N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-05017

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: September 30, 2014

ITEM 1.    SCHEDULE OF INVESTMENTS.

SCHEDULE OF INVESTMENTS
Pathfinder Aggressive (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Growth		1,314	$	15,250
Ivy Funds VIP International Core Equity		457		8,370
Ivy Funds VIP International Growth		1,421		12,590
Ivy Funds VIP Limited-Term Bond		2,637		12,925
Ivy Funds VIP Mid Cap Growth		733		7,483
Ivy Funds VIP Money Market		4,321		4,321
Ivy Funds VIP Small Cap Growth		636		7,343
Ivy Funds VIP Small Cap Value		482		8,122
Ivy Funds VIP Value		1,041		7,635
TOTAL AFFILIATED MUTUAL FUNDS - 99.3%			$	84,039
(Cost: $81,627)
SHORT-TERM SECURITIES – 0.7%		Principal
Master Note
Toyota Motor Credit Corp., 0.102%, 10–7–14 (A)		$       587	$	587
(Cost: $587)
TOTAL INVESTMENT SECURITIES – 100.0%			$	84,626
(Cost: $82,214)
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0%				0
NET ASSETS – 100.0%			$	84,626

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	84,039	$	—	$	—
Short-Term Securities		—		587		—
Total	$	84,039	$	587	$	—

As of September 30, 2014, there were no transfers between any levels during the period.

For Federal income tax purposes, cost of investments owned at September 30, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	82,214
Gross unrealized appreciation		3,169
Gross unrealized depreciation		(757	)
Net unrealized appreciation	$	2,412

SCHEDULE OF INVESTMENTS
Pathfinder Conservative (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		1,783	$	15,526
Ivy Funds VIP Growth		1,235		14,332
Ivy Funds VIP International Core Equity		322		5,899
Ivy Funds VIP Limited-Term Bond		4,957		24,292
Ivy Funds VIP Mid Cap Growth		229		2,344
Ivy Funds VIP Money Market		48,730		48,730
Ivy Funds VIP Small Cap Growth		398		4,600
Ivy Funds VIP Small Cap Value		68		1,145
Ivy Funds VIP Value		489		3,588
TOTAL AFFILIATED MUTUAL FUNDS – 99.5%			$	120,456
(Cost: $116,947)
SHORT-TERM SECURITIES – 0.5%		Principal
Master Note
Toyota Motor Credit Corp., 0.102%, 10–7–14 (A)		$       612	$	612
(Cost: $612)
TOTAL INVESTMENT SECURITIES – 100.0%			$	121,068
(Cost: $117,559)
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0%				(25	)
NET ASSETS – 100.0%			$	121,043

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	120,456	$	—	$	—
Short-Term Securities		—		612		—
Total	$	120,456	$	612	$	—

As of September 30, 2014, there were no transfers between any levels during the period.

For Federal income tax purposes, cost of investments owned at September 30, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	117,559
Gross unrealized appreciation		3,706
Gross unrealized depreciation		(197	)
Net unrealized appreciation	$	3,509

SCHEDULE OF INVESTMENTS
Pathfinder Moderate (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		15,734	$	137,013
Ivy Funds VIP Growth		10,233		118,747
Ivy Funds VIP International Core Equity		2,463		45,118
Ivy Funds VIP International Growth		10,210		90,495
Ivy Funds VIP Limited-Term Bond		28,436		139,351
Ivy Funds VIP Mid Cap Growth		2,633		26,894
Ivy Funds VIP Money Market		232,946		232,946
Ivy Funds VIP Small Cap Growth		4,568		52,776
Ivy Funds VIP Small Cap Value		2,078		35,028
Ivy Funds VIP Value		4,989		36,587
TOTAL AFFILIATED MUTUAL FUNDS – 99.9%			$	914,955
(Cost: $864,389)
SHORT-TERM SECURITIES – 0.0%		Principal
Master Note
Toyota Motor Credit Corp., 0.102%, 10–7–14 (A)		$      397	$	397
(Cost: $397)
TOTAL INVESTMENT SECURITIES – 99.9%			$	915,352
(Cost: $864,786)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.1%				152
NET ASSETS – 100.0%			$	915,504

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	914,955	$	—	$	—
Short-Term Securities		—		397		—
Total	$	914,955	$	397	$	—

There were no transfers between any levels during the period ended September 30, 2014.

For Federal income tax purposes, cost of investments owned at September 30, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	864,786
Gross unrealized appreciation		51,523
Gross unrealized depreciation		(957	)
Net unrealized appreciation	$	50,566

SCHEDULE OF INVESTMENTS
Pathfinder Moderate - Managed Volatility (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		2,381	$	20,732
Ivy Funds VIP Growth		1,549		17,974
Ivy Funds VIP International Core Equity		373		6,829
Ivy Funds VIP International Growth		1,545		13,698
Ivy Funds VIP Limited-Term Bond		4,300		21,070
Ivy Funds VIP Mid Cap Growth		399		4,073
Ivy Funds VIP Money Market		35,216		35,216
Ivy Funds VIP Small Cap Growth		692		7,998
Ivy Funds VIP Small Cap Value		315		5,310
Ivy Funds VIP Value		755		5,534
TOTAL AFFILIATED MUTUAL FUNDS – 96.9%			$	138,434
(Cost: $142,362)
SHORT-TERM SECURITIES – 3.2%		Principal
Master Note
Toyota Motor Credit Corp., 0.102%, 10–7–14 (A)		$    4,558	$	4,558
(Cost: $4,558)
TOTAL INVESTMENT SECURITIES – 100.1%			$	142,992
(Cost: $146,920)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.1%)				(183	)
NET ASSETS – 100.0%			$	142,809

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2014. Date shown represents the date that the variable rate resets.

The following futures contracts were outstanding at September 30, 2014 (contracts unrounded):

Description	Type		Expiration Date		Number of Contracts		Market Value		Unrealized (Depreciation)
E-mini S&P 500 Index		Long		12-19-14		13	$	2,478	$	(21	)

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date.

Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

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

An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized as follows:

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	138,434	$	—	$	—
Short-Term Securities		—		4,558		—
Total	$	138,434	$	4,558	$	—
Liabilities
Futures	$	21	$	—	$	—

There were no transfers between any levels during the period ended September 30, 2014.

For Federal income tax purposes, cost of investments owned at September 30, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	146,920
Gross unrealized appreciation		—
Gross unrealized depreciation		(3,928	)
Net unrealized depreciation	$	(3,928	)

SCHEDULE OF INVESTMENTS
Pathfinder Moderately Aggressive (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		18,781	$	163,550
Ivy Funds VIP Growth		12,215		141,747
Ivy Funds VIP International Core Equity		5,881		107,716
Ivy Funds VIP International Growth		12,188		108,025
Ivy Funds VIP Limited-Term Bond		33,943		166,337
Ivy Funds VIP Mid Cap Growth		4,190		42,804
Ivy Funds VIP Money Market		166,833		166,833
Ivy Funds VIP Small Cap Growth		6,362		73,500
Ivy Funds VIP Small Cap Value		4,342		73,175
Ivy Funds VIP Value		5,955		43,673
TOTAL AFFILIATED MUTUAL FUNDS – 100.0%			$	1,087,360
(Cost: $1,017,282)
SHORT-TERM SECURITIES – 0.0%		Principal
Master Note
Toyota Motor Credit Corp., 0.102%, 10–7–14 (A)		$       367	$	367
(Cost: $367)
TOTAL INVESTMENT SECURITIES – 100.0%			$	1,087,727
(Cost: $1,017,649)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.0%				168
NET ASSETS – 100.0%			$	1,087,895

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	1,087,360	$	—	$	—
Short-Term Securities		—		367		—
Total	$	1,087,360	$	367	$	—

There were no transfers between any levels during the period ended September 30, 2014.

For Federal income tax purposes, cost of investments owned at September 30, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	1,017,649
Gross unrealized appreciation		70,078
Gross unrealized depreciation		—
Net unrealized depreciation	$	70,078

SCHEDULE OF INVESTMENTS
Pathfinder Moderately Aggressive - Managed Volatility (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		589	$	5,128
Ivy Funds VIP Growth		383		4,445
Ivy Funds VIP International Core Equity		184		3,379
Ivy Funds VIP International Growth		382		3,389
Ivy Funds VIP Limited-Term Bond		1,064		5,212
Ivy Funds VIP Mid Cap Growth		131		1,343
Ivy Funds VIP Money Market		5,227		5,227
Ivy Funds VIP Small Cap Growth		200		2,308
Ivy Funds VIP Small Cap Value		136		2,298
Ivy Funds VIP Value		187		1,369
TOTAL AFFILIATED MUTUAL FUNDS – 97.0%			$	34,098
(Cost: $35,497)
SHORT-TERM SECURITIES – 3.1%		Principal
Master Note
Toyota Motor Credit Corp., 0.102%, 10–7–14 (A)		$    1,107	$	1,107
(Cost: $1,107)
TOTAL INVESTMENT SECURITIES – 100.1%			$	35,205
(Cost: $36,604)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.1%)				(42	)
NET ASSETS – 100.0%			$	35,163

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2014. Date shown represents the date that the variable rate resets.

The following futures contracts were outstanding at September 30, 2014 (contracts unrounded):

Description	Type		Expiration Date	Number of Contracts		Value		Unrealized Depreciation
E-mini S&P 500 Index		Long	12-19-14		9	$	885	$	(6	)

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date.

Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

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

An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized as follows:

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	34,098	$	—	$	—
Short-Term Securities		—		1,107		—
Total	$	34,098	$	1,107	$	—
Liabilities
Futures Contracts	$	6

As of September 30, 2014, there were no transfers between Level 1 and 2 during the period.

For Federal income tax purposes, cost of investments owned at September 30, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	36,604
Gross unrealized appreciation		—
Gross unrealized depreciation		(1,399	)
Net unrealized depreciation	$	(1,399	)

SCHEDULE OF INVESTMENTS
Pathfinder Moderately Conservative (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		4,345	$	37,836
Ivy Funds VIP Growth		3,261		37,836
Ivy Funds VIP International Core Equity		785		14,375
Ivy Funds VIP International Growth		1,627		14,416
Ivy Funds VIP Limited-Term Bond		12,081		59,206
Ivy Funds VIP Mid Cap Growth		839		8,568
Ivy Funds VIP Money Market		89,074		89,074
Ivy Funds VIP Small Cap Growth		1,213		14,011
Ivy Funds VIP Small Cap Value		331		5,579
Ivy Funds VIP Value		1,590		11,658
TOTAL AFFILIATED MUTUAL FUNDS – 99.8%			$	292,559
(Cost: $280,552)
SHORT-TERM SECURITIES – 0.1%		Principal
Master Note
Toyota Motor Credit Corp., 0.102%, 10–7–14 (A)		$       358	$	358
(Cost: $358)
TOTAL INVESTMENT SECURITIES – 99.9%			$	292,917
(Cost: $280,910)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.1%				219
NET ASSETS – 100.0%			$	293,136

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	292,559	$	—	$	—
Short-Term Securities		—		358		—
Total	$	292,559	$	358	$	—

There were no transfers between any levels during the period ended September 30, 2014.

For Federal income tax purposes, cost of investments owned at September 30, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	280,910
Gross unrealized appreciation		12,225
Gross unrealized depreciation		(218	)
Net unrealized appreciation	$	12,007

SCHEDULE OF INVESTMENTS
Pathfinder Moderately Conservative - Managed Volatility (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		387	$	3,373
Ivy Funds VIP Growth		291		3,374
Ivy Funds VIP International Core Equity		70		1,282
Ivy Funds VIP International Growth		145		1,286
Ivy Funds VIP Limited-Term Bond		1,077		5,277
Ivy Funds VIP Mid Cap Growth		75		764
Ivy Funds VIP Money Market		7,938		7,938
Ivy Funds VIP Small Cap Growth		108		1,251
Ivy Funds VIP Small Cap Value		30		498
Ivy Funds VIP Value		142		1,039
TOTAL AFFILIATED MUTUAL FUNDS – 97.0%			$	26,082
(Cost: $26,525)
SHORT-TERM SECURITIES – 3.4%		Principal
Master Note
Toyota Motor Credit Corp., 0.102%, 10–7–14 (A)		$       921	$	921
(Cost: $921)
TOTAL INVESTMENT SECURITIES – 100.4%			$	27,003
(Cost: $27,446)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.4%)				(124	)
NET ASSETS – 100.0%			$	26,879

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2014. Date shown represents the date that the variable rate resets.

The following futures contracts were outstanding at September 30, 2014 (contracts unrounded):

Description	Type		Expiration Date	Number of Contracts		Market Value		Unrealized Depreciation
E-mini S&P 500 Index		Long	12-19-14		3	$	295	$	(1	)

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date.

Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

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

An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized as follows:

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	26,082	$	—	$	—
Short-Term Securities		—		921		—
Total	$	26,082	$	921	$	—
Liabilities
Futures Contracts	$	1	$	—	$	—

As of September 30, 2014, there were no transfers between Level 1 and 2 during the period.

For Federal income tax purposes, cost of investments owned at September 30, 2014 and the related unrealized appreciation

(depreciation) were as follows:

Cost	$	27,446
Gross unrealized appreciation		—
Gross unrealized depreciation		(443	)
Net unrealized depreciation	$	(443	)

CONSOLIDATED SCHEDULE OF INVESTMENTS
Asset Strategy (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Aerospace & Defense – 2.2%
Boeing Co. (The)		149	$	18,980
Precision Castparts Corp.		75		17,695
				36,675
Airlines – 0.4%
Japan Airlines Corp. (A)		268		7,342
Apparel Retail – 0.5%
Limited Brands, Inc.		130		8,701
Application Software – 2.3%
Adobe Systems, Inc. (B)		259		17,920
Intuit, Inc.		225		19,686
				37,606
Auto Parts & Equipment – 0.8%
Continental AG (A)		73		13,909
Automobile Manufacturers – 1.2%
Ford Motor Co.		1,311		19,388
Biotechnology – 2.7%
Amgen, Inc.		132		18,485
Biogen Idec, Inc. (B)		42		13,861
Gilead Sciences, Inc. (B)(C)		118		12,540
				44,886
Brewers – 2.6%
InBev N.V. (A)		162		17,997
SABMiller plc (A)		437		24,285
				42,282
Broadcasting – 0.4%
CBS Corp., Class B		125		6,696
Casinos & Gaming – 6.7%
Galaxy Entertainment Group (A)		11,212		65,122
Las Vegas Sands, Inc.		684		42,568
Macau Legend Development Ltd. (A)(B)		2,862		1,452
				109,142
Construction Machinery & Heavy Trucks – 1.5%
Caterpillar, Inc. (C)		248		24,589
Data Processing & Outsourced Services – 1.5%
Alliance Data Systems Corp. (B)		53		13,059
Visa, Inc., Class A		52		11,181
				24,240
Diversified Banks – 0.9%
Wells Fargo & Co. (C)		296		15,369
Diversified Chemicals – 0.9%
Dow Chemical Co. (The) (C)		280		14,704
Diversified Metals & Mining – 2.2%
BHP Billiton plc (A)		396		11,010
Freeport-McMoRan Copper & Gold, Inc., Class B (C)		384		12,538
Rio Tinto plc (A)		241		11,850
				35,398
Home Improvement Retail – 1.1%
Home Depot, Inc. (The)		192		17,651

Integrated Oil & Gas – 2.8%
Chevron Corp. (C)	103		12,302
Exxon Mobil Corp.	131		12,283
Occidental Petroleum Corp. (C)	223		21,403
			45,988
Internet Retail – 1.3%
Amazon.com, Inc. (B)(C)	67		21,571
Internet Software & Services – 2.4%
Alibaba Group Holding Ltd. ADR (B)	64		5,651
Baidu.com, Inc. ADR (B)	64		14,066
Tencent Holdings Ltd. (A)	1,295		19,255
			38,972
Investment Banking & Brokerage – 1.2%
Goldman Sachs Group, Inc. (The)	107		19,624
IT Consulting & Other Services – 1.5%
Cognizant Technology Solutions Corp., Class A (B)	552		24,699
Leisure Facilities – 0.0%
Circuit of the Americas LLC, Class B (B)(E)	—	*	—
Life & Health Insurance – 5.1%
AIA Group Ltd. (A)	9,218		47,663
MetLife, Inc. (C)	341		18,297
Prudential Financial, Inc.	201		17,702
			83,662
Managed Health Care – 0.6%
Humana, Inc.	74		9,576
Movies & Entertainment – 6.7%
Delta Topco Ltd. (B)(E)	56,728		46,748
Legend Pictures LLC (B)(E)(L)	10		18,315
Media Group Holdings LLC (B)(E)(F)(L)	19		40,864
Twenty-First Century Fox, Inc., Class A	129		4,413
			110,340
Multi-Line Insurance – 1.1%
American International Group, Inc. (C)	336		18,156
Oil & Gas Equipment & Services – 0.4%
Schlumberger Ltd.	57		5,806
Oil & Gas Exploration & Production – 1.4%
ConocoPhillips	309		23,653
Oil & Gas Refining & Marketing – 0.3%
Phillips 66	70		5,659
Oil & Gas Storage & Transportation – 1.3%
Plains GP Holdings L.P., Class A	679		20,805
Other Diversified Financial Services – 1.5%
Citigroup, Inc.	473		24,495
Packaged Foods & Meats – 0.8%
Mead Johnson Nutrition Co.	137		13,163

Pharmaceuticals – 0.7%
Bristol-Myers Squibb Co.	94		4,806
Roche Holdings AG, Genusscheine (A)	23		6,731
			11,537
Railroads – 1.2%
Union Pacific Corp.	176		19,125
Research & Consulting Services – 1.7%
Nielsen Holdings N.V.	620		27,493
Semiconductor Equipment – 1.6%
Applied Materials, Inc.	1,001		21,621
ASML Holding N.V., NY Registry Shares	51		5,079
			26,700
Semiconductors – 4.4%
Advanced Micro Devices, Inc. (B)	2,315		7,892
Intel Corp.	487		16,950
MediaTek, Inc. (A)	432		6,398
Micron Technology, Inc. (B)	272		9,322
Taiwan Semiconductor Manufacturing Co. Ltd. (A)	2,457		9,692
Texas Instruments, Inc. (C)	466		22,215
			72,469
Specialty Chemicals – 0.9%
LyondellBasell Industries N.V., Class A	142		15,408
Systems Software – 2.3%
Microsoft Corp.	805		37,301
Technology Hardware, Storage & Peripherals – 2.9%
Apple, Inc.	359		36,209
FUJIFILM Holdings Corp. (A)	346		10,635
			46,844
TOTAL COMMON STOCKS – 72.0%		$	1,181,624
(Cost: $1,126,960)
PURCHASED OPTIONS	Number of Contracts (Unrounded)
Apple, Inc.:
Call $105.00, Expires 11–21–14, OTC (Ctrpty: Deutsche Bank AG)	490		97
Call $105.00, Expires 12–19–14, OTC (Ctrpty: Deutsche Bank AG)	490		126
S&P 500 Index:
Put $1,875.00, Expires 10–3–14	198		8
Put $1,935.00, Expires 10–3–14	198		64
Call $2,050.00, Expires 10–17–14	928		51
Put $1,775.00, Expires 10–24–14	198		46
Put $1,925.00, Expires 10–24–14	198		287
Call $2,125.00, Expires 12–19–14	1,392		233
Call $2,150.00, Expires 12–19–14, OTC (Ctrpty: Bank of America N.A.)	770		60
Call $2,175.00, Expires 1–16–15, OTC (Ctrpty: Bank of America N.A.)	770		98
Call $2,200.00, Expires 3–19–15, OTC (Ctrpty: JPMorgan Chase Bank N.A.)	775		264
TOTAL PURCHASED OPTIONS – 0.1%		$	1,334
(Cost: $3,316)
CORPORATE DEBT SECURITIES	Principal
Automobile Manufacturers – 0.4%
Aston Martin Holdings Ltd.,
10.250%, 7–15–18 (D)(G)	$        6,511		6,563
Leisure Facilities – 0.2%
Circuit of the Americas LLC, Series B,

0.000%, 12–31–20 (H)		4,047		2,508
Movies & Entertainment – 2.9%
Delta Topco Ltd.,
10.000%, 11–24–60 (E)(G)		47,573		47,573
TOTAL CORPORATE DEBT SECURITIES – 3.5%			$	56,644
(Cost: $60,413)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Mortgage-Backed Obligations – 0.0%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO:
5.500%, 9–15–17 (I)		91		1
5.500%, 3–15–23 (I)		83		8
5.500%, 10–15–25 (I)		307		44
6.000%, 11–15–35 (I)		184		38
Federal National Mortgage Association Agency REMIC/CMO:
5.500%, 6–25–23 (I)		132		18
5.500%, 8–25–33 (I)		202		35
5.500%, 4–25–34 (I)		339		65
5.500%, 11–25–36 (I)		442		84
Government National Mortgage Association Agency REMIC/CMO:
5.500%, 3–20–32 (I)		82		3
5.000%, 7–20–33 (I)		22		—	*
5.500%, 11–20–33 (I)		142		5
5.500%, 7–20–35 (I)		156		30
				331
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 0.0%			$	331
(Cost: $1,459)
BULLION – 6.0%		Troy Ounces
Gold		82	$	98,851
(Cost: $111,563)
SHORT-TERM SECURITIES		Principal
Commercial Paper – 19.0%
American Honda Finance Corp. (GTD by Honda Motor Co.),
0.080%, 10–6–14 (J)	$	2,100		2,100
Anheuser-Busch InBev Worldwide, Inc. (GTD by AB INBEV/BBR/COB),
0.150%, 10–14–14 (J)		10,000		9,999
Army & Air Force Exchange Service:
0.140%, 11–17–14 (J)		5,000		4,999
0.140%, 11–24–14 (J)		10,000		9,998
Baxter International, Inc.,
0.200%, 10–7–14 (J)		5,000		5,000
BMW U.S. Capital LLC (GTD by BMW AG):
0.100%, 10–14–14 (J)		10,000		10,000
0.090%, 10–15–14 (J)		9,000		9,000
BorgWarner, Inc.,
0.260%, 10–22–14 (J)		10,000		9,998
Campbell Soup Co.,
0.180%, 10–6–14 (J)		3,500		3,500
Coca-Cola Co. (The):
0.090%, 10–8–14 (J)		10,000		10,000
0.090%, 10–10–14 (J)		10,000		10,000
CVS Caremark Corp.,
0.200%, 10–1–14 (J)		5,258		5,258
Emerson Electric Co.,
0.110%, 10–16–14 (J)		8,000		8,000
Enbridge, Inc.:
0.280%, 10–10–14 (J)		9,000		8,999
0.320%, 11–5–14 (J)		5,000		4,998

Essilor International S.A.:
0.180%, 11–14–14 (J)	10,000		9,998
0.170%, 11–25–14 (J)	10,000		9,997
GlaxoSmithKline Finance plc (GTD by GlaxoSmithKline plc):
0.090%, 10–21–14 (J)	8,000		8,000
0.130%, 10–28–14 (J)	8,000		7,999
Harley-Davidson Financial Services (GTD by Harley-Davidson Credit Corp.),
0.170%, 10–9–14 (J)	5,000		5,000
Hewlett-Packard Co.,
0.300%, 10–27–14 (J)	15,000		14,996
J.M. Smucker Co. (The),
0.260%, 10–20–14 (J)	6,000		5,999
John Deere Canada ULC (GTD by Deere & Co.),
0.070%, 10–3–14 (J)	1,000		1,000
Kroger Co. (The),
0.220%, 10–14–14 (J)	8,000		7,999
Merck & Co., Inc.,
0.080%, 10–6–14 (J)	10,000		10,000
Microsoft Corp.:
0.090%, 10–1–14 (J)	7,250		7,250
0.090%, 10–15–14 (J)	6,000		6,000
0.080%, 10–22–14 (J)	15,000		14,998
Mondelez International, Inc.,
0.210%, 10–24–14 (J)	10,000		9,999
NBCUniversal Enterprise, Inc.:
0.220%, 10–3–14 (J)	3,000		3,000
0.220%, 10–17–14 (J)	5,000		4,999
PepsiCo, Inc.:
0.080%, 10–14–14 (J)	10,000		10,000
0.090%, 10–16–14 (J)	10,000		10,000
Roche Holdings, Inc.,
0.090%, 10–20–14 (J)	5,000		5,000
Toronto-Dominion Holdings USA, Inc. (GTD by Toronto Dominion Bank),
0.130%, 11–24–14 (J)	9,000		8,999
Unilever N.V. (GTD by Unilever plc):
0.120%, 10–8–14 (J)	10,000		10,000
0.170%, 11–12–14 (J)	11,000		10,997
Wisconsin Electric Power Co.,
0.110%, 10–3–14 (J)	3,000		3,000
Wisconsin Gas LLC:
0.110%, 10–2–14 (J)	6,600		6,600
0.110%, 10–3–14 (J)	2,000		2,000
0.110%, 10–10–14 (J)	5,000		5,000
			310,679
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.),
0.030%, 10–1–14 (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.),
0.030%, 10–1–14 (K)	5,000		5,000
			7,200
TOTAL SHORT-TERM SECURITIES – 19.4%		$	317,879
(Cost: $317,883)
TOTAL INVESTMENT SECURITIES – 101.0%		$	1,656,663
(Cost: $1,621,594)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.0%)			(16,185	)
NET ASSETS – 100.0%		$	1,640,478

Notes to Consolidated Schedule of Investments

* Not shown due to rounding.

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

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

(C) 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) Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2014, the total value of these securities amounted to $6,563 or 0.4% of net assets.

(E) Restricted securities. At September 30, 2014, the Portfolio owned the following restricted securities:

Security	Acquisition Date(s)	Shares	Cost		Market Value
Circuit of the Americas LLC, Class B	9-18-14	—*	$	—	$	—
Delta Topco Ltd.	1-23-12 to 5-1-12	56,728		38,396		46,748
Legend Pictures LLC	12-18-12	10		18,161		18,315
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		47,573
			$	145,483	$	153,500

The total value of these securities represented 9.4% of net assets at September 30, 2014.

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

(G) Payment-in-kind bonds.

(H) Zero coupon bond.

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

(J) Rate shown is the yield to maturity at September 30, 2014.

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

The following forward foreign currency contracts were outstanding at September 30, 2014:

Type

Currency

Counterparty

Principal Amount of Contract (Denominated in Indicated Currency)

Settlement Date

Unrealized Appreciation

Unrealized Depreciation

Sell

Japanese Yen

Morgan Stanley International

1,939,359

10-10-14

$

826

$

—

The following total return swap agreements were outstanding at September 30, 2014:

Counterparty	Number of Shares		Underlying Security		Termination Date		Notional Amount		Financing Fee#			Unrealized Appreciation (Depreciation)
Societe Generale Bank		167,500		CBS Corp., Class B		05-22-15	$	9,365		USD LIBOR + 0.340	%	$	(404	)
JPMorgan Chase Bank N.A.		248,288		CBS Corp., Class B		05-26-15		13,561		USD LIBOR + 0.340	%		(278	)
Deutsche Bank AG		53,256		ConocoPhillips		05-22-15		4,290		USD LIBOR + 0.980	%		(215	)
Barclays Bank plc		250,501		Phillips 66		05-25-15		20,476		USD LIBOR + 0.400	%		(108	)
UBS AG		117,012		Wynn Resorts, Ltd.		05-22-15		21,680		USD LIBOR + 1.050	%		211
												$	(794	)

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

The following written options were outstanding at September 30, 2014 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type	Number of Contracts		Expiration Month		Exercise Price		Premium Received		Value
S&P 500 Index	N/A	Put		396		October 2014	$	1,905.00	$	100	$	(44	)
	N/A	Put		396		October 2014		1,850.00		165		(218	)
	Bank of America N.A.	Put		154		December 2014		1,850.00		451		(357	)
	N/A	Put		464		December 2014		1,850.00		1,667		(1,076	)
	Bank of America N.A.	Put		154		January 2015		1,825.00		473		(411	)
	JPMorgan Chase Bank N.A.	Put		155		March 2015		1,800.00		642		(601	)
Texas Instruments, Inc.	Deutsche Bank AG	Put		300		October 2014		43.00		13		(2	)
									$	3,511	$	(2,709	)

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date.

Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

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

An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized as follows:

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	201,472	$	—	$	105,927
Consumer Staples		55,445		—		—
Energy		101,911		—		—
Financials		161,305		—		—
Health Care		65,999		—		—
Industrials		115,224		—		—
Information Technology		308,831		—		—
Materials		65,510		—		—
Total Common Stocks	$	1,075,697	$	—	$	105,927
Purchased Options		689		645		—
Corporate Debt Securities		—		9,071		47,573
United States Government Agency Obligations		—		331		—
Bullion		98,851		—		—
Short-Term Securities		—		317,879		—
Total	$	1,175,237	$	327,926	$	153,500
Forward Foreign Currency Contracts	$	—	$	826	$	—
Swap Agreements	$	—	$	211	$	—
Liabilities
Swap Agreements	$	—	$	1,005	$	—
Written Options	$	1,338	$	1,371	$	—

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)		—			—			123
Net change in unrealized appreciation (depreciation)		(23,606	)		—			(562	)
Purchases		41			4,690			—
Sales		—			(4,020	)		(11,050	)
Amortization/Accretion of premium/discount		—			—			10
Transfers into Level 3 during the period		—			—			314
Transfers out of Level 3 during the period		—			(3,828	)		(314	)
Ending Balance 9-30-14	$	105,927		$	47,573		$	—
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-14	$	(23,606	)	$	—		$	—

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 September 30, 2014.

Information about Level 3 fair value measurements:

	Fair Value at 9-30-14		Valuation Technique(s)	Unobservable Input(s)	Input Value(s)
Assets
Common Stocks	$	105,927	Discounted cash flows model	Long-term growth rate		2.5	%
				Weighted average cost of capital		8.8 to 9.5	%
				Illiquidity discount		9.5 to 10	%
Corporate Debt Securities		47,573	Discounted cash flows model	Long-term growth rate		2.5	%
				Weighted average cost of capital		8.8	%
				Illiquidity discount		10	%

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 September 30, 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	$	1,640,478	$	99,242		6.05	%
Ivy VIP ASF III (SBP), LLC		4-9-13		4-23-13		1,640,478		40,870		2.49
VIP ASF, LLC		12-10-12		12-18-12		1,640,478		18,321		1.12

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

CMO = Collateralized Mortgage Obligation

GTD = Guaranteed

OTC = Over the Counter

REMIC = Real Estate Mortgage Investment Conduit

For Federal income tax purposes, cost of investments owned at September 30, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	1,621,594
Gross unrealized appreciation		92,881
Gross unrealized depreciation		(57,812	)
Net unrealized appreciation	$	35,069

SCHEDULE OF INVESTMENTS
Balanced (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Aerospace & Defense – 3.6%
Boeing Co. (The)		53	$	6,776
Lockheed Martin Corp.		9		1,700
Precision Castparts Corp.		25		5,875
				14,351
Airlines – 1.5%
Southwest Airlines Co.		186		6,274
Apparel Retail – 2.0%
Limited Brands, Inc.		122		8,172
Application Software – 1.3%
Autodesk, Inc. (A)		93		5,141
Asset Management & Custody Banks – 1.5%
Northern Trust Corp.		92		6,245
Brewers – 1.5%
Anheuser-Busch InBev S.A. ADR		54		5,986
Broadcasting – 1.4%
CBS Corp., Class B		85		4,555
CBS Outdoor Americas, Inc.		32		947
				5,502
Cable & Satellite – 2.2%
Comcast Corp., Class A		100		5,373
Time Warner Cable, Inc.		25		3,602
				8,975
Casinos & Gaming – 0.7%
Las Vegas Sands, Inc.		44		2,756
Construction Machinery & Heavy Trucks – 1.6%
Cummins, Inc.		49		6,454
Consumer Finance – 1.4%
American Express Co.		66		5,734
Data Processing & Outsourced Services – 2.6%
Alliance Data Systems Corp. (A)		23		5,636
FleetCor Technologies, Inc. (A)		33		4,690
				10,326
Distillers & Vintners – 2.3%
Brown-Forman Corp., Class B		45		4,055
Constellation Brands, Inc. (A)		57		4,950
				9,005
Diversified Chemicals – 2.9%
Dow Chemical Co. (The)		116		6,104
PPG Industries, Inc.		30		5,804
				11,908
Electrical Components & Equipment – 1.4%
Rockwell Automation, Inc.		53		5,802
Home Improvement Retail – 1.6%
Home Depot, Inc. (The)		70		6,403
Hotels, Resorts & Cruise Lines – 0.9%
Hyatt Hotels Corp., Class A (A)		57		3,468

Household Products – 1.4%
Colgate-Palmolive Co.	89	5,824
Industrial Conglomerates – 1.3%
3M Co.	37	5,185
Industrial Gases – 0.8%
Praxair, Inc.	25	3,173
Internet Retail – 1.3%
Amazon.com, Inc. (A)	16	5,256
IT Consulting & Other Services – 1.4%
Cognizant Technology Solutions Corp., Class A (A)	125	5,583
Managed Health Care – 1.0%
UnitedHealth Group, Inc.	45	3,855
Motorcycle Manufacturers – 1.2%
Harley-Davidson, Inc.	84	4,889
Movies & Entertainment – 1.5%
Twenty-First Century Fox, Inc.	180	5,989
Multi-Line Insurance – 1.4%
American International Group, Inc.	107	5,786
Oil & Gas Equipment & Services – 2.8%
National Oilwell Varco, Inc.	74	5,601
Schlumberger Ltd.	59	5,990
		11,591
Oil & Gas Exploration & Production – 2.8%
ConocoPhillips	80	6,144
Noble Energy, Inc.	73	5,018
		11,162
Oil & Gas Refining & Marketing – 1.4%
Phillips 66	70	5,720
Oil & Gas Storage & Transportation – 2.0%
Plains GP Holdings L.P., Class A	100	3,056
Regency Energy Partners L.P.	153	4,997
		8,053
Other Diversified Financial Services – 3.6%
Citigroup, Inc.	126	6,550
JPMorgan Chase & Co.	128	7,680
		14,230
Packaged Foods & Meats – 1.1%
Mead Johnson Nutrition Co.	47	4,561
Personal Products – 0.9%
Estee Lauder Co., Inc. (The), Class A	50	3,729
Pharmaceuticals – 3.9%
GlaxoSmithKline plc ADR	96	4,427
Johnson & Johnson	59	6,321
Teva Pharmaceutical Industries Ltd. ADR	99	5,321
		16,069

Railroads – 1.9%
Union Pacific Corp.	72		7,828
Regional Banks – 2.1%
PNC Financial Services Group, Inc. (The)	98		8,404
Semiconductor Equipment – 1.6%
Applied Materials, Inc.	306		6,608
Semiconductors – 2.4%
Broadcom Corp., Class A	35		1,427
Microchip Technology, Inc.	110		5,171
Texas Instruments, Inc.	65		3,119
			9,717
Specialty Stores – 0.9%
Ulta Salon, Cosmetics & Fragrance, Inc. (A)	31		3,675
Technology Hardware, Storage & Peripherals – 1.7%
Apple, Inc.	70		7,053
TOTAL COMMON STOCKS – 70.8%		$	286,442
(Cost: $201,687)
CORPORATE DEBT SECURITIES	Principal
Aerospace & Defense – 0.6%
General Dynamics Corp.,
1.000%, 11–15–17	$        500		494
Northrop Grumman Corp.,
1.750%, 6–1–18	250		248
TransDigm Group, Inc.,
7.500%, 7–15–21	1,626		1,736
			2,478
Apparel Retail – 0.6%
Limited Brands, Inc.:
6.900%, 7–15–17	250		277
6.625%, 4–1–21	1,460		1,609
5.625%, 2–15–22	414		432
			2,318
Asset Management & Custody Banks – 0.3%
Ares Capital Corp.,
4.875%, 11–30–18	1,200		1,267
Auto Parts & Equipment – 0.1%
Delphi Corp.,
5.000%, 2–15–23	411		440
Automobile Manufacturers – 1.2%
Ford Motor Co., Convertible,
4.250%, 11–15–16	2,000		3,427
Toyota Motor Credit Corp.,
2.000%, 10–24–18	400		401
Volkswagen Group of America, Inc.,
2.125%, 5–23–19 (B)	1,250		1,239
			5,067
Biotechnology – 0.3%
Amgen, Inc.,
2.200%, 5–22–19	1,300		1,286
Brewers – 0.2%
Heineken N.V.,
1.400%, 10–1–17 (B)	250		248
SABMiller Holdings, Inc.,
2.200%, 8–1–18 (B)	500		499
			747
Broadcasting – 0.0%
Discovery Communications LLC,
3.300%, 5–15–22	200		199
Cable & Satellite – 0.1%
Pearson Funding Five plc,
3.250%, 5–8–23 (B)	300		287

Consumer Finance – 1.5%
American Express Credit Corp.,
2.125%, 7–27–18	100	101
American Honda Finance Corp.,
2.125%, 10–10–18	150	151
Capital One Bank USA N.A.:
2.150%, 11–21–18	500	498
2.250%, 2–13–19	1,000	992
Capital One N.A.,
2.400%, 9–5–19	650	643
Charles Schwab Corp. (The),
2.200%, 7–25–18	300	303
Discover Bank,
2.000%, 2–21–18	250	249
General Motors Financial Co., Inc.,
2.750%, 5–15–16	448	451
General Motors Financial Co., Inc. (GTD by AmeriCredit Financial Services, Inc.),
3.500%, 7–10–19	550	554
Hyundai Capital America,
2.875%, 8–9–18 (B)	250	256
IntercontinentalExchange Group, Inc.,
2.500%, 10–15–18	100	102
SLM Corp.,
4.875%, 6–17–19	500	500
Total System Services, Inc.,
2.375%, 6–1–18	1,100	1,093
		5,893
Data Processing & Outsourced Services – 0.2%
Fidelity National Financial, Inc.,
6.600%, 5–15–17	800	890
Distillers & Vintners – 0.7%
Beam, Inc.:
1.875%, 5–15–17	300	302
1.750%, 6–15–18	250	246
Brown–Forman Corp.,
1.000%, 1–15–18	1,000	975
Constellation Brands, Inc.,
3.750%, 5–1–21	1,631	1,600
		3,123
Distributors – 0.1%
LKQ Corp.,
4.750%, 5–15–23	282	273
Diversified Banks – 4.0%
ABN AMRO Bank N.V.,
2.500%, 10–30–18 (B)	800	808
Banco Hipotecario Nacional:
7.916%, 7–25–09 (B)(C)	17	—	*
8.000%, 3–31–11 (B)(C)	4	—
Bank of America Corp.,
2.000%, 1–11–18	400	398
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	493
2.050%, 10–30–18	200	199
Barclays Bank plc,
2.500%, 2–20–19	1,000	1,002
BNP Paribas S.A.:
2.450%, 3–17–19	1,600	1,607
5.186%, 6–29–49 (B)	1,100	1,111
Commonwealth Bank of Australia,
2.250%, 3–13–19	1,350	1,350
DBS Group Holdings Ltd.,
2.246%, 7–16–19 (B)	1,000	990
HSBC USA, Inc.,
1.625%, 1–16–18	200	199
ING Bank N.V.,
2.500%, 10–1–19 (B)	1,100	1,093

Lloyds Bank plc,
2.350%, 9–5–19	600	595
Mizuho Bank Ltd.,
2.650%, 9–25–19 (B)	1,300	1,300
National Australia Bank Ltd.,
2.300%, 7–25–18	250	253
Nordea Bank AB,
1.625%, 5–15–18 (B)	300	297
Skandinaviska Enskilda Banken AB,
2.375%, 3–25–19 (B)	1,000	1,000
Societe Generale S.A.,
5.922%, 4–29–49 (B)	1,000	1,055
Swedbank AB (publ),
1.750%, 3–12–18 (B)	300	299
Wells Fargo & Co.:
1.500%, 1–16–18	250	249
2.150%, 1–15–19	500	498
Westpac Banking Corp.,
2.250%, 7–30–18	1,000	1,010
		16,303
Diversified Metals & Mining – 0.3%
Anglo American plc,
4.125%, 4–15–21 (B)	500	503
BHP Billiton Finance (USA) Ltd. (GTD by BHP Billiton plc and BHP Billiton Ltd.),
2.050%, 9–30–18	100	100
Freeport–McMoRan Copper & Gold, Inc.,
2.375%, 3–15–18	150	150
Glencore Funding LLC,
3.125%, 4–29–19 (B)	500	500
Teck Resources,
3.000%, 3–1–19	100	99
		1,352
Electric Utilities – 0.1%
Electricite de France S.A.,
2.150%, 1–22–19 (B)	500	498
PPL Energy Supply LLC,
4.600%, 12–15–21	100	95
Southern Co. (The),
2.450%, 9–1–18	150	153
		746
Environmental & Facilities Services – 0.1%
Ecolab, Inc.,
1.450%, 12–8–17	500	496
Fertilizers & Agricultural Chemicals – 0.1%
Monsanto Co.,
2.125%, 7–15–19	600	597
Food Distributors – 0.3%
Campbell Soup Co.,
2.500%, 8–2–22	700	660
ConAgra Foods, Inc.,
1.900%, 1–25–18	200	199
General Mills, Inc.,
0.534%, 1–29–16 (D)	250	250
		1,109
Food Retail – 0.1%
Kroger Co. (The),
2.300%, 1–15–19	500	500
General Merchandise Stores – 0.1%
Dollar General Corp.:
4.125%, 7–15–17	100	104
1.875%, 4–15–18	250	241
		345
Health Care Supplies – 0.5%
C.R. Bard, Inc.,
1.375%, 1–15–18	500	494
Express Scripts Holding Co.,
2.250%, 6–15–19	1,500	1,479
Mallinckrodt International Finance S.A.,
3.500%, 4–15–18	250	242
		2,215
Homebuilding – 0.1%
Toll Brothers Finance Corp.,
4.375%, 4–15–23	500	476

Hotels, Resorts & Cruise Lines – 0.1%
Hyatt Hotels Corp.,
3.375%, 7–15–23	250	243
Household Products – 0.1%
Church & Dwight Co., Inc.,
2.875%, 10–1–22	250	243
Industrial Gases – 0.4%
Airgas, Inc.,
1.650%, 2–15–18	500	495
Praxair, Inc.:
1.250%, 11–7–18	400	390
3.000%, 9–1–21	500	513
		1,398
Industrial Machinery – 0.9%
Dynacast International LLC and Dynacast Finance, Inc.,
9.250%, 7–15–19	1,266	1,355
Eaton Corp.,
1.500%, 11–2–17	1,940	1,932
		3,287
Integrated Telecommunication Services – 0.9%
AT&T, Inc.,
2.300%, 3–11–19	3,750	3,762
Verizon Communications, Inc.,
2.625%, 2–21–20 (B)	107	106
		3,868
Investment Banking & Brokerage – 0.5%
Goldman Sachs Group, Inc. (The):
2.900%, 7–19–18	450	461
2.625%, 1–31–19	1,000	998
Morgan Stanley,
2.125%, 4–25–18	500	500
		1,959
IT Consulting & Other Services – 0.4%
iGATE Corp.,
4.750%, 4–15–19 (B)	1,626	1,577
Leisure Products – 0.1%
Mattel, Inc.,
2.500%, 11–1–16	250	257
Life & Health Insurance – 0.2%
AIA Group Ltd.,
2.250%, 3–11–19 (B)	800	793
Managed Health Care – 0.4%
Aetna, Inc.,
2.200%, 3–15–19	800	793
WellPoint, Inc.,
1.875%, 1–15–18	1,000	999
		1,792
Metal & Glass Containers – 0.1%
BlueScope Steel (Finance) Ltd. and BlueScope Steel Finance (USA) LLC,
7.125%, 5–1–18 (B)	555	577
Movies & Entertainment – 0.4%
News American, Inc.,
3.000%, 9–15–22	1,000	975
Viacom, Inc.:
2.500%, 9–1–18	100	101
2.200%, 4–1–19	700	700
		1,776
Multi–Line Insurance – 0.1%
American International Group, Inc.,
2.300%, 7–16–19	300	298
Multi–Utilities – 0.1%
Origin Energy Finance Ltd.,
3.500%, 10–9–18 (B)	200	205
Oil & Gas Drilling – 0.1%
Transocean, Inc.,
2.500%, 10–15–17	500	500

Oil & Gas Equipment & Services – 0.1%
National Oilwell Varco, Inc.,
1.350%, 12–1–17	250	249
Oil & Gas Exploration & Production – 0.3%
BP Capital Markets plc (GTD by BP plc),
2.241%, 9–26–18	400	401
ConocoPhillips,
1.050%, 12–15–17	400	395
Devon Energy Corp.,
2.250%, 12–15–18	500	499
		1,295
Oil & Gas Storage & Transportation – 0.2%
Buckeye Partners L.P.,
2.650%, 11–15–18	400	400
Kinder Morgan Energy Partners L.P.,
2.650%, 2–1–19	500	498
		898
Other Diversified Financial Services – 2.2%
CIT Group, Inc.,
3.875%, 2–19–19	1,000	983
Citigroup, Inc.,
2.550%, 4–8–19	3,250	3,248
Daimler Finance North America LLC,
2.375%, 8–1–18 (B)	150	152
Fidelity National Information Services, Inc.,
2.000%, 4–15–18	250	249
Fifth Street Finance Corp.,
4.875%, 3–1–19	1,300	1,344
JPMorgan Chase & Co.,
7.900%, 4–29–49	500	543
Moody’s Corp.,
2.750%, 7–15–19	250	251
PennantPark Investment Corp.,
4.500%, 10–1–19	1,650	1,659
Total Capital,
2.125%, 8–10–18	300	304
Total Capital Canada Ltd.,
1.450%, 1–15–18	200	199
		8,932
Packaged Foods & Meats – 0.3%
Kraft Foods, Inc.,
4.125%, 2–9–16	1,000	1,043
Personal Products – 0.1%
Estee Lauder Co., Inc. (The),
2.350%, 8–15–22	600	571
Pharmaceuticals – 0.7%
Forest Laboratories, Inc.,
5.000%, 12–15–21 (B)	1,258	1,345
Perrigo Co. Ltd.,
2.300%, 11–8–18 (B)	945	939
		2,284
Property & Casualty Insurance – 0.1%
Berkshire Hathaway Finance Corp.,
2.000%, 8–15–18	250	250
Berkshire Hathaway, Inc.,
1.550%, 2–9–18	250	250
		500
Railroads – 0.2%
Burlington Northern Santa Fe LLC,
3.050%, 3–15–22	400	398
Kansas City Southern de Mexico S.A. de C.V.,
2.350%, 5–15–20	300	288
Union Pacific Corp.,
2.250%, 2–15–19	250	253
		939
Regional Banks – 0.4%
BB&T Corp.,
1.450%, 1–12–18	300	297
PNC Bank N.A.,
2.200%, 1–28–19	750	751
SunTrust Banks, Inc.,
2.350%, 11–1–18	500	501
		1,549

Semiconductors – 0.5%
Broadcom Corp.,
2.700%, 11–1–18	250		256
Micron Technology, Inc.,
5.500%, 2–1–25 (B)	1,626		1,594
			1,850
Soft Drinks – 0.2%
PepsiCo, Inc.,
2.250%, 1–7–19	750		757
Specialized REITs – 0.8%
Aircastle Ltd.,
5.125%, 3–15–21	1,626		1,606
CNL Lifestyles Properties, Inc.,
7.250%, 4–15–19	1,626		1,670
			3,276
Specialty Chemicals – 0.1%
RPM International, Inc.,
3.450%, 11–15–22	250		243
Systems Software – 0.3%
CA, Inc.,
2.875%, 8–15–18	150		152
Oracle Corp.,
2.250%, 10–8–19	1,200		1,195
			1,347
Trucking – 0.1%
Ryder System, Inc.:
2.450%, 11–15–18	100		101
2.350%, 2–26–19	400		399
			500
Wireless Telecommunication Service – 0.5%
American Tower Corp.,
4.700%, 3–15–22	995		1,041
Crown Castle International Corp.,
5.250%, 1–15–23	623		617
Virgin Media Finance plc,
4.875%, 2–15–22	200		190
			1,848
TOTAL CORPORATE DEBT SECURITIES – 23.5%		$	95,261
(Cost: $93,480)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Mortgage-Backed Obligations – 0.8%
Federal National Mortgage Association Fixed Rate Pass–Through Certificates:
6.000%, 9–1–17	69		72
5.000%, 1–1–18	30		32
5.500%, 4–1–18	3		3
5.000%, 5–1–18	23		24
4.500%, 7–1–18	386		408
7.000%, 9–1–25	58		64
6.500%, 10–1–28	134		148
6.500%, 2–1–29	73		84
7.500%, 4–1–31	77		89
7.000%, 7–1–31	94		110
7.000%, 9–1–31	164		194
6.500%, 2–1–32	333		391
Federal National Mortgage Association Fixed Rate Pass–Through Certificates: (continued)
7.000%, 2–1–32	220		258
7.000%, 3–1–32	85		101
7.000%, 7–1–32	144		169
6.000%, 9–1–32	623		717
6.000%, 2–1–33	72		82
5.500%, 5–1–33	165		185
5.500%, 6–1–33	100		113
U.S. Department of Veterans Affairs, Guaranteed REMIC Pass–Through Certificates, Vendee Mortgage Trust 1997–A, Class 3–A,
8.293%, 12–15–26	49		58
			3,302

TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 0.8%		$	3,302
(Cost: $2,952)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 2.6%
U.S. Treasury Notes:
0.625%, 2–15–17	9,200		9,161
0.625%, 5–31–17	1,500		1,487
			10,648
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 2.6%		$	10,648
(Cost: $10,664)
SHORT–TERM SECURITIES
Commercial Paper – 1.6%
Mondelez International, Inc.,
0.140%, 10–1–14 (E)	2,542		2,542
Wisconsin Gas LLC,
0.110%, 10–6–14 (E)	4,000		4,000
			6,542
Master Note – 0.7%
Toyota Motor Credit Corp.,
0.102%, 10–7–14 (F)	2,971		2,971
TOTAL SHORT–TERM SECURITIES – 2.3%		$	9,513
(Cost: $9,513)
TOTAL INVESTMENT SECURITIES – 100.0%		$	405,166
(Cost: $318,296)
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0%			(70	)
NET ASSETS – 100.0%		$	405,096

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 September 30, 2014, the total value of these securities amounted to $19,271 or 4.8% of net assets.

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

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2014.

(E) Rate shown is the yield to maturity at September 30, 2014.

(F) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	286,442	$	—	$	—
Corporate Debt Securities		—		95,261		—
United States Government Agency Obligations		—		3,302		—
United States Government Obligations		—		10,648		—
Short-Term Securities		—		9,513		—
Total	$	286,442	$	118,724	$	—

There were no transfers between any levels during the period ended September 30, 2014.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

REMIC = Real Estate Mortgage Investment Conduit

GTD = Guaranteed

For Federal income tax purposes, cost of investments owned at September 30, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	318,296
Gross unrealized appreciation		88,594
Gross unrealized depreciation		(1,724	)
Net unrealized appreciation	$	86,870

SCHEDULE OF INVESTMENTS
Bond (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

CORPORATE DEBT SECURITIES	Principal		Value
Aerospace & Defense – 0.6%
BAE Systems Holdings, Inc.,
3.800%, 10–7–24 (A)	$	2,000	$	1,994
Apparel Retail – 2.6%
Limited Brands, Inc.:
8.500%, 6–15–19		3,485		4,113
7.000%, 5–1–20		1,000		1,110
5.625%, 2–15–22		2,665		2,779
				8,002
Automobile Manufacturers – 0.9%
General Motors Co.,
3.500%, 10–2–18		2,840		2,886
Brewers – 1.2%
SABMiller plc,
6.500%, 7–15–18 (A)		3,000		3,463
Broadcasting – 1.9%
CBS Corp. (GTD by CBS Operations, Inc.),
2.300%, 8–15–19		3,000		2,960
Discovery Communications LLC,
3.300%, 5–15–22		3,000		2,980
				5,940
Cable & Satellite – 1.9%
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc.,
3.800%, 3–15–22		2,500		2,542
Time Warner, Inc.,
4.750%, 3–29–21		3,000		3,269
				5,811
Coal & Consumable Fuels – 0.6%
Peabody Energy Corp.,
6.500%, 9–15–20		2,000		1,870
Consumer Finance – 1.6%
Ford Motor Credit Co. LLC,
4.250%, 9–20–22		4,000		4,213
General Motors Financial Co., Inc. (GTD by AmeriCredit Financial Services, Inc.),
3.500%, 7–10–19		800		806
				5,019
Data Processing & Outsourced Services – 1.8%
Alliance Data Systems Corp.:
5.250%, 12–1–17 (A)		4,500		4,556
5.375%, 8–1–22 (A)		1,269		1,231
				5,787
Department Stores – 1.0%
Macy’s Retail Holdings, Inc.,
3.875%, 1–15–22		3,000		3,126
Distributors – 1.0%
QVC, Inc.,
5.125%, 7–2–22		3,000		3,152
Diversified Banks – 2.4%
Bank of America Corp.:
5.650%, 5–1–18		2,000		2,225
7.625%, 6–1–19		2,000		2,417
HSBC Holdings plc,
5.100%, 4–5–21		2,500		2,814
				7,456
Diversified Chemicals – 1.2%
Dow Chemical Co. (The),
3.500%, 10–1–24		4,000		3,903

Diversified Metals & Mining – 2.1%
Glencore Funding LLC,
3.125%, 4–29–19 (A)	2,500	2,502
Rio Tinto Finance (USA) Ltd.,
3.750%, 9–20–21	3,500	3,631
		6,133
Electric Utilities – 1.0%
Detroit Edison Co. (The),
3.900%, 6–1–21	3,000	3,217
Electrical Components & Equipment – 0.8%
WESCO Distribution, Inc.,
5.375%, 12–15–21	2,375	2,357
Electronic Equipment & Instruments – 1.3%
Xerox Corp.,
6.350%, 5–15–18	3,452	3,945
Electronic Manufacturing Services – 1.2%
Jabil Circuit, Inc.,
8.250%, 3–15–18	3,150	3,658
Environmental & Facilities Services – 2.3%
Republic Services, Inc.,
4.750%, 5–15–23	3,000	3,293
Waste Management, Inc.,
4.600%, 3–1–21	3,600	3,969
		7,262
Food Distributors – 0.3%
Wm. Wrigley Jr. Co.,
3.375%, 10–21–20 (A)	1,000	1,015
Food Retail – 0.8%
Kroger Co. (The),
6.800%, 12–15–18	2,245	2,645
Forest Products – 1.4%
Georgia–Pacific LLC,
5.400%, 11–1–20 (A)	4,000	4,521
Health Care Services – 1.2%
Medco Health Solutions, Inc.,
4.125%, 9–15–20	3,500	3,731
Health Care Supplies – 0.8%
DENTSPLY International, Inc.,
4.125%, 8–15–21	2,500	2,614
Homebuilding – 1.2%
Toll Brothers Finance Corp.,
4.375%, 4–15–23	4,055	3,862
Hotels, Resorts & Cruise Lines – 0.4%
Marriott International, Inc.,
3.375%, 10–15–20	1,277	1,311
Household Products – 0.9%
Procter & Gamble Co. (The),
8.000%, 9–1–24	2,000	2,792
Industrial Machinery – 1.3%
Ingersoll–Rand Global Holding Co. Ltd.,
2.875%, 1–15–19	4,000	4,086
Integrated Telecommunication Services – 2.7%
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	3,960

Verizon Communications, Inc.,
5.150%, 9–15–23	4,000	4,424
		8,384
Investment Banking & Brokerage – 1.3%
Goldman Sachs Group, Inc. (The),
6.000%, 6–15–20	3,500	4,022
Leisure Products – 0.5%
Hasbro, Inc.,
3.150%, 5–15–21	1,500	1,500
Multi-Utilities – 3.1%
Dominion Resources, Inc., Series F,
5.250%, 8–1–33	2,500	2,827
Duke Energy Indiana, Inc.,
3.750%, 7–15–20	3,000	3,189
NorthWestern Corp.,
6.340%, 4–1–19	3,000	3,499
		9,515
Oil & Gas Equipment & Services – 1.7%
Enterprise Products Operating LLC (GTD by Enterprise Products Partners L.P.),
6.500%, 1–31–19	2,000	2,343
Schlumberger Investment S.A. (GTD by Schlumberger Ltd.),
3.300%, 9–14–21 (A)	2,725	2,820
		5,163
Oil & Gas Exploration & Production – 2.0%
EQT Corp.,
8.125%, 6–1–19	3,494	4,280
Plains Exploration & Production Co.,
6.125%, 6–15–19	1,922	2,105
		6,385
Oil & Gas Storage & Transportation – 2.2%
Copano Energy LLC and Copano Energy Finance Corp.,
7.125%, 4–1–21	984	1,095
Plains All American Pipeline L.P. and PAA Finance Corp.,
3.600%, 11–1–24	3,000	2,944
Tennessee Gas Pipeline Co.,
7.000%, 3–15–27	2,000	2,440
Williams Co., Inc. (The),
4.550%, 6–24–24	460	455
		6,934
Other Diversified Financial Services – 1.7%
Citigroup, Inc.,
2.550%, 4–8–19	2,500	2,499
Daimler Finance North America LLC,
3.875%, 9–15–21 (A)	2,600	2,757
		5,256
Pharmaceuticals – 0.4%
Mylan, Inc.,
2.550%, 3–28–19	1,300	1,293
Property & Casualty Insurance – 1.0%
Berkshire Hathaway, Inc.,
3.750%, 8–15–21	3,000	3,190
Railroads – 1.3%
Burlington Northern Santa Fe LLC:
3.050%, 3–15–22	3,000	2,990
3.400%, 9–1–24	1,000	986
		3,976
Systems Software – 2.0%
CA, Inc.,
5.375%, 12–1–19	3,000	3,331
Oracle Corp.,
3.625%, 7–15–23	3,000	3,080
		6,411
Trucking – 0.7%
Penske Truck Leasing Co. L.P.,
2.875%, 7–17–18 (A)	2,000	2,047
Water Utilities – 0.7%
California Water Service Co.,
5.875%, 5–1–19	2,000	2,292

Wireless Telecommunication Service – 1.3%
American Tower Corp.,
4.700%, 3–15–22	3,000		3,141
Crown Castle International Corp.,
5.250%, 1–15–23	1,027		1,017
			4,158
TOTAL CORPORATE DEBT SECURITIES – 58.3%		$	182,084
(Cost: $175,578)
MORTGAGE-BACKED SECURITIES
Non-Agency REMIC/CMO – 0.6%
MASTR Adjustable Rate Mortgage Trust 2005–1,
3.360%, 3–25–35 (B)	1,872		180
Merrill Lynch Mortgage Trust 2005–CIP1,
4.949%, 7–12–38 (B)	1,615		1,614
Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass–Through Certificates, Series 2004–1,
2.462%, 2–25–34 (B)	442		53
Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass–Through Certificates, Series 2004–3AC,
2.390%, 3–25–34 (B)	810		45
			1,892
TOTAL MORTGAGE-BACKED SECURITIES – 0.6%		$	1,892
(Cost: $4,692)
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		2,749
New York – 1.8%
NYC Indl Dev Agy, Rental Rev Bonds (Yankee Stadium Proj), Ser 2009,
11.000%, 3–1–29 (A)	4,000		5,612
TOTAL MUNICIPAL BONDS – 2.7%		$	8,361
(Cost: $6,573)
OTHER GOVERNMENT SECURITIES+
Canada – 1.1%
Province de Quebec,
7.140%, 2–27–26	2,500		3,306
Israel – 1.0%
State of Israel,
4.000%, 6–30–22	3,000		3,209
TOTAL OTHER GOVERNMENT SECURITIES – 2.1%		$	6,515
(Cost: $5,801)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Agency Obligations – 4.5%
Federal Home Loan Bank:
2.000%, 2–14–28 (B)	10,000		9,361
Federal National Mortgage Association,
1.500%, 4–25–28	4,750		4,586
			13,947
Mortgage-Backed Obligations – 24.7%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO:
4.000%, 6–15–26	4,645		4,986
4.500%, 6–15–27	410		419
4.000%, 11–15–36	1,236		1,292
4.500%, 9–15–37	1,129		1,160
4.500%, 8–15–39	1,630		1,696
3.623%, 11–25–45 (A)(B)	1,000		984

Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates:
4.186%, 12–25–20	4,000		4,375
5.000%, 6–1–23	1,059		1,151
4.000%, 7–1–25	1,665		1,779
3.000%, 1–1–33	879		896
Federal Home Loan Mortgage Corp. Fixed Rate Pass-Through Certificates:
3.000%, 8–1–28	4,662		4,793
3.000%, 9–1–28	4,565		4,685
3.500%, 10–1–28	5,073		5,331
Federal National Mortgage Association Agency REMIC/CMO:
5.000%, 6–25–18	691		729
3.000%, 2–25–25	3,775		3,884
5.500%, 11–25–36 (C)	1,735		328
5.500%, 4–25–37	894		960
4.000%, 5–25–39	1,124		1,167
4.500%, 6–25–40	984		1,044
Federal National Mortgage Association Fixed Rate Pass-Through Certificates:
5.433%, 2–1–16	1,857		1,947
5.508%, 4–1–17	3,470		3,706
4.500%, 9–1–19	802		847
4.514%, 12–1–19	7,300		8,057
5.500%, 10–1–21	1,523		1,657
6.000%, 7–1–22	1,080		1,188
6.000%, 9–1–22	1,810		2,000
5.000%, 9–1–23	1,208		1,308
3.000%, 7–1–28	4,553		4,681
5.500%, 2–1–35	1,086		1,230
Government National Mortgage Association Agency REMIC/CMO:
2.500%, 9–20–40	4,053		4,072
2.000%, 3–16–42	4,916		4,789
0.358%, 6–17–45 (B)(C)	97		1
			77,142
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 29.2%		$	91,089
(Cost: $92,935)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 4.7%
U.S. Treasury Notes:
2.125%, 8–15–21 (D)	10,000		9,953
2.000%, 2–15–23	5,000		4,853
			14,806
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 4.7%		$	14,806
(Cost: $15,025)
SHORT-TERM SECURITIES
Commercial Paper – 0.9%
Kroger Co. (The),
0.170%, 10–1–14 (E)	2,682		2,682
Master Note – 1.4%
Toyota Motor Credit Corp.,
0.102%, 10–7–14 (F)	4,527		4,527
TOTAL SHORT–TERM SECURITIES – 2.3%		$	7,209
(Cost: $7,209)
TOTAL INVESTMENT SECURITIES – 99.9%		$	311,956
(Cost: $307,813)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.1%			335
NET ASSETS – 100.0%		$	312,291

Notes to Schedule of Investments

+ Other Government Securities include emerging market sovereign, quasi-sovereign, corporate and supranational agency and organization debt securities.

(A) Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2014, the total value of these securities amounted to $33,502 or 10.7% of net assets.

(B) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 2014.

(F) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2014. Date shown represents the date that the variable rate resets.

The following futures contracts were outstanding at September 30, 2014 (contracts unrounded):

Description	Type	Expiration Date		Number of Contracts		Market Value			Unrealized Appreciation
U.S. 10-Year Treasury Note	Short		12-31-14		213	$	(26,548	)	$	92
U.S. 2-Year Treasury Note	Short		1-6-15		37		(8,097	)		—	*
U.S. 5-Year Treasury Note	Short		1-6-15		242		(28,619	)		51
						$	(63,264	)	$	143

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date.

Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

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

An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized as follows:

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Corporate Debt Securities	$	—	$	182,084	$	—
Mortgage-Backed Securities		—		1,892		—
Municipal Bonds		—		8,361		—
Other Government Securities		—		6,515		—
United States Government Agency Obligations		—		91,089		—
United States Government Obligations		—		14,806		—
Short-Term Securities		—		7,209		—
Total	$	—	$	311,956	$	—
Futures Contracts	$	143	$	—	$	—

As of September 30, 2014, there were no transfers between Level 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 September 30, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	307,813
Gross unrealized appreciation		10,584
Gross unrealized depreciation		(6,441	)
Net unrealized appreciation	$	4,143

SCHEDULE OF INVESTMENTS
Core Equity (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Application Software – 4.3%
Adobe Systems, Inc. (A)		198	$	13,706
Autodesk, Inc. (A)		139		7,681
				21,387
Auto Parts & Equipment – 1.3%
Delphi Automotive plc		105		6,465
Automobile Manufacturers – 1.7%
Ford Motor Co.		579		8,556
Biotechnology – 3.3%
Alexion Pharmaceuticals, Inc. (A)		48		8,009
Biogen Idec, Inc. (A)		25		8,370
				16,379
Brewers – 3.0%
Anheuser-Busch InBev S.A. ADR		133		14,732
Broadcasting – 2.5%
CBS Corp., Class B		233		12,481
Cable & Satellite – 5.4%
Charter Communications, Inc., Class A (A)		52		7,876
Comcast Corp., Class A		188		10,100
Time Warner Cable, Inc.		67		9,671
				27,647
Construction Machinery & Heavy Trucks – 0.9%
Cummins, Inc.		36		4,685
Data Processing & Outsourced Services – 3.9%
Alliance Data Systems Corp. (A)		28		6,914
MasterCard, Inc., Class A		175		12,899
				19,813
Diversified Banks – 4.0%
Bank of America Corp.		1,158		19,748
Diversified Chemicals – 4.4%
Dow Chemical Co. (The)		268		14,033
PPG Industries, Inc.		41		8,027
				22,060
Health Care Equipment – 2.0%
Medtronic, Inc.		162		10,030
Home Improvement Retail – 2.0%
Home Depot, Inc. (The)		110		10,101
Hotels, Resorts & Cruise Lines – 1.2%
Hilton Worldwide Holdings, Inc. (A)		252		6,202
Hypermarkets & Super Centers – 2.5%
Costco Wholesale Corp.		99		12,365
Industrial Machinery – 2.2%
Flowserve Corp.		159		11,192
Internet Retail – 1.0%
Amazon.com, Inc. (A)		15		4,933
Internet Software & Services – 2.8%
Facebook, Inc., Class A (A)		113		8,948
Twitter, Inc. (A)		101		5,230
				14,178

Managed Health Care – 2.0%
Humana, Inc.	78		10,195
Motorcycle Manufacturers – 1.8%
Harley-Davidson, Inc.	155		8,994
Multi-Line Insurance – 3.4%
American International Group, Inc.	318		17,200
Oil & Gas Exploration & Production – 4.3%
Cabot Oil & Gas Corp.	242		7,924
Noble Energy, Inc.	205		14,019
			21,943
Oil & Gas Refining & Marketing – 2.9%
Phillips 66	178		14,451
Oil & Gas Storage & Transportation – 1.9%
MarkWest Energy Partners L.P.	123		9,410
Other Diversified Financial Services – 3.8%
Citigroup, Inc.	369		19,142
Packaged Foods & Meats – 1.9%
Mead Johnson Nutrition Co.	100		9,632
Pharmaceuticals – 9.3%
Allergan, Inc.	32		5,702
Bristol-Myers Squibb Co.	226		11,567
Shire Pharmaceuticals Group plc ADR	73		18,832
Teva Pharmaceutical Industries Ltd. ADR	200		10,745
			46,846
Railroads – 8.8%
Canadian Pacific Railway Ltd.	111		22,967
Kansas City Southern	96		11,659
Union Pacific Corp.	86		9,346
			43,972
Restaurants – 1.5%
Chipotle Mexican Grill, Inc., Class A (A)	11		7,332
Semiconductor Equipment – 3.9%
Applied Materials, Inc.	916		19,801
Semiconductors – 2.3%
Texas Instruments, Inc.	238		11,369
Tobacco – 2.0%
Philip Morris International, Inc.	123		10,289
Wireless Telecommunication Service – 1.7%
American Tower Corp., Class A	92		8,633
TOTAL COMMON STOCKS – 99.9%		$	502,163
(Cost: $397,245)
SHORT-TERM SECURITIES	Principal
Master Note – 0.0%
Toyota Motor Credit Corp.,
0.102%, 10–7–14 (B)	$       171		171
TOTAL SHORT-TERM SECURITIES – 0.0%		$	171
(Cost: $171)
TOTAL INVESTMENT SECURITIES – 99.9%		$	502,334
(Cost: $397,416)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.1%			338
NET ASSETS – 100.0%		$	502,672

Notes to Schedule of Investments

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

(B) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	502,163	$	—	$	—
Short-Term Securities		—		171		—
Total	$	502,163	$	171	$	—

As of September 30, 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 September 30, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	397,416
Gross unrealized appreciation		109,319
Gross unrealized depreciation		(4,401	)
Net unrealized appreciation	$	104,918

SCHEDULE OF INVESTMENTS
Dividend Opportunities (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Advertising – 1.8%
Omnicom Group, Inc.		127	$	8,711
Aerospace & Defense – 3.9%
Boeing Co. (The)		73		9,356
Honeywell International, Inc.		104		9,647
				19,003
Apparel Retail – 2.8%
Limited Brands, Inc.		203		13,627
Asset Management & Custody Banks – 1.3%
Northern Trust Corp.		96		6,500
Automobile Manufacturers – 2.0%
Ford Motor Co.		660		9,760
Brewers – 2.8%
Anheuser–Busch InBev S.A. ADR		123		13,640
Cable & Satellite – 2.1%
Comcast Corp., Class A		193		10,390
Casinos & Gaming – 2.1%
Wynn Resorts Ltd.		56		10,426
Construction Machinery & Heavy Trucks – 3.8%
Allison Transmission Holdings, Inc.		310		8,842
Caterpillar, Inc.		100		9,907
				18,749
Consumer Electronics – 1.2%
Garmin Ltd.		109		5,644
Data Processing & Outsourced Services – 1.4%
Paychex, Inc.		151		6,672
Distillers & Vintners – 1.2%
Diageo plc ADR		52		5,989
Diversified Banks – 2.6%
Wells Fargo & Co.		249		12,910
Diversified Chemicals – 4.0%
Dow Chemical Co. (The)		172		9,017
PPG Industries, Inc.		53		10,339
				19,356
Electric Utilities – 1.5%
PPL Corp.		229		7,535
Health Care Equipment – 1.8%
Medtronic, Inc.		142		8,797
Home Improvement Retail – 3.0%
Home Depot, Inc. (The)		157		14,416
Household Products – 1.9%
Colgate-Palmolive Co.		141		9,211

Industrial Conglomerates – 1.2%
3M Co.	43	6,036
Industrial Gases – 1.0%
Airgas, Inc.	46	5,035
Industrial Machinery – 1.9%
Eaton Corp.	145	9,179
Industrial REITs – 1.4%
ProLogis	186	6,995
Integrated Oil & Gas – 2.0%
Occidental Petroleum Corp.	101	9,668
Integrated Telecommunication Services – 1.0%
Verizon Communications, Inc.	102	5,084
Oil & Gas Equipment & Services – 2.0%
Schlumberger Ltd.	95	9,650
Oil & Gas Storage & Transportation – 5.3%
Energy Transfer Equity L.P.	142	8,785
MarkWest Energy Partners L.P.	132	10,148
Phillips 66 Partners L.P.	17	1,121
Plains GP Holdings L.P., Class A	202	6,197
		26,251
Other Diversified Financial Services – 3.7%
JPMorgan Chase & Co.	290	17,477
Packaged Foods & Meats – 1.7%
Mead Johnson Nutrition Co.	87	8,328
Pharmaceuticals – 11.1%
Bristol-Myers Squibb Co.	222	11,362
Johnson & Johnson	109	11,581
Merck & Co., Inc.	135	7,991
Pfizer, Inc.	338	10,002
Teva Pharmaceutical Industries Ltd. ADR	244	13,123
		54,059
Property & Casualty Insurance – 2.2%
ACE Ltd.	104	10,896
Railroads – 3.4%
Union Pacific Corp.	152	16,441
Regional Banks – 1.5%
PNC Financial Services Group, Inc. (The)	86	7,330
Research & Consulting Services – 1.4%
Nielsen Holdings N.V.	155	6,876
Semiconductor Equipment – 2.3%
Applied Materials, Inc.	527	11,398
Semiconductors – 6.6%
Analog Devices, Inc.	143	7,099
Microchip Technology, Inc.	328	15,469
Texas Instruments, Inc.	201	9,607
		32,175

Specialty Chemicals – 1.0%
LyondellBasell Industries N.V., Class A	45		4,884
Specialty Stores – 1.4%
Tiffany & Co.	73		7,045
Technology Hardware, Storage & Peripherals – 2.2%
Apple, Inc.	107		10,745
Tobacco – 2.3%
Philip Morris International, Inc.	137		11,439
TOTAL COMMON STOCKS – 97.8%		$	478,327
(Cost: $374,579)
SHORT–TERM SECURITIES	Principal
Commercial Paper – 0.9%
GlaxoSmithKline Finance plc (GTD by GlaxoSmithKline plc),
0.130%, 10–28–14 (A)	$    4,000		4,000
Master Note – 1.1%
Toyota Motor Credit Corp.,
0.102%, 10–7–14 (B)	5,582		5,582
TOTAL SHORT–TERM SECURITIES – 2.0%		$	9,582
(Cost: $9,582)
TOTAL INVESTMENT SECURITIES – 99.8%		$	487,909
(Cost: $384,161)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.2%			978
NET ASSETS – 100.0%		$	488,887

Notes to Schedule of Investments

(A) Rate shown is the yield to maturity at September 30, 2014.

(B) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	478,327	$	—	$	—
Short–Term Securities		—		9,582		—
Total	$	478,327	$	9,582	$	—

There were no transfers between any levels during the period ended September 30, 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 September 30, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	384,161
Gross unrealized appreciation		107,156
Gross unrealized depreciation		(3,408	)
Net unrealized appreciation	$	103,748

SCHEDULE OF INVESTMENTS
Energy (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Coal & Consumable Fuels – 1.4%
Cameco Corp.		43	$	751
Foresight Energy L.P.		43		784
Peabody Energy Corp.		38		467
				2,002
Construction & Engineering – 1.9%
Fluor Corp.		41		2,728
Electrical Components & Equipment – 0.7%
SolarCity Corp. (A)		18		1,049
Industrial Machinery – 1.6%
Flowserve Corp.		32		2,274
Integrated Oil & Gas – 6.4%
Chevron Corp.		12		1,378
Exxon Mobil Corp.		23		2,154
Occidental Petroleum Corp.		28		2,678
Royal Dutch Shell plc, Class A (B)		37		1,423
Suncor Energy, Inc.		36		1,312
				8,945
Oil & Gas Drilling – 4.5%
Helmerich & Payne, Inc.		23		2,202
Nabors Industries Ltd.		65		1,471
Patterson–UTI Energy, Inc.		80		2,603
				6,276
Oil & Gas Equipment & Services – 26.6%
Baker Hughes, Inc.		57		3,718
Basic Energy Services, Inc. (A)		81		1,757
Cameron International Corp. (A)		39		2,562
Core Laboratories N.V.		25		3,688
Dril–Quip, Inc. (A)		25		2,204
FMC Technologies, Inc. (A)		28		1,542
Forum Energy Technologies, Inc. (A)		70		2,147
Halliburton Co.		90		5,796
National Oilwell Varco, Inc.		30		2,294
Oceaneering International, Inc.		9		564
Schlumberger Ltd.		58		5,853
Superior Energy Services, Inc.		61		2,000
Weatherford International Ltd. (A)		160		3,327
				37,452

Oil & Gas Exploration & Production – 31.1%
Anadarko Petroleum Corp.		28		2,820
Antero Resources Corp. (A)		20		1,120
Athlon Energy, Inc. (A)		35		2,064
Bonanza Creek Energy, Inc. (A)		38		2,134
Cabot Oil & Gas Corp.		59		1,912
Canadian Natural Resources Ltd.		58		2,264
Cimarex Energy Co.		25		3,163
CNOOC Ltd. ADR		6		983
Concho Resources, Inc. (A)		10		1,197
ConocoPhillips		18		1,389
Continental Resources, Inc. (A)		42		2,766
EOG Resources, Inc.		37		3,640
Gulfport Energy Corp. (A)		27		1,455
Memorial Resource Development Corp. (A)		59		1,595
Newfield Exploration Co. (A)		46		1,718
Noble Energy, Inc.		48		3,262
Oasis Petroleum LLC (A)		27		1,131
Parsley Energy, Inc., Class A (A)		121		2,574
Pioneer Natural Resources Co.		6		1,241
Rice Energy, Inc. (A)		92		2,434
RSP Permian, Inc. (A)		43		1,108
Southwestern Energy Co. (A)		46		1,590
				43,560
Oil & Gas Refining & Marketing – 8.7%
HollyFrontier Corp.		15		675
Marathon Petroleum Corp.		32		2,739
Marathon Petroleum Corp. L.P.		35		2,089
Phillips 66		34		2,793
Tesoro Corp.		34		2,092
Valero Energy Corp.		41		1,904
				12,292
Oil & Gas Storage & Transportation – 11.3%
Enbridge, Inc.		30		1,446
Energy Transfer Equity L.P.		36		2,230
MarkWest Energy Partners L.P.		31		2,355
Phillips 66 Partners L.P.		39		2,583
Plains GP Holdings L.P., Class A		34		1,031
Targa Resources Corp.		20		2,757
Valero Energy Partners L.P.		23		1,029
Williams Co., Inc. (The)		45		2,510
				15,941
Railroads – 2.8%
Canadian Pacific Railway Ltd.		11		2,335
Kansas City Southern		13		1,515
				3,850
Specialized Finance – 0.8%
CME Group, Inc.		15		1,183
TOTAL COMMON STOCKS – 97.8%			$	137,552
(Cost: $113,860)
SHORT–TERM SECURITIES		Principal
Master Note – 5.3%
Toyota Motor Credit Corp., 0.102%, 10–7–14 (C)	$	7,491		7,491
TOTAL SHORT–TERM SECURITIES – 5.3%			$	7,491
(Cost: $7,491)
TOTAL INVESTMENT SECURITIES – 103.1%			$	145,043
(Cost: $121,351)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (3.1%)				(4,308	)
NET ASSETS – 100.0%			$	140,735

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) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	137,552	$	—	$	—
Short-Term Securities		—		7,491		—
Total	$	137,552	$	7,491	$	—

There were no transfers between any levels during the period ended September 30, 2014.

The following acronym is used throughout this schedule:

ADR = American Depositary Receipts

For Federal income tax purposes, cost of investments owned at September 30, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	121,351
Gross unrealized appreciation		25,831
Gross unrealized depreciation		(2,139	)
Net unrealized appreciation	$	23,692

SCHEDULE OF INVESTMENTS
Global Bond (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Finance – 1.4%
Banco Latinoamericano de Comercio Exterior S.A.		9	$	273
Diversified Chemicals – 0.5%
Dow Chemical Co. (The)		2		91
Electric Utilities – 1.4%
Alupar Investimento S.A. (A)		11		78
PPL Corp.		4		118
Transmissora Alianca de Energia Eletrica S.A. (A)		10		82
				278
Integrated Oil & Gas – 0.9%
Royal Dutch Shell plc, Class A (A)		5		181
Oil & Gas Drilling – 0.6%
Seadrill Partners LLC		4		119
Pharmaceuticals – 1.9%
Bristol-Myers Squibb Co.		3		129
GlaxoSmithKline plc (A)		12		269
				398
Semiconductors – 0.8%
Intel Corp.		4		156
Water Utilities – 0.1%
Aguas Andinas S.A. (A)		34		20
TOTAL COMMON STOCKS – 7.6%			$	1,516
(Cost: $1,328)
CORPORATE DEBT SECURITIES		Principal
Aerospace & Defense – 1.6%
Embraer Overseas Ltd., 6.375%, 1–24–17	$	225		246
TransDigm, Inc., 6.000%, 7–15–22 (B)		82		81
				327
Agricultural Products – 0.5%
Corporacion Pesquera Inca S.A.C., 9.000%, 2–10–17		100		98
Airlines – 2.2%
Aeropuertos Argentina 2000 S.A., 10.750%, 12–1–20 (B)		49		52
Guanay Finance Ltd., 6.000%, 12–15–20 (B)		250		264
TAM Capital 2, Inc., 9.500%, 1–29–20 (B)		100		106
				422
Auto Parts & Equipment – 1.0%
Schaeffler Holding Finance B.V., 6.875%, 8–15–18 (B)		200		208
Broadcasting – 1.5%
Globo Comunicacoe e Participacoes S.A., 6.250%, 12–20–49 (C)		300		309
Cable & Satellite – 2.7%
Net Servicos de Comunicacao S.A., 7.500%, 1–27–20		120		126

Numericable Group S.A., 6.000%, 5–15–22 (B)	200	202
VTR Finance B.V., 6.875%, 1–15–24 (B)	200	208
		536
Coal & Consumable Fuels – 1.6%
PT Adaro Indonesia: 7.625%, 10–22–19 (B) 7.625%, 10–22–19	200 100	208 104
		312
Communications Equipment – 1.0%
BC Luxco 1 S.A., 7.375%, 1–29–20 (B)	200	205
Construction & Engineering – 2.6%
OAS Investments GmbH, 8.250%, 10–19–19 (B)	200	196
Odebrecht Drilling Norbe VII/IX Ltd., 6.350%, 6–30–21 (B)	109	113
Odebrecht Offshore Drilling Finance, 6.750%, 10–1–22 (B)	191	197
		506
Construction Materials – 4.5%
C5 Capital (SPV) Ltd., 4.510%, 12–29–49 (B)(C)	150	129
CEMEX S.A.B. de C.V., 6.500%, 12–10–19 (B)	550	567
Cimpor Financial Operations B.V. (GTD by InterCement Participacoes S.A. and InterCement Brasil S.A.), 5.750%, 7–17–24 (B)	200	194
Hillman Group, Inc. (The), 6.375%, 7–15–22 (B)	25	24
		914
Consumer Finance – 2.1%
Banco Latinoamericano de Comercio Exterior S.A., 3.750%, 4–4–17 (B)	300	311
General Motors Financial Co., Inc., 3.000%, 9–25–17	100	101
		412
Data Processing & Outsourced Services – 0.3%
Alliance Data Systems Corp., 5.250%, 12–1–17 (B)	50	51
Diversified Banks – 8.6%
Banco Bradesco S.A., 4.125%, 5–16–16 (B)	200	208
Banco Cruzeiro do Sul S.A., 7.000%, 7–8–13 (D)	115	17
Barclays plc, 8.250%, 12–29–49	200	205
Caixa Economica Federal, 4.250%, 5–13–19 (B)	150	149
HSBC Holdings plc, 5.625%, 12–29–49	200	199
ICICI Bank Ltd., 3.500%, 3–18–20 (B)	325	326
Societe Generale S.A., 5.922%, 4–29–49 (B)	100	106
State Bank of India: 4.500%, 10–23–14 3.622%, 4–17–19 (B)	100 200	100 203
VTB Capital S.A., 6.000%, 4–12-17 (B)	200	200
		1,713

Diversified Metals & Mining – 2.5%
Suzano Trading Ltd., 5.875%, 1–23–21 (B)		100	104
Uralkali Finance Ltd., 3.723%, 4–30–18 (B)		200	191
Vedanta Resources plc, 6.000%, 1–31–19 (B)		200	202
			497
Electric Utilities – 2.9%
Emgesa S.A. E.S.P., 8.750%, 1–25–21 (E)		COP302,000	161
Listrindo Capital B.V., 6.950%, 2–21–19 (B)	$	200	212
Majapahit Holding B.V., 7.750%, 10–17–16		100	111
Rural Electrification Corp. Ltd., 4.250%, 1–25–16		100	103
			587
Food Distributors – 1.1%
Olam International Ltd., 7.500%, 8–12–20		100	113
Olam International Ltd., Convertible, 6.000%, 10–15–16		100	107
			220
Household Appliances – 0.4%
Controladora Mabe S.A. de C.V.: 6.500%, 12–15–15 6.500%, 12–15–15 (B)		50 25	53 26
			79
Independent Power Producers & Energy Traders – 0.5%
China Resources Power Holdings Co. Ltd., 3.750%, 8–3–15		100	101
Industrial Conglomerates – 0.5%
Rearden G Holdings EINS GmbH, 7.875%, 3–30–20 (B)		100	105
Industrial Machinery – 0.3%
Dynacast International LLC and Dynacast Finance, Inc., 9.250%, 7–15–19		65	70
Integrated Oil & Gas – 1.3%
Petrobras Global Finance (GTD by Petroleo Brasileiro S.A.), 4.875%, 3–17–20		250	253
Integrated Telecommunication Services – 2.0%
TBG Global Pte. Ltd., 4.625%, 4–3–18 (B)		200	199
Verizon Communications, Inc., 2.625%, 2–21–20 (B)		214	211
			410
IT Consulting & Other Services – 1.4% iGATE Corp., 4.750%, 4–15–19 (B)		300	291
Marine – 0.9%
SCF Capital Ltd., 5.375%, 10–27–17		200	190
Oil & Gas Drilling – 3.2%
Lancer Finance Co. (SPV) Ltd., 5.850%, 12–12–16 (B)		35	35
Noble Group Ltd., 4.875%, 8–5–15		100	103
Oro Negro Drilling Pte. Ltd., 7.500%, 1–24–19 (B)		275	274
QGOG Atlantic/Alaskan Rigs Ltd., 5.250%, 7–30–18 (B)		243	252
			664
Oil & Gas Exploration & Production – 3.0%
Novatek Finance Ltd., 5.326%, 2–3–16 (B)		200	203
Pacific Rubiales Energy Corp.: 5.375%, 1–26–19 (B) 7.250%, 12–12–21 (B)		100 100	101 109

Pan American Energy LLC, 7.875%, 5–7–21		100		105
YPF Sociedad Anonima, 8.875%, 12–19–18 (B)		80		82
				600
Oil & Gas Refining & Marketing – 1.1%
Offshore Drilling Holding S.A., 8.375%, 9–20–20 (B)		200		212
Oil & Gas Storage & Transportation – 0.7%
Empresas Publicas de Medellin E.S.P., 8.375%, 2–1–21 (E)		COP274,000		142
Other Diversified Financial Services – 1.9%
Citigroup, Inc., 8.400%, 4–29–49	$	75		85
MTS International Funding Ltd., 5.000%, 5–30–23 (B)		350		300
				385
Packaged Foods & Meats – 2.1%
BFF International Ltd., 7.250%, 1–28–20		100		116
JBS Finance II Ltd., 8.250%, 1–29–18 (B)		100		104
JBS Investments GmbH (GTD by JBS S.A. and JBS Hungary Holdings Kft.), 7.750%, 10–28–20 (B)		200		213
				433
Paper Products – 1.1%
Inversiones CMPC S.A. (GTD by Empresas CMPC S.A.): 4.750%, 1–19–18 (B) 4.375%, 5–15–23 (B)		25 200		26 195
				221
Regional Banks – 1.0%
OJSC Russian Agricultural Bank, 5.100%, 7–25–18 (B)		200		193
Restaurants – 0.5%
Arcos Dorados Holdings, Inc., 10.250%, 7–13–16 (E)		BRL250		95
Specialized Consumer Services – 2.2%
B–Corp Merger Sub, Inc., 8.250%, 6–1–19	$	50		49
World Wide Supply A.S., 7.750%, 5–26–17 (B)		400		400
				449
Steel – 1.5%
Evraz Group S.A., 7.400%, 4–24–17		200		200
Steel Capital S.A., 6.700%, 10–25–17		100		104
				304
Wireless Telecommunication Service – 3.5%
American Tower Corp., 3.400%, 2–15–19		125		128
Indosat Palapa Co. B.V., 7.375%, 7–29–20 (B)		200		212
T-Mobile USA, Inc., 6.000%, 3–1–23		230		229
VimpleCom Holdings B.V., 9.000%, 2–13–18 (B)(E)		RUB5,000		119
				688
TOTAL CORPORATE DEBT SECURITIES – 65.8%			$	13,202
(Cost: $13,322)
OTHER GOVERNMENT SECURITIES+
Argentina – 0.7%
City of Buenos Aires, 12.500%, 4–6–15	$	150		150
Luxembourg – 0.8%
BC Luxco 1 S.A., 7.375%, 1–29–20		150		154

Russia – 1.0%
Russian Federation, 3.500%, 1–16–19 (B)	200		194
Venezuela – 2.0%
Corporacion Andina de Fomento: 3.750%, 1–15–16 1.500%, 8–8–17	155 250		160 252
			412
TOTAL OTHER GOVERNMENT SECURITIES – 4.5%		$	910
(Cost: $914)
LOANS
Aerospace & Defense – 1.3%
TransDigm, Inc.: 0.000%, 2–28–20 (C)(H) 3.750%, 2–28–20 (C)	199 75		196 73
			269
Diversified Metals & Mining – 0.1%
EP Minerals LLC, 5.500%, 7–24–20 (C)	29		29
Metal & Glass Containers – 0.4%
BakerCorp International, 0.000%, 2–7–20 (C)(H)	75		73
TOTAL LOANS – 1.8%		$	371
(Cost: $374)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 16.7%
U.S. Treasury Notes: 0.875%, 2–28–17 0.625%, 8–31–17 0.750%, 12–31–17 1.750%, 5–15–22	500 1,500 1,250 145		501 1,480 1,230 139
			3,350
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 16.7%		$	3,350
(Cost: $3,395)
SHORT–TERM SECURITIES
Commercial Paper – 1.7%
John Deere Canada ULC (GTD by Deere & Co.), 0.070%, 10–3–14 (F)	330		330
Master Note – 3.2%
Toyota Motor Credit Corp., 0.102%, 10–7–14 (G)	651		651
TOTAL SHORT-TERM SECURITIES – 4.9%		$	981
(Cost: $981)
TOTAL INVESTMENT SECURITIES – 101.3%		$	20,330
(Cost: $20,314)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.3%)			(254	)
NET ASSETS – 100.0%		$	20,076

Notes to Schedule of Investments

* Not shown due to rounding.

+ Other Government Securities include emerging market sovereign, quasi-sovereign, corporate and supranational agency and organization debt securities.

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

(B) Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2014, the total value of these securities amounted to $9,273 or 46.2% of net assets.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2014.

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

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

(F) Rate shown is the yield to maturity at September 30, 2014.

(G) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2014. Date shown represents the date that the variable rate resets.

(H) All or a portion of this position has not settled. Full contract rates do not take effect until settlement date.

The following forward foreign currency contracts were outstanding at September 30, 2014:

Type	Currency	Counterparty		Principal Amount of Contract (Denominated in Indicated Currency)		Settlement Date		Unrealized Appreciation		Unrealized Depreciation
Sell	British Pound		Barclays Capital, Inc.		284		10-10-14	$	—	$	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 September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	1,516	$	—	$	—
Corporate Debt Securities		—		12,717		485
Other Government Securities		—		910		—
Loans		—		342		29
United States Government Obligations		—		3,350		—
Short-Term Securities		—		981		—
Total	$	1,516	$	18,300	$	514
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:

	Corporate Debt Securities			Loans
Beginning Balance 1–1–14	$	152		$	—
Net realized gain (loss)		—			—
Net unrealized appreciation (depreciation)		(2	)		—	*
Purchases		488			29
Sales		—			—
Amortization/Accretion of premium/discount		(1	)		—
Transfers into Level 3 during the period		—			—
Transfers out of Level 3 during the period		(152	)		—
Ending Balance 9–30–14	$	485		$	29
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9–30–14	$	(2	)	$	—	*

Quantitative Information about Level 3 fair value measurements:

	Fair Value at 9-30-14		Valuation Technique(s)	Unobservable Input(s)
Assets
Corporate Debt Securities	$	485	Third-party valuation service	Broker quotes
Loans	$	29	Third-party valuation service	Broker quotes

The following acronym is used throughout this schedule:

GTD = Guaranteed

For Federal income tax purposes, cost of investments owned at September 30, 2014 and the related unrealized appreciation (depreciation) were as follows:
Cost	$	20,314
Gross unrealized appreciation		459
Gross unrealized depreciation		(443)
Net unrealized appreciation	$	16

SCHEDULE OF INVESTMENTS
Global Natural Resources (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Bermuda – 1.0%
Nabors Industries Ltd.		73	$	1,659
Canada – 7.1%
Canadian Natural Resources Ltd.		54		2,086
Canadian Pacific Railway Ltd.		26		5,394
Suncor Energy, Inc.		122		4,404
Yamana Gold, Inc.		90		542
				12,426
China – 0.0%
China Metal Recycling (Holdings) Ltd.		1,900		—
France – 0.5%
L Air Liquide S.A.		7		872
Netherlands – 2.3%
Chicago Bridge & Iron Co. N.V., NY Shares		29		1,678
Core Laboratories N.V.		16		2,297
				3,975
Switzerland – 2.8%
Weatherford International Ltd. (A)		237		4,920
United Kingdom – 7.5%
Anglo American plc		31		705
BHP Billiton plc		184		5,109
Pentair, Inc.		21		1,343
Randgold Resources Ltd. ADR		12		825
Rio Tinto plc		102		5,005
				12,987
United States – 75.3%
Airgas, Inc.		8		896
Anadarko Petroleum Corp.		34		3,449
Antero Resources Corp. (A)		31		1,721
Baker Hughes, Inc.		74		4,821
Cabot Oil & Gas Corp.		50		1,623
Cameron International Corp. (A)		40		2,672
Caterpillar, Inc.		32		3,193
CME Group, Inc.		24		1,955
Concho Resources, Inc. (A)		23		2,865
ConocoPhillips		19		1,454
Continental Resources, Inc. (A)		61		4,082
Devon Energy Corp.		12		794
Dow Chemical Co. (The)		120		6,280
Dril-Quip, Inc. (A)		18		1,649
Eastman Chemical Co.		20		1,646
Energy Transfer Equity L.P.		40		2,492
EOG Resources, Inc.		41		4,085
Exxon Mobil Corp.		8		767
Flowserve Corp.		50		3,491
Fluor Corp.		38		2,565
FMC Technologies, Inc. (A)		62		3,392
Forum Energy Technologies, Inc. (A)		59		1,809
Freeport-McMoRan Copper & Gold, Inc., Class B		136		4,446
Gulfport Energy Corp. (A)		18		951
Halliburton Co.		148		9,573
Joy Global, Inc.		46		2,520
Kansas City Southern		8		951
LyondellBasell Industries N.V., Class A		45		4,901
Marathon Petroleum Corp.		37		3,171
MarkWest Energy Partners L.P.		24		1,848

National Oilwell Varco, Inc.	22		1,655
Newfield Exploration Co. (A)	23		841
Noble Energy, Inc.	62		4,224
Oasis Petroleum LLC (A)	34		1,438
Occidental Petroleum Corp.	17		1,668
Oceaneering International, Inc.	12		766
Patterson-UTI Energy, Inc.	60		1,965
Peabody Energy Corp.	46		564
Phillips 66	42		3,407
Pioneer Natural Resources Co.	13		2,620
Plains GP Holdings L.P., Class A	52		1,583
PPG Industries, Inc.	9		1,790
Rice Energy, Inc. (A)	69		1,839
Schlumberger Ltd.	86		8,771
Southern Copper Corp.	59		1,740
Southwestern Energy Co. (A)	39		1,353
Superior Energy Services, Inc.	73		2,400
Tesoro Corp.	13		811
Valero Energy Corp.	34		1,571
Valero Energy Partners L.P.	14		603
Westlake Chemical Partners L.P. (A)	31		897
Williams Co., Inc. (The)	43		2,363
			130,931
TOTAL COMMON STOCKS – 96.5%		$	167,770
(Cost: $152,401)
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
Commercial Paper– 1.1%
CVS Caremark Corp.,
0.200%, 10–1–14 (C)	$  2,000		2,000
Master Note– 2.1%
Toyota Motor Credit Corp.,
0.102%, 10–7–14 (D)	3,631		3,631
TOTAL SHORT-TERM SECURITIES – 3.2%		$	5,631
(Cost: $5,631)
TOTAL INVESTMENT SECURITIES – 99.7%		$	173,401
(Cost: $158,243)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.3%			503
NET ASSETS – 100.0%		$	173,904

Notes to Schedule of Investments

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

(B) Restricted security. At September 30, 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 September 30, 2014.

(C) Rate shown is the yield to maturity at September 30, 2014.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2014. Date shown represents the date the variable rate resets.

The following forward foreign currency contracts were outstanding at September 30, 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		3,489		10-10-14	$	129	$	—
Sell	British Pound	UBS AG		4,267		10-10-14		156		—
Sell	Canadian Dollar	State Street Global Markets		1,297		10-10-14		24		—
Sell	Canadian Dollar	UBS AG		4,994		10-10-14		95		—
							$	404	$	—

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date.

Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

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

An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized as follows:

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	167,770	$	—	$	—
Short-Term Securities		—		5,631		—
Total	$	167,770	$	5,631	$	—
Forward Foreign Currency Contracts	$	—	$	404	$	—

As of September 30, 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 September 30, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	158,243
Gross unrealized appreciation		25,071
Gross unrealized depreciation		(9,913	)
Net unrealized appreciation	$	15,158

SCHEDULE OF INVESTMENTS
Growth (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Aerospace & Defense – 4.4%
Boeing Co. (The)		149	$	19,018
Precision Castparts Corp.		72		16,984
				36,002
Apparel Retail – 0.7%
Limited Brands, Inc.		92		6,142
Apparel, Accessories & Luxury Goods – 0.6%
Under Armour, Inc., Class A (A)		76		5,272
Application Software – 1.8%
Adobe Systems, Inc. (A)		212		14,696
Automotive Retail – 2.0%
AutoZone, Inc. (A)		16		8,104
O’Reilly Automotive, Inc. (A)		54		8,179
				16,283
Biotechnology – 12.6%
Amgen, Inc.		75		10,591
Biogen Idec, Inc. (A)		102		33,710
Celgene Corp. (A)		212		20,074
Gilead Sciences, Inc. (A)		369		39,237
				103,612
Brewers – 2.2%
Anheuser-Busch InBev S.A. ADR		164		18,180
Broadcasting – 2.2%
CBS Corp., Class B		335		17,944
Cable & Satellite – 1.8%
Comcast Corp., Class A		273		14,687
Casinos & Gaming – 2.6%
Las Vegas Sands, Inc.		179		11,154
Wynn Resorts Ltd.		55		10,346
				21,500
Construction Machinery & Heavy Trucks – 0.9%
Caterpillar, Inc.		78		7,675
Consumer Electronics – 2.0%
Harman International Industries, Inc.		167		16,382
Data Processing & Outsourced Services – 7.1%
MasterCard, Inc., Class A		434		32,080
Visa, Inc., Class A		126		26,821
				58,901
Diversified Chemicals – 1.4%
PPG Industries, Inc.		60		11,706
Electrical Components & Equipment – 0.5%
Rockwell Automation, Inc.		36		3,956
Footwear – 1.6%
NIKE, Inc., Class B		151		13,469
Health Care Facilities – 2.6%
HCA Holdings, Inc. (A)		301		21,248

Home Improvement Retail – 2.7%
Home Depot, Inc. (The)	241	22,073
Hotels, Resorts & Cruise Lines – 1.5%
Hilton Worldwide Holdings, Inc. (A)	254	6,254
Starwood Hotels & Resorts Worldwide, Inc.	73	6,054
		12,308
Industrial Conglomerates – 0.7%
Danaher Corp.	79	6,018
Industrial Machinery – 2.9%
Flowserve Corp.	171	12,052
Pentair, Inc.	175	11,487
		23,539
Internet Retail – 3.8%
Amazon.com, Inc. (A)	44	14,284
Netflix, Inc. (A)	11	4,783
priceline.com, Inc. (A)	10	11,586
		30,653
Internet Software & Services – 8.5%
Facebook, Inc., Class A (A)	307	24,281
Google, Inc., Class A (A)	22	12,804
Google, Inc., Class C (A)	31	18,048
LinkedIn Corp., Class A (A)	36	7,544
Twitter, Inc. (A)	135	6,984
		69,661
IT Consulting & Other Services – 1.2%
Cognizant Technology Solutions Corp., Class A (A)	222	9,930
Motorcycle Manufacturers – 1.4%
Harley-Davidson, Inc.	203	11,809
Movies & Entertainment – 0.5%
Twenty-First Century Fox, Inc., Class A	119	4,084
Oil & Gas Equipment & Services – 2.6%
Schlumberger Ltd.	207	21,075
Oil & Gas Exploration & Production – 0.7%
EOG Resources, Inc.	60	5,951
Pharmaceuticals – 4.1%
Allergan, Inc.	70	12,509
Bristol-Myers Squibb Co.	194	9,908
Johnson & Johnson	110	11,736
		34,153
Railroads – 7.4%
Canadian Pacific Railway Ltd.	138	28,547
Kansas City Southern	76	9,248
Union Pacific Corp.	214	23,223
		61,018
Semiconductor Equipment – 2.0%
Applied Materials, Inc.	752	16,255
Semiconductors – 0.7%
NXP Semiconductors N.V. (A)	90	6,166

Technology Hardware, Storage & Peripherals – 4.9%
Apple, Inc.		401		40,359
Tobacco – 1.6%
Philip Morris International, Inc.		159		13,252
Wireless Telecommunication Service – 2.8%
American Tower Corp., Class A		155		14,513
SBA Communications Corp. (A)		78		8,650
				23,163
TOTAL COMMON STOCKS – 97.0%			$	799,122
(Cost: $567,417)
SHORT-TERM SECURITIES		Principal
Commercial Paper – 2.5%
BorgWarner, Inc.,
0.260%, 10–22–14 (B)	$	3,000		3,000
Corporacion Andina de Fomento,
0.150%, 10–9–14 (B)		5,000		4,999
Diageo Capital plc (GTD by Diageo plc),
0.250%, 10–9–14 (B)		5,000		5,000
Wisconsin Gas LLC:
0.110%, 10–3–14 (B)		4,000		4,000
0.110%, 10–6–14 (B)		4,000		4,000
				20,999
Master Note – 0.3%
Toyota Motor Credit Corp.,
0.102%, 10–7–14 (C)		2,180		2,180
TOTAL SHORT-TERM SECURITIES – 2.8%			$	23,179
(Cost: $23,179)
TOTAL INVESTMENT SECURITIES – 99.8%			$	822,301
(Cost: $590,596)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.2%				1,900
NET ASSETS – 100.0%			$	824,201

Notes to Schedule of Investments

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

(B) Rate shown is the yield to maturity at September 30, 2014.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	799,122	$	—	$    —
Short-Term Securities		—		23,179	—
Total	$	799,122	$	23,179	$    —

As of September 30, 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 September 30, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$590,596
Gross unrealized appreciation	235,240
Gross unrealized depreciation	(3,535)
Net unrealized appreciation	$231,705

SCHEDULE OF INVESTMENTS
High Income (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

COMMON STOCKS	Shares			Value
Casinos & Gaming – 0.0%
New Cotai Participation Corp., Class B (A)		—	*	$	55
Consumer Finance – 0.1%
JG Wentworth Co. (A)		82			1,011
Gas Utilities – 0.0%
Suburban Propane Partners L.P.		4			158
Oil & Gas Storage & Transportation – 0.1%
Crestwood Midstream Partners L.P.		14			322
Inergy L.P.		33			348
					670
Railroads – 0.0%
Kansas City Southern		3			339
Renewable Electricity – 0.3%
Abengoa Yield plc (A)		54			1,918
Specialty Stores – 0.0%
Michaels Co., Inc. (The) (A)		15			262
Trading Companies & Distributors – 0.1%
HD Supply Holdings, Inc. (A)		21			570
TOTAL COMMON STOCKS – 0.6%				$	4,983
(Cost: $4,160)
PREFERRED STOCKS
Consumer Finance – 0.1%
Ally Financial, Inc., 8.125%		22			586
Ally Financial, Inc., 8.500%		18			475
					1,061
Steel – 0.1%
ArcelorMittal, 6.000%, Convertible		23			479
TOTAL PREFERRED STOCKS – 0.2%				$	1,540
(Cost: $1,525)
WARRANTS
Agricultural Products – 0.0%
ASG Consolidated LLC, Expires 5–15–18 (B)		1		$	126
TOTAL WARRANTS – 0.0%				$	126
(Cost: $72)
CORPORATE DEBT SECURITIES		Principal
Advertising – 0.7%
Acosta, Inc.,
7.750%, 10–1–22 (C)	$	4,685			4,709
Lamar Media Corp.,
5.375%, 1–15–24 (C)		1,376			1,379
					6,088
Aerospace & Defense – 2.3%
Silver II Borrower SCA and Silver II U.S. Holdings,
7.750%, 12–15–20 (C)		5,936			6,158
TransDigm Group, Inc.:
5.500%, 10–15–20		550			534
7.500%, 7–15–21		4,206			4,490
TransDigm, Inc.:

6.000%, 7–15–22 (C)	3,825	3,777
6.500%, 7–15–24 (C)	4,115	4,100
		19,059
Agricultural Products – 0.6%
American Seafoods Group LLC,
10.750%, 5–15–16 (C)	1,716	1,669
ASG Consolidated LLC,
15.000%, 5–15–17 (C)(D)	3,567	3,139
		4,808
Air Freight & Logistics – 0.2%
TRAC Intermodal LLC and TRAC Intermodal Corp.,
11.000%, 8–15–19	1,865	2,061
Aluminum – 0.9%
Constellium N.V.,
5.750%, 5–15–24 (C)	2,433	2,433
Wise Metals Group LLC,
8.750%, 12–15–18 (C)	2,035	2,172
Wise Metals Intermediate Holdings,
9.750%, 6–15–19 (C)(D)	2,999	3,179
		7,784
Apparel Retail – 2.0%
Bon–Ton Stores, Inc. (The),
8.000%, 6–15–21	4,274	3,826
Chinos Intermediate Holdings A, Inc.,
7.750%, 5–1–19 (C)(D)	3,486	3,303
Gymboree Corp. (The),
9.125%, 12–1–18	3,219	901
Hot Topic, Inc.,
9.250%, 6–15–21 (C)	1,445	1,546
HT Intermediate Holdings Corp.,
12.000%, 5–15–19 (C)(D)	391	404
Neiman Marcus Group Ltd., Inc.,
8.000%, 10–15–21 (C)	3,152	3,278
Nine West Holdings, Inc.,
8.250%, 3–15–19 (C)	4,381	3,680
		16,938
Application Software – 1.5%
ACI Worldwide, Inc.,
6.375%, 8–15–20 (C)	1,813	1,881
Epicor Software Corp.,
8.625%, 5–1–19	6,845	7,238
Infor Software Parent LLC and Infor Software Parent, Inc.,
7.125%, 5–1–21 (C)(D)	3,211	3,178
		12,297
Auto Parts & Equipment – 1.4%
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	4,358
Midas Intermediate HoldCo II LLC,
7.875%, 10–1–22 (C)	2,209	2,203
Schaeffler Finance B.V.:
4.250%, 5–15–21 (C)	2,196	2,114
4.750%, 5–15–21 (C)	772	770
		11,555
Automobile Manufacturers – 0.6%
Group 1 Automotive, Inc.,
5.000%, 6–1–22 (C)	1,260	1,219
Jaguar Land Rover plc,
5.625%, 2–1–23 (C)	1,458	1,509
Navistar International Corp.,
8.250%, 11–1–21	2,623	2,689
		5,417
Automotive Retail – 0.5%
Sonic Automotive, Inc.,
5.000%, 5–15–23	4,227	4,037

Broadcasting – 1.8%
CBS Outdoor Americas, Inc.:
5.250%, 2–15-22 (C)		743	742
5.625%, 2–15–24 (C)		500	501
Clear Channel Outdoor Holdings, Inc.:
6.500%, 11–15–22		994	1,014
Clear Channel Worldwide Holdings, Inc., Series A,
7.625%, 3–15–20		221	228
Clear Channel Worldwide Holdings, Inc., Series B,
7.625%, 3–15–20		1,780	1,847
Cumulus Media, Inc.,
7.750%, 5–1–19		3,815	3,910
WideOpenWest Finance LLC and WideOpenWest Capital Corp.:
10.250%, 7–15–19		4,543	4,906
13.375%, 10–15–19		1,584	1,790
			14,938
Building Products – 1.6%
CPG Merger Sub LLC,
8.000%, 10–1–21 (C)		2,577	2,616
Headwaters, Inc.,
7.250%, 1–15–19		910	942
Ply Gem Industries, Inc.:
6.500%, 2–1–22		3,723	3,536
6.500%, 2–1–22 (C)		1,331	1,264
Roofing Supply Group LLC and Roofing Supply Finance, Inc.,
10.000%, 6–1–20 (C)		2,418	2,539
USG Corp.,
5.875%, 11–1–21 (C)		2,582	2,634
			13,531
Cable & Satellite – 3.9%
Altice S.A.:
7.250%, 5–15–22 (C)(E)		EUR256	335
7.750%, 5–15–22 (C)	$	2,391	2,469
Cablevision Systems Corp.,
5.875%, 9–15–22		2,593	2,508
CCO Holdings LLC and CCO Holdings Capital Corp.:
5.250%, 3–15–21		293	287
5.250%, 9–30–22		390	382
5.125%, 2–15–23		390	374
5.750%, 9–1–23		98	98
5.750%, 1–15–24		2,519	2,509
DISH DBS Corp.:
6.750%, 6–1–21		836	899
5.875%, 7–15–22		910	928
5.000%, 3–15–23		418	401
LYNX I Corp.,
5.375%, 4–15–21 (C)		488	492
LYNX II Corp.,
6.375%, 4–15–23 (C)		146	151
Numericable Group S.A.:
6.000%, 5–15–22 (C)		1,373	1,383
6.250%, 5–15–24 (C)		491	490
Sirius XM Radio, Inc.:
5.875%, 10–1–20 (C)		1,645	1,666
4.625%, 5–15–23 (C)		936	870
6.000%, 7–15–24 (C)		8,000	8,119
VTR Finance B.V.,
6.875%, 1–15–24 (C)		6,735	6,970
Wave Holdco LLC and Wave Holdco Corp.,
8.250%, 7–15–19 (C)(D)		553	567
WaveDivision Escrow LLC and WaveDivision Escrow Corp.,
8.125%, 9–1–20 (C)		673	728
			32,626
Casinos & Gaming – 0.9%
Gateway Casinos & Entertainment Ltd.,
8.500%, 11–26–20 (C)(E)		CAD1,240	1,131
MCE Finance Ltd.,
5.000%, 2–15–21 (C)	$	3,324	3,191
Wynn Macau Ltd.,
5.250%, 10–15–21 (C)		3,529	3,406
			7,728

Coal & Consumable Fuels – 0.6%
Foresight Energy LLC and Foresight Energy Finance Corp.,
7.875%, 8–15–21 (C)	3,087	3,249
Westmoreland Escrow Corp.,
10.750%, 2–1–18	1,403	1,473
		4,722
Communications Equipment – 0.9%
Eagle Midco, Inc.,
9.000%, 6–15–18 (C)(D)	7,432	7,590
Construction Materials – 0.5%
Hillman Group, Inc. (The),
6.375%, 7–15–22 (C)	3,987	3,857
Consumer Finance – 1.4%
Creditcorp,
12.000%, 7–15–18 (C)	4,228	4,439
General Motors Financial Co., Inc.,
4.250%, 5–15–23	429	431
Speedy Cash Intermediate Holdings Corp.,
10.750%, 5–15–18 (C)	5,582	5,638
Speedy Group Holdings Corp.,
12.000%, 11–15–17 (C)	986	986
		11,494
Data Processing & Outsourced Services – 1.3%
Alliance Data Systems Corp.:
6.375%, 4–1–20 (C)	7,733	7,965
5.375%, 8–1–22 (C)	3,474	3,370
		11,335
Distillers & Vintners – 0.3%
Constellation Brands, Inc.:
3.750%, 5–1–21	600	589
4.250%, 5–1–23	1,628	1,589
		2,178
Distributors – 0.7%
LKQ Corp.,
4.750%, 5–15–23	2,250	2,177
Pinnacle Operating Corp.,
9.000%, 11–15–20 (C)	3,233	3,451
		5,628
Diversified Banks – 0.3%
Bank of America Corp.,
8.000%, 12–29–49	1,450	1,564
Barclays plc,
8.250%, 12–29–49	1,009	1,035
		2,599
Diversified Capital Markets – 0.8%
JLL /Delta Dutch Newco B.V.,
7.500%, 2–1–22 (C)	1,037	1,047
Patriot Merger Corp.,
9.000%, 7–15–21 (C)	5,253	5,608
		6,655
Diversified Metals & Mining – 2.6%
American Gilsonite Holding Co.,
11.500%, 9–1–17 (C)	1,905	2,057
Artsonig Pty Ltd.,
11.500%, 4–1–19 (C)(D)	1,884	1,903
Compass Minerals International, Inc.,
4.875%, 7–15–24 (C)	2,566	2,451
Crystal Merger Sub, Inc.,
7.625%, 10–15–21 (C)	489	511
FMG Resources Pty Ltd.:
8.250%, 11–1–19 (C)	7,039	7,277
6.875%, 4–1–22 (C)	7,567	7,700
		21,899
Diversified Support Services – 0.6%
Algeco Scotsman Global Finance plc:
8.500%, 10–15–18 (C)	1,500	1,538
10.750%, 10–15–19 (C)	1,513	1,452
Nexeo Solutions LLC,
8.375%, 3–1–18	1,927	1,908
		4,898
Education Services – 1.6%
Laureate Education, Inc.,
9.250%, 9–1–19 (C)	13,103	13,169

Electric Utilities – 0.3%
Alliant Holdings,
7.875%, 12–15–20 (C)	2,202	2,279
Electrical Components & Equipment – 0.3%
WESCO Distribution, Inc.,
5.375%, 12–15–21	2,424	2,406
Electronic Manufacturing Services – 0.6%
KEMET Corp.,
10.500%, 5–1–18	5,189	5,442
Food Distributors – 3.0%
Diamond Foods, Inc.,
7.000%, 3–15–19 (C)	1,169	1,169
Simmons Foods, Inc.,
7.875%, 10–1–21 (C)	5,612	5,555
Sun Merger Sub, Inc.,
5.875%, 8–1–21 (C)	864	875
U.S. Foodservice, Inc.,
8.500%, 6–30–19	17,304	18,346
		25,945
Health Care Equipment – 0.2%
DJO Finance LLC and DJO Finance Corp.,
9.750%, 10–15–17	420	426
Mallinckrodt International Finance S.A. and Mallinckrodt CB LLC,
5.750%, 8–1–22 (C)	1,278	1,291
		1,717
Health Care Facilities – 3.1%
AmSurg Corp.,
5.625%, 11–30–20	897	906
AmSurg Escrow Corp.,
5.625%, 7–15–22 (C)	1,384	1,370
Capsugel S.A.,
7.000%, 5–15–19 (C)(D)	1,807	1,802
Catamaran Corp.,
4.750%, 3–15–21	1,016	977
ConvaTec Finance International S.A.,
8.250%, 1–15–19 (C)(D)	2,570	2,615
DaVita HealthCare Partners, Inc.,
5.125%, 7–15–24	1,663	1,634
FWCT–2 Escrow Corp.,
6.875%, 2–1–22 (C)	1,752	1,826
HCA, Inc. (GTD by HCA Holdings, Inc.),
5.000%, 3–15–24	1,305	1,284
MPH Acquisition Holdings LLC,
6.625%, 4–1–22 (C)	3,220	3,252
Tenet Healthcare Corp.:
5.000%, 3–1–19 (C)	277	274
6.750%, 2–1–20	1,408	1,468
6.000%, 10–1–20	1,928	2,039
8.125%, 4–1–22	4,921	5,402
6.875%, 11–15–31	1,624	1,567
		26,416
Health Care Services – 1.4%
MedImpact Holdings, Inc.,
10.500%, 2–1–18 (C)	6,790	7,264
Truven Health Analytics,
10.625%, 6–1–20	4,000	4,220
		11,484
Health Care Supplies – 0.5%
Ortho–Clinical Diagnostics,
6.625%, 5–15–22 (C)	4,869	4,437
Home Furnishings – 0.3%
Empire Today LLC and Empire Today Finance Corp.,
11.375%, 2–1–17 (C)	2,821	2,821
Hotels, Resorts & Cruise Lines – 0.2%
Ryman Hospitality Properties, Inc.,
5.000%, 4–15–21	1,898	1,851

Industrial Machinery – 0.1%
Dynacast International LLC and Dynacast Finance, Inc.,
9.250%, 7–15–19	941	1,007
Integrated Telecommunication Services – 1.0%
BCP (Singapore) VI Cayman Financing Co. Ltd.,
8.000%, 4–15–21 (C)	629	645
Frontier Communications Corp.:
6.250%, 9–15–21	1,501	1,491
7.125%, 1–15–23	1,285	1,311
6.875%, 1–15–25	1,201	1,186
Level 3 Escrow II, Inc.,
5.375%, 8–15–22 (C)	3,628	3,573
Windstream Corp.,
7.500%, 6–1–22	590	621
		8,827
Internet Software & Services – 0.4%
IAC/InterActiveCorp.,
4.750%, 12–15–22	743	713
J2 Global, Inc.,
8.000%, 8–1–20	1,502	1,623
VeriSign, Inc.,
4.625%, 5–1–23	760	733
		3,069
Investment Banking & Brokerage – 0.2%
GFI Group, Inc.,
9.625%, 7–19–18 (F)	1,735	2,056
IT Consulting & Other Services – 0.8% iGATE Corp.,
4.750%, 4–15–19 (C)	3,045	2,953
NCR Escrow Corp.:
5.875%, 12–15–21	1,759	1,799
6.375%, 12–15–23	1,656	1,735
		6,487
Leisure Facilities – 0.6%
Palace Entertainment Holdings LLC,
8.875%, 4–15–17 (C)	1,742	1,803
Regal Entertainment Group,
5.750%, 2–1–25	3,505	3,461
		5,264
Metal & Glass Containers – 1.6%
Ardagh Finance Holdings,
8.625%, 6–15–19 (C)(D)	3,370	3,387
Ardagh Packaging Finance plc and Ardagh Holdings USA, Inc.,
6.000%, 6–30–21 (C)	981	942
BlueScope Steel (Finance) Ltd. and BlueScope Steel Finance (USA) LLC,
7.125%, 5–1–18 (C)	2,746	2,856
Consolidated Container Co. LLC and Consolidated Container Capital, Inc.,
10.125%, 7–15–20 (C)	3,672	3,451
Signode Industrial Group,
6.375%, 5–1–22 (C)	3,371	3,236
		13,872
Movies & Entertainment – 0.3%
AMC Entertainment, Inc.,
5.875%, 2–15–22	1,509	1,520
WMG Acquisition Corp.:
5.625%, 4–15–22 (C)	251	251
6.750%, 4–15–22 (C)	1,176	1,126
		2,897
Oil & Gas Drilling – 0.2%
KCA DEUTAG UK Finance plc,
7.250%, 5–15–21 (C)	1,981	1,882
Oil & Gas Equipment & Services – 0.6%
Brand Energy & Infrastructure Services,
8.500%, 12–1–21 (C)	3,538	3,556
RSP Permian, Inc.,
6.625%, 10–1–22 (C)	492	495
Seventy Seven Energy, Inc.,
6.500%, 7–15–22 (C)	664	652
		4,703

Oil & Gas Exploration & Production – 0.8%
Athlon Holdings L.P. and Athlon Finance Corp.,
6.000%, 5-1–22 (C)	922	989
Chesapeake Energy Corp.:
3.484%, 4–15–19 (F)	1,270	1,270
4.875%, 4–15–22	1,778	1,786
5.750%, 3–15–23	1,506	1,604
Sabine Pass Liquefaction LLC:
5.625%, 2–1–21	1,010	1,038
5.625%, 4–15–23	359	363
		7,050
Oil & Gas Refining & Marketing – 1.8%
Offshore Drilling Holding S.A.,
8.375%, 9–20–20 (C)	5,070	5,369
Offshore Group Investment Ltd.:
7.500%, 11–1–19	3,850	3,571
7.125%, 4–1–23	1,858	1,637
Samson Investment Co.,
9.750%, 2–15–20 (F)	1,964	1,782
Shelf Drilling Holdings Ltd.,
8.625%, 11–1–18 (C)	2,827	2,968
		15,327
Oil & Gas Storage & Transportation – 0.5%
Energy XXI Gulf Coast, Inc.:
7.750%, 6–15–19	2,500	2,488
6.875%, 3–15–24 (C)	1,203	1,131
Williams Co., Inc. (The),
4.550%, 6–24–24	1,009	998
		4,617
Other Diversified Financial Services – 3.4%
AAF Holdings LLC and AAF Finance Co.,
12.000%, 7–1–19 (C)(D)	1,657	1,657
Abengoa Finance SAU,
7.750%, 2–1–20 (C)	4,144	4,455
Greektown Holdings LLC and Greektown Mothership Corp.,
8.875%, 3–15–19 (C)	3,033	3,018
Icahn Enterprises L.P. and Icahn Enterprises Finance Corp.:
6.000%, 8–1–20	1,979	2,033
5.875%, 2–1–22	1,260	1,257
Michaels FinCo Holdings LLC,
7.500%, 8–1–18 (C)(D)	1,938	1,972
New Cotai LLC and New Cotai Capital Corp.,
10.625%, 5–1–19 (C)(D)	7,554	8,649
TransUnion LLC and TransUnion Financing Corp.,
9.625%, 6–15–18 (D)	5,430	5,593
		28,634
Packaged Foods & Meats – 0.8%
Bumble Bee Foods LLC,
9.625%, 3–15–18 (C)(D)	2,175	2,257
JBS USA LLC and JBS USA Finance, Inc.,
5.875%, 7–15–24 (C)	4,645	4,470
		6,727
Paper Packaging – 0.8%
Beverage Packaging Holdings II Issuer, Inc. and Beverage Packaging Holdings (Luxembourg) II S.A.,
6.000%, 6–15–17 (C)	790	778
Exopack Holdings S.A.,
7.875%, 11–1–19 (C)	610	637
Reynolds Group Holdings Ltd.:
9.000%, 4–15–19	1,953	2,034
9.875%, 8–15–19	2,500	2,691
8.250%, 2–15–21 (F)	280	296
		6,436
Personal Products – 0.0%
Elizabeth Arden, Inc.,
7.375%, 3–15–21	395	351
Pharmaceuticals – 0.4%
Grifols Worldwide Operations Ltd.,
5.250%, 4–1–22 (C)	525	518
Salix Pharmaceuticals Ltd.,
6.000%, 1–15–21 (C)	2,252	2,438
		2,956

Precious Metals & Minerals – 0.2%
Prince Mineral Holding Corp.,
11.500%, 12–15–19 (C)(F)		1,792	2,007
Property & Casualty Insurance – 0.6%
Onex USI Acquisition Corp.,
7.750%, 1–15–21 (C)		5,188	5,162
Publishing – 0.0%
Gannett Co., Inc.,
5.500%, 9–15–24 (C)		297	293
Railroads – 0.4%
Florida East Coast Holdings Corp. and Florida East Coast Industries LLC:
6.750%, 5–1–19 (C)		2,449	2,504
9.750%, 5–1–20 (C)		1,017	1,032
			3,536
Real Estate Development – 0.2%
Hub Holdings LLC and Hub Holdings Finance, Inc.,
8.125%, 7–15–19 (C)(D)		1,661	1,624
Real Estate Services – 0.5%
Stearns Holdings, Inc.,
9.375%, 8–15–20 (C)		4,038	4,139
Semiconductor Equipment – 0.0%
Photronics, Inc., Convertible,
3.250%, 4–1–16		170	179
Semiconductors – 0.7%
Canadian Solar, Inc., Convertible,
4.250%, 2–15–19 (C)		101	112
Micron Technology, Inc.:
5.875%, 2–15–22 (C)		2,517	2,618
5.500%, 2–1–25 (C)		3,474	3,405
			6,135
Specialized Consumer Services – 3.3%
AA Bond Co. Ltd.,
9.500%, 7–31–19 (C)(E)		GBP2,600	4,626
B–Corp Merger Sub, Inc.,
8.250%, 6–1–19	$	6,528	6,431
Carlson Travel Holdings,
7.500%, 8–15–19 (C)(D)		1,390	1,404
Carlson Wagonlit B.V.:
6.875%, 6–15–19 (C)		2,674	2,801
7.500%, 6–15–19 (C)(E)		EUR1,787	2,404
Emdeon, Inc.,
11.000%, 12–31–19	$	1,204	1,339
Lansing Trade Group,
9.250%, 2–15–19 (C)		1,571	1,559
Nielsen Finance,
5.500%, 10–1–21 (C)		2,871	2,885
Nielsen Finance LLC and Nielsen Finance Co.,
5.000%, 4–15–22 (C)		4,385	4,319
			27,768
Specialized Finance – 1.5%
Consolidated Communications Finance Co.,
10.875%, 6–1–20		1,710	1,967
Consolidated Communications Finance II Co.,
6.500%, 10–1–22 (C)		1,505	1,497
Flexi–Van Leasing, Inc.,
7.875%, 8–15–18 (C)		1,881	1,961
TMX Finance LLC and TitleMax Finance Corp.,
8.500%, 9–15–18 (C)		6,903	6,868
			12,293
Specialized REITs – 1.0%
Aircastle Ltd.,
5.125%, 3–15–21		2,728	2,694
CNL Lifestyles Properties, Inc.,
7.250%, 4–15–19		5,458	5,608
			8,302

Specialty Stores – 3.3%
Academy Ltd. and Academy Finance Corp.,
9.250%, 8–1–19 (C)	671		710
Jo-Ann Stores Holdings, Inc.,
9.750%, 10–15–19 (C)(D)	11,527		10,719
Jo-Ann Stores, Inc.,
8.125%, 3–15–19 (C)	205		195
Michaels Stores, Inc.,
5.875%, 12–15–20 (C)	442		440
New Academy Finance Co. LLC,
8.000%, 6–15–18 (C)(D)	10,461		10,435
PC Nextco Holdings LLC and PC Nextco Finance, Inc.,
8.750%, 8–15–19 (D)	1,683		1,691
Spencer Spirit Holdings, Inc.,
9.000%, 5–1–18 (C)(D)	3,284		3,317
			27,507
Technology Distributors – 0.8%
Sophia L.P. and Sophia Finance, Inc.:
9.625%, 12–1–18 (C)(D)	3,218		3,250
9.750%, 1–15–19 (C)	3,206		3,447
			6,697
Thrifts & Mortgage Finance – 0.5%
Provident Funding Associates L.P. and PFG Finance Corp.,
6.750%, 6–15–21 (C)	4,573		4,527
Tobacco – 0.3%
Prestige Brands, Inc.,
5.375%, 12–15–21 (C)	2,358		2,217
Trading Companies & Distributors – 0.9%
HD Supply, Inc.:
7.500%, 7–15–20	2,472		2,565
11.500%, 7–15–20	4,116		4,743
			7,308
Wireless Telecommunication Service – 2.6%
Crown Castle International Corp.,
4.875%, 4–15–22	481		468
Digicel Group Ltd.,
8.250%, 9–30–20 (C)	2,313		2,383
DigitalGlobe, Inc.,
5.250%, 2–1–21 (C)	2,117		2,032
Sprint Corp.:
7.250%, 9–15–21 (C)	1,007		1,049
7.875%, 9–15–23 (C)	2,515		2,671
7.125%, 6–15–24 (C)	3,299		3,323
Telecom Italia S.p.A.,
5.303%, 5–30–24 (C)	1,374		1,347
T–Mobile USA, Inc.:
6.464%, 4–28–19	1,350		1,402
6.542%, 4–28–20	980		1,005
6.633%, 4–28–21	1,861		1,908
6.125%, 1–15–22	791		795
6.731%, 4–28–22	196		200
6.000%, 3–1–23	1,104		1,104
6.836%, 4–28–23	196		201
6.500%, 1–15–24	634		642
6.375%, 3–1–25	900		898
			21,428
TOTAL CORPORATE DEBT SECURITIES – 71.5%		$	602,973
(Cost: $606,460)
LOANS
Advertising – 0.1%
Advantage Sales & Marketing, Inc.,
0.000%, 7–25–22 (F)(I)	1,201		1,182
Air Freight & Logistics – 0.1%
DAE Aviation Holdings, Inc.,
7.750%, 7–29–19 (F)	1,016		1,022
Apparel Retail – 1.8%
Gymboree Corp. (The),
5.000%, 2–23–18 (F)	509		337

Hoffmaster Group, Inc.,
10.000%, 5–6–21 (F)		2,188	2,167
Lands’ End, Inc.,
4.250%, 3–14–21 (F)		1,466	1,445
Nine West Holdings, Inc.,
6.250%, 1–8–20 (F)		3,065	2,844
Talbots, Inc. (The):
4.750%, 3–17–20 (F)		1,294	1,252
8.250%, 3–17–21 (F)		1,561	1,541
True Religion Apparel, Inc.:
5.875%, 7–29–19 (F)		2,051	1,882
5.875%, 7–30–19 (F)		2,194	2,013
11.000%, 1–30–20 (F)		1,339	1,259
			14,740
Application Software – 2.4%
Applied Systems, Inc.,
7.500%, 1–15–22 (F)		2,311	2,301
Aptean Holdings, Inc.:
5.250%, 2–6–20 (F)		1,526	1,514
8.500%, 2–21–21 (F)		1,022	1,014
Misys plc and Magic Newco LLC,
12.000%, 6–12–19 (F)		13,954	15,746
			20,575
Asset Management & Custody Banks – 0.1%
World Endurance Holdings, Inc.,
5.250%, 6–24–21 (F)		831	830
Auto Parts & Equipment – 0.4%
Direct ChassisLink, Inc.:
0.000%, 11–7–19 (F)(I)		2,000	1,986
8.250%, 11–7–19 (F)		1,635	1,623
			3,609
Building Products – 1.1%
Continental Building Products LLC,
4.000%, 8–28–20 (F)		1,758	1,731
GYP Holdings III Corp.:
4.750%, 3–27–21 (F)		2,116	2,084
7.750%, 3–27–22 (F)		3,358	3,341
Hampton Rubber Co. & SEI Holding Corp.,
9.000%, 3–24–22 (F)		2,678	2,638
			9,794
Casinos & Gaming – 0.3%
Centaur Acquisition LLC,
8.750%, 2–20–20 (F)		675	683
Gateway Casinos & Entertainment Ltd.:
6.250%, 11–4–19 (E)(F)		CAD2	2
5.605%, 11–26–19 (E)(F)		965	855
Scientific Games International, Inc.,
0.000%, 9–17–21 (F)(I)	$	1,220	1,195
			2,735
Construction & Engineering – 0.3%
Tensar International Corp.:
5.750%, 7–9–21 (F)		1,399	1,390
9.500%, 7–9–22 (F)		1,122	1,120
			2,510
Construction Materials – 0.4%
U.S. LBM Holdings LLC:
7.250%, 4–25–20 (F)		3,041	3,003
Data Processing & Outsourced Services – 0.4%
Sedgwick Claims Management Services, Inc.,
6.750%, 1–27–22 (F)		3,395	3,312
Diversified Metals & Mining – 0.2%
EP Minerals LLC:
5.500%, 7–24–20 (F)		1,017	1,020
8.500%, 7–24–21 (F)		996	1,008
			2,028
Diversified Support Services – 0.5%
Omnitracs, Inc.,
8.750%, 4–29–21 (F)		470	468
Sprint Industrial Holdings LLC:
7.000%, 5–14–19 (F)		2,165	2,159
11.250%, 5–14–19 (F)		1,222	1,228
			3,855

Environmental & Facilities Services – 0.1%
Brickman Group Ltd. (The),
7.500%, 12–11–21 (F)	513	507
Food Distributors – 0.2%
Performance Food Group, Inc.:
6.250%, 11–14–19 (F)	1,121	1,117
6.250%, 11–17–19 (F)	571	569
		1,686
Food Retail – 0.3%
Focus Brands, Inc.:
10.250%, 8–21–18 (F)	2,837	2,852
General Merchandise Stores – 0.8%
BJ’s Wholesale Club, Inc.,
8.500%, 3–31–20 (F)	2,817	2,830
Orchard Acquisition Co. LLC,
7.000%, 2–8–19 (F)	4,020	4,000
		6,830
Health Care Facilities – 0.9%
Surgery Center Holdings, Inc.:
9.750%, 4–11–20 (F)	1,144	1,144
0.000%, 7–24–20 (F)(I)	2,912	2,900
0.000%, 7–24–21 (F)(I)	2,912	2,861
		6,905
Health Care Services – 0.5%
Accellent, Inc.,
7.500%, 2–21–22 (F)	1,414	1,363
Ikaria, Inc.:
5.000%, 2–4–21 (F)	1,232	1,229
8.750%, 2–4–22 (F)	1,525	1,538
		4,130
Health Care Supplies – 0.5%
Sage Products Holdings III LLC,
9.250%, 6–13–20 (F)	3,952	4,032
Health Care Technology – 0.6%
Carestream Health, Inc.,
9.500%, 12–7–19 (F)	3,447	3,456
Vitera Healthcare Solutions LLC:
6.000%, 11–4–20 (F)	1,265	1,259
9.250%, 11–4–21 (F)	765	757
		5,472
Hotels, Resorts & Cruise Lines – 0.4%
Four Seasons Hotels Ltd.,
6.250%, 12–27–20 (F)	3,071	3,071
Housewares & Specialties – 0.5%
KIK Custom Products, Inc.:
5.500%, 5–17–19 (F)	2,437	2,431
9.500%, 11–17–19 (F)	2,105	2,109
		4,540
Independent Power Producers & Energy Traders – 0.3%
Alinta Energy Finance PTY Ltd.:
0.000%, 8–13–19 (F)(I)	100	101
6.375%, 8–13–19 (F)	2,077	2,093
		2,194
Industrial Conglomerates – 0.3%
Crosby Worldwide Ltd.,
7.000%, 11–22–21 (F)	2,768	2,754
Industrial Machinery – 0.5%
Capital Safety North America Holdings, Inc.:
3.750%, 3–26–21 (F)	498	484
6.500%, 3–26–22 (F)	2,758	2,697
Husky Injection Moldings Systems Ltd.,
7.250%, 6–10–22 (F)	557	543
NN, Inc.,
6.000%, 7–18–21 (F)	740	740
		4,464
Internet Software & Services – 0.7%
TravelCLICK, Inc. & TCH–2 Holdings LLC:
5.500%, 5–8–21 (F)	2,825	2,797
8.750%, 11–8–21 (F)	2,827	2,742
W3 Co.,
9.250%, 9–1–20 (F)	714	692
		6,231

Investment Banking & Brokerage – 0.2%
Bats Global Markets, Inc.,
5.000%, 1–7–20 (F)	1,820	1,775
IT Consulting & Other Services – 1.1%
Active Network, Inc. (The):
5.500%, 11–15–20 (F)	2,034	2,016
9.500%, 11–15–21 (F)	2,881	2,887
Triple Point Group Holdings, Inc.:
5.250%, 7–13–20 (F)	2,888	2,614
9.250%, 7–13–21 (F)	1,587	1,365
		8,882
Life Sciences Tools & Services – 0.3%
Atrium Innovations, Inc.,
7.750%, 7–29–21 (F)	2,893	2,821
Metal & Glass Containers – 0.4%
Bway Holding Co.:
5.500%, 8–8–20 (F)	266	265
Consolidated Container Co. LLC,
7.750%, 1–3–20 (F)	830	811
Evergreen Tank Solution, Inc.,
9.500%, 9–28–18 (F)	2,122	2,116
		3,192
Movies & Entertainment – 1.4%
Formula One Holdings Ltd. and Delta Two S.a.r.l.:
4.750%, 7–15–21 (F)	4,166	4,108
0.000%, 7–29–22 (F)(I)	1,672	1,664
7.750%, 7–29–22 (F)	4,014	3,994
Metro–Goldwyn–Mayer, Inc.,
5.125%, 6–4–20 (F)	417	418
Yonkers Racing Corp.,
8.750%, 8–20–20 (F)	1,324	1,112
		11,296
Oil & Gas Drilling – 0.3%
KCA Deutag Alpha Ltd.,
6.250%, 5–13–20 (F)	2,460	2,417
Oil & Gas Equipment & Services – 0.2%
Regent Purchaser Investment, Inc.,
6.000%, 7–22–21 (F)	2,066	2,042
Oil & Gas Exploration & Production – 0.1%
Sabine Oil & Gas LLC,
8.750%, 12–31–18 (F)	843	842
Oil & Gas Refining & Marketing – 1.4%
Fieldwood Energy LLC,
8.375%, 9–30–20 (F)	5,901	5,908
Samson Investment Co.,
5.000%, 9–25–18 (F)	1,116	1,074
Shelf Drilling Midco Ltd.,
10.000%, 10–8–18 (D)(F)	4,713	4,713
		11,695
Oil & Gas Storage & Transportation – 0.3%
Bowie Resources Holdings LLC:
6.750%, 8–12–20 (F)	1,058	1,055
11.750%, 2–16–21 (F)	1,099	1,113
		2,168
Other Diversified Financial Services – 0.4%
WP Mustang Holdings LLC:
5.500%, 5–29–21 (F)	1,709	1,700
8.500%, 5–29–22 (F)	1,713	1,694
		3,394
Packaged Foods & Meats – 0.2%
Shearer’s Foods LLC,
7.750%, 6–19–22 (F)	1,386	1,370
Paper Packaging – 0.4%
FPC Holdings, Inc.,
9.250%, 5–27–20 (F)	1,740	1,698
Ranpak (Rack Merger),
0.000%, 9–22–22 (F)(I)	913	909
Ranpak Corp.,
8.500%, 4–10–20 (F)	1,358	1,369
		3,976

Pharmaceuticals – 0.2%
Patheon, Inc.,
4.250%, 1–23–21 (F)	1,556		1,518
Research & Consulting Services – 0.4%
Larchmont Resources LLC,
8.250%, 8–7–19 (F)	3,178		3,217
Restaurants – 0.3%
TGI Friday’s, Inc.:
5.250%, 6–20–20 (F)	692		690
9.250%, 6–20–21 (F)	1,971		1,958
			2,648
Specialized Consumer Services – 0.2%
Wand Intermediate I L.P.:
4.750%, 9–2–21 (F)	908		904
8.250%, 9–2–22 (F)	908		906
			1,810
Specialty Chemicals – 0.2%
Chromaflo Technologies Corp.,
8.250%, 6–2–20 (F)	1,394		1,391
TOTAL LOANS – 22.7%		$	191,317
(Cost: $191,438)
SHORT–TERM SECURITIES
Commercial Paper – 4.0%
Bemis Co., Inc.,
0.250%, 10–16–14 (G)	3,950		3,950
BorgWarner, Inc.,
0.260%, 10–22–14 (G)	2,000		2,000
Clorox Co. (The),
0.210%, 10–7–14 (G)	1,500		1,500
Danaher Corp.,
0.090%, 10–9–14 (G)	5,000		5,000
Enbridge, Inc.,
0.260%, 10–3–14 (G)	2,000		2,000
J.M. Smucker Co. (The),
0.260%, 10–28–14 (G)	5,000		4,999
Kroger Co. (The),
0.170%, 10–1–14 (G)	4,191		4,191
Mondelez International, Inc.:
0.230%, 10–20–14 (G)	3,000		3,000
0.200%, 10–21–14 (G)	7,000		6,998
			33,638
Master Note – 0.0%
Toyota Motor Credit Corp.,
0.102%, 10–7–14 (H)	178		178
TOTAL SHORT–TERM SECURITIES – 4.0%		$	33,816
(Cost: $33,816)
TOTAL INVESTMENT SECURITIES – 99.0%		$	834,755
(Cost: $837,471)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.0%			8,144
NET ASSETS – 100.0%		$	842,899

Notes to Schedule of Investments

* Not shown due to rounding.

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

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

(C) Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2014, the total value of these securities amounted to $406,016 or 48.2% of net assets.

(D) Payment-in-kind bonds.

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

(F) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2014.

(G) Rate shown is the yield to maturity at September 30, 2014.

(H) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2014. Date shown represents the date that the variable rate resets.

(I) All or a portion of this position has not settled. Full contract rates do not take effect until settlement date.

The following forward foreign currency contracts were outstanding at September 30, 2014:

Type	Currency	Counterparty	Principal Amount of Contract (Denominated in Indicated Currency)		Settlement Date		Unrealized Appreciation		Unrealized Depreciation
Sell	Euro	Morgan Stanley International		2,764		10-10-14	$	158		—

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date.

Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

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

An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized as follows:

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	4,928	$	—	$	55
Preferred Stocks		1,061		479		—
Warrants		—		126		—
Corporate Debt Securities		—		591,228		11,745
Loans		—		126,533		64,784
Short-Term Securities		—		33,816		—
Total	$	5,989	$	752,182	$	76,584
Forward Foreign Currency Contracts	$	—	$	158	$	—

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)		—		—		—		70
Net unrealized appreciation (depreciation)		6		—		732		(654)
Purchases		—		—		1,989		33,504
Sales		—		—		—		(10,682)
Amortization/Accretion of premium/discount		—		—		—		37
Transfers into Level 3 during the period		—		—		3,178		16,367
Transfers out of Level 3 during the period		—		(150)		(9,440)		(14,775)
Ending Balance 9–30–14	$	55	$	—	$	11,745	$	64,784
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-14	$	6	$	—	$	732	$	(385)

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 September 30, 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 9-30-14		Valuation Technique(s)		Unobservable Input(s)
Assets
Common Stocks	$	55		Broker		Broker quotes
Corporate Debt Securities	$	11,745		Third-party valuation service		Broker quotes
Loans	$	64,784		Third-party valuation service		Broker quotes

The following acronyms are used throughout this schedule:

GTD = Guaranteed

REIT = Real Estate Investment Trust

For Federal income tax purposes, cost of investments owned at

September 30, 2014 and the related unrealized appreciation

(depreciation) were as follows:

Cost	$	837,471
Gross unrealized appreciation		12,292
Gross unrealized depreciation		(15,008)
Net unrealized depreciation	$	(2,716)

SCHEDULE OF INVESTMENTS
International Core Equity (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Australia – 4.0%
Amcor Ltd.		906	$	8,987
Coca-Cola Amatil Ltd.		959		7,373
Macquarie Group Ltd.		54		2,733
Stockland Corp. Ltd.		2,103		7,274
				26,367
Brazil – 2.2%
Hypermarcas S.A. (A)		1,036		7,469
TIM Participacoes S.A.		1,322		6,930
TIM Participacoes S.A. ADR		14		376
				14,775
China – 4.9%
Baidu.com, Inc. ADR (A)		34		7,483
China Construction Bank Corp.		13,800		9,668
China Unicom Ltd.		1,404		2,097
Kweichow Moutai Co. Ltd., Class A		234		6,180
Ping An Insurance (Group) Co. of China Ltd., A Shares		1,007		6,778
				32,206
Denmark – 1.1%
TDC A/S		920		6,984
France – 13.9%
Bouygues S.A.		354		11,488
Cap Gemini S.A.		113		8,105
European Aeronautic Defence and Space Co.		149		9,395
Gaz de France		430		10,796
L Air Liquide S.A.		59		7,247
Lafarge		102		7,375
Sanofi-Aventis		132		14,980
Total S.A.		244		15,859
Vinci		125		7,281
				92,526
Germany – 5.4%
Bayer AG		94		13,200
Fresenius SE & Co. KGaA		311		15,420
Siemens AG		59		7,068
				35,688
Hong Kong – 1.5%
Cheung Kong (Holdings) Ltd.		622		10,245
Israel – 2.8%
Teva Pharmaceutical Industries Ltd. ADR		349		18,739
Japan – 15.6%
Bridgestone Corp.		301		9,937
Inpex Corp.		688		9,724
Komatsu Ltd.		438		10,132
Millea Holdings, Inc.		496		15,385
Mitsubishi Corp.		487		9,967
Mitsubishi Heavy Industries Ltd.		1,637		10,532
Nissin Kogyo Co. Ltd.		397		6,528
Softbank Corp.		70		4,886
Sumitomo Mitsui Trust Holdings, Inc.		2,953		12,291
Tokyo Electron Ltd.		110		7,199
Yahoo Japan Corp.		1,841		7,000
				103,581

Luxembourg – 1.1%
Acergy S.A.	513		7,322
Mexico – 1.4%
Grupo Financiero Banorte S.A.B. de C.V.	1,477		9,456
Netherlands – 2.8%
ASML Holding N.V., Ordinary Shares	85		8,454
ING Groep N.V., Certicaaten Van Aandelen (A)	701		10,010
			18,464
South Korea – 2.0%
Hyundai Mobis	29		7,100
Samsung Electronics Co. Ltd.	6		6,474
			13,574
Spain – 3.7%
Amadeus IT Holding S.A.	205		7,681
CaixaBank S.A.	1,508		9,183
Gestevision Telecinco S.A.	618		7,697
			24,561
Sweden – 4.6%
Investor AB, B Shares	222		7,841
Svenska Cellulosa Aktiebolaget SCA (publ), Class B	556		13,268
TeliaSonera AB	1,343		9,294
			30,403
Switzerland – 4.3%
Adecco S.A.	99		6,744
Credit Suisse Group AG, Registered Shares	289		8,020
Nestle S.A., Registered Shares	185		13,600
			28,364
United Kingdom – 19.7%
Antofagasta plc	607		7,100
BAE Systems plc	971		7,422
BP plc	1,219		8,959
British Sky Broadcasting Group plc	517		7,391
Burberry Group plc	328		8,027
Legal & General Group plc	2,882		10,695
Marks and Spencer Group plc	1,040		6,820
Petrofac Ltd.	253		4,254
Prudential plc	354		7,891
Reckitt Benckiser Group plc	96		8,367
Rolls-Royce Group plc	440		6,883
Royal Dutch Shell plc, Class A	333		12,745
SABMiller plc	186		10,355
Unilever plc	217		9,108
WPP Group plc	726		14,590
			130,607
United States – 3.5%
Cognizant Technology Solutions Corp., Class A (A)	215		9,604
Yahoo!, Inc. (A)	331		13,503
			23,107
TOTAL COMMON STOCKS – 94.5%		$	626,969
(Cost: $600,714)

PREFERRED STOCKS
Germany – 2.0%
Volkswagen AG, 2.260%		64		13,366
TOTAL PREFERRED STOCKS – 2.0%			$	13,366
(Cost: $15,874)
SHORT-TERM SECURITIES		Principal
Commercial Paper – 1.1%
McCormick & Co., Inc., 0.110%, 10–1–14 (B)	$	5,000		5,000
Mondelez International, Inc., 0.140%, 10–1–14 (B)		2,512		2,512
				7,512
Master Note – 1.1%
Toyota Motor Credit Corp., 0.102%, 10–7–14 (C)		7,196		7,196
TOTAL SHORT-TERM SECURITIES – 2.2%			$	14,708
(Cost: $14,708)
TOTAL INVESTMENT SECURITIES – 98.7%			$	655,043
(Cost: $631,296)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.3%				8,339
NET ASSETS – 100.0%			$	663,382

Notes to Schedule of Investments

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

(B) Rate shown is the yield to maturity at September 30, 2014.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2014. Date shown represents the date the variable rate resets.

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date.

Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

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

An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized as follows:

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	626,969	$	—	$	—
Preferred Stocks		13,366		—		—
Short-Term Securities		—		14,708		—
Total	$	640,335	$	14,708	$	—

As of September 30, 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 September 30, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	631,296
Gross unrealized appreciation		49,527
Gross unrealized depreciation		(25,780)
Net unrealized appreciation	$	23,747

SCHEDULE OF INVESTMENTS
International Growth (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Australia – 1.8%
Telstra Corp. Ltd. ADR		1,625	$	7,542
Canada – 1.6%
Canadian Pacific Railway Ltd.		32		6,587
China – 5.5%
Alibaba Group Holding Ltd. ADR (A)		18		1,641
Baidu.com, Inc. ADR (A)		40		8,679
CAR, Inc. (A)(B)		2,551		3,675
Ctrip.com International Ltd. (A)		65		3,679
JD.com, Inc. ADR (A)		205		5,288
				22,962
France – 11.5%
Cap Gemini S.A.		116		8,326
Compagnie Generale des Etablissements Michelin, Class B		58		5,438
European Aeronautic Defence and Space Co.		125		7,840
L Air Liquide S.A.		34		4,103
LVMH Moet Hennessy – Louis Vuitton		31		4,968
Pinault-Printemps-Redoute S.A.		25		5,082
Safran		130		8,416
Vinci		69		3,982
				48,155
Germany – 6.7%
Bayer AG		56		7,795
Bayerische Motoren Werke AG		32		3,425
Continental AG		41		7,847
Fresenius SE & Co. KGaA		183		9,055
				28,122
Hong Kong – 1.4%
Galaxy Entertainment Group		984		5,715
India – 1.9%
ITC Ltd.		734		4,397
NMDC Ltd.		1,345		3,601
				7,998
Ireland – 1.5%
Smurfit Kappa Group plc		286		6,241
Israel – 2.6%
Teva Pharmaceutical Industries Ltd. ADR		202		10,866
Italy – 1.5%
Azimut Holding S.p.A.		252		6,381
Japan – 14.2%
Daihatsu Motor Co. Ltd.		248		3,937
Fuji Heavy Industries Ltd.		506		16,713
JGC Corp.		125		3,412
Komatsu Ltd.		306		7,086
Mitsubishi Electric Corp.		369		4,914
Nissin Kogyo Co. Ltd.		35		582
ORIX Corp.		446		6,150
Sumitomo Corp.		274		3,024
Sumitomo Mitsui Trust Holdings, Inc.		1,050		4,370
Tokyo Electron Ltd.		154		10,045
				60,233

Mexico – 1.5%
Grupo Financiero Banorte S.A.B. de C.V.		980		6,276
Netherlands – 2.6%
ASML Holding N.V., NY Registry Shares		49		4,848
Koninklijke Philips Electronics N.V., Ordinary Shares		188		5,997
				10,845
Portugal – 0.5%
Galp Energia SGPS S.A., Class B		120		1,946
South Korea – 2.0%
Hyundai Motor Co.		47		8,452
Spain – 1.9%
CaixaBank S.A.		1,284		7,821
Switzerland – 2.6%
Compagnie Financiere Richemont S.A.		44		3,611
Novartis AG, Registered Shares		77		7,267
				10,878
Taiwan – 1.5%
MediaTek, Inc.		427		6,324
United Kingdom – 11.4%
Aviva plc		593		5,035
BG Group plc		98		1,809
BP plc		7		50
Capita Group plc (The)		163		3,070
Experian plc		321		5,120
GlaxoSmithKline plc		273		6,249
Merlin Entertainments plc		638		3,630
Prudential plc		364		8,121
Royal Dutch Shell plc, Class A		172		6,593
Shire plc		99		8,585
				48,262
United States – 23.1%
Amazon.com, Inc. (A)		26		8,393
Biogen Idec, Inc. (A)		26		8,492
Cognizant Technology Solutions Corp., Class A (A)		239		10,689
Gilead Sciences, Inc. (A)		83		8,797
HCA Holdings, Inc. (A)		109		7,710
Hilton Worldwide Holdings, Inc. (A)		265		6,530
InBev N.V.		78		8,631
Limited Brands, Inc.		98		6,589
SBA Communications Corp. (A)		67		7,459
Schlumberger Ltd.		57		5,795
Twitter, Inc. (A)		115		5,920
Veeco Instruments, Inc. (A)		54		1,900
Visa, Inc., Class A		50		10,707
				97,612
TOTAL COMMON STOCKS – 97.3%			$	409,218
(Cost: $366,293)
SHORT-TERM SECURITIES		Principal
Commercial Paper – 1.6%
Air Products and Chemicals, Inc.,
0.100%, 10–27–14 (C)	$	3,000		3,000

Mondelez International, Inc.,
0.140%, 10–1–14 (C)	1,670		1,670
Sonoco Products Co.,
0.170%, 10–1–14 (C)	2,245		2,245
			6,915
Master Note – 0.5%
Toyota Motor Credit Corp.,
0.102%, 10–7–14 (D)	1,976		1,976
TOTAL SHORT–TERM SECURITIES – 2.1%		$	8,891
(Cost: $8,891)
TOTAL INVESTMENT SECURITIES – 99.4%		$	418,109
(Cost: $375,184)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.6%			2,401
NET ASSETS – 100.0%		$	420,510

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 September 30, 2014, the total value of these securities amounted to $3,675 or 0.9% of net assets.

(C) Rate shown is the yield to maturity at September 30, 2014.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2014. Date shown represents the date the variable rate resets.

The following forward foreign currency contracts were outstanding at September 30, 2014:

Type

Currency

Counterparty

Principal Amount of Contract (Denominated in Indicated Currency)

Settlement Date

Unrealized Appreciation

Unrealized Depreciation

Sell

Japanese Yen

Goldman Sachs International

2,098,600

10-10-14

$

1,059

$

—

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date.

Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

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

An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized as follows:

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	105,876	$	—	$	3,675
Consumer Staples		13,028		—		—
Energy		16,194		—		—
Financials		44,154		—		—
Health Care		74,814		—		—
Industrials		53,452		—		—
Information Technology		69,079		—		—
Materials		13,945		—		—
Telecommunication Services		15,001		—		—
Total Common Stocks	$	405,543	$	—	$	3,675
Short-Term Securities		—		8,891		—
Total	$	405,543	$	8,891	$	3,675
Forward Foreign Currency Contracts	$	—	$	1,059	$	—

There were no transfers between any levels during the period ended September 30, 2014.

The following acronym is used throughout this schedule:

ADR = American Depositary Receipts

For Federal income tax purposes, cost of investments owned at September 30, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	375,184
Gross unrealized appreciation		52,527
Gross unrealized depreciation		(9,602)
Net unrealized appreciation	$	42,925

SCHEDULE OF INVESTMENTS
Limited-Term Bond (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

CORPORATE DEBT SECURITIES	Principal		Value
Air Freight & Logistics – 0.6%
FedEx Corp.,
8.000%, 1–15–19	$	2,252	$	2,776
Airlines – 0.5%
Southwest Airlines Co.,
5.125%, 3–1–17		2,263		2,443
Apparel Retail – 0.5%
Limited Brands, Inc.,
8.500%, 6–15–19		2,000		2,360
Apparel, Accessories & Luxury Goods – 0.8%
LVMH Moet Hennessy – Louis Vuitton,
1.625%, 6–29–17 (A)		4,000		4,018
Automobile Manufacturers – 3.7%
BorgWarner Automotive, Inc.,
8.000%, 10–1–19		2,000		2,438
General Motors Co.,
3.500%, 10–2–18		4,864		4,942
Toyota Motor Credit Corp.:
2.000%, 9–15–16		1,750		1,787
2.000%, 10–24–18		4,000		4,006
Volkswagen Group of America, Inc.,
2.125%, 5–23–19 (A)		4,000		3,968
				17,141
Automotive Retail – 0.7%
AutoZone, Inc.,
1.300%, 1–13–17		3,500		3,499
Biotechnology – 0.6%
Amgen, Inc.:
6.150%, 6–1–18		102		116
2.200%, 5–22–19		3,000		2,969
				3,085
Brewers – 1.9%
Anheuser–Busch InBev Worldwide, Inc. (GTD by AB INBEV/BBR/COB),
7.750%, 1–15–19		1,176		1,420
Heineken N.V.,
1.400%, 10–1–17 (A)		2,000		1,987
International CCE, Inc.,
2.125%, 9–15–15		1,075		1,091
SABMiller Holdings, Inc.,
1.850%, 1–15–15 (A)		500		502
SABMiller plc,
6.500%, 7–15–18 (A)		3,500		4,040
				9,040
Broadcasting – 1.0%
CBS Corp.,
7.625%, 1–15–16		1,000		1,084
CBS Corp. (GTD by CBS Operations, Inc.),
2.300%, 8–15–19		3,900		3,848
				4,932
Cable & Satellite – 2.1%
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc.,
5.875%, 10–1–19		3,984		4,566
TCI Communications, Inc.,
8.750%, 8–1–15		1,415		1,511
Time Warner Co., Inc. (GTD by Time Warner, Inc.),
7.250%, 10–15–17		3,337		3,879
				9,956

Construction Machinery & Heavy Trucks – 1.0%
Joy Global, Inc.,
6.000%, 11–15–16	4,500	4,915
Consumer Finance – 5.6%
American Express Co.,
7.000%, 3–19–18	3,000	3,493
American Express Credit Corp.,
1.300%, 7–29–16	1,500	1,508
American Honda Finance Corp.:
7.625%, 10–1–18 (A)	1,000	1,207
2.125%, 10–10–18	3,000	3,015
Capital One Bank USA N.A.,
2.150%, 11–21–18	2,000	1,993
Capital One Financial Corp.,
6.750%, 9–15–17	1,000	1,142
Capital One N.A.,
2.400%, 9–5–19	1,000	990
Caterpillar Financial Services Corp.,
1.000%, 11–25–16	3,000	3,005
Ford Motor Credit Co. LLC:
1.500%, 1–17–17	1,000	998
5.000%, 5–15–18	3,626	3,961
General Motors Financial Co., Inc. (GTD by AmeriCredit Financial Services, Inc.),
3.500%, 7–10–19	1,300	1,310
Hyundai Capital America:
1.875%, 8–9–16 (A)	1,000	1,012
2.875%, 8–9–18 (A)	1,000	1,025
Western Union Co. (The),
5.930%, 10–1–16	2,000	2,181
		26,840
Data Processing & Outsourced Services – 1.5%
Alliance Data Systems Corp.:
5.250%, 12–1–17 (A)	3,000	3,038
6.375%, 4–1–20 (A)	1,000	1,030
5.375%, 8–1–22 (A)	1,924	1,866
Fidelity National Financial, Inc.,
6.600%, 5–15–17	1,000	1,112
		7,046
Department Stores – 0.2%
Macy’s Retail Holdings, Inc.,
7.450%, 7–15–17	1,000	1,151
Distillers & Vintners – 1.5%
Beam, Inc.,
1.875%, 5–15–17	3,672	3,692
Diageo Capital plc,
5.750%, 10–23–17	3,000	3,371
		7,063
Diversified Banks – 5.0%
Bank of America Corp.:
5.650%, 5–1–18	1,000	1,112
2.600%, 1–15–19	2,000	1,997
Bank of New York Mellon Corp. (The),
2.300%, 9–11–19	3,550	3,522
Bank of Nova Scotia (The):
2.050%, 10–30–18	2,500	2,493
2.050%, 6–5–19	2,500	2,472
Bear Stearns Co., Inc. (The),
6.400%, 10–2–17	2,000	2,263
Commonwealth Bank of Australia:
1.950%, 3–16–15	1,000	1,007
2.250%, 3–13–19	2,500	2,499
HSBC Bank plc,
3.100%, 5–24–16 (A)	1,000	1,038
U.S. Bancorp,
2.200%, 11–15–16	1,000	1,029
Wachovia Corp.,
5.750%, 2–1–18	1,500	1,691
Wells Fargo & Co.,
2.150%, 1–15–19	2,000	1,993
Wells Fargo & Co.,
2.125%, 4–22–19	1,000	988
		24,104

Diversified Chemicals – 1.6%
Dow Chemical Co. (The):
8.550%, 5-15–19	3,160	3,973
4.250%, 11–15–20	1,168	1,250
E.I. du Pont de Nemours and Co.,
6.000%, 7–15–18	1,845	2,118
		7,341
Diversified Metals & Mining – 0.3%
Rio Tinto Finance (USA) Ltd.,
2.250%, 9–20–16	1,500	1,535
Education Services – 0.6%
Cornell University,
5.450%, 2–1–19	2,500	2,848
Electric Utilities – 2.1%
Kansas City Power & Light Co.,
7.150%, 4–1–19	3,590	4,321
PacifiCorp,
5.500%, 1–15–19	2,100	2,381
Southern Co. (The),
2.150%, 9–1–19	3,175	3,141
		9,843
Electronic Equipment & Instruments – 0.6%
Xerox Corp.,
6.350%, 5–15–18	2,328	2,660
Electronic Manufacturing Services – 0.2%
Jabil Circuit, Inc.,
7.750%, 7–15–16	1,000	1,100
Environmental & Facilities Services – 1.8%
Republic Services, Inc.,
3.800%, 5–15–18	4,000	4,250
Waste Management, Inc.,
6.100%, 3–15–18	1,000	1,139
Waste Management, Inc. (GTD by Waste Management Holdings, Inc.),
7.375%, 3–11–19	3,128	3,776
		9,165
Fertilizers & Agricultural Chemicals – 0.9%
Potash Corp. of Saskatchewan, Inc.,
6.500%, 5–15–19	3,570	4,238
Food Distributors – 1.9%
Bestfoods,
7.000%, 10–15–17	2,500	2,889
ConAgra Foods, Inc.:
1.300%, 1–25–16	1,000	1,004
5.819%, 6–15–17	1,000	1,104
7.000%, 4–15–19	1,000	1,187
Wm. Wrigley Jr. Co.:
2.000%, 10–20–17 (A)	1,000	1,009
2.400%, 10–21–18 (A)	2,000	2,015
		9,208
Food Retail – 0.6%
Kroger Co. (The),
6.800%, 12–15–18	2,245	2,645
Forest Products – 0.2%
Georgia-Pacific LLC,
5.400%, 11–1–20 (A)	1,000	1,130
General Merchandise Stores – 0.9%
Dollar General Corp.,
4.125%, 7–15–17	4,000	4,178
Health Care Equipment – 0.3%
Stryker Corp.,
4.375%, 1–15–20	1,400	1,528

Health Care Services – 1.7%
Medco Health Solutions, Inc.,
7.125%, 3–15–18	3,100	3,610
Quest Diagnostics, Inc.:
3.200%, 4–1–16	1,000	1,032
6.400%, 7–1–17	3,000	3,388
		8,030
Health Care Supplies – 2.0%
Abbott Laboratories,
4.125%, 5–27–20	1,000	1,086
Catholic Health Initiatives,
2.600%, 8–1–18	3,000	3,042
DENTSPLY International, Inc.,
2.750%, 8–15–16	1,000	1,028
Express Scripts, Inc.,
7.250%, 6–15–19	1,000	1,208
Laboratory Corp. of America Holdings,
2.500%, 11–1–18	3,000	3,015
		9,379
Home Improvement Retail – 0.4%
Lowe’s Co., Inc.,
2.125%, 4–15–16	2,000	2,036
Industrial Conglomerates – 1.7%
Danaher Corp.,
5.400%, 3–1–19	3,750	4,266
General Electric Capital Corp.,
5.625%, 5–1–18	3,500	3,958
		8,224
Industrial Machinery – 0.9%
Ingersoll-Rand Global Holding Co. Ltd.,
2.875%, 1–15–19	4,028	4,115
Integrated Oil & Gas – 2.9%
Petro–Canada,
6.050%, 5–15–18	1,130	1,289
Phillips Petroleum Co.,
6.650%, 7–15–18	3,000	3,507
Shell International Finance B.V.,
4.300%, 9–22–19	2,625	2,883
Statoil ASA (GTD by Statoil Petroleum AS),
1.950%, 11–8–18	1,500	1,506
StatoilHydro ASA (GTD by StatoilHydro Petroleum AS),
5.250%, 4–15–19	2,000	2,253
Suncor Energy, Inc.,
6.100%, 6–1–18	2,000	2,286
		13,724
Integrated Telecommunication Services – 1.3%
AT&T, Inc.,
5.800%, 2–15–19	1,000	1,146
CC Holdings GS V LLC,
2.381%, 12–15–17	1,000	1,012
Verizon Communications, Inc.:
6.350%, 4–1–19	2,455	2,855
2.550%, 6–17–19	1,000	1,006
		6,019
Investment Banking & Brokerage – 2.2%
Goldman Sachs Group, Inc. (The):
3.700%, 8–1–15	1,000	1,025
7.500%, 2–15–19	3,250	3,876
Morgan Stanley:
6.000%, 4–28–15	2,000	2,062
5.625%, 9–23–19	3,000	3,377
		10,340
Leisure Products – 0.7%
Hasbro, Inc.,
3.150%, 5–15–21	2,500	2,501
Mattel, Inc.,
2.500%, 11–1–16	1,000	1,026
		3,527
Life & Health Insurance – 2.1%
Aflac, Inc.,
8.500%, 5–15–19	2,917	3,693
MetLife, Inc.:
5.000%, 6–15–15	1,553	1,601
6.817%, 8–15–18	3,058	3,587
Prudential Financial, Inc.,
4.750%, 9–17–15	1,000	1,039
		9,920

Metal & Glass Containers – 0.2%
FBG Finance Ltd.,
7.875%, 6–1–16 (A)	1,000	1,110
Multi–Utilities – 0.7%
Dominion Resources, Inc.,
6.400%, 6–15–18	3,000	3,452
Oil & Gas Equipment & Services – 0.9%
Enterprise Products Operating LLC (GTD by Enterprise Products Partners L.P.),
6.500%, 1–31–19	3,000	3,515
Schlumberger Investment S.A. (GTD by Schlumberger Ltd.),
1.950%, 9–14–16 (A)	1,000	1,020
		4,535
Oil & Gas Exploration & Production – 3.7%
BP Capital Markets plc (GTD by BP plc),
2.241%, 9–26–18	3,000	3,010
EOG Resources, Inc.,
4.100%, 2–1–21	1,000	1,080
EQT Corp.,
8.125%, 6–1–19	3,900	4,778
Marathon Oil Corp.,
0.900%, 11–1–15	2,000	2,001
Plains Exploration & Production Co.:
6.125%, 6–15–19	1,240	1,358
8.625%, 10–15–19	1,500	1,573
6.875%, 2–15–23	3,427	3,890
		17,690
Oil & Gas Storage & Transportation – 2.5%
Copano Energy LLC and Copano Energy Finance Corp.,
7.125%, 4–1–21	995	1,107
DCP Midstream Operating L.P. (GTD by DCP Midstream Partners L.P.):
3.250%, 10–1–15	1,500	1,538
2.700%, 4–1–19	1,000	1,003
El Paso Corp.,
7.000%, 6–15–17	4,700	5,181
Kinder Morgan Energy Partners L.P.,
5.950%, 2–15–18	3,000	3,356
		12,185
Other Diversified Financial Services – 2.5%
Citigroup, Inc.,
2.550%, 4–8–19	4,500	4,497
Daimler Finance North America LLC,
1.300%, 7–31–15 (A)	1,760	1,771
John Deere Capital Corp.,
1.200%, 10–10–17	1,000	996
JPMorgan Chase & Co.,
6.000%, 1–15–18	3,316	3,733
Moody’s Corp.,
2.750%, 7–15–19	1,050	1,056
		12,053
Packaged Foods & Meats – 0.4%
Tyson Foods, Inc. (GTD by Tyson Fresh Meats, Inc.),
2.650%, 8–15–19	2,000	2,002
Pharmaceuticals – 2.6%
AbbVie, Inc.,
1.200%, 11–6–15	1,500	1,506
Merck Sharp & Dohme Corp.,
5.000%, 6–30–19	3,000	3,380
Mylan, Inc.,
7.875%, 7–15–20 (A)	4,500	4,881
Roche Holdings, Inc.,
6.000%, 3–1–19 (A)	2,612	3,028
		12,795

Property & Casualty Insurance – 0.8%
Berkshire Hathaway, Inc.,
2.100%, 8–14–19	4,000		3,979
Railroads – 1.7%
Burlington Northern Santa Fe Corp.,
5.750%, 3–15–18	4,500		5,088
Union Pacific Corp.,
2.250%, 2–15–19	3,000		3,034
			8,122
Regional Banks – 0.8%
PNC Bank N.A.,
1.300%, 10–3–16	2,000		2,012
PNC Funding Corp. (GTD by PNC Financial Services Group, Inc.),
6.700%, 6–10–19	1,447		1,722
			3,734
Semiconductors – 0.2%
Broadcom Corp.,
2.700%, 11–1–18	1,000		1,024
Soft Drinks – 0.9%
Bottling Group LLC,
5.125%, 1–15–19	3,995		4,471
Specialty Chemicals – 1.2%
Methanex Corp.,
3.250%, 12–15–19	5,500		5,585
Systems Software – 2.0%
CA, Inc.,
5.375%, 12–1–19	4,250		4,720
Oracle Corp.,
5.000%, 7–8–19	4,350		4,883
			9,603
Technology Hardware, Storage & Peripherals – 0.6%
Apple, Inc.,
2.100%, 5–6–19	3,000		3,002
Trucking – 1.3%
Penske Truck Leasing Co. L.P. and PTL Finance Corp.,
3.125%, 5–11–15 (A)	4,000		4,056
Ryder System, Inc.,
2.450%, 11–15–18	2,000		2,020
			6,076
Wireless Telecommunication Service – 1.7%
America Movil S.A.B. de C.V.,
5.000%, 3–30–20	4,500		4,925
American Tower Corp.:
7.000%, 10–15–17	2,000		2,277
5.900%, 11–1–21	1,000		1,119
Crown Castle International Corp.,
5.250%, 1–15–23	200		198
			8,519
TOTAL CORPORATE DEBT SECURITIES – 79.8%		$	383,039
(Cost: $381,753)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Agency Obligations – 2.2%
Federal National Mortgage Association:
2.000%, 12–30–15	1,000		1,021
5.450%, 10–18–21	4,640		5,041
Ukraine Government AID Bond,
1.844%, 5–16–19	4,500		4,484
			10,546
Mortgage–Backed Obligations – 12.2%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO:
4.000%, 6–15–26	4,645		4,986
2.500%, 12–15–41	2,164		2,136
Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates,
4.000%, 1–1–27	4,474		4,736

Federal Home Loan Mortgage Corp. Fixed Rate Pass–Through Certificates:
3.000%, 8–1–28	4,662		4,793
3.000%, 9–1–28	4,565		4,685
3.500%, 10–1–28	5,071		5,330
Federal National Mortgage Association Agency REMIC/CMO:
3.000%, 2–25–25	2,773		2,853
2.000%, 4–25–39	1,684		1,626
4.000%, 5–25–39	1,611		1,673
3.000%, 11–25–39	388		396
Federal National Mortgage Association Fixed Rate Pass–Through Certificates:
4.580%, 6–1–19	3,691		4,058
3.680%, 2–1–21	1,686		1,755
4.375%, 6–1–21	1,952		2,154
5.500%, 10–1–21	1,186		1,291
5.500%, 11–1–22	436		474
5.000%, 4–1–24	354		391
3.000%, 7–1–28	4,553		4,680
3.000%, 9–1–28	2,438		2,501
4.000%, 12–1–31	3,911		4,182
Government National Mortgage Association Agency REMIC/CMO:
2.500%, 9–20–40	2,027		2,036
2.000%, 3–16–42	2,107		2,053
			58,789
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 14.4%		$	69,335
(Cost: $69,399)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 1.0%
U.S. Treasury Notes,
0.750%, 10–31–17 (B)	5,000		4,938
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 1.0%		$	4,938
(Cost: $5,006)
SHORT-TERM SECURITIES
Commercial Paper – 2.6%
Army & Air Force Exchange Service,
0.080%, 10–27–14 (C)	1,500		1,500
BMW U.S. Capital LLC (GTD by BMW AG),
0.090%, 10–9–14 (C)	4,000		4,000
CVS Caremark Corp.,
0.200%, 10–1–14 (C)	2,000		2,000
DTE Electric Co.,
0.190%, 10–6–14 (C)	5,000		5,000
			12,500
Master Note – 1.2%
Toyota Motor Credit Corp.,
0.102%, 10–7–14 (D)	5,768		5,768
TOTAL SHORT–TERM SECURITIES – 3.8%		$	18,268
(Cost: $18,268)
TOTAL INVESTMENT SECURITIES – 99.0%		$	475,580
(Cost: $474,426)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.0%			4,836
NET ASSETS – 100.0%		$	480,416

Notes to Schedule of Investments

(A) Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2014, the total value of these securities amounted to $44,751 or 9.3% 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 September 30, 2014.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2014. Date shown represents the date that the variable rate resets.

The following futures contracts were outstanding at September 30, 2014 (contracts unrounded):

Description	Type		Expiration Date		Number of Contracts		Market Value			Unrealized Appreciation
U.S. 10–Year Treasury Note		Short		12–31–14		133	$	(16,577	)	$	107
U.S. 2–Year Treasury Note		Short		1–6–15		187		(40,924	)		4
U.S. 5–Year Treasury Note		Short		1–6–15		939		(111,044	)		305
							$	(168,545	)	$	416

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 September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Corporate Debt Securities	$	—	$	383,039	$	—
United States Government Agency Obligations		—		69,335		—
United States Government Obligations		—		4,938		—
Short-Term Securities		—		18,268		—
Total	$	—	$	475,580	$	—
Futures Contracts	$	416	$	—	$	—

As of September 30, 2014, there were no transfers between Levels 1 and 2 during the period.

The following acronyms are used throughout this schedule:

CMO = Collateralized Mortgage Obligation

AID = Agency International Development

GTD = Guaranteed

REMIC = Real Estate Mortgage Investment Conduit

For Federal income tax purposes, cost of investments owned at September 30, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	474,426
Gross unrealized appreciation		2,551
Gross unrealized depreciation		(1,397)
Net unrealized appreciation	$	1,154

SCHEDULE OF INVESTMENTS
Micro Cap Growth (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Alternative Carriers – 0.9%
inContact, Inc. (A)		69	$	600
Apparel Retail – 0.9%
Christopher & Banks Corp. (A)		64		636
Apparel, Accessories & Luxury Goods – 1.3%
Movado Group, Inc.		27		883
Application Software – 3.2%
Callidus Software, Inc. (A)		106		1,276
Datawatch Corp. (A)		32		330
Materialise N.V. ADR (A)		33		371
Sapiens International Corp. N.V. (A)		26		189
				2,166
Asset Management & Custody Banks – 1.8%
Actua Corp. (A)		37		593
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		42		578
				1,171
Biotechnology – 10.9%
Acceleron Pharma, Inc. (A)		15		451
Ardelyx, Inc. (A)		34		479
Argos Therapeutics, Inc. (A)		42		423
Auspex Pharmaceuticals, Inc. (A)		38		968
Cara Therapeutics, Inc. (A)		51		427
Concert Pharmaceuticals, Inc. (A)		51		641
Enanta Pharmaceuticals, Inc. (A)		29		1,127
NewLink Genetics Corp. (A)		23		486
Repligen Corp. (A)		59		1,176
Synergy Pharmaceuticals, Inc. (A)		77		214
Vanda Pharmaceuticals, Inc. (A)		56		585
Verastem, Inc. (A)		53		455
				7,432
Broadcasting – 0.5%
Entravision Communications Corp.		77		306
Building Products – 2.5%
Builders FirstSource, Inc. (A)		120		655
NCI Building Systems, Inc. (A)		53		1,036
				1,691
Communications Equipment – 2.0%
Applied Optoelectronics, Inc. (A)		11		175
Ruckus Wireless, Inc. (A)		53		706
ShoreTel, Inc. (A)		75		500
				1,381
Construction & Engineering – 0.9%
Orion Marine Group, Inc. (A)		59		584
Construction Machinery & Heavy Trucks – 1.5%
Commercial Vehicle Group, Inc. (A)		31		190
Wabash National Corp. (A)		62		823
				1,013
Diversified Banks – 1.0%
Square 1 Financial, Inc., Class A (A)		37		708
Education Services – 1.0%
2U, Inc. (A)		44		689

Electrical Components & Equipment – 2.7%
Enphase Energy, Inc. (A)	46	691
LSI Industries, Inc.	40	243
Orion Energy Systems, Inc. (A)	85	453
TCP International Holdings Ltd. (A)	55	417
		1,804
Electronic Equipment & Instruments – 0.8%
CUI Global, Inc. (A)	73	526
Food Distributors – 0.5%
Chefs’ Warehouse Holdings LLC (The) (A)	23	371
Food Retail – 0.8%
Natural Grocers by Vitamin Cottage, Inc. (A)	34	552
Health Care Equipment – 4.4%
Cardiovascular Systems, Inc. (A)	29	694
K2M Group Holdings, Inc. (A)	35	501
Oxford Immunotec Global plc (A)	41	621
Rockwell Medical, Inc. (A)	55	504
Sunshine Heart, Inc. (A)	59	335
Veracyte, Inc. (A)	32	311
		2,966
Health Care Facilities – 1.0%
Surgical Care Affiliates, Inc. (A)	25	674
Health Care Supplies – 4.0%
Quidel Corp. (A)	52	1,387
Spectranetics Corp. (The) (A)	40	1,060
TearLab Corp. (A)	76	257
		2,704
Health Care Technology – 2.1%
HealthStream, Inc. (A)	23	547
Imprivata, Inc. (A)	56	876
		1,423
Home Entertainment Software – 0.7%
Glu Mobile, Inc. (A)	89	460
Homebuilding – 0.7%
M/I Homes, Inc. (A)	24	478
Homefurnishing Retail – 0.7%
Kirkland’s, Inc. (A)	30	487
Hotels, Resorts & Cruise Lines – 0.5%
Morgans Hotel Group Co. (A)	43	346
Integrated Telecommunication Services – 1.0%
Global Telecom & Technology, Inc. (A)	57	679
Internet Software & Services – 7.2%
Amber Road, Inc. (A)	54	938
Boingo Wireless, Inc. (A)	40	288
Borderfree, Inc. (A)	49	627
ChannelAdvisor Corp. (A)	19	303
Move, Inc. (A)	73	1,529
Q2 Holdings, Inc. (A)	26	365
SPS Commerce, Inc. (A)	16	850
		4,900

Investment Banking & Brokerage – 1.2%
Marcus & Millichap, Inc. (A)	27	811
IT Consulting & Other Services – 1.0%
Virtusa Corp. (A)	20	704
Leisure Products – 3.2%
Arctic Cat, Inc.	20	700
Malibu Boats, Inc., Class A (A)	36	659
Nautilus Group, Inc. (The) (A)	69	828
		2,187
Marine – 0.7%
Baltic Trading Ltd.	117	486
Movies & Entertainment – 2.0%
Rentrak Corp. (A)	22	1,335
Office REITs – 0.7%
City Office REIT, Inc.	35	481
Office Services & Supplies – 2.4%
ARC Document Solutions, Inc. (A)	116	940
CyrusOne, Inc.	30	714
		1,654
Oil & Gas Drilling – 1.1%
Pioneer Drilling Co. (A)	55	770
Oil & Gas Equipment & Services – 3.5%
Basic Energy Services, Inc. (A)	31	677
RigNet, Inc. (A)	27	1,071
Willbros Group, Inc. (A)	76	635
		2,383
Oil & Gas Exploration & Production – 1.6%
Emerald Oil, Inc. (A)	96	588
Triangle Petroleum Corp. (A)	43	476
		1,064
Packaged Foods & Meats – 0.9%
Inventure Foods, Inc. (A)	47	614
Personal Products – 1.3%
Inter Parfums, Inc.	30	828
Pharmaceuticals – 5.6%
Aerie Pharmaceuticals, Inc. (A)	48	997
Intersect ENT, Inc. (A)	35	539
Intra-Cellular Therapies, Inc. (A)	32	444
Pernix Therapeutics Holdings, Inc. (A)	101	777
ZS Pharma, Inc. (A)	26	1,012
		3,769
Restaurants – 4.2%
Chuy’s Holdings, Inc. (A)	28	888
Del Frisco’s Restaurant Group, Inc. (A)	39	746
Red Robin Gourmet Burgers, Inc. (A)	10	563
Zoe’s Kitchen, Inc. (A)	21	652
		2,849
Semiconductor Equipment – 1.1%
Nanometrics, Inc. (A)	27	406
Ultra Clean Holdings, Inc. (A)	38	343
		749
Semiconductors – 0.5%
Exar Corp. (A)	37	328
Specialized REITs – 1.0%
Ashford Hospitality Prime, Inc.	44	675

Specialty Stores – 1.0%
Build-A-Bear Workshop, Inc. (A)		53		688
Systems Software – 2.5%
A10 Networks, Inc. (A)		43		391
CyberArk Software Ltd. (A)		4		112
Mavenir Systems, Inc. (A)		43		538
TubeMogul, Inc. (A)		56		647
				1,688
Technology Hardware, Storage & Peripherals – 0.6%
Datalink Corp. (A)		40		423
Thrifts & Mortgage Finance – 0.4%
PennyMac Financial Services, Inc., Class A (A)		20		296
Trading Companies & Distributors – 1.0%
Stock Building Supply Holdings, Inc. (A)		42		655
Trucking – 1.8%
Celadon Group, Inc.		13		251
Marten Transport Ltd.		28		505
Roadrunner Transportation Systems, Inc. (A)		22		492
				1,248
Wireless Telecommunication Service – 0.7%
RingCentral, Inc., Class A (A)		37		474
TOTAL COMMON STOCKS – 95.5%			$	64,789
(Cost: $56,340)
SHORT-TERM SECURITIES		Principal
Master Note – 4.5%
Toyota Motor Credit Corp., 0.102%, 10–7–14 (B)	$	3,065		3,065
TOTAL SHORT-TERM SECURITIES – 4.5%			$	3,065
(Cost: $3,065)
TOTAL INVESTMENT SECURITIES – 100.0%			$	67,854
(Cost: $59,405)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.0%				11
NET ASSETS – 100.0%			$	67,865

Notes to Schedule of Investments

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

(B) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	64,789	$	—	$	—
Short-Term Securities		—		3,065		—
Total	$	64,789	$	3,065	$	—

There were no transfers between any levels during the period ended September 30, 2014.

The following acronym is used throughout this schedule:

REIT = Real Estate Investment Trust

ADR = American Depositary Receipts

For Federal income tax purposes, cost of investments owned at September 30, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	59,405
Gross unrealized appreciation		13,728
Gross unrealized depreciation		(5,279	)
Net unrealized appreciation	$	8,449

SCHEDULE OF INVESTMENTS
Mid Cap Growth (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Air Freight & Logistics – 2.0%
Expeditors International of Washington, Inc.		240	$	9,730
Apparel Retail – 6.1%
DSW, Inc., Class A		150		4,504
Limited Brands, Inc.		104		6,955
Ross Stores, Inc.		127		9,589
Urban Outfitters, Inc. (A)		223		8,179
				29,227
Apparel, Accessories & Luxury Goods – 2.6%
Burberry Group plc (B)		224		5,475
Carter’s, Inc.		90		6,999
				12,474
Application Software – 2.0%
ANSYS, Inc. (A)		71		5,384
Solera Holdings, Inc.		79		4,480
				9,864
Asset Management & Custody Banks – 3.2%
Northern Trust Corp.		183		12,433
Oaktree Capital Group LLC		63		3,235
				15,668
Auto Parts & Equipment – 1.2%
Gentex Corp.		216		5,769
Biotechnology – 4.9%
ACADIA Pharmaceuticals, Inc. (A)		102		2,526
Alkermes plc (A)		110		4,700
BioMarin Pharmaceutical, Inc. (A)		90		6,497
Incyte Corp. (A)		52		2,547
Medivation, Inc. (A)		69		6,821
				23,091
Building Products – 1.9%
Fortune Brands Home & Security, Inc.		220		9,053
Communications Equipment – 1.9%
F5 Networks, Inc. (A)		78		9,261
Construction & Engineering – 1.0%
Jacobs Engineering Group, Inc. (A)		100		4,883
Construction Machinery & Heavy Trucks – 2.0%
Allison Transmission Holdings, Inc.		101		2,866
Joy Global, Inc.		124		6,742
				9,608
Data Processing & Outsourced Services – 3.1%
Alliance Data Systems Corp. (A)		25		6,152
Vantiv, Inc., Class A (A)		267		8,244
				14,396
Department Stores – 1.5%
Nordstrom, Inc.		108		7,355
Distillers & Vintners – 0.9%
Brown-Forman Corp., Class B		50		4,517
Distributors – 2.0%
LKQ Corp. (A)		359		9,546
Electrical Components & Equipment – 1.4%
Polypore International, Inc. (A)		168		6,537

Electronic Equipment & Instruments – 1.2%
FLIR Systems, Inc.	185	5,802
Environmental & Facilities Services – 1.5%
Stericycle, Inc. (A)	63	7,299
Fertilizers & Agricultural Chemicals – 0.9%
Scotts Miracle-Gro Co. (The)	79	4,361
Health Care Distributors – 1.5%
Henry Schein, Inc. (A)	62	7,256
Health Care Equipment – 4.3%
Intuitive Surgical, Inc. (A)	26	12,091
Varian Medical Systems, Inc. (A)	105	8,388
		20,479
Health Care Facilities – 0.9%
Acadia Healthcare Co., Inc. (A)	90	4,379
Health Care Supplies – 2.8%
Align Technology, Inc. (A)	122	6,304
DENTSPLY International, Inc.	159	7,263
		13,567
Health Care Technology – 0.8%
Cerner Corp. (A)	65	3,867
Home Entertainment Software – 2.8%
Electronic Arts, Inc. (A)	376	13,396
Hotels, Resorts & Cruise Lines – 1.2%
Norwegian Cruise Line Holdings Ltd. (A)	159	5,719
Industrial Machinery – 1.8%
Flowserve Corp.	122	8,579
Internet Software & Services – 2.8%
Pandora Media, Inc. (A)	379	9,154
WebMD Health Corp., Class A (A)	109	4,574
		13,728
IT Consulting & Other Services – 1.5%
Teradata Corp. (A)	171	7,154
Leisure Products – 1.6%
Mattel, Inc.	251	7,701
Managed Health Care – 1.2%
Humana, Inc.	46	5,998
Oil & Gas Equipment & Services – 0.9%
Dril-Quip, Inc. (A)	50	4,430
Oil & Gas Exploration & Production – 5.1%
Cabot Oil & Gas Corp.	200	6,539
Continental Resources, Inc. (A)	121	8,017
Oasis Petroleum LLC (A)	92	3,829
Southwestern Energy Co. (A)	173	6,031
		24,416

Packaged Foods & Meats – 4.2%
Hain Celestial Group, Inc. (The) (A)		91		9,267
Mead Johnson Nutrition Co.		109		10,516
				19,783
Personal Products – 0.9%
Coty, Inc., Class A		268		4,438
Pharmaceuticals – 1.6%
Zoetis, Inc.		215		7,950
Regional Banks – 4.6%
First Republic Bank		185		9,128
Signature Bank (A)		84		9,408
UMB Financial Corp.		58		3,182
				21,718
Research & Consulting Services – 2.5%
CoStar Group, Inc. (A)		33		5,089
Verisk Analytics, Inc., Class A (A)		118		7,163
				12,252
Restaurants – 2.9%
Dunkin’ Brands Group, Inc.		183		8,191
Panera Bread Co., Class A (A)		36		5,826
				14,017
Semiconductors – 2.3%
Microchip Technology, Inc.		239		11,277
Specialized Finance – 0.3%
CME Group, Inc.		21		1,659
Specialty Chemicals – 0.7%
Valspar Corp. (The)		44		3,507
Specialty Stores – 3.1%
Tiffany & Co.		50		4,840
Ulta Salon, Cosmetics & Fragrance, Inc. (A)		87		10,334
				15,174
Systems Software – 1.0%
ServiceNow, Inc. (A)		83		4,879
Trading Companies & Distributors – 2.1%
Fastenal Co.		231		10,359
TOTAL COMMON STOCKS – 96.7%			$	466,123
(Cost: $408,153)
SHORT-TERM SECURITIES		Principal
Commercial Paper – 3.5%
Corporacion Andina de Fomento, 0.150%, 10–9–14 (C)	$	2,000		2,000
Danaher Corp., 0.090%, 10–9–14 (C)		2,000		2,000
USAA Capital Corp., 0.060%, 10–1–14 (C)		5,000		5,000
Virginia Electric and Power Co., 0.230%, 10–16–14 (C)		8,000		7,999
				16,999
Master Note – 0.6%
Toyota Motor Credit Corp., 0.102%, 10-7-14 (D)		2,743		2,743
TOTAL SHORT-TERM SECURITIES – 4.1%			$	19,742
(Cost: $19,742)
TOTAL INVESTMENT SECURITIES – 100.8%			$	485,865
(Cost: $427,895)

LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.8%)		(3,657	)
NET ASSETS – 100.0%	$	482,208

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 September 30, 2014.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2014. Date shown represents the date that the variable rate resets.

The following written options were outstanding at September 30, 2014 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC		Type		Number of Contracts		Expiration Month		Exercise Price		Premium Received		Value
Pandora Media, Inc.		Citibank N.A.		Put		416		October 2014	$	23.00	$	31	$	(24	)

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date.

Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

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

An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized as follows:

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	466,123	$	—	$	—
Short-Term Securities		—		19,742		—
Total	$	466,123	$	19,742	$	—
Liabilities
Written Options	$	—	$	24	$	—

As of September 30, 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 September 30, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	427,895
Gross unrealized appreciation		69,564
Gross unrealized depreciation		(11,594	)
Net unrealized appreciation	$	57,970

SCHEDULE OF INVESTMENTS
Money Market (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

CORPORATE OBLIGATIONS	Principal		Value
Certificate Of Deposit
Banco del Estado de Chile:
0.200%, 11–14–14	$	7,700	$	7,700
0.200%, 1–6–15		3,200		3,200
0.200%, 1–28–15		2,750		2,750
Bank of America N.A.:
0.200%, 11–12–14		18,700		18,700
0.200%, 12–16–14		12,500		12,500
0.200%, 1–22–15		1,300		1,300
Citibank N.A.:
0.170%, 10–1–14		5,000		5,000
0.180%, 11–14–14		12,700		12,700
0.190%, 11–24–14		2,000		2,000
0.180%, 12–8–14		9,000		9,000
JPMorgan Chase Bank N.A.,
0.350%, 2–3–15		4,000		4,000
Toyota Motor Credit Corp.,
0.200%, 10–25–14 (A)		8,000		8,000
Total Certificate Of Deposit – 13.3%				86,850
Commercial Paper
Air Products and Chemicals, Inc.,
0.100%, 10–27–14 (B)		1,500		1,500
Army & Air Force Exchange Service,
0.140%, 11–17–14 (B)		10,000		9,998
Corporacion Andina de Fomento,
0.140%, 11–17–14 (B)		1,900		1,900
Essilor International S.A.,
0.130%, 12–10–14 (B)		11,800		11,797
GlaxoSmithKline Finance plc (GTD by GlaxoSmithKline plc),
0.140%, 10–2–14 (B)		3,500		3,500
ICICI Bank Ltd. (GTD by Wells Fargo Bank N.A.):
0.190%, 10–7–14 (B)		6,250		6,250
0.180%, 10–27–14 (B)		13,500		13,498
0.190%, 11–3–14 (B)		2,800		2,800
0.190%, 11–4–14 (B)		3,650		3,649
0.430%, 12–16–14 (B)		6,000		5,997
J.M. Smucker Co. (The),
0.210%, 10–1–14 (B)		3,230		3,230
Kroger Co. (The),
0.170%, 10–1–14 (B)		3,230		3,230
River Fuel Co. #2, Inc. (GTD by Bank of Nova Scotia),
0.190%, 10–31–14 (B)		8,080		8,079
River Fuel Funding Co. #3, Inc. (GTD by Bank of Nova Scotia):
0.160%, 10–15–14 (B)		9,000		9,000
0.190%, 10–31–14 (B)		9,854		9,852
River Fuel Trust #1 (GTD by Bank of Nova Scotia),
0.180%, 10–31–14 (B)		5,300		5,299
Sonoco Products Co.,
0.170%, 10–1–14 (B)		3,230		3,230
St. Jude Medical, Inc.:
0.160%, 10–2–14 (B)		2,000		2,000
0.170%, 10–6–14 (B)		1,200		1,200
0.210%, 10–24–14 (B)		7,250		7,249
0.210%, 11–18–14 (B)		1,500		1,500
0.210%, 11–20–14 (B)		12,500		12,496
0.240%, 11–21–14 (B)		3,100		3,099
0.250%, 12–17–14 (B)		4,600		4,597
Sysco Corp.,
0.060%, 10–1–14 (B)		2,980		2,980
Toronto–Dominion Holdings USA, Inc. (GTD by Toronto Dominion Bank),

0.130%, 11–24–14 (B)	6,000	5,999
USAA Capital Corp.,
0.060%, 10–1–14 (B)	1,683	1,683
Wisconsin Electric Power Co.:
0.160%, 10–1–14 (B)	5,100	5,100
0.170%, 10–6–14 (B)	6,500	6,500
Wisconsin Gas LLC:
0.110%, 10–2–14 (B)	17,250	17,250
0.110%, 10–3–14 (B)	3,500	3,500
Total Commercial Paper – 27.3%		177,962
Master Note
Toyota Motor Credit Corp.,
0.102%, 10–7–14 (A)	21,108	21,108
Total Master Note – 3.2%		21,108
Notes
American Honda Finance Corp.:
0.230%, 12–5–14 (A)	18,100	18,100
0.230%, 12–10–14 (A)	1,300	1,300
1.450%, 2–27–15	640	643
3.500%, 3–16–15	1,738	1,764
Banco del Estado de Chile:
0.320%, 10–1–14 (A)	4,500	4,500
0.350%, 10–22–14 (A)	10,200	10,200
0.380%, 12–21–14 (A)	4,000	4,000
Bank of Nova Scotia (The):
0.230%, 10–1–14 (A)	5,550	5,550
0.240%, 10–5–14 (A)	8,000	8,000
0.220%, 10–23–14 (A)	10,000	10,000
0.220%, 10–23–14 (A)	4,400	4,400
3.400%, 1–22–15	5,000	5,048
Baxter International, Inc.,
0.400%, 12–11–14 (A)	6,400	6,402
BHP Billiton Finance (USA) Ltd.,
1.000%, 2–24–15	6,600	6,619
BHP Billiton Finance (USA) Ltd. (GTD by BHP Billiton Ltd.),
1.125%, 11–21–14	9,110	9,121
Caterpillar Financial Services Corp.:
1.125%, 12–15–14	3,420	3,426
1.050%, 3–26–15	250	251
Caterpillar, Inc.,
0.950%, 6–26–15	2,400	2,411
Colgate-Palmolive Co.,
0.600%, 11–15–14	1,950	1,951
General Electric Capital Corp.:
0.600%, 10–1–14 (A)	1,400	1,403
1.000%, 10–30–14 (A)	3,050	3,057
1.000%, 12–23–14 (A)	6,000	6,043
2.150%, 1–9–15	500	502
John Deere Capital Corp.,
0.330%, 10–8–14 (A)	900	900
JPMorgan Chase & Co.:
0.350%, 10–22–14 (A)	1,650	1,650
0.350%, 12–8–14 (A)	4,750	4,750
Rabobank Nederland:
0.250%, 10–13–14 (A)	7,300	7,300
0.280%, 11–12–14 (A)	5,000	5,000
Toyota Motor Credit Corp.:
0.400%, 10–23–14 (A)	2,500	2,502
0.400%, 12–5–14 (A)	500	500
U.S. Bank National Association,
0.290%, 11–28–14 (A)	7,700	7,704
Wells Fargo & Co.,

1.250%, 2–13–15	4,000		4,013
Wells Fargo Bank N.A.:
0.220%, 10–20–14 (A)	581		581
0.280%, 10–20–14 (A)	7,500		7,500
0.320%, 10–20–14 (A)	3,000		3,000
0.320%, 12–10–14 (A)	3,500		3,500
0.320%, 12–15–14 (A)	4,500		4,500
Total Notes – 25.8%			168,091
TOTAL CORPORATE OBLIGATIONS – 69.6%		$	454,011
(Cost: $454,011)
MUNICIPAL OBLIGATIONS
California – 4.0%
CA Hlth Fac Fin Auth, Var Rate Hosp Rev Bonds (Adventist Hlth Sys/West), Ser 1998B (GTD by Bank of America N.A.),
0.030%, 10–1–14 (A)	800		800
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.),
0.020%, 10–1–14 (A)	1,900		1,900
CA Muni Fin Auth, Recovery Zone Fac Bonds (Chevron USA, Inc. Proj), Ser 2010C (GTD by Chevron Corp.),
0.020%, 10–1–14 (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.),
0.010%, 10–1–14 (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),
0.060%, 10–7–14 (A)	8,700		8,700
CA Statewide Cmnty Dev Auth, Multifam Hsng Rev Bonds (Wyndover Apts), Ser 2004 LL (GTD by U.S. Government),
0.060%, 10–7–14 (A)	2,232		2,232
Fremont (Alameda Cnty, CA), Fremont Public Fin Auth (GTD by U.S. Bank N.A.),
0.040%, 10–7–14 (A)	4,900		4,900
			25,825
Colorado – 1.6%
Castle Rock, CO, Cert of Part, Ser 2008 (GTD by Wells Fargo Bank N.A.),
0.070%, 10–7–14 (A)	5,350		5,350
CO Hsng and Fin Auth, Multifam Hsng Rev Bonds (Greentree Vlg Apts Proj), Ser 2007 (GTD by U.S. Bank N.A.),
0.070%, 10–7–14 (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.),
0.050%, 10–7–14 (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.):
0.080%, 10–7–14 (A)	1,500		1,500
0.200%, 10–7–14 (A)	550		550
			10,760

Florida – 0.5%
FL Muni Power Agy, All–Requirements Power Supply Proj Var Rate Demand Rfdg Rev Bonds, Ser 2008C (GTD by Bank of America N.A.),
0.060%, 10–1–14 (A)	3,060	3,060
Georgia – 3.4%
Dev Auth of Monroe Cty, Pollutn Ctl Rev Bonds (GA Power Co. Plant Scherer Proj), First Ser 2008 (GTD by Georgia Power Co.),
0.040%, 10–1–14 (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%, 10–27–14	16,007	16,007
Muni Elec Auth GA, Gen Resolution Proj Bond Anticipation Notes, Ser B (Taxable), (GTD by TD Bank),
0.130%, 11–4–14	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.),
0.040%, 10–7–14 (A)	545	545
IL Fin Auth, Var Rate Demand Rev Bonds (The Univ of Chicago Med Ctr), Ser D (GTD by JPMorgan Chase & Co.),
0.030%, 10–1–14 (A)	1,000	1,000
		1,545
Iowa – 0.2%
IA Fin Auth, Var Rate Demand Hlth Fac Rev Bonds (Great River Med Ctr Proj), Ser 2008 (GTD by Great River Medical Center),
0.050%, 10–1–14 (A)	1,165	1,165
Louisiana – 1.2%
LA Pub Fac Auth, Rev Bonds (Air Products and Chemicals Proj), Ser 2008A (GTD by Air Products and Chemicals, Inc.),
0.050%, 10–1–14 (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.),
0.040%, 10–7–14 (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.),
0.030%, 10–1–14 (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%, 10–7–14 (A)	515	515

Michigan – 0.3%
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)),
0.050%, 10–1–14 (A)	1,900	1,900
Minnesota – 0.3%
MN Office of Higher Edu, Adj Rate Supplemental Student Loan Prog Rev Bonds, Ser 2008B (Tax–Exempt),
0.050%, 10–7–14 (A)	2,000	2,000
Mississippi – 3.5%
MS Business Fin Corp., Gulf Opp Zone Indl Dev Rev Bonds (Chevron USA, Inc. Proj), Ser 2007B (GTD by Chevron Corp.),
0.030%, 10–1–14 (A)	7,237	7,237
MS Business Fin Corp., Gulf Opp Zone Indl Dev Rev Bonds (Chevron USA, Inc. Proj), Ser 2007D (GTD by Chevron Corp.),
0.030%, 10–1–14 (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.),
0.040%, 10–1–14 (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.),
0.040%, 10–1–14 (A)	6,300	6,300
		22,689
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.),
0.110%, 10–7–14 (A)	1,340	1,340
New Jersey – 0.6%
NJ Hlth Care Fac Fin Auth, Rev Bonds, AHS Hosp Corp. Issue, Ser 2008C (GTD by JPMorgan Chase & Co.),
0.030%, 10–7–14 (A)	3,200	3,200
Trap Rock Industries, Inc., Var Demand Bonds, Ser 2005 (GTD by Wachovia Bank N.A.),
0.150%, 10–7–14 (A)	822	822
		4,022
New York – 4.5%
NY Hsng Fin Agy, Clinton Park Phase II Hsng Rev Bonds, Ser 2011 A–1 (GTD by Wells Fargo Bank N.A.),
0.050%, 10–7–14 (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.),
0.050%, 10–7–14 (A)	1,800	1,800
NY Hsng Fin Agy, Related-Caroline Apt Hsng Rev Bonds, Ser 2008A (GTD by Federal Home Loan Mortgage Corp.),
0.050%, 10–7–14 (A)	900	900
NY State Hsng Fin Agy, Maestro West Chelsea Hsng Rev Bonds, Ser 2014A,
0.040%, 10–7–14 (A)	2,250	2,250

NY State Hsng Fin Agy, Riverside Ctr 2 Hsng Rev Bonds, Ser 2013A–2 (GTD by Bank of America N.A.),
0.050%, 10–7–14 (A)	5,000		5,000
NYC GO Bonds, Fiscal 2006 Ser E (GTD by Bank of America N.A.),
0.040%, 10–7–14 (A)	14,600		14,600
NYC Hsng Dev Corp., Multi-Fam Mtg Rev Bonds (Target V Apt), Ser 2006A (GTD by Citibank N.A.),
0.060%, 10–7–14 (A)	3,000		3,000
			29,550
Ohio – 1.7%
Columbus Rgnl Arpt Auth, Cap Funding Rev Bonds (OASBO Expanded Asset Pooled Fin Prog), Sr Ser 2006,
0.040%, 10–7–14 (A)	10,900		10,900
Oregon – 0.1%
Hosp Fac Auth of Clackamas Cnty, OR, Rev Bonds (Legacy Hlth Sys), Ser 2008B (GTD by U.S. Bank N.A.),
0.040%, 10–7–14 (A)	700		700
South Dakota – 0.8%
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.),
0.040%, 10–7–14 (A)	5,000		5,000
Tennessee – 0.8%
Johnson City, TN Hlth and Edu Fac, Hosp Rev Bonds (Mountain States Hlth Alliance), Ser 2013A (GTD by U.S. Bank N.A.),
0.040%, 10–7–14 (A)	5,500		5,500
Texas – 2.0%
Harris Cnty Hosp Dist, Sr Lien Rfdg Rev Bonds, Ser 2010 (GTD by JPMorgan Chase & Co.),
0.040%, 10–7–14 (A)	1,600		1,600
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.),
0.050%, 10–1–14 (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.),
0.050%, 10–1–14 (A)	9,220		9,220
			13,070
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.),
0.050%, 10–7–14 (A)	4,600		4,600
Wyoming – 0.4%
Uinta Cnty, WY, Pollutn Ctl Rfdg Rev Bonds (Chevron USA, Inc. Proj), Ser 1992 (GTD by Chevron Corp.),
0.040%, 10–1–14 (A)	2,381		2,381
TOTAL MUNICIPAL OBLIGATIONS – 27.1%		$	176,695
(Cost: $176,695)

UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
United States Government Agency Obligations
Overseas Private Investment Corp. (GTD by U.S. Government):
0.110%, 10–1–14 (A)	3,000		3,000
0.110%, 10–3–14 (A)	9,114		9,114
0.110%, 10–7–14 (A)	2,250		2,250
0.110%, 10–7–14 (A)	2,100		2,100
0.110%, 10–7–14 (A)	1,500		1,500
0.110%, 10–7–14 (A)	1,497		1,497
0.110%, 10–7–14 (A)	939		939
Totem Ocean Trailer Express, Inc. (GTD by U.S. Government),
0.480%, 10–15–14 (A)	443		443
Total United States Government Agency Obligations – 3.2%			20,843
TOTAL UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS – 3.2%		$	20,843
(Cost: $20,843)
TOTAL INVESTMENT SECURITIES – 99.9%		$	651,549
(Cost: $651,549)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.1%			689
NET ASSETS – 100.0%		$	652,238

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 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 September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Corporate Obligations	$	—	$	454,011	$	—
Municipal Obligations		—		176,695		—
United States Government Agency Obligations		—		20,843		—
Total	$	—	$	651,549	$	—

As of September 30, 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 September 30, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	651,549
Gross unrealized appreciation		—
Gross unrealized depreciation		—
Net unrealized appreciation	$	—

SCHEDULE OF INVESTMENTS
Real Estate Securities (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Diversified REITs – 6.6%
Cousins Properties, Inc.		76	$	903
Spirit Realty Capital, Inc.		21		226
Vornado Realty Trust		19		1,929
				3,058
Health Care Facilities – 0.9%
Brookdale Senior Living, Inc. (A)		13		409
Hotels, Resorts & Cruise Lines – 2.7%
Hyatt Hotels Corp., Class A (A)		13		805
Marriott International, Inc., Class A		7		454
				1,259
Industrial REITs – 5.1%
DCT Industrial Trust, Inc.		74		553
EastGroup Properties, Inc.		10		626
ProLogis		32		1,200
				2,379
Office REITs – 15.7%
Alexandria Real Estate Equities, Inc.		13		966
BioMed Realty Trust, Inc.		24		481
Boston Properties, Inc.		20		2,292
Digital Realty Trust, Inc.		5		337
Duke Realty Corp.		67		1,149
Kilroy Realty Corp.		7		416
Parkway Properties, Inc.		19		347
SL Green Realty Corp.		13		1,287
				7,275
Residential REITs – 18.6%
American Campus Communities, Inc.		15		550
AvalonBay Communities, Inc.		15		2,115
Camden Property Trust		18		1,199
Education Realty Trust, Inc.		14		141
Equity Residential		30		1,817
Essex Property Trust, Inc.		10		1,743
Mid-America Apartment Communities, Inc.		2		158
UDR, Inc.		33		897
				8,620
Retail REITs – 25.2%
Acadia Realty Trust		25		681
DDR Corp.		55		920
Federal Realty Investment Trust		9		1,043
General Growth Properties, Inc.		55		1,284
Kimco Realty Corp.		45		979
Kite Realty Group Trust		31		755
Macerich Co. (The)		2		115
Ramco-Gershenson Properties Trust		18		297
Regency Centers Corp.		2		113
Simon Property Group, Inc.		29		4,808
Taubman Centers, Inc.		8		613
				11,608

Specialized REITs – 24.3%
CubeSmart		20		354
Extra Space Storage, Inc.		22		1,109
HCP, Inc.		21		846
Health Care REIT, Inc.		24		1,466
Host Hotels & Resorts, Inc.		59		1,263
LaSalle Hotel Properties		21		715
Pebblebrook Hotel Trust		20		739
Public Storage, Inc.		11		1,841
RLJ Lodging Trust		26		752
Sabra Health Care REIT, Inc.		12		289
Strategic Hotels & Resorts, Inc. (A)		34		390
Ventas, Inc.		24		1,471
				11,235
TOTAL COMMON STOCKS – 99.1%			$	45,843
(Cost: $42,992)
SHORT-TERM SECURITIES	Principal
Master Note – 0.7%
Toyota Motor Credit Corp., 0.102%, 10–7–14 (B)	$	326		326
TOTAL SHORT-TERM SECURITIES – 0.7%			$	326
(Cost: $326)
TOTAL INVESTMENT SECURITIES – 99.8%			$	46,169
(Cost: $43,318)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.2%				92
NET ASSETS – 100.0%			$	46,261

Notes to Schedule of Investments

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

(B) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	45,843	$	—	$	—
Short-Term Securities		—		326		—
Total	$	45,843	$	326	$	—

As of September 30, 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 September 30, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	43,318
Gross unrealized appreciation		4,204
Gross unrealized depreciation		(1,353	)
Net unrealized appreciation	$	2,851

SCHEDULE OF INVESTMENTS
Science and Technology (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Application Software – 9.5%
ACI Worldwide, Inc. (A)		809	$	15,173
Aspen Technology, Inc. (A)		672		25,329
Globant S.A. (A)		74		1,041
Mobileye N.V. (A)		42		2,235
Qlik Technologies, Inc. (A)		231		6,254
Silver Spring Networks, Inc. (A)		552		5,330
				55,362
Biotechnology – 6.7%
Evogene Ltd. (A)		175		2,305
Isis Pharmaceuticals, Inc. (A)		311		12,076
Vertex Pharmaceuticals, Inc. (A)		216		24,303
				38,684
Building Products – 0.6%
Advanced Drainage Systems, Inc. (A)		172		3,597
Commodity Chemicals – 0.5%
BioAmber, Inc. (A)		252		2,512
Communications Equipment – 0.9%
Ruckus Wireless, Inc. (A)		372		4,973
Construction & Engineering – 1.8%
Abengoa S.A., Class B ADR		395		10,507
Consumer Electronics – 3.6%
Garmin Ltd.		159		8,256
Harman International Industries, Inc.		129		12,677
				20,933
Data Processing & Outsourced Services – 12.1%
Alliance Data Systems Corp. (A)		105		26,168
Euronet Worldwide, Inc. (A)		389		18,576
EVERTEC, Inc.		241		5,386
QIWI plc ADR		223		7,032
WNS (Holdings) Ltd. ADR (A)		589		13,249
				70,411
Electrical Components & Equipment – 0.6%
SolarCity Corp. (A)		63		3,725
Electronic Components – 1.8%
Universal Display Corp. (A)		230		7,491
Vishay Intertechnology, Inc.		213		3,047
				10,538
Electronic Equipment & Instruments – 1.0%
FLIR Systems, Inc.		175		5,497
Fertilizers & Agricultural Chemicals – 0.1%
Marrone Bio Innovations, Inc. (A)		280		744
Health Care Equipment – 0.9%
Cardiovascular Systems, Inc. (A)		76		1,796
Volcano Corp. (A)		325		3,454
				5,250
Health Care Facilities – 1.4%
Tenet Healthcare Corp. (A)		136		8,095

Health Care Technology – 2.4%
Cerner Corp. (A)	232	13,796
Industrial Conglomerates – 1.6%
Toshiba Corp. (B)	1,934	8,962
Industrial Machinery – 2.6%
Pentair, Inc.	227	14,886
Integrated Telecommunication Services – 0.7%
Windstream Corp.	380	4,095
Internet Software & Services – 8.0%
21Vianet Group, Inc. ADR (A)	176	3,161
Alibaba Group Holding Ltd. ADR (A)	70	6,246
Facebook, Inc., Class A (A)	167	13,216
Google, Inc., Class A (A)	15	8,826
Google, Inc., Class C (A)	15	8,660
Twitter, Inc. (A)	130	6,680
		46,789
IT Consulting & Other Services – 5.9%
Acxiom Corp. (A)	654	10,829
EPAM Systems, Inc. (A)	141	6,183
iGATE Corp. (A)	459	16,847
		33,859
Office REITs – 0.9%
QTS Realty Trust, Inc., Class A	163	4,956
Pharmaceuticals – 2.2%
Teva Pharmaceutical Industries Ltd. ADR	233	12,535
Renewable Electricity – 0.5%
Abengoa Yield plc (A)	78	2,775
Semiconductor Equipment – 1.7%
Lam Research Corp.	46	3,466
Nanometrics, Inc. (A)	154	2,324
Photronics, Inc. (A)	473	3,805
		9,595
Semiconductors – 24.2%
Broadcom Corp., Class A	76	3,088
Cree, Inc. (A)	494	20,233
Cypress Semiconductor Corp.	669	6,606
Dialog Semiconductor plc (A)(B)	269	7,561
Intel Corp.	170	5,912
Marvell Technology Group Ltd.	506	6,818
Micron Technology, Inc. (A)	1,600	54,814
Microsemi Corp. (A)	390	9,902
NXP Semiconductors N.V. (A)	195	13,330
Rambus, Inc. (A)	627	7,824
Semtech Corp. (A)	146	3,972
		140,060
Systems Software – 2.4%
Microsoft Corp.	293	13,602
Technology Hardware, Storage & Peripherals – 1.1%
Apple, Inc.	60	6,065

Wireless Telecommunication Service – 1.1%
Sprint Nextel Corp. (A)		964		6,112
TOTAL COMMON STOCKS – 96.8%			$	558,915
(Cost: $364,189)
WARRANTS
Commodity Chemicals – 0.1%
BioAmber, Inc., Expires 5–9–17 (C)		201		493
TOTAL WARRANTS – 0.1%			$	493
(Cost: $24)
PURCHASED OPTIONS	Number of Contracts (Unrounded)
Intel Corp.,
Call $37.00, Expires 1–16–15, OTC (Ctrpty: Credit Suisse (USA), Inc.)		2,762		243
TOTAL PURCHASED OPTIONS – 0.0%			$	243
(Cost: $259)
SHORT-TERM SECURITIES	Principal
Commercial Paper – 1.8%
CVS Caremark Corp.,
0.200%, 10–1–14 (D)	$	4,000		4,000
J.M. Smucker Co. (The),
0.210%, 10–1–14 (D)		1,525		1,525
McCormick & Co., Inc.,
0.110%, 10–1–14 (D)		5,000		5,000
				10,525
Master Note – 0.2%
Toyota Motor Credit Corp.,
0.102%, 10–7–14 (E)		1,049		1,049
TOTAL SHORT-TERM SECURITIES – 2.0%			$	11,574
(Cost: $11,574)
TOTAL INVESTMENT SECURITIES – 98.9%			$	571,225
(Cost: $376,046)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.1%				6,233
NET ASSETS – 100.0%			$	577,458

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 September 30, 2014.

(E) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2014. Date shown represents the date that the variable rate resets.

The following written options were outstanding at September 30, 2014 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type		Number of Contracts		Expiration Month		Exercise Price		Premium Received		Value
Intel Corp.	Credit Suisse (USA), Inc.		Put		3,296		January 2015	$	31.00	$	179	$	(188	)

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date.

Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

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

An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized as follows:

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	558,915	$	—	$	—
Warrants		—		493		—
Purchased Options		—		243		—
Short-Term Securities		—		11,574		—
Total	$	558,915	$	12,310	$	—
Liabilities
Written Options	$	—	$	188	$	—

During the period ended September 30, 2014, securities totaling $147 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.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

OTC = Over the Counter

REIT = Real Estate Investment Trust

For Federal income tax purposes, cost of investments owned at September 30, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	376,046
Gross unrealized appreciation		211,540
Gross unrealized depreciation		(16,361	)
Net unrealized appreciation	$	195,179

SCHEDULE OF INVESTMENTS
Small Cap Growth (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Aerospace & Defense – 2.8%
Huntington Ingalls Industries, Inc.		103	$	10,737
Apparel Retail – 1.4%
Zumiez, Inc. (A)		182		5,124
Apparel, Accessories & Luxury Goods – 1.1%
Under Armour, Inc., Class A (A)		59		4,050
Application Software – 6.6%
Synchronoss Technologies, Inc. (A)		224		10,242
Tyler Technologies, Inc. (A)		87		7,699
Ultimate Software Group, Inc. (The) (A)		49		6,969
				24,910
Auto Parts & Equipment – 4.8%
Amerigon, Inc. (A)		327		13,791
Motorcar Parts of America, Inc. (A)		171		4,647
				18,438
Automotive Retail – 3.9%
Asbury Automotive Group, Inc. (A)		79		5,101
Lithia Motors, Inc.		96		7,272
TravelCenters of America LLC (A)		262		2,591
				14,964
Biotechnology – 1.0%
KYTHERA Biopharmaceuticals, Inc. (A)		115		3,765
Broadcasting – 0.7%
Entravision Communications Corp.		668		2,646
Building Products – 2.6%
Apogee Enterprises, Inc.		250		9,962
Communications Equipment – 6.0%
Applied Optoelectronics, Inc. (A)		253		4,079
Aruba Networks, Inc. (A)		252		5,449
Ruckus Wireless, Inc. (A)		691		9,238
ShoreTel, Inc. (A)		614		4,086
				22,852
Consumer Electronics – 3.4%
Harman International Industries, Inc.		133		12,995
Diversified Metals & Mining – 0.9%
Horsehead Holding Corp. (A)		197		3,261
Diversified Support Services – 3.8%
Portfolio Recovery Associates, Inc. (A)		269		14,047
Electrical Components & Equipment – 1.0%
Acuity Brands, Inc.		32		3,819
Electronic Components – 0.9%
Universal Display Corp. (A)		107		3,486
Electronic Manufacturing Services – 4.1%
IPG Photonics Corp. (A)		146		10,021
Methode Electronics, Inc.		147		5,409
				15,430
Footwear – 2.1%
Skechers USA, Inc. (A)		148		7,864

Health Care Equipment – 2.4%
Cyberonics, Inc. (A)	54	2,754
DexCom, Inc. (A)	160	6,396
		9,150
Health Care Facilities – 3.8%
Acadia Healthcare Co., Inc. (A)	156	7,581
Hanger Orthopedic Group, Inc. (A)	131	2,685
Surgical Care Affiliates, Inc. (A)	157	4,192
		14,458
Health Care Services – 1.9%
Air Methods Corp.	85	4,719
ExamWorks Group, Inc. (A)	76	2,493
		7,212
Health Care Supplies – 4.4%
Align Technology, Inc. (A)	117	6,061
Spectranetics Corp. (The) (A)	247	6,574
Vascular Solutions, Inc. (A)	169	4,185
		16,820
Human Resource & Employment Services – 2.2%
WageWorks, Inc. (A)	186	8,480
Industrial Machinery – 4.1%
Barnes Group, Inc.	145	4,411
Proto Labs, Inc. (A)	76	5,222
Rexnord Corp. (A)	199	5,661
		15,294
Internet Software & Services – 4.0%
Demandware, Inc. (A)	114	5,804
Move, Inc. (A)	194	4,061
Textura Corp. (A)	206	5,439
		15,304
Investment Banking & Brokerage – 1.0%
Moelis & Co., Class A	111	3,797
Leisure Facilities – 2.3%
Vail Resorts, Inc.	102	8,808
Oil & Gas Equipment & Services – 1.9%
Helix Energy Solutions Group, Inc. (A)	223	4,912
Nuverra Environmental Solutions, Inc. (A)	155	2,283
		7,195
Oil & Gas Exploration & Production – 0.9%
Bonanza Creek Energy, Inc. (A)	59	3,380
Oil & Gas Storage & Transportation – 4.0%
Targa Resources Corp.	110	14,983
Pharmaceuticals – 6.6%
Akorn, Inc. (A)	258	9,370
Aratana Therapeutics, Inc. (A)	91	910
Revance Therapeutics, Inc. (A)	141	2,728
Salix Pharmaceuticals Ltd. (A)	59	9,171
ZS Pharma, Inc. (A)	62	2,437
		24,616
Regional Banks – 1.5%
Texas Capital Bancshares, Inc. (A)	99	5,722
Restaurants – 1.1%
Krispy Kreme Doughnuts, Inc. (A)	233	4,004

Semiconductors – 3.6%
Atmel Corp. (A)	499		4,028
Canadian Solar, Inc. (A)	108		3,852
Integrated Device Technology, Inc. (A)	361		5,754
			13,634
Specialized Consumer Services – 1.3%
LifeLock, Inc. (A)	332		4,747
Systems Software – 0.2%
CyberArk Software Ltd. (A)	20		640
Trucking – 2.6%
Saia, Inc. (A)	81		4,020
Swift Transportation Co. (A)	286		5,995
			10,015
TOTAL COMMON STOCKS – 96.9%		$	366,609
(Cost: $291,737)
SHORT-TERM SECURITIES	Principal
Commercial Paper – 2.6%
Air Products and Chemicals, Inc.,
0.100%, 10–27–14 (B)	$     2,000		2,000
Diageo Capital plc (GTD by Diageo plc),
0.250%, 10–3–14 (B)	5,000		5,000
Sysco Corp.,
0.060%, 10–1–14 (B)	2,947		2,947
			9,947
Master Note – 0.5%
Toyota Motor Credit Corp., 0.102%, 10–7–14 (C)	1,904		1,904
TOTAL SHORT-TERM SECURITIES – 3.1%		$	11,851
(Cost: $11,851)
TOTAL INVESTMENT SECURITIES – 100.0%		$	378,460
(Cost: $303,588)
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0%			(108	)
NET ASSETS – 100.0%		$	378,352

Notes to Schedule of Investments

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

(B) Rate shown is the yield to maturity at September 30, 2014.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	366,609	$	—	$	—
Short-Term Securities		—		11,851		—
Total	$	366,609	$	11,851	$	—

As of September 30, 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 September 30, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	303,588
Gross unrealized appreciation		91,771
Gross unrealized depreciation		(16,899	)
Net unrealized appreciation	$	74,872

SCHEDULE OF INVESTMENTS
Small Cap Value (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Aerospace & Defense – 0.5%
Triumph Group, Inc.		22	$	1,451
Apparel Retail – 2.8%
Abercrombie & Fitch Co., Class A		159		5,782
Lands’ End, Inc. (A)		67		2,759
				8,541
Application Software – 1.2%
Synchronoss Technologies, Inc. (A)		79		3,621
Auto Parts & Equipment – 3.2%
Dana Holding Corp.		216		4,139
Visteon Corp. (A)		58		5,621
				9,760
Building Products – 5.6%
Armstrong World Industries, Inc. (A)		161		8,988
Continental Building Products, Inc. (A)		219		3,194
NCI Building Systems, Inc. (A)		228		4,414
				16,596
Casinos & Gaming – 1.4%
Pinnacle Entertainment, Inc. (A)		173		4,338
Construction Machinery & Heavy Trucks – 2.5%
Manitowoc Co., Inc. (The)		233		5,461
Terex Corp.		69		2,186
				7,647
Consumer Finance – 0.6%
JG Wentworth Co. (A)		137		1,692
Data Processing & Outsourced Services – 0.6%
CoreLogic, Inc. (A)		63		1,703
Diversified Support Services – 3.4%
Portfolio Recovery Associates, Inc. (A)		198		10,321
Forest Products – 1.1%
Boise Cascade Co. (A)		110		3,306
Gas Utilities – 1.1%
Southwest Gas Corp.		67		3,237
Health Care Facilities – 5.9%
Community Health Systems, Inc. (A)		86		4,723
HealthSouth Corp.		126		4,664
LifePoint Hospitals, Inc. (A)		121		8,393
				17,780
Investment Banking & Brokerage – 1.7%
Greenhill & Co., Inc.		113		5,244
Life & Health Insurance – 2.6%
American Equity Investment Life Holding Co.		165		3,784
Fidelity & Guaranty Life		197		4,204
				7,988
Marine – 2.6%
Matson, Inc.		317		7,933
Metal & Glass Containers – 0.9%
Owens – Illinois, Inc. (A)		103		2,673

Movies & Entertainment – 3.8%
Carmike Cinemas, Inc. (A)	243	7,519
Cinemark Holdings, Inc.	104	3,544
		11,063
Office REITs – 3.7%
Corporate Office Properties Trust	180	4,636
Lexington Corp. Properties Trust	341	3,335
Parkway Properties, Inc.	162	3,042
		11,013
Oil & Gas Equipment & Services – 2.7%
Basic Energy Services, Inc. (A)	115	2,483
GulfMark Offshore, Inc.	58	1,825
Key Energy Services, Inc. (A)	469	2,272
McDermott International, Inc. (A)	254	1,455
		8,035
Oil & Gas Refining & Marketing – 2.0%
Western Refining, Inc.	144	6,042
Oil & Gas Storage & Transportation – 4.5%
Atlas Energy L.P.	115	5,060
Atlas Pipeline Partners L.P.	237	8,642
		13,702
Property & Casualty Insurance – 1.8%
Argo Group International Holdings Ltd.	110	5,540
Real Estate Operating Companies – 1.5%
Forest City Enterprises, Inc., Class A (A)	236	4,608
Regional Banks – 10.0%
First Horizon National Corp.	446	5,481
Synovus Financial Corp.	164	3,869
Texas Capital Bancshares, Inc. (A)	91	5,226
Webster Financial Corp.	147	4,289
Western Alliance Bancorporation (A)	338	8,066
Zions Bancorporation	109	3,159
		30,090
Reinsurance – 5.3%
Endurance Specialty Holdings Ltd.	94	5,203
Maiden Holdings Ltd.	410	4,547
Reinsurance Group of America, Inc.	78	6,210
		15,960
Restaurants – 2.1%
Krispy Kreme Doughnuts, Inc. (A)	377	6,462
Retail REITs – 1.5%
Kite Realty Group Trust	189	4,589
Semiconductor Equipment – 2.8%
Teradyne, Inc.	435	8,438
Semiconductors – 2.5%
Freescale Semiconductor, Inc. (A)	146	2,853
Spansion, Inc. (A)	210	4,775
		7,628
Specialized REITs – 1.4%
Strategic Hotels & Resorts, Inc. (A)	367	4,270
Specialty Chemicals – 2.9%
Cytec Industries, Inc.	96	4,549
Kraton Performance Polymers, Inc. (A)	225	4,011
		8,560

Steel – 2.0%
SunCoke Energy Partners L.P.		209		6,142
Technology Distributors – 1.1%
Insight Enterprises, Inc. (A)		144		3,259
Trucking – 5.0%
Con-way, Inc.		47		2,237
Marten Transport Ltd.		291		5,178
Saia, Inc. (A)		154		7,625
				15,040
TOTAL COMMON STOCKS – 94.3%			$	284,272
(Cost: $250,718)
INVESTMENT FUNDS
Asset Management & Custody Banks – 0.9%
THL Credit, Inc.		210	$	2,704
TOTAL INVESTMENT FUNDS – 0.9%			$	2,704
(Cost: $2,748)
SHORT-TERM SECURITIES		Principal
Commercial Paper – 3.0%
Mondelez International, Inc.,
0.140%, 10–1–14 (B)	$	3,047		3,047
Virginia Electric and Power Co.,
0.210%, 10–3–14 (B)		6,000		6,000
				9,047
Master Note – 1.1%
Toyota Motor Credit Corp.,
0.102%, 10–7–14 (C)		3,426		3,426
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.),
0.050%, 10–7–14 (C)		1,430		1,430
NYC GO Bonds, Fiscal 2006 Ser E (GTD by Bank of America N.A.),
0.040%, 10–7–14 (C)		1,283		1,283
				2,713
TOTAL SHORT-TERM SECURITIES – 5.0%			$	15,186
(Cost: $15,186)
TOTAL INVESTMENT SECURITIES – 100.2%			$	302,162
(Cost: $268,652)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.2%)				(514	)
NET ASSETS – 100.0%			$	301,648

Notes to Schedule of Investments

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

(B) Rate shown is the yield to maturity at September 30, 2014.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	284,272	$	—	$	—
Investment Funds		2,704		—		—
Short-Term Securities		—		15,186		—
Total	$	286,976	$	15,186	$	—

As of September 30, 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 September 30, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	268,652
Gross unrealized appreciation		41,010
Gross unrealized depreciation		(7,500	)
Net unrealized appreciation	$	33,510

SCHEDULE OF INVESTMENTS
Value (in thousands)	SEPTEMBER 30, 2014 (UNAUDITED)

COMMON STOCKS	Shares		Value
Asset Management & Custody Banks – 2.4%
Blackstone Group L.P. (The)		234	$	7,376
State Street Corp.		27		1,965
				9,341
Biotechnology – 2.3%
Amgen, Inc. (A)		62		8,723
Cable & Satellite – 3.9%
Time Warner Cable, Inc. (A)		104		14,851
Consumer Finance – 4.4%
Capital One Financial Corp.		211		17,181
Department Stores – 1.9%
Macy’s, Inc. (A)		128		7,418
Diversified Chemicals – 3.1%
Dow Chemical Co. (The)		226		11,867
Drug Retail – 2.8%
CVS Caremark Corp.		136		10,832
Electronic Equipment & Instruments – 3.1%
Xerox Corp.		899		11,894
General Merchandise Stores – 2.5%
Target Corp.		153		9,578
Health Care Distributors – 2.0%
McKesson Corp. (A)		40		7,845
Health Care Facilities – 2.2%
HCA Holdings, Inc. (A)(B)		123		8,660
Homebuilding – 1.6%
Pulte Homes, Inc.		351		6,204
Hotels, Resorts & Cruise Lines – 2.0%
Wyndham Worldwide Corp.		98		7,931
Integrated Oil & Gas – 3.2%
Occidental Petroleum Corp.		131		12,548
Life & Health Insurance – 2.4%
MetLife, Inc.		175		9,401
Managed Health Care – 4.1%
Humana, Inc.		79		10,344
WellPoint, Inc.		46		5,455
				15,799
Multi-Line Insurance – 2.8%
American International Group, Inc.		198		10,680
Oil & Gas Refining & Marketing – 5.9%
HollyFrontier Corp.		84		3,673
Marathon Petroleum Corp. (A)		138		11,702
Phillips 66		92		7,472
				22,847

Oil & Gas Storage & Transportation – 11.1%
Atlas Energy L.P. (A)		254		11,189
Atlas Pipeline Partners L.P.		319		11,645
MarkWest Energy Partners L.P.		65		5,024
Regency Energy Partners L.P.		363		11,825
VTTI Energy Partners L.P. (B)		116		2,895
				42,578
Other Diversified Financial Services – 8.6%
Citigroup, Inc.		349		18,059
JPMorgan Chase & Co.		258		15,536
				33,595
Pharmaceuticals – 3.2%
Teva Pharmaceutical Industries Ltd. ADR		228		12,266
Reinsurance – 2.9%
Reinsurance Group of America, Inc.		141		11,306
Soft Drinks – 1.9%
Coca-Cola Enterprises, Inc.		168		7,448
Specialty Chemicals – 2.7%
LyondellBasell Industries N.V., Class A		98		10,627
Technology Hardware, Storage & Peripherals – 8.9%
SanDisk Corp.		169		16,505
Western Digital Corp. (A)		184		17,877
				34,382
Tobacco – 3.6%
Philip Morris International, Inc.		164		13,711
TOTAL COMMON STOCKS – 95.5%			$	369,513
(Cost: $306,165)
SHORT-TERM SECURITIES		Principal
Commercial Paper – 3.7%
American Honda Finance Corp. (GTD by Honda Motor Co.),
0.080%, 10–6–14 (C)	$	3,200		3,200
Baxter International, Inc.,
0.250%, 10–8–14 (C)		7,000		7,000
John Deere Financial Ltd. (GTD by John Deere Capital Corp.),
0.080%, 10–9–14 (C)		4,000		4,000
				14,200
Master Note – 0.6%
Toyota Motor Credit Corp.,
0.102%, 10–7–14 (D)		2,448		2,448
TOTAL SHORT-TERM SECURITIES – 4.3%				$16,648
(Cost: $16,648)
TOTAL INVESTMENT SECURITIES – 99.8%				$386,161
(Cost: $322,813)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.2%				785
NET ASSETS – 100.0%			$	386,946

Notes to Schedule of Investments

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

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

(C) Rate shown is the yield to maturity at September 30, 2014.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2014. Date shown represents the date that the variable rate resets.

The following written options were outstanding at September 30, 2014 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type		Number of Contracts		Expiration Month		Exercise Price		Premium Received		Value
Amgen, Inc.	N/A		Call		67		October 2014	$	145.00	$	12	$	(7	)
Atlas Energy L.P.	N/A		Call		241		October 2014		50.00		16		(5	)
First Republic Bank	N/A		Put		114		November 2014		40.00		6		(3	)
HCA Holdings, Inc.	N/A		Call		158		December 2014		75.00		36		(30	)
Macy’s, Inc.	N/A		Call		255		November 2014		65.00		19		(7	)
Marathon Petroleum Corp.	N/A		Call		126		October 2014		95.00		21		(2	)
McKesson Corp.	N/A		Call		193		October 2014		200.00		44		(21	)
Time Warner Cable, Inc.	N/A		Call		251		January 2015		170.00		29		(9	)
Western Digital Corp.	N/A		Call		112		October 2014		105.00		22		(1	)
										$	205	$	(85	)

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date.

Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

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

An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized as follows:

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of September 30, 2014:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	369,513	$	—	$	—
Short-Term Securities		—		16,648		—
Total	$	369,513	$	16,648	$	—
Liabilities
Written Options	$	66	$	19	$	—

As of September 30, 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

OTC = Over the Counter

For Federal income tax purposes, cost of investments owned at September 30, 2014 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	322,813
Gross unrealized appreciation		67,040
Gross unrealized depreciation		(3,692	)
Net unrealized appreciation	$	63,348

ITEM 2.    CONTROLS AND PROCEDURES.

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

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

ITEM 3.    EXHIBITS.

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

Attached hereto as Exhibit 99.CERT.

SIGNATURES

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

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

Date: November 26, 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: November 26, 2014

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

Date: November 26, 2014

EX-99.CERT

Exhibit 99.CERT

CERTIFICATION

I, Henry J. Herrmann, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: November 26, 2014	/s/Henry J. Herrmann
	Henry J. Herrmann, Principal Executive Officer

CERTIFICATION

I, Joseph W. Kauten, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: November 26, 2014	/s/Joseph W. Kauten
	Joseph W. Kauten, Principal Financial Officer