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: 811-05017

Ivy Funds Variable Insurance Portfolios

(Exact name of registrant as specified in charter)

6300 Lamar Avenue, Overland Park, Kansas 66202

(Address of principal executive offices) (Zip code)

Mara D. Herrington

6300 Lamar Avenue

Overland Park, Kansas 66202

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: March 31, 2014

ITEM 1.    SCHEDULE OF INVESTMENTS.

SCHEDULE OF INVESTMENTS
Pathfinder Aggressive (in thousands)	MARCH 31, 2014 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Growth		1,092	$	14,577
Ivy Funds VIP International Core Equity		427		8,546
Ivy Funds VIP International Growth		1,293		12,856
Ivy Funds VIP Limited-Term Bond		2,591		12,706
Ivy Funds VIP Mid Cap Growth		634		6,883
Ivy Funds VIP Money Market		8,465		8,465
Ivy Funds VIP Small Cap Growth (A)		507		6,911
Ivy Funds VIP Small Cap Value		380		7,801
Ivy Funds VIP Value		860		6,892
TOTAL AFFILIATED MUTUAL FUNDS – 99.3%			$	85,637
(Cost: $75,291)
SHORT-TERM SECURITIES – 0.7%	Principal
Master Note
Toyota Motor Credit Corp., 0.099%, 4–2–14 (B)	$	580	$	580
(Cost: $580)
TOTAL INVESTMENT SECURITIES – 100.0%			$	86,217
(Cost: $75,871)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.0%				16
NET ASSETS – 100.0%			$	86,233

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 March 31, 2014. 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 March 31, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	85,637	$	—	$	—
Short-Term Securities		—		580		—
Total	$	85,637	$	580	$	—

As of March 31, 2014, there were no transfers between any levels during the period.

For Federal income tax purposes, cost of investments owned at March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	75,871
Gross unrealized appreciation		10,346
Gross unrealized depreciation		—
Net unrealized appreciation	$	10,346

SCHEDULE OF INVESTMENTS
Pathfinder Moderately Aggressive (in thousands)	MARCH 31, 2014 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		17,832	$	164,579
Ivy Funds VIP Growth		9,849		131,433
Ivy Funds VIP International Core Equity		5,456		109,168
Ivy Funds VIP International Growth		11,012		109,477
Ivy Funds VIP Limited-Term Bond		33,102		162,301
Ivy Funds VIP Mid Cap Growth		3,036		32,971
Ivy Funds VIP Money Market		216,253		216,253
Ivy Funds VIP Small Cap Growth (A)		4,859		66,207
Ivy Funds VIP Small Cap Value		3,240		66,430
Ivy Funds VIP Value		4,121		33,011
TOTAL AFFILIATED MUTUAL FUNDS – 100.0%			$	1,091,830
(Cost: $941,636)
SHORT-TERM SECURITIES – 0.0%	Principal
Master Note
Toyota Motor Credit Corp., 0.099%, 4–2–14 (B)	$	405		405
(Cost: $405)
TOTAL INVESTMENT SECURITIES – 100.0%			$	1,092,235
(Cost: $942,041)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.0%				139
NET ASSETS – 100.0%			$	1,092,374

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 March 31, 2014. 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 March 31, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	1,091,830	$	—	$	—
Short-Term Securities		—		405		—
Total	$	1,091,830	$	405	$	—

There were no transfers between any levels during the period ended March 31, 2014.

For Federal income tax purposes, cost of investments owned at March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	942,041
Gross unrealized appreciation		150,194
Gross unrealized depreciation		—
Net unrealized appreciation	$	150,194

SCHEDULE OF INVESTMENTS Pathfinder Moderate (in thousands) MARCH 31, 2014 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		15,049	$	138,901
Ivy Funds VIP Growth		8,312		110,925
Ivy Funds VIP International Core Equity		2,302		46,067
Ivy Funds VIP International Growth		9,294		92,395
Ivy Funds VIP Limited-Term Bond		27,937		136,977
Ivy Funds VIP Mid Cap Growth		1,708		18,551
Ivy Funds VIP Money Market		273,767		273,767
Ivy Funds VIP Small Cap Growth (A)		3,417		46,564
Ivy Funds VIP Small Cap Value		1,367		28,032
Ivy Funds VIP Value		3,478		27,861
TOTAL AFFILIATED MUTUAL FUNDS – 99.9%			$	920,040
(Cost: $812,399)
SHORT-TERM SECURITIES – 0.0%	Principal
Master Note
Toyota Motor Credit Corp., 0.099%, 4–2–14 (B)	$	421		421
(Cost: $421)
TOTAL INVESTMENT SECURITIES – 99.9%			$	920,461
(Cost: $812,820)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.1%				135
NET ASSETS – 100.0%			$	920,596

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 March 31, 2014. 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 March 31, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	920,040	$	—	$	—
Short-Term Securities		—		421		—
Total	$	920,040	$	421	$	—

There were no transfers between any levels during the period ended March 31, 2014.

For Federal income tax purposes, cost of investments owned at March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	812,820
Gross unrealized appreciation		108,500
Gross unrealized depreciation		(859	)
Net unrealized appreciation	$	107,641

SCHEDULE OF INVESTMENTS Pathfinder Moderately Conservative (in thousands) MARCH 31, 2014 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		4,225	$	38,991
Ivy Funds VIP Growth		2,692		35,928
Ivy Funds VIP International Core Equity		746		14,921
Ivy Funds VIP International Growth		1,505		14,963
Ivy Funds VIP Limited-Term Bond		12,065		59,154
Ivy Funds VIP Mid Cap Growth		553		6,009
Ivy Funds VIP Money Market		103,451		103,451
Ivy Funds VIP Small Cap Growth (A)		885		12,065
Ivy Funds VIP Small Cap Value		148		3,027
Ivy Funds VIP Value		1,127		9,024
TOTAL AFFILIATED MUTUAL FUNDS – 99.8%			$	297,533
(Cost: $270,330)
SHORT-TERM SECURITIES – 0.2%	Principal
Master Note
Toyota Motor Credit Corp., 0.099%, 4–2–14 (B)	$	573		573
(Cost: $573)
TOTAL INVESTMENT SECURITIES – 100.0%			$	298,106
(Cost: $270,903)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.0%				16
NET ASSETS – 100.0%			$	298,122

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 March 31, 2014. 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 March 31, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	297,533	$	—	$	—
Short-Term Securities		—		573		—
Total	$	297,533	$	573	$	—

There were no transfers between any levels during the period ended March 31, 2014.

For Federal income tax purposes, cost of investments owned at March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	270,903
Gross unrealized appreciation		27,363
Gross unrealized depreciation		(160	)
Net unrealized appreciation	$	27,203

SCHEDULE OF INVESTMENTS Pathfinder Conservative (in  thousands) MARCH 31, 2014 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		1,706	$	15,742
Ivy Funds VIP Growth		996		13,297
Ivy Funds VIP International Core Equity		301		6,024
Ivy Funds VIP Limited-Term Bond		4,871		23,883
Ivy Funds VIP Mid Cap Growth		112		1,213
Ivy Funds VIP Money Market		53,701		53,701
Ivy Funds VIP Small Cap Growth (A)		268		3,653
Ivy Funds VIP Value		303		2,429
TOTAL AFFILIATED MUTUAL FUNDS – 99.5%			$	119,942
(Cost: $111,703)
SHORT-TERM SECURITIES – 0.7%	Principal
Master Note
Toyota Motor Credit Corp., 0.099%, 4–2–14 (B)	$	855	$	855
(Cost: $855)
TOTAL INVESTMENT SECURITIES – 100.2%			$	120,797
(Cost: $112,558)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.2%)				(256	)
NET ASSETS – 100.0%			$	120,541

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 March 31, 2014. 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 March 31, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	119,942	$	—	$	—
Short-Term Securities		—		855		—
Total	$	119,942	$	855	$	—

As of March 31, 2014, there were no transfers between any levels during the period.

For Federal income tax purposes, cost of investments owned at March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	112,558
Gross unrealized appreciation		8,343
Gross unrealized depreciation		(104	)
Net unrealized appreciation	$	8,239

SCHEDULE OF INVESTMENTS Pathfinder Moderate - Managed Volatility (in thousands) MARCH 31, 2014 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		1,016	$	9,373
Ivy Funds VIP Growth		561		7,486
Ivy Funds VIP International Core Equity		155		3,109
Ivy Funds VIP International Growth		627		6,236
Ivy Funds VIP Limited-Term Bond		1,886		9,247
Ivy Funds VIP Mid Cap Growth		115		1,252
Ivy Funds VIP Money Market		18,481		18,481
Ivy Funds VIP Small Cap Growth (A)		231		3,142
Ivy Funds VIP Small Cap Value		92		1,892
Ivy Funds VIP Value		235		1,880
TOTAL AFFILIATED MUTUAL FUNDS – 96.9%			$	62,098
(Cost: $61,025)
SHORT-TERM SECURITIES – 4.4%	Principal
Master Note
Toyota Motor Credit Corp., 0.099%, 4–2–14 (B)	$	2,818		2,818
(Cost: $2,818)
TOTAL INVESTMENT SECURITIES – 101.3%			$	64,916
(Cost: $63,843)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.3%)				(857	)
NET ASSETS – 100.0%			$	64,059

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 March 31, 2014. Date shown represents the date that the variable rate resets.

The following futures contracts were outstanding at March 31, 2014 (contracts unrounded):

Description	Type		Expiration Date		Number of Contracts		Market Value		Unrealized (Depreciation)
E-mini S&P 500 Index		Long		6-20-14		7	$	653	$	(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 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 March 31, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	62,098	$	—	$	—
Short-Term Securities		—		2,818		—
Total	$	62,098	$	2,818	$	—
Liabilities
Futures Contracts	$	2	$	—	$	—

There were no transfers between any levels during the period ended March 31, 2014.

For Federal income tax purposes, cost of investments owned at March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	63,843
Gross unrealized appreciation		1,073
Gross unrealized depreciation		—
Net unrealized appreciation	$	1,073

SCHEDULE OF INVESTMENTS Pathfinder Moderately Aggressive – Managed Volatility (in thousands) MARCH 31, 2014 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		352	$	3,249
Ivy Funds VIP Growth		194		2,596
Ivy Funds VIP International Core Equity		108		2,156
Ivy Funds VIP International Growth		217		2,162
Ivy Funds VIP Limited-Term Bond		654		3,205
Ivy Funds VIP Mid Cap Growth		60		651
Ivy Funds VIP Money Market		4,271		4,271
Ivy Funds VIP Small Cap Growth (A)		96		1,307
Ivy Funds VIP Small Cap Value		64		1,312
Ivy Funds VIP Value		81		652
TOTAL AFFILIATED MUTUAL FUNDS – 96.9%			$	21,561
(Cost: $21,036)
SHORT-TERM SECURITIES – 3.1%	Principal
Master Note
Toyota Motor Credit Corp., 0.099%, 4–2–14 (B)	$	701	$	701
(Cost: $701)
TOTAL INVESTMENT SECURITIES – 100.0%			$	22,262
(Cost: $21,737)
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0%				(4	)
NET ASSETS – 100.0%			$	22,258

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 March 31, 2014. Date shown represents the date that the variable rate resets.

The following futures contracts were outstanding at March 31, 2014 (contracts unrounded):

Description	Type		Expiration Date		Number of Contracts		Value		Unrealized Depreciation
E-mini S&P 500 Index		Long		6-20-14		2	$	186	$	(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 March 31, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	21,561	$	—	$	—
Short-Term Securities		—		701		—
Total	$	21,561	$	701	$	—
Liabilities
Futures Contracts	$	1	$	—	$	—

As of March 31, 2014, there were no transfers between Level 1 and 2 during the period.

For Federal income tax purposes, cost of investments owned at March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	21,737
Gross unrealized appreciation		528
Gross unrealized depreciation		(3	)
Net unrealized appreciation	$	525

SCHEDULE OF INVESTMENTS
Pathfinder Moderately Conservative – Managed Volatility (in thousands)	MARCH 31, 2014 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		205	$	1,895
Ivy Funds VIP Growth		131		1,746
Ivy Funds VIP International Core Equity		36		725
Ivy Funds VIP International Growth		73		727
Ivy Funds VIP Limited-Term Bond		586		2,875
Ivy Funds VIP Mid Cap Growth		27		292
Ivy Funds VIP Money Market		5,027		5,027
Ivy Funds VIP Small Cap Growth (A)		43		586
Ivy Funds VIP Small Cap Value		7		147
Ivy Funds VIP Value		55		439
TOTAL AFFILIATED MUTUAL FUNDS – 96.8%			$	14,459
(Cost: $14,104)
SHORT-TERM SECURITIES – 3.1%	Principal
Master Note
Toyota Motor Credit Corp., 0.099%, 4–2–14 (B)	$	469	$	469
(Cost: $469)
TOTAL INVESTMENT SECURITIES – 99.9%			$	14,928
(Cost: $14,573)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.1%				5
NET ASSETS – 100.0%			$	14,933

Notes to Schedule of Investments

* Not shown due to rounding.

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

(B) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2014. Date shown represents the date that the variable rate resets.

The following futures contracts were outstanding at March 31, 2014 (contracts unrounded):

Description	Type		Expiration Date		Number of Contracts		Value		Unrealized Depreciation
E-mini S&P 500 Index		Long		6-20-14		1	$	93	$	—	*

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 March 31, 2014:

	Level 1			Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	14,459		$	—	$	—
Short-Term Securities		—			469		—
Total	$	14,459		$	469	$	—
Liabilities
Futures Contracts	$	—	*	$	—	$	—

As of March 31, 2014, there were no transfers between Level 1 and 2 during the period.

For Federal income tax purposes, cost of investments owned at March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	14,573
Gross unrealized appreciation		355
Gross unrealized depreciation		—
Net unrealized appreciation	$	355

CONSOLIDATED SCHEDULE OF INVESTMENTS Asset Strategy (in thousands) MARCH 31, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Advertising – 0.3%
Omnicom Group, Inc. (A)		71	$	5,184
Aerospace & Defense – 1.1%
Boeing Co. (The) (B)		99		12,385
Precision Castparts Corp.		24		6,092
				18,477
Airlines – 0.4%
Japan Airlines Corp. (C)		134		6,615
Application Software – 1.6%
Adobe Systems, Inc. (A)(B)		150		9,835
Intuit, Inc.		225		17,490
				27,325
Asset Management & Custody Banks – 2.3%
Apollo Global Management LLC		257		8,166
Blackstone Group L.P. (The)		574		19,096
KKR & Co. L.P.		538		12,292
				39,554
Auto Parts & Equipment – 1.0%
Continental AG (C)		73		17,561
Automobile Manufacturers – 3.7%
Bayerische Motoren Werke AG (B)(C)		151		18,996
DaimlerChrysler AG, Registered Shares (C)		153		14,486
Fuji Heavy Industries Ltd. (C)		585		15,830
Toyota Motor Corp. (C)		237		13,366
				62,678
Biotechnology – 1.9%
Amgen, Inc.		100		12,272
Biogen Idec, Inc. (A)		27		8,258
Gilead Sciences, Inc. (A)(B)		192		13,570
				34,100
Broadcasting – 2.0%
CBS Corp., Class B		542		33,502
Cable & Satellite – 0.8%
British Sky Broadcasting Group plc (C)		352		5,361
Comcast Corp., Class A		167		8,348
				13,709
Casinos & Gaming – 14.5%
Dynam Japan Holdings Co. Ltd. (C)		1,166		3,481
Galaxy Entertainment Group (C)		11,233		97,682
Las Vegas Sands, Inc.		100		8,086
Macau Legend Development Ltd. (A)(C)		6,305		5,251
Sands China Ltd. (C)		9,878		73,801
Wynn Resorts Ltd.		271		60,269
				248,570
Computer Hardware – 0.9%
Apple, Inc. (B)		29		15,619
Consumer Electronics – 3.0%
Panasonic Corp. (C)		2,048		23,270
Sony Corp. (C)		1,419		27,111
				50,381

Diversified Banks – 7.1%
BNP Paribas (B)(C)	145	11,192
Kabushiki Kaisha Mitsubishi Tokyo Financial Group (C)	3,517	19,317
Mizuho Financial Group, Inc. (C)	12,516	24,739
Societe Generale (C)	178	10,987
Sumitomo Mitsui Financial Group, Inc. (C)	546	23,311
Sumitomo Mitsui Trust Holdings, Inc. (C)	4,580	20,678
Wells Fargo & Co.	210	10,465
		120,689
Diversified Chemicals – 0.8%
Dow Chemical Co. (The) (B)	281	13,649
Electronic Equipment & Instruments – 0.5%
FUJIFILM Holdings Corp. (C)	347	9,310
Home Entertainment Software – 0.5%
Activision Blizzard, Inc.	394	8,053
Hotels, Resorts & Cruise Lines – 1.0%
Starwood Hotels & Resorts Worldwide, Inc.	205	16,278
Industrial Conglomerates – 0.8%
Hutchison Whampoa Ltd., Ordinary Shares (C)	1,030	13,638
Integrated Oil & Gas – 0.7%
Occidental Petroleum Corp.	119	11,311
Integrated Telecommunication Services – 0.2%
BT Group plc (C)	637	4,031
Internet Retail – 0.5%
Amazon.com, Inc. (A)(B)	28	9,288
Internet Software & Services – 1.1%
Tencent Holdings Ltd. (C)	259	18,042
Investment Banking & Brokerage – 2.2%
Goldman Sachs Group, Inc. (The)	107	17,532
Nomura Holdings, Inc. (C)	3,092	19,828
		37,360
IT Consulting & Other Services – 1.1%
Cognizant Technology Solutions Corp., Class A (A)	375	18,983
Life & Health Insurance – 4.8%
AIA Group Ltd. (C)	9,234	43,812
MetLife, Inc.	341	18,015
Ping An Insurance (Group) Co. of China Ltd., A Shares (C)	351	2,119
Prudential Financial, Inc.	202	17,074
		81,020
Managed Health Care – 0.3%
Humana, Inc.	40	4,464

Movies & Entertainment – 8.4%
Delta Topco Ltd. (A)(D)		56,728		65,792
Legend Pictures LLC (A)(D)(L)		10		19,246
Media Group Holdings LLC (A)(D)(L)(M)		19		40,864
News Corp. Ltd., Class A		564		18,037
				143,939
Multi-Line Insurance – 3.0%
Allianz AG, Registered Shares (C)		123		20,792
American International Group, Inc.		337		16,838
Axa S.A. (C)		546		14,180
				51,810
Oil & Gas Exploration & Production – 0.9%
ConocoPhillips		226		15,927
Oil & Gas Refining & Marketing – 1.5%
Phillips 66		322		24,806
Oil & Gas Storage & Transportation – 1.1%
Plains GP Holdings L.P., Class A		680		19,026
Pharmaceuticals – 2.0%
AstraZeneca plc (C)		107		6,922
Pfizer, Inc.		607		19,510
Roche Holdings AG, Genusscheine (C)		23		6,834
				33,266
Reinsurance – 1.1%
Swiss Re Ltd. (C)		208		19,253
Research & Consulting Services – 1.6%
Nielsen Holdings N.V.		621		27,729
Semiconductor Equipment – 1.1%
Applied Materials, Inc. (B)		935		19,085
Semiconductors – 1.4%
Taiwan Semiconductor Manufacturing Co. Ltd. (C)		1,472		5,728
Texas Instruments, Inc.		377		17,753
				23,481
Specialty Chemicals – 0.5%
LyondellBasell Industries N.V., Class A		97		8,609
Systems Software – 1.3%
Microsoft Corp.		253		10,354
Oracle Corp. (B)		272		11,115
				21,469
Tobacco – 1.4%
Philip Morris International, Inc.		295		24,143
Wireless Telecommunication Service – 0.7%
NTT DoCoMo, Inc. (C)		725		11,432
TOTAL COMMON STOCKS – 81.1%			$	1,383,366
(Cost: $1,028,813)
PURCHASED OPTIONS	Number of Contracts (Unrounded)
Adobe Systems, Inc.,
Call $72.50, Expires 7–18–14, OTC (Ctrpty: Citibank N.A.)		261		35
Alliance Data Systems Corp.,
Call $290.00, Expires 6–20–14, OTC (Ctrpty: Societe Generale Bank)		61		47
Amazon.com, Inc.,
Call $380.00, Expires 5–16–14, OTC (Ctrpty: Bank of America N.A.)		119		46

Apple, Inc.:
Call $565.00, Expires 4–18–14, OTC (Ctrpty: Goldman Sachs International)	12	1
Call $505.00, Expires 10–17–14, OTC (Ctrpty: Goldman Sachs International)	47	237
Bayerische Motoren Werke AG,
Call EUR90.00, Expires 6–20–14, OTC (Ctrpty: Bank of America N.A.) (E)	286	161
BNP Paribas,
Call EUR60.00, Expires 12–19–14, OTC (Ctrpty: Bank of America N.A.) (E)	535	189
Boeing Co. (The),
Call $130.00, Expires 5–16–14, OTC (Ctrpty: Morgan Stanley & Co., Inc.)	270	50
CBS Corp., Class B:
Call $65.00, Expires 4–18–14, OTC (Ctrpty: Deutsche Bank AG)	483	14
Call $66.00, Expires 4–18–14, OTC (Ctrpty: Deutsche Bank AG)	483	12
ConocoPhillips,
Call $72.50, Expires 8–15–14, OTC (Ctrpty: JPMorgan Chase Bank N.A.)	654	84
DIRECTV,
Call $80.00, Expires 6–20–14, OTC (Ctrpty: Societe Generale Bank)	159	47
Dow Chemical Co. (The),
Call $50.00, Expires 6–20–14, OTC (Ctrpty: Citibank N.A.)	578	85
FTSE 100 Index,
Call GBP6,700.00, Expires 6–20–14, OTC (Ctrpty: Barclays Bank plc) (E)	236	300
Gilead Sciences, Inc.,
Call $90.00, Expires 5–16–14, OTC (Ctrpty: Barclays Bank plc)	520	6
Google, Inc., Class A,
Call $1,200.00, Expires 6–20–14, OTC (Ctrpty: UBS AG)	38	90
Hewlett-Packard Co.,
Call $34.00, Expires 6–20–14, OTC (Ctrpty: JPMorgan Chase Bank N.A.)	953	105
Nikkei 225 Index:
Call JPY15,250.00, Expires 4–11–14, OTC (Ctrpty: UBS AG) (E)	273	225
Call JPY15,750.00, Expires 4–11–14, OTC (Ctrpty: UBS AG) (E)	19	3
Call JPY15,500.00, Expires 6–13–14, OTC (Ctrpty: UBS AG) (E)	234	771
Call JPY16,500.00, Expires 6–13–14, OTC (Ctrpty: Bank of America N.A.) (E)	115	123
Oracle Corp.,
Call $41.00, Expires 5–16–14, OTC (Ctrpty: Bank of America N.A.)	1,153	126
QUALCOMM, Inc.,
Call $82.50, Expires 6–20–14, OTC (Ctrpty: Citibank N.A.)	534	58
Roche Holdings AG, Genusscheine,
Call CHF280.00, Expires 12–19–14, OTC (Ctrpty: Bank of America N.A.) (E)	66	66
S&P 500 Index:
Put $1,725.00, Expires 4–4–14	191	3
Put $1,825.00, Expires 4–4–14	191	32
Texas Instruments, Inc.,
Call $47.00, Expires 7–18–14, OTC (Ctrpty: Deutsche Bank AG)	400	76

Visa, Inc., Class A,
Call $220.00, Expires 5–16–14, OTC (Ctrpty: Barclays Bank plc)		191		90
Wells Fargo & Co.,
Call $50.00, Expires 6–20–14, OTC (Ctrpty: Morgan Stanley & Co., Inc.)		858		100
TOTAL PURCHASED OPTIONS – 0.2%			$	3,182
(Cost: $4,607)
CORPORATE DEBT SECURITIES	Principal
Automobile Manufacturers – 0.4%
Aston Martin Holdings Ltd.,
10.250%, 7–15–18 (F)(G)	$	6,295		6,546
Movies & Entertainment – 3.0%
Circuit of the Americas LLC, Series A,
16.000%, 7–31–18		2,500		1,500
Circuit of the Americas LLC, Series B,
16.000%, 7–31–18 (G)		3,088		1,853
Delta Topco Ltd.,
10.000%, 11–24–60 (D)(G)		47,573		47,572
				50,925
TOTAL CORPORATE DEBT SECURITIES – 3.4%			$	57,471
(Cost: $59,945)
LOANS
Movies & Entertainment – 0.7%
Circuit of the Americas LLC,
6.000%, 6–30–17 (H)		627		627
Formula One Holdings Ltd. and Alpha Topco Ltd.,
9.250%, 10–16–19 (H)		10,400		10,829
				11,456
TOTAL LOANS – 0.7%			$	11,456
(Cost: $10,898)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Mortgage-Backed Obligations – 0.0%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO:
5.500%, 9–15–17 (I)		211		5
5.000%, 4–15–19 (I)		2		—	*
5.500%, 3–15–23 (I)		99		11
5.500%, 10–15–25 (I)		346		52
6.000%, 11–15–35 (I)		213		40
Federal National Mortgage Association Agency REMIC/CMO:
5.500%, 6–25–23 (I)		152		22
5.000%, 11–25–23 (I)		3		—	*
5.500%, 8–25–33 (I)		227		37
5.500%, 4–25–34 (I)		382		63
5.500%, 11–25–36 (I)		494		84
Government National Mortgage Association Agency REMIC/CMO:
5.500%, 3–20–32 (I)		118		6
5.000%, 7–20–33 (I)		37		1
5.500%, 11–20–33 (I)		207		10
5.500%, 7–20–35 (I)		176		32
				363
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 0.0%			$	363
(Cost: $1,520)

BULLION – 6.9%	Troy Ounces
Gold		91	$	117,203
(Cost: $114,413)
SHORT-TERM SECURITIES	Principal
Certificate Of Deposit – 0.4%
Citibank N.A., 0.160%, 6–3–14	$	6,000		6,000
Commercial Paper – 6.3%
Air Products and Chemicals, Inc.: 0.100%, 4–3–14 (J)		6,203		6,203
0.100%, 4–17–14 (J)		5,000		5,000
American Honda Finance Corp. (GTD by Honda Motor Co.), 0.100%, 4–28–14 (J)		15,000		14,999
Bank of Nova Scotia:
0.150%, 6–23–14 (J)		5,000		4,998
0.150%, 6–24–14 (J)		5,000		4,998
Becton Dickinson & Co.,
0.140%, 4–29–14 (J)		10,000		9,999
BMW U.S. Capital LLC (GTD by BMW AG), 0.080%, 4–9–14 (J)		6,000		6,000
Illinois Tool Works, Inc.,
0.090%, 4–10–14 (J)		5,000		5,000
Procter & Gamble Co. (The),
0.050%, 5–13–14 (J)		10,000		9,999
Roche Holdings, Inc.,
0.090%, 5–14–14 (J)		5,000		5,000
Sysco Corp.,
0.070%, 4–1–14 (J)		7,890		7,890
Toronto-Dominion Holdings USA, Inc. (GTD by Toronto Dominion Bank):
0.110%, 4–25–14 (J)		7,000		6,999
0.130%, 5–27–14 (J)		5,000		4,999
Total Capital S.A. (GTD by Total S.A.),
0.080%, 4–11–14 (J)		3,480		3,480
Walt Disney Co. (The),
0.080%, 4–22–14 (J)		4,000		4,000
Wisconsin Gas LLC,
0.100%, 4–9–14 (J)		9,000		9,000
				108,564
Master Note – 0.1%
Toyota Motor Credit Corp., 0.099%, 4–2–14 (K)		1,706		1,706
Municipal Obligations – Taxable – 0.4%
MS Business Fin Corp., Gulf Opp Zone Indl Dev Rev Bonds (Chevron USA, Inc. Proj), Ser 2007B (GTD by Chevron Corp.), 0.070%, 4–1–14 (K)		2,200		2,200
MS Business Fin Corp., Gulf Opp Zone Indl Dev Rev Bonds (Chevron USA, Inc. Proj), Ser 2007D (GTD by Chevron Corp.), 0.070%, 4–1–14 (K)		4,000		4,000
				6,200
TOTAL SHORT-TERM SECURITIES – 7.2%			$	122,470
(Cost: $122,469)
TOTAL INVESTMENT SECURITIES – 99.5%			$	1,695,511
(Cost: $1,342,665)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.5%				8,173
NET ASSETS – 100.0%			$	1,703,684

Notes to Consolidated 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 for OTC derivatives collateral as governed by International Swaps and Derivatives Association, Inc. Master Agreements.

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

(D) Restricted securities. At March 31, 2014, the Portfolio owned the following restricted securities:

Security	Acquisition Date(s)		Shares		Cost		Market Value
Delta Topco Ltd.		1-23-12 to 5-1-12		56,728	$	38,396	$	65,792
Legend Pictures LLC		12-18-12		10		18,161		19,246
Media Group Holdings LLC		4-23-13		19		40,864		40,864
			Principal
Delta Topco Ltd., 10.000%, 11-24-60		1-23-12 to 6-18-12	$	47,573		48,062		47,572
					$	145,483	$	173,474

The total value of these securities represented 10.2% of net assets at March 31, 2014.

(E) Principal amount and exercise prices are denominated in the indicated foreign currency, where applicable (CHF - Swiss Franc, EUR - Euro, GBP - British Pound and JPY - Japanese Yen).

(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 March 31, 2014, the total value of these securities amounted to $6,546 or 0.4% of net assets.

(G) Payment-in-kind bonds.

(H) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2014.

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

(J) Rate shown is the yield to maturity at March 31, 2014.

(K) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2014. Date shown represents the date that the variable rate resets.

(L) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Portfolio.

(M) Deemed to be an affiliate due to the Portfolio owning at least 5% of the voting securities.

The following forward foreign currency contracts were outstanding at March 31, 2014:

Type	Currency		Counterparty	Principal Amount of Contract (Denominated in Indicated Currency)		Settlement Date		Unrealized Appreciation		Unrealized Depreciation
Sell		Japanese Yen	State Street Global Markets		132,254		4-28-14	$	13	$	—
Sell		Japanese Yen	Goldman Sachs International		1,344,068		4-28-14		90		—
Sell		Japanese Yen	UBS AG		1,275,017		4-28-14		123		—
Sell		Japanese Yen	Citibank N.A.		2,049,838		4-28-14		216		—
Sell		Japanese Yen	Morgan Stanley International		3,655,695		4-28-14		255		—
Sell		Japanese Yen	Barclays Capital, Inc.		5,892,397		4-28-14		534		—
Sell		Japanese Yen	Deutsche Bank AG		8,040,314		4-28-14		570		—
								$	1,801	$	—

The following written options were outstanding at March 31, 2014 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type	Number of Contracts		Expiration Month		Exercise Price		Premium Received		Value
Adobe Systems, Inc.	Citibank N.A.	Put		261		July 2014	$	60.00	$	39	$	(41	)
	Citibank N.A.	Call		261		July 2014		80.00		30		(10	)
Alliance Data Systems Corp.	Societe Generale Bank	Put		61		June 2014		240.00		24		(28	)
	Societe Generale Bank	Call		61		June 2014		330.00		6		(8	)
Amazon.com, Inc.	Bank of America N.A.	Put		119		May 2014		330.00		113		(166	)
	Bank of America N.A.	Call		119		May 2014		420.00		46		(11	)
Apple, Inc.	UBS AG	Call		66		April 2014		570.00		24		(4	)

	Goldman Sachs International	Call	12	April 2014		605.00		4		—	*
Bayerische Motoren Werke AG	Bank of America N.A.	Call	286	June 2014		EUR            96.00		43		(61	)
BNP Paribas	Bank of America N.A.	Put	535	December 2014		48.00		160		(150	)
	Bank of America N.A.	Call	535	December 2014		72.00		71		(36	)
Boeing Co. (The)	Morgan Stanley & Co., Inc.	Put	135	May 2014	$	115.00		23		(15	)
	Morgan Stanley & Co., Inc.	Put	135	May 2014		120.00		37		(29	)
	Morgan Stanley & Co., Inc.	Call	270	May 2014		140.00		30		(8	)
ConocoPhillips	JPMorgan Chase Bank N.A.	Put	327	May 2014		62.50		30		(5	)
DIRECTV	Societe Generale Bank	Put	159	June 2014		67.50		25		(18	)
	Societe Generale Bank	Call	159	June 2014		90.00		15		(15	)
Dow Chemical Co. (The)	Citibank N.A.	Put	578	June 2014		44.00		59		(38	)
	Citibank N.A.	Call	578	June 2014		55.00		25		(16	)
FTSE 100 Index	Barclays Bank plc	Put	236	June 2014		GBP      5,900.00		414		(102	)
Gilead Sciences, Inc.	Barclays Bank plc	Put	520	May 2014	$	75.00		108		(319	)
	Barclays Bank plc	Call	520	May 2014		100.00		41		(2	)
Google, Inc., Class A	UBS AG	Put	38	June 2014		1,000.00		57		(56	)
	UBS AG	Call	38	June 2014		1,300.00		37		(29	)
Hewlett-Packard Co.	JPMorgan Chase Bank N.A.	Put	953	June 2014		28.00		44		(45	)
	JPMorgan Chase Bank N.A.	Call	953	June 2014		38.00		28		(25	)
Nikkei 225 Index	UBS AG	Put	39	April 2014		JPY    14,000.00		108		(15	)
	UBS AG	Put	19	April 2014		14,500.00		86		(25	)
	UBS AG	Call	39	April 2014		16,250.00		72		(2	)
	UBS AG	Call	117	April 2014		16,500.00		67		(3	)
	Bank of America N.A.	Call	115	April 2014		16,500.00		79		(3	)
	UBS AG	Put	234	June 2014		13,500.00		646		(408	)
Oracle Corp.	Bank of America N.A.	Call	1,153	May 2014	$	44.00		14		(23	)
QUALCOMM, Inc.	Citibank N.A.	Put	534	June 2014		75.00		73		(74	)
Roche Holdings AG, Genusscheine	Bank of America N.A.	Put	66	December 2014		CHF          230.00		40		(32	)
S&P 500 Index	N/A	Put	382	April 2014	$	1,775.00		118		(13	)
Texas Instruments, Inc.	Deutsche Bank AG	Put	400	July 2014		38.00		12		(8	)
Visa, Inc., Class A	Barclays Bank plc	Put	191	May 2014		200.00		38		(37	)
	Barclays Bank plc	Call	191	May 2014		235.00		19		(20	)
Wells Fargo & Co.	Morgan Stanley & Co., Inc.	Put	858	June 2014		44.00		22		(19	)
							$	2,927	$	(1,919	)

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 March 31, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	475,188	$	—	$	125,902
Consumer Staples		24,143		—		—
Energy		71,070		—		—
Financials		349,686		—		—
Health Care		71,830		—		—
Industrials		66,459		—		—
Information Technology		161,367		—		—
Materials		22,258		—		—
Telecommunication Services		15,463		—		—
Total Common Stocks	$	1,257,464	$	—	$	125,902
Purchased Options		35		3,147		—
Corporate Debt Securities		—		6,546		50,925
Loans		—		—		11,456
United States Government Agency Obligations		—		363		—
Bullion		117,203		—		—
Short-Term Securities		—		122,470		—
Total	$	1,374,702	$	132,526	$	188,283
Forward Foreign Currency Contracts	$	—	$	1,801	$	—
Liabilities
Written Options	$	13	$	1,906	$	—

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 1-1-14	$	129,492		$	50,731		$	11,479
Net realized gain (loss)		—			—			—
Net change in unrealized appreciation (depreciation)		(3,632	)		(594	)		(4	)
Purchases		42			4,809			—
Sales		—			(4,021	)		(23	)
Amortization/Accretion of premium/discount		—			—			4
Transfers into Level 3 during the period		—			—			23
Transfers out of Level 3 during the period		—			—			(23	)
Ending Balance 3-31-14	$	125,902		$	50,925		$	11,456
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 3-31-14	$	(3,632	)	$	(594	)	$	(4	)

Transfers from Level 2 to Level 3 occurred primarily 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 primarily 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 March 31, 2014.

Information about Level 3 fair value measurements:

	Fair Value at 3-31-14		Valuation Technique(s)		Unobservable Input(s)		Input Value(s)
Assets
Common Stocks	$	85,038		Discounted cash flows model		Long-term growth rate		2.5	%
						Weighted average cost of capital		8.5 to 9.5	%
						Illiquidity discount		7.5 to 10	%
		40,864		Purchase price		Purchase price	$	2,147.47
Corporate Debt Securities		3,353		Broker quotes		Broker quotes		60
		47,572		Discounted cash flows model		Long-term growth rate		2.5	%
						Weighted average cost of capital		8.5	%
						Illiquidity discount		7.5	%
Loans		11,456		Third-party valuation service		Broker quotes		100 to 104.125

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 Asset Strategy Portfolio (referred to as “the Portfolio” in this subsection). Ivy VIP ASF III (SBP), LLC and VIP ASF, LLC (each a “Company”), collectively “the Companies”, 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, in order to effect certain investments for the Portfolio consistent with the Portfolio’s investment objectives and policies as specified in its prospectus and statement of additional information.

The Portfolio’s investment portfolio has been consolidated and includes the portfolio holdings of the Portfolio, its Subsidiary and the Companies. The consolidated financial statements include the accounts of the Portfolio and its Subsidiary and the Companies. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Portfolio and its Subsidiary and each Company comprising the entire issued share capital of the Subsidiary and each 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 each Company confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and each 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 each Company.

See the table below for details regarding the structure, incorporation and relationship as of March 31, 2014 of each 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	$	1,703,684	$	97,380		5.72	%
Ivy VIP ASF III (SBP), LLC		4-9-13		4-23-13		1,703,684		40,868		2.40
VIP ASF, LLC		12-10-12		12-18-12		1,703,684		19,251		1.13

The following acronyms are used throughout this schedule:

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 March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	1,342,665
Gross unrealized appreciation		373,932
Gross unrealized depreciation		(21,086	)
Net unrealized appreciation	$	352,846

SCHEDULE OF INVESTMENTS Balanced (in thousands) MARCH 31, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Aerospace & Defense – 4.2%
Boeing Co. (The)		44	$	5,534
Honeywell International, Inc.		66		6,086
Precision Castparts Corp.		23		5,713
				17,333
Apparel Retail – 1.8%
Limited Brands, Inc.		129		7,312
Apparel, Accessories & Luxury Goods – 0.6%
lululemon athletica, Inc. (A)		49		2,582
Application Software – 1.3%
Intuit, Inc.		70		5,441
Asset Management & Custody Banks – 1.6%
Northern Trust Corp.		102		6,700
Brewers – 1.6%
Anheuser-Busch InBev S.A. ADR		63		6,634
Broadcasting – 1.5%
CBS Corp., Class B		101		6,254
Cable & Satellite – 2.3%
Comcast Corp., Class A		96		4,802
Time Warner Cable, Inc.		36		4,992
				9,794
Computer Hardware – 1.4%
Apple, Inc.		11		5,636
Construction & Farm Machinery & Heavy Trucks – 1.6%
Cummins, Inc.		45		6,660
Consumer Finance – 1.5%
American Express Co.		67		6,041
Data Processing & Outsourced Services – 1.2%
Alliance Data Systems Corp. (A)		19		5,040
Distillers & Vintners – 3.1%
Brown-Forman Corp., Class B		80		7,215
Constellation Brands, Inc. (A)		63		5,328
				12,543
Diversified Chemicals – 3.1%
Dow Chemical Co. (The)		134		6,491
PPG Industries, Inc.		30		5,862
				12,353
Electrical Components & Equipment – 1.6%
Rockwell Automation, Inc.		54		6,738
Health Care Equipment – 1.4%
Covidien plc		78		5,745
Home Improvement Retail – 1.4%
Home Depot, Inc. (The)		72		5,666
Hotels, Resorts & Cruise Lines – 0.8%
Hyatt Hotels Corp., Class A (A)		59		3,159

Household Products – 1.2%
Colgate-Palmolive Co.	77	5,021
Industrial Conglomerates – 1.2%
3M Co.	38	5,087
Industrial Gases – 0.7%
Praxair, Inc.	23	3,052
Industrial Machinery – 2.7%
Pall Corp.	53	4,715
Pentair, Inc.	78	6,205
		10,920
Integrated Oil & Gas – 1.1%
Exxon Mobil Corp.	48	4,659
Internet Retail – 1.4%
Amazon.com, Inc. (A)	17	5,620
IT Consulting & Other Services – 1.6%
Cognizant Technology Solutions Corp., Class A (A)	132	6,701
Managed Health Care – 0.9%
UnitedHealth Group, Inc.	46	3,755
Motorcycle Manufacturers – 1.5%
Harley-Davidson, Inc.	90	6,022
Movies & Entertainment – 1.3%
Twenty-First Century Fox, Inc.	174	5,412
Multi-Line Insurance – 1.4%
American International Group, Inc.	117	5,841
Oil & Gas Equipment & Services – 2.8%
National Oilwell Varco, Inc.	74	5,762
Schlumberger Ltd.	58	5,655
		11,417
Oil & Gas Exploration & Production – 2.8%
ConocoPhillips	88	6,198
Noble Energy, Inc.	75	5,349
		11,547
Oil & Gas Refining & Marketing – 1.6%
Phillips 66	86	6,608
Oil & Gas Storage & Transportation – 1.4%
Plains GP Holdings L.P., Class A	102	2,860
Regency Energy Partners L.P.	104	2,839
		5,699
Other Diversified Financial Services – 3.3%
Citigroup, Inc.	130	6,169
JPMorgan Chase & Co.	118	7,134
		13,303
Packaged Foods & Meats – 1.0%
Mead Johnson Nutrition Co.	49	4,041
Personal Products – 1.5%
Estee Lauder Co., Inc. (The), Class A	94	6,293

Pharmaceuticals – 2.9%
GlaxoSmithKline plc ADR		99		5,274
Johnson & Johnson		65		6,395
				11,669
Property & Casualty Insurance – 1.0%
Travelers Co., Inc. (The)		50		4,238
Railroads – 1.7%
Union Pacific Corp.		37		6,943
Regional Banks – 2.0%
PNC Financial Services Group, Inc. (The)		93		8,065
Research & Consulting Services – 0.7%
Verisk Analytics, Inc., Class A (A)		46		2,746
Restaurants – 0.7%
Panera Bread Co., Class A (A)		17		3,071
Semiconductor Equipment – 1.8%
Applied Materials, Inc.		347		7,091
Semiconductors – 1.3%
Microchip Technology, Inc.		112		5,340
TOTAL COMMON STOCKS – 73.5%			$	301,792
(Cost: $202,872)
CORPORATE DEBT SECURITIES	Principal
Aerospace & Defense – 0.2%
General Dynamics Corp., 1.000%, 11–15–17	$	500		491
Northrop Grumman Corp., 1.750%, 6–1–18		250		246
				737
Apparel Retail – 0.6%
Limited Brands, Inc.:
6.900%, 7–15–17		250		286
6.625%, 4–1–21		1,460		1,641
5.625%, 2–15–22		414		437
				2,364
Apparel, Accessories & Luxury Goods – 0.2%
LVMH Moet Hennessy – Louis Vuitton, 1.625%, 6–29–17 (B)		1,000		1,007
Asset Management & Custody Banks – 0.3%
Ares Capital Corp., 4.875%, 11–30–18		1,200		1,240
Auto Parts & Equipment – 0.1%
Delphi Corp., 5.000%, 2–15–23		411		436
Automobile Manufacturers – 1.3%
Ford Motor Co., Convertible, 4.250%, 11–15–16		2,000		3,621
Hyundai Capital America, 2.875%, 8–9–18 (B)		250		255
Toyota Motor Credit Corp.:
0.526%, 5–17–16 (C)		500		502
2.050%, 1–12–17		500		513
2.000%, 10–24–18		400		399
				5,290
Biotechnology – 0.2%
Amgen, Inc., 2.125%, 5–15–17		750		765

Brewers – 0.2%
Heineken N.V.,
1.400%, 10–1–17 (B)	250	249
SABMiller Holdings, Inc., 2.200%, 8–1–18 (B)	500	499
		748
Broadcasting – 0.0%
Discovery Communications LLC, 3.300%, 5–15–22	200	195
Cable & Satellite – 0.4%
DIRECTV Holdings LLC, 2.400%, 3–15–17	750	766
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc., 3.500%, 3–1–16	500	523
Pearson Funding Five plc, 3.250%, 5–8–23 (B)	300	278
		1,567
Consumer Finance – 1.3%
American Express Credit Corp., 2.125%, 7–27–18	100	100
American Honda Finance Corp.:
0.609%, 5–26–16 (B)(C)	500	502
2.125%, 10–10–18	150	151
Capital One Bank USA N.A.:
2.150%, 11–21–18	500	496
2.250%, 2–13–19	1,000	993
Charles Schwab Corp. (The), 2.200%, 7–25–18	300	302
Discover Bank, 2.000%, 2–21–18	250	249
Ford Motor Credit Co. LLC, 3.875%, 1–15–15	500	512
General Motors Financial Co., Inc., 2.750%, 5–15–16	448	454
IntercontinentalExchange Group, Inc., 2.500%, 10–15–18	100	101
SLM Corp., 4.875%, 6–17–19	500	508
Total System Services, Inc., 2.375%, 6–1–18	1,100	1,086
		5,454
Data Processing & Outsourced Services – 0.2%
Fidelity National Financial, Inc., 6.600%, 5–15–17	800	907
Distillers & Vintners – 0.5%
Beam, Inc.:
1.875%, 5–15–17	300	300
1.750%, 6–15–18	250	243
Brown-Forman Corp., 1.000%, 1–15–18	1,000	972
Constellation Brands, Inc., 3.750%, 5–1–21	670	656
		2,171
Distributors – 0.1%
LKQ Corp., 4.750%, 5–15–23 (B)	282	267
Diversified Banks – 3.3%
ABN AMRO Bank N.V., 2.500%, 10–30–18 (B)	800	799
Bank of America Corp.:
1.054%, 3–22–16 (C)	1,000	1,007
2.000%, 1–11–18	400	399
Bank of New York Mellon Corp. (The), 2.100%, 1–15–19	500	497
Bank of Nova Scotia (The):
1.450%, 4–25–18	500	490
2.050%, 10–30–18	200	199
Barclays Bank plc, 2.500%, 2–20–19	1,000	1,002
BNP Paribas, 2.450%, 3–17–19	1,600	1,604
BNP Paribas S.A., 5.186%, 6–29–49 (B)	1,100	1,129

Commonwealth Bank of Australia, 2.250%, 3–13–19	1,350	1,345
HSBC USA, Inc., 1.625%, 1–16–18	200	198
National Australia Bank Ltd., 2.300%, 7–25–18	250	252
Nordea Bank AB, 1.625%, 5–15–18 (B)	300	295
Skandinaviska Enskilda Banken AB, 2.375%, 3–25–19 (B)	1,000	997
Societe Generale N.A., 5.922%, 4–29–49 (B)	1,000	1,064
Swedbank AB (publ), 1.750%, 3–12–18 (B)	300	297
Wells Fargo & Co.:
1.500%, 1–16–18	250	248
2.150%, 1–15–19	500	499
Westpac Banking Corp., 2.250%, 7–30–18	1,000	1,006
		13,327
Diversified Chemicals – 0.1%
Airgas, Inc., 1.650%, 2–15–18	500	489
Diversified Metals & Mining – 0.1%
Freeport-McMoRan Copper & Gold, Inc., 2.375%, 3–15–18	150	150
Teck Resources, 3.000%, 3–1–19	100	100
		250
Drug Retail – 0.2%
CVS Caremark Corp., 3.250%, 5–18–15	950	977
Electric Utilities – 0.2%
Electricite de France S.A., 2.150%, 1–22–19 (B)	500	497
PPL Energy Supply LLC, 4.600%, 12–15–21	100	101
Southern Co., (The), 2.450%, 9–1–18	150	152
		750
Environmental & Facilities Services – 0.1%
Ecolab, Inc., 1.450%, 12–8–17	500	494
Fertilizers & Agricultural Chemicals – 0.1%
Monsanto Co., 2.750%, 4–15–16	500	520
Food Distributors – 0.3%
Campbell Soup Co., 2.500%, 8–2–22	700	638
ConAgra Foods, Inc.:
1.300%, 1–25–16	250	252
1.900%, 1–25–18	200	198
General Mills, Inc., 0.536%, 1–29–16 (C)	250	250
		1,338
Food Retail – 0.1%
Kroger Co. (The), 2.300%, 1–15–19	500	495
General Merchandise Stores – 0.1%
Dollar General Corp.:
4.125%, 7–15–17	100	107
1.875%, 4–15–18	250	246
		353
Health Care Services – 0.3%
Quest Diagnostics, Inc., 3.200%, 4–1–16	1,000	1,042
Health Care Supplies – 0.2%
C.R. Bard, Inc., 1.375%, 1–15–18	500	491
Mallinckrodt International Finance S.A., 3.500%, 4–15–18 (B)	250	246
		737

Homebuilding – 0.1%
Toll Brothers Finance Corp., 4.375%, 4–15–23	500	481
Hotels, Resorts & Cruise Lines – 0.1%
Hyatt Hotels Corp., 3.375%, 7–15–23	250	237
Household Products – 0.1%
Church & Dwight Co., Inc., 2.875%, 10–1–22	250	238
Industrial Conglomerates – 0.1%
General Electric Capital Corp., 0.959%, 4–2–18 (C)	500	505
Industrial Gases – 0.2%
Praxair, Inc.:
1.250%, 11–7–18	400	385
3.000%, 9–1–21	500	499
		884
Industrial Machinery – 0.6%
Eaton Corp., 1.500%, 11–2–17	1,940	1,930
Ingersoll-Rand Global Holding Co. Ltd., 2.875%, 1–15–19 (B)	350	349
		2,279
Integrated Oil & Gas – 0.1%
Devon Energy Corp., 2.250%, 12–15–18	500	497
Integrated Telecommunication Services – 0.9%
AT&T, Inc., 2.300%, 3–11–19	3,750	3,732
Verizon Communications, Inc., 3.650%, 9–14–18	100	106
		3,838
Internet Retail – 0.1%
Amazon.com, Inc., 0.650%, 11–27–15	250	251
Investment Banking & Brokerage – 0.8%
Goldman Sachs Group, Inc. (The):
2.900%, 7–19–18	450	459
2.625%, 1–31–19	1,000	998
Morgan Stanley:
2.125%, 4–25–18	500	499
2.500%, 1–24–19	1,500	1,496
		3,452
Leisure Products – 0.1%
Mattel, Inc., 2.500%, 11–1–16	250	258
Life & Health Insurance – 0.6%
AIA Group Ltd., 2.250%, 3–11–19 (B)	800	791
Metropolitan Life Global Funding I, 2.500%, 9–29–15 (B)	1,000	1,028
Prudential Financial, Inc.:
4.750%, 9–17–15	500	528
2.300%, 8–15–18	100	100
		2,447
Managed Health Care – 0.4%
Aetna, Inc., 2.200%, 3–15–19	800	793
WellPoint, Inc., 1.875%, 1–15–18	1,000	993
		1,786
Metal & Glass Containers – 0.1%
BlueScope Steel (Finance) Ltd. and BlueScope Steel Finance (USA) LLC, 7.125%, 5–1–18 (B)	555	587

Movies & Entertainment – 0.4%
News American, Inc., 3.000%, 9–15–22	1,000	961
Viacom, Inc.:
2.500%, 9–1–18	100	101
2.200%, 4–1–19	700	694
		1,756
Multi-Utilities – 0.0%
Origin Energy Finance Ltd., 3.500%, 10–9–18 (B)	200	204
Oil & Gas Drilling – 0.1%
Transocean, Inc., 2.500%, 10–15–17	500	503
Oil & Gas Equipment & Services – 0.2%
National Oilwell Varco, Inc., 1.350%, 12–1–17	250	247
Schlumberger Investment S.A. (GTD by Schlumberger Ltd.), 1.250%, 8–1–17 (B)	500	496
		743
Oil & Gas Exploration & Production – 0.5%
BP Capital Markets plc (GTD by BP plc), 2.241%, 9–26–18	400	403
ConocoPhillips, 1.050%, 12–15–17	400	395
EOG Resources, Inc., 2.500%, 2–1–16	1,000	1,032
ONEOK Partners L.P., 3.200%, 9–15–18	100	103
		1,933
Oil & Gas Storage & Transportation – 0.2%
Buckeye Partners L.P., 2.650%, 11–15–18	400	397
Kinder Morgan Energy Partners L.P., 2.650%, 2–1–19	500	500
		897
Other Diversified Financial Services – 1.6%
BHP Billiton Finance (USA) Ltd. (GTD by BHP Billiton plc and BHP Billiton Ltd.), 2.050%, 9–30–18	100	100
CIT Group, Inc., 3.875%, 2–19–19	1,000	1,011
Citigroup, Inc., 1.250%, 1–15–16	250	251
Daimler Finance North America LLC, 2.375%, 8–1–18 (B)	150	151
Fidelity National Information Services, Inc., 2.000%, 4–15–18	250	244
Fifth Street Finance Corp., 4.875%, 3–1–19	1,300	1,331
JPMorgan Chase & Co.:
1.100%, 10–15–15	500	502
3.450%, 3–1–16	1,000	1,047
3.150%, 7–5–16	500	523
7.900%, 4–29–49	500	565
Total Capital, 2.125%, 8–10–18	300	303
Total Capital Canada Ltd., 1.450%, 1–15–18	200	199
		6,227
Other Non-Agency REMIC/CMO – 0.0%
Banco Hipotecario Nacional:
7.916%, 7–25–09 (B)(D)	17	—	*
8.000%, 3–31–11 (B)(D)	4	—
		—	*
Packaged Foods & Meats – 0.3%
Kraft Foods, Inc., 4.125%, 2–9–16	1,000	1,057
Personal Products – 0.2%
Estee Lauder Co., Inc. (The), 2.350%, 8–15–22	600	559
Kimberly-Clark Corp., 0.356%, 5–15–16 (C)	250	250
		809

Pharmaceuticals – 0.5%
Forest Laboratories, Inc., 5.000%, 12–15–21 (B)	1,258		1,330
Perrigo Co. Ltd., 2.300%, 11–8–18 (B)	945		935
			2,265
Property & Casualty Insurance – 0.1%
Berkshire Hathaway Finance Corp., 2.000%, 8–15–18	250		251
Berkshire Hathaway, Inc., 1.550%, 2–9–18	250		249
			500
Railroads – 0.2%
Burlington Northern Santa Fe LLC, 3.050%, 3–15–22	400		389
Kansas City Southern de Mexico S.A. de C.V., 2.350%, 5–15–20	300		283
Union Pacific Corp., 2.250%, 2–15–19	250		250
			922
Regional Banks – 0.4%
BB&T Corp., 1.450%, 1–12–18	300		296
PNC Bank N.A., 2.200%, 1–28–19	750		748
SunTrust Banks, Inc., 2.350%, 11–1–18	500		500
			1,544
Restaurants – 0.1%
YUM! Brands, Inc., 4.250%, 9–15–15	500		524
Semiconductors – 0.1%
Broadcom Corp., 2.700%, 11–1–18	250		257
Soft Drinks – 0.2%
PepsiCo, Inc., 2.250%, 1–7–19	750		753
Specialty Chemicals – 0.1%
RPM International, Inc., 3.450%, 11–15–22	250		235
Systems Software – 0.0%
CA, Inc., 2.875%, 8–15–18	150		152
Trucking – 0.1%
Ryder System, Inc.:
2.450%, 11–15–18	100		100
2.350%, 2–26–19	400		396
			496
Wireless Telecommunication Service – 0.5%
American Tower Corp., 4.700%, 3–15–22	995		1,040
Crown Castle International Corp., 5.250%, 1–15–23	623		633
Virgin Media Finance plc, 4.875%, 2–15–22	200		180
			1,853
TOTAL CORPORATE DEBT SECURITIES – 20.8%		$	85,290
(Cost: $82,895)
OTHER GOVERNMENT SECURITIES
Canada – 0.1%
TransCanada PipeLines Ltd., 0.750%, 1–15–16	250		250
TOTAL OTHER GOVERNMENT SECURITIES – 0.1%		$	250
(Cost: $250)

UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Mortgage-Backed Obligations – 0.9%
Federal National Mortgage Association Fixed Rate Pass-Through Certificates:
6.000%, 9–1–17	94		98
5.000%, 1–1–18	38		40
5.500%, 4–1–18	4		5
5.000%, 5–1–18	29		31
4.500%, 7–1–18	440		466
7.000%, 9–1–25	61		67
6.500%, 10–1–28	162		184
6.500%, 2–1–29	80		91
7.500%, 4–1–31	78		89
7.000%, 7–1–31	104		121
7.000%, 9–1–31	175		204
6.500%, 2–1–32	357		408
7.000%, 2–1–32	242		278
7.000%, 3–1–32	90		104
7.000%, 7–1–32	146		166
6.000%, 9–1–32	685		771
6.000%, 2–1–33	79		89
5.500%, 5–1–33	191		212
5.500%, 6–1–33	113		126
U.S. Department of Veterans Affairs, Guaranteed REMIC Pass-Through Certificates, Vendee Mortgage Trust, 1997-A Class 3-A, 8.293%, 12–15–26	51		61
			3,611
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 0.9%		$	3,611
(Cost: $3,276)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 2.9%
U.S. Treasury Notes:
0.875%, 1–31–17	1,250		1,252
0.625%, 2–15–17	9,200		9,142
0.625%, 5–31–17	1,500		1,483
			11,877
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 2.9%		$	11,877
(Cost: $11,909)
SHORT-TERM SECURITIES
Commercial Paper – 0.6%
Sysco Corp., 0.070%, 4–1–14 (E)	2,325		2,325
Master Note – 0.7%
Toyota Motor Credit Corp., 0.099%, 4–2–14 (F)	2,986		2,986
TOTAL SHORT-TERM SECURITIES – 1.3%		$	5,311
(Cost: $5,311)
TOTAL INVESTMENT SECURITIES – 99.5%		$	408,131
(Cost: $306,513)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.5%			2,020
NET ASSETS – 100.0%		$	410,151

Notes to Schedule of Investments

* Not shown due to rounding.

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

(B) Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2014, the total value of these securities amounted to $14,252 or 3.5% of net assets.

(C) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2014.

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

(E) Rate shown is the yield to maturity at March 31, 2014.

(F) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2014. 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 March 31, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	301,792	$	—	$	—
Corporate Debt Securities		—		85,290		—	*
Other Government Securities		—		250		—
United States Government Agency Obligations		—		3,611		—
United States Government Obligations		—		11,877		—
Short-Term Securities		—		5,311		—
Total	$	301,792	$	106,339	$	—	*

There were no transfers between any levels during the period ended March 31, 2014.

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 March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	306,513
Gross unrealized appreciation		102,857
Gross unrealized depreciation		(1,239	)
Net unrealized appreciation	$	101,618

SCHEDULE OF INVESTMENTS Bond (in thousands) MARCH 31, 2014 (UNAUDITED)

CORPORATE DEBT SECURITIES	Principal		Value
Aerospace & Defense – 1.2%
Bombardier, Inc.,
7.500%, 3–15–18 (A)	$	3,275	$	3,693
Apparel Retail – 2.6%
Limited Brands, Inc.:
8.500%, 6–15–19		3,485		4,216
7.000%, 5–1–20		1,000		1,140
5.625%, 2–15–22		2,665		2,815
				8,171
Automobile Manufacturers – 1.5%
General Motors Co.,
3.500%, 10–2–18 (A)		1,500		1,528
Hyundai Capital America,
2.875%, 8–9–18 (A)		3,000		3,058
				4,586
Brewers – 1.2%
SABMiller plc,
6.500%, 7–15–18 (A)		3,000		3,518
Broadcasting – 2.4%
CBS Corp.,
8.875%, 5–15–19		3,500		4,488
Discovery Communications LLC,
3.300%, 5–15–22		3,000		2,926
				7,414
Cable & Satellite – 1.8%
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc.,
3.800%, 3–15–22		2,500		2,474
Time Warner, Inc.,
4.750%, 3–29–21		3,000		3,283
				5,757
Coal & Consumable Fuels – 1.8%
Joy Global, Inc.,
6.000%, 11–15–16		3,230		3,593
Peabody Energy Corp.,
6.500%, 9–15–20		2,000		2,065
				5,658
Consumer Finance – 1.3%
Ford Motor Credit Co. LLC,
4.250%, 9–20–22		4,000		4,123
Data Processing & Outsourced Services – 1.5%
Alliance Data Systems Corp.,
5.250%, 12–1–17 (A)		4,500		4,714
Department Stores – 1.0%
Macy’s Retail Holdings, Inc.,
3.875%, 1–15–22		3,000		3,093
Distributors – 1.0%
QVC, Inc.,
5.125%, 7–2–22		3,000		3,113
Diversified Banks – 2.4%
Bank of America Corp.:
5.650%, 5–1–18		2,000		2,261
7.625%, 6–1–19		2,000		2,462
HSBC Holdings plc,
5.100%, 4–5–21		2,500		2,795
				7,518

Diversified Chemicals – 1.4%
Dow Chemical Co. (The),
8.550%, 5–15–19	3,500	4,483
Diversified Metals & Mining – 1.1%
Rio Tinto Finance (USA) Ltd.,
3.750%, 9–20–21	3,500	3,605
Electric Utilities – 1.0%
Detroit Edison Co. (The),
3.900%, 6–1–21	3,000	3,188
Electronic Equipment & Instruments – 1.3%
Xerox Corp.,
6.350%, 5–15–18	3,452	3,990
Electronic Manufacturing Services – 1.8%
Jabil Circuit, Inc.:
7.750%, 7–15–16	2,000	2,270
8.250%, 3–15–18	3,150	3,764
		6,034
Environmental & Facilities Services – 2.2%
Republic Services, Inc.,
4.750%, 5–15–23	3,000	3,200
Waste Management, Inc.,
4.600%, 3–1–21	3,600	3,906
		7,106
Food Distributors – 0.3%
Wm. Wrigley Jr. Co.,
3.375%, 10–21–20 (A)	1,000	1,010
Food Retail – 0.8%
Kroger Co. (The),
6.800%, 12–15–18	2,245	2,666
Forest Products – 1.5%
Georgia-Pacific LLC,
5.400%, 11–1–20 (A)	4,000	4,487
Health Care Services – 1.2%
Medco Health Solutions, Inc.,
4.125%, 9–15–20	3,500	3,681
Health Care Supplies – 0.8%
DENTSPLY International, Inc.,
4.125%, 8–15–21	2,500	2,562
Homebuilding – 1.2%
Toll Brothers Finance Corp.,
4.375%, 4–15–23	4,055	3,903
Hotels, Resorts & Cruise Lines – 0.4%
Marriott International, Inc.,
3.375%, 10–15–20	1,277	1,288
Household Products – 0.9%
Procter & Gamble Co. (The),
8.000%, 9–1–24	2,000	2,779
Industrial Conglomerates – 0.8%
WESCO Distribution, Inc.,
5.375%, 12–15–21 (A)	2,375	2,428
Industrial Machinery – 1.3%
Ingersoll-Rand Global Holding Co. Ltd.,
2.875%, 1–15–19 (A)	4,000	3,989

Integrated Telecommunication Services – 1.2%
Telefonos de Mexico, S.A.B de C.V. (GTD by America Movil S.A.B. de C.V.),
5.500%, 11–15–19	3,500	3,902
Investment Banking & Brokerage – 1.3%
Goldman Sachs Group, Inc. (The),
6.000%, 6–15–20	3,500	4,020
Multi–Utilities – 3.0%
Dominion Resources, Inc., Series F,
5.250%, 8–1–33	2,500	2,748
Duke Energy Indiana, Inc.,
3.750%, 7–15–20	3,000	3,159
NorthWestern Corp.,
6.340%, 4–1–19	3,000	3,481
		9,388
Oil & Gas Equipment & Services – 0.8%
Enterprise Products Operating LLC (GTD by Enterprise Products Partners L.P.),
6.500%, 1–31–19	2,000	2,366
Oil & Gas Exploration & Production – 2.3%
EQT Corp.,
8.125%, 6–1–19	3,494	4,265
Plains Exploration & Production Co.,
6.125%, 6–15–19	3,000	3,311
		7,576
Oil & Gas Storage & Transportation – 2.2%
Copano Energy LLC and Copano Energy Finance Corp.,
7.125%, 4–1–21	984	1,118
Maritimes & Northeast Pipeline LLC,
7.500%, 5–31–14 (A)	3,291	3,320
Tennessee Gas Pipeline Co.,
7.000%, 3–15–27	2,000	2,437
		6,875
Other Diversified Financial Services – 1.3%
JPMorgan Chase & Co.,
6.000%, 1–15–18	3,500	4,018
Pharmaceuticals – 0.4%
Mylan, Inc.,
2.550%, 3–28–19	1,300	1,286
Property & Casualty Insurance – 1.0%
Berkshire Hathaway, Inc.,
3.750%, 8–15–21	3,000	3,180
Railroads – 0.9%
Burlington Northern Santa Fe LLC,
3.050%, 3–15–22	3,000	2,915
Systems Software – 1.1%
CA, Inc.,
5.375%, 12–1–19	3,000	3,356
Trucking – 0.6%
Penske Truck Leasing Co. L.P.,
2.875%, 7–17–18 (A)	2,000	2,032
Water Utilities – 0.7%
California Water Service Co.,
5.875%, 5–1–19	2,000	2,231
Wireless Telecommunication Service – 1.4%
American Tower Corp.,
4.700%, 3–15–22	3,000	3,135
Crown Castle International Corp.,
5.250%, 1–15–23	1,027	1,044
		4,179

TOTAL CORPORATE DEBT SECURITIES – 55.9%		$	175,881
(Cost: $168,214)
MORTGAGE–BACKED SECURITIES
Non-Agency REMIC/CMO – 0.7%
MASTR Adjustable Rate Mortgage Trust 2005-1,
3.365%, 3–25–35 (B)	1,985		196
Merrill Lynch Mortgage Trust 2005-CIP1,
4.949%, 7–12–38 (B)	2,000		2,016
Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2004–1,
2.442%, 2–25–34 (B)	488		57
Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2004-3AC,
2.373%, 3–25–34 (B)	945		65
			2,334
TOTAL MORTGAGE-BACKED SECURITIES – 0.7%		$	2,334
(Cost: $5,360)
MUNICIPAL BONDS
Massachusetts – 0.9%
Cmnwlth of MA, Fed Hwy Grant Anticipation Notes (Accelerated Bridge Prog), Ser 2010A,
4.285%, 12–15–18	2,500		2,752
New York – 1.7%
NYC Indl Dev Agy, Rental Rev Bonds (Yankee Stadium Proj), Ser 2009,
11.000%, 3–1–29 (A)	4,000		5,564
TOTAL MUNICIPAL BONDS – 2.6%		$	8,316
(Cost: $6,581)
OTHER GOVERNMENT SECURITIES
Canada – 0.6%
Province de Quebec,
7.140%, 2–27–26	1,500		1,963
Israel – 1.0%
State of Israel,
4.000%, 6–30–22	3,000		3,132
TOTAL OTHER GOVERNMENT SECURITIES – 1.6%		$	5,095
(Cost: $4,506)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Agency Obligations – 4.2%
Federal Home Loan Bank:
2.000%, 2–14–28 (B)	10,000		9,032
Federal National Mortgage Association,
1.500%, 4–25–28	4,750		4,266
			13,298
Mortgage-Backed Obligations – 26.0%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO:
4.000%, 6–15–26	4,799		5,118
4.500%, 6–15–27	603		621
4.000%, 11–15–36	1,372		1,440
4.500%, 9–15–37	1,409		1,455
4.500%, 8–15–39	1,980		2,081
Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates:
4.186%, 12–25–20	4,000		4,342
5.000%, 6–1–23	1,277		1,381
4.000%, 7–1–25	1,886		1,997
3.000%, 1–1–33	941		933

Federal Home Loan Mortgage Corp. Fixed Rate Pass-Through Certificates:
3.000%, 8–1–28	4,812		4,903
3.000%, 9–1–28	4,802		4,905
3.500%, 10–1–28	5,217		5,423
Federal National Mortgage Association Agency REMIC/CMO:
5.000%, 6–25–18	896		950
3.000%, 2–25–25	3,931		3,984
5.500%, 11–25–36 (C)	1,941		333
5.500%, 4–25–37	1,046		1,127
4.000%, 5–25–39	1,271		1,322
4.500%, 6–25–40	1,181		1,266
Federal National Mortgage Association Fixed Rate Pass-Through Certificates:
5.432%, 2–1–16	1,889		2,018
5.508%, 4–1–17	3,500		3,794
4.500%, 9–1–19	962		1,019
4.530%, 12–1–19	7,664		8,412
5.500%, 10–1–21	1,801		1,958
6.000%, 6–1–22	1,264		1,403
6.000%, 9–1–22	2,055		2,295
5.000%, 9–1–23	1,395		1,499
3.000%, 7–1–28	4,753		4,848
5.500%, 2–1–35	1,216		1,358
Government National Mortgage Association Agency REMIC/CMO:
2.500%, 9–20–40	4,452		4,491
2.000%, 3–16–42	5,447		5,313
0.360%, 6–17–45 (B)(C)	173		3
			81,992
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 30.2%		$	95,290
(Cost: $98,201)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 4.6%
U.S. Treasury Notes:
2.125%, 8–15–21 (D)	10,000		9,828
2.000%, 2–15–23	5,000		4,755
			14,583
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 4.6%		$	14,583
(Cost: $15,025)
SHORT–TERM SECURITIES
Commercial Paper – 2.4%
Bemis Company, Inc.,
0.230%, 4–3–14 (E)	3,000		3,000
Kroger Co. (The),
0.190%, 4–1–14 (E)	4,544		4,544
			7,544
Master Note – 1.1%
Toyota Motor Credit Corp.,
0.099%, 4–2–14 (F)	3,376		3,376
TOTAL SHORT–TERM SECURITIES – 3.5%		$	10,920
(Cost: $10,920)
TOTAL INVESTMENT SECURITIES – 99.1%		$	312,419
(Cost: $308,807)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.9%			2,729
NET ASSETS – 100.0%		$	315,148

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 March 31, 2014, the total value of these securities amounted to $39,341 or 12.5% of net assets.

(B) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2014.

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

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

(E) Rate shown is the yield to maturity at March 31, 2014.

(F) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2014. Date shown represents the date that the variable rate resets.

The following futures contracts were outstanding at March 31, 2014 (contracts unrounded):

Description	Type		Expiration Date		Number of Contracts		Market Value			Unrealized Depreciation
U.S. Treasury Long Bond		Short		6-30-14		275	$	(36,635	)	$	(321	)

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 March 31, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Corporate Debt Securities	$	—	$	165,631	$	10,250
Mortgage-Backed Securities		—		2,334		—
Municipal Bonds		—		8,316		—
Other Government Securities		—		5,095		—
United States Government Agency Obligations		—		95,290		—
United States Government Obligations		—		14,583		—
Short-Term Securities		—		10,920		—
Total	$	—	$	302,169	$	10,250
Liabilities
Futures Contracts	$	321	$	—	$	—

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

	Corporate Debt Securities
Beginning Balance 1-1-14	$	—
Net realized gain (loss)		—
Net change in unrealized appreciation (depreciation)		139
Purchases		—
Sales		—
Amortization/Accretion of premium/discount		(43	)
Transfers into Level 3 during the period		10,154
Transfers out of Level 3 during the period		—
Ending Balance 3-31-14	$	10,250
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 3-31-14	$	139

Transfers from Level 2 to Level 3 occurred primarily 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 primarily 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 March 31, 2014.

Information about Level 3 fair value measurements:

	Fair Value at 3-31-14		Valuation Technique(s)	Unobservable Input(s)
Assets
Corporate Debt Securities	$	10,250	Broker	Broker quotes

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 March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	308,807
Gross unrealized appreciation		11,354
Gross unrealized depreciation		(7,742	)
Net unrealized appreciation	$	3,612

SCHEDULE OF INVESTMENTS Core Equity (in thousands) MARCH 31, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Apparel Retail – 0.9%
Limited Brands, Inc.		79	$	4,496
Apparel, Accessories & Luxury Goods – 1.8%
Polo Ralph Lauren Corp.		56		8,996
Application Software – 2.9%
Adobe Systems, Inc. (A)		222		14,607
Biotechnology – 3.9%
Alexion Pharmaceuticals, Inc. (A)		68		10,284
Biogen Idec, Inc. (A)		30		9,298
				19,582
Brewers – 3.1%
Anheuser-Busch InBev S.A. ADR		143		15,026
Broadcasting – 2.6%
CBS Corp., Class B		207		12,769
Cable & Satellite – 4.4%
Comcast Corp., Class A		250		12,526
Time Warner Cable, Inc.		69		9,452
				21,978
Casinos & Gaming – 1.0%
Las Vegas Sands, Inc.		61		4,911
Construction & Farm Machinery & Heavy Trucks – 2.4%
Cummins, Inc.		80		11,949
Consumer Electronics – 1.7%
Harman International Industries, Inc.		79		8,427
Data Processing & Outsourced Services – 4.3%
Alliance Data Systems Corp. (A)		19		5,177
MasterCard, Inc., Class A		211		15,754
				20,931
Diversified Banks – 4.1%
Bank of America Corp.		1,172		20,156
Diversified Chemicals – 4.3%
Dow Chemical Co. (The)		274		13,313
PPG Industries, Inc.		41		7,971
				21,284
Home Improvement Retail – 1.7%
Home Depot, Inc. (The)		109		8,609
Hypermarkets & Super Centers – 1.5%
Costco Wholesale Corp.		68		7,546
Industrial Machinery – 8.2%
Flowserve Corp.		138		10,787
Pall Corp.		153		13,716
Pentair, Inc.		202		16,058
				40,561
Internet Retail – 1.2%
Amazon.com, Inc. (A)		18		5,923
Internet Software & Services – 1.9%
Facebook, Inc., Class A (A)		157		9,440

Motorcycle Manufacturers – 2.8%
Harley-Davidson, Inc.		212		14,117
Movies & Entertainment – 2.7%
Twenty-First Century Fox, Inc.		428		13,319
Multi-Line Insurance – 3.3%
American International Group, Inc.		326		16,318
Oil & Gas Exploration & Production – 3.6%
Cabot Oil & Gas Corp.		89		3,002
Noble Energy, Inc.		210		14,909
				17,911
Oil & Gas Refining & Marketing – 2.9%
Phillips 66		189		14,589
Other Diversified Financial Services – 3.0%
Citigroup, Inc.		316		15,046
Packaged Foods & Meats – 1.4%
Mead Johnson Nutrition Co.		86		7,175
Pharmaceuticals – 5.3%
Bristol-Myers Squibb Co.		221		11,460
Pfizer, Inc.		116		3,710
Shire Pharmaceuticals Group plc ADR		74		11,036
				26,206
Railroads – 5.9%
Canadian Pacific Railway Ltd.		131		19,676
Kansas City Southern		95		9,737
				29,413
Research & Consulting Services – 1.6%
Nielsen Holdings N.V.		177		7,891
Restaurants – 3.0%
Chipotle Mexican Grill, Inc., Class A (A)		13		7,441
YUM! Brands, Inc.		97		7,313
				14,754
Semiconductor Equipment – 3.6%
Applied Materials, Inc.		888		18,127
Semiconductors – 2.3%
Texas Instruments, Inc.		244		11,509
Specialty Chemicals – 1.7%
LyondellBasell Industries N.V., Class A		94		8,378
Tobacco – 2.6%
Philip Morris International, Inc.		156		12,753
TOTAL COMMON STOCKS – 97.6%			$	484,697
(Cost: $364,714)
SHORT-TERM SECURITIES		Principal
Commercial Paper – 1.0%
Danaher Corp.,
0.090%, 4–11–14 (B)	$	5,000		5,000
Master Note – 0.7%
Toyota Motor Credit Corp.,
0.099%, 4–2–14 (C)		3,380		3,380
TOTAL SHORT-TERM SECURITIES – 1.7%			$	8,380
(Cost: $8,380)

TOTAL INVESTMENT SECURITIES – 99.3%	$	493,077
(Cost: $373,094)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.7%		3,592
NET ASSETS – 100.0%	$	496,669

Notes to Schedule of Investments

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

(B) Rate shown is the yield to maturity at March 31, 2014.

(C) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2014. 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 March 31, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	484,697	$	—	$	—
Short-Term Securities		—		8,380		—
Total	$	484,697	$	8,380	$	—

As of March 31, 2014, 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 March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	373,094
Gross unrealized appreciation		120,793
Gross unrealized depreciation		(810	)
Net unrealized appreciation	$	119,983

SCHEDULE OF INVESTMENTS Dividend Opportunities (in thousands) MARCH 31, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Advertising – 1.7%
Omnicom Group, Inc. (A)		114	$	8,269
Aerospace & Defense – 6.4%
Boeing Co. (The)		76		9,582
Honeywell International, Inc.		118		10,988
Lockheed Martin Corp.		50		8,178
Meggitt plc (B)		252		2,016
				30,764
Apparel Retail – 2.1%
Limited Brands, Inc.		175		9,935
Asset Management & Custody Banks – 1.3%
Northern Trust Corp.		98		6,445
Auto Parts & Equipment – 1.9%
Allison Transmission Holdings, Inc.		310		9,292
Brewers – 3.2%
Anheuser-Busch InBev S.A. ADR		145		15,284
Cable & Satellite – 3.9%
Comcast Corp., Class A		216		10,782
Time Warner Cable, Inc.		57		7,812
				18,594
Casinos & Gaming – 2.9%
Wynn Resorts Ltd.		62		13,691
Communications Equipment – 1.0%
Cisco Systems, Inc.		219		4,909
Computer Hardware – 1.4%
Apple, Inc.		13		6,763
Construction & Farm Machinery & Heavy Trucks – 1.7%
Caterpillar, Inc.		81		8,009
Data Processing & Outsourced Services – 2.6%
Paychex, Inc.		131		5,593
Visa, Inc., Class A		31		6,768
				12,361
Distillers & Vintners – 1.8%
Diageo plc ADR		71		8,821
Diversified Banks – 2.6%
Wells Fargo & Co.		253		12,607
Diversified Chemicals – 3.9%
Dow Chemical Co. (The)		180		8,746
PPG Industries, Inc.		53		10,166
				18,912
Home Improvement Retail – 2.4%
Home Depot, Inc. (The)		147		11,640
Household Products – 1.6%
Colgate-Palmolive Co.		122		7,916

Industrial Machinery – 3.8%
Eaton Corp.	109	8,222
Pentair, Inc.	128	10,151
		18,373
Integrated Oil & Gas – 3.5%
Exxon Mobil Corp.	90	8,762
Occidental Petroleum Corp.	84	8,014
		16,776
Integrated Telecommunication Services – 1.5%
Verizon Communications, Inc.	153	7,295
Investment Banking & Brokerage – 2.0%
Goldman Sachs Group, Inc. (The)	59	9,741
Oil & Gas Equipment & Services – 4.4%
National Oilwell Varco, Inc.	95	7,421
Schlumberger Ltd.	139	13,567
		20,988
Oil & Gas Storage & Transportation – 4.6%
Energy Transfer Equity L.P.	142	6,657
MarkWest Energy Partners L.P.	122	7,968
Phillips 66 Partners L.P.	42	2,045
Plains GP Holdings L.P., Class A	202	5,658
		22,328
Other Diversified Financial Services – 3.9%
JPMorgan Chase & Co.	301	18,298
Packaged Foods & Meats – 1.6%
Mead Johnson Nutrition Co.	90	7,491
Pharmaceuticals – 10.6%
Bristol-Myers Squibb Co.	247	12,841
GlaxoSmithKline plc ADR	150	8,020
Johnson & Johnson	109	10,673
Merck & Co., Inc.	135	7,653
Pfizer, Inc.	364	11,684
		50,871
Property & Casualty Insurance – 2.2%
ACE Ltd.	106	10,510
Railroads – 3.0%
Union Pacific Corp.	76	14,228
Research & Consulting Services – 1.4%
Nielsen Holdings N.V.	155	6,922
Semiconductor Equipment – 2.2%
Applied Materials, Inc.	527	10,771
Semiconductors – 7.3%
Analog Devices, Inc.	143	7,623
Microchip Technology, Inc.	367	17,549
Texas Instruments, Inc.	201	9,498
		34,670
Specialty Chemicals – 1.7%
LyondellBasell Industries N.V., Class A	92	8,165

Tobacco – 2.3%
Philip Morris International, Inc.		134		11,000
TOTAL COMMON STOCKS – 98.4%			$	472,639
(Cost: $358,980)
SHORT-TERM SECURITIES	Principal
Commercial Paper – 0.5%
Ecolab, Inc., 0.200%, 4–25–14 (C)	$	2,703		2,703
Master Note – 0.5%
Toyota Motor Credit Corp., 0.099%, 4–2–14 (D)		2,189		2,189
Municipal Obligations-Taxable – 0.4%
MS Business Fin Corp., Gulf Opp Zone Indl Dev Rev Bonds (Chevron USA, Inc. Proj), Ser 2007B (GTD by Chevron Corp.), 0.070%, 4–1–14 (D)		1,515		1,515
MS Business Fin Corp., Gulf Opp Zone Indl Dev Var Rev Bonds (Chevron USA, Inc. Proj), Ser E (GTD by Chevron Corp.), 0.070%, 4–1–14 (D)		379		379
				1,894
TOTAL SHORT-TERM SECURITIES – 1.4%			$	6,786
(Cost: $6,786)
TOTAL INVESTMENT SECURITIES – 99.8%			$	479,425
(Cost: $365,766)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.2%				880
NET ASSETS – 100.0%			$	480,305

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) Rate shown is the yield to maturity at March 31, 2014.

(D) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2014. 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 March 31, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	472,639	$	—	$	—
Short-Term Securities		—		6,786		—
Total	$	472,639	$	6,786	$	—

There were no transfers between any levels during the period ended March 31, 2014.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

GTD = Guaranteed

For Federal income tax purposes, cost of investments owned at March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	365,766
Gross unrealized appreciation		114,324
Gross unrealized depreciation		(665	)
Net unrealized appreciation	$	113,659

SCHEDULE OF INVESTMENTS Energy (in thousands) MARCH 31, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Coal & Consumable Fuels – 1.3%
Cameco Corp.		38	$	867
Peabody Energy Corp.		34		550
				1,417
Construction & Engineering – 3.4%
Fluor Corp.		36		2,822
Jacobs Engineering Group, Inc. (A)		15		978
				3,800
Industrial Machinery – 2.1%
Flowserve Corp.		30		2,346
Integrated Oil & Gas – 6.6%
Chevron Corp.		8		981
Exxon Mobil Corp.		20		1,988
Occidental Petroleum Corp.		28		2,649
Royal Dutch Shell plc, Class A (B)		15		538
Suncor Energy, Inc.		32		1,126
				7,282
Oil & Gas Drilling – 5.4%
Helmerich & Payne, Inc.		20		2,146
Nabors Industries Ltd.		60		1,479
Patterson-UTI Energy, Inc.		74		2,352
				5,977
Oil & Gas Equipment & Services – 31.1%
Baker Hughes, Inc.		53		3,453
Basic Energy Services, Inc. (A)		72		1,975
Cameron International Corp. (A)		27		1,640
Core Laboratories N.V.		22		4,425
Dril-Quip, Inc. (A)		22		2,455
FMC Technologies, Inc. (A)		25		1,320
Forum Energy Technologies, Inc. (A)		62		1,933
Frank’s International N.V.		18		434
Halliburton Co.		83		4,910
National Oilwell Varco, Inc.		22		1,733
Oceaneering International, Inc.		8		575
Schlumberger Ltd.		53		5,206
Superior Energy Services, Inc.		56		1,709
Weatherford International Ltd. (A)		148		2,567
				34,335
Oil & Gas Exploration & Production – 29.1%
Anadarko Petroleum Corp.		19		1,602
Antero Resources Corp. (A)		18		1,133
Athlon Energy, Inc. (A)		33		1,182
Bonanza Creek Energy, Inc. (A)		33		1,481
Cabot Oil & Gas Corp.		83		2,822
Canadian Natural Resources Ltd.		53		2,014
Cimarex Energy Co.		23		2,686
CNOOC Ltd. ADR		5		767
Concho Resources, Inc. (A)		9		1,041
ConocoPhillips		14		957
Continental Resources, Inc. (A)		18		2,293
EOG Resources, Inc.		16		3,089
Gulfport Energy Corp. (A)		25		1,751
Noble Energy, Inc.		35		2,490
Oasis Petroleum LLC (A)		11		472
Pioneer Natural Resources Co.		6		1,048
Rice Energy, Inc. (A)		48		1,275
RSP Permian, Inc. (A)		39		1,118
Southwestern Energy Co. (A)		65		2,995
				32,216

Oil & Gas Refining & Marketing – 6.8%
Marathon Petroleum Corp.		24		2,089
Marathon Petroleum Corp. L.P.		32		1,543
Phillips 66		21		1,603
Tesoro Corp.		23		1,179
Valero Energy Corp.		21		1,128
				7,542
Oil & Gas Storage & Transportation – 9.7%
Enbridge, Inc.		27		1,224
Energy Transfer Equity L.P.		33		1,522
MarkWest Energy Partners L.P.		27		1,780
Phillips 66 Partners L.P.		35		1,690
Plains GP Holdings L.P., Class A		30		837
Targa Resources Corp.		18		1,781
Valero Energy Partners L.P.		21		820
Williams Co., Inc. (The)		28		1,126
				10,780
Railroads – 1.4%
Canadian Pacific Railway Ltd.		10		1,527
Specialized Finance – 0.9%
CME Group, Inc.		13		988
TOTAL COMMON STOCKS – 97.8%			$	108,210
(Cost: $85,956)
SHORT-TERM SECURITIES	Principal
Commercial Paper – 3.8%
Ecolab, Inc., 0.200%, 4–25–14 (C)	$	2,295		2,295
Kellogg Co., 0.270%, 5–23–14 (C)		2,000		1,999
				4,294
Master Note – 2.3%
Toyota Motor Credit Corp., 0.099%, 4–2–14 (D)		2,501		2,501
TOTAL SHORT-TERM SECURITIES – 6.1%			$	6,795
(Cost: $6,795)
TOTAL INVESTMENT SECURITIES – 103.9%			$	115,005
(Cost: $92,751)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (3.9%)				(4,338	)
NET ASSETS – 100.0%			$	110,667

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) Rate shown is the yield to maturity at March 31, 2014.

(D) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2014. 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 March 31, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	108,210	$	—	$	—
Short-Term Securities		—		6,795		—
Total	$	108,210	$	6,795	$	—

There were no transfers between any levels during the period ended March 31, 2014.

The following acronym is used throughout this schedule:

ADR = American Depositary Receipts

For Federal income tax purposes, cost of investments owned at March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	92,751
Gross unrealized appreciation		23,502
Gross unrealized depreciation		(1,248	)
Net unrealized appreciation	$	22,254

SCHEDULE OF INVESTMENTS Global Bond (in thousands) MARCH 31, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Finance – 1.3%
Banco Latinoamericano de Comercio Exterior S.A.		9	$	235
Diversified Chemicals – 0.5%
Dow Chemical Co. (The)		2		84
Electric Utilities – 1.8%
Alupar Investimento S.A. (A)(B)		11		87
PPL Corp.		4		119
Transmissora Alianca de Energia Eletrica S.A. (B)		10		86
				292
Integrated Oil & Gas – 0.9%
Royal Dutch Shell plc, Class A (B)		5		171
Oil & Gas Drilling – 0.7%
Seadrill Partners LLC		4		114
Pharmaceuticals – 1.6%
Bristol-Myers Squibb Co.		3		130
GlaxoSmithKline plc (B)		6		153
				283
Semiconductors – 0.7%
Intel Corp.		4		116
Water Utilities – 0.1%
Aguas Andinas S.A. (B)		34		22
TOTAL COMMON STOCKS – 7.6%			$	1,317
(Cost: $1,171)
CORPORATE DEBT SECURITIES	Principal
Aerospace & Defense – 1.0%
Bombardier, Inc.,
7.500%, 3–15–18 (C)	$	50		56
Embraer Overseas Ltd.,
6.375%, 1–24–17		100		111
				167
Agricultural Products – 1.2%
CCL Finance Ltd.,
9.500%, 8–15–14		100		103
Corporacion Pesquera Inca S.A.C.,
9.000%, 2–10–17		100		101
				204
Airlines – 2.4%
Aeropuertos Argentina 2000 S.A.,
10.750%, 12–1–20 (C)		50		50
Guanay Finance Ltd.,
6.000%, 12–15–20 (C)		250		263
TAM Capital 2, Inc.,
9.500%, 1–29–20 (C)		100		107
				420
Auto Parts & Equipment – 1.2%
Schaeffler Holding Finance B.V.,
6.875%, 8–15–18 (C)(D)		200		213
Broadcasting – 1.8%
Globo Comunicacoe e Participacoes S.A.,
6.250%, 12–20–49 (E)		300		316
Cable & Satellite – 2.0%
Net Servicos de Comunicacao S.A.,
7.500%, 1–27–20		120		130

VTR Finance B.V.,
6.875%, 1–15–24 (C)		200	208
			338
Coal & Consumable Fuels – 1.8%
PT Adaro Indonesia:
7.625%, 10–22–19 (C)		200	213
7.625%, 10–22–19		100	106
			319
Construction & Engineering – 2.9%
OAS Investments GmbH,
8.250%, 10–19–19 (C)		200	201
Odebrecht Drilling Norbe VII/IX Ltd.,
6.350%, 6–30–21 (C)		113	117
Odebrecht Offshore Drilling Finance,
6.750%, 10–1–22 (C)		195	201
			519
Construction Materials – 1.3%
CEMEX S.A.B. de C.V.,
9.000%, 1–11–18 (C)		200	218
Consumer Finance – 0.6%
Financiera Independencia, S.A.B. de C.V., Sociedad Financiera de Objeto Multiple, Entidad No Regulada,
10.000%, 3–30–15		100	103
Diversified Banks – 5.2%
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	17
Banco de Credito del Peru,
4.750%, 3–16–16 (C)		100	106
Bancolombia S.A.,
4.250%, 1–12–16		100	104
HBOS Capital Funding No. 2 L.P.,
6.071%, 6–29–49 (C)		64	64
Societe Generale N.A.,
5.922%, 4–29–49 (C)		100	106
State Bank of India,
4.500%, 10–23–14		100	102
VTB Capital S.A.,
6.000%, 4–12–17 (C)		200	206
			913
Diversified Metals & Mining – 3.1%
Glencore Funding LLC,
6.000%, 4–15–14 (C)		60	60
Suzano Trading Ltd.,
5.875%, 1–23–21 (C)		100	101
Uralkali Finance Ltd.,
3.723%, 4–30–18 (C)		200	189
Vedanta Resources plc,
6.000%, 1–31–19 (C)		200	200
			550
Electric Utilities – 3.4%
Emgesa S.A. E.S.P.,
8.750%, 1–25–21 (G)		COP302,000	162
Listrindo Capital B.V.,
6.950%, 2–21–19 (C)	$	200	211
Majapahit Holding B.V.,
7.750%, 10–17–16		100	113
Rural Electrification Corp. Ltd.,
4.250%, 1–25–16		100	103
			589
Food Distributors – 1.2%
Olam International Ltd.,
7.500%, 8–12–20		100	107

Olam International Ltd., Convertible,
6.000%, 10–15–16		100	108
			215
Household Appliances – 0.4%
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 – 0.6%
China Resources Power Holdings Co. Ltd.,
3.750%, 8–3–15		100	102
Industrial Conglomerates – 0.6%
Rearden G Holdings EINS GmbH,
7.875%, 3–30–20 (C)		100	104
Integrated Oil & Gas – 1.4%
Petrobras Global Finance (GTD by Petroleo Brasileiro S.A.),
4.875%, 3–17–20		250	251
Integrated Telecommunication Services – 2.4%
TBG Global Pte. Ltd.,
4.625%, 4–3–18 (C)		200	198
Verizon Communications, Inc.,
3.650%, 9–14–18		200	213
			411
IT Consulting & Other Services – 1.2%
iGATE Corp.,
4.750%, 4–15–19 (C)		200	201
Marine – 1.1%
SCF Capital Ltd.,
5.375%, 10–27–17		200	188
Oil & Gas Drilling – 3.6%
Lancer Finance Co. (SPV) Ltd.,
5.850%, 12–12–16 (C)		44	44
Noble Group Ltd.,
4.875%, 8–5–15		100	103
Oro Negro Drilling Pte. Ltd.,
7.500%, 1–24–19 (C)		200	201
QGOG Atlantic/Alaskan Rigs Ltd.,
5.250%, 7–30–18 (C)		272	281
			629
Oil & Gas Exploration & Production – 3.5%
Novatek Finance Ltd.,
5.326%, 2–3–16 (C)		200	205
Pacific Rubiales Energy Corp.:
5.375%, 1–26–19 (C)		100	104
7.250%, 12–12–21 (C)		100	110
Pan American Energy LLC,
7.875%, 5–7–21		100	102
YPF Sociedad Anonima,
8.875%, 12–19–18 (C)		80	84
			605
Oil & Gas Refining & Marketing – 1.3%
Offshore Drilling Holding S.A.,
8.375%, 9–20–20 (C)		200	218
Oil & Gas Storage & Transportation – 0.8%
Empresas Publicas de Medellin E.S.P.,
8.375%, 2–1–21 (G)		COP274,000	145
Other Diversified Financial Services – 1.9%
MTS International Funding Ltd.,
5.000%, 5–30–23 (C)	$	350	324
Packaged Foods & Meats – 3.8%
BFF International Ltd.:
7.250%, 1–28–20		100	113
8.500%, 4–27–71		200	203
Bunge Limited Finance Corp.,
5.350%, 4–15–14		25	25

JBS Finance II Ltd.,
8.250%, 1–29–18 (C)		100		107
JBS Investments GmbH (GTD by JBS S.A. and JBS Hungary Holdings Kft.),
7.750%, 10–28–20 (C)		200		211
				659
Paper Products – 1.3%
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		194
				220
Regional Banks – 1.1%
OJSC Russian Agricultural Bank,
5.100%, 7–25–18 (C)		200		195
Restaurants – 0.6%
Arcos Dorados Holdings, Inc.,
10.250%, 7–13–16 (G)		BRL250		101
Steel – 1.7%
Evraz Group S.A.,
7.400%, 4–24–17	$	200		196
Steel Capital S.A.,
6.700%, 10–25–17		100		104
				300
Wireless Telecommunication Service – 2.1%
American Tower Corp.,
3.400%, 2–15–19		125		128
Indosat Palapa Co. B.V.,
7.375%, 7–29–20 (C)		100		109
VimpleCom Holdings B.V.,
9.000%, 2–13–18 (C)(G)		RUB5,000		136
				373
TOTAL CORPORATE DEBT SECURITIES – 58.5%			$	10,188
(Cost: $10,177)
OTHER GOVERNMENT SECURITIES
Luxembourg – 0.9%
BC Luxco 1 S.A.,
7.375%, 1–29–20	$	150		151
Mexico – 0.1%
Financiera Independencia S.A.B. de C.V., SOFOM, E.N.R.,
10.000%, 3–30–15 (C)		25		26
Russia – 1.1%
Russian Federation,
3.500%, 1–16–19 (C)		200		198
Supranational – 0.3%
Central American Bank for Economic Integration,
5.375%, 9–24–14		58		59
Venezuela – 1.0%
Corporacion Andina de Fomento,
3.750%, 1–15–16		155		162
TOTAL OTHER GOVERNMENT SECURITIES – 3.4%			$	596
(Cost: $595)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 20.3%
U.S. Treasury Notes:
0.875%, 2–28–17		700		700
0.625%, 8–31–17		1,500		1,475
0.750%, 12–31–17		1,250		1,226
1.750%, 5–15–22		145		137
				3,538
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 20.3%			$	3,538
(Cost: $3,598)

SHORT-TERM SECURITIES
Master Note – 10.8%
Toyota Motor Credit Corp.,
0.099%, 4–2–14 (H)	1,881		1,881
TOTAL SHORT-TERM SECURITIES – 10.8%		$	1,881
(Cost: $1,881)
TOTAL INVESTMENT SECURITIES – 100.6%		$	17,520
(Cost: $17,422)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.6%)			(110	)
NET ASSETS – 100.0%		$	17,410

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 March 31, 2014, the total value of these securities amounted to $6,600 or 37.9% of net assets.

(D) Payment-in-kind bonds.

(E) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2014.

(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, COP - Columbian Peso and RUB - Russian Ruble).

(H) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2014. Date shown represents the date that the variable rate resets.

The following forward foreign currency contracts were outstanding at March 31, 2014:

Type	Currency	Counterparty	Principal Amount of Contract (Denominated in Indicated Currency)		Settlement Date		Unrealized Appreciation		Unrealized Depreciation
Sell	British Pound	Barclays Capital, Inc.		174		4-28-14	$	—	$	3

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 tables summarize the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	1,317	$	—	$	—
Corporate Debt Securities		—		10,188		—
Other Government Securities		—		596		—
United States Government Obligations		—		3,538		—
Short-Term Securities		—		1,881		—
Total	$	1,317	$	16,203	$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	3	$	—

During the period ended March 31, 2014, securities totaling $152 were transferred from Level 3 to Level 2 due to the increased availability of observable market data due to increased market activity or information for these securities. There were no transfers between Levels 1 and 2 during the period ended.

For Federal income tax purposes, cost of investments owned at March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	17,422
Gross unrealized appreciation		429
Gross unrealized depreciation		(331	)
Net unrealized appreciation	$	98

SCHEDULE OF INVESTMENTS Global Natural Resources (in thousands) MARCH 31, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Bermuda – 1.1%
Nabors Industries Ltd.		78	$	1,924
Canada – 6.6%
Canadian Natural Resources Ltd.		58		2,206
Canadian Pacific Railway Ltd.		28		4,189
Suncor Energy, Inc.		130		4,551
Yamana Gold, Inc.		98		860
				11,806
China – 0.0%
China Metal Recycling (Holdings) Ltd.		1,900		—	*
Netherlands – 3.4%
Chicago Bridge & Iron Co. N.V., NY Shares		31		2,710
Core Laboratories N.V.		17		3,334
				6,044
Switzerland – 3.6%
Pentair, Inc.		22		1,742
Weatherford International Ltd. (A)		267		4,633
				6,375
United Kingdom – 6.1%
BHP Billiton plc		147		4,530
Randgold Resources Ltd. ADR		13		979
Rio Tinto plc		96		5,324
				10,833
United States – 77.0%
Anadarko Petroleum Corp.		32		2,717
Antero Resources Corp. (A)		34		2,103
Axiall Corp.		68		3,061
Baker Hughes, Inc.		84		5,450
Cabot Oil & Gas Corp.		75		2,533
Cameron International Corp. (A)		43		2,662
Caterpillar, Inc.		27		2,673
CME Group, Inc.		32		2,379
Concho Resources, Inc. (A)		24		2,995
ConocoPhillips		20		1,432
Continental Resources, Inc. (A)		33		4,088
Dow Chemical Co. (The)		128		6,232
Dril-Quip, Inc. (A)		20		2,208
Eastman Chemical Co.		22		1,879
Energy Transfer Equity L.P.		43		2,020
EOG Resources, Inc.		22		4,336
Exxon Mobil Corp.		9		850
Flowserve Corp.		53		4,152
Fluor Corp.		41		3,194
FMC Technologies, Inc. (A)		67		3,498
Forum Energy Technologies, Inc. (A)		63		1,961
Frank’s International N.V.		33		820
Freeport-McMoRan Copper & Gold, Inc., Class B		124		4,087
Gulfport Energy Corp. (A)		19		1,356
Halliburton Co.		192		11,308
Jacobs Engineering Group, Inc. (A)		26		1,645
Joy Global, Inc.		40		2,311
LyondellBasell Industries N.V., Class A		48		4,296
Marathon Petroleum Corp.		30		2,633
MarkWest Energy Partners L.P.		26		1,682
Monsanto Co.		16		1,786
National Oilwell Varco, Inc.		23		1,814
Noble Energy, Inc.		61		4,319
Oasis Petroleum LLC (A)		19		801
Occidental Petroleum Corp.		19		1,772

Oceaneering International, Inc.		13		905
Patterson-UTI Energy, Inc.		65		2,048
Phillips 66		34		2,651
Pioneer Natural Resources Co.		14		2,667
Plains GP Holdings L.P., Class A		55		1,547
PPG Industries, Inc.		10		1,886
Rice Energy, Inc. (A)		45		1,185
Schlumberger Ltd.		100		9,766
Southern Copper Corp.		30		865
Southwestern Energy Co. (A)		80		3,665
Superior Energy Services, Inc.		78		2,405
Tesoro Corp.		14		716
Valero Energy Corp.		36		1,933
Valero Energy Partners L.P.		14		570
Williams Co., Inc. (The)		23		935
				136,797
TOTAL COMMON STOCKS – 97.8%			$	173,779
(Cost: $154,456)
PREFERRED STOCKS
United States – 0.0%
Konarka Technologies, Inc., 8.000% Cumulative (A)(B)		68		—
TOTAL PREFERRED STOCKS – 0.0%			$	—
(Cost: $211)
SHORT-TERM SECURITIES	Principal
Master Note – 2.0%
Toyota Motor Credit Corp., 0.099%, 4–2–14 (C)	$	3,619		3,619
TOTAL SHORT-TERM SECURITIES – 2.0%			$	3,619
(Cost: $3,619)
TOTAL INVESTMENT SECURITIES – 99.8%			$	177,398
(Cost: $158,286)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.2%				323
NET ASSETS – 100.0%			$	177,721

Notes to Schedule of Investments

* Not shown due to rounding.

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

(B) Restricted security. At March 31, 2014, 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 March 31, 2014.

(C) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2014. Date shown represents the date the variable rate resets.

The following forward foreign currency contracts were outstanding at March 31, 2014:

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		4-28-14	$	—	$	10
Sell	British Pound	UBS AG		4,267		4-28-14		—		76
Sell	Canadian Dollar	State Street Global Markets		589		4-28-14		—		8
Sell	Canadian Dollar	UBS AG		4,994		4-28-14		—		62
							$	—	$	156

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 March 31, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Energy	$	115,308	$	—	$	—
Financials		2,379		—		—
Industrials		20,306		—		—
Materials		35,786		—		—	*
Total Common Stocks	$	173,779	$	—	$	—	*
Short-Term Securities		—		3,619		—
Total	$	173,779	$	3,619	$	—	*
Liabilities
Forward Foreign Currency Contracts	$	—	$	156	$	—

As of March 31, 2014, there were no transfers between any levels 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 March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	158,286
Gross unrealized appreciation		25,015
Gross unrealized depreciation		(5,903	)
Net unrealized appreciation	$	19,112

SCHEDULE OF INVESTMENTS Growth (in thousands) MARCH 31, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Aerospace & Defense – 4.5%
Boeing Co. (The)		202	$	25,374
Precision Castparts Corp.		102		25,756
				51,130
Apparel Retail – 0.7%
Limited Brands, Inc.		133		7,533
Apparel, Accessories & Luxury Goods – 0.6%
Under Armour, Inc., Class A (A)		57		6,500
Application Software – 1.5%
Adobe Systems, Inc. (A)		266		17,454
Automotive Retail – 2.1%
AutoZone, Inc. (A)		26		14,179
O’Reilly Automotive, Inc. (A)		62		9,230
				23,409
Biotechnology – 10.8%
Amgen, Inc.		109		13,444
Biogen Idec, Inc. (A)		136		41,445
Celgene Corp. (A)		146		20,396
Gilead Sciences, Inc. (A)		660		46,768
				122,053
Brewers – 2.2%
Anheuser-Busch InBev S.A. ADR		237		24,977
Broadcasting – 3.0%
CBS Corp., Class B		462		28,533
Discovery Holding Co., Class A (A)		68		5,591
				34,124
Cable & Satellite – 1.7%
Comcast Corp., Class A		392		19,598
Casinos & Gaming – 7.3%
Las Vegas Sands, Inc.		608		49,073
Wynn Resorts Ltd.		153		33,967
				83,040
Computer Hardware – 3.4%
Apple, Inc.		71		37,840
Construction & Farm Machinery & Heavy Trucks – 0.8%
Caterpillar, Inc.		89		8,854
Consumer Electronics – 2.3%
Harman International Industries, Inc.		242		25,728
Data Processing & Outsourced Services – 7.4%
MasterCard, Inc., Class A		628		46,905
Visa, Inc., Class A		170		36,696
				83,601
Diversified Chemicals – 1.6%
PPG Industries, Inc.		91		17,625
Electrical Components & Equipment – 0.2%
Rockwell Automation, Inc.		21		2,566
Fertilizers & Agricultural Chemicals – 1.0%
Monsanto Co.		99		11,206

Footwear – 1.4%
NIKE, Inc., Class B	219	16,138
Health Care Facilities – 1.6%
HCA Holdings, Inc. (A)	340	17,855
Home Improvement Retail – 2.6%
Home Depot, Inc. (The)	374	29,603
Hotels, Resorts & Cruise Lines – 1.1%
Hilton Worldwide Holdings, Inc. (A)	153	3,392
Starwood Hotels & Resorts Worldwide, Inc.	111	8,848
		12,240
Industrial Conglomerates – 0.8%
Danaher Corp.	115	8,655
Industrial Machinery – 4.6%
Flowserve Corp.	218	17,039
Pall Corp.	125	11,211
Pentair, Inc.	299	23,722
		51,972
Internet Retail – 3.4%
Amazon.com, Inc. (A)	64	21,571
priceline.com, Inc. (A)	14	16,686
		38,257
Internet Software & Services – 6.3%
Facebook, Inc., Class A (A)	437	26,301
Google, Inc., Class A (A)	31	35,063
LinkedIn Corp., Class A (A)	53	9,729
		71,093
IT Consulting & Other Services – 1.3%
Cognizant Technology Solutions Corp., Class A (A)	280	14,145
Motorcycle Manufacturers – 1.7%
Harley-Davidson, Inc.	294	19,557
Movies & Entertainment – 0.9%
News Corp. Ltd., Class A	321	10,266
Oil & Gas Equipment & Services – 2.7%
National Oilwell Varco, Inc.	77	6,004
Schlumberger Ltd.	255	24,886
		30,890
Pharmaceuticals – 3.7%
Bristol-Myers Squibb Co.	243	12,598
Johnson & Johnson	159	15,648
Shire Pharmaceuticals Group plc ADR	88	12,996
		41,242
Railroads – 6.3%
Canadian Pacific Railway Ltd.	187	28,070
Kansas City Southern	111	11,329
Union Pacific Corp.	164	30,851
		70,250
Restaurants – 0.5%
Starbucks Corp.	75	5,489
Semiconductor Equipment – 2.0%
Applied Materials, Inc.	1,089	22,231

Semiconductors – 1.5%
Xilinx, Inc.		315		17,111
Tobacco – 1.7%
Philip Morris International, Inc.		230		18,830
Wireless Telecommunication Service – 3.8%
American Tower Corp., Class A		243		19,887
Crown Castle International Corp.		195		14,365
SBA Communications Corp. (A)		93		8,468
				42,720
TOTAL COMMON STOCKS – 99.0%			$	1,115,782
(Cost: $807,018)
SHORT-TERM SECURITIES	Principal
Commercial Paper – 1.0%
Kroger Co. (The), 0.190%, 4–1–14 (B)	$	2,728		2,728
Roche Holdings, Inc., 0.070%, 4–28–14 (B)		5,000		4,999
St. Jude Medical, Inc., 0.160%, 5–2–14 (B)		3,000		3,000
				10,727
Master Note – 0.2%
Toyota Motor Credit Corp.,
0.099%, 4–2–14 (C)		2,765		2,765
TOTAL SHORT-TERM SECURITIES – 1.2%			$	13,492
(Cost: $13,492)
TOTAL INVESTMENT SECURITIES – 100.2%			$	1,129,274
(Cost: $820,510)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.2%)				(1,906	)
NET ASSETS – 100.0%			$	1,127,368

Notes to Schedule of Investments

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

(B) Rate shown is the yield to maturity at March 31, 2014.

(C) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2014. 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 March 31, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	1,115,782	$	—	$	—
Short-Term Securities		—		13,492		—
Total	$	1,115,782	$	13,492	$	—

As of March 31, 2014, 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 March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	820,510
Gross unrealized appreciation		313,729
Gross unrealized depreciation		(4,965	)
Net unrealized appreciation	$	308,764

SCHEDULE OF INVESTMENTS High Income (in thousands) MARCH 31, 2014 (UNAUDITED)

COMMON STOCKS	Shares			Value
Casinos & Gaming – 0.0%
New Cotai Participation Corp., Class B (A)		—	*	$	49
Consumer Finance – 0.2%
JGWPT Holdings, Inc., Class A (A)		82			1,490
Gas Utilities – 0.0%
Suburban Propane Partners L.P.		4			148
Integrated Telecommunication Services – 0.5%
Verizon Communications, Inc.		51			2,425
Windstream Corp.		104			854
					3,279
Oil & Gas Storage & Transportation – 0.1%
Crestwood Midstream Partners L.P.		14			320
Inergy L.P.		33			456
					776
Railroads – 0.0%
Kansas City Southern		3			286
Trading Companies & Distributors – 0.2%
HD Supply Holdings, Inc. (A)		60			1,569
TOTAL COMMON STOCKS – 1.0%				$	7,597
(Cost: $6,330)
PREFERRED STOCKS
Consumer Finance – 0.1%
Ally Financial, Inc., 8.125%		22			601
Ally Financial, Inc., 8.500%		18			482
					1,083
Steel – 0.1%
ArcelorMittal, 6.000%, Convertible		23			541
TOTAL PREFERRED STOCKS – 0.2%				$	1,624
(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
Advertising – 0.2%
Lamar Media Corp.,
5.375%, 1–15–24 (C)	$	1,376			1,410
Aerospace & Defense – 1.1%
Silver II Borrower SCA and Silver II U.S. Holdings,
7.750%, 12–15–20 (C)		5,011			5,400
TransDigm Group, Inc.:
5.500%, 10–15–20		708			720
7.500%, 7–15–21		2,048			2,268
					8,388
Agricultural Products – 0.6%
American Seafoods Group LLC,
10.750%, 5–15–16 (C)		1,716			1,774

ASG Consolidated LLC,
15.000%, 5–15–17 (C)(D)	3,318	3,185
		4,959
Air Freight & Logistics – 0.5%
TRAC Intermodal LLC and TRAC Intermodal Corp.,
11.000%, 8–15–19	3,365	3,836
Airlines – 0.4%
United Continental Holdings, Inc. (GTD by United Air Lines, Inc.):
6.000%, 7–15–26	1,000	945
6.000%, 7–15–28	2,000	1,835
		2,780
Alternative Carriers – 0.7%
Level 3 Communications, Inc.,
8.875%, 6–1–19	513	564
Level 3 Communications, Inc. and Level 3 Financing, Inc.,
7.000%, 6–1–20	3,604	3,906
Level 3 Financing, Inc.,
6.125%, 1–15–21 (C)	510	538
		5,008
Aluminum – 0.2%
Wise Metals Group LLC,
8.750%, 12–15–18 (C)	1,606	1,722
Apparel Retail – 2.0%
Bon-Ton Stores, Inc. (The),
8.000%, 6–15–21	4,274	4,130
Chinos Intermediate Holdings A, Inc.,
7.750%, 5–1–19 (C)(D)	2,586	2,670
Gymboree Corp. (The),
9.125%, 12–1–18	1,779	1,505
Hot Topic, Inc.,
9.250%, 6–15–21 (C)	1,445	1,561
HT Intermediate Holdings Corp.,
12.000%, 5–15–19 (C)(D)	391	397
Jones Group, Inc. (The), Jones Apparel Group Holdings, Inc., Jones Apparel Group USA, Inc. and JAG Footwear, Accessories and Retail Corp.,
6.875%, 3–15–19	1,230	1,267
Neiman Marcus Group Ltd., Inc.,
8.000%, 10–15–21 (C)	3,152	3,463
		14,993
Application Software – 0.3%
ACI Worldwide, Inc.,
6.375%, 8–15–20 (C)	1,813	1,910
Applications Software – 0.3%
Epicor Software Corp.,
8.625%, 5–1–19	2,383	2,606
Auto Parts & Equipment – 2.4%
Icahn Enterprises L.P. and Icahn Enterprises Finance Corp.:
3.500%, 3–15–17 (C)	749	756
4.875%, 3–15–19 (C)	2,499	2,543
6.000%, 8–1–20 (C)	2,499	2,649
5.875%, 2–1–22 (C)	1,503	1,526
IDQ Acquisition Corp.,
14.000%, 10–1–17 (C)(D)	2,110	2,110
IDQ Holdings, Inc.,
11.500%, 4–1–17 (C)	4,021	4,373
Schaeffler Finance B.V.,
4.750%, 5–15–21 (C)	772	789
Schaeffler Holding Finance B.V.,
6.875%, 8–15–18 (C)(D)	3,103	3,301
		18,047

Automobile Manufacturers – 0.5%
Chrysler Group LLC and CG Co-Issuer, Inc.,
8.250%, 6–15–21 (C)	245	277
General Motors Co.:
4.875%, 10–2–23 (C)	659	675
6.250%, 10–2–43 (C)	1,098	1,189
Jaguar Land Rover plc,
5.625%, 2–1–23 (C)	1,458	1,520
Navistar International Corp.,
8.250%, 11–1–21	450	459
		4,120
Automotive Retail – 0.5%
Sonic Automotive, Inc.,
5.000%, 5–15–23	4,227	4,148
Biotechnology – 0.0%
Emergent BioSolutions, Inc., Convertible,
2.875%, 1–15–21 (C)	65	70
Broadcasting – 1.9%
CBS Outdoor Americas, Inc.:
5.250%, 2–15–22 (C)	500	513
5.625%, 2–15–24 (C)	500	513
Clear Channel Outdoor Holdings, Inc.:
6.500%, 11–15–22	994	1,061
Clear Channel Worldwide Holdings, Inc., Series B,
7.625%, 3–15–20	1,780	1,922
Cumulus Media, Inc.,
7.750%, 5–1–19	3,645	3,882
WideOpenWest Finance LLC and WideOpenWest Capital Corp.:
10.250%, 7–15–19	3,930	4,460
13.375%, 10–15–19	1,584	1,857
		14,208
Building Products – 2.0%
CPG Merger Sub LLC,
8.000%, 10–1–21 (C)	2,577	2,770
HD Supply, Inc.:
7.500%, 7–15–20	2,072	2,261
11.500%, 7–15–20	4,116	4,898
Ply Gem Industries, Inc.,
6.500%, 2–1–22 (C)	2,211	2,233
USG Corp.,
5.875%, 11–1–21 (C)	2,772	2,952
		15,114
Cable & Satellite – 2.3%
Cablevision Systems Corp.,
5.875%, 9–15–22	2,593	2,645
CCO Holdings, LLC and CCO Holdings Capital Corp.:
5.250%, 3–15–21	293	295
6.500%, 4–30–21	244	259
5.250%, 9–30–22	390	385
5.125%, 2–15–23	390	375
5.750%, 9–1–23	98	97
5.750%, 1–15–24	2,519	2,500
DISH DBS Corp.:
6.750%, 6–1–21	836	936
5.000%, 3–15–23	418	421
LYNX I Corp.,
5.375%, 4–15–21 (C)	488	504
LYNX II Corp.,
6.375%, 4–15–23 (C)	146	155
Sirius XM Radio, Inc.:
5.875%, 10–1–20 (C)	1,960	2,063
4.625%, 5–15–23 (C)	936	882
VTR Finance B.V.,
6.875%, 1–15–24 (C)	5,285	5,497
WaveDivision Escrow LLC and WaveDivision Escrow Corp.,
8.125%, 9–1–20 (C)	673	720
		17,734
Casinos & Gaming – 1.2%
Gateway Casinos & Entertainment Ltd.,
8.500%, 11–26–20 (C)(E)	CAD1,198	1,096

MCE Finance Ltd.,
5.000%, 2–15–21 (C)	$	3,074	3,074
Pinnacle Entertainment, Inc. and PNK Finance Corp.,
6.375%, 8–1–21 (C)		1,024	1,065
Wynn Macau Ltd.,
5.250%, 10–15–21 (C)		3,529	3,591
			8,826
Coal & Consumable Fuels – 0.3%
Foresight Energy LLC and Foresight Energy Finance Corp.,
7.875%, 8–15–21 (C)		2,203	2,308
Commodity Chemicals – 0.6%
Orion Engineered Carbons Holdings GmbH,
9.250%, 8–1–19 (C)(D)		4,333	4,506
Communications Equipment – 0.9%
Eagle Midco, Inc.,
9.000%, 6–15–18 (C)(D)		6,670	7,004
Construction Materials – 0.7%
Headwaters, Inc.,
7.250%, 1–15–19 (C)		910	949
Headwaters, Inc., Convertible,
8.750%, 2–1–16		1,933	2,090
Hillman Group, Inc. (The),
10.875%, 6–1–18		2,232	2,377
			5,416
Consumer Finance – 2.9%
Creditcorp,
12.000%, 7–15–18 (C)		4,228	4,313
General Motors Financial Co., Inc.,
4.250%, 5–15–23		644	636
MISA Investments Ltd.,
8.625%, 8–15–18 (C)		4,146	4,270
Speedy Cash Intermediate Holdings Corp.,
10.750%, 5–15–18 (C)		5,523	5,689
Speedy Group Holdings Corp.,
12.000%, 11–15–17 (C)		986	1,001
TransUnion LLC and TransUnion Financing Corp.,
9.625%, 6–15–18 (D)		5,430	5,769
			21,678
Data Processing & Outsourced Services – 1.1%
Alliance Data Systems Corp.,
6.375%, 4–1–20 (C)		5,733	6,106
Bankrate, Inc.,
6.125%, 8–15–18 (C)		1,986	2,105
			8,211
Distillers & Vintners – 0.4%
Constellation Brands, Inc.:
3.750%, 5–1–21		856	837
4.250%, 5–1–23		1,970	1,925
			2,762
Distributors – 0.7%
LKQ Corp.,
4.750%, 5–15–23 (C)		2,250	2,132
Pinnacle Operating Corp.,
9.000%, 11–15–20 (C)		3,133	3,384
			5,516
Diversified Banks – 0.4%
Bank of America Corp.:
8.000%, 12–29–49		1,450	1,642
8.125%, 12–29–49		426	487
Barclays plc,
8.250%, 12–29–49		1,009	1,059
			3,188
Diversified Capital Markets – 0.9%
JLL /Delta Dutch Newco B.V.,
7.500%, 2–1–22 (C)		1,037	1,068
Patriot Merger Corp.,
9.000%, 7–15–21 (C)		5,196	5,560
			6,628
Diversified Metals & Mining – 1.1%
American Gilsonite Holding Co.,
11.500%, 9–1–17 (C)		1,905	1,981

Crystal Merger Sub, Inc.,
7.625%, 10–15–21 (C)	489	524
FMG Resources Pty Ltd.:
8.250%, 11–1–19 (C)	2,039	2,243
6.875%, 4–1–22 (C)	3,567	3,844
		8,592
Diversified Real Estate Activities – 0.1%
CBRE Services, Inc.,
5.000%, 3–15–23	1,053	1,054
Diversified Support Services – 0.8%
Algeco Scotsman Global Finance plc:
8.500%, 10–15–18 (C)	1,500	1,639
10.750%, 10–15–19 (C)	1,821	2,017
Nexeo Solutions LLC,
8.375%, 3–1–18	2,146	2,167
		5,823
Education Services – 1.8%
Laureate Education, Inc.,
9.250%, 9–1–19 (C)	13,103	13,955
Electric Utilities – 0.3%
Alliant Holdings,
7.875%, 12–15–20 (C)	2,202	2,356
Electronic Components – 0.0%
WireCo WorldGroup, Inc.,
9.500%, 5–15–17	91	94
Electronic Manufacturing Services – 0.7%
KEMET Corp.,
10.500%, 5–1–18	5,189	5,435
Food Distributors – 1.4%
Diamond Foods, Inc.,
7.000%, 3–15–19 (C)	487	504
Hawk Acquisition Sub, Inc.,
4.250%, 10–15–20 (C)	1,003	987
Michael Foods Holding, Inc.,
8.500%, 7–15–18 (C)(D)	5,305	5,544
Simmons Foods, Inc.,
10.500%, 11–1–17 (C)	2,841	3,079
Sun Merger Sub, Inc.,
5.875%, 8–1–21 (C)	864	896
		11,010
Food Retail – 0.2%
Pantry, Inc., (The),
8.375%, 8–1–20	1,100	1,188
Gas Pipe Lines – 0.2%
Sabine Pass Liquefaction LLC:
5.625%, 2–1–21 (F)	1,010	1,042
5.625%, 4–15–23	359	357
		1,399
Health Care Equipment – 0.5%
DJO Finance LLC and DJO Finance Corp.,
9.750%, 10–15–17	420	445
VWR Funding, Inc.,
7.250%, 9–15–17	3,398	3,653
		4,098
Health Care Facilities – 3.1%
Capsugel S.A.,
7.000%, 5–15–19 (C)(D)	1,019	1,050
Catamaran Corp.,
4.750%, 3–15–21	1,016	1,030
Chiron Merger Sub, Inc.,
12.500%, 11–1–19	811	943
ConvaTec Finance International S.A.,
8.250%, 1–15–19 (C)(D)	2,570	2,647
FWCT-2 Escrow Corp.:
5.125%, 8–1–21 (C)	501	514
6.875%, 2–1–22 (C)	1,752	1,831
HCA, Inc. (GTD by HCA Holdings, Inc.),
5.000%, 3–15–24	1,305	1,307
MPH Acquisition Holdings LLC,
6.625%, 4–1–22 (C)	1,341	1,376

Tenet Healthcare Corp.:
6.750%, 2–1–20	1,408	1,482
6.000%, 10–1–20 (C)	1,928	2,063
8.125%, 4–1–22	4,821	5,386
6.875%, 11–15–31	3,993	3,594
		23,223
Health Care Services – 1.6%
MedImpact Holdings, Inc.,
10.500%, 2–1–18 (C)	6,790	7,367
Truven Health Analytics,
10.625%, 6–1–20	4,000	4,540
		11,907
Health Care Supplies – 0.1%
Alere, Inc.,
6.500%, 6–15–20	693	728
Home Furnishings – 0.5%
Empire Today, LLC and Empire Today Finance Corp.,
11.375%, 2–1–17 (C)	4,026	4,091
Hotels, Resorts & Cruise Lines – 1.2%
Hilton Worldwide Finance LLC,
5.625%, 10–15–21 (C)	6,568	6,864
Ryman Hospitality Properties, Inc.,
5.000%, 4–15–21	1,898	1,912
		8,776
Industrial Conglomerates – 0.3%
WESCO Distribution, Inc.,
5.375%, 12–15–21 (C)	2,424	2,479
Industrial Machinery – 0.1%
Dynacast International LLC and Dynacast Finance, Inc.,
9.250%, 7–15–19	941	1,047
Integrated Telecommunication Services – 0.1%
BCP (Singapore) VI Cayman Financing Co. Ltd.,
8.000%, 4–15–21 (C)	629	638
Windstream Corp.,
7.750%, 10–15–20	383	411
		1,049
Internet Software & Services – 0.4%
IAC/InterActiveCorp.,
4.750%, 12–15–22	743	727
J2 Global, Inc.,
8.000%, 8–1–20	1,502	1,637
VeriSign, Inc.,
4.625%, 5–1–23	760	730
		3,094
Investment Banking & Brokerage – 0.2%
GFI Group, Inc.,
9.625%, 7–19–18 (F)	1,735	1,848
IT Consulting & Other Services – 0.8%
Akamai Technologies, Inc., Convertible,
0.000%, 2–15–19 (C)(G)	151	149
Flextronics International Ltd.,
5.000%, 2–15–23	3,082	3,106
iGATE Corp.,
4.750%, 4–15–19 (C)	1,822	1,829
SRA International, Inc. and Sterling Merger, Inc.,
11.000%, 10–1–19	1,089	1,146
		6,230
Leasing – 0.3%
Aircastle Ltd.,
5.125%, 3–15–21	2,544	2,547
Leisure Facilities – 0.9%
Palace Entertainment Holdings LLC,
8.875%, 4–15–17 (C)	1,742	1,807
Regal Entertainment Group,
5.750%, 2–1–25	3,505	3,426
Viking Cruises Ltd.,
8.500%, 10–15–22 (C)	1,110	1,260
		6,493

Metal & Glass Containers – 1.6%
BlueScope Steel (Finance) Ltd. and BlueScope Steel Finance (USA) LLC,
7.125%, 5–1–18 (C)	2,746	2,904
BOE Intermediate Holding Corp.,
9.000%, 11–1–17 (C)(D)	1,844	2,010
BOE Merger Corp.,
9.500%, 11–1–17 (C)(D)	1,609	1,706
Consolidated Container Co. LLC and Consolidated Container Capital, Inc.,
10.125%, 7–15–20 (C)	4,829	5,130
		11,750
Metals / Mining – 0.2%
Artsonig Pty Ltd.,
11.500%, 4–1–19 (C)(D)	1,374	1,378
Imperial Metals Corp.,
7.000%, 3–15–19 (C)	314	320
		1,698
Movies & Entertainment – 0.2%
AMC Entertainment, Inc.,
5.875%, 2–15–22 (C)	759	772
WMG Acquisition Corp.:
5.625%, 4–15–22 (C)	251	255
6.750%, 4–15–22 (C)	754	759
		1,786
Oil & Gas Equipment & Services – 0.8%
Brand Energy & Infrastructure Services,
8.500%, 12–1–21 (C)	2,735	2,899
SESI LLC,
7.125%, 12–15–21	3,004	3,350
		6,249
Oil & Gas Exploration & Production – 0.6%
Chesapeake Energy Corp.,
5.750%, 3–15–23	1,506	1,594
Whiting Petroleum Corp.:
5.000%, 3–15–19	1,201	1,270
5.750%, 3–15–21	1,569	1,687
		4,551
Oil & Gas Refining & Marketing – 2.3%
EP Energy LLC and Everest Acquisition Finance, Inc.,
7.750%, 9–1–22	336	377
Offshore Drilling Holding S.A.,
8.375%, 9–20–20 (C)	5,070	5,532
Offshore Group Investment Ltd.:
7.500%, 11–1–19	3,850	4,100
7.125%, 4–1–23	1,858	1,891
Samson Investment Co.,
10.750%, 2–15–20 (C)(F)	1,964	2,141
Shelf Drilling Holdings Ltd.,
8.625%, 11–1–18 (C)	2,827	3,060
		17,101
Other Diversified Financial Services – 3.5%
Abengoa Finance SAU,
7.750%, 2–1–20 (C)	3,849	4,157
Artesyn Escrow, Inc.,
9.750%, 10–15–20 (C)	1,477	1,396
Greektown Holdings LLC and Greektown Mothership Corp.,
8.875%, 3–15–19 (C)	3,033	3,132
Michaels FinCo Holdings LLC,
7.500%, 8–1–18 (C)(D)	4,348	4,478
NCR Escrow Corp.:
5.875%, 12–15–21 (C)	1,759	1,851
6.375%, 12–15–23 (C)	1,656	1,760
New Cotai LLC and New Cotai Capital Corp.,
10.625%, 5–1–19 (C)(D)	5,704	6,274
PC Nextco Holdings LLC and PC Nextco Finance, Inc.,
8.750%, 8–15–19 (C)(D)	1,492	1,542
Westmoreland Escrow Corp.,
10.750%, 2–1–18 (C)	1,403	1,533
		26,123
Packaged Foods & Meats – 0.3%
Bumble Bee Foods LLC,
9.625%, 3–15–18 (C)(D)	2,175	2,284

Paper Packaging – 0.8%
Beverage Packaging Holdings II Issuer, Inc. and Beverage Packaging Holdings (Luxembourg) II S.A.:
5.625%, 12–15–16 (C)		1,819	1,864
6.000%, 6–15–17 (C)		790	818
Exopack Holdings S.A.,
7.875%, 11–1–19 (C)		610	647
Reynolds Group Holdings Ltd.:
9.000%, 4–15–19		1,953	2,089
8.250%, 2–15–21 (F)		280	306
			5,724
Personal Products – 0.3%
Elizabeth Arden, Inc.,
7.375%, 3–15–21		1,875	2,016
Pharmaceuticals – 1.3%
Forest Laboratories, Inc.,
5.000%, 12–15–21 (C)		6,311	6,674
Grifols Worldwide Operations Ltd.,
5.250%, 4–1–22 (C)		525	537
Salix Pharmaceuticals Ltd.,
6.000%, 1–15–21 (C)		2,252	2,404
			9,615
Precious Metals & Minerals – 0.3%
Prince Mineral Holding Corp.,
11.500%, 12–15–19 (C)		1,792	2,012
Property & Casualty Insurance – 0.7%
Onex USI Acquisition Corp.,
7.750%, 1–15–21 (C)		5,188	5,408
Real Estate Services – 0.6%
Stearns Holdings, Inc.,
9.375%, 8–15–20 (C)		4,038	4,220
Restaurants – 0.9%
Dave & Buster’s, Inc.,
0.000%, 2–15–16 (C)(G)		8,280	7,007
Semiconductor Equipment – 0.0%
Photronics, Inc., Convertible,
3.250%, 4–1–16		170	187
Semiconductors – 0.4%
Canadian Solar, Inc., Convertible,
4.250%, 2–15–19 (C)		101	101
Micron Technology, Inc.,
5.875%, 2–15–22 (C)		2,517	2,637
			2,738
Specialized Consumer Services – 3.3%
Ancestry.com Holdings LLC,
9.625%, 10–15–18 (C)(D)		1,224	1,285
B-Corp Merger Sub, Inc.,
8.250%, 6–1–19		6,528	6,772
Carlson Wagonlit B.V.:
6.875%, 6–15–19 (C)		3,243	3,462
7.500%, 6–15–19 (C)(E)		EUR1,787	2,683
Emdeon, Inc.,
11.000%, 12–31–19	$	1,204	1,395
First Data Holdings, Inc.,
14.500%, 9–24–19 (C)(D)		751	706
Lansing Trade Group,
9.250%, 2–15–19 (C)		1,834	1,834
Nielsen Finance,
5.500%, 10–1–21 (C)		2,871	2,997
Nielsen Finance LLC and Nielsen Finance Co.,
5.000%, 4–15–22 (C)		3,000	3,008
			24,142
Specialized Finance – 2.1%
Consolidated Communications Finance Co.,
10.875%, 6–1–20		1,710	1,988
Flexi-Van Leasing, Inc.,
7.875%, 8–15–18 (C)		1,881	2,074

International Lease Finance Corp.:
5.875%, 4–1–19	815		890
4.625%, 4–15–21	286		286
5.875%, 8–15–22	1,234		1,305
TMX Finance LLC and TitleMax Finance Corp.,
8.500%, 9–15–18 (C)	7,121		7,797
WM Holdings Finance Corp.,
13.750%, 10–1–19	1,495		1,798
			16,138
Specialized REITs – 0.7%
CNL Lifestyles Properties, Inc.,
7.250%, 4–15–19	5,171		5,430
Specialty Stores – 3.1%
Central Garden & Pet Co.,
8.250%, 3–1–18	2,492		2,570
Jo-Ann Stores Holdings, Inc.,
9.750%, 10–15–19 (C)(D)	11,527		12,016
Jo-Ann Stores, Inc.,
8.125%, 3–15–19 (C)	205		213
New Academy Finance Co. LLC,
8.000%, 6–15–18 (C)(D)	3,274		3,352
PETCO Holdings, Inc.,
8.500%, 10–15–17 (C)(D)	1,891		1,926
Spencer Spirit Holdings, Inc.,
9.000%, 5–1–18 (C)(D)	3,436		3,505
			23,582
Technology Distributors – 1.2%
Sophia L.P. and Sophia Finance, Inc.:
9.625%, 12–1–18 (C)(D)	2,694		2,822
9.750%, 1–15–19 (C)	5,215		5,788
			8,610
Textiles – 0.2%
Quiksilver, Inc. and QS Wholesale, Inc.:
7.875%, 8–1–18 (C)	712		774
10.000%, 8–1–20	950		1,081
			1,855
Thrifts & Mortgage Finance – 0.7%
Provident Funding Associates L.P. and PFG Finance Corp.:
10.125%, 2–15–19 (C)	495		541
6.750%, 6–15–21 (C)	4,573		4,573
			5,114
Tobacco – 0.3%
Prestige Brands, Inc.,
5.375%, 12–15–21 (C)	2,358		2,414
Wireless Telecommunication Service – 2.8%
Digicel Group Ltd.,
8.250%, 9–30–20 (C)	2,313		2,468
DigitalGlobe, Inc.,
5.250%, 2–1–21	2,117		2,091
Sprint Corp.:
7.250%, 9–15–21 (C)	2,137		2,329
7.875%, 9–15–23 (C)	2,137		2,351
7.125%, 6–15–24 (C)	7,811		8,201
T-Mobile USA, Inc.:
6.542%, 4–28–20	980		1,055
6.633%, 4–28–21	492		529
6.125%, 1–15–22	791		829
6.731%, 4–28–22	196		210
6.836%, 4–28–23	196		210
6.500%, 1–15–24	1,091		1,143
			21,416
TOTAL CORPORATE DEBT SECURITIES – 71.9%		$	544,782
(Cost: $523,707)
MUNICIPAL BONDS
Puerto Rico – 0.2%
Cmnwlth of PR, GO Bonds of 2014, Ser A,
8.000%, 7–1–35	1,470	$	1,376
TOTAL MUNICIPAL BONDS – 0.2%		$	1,376
(Cost: $1,367)

LOANS
Air Freight & Logistics – 0.1%
DAE Aviation Holdings, Inc.,
7.750%, 7–29–19 (F)		1,016	1,033
Apparel Retail – 1.8%
Gymboree Corp. (The),
5.000%, 11–23–17 (F)		509	457
Lands’ End, Inc.,
0.000%, 3–14–21 (F)		1,473	1,470
Nine West Holdings, Inc.,
0.000%, 12–5–20 (F)		3,065	3,074
Talbots, Inc. (The):
4.750%, 3–17–20 (F)		1,301	1,299
8.250%, 3–17–21 (F)		1,561	1,584
True Religion Apparel, Inc.:
5.875%, 7–29–19 (F)		2,183	2,081
5.875%, 7–30–19 (F)		2,194	2,091
11.000%, 1–30–20 (F)		1,339	1,279
			13,335
Application Software – 2.7%
Applied Systems, Inc.:
4.250%, 1–15–21 (F)		414	415
7.500%, 1–15–22 (F)		2,311	2,346
Aptean Holdings, Inc.:
5.250%, 2–6–20 (F)		1,534	1,538
0.000%, 2–21–21 (F)		255	258
8.500%, 2–21–21 (F)		767	777
Misys plc and Magic Newco LLC,
12.000%, 6–12–19 (F)		13,154	15,060
			20,394
Auto Parts & Equipment – 0.2%
Direct ChassisLink, Inc.,
8.250%, 11–7–19 (F)		1,225	1,235
Building Products – 0.6%
GYP Holdings III Corp.:
0.000%, 3–27–21 (F)		2,121	2,110
0.000%, 3–27–22 (F)		2,121	2,129
			4,239
Casinos & Gaming – 0.2%
Centaur Acquisition LLC,
8.750%, 2–20–20 (F)		675	688
Gateway Casinos & Entertainment Ltd.:
6.250%, 11–4–19 (E)(F)		CAD2	2
5.577%, 11–26–19 (E)(F)		970	872
			1,562
Commodity Chemicals – 0.1%
Kronos Worldwide, Inc.,
4.750%, 1–31–20 (F)	$	504	507
Construction Materials – 0.3%
Continental Building Products LLC,
4.750%, 8–28–20 (F)		2,698	2,701
Data Processing & Outsourced Services – 0.4%
Sedgwick Claims Management Services, Inc.,
6.750%, 1–27–22 (F)		3,395	3,372
Diversified Chemicals – 0.2%
Al Chem & Cy S.C.A.,
8.250%, 4–3–20 (F)		1,231	1,249
Diversified Support Services – 1.3%
Advantage Sales & Marketing, Inc.,
8.250%, 6–18–18 (F)		4,890	4,953
Omnitracs, Inc.:
4.750%, 10–29–20 (F)		703	710
8.750%, 4–29–21 (F)		470	476
Sprint Industrial Holdings LLC:
7.000%, 5–14–19 (F)		2,176	2,181
11.250%, 5–14–19 (F)		1,222	1,228
			9,548
Environmental & Facilities Services – 0.3%
Brickman Group Ltd. (The):
4.000%, 12–11–20 (F)		1,537	1,539

7.500%, 12–11–21 (F)	513	522
		2,061
Food Distributors – 0.2%
Performance Food Group, Inc.,
6.250%, 11–14–19 (F)	1,701	1,724
Food Retail – 0.4%
Focus Brands, Inc.:
10.250%, 8–21–18 (F)	2,837	2,876
General Merchandise Stores – 1.0%
BJ’s Wholesale Club, Inc.:
4.500%, 9–26–19 (F)	2,019	2,024
8.500%, 3–31–20 (F)	2,817	2,879
Orchard Acquisition Co. LLC,
7.000%, 2–8–19 (F)	2,592	2,638
		7,541
Health Care Facilities – 0.3%
CHS/Community Health Systems, Inc.:
4.250%, 1–22–21 (F)	519	522
MPH Acquisition Holdings LLC,
4.000%, 3–21–21 (F)	629	627
Surgery Center Holdings, Inc.,
9.750%, 4–11–20 (F)	1,144	1,131
		2,280
Health Care Services – 0.6%
Accellent, Inc.:
0.000%, 2–21–22 (F)	101	100
7.500%, 2–21–22 (F)	1,313	1,301
Ikaria, Inc.:
5.000%, 2–4–21 (F)	1,627	1,636
8.750%, 2–4–22 (F)	1,525	1,544
		4,581
Health Care Supplies – 0.5%
Sage Products Holdings III LLC,
9.250%, 6–13–20 (F)	3,952	4,041
Health Care Technology – 1.0%
Carestream Health, Inc.,
9.500%, 12–7–19 (F)	3,447	3,514
Merge Healthcare, Inc.,
6.000%, 4–3–19 (F)	1,533	1,441
Vitera Healthcare Solutions LLC:
6.000%, 11–4–20 (F)	1,272	1,264
9.250%, 11–4–21 (F)	765	773
		6,992
Hotels, Resorts & Cruise Lines – 0.9%
Four Seasons Hotels Ltd.,
6.250%, 12–27–20 (F)	3,071	3,112
Hilton Worldwide Finance LLC:
3.750%, 9–23–20 (F)	263	264
3.750%, 10–15–20 (F)	3,553	3,557
		6,933
Housewares & Specialties – 0.5%
KIK Custom Products, Inc.:
5.500%, 5–17–19 (F)	2,449	2,439
9.500%, 11–17–19 (F)	1,487	1,496
		3,935
Independent Power Producers & Energy Traders – 0.6%
Alinta Energy Finance PTY Ltd.:
0.000%, 8–13–19 (F)	135	137
6.375%, 8–13–19 (F)	2,053	2,079
Texas Competitive Electric Holdings Co. LLC:
4.737%, 10–10–17 (F)	3,291	2,369
		4,585
Industrial Conglomerates – 0.5%
Crosby Worldwide Ltd.:
4.000%, 11–22–20 (F)	1,225	1,218
7.000%, 11–22–21 (F)	2,768	2,786
		4,004
Industrial Machinery – 0.6%
Capital Safety North America Holdings, Inc.:
0.000%, 3–26–21 (F)	1,062	1,060
0.000%, 3–26–22 (F)	3,398	3,417
		4,477

Internet Software & Services – 0.3%
Avast Software,
5.000%, 3–18–20 (F)	1,302	1,299
W3 Co.,
9.250%, 9–1–20 (F)	892	892
		2,191
Investment Banking & Brokerage – 0.2%
Bats Global Markets, Inc.:
0.000%, 1–7–20 (F)	153	154
5.000%, 1–7–20 (F)	1,714	1,724
		1,878
IT Consulting & Other Services – 1.3%
Active Network, Inc. (The):
5.500%, 11–15–20 (F)	2,454	2,474
9.500%, 11–15–21 (F)	2,583	2,635
Triple Point Group Holdings, Inc.:
5.250%, 7–13–20 (F)	3,277	3,079
9.250%, 7–13–21 (F)	1,587	1,448
		9,636
Leisure Facilities – 0.3%
Northfield Park Associates LLC:
0.000%, 11–9–18 (F)	789	802
9.000%, 12–10–18 (F)	1,627	1,653
		2,455
Life Sciences Tools & Services – 0.2%
Atrium Innovations, Inc.:
4.250%, 1–29–21 (F)	406	404
0.000%, 7–29–21 (F)	1,070	1,085
7.750%, 7–29–21 (F)	305	309
		1,798
Metal & Glass Containers – 0.3%
Evergreen Tank Solution, Inc.,
9.500%, 9–28–18 (F)	2,181	2,179
Movies & Entertainment – 0.9%
Formula One Holdings Ltd. and Alpha Topco Ltd.,
9.250%, 10–16–19 (F)	5,642	5,874
Yonkers Racing Corp.,
8.750%, 8–20–20 (F)	1,324	1,311
		7,185
Oil & Gas Exploration & Production – 1.1%
Chesapeake Energy Corp.:
0.000%, 12–2–17 (F)	2,000	2,043
5.750%, 12–2–17 (F)	5,589	5,710
Sabine Oil & Gas LLC,
8.750%, 12–31–18 (F)	843	853
		8,606
Oil & Gas Refining & Marketing – 1.8%
Fieldwood Energy LLC,
8.125%, 9–30–20 (F)	7,054	7,338
Samson Investment Co.,
5.000%, 9–25–18 (F)	1,116	1,126
Shelf Drilling Midco Ltd.,
10.000%, 10–8–18 (D)(F)	4,713	4,813
		13,277
Oil & Gas Storage & Transportation – 0.3%
Bowie Resources Holdings LLC:
6.750%, 8–12–20 (F)	1,072	1,082
11.750%, 2–16–21 (F)	1,099	1,099
		2,181
Other Diversified Financial Services – 0.4%
SEI Holdings Corp.,
0.000%, 3–24–22 (F)	2,678	2,664
Paper Packaging – 0.3%
FPC Holdings, Inc.,
9.250%, 5–27–20 (F)	1,740	1,710
Ranpak Corp.,
8.500%, 4–10–20 (F)	1,358	1,385
		3,095
Pharmaceuticals – 0.2%
Patheon, Inc.,
4.250%, 1–23–21 (F)	1,560	1,551

Research & Consulting Services – 0.6%
AlixPartners LLP,
9.000%, 7–2–21 (D)(F)	1,489		1,519
Larchmont Resources LLC, 8.250%, 8–7–19 (F)	3,202		3,250
			4,769
Specialty Chemicals – 0.3%
Chromaflo Technologies Corp.:
4.500%, 12–2–19 (F)	491		492
8.250%, 6–2–20 (F)	1,394		1,403
			1,895
TOTAL LOANS – 23.8%		$	180,565
(Cost: $177,013)
SHORT-TERM SECURITIES
Commercial Paper – 2.0%
Bemis Company, Inc., 0.230%, 4–3–14 (H)	2,000		2,000
Clorox Co. (The):
0.160%, 4–14–14 (H)	4,000		4,000
0.160%, 4–21–14 (H)	7,200		7,199
Kroger Co. (The), 0.190%, 4–1–14 (H)	1,806		1,806
			15,005
TOTAL SHORT-TERM SECURITIES – 2.0%		$	15,005
(Cost: $15,005)
TOTAL INVESTMENT SECURITIES – 99.1%		$	751,099
(Cost: $725,019)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.9%			6,442
NET ASSETS – 100.0%		$	757,541

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 March 31, 2014, the total value of these securities amounted to $370,086 or 48.9% of net assets.

(D) Payment-in-kind bonds.

(E) Principal amounts are denominated in the indicated foreign currency, where applicable (CAD – Canadian Dollar and EUR – Euro).

(F) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2014.

(G) Zero coupon bond.

(H) Rate shown is the yield to maturity at March 31, 2014.

The following forward foreign currency contracts were outstanding at March 31, 2014:

Type	Currency	Counterparty	Principal Amount of Contract (Denominated in Indicated Currency)		Settlement Date		Unrealized Appreciation		Unrealized Depreciation
Sell	Euro	Morgan Stanley International		6,034		4-28-14	$	—	$	3

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 March 31, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	7,548	$	—	$	49
Preferred Stocks		1,083		541		—
Warrants		—		—		150
Corporate Debt Securities		—		529,132		15,650
Municipal Bonds		—		1,376		—
Loans		—		132,399		48,166
Short-Term Securities		—		15,005		—
Total	$	8,631	$	678,453	$	64,015
Liabilities
Forward Foreign Currency Contracts	$	—	$	3	$	—

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

	Common Stocks		Warrants		Corporate Debt Securities			Loans
Beginning Balance 1-1-14	$	49	$	150	$	15,286		$	40,917
Net realized gain (loss)		—		—		159			2
Net unrealized appreciation (depreciation)		—		—		(105	)		245
Purchases		—		—		931			13,242
Sales		—		—		(1,560	)		(229	)
Amortization/Accretion of premium/discount		—		—		1			6
Transfers into Level 3 during the period		—		—		16,225			5,126
Transfers out of Level 3 during the period		—		—		(15,287	)		(11,143	)
Ending Balance 3-31-14	$	49	$	150	$	15,650		$	48,166
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 3-31-14	$	—	$	—	$	(176	)	$	258

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. During the period ended March 31, 2014, securities totaling $583 were transferred from Level 1 to Level 2 due to the lack of observable market data due to decreased market activity or information for these securities.

Quantitative Information about Level 3 fair value measurements:

	Fair Value at 3-31-14		Valuation Technique(s)		Unobservable Input(s)
Assets
Common Stocks	$	49		Broker		Broker quotes
Warrants	$	150		Broker		Broker quotes
Corporate Debt Securities	$	15,650		Third-party valuation service		Broker quotes
Loans	$	48,166		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 March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	725,019
Gross unrealized appreciation		28,265
Gross unrealized depreciation		(2,185	)
Net unrealized appreciation	$	26,080

SCHEDULE OF INVESTMENTS International Core Equity (in thousands) MARCH 31, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Australia – 5.2%
Amcor Ltd.		968	$	9,323
Coca-Cola Amatil Ltd.		918		9,392
Stockland Corp. Ltd.		2,540		8,833
Telstra Corp. Ltd. ADR		1,576		7,423
				34,971
Brazil – 2.8%
Hypermarcas S.A.		1,496		10,841
TIM Participacoes S.A.		1,322		6,858
TIM Participacoes S.A. ADR		37		962
				18,661
China – 3.4%
Baidu.com, Inc. ADR (A)		47		7,217
China Construction Bank Corp.		11,681		8,177
China Unicom Ltd.		5,470		7,193
				22,587
Denmark – 1.3%
TDC A/S		960		8,878
France – 13.0%
Bouygues S.A.		182		7,594
Cap Gemini S.A.		122		9,199
Gaz de France		311		8,509
L Air Liquide S.A.		27		3,673
Publicis Groupe S.A. (A)		105		9,484
Remy Cointreau S.A.		85		6,789
Sanofi-Aventis		110		11,500
Total S.A.		356		23,334
Vinci		100		7,394
				87,476
Germany – 6.5%
Bayer AG		97		13,181
DaimlerChrysler AG, Registered Shares		146		13,769
Deutsche Bank AG		156		6,985
Fresenius SE & Co. KGaA		63		9,910
				43,845
Hong Kong – 2.6%
Cheung Kong (Holdings) Ltd.		788		13,065
SJM Holdings Ltd.		1,616		4,542
				17,607
Israel – 2.3%
Teva Pharmaceutical Industries Ltd. ADR		290		15,337
Japan – 17.7%
Asahi Breweries Ltd.		31		870
Bridgestone Corp.		240		8,521
Chiyoda Corp.		429		5,532
FamilyMart Co. Ltd.		163		7,171
Fuji Media Holdings, Inc.		405		7,428
Honda Motor Co. Ltd.		211		7,411
Inpex Corp.		803		10,415
Isuzu Motors Ltd.		1,370		7,872
Komatsu Ltd.		384		7,956
Millea Holdings, Inc.		378		11,332
Mitsubishi Corp.		427		7,926
Mizuho Financial Group, Inc.		5,407		10,686
Nissin Kogyo Co. Ltd.		368		6,865
Softbank Corp.		104		7,859
Tokyo Electron Ltd.		178		10,920
				118,764

Luxembourg – 1.6%
Acergy S.A.		574		10,675
Mexico – 2.5%
Grupo Financiero Banorte S.A.B. de C.V.		1,314		8,886
Grupo Televisa S.A. GDR		246		8,189
				17,075
Netherlands – 3.2%
ING Groep N.V., Certicaaten Van Aandelen (A)		984		13,936
Royal DSM Heerlen		113		7,721
				21,657
Singapore – 1.2%
United Overseas Bank Ltd.		468		8,055
South Korea – 2.5%
Hyundai Mobis		29		8,470
Samsung Electronics Co. Ltd.		6		8,138
				16,608
Spain – 3.9%
Amadeus IT Holding S.A.		173		7,169
CaixaBank S.A.		1,825		11,741
Gestevision Telecinco S.A.		638		7,426
				26,336
Sweden – 1.6%
Investor AB, B Shares		294		10,625
Switzerland – 3.4%
Credit Suisse Group AG, Registered Shares		238		7,689
Nestle S.A., Registered Shares		203		15,276
				22,965
United Kingdom – 19.3%
British Sky Broadcasting Group plc		533		8,110
Burberry Group plc		349		8,112
GlaxoSmithKline plc		387		10,267
Kingfisher plc		933		6,557
Petrofac Ltd.		400		9,581
Prudential plc		377		7,970
Reckitt Benckiser Group plc		107		8,709
Rolls-Royce Group plc		445		7,966
Royal Dutch Shell plc, Class A		375		13,703
SABMiller plc		300		14,957
Shire plc		467		22,918
Unilever plc		248		10,568
				129,418
United States – 2.7%
Cognizant Technology Solutions Corp., Class A (A)		180		9,109
Yahoo!, Inc. (A)		249		8,955
				18,064
TOTAL COMMON STOCKS – 96.7%			$	649,604
(Cost: $570,374)
SHORT-TERM SECURITIES	Principal
Commercial Paper – 2.2%
Illinois Tool Works, Inc., 0.090%, 4–10–14 (B)	$	5,000		4,999
Kellogg Co., 0.270%, 5–23–14 (B)		3,000		2,999
Sysco Corp., 0.070%, 4–1–14 (B)		1,811		1,811

Toronto-Dominion Holdings USA, Inc. (GTD by Toronto Dominion Bank), 0.110%, 4–25–14 (B)	5,000		5,000
			14,809
Master Note – 0.3%
Toyota Motor Credit Corp., 0.099%, 4–2–14 (C)	1,770		1,770
TOTAL SHORT-TERM SECURITIES – 2.5%		$	16,579
(Cost: $16,580)
TOTAL INVESTMENT SECURITIES – 99.2%		$	666,183
(Cost: $586,954)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.8%			5,480
NET ASSETS – 100.0%		$	671,663

Notes to Schedule of Investments

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

(B) Rate shown is the yield to maturity at March 31, 2014.

(C) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2014. Date shown represents the date the variable rate resets.

The following forward foreign currency contracts were outstanding at March 31, 2014:

Type	Currency	Counterparty	Principal Amount of Contract (Denominated in Indicated Currency)		Settlement Date		Unrealized Appreciation		Unrealized Depreciation
Sell	Euro	Barclays Capital, Inc.		37,300		4-28-14	$	102		—

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 March 31, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	112,757	$	—	$	—
Consumer Staples		84,573		—		—

Energy		67,707		—		—
Financials		127,980		—		—
Health Care		83,111		—		—
Industrials		44,369		—		—
Information Technology		60,707		—		—
Materials		20,717		—		—
Telecommunication Services		39,174		—		—
Utilities		8,509		—		—
Total Common Stocks	$	649,604	$	—	$	—
Short-Term Securities		—		16,579		—
Total	$	649,604	$	16,579	$	—
Forward Foreign Currency Contracts	$	—	$	102	$	—

As of March 31, 2014, there were no transfers between Level 1 and 2 during the period.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

GDR = Global Depositary Receipts

GTD = Guaranteed

For Federal income tax purposes, cost of investments owned at March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	586,954
Gross unrealized appreciation		91,576
Gross unrealized depreciation		(12,347	)
Net unrealized appreciation	$	79,229

SCHEDULE OF INVESTMENTS International Growth (in thousands) MARCH 31, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Australia – 1.9%
Telstra Corp. Ltd. ADR		1,746	$	8,224
Canada – 0.8%
Agrium, Inc.		35		3,401
China – 1.7%
Baidu.com, Inc. ADR (A)		26		4,011
Ctrip.com International Ltd. (A)		65		3,268
				7,279
Finland – 1.0%
Nokia OYJ		590		4,382
France – 16.5%
Cap Gemini S.A.		116		8,781
Compagnie Generale des Etablissements Michelin, Class B		58		7,210
European Aeronautic Defence and Space Co.		104		7,451
LVMH Moet Hennessy - Louis Vuitton		31		5,555
Publicis Groupe S.A. (A)		47		4,274
Remy Cointreau S.A.		24		1,907
Safran		185		12,809
Sanofi-Aventis		69		7,155
Vinci		187		13,878
				69,020
Germany – 14.1%
Bayer AG		82		11,098
Bayerische Motoren Werke AG		34		4,242
Continental AG		44		10,525
DaimlerChrysler AG, Registered Shares		115		10,868
Fresenius SE & Co. KGaA		77		11,997
Linde AG		32		6,321
SAP AG		51		4,101
				59,152
Hong Kong – 2.0%
Galaxy Entertainment Group		984		8,557
India – 0.7%
NMDC Ltd.		1,345		3,135
Ireland – 1.6%
Smurfit Kappa Group plc		286		6,918
Israel – 2.5%
Teva Pharmaceutical Industries Ltd. ADR		202		10,682
Japan – 15.3%
Daihatsu Motor Co. Ltd.		174		3,073
Fuji Heavy Industries Ltd.		319		8,638
JGC Corp.		125		4,348
Komatsu Ltd.		306		6,347
Mitsubishi Corp.		265		4,911
Mitsubishi Electric Corp.		369		4,154
Mitsui & Co. Ltd.		178		2,518
Mizuho Financial Group, Inc.		2,032		4,017
Nissin Kogyo Co. Ltd.		279		5,207
ORIX Corp.		482		6,782
Sumitomo Corp.		274		3,486
Sumitomo Mitsui Trust Holdings, Inc.		317		1,431

Tokyo Electron Ltd.		154		9,431
				64,343
Mexico – 1.6%
Grupo Financiero Banorte S.A.B. de C.V.		980		6,627
Netherlands – 1.5%
Koninklijke Philips Electronics N.V., Ordinary Shares		182		6,383
Norway – 1.1%
Yara International ASA		106		4,674
South Korea – 4.0%
Hyundai Motor Co.		47		11,040
Samsung Electronics Co. Ltd.		5		5,955
				16,995
Spain – 2.6%
CaixaBank S.A.		1,713		11,023
Switzerland – 6.8%
Compagnie Financiere Richemont S.A.		44		4,201
Credit Suisse Group AG, Registered Shares		272		8,790
Novartis AG, Registered Shares		86		7,319
Swatch Group Ltd. (The), Bearer Shares		14		8,484
				28,794
Taiwan – 1.5%
MediaTek, Inc.		427		6,303
United Kingdom – 13.6%
Aviva plc		593		4,718
Capita Group plc (The)		163		2,973
Diageo plc		136		4,209
Experian plc		321		5,787
GlaxoSmithKline plc		304		8,056
Merlin Entertainments plc (A)		638		4,010
Prudential plc		364		7,699
Royal Dutch Shell plc, Class A		182		6,658
Shire plc		263		12,902
				57,012
United States – 6.5%
Cognizant Technology Solutions Corp., Class A (A)		198		10,020
InBev N.V.		92		9,605
Schlumberger Ltd.		57		5,557
Veeco Instruments, Inc. (A)		54		2,280
				27,462
TOTAL COMMON STOCKS – 97.3%			$	410,366
(Cost: $344,293)
SHORT-TERM SECURITIES		Principal
Commercial Paper – 1.2%
Roche Holdings, Inc.,
0.070%, 4–28–14 (B)	$	5,000		5,000
Master Note- 0.9%
Toyota Motor Credit Corp.,
0.099%, 4–2–14 (C)		4,066		4,066

Municipal Obligations - Taxable – 0.2%
MS Business Fin Corp., Gulf Opp Zone Indl Dev Rev Bonds (Chevron USA, Inc. Proj), Ser 2007B (GTD by Chevron Corp.),
0.070%, 4–1–14 (C)	700		700
TOTAL SHORT-TERM SECURITIES – 2.3%		$	9,766
(Cost: $9,766)
TOTAL INVESTMENT SECURITIES – 99.6%		$	420,132
(Cost: $354,059)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.4%			1,884
NET ASSETS – 100.0%		$	422,016

Notes to Schedule of Investments

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

(B) Rate shown is the yield to maturity at March 31, 2014.

(C) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2014. Date shown represents the date the variable rate resets.

The following forward foreign currency contracts were outstanding at March 31, 2014:

Type	Currency	Counterparty	Principal Amount of Contract (Denominated in Indicated Currency)		Settlement Date		Unrealized Appreciation		Unrealized Depreciation
Sell	Euro	UBS AG		30,100		4-28-14	$	55	$	—
Sell	Japanese Yen	Goldman Sachs International		2,098,600		4-28-14		141		—
							$	196	$	—

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 March 31, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	105,537	$	—	$	—
Consumer Staples		15,721		—		—
Energy		12,215		—		—
Financials		51,088		—		—
Health Care		69,208		—		—
Industrials		68,659		—		—
Information Technology		55,265		—		—
Materials		24,449		—		—
Telecommunication Services		8,224		—		—
Total Common Stocks	$	410,366	$	—	$	—
Short-Term Securities		—		9,766		—
Total	$	410,366	$	9,766	$	—
Forward Foreign Currency Contracts	$	—	$	196	$	—

As of March 31, 2014, 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 March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	354,059
Gross unrealized appreciation		71,954
Gross unrealized depreciation		(5,881	)
Net unrealized appreciation	$	66,073

SCHEDULE OF INVESTMENTS Limited-Term Bond (in thousands) MARCH 31, 2014 (UNAUDITED)

CORPORATE DEBT SECURITIES	Principal		Value
Aerospace & Defense – 1.1%
Bombardier, Inc., 7.500%, 3–15–18 (A)	$	4,500	$	5,074
Agricultural Chemicals – 1.0%
Potash Corp. of Saskatchewan, Inc., 6.500%, 5–15–19		3,570		4,209
Air Freight & Logistics – 0.6%
FedEx Corp., 8.000%, 1–15–19		2,252		2,798
Airlines – 0.5%
Southwest Airlines Co., 5.125%, 3–1–17		2,263		2,482
Apparel Retail – 0.5%
Limited Brands, Inc., 8.500%, 6–15–19		2,000		2,420
Apparel, Accessories & Luxury Goods – 0.2%
LVMH Moet Hennessy – Louis Vuitton, 1.625%, 6–29–17 (A)		1,000		1,007
Automobile Manufacturers – 4.3%
Borg Warner Automotive, Inc., 8.000%, 10–1–19		2,000		2,477
General Motors Co., 3.500%, 10–2–18 (A)		1,500		1,528
Hyundai Capital America:
1.875%, 8–9–16 (A)		1,000		1,011
2.875%, 8–9–18 (A)		1,000		1,019
Nissan Motor Acceptance Corp., 1.950%, 9–12–17 (A)		3,370		3,386
Toyota Motor Credit Corp.:
2.000%, 9–15–16		1,750		1,797
2.000%, 10–24–18		4,000		3,995
Volkswagen International Finance N.V.:
1.625%, 3–22–15 (A)		1,000		1,011
2.375%, 3–22–17 (A)		1,000		1,029
2.125%, 11–20–18 (A)		2,000		2,000
				19,253
Automotive Retail – 0.8%
AutoZone, Inc., 1.300%, 1–13–17		3,500		3,493
Biotechnology – 0.9%
Amgen, Inc., 6.150%, 6–1–18		3,500		4,073
Brewers – 1.7%
Heineken N.V., 1.400%, 10–1–17 (A)		2,000		1,992
International CCE, Inc., 2.125%, 9–15–15		1,075		1,094
SABMiller Holdings, Inc., 1.850%, 1–15–15 (A)		500		505
SABMiller plc, 6.500%, 7–15–18 (A)		3,500		4,105
				7,696
Broadcasting – 1.0%
CBS Corp.:
7.625%, 1–15–16		1,000		1,117
8.875%, 5–15–19		2,557		3,279
				4,396

Cable & Satellite – 2.2%
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc., 5.875%, 10–1–19	3,984	4,570
TCI Communications, Inc., 8.750%, 8–1–15	1,415	1,568
Time Warner Co., Inc. (GTD by Time Warner, Inc.), 7.250%, 10–15–17	3,337	3,939
		10,077
Coal & Consumable Fuels – 0.2%
Joy Global, Inc., 6.000%, 11–15–16	1,000	1,112
Consumer Finance – 7.1%
American Express Co., 7.000%, 3–19–18	3,000	3,559
American Express Credit Corp., 1.300%, 7–29–16	1,500	1,512
American Honda Finance Corp.:
7.625%, 10–1–18 (A)	1,000	1,224
2.125%, 10–10–18	3,000	3,013
Capital One Bank USA N.A., 2.150%, 11–21–18	2,000	1,985
Capital One Financial Corp.:
2.150%, 3–23–15	1,000	1,015
6.750%, 9–15–17	1,000	1,166
Caterpillar Financial Services Corp., 1.000%, 11–25–16	3,000	3,006
Ford Motor Credit Co. LLC:
1.500%, 1–17–17	1,000	997
5.000%, 5–15–18	3,626	4,002
Hyundai Capital Services, Inc.:
4.375%, 7–27–16 (A)	2,285	2,439
3.500%, 9–13–17 (A)	1,500	1,570
Penske Truck Leasing Co. L.P. and PTL Finance Corp., 3.125%, 5–11–15 (A)	4,000	4,098
Western Union Co. (The), 5.930%, 10–1–16	2,000	2,215
		31,801
Data Processing & Outsourced Services – 0.9%
Alliance Data Systems Corp., 5.250%, 12–1–17 (A)	3,000	3,143
Fidelity National Financial, Inc., 6.600%, 5–15–17	1,000	1,134
		4,277
Department Stores – 0.3%
Macy’s Retail Holdings, Inc., 7.450%, 7–15–17	1,000	1,179
Distillers & Vintners – 2.5%
Anheuser-Busch InBev Worldwide, Inc. (GTD by AB INBEV/BBR/COB), 7.750%, 1–15–19	3,250	4,027
Beam, Inc., 1.875%, 5–15–17	3,672	3,678
Diageo Capital plc, 5.750%, 10–23–17	3,000	3,438
		11,143
Diversified Banks – 4.2%
Bank of America Corp.:
5.650%, 5–1–18	1,000	1,131
2.600%, 1–15–19	2,000	2,008
Bank of Nova Scotia (The):
1.375%, 7–15–16	2,000	2,020
2.050%, 10–30–18	2,500	2,492
Bear Stearns Co., Inc. (The), 6.400%, 10–2–17	2,000	2,309

Commonwealth Bank of Australia:
1.950%, 3–16–15	1,000	1,015
2.250%, 3–13–19	2,500	2,489
HSBC Bank plc, 3.100%, 5–24–16 (A)	1,000	1,046
U.S. Bancorp, 2.200%, 11–15–16	1,000	1,032
Wachovia Corp., 5.750%, 2–1–18	1,500	1,718
Wells Fargo & Co., 2.150%, 1–15–19	2,000	1,996
		19,256
Diversified Chemicals – 0.7%
Dow Chemical Co. (The), 4.250%, 11–15–20	1,168	1,236
E.I. du Pont de Nemours and Co., 6.000%, 7–15–18	1,845	2,148
		3,384
Diversified Metals & Mining – 0.3%
Rio Tinto Finance (USA) Ltd., 2.250%, 9–20–16	1,500	1,542
Education Services – 0.6%
Cornell University, 5.450%, 2–1–19	2,500	2,861
Electric Utilities – 2.0%
Dayton Power & Light Co. (The), 1.875%, 9–15–16 (A)	1,000	1,014
Kansas City Power & Light Co., 7.150%, 4–1–19	3,590	4,382
Mississippi Power Co., 2.350%, 10–15–16	1,500	1,545
PacifiCorp, 5.500%, 1–15–19	2,100	2,408
		9,349
Electronic Equipment & Instruments – 0.6%
Xerox Corp., 6.350%, 5–15–18	2,328	2,691
Electronic Manufacturing Services – 0.3%
Jabil Circuit, Inc., 7.750%, 7–15–16	1,000	1,135
Environmental & Facilities Services – 1.6%
Republic Services, Inc., 3.800%, 5–15–18	4,000	4,242
Waste Management, Inc., 6.100%, 3–15–18	1,000	1,156
Waste Management, Inc. (GTD by Waste Management Holdings, Inc.), 7.375%, 3–11–19	1,700	2,050
		7,448
Food Distributors – 2.4%
Bestfoods, 7.000%, 10–15–17	2,500	2,936
Campbell Soup Co., 3.375%, 8–15–14	2,000	2,021
ConAgra Foods, Inc.:
1.300%, 1–25–16	1,000	1,007
5.819%, 6–15–17	1,000	1,130
7.000%, 4–15–19	1,000	1,196
Wm. Wrigley Jr. Co.:
2.000%, 10–20–17 (A)	1,000	1,003
2.400%, 10–21–18 (A)	2,000	2,006
		11,299
Food Retail – 0.6%
Kroger Co. (The), 6.800%, 12–15–18	2,245	2,666
Forest Products – 0.2%
Georgia-Pacific LLC, 5.400%, 11–1–20 (A)	1,000	1,122
General Merchandise Stores – 0.9%
Dollar General Corp., 4.125%, 7–15–17	4,000	4,279

Health Care Services – 2.0%
Medco Health Solutions, Inc.:
2.750%, 9–15–15	1,000	1,025
7.125%, 3–15–18	3,100	3,659
Quest Diagnostics, Inc.:
3.200%, 4–1–16	1,000	1,042
6.400%, 7–1–17	3,000	3,405
		9,131
Health Care Supplies – 2.3%
Abbott Laboratories, 4.125%, 5–27–20	1,000	1,078
Catholic Health Initiatives, 2.600%, 8–1–18	3,000	3,003
DENTSPLY International, Inc., 2.750%, 8–15–16	1,000	1,035
Express Scripts Holding Co., 2.100%, 2–12–15	1,000	1,013
Express Scripts, Inc., 7.250%, 6–15–19	1,000	1,215
Laboratory Corp. of America Holdings, 2.500%, 11–1–18	3,000	2,990
		10,334
Home Improvement Retail – 0.5%
Lowe’s Co., Inc., 2.125%, 4–15–16	2,000	2,054
Industrial Conglomerates – 1.9%
Danaher Corp., 5.400%, 3–1–19	3,750	4,282
General Electric Capital Corp., 5.625%, 5–1–18	3,500	4,001
		8,283
Industrial Machinery – 0.9%
Ingersoll–Rand Global Holding Co. Ltd., 2.875%, 1–15–19 (A)	4,028	4,017
Integrated Oil & Gas – 3.1%
Petro-Canada, 6.050%, 5–15–18	1,130	1,302
Phillips Pertroleum Co., 6.650%, 7–15–18	3,000	3,559
Shell International Finance B.V., 4.300%, 9–22–19	2,625	2,898
Statoil ASA (GTD by Statoil Petroleum AS), 1.950%, 11–8–18	1,500	1,502
StatoilHydro ASA (GTD by StatoilHydro Petroleum AS), 5.250%, 4–15–19	2,000	2,278
Suncor Energy, Inc., 6.100%, 6–1–18	2,000	2,311
		13,850
Integrated Telecommunication Services – 1.0%
AT&T, Inc., 5.800%, 2–15–19	1,000	1,155
CC Holdings GS V LLC, 2.381%, 12–15–17	1,000	1,000
Verizon Communications, Inc.:
6.350%, 4–1–19	1,000	1,180
2.550%, 6–17–19	1,000	1,006
		4,341
Investment Banking & Brokerage – 2.3%
Goldman Sachs Group, Inc. (The):
3.700%, 8–1–15	1,000	1,037
7.500%, 2–15–19	3,250	3,934
Morgan Stanley:
6.000%, 4–28–15	2,000	2,111
5.625%, 9–23–19	3,000	3,413
		10,495
Leisure Products – 0.2%
Mattel, Inc., 2.500%, 11–1–16	1,000	1,032
Life & Health Insurance – 2.2%
Aflac, Inc., 8.500%, 5–15–19	2,917	3,750
MetLife, Inc.:
5.000%, 6–15–15	1,553	1,635
6.817%, 8–15–18	3,058	3,650

Prudential Financial, Inc., 4.750%, 9–17–15	1,000	1,057
		10,092
Metal & Glass Containers – 0.3%
FBG Finance Ltd., 7.875%, 6–1–16 (A)	1,000	1,144
Multi-Utilities – 0.8%
Dominion Resources, Inc., 6.400%, 6–15–18	3,000	3,497
Oil & Gas Drilling – 0.9%
Transocean, Inc., 2.500%, 10–15–17	4,000	4,027
Oil & Gas Equipment & Services – 1.0%
Enterprise Products Operating LLC (GTD by Enterprise Products Partners L.P.), 6.500%, 1–31–19	3,000	3,549
Schlumberger Investment S.A. (GTD by Schlumberger Ltd.), 1.950%, 9–14–16 (A)	1,000	1,024
		4,573
Oil & Gas Exploration & Production – 3.9%
Anadarko Petroleum Corp., 5.750%, 6–15–14	1,775	1,793
BP Capital Markets plc (GTD by BP plc), 2.241%, 9–26–18	3,000	3,024
EOG Resources, Inc., 4.100%, 2–1–21	1,000	1,077
EQT Corp., 8.125%, 6–1–19	3,900	4,759
Marathon Oil Corp., 0.900%, 11–1–15	2,000	2,004
Petrohawk Energy Corp., 7.250%, 8–15–18	1,000	1,061
Plains Exploration & Production Co.:
6.125%, 6–15–19	2,000	2,208
8.625%, 10–15–19	1,500	1,629
		17,555
Oil & Gas Storage & Transportation – 2.3%
Copano Energy LLC and Copano Energy Finance Corp., 7.125%, 4–1–21	995	1,131
DCP Midstream Operating L.P. (GTD by DCP Midstream Partners L.P.):
3.250%, 10–1–15	1,500	1,547
2.700%, 4–1–19	1,000	998
Kinder Morgan Energy Partners L.P., 5.950%, 2–15–18	3,000	3,400
Maritimes & Northeast Pipeline LLC, 7.500%, 5–31–14 (A)	3,291	3,319
		10,395
Other Diversified Financial Services – 2.5%
Citigroup, Inc.:
1.250%, 1–15–16	1,000	1,004
1.700%, 7–25–16	1,000	1,011
6.125%, 11–21–17	1,500	1,718
Daimler Finance North America LLC, 1.300%, 7–31–15 (A)	1,760	1,772
ING Bank N.V., 2.375%, 6–9–14 (A)	1,000	1,004
John Deere Capital Corp., 1.200%, 10–10–17	1,000	997
JPMorgan Chase & Co., 6.000%, 1–15–18	3,316	3,807
		11,313
Packaged Foods & Meats – 1.1%
Kellogg Co., 4.150%, 11–15–19	4,630	4,961
Pharmaceuticals – 2.6%
AbbVie, Inc., 1.200%, 11–6–15	1,500	1,513
Merck Sharp & Dohme Corp.,
5.000%, 6–30–19	3,000	3,394

Mylan, Inc., 7.875%, 7–15–20 (A)	3,000		3,363
Roche Holdings, Inc., 6.000%, 3–1–19 (A)	3,040		3,573
			11,843
Railroads – 0.7%
Union Pacific Corp., 2.250%, 2–15–19	3,000		3,001
Regional Banks – 0.8%
PNC Bank N.A., 1.300%, 10–3–16	2,000		2,014
PNC Funding Corp. (GTD by PNC Financial Services Group, Inc.), 6.700%, 6–10–19	1,447		1,744
			3,758
Semiconductors – 0.2%
Broadcom Corp., 2.700%, 11–1–18	1,000		1,027
Soft Drinks – 1.0%
Bottling Group LLC, 5.125%, 1–15–19	3,995		4,508
Specialty Chemicals – 0.9%
Methanex Corp., 3.250%, 12–15–19	4,000		3,995
Systems Software – 1.8%
CA, Inc.:
6.125%, 12–1–14	1,000		1,035
5.375%, 12–1–19	3,000		3,356
Oracle Corp., 5.000%, 7–8–19	3,450		3,895
			8,286
Trucking – 0.4%
Ryder System, Inc., 2.450%, 11–15–18	2,000		2,002
Wireless Telecommunication Service – 1.7%
America Movil, S.A.B. de C.V.:
2.375%, 9–8–16	3,000		3,087
5.000%, 3–30–20	1,000		1,096
American Tower Corp.:
7.000%, 10–15–17	2,000		2,324
5.900%, 11–1–21	1,000		1,122
Crown Castle International Corp., 5.250%, 1–15–23	200		203
			7,832
TOTAL CORPORATE DEBT SECURITIES – 79.5%		$	360,868
(Cost: $359,402)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Agency Obligations – 1.4%
Federal National Mortgage Association:
2.000%, 12–30–15	1,000		1,028
5.450%, 10–18–21	4,640		5,156
			6,184
Mortgage-Backed Obligations – 13.7%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO:
4.000%, 6–15–26	4,799		5,118
2.500%, 12–15–41	2,314		2,308
Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates, 4.000%, 1–1–27	4,994		5,280
Federal Home Loan Mortgage Corp. Fixed Rate Pass-Through Certificates:
3.000%, 8–1–28	4,812		4,903
3.000%, 9–1–28	4,802		4,905
3.500%, 10–1–28	5,216		5,422

Federal National Mortgage Association Agency REMIC/CMO:
3.000%, 2–25–25	2,888		2,926
2.000%, 4–25–39	1,776		1,722
4.000%, 5–25–39	1,821		1,895
3.000%, 11–25–39	482		494
Federal National Mortgage Association Fixed Rate Pass–Through Certificates:
4.580%, 6–1–19	3,724		4,084
3.680%, 2–1–21	1,798		1,888
4.375%, 6–1–21	1,964		2,153
5.500%, 10–1–21	1,403		1,525
5.500%, 11–1–22	529		575
5.000%, 4–1–24	409		445
3.000%, 7–1–28	4,753		4,848
3.000%, 9–1–28	2,584		2,628
4.000%, 12–1–31	4,210		4,442
Government National Mortgage Association Agency REMIC/CMO:
2.500%, 9–20–40	2,226		2,245
2.000%, 3–16–42	2,335		2,277
			62,083
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 15.1%		$	68,267
(Cost: $68,709)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 1.1%
U.S. Treasury Notes, 0.750%, 10–31–17 (B)	5,000		4,920
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 1.1%		$	4,920
(Cost: $5,007)
SHORT–TERM SECURITIES
Commercial Paper – 4.2%
Ecolab, Inc., 0.200%, 4–25–14 (C)	3,187		3,187
L Oreal USA, Inc., 0.060%, 4–8–14 (C)	5,000		5,000
Mondelez International, Inc., 0.160%, 4–1–14 (C)	3,480		3,480
Sysco Corp., 0.070%, 4–1–14 (C)	7,527		7,526
			19,193
Master Note – 0.3%
Toyota Motor Credit Corp., 0.099%, 4–2–14 (D)	1,153		1,153
TOTAL SHORT–TERM SECURITIES – 4.5%		$	20,346
(Cost: $20,347)
TOTAL INVESTMENT SECURITIES – 100.2%		$	454,401
(Cost: $453,465)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.2%)			(1,076	)
NET ASSETS – 100.0%		$	453,325

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 March 31, 2014, the total value of these securities amounted to $61,548 or 13.6% of net assets.

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

(C) Rate shown is the yield to maturity at March 31, 2014.

(D) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2014. Date shown represents the date that the variable rate resets.

The following futures contracts were outstanding at March 31, 2014 (contracts unrounded):

Description	Type		Expiration Date		Number of Contracts		Market Value			Unrealized Depreciation
U.S. Treasury Long Bond		Short		6-30-14		517	$	(68,874	)	$	(603	)

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 tables summarize the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Corporate Debt Securities	$	—	$	357,313	$	3,555
United States Government Agency Obligations		—		68,267		—
United States Government Obligations		—		4,920		—
Short-Term Securities		—		20,346		—
Total	$	—	$	450,846	$	3,555
Liabilities
Futures Contracts	$	603	$	—	$	—

During the period ended March 31, 2014, securities totaling $3,538 were transferred from Level 2 to Level 3 due to the lack of observable market data due to decreased market activity or information for these securities. There were no transfers between Levels 1 and 2 during the period.

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 March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	453,465
Gross unrealized appreciation		2,581
Gross unrealized depreciation		(1,645	)
Net unrealized appreciation	$	936

SCHEDULE OF INVESTMENTS Micro Cap Growth (in thousands) MARCH 31, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Alternative Carriers – 0.8%
inContact, Inc. (A)		71	$	683
Apparel, Accessories & Luxury Goods – 1.4%
Movado Group, Inc.		25		1,143
Application Software – 2.9%
Callidus Software, Inc. (A)		108		1,355
Datawatch Corp. (A)		27		719
Sapiens International Corp. N.V. (A)		42		344
				2,418
Asset Management & Custody Banks – 1.5%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		38		544
Internet Capital Group, Inc. (A)		39		785
				1,329
Auto Parts & Equipment – 2.5%
Amerigon, Inc. (A)		45		1,559
Quantum Fuel Systems Technologies Worldwide, Inc. (A)		47		453
				2,012
Biotechnology – 9.2%
Acceleron Pharma, Inc. (A)		15		514
Argos Therapeutics, Inc. (A)		42		420
Cara Therapeutics, Inc. (A)		53		984
Concert Pharmaceuticals, Inc. (A)		51		683
Enanta Pharmaceuticals, Inc. (A)		36		1,421
KaloBios Pharmaceuticals, Inc. (A)		53		143
NewLink Genetics Corp. (A)		24		670
Repligen Corp. (A)		61		786
Synergy Pharmaceuticals, Inc. (A)		82		433
Vanda Pharmaceuticals, Inc. (A)		58		947
Verastem, Inc. (A)		53		576
				7,577
Broadcasting – 0.6%
Entravision Communications Corp.		77		517
Building Products – 3.4%
American Woodmark Corp. (A)		20		670
Builders FirstSource, Inc. (A)		125		1,137
NCI Building Systems, Inc. (A)		54		945
				2,752
Casinos & Gaming – 1.3%
Multimedia Games Holding Co., Inc. (A)		35		1,028
Communications Equipment – 2.4%
Applied Optoelectronics, Inc. (A)		33		804
Ruckus Wireless, Inc. (A)		40		491
ShoreTel, Inc. (A)		75		647
				1,942
Computer Storage & Peripherals – 0.9%
Datalink Corp. (A)		52		720
Construction & Engineering – 0.1%
Orion Marine Group, Inc. (A)(B)		8		94
Construction & Farm Machinery & Heavy Trucks – 2.6%
Commercial Vehicle Group, Inc. (A)		31		280
Greenbrier Co., Inc. (The) (A)		22		994
Wabash National Corp. (A)		63		868
				2,142

Diversified Banks – 0.5%
Square 1 Financial, Inc., Class A (A)	19	374
Electrical Components & Equipment – 1.1%
LSI Industries, Inc.	40	328
Orion Energy Systems, Inc. (A)	82	592
		920
Electronic Equipment & Instruments – 0.9%
CUI Global, Inc. (A)	69	759
Food Distributors – 0.6%
Chefs’ Warehouse Holdings LLC (The) (A)	23	488
Food Retail – 2.0%
Natural Grocers by Vitamin Cottage, Inc. (A)	37	1,624
Health Care Equipment – 4.9%
Cardiovascular Systems, Inc. (A)	30	964
Cynosure, Inc., Class A (A)	29	836
Oxford Immunotec Global plc (A)	31	612
Rockwell Medical, Inc. (A)	58	733
Sunshine Heart, Inc. (A)	59	347
Veracyte, Inc. (A)	32	546
		4,038
Health Care Facilities – 1.0%
Surgical Care Affiliates, Inc. (A)	26	796
Health Care Supplies – 3.4%
Quidel Corp. (A)	52	1,428
Spectranetics Corp. (The) (A)	33	1,000
TearLab Corp. (A)	52	352
		2,780
Health Care Technology – 0.8%
HealthStream, Inc. (A)	24	649
Heavy Electrical Equipment – 0.9%
PowerSecure International, Inc. (A)	31	729
Home Entertainment Software – 0.5%
Glu Mobile, Inc. (A)	81	385
Homebuilding – 0.7%
M/I Homes, Inc. (A)	25	561
Homefurnishing Retail – 0.7%
Kirkland’s, Inc. (A)	30	558
Integrated Telecommunication Services – 0.5%
Global Telecom & Technology, Inc. (A)	37	393
Internet Retail – 0.8%
RetailMeNot, Inc., Series 1 (A)	20	627

Internet Software & Services – 6.2%
Amber Road, Inc. (A)	52	802
Boingo Wireless, Inc. (A)	40	274
Borderfree, Inc. (A)	23	425
ChannelAdvisor Corp. (A)	19	698
Marchex, Inc., Class B	55	578
Move, Inc. (A)	74	859
Q2 Holdings, Inc. (A)	26	405
SciQuest, Inc. (A)	12	319
SPS Commerce, Inc. (A)	12	750
		5,110
Investment Banking & Brokerage – 0.5%
Marcus & Millichap, Inc. (A)	21	382
IT Consulting & Other Services – 0.9%
Virtusa Corp. (A)	21	704
Leisure Facilities – 0.3%
Town Sports International Holdings, Inc.	32	268
Leisure Products – 3.5%
Arctic Cat, Inc.	21	1,000
Black Diamond, Inc. (A)	34	413
Malibu Boats, Inc., Class A (A)	36	791
Nautilus Group, Inc. (The) (A)	69	666
		2,870
Marine – 0.7%
Baltic Trading Ltd.	91	573
Movies & Entertainment – 1.7%
Rentrak Corp. (A)	23	1,362
Office Services & Supplies – 1.8%
ARC Document Solutions, Inc. (A)	111	828
CyrusOne, Inc.	30	619
		1,447
Oil & Gas Drilling – 0.9%
Pioneer Drilling Co. (A)	57	738
Oil & Gas Equipment & Services – 5.1%
Basic Energy Services, Inc. (A)	64	1,740
RigNet, Inc. (A)	27	1,459
Willbros Group, Inc. (A)	79	991
		4,190
Oil & Gas Exploration & Production – 1.3%
Emerald Oil, Inc. (A)	99	665
Triangle Petroleum Corp. (A)	43	356
		1,021
Packaged Foods & Meats – 0.7%
Inventure Foods, Inc. (A)	39	548
Personal Products – 0.9%
Inter Parfums, Inc.	21	757
Pharmaceuticals – 2.6%
Aerie Pharmaceuticals, Inc. (A)	48	1,021
Intra-Cellular Therapies, Inc. (A)	34	611
XenoPort, Inc. (A)	89	460
		2,092
Regional Banks – 1.0%
TriState Capital Holdings, Inc. (A)	56	796

Restaurants – 4.3%
Chuy’s Holdings, Inc. (A)		24		1,018
Del Frisco’s Restaurant Group, Inc. (A)		33		910
Noodles & Co., Class A (A)		11		418
Red Robin Gourmet Burgers, Inc. (A)		10		710
Ruth’s Hospitality Group, Inc.		41		492
				3,548
Semiconductor Equipment – 1.2%
Nanometrics, Inc. (A)		27		483
Ultra Clean Holdings, Inc. (A)		38		504
				987
Semiconductors – 0.6%
Exar Corp. (A)		39		464
Specialized REITs – 0.8%
Ashford Hospitality Prime, Inc.		42		632
Specialty Stores – 0.7%
Container Store Group, Inc. (The) (A)		18		603
Steel – 0.4%
Universal Stainless & Alloy Products, Inc. (A)		11		361
Systems Software – 2.2%
A10 Networks, Inc. (A)		39		591
Gigamon, Inc. (A)		19		574
Mavenir Systems, Inc. (A)		35		623
				1,788
Thrifts & Mortgage Finance – 0.6%
PennyMac Financial Services, Inc., Class A (A)		29		483
Trading Companies & Distributors – 2.3%
DXP Enterprises, Inc. (A)		11		1,007
Stock Building Supply Holdings, Inc. (A)		42		847
				1,854
Trucking – 2.4%
Celadon Group, Inc.		33		782
Marten Transport Ltd.		28		610
Roadrunner Transportation Systems, Inc. (A)		22		545
				1,937
Wireless Telecommunication Service – 0.9%
RingCentral, Inc., Class A (A)		38		694
TOTAL COMMON STOCKS – 93.4%			$	76,247
(Cost: $53,963)
SHORT-TERM SECURITIES	Principal
Commercial Paper – 4.5%
Sysco Corp.,
0.070%, 4–1–14 (C)	$	3,613		3,613
Master Note – 3.5%
Toyota Motor Credit Corp.,
0.099%, 4–2–14 (D)		2,885		2,885
TOTAL SHORT-TERM SECURITIES – 8.0%			$	6,498
(Cost: $6,498)
TOTAL INVESTMENT SECURITIES – 101.4%			$	82,745
(Cost: $60,461)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.4%)				(1,136	)
NET ASSETS – 100.0%			$	81,609

Notes to Schedule of Investments

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

(B) Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2014, the total value of these securities amounted to $94 or 0.1% of net assets.

(C) Rate shown is the yield to maturity at March 31, 2014.

(D) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2014. 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 March 31, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	76,247	$	—	$	—
Short-Term Securities		—		6,498		—
Total	$	76,247	$	6,498	$	—

There were no transfers between any levels during the period ended March 31, 2014.

The following acronym is used throughout this schedule:

REIT = Real Estate Investment Trust

For Federal income tax purposes, cost of investments owned at March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	60,461
Gross unrealized appreciation		24,319
Gross unrealized depreciation		(2,035	)
Net unrealized appreciation	$	22,284

SCHEDULE OF INVESTMENTS Mid Cap Growth (in thousands) MARCH 31, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Air Freight & Logistics – 2.1%
Expeditors International of Washington, Inc.		219	$	8,693
Apparel Retail – 5.3%
DSW, Inc., Class A		119		4,249
Limited Brands, Inc.		84		4,791
Ross Stores, Inc.		87		6,218
Urban Outfitters, Inc. (A)		189		6,874
				22,132
Apparel, Accessories & Luxury Goods – 3.4%
Burberry Group plc (B)		190		4,428
Carter’s, Inc.		82		6,378
Fossil, Inc. (A)		32		3,732
				14,538
Application Software – 2.6%
ANSYS, Inc. (A)		68		5,222
Solera Holdings, Inc.		90		5,704
				10,926
Asset Management & Custody Banks – 3.5%
Northern Trust Corp.		174		11,417
Oaktree Capital Group LLC		56		3,266
				14,683
Auto Parts & Equipment – 2.6%
Allison Transmission Holdings, Inc.		153		4,590
Gentex Corp.		210		6,620
				11,210
Automotive Retail – 1.8%
CarMax, Inc. (A)		164		7,692
Biotechnology – 2.6%
ACADIA Pharmaceuticals, Inc. (A)		48		1,159
Alkermes plc (A)		64		2,806
BioMarin Pharmaceutical, Inc. (A)		46		3,145
Medivation, Inc. (A)		60		3,837
				10,947
Building Products – 1.8%
Fortune Brands Home & Security, Inc.		179		7,543
Coal & Consumable Fuels – 1.4%
Joy Global, Inc.		99		5,725
Communications Equipment – 2.7%
Aruba Networks, Inc. (A)		230		4,316
F5 Networks, Inc. (A)(C)		66		7,038
				11,354
Computer Storage & Peripherals – 1.0%
Fusion-io, Inc. (A)		412		4,334
Construction & Engineering – 1.2%
Jacobs Engineering Group, Inc. (A)		79		5,020
Data Processing & Outsourced Services – 1.9%
Vantiv, Inc., Class A (A)		260		7,865
Department Stores – 1.1%
Nordstrom, Inc.		75		4,681

Distillers & Vintners – 1.0%
Brown-Forman Corp., Class B	49	4,387
Distributors – 2.0%
LKQ Corp. (A)	317	8,344
Electrical Components & Equipment – 1.3%
Polypore International, Inc. (A)	160	5,477
Electronic Equipment & Instruments – 0.9%
FLIR Systems, Inc.	103	3,708
Environmental & Facilities Services – 1.2%
Stericycle, Inc. (A)	44	4,948
Fertilizers & Agricultural Chemicals – 1.1%
Scotts Miracle-Gro Co. (The)	76	4,630
Health Care Distributors – 1.5%
Henry Schein, Inc. (A)	53	6,303
Health Care Equipment – 5.4%
Intuitive Surgical, Inc. (A)	16	7,183
Varian Medical Systems, Inc. (A)	113	9,498
Zimmer Holdings, Inc.	67	6,323
		23,004
Health Care Facilities – 2.3%
Acadia Healthcare Co., Inc. (A)	80	3,616
Hologic, Inc. (A)	276	5,924
		9,540
Health Care Services – 0.7%
Premier, Inc. (A)	90	2,954
Health Care Supplies – 2.5%
Align Technology, Inc. (A)	85	4,389
DENTSPLY International, Inc.	134	6,156
		10,545
Home Entertainment Software – 1.8%
Electronic Arts, Inc. (A)	263	7,638
Hotels, Resorts & Cruise Lines – 1.5%
Norwegian Cruise Line Holdings Ltd. (A)	200	6,452
Industrial Machinery – 2.9%
Flowserve Corp.	108	8,460
Graco, Inc.	23	1,712
IDEX Corp.	35	2,551
		12,723
Internet Retail – 0.7%
HomeAway, Inc. (A)	77	2,882
Internet Software & Services – 2.8%
OpenTable, Inc. (A)	49	3,754
WebMD Health Corp., Class A (A)	104	4,317
Zillow, Inc. (A)	45	3,942
		12,013
IT Consulting & Other Services – 1.7%
Teradata Corp. (A)	149	7,351

Leisure Products – 1.7%
Mattel, Inc.		178		7,126
Managed Health Care – 1.1%
Humana, Inc.		42		4,740
Oil & Gas Equipment & Services – 1.2%
Dril-Quip, Inc. (A)		47		5,291
Oil & Gas Exploration & Production – 4.4%
Cabot Oil & Gas Corp.		131		4,448
Continental Resources, Inc. (A)		57		7,139
Southwestern Energy Co. (A)		152		6,987
				18,574
Packaged Foods & Meats – 3.8%
Hain Celestial Group, Inc. (The) (A)		80		7,276
Mead Johnson Nutrition Co.		104		8,659
				15,935
Personal Products – 0.9%
Coty, Inc., Class A		256		3,830
Regional Banks – 5.5%
First Republic Bank		169		9,127
Signature Bank (A)		80		10,091
UMB Financial Corp.		64		4,154
				23,372
Research & Consulting Services – 1.5%
Verisk Analytics, Inc., Class A (A)		109		6,512
Restaurants – 3.3%
Dunkin’ Brands Group, Inc.		174		8,738
Panera Bread Co., Class A (A)		31		5,400
				14,138
Semiconductors – 2.5%
Microchip Technology, Inc.		218		10,402
Specialty Stores – 2.7%
Tiffany & Co.		46		3,972
Ulta Salon, Cosmetics & Fragrance, Inc. (A)		77		7,515
				11,487
Systems Software – 1.0%
ServiceNow, Inc. (A)		72		4,335
Trading Companies & Distributors – 2.2%
Fastenal Co.		186		9,183
TOTAL COMMON STOCKS – 98.1%			$	415,167
(Cost: $346,835)
PURCHASED OPTIONS	Number of Contracts (Unrounded)
Salix Pharmaceuticals Ltd.:
Call $110.00, Expires 5–16–14, OTC (Ctrpty: Barclays Bank plc)		221		89
Call $110.00, Expires 5–16–14		33		13
TOTAL PURCHASED OPTIONS – 0.0%			$	102
(Cost: $100)
SHORT-TERM SECURITIES	Principal
Master Note – 1.2%
Toyota Motor Credit Corp., 0.099%, 4–2–14 (D)	$	5,141		5,141

TOTAL SHORT-TERM SECURITIES – 1.2%	$	5,141
(Cost: $5,141)
TOTAL INVESTMENT SECURITIES – 99.3%	$	420,410
(Cost: $352,076)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.7%		2,989
NET ASSETS – 100.0%	$	423,399

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) 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) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2014. Date shown represents the date that the variable rate resets.

The following written options were outstanding at March 31, 2014 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type	Number of Contracts		Expiration Month		Exercise Price		Premium Received		Value
Alkermes plc	Barclays Bank plc	Put		387		April 2014	$	42.00	$	52	$	(38	)
Salix Pharmaceuticals Ltd.	N/A	Put		33		May 2014		95.00		12		(11	)
	Barclays Bank plc	Put		221		May 2014		95.00		84		(72	)
	Barclays Bank plc	Call		221		May 2014		125.00		11		(20	)
	N/A	Call		33		May 2014		125.00		2		(3	)
									$	161	$	(144	)

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 March 31, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	415,167	$	—	$	—
Purchased Options		—		102		—
Short-Term Securities		—		5,141		—
Total	$	415,167	$	5,243	$	—
Liabilities
Written Options	$	—	$	144	$	—

As of March 31, 2014, there were no transfers between Level 1 and 2 during the period.

The following acronym is used throughout this schedule:

OTC = Over the Counter

For Federal income tax purposes, cost of investments owned at March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	352,076
Gross unrealized appreciation		77,220
Gross unrealized depreciation		(8,886	)
Net unrealized appreciation	$	68,334

SCHEDULE OF INVESTMENTS Money Market (in thousands) MARCH 31, 2014 (UNAUDITED)

CORPORATE OBLIGATIONS	Principal		Value
Certificate Of Deposit
Banco del Estado de Chile:
0.210%, 4–24–14	$	5,500	$	5,500
0.160%, 5–6–14		1,000		1,000
0.210%, 6–11–14		7,500		7,500
0.190%, 6–16–14		2,100		2,100
Bank of America N.A.:
0.190%, 5–22–14		7,600		7,600
0.190%, 5–27–14		5,700		5,700
0.210%, 7–15–14		17,200		17,200
Citibank N.A.:
0.160%, 6–3–14		12,500		12,500
0.160%, 6–17–14		6,000		6,000
JPMorgan Chase Bank N.A., 0.350%, 2–3–15		4,000		4,000
Toyota Motor Credit Corp., 0.200%, 4–25–14 (A)		8,000		8,000
Total Certificate Of Deposit – 10.3%				77,100
Commercial Paper
Anheuser-Busch InBev Worldwide, Inc. (GTD by AB INBEV/BBR/COB):
0.180%, 4–15–14 (B)		10,000		9,999
0.190%, 5–13–14 (B)		4,500		4,499
0.210%, 6–2–14 (B)		4,300		4,298
0.180%, 6–3–14 (B)		7,800		7,798
Bank of Nova Scotia:
0.220%, 5–22–14 (B)		10,000		9,997
0.110%, 6–3–14 (B)		7,500		7,498
COFCO Capital Corp. (GTD by Rabobank Nederland), 0.170%, 4–24–14 (B)		12,100		12,099
Corporacion Andina de Fomento:
0.140%, 4–2–14 (B)		5,000		5,000
0.170%, 6–9–14 (B)		5,500		5,498
Danaher Corp., 0.100%, 4–9–14 (B)		1,500		1,500
ICICI Bank Ltd. (GTD by Wells Fargo Bank N.A.):
0.180%, 4–22–14 (B)		4,500		4,500
0.160%, 4–28–14 (B)		8,518		8,517
0.170%, 4–28–14 (B)		1,000		1,000
0.420%, 5–12–14 (B)		8,000		7,998
0.200%, 6–24–14 (B)		2,600		2,599
0.200%, 6–30–14 (B)		13,000		12,993
Illinois Tool Works, Inc.:
0.090%, 4–2–14 (B)		6,000		6,000
0.090%, 4–10–14 (B)		11,500		11,499
0.090%, 4–14–14 (B)		6,000		6,000
John Deere Financial, Inc. (GTD by John Deere Capital Corp.), 0.070%, 4–14–14 (B)		14,000		14,000
Kroger Co. (The), 0.190%, 4–1–14 (B)		3,675		3,675
Mondelez International, Inc., 0.160%, 4–1–14 (B)		3,675		3,675
River Fuel Co. #2, Inc. (GTD by Bank of Nova Scotia), 0.150%, 4–30–14 (B)		5,400		5,399
River Fuel Funding Co. #3, Inc. (GTD by Bank of Nova Scotia), 0.190%, 4–30–14 (B)		6,000		5,999
River Fuel Trust #1 (GTD by Bank of Nova Scotia):
0.170%, 4–30–14 (B)		15,000		14,998
0.210%, 6–13–14 (B)		4,000		3,998

Roche Holdings, Inc., 0.090%, 5–14–14 (B)	25,000	24,997
St. Jude Medical, Inc.:
0.190%, 4–25–14 (B)	15,400	15,398
0.160%, 5–2–14 (B)	1,000	1,000
0.190%, 5–5–14 (B)	3,000	2,999
0.240%, 7–14–14 (B)	4,600	4,597
0.250%, 8–25–14 (B)	6,000	5,994
Sysco Corp., 0.070%, 4–1–14 (B)	5,841	5,841
Target Corp., 0.060%, 4–4–14 (B)	26,000	26,000
Total Capital Canada Ltd. (GTD by Total S.A.), 0.080%, 4–3–14 (B)	8,000	8,000
USAA Capital Corp., 1.050%, 9–30–14 (B)	1,500	1,506
Wisconsin Electric Power Co.:
0.100%, 4–3–14 (B)	4,000	4,000
0.150%, 4–7–14 (B)	14,500	14,500
Wisconsin Gas LLC:
0.100%, 4–9–14 (B)	3,000	3,000
0.100%, 4–11–14 (B)	4,000	4,000
Total Commercial Paper – 40.6%		302,868
Master Note
Toyota Motor Credit Corp., 0.099%, 4–2–14 (A)	15,651	15,651
Total Master Note – 2.1%		15,651
Notes
American Honda Finance Corp.:
0.230%, 6–12–14 (A)	16,600	16,600
1.850%, 9–19–14	3,000	3,021
American Honda Finance Corp. (GTD by Honda Motor Co.), 0.258%, 4–17–14 (A)	7,300	7,300
Anheuser-Busch InBev Worldwide, Inc. (GTD by AB INBEV/BBR/COB), 0.600%, 4–14–14 (A)	3,000	3,003
Banco del Estado de Chile:
0.360%, 4–24–14 (A)	10,000	10,000
0.380%, 6–21–14 (A)	4,000	4,000
Bank of Nova Scotia:
0.240%, 4–1–14 (A)	2,500	2,500
0.220%, 4–24–14 (A)	4,400	4,400
3.400%, 1–22–15	5,000	5,124
Baxter International, Inc., 0.410%, 6–11–14 (A)	6,400	6,407
BHP Billiton Finance (USA) Ltd., 1.000%, 2–24–15	2,000	2,012
BHP Billiton Finance (USA) Ltd. (GTD by BHP Billiton Ltd.):
5.500%, 4–1–14	7,978	7,978
1.125%, 11–21–14	4,000	4,021
Caterpillar Financial Services Corp., 1.125%, 12–15–14	1,060	1,066
Caterpillar Financial Services Corp. (GTD by Caterpillar, Inc.), 1.375%, 5–20–14	1,750	1,753
Danaher Corp., 1.300%, 6–23–14	6,335	6,350
General Electric Capital Corp.:
0.870%, 4–7–14 (A)	3,600	3,600
5.900%, 5–13–14	1,500	1,510

0.870%, 6–2–14 (A)	3,400		3,404
5.500%, 6–4–14	1,500		1,514
2.150%, 1–9–15	500		507
IBM International Group Capital LLC (GTD by International Business Machines Corp.), 0.530%, 5–26–14 (A)	1,500		1,500
John Deere Capital Corp., 0.330%, 4–8–14 (A)	900		900
Johnson City, TN Hlth and Edu Fac, Hosp Rev Bonds (Mountain States Hlth Alliance), Ser 2013A (GTD by U.S. Bank N.A.), 0.060%, 4–7–14 (A)	5,500		5,500
JPMorgan Chase & Co.:
0.320%, 4–22–14 (A)	1,650		1,650
4.650%, 6–1–14	7,000		7,048
0.350%, 6–9–14 (A)	4,750		4,750
JPMorgan Chase Bank N.A., 0.240%, 6–11–14 (A)	7,000		7,000
NY State Hsng Fin Agy, Riverside Ctr 2 Hsng Rev Bonds, Ser 2013A-2 (GTD by Bank of America N.A.), 0.070%, 4–7–14 (A)	5,000		5,000
PACCAR Financial Corp., 0.490%, 6–5–14 (A)	5,330		5,332
Rabobank Nederland, 0.260%, 4–13–14 (A)	7,300		7,300
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.), 0.060%, 4–7–14 (A)	5,000		5,000
Target Corp., 0.410%, 4–21–14 (A)	4,100		4,102
Toyota Motor Credit Corp.:
0.260%, 4–1–14 (A)	3,000		3,000
0.410%, 4–23–14 (A)	2,500		2,503
Trap Rock Industries, Inc., Var Demand Bonds, Ser 2005 (GTD by Wachovia Bank N.A.), 0.150%, 4–7–14 (A)	822		822
United Parcel Service, Inc., 3.875%, 4–1–14	1,000		1,000
Wells Fargo & Co.:
3.750%, 10–1–14	5,800		5,896
1.250%, 2–13–15	4,000		4,031
Wells Fargo Bank N.A.:
0.330%, 4–22–14 (A)	3,000		3,000
0.290%, 6–10–14 (A)	3,500		3,500
0.280%, 6–16–14 (A)	4,500		4,500
Total Notes – 24.0%			179,404
TOTAL CORPORATE OBLIGATIONS – 77.0%		$	575,023
(Cost: $575,023)
MUNICIPAL OBLIGATIONS
California – 4.5%
CA GO Notes, Ser B-6 (Taxable), (GTD by Bank of America N.A.), 0.140%, 5–1–14	2,000		2,000
CA Hlth Fac Fin Auth, Var Rate Hosp Rev Bonds (Adventist Hlth Sys/West), Ser 1998B (GTD by Bank of America N.A.), 0.050%, 4–1–14 (A)	900		900
CA Hlth Fac Fin Auth, Var Rate Rev Bonds (Scripps Health), Ser 2008E, 0.060%, 4–7–14 (A)	5,300		5,300

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.), 0.070%, 4–1–14 (A)	1,900	1,900
CA Muni Fin Auth, Recovery Zone Fac Bonds (Chevron USA, Inc. Proj), Ser 2010C (GTD by Chevron Corp.), 0.060%, 4–1–14 (A)	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%, 4–1–14 (A)	2,979	2,979
CA Statewide Cmnty Dev Auth, Multifam Hsng Rev Bonds (The Crossings Sr Apts/Phase I), Ser 2005 I (GTD by U.S. Government), 0.070%, 4–7–14 (A)	8,700	8,700
CA Statewide Cmnty Dev Auth, Multifam Hsng Rev Bonds (Wyndover Apts), Ser 2004 LL (GTD by U.S. Government), 0.070%, 4–7–14 (A)	2,232	2,232
Fremont (Alameda Cnty, CA), Fremont Public Fin Auth (GTD by U.S. Bank N.A.), 0.050%, 4–7–14 (A)	5,000	5,000
		33,325
Colorado – 1.3%
Castle Rock, CO, Cert of Part, Ser 2008 (GTD by Wells Fargo Bank N.A.), 0.080%, 4–7–14 (A)	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%, 4–7–14 (A)	3,110	3,110
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%, 4–7–14 (A)	250	250
Sheridan Redev Agy CO Tax, Var Rfdg S Santa Fe Dr Corridor Redev PJ-Ser A-1 (GTD by JPMorgan Chase & Co.):
0.090%, 4–7–14 (A)	1,500	1,500
0.250%, 4–7–14 (A)	550	550
		9,610
Florida – 0.4%
FL Muni Power Agy, All-Requirements Power Supply Proj Var Rate Demand Rfdg Rev Bonds, Ser 2008C (GTD by Bank of America N.A.), 0.090%, 4–1–14 (A)	3,060	3,060
Georgia – 3.0%
Dev Auth of Monroe Cty, Pollutn Ctl Rev Bonds (GA Power Co. Plant Scherer Proj), First Ser 2008 (GTD by Georgia Power Co.), 0.080%, 4–1–14 (A)	2,275	2,275
Muni Elec Auth GA, Gen Resolution Proj Bond Anticipation Notes, Ser A (Taxable), (GTD by Wells Fargo Bank N.A.), 0.150%, 4–24–14	16,007	16,007
Muni Elec Auth GA, Gen Resolution Proj Bond Anticipation Notes, Ser B (Taxable),

0.120%, 4–2–14	4,000	4,000
		22,282
Illinois – 0.2%
Elmhurst, IL, Adj Demand Rev Bonds, Joint Comsn on Accred of Hlthcare Org (GTD by JPMorgan Chase Bank N.A.),
0.060%, 4–7–14 (A)	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%, 4–1–14 (A)	1,000	1,000
		1,640
Iowa – 0.1%
IA Fin Auth, Var Rate Demand Hlth Fac Rev Bonds (Great River Med Ctr Proj), Ser 2008 (GTD by Great River Medical Center),
0.090%, 4–1–14 (A)	1,165	1,165
Louisiana – 1.1%
LA Pub Fac Auth, Rev Bonds (Air Products and Chemicals Proj), Ser 2008A (GTD by Air Products and Chemicals, Inc.),
0.080%, 4–1–14 (A)	3,941	3,941
LA Pub Fac Auth, Rev Bonds (Air Products and Chemicals Proj), Ser 2009A (GTD by Air Products and Chemicals, Inc.),
0.070%, 4–7–14 (A)	2,350	2,350
Parish of St. Bernard, LA, Exempt Fac Rev Bonds (Mobil Oil Corp. Proj), Ser 1996 (GTD by Exxon Mobil Corp.),
0.070%, 4–1–14 (A)	1,600	1,600
		7,891
Maryland – 0.1%
MD Hlth and Higher Edu Fac Auth Rev Bonds, Anne Arundel Hlth Sys Issue, Ser 2009A (GTD by Toronto Dominion Bank),
0.120%, 4–7–14 (A)	525	525
Michigan – 0.2%
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)),
0.080%, 4–1–14 (A)	1,900	1,900
Mississippi – 3.5%
MS Business Fin Corp., Gulf Opp Zone Indl Dev Rev Bonds (Chevron USA, Inc. Proj), Ser 2007B (GTD by Chevron Corp.),
0.070%, 4–1–14 (A)	13,537	13,537
MS Business Fin Corp., Gulf Opp Zone Indl Dev Rev Bonds (Chevron USA, Inc. Proj), Ser 2007D (GTD by Chevron Corp.),
0.070%, 4–1–14 (A)	4,820	4,820
MS Business Fin Corp., Gulf Opp Zone Indl Dev Rev Bonds (Chevron USA, Inc. Proj), Ser 2010J (GTD by Chevron Corp.),
0.070%, 4–1–14 (A)	4,332	4,332
MS Business Fin Corp., Gulf Opp Zone Indl Dev Var Rev Bonds (Chevron USA, Inc. Proj), Ser 2007D (GTD by Chevron Corp.),
0.070%, 4–1–14 (A)	3,300	3,300
		25,989

Missouri – 0.2%
Kansas City, MO, Var Rate Demand Taxable Spl Oblig Rfdg Bonds (President Hotel Redev Proj), Ser 2009B (GTD by JPMorgan Chase & Co.),
0.150%, 4–7–14 (A)	1,340		1,340
New Jersey – 0.4%
NJ Hlth Care Fac Fin Auth, Rev Bonds, AHS Hosp Corp. Issue, Ser 2008C (GTD by JPMorgan Chase & Co.),
0.050%, 4–7–14 (A)	3,200		3,200
New York – 3.0%
NY Hsng Fin Agy, Clinton Park Phase II Hsng Rev Bonds, Ser 2011 A-1 (GTD by Wells Fargo Bank N.A.),
0.060%, 4–7–14 (A)	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.),
0.060%, 4–7–14 (A)	1,800		1,800
NY Hsng Fin Agy, Related-Caroline Apt Hsng Rev Bonds, Ser 2008A (GTD by Federal Home Loan Mortgage Corp.),
0.080%, 4–7–14 (A)	900		900
NYC GO Bonds, Fiscal 2006 Ser E (GTD by Bank of America N.A.),
0.080%, 4–7–14 (A)	14,600		14,600
NYC Hsng Dev Corp., Multi-Fam Mtg Rev Bonds (Target V Apt), Ser 2006A (GTD by Citibank N.A.),
0.080%, 4–7–14 (A)	3,000		3,000
			22,300
Oregon – 0.1%
Hosp Fac Auth of Clackamas Cnty, OR, Rev Bonds (Legacy Hlth Sys), Ser 2008B (GTD by U.S. Bank N.A.),
0.060%, 4–7–14 (A)	700		700
Texas – 1.5%
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.),
0.080%, 4–1–14 (A)	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.),
0.080%, 4–1–14 (A)	9,220		9,220
			11,470
Wisconsin – 0.7%
WI Hlth and Edu Fac Auth, Var Rate Demand Rev Bonds (Wausau Hosp, Inc.), Ser 1998B (GTD by JPMorgan Chase Bank N.A.),
0.070%, 4–7–14 (A)	5,100		5,100
Wyoming – 0.3%
Uinta Cnty, WY, Pollutn Ctl Rfdg Rev Bonds (Chevron USA, Inc. Proj), Ser 1992 (GTD by Chevron Corp.),
0.070%, 4–1–14 (A)	2,381		2,381
TOTAL MUNICIPAL OBLIGATIONS – 20.6%		$	153,878
(Cost: $153,878)

UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
United States Government Agency Obligations
Overseas Private Investment Corp. (GTD by U.S. Government):
0.120%, 4–2–14 (A)	1,576		1,575
0.120%, 4–4–14 (A)	9,300		9,300
0.120%, 4–7–14 (A)	2,250		2,250
0.120%, 4–7–14 (A)	1,667		1,667
0.120%, 4–7–14 (A)	967		967
Totem Ocean Trailer Express, Inc. (GTD by U.S. Government),
0.490%, 4–15–14 (A)	655		655
Total United States Government Agency Obligations – 2.2%			16,414
TOTAL UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS – 2.2%		$	16,414
(Cost: $16,414)
TOTAL INVESTMENT SECURITIES – 99.8%		$	745,315
(Cost: $745,315)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.2%			1,102
NET ASSETS – 100.0%		$	746,417

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2014. Date shown represents the date that the variable rate resets or the next demand date.

(B) Rate shown is the yield to maturity at March 31, 2014.

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 March 31, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Corporate Obligations	$	—	$	575,023	$	—
Municipal Obligations		—		153,878		—
United States Government Agency Obligations		—		16,414		—
Total	$	—	$	745,315	$	—

As of March 31, 2014, 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 March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	745,315
Gross unrealized appreciation		—
Gross unrealized depreciation		—
Net unrealized appreciation	$	—

SCHEDULE OF INVESTMENTS Real Estate Securities (in thousands) MARCH 31, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Diversified REITs – 5.3%
Liberty Property Trust		6	$	211
Vornado Realty Trust		21		2,118
				2,329
Health Care Facilities – 0.6%
Brookdale Senior Living, Inc. (A)		8		255
Hotels, Resorts & Cruise Lines – 0.9%
Marriott International, Inc., Class A		7		381
Industrial REITs – 8.4%
DCT Industrial Trust, Inc.		98		768
EastGroup Properties, Inc.		9		587
ProLogis		57		2,332
				3,687
Office REITs – 16.9%
Alexandria Real Estate Equities, Inc.		9		646
BioMed Realty Trust, Inc.		24		490
Boston Properties, Inc.		20		2,268
Douglas Emmett, Inc.		26		703
Duke Realty Corp.		68		1,141
Kilroy Realty Corp.		13		785
SL Green Realty Corp.		14		1,378
				7,411
Residential REITs – 19.3%
American Campus Communities, Inc.		7		254
AvalonBay Communities, Inc.		17		2,205
Camden Property Trust		17		1,145
Equity Residential		27		1,537
Essex Property Trust, Inc.		10		1,761
Mid-America Apartment Communities, Inc.		13		895
UDR, Inc.		27		708
				8,505
Retail REITs – 24.0%
Acadia Realty Trust		26		686
DDR Corp.		39		644
Federal Realty Investment Trust		9		1,078
General Growth Properties, Inc.		54		1,181
Glimcher Realty Trust		35		346
Kimco Realty Corp.		54		1,173
Macerich Co. (The)		3		180
Retail Properties of America, Inc.		27		363
Simon Property Group, Inc.		25		4,122
Taubman Centers, Inc.		10		694
Weingarten Realty Investors		4		111
				10,578
Specialized REITs – 23.6%
CubeSmart		31		537
Extra Space Storage, Inc.		20		946
HCP, Inc.		22		838
Health Care REIT, Inc.		19		1,138
Host Hotels & Resorts, Inc.		81		1,638
LaSalle Hotel Properties		20		642
Pebblebrook Hotel Trust		6		209
Public Storage, Inc.		11		1,904
Sabra Health Care REIT, Inc.		8		209
Sunstone Hotel Investors, Inc.		46		636
Ventas, Inc.		28		1,717
				10,414
TOTAL COMMON STOCKS – 99.0%			$	43,560
(Cost: $39,376)

SHORT-TERM SECURITIES	Principal
Master Note – 0.9%
Toyota Motor Credit Corp.,
0.099%, 4-2-14 (B)	$	389	389
TOTAL SHORT-TERM SECURITIES – 0.9%			$389
(Cost: $389)
TOTAL INVESTMENT SECURITIES – 99.9%			$43,949
(Cost: $39,765)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.1%			24
NET ASSETS – 100.0%			$43,973

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 March 31, 2014. 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 March 31, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	43,560	$	—	$	—
Short-Term Securities		—		389		—
Total	$	43,560	$	389	$	—

As of March 31, 2014, there were no transfers between Level 1 and 2 during the period.

The following acronym is used throughout this schedule:

REIT = Real Estate Investment Trust

For Federal income tax purposes, cost of investments owned at March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	39,765
Gross unrealized appreciation		4,962
Gross unrealized depreciation		(778	)
Net unrealized appreciation	$	4,184

SCHEDULE OF INVESTMENTS Science and Technology (in  thousands) MARCH 31, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Application Software – 10.3%
ACI Worldwide, Inc. (A)		270	$	15,958
Aspen Technology, Inc. (A)		672		28,445
Qlik Technologies, Inc. (A)		231		6,150
Silver Spring Networks, Inc. (A)		552		9,599
				60,152
Biotechnology – 5.7%
bluebird bio, Inc. (A)		59		1,333
Evogene Ltd. (A)		145		2,753
Isis Pharmaceuticals, Inc. (A)		311		13,438
Vertex Pharmaceuticals, Inc. (A)		216		15,304
				32,828
Commodity Chemicals – 0.4%
BioAmber, Inc. (A)		206		2,361
Communications Equipment – 0.7%
Ruckus Wireless, Inc. (A)		328		3,993
Computer Hardware – 0.8%
Apple, Inc.		9		4,616
Computer Storage & Peripherals – 0.1%
Nimble Storage, Inc. (A)		12		440
Construction & Engineering – 1.9%
Abengoa S.A., Class B (B)		592		2,752
Abengoa S.A., Class B ADR (A)		372		8,644
				11,396
Consumer Electronics – 3.9%
Garmin Ltd.		159		8,775
Harman International Industries, Inc.		129		13,758
				22,533
Data Processing & Outsourced Services – 11.7%
Alliance Data Systems Corp. (A)		105		28,716
Euronet Worldwide, Inc. (A)		389		16,166
EVERTEC, Inc.		241		5,955
QIWI plc ADR		198		6,847
WNS (Holdings) Ltd. ADR (A)		589		10,595
				68,279
Electronic Components – 1.7%
Universal Display Corp. (A)		213		6,784
Vishay Intertechnology, Inc.		213		3,172
				9,956
Electronic Equipment & Instruments – 1.1%
FLIR Systems, Inc.		175		6,314
Fertilizers & Agricultural Chemicals – 2.1%
Marrone Bio Innovations, Inc. (A)		107		1,492
Monsanto Co.		97		11,059
				12,551
Health Care Equipment – 3.1%
Boston Scientific Corp. (A)		713		9,645
Cardiovascular Systems, Inc. (A)		65		2,060
Volcano Corp. (A)		325		6,398
				18,103
Health Care Services – 0.4%
Fleury S.A. (B)		278		2,344
Health Care Technology – 1.7%
Cerner Corp. (A)		182		10,232

Industrial Machinery – 4.1%
ESCO Technologies, Inc.	162		5,690
Pentair, Inc.	227		18,034
			23,724
Integrated Telecommunication Services – 1.3%
China Unicom Ltd. (B)	3,044		4,003
Windstream Corp.	418		3,445
			7,448
Internet Retail – 0.6%
Coupons.com, Inc. (A)	146		3,596
Internet Software & Services – 8.0%
21Vianet Group, Inc. ADR (A)	176		5,040
Endurance International Group Holdings, Inc. (A)	227		2,957
Facebook, Inc., Class A (A)	276		16,626
Gogo, Inc. (A)	277		5,681
Google, Inc., Class A (A)	15		16,718
			47,022
IT Consulting & Other Services – 7.2%
Acxiom Corp. (A)	618		21,249
EPAM Systems, Inc. (A)	153		5,040
iGATE Corp. (A)	459		14,471
Luxoft Holding, Inc., Class A (A)	34		1,196
			41,956
Managed Health Care – 3.0%
Odontoprev S.A. (B)	794		3,186
UnitedHealth Group, Inc.	177		14,496
			17,682
Office REITs – 0.7%
QTS Realty Trust, Inc., Class A	163		4,097
Pharmaceuticals – 1.6%
Teva Pharmaceutical Industries Ltd. ADR	183		9,643
Semiconductor Equipment – 1.2%
Nanometrics, Inc. (A)	154		2,766
Photronics, Inc. (A)	473		4,032
			6,798
Semiconductors – 23.1%
Advanced Micro Devices, Inc. (A)	817		3,277
Cree, Inc. (A)	494		27,946
Cypress Semiconductor Corp.	669		6,871
Dialog Semiconductor plc (A)(B)	234		5,783
Marvell Technology Group Ltd.	513		8,077
Micron Technology, Inc. (A)	2,059		48,708
Microsemi Corp. (A)	378		9,454
NXP Semiconductors N.V. (A)	192		11,292
Rambus, Inc. (A)	627		6,739
Samsung Electronics Co. Ltd. (B)	6		7,570
			135,717
Systems Software – 2.0%
Microsoft Corp.	281		11,526
TOTAL COMMON STOCKS – 98.4%		$	575,307
(Cost: $362,744)

WARRANTS
Commodity Chemicals – 0.1%
BioAmber, Inc., Expires 5–9–17 (C)		201		429
TOTAL WARRANTS – 0.1%			$	429
(Cost: $24)
SHORT-TERM SECURITIES	Principal
Commercial Paper – 0.8%
Sysco Corp.,
0.070%, 4–1–14 (D)	$	5,140		5,140
Master Note – 0.2%
Toyota Motor Credit Corp.,
0.099%, 4–2–14 (E)		1,416		1,416
Municipal Obligations – Taxable – 0.6%
MS Business Fin Corp., Gulf Opp Zone Indl Dev Rev Bonds (Chevron USA, Inc. Proj), Ser 2007B (GTD by Chevron Corp.),
0.070%, 4–1–14 (E)		3,000		3,000
TOTAL SHORT-TERM SECURITIES – 1.6%			$	9,556
(Cost: $9,556)
TOTAL INVESTMENT SECURITIES – 100.1%			$	585,292
(Cost: $372,324)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.1%)				(323	)
NET ASSETS – 100.0%			$	584,969

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

(D) Rate shown is the yield to maturity at March 31, 2014.

(E) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2014. 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 March 31, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	26,129	$	—	$	—
Financials		4,097		—		—
Health Care		90,832		—		—
Industrials		35,120		—		—
Information Technology		396,769		—		—
Materials		14,912		—		—
Telecommunication Services		7,448		—		—
Total Common Stocks	$	575,307	$	—	$	—
Warrants		429		—		—
Short-Term Securities		—		9,556		—
Total	$	575,736	$	9,556	$	—

There were no transfers between any levels during the period ended March 31, 2014.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

GTD = Guaranteed

REIT = Real Estate Investment Trust

For Federal income tax purposes, cost of investments owned at March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	372,324
Gross unrealized appreciation		221,393
Gross unrealized depreciation		(8,425	)
Net unrealized appreciation	$	212,968

SCHEDULE OF INVESTMENTS Small Cap Growth (in thousands) MARCH 31, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Aerospace & Defense – 3.2%
Huntington Ingalls Industries, Inc.		168	$	17,133
Apparel, Accessories & Luxury Goods – 2.0%
Under Armour, Inc., Class A (A)		94		10,780
Application Software – 5.7%
Synchronoss Technologies, Inc. (A)		321		11,009
Tyler Technologies, Inc. (A)		125		10,459
Ultimate Software Group, Inc. (The) (A)		63		8,693
				30,161
Auto Parts & Equipment – 2.7%
Amerigon, Inc. (A)		413		14,332
Automotive Retail – 3.7%
Asbury Automotive Group, Inc. (A)		107		5,936
Lithia Motors, Inc.		209		13,918
				19,854
Biotechnology – 2.4%
Aegerion Pharmaceuticals, Inc. (A)		130		6,010
KYTHERA Biopharmaceuticals, Inc. (A)		165		6,558
				12,568
Broadcasting – 1.1%
Entravision Communications Corp.		896		6,004
Building Products – 1.9%
Apogee Enterprises, Inc.		309		10,277
Communications Equipment – 6.4%
Aruba Networks, Inc. (A)		362		6,793
Finisar Corp. (A)		390		10,350
Ruckus Wireless, Inc. (A)		597		7,258
ShoreTel, Inc. (A)		1,134		9,751
				34,152
Computer & Electronics Retail – 1.2%
Conn’s, Inc. (A)		162		6,287
Consumer Electronics – 4.2%
Harman International Industries, Inc.		204		21,720
Consumer Finance – 1.5%
JGWPT Holdings, Inc., Class A (A)		421		7,696
Data Processing & Outsourced Services – 0.8%
EVERTEC, Inc.		164		4,039
Diversified Support Services – 4.1%
Portfolio Recovery Associates, Inc. (A)		374		21,642
Education Services – 0.1%
2U, Inc. (A)		37		505
Electronic Components – 0.9%
Universal Display Corp. (A)		153		4,892
Electronic Equipment & Instruments – 1.5%
OSI Systems, Inc. (A)		131		7,865

Electronic Manufacturing Services – 2.6%
IPG Photonics Corp. (A)	194	13,797
Footwear – 1.1%
Skechers USA, Inc. (A)	163	5,945
Health Care Equipment – 5.4%
Cyberonics, Inc. (A)	173	11,277
DexCom, Inc. (A)	207	8,575
Heartware International, Inc. (A)	56	5,267
Novadaq Technologies, Inc. (A)	157	3,487
		28,606
Health Care Facilities – 4.1%
Acadia Healthcare Co., Inc. (A)	124	5,601
Hanger Orthopedic Group, Inc. (A)	289	9,738
Surgical Care Affiliates, Inc. (A)	212	6,516
		21,855
Health Care Services – 1.7%
Air Methods Corp.	172	9,216
Health Care Supplies – 4.3%
Align Technology, Inc. (A)	156	8,067
Spectranetics Corp. (The) (A)	278	8,423
Vascular Solutions, Inc. (A)	243	6,367
		22,857
Human Resource & Employment Services – 1.7%
WageWorks, Inc. (A)	162	9,097
Industrial Machinery – 4.9%
Barnes Group, Inc.	178	6,836
Chart Industries, Inc. (A)	25	2,005
Proto Labs, Inc. (A)	142	9,587
Rexnord Corp. (A)	245	7,095
		25,523
Internet Software & Services – 5.5%
Demandware, Inc. (A)	192	12,310
Gogo, Inc. (A)	200	4,117
OpenTable, Inc. (A)	81	6,194
Textura Corp. (A)	264	6,650
		29,271
Leisure Facilities – 0.5%
Intrawest Resorts Holdings, Inc. (A)	211	2,752
Leisure Products – 1.0%
Arctic Cat, Inc.	109	5,230
Oil & Gas Equipment & Services – 2.7%
Core Laboratories N.V.	27	5,417
Dril-Quip, Inc. (A)	81	9,047
		14,464
Oil & Gas Storage & Transportation – 3.0%
Targa Resources Corp.	158	15,676
Pharmaceuticals – 6.7%
Akorn, Inc. (A)	400	8,793
Aratana Therapeutics, Inc. (A)	166	3,085
Revance Therapeutics, Inc. (A)	207	6,532
Salix Pharmaceuticals Ltd. (A)	162	16,739
		35,149

Regional Banks – 2.3%
Texas Capital Bancshares, Inc. (A)		101		6,530
UMB Financial Corp.		94		6,107
				12,637
Restaurants – 1.0%
Krispy Kreme Doughnuts, Inc. (A)		298		5,289
Semiconductors – 1.2%
Canadian Solar, Inc. (A)		205		6,580
Specialized Consumer Services – 1.6%
LifeLock, Inc. (A)		490		8,385
Systems Software – 1.6%
Infolox, Inc. (A)		412		8,264
Trucking – 2.2%
Swift Transportation Co. (A)		468		11,577
TOTAL COMMON STOCKS – 98.5%			$	522,077
(Cost: $384,566)
SHORT-TERM SECURITIES	Principal
Commercial Paper – 0.9%
Roche Holdings, Inc.,
0.070%, 4-28-14 (B)	$	5,000		5,000
Master Note – 0.3%
Toyota Motor Credit Corp.,
0.099%, 4-2-14 (C)		1,514		1,514
TOTAL SHORT-TERM SECURITIES – 1.2%			$	6,514
(Cost: $6,514)
TOTAL INVESTMENT SECURITIES – 99.7%			$	528,591
(Cost: $391,080)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.3%				1,805
NET ASSETS – 100.0%			$	530,396

Notes to Schedule of Investments

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

(B) Rate shown is the yield to maturity at March 31, 2014.

(C) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2014. 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 March 31, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	522,077	$	—	$	—
Short-Term Securities		—		6,514		—
Total	$	522,077	$	6,514	$	—

As of March 31, 2014, there were no transfers between Level 1 and 2 during the period.

For Federal income tax purposes, cost of investments owned at March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	391,080
Gross unrealized appreciation		150,596
Gross unrealized depreciation		(13,085	)
Net unrealized appreciation	$	137,511

SCHEDULE OF INVESTMENTS Small Cap Value (in thousands) MARCH 31, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Aerospace & Defense – 1.4%
Triumph Group, Inc.		61	$	3,959
Apparel Retail – 3.0%
AnnTaylor Stores Corp. (A)		82		3,393
Express, Inc. (A)		101		1,598
Stage Stores, Inc.		151		3,687
				8,678
Application Software – 0.8%
Synchronoss Technologies, Inc. (A)		72		2,455
Auto Parts & Equipment – 4.6%
Dana Holding Corp.		331		7,704
Visteon Corp. (A)		65		5,749
				13,453
Broadcasting – 0.1%
Entercom Communications Corp. (A)		35		355
Building Products – 4.1%
Armstrong World Industries, Inc. (A)		131		6,965
Continental Building Products, Inc. (A)		123		2,317
NCI Building Systems, Inc. (A)		157		2,736
				12,018
Casinos & Gaming – 1.9%
Pinnacle Entertainment, Inc. (A)		231		5,475
Construction & Engineering – 1.5%
Foster Wheeler Ltd. (A)		138		4,464
Construction & Farm Machinery & Heavy Trucks – 3.2%
Manitowoc Co., Inc. (The)		123		3,868
Terex Corp.		97		4,306
Titan International, Inc.		69		1,307
				9,481
Consumer Finance – 1.1%
JGWPT Holdings, Inc., Class A (A)		182		3,314
Data Processing & Outsourced Services – 1.8%
CoreLogic, Inc. (A)		70		2,112
EVERTEC, Inc.		128		3,169
				5,281
Electric Utilities – 0.5%
Great Plains Energy, Inc.		55		1,487
Forest Products – 1.2%
Boise Cascade Co. (A)		127		3,632
Gas Utilities – 1.5%
Southwest Gas Corp.		79		4,219
Health Care Facilities – 4.6%
Community Health Systems, Inc. (A)		79		3,091
HealthSouth Corp.		118		4,243
LifePoint Hospitals, Inc. (A)		113		6,180
				13,514
Homebuilding – 0.7%
M.D.C. Holdings, Inc.		70		1,968

Life & Health Insurance – 3.1%
American Equity Investment Life Holding Co.	191	4,516
Fidelity & Guaranty Life	190	4,475
		8,991
Marine – 1.6%
Matson, Inc.	193	4,776
Metal & Glass Containers – 1.1%
Owens-Illinois, Inc. (A)	94	3,170
Movies & Entertainment – 3.7%
Carmike Cinemas, Inc. (A)	248	7,399
Cinemark Holdings, Inc.	120	3,467
		10,866
Office REITs – 2.8%
Corporate Office Properties Trust	164	4,374
Lexington Corp. Properties Trust	338	3,688
		8,062
Oil & Gas Equipment & Services – 4.1%
Basic Energy Services, Inc. (A)	158	4,324
GulfMark Offshore, Inc.	53	2,377
Key Energy Services, Inc. (A)	361	3,336
McDermott International, Inc. (A)	270	2,107
		12,144
Oil & Gas Exploration & Production – 0.6%
RSP Permian, Inc. (A)	56	1,615
Oil & Gas Refining & Marketing – 1.3%
Western Refining, Inc.	97	3,748
Oil & Gas Storage & Transportation – 3.8%
Atlas Energy L.P.	96	4,132
Atlas Pipeline Partners L.P.	217	6,964
		11,096
Property & Casualty Insurance – 1.8%
Argo Group International Holdings Ltd.	112	5,137
Real Estate Operating Companies – 1.5%
Forest City Enterprises, Inc., Class A (A)	226	4,324
Regional Banks – 8.8%
First Horizon National Corp.	407	5,025
Synovus Financial Corp.	1,048	3,551
Texas Capital Bancshares, Inc. (A)	78	5,052
Webster Financial Corp.	113	3,519
Western Alliance Bancorporation (A)	225	5,531
Zions Bancorporation	105	3,241
		25,919
Reinsurance – 5.0%
Endurance Specialty Holdings Ltd.	93	5,028
Maiden Holdings Ltd.	311	3,886
Reinsurance Group of America, Inc.	71	5,622
		14,536
Semiconductor Equipment – 2.7%
Teradyne, Inc.	392	7,799
Semiconductors – 2.9%
Freescale Semiconductor, Inc. (A)	192	4,679
Spansion, Inc. (A)	208	3,623
		8,302
Specialized REITs – 1.2%
Strategic Hotels & Resorts, Inc. (A)	357	3,637

Specialty Chemicals – 3.3%
Cytec Industries, Inc.		44		4,285
Kraton Performance Polymers, Inc. (A)		198		5,164
				9,449
Steel – 2.1%
SunCoke Energy Partners L.P.		213		6,216
Technology Distributors – 1.5%
Insight Enterprises, Inc. (A)		179		4,495
Trucking – 6.3%
Con-way, Inc.		109		4,457
Marten Transport Ltd.		278		5,977
Saia, Inc. (A)		204		7,812
				18,246
TOTAL COMMON STOCKS – 91.2%			$	266,281
(Cost: $215,073)
INVESTMENT FUNDS
Asset Management & Custody Banks – 1.2%
THL Credit, Inc.		249	$	3,440
TOTAL INVESTMENT FUNDS – 1.2%			$	3,440
(Cost: $3,255)
SHORT-TERM SECURITIES	Principal
Commercial Paper – 5.8%
BMW U.S. Capital LLC (GTD BMW AG), 0.080%, 4–9–14 (B)	$	3,000		3,000
Enbridge, Inc., 0.250%, 4–1–14 (B)		7,000		7,000
Sysco Corp., 0.070%, 4–1–14 (B)		6,878		6,878
				16,878
Master Note – 0.9%
Toyota Motor Credit Corp., 0.099%, 4–2–14 (C)		2,550		2,550
Municipal Obligations – Taxable – 0.9%
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.), 0.060%, 4–7–14 (C)		1,430		1,430
NYC GO Bonds, Fiscal 2006 Ser E (GTD by Bank of America N.A.), 0.080%, 4–7–14 (C)		1,283		1,283
				2,713
TOTAL SHORT-TERM SECURITIES – 7.6%			$	22,141
(Cost: $22,141)
TOTAL INVESTMENT SECURITIES – 100.0%			$	291,862
(Cost: $240,469)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.0%				6
NET ASSETS – 100.0%			$	291,868

Notes to Schedule of Investments

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

(B) Rate shown is the yield to maturity at March 31, 2014.

(C) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2014. 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 March 31, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	266,281	$	—	$	—
Investment Funds		3,440		—		—
Short-Term Securities		—		22,141		—
Total	$	269,721	$	22,141	$	—

As of March 31, 2014, there were no transfers between Level 1 and 2 during the period.

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 March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	240,469
Gross unrealized appreciation		54,499
Gross unrealized depreciation		(3,106	)
Net unrealized appreciation	$	51,393

SCHEDULE OF INVESTMENTS Value (in thousands) MARCH 31, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Aerospace & Defense – 0.9%
Triumph Group, Inc.		51	$	3,306
Apparel Retail – 0.1%
Limited Brands, Inc.		6		324
Biotechnology – 1.9%
Amgen, Inc.		55		6,759
Cable & Satellite – 6.5%
Comcast Corp., Class A		186		9,294
Time Warner Cable, Inc.		101		13,868
				23,162
Computer Storage & Peripherals – 7.2%
SanDisk Corp.		94		7,608
Western Digital Corp.		192		17,629
				25,237
Department Stores – 2.6%
J. C. Penney Co., Inc. (A)		169		1,459
Macy’s, Inc. (B)		126		7,494
				8,953
Diversified Banks – 3.6%
Wells Fargo & Co.		253		12,559
Diversified Chemicals – 3.2%
Dow Chemical Co. (The)		229		11,147
Drug Retail – 2.9%
CVS Caremark Corp.		136		10,166
Electronic Equipment & Instruments – 4.0%
Xerox Corp.		1,250		14,128
General Merchandise Stores – 2.2%
Target Corp.		126		7,624
Health Care Distributors – 2.1%
McKesson Corp.		41		7,257
Health Care Facilities – 2.2%
HCA Holdings, Inc. (A)		148		7,770
Home Improvement Retail – 1.3%
Lowe’s Co., Inc.		90		4,401
Industrial Machinery – 1.9%
Parker Hannifin Corp.		55		6,585
Integrated Oil & Gas – 2.8%
Occidental Petroleum Corp.		103		9,796
Investment Banking & Brokerage – 2.6%
Goldman Sachs Group, Inc. (The)		56		9,110
Life & Health Insurance – 2.4%
MetLife, Inc.		161		8,517

Managed Health Care – 2.8%
Aetna, Inc.		129		9,649
Oil & Gas Refining & Marketing – 4.0%
Marathon Petroleum Corp. (B)		90		7,816
Phillips 66 (B)		80		6,188
				14,004
Oil & Gas Storage & Transportation – 10.2%
Access Midstream Partners L.P.		36		2,060
Atlas Energy L.P.		246		10,605
Atlas Pipeline Partners L.P.		334		10,716
MarkWest Energy Partners L.P.		74		4,853
Regency Energy Partners L.P.		279		7,594
				35,828
Other Diversified Financial Services – 8.8%
Citigroup, Inc.		323		15,375
JPMorgan Chase & Co.		251		15,232
				30,607
Pharmaceuticals – 2.5%
Teva Pharmaceutical Industries Ltd. ADR		167		8,808
Property & Casualty Insurance – 2.7%
ACE Ltd.		96		9,510
Regional Banks – 2.6%
PNC Financial Services Group, Inc. (The)		105		9,109
Reinsurance – 1.5%
Reinsurance Group of America, Inc. (B)		68		5,391
Soft Drinks – 2.0%
Coca-Cola Enterprises, Inc.		143		6,849
Specialty Chemicals – 3.7%
LyondellBasell Industries N.V., Class A		148		13,180
Tobacco – 3.1%
Philip Morris International, Inc.		133		10,913
TOTAL COMMON STOCKS – 94.3%			$	330,649
(Cost: $264,316)
SHORT– TERM SECURITIES	Principal
Commercial Paper – 5.0%
BMW U.S. Capital LLC (GTD BMW AG), 0.080%, 4–9–14 (C)	$	2,000		2,000
Illinois Tool Works, Inc., 0.090%, 4–2–14 (C)		3,500		3,500
Sysco Corp., 0.070%, 4–1–14 (C)		12,166		12,166
				17,666
Master Note – 0.8%
Toyota Motor Credit Corp., 0.099%, 4–2–14 (D)		2,771		2,771
TOTAL SHORT-TERM SECURITIES – 5.8%			$	20,437
(Cost: $20,437)
TOTAL INVESTMENT SECURITIES – 100.1%			$	351,086
(Cost: $284,753)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.1%)				(512	)
NET ASSETS – 100.0%			$	350,574

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) Rate shown is the yield to maturity at March 31, 2014.

(D) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2014. Date shown represents the date that the variable rate resets.

The following written options were outstanding at March 31, 2014 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type	Number of Contracts		Expiration Month		Exercise Price		Premium Received		Value
Limited Brands, Inc.	N/A	Put		239		May 2014	$	54.00	$	71	$	(19	)
	N/A	Put		239		May 2014		56.50		80		(39	)
	N/A	Put		239		May 2014		59.00		83		(74	)
Macy’s, Inc.	N/A	Call		209		May 2014		55.00		80		(105	)
Marathon Petroleum Corp.	N/A	Call		134		April 2014		77.50		153		(139	)
	N/A	Call		266		April 2014		80.00		350		(206	)
	N/A	Call		267		April 2014		82.50		307		(140	)
Philip Morris International, Inc.	N/A	Put		128		June 2014		80.00		54		(18	)
Phillips 66	N/A	Call		270		May 2014		72.50		203		(153	)
	N/A	Call		270		May 2014		75.00		155		(103	)
Reinsurance Group of America, Inc.	N/A	Call		362		April 2014		80.00		14		(32	)
Teva Pharmaceutical Industries Ltd. ADR	N/A	Put		438		May 2014		45.00		22		(8	)
									$	1,572	$	(1,036	)

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 March 31, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	330,649	$	—	$	—
Short-Term Securities		—		20,437		—
Total	$	330,649	$	20,437	$	—
Liabilities
Written Options	$	501	$	535	$	—

During the period of March 31, 2014, securities totaling $208 were transferred from Level 1 to Level 2 due to the decreased availability of observable market data due to decreased market activity or information for these securities. Securities totaling $74 were transferred from Level 2 to Level 1 due to the increased availability of observable market data due to increased market activity or information for these securities.

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 March 31, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	284,753
Gross unrealized appreciation		70,293
Gross unrealized depreciation		(3,960	)
Net unrealized appreciation	$	66,333

ITEM 2.    CONTROLS AND PROCEDURES.

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

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

ITEM 3.    EXHIBITS.

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

Attached hereto as Exhibit 99.CERT.

SIGNATURES

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

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

Date: May 29, 2014

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

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

Date: May 29, 2014

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

Date: May 29, 2014