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, 2015

ITEM 1.    SCHEDULE OF INVESTMENTS.

SCHEDULE OF INVESTMENTS Pathfinder Aggressive (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Global Growth		1,689	$	13,684
Ivy Funds VIP Growth		1,568		16,628
Ivy Funds VIP International Core Equity		622		9,184
Ivy Funds VIP Limited-Term Bond		2,001		9,779
Ivy Funds VIP Mid Cap Growth		844		7,719
Ivy Funds VIP Small Cap Growth		779		8,236
Ivy Funds VIP Small Cap Value		521		7,958
Ivy Funds VIP Value		1,387		8,167
TOTAL AFFILIATED MUTUAL FUNDS – 99.3%			$	81,355
(Cost: $89,213)
SHORT-TERM SECURITIES	Principal
Master Note – 0.7%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (A)	$	593		593
TOTAL SHORT-TERM SECURITIES – 0.7%			$	593
(Cost: $593)
TOTAL INVESTMENT SECURITIES – 100.0%			$	81,948
(Cost: $89,806)
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0%				(14	)
NET ASSETS – 100.0%			$	81,934

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. 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 is a summary of the valuation of the Portfolio investments by the fair value hierarchy levels as of September 30, 2015.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	81,355	$	—	$	—
Short-Term Securities		—		593		—
Total	$	81,355	$	593	$	—

During the period ended September 30, 2015, there were no transfers between any levels.

For Federal income tax purposes, cost of investments owned at September 30, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	89,806
Gross unrealized appreciation		—
Gross unrealized depreciation		(7,858	)
Net unrealized depreciation	$	(7,858	)

SCHEDULE OF INVESTMENTS Pathfinder Conservative (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		1,934	$	14,091
Ivy Funds VIP Global Growth		301		2,437
Ivy Funds VIP Growth		1,392		14,761
Ivy Funds VIP International Core Equity		348		5,139
Ivy Funds VIP Limited-Term Bond		4,445		21,723
Ivy Funds VIP Mid Cap Growth		346		3,162
Ivy Funds VIP Money Market		42,038		42,038
Ivy Funds VIP Small Cap Growth		532		5,626
Ivy Funds VIP Small Cap Value		142		2,173
Ivy Funds VIP Value		758		4,462
TOTAL AFFILIATED MUTUAL FUNDS – 99.5%			$	115,612
(Cost: $121,034)
SHORT-TERM SECURITIES	Principal
Master Note – 0.5%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (A)	$	607		607
TOTAL SHORT-TERM SECURITIES – 0.5%			$	607
(Cost: $607)
TOTAL INVESTMENT SECURITIES – 100.0%			$	116,219
(Cost: $121,641)
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0%				(15	)
NET ASSETS – 100.0%			$	116,204

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. 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 is a summary of the valuation of the Portfolio investments by the fair value hierarchy levels as of September 30, 2015.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	115,612	$	—	$	—
Short-Term Securities		—		607		—
Total	$	115,612	$	607	$	—

During the period ended September 30, 2015, there were no transfers between any levels.

For Federal income tax purposes, cost of investments owned at September 30, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	121,641
Gross unrealized appreciation		—
Gross unrealized depreciation		(5,422	)
Net unrealized depreciation	$	(5,422	)

SCHEDULE OF INVESTMENTS Pathfinder Moderate (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		17,148	$	124,935
Ivy Funds VIP Global Growth		12,583		101,957
Ivy Funds VIP Growth		11,522		122,207
Ivy Funds VIP International Core Equity		3,764		55,598
Ivy Funds VIP Limited-Term Bond		20,806		101,684
Ivy Funds VIP Mid Cap Growth		3,540		32,381
Ivy Funds VIP Money Market		184,695		184,695
Ivy Funds VIP Small Cap Growth		5,729		60,570
Ivy Funds VIP Small Cap Value		2,735		41,741
Ivy Funds VIP Value		7,283		42,871
TOTAL AFFILIATED MUTUAL FUNDS – 99.9%			$	868,639
(Cost: $908,759)
SHORT-TERM SECURITIES	Principal
Master Note – 0.1%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (A)	$	490		490
TOTAL SHORT-TERM SECURITIES – 0.1%			$	490
(Cost: $490)
TOTAL INVESTMENT SECURITIES – 100.0%			$	869,129
(Cost: $909,249)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.0%				39
NET ASSETS – 100.0%			$	869,168

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. 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 is a summary of the valuation of the Portfolio investments by the fair value hierarchy levels as of September 30, 2015.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	868,639	$	—	$	—
Short-Term Securities		—		490		—
Total	$	868,639	$	490	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

For Federal income tax purposes, cost of investments owned at September 30, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	909,249
Gross unrealized appreciation		1,386
Gross unrealized depreciation		(41,506	)
Net unrealized depreciation	$	(40,120	)

SCHEDULE OF INVESTMENTS Pathfinder Moderate –
Managed Volatility (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		6,291	$	45,835
Ivy Funds VIP Global Growth		4,618		37,420
Ivy Funds VIP Growth		4,200		44,546
Ivy Funds VIP International Core Equity		1,387		20,489
Ivy Funds VIP Limited-Term Bond		7,552		36,907
Ivy Funds VIP Mid Cap Growth		1,302		11,907
Ivy Funds VIP Money Market		67,319		67,319
Ivy Funds VIP Small Cap Growth		2,068		21,869
Ivy Funds VIP Small Cap Value		1,005		15,337
Ivy Funds VIP Value		2,653		15,618
TOTAL AFFILIATED MUTUAL FUNDS – 96.4%			$	317,247
(Cost: $351,475)
SHORT-TERM SECURITIES	Principal
Master Note – 3.2%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (A)	$	10,410		10,410
TOTAL SHORT-TERM SECURITIES – 3.2%			$	10,410
(Cost: $10,410)
TOTAL INVESTMENT SECURITIES – 99.6%			$	327,657
(Cost: $361,885)
CASH AND OTHER ASSETS, NET OF LIABILITIES (B) – 0.4%				1,228
NET ASSETS – 100.0%			$	328,885

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

(B) Cash of $1,961 has been pledged as collateral on open futures contracts.

The following futures contracts were outstanding at September 30, 2015 (contracts unrounded):

Description	Type		Expiration Date		Number of Contracts		Value			Unrealized Appreciation
E-mini Russell 2000 Index		Short		12-18-15		65	$	(7,124	)	$	379
S&P 500 Index		Short		12-18-15		70		(33,402	)		743
							$	(40,526	)	$	1,122

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 is a summary of the valuation of the Portfolio investments by the fair value hierarchy levels as of September 30, 2015.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	317,247	$	—	$	—
Short-Term Securities		—		10,410		—
Total	$	317,247	$	10,410	$	—
Futures Contracts	$	1,122	$	—	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

For Federal income tax purposes, cost of investments owned at September 30, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	361,885
Gross unrealized appreciation		—
Gross unrealized depreciation		(34,228	)
Net unrealized depreciation	$	(34,228	)

SCHEDULE OF INVESTMENTS Pathfinder Moderately
Aggressive (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		20,486	$	149,250
Ivy Funds VIP Global Growth		15,032		121,801
Ivy Funds VIP Growth		13,762		145,974
Ivy Funds VIP International Core Equity		7,736		114,276
Ivy Funds VIP Limited-Term Bond		24,949		121,931
Ivy Funds VIP Mid Cap Growth		5,287		48,357
Ivy Funds VIP Money Market		110,311		110,311
Ivy Funds VIP Small Cap Growth		7,820		82,685
Ivy Funds VIP Small Cap Value		5,227		79,791
Ivy Funds VIP Value		8,699		51,209
TOTAL AFFILIATED MUTUAL FUNDS – 99.9%			$	1,025,585
(Cost: $1,079,901)
SHORT-TERM SECURITIES	Principal
Master Note – 0.1%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (A)	$	603		603
TOTAL SHORT-TERM SECURITIES – 0.1%			$	603
(Cost: $603)
TOTAL INVESTMENT SECURITIES – 100.0%			$	1,026,188
(Cost: $1,080,504)
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0%				(83	)
NET ASSETS – 100.0%			$	1,026,105

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. 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 is a summary of the valuation of the Portfolio investments by the fair value hierarchy levels as of September 30, 2015.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	1,025,585	$	—	$	—
Short-Term Securities		—		603		—
Total	$	1,025,585	$	603	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

For Federal income tax purposes, cost of investments owned at September 30, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	1,080,504
Gross unrealized appreciation		1,522
Gross unrealized depreciation		(55,838	)
Net unrealized depreciation	$	(54,316	)

SCHEDULE OF INVESTMENTS Pathfinder Moderately Aggressive –Managed Volatility (in  thousands) SEPTEMBER 30, 2015 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		1,123	$	8,185
Ivy Funds VIP Global Growth		825		6,686
Ivy Funds VIP Growth		752		7,976
Ivy Funds VIP International Core Equity		425		6,283
Ivy Funds VIP Limited-Term Bond		1,358		6,639
Ivy Funds VIP Mid Cap Growth		290		2,657
Ivy Funds VIP Money Market		6,026		6,026
Ivy Funds VIP Small Cap Growth		425		4,489
Ivy Funds VIP Small Cap Value		287		4,384
Ivy Funds VIP Value		475		2,795
TOTAL AFFILIATED MUTUAL FUNDS – 96.6%			$	56,120
(Cost: $63,869)
SHORT-TERM SECURITIES	Principal
Master Note – 3.0%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (A)	$	1,756		1,756
TOTAL SHORT-TERM SECURITIES – 3.0%			$	1,756
(Cost: $1,756)
TOTAL INVESTMENT SECURITIES – 99.6%			$	57,876
(Cost: $65,625)
CASH AND OTHER ASSETS, NET OF LIABILITIES (B) – 0.4%				228
NET ASSETS – 100.0%			$	58,104

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

(B) Cash of $375 has been pledged as collateral on open futures contracts.

The following futures contracts were outstanding at September 30, 2015 (contracts unrounded):

Description	Type		Expiration Date		Number of Contracts		Value			Unrealized Appreciation
E-mini Russell 2000 Index		Short		12-18-15		14	$	(1,534	)	$	81
E-mini S&P 500 Index		Short		12-18-15		10		(955	)		21
S&P 500 Index		Short		12-18-15		11		(5,249	)		114
							$	(7,738	)	$	216

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 is a summary of the valuation of the Portfolio investments by the fair value hierarchy levels as of September 30, 2015.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	56,120	$	—	$	—
Short-Term Securities		—		1,756		—
Total	$	56,120	$	1,756	$	—
Futures Contracts	$	216	$	—	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

For Federal income tax purposes, cost of investments owned at September 30, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	65,625
Gross unrealized appreciation		—
Gross unrealized depreciation		(7,749	)
Net unrealized depreciation	$	(7,749	)

SCHEDULE OF INVESTMENTS Pathfinder Moderately Conservative (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		4,531	$	33,012
Ivy Funds VIP Global Growth		2,270		18,397
Ivy Funds VIP Growth		3,514		37,274
Ivy Funds VIP International Core Equity		1,144		16,905
Ivy Funds VIP Limited-Term Bond		9,276		45,336
Ivy Funds VIP Mid Cap Growth		1,079		9,871
Ivy Funds VIP Money Market		70,420		70,420
Ivy Funds VIP Small Cap Growth		1,499		15,846
Ivy Funds VIP Small Cap Value		500		7,636
Ivy Funds VIP Value		2,221		13,077
TOTAL AFFILIATED MUTUAL FUNDS – 99.8%			$	267,774
(Cost: $280,990)
SHORT-TERM SECURITIES	Principal
Master Note – 0.2%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (A)	$	576		576
TOTAL SHORT-TERM SECURITIES – 0.2%			$	576
(Cost: $576)
TOTAL INVESTMENT SECURITIES – 100.0%			$	268,350
(Cost: $281,566)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.0%				7
NET ASSETS – 100.0%			$	268,357

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. 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 is a summary of the valuation of the Portfolio investments by the fair value hierarchy levels as of September 30, 2015.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	267,774	$	—	$	—
Short-Term Securities		—		576		—
Total	$	267,774	$	576	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

For Federal income tax purposes, cost of investments owned at September 30, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	281,566
Gross unrealized appreciation		—
Gross unrealized depreciation		(13,216	)
Net unrealized depreciation	$	(13,216	)

SCHEDULE OF INVESTMENTS Pathfinder Moderately Conservative –Managed Volatility (in  thousands) SEPTEMBER 30, 2015 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		757	$	5,515
Ivy Funds VIP Global Growth		379		3,075
Ivy Funds VIP Growth		583		6,182
Ivy Funds VIP International Core Equity		192		2,841
Ivy Funds VIP Limited-Term Bond		1,531		7,480
Ivy Funds VIP Mid Cap Growth		181		1,654
Ivy Funds VIP Money Market		11,670		11,670
Ivy Funds VIP Small Cap Growth		246		2,600
Ivy Funds VIP Small Cap Value		84		1,278
Ivy Funds VIP Value		368		2,167
TOTAL AFFILIATED MUTUAL FUNDS – 96.6%			$	44,462
(Cost: $48,580)
SHORT-TERM SECURITIES	Principal
Master Note – 3.0%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (A)	$	1,378		1,378
TOTAL SHORT-TERM SECURITIES – 3.0%			$	1,378
(Cost: $1,378)
TOTAL INVESTMENT SECURITIES – 99.6%			$	45,840
(Cost: $49,958)
CASH AND OTHER ASSETS, NET OF LIABILITIES (B) – 0.4%				183
NET ASSETS – 100.0%			$	46,023

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

(B) Cash of $302 has been pledged as collateral on open futures contracts.

The following futures contracts were outstanding at September 30, 2015 (contracts unrounded):

Description	Type		Expiration Date		Number of Contracts		Value			Unrealized Appreciation
E-mini Russell 2000 Index		Short		12-18-15		10	$	(1,096	)	$	58
E-mini S&P 500 Index		Short		12-18-15		14		(1,336	)		29
S&P 500 Index		Short		12-18-15		8		(3,817	)		83
							$	(6,249	)	$	170

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 is a summary of the valuation of the Portfolio investments by the fair value hierarchy levels as of September 30, 2015:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	44,462	$	—	$	—
Short-Term Securities		—		1,378		—
Total	$	44,462	$	1,378	$	—
Futures Contracts	$	170	$	—	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

For Federal income tax purposes, cost of investments owned at September 30, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	49,958
Gross unrealized appreciation		—
Gross unrealized depreciation		(4,118	)
Net unrealized depreciation	$	(4,118	)

CONSOLIDATED SCHEDULE OF INVESTMENTS Asset Strategy (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares			Value
Consumer Discretionary
Apparel Retail – 1.5%
Limited Brands, Inc. (A)		212		$	19,062
Auto Parts & Equipment – 2.4%
Continental AG (B)		79			16,959
Delphi Automotive plc		194			14,714
					31,673
Cable & Satellite – 0.6%
Comcast Corp., Class A		143			8,117
Casinos & Gaming – 1.6%
Galaxy Entertainment Group (B)		7,838			20,075
Home Improvement Retail – 2.1%
Home Depot, Inc. (The) (A)		230			26,551
Leisure Facilities – 0.0%
Circuit of the Americas LLC, Class B(C)		—	*		—
Leisure Products – 2.1%
Media Group Holdings LLC, Series H (C)(D)(E)(F)		32			9,194
Media Group Holdings LLC, Series I (C)(D)(E)(F)		19			7,505
Media Group Holdings LLC, Series T (C)(D)(E)(F)		4			10,598
					27,297
Movies & Entertainment – 3.5%
Delta Topco Ltd. (D)		56,728			28,431
Legend Pictures LLC (C)(D)(E)		10			16,500
					44,931
Restaurants – 2.0%
Chipotle Mexican Grill, Inc., Class A (C)		13			9,580
McDonald’s Corp.		164			16,139
					25,719
Total Consumer Discretionary – 15.8%					203,425
Consumer Staples
Brewers – 2.3%
SABMiller plc (B)		526			29,763
Hypermarkets & Super Centers – 0.5%
Costco Wholesale Corp.		46			6,636
Packaged Foods & Meats – 2.8%
Kraft Foods Group, Inc.		351			24,745
Mead Johnson Nutrition Co.		159			11,187
					35,932
Soft Drinks – 3.1%
Coca-Cola Co. (The)		663			26,604
PepsiCo, Inc.		143			13,475
					40,079
Tobacco – 1.9%
ITC Ltd. (B)		749			3,757
Philip Morris International, Inc.		266			21,125
					24,882
Total Consumer Staples – 10.6%					137,292
Energy
Oil & Gas Equipment & Services – 0.6%
Halliburton Co.		211			7,462
Oil & Gas Exploration & Production – 1.2%
Anadarko Petroleum Corp.		70			4,252
EOG Resources, Inc.		22			1,609
Noble Energy, Inc.		324			9,790
					15,651
Oil & Gas Refining & Marketing – 2.2%
Phillips 66		366			28,123
Oil & Gas Storage & Transportation – 1.2%
Plains GP Holdings L.P., Class A (A)		886			15,500
Total Energy – 5.2%					66,736

Financials
Diversified Banks – 4.1%
Axis Bank Ltd. (B)	1,380	10,468
Banca Intesa S.p.A. (B)	4,529	16,000
Kabushiki Kaisha Mitsubishi Tokyo Financial Group (B)	566	3,421
State Bank of India (B)	1,395	5,059
Wells Fargo & Co. (A)	350	17,962
		52,910
Life & Health Insurance – 2.3%
AIA Group Ltd. (B)	5,561	28,923
Other Diversified Financial Services – 3.9%
Citigroup, Inc.	569	28,213
JPMorgan Chase & Co.	368	22,443
		50,656
Total Financials – 10.3%		132,489
Health Care
Biotechnology – 3.6%
Alexion Pharmaceuticals, Inc. (C)	68	10,603
Amgen, Inc.	136	18,853
Biogen, Inc. (A)(C)	59	17,100
		46,556
Health Care Equipment – 0.6%
Medtronic plc	123	8,234
Managed Health Care – 0.5%
Anthem, Inc.	45	6,230
Pharmaceuticals – 4.6%
Allergan plc (C)	78	21,122
Bristol-Myers Squibb Co.	197	11,657
Pfizer, Inc.	653	20,520
Shire Pharmaceuticals Group plc ADR	31	6,301
		59,600
Total Health Care – 9.3%		120,620
Industrials
Aerospace & Defense – 0.5%
Lockheed Martin Corp.	32	6,717
Construction & Engineering – 0.8%
Larsen & Toubro Ltd. (B)	453	10,164
Construction Machinery & Heavy Trucks – 0.1%
AB Volvo, Class B (B)	220	2,110
Industrial Machinery – 1.7%
FANUC Ltd. (B)	65	9,969
Ingersoll-Rand plc	227	11,514
		21,483
Total Industrials – 3.1%		40,474
Information Technology
Application Software – 3.5%
Adobe Systems, Inc. (A)(C)	299	24,609
Intuit, Inc. (G)	239	21,211
		45,820
Data Processing & Outsourced Services – 2.5%
Alliance Data Systems Corp. (C)	58	14,918
Visa, Inc., Class A (A)	241	16,753
		31,671
Internet Software & Services – 2.2%
Alibaba Group Holding Ltd. ADR (C)	178	10,502
Google, Inc., Class A (C)	29	18,513
		29,015
IT Consulting & Other Services – 2.0%
Cognizant Technology Solutions Corp., Class A (C)(G)	418	26,189
Semiconductor Equipment – 0.4%
Applied Materials, Inc.	308	4,529

Systems Software – 1.9%
Microsoft Corp.		557		24,631
Total Information Technology – 12.5%				161,855
TOTAL COMMON STOCKS – 66.8%			$	862,891
(Cost: $915,901)
PURCHASED OPTIONS	Number of Contracts (Unrounded)
EOG Resources, Inc.,
Call $105.00, Expires 10–16–15, OTC (Ctrpty: Citibank N.A.)		949		3
German Stock Index,
Call EUR12,500.00, Expires 12–18–15, OTC (Ctrpty: Barclays Bank plc)(H)		485		9
Google, Inc., Class A,
Call $765.00, Expires 12–18–15, OTC (Ctrpty: Deutsche Bank AG)		81		21
Micron Technology, Inc.,
Call $31.00, Expires 10–16–15, OTC (Ctrpty: UBS AG)		562		1
Microsoft Corp.,
Call $50.00, Expires 1–15–16, OTC (Ctrpty: Bank of America N.A.)		3,845		152
S&P 500 Index,
Put $1,875.00, Expires 10–16–15		692		1,526
TOTAL PURCHASED OPTIONS – 0.1%			$	1,712
(Cost: $4,481)
CORPORATE DEBT SECURITIES	Principal
Consumer Discretionary
Automobile Manufacturers – 0.5%
Aston Martin Holdings Ltd.,
10.250%, 7–15–18 (I)(J)	$	7,195		6,823
Leisure Facilities – 0.2%
Circuit of the Americas LLC, Series C,
0.000%, 12–31–20 (K)		3,642		2,361
Movies & Entertainment – 4.1%
Delta Topco Ltd.,
10.000%, 11–24–60 (D)(I)		52,330		52,330
Total Consumer Discretionary – 4.8%				61,514
TOTAL CORPORATE DEBT SECURITIES – 4.8%			$	61,514
(Cost: $62,466)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Mortgage-Backed Obligations – 0.0%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO:
5.500%, 3–15–23 (L)		55		4
5.500%, 10–15–25 (L)		242		34
6.000%, 11–15–35 (L)		149		30
Federal National Mortgage Association Agency REMIC/CMO:
5.500%, 6–25–23 (L)		100		13
5.500%, 8–25–33 (L)		167		29
5.500%, 4–25–34 (L)		257		47
5.500%, 11–25–36 (L)		326		60
Government National Mortgage Association Agency REMIC/CMO:
5.500%, 3–20–32 (L)		21		—	*
5.500%, 11–20–33 (L)		34		—	*
5.500%, 7–20–35 (L)		129		24
				241
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 0.0%			$	241
(Cost: $253)

UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 5.1%
U.S. Treasury Bonds, 2.875%, 8–15–45		17,879		17,881
U.S. Treasury Notes:
1.625%, 7–31–20		14,230		14,406
2.000%, 8–15–25		32,890		32,732
				65,019
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 5.1%			$	65,019
(Cost: $65,053)
BULLION – 3.4%	Troy Ounces
Gold		39		44,022
(Cost: $48,038)
SHORT-TERM SECURITIES	Principal
Commercial Paper (M) – 17.6%
Baxter International, Inc.:
0.340%, 10–9–15	$	5,000		5,000
0.260%, 10–22–15		5,000		4,999
Bemis Co., Inc.,
0.330%, 10–9–15		3,000		3,000
Caterpillar Financial Services Corp. (GTD by Caterpillar, Inc.),
0.140%, 10–1–15		3,000		3,000
E.I. du Pont de Nemours and Co.,
0.150%, 10–2–15		15,500		15,500
Ecolab, Inc.,
0.400%, 10–5–15		5,000		5,000
Federal Home Loan Bank,
0.030%, 10–16–15		6,000		6,000
General Mills, Inc.,
0.310%, 10–1–15		14,000		14,000
John Deere Financial Ltd. (GTD by John Deere Capital Corp.),
0.120%, 10–13–15		5,000		5,000
John Deere Financial, Inc. (GTD by John Deere Capital Corp.):
0.180%, 10–5–15		10,000		10,000
0.120%, 10–15–15		10,000		9,999
Kellogg Co.:
0.350%, 10–2–15		4,000		4,000
0.360%, 10–5–15		5,000		5,000
0.250%, 10–15–15		5,000		4,999
0.260%, 10–19–15		10,000		9,999
Mattel, Inc.,
0.260%, 10–22–15		2,500		2,500
Medtronic Global Holdings SCA,
0.230%, 10–21–15		5,000		4,999
Microsoft Corp.,
0.060%, 10–20–15		10,000		10,000
Mondelez International, Inc.,
0.260%, 10–21–15		5,000		4,999
National Oilwell Varco, Inc.,
0.200%, 10–6–15		4,500		4,500
NBCUniversal Enterprise, Inc.,
0.400%, 10–7–15		15,000		14,999
Northern Illinois Gas Co.:
0.310%, 10–6–15		5,000		5,000
0.310%, 10–9–15		10,000		9,999
Novartis Finance Corp. (GTD by Novartis AG),
0.120%, 10–16–15		15,000		14,999
PACCAR Financial Corp. (GTD by PACCAR, Inc.),
0.150%, 10–2–15		4,400		4,400

St. Jude Medical, Inc.,
0.250%, 11–2–15	6,079		6,078
Unilever Capital Corp. (GTD by Unilever N.V.):
0.150%, 10–5–15	3,000		3,000
0.120%, 10–13–15	10,000		9,999
United Technologies Corp.,
0.260%, 10–21–15	10,000		9,998
Wal-Mart Stores, Inc.,
0.100%, 11–16–15	10,000		9,999
Wisconsin Gas LLC,
0.140%, 10–2–15	5,000		5,000
			225,965
Master Note – 0.2%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (N)	3,169		3,169
Municipal Obligations – 1.6%
MS Business Fin Corp., Gulf Opp Zone Indl Dev Rev Bonds (Chevron USA, Inc. Proj), Ser 2007B (GTD by Chevron Corp.),
0.010%, 10–1–15 (N)	11,000		11,000
MS Business Fin Corp., Gulf Opp Zone Indl Dev Rev Bonds (Chevron USA, Inc. Proj), Ser 2007D (GTD by Chevron Corp.),
0.010%, 10–1–15 (N)	10,000		10,000
			21,000
United States Government Agency Obligations – 0.3%
Overseas Private Investment Corp. (GTD by U.S. Government):
0.150%, 10–7–15 (N)	1,800		1,800
0.140%, 10–29–15 (N)	2,000		2,000
			3,800
TOTAL SHORT-TERM SECURITIES – 19.7%		$	253,934
(Cost: $253,930)
TOTAL INVESTMENT SECURITIES – 99.9%		$	1,289,333
(Cost: $1,350,122)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.1%			1,768
NET ASSETS – 100.0%		$	1,291,101

Notes to Consolidated Schedule of Investments

* Not shown due to rounding.

(A) All or a portion of securities with an aggregate value of $2,424 are held in collateralized accounts for OTC derivatives collateral as governed by International Swaps and Derivatives Association, Inc. Master Agreements.

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

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

(D) Restricted securities. At September 30, 2015, the Portfolio owned the following restricted securities:

Security	Acquisition Date(s)		Shares		Cost		Market Value
Delta Topco Ltd.		1-23-12 to 6-15-12		56,728	$	29,297	$	28,431
Legend Pictures LLC		12-18-12		10		18,161		16,500
Media Group Holdings LLC, Series H		8-29-13 to 10-31-13		32		22,374		9,194
Media Group Holdings LLC, Series I		4-23-13 to 11-8-13		19		10,478		7,505
Media Group Holdings LLC, Series T		7-2-13 to 1-23-15		4		8,613		10,598
			Principal
Delta Topco Ltd., 10.000%, 11-24-60		4-1-12 to 1-1-15		$  52,330		52,820		52,330
					$	141,743	$	124,558

The total value of these securities represented 9.7% of net assets at September 30, 2015.

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

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

(G) All or a portion of securities with an aggregate value of $27,477 are held in collateralized accounts to cover potential obligations with respect to outstanding written options.

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

(I) Payment-in-kind bonds.

(J) 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, 2015 the total value of these securities amounted to $6,823 or 0.5% of net assets.

(K) Zero coupon bond.

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

(M) Rate shown is the yield to maturity at September 30, 2015.

(N) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following forward foreign currency contracts were outstanding at September 30, 2015:

	Currency to be Delivered		Currency to be Received		Settlement Date		Counterparty	Unrealized Appreciation		Unrealized Depreciation
Euro	14,894	U.S. Dollar		16,575		10-15-15	Deutsche Bank AG	$	—	$	71
Japanese Yen	830,346	U.S. Dollar		6,914		10-15-15	Morgan Stanley International		—		9
								$	—	$	80

The following written options were outstanding at September 30, 2015 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type	Number of Contracts		Expiration Month		Exercise Price		Premium Received		Value
EOG Resources, Inc.	Citibank N.A.	Put		477		October 2015	$	87.50	$	167	$	(732	)
	Citibank N.A.	Put		472		October 2015		90.00		207		(855	)
	Citibank N.A.	Call		949		October 2015		120.00		69		(3	)
Google, Inc., Class A	Deutsche Bank AG	Put		81		December 2015		635.00		121		(270	)
Microsoft Corp.	Bank of America N.A.	Put		1,538		January 2016		37.00		337		(91	)
S&P 500 Index	N/A	Put		692		October 2015		1,650.00		759		(97	)
									$	1,660	$	(2,048	)

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 is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of September 30, 2015.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	94,163	$	37,034	$	72,228
Consumer Staples		103,772		33,520		—
Energy		66,736		—		—
Financials		68,618		63,871		—
Health Care		120,620		—		—
Industrials		18,231		22,243		—
Information Technology		161,855		—		—
Total Common Stocks	$	633,995	$	156,668	$	72,228
Purchased Options		1,526		186		—
Corporate Debt Securities		—		9,184		52,330
United States Government Agency Obligations		—		241		—
United States Government Obligations		—		65,019		—
Bullion		44,022		—		—
Short-Term Securities		—		253,934		—
Total	$	679,543	$	485,232	$	124,558
Liabilities
Forward Foreign Currency Contracts	$	—	$	80	$	—
Written Options	$	97	$	1,951	$	—

During the period ended September 30, 2015, there were no transfers between any levels.

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

	Common Stocks			Corporate Debt Securities
Beginning Balance 1-1-15	$	92,612		$	47,573
Net realized gain (loss)		—			—
Net change in unrealized appreciation (depreciation)		(14,944	)		—	*
Purchases		627			4,757
Sales		—			—
Amortization/Accretion of premium/discount		—			—
Transfers into Level 3 during the period		—			—
Transfers out of Level 3 during the period		—			—
Ending Balance 9-30-15	$	72,245		$	52,330
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-15	$	(12,344	)	$	—	*

Information about Level 3 fair value measurements:

	Fair Value at 9-30-15		Valuation Technique(s)	Unobservable Input(s)	Input Value(s)
Assets
Common Stocks	$	9,194	Discounted book value	Multiple of book value		1x
				Illiquidity discount		10	%
		63,034	Discounted cash flows model	Long-term growth rate		2.5	%
				Weighted average cost of capital		8.2 to 14.1	%
				Illiquidity discount		10	%
Corporate Debt Securities		52,330	Discounted cash flows model	Long-term growth rate		2.5	%
				Weighted average cost of capital		8.2	%
				Illiquidity discount		10	%

Significant increase in long-term growth rate or multiple of book value 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.

During the period ended September 30.2015, securities totaling $7,147 changed valuation techniques from transaction to discounted cash flows model. The change in valuation techniques is primarily due to the transaction method no longer reflecting current market conditions.

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, 2015 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	$	1,291,101	$	44,361		3.44	%
Ivy VIP ASF III (SBP), LLC		4-9-13		4-23-13		1,291,101		27,305		2.12
VIP ASF, LLC		12-10-12		12-18-12		1,291,101		16,500		1.28

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, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	1,350,122
Gross unrealized appreciation		35,879
Gross unrealized depreciation		(96,668	)
Net unrealized depreciation	$	(60,789	)

SCHEDULE OF INVESTMENTS Balanced (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Apparel Retail – 2.6%
Limited Brands, Inc.		105	$	9,446
Cable & Satellite – 1.8%
Comcast Corp., Class A		102		5,782
Time Warner Cable, Inc.		5		897
				6,679
Casinos & Gaming – 1.1%
Las Vegas Sands, Inc.		108		4,116
Department Stores – 0.8%
Kohl’s Corp.		66		3,038
Home Improvement Retail – 2.3%
Home Depot, Inc. (The)		74		8,598
Homefurnishing Retail – 0.7%
Williams-Sonoma, Inc.		33		2,512
Hotels, Resorts & Cruise Lines – 2.6%
Carnival Corp.		138		6,841
Hyatt Hotels Corp., Class A (A)		63		2,958
				9,799
Internet Retail – 1.6%
Amazon.com, Inc. (A)		11		5,810
Movies & Entertainment – 1.1%
Twenty-First Century Fox, Inc.		150		4,062
Restaurants – 1.4%
McDonald’s Corp.		53		5,197
Total Consumer Discretionary – 16.0%				59,257
Consumer Staples
Brewers – 1.0%
Anheuser-Busch InBev S.A. ADR		34		3,594
Distillers & Vintners – 1.6%
Constellation Brands, Inc.		48		6,010
Packaged Foods & Meats – 0.8%
Mead Johnson Nutrition Co.		45		3,182
Total Consumer Staples – 3.4%				12,786
Energy
Oil & Gas Equipment & Services – 1.1%
Schlumberger Ltd.		61		4,207
Oil & Gas Exploration & Production – 1.9%
Newfield Exploration Co. (A)		75		2,467
Noble Energy, Inc.		149		4,497
				6,964
Oil & Gas Storage & Transportation – 1.5%
Energy Transfer Partners L.P.		84		3,438
Plains GP Holdings L.P., Class A		116		2,036
				5,474
Total Energy – 4.5%				16,645
Financials
Asset Management & Custody Banks – 1.4%
Northern Trust Corp.		74		5,064
Consumer Finance – 1.1%
American Express Co.		54		4,036
Multi-Line Insurance – 1.3%
American International Group, Inc.		88		4,972
Other Diversified Financial Services – 3.6%
Citigroup, Inc.		122		6,030
JPMorgan Chase & Co.		118		7,189
				13,219
Regional Banks – 2.2%
PNC Financial Services Group, Inc. (The)		90		8,050
Specialized REITs – 1.2%
Crown Castle International Corp.		57		4,496
Total Financials – 10.8%				39,837

Health Care
Biotechnology – 0.7%
Biogen, Inc. (A)	9		2,714
Health Care Equipment – 1.2%
Medtronic plc	64		4,284
Pharmaceuticals – 6.9%
Allergan plc (A)	20		5,450
GlaxoSmithKline plc ADR	95		3,635
Johnson & Johnson	55		5,157
Shire Pharmaceuticals Group plc ADR	29		5,952
Teva Pharmaceutical Industries Ltd. ADR	95		5,364
			25,558
Total Health Care – 8.8%			32,556
Industrials
Aerospace & Defense – 4.7%
Boeing Co. (The)	62		8,165
Lockheed Martin Corp.	22		4,644
Rockwell Collins, Inc.	56		4,575
			17,384
Electrical Components & Equipment – 0.8%
Rockwell Automation, Inc.	28		2,831
Industrial Conglomerates – 1.4%
General Electric Co.	206		5,195
Railroads – 1.8%
Union Pacific Corp.	78		6,887
Total Industrials – 8.7%			32,297
Information Technology
Application Software – 1.2%
Autodesk, Inc. (A)	100		4,432
Data Processing & Outsourced Services – 2.5%
Alliance Data Systems Corp. (A)	19		4,998
FleetCor Technologies, Inc. (A)	32		4,356
			9,354
IT Consulting & Other Services – 1.8%
Cognizant Technology Solutions Corp., Class A (A)	103		6,436
Semiconductor Equipment – 1.1%
Applied Materials, Inc.	281		4,121
Semiconductors – 4.2%
Broadcom Corp., Class A	133		6,815
Microchip Technology, Inc.	82		3,520
Texas Instruments, Inc.	105		5,200
			15,535
Technology Hardware, Storage & Peripherals – 1.1%
Apple, Inc.	37		4,125
Total Information Technology – 11.9%			44,003
Materials
Diversified Chemicals – 1.6%
Dow Chemical Co. (The)	32		1,363
PPG Industries, Inc.	53		4,652
			6,015
Diversified Metals & Mining – 0.7%
Freeport-McMoRan Copper & Gold, Inc., Class B	267		2,588
Industrial Gases – 1.0%
Praxair, Inc.	37		3,733
Total Materials – 3.3%			12,336
TOTAL COMMON STOCKS – 67.4%		$	249,717
(Cost: $222,910)
PREFERRED STOCKS
Energy
Oil & Gas Equipment & Services – 0.1%
Newpark Resources, Inc., Convertible, 4.000%	200		187
Total Energy – 0.1%			187
Health Care
Pharmaceuticals – 0.8%
Allergan plc, Convertible Series A, 5.500%	3		2,830
Total Health Care – 0.8%			2,830

Industrials
Environmental & Facilities Services – 0.4%
Stericycle, Inc., 5.250% (A)		16		1,628
Total Industrials – 0.4%				1,628
Materials
Commodity Chemicals – 0.7%
A. Schulman, Inc., Convertible, 6.000%		3		2,397
Total Materials – 0.7%				2,397
Telecommunication Services
Integrated Telecommunication Services – 0.6%
Frontier Communications Corp., Convertible Series A, 11.125%		25		2,358
Total Telecommunication Services – 0.6%				2,358
TOTAL PREFERRED STOCKS – 2.6%			$	9,400
(Cost: $10,161)
CORPORATE DEBT SECURITIES	Principal
Consumer Discretionary
Apparel Retail – 0.1%
Limited Brands, Inc.,
6.625%, 4–1–21	$	460		511
Auto Parts & Equipment – 0.1%
Delphi Corp.,
5.000%, 2–15–23		200		207
Automobile Manufacturers – 0.4%
Volkswagen Group of America, Inc.:
2.125%, 5–23–19 (B)		1,250		1,166
2.400%, 5–22–20 (B)		500		464
				1,630
Broadcasting – 0.1%
Discovery Communications LLC,
3.300%, 5–15–22		200		195
Cable & Satellite – 0.5%
News American, Inc.,
3.000%, 9–15–22		250		246
Pearson Funding Five plc,
3.250%, 5–8–23 (B)		300		289
Viacom, Inc.:
2.500%, 9–1–18		100		101
2.200%, 4–1–19		700		682
2.750%, 12–15–19		500		502
				1,820
Distributors – 0.1%
LKQ Corp.,
4.750%, 5–15–23		282		271
General Merchandise Stores – 0.1%
Dollar General Corp.:
4.125%, 7–15–17		100		103
1.875%, 4–15–18		250		250
				353
Homebuilding – 0.1%
Toll Brothers Finance Corp.,
4.375%, 4–15–23		500		491
Hotels, Resorts & Cruise Lines – 0.1%
Hyatt Hotels Corp.,
3.375%, 7–15–23		250		244
Internet Retail – 0.1%
Amazon.com, Inc.,
2.600%, 12–5–19		450		461
Total Consumer Discretionary – 1.7%				6,183
Consumer Staples
Brewers – 0.1%
SABMiller Holdings, Inc.,
2.200%, 8–1–18 (B)		500		505
Distillers & Vintners – 0.1%
Beam, Inc.,
1.750%, 6–15–18		250		249
Drug Retail – 0.2%
CVS Health Corp.,
2.800%, 7–20–20		635		645
Walgreens Boots Alliance, Inc.,
2.700%, 11–18–19		300		304
				949

Food Distributors – 0.1%
Campbell Soup Co.,
2.500%, 8–2–22	300	288
ConAgra Foods, Inc.,
1.900%, 1–25–18	200	199
		487
Household Products – 0.1%
Church & Dwight Co., Inc.,
2.875%, 10–1–22	250	247
Personal Products – 0.1%
Estee Lauder Co., Inc. (The),
2.350%, 8–15–22	300	295
Tobacco – 0.2%
BAT International Finance plc,
2.750%, 6–15–20 (B)	600	612
Total Consumer Staples – 0.9%		3,344
Energy
Oil & Gas Exploration & Production – 1.6%
BP Capital Markets plc,
2.315%, 2–13–20	500	502
BP Capital Markets plc (GTD by BP plc),
2.241%, 9–26–18	400	406
Devon Energy Corp.,
2.250%, 12–15–18	500	501
ONEOK Partners L.P.,
3.200%, 9–15–18	500	502
Stone Energy Corp., Convertible,
1.750%, 3–1–17	1,700	1,431
Whiting Petroleum Corp., Convertible,
1.250%, 4–1–20 (B)	3,000	2,443
		5,785
Oil & Gas Storage & Transportation – 1.2%
Buckeye Partners L.P.,
2.650%, 11–15–18	400	396
Hornbeck Offshore Services, Inc., Convertible,
1.500%, 9–1–19	1,708	1,267
Kinder Morgan Energy Partners L.P.,
2.650%, 2–1–19	500	492
Plains All American Pipeline L.P. and PAA Finance Corp.,
4.650%, 10–15–25	1,500	1,506
Williams Partners L.P.,
3.600%, 3–15–22	1,000	921
		4,582
Total Energy – 2.8%		10,367
Financials
Asset Management & Custody Banks – 0.9%
Ares Capital Corp.:
4.875%, 11–30–18	1,200	1,240
3.875%, 1–15–20	1,950	2,008
		3,248
Consumer Finance – 1.2%
American Express Co.,
4.900%, 12–29–49	800	766
Capital One Bank USA N.A.:
2.150%, 11–21–18	500	500
2.250%, 2–13–19	500	498
Capital One N.A.,
2.400%, 9–5–19	650	646
Hyundai Capital America,
2.875%, 8–9–18(B)	250	254
Intercontinental Exchange Group, Inc.,
2.500%, 10–15–18	100	102
SLM Corp.,
4.875%, 6–17–19	500	455
Total System Services, Inc.,
2.375%, 6–1–18	1,100	1,101
		4,322
Diversified Banks – 5.9%
ABN AMRO Bank N.V.,
2.500%, 10–30–18 (B)	800	811
Bank of America Corp.:
2.000%, 1–11–18	400	401
8.000%, 12–29–49	1,452	1,517
Bank of New York Mellon Corp. (The),
2.100%, 1–15–19	500	505
Bank of Nova Scotia (The):
1.450%, 4–25–18	500	497
2.050%, 10–30–18	200	202
Barclays Bank plc,
2.500%, 2–20–19	400	407
BNP Paribas S.A.,
2.450%, 3–17–19	900	908
Commonwealth Bank of Australia,
2.250%, 3–13–19	700	707
DBS Group Holdings Ltd.,
2.246%, 7–16–19 (B)	1,000	1,006
ING Bank N.V.:
2.500%, 10–1–19 (B)	1,100	1,115
2.450%, 3–16–20 (B)	800	808
KeyBank N.A.,
2.500%, 12–15–19	500	506
Lloyds Bank plc,
2.350%, 9–5–19	600	603
Mizuho Bank Ltd.,
2.650%, 9–25–19 (B)	1,300	1,317
National Australia Bank Ltd.,
2.400%, 12–9–19 (B)	1,250	1,263

Rabobank Capital Funding Trust III (GTD by Rabobank Nederland),
5.254%, 12–31–49 (B)	1,500	1,513
Royal Bank of Scotland Group plc (The),
7.640%, 3–29–49	700	745
Skandinaviska Enskilda Banken AB,
2.375%, 3–25–19 (B)	500	508
Societe Generale S.A.:
4.250%, 4–14–25 (B)	500	474
5.922%, 4–29–49 (B)	1,000	1,010
Standard Chartered plc,
2.250%, 4–17–20 (B)	2,000	1,987
Sumitomo Mitsui Banking Corp.,
2.450%, 1–16–20	600	603
Swedbank AB (publ),
1.750%, 3–12–18 (B)	300	301
UBS Preferred Funding Trust V,
6.243%, 5–29–49	1,250	1,268
Westpac Banking Corp.,
2.250%, 7–30–18	1,000	1,015
		21,997
Investment Banking & Brokerage – 1.1%
BGC Partners, Inc.,
5.375%, 12–9–19	500	515
Charles Schwab Corp. (The),
2.200%, 7–25–18	300	304
Credit Suisse Group Funding (Guernsey) Ltd.,
2.750%, 3–26–20 (B)	500	499
Goldman Sachs Group, Inc. (The):
2.900%, 7–19–18	450	462
2.625%, 1–31–19	500	507
2.600%, 4–23–20	400	401
Morgan Stanley:
2.125%, 4–25–18	500	503
2.650%, 1–27–20	850	854
		4,045
Life & Health Insurance – 0.2%
AIA Group Ltd.,
2.250%, 3–11–19 (B)	800	801
Mortgage REITs – 0.3%
Mubadala GE Capital,
3.000%, 11–10–19 (B)	1,250	1,240
Multi-Line Insurance – 0.1%
American International Group, Inc.,
2.300%, 7–16–19	300	302
Other Diversified Financial Services – 2.1%
Citigroup, Inc.:
3.875%, 2–19–19	500	497
5.800%, 11–29–49	1,400	1,378
5.950%, 12–31–49	1,250	1,178
Daimler Finance North America LLC,
2.375%, 8–1–18 (B)	150	150
Fidelity National Financial, Inc.,
6.600%, 5–15–17	300	321
Fifth Street Finance Corp.,
4.875%, 3–1–19	1,300	1,322
JPMorgan Chase & Co.,
7.900%, 4–29–49	500	519
Moody’s Corp.,
2.750%, 7–15–19	250	254
MUFG Americas Holdings Corp.,
2.250%, 2–10–20	750	748
PennantPark Investment Corp.,
4.500%, 10–1–19	1,000	1,012
Total Capital,
2.125%, 8–10–18	300	305
		7,684
Regional Banks – 0.4%
PNC Bank N.A.,
2.200%, 1–28–19	750	758
SunTrust Banks, Inc.:
2.350%, 11–1–18	500	505
5.625%, 12–29–49	400	400
		1,663
Specialized REITs – 0.5%
Air Lease Corp.,
3.750%, 2–1–22	600	597
Aircastle Ltd.,
5.125%, 3–15–21	1,000	1,002
Crown Castle International Corp.,
5.250%, 1–15–23	200	212
		1,811
Thrifts & Mortgage Finance – 0.3%
Walter Investment Management Corp., Convertible,
4.500%, 11–1–19	1,600	1,162
Total Financials – 13.0%		48,275
Health Care
Biotechnology – 0.6%
Amgen, Inc.:
2.200%, 5–22–19	1,000	1,003
2.125%, 5–1–20	1,000	987
		1,990

Health Care Equipment – 0.1%
Zimmer Holdings, Inc.,
2.700%, 4–1–20	350	351
Health Care Services – 0.1%
Quest Diagnostics, Inc.,
2.500%, 3–30–20	500	499
Health Care Supplies – 0.7%
C.R. Bard, Inc.,
1.375%, 1–15–18	500	496
Cardinal Health, Inc.,
2.400%, 11–15–19	700	709
Express Scripts Holding Co.,
2.250%, 6–15–19	1,000	997
Medtronic, Inc.,
2.500%, 3–15–20	500	507
		2,709
Managed Health Care – 0.5%
Aetna, Inc.,
2.200%, 3–15–19	400	401
UnitedHealth Group, Inc.,
2.700%, 7–15–20	300	307
WellPoint, Inc.,
1.875%, 1–15–18	1,000	1,000
		1,708
Pharmaceuticals – 0.6%
Forest Laboratories, Inc.,
5.000%, 12–15–21 (B)	1,258	1,365
Perrigo Co. Ltd.,
2.300%, 11–8–18	945	935
		2,300
Total Health Care – 2.6%		9,557
Industrials
Aerospace & Defense – 0.4%
Northrop Grumman Corp.,
1.750%, 6–1–18	250	249
TransDigm Group, Inc.,
7.500%, 7–15–21	1,000	1,043
		1,292
Railroads – 0.1%
Kansas City Southern de Mexico S.A. de C.V.,
2.350%, 5–15–20	300	295
Trucking – 0.1%
Ryder System, Inc.:
2.450%, 11–15–18	100	101
2.350%, 2–26–19	400	401
		502
Total Industrials – 0.6%		2,089
Information Technology
Data Processing & Outsourced Services – 0.1%
Fidelity National Information Services, Inc.,
2.000%, 4–15–18	250	249
Fiserv, Inc.,
2.700%, 6–1–20	300	302
		551
Semiconductors – 1.6%
Broadcom Corp.,
2.700%, 11–1–18	250	256
Micron Technology, Inc.,
5.500%, 2–1–25	1,626	1,488
Micron Technology, Inc., Convertible,
3.000%, 11–15–43	5,000	4,203
		5,947
Systems Software – 0.4%
CA, Inc.,
2.875%, 8–15–18	150	152
Oracle Corp.,
2.250%, 10–8–19	1,200	1,215
		1,367
Total Information Technology – 2.1%		7,865
Materials
Diversified Metals & Mining – 0.5%
Anglo American plc,
4.125%, 4–15–21 (B)	500	435
Freeport–McMoRan Copper & Gold, Inc.,
2.375%, 3–15–18	150	131
Glencore Funding LLC:
3.125%, 4–29–19 (B)	500	420
2.875%, 4–16–20 (B)	1,000	800
Teck Resources,
3.000%, 3–1–19	100	71
		1,857
Fertilizers & Agricultural Chemicals – 0.1%
Monsanto Co.,
2.125%, 7–15–19	300	301
Industrial Gases – 0.0%
Praxair, Inc.,
3.000%, 9–1–21	100	103

Metal & Glass Containers – 0.1%
BlueScope Steel (Finance) Ltd. and BlueScope Steel Finance (USA) LLC,
7.125%, 5–1–18 (B)	300		296
Specialty Chemicals – 0.1%
Albemarle Corp. (GTD by Albemarle Holdings Corp. and Albemarle Holdings II Corp.),
3.000%, 12–1–19	150		151
RPM International, Inc.,
3.450%, 11–15–22	250		243
			394
Total Materials – 0.8%			2,951
Telecommunication Services
Integrated Telecommunication Services – 0.6%
AT&T, Inc.,
2.300%, 3–11–19	2,050		2,057
Verizon Communications, Inc.,
2.625%, 2–21–20	107		108
			2,165
Wireless Telecommunication Service – 0.1%
American Tower Corp.,
4.700%, 3–15–22	195		205
Virgin Media Finance plc,
4.875%, 2–15–22	200		181
			386
Total Telecommunication Services – 0.7%			2,551
Utilities
Electric Utilities – 0.2%
Electricite de France S.A.,
2.150%, 1–22–19 (B)	500		505
PPL Energy Supply LLC,
4.600%, 12–15–21	100		83
			588
Gas Utilities – 0.1%
Sempra Energy,
2.400%, 3–15–20	500		500
Multi-Utilities – 0.1%
Dominion Resources, Inc.,
2.500%, 12–1–19	500		503
Renewable Electricity – 0.3%
Canadian Solar, Inc., Convertible,
4.250%, 2–15–19	1,500		1,220
Total Utilities – 0.7%			2,811
TOTAL CORPORATE DEBT SECURITIES – 25.9%		$	95,993
(Cost: $97,993)
MORTGAGE-BACKED SECURITIES
Commercial Mortgage-Backed Securities – 0.0%
Banco Hipotecario Nacional:
7.916%, 7–25–09 (B)(C)	17		—	*
8.000%, 3–31–11 (B)(C)	4		—
			—	*
TOTAL MORTGAGE-BACKED SECURITIES – 0.0%		$	0
(Cost: $17)

UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Mortgage-Backed Obligations – 0.5%
Federal National Mortgage Association Fixed Rate Pass-Through Certificates:
6.000%, 9–1–17	38		39
5.000%, 1–1–18	17		18
5.500%, 4–1–18	1		1
5.000%, 5–1–18	13		14
4.500%, 7–1–18	268		278
6.500%, 10–1–28	106		122
6.500%, 2–1–29	58		67
7.500%, 4–1–31	74		87
7.000%, 7–1–31	74		86
7.000%, 9–1–31	137		161
6.500%, 2–1–32	301		360
7.000%, 2–1–32	178		210
7.000%, 3–1–32	72		86
7.000%, 7–1–32	114		133
5.500%, 5–1–33	81		91
5.500%, 6–1–33	78		87
U.S. Department of Veterans Affairs, Guaranteed REMIC Pass-Through Certificates, Vendee Mortgage Trust 1997-A, Class 3-A,
8.293%, 12–15–26	44		53
			1,893
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 0.5%		$	1,893
(Cost: $1,674)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 0.1%
U.S. Treasury Notes,
0.625%, 2–15–17	200		200
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 0.1%		$	200
(Cost: $200)
SHORT-TERM SECURITIES
Commercial Paper(D) – 3.0%
Baxter International, Inc.,
0.260%, 10–22–15	3,000		2,999
J.M. Smucker Co. (The),
0.280%, 10–1–15	8,338		8,338
			11,337
Master Note – 0.9%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (E)	3,165		3,165
TOTAL SHORT-TERM SECURITIES – 3.9%		$	14,502
(Cost: $14,502)
TOTAL INVESTMENT SECURITIES – 100.4%		$	371,705
(Cost: $347,457)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.4)%			(1,329	)
NET ASSETS – 100.0%		$	370,376

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, 2015 the total value of these securities amounted to $24,357 or 6.6% of net assets.

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

(D) Rate shown is the yield to maturity at September 30, 2015.

(E) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. 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 is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of September 30, 2015.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	249,717	$	—	$	—
Preferred Stocks		9,213		187		—
Corporate Debt Securities		—		95,993		—
Mortgage-Backed Securities		—		—		—	*
United States Government Agency Obligations		—		1,893		—
United States Government Obligations		—		200		—
Short-Term Securities		—		14,502		—
Total	$	258,930	$	112,775	$	—	*

During the period ended September 30, 2015, securities totaling $1,865 were transferred from Level 3 to Level 2 due to increased availability of observable market data due to increased market activity or information for these securities. Transfers out of Level 3 represent the values as of the beginning of the reporting period. There were no transfers between Level 1 and 2 during the period.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

REMIC = Real Estate Mortgage Investment Conduit

GTD = Guaranteed

REIT = Real Estate Investment Conduit

For Federal income tax purposes, cost of investments owned at September 30, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	347,457
Gross unrealized appreciation		44,613
Gross unrealized depreciation		(20,365	)
Net unrealized appreciation	$	24,248

SCHEDULE OF INVESTMENTS Bond (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

CORPORATE DEBT SECURITIES	Principal		Value
Consumer Discretionary
Apparel Retail – 1.4%
Limited Brands, Inc.:
7.000%, 5–1–20	$	1,000	$	1,129
5.625%, 2–15–22		2,665		2,818
				3,947
Apparel, Accessories & Luxury Goods – 0.5%
Hanesbrands, Inc.,
6.375%, 12–15–20		1,400		1,449
Automobile Manufacturers – 0.3%
General Motors Co.,
5.000%, 4–1–35		1,000		927
Cable & Satellite – 0.8%
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc.:
3.800%, 3–15–22		1,619		1,630
3.950%, 1–15–25		815		799
				2,429
Homebuilding – 0.5%
Toll Brothers Finance Corp.,
4.375%, 4–15–23		1,555		1,528
Internet Retail – 1.6%
Amazon.com, Inc.,
4.800%, 12–5–34		4,370		4,492
Restaurants – 0.6%
McDonald’s Corp.,
5.350%, 3–1–18		1,660		1,809
Total Consumer Discretionary – 5.7%				16,581
Consumer Staples
Brewers – 0.7%
Anheuser-Busch InBev Worldwide, Inc.,
1.375%, 7–15–17		2,000		1,999
Drug Retail – 0.4%
CVS Health Corp.,
2.800%, 7–20–20		1,075		1,092
Food Retail – 0.9%
Kroger Co. (The),
6.800%, 12–15–18		2,245		2,568
Household Products – 0.9%
Procter & Gamble Co. (The),
8.000%, 9–1–24		2,000		2,738
Packaged Foods & Meats – 0.7%
General Mills, Inc.,
1.400%, 10–20–17		2,200		2,201
Total Consumer Staples – 3.6%				10,598
Energy
Oil & Gas Equipment & Services – 0.8%
Enterprise Products Operating LLC (GTD by Enterprise Products Partners L.P.),
6.500%, 1–31–19		2,000		2,243
Oil & Gas Exploration & Production – 2.4%
BP Capital Markets plc,
1.674%, 2–13–18		2,250		2,253
ConocoPhillips Co. (GTD by ConocoPhillips),
4.150%, 11–15–34		850		807
EQT Corp.,
8.125%, 6–1–19		3,494		4,106
				7,166
Oil & Gas Storage & Transportation – 1.4%
Copano Energy LLC and Copano Energy Finance Corp.,
7.125%, 4–1–21		984		1,027
Plains All American Pipeline L.P. and PAA Finance Corp.,
3.600%, 11–1–24		1,031		965
Tennessee Gas Pipeline Co.,
7.000%, 3–15–27		2,000		2,210
				4,202
Total Energy – 4.6%				13,611

Financials
Asset Management & Custody Banks – 1.0%
Ares Capital Corp.,
3.875%, 1–15–20	2,780	2,863
Consumer Finance – 1.2%
Discover Financial Services,
3.950%, 11–6–24	2,800	2,757
General Motors Financial Co., Inc. (GTD by AmeriCredit Financial Services, Inc.),
3.500%, 7–10–19	800	808
		3,565
Diversified Banks – 3.6%
Bank of America Corp.:
6.000%, 9–1–17	1,000	1,078
5.650%, 5–1–18	2,000	2,182
Bank of Nova Scotia (The),
1.250%, 4–11–17	2,000	1,999
U.S. Bank N.A.,
1.350%, 1–26–18	2,000	2,000
Wachovia Corp.,
5.750%, 6–15–17	3,000	3,224
		10,483
Health Care REITs – 0.4%
Health Care REIT, Inc.,
4.000%, 6–1–25	1,300	1,300
Investment Banking & Brokerage – 2.3%
Goldman Sachs Group, Inc. (The),
7.500%, 2–15–19	3,000	3,507
Morgan Stanley:
5.950%, 12–28–17	2,000	2,179
3.700%, 10–23–24	1,000	1,005
		6,691
Other Diversified Financial Services – 4.0%
Citigroup, Inc.:
1.300%, 11–15–16	2,000	2,004
2.550%, 4–8–19	1,668	1,683
JPMorgan Chase & Co.,
2.000%, 8–15–17	3,000	3,025
TIAA Asset Management Finance Co. LLC,
4.125%, 11–1–24 (A)	2,400	2,448
USAA Capital Corp.,
2.450%, 8–1–20 (A)	2,360	2,399
		11,559
Regional Banks – 1.0%
PNC Bank N.A.:
1.500%, 2–23–18	1,500	1,497
3.300%, 10–30–24	1,500	1,498
		2,995
Specialized REITs – 1.1%
Aircastle Ltd.,
5.500%, 2–15–22	2,098	2,119
Crown Castle International Corp.,
5.250%, 1–15–23	1,027	1,086
		3,205
Total Financials – 14.6%		42,661
Health Care
Biotechnology – 1.0%
Amgen, Inc.,
1.250%, 5–22–17	2,955	2,949
Health Care Supplies – 1.0%
Medtronic, Inc.,
4.375%, 3–15–35	2,940	2,973
Pharmaceuticals – 1.7%
AbbVie, Inc.,
4.500%, 5–14–35	1,900	1,807
Actavis Funding SCS (GTD by Warner Chilcott Ltd., Actavis Capital S.a.r.l. and Actavis, Inc.),
2.350%, 3–12–18	1,200	1,205
Mylan, Inc.,
1.350%, 11–29–16	1,800	1,787
		4,799
Total Health Care – 3.7%		10,721
Industrials
Aerospace & Defense – 1.3%
BAE Systems Finance, Inc.,
7.500%, 7–1–27 (A)	1,522	2,042
BAE Systems plc,
3.500%, 10–11–16 (A)	1,700	1,740
		3,782

Airlines – 0.4%
Southwest Airlines Co.,
5.125%, 3–1–17	1,180	1,241
Electrical Components & Equipment – 0.8%
WESCO Distribution, Inc.,
5.375%, 12–15–21	2,375	2,271
Environmental & Facilities Services – 2.0%
Republic Services, Inc.,
3.800%, 5–15–18	1,000	1,049
Waste Management, Inc.:
6.100%, 3–15–18	2,000	2,205
7.100%, 8–1–26	2,065	2,705
		5,959
Industrial Conglomerates – 1.1%
General Electric Capital Corp.,
5.625%, 9–15–17	3,000	3,260
Railroads – 0.4%
Burlington Northern Santa Fe LLC,
3.400%, 9–1–24	1,000	1,002
Trading Companies & Distributors – 0.7%
HD Supply, Inc.,
5.250%, 12–15–21 (A)	2,007	2,017
Trucking – 0.7%
Penske Truck Leasing Co. L.P.,
2.875%, 7–17–18 (A)	2,000	2,032
Total Industrials – 7.4%		21,564
Information Technology
Communications Equipment – 0.3%
QUALCOMM, Inc.,
2.250%, 5–20–20	1,000	998
Data Processing & Outsourced Services – 1.6%
Alliance Data Systems Corp.,
5.250%, 12–1–17 (A)	4,500	4,568
Electronic Equipment & Instruments – 1.1%
Xerox Corp.,
6.350%, 5–15–18	2,827	3,111
Electronic Manufacturing Services – 1.2%
Jabil Circuit, Inc.,
8.250%, 3–15–18	3,150	3,520
Internet Software & Services – 1.7%
Alibaba Group Holding Ltd.,
3.600%, 11–28–24 (A)	2,040	1,906
Google, Inc.,
3.375%, 2–25–24	2,950	3,061
		4,967
Semiconductors – 0.3%
Intel Corp.,
3.100%, 7–29–22	1,000	1,017
Systems Software – 1.9%
CA, Inc.,
5.375%, 12–1–19	1,580	1,730
Oracle Corp.,
3.900%, 5–15–35	4,040	3,835
		5,565
Technology Hardware, Storage & Peripherals – 1.3%
Apple, Inc.,
2.500%, 2–9–25	4,000	3,801
Total Information Technology – 9.4%		27,547
Materials
Diversified Metals & Mining – 0.5%
Glencore Funding LLC,
3.125%, 4–29–19 (A)	1,920	1,613
Specialty Chemicals – 0.7%
Methanex Corp.,
5.250%, 3–1–22	1,904	2,028
Total Materials – 1.2%		3,641

Telecommunication Services
Integrated Telecommunication Services – 2.8%
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		3,872
Verizon Communications, Inc.,
5.150%, 9–15–23	4,000		4,413
			8,285
Wireless Telecommunication Service – 0.4%
Crown Castle Towers LLC,
3.663%, 5–15–25 (A)	1,000		974
Total Telecommunication Services – 3.2%			9,259
Utilities
Electric Utilities – 0.5%
Kansas City Power & Light Co.,
6.375%, 3–1–18	1,500		1,669
Multi-Utilities – 2.3%
Duke Energy Carolinas LLC,
3.750%, 6–1–45	3,000		2,841
Duke Energy Indiana, Inc.,
3.750%, 7–15–20	1,061		1,134
NorthWestern Corp.,
6.340%, 4–1–19	2,400		2,733
			6,708
Water Utilities – 0.8%
California Water Service Co.,
5.875%, 5–1–19	2,000		2,266
Total Utilities – 3.6%			10,643
TOTAL CORPORATE DEBT SECURITIES – 57.0%		$	166,826
(Cost: $165,493)
MORTGAGE-BACKED SECURITIES
Non-Agency REMIC/CMO – 0.1%
MASTR Adjustable Rate Mortgage Trust 2005-1,
2.576%, 3–25–35 (B)	1,669		166
Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2004-1,
2.536%, 2–25–34 (B)	281		18
Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2004-3AC,
2.443%, 3–25–34 (B)	530		27
			211
TOTAL MORTGAGE-BACKED SECURITIES – 0.1%		$	211
(Cost: $2,479)
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		2,707
New York – 1.8%
NYC Indl Dev Agy, Rental Rev Bonds (Yankee Stadium Proj), Ser 2009,
11.000%, 3–1–29 (A)	3,800		5,128
Pennsylvania – 0.3%
Cmnwlth of PA, GO Bonds, Third Ser B of 2010 (Federally Taxable – Build America Bonds),
4.750%, 7–15–22	750		837
TOTAL MUNICIPAL BONDS – 3.0%		$	8,672
(Cost: $7,173)
OTHER GOVERNMENT SECURITIES (C)
Canada – 1.2%
Province de Quebec,
7.140%, 2–27–26	2,500		3,359
TOTAL OTHER GOVERNMENT SECURITIES – 1.2%		$	3,359
(Cost: $2,805)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Agency Obligations – 1.6%
Federal National Mortgage Association Agency REMIC/CMO,
1.500%, 4–25–28	4,750		4,747

Mortgage-Backed Obligations – 19.6%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO:
4.000%, 6–15–26	4,328		4,689
4.000%, 11–15–36	1,011		1,065
4.500%, 9–15–37	516		522
4.500%, 8–15–39	1,079		1,132
5.045%, 7–25–44 (A)(B)	2,200		2,338
4.497%, 12–25–44 (A)(B)	1,000		1,076
3.782%, 10–25–45 (A)(B)	2,000		2,064
3.623%, 11–25–45 (A)(B)	1,000		999
4.751%, 11–25–46 (A)(B)	2,055		2,238
4.436%, 7–25–48 (A)(B)	2,350		2,463
4.570%, 12–25–48 (A)(B)	1,000		1,068
Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates:
3.000%, 8–1–28	4,274		4,444
3.500%, 10–1–28	4,684		4,947
3.000%, 1–1–33	813		840
Federal National Mortgage Association Agency REMIC/CMO:
3.000%, 2–25–25	3,458		3,650
2.390%, 6–1–25	1,468		1,510
5.500%, 11–25–36 (D)	1,280		234
5.500%, 4–25–37	643		694
4.500%, 6–25–40	692		743
Federal National Mortgage Association Fixed Rate Pass-Through Certificates:
4.514%, 12–1–19	7,179		7,940
5.500%, 10–1–21	1,073		1,155
6.000%, 7–1–22	775		855
6.000%, 9–1–22	1,228		1,348
3.000%, 7–1–28	4,000		4,162
5.500%, 2–1–35	859		977
Government National Mortgage Association Agency REMIC/CMO:
2.000%, 3–16–42	4,118		4,073
0.136%, 6–17–45 (B)(D)	28		—	*
			57,226
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 21.2%		$	61,973
(Cost: $62,252)

UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 11.2%
U.S. Treasury Bonds,
3.000%, 11–15–44	7,744		7,914
U.S. Treasury Notes:
3.125%, 1–31–17	6,000		6,211
2.750%, 2–28–18	6,000		6,282
2.000%, 2–15–23	5,000		5,067
2.000%, 8–15–25	7,438		7,402
			32,876
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 11.2%		$	32,876
(Cost: $33,523)
SHORT-TERM SECURITIES
Commercial Paper(E) – 3.4%
Northern Illinois Gas Co.,
0.310%, 10–7–15	10,000		10,000
Master Note – 1.5%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (F)	4,383		4,383
United States Government Agency Obligations – 0.7%
Overseas Private Investment Corp. (GTD by U.S. Government),
0.150%, 10–7–15 (F)	2,000		2,000
TOTAL SHORT-TERM SECURITIES – 5.6%		$	16,383
(Cost: $16,383)
TOTAL INVESTMENT SECURITIES – 99.3%		$	290,300
(Cost: $290,108)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.7%			2,176
NET ASSETS – 100.0%		$	292,476

Notes to Schedule of Investments

* Not shown due to rounding.

(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, 2015 the total value of these securities amounted to $39,113 or 13.4% of net assets.

(B) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015.

(C) Other Government Securities include emerging markets sovereign, quasi-sovereign, corporate and supranational agency and organization debt securities.

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

(E) Rate shown is the yield to maturity at September 30, 2015.

(F) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. 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 is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of September 30, 2015.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Corporate Debt Securities	$	—	$	166,826	$	—
Mortgage-Backed Securities		—		211		—
Municipal Bonds		—		8,672		—
Other Government Securities		—		3,359		—
United States Government Agency Obligations		—		61,973		—
United States Government Obligations		—		32,876		—
Short-Term Securities		—		16,383		—
Total	$	—	$	290,300	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

The following acronyms are used throughout this schedule:

CMO = Collateralized Mortgage Obligation

GTD = Guaranteed

REIT = Real Estate Investment Trust

REMIC = Real Estate Mortgage Investment Conduit

For Federal income tax purposes, cost of investments owned at September 30, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	290,108
Gross unrealized appreciation		6,019
Gross unrealized depreciation		(5,827	)
Net unrealized appreciation	$	192

SCHEDULE OF INVESTMENTS Core Equity (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Apparel, Accessories & Luxury Goods – 0.7%
Polo Ralph Lauren Corp.		27	$	3,202
Auto Parts & Equipment – 1.5%
Magna International, Inc.		138		6,621
Broadcasting – 1.2%
CBS Corp., Class B		124		4,967
Cable & Satellite – 2.4%
Comcast Corp., Class A		185		10,523
General Merchandise Stores – 2.5%
Dollar General Corp.		148		10,721
Home Improvement Retail – 2.6%
Home Depot, Inc. (The)		96		11,087
Internet Retail – 1.9%
Amazon.com, Inc. (A)		16		8,293
Restaurants – 3.1%
Chipotle Mexican Grill, Inc., Class A (A)		13		9,435
Starbucks Corp.		73		4,155
				13,590
Total Consumer Discretionary – 15.9%				69,004
Consumer Staples
Brewers – 2.0%
Anheuser-Busch InBev S.A. ADR		84		8,973
Distillers & Vintners – 0.5%
Constellation Brands, Inc.		18		2,216
Hypermarkets & Super Centers – 2.2%
Costco Wholesale Corp.		65		9,451
Packaged Foods & Meats – 2.0%
Kraft Foods Group, Inc.		124		8,731
Tobacco – 3.7%
Philip Morris International, Inc.		201		15,935
Total Consumer Staples – 10.4%				45,306
Energy
Oil & Gas Exploration & Production – 4.3%
Cabot Oil & Gas Corp.		270		5,911
Cimarex Energy Co.		60		6,162
EOG Resources, Inc.		91		6,610
				18,683
Oil & Gas Storage & Transportation – 0.7%
MarkWest Energy Partners L.P.		68		2,901
Total Energy – 5.0%				21,584
Financials
Multi-Line Insurance – 2.2%
American International Group, Inc.		168		9,551
Other Diversified Financial Services – 6.1%
Citigroup, Inc.		347		17,235
JPMorgan Chase & Co.		151		9,206
				26,441
Total Financials – 8.3%				35,992
Health Care
Biotechnology – 4.3%
Alexion Pharmaceuticals, Inc. (A)		63		9,884
Celgene Corp. (A)		81		8,794
				18,678
Health Care Equipment – 2.9%
Medtronic plc		188		12,558
Health Care Facilities – 1.9%
HCA Holdings, Inc. (A)		105		8,107
Pharmaceuticals – 12.1%
Allergan plc (A)		52		13,998
Bristol-Myers Squibb Co.		179		10,573
Shire Pharmaceuticals Group plc ADR		68		13,885
Teva Pharmaceutical Industries Ltd. ADR		249		14,070
				52,526
Total Health Care – 21.2%				91,869

Industrials
Aerospace & Defense – 3.7%
Boeing Co. (The)		72		9,389
Rockwell Collins, Inc.		81		6,654
				16,043
Railroads – 4.4%
Canadian Pacific Railway Ltd.		67		9,654
Kansas City Southern		103		9,342
				18,996
Total Industrials – 8.1%				35,039
Information Technology
Application Software – 2.5%
Adobe Systems, Inc. (A)		130		10,697
Data Processing & Outsourced Services – 4.0%
MasterCard, Inc., Class A		106		9,507
Visa, Inc., Class A		116		8,060
				17,567
Internet Software & Services – 3.3%
Google, Inc., Class A (A)		23		14,555
IT Consulting & Other Services – 2.2%
Cognizant Technology Solutions Corp., Class A (A)		153		9,561
Semiconductor Equipment – 2.2%
Applied Materials, Inc.		648		9,516
Semiconductors – 3.3%
NXP Semiconductors N.V. (A)		88		7,653
Texas Instruments, Inc.		131		6,502
				14,155
Systems Software – 3.3%
Microsoft Corp.		323		14,287
Total Information Technology – 20.8%				90,338
Materials
Diversified Chemicals – 0.6%
PPG Industries, Inc.		31		2,736
Industrial Gases – 2.2%
Air Products and Chemicals, Inc.		73		9,275
Total Materials – 2.8%				12,011
Telecommunication Services
Alternative Carriers – 1.9%
Level 3 Communications, Inc. (A)		183		8,008
Wireless Telecommunication Service – 2.7%
American Tower Corp., Class A		134		11,781
Total Telecommunication Services – 4.6%				19,789
TOTAL COMMON STOCKS – 97.1%			$	420,932
(Cost: $410,655)
SHORT-TERM SECURITIES	Principal
Commercial Paper (B) – 2.1%
Danaher Corp.,
0.130%, 10–2–15	$	5,000		5,000
J.M. Smucker Co. (The),
0.280%, 10–1–15		4,575		4,575
				9,575
Master Note – 0.3%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (C)		1,181		1,181
Municipal Obligations – 0.3%
CA GO Bonds, Ser 2004B6 (GTD by U.S. Bank N.A.),
0.010%, 10–7–15 (C)		1,200		1,200
TOTAL SHORT-TERM SECURITIES – 2.7%			$	11,956
(Cost: $11,956)
TOTAL INVESTMENT SECURITIES – 99.8%			$	432,888
(Cost: $422,611)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.2%				722
NET ASSETS – 100.0%			$	433,610

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, 2015.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. 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 is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of September 30, 2015.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	420,932	$	—	$	—
Short-Term Securities		—		11,956		—
Total	$	420,932	$	11,956	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

The following acronym is used throughout this schedule:

ADR = American Depositary Receipts

GTD = Guaranteed

For Federal income tax purposes, cost of investments owned at September 30, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	422,611
Gross unrealized appreciation		34,105
Gross unrealized depreciation		(23,828	)
Net unrealized appreciation	$	10,277

SCHEDULE OF INVESTMENTS Dividend Opportunities (in  thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Advertising – 1.7%
Omnicom Group, Inc.		121	$	7,961
Apparel Retail – 1.7%
Limited Brands, Inc.		88		7,958
Cable & Satellite – 2.8%
Comcast Corp., Class A		148		8,438
Time Warner Cable, Inc.		26		4,691
				13,129
Home Improvement Retail – 2.1%
Home Depot, Inc. (The)		85		9,805
Restaurants – 3.3%
McDonald’s Corp.		159		15,637
Total Consumer Discretionary – 11.6%				54,490
Consumer Staples
Brewers – 1.6%
Anheuser-Busch InBev S.A. ADR		72		7,660
Drug Retail – 2.5%
CVS Caremark Corp.		119		11,438
Packaged Foods & Meats – 1.3%
Unilever plc (A)		154		6,254
Tobacco – 2.6%
Philip Morris International, Inc.		152		12,059
Total Consumer Staples – 8.0%				37,411
Energy
Integrated Oil & Gas – 0.5%
Occidental Petroleum Corp.		37		2,470
Oil & Gas Storage & Transportation – 3.2%
Energy Transfer Equity L.P.		519		10,804
MarkWest Energy Partners L.P.		101		4,353
				15,157
Total Energy – 3.7%				17,627
Financials
Diversified Banks – 1.9%
Wells Fargo & Co.		176		9,030
Industrial REITs – 1.6%
ProLogis		190		7,371
Other Diversified Financial Services – 7.2%
Citigroup, Inc.		347		17,222
JPMorgan Chase & Co.		277		16,890
				34,112
Regional Banks – 1.0%
PNC Financial Services Group, Inc. (The)		54		4,839
Specialized REITs – 2.3%
Crown Castle International Corp.		136		10,703
Total Financials – 14.0%				66,055
Health Care
Health Care Equipment – 3.3%
Medtronic plc		232		15,513
Pharmaceuticals – 15.4%
AbbVie, Inc.		130		7,090
Bristol-Myers Squibb Co.		230		13,592
Johnson & Johnson		101		9,414
Merck & Co., Inc.		134		6,641
Pfizer, Inc.		584		18,350
Teva Pharmaceutical Industries Ltd. ADR		307		17,330
				72,417
Total Health Care – 18.7%				87,930
Industrials
Aerospace & Defense – 5.8%
BAE Systems plc (A)		833		5,644
Boeing Co. (The)		84		11,019
Honeywell International, Inc.		113		10,691
				27,354
Commercial Printing – 1.8%
Corrections Corp. of America		285		8,411

Industrial Conglomerates – 2.2%
General Electric Co.		402		10,140
Industrial Machinery – 1.2%
Eaton Corp.		113		5,815
Railroads – 2.8%
Union Pacific Corp.		149		13,203
Research & Consulting Services – 1.1%
Nielsen Holdings plc		113		5,032
Total Industrials – 14.9%				69,955
Information Technology
Data Processing & Outsourced Services – 1.6%
Paychex, Inc.		159		7,554
Semiconductor Equipment – 2.7%
Applied Materials, Inc.		871		12,797
Semiconductors – 2.0%
Texas Instruments, Inc.		190		9,406
Systems Software – 3.6%
Microsoft Corp.		378		16,724
Technology Hardware, Storage & Peripherals – 1.5%
Seagate Technology		155		6,964
Total Information Technology – 11.4%				53,445
Materials
Diversified Chemicals – 3.0%
Dow Chemical Co. (The)		133		5,620
PPG Industries, Inc.		94		8,217
				13,837
Industrial Gases – 1.6%
Air Products and Chemicals, Inc.		60		7,699
Total Materials – 4.6%				21,536
Utilities
Electric Utilities – 1.7%
PPL Corp.		245		8,064
Total Utilities – 1.7%				8,064
TOTAL COMMON STOCKS – 88.6%			$	416,513
(Cost: $394,626)
SHORT-TERM SECURITIES	Principal
Commercial Paper (B) – 9.8%
Baxter International, Inc.,
0.260%, 10–22–15	$	10,000		9,998
Danaher Corp.,
0.130%, 10–2–15		10,000		10,000
General Mills, Inc.,
0.310%, 10–5–15		8,000		8,000
J.M. Smucker Co. (The),
0.280%, 10–1–15		6,241		6,241
L Oreal USA, Inc.,
0.140%, 10–26–15		2,000		2,000
Virginia Electric and Power Co.,
0.230%, 10–20–15		10,000		9,999
				46,238
Master Note – 0.5%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (C)		2,264		2,264
Municipal Obligations – 0.9%
MS Business Fin Corp., Gulf Opp Zone Indl Dev Rev Bonds (Chevron USA, Inc. Proj), Ser 2007B (GTD by Chevron Corp.),
0.010%, 10–1–15 (C)		4,000		4,000
TOTAL SHORT-TERM SECURITIES – 11.2%			$	52,502
(Cost: $52,501)
TOTAL INVESTMENT SECURITIES – 99.8%			$	469,015
(Cost: $447,127)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.2%				869
NET ASSETS – 100.0%			$	469,884

Notes to Schedule of Investments

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

(B) Rate shown is the yield to maturity at September 30, 2015.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. 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 is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of September 30, 2015.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	54,490	$	—	$	—
Consumer Staples		31,157		6,254		—
Energy		17,627		—		—
Financials		66,055		—		—
Health Care		87,930		—		—
Industrials		64,311		5,644		—
Information Technology		53,445		—		—
Materials		21,536		—		—
Utilities		8,064		—		—
Total Common Stocks	$	404,615	$	11,898	$	—
Short-Term Securities		—		52,502		—
Total	$	404,615	$	64,400	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

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, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	447,127
Gross unrealized appreciation		41,178
Gross unrealized depreciation		(19,290	)
Net unrealized appreciation	$	21,888

SCHEDULE OF INVESTMENTS Energy (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Energy
Integrated Oil & Gas – 4.2%
Chevron Corp.		12	$	978
Exxon Mobil Corp.		21		1,580
Royal Dutch Shell plc, Class A (A)		40		958
Suncor Energy, Inc.		49		1,305
				4,821
Oil & Gas Drilling – 1.6%
Helmerich & Payne, Inc.		28		1,321
Patterson-UTI Energy, Inc.		38		502
				1,823
Oil & Gas Equipment & Services – 18.3%
Baker Hughes, Inc.		87		4,520
Cameron International Corp. (B)		31		1,925
Core Laboratories N.V.		16		1,602
Dril-Quip, Inc. (B)		17		990
FMC Technologies, Inc. (B)		30		939
Forum Energy Technologies, Inc. (B)		44		532
Halliburton Co.		111		3,931
Schlumberger Ltd.		61		4,238
Superior Energy Services, Inc.		41		517
Weatherford International Ltd. (B)		214		1,812
				21,006
Oil & Gas Exploration & Production – 35.2%
Anadarko Petroleum Corp.		41		2,470
Antero Resources Corp. (B)		38		797
Cabot Oil & Gas Corp.		63		1,366
Cimarex Energy Co.		40		4,145
Concho Resources, Inc. (B)		32		3,121
Continental Resources, Inc. (B)		76		2,193
Diamondback Energy, Inc. (B)		28		1,777
EOG Resources, Inc.		45		3,276
Gulfport Energy Corp. (B)		49		1,466
Laredo Petroleum Holdings, Inc. (B)		109		1,030
Memorial Resource Development Corp. (B)		83		1,462
Newfield Exploration Co. (B)		92		3,022
Noble Energy, Inc.		64		1,941
Oasis Petroleum LLC (B)		126		1,095
Parsley Energy, Inc., Class A (B)		159		2,402
Pioneer Natural Resources Co.		25		3,084
Rice Energy, Inc. (B)		111		1,786
RSP Permian, Inc. (B)		103		2,089
Southwestern Energy Co. (B)		49		617
Whiting Petroleum Corp. (B)		73		1,115
				40,254
Oil & Gas Refining & Marketing – 11.0%
HollyFrontier Corp.		31		1,502
Marathon Petroleum Corp.		50		2,326
Marathon Petroleum Corp. L.P.		38		1,448
Phillips 66		31		2,397
Tesoro Corp.		28		2,766
Valero Energy Corp.		36		2,173
				12,612

Oil & Gas Storage & Transportation – 11.5%
Columbia Pipeline Partners L.P.		71		896
Enbridge, Inc.		32		1,199
Energy Transfer Equity L.P.		90		1,871
MarkWest Energy Partners L.P.		33		1,407
Phillips 66 Partners L.P.		41		2,037
Plains GP Holdings L.P., Class A		36		629
Rice Midstream Partners L.P.		45		594
Shell Midstream Partners L.P.		19		546
Tallgrass Energy GP L.P., Class A		79		1,570
Valero Energy Partners L.P.		25		1,086
Williams Co., Inc. (The)		35		1,281
				13,116
Total Energy – 81.8%				93,632
Financials
Specialized Finance – 4.0%
CME Group, Inc.		49		4,525
Total Financials – 4.0%				4,525
Industrials
Electrical Components & Equipment – 1.1%
SolarCity Corp. (B)		29		1,239
Railroads – 1.3%
Canadian Pacific Railway Ltd.		10		1,493
Total Industrials – 2.4%				2,732
TOTAL COMMON STOCKS – 88.2%			$	100,889
(Cost: $122,215)
SHORT-TERM SECURITIES	Principal
Commercial Paper (C) – 6.8%
J.M. Smucker Co. (The),
0.280%, 10–1–15	$	5,784		5,784
L Air Liquide S.A.,
0.180%, 10–2–15		2,000		2,000
				7,784
Master Note – 5.0%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (D)		5,704		5,704
TOTAL SHORT-TERM SECURITIES – 11.8%			$	13,488
(Cost: $13,488)
TOTAL INVESTMENT SECURITIES – 100.0%			$	114,377
(Cost: $135,703)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.0%				10
NET ASSETS – 100.0%			$	114,387

Notes to Schedule of Investments

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

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

(C) Rate shown is the yield to maturity at September 30, 2015.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. 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 is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of September 30, 2015.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Energy	$	92,674	$	958	$	—
Financials		4,525		—		—
Industrials		2,732		—		—
Total Common Stocks	$	99,931	$	958	$	—
Short-Term Securities		—		13,488		—
Total	$	99,931	$	14,446	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and Level 2.

For Federal income tax purposes, cost of investments owned at September 30, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	135,703
Gross unrealized appreciation		3,628
Gross unrealized depreciation		(24,954	)
Net unrealized depreciation	$	(21,326	)

SCHEDULE OF INVESTMENTS Global Bond (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Brazil
Utilities – 0.5%
Alupar Investimento S.A.		11	$	41
Transmissora Alianca de Energia Eletrica S.A.		10		49
				90
Total Brazil – 0.5%			$	90
Chile
Utilities – 0.1%
Aguas Andinas S.A.		34		18
Total Chile – 0.1%			$	18
Panama
Financials – 1.1%
Banco Latinoamericano de Comercio Exterior S.A.		9		206
Total Panama – 1.1%			$	206
United Kingdom
Energy – 0.8%
Royal Dutch Shell plc, Class A		5		110
Seadrill Partners LLC		4		36
				146
Health Care – 0.4%
GlaxoSmithKline plc		4		77
Total United Kingdom – 1.2%			$	223
United States
Health Care – 0.8%
Bristol-Myers Squibb Co.		3		149
Information Technology – 0.6%
Intel Corp.		4		124
Utilities – 0.6%
PPL Corp.		4		118
Total United States – 2.0%			$	391
TOTAL COMMON STOCKS – 4.9%			$	928
(Cost: $1,078)
CORPORATE DEBT SECURITIES	Principal
Argentina
Consumer Discretionary – 0.3%
Arcos Dorados Holdings, Inc.
10.250%, 7–13–16 (A)	BRL	250		56
Energy – 0.9%
Pan American Energy LLC
7.875%, 5–7–21	$	100		99
YPF Sociedad Anonima
8.875%, 12–19–18 (B)		80		78
				177
Industrials – 0.2%
Aeropuertos Argentina 2000 S.A.
10.750%, 12–1–20 (B)		43		44
Total Argentina – 1.4%			$	277
Austria
Consumer Staples – 1.1%
JBS Investments GmbH (GTD by JBS S.A. and JBS Hungary Holdings Kft.)
7.750%, 10–28–20 (B)		200		205
Total Austria – 1.1%			$	205
Brazil
Consumer Staples – 0.6%
BFF International Ltd.
7.250%, 1–28–20		100		109
Energy – 0.0%
Lancer Finance Co. (SPV) Ltd.
5.850%, 12–12–16 (B)(C)		15		—	*
Financials – 1.1%
Banco Bradesco S.A.
4.125%, 5–16–16 (B)		200		200
Banco Cruzeiro do Sul S.A.
7.000%, 7–8–13 (C)		96		7
				207
Industrials – 1.4%
Embraer Overseas Ltd.
6.375%, 1–24–17		225		231
Odebrecht Drilling Norbe VII/IX Ltd.
6.350%, 6–30–21 (B)		103		36
				267

Materials – 1.0%
Suzano Trading Ltd.
5.875%, 1–23–21 (B)		200		194
Total Brazil – 4.1%			$	777
British Virgin Islands
Energy – 0.6%
QGOG Atlantic/Alaskan Rigs Ltd.
5.250%, 7–30–18 (B)		181		116
Total British Virgin Islands – 0.6%			$	116
Canada
Financials – 0.5%
Bank of Montreal
1.800%, 7–31–18		100		100
Total Canada – 0.5%			$	100
Cayman Islands
Financials – 1.0%
Banco Bradesco S.A.
4.500%, 1–12–17 (B)		200		199
Industrials – 0.3%
Odebrecht Offshore Drilling Finance
6.750%, 10–1–22 (B)		181		48
Telecommunication Services – 1.0%
Sable International Finance Ltd.
6.875%, 8–1–22 (B)		200		201
Total Cayman Islands – 2.3%			$	448
Chile
Industrials – 2.2%
Guanay Finance Ltd.
6.000%, 12–15–20 (B)		250		246
LATAM Airlines Group S.A.
7.250%, 6–9–20 (B)		200		177
				423
Materials – 2.0%
Inversiones CMPC S.A. (GTD by Empresas CMPC S.A.):
4.750%, 1–19–18 (B)		175		180
4.375%, 5–15–23 (B)		200		196
				376
Total Chile – 4.2%			$	799
Columbia
Energy – 1.0%
Empresas Publicas de Medellin E.S.P.
8.375%, 2–1–21 (A)	COP	274,000		89
Pacific Rubiales Energy Corp.:
5.375%, 1–26–19 (B)	$	100		37
7.250%, 12–12–21 (B)		200		72
				198
Financials – 1.1%
Banco de Bogota S.A.
5.000%, 1–15–17 (B)		200		205
Utilities – 0.5%
Emgesa S.A. E.S.P.
8.750%, 1–25–21 (A)	COP	302,000		99
Total Columbia – 2.6%			$	502
France
Financials – 0.5%
Societe Generale S.A.
5.922%, 4–29–49 (B)	$	100		101
Total France – 0.5%			$	101
Hong Kong
Telecommunication Services – 1.0%
Hutchison Whampoa Ltd.
1.625%, 10–31–17 (B)		200		199
Total Hong Kong – 1.0%			$	199
India
Industrials – 1.1%
Adani Ports and Special Economic Zone Ltd.
3.500%, 7–29–20 (B)		200		198
Utilities – 0.5%
Rural Electrification Corp. Ltd.
4.250%, 1–25–16		100		101
Total India – 1.6%			$	299
Indonesia
Utilities – 1.7%
Majapahit Holding B.V.
7.750%, 10–17–16		300		316
Total Indonesia – 1.7%			$	316

Ireland
Financials – 1.6%
MTS International Funding Ltd.
5.000%, 5–30–23 (B)		350		314
Total Ireland – 1.6%			$	314
Jamaica
Telecommunication Services – 0.9%
Digicel Group Ltd.
6.000%, 4–15–21 (B)		200		181
Total Jamaica – 0.9%			$	181
Luxembourg
Consumer Discretionary – 0.9%
Altice S.A.
7.625%, 2–15–25 (B)		200		175
Financials – 1.0%
OJSC Russian Agricultural Bank
5.100%, 7–25–18 (B)		200		195
Information Technology – 1.0%
BC Luxco 1 S.A.
7.375%, 1–29–20 (B)		200		188
Materials – 1.6%
Evraz Group S.A.
7.400%, 4–24–17		200		205
Steel Capital S.A.
6.700%, 10–25–17		100		105
				310
Total Luxembourg – 4.5%			$	868
Mexico
Materials – 3.5%
C5 Capital (SPV) Ltd.
4.604%, 12–29–49 (B)(D)		150		130
CEMEX S.A.B. de C.V.
6.500%, 12–10–19 (B)		550		543
				673
Total Mexico – 3.5%			$	673
Netherlands
Consumer Discretionary – 0.9%
VTR Finance B.V.
6.875%, 1–15–24 (B)		200		182
Energy – 0.5%
Petrobras Global Finance (GTD by Petroleo Brasileiro S.A.)
4.875%, 3–17–20		125		92
Materials – 0.7%
Cimpor Financial Operations B.V. (GTD by InterCement Participacoes S.A. and InterCement Brasil S.A.)
5.750%, 7–17–24 (B)		200		134
Telecommunication Services – 0.4%
VimpleCom Holdings B.V.
9.000%, 2–13–18 (A)(B)		RUB5,000		70
Utilities – 1.1%
Listrindo Capital B.V.
6.950%, 2–21–19 (B)	$	200		202
Total Netherlands – 3.6%			$	680
Panama
Financials – 1.6%
Banco Latinoamericano de Comercio Exterior S.A.
3.750%, 4–4–17 (B)		300		304
Total Panama – 1.6%			$	304
Peru
Financials – 0.5%
InRetail Shopping Malls
5.250%, 10–10–21 (B)		100		101
Total Peru – 0.5%			$	101
Russia
Energy – 1.1%
Novatek Finance Ltd.
5.326%, 2–3–16 (B)		200		202
Industrials – 1.0%
SCF Capital Ltd.
5.375%, 10–27–17		200		194
Materials – 1.0%
Uralkali Finance Ltd.
3.723%, 4–30–18 (B)		200		189
Total Russia – 3.1%			$	585
Singapore
Consumer Staples – 1.1%
Olam International Ltd.
7.500%, 8–12–20		100		108
Olam International Ltd., Convertible
6.000%, 10–15–16		100		101
				209

Telecommunication Services – 1.0%
TBG Global Pte. Ltd.
4.625%, 4–3–18 (B)	200		195
Total Singapore – 2.1%		$	404
United Arab Emirates
Financials – 1.7%
ICICI Bank Ltd.
3.500%, 3–18–20 (B)	325		328
Total United Arab Emirates – 1.7%		$	328
United Kingdom
Financials – 5.3%
Barclays plc
8.250%, 12–29–49	200		208
HSBC Holdings plc
5.625%, 12–29–49	200		192
Royal Bank of Scotland Group plc (The)
7.640%, 3–29–49	200		213
State Bank of India:
3.250%, 4–18–18 (B)	200		204
3.622%, 4–17–19 (B)	200		205
			1,022
Materials – 0.8%
Vedanta Resources plc
6.000%, 1–31–19 (B)	200		145
Total United Kingdom – 6.1%		$	1,167
United States
Consumer Discretionary – 0.2%
B-Corp Merger Sub, Inc.
8.250%, 6–1–19	50		38
Consumer Staples – 1.3%
SABMiller Holdings, Inc.
2.200%, 8–1–18 (B)	200		202
Simmons Foods, Inc.
7.875%, 10–1–21 (B)	50		46
			248
Energy – 0.7%
Brand Energy & Infrastructure Services
8.500%, 12–1–21 (B)	80		72
California Resources Corp.
5.000%, 1–15–20	100		64
			136
Financials – 5.1%
Aircastle Ltd.
4.625%, 12–15–18	235		239
Citigroup, Inc.:
8.400%, 4–29–49	75		84
5.950%, 12–29–49	100		99
Daimler Finance North America LLC
2.950%, 1–11–17 (B)	200		203
General Motors Financial Co., Inc.
3.000%, 9–25–17	100		101
UBS Preferred Funding Trust V
6.243%, 5–29–49	200		203
Wells Fargo & Co.
7.980%, 3–29–49	50		53
			982
Health Care – 0.4%
Fresenius U.S. Finance II, Inc.
4.500%, 1–15–23 (B)	75		75
Industrials – 0.4%
TransDigm, Inc.
6.000%, 7–15–22	82		76
Information Technology – 1.1%
Alliance Data Systems Corp.
5.250%, 12–1–17 (B)	150		152
Micron Technology, Inc.
5.875%, 2–15–22	50		50
			202
Materials – 0.5%
Hillman Group, Inc. (The)
6.375%, 7–15–22 (B)	110		101
Telecommunication Services – 3.0%
American Tower Corp.
3.400%, 2–15–19	125		129
T-Mobile USA, Inc.
6.000%, 3–1–23	230		222
Verizon Communications, Inc.
2.625%, 2–21–20	214		215
			566
Total United States – 12.7%		$	2,424
TOTAL CORPORATE DEBT SECURITIES – 63.5%		$	12,168
(Cost: $13,383)
OTHER GOVERNMENT SECURITIES (E)
Argentina – 1.1%
City of Buenos Aires
9.950%, 3–1–17 (B)	200		206
Luxembourg – 0.7%
BC Luxco 1 S.A.
7.375%, 1–29–20	150		141

Russia – 1.1%
Russian Federation
3.500%, 1–16–19 (B)	200		200
Spain – 1.1%
Banco Bilbao Vizcaya Argentaria S.A.
9.000%, 5–29–49	200		211
Venezuela – 2.1%
Corporacion Andina de Fomento:
3.750%, 1–15–16	155		156
1.500%, 8–8–17	250		250
			406
TOTAL OTHER GOVERNMENT SECURITIES – 6.1%		$	1,164
(Cost: $1,183)
LOANS (D)
United States
Industrials – 1.2%
TransDigm, Inc.
3.750%, 2–28–20	242		239
Information Technology – 0.3%
Magic Newco LLC
5.000%, 12–12–18	50		50
Materials – 0.5%
BakerCorp International
4.250%, 2–7–20	74		70
EP Minerals LLC
5.500%, 8–20–20	29		29
			99
Total United States – 2.0%		$	388
			388
TOTAL LOANS – 2.0%		$	388
(Cost: $393)

UNITED STATES GOVERNMENT OBLIGATIONS
United States – 15.1%
U.S. Treasury Notes:
0.625%, 8–31–17	1,500		1,500
0.750%, 12–31–17	1,250		1,251
1.750%, 5–15–22	145		145
			2,896
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 15.1%		$	2,896
(Cost: $2,893)
SHORT-TERM SECURITIES
Master Note – 7.3%
Toyota Motor Credit Corp.
0.200%, 10–7–15 (F)	1,391		1,391
TOTAL SHORT-TERM SECURITIES – 7.3%		$	1,391
(Cost: $1,391)
TOTAL INVESTMENT SECURITIES – 98.9%		$	18,935
(Cost: $20,321)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.1%			217
NET ASSETS – 100.0%		$	19,152

Notes to Schedule of Investments

* Not shown due to rounding.

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

(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, 2015 the total value of these securities amounted to $8,376 or 43.7% 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, 2015.

(E) Other Government Securities include emerging markets sovereign, quasi-sovereign, corporate and supranational agency and organization debt securities.

(F) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following forward foreign currency contracts were outstanding at September 30, 2015:

	Currency to be Delivered		Currency to be Received		Settlement Date		Counterparty		Unrealized Appreciation		Unrealized Depreciation
British Pound	131	U.S. Dollar		200		10-15-15		Barclays Capital, Inc.	$	2	$	—

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

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

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

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

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

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

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

The following table is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of September 30, 2015.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Energy	$	36	$	110	$	—
Financials		206		—		—
Health Care		149		77		—
Information Technology		124		—		—
Utilities		226		—		—
Total Common Stocks	$	741	$	187	$	—
Corporate Debt Securities		—		12,168		—
Other Government Securities		—		1,164		—
Loans		—		388		—
United States Government Obligations		—		2,896		—
Short-Term Securities		—		1,391		—
Total	$	741	$	18,194	$	—
Forward Foreign Currency Contracts	$	—	$	2	$	—

During the period ended September 30, 2015, securities totaling $235 were transferred from Level 3 to Level 2 due to increased availability of observable market data due to increased market activity or information for these securities. Transfers out of Level 3 represent the values as of the beginning of the reporting period. 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, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	20,321
Gross unrealized appreciation		193
Gross unrealized depreciation		(1,579	)
Net unrealized depreciation	$	(1,386	)

SCHEDULE OF INVESTMENTS Global Natural Resources (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Canada
Energy – 2.7%
Suncor Energy, Inc.		118	$	3,153
Industrials – 1.9%
Canadian Pacific Railway Ltd.		16		2,283
Total Canada – 4.6%			$	5,436
China
Materials – 0.0%
China Metal Recycling (Holdings) Ltd. (A)		1,900		—
Total China – 0.0%			$	—
France
Materials – 0.8%
L Air Liquide S.A.		8		919
Total France – 0.8%			$	919
Netherlands
Energy – 0.5%
Core Laboratories N.V.		6		614
Total Netherlands – 0.5%			$	614
Switzerland
Energy – 1.6%
Weatherford International Ltd. (A)		224		1,901
Total Switzerland – 1.6%			$	1,901
United Kingdom
Materials – 6.4%
BHP Billiton plc		210		3,202
Randgold Resources Ltd. ADR		13		783
Rio Tinto plc		110		3,685
				7,670
Total United Kingdom – 6.4%			$	7,670
United States
Energy – 53.7%
Anadarko Petroleum Corp.		37		2,222
Antero Resources Corp. (A)		40		847
Baker Hughes, Inc.		80		4,161
Cabot Oil & Gas Corp.		56		1,215
Cameron International Corp. (A)		31		1,913
Cimarex Energy Co.		24		2,449
Concho Resources, Inc. (A)		25		2,458
Continental Resources, Inc. (A)		67		1,941
Dril-Quip, Inc. (A)		10		585
Energy Transfer Equity L.P.		87		1,804
EOG Resources, Inc.		44		3,229
Exxon Mobil Corp.		9		647
FMC Technologies, Inc. (A)		18		546
Gulfport Energy Corp. (A)		32		960
Halliburton Co.		160		5,660
Helmerich & Payne, Inc.		21		985
HollyFrontier Corp.		20		965
Marathon Petroleum Corp.		59		2,727
MarkWest Energy Partners L.P.		26		1,109
Newfield Exploration Co. (A)		25		837
Noble Energy, Inc.		67		2,016
Oasis Petroleum LLC (A)		131		1,138
Patterson-UTI Energy, Inc.		41		541
Phillips 66		38		2,901
Pioneer Natural Resources Co.		18		2,232
Plains GP Holdings L.P., Class A		56		987
Rice Energy, Inc. (A)		77		1,241
Rice Midstream Partners L.P.		53		701
Schlumberger Ltd.		93		6,421
Shell Midstream Partners L.P.		23		666
Superior Energy Services, Inc.		43		542
Tallgrass Energy GP L.P., Class A		84		1,660
Tesoro Corp.		14		1,337

Valero Energy Corp.		25		1,488
Valero Energy Partners L.P.		15		640
Whiting Petroleum Corp. (A)		58		893
Williams Co., Inc. (The)		36		1,330
				63,994
Financials – 3.0%
CME Group, Inc.		39		3,598
Industrials – 1.9%
Caterpillar, Inc.		35		2,278
Materials – 12.4%
Dow Chemical Co. (The)		115		4,882
Freeport-McMoRan Copper & Gold, Inc., Class B		155		1,506
LyondellBasell Industries N.V., Class A		48		4,030
PPG Industries, Inc.		20		1,719
Praxair, Inc.		6		611
Southern Copper Corp.		76		2,019
				14,767
Total United States – 71.0%			$	84,637
TOTAL COMMON STOCKS – 84.9%			$	101,177
(Cost: $130,942)
INVESTMENT FUNDS
United States – 2.0%
SPDR Gold Trust (A)		22		2,367
TOTAL INVESTMENT FUNDS – 2.0%			$	2,367
(Cost: $2,625)
PREFERRED STOCKS
United States
Utilities – 0.0%
Konarka Technologies, Inc., 8.000%, Convertible (A)(B)		68		—
Total United States – 0.0%			$	—
TOTAL PREFERRED STOCKS – 0.0%			$	—
(Cost: $211)
SHORT-TERM SECURITIES	Principal
Commercial Paper (C) – 12.0%
Caterpillar Financial Services Corp. (GTD by Caterpillar, Inc.)
0.140%, 10–1–15	$	5,000		5,000
J.M. Smucker Co. (The)
0.280%, 10–1–15		4,291		4,291
PACCAR Financial Corp. (GTD by PACCAR, Inc.)
0.180%, 10–29–15		1,800		1,800
Wisconsin Gas LLC
0.140%, 10–2–15		3,200		3,200
				14,291
Master Note – 1.0%
Toyota Motor Credit Corp.
0.200%, 10–7–15 (D)		1,172		1,172
TOTAL SHORT-TERM SECURITIES – 13.0%			$	15,463
(Cost: $15,463)
TOTAL INVESTMENT SECURITIES – 99.9%			$	119,007
(Cost: $149,241)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.1%				167
NET ASSETS – 100.0%			$	119,174

Notes to Schedule of Investments

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

(B) Restricted security. At September 30, 2015, the Portfolio owned the following restricted security:

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

The total value of this security represented 0.0% of net assets at September 30, 2015.

(C) Rate shown is the yield to maturity at September 30, 2015.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following forward foreign currency contracts were outstanding at September 30, 2015:

	Currency to be Delivered		Currency to be Received		Settlement Date		Counterparty	Unrealized Appreciation		Unrealized Depreciation
British Pound	82	U.S. Dollar		125		10-15-15	State Street Global Markets	$	1	$	—
British Pound	4,988	U.S. Dollar		7,611		10-15-15	UBS AG		65		—
Canadian Dollar	4,121	U.S. Dollar		3,128		10-15-15	UBS AG		41		—
Euro	828	U.S. Dollar		921		10-15-15	UBS AG		—		5
								$	107	$	5

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 is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of September 30, 2015:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Energy	$	69,662	$	—	$	—
Financials		3,598		—		—
Industrials		4,561		—		—
Materials		15,550		7,806		—
Total Common Stocks	$	93,371	$	7,806	$	—
Investment Funds		2,367		—		—
Preferred Stocks		—		—		—
Short-Term Securities		—		15,463		—
Total	$	95,738	$	23,269	$	—
Forward Foreign Currency Contracts	$	—	$	107	$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	5	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

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, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	149,241
Gross unrealized appreciation		3,205
Gross unrealized depreciation		(33,439	)
Net unrealized depreciation	$	(30,234	)

SCHEDULE OF INVESTMENTS Growth (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Apparel Retail – 1.2%
Limited Brands, Inc.		114	$	10,275
Apparel, Accessories & Luxury Goods – 0.9%
Under Armour, Inc., Class A (A)		76		7,365
Automotive Retail – 3.1%
AutoZone, Inc. (A)		16		11,364
O’Reilly Automotive, Inc. (A)		56		14,025
				25,389
Cable & Satellite – 2.1%
Comcast Corp., Class A		303		17,240
Casinos & Gaming – 0.4%
Las Vegas Sands, Inc.		84		3,197
Consumer Electronics – 0.5%
Harman International Industries, Inc.		44		4,176
Footwear – 1.6%
NIKE, Inc., Class B		110		13,514
Home Improvement Retail – 4.2%
Home Depot, Inc. (The)		303		34,993
Hotels, Resorts & Cruise Lines – 1.1%
Hilton Worldwide Holdings, Inc.		411		9,433
Internet Retail – 4.2%
Amazon.com, Inc. (A)		51		26,209
priceline.com, Inc. (A)		7		8,782
				34,991
Leisure Products – 0.3%
Polaris Industries, Inc.		17		2,074
Movies & Entertainment – 1.5%
Walt Disney Co. (The)		121		12,407
Restaurants – 2.0%
Starbucks Corp.		293		16,671
Specialty Stores – 2.2%
Tiffany & Co.		38		2,927
Ulta Salon, Cosmetics & Fragrance, Inc. (A)		93		15,159
				18,086
Total Consumer Discretionary – 25.3%				209,811
Consumer Staples
Brewers – 1.0%
Anheuser-Busch InBev S.A. ADR		78		8,272
Personal Products – 0.5%
Estee Lauder Co., Inc. (The), Class A		49		3,953
Tobacco – 0.8%
Philip Morris International, Inc.		81		6,434
Total Consumer Staples – 2.3%				18,659
Energy
Oil & Gas Exploration & Production – 0.7%
EOG Resources, Inc.		84		6,137
Total Energy – 0.7%				6,137
Financials
Investment Banking & Brokerage – 1.6%
Charles Schwab Corp. (The)		463		13,212
Specialized Finance – 1.6%
CME Group, Inc.		143		13,252
Total Financials – 3.2%				26,464
Health Care
Biotechnology – 12.0%
Alexion Pharmaceuticals, Inc. (A)		56		8,727
Amgen, Inc.		54		7,400
Biogen, Inc. (A)		68		19,931
Celgene Corp. (A)		285		30,796
Gilead Sciences, Inc.		246		24,125
Vertex Pharmaceuticals, Inc. (A)		79		8,258
				99,237
Health Care Facilities – 2.8%
HCA Holdings, Inc. (A)		306		23,672

Pharmaceuticals – 7.1%
Allergan plc (A)		108		29,441
Bristol-Myers Squibb Co.		250		14,794
Shire Pharmaceuticals Group plc ADR		70		14,305
				58,540
Total Health Care – 21.9%				181,449
Industrials
Aerospace & Defense – 3.4%
Boeing Co. (The)		147		19,210
Lockheed Martin Corp.		43		8,811
				28,021
Industrial Conglomerates – 0.8%
Danaher Corp.		79		6,740
Railroads – 4.4%
Canadian Pacific Railway Ltd.		119		17,128
Union Pacific Corp.		214		18,902
				36,030
Total Industrials – 8.6%				70,791
Information Technology
Application Software – 1.8%
Adobe Systems, Inc. (A)		185		15,203
Data Processing & Outsourced Services – 9.8%
Alliance Data Systems Corp. (A)		33		8,598
MasterCard, Inc., Class A		405		36,499
Visa, Inc., Class A		519		36,126
				81,223
Internet Software & Services – 9.4%
Facebook, Inc., Class A(A)		309		27,797
Google, Inc., Class A (A)		31		19,700
Google, Inc., Class C (A)		32		19,681
LinkedIn Corp., Class A (A)		45		8,481
Twitter, Inc. (A)		86		2,320
				77,979
IT Consulting & Other Services – 2.0%
Cognizant Technology Solutions Corp., Class A (A)		269		16,823
Semiconductor Equipment – 1.8%
Applied Materials, Inc.		260		3,813
Lam Research Corp.		172		11,211
				15,024
Semiconductors – 1.9%
NXP Semiconductors N.V. (A)		178		15,472
Technology Hardware, Storage & Peripherals – 4.3%
Apple, Inc.		320		35,284
Total Information Technology – 31.0%				257,008
Materials
Diversified Chemicals – 1.0%
PPG Industries, Inc.		89		7,839
Total Materials – 1.0%				7,839
Telecommunication Services
Wireless Telecommunication Service – 2.3%
American Tower Corp., Class A		125		11,024
SBA Communications Corp. (A)		78		8,201
				19,225
Total Telecommunication Services – 2.3%				19,225
TOTAL COMMON STOCKS – 96.3%			$	797,383
(Cost: $622,345)
SHORT-TERM SECURITIES	Principal
Commercial Paper(B) – 3.3%
General Mills, Inc.,
0.300%, 10–2–15	$	5,000		5,000
J.M. Smucker Co. (The),
0.280%, 10–1–15		1,722		1,722
Kellogg Co.,
0.350%, 10–2–15		3,000		3,000
L Air Liquide S.A.,
0.180%, 10–2–15		3,000		3,000
Mondelez International, Inc.,
0.260%, 10–21–15		5,000		4,999
Northern Illinois Gas Co.,
0.310%, 10–7–15		10,000		10,000
				27,721

Master Note – 0.4%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (C)	3,244		3,244
United States Government Agency Obligations – 0.2%
Overseas Private Investment Corp. (GTD by U.S. Government),
0.150%, 10–7–15 (C)	1,374		1,374
TOTAL SHORT-TERM SECURITIES – 3.9%		$	32,339
(Cost: $32,339)
TOTAL INVESTMENT SECURITIES – 100.2%		$	829,722
(Cost: $654,684)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.2)%			(1,537	)
NET ASSETS – 100.0%		$	828,185

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, 2015.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. 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 is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of September 30, 2015:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	797,383	$	—	$	—
Short-Term Securities		—		32,339		—
Total	$	797,383	$	32,339	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

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, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	654,684
Gross unrealized appreciation		199,729
Gross unrealized depreciation		(24,691	)
Net unrealized appreciation	$	175,038

SCHEDULE OF INVESTMENTS High Income (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares			Value
Consumer Discretionary
Casinos & Gaming – 0.0%
New Cotai Participation Corp., Class B (A)		—	*	$	68
Total Consumer Discretionary – 0.0%					68
Energy
Oil & Gas Storage & Transportation – 0.0%
Crestwood Midstream Partners L.P.		14			88
Inergy L.P.		33			75
					163
Total Energy – 0.0%					163
Financials
Consumer Finance – 0.1%
JG Wentworth Co. (A)		82			402
Total Financials – 0.1%					402
Industrials
Railroads – 0.0%
Kansas City Southern		3			254
Total Industrials – 0.0%					254
Utilities
Gas Utilities – 0.0%
Suburban Propane Partners L.P.		4			117
Total Utilities – 0.0%					117
TOTAL COMMON STOCKS – 0.1%				$	1,004
(Cost: $1,911)
PREFERRED STOCKS
Materials
Steel – 0.0%
ArcelorMittal, 6.000%, Convertible		23			186
Total Materials – 0.0%					186
Telecommunication Services
Integrated Telecommunication Services – 0.8%
Frontier Communications Corp., Convertible Series A, 11.125%		61			5,649
Total Telecommunication Services – 0.8%					5,649
TOTAL PREFERRED STOCKS – 0.8%				$	5,835
(Cost: $6,660)
WARRANTS
Agricultural Products – 0.0%
ASG Consolidated LLC (B)		1			3
TOTAL WARRANTS – 0.0%				$	3
(Cost: $72)
CORPORATE DEBT SECURITIES	Principal
Consumer Discretionary
Advertising – 0.9%
Acosta, Inc.,
7.750%, 10–1–22 (C)	$	4,985			4,686
Lamar Media Corp.,
5.375%, 1–15–24		1,376			1,390
Outfront Media Capital LLC and Outfront Media Capital Corp.:
5.250%, 2–15–22		743			741
5.625%, 2–15–24		500			507
5.625%, 2–15–24 (C)		73			74
					7,398
Apparel Retail – 2.4%
Bon-Ton Stores, Inc. (The),
8.000%, 6–15–21		5,224			3,082
Chinos Intermediate Holdings A, Inc.,
7.750%, 5–1–19 (C)(D)		2,869			1,097
Gymboree Corp. (The),
9.125%, 12–1–18		3,071			952
Hot Topic, Inc.,
9.250%, 6–15–21 (C)		5,002			4,802
HT Intermediate Holdings Corp.,
12.000%, 5–15–19 (C)(D)		1,527			1,435
Neiman Marcus Group Ltd., Inc.,
8.000%, 10–15–21 (C)		4,402			4,534
Nine West Holdings, Inc.,
8.250%, 3–15–19 (C)		6,531			2,972
					18,874

Auto Parts & Equipment – 0.5%
Midas Intermediate HoldCo II LLC & Midas Intermediate Finance, Inc.,
7.875%, 10–1–22 (C)		2,209	2,154
Schaeffler Finance B.V.,
4.250%, 5–15–21 (C)		1,553	1,491
			3,645
Automobile Manufacturers – 0.2%
Jaguar Land Rover plc,
5.625%, 2–1–23 (C)		1,458	1,433
Automotive Retail – 0.7%
Group 1 Automotive, Inc.,
5.000%, 6–1–22		1,200	1,182
Sonic Automotive, Inc.,
5.000%, 5–15–23		4,477	4,287
			5,469
Broadcasting – 1.5%
Clear Channel Communications, Inc.,
10.000%, 1–15–18		2,111	1,119
Clear Channel Outdoor Holdings, Inc.,
6.500%, 11–15–22		4,494	4,500
Clear Channel Worldwide Holdings, Inc., Series A,
7.625%, 3–15–20		221	220
Clear Channel Worldwide Holdings, Inc., Series B,
7.625%, 3–15–20		1,780	1,785
Cumulus Media, Inc.,
7.750%, 5–1–19		3,815	2,737
iHeartCommunications, Inc. (GTD by iHeartMedia Capital I LLC),
10.625%, 3–15–23		1,485	1,255
			11,616
Cable & Satellite – 6.1%
Altice Financing S.A.,
6.625%, 2–15–23 (C)		708	680
Altice S.A.:
7.250%, 5–15–22 (C)(E)	EUR	256	269
7.750%, 5–15–22 (C)	$	9,915	9,023
6.250%, 2–15–25 (C)(E)	EUR	354	347
7.625%, 2–15–25 (C)	$	1,969	1,725
Cablevision Systems Corp.,
5.875%, 9–15–22		1,156	876
CCO Holdings LLC and CCO Holdings Capital Corp.:
5.250%, 3–15–21		293	288
5.250%, 9–30–22		390	366
5.125%, 2–15–23		390	360
5.750%, 9–1–23		98	93
5.750%, 1–15–24		2,519	2,406
Columbus International, Inc.,
7.375%, 3–30–21 (C)		517	535
DISH DBS Corp.:
6.750%, 6–1–21		1,936	1,849
5.875%, 7–15–22		910	803
5.000%, 3–15–23		418	350
Neptune Finco Corp.:
10.125%, 1–15–23 (C)		788	795
6.625%, 10–15–25 (C)		788	792
10.875%, 10–15–25 (C)		788	796
Sirius XM Radio, Inc.:
5.875%, 10–1–20 (C)		961	978
5.750%, 8–1–21 (C)		500	500
4.625%, 5–15–23 (C)		4,936	4,615
6.000%, 7–15–24 (C)		8,000	8,040
VTR Finance B.V.,
6.875%, 1–15–24 (C)		8,235	7,473
Wave Holdco LLC and Wave Holdco Corp.,
8.250%, 7–15–19 (C)(D)		808	788
WaveDivision Escrow LLC and WaveDivision Escrow Corp.,
8.125%, 9–1–20 (C)		2,825	2,754
			47,501

Casinos & Gaming – 2.3%
Gateway Casinos & Entertainment Ltd.,
8.500%, 11–26–20 (C)(E)	CAD	2,465	1,866
MCE Finance Ltd.,
5.000%, 2–15–21 (C)	$	600	528
Scientific Games Corp.,
8.125%, 9–15–18		408	379
Studio City Finance Ltd.,
8.500%, 12–1–20 (C)		8,750	8,138
Wynn Macau Ltd.,
5.250%, 10–15–21 (C)		7,898	6,856
			17,767
Distributors – 1.1%
LKQ Corp.,
4.750%, 5–15–23		2,250	2,166
Pinnacle Operating Corp.,
9.000%, 11–15–20 (C)		6,983	6,773
			8,939
Education Services – 2.0%
Laureate Education, Inc.,
9.250%, 9–1–19 (C)(F)		19,603	15,388
Hotels, Resorts & Cruise Lines – 0.3%
Interval Acquisition Corp.,
5.625%, 4–15–23 (C)		2,034	2,004
Leisure Facilities – 0.2%
Palace Entertainment Holdings LLC,
8.875%, 4–15–17 (C)		1,742	1,716
Movies & Entertainment – 1.5%
AMC Entertainment, Inc.:
5.875%, 2–15–22		1,285	1,291
5.750%, 6–15–25		2,416	2,350
Cinemark USA, Inc.:
5.125%, 12–15–22		675	662
4.875%, 6–1–23		2,900	2,777
WMG Acquisition Corp.:
5.625%, 4–15–22 (C)		251	243
6.750%, 4–15–22 (C)		4,414	4,160
			11,483
Restaurants – 0.1%
Carrols Restaurant Group, Inc.,
8.000%, 5–1–22		921	969
Specialized Consumer Services – 3.0%
B-Corp Merger Sub, Inc.,
8.250%, 6–1–19		8,778	6,671
Carlson Travel Holdings,
7.500%, 8–15–19 (C)(D)		1,890	1,895
Carlson Wagonlit B.V.:
6.875%, 6–15–19 (C)		2,674	2,754
7.500%, 6–15–19 (C)(E)	EUR	1,787	2,080
Emdeon, Inc.,
11.000%, 12–31–19	$	1,204	1,282
Lansing Trade Group,
9.250%, 2–15–19 (C)		1,571	1,512
Nielsen Finance,
5.500%, 10–1–21 (C)		2,871	2,857
Nielsen Finance LLC and Nielsen Finance Co.,
5.000%, 4–15–22 (C)		4,385	4,242
			23,293
Specialty Stores – 1.3%
Jo-Ann Stores Holdings, Inc.,
9.750%, 10–15–19 (C)(D)		11,527	9,221
Jo-Ann Stores, Inc.,
8.125%, 3–15–19 (C)		1,205	1,115
			10,336
Total Consumer Discretionary – 24.1%			187,831
Consumer Staples
Food Distributors – 3.1%
Simmons Foods, Inc.,
7.875%, 10–1–21 (C)		6,612	6,108
U.S. Foodservice, Inc.,
8.500%, 6–30–19		17,304	17,909
			24,017
Packaged Foods & Meats – 1.6%
Bumble Bee Foods LLC,
9.625%, 3–15–18 (C)(D)		2,031	2,056
JBS USA LLC and JBS USA Finance, Inc.:
5.875%, 7–15–24 (C)		5,695	5,339
5.750%, 6–15–25 (C)		1,406	1,287
Post Holdings, Inc.:
7.375%, 2–15–22		977	994
7.750%, 3–15–24 (C)		1,696	1,738
8.000%, 7–15–25 (C)		1,079	1,111
			12,525
Tobacco – 0.5%
Prestige Brands, Inc.,
5.375%, 12–15–21 (C)		3,658	3,567
Total Consumer Staples – 5.2%			40,109

Energy
Coal & Consumable Fuels – 0.5%
Foresight Energy LLC and Foresight Energy Finance Corp.,
7.875%, 8–15–21 (C)	4,749	3,705
Oil & Gas Drilling – 0.2%
KCA DEUTAG UK Finance plc,
7.250%, 5–15–21 (C)	1,981	1,416
Oil & Gas Equipment & Services – 0.6%
Brand Energy & Infrastructure Services,
8.500%, 12–1–21 (C)	4,638	4,139
Key Energy Services, Inc.,
6.750%, 3–1–21	816	282
Seventy Seven Energy, Inc.,
6.500%, 7–15–22	664	259
		4,680
Oil & Gas Exploration & Production – 2.9%
Bellatrix Exploration Ltd.,
8.500%, 5–15–20 (C)	2,247	1,753
California Resources Corp.,
6.000%, 11–15–24	8,743	5,246
Chesapeake Energy Corp.:
6.500%, 8–15–17	1,643	1,479
7.250%, 12–15–18	157	130
3.539%, 4–15–19 (F)	496	352
4.875%, 4–15–22	951	620
Clayton Williams Energy, Inc.,
7.750%, 4–1–19	1,247	1,055
Crownrock L.P.,
7.750%, 2–15–23 (C)	715	701
Endeavor Energy Resources L.P.:
7.000%, 8–15–21 (C)	1,783	1,649
8.125%, 9–15–23 (C)	758	728
Gulfport Energy Corp.,
6.625%, 5–1–23 (C)	221	203
Kodiak Oil & Gas Corp.,
8.125%, 12–1–19	2,965	2,869
Laredo Petroleum, Inc.,
7.375%, 5–1–22	1,953	1,889
Midstates Petroleum Co., Inc. and Midstates Petroleum Co. LLC,
10.000%, 6–1–20 (C)	1,883	1,365
Parsley Energy LLC and Parsely Finance Corp.,
7.500%, 2–15–22 (C)	834	809
Rice Energy, Inc.:
6.250%, 5–1–22	624	557
7.250%, 5–1–23 (C)	798	748
Whiting Petroleum Corp.,
5.750%, 3–15–21	578	500
		22,653
Oil & Gas Refining & Marketing – 0.6%
Offshore Drilling Holding S.A.,
8.375%, 9–20–20 (C)(F)	4,063	2,763
Offshore Group Investment Ltd.,
7.500%, 11–1–19	2,160	702
Seven Generations Energy Ltd.,
6.750%, 5–1–23 (C)	1,531	1,317
		4,782
Total Energy – 4.8%		37,236
Financials
Consumer Finance – 1.3%
Creditcorp,
12.000%, 7–15–18 (C)	4,228	3,261
Quicken Loans, Inc.,
5.750%, 5–1–25 (C)	3,346	3,170
Speedy Cash Intermediate Holdings Corp.,
10.750%, 5–15–18 (C)	3,798	3,000
Speedy Group Holdings Corp.,
12.000%, 11–15–17 (C)	986	779
		10,210
Diversified Capital Markets – 1.0%
Patriot Merger Corp.,
9.000%, 7–15–21 (C)	8,406	8,112
Investment Banking & Brokerage – 0.2%
GFI Group, Inc.,
8.625%, 7–19–18 (F)	1,735	1,874
Other Diversified Financial Services – 3.4%
AAF Holdings LLC and AAF Finance Co.,
12.000%, 7–1–19 (C)(D)	2,489	2,452
Abengoa Finance SAU,
7.750%, 2–1–20 (C)	5,394	2,191
Balboa Merger Sub, Inc.,
11.375%, 12–1–21 (C)	9,982	9,957
Greektown Holdings LLC and Greektown Mothership Corp.,
8.875%, 3–15–19 (C)	3,033	3,109
New Cotai LLC and New Cotai Capital Corp.,
10.625%, 5–1–19 (C)(D)	10,891	8,876
		26,585
Property & Casualty Insurance – 1.5%
Hub International Ltd.,
7.875%, 10–1–21 (C)	3,163	3,020
Onex USI Acquisition Corp.,
7.750%, 1–15–21 (C)	9,188	8,993
		12,013

Real Estate Development – 0.3%
Hub Holdings LLC and Hub Holdings Finance, Inc.,
8.125%, 7–15–19 (C)(D)	2,440	2,355
Specialized Finance – 1.3%
Consolidated Communications Finance II Co.,
6.500%, 10–1–22 (C)	1,880	1,683
Flexi-Van Leasing, Inc.,
7.875%, 8–15–18 (C)	1,881	1,904
TMX Finance LLC and TitleMax Finance Corp.,
8.500%, 9–15–18 (C)	7,798	6,141
		9,728
Specialized REITs – 0.6%
Aircastle Ltd.:
5.125%, 3–15–21	2,728	2,735
5.500%, 2–15–22	1,532	1,547
		4,282
Thrifts & Mortgage Finance – 0.6%
Provident Funding Associates L.P. and PFG Finance Corp.,
6.750%, 6–15–21 (C)	4,573	4,333
Total Financials – 10.2%		79,492
Health Care
Biotechnology – 0.2%
Concordia Healthcare Corp.,
7.000%, 4–15–23 (C)	1,401	1,222
Health Care Equipment – 0.2%
Mallinckrodt International Finance S.A. and Mallinckrodt CB LLC,
5.750%, 8–1–22 (C)	1,278	1,233
Health Care Facilities – 2.5%
AmSurg Escrow Corp.,
5.625%, 7–15–22	1,187	1,186
Capsugel S.A.,
7.000%, 5–15–19 (C)(D)	1,807	1,803
ConvaTec Finance International S.A.,
8.250%, 1–15–19 (C)(D)	2,370	2,329
DaVita HealthCare Partners, Inc.,
5.000%, 5–1–25	1,473	1,414
FWCT-2 Escrow Corp.,
6.875%, 2–1–22	1,752	1,789
MPH Acquisition Holdings LLC,
6.625%, 4–1–22 (C)	2,378	2,378
Tenet Healthcare Corp.:
6.750%, 2–1–20	1,408	1,441
8.125%, 4–1–22	6,621	7,037
THC Escrow Corp. II,
6.750%, 6–15–23	529	524
		19,901
Health Care Services – 1.5%
MedImpact Holdings, Inc.,
10.500%, 2–1–18 (C)	6,790	7,154
Truven Health Analytics, Inc.,
10.625%, 6–1–20	4,548	4,753
		11,907
Health Care Supplies – 0.8%
Ortho-Clinical Diagnostics,
6.625%, 5–15–22 (C)	5,931	5,100
Universal Hospital Services, Inc.,
7.625%, 8–15–20	1,253	1,175
		6,275
Pharmaceuticals – 1.4%
Jaguar Holding Co. II and Pharmaceutical Product Development LLC,
6.375%, 8–1–23 (C)	2,117	2,059
JLL/Delta Dutch Newco B.V.,
7.500%, 2–1–22 (C)	1,037	1,047
JLL/Delta Dutch Pledgeco B.V.,
8.750%, 5–1–20 (C)(D)	4,505	4,533
VRX Escrow Corp.:
5.375%, 3–15–20 (C)	1,574	1,530
5.875%, 5–15–23 (C)	1,574	1,509
		10,678
Total Health Care – 6.6%		51,216
Industrials
Aerospace & Defense – 2.8%
Silver II Borrower SCA and Silver II U.S. Holdings,
7.750%, 12–15–20 (C)	7,077	6,139
TransDigm Group, Inc.:
5.500%, 10–15–20	1,050	1,001
7.500%, 7–15–21	4,206	4,385
TransDigm, Inc.:
6.000%, 7–15–22	5,075	4,732
6.500%, 7–15–24	5,515	5,183
		21,440

Air Freight & Logistics – 0.3%
TRAC Intermodal LLC and TRAC Intermodal Corp.,
11.000%, 8–15–19	939	1,019
XPO Logistics, Inc.,
6.500%, 6–15–22 (C)	1,135	960
		1,979
Building Products – 1.1%
Ply Gem Industries, Inc.,
6.500%, 2–1–22	5,353	5,112
Roofing Supply Group LLC and Roofing Supply Finance, Inc.,
10.000%, 6–1–20 (C)	3,329	3,578
		8,690
Diversified Support Services – 0.3%
Algeco Scotsman Global Finance plc:
8.500%, 10–15–18 (C)	1,500	1,313
10.750%, 10–15–19 (C)	2,513	1,332
		2,645
Environmental & Facilities Services – 0.4%
GFL Environmental, Inc.,
7.875%, 4–1–20 (C)	3,146	3,221
Railroads – 0.5%
Florida East Coast Holdings Corp. and Florida East Coast Industries LLC:
6.750%, 5–1–19 (C)	3,449	3,380
9.750%, 5–1–20 (C)	1,017	915
		4,295
Trading Companies & Distributors – 0.6%
HD Supply, Inc.,
11.500%, 7–15–20	3,831	4,329
Total Industrials – 6.0%		46,599
Information Technology
Application Software – 1.6%
Ensemble S Merger Sub, Inc.,
9.000%, 9–30–23 (C)	1,967	1,903
Infor (U.S.), Inc.,
5.750%, 8–15–20 (C)	770	765
Infor Software Parent LLC and Infor Software Parent, Inc.,
7.125%, 5–1–21 (C)(D)	2,461	2,166
Kronos Acquisition Holdings, Inc.,
9.000%, 8–15–23 (C)	8,716	7,801
		12,635
Data Processing & Outsourced Services – 2.5%
Alliance Data Systems Corp.:
5.250%, 12–1–17 (C)	1,110	1,127
6.375%, 4–1–20 (C)	5,733	5,833
5.375%, 8–1–22 (C)	4,224	4,118
Italics Merger Sub, Inc.,
7.125%, 7–15–23 (C)	8,456	8,076
		19,154
Electronic Manufacturing Services – 0.3%
KEMET Corp.,
10.500%, 5–1–18	2,639	2,434
Internet Software & Services – 0.2%
J2 Global, Inc.,
8.000%, 8–1–20	1,502	1,600
IT Consulting & Other Services – 0.6%
NCR Escrow Corp.:
5.875%, 12–15–21	2,509	2,459
6.375%, 12–15–23	2,656	2,603
		5,062
Semiconductor Equipment – 0.0%
Photronics, Inc., Convertible,
3.250%, 4–1–16	170	175
Semiconductors – 0.8%
Micron Technology, Inc.:
5.875%, 2–15–22	3,267	3,222
5.500%, 2–1–25	3,064	2,804
		6,026
Technology Distributors – 1.0%
Sophia L.P. and Sophia Finance, Inc.:
9.625%, 12–1–18 (C)(D)	4,218	4,302
9.750%, 1–15–19 (C)	3,206	3,445
		7,747
Total Information Technology – 7.0%		54,833
Materials
Aluminum – 1.5%
Constellium N.V.:
8.000%, 1–15–23 (C)	3,774	3,340
5.750%, 5–15–24 (C)	1,851	1,407
Wise Metals Group LLC,
8.750%, 12–15–18 (C)	2,712	2,604

Wise Metals Intermediate Holdings,
9.750%, 6–15–19 (C)(D)	4,499	4,330
		11,681
Construction Materials – 0.7%
Hillman Group, Inc. (The),
6.375%, 7–15–22 (C)	6,257	5,756
Diversified Metals & Mining – 1.9%
Artsonig Pty Ltd.,
11.500%, 4–1–19 (C)(D)	4,326	173
Crystal Merger Sub, Inc.,
7.625%, 10–15–21 (C)	489	455
FMG Resources Pty Ltd.:
8.250%, 11–1–19 (C)	9,806	7,869
9.750%, 3–1–22 (C)	371	346
6.875%, 4–1–22 (C)	5,144	3,318
Lundin Mining Corp.:
7.500%, 11–1–20 (C)	1,326	1,283
7.875%, 11–1–22 (C)	1,091	1,047
		14,491
Metal & Glass Containers – 1.7%
Ardagh Finance Holdings,
8.625%, 6–15–19 (C)(D)	4,165	4,259
Ardagh Packaging Finance plc and Ardagh Holdings USA, Inc.,
6.000%, 6–30–21 (C)	981	937
BlueScope Steel (Finance) Ltd. and BlueScope Steel Finance (USA) LLC,
7.125%, 5–1–18 (C)	2,746	2,712
Consolidated Container Co. LLC and Consolidated Container Capital, Inc.,
10.125%, 7–15–20 (C)	3,044	2,557
Signode Industrial Group,
6.375%, 5–1–22 (C)	3,247	3,068
		13,533
Paper Packaging – 0.3%
Beverage Packaging Holdings II Issuer, Inc. and Beverage Packaging Holdings (Luxembourg) II S.A.,
6.000%, 6–15–17 (C)	790	773
Exopack Holdings S.A.,
7.875%, 11–1–19 (C)	610	578
Reynolds Group Holdings Ltd.,
9.875%, 8–15–19	746	772
		2,123
Precious Metals & Minerals – 0.2%
Prince Mineral Holding Corp.,
11.500%, 12–15–19 (C)(F)	1,792	1,505
Total Materials – 6.3%		49,089
Telecommunication Services
Alternative Carriers – 0.7%
Level 3 Communications, Inc.,
5.750%, 12–1–22	1,916	1,880
Level 3 Escrow II, Inc.,
5.375%, 8–15–22	3,628	3,528
		5,408
Integrated Telecommunication Services – 2.7%
BCP (Singapore) VI Cayman Financing Co. Ltd.,
8.000%, 4–15–21 (C)	629	589
CenturyLink, Inc.,
5.625%, 4–1–20	1,250	1,156
Frontier Communications Corp.:
8.875%, 9–15–20 (C)	2,664	2,611
6.250%, 9–15–21	1,501	1,250
10.500%, 9–15–22 (C)	1,567	1,524
7.125%, 1–15–23	367	302
6.875%, 1–15–25	1,041	843
11.000%, 9–15–25 (C)	1,763	1,706
GCI, Inc.,
6.875%, 4–15–25	2,909	2,923
Sprint Corp.:
7.250%, 9–15–21	5,892	4,824
7.875%, 9–15–23	1,708	1,382
7.125%, 6–15–24	2,049	1,577
		20,687
Wireless Telecommunication Service – 1.4%
Digicel Group Ltd.,
8.250%, 9–30–20 (C)	4,113	3,805
Sable International Finance Ltd.,
6.875%, 8–1–22 (C)	3,234	3,258
T–Mobile USA, Inc.:
6.464%, 4–28–19	1,350	1,374
6.633%, 4–28–21	2,611	2,618
6.731%, 4–28–22	196	195
		11,250
Total Telecommunication Services – 4.8%		37,345

Utilities
Renewable Electricity – 0.3%
Abengoa Yield plc,
7.000%, 11–15–19 (C)		2,987		2,614
Total Utilities – 0.3%				2,614
TOTAL CORPORATE DEBT SECURITIES – 75.3%			$	586,364
(Cost: $653,739)
LOANS
Consumer Discretionary
Advertising – 0.2%
Advantage Sales & Marketing, Inc.,
7.500%, 7–25–22		1,943		1,856
Apparel Retail – 2.0%
Gymboree Corp. (The),
5.000%, 2–23–18		509		333
Hoffmaster Group, Inc.,
10.000%, 5–9–21		2,188		2,144
Nine West Holdings, Inc.,
6.250%, 1–8–20		3,065		1,744
Talbots, Inc. (The):
5.500%, 3–19–20		2,424		2,377
9.500%, 3–19–21		6,493		6,353
True Religion Apparel, Inc.,
5.875%, 7–30–19		4,234		2,534
				15,485
Auto Parts & Equipment – 0.5%
Direct ChassisLink, Inc.,
8.250%, 11–7–19		3,595		3,454
Casinos & Gaming – 0.2%
Gateway Casinos & Entertainment Ltd.:
5.250%, 11–26–19(E)	CAD	1,936		1,439
5.950%, 11–26–19(E)		5		4
				1,443
General Merchandise Stores – 1.3%
BJ’s Wholesale Club, Inc.,
8.500%, 3–31–20	$	4,277		4,225
Orchard Acquisition Co. LLC,
7.000%, 2–8–19		6,795		6,161
				10,386
Movies & Entertainment – 0.7%
Formula One Holdings Ltd. and Delta Two S.a.r.l.,
7.750%, 7–29–22		5,686		5,458
Specialized Consumer Services – 0.1%
Wand Intermediate I L.P.,
8.250%, 9–17–22		908		883
Total Consumer Discretionary – 5.0%				38,965
Consumer Staples
Food Distributors – 0.2%
Performance Food Group, Inc.:
6.250%, 11–14–19		1,001		1,000
7.500%, 11–14–19		674		674
				1,674
Food Retail – 0.4%
Focus Brands, Inc.,
10.250%, 8–21–18		2,837		2,823
Hypermarkets & Super Centers – 0.2%
GOBP Holdings, Inc.,
9.250%, 10–21–22		1,807		1,789
Packaged Foods & Meats – 0.2%
Shearer’s Foods LLC,
7.750%, 6–30–22		1,386		1,355
Total Consumer Staples – 1.0%				7,641
Energy
Coal & Consumable Fuels – 0.2%
Westmoreland Coal Co.,
7.500%, 12–16–20		1,949		1,701
Oil & Gas Drilling – 0.2%
KCA Deutag Alpha Ltd.,
6.250%, 5–16–20		2,435		1,936
Oil & Gas Equipment & Services – 0.1%
Regent Purchaser Investment, Inc.,
6.000%, 8–14–21		2,045		797
Oil & Gas Exploration & Production – 0.5%
Callon Petroleum Co.,
8.500%, 10–8–21		3,640		3,504
Sabine Oil & Gas LLC,
8.750%, 12–31–18 (G)		468		78
				3,582
Oil & Gas Refining & Marketing – 0.2%
Fieldwood Energy LLC,
8.375%, 9–30–20		5,523		1,519
Oil & Gas Storage & Transportation – 0.2%
Bowie Resources Holdings LLC:
6.750%, 8–12–20		962		886

11.750%, 2–16–21	857	789
		1,675
Total Energy – 1.4%		11,210
Financials
Consumer Finance – 0.2%
TransFirst, Inc.,
9.000%, 11–12–22	1,315	1,294
Other Diversified Financial Services – 0.5%
WP Mustang Holdings LLC:
5.500%, 5–29–21	1,294	1,264
8.500%, 5–29–22	2,813	2,686
		3,950
Total Financials – 0.7%		5,244
Health Care
Health Care Facilities – 0.4%
Surgery Center Holdings, Inc.,
8.500%, 11–3–21	2,912	2,930
Health Care Services – 0.2%
Accellent, Inc.,
7.500%, 3–12–22	1,414	1,418
Health Care Supplies – 0.4%
Sage Products Holdings III LLC,
9.250%, 6–13–20	3,580	3,585
Health Care Technology – 0.6%
Carestream Health, Inc.,
9.500%, 12–7–19	3,330	3,193
Vitera Healthcare Solutions LLC,
6.000%, 11–4–20	1,253	1,228
		4,421
Life Sciences Tools & Services – 0.3%
Atrium Innovations, Inc.,
7.750%, 8–10–21	2,893	2,539
Total Health Care – 1.9%		14,893
Industrials
Building Products – 0.9%
C.H.I. Overhead Doors, Inc.,
8.750%, 7–31–23	1,935	1,906
GYP Holdings III Corp.,
7.750%, 4–1–22	3,358	3,284
Hampton Rubber Co. & SEI Holding Corp.,
9.000%, 3–27–22	2,678	2,116
		7,306
Construction & Engineering – 0.2%
Tensar International Corp.:
5.750%, 7–10–21	819	759
9.500%, 7–10–22	1,122	909
		1,668
Environmental & Facilities Services – 0.1%
Brickman Group Ltd. (The),
7.500%, 12–18–21	513	499
Industrial Conglomerates – 0.3%
Crosby Worldwide Ltd.,
7.000%, 11–22–21	2,438	2,036
Industrial Machinery – 0.6%
Dynacast International LLC,
9.500%, 1–30–23	4,933	4,911
Research & Consulting Services – 0.3%
Larchmont Resources LLC,
8.250%, 8–7–19	2,796	2,349
Total Industrials – 2.4%		18,769
Information Technology
Application Software – 4.0%
Applied Systems, Inc.,
7.500%, 1–23–22	2,311	2,285
Aptean Holdings, Inc.:
5.250%, 2–27–20	1,311	1,285
8.500%, 2–27–21	1,022	979
Misys plc and Magic Newco LLC,
12.000%, 6–12–19	21,504	23,332
TIBCO Software, Inc.,
6.500%, 12–4–20	3,303	3,270
		31,151

Data Processing & Outsourced Services – 0.4%
Sedgwick Claims Management Services, Inc.,
6.750%, 2–28–22	3,395		3,183
Internet Software & Services – 0.8%
TravelCLICK, Inc. & TCH-2 Holdings LLC:
5.500%, 5–12–21	2,797		2,770
8.750%, 11–12–21	2,827		2,770
W3 Co.,
9.250%, 9–1–20	714		556
			6,096
IT Consulting & Other Services – 1.0%
Active Network, Inc. (The):
5.500%, 11–15–20	2,013		1,991
9.500%, 11–15–21	2,881		2,715
Triple Point Group Holdings, Inc.:
5.250%, 7–13–20	2,505		1,954
9.250%, 7–13–21	1,587		1,254
			7,914
Total Information Technology – 6.2%			48,344
Materials
Diversified Metals & Mining – 0.1%
EP Minerals LLC,
8.500%, 8–20–21	996		991
Metal & Glass Containers – 0.1%
Consolidated Container Co. LLC,
7.750%, 1–3–20	830		697
Paper Packaging – 0.7%
FPC Holdings, Inc.,
9.250%, 5–27–20	1,740		1,670
KIK Custom Products, Inc.,
6.000%, 8–27–22	1,555		1,519
Ranpak (Rack Merger),
8.250%, 10–1–22	1,982		1,965
			5,154
Specialty Chemicals – 0.7%
Chemstralia Ltd.,
7.250%, 2–26–22	4,451		4,429
Chromaflo Technologies Corp.,
8.250%, 6–2–20	1,394		1,319
			5,748
Total Materials – 1.6%			12,590
TOTAL LOANS – 20.2%		$	157,656
(Cost: $171,621)
SHORT-TERM SECURITIES
Commercial Paper(H) – 0.9%
Becton Dickinson & Co.,
0.260%, 10–19–15	5,000		4,999
Bemis Co., Inc.,
0.370%, 10–6–15	2,250		2,250
			7,249
Master Note – 0.2%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (I)	1,312		1,312
Municipal Obligations – 0.0%
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)),
0.020%, 10–1–15 (I)	293		293
TOTAL SHORT-TERM SECURITIES – 1.1%		$	8,854
(Cost: $8,854)
TOTAL INVESTMENT SECURITIES – 97.5%		$	759,716
(Cost: $842,857)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 2.5%			19,177
NET ASSETS – 100.0%		$	778,893

Notes to Schedule of Investments

* Not shown due to rounding.

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

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

(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, 2015 the total value of these securities amounted to $410,669 or 52.7% of net assets.

(D) Payment-in-kind bonds.

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

(F) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015.

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

(H) Rate shown is the yield to maturity at September 30, 2015.

(I) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following forward foreign currency contracts were outstanding at September 30, 2015:

	Currency to be Delivered		Currency to be Received		Settlement Date		Counterparty		Unrealized Appreciation		Unrealized Depreciation
British Pound	1,380	U.S. Dollar		2,105		10-15-15		Morgan Stanley International	$	18	$	—
Canadian Dollar	4,411	U.S. Dollar		3,354		10-15-15		Morgan Stanley International		49		—
Euro	2,518	U.S. Dollar		2,802		10-15-15		Morgan Stanley International		—		12
									$	67	$	12

The following total return swap agreements were outstanding at September 30, 2015:

Counterparty	Underlying Security	Termination Date	Notional Amount(1)		Financing  Fee(2)(3)		Unrealized Depreciation
JPMorgan Chase Bank N.A.	iBoxx $ Liquid High Yield Index	12/20/2015	$	5,991		3M LIBOR	$	(41	)
Morgan Stanley & Co., Inc.	iBoxx $ Liquid High Yield Index	12/20/2015		2,013		3M LIBOR		(13	)
							$	(54	)

(1) Notional amount changes by the percentage change of the price of the index applied to the notional amount.

(2) The Portfolio pays the financing fee multiplied by the notional amount each month.

(3) At the termination date, a net cash flow is exchanged where the market-linked total return is equivalent to the return of the underlying security less a financing rate, if any. As the payer, a Portfolio would owe payments on any net positive total return, and would receive payments in the event of a negative total return.

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 is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of September 30, 2015.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	—	$	—	$	68
Energy		163		—		—
Financials		402		—		—
Industrials		254		—		—
Utilities		117		—		—
Total Common Stocks	$	936	$	—	$	68
Preferred Stocks		5,649		186		—
Warrants		—		3		—
Corporate Debt Securities		—		586,364		—
Loans		—		136,708		20,948
Short-Term Securities		—		8,854		—
Total	$	6,585	$	732,115	$	21,016
Forward Foreign Currency Contracts	$	—	$	67	$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	12	$	—
Total Return Swaps	$	—	$	54	$	—

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 1-1-15	$	56	$	39		$	12,913		$	53,090
Net realized gain (loss)		—		—			—			(484	)
Net unrealized appreciation (depreciation)		12		—			—			(879	)
Purchases		—		—			—			6,175
Sales		—		—			—			(10,947	)
Amortization/Accretion of premium/discount		—		—			—			69
Transfers into Level 3 during the period		—		—			—			9,228
Transfers out of Level 3 during the period		—		(39	)		(12,913	)		(35,304	)
Ending Balance 9-30-15	$	68	$	—		$	—		$	20,948
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-15	$	12	$	—		$	—		$	(1,056	)

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. During the period ended September 30, 2015, there were no transfers between Levels 1 and 2.

Quantitative Information about Level 3 fair value measurements:

	Fair Value at 9-30-15		Valuation Technique(s)		Unobservable Input(s)
Assets
Common Stocks	$	68		Broker		Broker quotes
Loans	$	20,948		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, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	842,857
Gross unrealized appreciation		3,741
Gross unrealized depreciation		(86,882	)
Net unrealized depreciation	$	(83,141	)

SCHEDULE OF INVESTMENTS International Core Equity (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Australia
Financials – 1.8%
Commonwealth Bank of Australia		83	$	4,280
Westpac Banking Corp.		329		6,907
				11,187
Health Care – 1.0%
Cochlear Ltd.		112		6,580
Materials – 1.3%
Amcor Ltd.		922		8,570
Total Australia – 4.1%			$	26,337
Brazil
Consumer Staples – 0.8%
Hypermarcas S.A. (A)		1,274		4,879
Total Brazil – 0.8%			$	4,879
China
Consumer Discretionary – 1.4%
JD.com, Inc. ADR (A)		336		8,756
Consumer Staples – 1.4%
Kweichow Moutai Co. Ltd., Class A		292		8,771
Financials – 1.2%
China Construction Bank Corp.		11,835		7,898
Information Technology – 1.6%
Baidu.com, Inc. ADR (A)(B)		77		10,634
Telecommunication Services – 0.9%
China Unicom Ltd.		4,710		5,992
Total China – 6.5%			$	42,051
Denmark
Financials – 1.8%
Danske Bank A.S.		385		11,629
Telecommunication Services – 0.1%
TDC A/S		154		792
Total Denmark – 1.9%			$	12,421
Finland
Information Technology – 1.9%
Nokia Corp., Series A ADR		681		4,619
Nokia OYJ		1,110		7,591
				12,210
Total Finland – 1.9%			$	12,210
France
Consumer Staples – 1.6%
Pernod Ricard		103		10,380
Energy – 1.1%
Total S.A.		162		7,276
Industrials – 1.6%
Bouygues S.A.		287		10,195
Materials – 0.9%
ArcelorMittal		1,035		5,369
Utilities – 1.5%
ENGIE		601		9,716
Total France – 6.7%			$	42,936
Germany
Consumer Discretionary – 0.5%
Porsche Automobil Holding SE		83		3,527
Health Care – 4.6%
Bayer AG		56		7,164
Fresenius Medical Care AG & Co. KGaA		109		8,480
Fresenius SE & Co. KGaA		205		13,759
				29,403
Total Germany – 5.1%			$	32,930
Hong Kong
Financials – 1.1%
Cheung Kong (Holdings) Ltd.		557		7,242
Total Hong Kong – 1.1%			$	7,242
Ireland
Financials – 1.3%
Bank of Ireland (A)		21,339		8,297
Health Care – 1.2%
Shire Pharmaceuticals Group plc ADR (B)		37		7,532
Materials – 2.9%
CRH plc		381		10,054
James Hardie Industries plc, Class C		737		8,899
				18,953
Total Ireland – 5.4%			$	34,782

Israel
Health Care – 2.1%
Teva Pharmaceutical Industries Ltd. ADR (B)	235		13,242
Total Israel – 2.1%		$	13,242
Italy
Financials – 1.1%
Banca Intesa S.p.A.	2,062		7,283
Total Italy – 1.1%		$	7,283
Japan
Consumer Discretionary – 2.6%
Honda Motor Co. Ltd.	421		12,560
Nissin Kogyo Co. Ltd.	276		4,133
			16,693
Energy – 1.0%
Inpex Corp.	689		6,157
Financials – 4.5%
Dai-ichi Mutual Life Insurance Co. (The)	653		10,389
Sumitomo Mitsui Financial Group, Inc.	218		8,252
Tokio Marine Holdings, Inc.	287		10,711
			29,352
Industrials – 4.0%
Komatsu Ltd.	558		8,186
Mitsubishi Electric Corp.	735		6,733
Mitsubishi Heavy Industries Ltd.	2,461		11,006
			25,925
Telecommunication Services – 2.6%
SoftBank Group Corp.	363		16,803
Total Japan – 14.7%		$	94,930
Netherlands
Financials – 1.7%
ING Groep N.V., Certicaaten Van Aandelen	760		10,765
Total Netherlands – 1.7%		$	10,765
South Korea
Consumer Discretionary – 1.1%
Hyundai Mobis	35		6,878
Information Technology – 0.9%
Samsung Electronics Co. Ltd.	6		6,208
Total South Korea – 2.0%		$	13,086
Spain
Consumer Discretionary – 0.2%
Mediaset Espana Comunicacion S.A.	96		1,046
Financials – 1.3%
CaixaBank S.A.	2,150		8,297
Health Care – 1.1%
Grifols S.A.	141		5,832
Grifols S.A. ADR	49		1,496
			7,328
Total Spain – 2.6%		$	16,671
Sweden
Consumer Discretionary – 1.2%
Aktiebolaget Electrolux, Class B	282		7,963
Information Technology – 1.1%
Telefonaktiebolaget LM Ericsson, B Shares	700		6,866
Materials – 2.1%
Svenska Cellulosa Aktiebolaget SCA (publ), Class B	474		13,274
Total Sweden – 4.4%		$	28,103
Switzerland
Consumer Discretionary – 1.2%
Swatch Group Ltd. (The), Bearer Shares	22		7,974
Health Care – 1.3%
Roche Holdings AG, Genusscheine	30		8,070
Industrials – 1.5%
Adecco S.A.	135		9,915
Materials – 1.1%
LafargeHolcim Ltd.	133		6,989
Total Switzerland – 5.1%		$	32,948
United Kingdom
Consumer Discretionary – 3.9%
Carnival plc	73		3,761
Marks and Spencer Group plc	1,114		8,459
WPP Group plc	639		13,297
			25,517

Consumer Staples – 5.4%
Diageo plc	233		6,255
Diageo plc ADR	33		3,600
Imperial Tobacco Group plc	173		8,923
SABMiller plc	149		8,433
Unilever plc	182		7,427
			34,638
Energy – 1.5%
BG Group plc	184		2,659
BP plc	1,383		7,014
			9,673
Financials – 5.9%
Aviva plc	1,321		9,036
HSBC Holdings plc	895		6,719
Legal & General Group plc	2,743		9,889
Prudential plc	331		6,992
Standard Chartered plc	537		5,208
			37,844
Health Care – 3.8%
GlaxoSmithKline plc	516		9,896
GlaxoSmithKline plc ADR (B)	60		2,311
Shire plc	36		2,468
Smith & Nephew plc	573		10,013
			24,688
Industrials – 2.0%
BAE Systems plc	1,947		13,198
Materials – 1.1%
Rio Tinto plc	206		6,905
Total United Kingdom – 23.6%		$	152,463
United States
Consumer Discretionary – 0.9%
Carnival Corp. (B)	118		5,850

Information Technology – 1.9%
Cognizant Technology Solutions Corp., Class A (A)(B)		193		12,085
Materials – 0.7%
Freeport-McMoRan Copper & Gold, Inc., Class B		488		4,729
Total United States – 3.5%			$	22,664
TOTAL COMMON STOCKS – 94.3%			$	607,943
(Cost: $676,954)
SHORT-TERM SECURITIES	Principal
Commercial Paper (C) – 4.1%
J.M. Smucker Co. (The) 0.280%, 10–1–15	$	8,249		8,249
L Air Liquide S.A. 0.180%, 10–2–15		4,000		4,000
Mondelez International, Inc. 0.260%, 10–21–15		5,000		4,999
Northern Illinois Gas Co. 0.310%, 10–7–15		9,000		9,000
				26,248
Master Note – 0.6%
Toyota Motor Credit Corp. 0.200%, 10–7–15 (D)		3,968		3,968
TOTAL SHORT-TERM SECURITIES – 4.7%			$	30,216
(Cost: $30,216)
TOTAL INVESTMENT SECURITIES – 99.0%			$	638,159
(Cost: $707,170)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.0%				6,563
NET ASSETS – 100.0%			$	644,722

Notes to Schedule of Investments

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

(B) All or a portion of securities with an aggregate value of $972 are held in collateralized accounts for OTC derivatives collateral as governed by International Swaps and Derivatives Association, Inc. Master Agreements.

(C) Rate shown is the yield to maturity at September 30, 2015.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following forward foreign currency contracts were outstanding at September 30, 2015:

	Currency to be Delivered		Currency to be Received		Settlement Date		Counterparty		Unrealized Appreciation		Unrealized Depreciation
Chinese Yuan Renminbi	536,761	U.S. Dollar		81,499		3-8-16		Deutsche Bank AG	$	—	$	1,446

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 is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of September 30, 2015.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	14,606	$	69,598	$	—
Consumer Staples		8,479		50,189		—
Energy		—		23,106		—
Financials		—		139,794		—
Health Care		24,581		72,262		—
Industrials		—		59,233		—
Information Technology		27,338		20,665		—
Materials		4,729		60,060		—
Telecommunication Services		—		23,587		—
Utilities		—		9,716		—
Total Common Stocks	$	79,733	$	528,210	$	—
Short-Term Securities		—		30,216		—
Total	$	79,733	$	558,426	$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	1,446	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

The following acronym is used throughout this schedule:

ADR = American Depositary Receipts

For Federal income tax purposes, cost of investments owned at September 30, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	707,170
Gross unrealized appreciation		22,070
Gross unrealized depreciation		(91,081	)
Net unrealized depreciation	$	(69,011	)

SCHEDULE OF INVESTMENTS Global Growth (in  thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Belgium
Consumer Staples – 2.0%
InBev N.V.		88	$	9,315
Total Belgium – 2.0%			$	9,315
Canada
Industrials – 1.6%
Canadian Pacific Railway Ltd.		50		7,229
Total Canada – 1.6%			$	7,229
China
Consumer Discretionary – 2.8%
JD.com, Inc. ADR (A)		342		8,906
Vipshop Holdings Ltd. (A)		253		4,255
				13,161
Industrials – 0.5%
CAR, Inc. (A)		1,723		2,494
Information Technology – 2.1%
Alibaba Group Holding Ltd. ADR (A)		64		3,800
Legend Holdings Corp. (A)(B)		448		1,555
Tencent Holdings Ltd.		248		4,186
				9,541
Total China – 5.4%			$	25,196
Denmark
Financials – 1.2%
Danske Bank A.S.		183		5,520
Total Denmark – 1.2%			$	5,520
France
Industrials – 3.6%
European Aeronautic Defence and Space Co.		96		5,706
Safran		146		11,013
				16,719
Total France – 3.6%			$	16,719
Germany
Consumer Discretionary – 2.2%
Continental AG		48		10,207
Health Care – 3.4%
Bayer AG		34		4,367
Fresenius SE & Co. KGaA		172		11,536
				15,903
Total Germany – 5.6%			$	26,110
India
Consumer Staples – 1.2%
ITC Ltd.		1,148		5,758
Total India – 1.2%			$	5,758
Ireland
Health Care – 1.5%
Medtronic plc		106		7,110
Total Ireland – 1.5%			$	7,110
Israel
Health Care – 2.6%
Teva Pharmaceutical Industries Ltd. ADR		211		11,900
Total Israel – 2.6%			$	11,900
Italy
Financials – 1.7%
Banca Intesa S.p.A.		2,276		8,040
Total Italy – 1.7%			$	8,040
Japan
Consumer Discretionary – 3.0%
Fuji Heavy Industries Ltd.		168		6,028
Honda Motor Co. Ltd.		265		7,909
				13,937
Industrials – 1.1%
Komatsu Ltd.		333		4,882
Total Japan – 4.1%			$	18,819
Netherlands
Consumer Discretionary – 1.0%
Koninklijke Philips Electronics N.V., Ordinary Shares		185		4,346
Information Technology – 2.6%
ASML Holding N.V., NY Registry Shares		59		5,157
NXP Semiconductors N.V. (A)		80		7,008
				12,165
Total Netherlands – 3.6%			$	16,511
Spain
Financials – 1.0%
CaixaBank S.A.		1,157		4,465
Information Technology – 0.3%
Amadeus IT Holding S.A.		31		1,348
Total Spain – 1.3%			$	5,813

Switzerland
Health Care – 1.2%
Novartis AG, Registered Shares		58		5,324
Total Switzerland – 1.2%			$	5,324
United Kingdom
Consumer Staples – 1.7%
SABMiller plc		139		7,866
Financials – 1.9%
Prudential plc		421		8,886
Health Care – 2.2%
Shire plc		145		9,906
Total United Kingdom – 5.8%			$	26,658
United States
Consumer Discretionary – 12.0%
Amazon.com, Inc. (A)		35		18,033
Carnival Corp.		314		15,619
Hilton Worldwide Holdings, Inc.		331		7,604
Home Depot, Inc. (The)		69		7,919
Limited Brands, Inc.		73		6,617
				55,792
Consumer Staples – 1.9%
Coca-Cola Co. (The)		220		8,836
Energy – 4.2%
Exxon Mobil Corp.		94		7,020
Halliburton Co.		218		7,717
Schlumberger Ltd.		66		4,529
				19,266
Financials – 2.6%
JPMorgan Chase & Co.		64		3,889
Morgan Stanley		112		3,530
Signature Bank (A)		35		4,849
				12,268
Health Care – 10.6%
Acadia Healthcare Co., Inc. (A)		82		5,451
Allergan plc (A)		28		7,652
Biogen, Inc. (A)		36		10,651
Bristol-Myers Squibb Co.		77		4,584
Gilead Sciences, Inc.		89		8,774
HCA Holdings, Inc. (A)		157		12,157
				49,269
Industrials – 3.4%
J.B. Hunt Transport Services, Inc.		144		10,256
Kansas City Southern		62		5,616
				15,872
Information Technology – 13.8%
Cognizant Technology Solutions Corp., Class A (A)		206		12,926
Google, Inc., Class C (A)		21		13,040
MasterCard, Inc., Class A		152		13,726
Micron Technology, Inc. (A)		215		3,222
Visa, Inc., Class A		299		20,834
				63,748
Telecommunication Services – 4.5%
Level 3 Communications, Inc. (A)		290		12,657
SBA Communications Corp. (A)		76		7,956
				20,613
Total United States – 53.0%			$	245,664
TOTAL COMMON STOCKS – 95.4%			$	441,686
(Cost: $431,844)
SHORT-TERM SECURITIES	Principal
Commercial Paper (C) – 3.9%
Clorox Co. (The) 0.260%, 10–19–15	$	8,000		7,999
E.I. du Pont de Nemours and Co. 0.120%, 10–15–15		5,000		5,000
J.M. Smucker Co. (The) 0.280%, 10–1–15		5,444		5,444
				18,443
Master Note – 0.5%
Toyota Motor Credit Corp. 0.200%, 10–7–15 (D)		2,224		2,224
TOTAL SHORT-TERM SECURITIES – 4.4%			$	20,667
(Cost: $20,666)
TOTAL INVESTMENT SECURITIES – 99.8%			$	462,353
(Cost: $452,510)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.2%				801
NET ASSETS – 100.0%			$	463,154

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, 2015 the total value of these securities amounted to $1,555 or 0.3% of net assets.

(C) Rate shown is the yield to maturity at September 30, 2015.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. 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 is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of September 30, 2015:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	68,953	$	28,490	$	—
Consumer Staples		18,151		13,624		—
Energy		19,266		—		—
Financials		12,268		26,911		—
Health Care		68,279		31,133		—
Industrials		23,101		24,095		—
Information Technology		79,713		7,089		—
Telecommunication Services		20,613		—		—
Total Common Stocks	$	310,344	$	131,342	$	—
Short-Term Securities		—		20,667		—
Total	$	310,344	$	152,009	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

The following acronym is used throughout this schedule:

ADR = American Depositary Receipts

For Federal income tax purposes, cost of investments owned at September 30, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	452,510
Gross unrealized appreciation		41,548
Gross unrealized depreciation		(31,705	)
Net unrealized appreciation	$	9,843

SCHEDULE OF INVESTMENTS Limited-Term Bond (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

CORPORATE DEBT SECURITIES	Principal		Value
Consumer Discretionary
Apparel Retail – 0.8%
Limited Brands, Inc.,
8.500%, 6–15–19	$	2,000	$	2,335
TJX Cos., Inc. (The),
2.750%, 6–15–21		1,000		1,018
				3,353
Apparel, Accessories & Luxury Goods – 2.0%
Hanesbrands, Inc.,
6.375%, 12–15–20		4,718		4,883
LVMH Moet Hennessy – Louis Vuitton,
1.625%, 6–29–17 (A)		3,000		3,022
				7,905
Auto Parts & Equipment – 0.6%
BorgWarner Automotive, Inc.,
8.000%, 10–1–19		2,000		2,406
Automobile Manufacturers – 1.4%
Toyota Motor Credit Corp.:
2.000%, 9–15–16		1,750		1,771
2.000%, 10–24–18		4,000		4,042
				5,813
Automotive Retail – 0.9%
AutoZone, Inc.,
1.300%, 1–13–17		3,500		3,504
Broadcasting – 0.3%
CBS Corp.,
7.625%, 1–15–16		1,000		1,018
Cable & Satellite – 2.4%
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc.,
5.875%, 10–1–19		2,592		2,904
Lender Processing Services, Inc. and Black Knight Lending Solutions, Inc.,
5.750%, 4–15–23		1,076		1,139
Time Warner Cable, Inc.,
5.850%, 5–1–17		1,901		2,012
Time Warner Co., Inc. (GTD by Time Warner, Inc.),
7.250%, 10–15–17		3,337		3,705
				9,760
Department Stores – 0.8%
Macy’s Retail Holdings, Inc.:
7.450%, 7–15–17		1,000		1,098
7.875%, 8–15–36		2,000		2,106
				3,204
General Merchandise Stores – 1.6%
Dollar General Corp.,
4.125%, 7–15–17		4,000		4,125
Target Corp.,
6.000%, 1–15–18		2,025		2,236
				6,361
Home Improvement Retail – 0.5%
Lowe’s Co., Inc.,
2.125%, 4–15–16		2,000		2,013
Internet Retail – 1.1%
Amazon.com, Inc.:
1.200%, 11–29–17		2,000		1,992
3.800%, 12–5–24		2,520		2,580
				4,572
Leisure Products – 0.2%
Mattel, Inc.,
2.500%, 11–1–16		1,000		1,014
Total Consumer Discretionary – 12.6%				50,923
Consumer Staples
Distillers & Vintners – 0.7%
Beam, Inc.,
1.875%, 5–15–17		2,672		2,683
Drug Retail – 0.3%
CVS Health Corp.,
2.800%, 7–20–20		1,425		1,448
Food Distributors – 0.7%
Bestfoods,
7.000%, 10–15–17		2,500		2,775

Food Retail – 0.6%
Kroger Co. (The),
6.800%, 12–15–18	2,245	2,567
Packaged Foods & Meats – 1.1%
Hershey Co. (The),
1.600%, 8–21–18	2,000	2,011
Tyson Foods, Inc. (GTD by Tyson Fresh Meats, Inc.),
2.650%, 8–15–19	2,459	2,478
		4,489
Total Consumer Staples – 3.4%		13,962
Energy
Integrated Oil & Gas – 0.4%
Statoil ASA (GTD by Statoil Petroleum AS),
1.950%, 11–8–18	1,500	1,510
Oil & Gas Equipment & Services – 1.1%
Enterprise Products Operating LLC (GTD by Enterprise Products Partners L.P.),
6.500%, 1–31–19	1,850	2,075
Schlumberger Investment S.A. (GTD by Schlumberger Ltd.),
1.950%, 9–14–16 (A)	1,000	1,010
Schlumberger Norge A.S.,
1.250%, 8–1–17 (A)	1,500	1,496
		4,581
Oil & Gas Exploration & Production – 2.4%
BP Capital Markets plc,
1.674%, 2–13–18	3,750	3,754
ConocoPhillips Co. (GTD by ConocoPhillips),
3.350%, 11–15–24	1,000	977
EQT Corp.,
8.125%, 6–1–19	2,650	3,114
Marathon Oil Corp.,
0.900%, 11–1–15	2,000	2,000
		9,845
Oil & Gas Refining & Marketing – 0.7%
Shell International Finance B.V. (GTD by Royal Dutch Shell plc),
2.000%, 11–15–18	2,625	2,656
Oil & Gas Storage & Transportation – 1.2%
Copano Energy LLC and Copano Energy Finance Corp.,
7.125%, 4–1–21	995	1,038
DCP Midstream Operating L.P. (GTD by DCP Midstream Partners L.P.),
3.250%, 10–1–15	1,500	1,500
El Paso Corp.,
7.000%, 6–15–17	2,000	2,132
		4,670
Total Energy – 5.8%		23,262
Financials
Asset Management & Custody Banks – 0.7%
Ares Capital Corp.,
3.875%, 1–15–20	2,820	2,904
Consumer Finance – 6.1%
American Express Credit Corp.,
1.300%, 7–29–16	1,978	1,984
American Honda Finance Corp.:
7.625%, 10–1–18 (A)	1,000	1,165
2.125%, 10–10–18	3,000	3,034
Capital One Bank USA N.A.,
2.150%, 11–21–18	2,000	1,999
Capital One Financial Corp.,
6.750%, 9–15–17	1,000	1,094
Capital One N.A.,
2.400%, 9–5–19	1,000	993
Caterpillar Financial Services Corp.,
1.000%, 11–25–16	3,000	3,009
Discover Financial Services,
3.950%, 11–6–24	4,000	3,938
Ford Motor Credit Co. LLC:
1.500%, 1–17–17	1,000	996
5.000%, 5–15–18	1,126	1,198
Hyundai Capital America:
1.875%, 8–9–16 (A)	1,000	1,005
2.875%, 8–9–18 (A)	1,000	1,017
Western Union Co. (The),
5.930%, 10–1–16	3,000	3,131
		24,563

Diversified Banks – 5.4%
Bank of America Corp.:
5.650%, 5–1–18	1,000	1,091
2.600%, 1–15–19	2,000	2,022
Bank of New York Mellon Corp. (The),
2.300%, 9–11–19	2,550	2,575
Bank of Nova Scotia (The),
2.050%, 10–30–18	2,500	2,521
Bear Stearns Co., Inc. (The),
6.400%, 10–2–17	2,000	2,181
Commonwealth Bank of Australia,
2.250%, 3–13–19	2,500	2,525
HSBC Bank plc,
3.100%, 5–24–16 (A)	1,000	1,015
KeyCorp.,
2.900%, 9–15–20	3,000	3,025
U.S. Bancorp,
2.200%, 11–15–16	1,000	1,014
Wachovia Corp.,
5.750%, 2–1–18	1,500	1,641
Wells Fargo & Co.,
2.150%, 1–15–19	2,000	2,016
		21,626
Investment Banking & Brokerage – 1.1%
Merrill Lynch & Co., Inc.,
6.400%, 8–28–17	2,000	2,170
Morgan Stanley,
5.950%, 12–28–17	2,000	2,180
		4,350
Life & Health Insurance – 1.3%
Aflac, Inc.,
3.625%, 11–15–24	2,204	2,247
MetLife, Inc.,
6.817%, 8–15–18	2,798	3,188
		5,435
Other Diversified Financial Services – 4.0%
Citigroup, Inc.:
1.300%, 11–15–16	2,000	2,004
2.550%, 4–8–19	1,000	1,009
Fidelity National Financial, Inc.,
6.600%, 5–15–17	1,000	1,069
John Deere Capital Corp.,
1.200%, 10–10–17	2,986	2,983
JPMorgan Chase & Co.,
6.000%, 1–15–18	3,316	3,624
TIAA Asset Management Finance Co. LLC,
2.950%, 11–1–19 (A)	2,000	2,028
USAA Capital Corp.,
2.450%, 8–1–20 (A)	3,245	3,299
		16,016
Property & Casualty Insurance – 1.0%
Berkshire Hathaway, Inc.,
2.100%, 8–14–19	4,000	4,070
Regional Banks – 0.9%
PNC Bank N.A.,
1.300%, 10–3–16	2,000	2,006
PNC Funding Corp. (GTD by PNC Financial Services Group, Inc.),
6.700%, 6–10–19	1,447	1,684
		3,690
Total Financials – 20.5%		82,654
Health Care
Biotechnology – 0.7%
Amgen, Inc.:
5.850%, 6–1–17	2,373	2,541
6.150%, 6–1–18	102	114
		2,655
Health Care Equipment – 0.4%
Stryker Corp.,
2.000%, 9–30–16	1,772	1,792
Health Care Services – 0.1%
Quest Diagnostics, Inc.,
3.200%, 4–1–16	544	550
Health Care Supplies – 2.6%
Cardinal Health, Inc.,
3.500%, 11–15–24	2,825	2,825
Catholic Health Initiatives,
2.600%, 8–1–18	3,575	3,650
DENTSPLY International, Inc.,
2.750%, 8–15–16	1,000	1,013
Medtronic, Inc.,
3.500%, 3–15–25	2,748	2,805
		10,293
Pharmaceuticals – 2.0%
AbbVie, Inc.,
2.500%, 5–14–20	1,200	1,193
Actavis Funding SCS (GTD by Warner Chilcott Ltd., Actavis Capital S.a.r.l. and Actavis, Inc.),
2.350%, 3–12–18	1,950	1,958
Merck Sharp & Dohme Corp.,
5.000%, 6–30–19	3,000	3,342
Mylan, Inc.,
1.350%, 11–29–16	1,500	1,490
		7,983
Total Health Care – 5.8%		23,273

Industrials
Air Freight & Logistics – 0.7%
FedEx Corp.,
8.000%, 1–15–19	2,252	2,689
Airlines – 0.6%
Southwest Airlines Co.,
5.125%, 3–1–17	2,263	2,380
Construction Machinery & Heavy Trucks – 1.2%
Joy Global, Inc.,
6.000%, 11–15–16	4,500	4,635
Environmental & Facilities Services – 1.7%
Republic Services, Inc.,
3.800%, 5–15–18	4,000	4,197
Waste Management, Inc.,
6.100%, 3–15–18	2,540	2,800
		6,997
Industrial Conglomerates – 2.3%
Danaher Corp.,
5.400%, 3–1–19	3,750	4,188
General Electric Capital Corp.:
5.625%, 9–15–17	1,000	1,087
5.625%, 5–1–18	3,500	3,875
		9,150
Railroads – 0.7%
Burlington Northern Santa Fe Corp.,
5.750%, 3–15–18	2,750	3,018
Trading Companies & Distributors – 0.5%
HD Supply, Inc.,
5.250%, 12–15–21 (A)	2,054	2,065
Trucking – 1.5%
Penske Truck Leasing Co. L.P.,
2.500%, 3–15–16 (A)	4,000	4,024
Ryder System, Inc.,
2.450%, 11–15–18	2,000	2,017
		6,041
Total Industrials – 9.2%		36,975
Information Technology
Communications Equipment – 0.4%
QUALCOMM, Inc.,
2.250%, 5–20–20	1,550	1,546
Data Processing & Outsourced Services – 0.3%
Alliance Data Systems Corp.,
6.375%, 4–1–20 (A)	1,000	1,018
Electronic Manufacturing Services – 0.8%
Jabil Circuit, Inc.,
7.750%, 7–15–16	3,000	3,105
Semiconductors – 0.2%
Intel Corp.,
2.450%, 7–29–20	1,000	1,013
Systems Software – 0.9%
CA, Inc.,
5.375%, 12–1–19	1,000	1,095
Oracle Corp.,
2.950%, 5–15–25	2,604	2,540
		3,635
Technology Hardware, Storage & Peripherals – 0.8%
Apple, Inc.,
1.550%, 2–7–20	3,350	3,314
Total Information Technology – 3.4%		13,631
Materials
Diversified Chemicals – 0.2%
Dow Chemical Co. (The),
4.250%, 11–15–20	724	776
Metal & Glass Containers – 0.3%
FBG Finance Ltd.,
7.875%, 6–1–16 (A)	1,000	1,047
Specialty Chemicals – 0.5%
Methanex Corp.,
3.250%, 12–15–19	2,163	2,159
Total Materials – 1.0%		3,982
Telecommunication Services
Integrated Telecommunication Services – 1.4%
CC Holdings GS V LLC,
2.381%, 12–15–17	1,000	1,007
SBA Tower Trust,
2.240%, 4–16–18 (A)	1,700	1,689
Verizon Communications, Inc.,
6.350%, 4–1–19	2,455	2,797
		5,493

Wireless Telecommunication Service – 0.5%
American Tower Corp.,
5.900%, 11–1–21	1,000		1,132
Crown Castle Towers LLC,
3.222%, 5–15–22 (A)	1,000		975
			2,107
Total Telecommunication Services – 1.9%			7,600
Utilities
Electric Utilities – 0.7%
Kansas City Power & Light Co.,
7.150%, 4–1–19	2,590		3,030
Multi-Utilities – 1.1%
Dominion Resources, Inc.,
6.400%, 6–15–18	3,000		3,352
Dominion Resources, Inc., Series A,
1.400%, 9–15–17	1,000		996
			4,348
Total Utilities – 1.8%			7,378
TOTAL CORPORATE DEBT SECURITIES – 65.4%		$	263,640
(Cost: $262,117)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Agency Obligations – 1.1%
Ukraine Government AID Bond,
1.844%, 5–16–19	4,500		4,551
Mortgage-Backed Obligations – 14.0%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO:
4.000%, 6–15–26	4,328		4,689
5.045%, 7–25–44 (A)(B)	1,100		1,169
4.303%, 9–25–44 (A)(B)	2,000		2,083
3.886%, 2–25–45 (A)(B)	1,500		1,563
Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates:
1.300%, 8–24–18	1,450		1,453
3.000%, 8–1–28	4,274		4,444
3.000%, 9–1–28	4,067		4,226
3.500%, 10–1–28	4,683		4,946
4.436%, 7–25–48 (A)(B)	1,275		1,328
Federal National Mortgage Association Agency REMIC/CMO:
3.000%, 2–25–25	2,540		2,681
2.000%, 4–25–39	1,418		1,403
Federal National Mortgage Association Fixed Rate Pass-Through Certificates:
2.000%, 12–30–15	1,000		1,005
4.580%, 6–1–19	3,622		3,981
3.680%, 2–1–21	1,456		1,524
4.380%, 6–1–21	1,842		2,038
5.500%, 10–1–21	836		899
5.450%, 10–18–21	4,640		4,870
5.500%, 11–1–22	281		300
3.000%, 7–1–28	4,000		4,162
3.000%, 9–1–28	2,154		2,241
4.000%, 12–1–31	3,214		3,465
Government National Mortgage Association Agency REMIC/CMO,
2.000%, 3–16–42	1,765		1,746
			56,216
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 15.1%		$	60,767
(Cost: $60,066)

UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 8.5%
U.S. Treasury Notes:
0.625%, 9–30–17	20,000		19,990
0.750%, 10–31–17	5,000		5,008
2.750%, 2–28–18	9,000		9,424
			34,422
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 8.5%		$	34,422
(Cost: $34,364)
SHORT-TERM SECURITIES
Commercial Paper (C) – 7.1%
J.M. Smucker Co. (The),
0.280%, 10–1–15	8,735		8,735
Kroger Co. (The),
0.250%, 10–13–15	5,000		5,000
United Technologies Corp.,
0.260%, 10–21–15	10,000		9,998
Wisconsin Gas LLC,
0.140%, 10–2–15	5,000		5,000
			28,733
Master Note – 1.2%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (D)	4,800		4,800
United States Government Agency Obligations – 2.2%
Overseas Private Investment Corp. (GTD by U.S. Government),
0.150%, 10–7–15 (D)	9,000		9,000
TOTAL SHORT-TERM SECURITIES – 10.5%		$	42,533
(Cost: $42,534)
TOTAL INVESTMENT SECURITIES – 99.5%		$	401,362
(Cost: $399,081)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.5%			2,076
NET ASSETS – 100.0%		$	403,438

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, 2015 the total value of these securities amounted to $32,018 or 7.9% of net assets.

(B) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015.

(C) Rate shown is the yield to maturity at September 30, 2015.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. 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 is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of September 30, 2015.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Corporate Debt Securities	$	—	$	263,640	$	—
United States Government Agency Obligations		—		60,767		—
United States Government Obligations		—		34,422		—
Short-Term Securities		—		42,533		—
Total	$	—	$	401,362	$	—

During the period ended September 30, 2015, securities totaling $1,737 were transferred from Level 3 to Level 2 due to increased availability of observable market data due to increased market activity or information for these securities. Transfers out of Level 3 represent the values as of the beginning of the reporting period. There were no transfers between Level 1 and 2 during the period.

The following acronyms are used throughout this schedule:

AID = Agency International Development

CMO = Collateralized Mortgage Obligation

GTD = Guaranteed

REMIC = Real Estate Mortgage Investment Conduit

For Federal income tax purposes, cost of investments owned at September 30, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	399,081
Gross unrealized appreciation		2,871
Gross unrealized depreciation		(590	)
Net unrealized appreciation	$	2,281

SCHEDULE OF INVESTMENTS Micro Cap Growth (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Apparel Retail – 0.6%
Boot Barn Holdings, Inc. (A)		20	$	367
Auto Parts & Equipment – 1.5%
Motorcar Parts of America, Inc. (A)		29		912
Broadcasting – 0.8%
Entravision Communications Corp.		69		458
Education Services – 1.9%
2U, Inc. (A)		32		1,134
Home Improvement Retail – 2.3%
Tile Shop Holdings, Inc. (A)		116		1,384
Homebuilding – 1.1%
M/I Homes, Inc. (A)		29		684
Homefurnishing Retail – 1.2%
Kirkland’s, Inc.		33		700
Leisure Products – 2.1%
Nautilus Group, Inc. (The) (A)		83		1,245
Movies & Entertainment – 2.8%
Rentrak Corp. (A)		31		1,687
Restaurants – 4.7%
Dave & Buster’s Entertainment, Inc. (A)		22		836
Kona Grill, Inc. (A)		64		1,001
Potbelly Corp. (A)		90		991
				2,828
Specialty Stores – 3.5%
Container Store Group, Inc. (The) (A)		66		928
Sportsman’s Warehouse Holdings, Inc. (A)		94		1,157
				2,085
Total Consumer Discretionary – 22.5%				13,484
Consumer Staples
Food Distributors – 0.7%
Chefs’ Warehouse Holdings LLC (The) (A)		27		378
Packaged Foods & Meats – 0.6%
Inventure Foods, Inc. (A)		41		363
Personal Products – 1.5%
Inter Parfums, Inc.		37		916
Total Consumer Staples – 2.8%				1,657
Energy
Oil & Gas Equipment & Services – 2.2%
Natural Gas Services Group, Inc. (A)		26		510
RigNet, Inc. (A)		31		790
				1,300
Total Energy – 2.2%				1,300
Financials
Asset Management & Custody Banks – 2.1%
Actua Corp. (A)		40		469
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		47		806
				1,275
Investment Banking & Brokerage – 1.5%
Marcus & Millichap, Inc. (A)		19		874
Total Financials – 3.6%				2,149
Health Care
Biotechnology – 6.9%
Enanta Pharmaceuticals, Inc. (A)		27		958
Natera, Inc. (A)		34		365
NewLink Genetics Corp. (A)		13		473
Repligen Corp. (A)		36		1,014
Retrophin, Inc. (A)		47		946
Synergy Pharmaceuticals, Inc. (A)		70		372
				4,128
Health Care Equipment – 3.0%
Avinger, Inc. (A)		34		502
K2M Group Holdings, Inc. (A)		36		660
Oxford Immunotec Global plc (A)		47		636
				1,798

Health Care Facilities – 1.3%
Surgical Care Affiliates, Inc. (A)	23	762
Health Care Services – 1.4%
Adeptus Health, Inc., Class A (A)	10	823
Health Care Supplies – 4.8%
Endologix, Inc. (A)	97	1,183
ICU Medical, Inc. (A)	11	1,205
Penumbra, Inc. (A)	5	182
Sientra, Inc. (A)	30	301
		2,871
Health Care Technology – 4.6%
Evolent Health, Inc., Class A (A)	34	541
Imprivata, Inc. (A)	53	935
Omnicell, Inc. (A)	19	594
Press Ganey Holdings, Inc. (A)	23	683
		2,753
Pharmaceuticals – 7.7%
Aerie Pharmaceuticals, Inc. (A)	44	786
Aratana Therapeutics, Inc. (A)	40	338
Intersect ENT, Inc. (A)	52	1,205
Intra-Cellular Therapies, Inc. (A)	30	1,217
ZS Pharma, Inc. (A)	17	1,090
		4,636
Total Health Care – 29.7%		17,771
Industrials
Building Products – 1.5%
PGT, Inc. (A)	73	901
Construction & Engineering – 1.7%
MYR Group, Inc. (A)	39	1,017
Electrical Components & Equipment – 1.5%
Thermon Group Holdings, Inc. (A)	44	910
Heavy Electrical Equipment – 0.6%
Power Solutions International, Inc. (A)	16	357
Total Industrials – 5.3%		3,185
Information Technology
Application Software – 2.4%
Globant S.A. (A)	6	196
Zix Corp. (A)	295	1,241
		1,437
Communications Equipment – 1.4%
Ruckus Wireless, Inc. (A)	68	810
Electronic Manufacturing Services – 0.3%
Mercury Computer Systems, Inc. (A)	13	202
Internet Software & Services – 10.9%
Amber Road, Inc. (A)	37	156
Cornerstone OnDemand, Inc. (A)	40	1,304
Envestnet, Inc. (A)	25	761
Internap Network Services Corp. (A)	137	837
LogMeIn, Inc. (A)	24	1,602
Q2 Holdings, Inc. (A)	42	1,028
SPS Commerce, Inc. (A)	12	815
		6,503
Semiconductor Equipment – 1.6%
PDF Solutions, Inc. (A)	56	561
SolarEdge Technologies, Inc. (A)	17	378
		939
Semiconductors – 1.6%
NVE Corp.	20	966
Systems Software – 1.4%
Barracuda Networks, Inc. (A)	56	868
Total Information Technology – 19.6%		11,725
Materials
Diversified Metals & Mining – 0.6%
Horsehead Holding Corp. (A)	111	337
Specialty Chemicals – 2.6%
Flotek Industries, Inc. (A)	93	1,560
Total Materials – 3.2%		1,897

Telecommunication Services
Alternative Carriers – 2.3%
8x8, Inc. (A)		169		1,401
Integrated Telecommunication Services – 1.8%
GTT Communications, Inc. (A)		48		1,107
Wireless Telecommunication Service – 1.1%
RingCentral, Inc., Class A (A)		35		630
Total Telecommunication Services – 5.2%				3,138
TOTAL COMMON STOCKS – 94.1%			$	56,306
(Cost: $53,250)
SHORT-TERM SECURITIES	Principal
Commercial Paper(B) – 4.8%
J.M. Smucker Co. (The),
0.280%, 10–1–15	$	2,894		2,894
Master Note – 1.7%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (C)		1,010		1,010
TOTAL SHORT-TERM SECURITIES – 6.5%			$	3,904
(Cost: $3,904)
TOTAL INVESTMENT SECURITIES – 100.6%			$	60,210
(Cost: $57,154)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.6)%				(384	)
NET ASSETS – 100.0%			$	59,826

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, 2015.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. 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 is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of September 30, 2015.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	56,306	$	—	$	—
Short-Term Securities		—		3,904		—
Total	$	56,306	$	3,904	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

The following acronym is used throughout this schedule:

ADR = American Depositary Receipts

For Federal income tax purposes, cost of investments owned at September 30, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	57,154
Gross unrealized appreciation		9,728
Gross unrealized depreciation		(6,672	)
Net unrealized appreciation	$	3,056

SCHEDULE OF INVESTMENTS Mid Cap Growth (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Apparel Retail – 2.5%
DSW, Inc., Class A		236	$	5,962
Urban Outfitters, Inc. (A)		266		7,814
				13,776
Apparel, Accessories & Luxury Goods – 4.3%
Burberry Group plc (B)		267		5,525
Kate Spade & Co. (A)		242		4,625
Polo Ralph Lauren Corp. (C)		73		8,573
Under Armour, Inc., Class A (A)		49		4,707
				23,430
Auto Parts & Equipment – 1.5%
BorgWarner, Inc.		194		8,079
Homebuilding – 1.7%
D.R. Horton, Inc.		159		4,678
Pulte Homes, Inc.		243		4,584
				9,262
Homefurnishing Retail – 2.2%
Bed Bath & Beyond, Inc. (A)		149		8,475
Williams-Sonoma, Inc.		50		3,839
				12,314
Internet Retail – 1.0%
TripAdvisor, Inc. (A)		83		5,240
Leisure Products – 3.3%
Mattel, Inc.		346		7,289
Polaris Industries, Inc.		88		10,574
				17,863
Restaurants – 2.0%
Dunkin’ Brands Group, Inc. (C)		225		11,049
Specialty Stores – 2.1%
Tiffany & Co.		94		7,276
Tractor Supply Co.		49		4,127
				11,403
Total Consumer Discretionary – 20.6%				112,416
Consumer Staples
Distillers & Vintners – 0.9%
Brown-Forman Corp., Class B		51		4,901
Food Retail – 1.3%
Whole Foods Market, Inc.		220		6,969
Packaged Foods & Meats – 4.3%
Blue Buffalo Pet Products, Inc. (A)		195		3,493
Hain Celestial Group, Inc. (The) (A)		186		9,597
Mead Johnson Nutrition Co. (C)		149		10,473
				23,563
Total Consumer Staples – 6.5%				35,433
Energy
Oil & Gas Exploration & Production – 4.1%
Cabot Oil & Gas Corp.		223		4,868
Cimarex Energy Co.		47		4,788
Continental Resources, Inc. (A)		220		6,381
Noble Energy, Inc.		150		4,533
Oasis Petroleum LLC (A)		180		1,564
				22,134
Total Energy – 4.1%				22,134
Financials
Asset Management & Custody Banks – 3.7%
Northern Trust Corp.		223		15,205
Oaktree Capital Group LLC		97		4,782
				19,987
Regional Banks – 5.2%
First Republic Bank		194		12,192
Signature Bank (A)		97		13,285
UMB Financial Corp.		58		2,964
				28,441
Specialized Finance – 2.4%
CME Group, Inc.		145		13,410
Total Financials –11.3%				61,838
Health Care
Biotechnology – 6.0%
ACADIA Pharmaceuticals, Inc. (A)		121		3,985
Alkermes plc (A)		177		10,402
BioMarin Pharmaceutical, Inc. (A)		77		8,125
Incyte Corp. (A)		47		5,232
Medivation, Inc. (A)		121		5,132
				32,876

Health Care Distributors – 1.7%
Henry Schein, Inc. (A)	70	9,285
Health Care Equipment – 2.7%
Intuitive Surgical, Inc. (A)	32	14,907
Health Care Facilities – 1.0%
Acadia Healthcare Co., Inc. (A)	79	5,244
Health Care Services – 1.9%
Diplomat Pharmacy, Inc. (A)	83	2,398
Laboratory Corp. of America Holdings (A)	71	7,748
		10,146
Health Care Supplies – 1.5%
Align Technology, Inc. (A)	148	8,383
Health Care Technology – 1.2%
Cerner Corp. (A)(C)	107	6,443
Pharmaceuticals – 2.3%
Zoetis, Inc.	312	12,865
Total Health Care – 18.3%		100,149
Industrials
Air Freight & Logistics – 2.0%
Expeditors International of Washington, Inc.	230	10,843
Building Products – 2.5%
Fortune Brands Home & Security, Inc. (C)	284	13,472
Electrical Components & Equipment – 0.5%
Generac Holdings, Inc. (A)	92	2,757
Environmental & Facilities Services – 1.2%
Stericycle, Inc. (A)	49	6,805
Industrial Machinery – 1.4%
Flowserve Corp.	127	5,237
Woodward, Inc.	65	2,638
		7,875
Research & Consulting Services – 6.1%
CoStar Group, Inc. (A)(D)	63	10,920
Towers Watson & Co., Class A	95	11,103
Verisk Analytics, Inc., Class A (A)	151	11,170
		33,193
Trading Companies & Distributors – 2.0%
Fastenal Co.	302	11,056
Trucking – 1.0%
J.B. Hunt Transport Services, Inc.	74	5,314
Total Industrials – 16.7%		91,315
Information Technology
Application Software – 1.6%
ANSYS, Inc. (A)	95	8,393
Communications Equipment – 1.2%
F5 Networks, Inc. (A)	58	6,722
Data Processing & Outsourced Services – 1.8%
Alliance Data Systems Corp. (A)	38	9,802
Home Entertainment Software – 2.7%
Electronic Arts, Inc. (A)(C)	217	14,676
Internet Software & Services – 3.7%
GrubHub, Inc. (A)	221	5,369
Pandora Media, Inc. (A)	692	14,774
		20,143
IT Consulting & Other Services – 1.2%
Teradata Corp. (A)	223	6,444
Semiconductors – 2.4%
Microchip Technology, Inc.	307	13,208
Systems Software – 1.5%
ServiceNow, Inc. (A)	120	8,306
Technology Hardware, Storage & Peripherals – 1.3%
SanDisk Corp.	130	7,067
Total Information Technology – 17.4%		94,761

Materials
Fertilizers & Agricultural Chemicals – 1.1%
Scotts Miracle-Gro Co. (The)		100		6,076
Specialty Chemicals – 1.5%
Valspar Corp. (The)		116		8,329
Total Materials – 2.6%				14,405
TOTAL COMMON STOCKS – 97.5%			$	532,451
(Cost: $534,993)
SHORT-TERM SECURITIES	Principal
Commercial Paper(E) – 2.2%
E.I. du Pont de Nemours and Co.,
0.120%, 10–15–15	$	2,000		2,000
Mondelez International, Inc.,
0.260%, 10–20–15		5,000		4,999
Sysco Corp.,
0.230%, 10–1–15		5,000		5,000
				11,999
Master Note – 0.5%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (F)		2,571		2,571
TOTAL SHORT-TERM SECURITIES – 2.7%			$	14,570
(Cost: $14,570)
TOTAL INVESTMENT SECURITIES – 100.2%			$	547,021
(Cost: $549,563)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.2)%				(1,146	)
NET ASSETS – 100.0%			$	545,875

Notes to Schedule of Investments

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

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

(C) All or a portion of securities with an aggregate value of $1,243 are held in collateralized accounts for OTC derivatives collateral as governed by International Swaps and Derivatives Association, Inc. Master Agreements.

(D) All or a portion of securities with an aggregate value of $519 are held in collateralized accounts to cover potential obligations with respect to outstanding written options.

(E) Rate shown is the yield to maturity at September 30, 2015.

(F) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following written options were outstanding at September 30, 2015 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type	Number of Contracts		Expiration Month		Exercise Price		Premium Received		Value
Pacira Pharmaceuticals, Inc.	Goldman Sachs International	Put		329		November 2015	$	85.00	$	924	$	(1,476	)

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 is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of September 30, 2015:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	106,891	$	5,525	$	—
Consumer Staples		35,433		—		—
Energy		22,134		—		—
Financials		61,838		—		—
Health Care		100,149		—		—
Industrials		91,315		—		—
Information Technology		94,761		—		—
Materials		14,405		—		—
Total Common Stocks	$	526,926	$	5,525	$	—
Short-Term Securities		—		14,570		—
Total	$	526,926	$	20,095	$	—
Liabilities
Written Options	$	—	$	1,476	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

The following acronym is used throughout this schedule:

OTC = Over the Counter

For Federal income tax purposes, cost of investments owned at September 30, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	549,563
Gross unrealized appreciation		64,369
Gross unrealized depreciation		(66,911	)
Net unrealized depreciation	$	(2,542	)

SCHEDULE OF INVESTMENTS Money Market (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

CORPORATE OBLIGATIONS	Principal		Value
Certificate Of Deposit
Banco del Estado de Chile:
0.380%, 10–6–15 (A)	$	2,750	$	2,750
0.210%, 10–19–15		1,500		1,500
0.400%, 10–24–15 (A)		7,500		7,500
0.400%, 10–26–15 (A)		3,200		3,200
0.400%, 10–27–15 (A)		11,400		11,400
Bank of Nova Scotia (The),
0.390%, 10–16–15 (A)		13,000		13,000
BMO Harris Bank N.A.:
0.330%, 10–5–15 (A)		8,500		8,500
0.410%, 10–10–15 (A)		8,430		8,430
0.330%, 10–14–15 (A)		7,100		7,100
Toyota Motor Credit Corp.,
0.300%, 10–20–15 (A)		8,400		8,400
Total Certificate Of Deposit – 13.1%				71,780
Commercial Paper (B)
Air Products and Chemicals, Inc.,
0.160%, 10–19–15		4,000		4,000
Corporacion Andina de Fomento,
0.180%, 11–24–15		4,000		3,999
Danaher Corp.:
0.170%, 10–1–15		5,000		5,000
0.130%, 10–2–15		3,500		3,500
E.I. du Pont de Nemours and Co.,
0.160%, 10–14–15		5,500		5,500
EMC Corp.:
0.190%, 10–7–15		4,500		4,500
0.190%, 10–26–15		3,000		3,000
0.240%, 11–5–15		2,800		2,799
0.210%, 11–24–15		3,918		3,916
Emerson Electric Co.,
0.150%, 10–8–15		1,750		1,750
Essilor International S.A.:
0.180%, 10–1–15		6,000		6,000
0.170%, 10–5–15		9,550		9,550
Federal Home Loan Bank,
0.110%, 12–8–15		1,820		1,819
J.M. Smucker Co. (The),
0.280%, 10–1–15		2,715		2,715
John Deere Canada ULC (GTD by Deere & Co.),
0.150%, 10–5–15		2,500		2,500
L Air Liquide S.A.:
0.170%, 10–1–15		6,500		6,500
0.160%, 10–21–15		3,500		3,500
Microsoft Corp.,
0.160%, 11–18–15		10,000		9,998
Mondelez International, Inc.,
0.260%, 10–1–15		1,000		1,000
National Oilwell Varco, Inc.:
0.200%, 10–6–15		9,750		9,750
0.240%, 10–7–15		2,000		2,000
0.150%, 10–14–15		5,500		5,499
0.310%, 10–28–15		7,000		6,998
Northern Illinois Gas Co.:
0.220%, 10–1–15		5,400		5,400
0.310%, 10–6–15		5,600		5,600
0.310%, 10–9–15		9,000		8,999
0.290%, 10–13–15		7,300		7,299
River Fuel Co. #2, Inc. (GTD by Bank of Nova Scotia),
0.250%, 10–30–15		16,086		16,082
River Fuel Funding Co. #3, Inc. (GTD by Bank of Nova Scotia),
0.220%, 10–15–15		3,450		3,450
River Fuel Trust #1 (GTD by Bank of Nova Scotia):
0.180%, 10–7–15		5,148		5,148
0.210%, 10–30–15		2,500		2,500
St. Jude Medical, Inc.:
0.240%, 10–26–15		4,600		4,599
0.460%, 12–4–15		7,850		7,843
The Regents of the Univ of CA, Commercial Paper Notes, Ser B (Taxable),
0.190%, 11–19–15		2,500		2,499
Wal-Mart Stores, Inc.,
0.140%, 10–26–15		1,500		1,500
Wisconsin Electric Power Co.:
0.290%, 10–1–15		4,529		4,529
0.290%, 10–6–15		3,000		3,000

Total Commercial Paper – 33.5%			184,241
Master Note
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (A)	10,395		10,395
Total Master Note – 1.9%			10,395
Notes
American Honda Finance Corp.:
0.280%, 10–7–15 (A)	15,500		15,500
0.310%, 10–15–15 (A)	4,300		4,300
Anheuser-Busch InBev Worldwide, Inc. (GTD by AB INBEV/BBR/COB),
0.800%, 1–15–16	3,329		3,332
Bank of Nova Scotia (The):
0.300%, 10–5–15 (A)	5,500		5,500
0.810%, 10–17–15 (A)	4,000		4,013
0.550%, 12–27–15 (A)	2,000		2,001
General Electric Capital Corp.:
0.470%, 10–6–15 (A)	4,200		4,200
0.880%, 10–8–15 (A)	625		626
0.480%, 10–9–15 (A)	3,178		3,179
1.111%, 11–8–15 (A)	600		602
0.930%, 12–11–15 (A)	4,050		4,054
JPMorgan Chase & Co.,
0.490%, 12–7–15 (A)	4,750		4,750
John Deere Capital Corp.,
0.450%, 12–10–15 (A)	2,600		2,601
JPMorgan Chase Bank N.A.:
0.460%, 10–22–15 (A)	1,650		1,650
0.340%, 10–23–15 (A)	6,400		6,400
NIKE, Inc.,
5.150%, 10–15–15	515		516
PepsiCo, Inc.,
0.540%, 11–28–15 (A)	1,150		1,151
Rabobank Nederland,
0.360%, 12–1–15 (A)	5,000		5,000
Toyota Motor Credit Corp.,
0.300%, 10–14–15 (A)	7,500		7,500
Wells Fargo & Co.,
0.490%, 10–28–15 (A)	850		850
Wells Fargo Bank N.A.:
0.380%, 10–20–15 (A)	7,500		7,500
0.420%, 10–20–15 (A)	3,000		3,000
0.450%, 12–10–15 (A)	3,500		3,500
0.460%, 12–15–15 (A)	4,500		4,500
Total Notes – 17.5%			96,225
TOTAL CORPORATE OBLIGATIONS – 66.0%		$	362,641
(Cost: $362,641)
MUNICIPAL OBLIGATIONS
California – 4.9%
CA Hlth Fac Fin Auth, Var Rate Hosp Rev Bonds (Adventist Hlth Sys/West), Ser 1998B (GTD by Bank of America N.A.),
0.010%, 10–1–15 (A)	700		700
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.),
0.010%, 10–1–15 (A)	1,900		1,900
CA Muni Fin Auth, Recovery Zone Fac Bonds (Chevron USA, Inc. Proj), Ser 2010C (GTD by Chevron Corp.),
0.010%, 10–1–15 (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%, 10–1–15 (A)	2,979		2,979
CA Statewide Cmnty Dev Auth, Multifam Hsng Rev Bonds (Wyndover Apts), Ser 2004 LL (GTD by U.S. Government),
0.030%, 10–7–15 (A)	2,232		2,232

CA Statewide Cmnty Dev Auth, Multifam Hsng Rev Bonds (The Crossings Sr Apts/Phase I), Ser 2005 I (GTD by U.S. Government),
0.030%, 10–7–15 (A)	8,700	8,700
San Francisco City and Cnty, Pub Util Comnty Water Rev, Series A1T (Taxable), (GTD by Royal Bank of Canada),
0.220%, 10–19–15	3,000	3,000
San Francisco City and Cnty, Pub Util Comnty Water Rev, Series A1T (Taxable), (GTD by Royal Bank ofCanada),
0.160%, 11–17–15	2,500	2,500
		26,325
Colorado – 2.0%
Castle Rock, CO, Cert of Part, Ser 2008 (GTD by Wells Fargo Bank N.A.),
0.040%, 10–7–15 (A)	5,315	5,315
CO Hsng and Fin Auth, Multifam Hsng Rev Bonds (Greentree Vlg Apts Proj), Ser 2007 (GTD by U.S. Bank N.A.),
0.030%, 10–7–15 (A)	3,100	3,100
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%, 10–7–15 (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.):
0.040%, 10–7–15 (A)	1,500	1,500
0.250%, 10–7–15 (A)	550	550
		10,715
Florida – 0.6%
FL Muni Power Agy, All-Requirements Power Supply Proj Var Rate Demand Rfdg Rev Bonds, Ser 2008C (GTD by Bank of America N.A.),
0.010%, 10–1–15 (A)	3,060	3,060
Georgia – 1.6%
Muni Elec Auth GA, Gen Resolution Proj Bond Anticipation Notes, Ser B (Taxable), (GTD by TD Bank),
0.180%, 11–3–15	3,000	3,000
Muni Elec Auth GA, Gen Resolution Proj Bond Anticipation Notes, Ser A (Taxable), (GTD by Wells Fargo Bank N.A.),
0.170%, 10–6–15	5,990	5,990
		8,990
Illinois – 2.1%
Chicago O’Hare Intl Arpt, Commercial Paper Notes, Ser D-3 (GTD by BMO Harris Bank N.A.),
0.210%, 10–20–15	10,000	10,000
Elmhurst, IL, Adj Demand Rev Bonds, Joint Comsn on Accred of Hlthcare Org (GTD by JPMorgan Chase Bank N.A.),
0.020%, 10–7–15 (A)	460	460
IL Fin Auth, Var Rate Demand Rev Bonds (The Univ of Chicago Med Ctr), Ser D (GTD by JPMorgan Chase & Co.),
0.020%, 10–1–15 (A)	1,000	1,000
		11,460
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),
0.010%, 10–1–15 (A)	1,065	1,065

Louisiana – 1.4%
LA Pub Fac Auth, Rev Bonds (Air Products and Chemicals Proj), Ser 2009A (GTD by Air Products and Chemicals, Inc.),
0.010%, 10–7–15 (A)	2,350	2,350
LA Pub Fac Auth, Rev Bonds (Air Products and Chemicals Proj), Ser 2008A (GTD by Air Products and Chemicals, Inc.),
0.020%, 10–1–15 (A)	3,941	3,941
Parish of St. Bernard, LA, Exempt Fac Rev Bonds (Mobil Oil Corp. Proj), Ser 1996 (GTD by Exxon Mobil Corp.),
0.010%, 10–1–15 (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%, 10–7–15 (A)	370	370
Michigan – 0.4%
MI Strategic Fund, Var Rate Demand Ltd. Oblig Rev Bonds (Air Products and Chemicals, Inc. Proj), Ser 2007 (GTD by Bank of New York (The)),
0.020%, 10–1–15 (A)	1,900	1,900
Minnesota – 0.4%
MN Office of Higher Edu, Adj Rate Supplemental Student Loan Prog Rev Bonds, Ser 2008B (Tax-Exempt),
0.020%, 10–7–15 (A)	2,000	2,000
Mississippi – 2.3%
MS Business Fin Corp., Gulf Opp Zone Indl Dev Rev Bonds (Chevron USA, Inc. Proj), Ser 2007B (GTD by Chevron Corp.),
0.010%, 10–1–15 (A)	4,637	4,637
MS Business Fin Corp., Gulf Opp Zone Indl Dev Rev Bonds (Chevron USA, Inc. Proj), Ser 2007D (GTD by Chevron Corp.),
0.010%, 10–1–15 (A)	2,220	2,220
MS Business Fin Corp., Gulf Opp Zone Indl Dev Rev Bonds (Chevron USA, Inc. Proj), Ser 2010J (GTD by Chevron Corp.),
0.010%, 10–1–15 (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.),
0.010%, 10–1–15 (A)	1,550	1,550
		12,739
Missouri – 0.2%
Kansas City, MO, Var Rate Demand Taxable Spl Oblig Rfdg Bonds (President Hotel Redev Proj), Ser 2009B (GTD by JPMorgan Chase & Co.),
0.150%, 10–7–15 (A)	1,340	1,340
New Jersey – 0.7%
NJ Hlth Care Fac Fin Auth, Rev Bonds, AHS Hosp Corp. Issue, Ser 2008C (GTD by JPMorgan Chase & Co.),
0.010%, 10–7–15 (A)	3,200	3,200
Trap Rock Industries, Inc., Var Demand Bonds, Ser 2005 (GTD by Wachovia Bank N.A.),
0.190%, 10–7–15 (A)	767	767
		3,967

New York – 3.1%
NY Hsng Fin Agy, Clinton Park Phase II Hsng Rev Bonds, Ser 2011 A-1 (GTD by Wells Fargo Bank N.A.),
0.020%, 10–7–15 (A)	2,000	2,000
NY Hsng Fin Agy, Related-Caroline Apt Hsng Rev Bonds, Ser 2008A (GTD by Federal Home Loan Mortgage Corp.),
0.010%, 10–7–15 (A)	2,400	2,400
NY State Hsng Fin Agy, Maestro West Chelsea Hsng Rev Bonds, Ser 2014A,
0.020%, 10–7–15 (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.),
0.020%, 10–7–15 (A)	5,000	5,000
NYC GO Bonds, Fiscal 2006 Ser E (GTD by Bank of America N.A.),
0.010%, 10–7–15 (A)	2,600	2,600
NYC Hsng Dev Corp., Multi-Fam Mtg Rev Bonds (Target V Apt), Ser 2006A (GTD by Citibank N.A.),
0.020%, 10–7–15 (A)	3,000	3,000
		17,250
Ohio – 0.3%
Columbus Rgnl Arpt Auth, Cap Funding Rev Bonds (OASBO Expanded Asset Pooled Fin Prog), Sr Ser 2006,
0.020%, 10–7–15 (A)	1,800	1,800
Oregon – 0.1%
Hosp Fac Auth of Clackamas Cnty, OR, Rev Bonds (Legacy Hlth Sys), Ser 2008B (GTD by U.S. Bank N.A.),
0.010%, 10–7–15 (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.),
0.010%, 10–7–15 (A)	4,585	4,585
Tennessee – 1.0%
Johnson City, TN Hlth and Edu Fac, Hosp Rev Bonds (Mountain States Hlth Alliance), Ser 2013A (GTD by U.S. Bank N.A.),
0.010%, 10–7–15 (A)	5,500	5,500

Texas – 2.4%
Harris Cnty Hosp Dist, Sr Lien Rfdg Rev Bonds, Ser 2010 (GTD by JPMorgan Chase & Co.),
0.020%, 10–7–15 (A)	1,500		1,500
Port Arthur Nav Dist Indl Dev Corp., Exempt Fac Var Rate Rev Bonds (Air Prdts Proj), Ser 2006 (GTD by Air Products and Chemicals, Inc.),
0.020%, 10–1–15 (A)	9,220		9,220
Port Arthur Nav Dist Indl Dev Corp., Exempt Fac Var Rate Rev Bonds (Air Prdts Proj), Ser 2005 (GTD by Air Products and Chemicals, Inc.),
0.020%, 10–1–15 (A)	2,250		2,250
			12,970
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.),
0.010%, 10–7–15 (A)	4,000		4,000
Wyoming – 0.4%
Uinta Cnty, WY, Pollutn Ctl Rfdg Rev Bonds (Chevron USA, Inc. Proj), Ser 1992 (GTD by Chevron Corp.),
0.010%, 10–1–15 (A)	2,381		2,381
TOTAL MUNICIPAL OBLIGATIONS – 25.7%		$	141,008
(Cost: $141,008)
UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
United States Government Agency Obligations – 8.2%
Overseas Private Investment Corp. (GTD by U.S. Government):
0.140%, 10–7–15 (A)	4,339		4,339
0.150%, 10–7–15 (A)	31,408		31,408
0.180%, 10–7–15 (A)	4,300		4,300
0.140%, 10–29–15 (A)	5,100		5,100
			45,147
TOTAL UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS – 8.2%		$	45,147
(Cost: $45,147)
TOTAL INVESTMENT SECURITIES – 99.9%		$	548,796
(Cost: $548,796)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.1%			380
NET ASSETS – 100.0%		$	549,176

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

(B) Rate shown is the yield to maturity at September 30, 2015.

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 is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of September 30, 2015:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Corporate Obligations	$	—	$	362,641	$	—
Municipal Obligations		—		141,008		—
United States Government and Government Agency Obligations		—		45,147		—
Total	$	—	$	548,796	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

The following acronym is used throughout this schedule:

GTD = Guaranteed

For Federal income tax purposes, cost of investments owned at September 30, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	548,796
Gross unrealized appreciation		—
Gross unrealized depreciation		—
Net unrealized appreciation	$	—

SCHEDULE OF INVESTMENTS Real Estate Securities (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Financials
Health Care REITs – 4.6%
HCP, Inc.		12	$	454
Health Care, Inc.		25		1,666
				2,120
Industrial REITs – 5.4%
DCT Industrial Trust, Inc.		13		422
First Industrial Realty Trust, Inc.		19		400
ProLogis		43		1,670
				2,492
Office REITs – 21.2%
Alexandria Real Estate Equities, Inc.		16		1,312
Boston Properties, Inc.		18		2,143
Douglas Emmett, Inc.		7		198
Duke Realty Corp.		59		1,126
Highwoods Properties, Inc.		17		651
Hudson Pacific Properties, Inc.		17		487
Kilroy Realty Corp.		9		554
Mack-Cali Realty Corp.		20		370
SL Green Realty Corp.		9		984
Vornado Realty Trust		22		2,016
				9,841
Residential REITs – 23.3%
American Campus Communities, Inc.		6		203
Apartment Investment and Management Co., Class A		19		721
AvalonBay Communities, Inc.		13		2,301
Camden Property Trust		10		732
Equity Lifestyle Properties, Inc.		13		750
Equity Residential		34		2,518
Essex Property Trust, Inc.		9		2,000
Mid-America Apartment Communities, Inc.		2		156
Post Properties		3		152
UDR, Inc.		37		1,278
				10,811
Retail REITs – 24.5%
Acadia Realty Trust		17		497
Brixmor Property Group, Inc.		17		392
Federal Realty Investment Trust		10		1,337
General Growth Properties, Inc.		50		1,311
Kimco Realty Corp.		45		1,094
Macerich Co. (The)		8		576
Regency Centers Corp.		10		609
Simon Property Group, Inc.		27		4,894
Weingarten Realty Investors		19		639
				11,349

Specialized REITs – 18.2%
Chesapeake Lodging Trust		13		336
CubeSmart		25		672
Digital Realty Trust, Inc.		6		366
Extra Space Storage, Inc.		14		1,088
Host Hotels & Resorts, Inc.		29		460
Pebblebrook Hotel Trust		25		869
Public Storage, Inc.		12		2,582
Strategic Hotels & Resorts, Inc. (A)		20		270
Sunstone Hotel Investors, Inc.		31		410
Ventas, Inc.		25		1,407
				8,460
Total Financials – 97.2%				45,073
Information Technology
Internet Software & Services – 1.4%
Equinix, Inc.		2		656
Total Information Technology – 1.4%				656
TOTAL COMMON STOCKS – 98.6%			$	45,729
(Cost: $42,009)
SHORT-TERM SECURITIES	Principal
Master Note – 0.6%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (B)	$	282		282
TOTAL SHORT-TERM SECURITIES – 0.6%			$	282
(Cost: $282)
TOTAL INVESTMENT SECURITIES – 99.2%			$	46,011
(Cost: $42,291)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.8%				380
NET ASSETS – 100.0%			$	46,391

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, 2015. 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 is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of September 30, 2015:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	45,729	$	—	$	—
Short-Term Securities		—		282		—
Total	$	45,729	$	282	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

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, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	42,291
Gross unrealized appreciation		5,543
Gross unrealized depreciation		(1,823	)
Net unrealized appreciation	$	3,720

SCHEDULE OF INVESTMENTS Science and Technology (in  thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Automobile Manufacturers – 2.0%
Tesla Motors, Inc. (A)		44	$	11,004
Consumer Electronics – 3.0%
Garmin Ltd.		149		5,353
Harman International Industries, Inc.		110		10,588
				15,941
Total Consumer Discretionary – 5.0%				26,945
Consumer Staples
Agricultural Products – 0.2%
Arcadia Biosciences, Inc. (A)		299		913
Total Consumer Staples – 0.2%				913
Financials
Specialized REITs – 1.3%
QTS Realty Trust, Inc., Class A		159		6,934
Total Financials – 1.3%				6,934
Health Care
Biotechnology – 8.0%
Evogene Ltd. (A)		175		1,447
FibroGen, Inc. (A)		113		2,474
Isis Pharmaceuticals, Inc. (A)		318		12,866
PTC Therapeutics, Inc. (A)		95		2,534
Seres Therapeutics, Inc. (A)		26		783
Spark Therapeutics, Inc. (A)		12		488
Vertex Pharmaceuticals, Inc. (A)		216		22,536
				43,128
Health Care Equipment – 1.7%
Avinger, Inc. (A)		133		1,961
Cardiovascular Systems, Inc. (A)		86		1,356
Intuitive Surgical, Inc. (A)		13		5,791
				9,108
Health Care Facilities – 2.1%
Tenet Healthcare Corp. (A)		312		11,534
Health Care Technology – 3.4%
Cerner Corp. (A)(B)		308		18,444
Life Sciences Tools & Services – 1.7%
PRA Health Sciences, Inc. (A)		228		8,858
Pharmaceuticals – 2.5%
Teva Pharmaceutical Industries Ltd. ADR		242		13,674
Total Health Care – 19.4%				104,746
Industrials
Building Products – 0.9%
Advanced Drainage Systems, Inc.		172		4,968
Construction & Engineering – 0.7%
Abengoa S.A., Class B (C)		1,361		1,268
Abengoa S.A., Class B ADR		578		2,692
				3,960
Industrial Machinery – 2.0%
Pentair, Inc.		206		10,499
Total Industrials – 3.6%				19,427
Information Technology
Application Software – 10.9%
ACI Worldwide, Inc. (A)		809		17,082
Aspen Technology, Inc. (A)		669		25,350
Globant S.A. (A)		151		4,619
Mobileye N.V. (A)		102		4,630
Silver Spring Networks, Inc. (A)		552		7,114
				58,795
Communications Equipment – 0.9%
Ruckus Wireless, Inc. (A)		398		4,730

Data Processing & Outsourced Services – 15.2%
Alliance Data Systems Corp. (A)	112		29,109
Euronet Worldwide, Inc. (A)(D)	377		27,917
EVERTEC, Inc.	227		4,095
QIWI plc ADR	223		3,588
WNS (Holdings) Ltd. ADR (A)	604		16,871
			81,580
Electronic Components – 1.4%
Universal Display Corp. (A)	229		7,773
Electronic Equipment & Instruments – 0.9%
FLIR Systems, Inc.	168		4,691
Internet Software & Services – 8.4%
21Vianet Group, Inc. ADR (A)	183		3,336
Alibaba Group Holding Ltd. ADR (A)	70		4,146
Facebook, Inc., Class A (A)	150		13,458
Google, Inc., Class A (A)	13		8,554
Google, Inc., Class C (A)	18		10,851
Twitter, Inc. (A)	173		4,655
			45,000
IT Consulting & Other Services – 2.9%
Acxiom Corp. (A)	654		12,929
Virtusa Corp. (A)	56		2,863
			15,792
Semiconductor Equipment – 1.1%
Nanometrics, Inc. (A)	154		1,868
Photronics, Inc. (A)	473		4,283
			6,151
Semiconductors – 16.7%
Cypress Semiconductor Corp.	766		6,528
Dialog Semiconductor plc (A)(C)	139		5,560
Marvell Technology Group Ltd.	506		4,577
Micron Technology, Inc. (A)	1,679		25,144
Microsemi Corp. (A)	508		16,656
NXP Semiconductors N.V. (A)	198		17,205
Rambus, Inc. (A)	667		7,865
Semtech Corp. (A)	367		5,548
Silicon Laboratories, Inc. (A)	26		1,068
			90,151
Systems Software – 2.7%
Microsoft Corp.	331		14,650
Total Information Technology – 61.1%			329,313
Materials
Commodity Chemicals – 0.4%
BioAmber, Inc. (A)	369		1,973
Fertilizers & Agricultural Chemicals – 0.1%
Marrone Bio Innovations, Inc. (A)	280		590
Total Materials – 0.5%			2,563
Telecommunication Services
Alternative Carriers – 1.5%
Zayo Group Holdings, Inc. (A)	324		8,204
Integrated Telecommunication Services – 0.5%
China Unicom Ltd. (C)	2,080		2,646
Total Telecommunication Services – 2.0%			10,850
Utilities
Renewable Electricity – 0.9%
Abengoa Yield plc	283		4,685
Total Utilities – 0.9%			4,685
TOTAL COMMON STOCKS – 94.0%		$	506,376
(Cost: $379,284)
WARRANTS
Commodity Chemicals – 0.1%
BioAmber, Inc., expires 5–9–17 (E)	201		358
Fertilizers & Agricultural Chemicals – 0.0%
Marrone Bio Innovations, Inc., expires 8–20–20 (E)(F)	230		22
TOTAL WARRANTS – 0.1%		$	380
(Cost: $24)

CORPORATE DEBT SECURITIES	Principal
Materials
Fertilizers & Agricultural Chemicals – 0.4%
Marrone Bio Innovations, Inc.,
8.000%, 8–20–20 (F)	$	2,300		2,300
Total Materials – 0.4%				2,300
TOTAL CORPORATE DEBT SECURITIES – 0.4%			$	2,300
(Cost: $2,300)
SHORT-TERM SECURITIES
Commercial Paper (G) – 4.8%
EMC Corp.,
0.190%, 10–7–15		4,000		4,000
General Mills, Inc.,
0.310%, 10–5–15		5,000		5,000
J.M. Smucker Co. (The),
0.280%, 10–1–15		7,619		7,619
Mondelez International, Inc.,
0.260%, 10–20–15		5,000		4,999
Monsanto Co.,
0.310%, 11–23–15		4,000		3,998
				25,616
Master Note – 0.8%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (H)		4,284		4,284
TOTAL SHORT-TERM SECURITIES – 5.6%			$	29,900
(Cost: $29,899)
TOTAL INVESTMENT SECURITIES – 100.1%			$	538,956
(Cost: $411,507)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.1)%				(354	)
NET ASSETS – 100.0%			$	538,602

Notes to Schedule of Investments

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

(B) All or a portion of securities with an aggregate value of $546 are held in collateralized accounts for OTC derivatives collateral as governed by International Swaps and Derivatives Association, Inc. Master Agreements.

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

(D) All or a portion of securities with an aggregate value of $593 are held in collateralized accounts to cover potential obligations with respect to outstanding written options.

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

(F) Restricted securities. At September 30, 2015, the Fund owned the following restricted securities:

Security	Acquisition Date(s)	Principal	Cost		Market Value
Marrone Bio Innovations, Inc., 8.000%, 8-20-20	8-20-15	$  2,300	$	2,300	$	2,300
Marrone Bio Innovations, Inc., expires 8-20-20	8-20-15	230	$	—	$	22
			$	2,300	$	2,322

The total value of these securities represented 0.4% of net assets at September 30, 2015.

(G) Rate shown is the yield to maturity at September 30, 2015.

(H) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following written options were outstanding at September 30, 2015 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type	Number of Contracts		Expiration Month		Exercise Price		Premium Received		Value
Apple, Inc.	Citibank N.A.	Put		507		October 2015	$	110.00	$	181	$	(141	)
	Citibank N.A.	Put		507		October 2015		115.00		286		(285	)
									$	467	$	(426	)

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 is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of September 30, 2015.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	26,945	$	—	$	—
Consumer Staples		913		—		—
Financials		6,934		—		—
Health Care		104,746		—		—
Industrials		18,159		1,268		—
Information Technology		323,753		5,560		—
Materials		2,563		—		—
Telecommunication Services		8,204		2,646		—
Utilities		4,685		—		—
Total Common Stocks	$	496,902	$	9,474	$	—
Warrants		358		22		—
Corporate Debt Securities		—		—		2,300
Short-Term Securities		—		29,900		—
Total	$	497,260	$	39,396	$	2,300
Liabilities
Written Options	$	—	$	426	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

REIT = Real Estate Investment Trust

For Federal income tax purposes, cost of investments owned at September 30, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	411,507
Gross unrealized appreciation		174,316
Gross unrealized depreciation		(46,867	)
Net unrealized appreciation	$	127,449

SCHEDULE OF INVESTMENTS Small Cap Growth (in  thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Apparel Retail – 0.7%
Boot Barn Holdings, Inc. (A)		168	$	3,104
Auto Parts & Equipment – 4.0%
Gentherm, Inc. (A)		84		3,753
Motorcar Parts of America, Inc. (A)		421		13,201
				16,954
Automotive Retail – 2.6%
Lithia Motors, Inc.		101		10,873
Casinos & Gaming – 0.8%
Penn National Gaming, Inc. (A)		199		3,338
Consumer Electronics – 0.8%
Harman International Industries, Inc.		35		3,328
Footwear – 3.5%
Skechers USA, Inc. (A)		112		15,001
Homebuilding – 3.4%
LGI Homes, Inc. (A)		289		7,868
M/I Homes, Inc. (A)		184		4,327
TopBuild Corp. (A)		67		2,069
				14,264
Internet Retail – 1.2%
NutriSystem, Inc.		196		5,187
Leisure Facilities – 2.1%
Vail Resorts, Inc.		84		8,814
Leisure Products – 1.0%
Nautilus Group, Inc. (The) (A)		279		4,186
Movies & Entertainment – 1.4%
IMAX Corp. (A)		171		5,771
Restaurants – 1.6%
Carrols Restaurant Group, Inc. (A)		174		2,068
Red Robin Gourmet Burgers, Inc. (A)		65		4,931
				6,999
Total Consumer Discretionary – 23.1%				97,819
Consumer Staples
Packaged Foods & Meats – 1.7%
J&J Snack Foods Corp.		61		6,911
Total Consumer Staples – 1.7%				6,911
Energy
Oil & Gas Storage & Transportation – 1.1%
Tallgrass Energy GP L.P., Class A		241		4,781
Total Energy – 1.1%				4,781
Financials
Consumer Finance – 3.1%
Portfolio Recovery Associates, Inc. (A)		251		13,305
Investment Banking & Brokerage – 1.1%
Evercore Partners, Inc.		91		4,572
Regional Banks – 2.8%
Cathay General Bancorp		198		5,944
Columbia Banking System, Inc.		189		5,886
				11,830
Total Financials – 7.0%				29,707
Health Care
Biotechnology – 1.4%
Insys Therapeutics, Inc. (A)		213		6,071
Health Care Equipment – 7.8%
AtriCure, Inc. (A)		446		9,767
Cardiovascular Systems, Inc. (A)		230		3,636
DexCom, Inc. (A)		126		10,848
K2M Group Holdings, Inc. (A)		478		8,883
				33,134
Health Care Facilities – 3.1%
Acadia Healthcare Co., Inc. (A)		122		8,070
Surgical Care Affiliates, Inc. (A)		152		4,954
				13,024

Health Care Services – 3.7%
AMN Healthcare Services, Inc. (A)	230		6,893
ExamWorks Group, Inc. (A)	306		8,942
			15,835
Health Care Supplies – 2.4%
LDR Holding Corp. (A)	129		4,448
Penumbra, Inc. (A)	31		1,243
Vascular Solutions, Inc. (A)	136		4,392
			10,083
Pharmaceuticals – 6.1%
Akorn, Inc. (A)	221		6,303
Aratana Therapeutics, Inc. (A)	326		2,756
Lannett Co., Inc. (A)	80		3,330
Revance Therapeutics, Inc. (A)	206		6,141
ZS Pharma, Inc. (A)	110		7,216
			25,746
Total Health Care – 24.5%			103,893
Industrials
Aerospace & Defense – 0.8%
Astronics Corp. (A)	85		3,420
Building Products – 3.5%
American Woodmark Corp. (A)	93		6,001
Apogee Enterprises, Inc.	194		8,655
			14,656
Human Resource & Employment Services – 2.4%
Korn/Ferry International	139		4,606
WageWorks, Inc. (A)	129		5,794
			10,400
Industrial Machinery – 1.3%
Barnes Group, Inc.	154		5,535
Total Industrials – 8.0%			34,011
Information Technology
Application Software – 9.0%
BroadSoft, Inc. (A)	203		6,094
HubSpot, Inc. (A)	45		2,091
Paycom Software, Inc. (A)	148		5,325
Synchronoss Technologies, Inc. (A)	206		6,753
Tyler Technologies, Inc. (A)	82		12,236
Ultimate Software Group, Inc. (The) (A)	31		5,605
			38,104
Communications Equipment – 2.0%
Dycom Industries, Inc. (A)	119		8,582
Electronic Manufacturing Services – 1.2%
IPG Photonics Corp. (A)	69		5,247
Home Entertainment Software – 1.9%
Take-Two Interactive Software, Inc. (A)	272		7,820
Internet Software & Services – 6.4%
Cornerstone OnDemand, Inc. (A)	193		6,359
Demandware, Inc. (A)	100		5,162
GrubHub, Inc. (A)	172		4,186
LogMeIn, Inc. (A)	102		6,946
Textura Corp. (A)	173		4,480
			27,133
Semiconductors – 4.3%
Ambarella, Inc. (A)	48		2,762
Integrated Device Technology, Inc. (A)	583		11,834
Mellanox Technologies Ltd. (A)	91		3,428
			18,024
Systems Software – 2.1%
Barracuda Networks, Inc. (A)	272		4,241
Imperva, Inc. (A)	73		4,773
			9,014
Total Information Technology – 26.9%			113,924
Materials
Specialty Chemicals – 1.3%
Flotek Industries, Inc. (A)	331		5,531
Total Materials – 1.3%			5,531
TOTAL COMMON STOCKS – 93.6%		$	396,577
(Cost: $358,797)

SHORT-TERM SECURITIES	Principal
Commercial Paper (B) – 5.2%
J.M. Smucker Co. (The),
0.280%, 10–1–15	$	7,136		7,136
L Air Liquide S.A.,
0.180%, 10–2–15		3,000		3,000
Northern Illinois Gas Co.,
0.310%, 10–7–15		12,000		11,999
				22,135
Master Note – 1.2%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (C)		4,989		4,989
TOTAL SHORT-TERM SECURITIES – 6.4%			$	27,124
(Cost: $27,125)
TOTAL INVESTMENT SECURITIES – 100.0%			$	423,701
(Cost: $385,922)
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0%				(120	)
NET ASSETS – 100.0%			$	423,581

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, 2015.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. 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 is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of September 30, 2015:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	396,577	$	—	$	—
Short-Term Securities		—		27,124		—
Total	$	396,577	$	27,124	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

For Federal income tax purposes, cost of investments owned at September 30, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	385,922
Gross unrealized appreciation		68,141
Gross unrealized depreciation		(30,362	)
Net unrealized appreciation	$	37,779

SCHEDULE OF INVESTMENTS Small Cap Value (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Apparel Retail – 0.6%
Men’s Wearhouse, Inc. (The)		44	$	1,858
Automotive Retail – 2.8%
Monro Muffler Brake, Inc.		128		8,644
Homebuilding – 1.4%
Beazer Homes USA, Inc. (A)		338		4,505
Internet Retail – 5.1%
FTD Co., Inc. (A)		160		4,774
NutriSystem, Inc.		213		5,649
Travelport Worldwide Ltd.		408		5,392
				15,815
Leisure Products – 0.8%
Callaway Golf Co.		294		2,451
Movies & Entertainment – 2.3%
Carmike Cinemas, Inc. (A)		361		7,250
Restaurants – 3.3%
Krispy Kreme Doughnuts, Inc. (A)		708		10,352
Total Consumer Discretionary – 16.3%				50,875
Consumer Staples
Food Retail – 2.3%
Smart & Final Stores, Inc. (A)		459		7,209
Packaged Foods & Meats – 8.7%
B&G Foods, Inc.		307		11,183
Diamond Foods, Inc. (A)		285		8,800
TreeHouse Foods, Inc. (A)		94		7,273
				27,256
Total Consumer Staples – 11.0%				34,465
Energy
Oil & Gas Exploration & Production – 1.7%
Laredo Petroleum Holdings, Inc. (A)		565		5,324
Total Energy – 1.7%				5,324
Financials
Consumer Finance – 2.6%
Portfolio Recovery Associates, Inc. (A)		156		8,229
Investment Banking & Brokerage – 2.3%
Greenhill & Co., Inc.		246		7,001
Property & Casualty Insurance – 2.1%
Argo Group International Holdings Ltd.		115		6,522
Regional Banks – 13.1%
BankUnited, Inc.		315		11,268
First Horizon National Corp.		297		4,211
PrivateBancorp, Inc.		119		4,577
Synovus Financial Corp.		236		6,975
Webster Financial Corp.		231		8,227
Western Alliance Bancorporation (A)		187		5,749
				41,007
Reinsurance – 4.4%
Endurance Specialty Holdings Ltd.		95		5,804
Reinsurance Group of America, Inc.		88		7,981
				13,785
Retail REITs – 1.5%
Kite Realty Group Trust		193		4,605
Total Financials – 26.0%				81,149
Health Care
Health Care Facilities – 3.3%
HealthSouth Corp.		21		824
LifePoint Health, Inc. (A)		136		9,624
				10,448
Total Health Care – 3.3%				10,448
Industrials
Aerospace & Defense – 0.5%
KLX, Inc. (A)		46		1,648
Building Products – 4.2%
Continental Building Products, Inc. (A)		230		4,727
Masonite International Corp. (A)		140		8,469
				13,196
Commercial Printing – 1.7%
Deluxe Corp.		94		5,256

Diversified Support Services – 1.4%
G&K Services, Inc. (A)		65		4,328
Industrial Machinery – 2.6%
CLARCOR, Inc.		58		2,742
Woodward, Inc.		129		5,254
				7,996
Marine – 4.2%
Kirby Corp. (A)		63		3,903
Matson, Inc.		238		9,169
				13,072
Office Services & Supplies – 1.4%
Avery Dennison Corp.		77		4,367
Total Industrials – 16.0%				49,863
Information Technology
Electronic Manufacturing Services – 0.8%
Plexus Corp. (A)		66		2,554
Home Entertainment Software – 2.6%
Take-Two Interactive Software, Inc. (A)		283		8,139
Semiconductor Equipment – 0.9%
Teradyne, Inc.		153		2,756
Semiconductors – 1.2%
Fairchild Semiconductor International, Inc. (A)		261		3,663
Technology Distributors – 1.1%
Ingram Micro, Inc., Class A		123		3,337
Total Information Technology – 6.6%				20,449
Materials
Aluminum – 1.8%
Kaiser Aluminum Corp.		70		5,603
Paper Products – 1.6%
Schweitzer-Mauduit International, Inc.		150		5,144
Specialty Chemicals – 4.7%
Flotek Industries, Inc. (A)		876		14,636
Steel – 1.4%
Allegheny Technologies, Inc.		301		4,263
Total Materials – 9.5%				29,646
Utilities
Electric Utilities – 2.2%
Great Plains Energy, Inc.		258		6,982
Gas Utilities – 2.7%
Southwest Gas Corp.		143		8,318
Total Utilities – 4.9%				15,300
TOTAL COMMON STOCKS – 95.3%			$	297,519
(Cost: $302,359)
SHORT-TERM SECURITIES	Principal
Commercial Paper (B) – 3.2%
General Mills, Inc.,
0.310%, 10–5–15	$	3,000		3,000
J.M. Smucker Co. (The),
0.280%, 10–1–15		2,187		2,187
Northern Illinois Gas Co.,
0.310%, 10–7–15		5,000		4,999
				10,186
Master Note – 0.3%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (C)		800		800
TOTAL SHORT-TERM SECURITIES – 3.5%			$	10,986
(Cost: $10,987)
TOTAL INVESTMENT SECURITIES – 98.8%			$	308,505
(Cost: $313,346)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.2%				3,782
NET ASSETS – 100.0%			$	312,287

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, 2015.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. 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 is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of September 30, 2015.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	297,519	$	—	$	—
Short-Term Securities		—		10,986		—
Total	$	297,519	$	10,986	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

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, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	313,346
Gross unrealized appreciation		20,201
Gross unrealized depreciation		(25,042	)
Net unrealized depreciation	$	(4,841	)

SCHEDULE OF INVESTMENTS Value (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Auto Parts & Equipment – 2.8%
Magna International, Inc.		213	$	10,245
Cable & Satellite – 5.6%
Comcast Corp., Class A		177		10,051
Time Warner Cable, Inc. (A)		59		10,583
				20,634
Casinos & Gaming – 2.3%
Las Vegas Sands, Inc.		224		8,520
Department Stores – 2.1%
Macy’s, Inc.		150		7,713
Homebuilding – 1.7%
Pulte Homes, Inc.		332		6,265
Hotels, Resorts & Cruise Lines – 2.3%
Wyndham Worldwide Corp.		121		8,700
Total Consumer Discretionary – 16.8%				62,077
Consumer Staples
Agricultural Products – 2.7%
Ingredion, Inc.		113		9,822
Brewers – 2.4%
Molson Coors Brewing Co., Class B (A)		108		8,925
Drug Retail – 1.5%
CVS Caremark Corp.		59		5,644
Soft Drinks – 1.7%
Coca-Cola Enterprises, Inc.		131		6,315
Tobacco – 3.0%
Philip Morris International, Inc. (A)		139		11,011
Total Consumer Staples – 11.3%				41,717
Energy
Oil & Gas Refining & Marketing – 3.9%
Marathon Petroleum Corp. (A)		212		9,831
NuStar Energy L.P.		101		4,545
				14,376
Oil & Gas Storage & Transportation – 1.5%
VTTI Energy Partners L.P.		282		5,527
Total Energy – 5.4%				19,903
Financials
Asset Management & Custody Banks – 2.0%
State Street Corp.		109		7,312
Consumer Finance – 4.4%
Capital One Financial Corp.		223		16,194
Life & Health Insurance – 2.2%
MetLife, Inc.		169		7,959
Multi-Line Insurance – 6.0%
American International Group, Inc.		392		22,268
Other Diversified Financial Services – 8.6%
Citigroup, Inc. (A)		358		17,780
JPMorgan Chase & Co.		228		13,895
				31,675
Property & Casualty Insurance – 2.8%
Allstate Corp. (The)		177		10,326
Regional Banks – 0.9%
First Republic Bank		54		3,377
Reinsurance – 2.6%
Reinsurance Group of America, Inc.		108		9,738
Total Financials – 29.5%				108,849

Health Care
Biotechnology – 2.4%
Amgen, Inc.		63		8,756
Health Care Facilities – 2.6%
HCA Holdings, Inc. (B)		126		9,770
Managed Health Care – 3.8%
Anthem, Inc.		31		4,298
Cigna Corp.		15		2,012
Humana, Inc.		44		7,786
				14,096
Pharmaceuticals – 2.3%
Teva Pharmaceutical Industries Ltd. ADR		149		8,424
Total Health Care – 11.1%				41,046
Information Technology
Semiconductor Equipment – 2.1%
Lam Research Corp.		121		7,925
Semiconductors – 2.2%
Micron Technology, Inc. (B)		537		8,041
Systems Software – 4.2%
Microsoft Corp.		351		15,522
Technology Hardware, Storage & Peripherals – 5.8%
SanDisk Corp. (A)		171		9,291
Western Digital Corp.		151		12,003
				21,294
Total Information Technology – 14.3%				52,782
Materials
Diversified Chemicals – 2.4%
Dow Chemical Co. (The)		210		8,891
Total Materials – 2.4%				8,891
Utilities
Electric Utilities – 3.1%
Exelon Corp.		390		11,595
Total Utilities – 3.1%				11,595
TOTAL COMMON STOCKS – 93.9%			$	346,860
(Cost: $360,882)
SHORT-TERM SECURITIES	Principal
Commercial Paper (C) – 3.6%
General Mills, Inc., 0.300%, 10–2–15	$	5,000		5,000
J.M. Smucker Co. (The), 0.280%, 10–1–15		4,242		4,242
Mondelez International, Inc., 0.280%, 10–29–15		4,000		3,999
				13,241
Master Note – 0.5%
Toyota Motor Credit Corp., 0.200%, 10–7–15 (D)		1,922		1,922
Municipal Obligations – 1.4%
MS Business Fin Corp., Gulf Opp Zone Indl Dev Rev Bonds (Chevron USA, Inc. Proj), Ser 2007B (GTD by Chevron Corp.), 0.010%, 10–1–15 (D)		5,000		5,000
TOTAL SHORT-TERM SECURITIES – 5.5%			$	20,163
(Cost: $20,163)
TOTAL INVESTMENT SECURITIES – 99.4%			$	367,023
(Cost: $381,045)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.6%				2,205
NET ASSETS – 100.0%			$	369,228

Notes to Schedule of Investments

(A) All or a portion of securities with an aggregate value of $11,369 are 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, 2015.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following written options were outstanding at September 30, 2015 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type	Number of Contracts		Expiration Month		Exercise Price		Premium Received		Value
Energizer Holdings, Inc.	Deutsche Bank AG	Put		463		November 2015	$	30.00	$	91	$	(11	)
First Republic Bank	N/A	Put		134		November 2015		55.00		16		(9	)
JPMorgan Chase & Co.	N/A	Put		184		December 2015		55.00		18		(23	)
Molson Coors Brewing Co., Class B	N/A	Call		219		November 2015		90.00		54		(50	)
Philip Morris International, Inc.	N/A	Call		238		October 2015		85.50		12		(5	)
Time Warner Cable, Inc.	N/A	Call		104		October 2015		195.00		40		(7	)
	N/A	Call		102		October 2015		200.00		21		(4	)
VTTI Energy Partners L.P.	Goldman Sachs International	Put		618		October 2015		20.00		18		(74	)
									$	270	$	(183	)

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 is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of September 30, 2015.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	346,860	$	—	$	—
Short-Term Securities		—		20,163		—
Total	$	346,860	$	20,163	$	—
Liabilities
Written Options	$	84	$	99	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

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, 2015 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	381,045
Gross unrealized appreciation		19,313
Gross unrealized depreciation		(33,335	)
Net unrealized depreciation	$	(14,022	)

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 25, 2015

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 25, 2015

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

Date: November 25, 2015