Global Stock Portfolio

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Global Stock Portfolio Schedule of Investments as of September 30, 2019 (unaudited) Shares Common Stock (81.0%) Value Shares Common Stock (81.0%) Value Communications Services (6.6%) Consumer Discretionary (9.9%) - continued 74,500 Activision Blizzard, Inc. $3,942,540 18,367 WH Smith plc $448,797 15,942 Alphabet, Inc., Class Aa 19,467,414 83,600 Yahoo Japan Corporation 235,533 3,316 Alphabet, Inc., Class Ca 4,042,204 Total 108,760,203 525,329 Auto Trader Group plcb 3,292,569 35,528 CBS Corporation 1,434,265 Consumer Staples (4.9%) 172,114 Comcast Corporation 7,758,899 16,400 Arcs Company, Ltd. 344,835 61,143 Facebook, Inc.a 10,888,346 21,494 Carlsberg AS 3,176,342 267,000 HKT Trust and HKT, Ltd. 423,548 21,277 ForFarmers BV 134,028 8,758 Ipsos SA 249,484 5,160 Glanbia plc 64,115 40,500 KDDI Corporation 1,056,756 374,400 Japan Tobacco, Inc. 8,202,970 267,790 Mediaset Espana Comunicacion SAc 1,726,137 14,259 Kimberly-Clark Corporation 2,025,491 22,317 Rightmove plc 151,001 2,884 L'Oreal SA 806,568 116,927 Seven West Media, Ltd.a 30,808 5,200 Ministop Company, Ltd. 67,008 127,156 Telenor ASA 2,551,245 63,486 Monster Beverage Corporationa 3,685,997 423,535 Telstra Corporation, Ltd. 1,003,975 43,231 Nestle SA 4,688,598 93,400 TV Asahi Holdings Corporation 1,474,450 44,504 Philip Morris International, Inc. 3,379,189 187,043 Verizon Communications, Inc. 11,289,916 47,100 Sugi Holdings Company, Ltd. 2,556,134 21,018 Wolters Kluwer NV 1,533,584 97,300 Sundrug Company, Ltd. 3,070,143 Total 72,317,141 7,600 TSURUHA Holdings, Inc. 829,947 82,005 Unilever NV 4,924,205 Consumer Discretionary (9.9%) 134,841 Unilever plc 8,104,167 26,262 Alibaba Group Holding, Ltd. ADRa 4,391,794 63,732 Wal-Mart Stores, Inc. 7,563,714 16,305 Amazon.com, Inc.a 28,304,013 Total 53,623,451 11,400 AOKI Holdings, Inc. 109,945 19,000 Aoyama Trading Company, Ltd. 331,611 Energy (3.2%) 29,258 Aptiv plc 2,557,734 90,546 BP plc ADRc 3,439,843 13,200 Autobacs Seven Company, Ltd. 216,471 73,763 Chevron Corporation 8,748,292 155,599 Barratt Developments plc 1,238,662 4,057 Enterprise Products Partners, LP 115,949 29,700 Benesse Holdings, Inc. 773,689 3,418 Gaztransport Et Technigaz SA 338,172 54,346 Berkeley Group Holdings plc 2,790,351 80,773 Halliburton Company 1,522,571 14,500 Chiyoda Company, Ltd. 227,763 245,040 Marathon Oil Corporation 3,006,641 15,388 Cie Generale des Etablissements 69,335 Marathon Petroleum Corporation 4,212,101 Michelin 1,713,353 22,100 Pioneer Natural Resources Company 2,779,517 301,600 Citizen Watch Company, Ltd. 1,479,641 163,891 Royal Dutch Shell plc, Class A 4,806,564 9,418 Compass Group plc 242,350 225,731 Royal Dutch Shell plc, Class B 6,671,546 30,768 Countryside Properties plcb 127,009 Total 35,641,196 36,845 D.R. Horton, Inc. 1,942,100 86,600 Denso Corporation 3,826,630 Financials (14.1%) 6,400 Exedy Corporation 125,488 27,718 AB Industrivarden 606,360 61,427 Harley-Davidson, Inc. 2,209,529 63,931 Aflac, Inc. 3,344,870 25,271 Home Depot, Inc. 5,863,377 28,375 Allianz SE 6,604,928 68,364 Lowe's Companies, Inc. 7,517,305 34,664 American International Group, Inc. 1,930,785 9,404 Mohawk Industries, Inc.a 1,166,754 9,132 Baloise Holding AG 1,636,224 274,852 Moneysupermarket.com Group plc 1,278,200 305,537 Bank Leumi Le-Israel BM 2,175,371 18,209 Netflix,Inc. a 4,873,093 453,965 Bank of America Corporation 13,242,159 93,500 NHK Spring Company, Ltd. 717,272 73,483 Bank of Montreal 5,412,289 96,580 NIKE, Inc. 9,070,794 53,226 Capital One Financial Corporation 4,842,502 745,000 Nissan Motor Company, Ltd. 4,651,300 85,811 Charles Schwab Corporation 3,589,474 13,800 Onward Holdings Company, Ltd. 71,898 18,686 Chubb, Ltd. 3,016,668 53,700 Park24 Company, Ltd. 1,247,506 315,979 CI Financial Corporation 4,610,238 10,000 Plenus Company, Ltd.c 167,998 140,717 Citigroup, Inc. 9,720,730 136,620 Redrow plc 1,037,551 115,676 CNP Assurances 2,235,402 9,700 Rinnai Corporation 653,611 23,002 Comerica, Inc. 1,517,902 27,300 Sangetsu Company, Ltd. 515,708 281,500 DBS Group Holdings, Ltd. 5,092,649 172,500 Sekisui House, Ltd. 3,403,802 5,046 Deutsche Boerse AG 786,972 6,800 SHIMAMURA Company, Ltd. 540,242 104,373 Deutsche Pfandbriefbank AGb 1,272,503 24,000 Sony Corporation ADR 1,419,120 180,324 Direct Line Insurance Group plc 665,304 47,680 Starbucks Corporation 4,215,866 132,291 DnB ASA 2,332,024 6,400 Sumitomo Forestry Company, Ltd. 85,456 55,810 Euronext NVb 4,569,791 241,900 Sumitomo Rubber Industries, Ltd. 2,880,539 163,751 Fifth Third Bancorp 4,483,502 45,116 Super Retail Group, Ltd. 302,112 429,454 FlexiGroup, Ltd. 740,513 5,200 Takara Standard Company, Ltd. 86,085 6,219 Goldman Sachs Group, Inc. 1,288,763 523,408 Taylor Wimpey plc 1,038,923 58,563 Hartford Financial Services Group, 115,700 Toyoda Gosei Company, Ltd. 2,329,201 Inc. 3,549,503 200 TS Tech Company, Ltd. 6,117 630,756 HSBC Holdings plc 4,832,991 11,200 United Arrows, Ltd. 327,910 62,787 Intercontinental Exchange, Inc. 5,793,357

The accompanying Notes to Schedule of Investments are an integral part of this schedule. 1 Global Stock Portfolio Schedule of Investments as of September 30, 2019 (unaudited) Shares Common Stock (81.0%) Value Shares Common Stock (81.0%) Value Financials (14.1%) - continued Industrials (9.5%) - continued 714,920 Israel Discount Bank, Ltd. $3,142,209 197,964 GWA Group, Ltd. $453,179 48,203 J.P. Morgan Chase & Company 5,673,011 3,200 Hanwa Company, Ltd. 87,858 50,166 Laurentian Bank of Canadac 1,705,080 38,000 Hino Motors, Ltd. 314,909 250,945 Manulife Financial Corporation 4,602,758 66,707 Honeywell International, Inc. 11,286,824 409,192 Medibank Private, Ltd. 939,718 25,000 Inaba Denki Sangyo Company, Ltd. 1,097,784 55,388 MetLife, Inc. 2,612,098 24,220 Ingersoll-Rand plc 2,984,146 47,056 Morgan Stanley 2,007,880 53,502 Johnson Controls International plc 2,348,203 45,580 National Bank of Canadac 2,267,905 60,017 Koninklijke Philips NV 2,773,340 13,422 Paragon Banking Group plc 79,592 60,687 Legrand SA 4,331,242 13,071 Pargesa Holding SA 1,005,401 8,743 Lockheed Martin Corporation 3,410,295 18,415 Prudential Financial, Inc. 1,656,429 251,800 Marubeni Corporation 1,679,246 36,064 Raymond James Financial, Inc. 2,973,837 108,400 Mitsubishi Corporation 2,669,124 25,742 Royal Bank of Canada 2,088,155 19,000 Mitsuboshi Belting, Ltd. 312,815 16,165 S&P Global, Inc. 3,960,102 237,600 Mitsui & Company, Ltd. 3,902,917 15,100 Senshu Ikeda Holdings, Inc. 26,219 76,893 National Express Group plc 409,372 73,870 Skandinaviska Enskilda Banken AB 678,770 63,600 Nitto Kogyo Corporation 1,209,270 17,047 State Street Corporation 1,009,012 32,771 Nobina ABb 204,805 32,158 Sun Life Financial, Inc. 1,437,929 35,542 Norfolk Southern Corporation 6,385,476 29,978 Topdanmark AS 1,447,105 23,378 Northgate plc 94,856 127,405 Toronto-Dominion Bank 7,428,793 118,531 PageGroup plc 638,962 96,320 U.S. Bancorp 5,330,349 17,113 Parker Hannifin Corporation 3,090,779 57,345 Zions Bancorporations NA 2,552,999 217,191 RELX plc 5,158,200 Total 154,519,125 39,310 Sandvik AB 611,977 45,912 Schneider Electric SE 4,014,656 Health Care (11.1%) 106,109 Signify NVb 2,916,161 63,624 Abbott Laboratories 5,323,420 145,082 SKF AB 2,395,761 14,245 Amplifon SPA 349,484 374,600 Sojitz Corporation 1,165,335 4,199 Biogen, Inc.a 977,611 10,170 Spirax-Sarco Engineering plc 979,811 8,253 Cigna Holding Company 1,252,723 208,500 Sumitomo Corporation 3,264,164 86,684 CVS Health Corporation 5,467,160 339,400 Sumitomo Electric Industries, Ltd. 4,331,229 20,061 Edwards Lifesciences Corporationa 4,411,614 9,200 Taikisha, Ltd. 278,557 80,422 Gilead Sciences, Inc. 5,097,146 25,300 Toppan Forms Company, Ltd. 240,316 359,702 GlaxoSmithKline plc 7,710,032 18,207 Transcontinental, Inc. 212,737 12,801 Illumina, Inc.a 3,894,320 19,800 Tsubakimoto Chain Company 637,312 10,883 Intuitive Surgical, Inc.a 5,876,058 52,325 United Technologies Corporation 7,143,409 51,960 Johnson & Johnson 6,722,585 11,700 Yuasa Trading Company, Ltd. 334,922 7,000 KYORIN Holdings, Inc. 116,205 Total 104,061,293 2,275 LNA Sante 116,270 64,775 Medtronic plc 7,035,860 Information Technology (15.1%) 119,666 Merck & Company, Inc. 10,073,484 53,866 Amadeus IT Holding SA 3,859,598 34,500 Mitsubishi Tanabe Pharma 80,595 Apple, Inc. 18,050,862 Corporation 380,201 150,600 Canon, Inc. 4,027,372 117,818 Novartis AG 10,225,070 45,029 Capgemini SA 5,302,235 180,397 Novo Nordisk AS 9,322,229 104,695 CGI, Inc.a 8,278,559 86,482 Pfizer, Inc. 3,107,298 333,787 Cisco Systems, Inc. 16,492,416 63,881 Recordati SPA 2,739,788 158,150 Computershare, Ltd. 1,728,869 31,350 Roche Holding AG 9,128,014 22,721 Fiserv, Inc.a 2,353,669 12,558 Thermo Fisher Scientific, Inc. 3,657,769 195,440 Halma plc 4,730,684 39,136 UnitedHealth Group, Inc. 8,505,036 13,028 Intuit, Inc. 3,464,666 22,763 Vertex Pharmaceuticals, Inc.a 3,856,507 39,748 MasterCard, Inc. 10,794,364 49,061 Zoetis, Inc. 6,112,510 242,778 Microsoft Corporation 33,753,425 Total 121,458,394 33,400 NEC Networks & System Integration Corporation 909,596 Industrials (9.5%) 23,928 NVIDIA Corporation 4,165,147 8,724 Aalberts NV 345,480 54,575 Oracle Corporation 3,003,262 25,050 ACS Actividades de Construccion y 76,158 PayPal Holdings, Inc.a 7,889,207 Servicios, SA 1,000,901 27,603 QUALCOMM, Inc. 2,105,557 150,181 Atlas Copco AB, Class A 4,624,545 12,500 Ryoyo Electro Corporation 214,420 80,669 Atlas Copco AB, Class B 2,184,441 40,495 Salesforce.com, Inc.a 6,011,078 6,436 Boeing Company 2,448,705 1,805 Samsung Electronics Company, Ltd. 15,805 CIA De Distribucion Integral 307,962 GDR 1,839,080 27,020 CSX Corporation 1,871,675 64,500 Shinko Electric Industries Company, 76,687 Delta Air Lines, Inc. 4,417,171 Ltd. 553,541 188 Geberit AG 89,842 38,300 Square, Inc.a 2,372,685 17,460 General Dynamics Corporation 3,190,466 65,893 Texas Instruments, Inc. 8,516,011 12,100 GS Yuasa Corporation 210,156 81,638 Visa, Inc. 14,042,552

The accompanying Notes to Schedule of Investments are an integral part of this schedule. 2 Global Stock Portfolio Schedule of Investments as of September 30, 2019 (unaudited) Shares Common Stock (81.0%) Value Shares Common Stock (81.0%) Value Information Technology (15.1%) - continued Utilities (1.1%) - continued 10,532 Workday, Inc.a $1,790,019 121,793 Exelon Corporation $5,883,820 Total 166,248,874 17,793 Northland Power, Inc. 341,396 Total 12,444,544 Materials (2.9%) 63,453 Alcoa Corporationa 1,273,502 Total Common Stock 147,090 BHP Group, Ltd. 3,634,679 (cost $727,400,990) 888,894,584 63,856 CF Industries Holdings, Inc. 3,141,715 51,483 Eastman Chemical Company 3,800,990 Collateral Held for Securities Loaned 16,388 Ecolab, Inc. 3,245,479 Shares (0.5%) Value 65,042 Granges AB 663,759 5,435,497 Thrivent Cash Management Trust 5,435,497 12,002 Hexpol AB 92,120 Total Collateral Held for Securities 16,300 Hokuetsu Corporation 81,906 Loaned 96,000 JSR Corporation 1,545,673 (cost $5,435,497) 5,435,497 29,121 Koninklijke DSM NV 3,505,652 63,500 Kyoei Steel, Ltd. 1,196,473 Registered Investment Companies 10,700 Lintec Corporation 213,001 Shares (0.2%) Value 63,500 Mitsubishi Gas Chemical Company, Unaffiliated (0.2%) Inc. 854,069 8,083 SPDR S&P 500 ETF Trust 2,398,792 8,500 Nippon Kayaku Company, Ltd. 101,922 Total 2,398,792 264,700 Nippon Steel Corporation 3,709,066 26,954 Nucor Corporation 1,372,228 Total Registered Investment 142,577 Sandfire Resources NL 632,002 Companies (cost $2,336,547) 2,398,792 3,400 Sanyo Special Steel Company, Ltd. 45,582 9,300 Taiyo Holdings Company, Ltd. 314,384 Shares or 43,700 Toagosei Company, Ltd. 495,550 Principal 46,989 UPM-Kymmene Oyj 1,387,526 Amount Short-Term Investments (18.8%) Value Total 31,307,278 Federal Home Loan Bank Discount Notes Real Estate (2.6%) 7,600,000 2.190%, 10/2/2019d,e 7,599,603 22,533 Allied Properties REIT 911,117 400,000 2.010%, 10/7/2019d,e 399,875 22,342 Alstria Office REIT AG 383,297 9,100,000 1.950%, 10/16/2019d,e 9,092,872 10,076 American Campus Communities, Inc. 484,454 300,000 2.000%, 10/18/2019d,e 299,734 17,012 American Tower Corporation 3,761,864 800,000 1.995%, 10/30/2019d,e 798,788 173,500 Ascendas REIT 391,836 200,000 1.960%, 11/8/2019d,e 199,603 51,660 Castellum AB 1,105,988 2,600,000 1.941%, 11/12/2019d,e 2,594,297 24,823 Choice Properties REIT 270,555 400,000 2.010%, 11/26/2019d,e 398,830 606 Cofinimmo SA 85,338 200,000 1.880%, 1/17/2020d,e 198,890 26,800 Daito Trust Construction Company, Thrivent Core Short-Term Reserve Ltd. 3,432,503 Fund 5,192 Deutsche EuroShop AG 146,450 18,428,376 2.230% 184,283,763 6,859 Entra ASAb 107,577 Total Short-Term Investments (cost 10,050 First Capital Realty, Inc. 167,418 $205,865,523) 205,866,255 207 GLP J-Reit 274,532 Total Investments (cost 37,569 Granite REIT 1,819,113 $941,038,557) 100.5% $1,102,595,128 12,824 H&R REIT 223,889 Other Assets and Liabilities, Net 83,000 Host Hotels & Resorts, Inc. 1,435,070 (0.5%) (5,489,673) 370,000 Hysan Development Company, Ltd. 1,492,071 Total Net Assets 100.0% $1,097,105,455 95,816 Klepierre SA 3,253,968 2,048 LEG Immobilien AG 234,361 166,500 Mapletree Commercial Trust 276,008 a Non-income producing security. 111,400 Mapletree Logistics Trust 130,591 b Denotes securities sold under Rule 144A of the Securities Act of 33,403 Merlin Properties Socimi SA 466,352 1933, which exempts them from registration. These securities 961,241 Mirvac Group 1,985,797 may be resold to other dealers in the program or to other 15,492 PSP Swiss Property AG 1,966,895 qualified institutional buyers. As of September 30, 2019, the 34,041 Quebecor, Inc. 772,882 value of these investments was $12,490,415 or 1.1% of total 28,520 RioCan REIT 567,881 net assets. 115,000 Road King Infrastructure, Ltd. 194,262 c All or a portion of the security is on loan. 6,682 Swiss Prime Site AG 653,929 d The interest rate shown reflects the yield, coupon rate or the 48,977 TAG Immobilien AG 1,117,686 discount rate at the date of purchase. 269,300 Wing Tai Holdings, Ltd. 399,401 e All or a portion of the security is held on deposit with the Total 28,513,085 counterparty and pledged as the initial margin deposit for open futures contracts. Utilities (1.1%) 220,829 AGL Energy, Ltd. 2,856,858 49,671 Contact Energy, Ltd. 265,657 133,965 Enagas SA 3,096,813

The accompanying Notes to Schedule of Investments are an integral part of this schedule. 3 Global Stock Portfolio Schedule of Investments as of September 30, 2019 (unaudited) The following table presents the total amount of securities loaned with Definitions: continuous maturity, by type, offset by the gross payable upon return of ADR - American Depositary Receipt, which are certificates for an collateral for securities loaned by Thrivent Global Stock Portfolio as of underlying foreign security's shares held by an issuing U.S. September 30, 2019: depository bank. ETF - Exchange Traded Fund Securities Lending Transactions GDR - Global Depository Receipts, which are certificates for Common Stock $5,128,253 shares of an underlying foreign security’s shares held by an Total lending $5,128,253 issuing depository bank from more than one country. Gross amount payable upon return of REIT - Real Estate Investment Trust is a company that buys, collateral for securities loaned $5,435,497 develops, manages and/or sells real estate assets. Net amounts due to counterparty $307,244 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.

Fair Valuation Measurements The following table is a summary of the inputs used, as of September 30, 2019, 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 72,317,141 58,823,584 13,493,557 – Consumer Discretionary 108,760,203 73,531,479 35,228,724 – Consumer Staples 53,623,451 16,654,391 36,969,060 – Energy 35,641,196 23,824,914 11,816,282 – Financials 154,519,125 84,095,932 70,423,193 – Health Care 121,458,394 81,371,101 40,087,293 – Industrials 104,061,293 48,577,149 55,484,144 – Information Technology 166,248,874 134,804,920 31,443,954 – Materials 31,307,278 12,833,914 18,473,364 – Real Estate 28,513,085 5,681,388 22,831,697 – Utilities 12,444,544 5,883,820 6,560,724 – Registered Investment Companies Unaffiliated 2,398,792 2,398,792 – – Short-Term Investments 21,582,492 – 21,582,492 – Subtotal Investments in Securities $912,875,868 $548,481,384 $364,394,484 $– Other Investments * Total Affiliated Short-Term Investments 184,283,763 Collateral Held for Securities Loaned 5,435,497 Subtotal Other Investments $189,719,260

Total Investments at Value $1,102,595,128

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

Other Financial Instruments Total Level 1 Level 2 Level 3 Asset Derivatives Futures Contracts 2,762,537 2,762,537 – – Total Asset Derivatives $2,762,537 $2,762,537 $– $– Liability Derivatives Futures Contracts 7,183,134 7,183,134 – – Total Liability Derivatives $7,183,134 $7,183,134 $– $–

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.

The accompanying Notes to Schedule of Investments are an integral part of this schedule. 4 Global Stock Portfolio Schedule of Investments as of September 30, 2019 (unaudited) The following table presents Global Stock Portfolio's futures contracts held as of September 30, 2019. Investments and/or cash totaling $21,582,492 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 CME E-mini Russell 2000 Index 832 December 2019 $66,181,153 ($2,741,153) CME E-mini S&P 500 Index 457 December 2019 68,667,915 (609,190) CME E-mini S&P Mid-Cap 400 Index 336 December 2019 66,201,854 (1,085,054) CME Euro Foreign Exchange Currency 651 December 2019 90,059,241 (851,897) Eurex Euro STOXX 50 Index 2,336 December 2019 89,333,115 1,181,888 ICE US mini MSCI Emerging Markets Index 1,599 December 2019 81,997,745 (1,895,840) Total Futures Long Contracts $462,441,023 ($6,001,246) CME E-mini S&P 500 Index (840) December 2019 ($125,980,609) $883,609 ICE mini MSCI EAFE Index (618) December 2019 (59,357,600) 697,040 Total Futures Short Contracts ($185,338,209) $1,580,649 Total Futures Contracts $277,102,814 ($4,420,597)

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

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: 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% $74,211 $339,363 $229,290 $184,284 18,428 16.8% Total Affiliated Short-Term Investments 74,211 184,284 16.8 Collateral held for Securities Loaned Cash Management Trust- Collateral Investment 1,450 85,965 81,980 5,435 5,435 0.5 Total Collateral Held for Securities Loaned 1,450 5,435 0.5 Total Value $75,661 $189,719

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% $– $– – $2,190 Total Income from Affiliated Investments $2,190 Collateral Held for Securities Loaned Cash Management Trust- Collateral Investment – – – 89 Total Affiliated Income from Securities Loaned, Net $89 Total Value $– $– $–

The accompanying Notes to Schedule of Investments are an integral part of this schedule. 5 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

6 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

7 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

8 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

9 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.