Mid Cap Index Portfolio

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Mid Cap Index Portfolio Schedule of Investments as of September 30, 2019 (unaudited) Shares Common Stock (97.8%) Value Shares Common Stock (97.8%) Value Communications Services (2.3%) Consumer Discretionary (12.5%) - continued 11,465 AMC Networks, Inc.a $563,619 33,544 Toll Brothers, Inc. $1,376,981 1,304 Cable One, Inc. 1,636,129 36,936 Tri Pointe Homes, Inc.a 555,517 27,679 Cinemark Holdings, Inc. 1,069,517 18,150 Urban Outfitters,Inc. a 509,834 11,433 John Wiley and Sons, Inc. 502,366 7,258 Visteon Corporationa 599,075 36,107 Live Nation Entertainment, Inc.a 2,395,338 12,056 Weight Watchers International, Inc.a 455,958 10,404 Meredith Corporation 381,411 48,082 Wendy's Company 960,678 37,318 New York Times Company 1,062,817 20,304 Williams-Sonoma, Inc. 1,380,266 56,251 Tegna, Inc. 873,578 23,945 Wyndham Destinations, Inc. 1,101,949 25,333 Telephone & Data Systems, Inc. 653,591 25,037 Wyndham Hotels & Resorts, Inc. 1,295,414 12,349 World Wrestling Entertainment, Inc. 878,631 Total 57,518,578 16,782 Yelp, Inc.a 583,175 Total 10,600,172 Consumer Staples (2.8%) 2,385 Boston Beer Company, Inc.a 868,331 Consumer Discretionary (12.5%) 9,546 Casey's General Stores, Inc. 1,538,433 17,538 Aaron's, Inc. 1,126,992 14,062 Edgewell Personal Care Companya 456,874 22,606 Adient plc 519,034 16,637 Energizer Holdings, Inc.b 725,040 14,260 Adtalem Global Education, Inc.a 543,163 49,974 Flowers Foods, Inc. 1,155,899 41,237 American Eagle Outfitters, Inc. 668,864 20,835 Hain Celestial Group, Inc.a 447,432 15,264 AutoNation, Inc.a 773,885 17,325 Ingredion, Inc. 1,416,146 33,175 Bed Bath & Beyond, Inc.b 352,982 5,163 Lancaster Colony Corporation 715,850 20,776 Boyd Gaming Corporation 497,585 14,422 Nu Skin Enterprises, Inc. 613,368 9,736 Brinker International, Inc.b 415,435 13,593 Pilgrim's Pride Corporationa 435,588 22,257 Brunswick Corporation 1,160,035 17,833 Post Holdings, Inc.a 1,887,445 144,298 Caesars Entertainment Corporationa 1,682,515 5,119 Sanderson Farms, Inc. 774,658 11,616 Carter's, Inc. 1,059,495 1,639 Spectrum Brands Holdings, Inc. 86,408 10,661 Cheesecake Factory, Inc.b 444,350 30,666 Sprouts Farmers Markets, Inc.a 593,080 9,251 Churchill Downs, Inc. 1,142,082 4,380 Tootsie Roll Industries, Inc.b 162,673 6,243 Cracker Barrel Old Country Store, Inc. 1,015,424 14,592 TreeHouse Foods, Inc.a 809,126 37,367 Dana, Inc. 539,579 Total 12,686,351 7,499 Deckers Outdoor Corporationa 1,105,053 22,617 Delphi Technologies plc 303,068 Energy (2.1%) 17,107 Dick's Sporting Goods, Inc. 698,137 67,114 Antero Midstream Corporationb 496,644 2,652 Dillard's, Inc.b 175,324 20,111 Apergy Corporationa 544,003 10,706 Domino's Pizza, Inc. 2,618,581 292,812 Chesapeake Energy Corporationa,b 412,865 21,476 Dunkin' Brands Group, Inc. 1,704,335 48,698 CNX Resources Corporationa 353,547 16,961 Eldorado Resorts, Inc.a,b 676,235 11,518 Core Laboratories NVb 536,969 31,276 Etsy, Inc.a 1,767,094 66,337 EQT Corporation 705,826 14,453 Five Below, Inc.a 1,822,523 52,972 Equitrans Midstream Corporation 770,743 28,482 Foot Locker, Inc. 1,229,283 28,469 Matador Resources Companya,b 470,593 66,149 Gentex Corporation 1,821,413 40,020 Murphy Oil Corporationb 884,842 60,371 Goodyear Tire & Rubber Company 869,644 75,212 Oasis Petroleum, Inc.a 260,233 1,130 Graham Holdings Company 749,698 25,686 Oceaneering International, Inc.a 348,045 23,719 GrubHub, Inc.a,b 1,333,245 52,604 Patterson-UTI Energy, Inc. 449,764 6,519 Helen of Troy, Ltd.a 1,027,786 26,460 PBF Energy, Inc. 719,447 6,194 International Speedway Corporation 278,792 140,546 Southwestern Energy Companya,b 271,254 6,705 Jack in the Box, Inc. 610,960 149,316 Transocean, Ltd.a 667,443 22,203 KB Home 754,902 16,976 World Fuel Services Corporation 678,021 10,058 Marriott Vacations Worldwide 109,669 WPX Energy, Inc.a 1,161,395 Corporation 1,042,109 Total 9,731,634 89,713 Mattel, Inc.a 1,021,831 7,803 Murphy USA, Inc.a 665,596 Financials (16.5%) 14,199 Ollie's Bargain Outlet Holdings, Inc.a 832,629 3,747 Alleghany Corporationa 2,989,207 5,694 Papa John's International, Inc.b 298,081 19,382 American Financial Group, Inc. 2,090,349 62,245 Park Hotels & Resorts, Inc. 1,554,258 42,104 Associated Banc-Corp 852,606 28,108 Penn National Gaming, Inc.a 523,512 24,342 BancorpSouth Bank 720,767 14,918 Polaris Industries, Inc. 1,312,933 10,548 Bank of Hawaii Corporation 906,390 10,365 Pool Corporation 2,090,621 31,386 Bank OZK 855,896 31,297 Sally Beauty Holdings, Inc.a 466,012 28,926 Brighthouse Financial, Inc.a 1,170,635 14,026 Scientific GamesCorporation a 285,429 60,614 Brown & Brown, Inc. 2,185,741 47,348 Service Corporation International 2,263,708 19,687 Cathay General Bancorp 683,828 20,369 Six Flags Entertainment Corporation 1,034,542 40,501 CNO Financial Group, Inc. 641,131 34,727 Skechers USA, Inc.a 1,297,053 25,645 Commerce Bancshares, Inc. 1,555,369 8,472 Sotheby's Holdings, Inc.a 482,735 14,804 Cullen/Frost Bankers, Inc. 1,310,894 11,954 Tempur Sealy International, Inc.a 922,849 37,789 East West Bancorp, Inc. 1,673,675 16,980 Texas Roadhouse, Inc. 891,790 29,350 Eaton Vance Corporation 1,318,695 14,296 Thor Industries, Inc. 809,725 10,352 Evercore, Inc. 829,195

The accompanying Notes to Schedule of Investments are an integral part of this schedule. 1 Mid Cap Index Portfolio Schedule of Investments as of September 30, 2019 (unaudited) Shares Common Stock (97.8%) Value Shares Common Stock (97.8%) Value Financials (16.5%) - continued Health Care (9.6%) - continued 84,349 F.N.B. Corporation $972,544 78,645 Exelixis, Inc.a $1,390,837 9,933 FactSet Research Systems, Inc. 2,413,421 19,900 Globus Medical, Inc.a 1,017,288 24,958 Federated Investors, Inc. 808,889 13,182 Haemonetics Corporationa 1,662,777 29,105 First American Financial Corporation 1,717,486 18,376 HealthEquity, Inc.a 1,050,097 35,261 First Financial Bankshares, Inc. 1,175,249 17,348 Hill-Rom Holdings, Inc. 1,825,530 81,131 First Horizon National Corporation 1,314,322 4,990 ICU Medical, Inc.a 796,404 11,155 FirstCash, Inc. 1,022,579 18,432 Integra LifeSciences Holdings 43,170 Fulton Financial Corporation 698,491 Corporationa 1,107,210 130,679 Genworth Financial, Inc.a 574,988 4,936 Ligand Pharmaceuticals, Inc.a 491,329 12,378 Green Dot Corporationa 312,544 12,564 LivaNova plca 927,098 23,552 Hancock Whitney Corporation 901,924 12,738 Masimo Corporationa 1,895,287 10,270 Hanover Insurance Group, Inc. 1,391,996 16,165 Medidata Solutions, Inc.a 1,479,098 40,437 Home BancShares, Inc. 760,013 21,865 Mednax, Inc.a 494,586 19,849 Interactive Brokers Group, Inc. 1,067,479 16,282 Molina Healthcare, Inc.a 1,786,461 15,002 International Bancshares 13,513 NuVasive, Inc.a 856,454 Corporation 579,377 22,328 Patterson Companies, Inc. 397,885 41,300 Janus Henderson Group plc 927,598 8,311 Penumbra, Inc.a,b 1,117,746 65,433 Jefferies Financial Group, Inc. 1,203,967 16,304 PRA Health Sciences, Inc.a 1,617,846 16,259 Kemper Corporation 1,267,389 13,044 Prestige Consumer Healthcare, Inc.a 452,496 21,172 Legg Mason, Inc. 808,559 12,041 Repligen Corporationa 923,424 1,990 LendingTree, Inc.a,b 617,756 21,988 STERIS plc 3,177,046 7,042 Mercury General Corporation 393,507 16,202 Syneos Health, Inc.a 862,108 52,663 Navient Corporation 674,086 26,859 Tenet Healthcare Corporationa 594,121 121,344 New York Community Bancorp, Inc. 1,522,867 11,385 United Therapeutics Corporationa 907,954 73,999 Old Republic International 19,148 West Pharmaceutical Services, Inc. 2,715,569 Corporation 1,744,156 Total 43,930,668 30,691 PacWest Bancorp 1,115,311 18,780 Pinnacle Financial Partners, Inc. 1,065,765 Industrials (15.8%) 10,874 Primerica, Inc. 1,383,499 10,359 Acuity Brands, Inc. 1,396,290 17,929 Prosperity Bancshares, Inc. 1,266,325 40,952 AECOMa 1,538,157 16,295 Reinsurance Group of America, Inc. 2,605,245 16,430 AGCO Corporation 1,243,751 11,466 RenaissanceRe Holdings, Ltd. 2,218,098 13,735 ASGN, Inc.a 863,382 32,938 SEI Investments Company 1,951,741 15,190 Avis Budget Group, Inc.a 429,269 15,415 Selective Insurance Group, Inc. 1,159,054 15,385 Axon Enterprise, Inc.a 873,560 14,211 Signature Bank 1,694,235 12,982 Brink's Company 1,076,857 110,760 SLM Corporation 977,457 14,697 Carlisle Companies, Inc. 2,139,001 53,277 Sterling Bancorp 1,068,737 13,344 Clean Harbors, Inc.a 1,030,157 18,067 Stifel Financial Corporation 1,036,684 21,691 Colfax Corporationa 630,340 40,067 Synovus Financial Corporation 1,432,796 13,230 Crane Company 1,066,735 39,850 TCF Financial Corporation 1,517,090 11,094 Curtiss-Wright Corporation 1,435,231 13,060 Texas Capital Bancshares, Inc.a 713,729 11,146 Deluxe Corporation 547,937 16,721 Trustmark Corporation 570,353 33,111 Donaldson Company, Inc. 1,724,421 11,211 UMB Financial Corporation 724,006 8,177 Dycom Industries, Inc.a 417,436 57,172 Umpqua Holdings Corporation 941,051 14,575 EMCOR Group, Inc. 1,255,199 26,450 United Bankshares, Inc. 1,001,662 11,030 EnerSys 727,318 86,146 Valley National Bancorp 936,407 36,330 Fluor Corporation 694,993 37,572 W.R. Berkley Corporation 2,713,826 9,269 GATX Corporation 718,626 20,615 Washington Federal, Inc. 762,549 14,698 Genesee & Wyoming, Inc.a 1,624,276 23,928 Webster Financial Corporation 1,121,505 43,309 Graco, Inc. 1,993,946 14,719 Wintrust Financial Corporation 951,289 12,161 Granite Construction, Inc. 390,733 Total 75,583,979 19,243 Healthcare Services Group, Inc.b 467,412 15,333 Herman Miller, Inc. 706,698 Health Care (9.6%) 11,132 HNI Corporation 395,186 22,984 Acadia Healthcare Company, Inc.a,b 714,343 14,127 Hubbell, Inc. 1,856,288 43,269 Allscripts Healthcare Solutions, Inc.a 475,094 10,052 Insperity, Inc. 991,328 8,354 Amedisys, Inc.a 1,094,458 22,848 ITT Corporation 1,398,069 12,387 Avanos Medical, Inc.a 464,017 76,922 JetBlue Airways Corporationa 1,288,444 5,580 Bio-Rad Laboratories, Inc.a 1,856,689 34,655 KAR Auction Services, Inc. 850,780 9,883 Bio-Techne Corporation 1,933,807 36,753 KBR, Inc. 901,919 9,542 Cantel Medical Corporation 713,742 21,410 Kennametal, Inc. 658,143 37,913 Catalent, Inc.a 1,806,934 15,553 Kirby Corporationa 1,277,835 12,672 Charles River Laboratories 31,875 Knight-Swift Transportation Holdings, International, Inc.a 1,677,393 Inc.b 1,157,063 4,134 Chemed Corporation 1,726,234 10,289 Landstar System, Inc. 1,158,336 25,280 Covetrus, Inc.a,b 300,579 9,150 Lennox International, Inc. 2,223,176 25,612 Encompass Health Corporation 1,620,727 16,040 Lincoln Electric Holdings, Inc. 1,391,630

The accompanying Notes to Schedule of Investments are an integral part of this schedule. 2 Mid Cap Index Portfolio Schedule of Investments as of September 30, 2019 (unaudited) Shares Common Stock (97.8%) Value Shares Common Stock (97.8%) Value Industrials (15.8%) - continued Information Technology (14.7%) - continued 15,537 Manpower, Inc. $1,308,837 12,734 Science Applications International 15,652 MasTec, Inc.a 1,016,284 Corporation $1,112,315 9,249 MSA Safety, Inc. 1,009,158 17,274 Semtech Corporationa 839,689 11,686 MSC Industrial Direct Company, Inc. 847,586 11,254 Silicon Laboratories, Inc.a 1,253,133 13,285 Nordson Corporation 1,943,064 8,545 Synaptics, Inc.a 341,373 28,248 NOW, Inc.a 324,005 10,609 SYNNEX Corporation 1,197,756 40,396 nVent Electric plc 890,328 9,244 Tech Data Corporationa 963,595 16,618 Old Dominion Freight Line, Inc. 2,824,561 29,625 Teradata Corporationa 918,375 17,758 Oshkosh Corporation 1,346,056 44,124 Teradyne, Inc. 2,555,221 28,246 Owens Corning, Inc. 1,785,147 65,374 Trimble, Inc.a 2,537,165 10,888 Regal-Beloit Corporation 793,191 10,018 Tyler Technologies, Inc.a 2,629,725 31,878 Resideo Technologies, Inc.a 457,449 11,008 Universal Display Corporation 1,848,243 13,848 Ryder System, Inc. 716,911 28,363 Versum Materials, Inc. 1,501,254 23,658 Stericycle, Inc.a,b 1,204,902 14,960 ViaSat, Inc.a 1,126,787 9,445 Teledyne Technologies, Inc.a 3,041,196 34,362 Vishay Intertechnology, Inc. 581,749 17,007 Terex Corporation 441,672 11,236 WEX, Inc.a 2,270,458 14,189 Tetra Tech, Inc. 1,231,038 14,050 Zebra Technologies Corporationa 2,899,498 17,769 Timken Company 773,129 Total 67,461,976 27,678 Toro Company 2,028,797 15,169 Trex Company, Inc.a 1,379,317 Materials (5.9%) 26,561 Trinity Industries, Inc. 522,721 32,735 Allegheny Technologies, Inc.a 662,884 5,617 Valmont Industries, Inc. 777,618 16,627 AptarGroup, Inc. 1,969,468 8,468 Watsco, Inc. 1,432,616 15,714 Ashland Global Holdings, Inc. 1,210,764 11,553 Werner Enterprises, Inc. 407,821 15,003 Cabot Corporation 679,936 14,612 Woodward, Inc. 1,575,612 12,375 Carpenter Technology Corporation 639,292 23,934 XPO Logistics, Inc.a 1,712,956 42,446 Chemours Company 634,143 Total 72,331,894 30,617 Commercial Metals Company 532,123 8,798 Compass Minerals International, Inc. 496,999 Information Technology (14.7%) 16,249 Domtar Corporation 581,877 30,303 ACI Worldwide, Inc.a 949,241 10,911 Eagle Materials, Inc. 982,099 21,586 Arrow Electronics, Inc.a 1,609,884 6,935 Greif, Inc. 262,767 26,904 Avnet, Inc. 1,196,824 10,868 Ingevity Corporationa 922,041 10,031 Belden, Inc. 535,053 32,094 Louisiana-Pacific Corporation 788,870 12,767 Blackbaud, Inc. 1,153,371 9,104 Minerals Technologies, Inc. 483,331 6,460 CACI International, Inc.a 1,493,940 1,917 NewMarket Corporation 904,997 31,468 CDK Global, Inc. 1,513,296 42,658 Olin Corporation 798,558 40,273 Ciena Corporationa 1,579,910 40,362 Owens-Illinois, Inc. 414,518 15,096 Cirrus Logic, Inc.a 808,844 19,959 PolyOne Corporation 651,661 44,310 Cognex Corporation 2,176,950 17,306 Reliance Steel & Aluminum Company 1,724,716 6,227 Coherent, Inc.a 957,214 17,022 Royal Gold, Inc. 2,097,281 10,792 CommVault Systems, Inc.a 482,510 33,667 RPM International, Inc. 2,316,626 20,806 CoreLogic, Inc.a 962,694 10,230 Scotts Miracle-Gro Company 1,041,619 27,857 Cree, Inc.a 1,364,993 10,988 Sensient Technologies Corporation 754,326 95,888 Cypress Semiconductor Corporation 2,238,026 20,206 Silgan Holdings, Inc. 606,887 7,503 Fair Isaac Corporationa 2,277,311 25,984 Sonoco Products Company 1,512,529 19,702 First Solar, Inc.a 1,142,913 57,020 Steel Dynamics, Inc. 1,699,196 22,496 II-VI, Inc.a 792,084 44,331 United States Steel Corporationb 512,023 8,082 InterDigital, Inc. 424,063 48,861 Valvoline, Inc. 1,076,408 12,066 j2 Global, Inc. 1,095,834 9,622 Worthington Industries, Inc. 346,873 36,132 Jabil, Inc. 1,292,442 Total 27,304,812 6,384 Littelfuse, Inc. 1,131,947 17,562 LiveRamp Holding, Inc.a 754,463 Real Estate (10.8%) 12,835 LogMeIn, Inc. 910,772 17,631 Alexander & Baldwin, Inc. 432,136 19,966 Lumentum Holdings, Inc.a 1,069,379 35,675 American Campus Communities, Inc. 1,715,254 16,701 Manhattan Associates, Inc.a 1,347,270 77,332 Brixmor Property Group, Inc. 1,569,066 16,568 MAXIMUS, Inc. 1,280,044 25,140 Camden Property Trust 2,790,791 14,146 MKS Instruments, Inc. 1,305,393 30,922 CoreCivic, Inc. 534,332 10,442 Monolithic Power Systems, Inc. 1,625,088 9,578 CoreSite Realty Corporation 1,167,079 30,818 National Instruments Corporation 1,294,048 29,066 Corporate Office Properties Trust 865,585 33,075 NCR Corporationa 1,043,847 38,105 Cousins Properties, Inc. 1,432,367 17,333 NetScout Systems, Inc.a 399,699 29,389 CyrusOne, Inc. 2,324,670 35,817 Perspecta, Inc. 935,540 42,750 Douglas Emmett, Inc. 1,830,983 8,426 Plantronics, Inc. 314,458 9,728 EastGroup Properties, Inc. 1,216,195 26,914 PTC, Inc.a 1,834,996 20,137 EPR Properties 1,547,730 71,056 Sabre Corporation 1,591,299 32,841 First Industrial Realty Trust, Inc. 1,299,190 31,481 GEO Group, Inc. 545,881

The accompanying Notes to Schedule of Investments are an integral part of this schedule. 3 Mid Cap Index Portfolio Schedule of Investments as of September 30, 2019 (unaudited) Shares Common Stock (97.8%) Value Shares or Real Estate (10.8%) - continued Principal 33,557 Healthcare Realty Trust, Inc. $1,124,160 Amount Short-Term Investments (2.1%) Value 26,931 Highwoods Properties, Inc. 1,210,279 Thrivent Core Short-Term Reserve 30,645 JBG SMITH Properties 1,201,590 Fund 13,377 Jones Lang LaSalle, Inc. 1,860,206 905,656 2.230% $9,056,555 24,119 Kilroy Realty Corporation 1,878,629 Total Short-Term Investments (cost 22,317 Lamar Advertising Company 1,828,432 $9,555,752) 9,555,798 40,964 Liberty Property Trust 2,102,682 Total Investments (cost 12,112 Life Storage, Inc. 1,276,726 $401,194,986) 102.6% $470,851,469 23,511 Mack-Cali Realty Corporation 509,248 Other Assets and Liabilities, Net 115,874 Medical Properties Trust, Inc. 2,266,495 (2.6%) (11,911,298) 44,563 National Retail Properties, Inc. 2,513,353 Total Net Assets 100.0% $458,940,171 56,225 Omega Healthcare Investors, Inc. 2,349,643 33,917 Pebblebrook Hotel Trust 943,571 17,444 PotlatchDeltic Corporation 716,687 a Non-income producing security. 5,199 PS Business Parks, Inc. 945,958 b All or a portion of the security is on loan. 33,657 Rayonier, Inc. REIT 949,127 c The interest rate shown reflects the yield, coupon rate or the 49,205 Sabra Health Care REIT, Inc. 1,129,747 discount rate at the date of purchase. 61,725 Senior Housing Property Trust 571,265 d All or a portion of the security is held on deposit with the 42,697 Service Properties Trust 1,101,156 counterparty and pledged as the initial margin deposit for open 23,395 Spirit Realty Capital, Inc. 1,119,685 futures contracts. 24,287 Tanger Factory Outlet Centers, Inc. 375,963 15,892 Taubman Centers, Inc. 648,870 50,147 Uniti Group, Inc. 389,391 The following table presents the total amount of securities loaned with 29,887 Urban Edge Properties 591,464 continuous maturity, by type, offset by the gross payable upon return of 31,403 Weingarten Realty Investors 914,769 collateral for securities loaned by Thrivent Mid Cap Index Portfolio as of Total 49,790,355 September 30, 2019:

Utilities (4.8%) Securities Lending Transactions 13,412 ALLETE, Inc. 1,172,343 Common Stock $12,090,791 56,024 Aqua America, Inc. 2,511,556 Total lending $12,090,791 15,854 Black Hills Corporation 1,216,477 Gross amount payable upon return of 28,293 Hawaiian Electric Industries, Inc. 1,290,444 collateral for securities loaned $12,225,891 13,085 IDACORP, Inc. 1,474,287 Net amounts due to counterparty $135,100 51,683 MDU Resources Group, Inc. 1,456,944 22,411 National Fuel Gas Company 1,051,524 23,362 New Jersey Resources Corporation 1,056,430 Definitions: 13,097 NorthWestern Corporation 982,930 REIT - Real Estate Investment Trust is a company that buys, 51,973 OGE Energy Corporation 2,358,535 develops, manages and/or sells real estate assets. 13,692 ONE Gas, Inc. 1,315,938 20,681 PNM Resources, Inc. 1,077,066 14,133 Southwest Gas Holdings, Inc. 1,286,668 13,192 Spire, Inc. 1,150,870 54,254 UGI Corporation 2,727,349 Total 22,129,361

Total Common Stock (cost $379,413,343) 449,069,780

Collateral Held for Securities Loaned Shares (2.7%) Value 12,225,891 Thrivent Cash Management Trust 12,225,891 Total Collateral Held for Securities Loaned (cost $12,225,891) 12,225,891

Shares or Principal Amount Short-Term Investments (2.1%) Value Federal Home Loan Bank Discount Notes 500,000 1.995%, 10/30/2019c,d 499,243

The accompanying Notes to Schedule of Investments are an integral part of this schedule. 4 Mid Cap Index 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 Mid Cap Index Portfolio's assets carried at fair value.

Investments in Securities Total Level 1 Level 2 Level 3 Common Stock Communications Services 10,600,172 10,600,172 – – Consumer Discretionary 57,518,578 57,518,578 – – Consumer Staples 12,686,351 12,686,351 – – Energy 9,731,634 9,731,634 – – Financials 75,583,979 75,583,979 – – Health Care 43,930,668 43,930,668 – – Industrials 72,331,894 72,331,894 – – Information Technology 67,461,976 67,461,976 – – Materials 27,304,812 27,304,812 – – Real Estate 49,790,355 49,790,355 – – Utilities 22,129,361 22,129,361 – – Short-Term Investments 499,243 – 499,243 – Subtotal Investments in Securities $449,569,023 $449,069,780 $499,243 $– Other Investments * Total Affiliated Short-Term Investments 9,056,555 Collateral Held for Securities Loaned 12,225,891 Subtotal Other Investments $21,282,446

Total Investments at Value $470,851,469

* 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 Liability Derivatives Futures Contracts 138,683 138,683 – – Total Liability Derivatives $138,683 $138,683 $– $–

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 following table presents Mid Cap Index Portfolio's futures contracts held as of September 30, 2019. Investments and/or cash totaling $499,243 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 S&P Mid-Cap 400 Index 51 December 2019 $10,022,483 ($138,683) Total Futures Long Contracts $10,022,483 ($138,683) Total Futures Contracts $10,022,483 ($138,683)

Reference Description: CME - Chicago Mercantile Exchange S&P - Standard & Poor's

The accompanying Notes to Schedule of Investments are an integral part of this schedule. 5 Mid Cap Index Portfolio Schedule of Investments as of September 30, 2019 (unaudited) Investment in Affiliates Affiliated issuers, as defined under the Investment Company Act of 1940, include those in which the Portfolio's holdings of an issuer represent 5% or more of the outstanding voting securities of an issuer, any affiliated mutual fund, or a company which is under common ownership or control with the Portfolio. The Portfolio owns shares of Thrivent Cash Management Trust for the purpose of securities lending and Thrivent Core Short-Term Reserve Fund, a series of Thrivent Core Funds, primarily to serve as a cash sweep vehicle for the Portfolio. Thrivent Cash Management Trust and Thrivent Core Funds are established solely for investment by Thrivent entities. A summary of transactions (in thousands; values shown as zero are less than $500) for the fiscal year to date, in Mid Cap Index Portfolio, is as follows: 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% $1,133 $41,404 $33,480 $9,057 906 2.0% Total Affiliated Short-Term Investments 1,133 9,057 2.0 Collateral held for Securities Loaned Cash Management Trust- Collateral Investment 10,544 83,989 82,307 12,226 12,226 2.7 Total Collateral Held for Securities Loaned 10,544 12,226 2.7 Total Value $11,677 $21,283

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% $– $– – $111 Total Income from Affiliated Investments $111 Collateral Held for Securities Loaned Cash Management Trust- Collateral Investment – – – 32 Total Affiliated Income from Securities Loaned, Net $32 Total Value $– $– $–

The accompanying Notes to Schedule of Investments are an integral part of this schedule. 6 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

7 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

8 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

9 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

10 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.