/2048 3,646,272 Other Assets and Liabilities, Net Sempra Energy (4.1%) (66,594,689) 3,200,000 3.250%, 6/15/2027 3,286,938 Total Net Assets 100.0% $1,643,875,656 South Carolina Electric & Gas Company 2,835,000 5.100%, 6/1/2065 3,789,460 a The stated interest rate represents the weighted average of all Southern Company contracts within the bank loan facility. 7,630,000 3.250%, 7/1/2026 7,883,027 b Denotes variable rate securities. The rate shown is as of TerraForm Power Operating, LLC September 30, 2019. The rates of certain variable rate g 640,000 5.000%, 1/31/2028 665,600 securities are based on a published reference rate and spread; Total 136,107,412 these may vary by security and the reference rate and spread are indicated in their description. The rates of other variable Total Long-Term Fixed Income rate securities are determined by the issuer or agent and are (cost $1,433,588,653) 1,523,841,149 based on current market conditions. These securities do not indicate a reference rate and spread in their description. Registered Investment Companies c Security is valued using significant unobservable inputs. Further Shares (0.8%) Value information on valuation can be found in the Notes to Financial Unaffiliated (0.8%) Statements. 65,000 iShares iBoxx $ Investment Grade d In bankruptcy. Interest is not being accrued. Corporate Bond ETF 8,286,200 e All or a portion of the loan is unfunded. 60,000 Vanguard Short-Term Corporate f Denotes investments purchased on a when-issued or delayed Bond ETF 4,863,000 delivery basis. Total 13,149,200 g Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities Total Registered Investment may be resold to other dealers in the program or to other Companies (cost $12,084,546) 13,149,200 qualified institutional buyers. As of September 30, 2019, the value of these investments was $262,973,715 or 16.0% of total Collateral Held for Securities Loaned net assets. Shares (0.4%) Value h All or a portion of the security is on loan. 7,159,707 Thrivent Cash Management Trust 7,159,707 i Denotes perpetual securities. Perpetual securities pay an Total Collateral Held for Securities indefinite stream of interest and have no contractual maturity Loaned date. Date shown, if applicable, is next call date. (cost $7,159,707) 7,159,707 j All or a portion of the security is insured or guaranteed. k Defaulted security. Interest is not being accrued. Shares Preferred Stock (0.2%) Value l Non-income producing security. Financials (0.2%) m The interest rate shown reflects the yield, coupon rate or the b,i 22,500 Cobank ACB, 6.250% 2,362,500 discount rate at the date of purchase. Total 2,362,500 n All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open Total Preferred Stock futures contracts. (cost $2,250,000) 2,362,500

Shares Common Stock (<0.1%) Value Financials (<0.1%) The following table presents the total amount of securities loaned with 2,247 Glitnir HoldCo ehf.c,l 0 continuous maturity, by type, offset by the gross payable upon return Total 0 of collateral for securities loaned by Thrivent Income Portfolio as of September 30, 2019: Total Common Stock (cost $–) 0 Securities Lending Transactions Long-Term Fixed Income $6,922,002 Shares or Total lending $6,922,002 Principal Gross amount payable upon return of Amount Short-Term Investments (8.7%) Value collateral for securities loaned $7,159,707 Federal Home Loan Bank Discount Net amounts due to counterparty $237,705 Notes 400,000 2.010%, 10/7/2019m,n 399,875

The accompanying Notes to Schedule of Investments are an integral part of this schedule. 10 Income Portfolio Schedule of Investments as of September 30, 2019 (unaudited) Definitions: CLO - Collateralized Loan Obligation ETF - Exchange Traded Fund REIT - Real Estate Investment Trust is a company that buys, develops, manages and/or sells real estate assets. Ser. - Series

Reference Rate Index: H15T30Y U. S. Treasury Yield Curve Rate Treasury - Note Constant Maturity 30 Year LIBOR 1W - ICE Libor USD Rate 1 Week LIBOR 1M - ICE Libor USD Rate 1 Month LIBOR 2M - ICE Libor USD Rate 2 Month LIBOR 3M - ICE Libor USD Rate 3 Month PRIME - Federal Reserve Prime Loan Rate USISDA 10Y - ICE Swap USD Rate 10 Year

The accompanying Notes to Schedule of Investments are an integral part of this schedule. 11 Income Portfolio Schedule of Investments as of September 30, 2019 (unaudited)

Fair Valuation Measurements The following table is a summary of the inputs used, as of September 30, 2019, in valuing Income Portfolio's assets carried at fair value.

Investments in Securities Total Level 1 Level 2 Level 3 Bank Loans Basic Materials 586,367 – 348,668 237,699 Capital Goods 2,023,858 – 2,023,858 – Communications Services 5,118,964 – 4,446,495 672,469 Consumer Cyclical 2,627,501 – 2,032,542 594,959 Consumer Non-Cyclical 3,974,851 – 3,974,851 – Energy 1,415,997 – 1,415,997 – Financials 3,687,931 – 3,687,931 – Technology 977,827 – 977,827 – Long-Term Fixed Income Asset-Backed Securities 17,751,331 – 17,751,331 – Basic Materials 47,165,201 – 47,165,201 – Capital Goods 53,031,264 – 53,031,264 – Collateralized Mortgage Obligations 2,136,461 – 2,136,461 – Communications Services 127,959,942 – 127,959,942 – Consumer Cyclical 81,162,706 – 81,162,706 – Consumer Non-Cyclical 200,649,496 – 200,649,496 – Energy 138,020,814 – 138,020,814 – Financials^ 439,140,807 – 439,140,807 0 Foreign Government 13,000,957 – 13,000,957 – Mortgage-Backed Securities 70,519,572 – 70,519,572 – Technology 66,973,717 – 66,973,717 – Transportation 23,707,901 – 23,707,901 – U.S. Government & Agencies 106,513,568 – 106,513,568 – Utilities 136,107,412 – 136,107,412 – Registered Investment Companies Unaffiliated 13,149,200 13,149,200 – – Preferred Stock Financials 2,362,500 – 2,362,500 – Common Stock Financials^ 0 – – 0 Short-Term Investments 399,875 – 399,875 – Subtotal Investments in Securities $1,560,166,020 $13,149,200 $1,545,511,693 $1,505,127 Other Investments * Total Affiliated Short-Term Investments 143,144,618 Collateral Held for Securities Loaned 7,159,707 Subtotal Other Investments $150,304,325

Total Investments at Value $1,710,470,345

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

Other Financial Instruments Total Level 1 Level 2 Level 3 Asset Derivatives Futures Contracts 223,962 223,962 – – Total Asset Derivatives $223,962 $223,962 $– $– Liability Derivatives Futures Contracts 277,486 277,486 – – Total Liability Derivatives $277,486 $277,486 $– $–

There were no significant transfers between Levels during the period ended September 30, 2019. Transfers between Levels are identified as of the end of the period. ^ Level 3 security in this section is fair valued at <$1.

The accompanying Notes to Schedule of Investments are an integral part of this schedule. 12 Income Portfolio Schedule of Investments as of September 30, 2019 (unaudited) The following table presents Income Portfolio's futures contracts held as of September 30, 2019. Investments and/or cash totaling $399,875 were pledged as the initial margin deposit for these contracts.

Number of Contracts Expiration Notional Principal Value and Futures Contracts Description Long/(Short) Date Amount Unrealized CBOT U.S. Long Bond 206 December 2019 $33,713,861 ($277,486) Total Futures Long Contracts $33,713,861 ($277,486) CBOT 5-Yr. U.S. Treasury Note (437) December 2019 ($52,291,831) $223,962 Total Futures Short Contracts ($52,291,831) $223,962 Total Futures Contracts ($18,577,970) ($53,524)

Reference Description: CBOT - Chicago Board of Trade

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: Value Gross Gross Value Shares Held at % of Net Assets Portfolio 12/31/2018 Purchases Sales 9/30/2019 9/30/2019 9/30/2019 Affiliated Short-Term Investments Core Short-Term Reserve, 2.230% $102,835 $318,664 $278,354 $143,145 14,314 8.7% Total Affiliated Short-Term Investments 102,835 143,145 8.7 Collateral held for Securities Loaned Cash Management Trust- Collateral Investment 13,566 65,948 72,354 7,160 7,160 0.4 Total Collateral Held for Securities Loaned 13,566 7,160 0.4 Total Value $116,401 $150,305

Change in Unrealized Distributions of Income Earned Net Realized Appreciation/ Realized Capital 1/1/2019 Portfolio Gain/(Loss) (Depreciation) Gains - 9/30/2019 Affiliated Short-Term Investments Core Short-Term Reserve, 2.230% $– $– – $2,711 Total Income from Affiliated Investments $2,711 Collateral Held for Securities Loaned Cash Management Trust- Collateral Investment – – – 28 Total Affiliated Income from Securities Loaned, Net $28 Total Value $– $– $–

The accompanying Notes to Schedule of Investments are an integral part of this schedule. 13 Notes to Schedule of Investments as of September 30, 2019 (unaudited)

SIGNIFICANT ACCOUNTING POLICIES specific developments. If the Committee decides that such events warrant using fair value estimates, the Committee Valuation of Investments — Securities traded on U.S. or will take such events into consideration in determining the foreign securities exchanges or included in a national fair value of such securities. If market quotations or prices market system are valued at the last sale price on the are not readily available or determined to be unreliable, the principal exchange as of the close of regular trading on securities will be valued at fair value as determined in good such exchange or the official closing price of the national faith pursuant to procedures adopted by the Board. market system. Over-the-counter securities and listed In accordance with U.S. Generally Accepted Accounting securities for which no price is readily available are valued Principles (“GAAP”), the various inputs used to determine at the current bid price considered best to represent the the fair value of the Portfolios’ investments are summarized value at that time. Security prices are based on quotes in three broad levels. Level 1 includes quoted prices in that are obtained from an independent pricing service active markets for identical securities, typically included approved by the Fund's Board of Directors (the “Board”). in this level are U.S. equity securities, futures, options and The pricing service, in determining values of fixed-income registered investment company funds. Level 2 includes securities, takes into consideration such factors as current other significant observable inputs such as quoted prices quotations by broker/dealers, coupon, maturity, quality, for similar securities, interest rates, prepayment speeds type of issue, trading characteristics, and other yield and and credit risk, typically included in this level are fixed risk factors it deems relevant in determining valuations. income securities, international securities, swaps and Securities which cannot be valued by the approved pricing forward contracts. Level 3 includes significant unobservable service are valued using valuations from dealers that make inputs such as the Adviser’s own assumptions and broker markets in the securities. Exchange-listed options and evaluations in determining the fair value of investments. Of futures contracts are valued at the primary exchange settle the Level 3 securities, those for which market values were price. Exchange cleared swap agreements are valued using not readily available or were deemed unreliable were fair a vendor provided settlement or clearing price used by the valued as determined in good faith pursuant to procedures clearinghouse. Swap agreements not cleared on exchanges established by the Board. The valuation levels are not will be valued using the mid-price from the primary necessarily an indication of the risk associated with investing approved pricing service. Forward foreign currency in these securities or other investments. Investments exchange contracts are marked-to-market based upon measured using net asset value per share as a practical foreign currency exchange rates provided by the pricing expedient for fair value and that are not publicly available- service. Investments in open-ended mutual funds are for-sale are not categorized within the fair value hierarchy. valued at their net asset value at the close of each business day. Valuation of International Securities — The Portfolios value certain foreign securities traded on foreign exchanges that Securities held by the Money Market Portfolio are valued close prior to the close of the New York Stock Exchange on the basis of amortized cost (which approximates market using a fair value pricing service. The fair value pricing value), whereby a portfolio security is valued at its cost initially service uses a multi-factor model that may take into and thereafter valued to reflect a constant amortization to account the local close, relevant general and sector indices, maturity of any discount or premium. The Money Market currency fluctuation, prices of other securities (including Portfolio and the Adviser follow procedures designed to ADRs, New York registered shares, and ETFs), and futures, help maintain a constant net asset value of $1.00 per share. as applicable, to determine price adjustments for each The Board has delegated responsibility for daily valuation security in order to reflect the effects of post-closing of the Portfolios' securities to the Adviser. The Adviser events. The Board has authorized the Adviser to make fair has formed a Valuation Committee (“Committee”) that is valuation determinations pursuant to policies approved by responsible for overseeing the Portfolios’ valuation policies the Board. in accordance with Valuation Policies and Procedures. The — The accounting records of Committee meets on a monthly and on an as-needed basis to Foreign Currency Translation each Portfolio are maintained in U.S. dollars. Securities and review price challenges, price overrides, stale prices, shadow other assets and liabilities that are denominated in foreign prices, manual prices, money market pricing, international currencies are translated into U.S. dollars at the daily fair valuation, and other securities requiring fair valuation. closing rates of exchange. The Committee monitors for significant events occurring Foreign currency amounts related to the purchase or prior to the close of trading on the New York Stock Exchange sale of securities and income and expenses are translated that could have a material impact on the value of any securities at the exchange rate on the transaction date. Net realized that are held by the Portfolios. Examples of such events and unrealized currency gains and losses are recorded include trading halts, national news/events, and issuer- from closed currency contracts, disposition of foreign

14 Notes to Schedule of Investments as of September 30, 2019 (unaudited) currencies, exchange gains or losses between the trade date are required to segregate customer margin from their own and settlement date on securities transactions, and other assets, in the event that a broker becomes insolvent or translation gains or losses on dividends, interest income and goes into bankruptcy and at that time there is a shortfall foreign withholding taxes. The Portfolios do not separately in the aggregate amount of margin held by the broker for report the effect of changes in foreign exchange rates from all its clients, U.S. bankruptcy laws will typically allocate changes in prices on securities held. Such changes are that shortfall on a pro-rata basis across all of the broker’s included in net realized and unrealized gain or loss from customers, potentially resulting in losses to the Portfolios. investments in the Statement of Operations. Using derivatives to hedge can guard against potential risks, but it also adds to the Portfolios’ expenses and can eliminate For federal income tax purposes, the Portfolios treat the some opportunities for gains. In addition, a derivative used effect of changes in foreign exchange rates arising from for mitigating exposure or replication may not accurately actual foreign currency transactions and the changes in track the value of the underlying asset. Another risk with foreign exchange rates between the trade date and settlement derivatives is that some types can amplify a gain or loss, date as ordinary income. potentially earning or losing substantially more money than the actual cost of the derivative. Foreign Denominated Investments — Foreign denominated assets and currency contracts may involve more risks than In order to define their contractual rights and to secure domestic transactions including currency risk, political rights that will help the Portfolios mitigate their counterparty and economic risk, regulatory risk, and market risk. Certain risk, the Portfolios may enter into an International Swaps Portfolios may also invest in securities of companies and Derivatives Association, Inc. Master Agreement (“ISDA located in emerging markets. Future economic or political Master Agreement”) or similar agreement with derivative developments could adversely affect the liquidity or value, contract counterparties. An ISDA Master Agreement is a or both, of such securities. bilateral agreement between a Portfolio and a counterparty that governs OTC derivatives and foreign exchange contracts — Each of the Portfolios, with Derivative Financial Instruments and typically includes, among other things, collateral posting the exception of the Money Market Portfolio, may invest in terms and netting provisions in the event of a default and/ derivatives. Derivatives, a category that includes options, or termination event. Under an ISDA Master Agreement, futures, swaps, foreign currency forward contracts and each Portfolio may, under certain circumstances, offset hybrid instruments, are financial instruments whose value with the counterparty certain derivatives' payables and/or is derived from another security, an index or a currency. receivables with collateral held and/or posted and create Each applicable Portfolio may use derivatives for hedging one single net payment. The provisions of the ISDA Master (attempting to offset a potential loss in one position by Agreement typically permit a single net payment in the event establishing an interest in an opposite position). This of a default (close-out netting) including the bankruptcy includes the use of currency-based derivatives to manage or insolvency of the counterparty. Note, however, that the risk of its positions in foreign securities. Each applicable bankruptcy and insolvency laws of a particular jurisdiction Portfolio may also use derivatives for replication of a may impose restrictions on or prohibitions against the right certain asset class or speculation (investing for potential of offset in bankruptcy, insolvency or other events. income or capital gain). These contracts may be transacted on an exchange or over-the-counter ("OTC"). Collateral and margin requirements vary by type of derivative. Margin requirements are established by the A derivative may incur a mark to market loss if the value of broker or clearinghouse for exchange traded and centrally the derivative decreases due to an unfavorable change in the cleared derivatives (futures, options, and centrally cleared market rates or values of the underlying derivative. Losses swaps). Brokers can ask for margining in excess of the can also occur if the counterparty does not perform under minimum in certain situations. Collateral terms are contract the derivative. A Portfolio’s risk of loss from the counterparty specific for OTC derivatives (foreign currency exchange credit risk on OTC derivatives is generally limited to the contracts, options, and swaps). For derivatives traded under aggregate unrealized gain netted against any collateral an ISDA Master Agreement, the collateral requirements are held by such Portfolio. With exchange traded futures and typically calculated by netting the mark to market amount centrally cleared swaps, there is minimal counterparty credit for each transaction under such agreement and comparing risk to the Portfolios because the exchange’s clearinghouse, that amount to the value of any collateral currently pledged as counterparty to such derivatives, guarantees against a by the Portfolio and the counterparty. For financial reporting possible default. The clearinghouse stands between the purposes, non-cash collateral that has been pledged to cover buyer and the seller of the derivative; thus, the credit risk is obligations of the Portfolio has been noted in the Schedule of limited to the failure of the clearinghouse. However, credit Investments. To the extent amounts due to a Portfolio from risk still exists in exchange traded futures and centrally its counterparties are not fully collateralized, contractually cleared swaps with respect to initial and variation margin or otherwise, the Portfolio bears the risk of loss from that is held in a broker’s customer accounts. While brokers

15 Notes to Schedule of Investments as of September 30, 2019 (unaudited) counterparty nonperformance. The Portfolios attempt to Futures Contracts — All Portfolios, with the exception of mitigate counterparty risk by only entering into agreements the Money Market Portfolio, may use futures contracts with counterparties that they believe have the financial to manage the exposure to interest rate and market or resources to honor their obligations and by monitoring the currency fluctuations. Gains or losses on futures contracts financial stability of those counterparties. can offset changes in the yield of securities. When a futures contract is opened, cash or other investments equal to the Options — All Portfolios, with the exception of the Money required “initial margin deposit” are held on deposit with Market Portfolio, may buy put and call options and write and pledged to the broker. Additional securities held by put and covered call options. The Portfolios intend to use the Portfolios may be earmarked to cover open futures such derivative instruments as hedges to facilitate buying contracts. A futures contract’s daily change in value or selling securities or to provide protection against (“variation margin”) is either paid to or received from the adverse movements in security prices or interest rates. The broker, and is recorded as an unrealized gain or loss. When Portfolios may also enter into options contracts to protect the contract is closed, realized gain or loss is recorded against adverse foreign exchange rate fluctuations. Option equal to the difference between the value of the contract contracts are valued daily and unrealized appreciation or when opened and the value of the contract when closed. depreciation is recorded. A Portfolio will realize a gain or Futures contracts involve, to varying degrees, risk of loss in loss upon expiration or closing of the option transaction. excess of the variation margin disclosed in the Statement When an option is exercised, the proceeds upon sale for a of Assets and Liabilities. Exchange-traded futures have no written call option or the cost of a security for purchased significant counterparty risk as the exchange guarantees put and call options is adjusted by the amount of premium the contracts against default. received or paid. During the period ended September 30, 2019, Buying put options tends to decrease a Portfolio’s exposure Aggressive Allocation, Balanced Income Plus, Diversified to the underlying security while buying call options tends to Income Plus, Government Bond, Income, International increase a Portfolio’s exposure to the underlying security. The Allocation, Limited Maturity Bond, Moderate Allocation, risk associated with purchasing put and call options is limited Moderately Aggressive Allocation, Moderately Conservative to the premium paid. There is no significant counterparty Allocation, Multidimensional Income, and Opportunity risk on exchange-traded options as the exchange guarantees Income Plus used treasury futures to manage the duration the contract against default. Writing put options tends to and yield curve exposure of the respective Portfolio versus its increase a Portfolio’s exposure to the underlying security benchmark. while writing call options tends to decrease a Portfolio’s exposure to the underlying security. The writer of an option During the period ended September 30, 2019, Aggressive has no control over whether the underlying security may be Allocation, Balanced Income Plus, Diversified Income Plus, bought or sold, and therefore bears the market risk of an Global Stock, International Allocation, Large Cap Index, unfavorable change in the price of the underlying security. Low Volatility Equity, Mid Cap Index, Moderate Allocation, The counterparty risk for purchased options arises when the Moderately Aggressive Allocation, Moderately Conservative Portfolio has purchased an option, exercises that option, and Allocation, Opportunity Income Plus, and Small Cap Index the counterparty doesn’t buy from the Portfolio or sell to the used equity futures to manage exposure to the equities Portfolio the underlying asset as required. In the case where market. the Portfolio has written an option, the Portfolio doesn’t have counterparty risk. Counterparty risk on purchased over- During the period ended September 30, 2019, Aggressive the-counter options is partially mitigated by the Portfolio’s Allocation, Balanced Income Plus, Diversified Income Plus, collateral posting requirements. As the option increases Global Stock, International Allocation, Moderate Allocation, in value to the Portfolio, the Portfolio receives collateral Moderately Aggressive Allocation, and Moderately from the counterparty. Risks of loss may exceed amounts Conservative Allocation used foreign exchange futures to recognized on the Statement of Assets and Liabilities. hedge currency risk.

During the period ended September 30, 2019, Aggressive Foreign Currency Forward Contracts — In connection with Allocation, Balanced Income Plus, Diversified Income Plus, purchases and sales of securities denominated in foreign Government Bond, Income, Limited Maturity Bond, Moderate currencies, all Portfolios, with the exception of the Money Allocation, Moderately Aggressive Allocation, Moderately Market Portfolio, may enter into foreign currency forward Conservative Allocation, and Opportunity Income Plus used contracts. Additionally, the Portfolios may enter into such treasury options to manage the duration of the Portfolio contracts to mitigate currency and counterparty exposure versus the benchmark. Options on mortgage backed to other foreign-currency-denominated investments. securities were used to generate income and/or to manage These contracts are recorded at value and the realized and the duration of the Portfolio. change in unrealized foreign exchange gains and losses are included in the Statement of Operations. In the event

16 Notes to Schedule of Investments as of September 30, 2019 (unaudited) that counterparties fail to settle these forward contracts, cash or securities, may be required to be held with the the Portfolios could be exposed to foreign currency Portfolio’s custodian, or a third party, in connection with fluctuations. Foreign currency contracts are valued daily these agreements. Certain swap agreements are over-the- and unrealized appreciation or depreciation is recorded counter. In these types of transactions, the Portfolio is daily as the difference between the contract exchange rate exposed to counterparty risk, which is the discounted and the closing forward rate applied to the face amount of net amount of payments owed to the Portfolio. This the contract. A realized gain or loss is recorded at the time risk is partially mitigated by the Portfolio’s collateral a forward contract is closed. These contracts are over-the- posting requirements. As the swap increases in value to counter and a Portfolio is exposed to counterparty risk the Portfolio, the Portfolio receives collateral from the equal to the discounted net amount of payments to the counterparty. Certain interest rate and credit default index Portfolio. swaps must be cleared through a clearinghouse or central counterparty. During the period ended September 30, 2019, Partner Healthcare used foreign currency forward contracts in order Credit Default Swaps — A credit default swap is a swap to hedge unwanted currency exposure. agreement between two parties to exchange the credit risk of a particular issuer, basket of securities or reference During the period ended September 30, 2019, International entity. In a credit default swap transaction, a buyer pays Allocation used foreign currency forward contracts in order periodic fees in return for payment by the seller which is to gain active currency exposure and to hedge unwanted contingent upon an adverse credit event occurring in the currency exposure. underlying issuer or reference entity. The seller collects periodic fees from the buyer and profits if the credit of — All Portfolios, with the exception of the Swap Agreements the underlying issuer or reference entity remains stable Money Market Portfolio, may enter into swap transactions, or improves while the swap is outstanding, but the seller which involve swapping one or more investment in a credit default swap contract would be required to pay characteristics of a security or a basket of securities with the amount of credit loss, determined as specified in the another party. Such transactions include market risk, risk agreement, to the buyer in the event of an adverse credit of default by the other party to the transaction, risk of event in the reference entity. A buyer of a credit default imperfect correlation and manager risk and may involve swap is said to buy protection whereas a seller of a credit commissions or other costs. Swap transactions generally do default swap is said to sell protection. The Portfolios may not involve delivery of securities, other underlying assets be either the protection buyer or the protection seller. or principal. Accordingly, the risk of loss with respect to swap transactions is generally limited to the net amount Certain Portfolios enter into credit default derivative of payments that the Portfolio is contractually obligated contracts directly through credit default swaps ("CDS") or to make, or in the case of the counterparty defaulting, the through credit default swap indices ("CDX Indices"). CDX net amount of payments that the Portfolio is contractually Indices are static pools of equally weighted credit default entitled to receive. Risks of loss may exceed amounts swaps referencing corporate bonds and/or loans designed recognized on the Statement of Assets and Liabilities. If to provide diversified credit exposure to these asset classes. there is a default by the counterparty, the Portfolio may Portfolios sell default protection and assume long-risk have contractual remedies pursuant to the agreements positions in individual credits or indices. Index positions are related to the transaction. The contracts are valued daily entered into to gain exposure to the corporate bond and/or and unrealized appreciation or depreciation is recorded. loan markets in a cost-efficient and diversified structure. In Swap agreements are valued at the clearinghouse end of the event that a position defaults, by going into bankruptcy day prices as furnished by an independent pricing service. and failing to pay interest or principal on borrowed money, The pricing service takes into account such factors as within any given CDX Index held, the maximum potential swap curves, default probabilities, recent trades, recovery amount of future payments required would be equal to the rates and other factors it deems relevant in determining pro-rata share of that position within the index based on valuations. Daily fluctuations in the value of the centrally the notional amount of the index. In the event of a default cleared credit default contracts are recorded in variation under a CDS contract, the maximum potential amount of margin in the Statement of Assets and Liabilities and future payments would be the notional amount. For CDS, recorded as unrealized gain or loss. The Portfolio accrues the default events could be bankruptcy and failing to pay for the periodic payment and amortizes upfront payments, interest or principal on borrowed money or a restructuring. if any, on swap agreements on a daily basis with the A restructuring is a change in the underlying obligations net amount recorded as realized gains or losses in the which would include reduction in interest or principal, Statement of Operations. Receipts and payments received maturity extension and subordination to other obligations. or made as a result of a credit event or termination of the contract are also recognized as realized gains or losses During the period ended September 30, 2019, High in the Statement of Operations. Collateral, in the form of Yield, Income, Moderate Allocation, Moderately Aggressive

17 Notes to Schedule of Investments as of September 30, 2019 (unaudited)

Allocation, and Moderately Conservative Allocation used CDX indices (comprised of credit default swaps) to help manage credit risk exposure within the fund.

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 market 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 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 period ended September 30, 2019, International Allocation used total return swaps to achieve exposure to foreign equity markets where liquidity and/or access is limited.

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.

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.