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, 2013

ITEM 1.    SCHEDULE OF INVESTMENTS.

SCHEDULE OF INVESTMENTS Pathfinder Aggressive (in thousands) SEPTEMBER 30, 2013 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Growth		1,327	$	15,758
Ivy Funds VIP International Core Equity		428		7,849
Ivy Funds VIP International Growth		1,288		11,761
Ivy Funds VIP Limited-Term Bond		1,622		7,916
Ivy Funds VIP Mid Cap Growth		789		7,907
Ivy Funds VIP Money Market		3,958		3,958
Ivy Funds VIP Small Cap Growth (A)		619		7,909
Ivy Funds VIP Small Cap Value		430		7,901
Ivy Funds VIP Value		1,117		7,882
TOTAL AFFILIATED MUTUAL FUNDS – 99.3%				$78,841
(Cost: $72,028)
SHORT-TERM SECURITIES – 0.7%	Principal
Master Note
Toyota Motor Credit Corporation, 0.100%, 10–2–13 (B)	$	580	$	580
(Cost: $580)
TOTAL INVESTMENT SECURITIES – 100.0%				$79,421
(Cost: $72,608)
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0%				(9	)
NET ASSETS – 100.0%				$79,412

Notes to Schedule of Investments

(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, 2013. Date shown represents the date that the variable rate resets.

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, 2013:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	78,841	$	—	$	—
Short-Term Securities		—		580		—
Total	$	78,841	$	580	$	—

As of September 30, 2013, there were no transfers between any levels during the period.

For Federal income tax purposes, cost of investments owned at September 30, 2013 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	72,608
Gross unrealized appreciation		7,155
Gross unrealized depreciation		(342	)
Net unrealized appreciation	$	6,813

SCHEDULE OF INVESTMENTS Pathfinder Conservative (in  thousands) SEPTEMBER 30, 2013 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Bond		2,074	$	11,363
Ivy Funds VIP Dividend Opportunities		2,330		19,225
Ivy Funds VIP Growth		1,142		13,569
Ivy Funds VIP International Core Equity		307		5,632
Ivy Funds VIP Limited-Term Bond		4,654		22,720
Ivy Funds VIP Mid Cap Growth		226		2,270
Ivy Funds VIP Money Market		28,400		28,400
Ivy Funds VIP Small Cap Growth (A)		533		6,810
Ivy Funds VIP Small Cap Value		62		1,134
Ivy Funds VIP Value		321		2,262
TOTAL AFFILIATED MUTUAL FUNDS – 99.5%			$	113,385
(Cost: $105,749)
SHORT-TERM SECURITIES – 0.5%	Principal
Master Note
Toyota Motor Credit Corporation, 0.100%, 10–2–13 (B)	$	539	$	539
(Cost: $539)
TOTAL INVESTMENT SECURITIES – 100.0%			$	113,924
(Cost: $106,288)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.0%				50
NET ASSETS – 100.0%			$	113,974

Notes to Schedule of Investments

(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, 2013. Date shown represents the date that the variable rate resets.

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, 2013:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	113,385	$	—	$	—
Short-Term Securities		—		539		—
Total	$	113,385	$	539	$	—

There were no transfers between any levels during the period ended September 30, 2013.

For Federal income tax purposes, cost of investments owned at September 30, 2013 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	106,288
Gross unrealized appreciation		7,835
Gross unrealized depreciation		(199	)
Net unrealized appreciation	$	7,636

SCHEDULE OF INVESTMENTS Pathfinder Moderate (in thousands) SEPTEMBER 30, 2013 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Bond		7,993	$	43,799
Ivy Funds VIP Dividend Opportunities		15,849		130,773
Ivy Funds VIP Growth		11,007		130,756
Ivy Funds VIP International Core Equity		2,368		43,419
Ivy Funds VIP International Growth		9,497		86,742
Ivy Funds VIP Limited-Term Bond		26,911		131,357
Ivy Funds VIP Mid Cap Growth		3,492		34,992
Ivy Funds VIP Money Market		131,360		131,360
Ivy Funds VIP Small Cap Growth (A)		4,793		61,246
Ivy Funds VIP Small Cap Value		1,903		34,963
Ivy Funds VIP Value		6,180		43,602
TOTAL AFFILIATED MUTUAL FUNDS – 99.9%			$	873,009
(Cost: $785,953)
SHORT-TERM SECURITIES – 0.1%	Principal
Master Note
Toyota Motor Credit Corporation, 0.100%, 10–2–13 (B)	$	483		483
(Cost: $483)
TOTAL INVESTMENT SECURITIES – 100.0%			$	873,492
(Cost: $786,436)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.0%				85
NET ASSETS – 100.0%			$	873,577

Notes to Schedule of Investments

(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, 2013. Date shown represents the date that the variable rate resets.

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, 2013:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	873,009	$	—	$	—
Short-Term Securities		—		483		—
Total	$	873,009	$	483	$	—

There were no transfers between any levels during the period ended September 30, 2013.

For Federal income tax purposes, cost of investments owned at September 30, 2013 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	786,436
Gross unrealized appreciation		88,487
Gross unrealized depreciation		(1,431	)
Net unrealized appreciation	$	87,056

SCHEDULE OF INVESTMENTS Pathfinder Moderate – Managed Volatility (in thousands) SEPTEMBER 30, 2013 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Bond		58	$	318
Ivy Funds VIP Dividend Opportunities		115		952
Ivy Funds VIP Growth		80		952
Ivy Funds VIP International Core Equity		17		316
Ivy Funds VIP International Growth		69		631
Ivy Funds VIP Limited-Term Bond		196		956
Ivy Funds VIP Mid Cap Growth		25		254
Ivy Funds VIP Money Market		955		955
Ivy Funds VIP Small Cap Growth (A)		35		445
Ivy Funds VIP Small Cap Value		14		254
Ivy Funds VIP Value		45		317
TOTAL AFFILIATED MUTUAL FUNDS – 96.0%			$	6,350
(Cost: $6,295)
SHORT-TERM SECURITIES – 11.2%	Principal
Master Note
Toyota Motor Credit Corporation, 0.100%, 10–2–13 (B)	$	738		738
(Cost: $738)
TOTAL INVESTMENT SECURITIES – 107.2%			$	7,088
(Cost: $7,033)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (7.2%)				(476	)
NET ASSETS – 100.0%			$	6,612

Notes to Schedule of Investments

(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, 2013. Date shown represents the date that the variable rate resets.

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, 2013:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	6,350	$	—	$	—
Short-Term Securities		—		738		—
Total	$	6,350	$	738	$	—

There were no transfers between any levels during the period ended September 30, 2013.

For Federal income tax purposes, cost of investments owned at September 30, 2013 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	7,033
Gross unrealized appreciation		56
Gross unrealized depreciation		(1	)
Net unrealized appreciation	$	55

SCHEDULE OF INVESTMENTS Pathfinder Moderately Aggressive (in thousands) SEPTEMBER 30, 2013 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		18,655	$	153,923
Ivy Funds VIP Growth		12,956		153,904
Ivy Funds VIP International Core Equity		5,575		102,211
Ivy Funds VIP International Growth		11,178		102,097
Ivy Funds VIP Limited-Term Bond		21,116		103,074
Ivy Funds VIP Mid Cap Growth		5,137		51,482
Ivy Funds VIP Money Market		154,613		154,613
Ivy Funds VIP Small Cap Growth (A)		6,448		82,386
Ivy Funds VIP Small Cap Value		3,920		72,016
Ivy Funds VIP Value		7,274		51,320
TOTAL AFFILIATED MUTUAL FUNDS – 99.9%			$	1,027,026
(Cost: $911,678)
SHORT-TERM SECURITIES – 0.0%	Principal
Master Note
Toyota Motor Credit Corporation, 0.100%, 10–2–13 (B)	$	481		481
(Cost: $481)
TOTAL INVESTMENT SECURITIES – 99.9%			$	1,027,507
(Cost: $912,159)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.1%				80
NET ASSETS – 100.0%			$	1,027,587

Notes to Schedule of Investments

(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, 2013. Date shown represents the date that the variable rate resets.

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, 2013:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	1,027,026	$	—	$	—
Short-Term Securities		—		481		—
Total	$	1,027,026	$	481	$	—

There were no transfers between any levels during the period ended September 30, 2013.

For Federal income tax purposes, cost of investments owned at September 30, 2013 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	912,159
Gross unrealized appreciation		115,348
Gross unrealized depreciation		—
Net unrealized appreciation	$	115,348

SCHEDULE OF INVESTMENTS Pathfinder Moderately Aggressive – Managed Volatility (in thousands) SEPTEMBER 30, 2013 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		61	$	502
Ivy Funds VIP Growth		42		503
Ivy Funds VIP International Core Equity		18		334
Ivy Funds VIP International Growth		37		334
Ivy Funds VIP Limited-Term Bond		69		337
Ivy Funds VIP Mid Cap Growth		17		168
Ivy Funds VIP Money Market		505		505
Ivy Funds VIP Small Cap Growth (A)		21		269
Ivy Funds VIP Small Cap Value		13		235
Ivy Funds VIP Value		24		168
TOTAL AFFILIATED MUTUAL FUNDS – 95.5%			$	3,355
(Cost: $3,299)
SHORT-TERM SECURITIES – 4.0%	Principal
Master Note
Toyota Motor Credit Corporation, 0.100%, 10–2–13 (B)	$	142	$	142
(Cost: $142)
TOTAL INVESTMENT SECURITIES – 99.5%			$	3,497
(Cost: $3,441)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.5%				17
NET ASSETS – 100.0%			$	3,514

Notes to Schedule of Investments

(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, 2013. Date shown represents the date that the variable rate resets.

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, 2013:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	3,355	$	—	$	—
Short-Term Securities		—		142		—
Total	$	3,355	$	142	$	—

There were no transfers between any levels during the period ended September 30, 2013.

For Federal income tax purposes, cost of investments owned at September 30, 2013 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	3,441
Gross unrealized appreciation		58
Gross unrealized depreciation		(2	)
Net unrealized appreciation	$	56

SCHEDULE OF INVESTMENTS Pathfinder Moderately Conservative (in thousands) SEPTEMBER 30, 2013 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Bond		2,590	$	14,191
Ivy Funds VIP Dividend Opportunities		5,135		42,369
Ivy Funds VIP Growth		3,329		39,540
Ivy Funds VIP International Core Equity		767		14,068
Ivy Funds VIP International Growth		1,538		14,052
Ivy Funds VIP Limited-Term Bond		11,625		56,745
Ivy Funds VIP Mid Cap Growth		1,131		11,337
Ivy Funds VIP Money Market		56,746		56,746
Ivy Funds VIP Small Cap Growth (A)		1,331		17,008
Ivy Funds VIP Small Cap Value		154		2,832
Ivy Funds VIP Value		2,002		14,127
TOTAL AFFILIATED MUTUAL FUNDS – 99.8%			$	283,015
(Cost: $259,805)
SHORT-TERM SECURITIES – 0.3%	Principal
Master Note
Toyota Motor Credit Corporation, 0.100%, 10–2–13 (B)	$	733		733
(Cost: $733)
TOTAL INVESTMENT SECURITIES – 100.1%			$	283,748
(Cost: $260,538)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.1%)				(148	)
NET ASSETS – 100.0%			$	283,600

Notes to Schedule of Investments

(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, 2013. Date shown represents the date that the variable rate resets.

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, 2013:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	283,015	$	—	$	—
Short-Term Securities		—		733		—
Total	$	283,015	$	733	$	—

There were no transfers between any levels during the period ended September 30, 2013.

For Federal income tax purposes, cost of investments owned at September 30, 2013 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	260,538
Gross unrealized appreciation		23,608
Gross unrealized depreciation		(398	)
Net unrealized appreciation	$	23,210

SCHEDULE OF INVESTMENTS Pathfinder Moderately Conservative –Managed Volatility (in  thousands) SEPTEMBER 30, 2013 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Bond		40	$	217
Ivy Funds VIP Dividend Opportunities		79		649
Ivy Funds VIP Growth		51		605
Ivy Funds VIP International Core Equity		12		215
Ivy Funds VIP International Growth		24		215
Ivy Funds VIP Limited-Term Bond		178		869
Ivy Funds VIP Mid Cap Growth		17		174
Ivy Funds VIP Money Market		868		868
Ivy Funds VIP Small Cap Growth (A)		20		260
Ivy Funds VIP Small Cap Value		2		43
Ivy Funds VIP Value		31		216
TOTAL AFFILIATED MUTUAL FUNDS – 95.6%			$	4,331
(Cost: $4,283)
SHORT-TERM SECURITIES – 3.0%	Principal
Master Note
Toyota Motor Credit Corporation, 0.100%, 10–2–13 (B)	$	136		136
(Cost: $136)
TOTAL INVESTMENT SECURITIES – 98.6%			$	4,467
(Cost: $4,419)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.4%				61
NET ASSETS – 100.0%			$	4,528

Notes to Schedule of Investments

(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, 2013. Date shown represents the date that the variable rate resets.

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 Portfolio.

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, 2013:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	4,331	$	—	$	—
Short-Term Securities		—		136		—
Total	$	4,331	$	136	$	—

As of September 30, 2013, there were no transfers between any levels during the period.

For Federal income tax purposes, cost of investments owned at

September 30, 2013 and the related unrealized appreciation

(depreciation) were as follows:

Cost	$	4,419
Gross unrealized appreciation		49
Gross unrealized depreciation		(1	)
Net unrealized appreciation	$	48

CONSOLIDATED SCHEDULE OF INVESTMENTS Asset Strategy (in thousands) SEPTEMBER 30, 2013 (UNAUDITED)

COMMON STOCKS	Shares		Value
Aerospace & Defense – 0.9%
BAE Systems plc (A)		429	$	3,159
Boeing Company (The) (B)		30		3,525
European Aeronautic Defence and Space Company (A)		126		8,021
				14,705
Airlines – 0.2%
Japan Airlines Corporation (A)		40		2,435
Apparel, Accessories & Luxury Goods – 0.7%
Prada S.p.A. (A)		1,171		11,345
Application Software – 1.0%
Intuit Inc.		225		14,920
Asset Management & Custody Banks – 2.4%
Apollo Global Management, LLC		329		9,283
Blackstone Group L.P. (The)		618		15,373
KKR & Co. L.P.		573		11,784
				36,440
Auto Parts & Equipment – 0.5%
Continental AG (A)		47		8,001
Automobile Manufacturers – 5.2%
Bayerische Motoren Werke AG (A)		155		16,610
DaimlerChrysler AG, Registered Shares (A)		40		3,079
Fuji Heavy Industries Ltd. (A)		176		4,852
Hyundai Motor Company (A)		176		41,061
Renault S.A. (A)		56		4,472
Toyota Motor Corporation (A)		145		9,236
				79,310
Biotechnology – 0.2%
Amgen Inc.		33		3,683
Brewers – 0.2%
Anheuser-Busch InBev S.A., ADR		24		2,331
Broadcasting – 2.4%
CBS Corporation, Class B		655		36,146
Cable & Satellite – 0.7%
British Sky Broadcasting Group plc (A)		226		3,183
Comcast Corporation, Class A		103		4,655
Time Warner Cable Inc. (C)		25		2,757
				10,595
Casinos & Gaming – 12.6%
Galaxy Entertainment Group Limited, ADR (A)		11,185		78,453
Sands China Ltd. (A)		11,643		71,983
Wynn Resorts, Limited		271		42,868
				193,304
Communications Equipment – 1.5%
Cisco Systems, Inc. (B)		973		22,788
Computer Hardware – 0.9%
Apple Inc. (C)		29		13,873

Construction & Farm Machinery & Heavy Trucks – 0.1%
KION Holding 1 GmbH (A)(D)	30	1,092
Consumer Electronics – 1.6%
Panasonic Corporation (A)	1,151	11,104
Sony Corporation (A)	608	12,985
		24,089
Data Processing & Outsourced Services – 0.2%
Visa Inc., Class A	18	3,516
Diversified Banks – 5.3%
Agricultural Bank of China Limited, H Shares (A)	1,829	842
BNP Paribas (A)	23	1,522
China Construction Bank Corporation (A)	1,041	801
DBS Group Holdings Ltd (A)	384	5,021
Kabushiki Kaisha Mitsubishi Tokyo Financial Group (A)	2,274	14,507
Mizuho Financial Group, Inc. (A)	7,027	15,228
Royal Bank of Canada (A)	48	3,044
Sumitomo Mitsui Financial Group, Inc. (A)	302	14,559
Sumitomo Mitsui Trust Holdings, Inc. (A)	2,681	13,228
Toronto-Dominion Bank (A)	45	4,016
Wells Fargo & Company (C)	177	7,297
		80,065
Diversified Capital Markets – 0.1%
Credit Suisse Group AG, Registered Shares (A)	49	1,508
Diversified Chemicals – 0.2%
Dow Chemical Company (The)	76	2,911
Electronic Equipment & Instruments – 0.8%
FUJIFILM Holdings Corporation (A)	66	1,571
Hitachi, Ltd. (A)	1,725	11,354
		12,925
Electronic Manufacturing Services – 0.2%
Hon Hai Precision Ind. Co., Ltd. (A)	1,191	3,058
Health Care Supply – 0.1%
Abbott Laboratories	61	2,021
Home Entertainment Software – 0.2%
Activision Blizzard, Inc.	180	3,007
Hotels, Resorts & Cruise Lines – 1.0%
Starwood Hotels & Resorts Worldwide, Inc.	222	14,759
Industrial Conglomerates – 0.2%
Hutchison Whampoa Limited, Ordinary Shares (A)	263	3,150
Integrated Oil & Gas – 0.8%
Eni S.p.A. (A)	104	2,387
Occidental Petroleum Corporation (C)	112	10,467
		12,854
Internet Retail – 0.2%
Amazon.com, Inc. (D)	12	3,752

Internet Software & Services – 1.2%
Google Inc., Class A (D)	2	1,577
Tencent Holdings Limited (A)	328	17,182
		18,759
Investment Banking & Brokerage – 0.9%
Goldman Sachs Group, Inc. (The)	38	5,949
Nomura Holdings, Inc. (A)	985	7,663
		13,612
IT Consulting & Other Services – 1.7%
Accenture plc, Class A	51	3,734
Cognizant Technology Solutions Corporation, Class A (D)	203	16,674
International Business Machines Corporation (C)	24	4,463
		24,871
Life & Health Insurance – 3.9%
AIA Group Limited (A)	9,463	44,475
MetLife, Inc.	131	6,141
Ping An Insurance (Group) Company of China, Ltd., A Shares (A)	351	2,046
Prudential Financial, Inc.	85	6,597
		59,259
Managed Health Care – 0.1%
UnitedHealth Group Incorporated	21	1,489
Movies & Entertainment – 7.2%
Delta Topco Limited (D)(E)	56,728	67,891
Media Group Holdings, LLC (D)(E)	19	12,919
Legend Pictures LLC, Ltd. (D)(E)	10	15,229
News Corporation Limited, Class A	422	14,147
		110,186
Multi-Line Insurance – 2.1%
Allianz AG, Registered Shares (A)	37	5,738
American International Group, Inc.	285	13,835
Axa S.A. (A)	263	6,086
Zurich Financial Services, Registered Shares (A)	25	6,490
		32,149
Office Electronics – 0.9%
Canon Inc. (A)	397	12,645
Ricoh Company, Ltd. (A)	130	1,496
		14,141
Oil & Gas Equipment & Services – 0.1%
Halliburton Company	31	1,493
Oil & Gas Exploration & Production – 1.1%
ConocoPhillips (C)	246	17,106
Oil & Gas Refining & Marketing – 1.2%
Phillips 66 (C)	305	17,606
Other Diversified Financial Services – 0.7%
Citigroup Inc.	60	2,925
ING Groep N.V., Certicaaten Van Aandelen (A)(D)	406	4,585
JPMorgan Chase & Co.	58	3,003
		10,513
Pharmaceuticals – 1.5%
AstraZeneca plc (A)	60	3,118
Pfizer Inc.	490	14,077
Roche Holdings AG, Genusscheine (A)	11	2,967
Teva Pharmaceutical Industries Limited, ADR	54	2,055
		22,217
Property & Casualty Insurance – 0.1%
ACE Limited	15	1,441
Allstate Corporation (The)	14	713
		2,154

Railroads – 0.5%
Central Japan Railway Company (A)		37		4,787
Union Pacific Corporation (C)		14		2,159
				6,946
Reinsurance – 0.3%
Swiss Re Ltd (A)		61		5,045
Semiconductor Equipment – 1.1%
Applied Materials, Inc. (C)		146		2,557
ASML Holding N.V., Ordinary Shares (A)		148		14,598
				17,155
Semiconductors – 0.7%
Samsung Electronics Co., Ltd. (A)		3		4,070
Texas Instruments Incorporated (C)		150		6,033
				10,103
Specialty Chemicals – 0.2%
LyondellBasell Industries N.V., Class A		43		3,127
Steel – 0.1%
Posco (A)		5		1,516
Systems Software – 0.7%
Microsoft Corporation		209		6,949
Oracle Corporation		92		3,038
				9,987
Tobacco – 1.4%
Philip Morris International Inc.		252		21,804
Trading Companies & Distributors – 0.5%
Mitsui & Co., Ltd. (A)		522		7,576
Wireless Telecommunication Service – 0.4%
NTT DoCoMo, Inc. (A)		410		6,640
TOTAL COMMON STOCKS – 69.0%			$	1,054,037
(Cost: $757,925)
PURCHASED OPTIONS	Number of Contracts (Unrounded)
Apple Inc.:
Call $525.00, Expires 10–19–13, OTC (Ctrpty: Deutsche Bank AG)		98		15
Call $535.00, Expires 10–19–13, OTC (Ctrpty: Morgan Stanley & Co., Inc.)		71		7
Call $475.00, Expires 1–18–14, OTC (Ctrpty: Goldman Sachs International)		49		145
Call $510.00, Expires 1–18–14, OTC (Ctrpty: Goldman Sachs International)		196		326
Applied Materials, Inc.,
Call $16.00, Expires 1–18–14, OTC (Ctrpty: Barclays Bank plc)		496		94
Cisco Systems, Inc.,
Put $22.00, Expires 10–19–13, OTC (Ctrpty: Deutsche Bank AG)		4,476		40
Merck & Co., Inc.:
Call $50.00, Expires 10–19–13, OTC (Ctrpty: Goldman Sachs International)		51		—	*
Call $50.00, Expires 11–16–13, OTC (Ctrpty: Goldman Sachs International)		2,097		103
S&P 500 Index:
Call $1,750.00, Expires 10–19–13		838		111
Call $1,775.00, Expires 11–16–13		594		147
Call $1,750.00, Expires 12–21–13		593		828
TOTAL PURCHASED OPTIONS – 0.1%			$	1,816
(Cost: $4,220)

CORPORATE DEBT SECURITIES	Principal
Automobile Manufacturers – 0.1%
Toyota Motor Credit Corporation, 3.460%, 1–18–15 (G)	$	1,050		1,046
Food Distributors – 0.3%
U.S. Foodservice, Inc., 8.500%, 6–30–19		4,063		4,281
Homebuilding – 0.0%
Desarrolladora Homex, S.A. de C.V., 7.500%, 9–28–15		327		78
Independent Power Producers & Energy Traders – 0.1%
CESP – Companhia Energetica de Sao Paulo, 9.750%, 1–15–15 (F)(H)		BRL1,550		1,024
Movies & Entertainment – 3.3%
Circuit of the Americas LLC, Series A, 16.000%, 7–31–18	$	2,500		2,069
Circuit of the Americas LLC, Series B, 16.000%, 7–31–18 (I)		2,855		2,362
Delta Topco Limited, 10.000%, 11–24–60 (E)(I)		46,903		46,904
				51,335
TOTAL CORPORATE DEBT SECURITIES – 3.8%			$	57,764
(Cost: $59,005)
LOANS
Movies & Entertainment – 0.8%
Circuit of the Americas LLC, 6.000%, 6–30–17 (G)		675		675
Formula One Holdings Ltd. and Alpha Topco Limited, 9.250%, 10–16–19 (G)		10,400		10,829
				11,504
TOTAL LOANS – 0.8%			$	11,504
(Cost: $10,937)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Mortgage-Backed Obligations – 0.0%
Federal Home Loan Mortgage Corporation Agency REMIC/CMO:
5.500%, 9–15–17 (K)		378		14
5.000%, 11–15–17 (K)		5		—	*
5.000%, 4–15–19 (K)		33		—	*
5.500%, 3–15–23 (K)		118		14
5.500%, 10–15–25 (K)		394		53
6.000%, 11–15–35 (K)		235		42
Federal National Mortgage Association Agency REMIC/CMO:
5.500%, 6–25–23 (K)		176		23
5.000%, 11–25–23 (K)		29		—	*
5.500%, 8–25–33 (K)		263		41
5.500%, 4–25–34 (K)		446		70
5.500%, 11–25–36 (K)		593		96
Government National Mortgage Association Agency REMIC/CMO:
5.500%, 3–20–32 (K)		156		9
5.000%, 7–20–33 (K)		54		3
5.500%, 11–20–33 (K)		283		15
5.500%, 7–20–35 (K)		196		33
				413
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 0.0%			$	413
(Cost: $1,590)

BULLION – 8.2%	Troy Ounces
Gold		95	125,730
(Cost: $114,562)
SHORT-TERM SECURITIES	Principal
Certificate Of Deposit – 0.7%
Bank of America, N.A., 0.220%, 10–15–13	$	2,500	2,500
Citibank, N.A., 0.260%, 11–25–13		7,000	7,001
			9,501
Commercial Paper – 17.1%
Abbott Laboratories:
0.070%, 10–17–13 (J)		5,000	5,000
0.040%, 11–21–13 (J)		5,000	5,000
0.030%, 11–27–13 (J)		9,425	9,425
Air Products and Chemicals, Inc., 0.060%, 10–17–13 (J)		10,000	10,000
American Honda Finance Corp. (GTD by Honda Motor Co.), 0.160%, 11–7–13 (J)		9,000	8,998
Army & Air Force Exchange Service:
0.100%, 10–9–13 (J)		10,000	10,000
0.070%, 11–22–13 (J)		5,000	4,999
Bank of Nova Scotia:
0.110%, 10–22–13 (J)		5,000	5,000
0.140%, 11–6–13 (J)		10,000	9,999
Becton Dickinson & Co.:
0.140%, 10–7–13 (J)		3,000	3,000
0.140%, 10–10–13 (J)		4,000	4,000
Bemis Company, Inc., 0.250%, 10–2–13 (J)		3,000	3,000
BHP Billiton Finance (USA) Limited (GTD by BHP Billiton Limited):
0.100%, 10–28–13 (J)		5,000	5,000
0.200%, 11–4–13 (J)		10,000	9,998
Bristol-Myers Squibb Company:
0.060%, 10–7–13 (J)		5,000	5,000
0.060%, 10–10–13 (J)		5,000	5,000
Campbell Soup Company, 0.100%, 10–4–13 (J)		3,000	3,000
Caterpillar Financial Services Corporation (GTD by Caterpillar Inc.):
0.080%, 11–12–13 (J)		4,000	4,000
0.070%, 11–22–13 (J)		5,400	5,399
Coca-Cola Company (The), 0.060%, 12–3–13 (J)		3,000	3,000
CVS Caremark Corporation, 0.290%, 12–3–13 (J)		5,000	4,997
E.I. du Pont de Nemours and Company, 0.070%, 10–15–13 (J)		5,000	5,000
Ecolab Inc., 0.250%, 10–23–13 (J)		5,000	4,999
Emerson Electric Co., 0.070%, 12–13–13 (J)		5,000	4,999
Enbridge Inc., 0.290%, 10–11–13 (J)		3,000	3,000
Exxon Mobil Corporation, 0.160%, 10–15–13 (J)		10,000	9,999
Freddie Mac Discount Notes, 0.020%, 11–25–13 (J)		5,000	5,000
Hewlett-Packard Company:
0.370%, 10–21–13 (J)		10,500	10,497
0.350%, 10–24–13 (J)		5,000	4,999
ICICI Bank Limited (GTD by Bank of America, N.A.), 0.340%, 12–6–13 (J)		2,250	2,249
John Deere Capital Corporation, 0.060%, 10–11–13 (J)		7,000	7,000
L Air Liquide S.A.:
0.150%, 10–4–13 (J)		4,000	4,000
0.200%, 11–22–13 (J)		4,000	3,999
Medtronic, Inc., 0.130%, 10–29–13 (J)		10,000	9,999

Nestle Capital Corp. (GTD by Nestle S.A.), 0.040%, 11–15–13 (J)	5,000		5,000
PepsiCo, Inc., 0.070%, 10–28–13 (J)	10,000		9,999
Procter & Gamble Company (The), 0.070%, 10–1–13 (J)	9,000		9,000
Prudential Funding, LLC (GTD by Prudential Financial, Inc.), 0.050%, 10–1–13 (J)	1,595		1,595
St. Jude Medical, Inc.:
0.110%, 10–4–13 (J)	2,000		2,000
0.160%, 10–15–13 (J)	11,000		10,998
0.180%, 11–12–13 (J)	8,000		7,998
Straight-A Funding, LLC (GTD by Federal Financing Bank), 0.070%, 10–7–13 (J)	5,500		5,500
Wal-Mart Stores, Inc., 0.060%, 10–8–13 (J)	11,000		10,999
			262,644
Master Note – 0.0%
Toyota Motor Credit Corporation, 0.100%, 10–2–13 (L)	311		311
Municipal Obligations – Taxable – 0.4%
MS Business Fin Corp, Gulf Opp Zone Indl Dev Rev Bonds (Chevron U.S.A. Inc. Proj), Ser 2007B (GTD by Chevron Corporation), 0.060%, 10–1–13 (L)	2,200		2,200
MS Business Fin Corp, Gulf Opp Zone Indl Dev Rev Bonds (Chevron U.S.A. Inc. Proj), Ser 2007D (GTD by Chevron Corporation), 0.060%, 10–1–13 (L)	4,000		4,000
			6,200
TOTAL SHORT-TERM SECURITIES – 18.2%		$	278,656
(Cost: $278,658)
TOTAL INVESTMENT SECURITIES – 100.1%		$	1,529,920
(Cost: $1,226,897)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.1%)			(2,154	)
NET ASSETS – 100.0%		$	1,527,766

Notes to Consolidated Schedule of Investments

* Not shown due to rounding.

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

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

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

(E) Restricted securities. At September 30, 2013, the Portfolio owned the following restricted securities:

Security	Acquisition Date(s)	Shares		Cost		Value
Delta Topco Limited	1-23-12 to 5-1-12		56,728	$	38,354	$	67,891
Media Group Holdings, LLC	4-23-13		19		12,919		12,919
Legend Pictures LLC, Ltd.	12-18-12		10		18,162		15,229
			Principal
Delta Topco Limited, 10.000%, 11-24-60	1-23-12 to 6-18-12		$46,903		47,435		46,904
				$	116,870	$	142,943

The total value of these securities represented 9.4% of net assets at September 30, 2013.

(F) 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, 2013, the total value of these securities amounted to $1,024 or 0.1% of net assets.

(G) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013.

(H) Principal amount and exercise prices are denominated in the indicated foreign currency, where applicable (BRL - Brazilian Real).

(I) Payment-in-kind bonds.

(J) Rate shown is the yield to maturity at September 30, 2013.

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

(L) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013. Date shown represents the date that the variable rate resets.

The following forward foreign currency contracts were outstanding at September 30, 2013:

Type	Currency	Counterparty	Principal Amount of Contract (Denominated in Indicated Currency)		Settlement Date		Unrealized Appreciation		Unrealized Depreciation
Sell	Japanese Yen	Societe Generale Bank		815,215		10-22-13	$	—	$	60
Sell	Japanese Yen	Morgan Stanley International		3,423,607		10-23-13		—		384
Sell	Japanese Yen	Deutsche Bank AG		5,739,913		10-23-13		—		698
Sell	Japanese Yen	Barclays Capital, Inc.		4,647,246		10-23-13		—		554
							$	—	$	1,696

The following futures contracts were outstanding at September 30, 2013 (contracts unrounded):

Description	Type	Expiration Date	Number of Contracts		Market Value		Unrealized Appreciation (Depreciation)
Nikkei 225 Index	Long	12-13-13		106	$	15,593	$	123
E-mini S&P 500 Index	Long	12-20-13		118		9,878		(90	)
German Stock Index	Long	12-20-13		54		15,688		(39	)
Euro STOXX 50 Index	Long	12-23-13		400		15,579		12
FTSE 100 Index	Long	12-23-13		146		15,197		(360	)
					$	71,935	$	(354	)

The following written options were outstanding at September 30, 2013 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type	Number of Contracts		Expiration Month		Exercise Price		Premium Received		Value
Apple Inc.	Deutsche Bank AG	Call		98		October 2013	$	600.00	$	22	$	(2	)
	Morgan Stanley & Co., Inc.	Call		142		October 2013		600.00		29		(2	)
Applied Materials, Inc.	Barclays Bank plc	Put		248		January 2014		13.00		8		(2	)
	Barclays Bank plc	Put		248		January 2014		14.00		14		(3	)
	Barclays Bank plc	Call		496		January 2014		18.00		6		(37	)
Cisco Systems, Inc.	Deutsche Bank AG	Put		2,984		October 2013		23.00		95		(90	)
Merck & Co., Inc.	Goldman Sachs International	Call		2,097		November 2013		52.50		18		(26	)
S&P 500 Index	N/A	Put		244		October 2013		1,650.00		146		(314	)
	N/A	Call		244		October 2013		1,780.00		97		(5	)
	N/A	Put		593		December 2013		1,625.00		1,464		(1,784	)
									$	1,899	$	(2,265	)

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 Portfolio.

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, 2013:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	395,448	$	—	$	96,039
Consumer Staples		24,135		—		—
Energy		49,059		—		—
Financials		240,745		—		—
Health Care		29,410		—		—
Industrials		35,904		—		—
Information Technology		169,103		—		—
Materials		7,554		—		—
Telecommunication Services		6,640		—		—
Total Common Stocks	$	957,998	$	—	$	96,039
Purchased Options		1,189		627		—
Corporate Debt Securities		—		6,429		51,335
Loans		—		—		11,504
United States Government Agency Obligations		—		413		—
Bullion		125,730		—		—
Short-Term Securities		—		278,656		—
Total	$	1,084,917	$	286,125	$	158,878
Futures Contracts	$	135	$	—	$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	1,696	$	—
Futures Contracts	$	489	$	—	$	—
Written Options	$	2,129	$	136	$	—

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			Loans
Beginning Balance 1-1-13	$	62,482	$	48,655		$	11,345
Net realized gain (loss)		—		—			—
Net change in unrealized appreciation (depreciation)		27,084		(923	)		197
Purchases		6,473		3,603			—
Sales		—		—			(50	)
Amortization/Accretion of premium/discount		—		—			12
Transfers into Level 3 during the period		—		—			—
Transfers out of Level 3 during the period		—		—			—
Ending Balance 9-30-13	$	96,039	$	51,335		$	11,504
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-13	$	27,084	$	(923	)	$	197

During the period ended September 30, 2013, securities totaling $295,095 were transferred from Level 2 to Level 1 due to lack of significant market movements following the close of local trading.

Quantitative Information about Level 3 fair value measurements:

	Fair Value at 9-30-13		Valuation Technique(s)	Unobservable Input(s)
Assets
Common Stocks	$	28,148	Purchase price		Purchase price
		67,891	See below(1)
Corporate Debt Securities		4,432	Purchase price		Purchase price
		46,903	See below(1)
Loans		11,504	Third-party valuation service		Broker quotes

(1) At September 30, 2013, Ivy Asset Strategy Portfolio held (minority stake) investments in private-placement common stock and related corporate debt securities. Because of the unique nature of these securities, the Valuation Committee 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 to the common stock and corporate debt securities held by the Portfolio.

Under the market comparable companies’ model, the most significant input was the price-earnings ratio, for which a range of 19 to 23 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 (2.5%), and the weighted average cost of capital (8.4%).

The Valuation Committee also applied an illiquidity discount of 10% for purposes of this valuation.

Significant increase in price-earnings ratio or long-term growth rate inputs could result in a higher fair value measurement. However, significant increase in weighted average cost of capital or illiquidity discount inputs could result in a lower fair value measurement.

BASIS FOR CONSOLIDATION OF THE ASSET STRATEGY PORTFOLIO

Ivy VIP ASF II, Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated as a wholly owned subsidiary acting as an investment vehicle for the Ivy Asset Strategy Portfolio (referred to as “the Portfolio” in this subsection). Ivy VIP ASF III (SBP), LLC and VIP ASF, LLC (each a “Company”), Delaware limited liability companies, were incorporated as wholly owned companies acting as investment vehicles for the Portfolio. Each Subsidiary and Company acts as an investment vehicle for the Portfolio, as applicable, in order to effect certain investments for the Portfolio consistent with the Portfolio’s investment objectives and policies as specified in their prospectus and statement of additional information.

The Portfolio’s investment portfolio has been consolidated and includes the portfolio holdings of the Portfolio and its Subsidiary and Company. The consolidated financial statements include the accounts of the Portfolio and its Subsidiary and Company. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Portfolio and its Subsidiary and Company comprising the entire issued share capital of the Subsidiary and Company with the intent that the Portfolio will remain the sole shareholder and retain all rights. Under the Articles of Association, shares issued by the Subsidiary and Company confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and Company and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary and Company.

See the table below for details regarding the structure, incorporation and relationship as of September 30, 2013 of the Subsidiary and Company to the Portfolio (amounts in thousands).

Subsidiary/Company	Date of Incorporation		Subscription Agreement		Portfolio Net Assets		Subsidiary Net Assets		Percentage of Portfolio Net Assets
Ivy VIP ASF II, Ltd.		1-31-13		4-10-13	$	1,527,766	$	91,693		6.00	%
Ivy VIP ASF III (SBP), LLC		4-9-13		4-23-13		1,527,766		12,919		0.85
VIP ASF, LLC		12-10-12		12-18-12		1,527,766		15,229		1.00

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, 2013 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	1,226,897
Gross unrealized appreciation		319,186
Gross unrealized depreciation		(16,163	)
Net unrealized appreciation	$	303,023

SCHEDULE OF INVESTMENTS Balanced (in thousands) SEPTEMBER 30, 2013 (UNAUDITED)

COMMON STOCKS	Shares		Value
Aerospace & Defense – 5.6%
Boeing Company (The)		54	$	6,321
General Dynamics Corporation		52		4,569
Honeywell International Inc.		69		5,730
Precision Castparts Corp.		24		5,522
				22,142
Apparel Retail – 3.5%
Gap, Inc. (The)		105		4,237
Limited Brands, Inc.		157		9,562
				13,799
Application Software – 1.2%
Intuit Inc.		70		4,642
Asset Management & Custody Banks – 1.4%
Northern Trust Corporation		102		5,559
Brewers – 2.2%
Anheuser-Busch InBev S.A., ADR		86		8,531
Broadcasting – 1.5%
CBS Corporation, Class B		108		5,957
Cable & Satellite – 2.1%
Comcast Corporation, Class A		76		3,422
Time Warner Cable Inc.		44		4,911
				8,333
Communications Equipment – 1.5%
Cisco Systems, Inc.		250		5,855
Computer Hardware – 1.4%
Apple Inc.		12		5,483
Construction & Farm Machinery & Heavy Trucks – 1.6%
Cummins Inc.		47		6,285
Distillers & Vintners – 1.5%
Brown-Forman Corporation, Class B		88		6,012
Diversified Chemicals – 1.4%
Dow Chemical Company (The)		145		5,548
Electrical Components & Equipment – 1.5%
Rockwell Automation, Inc.		54		5,785
Fertilizers & Agricultural Chemicals – 1.2%
Monsanto Company		47		4,864
Health Care Equipment – 1.2%
Covidien plc		78		4,753
Home Improvement Retail – 1.7%
Home Depot, Inc. (The)		87		6,614
Hotels, Resorts & Cruise Lines – 1.4%
Hyatt Hotels Corporation, Class A (A)		124		5,336
Household Products – 1.2%
Colgate-Palmolive Company		81		4,786

Industrial Conglomerates – 1.3%
3M Company	42	5,051
Industrial Machinery – 3.1%
Pall Corporation	74	5,709
Pentair, Inc.	103	6,663
		12,372
Internet Retail – 1.4%
Amazon.com, Inc. (A)	17	5,377
IT Consulting & Other Services – 1.0%
Cognizant Technology Solutions Corporation, Class A (A)	50	4,065
Managed Health Care – 0.8%
UnitedHealth Group Incorporated	46	3,280
Motorcycle Manufacturers – 1.6%
Harley-Davidson, Inc.	97	6,244
Movies & Entertainment – 1.4%
Twenty-First Century Fox, Inc.	165	5,514
Multi-Line Insurance – 1.4%
American International Group, Inc.	117	5,680
Oil & Gas Equipment & Services – 2.8%
National Oilwell Varco, Inc.	74	5,780
Schlumberger Limited	62	5,505
		11,285
Oil & Gas Exploration & Production – 2.4%
Cabot Oil & Gas Corporation	80	2,993
ConocoPhillips	93	6,430
		9,423
Oil & Gas Refining & Marketing – 1.3%
Phillips 66	86	4,958
Oil & Gas Storage & Transportation – 0.8%
Regency Energy Partners LP	104	2,983
Other Diversified Financial Services – 3.3%
Citigroup Inc.	117	5,680
JPMorgan Chase & Co.	142	7,329
		13,009
Packaged Foods & Meats – 1.1%
Mead Johnson Nutrition Company	58	4,300
Personal Products – 1.4%
Estee Lauder Companies, Inc. (The), Class A	80	5,571
Pharmaceuticals – 3.0%
GlaxoSmithKline plc, ADR	109	5,458
Johnson & Johnson	74	6,442
		11,900
Property & Casualty Insurance – 2.6%
Berkshire Hathaway Inc., Class B (A)	49	5,596
Travelers Companies, Inc. (The)	55	4,688
		10,284
Publishing – 0.7%
Pearson plc (B)	129	2,623

Railroads – 1.5%
Union Pacific Corporation		39		6,074
Regional Banks – 1.8%
PNC Financial Services Group, Inc. (The)		98		7,086
Research & Consulting Services – 0.7%
Verisk Analytics, Inc., Class A (A)		45		2,897
Restaurants – 1.5%
Starbucks Corporation		79		6,058
Semiconductor Equipment – 1.5%
Applied Materials, Inc.		347		6,092
Semiconductors – 2.1%
Altera Corporation		85		3,166
Microchip Technology Incorporated		122		4,918
				8,084
TOTAL COMMON STOCKS – 73.6%			$	290,494
(Cost: $202,241)
CORPORATE DEBT SECURITIES	Principal
Aerospace & Defense – 0.2%
General Dynamics Corporation,
1.000%, 11–15–17	$	500		487
Northrop Grumman Corporation,
1.750%, 6–1–18		250		245
				732
Apparel Retail – 0.6%
Limited Brands, Inc.:
6.900%, 7–15–17		250		283
6.625%, 4–1–21		1,460		1,578
5.625%, 2–15–22		414		424
				2,285
Apparel, Accessories & Luxury Goods – 0.3%
LVMH Moet Hennessy – Louis Vuitton,
1.625%, 6–29–17 (C)		1,000		998
Auto Parts & Equipment – 0.1%
Delphi Corporation,
5.000%, 2–15–23		411		424
Automobile Manufacturers – 1.2%
Ford Motor Company, Convertible,
4.250%, 11–15–16		2,000		3,951
Toyota Motor Credit Corporation:
0.553%, 5–17–16 (D)		500		501
2.050%, 1–12–17		500		512
				4,964
Automotive Manufacturers – 0.1%
Hyundai Capital America,
2.875%, 8–9–18 (C)		250		252
Banking – 0.4%
Commonwealth Bank of Australia New York,
1.950%, 3–16–15		600		612
Westpac Banking Corporation,
2.250%, 7–30–18		1,000		1,006
				1,618
Biotechnology – 0.2%
Amgen Inc.,
2.125%, 5–15–17		750		761
Brewers – 0.4%
Anheuser-Busch InBev Worldwide Inc.,
5.375%, 11–15–14		500		527
Heineken N.V.,
1.400%, 10–1–17 (C)		250		246
SABMiller Holdings Inc.:
2.200%, 8–1–18 (C)		500		499
3.750%, 1–15–22 (C)		250		252
				1,524

Broadcasting – 0.7%
CBS Corporation:
8.875%, 5–15–19	1,500	1,917
4.300%, 2–15–21	500	513
Discovery Communications, LLC:
4.375%, 6–15–21	500	524
3.300%, 5–15–22	200	192
		3,146
Cable & Satellite – 0.4%
DIRECTV Holdings LLC,
2.400%, 3–15–17	750	754
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc.,
3.500%, 3–1–16	500	521
Pearson Funding Five plc,
3.250%, 5–8–23 (C)	300	275
		1,550
Construction & Farm Machinery & Heavy Trucks – 0.1%
Caterpillar Inc.,
1.375%, 5–27–14	500	503
Consumer Finance – 1.2%
American Express Credit Corporation:
5.125%, 8–25–14	400	416
2.125%, 7–27–18	100	100
American Honda Finance Corporation,
0.637%, 5–26–16 (C)(D)	500	501
Capital One Financial Corporation:
2.125%, 7–15–14	500	506
1.000%, 11–6–15	500	498
Caterpillar Financial Services Corporation,
1.550%, 12–20–13	500	501
Charles Schwab Corporation (The),
2.200%, 7–25–18	300	303
Discover Bank,
2.000%, 2–21–18	250	244
Ford Motor Credit Company LLC,
3.875%, 1–15–15	500	517
General Motors Financial Company, Inc.,
2.750%, 5–15–16 (C)	448	447
Penske Truck Leasing Co., LP and PTL Finance Corp.,
2.500%, 7–11–14 (C)	250	253
Total System Services, Inc.,
2.375%, 6–1–18	100	98
USAA Capital Corporation,
1.050%, 9–30–14 (C)	500	503
		4,887
Data Processing & Outsourced Services – 0.2%
Fidelity National Financial, Inc.,
6.600%, 5–15–17	800	893
Distillers & Vintners – 0.5%
Beam Inc.:
1.875%, 5–15–17	300	301
1.750%, 6–15–18	250	245
Brown-Forman Corporation,
1.000%, 1–15–18	1,000	971
Constellation Brands, Inc.,
3.750%, 5–1–21	670	619
		2,136
Distributors – 0.1%
LKQ Corporation,
4.750%, 5–15–23 (C)	282	262
Diversified Banks – 1.2%
Bank of America Corporation:
1.070%, 3–22–16 (D)	1,000	1,005
4.100%, 7–24–23	100	99
Bank of Montreal,
1.300%, 10–31–14 (C)	500	505
Bank of New York Mellon Corporation (The),
1.500%, 1–31–14	500	502
Bank of Nova Scotia (The),
1.450%, 4–25–18	500	489

Barclays Bank plc,
2.375%, 1–13–14	300	302
BNP Paribas,
2.700%, 8–20–18	150	152
BNP Paribas S.A.,
5.186%, 6–29–49 (C)	100	101
National Australia Bank Ltd.:
0.900%, 1–20–16	500	499
2.300%, 7–25–18	250	252
Societe Generale,
2.625%, 10–1–18	200	200
U.S. Bancorp,
4.200%, 5–15–14	500	512
Wells Fargo & Company:
3.676%, 6–15–16 (D)	250	266
1.500%, 1–16–18	250	246
		5,130
Diversified Chemicals – 0.1%
Airgas, Inc.,
1.650%, 2–15–18	500	486
Diversified Metals & Mining – 0.2%
Freeport-McMoRan Copper & Gold Inc.,
2.375%, 3–15–18 (C)	150	145
Rio Tinto Finance (USA) Limited,
8.950%, 5–1–14	500	524
Teck Resources,
3.000%, 3–1–19	100	99
		768
Drug Retail – 0.3%
CVS Caremark Corporation,
3.250%, 5–18–15	950	988
Electric Utilities – 0.0%
Southern Company, (The),
2.450%, 9–1–18	150	151
Fertilizers & Agricultural Chemicals – 0.1%
Monsanto Company,
2.750%, 4–15–16	500	522
Food Distributors – 0.7%
Campbell Soup Company,
2.500%, 8–2–22	700	637
Cargill, Inc.,
4.307%, 5–14–21 (C)	1,219	1,292
ConAgra Foods, Inc.,
1.300%, 1–25–16	250	250
General Mills, Inc.,
0.564%, 1–29–16 (D)	250	250
		2,429
General Merchandise Stores – 0.1%
Target Corporation,
1.125%, 7–18–14	500	503
Health Care Equipment – 0.1%
Stryker Corporation,
2.000%, 9–30–16	500	514
Health Care Services – 0.3%
Quest Diagnostics Incorporated,
3.200%, 4–1–16	1,000	1,041
Health Care Supplies – 0.1%
DENTSPLY International Inc.,
2.750%, 8–15–16	250	258
Mallinckrodt International Finance S.A.,
3.500%, 4–15–18 (C)	250	246
		504
Home Improvement Retail – 0.1%
Home Depot, Inc. (The),
4.400%, 4–1–21	375	411
Homebuilding – 0.1%
Toll Brothers Finance Corp.,
4.375%, 4–15–23	500	459

Hotels, Resorts & Cruise Lines – 0.1%
Hyatt Hotels Corporation,
3.375%, 7–15–23	250	234
Household Products – 0.1%
Church & Dwight Co., Inc.,
2.875%, 10–1–22	250	235
Colgate-Palmolive Company,
1.250%, 5–1–14	250	252
		487
Hypermarkets & Super Centers – 0.2%
Wal-Mart Stores, Inc.,
2.875%, 4–1–15	875	909
Independent Finance – 0.1%
Fidelity National Information Services, Inc.,
2.000%, 4–15–18	250	244
Industrial Conglomerates – 0.1%
General Electric Capital Corporation,
0.959%, 4–2–18 (D)	500	503
Industrial Gases – 0.6%
Praxair, Inc.:
4.375%, 3–31–14	1,500	1,528
3.000%, 9–1–21	500	491
		2,019
Industrial Machinery – 0.6%
Eaton Corporation,
0.584%, 6–16–14 (D)	500	500
Illinois Tool Works Inc.,
5.150%, 4–1–14	1,500	1,534
Ingersoll-Rand Global Holding Company Limited,
2.875%, 1–15–19 (C)	150	150
		2,184
Integrated Telecommunication Services – 0.1%
Verizon Communications Inc.:
3.650%, 9–14–18	100	105
5.150%, 9–15–23	200	215
		320
Internet Retail – 0.1%
Amazon.com, Inc.,
0.650%, 11–27–15	250	250
Investment Banking & Brokerage – 0.4%
Goldman Sachs Group, Inc. (The):
1.600%, 11–23–15	500	504
2.900%, 7–19–18	450	454
Morgan Stanley,
2.125%, 4–25–18	500	487
		1,445
IT Consulting & Other Services – 0.4%
Baidu, Inc.,
3.250%, 8–6–18	200	200
International Business Machines Corporation:
1.250%, 5–12–14	1,000	1,006
0.246%, 2–4–15 (D)	500	500
		1,706
Leisure Products – 0.1%
Mattel, Inc.,
2.500%, 11–1–16	250	258
Life & Health Insurance – 0.6%
Metropolitan Life Global Funding I:
2.000%, 1–10–14 (C)	800	804
2.500%, 9–29–15 (C)	1,000	1,032
Prudential Financial, Inc.:
4.750%, 9–17–15	500	537
2.300%, 8–15–18	100	101
		2,474
Managed Health Care – 0.1%
WellPoint, Inc.,
1.875%, 1–15–18	500	496

Metal & Glass Containers – 0.1%
BlueScope Steel (Finance) Limited and BlueScope Steel Finance (USA) LLC,
7.125%, 5–1–18 (C)	555	570
Movies & Entertainment – 0.4%
News American Incorporated,
3.000%, 9–15–22	1,000	937
Viacom Inc.:
4.375%, 9–15–14	500	516
2.500%, 9–1–18	100	100
		1,553
Oil & Gas – 0.1%
BP Capital Markets plc (GTD by BP plc),
2.241%, 9–26–18	400	400
Oil & Gas Drilling – 0.1%
Transocean Inc.,
2.500%, 10–15–17	500	501
Oil & Gas Equipment & Services – 0.3%
National Oilwell Varco, Inc.,
1.350%, 12–1–17	250	246
Schlumberger Investment S.A. (GTD by Schlumberger Ltd.),
1.250%, 8–1–17 (C)	500	490
Schlumberger S.A. (GTD by Schlumberger Ltd.),
2.650%, 1–15–16 (C)	500	519
		1,255
Oil & Gas Exploration & Production – 0.6%
ConocoPhillips (GTD by ConocoPhillips Company),
4.750%, 2–1–14	415	421
EOG Resources, Inc.,
2.500%, 2–1–16	1,000	1,039
ONEOK Partners, L.P.,
3.200%, 9–15–18	100	102
Southwestern Energy Company,
4.100%, 3–15–22	600	600
		2,162
Oil & Gas Storage & Transportation – 0.1%
Kinder Morgan Energy Partners, L.P.,
2.650%, 2–1–19	400	397
Other Diversified Financial Services – 1.3%
BHP Billiton Finance (USA) Limited (GTD by BHP Billiton plc and BHP Billiton Limited),
2.050%, 9–30–18	100	100
Citigroup Inc.,
1.250%, 1–15–16	250	250
Daimler Finance North America LLC,
2.375%, 8–1–18 (C)	150	150
JPMorgan Chase & Co.:
4.650%, 6–1–14	1,000	1,027
0.715%, 4–23–15 (D)	500	501
1.100%, 10–15–15	500	501
3.450%, 3–1–16	1,000	1,052
3.150%, 7–5–16	500	525
7.900%, 4–29–49 (D)	500	543
Total Capital,
2.125%, 8–10–18	300	303
		4,952
Other Non-Agency REMIC/CMO – 0.0%
Banco Hipotecario Nacional:
7.916%, 7–25–09 (C)	17	—	*
8.000%, 3–31–11 (C)	4	—
		—	*
Packaged Foods & Meats – 0.3%
Kraft Foods Inc.,
4.125%, 2–9–16	1,000	1,068
Personal Products – 0.2%
Estee Lauder Companies, Inc. (The),
2.350%, 8–15–22	600	550
Kimberly-Clark Corporation,
0.384%, 5–15–16 (D)	250	250
		800

Property & Casualty Insurance – 0.1%
Berkshire Hathaway Finance Corporation,
2.000%, 8–15–18	250		250
Berkshire Hathaway Inc.,
1.550%, 2–9–18	250		248
			498
Railroads – 0.2%
Burlington Northern Santa Fe, LLC,
3.050%, 3–15–22	400		385
Kansas City Southern de Mexico, S.A. de C.V.,
2.350%, 5–15–20 (C)	300		286
			671
Regional Banks – 0.1%
Canadian Imperial Bank of Commerce,
0.900%, 10–1–15	250		251
PNC Bank, N.A.,
0.800%, 1–28–16	250		249
			500
Restaurants – 0.1%
YUM! Brands, Inc.,
4.250%, 9–15–15	500		532
Retail Stores – 0.1%
Dollar General Corporation:
4.125%, 7–15–17	100		106
1.875%, 4–15–18	250		243
			349
Semiconductors – 0.1%
Broadcom Corporation,
2.700%, 11–1–18	250		257
Soft Drinks – 0.4%
PepsiCo, Inc.:
0.700%, 8–13–15	1,000		1,001
2.250%, 1–7–19	750		752
			1,753
Specialized Finance – 0.1%
PACCAR Financial Corp.,
0.392%, 5–5–15 (D)	250		250
Specialty Chemicals – 0.1%
RPM International Inc.,
3.450%, 11–15–22	250		234
Systems Software – 0.2%
CA, Inc.,
2.875%, 8–15–18	150		151
Microsoft Corporation,
2.950%, 6–1–14	500		509
			660
Tobacco – 0.2%
Philip Morris International Inc.,
4.500%, 3–26–20	750		823
Trucking – 0.1%
Ryder System, Inc.,
2.350%, 2–26–19	400		391
Wireless – 0.0%
Virgin Media Finance plc,
4.875%, 2–15–22	200		168
Wireless Telecommunication Service – 0.6%
America Movil, S.A.B. de C.V.,
3.625%, 3–30–15	700		722
American Tower Corporation,
4.700%, 3–15–22	995		967
Crown Castle International Corp.,
5.250%, 1–15–23	623		573
			2,262
TOTAL CORPORATE DEBT SECURITIES – 19.6%		$	77,376
(Cost: $74,317)

OTHER GOVERNMENT SECURITIES
Canada – 0.1%
TransCanada PipeLines Ltd,
0.750%, 1–15–16	250		249
Israel – 0.1%
State of Israel,
4.000%, 6–30–22	500		519
Qatar – 0.2%
State of Qatar,
4.000%, 1–20–15 (C)	750		778
Supranational – 0.2%
International Bank for Reconstruction and Development,
2.375%, 5–26–15	900		930
TOTAL OTHER GOVERNMENT SECURITIES – 0.6%		$	2,476
(Cost: $2,392)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Mortgage-Backed Obligations – 1.0%
Federal National Mortgage Association Fixed Rate Pass-Through Certificates:
6.000%, 9–1–17	111		119
5.000%, 1–1–18	49		52
5.500%, 4–1–18	13		13
5.000%, 5–1–18	35		38
4.500%, 7–1–18	505		536
7.000%, 9–1–25	63		71
6.500%, 10–1–28	166		187
6.500%, 2–1–29	87		99
7.500%, 4–1–31	101		116
7.000%, 7–1–31	113		133
7.000%, 9–1–31	189		222
6.500%, 2–1–32	393		444
7.000%, 2–1–32	262		309
7.000%, 3–1–32	98		117
7.000%, 7–1–32	154		173
6.000%, 9–1–32	786		873
6.000%, 2–1–33	80		89
5.500%, 5–1–33	229		251
5.500%, 6–1–33	130		143
United States Department of Veterans Affairs, Guaranteed REMIC Pass-Through Certificates, Vendee Mortgage Trust, 1997-A Class 3-A,
8.293%, 12–15–26	53		60
			4,045
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 1.0%		$	4,045
(Cost: $3,685)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 3.4%
United States Treasury Notes:
4.250%, 8–15–15	10,000		10,737
0.875%, 1–31–17	1,250		1,253
0.625%, 5–31–17	1,500		1,483
			13,473
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 3.4%		$	13,473
(Cost: $12,689)
SHORT-TERM SECURITIES
Commercial Paper – 1.5%
Bristol-Myers Squibb Company,
0.060%, 10–7–13 (E)	3,000		3,000

Prudential Funding, LLC (GTD by Prudential Financial, Inc.),
0.050%, 10–1–13 (E)	3,030		3,030
			6,030
Master Note – 0.1%
Toyota Motor Credit Corporation,
0.100%, 10–2–13 (F)	471		471
TOTAL SHORT-TERM SECURITIES – 1.6%		$	6,501
(Cost: $6,501)
TOTAL INVESTMENT SECURITIES – 99.8%		$	394,365
(Cost: $301,825)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.2%			722
NET ASSETS – 100.0%		$	395,087

Notes to Schedule of Investments

* 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, 2013, the total value of these securities amounted to $11,556 or 2.9% of net assets.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013.

(E) Rate shown is the yield to maturity at September 30, 2013.

(F) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013. Date shown represents the date that the variable rate resets.

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, 2013:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	290,494	$	—	$	—
Corporate Debt Securities		—		77,376		—	*
Other Government Securities		—		2,476		—
United States Government Agency Obligations		—		4,045		—
United States Government Obligations		—		13,473		—
Short-Term Securities		—		6,501		—
Total	$	290,494	$	103,871	$	—	*

There were no transfers between any levels during the period ended September 30, 2013.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

REMIC = Real Estate Mortgage Investment Conduit

GTD = Guaranteed

CMO = Real Estate Mortgage Investment Conduit

For Federal income tax purposes, cost of investments owned at September 30, 2013 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	301,825
Gross unrealized appreciation		93,280
Gross unrealized depreciation		(740	)
Net unrealized appreciation	$	92,540

SCHEDULE OF INVESTMENTS Bond (in thousands) SEPTEMBER 30, 2013 (UNAUDITED)

CORPORATE DEBT SECURITIES	Principal		Value
Aerospace & Defense – 1.7%
Bombardier Inc.,
7.500%, 3–15–18 (A)	$	5,775	$	6,482
Apparel Retail – 2.0%
Limited Brands, Inc.:
8.500%, 6–15–19		3,485		4,156
7.000%, 5–1–20		1,000		1,105
5.625%, 2–15–22		2,665		2,732
				7,993
Automobile Mfg. / Vehicle Parts – 0.4%
General Motors Co.,
3.500%, 10–2–18 (A)		1,500		1,496
Automotive Manufacturers – 0.8%
Hyundai Capital America,
2.875%, 8–9–18 (A)		3,000		3,026
Biotechnology – 1.1%
Amgen Inc.,
6.150%, 6–1–18		3,500		4,093
Brewers – 0.9%
SABMiller plc,
6.500%, 7–15–18 (A)		3,000		3,573
Broadcasting – 1.9%
CBS Corporation,
8.875%, 5–15–19		3,500		4,476
Discovery Communications, LLC,
3.300%, 5–15–22		3,000		2,873
				7,349
Cable & Satellite – 1.4%
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc.,
3.800%, 3–15–22		2,500		2,334
Time Warner Inc.,
4.750%, 3–29–21		3,000		3,215
				5,549
Coal & Consumable Fuels – 1.5%
Joy Global Inc.,
6.000%, 11–15–16		3,230		3,622
Peabody Energy Corporation,
6.500%, 9–15–20		2,000		1,970
				5,592
Consumer Finance – 1.0%
Ford Motor Credit Company LLC,
4.250%, 9–20–22		4,000		3,996
Data Processing & Outsourced Services – 1.2%
Alliance Data Systems Corporation,
5.250%, 12–1–17 (A)		4,500		4,613
Department Stores – 0.8%
Macy’s Retail Holdings, Inc.,
3.875%, 1–15–22		3,000		2,975
Distributors – 0.8%
QVC, Inc.,
5.125%, 7–2–22		3,000		2,951
Diversified Banks – 2.9%
Bank of America Corporation:
5.650%, 5–1–18		2,000		2,257
7.625%, 6–1–19		2,000		2,453
HSBC Holdings plc,
5.100%, 4–5–21		2,500		2,755

PNC Funding Corp (GTD by The PNC Financial Services Group, Inc.),
2.700%, 9–19–16	3,260	3,390
		10,855
Diversified Chemicals – 1.2%
Dow Chemical Company (The),
8.550%, 5–15–19	3,500	4,465
Diversified Metals & Mining – 1.3%
Freeport-McMoRan Copper & Gold Inc.,
3.100%, 3–15–20 (A)	2,000	1,881
Rio Tinto Finance (USA) Limited,
3.750%, 9–20–21	3,500	3,451
		5,332
Electric Utilities – 1.3%
Detroit Edison Company (The),
3.900%, 6–1–21	4,875	5,152
Electronic Manufacturing Services – 1.6%
Jabil Circuit, Inc.:
7.750%, 7–15–16	2,000	2,265
8.250%, 3–15–18	3,150	3,701
		5,966
Environmental & Facilities Services – 1.8%
Republic Services, Inc.,
4.750%, 5–15–23	3,000	3,156
Waste Management, Inc.,
4.600%, 3–1–21	3,600	3,841
		6,997
Forest Products – 1.2%
Georgia-Pacific, LLC,
5.400%, 11–1–20 (A)	4,000	4,478
Gaming / Lodging / Leisure – 0.3%
Marriott International, Inc.,
3.375%, 10–15–20	1,277	1,273
Health Care Services – 0.9%
Medco Health Solutions, Inc.,
4.125%, 9–15–20	3,500	3,633
Health Care Supplies – 0.7%
DENTSPLY International Inc.,
4.125%, 8–15–21	2,500	2,532
Homebuilding – 1.0%
Toll Brothers Finance Corp.,
4.375%, 4–15–23	4,055	3,720
Household Products – 1.4%
Clorox Company (The),
3.050%, 9–15–22	2,500	2,384
Procter & Gamble Company (The),
8.000%, 9–1–24	2,000	2,764
		5,148
Independent Finance – 0.3%
Fidelity National Information Services, Inc.,
3.500%, 4–15–23	1,250	1,125
Integrated Telecommunication Services – 1.1%
Verizon Communications Inc.,
8.750%, 11–1–18	3,182	4,089
Investment Banking & Brokerage – 1.0%
Goldman Sachs Group, Inc. (The),
6.000%, 6–15–20	3,500	3,975

Multi-Utilities – 3.5%
Dominion Resources, Inc., Ser F,
5.250%, 8–1–33	2,500	2,695
Duke Energy Indiana, Inc.,
3.750%, 7–15–20	3,000	3,157
NorthWestern Corporation,
6.340%, 4–1–19	3,000	3,582
Pacific Gas and Electric Company,
3.500%, 10–1–20	4,000	4,043
		13,477
Office Electronics – 1.0%
Xerox Corporation,
6.350%, 5–15–18	3,452	3,965
Oil & Gas Equipment & Services – 1.1%
Enterprise Products Operating LLC (GTD by Enterprise Products Partners L.P.):
6.500%, 1–31–19	2,000	2,372
4.050%, 2–15–22	2,000	2,032
		4,404
Oil & Gas Exploration & Production – 1.1%
EQT Corporation,
8.125%, 6–1–19	3,494	4,240
Oil & Gas Storage & Transportation – 2.3%
Copano Energy, L.L.C. and Copano Energy Finance Corporation,
7.125%, 4–1–21	984	1,127
DCP Midstream Operating, LP (GTD by DCP Midstream Partners, LP),
3.875%, 3–15–23	2,000	1,821
Maritimes & Northeast Pipeline, L.L.C.,
7.500%, 5–31–14 (A)	3,362	3,477
Tennessee Gas Pipeline Company,
7.000%, 3–15–27	2,000	2,441
		8,866
Other Diversified Financial Services – 1.1%
JPMorgan Chase & Co.,
6.000%, 1–15–18	3,500	4,020
Pharmaceuticals – 0.7%
Merck Sharp & Dohme Corp.,
5.000%, 6–30–19	2,500	2,853
Property & Casualty Insurance – 0.8%
Berkshire Hathaway Inc.,
3.750%, 8–15–21	3,000	3,120
Railroads – 1.9%
Burlington Northern Santa Fe, LLC,
3.050%, 3–15–22	4,000	3,852
Kansas City Southern de Mexico, S.A. de C.V.,
2.350%, 5–15–20 (A)	3,650	3,480
		7,332
Restaurants – 1.0%
YUM! Brands, Inc.,
6.250%, 3–15–18	3,292	3,811
Systems Software – 1.7%
CA, Inc.,
5.375%, 12–1–19	6,000	6,659
Trucking – 0.5%
Penske Truck Leasing Co., L.P.,
2.875%, 7–17–18 (A)	2,000	1,999
Water Utilities – 0.6%
California Water Service Company,
5.875%, 5–1–19	2,000	2,289
Wireless Telecommunication Service – 1.5%
American Tower Corporation,
4.700%, 3–15–22	5,000	4,860
Crown Castle International Corp.,
5.250%, 1–15–23	1,027	945
		5,805

TOTAL CORPORATE DEBT SECURITIES – 52.3%		$	201,268
(Cost: $196,429)
MORTGAGE-BACKED SECURITIES
Commercial Mortgage-Backed Securities – 0.3%
J.P. Morgan Chase Commercial Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2004-C1,
4.719%, 1–15–38	995		1,001
Non-Agency REMIC/CMO – 0.6%
MASTR Adjustable Rate Mortgage Trust 2005-1,
3.446%, 3–25–35 (B)	2,067		109
Merrill Lynch Mortgage Trust 2005-CIP1,
4.949%, 7–12–38 (B)	2,000		2,058
Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2004-1,
2.488%, 2–25–34 (B)	585		80
Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2004-3AC,
2.378%, 3–25–34 (B)	1,089		90
			2,337
TOTAL MORTGAGE-BACKED SECURITIES – 0.9%		$	3,338
(Cost: $6,623)
MUNICIPAL BONDS – TAXABLE
Massachusetts – 0.7%
Cmnwlth of MA, Fed Hwy Grant Anticipation Notes (Accelerated Bridge Prog), Ser 2010A,
4.285%, 12–15–18	2,500		2,745
New York – 1.5%
NYC Indl Dev Agy, Rental Rev Bonds (Yankee Stadium Proj), Ser 2009,
11.000%, 3–1–29 (A)	4,000		5,622
TOTAL MUNICIPAL BONDS – TAXABLE – 2.2%		$	8,367
(Cost: $6,589)
OTHER GOVERNMENT SECURITIES
Canada – 0.5%
Province de Quebec,
7.140%, 2–27–26 (B)	1,500		1,986
Israel – 0.8%
State of Israel,
4.000%, 6–30–22	3,000		3,114
TOTAL OTHER GOVERNMENT SECURITIES – 1.3%		$	5,100
(Cost: $4,505)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Agency Obligations – 3.6%
Federal Home Loan Bank:
2.000%, 8–14–15 (B)	5,000		4,696
2.000%, 2–14–16 (B)	5,000		4,656
Federal National Mortgage Association,
1.500%, 4–25–16	4,750		4,474
			13,826
Mortgage-Backed Obligations – 15.2%
Federal Home Loan Mortgage Corporation Agency REMIC/CMO:
4.500%, 6–15–27	810		837
4.000%, 11–15–36	1,560		1,649
4.500%, 9–15–37	1,702		1,765
4.500%, 8–15–39	2,437		2,603

Federal Home Loan Mortgage Corporation Fixed Rate Participation Certificates:
4.186%, 12–25–20	4,000		4,329
5.000%, 6–1–23	1,526		1,647
4.000%, 7–1–25	2,111		2,235
3.000%, 1–1–33	960		956
Federal National Mortgage Association Agency REMIC/CMO:
5.000%, 6–25–18	1,104		1,170
5.500%, 11–25–36 (C)	2,331		375
5.500%, 4–25–37	1,266		1,374
4.000%, 5–25–39	1,462		1,529
4.500%, 6–25–40	1,512		1,636
Federal National Mortgage Association Fixed Rate Pass-Through Certificates:
5.424%, 2–1–16	1,910		2,076
5.508%, 4–1–17	3,530		3,873
4.500%, 9–1–19	1,158		1,229
4.530%, 12–1–19	7,725		8,532
5.500%, 10–1–21	2,150		2,325
6.000%, 6–1–22	1,482		1,626
6.000%, 9–1–22	2,381		2,620
5.000%, 9–1–23	1,644		1,764
5.500%, 2–1–35	1,366		1,512
Government National Mortgage Association Agency REMIC/CMO:
2.500%, 9–20–40	4,848		4,888
2.000%, 3–16–42	5,789		5,644
0.488%, 6–17–45 (B)(C)	336		4
			58,198
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 18.8%		$	72,024
(Cost: $74,299)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 5.1%
United States Treasury Notes:
2.125%, 8–15–21	10,000		9,921
2.000%, 2–15–23	10,000		9,528
			19,449
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 5.1%		$	19,449
(Cost: $20,129)
SHORT-TERM SECURITIES
Commercial Paper – 19.1%
Air Products and Chemicals, Inc.,
0.060%, 10–30–13 (D)	15,000		14,999
Exxon Mobil Corporation,
0.080%, 10–1–13 (D)	3,700		3,700
Illinois Tool Works Inc.,
0.050%, 10–16–13 (D)	9,000		9,000
John Deere Financial Inc. (GTD by John Deere Capital Corporation),
0.060%, 10–10–13 (D)	4,000		4,000
Novartis Finance Corp. (GTD by Novartis AG),
0.050%, 10–2–13 (D)	5,000		5,000
Roche Holdings, Inc.,
0.050%, 10–1–13 (D)	4,429		4,429
St. Jude Medical, Inc.,
0.180%, 11–12–13 (D)	2,000		2,000
Target Corporation,
0.030%, 10–1–13 (D)	15,000		15,000
Walt Disney Company (The),
0.060%, 11–15–13 (D)	15,000		14,999
			73,127
Master Note – 0.6%
Toyota Motor Credit Corporation,
0.100%, 10–2–13 (E)	2,458		2,458
TOTAL SHORT-TERM SECURITIES – 19.7%		$	75,585
(Cost: $75,584)

TOTAL INVESTMENT SECURITIES – 100.3%	$	385,131
(Cost: $384,158)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.3%)		(1,268	)
NET ASSETS – 100.0%	$	383,863

Notes to Schedule of Investments

(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, 2013, the total value of these securities amounted to $40,127 or 10.5% of net assets.

(B) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013.

(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, 2013.

(E) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013. Date shown represents the date that the variable rate resets.

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, 2013:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Corporate Debt Securities	$	—	$	201,268	$	—
Mortgage-Backed Securities		—		3,338		—
Municipal Bonds		—		8,367		—
Other Government Securities		—		5,100		—
United States Government Agency Obligations		—		72,024		—
United States Government Obligations		—		19,449		—
Short-Term Securities		—		75,585		—
Total	$	—	$	385,131	$	—

There were no transfers between any levels during the period ended September 30, 2013.

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, 2013 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	384,158
Gross unrealized appreciation		10,552
Gross unrealized depreciation		(9,579	)
Net unrealized appreciation	$	973

SCHEDULE OF INVESTMENTS Core Equity (in thousands) SEPTEMBER 30, 2013 (UNAUDITED)

COMMON STOCKS	Shares		Value
Apparel, Accessories & Luxury Goods – 1.8%
Polo Ralph Lauren Corporation		50	$	8,237
Biotechnology – 2.7%
Alexion Pharmaceuticals, Inc. (A)		58		6,784
Biogen Idec Inc. (A)		24		5,778
				12,562
Brewers – 3.2%
Anheuser-Busch InBev S.A., ADR		148		14,662
Broadcasting – 2.6%
CBS Corporation, Class B		214		11,778
Cable & Satellite – 3.7%
Comcast Corporation, Class A		196		8,854
Time Warner Cable Inc.		78		8,682
				17,536
Communications Equipment – 4.6%
Cisco Systems, Inc.		536		12,549
F5 Networks, Inc. (A)		43		3,722
Nokia Corporation, Series A, ADR		724		4,713
				20,984
Computer Hardware – 1.5%
Apple Inc.		15		7,008
Construction & Farm Machinery & Heavy Trucks – 2.9%
Cummins Inc.		99		13,101
Consumer Electronics – 1.2%
Harman International Industries, Incorporated		81		5,351
Consumer Finance – 1.8%
Capital One Financial Corporation		118		8,089
Data Processing & Outsourced Services – 2.7%
MasterCard Incorporated, Class A		18		12,245
Diversified Banks – 2.0%
Bank of America Corporation		658		9,082
Diversified Chemicals – 2.3%
Dow Chemical Company (The)		284		10,887
Fertilizers & Agricultural Chemicals – 1.9%
Monsanto Company		82		8,506
Home Improvement Retail – 1.9%
Home Depot, Inc. (The)		113		8,548
Hypermarkets & Super Centers – 1.8%
Costco Wholesale Corporation		70		8,066
Industrial Machinery – 5.9%
Pall Corporation		170		13,074
Pentair, Inc.		217		14,098
				27,172
Integrated Oil & Gas – 1.2%
Occidental Petroleum Corporation		57		5,369

Internet Software & Services – 2.5%
Facebook, Inc., Class A (A)	184	9,264
LinkedIn Corp (A)	9	2,239
		11,503
IT Consulting & Other Services – 2.3%
Teradata Corporation (A)	190	10,539
Managed Health Care – 1.3%
UnitedHealth Group Incorporated	82	5,886
Motorcycle Manufacturers – 3.0%
Harley-Davidson, Inc.	219	14,071
Movies & Entertainment – 2.8%
Twenty-First Century Fox, Inc.	386	12,886
Multi-Line Insurance – 3.4%
American International Group, Inc.	323	15,698
Oil & Gas Equipment & Services – 1.8%
National Oilwell Varco, Inc.	105	8,194
Oil & Gas Exploration & Production – 2.0%
Noble Energy, Inc.	143	9,614
Oil & Gas Refining & Marketing – 1.6%
Phillips 66	127	7,321
Other Diversified Financial Services – 3.6%
Citigroup Inc.	248	12,044
JPMorgan Chase & Co.	88	4,549
		16,593
Packaged Foods & Meats – 1.4%
Mead Johnson Nutrition Company	90	6,646
Pharmaceuticals – 6.7%
Bristol-Myers Squibb Company	228	10,566
Pfizer Inc.	362	10,393
Shire Pharmaceuticals Group plc, ADR	80	9,603
		30,562
Railroads – 7.1%
Canadian Pacific Railway Limited	99	12,207
Kansas City Southern	71	7,754
Union Pacific Corporation	82	12,702
		32,663
Restaurants – 3.8%
Chipotle Mexican Grill, Inc., Class A (A)	18	7,630
Panera Bread Company, Class A (A)	29	4,582
YUM! Brands, Inc.	77	5,483
		17,695
Semiconductor Equipment – 2.9%
Applied Materials, Inc.	748	13,125
Semiconductors – 3.2%
Altera Corporation	123	4,560
Texas Instruments Incorporated	256	10,289
		14,849
Specialty Chemicals – 1.1%
LyondellBasell Industries N.V., Class A	67	4,877

Tobacco – 2.3%
Philip Morris International Inc.		122		10,570
TOTAL COMMON STOCKS – 98.5%			$	452,475
(Cost: $354,503)
SHORT-TERM SECURITIES	Principal
Commercial Paper – 0.5%
Straight-A Funding, LLC (GTD by Federal Financing Bank),
0.070%, 10–7–13 (B)	$	2,000		2,000
Master Note – 0.9%
Toyota Motor Credit Corporation,
0.100%, 10–2–13 (C)		4,266		4,266
TOTAL SHORT-TERM SECURITIES – 1.4%			$	6,266
(Cost: $6,266)
TOTAL INVESTMENT SECURITIES – 99.9%			$	458,741
(Cost: $360,769)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.1%				231
NET ASSETS – 100.0%			$	458,972

Notes to Schedule of Investments

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

(B) Rate shown is the yield to maturity at September 30, 2013.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013. Date shown represents the date that the variable rate resets.

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, 2013:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	452,475	$	—	$	—
Short-Term Securities		—		6,266		—
Total	$	452,475	$	6,266	$	—

As of September 30, 2013, there were no transfers between Level 1 and 2 during the period.

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, 2013 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	360,769
Gross unrealized appreciation		100,313
Gross unrealized depreciation		(2,341	)
Net unrealized appreciation	$	97,972

SCHEDULE OF INVESTMENTS Dividend Opportunities (in thousands) SEPTEMBER 30, 2013 (UNAUDITED)

COMMON STOCKS	Shares		Value
Advertising – 1.5%
Omnicom Group Inc. (A)		103	$	6,522
Aerospace & Defense – 6.1%
Boeing Company (The)		103		12,149
Honeywell International Inc.		110		9,130
Lockheed Martin Corporation		45		5,701
				26,980
Apparel Retail – 2.0%
Limited Brands, Inc.		149		9,095
Asset Management & Custody Banks – 1.1%
Northern Trust Corporation		93		5,069
Brewers – 3.4%
Anheuser-Busch InBev S.A., ADR		156		15,435
Cable & Satellite – 3.1%
Comcast Corporation, Class A		204		9,221
Time Warner Cable Inc.		47		5,279
				14,500
Casinos & Gaming – 2.4%
Wynn Resorts, Limited		67		10,584
Communications Equipment – 2.1%
Cisco Systems, Inc.		393		9,213
Computer Hardware – 1.4%
Apple Inc.		13		6,174
Construction & Farm Machinery & Heavy Trucks – 0.9%
Caterpillar Inc.		51		4,227
Consumer Finance – 2.3%
Capital One Financial Corporation		150		10,297
Data Processing & Outsourced Services – 2.7%
Paychex, Inc.		121		4,913
Visa Inc., Class A		39		7,358
				12,271
Distillers & Vintners – 2.2%
Diageo plc, ADR		76		9,703
Diversified Banks – 2.2%
Wells Fargo & Company		242		10,014
Diversified Chemicals – 3.3%
Dow Chemical Company (The)		169		6,472
PPG Industries, Inc.		48		7,986
				14,458
Fertilizers & Agricultural Chemicals – 2.1%
Monsanto Company		91		9,534
Home Improvement Retail – 2.6%
Home Depot, Inc. (The)		151		11,449
Household Products – 1.5%
Colgate-Palmolive Company		113		6,715

Industrial Machinery – 2.9%
Eaton Corporation	75		5,153
Pentair, Inc.	118		7,676
			12,829
Integrated Oil & Gas – 1.5%
Occidental Petroleum Corporation	72		6,735
Investment Banking & Brokerage – 2.0%
Goldman Sachs Group, Inc. (The)	55		8,757
Oil & Gas Drilling – 2.0%
Seadrill Limited	197		8,894
Oil & Gas Equipment & Services – 6.6%
Halliburton Company	151		7,290
National Oilwell Varco, Inc.	125		9,791
Schlumberger Limited	143		12,617
			29,698
Oil & Gas Storage & Transportation – 3.1%
Energy Transfer Equity, L.P.	73		4,805
MarkWest Energy Partners, L.P.	109		7,859
Phillips 66 Partners LP (A)	43		1,329
			13,993
Other Diversified Financial Services – 3.9%
JPMorgan Chase & Co.	332		17,172
Packaged Foods & Meats – 1.5%
Mead Johnson Nutrition Company	92		6,843
Pharmaceuticals – 10.6%
Bristol-Myers Squibb Company	254		11,739
GlaxoSmithKline plc, ADR	141		7,084
Johnson & Johnson	119		10,338
Merck & Co., Inc.	138		6,584
Pfizer Inc.	417		11,961
			47,706
Property & Casualty Insurance – 2.0%
ACE Limited	97		9,029
Railroads – 4.7%
Kansas City Southern	56		6,157
Union Pacific Corporation	97		15,087
			21,244
Restaurants – 1.3%
Starbucks Corporation	76		5,811
Semiconductor Equipment – 2.0%
Applied Materials, Inc.	509		8,923
Semiconductors – 6.5%
Analog Devices, Inc.	147		6,926
Microchip Technology Incorporated	377		15,191
Texas Instruments Incorporated	185		7,462
			29,579
Tobacco – 2.7%
Philip Morris International Inc.	138		11,937
TOTAL COMMON STOCKS – 96.2%		$	431,390
(Cost: $346,309)

SHORT-TERM SECURITIES	Principal
Commercial Paper – 1.1%
McCormick & Co. Inc.,
0.160%, 10–1–13 (B)	$	2,870		2,870
Virginia Electric and Power Company,
0.260%, 10–16–13 (B)		2,000		2,000
				4,870
Master Note – 1.2%
Toyota Motor Credit Corporation,
0.100%, 10–2–13 (C)		5,240		5,240
Municipal Obligations – Taxable – 0.4%
MS Business Fin Corp, Gulf Opp Zone Indl Dev Rev Bonds (Chevron U.S.A. Inc. Proj), Ser 2007B (GTD by Chevron Corporation),
0.060%, 10–1–13 (C)		1,515		1,515
MS Business Fin Corp, Gulf Opp Zone Indl Dev Var Rev Bonds (Chevron U.S.A. Inc. Proj), Ser E (GTD by Chevron Corporation),
0.050%, 10–1–13 (C)		379		379
				1,894
TOTAL SHORT-TERM SECURITIES – 2.7%			$	12,004
(Cost: $12,004)
TOTAL INVESTMENT SECURITIES – 98.9%			$	443,394
(Cost: $358,313)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.1%				4,941
NET ASSETS – 100.0%			$	448,335

Notes to Schedule of Investments

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

(B) Rate shown is the yield to maturity at September 30, 2013.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013. Date shown represents the date that the variable rate resets.

Each Fund’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, 2013:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	431,390	$	—	$	—
Short-Term Securities		—		12,004		—
Total	$	431,390	$	12,004	$	—

There were no transfers between any levels during the period ended September 30, 2013.

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, 2013 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	358,313
Gross unrealized appreciation		86,825
Gross unrealized depreciation		(1,744	)
Net unrealized appreciation	$	85,081

SCHEDULE OF INVESTMENTS Energy (in thousands) SEPTEMBER 30, 2013 (UNAUDITED)

COMMON STOCKS	Shares		Value
Coal & Consumable Fuels – 1.3%
Cameco Corporation		36	$	646
Peabody Energy Corporation		32		548
				1,194
Construction & Engineering – 2.7%
Fluor Corporation		34		2,437
Integrated Oil & Gas – 6.0%
Chevron Corporation		3		407
Exxon Mobil Corporation		10		826
Hess Corporation		6		445
Occidental Petroleum Corporation		29		2,740
Suncor Energy Inc.		30		1,088
				5,506
Oil & Gas Drilling – 4.0%
Ensco plc		13		718
Helmerich & Payne, Inc.		19		1,323
Seadrill Limited		20		902
Transocean Inc.		16		692
				3,635
Oil & Gas Equipment & Services – 32.4%
Baker Hughes Incorporated		36		1,758
Basic Energy Services, Inc. (A)		68		861
Cameron International Corporation (A)		38		2,209
Core Laboratories N.V.		21		3,579
Dresser-Rand Group Inc. (A)		26		1,641
Dril-Quip, Inc. (A)		21		2,375
FMC Technologies, Inc. (A)		24		1,322
Forum Energy Technologies, Inc. (A)		59		1,594
Frank’s International N.V.		17		494
Halliburton Company		66		3,168
National Oilwell Varco, Inc.		48		3,710
Schlumberger Limited		45		3,977
Superior Energy Services, Inc. (A)		51		1,276
Weatherford International Ltd. (A)		119		1,830
				29,794
Oil & Gas Exploration & Production – 37.3%
Anadarko Petroleum Corporation		36		3,385
Athlon Energy Inc. (A)		32		1,032
Bonanza Creek Energy, Inc. (A)		32		1,523
Cabot Oil & Gas Corporation		80		2,993
Canadian Natural Resources Limited		17		534
Cimarex Energy Co.		22		2,092
CNOOC Limited, ADR		5		959
Cobalt International Energy, Inc. (A)		38		945
Concho Resources Inc. (A)		8		870
ConocoPhillips		7		455
Continental Resources, Inc. (A)		39		4,214
EOG Resources, Inc.		19		3,174
Goodrich Petroleum Corporation (A)		18		448
Gulfport Energy Corporation (A)		28		1,821
Laredo Petroleum Holdings, Inc. (A)		19		549
Marathon Oil Corporation		25		881
Noble Energy, Inc.		37		2,469
Oasis Petroleum LLC (A)		25		1,233
Petroleum Development Corporation (A)		16		932
Pioneer Natural Resources Company		8		1,548
Southwestern Energy Company (A)		62		2,265
				34,322
Oil & Gas Refining & Marketing – 1.7%
Clean Energy Fuels Corp. (A)		40		511
Marathon Petroleum Corporation, LP		30		1,084
				1,595

Oil & Gas Storage & Transportation – 11.2%
El Paso Pipeline Partners, L.P.		35		1,491
Enbridge Inc.		25		1,060
Energy Transfer Equity, L.P.		8		510
Kinder Morgan Management, LLC (A)		10		739
Kinder Morgan, Inc.		21		747
MarkWest Energy Partners, L.P.		20		1,449
Phillips 66 Partners LP (A)		27		844
Regency Energy Partners LP		33		932
Targa Resources Corp.		17		1,240
Williams Companies, Inc. (The)		34		1,238
				10,250
TOTAL COMMON STOCKS – 96.6%			$	88,733
(Cost: $69,728)
SHORT-TERM SECURITIES	Principal
Master Note – 5.5%
Toyota Motor Credit Corporation,
0.100%, 10–2–13 (B)	$	5,028		5,028
TOTAL SHORT-TERM SECURITIES – 5.5%			$	5,028
(Cost: $5,028)
TOTAL INVESTMENT SECURITIES – 102.1%			$	93,761
(Cost: $74,756)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (2.1%)				(1,899	)
NET ASSETS – 100.0%			$	91,862

Notes to Schedule of Investments

(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, 2013. Date shown represents the date that the variable rate resets.

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, 2013:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	88,733	$	—	$	—
Short-Term Securities		—		5,028		—
Total	$	88,733	$	5,028	$	—

There were no transfers between any levels during the period ended September 30, 2013.

The following acronym is used throughout this schedule:

ADR = American Depositary Receipts

For Federal income tax purposes, cost of investments owned at September 30, 2013 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	74,756
Gross unrealized appreciation		20,707
Gross unrealized depreciation		(1,702	)
Net unrealized appreciation	$	19,005

SCHEDULE OF INVESTMENTS Global Bond (in thousands) SEPTEMBER 30, 2013 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Finance – 0.6%
Banco Latinoamericano de Comercio Exterior, S.A.		4	$	87
Diversified Chemicals – 0.5%
Dow Chemical Company (The)		2		66
Electric Utilities – 1.4%
Alupar Investimento S.A. (A)(B)		8		60
PPL Corporation		4		109
Transmissora Alianca de Energia Eletrica S.A. (B)		5		53
				222
Integrated Oil & Gas – 0.7%
Royal Dutch Shell plc, Class A (B)		3		102
Oil & Gas Drilling – 0.4%
Seadrill Partners LLC		2		59
Pharmaceuticals – 1.5%
Bristol-Myers Squibb Company		2		70
GlaxoSmithKline plc (B)		6		146
				216
Semiconductors – 0.7%
Intel Corporation		4		103
Water Utilities – 0.2%
Aguas Andinas S.A. (B)		34		24
TOTAL COMMON STOCKS – 6.0%			$	879
(Cost: $798)
CORPORATE DEBT SECURITIES	Principal
Aerospace & Defense – 1.1%
Bombardier Inc.,
7.500%, 3–15–18 (C)	$	50		56
Embraer Overseas Limited,
6.375%, 1–24–17		100		107
				163
Agricultural Products – 1.4%
CCL Finance Limited,
9.500%, 8–15–14		100		106
Corporacion Pesquera Inca S.A.C.,
9.000%, 2–10–17		100		100
				206
Airlines – 1.0%
Aeropuertos Argentina 2000 S.A.,
10.750%, 12–1–20 (C)		52		49
TAM Capital 2 Inc.,
9.500%, 1–29–20 (C)		100		104
				153
Asset Management & Custody Banks – 1.3%
Bhira Investments Limited,
8.500%, 4–27–71		200		196
Auto Parts & Equipment – 1.4%
Schaeffler Holding Finance B.V.,
6.875%, 8–15–18 (C)(D)		200		210
Banking – 1.4%
OJSC Russian Agricultural Bank,
5.100%, 7–25–18 (C)		200		203

Broadcasting – 2.1%
Globo Comunicacoe e Participacoes S.A.,
6.250%, 12–20–49 (E)		300	311
Coal & Consumable Fuels – 4.3%
Indo Integrated Energy II B.V.,
9.750%, 11–5–16		304	318
PT Adaro Indonesia:
7.625%, 10–22–19 (C)		200	208
7.625%, 10–22–19		100	104
			630
Construction & Engineering – 2.2%
Odebrecht Drilling Norbe VII/IX Ltd.,
6.350%, 6–30–21 (C)		116	118
Odebrecht Offshore Drilling Finance,
6.750%, 10–1–22 (C)		200	205
			323
Construction Materials – 1.5%
CEMEX S.A.B. de C.V.,
9.000%, 1–11–18 (C)		200	216
Diversified Banks – 5.9%
Banco Bradesco S.A.,
4.125%, 5–16–16 (C)		200	208
Banco Cruzeiro do Sul S.A.,
7.000%, 7–8–13 (F)		115	28
Banco de Credito del Peru,
4.750%, 3–16–16 (C)		100	105
Banco Santander Chile, S.A.,
6.500%, 9–22–20 (G)		CLP50,000	98
Bancolombia S.A.,
4.250%, 1–12–16	$	100	103
State Bank of India,
4.500%, 10–23–14		100	102
VTB Capital S.A.,
6.000%, 4–12–17 (C)		200	211
			855
Diversified Metals & Mining – 3.7%
Glencore Funding LLC,
6.000%, 4–15–14 (C)		60	61
Suzano Trading Ltd,
5.875%, 1–23–21 (C)		100	95
Uralkali Finance Limited,
3.723%, 4–30–18 (C)		200	191
Vedanta Resources plc,
6.000%, 1–31–19 (C)		200	190
			537
Electric Utilities – 4.1%
Compania de Transporte de Energia Electrica en Alta Tension TRANSENER S.A.,
9.750%, 8–15–21 (C)		50	25
Emgesa S.A. E.S.P.,
8.750%, 1–25–21 (G)		COP302,000	168
Listrindo Capital B.V.,
6.950%, 2–21–19 (C)	$	200	204
Majapahit Holding B.V.,
7.750%, 10–17–16		100	110
Rural Electrification Corporation Limited,
4.250%, 1–25–16		100	101
			608
Food Distributors – 1.3%
Olam International Limited,
7.500%, 8–12–20		100	93
Olam International Limited, Convertible,
6.000%, 10–15–16		100	95
			188

Household Appliances – 0.5%
Controladora Mabe, S.A. de C.V.:
6.500%, 12–15–15		50	52
6.500%, 12–15–15 (C)		25	26
			78
Independent Power Producers & Energy Traders – 0.7%
China Resources Power Holdings Company Limited,
3.750%, 8–3–15		100	103
Integrated Telecommunication Services – 2.7%
TBG Global Pte. Ltd.,
4.625%, 4–3–18 (C)		200	189
Verizon Communications Inc.,
3.650%, 9–14–18		200	210
			399
Machinery – 0.7%
Rearden G Holdings EINS GmbH,
7.875%, 3–30–20 (C)		100	103
Marine – 1.7%
PB Issuer (No. 2) Limited, Convertible,
1.750%, 4–12–16		40	42
SCF Capital Limited,
5.375%, 10–27–17		200	202
			244
Multi-Utilities – 0.5%
Black Hills Corporation,
9.000%, 5–15–14		65	68
Oil & Gas Drilling – 3.2%
Lancer Finance Company (SPV) Limited,
5.850%, 12–12–16 (C)		53	53
Noble Group Limited,
4.875%, 8–5–15		100	104
QGOG Atlantic/Alaskan Rigs Ltd.,
5.250%, 7–30–18 (C)		301	308
			465
Oil & Gas Exploration & Production – 2.7%
Essar Energy Investment Limited, Convertible,
4.250%, 2–1–16		100	81
Novatek Finance Limited,
5.326%, 2–3–16 (C)		200	212
Pan American Energy LLC,
7.875%, 5–7–21		100	100
			393
Oil & Gas Refining & Marketing – 1.4%
Offshore Drilling Holding S.A.,
8.375%, 9–20–20 (C)		200	202
Oil & Gas Storage & Transportation – 2.4%
Empresas Publicas de Medellin E.S.P.,
8.375%, 2–1–21 (G)		COP274,000	150
TransCapital Limited,
5.670%, 3–5–14 (C)	$	200	204
			354
Other Diversified Financial Services – 2.2%
MTS International Funding Limited,
5.000%, 5–30–23 (C)		350	321
Packaged Foods & Meats – 1.6%
BFF International Limited,
7.250%, 1–28–20		100	110
Bunge Limited Finance Corp.,
5.350%, 4–15–14		25	26
JBS Finance II Ltd.,
8.250%, 1–29–18 (C)		100	102
			238
Paper Products – 1.4%
Inversiones CMPC S.A. (GTD by Empresas CMPC S.A.):
4.750%, 1–19–18 (C)		25	26
4.375%, 5–15–23 (C)		200	186
			212

Restaurants – 0.8%
Arcos Dorados Holdings, Inc.,
10.250%, 7–13–16 (G)		BRL250		110
Service – Other – 0.9%
Net Servicos de Comunicacao S.A.,
7.500%, 1–27–20	$	120		129
Steel – 2.1%
Evraz Group S.A.,
7.400%, 4–24–17		200		204
Steel Capital S.A.,
6.700%, 10–25–17		100		107
				311
Wireless Telecommunication Service – 2.6%
American Tower Corporation,
3.400%, 2–15–19		125		124
Indosat Palapa Company B.V.,
7.375%, 7–29–20 (C)		100		105
VimpleCom Holdings B.V.,
9.000%, 2–13–18 (C)(G)		RUB5,000		154
				383
TOTAL CORPORATE DEBT SECURITIES – 60.8%			$	8,912
(Cost: $9,050)
OTHER GOVERNMENT SECURITIES
Columbia – 0.7%
Pacific Rubiales Energy Corp.,
7.250%, 12–12–21 (C)	$	100		105
Luxembourg – 1.0%
BC Luxco 1 S.A.,
7.375%, 1–29–20		150		143
Russia – 1.4%
Russian Federation,
3.500%, 1–16–19 (C)		200		202
Supranational – 0.4%
Central American Bank for Economic Integration,
5.375%, 9–24–14		58		60
Venezuela – 1.1%
Corporacion Andina de Fomento,
3.750%, 1–15–16		155		161
TOTAL OTHER GOVERNMENT SECURITIES – 4.6%			$	671
(Cost: $674)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 24.2%
United States Treasury Notes:
0.875%, 2–28–17		700		701
0.625%, 8–31–17		1,500		1,478
0.750%, 12–31–17		1,250		1,229
1.750%, 5–15–22		145		137
				3,545
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 24.2%			$	3,545
(Cost: $3,598)
SHORT-TERM SECURITIES
Commercial Paper – 1.7%
Caterpillar Financial Services Corporation (GTD by Caterpillar Inc.),
0.080%, 11–12–13 (H)		250		250
Master Note – 2.3%
Toyota Motor Credit Corporation,
0.100%, 10–2–13 (I)		332		332

TOTAL SHORT-TERM SECURITIES – 4.0%	$	582
(Cost: $582)
TOTAL INVESTMENT SECURITIES – 99.6%	$	14,589
(Cost: $14,702)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.4%		52
NET ASSETS – 100.0%	$	14,641

Notes to Schedule of Investments

(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, 2013, the total value of these securities amounted to $5,157 or 35.2% of net assets.

(D) Payment-in-kind bonds.

(E) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013.

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

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

(H) Rate shown is the yield to maturity at September 30, 2013.

(I) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013. Date shown represents the date that the variable rate resets.

The following forward foreign currency contracts were outstanding at September 30, 2013:

Type	Currency	Counterparty	Principal Amount of Contract (Denominated in Indicated Currency)		Settlement Date		Unrealized Appreciation		Unrealized Depreciation
Sell	British Pound	Barclays Capital, Inc.		158		10-23-13	$	—	$	2

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, 2013:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	879	$	—	$	—
Corporate Debt Securities		—		8,859		53
Other Government Securities		—		671		—
United States Government Obligations		—		3,545		—
Short-Term Securities		—		582		—
Total	$	879	$	13,657	$	53
Liabilities
Forward Foreign Currency Contracts	$	—	$	2	$	—

During the period ended September 30, 2013, securities totaling $150 were transferred from Level 2 to Level 1 due to lack of significant market movements following the close of local trading.

For Federal income tax purposes, cost of investments owned at September 30, 2013 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	14,702
Gross unrealized appreciation		254
Gross unrealized depreciation		(367	)
Net unrealized depreciation	$	(113	)

SCHEDULE OF INVESTMENTS Global Natural Resources (in thousands) SEPTEMBER 30, 2013 (UNAUDITED)

COMMON STOCKS	Shares		Value
Canada – 6.4%
Canadian Pacific Railway Limited		14	$	1,745
Goldcorp Inc.		129		3,349
Suncor Energy Inc.		130		4,659
Yamana Gold Inc.		143		1,483
				11,236
China – 0.0%
China Metal Recycling (Holdings) Limited		1,900		—	*
Netherlands – 3.4%
Chicago Bridge & Iron Company N.V., NY Shares		18		1,200
Core Laboratories N.V.		6		948
Frank’s International N.V.		33		990
LyondellBasell Industries N.V., Class A		38		2,753
				5,891
Norway – 1.2%
Seadrill Limited		46		2,069
South Korea – 2.1%
LG Chem, Ltd.		13		3,620
Switzerland – 2.4%
Weatherford International Ltd. (A)		270		4,145
United Kingdom – 7.4%
BHP Billiton plc		147		4,342
Randgold Resources Limited, ADR		26		1,849
Rio Tinto plc		138		6,751
				12,942
United States – 68.9%
Anadarko Petroleum Corporation		58		5,375
Axiall Corporation		68		2,575
Baker Hughes Incorporated		90		4,434
Boise Inc.		159		2,005
Cabot Oil & Gas Corporation		83		3,109
Cameron International Corporation (A)		68		3,975
CME Group Inc.		24		1,751
Cobalt International Energy, Inc. (A)		61		1,528
Concho Resources Inc. (A)		20		2,176
ConocoPhillips		13		907
Continental Resources, Inc. (A)		52		5,572
Dow Chemical Company (The)		111		4,257
Dresser-Rand Group Inc. (A)		29		1,794
Dril-Quip, Inc. (A)		20		2,261
Eastman Chemical Company		22		1,698
EOG Resources, Inc.		36		6,152
Fluor Corporation		13		937
FMC Technologies, Inc. (A)		67		3,708
Forum Energy Technologies, Inc. (A)		63		1,710
Freeport-McMoRan Copper & Gold Inc., Class B		198		6,533
Gulfport Energy Corporation (A)		32		2,059
Halliburton Company		192		9,244
Hess Corporation		12		889
Laredo Petroleum Holdings, Inc. (A)		41		1,227
MarkWest Energy Partners, L.P.		13		906
Monsanto Company		34		3,507
National Oilwell Varco, Inc.		73		5,690
Noble Energy, Inc.		72		4,825
Oasis Petroleum LLC (A)		41		2,034

Occidental Petroleum Corporation		19		1,778
Petroleum Development Corporation (A)		18		1,072
Pioneer Natural Resources Company		28		5,334
PPG Industries, Inc.		5		894
Schlumberger Limited		100		8,849
Southwestern Energy Company (A)		89		3,254
Superior Energy Services, Inc. (A)		120		3,005
Williams Companies, Inc. (The)		110		3,993
				121,017
TOTAL COMMON STOCKS – 91.8%			$	160,920
(Cost: $153,470)
PREFERRED STOCKS
United States – 0.0%
Konarka Technologies, Inc., 8.000% Cumulative (A)(B)		68		—	*
TOTAL PREFERRED STOCKS – 0.0%			$	—	*
(Cost: $211)
PURCHASED OPTIONS	Number of Contracts (Unrounded)
Cameron International Corporation,
Call $50.00, Expires 11–16–13		550		490
Market Vectors Gold Miners ETF,
Call $24.00, Expires 12–21–13		1,900		500
Occidental Petroleum Corporation,
Call $60.00, Expires 11–16–13		700		2,343
Schlumberger Limited,
Call $55.00, Expires 11–16–13		800		2,689
TOTAL PURCHASED OPTIONS – 3.4%			$	6,022
(Cost: $5,517)
SHORT-TERM SECURITIES	Principal
Certificate Of Deposit – 2.9%
Toronto-Dominion Bank,
0.110%, 10-17-13	$	5,000		5,000
Master Note – 3.7%
Toyota Motor Credit Corporation,
0.100%, 10-2-13 (C)		6,615		6,615
TOTAL SHORT-TERM SECURITIES – 6.6%			$	11,615
(Cost: $11,615)
TOTAL INVESTMENT SECURITIES – 101.8%			$	178,557
(Cost: $170,813)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.8%)				(3,199	)
NET ASSETS – 100.0%			$	175,358

Notes to Schedule of Investments

* Not shown due to rounding.

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

(B) Restricted security. At September 30, 2013, the Portfolio owned the following restricted security:

Security	Acquisition Date(s)	Shares	Cost		Market Value
Konarka Technologies, Inc., 8.000% Cumulative	8-31-07	68	$	211	$	–

The total value of this security represented 0.0% of net assets at September 30, 2013.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013. Date shown represents the date the variable rate resets.

The following forward foreign currency contracts were outstanding at September 30, 2013:

Type	Currency	Counterparty	Principal Amount of Contract (Denominated in Indicated Currency)		Settlement Date		Unrealized Appreciation		Unrealized Depreciation
Sell	British Pound	State Street Global Markets		570		10-23-13	$	—	$	9
Sell	British Pound	Societe Generale Bank		4,267		10-23-13		—		63
Sell	Canadian Dollar	State Street Global Markets		589		10-23-13		3		—
Sell	Canadian Dollar	Societe Generale Bank		6,005		10-23-13		33		—
Sell	South Korean Won	Societe Generale Bank		1,480,500		10-23-13		1		—
							$	37	$	72

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 Portfolio.

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, 2013:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Energy	$	109,672	$	—	$	—
Financials		1,751		—		—
Industrials		3,881		—		—

Materials		45,616		—		—	*
Total Common Stocks	$	160,920	$	—	$	—	*
Purchased Options		500		5,522		—
Short-Term Securities		—		11,615		—
Total	$	161,420	$	17,137	$	—	*
Forward Foreign Currency Contracts	$	—	$	37	$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	72	$	—

During the period ended September 30, 2013, securities totaling $16,375 were transferred from Level 2 to Level 1 due to lack of significant market movements following the close of local trading.

The following acronym is used throughout this schedule:

ADR = American Depositary Receipts

For Federal income tax purposes, cost of investments owned at September 30, 2013 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	170,813
Gross unrealized appreciation		17,699
Gross unrealized depreciation		(9,955	)
Net unrealized appreciation	$	7,744

SCHEDULE OF INVESTMENTS Growth (in thousands) SEPTEMBER 30, 2013 (UNAUDITED)

COMMON STOCKS	Shares		Value
Aerospace & Defense – 4.0%
Boeing Company (The)		212	$	24,934
Precision Castparts Corp.		87		19,724
				44,658
Apparel Retail – 0.8%
Limited Brands, Inc.		145		8,878
Apparel, Accessories & Luxury Goods – 0.5%
Under Armour, Inc., Class A (A)		69		5,506
Automotive Retail – 2.2%
AutoZone, Inc. (A)		39		16,275
O’Reilly Automotive, Inc. (A)		68		8,638
				24,913
Biotechnology – 8.0%
Amgen Inc.		124		13,925
Biogen Idec Inc. (A)		121		29,132
Gilead Sciences, Inc. (A)		767		48,167
				91,224
Brewers – 2.2%
Anheuser-Busch InBev S.A., ADR		254		25,227
Broadcasting – 3.4%
CBS Corporation, Class B		599		33,018
Discovery Holding Company, Class A (A)		65		5,513
				38,531
Cable & Satellite – 2.3%
Comcast Corporation, Class A		367		16,552
Time Warner Cable Inc.		83		9,285
				25,837
Casinos & Gaming – 6.8%
Las Vegas Sands, Inc.		721		47,868
Wynn Resorts, Limited		172		27,146
				75,014
Communications Equipment – 1.9%
Cisco Systems, Inc.		923		21,614
Computer Hardware – 3.7%
Apple Inc.		87		41,668
Construction & Farm Machinery & Heavy Trucks – 0.7%
Caterpillar Inc.		91		7,562
Consumer Electronics – 1.0%
Harman International Industries, Incorporated		173		11,471
Data Processing & Outsourced Services – 7.7%
MasterCard Incorporated, Class A		75		50,593
Visa Inc., Class A		184		35,105
				85,698
Distillers & Vintners – 0.5%
Beam Inc.		82		5,288
Diversified Chemicals – 1.3%
PPG Industries, Inc.		91		15,119
Electronic Compo-Semicon – 1.4%
Xilinx, Inc.		342		16,021

Fertilizers & Agricultural Chemicals – 3.2%
Monsanto Company	344	35,851
Footwear – 1.7%
NIKE, Inc., Class B	261	18,930
Health Care Facilities – 1.6%
HCA Holdings, Inc.	412	17,592
Home Improvement Retail – 2.7%
Home Depot, Inc. (The)	409	30,985
Hotels, Resorts & Cruise Lines – 0.7%
Starwood Hotels & Resorts Worldwide, Inc.	122	8,111
Industrial Conglomerates – 0.7%
Danaher Corporation	113	7,799
Industrial Machinery – 2.7%
Pall Corporation	148	11,425
Pentair, Inc.	289	18,755
		30,180
Internet Retail – 2.4%
Amazon.com, Inc. (A)	69	21,479
priceline.com Incorporated (A)	6	5,762
		27,241
Internet Software & Services – 4.9%
Facebook, Inc., Class A (A)	347	17,448
Google Inc., Class A (A)	30	26,155
LinkedIn Corp (A)	48	11,887
		55,490
Medical-Biomedical/Gene – 1.1%
Celgene Corporation (A)	77	11,914
Motorcycle Manufacturers – 1.5%
Harley-Davidson, Inc.	267	17,159
Movies & Entertainment – 1.0%
News Corporation Limited, Class A	343	11,497
Oil & Gas Equipment & Services – 3.7%
National Oilwell Varco, Inc.	248	19,363
Schlumberger Limited	248	21,953
		41,316
Pharmaceuticals – 3.4%
Bristol-Myers Squibb Company	260	12,033
Johnson & Johnson	172	14,919
Shire Pharmaceuticals Group plc, ADR	94	11,246
		38,198
Railroads – 6.2%
Canadian Pacific Railway Limited	196	24,179
Kansas City Southern	176	19,291
Union Pacific Corporation	177	27,541
		71,011
Restaurants – 2.0%
Starbucks Corporation	294	22,621

Semiconductor Equipment – 2.6%
Applied Materials, Inc.	1,117		19,596
ASML Holding N.V., NY Registry Shares	102		10,053
			29,649
Semiconductors – 2.4%
Altera Corporation	425		15,807
Microchip Technology Incorporated	281		11,338
			27,145
Systems Software – 0.5%
VMware, Inc., Class A (A)	70		5,623
Tobacco – 1.9%
Philip Morris International Inc.	253		21,890
Wireless Telecommunication Service – 4.3%
American Tower Corporation, Class A	255		18,903
Crown Castle International Corp. (A)	290		21,157
SBA Communications Corporation (A)	106		8,513
			48,573
TOTAL COMMON STOCKS – 99.6%		$	1,123,004
(Cost: $865,440)
TOTAL INVESTMENT SECURITIES – 99.6%		$	1,123,004
(Cost: $865,440)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.4%			4,999
NET ASSETS – 100.0%		$	1,128,003

Notes to Schedule of Investments

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

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 Portfolio.

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, 2013:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	1,123,004	$	—	$	—
Total	$	1,123,004	$	—	$	—

As of September 30, 2013, there were no transfers between Level 1 and 2 during the period.

The following acronym is used throughout this schedule:

ADR = American Depositary Receipts

For Federal income tax purposes, cost of investments owned at September 30, 2013 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	865,440
Gross unrealized appreciation		259,992
Gross unrealized depreciation		(2,428	)
Net unrealized appreciation	$	257,564

SCHEDULE OF INVESTMENTS High Income (in thousands) SEPTEMBER 30, 2013 (UNAUDITED)

COMMON STOCKS	Shares			Value
Casinos & Gaming – 0.0%
New Cotai Participation Corp, Class B (A)		—	*	$	48
Gas Utilities – 0.0%
Suburban Propane Partners, L.P.		4			166
Oil & Gas Storage & Transportation – 0.1%
Inergy Midstream, L.P.		14			314
Inergy, L.P.		33			453
					767
Railroads – 0.1%
Kansas City Southern		3			306
Trading Companies & Distributors – 0.2%
HD Supply Holdings, Inc. (A)		60			1,319
TOTAL COMMON STOCKS – 0.4%				$	2,606
(Cost: $1,957)
PREFERRED STOCKS
Consumer Finance – 0.2%
Ally Financial Inc., 8.125%		22			589
Ally Financial Inc., 8.500%		18			472
					1,061
Steel – 0.1%
ArcelorMittal, 6.000% Convertible		23			486
TOTAL PREFERRED STOCKS – 0.3%				$	1,547
(Cost: $1,525)
WARRANTS
Agricultural Products – 0.0%
ASG Consolidated LLC, Expires 5–15–18 (B)		1		$	150
TOTAL WARRANTS – 0.0%				$	150
(Cost: $72)
CORPORATE DEBT SECURITIES	Principal
Aerospace & Defense – 0.4%
Silver II Borrower SCA and Silver II US Holdings,
7.750%, 12–15–20 (C)	$	2,475			2,543
Agricultural Products – 0.9%
American Seafoods Group LLC,
10.750%, 5–15–16 (C)		2,383			2,478
ASG Consolidated LLC,
15.000%, 5–15–17 (C)(D)		3,086			3,125
					5,603
Air Freight & Logistics – 1.0%
TRAC Intermodal LLC and TRAC Intermodal Corp.,
11.000%, 8–15–19		5,365			6,009
Alternative Carriers – 1.1%
Level 3 Communications, Inc.,
8.875%, 6–1–19		513			549
Level 3 Communications, Inc. and Level 3 Financing, Inc.,
7.000%, 6–1–20		2,604			2,629
Level 3 Financing, Inc.:
8.125%, 7–1–19		2,051			2,195
8.625%, 7–15–20		377			412
					5,785

Application Software – 0.3%
ACI Worldwide, Inc.,
6.375%, 8–15–20 (C)		1,813	1,845
Auto Parts & Equipment – 2.8%
Affinia Group Intermediate Holdings Inc.,
7.750%, 5–1–21 (C)		964	988
IDQ Acquisition Corp.,
14.000%, 10–1–17 (C)(D)		1,799	1,880
IDQ Holdings, Inc.,
11.500%, 4–1–17 (C)		3,846	4,144
Schaeffler Finance B.V.,
4.750%, 5–15–21 (C)		772	749
Schaeffler Holding Finance B.V.:
6.875%, 8–15–18 (C)(D)		5,793	6,068
6.875%, 8–15–18 (C)(D)(E)		EUR2,330	3,302
			17,131
Automobile Mfg. / Vehicle Parts – 0.3%
General Motors Co.:
4.875%, 10–2–23 (C)	$	659	644
6.250%, 10–2–43 (C)		1,098	1,082
			1,726
Automotive Manufacturers – 0.2%
Jaguar Land Rover plc,
5.625%, 2–1–23 (C)		1,458	1,425
Automotive Retail – 0.6%
Sonic Automotive, Inc.,
5.000%, 5–15–23		4,227	3,868
Broadcasting – 1.6%
Cumulus Media Inc.,
7.750%, 5–1–19		3,645	3,782
WideOpenWest Finance, LLC and WideOpenWest CapitalCorp.:
10.250%, 7–15–19		3,930	4,264
13.375%, 10–15–19		1,584	1,794
			9,840
Building Products – 1.9%
CPG Merger Sub LLC,
8.000%, 10–1–21 (C)		2,577	2,619
HD Supply, Inc.:
7.500%, 7–15–20 (C)		2,072	2,147
11.500%, 7–15–20		4,116	4,908
Ply Gem Industries, Inc.,
8.250%, 2–15–18 (C)		2,042	2,154
			11,828
Cable & Satellite – 1.2%
Cablevision Systems Corporation,
5.875%, 9–15–22		2,593	2,541
CCO Holdings, LLC and CCO Holdings Capital Corp.,
5.750%, 1–15–24		2,129	2,012
DISH DBS Corporation:
6.750%, 6–1–21		836	879
5.000%, 3–15–23		418	388
LYNX I Corp.,
5.375%, 4–15–21 (C)		488	476
LYNX II Corp.,
6.375%, 4–15–23 (C)		146	145
Nara Cable Funding Limited,
8.875%, 12–1–18 (C)		321	339
WaveDivision Escrow LLC and WaveDivision Escrow Corp.,
8.125%, 9–1–20 (C)		673	703
			7,483

Casinos & Gaming – 0.2%
MCE Finance Limited,
5.000%, 2–15–21 (C)		1,399	1,343
Coal & Consumable Fuels – 0.3%
Arch Coal, Inc.,
9.875%, 6–15–19 (C)		2,096	1,865
Commodity Chemicals – 0.7%
Orion Engineered Carbons Holdings GmbH,
9.250%, 8–1–19 (C)(D)		4,333	4,420
Communications Equipment – 1.1%
Eagle Midco, Inc.,
9.000%, 6–15–18 (C)(D)		6,670	6,704
Construction Materials – 0.8%
Headwaters Incorporated,
7.625%, 4–1–19		640	672
Headwaters Incorporated, Convertible,
8.750%, 2–1–16		2,475	2,710
Hillman Group, Inc. (The),
10.875%, 6–1–18		1,407	1,520
			4,902
Consumer Finance – 3.5%
Creditcorp,
12.000%, 7–15–18 (C)		3,878	3,800
General Motors Financial Company, Inc.:
3.250%, 5–15–18 (C)		1,073	1,043
4.250%, 5–15–23 (C)		644	588
MISA Investments Limited,
8.625%, 8–15–18 (C)		3,092	3,115
Speedy Cash Intermediate Holdings Corp.,
10.750%, 5–15–18 (C)		5,523	5,813
Speedy Group Holdings Corp.,
12.000%, 11–15–17 (C)		986	1,025
TransUnion LLC and TransUnion Financing Corporation,
9.625%, 6–15–18 (D)		5,680	6,150
			21,534
Containers – 0.3%
BOE Merger Corporation,
9.500%, 11–1–17 (C)(D)		1,609	1,673
Data Processing & Outsourced Services – 2.2%
Alliance Data Systems Corporation:
5.250%, 12–1–17 (C)		6,700	6,868
6.375%, 4–1–20 (C)		5,733	5,934
			12,802
Distillers & Vintners – 0.4%
Constellation Brands, Inc.:
3.750%, 5–1–21		856	791
4.250%, 5–1–23		1,970	1,807
			2,598
Distributors – 0.3%
LKQ Corporation,
4.750%, 5–15–23 (C)		2,250	2,087
Diversified Banks – 0.6%
Bank of America Corporation:
8.000%, 12–29–49		2,950	3,208
8.125%, 12–29–49		426	468
			3,676
Diversified Capital Markets – 0.9%
Patriot Merger Corp.,
9.000%, 7–15–21 (C)		5,196	5,352
Diversified Chemicals – 0.1%
Kinove German Bondco GmbH,
10.000%, 6–15–18 (C)(E)		EUR598	897
Diversified Metals & Mining – 1.8%
American Gilsonite Holding Company,
11.500%, 9–1–17 (C)	$	1,905	1,948
FMG Resources Pty Ltd.:
6.375%, 2–1–16 (C)		2,800	2,863
6.000%, 4–1–17 (C)		653	669

6.875%, 2–1–18 (C)	300	314
8.250%, 11–1–19 (C)	1,671	1,801
6.875%, 4–1–22 (C)	2,990	2,989
		10,584
Diversified Support Services – 0.4%
Nexeo Solutions, LLC,
8.375%, 3–1–18	2,146	2,135
Education Services – 1.6%
Laureate Education, Inc.,
9.250%, 9–1–19 (C)	9,103	9,831
Electric Utilities – 0.4%
Alliant Holdings,
7.875%, 12–15–20 (C)	2,202	2,246
Electronic Components – 0.4%
WireCo WorldGroup Inc.,
9.500%, 5–15–17	2,517	2,605
Electronic Manufacturing Services – 0.4%
KEMET Corporation,
10.500%, 5–1–18	3,015	2,683
Finance – 2.6%
Stearns Holdings Inc.,
9.375%, 8–15–20 (C)	4,038	4,119
TMX Finance LLC and TitleMax Finance Corporation,
8.500%, 9–15–18 (C)	7,121	7,441
TransUnion Holding Company, Inc.,
8.125%, 6–15–18 (D)	4,093	4,339
		15,899
Food Distributors – 4.3%
Hawk Acquisition Sub, Inc.,
4.250%, 10–15–20 (C)	1,003	957
Michael Foods Holding, Inc.,
8.500%, 7–15–18 (C)(D)	7,292	7,564
Simmons Foods, Inc.,
10.500%, 11–1–17 (C)	5,341	5,595
Sun Merger Sub, Inc.:
5.250%, 8–1–18 (C)	864	886
5.875%, 8–1–21 (C)	864	876
U.S. Foodservice, Inc.,
8.500%, 6–30–19	8,086	8,520
Viskase Companies, Inc.,
9.875%, 1–15–18 (C)	1,325	1,405
		25,803
Food Retail – 0.2%
Pantry, Inc., (The),
8.375%, 8–1–20	1,100	1,161
Gaming – 1.1%
New Cotai, LLC and New Cotai Capital Corp.,
10.625%, 5–1–19 (C)(D)	5,398	5,398
Pinnacle Entertainment, Inc. and PNK Finance Corp.,
6.375%, 8–1–21 (C)	1,024	1,044
		6,442
Health Care Equipment – 0.5%
DJO Finance LLC and DJO Finance Corporation,
9.750%, 10–15–17	420	424
Immucor, Inc.,
11.125%, 8–15–19	2,147	2,362
		2,786
Health Care Facilities – 3.1%
Chiron Merger Sub, Inc.,
12.500%, 11–1–19	811	847
ConvaTec Finance International S.A.,
8.250%, 1–15–19 (C)(D)	4,670	4,670
Kindred Healthcare, Inc.,
8.250%, 6–1–19	756	805
Physio-Control International, Inc.,
9.875%, 1–15–19 (C)	1,028	1,151
Tenet Healthcare Corporation:
6.750%, 2–1–20	1,408	1,404

6.000%, 10–1–20 (C)	1,928	1,971
8.125%, 4–1–22 (C)	4,821	5,033
6.875%, 11–15–31	3,993	3,384
		19,265
Health Care Services – 1.7%
MedImpact Holdings, Inc.,
10.500%, 2–1–18 (C)	5,540	6,011
Truven Health Analytics,
10.625%, 6–1–20	4,000	4,360
		10,371
Home Furnishings – 0.5%
Empire Today, LLC and Empire Today Finance Corp.,
11.375%, 2–1–17 (C)	4,026	3,266
Hotels & Gaming – 1.1%
Hilton Worldwide Finance, LLC,
5.625%, 10–15–21 (C)	6,568	6,584
Industrial – Other – 0.1%
MasTec, Inc.,
4.875%, 3–15–23	837	785
Industrial Machinery – 0.6%
Dynacast International LLC and Dynacast Finance Inc.,
9.250%, 7–15–19	941	1,030
Gardner Denver, Inc. and Renaissance AcquisitionCorp.,
6.875%, 8–15–21 (C)	2,468	2,438
		3,468
Integrated Telecommunication Services – 0.1%
CenturyLink, Inc.,
5.625%, 4–1–20	920	898
Investment Banking & Brokerage – 0.8%
GFI Group Inc.,
10.375%, 7–19–18	1,735	1,739
Isabelle Acquisition Sub Inc.,
10.000%, 11–15–18 (D)	2,827	3,089
		4,828
IT Consulting & Other Services – 1.0%
BMC Software Finance, Inc.,
8.125%, 7–15–21 (C)	1,972	2,046
Flextronics International Ltd.,
5.000%, 2–15–23	3,082	2,927
SRA International, Inc. and Sterling Merger, Inc.,
11.000%, 10–1–19	1,089	1,133
		6,106
Leasing – 0.3%
Flexi-Van Leasing, Inc.,
7.875%, 8–15–18 (C)	1,881	1,947
Leisure Facilities – 1.2%
Palace Entertainment Holdings, LLC,
8.875%, 4–15–17 (C)	2,742	2,790
Regal Entertainment Group,
5.750%, 2–1–25	3,505	3,234
Viking Cruises, Ltd.,
8.500%, 10–15–22 (C)	1,110	1,229
		7,253
Life Sciences Tools & Services – 0.5%
VWR Funding, Inc.,
7.250%, 9–15–17	2,648	2,794
Lodging – 0.3%
Ryman Hospitality Properties, Inc.,
5.000%, 4–15–21 (C)	1,898	1,779
Metal & Glass Containers – 2.0%
BlueScope Steel (Finance) Limited and BlueScope Steel Finance (USA) LLC,
7.125%, 5–1–18 (C)	2,746	2,822
BOE Intermediate Holding Corporation,
9.000%, 11–1–17 (C)(D)	1,764	1,843

Consolidated Container Company LLC and Consolidated Container Capital, Inc.,
10.125%, 7–15–20 (C)	6,579	7,040
		11,705
Movies & Entertainment – 1.3%
AMC Entertainment Holdings, Inc.,
9.750%, 12–1–20	4,936	5,627
Carmike Cinemas, Inc.,
7.375%, 5–15–19	1,813	1,954
		7,581
Oil & Gas Equipment & Services – 0.3%
Global Geophysical Services, Inc.,
10.500%, 5–1–17	2,135	1,766
Oil & Gas Exploration & Production – 0.5%
Chesapeake Energy Corporation,
5.750%, 3–15–23	1,506	1,509
Sabine Pass Liquefaction, LLC:
5.625%, 2–1–21 (C)	1,010	989
5.625%, 4–15–23 (C)	359	344
		2,842
Oil & Gas Refining & Marketing – 3.8%
Energy Partners Ltd.,
8.250%, 2–15–18	4,122	4,349
EP Energy,
9.375%, 5–1–20	986	1,109
EP Energy LLC and Everest Acquisition Finance Inc.,
7.750%, 9–1–22	336	365
Offshore Drilling Holding S.A.,
8.375%, 9–20–20 (C)	5,070	5,126
Offshore Group Investment Limited:
7.500%, 11–1–19	2,850	3,000
7.125%, 4–1–23	1,858	1,812
PetroBakken Energy Ltd.,
8.625%, 2–1–20 (C)	265	257
Samson Investment Company,
10.250%, 2–15–20 (C)(F)	3,481	3,690
Shelf Drilling Holdings, Ltd.,
8.625%, 11–1–18 (C)	2,827	3,004
		22,712
Oil Services – 0.8%
Foresight Energy LLC and Foresight Energy Finance Corporation,
7.875%, 8–15–21 (C)	2,203	2,204
Whiting Petroleum Corporation:
5.000%, 3–15–19	1,201	1,204
5.750%, 3–15–21	1,069	1,098
5.750%, 3–15–21 (C)	500	511
		5,017
Packaged Foods & Meats – 0.4%
Bumble Bee Foods, LLC,
9.625%, 3–15–18 (C)(D)	2,175	2,262
Paper & Forest Products – 0.2%
Neenah Paper, Inc.,
5.250%, 5–15–21 (C)	1,000	955
Paper Packaging – 0.5%
Reynolds Group Holdings Limited:
9.000%, 4–15–19	2,880	3,024
8.250%, 2–15–21	280	282
		3,306
Precious Metals & Minerals – 0.3%
Prince Mineral Holding Corp,
11.500%, 12–15–19 (C)	1,792	1,908
Property & Casualty Insurance – 0.3%
Hockey Merger Sub 2 Inc.,
7.875%, 10–1–21 (C)	1,667	1,669
Real Estate Investment Trust – 0.2%
CBRE Services, Inc.,
5.000%, 3–15–23	1,053	987
Restaurants – 1.3%
Carrols Restaurant Group, Inc.,
11.250%, 5–15–18	537	604

Dave & Buster’s, Inc.,
0.000%, 2–15–16 (C)(G)		8,280	6,666
NPC International, Inc.,
10.500%, 1–15–20		438	499
			7,769
Retail Stores – 3.9%
Hot Topic, Inc.,
9.250%, 6–15–21 (C)		1,445	1,485
Jo-Ann Stores Holdings, Inc.,
9.750%, 10–15–19 (C)(D)		11,277	11,588
Michaels FinCo Holdings, LLC,
7.500%, 8–1–18 (C)(D)		6,348	6,427
PC Nextco Holdings, LLC and PC Nextco Finance, Inc.,
8.750%, 8–15–19 (C)(D)		1,492	1,492
PETCO Holdings Inc,
8.500%, 10–15–17 (C)(D)		1,891	1,919
			22,911
Satellite – 0.5%
Sirius XM Radio Inc.:
5.875%, 10–1–20 (C)		1,960	1,977
4.625%, 5–15–23 (C)		936	854
			2,831
Semiconductor Equipment – 0.0%
Photronics, Inc., Convertible,
3.250%, 4–1–16		170	189
Semiconductors – 0.2%
Freescale Semiconductor, Inc.,
8.050%, 2–1–20		1,302	1,370
Service – Other – 2.4%
Ancestry.com Holdings LLC,
9.625%, 10–15–18 (C)(D)		1,072	1,072
Bankrate, Inc.,
6.125%, 8–15–18 (C)		1,986	1,981
B-Corp Merger Sub, Inc.,
8.250%, 6–1–19		6,528	6,495
Emdeon, Inc.,
11.000%, 12–31–19		2,204	2,510
Nielsen Finance,
5.500%, 10–1–21 (C)		2,871	2,875
			14,933
Specialized Consumer Services – 2.3%
Carlson Wagonlit B.V.:
6.875%, 6–15–19 (C)		3,243	3,275
7.500%, 6–15–19 (C)(E)		EUR1,787	2,526
ServiceMaster Company (The),
8.000%, 2–15–20	$	8,117	8,037
			13,838
Specialized Finance – 1.1%
CNG Holdings, Inc.,
9.375%, 5–15–20 (C)		385	356
Consolidated Communications Finance Co.,
10.875%, 6–1–20		1,710	1,958
International Lease Finance Corporation:
3.875%, 4–15–18		286	276
5.875%, 4–1–19		815	849
4.625%, 4–15–21		286	265
5.875%, 8–15–22		1,234	1,215
WM Holdings Finance Corp.,
13.750%, 10–1–19		1,495	1,768
			6,687
Specialized REITs – 1.1%
CNL Lifestyles Properties, Inc.,
7.250%, 4–15–19		6,671	6,838
Specialty Stores – 1.7%
Bon-Ton Stores, Inc. (The),
8.000%, 6–15–21 (C)		4,274	3,996
New Academy Finance Co LLC,
8.000%, 6–15–18 (C)(D)		3,274	3,356
Spencer Spirit Holdings, Inc.,
9.000%, 5–1–18 (C)(D)		2,920	2,847
			10,199

Steel – 0.1%
Severstal Columbus LLC,
10.250%, 2–15–18	720		765
Technology – 1.1%
Artesyn Escrow, Inc.,
9.750%, 10–15–20 (C)	1,477		1,477
Atlantis Merger Sub, Inc. and SoftBrands, Inc.,
11.500%, 7–15–18	2,296		2,652
J2 Global, Inc.,
8.000%, 8–1–20	1,502		1,615
VeriSign, Inc.,
4.625%, 5–1–23 (C)	760		714
			6,458
Technology Distributors – 0.6%
Sophia, L.P. and Sophia Finance, Inc.,
9.750%, 1–15–19 (C)	3,215		3,488
Textiles – 0.3%
Quiksilver, Inc. and QS Wholesale, Inc.:
7.875%, 8–1–18 (C)	712		742
10.000%, 8–1–20 (C)	950		1,000
			1,742
Thrifts & Mortgage Finance – 0.9%
Provident Funding Associates, L.P. and PFG Finance Corp.:
10.125%, 2–15–19 (C)	495		547
6.750%, 6–15–21 (C)	4,573		4,596
			5,143
Tobacco – 0.3%
Sun Products Corporation,
7.750%, 3–15–21 (C)	1,853		1,705
Wireless – 0.7%
Sprint Corporation:
7.250%, 9–15–21 (C)	2,137		2,158
7.875%, 9–15–23 (C)	2,137		2,180
			4,338
Wireless Telecommunication Service – 0.3%
Digicel Group Limited:
10.500%, 4–15–18 (C)	928		1,003
8.250%, 9–30–20 (C)	357		369
Wind Acquisition Finance S.A.,
11.750%, 7–15–17 (C)	685		728
			2,100
TOTAL CORPORATE DEBT SECURITIES – 78.1%		$	472,472
(Cost: $464,178)
LOANS
Apparel Retail – 0.9%
True Religion Apparel, Inc.:
5.875%, 7–29–19 (F)	4,388		4,128
11.000%, 1–29–20 (F)	1,339		1,272
			5,400
Application Software – 2.4%
Misys plc and Magic Newco, LLC:
0.000%, 6–12–19 (F)	1,250		1,433
12.000%, 6–12–19 (F)	10,973		12,583
			14,016
Casinos & Gaming – 0.1%
Centaur Acquisition, LLC,
8.750%, 1–31–20 (F)	370		372
Chemicals – 0.2%
Al Chem & Cy S.C.A.,
8.250%, 3–12–20 (F)	1,231		1,259
Construction Materials – 0.6%
Continental Building Products, LLC:
4.500%, 8–15–20 (F)	2,205		2,199
0.000%, 2–15–21 (F)	408		407
8.500%, 2–15–21 (F)	712		710
			3,316
Diversified Chemicals – 0.2%
MacDermid, Incorporated,
7.750%, 12–6–20 (F)	1,065		1,076

Diversified Real Estate Activities – 1.9%
HLT Property Acquisition, LLC,
4.183%, 11–12–16 (F)	11,468	11,425
Diversified Support Services – 1.4%
Advantage Sales & Marketing, Inc.:
8.250%, 6–18–18 (F)	4,890	4,936
Sprint Industrial Holdings, LLC:
7.000%, 4–23–19 (F)	2,187	2,195
11.250%, 4–23–19 (F)	1,222	1,219
		8,350
Food Distributors – 0.3%
Performance Food Group, Inc.,
6.250%, 11–17–19 (F)	1,710	1,686
Food Retail – 0.5%
Focus Brands, Inc.,
10.250%, 8–21–18 (F)	2,837	2,880
Health Care Supplies – 0.7%
Sage Products Holdings III, LLC,
9.250%, 6–13–20 (F)	3,952	4,041
Health Care Technology – 0.8%
Carestream Health, Inc.,
9.500%, 12–5–19 (F)	3,544	3,512
Merge Healthcare, Inc.,
6.000%, 4–1–19 (F)	1,655	1,564
		5,076
Hotels & Gaming – 0.8%
Hilton Worldwide Finance, LLC,
0.000%, 9–23–20 (F)	5,000	4,991
Hotels, Resorts & Cruise Lines – 0.5%
Four Seasons Hotels Limited,
6.250%, 12–13–20 (F)	3,071	3,132
Hypermarkets & Super Centers – 0.2%
BJ’s Wholesale Club, Inc.,
9.750%, 3–6–20 (F)	1,337	1,361
Independent Power Producers & Energy Traders – 0.7%
Alinta Energy Finance PTY Limited:
0.000%, 8–7–19 (F)	135	129
6.375%, 8–7–19 (F)	2,063	1,976
Texas Competitive Electric Holdings Company, LLC:
4.682%, 10–10–17 (F)	2,210	1,486
4.766%, 10–10–17 (F)	1,081	727
		4,318
Industrial Machinery – 0.5%
Gardner Denver, Inc.,
4.250%, 7–23–20 (F)	3,345	3,309
Internet Software & Services – 0.1%
W3 Co.,
9.250%, 8–21–20 (F)	892	907
IT Consulting & Other Services – 0.8%
Triple Point Group Holdings, Inc.:
5.250%, 7–11–20 (F)	3,293	3,194
9.250%, 7–11–21 (F)	1,736	1,641
		4,835
Leisure Facilities – 0.1%
Northfield Park Associates LLC,
9.000%, 11–9–18 (F)	457	471
Metal & Glass Containers – 0.3%
Evergreen Tank Solution, Inc.,
9.500%, 9–11–18 (F)	2,025	2,015
Movies & Entertainment – 1.2%
Formula One Holdings Ltd. and Alpha Topco Limited,
9.250%, 10–16–19 (F)	5,642	5,874

Yonkers Racing Corporation,
8.750%, 7–22–20 (F)	1,324		1,311
			7,185
Oil & Gas Exploration & Production – 1.0%
Chesapeake Energy Corporation,
5.750%, 12–2–17 (F)	2,589		2,632
Fieldwood Energy, LLC,
0.000%, 9–30–20 (F)	3,219		3,205
Sabine Oil & Gas LLC,
8.750%, 12–31–18 (F)	843		845
			6,682
Oil & Gas Refining & Marketing – 0.2%
Samson Investment Company,
6.000%, 9–25–18 (F)	1,116		1,116
Oil & Gas Storage & Transportation – 0.4%
Bowie Resources Holdings, LLC:
6.750%, 8–9–20 (F)	1,099		1,104
11.750%, 2–15–21 (F)	1,099		1,072
			2,176
Paper Packaging – 0.5%
FPC Holdings, Inc.,
9.250%, 5–16–20 (F)	1,740		1,604
Ranpak Corp.,
8.500%, 4–10–20 (F)	1,358		1,385
			2,989
Research & Consulting Services – 0.8%
AlixPartners, LLP,
9.000%, 7–2–21 (D)(F)	1,489		1,510
Larchmont Resources, LLC:
8.250%, 8–1–19 (F)	3,210		3,200
			4,710
Specialized Finance – 0.3%
Orchard Acquisition Company, LLC,
9.000%, 2–4–19 (F)	2,031		2,039
TOTAL LOANS – 18.4%		$	111,133
(Cost: $109,982)
SHORT-TERM SECURITIES
Commercial Paper – 2.1%
Ecolab Inc.,
0.250%, 10–8–13 (H)	3,000		3,000
Harley-Davidson Financial Services (GTD by Harley-Davidson Credit Corp.),
0.160%, 10–7–13 (H)	5,000		4,999
Verizon Communications Inc.,
0.210%, 10–21–13 (H)	3,000		3,000
Virginia Electric and Power Company,
0.260%, 10–16–13 (H)	2,000		2,000
			12,999
Master Note – 0.1%
Toyota Motor Credit Corporation,
0.100%, 10–2–13 (I)	330		330
TOTAL SHORT-TERM SECURITIES – 2.2%		$	13,329
(Cost: $13,329)
TOTAL INVESTMENT SECURITIES – 99.4%		$	601,237
(Cost: $591,043)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.6%			3,623
NET ASSETS – 100.0%		$	604,860

Notes to Schedule of Investments

* Not shown due to rounding.

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

(B) 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.

(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, 2013, the total value of these securities amounted to $300,267 or 49.6% of net assets.

(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, 2013.

(G) Zero coupon bond.

(H) Rate shown is the yield to maturity at September 30, 2013.

(I) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013. Date shown represents the date that the variable rate resets.

The following forward foreign currency contracts were outstanding at September 30, 2013:

Type	Currency	Counterparty	Principal Amount of Contract (Denominated in Indicated Currency)		Settlement Date		Unrealized Appreciation		Unrealized Depreciation
Sell	Euro	Morgan Stanley International		8,474		10-23-13	$	—	$	12

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, 2013:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	2,558	$	—	$	48
Preferred Stocks		1,547		—		—
Warrants		—		150		—
Corporate Debt Securities		—		459,525		12,947
Loans		—		81,769		29,364
Short-Term Securities		—		13,329		—
Total	$	4,105	$	554,773	$	42,359
Liabilities
Forward Foreign Currency Contracts	$	—	$	12	$	—

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

	Common Stock			Warrants			Corporate Debt Securities			Loans
Beginning Balance 1-1-13	$	—		$	36		$	—		$	19,751
Net realized gain (loss)		—			—			—			83
Net unrealized appreciation (depreciation)		(14	)		—			(176	)		(915	)
Purchases		62			—			8,009			19,001
Sales		—			—			—			(7,999	)
Amortization/Accretion of premium/discount		—						(24	)		15
Transfers into Level 3 during the period		—			—			5,138			547
Transfers out of Level 3 during the period		—			(36	)		—			(1,119	)
Ending Balance 9-30-13	$	48		$	—		$	12,947		$	29,364
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-13	$	(14	)	$	—		$	(176	)	$	64

Transfers from Level 2 to Level 3 occurred generally due to the lack of observable market data due to decreased market activity or information for these securities. Transfers from Level 3 to Level 2 occurred generally due to the increased availability of observable market data due to increased market activity or information. As shown above, transfers in and out of Level 3 represent the values as of the beginning of the reporting period. There were no transfers between Levels 1 and 2 during the period ended September 30, 2013.

Quantitative Information about Level 3 fair value measurements:

	Fair Value at 9-30-13		Valuation Technique(s)		Unobservable Input(s)
Assets
Common Stocks	$	48		Broker		Broker quotes
Corporate Debt Securities	$	12,947		Third-party valuation service		Broker quotes
Loans	$	29,364		Third-party valuation service		Broker quotes

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, 2013 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	591,043
Gross unrealized appreciation		16,721
Gross unrealized depreciation		(6,527	)
Net unrealized appreciation	$	10,194

SCHEDULE OF INVESTMENTS International Core Equity (in thousands) SEPTEMBER 30, 2013 (UNAUDITED)

COMMON STOCKS	Shares		Value
Australia – 4.1%
Amcor Limited		696	$	6,789
Incitec Pivot Limited		2,231		5,598
Stockland Corporation Limited		1,960		7,077
Telstra Corporation Limited, ADR		1,460		6,771
				26,235
Belgium – 1.2%
Anheuser-Busch InBev S.A., ADR		75		7,414
Brazil – 3.0%
BRMalls Participacoes S.A.		413		3,763
Hypermarcas S.A.		975		7,827
TIM Participacoes S.A.		1,254		5,828
TIM Participacoes S.A., ADR		80		1,883
				19,301
China – 4.0%
Baidu.com, Inc., ADR (A)		47		7,349
China Construction Bank Corporation		12,222		9,408
China Unicom Limited		5,470		8,534
				25,291
Denmark – 1.1%
TDC A/S		802		6,782
Finland – 1.0%
Nokia OYJ		992		6,521
France – 12.5%
Cap Gemini S.A.		152		9,042
Casino, Guichard-Perrachon		67		6,864
European Aeronautic Defence and Space Company		161		10,262
Gaz de France		380		9,539
Publicis Groupe S.A. (A)		108		8,587
Sanofi-Aventis		81		8,203
Total S.A.		297		17,265
Vinci		159		9,245
				79,007
Germany – 8.1%
Bayer AG		76		8,941
DaimlerChrysler AG, Registered Shares		203		15,808
Deutsche Bank AG		150		6,873
Deutsche Lufthansa AG		327		6,368
Dialog Semiconductor plc (A)		329		6,294
Siemens AG		59		7,138
				51,422
Hong Kong – 2.0%
Cheung Kong (Holdings) Limited		852		12,974
Israel – 1.8%
Teva Pharmaceutical Industries Limited, ADR		308		11,655
Japan – 18.3%
AISIN SEIKI CO., LTD.		213		9,052
Aozora Bank, Ltd.		627		1,856
Asahi Breweries, Ltd.		295		7,732
Chiyoda Corporation		830		9,964
Daito Trust Construction Co., Ltd		76		7,615
Fuji Media Holdings, Inc.		370		8,123

Honda Motor Co., Ltd.	253		9,599
Inpex Corp	592		6,974
Isuzu Motors Limited	1,100		7,229
Komatsu Ltd.	298		7,394
Nissin Kogyo Co., Ltd.	520		9,848
Shin-Etsu Chemical Co., Ltd.	130		7,954
Softbank Corp.	147		10,175
Sumitomo Mitsui Trust Holdings, Inc.	2,395		11,817
			115,332
Luxembourg – 1.5%
Acergy S.A.	470		9,776
Netherlands – 3.5%
ING Groep N.V., Certicaaten Van Aandelen (A)	1,290		14,571
Koninklijke Ahold N.V.	421		7,292
			21,863
Singapore – 1.2%
United Overseas Bank Limited	468		7,711
South Korea – 2.5%
Hyundai Mobis	29		7,617
Samsung Electronics Co., Ltd.	6		8,205
			15,822
Spain – 1.2%
Amadeus IT Holding, S.A.	206		7,310
Sweden – 3.7%
Investor AB, B Shares	316		9,602
Swedish Match AB	181		6,390
TeliaSonera AB	988		7,569
			23,561
Switzerland – 4.3%
Credit Suisse Group AG, Registered Shares	200		6,098
Credit Suisse Group, ADR	36		1,095
Nestle S.A., Registered Shares	155		10,832
Novartis AG, Registered Shares	120		9,201
			27,226
United Kingdom – 20.7%
Burberry Group plc	291		7,692
GlaxoSmithKline plc	578		14,573
Kingfisher plc	1,087		6,790
Petrofac Limited	400		9,091
Prudential plc	410		7,631
Reckitt Benckiser Group plc	104		7,608
Rio Tinto plc	241		11,771
Royal Dutch Shell plc, Class A	493		16,259
Shire plc	539		21,615
Standard Chartered plc	328		7,875
Unilever plc	248		9,778
Vodafone Group plc	2,846		9,951
			130,634
United States – 2.8%
Cognizant Technology Solutions Corporation, Class A (A)	88		7,265
Yahoo! Inc. (A)	312		10,336
			17,601
TOTAL COMMON STOCKS – 98.5%		$	623,438
(Cost: $558,995)

SHORT-TERM SECURITIES	Principal
Commercial Paper – 1.2%
GlaxoSmithKline Finance plc (GTD by GlaxoSmithKline plc), 0.080%, 10–18–13 (B)	$	5,000		5,000
McCormick & Co. Inc., 0.160%, 10–1–13 (B)		2,802		2,802
				7,802
TOTAL SHORT-TERM SECURITIES – 1.2%			$	7,802
(Cost: $7,802)
TOTAL INVESTMENT SECURITIES – 99.7%			$	631,240
(Cost: $566,797)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.3%				2,071
NET ASSETS – 100.0%			$	633,311

Notes to Schedule of Investments

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

(B) Rate shown is the yield to maturity at September 30, 2013.

The following forward foreign currency contracts were outstanding at September 30, 2013:

Type	Currency	Counterparty	Principal Amount of Contract (Denominated in Indicated Currency)		Settlement Date		Unrealized Appreciation		Unrealized Depreciation
Sell	Euro	Barclays Capital, Inc.		37,300		10-23-13	$	28	$	—
Sell	Japanese Yen	Barclays Capital, Inc.		3,152,000		10-23-13		—		376
							$	28	$	376

The following written options were outstanding at September 30, 2013 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type	Number of Contracts		Expiration Month		Exercise Price		Premium Received		Value
Dialog Semiconductor plc	Morgan Stanley & Co., Inc.	Call		28,205		October 2013		EUR15.14	$	10	$	(6	)
	JPMorgan Chase Bank N.A.	Call		28,204		October 2013		15.39		13		(5	)
	JPMorgan Chase Bank N.A.	Call		18,657		October 2013		15.49		10		(3	)
	Morgan Stanley & Co., Inc.	Call		18,767		October 2013		15.78		7		(2	)
	Morgan Stanley & Co., Inc.	Call		7,243		October 2013		15.91		3		(1	)
Nissin Kogyo Co., Ltd.	JPMorgan Chase Bank N.A.	Call		92,000		October 2013		JPY2,035.03		28		(6	)
	JPMorgan Chase Bank N.A.	Call		26,660		October 2013		2,088.91		7		(1	)
									$	78	$	(24	)

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, 2013:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	90,346	$	—	$	—
Consumer Staples		71,737		—		—
Energy		59,364		—		—
Financials		115,967		—		—
Health Care		74,188		—		—
Industrials		50,371		—		—
Information Technology		62,322		—		—
Materials		32,112		—		—
Telecommunication Services		57,492		—		—
Utilities		9,539		—		—
Total Common Stocks	$	623,438	$	—	$	—
Short-Term Securities		—		7,802		—
Total	$	623,438	$	7,802	$	—
Forward Foreign Currency Contracts	$	—	$	28	$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	376	$	—
Written Options	$	—	$	24	$	—

During the period ended September 30, 2013, securities totaling $881,618 were transferred from Level 2 to Level 1 due to lack of significant market movements following the close of local trading.

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, 2013 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	566,797
Gross unrealized appreciation		78,224
Gross unrealized depreciation		(13,781	)
Net unrealized appreciation	$	64,443

SCHEDULE OF INVESTMENTS International Growth (in thousands) SEPTEMBER 30, 2013 (UNAUDITED)

COMMON STOCKS	Shares		Value
Australia – 4.1%
Coca-Cola Amatil Limited		311	$	3,562
David Jones Limited		1,419		3,824
Telstra Corporation Limited, ADR		1,800		8,347
				15,733
Canada – 0.8%
Agrium Inc.		36		3,042
China – 0.8%
Ping An Insurance (Group) Company of China, Ltd., A Shares		499		2,913
Finland – 1.0%
Nokia OYJ		609		4,002
France – 15.4%
Alstom		94		3,338
Cap Gemini S.A.		120		7,117
Compagnie Generale des Etablissements Michelin, Class B		59		6,595
European Aeronautic Defence and Space Company		107		6,836
LVMH Moet Hennessy – Louis Vuitton		32		6,209
Safran		191		11,743
Sanofi-Aventis		71		7,179
Vinci		180		10,444
				59,461
Germany – 11.1%
adidas AG		41		4,426
Bayer AG		85		9,976
DaimlerChrysler AG, Registered Shares		126		9,838
Deutsche Lufthansa AG		239		4,661
Fresenius SE & Co. KGaA		64		7,899
Linde AG		21		4,086
SAP AG		26		1,908
				42,794
Hong Kong – 4.3%
Galaxy Entertainment Group Limited, ADR		1,689		11,847
Yue Yuen Industrial (Holdings) Limited		1,667		4,652
				16,499
India – 0.7%
NMDC Limited		1,387		2,660
Ireland – 1.4%
Smurfit Kappa Group plc		247		5,573
Israel – 2.0%
Teva Pharmaceutical Industries Limited, ADR		208		7,877
Japan – 16.5%
Bridgestone Corporation		216		7,856
Daihatsu Motor Co., Ltd.		180		3,479
Fuji Heavy Industries Ltd.		144		3,970
JGC Corporation		131		4,718
Komatsu Ltd.		176		4,357
Mitsubishi Corporation		273		5,513
Mitsubishi Electric Corporation		382		4,003
Mitsui & Co., Ltd.		184		2,666

Mizuho Financial Group, Inc.	2,096		4,542
Nissin Kogyo Co., Ltd.	288		5,454
ORIX Corporation	497		8,065
Sumitomo Corporation	283		3,801
Sumitomo Mitsui Trust Holdings, Inc.	328		1,618
Tokyo Electron Limited	78		4,153
			64,195
Mexico – 0.6%
Grupo Financiero Banorte, S.A.B. de C.V.	347		2,160
Netherlands – 2.2%
ASML Holding N.V., Ordinary Shares	84		8,325
Norway – 2.9%
Seadrill Limited	147		6,597
Yara International ASA	109		4,505
			11,102
South Korea – 3.6%
Hyundai Motor Company	33		7,780
Samsung Electronics Co., Ltd.	5		6,220
			14,000
Sweden – 2.9%
AB Volvo, Class B	395		5,922
Telefonaktiebolaget LM Ericsson, B Shares	404		5,377
			11,299
Switzerland – 4.4%
Credit Suisse Group AG, Registered Shares	171		5,237
Novartis AG, Registered Shares	89		6,838
Swatch Group Ltd (The), Bearer Shares	7		4,801
			16,876
Taiwan – 1.1%
MediaTek Incorporation	333		4,116
United Kingdom – 14.2%
Capita Group plc (The)	168		2,705
Diageo plc	301		9,582
Experian plc	350		6,670
GlaxoSmithKline plc	313		7,896
Lloyds Banking Group Plc (A)	5,505		6,558
Pearson plc	187		3,801
Prudential plc	375		6,996
Shire plc	271		10,872
			55,080
United States – 3.8%
InBev NV	94		9,406
Schlumberger Limited	59		5,193
			14,599
TOTAL COMMON STOCKS – 93.8%		$	362,306
(Cost: $316,693)
PREFERRED STOCKS
Germany – 1.6%
Volkswagen AG, 2.260%	26		6,162
TOTAL PREFERRED STOCKS – 1.6%		$	6,162
(Cost: $5,353)

SHORT-TERM SECURITIES	Principal
Commercial Paper – 2.9%
Exxon Mobil Corporation, 0.160%, 10–15–13 (B)	$	5,000		4,999
John Deere Canada ULC (GTD by Deere & Company), 0.080%, 10–16–13 (B)		3,000		3,000
Prudential Funding, LLC (GTD by Prudential Financial, Inc.), 0.050%, 10–1–13 (B)		1,248		1,248
Verizon Communications Inc., 0.210%, 10–21–13 (B)		2,000		2,000
				11,247
Municipal Obligations – Taxable – 0.7%
MS Business Fin Corp, Gulf Opp Zone Indl Dev Rev Bonds (Chevron U.S.A. Inc. Proj), Ser 2007B (GTD by Chevron Corporation), 0.060%, 10–1–13 (C)		2,837		2,837
NYC GO Bonds, Fiscal 2006 Ser E (GTD by Bank of America, N.A.), 0.080%, 10–7–13 (C)		3		3
				2,840
United States Government Agency Obligations – 1.2%
Overseas Private Investment Corporation (GTD by United States Government), 0.130%, 10–7–13 (C)		4,649		4,649
TOTAL SHORT-TERM SECURITIES – 4.8%			$	18,736
(Cost: $18,736)
TOTAL INVESTMENT SECURITIES – 100.2%			$	387,204
(Cost: $340,782)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.2%)				(609	)
NET ASSETS – 100.0%			$	386,595

Notes to Schedule of Investments

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

(B) Rate shown is the yield to maturity at September 30, 2013.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013. Date shown represents the date the variable rate resets.

The following forward foreign currency contracts were outstanding at September 30, 2013:

Type	Currency	Counterparty	Principal Amount of Contract (Denominated in Indicated Currency)		Settlement Date		Unrealized Appreciation		Unrealized Depreciation
Sell	Euro	Societe Generale Bank		82,900		10-23-13	$	—	$	27
Sell	Japanese Yen	Goldman Sachs International		3,646,400		10-23-13		—		376
							$	—	$	403

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 Portfolio.

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, 2013:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	84,531	$	—	$	—
Consumer Staples		22,550		—		—
Energy		11,790		—		—
Financials		38,088		—		—
Health Care		58,537		—		—
Industrials		77,379		—		—
Information Technology		41,218		—		—
Materials		19,866		—		—
Telecommunication Services		8,347		—		—
Total Common Stocks	$	362,306	$	—	$	—
Preferred Stocks		6,162		—		—
Short-Term Securities		—		18,736		—
Total	$	368,468	$	18,736	$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	403	$	—

During the period ended September 30, 2013, securities totaling $323,638 were transferred from Level 2 to Level 1 due to lack of significant market movements following the close of local trading.

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, 2013 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	340,782
Gross unrealized appreciation		58,031
Gross unrealized depreciation		(11,609	)
Net unrealized appreciation	$	46,422

SCHEDULE OF INVESTMENTS Limited-Term Bond (in thousands) SEPTEMBER 30, 2013 (UNAUDITED)

CORPORATE DEBT SECURITIES	Principal		Value
Aerospace & Defense – 0.6%
Bombardier Inc.,
7.500%, 3–15–18 (A)	$	2,000	$	2,246
Apparel Retail – 0.7%
Limited Brands, Inc.,
8.500%, 6–15–19		2,000		2,385
Apparel, Accessories & Luxury Goods – 0.3%
LVMH Moet Hennessy – Louis Vuitton,
1.625%, 6–29–17 (A)		1,000		998
Automobile Manufacturers – 1.3%
Nissan Motor Acceptance Corporation,
1.950%, 9–12–17 (A)		1,000		995
Toyota Motor Credit Corporation,
2.000%, 9–15–16		1,750		1,798
Volkswagen International Finance N.V.:
1.625%, 3–22–15 (A)		1,000		1,013
2.375%, 3–22–17 (A)		1,000		1,025
				4,831
Automobile Mfg. / Vehicle Parts – 0.4%
General Motors Co.,
3.500%, 10–2–18 (A)		1,500		1,496
Automotive Manufacturers – 0.3%
Hyundai Capital America,
1.875%, 8–9–16 (A)		1,000		1,004
Automotive Retail – 0.6%
Johnson Controls, Inc.,
1.750%, 3–1–14		2,000		2,010
Banking – 0.3%
Commonwealth Bank of Australia New York,
1.950%, 3–16–15		1,000		1,019
Beverage / Bottling – 0.3%
International CCE Inc.,
2.125%, 9–15–15		1,075		1,099
Brewers – 1.3%
Anheuser-Busch InBev SA/NV,
1.250%, 1–17–18		2,000		1,960
Heineken N.V.,
1.400%, 10–1–17 (A)		2,000		1,966
SABMiller Holdings Inc.,
1.850%, 1–15–15 (A)		500		506
				4,432
Broadcasting – 0.5%
CBS Corporation,
7.625%, 1–15–16		1,500		1,710
Cable & Satellite – 0.8%
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc.,
5.875%, 10–1–19		1,000		1,117
TCI Communications, Inc.,
8.750%, 8–1–15		1,415		1,613
				2,730
Coal & Consumable Fuels – 0.3%
Joy Global Inc.,
6.000%, 11–15–16		1,000		1,121

Consumer Finance – 3.5%
American Express Company,
7.000%, 3–19–18	1,000	1,205
American Express Credit Corporation,
1.300%, 7–29–16	1,500	1,509
American Honda Finance Corporation,
1.450%, 2–27–15 (A)	2,000	2,019
Capital One Financial Corporation:
2.150%, 3–23–15	1,000	1,016
6.750%, 9–15–17	1,000	1,176
Ford Motor Company LLC,
5.000%, 5–15–18	3,626	3,974
Penske Truck Leasing Co., LP and PTL Finance Corp.,
3.125%, 5–11–15 (A)	2,000	2,060
		12,959
Data Processing & Outsourced Services – 1.2%
Alliance Data Systems Corporation,
5.250%, 12–1–17 (A)	3,000	3,074
Fidelity National Financial, Inc.,
6.600%, 5–15–17	1,000	1,116
		4,190
Department Stores – 0.3%
Macy’s Retail Holdings, Inc.,
7.450%, 7–15–17	1,000	1,185
Distillers & Vintners – 0.7%
Beam Inc.,
1.875%, 5–15–17	1,500	1,507
Diageo Capital plc,
5.750%, 10–23–17	1,000	1,150
		2,657
Diversified Banks – 2.4%
Bank of America Corporation,
5.650%, 5–1–18	1,000	1,129
Bank of Nova Scotia (The),
1.375%, 7–15–16	2,000	2,014
Barclays Bank plc,
2.375%, 1–13–14	1,500	1,508
HSBC Bank plc,
3.100%, 5–24–16 (A)	1,000	1,052
U.S. Bancorp,
2.200%, 11–15–16	1,000	1,030
Wachovia Corporation,
5.750%, 2–1–18	1,500	1,733
		8,466
Diversified Chemicals – 0.3%
Dow Chemical Company (The),
4.250%, 11–15–20	1,168	1,220
Diversified Metals & Mining – 0.5%
Rio Tinto Finance (USA) Limited,
2.250%, 9–20–16	1,500	1,537
Electric – 0.7%
Dayton Power & Light Company (The),
1.875%, 9–15–16 (A)	1,000	1,008
Mississippi Power Company,
2.350%, 10–15–16	1,500	1,545
		2,553
Electronic Manufacturing Services – 0.3%
Jabil Circuit, Inc.,
7.750%, 7–15–16	1,000	1,133
Environmental & Facilities Services – 0.6%
Republic Services, Inc.,
3.800%, 5–15–18	1,000	1,065
Waste Management, Inc.,
6.100%, 3–15–18	1,000	1,164
		2,229

Food Distributors – 1.2%
Campbell Soup Company,
3.375%, 8–15–14	2,000	2,052
ConAgra Foods, Inc.:
1.300%, 1–25–16	1,000	1,001
7.000%, 4–15–19	1,000	1,201
		4,254
Forest Products – 0.3%
Georgia-Pacific, LLC,
5.400%, 11–1–20 (A)	1,000	1,119
Health Care Services – 0.6%
Medco Health Solutions, Inc.,
2.750%, 9–15–15	1,000	1,033
Quest Diagnostics Incorporated,
3.200%, 4–1–16	1,000	1,041
		2,074
Health Care Supplies – 0.3%
DENTSPLY International Inc.,
2.750%, 8–15–16	1,000	1,030
Health Care Supply – 0.9%
Abbott Laboratories,
4.125%, 5–27–20	1,000	1,087
Express Scripts, Inc.,
7.250%, 6–15–19	1,000	1,224
Express Scripts Holding Company,
2.100%, 2–12–15	1,000	1,016
		3,327
Home Improvement Retail – 0.6%
Lowe’s Companies, Inc.,
2.125%, 4–15–16	2,000	2,060
Independent Finance – 0.3%
John Deere Capital Corporation,
1.200%, 10–10–17	1,000	985
Industrial Conglomerates – 0.5%
General Electric Capital Corporation,
5.625%, 5–1–18	1,500	1,721
Industrial Machinery – 0.3%
Ingersoll-Rand Global Holding Company Limited,
2.875%, 1–15–19 (A)	1,000	997
Integrated Oil & Gas – 0.7%
Petro-Canada,
6.050%, 5–15–18	1,130	1,318
Shell International Finance B.V.,
4.300%, 9–22–19	1,000	1,104
		2,422
Integrated Telecommunication Services – 1.0%
AT&T Inc.,
5.800%, 2–15–19	1,000	1,152
CC Holdings GS V LLC,
2.381%, 12–15–17	1,000	986
Verizon Communications Inc.,
6.350%, 4–1–19	1,000	1,174
		3,312
Investment Banking & Brokerage – 1.2%
Goldman Sachs Group, Inc. (The):
3.700%, 8–1–15	1,000	1,043
7.500%, 2–15–19	1,000	1,209
Morgan Stanley,
4.100%, 1–26–15	1,836	1,902
		4,154
Leisure Products – 0.3%
Mattel, Inc.,
2.500%, 11–1–16	1,000	1,033
Life & Health Insurance – 1.1%
MetLife, Inc.:
5.000%, 6–15–15	1,553	1,663
6.817%, 8–15–18	1,058	1,280

Prudential Financial, Inc.,
4.750%, 9–17–15	1,000	1,073
		4,016
Metal & Glass Containers – 0.3%
FBG Finance Ltd.,
7.875%, 6–1–16 (A)	1,000	1,170
Office Electronics – 0.3%
Xerox Corporation,
6.350%, 5–15–18	1,000	1,149
Oil & Gas – 0.8%
BP Capital Markets plc (GTD by BP plc),
2.241%, 9–26–18	3,000	3,004
Oil & Gas Equipment & Services – 0.6%
Enterprise Products Operating LLC (GTD by Enterprise Products Partners L.P.),
6.500%, 1–31–19	1,000	1,186
Schlumberger Investment S.A. (GTD by Schlumberger Ltd.),
1.950%, 9–14–16 (A)	1,000	1,022
		2,208
Oil & Gas Exploration & Production – 3.2%
Anadarko Petroleum Corporation,
5.750%, 6–15–14	1,775	1,835
EOG Resources, Inc.,
4.100%, 2–1–21	1,000	1,059
EQT Corporation,
8.125%, 6–1–19	3,025	3,670
Marathon Oil Corporation,
0.900%, 11–1–15	2,000	1,999
Petrohawk Energy Corporation,
7.250%, 8–15–18	1,000	1,085
Plains Exploration & Production Company,
8.625%, 10–15–19	1,500	1,658
		11,306
Oil & Gas Storage & Transportation – 1.1%
Copano Energy, L.L.C. and Copano Energy Finance Corporation,
7.125%, 4–1–21	408	467
DCP Midstream Operating, LP (GTD by DCP Midstream Partners, LP),
3.250%, 10–1–15	1,500	1,550
Sunoco Logistics Partners Operations L.P.,
8.750%, 2–15–14	1,900	1,953
		3,970
Other Diversified Financial Services – 1.8%
Citigroup Inc.:
1.250%, 1–15–16	1,000	999
1.700%, 7–25–16	1,000	1,005
Daimler Finance North America LLC,
1.300%, 7–31–15 (A)	1,760	1,768
ING Bank N.V.,
2.375%, 6–9–14 (A)	1,000	1,011
JPMorgan Chase & Co.,
6.000%, 1–15–18	1,416	1,626
		6,409
Pharmaceuticals – 1.9%
AbbVie Inc.,
1.200%, 11–6–15	1,500	1,506
Merck Sharp & Dohme Corp.,
5.000%, 6–30–19	3,000	3,424
Mylan Inc.,
7.875%, 7–15–20 (A)	1,500	1,712
		6,642
Regional Banks – 0.6%
PNC Bank N.A.,
1.300%, 10–3–16	2,000	2,008
Restaurants – 0.3%
YUM! Brands, Inc.,
6.250%, 3–15–18	1,000	1,158
Retail Stores – 0.6%
Dollar General Corporation,
4.125%, 7–15–17	2,000	2,126

Semiconductors – 0.3%
Broadcom Corporation,
2.700%, 11–1–18	1,000		1,029
Service – Other – 0.7%
Cornell University,
5.450%, 2–1–19	2,500		2,907
Soft Drinks – 0.3%
Bottling Group, LLC,
5.125%, 1–15–19	1,000		1,138
Systems Software – 0.7%
CA, Inc.,
6.125%, 12–1–14	1,000		1,056
Oracle Corporation,
5.000%, 7–8–19	1,150		1,306
			2,362
Wireless Telecommunication Service – 0.6%
America Movil, S.A.B. de C.V.,
5.000%, 3–30–20	1,000		1,075
American Tower Corporation,
5.900%, 11–1–21	1,000		1,055
Crown Castle International Corp.,
5.250%, 1–15–23	200		184
			2,314
TOTAL CORPORATE DEBT SECURITIES – 41.6%		$	148,614
(Cost: $148,215)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Agency Obligations – 0.3%
Federal National Mortgage Association,
2.000%, 12–30–15	1,000		1,033
Mortgage-Backed Obligations – 6.7%
Federal Home Loan Mortgage Corporation Agency REMIC/CMO,
2.500%, 12–15–41	2,474		2,497
Federal National Mortgage Association Agency REMIC/CMO:
2.000%, 4–25–39	1,853		1,806
4.000%, 5–25–39	2,096		2,192
3.000%, 11–25–39	598		617
Federal National Mortgage Association Fixed Rate Pass-Through Certificates:
3.680%, 2–1–21	1,907		2,011
4.375%, 6–1–21	1,976		2,161
5.500%, 10–1–21	1,674		1,811
5.500%, 11–1–22	638		690
5.000%, 4–1–24	467		507
4.000%, 12–1–31	4,488		4,805
Government National Mortgage Association Agency REMIC/CMO:
2.500%, 9–20–40	2,424		2,444
2.000%, 3–16–42	2,481		2,419
			23,960
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 7.0%		$	24,993
(Cost: $25,149)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 1.4%
United States Treasury Notes,
0.750%, 10–31–17	5,000		4,932
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 1.4%		$	4,932
(Cost: $5,009)

SHORT–TERM SECURITIES
Commercial Paper – 50.2%
Air Products and Chemicals, Inc.,
0.060%, 10–30–13 (B)	10,000		10,000
Army & Air Force Exchange Service,
0.160%, 12–2–13 (B)	9,000		8,997
Automatic Data Processing Inc.,
0.050%, 10–2–13 (B)	5,000		5,000
Bank of Nova Scotia,
0.110%, 11–29–13 (B)	9,000		8,998
Bristol-Myers Squibb Company,
0.060%, 10–10–13 (B)	15,000		15,000
Campbell Soup Company,
0.130%, 11–26–13 (B)	9,000		8,998
Clorox Company (The),
0.250%, 11–4–13 (B)	6,000		5,999
CVS Caremark Corporation,
0.180%, 10–7–13 (B)	15,730		15,729
Diageo Capital plc (GTD by Diageo plc),
0.200%, 10–8–13 (B)	15,000		14,999
Exxon Mobil Corporation,
0.060%, 10–10–13 (B)	2,000		2,000
General Mills, Inc.,
0.130%, 10–28–13 (B)	15,000		14,998
Illinois Tool Works Inc.,
0.050%, 10–16–13 (B)	14,000		14,000
John Deere Financial Limited (GTD by John Deere Capital Corporation),
0.050%, 10–21–13 (B)	10,000		10,000
McCormick & Co. Inc.,
0.160%, 10–1–13 (B)	2,199		2,199
Novartis Finance Corp. (GTD by Novartis AG),
0.040%, 10–3–13 (B)	10,000		10,000
Target Corporation,
0.030%, 10–1–13 (B)	15,000		15,000
Virginia Electric and Power Company,
0.260%, 10–16–13 (B)	3,000		3,000
Walt Disney Company (The),
0.060%, 11–15–13 (B)	15,000		14,999
			179,916
Municipal Obligations – Taxable – 0.6%
NY Hsng Fin Agy, Riverside Ctr 2 Hsng Rev Bonds, Ser 2012 A,
0.070%, 10–7–13 (C)	2,000		2,000
TOTAL SHORT–TERM SECURITIES – 50.8%		$	181,916
(Cost: $181,917)
TOTAL INVESTMENT SECURITIES – 100.8%		$	360,455
(Cost: $360,290)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.8%)			(2,819	)
NET ASSETS – 100.0%		$	357,636

Notes to Schedule of Investments

(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, 2013, the total value of these securities amounted to $29,261 or 8.2% of net assets.

(B) Rate shown is the yield to maturity at September 30, 2013.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013.

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, 2013:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Corporate Debt Securities	$	—	$	148,614	$	—
United States Government Agency Obligations		—		24,993		—
United States Government Obligations		—		4,932		—
Short-Term Securities		—		181,916		—
Total	$	—	$	360,455	$	—

There were no transfers between any levels during the period ended September 30, 2013.

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, 2013 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	360,290
Gross unrealized appreciation		1,571
Gross unrealized depreciation		(1,406	)
Net unrealized appreciation	$	165

SCHEDULE OF INVESTMENTS Micro Cap Growth (in thousands) SEPTEMBER 30, 2013 (UNAUDITED)

COMMON STOCKS	Shares		Value
Air Freight & Logistics – 0.7%
Pacer International, Inc. (A)		80	$	495
Alternative Carriers – 1.4%
inContact, Inc. (A)		71		585
Lumos Networks Corp.		19		403
				988
Apparel, Accessories & Luxury Goods – 1.6%
Movado Group, Inc.		25		1,085
Application Software – 1.4%
Callidus Software Inc. (A)		107		979
Asset Management & Custody Banks – 0.7%
Internet Capital Group, Inc. (A)		35		494
Auto Parts & Equipment – 1.2%
Amerigon Incorporated (A)		44		847
Automotive Retail – 0.4%
America’s Car-Mart, Inc. (A)		6		257
Biotechnology – 7.7%
Acceleron Pharma Inc. (A)		15		331
Achillion Pharmaceuticals, Inc. (A)		74		224
BIND Therapeutics, Inc. (A)		11		150
Clovis Oncology, Inc. (A)		10		590
Enanta Pharmaceuticals, Inc. (A)		44		997
KaloBios Pharmaceuticals, Inc. (A)		53		238
LipoScience, Inc. (A)		48		241
NewLink Genetics Corporation (A)		30		562
Repligen Corporation (A)		28		312
Synergy Pharmaceuticals Inc. (A)		82		372
Vanda Pharmaceuticals Inc. (A)		51		562
Verastem, Inc. (A)		52		642
				5,221
Broadcasting – 0.4%
Entravision Communications Corporation		50		293
Building Products – 3.4%
American Woodmark Corporation (A)		20		702
Builders FirstSource, Inc. (A)		118		693
NCI Building Systems, Inc. (A)		33		419
PGT, Inc. (A)		45		447
				2,261
Casinos & Gaming – 1.8%
Multimedia Games Holding Company, Inc. (A)		35		1,206
Commercial Printing – 0.6%
InnerWorkings, Inc. (A)		41		404
Communications Equipment – 4.2%
Applied Optoelectronics, Inc. (A)		28		284
Ixia (A)		27		426
Procera Networks, Inc. (A)		37		567
Ruckus Wireless, Inc (A)		24		407
ShoreTel, Inc. (A)		67		404
Ubiquiti Networks, Inc.		23		780
				2,868

Computer Storage & Peripherals – 1.6%
Datalink Corporation (A)	50	682
Immersion Corporation (A)	29	381
		1,063
Construction & Farm Machinery & Heavy Trucks – 2.3%
Commercial Vehicle Group, Inc. (A)	31	244
Greenbrier Companies, Inc. (The) (A)	22	549
Wabash National Corporation (A)	66	769
		1,562
Consumer Finance – 1.6%
Regional Management Corp. (A)	33	1,052
Electrical Components & Equipment – 0.1%
LSI Industries Inc.	12	100
Electronic Equipment & Instruments – 1.0%
Control4 Corporation (A)	15	262
CUI Global, Inc. (A)	68	390
		652
Electronic Manufacturing Services – 0.2%
Uni-Pixel, Inc. (A)	8	145
Food Distributors – 0.8%
Chefs’ Warehouse Holdings, LLC (The) (A)	23	534
Food Retail – 2.2%
Natural Grocers by Vitamin Cottage, Inc. (A)	37	1,477
Health Care Equipment – 4.1%
Cardiovascular Systems Inc. (A)	22	445
Cynosure, Inc., Class A (A)	29	655
Rockwell Medical, Inc. (A)	69	791
Sunshine Heart, Inc. (A)	59	684
Syneron Medical Ltd. (A)	24	209
		2,784
Health Care Supplies – 4.7%
Quidel Corporation (A)	52	1,477
Spectranetics Corporation (The) (A)	68	1,143
TearLab Corp. (A)	54	592
		3,212
Health Care Technology – 2.2%
HealthStream, Inc. (A)	30	1,147
Streamline Health Solutions, Inc. (A)	44	331
		1,478
Heavy Electrical Equipment – 0.9%
Power Solutions International, Inc. (A)	2	101
PowerSecure International, Inc. (A)	31	499
		600
Home Improvement Retail – 0.7%
Tile Shop Holdings, Inc. (A)	16	460
Homebuilding – 1.1%
M/I Homes, Inc. (A)	25	519
Wiliam Lyon Homes, Class A (A)	12	234
		753
Homefurnishing Retail – 0.8%
Kirkland’s, Inc. (A)	30	555

Internet Software & Services – 7.9%
Boingo Wireless, Inc. (A)	40	283
Envestnet, Inc. (A)	34	1,063
Gogo Inc. (A)	26	462
Move, Inc. (A)	65	1,106
Responsys, Inc. (A)	41	675
SciQuest, Inc. (A)	12	265
SPS Commerce, Inc. (A)	20	1,359
Tremor Video, Inc. (A)	16	145
		5,358
IT Consulting & Other Services – 2.1%
InterXion Holding N.V. (A)	25	549
Official Payments Holdings, Inc. (A)	35	289
Virtusa Corporation (A)	21	607
		1,445
Leisure Facilities – 0.6%
Town Sports International Holdings, Inc.	32	410
Leisure Products – 3.1%
Arctic Cat Inc.	21	1,203
Black Diamond, Inc. (A)	34	416
Nautilus Group, Inc. (The) (A)	70	502
		2,121
Managed Health Care – 0.8%
Molina Healthcare, Inc. (A)	16	571
Movies & Entertainment – 1.4%
Rentrak Corporation (A)	30	985
Oil & Gas Drilling – 0.6%
Pioneer Drilling Company (A)	58	434
Oil & Gas Equipment & Services – 3.3%
Basic Energy Services, Inc. (A)	63	795
RigNet, Inc. (A)	26	941
Willbros Group, Inc. (A)	55	509
		2,245
Oil & Gas Exploration & Production – 1.7%
Emerald Oil, Inc. (A)	99	709
Triangle Petroleum Corporation (A)	44	429
		1,138
Packaged Foods & Meats – 0.5%
Inventure Foods, Inc. (A)	35	365
Personal Products – 0.9%
Inter Parfums, Inc.	21	630
Pharmaceuticals – 1.4%
NuPathe Inc. (A)	37	89
Pacira Pharmaceuticals, Inc. (A)	18	861
		950
Regional Banks – 0.9%
TriState Capital Holdings, Inc. (A)	46	594
Restaurants – 6.2%
Chuy’s Holdings, Inc. (A)	24	858
Del Frisco’s Restaurant Group, Inc. (A)	28	569
Diversified Restaurant Holdings, Inc. (A)	31	206
Fiesta Restaurant Group, Inc. (A)	27	1,024
Noodles & Company, Class A (A)	7	316
Red Robin Gourmet Burgers, Inc. (A)	10	704
Ruth’s Hospitality Group, Inc.	42	497
		4,174
Security & Alarm Services – 0.5%
MiX Telematics Limited ADR (A)	24	351

Semiconductor Equipment – 1.8%
FormFactor, Inc. (A)		49		335
Nanometrics Incorporated (A)		28		444
Nova Measuring Instruments Ltd. (A)		48		424
				1,203
Semiconductors – 2.4%
Exar Corporation (A)		37		499
MagnaChip Semiconductor Corporation (A)		24		512
RDA Microelectronics, Inc., ADR		43		653
				1,664
Steel – 0.5%
Universal Stainless & Alloy Products, Inc. (A)		11		348
Systems Software – 3.6%
Covisint Corporation (A)		9		109
Gigamon Inc. (A)		19		734
Imperva, Inc. (A)		13		529
Proofpoint, Inc. (A)		33		1,060
				2,432
Thrifts & Mortgage Finance – 0.6%
PennyMac Financial Services, Inc., Class A (A)		24		442
Trading Companies & Distributors – 1.7%
DXP Enterprises, Inc. (A)		14		1,137
Trucking – 2.9%
Celadon Group, Inc.		33		607
Marten Transport, Ltd.		29		493
Roadrunner Transportation Systems, Inc. (A)		32		895
				1,995
Wireless Telecommunication Service – 0.2%
RingCentral, Inc., Class A (A)		7		130
TOTAL COMMON STOCKS – 95.4%			$	64,947
(Cost: $45,402)
SHORT-TERM SECURITIES	Principal
Master Note – 5.9%
Toyota Motor Credit Corporation,
0.100%, 10–2–13 (B)	$	3,998		3,998
TOTAL SHORT-TERM SECURITIES – 5.9%			$	3,998
(Cost: $3,998)
TOTAL INVESTMENT SECURITIES – 101.3%			$	68,945
(Cost: $49,400)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.3%)				(879	)
NET ASSETS – 100.0%			$	68,066

Notes to Schedule of Investments

(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, 2013. Date shown represents the date that the variable rate resets.

Each Fund’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, 2013:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	64,947	$	—	$	—
Short-Term Securities		—		3,998		—
Total	$	64,947	$	3,998	$	—

There were no transfers between any levels during the period ended September 30, 2013.

The following acronym is used throughout this schedule:

ADR = American Depositary Receipts

For Federal income tax purposes, cost of investments owned at September 30, 2013 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	49,400
Gross unrealized appreciation		21,560
Gross unrealized depreciation		(2,015	)
Net unrealized appreciation	$	19,545

SCHEDULE OF INVESTMENTS Mid Cap Growth (in thousands) SEPTEMBER 30, 2013 (UNAUDITED)

COMMON STOCKS	Shares		Value
Air Freight & Logistics – 2.1%
Expeditors International of Washington, Inc.		188	$	8,279
Apparel Retail – 1.1%
DSW Inc., Class A		51		4,330
Apparel, Accessories & Luxury Goods – 6.0%
Burberry Group plc (A)		166		4,383
Michael Kors Holdings Limited (B)		59		4,367
Tumi Holdings, Inc. (B)		98		1,984
Under Armour, Inc., Class A (B)		103		8,218
V.F. Corporation		26		5,265
				24,217
Application Software – 3.6%
ANSYS, Inc. (B)		70		6,022
Solera Holdings, Inc.		91		4,803
Ultimate Software Group, Inc. (The) (B)		24		3,560
				14,385
Asset Management & Custody Banks – 2.9%
Northern Trust Corporation		155		8,415
Oaktree Capital Group, LLC		59		3,062
				11,477
Auto Parts & Equipment – 1.4%
Gentex Corporation		210		5,361
Automotive Retail – 2.4%
CarMax, Inc. (B)		202		9,766
Biotechnology – 1.0%
Medivation, Inc. (B)		65		3,896
Building Products – 1.9%
Fortune Brands Home & Security, Inc.		177		7,362
Coal & Consumable Fuels – 1.0%
Joy Global Inc.		77		3,920
Communications Equipment – 2.4%
Aruba Networks, Inc. (B)		223		3,712
F5 Networks, Inc. (B)		58		4,956
Palo Alto Networks, Inc. (B)		16		729
				9,397
Computer Storage & Peripherals – 1.9%
Fusion-io, Inc. (B)		201		2,685
NetApp, Inc.		113		4,809
				7,494
Consumer Electronics – 2.0%
Harman International Industries, Incorporated		117		7,769
Data Processing & Outsourced Services – 1.9%
Vantiv, Inc., Class A (B)		274		7,657
Department Stores – 1.2%
Nordstrom, Inc.		85		4,766
Distillers & Vintners – 1.0%
Brown-Forman Corporation, Class B		58		3,969

Distributors – 2.1%
LKQ Corporation (B)	257	8,174
Electrical Components & Equipment – 2.7%
Polypore International, Inc. (B)	161	6,593
Roper Industries, Inc.	29	3,873
		10,466
Electronic Manufacturing Services – 1.4%
Trimble Navigation Limited (B)	182	5,395
Environmental & Facilities Services – 1.3%
Stericycle, Inc. (B)	45	5,239
Fertilizers & Agricultural Chemicals – 1.1%
Scotts Miracle-Gro Company (The)	78	4,309
Health Care Distributors – 1.7%
Henry Schein, Inc. (B)	64	6,647
Health Care Equipment – 5.0%
Intuitive Surgical, Inc. (B)	13	5,023
Varian Medical Systems, Inc. (B)	116	8,695
Zimmer Holdings, Inc.	71	5,865
		19,583
Health Care Facilities – 1.9%
Acadia Healthcare Company, Inc. (B)	55	2,175
Hologic, Inc. (B)	267	5,521
		7,696
Health Care Services – 0.4%
Premier Inc. (B)	50	1,579
Health Care Supplies – 0.5%
DENTSPLY International Inc.	44	1,925
Homefurnishing Retail – 1.1%
Williams-Sonoma, Inc.	77	4,339
Hotels, Resorts & Cruise Lines – 1.3%
Norwegian Cruise Line Holdings Ltd. (B)	164	5,056
Industrial Machinery – 4.7%
Graco Inc.	42	3,129
IDEX Corporation	102	6,662
Pall Corporation	116	8,922
		18,713
Internet Software & Services – 2.1%
OpenTable, Inc. (B)	54	3,796
Zillow, Inc. (B)	52	4,421
		8,217
IT Consulting & Other Services – 2.0%
Teradata Corporation (B)	139	7,706
Leisure Products – 1.0%
Mattel, Inc.	96	4,031
Life Sciences Tools & Services – 1.5%
Agilent Technologies, Inc.	114	5,863
Oil & Gas Drilling – 1.1%
Patterson-UTI Energy, Inc.	204	4,355

Oil & Gas Equipment & Services – 1.1%
Dril-Quip, Inc. (B)		39		4,464
Oil & Gas Exploration & Production – 4.0%
Cabot Oil & Gas Corporation		117		4,348
Continental Resources, Inc. (B)		53		5,647
Southwestern Energy Company (B)		157		5,715
				15,710
Packaged Foods & Meats – 3.1%
Hain Celestial Group, Inc. (The) (B)		83		6,393
Mead Johnson Nutrition Company		80		5,967
				12,360
Personal Products – 1.0%
Coty Inc., Class A		246		3,988
Regional Banks – 5.1%
First Republic Bank		176		8,215
Signature Bank (B)		88		8,013
UMB Financial Corporation		69		3,747
				19,975
Research & Consulting Services – 1.0%
Verisk Analytics, Inc., Class A (B)		61		3,933
Restaurants – 2.1%
Dunkin’ Brands Group, Inc.		182		8,215
Semiconductors – 4.2%
Cavium Inc. (B)		78		3,207
Microchip Technology Incorporated		252		10,136
Skyworks Solutions, Inc. (B)		133		3,298
				16,641
Specialty Stores – 2.3%
Ulta Salon, Cosmetics & Fragrance, Inc. (B)		75		8,936
Systems Software – 0.9%
ServiceNow, Inc. (B)		71		3,709
Trading Companies & Distributors – 2.3%
Fastenal Company		184		9,228
TOTAL COMMON STOCKS – 93.8%			$	370,497
(Cost: $292,233)
PURCHASED OPTIONS	Number of Contracts (Unrounded)
NASDAQ 100 Index,
Put $3,140.00, Expires 10–19–13		77		131
Russell 2000 Index,
Put $1,045.00, Expires 10–19–13		326		269
SPDR S&P MidCap 400 ETF Trust:
Put $220.00, Expires 10–19–13		962		152
Put $225.00, Expires 10–19–13		787		230
TOTAL PURCHASED OPTIONS – 0.2%			$	782
(Cost: $810)
SHORT-TERM SECURITIES	Principal
Commercial Paper – 3.6%
Coca-Cola Company (The),
0.060%, 12–3–13 (C)	$	3,000		3,000
Danaher Corporation,
0.090%, 10–1–13 (C)		8,000		8,000
L Air Liquide S.A.,
0.130%, 10–11–13 (C)		3,000		3,000
				14,000
Master Note – 1.9%
Toyota Motor Credit Corporation,
0.100%, 10–2–13 (D)		7,590		7,590

TOTAL SHORT-TERM SECURITIES – 5.5%	$	21,590
(Cost: $21,589)
TOTAL INVESTMENT SECURITIES – 99.5%	$	392,869
(Cost: $314,632)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.5%		1,921
NET ASSETS – 100.0%	$	394,790

Notes to Schedule of Investments

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

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

(C) Rate shown is the yield to maturity at September 30, 2013.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013. Date shown represents the date that the variable rate resets.

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 Portfolio.

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, 2013:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	370,497	$	—	$	—
Purchased Options		782		—		—
Short-Term Securities		—		21,590		—
Total	$	371,279	$	21,590	$	—

During the period ended September 30, 2013, securities totaling $3,331 were transferred from Level 2 to Level 1 due to lack of significant market movements following the close of local trading.

For Federal income tax purposes, cost of investments owned at September 30, 2013 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	314,632
Gross unrealized appreciation		84,716
Gross unrealized depreciation		(6,479	)
Net unrealized appreciation	$	78,237

SCHEDULE OF INVESTMENTS Money Market (in thousands) SEPTEMBER 30, 2013 (UNAUDITED)

CORPORATE OBLIGATIONS	Principal		Value
Certificate Of Deposit
Banco del Estado de Chile: 0.225%, 10–9–13	$	2,700	$	2,700
0.410%, 10–22–13 (A)		3,800		3,800
0.220%, 1–10–14		3,000		3,000
Bank of America, N.A.: 0.220%, 10–15–13		3,500		3,500
0.260%, 11–21–13		6,900		6,900
0.210%, 11–25–13		5,700		5,700
Citibank, N.A.: 0.260%, 11–1–13		3,800		3,800
0.260%, 11–4–13		4,000		4,000
0.170%, 11–25–13		5,900		5,900
0.170%, 11–26–13		4,500		4,500
Total Certificate Of Deposit – 9.9%				43,800
Commercial Paper
Anheuser-Busch InBev Worldwide Inc. (GTD by AB INBEV/BBR/COB): 0.190%, 11–4–13 (B)		765		765
0.200%, 11–12–13 (B)		2,736		2,735
0.230%, 11–18–13 (B)		4,000		3,999
0.200%, 11–22–13 (B)		13,000		12,996
BHP Billiton Finance (USA) Limited (GTD by BHP Billiton Limited): 0.120%, 11–20–13 (B)		1,300		1,300
0.130%, 12–18–13 (B)		1,500		1,499
COFCO Capital Corp. (GTD by Rabobank Nederland), 0.190%, 10–18–13 (B)		6,000		5,999
Corporacion Andina de Fomento: 0.431%, 10–8–13 (B)		4,000		4,000
0.380%, 10–28–13 (B)		3,250		3,249
0.180%, 11–18–13 (B)		5,000		4,999
0.300%, 11–26–13 (B)		5,000		4,998
0.160%, 12–3–13 (B)		2,000		1,999
Danaher Corporation, 0.090%, 10–24–13 (B)		3,000		3,000
GlaxoSmithKline Finance plc (GTD by GlaxoSmithKline plc), 0.100%, 10–2–13 (B)		5,000		5,000
ICICI Bank Limited (GTD by Bank of America, N.A.), 0.260%, 12–6–13 (B)		15,250		15,243
ICICI Bank Limited (GTD by Wells Fargo Bank, N.A.): 0.190%, 10–23–13 (B)		750		750
0.290%, 12–17–13 (B)		4,750		4,747
J.P. Morgan Chase & Co., 0.350%, 10–22–13 (A)(B)		1,902		1,902
L Air Liquide S.A., 0.170%, 10–28–13 (B)		2,200		2,200
National Oilwell Varco, Inc., 0.120%, 11–26–13 (B)		10,500		10,498
PACCAR Financial Corp. (GTD by PACCAR Inc.), 0.050%, 10–1–13 (B)		1,000		1,000
River Fuel Company #2, Inc. (GTD by Bank of Nova Scotia), 0.160%, 10–31–13 (B)		4,000		3,999
River Fuel Funding Company #3, Inc. (GTD by Bank of Nova Scotia), 0.120%, 10–3–13 (B)		3,224		3,224
River Fuel Trust #1 (GTD by Bank of Nova Scotia), 0.230%, 10–31–13 (B)		6,000		5,999

St. Jude Medical, Inc.: 0.140%, 10–15–13 (B)	2,000	2,000
0.170%, 10–25–13 (B)	10,371	10,370
0.180%, 11–12–13 (B)	6,700	6,698
Toronto-Dominion Holdings USA Inc. (GTD by Toronto Dominion Bank), 0.120%, 10–7–13 (B)	2,679	2,679
Wisconsin Electric Power Co., 0.100%, 10–1–13 (B)	4,630	4,630
Total Commercial Paper – 30.0%		132,477
Master Note
Toyota Motor Credit Corporation, 0.100%, 10–2–13 (C)	7,362	7,362
Total Master Note – 1.7%		7,362
Notes
American Honda Finance Corp., 1.850%, 9–19–14	3,000	3,043
American Honda Finance Corp. (GTD by Honda Motor Co.): 0.288%, 10–17–13 (C)	7,300	7,300
0.300%, 11–8–13 (C)	5,035	5,035
0.280%, 12–5–13 (C)	3,450	3,450
Banco del Estado de Chile, 0.390%, 10–22–13 (C)	10,000	10,000
Bank of Nova Scotia: 0.240%, 10–1–13 (C)	2,500	2,500
0.520%, 10–3–13 (C)	3,500	3,502
Caterpillar Financial Services Corporation, 6.125%, 2–17–14	3,400	3,475
Coca–Cola Company (The), 0.750%, 11–15–13	1,700	1,701
Danaher Corporation, 1.300%, 6–23–14	3,200	3,223
General Electric Capital Corporation: 0.900%, 10–7–13 (C)	3,600	3,611
2.100%, 1–7–14	4,370	4,390
IBM International Group Capital LLC (GTD by International Business Machines Corporation), 0.560%, 11–26–13 (C)	1,500	1,500
J.P. Morgan Chase & Co.: 0.350%, 10–22–13 (C)	1,650	1,650
1.060%, 10–24–13 (C)	1,300	1,303
0.340%, 12–14–13 (C)	4,750	4,750
2.050%, 1–24–14	1,229	1,235
4.650%, 6–1–14	7,000	7,192
John Deere Capital Corporation: 0.370%, 10–12–13 (C)	900	901
1.600%, 3–3–14	740	744
Johnson City, TN Hlth and Edu Fac, Hosp Rev Bonds (Mountain States Hlth Alliance), Ser 2013A (GTD by U.S. Bank, N.A.), 0.070%, 10–7–13 (C)	5,500	5,500
Kimberly-Clark Corporation, 4.215%, 12–19–13	4,600	4,639
Overseas Private Investment Corporation (GTD by United States Government), 0.130%, 10–4–13	6,000	6,000
PACCAR Financial Corp., 0.500%, 12–8–13 (C)	3,500	3,506
PepsiCo, Inc., 0.875%, 10–25–13	1,250	1,251

SD Hlth and Edu Fac Auth, Var Rate Demand Rev Bonds (Sioux Vly Hosp and Hlth Sys), Ser 2001C (GTD by U.S. Bank, N.A.), 0.080%, 10–7–13 (C)
Target Corporation,	5,000		5,000
0.430%, 10–18–13 (C)	2,300		2,304
Toyota Motor Credit Corporation: 0.260%, 10–1–13 (C)	3,000		3,000
0.260%, 11–22–13 (C)	8,000		8,000
Trap Rock Industries, Inc., Var Demand Bonds, Ser 2005 (GTD by Wachovia Bank, N.A.), 0.190%, 10–7–13 (C)	1,032		1,032
Wells Fargo & Company, 3.750%, 10–1–14	5,800		5,991
Wells Fargo Bank, N.A.: 0.320%, 10–20–13 (C)	3,000		3,000
0.310%, 12–11–13 (C)	3,500		3,500
0.300%, 12–17–13 (C)	4,500		4,500
Total Notes – 28.9%			127,728
TOTAL CORPORATE OBLIGATIONS – 70.5%		$	311,367
(Cost: $311,367)
MUNICIPAL OBLIGATIONS
California – 5.3%
CA Hlth Fac Fin Auth, Var Rate Hosp Rev Bonds (Adventist Hlth Sys/West), Ser 1998B (GTD by Bank of America, N.A.), 0.040%, 10–1–13 (C)	900		900
CA Infra and Econ Dev Bank, Var Rate Dnd Rfdg Rev Bds (LA Cnty Mus of Nat Hist Fndtn), Ser 2008A (GTD by Wells Fargo Bank, N.A.), 0.050%, 10–1–13 (C)	1,900		1,900
CA Muni Fin Auth, Recovery Zone Fac Bonds (Chevron U.S.A. Inc. Proj), Ser 2010C (GTD by Chevron Corporation), 0.050%, 10–1–13 (C)	4,314		4,314
CA Pollutn Ctl Fin Auth, Pollutn Ctl Rfdg Rev Bonds (Pacific Gas and Elec Co), Ser C (GTD by JPMorgan Chase Bank, N.A.), 0.060%, 10–1–13 (C)	2,979		2,979
CA Statewide Cmnty Dev Auth, Multifam Hsng Rev Bonds (The Crossings Sr Apts/Phase I), Ser 2005 I (GTD by United States Government), 0.070%, 10–7–13 (C)	6,200		6,200
Fremont (Alameda Cnty, CA), Fremont Public Fin Auth (GTD by U.S. Bank, N.A.), 0.060%, 10–7–13 (C)	5,000		5,000
Muni Impvt Corp of Los Angeles, Lease Rev, Ser B-1 (Taxable), (GTD by Wells Fargo Bank, N.A.), 0.150%, 12–9–13 (C)	2,000		2,000
			23,293
Colorado – 2.2%
Castle Rock, CO, Cert of Part, Ser 2008 (GTD by Wells Fargo Bank, N.A.), 0.110%, 10–7–13 (C)	4,200		4,200
CO Hsng and Fin Auth, Multifam Hsng Rev Bonds (Greentree Vlg Apts Proj), Ser 2007 (GTD by U.S. Bank, N.A.), 0.080%, 10–7–13 (C)	3,145		3,145

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.), 0.070%, 10–7–13 (C)	250	250
Sheridan Redev Agy CO Tax, Var Rfdg S Santa Fe Dr Corridor Redev PJ-Ser A-1 (GTD by JPMorgan Chase & Co.): 0.120%, 10–7–13 (C)	1,500	1,500
0.300%, 10–7–13 (C)	550	550
		9,645
Georgia – 3.4%
Dev Auth of Monroe Cty, Pollutn Ctl Rev Bonds (GA Power Co Plant Scherer Proj), First Ser 2008 (GTD by Georgia Power Company), 0.080%, 10–1–13 (C)	2,275	2,275
Muni Elec Auth GA, Gen Resolution Proj Bond Anticipation Notes, Ser B (Taxable), (GTD by Wells Fargo Bank, N.A.), 0.150%, 10–8–13 (C)	12,931	12,931
		15,206
Illinois – 0.4%
Elmhurst, IL, Adj Demand Rev Bonds, Joint Comsn on Accred of Hlthcare Org (GTD by JPMorgan Chase Bank, N.A.), 0.070%, 10–7–13 (C)	640	640
IL Fin Auth, Var Rate Demand Rev Bonds (The Univ of Chicago Med Ctr), Ser D (GTD by JPMorgan Chase & Co.), 0.070%, 10–1–13 (C)	1,000	1,000
		1,640
Iowa – 0.3%
IA Fin Auth, Var Rate Demand Hlth Fac Rev Bonds (Great River Med Ctr Proj), Ser 2008 (GTD by Great River Medical Center), 0.080%, 10–1–13 (C)	1,165	1,165
Louisiana – 1.3%
LA Pub Fac Auth, Rev Bonds (Air Products and Chemicals Proj), Ser 2008A (GTD by Air Products and Chemicals, Inc.), 0.060%, 10–1–13 (C)	1,941	1,941
LA Pub Fac Auth, Rev Bonds (Air Products and Chemicals Proj), Ser 2009A (GTD by Air Products and Chemicals, Inc.), 0.080%, 10–7–13 (C)	2,350	2,350
Parish of St. Bernard, LA, Exempt Fac Rev Bonds (Mobil Oil Corp Proj), Ser 1996 (GTD by Exxon Mobil Corporation), 0.060%, 10–1–13 (C)	1,600	1,600
		5,891
Maryland – 0.1%
MD Hlth and Higher Edu Fac Auth Rev Bonds, Anne Arundel Hlth Sys Issue, Ser 2009A (GTD by Toronto Dominion Bank), 0.140%, 10–7–13 (C)	525	525
Michigan – 0.4%
MI Strategic Fund, Var Rate Demand Ltd Oblig Rev Bonds (Air Products and Chemicals, Inc. Proj), Ser 2007 (GTD by Bank of New York (The)),
0.060%, 10–1–13 (C)	1,900	1,900

Mississippi – 5.5%
MS Business Fin Corp, Gulf Opp Zone Indl Dev Rev Bonds (Chevron U.S.A. Inc. Proj), Ser 2007B (GTD by Chevron Corporation), 0.060%, 10–1–13 (C)	11,700	11,700
MS Business Fin Corp, Gulf Opp Zone Indl Dev Rev Bonds (Chevron U.S.A. Inc. Proj), Ser 2007D (GTD by Chevron Corporation), 0.060%, 10–1–13 (C)	4,820	4,820
MS Business Fin Corp, Gulf Opp Zone Indl Dev Rev Bonds (Chevron U.S.A. Inc. Proj), Ser 2010J (GTD by Chevron Corporation), 0.050%, 10–1–13 (C)	4,332	4,332
MS Business Fin Corp, Gulf Opp Zone Indl Dev Var Rev Bonds (Chevron U.S.A. Inc. Proj), Ser 2007D (GTD by Chevron Corporation), 0.050%, 10–1–13 (C)	3,300	3,300
		24,152
Missouri – 0.3%
Kansas City, MO, Var Rate Demand Taxable Spl Oblig Rfdg Bonds (President Hotel Redev Proj), Ser 2009B (GTD by JPMorgan Chase & Co.), 0.170%, 10–7–13 (C)	1,340	1,340
New York – 2.1%
NY Hsng Fin Agy, Clinton Park Phase II Hsng Rev Bonds, Ser 2011 A-1 (GTD by Wells Fargo Bank, N.A.), 0.050%, 10–7–13 (C)	2,000	2,000
NY Hsng Fin Agy, Related West 30th Street Hsng Rev Bonds, Ser 2012 A-1 (GTD by Wells Fargo Bank, N.A.), 0.050%, 10–7–13 (C)	1,800	1,800
NY Hsng Fin Agy, Related-Caroline Apt Hsng Rev Bonds, Ser 2008A (GTD by Federal Home Loan Mortgage Corporation), 0.090%, 10–7–13 (C)	900	900
NYC GO Bonds, Fiscal 2006 Ser E (GTD by Bank of America, N.A.), 0.080%, 10–7–13 (C)	1,600	1,600
NYC Hsng Dev Corp, Multi-Fam Mtg Rev Bonds (Target V Apt), Ser 2006 A (GTD by Citibank, N.A.), 0.090%, 10–7–13 (C)	3,000	3,000
		9,300
Oregon – 0.2%
Hosp Fac Auth of Clackamas Cnty, OR, Rev Bonds (Legacy Hlth Sys), Ser 2008B (GTD by U.S. Bank, N.A.), 0.080%, 10–7–13 (C)	700	700
Texas – 4.5%
Harris Cnty Hosp Dist, Sr Lien Rfdg Rev Bonds, Ser 2010 (GTD by JPMorgan Chase & Co.), 0.070%, 10–7–13 (C)	9,055	9,055
Port Arthur Nav Dist Indl Dev Corp, Exempt Fac Var Rate Rev Bnds (Air Prdts Proj), Ser 2005 (GTD by Air Products and Chemicals, Inc.), 0.060%, 10–1–13 (C)	2,250	2,250

Port Arthur Nav Dist Indl Dev Corp, Exempt Fac Var Rate Rev Bnds (Air Prdts Proj), Ser 2006 (GTD by Air Products and Chemicals, Inc.), 0.060%, 10–1–13 (C)	8,720		8,720
			20,025
Wisconsin – 1.2%
WI Hlth and Edu Fac Auth, Var Rate Demand Rev Bonds (Wausau Hosp, Inc.), Ser 1998B (GTD by JPMorgan Chase Bank, N.A.), 0.090%, 10–7–13 (C)	5,100		5,100
Wyoming – 0.4%
Uinta Cnty, WY, Pollutn Ctl Rfdg Rev Bonds (Chevron U.S.A. Inc. Proj), Ser 1992 (GTD by Chevron Corporation), 0.050%, 10–1–13 (C)	1,906		1,906
TOTAL MUNICIPAL OBLIGATIONS – 27.6%		$	121,788
(Cost: $121,788)
UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
United States Government Agency Obligations
Overseas Private Investment Corporation (GTD by United States Government): 0.130%, 10–2–13 (C)	1,654		1,654
0.130%, 10–7–13 (C)	2,250		2,250
0.130%, 10–7–13 (C)	1,833		1,833
0.130%, 10–7–13 (C)	995		995
Totem Ocean Trailer Express, Inc. (GTD by United States Government), 0.510%, 10–30–13 (C)	861		861
Total United States Government Agency Obligations – 1.7%			7,593
TOTAL UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS – 1.7%		$	7,593
(Cost: $7,593)
TOTAL INVESTMENT SECURITIES – 99.8%		$	440,748
(Cost: $440,748)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.2%			746
NET ASSETS – 100.0%		$	441,494

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013.

(B) Rate shown is the yield to maturity at September 30, 2013.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013. Date shown represents the date that the variable rate resets or the next demand date.

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 Portfolio.

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, 2013:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Corporate Obligations	$	—	$	311,367	$	—
Municipal Obligations		—		121,788		—
United States Government Agency Obligations		—		7,593		—
Total	$	—	$	440,748	$	—

There were no transfers between any levels during the period ended September 30, 2013.

The following acronym is used throughout this schedule:

GTD = Guaranteed

For Federal income tax purposes, cost of investments owned at September 30, 2013 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	440,748
Gross unrealized appreciation		—
Gross unrealized depreciation		—
Net unrealized appreciation	$	—

SCHEDULE OF INVESTMENTS Real Estate Securities (in thousands) SEPTEMBER 30, 2013 (UNAUDITED)

COMMON STOCKS	Shares		Value
Airport Services – 0.1%
Macquarie Infrastructure Company Trust		1	$	32
Diversified REITs – 2.2%
Spirit Realty Capital, Inc.		20		187
Vornado Realty Trust		9		723
				910
Health Care Facilities – 0.8%
Brookdale Senior Living, Inc. (A)		12		316
Homebuilding – 1.3%
Lennar Corporation (B)		4		138
Toll Brothers, Inc. (A)		7		217
WCI Communities, Inc. (A)		10		171
				526
Hotels, Resorts & Cruise Lines – 0.6%
Starwood Hotels & Resorts Worldwide, Inc.		4		253
Industrial REITs – 5.5%
EastGroup Properties, Inc.		7		410
ProLogis		46		1,716
Pure Industrial Real Estate Trust (C)		30		128
				2,254
Investment Banking & Brokerage – 0.2%
Direxion Daily Real Estate Bull 3X Shares Fund		2		91
Mortgage REITs – 1.2%
Colony Financial, Inc.		14		280
Starwood Property Trust, Inc.		8		201
				481
Office REITs – 12.3%
BioMed Realty Trust, Inc.		29		541
Boston Properties, Inc.		16		1,668
Duke Realty Corporation		39		607
Hudson Pacific Properties, Inc.		20		387
Kilroy Realty Corporation		12		584
Parkway Properties, Inc.		26		465
SL Green Realty Corp.		9		773
				5,025
Office Services & Supplies – 0.6%
CyrusOne Inc.		13		243
Real Estate Operating Companies – 1.0%
Forest City Enterprises, Inc., Class A (A)		22		418
Residential REITs – 17.8%
American Campus Communities, Inc.		14		468
Apartment Investment and Management Company, Class A		15		431
AvalonBay Communities, Inc.		12		1,525
Boardwalk Real Estate Investment Trust (C)		5		257
Camden Property Trust		13		805
Campus Crest Communities, Inc.		14		149
Colonial Properties Trust		7		151
Equity Residential		30		1,608
Essex Property Trust, Inc.		6		864
Mid-America Apartment Communities, Inc.		9		575
Post Properties		10		432
				7,265

Retail REITs – 26.8%
Acadia Realty Trust		18		449
Agree Realty Corporation		10		290
AmREIT, Inc., Class B		9		149
CBL & Associates Properties, Inc.		24		466
DDR Corp.		47		731
Equity One, Inc.		10		210
Federal Realty Investment Trust		4		426
General Growth Properties, Inc.		48		926
Kimco Realty Corporation		30		597
Kite Realty Group Trust		50		298
Macerich Company (The)		15		823
RioCan Real Estate Investment Trust (C)		17		403
Simon Property Group, Inc.		27		4,022
Tanger Factory Outlet Centers, Inc.		19		624
Taubman Centers, Inc.		7		438
Weingarten Realty Investors		1		41
				10,893
Specialized REITs – 23.0%
CubeSmart		31		558
Extra Space Storage Inc.		8		348
HCP, Inc.		29		1,196
Health Care REIT, Inc.		18		1,117
Hersha Hospitality Trust		38		210
Host Hotels & Resorts, Inc.		66		1,172
LaSalle Hotel Properties		8		239
Plum Creek Timber Company, Inc.		2		84
Public Storage, Inc.		11		1,830
Rayonier Inc.		4		206
Sovran Self Storage, Inc.		4		288
Summit Hotel Properties, Inc.		43		393
Sunstone Hotel Investors, Inc.		28		358
Ventas, Inc.		22		1,362
				9,361
Wireless Telecommunication Service – 1.9%
American Tower Corporation, Class A		6		452
SBA Communications Corporation (A)		4		306
				758
TOTAL COMMON STOCKS – 95.3%			$	38,826
(Cost: $36,354)
PREFERRED STOCKS
Office REITs – 1.9%
Digital Realty Trust, Inc., Series E, 7.000%		15		780
Specialized REITs – 0.5%
Pebblebrook Hotel Trust, Series B, 8.000%		8		199
TOTAL PREFERRED STOCKS – 2.4%			$	979
(Cost: $1,052)
SHORT-TERM SECURITIES	Principal
Master Note – 2.0%
Toyota Motor Credit Corporation, 0.100%, 10-2-13 (D)	$	834		834
TOTAL SHORT-TERM SECURITIES – 2.0%			$	834
(Cost: $834)
TOTAL INVESTMENT SECURITIES – 99.7%			$	40,639
(Cost: $38,240)

CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.3%	$	122
NET ASSETS – 100.0%	$	40,761

Notes to Schedule of Investments

* Not shown due to rounding.

(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, 2013. Date shown represents the date that the variable rate resets.

The following written options were outstanding at September 30, 2013 (contracts and exercise prices unrounded):

Underlying Security

Counterparty, if OTC

Type

Number of Contracts

Expiration Month

Exercise Price

Premium Received

Value

Lennar Corporation

N/A

Call

20

October 2013

$

39.00

$

1

$

—

*

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 Portfolio.

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, 2013:

	Level 1			Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	38,826		$	—	$	—
Preferred Stocks		979			—		—
Short-Term Securities		—			834		—
Total	$	39,805		$	834	$	—
Liabilities
Written Options	$	—	*	$	—	$	—

As of September 30, 2013, there were no transfers between Level 1 and 2 during the period.

The following acronyms are 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, 2013 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	38,240
Gross unrealized appreciation		4,016
Gross unrealized depreciation		(1,617	)
Net unrealized appreciation	$	2,399

SCHEDULE OF INVESTMENTS Science and Technology (in thousands) SEPTEMBER 30, 2013 (UNAUDITED)

COMMON STOCKS	Shares		Value
Agricultural Products – 0.6%
Darling International Inc. (A)		125	$	2,651
Application Software – 8.8%
ACI Worldwide, Inc. (A)		270		14,575
Aspen Technology, Inc. (A)		714		24,675
Silver Spring Networks, Inc. (A)		179		3,109
				42,359
Biotechnology – 7.3%
ARIAD Pharmaceuticals, Inc. (A)		391		7,200
bluebird bio, Inc. (A)		59		1,580
Isis Pharmaceuticals, Inc. (A)		288		10,793
Vertex Pharmaceuticals Incorporated (A)		204		15,466
				35,039
Commodity Chemicals – 0.2%
BioAmber Inc. (A)		206		1,011
Communications Equipment – 1.5%
Cisco Systems, Inc.		308		7,202
Computer Hardware – 1.8%
Apple Inc.		18		8,725
Construction & Engineering – 0.4%
Abengoa, S.A., Class B (B)		592		1,722
Consumer Electronics – 1.8%
Harman International Industries, Incorporated		129		8,564
Data Processing & Outsourced Services – 11.4%
Alliance Data Systems Corporation (A)		110		23,176
Euronet Worldwide, Inc. (A)		357		14,217
EVERTEC, Inc.		148		3,276
QIWI plc, ADR		145		4,539
WNS (Holdings) Limited, ADR (A)		445		9,439
				54,647
Electronic Components – 1.3%
Universal Display Corporation (A)		198		6,342
Electronic Equipment & Instruments – 0.9%
Itron, Inc. (A)		101		4,304
Fertilizers & Agricultural Chemicals – 2.1%
Marrone Bio Innovations, Inc. (A)		68		1,146
Monsanto Company		83		8,673
				9,819
Health Care Equipment – 2.8%
Boston Scientific Corporation (A)		656		7,702
Volcano Corporation (A)		245		5,856
				13,558
Health Care Facilities – 1.0%
Hologic, Inc. (A)		238		4,911
Health Care Services – 0.6%
Envision Healthcare Holdings, Inc. (A)		29		742
Fleury S.A. (B)		278		2,267
				3,009
Health Care Technology – 2.0%
Cerner Corporation (A)		182		9,559

Industrial Machinery – 4.3%
ESCO Technologies Inc.	194		6,440
Pentair, Inc.	216		14,039
			20,479
Integrated Telecommunication Services – 1.6%
China Unicom Limited (B)	3,044		4,749
Windstream Corporation	354		2,830
			7,579
Internet Software & Services – 6.8%
21Vianet Group, Inc., ADR (A)	176		2,896
Facebook, Inc., Class A (A)	299		15,042
Google Inc., Class A (A)	17		14,978
			32,916
IT Consulting & Other Services – 7.6%
Acxiom Corporation (A)	618		17,540
EPAM Systems, Inc. (A)	140		4,840
iGATE Corporation (A)	427		11,854
Leidos Holdings, Inc.	2		77
SK C&C Co., Ltd. (B)	23		2,428
			36,739
Managed Health Care – 3.9%
Odontoprev S.A. (B)	794		3,506
UnitedHealth Group Incorporated	214		15,317
			18,823
Movies & Entertainment – 0.6%
News Corporation Limited, Class A	92		3,082
Office Services & Supplies – 0.1%
CyrusOne Inc.	29		549
Pharmaceuticals – 0.1%
Shire Pharmaceuticals Group plc, ADR	3		300
Research & Consulting Services – 0.6%
Qualicorp S.A. (A)(B)	332		3,023
Semiconductor Equipment – 1.9%
Applied Materials, Inc.	205		3,599
Nanometrics Incorporated (A)	152		2,444
Photronics, Inc. (A)	420		3,291
			9,334
Semiconductors – 20.7%
Cree, Inc. (A)	425		25,604
Cypress Semiconductor Corporation	574		5,361
Marvell Technology Group Ltd.	497		5,710
Micron Technology, Inc. (A)	2,272		39,689
Microsemi Corporation (A)	233		5,638
Rambus Inc. (A)	344		3,230
Samsung Electronics Co., Ltd. (B)	11		13,611
Spansion Inc. (A)	55		556
			99,399
Systems Software – 2.3%
Microsoft Corporation	326		10,849
TOTAL COMMON STOCKS – 95.0%		$	456,494
(Cost: $294,287)

WARRANTS
Commodity Chemicals – 0.0%
BioAmber Inc., Expires 5–9–17 (C)		201		161
TOTAL WARRANTS – 0.0%			$	161
(Cost: $24)
CORPORATE DEBT SECURITIES	Principal
Semiconductors – 0.8%
JinkoSolar Holding Co., Ltd., Convertible, 4.000%, 5–15–16 (D)	$	2,230		2,176
Rambus Inc., Convertible, 1.125%, 8–15–18 (D)		1,696		1,754
				3,930
TOTAL CORPORATE DEBT SECURITIES – 0.8%			$	3,930
(Cost: $3,918)
SHORT-TERM SECURITIES
Commercial Paper – 1.9%
McCormick & Co. Inc., 0.160%, 10–1–13 (E)		2,000		2,000
Prudential Funding, LLC (GTD by Prudential Financial, Inc.), 0.050%, 10–1–13 (E)		4,034		4,034
Roche Holdings, Inc., 0.050%, 10–1–13 (E)		3,000		3,000
				9,034
Master Note – 0.6%
Toyota Motor Credit Corporation, 0.100%, 10–2–13 (F)		2,807		2,807
Municipal Obligations – Taxable – 1.0%
MS Business Fin Corp, Gulf Opp Zone Indl Dev Rev Bonds (Chevron U.S.A. Inc. Proj), Ser 2007B (GTD by Chevron Corporation), 0.060%, 10–1–13 (F)		5,000		5,000
TOTAL SHORT-TERM SECURITIES – 3.5%			$	16,841
(Cost: $16,841)
TOTAL INVESTMENT SECURITIES – 99.3%			$	477,426
(Cost: $315,070)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.7%				3,455
NET ASSETS – 100.0%			$	480,881

Notes to Schedule of Investments

* 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) Warrants entitle the Fund 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) 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, 2013, the total value of these securities amounted to $3,930 or 0.8% of net assets.

(E) Rate shown is the yield to maturity at September 30, 2013.

(F) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013. Date shown represents the date that the variable rate resets.

Each Fund’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, 2013:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	11,646	$	—	$	—
Consumer Staples		2,651		—		—
Health Care		85,199		—		—
Industrials		25,773		—		—
Information Technology		312,816		—		—
Materials		10,830		—		—
Telecommunication Services		7,579		—		—
Total Common Stocks	$	456,494	$	—	$	—
Warrants		161		—		—
Corporate Debt Securities		—		3,930		—
Short-Term Securities		—		16,841		—
Total	$	456,655	$	20,771	$	—

There were no transfers between any levels during the period ended September 30, 2013.

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, 2013 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	315,070
Gross unrealized appreciation		170,835
Gross unrealized depreciation		(8,479	)
Net unrealized appreciation	$	162,356

SCHEDULE OF INVESTMENTS Small Cap Growth (in thousands) SEPTEMBER 30, 2013 (UNAUDITED)

COMMON STOCKS	Shares		Value
Aerospace & Defense – 2.6%
Huntington Ingalls Industries, Inc.		210	$	14,138
Apparel Retail – 2.6%
Francesca’s Holdings Corporation (A)		162		3,024
Stage Stores, Inc.		199		3,821
Zumiez Inc. (A)		266		7,326
				14,171
Apparel, Accessories & Luxury Goods – 2.1%
Under Armour, Inc., Class A (A)		148		11,736
Application Software – 7.7%
BroadSoft, Inc. (A)		363		13,063
Synchronoss Technologies, Inc. (A)		202		7,673
Tyler Technologies, Inc. (A)		125		10,933
Ultimate Software Group, Inc. (The) (A)		75		11,030
				42,699
Asset Management & Custody Banks – 1.2%
WisdomTree Investment, Inc. (A)		581		6,747
Auto Parts & Equipment – 0.6%
Amerigon Incorporated (A)		162		3,097
Automotive Retail – 4.0%
Asbury Automotive Group, Inc. (A)		107		5,710
Lithia Motors, Inc.		236		17,244
				22,954
Biotechnology – 1.9%
Foundation Medicine, Inc. (A)		15		575
Ironwood Pharmaceuticals, Inc., Class A (A)		256		3,037
KYTHERA Biopharmaceuticals, Inc. (A)		135		6,168
Ophthotech Corporation (A)		32		951
				10,731
Brewers – 1.5%
Boston Beer Company, Inc. (The), Class A (A)		32		7,935
Broadcasting – 0.8%
Entravision Communications Corporation		765		4,516
Building Products – 1.3%
A. O. Smith Corporation		160		7,239
Casinos & Gaming – 2.5%
Bally Technologies, Inc. (A)		191		13,732
Communications Equipment – 1.6%
Aruba Networks, Inc. (A)		310		5,166
Finisar Corporation (A)		152		3,444
				8,610
Computer Storage & Peripherals – 0.3%
Violin Memory, Inc. (A)		190		1,393
Construction & Farm Machinery & Heavy Trucks – 4.2%
Manitowoc Company, Inc. (The)		256		5,011
Wabash National Corporation (A)		830		9,679
Westinghouse Air Brake Technologies Corporation		138		8,645
				23,335

Consumer Electronics – 2.0%
Harman International Industries, Incorporated	165	10,917
Consumer Finance – 1.6%
First Cash Financial Services, Inc. (A)	153	8,866
Data Processing & Outsourced Services – 0.4%
EVERTEC, Inc.	110	2,434
Diversified Support Services – 4.0%
Portfolio Recovery Associates, Inc. (A)	374	22,420
Electronic Components – 1.3%
InvenSense, Inc. (A)	404	7,118
Electronic Equipment & Instruments – 2.3%
Control4 Corporation (A)	175	3,031
OSI Systems, Inc. (A)	131	9,785
		12,816
Electronic Manufacturing Services – 2.0%
IPG Photonics Corporation	194	10,930
Health Care Equipment – 3.2%
Cyberonics, Inc. (A)	188	9,562
Heartware International, Inc. (A)	37	2,710
Volcano Corporation (A)	224	5,351
		17,623
Health Care Facilities – 2.6%
Acadia Healthcare Company, Inc. (A)	154	6,090
Hanger Orthopedic Group, Inc. (A)	245	8,285
		14,375
Health Care Services – 2.6%
Air Methods Corporation	172	7,348
AMN Healthcare Services, Inc. (A)	354	4,877
Premier Inc. (A)	70	2,219
		14,444
Health Care Supplies – 2.3%
Align Technology, Inc. (A)	182	8,753
Vascular Solutions, Inc. (A)	243	4,084
		12,837
Homefurnishing Retail – 1.1%
Select Comfort Corporation (A)	253	6,164
Human Resource & Employment Services – 1.7%
WageWorks, Inc. (A)	186	9,376
Industrial Machinery – 4.7%
Chart Industries, Inc. (A)	76	9,330
Nordson Corporation	85	6,257
Proto Labs, Inc. (A)	136	10,352
		25,939
Internet Software & Services – 4.7%
Demandware, Inc. (A)	217	10,074
Gogo Inc. (A)	200	3,562
Move, Inc. (A)	254	4,307
OpenTable, Inc. (A)	117	8,157
		26,100

IT Consulting & Other Services – 1.2%
ServiceSource International, LLC (A)		526		6,351
Virtusa Corporation (A)		5		136
				6,487
Leisure Products – 1.7%
Arctic Cat Inc.		166		9,473
Oil & Gas Equipment & Services – 5.3%
Core Laboratories N.V.		27		4,619
Dril-Quip, Inc. (A)		96		10,981
Forum Energy Technologies, Inc. (A)		299		8,069
Superior Energy Services, Inc. (A)		233		5,833
				29,502
Oil & Gas Storage & Transportation – 2.7%
Phillips 66 Partners LP (A)		23		692
Targa Resources Corp.		197		14,357
				15,049
Packaged Foods & Meats – 0.7%
WhiteWave Foods Company (The), Class A (A)		204		4,082
Pharmaceuticals – 3.5%
Akorn, Inc. (A)		400		7,866
Salix Pharmaceuticals, Ltd. (A)		170		11,358
				19,224
Regional Banks – 0.9%
UMB Financial Corporation		94		5,129
Restaurants – 2.1%
Krispy Kreme Doughnuts, Inc. (A)		352		6,802
Panera Bread Company, Class A (A)		30		4,772
				11,574
Semiconductors – 2.1%
Atmel Corporation (A)		685		5,094
NeoPhotonics Corporation (A)		296		2,190
Semtech Corporation (A)		152		4,559
				11,843
Systems Software – 3.7%
Infolox Inc. (A)		412		17,229
Tableau Software, Inc., Class A (A)		47		3,352
				20,581
Trucking – 1.7%
Swift Transportation Company (A)		468		9,444
Wireless Telecommunication Service – 0.1%
RingCentral, Inc., Class A (A)		40		721
TOTAL COMMON STOCKS – 97.1%			$	538,501
(Cost: $392,147)
SHORT-TERM SECURITIES	Principal
Commercial Paper – 2.4%
BHP Billiton Finance (USA) Limited (GTD by BHP Billiton Limited), 0.190%, 11–20–13 (B)	$	3,000		2,999
Caterpillar Financial Services Corporation (GTD by Caterpillar Inc.), 0.060%, 10–28–13 (B)		4,000		4,000
Coca-Cola Company (The), 0.060%, 12–3–13 (B)		3,000		3,000
Diageo Capital plc (GTD by Diageo plc), 0.180%, 10–7–13 (B)		3,000		3,000
				12,999
Master Note – 0.0%
Toyota Motor Credit Corporation, 0.100%, 10–2–13 (C)		119		119

TOTAL SHORT-TERM SECURITIES – 2.4%	$	13,118
(Cost: $13,118)
TOTAL INVESTMENT SECURITIES – 99.5%	$	551,619
(Cost: $405,265)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.5%		2,711
NET ASSETS – 100.0%	$	554,330

Notes to Schedule of Investments

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

(B) Rate shown is the yield to maturity at September 30, 2013.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013. Date shown represents the date that the variable rate resets.

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 Portfolio.

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, 2013:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	538,501	$	—	$	—
Short-Term Securities		—		13,118		—
Total	$	538,501	$	13,118	$	—

As of September 30, 2013, there were no transfers between Level 1 and 2 during the period.

The following acronym is used throughout this schedule:

GTD = Guaranteed

For Federal income tax purposes, cost of investments owned at September 30, 2013 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	405,265
Gross unrealized appreciation		156,900
Gross unrealized depreciation		(10,546	)
Net unrealized appreciation	$	146,354

SCHEDULE OF INVESTMENTS Small Cap Value (in thousands) SEPTEMBER 30, 2013 (UNAUDITED)

COMMON STOCKS	Shares		Value
Aerospace & Defense – 1.5%
Triumph Group, Inc.		61	$	4,304
Apparel Retail – 3.4%
AnnTaylor Stores Corporation (A)		85		3,064
Express, Inc. (A)		101		2,373
Stage Stores, Inc.		237		4,543
				9,980
Apparel, Accessories & Luxury Goods – 0.7%
Jones Apparel Group, Inc.		141		2,118
Application Software – 1.1%
Synchronoss Technologies, Inc. (A)		83		3,159
Auto Parts & Equipment – 4.5%
Dana Holding Corporation		309		7,058
Visteon Corporation (A)		78		5,915
				12,973
Broadcasting – 6.1%
Entercom Communications Corp. (A)		291		2,557
Nexstar Broadcasting Group, Inc.		169		7,508
Sinclair Broadcast Group, Inc.		222		7,455
				17,520
Casinos & Gaming – 1.8%
Pinnacle Entertainment, Inc. (A)		204		5,098
Construction & Engineering – 2.5%
Foster Wheeler Ltd. (A)		272		7,162
Construction & Farm Machinery & Heavy Trucks – 3.8%
Manitowoc Company, Inc. (The)		254		4,975
Terex Corporation (A)		148		4,977
Titan International, Inc.		69		1,007
				10,959
Data Processing & Outsourced Services – 0.7%
CoreLogic, Inc. (A)		75		2,034
Electric Utilities – 1.2%
Great Plains Energy Incorporated		157		3,479
Forest Products – 1.1%
Boise Cascade Company (A)		115		3,091
Gas Utilities – 1.5%
Southwest Gas Corporation		88		4,386
Health Care Facilities – 5.1%
Community Health Systems, Inc.		62		2,556
HealthSouth Corporation		191		6,569
LifePoint Hospitals, Inc. (A)		126		5,866
				14,991
Homebuilding – 1.8%
M.D.C. Holdings, Inc.		90		2,710
Tri Pointe Homes, LLC (A)		170		2,491
				5,201
Metal & Glass Containers – 1.0%
Owens-Illinois, Inc. (A)		94		2,813

Movies & Entertainment – 3.4%
Carmike Cinemas, Inc. (A)	229	5,048
Cinemark Holdings, Inc.	157	4,970
		10,018
Office REITs – 2.9%
Corporate Office Properties Trust	164	3,793
Lexington Corporation Properties Trust	417	4,680
		8,473
Oil & Gas Equipment & Services – 5.5%
Basic Energy Services, Inc. (A)	305	3,849
GulfMark Offshore, Inc.	87	4,412
Key Energy Services, Inc. (A)	507	3,693
McDermott International, Inc. (A)	563	4,182
		16,136
Oil & Gas Exploration & Production – 1.0%
Petroleum Development Corporation (A)	47	2,810
Oil & Gas Storage & Transportation – 3.5%
Atlas Energy, L.P.	86	4,715
Atlas Pipeline Partners, L.P.	138	5,370
Phillips 66 Partners LP (A)	5	166
		10,251
Personal Products – 0.4%
Inter Parfums, Inc.	39	1,182
Property & Casualty Insurance – 2.4%
Argo Group International Holdings, Ltd.	163	7,007
Publishing – 1.6%
E. W. Scripps Company (The) (A)	90	1,648
Valassis Communications, Inc.	103	2,974
		4,622
Real Estate Operating Companies – 1.5%
Forest City Enterprises, Inc., Class A (A)	226	4,288
Regional Banks – 7.2%
Bank of Marin Bancorp	42	1,758
First Horizon National Corporation	576	6,328
First Niagara Financial Group, Inc.	351	3,641
Synovus Financial Corp.	1,647	5,435
Webster Financial Corporation	45	1,149
Zions Bancorporation	105	2,868
		21,179
Reinsurance – 3.9%
Endurance Specialty Holdings Ltd.	113	6,076
Reinsurance Group of America, Incorporated	77	5,145
		11,221
Semiconductor Equipment – 2.2%
Teradyne, Inc. (A)	392	6,477
Semiconductors – 2.3%
Freescale Semiconductor, Inc. (A)	260	4,333
Spansion Inc. (A)	243	2,447
		6,780
Specialized REITs – 1.1%
Strategic Hotels & Resorts, Inc. (A)	357	3,098
Specialty Chemicals – 2.9%
Cytec Industries Inc.	58	4,718
Kraton Performance Polymers, Inc. (A)	193	3,777
		8,495

Steel – 1.7%
SunCoke Energy Partners, L.P.		213		5,058
Technology Distributors – 1.1%
Insight Enterprises, Inc. (A)		171		3,228
Thrifts & Mortgage Finance – 1.5%
Capitol Federal Financial		350		4,348
Trucking – 5.0%
Con-way Inc.		105		4,512
Marten Transport, Ltd.		271		4,654
Saia, Inc. (A)		179		5,585
				14,751
TOTAL COMMON STOCKS – 88.9%			$	258,690
(Cost: $221,466)
INVESTMENT FUNDS
Asset Management & Custody Banks – 1.3%
THL Credit, Inc.		249		3,894
TOTAL INVESTMENT FUNDS – 1.3%			$	3,894
(Cost: $3,255)
SHORT-TERM SECURITIES	Principal
Certificate Of Deposit – 1.7%
Citibank, N.A.,
0.260%, 11–25–13	$	5,000		5,000
Commercial Paper – 6.0%
General Mills, Inc.,
0.150%, 10–3–13 (B)		2,371		2,371
Roche Holdings, Inc.,
0.050%, 10–1–13 (B)		4,000		4,000
Verizon Communications Inc.,
0.210%, 10–21–13 (B)		3,000		3,000
Wal-Mart Stores, Inc.,
0.070%, 10–16–13 (B)		8,000		8,000
				17,371
Master Note – 0.2%
Toyota Motor Credit Corporation,
0.100%, 10–2–13 (C)		490		490
Municipal Obligations – Taxable – 2.0%
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.), 0.070%, 10–7–13 (C)		1,630		1,630
NYC GO Bonds, Fiscal 2006 Ser E (GTD by Bank of America, N.A.), 0.080%, 10–7–13 (C)		4,283		4,283
				5,913
TOTAL SHORT-TERM SECURITIES – 9.9%			$	28,774
(Cost: $28,773)
TOTAL INVESTMENT SECURITIES – 100.1%			$	291,358
(Cost: $253,494)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.1%)				(268	)
NET ASSETS – 100.0%			$	291,090

Notes to Schedule of Investments

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

(B) Rate shown is the yield to maturity at September 30, 2013.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013. Date shown represents the date that the variable rate resets.

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, 2013:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	258,690	$	—	$	—
Investment Funds		3,894		—		—
Short-Term Securities		—		28,774		—
Total	$	262,584	$	28,774	$	—

There were no transfers between any levels during the period ended September 30, 2013.

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, 2013 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	253,494
Gross unrealized appreciation		43,040
Gross unrealized depreciation		(5,176	)
Net unrealized appreciation	$	37,864

SCHEDULE OF INVESTMENTS Value (in thousands) SEPTEMBER 30, 2013 (UNAUDITED)

COMMON STOCKS	Shares		Value
Advertising – 0.7%
Omnicom Group Inc. (A)		39	$	2,493
Biotechnology – 2.1%
Amgen Inc.		69		7,701
Cable & Satellite – 5.3%
Comcast Corporation, Class A		166		7,508
Time Warner Cable Inc.		104		11,606
				19,114
Communications Equipment – 0.5%
Nokia Corporation, Series A, ADR		296		1,925
Consumer Finance – 2.9%
Capital One Financial Corporation		155		10,682
Department Stores – 1.6%
Macy’s Inc.		138		5,989
Diversified Chemicals – 3.2%
Dow Chemical Company (The) (B)		302		11,589
Drug Retail – 2.6%
CVS Caremark Corporation		165		9,335
General Merchandise Stores – 3.0%
Target Corporation		172		11,005
Health Care Distributors – 2.1%
McKesson Corporation		58		7,454
Health Care Facilities – 2.7%
HCA Holdings, Inc.		233		9,974
Home Improvement Retail – 1.5%
Lowe’s Companies, Inc.		115		5,494
Industrial Machinery – 2.1%
Parker Hannifin Corporation		70		7,600
Integrated Oil & Gas – 2.9%
Occidental Petroleum Corporation		113		10,533
Investment Banking & Brokerage – 2.7%
Goldman Sachs Group, Inc. (The)		62		9,777
Life & Health Insurance – 2.3%
MetLife, Inc.		182		8,536
Managed Health Care – 7.6%
Aetna Inc.		159		10,192
UnitedHealth Group Incorporated		135		9,682
WellPoint, Inc.		90		7,550
				27,424
Office Electronics – 4.2%
Xerox Corporation		1,463		15,058

Oil & Gas Exploration & Production – 0.5%
Berry Petroleum Company		42		1,829
Oil & Gas Refining & Marketing – 4.5%
Marathon Petroleum Corporation		134		8,594
Phillips 66		135		7,811
				16,405
Oil & Gas Storage & Transportation – 14.2%
Access Midstream Partners, L.P.		170		8,193
Atlas Energy, L.P.		165		8,998
Atlas Pipeline Partners, L.P.		295		11,445
Energy Transfer Equity, L.P.		80		5,230
MarkWest Energy Partners, L.P.		112		8,111
Phillips 66 Partners LP (A)(B)		13		385
Regency Energy Partners LP		319		9,120
				51,482
Other Diversified Financial Services – 8.9%
Citigroup Inc.		332		16,125
JPMorgan Chase & Co.		309		15,952
				32,077
Pharmaceuticals – 3.6%
Shire Pharmaceuticals Group plc, ADR (C)		27		3,285
Teva Pharmaceutical Industries Limited, ADR		259		9,796
				13,081
Property & Casualty Insurance – 3.2%
ACE Limited		126		11,742
Regional Banks – 1.3%
PNC Financial Services Group, Inc. (The)		66		4,774
Reinsurance – 4.0%
Reinsurance Group of America, Incorporated		108		7,262
RenaissanceRe Holdings Ltd.		76		6,853
				14,115
Semiconductor Equipment – 2.1%
Lam Research Corporation (A)		150		7,684
Soft Drinks – 0.2%
Coca-Cola Enterprises Inc.		22		901
Specialty Chemicals – 0.3%
LyondellBasell Industries N.V., Class A		16		1,164
Systems Software – 1.9%
Oracle Corporation		211		6,996
TOTAL COMMON STOCKS – 94.7%			$	343,933
(Cost: $282,763)
SHORT-TERM SECURITIES	Principal
Commercial Paper – 3.9%
Air Products and Chemicals, Inc.,
0.070%, 10–3–13 (D)	$	3,000		3,000
BHP Billiton Finance (USA) Limited (GTD by BHP Billiton Limited),
0.190%, 11–20–13 (D)		2,500		2,499
CVS Caremark Corporation,
0.180%, 10–4–13 (D)		4,396		4,396
Prudential Funding, LLC (GTD by Prudential Financial, Inc.),
0.050%, 10–1–13 (D)		2,345		2,345
Virginia Electric and Power Company,
0.260%, 10–16–13 (D)		2,000		2,000
				14,240

Master Note – 1.2%
Toyota Motor Credit Corporation, 0.100%, 10–2–13 (E)	4,352		4,352
TOTAL SHORT-TERM SECURITIES – 5.1%		$	18,592
(Cost: $18,592)
TOTAL INVESTMENT SECURITIES – 99.8%		$	362,525
(Cost: $301,355)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.2%			769
NET ASSETS – 100.0%		$	363,294

Notes to Schedule of Investments

(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) 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, 2013.

(E) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013. Date shown represents the date that the variable rate resets.

The following written options were outstanding at September 30, 2013 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type	Number of Contracts		Expiration Month		Exercise Price		Premium Received		Value
Atlas Pipeline Partners, L.P.	Deutsche Bank AG	Put		347		November 2013	$	35.00	$	33	$	(14	)
Dow Chemical Company (The)	N/A	Call		274		October 2013		41.00		15		(3	)
HollyFrontier Corp	N/A	Put		209		December 2013		39.00		38		(29	)
Phillips 66 Partners LP	N/A	Call		125		October 2013		35.00		4		(1	)
Shire PLC	N/A	Put		150		October 2013		90.00		19		(2	)
	Barclays Bank plc	Call		274		October 2013		120.00		83		(82	)
Teva Pharmaceutical Industries Limited, ADR	N/A	Put		244		December 2013		37.50		28		(32	)
									$	220	$	(163	)

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, 2013:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	343,933	$	—	$	—
Short-Term Securities		—		18,592		—
Total	$	343,933	$	18,592	$	—
Liabilities
Written Options	$	66	$	97	$	—

There were no transfers between any levels during the period ended September 30, 2013.

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, 2013 and the related unrealized appreciation

(depreciation) were as follows:

Cost	$	301,355
Gross unrealized appreciation		64,157
Gross unrealized depreciation		(2,987	)
Net unrealized appreciation	$	61,170

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 27, 2013

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 27, 2013

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

Date: November 27, 2013