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: September 30, 2012

ITEM 1.    SCHEDULE OF INVESTMENTS.

SCHEDULE OF INVESTMENTS Pathfinder Aggressive (in  thousands) SEPTEMBER 30, 2012 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Bond		584	$	3,432
Ivy Funds VIP Dividend Opportunities		656		4,783
Ivy Funds VIP Growth		1,285		13,725
Ivy Funds VIP International Core Equity		621		9,494
Ivy Funds VIP International Growth		1,345		10,897
Ivy Funds VIP Limited-Term Bond		662		3,429
Ivy Funds VIP Mid Cap Growth		830		6,872
Ivy Funds VIP Small Cap Growth		548		5,547
Ivy Funds VIP Small Cap Value		354		5,502
Ivy Funds VIP Value		830		4,806
TOTAL AFFILIATED MUTUAL FUNDS – 99.1%			$	68,487
(Cost: $69,331)
SHORT-TERM SECURITIES – 0.9%	Principal
Master Note
Toyota Motor Credit Corporation, 0.122%, 10–5–12 (A)	$	622	$	622
(Cost: $622)
TOTAL INVESTMENT SECURITIES – 100.0%			$	69,109
(Cost: $69,953)
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0%				(10	)
NET ASSETS – 100.0%			$	69,099

Notes to Schedule of Investments

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each 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.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

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 as follows:

• Level 1 – Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

• Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2012:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	68,487	$	—	$	—
Short-Term Securities		—		622		—
Total	$	68,487	$	622	$	—

There were no transfers between any levels during the period ended September 30, 2012.

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012. Date shown represents the date that the variable rate resets.

For Federal income tax purposes, cost of investments owned at September 30, 2012 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	69,953
Gross unrealized appreciation		1,594
Gross unrealized depreciation		(2,438	)
Net unrealized depreciation	$	(844	)

SCHEDULE OF INVESTMENTS Pathfinder Conservative (in thousands) SEPTEMBER 30, 2012 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Bond		4,547	$	26,702
Ivy Funds VIP Dividend Opportunities		2,480		18,077
Ivy Funds VIP Growth		1,200		12,813
Ivy Funds VIP International Core Equity		345		5,276
Ivy Funds VIP International Growth		654		5,299
Ivy Funds VIP Limited-Term Bond		1,030		5,337
Ivy Funds VIP Mid Cap Growth		258		2,139
Ivy Funds VIP Money Market		21,338		21,338
Ivy Funds VIP Small Cap Growth		640		6,473
Ivy Funds VIP Small Cap Value		69		1,070
Ivy Funds VIP Value		369		2,136
TOTAL AFFILIATED MUTUAL FUNDS – 99.4%			$	106,660
(Cost: $102,515)
SHORT-TERM SECURITIES – 0.6%	Principal
Master Note
Toyota Motor Credit Corporation, 0.122%, 10–5–12 (A)	$	630	$	630
(Cost: $630)
TOTAL INVESTMENT SECURITIES – 100.0%			$	107,290
(Cost: $103,145)
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0%				(40	)
NET ASSETS – 100.0%			$	107,250

Notes to Schedule of Investments

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each 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.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

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 as follows:

• Level 1 – Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

• Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2012:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	106,660	$	—	$	—
Short-Term Securities		—		630		—
Total	$	106,660	$	630	$	—

There were no transfers between any levels during the period ended September 30, 2012.

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012. Date shown represents the date that the variable rate resets.

For Federal income tax purposes, cost of investments owned at September 30, 2012 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	103,145
Gross unrealized appreciation		4,182
Gross unrealized depreciation		(37	)
Net unrealized appreciation	$	4,145

SCHEDULE OF INVESTMENTS Pathfinder Moderate (in thousands) SEPTEMBER 30, 2012 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Bond		17,879	$	104,991
Ivy Funds VIP Dividend Opportunities		14,343		104,529
Ivy Funds VIP Growth		9,831		104,964
Ivy Funds VIP International Core Equity		3,619		55,325
Ivy Funds VIP International Growth		10,290		83,345
Ivy Funds VIP Limited-Term Bond		6,749		34,973
Ivy Funds VIP Mid Cap Growth		3,384		28,031
Ivy Funds VIP Money Market		69,914		69,914
Ivy Funds VIP Small Cap Growth		4,893		49,492
Ivy Funds VIP Small Cap Value		1,806		28,055
Ivy Funds VIP Value		6,045		35,004
TOTAL AFFILIATED MUTUAL FUNDS – 99.9%			$	698,623
(Cost: $664,136)
SHORT-TERM SECURITIES – 0.1%	Principal
Master Note
Toyota Motor Credit Corporation, 0.122%, 10–5–12 (A)	$	907	$	907
(Cost: $907)
TOTAL INVESTMENT SECURITIES – 100.0%			$	699,530
(Cost: $665,043)
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0%				(345	)
NET ASSETS – 100.0%			$	699,185

Notes to Schedule of Investments

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each 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.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

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 as follows:

• Level 1 – Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

• Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2012:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	698,623	$	—	$	—
Short-Term Securities		—		907		—
Total	$	698,623	$	907	$	—

There were no transfers between any levels during the period ended September 30, 2012.

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012. Date shown represents the date that the variable rate resets.

For Federal income tax purposes, cost of investments owned at September 30, 2012 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	665,043
Gross unrealized appreciation		34,487
Gross unrealized depreciation		—
Net unrealized appreciation	$	34,487

SCHEDULE OF INVESTMENTS Pathfinder Moderately Aggressive (in thousands) SEPTEMBER 30, 2012 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Bond		14,582	$	85,628
Ivy Funds VIP Dividend Opportunities		17,547		127,876
Ivy Funds VIP Growth		12,027		128,411
Ivy Funds VIP International Core Equity		5,534		84,603
Ivy Funds VIP International Growth		15,735		127,450
Ivy Funds VIP Limited-Term Bond		8,256		42,784
Ivy Funds VIP Mid Cap Growth		5,174		42,865
Ivy Funds VIP Money Market		42,765		42,765
Ivy Funds VIP Small Cap Growth		6,841		69,197
Ivy Funds VIP Small Cap Value		3,867		60,063
Ivy Funds VIP Value		7,395		42,822
TOTAL AFFILIATED MUTUAL FUNDS – 99.9%			$	854,464
(Cost: $821,115)
SHORT-TERM SECURITIES – 0.1%	Principal
Master Note
Toyota Motor Credit Corporation, 0.122%, 10–5–12 (A)	$	447	$	447
(Cost: $447)
TOTAL INVESTMENT SECURITIES – 100.0%			$	854,911
(Cost: $821,562)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.0%				108
NET ASSETS – 100.0%			$	855,019

Notes to Schedule of Investments

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each 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.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

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 as follows:

• Level 1 – Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

• Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2012:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	854,464	$	—	$	—
Short-Term Securities		—		447		—
Total	$	854,464	$	447	$	—

There were no transfers between any levels during the period ended September 30, 2012.

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012. Date shown represents the date that the variable rate resets.

For Federal income tax purposes, cost of investments owned at September 30, 2012 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	821,562
Gross unrealized appreciation		35,669
Gross unrealized depreciation		(2,320	)
Net unrealized appreciation	$	33,349

SCHEDULE OF INVESTMENTS Pathfinder Moderately Conservative (in thousands) SEPTEMBER 30, 2012 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Bond		7,865	$	46,183
Ivy Funds VIP Dividend Opportunities		4,732		34,485
Ivy Funds VIP Growth		3,027		32,321
Ivy Funds VIP International Core Equity		746		11,408
Ivy Funds VIP International Growth		2,829		22,914
Ivy Funds VIP Limited-Term Bond		2,227		11,538
Ivy Funds VIP Mid Cap Growth		1,116		9,248
Ivy Funds VIP Money Market		34,599		34,599
Ivy Funds VIP Small Cap Growth		1,384		13,996
Ivy Funds VIP Small Cap Value		149		2,314
Ivy Funds VIP Value		1,994		11,548
TOTAL AFFILIATED MUTUAL FUNDS – 99.7%			$	230,554
(Cost: $220,849)
SHORT-TERM SECURITIES – 0.3%	Principal
Master Note
Toyota Motor Credit Corporation, 0.122%, 10–5–12 (A)	$	626	$	626
(Cost: $626)
TOTAL INVESTMENT SECURITIES – 100.0%			$	231,180
(Cost: $221,475)
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0%				(17	)
NET ASSETS – 100.0%			$	231,163

Notes to Schedule of Investments

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each 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.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

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 as follows:

• Level 1 – Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

• Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2012:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	230,554	$	—	$	—
Short-Term Securities		—		626		—
Total	$	230,554	$	626	$	—

There were no transfers between any levels during the period ended September 30, 2012.

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012. Date shown represents the date that the variable rate resets.

For Federal income tax purposes, cost of investments owned at September 30, 2012 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	221,475
Gross unrealized appreciation		9,841
Gross unrealized depreciation		(136	)
Net unrealized appreciation	$	9,705

SCHEDULE OF INVESTMENTS Asset Strategy (in thousands) SEPTEMBER 30, 2012 (UNAUDITED)

COMMON STOCKS	Shares		Value
Apparel, Accessories & Luxury Goods – 4.0%
Compagnie Financiere Richemont S.A. (A)(B)		562	$	33,700
Prada S.p.A. (A)(B)		510		3,807
Prada S.p.A. (A)(B)(C)		1,875		13,998
				51,505
Application Software – 0.8%
Intuit Inc.		186		10,922
Asset Management & Custody Banks – 3.7%
Apollo Global Management, LLC		621		9,105
Blackstone Group L.P. (The)		1,287		18,377
Carlyle Group L.P. (The) (A)		440		11,556
KKR & Co. L.P.		608		9,191
				48,229
Automobile Manufacturers – 4.1%
Bayerische Motoren Werke AG (B)		358		26,159
Hyundai Motor Company (B)		117		26,528
				52,687
Broadcasting – 2.4%
CBS Corporation, Class B		861		31,280
Casinos & Gaming – 12.9%
Galaxy Entertainment Group Limited (A)(B)(C)		8,023		26,902
Sands China Ltd. (B)		1,498		5,593
Sands China Ltd. (B)(C)		12,791		47,756
Wynn Macau, Limited (B)		6,538		17,663
Wynn Resorts, Limited		606		69,946
				167,860
Computer Hardware – 3.1%
Apple Inc. (A)		61		40,503
Construction & Farm Machinery & Heavy Trucks – 2.7%
Caterpillar Inc. (D)		221		18,989
Cummins Inc.		178		16,413
				35,402
Diversified Banks – 1.0%
China Minsheng Banking Corp., Ltd., H Shares (A)(B)		3,545		2,798
China Minsheng Banking Corp., Ltd., H Shares (A)(B)(C)		12,556		9,910
				12,708
Fertilizers & Agricultural Chemicals – 0.0%
Mosaic Company (A)		11		611
Hotels, Resorts & Cruise Lines – 1.5%
Starwood Hotels & Resorts Worldwide, Inc. (D)		328		19,022
Integrated Oil & Gas – 5.2%
Exxon Mobil Corporation		109		9,968
Occidental Petroleum Corporation (D)		202		17,400
Royal Dutch Shell plc, Class A (B)		400		13,810
StatoilHydro ASA (B)		497		12,820
Total S.A. (B)		246		12,178
				66,176

Internet Software & Services – 6.5%
Baidu.com, Inc., ADR (A)	296		34,551
Google Inc., Class A (A)	31		23,314
Tencent Holdings Limited (B)	755		25,708
			83,573
IT Consulting & Other Services – 1.7%
Cognizant Technology Solutions Corporation, Class A (A)(D)	321		22,447
Life & Health Insurance – 3.2%
AIA Group Limited (A)(B)	2,994		11,158
AIA Group Limited (A)(B)(C)	7,628		28,428
Ping An Insurance Group Co of China Ltd (B)	351		2,341
			41,927
Movies & Entertainment – 4.1%
Delta Topco Limited (A)(E)	56,728		42,418
News Corporation Limited, Class A (A)	429		10,511
			52,929
Oil & Gas Drilling – 0.8%
Seadrill Limited (B)	277		10,799
Oil & Gas Exploration & Production – 3.1%
ConocoPhillips (D)	708		40,478
Oil & Gas Refining & Marketing – 1.4%
Phillips 66	395		18,321
Pharmaceuticals – 4.7%
GlaxoSmithKline plc (B)	688		15,869
Pfizer Inc.	1,197		29,745
Sanofi-Aventis (B)	188		16,021
			61,635
Restaurants – 1.3%
Starbucks Corporation	329		16,702
Semiconductor Equipment – 1.8%
ASML Holding N.V., Ordinary Shares (B)	432		23,072
Semiconductors – 1.1%
Intel Corporation	642		14,561
Specialized Finance – 1.0%
CME Group Inc. (D)	231		13,253
Tobacco – 2.1%
Philip Morris International Inc.	307		27,585
TOTAL COMMON STOCKS – 74.2%		$	964,187
(Cost: $746,579)
PREFERRED STOCKS
Automobile Manufacturers – 4.8%
Volkswagen AG, 2.260% (A)(B)	229		41,812
Volkswagen AG, 2.260% (A)(B)(C)	114		20,868
			62,680
TOTAL PREFERRED STOCKS – 4.8%		$	62,680
(Cost: $35,898)

PURCHASED OPTIONS	Number of Contracts (Unrounded)
BHP Billiton Ltd,
Call $70.00, Expires 11–17–12, OTC (Ctrpty: Morgan Stanley & Co., Inc.)		61	12
Caterpillar Inc:
Call $97.50, Expires 11–17–12, OTC (Ctrpty: Deutsche Bank AG)		202	6
Call $97.50, Expires 1–22–13, OTC (Ctrpty: Deutsche Bank AG)		202	26
Cisco Systems, Inc.:
Call $19.00, Expires 10–22–12, OTC (Ctrpty: Deutsche Bank AG)		2,400	91
Call $19.00, Expires 10–22–12		2,073	80
Compagnie Financiere Richemont S.A.:
Call CHF64.00, Expires 11–16–12, OTC (Ctrpty: JPMorgan Chase Bank N.A.)(F)		166	6
Call CHF66.00, Expires 11–16–12, OTC (Ctrpty: JPMorgan Chase Bank N.A.)(F)		202	3
Call CHF66.00, Expires 12–21–12, OTC (Ctrpty: JPMorgan Chase Bank N.A.)(F)		202	9
Call CHF68.00, Expires 12–21–12, OTC (Ctrpty: Morgan Stanley & Co., Inc.)(F)		202	5
Cummins Inc.:
Call $110.00, Expires 11–19–12, OTC (Ctrpty: Barclays Bank plc)		81	2
Call $115.00, Expires 12–22–12, OTC (Ctrpty: Morgan Stanley & Co., Inc.)		81	3
Euro (Currency):
Put $1.16, Expires 10–25–12, OTC (Ctrpty: Deutsche Bank AG)(F)		1	—	*
Put $1.18, Expires 10–26–12, OTC (Ctrpty: Deutsche Bank AG)(F)		1	1
Put $1.19, Expires 11–9–12, OTC (Ctrpty: Deutsche Bank AG)(F)		1	5
Put $1.21, Expires 11–21–12, OTC (Ctrpty: Deutsche Bank AG)(F)		1	19
Freeport-McMoRan Copper & Gold Inc., Class B,
Call $41.00, Expires 11–19–12		328	42
Goldman Sachs Group, Inc. (The),
Call $135.00, Expires 1–22–13, OTC (Ctrpty: Barclays Bank plc)		365	32
Google Inc., Class A,
Call $800.00, Expires 1–22–13, OTC (Ctrpty: Barclays Bank plc)		65	155
Home Depot, Inc. (The),
Call $65.00, Expires 1–22–13, OTC (Ctrpty: UBS AG)		215	16
Intel Corp,
Call $25.00, Expires 12–22–12		1,942	40
International Business Machines Corporation,
Call $215.00, Expires 1–22–13, OTC (Ctrpty: Barclays Bank plc)		223	90
JPMorgan Chase & Co.,
Call $45.00, Expires 1–22–13, OTC (Ctrpty: Citibank N.A.)		1,095	56
Microsoft Corp,
Call $33.00, Expires 12–22–12		1,457	30
Oracle Corporation,
Call $35.00, Expires 1–22–13, OTC (Ctrpty: JPMorgan Chase Bank N.A.)		1,376	50
QUALCOMM Incorporated:
Call $67.50, Expires 1–22–13, OTC (Ctrpty: Deutsche Bank AG)		495	75
Call $70.00, Expires 1–22–13, OTC (Ctrpty: Deutsche Bank AG)		234	22
Rio Tinto plc, ADR:

Call $52.50, Expires 10–22–12, OTC (Ctrpty: Goldman Sachs International)		112		2
Call $62.50, Expires 10–22–12, OTC (Ctrpty: Deutsche Bank AG)		120		—	*
Starwood Hotels & Resorts Worldwide Inc,
Call $60.00, Expires 11–17–12, OTC (Ctrpty: Morgan Stanley & Co., Inc.)		189		33
Union Pacific Corporation:
Call $125.00, Expires 1–22–13, OTC (Ctrpty: UBS AG)		257		74
Call $130.00, Expires 1–22–13, OTC (Ctrpty: UBS AG)		110		16
Volkswagen AG,
Call EUR160.00, Expires 12–21–12, OTC (Ctrpty: Morgan Stanley & Co., Inc.)(F)		327		101
Wells Fargo & Co,
Call $39.00, Expires 1–19–13, OTC (Ctrpty: Deutsche Bank AG)		1,258		30
TOTAL PURCHASED OPTIONS – 0.1%			$	1,132
(Cost: $2,664)
CORPORATE DEBT SECURITIES	Principal
Automobile Manufacturers – 0.1%
Toyota Motor Credit Corporation, 2.910%, 1–18–15 (G)	$	1,050		1,054
Homebuilding – 0.0%
Desarrolladora Homex, S.A. de C.V., 7.500%, 9–28–15		327		327
Independent Power Producers & Energy Traders – 0.1%
CESP – Companhia Energetica de Sao Paulo, 9.750%, 1–15–15 (C)(F)		BRL1,550		1,095
Movies & Entertainment – 4.6%
Circuit of the Americans LLC, Series A, 16.000%, 7–31–18	$	2,500		2,500
Circuit of the Americans LLC, Series B, 16.000%, 7–31–18 (H)		2,500		2,500
Delta Topco Limited, 10.000%, 11–24–60 (E)(H)		55,464		55,434
				60,434
TOTAL CORPORATE DEBT SECURITIES – 4.8%			$	62,910
(Cost: $63,236)
SENIOR LOANS
Movies & Entertainment – 1.2%
Formula One Holdings Ltd. and Alpha Topco Limited, 6.250%, 4–30–18 (G)		14,919		15,022
TOTAL SENIOR LOANS – 1.2%			$	15,022
(Cost: $14,641)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Mortgage-Backed Obligations – 0.1%
Federal Home Loan Mortgage Corporation Agency REMIC/CMO:
5.500%, 9–15–17 (I)		943		56
5.000%, 11–15–17 (I)		51		1
5.000%, 4–15–19 (I)		179		6
5.500%, 3–15–23 (I)		196		20
5.000%, 5–15–23 (I)		9		—	*
5.000%, 8–15–23 (I)		56		1
5.500%, 10–15–25 (I)		564		78
5.500%, 3–15–31 (I)		24		—	*
6.000%, 11–15–35 (I)		347		56

Federal National Mortgage Association Agency REMIC/CMO:
5.500%, 6–25–23 (I)		265		32
5.000%, 8–25–23 (I)		68		1
5.000%, 11–25–23 (I)		143		5
5.500%, 8–25–33 (I)		413		48
5.500%, 4–25–34 (I)		711		89
5.500%, 11–25–36 (I)		983		123
Government National Mortgage Association Agency REMIC/CMO:
5.000%, 6–20–31 (I)		175		2
5.500%, 3–20–32 (I)		244		19
5.000%, 7–20–33 (I)		123		7
5.500%, 11–20–33 (I)		559		42
5.500%, 6–20–35 (I)		500		81
5.500%, 7–20–35 (I)		332		47
5.500%, 10–16–35 (I)		242		42
				756
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 0.1%			$	756
(Cost: $2,077)
BULLION – 9.9%	Troy Ounces
Gold		72	$	128,336
(Cost: $70,403)
SHORT-TERM SECURITIES	Principal
Commercial Paper – 4.2%
BHP Billiton Finance (USA) Limited (GTD by BHP Billiton Limited), 0.150%, 10–15–12 (J)	$	5,000		5,000
E.I. du Pont de Nemours and Company, 0.130%, 11-2-12 (J)		10,000		9,998
GlaxoSmithKline Finance plc (GTD by GlaxoSmithKline plc), 0.120%, 10–18–12 (J)		6,000		6,000
Kroger Co. (The), 0.400%, 10–3–12 (J)		5,000		5,000
Prudential Funding LLC, 0.100%, 10–1–12 (J)		2,526		2,526
River Fuel Company #2, Inc. (GTD by Bank of Nova Scotia), 0.160%, 12–7–12 (J)		3,000		2,999
Toyota Motor Credit Corporation, 0.110%, 11–29–12 (J)		4,000		3,999
United Technologies Corporation, 0.120%, 10–17–12 (J)		5,000		5,000
Verizon Communications Inc., 0.410%, 12–11–12 (J)		5,000		4,996
Walt Disney Company (The), 0.120%, 11–8–12 (J)		5,000		4,999
Wisconsin Electric Power Co., 0.210%, 10–11–12 (J)		4,000		4,000
				54,517
Master Note – 0.2%
Toyota Motor Credit Corporation, 0.122%, 10–5–12 (K)		2,485		2,485
Treasury Bills – 0.4%
United States Treasury Bills, 0.140%, 3–28–13		5,000		4,997
TOTAL SHORT-TERM SECURITIES – 4.8%			$	61,999
(Cost: $61,999)
TOTAL INVESTMENT SECURITIES – 99.9%			$	1,297,022
(Cost: $997,497)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.1%				1,713
NET ASSETS – 100.0%			$	1,298,735

Notes to Schedule of Investments

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each 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.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

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 as follows:

• Level 1 – Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

• Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2012:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	349,567	$	—	$	42,418
Consumer Staples		27,585		—		—
Energy		135,774		—		—
Financials		116,117		—		—
Health Care		61,635		—		—
Industrials		35,402		—		—
Information Technology		195,078		—		—
Materials		611		—		—
Total Common Stocks	$	921,769	$	—	$	42,418
Preferred Stocks		62,680		—		—
Purchased Options		192		940		—
Corporate Debt Securities		—		2,476		60,434
Senior Loans		—		15,022		—
United States Government Agency Obligations		—		756		—
Bullion		128,336		—		—
Short-Term Securities		—		61,999		—
Total	$	1,112,977	$	81,193	$	102,852
Forward Foreign Currency Contracts	$	—	$	275	$	—
Liabilities
Written Options	$	181	$	3,540	$	—

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

	Common Stocks			Corporate Debt Securities
Beginning Balance 1-1-12	$	—		$	—
Net realized gain (loss)		—			—
Net unrealized appreciation (depreciation)		(487	)		(706	)
Purchases		42,905			87,901
Sales		—			(26,761	)
Transfers into Level 3 during the period		—			—
Transfers out of Level 3 during the period		—			—
Ending Balance 9-30-12	$	42,418		$	60,434
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-12	$	(487	)	$	(706	)

There were no transfers between any levels during the period ended September 30, 2012.

Quantitative Information about Level 3 fair value measurements:

At September 30, 2012, Asset Strategy Portfolio held investments in private-placement common stock (minority stake) and corporate debt securities of an issuer. Because of the unique nature of these securities, the Fund determined the enterprise value after considering the results of multiple valuation methodologies, including both a comparison to market comparable companies and a discounted cash flow model. The total enterprise value was then allocated between the common stock and corporate debt securities held by the Fund.

Under the market comparable companies’ model, the most significant input was the price-earnings ratio, for which a range of 19 to 22 was considered to be the range that market participants would take into account when pricing the issuer.

Using a discounted cash flows model, the most significant inputs (and related range of assumptions anticipated to be used by market participants) were the long-term growth rate (1.5%-3.5%), the weighted average cost of capital (7.5%-9.0%), the anticipated future tax rate (2.5%-23%), and the future gross profit percentage (2.5%-9.8%).

The Fund also applied an illiquidity discount of 5-10% for purposes of this valuation.

Significant changes in any of these inputs would result in a significantly lower or higher fair value measurement.

The following forward foreign currency contracts were outstanding at September 30, 2012:

Type	Currency	Counterparty	Principal Amount of Contract (Denominated in Indicated Currency)		Settlement Date		Unrealized Appreciation		Unrealized Depreciation
Sell	Euro	Deutsche Bank AG		7,900		10-15-12	$	40	$	—
Sell	Euro	Morgan Stanley International		14,300		10-15-12		69		—
Sell	Euro	Goldman Sachs International		30,000		10-15-12		166		—
							$	275	$	—

The following written options were outstanding at September 30, 2012 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type	Number of Contracts		Expiration Month		Exercise Price		Premium Received		Market Value
Caterpillar Inc	Deutsche Bank AG	Put		202		November 2012	$	80.00	$	37	$	(34	)
	Deutsche Bank AG	Put		202		January 2013		80.00		57		(68	)
Compagnie Financiere Richemont S.A.	JPMorgan Chase Bank N.A.	Put		202		November 2012		CHF56.00		34		(46	)
	Morgan Stanley & Co., Inc.	Put		404		December 2012		54.00		77		(89	)
Cummins Inc.	Barclays Bank plc	Put		81		November 2012	$	92.50		24		(39	)
	Morgan Stanley & Co., Inc.	Put		32		December 2012		87.50		11		(13	)
	Morgan Stanley & Co., Inc.	Put		49		December 2012		90.00		17		(25	)
Euro (Currency)	Deutsche Bank AG	Call		1		October 2012		1.25		198		(699	)
	Deutsche Bank AG	Call		1		October 2012		1.27		185		(417	)
	Deutsche Bank AG	Call		1		November 2012		1.27		182		(541	)
	Deutsche Bank AG	Call		1		November 2012		1.29		183		(351	)
Goldman Sachs Group, Inc. (The)	Barclays Bank plc	Put		365		January 2013		110.00		116		(202	)
Google Inc., Class A	Barclays Bank plc	Put		65		January 2013		650.00		87		(67	)
Home Depot, Inc. (The)	UBS AG	Put		215		January 2013		55.00		26		(21	)
Intel Corp	N/A	Put		1,942		December 2012		21.00		84		(91	)
International Business Machines Corporation	Barclays Bank plc	Put		223		January 2013		185.00		68		(48	)
JPMorgan Chase & Co.	Citibank N.A.	Put		1,095		January 2013		37.00		120		(132	)
Microsoft Corp	N/A	Put		1,457		December 2012		28.00		76		(90	)
Oracle Corporation	JPMorgan Chase Bank N.A.	Put		1,376		January 2013		29.00		109		(107	)
QUALCOMM Incorporated	Deutsche Bank AG	Put		495		January 2013		57.50		99		(87	)
	Deutsche Bank AG	Put		234		January 2013		60.00		45		(60	)
Rio Tinto plc, ADR	Deutsche Bank AG	Put		120		October 2012		47.50		38		(24	)
Union Pacific Corporation	UBS AG	Put		367		January 2013		110.00		97		(108	)
Volkswagen AG	Morgan Stanley & Co., Inc.	Put		129		December 2012		EUR135.00		99		(92	)
	Citibank N.A.	Put		174		December 2012		135.00		132		(124	)
Wells Fargo & Co	Deutsche Bank AG	Put		1,258		January 2013	$	33.00		95		(146	)
									$	2,296	$	(3,721	)

* 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 September 30, 2012, the total value of these securities amounted to $148,957 or 11.5% of net assets.

(D) All or a portion of the security position is held in collateralized accounts for OTC derivatives collateral as governed by International Swaps and Derivatives Association, Inc. Master Agreements.

(E) Restricted and illiquid securities. At September 30, 2012, the Portfolio owned the following restricted and illiquid securities:

Security	Acquisition Date(s)		Shares		Cost		Market Value
Delta Topco Limited		1-23-12 to 5-1-12		56,728	$	36,513	$	42,418
				Principal
Delta Topco Limited		1-23-12 to 6-18-12		$55,464		56,140		55,434
					$	92,653	$	97,852

The total value of these securities represented 7.5% of net assets at September 30, 2012.

(F) Principal amount and exercise prices are denominated in the indicated foreign currency, where applicable (BRL - Brazilian Real, CHF - Swiss Franc and EUR - Euro).

(G) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012.

(H) Payment-in-kind bonds.

(I) Interest-only security. Amount shown as principal represents notional amount for computation of interest.

(J) Rate shown is the yield to maturity at September 30, 2012.

(K) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012. 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

GTD = Guaranteed

OTC = Over the Counter

REMIC = Real Estate Mortgage Investment Conduit

For Federal income tax purposes, cost of investments owned at September 30, 2012 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	997,497
Gross unrealized appreciation		315,313
Gross unrealized depreciation		(15,788	)
Net unrealized appreciation	$	299,525

SCHEDULE OF INVESTMENTS Balanced (in thousands) SEPTEMBER 30, 2012 (UNAUDITED)

COMMON STOCKS	Shares		Value
Aerospace & Defense – 2.6%
Honeywell International Inc.		65	$	3,902
Precision Castparts Corp.		34		5,570
				9,472
Apparel Retail – 2.2%
Limited Brands, Inc.		167		8,231
Application Software – 1.1%
Intuit Inc.		70		4,122
Asset Management & Custody Banks – 0.5%
Northern Trust Corporation		43		1,991
Auto Parts & Equipment – 0.9%
BorgWarner Inc. (A)		47		3,269
Brewers – 2.6%
Anheuser-Busch InBev S.A., ADR (A)		105		9,046
Broadcasting – 1.8%
CBS Corporation, Class B		175		6,343
Communications Equipment – 1.1%
QUALCOMM Incorporated		62		3,849
Computer Hardware – 3.4%
Apple Inc. (A)		19		12,678
Distillers & Vintners – 1.9%
Brown-Forman Corporation, Class B		106		6,939
Electric Utilities – 1.3%
PPL Corporation		167		4,854
Fertilizers & Agricultural Chemicals – 1.5%
Monsanto Company		58		5,306
Food Retail – 1.5%
Whole Foods Market, Inc.		57		5,571
Footwear – 1.2%
NIKE, Inc., Class B		46		4,328
Health Care Distributors – 1.2%
Henry Schein, Inc. (A)		53		4,170
Health Care Equipment – 1.3%
Covidien plc		78		4,635
Home Improvement Retail – 0.9%
Home Depot, Inc. (The)		56		3,387
Hotels, Resorts & Cruise Lines – 1.7%
Hyatt Hotels Corporation, Class A (A)		152		6,095
Household Products – 1.1%
Colgate-Palmolive Company		38		4,042

Industrial Machinery – 0.9%
Pall Corporation	50	3,187
Integrated Oil & Gas – 1.1%
Exxon Mobil Corporation	43	3,951
Integrated Telecommunication Services – 1.0%
AT&T Inc.	97	3,638
Internet Retail – 1.3%
Amazon.com, Inc. (A)	19	4,730
Internet Software & Services – 1.6%
Google Inc., Class A (A)	8	5,810
Motorcycle Manufacturers – 1.4%
Harley-Davidson, Inc.	122	5,182
Multi-Utilities – 1.2%
DTE Energy Company	70	4,178
Oil & Gas Equipment & Services – 4.4%
Core Laboratories N.V.	33	3,948
National Oilwell Varco, Inc.	101	8,114
Schlumberger Limited	53	3,812
		15,874
Oil & Gas Exploration & Production – 2.8%
Cabot Oil & Gas Corporation	89	4,010
ConocoPhillips	110	6,284
		10,294
Oil & Gas Refining & Marketing – 1.1%
Phillips 66	86	3,976
Oil & Gas Storage & Transportation – 0.4%
Regency Energy Partners LP	54	1,269
Other Diversified Financial Services – 1.3%
JPMorgan Chase & Co.	115	4,643
Packaged Foods & Meats – 2.8%
Hershey Foods Corporation	55	3,928
Mead Johnson Nutrition Company	82	6,017
		9,945
Personal Products – 1.4%
Estee Lauder Companies, Inc. (The), Class A	80	4,907
Pharmaceuticals – 4.3%
Allergan, Inc.	58	5,330
GlaxoSmithKline plc, ADR	109	5,031
Johnson & Johnson	82	5,636
		15,997
Property & Casualty Insurance – 2.8%
Berkshire Hathaway Inc., Class B (A)	68	5,963
Travelers Companies, Inc. (The)	55	3,775
		9,738
Railroads – 2.6%
Kansas City Southern	53	4,039
Union Pacific Corporation	46	5,484
		9,523
Regional Banks – 1.7%
PNC Financial Services Group, Inc. (The)	100	6,316

Restaurants – 1.3%
Starbucks Corporation		90		4,552
Semiconductor Equipment – 2.1%
ASML Holding N.V., NY Registry Shares		81		4,358
KLA-Tencor Corporation		66		3,168
				7,526
Semiconductors – 1.4%
Microchip Technology Incorporated		151		4,937
Systems Software – 1.3%
Oracle Corporation		150		4,714
Tobacco – 1.6%
Philip Morris International Inc.		66		5,945
TOTAL COMMON STOCKS – 71.6%			$	259,160
(Cost: $185,899)
CORPORATE DEBT SECURITIES	Principal
Aerospace & Defense – 0.0%
United Technologies Corporation,
1.200%, 6–1–15	$	100		102
Apparel Retail – 0.7%
Limited Brands, Inc.:
6.900%, 7–15–17		250		288
6.625%, 4–1–21		1,460		1,657
5.625%, 2–15–22		414		446
				2,391
Apparel, Accessories & Luxury Goods – 0.3%
LVMH Moet Hennessy – Louis Vuitton,
1.625%, 6–29–17 (B)		1,000		1,009
Automobile Manufacturers – 0.9%
Ford Motor Company, Convertible,
4.250%, 11–15–16		2,000		2,759
Toyota Motor Credit Corporation,
2.050%, 1–12–17		500		520
				3,279
Banking – 0.2%
Commonwealth Bank of Australia New York,
1.950%, 3–16–15		600		613
Biotechnology – 0.2%
Amgen Inc.,
2.125%, 5–15–17		750		775
Brewers – 0.4%
Anheuser-Busch InBev Worldwide Inc.:
3.000%, 10–15–12		500		500
5.375%, 11–15–14		500		550
SABMiller Holdings Inc.,
3.750%, 1–15–22 (B)		250		272
				1,322
Broadcasting – 1.0%
CBS Corporation:
8.875%, 5–15–19		1,500		2,011
4.300%, 2–15–21		500		556
Discovery Communications, LLC:
4.375%, 6–15–21		500		561
3.300%, 5–15–22		200		208
				3,336
Cable & Satellite – 0.6%
DIRECTV Holdings LLC,
2.400%, 3–15–17		750		770
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc.,
3.500%, 3–1–16		500		532
News American Incorporated,
3.000%, 9–15–22 (B)		1,000		1,009
				2,311

Construction & Farm Machinery & Heavy Trucks – 0.4%
Caterpillar Inc.:
0.535%, 11–21–12 (C)	300	300
1.375%, 5–27–14	500	507
John Deere Capital Corporation,
5.250%, 10–1–12	750	750
		1,557
Consumer Finance – 0.9%
American Express Credit Corporation,
5.125%, 8–25–14	400	433
Capital One Financial Corporation,
2.125%, 7–15–14	500	510
Caterpillar Financial Services Corporation,
1.550%, 12–20–13	500	507
Ford Motor Credit Company LLC:
3.875%, 1–15–15	500	523
7.000%, 4–15–15	750	840
Penske Truck Leasing Co., L.P. and PTL Finance Corp.,
2.500%, 7–11–14 (B)	250	252
USAA Capital Corporation,
1.050%, 9–30–14 (B)	500	503
		3,568
Data Processing & Outsourced Services – 0.2%
Fidelity National Financial, Inc.,
6.600%, 5–15–17	800	896
Distillers & Vintners – 0.1%
Beam Inc.,
1.875%, 5–15–17	300	307
Diversified Banks – 0.6%
Bank of Montreal,
1.300%, 10–31–14 (B)	500	509
Bank of New York Mellon Corporation (The),
1.500%, 1–31–14	500	507
Barclays Bank plc,
2.375%, 1–13–14	300	305
U.S. Bancorp,
4.200%, 5–15–14	500	530
Wells Fargo & Company,
3.676%, 6–15–16 (C)	250	272
		2,123
Diversified Metals & Mining – 0.2%
Rio Tinto Finance (USA) Limited,
8.950%, 5–1–14	500	563
Drug Retail – 0.3%
CVS Caremark Corporation,
3.250%, 5–18–15	950	1,010
Electric Utilities – 0.4%
Hydro-Quebec,
8.000%, 2–1–13	1,500	1,538
Fertilizers & Agricultural Chemicals – 0.1%
Monsanto Company,
2.750%, 4–15–16	500	534
Food Distributors – 0.4%
Campbell Soup Company,
2.500%, 8–2–22	200	200
Cargill, Inc.,
4.307%, 5–14–21 (B)	1,219	1,352
		1,552
General Merchandise Stores – 0.1%
Target Corporation,
1.125%, 7–18–14	500	506
Health Care Equipment – 0.1%
Stryker Corporation,
2.000%, 9–30–16	500	521
Health Care Services – 0.3%
Quest Diagnostics Incorporated,
3.200%, 4–1–16	1,000	1,059

Health Care Supplies – 0.1%
DENTSPLY International Inc.,
2.750%, 8–15–16	250	258
Home Improvement Retail – 0.1%
Home Depot, Inc. (The),
4.400%, 4–1–21	375	444
Household Products – 0.1%
Church & Dwight Co., Inc.,
2.875%, 10–1–22	250	254
Colgate-Palmolive Company,
1.250%, 5–1–14	250	254
		508
Hypermarkets & Super Centers – 0.3%
Wal-Mart Stores, Inc.,
2.875%, 4–1–15	875	927
Industrial Gases – 0.6%
Praxair, Inc.:
4.375%, 3–31–14	1,500	1,586
3.000%, 9–1–21	500	531
		2,117
Industrial Machinery – 0.7%
Eaton Corporation,
0.719%, 6–16–14 (C)	500	501
Illinois Tool Works Inc.,
5.150%, 4–1–14	1,500	1,604
		2,105
Integrated Oil & Gas – 0.1%
Cenovus Energy Inc.,
4.500%, 9–15–14	250	268
IT Consulting & Other Services – 0.4%
International Business Machines Corporation,
1.250%, 5–12–14	1,000	1,014
Leisure Products – 0.1%
Mattel, Inc.,
2.500%, 11–1–16	250	261
Life & Health Insurance – 0.7%
Metropolitan Life Global Funding I:
2.000%, 1–10–14 (B)	800	812
2.500%, 9–29–15 (B)	1,000	1,040
Prudential Financial, Inc.,
4.750%, 9–17–15	500	551
		2,403
Managed Health Care – 0.1%
WellPoint, Inc.,
1.875%, 1–15–18	500	504
Movies & Entertainment – 0.1%
Viacom Inc.,
4.375%, 9–15–14	500	535
Oil & Gas Equipment & Services – 0.4%
Schlumberger Investment S.A.,
1.250%, 8–1–17 (B)	500	500
Schlumberger S.A. (GTD by Schlumberger Limited),
2.650%, 1–15–16 (B)	500	527
Transocean Inc.,
2.500%, 10–15–17	500	503
		1,530
Oil & Gas Exploration & Production – 0.6%
ConocoPhillips,
4.750%, 2–1–14	415	438
EOG Resources, Inc.,
2.500%, 2–1–16	1,000	1,054
Southwestern Energy Company,
4.100%, 3–15–22 (B)	600	637
		2,129

Other Diversified Financial Services – 0.9%
JPMorgan Chase & Co.:
4.650%, 6–1–14	1,000		1,060
3.450%, 3–1–16	1,000		1,066
3.150%, 7–5–16	500		529
7.900%, 4–29–49 (C)	500		568
			3,223
Other Non-Agency REMIC/CMO – 0.0%
Banco Hipotecario Nacional:
7.916%, 7–25–09 (B)	17		—	*
8.000%, 3–31–11 (B)	4		—
			—	*
Packaged Foods & Meats – 0.3%
Kraft Foods Inc.,
4.125%, 2–9–16	1,000		1,098
Personal Products – 0.2%
Estee Lauder Companies, Inc. (The),
2.350%, 8–15–22	600		599
Pharmaceuticals – 0.3%
Roche Holdings Ltd,
5.000%, 3–1–14 (B)	952		1,010
Railroads – 0.1%
Burlington Northern Santa Fe, LLC,
3.050%, 3–15–22	400		414
Regional Banks – 0.1%
Canadian Imperial Bank of Commerce,
0.900%, 10–1–15	250		251
Restaurants – 0.1%
YUM! Brands, Inc.,
4.250%, 9–15–15	500		542
Retail Stores – 0.1%
Dollar General Corporation,
4.125%, 7–15–17	100		105
Fifth & Pacific Companies, Inc.,
10.500%, 4–15–19 (B)	200		225
			330
Semiconductors – 0.2%
Broadcom Corporation,
2.700%, 11–1–18	250		268
Texas Instruments Incorporated,
0.615%, 5–15–13 (C)	500		501
			769
Soft Drinks – 0.5%
PepsiCo, Inc.:
3.750%, 3–1–14	750		785
0.700%, 8–13–15	1,000		1,003
			1,788
Systems Software – 0.1%
Microsoft Corporation,
2.950%, 6–1–14	500		521
Tobacco – 0.2%
Philip Morris International Inc.,
4.500%, 3–26–20	750		881
Wireless Telecommunication Service – 0.5%
America Movil, S.A.B. de C.V.,
3.625%, 3–30–15	700		745
American Tower Corporation,
4.700%, 3–15–22	995		1,092
			1,837
TOTAL CORPORATE DEBT SECURITIES – 16.4%		$	59,138
(Cost: $55,198)
OTHER GOVERNMENT SECURITIES
Israel – 0.1%
State of Israel,
4.000%, 6–30–22	500		531

Qatar – 0.2%
State of Qatar,
4.000%, 1–20–15 (B)	750		796
Supranational – 0.3%
International Bank for Reconstruction and Development, 2.375%, 5–26–15	900		948
TOTAL OTHER GOVERNMENT SECURITIES – 0.6%		$	2,275
(Cost: $2,141)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Mortgage-Backed Obligations – 1.5%
Federal National Mortgage Association Fixed Rate Pass-Through Certificates:
6.000%, 9–1–17	166		180
5.000%, 1–1–18	82		89
5.500%, 4–1–18	28		30
5.000%, 5–1–18	54		59
4.500%, 7–1–18	697		754
7.000%, 9–1–25	67		79
6.500%, 10–1–28	216		252
6.500%, 2–1–29	105		123
7.500%, 4–1–31	104		128
7.000%, 7–1–31	157		184
7.000%, 9–1–31	231		271
6.500%, 2–1–32	493		566
7.000%, 2–1–32	312		364
7.000%, 3–1–32	118		138
7.000%, 7–1–32	216		252
6.000%, 9–1–32	994		1,123
6.000%, 2–1–33	107		121
5.500%, 5–1–33	428		475
5.500%, 6–1–33	214		237
United States Department of Veterans Affairs, Guaranteed REMIC Pass- Through Certificates, Vendee Mortgage Trust, 1997-A Class 3-A, 8.293%, 12–15–26	56		66
			5,491
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 1.5%		$	5,491
(Cost: $4,936)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 8.5%
United States Treasury Bonds:
7.500%, 11–15–16	1,500		1,929
6.250%, 8–15–23	5,250		7,621
United States Treasury Notes:
3.875%, 2–15–13	3,000		3,042
3.625%, 5–15–13	3,000		3,064
4.250%, 8–15–13	4,000		4,142
4.250%, 8–15–15	10,000		11,122
			30,920
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 8.5%		$	30,920
(Cost: $27,115)
SHORT-TERM SECURITIES
Master Note – 0.3%
Toyota Motor Credit Corporation,
0.122%, 10–5–12 (D)	1,243		1,243
TOTAL SHORT-TERM SECURITIES – 0.3%		$	1,243
(Cost: $1,243)
TOTAL INVESTMENT SECURITIES – 98.9%		$	358,227
(Cost: $276,532)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.1%			4,057
NET ASSETS – 100.0%		$	362,284

Notes to Schedule of Investments

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each 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.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

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 as follows:

• Level 1 – Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

• Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2012:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	259,160	$	—	$	—
Corporate Debt Securities		—		59,138		—	*
Other Government Securities		—		2,275		—
United States Government Agency Obligations		—		5,491		—
United States Government Obligations		—		30,920		—
Short-Term Securities		—		1,243		—
Total	$	259,160	$	99,067	$	—	*

There were no transfers between any levels during the period ended September 30, 2012.

* 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 September 30, 2012, the total value of these securities amounted to $10,453 or 2.9% of net assets.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012. 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 September 30, 2012 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	276,532
Gross unrealized appreciation		82,149
Gross unrealized depreciation		(454	)
Net unrealized appreciation	$	81,695

SCHEDULE OF INVESTMENTS Bond (in thousands) SEPTEMBER 30, 2012 (UNAUDITED)

CORPORATE DEBT SECURITIES	Principal		Value
Aerospace & Defense – 1.7%
Bombardier Inc.,
7.500%, 3–15–18 (A)	$	5,775	$	6,541
United Technologies Corporation,
6.125%, 2–1–19		3,000		3,753
				10,294
Apparel Retail – 1.4%
Limited Brands, Inc.:
8.500%, 6–15–19		3,485		4,199
7.000%, 5–1–20		1,000		1,135
5.625%, 2–15–22		2,665		2,872
				8,206
Apparel, Accessories & Luxury Goods – 0.8%
LVMH Moet Hennessy – Louis Vuitton,
1.625%, 6–29–17 (A)		5,000		5,044
Automobile Manufacturers – 0.5%
Volkswagen International Finance N.V.,
2.375%, 3–22–17 (A)		3,000		3,116
Biotechnology – 1.3%
Amgen Inc.,
6.150%, 6–1–18		6,500		7,946
Brewers – 2.0%
Anheuser-Busch InBev Worldwide Inc.,
2.500%, 7–15–22		5,000		5,072
SABMiller Holdings Inc.,
2.450%, 1–15–17 (A)		3,000		3,139
SABMiller plc,
6.500%, 7–15–18 (A)		3,000		3,764
				11,975
Broadcasting – 2.4%
CBS Corporation,
8.875%, 5–15–19		6,000		8,043
Discovery Communications, LLC,
3.300%, 5–15–22		3,000		3,117
NBCUniversal Media, LLC,
5.150%, 4–30–20		2,810		3,331
				14,491
Cable & Satellite – 3.3%
Comcast Corporation,
5.150%, 3–1–20		5,000		5,949
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc.:
3.500%, 3–1–16		4,000		4,257
3.800%, 3–15–22		2,500		2,573
Time Warner Inc.,
4.750%, 3–29–21		5,750		6,642
				19,421
Coal & Consumable Fuels – 1.4%
Joy Global Inc.,
6.000%, 11–15–16		5,300		6,109
Peabody Energy Corporation,
6.500%, 9–15–20		2,000		2,045
				8,154
Consumer Finance – 2.8%
American Express Credit Corporation,
2.750%, 9–15–15		2,000		2,107
Capital One Financial Corporation,
6.750%, 9–15–17		6,500		7,963
Ford Motor Credit Company LLC:
7.000%, 4–15–15		5,000		5,600
4.250%, 9–20–22		1,000		1,025
				16,695

Data Processing & Outsourced Services – 2.4%
Fidelity National Financial, Inc.,
6.600%, 5–15–17	8,000	8,955
Western Union Company (The),
3.650%, 8–22–18	5,000	5,539
		14,494
Department Stores – 0.7%
Macy’s Retail Holdings, Inc.,
3.875%, 1–15–22	4,000	4,313
Distillers & Vintners – 1.9%
Beam Inc.,
3.250%, 5–15–22	3,000	3,105
Diageo Capital plc,
5.750%, 10–23–17	6,500	7,936
		11,041
Distributors – 0.5%
QVC, Inc.,
5.125%, 7–2–22 (A)	3,000	3,178
Diversified Banks – 3.3%
HSBC Holdings plc,
5.100%, 4–5–21	7,000	8,089
U.S. Bancorp,
4.125%, 5–24–21	4,000	4,574
Wells Fargo & Company,
3.676%, 6–15–16 (B)	6,000	6,532
		19,195
Diversified Capital Markets – 0.5%
Credit Suisse AG,
3.500%, 3–23–15	3,000	3,171
Diversified Chemicals – 1.3%
Dow Chemical Company (The),
8.550%, 5–15–19	5,500	7,377
Diversified Metals & Mining – 1.0%
Rio Tinto Finance (USA) Limited,
3.750%, 9–20–21	5,500	5,860
Electric Utilities – 2.6%
Detroit Edison Company (The),
3.900%, 6–1–21	4,875	5,491
NextEra Energy Capital Holdings, Inc.,
7.875%, 12–15–15	5,000	5,973
PacifiCorp,
2.950%, 2–1–22	4,000	4,240
		15,704
Electronic Manufacturing Services – 1.0%
Jabil Circuit, Inc.:
7.750%, 7–15–16	2,000	2,315
8.250%, 3–15–18	3,150	3,741
		6,056
Environmental & Facilities Services – 2.3%
Republic Services, Inc.,
4.750%, 5–15–23	6,000	6,898
Waste Management, Inc.,
4.600%, 3–1–21	5,600	6,380
		13,278
Forest Products – 1.2%
Georgia-Pacific, LLC,
5.400%, 11–1–20 (A)	6,000	7,034
Health Care Services – 2.8%
Aristotle Holding, Inc.,
3.500%, 11–15–16 (A)	2,000	2,163
Medco Health Solutions, Inc.:
7.125%, 3–15–18	3,000	3,768

4.125%, 9–15–20	3,500	3,859
Quest Diagnostics Incorporated,
3.200%, 4–1–16	6,000	6,358
		16,148
Health Care Supplies – 0.4%
DENTSPLY International Inc.,
4.125%, 8–15–21	2,500	2,628
Home Improvement Retail – 1.2%
Home Depot, Inc. (The),
4.400%, 4–1–21	6,000	7,097
Household Products – 0.9%
Clorox Company (The),
3.050%, 9–15–22	2,500	2,550
Procter & Gamble Company (The),
8.000%, 9–1–24	2,000	3,022
		5,572
Independent Finance – 0.5%
John Deere Capital Corporation,
2.800%, 1–27–23	3,000	3,100
Industrial Conglomerates – 1.2%
General Electric Capital Corporation,
5.625%, 5–1–18	6,000	7,078
Integrated Telecommunication Services – 1.5%
Verizon Communications Inc.,
8.750%, 11–1–18	6,500	9,077
Investment Banking & Brokerage – 1.9%
Goldman Sachs Group, Inc. (The),
5.375%, 3–15–20	5,500	6,139
Morgan Stanley,
4.100%, 1–26–15	5,000	5,178
		11,317
Life & Health Insurance – 0.7%
Prudential Financial, Inc.,
4.750%, 9–17–15	4,000	4,405
Multi-Utilities – 2.9%
Dominion Resources, Inc.,
5.250%, 8–1–33	2,500	2,897
Dominion Resources, Inc., Ser B,
2.750%, 9–15–22	3,000	3,020
Duke Energy Indiana, Inc.,
3.750%, 7–15–20	3,000	3,325
NorthWestern Corporation,
6.340%, 4–1–19	3,000	3,571
Pacific Gas and Electric Company,
3.500%, 10–1–20	4,000	4,415
		17,228
Office Electronics – 1.2%
Xerox Corporation,
6.350%, 5–15–18	5,952	6,990
Oil & Gas Equipment & Services – 1.8%
Enterprise Products Operating LLC,
4.050%, 2–15–22	2,000	2,187
Halliburton Company:
6.150%, 9–15–19	4,000	4,988
6.750%, 2–1–27	1,400	1,861
Schlumberger Investment S.A. (GTD by Schlumberger Limited),
3.300%, 9–14–21 (A)	1,500	1,598
		10,634
Oil & Gas Exploration & Production – 1.2%
Petrohawk Energy Corporation,
7.250%, 8–15–18	6,500	7,386
Oil & Gas Storage & Transportation – 1.1%
Maritimes & Northeast Pipeline, L.L.C.,
7.500%, 5–31–14 (A)	3,514	3,736
Tennessee Gas Pipeline Company,
7.000%, 3–15–27	2,000	2,658
		6,394

Other Diversified Financial Services – 2.9%
Bank of America Corporation:
6.500%, 8–1–16	2,000		2,313
5.650%, 5–1–18	4,000		4,561
ING Bank N.V.,
4.000%, 3–15–16 (A)	3,000		3,173
JPMorgan Chase & Co.,
6.000%, 1–15–18	6,000		7,156
			17,203
Packaged Foods & Meats – 0.3%
H.J. Heinz Company,
3.125%, 9–12–21	1,500		1,561
Paper Products – 0.0%
Westvaco Corporation,
7.500%, 6–15–27	200		228
Property & Casualty Insurance – 0.9%
Berkshire Hathaway Inc.,
3.750%, 8–15–21	5,000		5,484
Railroads – 1.0%
Burlington Northern Santa Fe, LLC:
3.050%, 3–15–22	4,000		4,135
3.050%, 9–1–22	2,000		2,071
			6,206
Restaurants – 1.2%
YUM! Brands, Inc.,
6.250%, 3–15–18	5,792		7,025
Retail Stores – 0.4%
Dollar General Corporation,
4.125%, 7–15–17	2,000		2,090
Semiconductors – 0.9%
Broadcom Corporation,
2.700%, 11–1–18	5,000		5,360
Specialized Finance – 1.2%
CME Group Inc.,
3.000%, 9–15–22	7,000		7,040
Specialty Chemicals – 0.9%
Lubrizol Corporation (The),
8.875%, 2–1–19	4,000		5,655
Systems Software – 1.2%
CA, Inc.,
5.375%, 12–1–19	6,000		6,877
Water Utilities – 0.4%
California Water Service Company,
5.875%, 5–1–19	2,000		2,389
Wireless Telecommunication Service – 2.0%
America Movil, S.A.B. de C.V.,
5.000%, 3–30–20	5,500		6,441
American Tower Corporation,
4.700%, 3–15–22	5,000		5,486
			11,927
TOTAL CORPORATE DEBT SECURITIES – 68.9%		$	410,142
(Cost: $376,972)
MORTGAGE-BACKED SECURITIES
Commercial Mortgage-Backed Securities – 0.8%
Deutsche Mortgage and Asset Receiving Corporation COMM 2005-C6 Commercial Mortgage Pass-Through Certificates, 5.144%, 6–10–44	2,260		2,259
J.P. Morgan Chase Commercial Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2004-C1,
4.719%, 1–15–38	2,000		2,074
			4,333

Non-Agency REMIC/CMO – 0.5%
MASTR Adjustable Rate Mortgage Trust 2005-1, 3.428%, 3–25–35 (B)	2,614		166
Merrill Lynch Mortgage Trust 2005-CIP1, 4.949%, 7–12–38 (B)	2,000		2,109
Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2004-1, 2.771%, 2–25–34 (B)	588		67
Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2004-3AC, 2.748%, 3–25–34 (B)	1,136		106
Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2004-5, 3.144%, 5–25–34 (B)	683		10
Wells Fargo Mortgage Pass-Through Certificates, Series 2003-10, 4.500%, 9–25–18	653		673
			3,131
TOTAL MORTGAGE-BACKED SECURITIES – 1.3%		$	7,464
(Cost: $11,647)
MUNICIPAL BONDS – TAXABLE
Massachusetts – 0.5%
Cmnwlth of MA, Fed Hwy Grant Anticipation Notes (Accelerated Bridge Prog), Ser 2010A, 4.285%, 12–15–18	2,500		2,890
New York – 0.9%
NYC Indl Dev Agy, Rental Rev Bonds (Yankee Stadium Proj), Ser 2009, 11.000%, 3–1–29 (A)	4,000		5,525
TOTAL MUNICIPAL BONDS – TAXABLE – 1.4%		$	8,415
(Cost: $6,604)
OTHER GOVERNMENT SECURITIES
Canada – 0.4%
Province de Quebec,
7.140%, 2–27–26	1,500		2,178
Israel – 1.0%
State of Israel,
4.000%, 6–30–22	6,000		6,374
TOTAL OTHER GOVERNMENT SECURITIES – 1.4%		$	8,552
(Cost: $7,472)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Agency Obligations – 0.8%
Federal National Mortgage Association,
2.000%, 3–22–17 (B)	4,900		4,917
Mortgage-Backed Obligations – 17.8%
Federal Home Loan Mortgage Corporation Agency REMIC/CMO:
5.000%, 5–15–19	940		1,013
5.000%, 5–15–23	1,150		1,260
5.000%, 9–15–31 (C)	443		10
2.500%, 12–15–41	6,177		6,355
Federal Home Loan Mortgage Corporation Fixed Rate Participation Certificates:
5.000%, 6–1–23	2,545		2,746
4.000%, 7–1–25	3,465		3,687
4.500%, 6–15–27	1,966		2,032
4.500%, 5–15–32	3,898		4,078
4.000%, 11–15–36	2,143		2,256

4.500%, 5–15–39	1,016		1,083
Federal National Mortgage Association Agency REMIC/CMO:
4.780%, 1–25–17	2,230		2,371
5.000%, 3–25–18	1,893		2,028
5.000%, 6–25–18	1,747		1,875
4.500%, 12–25–34	658		686
4.000%, 10–15–35	5,090		5,251
5.500%, 11–25–36 (C)	3,863		485
4.500%, 3–25–37	1,777		1,836
5.500%, 4–25–37	2,218		2,430
4.500%, 9–15–37	3,332		3,462
4.000%, 3–25–39	1,343		1,397
4.000%, 5–25–39	2,400		2,577
4.500%, 8–15–39	4,510		4,750
3.000%, 11–25–39	2,907		3,007
4.500%, 6–25–40	2,903		3,112
2.500%, 9–20–40	5,688		5,923
Federal National Mortgage Association Fixed Rate Pass-Through Certificates:
5.423%, 2–1–16	2,204		2,491
5.506%, 4–1–17	3,587		4,058
4.500%, 6–1–19	865		936
4.500%, 8–1–19	1,179		1,276
4.500%, 9–1–19	1,782		1,923
5.500%, 10–1–21	3,168		3,464
6.000%, 6–1–22	2,254		2,482
6.000%, 9–1–22	3,523		3,878
5.000%, 9–1–23	2,294		2,493
4.000%, 3–1–24	2,489		2,664
5.000%, 6–25–32	830		843
5.500%, 2–1–33	514		570
5.500%, 2–1–35	1,916		2,182
Government National Mortgage Association Agency REMIC/CMO:
2.500%, 7–20–40	3,817		3,965
2.000%, 3–16–42	6,681		6,805
1.002%, 6–17–45 (B)(C)	547		10
			105,750
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 18.6%		$	110,667
(Cost: $109,255)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 4.7%
United States Treasury Bonds,
3.125%, 11–15–41	6,500		6,934
United States Treasury Notes,
2.125%, 8–15–21	20,000		21,162
			28,096
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 4.7%		$	28,096
(Cost: $26,547)
SHORT-TERM SECURITIES
Commercial Paper – 2.7%
Novartis Finance Corp.,
0.110%, 10–2–12 (D)	5,000		5,000
PACCAR Financial Corp.,
0.120%, 11–2–12 (D)	6,600		6,599
Prudential Funding LLC,
0.100%, 10–1–12 (D)	4,738		4,738
			16,337
TOTAL SHORT-TERM SECURITIES – 2.7%		$	16,337
(Cost: $16,337)
TOTAL INVESTMENT SECURITIES – 99.0%		$	589,673
(Cost: $554,834)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.0%			6,249
NET ASSETS – 100.0%		$	595,922

Notes to Schedule of Investments

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each 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.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

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 as follows:

• Level 1 – Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

• Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2012:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Corporate Debt Securities	$	—	$	410,142	$	—
Mortgage-Backed Securities		—		7,464		—
Municipal Bonds		—		8,415		—
Other Government Securities		—		8,552		—
United States Government Agency Obligations		—		110,667		—
United States Government Obligations		—		28,096		—
Short-Term Securities		—		16,337		—
Total	$	—	$	589,673	$	—

There were no transfers between any levels during the period ended September 30, 2012.

(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 September 30, 2012, the total value of these securities amounted to $48,011 or 8.1% of net assets.

(B) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012.

(C) Interest-only security. Amount shown as principal represents notional amount for computation of interest.

(D) Rate shown is the yield to maturity at September 30, 2012.

The following acronyms are used throughout this schedule:

CMO = Collateralized Mortgage Obligation

GTD = Guaranteed

REMIC = Real Estate Mortgage Investment Conduit

For Federal income tax purposes, cost of investments owned at September 30, 2012 and the related unrealized appreciation (depreciation) were as follows:
Cost	$	554,834
Gross unrealized appreciation		40,764
Gross unrealized depreciation		(5,925	)
Net unrealized appreciation	$	34,839

SCHEDULE OF INVESTMENTS Core Equity (in  thousands) SEPTEMBER 30, 2012 (UNAUDITED)

COMMON STOCKS	Shares		Value
Aerospace & Defense – 4.3%
Honeywell International Inc.		69	$	4,093
Precision Castparts Corp.		81		13,149
				17,242
Apparel, Accessories & Luxury Goods – 3.2%
Polo Ralph Lauren Corporation		38		5,747
Under Armour, Inc., Class A (A)		126		7,040
				12,787
Application Software – 1.4%
Intuit Inc.		97		5,723
Biotechnology – 1.3%
Alexion Pharmaceuticals, Inc. (A)		44		5,079
Brewers – 3.0%
Anheuser-Busch InBev S.A., ADR (A)		141		12,113
Broadcasting – 5.3%
CBS Corporation, Class B		378		13,747
Discovery Holding Company, Class A (A)		123		7,328
				21,075
Cable & Satellite – 4.0%
Charter Communications, Inc., Class A (A)		59		4,422
Time Warner Cable Inc.		122		11,616
				16,038
Computer Hardware – 6.4%
Apple Inc. (A)		39		25,757
Consumer Finance – 4.7%
Capital One Financial Corporation		327		18,664
Data Processing & Outsourced Services – 2.5%
MasterCard Incorporated, Class A		22		9,842
Department Stores – 0.3%
J. C. Penney Company, Inc.		46		1,112
Distillers & Vintners – 1.5%
Beam Inc.		101		5,829
Diversified Chemicals – 1.1%
Dow Chemical Company (The)		152		4,393
Fertilizers & Agricultural Chemicals – 2.7%
Monsanto Company		117		10,659
Food Retail – 1.3%
Whole Foods Market, Inc.		55		5,367
General Merchandise Stores – 1.9%
Target Corporation		118		7,458
Health Care Equipment – 1.5%
Covidien plc		100		5,930
Home Improvement Retail – 2.0%
Home Depot, Inc. (The)		130		7,854

Household Products – 0.8%
Church & Dwight Co., Inc.	62	3,369
Hypermarkets & Super Centers – 1.4%
Costco Wholesale Corporation	55	5,544
Industrial Conglomerates – 3.5%
General Electric Company	608	13,814
Industrial Machinery – 3.7%
Pall Corporation	200	12,666
Pentair, Inc.	48	2,123
		14,789
Integrated Telecommunication Services – 2.4%
AT&T Inc.	252	9,485
Internet Retail – 2.6%
Amazon.com, Inc. (A)	40	10,275
Internet Software & Services – 1.6%
Google Inc., Class A (A)	8	6,187
Leisure Products – 0.8%
Polaris Industries Inc.	40	3,251
Motorcycle Manufacturers – 3.0%
Harley-Davidson, Inc.	285	12,077
Movies & Entertainment – 1.7%
News Corporation Limited, Class B	275	6,808
Oil & Gas Equipment & Services – 2.6%
National Oilwell Varco, Inc.	52	4,182
Schlumberger Limited	86	6,210
		10,392
Oil & Gas Exploration & Production – 2.6%
ConocoPhillips	69	3,971
Noble Energy, Inc.	70	6,460
		10,431
Oil & Gas Refining & Marketing – 1.4%
Phillips 66	119	5,533
Other Diversified Financial Services – 2.9%
JPMorgan Chase & Co.	285	11,549
Packaged Foods & Meats – 2.2%
Mead Johnson Nutrition Company	119	8,684
Personal Products – 1.8%
Estee Lauder Companies, Inc. (The), Class A	119	7,342
Pharmaceuticals – 3.9%
Allergan, Inc.	54	4,947
Pfizer Inc.	433	10,760
		15,707
Railroads – 4.6%
Kansas City Southern	80	6,047
Union Pacific Corporation	105	12,426
		18,473

Semiconductors – 2.8%
Altera Corporation		213		7,239
Microchip Technology Incorporated		122		3,985
				11,224
Specialty Chemicals – 1.3%
Sherwin-Williams Company (The)		35		5,182
Tobacco – 3.2%
Philip Morris International Inc.		139		12,543
TOTAL COMMON STOCKS – 99.2%			$	395,581
(Cost: $314,977)
SHORT-TERM SECURITIES	Principal
Master Note – 0.7%
Toyota Motor Credit Corporation, 0.122%, 10–5–12 (B)	$	2,623		2,623
TOTAL SHORT-TERM SECURITIES – 0.7%			$	2,623
(Cost: $2,623)
TOTAL INVESTMENT SECURITIES – 99.9%			$	398,204
(Cost: $317,600)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.1%				504
NET ASSETS – 100.0%			$	398,708

Notes to Schedule of Investments

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each 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.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

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 as follows:

Ÿ Level 1 – Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

Ÿ Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

Ÿ Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2012:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	98,735	$	—	$	—
Consumer Staples		60,791		—		—
Energy		26,356		—		—
Financials		30,213		—		—
Health Care		26,716		—		—
Industrials		64,318		—		—
Information Technology		58,733		—		—
Materials		20,234		—		—
Telecommunication Services		9,485		—		—
Total Common Stocks	$	395,581	$	—	$	—
Short-Term Securities		—		2,623		—
Total	$	395,581	$	2,623	$	—

There were no transfers between any levels during the period ended September 30, 2012.

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

(B) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012. 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 September 30, 2012 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	317,600
Gross unrealized appreciation		83,332
Gross unrealized depreciation		(2,728	)
Net unrealized appreciation	$	80,604

SCHEDULE OF INVESTMENTS Dividend Opportunities (in thousands) SEPTEMBER 30, 2012 (UNAUDITED)

COMMON STOCKS	Shares		Value
Aerospace & Defense – 3.7%
Boeing Company (The)		125	$	8,706
Honeywell International Inc.		95		5,655
				14,361
Apparel, Accessories & Luxury Goods – 0.5%
V.F. Corporation		13		2,040
Brewers – 2.4%
Anheuser-Busch InBev S.A., ADR (A)		107		9,205
Broadcasting – 0.7%
CBS Corporation, Class B		72		2,608
Casinos & Gaming – 2.1%
Las Vegas Sands, Inc.		86		3,997
Wynn Resorts, Limited		36		4,211
				8,208
Computer Hardware – 4.0%
Apple Inc. (A)		23		15,113
Construction & Farm Machinery & Heavy Trucks – 3.6%
Caterpillar Inc.		44		3,807
Cummins Inc.		12		1,111
Deere & Company		107		8,820
				13,738
Consumer Finance – 1.8%
Capital One Financial Corporation		119		6,804
Data Processing & Outsourced Services – 3.4%
Paychex, Inc.		118		3,918
Visa Inc., Class A		69		9,259
				13,177
Department Stores – 0.5%
Macy’s Inc.		51		1,900
Distillers & Vintners – 2.1%
Diageo plc, ADR		71		7,976
Diversified Banks – 2.1%
Wells Fargo & Company		230		7,928
Diversified Chemicals – 1.0%
Dow Chemical Company (The)		128		3,716
Diversified Metals & Mining – 2.0%
Freeport-McMoRan Copper & Gold Inc., Class B		93		3,673
Rio Tinto plc, ADR		86		4,000
				7,673
Fertilizers & Agricultural Chemicals – 2.5%
Monsanto Company		44		3,987
Mosaic Company (A)		98		5,617
				9,604
General Merchandise Stores – 1.1%
Target Corporation		67		4,268
Home Improvement Retail – 2.6%
Home Depot, Inc. (The)		168		10,118

Homebuilding – 3.1%
D.R. Horton, Inc.	331	6,824
M.D.C. Holdings, Inc.	120	4,631
		11,455
Household Products – 1.2%
Colgate-Palmolive Company	44	4,730
Industrial Conglomerates – 2.7%
General Electric Company	452	10,274
Industrial Machinery – 0.5%
Pall Corporation	31	1,981
Integrated Oil & Gas – 3.5%
Chevron Corporation	17	1,993
Exxon Mobil Corporation	104	9,552
Royal Dutch Petroleum Company, New York Shares	28	1,975
		13,520
Integrated Telecommunication Services – 2.1%
AT&T Inc.	212	8,002
Investment Banking & Brokerage – 2.6%
Goldman Sachs Group, Inc. (The)	87	9,856
Mortgage REITs – 1.5%
American Capital Agency Corp.	172	5,939
Multi-Utilities – 1.0%
PG&E Corporation	91	3,868
Oil & Gas Drilling – 2.6%
Seadrill Limited	256	10,032
Oil & Gas Equipment & Services – 7.2%
Halliburton Company	122	4,124
National Oilwell Varco, Inc.	116	9,305
Schlumberger Limited	196	14,194
		27,623
Oil & Gas Storage & Transportation – 1.2%
MarkWest Energy Partners, L.P.	83	4,501
Other Diversified Financial Services – 3.8%
JPMorgan Chase & Co.	365	14,795
Pharmaceuticals – 8.8%
Bristol-Myers Squibb Company	140	4,708
Eli Lilly & Co	42	1,998
GlaxoSmithKline plc, ADR	106	4,920
Johnson & Johnson	112	7,694
Merck & Co., Inc.	97	4,384
Pfizer Inc.	406	10,077
		33,781
Property & Casualty Insurance – 1.2%
ACE Limited	61	4,581
Railroads – 4.8%
Kansas City Southern	73	5,540
Union Pacific Corporation	107	12,702
		18,242

Restaurants - 3.0%
McDonald’s Corporation		86		7,888
Starbucks Corporation		70		3,530
				11,418
Semiconductors – 3.7%
Intel Corporation		97		2,201
Microchip Technology Incorporated		367		12,016
				14,217
Soft Drinks – 1.0%
Coca-Cola Company (The)		104		3,937
Specialized Finance – 1.0%
CME Group Inc.		68		3,868
Tobacco – 6.3%
Altria Group, Inc.		240		7,997
Philip Morris International Inc.		179		16,140
				24,137
TOTAL COMMON STOCKS – 98.9%			$	379,194
(Cost: $326,852)
SHORT-TERM SECURITIES	Principal
Commercial Paper – 0.5%
BHP Billiton Finance (USA) Limited (GTD by BHP Billiton Limited), 0.180%, 10–2–12 (B)	$	2,000		2,000
Master Note – 0.1%
Toyota Motor Credit Corporation, 0.122%, 10–5–12 (C)		292		292
Municipal Obligations – Taxable – 0.3%
MS Business Fin Corp, Gulf Opp Zone Indl Dev Var Rev Bonds (Chevron U.S.A. Inc. Proj), Ser E (GTD by Chevron Corporation), 0.190%, 10–1–12 (C)		1,179		1,179
TOTAL SHORT-TERM SECURITIES – 0.9%			$	3,471
(Cost: $3,471)
TOTAL INVESTMENT SECURITIES – 99.8%			$	382,665
(Cost: $330,323)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.2%				752
NET ASSETS – 100.0%			$	383,417

Notes to Schedule of Investments

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each 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.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

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 as follows:

• Level 1 – Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

• Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2012:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	379,194	$	—	$	—
Short-Term Securities		—		3,471		—
Total	$	379,194	$	3,471	$	—

There were no transfers between any levels during the period ended September 30, 2012.

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

(B) Rate shown is the yield to maturity at September 30, 2012.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012. Date shown represents the date that the variable rate resets.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

GTD = Guaranteed

REIT = Real Estate Investment Trust

For Federal income tax purposes, cost of investments owned at September 30, 2012 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	330,323
Gross unrealized appreciation		57,963
Gross unrealized depreciation		(5,621	)
Net unrealized appreciation	$	52,342

SCHEDULE OF INVESTMENTS

Energy (in thousands) SEPTEMBER 30, 2012 (UNAUDITED)

COMMON STOCKS	Shares		Value
Auto Parts & Equipment – 0.7%
BorgWarner Inc. (A)		7	$	505
Coal & Consumable Fuels – 1.9%
Cameco Corporation		33		651
Peabody Energy Corporation		30		659
				1,310
Construction & Engineering – 2.5%
Fluor Corporation		32		1,773
Construction & Farm Machinery & Heavy Trucks – 0.8%
Cummins Inc.		6		530
Diversified Metals & Mining – 1.5%
BHP Billiton Limited, ADR		16		1,067
Integrated Oil & Gas – 8.3%
Chevron Corporation		3		361
Exxon Mobil Corporation		27		2,510
Occidental Petroleum Corporation		23		1,997
Suncor Energy Inc.		27		884
				5,752
Oil & Gas Drilling – 7.6%
Ensco plc (A)		13		685
Helmerich & Payne, Inc.		31		1,492
Nabors Industries Ltd. (A)		57		796
Seadrill Limited		31		1,231
Transocean Inc.		24		1,075
				5,279
Oil & Gas Equipment & Services – 32.0%
Basic Energy Services, Inc. (A)		63		706
Cameron International Corporation (A)		45		2,526
Core Laboratories N.V.		20		2,375
Dresser-Rand Group Inc. (A)		23		1,279
Dril-Quip, Inc. (A)		19		1,366
FMC Technologies, Inc. (A)		38		1,743
Forum Energy Technologies, Inc. (A)		55		1,332
Halliburton Company		53		1,797
National Oilwell Varco, Inc.		48		3,825
Schlumberger Limited		41		2,958
Superior Energy Services, Inc. (A)		48		981
Tenaris S.A., ADR		14		559
Weatherford International Ltd. (A)		57		719
				22,166
Oil & Gas Exploration & Production – 27.7%
Anadarko Petroleum Corporation		32		2,258
Apache Corporation		8		687
Cabot Oil & Gas Corporation		41		1,823
CNOOC Limited, ADR		4		872
Cobalt International Energy, Inc. (A)		36		795
Concho Resources Inc. (A)		8		715
Continental Resources, Inc. (A)		38		2,926
EOG Resources, Inc.		20		2,191
Laredo Petroleum Holdings, Inc. (A)		17		370
Noble Energy, Inc.		23		2,174
Oasis Petroleum LLC (A)		23		687
Pioneer Natural Resources Company		8		804
Plains Exploration and Production Company (A)		17		654
Southwestern Energy Company (A)		65		2,275
				19,231

Oil & Gas Refining & Marketing – 1.8%
Clean Energy Fuels Corp. (A)		37		485
Marathon Petroleum Corporation		14		786
				1,271
Oil & Gas Storage & Transportation – 12.1%
El Paso Pipeline Partners, L.P.		30		1,109
Enbridge Inc.		48		1,870
Kinder Morgan Management, LLC (A)		12		905
Kinder Morgan, Inc.		35		1,236
MarkWest Energy Partners, L.P.		15		838
Regency Energy Partners LP		29		683
Targa Resources Corp.		15		768
Williams Companies, Inc. (The)		27		949
				8,358
TOTAL COMMON STOCKS – 96.9%			$	67,242
(Cost: $63,484)
SHORT-TERM SECURITIES		Principal
Commercial Paper – 2.9%
McCormick & Co. Inc., 0.210%, 10–1–12 (B)	$	1,987		1,987
Master Note – 4.1%
Toyota Motor Credit Corporation, 0.122%, 10–5–12 (C)		2,846		2,846
TOTAL SHORT-TERM SECURITIES – 7.0%			$	4,833
(Cost: $4,833)
TOTAL INVESTMENT SECURITIES – 103.9%			$	72,075
(Cost: $68,317)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (3.9%)				(2,733	)
NET ASSETS – 100.0%			$	69,342

Notes to Schedule of Investments

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each 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.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

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 as follows:

• Level 1 – Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

• Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2012:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	67,242	$	—	$	—
Short-Term Securities		—		4,833		—
Total	$	67,242	$	4,833	$	—

There were no transfers between any levels during the period ended September 30, 2012.

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

(B) Rate shown is the yield to maturity at September 30, 2012.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012. 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 September 30, 2012 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	68,317
Gross unrealized appreciation		8,373
Gross unrealized depreciation		(4,615	)
Net unrealized appreciation	$	3,758

SCHEDULE OF INVESTMENTS Global Bond (in thousands) SEPTEMBER 30, 2012 (UNAUDITED)

COMMON STOCKS	Shares		Value
Electric Utilities – 0.2%
PPL Corporation		1	$	27
Pharmaceuticals – 0.3%
GlaxoSmithKline plc (A)		1		23
Water Utilities – 0.3%
Aguas Andinas S.A. (A)		34		23
TOTAL COMMON STOCKS – 0.8%			$	73
(Cost: $69)
CORPORATE DEBT SECURITIES	Principal
Aerospace & Defense – 1.9%
Bombardier Inc.,
7.500%, 3–15–18 (B)	$	50		57
Embraer Overseas Limited,
6.375%, 1–24–17		100		113
				170
Agricultural Products – 1.3%
CCL Finance Limited,
9.500%, 8–15–14		100		112
Airlines – 1.9%
Aeropuertos Argentina 2000 S.A.,
10.750%, 12–1–20 (B)		54		53
TAM Capital 2 Inc.,
9.500%, 1–29–20		100		111
				164
Broadcasting – 2.4%
Globo Comunicacoe e Participacoes S.A.,
6.250%, 12–20–49 (C)		200		216
Coal & Consumable Fuels – 2.5%
Indo Integrated Energy II B.V.,
9.750%, 11–5–16		100		110
PT Adaro Indonesia,
7.625%, 10–22–19		100		110
				220
Diversified Banks – 12.3%
Banco Bradesco S.A.,
4.125%, 5–16–16 (B)		200		211
Banco Cruzeiro do Sul S.A.,
7.000%, 7–8–13 (D)		115		18
Banco de Credito del Peru,
4.750%, 3–16–16 (B)		100		106
Banco Santander Chile, S.A.,
6.500%, 9–22–20 (E)		CLP50,000		102
Bancolombia S.A.,
4.250%, 1–12–16	$	100		104
ICICI Bank Limited,
6.625%, 10–3–12 (B)		125		125
Sberbank Rossii OAO,
6.480%, 5–15–13		100		103
State Bank of India,
4.500%, 10–23–14		100		103
VTB Capital S.A.,
6.000%, 4–12–17 (B)		200		209
				1,081
Diversified Metals & Mining – 0.7%
Glencore Funding LLC,
6.000%, 4–15–14 (B)		60		63

Electric Utilities – 5.7%
Compania de Transporte de Energia Electrica en Alta Tension TRANSENER S.A.,
9.750%, 8–15–21 (B)		50	23
Emgesa S.A. E.S.P.,
8.750%, 1–25–21 (E)		COP25,000	16
Empresa Distribuidora y Comercializadora Norte S.A.,
9.750%, 10–25–22 (B)	$	50	25
Listrindo Capital B.V.,
6.950%, 2–21–19 (B)		200	219
Majapahit Holding B.V.,
7.750%, 10–17–16		100	119
Rural Electrification Corporation Limited,
4.250%, 1–25–16		100	102
			504
Food Distributors – 1.2%
Olam International Limited,
7.500%, 8–12–20		100	103
Homebuilding – 1.3%
Desarrolladora Homex, S.A. de C.V.,
7.500%, 9–28–15		25	25
URBI, Desarrollos Urbanos, S.A. de C.V.,
8.500%, 4–19–16		100	88
			113
Household Appliances – 0.9%
Controladora Mabe, S.A. de C.V.:
6.500%, 12–15–15		50	52
6.500%, 12–15–15 (B)		25	26
			78
Independent Power Producers & Energy Traders – 1.2%
China Resources Power Holdings Company Limited,
3.750%, 8–3–15		100	103
IT Consulting & Other Services – 0.3%
iGATE Corporation,
9.000%, 5–1–16		25	27
Marine – 3.3%
PB Issuer (No. 2) Limited, Convertible,
1.750%, 4–12–16		90	86
SCF Capital Limited,
5.375%, 10–27–17		200	201
			287
Multi-Utilities – 0.8%
Black Hills Corporation,
9.000%, 5–15–14		65	73
Oil & Gas Drilling – 4.1%
Lancer Finance Company (SPV) Limited,
5.850%, 12–12–16 (B)		70	72
Noble Group Limited,
4.875%, 8–5–15		100	104
QGOG Atlantic/Alaskan Rigs Ltd.,
5.250%, 7–30–18 (B)		178	185
			361
Oil & Gas Exploration & Production – 5.5%
Essar Energy Investment Limited, Convertible, 4.250%, 2–1–16		100	61
Novatek Finance Limited,
5.326%, 2–3–16 (B)		200	213
Pacific Rubiales Energy Corp.,
8.750%, 11–10–16 (B)		100	112
Pan American Energy LLC,
7.875%, 5–7–21		100	92
			478

Oil & Gas Storage & Transportation – 3.3%
Empresas Publicas de Medellin E.S.P.,
8.375%, 2–1–21 (E)		COP130,000		81
TransCapital Limited,
5.670%, 3–5–14 (B)	$	200		212
				293
Packaged Foods & Meats – 2.8%
BFF International Limited,
7.250%, 1–28–20		100		120
Bunge Limited Finance Corp.,
5.350%, 4–15–14		25		26
JBS Finance II Ltd.,
8.250%, 1–29–18 (B)		100		102
				248
Paper Products – 0.3%
Inversiones CMPC S.A.,
4.750%, 1–19–18 (B)		25		27
Restaurants – 1.5%
Arcos Dorados Holdings, Inc.,
10.250%, 7–13–16 (E)		BRL250		131
Steel – 2.1%
ArcelorMittal,
5.375%, 6–1–13	$	75		77
Steel Capital S.A.,
6.700%, 10–25–17		100		107
				184
Wireless Telecommunication Service – 1.2%
VIP Finance Ireland Limited,
8.375%, 4–30–13		100		103
TOTAL CORPORATE DEBT SECURITIES – 58.5%			$	5,139
(Cost: $5,148)
OTHER GOVERNMENT SECURITIES
Argentina – 1.1%
City of Buenos Aires,
12.500%, 4–6–15 (B)		100		101
Supranational – 0.7%
Central American Bank for Economic Integration,
5.375%, 9–24–14		58		62
Venezuela – 1.9%
Corporacion Andina de Fomento,
3.750%, 1–15–16		155		163
TOTAL OTHER GOVERNMENT SECURITIES – 3.7%			$	326
(Cost: $327)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 19.9%
United States Treasury Notes:
0.625%, 8–31–17		1,500		1,501
2.125%, 8–15–21		100		106
1.750%, 5–15–22		145		147
				1,754

TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 19.9%		$	1,754
(Cost: $1,740)
SHORT-TERM SECURITIES
Commercial Paper – 14.2%
American Honda Finance Corp. (GTD by Honda Motor Co.),
0.140%, 10–18–12 (F)	250		250
BHP Billiton Finance (USA) Limited (GTD by BHP Billiton Limited),
0.160%, 10–16–12 (F)	250		250
Ecolab Inc.,
0.350%, 10–11–12 (F)	250		250
Straight–A Funding, LLC (GTD by Federal Financing Bank),
0.130%, 10–17–12 (F)	250		250
Wal–Mart Stores, Inc.,
0.090%, 10–12–12 (F)	250		250
			1,250
Master Note – 1.5%
Toyota Motor Credit Corporation,
0.122%, 10–5–12 (G)	128		128
TOTAL SHORT-TERM SECURITIES – 15.7%		$	1,378
(Cost: $1,378)
TOTAL INVESTMENT SECURITIES – 98.6%		$	8,670
(Cost: $8,662)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.4%			124
NET ASSETS – 100.0%		$	8,794

Notes to Schedule of Investments

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each 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.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

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 as follows:

• Level 1 – Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

• Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following tables summarize the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2012:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	73	$	—	$	—
Corporate Debt Securities		—		5,067		72
Other Government Securities		—		326		—
United States Government Obligations		—		1,754		—
Short-Term Securities		—		1,378		—
Total	$	73	$	8,525	$	72
Forward Foreign Currency Contracts	$	—	$	3	$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	1	$	—

There were no transfers between any levels during the period ended September 30, 2012.

The following forward foreign currency contracts were outstanding at September 30, 2012:

Type	Currency	Counterparty	Principal Amount of Contract (Denominated in Indicated Currency)		Settlement Date		Unrealized Appreciation		Unrealized Depreciation
Sell	Australian Dollar	Barclays Capital		280		7–24–13	$	3	$	—
Sell	Australian Dollar	Barclays Capital		100		7–24–13		—		1
Sell	British Pound	Barclays Capital		14		9–12–13		—		—	*
							$	3	$	1

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

(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 September 30, 2012, the total value of these securities amounted to $2,141 or 24.3% of net assets.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012.

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

(E) Principal amounts are denominated in the indicated foreign currency, where applicable (BRL - Brazilian Real, CLP - Chilean Peso and COP - Columbian Peso).

(F) Rate shown is the yield to maturity at September 30, 2012.

(G) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012. Date shown represents the date that the variable rate resets.

For Federal income tax purposes, cost of investments owned at September 30, 2012 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	8,662
Gross unrealized appreciation		228
Gross unrealized depreciation		(220	)
Net unrealized appreciation	$	8

SCHEDULE OF INVESTMENTS Global Natural Resources (in thousands) SEPTEMBER 30, 2012 (UNAUDITED)

COMMON STOCKS	Shares		Value
Australia – 0.3%
Perseus Mining Limited (A)		185	$	546
Brazil – 0.0%
Suzano Bahia Sul Papel E Celulose S.A. (A)		18		48
Canada – 13.8%
Agrium Inc.		12		1,242
Athabasca Oil Sands Corp. (A)		35		469
Cameco Corporation		12		234
Detour Gold Corporation (A)		85		2,372
Eldorado Gold Corporation		16		244
First Quantum Minerals Ltd.		436		9,301
Goldcorp Inc.		79		3,628
IAMGOLD Corporation		60		951
Methanex Corporation		24		685
Potash Corporation of Saskatchewan Inc.		90		3,907
Southern Pacific Resource Corp. (A)		212		301
Suncor Energy Inc. (A)		35		1,151
Tahoe Resources Inc. (A)		45		916
Uranium One Inc. (A)		60		143
				25,544
Cayman Islands – 0.1%
Vinda International Holdings Limited		120		165
China – 2.7%
China Metal Recycling (Holdings) Limited		2,700		2,504
GCL-Poly Energy Holdings Limited		9,988		1,533
Sino-Forest Corporation, Class A (A)		590		—	*
Trina Solar Limited, ADR (A)		130		595
Yingde Gases Group Company Limited (A)		450		399
				5,031
Cyprus – 1.0%
Buried Hill Energy (Cyprus) Public Company Limited (A)(B)		70		186
Ocean Rig UDW Inc. (A)		101		1,648
				1,834
Germany – 0.6%
Lanxess AG		13		1,078
India – 1.3%
Adani Enterprises Limited		71		272
Hindustan Zinc Limited		119		307
Infrastructure Development Finance Company Limited (A)		595		1,740
				2,319
Indonesia – 0.2%
PT Indo Tambangraya Megah Tbk		95		418
Netherlands – 1.9%
Chicago Bridge & Iron Company N.V., NY Shares		13		476
LyondellBasell Industries N.V., Class A		60		3,100
				3,576
Panama – 0.6%
McDermott International, Inc. (A)		95		1,161

Russia – 0.4%
Mechel OAO, ADR	39		108
OJSC Oil Company Rosneft, GDR	65		436
Open Joint Stock Company “RusHydro”, ADR	60		160
			704
Singapore – 0.1%
Indofood Agri Resources Ltd.	100		111
South Korea – 2.9%
LG Chem, Ltd.	18		5,369
Switzerland – 6.3%
Noble Corporation	245		8,767
Weatherford International Ltd. (A)	230		2,916
			11,683
Thailand – 0.8%
Banpu Public Company Limited	109		1,393
United Kingdom – 8.0%
BG Group plc	33		666
Ensco plc (A)	138		7,530
Rio Tinto plc	140		6,522
			14,718
United States – 47.3%
Anadarko Petroleum Corporation	16		1,119
Boise Inc.	120		1,051
Cabot Oil & Gas Corporation	182		8,172
Cameron International Corporation (A)	22		1,206
Celanese Corporation, Series A	120		4,549
Crown Holdings, Inc. (A)	69		2,536
Denbury Resources Inc. (A)	60		970
E.I. du Pont de Nemours and Company	8		402
Eastman Chemical Company	30		1,710
EOG Resources, Inc.	3		336
Freeport-McMoRan Copper & Gold Inc., Class B	105		4,156
Georgia Gulf Corporation	9		326
Halliburton Company	105		3,537
KBR, Inc.	118		3,519
Kodiak Oil & Gas Corp. (A)	60		562
Laredo Petroleum Holdings, Inc. (A)	19		413
Marathon Oil Corporation	46		1,360
Marathon Petroleum Corporation	22		1,201
Mosaic Company (A)	28		1,613
National Oilwell Varco, Inc.	50		4,006
Noble Energy, Inc.	26		2,410
Occidental Petroleum Corporation (C)	45		3,873
Oil States International, Inc. (A)	84		6,674
Peabody Energy Corporation	133		2,969
Pioneer Natural Resources Company	63		6,577
Plains Exploration and Production Company (A)	230		8,618
QEP Resources, Inc.	66		2,090
Schlumberger Limited	80		5,786
Valero Energy Corporation	73		2,313
Walter Industries, Inc.	33		1,071
WPX Energy, Inc. (A)	140		2,323
			87,448
TOTAL COMMON STOCKS – 88.3%		$	163,146
(Cost: $184,659)

PREFERRED STOCKS
Russia – 0.2%
Mechel OAO, 31.280 RUB		59		299
United States - – %
Konarka Technologies, Inc., 8.000% Cumulative (A)(B)		68		—	*
TOTAL PREFERRED STOCKS – 0.2%			$	299
(Cost: $1,218)
PURCHASED OPTIONS	Number of Contracts (Unrounded)
Gold Bullion, Call $1400.00, Expires 10–25–12		6		225
Goldcorp Inc., Call $25.00, Expires 1–19–13		1,350		2,818
National Oilwell Varco, Inc., Call $45.00, Expires 1–22–13		225		788
Occidental Petroleum Corporation, Call $50.00, Expires 11–19–12		925		3,350
Peabody Energy Corporation, Call $16.00, Expires 1–19–13		1,200		810
Potash Corporation of Saskatchewan Inc., Call $25.00, Expires 1–21–13		500		890
Schlumberger Limited, Call $42.50, Expires 11–19–12		500		1,491
TOTAL PURCHASED OPTIONS – 5.6%			$	10,372
(Cost: $8,305)
SHORT–TERM SECURITIES	Principal
Commercial Paper – 3.0%
E.I. du Pont de Nemours and Company, 0.140%, 11–7–12 (D)	$	3,000		3,000
McCormick & Co. Inc., 0.210%, 10–1–12 (D)		2,465		2,465
				5,465
Master Note – 1.0%
Toyota Motor Credit Corporation,
0.122%, 10–5–12 (E)		1,884		1,884
Municipal Obligations – Taxable – 1.9%
MS Business Fin Corp, Gulf Opp Zone Indl Dev Var Rev Bonds (Chevron U.S.A. Inc. Proj), Ser E (GTD by Chevron Corporation), 0.190%, 10–1–12 (E)		3,500		3,500
TOTAL SHORT–TERM SECURITIES – 5.9%			$	10,849
(Cost: $10,849)
TOTAL INVESTMENT SECURITIES – 100.0%			$	184,666
(Cost: $205,031)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.0%				21
NET ASSETS – 100.0%			$	184,687

Notes to Schedule of Investments

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each 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.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

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 as follows:

• Level 1 – Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

• Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2012:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Staples	$	277	$	—	$	—
Energy		93,748		—		186
Financials		1,741		—		—
Industrials		4,267		—		—
Information Technology		2,128		—		—
Materials		60,639		—		—	*
Utilities		160		—		—
Total Common Stocks	$	162,960	$	—	$	186
Preferred Stocks		299		—		—
Purchased Options		10,372		—		—
Short-Term Securities		—		10,849		—
Total	$	173,631	$	10,849	$	186
Forward Foreign Currency Contracts	$	—	$	71	$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	437	$	—
Futures Contracts	$	73	$	—	$	—

There were no transfers between any levels during the period ended September 30, 2012.

The following forward foreign currency contracts were outstanding at September 30, 2012:

Type	Currency	Counterparty	Principal Amount of Contract (Denominated in Indicated Currency)		Settlement Date		Unrealized Appreciation			Unrealized Depreciation
Sell	British Pound	Canadian Imperial Bank of Commerce		764		10-19-12	$	—		$	42
Sell	British Pound	Royal Bank of Canada		600		11-9-12		—			28
Sell	British Pound	Toronto-Dominion Bank (The)		449		11-30-12		—			16
Sell	British Pound	Bank of New York Mellon (The)		394		12-7-12		3			—
Sell	British Pound	State Street Global Markets		1,951		12-14-12		19			—
Sell	Canadian Dollar	State Street Global Markets		1,324		10-5-12		—			55
Sell	Canadian Dollar	Royal Bank of Canada		829		10-19-12		—			18
Sell	Canadian Dollar	Toronto-Dominion Bank (The)		1,602		10-19-12		—			43
Sell	Canadian Dollar	Bank of New York Mellon (The)		2,737		10-26-12		—			73
Sell	Canadian Dollar	State Street Global Markets		1,420		11-2-12		—			31
Sell	Canadian Dollar	Royal Bank of Canada		1,311		11-9-12		8			—
Sell	Canadian Dollar	Royal Bank of Canada		955		11-9-12		—			12
Sell	Canadian Dollar	Toronto-Dominion Bank (The)		1,187		11-30-12		21			—
Sell	Canadian Dollar	Toronto-Dominion Bank (The)		1,705		11-30-12		—			20
Sell	Canadian Dollar	Bank of New York Mellon (The)		1,311		12-7-12		9			—
Sell	Canadian Dollar	Bank of New York Mellon (The)		1,163		12-7-12		—			—	*
Sell	Canadian Dollar	Canadian Imperial Bank of Commerce		2,130		12-14-12		5			—
Sell	Canadian Dollar	Bank of New York Mellon (The)		955		12-14-12		6			—
Sell	Canadian Dollar	Bank of New York Mellon (The)		400		12-14-12		—			—	*
Sell	Euro	Royal Bank of Canada		50		10-19-12		—	*		—
Sell	Euro	Royal Bank of Canada		313		10-19-12		—			18
Sell	Euro	Canadian Imperial Bank of Commerce		52		10-26-12		—			3
Sell	Euro	Canadian Imperial Bank of Commerce		76		11-2-12		—			4
Sell	Euro	State Street Global Markets		53		11-9-12		—	*		—
Sell	Euro	Toronto-Dominion Bank (The)		227		11-9-12		—			12
Sell	Euro	Canadian Imperial Bank of Commerce		70		12-14-12		—			4
Sell	South Korean Won	Bank of New York Mellon (The)		765,000		10-26-12		—			24
Sell	South Korean Won	State Street Global Markets		418,324		11-2-12		—			6
Sell	South Korean Won	Canadian Imperial Bank of Commerce		721,200		11-9-12		—			14
Sell	South Korean Won	Bank of New York Mellon (The)		435,000		11-30-12		—			9
Sell	South Korean Won	Royal Bank of Canada		435,000		12-14-12		—			5
							$	71		$	437

The following futures contracts were outstanding at September 30, 2012 (contracts unrounded):

Description	Type	Expiration Date		Number of Contracts		Market Value			Unrealized Depreciation
S&P 500 E-mini	Short		12–21–12		130	$	(9,322	)	$	(57	)
S&P/Toronto Stock Exchange 60 Index	Short		12–21–12		12		(1,711	)		(16	)
						$	(11,033	)	$	(73	)

* Not shown due to rounding.

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

(B) Restricted securities. At September 30, 2012, 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	$	186
Konarka Technologies, Inc., 8.000% Cumulative		8–31–07		68		211		—	*
					$	329	$	186

The total value of these securities represented 0.1% of net assets at September 30, 2012.

(C) All or a portion of the security position has been pledged as collateral on open futures contracts.

(D) Rate shown is the yield to maturity at September 30, 2012.

(E) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012. 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

GTD = Guaranteed

For Federal income tax purposes, cost of investments owned at September 30, 2012 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	205,031
Gross unrealized appreciation		11,803
Gross unrealized depreciation		(32,168	)
Net unrealized depreciation	$	(20,365	)

SCHEDULE OF INVESTMENTS Growth (in thousands) SEPTEMBER 30, 2012 (UNAUDITED)

COMMON STOCKS	Shares		Value
Aerospace & Defense – 4.3%
Boeing Company (The)		214	$	14,864
Precision Castparts Corp.		179		29,222
				44,086
Apparel Retail – 0.8%
Limited Brands, Inc.		155		7,630
Apparel, Accessories & Luxury Goods – 0.6%
Under Armour, Inc., Class A (A)		116		6,499
Application Software – 1.5%
Intuit Inc.		254		14,961
Asset Management & Custody Banks – 1.7%
T. Rowe Price Group, Inc.		267		16,882
Automotive Retail – 2.6%
AutoZone, Inc. (A)		56		20,665
O’Reilly Automotive, Inc. (A)		62		5,151
				25,816
Biotechnology – 1.0%
Amgen Inc.		125		10,540
Broadcasting – 4.0%
CBS Corporation, Class B		949		34,485
Discovery Holding Company, Class A (A)		97		5,760
				40,245
Cable & Satellite – 1.3%
Time Warner Cable Inc.		134		12,729
Casinos & Gaming – 3.9%
Las Vegas Sands, Inc.		474		21,998
Wynn Resorts, Limited		160		18,447
				40,445
Communications Equipment – 2.0%
QUALCOMM Incorporated		318		19,882
Computer Hardware – 10.3%
Apple Inc. (A)		158		105,160
Data Processing & Outsourced Services – 8.3%
MasterCard Incorporated, Class A		88		39,640
Visa Inc., Class A		326		43,722
				83,362
Distillers & Vintners – 0.8%
Beam Inc.		132		7,595
Environmental & Facilities Services – 0.5%
Stericycle, Inc. (A)		59		5,295
Fertilizers & Agricultural Chemicals – 4.1%
Monsanto Company		452		41,141
Footwear – 0.5%
NIKE, Inc., Class B		53		5,011
Home Improvement Retail – 0.6%
Home Depot, Inc. (The)		93		5,608

Hotels, Resorts & Cruise Lines – 0.3%
Starwood Hotels & Resorts Worldwide, Inc.	52	3,005
Household Products – 0.6%
Colgate-Palmolive Company	54	5,811
Industrial Conglomerates – 1.3%
Danaher Corporation	230	12,690
Internet Retail – 2.2%
Amazon.com, Inc. (A)	89	22,711
Internet Software & Services – 3.9%
eBay Inc. (A)	125	6,032
Google Inc., Class A (A)	45	33,696
		39,728
IT Consulting & Other Services – 1.8%
Cognizant Technology Solutions Corporation, Class A (A)	256	17,927
Managed Health Care – 1.0%
UnitedHealth Group Incorporated	181	10,018
Motorcycle Manufacturers – 0.7%
Harley-Davidson, Inc.	166	7,038
Oil & Gas Equipment & Services – 7.2%
Core Laboratories N.V.	40	4,823
National Oilwell Varco, Inc.	423	33,862
Schlumberger Limited	469	33,897
		72,582
Packaged Foods & Meats – 0.9%
Mead Johnson Nutrition Company	129	9,475
Personal Products – 1.4%
Estee Lauder Companies, Inc. (The), Class A	225	13,829
Pharmaceuticals – 2.8%
Allergan, Inc.	174	15,944
Johnson & Johnson	174	11,977
		27,921
Railroads – 2.5%
Kansas City Southern	194	14,671
Union Pacific Corporation	86	10,149
		24,820
Restaurants – 5.9%
McDonald’s Corporation	237	21,717
Starbucks Corporation	603	30,602
YUM! Brands, Inc.	118	7,795
		60,114
Retail Stores – 0.8%
Dollar General Corporation (A)	150	7,710
Semiconductor Equipment – 0.4%
ASML Holding N.V., NY Registry Shares	82	4,412
Semiconductors – 3.8%
Altera Corporation	497	16,888
Broadcom Corporation, Class A	192	6,632
Microchip Technology Incorporated	452	14,798
		38,318

Soft Drinks – 0.9%
Coca-Cola Company (The)		241		9,156
Systems Software – 2.3%
Oracle Corporation		427		13,437
VMware, Inc., Class A (A)		103		9,916
				23,353
Tobacco – 3.7%
Philip Morris International Inc.		418		37,596
Wireless Telecommunication Service – 3.3%
American Tower Corporation, Class A (A)		216		15,421
Crown Castle International Corp. (A)		198		12,666
SBA Communications Corporation (A)		83		5,214
				33,301
TOTAL COMMON STOCKS – 96.5%			$	974,402
(Cost: $777,613)
SHORT-TERM SECURITIES	Principal
Commercial Paper – 2.6%
American Honda Finance Corp. (GTD by Honda Motor Co.), 0.140%, 11–15–12 (B)	$	5,000		4,999
GlaxoSmithKline Finance plc (GTD by GlaxoSmithKline plc), 0.120%, 10–18–12 (B)		8,000		8,000
Harley-Davidson Funding Corp. (GTD by Harley-Davidson, Inc.), 0.330%, 10–9–12 (B)		10,000		9,999
Wal-Mart Stores, Inc., 0.110%, 10–22–12 (B)		4,000		4,000
				26,998
Master Note – 0.2%
Toyota Motor Credit Corporation,
0.122%, 10–5–12 (C)		1,712		1,712
TOTAL SHORT-TERM SECURITIES – 2.8%			$	28,710
(Cost: $28,710)
TOTAL INVESTMENT SECURITIES – 99.3%			$	1,003,112
(Cost: $806,323)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.7%				6,797
NET ASSETS – 100.0%			$	1,009,909

Notes to Schedule of Investments

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each 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.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

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 as follows:

• Level 1 – Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

• Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2012:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	974,402	$	—	$	—
Short-Term Securities		—		28,710		—
Total	$	974,402	$	28,710	$	—

There were no transfers between any levels during the period ended September 30, 2012.

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

(B) Rate shown is the yield to maturity at September 30, 2012.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012. Date shown represents the date that the variable rate resets.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

GTD = Guaranteed

For Federal income tax purposes, cost of investments owned at September 30, 2012 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	806,323
Gross unrealized appreciation		205,563
Gross unrealized depreciation		(8,774	)
Net unrealized appreciation	$	196,789

SCHEDULE OF INVESTMENTS High Income (in thousands) SEPTEMBER 30, 2012 (UNAUDITED)

COMMON STOCKS	Shares		Value
Casinos & Gaming – 0.0%
Pinnacle Entertainment, Inc. (A)		13	$	153
Food Retail – 0.1%
Roundy’s Supermarkets, Inc.		91		550
Gas Utilities – 0.0%
Suburban Propane Partners, L.P.		4		147
Oil & Gas Storage & Transportation – 0.3%
Inergy, L.P.		33		626
Railroads – 0.1%
Kansas City Southern		5		409
Wireless Telecommunication Service – 0.1%
Clearwire Corporation, Class A (A)		198		267
TOTAL COMMON STOCKS – 0.6%			$	2,152
(Cost: $2,469)
PREFERRED STOCKS
Consumer Finance – 0.3%
Ally Financial Inc., 8.125%		22		552
Ally Financial Inc., 8.500%		18		431
				983
Trucking – 0.0%
Swift Services Holdings, Inc., 6.000% Cumulative (B)		15		134
TOTAL PREFERRED STOCKS – 0.3%			$	1,117
(Cost: $1,129)
WARRANTS
Agricultural Products – 0.0%
ASG Consolidated LLC, Expires 5–15–18 (C)		1		36
TOTAL WARRANTS – 0.0%			$	36
(Cost: $72)
CORPORATE DEBT SECURITIES		Principal
Agricultural Products – 0.7%
American Seafoods Group LLC, 10.750%, 5–15–16 (B)	$	1,383		1,400
ASG Consolidated LLC, 15.000%, 5–15–17 (B)(D)		1,608		1,395
				2,795
Alternative Carriers – 2.8%
Level 3 Communications, Inc.:
11.875%, 2–1–19		4,715		5,351
8.875%, 6–1–19 (B)		513		539
Level 3 Communications, Inc. and Level 3 Financing, Inc.,
7.000%, 6–1–20 (B)		1,354		1,368
Level 3 Financing, Inc.:
10.000%, 2–1–18		700		779
9.375%, 4–1–19		200		222
8.125%, 7–1–19		2,051		2,179
8.625%, 7–15–20		377		407
				10,845

Apparel Retail – 0.3%
J.Crew Group, Inc.,
8.125%, 3–1–19	1,279	1,340
Apparel, Accessories & Luxury Goods – 0.5%
Liz Claiborne, Inc.,
10.500%, 4–15–19 (B)	1,813	2,046
Auto Parts & Equipment – 4.2%
Affinia Group Inc.,
10.750%, 8–15–16 (B)	1,160	1,257
Exide Technologies,
8.625%, 2–1–18	807	699
Icahn Enterprises L.P.,
8.000%, 1–15–18	3,831	4,108
IDQ Acquisition Corp.,
14.000%, 10–1–17 (B)(D)	1,799	1,799
IDQ Holdings, Inc.,
11.500%, 4–1–17 (B)	3,346	3,555
Penske Automotive Group, Inc.,
5.750%, 10–1–22 (B)	540	554
Schaeffler Finance B.V.:
7.750%, 2–15–17 (B)	2,264	2,502
8.500%, 2–15–19 (B)	1,709	1,914
		16,388
Automotive Manufacturers – 0.4%
Chrysler Group LLC and CG:
8.000%, 6–15–19	475	504
8.250%, 6–15–21	988	1,052
		1,556
Automotive Retail – 2.2%
Asbury Automotive Group, Inc.:
7.625%, 3–15–17	1,351	1,398
8.375%, 11–15–20	2,142	2,362
Sonic Automotive, Inc.:
9.000%, 3–15–18	3,440	3,758
7.000%, 7–15–22 (B)	985	1,054
		8,572
Biotechnology – 0.7%
VWR Funding, Inc.,
7.250%, 9–15–17 (B)	2,648	2,688
Broadcasting – 1.4%
Clear Channel Worldwide Holdings, Inc., Series A,
7.625%, 3–15–20 (B)	60	58
Clear Channel Worldwide Holdings, Inc., Series B,
7.625%, 3–15–20 (B)	434	423
Cumulus Media Inc.,
7.750%, 5–1–19	3,645	3,545
Harron Communications, L.P. and Harron Finance Corporation,
9.125%, 4–1–20 (B)	550	594
Starz LLC and Starz Finance Corp.,
5.000%, 9–15–19 (B)	670	685
		5,305
Building Products – 2.1%
HD Supply, Inc.:
8.125%, 4–15–19 (B)	227	246
11.000%, 4–15–20 (B)	1,699	1,886
Isabelle Acquisition Sub Inc.,
10.000%, 11–15–18 (B)(D)	2,827	3,068
Ply Gem Industries, Inc.,
8.250%, 2–15–18 (B)	2,042	2,055
Roofing Supply Group, LLC and Roofing Supply Finance, Inc.,
10.000%, 6–1–20 (B)	716	780
		8,035

Cable & Satellite – 2.0%
Cablevision Systems Corporation,
5.875%, 9–15–22	2,593	2,580
Nara Cable Funding Limited,
8.875%, 12–1–18 (B)	321	293
Univision Communications Inc.,
6.750%, 9–15–22 (B)	929	929
WaveDivision Escrow LLC and WaveDivision Escrow Corp.,
8.125%, 9–1–20 (B)	673	692
WideOpenWest Finance, LLC and WideOpenWest CapitalCorp.:
10.250%, 7–15–19 (B)	1,930	2,036
13.375%, 10–15–19 (B)	1,375	1,409
		7,939
Casinos & Gaming – 1.8%
Boyd Finance Co. and Boyd Acquisition Sub, LLC,
8.375%, 2–15–18 (B)	677	704
Boyd Gaming Corporation,
9.000%, 7–1–20 (B)	905	923
MGM Mirage,
11.375%, 3–1–18	600	708
MGM Resorts International:
10.000%, 11–1–16	560	641
8.625%, 2–1–19 (B)	902	983
6.750%, 10–1–20 (B)	313	313
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp.,
5.375%, 3–15–22 (B)	2,639	2,679
		6,951
Commodity Chemicals – 0.1%
INEOS Finance plc,
8.375%, 2–15–19 (B)	525	553
Communications Equipment – 0.0%
Brightstar Corporation,
9.500%, 12–1–16 (B)	53	57
Construction & Engineering – 0.3%
J.M. Huber Corporation,
9.875%, 11–1–19 (B)	915	1,027
USG Corporation,
9.750%, 1–15–18	213	230
		1,257
Construction Materials – 1.2%
Cemex Finance LLC,
9.500%, 12–14–16 (B)	1,050	1,084
Cemex SAB de CV,
9.000%, 1–11–18 (B)	158	158
Headwaters Incorporated,
7.625%, 4–1–19	1,048	1,064
Headwaters Incorporated, Convertible,
8.750%, 2–1–16	975	998
Hillman Group, Inc. (The),
10.875%, 6–1–18	1,407	1,513
		4,817
Consumer Finance – 0.8%
Nielsen Finance LLC and Nielsen Finance Co.,
4.500%, 10–1–20 (B)	437	434
Speedy Cash Intermediate Holdings Corp.,
10.750%, 5–15–18 (B)	2,089	2,204
TMX Finance LLC and TitleMax Finance Corporation:
13.250%, 7–15–15	590	655
		3,293
Data Processing & Outsourced Services – 0.9%
Alliance Data Systems Corporation,
6.375%, 4–1–20 (B)	3,358	3,627
Diversified Chemicals – 0.2%
Kinove German Bondco GmbH,
10.000%, 6–15–18 (B)(E)	EUR598	839

Diversified Metals & Mining – 1.8%
American Gilsonite Holding Company,
11.500%, 9–1–17 (B)	$	1,905	1,957
FMG Resources Pty Ltd.:
6.375%, 2–1–16 (B)		300	292
6.000%, 4–1–17 (B)		653	607
6.875%, 2–1–18 (B)		300	279
8.250%, 11–1–19 (B)		1,169	1,134
6.875%, 4–1–22 (B)		2,739	2,506
			6,775
Diversified Support Services – 0.5%
Nexeo Solutions, LLC,
8.375%, 3–1–18		2,146	2,125
Diversified Telecom – 0.5%
Consolidated Communications Finance Co.,
10.875%, 6–1–20 (B)		1,710	1,804
Education Services – 4.0%
Laureate Education, Inc.:
11.000%, 8–15–15 (B)(F)		1,750	1,803
11.250%, 8–15–15 (B)(D)(F)		7,228	7,444
12.750%, 8–15–17 (B)(F)		3,040	3,222
9.250%, 9–1–19 (B)		2,961	2,976
			15,445
Electronic Components – 0.6%
WireCo WorldGroup Inc.,
9.500%, 5–15–17		2,090	2,236
Electronic Equipment & Instruments – 1.3%
CDW LLC and CDW Finance Corporation:
12.535%, 10–12–17		3,613	3,858
8.500%, 4–1–19		1,205	1,310
			5,168
Electronic Manufacturing Services – 1.0%
Jabil Circuit, Inc.:
8.250%, 3–15–18		470	558
4.700%, 9–15–22		451	449
KEMET Corporation,
10.500%, 5–1–18		3,015	3,060
			4,067
Environmental & Facilities Services – 0.4%
Heckmann Corporation,
9.875%, 4–15–18		1,509	1,554
Food Distributors – 1.5%
U.S. Foodservice, Inc.,
8.500%, 6–30–19 (B)		2,703	2,818
Viskase Companies, Inc.,
9.875%, 1–15–18 (B)		2,825	2,923
			5,741
Forest Products – 0.7%
Ainsworth Lumber Co. Ltd.,
11.000%, 7–29–15 (B)(D)		2,839	2,697
General Merchandise Stores – 0.3%
Pantry, Inc., (The),
8.375%, 8–1–20 (B)		1,100	1,128
Health Care Equipment – 0.7%
DJO Finance LLC and DJO Finance Corporation,
9.750%, 10–15–17		420	357
Immucor, Inc.,
11.125%, 8–15–19		2,147	2,426
			2,783
Health Care Facilities – 2.9%
Acadia Healthcare Company, Inc.,
12.875%, 11–1–18		1,558	1,827
Biomet, Inc.:
6.500%, 8–1–20 (B)		223	231
6.500%, 10–1–20 (B)		350	343
Chiron Merger Sub, Inc.,
12.500%, 11–1–19 (B)		811	762
INC Research, LLC,
11.500%, 7–15–19 (B)		375	377
Kindred Healthcare, Inc.,
8.250%, 6–1–19		756	735
Physio-Control International, Inc.,

9.875%, 1–15–19 (B)	1,080	1,183
Tenet Healthcare Corporation,
6.875%, 11–15–31	1,993	1,784
Truven Health Analytics,
10.625%, 6–1–20 (B)	4,000	4,279
		11,521
Health Care Services – 1.0%
MedImpact Holdings, Inc.,
10.500%, 2–1–18 (B)	2,770	2,978
WP Rocket Merger Sub, Inc.,
10.125%, 7–15–19 (B)	830	824
		3,802
Health Care Technology – 1.5%
Emdeon, Inc.,
11.000%, 12–31–19 (B)	2,204	2,502
MedAssets, Inc.,
8.000%, 11–15–18	2,998	3,267
		5,769
Home Furnishings – 0.2%
Empire Today, LLC and Empire Today Finance Corp.,
11.375%, 2–1–17 (B)	570	603
Independent Power Producers & Energy Traders – 0.8%
NRG Energy, Inc.:
7.625%, 5–15–19	1,280	1,357
7.875%, 5–15–21	1,600	1,740
		3,097
Integrated Oil & Gas – 0.4%
EP Energy LLC,
9.375%, 5–1–20 (B)	986	1,074
EP Energy LLC and Everest Acquisition Finance Inc.,
7.750%, 9–1–22 (B)	336	343
		1,417
Investment Banking & Brokerage – 3.7%
E*TRADE Financial Corporation:
7.875%, 12–1–15	481	490
6.750%, 6–1–16	780	821
12.500%, 11–30–17 (D)	10,414	11,834
GFI Group Inc.,
8.625%, 7–19–18	1,735	1,522
		14,667
IT Consulting & Other Services – 1.0%
iGATE Corporation,
9.000%, 5–1–16	2,411	2,646
SRA International, Inc. and Sterling Merger, Inc.,
11.000%, 10–1–19	1,089	1,105
		3,751
Leisure Facilities – 0.9%
Palace Entertainment Holdings, LLC,
8.875%, 4–15–17 (B)	3,242	3,428
Leisure Products – 0.3%
Toys R Us Inc,
10.375%, 8–15–17 (B)	1,067	1,091
Marine – 0.7%
TRAC Intermodal LLC and TRAC Intermodal Corp.,
11.000%, 8–15–19 (B)	2,649	2,768
Metal & Glass Containers – 1.4%
Consolidated Container Company LLC and Consolidated Container Capital, Inc.,
10.125%, 7–15–20 (B)	3,829	4,078
Plastipak Holdings, Inc.,
10.625%, 8–15–19 (B)	1,070	1,225
		5,303
Movies & Entertainment – 0.8%
AMC Entertainment Holdings, Inc.,
9.750%, 12–1–20	990	1,115
Carmike Cinemas, Inc.,
7.375%, 5–15–19	1,813	1,949
		3,064

Multi–Line Insurance – 0.4%
American International Group, Inc.,
8.175%, 5–15–58		1,135	1,389
Oil & Gas Drilling – 0.4%
RDS Ultra–Deepwater Ltd,
11.875%, 3–15–17 (B)		1,560	1,739
Oil & Gas Equipment & Services – 0.5%
Global Geophysical Services, Inc.:
10.500%, 5–1–17 (B)		1,133	1,071
10.500%, 5–1–17		1,002	957
			2,028
Oil & Gas Refining & Marketing – 4.0%
Energy Partners Ltd.,
8.250%, 2–15–18		3,016	3,046
Offshore Group Investment Limited,
11.500%, 8–1–15		7,510	8,299
PetroBakken Energy Ltd.,
8.625%, 2–1–20 (B)		265	276
Samson Investment Company,
9.750%, 2–15–20 (B)		3,481	3,585
			15,206
Oil Services – 0.2%
Bill Barrett Corporation,
7.000%, 10–15–22		238	245
Drill Rigs Holdings, Inc.,
6.500%, 10–1–17 (B)		179	178
Forest Oil Corporation,
7.500%, 9–15–20 (B)		539	534
			957
Other Diversified Financial Services – 0.5%
Bank of America Corporation:
8.000%, 12–29–49 (F)		1,450	1,579
8.125%, 12–29–49 (F)		426	469
			2,048
Packaged Foods & Meats – 1.1%
Bumble Bee Foods, LLC:
9.000%, 12–15–17 (B)		1,996	2,088
9.625%, 3–15–18 (B)(D)		2,175	2,083
			4,171
Paper Packaging – 1.1%
AOT Bedding Super Holdings,
8.125%, 10–1–20 (B)		1,111	1,103
Reynolds Group Holdings Limited:
9.000%, 4–15–19		2,880	2,937
8.250%, 2–15–21		280	278
			4,318
Pharmaceuticals – 1.9%
Capsugel FinanceCo S.C.A.,
9.875%, 8–1–19 (B)(E)		EUR1,222	1,759
Jaguar Holding Company II and Jaguar Merger Sub Inc.,
9.500%, 12–1–19 (B)	$	2,114	2,373
Par Pharmaceutical Companies, Inc.,
7.375%, 10–15–20 (B)		3,186	3,202
			7,334
Restaurants – 4.5%
Carrols Restaurant Group, Inc.,
11.250%, 5–15–18 (B)		937	1,021
CKE Holdings, Inc.,
10.500%, 3–14–16 (B)(D)		7,796	8,420
Dave & Buster’s, Inc.,
0.001%, 2–15–16 (B)		5,280	3,907
NPC International, Inc.,
10.500%, 1–15–20		2,438	2,804
Ruby Tuesday, Inc.,
7.625%, 5–15–20 (B)		1,198	1,150
Wok Acquisition Corp.,
10.250%, 6–30–20 (B)		773	817
			18,119
Retail Stores – 0.6%
Claire’s Stores, Inc.,
9.000%, 3–15–19 (B)		1,113	1,155
Fifth & Pacific Companies, Inc.,
10.500%, 4–15–19 (B)		1,152	1,300
			2,455

Security & Alarm Services – 0.5%
Monitronics International, Inc.,
9.125%, 4–1–20		1,795	1,867
Semiconductor Equipment – 0.0%
Photronics, Inc., Convertible,
3.250%, 4–1–16		170	165
Semiconductors – 0.7%
Freescale Semiconductor, Inc.,
8.050%, 2–1–20		1,302	1,281
Micron Technology, Inc., Convertible:
1.500%, 8–1–31		461	415
1.875%, 8–1–31		135	119
3.125%, 5–1–32 (B)		849	789
			2,604
Specialized Consumer Services – 2.8%
B-Corp Merger Sub, Inc.,
8.250%, 6–1–19 (B)		1,635	1,655
Carlson Wagonlit B.V.:
6.875%, 6–15–19 (B)		2,243	2,355
7.500%, 6–15–19 (B)(E)		EUR1,787	2,371
TransUnion LLC and TransUnion Financing Corporation,
9.625%, 6–15–18 (B)(D)	$	4,339	4,730
			11,111
Specialized Finance – 1.7%
CNG Holdings, Inc.,
9.375%, 5–15–20 (B)		675	694
Everest Acquisition, LLC and Everest Acquisition Finance, Inc.,
6.875%, 5–1–19 (B)		370	396
International Lease Finance Corporation:
4.875%, 4–1–15		815	847
5.875%, 4–1–19		815	864
5.875%, 8–15–22		1,234	1,275
WM Finance Corp.,
11.500%, 10–1–18		959	1,079
WM Holdings Finance Corp.,
13.750%, 10–1–19		1,495	1,644
			6,799
Specialized REITs – 1.1%
CNL Lifestyles Properties, Inc.,
7.250%, 4–15–19		4,326	4,099
Steel – 0.4%
Ryerson Inc.,
12.000%, 11–1–15		750	774
Severstal Columbus LLC,
10.250%, 2–15–18		720	720
			1,494
Systems Software – 1.7%
Atlantis Merger Sub, Inc. and SoftBrands, Inc.,
11.500%, 7–15–18 (B)		3,296	3,758
Lawson Software, Inc.,
9.375%, 4–1–19 (B)		2,351	2,610
			6,368
Technology – 0.4%
J2 Global, Inc.,
8.000%, 8–1–20 (B)		1,502	1,517
Technology Distributors – 0.9%
Sophia, L.P. and Sophia Finance, Inc.,
9.750%, 1–15–19 (B)		3,215	3,456
Thrifts & Mortgage Finance – 0.5%
Provident Funding Associates, L.P. and PFG Finance Corp.,
10.125%, 2–15–19 (B)		1,745	1,797
Wireless – 0.0%
Carrizo Oil & Gas, Inc.,
7.500%, 9–15–20		179	183

Wireless Telecommunication Service – 1.0%
Cricket Communications, Inc.,
7.750%, 10–15–20	695		678
Digicel Group Limited:
10.500%, 4–15–18 (B)	928		1,008
8.250%, 9–30–20 (B)	357		375
Eileme 1 AB (publ) Polkomtel S.A.,
14.250%, 8–15–20 (B)(D)	594		618
Sprint Nextel Corporation:
9.125%, 3–1–17 (B)	408		462
7.000%, 8–15–20	225		234
Wind Acquisition Finance S.A.,
11.750%, 7–15–17 (B)	685		646
			4,021
TOTAL CORPORATE DEBT SECURITIES – 78.4%		$	305,952
(Cost: $294,009)
MUNICIPAL BONDS – TAXABLE
Arizona – 0.4%
AZ Hlth Fac Auth, Rev Bonds (Banner Hlth), Ser 2007B,
1.051%, 1–1–37 (F)	2,020	$	1,525
TOTAL MUNICIPAL BONDS – TAXABLE – 0.4%		$	1,525
(Cost: $1,322)
SENIOR LOANS
Broadcasting – 0.3%
Granite Broadcasting Corporation,
8.500%, 4–24–19 (F)	1,184		1,184
Building Products – 2.1%
Goodman Global, Inc.,
9.000%, 10–28–17 (F)	3,783		3,830
HD Supply, Inc.:
0.000%, 9–26–17 (F)	3,000		3,092
7.250%, 9–26–17 (F)	1,700		1,752
			8,674
Cable & Satellite – 1.2%
WideOpenWest Finance, LLC,
6.250%, 4–18–18 (F)	3,236		3,258
Wilton Brands LLC,
7.500%, 8–7–19 (F)	1,775		1,784
			5,042
Casinos & Gaming – 0.4%
Cannery Casino Resorts LLC:
0.000%, 10–1–18 (F)	629		628
0.000%, 10–1–19 (F)	673		670
Station Casinos LLC,
3.232%, 6–17–16 (F)	411		396
			1,694
Diversified Support Services – 1.7%
Advantage Sales & Marketing, Inc.:
9.250%, 5–29–18 (F)	5,184		5,158
13.000%, 12–30–18 (F)	1,100		1,097
Applied Systems, Inc.,
9.500%, 6–8–17 (F)	215		214
			6,469
Environmental & Facilities Services – 0.8%
Evergreen Tank Solution, Inc.,
0.000%, 9–11–18 (F)	1,794		1,776
K2 Pure Solutions Nocal, L.P.,
10.000%, 9–10–15 (F)	1,367		1,360
			3,136
Food Retail – 0.5%
Focus Brands, Inc.,
10.250%, 8–21–18 (F)	1,890		1,909
Health Care Facilities – 0.5%
National Surgical Hospitals, Inc.,
8.250%, 2–3–17 (F)	1,764		1,720
Home Furnishings – 0.5%
Spring Windows Fashions, LLC,
11.250%, 5–31–18 (F)	1,800		1,782

Hypermarkets & Super Centers – 0.7%
BJ’s Wholesale Club, Inc.:
0.000%, 9–6–19 (F)	1,337		1,342
0.000%, 3–6–20 (F)	1,337		1,350
			2,692
Independent Power Producers & Energy Traders – 0.6%
Texas Competitive Electric Holdings Company, LLC:
4.728%, 10–10–17 (F)	2,835		1,947
4.938%, 10–10–17 (F)	456		313
			2,260
Internet Software & Services – 1.1%
Blue Coat Systems, Inc.:
7.500%, 2–8–18 (F)	1,612		1,620
11.500%, 8–8–18 (F)	634		647
Web.com Group, Inc.,
7.000%, 10–27–17 (F)	1,898		1,909
			4,176
Movies & Entertainment – 0.8%
Formula One Holdings Ltd. and Alpha Topco Limited,
6.250%, 4–30–18 (F)	2,945		2,966
Oil & Gas Exploration & Production – 1.5%
Chesapeake Energy Corporation,
8.500%, 12–2–17 (F)	5,950		5,965
Oil & Gas Refining & Marketing – 0.3%
Samson Investment Company,
0.000%, 9–10–16 (F)	1,116		1,122
Other Diversified Financial Services – 1.5%
Fairway Group Acquisition Company,
8.250%, 8–17–18 (F)	635		639
Misys plc and Magic Newco, LLC,
12.000%, 3–19–19 (F)	5,127		5,294
			5,933
Pharmaceuticals – 0.2%
Par Pharmaceutical Companies, Inc.,
0.000%, 8–2–19 (F)	892		890
Research & Consulting Services – 0.8%
AlixPartners, LLP,
10.750%, 11–15–19 (F)	2,978		3,004
Specialty Stores – 0.2%
Savers, Inc.,
6.250%, 6–11–19 (F)	656		662
TOTAL SENIOR LOANS – 15.7%		$	61,280
(Cost: $60,594)
SHORT–TERM SECURITIES
Commercial Paper – 4.7%
Becton Dickinson & Co.,
0.220%, 10–24–12 (G)	5,850		5,849
CVS Caremark Corporation,
0.330%, 10–1–12 (G)	5,000		5,000
Hewlett–Packard Company,
0.400%, 10–5–12 (G)	3,000		3,000
Kroger Co. (The),
0.400%, 10–2–12 (G)	2,782		2,782
Panasonic Finance America, Inc. (GTD by Matsushita Electric Industrial Co., Ltd),
0.500%, 10–11–12 (G)	1,749		1,749
			18,380
Master Note – 0.3%
Toyota Motor Credit Corporation,
0.122%, 10–5–12 (H)	1,176		1,176
TOTAL SHORT-TERM SECURITIES – 5.0%		$	19,556
(Cost: $19,556)

TOTAL INVESTMENT SECURITIES – 100.4%	$	391,618
(Cost: $379,151)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.4%)		(1,480	)
NET ASSETS – 100.0%	$	390,138

Notes to Schedule of Investments

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each 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.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

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 as follows:

ŸLevel 1 – Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

ŸLevel 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

ŸLevel 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2012:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	2,152	$	—	$	—
Preferred Stocks		983		134		—
Warrants		—		—		36
Corporate Debt Securities		—		305,952		—
Municipal Bonds		—		1,525		—
Senior Loans		—		48,921		12,359
Short-Term Securities		—		19,556		—
Total	$	3,135	$	376,088	$	12,395
Liabilities
Forward Foreign Currency Contracts	$	—	$	26	$	—

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

	Warrants			Corporate Debt Securities			Senior Loans
Beginning Balance 1–1–12	$	—		$	2,100		$	4,951
Net realized gain (loss)		—			—			69
Net unrealized appreciation (depreciation)		(55	)		—			700
Purchases		—			—			9,027
Sales		—			—			(8,361	)
Transfers into Level 3 during the period		91			—			6,188
Transfers out of Level 3 during the period		—			(2,100	)		(215	)
Ending Balance 9–30–12	$	36		$	—		$	12,359
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9–30–12	$	(55	)	$	—		$	232

Information about Level 3 fair value measurements:

	Fair Value at 9–30–12		Valuation Technique(s)	Unobservable Input(s)
Assets
Warrants	$	36	Third-party vendor pricing service		Vendor quotes
Senior Loans		12,359	Third-party vendor pricing service		Vendor quotes

There were no reoccurring transfers between any levels during the period ended September 30, 2012.

The following forward foreign currency contracts were outstanding at September 30, 2012:

Type	Currency	Counterparty	Principal Amount of Contract (Denominated in Indicated Currency)		Settlement Date		Unrealized Appreciation		Unrealized Depreciation
Sell	Euro	Morgan Stanley International		3,950		10–12–12	$	—	$	26

(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 September 30, 2012, the total value of these securities amounted to $181,621 or 46.6% of net assets.

(C) Warrants entitle the Portfolio to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any.

(D) Payment-in-kind bonds.

(E) Principal amounts are denominated in the indicated foreign currency, where applicable (EUR - Euro).

(F) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012.

(G) Rate shown is the yield to maturity at September 30, 2012.

(H) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012. Date shown represents the date that the variable rate resets.

The  following acronyms are used throughout this schedule:

GTD = Guaranteed

REIT = Real Estate Investment Trust

For Federal income tax purposes, cost of investments owned at September 30, 2012 and the related unrealized appreciation (depreciation) were as follows:
Cost	$	379,151
Gross unrealized appreciation		15,807
Gross unrealized depreciation		(3,340	)
Net unrealized appreciation	$	12,467

SCHEDULE OF INVESTMENTS International Core Equity (in thousands) SEPTEMBER 30, 2012 (UNAUDITED)

COMMON STOCKS	Shares		Value
Argentina – 0.6%
Arcos Dorados Holdings, Inc.		207	$	3,191
Australia – 5.7%
Asciano Limited		1,451		6,578
Myer Holdings Limited		2,608		4,721
Telstra Corporation Limited		3,890		15,817
Toll Holdings Limited		1,209		5,530
				32,646
Canada – 1.2%
Potash Corporation of Saskatchewan Inc.		158		6,878
China – 4.0%
Baidu.com, Inc., ADR (A)		52		6,050
China Pacific Insurance (Group) Co. Ltd., H Shares		2,332		7,053
China Unicom Limited		5,952		9,764
				22,867
France – 10.3%
Cap Gemini S.A.		213		9,001
Compagnie Generale des Etablissements Michelin, Class B		98		7,686
Sanofi-Aventis		150		12,812
Schneider Electric S.A.		123		7,270
Total S.A.		447		22,172
				58,941
Germany – 5.0%
Bayer AG		180		15,422
Dialog Semiconductor plc (A)		309		6,029
Fresenius SE & Co. KGaA (A)		16		1,886
Fresenius SE & Co. KGaA (A)(B)		43		5,042
				28,379
Hong Kong – 3.6%
Cheung Kong (Holdings) Limited		930		13,637
Sun Hung Kai Properties Limited		489		7,164
				20,801
Israel – 1.8%
Bezeq – Israel Telecommunication Corp., Ltd. (The)		2,091		2,428
Teva Pharmaceutical Industries Limited, ADR		191		7,907
				10,335
Italy – 1.2%
Saipem S.p.A.		145		6,950
Japan – 17.1%
Asahi Breweries, Ltd.		272		6,713
Hoya Corporation		453		9,955
Japan Airlines Co., Ltd. (A)(B)		83		3,882
Japan Tobacco Inc.		211		6,332
KONAMI Corporation		216		4,907
Mitsubishi Electric Corporation		881		6,503
Mitsui & Co., Ltd.		579		8,142
Mitsui Fudosan Co., Ltd.		410		8,212
Nissin Kogyo Co., Ltd.		605		7,922
NTT DoCoMo, Inc.		4		6,294
Secom Co., Ltd.		128		6,681
Seven & i Holdings Co., Ltd.		203		6,229
Softbank Corp.		201		8,139
Yahoo Japan Corporation		18		6,918
				96,829

Mexico – 1.4%
America Movil, S.A.B. de C.V.		313		7,954
Netherlands – 5.4%
Fugro N.V.		153		10,429
ING Groep N.V., Certicaaten Van Aandelen (A)		1,036		8,186
Koninklijke Ahold N.V.		978		12,250
				30,865
Norway – 1.2%
Telenor ASA		358		6,978
Singapore – 3.4%
Singapore Telecommunications Limited		3,920		10,221
United Overseas Bank Limited		558		8,935
				19,156
Sweden – 2.4%
Investor AB, B Shares		330		7,265
TeliaSonera AB		871		6,272
				13,537
Switzerland – 1.2%
Swiss Re Ltd		110		7,048
Taiwan – 1.1%
Advanced Semiconductor Engineering, Inc.		8,132		6,270
United Kingdom – 23.8%
AMEC plc		378		7,004
AstraZeneca plc		148		7,065
BAE Systems plc (A)		1,299		6,821
GlaxoSmithKline plc		474		10,928
Imperial Tobacco Group plc		175		6,493
Invensys plc, ADR		2,054		7,763
National Grid plc		632		6,974
Prudential plc		697		9,017
Reckitt Benckiser Group plc		138		7,950
Rio Tinto plc		248		11,563
Royal Dutch Shell plc, Class A		604		20,891
Unilever plc		456		16,593
Vodafone Group plc		2,639		7,489
WPP Group plc		639		8,677
				135,228
United States – 4.1%
Cognizant Technology Solutions Corporation, Class A (A)		150		10,502
InBev NV		75		6,405
Yahoo! Inc. (A)		415		6,635
				23,542
TOTAL COMMON STOCKS – 94.5%			$	538,395
(Cost: $522,542)
SHORT-TERM SECURITIES		Principal
Commercial Paper – 3.6%
BHP Billiton Finance (USA) Limited (GTD by BHP Billiton Limited), 0.180%, 10–2–12 (C)	$	5,000		5,000
Corporacion Andina de Fomento, 0.260%, 10–22–12 (C)		4,000		3,999

GlaxoSmithKline Finance plc (GTD by GlaxoSmithKline plc),
0.180%, 10–4–12 (C)	5,000		5,000
McCormick & Co. Inc., 0.210%, 10–1–12 (C)	3,540		3,540
Novartis Finance Corp., 0.110%, 10–2–12 (C)	3,000		3,000
			20,539
TOTAL SHORT-TERM SECURITIES – 3.6%		$	20,539
(Cost: $20,539)
TOTAL INVESTMENT SECURITIES – 98.1%		$	558,934
(Cost: $543,081)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.9%			10,982
NET ASSETS – 100.0%		$	569,916

Notes to Schedule of Investments

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each 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.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

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 as follows:

• Level 1 – Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

• Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2012:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	32,195	$	—	$	—
Consumer Staples		68,966		—		—
Energy		67,446		—		—
Financials		76,517		—		—
Health Care		61,062		—		—
Industrials		59,169		—		—
Information Technology		66,267		—		—
Materials		18,441		—		—
Telecommunication Services		81,358		—		—
Utilities		6,974		—		—
Total Common Stocks	$	538,395	$	—	$	—
Short-Term Securities		—		20,539		—
Total	$	538,395	$	20,539	$	—
Forward Foreign Currency Contracts	$	—	$	192	$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	143	$	—

There were no transfers between any levels during the period ended September 30, 2012.

The following forward foreign currency contracts were outstanding at September 30, 2012:

Type	Currency	Counterparty	Principal Amount of Contract (Denominated in Indicated Currency)		Settlement Date		Unrealized Appreciation		Unrealized Depreciation
Sell	Australian Dollar	Barclays Capital		21,200		10-22-12	$	192	$	—
Sell	Japanese Yen	Barclays Capital		3,395,000		10-22-12		—		143
							$	192	$	143

(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 September 30, 2012, the total value of these securities amounted to $8,924 or 1.6% of net assets.

(C) Rate shown is the yield to maturity at September 30, 2012.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

GTD = Guaranteed

For Federal income tax purposes, cost of investments owned at September 30, 2012 and the related unrealized appreciation (depreciation) were as follows:
Cost	$	543,081
Gross unrealized appreciation		40,334
Gross unrealized depreciation		(24,481	)
Net unrealized appreciation	$	15,853

SCHEDULE OF INVESTMENTS International Growth (in thousands) SEPTEMBER 30, 2012 (UNAUDITED)

COMMON STOCKS	Shares		Value
Argentina – 0.8%
Arcos Dorados Holdings, Inc.		199	$	3,066
Australia – 6.0%
Coca-Cola Amatil Limited		383		5,387
David Jones Limited		1,669		4,345
Orica Limited		177		4,570
Telstra Corporation Limited		2,349		9,553
				23,855
Canada – 1.0%
Canadian Natural Resources Limited		129		3,986
China – 2.6%
Sands China Ltd.		598		2,234
SINA Corporation (A)		48		3,098
Tingyi Holding Corp.		1,730		5,210
				10,542
France – 13.0%
Cap Gemini S.A.		135		5,722
Compagnie Generale des Etablissements Michelin, Class B		68		5,321
Danone		63		3,896
European Aeronautic Defence and Space Company EADS N.V.		59		1,857
Eutelsat Communications		64		2,052
LVMH Moet Hennessy - Louis Vuitton		38		5,646
Pinault-Printemps-Redoute S.A.		25		3,845
Safran		221		7,934
Sanofi-Aventis		85		7,275
Vinci		200		8,520
				52,068
Germany – 11.0%
adidas AG		54		4,423
Bayer AG		127		10,937
Fresenius SE & Co. KGaA (A)		106		12,341
Fresenius SE & Co. KGaA (A)(B)		11		1,297
Linde AG		48		8,219
MTU Aero Engines Holding AG		85		6,753
				43,970
Hong Kong – 3.4%
Galaxy Entertainment Group Limited (A)(B)		1,556		5,218
Galaxy Entertainment Group Limited, ADR (A)		454		1,522
Yue Yuen Industrial (Holdings) Limited		1,986		6,685
				13,425
India – 3.5%
Housing Development Finance Corporation Limited (A)		140		2,051
Housing Development Finance Corporation Limited (A)(B)		322		4,726
State Bank of India		168		7,148
				13,925
Israel – 1.5%
Teva Pharmaceutical Industries Limited, ADR		143		5,916
Italy – 1.8%
Saipem S.p.A.		153		7,361

Japan – 9.1%
Canon Inc.	97		3,098
JGC Corporation	223		7,444
KONAMI Corporation	132		2,988
Mitsubishi Corporation	307		5,588
Mitsubishi Electric Corporation	439		3,240
Mitsui & Co., Ltd.	207		2,912
Nexon Co., Ltd. (A)	64		880
NEXON Co., Ltd. (A)(B)	142		1,955
Nissin Kogyo Co., Ltd.	297		3,889
ORIX Corporation	43		4,290
			36,284
Luxembourg – 2.0%
Tenaris S.A.	383		7,806
Netherlands – 1.3%
ASML Holding N.V., Ordinary Shares	99		5,302
Norway – 1.8%
Seadrill Limited	189		7,392
Sweden – 2.7%
AB Volvo, Class B (A)	459		6,442
Telefonaktiebolaget LM Ericsson, B Shares	458		4,174
			10,616
Switzerland – 3.4%
Credit Suisse Group AG, Registered Shares	189		4,005
Novartis AG, Registered Shares	102		6,223
Swatch Group Ltd (The), Bearer Shares	9		3,495
			13,723
United Kingdom – 13.5%
ARM Holdings plc, ADR	108		3,018
AstraZeneca plc	166		7,926
British American Tobacco plc	127		6,516
Capita Group plc (The)	189		2,368
Diageo plc	429		12,039
Experian plc	394		6,550
GlaxoSmithKline plc	369		8,511
Petrofac Limited	72		1,864
Prudential plc	415		5,367
			54,159
United States – 12.2%
Apple Inc. (A)	30		19,724
Cognizant Technology Solutions Corporation, Class A (A)	115		8,071
InBev NV	111		9,477
QUALCOMM Incorporated	105		6,561
Schlumberger Limited	69		4,974
			48,807
TOTAL COMMON STOCKS – 90.6%		$	362,203
(Cost: $339,967)
PREFERRED STOCKS
Germany – 2.0%
Volkswagen AG, 2.260% (A)	44		8,083
TOTAL PREFERRED STOCKS – 2.0%		$	8,083
(Cost: $8,439)

SHORT-TERM SECURITIES	Principal
Commercial Paper – 26.0%
Air Products and Chemicals, Inc.,
0.110%, 10–10–12 (C)	$	10,000		10,000
American Honda Finance Corp. (GTD by Honda Motor Co.), 0.140%, 11–15–12 (C)		11,000		10,998
Bank of Nova Scotia, 0.125%, 10–3–12 (C)		10,000		10,000
BHP Billiton Finance (USA) Limited (GTD by BHP Billiton Limited), 0.180%, 10–2–12 (C)		4,000		4,000
Emerson Electric Co., 0.110%, 10–17–12 (C)		9,500		9,499
GlaxoSmithKline Finance plc (GTD by GlaxoSmithKline plc), 0.120%, 10–18–12 (C)		9,000		8,999
Kimberly-Clark Worldwide Inc., 0.100%, 10–4–12 (C)		8,000		8,000
McCormick & Co. Inc., 0.300%, 10–26–12 (C)		2,000		2,000
Novartis Finance Corp., 0.110%, 10–2–12 (C)		3,000		3,000
Praxair, Inc., 0.080%, 10–11–12 (C)		10,000		10,000
Prudential Funding LLC, 0.100%, 10–1–12 (C)		3,773		3,773
United Technologies Corporation, 0.110%, 10–22–12 (C)		5,000		5,000
Wal-Mart Stores, Inc., 0.090%, 10–12–12 (C)		7,650		7,650
Walt Disney Company (The), 0.120%, 11–8–12 (C)		11,000		10,998
				103,917
Master Note – 0.2%
Toyota Motor Credit Corporation, 0.122%, 10–5–12 (D)		656		656
Municipal Obligations – Taxable – 1.0%
City of Whittier, Hlth Fac Rev Bonds (Presbyterian Intercmnty Hosp), Ser 2009 (GTD by U.S. Bank, N.A.), 0.160%, 10–3–12 (D)		3,328		3,328
MS Business Fin Corp, Gulf Opp Zone Indl Dev Rev Bonds (Chevron U.S.A. Inc. Proj), Ser 2007B, 0.190%, 10–1–12 (D)		1,000		1,000
				4,328
TOTAL SHORT-TERM SECURITIES – 27.2%			$	108,901
(Cost: $108,901)
TOTAL INVESTMENT SECURITIES – 119.8%			$	479,187
(Cost: $457,307)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (19.8%)				(79,059	)
NET ASSETS – 100.0%			$	400,128

Notes to Schedule of Investments

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each 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.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

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 as follows:

• Level 1 – Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

• Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2012:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	51,741	$	—	$	—
Consumer Staples		42,524		—		—
Energy		33,383		—		—
Financials		27,588		—		—
Health Care		60,426		—		—
Industrials		59,609		—		—
Information Technology		64,591		—		—
Materials		12,788		—		—
Telecommunication Services		9,553		—		—
Total Common Stocks	$	362,203	$	—	$	—
Preferred Stocks		8,083		—		—
Short-Term Securities		—		108,901		—
Total	$	370,286	$	108,901	$	—
Forward Foreign Currency Contracts	$	—	$	712	$	—
Liabilities
Swap Agreements	$	—	$	127	$	—

There were no transfers between any levels during the period ended September 30, 2012.

The following forward foreign currency contracts were outstanding at September 30, 2012:

Type	Currency	Counterparty	Principal Amount of Contract (Denominated in Indicated Currency)		Settlement Date		Unrealized Appreciation		Unrealized Depreciation
Sell	Euro	Citibank, N.A.		15,950		10–15–12	$	74	$	—
Sell	Japanese Yen	Goldman Sachs International		2,178,000		2–7–13		638		—
							$	712	$	—

The following total return swap agreements were outstanding at September 30, 2012:

Counterparty	Notional Amount	Underlying Security	Termination Date		Financing Fee#			Unrealized Depreciation
UBS AG, London	$2,988	Ping An Insurance (Group) Company of China, Ltd.		10–22–12		USD LIBOR + 0.700	%	$	(127	)

# The Portfolio pays the financing fee multiplied by the notional amount each quarter. On the termination date of the swap contracts, the Portfolio 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 September 30, 2012, the total value of these securities amounted to $13,196 or 3.3% of net assets.

(C) Rate shown is the yield to maturity at September 30, 2012.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012. Date shown represents the date the variable rate resets.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

GTD = Guaranteed

For Federal income tax purposes, cost of investments owned at September 30, 2012 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	457,307
Gross unrealized appreciation		37,237
Gross unrealized depreciation		(15,357	)
Net unrealized appreciation	$	21,880

SCHEDULE OF INVESTMENTS
Limited-Term Bond (in thousands)	SEPTEMBER 30, 2012 (UNAUDITED)

CORPORATE DEBT SECURITIES	Principal		Value
Aerospace & Defense – 2.0%
Bombardier Inc., 7.500%, 3–15–18 (A)	$	2,000	$	2,265
Apparel Retail – 2.1%
Limited Brands, Inc., 8.500%, 6–15–19		2,000		2,410
Apparel, Accessories & Luxury Goods – 0.9%
LVMH Moet Hennessy – Louis Vuitton, 1.625%, 6–29–17 (A)		1,000		1,009
Automobile Manufacturers – 1.8%
Nissan Motor Acceptance Corporation, 1.950%, 9–12–17 (A)		1,000		1,009
Volkswagen International Finance N.V., 2.375%, 3–22–17 (A)		1,000		1,039
				2,048
Banking – 0.9%
Commonwealth Bank of Australia New York, 1.950%, 3–16–15		1,000		1,022
Biotechnology – 0.9%
Amgen Inc., 2.125%, 5–15–17		1,000		1,033
Brewers – 2.2%
Anheuser–Busch InBev Worldwide Inc., 1.375%, 7–15–17		1,000		1,012
SABMiller Holdings Inc., 1.850%, 1–15–15 (A)		1,500		1,536
				2,548
Cable & Satellite – 3.5%
Comcast Corporation, 4.950%, 6–15–16		1,000		1,135
DIRECTV Holdings LLC, 2.400%, 3–15–17		1,000		1,027
Time Warner Cable Inc., 6.750%, 7–1–18		1,562		1,964
				4,126
Coal & Consumable Fuels – 1.0%
Joy Global Inc., 6.000%, 11–15–16		1,000		1,153
Computer & Electronics Retail – 0.9%
Best Buy Co., Inc., 7.000%, 7–15–13		1,000		1,030
Consumer Finance – 3.5%
American Honda Finance Corp., 1.500%, 9–11–17 (A)		1,000		1,004
Ford Motor Credit Company LLC, 3.875%, 1–15–15		1,000		1,045
Penske Truck Leasing Co., LP and PTL Finance Corp., 3.125%, 5–11–15 (A)		2,000		2,047
				4,096
Data Processing & Outsourced Services – 1.0%
Fidelity National Financial, Inc., 6.600%, 5–15–17		1,000		1,119
Distillers & Vintners – 2.4%
Beam Inc., 1.875%, 5–15–17		1,500		1,533

Diageo Capital plc, 5.750%, 10–23–17	1,000	1,221
		2,754
Diversified Banks – 4.1%
Barclays Bank plc, 2.375%, 1–13–14	1,500	1,524
HSBC Bank plc, 3.100%, 5–24–16 (A)	1,000	1,054
U.S. Bancorp, 2.200%, 11–15–16	1,000	1,050
Wells Fargo & Company, 3.676%, 6–15–16 (B)	1,000	1,089
		4,717
Diversified Chemicals – 1.0%
Dow Chemical Company (The), 5.900%, 2–15–15	1,000	1,114
Diversified Metals & Mining – 3.3%
BHP Billiton Finance (USA) Limited, 7.250%, 3-1-16	1,000	1,202
BHP Billiton plc and BHP Billiton Limited, 5.250%, 12-15-15	1,000	1,138
Rio Tinto Finance (USA) Limited, 2.250%, 9-20-16	1,500	1,555
		3,895
Electric Utilities – 1.7%
Great Plains Energy Incorporated, 2.750%, 8-15-13	1,000	1,014
National Rural Utilities Cooperative Finance Corporation, 1.900%, 11-1-15	1,000	1,032
		2,046
Electronic Manufacturing Services – 2.0%
Jabil Circuit, Inc., 7.750%, 7-15-16	2,000	2,315
Environmental & Facilities Services – 2.0%
Republic Services, Inc., 3.800%, 5-15-18	1,000	1,112
Waste Management, Inc., 6.100%, 3-15-18	1,000	1,201
		2,313
Forest Products – 2.1%
Georgia-Pacific, LLC, 8.250%, 5-1-16 (A)	2,250	2,421
Health Care Services – 1.8%
Medco Health Solutions, Inc., 2.750%, 9-15-15	1,000	1,046
Quest Diagnostics Incorporated, 3.200%, 4-1-16	1,000	1,060
		2,106
Health Care Supplies – 0.9%
DENTSPLY International Inc., 2.750%, 8-15-16	1,000	1,031
Independent Finance – 0.9%
John Deere Capital Corporation, 1.200%, 10-10-17	1,000	1,005
Industrial Conglomerates – 0.9%
General Electric Capital Corporation, 2.950%, 5-9-16	1,000	1,058
Integrated Telecommunication Services – 0.9%
Deutsche Telekom International Finance B.V., 4.875%, 7-8-14	1,000	1,064

Investment Banking & Brokerage – 1.8%
Goldman Sachs Group, Inc. (The), 3.625%, 2–7–16	1,000	1,055
Morgan Stanley, 4.100%, 1–26–15	1,000	1,036
		2,091
Leisure Products – 0.9%
Mattel, Inc., 2.500%, 11–1–16	1,000	1,045
Life & Health Insurance – 2.3%
Metropolitan Life Global Funding I, 2.500%, 9–29–15 (A)	1,500	1,562
Prudential Financial, Inc., 4.750%, 9–17–15	1,000	1,101
		2,663
Multi-Utilities – 0.9%
Dominion Resources, Inc., Ser A, 1.400%, 9–15–17	1,000	1,003
Office Electronics – 1.0%
Xerox Corporation, 6.350%, 5–15–18	1,000	1,174
Oil & Gas Equipment & Services – 2.2%
Schlumberger S.A. (GTD by Schlumberger Limited), 1.950%, 9–14–16 (A)	1,000	1,033
Transocean Inc., 2.500%, 10–15–17	1,500	1,509
		2,542
Oil & Gas Exploration & Production – 1.0%
Petrohawk Energy Corporation, 7.250%, 8–15–18	1,000	1,136
Oil & Gas Storage & Transportation – 2.2%
DCP Midstream Operating, LP, 3.250%, 10–1–15	1,500	1,541
Sunoco Logistics Partners Operations L.P., 8.750%, 2–15–14	1,000	1,091
		2,632
Other Diversified Financial Services – 2.8%
Bank of America Corporation, 5.650%, 5–1–18	1,000	1,141
ING Bank NV, 2.375%, 6–9–14 (A)	1,000	1,005
JPMorgan Chase & Co., 3.150%, 7–5–16	1,000	1,058
		3,204
Packaged Foods & Meats – 0.9%
Kraft Foods Inc., 4.125%, 2–9–16	1,000	1,098
Restaurants – 1.0%
YUM! Brands, Inc., 6.250%, 3–15–18	1,000	1,213
Retail Stores – 1.8%
Dollar General Corporation, 4.125%, 7–15–17	2,000	2,090
Semiconductors – 0.9%
Broadcom Corporation, 2.700%, 11–1–18	1,000	1,072
Systems Software – 0.9%
CA, Inc., 6.125%, 12–1–14	1,000	1,098
Wireless Telecommunication Service – 2.9%
America Movil, S.A.B. de C.V., 2.375%, 9–8–16	1,000	1,041
American Tower Corporation: 4.625%, 4–1–15	1,000	1,077
5.900%, 11–1–21	1,000	1,187
		3,305

TOTAL CORPORATE DEBT SECURITIES – 68.2%		$	79,064
(Cost: $76,647)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Agency Obligations – 0.9%
Federal National Mortgage Association, 2.000%, 12–30–15	1,000		1,050
Mortgage–Backed Obligations – 24.8%
Federal Home Loan Mortgage Corporation Agency REMIC/CMO, 2.500%, 12–15–41	2,851		2,933
Federal Home Loan Mortgage Corporation Fixed Rate Participation Certificates, 4.500%, 10–1–20	939		1,009
Federal National Mortgage Association, 3.680%, 2–1–21	2,117		2,281
Federal National Mortgage Association Agency REMIC/CMO: 2.000%, 4–25–39	1,991		2,012
4.000%, 5–25–39	800		859
3.000%, 11–25–39	1,163		1,203
2.500%, 9–20–40	2,844		2,960
Federal National Mortgage Association Fixed Rate Pass-Through Certificates: 5.000%, 12–1–19	636		693
5.500%, 10–1–21	2,468		2,698
5.500%, 11–1–22	923		1,009
5.000%, 4–1–24	717		794
4.000%, 12–1–31	5,509		5,979
5.000%, 9–1–33	1,306		1,434
Government National Mortgage Association Agency REMIC/CMO, 2.000%, 3–16–42	2,863		2,917
			28,781
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 25.7%		$	29,831
(Cost: $29,255)
SHORT-TERM SECURITIES
Commercial Paper – 6.1%
Heinz (H.J.) Finance Co. (GTD by Heinz (H.J.) Co.), 0.290%, 10–25–12 (C)	3,000		2,999
John Deere Financial Limited (GTD by John Deere Capital Corporation), 0.150%, 10–15–12 (C)	4,000		4,000
			6,999
Master Note – 0.3%
Toyota Motor Credit Corporation, 0.122%, 10–5–12 (D)	385		385
TOTAL SHORT-TERM SECURITIES – 6.4%		$	7,384
(Cost: $7,384)
TOTAL INVESTMENT SECURITIES – 100.3%		$	116,279
(Cost: $113,286)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.3%)			(324	)
NET ASSETS – 100.0%		$	115,955

Notes to Schedule of Investments

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each 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.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

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 as follows:

ŸLevel 1 – Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

ŸLevel 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

ŸLevel 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following tables summarize the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2012:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Corporate Debt Securities	$	—	$	79,064	$	—
United States Government Agency Obligations		—		29,831		—
Short-Term Securities		—		7,384		—
Total	$	—	$	116,279	$	—

There were no transfers between any levels during the period ended September 30, 2012.

(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 September 30, 2012, the total value of these securities amounted to $16,984 or 14.6% of net assets.

(B) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012.

(C) Rate shown is the yield to maturity at September 30, 2012.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012. Date shown represents the date that the variable rate resets.

The following acronyms are used throughout this schedule:

CMO = Collateralized Mortgage Obligation

GTD = Guaranteed

REMIC = Real Estate Mortgage Investment Conduit

For Federal income tax purposes, cost of investments owned at September 30, 2012 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	113,286
Gross unrealized appreciation		3,090
Gross unrealized depreciation		(97	)
Net unrealized appreciation	$	2,993

SCHEDULE OF INVESTMENTS Micro Cap Growth (in thousands) SEPTEMBER 30, 2012 (UNAUDITED)

COMMON STOCKS	Shares		Value
Advertising – 0.3%
Acquity Group Ltd, ADR (A)		18	$	174
Aerospace & Defense – 0.5%
KEYW Holding Corporation (A)		20		248
Air Freight & Logistics – 0.6%
Pacer International, Inc. (A)		80		318
Alternative Carriers – 0.8%
inContact, Inc. (A)		59		383
Apparel Retail – 1.4%
bebe stores, inc.		11		51
Francesca’s Holdings Corporation (A)		20		618
Tilly’s, Class A (A)		4		64
				733
Apparel, Accessories & Luxury Goods – 1.7%
Movado Group, Inc.		26		860
Application Software – 5.2%
Callidus Software Inc. (A)		115		566
Ellie Mae, Inc. (A)		9		240
Exa Corporation (A)		22		239
Kenexa Corporation (A)		20		903
NetQin Mobile Inc., ADR (A)		31		249
Tangoe, Inc. (A)		34		446
				2,643
Asset Management & Custody Banks – 0.7%
Internet Capital Group, Inc. (A)		36		367
Auto Parts & Equipment – 0.9%
Amerigon Incorporated (A)		37		463
Automotive Retail – 0.8%
America’s Car-Mart, Inc. (A)		9		427
Biotechnology – 4.7%
Achillion Pharmaceuticals, Inc. (A)		74		772
ArQule, Inc. (A)		28		144
Clovis Oncology, Inc. (A)		31		634
NewLink Genetics Corporation (A)		26		424
Synergy Pharmaceuticals Inc. (A)		88		423
				2,397
Building Products – 0.8%
Builders FirstSource, Inc. (A)		75		391
Casinos & Gaming – 1.4%
Multimedia Games Holding Company, Inc. (A)		45		702
Commercial Printing – 1.8%
InnerWorkings, Inc. (A)		72		932
Communications Equipment – 3.3%
Ixia (A)		40		640
Procera Networks, Inc. (A)		45		1,048
				1,688
Computer Storage & Peripherals – 0.6%
Datalink Corporation (A)		39		325

Construction & Farm Machinery & Heavy Trucks – 2.1%
Commercial Vehicle Group, Inc. (A)	31	226
The Greenbrier Companies, Inc. (A)	23	376
Wabash National Corporation (A)	67	477
		1,079
Consumer Finance – 1.9%
NetSpend Holdings, Inc. (A)	45	437
Regional Management Corp. (A)	30	519
		956
Data Processing & Outsourced Services – 1.0%
Global Cash Access, Inc. (A)	60	486
Electronic Equipment & Instruments – 1.2%
FARO Technologies, Inc. (A)	15	628
Electronic Manufacturing Services – 0.5%
Fabrinet (A)	21	243
Food Distributors – 0.8%
Chefs’ Warehouse Holdings, LLC (The) (A)	24	387
Food Retail – 1.0%
Natural Grocers by Vitamin Cottage, Inc. (A)	25	546
General Merchandise Stores – 1.2%
Gordmans Stores, Inc. (A)	32	592
Health Care Equipment – 1.9%
ABIOMED, Inc. (A)	29	609
Rockwell Medical, Inc. (A)	43	352
		961
Health Care Supplies – 6.4%
Quidel Corporation (A)	54	1,013
Spectranetics Corporation (The) (A)	103	1,516
STAAR Surgical Company (A)	52	395
Synergetics USA, Inc. (A)	63	312
		3,236
Health Care Technology – 3.1%
Greenway Medical Technologies, Inc. (A)	18	301
HealthStream, Inc. (A)	27	774
Vocera Communications, Inc. (A)	16	507
		1,582
Homebuilding – 1.3%
M/I Homes, Inc. (A)	34	650
Homefurnishing Retail – 0.6%
Kirkland’s, Inc. (A)	30	299
Human Resource & Employment Services – 2.9%
On Assignment, Inc. (A)	50	994
WageWorks, Inc. (A)	27	462
		1,456

Internet Software & Services – 11.0%
Bazaarvoice, Inc. (A)	23	341
Boingo Wireless, Inc. (A)	35	279
Brightcove Inc. (A)	29	338
Envestnet, Inc. (A)	35	413
Liquidity Services, Inc. (A)	10	513
Millennial Media Inc. (A)	13	189
Responsys, Inc. (A)	19	189
SciQuest, Inc. (A)	27	491
SPS Commerce, Inc. (A)	31	1,197
Trulia, Inc. (A)	12	263
Vocus, Inc. (A)	22	439
Web.com Group, Inc. (A)	25	445
Zillow, Inc. (A)	13	541
		5,638
IT Consulting & Other Services – 1.8%
InterXion Holding N.V. (A)	24	547
Virtusa Corporation (A)	20	361
		908
Leisure Facilities – 0.8%
Town Sports International Holdings, Inc. (A)	32	391
Leisure Products – 1.9%
Arctic Cat Inc. (A)	16	663
Black Diamond, Inc. (A)	36	317
		980
Managed Health Care – 0.8%
Molina Healthcare, Inc. (A)	16	404
Movies & Entertainment – 1.2%
Rentrak Corporation (A)	36	613
Oil & Gas Drilling – 0.9%
Pioneer Drilling Company (A)	58	450
Oil & Gas Equipment & Services – 1.8%
Basic Energy Services, Inc. (A)	33	371
RigNet, Inc. (A)	29	535
		906
Oil & Gas Exploration & Production – 1.8%
Callon Petroleum Company (A)	104	640
Triangle Petroleum Corporation (A)	44	313
		953
Packaged Foods & Meats – 0.4%
Inventure Foods, Inc. (A)	35	198
Pharmaceuticals – 4.2%
NuPathe Inc. (A)	37	132
Obagi Medical Products, Inc. (A)	51	633
Omeros Corporation (A)	51	477
Pacira Pharmaceuticals, Inc. (A)	53	918
		2,160
Research & Consulting Services – 0.7%
Mistras Group, Inc. (A)	14	332
Restaurants – 4.4%
Bravo Brio Restaurant Group, Inc. (A)	19	271
Caribou Coffee Company, Inc. (A)	30	413
Chuy’s Holdings, Inc. (A)	25	610
Fiesta Restaurant Group, Inc. (A)	28	451
Red Robin Gourmet Burgers, Inc. (A)	14	468
		2,213
Semiconductor Equipment – 1.3%
CVD Equipment Corporation (A)	29	280
Nanometrics Incorporated (A)	26	364
		644

Semiconductors – 2.0%
BCD Semiconductor Manufacturing Limited, ADR (A)		34		123
ChipMOS TECHNOLOGIES (Bermuda) LTD. (A)		18		279
MagnaChip Semiconductor Corporation (A)		23		271
RDA Microelectronics, Inc., ADR		32		335
				1,008
Specialty Chemicals – 1.1%
ADA-ES, Inc. (A)		24		571
Steel – 0.8%
Universal Stainless & Alloy Products, Inc. (A)		11		398
Systems Software – 3.5%
Allot Communications Ltd. (A)		23		597
Imperva, Inc. (A)		11		392
Infolox Inc. (A)		23		537
Proofpoint, Inc. (A)		16		241
				1,767
Trading Companies & Distributors – 2.3%
DXP Enterprises, Inc. (A)		24		1,146
Trucking – 3.7%
Celadon Group, Inc.		47		762
Marten Transport, Ltd.		28		494
Roadrunner Transportation Systems, Inc. (A)		27		442
Vitran Corporation Inc., Class A (A)		38		223
				1,921
TOTAL COMMON STOCKS – 97.8%			$	49,753
(Cost: $39,783)
SHORT-TERM SECURITIES		Principal
Master Note – 2.3%
Toyota Motor Credit Corporation,
0.122%, 10-5-12 (B)	$	1,180		1,180
TOTAL SHORT-TERM SECURITIES – 2.3%			$	1,180
(Cost: $1,180)
TOTAL INVESTMENT SECURITIES – 100.1%			$	50,933
(Cost: $40,963)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.1%)				(33	)
NET ASSETS – 100.0%			$	50,900

Notes to Schedule of Investments

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each 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.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

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 as follows:

ŸLevel 1 – Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

ŸLevel 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

ŸLevel 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2012:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	49,753	$	—	$	—
Short-Term Securities		—		1,180		—
Total	$	49,753	$	1,180	$	—

There were no transfers between any levels during the period ended September 30, 2012.

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

(B) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012. 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 September 30, 2012 and the related unrealized appreciation (depreciation) were as follows:
Cost	$	40,963
Gross unrealized appreciation		12,444
Gross unrealized depreciation		(2,474	)
Net unrealized appreciation	$	9,970

SCHEDULE OF INVESTMENTS Mid Cap Growth (in thousands) SEPTEMBER 30, 2012 (UNAUDITED)

COMMON STOCKS	Shares		Value
Air Freight & Logistics – 1.4%
Expeditors International of Washington, Inc.		88	$	3,200
Apparel, Accessories & Luxury Goods – 3.9%
Burberry Group plc (A)		122		1,979
Michael Kors Holdings Limited (B)		44		2,340
Under Armour, Inc., Class A (B)(C)		84		4,662
				8,981
Application Software – 3.7%
ANSYS, Inc. (B)		51		3,751
Solera Holdings, Inc.		75		3,299
Ultimate Software Group, Inc. (The) (B)		16		1,593
				8,643
Asset Management & Custody Banks – 2.7%
Northern Trust Corporation		112		5,211
Oaktree Capital Group, LLC		30		1,248
				6,459
Automotive Retail – 2.5%
CarMax, Inc. (B)		212		5,991
Brewers – 1.0%
Boston Beer Company, Inc. (The), Class A (B)		21		2,396
Broadcasting – 0.6%
Discovery Holding Company, Class A (B)		25		1,512
Building Products – 2.3%
Fortune Brands Home & Security, Inc. (B)(C)		199		5,386
Communications Equipment – 3.7%
Aruba Networks, Inc. (B)		166		3,726
F5 Networks, Inc. (B)		29		3,078
Riverbed Technology, Inc. (B)		76		1,764
Ubiquiti Networks, Inc. (B)		19		221
				8,789
Construction Materials – 1.8%
Martin Marietta Materials, Inc. (C)		52		4,309
Consumer Electronics – 2.5%
Harman International Industries, Incorporated		96		4,417
Skullcandy, Inc. (B)		113		1,547
				5,964
Data Processing & Outsourced Services – 4.1%
Fiserv, Inc. (B)		64		4,719
Vantiv, Inc., Class A (B)		232		4,999
				9,718
Department Stores – 1.4%
Nordstrom, Inc.		61		3,388
Distillers & Vintners – 1.0%
Brown-Forman Corporation, Class B		36		2,317
Distributors – 1.5%
LKQ Corporation (B)		188		3,480
Electrical Components & Equipment – 3.4%
Acuity Brands, Inc.		27		1,712
Polypore International, Inc. (B)		117		4,127
Roper Industries, Inc.		21		2,308
				8,147

Electronic Manufacturing Services – 1.9%
Trimble Navigation Limited (B)	95	4,511
Environmental & Facilities Services – 1.2%
Stericycle, Inc. (B)	32	2,851
Fertilizers & Agricultural Chemicals – 0.5%
Scotts Miracle-Gro Company (The)	27	1,165
Food Retail – 1.3%
Whole Foods Market, Inc.	33	3,175
Health Care Distributors – 1.9%
Henry Schein, Inc. (B)	56	4,443
Health Care Equipment – 6.9%
IDEXX Laboratories, Inc. (B)	24	2,335
Intuitive Surgical, Inc. (B)	5	2,230
St. Jude Medical, Inc.	68	2,877
Varian Medical Systems, Inc. (B)	99	5,993
Zimmer Holdings, Inc.	45	3,053
		16,488
Homefurnishing Retail – 0.2%
Williams-Sonoma, Inc.	13	585
Hotels, Resorts & Cruise Lines – 1.9%
Wyndham Worldwide Corporation	87	4,568
Household Products – 1.1%
Church & Dwight Co., Inc.	46	2,508
Industrial Gases – 0.5%
Airgas, Inc.	14	1,185
Industrial Machinery – 4.3%
IDEX Corporation	104	4,348
Pall Corporation	91	5,758
		10,106
Internet Software & Services – 1.2%
DealerTrack Holdings, Inc. (B)	58	1,615
Zillow, Inc. (B)	27	1,156
		2,771
Investment Banking & Brokerage – 1.8%
Greenhill & Co., Inc.	83	4,293
IT Consulting & Other Services – 1.8%
Teradata Corporation (B)	55	4,166
Life Sciences Tools & Services – 2.4%
Agilent Technologies, Inc.	62	2,376
Mettler-Toledo International Inc. (B)	19	3,270
		5,646
Oil & Gas Drilling – 1.1%
Patterson-UTI Energy, Inc.	160	2,533
Oil & Gas Equipment & Services – 2.5%
Dresser-Rand Group Inc. (B)	57	3,163
Dril-Quip, Inc. (B)	39	2,796
		5,959

Oil & Gas Exploration & Production – 3.0%
Cabot Oil & Gas Corporation		40		1,780
Continental Resources, Inc. (B)		37		2,861
Ultra Petroleum Corp. (B)		110		2,409
				7,050
Packaged Foods & Meats – 1.1%
Mead Johnson Nutrition Company		36		2,638
Real Estate Services – 1.4%
CB Richard Ellis Group, Inc. (B)		184		3,386
Regional Banks – 4.7%
First Republic Bank		130		4,494
Signature Bank (B)		70		4,702
UMB Financial Corporation		36		1,750
				10,946
Restaurants – 1.5%
Dunkin’ Brands Group, Inc.		118		3,442
Semiconductor Equipment – 1.5%
Lam Research Corporation (B)		113		3,582
Semiconductors – 4.4%
ARM Holdings plc, ADR		86		2,406
Cavium Inc. (B)		98		3,281
Microchip Technology Incorporated		150		4,901
				10,588
Specialty Stores – 3.5%
PetSmart, Inc.		55		3,815
Ulta Salon, Cosmetics & Fragrance, Inc.		45		4,290
				8,105
Systems Software – 1.2%
Red Hat, Inc. (B)		21		1,170
ServiceNow, Inc. (B)		41		1,592
				2,762
Trading Companies & Distributors – 2.0%
Fastenal Company		109		4,695
TOTAL COMMON STOCKS – 94.3%			$	222,827
(Cost: $197,057)
SHORT-TERM SECURITIES	Principal
Commercial Paper – 1.2%
Wal-Mart Stores, Inc., 0.110%, 10–22–12 (D)	$	3,000		3,000
Master Note – 4.7%
Toyota Motor Credit Corporation, 0.122%, 10–5–12 (E)		10,990		10,990
TOTAL SHORT-TERM SECURITIES – 5.9%			$	13,990
(Cost: $13,990)
TOTAL INVESTMENT SECURITIES – 100.2%			$	236,817
(Cost: $211,047)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.2%)				(523	)
NET ASSETS – 100.0%			$236,294

Notes to Schedule of Investments

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each 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.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

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 as follows:

• Level 1 – Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

• Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2012:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	222,827	$	—	$	—
Short-Term Securities		—		13,990		—
Total	$	222,827	$	13,990	$	—
Liabilities
Written Options	$	—	$	989	$	—

There were no transfers between any levels during the period ended September 30, 2012.

The following written options were outstanding at September 30, 2012 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type		Number of Contracts		Expiration Month		Exercise Price		Premium Received		Market Value
Fortune Brands Home & Security, Inc.	Citibank, N.A.		Call		524		October 2012	$	24.00	$	127	$	(164	)
Martin Marietta Materials, Inc.	Deutsche Bank AG		Call		230		October 2012		86.00		208		(34	)
Ubiquiti Networks, Inc.	UBS Securities LLC		Put		155		October 2012		29.00		268		(268	)
	Morgan Stanley Smith Barney LLC		Put		286		October 2012		30.00		530		(523	)
										$	1,133	$	(989	)

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

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

(C) All or a portion of the security position is held in collateralized accounts for OTC derivatives collateral as governed by International Swaps and Derivatives Association, Inc. Master Agreements.

(D) Rate shown is the yield to maturity at September 30, 2012.

(E) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012. Date shown represents the date that the variable rate resets.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

OTC = Over the Counter

For Federal income tax purposes, cost of investments owned at September 30, 2012 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	211,047
Gross unrealized appreciation		35,208
Gross unrealized depreciation		(9,438	)
Net unrealized appreciation	$	25,770

SCHEDULE OF INVESTMENTS Money Market (in thousands) SEPTEMBER 30, 2012 (UNAUDITED)

CORPORATE OBLIGATIONS	Principal		Value
Certificate Of Deposit
Banco del Estado de Chile:
0.980%, 7–19–13	$	4,500	$	4,500
0.800%, 9–10–13		3,085		3,085
Total Certificate Of Deposit – 3.2%				7,585
Commercial Paper
BHP Billiton Finance (USA) Limited (GTD by BHP Billiton Limited):
0.180%, 10–2–12 (A)		1,000		1,000
0.190%, 11–13–12 (A)		2,800		2,799
Chicago Midway Intl Arpt, 2003 Program, Ser C (GTD by JPMorgan Chase & Co.),
0.220%, 11–14–12 (A)		2,251		2,251
Coca–Cola Company (The):
0.220%, 11–19–12 (A)		1,090		1,090
0.200%, 1–10–13 (A)		1,500		1,499
0.250%, 1–15–13 (A)		2,331		2,329
0.240%, 3–1–13 (A)		2,300		2,298
Corporacion Andina de Fomento:
0.390%, 10–4–12 (A)		3,000		3,000
0.260%, 10–22–12 (A)		1,800		1,800
0.350%, 12–4–12 (A)		1,300		1,299
0.800%, 5–28–13 (A)		5,000		4,973
Danaher Corporation:
0.160%, 10–15–12 (A)		1,100		1,100
0.160%, 10–22–12 (A)		5,500		5,499
GlaxoSmithKline Finance plc (GTD by GlaxoSmithKline plc),
0.180%, 10–4–12 (A)		803		803
Kroger Co. (The),
0.390%, 10–1–12 (A)		1,040		1,040
L’Air Liquide S.A.:
0.180%, 10–1–12 (A)		7,100		7,100
0.160%, 10–12–12 (A)		2,669		2,669
0.180%, 10–15–12 (A)		1,000		1,000
Muni Elec Auth GA, Gen Resolution Proj Bond Anticipation Notes, Ser B (Taxable), (GTD by Wells Fargo Bank, N.A.),
0.180%, 10–4–12 (A)		7,270		7,270
Muni Impvt Corp of Los Angeles, Lease Rev (GTD by JPMorgan Chase & Co.),
0.200%, 11–5–12 (A)		1,000		1,000
River Fuel Funding Company #3, Inc. (GTD by Bank of Nova Scotia),
0.180%, 10–31–12 (A)		4,633		4,632
River Fuel Trust #1 (GTD by Bank of Nova Scotia):
0.230%, 10–2–12 (A)		4,900		4,900
0.240%, 10–31–12 (A)		2,000		2,000
Unilever Capital Corporation,
0.450%, 1–17–13 (A)		1,400		1,398
Wisconsin Electric Power Co.:
0.230%, 10–4–12 (A)		9,300		9,300
0.210%, 10–11–12 (A)		2,375		2,375
Total Commercial Paper – 32.6%				76,424
Notes
American Honda Finance Corp. (GTD by Honda Motor Co.):
0.510%, 11–2–12 (B)		3,300		3,300
0.660%, 12–7–12 (B)		3,400		3,400
Banco del Estado de Chile,
0.990%, 12–24–12 (B)		4,000		4,000

Bank of Nova Scotia,
0.700%, 10–19–12 (B)	1,700		1,703
BellSouth Corporation (GTD by AT&T Inc.),
3.950%, 4–26–13 (B)	7,000		7,128
Caterpillar Inc.,
0.530%, 11–21–12 (B)	2,200		2,201
General Electric Capital Corporation:
5.250%, 10–19–12	6,850		6,865
2.800%, 1–8–13	1,250		1,258
5.450%, 1–15–13	1,800		1,826
General Electric Company,
5.000%, 2–1–13	275		279
IBM International Group Capital LLC (GTD by International Business Machines Corporation),
0.710%, 11–26–12 (B)	1,500		1,500
Kimberly–Clark Corporation,
4.028%, 12–19–12	6,100		6,148
The Academy of the New Church, Var Rate Demand Bonds, Ser 2008 (GTD by Wachovia Bank, N.A.),
0.210%, 10–4–12 (B)	2,335		2,335
Toyota Motor Credit Corporation:
0.650%, 10–24–12 (B)	1,700		1,700
0.590%, 12–17–12 (B)	6,100		6,100
Trap Rock Industries, Inc., Var Demand Bonds, Ser 2005 (GTD by Wachovia Bank, N.A.),
0.210%, 10–4–12 (B)	1,242		1,242
Wachovia Corporation, (GTD by Wells Fargo Bank, N.A.),
5.500%, 5–1–13	3,000		3,087
Total Notes – 23.1%			54,072
TOTAL CORPORATE OBLIGATIONS – 58.9%		$	138,081
(Cost: $138,081)
MUNICIPAL OBLIGATIONS
Arizona – 0.8%
The Indl Dev Auth of Phoenix, AZ, Adj Mode Multifam Hsng Rev Rfdg Bonds (Paradise Lakes Apt Proj), Ser 2007A (GTD by Wachovia Bank, N.A.), 0.190%, 10–4–12 (B)	1,817		1,817
California – 10.2%
CA Hlth Fac Fin Auth, Var Rate Hosp Rev Bonds (Adventist Hlth Sys/West), Ser 1998B (GTD by Bank of America, N.A.), 0.170%, 10–1–12 (B)	1,300		1,300
CA Infra and Econ Dev Bank, Var Rate Demand Rfdg Rev Bonds (Los Angeles Cnty Museum of Natural History Fndtn), Ser 2008A (GTD by Wells Fargo Bank, N.A.), 0.160%, 10–1–12 (B)	1,900		1,900
CA Muni Fin Auth, Recovery Zone Fac Bonds (Chevron U.S.A. Inc. Proj), Ser 2010C (GTD by Chevron Corporation), 0.190%, 10–1–12 (B)	2,914		2,914

CA Pollutn Ctl Fin Auth, Pollutn Ctl Rfdg Rev Bonds (Pacific Gas and Elec Co), Ser C (GTD by JPMorgan Chase Bank, N.A.),
0.200%, 10–1–12 (B)	5,077	5,077
CA Statewide Cmnty Dev Auth, Multifam Hsng Rev Bonds (The Crossings Sr Apts/Phase I), Ser 2005 I (GTD by United States Government),
0.170%, 10–4–12 (B)	5,200	5,200
CA Statewide Cmnty Dev Auth, Multifam Hsng Rev Bonds (Wyndover Apts), Ser 2004 LL (GTD by United States Government),
0.170%, 10–4–12 (B)	2,210	2,210
City of Whittier, Hlth Fac Rev Bonds (Presbyterian Intercmnty Hosp), Ser 2009 (GTD by U.S. Bank, N.A.):
0.150%, 10–3–12 (B)	1,395	1,395
0.160%, 10–3–12 (B)	400	400
Irvine Unif Sch Dist, Cmnty Fac Dist No. 09–1, Adj Rate Spl Tax Bonds, Ser 2012 A (GTD by U.S. Bank,N.A.),
0.170%, 10–1–12 (B)	3,000	3,000
Santa Clara Cnty Fin Auth, Var Rate Rev Bonds, El Camino Hosp, Ser 2009A (GTD by Wells Fargo Bank, N.A.),
0.170%, 10–3–12 (B)	500	500
		23,896
Colorado – 3.6%
Castle Rock, CO, Cert of Part, Ser 2008 (GTD by Wells Fargo Bank, N.A.),
0.240%, 10–3–12 (B)	4,220	4,220
CO Hsng and Fin Auth, Multifam Hsng Rev Bonds (Greentree Vlg Apts Proj), Ser 2007 (GTD by U.S. Bank, N.A.),
0.200%, 10–4–12 (B)	1,895	1,895
Exempla Gen Impvt Dist of Lafayette, CO, Spl Impvt Dist No. 02–01, Spl Assmt Rev Rfdg and Impvt Bonds, Ser 2002 (GTD by Wells Fargo Bank, N.A.),
0.190%, 10–4–12 (B)	250	250
Sheridan Redev Agy CO Tax, Var Rfdg S Santa Fe Dr Corridor Redev PJ-Ser A-1 (GTD by JPMorgan Chase & Co.):
0.270%, 10–4–12 (B)	1,500	1,500
0.500%, 10–4–12 (B)	550	550
		8,415
Georgia – 2.2%
Bartow, GA Dev Auth Pollutn Ctl Rev Bonds (GA Power Co Plant Proj), First Ser 1997,
0.240%, 10–1–12 (B)	3,000	3,000
Dev Auth of Monroe Cty, Pollutn Ctl Rev Bonds (GAPower Co Plant Scherer Proj), First Ser 2008 (GTD by Georgia Power Company),
0.240%, 10–1–12 (B)	2,275	2,275
Dev Auth of Talbot Cnty, Incr Indl Dev Rev Bonds (Junction City Mining Co, LLC Proj), Ser 2000 (GTD by Wachovia Bank, N.A.),
0.260%, 10–4–12 (B)	25	25
		5,300
Illinois – 1.1%
Elmhurst, IL, Adj Demand Rev Bonds, Joint Comsn on Accred of Hltcare Org (GTD by JPMorgan Chase Bank, N.A.),
0.180%, 10–4–12 (B)	730	730
IL Fin Auth, Var Rate Demand Rev Bonds (Provena Health), Ser 2009B (GTD by JPMorgan Chase & Co.),
0.200%, 10–1–12 (B)	1,055	1,055

IL Fin Auth, Var Rate Demand Rev Bonds (The Univ of Chicago Med Ctr), Ser D (GTD by JPMorgan Chase & Co.),
0.190%, 10–1–12 (B)	790	790
		2,575
Iowa – 0.5%
IA Fin Auth, Var Rate Demand Hlth Fac Rev Bonds (Great River Med Ctr Proj), Ser 2008 (GTD by Great River Medical Center),
0.180%, 9–25–12 (B)	1,170	1,170
Louisiana – 1.4%
LA Pub Fac Auth, Rev Bonds (Air Products and Chemicals Proj), Ser 2009A (GTD by Air Products and Chemicals, Inc.),
0.170%, 10–3–12 (B)	2,350	2,350
Parish of St. Bernard, LA, Exempt Fac Rev Bonds (Mobil Oil Corp Proj), Ser 1996 (GTD by Exxon Mobil Corporation),
0.210%, 10–1–12 (B)	1,000	1,000
		3,350
Maryland – 0.2%
MD Hlth and Higher Edu Fac Auth Rev Bonds, Anne Arundel Hlth Sys Issue, Ser 2009A (GTD by Toronto Dominion Bank),
0.190%, 10–3–12 (B)	530	530
Massachusetts – 1.3%
MA Hlth and Edu Fac Auth, Var Rate Rev Bonds, Dana-Farber Cancer Institute Issue, Ser 2008L-1 (GTD by JPMorgan Chase Bank, N.A.),
0.170%, 10–4–12 (B)	3,000	3,000
Mississippi – 6.5%
MS Business Fin Corp, Adj Mode Indl Dev Rev Bonds (Belk, Inc. Proj), Ser 2005 (GTD by Wachovia Bank, N.A.),
0.210%, 10–4–12 (B)	3,936	3,936
MS Business Fin Corp, Gulf Opp Zone Indl Dev Rev Bonds (Chevron U.S.A. Inc. Proj), Ser 2007D (GTD by Chevron Corporation),
0.190%, 10–1–12 (B)	9,510	9,510
MS Business Fin Corp, Gulf Opp Zone Indl Dev Rev Bonds (Chevron U.S.A. Inc. Proj), Ser 2010J (GTD by Chevron Corporation),
0.190%, 10–1–12 (B)	1,750	1,750
		15,196
Missouri – 0.6%
Kansas City, MO, Var Rate Demand Taxable Spl Oblig Rfdg Bonds (President Hotel Redev Proj), Ser 2009B (GTD by JPMorgan Chase & Co.),
0.250%, 10–3–12 (B)	1,340	1,340
New York – 1.2%
NY Hsng Fin Agy, Clinton Park Phase II Hsng Rev Bonds, Ser 2011 A-1 (GTD by Wells Fargo Bank, N.A.),
0.180%, 10–3–12 (B)	2,000	2,000
NY Hsng Fin Agy, Related-Caroline Apt Hsng Rev Bonds, Ser 2008A (GTD by Federal Home Loan Mortgage Corporation),
0.190%, 10–3–12 (B)	900	900
		2,900

Oregon – 0.3%
Hosp Fac Auth of Clackamas Cnty, OR, Rev Bonds (Legacy Hlth Sys), Ser 2008B (GTD by U.S. Bank, N.A.),
0.180%, 10–3–12 (B)	700		700
Texas – 3.5%
Harris Cnty Hosp Dist, Sr Lien Rfdg Rev Bonds, Ser 2010 (GTD by JPMorgan Chase & Co.),
0.180%, 10–4–12 (B)	2,910		2,910
Port Arthur Navigation Dist Indl Dev Corp, Exempt Fac Var Rate Rev Bonds (Air Products Proj), Ser 2005 (GTD by Air Products and Chemicals, Inc.),
0.180%, 10–1–12 (B)	2,250		2,250
Port Arthur Navigation Dist Indl Dev Corp, Exempt Fac Var Rate Rev Bonds (Air Products Proj), Ser 2006 (GTD by Air Products and Chemicals, Inc.),
0.180%, 10–1–12 (B)	3,040		3,040
			8,200
Wisconsin – 1.3%
WI Hlth and Edu Fac Auth, Var Rate Demand Rev Bonds (Wausau Hosp, Inc.), Ser 1998B (GTD by JPMorgan Chase Bank, N.A.),
0.180%, 10–3–12 (B)	400		400
WI Hlth and Edu Fac Auth, Var Rate Rev Bonds (Aurora Hlth Care Inc.), Ser 2008–A (GTD by U.S. Bank, N.A.),
0.180%, 10–3–12 (B)	2,700		2,700
			3,100
Wyoming – 0.5%
Uinta Cnty, WY, Pollutn Ctl Rfdg Rev Bonds (Chevron U.S.A. Inc. Proj), Ser 1992 (GTD by Chevron Corporation),
0.190%, 10–1–12 (B)	1,156		1,156
TOTAL MUNICIPAL OBLIGATIONS – 35.2%		$	82,645
(Cost: $82,645)
UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
Treasury Bills
Overseas Private Investment Corporation (GTD by United States Government),
0.170%, 9–26–12	2,167		2,167
United States Treasury Bills:
0.080%, 12–13–12	1,720		1,720
0.150%, 1–3–13	1,575		1,574
0.140%, 3–28–13	2,700		2,698
Total Treasury Bills – 3.5%			8,159
United States Government Agency Obligations
Overseas Private Investment Corporation (GTD by United States Government):
0.160%, 10–3–12 (B)	1,812		1,811
0.160%, 10–3–12 (B)	901		901
0.500%, 12–9–12 (B)	815		815
Totem Ocean Trailer Express, Inc. (GTD by United States Government),
0.640%, 10–15–12 (B)	1,255		1,255

Total United States Government Agency Obligations –2.0%		4,782
TOTAL UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS – 5.5%	$	12,941
(Cost: $12,941)
TOTAL INVESTMENT SECURITIES – 99.6%	$	233,667
(Cost: $233,667)
CASH AND OTHER ASSETS, NET OF LIABILITIES –0.4%		874
NET ASSETS – 100.0%	$	234,541

Notes to Schedule of Investments

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each 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.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

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 as follows:

• Level 1 – Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

• Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2012:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Corporate Obligations	$	—	$	138,081	$	—
Municipal Obligations		—		82,645		—
United States Government Agency Obligations		—		12,941		—
Total	$	—	$	233,667	$	—

There were not transfers between any levels during the period ended September 30, 2012.

(A) Rate shown is the yield to maturity at September 30, 2012.

(B) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012. Date shown represents the date that the variable rate resets or the next demand date.

The following acronym is used throughout this schedule:

GTD = Guaranteed

For Federal income tax purposes, cost of investments owned at September 30, 2012 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	233,667
Gross unrealized appreciation		—
Gross unrealized depreciation		—
Net unrealized appreciation	$	—

SCHEDULE OF INVESTMENTS Real Estate Securities (in thousands) SEPTEMBER 30, 2012 (UNAUDITED)

COMMON STOCKS	Shares		Value
Diversified REITs – 2.4%
Liberty Property Trust		4	$	159
Vornado Realty Trust		10		810
				969
Hotels, Resorts & Cruise Lines – 0.8%
Starwood Hotels & Resorts Worldwide, Inc.		5		313
Industrial REITs – 4.5%
EastGroup Properties, Inc.		2		106
ProLogis		49		1,707
				1,813
Mortgage REITs – 0.7%
Colony Financial, Inc.		14		267
Office REITs – 15.6%
Alexandria Real Estate Equities, Inc.		6		456
BioMed Realty Trust, Inc.		30		558
Boston Properties, Inc.		15		1,614
Brandywine Realty Trust		36		439
Digital Realty Trust, Inc.		12		865
Duke Realty Corporation		36		534
Hudson Pacific Properties, Inc.		12		228
Kilroy Realty Corporation		14		605
Mack-Cali Realty Corporation		10		274
SL Green Realty Corp.		10		777
				6,350
Real Estate Operating Companies – 2.0%
Brookfield Properties Corporation		30		497
Forest City Enterprises, Inc., Class A (A)		19		304
				801
Real Estate Services – 0.5%
CB Richard Ellis Group, Inc. (A)(B)		11		197
Residential REITs – 20.2%
American Campus Communities, Inc.		3		136
Apartment Investment and Management Company, Class A		26		665
AvalonBay Communities, Inc.		10		1,346
BRE Properties, Inc., Class A		8		394
Camden Property Trust		11		716
Campus Crest Communities, Inc.		23		249
Colonial Properties Trust		16		343
Equity Lifestyle Properties, Inc.		4		266
Equity Residential		28		1,616
Essex Property Trust, Inc.		4		616
Mid-America Apartment Communities, Inc.		8		536
Post Properties		12		566
UDR, Inc.		30		755
				8,204
Retail REITs – 25.0%
Acadia Realty Trust		17		429
Agree Realty Corporation		18		451
AmREIT, Inc., Class B		8		124
CBL & Associates Properties, Inc.		21		452
DDR Corp.		53		817
General Growth Properties, Inc. (A)		40		779

Kimco Realty Corporation		41		825
Macerich Company (The)		18		1,007
Primaris Retail Real Estate Investment Trust (C)		13		332
RioCan Real Estate Investment Trust (C)		10		287
Simon Property Group, Inc. (B)		26		3,998
Tanger Factory Outlet Centers, Inc.		14		440
Weingarten Realty Investors		8		231
				10,172
Specialized REITs – 24.9%
Chatham Lodging Trust		4		51
Chesapeake Lodging Trust		9		175
CubeSmart		35		452
Entertainment Properties Trust		4		182
HCP, Inc.		29		1,281
Health Care REIT, Inc.		29		1,675
Hersha Hospitality Trust		70		345
Host Hotels & Resorts, Inc.		60		968
LaSalle Hotel Properties		11		294
LTC Properties, Inc.		4		140
Pebblebrook Hotel Trust		12		290
Plum Creek Timber Company, Inc.		4		189
Public Storage, Inc.		13		1,809
Sovran Self Storage, Inc.		1		69
Summit Hotel Properties, Inc. (A)		29		243
Sunstone Hotel Investors, Inc. (A)		21		231
Ventas, Inc.		28		1,752
				10,146
Wireless Telecommunication Service – 1.4%
American Tower Corporation, Class A (A)		5		343
Crown Castle International Corp. (A)		4		256
				599
TOTAL COMMON STOCKS – 98.0%			$	39,831
(Cost: $35,535)
INVESTMENT FUNDS
Registered Investment Companies – 0.3%
ProShares UltraShort Real Estate		4		110
TOTAL INVESTMENT FUNDS – 0.3%			$	110
(Cost: $108)
PREFERRED STOCKS
Office REITs – 0.8%
Digital Realty Trust, Inc., 7.000%		12		321
Specialized REITs – 0.6%
Pebblebrook Hotel Trust, Series B, 8.000%		9		244
TOTAL PREFERRED STOCKS – 1.4%			$	565
(Cost: $532)
SHORT-TERM SECURITIES		Principal
Master Note – 0.7%
Toyota Motor Credit Corporation,
0.122%, 10–5–12 (D)	$	266		266

TOTAL SHORT-TERM SECURITIES – 0.7%	$	266
(Cost: $266)
TOTAL INVESTMENT SECURITIES – 100.4%	$	40,772
(Cost: $36,441)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.4%)		(170	)
NET ASSETS – 100.0%	$	40,602

Notes to Schedule of Investments

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each 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.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

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 as follows:

• Level 1 – Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

• Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2012:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	39,831	$	—	$	—
Investment Funds		110		—		—
Preferred Stocks		565		—		—
Short-Term Securities		—		266		—
Total	$	40,506	$	266	$	—
Liabilities
Written Options	$	6	$	—	$	—

There were no transfers between any levels during the period ended September 30, 2012.

The following written options were outstanding at September 30, 2012 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type		Number of Contracts		Expiration Month		Exercise Price		Premium Received		Market Value
CB Richard Ellis Group, Inc.	N/A		Call		62		October 2012	$	18.00	$	4	$	(6	)
Simon Property Group, Inc.	N/A		Call		26		October 2012		165.00		8		—	*
										$	12	$	(6	)

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

(B) All or a portion of the security position is held in collateralized accounts to cover potential obligations with respect to outstanding written options.

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

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012. Date shown represents the date that the variable rate resets.

The following acronym is used throughout this schedule:

OTC = Over the Counter

REIT = Real Estate Investment Trust

For Federal income tax purposes, cost of investments owned at September 30, 2012 and the related unrealized appreciation (depreciation) were as follows:
Cost	$	36,441
Gross unrealized appreciation		5,546
Gross unrealized depreciation		(1,215	)
Net unrealized appreciation	$	4,331

SCHEDULE OF INVESTMENTS Science and Technology (in  thousands) SEPTEMBER 30, 2012 (UNAUDITED)

COMMON STOCKS	Shares		Value
Agricultural Products – 0.7%
Darling International Inc. (A)		125	$	2,292
Application Software – 13.9%
ACI Worldwide, Inc. (A)		374		15,784
Aspen Technology, Inc. (A)		1,106		28,598
Nuance Communications, Inc. (A)		85		2,106
				46,488
Biotechnology – 4.6%
Ironwood Pharmaceuticals, Inc., Class A (A)		122		1,555
Isis Pharmaceuticals, Inc. (A)		200		2,807
Vertex Pharmaceuticals Incorporated (A)		195		10,934
				15,296
Communications Equipment – 0.4%
Riverbed Technology, Inc. (A)		57		1,331
Computer Hardware – 7.8%
Apple Inc. (A)(B)		39		26,290
Construction & Engineering – 0.8%
Abengoa, S.A. (C)		79		1,383
Aegion Corporation (A)		76		1,461
				2,844
Consumer Finance – 0.8%
NetSpend Holdings, Inc. (A)		258		2,534
Data Processing & Outsourced Services – 12.8%
Alliance Data Systems Corporation (A)		177		25,112
Euronet Worldwide, Inc. (A)		373		6,999
Vantiv, Inc., Class A (A)		165		3,556
VeriFone Holdings, Inc. (A)		153		4,258
WNS (Holdings) Limited, ADR (A)		276		2,830
				42,755
Electronic Components – 2.0%
Power-One, Inc. (A)		860		4,815
Universal Display Corporation (A)(D)		52		1,777
				6,592
Fertilizers & Agricultural Chemicals – 1.2%
Monsanto Company (D)		45		4,059
Health Care Equipment – 0.8%
Boston Scientific Corporation (A)		454		2,606
Health Care Facilities – 3.2%
Tenet Healthcare Corporation (A)		1,708		10,712
Health Care Services – 0.6%
Fleury S.A. (C)		46		540
Fleury S.A. (C)(E)		131		1,547
				2,087
Health Care Technology – 1.9%
Cerner Corporation (A)		84		6,479
Industrial Machinery – 5.3%
ESCO Technologies Inc.		256		9,954
Pentair, Inc.		171		7,598
				17,552

Integrated Telecommunication Services – 2.3%
CenturyLink, Inc.		59		2,371
China Unicom Limited (C)		1,890		3,101
Windstream Corporation		215		2,176
				7,648
Internet Software & Services – 5.6%
21Vianet Group, Inc., ADR (A)		156		1,802
Google Inc., Class A (A)		18		13,204
SINA Corporation (A)(D)		58		3,719
				18,725
IT Consulting & Other Services – 4.3%
Acxiom Corporation (A)		575		10,511
iGate Corporation (A)		208		3,785
				14,296
Managed Health Care – 4.4%
Amil Participacoes S.A. (C)		332		3,975
UnitedHealth Group Incorporated		162		8,998
WellPoint, Inc.		29		1,694
				14,667
Movies & Entertainment – 0.5%
News Corporation Limited, Class A (A)		70		1,705
Oil & Gas Equipment & Services – 0.5%
Forum Energy Technologies, Inc. (A)		69		1,678
Research & Consulting Services – 1.2%
Qualicorp S.A. (A)(C)		48		458
Qualicorp S.A. (A)(C)(E)		382		3,670
				4,128
Semiconductor Equipment – 1.3%
Nanometrics Incorporated (A)		145		1,997
Photronics, Inc. (A)		419		2,251
				4,248
Semiconductors – 13.9%
CEVA, Inc. (A)		16		227
Cree, Inc. (A)		445		11,371
Micron Technology, Inc. (A)		2,036		12,187
Samsung Electronics Co., Ltd. (C)		14		17,318
Spansion Inc. (A)		142		1,697
Spreadtrum Communications, Inc., ADR		208		4,266
				47,066
Systems Software – 1.1%
Allot Communications Ltd. (A)		143		3,800
Wireless Telecommunication Service – 2.4%
Sprint Nextel Corporation (A)		1,457		8,039
TOTAL COMMON STOCKS – 94.3%			$	315,917
(Cost: $235,009)
PURCHASED OPTIONS	Number of Contracts (Unrounded)
Monsanto Company,
Put $77.50, Expires 10–20–12,     OTC (Ctrpty: Barclays Bank plc)		446		4
TOTAL PURCHASED OPTIONS – 0.0%			$	4
(Cost: $57)

CORPORATE DEBT SECURITIES	Principal
Semiconductors – 0.3%
JinkoSolar Holding Co., Ltd., Convertible, 4.000%, 5–15–16 (E)	$	2,230		870
TOTAL CORPORATE DEBT SECURITIES – 0.3%			$	870
(Cost: $2,190)
SHORT-TERM SECURITIES
Commercial Paper – 4.8%
BHP Billiton Finance (USA) Limited (GTD by BHP Billiton Limited), 0.180%, 10–2–12 (F)		3,000		3,000
CVS Caremark Corporation, 0.330%, 10–1–12 (F)		3,000		3,000
Praxair, Inc., 0.080%, 10–11–12 (F)		5,000		5,000
Prudential Funding LLC, 0.100%, 10–1–12 (F)		2,147		2,147
River Fuel Company #2, Inc. (GTD by Bank of Nova Scotia), 0.160%, 12–7–12 (F)		3,000		2,999
				16,146
Master Note – 0.8%
Toyota Motor Credit Corporation, 0.122%, 10–5–12 (G)		2,679		2,679
TOTAL SHORT–TERM SECURITIES – 5.6%			$	18,825
(Cost: $18,825)
TOTAL INVESTMENT SECURITIES – 100.2%			$	335,616
(Cost: $256,081)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.2%)				(589	)
NET ASSETS – 100.0%			$	335,027

Notes to Schedule of Investments

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each 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.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

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 as follows:

• Level 1 – Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

• Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2012:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	1,705	$	—	$	—
Consumer Staples		2,292		—		—
Energy		1,678		—		—
Financials		2,534		—		—
Health Care		51,847		—		—
Industrials		24,524		—		—
Information Technology		211,591		—		—
Materials		4,059		—		—
Telecommunication Services		15,687		—		—
Total Common Stocks	$	315,917	$	—	$	—
Purchased Options		—		4		—
Corporate Debt Securities		—		870		—
Short-Term Securities		—		18,825		—
Total	$	315,917	$	19,699	$	—
Liabilities
Written Options	$	34	$	210	$	—

There were no reoccurring transfers between any levels during the period ended September 30, 2012.

The following written options were outstanding at September 30, 2012 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type		Number of Contracts		Expiration Month		Exercise Price		Premium Received		Market Value
Apple Inc.	N/A		Call		150		October 2012	$	725.00	$	110	$	(34	)
Monsanto Company	Barclays Bank plc		Call		446		October 2012		95.00		51		(32	)
SINA Corporation	Barclays Bank plc		Call		225		October 2012		57.50		88		(176	)
Universal Display Corporation	Morgan Stanley & Co., Inc.		Call		289		October 2012		44.00		49		(2	)
										$	298	$	(244	)

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

(B) All or a portion of the security position is held in collateralized accounts to cover potential obligations with respect to outstanding written options.

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

(D) All or a portion of the security position is held in collateralized accounts for OTC derivatives collateral as governed by International Swaps and Derivatives Association, Inc. Master Agreements.

(E) 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 September 30, 2012, the total value of these securities amounted to $6,087 or 1.8% of net assets.

(F) Rate shown is the yield to maturity at September 30, 2012.

(G) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012. Date shown represents the date that the variable rate resets.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

GTD = Guaranteed

OTC = Over the Counter

For Federal income tax purposes, cost of investments owned at September 30, 2012 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	256,081
Gross unrealized appreciation		93,200
Gross unrealized depreciation		(13,665	)
Net unrealized appreciation	$	79,535

SCHEDULE OF INVESTMENTS Small Cap Growth (in thousands) SEPTEMBER 30, 2012 (UNAUDITED)

COMMON STOCKS	Shares		Value
Aerospace & Defense – 1.1%
Huntington Ingalls Industries, Inc. (A)		117	$	4,923
Apparel Retail – 1.8%
Zumiez Inc. (A)		300		8,330
Apparel, Accessories & Luxury Goods – 2.2%
Under Armour, Inc., Class A (A)		180		10,070
Application Software – 7.4%
BroadSoft, Inc. (A)		333		13,679
Synchronoss Technologies, Inc. (A)		202		4,616
Tyler Technologies, Inc. (A)		130		5,726
Ultimate Software Group, Inc. (The) (A)		105		10,673
				34,694
Asset Management & Custody Banks – 1.9%
AllianceBernstein Holding L.P.		301		4,643
WisdomTree Investment, Inc. (A)		645		4,322
				8,965
Automotive Retail – 1.2%
Lithia Motors, Inc.		172		5,739
Biotechnology – 1.0%
Ironwood Pharmaceuticals, Inc., Class A (A)		350		4,476
Brewers – 1.7%
Boston Beer Company, Inc. (The), Class A (A)		68		7,633
Building Products – 1.4%
A. O. Smith Corporation		110		6,348
Communications Equipment – 2.4%
Aruba Networks, Inc. (A)		358		8,043
Finisar Corporation (A)		210		3,003
				11,046
Construction & Farm Machinery & Heavy Trucks – 5.7%
Manitowoc Company, Inc. (The)		473		6,308
Titan Machinery Inc. (A)		163		3,301
Westinghouse Air Brake Technologies Corporation		215		17,244
				26,853
Consumer Finance – 1.7%
First Cash Financial Services, Inc. (A)		173		7,982
Diversified Support Services – 2.8%
Portfolio Recovery Associates, Inc. (A)		125		13,047
Electrical Components & Equipment – 1.2%
Acuity Brands, Inc.		87		5,496
Electronic Equipment & Instruments – 5.2%
FARO Technologies, Inc. (A)		178		7,343
OSI Systems, Inc. (A)		215		16,757
				24,100
Electronic Manufacturing Services – 3.0%
IPG Photonics Corporation (A)		248		14,217

Fertilizers & Agricultural Chemicals – 2.2%
American Vanguard Corporation	226	7,881
Rentech Nitrogen GP, LLC and Rentech Nitrogen Partners, L.P.	67	2,585
		10,466
Food Retail – 0.2%
Natural Grocers by Vitamin Cottage, Inc. (A)	49	1,095
Health Care Equipment – 8.6%
Cyberonics, Inc. (A)	252	13,211
Heartware International, Inc. (A)	37	3,497
NuVasive, Inc. (A)	451	10,342
Volcano Corporation (A)	467	13,332
		40,382
Health Care Facilities – 0.5%
Hanger Orthopedic Group, Inc. (A)	86	2,460
Health Care Supplies – 1.7%
Align Technology, Inc. (A)	137	5,067
Vascular Solutions, Inc. (A)	190	2,813
		7,880
Health Care Technology – 3.1%
HealthStream, Inc. (A)	190	5,408
Omnicell, Inc. (A)	433	6,018
Vocera Communications, Inc. (A)	92	2,853
		14,279
Homefurnishing Retail – 2.4%
Select Comfort Corporation (A)	348	10,980
Industrial Machinery – 1.5%
Chart Industries, Inc. (A)	95	7,008
Internet Retail – 1.1%
Blue Nile, Inc. (A)	138	5,125
Internet Software & Services – 3.1%
Constant Contact, Inc. (A)	392	6,822
OpenTable, Inc. (A)	169	7,034
Trulia, Inc. (A)	18	394
		14,250
Investment Banking & Brokerage – 3.4%
Greenhill & Co., Inc.	192	9,960
Stifel Financial Corp. (A)	173	5,815
		15,775
Leisure Products – 2.8%
Arctic Cat Inc. (A)	216	8,936
Sturm, Ruger & Company, Inc.	85	4,226
		13,162
Oil & Gas Equipment & Services – 6.0%
Core Laboratories N.V.	46	5,600
Dril-Quip, Inc. (A)	140	10,077
Forum Energy Technologies, Inc. (A)	299	7,265
Superior Energy Services, Inc. (A)	233	4,780
		27,722
Oil & Gas Storage & Transportation – 2.2%
Targa Resources Corp.	207	10,420
Packaged Foods & Meats – 0.8%
Calavo Growers, Inc.	156	3,907

Pharmaceuticals – 3.3%
Akorn, Inc. (A)		400		5,284
Impax Laboratories, Inc. (A)		93		2,421
Salix Pharmaceuticals, Ltd. (A)		181		7,675
				15,380
Restaurants – 2.2%
BJ’s Restaurants, Inc. (A)		105		4,762
Caribou Coffee Company, Inc. (A)		410		5,624
				10,386
Semiconductors – 0.9%
Cirrus Logic, Inc. (A)		115		4,410
Systems Software – 4.8%
Allot Communications Ltd. (A)		165		4,386
Eloqua, Inc. (A)		152		3,000
MICROS Systems, Inc. (A)		306		15,023
				22,409
Trading Companies & Distributors – 1.3%
Beacon Roofing Supply, Inc. (A)		218		6,203
TOTAL COMMON STOCKS – 93.8%			$	437,618
(Cost: $387,777)
SHORT-TERM SECURITIES	Principal
Commercial Paper – 23.3%
Air Products and Chemicals, Inc., 0.110%, 10–10–12 (B)	$	7,500		7,500
American Honda Finance Corp. (GTD by Honda Motor Co.), 0.140%, 11–15–12 (B)		11,000		10,998
Bank of Nova Scotia, 0.125%, 10–3–12 (B)		10,000		10,000
CVS Caremark Corporation, 0.330%, 10–1–12 (B)		5,000		5,000
Emerson Electric Co., 0.110%, 10–17–12 (B)		6,000		6,000
GlaxoSmithKline Finance plc (GTD by GlaxoSmithKline plc), 0.120%, 10–18–12 (B)		17,000		16,999
Kimberly-Clark Worldwide Inc., 0.100%, 10–4–12 (B)		9,100		9,100
McCormick & Co. Inc., 0.300%, 10–26–12 (B)		3,500		3,499
Praxair, Inc., 0.080%, 10–11–12 (B)		15,000		15,000
Prudential Funding LLC, 0.100%, 10–1–12 (B)		2,910		2,910
River Fuel Company #2, Inc. (GTD by Bank of Nova Scotia), 0.160%, 12–7–12 (B)		3,000		2,999
United Technologies Corporation, 0.110%, 10–22–12 (B)		5,000		5,000
Wal-Mart Stores, Inc., 0.110%, 10–22–12 (B)		8,000		7,999
Walt Disney Company (The), 0.120%, 11–8–12 (B)		6,000		5,999
				109,003
Master Note – 0.8%
Toyota Motor Credit Corporation, 0.122%, 10–5–12 (C)		3,605		3,605
TOTAL SHORT-TERM SECURITIES – 24.1%			$112,608
(Cost: $112,608)
TOTAL INVESTMENT SECURITIES – 117.9%			$	550,226
(Cost: $500,385)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (17.9%)				(83,390	)
NET ASSETS – 100.0%			$	466,836

Notes to Schedule of Investments

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each 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.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

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 as follows:

— Level 1 – Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

— Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

— Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2012:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	437,618	$	—	$	—
Short-Term Securities		—		112,608		—
Total	$	437,618	$	112,608	$	—

There were no transfers between any levels during the period ended September 30, 2012.

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

(B) Rate shown is the yield to maturity at September 30, 2012.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012. Date shown represents the date that the variable rate resets.

The following acronym is used throughout this schedule:

GTD = Guaranteed

For Federal income tax purposes, cost of investments owned at September 30, 2012 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	500,385
Gross unrealized appreciation		67,056
Gross unrealized depreciation		(17,215	)
Net unrealized appreciation	$	49,841

SCHEDULE OF INVESTMENTS Small Cap Value (in thousands) SEPTEMBER 30, 2012 (UNAUDITED)

COMMON STOCKS	Shares		Value
Aerospace & Defense – 3.1%
Triumph Group, Inc.		122	$	7,648
Apparel Retail – 1.2%
AnnTaylor Stores Corporation (A)		80		3,003
Apparel, Accessories & Luxury Goods – 4.0%
Hanesbrands Inc. (A)		173		5,506
Jones Apparel Group, Inc.		343		4,408
				9,914
Application Software – 1.0%
Synchronoss Technologies, Inc. (A)		108		2,473
Auto Parts & Equipment – 4.6%
Dana Holding Corporation		304		3,739
Visteon Corporation (A)		166		7,399
				11,138
Broadcasting – 3.8%
Belo Corp., Class A		668		5,233
Entercom Communications Corp. (A)		597		4,093
				9,326
Construction & Farm Machinery & Heavy Trucks – 2.4%
Accuride Corporation (A)		367		1,708
Manitowoc Company, Inc. (The)		315		4,202
				5,910
Data Processing & Outsourced Services – 1.9%
CoreLogic Inc. (A)		172		4,574
Electric Utilities – 2.3%
Great Plains Energy Incorporated		260		5,779
Food Retail – 0.3%
Roundy’s Supermarkets, Inc.		134		813
Forest Products – 1.4%
Louisiana-Pacific Corporation (A)		269		3,366
Gas Utilities – 2.1%
Southwest Gas Corporation		117		5,159
Health Care Facilities – 5.3%
Community Health Systems, Inc. (A)		221		6,432
HealthSouth Corporation (A)		156		3,753
LifePoint Hospitals, Inc. (A)		68		2,909
				13,094
Health Care Services – 0.5%
Team Health Holdings, Inc. (A)		45		1,226
Homebuilding – 2.0%
M.D.C. Holdings, Inc.		127		4,906
Movies & Entertainment – 2.7%
Cinemark Holdings, Inc.		302		6,778
Office REITs – 2.2%
Lexington Corporation Properties Trust		553		5,343

Oil & Gas Equipment & Services – 4.7%
GulfMark Offshore, Inc. (A)	144	4,745
McDermott International, Inc. (A)	552	6,743
		11,488
Oil & Gas Exploration & Production – 3.2%
EV Energy Partners, L.P.	54	3,380
Oasis Petroleum LLC (A)	69	2,033
Petroleum Development Corporation (A)	79	2,499
		7,912
Oil & Gas Storage & Transportation – 3.2%
Atlas Pipeline Partners, L.P.	84	2,848
EQT Midstream Partners, LP (A)	89	2,569
MarkWest Energy Partners, L.P.	45	2,465
		7,882
Paper Packaging – 2.3%
Boise Inc.	643	5,628
Personal Products – 0.8%
Inter Parfums, Inc.	105	1,927
Property & Casualty Insurance – 2.1%
Argo Group International Holdings, Ltd.	158	5,108
Publishing – 4.2%
E. W. Scripps Company (The) (A)	402	4,276
Valassis Communications, Inc. (A)	156	3,839
Washington Post Company, Class B (The)	7	2,360
		10,475
Regional Banks – 8.0%
Bank of Marin Bancorp	68	2,878
First Horizon National Corporation	652	6,282
First Niagara Financial Group, Inc.	574	4,644
Wintrust Financial Corporation	49	1,828
Zions Bancorporation	203	4,187
		19,819
Reinsurance – 4.2%
Endurance Specialty Holdings Ltd.	136	5,251
Reinsurance Group of America, Incorporated	88	5,116
		10,367
Restaurants – 0.7%
Bloomin’ Brands, Inc. (A)	112	1,834
Semiconductor Equipment – 1.4%
Teradyne, Inc. (A)	241	3,420
Semiconductors – 2.9%
Freescale Semiconductor, Inc. (A)	393	3,737
Spansion Inc. (A)	295	3,521
		7,258
Specialized REITs – 1.7%
Strategic Hotels & Resorts, Inc. (A)	703	4,222
Specialty Chemicals – 4.4%
Ashland Inc.	67	4,798
Cytec Industries Inc.	55	3,578
RPM International Inc.	89	2,551
		10,927
Technology Distributors – 1.2%
Insight Enterprises, Inc. (A)	176	3,080
Thrifts & Mortgage Finance – 1.9%
Capitol Federal Financial	387	4,625

Trucking – 1.8%
Marten Transport, Ltd.		181		3,178
Werner Enterprises, Inc.		55		1,180
				4,358
TOTAL COMMON STOCKS – 89.5%			$	220,780
(Cost: $207,290)
INVESTMENT FUNDS
Asset Management & Custody Banks – 1.4%
THL Credit, Inc.		249		3,498
TOTAL INVESTMENT FUNDS – 1.4%			$	3,498
(Cost: $3,255)
SHORT-TERM SECURITIES	Principal
Commercial Paper – 2.4%
BHP Billiton Finance (USA) Limited (GTD by BHP Billiton Limited), 0.180%, 10–2–12 (B)	$	6,000		6,000
Master Note – 0.9%
Toyota Motor Credit Corporation, 0.122%, 10–5–12 (C)		2,330		2,330
Municipal Obligations - Taxable – 6.0%
Franklin, OH, Var Rate Demand Hosp Fac Rfdg and Impvt Rev Bonds (U.S. Hlth Corp of Columbus), Ser 1996A (GTD by U.S. Bank, N.A.), 0.180%, 10–4–12 (C)		1,830		1,830
NYC GO Bonds, Fiscal 2006 Ser E (GTD by Bank of America, N.A.), 0.210%, 10–4–12 (C)		12,683		12,683
Taxable Cert of Part, Denver Pub Sch, Var Rate Rfdg Ser 2011A-3, 0.170%, 10–3–12 (C)		125		125
				14,638
TOTAL SHORT-TERM SECURITIES – 9.3%			$	22,968
(Cost: $22,968)
TOTAL INVESTMENT SECURITIES – 100.2%			$	247,246
(Cost: $233,513)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.2%)				(468	)
NET ASSETS – 100.0%			$	246,778

Notes to Schedule of Investments

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each 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.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

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 as follows:

• Level 1 – Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

• Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2012:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	220,780	$	—	$	—
Investment Funds		3,498		—		—
Short-Term Securities		—		22,968		—
Total	$	224,278	$	22,968	$	—

There were no transfers between any levels during the period ended September 30, 2012.

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

(B) Rate shown is the yield to maturity at September 30, 2012.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012. Date shown represents the date that the variable rate resets.

The following acronyms are used throughout this schedule:

GTD = Guaranteed

REIT = Real Estate Investment Trust

For Federal income tax purposes, cost of investments owned at September 30, 2012 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	233,513
Gross unrealized appreciation		24,290
Gross unrealized depreciation		(10,557	)
Net unrealized appreciation	$	13,733

SCHEDULE OF INVESTMENTS Value (in thousands) SEPTEMBER 30, 2012 (UNAUDITED)

COMMON STOCKS	Shares		Value
Biotechnology – 2.0%
Amgen Inc.		74	$	6,223
Cable & Satellite – 3.1%
Time Warner Cable Inc.		103		9,791
Computer Hardware – 1.1%
Hewlett-Packard Company		202		3,453
Computer Storage & Peripherals – 0.3%
EMC Corporation (A)		31		832
Consumer Finance – 3.9%
Capital One Financial Corporation		210		11,989
Department Stores – 1.7%
Macy’s Inc.		137		5,146
Drug Retail – 2.7%
CVS Corporation		175		8,479
Electronic Manufacturing Services – 1.4%
TE Connectivity Ltd.		132		4,476
Fertilizers & Agricultural Chemicals – 1.0%
Mosaic Company (A)		54		3,094
General Merchandise Stores – 2.0%
Target Corporation		96		6,119
Health Care Distributors – 2.0%
McKesson Corporation (B)		73		6,263
Home Improvement Retail – 1.6%
Lowe’s Companies, Inc.		166		5,023
Industrial Machinery – 2.1%
Parker Hannifin Corporation		78		6,519
Integrated Telecommunication Services – 4.0%
AT&T Inc.		325		12,249
Investment Banking & Brokerage – 2.8%
Goldman Sachs Group, Inc. (The)		76		8,662
Life & Health Insurance – 3.2%
MetLife, Inc.		288		9,914
Managed Health Care – 8.4%
Aetna Inc.		185		7,322
UnitedHealth Group Incorporated		210		11,609
WellPoint, Inc. (B)		121		7,013
				25,944
Mortgage REITs – 1.0%
American Capital Agency Corp.		93		3,227
Multi-Utilities – 2.1%
PG&E Corporation		154		6,584

Office Electronics – 1.7%
Xerox Corporation (B)		701		5,148
Oil & Gas Exploration & Production – 5.8%
ConocoPhillips		135		7,731
Marathon Oil Corporation		341		10,095
				17,826
Oil & Gas Refining & Marketing – 5.4%
Marathon Petroleum Corporation		193		10,547
Phillips 66 (B)		135		6,241
				16,788
Oil & Gas Storage & Transportation – 10.3%
Access Midstream Partners, L.P.		33		1,087
Kinder Morgan Management, LLC (A)		62		4,726
MarkWest Energy Partners, L.P.		151		8,212
Plains All American Pipeline, L.P.		111		9,773
Regency Energy Partners LP		346		8,064
				31,862
Other Diversified Financial Services – 8.4%
Citigroup Inc.		293		9,587
JPMorgan Chase & Co.		394		15,945
				25,532
Packaged Foods & Meats – 0.8%
Kraft Foods Group, Inc. (A)		54		2,393
Pharmaceuticals – 3.4%
Teva Pharmaceutical Industries Limited, ADR		251		10,377
Property & Casualty Insurance – 3.3%
ACE Limited		136		10,304
Regional Banks – 1.4%
SunTrust Banks, Inc.		153		4,322
Reinsurance – 4.2%
RenaissanceRe Holdings Ltd.		84		6,503
Validus Holdings, Ltd.		187		6,351
				12,854
Semiconductor Equipment – 1.9%
Lam Research Corporation (A)		186		5,896
Systems Software – 1.6%
Oracle Corporation		161		5,073
TOTAL COMMON STOCKS – 94.6%			$	292,362
(Cost: $276,287)
SHORT-TERM SECURITIES		Principal
Commercial Paper – 1.8%
Prudential Funding LLC, 0.100%, 10–1–12 (C)	$	2,426		2,426
River Fuel Company #2, Inc. (GTD by Bank of Nova Scotia), 0.160%, 12–7–12 (C)		3,000		2,999
				5,425
Master Note – 1.0%
Toyota Motor Credit Corporation, 0.122%, 10–5–12 (D)		3,159		3,159

Municipal Obligations - Taxable – 1.6%
CA Statewide Cmnty Dev Auth, Multifam Hsng Rev Bonds (The Crossings Sr Apts/Phase I), Ser 2005 I (GTD by United States Government), 0.170%, 10–4–12 (D)	5,030		5,030
TOTAL SHORT-TERM SECURITIES – 4.4%		$	13,614
(Cost: $13,614)
TOTAL INVESTMENT SECURITIES – 99.0%		$	305,976
(Cost: $289,901)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.0%			3,113
NET ASSETS – 100.0%		$	309,089

Notes to Schedule of Investments

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each 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.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

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 as follows:

•Level 1 – Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

•Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

•Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2012:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	292,362	$	—	$	—
Short-Term Securities		—		13,614		—
Total	$	292,362	$	13,614	$	—
Liabilities
Written Options	$	264	$	—	$	—

There were no transfers between any levels during the period ended September 30, 2012.

The following written options were outstanding at September 30, 2012 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type	Number of Contracts		Expiration Month		Exercise Price		Premium Received		Market Value
Aetna Inc.	N/A	Put		241		November 2012	$	35.00	$	13	$	(9	)
Apple Inc.	N/A	Put		45		November 2012		625.00		33		(74	)
	N/A	Put		45		December 2012		610.00		40		(84	)
McKesson Corporation	N/A	Call		217		November 2012		92.50		22		(8	)
Phillips 66	N/A	Call		279		November 2012		50.00		23		(21	)
Target Corporation	N/A	Put		145		October 2012		55.00		11		(1	)
WellPoint, Inc.	N/A	Call		153		October 2012		67.50		10		(1	)
	N/A	Put		160		November 2012		52.50		13		(12	)
Xerox Corporation	N/A	Call		1,115		October 2012		7.00		28		(48	)
	N/A	Call		2,873		October 2012		9.00		17		(6	)
									$	210	$	(264	)

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

(B) All or a portion of the security position is held in collateralized accounts to cover potential obligations with respect to outstanding written options.

(C) Rate shown is the yield to maturity at September 30, 2012.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012. Date shown represents the date that the variable rate resets.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

GTD = Guaranteed

OTC = Over the Counter

REIT = Real Estate Investment Trust

For Federal income tax purposes, cost of investments owned at September 30, 2012 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	289,901
Gross unrealized appreciation		33,719
Gross unrealized depreciation		(17,644	)
Net unrealized appreciation	$	16,075

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: November 28, 2012

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: November 28, 2012

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

Date: November 28, 2012