N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-5017

Ivy Funds Variable Insurance Portfolios

(Exact name of registrant as specified in charter)

6300 Lamar Avenue, Overland Park, Kansas 66202

(Address of principal executive offices) (Zip code)

Mara D. Herrington

6300 Lamar Avenue

Overland Park, Kansas 66202

(Name and address of agent for service)

Registrant’s telephone number, including area code: 913-236-2000

Date of fiscal year end: December 31

Date of reporting period: March 31, 2011

ITEM 1.    SCHEDULE OF INVESTMENTS.

SCHEDULE OF INVESTMENTS Pathfinder Aggressive (in thousands) MARCH 31, 2011 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Bond		629	$	3,525
Ivy Funds VIP Dividend Opportunities		1,226		8,994
Ivy Funds VIP Growth		1,002		10,933
Ivy Funds VIP International Core Equity		572		10,242
Ivy Funds VIP International Growth		1,331		11,681
Ivy Funds VIP Limited-Term Bond (A)		2,128		10,554
Ivy Funds VIP Mid Cap Growth		406		3,832
Ivy Funds VIP Small Cap Growth (A)		199		2,295
Ivy Funds VIP Small Cap Value		334		5,913
Ivy Funds VIP Value		807		5,174
TOTAL AFFILIATED MUTUAL FUNDS – 99.9%			$	73,143
(Cost: $67,231)
SHORT-TERM SECURITIES – 0.2%	Principal
Master Note
Toyota Motor Credit Corporation, 0.127%, 4–1–11 (B)	$	142	$	142
(Cost: $142)
TOTAL INVESTMENT SECURITIES – 100.1%			$	73,285
(Cost: $67,373)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.1%)				(43	)
NET ASSETS – 100.0%			$	73,242

Notes to Schedule of Investments

Fair value is defined as the price that the Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 – unadjusted quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2011:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	73,143	$	—	$	—
Short-Term Securities		—		142		—
Total	$	73,143	$	142	$	—

There were no significant transfers between any levels during the period ended March 31, 2011.

(A) No dividends were paid during the preceding 12 months.

(B) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011. Date shown represents the date that the variable rate resets.

For Federal income tax purposes, cost of investments owned at March 31, 2011 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	67,373
Gross unrealized appreciation		5,991
Gross unrealized depreciation		(79	)
Net unrealized appreciation	$	5,912

SCHEDULE OF INVESTMENTS Pathfinder Conservative (in  thousands) MARCH 31, 2011 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Bond		3,722	$	20,856
Ivy Funds VIP Dividend Opportunities		1,714		12,568
Ivy Funds VIP Growth		461		5,033
Ivy Funds VIP International Core Equity		202		3,608
Ivy Funds VIP International Growth		410		3,600
Ivy Funds VIP Limited-Term Bond (A)		1,399		6,938
Ivy Funds VIP Mid Cap Growth		160		1,512
Ivy Funds VIP Money Market		13,888		13,888
Ivy Funds VIP Small Cap Growth (A)		65		755
Ivy Funds VIP Small Cap Value		41		729
Ivy Funds VIP Value		227		1,458
TOTAL AFFILIATED MUTUAL FUNDS – 99.8%			$	70,945
(Cost: $64,656)
SHORT-TERM SECURITIES – 0.2%	Principal
Master Note
Toyota Motor Credit Corporation, 0.127%, 4–1–11 (B)	$	127	$	127
(Cost: $127)
TOTAL INVESTMENT SECURITIES – 100.0%			$	71,072
(Cost: $64,783)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.0%				2
NET ASSETS – 100.0%			$	71,074

Notes to Schedule of Investments

Fair value is defined as the price that the Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 – unadjusted quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2011:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	70,945	$	—	$	—
Short-Term Securities		—		127		—
Total	$	70,945	$	127	$	—

There were no significant transfers between any levels during the period ended March 31, 2011.

(A) No dividends were paid during the preceding 12 months.

(B) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011. Date shown represents the date that the variable rate resets.

For Federal income tax purposes, cost of investments owned at March 31, 2011 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	64,783
Gross unrealized appreciation		6,344
Gross unrealized depreciation		(55	)
Net unrealized appreciation	$	6,289

SCHEDULE OF INVESTMENTS Pathfinder Moderate (in thousands) MARCH 31, 2011 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Bond		17,664	$	98,988
Ivy Funds VIP Dividend Opportunities		10,729		78,680
Ivy Funds VIP Growth		4,682		51,077
Ivy Funds VIP International Core Equity		2,289		40,981
Ivy Funds VIP International Growth		6,994		61,405
Ivy Funds VIP Limited-Term Bond (A)		9,959		49,400
Ivy Funds VIP Mid Cap Growth		2,273		21,434
Ivy Funds VIP Money Market		49,439		49,439
Ivy Funds VIP Small Cap Growth (A)		928		10,714
Ivy Funds VIP Small Cap Value		1,170		20,710
Ivy Funds VIP Value		4,034		25,867
TOTAL AFFILIATED MUTUAL FUNDS – 100.0%			$	508,695
(Cost: $448,336)
SHORT-TERM SECURITIES – 0.1%	Principal
Master Note
Toyota Motor Credit Corporation, 0.127%, 4–1–11 (B)	$	706	$	706
(Cost: $706)
TOTAL INVESTMENT SECURITIES – 100.1%			$	509,401
(Cost: $449,042)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.1%)				(625	)
NET ASSETS – 100.0%			$	508,776

Notes to Schedule of Investments

Fair value is defined as the price that the Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 – unadjusted quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2011:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	508,695	$	—	$	—
Short-Term Securities		—		706		—
Total	$	508,695	$	706	$	—

There were no significant transfers between any levels during the period ended March 31, 2011.

(A) No dividends were paid during the preceding 12 months.

(B) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011. Date shown represents the date that the variable rate resets.

For Federal income tax purposes, cost of investments owned at March 31, 2011 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	449,042
Gross unrealized appreciation		60,710
Gross unrealized depreciation		(351	)
Net unrealized appreciation	$	60,359

SCHEDULE OF INVESTMENTS Pathfinder Moderately Aggressive (in thousands) MARCH 31, 2011 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Bond		10,181	$	57,056
Ivy Funds VIP Dividend Opportunities		12,347		90,545
Ivy Funds VIP Growth		5,392		58,825
Ivy Funds VIP International Core Equity		3,295		58,980
Ivy Funds VIP International Growth		10,071		88,410
Ivy Funds VIP Limited-Term Bond (A)		17,221		85,425
Ivy Funds VIP Mid Cap Growth		3,268		30,813
Ivy Funds VIP Money Market		28,496		28,496
Ivy Funds VIP Small Cap Growth (A)		1,602		18,496
Ivy Funds VIP Small Cap Value		2,358		41,730
Ivy Funds VIP Value		4,642		29,771
TOTAL AFFILIATED MUTUAL FUNDS – 100.0%			$	588,547
(Cost: $514,105)
SHORT-TERM SECURITIES – 0.4%	Principal
Master Note
Toyota Motor Credit Corporation,
0.127%, 4-1-11 (B)	$	2,333	$	2,333
(Cost: $2,333)
TOTAL INVESTMENT SECURITIES – 100.4%			$	590,880
(Cost: $516,438)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.4%)				(2,260	)
NET ASSETS – 100.0%			$	588,620

Notes to Schedule of Investments

Fair value is defined as the price that the Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 – unadjusted quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2011:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	588,547	$	—	$	—
Short-Term Securities		—		2,333		—
Total	$	588,547	$	2,333	$	—

There were no significant transfers between any levels during the period ended March 31, 2011.

(A) No dividends were paid during the preceding 12 months.

(B) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011. Date shown represents the date that the variable rate resets.

For Federal income tax purposes, cost of investments owned at March 31, 2011 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	516,438
Gross unrealized appreciation		74,997
Gross unrealized depreciation		(555	)
Net unrealized appreciation	$	74,442

SCHEDULE OF INVESTMENTS Pathfinder Moderately Conservative (in thousands) MARCH 31, 2011 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Bond		7,092	$	39,746
Ivy Funds VIP Dividend Opportunities		3,448		25,284
Ivy Funds VIP Growth		1,353		14,765
Ivy Funds VIP International Core Equity		460		8,228
Ivy Funds VIP International Growth		1,872		16,438
Ivy Funds VIP Limited-Term Bond (A)		3,199		15,866
Ivy Funds VIP Mid Cap Growth		731		6,891
Ivy Funds VIP Money Market		23,817		23,817
Ivy Funds VIP Small Cap Growth (A)		149		1,722
Ivy Funds VIP Small Cap Value		94		1,663
Ivy Funds VIP Value		1,296		8,312
TOTAL AFFILIATED MUTUAL FUNDS – 99.9%			$	162,732
(Cost: $146,200)
SHORT-TERM SECURITIES – 0.2%	Principal
Master Note
Toyota Motor Credit Corporation, 0.127%, 4–1–11 (B)	$	298	$	298
(Cost: $298)
TOTAL INVESTMENT SECURITIES – 100.1%			$	163,030
(Cost: $146,498)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.1%)				(202	)
NET ASSETS – 100.0%			$	162,828

Notes to Schedule of Investments

Fair value is defined as the price that the Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 – unadjusted quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2011:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	162,732	$	—	$	—
Short-Term Securities		—		298		—
Total	$	162,732	$	298	$	—

There were no significant transfers between any levels during the period ended March 31, 2011.

(A) No dividends were paid during the preceding 12 months.

(B) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011. Date shown represents the date that the variable rate resets.

For Federal income tax purposes, cost of investments owned at March 31, 2011 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	146,507
Gross unrealized appreciation		16,640
Gross unrealized depreciation		(117	)
Net unrealized appreciation	$	16,523

SCHEDULE OF INVESTMENTS Asset Strategy (in thousands) MARCH 31, 2011 (UNAUDITED)

COMMON STOCKS	Shares		Value
Aerospace & Defense - 1.0%
Honeywell International Inc.		234	$	13,942
Airlines – 0.5%
Cathay Pacific Airways Limited, H Shares (A)		2,990		7,165
Apparel, Accessories & Luxury Goods – 4.4%
Compagnie Financiere Richemont S.A. (A)		592		34,186
LVMH Moet Hennessy – Louis Vuitton (A)		163		25,740
				59,926
Asset Management & Custody Banks – 0.8%
Blackstone Group L.P. (The)		369		6,599
KKR & Co. L.P.		243		3,983
				10,582
Automobile Manufacturers – 4.3%
Bayerische Motoren Werke AG (A)		220		18,352
Hyundai Motor Company (A)		216		39,917
				58,269
Broadcasting – 1.1%
CBS Corporation, Class B		595		14,891
Casinos & Gaming – 11.0%
Sands China Ltd. (A)(B)		4,189		9,349
Sands China Ltd. (A)(B)(C)		17,846		39,829
Wynn Macau, Limited (A)		7,187		20,049
Wynn Macau, Limited (A)(C)		839		2,340
Wynn Resorts, Limited		612		77,929
				149,496
Commodity Chemicals – 0.6%
PTT Chemical Public Company Limited (A)(C)		1,694		8,290
Communications Equipment – 1.2%
Juniper Networks, Inc. (B)		377		15,860
Computer Hardware – 3.5%
Apple Inc. (B)		136		47,389
Computer Storage & Peripherals – 1.9%
NetApp, Inc. (B)		525		25,285
Construction & Engineering – 0.5%
China Railway Construction Corporation Limited, H Shares (A)(B)		3,271		3,398
China Railway Group Limited, H Shares (A)		5,494		3,545
				6,943
Construction & Farm Machinery & Heavy Trucks – 4.8%
AB Volvo, Class B (A)		823		14,473
AB Volvo, Class B (A)(C)		281		4,949
Caterpillar Inc.		133		14,798
Cummins Inc.		129		14,152
Tata Motors Limited, Ordinary Shares (A)		574		16,063
				64,435
Distributors – 1.0%
Li & Fung Limited (A)		2,548		13,055

Diversified Banks – 6.8%
BOC Hong Kong (Holdings) Limited (A)	4,547	14,817
BOC Hong Kong (Holdings) Limited, H Shares (A)(B)	14,975	8,336
China Construction Bank Corporation (A)	8,579	8,040
ICICI Bank Limited (A)	657	16,432
Industrial and Commercial Bank of China Limited, H Shares (A)	6,441	5,349
Standard Chartered plc (A)	1,000	25,946
Turkiye Garanti Bankasi Anonim Sirketi (A)	2,961	13,846
		92,766
Diversified Metals & Mining – 0.5%
Teck Cominco Limited (A)	126	6,689
Hotels, Resorts & Cruise Lines – 2.4%
Starwood Hotels & Resorts Worldwide, Inc.	560	32,553
Industrial Conglomerates – 1.3%
Hutchison Port Holdings Trust (A)(B)	116	115
Hutchison Whampoa Limited, Ordinary Shares (A)	1,491	17,653
		17,768
Industrial Machinery – 0.8%
Eaton Corporation	192	10,656
Integrated Oil & Gas – 3.9%
ConocoPhillips	506	40,417
Exxon Mobil Corporation	153	12,880
		53,297
Internet Software & Services – 5.9%
Baidu.com, Inc., ADR (B)	260	35,789
eBay Inc. (B)	106	3,284
Google Inc., Class A (B)	40	23,273
Tencent Holdings Limited (A)	735	17,901
		80,247
Investment Banking & Brokerage – 1.3%
Goldman Sachs Group, Inc. (The)	114	18,002
IT Consulting & Other Services – 2.7%
Cognizant Technology Solutions Corporation, Class A (B)	452	36,768
Life & Health Insurance – 1.8%
AIA Group Limited (A)(B)	981	3,019
AIA Group Limited (A)(B)(C)	5,558	17,114
Ping An Insurance (Group) Company of China, Ltd. (A)(C)	229	2,321
Ping An Insurance (Group) Company of China, Ltd., A Shares (A)(B)	351	2,650
		25,104
Multi-Line Insurance – 2.0%
China Pacific Insurance (Group) Co. Ltd., H Shares (A)	6,367	26,764
Oil & Gas Drilling – 1.5%
Seadrill Limited (A)	546	19,741
Oil & Gas Equipment & Services – 5.0%
Halliburton Company	574	28,608
National Oilwell Varco, Inc.	162	12,858
Schlumberger Limited	289	26,980
		68,446
Oil & Gas Storage & Transportation – 0.3%
Kinder Morgan, Inc. (B)	154	4,570
Packaged Foods & Meats – 0.9%
Mead Johnson Nutrition Company	200	11,609

Pharmaceuticals – 0.3%
Allergan, Inc.		65		4,602
Restaurants – 1.2%
Starbucks Corporation		439		16,232
Semiconductor Equipment – 1.0%
ASML Holding N.V., Ordinary Shares (A)		319		14,047
Semiconductors – 2.2%
ARM Holdings plc, ADR		112		3,147
Broadcom Corporation, Class A		367		14,432
First Solar, Inc. (B)		79		12,771
				30,350
Systems Software – 0.9%
Oracle Corporation		381		12,721
Tobacco – 1.4%
Philip Morris International Inc.		292		19,171
TOTAL COMMON STOCKS – 80.7%			$	1,097,631
(Cost: $846,008)
INVESTMENT FUNDS – 0.1%
Multiple Industry
Vietnam Azalea Fund Limited (B)(D)(E)		300	$	1,278
(Cost: $1,982)
PREFERRED STOCKS
Automobile Manufacturers – 4.9%
Volkswagen AG (A)		295		47,848
Volkswagen AG (A)(C)		114		18,580
				66,428
Diversified Banks – 1.4%
Itau Unibanco Holding S.A., ADR		811		19,495
TOTAL PREFERRED STOCKS – 6.3%			$	85,923
(Cost: $52,077)
CORPORATE DEBT SECURITIES		Principal
Automobile Manufacturers – 0.1%
Toyota Motor Credit Corporation,
3.130%, 1–18–15 (F)	$	1,050		1,037
Brewers – 0.0%
Companhia Brasileira de Bebidas,
10.500%, 12–15–11		500		533
Construction Materials – 0.2%
CEMEX Espana, S.A.,
9.250%, 5–12–20 (C)		1,115		1,156
Forest Products – 0.0%
Sino-Forest Corporation,
10.250%, 7–28–14 (C)		475		526
Homebuilding – 0.0%
Desarrolladora Homex, S.A. de C.V.,
7.500%, 9–28–15		327		337
Independent Power Producers & Energy Traders – 0.1%
CESP – Companhia Energetica de Sao Paulo,
9.750%, 1–15–15 (C)(G)		BRL1,800		1,507
TOTAL CORPORATE DEBT SECURITIES – 0.4%			$	5,096
(Cost: $4,629)

PUT OPTIONS – 0.0%	Number of Contracts
BOVESPA Futures,
Apr $61,660.00, Expires 4–18–11		—	*	$	11
(Cost: $342)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS	Principal
Mortgage-Backed Obligations – 0.1%
Federal Home Loan Mortgage Corporation Agency REMIC/CMO:
5.500%, 9–15–17 (H)	$	1,880			154
5.000%, 11–15–17 (H)		148			9
5.000%, 4–15–19 (H)		467			32
5.000%, 11–15–22 (H)		89			3
5.500%, 3–15–23 (H)		337			38
5.000%, 5–15–23 (H)		203			10
5.000%, 8–15–23 (H)		183			12
5.500%, 4–15–25 (H)		59			2
5.500%, 10–15–25 (H)		874			122
5.500%, 2–15–30 (H)		98			2
5.000%, 8–15–30 (H)		81			3
5.500%, 3–15–31 (H)		247			11
6.000%, 11–15–35 (H)		508			96
Federal National Mortgage Association Agency REMIC/CMO:
5.000%, 5–25–22 (H)		75			2
5.500%, 6–25–23 (H)		442			55
5.000%, 8–25–23 (H)		242			15
5.000%, 11–25–23 (H)		338			29
5.000%, 9–25–30 (H)		199			6
5.500%, 8–25–33 (H)		619			94
5.500%, 4–25–34 (H)		1,119			216
5.500%, 11–25–36 (H)		1,599			307
Government National Mortgage Association Agency REMIC/CMO:
5.000%, 1–20–30 (H)		374			7
5.000%, 6–20–31 (H)		624			32
5.500%, 3–20–32 (H)		413			45
5.000%, 7–20–33 (H)		216			25
5.500%, 11–20–33 (H)		912			92
5.500%, 6–20–35 (H)		702			119
5.500%, 7–20–35 (H)		564			76
5.500%, 10–16–35 (H)		340			60
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 0.1%				$	1,674
(Cost: $2,648)
BULLION – 11.1%	Troy Ounces
Gold		106		$	151,555
(Cost: $102,421)
SHORT-TERM SECURITIES	Principal
Commercial Paper (I) – 0.8%
John Deere Capital Corporation,
0.190%, 4–27–11	$	5,000			4,999
Prudential Funding LLC,
0.000%, 4–1–11		2,470			2,470
Sara Lee Corporation,
0.260%, 4–8–11		3,100			3,100
TOTAL SHORT-TERM SECURITIES – 0.8%				$	10,569
(Cost: $10,569)
TOTAL INVESTMENT SECURITIES – 99.5%				$	1,353,737
(Cost: $1,020,676)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.5%					6,350
NET ASSETS – 100.0%				$	1,360,087

Notes to Schedule of Investments

Fair value is defined as the price that the Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 – unadjusted quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2011:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	1,097,631	$	—	$	—
Investment Funds		—		—		1,278
Preferred Stocks		85,923		—		—
Corporate Debt Securities		—		5,096		—
Put Options		—		11		—
United States Government Agency Obligations		—		1,674		—
Bullion		151,555		—		—
Short-Term Securities		—		10,569		—
Total	$	1,335,109	$	17,350	$	1,278
Forward Foreign Currency Contracts	$	—	$	440	$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	1,496	$	—

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Investment Funds			Corporate Debt Securities
Beginning Balance 1-1-11	$	1,593		$	1,026
Net realized gain (loss)		—			—
Net unrealized appreciation (depreciation)		(315	)		—
Purchases		—			—
Sales		—			—
Transfers into Level 3 during the period		—			—
Transfers out of Level 3 during the period		—			(1,026	)
Ending Balance 3-31-11	$	1,278		$	—
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 3-31-11	$	(315	)	$	—

Transfers from Level 3 to Level 2 occurred generally due to the increased availability of observable market data due to increased market activity or information. There were no significant transfers between Levels 1 and 2 during the period ended March 31, 2011.

The following forward foreign currency contracts were outstanding at March 31, 2011:

Type	Currency	Counterparty	Principal Amount of Contract (Denominated in Indicated Currency)		Settlement Date		Unrealized Appreciation		Unrealized Depreciation
Buy	Chinese Yuan Renminbi	Deutsche Bank AG		195,850		6-25-12	$	284	$	—
Buy	Chinese Yuan Renminbi	Citibank, N.A.		62,400		6-28-12		156		—
Sell	Japanese Yen	Deutsche Bank AG		5,039,700		4-12-11		—		2
Sell	Japanese Yen	Citibank, N.A.		1,363,500		7-12-11		—		12
Sell	Swiss Franc	Deutsche Bank AG		20,620		4-11-11		—		1,062
Sell	Swiss Franc	Citibank, N.A.		8,130		7-11-11		—		420
							$	440	$	1,496

* Not shown due to rounding.

(A) Listed on an exchange outside the United States.

(B) No dividends were paid during the preceding 12 months.

(C) Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the total value of these securities amounted to $96,612 or 7.1% of net assets.

(D) Restricted security. At March 31, 2011, the Portfolio owned the following restricted security:

Security	Acquisition Date(s)	Shares	Cost		Market Value
Vietnam Azalea Fund Limited	6-14-07 to 1-28-09	300	$	1,982	$	1,278

The total value of this security represented 0.1% of net assets at March 31, 2011.

(E) Deemed to be an affiliate due to the Portfolio owning at least 5% of the voting securities. The Portfolio and other mutual funds managed by its investment manager, Waddell & Reed Investment Management Company or other related parties, together own approximately 30% of the outstanding shares of this security at March 31, 2011.

(F) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011.

(G) Principal amounts are denominated in the indicated foreign currency, where applicable (BRL - Brazilian Real).

(H) Interest Only Security. Amount shown as principal represents notional amount for computation of interest.

(I) Rate shown is the yield to maturity at March 31, 2011.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

CMO = Collateralized Mortgage Obligation

REMIC = Real Estate Mortgage Investment Conduit

For Federal income tax purposes, cost of investments owned at March 31, 2011 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	1,024,421
Gross unrealized appreciation		341,627
Gross unrealized depreciation		(12,311	)
Net unrealized appreciation	$	329,316

SCHEDULE OF INVESTMENTS Balanced (in thousands) MARCH 31, 2011 (UNAUDITED)

COMMON STOCKS	Shares		Value
Aerospace & Defense – 2.4%
General Dynamics Corporation		43	$	3,323
Honeywell International Inc.		106		6,324
				9,647
Air Freight & Logistics – 1.2%
Expeditors International of Washington, Inc.		95		4,753
Apparel Retail – 1.1%
Limited Brands, Inc.		127		4,179
Auto Parts & Equipment – 3.0%
BorgWarner Inc. (A)		76		6,016
Johnson Controls, Inc.		141		5,861
				11,877
Broadcasting – 2.1%
CBS Corporation, Class B		318		7,967
Casinos & Gaming – 1.5%
Wynn Resorts, Limited		46		5,841
Computer Hardware – 2.9%
Apple Inc. (A)		32		11,081
Construction & Engineering – 1.3%
Quanta Services, Inc. (A)		215		4,811
Construction & Farm Machinery & Heavy Trucks – 0.8%
Cummins Inc.		27		2,927
Data Processing & Outsourced Services – 1.0%
Paychex, Inc.		127		3,983
Department Stores – 1.1%
Macy’s Inc.		172		4,163
Distillers & Vintners – 1.4%
Brown-Forman Corporation, Class B		81		5,519
Diversified Chemicals – 1.1%
Dow Chemical Company (The)		113		4,262
Electric Utilities – 0.7%
PPL Corporation		112		2,829
Electrical Components & Equipment – 2.4%
Emerson Electric Co.		157		9,150
Footwear – 1.2%
NIKE, Inc., Class B		61		4,587
General Merchandise Stores – 0.9%
Target Corporation		70		3,481
Health Care Distributors – 1.5%
Henry Schein, Inc. (A)		83		5,810

Health Care Facilities – 0.9%
Community Health Systems, Inc. (A)	36	1,452
HCA Holdings, Inc. (A)	61	2,056
		3,508
Health Care Supplies – 1.5%
DENTSPLY International Inc.	159	5,885
Hotels, Resorts & Cruise Lines – 1.6%
Hyatt Hotels Corporation, Class A (A)	147	6,340
Household Products – 1.1%
Colgate-Palmolive Company	52	4,216
Human Resource & Employment Services – 0.7%
Manpower Inc.	41	2,572
Industrial Machinery – 1.3%
Eaton Corporation	92	5,100
Integrated Oil & Gas – 4.4%
ConocoPhillips	116	9,223
Exxon Mobil Corporation	52	4,350
Petroleo Brasileiro S.A. – Petrobras, ADR	85	3,433
		17,006
IT Consulting & Other Services – 1.7%
Accenture plc, Class A	122	6,690
Motorcycle Manufacturers – 1.3%
Harley-Davidson, Inc.	113	4,806
Oil & Gas Equipment & Services – 5.8%
Halliburton Company	139	6,913
National Oilwell Varco, Inc.	124	9,860
Schlumberger Limited	63	5,885
		22,658
Oil & Gas Exploration & Production – 0.9%
Southwestern Energy Company (A)	76	3,279
Oil & Gas Storage & Transportation – 0.3%
Kinder Morgan, Inc. (A)	36	1,055
Other Diversified Financial Services – 2.8%
JPMorgan Chase & Co.	228	10,493
Packaged Foods & Meats – 2.2%
General Mills, Inc.	90	3,300
Mead Johnson Nutrition Company	85	4,895
		8,195
Personal Products – 1.8%
Estee Lauder Companies Inc. (The), Class A	73	6,995
Pharmaceuticals – 1.7%
Allergan, Inc.	87	6,157
Property & Casualty Insurance – 1.2%
Travelers Companies, Inc. (The)	78	4,645
Railroads – 1.7%
Union Pacific Corporation	66	6,490

Real Estate Management & Development – 1.6%
CB Richard Ellis Group, Inc., Class A (A)		234		6,234
Regional Banks – 1.3%
PNC Financial Services Group, Inc. (The)		79		4,964
Restaurants – 1.4%
McDonald’s Corporation		69		5,235
Semiconductor Equipment – 3.2%
ASML Holding N.V., NY Registry Shares		140		6,243
Lam Research Corporation (A)		100		5,683
				11,926
Semiconductors – 2.3%
Microchip Technology Incorporated		237		9,012
Soft Drinks – 1.4%
PepsiCo, Inc.		81		5,198
Tobacco – 1.5%
Philip Morris International Inc.		90		5,874
TOTAL COMMON STOCKS – 73.2%			$	281,400
(Cost: $195,595)
CORPORATE DEBT SECURITIES	Principal
Apparel Retail – 0.1%
Limited Brands, Inc., 6.625%, 4–1–21	$	460		470
Automobile Manufacturers – 1.0%
Ford Motor Company, Convertible, 4.250%, 11–15–16		2,000		3,626
Brewers – 0.3%
Anheuser-Busch InBev Worldwide Inc.:
3.000%, 10–15–12		500		514
5.375%, 11–15–14		500		550
				1,064
Broadcasting – 0.7%
CBS Corporation:
8.875%, 5–15–19		1,500		1,881
4.300%, 2–15–21		500		472
				2,353
Cable & Satellite – 0.1%
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc., 3.500%, 3–1–16		500		500
Construction & Farm Machinery & Heavy Trucks – 0.2%
John Deere Capital Corporation, 5.250%, 10–1–12		750		797
Consumer Finance – 0.5%
American Express Credit Corporation, 5.125%, 8–25–14		400		431
Caterpillar Financial Services Corporation, 1.550%, 12–20–13		500		501
Ford Motor Credit Company LLC, 7.000%, 4–15–15		750		810
				1,742
Data Processing & Outsourced Services – 0.3%
Western Union Company (The), 6.500%, 2–26–14		1,000		1,111
Diversified Banks – 0.4%
Bank of New York Mellon Corporation (The), 1.500%, 1–31–14		500		498
Barclays Bank plc, 2.375%, 1–13–14		300		301

U.S. Bancorp, 4.200%, 5–15–14	500	532
Wells Fargo & Company, 3.676%, 6–15–16 (B)	250	251
		1,582
Diversified Capital Markets – 0.3%
Deutsche Bank AG:
3.450%, 3–30–15	750	766
3.250%, 1–11–16	500	501
		1,267
Diversified Metals & Mining – 0.2%
Rio Tinto Finance (USA) Limited, 8.950%, 5–1–14	500	601
Drug Retail – 0.3%
CVS Caremark Corporation, 3.250%, 5–18–15	950	964
Electric Utilities – 0.4%
Hydro-Quebec, 8.000%, 2–1–13	1,500	1,675
Food Distributors – 0.3%
Cargill, Inc., 6.375%, 6–1–12 (C)	1,150	1,216
Food Retail – 0.6%
Kroger Co. (The), 6.200%, 6–15–12	2,000	2,114
Gold – 0.5%
Newmont Mining Corporation, Convertible, 3.000%, 2–15–12	1,800	2,205
Health Care Services – 0.3%
Quest Diagnostics Incorporated, 3.200%, 4–1–16	1,000	992
Home Improvement Retail – 0.1%
Home Depot, Inc. (The), 4.400%, 4–1–21	375	374
Hypermarkets & Super Centers – 0.2%
Wal-Mart Stores, Inc., 2.875%, 4–1–15	875	894
Industrial Gases – 0.4%
Praxair, Inc., 4.375%, 3–31–14	1,500	1,606
Industrial Machinery – 0.4%
Illinois Tool Works Inc., 5.150%, 4–1–14	1,500	1,651
Integrated Oil & Gas – 0.6%
Cenovus Energy Inc., 4.500%, 9–15–14	250	268
Chevron Corporation, 3.450%, 3–3–12	500	514
ConocoPhillips, 4.750%, 2–1–14	1,500	1,626
		2,408
Integrated Telecommunication Services – 0.2%
AT&T Inc., 4.850%, 2–15–14	1,000	1,080
Investment Banking & Brokerage – 0.4%
Morgan Stanley, 4.100%, 1–26–15	1,500	1,538
Life & Health Insurance – 0.6%
MetLife Global Funding I:
2.000%, 1–10–14 (C)	800	795
2.500%, 9–29–15 (C)	1,000	972
Prudential Financial, Inc., 4.750%, 9–17–15	500	532
		2,299

Movies & Entertainment – 0.2%
Viacom Inc., 4.375%, 9–15–14	500		533
Oil & Gas Equipment & Services – 0.1%
Schlumberger S.A., 2.650%, 1–15–16 (C)	500		498
Oil & Gas Exploration & Production – 0.3%
EOG Resources, Inc., 2.500%, 2–1–16	1,000		975
Other Diversified Financial Services – 1.1%
JPMorgan Chase & Co.:
4.650%, 6–1–14	1,000		1,068
3.450%, 3–1–16	1,000		995
7.900%, 4–29–49 (B)	500		547
Principal Life Global,
6.250%, 2–15–12 (C)	1,500		1,571
			4,181
Other Non-Agency REMIC/CMO – 0.0%
Banco Hipotecario Nacional:
7.916%, 7–25–09 (C)(D)	17		—	*
8.000%, 3–31–11 (C)(D)	4		—	*
			—	*
Packaged Foods & Meats – 0.7%
Kraft Foods Inc., 4.125%, 2–9–16	1,000		1,036
Unilever Capital Corporation, 5.900%, 11–15–32	1,450		1,607
			2,643
Pharmaceuticals – 0.6%
Pfizer Inc., 4.450%, 3–15–12	1,500		1,556
Roche Holdings Ltd, 5.000%, 3–1–14 (C)	952		1,037
			2,593
Property & Casualty Insurance – 0.6%
Berkshire Hathaway Finance Corporation, 4.000%, 4–15–12 (C)	500		518
Fidelity National Financial, Inc., 6.600%, 5–15–17	1,600		1,653
			2,171
Restaurants – 0.1%
YUM! Brands, Inc., 4.250%, 9–15–15	500		525
Soft Drinks – 0.2%
PepsiCo, Inc., 3.750%, 3–1–14	750		797
Systems Software – 0.1%
Microsoft Corporation, 2.950%, 6–1–14	500		520
Tobacco – 0.2%
Philip Morris International Inc., 4.500%, 3–26–20	750		769
Wireless Telecommunication Service – 0.1%
America Movil, S.A.B. de C.V., 3.625%, 3–30–15	200		206
TOTAL CORPORATE DEBT SECURITIES – 13.7%		$	52,540
(Cost: $48,412)
OTHER GOVERNMENT SECURITIES
Qatar – 0.2%
State of Qatar, 4.000%, 1–20–15 (C)	750		774
Supranational – 0.2%
International Bank for Reconstruction and Development, 2.375%, 5–26–15	900		916
TOTAL OTHER GOVERNMENT SECURITIES – 0.4%		$	1,690
(Cost: $1,646)

UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Mortgage-Backed Obligations – 2.1%
Federal National Mortgage Association Fixed Rate Pass-Through Certificates:
6.000%, 9–1–17	258		282
5.000%, 1–1–18	172		184
5.500%, 4–1–18	56		61
5.000%, 5–1–18	82		87
4.500%, 7–1–18	1,260		1,333
7.000%, 9–1–25	72		83
6.500%, 10–1–28	240		272
6.500%, 2–1–29	132		149
7.500%, 4–1–31	116		135
7.000%, 7–1–31	193		223
7.000%, 9–1–31	315		365
6.500%, 2–1–32	651		736
7.000%, 2–1–32	384		443
7.000%, 3–1–32	132		152
7.000%, 7–1–32	309		356
6.000%, 9–1–32	1,292		1,423
6.000%, 2–1–33	214		236
5.500%, 5–1–33	936		1,007
5.500%, 6–1–33	356		383
United States Department of Veterans Affairs, Guaranteed REMIC Pass-Through Certificates, Vendee Mortgage Trust, 1997-A Class 3-A,
8.293%, 12–15–26	75		87
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 2.1%		$	7,997
(Cost: $7,388)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Inflation Protected Obligations – 0.3%
United States Treasury Notes,
3.000%, 7–15–12 (E)	1,225		1,312
Treasury Obligations – 7.9%
United States Treasury Bonds:
7.500%, 11–15–16	1,500		1,898
6.250%, 8–15–23	5,250		6,512
United States Treasury Notes:
3.875%, 2–15–13	3,000		3,176
3.625%, 5–15–13	3,000		3,173
4.250%, 8–15–13	4,000		4,306
4.250%, 8–15–15	10,000		10,962
			30,027
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 8.2%		$31,339
(Cost: $28,356)
SHORT-TERM SECURITIES
Commercial Paper (F) – 0.8%
Prudential Funding LLC,
0.000%, 4–1–11	3,223		3,223
Master Note – 1.1%
Toyota Motor Credit Corporation,
0.127%, 4–1–11 (G)	4,135		4,135
TOTAL SHORT-TERM SECURITIES – 1.9%		$	7,358
(Cost: $7,358)
TOTAL INVESTMENT SECURITIES – 99.5%		$	382,324
(Cost: $288,755)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.5%			1,957
NET ASSETS – 100.0%		$384,281

Notes to Schedule of Investments

Fair value is defined as the price that the Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 – unadjusted quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2011:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	281,400	$	—	$	—
Corporate Debt Securities		—		52,540		—
Other Government Securities		—		1,690		—
United States Government Agency Obligations		—		7,997		—
United States Government Obligations		—		31,339		—
Short-Term Securities		—		7,358		—
Total	$	281,400	$	100,924	$	—

There were no significant transfers between any levels during the period ended March 31, 2011.

* Not shown due to rounding.

(A) No dividends were paid during the preceding 12 months.

(B) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011.

(C) Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the total value of these securities amounted to $7,381 or 1.9% of net assets.

(D) Non-income producing as the issuer has either missed its most recent interest payment or declared bankruptcy.

(E) The interest rate for this security is a stated rate, but the interest payments are determined by multiplying the inflation-adjusted principal by one half of the stated rate for each semiannual interest payment date.

(F) Rate shown is the yield to maturity at March 31, 2011.

(G) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011. Date shown represents the date that the variable rate resets.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

CMO = Collateralized Mortgage Obligation

REMIC = Real Estate Mortgage Investment Conduit

For Federal income tax purposes, cost of investments owned at March 31, 2011 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	289,004
Gross unrealized appreciation		93,454
Gross unrealized depreciation		(134	)
Net unrealized appreciation	$	93,320

SCHEDULE OF INVESTMENTS Bond (in thousands) MARCH 31, 2011 (UNAUDITED)

CORPORATE DEBT SECURITIES	Principal		Value
Aerospace & Defense – 1.5%
Bombardier Inc., 7.500%, 3–15–18 (A)	$	1,800	$	1,944
Honeywell International Inc., 5.000%, 2–15–19		2,225		2,418
United Technologies Corporation, 6.125%, 2–1–19		3,000		3,495
				7,857
Asset-Backed Security – 0.0%
Lehman ABS Manufactured Housing Contract Trust 2001-B, 3.010%, 3–15–12		73		71
Biotechnology – 0.6%
Amgen Inc., 6.150%, 6–1–18		3,000		3,438
Brewers – 1.1%
Anheuser-Busch InBev Worldwide Inc.:
5.375%, 11–15–14		3,500		3,853
5.375%, 1–15–20		2,000		2,144
				5,997
Broadcasting – 1.4%
CBS Corporation, 8.875%, 5–15–19		6,000		7,525
Cable & Satellite – 1.5%
Comcast Corporation, 5.150%, 3–1–20		3,000		3,119
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc., 3.500%, 3–1–16		4,000		4,004
EchoStar DBS Corporation, 6.375%, 10–1–11		750		765
				7,888
CMBS Other – 2.4%
Banc of America Commercial Mortgage Inc., Commercial Mortgage Pass-Through Certificates, Series 2005-2, 4.783%, 7–10–43 (B)		2,376		2,444
Bear Stearns Commercial Mortgage Securities Inc., Series 2000-WF1 Trust Fund, 6.500%, 2–15–32		150		69
Deutsche Mortgage and Asset Receiving Corporation COMM 2005-C6 Commercial Mortgage Pass-Through Certificates, 5.144%, 6–10–44		6,000		6,159
Hometown Commercial Capital, LLC Hometown Commercial Mortgage Pass-Through Notes 2006-1, 5.506%, 11–11–38 (A)		179		91
J.P. Morgan Chase Commercial Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2004-C1, 4.719%, 1–15–38		2,000		2,112
Merrill Lynch Mortgage Trust 2005-CIP1, 4.949%, 7–12–38 (B)		2,000		2,017
				12,892
Coal & Consumable Fuels – 0.4%
Peabody Energy Corporation, 6.500%, 9–15–20		2,000		2,145
Computer & Electronics Retail – 1.0%
Best Buy Co., Inc., 6.750%, 7–15–13		5,000		5,463

Computer Hardware – 1.3%
Hewlett-Packard Company, 2.125%, 9–13–15	6,625	6,486
Consumer Finance – 2.8%
American Express Credit Corporation, 2.750%, 9–15–15	2,000	1,961
American Express Travel Related Services Co., Inc., 5.250%, 11–21–11 (A)	3,600	3,701
Ford Motor Credit Company LLC, 7.000%, 4–15–15	5,000	5,404
John Deere Capital Corporation, 2.800%, 9–18–17	4,000	3,904
		14,970
Data Processing & Outsourced Services – 1.1%
Western Union Company (The), 6.500%, 2–26–14	5,300	5,888
Diversified Banks – 2.2%
HSBC Holdings plc, 5.100%, 4–5–21	2,500	2,509
U.S. Bancorp, 4.200%, 5–15–14	3,000	3,191
Wells Fargo & Company, 3.676%, 6–15–16 (B)	6,000	6,025
		11,725
Diversified Capital Markets – 1.5%
Credit Suisse AG, 3.500%, 3–23–15	3,000	3,059
Deutsche Bank AG, 3.250%, 1–11–16	5,000	5,013
		8,072
Diversified Chemicals – 1.2%
E.I. du Pont de Nemours and Company:
2.750%, 4–1–16	2,500	2,480
5.750%, 3–15–19	3,725	4,158
		6,638
Diversified Metals & Mining – 1.1%
Rio Tinto Finance (USA) Limited, 8.950%, 5–1–14	5,000	6,010
Electric Utilities – 1.9%
HQI Transelec Chile S.A., 7.875%, 4–15–11	281	282
NextEra Energy Capital Holdings, Inc., 7.875%, 12–15–15	5,000	5,924
Oncor Electric Delivery Company LLC, 6.375%, 5–1–12	3,615	3,797
		10,003
Electrical Components & Equipment – 0.5%
Emerson Electric Co., 4.875%, 10–15–19	2,500	2,660
Fertilizers & Agricultural Chemicals – 0.5%
Potash Corporation of Saskatchewan Inc., 3.250%, 12–1–17	2,500	2,440
Health Care Equipment – 0.6%
Medtronic, Inc., 4.450%, 3–15–20	3,000	3,069
Health Care Services – 1.5%
Medco Health Solutions, Inc., 4.125%, 9–15–20	2,000	1,925

Quest Diagnostics Incorporated, 3.200%, 4–1–16	6,000	5,953
		7,878
Home Improvement Retail – 0.2%
Home Depot, Inc. (The), 4.400%, 4–1–21	1,000	997
Household Appliances – 0.2%
Controladora Mabe, S.A. de C.V., 6.500%, 12–15–15 (A)	1,000	1,040
Household Products – 0.5%
Procter & Gamble Company (The), 8.000%, 9–1–24	2,000	2,694
Industrial Conglomerates – 1.5%
General Electric Capital Corporation:
3.750%, 11–14–14	1,000	1,041
5.625%, 5–1–18	6,000	6,476
Westinghouse Electric Corporation, 8.875%, 6–14–14	500	572
		8,089
Integrated Oil & Gas – 2.0%
Shell International Finance B.V., 3.250%, 9–22–15	10,000	10,311
Integrated Telecommunication Services – 2.3%
Deutsche Telekom International Finance B.V., 4.875%, 7–8–14	4,000	4,322
Verizon Communications Inc., 3.000%, 4–1–16	8,000	7,949
		12,271
Internet Software & Services – 0.7%
British Telecommunications plc, 5.150%, 1–15–13	3,500	3,721
Investment Banking & Brokerage – 2.6%
Goldman Sachs Group, Inc. (The):
3.700%, 8–1–15	3,000	3,017
5.375%, 3–15–20	5,500	5,577
Morgan Stanley, 4.100%, 1–26–15	5,000	5,127
		13,721
IT Consulting & Other Services – 0.5%
International Business Machines Corporation, 7.625%, 10–15–18	2,000	2,499
Life & Health Insurance – 0.8%
Prudential Financial, Inc., 4.750%, 9–17–15	4,000	4,252
Multi-Utilities – 2.7%
Dominion Resources, Inc., 5.250%, 8–1–33	2,500	2,699
Duke Energy Carolinas, LLC, 4.300%, 6–15–20	2,000	2,020
Duke Energy Indiana, Inc., 3.750%, 7–15–20	3,000	2,893
NorthWestern Corporation, 6.340%, 4–1–19	3,000	3,268
Pacific Gas and Electric Company, 3.500%, 10–1–20	4,000	3,702
		14,582
Oil & Gas Equipment & Services – 1.0%
Halliburton Company, 6.750%, 2–1–27	1,400	1,596
Schlumberger S.A., 2.650%, 1–15–16 (A)	4,000	3,980
		5,576
Oil & Gas Exploration & Production – 0.7%
EOG Resources, Inc., 2.500%, 2–1–16	4,000	3,900
Oil & Gas Storage & Transportation – 1.2%
Maritimes & Northeast Pipeline, L.L.C., 7.500%, 5–31–14 (A)	3,756	4,062
Tennessee Gas Pipeline Company, 7.000%, 3–15–27	2,000	2,209
		6,271

Other Diversified Financial Services – 2.8%
Bank of America Corporation:
3.625%, 3–17–16	4,000		3,936
6.500%, 8–1–16	2,000		2,210
ING Bank N.V., 4.000%, 3–15–16 (A)	3,000		2,992
JPMorgan Chase & Co.:
4.650%, 6–1–14	3,000		3,204
6.000%, 1–15–18	3,000		3,283
			15,625
Other Non-Agency REMIC/CMO – 0.4%
MASTR Adjustable Rate Mortgage Trust 2005-1, 3.323%, 3–25–35 (B)	2,647		278
Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2004-1, 2.592%, 2–25–34 (B)	646		151
Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2004-3AC, 2.519%, 3–25–34 (B)	1,164		128
Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2004-5, 3.238%, 5–25–34 (B)	1,457		64
Wells Fargo Mortgage Pass-Through Certificates, Series 2003-10, 4.500%, 9–25–18	1,406		1,444
			2,065
Packaged Foods & Meats – 0.6%
Cadbury Schweppes US Finance LLC, 5.125%, 10–1–13 (A)	3,000		3,242
Paper Products – 0.1%
Westvaco Corporation, 7.500%, 6–15–27	272		282
Pharmaceuticals – 1.1%
GlaxoSmithKline Capital Inc., 5.650%, 5–15–18	2,500		2,805
Merck & Co., Inc., 2.250%, 1–15–16	3,000		2,936
			5,741
Property & Casualty Insurance – 1.6%
Fidelity National Financial, Inc., 6.600%, 5–15–17	8,000		8,267
Regional Banks – 0.8%
PNC Funding Corp, 4.250%, 9–21–15	4,000		4,200
Semiconductors – 0.5%
Broadcom Corporation, 2.375%, 11–1–15 (A)	3,000		2,893
Systems Software – 0.7%
Microsoft Corporation, 3.000%, 10–1–20	4,150		3,847
Water Utilities – 0.4%
California Water Service Company, 5.875%, 5–1–19	2,000		2,217
Wireless Telecommunication Service – 0.5%
America Movil, S.A.B. de C.V., 5.000%, 3–30–20	2,500		2,575
TOTAL CORPORATE DEBT SECURITIES – 52.5%		$	279,993
(Cost: $275,761)

MUNICIPAL BONDS – TAXABLE
California – 1.8%
Stockton, CA, 2007 Taxable Pension Oblig Bonds, Ser A, 5.140%, 9–1–17	9,465		9,356
New York – 0.9%
NYC Indl Dev Agy, 11.000%, 3–1–29 (A)	4,000		4,971
TOTAL MUNICIPAL BONDS - TAXABLE – 2.7%		$	14,327
(Cost: $13,110)
OTHER GOVERNMENT SECURITIES – 0.4%
Canada
Province de Quebec, 7.140%, 2–27–26	1,500	$	1,904
(Cost: $1,540)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Agency Obligations – 4.8%
Federal Farm Credit Bank, 5.200%, 11–28–16	5,000		5,645
Federal Home Loan Bank, 3.500%, 3–22–16	5,000		5,176
Federal National Mortgage Association, 1.450%, 6–29–15	6,000		6,025
Private Export Funding Corporation, 4.375%, 3–15–19	8,000		8,510
			25,356
Mortgage-Backed Obligations – 31.1%
Federal Home Loan Mortgage Corporation Agency REMIC/CMO:
5.000%, 5–15–19	1,000		1,076
5.000%, 5–15–23	1,500		1,601
5.000%, 9–15–31 (C)	1,194		98
5.500%, 9–15–31	685		707
Federal Home Loan Mortgage Corporation Fixed Rate Participation Certificates:
6.000%, 8–1–22	1,024		1,120
5.000%, 4–1–23	268		287
5.000%, 6–1–23	4,632		4,918
4.000%, 7–1–25	5,934		6,103
6.000%, 2–1–27	933		1,019
4.500%, 6–15–27	3,861		4,050
4.500%, 5–15–32	4,000		4,240
4.000%, 11–15–36	3,108		3,241
4.500%, 5–15–39	1,903		2,002
Federal National Mortgage Association Agency REMIC/CMO:
4.780%, 1–25–17	3,506		3,653
5.000%, 3–25–18	3,500		3,731
5.000%, 6–25–18	2,173		2,331
5.000%, 9–25–18	3,528		3,724
3.000%, 3–15–25	4,844		4,805
4.000%, 2–25–26	4,934		5,144
3.500%, 3–15–26	4,000		4,089
5.000%, 3–25–29	2,088		2,115
4.500%, 12–25–34	1,293		1,362
4.000%, 10–15–35	5,905		6,100
5.500%, 7–15–36	3,616		3,858
5.500%, 11–25–36 (C)	6,283		1,204
4.500%, 3–25–37	4,830		5,085
5.500%, 4–25–37	3,451		3,746
4.500%, 9–15–37	5,603		5,898
4.000%, 3–25–39	2,565		2,632
4.000%, 5–25–39	3,963		4,113
4.500%, 8–15–39	5,842		6,176
3.000%, 11–25–39	4,542		4,583
4.500%, 6–25–40	4,805		5,050
4.500%, 10–25–40	4,953		5,206
5.000%, 7–25–50	5,182		5,525

Federal National Mortgage Association Fixed Rate Pass-Through Certificates:
5.505%, 4–1–17	3,861		4,143
4.500%, 6–1–19	1,400		1,478
4.500%, 8–1–19	1,913		2,021
4.500%, 9–1–19	3,218		3,392
5.500%, 10–1–21	5,076		5,515
6.000%, 6–1–22	3,469		3,793
6.000%, 9–1–22	5,230		5,719
5.000%, 9–1–23	3,381		3,593
4.000%, 3–1–24	5,642		5,800
4.500%, 7–25–24	1,000		1,051
5.000%, 6–25–32	2,581		2,703
5.500%, 2–1–33	1,088		1,171
5.500%, 2–1–35	2,718		2,933
5.000%, 7–1–35	275		289
5.500%, 2–1–38	981		1,051
Government National Mortgage Association Agency REMIC/CMO:
5.008%, 12–16–25 (B)	500		533
2.275%, 6–17–45 (B)(C)	989		28
			165,805
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 35.9%		$	191,161
(Cost: $189,035)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 7.4%
United States Treasury Bonds:
8.000%, 11–15–21	1,000		1,395
4.750%, 2–15–41	20,000		20,775
United States Treasury Notes:
2.500%, 4–30–15	5,000		5,130
3.625%, 8–15–19	2,000		2,065
3.625%, 2–15–21	10,000		10,128
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 7.4%		$	39,493
(Cost: $39,422)
SHORT-TERM SECURITIES – 0.5%
Commercial Paper (D)
Prudential Funding LLC, 0.000%, 4–1–11	2,507	$	2,507
(Cost: $2,507)
TOTAL INVESTMENT SECURITIES – 99.4%		$	529,385
(Cost: $521,375)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.6%			3,203
NET ASSETS – 100.0%		$	532,588

Notes to Schedule of Investments

Fair value is defined as the price that the Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 – unadjusted quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2011:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Corporate Debt Securities	$	—	$	279,902	$	91
Municipal Bonds		—		14,327		—
Other Government Securities		—		1,904		—
United States Government Agency Obligations		—		187,072		4,089
United States Government Obligations		—		39,493		—
Short-Term Securities		—		2,507		—
Total	$	—	$	525,205	$	4,180

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Corporate Debt Securities		United States Government Agency Obligations
Beginning Balance 1-1-11	$	—	$	—
Net realized gain (loss)		—		—
Net unrealized appreciation (depreciation)		—		—
Purchases		—		—
Sales		—		—
Transfers into Level 3 during the period		91		4,089
Transfers out of Level 3 during the period		—		—
Ending Balance 3-31-11	$	91	$	4,089
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 3-31-11	$	46	$	46

Transfers from Level 2 to Level 3 occurred generally due to the lack of observable market data due to decreased market activity or information for these securities. There were no significant transfers between Levels 1 and 2 during the period ended March 31, 2011.

(A) Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the total value of these securities amounted to $28,916 or 5.4% of net assets.

(B) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011.

(C) Interest Only Security. Amount shown as principal represents notional amount for computation of interest.

(D) Rate shown is the yield to maturity at March 31, 2011.

The following acronyms are used throughout this schedule:

CMBS = Collateralized Mortgage-Backed Securities

CMO = Collateralized Mortgage Obligation

REMIC = Real Estate Mortgage Investment Conduit

For Federal income tax purposes, cost of investments owned at March 31, 2011 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	521,379
Gross unrealized appreciation		16,307
Gross unrealized depreciation		(8,301	)
Net unrealized appreciation	$	8,006

SCHEDULE OF INVESTMENTS Core Equity (in thousands) MARCH 31, 2011 (UNAUDITED)

COMMON STOCKS	Shares		Value
Aerospace & Defense – 8.0%
Boeing Company (The)		151	$	11,171
General Dynamics Corporation		57		4,372
Honeywell International Inc.		154		9,201
Precision Castparts Corp.		79		11,656
				36,400
Apparel Retail – 1.1%
Abercrombie & Fitch Co., Class A		85		4,966
Auto Parts & Equipment – 2.0%
Johnson Controls, Inc.		220		9,145
Automobile Manufacturers – 2.2%
Bayerische Motoren Werke AG (A)		120		9,985
Biotechnology – 2.8%
Amgen Inc. (B)		229		12,220
Broadcasting – 4.6%
CBS Corporation, Class B		834		20,876
Cable & Satellite – 3.0%
DIRECTV Group, Inc. (The) (B)		127		5,965
Time Warner Cable Inc.		108		7,705
				13,670
Communications Equipment – 1.6%
Juniper Networks, Inc. (B)		175		7,379
Computer Hardware – 4.3%
Apple Inc. (B)		55		19,269
Construction & Farm Machinery & Heavy Trucks – 4.2%
Caterpillar Inc.		89		9,918
Cummins Inc.		82		8,942
				18,860
Consumer Finance – 4.2%
Capital One Financial Corporation		357		18,539
Department Stores – 2.1%
Macy’s Inc.		387		9,377
Diversified Banks – 2.8%
Wells Fargo & Company		391		12,388
Fertilizers & Agricultural Chemicals – 1.5%
Monsanto Company		92		6,655
Health Care Equipment – 1.3%
Covidien plc (B)		113		5,885
Hypermarkets & Super Centers – 2.3%
Costco Wholesale Corporation		136		9,984
Industrial Machinery – 3.1%
Eaton Corporation		125		6,908
Parker Hannifin Corporation		76		7,165
				14,073

Integrated Oil & Gas – 5.3%
ConocoPhillips		240		19,202
Petroleo Brasileiro S.A. – Petrobras, ADR		113		4,573
				23,775
Investment Banking & Brokerage – 1.2%
Lazard Group LLC		134		5,578
Motorcycle Manufacturers – 4.8%
Harley-Davidson, Inc.		512		21,747
Oil & Gas Equipment & Services – 7.2%
Halliburton Company		254		12,635
National Oilwell Varco, Inc.		76		5,993
Schlumberger Limited		144		13,463
				32,091
Oil & Gas Exploration & Production – 2.0%
Noble Energy, Inc.		94		9,122
Other Diversified Financial Services – 2.4%
JPMorgan Chase & Co.		238		10,962
Packaged Foods & Meats – 1.0%
General Mills, Inc.		123		4,511
Personal Products – 2.0%
Estee Lauder Companies Inc. (The), Class A		96		9,209
Pharmaceuticals – 1.5%
Allergan, Inc.		98		6,947
Railroads – 2.5%
Union Pacific Corporation		112		11,050
Restaurants – 2.0%
McDonald’s Corporation		116		8,842
Semiconductor Equipment – 2.7%
Lam Research Corporation (B)		211		11,972
Semiconductors – 7.1%
ARM Holdings plc, ADR		150		4,226
Broadcom Corporation, Class A		265		10,422
First Solar, Inc. (B)		46		7,416
Microchip Technology Incorporated		267		10,138
				32,202
Soft Drinks – 1.9%
Coca-Cola Company (The)		131		8,671
Systems Software – 2.4%
Oracle Corporation		324		10,809
Tobacco – 1.9%
Philip Morris International Inc.		127		8,359
TOTAL COMMON STOCKS – 99.0%			$	445,518
(Cost: $357,775)
SHORT-TERM SECURITIES		Principal
Commercial Paper (backed by irrevocable letter of credit) (C) – 0.6%
Avon Capital Corp. (Avon Products, Inc.),
0.240%, 4–7–11	$	2,500		2,500

Master Note – 0.3%
Toyota Motor Credit Corporation, 0.127%, 4–1–11 (D)	1,329		1,329
TOTAL SHORT-TERM SECURITIES – 0.9%		$	3,829
(Cost: $3,829)
TOTAL INVESTMENT SECURITIES – 99.9%		$	449,347
(Cost: $361,604)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.1%			277
NET ASSETS – 100.0%		$	449,624

Notes to Schedule of Investments

Fair value is defined as the price that the Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 – unadjusted quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2011:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	445,518	$	—	$	—
Short-Term Securities		—		3,829		—
Total	$	445,518	$	3,829	$	—

There were no significant transfers between any levels during the period ended March 31, 2011.

(A) Listed on an exchange outside the United States.

(B) No dividends were paid during the preceding 12 months.

(C) Rate shown is the yield to maturity at March 31, 2011.

(D) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011. Date shown represents the date that the variable rate resets.

The following acronym is used throughout this schedule:

ADR = American Depositary Receipts

For Federal income tax purposes, cost of investments owned at March 31, 2011 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	361,967
Gross unrealized appreciation		90,276
Gross unrealized depreciation		(2,896	)
Net unrealized appreciation	$	87,380

SCHEDULE OF INVESTMENTS Dividend Opportunities (in thousands) MARCH 31, 2011 (UNAUDITED)

COMMON STOCKS	Shares		Value
Aerospace & Defense – 4.1%
Boeing Company (The)		77	$	5,667
General Dynamics Corporation		39		2,986
Honeywell International Inc.		79		4,738
				13,391
Asset Management & Custody Banks – 1.8%
T. Rowe Price Group, Inc.		86		5,719
Broadcasting – 1.0%
CBS Corporation, Class B		128		3,193
Casinos & Gaming – 2.4%
Wynn Resorts, Limited		61		7,759
Communications Equipment – 1.3%
QUALCOMM Incorporated		77		4,211
Computer Hardware – 1.6%
Hewlett-Packard Company		126		5,175
Construction & Engineering – 2.3%
Fluor Corporation		99		7,257
Construction & Farm Machinery & Heavy Trucks – 8.3%
Caterpillar Inc.		97		10,818
Cummins Inc.		49		5,399
Deere & Company		110		10,635
				26,852
Consumer Finance – 2.9%
Capital One Financial Corporation		178		9,231
Data Processing & Outsourced Services – 1.9%
Visa Inc., Class A		81		5,971
Diversified Banks – 2.5%
Wells Fargo & Company		252		7,998
Diversified Metals & Mining – 3.2%
Rio Tinto plc, ADR		81		5,785
Southern Copper Corporation		109		4,408
				10,193
Electrical Components & Equipment – 2.5%
Emerson Electric Co.		135		7,889
Homebuilding – 1.2%
D.R. Horton, Inc.		334		3,888
Hotels, Resorts & Cruise Lines – 2.2%
Starwood Hotels & Resorts Worldwide, Inc.		121		7,059
Household Products – 1.7%
Colgate-Palmolive Company		37		2,989
Procter & Gamble Company (The)		38		2,367
				5,356
Industrial Conglomerates – 0.5%
General Electric Company		80		1,610

Industrial Gases – 0.5%
Air Products and Chemicals, Inc.	17	1,556
Industrial Machinery – 2.8%
Eaton Corporation	57	3,138
Ingersoll-Rand plc	119	5,725
		8,863
Integrated Oil & Gas – 2.3%
ConocoPhillips	21	1,700
Exxon Mobil Corporation	68	5,683
		7,383
Integrated Telecommunication Services – 2.0%
AT&T Inc.	159	4,879
Frontier Communications Corporation	190	1,558
		6,437
Investment Banking & Brokerage – 2.7%
Goldman Sachs Group, Inc. (The)	54	8,621
Movies & Entertainment – 2.0%
Walt Disney Company (The)	147	6,332
Oil & Gas Drilling – 1.4%
Seadrill Limited	129	4,639
Oil & Gas Equipment & Services – 14.6%
Baker Hughes Incorporated	65	4,755
Halliburton Company	178	8,857
National Oilwell Varco, Inc.	166	13,154
Schlumberger Limited	216	20,106
		46,872
Oil & Gas Exploration & Production – 3.1%
Anadarko Petroleum Corporation	38	3,121
Apache Corporation	52	6,809
		9,930
Other Diversified Financial Services – 3.0%
JPMorgan Chase & Co.	215	9,909
Paper Packaging – 0.9%
Sonoco Products Company	80	2,909
Personal Products – 1.2%
Estee Lauder Companies Inc. (The), Class A	38	3,700
Pharmaceuticals – 2.5%
Johnson & Johnson	27	1,588
Merck & Co., Inc.	47	1,553
Pfizer Inc.	233	4,729
		7,870
Railroads – 3.4%
Norfolk Southern Corporation	48	3,297
Union Pacific Corporation	79	7,721
		11,018
Restaurants – 2.4%
McDonald’s Corporation	58	4,423
Starbucks Corporation	87	3,229
		7,652
Semiconductors – 3.6%
Microchip Technology Incorporated	308	11,690

Soft Drinks – 2.1%
Coca-Cola Company (The)		60		3,978
PepsiCo, Inc.		45		2,921
				6,899
Systems Software – 1.3%
Oracle Corporation		125		4,176
Tobacco – 3.4%
Altria Group, Inc.		112		2,910
Philip Morris International Inc.		122		8,020
				10,930
TOTAL COMMON STOCKS – 96.6%			$	310,138
(Cost: $245,953)
SHORT-TERM SECURITIES	Principal
Commercial Paper (A) – 2.1%
Kellogg Co.:
0.270%, 4–15–11	$	3,000		3,000
0.280%, 4–28–11		3,000		2,999
Sonoco Products Co.,
0.000%, 4–1–11		914		914
				6,913
Master Note – 1.7%
Toyota Motor Credit Corporation, 0.127%, 4–1–11 (B)		5,237		5,237
Municipal Obligations - Taxable – 0.9%
NY Hsng Fin Agy, Archstone Westbury Hsng Rev Bonds, Ser A (Bank of America, N.A.), 0.280%, 4–7–11 (B)		3,000		3,000
TOTAL SHORT-TERM SECURITIES – 4.7%			$	15,150
(Cost: $15,150)
TOTAL INVESTMENT SECURITIES – 101.3%			$	325,288
(Cost: $261,103)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.3%)				(4,264	)
NET ASSETS – 100.0%			$	321,024

Notes to Schedule of Investments

Fair value is defined as the price that the Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 – unadjusted quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2011:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	310,138	$	—	$	—
Short-Term Securities		—		15,150		—
Total	$	310,138	$	15,150	$	—

There were no significant transfers between any levels during the period ended March 31, 2011.

(A) Rate shown is the yield to maturity at March 31, 2011.

(B) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011. Date shown represents the date that the variable rate resets.

The following acronym is used throughout this schedule:

ADR   = American Depositary Receipts

For Federal income tax purposes, cost of investments owned at March 31, 2011 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	261,163
Gross unrealized appreciation		65,801
Gross unrealized depreciation		(1,676	)
Net unrealized appreciation	$	64,125

SCHEDULE OF INVESTMENTS Energy (in thousands) MARCH 31, 2011 (UNAUDITED)

COMMON STOCKS	Shares		Value
Auto Parts & Equipment – 1.0%
BorgWarner Inc. (A)		8	$	634
Coal & Consumable Fuels – 4.4%
Alpha Natural Resources, Inc. (A)		10		569
Arch Coal, Inc.		22		807
Cameco Corporation		14		407
Peabody Energy Corporation		14		1,029
				2,812
Construction & Engineering – 4.9%
Chicago Bridge & Iron Company N.V., NY Shares		19		766
Fluor Corporation		23		1,680
Jacobs Engineering Group Inc. (A)		13		687
				3,133
Construction & Farm Machinery & Heavy Trucks – 2.6%
Bucyrus International, Inc., Class A		6		558
Caterpillar Inc.		4		479
Cummins Inc.		6		635
				1,672
Diversified Metals & Mining – 1.3%
BHP Billiton Limited, ADR		9		829
Industrial Machinery – 1.1%
Gardner Denver, Inc.		9		694
Integrated Oil & Gas – 8.7%
ConocoPhillips		17		1,382
Exxon Mobil Corporation		19		1,620
Occidental Petroleum Corporation		16		1,697
Suncor Energy Inc.		19		843
				5,542
Oil & Gas Drilling – 6.2%
ENSCO International Incorporated		9		529
Helmerich & Payne, Inc.		25		1,686
Nabors Industries Ltd. (A)		23		699
Seadrill Limited		22		783
Transocean Inc. (A)		3		229
				3,926
Oil & Gas Equipment & Services – 30.0%
Baker Hughes Incorporated		29		2,107
Cameron International Corporation (A)		24		1,376
Core Laboratories N.V.		11		1,165
Dresser-Rand Group Inc. (A)		16		871
Dril-Quip, Inc. (A)		9		715
FMC Technologies, Inc. (A)		11		1,082
Halliburton Company		40		2,009
McDermott International, Inc. (A)		19		471
National Oilwell Varco, Inc.		38		2,976
Schlumberger Limited		31		2,882
Superior Energy Services, Inc. (A)		21		851
Tenaris S.A., ADR		27		1,333
Weatherford International Ltd. (A)		53		1,208
				19,046

Oil & Gas Exploration & Production – 28.3%
Anadarko Petroleum Corporation		23		1,847
Apache Corporation		15		1,899
Cabot Oil & Gas Corporation		12		620
CNOOC Limited, ADR		3		759
Concho Resources Inc. (A)		6		622
Continental Resources, Inc. (A)		26		1,883
Devon Energy Corporation		8		753
EOG Resources, Inc.		8		984
Forest Oil Corporation (A)		12		467
Newfield Exploration Company (A)		25		1,896
Noble Energy, Inc.		13		1,208
Oasis Petroleum LLC (A)		39		1,240
Plains Exploration and Production Company (A)		17		632
Southwestern Energy Company (A)		41		1,749
St. Mary Land & Exploration Company		9		638
Ultra Petroleum Corp. (A)		17		847
				18,044
Oil & Gas Refining & Marketing – 1.5%
Clean Energy Fuels Corp. (A)		25		414
Gevo, Inc. (A)		26		520
				934
Oil & Gas Storage & Transportation – 5.4%
El Paso Corporation		58		1,044
El Paso Pipeline Partners, L.P.		21		757
Enbridge Inc.		17		1,035
Williams Companies, Inc. (The)		19		592
				3,428
Semiconductors – 1.2%
First Solar, Inc. (A)		5		788
TOTAL COMMON STOCKS – 96.6%			$	61,482
(Cost: $47,953)
SHORT-TERM SECURITIES – 4.8%	Principal
Master Note
Toyota Motor Credit Corporation,
0.127%, 4–1–11 (B)	$	3,055	$	3,055
(Cost: $3,055)
TOTAL INVESTMENT SECURITIES – 101.4%			$	64,537
(Cost: $51,008)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.4%)				(880	)
NET ASSETS – 100.0%			$	63,657

Notes to Schedule of Investments

Fair value is defined as the price that the Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants

would use in pricing the asset or liability developed based on the best information available in the circumstances. An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 – unadjusted quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2011:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	61,482	$	—	$	—
Short-Term Securities		—		3,055		—
Total	$	61,482	$	3,055	$	—

There were no significant transfers between any levels during the period ended March 31, 2011.

(A) No dividends were paid during the preceding 12 months.

(B) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011. Date shown represents the date that the variable rate resets.

The following acronym is used throughout this schedule:

ADR = American Depositary Receipts

For Federal income tax purposes, cost of investments owned at March 31, 2011 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	50,999
Gross unrealized appreciation		13,929
Gross unrealized depreciation		(391	)
Net unrealized appreciation	$	13,538

SCHEDULE OF INVESTMENTS Global Bond (in thousands) MARCH 31, 2011 (UNAUDITED)

CORPORATE DEBT SECURITIES	Principal		Value
Aerospace & Defense – 3.2%
Bombardier Inc., 7.500%, 3–15–18 (A)	$	50	$	54
Embraer Overseas Limited, 6.375%, 1–24–17		100		108
				162
Agricultural Products – 2.3%
CCL Finance Limited, 9.500%, 8–15–14		100		116
Airlines – 1.0%
Aeropuertos Argentina 2000 S.A., 10.750%, 12–1–20 (A)		50		53
Distillers & Vintners – 1.3%
Central European Distribution Corporation, Convertible, 3.000%, 3–15–13		75		65
Diversified Banks – 12.2%
Banco Cruzeiro do Sul S.A., 7.000%, 7–8–13		115		115
Banco de Credito del Peru, 4.750%, 3–16–16 (A)		100		99
Banco Santander Chile, S.A., 3.750%, 9–22–15 (A)		100		100
Bancolombia S.A., 4.250%, 1–12–16 (A)		100		99
Sberbank Rossii OAO, 6.480%, 5–15–13		100		109
State Bank of India, 4.500%, 10–23–14		100		103
				625
Electric Utilities – 7.3%
EEB International Ltd., 8.750%, 10–31–14		100		108
Empresa Distribuidora y Comercializadora Norte S.A., 9.750%, 10–25–22 (A)		50		52
Majapahit Holding B.V., 7.750%, 10–17–16		100		112
Rural Electrification Corporation Limited, 4.250%, 1–25–16		100		98
				370
Food Distributors – 1.9%
Olam International Limited, 7.500%, 8–12–20		100		99
Forest Products – 1.1%
Sino-Forest Corporation, 10.250%, 7–28–14		50		55
Homebuilding – 2.1%
URBI, Desarrollos Urbanos, S.A. de C.V., 8.500%, 4–19–16		100		103
Household Appliances – 1.0%
Controladora Mabe, S.A. de C.V., 6.500%, 12–15–15		50		52

Independent Power Producers & Energy Traders – 4.1%
China Resources Power Holdings Company Limited, 3.750%, 8–3–15	100		97
Listrindo Capital B.V., 9.250%, 1–29–15 (A)	100		110
			207
Oil & Gas Drilling – 3.9%
Lancer Finance Company (SPV) Limited, 5.850%, 12–12–16 (A)	94		94
Noble Group Limited, 4.875%, 8–5–15	100		104
			198
Oil & Gas Exploration & Production – 4.4%
Pacific Rubiales Energy Corp., 8.750%, 11–10–16 (A)	100		114
Pan American Energy LLC, 7.875%, 5–7–21	100		108
			222
Packaged Foods & Meats – 4.2%
BFF International Limited, 7.250%, 1–28–20	100		108
JBS Finance II Ltd., 8.250%, 1–29–18 (A)	100		103
			211
Paper Products – 0.5%
Inversiones CMPC S.A., 4.750%, 1–19–18 (A)	25		25
TOTAL CORPORATE DEBT SECURITIES – 50.5%		$	2,563
(Cost: $2,559)
OTHER GOVERNMENT SECURITIES – 1.2%
Supranational
Central American Bank for Economic Integration, 5.375%, 9–24–14	58	$	63
(Cost: $62)
UNITED STATES GOVERNMENT OBLIGATIONS – 47.1%
Treasury Obligations
United States Treasury Notes, 1.750%, 8–15–12	2,350	$	2,390
(Cost: $2,394)
SHORT-TERM SECURITIES – 0.2%
Master Note
Toyota Motor Credit Corporation, 0.127%, 4–1–11 (B)	12	$	12
(Cost: $12)
TOTAL INVESTMENT SECURITIES – 99.0%		$	5,028
(Cost: $5,027)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.0%			49
NET ASSETS – 100.0%		$	5,077

Notes to Schedule of Investments

Fair value is defined as the price that the Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable

inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 – unadjusted quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following tables summarize the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2011:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Corporate Debt Securities	$	—	$	2,469	$	94
Other Government Securities		—		63		—
United States Government Obligations		—		2,390		—
Short-Term Securities		—		12		—
Total	$	—	$	4,934	$	94
Liabilities
Forward Foreign Currency Contracts	$	—	$	5	$	—

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Corporate Debt Securities
Beginning Balance 1-1-11	$	267
Net realized gain (loss)		—
Net unrealized appreciation (depreciation)		(1	)
Purchases		—
Sales		(3	)
Transfers into Level 3 during the period		—
Transfers out of Level 3 during the period		(169	)
Ending Balance 3-31-11	$	94
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 3-31-11	$	(1	)

Transfers from Level 3 to Level 2 occurred generally due to the increased availability of observable market data due to increased market activity or information. There were no significant transfers between any levels during the period ended March 31, 2011.

The following forward foreign currency contracts were outstanding at March 31, 2011:

Type	Currency	Counterparty	Principal Amount of Contract (Denominated in Indicated Currency)		Settlement Date		Unrealized Appreciation		Unrealized Depreciation
Sell	Euro	Deutsche Bank AG		158		8-22-12	$	—	$	5

(A) Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the total value of these securities amounted to $903 or 17.8% of net assets.

(B) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011. Date shown represents the date that the variable rate resets.

For Federal income tax purposes, cost of investments owned at March 31, 2011 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	5,027
Gross unrealized appreciation		23
Gross unrealized depreciation		(22	)
Net unrealized appreciation	$	1

SCHEDULE OF INVESTMENTS Global Natural Resources (in thousands) MARCH 31, 2011 (UNAUDITED)

COMMON STOCKS	Shares		Value
Australia – 1.7%
Newcrest Mining Limited		100	$	4,119
PanAust Limited (A)		700		568
				4,687
Bermuda – 0.3%
Petra Diamonds Limited (A)(B)		300		765
Brazil – 4.3%
Companhia de Saneamento de Minas Gerais		60		1,007
Companhia Energetica de Minas Gerais – CEMIG, ADR		75		1,445
Petroleo Brasileiro S.A. – Petrobras, ADR		115		4,649
Suzano Bahia Sul Papel E Celulose S.A.		394		3,684
Tractebel Energia S.A.		55		927
				11,712
Canada – 14.3%
Advantage Oil & Gas Ltd. (A)		121		1,086
Agrium Inc.		35		3,229
Athabasca Oil Sands Corp. (A)		120		2,084
Barrick Gold Corporation		25		1,298
Cameco Corporation		10		301
Canadian Natural Resources Limited		115		5,687
First Quantum Minerals Ltd.		70		9,056
Goldcorp Inc.		23		1,145
IAMGOLD Corporation		65		1,433
Lake Shore Gold Corp. (A)		450		1,898
MEG Energy Corp. (A)		5		258
Neo Material Technologies Inc. (A)		65		626
Niko Resources Ltd.		12		1,151
Potash Corporation of Saskatchewan Inc.		54		3,182
Progress Energy Resources Corp.		40		580
Southern Pacific Resource Corp. (A)		180		314
Suncor Energy Inc.		55		2,467
Teck Cominco Limited		39		2,067
Uranium One Inc.		190		744
				38,606
Cayman Islands – 0.4%
Eurasia Drilling Company Limited, GDR		8		272
JinkoSolar Holding Co., Ltd., ADR (A)		25		675
Vinda International Holdings Limited		250		246
				1,193
Chile – 0.2%
Sociedad Quimica y Minera de Chile S.A., ADR		8		414
China – 8.8%
China High Speed Transmission Equipment Group Co., Ltd.		400		641
GCL-Poly Energy Holdings Limited		5,750		3,533
Hidili Industry International Development Limited, ADR		575		508
Sino-Forest Corporation, Class A (A)		417		10,877
Trina Solar Limited, ADR (A)		165		4,970
Yingli Green Energy Holding Company Limited, ADR (A)		250		3,225
				23,754

Cyprus – 0.1%
Buried Hill Energy (Cyprus) Public Company Limited (A)(C)	70	140
Hong Kong – 0.5%
China Longyuan Power Group Corporation Limited, H Shares (A)	675	725
China Vanadium Titano-Magnetite Mining Company Limited, H Shares (A)	600	258
Guangdong Investment Limited	775	392
		1,375
India – 1.9%
Adani Enterprises Limited	55	822
Coal India Limited	75	583
Infrastructure Development Finance Company Limited	270	936
Shree Renuka Sugars Limited	350	546
Sterlite Industries (India) Limited	575	2,240
		5,127
Indonesia – 1.0%
PT Adaro Energy Tbk	4,500	1,137
PT Bumi Resources Tbk	3,750	1,443
		2,580
Israel – 0.8%
Israel Chemicals Ltd.	135	2,223
Japan – 2.2%
Mitsubishi Corporation	210	5,829
Kazakhstan – 0.1%
Joint Stock Company KazMunaiGas Exploration Production, GDR	10	225
Netherlands – 0.3%
Chicago Bridge & Iron Company N.V., NY Shares	22	895
Norway – 0.1%
DNO International ASA (A)	100	163
Russia – 6.6%
Mechel OAO, ADR	39	430
Mechel Steel Group OAO, ADR	175	5,388
OAO LUKOIL, ADR	75	5,354
Open Joint Stock Company “RusHydro”, ADR (A)	100	509
Open Joint Stock Company Gazprom, ADR	190	6,151
		17,832
Singapore – 0.5%
Golden Agri-Resources Ltd.	1,000	547
Indofood Agri Resources Ltd. (A)	450	797
		1,344
South Korea – 2.4%
LG Chem, Ltd.	10	3,984
OCI Company Ltd.	6	2,612
		6,596
Thailand – 0.7%
Banpu Public Company Limited	75	1,890

United Kingdom – 9.6%
Antofagasta plc		40			873
Bowleven plc (A)		25			153
Chariot Oil & Gas Limited (A)		105			424
ENSCO International Incorporated		40			2,314
Hochschild Mining plc, ADR		30			310
Randgold Resources Limited, ADR (A)		29			2,365
Rio Tinto plc		66			4,636
Xstrata plc		635			14,842
					25,917
United States – 32.8%
Alpha Natural Resources, Inc. (A)		115			6,827
Arch Coal, Inc.		48			1,730
Baker Hughes Incorporated		30			2,203
Cabot Oil & Gas Corporation		135			7,150
Cameron International Corporation (A)		85			4,854
Celanese Corporation, Series A		95			4,215
Chart Industries, Inc. (A)		17			936
Cliffs Natural Resources Inc.		38			3,735
Complete Production Services, Inc. (A)		40			1,272
CONSOL Energy Inc.		57			3,057
El Paso Corporation		295			5,310
Energy XXI (Bermuda) Limited (A)		6			205
Equitable Resources, Inc.		8			399
GrafTech International Ltd. (A)		30			619
Halliburton Company (D)		275			13,705
International Coal Group, Inc. (A)		50			565
International Paper Company		94			2,837
Kodiak Oil & Gas Corp. (A)		115			771
Occidental Petroleum Corporation (D)		50			5,225
Petrohawk Energy Corporation (A)		280			6,870
Plains Exploration and Production Company (A)		160			5,797
Schlumberger Limited (D)		44			4,103
Solutia Inc. (A)		20			508
Tidewater Inc.		26			1,556
Walter Industries, Inc.		7			948
Williams Companies, Inc. (The)		77			2,392
Zhongpin Inc. (A)		20			304
					88,093
TOTAL COMMON STOCKS – 89.6%				$	241,360
(Cost: $194,320)
PREFERRED STOCKS
Brazil – 0.2%
Bradespar S.A.		25			655
United States – 0.1%
Konarka Technologies, Inc., 8.0% Cumulative (A)(C)		68			244
TOTAL PREFERRED STOCKS – 0.3%				$	899
(Cost: $588)
CALL OPTIONS	Number of Contracts
Baker Hughes Incorporated, Jan $35.00, Expires 1–23–12		—	*		1,551
Barrick Gold Corporation, Jan $35.00, Expires 1–23–12		2			3,291
Canadian Natural Resources Ltd, Jan $30.00, Expires 1–23–12		1			1,493
El Paso Corporation, Jan $7.50, Expires 1–23–12		2			2,024
International Paper Company, Jan $17.50, Expires 1–23–12		2			2,432

Occidental Petroleum Corporation: Jan $60.00, Expires 1–23–12		1			2,718
Jan $70.00, Expires 1–23–12		—	*		539
Rio Tinto plc, ADR, Jan $50.00, Expires 1–23–12		—	*		1,028
Suncor Energy Inc., Jan $25.00, Expires 1–23–12		1			2,626
Williams Companies, Inc. (The): Aug $20.00, Expires 8–22–11		—	*		453
Jan $17.50, Expires 1–23–12		2			2,627
TOTAL CALL OPTIONS – 7.7%				$	20,782
(Cost: $15,545)
CORPORATE DEBT SECURITIES – 0.0%	Principal
Brazil
Bahia Sul Celulose S.A., 8.614%, 12–1–12 (B)(E)(F)		BRL180		$	97
(Cost: $82)
SHORT-TERM SECURITIES
Commercial Paper (G) – 1.8%
McCormick & Co. Inc., 0.000%, 4–1–11	$	1,500			1,500
Prudential Funding LLC, 0.000%, 4–1–11		3,224			3,224
					4,724
Master Note – 0.2%
Toyota Motor Credit Corporation, 0.127%, 4–1–11 (H)		576			576
TOTAL SHORT-TERM SECURITIES – 2.0%				$	5,300
(Cost: $5,300)
TOTAL INVESTMENT SECURITIES – 99.6%				$	268,438
(Cost: $215,835)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.4%					1,116
NET ASSETS – 100.0%				$	269,554

Notes to Schedule of Investments

Fair value is defined as the price that the Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 – unadjusted quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2011:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Energy	$	113,421	$	—	$	140
Other Sectors		127,799		—		—
Total Common Stocks	$	241,220	$	—	$	140
Preferred Stocks		655		—		244
Call Options		20,782		—		—
Corporate Debt Securities		—		—		97
Short-Term Securities		—		5,300		—
Total	$	262,657	$	5,300	$	481
Forward Foreign Currency Contracts	$	—	$	198	$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	464	$	—
Futures Contracts		581		—		—

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Common Stocks		Preferred Stocks		Corporate Debt Securities
Beginning Balance 1-1-11	$	140	$	244	$	56
Net realized gain (loss)		—		—		11
Net unrealized appreciation (depreciation)		—		—		30
Purchases		—		—		—
Sales		—		—		—
Transfers into Level 3 during the period		—		—		—
Transfers out of Level 3 during the period		—		—		—
Ending Balance 3-31-11	$	140	$	244	$	97
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 3-31-11	$	—	$	—	$	30

There were no significant transfers between any levels during the period ended March 31, 2011.

The following forward foreign currency contracts were outstanding at March 31, 2011:

Type	Currency	Counterparty	Principal Amount of Contract (Denominated in Indicated Currency)		Settlement Date		Unrealized Appreciation		Unrealized Depreciation
Sell	Brazilian Real	Royal Bank of Canada		700		4-8-11	$	—	$	14
Sell	Brazilian Real	Bank of New York Mellon (The)		1,165		4-15-11		—		27
Sell	Brazilian Real	Toronto-Dominion Bank (The)		500		4-29-11		—		7
Sell	Brazilian Real	Toronto-Dominion Bank (The)		580		5-13-11		—		12
Sell	Brazilian Real	Toronto-Dominion Bank (The)		900		6-10-11		—		14
Sell	Brazilian Real	Toronto-Dominion Bank (The)		500		6-17-11		—		9
Sell	Brazilian Real	Royal Bank of Canada		700		7-15-11		—		6
Sell	British Pound	State Street Global Markets		1,950		4-15-11		1		—
Sell	British Pound	Royal Bank of Canada		3,500		5-13-11		—		59
Sell	British Pound	Toronto-Dominion Bank (The)		1,580		5-20-11		—		2
Sell	British Pound	Bank of New York Mellon (The)		2,520		6-10-11		72		—
Sell	British Pound	Bank of New York Mellon (The)		1,090		6-17-11		16		—
Sell	British Pound	Bank of New York Mellon (The)		1,050		6-24-11		1		—
Sell	British Pound	Canadian Imperial Bank of Commerce		1,400		7-15-11		—		1
Sell	Canadian Dollar	Bank of New York Mellon (The)		4,100		4-15-11		—		95
Sell	Canadian Dollar	Toronto-Dominion Bank (The)		4,840		5-13-11		—		114
Sell	Canadian Dollar	Bank of New York Mellon (The)		3,000		5-20-11		—		21
Sell	Canadian Dollar	State Street Global Markets		1,700		6-10-11		—		8
Sell	Canadian Dollar	Bank of New York Mellon (The)		3,135		6-17-11		—		50
Sell	Canadian Dollar	Canadian Imperial Bank of Commerce		2,800		6-24-11		—		25
Sell	Japanese Yen	Canadian Imperial Bank of Commerce		105,000		4-6-11		31		—
Sell	Japanese Yen	Canadian Imperial Bank of Commerce		103,100		4-13-11		10		—
Sell	Japanese Yen	Bank of New York Mellon (The)		86,000		5-11-11		8		—
Sell	Japanese Yen	Canadian Imperial Bank of Commerce		105,000		6-8-11		32		—
Sell	Japanese Yen	State Street Global Markets		25,000		6-15-11		16		—
Sell	Japanese Yen	Canadian Imperial Bank of Commerce		32,000		7-13-11		11		—
							$	198	$	464

* Not shown due to rounding.

(A) No dividends were paid during the preceding 12 months.

(B) Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the total value of these securities amounted to $862 or 0.3% of net assets.

(C) Restricted securities. At March 31, 2011, the Portfolio owned the following restricted securities:

Security	Acquisition Date(s)		Shares		Cost		Market Value
Buried Hill Energy (Cyprus) Public Company Limited		5-1-07 to 4-17-08		70	$	118	$	140
Konarka Technologies, Inc., 8.0% Cumulative		8-31-07		68		211		244
					$	329	$	384

The total value of these securities represented 0.1% of net assets at March 31, 2011.

(D) Securities serve as collateral for the following open futures contracts at March 31, 2011:

Description	Type		Expiration Date		Number of Contracts			Market Value			Unrealized Depreciation
S&P/Toronto Stock Exchange 60 Index		Short		6-16-11		—	*	$	(15,821	)	$	(533	)
S&P 500 E-mini		Short		6-17-11		—	*		(4,624	)		(48	)
								$	(20,445	)	$	(581	)

(E) Principal amounts are denominated in the indicated foreign currency, where applicable (BRL - Brazilian Real).

(F) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011.

(G) Rate shown is the yield to maturity at March 31, 2011.

(H) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011. Date shown represents the date the variable rate resets.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

GDR = Global Depositary Receipts

For Federal income tax purposes, cost of investments owned at March 31, 2011 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	219,844
Gross unrealized appreciation		50,061
Gross unrealized depreciation		(1,467	)
Net unrealized appreciation	$	48,594

SCHEDULE OF INVESTMENTS Growth (in thousands) MARCH 31, 2011 (UNAUDITED)

COMMON STOCKS	Shares		Value
Aerospace & Defense – 5.2%
Boeing Company (The)		239	$	17,654
Precision Castparts Corp.		209		30,790
				48,444
Air Freight & Logistics – 1.9%
Expeditors International of Washington, Inc.		264		13,242
FedEx Corporation		45		4,238
				17,480
Application Software – 1.8%
salesforce.com, inc. (A)		126		16,885
Asset Management & Custody Banks – 3.0%
T. Rowe Price Group, Inc.		424		28,189
Auto Parts & Equipment – 2.3%
BorgWarner Inc. (A)		146		11,666
Gentex Corporation		327		9,877
				21,543
Automotive Retail – 2.4%
AutoZone, Inc. (A)		46		12,666
O’Reilly Automotive, Inc. (A)		172		9,854
				22,520
Broadcasting – 1.9%
CBS Corporation, Class B		543		13,605
Discovery Holding Company, Class A (A)		116		4,628
				18,233
Casinos & Gaming – 4.0%
Las Vegas Sands, Inc. (A)		105		4,429
Wynn Resorts, Limited		266		33,835
				38,264
Communications Equipment – 4.5%
Juniper Networks, Inc. (A)		322		13,533
QUALCOMM Incorporated		518		28,422
				41,955
Computer Hardware – 6.5%
Apple Inc. (A)		179		62,512
Computer Storage & Peripherals – 1.0%
NetApp, Inc. (A)		191		9,184
Construction & Farm Machinery & Heavy Trucks – 1.7%
Caterpillar Inc.		144		16,001
Data Processing & Outsourced Services – 0.5%
Visa Inc., Class A		65		4,793
Electrical Components & Equipment – 3.2%
Emerson Electric Co.		523		30,570
Environmental & Facilities Services – 0.7%
Stericycle, Inc. (A)		75		6,615
Fertilizers & Agricultural Chemicals – 0.8%
Monsanto Company		100		7,212
Footwear – 1.0%
NIKE, Inc., Class B		120		9,084

Health Care Equipment – 0.6%
Intuitive Surgical, Inc. (A)	16	5,235
Hotels, Resorts & Cruise Lines – 2.9%
Starwood Hotels & Resorts Worldwide, Inc.	473	27,465
Industrial Gases – 2.1%
Praxair, Inc.	195	19,842
Industrial Machinery – 1.6%
Danaher Corporation	293	15,207
Internet Retail – 2.0%
Amazon.com, Inc. (A)	105	18,824
Internet Software & Services – 4.5%
Google Inc., Class A (A)	72	42,184
Investment Banking & Brokerage – 1.0%
Goldman Sachs Group, Inc. (The)	59	9,334
IT Consulting & Other Services – 3.8%
Cognizant Technology Solutions Corporation, Class A (A)	442	35,987
Life Sciences Tools & Services – 0.8%
Thermo Fisher Scientific Inc. (A)	128	7,133
Movies & Entertainment – 1.7%
Walt Disney Company (The)	362	15,599
Oil & Gas Equipment & Services – 10.2%
Halliburton Company	370	18,456
National Oilwell Varco, Inc.	418	33,151
Schlumberger Limited	477	44,508
		96,115
Other Diversified Financial Services – 1.7%
JPMorgan Chase & Co.	342	15,767
Personal Products – 2.0%
Estee Lauder Companies Inc. (The), Class A	195	18,809
Pharmaceuticals – 3.4%
Allergan, Inc.	457	32,456
Restaurants – 3.1%
Starbucks Corporation	784	28,972
Semiconductor Equipment – 2.0%
Lam Research Corporation (A)	325	18,403
Semiconductors – 3.7%
ARM Holdings plc, ADR	248	6,997
Broadcom Corporation, Class A	226	8,904
Microchip Technology Incorporated	503	19,104
		35,005
Soft Drinks – 1.8%
Coca-Cola Company (The)	111	7,345
PepsiCo, Inc.	145	9,333
		16,678

Specialty Chemicals – 0.7%
Ecolab Inc.		132		6,719
Systems Software – 6.0%
Oracle Corporation		1,249		41,679
VMware, Inc., Class A (A)		183		14,946
				56,625
TOTAL COMMON STOCKS – 98.0%			$	921,843
(Cost: $716,247)
SHORT-TERM SECURITIES	Principal
Commercial Paper (B) – 1.4%
Corporacion Andina de Fomento,
0.240%, 5-9-11	$	7,000		6,998
Prudential Funding LLC,
0.000%, 4-1-11		2,340		2,340
Unilever Capital Corporation,
0.140%, 4-14-11		4,000		4,000
				13,338
Master Note – 0.4%
Toyota Motor Credit Corporation,
0.127%, 4-1-11 (C)		3,674		3,674
Municipal Obligations - Taxable – 1.2%
CA Pollutn Ctl Fin Auth, Pollutn Ctl Rfdg Rev Bonds (Pacific Gas and Elec Co), Ser C (JPMorgan Chase Bank, N.A.),
0.230%, 4-1-11 (C)		8,500		8,500
NYC GO Bonds, Fiscal 2006 Ser E (Bank of America, N.A.),
0.240%, 4-1-11 (C)		3,000		3,000
				11,500
TOTAL SHORT-TERM SECURITIES – 3.0%			$	28,512
(Cost: $28,512)
TOTAL INVESTMENT SECURITIES – 101.0%			$	950,355
(Cost: $744,759)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.0%)				(9,467	)
NET ASSETS – 100.0%			$	940,888

Notes to Schedule of Investments

Fair value is defined as the price that the Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 – unadjusted quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2011:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	921,843	$	—	$	—
Short-Term Securities		—		28,512		—
Total	$	921,843	$	28,512	$	—

There were no significant transfers between any levels during the period ended March 31, 2011.

(A) No dividends were paid during the preceding 12 months.

(B) Rate shown is the yield to maturity at March 31, 2011.

(C) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011. Date shown represents the date that the variable rate resets.

The following acronym is used throughout this schedule:

ADR = American Depositary Receipts

For Federal income tax purposes, cost of investments owned at March 31, 2011 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	745,801
Gross unrealized appreciation		207,707
Gross unrealized depreciation		(3,153	)
Net unrealized appreciation	$	204,554

SCHEDULE OF INVESTMENTS High Income (in thousands) MARCH 31, 2011 (UNAUDITED)

COMMON STOCKS	Shares		Value
Casinos & Gaming – 0.1%
Pinnacle Entertainment, Inc. (A)		13	$	170
Packaged Foods & Meats – 0.1%
Dole Food Company, Inc. (A)		18		241
Railroads – 0.3%
Kansas City Southern (A)		15		817
Thrifts & Mortgage Finance – 0.2%
PMI Group, Inc. (The) (A)		187		505
TOTAL COMMON STOCKS – 0.7%			$	1,733
(Cost: $2,297)
PREFERRED STOCKS
Consumer Finance – 0.3%
Ally Financial Inc., Preferred 8.5% (A)		18		439
GMAC Capital Trust I, Preferred 8.125% (A)		15		370
				809
Trucking – 0.1%
Swift Services Holdings, Inc., 6.0% Cumulative (B)		15		214
TOTAL PREFERRED STOCKS – 0.4%			$	1,023
(Cost: $973)
WARRANTS – 0.1%
Agricultural Products
ASG Consolidated LLC		1	$	150
(Cost: $72)
CORPORATE DEBT SECURITIES	Principal
Aerospace & Defense – 0.1%
Acquisition Co. Lanza Parent,
10.000%, 6–1–17 (B)	$	335		369
Agricultural Products – 1.1%
American Seafoods Group LLC,
10.750%, 5–15–16 (B)		1,475		1,601
ASG Consolidated LLC,
15.000%, 5–15–17 (B)(C)		1,294		1,327
				2,928
Alternative Carriers – 2.1%
Level 3 Communications, Inc.:
11.875%, 2–1–19 (B)		652		615
9.375%, 4–1–19 (B)		200		194
Level 3 Financing, Inc.:
9.250%, 11–1–14		150		153
10.000%, 2–1–18		700		701
PAETEC Escrow Corporation,
9.875%, 12–1–18 (B)		710		749
PAETEC Holding Corp.,
9.500%, 7–15–15		2,850		2,984
				5,396
Apparel Retail – 0.8%
J.Crew Group, Inc.,
8.125%, 3–1–19 (B)		2,155		2,115

Apparel, Accessories & Luxury Goods – 0.5%
Norcraft Companies, L.P. and Norcraft Finance Corp.,
10.500%, 12–15–15	590	630
Oxford Industries, Inc.,
11.375%, 7–15–15	550	615
		1,245
Asset Management & Custody Banks – 0.4%
Nexeo Solutions, LLC,
8.375%, 3–1–18 (B)	1,037	1,058
Auto Parts & Equipment – 3.6%
Affinia Group Inc.:
9.000%, 11–30–14 (B)	290	299
10.750%, 8–15–16 (B)	1,656	1,882
Exide Technologies,
8.625%, 2–1–18 (B)	807	861
Icahn Enterprises L.P.,
8.000%, 1–15–18	2,721	2,796
Icahn Enterprises L.P. and Icahn Enterprises Finance Corp.,
7.750%, 1–15–16	980	1,007
J.B. Poindexter & Co., Inc.,
8.750%, 3–15–14	2,045	2,065
Visteon Corporation,
6.750%, 4–15–19 (B)	440	440
		9,350
Automotive Retail – 2.2%
Asbury Automotive Group, Inc.:
7.625%, 3–15–17	225	230
8.375%, 11–15–20 (B)	1,170	1,217
Sonic Automotive, Inc.,
9.000%, 3–15–18	2,865	3,044
United Auto Group, Inc.,
7.750%, 12–15–16	1,250	1,292
		5,783
Broadcasting – 1.3%
dcp LLC,
10.750%, 8–15–15 (B)	490	473
Gray Television, Inc.,
10.500%, 6–29–15	460	489
SIRIUS XM Radio Inc.,
8.750%, 4–1–15 (B)	2,265	2,548
		3,510
Building Products – 1.1%
Norcraft Companies, L.P. and Norcraft Finance Corp.,
9.750%, 9–1–12	728	721
Ply Gem Holdings, Inc.,
8.250%, 2–15–18 (B)	2,050	2,106
		2,827
Cable & Satellite – 0.5%
DISH DBS Corporation,
7.875%, 9–1–19	1,090	1,180
Casinos & Gaming – 2.2%
Inn of the Mountain Gods Resort and Casino,
1.250%, 11–30–20	1,181	644
MGM MIRAGE:
10.375%, 5–15–14	325	372
11.125%, 11–15–17	650	744
11.375%, 3–1–18	600	666
9.000%, 3–15–20	400	439
MGM Resorts International,
10.000%, 11–1–16 (B)	560	589
Peninsula Gaming, LLC:
8.375%, 8–15–15	550	587
8.375%, 8–15–15 (B)	440	470
10.750%, 8–15–17	400	439
10.750%, 8–15–17 (B)	217	238

Pinnacle Entertainment, Inc.:
8.625%, 8–1–17	525	572
8.750%, 5–15–20	80	83
		5,843
Catalog Retail – 0.9%
QVC, Inc.,
7.500%, 10–1–19 (B)	2,330	2,447
Commodity Chemicals – 0.1%
TPC Group Inc.,
8.250%, 10–1–17 (B)	185	196
Communications Equipment – 0.6%
Brightstar Corporation,
9.500%, 12–1–16 (B)	1,440	1,546
Construction & Farm Machinery & Heavy Trucks – 0.2%
ArvinMeritor, Inc.,
10.625%, 3–15–18	300	338
Greenbrier Companies, Inc., (The), Convertible,
3.500%, 4–1–18 (B)	200	200
		538
Construction Materials – 2.8%
Cemex Finance LLC,
9.500%, 12–14–16 (B)	1,050	1,131
Cemex SAB de CV,
9.000%, 1–11–18 (B)	140	147
Headwaters Incorporated,
7.625%, 4–1–19 (B)	1,340	1,340
Headwaters Incorporated, Convertible:
2.500%, 2–1–14	375	339
14.750%, 2–1–14 (B)	2,396	2,777
Hillman Group, Inc. (The):
10.875%, 6–1–18	1,005	1,116
10.875%, 6–1–18 (B)	402	446
		7,296
Consumer Finance – 1.5%
American General Finance Corporation,
6.900%, 12–15–17	500	457
Bankrate Inc.,
11.750%, 7–15–15 (B)	2,025	2,303
Credit Acceptance Corporation:
9.125%, 2–1–17	640	692
9.125%, 2–1–17 (B)	270	291
TMX Finance LLC and TitleMax Finance Corp,
13.250%, 7–15–15 (B)	188	209
		3,952
Consumer Products – 0.7%
Prestige Brands, Inc.:
8.250%, 4–1–18	1,000	1,055
8.250%, 4–1–18 (B)	617	651
		1,706
Diversified Metals & Mining – 0.8%
FMG Resources Pty Ltd.:
7.000%, 11–1–15 (B)	1,360	1,411
6.375%, 2–1–16 (B)	300	302
6.875%, 2–1–18 (B)	300	313
		2,026
Diversified Support Services – 0.7%
KAR Holdings, Inc.:
8.750%, 5–1–14	749	773
10.000%, 5–1–15	48	51
SITEL, LLC and SITEL Finance Corp.,
11.500%, 4–1–18 (B)	1,180	1,099
		1,923
Education Services – 3.1%
Laureate Education, Inc.:
10.000%, 8–15–15 (B)	1,750	1,842
11.000%, 8–15–15 (B)(C)	4,413	4,584
11.750%, 8–15–17 (B)	1,525	1,670
		8,096
Electrical Components & Equipment – 0.3%
International Wire Group, Inc.,
9.750%, 4–15–15 (B)	800	849

Electronic Equipment & Instruments – 4.8%
CDW Escrow Corporation,
8.500%, 4–1–19 (B)	5,195	5,201
CDW LLC and CDW Finance Corporation:
11.000%, 10–12–15	5,020	5,448
11.500%, 10–12–15	1,730	1,868
		12,517
Electronic Manufacturing Services – 1.9%
Jabil Circuit, Inc.:
7.750%, 7–15–16	1,520	1,725
8.250%, 3–15–18	1,885	2,139
KEMET Corporation,
10.500%, 5–1–18	1,040	1,173
		5,037
Food Distributors – 0.9%
Viskase Companies, Inc.,
9.875%, 1–15–18 (B)	2,100	2,263
Forest Products – 1.4%
Ainsworth Lumber Co. Ltd.,
11.000%, 7–29–15 (B)(C)	3,782	3,720
Health Care Equipment – 0.2%
DJO Finance LLC and DJO Finance Corporation,
9.750%, 10–15–17 (B)	420	441
Health Care Facilities – 3.3%
HCA Holdings, Inc.,
7.750%, 5–15–21 (B)	355	370
HCA Inc.:
9.625%, 11–15–16	1	1
7.875%, 2–15–20	500	544
HealthSouth Corporation,
8.125%, 2–15–20	1,925	2,083
Radiation Therapy Services, Inc.,
9.875%, 4–15–17	1,680	1,714
Tenet Healthcare Corporation,
6.875%, 11–15–31	2,303	1,909
United Surgical Partners International, Inc.,
8.875%, 5–1–17	2,000	2,097
		8,718
Health Care Services – 0.9%
Air Medical Group Holdings Inc.,
9.250%, 11–1–18 (B)	1,620	1,739
OnCure Holdings, Inc.,
11.750%, 5–15–17	660	662
		2,401
Health Care Technology – 0.9%
MedAssets, Inc.,
8.000%, 11–15–18 (B)	2,248	2,299
Home Furnishings – 0.5%
Empire Today, LLC and Empire Today Finance Corp.,
11.375%, 2–1–17 (B)	960	1,017
Simmons Bedding Company,
11.250%, 7–15–15 (B)	300	324
		1,341
Household Products – 1.8%
Armored AutoGroup Inc.,
9.250%, 11–1–18 (B)	490	499
Diversey Holdings, Inc.,
10.500%, 5–15–20	787	914
Reynolds Group Holdings Limited:
7.125%, 4–15–19 (B)	950	974
9.000%, 4–15–19 (B)	1,880	1,946
8.250%, 2–15–21 (B)	280	277
		4,610
Independent Power Producers & Energy Traders – 0.7%
Calpine Corporation:
7.875%, 7–31–20 (B)	700	744
7.500%, 2–15–21 (B)	876	906
7.875%, 1–15–23 (B)	285	296
		1,946

Industrial Conglomerates – 0.6%
Pinafore, LLC and Pinafore, Inc.,
9.000%, 10–1–18 (B)	1,425	1,546
Industrial Machinery – 1.5%
CPM Holdings, Inc.,
10.875%, 9–1–14 (B)	1,250	1,350
RBS Global, Inc. and Rexnord LLC,
11.750%, 8–1–16	2,215	2,375
		3,725
Integrated Telecommunication Services – 0.8%
Qwest Communications International Inc.:
8.000%, 10–1–15	800	883
7.125%, 4–1–18	1,050	1,133
		2,016
Leisure Facilities – 1.3%
Palace Entertainment Holdings, LLC,
8.875%, 4–15–17 (B)	1,832	1,873
Speedway Motorsports, Inc.,
8.750%, 6–1–16	1,350	1,480
		3,353
Life & Health Insurance – 0.7%
CNO Financial Group, Inc.,
9.000%, 1–15–18 (B)	1,756	1,861
Metal & Glass Containers – 0.4%
Plastipak Holdings, Inc.:
8.500%, 12–15–15 (B)	130	137
10.625%, 8–15–19 (B)	880	1,003
		1,140
Movies & Entertainment – 1.8%
AMC Entertainment Holdings, Inc.,
9.750%, 12–1–20 (B)	2,190	2,342
AMC Entertainment Inc.,
8.000%, 3–1–14	510	516
Cinemark USA, Inc.,
8.625%, 6–15–19	1,000	1,093
Regal Enertainment Group,
9.125%, 8–15–18	725	776
		4,727
Multi-Line Insurance – 0.5%
American International Group, Inc.,
8.175%, 5–15–58	1,135	1,222
Office Electronics – 1.8%
Xerox Capital Trust I,
8.000%, 2–1–27	4,500	4,579
Oil & Gas Drilling – 2.0%
RDS Ultra–Deepwater Ltd,
11.875%, 3–15–17 (B)	1,560	1,708
Vantage Drilling Company,
11.500%, 8–1–15 (B)	3,090	3,430
		5,138
Oil & Gas Equipment & Services – 2.4%
Geokinetics Holdings USA, Inc.,
9.750%, 12–15–14	1,715	1,649
Global Geophysical Services, Inc.,
10.500%, 5–1–17	3,767	4,049
Thermon Industries, Inc.,
9.500%, 5–1–17	480	518
		6,216
Oil & Gas Exploration & Production – 2.1%
Chesapeake Energy Corporation:
9.500%, 2–15–15	1,355	1,680
6.875%, 8–15–18	280	305
6.625%, 8–15–20	280	298
6.125%, 2–15–21	730	754
McMoRan Exploration Co.,
11.875%, 11–15–14	1,250	1,375
Quicksilver Resources Inc.:
11.750%, 1–1–16	600	699
7.125%, 4–1–16	400	395
		5,506
Oil & Gas Refining & Marketing – 1.2%
Energy Partners Ltd.,
8.250%, 2–15–18 (B)	2,516	2,504

Western Refining, Inc.,
10.750%, 6–15–14 (B)(D)	693	748
		3,252
Oil & Gas Storage & Transportation – 0.1%
Copano Energy, L.L.C. and Copano Energy Finance Corporation,
7.125%, 4–1–21	270	273
Other Diversified Financial Services – 1.8%
Bank of America Corporation:
8.000%, 12–29–49 (D)	2,175	2,339
8.125%, 12–29–49 (D)	790	850
JPMorgan Chase & Co.,
7.900%, 4–29–49 (D)	1,500	1,641
		4,830
Packaged Foods & Meats – 1.8%
Bumble Bee Foods, LLC:
9.000%, 12–15–17 (B)	2,708	2,816
9.625%, 3–15–18 (B)	2,175	2,028
		4,844
Paper Products – 0.3%
Appleton Papers Inc.,
10.500%, 6–15–15 (B)	720	757
Verso Paper Corp.,
8.750%, 2–1–19 (B)	142	148
		905
Pharmaceuticals – 1.3%
ConvaTec Healthcare E S.A.,
10.500%, 12–15–18 (B)	420	441
K–V Pharmaceutical Company,
12.000%, 3–15–15 (B)	938	877
Quintiles Transnational Holdings Inc,
9.500%, 12–30–14 (B)	1,960	2,004
		3,322
Property & Casualty Insurance – 0.7%
Fidelity National Information Services, Inc.:
7.625%, 7–15–17	1,235	1,338
7.875%, 7–15–20	420	459
		1,797
Railroads – 1.0%
Kansas City Southern de Mexico, S.A. de C.V.:
8.000%, 2–1–18	1,990	2,170
6.625%, 12–15–20 (B)	420	428
		2,598
Regional Banks – 0.9%
CIT Group, Inc.,
7.000%, 5–1–17	2,330	2,333
Restaurants – 5.7%
CKE Holdings, Inc.,
10.500%, 3–14–16 (B)(C)	540	509
CKE Restaurants, Inc.,
11.375%, 7–15–18	3,668	4,044
Dave & Buster’s, Inc.,
0.000%, 2–15–16 (B)(E)	3,980	2,308
DineEquity, Inc.,
9.500%, 10–30–18 (B)	584	634
Dunkin Brands, Inc.,
9.625%, 12–1–18 (B)	748	762
NPC International, Inc.,
9.500%, 5–1–14	3,392	3,468
Wendy’s/Arby’s Restaurants, LLC,
10.000%, 7–15–16	2,907	3,198
		14,923
Security & Alarm Services – 0.6%
DynCorp International Inc.,
10.375%, 7–1–17 (B)	1,325	1,434
Semiconductor Equipment – 0.1%
Phototronics, Inc., Convertible,
3.250%, 4–1–16 (B)	170	194
Specialized Finance – 0.3%
PHH Corporation,
9.250%, 3–1–16 (B)	700	761

Specialized REITs – 0.6%
CNL Lifestyles Properties, Inc.,
7.250%, 4–15–19 (B)	1,535		1,531
Specialty Chemicals – 0.9%
Hexion U.S. Finance Corp. and Hexion Nova Scotia Finance, ULC,
9.000%, 11–15–20 (B)	562		583
Huntsman International LLC:
7.375%, 1–1–15	364		372
8.625%, 3–15–20	650		708
8.625%, 3–15–21 (B)	280		305
Momentive Performance Materials Inc.,
9.000%, 1–15–21 (B)	292		302
			2,270
Steel – 1.0%
Ryerson Inc.,
12.000%, 11–1–15	750		814
Severstal Columbus LLC,
10.250%, 2–15–18	720		796
WireCo WorldGroup Inc.,
9.500%, 5–15–17 (B)	890		947
			2,557
Thrifts & Mortgage Finance – 1.0%
Provident Funding Associates, L.P. and PFG Finance Corp.,
10.125%, 2–15–19 (B)	2,429		2,535
Trading Companies & Distributors – 0.4%
United Rentals (North America), Inc.,
8.375%, 9–15–20	980		1,024
Wireless Telecommunication Service – 1.4%
Cricket Communications, Inc.,
7.750%, 10–15–20	695		700
Digicel Group Limited:
8.250%, 9–1–17 (B)	284		301
10.500%, 4–15–18 (B)	928		1,063
MetroPCS Wireless, Inc.,
6.625%, 11–15–20	810		809
Wind Acquisition Finance S.A.,
11.750%, 7–15–17 (B)	685		788
			3,661
TOTAL CORPORATE DEBT SECURITIES – 81.9%		$	213,545
(Cost: $204,001)
MUNICIPAL BONDS - TAXABLE – 0.5%
Arizona
AZ Hlth Fac Auth, Rev Bonds (Banner Hlth), Ser 2007B,
1.013%, 1–1–37 (D)	2,175	$	1,406
(Cost: $1,392)
SENIOR LOANS
Advertising – 0.2%
Oriental Trading Company, Inc.,
7.000%, 1–10–17 (D)	420		412
Alternative Carriers – 0.9%
Vonage Holdings Corp.:
9.750%, 12–9–15 (D)	2,447		2,444
Apparel Retail – 0.2%
J.Crew Group, Inc.:
4.750%, 1–26–18 (D)	420		419
Application Software – 0.2%
Attachmate Corporation,
0.000%, 11–21–16 (D)(E)	580		570
Building Products – 2.3%
Goodman Global, Inc.,
9.000%, 10–6–17 (D)	5,945		6,102

Casinos & Gaming – 0.1%
Revel AC, Inc.,
9.000%, 1–24–17 (D)	350		340
Communications Equipment – 0.1%
Mitel Networks Corporation,
7.314%, 8–15–15 (D)	224		207
Diversified Support Services – 2.7%
Advantage Sales & Marketing, Inc.,
9.250%, 5–29–18 (D)	2,744		2,789
Applied Systems, Inc.,
9.250%, 5–17–17 (D)	215		218
N.E.W. Holdings I, LLC:
9.500%, 3–5–17 (D)	3,675		3,749
			6,756
Environmental & Facilities Services – 0.4%
K2 Pure Solutions Nocal, L.P.,
10.000%, 7–20–15 (D)	998		998
Food Distributors – 0.8%
Chef’s Warehouse, LLC (The),
11.000%, 4–22–14 (D)	1,216		1,241
Fairway Group Acquisition Company,
7.500%, 2–11–17 (D)	1,015		1,010
			2,251
Health Care Facilities – 0.8%
National Surgical Hospitals, Inc.:
8.250%, 1–4–17 (D)	1,852		1,833
0.000%, 2–3–17 (D)(E)	323		320
			2,153
Hypermarkets & Super Centers – 0.5%
Roundy’s Supermarkets, Inc.,
10.000%, 4–5–16 (D)	1,195		1,211
Independent Power Producers & Energy Traders – 1.5%
Energy Future Competitive Holdings Company and Texas Competitive Electric Holdings Company, LLC:
3.759%, 10–10–14 (D)	954		803
3.803%, 10–10–14 (D)	1,345		1,132
Texas Competitive Electric Holdings Company, LLC:
3.746%, 10–10–14 (D)	152		128
3.759%, 10–10–14 (D)	2,249		1,874
3.803%, 10–10–14 (D)	35		29
			3,966
Internet Software & Services – 0.5%
Nextag, Inc.,
7.000%, 12–29–17 (D)	1,432		1,353
IT Consulting & Other Services – 0.8%
Presidio, Inc.,
7.250%, 3–31–17 (D)	1,750		1,733
Vertafore, Inc.,
9.750%, 10–18–17 (D)	222		226
			1,959
Specialty Stores – 0.6%
Walco International, Inc. (Animal Health),
12.250%, 11–10–15 (D)	1,615		1,606
TOTAL SENIOR LOANS – 12.6%		$	32,747
(Cost: $32,325)
SHORT–TERM SECURITIES
Commercial Paper (F) – 1.7%
Kellogg Co.,
0.280%, 4–28–11	2,000		2,000
Prudential Funding LLC,
0.000%, 4–1–11	2,309		2,309
			4,309
Master Note – 0.2%
Toyota Motor Credit Corporation,
0.127%, 4–1–11 (G)	514		514

Municipal Obligations - Taxable – 1.9%
MS Dev Bank, Var Rate Demand Rfdg Bonds (Harrison Cnty, MS GO Coliseum and Convention Ctr Rfdg Bonds), Ser 2010B (Bank of America, N.A.),
0.240%, 4–7–11 (G)	5,000		5,000
TOTAL SHORT-TERM SECURITIES – 3.8%		$	9,823
(Cost: $9,823)
TOTAL INVESTMENT SECURITIES – 100.0%		$	260,427
(Cost: $250,883)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.0%			59
NET ASSETS – 100.0%		$	260,486

Notes to Schedule of Investments

Fair value is defined as the price that the Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 – unadjusted quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2011:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	1,733	$	—	$	—
Preferred Stocks		809		214		—
Warrants		—		150		—
Corporate Debt Securities		—		213,351		194
Municipal Bonds		—		1,406		—
Senior Loans		—		15,979		16,768
Short-Term Securities		—		9,823		—
Total	$	2,542	$	240,923	$	16,962

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Preferred Stocks			Warrants			Corporate Debt Securities			Senior Loans
Beginning Balance 1-1-11	$	540		$	150		$	8,715		$	16,078
Net realized gain (loss)		—			—			—			2
Net unrealized appreciation (depreciation)		—			—			—			129
Purchases		—			—			—			650
Sales		—			—			—			(891	)
Transfers into Level 3 during the period		—			—			194			6,563
Transfers out of Level 3 during the period		(540	)		(150	)		(8,715	)		(5,763	)
Ending Balance 3-31-11	$	—		$	—		$	194		$	16,768
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 3-31-11	$	—		$	—		$	24		$	180

Transfers from Level 2 to Level 3 occurred generally due to the lack of observable market data due to decreased market activity or information for these securities. Transfers from Level 3 to Level 2 occurred generally due to the increased availability of observable market data due to increased market activity or information. There were no significant transfers between Levels 1 and 2 during the period ended March 31, 2011.

(A) No dividends were paid during the preceding 12 months.

(B) Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the total value of these securities amounted to $111,093 or 42.6% of net assets.

(C) Payment-in-kind bonds.

(D) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011.

(E) Zero coupon bond.

(F) Rate shown is the yield to maturity at March 31, 2011.

(G) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011. Date shown represents the date that the variable rate resets.

For Federal income tax purposes, cost of investments owned at March 31, 2011 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	250,890
Gross unrealized appreciation		11,636
Gross unrealized depreciation		(2,099	)
Net unrealized appreciation	$	9,537

SCHEDULE OF INVESTMENTS
International Core Equity (in thousands)	MARCH 31, 2011 (UNAUDITED)

COMMON STOCKS	Shares		Value
Australia – 9.6%
Computershare Limited		634	$	6,077
Foster’s Group Limited		1,535		9,082
Myer Holdings Limited		1,673		5,555
Newcrest Mining Limited		274		11,287
Orica Limited		257		7,022
Telstra Corporation Limited		4,461		13,010
Toll Holdings Limited		907		5,565
				57,598
Brazil – 4.8%
Gafisa S.A., ADR		536		6,877
Petroleo Brasileiro S.A. - Petrobras, ADR		164		6,630
TIM Participacoes S.A., ADR		144		6,291
Vivo Participacoes S.A., ADR		222		8,982
				28,780
Canada – 2.2%
Canadian Natural Resources Limited		172		8,505
Research In Motion Limited (A)		82		4,656
				13,161
China – 4.6%
China Mobile Limited		886		8,161
China Pacific Insurance (Group) Co. Ltd., H Shares		1,365		5,738
Industrial and Commercial Bank of China Limited, H Shares		2,949		2,449
Industrial and Commercial Bank of China Limited, H Shares (B)		6,248		5,189
SINA Corporation (A)		54		5,759
				27,296
Denmark – 0.9%
PANDORA Holding A/S (A)(B)		109		5,538
France – 17.4%
Alstom		162		9,605
Axa S.A.		330		6,892
BNP Paribas		79		5,765
Danone		168		11,005
Sanofi-Aventis		177		12,436
Schneider Electric S.A.		38		6,447
Societe Generale		120		7,803
Total S.A.		399		24,293
Vinci		151		9,447
Vivendi Universal		391		11,160
				104,853
Germany – 3.3%
Bayer AG		121		9,427
DaimlerChrysler AG, Registered Shares		78		5,528
Dialog Semiconductor plc (A)		243		5,020
				19,975
Hong Kong – 2.5%
Cheung Kong (Holdings) Limited		684		11,150
New World Development Company Limited		2,086		3,685
				14,835
Israel – 1.3%
Bezeq - Israel Telecommunication Corp., Ltd. (The)		2,598		7,702
Italy – 2.1%
Mediaset S.p.A.		861		5,474
Tenaris S.A.		290		7,111
				12,585

Japan – 14.5%
Hitachi Construction Machinery Co., Ltd.		256		6,413
Honda Motor Co., Ltd.		141		5,282
JGC Corporation		369		8,637
Mitsubishi Corporation		612		17,000
Mitsubishi Electric Corporation		808		9,539
Nihon Densan Kabushiki Kaisha		68		5,921
Nissin Kogyo Co., Ltd.		580		9,982
Softbank Corp.		286		11,411
Sumitomo Corporation		481		6,874
Suzuki Motor Corporation		254		5,686
				86,745
Mexico – 1.0%
Grupo Modelo, S.A.B. de C.V., Series C		980		5,890
Netherlands – 2.3%
Fugro N.V.		83		7,337
Koninklijke Ahold N.V.		482		6,471
				13,808
Singapore – 2.1%
CapitaCommercial Trust		5,329		5,876
Singapore Airlines Limited		625		6,784
				12,660
Sweden – 1.3%
Telefonaktiebolaget LM Ericsson, B Shares		609		7,851
Switzerland – 5.5%
ABB Ltd		302		7,260
Credit Suisse Group AG, Registered Shares		238		10,117
Syngenta AG		28		9,083
TEMENOS Group AG (A)		168		6,360
				32,820
Taiwan – 3.8%
High Tech Computer Corp.		145		5,663
Hon Hai Precision Ind. Co., Ltd.		1,951		6,834
Taiwan Semiconductor Manufacturing Company Ltd.		4,186		10,049
				22,546
United Kingdom – 11.0%
Barclays plc		1,139		5,070
Barclays plc (B)		733		3,265
BG Group plc		304		7,564
HSBC Holdings plc		677		6,962
Invensys plc, ADR		1,075		5,953
Prudential plc		735		8,327
Unilever plc		504		15,350
Vodafone Group plc		2,148		6,083
Xstrata plc		321		7,499
				66,073
TOTAL COMMON STOCKS – 90.2%			$	540,716
(Cost: $476,959)
SHORT-TERM SECURITIES	Principal
Commercial Paper (C) – 6.2%
Air Products and Chemicals, Inc.,
0.190%, 4–26–11	$	5,000		4,999
Caterpillar Financial Services Corporation,
0.000%, 4–1–11		7,000		7,000
Corporacion Andina de Fomento,
0.210%, 4–25–11		10,000		9,999

Kellogg Co., 0.240%, 4–25–11	5,000		4,999
Prudential Funding LLC, 0.000%, 4–1–11	3,234		3,234
Unilever Capital Corporation, 0.140%, 4–14–11	7,000		7,000
			37,231
Commercial Paper (backed by irrevocable letter of credit) (C) – 2.4%
American Honda Finance Corp. (Honda Motor Co.), 0.190%, 4–21–11	7,396		7,395
COFCO Capital Corp. (Rabobank Nederland), 0.230%, 4–14–11	7,000		6,999
			14,394
Master Note – 0.5%
Toyota Motor Credit Corporation, 0.127%, 4–1–11 (D)	3,363		3,363
Municipal Obligations - Taxable – 0.3%
NYC GO Bonds, Fiscal 2006 Ser E (Bank of America, N.A.), 0.240%, 4–1–11 (D)	1,500		1,500
TOTAL SHORT-TERM SECURITIES – 9.4%		$	56,488
(Cost: $56,488)
TOTAL INVESTMENT SECURITIES – 99.6%		$	597,204
(Cost: $533,447)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.4%			2,294
NET ASSETS – 100.0%		$	599,498

Notes to Schedule of Investments

Fair value is defined as the price that the Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 – unadjusted quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2011:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	540,716	$	—	$	—
Short-Term Securities		—		56,488		—
Total	$	540,716	$	56,488	$	—

There were no significant transfers between any levels during the period ended March 31, 2011.

(A) No dividends were paid during the preceding 12 months.

(B) Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the total value of these securities amounted to $13,992 or 2.3% of net assets.

(C) Rate shown is the yield to maturity at March 31, 2011.

(D) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011. Date shown represents the date the variable rate resets.

The following acronym is used throughout this schedule:

ADR = American Depositary Receipts

For Federal income tax purposes, cost of investments owned at March 31, 2011 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	533,597
Gross unrealized appreciation		73,318
Gross unrealized depreciation		(9,711	)
Net unrealized appreciation	$	63,607

SCHEDULE OF INVESTMENTS
International Growth (in thousands)	MARCH 31, 2011 (UNAUDITED)

COMMON STOCKS	Shares		Value
Australia – 4.4%
Coca-Cola Amatil Limited		147	$	1,781
David Jones Limited		734		3,607
Orica Limited		129		3,512
Telstra Corporation Limited		2,281		6,654
				15,554
Canada – 1.3%
Canadian Natural Resources Limited		94		4,643
China – 5.0%
Baidu.com, Inc., ADR (A)		16		2,233
SINA Corporation (A)		53		5,661
Tingyi Holding Corp.		1,264		3,091
Wynn Macau, Limited		2,367		6,603
				17,588
Denmark – 1.0%
PANDORA Holding A/S (A)(B)		68		3,450
France – 8.2%
Danone		82		5,373
Pinault-Printemps-Redoute S.A.		39		5,928
Safran		103		3,645
Technip-Coflexip		43		4,616
Vinci		145		9,080
				28,642
Germany – 11.9%
adidas AG		96		6,028
Bayer AG		93		7,197
DaimlerChrysler AG, Registered Shares		50		3,526
Fresenius SE & Co. KGaA		76		7,062
Linde AG		35		5,475
MTU Aero Engines Holding AG		48		3,238
Qiagen N.V. (A)		275		5,508
Siemens AG		27		3,735
				41,769
Hong Kong – 3.0%
Cheung Kong (Holdings) Limited		357		5,820
Yue Yuen Industrial (Holdings) Limited		1,449		4,610
				10,430
India – 1.9%
Infrastructure Development Finance Company Limited		445		1,542
Infrastructure Development Finance Company Limited (B)		453		1,570
Larsen & Toubro Limited		99		3,651
				6,763
Italy – 3.8%
Saipem S.p.A.		101		5,362
Tenaris S.A.		321		7,883
				13,245
Japan – 11.5%
Canon Inc.		71		3,081
Honda Motor Co., Ltd.		131		4,903
JGC Corporation		266		6,226
KONAMI Corporation		215		3,971
Mitsubishi Corporation		225		6,232
Mitsubishi Electric Corporation		322		3,801
Mitsui & Co., Ltd.		289		5,186
Nintendo Co., Ltd.		11		3,053
Nissin Kogyo Co., Ltd.		237		4,072
				40,525

Mexico – 1.2%
Grupo Modelo, S.A.B. de C.V., Series C		710		4,270
Netherlands – 0.9%
ASML Holding N.V., Ordinary Shares		72		3,176
Norway – 1.4%
Seadrill Limited		137		4,961
Spain – 2.3%
Tecnicas Reunidas, S.A.		67		4,054
Telefonica, S.A.		161		4,024
				8,078
Sweden – 1.4%
Telefonaktiebolaget LM Ericsson, B Shares		378		4,874
Switzerland – 10.4%
ABB Ltd		235		5,634
Credit Suisse Group AG, Registered Shares		77		3,262
Nestle S.A., Registered Shares		127		7,271
Swatch Group Ltd (The), Bearer Shares		6		2,609
Swiss Reinsurance Company, Registered Shares		96		5,511
Syngenta AG		19		6,311
TEMENOS Group AG (A)		157		5,953
				36,551
Taiwan – 1.7%
Hon Hai Precision Ind. Co., Ltd.		1,667		5,839
United Kingdom – 17.9%
Barclays plc		688		3,062
BG Group plc		71		1,778
British American Tobacco plc		224		8,986
Capita Group plc (The)		375		4,473
Diageo plc		312		5,929
GlaxoSmithKline plc		269		5,127
Meggitt plc		619		3,406
Prudential plc		302		3,420
Rio Tinto plc		55		3,890
Serco Group plc		497		4,452
tesco plc		568		3,471
Virgin Media Inc.		125		3,486
Vodafone Group plc		2,318		6,562
Xstrata plc		193		4,503
				62,545
United States – 4.9%
Apple Inc. (A)		20		6,823
QUALCOMM Incorporated		77		4,199
Schlumberger Limited		66		6,139
				17,161
TOTAL COMMON STOCKS – 94.1%			$	330,064
(Cost: $284,094)
SHORT-TERM SECURITIES	Principal
Commercial Paper (backed by irrevocable letter of credit) (C) – 2.1%
Avon Capital Corp. (Avon Products, Inc.), 0.240%, 4–7–11	$	2,500		2,500

John Deere Credit Limited (John Deere Capital Corporation), 0.180%, 4–12–11	5,000		5,000
			7,500
Master Note – 1.4%
Toyota Motor Credit Corporation, 0.127%, 4–1–11 (D)	4,905		4,905
TOTAL SHORT-TERM SECURITIES – 3.5%		$	12,405
(Cost: $12,405)
TOTAL INVESTMENT SECURITIES – 97.6%		$	342,469
(Cost: $296,499)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 2.4%			8,557
NET ASSETS – 100.0%		$	351,026

Notes to Schedule of Investments

Fair value is defined as the price that the Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 – unadjusted quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2011:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	330,064	$	—	$	—
Short-Term Securities		—		12,405		—
Total	$	330,064	$	12,405	$	—
Swap Agreements	$	—	$	2,017	$	—
Liabilities
Swap Agreements	$	—	$	69	$	—

There were no significant transfers between any levels during the period ended March 31, 2011.

The following total return swap agreements were outstanding at March 31, 2011:

Counterparty	Notional Amount		Underlying Security	Termination Date		Financing Fee#	Unrealized Appreciation
UBS AG, London	$	541	Sany Heavy Industry Co., Ltd.		4-21-11	USD LIBOR + 0.700%	$	233
UBS AG, London		2,076	Sany Heavy Industry Co., Ltd.		4-25-11	USD LIBOR + 0.700%		894
UBS AG, London		2,066	Sany Heavy Industry Co., Ltd.		4-26-11	USD LIBOR + 0.700%		890
UBS AG, London		3,308	Ping An Insurance (Group) Company of China, Ltd.		4-26-11	USD LIBOR + 0.700%		(69	)
							$	1,948

# The Fund pays the financing fee multiplied by the notional amount each quarter. On the termination date of the swap contracts, the Fund will pay/receive the return of the underlying security.

(A) No dividends were paid during the preceding 12 months.

(B) Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the total value of these securities amounted to $5,020 or 1.4% of net assets.

(C) Rate shown is the yield to maturity at March 31, 2011.

(D) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011. Date shown represents the date the variable rate resets.

The following acronym is used throughout this schedule:

ADR = American Depositary Receipts

For Federal income tax purposes, cost of investments owned at March 31, 2011 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	296,769
Gross unrealized appreciation		51,416
Gross unrealized depreciation		(5,716	)
Net unrealized appreciation	$	45,700

SCHEDULE OF INVESTMENTS Limited-Term Bond (in thousands) MARCH 31, 2011 (UNAUDITED)

CORPORATE DEBT SECURITIES	Principal		Value
Air Freight & Logistics – 1.0%
FedEx Corporation,
7.375%, 1–15–14	$	1,500	$	1,702
Airlines – 0.6%
Southwest Airlines Co.,
6.500%, 3–1–12		1,000		1,046
Brewers – 1.2%
Anheuser-Busch InBev S.A.,
2.500%, 3–26–13		2,000		2,039
Cable & Satellite – 2.7%
DirecTV Holdings LLC and DirecTV Financing Co.,
7.625%, 5–15–16		2,000		2,206
Time Warner Cable Inc.,
5.400%, 7–2–12		2,000		2,102
				4,308
Computer & Electronics Retail – 0.6%
Best Buy Co., Inc.,
6.750%, 7–15–13		1,000		1,093
Consumer Finance – 1.2%
American Express Credit Corporation,
2.750%, 9–15–15		2,000		1,961
Data Processing & Outsourced Services – 1.0%
Western Union Company (The),
6.500%, 2–26–14		1,500		1,666
Diversified Banks – 4.1%
Bank of New York Mellon Corporation (The),
1.500%, 1–31–14		2,000		1,993
Bank of Nova Scotia (The),
2.375%, 12–17–13		1,500		1,529
Barclays Bank plc,
2.375%, 1–13–14		1,500		1,507
Wells Fargo & Company,
3.676%, 6–15–16 (A)		2,000		2,009
				7,038
Diversified Capital Markets – 0.6%
Deutsche Bank AG,
3.250%, 1–11–16		1,000		1,003
Diversified Chemicals – 1.2%
E.I. du Pont de Nemours and Company,
2.750%, 4–1–16		2,000		1,984
Electric Utilities – 4.9%
Carolina Power & Light Company,
5.125%, 9–15–13		2,000		2,169
Great Plains Energy Incorporated,
2.750%, 8–15–13		2,000		2,023
National Rural Utilities Cooperative Finance Corporation:
1.125%, 11–1–13		1,000		991
1.900%, 11–1–15		1,000		965
Oncor Electric Delivery Company LLC:
6.375%, 5–1–12		1,000		1,050
5.950%, 9–1–13		1,000		1,090
				8,288
Environmental & Facilities Services – 1.3%
Waste Management, Inc.,
6.375%, 11–15–12		2,050		2,221

Health Care Services – 1.5%
Medco Health Solutions, Inc.,
2.750%, 9–15–15	500	494
Quest Diagnostics Incorporated,
3.200%, 4–1–16	2,000	1,985
		2,479
Industrial Conglomerates – 0.6%
General Electric Capital Corporation,
3.750%, 11–14–14	1,000	1,041
Industrial Machinery – 1.0%
Illinois Tool Works Inc.,
5.150%, 4–1–14	1,500	1,651
Integrated Telecommunication Services – 3.2%
AT&T Inc.,
4.950%, 1–15–13	2,000	2,129
Deutsche Telekom International Finance B.V.,
4.875%, 7–8–14	1,000	1,081
Verizon Communications Inc.,
3.000%, 4–1–16	2,250	2,235
		5,445
Investment Banking & Brokerage – 0.6%
Morgan Stanley,
4.100%, 1–26–15	1,000	1,025
Life & Health Insurance – 1.5%
MetLife Global Funding I,
2.500%, 9–29–15 (B)	1,500	1,458
Prudential Financial, Inc.,
4.750%, 9–17–15	1,000	1,063
		2,521
Movies & Entertainment – 0.9%
Walt Disney Company (The),
4.700%, 12–1–12	1,500	1,593
Oil & Gas Exploration & Production – 1.2%
EOG Resources, Inc.,
2.500%, 2–1–16	2,000	1,950
Oil & Gas Storage & Transportation – 2.2%
DCP Midstream Operating, LP,
3.250%, 10–1–15	1,500	1,467
Sunoco Logistics Partners Operations L.P.,
8.750%, 2–15–14	2,000	2,266
		3,733
Other Diversified Financial Services – 2.3%
Bank of America Corporation,
3.625%, 3–17–16	2,000	1,968
JPMorgan Chase & Co.,
1.650%, 9–30–13	2,000	1,995
		3,963
Packaged Foods & Meats – 3.1%
General Mills, Inc.,
5.250%, 8–15–13	2,000	2,171
Kellogg Company,
6.600%, 4–1–11	1,000	1,000
Kraft Foods Inc.,
2.625%, 5–8–13	2,000	2,046
		5,217
Pharmaceuticals – 0.8%
Roche Holdings Ltd,
5.000%, 3–1–14 (B)	1,270	1,383
Property & Casualty Insurance – 1.2%
Fidelity National Financial, Inc.,
6.600%, 5–15–17	2,000	2,067

Regional Banks – 0.6%
PNC Funding Corp,
4.250%, 9–21–15	1,000		1,050
Semiconductors – 1.0%
Broadcom Corporation,
1.500%, 11–1–13 (B)	1,669		1,653
TOTAL CORPORATE DEBT SECURITIES – 42.1%		$	71,120
(Cost: $71,488)
MUNICIPAL BONDS – TAXABLE
Massachusetts – 0.8%
MA Hlth and Edu Fac Auth, Rev Bonds, Harvard Univ Issue, Ser 2008C,
5.260%, 10–1–18	1,250		1,369
North Carolina – 1.2%
Charlotte-Mecklenburg Hosp Auth, Taxable Spl Oblig Bonds, Ser 2003,
5.000%, 8–1–13	2,000		2,105
Rhode Island – 1.3%
Providence Hlth & Svc Oblig Group, Direct Oblig Notes, Ser 2009A,
5.050%, 10–1–14	2,000		2,152
TOTAL MUNICIPAL BONDS - TAXABLE – 3.3%		$	5,626
(Cost: $5,703)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Agency Obligations – 11.3%
Federal Home Loan Bank:
1.750%, 9–22–14	3,000		3,001
1.750%, 9–11–15	2,000		1,961
3.500%, 3–22–16	2,000		2,070
Federal National Mortgage Association:
1.125%, 9–27–13	2,000		1,990
1.150%, 4–14–14	3,000		2,951
2.375%, 7–28–15	2,000		2,018
2.000%, 8–24–15	2,000		1,968
1.725%, 9–14–15	2,000		1,959
2.000%, 12–30–15	1,000		972
			18,890
Mortgage–Backed Obligations – 24.1%
Federal Home Loan Mortgage Corporation Fixed Rate Participation Certificates:
4.500%, 10–1–20	1,648		1,742
5.500%, 12–1–24	4,595		4,976
5.000%, 7–1–25	1,005		1,070
Federal National Mortgage Association Agency REMIC/CMO:
3.000%, 3–15–25	1,938		1,922
4.000%, 4–15–25	2,946		3,070
4.000%, 5–25–39	1,321		1,371
3.000%, 11–25–39	1,817		1,833
4.000%, 11–25–39	2,730		2,849
Federal National Mortgage Association Fixed Rate Pass-Through Certificates:
4.000%, 8–1–18	4,179		4,369
5.000%, 12–1–19	1,180		1,262
5.500%, 10–1–21	3,954		4,296
5.500%, 11–1–22	1,508		1,638
5.000%, 11–1–23	2,028		2,156
5.000%, 4–1–24	1,136		1,211
5.000%, 5–1–28	1,642		1,733
5.000%, 9–1–33	2,118		2,230
Government National Mortgage Association Agency REMIC/CMO,
4.000%, 10–16–32	2,975		3,089
			40,817
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 35.4%		$	59,707
(Cost: $60,041)

UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 12.5%
United States Treasury Notes:
0.750%, 8–15–13	6,000		5,965
2.375%, 8–31–14	10,000		10,284
1.250%, 8–31–15	5,000		4,839
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 12.5%		$	21,088
(Cost: $21,358)
SHORT-TERM SECURITIES
Commercial Paper (C) – 6.0%
Bemis Company, Inc.,
0.310%, 4–27–11	3,000		2,999
Kellogg Co.,
0.280%, 4–28–11	5,000		4,999
Prudential Funding LLC,
0.000%, 4–1–11	2,103		2,103
			10,101
Master Note – 0.1%
Toyota Motor Credit Corporation,
0.127%, 4–1–11 (D)	146		146
TOTAL SHORT-TERM SECURITIES – 6.1%		$	10,247
(Cost: $10,247)
TOTAL INVESTMENT SECURITIES – 99.4%		$	167,788
(Cost: $168,837)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.6%			965
NET ASSETS – 100.0%		$	168,753

Notes to Schedule of Investments

Fair value is defined as the price that the Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 – unadjusted quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following tables summarize the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2011:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Corporate Debt Securities	$	—	$	71,120	$	—
Municipal Bonds		—		5,626		—
United States Government Agency Obligations		—		59,707		—
United States Government Obligations		—		21,088		—
Short-Term Securities		—		10,247		—
Total	$	—	$	167,788	$	—

There were no significant transfers between any levels during the period ended March 31, 2011.

(A) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011.

(B) Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the total value of these securities amounted to $4,494 or 2.7% of net assets.

(C) Rate shown is the yield to maturity at March 31, 2011.

(D) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011. Date shown represents the date that the variable rate resets.

The following acronyms are used throughout this schedule:

CMO = Collateralized Mortgage Obligation

REMIC = Real Estate Mortgage Investment Conduit

For Federal income tax purposes, cost of investments owned at March 31, 2011 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	168,837
Gross unrealized appreciation		185
Gross unrealized depreciation		(1,234	)
Net unrealized depreciation	$	(1,049	)

SCHEDULE OF INVESTMENTS Micro Cap Growth (in thousands) MARCH 31, 2011 (UNAUDITED)

COMMON STOCKS	Shares		Value
Advertising – 1.8%
MDC Partners Inc., Class A		39	$	656
ReachLocal, Inc. (A)		19		380
				1,036
Air Freight & Logistics – 0.7%
Pacer International, Inc. (A)		80		419
Apparel Retail – 0.4%
Citi Trends Inc. (A)		11		247
Apparel, Accessories & Luxury Goods – 0.9%
China Xiniya Fashion Limited, ADR (A)		15		76
Volcom, Inc.		22		411
				487
Application Software – 5.3%
Callidus Software Inc. (A)		114		784
ClickSoftware Technologies Ltd. (A)		25		213
NetScout Systems, Inc. (A)		40		1,095
RealPage, Inc. (A)		33		904
				2,996
Automotive Retail – 0.4%
Lentuo International Inc., ADR (A)		43		210
Biotechnology – 1.0%
ArQule, Inc. (A)		31		222
Idenix Pharmaceuticals, Inc. (A)		55		183
Nanosphere, Inc. (A)		56		183
				588
Broadcasting – 2.2%
Global Traffic Network, Inc. (A)		99		1,232
Catalog Retail – 1.1%
ValueVision Media, Inc. (A)		93		591
Communications Equipment – 3.4%
Blue Coat Systems, Inc. (A)		19		529
Ixia (A)		36		578
Meru Networks, Inc. (A)		13		272
Procera Networks, Inc. (A)		54		552
				1,931
Computer Storage & Peripherals – 1.7%
OCZ Technology Group, Inc. (A)		117		941
Construction & Farm Machinery & Heavy Trucks – 5.2%
Commercial Vehicle Group, Inc. (A)		36		648
Wabash National Corporation (A)		59		678
Westport Innovations Inc. (A)		72		1,586
				2,912
Consumer Electronics – 0.4%
SGOCO Technology Ltd. (A)		54		199
Consumer Finance – 0.9%
Imperial Holdings, Inc. (A)		48		485
Distillers & Vintners – 0.5%
China New Borun Corporation, ADR (A)		27		296

Education Services – 1.6%
ChinaCast Education Corporation (A)	36	225
Grand Canyon Education, Inc. (A)	46	673
		898
Electrical Components & Equipment – 0.1%
China Electric Motor, Inc. (A)	30	50
Electronic Components – 0.5%
BCD Semiconductor Manufacturing Limited, ADR (A)	33	288
Electronic Equipment & Instruments – 1.0%
FARO Technologies, Inc. (A)	14	568
Electronic Manufacturing Services – 1.4%
eMagin Corporation (A)	20	144
Fabrinet (A)	19	384
Maxwell Technologies, Inc. (A)	15	257
		785
Fertilizers & Agricultural Chemicals – 0.6%
Yongye Biotechnology International, Inc. (A)	55	339
Food Retail – 0.6%
Fresh Market, Inc. (The) (A)	8	317
General Merchandise Stores – 1.2%
Gordmans Stores, Inc. (A)	39	693
Health Care Equipment – 3.0%
ABIOMED, Inc. (A)	42	612
Spectranetics Corporation (The) (A)	102	481
Synovis Life Technologies, Inc. (A)	30	583
		1,676
Health Care Services – 1.2%
ExamWorks Group, Inc. (A)	30	674
Health Care Supplies – 1.6%
Quidel Corporation (A)	53	630
Rochester Medical Corporation (A)	25	284
		914
Health Care Technology – 0.7%
Omnicell, Inc. (A)	25	376
Home Furnishings – 0.7%
Kid Brands, Inc. (A)	51	372
Household Appliances – 0.5%
Deer Consumer Products, Inc.	35	257
Human Resource & Employment Services – 1.1%
On Assignment, Inc. (A)	64	605
Industrial Machinery – 0.6%
Shengkai Innovations, Inc. (A)	82	324

Internet Software & Services – 14.1%
Constant Contact, Inc. (A)	20	701
Envestnet, Inc. (A)	37	500
IntraLinks Holdings, Inc. (A)	45	1,201
Keynote Systems, Inc.	32	592
KIT digital, Inc. (A)	105	1,261
Liquidity Services, Inc. (A)	27	488
LoopNet, Inc. (A)	15	218
MediaMind Technologies Inc. (A)	45	627
SciQuest, Inc. (A)	30	428
SPS Commerce, Inc. (A)	53	822
Vocus, Inc. (A)	14	372
Website Pros, Inc. (A)	44	635
		7,845
IT Consulting & Other Services – 2.6%
Camelot Information Systems Inc., ADR (A)	15	246
HiSoft Technology International Limited, ADR (A)	19	361
InterXion Holding N.V. (A)	19	250
ServiceSource International, LLC (A)	12	143
Virtusa Corporation (A)	25	460
		1,460
Managed Health Care – 0.9%
Molina Healthcare, Inc. (A)	13	516
Movies & Entertainment – 1.7%
Rentrak Corporation (A)	35	945
Multi-Line Insurance – 0.8%
Fortegra Financial Corporation (A)	43	488
Oil & Gas Drilling – 1.2%
Pioneer Drilling Company (A)	50	696
Oil & Gas Equipment & Services – 3.9%
Basic Energy Services, Inc. (A)	41	1,056
Natural Gas Services Group, Inc. (A)	23	403
RigNet, Inc. (A)	37	667
		2,126
Oil & Gas Exploration & Production – 0.8%
Triangle Petroleum Corporation (A)	52	431
Oil & Gas Refining & Marketing – 0.3%
China Integrated Energy, Inc. (A)	76	194
Pharmaceuticals – 7.2%
BioMimetic Therapeutics, Inc. (A)	44	574
NuPathe Inc. (A)	41	319
Obagi Medical Products, Inc. (A)	61	766
Pacira Pharamaceuticals, Inc. (A)	64	454
Questcor Pharmaceuticals, Inc. (A)	107	1,545
SuperGen, Inc. (A)	109	339
		3,997
Research & Consulting Services – 1.2%
Mistras Group, Inc. (A)	39	675
Restaurants – 3.1%
BJ’s Restaurants, Inc. (A)	18	715
Bravo Brio Restaurant Group, Inc. (A)	21	363
California Pizza Kitchen, Inc. (A)	5	88
McCormick & Schmick’s Seafood Restaurants, Inc. (A)	23	165
Red Robin Gourmet Burgers, Inc. (A)	16	436
		1,767
Semiconductor Equipment – 1.2%
Nanometrics Incorporated (A)	36	657

Semiconductors – 4.6%
ANADIGICS, Inc. (A)		66		295
Diodes Incorporated (A)		14		490
Inphi Corporation (A)		14		288
Mellanox Technologies, Ltd. (A)		18		444
O2Micro International Limited (A)		50		379
Pericom Semiconductor Corporation (A)		35		363
RDA Microelectronics, Inc., ADR (A)		24		344
				2,603
Soft Drinks – 0.9%
Primo Water Corporation (A)		43		522
Specialized Finance – 0.6%
GAIN Capital Holdings, Inc. (A)		41		311
Steel – 0.3%
China Gerui Advanced Materials Group Limited (A)		33		156
Systems Software – 3.6%
OPNET Technologies, Inc.		30		1,174
Radiant Systems, Inc. (A)		22		391
Velti plc (A)		36		449
				2,014
Trading Companies & Distributors – 2.6%
CAI International, Inc. (A)		26		675
DXP Enterprises, Inc. (A)		34		780
				1,455
Trucking – 4.4%
Celadon Group, Inc. (A)		48		783
Marten Transport, Ltd.		35		769
Roadrunner Transportation Systems, Inc. (A)		33		494
Vitran Corporation Inc., Class A (A)		31		434
				2,480
TOTAL COMMON STOCKS – 98.3%			$	55,044
(Cost: $44,044)
SHORT-TERM SECURITIES – 3.7%	Principal
Master Note
Toyota Motor Credit Corporation,
0.127%, 4–1–11 (B)	$	2,065	$	2,065
(Cost: $2,065)
TOTAL INVESTMENT SECURITIES – 102.0%			$	57,109
(Cost: $46,109)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (2.0%)				(1,107	)
NET ASSETS – 100.0%			$	56,002

Notes to Schedule of Investments

Fair value is defined as the price that the Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 – unadjusted quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2011:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Industrials	$	8,870	$	—	$	50
Other Sectors		46,124		—		—
Total Common Stocks	$	54,994	$	—	$	50
Short-Term Securities		—		2,065		—
Total	$	54,994	$	2,065	$	50

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Common Stocks
Beginning Balance 1-1-11	$	—
Net realized gain (loss)		—
Net unrealized appreciation (depreciation)		—
Purchases		—
Sales		—
Transfers into Level 3 during the period		50
Transfers out of Level 3 during the period		—
Ending Balance 3-31-11	$	50
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 3-31-11	$	(86	)

Transfers from Level 2 to Level 3 occurred generally due to the lack of observable market data due to decreased market activity or information for these securities. There were no significant transfers between Levels 1 and 2 during the period ended March 31, 2011.

(A) No dividends were paid during the preceding 12 months.

(B) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011. Date shown represents the date that the variable rate resets.

The following acronym is used throughout this schedule:

ADR = American Depositary Receipts

For Federal income tax purposes, cost of investments owned at March 31, 2011 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	46,523
Gross unrealized appreciation		13,954
Gross unrealized depreciation		(3,368	)
Net unrealized appreciation	$	10,586

SCHEDULE OF INVESTMENTS Mid Cap Growth (in thousands) MARCH 31, 2011 (UNAUDITED)

COMMON STOCKS	Shares		Value
Aerospace & Defense – 1.1%
Triumph Group, Inc.		19	$	1,698
Air Freight & Logistics – 2.5%
C.H. Robinson Worldwide, Inc.		18		1,331
Expeditors International of Washington, Inc.		53		2,637
				3,968
Apparel, Accessories & Luxury Goods – 2.4%
Columbia Sportswear Company		24		1,402
lululemon athletica inc. (A)		27		2,374
				3,776
Application Software – 4.8%
ANSYS, Inc. (A)		37		2,008
Solera Holdings, Inc.		51		2,604
SuccessFactors, Inc. (A)(B)		80		3,138
				7,750
Auto Parts & Equipment – 2.7%
BorgWarner Inc. (A)		39		3,093
Gentex Corporation		45		1,364
				4,457
Automotive Retail – 2.3%
CarMax, Inc. (A)		113		3,622
Biotechnology – 0.0%
Vertex Pharmaceuticals Incorporated (A)		1		65
Communications Equipment – 1.0%
Acme Packet, Inc. (A)		23		1,632
Construction & Engineering – 2.2%
Quanta Services, Inc. (A)		154		3,455
Construction Materials – 0.8%
Martin Marietta Materials, Inc.		14		1,246
Consumer Electronics – 2.1%
Harman International Industries, Incorporated		70		3,296
Consumer Finance – 1.7%
Discover Financial Services		110		2,654
Data Processing & Outsourced Services – 3.7%
Fiserv, Inc. (A)		38		2,383
Paychex, Inc.		114		3,580
				5,963
Department Stores – 1.0%
Nordstrom, Inc.		36		1,622
Distillers & Vintners – 1.7%
Brown-Forman Corporation, Class B		42		2,863
Electrical Components & Equipment – 3.0%
Acuity Brands, Inc.		21		1,243
Polypore International, Inc. (A)		29		1,678
Roper Industries, Inc.		21		1,833
				4,754
Electronic Manufacturing Services – 1.2%
Trimble Navigation Limited (A)		39		1,976

Environmental & Facilities Services – 1.0%
Stericycle, Inc. (A)	18	1,569
Food Retail – 1.2%
Whole Foods Market, Inc.	29	1,908
Health Care Distributors – 2.0%
Henry Schein, Inc. (A)	47	3,263
Health Care Equipment – 5.1%
Gen-Probe Incorporated (A)	12	793
IDEXX Laboratories, Inc. (A)	19	1,483
Intuitive Surgical, Inc. (A)	5	1,534
Varian Medical Systems, Inc. (A)	62	4,220
		8,030
Health Care Services – 1.2%
Accretive Health, Inc. (A)	72	2,004
Health Care Technology – 1.6%
Cerner Corporation (A)	23	2,591
Homefurnishing Retail – 1.4%
Williams-Sonoma, Inc.	56	2,260
Hotels, Resorts & Cruise Lines – 2.5%
Orient-Express Hotels Ltd. (A)	120	1,481
Wyndham Worldwide Corporation	79	2,520
		4,001
Human Resource & Employment Services – 1.3%
Manpower Inc.	34	2,166
Industrial Gases – 0.5%
Airgas, Inc.	13	837
Industrial Machinery – 3.9%
Donaldson Company, Inc.	30	1,851
IDEX Corporation	72	3,128
Kaydon Corporation	38	1,476
		6,455
Insurance Brokers – 1.3%
Arthur J. Gallagher & Co.	71	2,158
Internet Retail – 1.1%
Netflix, Inc. (A)	8	1,827
Internet Software & Services – 1.1%
DealerTrack Holdings, Inc. (A)	78	1,799
Investment Banking & Brokerage – 1.4%
Greenhill & Co., Inc.	34	2,263
IT Consulting & Other Services – 0.5%
Teradata Corporation (A)	16	788
Oil & Gas Drilling – 2.6%
Patterson-UTI Energy, Inc.	141	4,129
Oil & Gas Equipment & Services – 2.2%
Dresser-Rand Group Inc. (A)	65	3,496

Oil & Gas Exploration & Production – 3.6%
Continental Resources, Inc. (A)		25		1,772
Noble Energy, Inc.		16		1,590
Ultra Petroleum Corp. (A)		50		2,475
				5,837
Packaged Foods & Meats – 1.2%
Mead Johnson Nutrition Company		32		1,874
Publishing – 1.9%
Meredith Corporation		88		2,985
Real Estate Management & Development – 2.0%
CB Richard Ellis Group, Inc., Class A (A)		121		3,229
Regional Banks – 6.0%
First Horizon National Corporation		84		945
First Republic Bank (A)		52		1,609
Huntington Bancshares Incorporated		240		1,593
Signature Bank (A)		57		3,198
SVB Financial Group (A)		8		461
TCF Financial Corporation		117		1,854
				9,660
Restaurants – 1.2%
Chipotle Mexican Grill, Inc., Class A (A)		7		2,002
Semiconductor Equipment – 2.2%
Lam Research Corporation (A)		64		3,612
Semiconductors – 5.2%
Linear Technology Corporation		61		2,065
Microchip Technology Incorporated		113		4,294
Semtech Corporation (A)		71		1,779
				8,138
Specialized Finance – 1.0%
CME Group Inc.		5		1,610
Specialty Chemicals – 1.5%
RPM International Inc.		100		2,384
Specialty Stores – 2.3%
PetSmart, Inc.		67		2,723
Ulta Salon, Cosmetics & Fragrance, Inc. (A)		19		893
				3,616
Trading Companies & Distributors – 3.0%
Fastenal Company		75		4,840
TOTAL COMMON STOCKS – 97.2%			$	156,128
(Cost: $119,479)
SHORT-TERM SECURITIES	Principal
Commercial Paper (C) – 2.7%
McCormick & Co. Inc., 0.000%, 4–1–11	$	1,500		1,500
Prudential Funding LLC, 0.000%, 4–1–11		2,853		2,853
				4,353
Master Note – 1.1%
Toyota Motor Credit Corporation, 0.127%, 4–1–11 (D)		1,826		1,826
TOTAL SHORT-TERM SECURITIES – 3.8%			$	6,179
(Cost: $6,179)
TOTAL INVESTMENT SECURITIES – 101.0%			$	162,307
(Cost: $125,658)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.0%)				(1,685	)
NET ASSETS – 100.0%			$	160,622

Notes to Schedule of Investments

Fair value is defined as the price that the Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 – unadjusted quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2011:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	156,128	$	—	$	—
Short-Term Securities		—		6,179		—
Total	$	156,128	$	6,179	$	—
Liabilities
Written Options	$	82	$	—	$	—

There were no significant transfers between any levels during the period ended March 31, 2011.

(A) No dividends were paid during the preceding 12 months.

(B) Securities serve as cover or collateral for the following written options outstanding at March 31, 2011:

Underlying Security	Counterparty	Contracts Subject to Call	Expiration Month		Exercise Price		Premium Received		Market Value
SuccessFactors, Inc.	Goldman, Sachs & Company	—*		May 2011	$	39.00	$	66	$	(81	)
Underlying Security	Counterparty	Contracts Subject to Put	Expiration Month		Exercise Price		Premium Received		Market Value
Teradata Corporation	Goldman, Sachs & Company	—*		April 2011	$	45.00	$	15	$	(1	)

* Not shown due to rounding.

(C) Rate shown is the yield to maturity at March 31, 2011.

(D) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011. Date shown represents the date that the variable rate resets.

For Federal income tax purposes, cost of investments owned at March 31, 2011 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	125,740
Gross unrealized appreciation		37,478
Gross unrealized depreciation		(911	)
Net unrealized appreciation	$	36,567

SCHEDULE OF INVESTMENTS Money Market (in thousands) MARCH 31, 2011 (UNAUDITED)

CORPORATE OBLIGATIONS	Principal		Value
Commercial Paper (A)
Corporacion Andina de Fomento:
0.180%, 4–7–11	$	3,000	$	3,000
0.210%, 4–25–11		800		800
0.240%, 5–9–11		3,300		3,299
0.780%, 12–7–11		2,000		1,989
Danaher Corporation, 0.190%, 4–18–11		2,593		2,593
John Deere Capital Corporation, 0.190%, 4–26–11		7,038		7,037
Sara Lee Corporation, 0.000%, 4–1–11		914		914
Sonoco Products Co., 0.000%, 4–1–11		910		910
Wisconsin Electric Power Co., 0.170%, 4–7–11		3,028		3,028
Total Commercial Paper – 12.7%				23,570
Commercial Paper (backed by irrevocable letter of credit) (A)
American Honda Finance Corp. (Honda Motor Co.),
0.190%, 4–21–11		4,182		4,181
Axis Bank Limited (Bank of America, N.A.),
0.590%, 4–19–11		1,600		1,599
COFCO Capital Corp. (Rabobank Nederland):
0.230%, 4–14–11		4,600		4,600
0.240%, 5–3–11		4,550		4,549
ICICI Bank Limited (Bank of America, N.A.):
0.540%, 6–15–11		4,500		4,495
0.650%, 9–16–11		3,500		3,489
John Deere Credit Limited (John Deere Capital Corporation),
0.200%, 4–14–11		1,447		1,447
Novartis Securities Investment Ltd. (Novartis AG),
0.210%, 5–9–11		3,500		3,499
River Fuel Trust #1 (Bank of Nova Scotia),
0.270%, 4–29–11		9,000		8,998
Straight-A Funding, LLC (Federal Financing Bank),
0.220%, 5–10–11		1,566		1,566
Total Commercial Paper (backed by irrevocable letter of credit) – 20.7%				38,423
Notes
Bank of America Corporation,
5.375%, 8–15–11		1,000		1,017
Bank of America, N.A.,
0.603%, 4–26–11 (B)		1,300		1,300
Citigroup Inc.:
0.404%, 5–18–11 (B)		4,000		3,990
0.434%, 6–16–11 (B)		820		818
5.100%, 9–29–11		1,799		1,835
5.250%, 2–27–12		955		992
General Electric Capital Corporation,
0.493%, 5–23–11 (B)		930		931
Kimberly-Clark Corporation,
4.428%, 12–19–11		2,000		2,053
Merck & Co., Inc.,
1.875%, 6–30–11		1,000		1,004
Rabobank Nederland,
0.454%, 5–16–11 (B)		1,000		1,000

Royal Bank of Scotland plc (The),
0.718%, 4–28–11 (B)	5,300		5,300
Toyota Motor Credit Corporation,
0.380%, 4–1–11 (B)	4,000		4,000
Wachovia Corporation,
0.461%, 6–1–11 (B)	1,400		1,401
Total Notes – 13.8%			25,641
Notes (backed by irrevocable letter of credit)
American Honda Finance Corp. (Honda Motor Co.),
2.810%, 6–2–11 (B)	400		402
BellSouth Corporation (AT&T Corp.),
4.295%, 4–26–11 (C)	4,800		4,812
IBM International Group Capital LLC (International Business Machines Corporation),
0.570%, 5–26–11 (B)	1,500		1,500
The Academy of the New Church, Taxable Var Rate Demand Bonds, Ser 2008 (Wachovia Bank, N.A.),
0.260%, 4–7–11 (B)	2,465		2,465
Trap Rock Industries, Inc., Taxable Var Rate Demand Bonds, Ser 2005 (Wells Fargo Bank, N.A.),
0.260%, 4–7–11 (B)	1,385		1,385
Washington Mutual Finance Corp. (Citigroup Inc.),
6.875%, 5–15–11	1,000		1,007
Total Notes (backed by irrevocable letter of credit) – 6.2%			11,571
TOTAL CORPORATE OBLIGATIONS – 53.4%		$	99,205
(Cost: $99,205)
MUNICIPAL OBLIGATIONS
California – 4.7%
CA Hlth Fac Fin Auth, Var Rate Hosp Rev Bonds (Adventist Hlth Sys/West), Ser 1998B (Bank of America, N.A.),
0.240%, 4–1–11 (B)	2,400		2,400
CA Pollutn Ctl Fin Auth, Pollutn Ctl Rfdg Rev Bonds (Pacific Gas and Elec Co), Ser C (JPMorgan Chase Bank, N.A.),
0.230%, 4–1–11 (B)	4,250		4,250
Fremont (Alameda Cnty, CA), Fremont Public Fin Auth (U.S. Bank, N.A.),
0.220%, 4–7–11 (B)	2,000		2,000
			8,650
Colorado – 5.7%
Castle Rock, CO, Var Rate Cert of Participation, Ser 2008 (Wells Fargo Bank, N.A.),
0.300%, 4–7–11 (B)	4,200		4,200
CO Hlth Fac Auth, Var Rate Rev Bonds (Exempla, Inc.), Ser 2009A (U.S. Bank, N.A.),
0.210%, 4–7–11 (B)	1,965		1,965
CO Hsng and Fin Auth, Multifam Hsng Rev Bonds (Greentree Vlg Apts Proj), Ser 2007 (U.S. Bank, N.A.),
0.260%, 4–7–11 (B)	1,900		1,900

Exempla General Impvt Dist of Lafayette, CO, Spl Impvt Dist No. 02-01, Spl Assmt Var Rate Rev Rfdg and Impvt Bonds, Ser 2002 (Wells Fargo Bank, N.A.),
0.240%, 4–7–11 (B)	250	250
Harvest Junction Metro Dist (Longmont, CO), Ltd Tax GO Var Rate Bonds, Ser 2006 (U.S. Bank N.A.),
0.300%, 4–7–11 (B)	1,105	1,105
Westminster Econ Dev Auth, CO, Tax Increment Var Rate Rev Rfdg Bonds (Mandalay Gardens Urban Renewal Proj), Ser 2009 (U.S. Bank N.A.),
0.300%, 4–7–11 (B)	1,145	1,145
		10,565
Florida – 3.8%
Cape Coral, FL (Bank of America, N.A.),
0.300%, 5–3–11	3,600	3,600
Pinellas Cnty Edu Fac Auth, Rfdg Prog Rev Bonds (Pooled Independent Higher Edu Institutions Loan Prog), Ser 1985 (Wachovia Bank, N.A.),
0.300%, 4–4–11	3,400	3,400
		7,000
Georgia – 5.0%
Dev Auth of Talbot Cnty, Incremental Taxable Indl Dev Rev Bonds (Junction City Mining Co, LLC Proj), Ser 2000 (Wachovia Bank, N.A.),
0.360%, 4–7–11 (B)	275	275
Muni Elec Auth of GA (Wells Fargo Bank, N.A.),
0.300%, 4–6–11	9,000	9,000
		9,275
Illinois – 3.9%
Elmurst, IL, Adj Demand Rev Bonds, Joint Commission on Accred of Hlthcare Org, Ser 1988 (JPMorgan Chase Bank, N.A.),
0.240%, 4–7–11 (B)	920	920
IL Fin Auth (Loyola Univ of Chicago Fin Prog), Commercial Paper Rev Notes (JPMorgan Chase Bank, N.A.):
0.260%, 4–5–11	5,300	5,300
0.260%, 5–3–11	700	700
IL Fin Auth, Var Rate Demand Rev Bonds (The Carle Fndtn), Ser 2009 (JPMorgan Chase Bank, N.A.),
0.190%, 4–7–11 (B)	400	400
		7,320
Louisiana – 3.7%
LA Pub Fac Auth, Rev Bonds (Air Products and Chemicals Proj), Ser 2009A (Air Products & Chemicals),
0.330%, 4–7–11 (B)	2,350	2,350
LA Pub Fac Auth, Var Rate Rev Rfdg Bonds (CHRISTUS Hlth), Ser 2009B-1 (Bank of New York (The)),
0.210%, 4–7–11 (B)	1,750	1,750
Parish of St. Bernard, LA, Exempt Fac Var Rate Rev Bonds (Mobil Oil Corp Proj), Ser 1996 (Exxon Mobil Corporation),
0.190%, 4–1–11 (B)	2,700	2,700
		6,800
Maryland – 0.5%
MD Hlth and Higher Edu Fac Auth Rev Bonds, Anne Arundel Hlth Sys Issue, Ser 2009A (Wachovia Bank, N.A.),
0.240%, 4–7–11 (B)	945	945

Massachusetts – 1.6%
MA Hlth and Edu Fac Auth, Var Rate Rev Bonds, Dana-Farber Cancer Institute Issue, Ser 2008L-1 (JPMorgan Chase Bank, N.A.),
0.240%, 4–7–11 (B)	3,000		3,000
Mississippi – 6.6%
MS Bus Fin Corp, Adj Mode Indl Dev Rev Bonds (Belk, Inc. Proj), Ser 2005 (Wachovia Bank, N.A.),
0.260%, 4–7–11 (B)	3,936		3,936
MS Bus Fin Corp, Gulf Opp Zone Indl Dev Var Rate Rev Bonds (Chevron U.S.A. Inc. Proj), Ser 2007D (Chevron Corporation),
0.200%, 4–1–11 (B)	7,600		7,600
MS Business Fin Corp, Gulf Opp Zone Indl Dev Rev Bonds (Chevron U.S.A. Inc. Proj) (Chevron Corporation),
0.200%, 4–1–11 (B)	750		750
			12,286
Missouri – 0.7%
Kansas City, MO, Var Rate Demand Taxable Spl Oblig Rfdg Bonds (President Hotel Redev Proj), Ser 2009B (JPMorgan Chase & Co.),
0.300%, 4–7–11 (B)	1,370		1,370
New York – 0.8%
NY Hsng Fin Agy, Related-Caroline Apartments Hsng Rev Bonds, Ser 2008A (Federal Home Loan Mortgage Corporation),
0.230%, 4–7–11 (B)	900		900
NYC Indl Dev Agy, Var Rate Demand Civic Fac Rfdg and Impvt Rev Bonds (Touro College Proj), Ser 2007 (JPMorgan Chase Bank, N.A.),
0.240%, 4–7–11 (B)	555		555
			1,455
Texas – 1.7%
Harris Cnty Hosp Dist, Sr Lien Rfdg Rev Bonds, Ser 2010 (JPMorgan Chase & Co.),
0.250%, 4–7–11 (B)	1,000		1,000
Port Arthur Navigation Dist Indl Dev Corp, Exempt Fac Var Rate Rev Bonds (Air Products Proj), Ser 2005 (Air Products and Chemicals, Inc.),
0.260%, 4–1–11 (B)	2,250		2,250
			3,250
Virginia – 0.5%
Peninsula Ports Auth of VA, Coal Terminal Rev Rfdg Bonds (Dominion Terminal Associates Proj), Ser 1987-A (U.S. Bank, N.A.),
0.260%, 4–5–11	1,000		1,000
Wisconsin – 0.4%
WI Hlth and Edu Fac Auth, Var Rate Demand Rev Bonds (Wausau Hosp, Inc.), Ser 1998B (JPMorgan Chase Bank, N.A.),
0.240%, 4–7–11 (B)	700		700
Wyoming – 0.4%
Uinta Cnty, WY, Pollutn Ctl Rfdg Rev Bds (Chevron U.S.A. Inc. Proj), Ser 1992 (Chevron Corporation),
0.200%, 4–1–11 (B)	750		750
TOTAL MUNICIPAL OBLIGATIONS – 40.0%		$	74,366
(Cost: $74,366)

UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
United States Government Agency Obligations
Defeased Loan Trust 2010-2 (United States Government),
1.040%, 8–13–11	1,707		1,706
Overseas Private Investment Corporation (United States Government):
0.230%, 4–7–11 (B)	2,667		2,667
0.230%, 4–7–11 (B)	2,048		2,048
0.230%, 4–7–11 (B)	1,983		1,983
0.230%, 4–7–11 (B)	1,584		1,584
Totem Ocean Trailer Express, Inc. (United States Government Guaranteed Ship Financing Obligations),
0.560%, 4–15–11 (B)	1,803		1,803
TOTAL UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS – 6.3%		$	11,791
(Cost: $11,791)
TOTAL INVESTMENT SECURITIES – 99.7%		$	185,362
(Cost: $185,362)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.3%			332
NET ASSETS – 100.0%		$	185,694

Notes to Schedule of Investments

Fair value is defined as the price that the Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 – unadjusted quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2011:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Corporate Obligations	$	—	$	99,205	$	—
Municipal Obligations		—		74,366		—
United States Government Agency Obligations		—		11,791		—
Total	$	—	$	185,362	$	—

There were no significant transfers between any levels during the period ended March 31, 2011.

(A) Rate shown is the yield to maturity at March 31, 2011.

(B) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011. Date shown represents the date that the variable rate resets or the next demand date.

(C) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011.

For Federal income tax purposes, cost of investments owned at March 31, 2011 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	185,362
Gross unrealized appreciation		—
Gross unrealized depreciation		—
Net unrealized appreciation	$	—

SCHEDULE OF INVESTMENTS
Real Estate Securities (in thousands)	MARCH 31, 2011 (UNAUDITED)

COMMON STOCKS	Shares		Value
Diversified REITs – 5.8%
American Assets Trust, Inc.		4	$	89
Cousins Properties Incorporated		26		213
PS Business Parks, Inc.		5		295
Retail Opportunity Investments Corp.		15		165
Vornado Realty Trust		13		1,163
Washington Real Estate Investment Trust		16		504
				2,429
Hotels, Resorts & Cruise Lines – 2.3%
Gaylord Entertainment Company (A)		15		507
Marriott International, Inc., Class A		8		286
Starwood Hotels & Resorts Worldwide, Inc.		3		174
				967
Industrial REITs – 6.5%
AMB Property Corporation		6		227
DuPont Fabros Technology, Inc.		17		420
First Potomac Realty Trust		42		660
ProLogis		87		1,391
				2,698
Office REITs – 17.3%
Alexandria Real Estate Equities, Inc.		11		873
BioMed Realty Trust, Inc.		44		827
Boston Properties, Inc.		16		1,546
Brandywine Realty Trust		22		271
Corporate Office Properties Trust		7		253
Digital Realty Trust, Inc.		21		1,233
Douglas Emmett, Inc.		22		404
Kilroy Realty Corporation		19		730
Mack-Cali Realty Corporation		6		217
SL Green Realty Corp.		12		880
				7,234
Real Estate Management & Development – 0.9%
CB Richard Ellis Group, Inc., Class A (A)		15		392
Real Estate Operating Companies – 3.9%
Brookfield Properties Corporation		62		1,099
Forest City Enterprises, Inc., Class A (A)		29		540
				1,639
Real Estate Services – 1.0%
Jones Lang LaSalle Incorporated		4		399
Residential REITs – 18.4%
American Campus Communities, Inc.		23		743
Associated Estates Realty Corporation		30		471
BRE Properties, Inc., Class A		13		604
Camden Property Trust		14		818
Campus Crest Communities, Inc.		5		60
Equity Lifestyle Properties, Inc.		8		484
Equity Residential		37		2,059
Essex Property Trust, Inc.		6		713
Home Properties, Inc.		11		637
Mid-America Apartment Communities, Inc.		10		623
UDR, Inc.		20		475
				7,687

Retail REITs – 22.3%
Acadia Realty Trust		33		620
Agree Realty Corporation		12		276
CBL & Associates Properties, Inc.		27		472
Developers Diversified Realty Corporation		44		620
Equity One, Inc.		32		591
Federal Realty Investment Trust		4		310
General Growth Properties, Inc.		53		820
Kite Realty Group Trust		5		25
Macerich Company (The)		25		1,257
National Retail Properties, Inc.		4		94
Regency Centers Corporation		11		487
Simon Property Group, Inc.		31		3,370
Weingarten Realty Investors		15		386
				9,328
Specialized REITs – 16.8%
Chesapeake Lodging Trust		12		211
DiamondRock Hospitality Company		62		696
HCP, Inc.		49		1,871
Health Care REIT, Inc.		18		933
Hersha Hospitality Trust		44		260
Host Hotels & Resorts, Inc.		61		1,070
LaSalle Hotel Properties		13		340
Nationwide Health Properties, Inc.		12		489
Pebblebrook Hotel Trust		15		332
Public Storage, Inc.		4		410
Sovran Self Storage, Inc.		7		265
Sunstone Hotel Investors, Inc. (A)		10		105
U-Store-It Trust		4		40
				7,022
Wireless Telecommunication Service – 1.5%
American Tower Corporation, Class A (A)		6		332
Crown Castle International Corp. (A)		7		289
				621
TOTAL COMMON STOCKS – 96.7%			$	40,416
(Cost: $36,126)
PREFERRED STOCKS – 0.5%
Diversified REITs
CapLease, Inc., 8.125% Series A Cumulative		8	$	191
(Cost: $176)
SHORT-TERM SECURITIES – 1.8%	Principal
Master Note
Toyota Motor Credit Corporation, 0.127%, 4–1–11 (B)	$	761	$	761
(Cost: $761)
TOTAL INVESTMENT SECURITIES – 99.0%			$	41,368
(Cost: $37,063)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.0%				438
NET ASSETS – 100.0%			$	41,806

Notes to Schedule of Investments

Fair value is defined as the price that the Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 – unadjusted quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2011:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	40,416	$	—	$	—
Preferred Stocks		191		—		—
Short-Term Securities		—		761		—
Total	$	40,607	$	761	$	—

There were no significant transfers between any levels during the period ended March 31, 2011.

(A) No dividends were paid during the preceding 12 months.

(B) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011. Date shown represents the date that the variable rate resets.

The following acronym is used throughout this schedule:

REIT = Real Estate Investment Trust

For Federal income tax purposes, cost of investments owned at March 31, 2011 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	37,282
Gross unrealized appreciation		5,543
Gross unrealized depreciation		(1,457	)
Net unrealized appreciation	$	4,086

SCHEDULE OF INVESTMENTS
Science and Technology (in thousands)	MARCH 31, 2011 (UNAUDITED)

COMMON STOCKS	Shares		Value
Agricultural Products – 4.7%
Archer Daniels Midland Company		267	$	9,614
Bunge Limited		102		7,378
				16,992
Application Software – 14.1%
ACI Worldwide, Inc. (A)		522		17,118
Aspen Technology, Inc. (A)		1,253		18,779
Lawson Software, Inc. (A)		1,232		14,909
				50,806
Biotechnology – 4.4%
Isis Pharmaceuticals, Inc. (A)		155		1,404
Vertex Pharmaceuticals Incorporated (A)		308		14,781
				16,185
Communications Equipment – 0.3%
InterDigital, Inc.		20		954
Computer Hardware – 4.7%
Apple Inc. (A)		49		17,039
Construction & Engineering – 0.5%
Insituform Technologies, Inc., Class A (A)		67		1,800
Consumer Finance – 0.6%
NetSpend Holdings, Inc. (A)		193		2,034
Data Processing & Outsourced Services – 13.2%
Alliance Data Systems Corporation (A)		260		22,349
Euronet Worldwide, Inc. (A)		449		8,680
VeriFone Holdings, Inc. (A)		210		11,545
Visa Inc., Class A		49		3,593
WNS (Holdings) Limited, ADR (A)		144		1,521
				47,688
Diversified Support Services – 0.5%
EnerNOC, Inc. (A)		102		1,953
Electronic Components – 4.5%
Corning Incorporated		417		8,609
POWER-ONE, INC. (A)		860		7,523
				16,132
Electronic Equipment & Instruments – 2.2%
Elster Group SE, ADR (A)		133		2,155
Itron, Inc. (A)		104		5,892
				8,047
Health Care Distributors – 0.4%
Animal Health International, Inc. (A)		359		1,507
Health Care Facilities – 0.5%
HCA Holdings, Inc. (A)		48		1,636
Health Care Services – 0.7%
Fleury S.A. (B)		46		670
Fleury S.A. (B)(C)		131		1,923
				2,593
Health Care Technology – 1.4%
Cerner Corporation (A)		45		5,037
Industrial Machinery – 4.0%
ESCO Technologies Inc.		256		9,775
Pentair, Inc.		118		4,455
				14,230

Internet Software & Services – 11.2%
eBay Inc. (A)		232			7,198
Google Inc., Class A (A)		18			10,552
LoopNet, Inc. (A)		97			1,377
SAVVIS, Inc. (A)		355			13,159
SINA Corporation (A)		74			7,964
					40,250
IT Consulting & Other Services – 4.9%
Acxiom Corporation (A)		267			3,834
iGate Corporation		60			1,130
Telvent GIT, S.A.		431			12,557
					17,521
Managed Health Care – 2.7%
Amil Participacoes S.A. (B)		332			3,861
WellPoint, Inc.		82			5,744
					9,605
Semiconductor Equipment – 1.0%
Photronics, Inc. (A)		419			3,760
Semiconductors – 19.3%
Advanced Micro Devices, Inc. (A)		514			4,422
Cree, Inc. (A)(D)		235			10,857
First Solar, Inc. (A)		83			13,318
Inotera Memories, Inc. (B)		716			365
Micron Technology, Inc. (A)		1,244			14,257
PMC-Sierra, Inc. (A)		512			3,836
Samsung Electronics Co., Ltd. (B)		14			11,640
Texas Instruments Incorporated		319			11,021
					69,716
Systems Software – 1.1%
Oracle Corporation		83			2,767
Velti plc (A)		82			1,037
					3,804
TOTAL COMMON STOCKS – 96.9%				$	349,289
(Cost: $264,244)
CORPORATE DEBT SECURITIES	Principal
Communications Equipment – 0.4%
InterDigital, Inc., Convertible, 2.500%, 3–15–16 (C)	$	1,200			1,290
IT Consulting & Other Services – 0.8%
Telvent GIT, S.A., Convertible, 5.500%, 4–15–15 (C)		2,500			2,906
TOTAL CORPORATE DEBT SECURITIES – 1.2%				$	4,196
(Cost: $3,791)
PUT OPTIONS	Number of Contracts
NASDAQ 100 Index, May $2,250.00, Expires 5–23–11		—	*	$	519
Russell 2000 Index, May $800.00, Expires 5-23-11		—	*		372
TOTAL PUT OPTIONS – 0.2%				$	891
(Cost: $1,357)
SHORT-TERM SECURITIES	Principal
Commercial Paper (E) – 1.9%
John Deere Capital Corporation, 0.190%, 4–27–11	$	5,000			4,999

Sonoco Products Co., 0.000%, 4–1–11	1,880		1,880
			6,879
Master Note – 0.5%
Toyota Motor Credit Corporation, 0.127%, 4–1–11 (F)	1,626		1,626
TOTAL SHORT-TERM SECURITIES – 2.4%		$	8,505
(Cost: $8,505)
TOTAL INVESTMENT SECURITIES – 100.7%		$	362,881
(Cost: $277,897)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.7%)			(2,376	)
NET ASSETS – 100.0%		$	360,505

Notes to Schedule of Investments

Fair value is defined as the price that the Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 – unadjusted quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2011:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	349,289	$	—	$	—
Corporate Debt Securities		—		4,196		—
Put Options		891		—		—
Short-Term Securities		—		8,505		—
Total	$	350,180	$	12,701	$	—
Liabilities
Written Options	$	192	$	—	$	—

There were no significant transfers between any levels during the period ended March 31, 2011.

* Not shown due to rounding.

(A) No dividends were paid during the preceding 12 months.

(B) Listed on an exchange outside the United States.

(C) Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the total value of these securities amounted to $6,119 or 1.7% of net assets.

(D) Securities serve as cover or collateral for the following written options outstanding at March 31, 2011:

Underlying Security	Counterparty	Contracts Subject to Put	Expiration Month	Exercise Price		Premium Received		Market Value
NASDAQ 100 Index	Morgan Stanley Smith Barney LLC	—*	May 2011	$	2,000.00	$	156	$	(102	)
Russell 2000 Index	UBS Securities LLC	—*	May 2011		720.00		168		(90	)
						$	324	$	(192	)

(E) Rate shown is the yield to maturity at March 31, 2011.

(F) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011. Date shown represents the date that the variable rate resets.

The following acronym is used throughout this schedule:

ADR = American Depositary Receipts

For Federal income tax purposes, cost of investments owned at March 31, 2011 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	278,168
Gross unrealized appreciation		94,730
Gross unrealized depreciation		(10,017	)
Net unrealized appreciation	$	84,713

SCHEDULE OF INVESTMENTS Small Cap Growth (in thousands) MARCH 31, 2011 (UNAUDITED)

COMMON STOCKS	Shares		Value
Aerospace & Defense – 1.2%
Ladish Co., Inc. (A)		102	$	5,563
Alternative Carriers – 1.1%
Neutral Tandem, Inc. (A)		343		5,058
Apparel Retail – 1.2%
Zumiez Inc. (A)		202		5,340
Apparel, Accessories & Luxury Goods – 3.1%
Columbia Sportswear Company		113		6,716
Under Armour, Inc., Class A (A)		99		6,736
				13,452
Application Software – 3.3%
Blackboard Inc. (A)		173		6,282
BroadSoft, Inc. (A)		110		5,236
RealPage, Inc. (A)		122		3,395
				14,913
Asset Management & Custody Banks – 1.1%
Affiliated Managers Group, Inc. (A)		43		4,744
Casinos & Gaming – 1.1%
Scientific Games Corporation, Class A (A)		566		4,946
Communications Equipment – 10.7%
Acme Packet, Inc. (A)		99		7,001
Aruba Networks, Inc. (A)		437		14,801
DG FastChannel, Inc. (A)		479		15,427
Finisar Corporation (A)		165		4,061
Riverbed Technology, Inc. (A)		167		6,271
				47,561
Computer Hardware – 2.3%
Stratasys, Inc. (A)		218		10,251
Computer Storage & Peripherals – 0.9%
SimpleTech, Inc. (A)		197		3,966
Construction & Engineering – 4.1%
Chicago Bridge & Iron Company N.V., NY Shares		448		18,201
Construction & Farm Machinery & Heavy Trucks – 6.4%
Manitowoc Company, Inc. (The)		310		6,781
Westinghouse Air Brake Technologies Corporation		235		15,955
Westport Innovations Inc. (A)		258		5,671
				28,407
Consumer Finance – 1.9%
EZCORP, Inc., Class A (A)		272		8,553
Distributors – 2.9%
LKQ Corporation (A)		542		13,065
Diversified Support Services – 1.1%
Mobile Mini, Inc. (A)		199		4,786
Education Services – 1.6%
American Public Education, Inc. (A)		179		7,244

Health Care Equipment – 8.8%
DexCom, Inc. (A)	361		5,609
Masimo Corporation	129		4,260
NuVasive, Inc. (A)	329		8,320
Volcano Corporation (A)	568		14,552
ZOLL Medical Corporation (A)	148		6,622
			39,363
Health Care Services – 1.8%
Healthways, Inc. (A)	511		7,854
Health Care Technology – 1.2%
Omnicell, Inc. (A)	364		5,547
Home Furnishings – 2.1%
Tempur-Pedic International Inc. (A)	188		9,516
Hotels, Resorts & Cruise Lines – 1.7%
Gaylord Entertainment Company (A)	213		7,397
Industrial Machinery – 2.7%
Donaldson Company, Inc.	96		5,886
Graco Inc.	132		5,987
			11,873
Internet Software & Services – 12.2%
Constant Contact, Inc. (A)	651		22,730
DealerTrack Holdings, Inc. (A)	544		12,499
VistaPrint Limited (A)	220		11,422
Vocus, Inc. (A)	291		7,517
			54,168
Investment Banking & Brokerage – 2.8%
Greenhill & Co., Inc.	87		5,724
Stifel Financial Corp. (A)	95		6,846
			12,570
Oil & Gas Equipment & Services – 1.9%
Superior Energy Services, Inc. (A)	209		8,588
Oil & Gas Exploration & Production – 2.0%
Carrizo Oil & Gas, Inc. (A)	237		8,746
Pharmaceuticals – 1.2%
Salix Pharmaceuticals, Ltd. (A)	154		5,391
Semiconductors – 1.8%
Cavium Networks, Inc. (A)	176		7,905
Soft Drinks – 1.6%
Primo Water Corporation (A)	581		7,119
Systems Software – 7.7%
CommVault Systems, Inc. (A)	221		8,805
MICROS Systems, Inc. (A)	336		16,630
Radiant Systems, Inc. (A)	499		8,824
			34,259
Trading Companies & Distributors – 2.0%
RSC Holdings Inc. (A)	636		9,138
TOTAL COMMON STOCKS – 95.5%		$	425,484
(Cost: $335,423)

SHORT-TERM SECURITIES	Principal
Commercial Paper (B) – 0.7%
Prudential Funding LLC,
0.000%, 4-1-11	$	3,282		3,282
Master Note – 1.0%
Toyota Motor Credit Corporation, 0.127%, 4–1–11 (C)		4,527		4,527
Municipal Obligations - Taxable – 1.2%
MI Strategic Fund, Var Rate Demand Ltd Oblig Rev Bonds (Air Products and Chemicals, Inc. Proj), Ser 2007 (Bank of New York (The)), 0.260%, 4–1–11 (C)		5,310		5,310
TOTAL SHORT-TERM SECURITIES – 2.9%			$	13,119
(Cost: $13,119)
TOTAL INVESTMENT SECURITIES – 98.4%			$	438,603
(Cost: $348,542)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.6%				7,352
NET ASSETS – 100.0%			$	445,955

Notes to Schedule of Investments

Fair value is defined as the price that the Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 – unadjusted quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2011:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	425,484	$	—	$	—
Short-Term Securities		—		13,119		—
Total	$	425,484	$	13,119	$	—

There were no significant transfers between any levels during the period ended March 31, 2011.

(A) No dividends were paid during the preceding 12 months.

(B) Rate shown is the yield to maturity at March 31, 2011.

(C) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011. Date shown represents the date that the variable rate resets.

For Federal income tax purposes, cost of investments owned at March 31, 2011 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	349,991
Gross unrealized appreciation		114,069
Gross unrealized depreciation		(25,457	)
Net unrealized appreciation	$	88,612

SCHEDULE OF INVESTMENTS Small Cap Value (in thousands) MARCH 31, 2011 (UNAUDITED)

COMMON STOCKS	Shares		Value
Advertising – 0.8%
MDC Partners Inc., Class A		120	$	2,017
Aerospace & Defense – 5.2%
AAR Corp. (A)		200		5,547
Ceradyne, Inc. (A)		39		1,754
Triumph Group, Inc.		64		5,687
				12,988
Apparel Retail – 1.1%
Payless ShoeSource, Inc. (A)		127		2,749
Apparel, Accessories & Luxury Goods – 2.0%
Jones Apparel Group, Inc.		369		5,079
Application Software – 1.4%
Quest Software, Inc. (A)		135		3,417
Asset Management & Custody Banks – 2.7%
American Capital Strategies, Ltd. (A)		675		6,683
Auto Parts & Equipment – 2.2%
Tenneco Automotive Inc. (A)		127		5,374
Broadcasting – 2.7%
Belo Corp., Class A (A)		303		2,671
Entercom Communications Corp. (A)		373		4,107
				6,778
Computer Storage & Peripherals – 0.5%
Quantum Corporation (A)		529		1,334
Data Processing & Outsourced Services – 1.9%
CoreLogic Inc.		266		4,920
Diversified Chemicals – 1.1%
Ashland Inc.		46		2,657
Electric Utilities – 2.1%
NV Energy, Inc.		339		5,048
Electronic Manufacturing Services – 1.3%
Celestica Inc. (A)		295		3,162
Gas Utilities – 1.9%
Southwest Gas Corporation		125		4,868
Health Care Facilities – 5.8%
AmSurg Corp. (A)		123		3,141
Community Health Systems, Inc. (A)		128		5,135
LifePoint Hospitals, Inc. (A)		157		6,297
				14,573
Health Care Services – 1.0%
Sun Healthcare Group, Inc. (A)		175		2,468
Homebuilding – 1.0%
M/I Homes, Inc. (A)		173		2,596

Hotels, Resorts & Cruise Lines – 2.5%
Gaylord Entertainment Company (A)	182	6,315
Investment Banking & Brokerage – 1.2%
Piper Jaffray Companies (A)	75	3,089
IT Consulting & Other Services – 0.9%
Camelot Information Systems Inc., ADR (A)	131	2,170
Managed Health Care – 0.8%
Coventry Health Care, Inc. (A)	62	1,990
Metal & Glass Containers – 1.2%
Silgan Holdings Inc.	78	2,963
Movies & Entertainment – 1.1%
Regal Entertainment Group	197	2,662
Office REITs – 1.8%
Lexington Corporation Properties Trust	471	4,404
Oil & Gas Equipment & Services – 2.8%
Helix Energy Solutions Group, Inc. (A)	86	1,481
Hornbeck Offshore Services, Inc. (A)	44	1,357
Superior Energy Services, Inc. (A)	100	4,104
		6,942
Oil & Gas Storage & Transportation – 5.0%
MarkWest Energy Partners, L.P.	43	2,070
Regency Energy Partners LP	236	6,432
Targa Resources Corp.	115	4,156
		12,658
Packaged Foods & Meats – 1.6%
Dean Foods Company (A)	388	3,884
Personal Products – 1.4%
Inter Parfums, Inc.	192	3,558
Property & Casualty Insurance – 2.8%
Argo Group International Holdings, Ltd.	164	5,415
SeaBright Insurance Holdings, Inc.	163	1,668
		7,083
Publishing – 4.1%
E. W. Scripps Company (The) (A)	235	2,327
Valassis Communications, Inc. (A)	179	5,214
Washington Post Company, Class B (The)	6	2,582
		10,123
Regional Banks – 10.5%
Bank of Marin Bancorp	85	3,183
First Horizon National Corporation	403	4,518
IBERIABANK Corporation	70	4,221
Nara Bancorp, Inc. (A)	289	2,782
PrivateBancorp, Inc.	136	2,082
Synovus Financial Corp.	1,399	3,358
Wintrust Financial Corporation	166	6,085
		26,229
Reinsurance – 4.1%
Endurance Specialty Holdings Ltd.	105	5,117
Reinsurance Group of America, Incorporated	81	5,110
		10,227

Residential REITs – 2.4%
American Campus Communities, Inc.		27		878
Campus Crest Communities, Inc.		438		5,175
				6,053
Retail REITs – 2.3%
CBL & Associates Properties, Inc.		327		5,698
Specialized REITs – 1.6%
Strategic Hotels & Resorts, Inc. (A)		613		3,954
Specialty Chemicals – 2.5%
Cytec Industries Inc.		69		3,730
RPM International Inc.		107		2,541
				6,271
Specialty Stores – 0.9%
Office Depot, Inc. (A)		501		2,319
Technology Distributors – 1.6%
Insight Enterprises, Inc. (A)		87		1,488
Tech Data Corporation (A)		50		2,528
				4,016
Thrifts & Mortgage Finance – 2.8%
Capitol Federal Financial		502		5,662
Territorial Bancorp Inc.		63		1,259
				6,921
Trucking – 3.2%
Marten Transport, Ltd.		123		2,732
Werner Enterprises, Inc.		198		5,251
				7,983
TOTAL COMMON STOCKS – 93.8%			$	234,223
(Cost: $192,543)
INVESTMENT FUNDS
Asset Management & Custody Banks – 3.3%
MCG Capital Corporation		475		3,085
THL Credit, Inc.		385		5,267
TOTAL INVESTMENT FUNDS – 3.3%			$	8,352
(Cost: $7,976)
SHORT-TERM SECURITIES – 1.8%	Principal
Master Note
Toyota Motor Credit Corporation, 0.127%, 4–1–11 (B)	$	4,618	$	4,618
(Cost: $4,618)
TOTAL INVESTMENT SECURITIES – 98.9%			$	247,193
(Cost: $205,137)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.1%				2,741
NET ASSETS – 100.0%			$	249,934

Notes to Schedule of Investments

Fair value is defined as the price that the Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 – unadjusted quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2011:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	234,223	$	—	$	—
Investment Funds		8,352		—		—
Short-Term Securities		—		4,618		—
Total	$	242,575	$	4,618	$	—
Liabilities
Written Options	$	121	$	126	$	—

There were no significant transfers between any levels during the period ended March 31, 2011.

The following written options were outstanding at March 31, 2011:

Underlying Security	Counterparty	Contracts Subject to Call	Expiration Month		Exercise Price		Premium Received		Market Value
AmSurg Corp.	Goldman, Sachs & Company	—*		April 2011	$	25.00	$	15	$	(23	)
Belo Corp., Class A	UBS Securities LLC	3		April 2011		9.00		24		(74	)
IBERIABANK Corporation	Deutsche Banc Alex Brown Inc.	—*		May 2011		65.00		29		(21	)
MarkWest Energy Partners, L.P.:	Goldman, Sachs & Company	—*		May 2011		45.00		13		(40	)
	Goldman, Sachs & Company	—*		May 2011		49.00		11		(23	)
MCG Capital Corporation	Deutsche Banc Alex Brown Inc.	2		August 2011		7.50		24		(31	)
Payless ShoeSource, Inc.	Goldman, Sachs & Company	1		April 2011		25.00		13		(3	)
Silgan Holdings Inc.	Goldman, Sachs & Company	—*		May 2011		40.00		6		(9	)
							$	135	$	(224	)

Underlying Security	Counterparty	Contracts Subject to Put	Expiration Month		Exercise Price		Premium Received		Market Value
Carter’s, Inc.	Goldman, Sachs & Company	—*		June 2011	$	22.50	$	24	$	(11	)
Ceradyne, Inc.	Goldman, Sachs & Company	—*		May 2011		37.50		15		(10	)
Coventry Health Care, Inc.	Goldman, Sachs & Company	—*		April 2011		30.00		15		(2	)
							$	54	$	(23	)

* Not shown due to rounding.

(A) No dividends were paid during the preceding 12 months.

(B) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011. Date shown represents the date that the variable rate resets.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

REIT = Real Estate Investment Trust

For Federal income tax purposes, cost of investments owned at March 31, 2011 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	205,250
Gross unrealized appreciation		44,398
Gross unrealized depreciation		(2,455	)
Net unrealized appreciation	$	41,943

SCHEDULE OF INVESTMENTS Value (in thousands) MARCH 31, 2011 (UNAUDITED)

COMMON STOCKS	Shares		Value
Advertising – 2.0%
Omnicom Group Inc.		137	$	6,707
Aerospace & Defense – 2.0%
Honeywell International Inc.		107		6,395
Biotechnology – 1.8%
Amgen Inc. (A)		111		5,912
Brewers – 1.1%
Molson Coors Brewing Company, Class B		78		3,648
Broadcasting – 0.4%
CBS Corporation, Class B		54		1,347
Cable & Satellite – 2.5%
Time Warner Cable Inc.		111		7,947
Computer Hardware – 3.9%
Hewlett-Packard Company		309		12,664
Consumer Finance – 2.5%
Capital One Financial Corporation (B)		160		8,324
Department Stores – 1.5%
Macy’s Inc.		209		5,068
Diversified Banks – 4.7%
Wells Fargo & Company		487		15,451
Diversified Metals & Mining – 0.7%
Freeport-McMoRan Copper & Gold Inc., Class B		43		2,378
Drug Retail – 3.6%
CVS Corporation		342		11,731
Electric Utilities – 1.1%
PPL Corporation (B)		141		3,572
Health Care Distributors – 4.0%
McKesson Corporation		166		13,083
Industrial Conglomerates – 2.3%
General Electric Company		377		7,565
Industrial Machinery – 2.3%
Ingersoll-Rand plc		157		7,584
Integrated Oil & Gas – 9.7%
ConocoPhillips		182		14,503
Marathon Oil Corporation (B)		97		5,150
Occidental Petroleum Corporation		114		11,901
				31,554
Investment Banking & Brokerage – 6.0%
Goldman Sachs Group, Inc. (The)		70		11,155
Morgan Stanley		316		8,639
				19,794

IT Consulting & Other Services – 3.0%
Accenture plc, Class A (B)	75		4,123
International Business Machines Corporation	34		5,593
			9,716
Managed Health Care – 2.2%
WellPoint, Inc.	103		7,216
Office Electronics – 3.7%
Xerox Corporation	1,150		12,253
Oil & Gas Equipment & Services – 2.0%
National Oilwell Varco, Inc. (B)	85		6,698
Oil & Gas Storage & Transportation – 5.8%
Energy Transfer Equity, L.P.	75		3,389
Enterprise Products Partners L.P.	76		3,273
MarkWest Energy Partners, L.P. (B)	105		5,104
Regency Energy Partners LP	270		7,373
			19,139
Other Diversified Financial Services – 4.4%
Bank of America Corporation	1,087		14,488
Packaged Foods & Meats – 1.6%
J.M. Smucker Company (The)	74		5,290
Pharmaceuticals – 0.8%
Johnson & Johnson	42		2,494
Property & Casualty Insurance – 10.1%
ACE Limited	224		14,512
Travelers Companies, Inc. (The)	194		11,509
XL Group plc	284		6,989
			33,010
Regional Banks – 2.6%
Regions Financial Corporation	469		3,402
SunTrust Banks, Inc.	182		5,255
			8,657
Reinsurance – 2.1%
RenaissanceRe Holdings Ltd. (B)	99		6,823
Soft Drinks – 2.1%
Dr Pepper Snapple Group, Inc.	184		6,845
Systems Software – 2.0%
Symantec Corporation (A)	349		6,474
Tobacco – 1.3%
Philip Morris International Inc.	64		4,200
TOTAL COMMON STOCKS – 95.8%		$	314,027
(Cost: $269,455)
WARRANTS
Diversified Banks – 0.6%
Wells Fargo & Company	158		1,789
Other Diversified Financial Services – 0.5%
Bank of America Corporation	220		1,690
TOTAL WARRANTS – 1.1%		$	3,479
(Cost: $3,068)

SHORT-TERM SECURITIES	Principal
Commercial Paper (C) – 1.6%
Corporacion Andina de Fomento, 0.210%, 4–25–11	$	5,000		4,999
Master Note – 1.0%
Toyota Motor Credit Corporation, 0.127%, 4–1–11 (D)		3,388		3,388
TOTAL SHORT-TERM SECURITIES – 2.6%			$	8,387
(Cost: $8,387)
TOTAL INVESTMENT SECURITIES – 99.5%			$	325,893
(Cost: $280,910)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.5%				1,615
NET ASSETS – 100.0%			$	327,508

Notes to Schedule of Investments

Fair value is defined as the price that the Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 – unadjusted quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2011:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	314,027	$	—	$	—
Warrants		3,479		—		—
Short-Term Securities		—		8,387		—
Total	$	317,506	$	8,387	$	—
Liabilities
Written Options	$	1,211	$	—	$	—

There were no significant transfers between any levels during the period ended March 31, 2011.

(A) No dividends were paid during the preceding 12 months.

(B) Securities serve as cover or collateral for the following written options outstanding at March 31, 2011:

Underlying Security	Counterparty	Contracts Subject to Call		Expiration Month		Exercise Price		Premium Received		Market Value
Accenture plc, Class A:	Goldman, Sachs & Company		—*		May 2011	$	55.00	$	35	$	(55	)
	Goldman, Sachs & Company		—*		May 2011		57.50		15		(21	)
Marathon Oil Corporation	UBS Securities LLC		1		April 2011		50.00		56		(252	)
MarkWest Energy Partners, L.P.:	Goldman, Sachs & Company		—*		May 2011		45.00		38		(114	)
	Goldman, Sachs & Company		1		May 2011		49.00		29		(60	)
National Oilwell Varco, Inc.	UBS Securities LLC		—*		May 2011		90.00		49		(41	)
PPL Corporation	Goldman, Sachs & Company		1		July 2011		27.00		41		(35	)
RenaissanceRe Holdings Ltd.:	Morgan Stanley Smith Barney LLC		—*		April 2011		65.00		37		(205	)
	Morgan Stanley Smith Barney LLC		—*		July 2011		65.00		100		(252	)
								$	400	$	(1,035	)
Underlying Security	Counterparty	Contracts Subject to Put		Expiration Month		Exercise Price		Premium Received		Market Value
Allstate Corporation	Goldman, Sachs & Company		3		July 2011	$	27.00	$	197	$	(102	)
Honeywell International Inc.	Goldman, Sachs & Company		—*		May 2011		50.00		8		(3	)
Johnson & Johnson:	Goldman, Sachs & Company		1		July 2011		50.00		27		(23	)
	Goldman, Sachs & Company		1		July 2011		52.50		48		(37	)
XL Group plc	Goldman, Sachs & Company		1		May 2011		20.00		18		(11	)
								$	298	$	(176	)

* Not shown due to rounding.

(C) Rate shown is the yield to maturity at March 31, 2011.

(D) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2011. Date shown represents the date that the variable rate resets.

For Federal income tax purposes, cost of investments owned at March 31, 2011 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	280,899
Gross unrealized appreciation		52,923
Gross unrealized depreciation		(7,929	)
Net unrealized appreciation	$	44,994

ITEM 2.    CONTROLS AND PROCEDURES.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer, or persons performing similar functions, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, have concluded that such controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective and adequately designed to ensure that information required to be disclosed by the Registrant in its reports that it files or submits is accumulated and communicated to the Registrant’s management, including the Principal Executive Officer and Principal Financial Officer, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

(b) There were no significant changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3.    EXHIBITS.

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).

Attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Ivy Funds Variable Insurance Portfolios
(Registrant)
By	/s/ Mara D. Herrington
	Mara D. Herrington, Vice President and Secretary

Date: May 26, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Henry J. Herrmann
	Henry J. Herrmann, Principal Executive Officer

Date: May 26, 2011

By	/s/Joseph W. Kauten
	Joseph W. Kauten, Principal Financial Officer

Date: May 26, 2011

EX-99.CERT

Exhibit 99.CERT

CERTIFICATION

I, Henry J. Herrmann, certify that:

1.      I have reviewed this report on Form N-Q of Ivy Funds Variable Insurance Portfolios;

2.      Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.      Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.      The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)      Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that the material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)      Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)      Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d)      Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.      The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing equivalent functions):

a)      All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b)      Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 26, 2011	/s/ Henry J. Herrmann
	Henry J. Herrmann, Principal Executive Officer

CERTIFICATION

I, Joseph W. Kauten, certify that:

1.      I have reviewed this report on Form N-Q of Ivy Funds Variable Insurance Portfolios;

2.      Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.      Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.      The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)      Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that the material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)      Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)      Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d)      Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.      The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing equivalent functions):

a)      All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b)      Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 26, 2011	/s/ Joseph W. Kauten
	Joseph W. Kauten, Principal Financial Officer