N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-05017

Ivy 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)

Wendy J. Hills

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, 2016

ITEM 1.    SCHEDULE OF INVESTMENTS.

SCHEDULE OF INVESTMENTS Pathfinder Aggressive (in thousands) SEPTEMBER 30, 2016 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Global Growth		1,319	$	11,031
Ivy Funds VIP Growth		1,484		15,481
Ivy Funds VIP International Core Equity		759		11,611
Ivy Funds VIP Limited-Term Bond		1,682		8,321
Ivy Funds VIP Mid Cap Growth		818		7,741
Ivy Funds VIP Small Cap Growth		789		7,741
Ivy Funds VIP Small Cap Value		452		7,741
Ivy Funds VIP Value		1,395		7,741
TOTAL AFFILIATED MUTUAL FUNDS – 99.3%			$	77,408
(Cost: $84,739)
SHORT-TERM SECURITIES	Principal
Master Note – 0.7%
Toyota Motor Credit Corp., 0.600%, 10–5–16 (A)	$	522		522
TOTAL SHORT-TERM SECURITIES – 0.7%			$	522
(Cost: $522)
TOTAL INVESTMENT SECURITIES – 100.0%			$	77,930
(Cost: $85,261)
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0%				(12	)
NET ASSETS – 100.0%			$	77,918

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016. 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, 2016.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	77,408	$	—	$	—
Short-Term Securities		—		522		—
Total	$	77,408	$	522	$	—

During the period ended September 30, 2016, there were no transfers between any levels.

For Federal income tax purposes, cost of investments owned at September 30, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	85,261
Gross unrealized appreciation		107
Gross unrealized depreciation		(7,438	)
Net unrealized depreciation	$	(7,331	)

SCHEDULE OF INVESTMENTS Pathfinder Conservative (in  thousands) SEPTEMBER 30, 2016 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		1,990	$	14,960
Ivy Funds VIP Global Growth		619		5,179
Ivy Funds VIP Growth		1,434		14,960
Ivy Funds VIP International Core Equity		357		5,466
Ivy Funds VIP Limited-Term Bond		3,663		18,125
Ivy Funds VIP Mid Cap Growth		365		3,452
Ivy Funds VIP Money Market		40,278		40,278
Ivy Funds VIP Small Cap Growth		586		5,754
Ivy Funds VIP Small Cap Value		134		2,302
Ivy Funds VIP Value		830		4,603
TOTAL AFFILIATED MUTUAL FUNDS – 99.5%			$	115,079
(Cost: $120,211)
SHORT-TERM SECURITIES	Principal
Master Note – 0.5%
Toyota Motor Credit Corp., 0.600%, 10–5–16 (A)	$	593		593
TOTAL SHORT-TERM SECURITIES – 0.5%			$	593
(Cost: $593)
TOTAL INVESTMENT SECURITIES – 100.0%			$	115,672
(Cost: $120,804)
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0%				(12	)
NET ASSETS – 100.0%			$	115,660

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016. 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, 2016.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	115,079	$	—	$	—
Short-Term Securities		—		593		—
Total	$	115,079	$	593	$	—

During the period ended September 30, 2016, there were no transfers between any levels.

For Federal income tax purposes, cost of investments owned at September 30, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	120,804
Gross unrealized appreciation		—
Gross unrealized depreciation		(5,132	)
Net unrealized depreciation	$	(5,132	)

SCHEDULE OF INVESTMENTS Pathfinder Moderate (in thousands) SEPTEMBER 30, 2016 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		17,495	$	131,524
Ivy Funds VIP Global Growth		9,957		83,299
Ivy Funds VIP Growth		11,770		122,756
Ivy Funds VIP International Core Equity		5,590		85,491
Ivy Funds VIP Limited-Term Bond		19,050		94,259
Ivy Funds VIP Mid Cap Growth		3,708		35,073
Ivy Funds VIP Money Market		175,366		175,366
Ivy Funds VIP Small Cap Growth		6,255		61,378
Ivy Funds VIP Small Cap Value		2,559		43,842
Ivy Funds VIP Value		7,903		43,842
TOTAL AFFILIATED MUTUAL FUNDS – 100.0%			$	876,830
(Cost: $911,916)
SHORT-TERM SECURITIES	Principal
Master Note – 0.0%
Toyota Motor Credit Corp., 0.600%, 10–5–16 (A)	$	425		425
TOTAL SHORT-TERM SECURITIES – 0.0%			$	425
(Cost: $425)
TOTAL INVESTMENT SECURITIES – 100.0%			$	877,255
(Cost: $912,341)
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0%				(54	)
NET ASSETS – 100.0%			$	877,201

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016. 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, 2016:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	876,830	$	—	$	—
Short-Term Securities		—		425		—
Total	$	876,830	$	425	$	—

During the period ended September 30, 2016, there were no transfers between Level 1 and 2.

For Federal income tax purposes, cost of investments owned at September 30, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	912,341
Gross unrealized appreciation		2,886
Gross unrealized depreciation		(37,972	)
Net unrealized depreciation	$	(35,086	)

SCHEDULE OF INVESTMENTS Pathfinder Moderate – Managed Volatility (in thousands) SEPTEMBER 30, 2016 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		9,643	$	72,495
Ivy Funds VIP Global Growth		5,488		45,913
Ivy Funds VIP Growth		6,487		67,662
Ivy Funds VIP International Core Equity		3,081		47,122
Ivy Funds VIP Limited-Term Bond		10,500		51,955
Ivy Funds VIP Mid Cap Growth		2,044		19,332
Ivy Funds VIP Money Market		96,660		96,660
Ivy Funds VIP Small Cap Growth		3,448		33,831
Ivy Funds VIP Small Cap Value		1,411		24,165
Ivy Funds VIP Value		4,356		24,165
TOTAL AFFILIATED MUTUAL FUNDS – 96.7%			$	483,300
(Cost: $514,545)
SHORT-TERM SECURITIES	Principal
Commercial Paper (A) – 1.8%
BorgWarner, Inc., 0.660%, 10–11–16	$	4,000		3,999
Medtronic Global Holdings SCA, 0.720%, 10–3–16		5,000		5,000
				8,999
Master Note – 1.3%
Toyota Motor Credit Corp., 0.600%, 10–5–16 (B)		6,395		6,395
TOTAL SHORT-TERM SECURITIES – 3.1%			$	15,394
(Cost: $15,394)
TOTAL INVESTMENT SECURITIES – 99.8%			$	498,694
(Cost: $529,939)
CASH AND OTHER ASSETS, NET OF LIABILITIES (C) – 0.2%				816
NET ASSETS – 100.0%			$	499,510

Notes to Schedule of Investments

(A) Rate shown is the yield to maturity at September 30, 2016.

(B) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016. Date shown represents the date that the variable rate resets.

(C) Cash of $989 has been pledged as collateral on open futures contracts.

The following futures contracts were outstanding at September 30, 2016 (contracts unrounded):

Description	Type		Expiration Date		Number of Contracts		Value			Unrealized Depreciation
E-mini Russell 2000 Index		Short		12-16-16		36	$	(4,494	)	$	(151	)
S&P 500 Index		Short		12-16-16		37		(19,984	)		(373	)
							$	(24,478	)	$	(524	)

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, 2016:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	483,300	$	—	$	—
Short-Term Securities		—		15,394		—
Total	$	483,300	$	15,394	$	—
Liabilities
Futures Contracts	$	524	$	—	$	—

During the period ended September 30, 2016, there were no transfers between Level 1 and 2.

For Federal income tax purposes, cost of investments owned at September 30, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	529,939
Gross unrealized appreciation		416
Gross unrealized depreciation		(31,661	)
Net unrealized depreciation	$	(31,245	)

SCHEDULE OF INVESTMENTS Pathfinder Moderately Aggressive (in thousands) SEPTEMBER 30, 2016 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		20,603	$	154,890
Ivy Funds VIP Global Growth		14,812		123,912
Ivy Funds VIP Growth		13,861		144,564
Ivy Funds VIP International Core Equity		8,271		126,494
Ivy Funds VIP Limited-Term Bond		22,435		111,004
Ivy Funds VIP Mid Cap Growth		5,459		51,630
Ivy Funds VIP Money Market		103,260		103,260
Ivy Funds VIP Small Cap Growth		8,419		82,608
Ivy Funds VIP Small Cap Value		4,822		82,608
Ivy Funds VIP Value		9,307		51,630
TOTAL AFFILIATED MUTUAL FUNDS – 100.0%			$	1,032,600
(Cost: $1,076,946)
TOTAL INVESTMENT SECURITIES – 100.0%			$	1,032,600
(Cost: $1,076,946)
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0%				(189	)
NET ASSETS – 100.0%			$	1,032,411

Notes to Schedule of Investments

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

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

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective 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, 2016:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	1,032,600	$	—	$	—
Total	$	1,032,600	$	—	$	—

During the period ended September 30, 2016, there were no transfers between Level 1 and 2.

For Federal income tax purposes, cost of investments owned at September 30, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	1,076,946
Gross unrealized appreciation		5,543
Gross unrealized depreciation		(49,889	)
Net unrealized depreciation	$	(44,346	)

SCHEDULE OF INVESTMENTS Pathfinder Moderately Aggressive – Managed Volatility (in thousands) SEPTEMBER 30, 2016 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		1,405	$	10,559
Ivy Funds VIP Global Growth		1,010		8,448
Ivy Funds VIP Growth		945		9,855
Ivy Funds VIP International Core Equity		564		8,623
Ivy Funds VIP Limited-Term Bond		1,529		7,568
Ivy Funds VIP Mid Cap Growth		372		3,520
Ivy Funds VIP Money Market		7,040		7,040
Ivy Funds VIP Small Cap Growth		574		5,632
Ivy Funds VIP Small Cap Value		329		5,632
Ivy Funds VIP Value		635		3,520
TOTAL AFFILIATED MUTUAL FUNDS – 97.3%			$	70,397
(Cost: $77,291)
SHORT-TERM SECURITIES	Principal
Master Note – 2.5%
Toyota Motor Credit Corp., 0.600%, 10–5–16 (A)	$	1,804		1,804
TOTAL SHORT-TERM SECURITIES – 2.5%			$	1,804
(Cost: $1,804)
TOTAL INVESTMENT SECURITIES – 99.8%			$	72,201
(Cost: $79,095)
CASH AND OTHER ASSETS, NET OF LIABILITIES (B) – 0.2%				146
NET ASSETS – 100.0%			$	72,347

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016. Date shown represents the date that the variable rate resets.

(B) Cash of $161 has been pledged as collateral on open futures contracts.

The following futures contracts were outstanding at September 30, 2016 (contracts unrounded):

Description	Type		Expiration Date		Number of Contracts		Value			Unrealized Depreciation
E-mini Russell 2000 Index		Short		12-16-16		6	$	(749	)	$	(24	)
S&P 500 Index		Short		12-16-16		6		(3,241	)		(58	)
							$	(3,990	)	$	(82	)

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, 2016:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	70,397	$	—	$	—
Short-Term Securities		—		1,804		—
Total	$	70,397	$	1,804	$	—
Liabilities
Futures Contracts	$	82	$	—	$	—

During the period ended September 30, 2016, there were no transfers between Level 1 and 2.

For Federal income tax purposes, cost of investments owned at September 30, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	79,095
Gross unrealized appreciation		41
Gross unrealized depreciation		(6,935	)
Net unrealized depreciation	$	(6,894	)

SCHEDULE OF INVESTMENTS Pathfinder Moderately Conservative (in thousands) SEPTEMBER 30, 2016 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		4,597	$	34,560
Ivy Funds VIP Global Growth		2,224		18,609
Ivy Funds VIP Growth		3,569		37,219
Ivy Funds VIP International Core Equity		1,260		19,274
Ivy Funds VIP Limited-Term Bond		8,462		41,871
Ivy Funds VIP Mid Cap Growth		1,124		10,634
Ivy Funds VIP Money Market		66,462		66,462
Ivy Funds VIP Small Cap Growth		1,626		15,951
Ivy Funds VIP Small Cap Value		466		7,976
Ivy Funds VIP Value		2,396		13,292
TOTAL AFFILIATED MUTUAL FUNDS – 99.9%			$	265,848
(Cost: $277,831)
SHORT-TERM SECURITIES	Principal
Master Note – 0.1%
Toyota Motor Credit Corp., 0.600%, 10–5–16 (A)	$	170		170
TOTAL SHORT-TERM SECURITIES – 0.1%			$	170
(Cost: $170)
TOTAL INVESTMENT SECURITIES – 100.0%			$	266,018
(Cost: $278,001)
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0%				(27	)
NET ASSETS – 100.0%			$	265,991

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016. 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, 2016:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	265,848	$	—	$	—
Short-Term Securities		—		170		—
Total	$	265,848	$	170	$	—

During the period ended September 30, 2016, there were no transfers between Level 1 and 2.

For Federal income tax purposes, cost of investments owned at September 30, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	278,001
Gross unrealized appreciation		52
Gross unrealized depreciation		(12,035	)
Net unrealized depreciation	$	(11,983	)

SCHEDULE OF INVESTMENTS Pathfinder Moderately Conservative – Managed Volatility (in thousands) SEPTEMBER 30, 2016 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Funds VIP Dividend Opportunities		1,113	$	8,366
Ivy Funds VIP Global Growth		538		4,505
Ivy Funds VIP Growth		864		9,009
Ivy Funds VIP International Core Equity		305		4,665
Ivy Funds VIP Limited-Term Bond		2,048		10,135
Ivy Funds VIP Mid Cap Growth		272		2,574
Ivy Funds VIP Money Market		16,088		16,088
Ivy Funds VIP Small Cap Growth		394		3,861
Ivy Funds VIP Small Cap Value		113		1,931
Ivy Funds VIP Value		580		3,218
TOTAL AFFILIATED MUTUAL FUNDS – 96.8%			$	64,352
(Cost: $68,120)
SHORT-TERM SECURITIES	Principal
Master Note – 3.0%
Toyota Motor Credit Corp., 0.600%, 10–5–16 (A)	$	2,014		2,014
TOTAL SHORT-TERM SECURITIES – 3.0%			$	2,014
(Cost: $2,014)
TOTAL INVESTMENT SECURITIES – 99.8%			$	66,366
(Cost: $70,134)
CASH AND OTHER ASSETS, NET OF LIABILITIES (B) – 0.2%				120
NET ASSETS – 100.0%			$	66,486

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016. Date shown represents the date that the variable rate resets.

(B) Cash of $156 has been pledged as collateral on open futures contracts.

The following futures contracts were outstanding at September 30, 2016 (contracts unrounded):

Description	Type		Expiration Date		Number of Contracts		Value			Unrealized Depreciation
E-mini Russell 2000 Index		Short		12-16-16		5	$	(624	)	$	(21	)
S&P 500 Index		Short		12-16-16		6		(3,241	)		(59	)
							$	(3,865	)	$	(80	)

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, 2016:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	64,352	$	—	$	—
Short-Term Securities		—		2,014		—
Total	$	64,352	$	2,014	$	—
Liabilities
Futures Contracts	$	80	$	—	$	—

During the period ended September 30, 2016, there were no transfers between Level 1 and 2.

For Federal income tax purposes, cost of investments owned at September 30, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	70,134
Gross unrealized appreciation		80
Gross unrealized depreciation		(3,848	)
Net unrealized depreciation	$	(3,768	)

CONSOLIDATED SCHEDULE OF INVESTMENTS Asset Strategy (in thousands) SEPTEMBER 30, 2016 (UNAUDITED)

COMMON STOCKS	Shares			Value
Consumer Discretionary
Auto Parts & Equipment – 1.8%
Continental AG (A)		44		$	9,188
Delphi Automotive plc		136			9,728
					18,916
Automobile Manufacturers – 0.8%
Suzuki Motor Corp. (A)		250			8,273
Cable & Satellite – 1.4%
Comcast Corp., Class A		228			15,112
Home Improvement Retail – 1.6%
Home Depot, Inc. (The)		127			16,381
Internet & Direct Marketing Retail – 1.4%
Amazon.com, Inc. (B)		17			14,276
Leisure Facilities – 0.0%
Circuit of the Americas LLC, Class B (B)		—	*		—
Leisure Products – 0.7%
Media Group Holdings LLC, Series H (B)(C)(D)		32			379
Media Group Holdings LLC, Series I (B)(C)(D)		19			3,070
Media Group Holdings LLC, Series T (B)(C)(D)		4			3,374
					6,823
Movies & Entertainment – 0.0%
Delta Topco Ltd. (B)(C)		56,728			—	*
Restaurants – 1.6%
Chipotle Mexican Grill, Inc., Class A(B)		40			16,855
Tires & Rubber – 0.5%
Bridgestone Corp. (A)		153			5,592
Total Consumer Discretionary – 9.8%					102,228
Consumer Staples
Brewers – 1.3%
InBev N.V. (A)		99			12,941
Packaged Foods & Meats – 3.4%
Kraft Foods Group, Inc.		248			22,189
Mead Johnson Nutrition Co.		34			2,663
Mondelez International, Inc., Class A		246			10,777
					35,629
Soft Drinks – 1.4%
Coca-Cola Co. (The)		350			14,791
Tobacco – 1.5%
ITC Ltd. (A)		823			2,983
Philip Morris International, Inc.		127			12,308
					15,291
Total Consumer Staples – 7.6%					78,652
Energy
Oil & Gas Equipment & Services – 3.1%
Halliburton Co.		423			18,998
Schlumberger Ltd.		160			12,582
					31,580
Oil & Gas Exploration & Production – 3.2%
Cabot Oil & Gas Corp.		52			1,352
EOG Resources, Inc.		153			14,777
Noble Energy, Inc.		351			12,541
Pioneer Natural Resources Co.		26			4,753
					33,423
Total Energy – 6.3%					65,003
Financials
Diversified Banks – 1.4%
Axis Bank Ltd. (A)		974			7,919
Banca Intesa S.p.A. (A)		3,195			7,086
					15,005
Life & Health Insurance – 1.5%
AIA Group Ltd. (A)		2,399			15,941
Other Diversified Financial Services – 3.1%
Citigroup, Inc.		318			14,997
JPMorgan Chase & Co.		260			17,303
					32,300

Property & Casualty Insurance – 0.6%
Berkshire Hathaway, Inc., Class B (B)	41	5,894
Total Financials – 6.6%		69,140
Health Care
Biotechnology – 3.0%
Alexion Pharmaceuticals, Inc. (B)	65	8,022
Amgen, Inc.	46	7,665
Shire Pharmaceuticals Group plc ADR	77	14,987
		30,674
Health Care Equipment – 1.0%
Medtronic plc	123	10,592
Pharmaceuticals – 4.6%
Allergan plc (B)	74	17,024
Bristol-Myers Squibb Co.	139	7,484
Pfizer, Inc.	461	15,611
Teva Pharmaceutical Industries Ltd. ADR	164	7,562
		47,681
Total Health Care – 8.6%		88,947
Industrials
Aerospace & Defense – 1.3%
Lockheed Martin Corp.	55	13,089
Construction & Engineering – 0.7%
Larsen & Toubro Ltd. (A)	320	6,886
Construction Machinery & Heavy Trucks – 0.5%
PACCAR, Inc.	88	5,184
Industrial Conglomerates – 1.1%
General Electric Co.	404	11,952
Industrial Machinery – 0.1%
Parker Hannifin Corp.	12	1,469
Railroads – 0.4%
Union Pacific Corp.	47	4,545
Total Industrials – 4.1%		43,125
Information Technology
Application Software – 3.3%
Adobe Systems, Inc. (B)	170	18,464
Intuit, Inc.	145	15,984
		34,448
Data Processing & Outsourced Services – 2.0%
FleetCor Technologies, Inc. (B)	38	6,550
Visa, Inc., Class A	170	14,034
		20,584
Electronic Equipment & Instruments – 0.1%
Keyence Corp. (A)	2	1,521
Internet Software & Services – 3.2%
Alibaba Group Holding Ltd. ADR (B)	126	13,287
Alphabet, Inc., Class A (B)	21	16,484
Facebook, Inc., Class A (B)	26	3,307
		33,078
IT Consulting & Other Services – 0.7%
Cognizant Technology Solutions Corp., Class A (B)	161	7,666
Semiconductor Equipment – 0.3%
ASML Holding N.V., Ordinary Shares (A)	24	2,592
Semiconductors – 1.6%
Micron Technology, Inc. (B)	280	4,971
QUALCOMM, Inc.	169	11,577
		16,548
Systems Software – 2.2%
Microsoft Corp.	393	22,614
Total Information Technology – 13.4%		139,051
Materials
Diversified Chemicals – 0.3%
PPG Industries, Inc.	25	2,584
Diversified Metals & Mining – 1.0%
BHP Billiton plc (A)	281	4,231
Rio Tinto plc (A)	192	6,399
		10,630

Paper Packaging – 0.7%
International Paper Co.		154		7,394
Total Materials – 2.0%				20,608
TOTAL COMMON STOCKS – 58.4%			$	606,754
(Cost: $643,215)
PURCHASED OPTIONS	Number of Contracts (Unrounded)
NIKE, Inc., Class B,
Call $65.00, Expires 10–21–16, OTC (Ctrpty: Citibank N.A.)		2,400		2
TOTAL PURCHASED OPTIONS – 0.0%			$	2
(Cost: $423)
CORPORATE DEBT SECURITIES	Principal
Consumer Discretionary
Leisure Facilities – 0.1%
Circuit of the Americas LLC, Series D,
0.000%, 12–31–20 (E)	$	3,642		1,162
Movies & Entertainment – 5.2%
Delta Topco Ltd.,
10.000%, 11–24–60 (C)(F)		57,563		53,495
Total Consumer Discretionary – 5.3%				54,657
Financials
Diversified Banks – 0.3%
Royal Bank of Scotland Group plc (The):
7.500%, 12–29–49		2,195		2,030
8.625%, 12–29–49		970		956
				2,986
Total Financials – 0.3%				2,986
TOTAL CORPORATE DEBT SECURITIES – 5.6%			$	57,643
(Cost: $63,768)
OTHER GOVERNMENT SECURITIES (G)
Brazil – 1.1%
Brazil Notas do Tesouro Nacional,
10.000%, 1–1–21 (H)	BRL	35,545		10,694
Mexico – 4.5%
Mexican Bonos:
8.000%, 6–11–20 (H)	MXN	281,969		15,677
6.500%, 6–10–21 (H)		194,676		10,344
10.000%, 12–5–24 (H)		160,287		10,443
5.750%, 3–5–26 (H)		205,686		10,402
				46,866
TOTAL OTHER GOVERNMENT SECURITIES – 5.6%			$	57,560
(Cost: $59,958)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Mortgage-Backed Obligations – 0.0%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO:
5.500%, 3–15–23 (I)	$	37		3
5.500%, 10–15–25 (I)		187		23
6.000%, 11–15–35 (I)		117		26
Federal National Mortgage Association Agency REMIC/CMO:
5.500%, 6–25–23 (I)		76		8
5.500%, 8–25–33 (I)		123		16
5.500%, 4–25–34 (I)		197		37
5.500%, 11–25–36 (I)		250		43

Government National Mortgage Association Agency REMIC/CMO,
5.500%, 7–20–35 (I)		104		21
				177
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 0.0%			$	177
(Cost: $175)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Inflation Protected Obligations – 2.0%
U.S. Treasury Notes:
0.125%, 4–15–21		4,281		4,371
0.625%, 1–15–26		7,941		8,363
0.125%, 7–15–26		7,730		7,826
				20,560
Treasury Obligations – 7.1%
U.S. Treasury Bonds:
2.250%, 11–15–25 (J)		20,529		21,684
2.875%, 8–15–45		3,079		3,440
3.000%, 11–15–45		11,079		12,681
2.500%, 2–15–46		11,754		12,188
U.S. Treasury Notes:
2.000%, 8–15–25		11,654		12,068
1.625%, 2–15–26		11,483		11,512
				73,573
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 9.1%			$	94,133
(Cost: $90,627)
BULLION – 7.4%	Troy Ounces
Gold		58		76,869
(Cost: $71,554)
SHORT-TERM SECURITIES	Principal
Commercial Paper (K) – 7.0%
BorgWarner, Inc.,
0.700%, 10–6–16	$	10,000		9,999
J.M. Smucker Co. (The),
0.700%, 10–3–16		4,871		4,871
Kroger Co. (The),
0.630%, 10–3–16		10,000		9,999
McCormick & Co., Inc.:
0.500%, 10–3–16		5,000		5,000
0.580%, 10–5–16		8,000		7,999
Medtronic Global Holdings SCA,
0.740%, 11–14–16		5,000		4,995
Northern Illinois Gas Co.,
0.490%, 10–6–16		5,000		4,999
Rockwell Automation, Inc.,
0.520%, 10–3–16		10,000		9,999
United Technologies Corp.,
0.770%, 10–13–16		5,000		4,999
Virginia Electric and Power Co.,
0.670%, 10–7–16		4,000		4,000
Wisconsin Gas LLC,
0.460%, 10–4–16		6,000		6,000
				72,860
Master Note – 0.3%
Toyota Motor Credit Corp.,
0.600%, 10–5–16 (L)		3,428		3,428
Municipal Obligations – 6.0%
Long Island, NY Power Auth Elec Sys Tax Rev Notes, Ser 2015 GR-2A,
0.650%, 10–26–16		4,000		4,000
MI Strategic Fund, Var Rate Demand Ltd. Oblig Rev Bonds (Air Prods and Chemicals, Inc. Proj), Ser 2007 (GTD by Air Prods and Chemicals, Inc.),
0.850%, 10–1–16 (L)		23,077		23,077

MS Business Fin Corp., Gulf Opp Zone Indl Dev Rev Bonds (Chevron USA, Inc. Proj), Ser 2007D (GTD by Chevron Corp.),
0.830%, 10–1–16 (L)	27,100		27,100
NY State Hsng Fin Agy, Maestro West Chelsea Hsng Rev Bonds, Ser 2013A,
0.840%, 10–7–16 (L)	5,000		5,000
San Francisco City and Cnty, Pub Util Comnty Water Rev, Series A1T (Taxable), (GTD by Royal Bank of Canada),
0.760%, 10–18–16	3,000		3,000
			62,177
TOTAL SHORT-TERM SECURITIES – 13.3%		$	138,465
(Cost: $138,467)
TOTAL INVESTMENT SECURITIES – 99.4%		$	1,031,603
(Cost: $1,068,187)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.6%			6,622
NET ASSETS – 100.0%		$	1,038,225

Notes to Consolidated Schedule of Investments

* Not shown due to rounding.

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

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

(C) Restricted securities. At September 30, 2016, 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	$	26,773	$	—	*
Media Group Holdings LLC, Series H	8-29-13 to 10-31-13		32		22,374		379
Media Group Holdings LLC, Series I	4-23-13 to 11-8-13		19		6,993		3,070
Media Group Holdings LLC, Series T	7-2-13 to 1-23-15		4		8,613		3,374
		Principal
Delta Topco Ltd., 10.000%, 11-24-60	4-1-12 to 1-1-16		$57,563		58,053		53,495
				$	122,806	$	60,318

The total value of these securities represented 5.8% of net assets at September 30, 2016.

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

(E) Zero coupon bond.

(F) Payment-in-kind bonds.

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

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

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

(J) All or a portion of securities with an aggregate value of $585 are held in collateralized accounts for OTC derivatives collateral and is governed by International Swaps and Derivatives Association, Inc. Master Agreements.

(K) Rate shown is the yield to maturity at September 30, 2016.

(L) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016. Date shown represents the date that the variable rate resets.

The following forward foreign currency contracts were outstanding at September 30, 2016:

	Currency to be Delivered		Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized Depreciation
British Pound	3,640	U.S. Dollar		4,775	10-26-16	State Street Global Markets	$	54	$	—
Euro	12,957	U.S. Dollar		14,591	10-26-16	State Street Global Markets		20		—
							$	74	$	—

The following written options were outstanding at September 30, 2016 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type	Number of Contracts		Expiration Month	Exercise Price		Premium Received		Value
NIKE, Inc., Class B	Citibank N.A.	Put		1,920	October 2016	$	55.00	$	435	$	(487	)

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, 2016:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	95,405	$	—	$	6,823
Consumer Staples		78,652		—		—
Energy		65,003		—		—
Financials		69,140		—		—
Health Care		88,947		—		—
Industrials		43,125		—		—
Information Technology		139,051		—		—
Materials		20,608		—		—
Total Common Stocks	$	599,931	$	—	$	6,823
Purchased Options		—		2		—
Corporate Debt Securities		—		4,148		53,495
Other Government Securities		—		57,560		—
United States Government Agency Obligations		—		177		—
United States Government Obligations		—		94,133		—
Bullion		76,869		—		—
Short-Term Securities		—		138,465		—
Total	$	676,800	$	294,485	$	60,318
Forward Foreign Currency Contracts	$	—	$	74	$	—
Liabilities
Written Options	$	—	$	487	$	—

During the period ended September 30, 2016, 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 1-1-16	$	43,715		$	52,330
Net realized gain (loss)		—			—
Net change in unrealized appreciation (depreciation)		(30,883	)		(4,068	)
Purchases		—			5,233
Sales		(6,009	)		—
Amortization/Accretion of premium/discount		—			—
Transfers into Level 3 during the period		—			—
Transfers out of Level 3 during the period		—			—
Ending Balance 9-30-16	$	6,823		$	53,495
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-16	$	(30,883	)	$	(4,068	)

Information about Level 3 fair value measurements:

	Fair Value at 9-30-2016		Valuation Technique(s)	Unobservable Input(s)	Input Value(s)
Assets
Common Stocks	$	3,374	Discounted cash flows model	Long-term growth rate		2.50	%
				Weighted average cost of capital		15	%
				Illiquidity discount		10	%
		3,070	Transaction	Price	$	28.14 to 344
				Illiquidity discount		5 to 10	%
		379	Discounted cash flows model	Long-term growth rate		2.5	%
				Weighted average cost of capital		40	%
				Illiquidity discount		10	%
				Methodology weighting		75	%
				Discount factor		100	%
				Methodology weighting		25	%
Corporate Debt Securities		53,495	Transaction	Price	$	28.14
				Illiquidity discount		5	%

Significant increases (decreases) in long-term growth rate inputs could result in a higher (lower) fair value measurement. However, significant increases (decreases) in weighted average cost of capital, discount factors, or illiquidity discount inputs could result in a higher (lower) fair value measurement.

During the period ended September 30, 2016, securities totaling $80,970 changed valuation techniques from discounted cash flows model to a transaction approach. The change in valuation techniques is primarily due to the discounted cash flows model no longer reflecting current market participant assumptions.

During the period ended September 30, 2016, securities totaling $3,533 changed valuation techniques from discounted cash flows model to a blended methodology of discounted cash flows model and discounted book value. The change in valuation techniques is primarily due to the blended methodology more closely reflecting current market participant assumptions.

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, 2016 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	$	1,038,225	$	77,297		7.45	%
Ivy VIP ASF III (SBP), LLC		4-9-13		4-23-13		1,038,225		6,935		0.67
VIP ASF, LLC		12-10-12		12-18-12		1,038,225		1,839		0.18

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, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	1,068,187
Gross unrealized appreciation		65,510
Gross unrealized depreciation		(102,094	)
Net unrealized depreciation	$	(36,584	)

SCHEDULE OF INVESTMENTS Balanced (in thousands) SEPTEMBER 30, 2016 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Auto Parts & Equipment – 1.3%
Johnson Controls, Inc.		105	$	4,878
Cable & Satellite – 1.5%
Comcast Corp., Class A		84		5,554
Casinos & Gaming – 1.1%
Las Vegas Sands, Inc.		70		4,020
General Merchandise Stores – 0.7%
Target Corp.		39		2,647
Home Improvement Retail – 0.7%
Home Depot, Inc. (The)		22		2,816
Homefurnishing Retail – 1.0%
Williams-Sonoma, Inc.		70		3,580
Hotels, Resorts & Cruise Lines – 2.0%
Carnival Corp.		154		7,499
Movies & Entertainment – 1.0%
Twenty-First Century Fox, Inc.		151		3,745
Total Consumer Discretionary – 9.3%				34,739
Consumer Staples
Brewers – 0.9%
Anheuser-Busch InBev S.A. ADR		27		3,506
Distillers & Vintners – 0.8%
Constellation Brands, Inc.		18		3,039
Drug Retail – 1.0%
CVS Caremark Corp.		41		3,677
Packaged Foods & Meats – 3.6%
J.M. Smucker Co. (The)		35		4,736
Kraft Foods Group, Inc.		47		4,166
Mead Johnson Nutrition Co.		59		4,650
				13,552
Soft Drinks – 1.2%
Coca-Cola Co. (The)		101		4,261
Total Consumer Staples – 7.5%				28,035
Energy
Integrated Oil & Gas – 0.1%
Chevron Corp.		4		413
Oil & Gas Equipment & Services – 1.1%
Schlumberger Ltd.		50		3,959
Oil & Gas Exploration & Production – 2.3%
Newfield Exploration Co. (A)		97		4,225
Noble Energy, Inc.		123		4,399
				8,624
Total Energy – 3.5%				12,996
Financials
Financial Exchanges & Data – 1.3%
Intercontinental Exchange, Inc.		18		4,875
Other Diversified Financial Services – 1.6%
JPMorgan Chase & Co.		88		5,850
Regional Banks – 1.3%
PNC Financial Services Group, Inc. (The)		56		5,024
Total Financials – 4.2%				15,749
Health Care
Biotechnology – 2.8%
Biogen, Inc. (A)		11		3,494
Shire Pharmaceuticals Group plc ADR		36		7,011
				10,505
Health Care Equipment – 1.2%
Medtronic plc		54		4,701
Health Care Services – 0.9%
Laboratory Corp. of America Holdings (A)		24		3,279
Managed Health Care – 1.9%
Anthem, Inc.		33		4,154
UnitedHealth Group, Inc.		21		2,965
				7,119
Pharmaceuticals – 3.9%
Allergan plc (A)		18		4,191
Johnson & Johnson		45		5,360
Teva Pharmaceutical Industries Ltd. ADR		105		4,852
				14,403
Total Health Care – 10.7%				40,007

Industrials
Industrial Conglomerates – 1.0%
General Electric Co.	123		3,631
Railroads – 1.1%
Union Pacific Corp.	43		4,217
Trucking – 0.7%
Knight Transportation, Inc.	84		2,408
Total Industrials – 2.8%			10,256
Information Technology
Application Software – 1.4%
Autodesk, Inc. (A)	72		5,204
Communications Equipment – 1.2%
Harris Corp.	50		4,570
Data Processing & Outsourced Services – 1.0%
FleetCor Technologies, Inc. (A)	21		3,713
IT Consulting & Other Services – 1.0%
Cognizant Technology Solutions Corp., Class A (A)	79		3,752
Semiconductor Equipment – 1.7%
Applied Materials, Inc.	205		6,185
Semiconductors – 2.0%
Broadcom Corp., Class A	22		3,846
Microchip Technology, Inc.	55		3,423
			7,269
Systems Software – 1.2%
Symantec Corp.	181		4,537
Technology Hardware, Storage & Peripherals – 1.7%
Apple, Inc.	57		6,459
Total Information Technology – 11.2%			41,689
Materials
Commodity Chemicals – 0.4%
Valvoline, Inc. (A)	66		1,549
Diversified Chemicals – 1.4%
PPG Industries, Inc.	48		4,972
Total Materials – 1.8%			6,521
Real Estate
Specialized REITs – 1.3%
Crown Castle International Corp.	51		4,781
Total Real Estate – 1.3%			4,781
TOTAL COMMON STOCKS – 52.3%		$	194,773
(Cost: $171,108)
PREFERRED STOCKS
Energy
Oil & Gas Exploration & Production – 0.8%
Hess Corp., 8.000%, Convertible	47		3,107
Total Energy – 0.8%			3,107
Financials
Diversified Banks – 0.1%
First Republic Bank, Series G, 5.500%	15		405
Other Diversified Financial Services – 0.4%
Citigroup, Inc., 6.300%	48		1,285
Total Financials – 0.5%			1,690
Health Care
Pharmaceuticals – 2.8%
Allergan plc, Convertible Series A, 5.500%	6		5,253
Teva Pharmaceutical Industries Ltd., Convertible, 7.000%	7		5,327
			10,580
Total Health Care – 2.8%			10,580
Industrials
Environmental & Facilities Services – 0.6%
Stericycle, Inc., 5.250%	36		2,386
Total Industrials – 0.6%			2,386
Materials
Commodity Chemicals – 0.6%
A. Schulman, Inc., Convertible, 6.000%	3		2,134
Total Materials – 0.6%			2,134

Telecommunication Services
Integrated Telecommunication Services – 0.5%
Frontier Communications Corp., Convertible Series A, 11.125%		21		1,728
Total Telecommunication Services – 0.5%				1,728
TOTAL PREFERRED STOCKS – 5.8%			$	21,625
(Cost: $24,458)
CORPORATE DEBT SECURITIES	Principal
Consumer Discretionary
Apparel, Accessories & Luxury Goods – 0.4%
Under Armour, Inc.,
3.250%, 6–15–26	$	1,600		1,612
Automobile Manufacturers – 0.3%
General Motors Co.,
6.600%, 4–1–36		790		952
Automotive Retail – 0.1%
AutoZone, Inc.,
3.125%, 4–21–26		350		358
Broadcasting – 0.0%
Discovery Communications LLC,
3.300%, 5–15–22		200		205
Cable & Satellite – 0.6%
Comcast Corp. (GTD by Comcast Cable Communications and NBCUniversal),
3.150%, 3–1–26		642		679
Pearson Funding Five plc,
3.250%, 5–8–23 (B)		300		294
Viacom, Inc.:
2.500%, 9–1–18		100		101
2.200%, 4–1–19		600		602
2.750%, 12–15–19		500		508
				2,184
General Merchandise Stores – 0.1%
Dollar General Corp.,
1.875%, 4–15–18		250		251
Homebuilding – 0.1%
Toll Brothers Finance Corp.,
4.375%, 4–15–23		500		512
Hotels, Resorts & Cruise Lines – 0.1%
Hyatt Hotels Corp.,
3.375%, 7–15–23		200		206
Housewares & Specialties – 0.2%
Newell Rubbermaid, Inc.,
4.200%, 4–1–26		810		883
Publishing – 0.1%
Thomson Reuters Corp.,
3.350%, 5–15–26		245		252
Total Consumer Discretionary – 2.0%				7,415
Consumer Staples
Brewers – 0.2%
Molson Coors Brewing Co.,
3.000%, 7–15–26		175		176
SABMiller Holdings, Inc.,
2.200%, 8–1–18 (B)		500		507
				683
Distillers & Vintners – 0.1%
Beam, Inc.,
1.750%, 6–15–18		250		251
Food Distributors – 0.1%
Campbell Soup Co.,
2.500%, 8–2–22		300		307
Household Products – 0.1%
Church & Dwight Co., Inc.,
2.875%, 10–1–22		250		257
Packaged Foods & Meats – 0.0%
Mead Johnson Nutrition Co.,
3.000%, 11–15–20		200		208
Personal Products – 0.1%
Estee Lauder Co., Inc. (The),
2.350%, 8–15–22		300		307
Soft Drinks – 0.3%
Coca-Cola Co. (The),
2.250%, 9–1–26		1,200		1,193
Tobacco – 0.1%
BAT International Finance plc,
2.750%, 6–15–20 (B)		600		622
Total Consumer Staples - 1.0%				3,828

Energy
Integrated Oil & Gas – 0.2%
Chevron Corp.,
2.954%, 5–16–26	700	724
Oil & Gas Equipment & Services – 0.2%
Newpark Resources, Inc., Convertible,
4.000%, 10–1–17	200	198
Schlumberger Holding Corp.,
2.350%, 12–21–18 (B)	500	509
		707
Oil & Gas Exploration & Production – 0.8%
BP Capital Markets plc (GTD by BP plc):
2.241%, 9–26–18	400	406
2.315%, 2–13–20	500	510
Hess Corp.,
4.300%, 4–1–27	1,200	1,210
Occidental Petroleum Corp.,
2.600%, 4–15–22	400	409
ONEOK Partners L.P.,
3.200%, 9–15–18	500	510
		3,045
Oil & Gas Storage & Transportation – 1.4%
Buckeye Partners L.P.,
2.650%, 11–15–18	400	404
Colorado Interstate Gas Co.,
4.150%, 8–15–26 (B)	600	595
Hornbeck Offshore Services, Inc., Convertible,
1.500%, 9–1–19	1,708	974
Kinder Morgan Energy Partners L.P.,
2.650%, 2–1–19	500	504
Plains All American Pipeline L.P. and PAA Finance Corp.,
4.650%, 10–15–25	500	520
Southern Natural Gas Co.,
5.900%, 4–1–17 (B)	1,000	1,021
Williams Partners L.P.,
3.600%, 3–15–22	1,000	1,017
		5,035
Total Energy – 2.6%		9,511
Financials
Asset Management & Custody Banks – 0.9%
Ares Capital Corp.:
4.875%, 11–30–18	1,200	1,253
3.875%, 1–15–20	1,950	2,017
		3,270
Consumer Finance – 0.9%
American Express Co.,
4.900%, 12–29–49	800	789
Capital One Bank USA N.A.:
2.150%, 11–21–18	500	505
2.250%, 2–13–19	500	506
General Motors Financial Co., Inc. (GTD by AmeriCredit Financial Services, Inc.),
3.700%, 5–9–23	175	178
Hyundai Capital America,
2.875%, 8–9–18(B)	250	255
Total System Services, Inc.,
2.375%, 6–1–18	1,100	1,109
		3,342
Diversified Banks – 6.3%
ABN AMRO Bank N.V.,
2.500%, 10–30–18 (B)	800	814
Australia & New Zealand Banking Group Ltd.,
4.400%, 5–19–26 (B)	1,050	1,115
Bank of America Corp.:
2.000%, 1–11–18	400	402
8.000%, 7–29–49	1,552	1,583
Bank of New York Mellon Corp. (The),
2.100%, 1–15–19	500	508
Bank of Nova Scotia (The):
1.450%, 4–25–18	500	501
2.050%, 10–30–18	200	202
Barclays plc,
5.200%, 5–12–26	700	721
BNP Paribas S.A.,
2.450%, 3–17–19	900	917
Commonwealth Bank of Australia,
2.250%, 3–13–19	700	711
DBS Group Holdings Ltd.,
2.246%, 7–16–19 (B)	1,000	1,017
HSBC Holdings plc,
3.400%, 3–8–21	625	646
ING Bank N.V.:
2.500%, 10–1–19 (B)	1,100	1,123
2.450%, 3–16–20 (B)	800	817
2.750%, 3–22–21 (B)	1,200	1,239
KeyBank N.A.,
2.500%, 12–15–19	500	513
Lloyds Bank plc (GTD by Lloyds Banking Group plc),
2.350%, 9–5–19	600	608
Mizuho Bank Ltd.,
2.650%, 9–25–19 (B)	1,300	1,327

Rabobank Capital Funding Trust III (GTD by Rabobank Nederland),
5.254%, 12–29–49 (B)	1,500	1,501
Royal Bank of Scotland Group plc (The),
7.640%, 3–29–49	800	776
Skandinaviska Enskilda Banken AB,
2.375%, 3–25–19 (B)	500	509
Societe Generale S.A.:
4.250%, 4–14–25 (B)	500	499
5.922%, 4–29–49 (B)	1,000	1,009
Standard Chartered plc,
2.250%, 4–17–20 (B)	1,400	1,400
Sumitomo Mitsui Banking Corp.,
2.450%, 1–16–20	600	611
U.S. Bancorp,
3.100%, 4–27–26	420	434
Wells Fargo & Co.,
7.980%, 3–29–49	940	982
Westpac Banking Corp.,
2.250%, 7–30–18	1,000	1,014
		23,499
Investment Banking & Brokerage – 1.1%
BGC Partners, Inc.,
5.375%, 12–9–19	500	532
Charles Schwab Corp. (The),
2.200%, 7–25–18	300	305
Credit Suisse Group Funding (Guernsey) Ltd.,
2.750%, 3–26–20	500	502
Goldman Sachs Group, Inc. (The):
2.900%, 7–19–18	450	460
2.625%, 1–31–19	500	510
2.600%, 4–23–20	400	407
Morgan Stanley:
2.125%, 4–25–18	500	504
2.650%, 1–27–20	850	869
		4,089
Life & Health Insurance – 0.7%
AIA Group Ltd.,
2.250%, 3–11–19 (B)	800	811
Citizens Financial Group, Inc.,
3.750%, 7–1–24	1,568	1,569
New York Life Global Funding,
1.550%, 11–2–18 (B)	100	100
		2,480
Multi-Line Insurance – 0.4%
American International Group, Inc.,
2.300%, 7–16–19	300	306
Aon plc (GTD by Aon Corp.),
2.800%, 3–15–21	500	513
Loews Corp.,
3.750%, 4–1–26	643	683
		1,502
Other Diversified Financial Services – 2.2%
Citigroup, Inc.:
5.800%, 11–29–49	1,400	1,409
5.950%, 12–29–49	1,400	1,428
Fidelity National Financial, Inc.,
6.600%, 5–15–17	300	308
Fidelity National Information Services, Inc.:
2.000%, 4–15–18	250	252
2.850%, 10–15–18	300	308
Fifth Street Finance Corp.,
4.875%, 3–1–19	1,300	1,328
JPMorgan Chase & Co.:
7.900%, 4–29–49	750	770
5.000%, 12–29–49	750	741
Moody’s Corp.,
2.750%, 7–15–19	250	257
PennantPark Investment Corp.,
4.500%, 10–1–19	1,000	997
Total Capital,
2.125%, 8–10–18	300	305
		8,103
Property & Casualty Insurance – 0.2%
Berkshire Hathaway Finance Corp.,
2.200%, 3–15–21	250	258
Hanover Insurance Group, Inc. (The),
4.500%, 4–15–26	560	582
		840
Regional Banks – 0.6%
PNC Bank N.A.:
2.200%, 1–28–19	750	762
3.250%, 6–1–25	650	685
SunTrust Banks, Inc.:
2.350%, 11–1–18	500	509
5.625%, 12–29–49	400	413
		2,369
Specialized Finance – 0.3%
Diamond 1 Finance Corp. and Diamond 2 Finance Corp.,
5.450%, 6–15–23 (B)	945	1,012
Intercontinental Exchange, Inc.,
2.500%, 10–15–18	100	102
		1,114
Total Financials – 13.6%		50,608
Health Care
Biotechnology – 0.4%
Amgen, Inc.:
2.200%, 5–22–19	500	509
2.125%, 5–1–20	1,000	1,015
		1,524

Health Care Equipment – 0.1%
Zimmer Holdings, Inc.,
2.700%, 4–1–20	350	357
Health Care Facilities – 0.3%
Surgery Center Holdings, Inc.,
8.875%, 4–15–21 (B)	1,200	1,281
Health Care Services – 0.4%
Quest Diagnostics, Inc.:
2.500%, 3–30–20	500	506
3.450%, 6–1–26	780	813
		1,319
Health Care Supplies – 0.6%
Cardinal Health, Inc.,
2.400%, 11–15–19	700	716
Shire Acquisitions Investments Ireland Designated Activity Co.,
2.875%, 9–23–23	1,600	1,607
		2,323
Managed Health Care – 0.5%
Aetna, Inc.,
2.200%, 3–15–19	400	406
UnitedHealth Group, Inc.,
2.700%, 7–15–20	300	312
WellPoint, Inc.,
1.875%, 1–15–18	1,000	1,005
		1,723
Pharmaceuticals – 0.8%
AbbVie, Inc.,
3.200%, 5–14–26	490	497
Forest Laboratories, Inc.,
5.000%, 12–15–21 (B)	1,258	1,408
Perrigo Co. Ltd.,
2.300%, 11–8–18	945	948
		2,853
Total Health Care – 3.1%		11,380
Industrials
Aerospace & Defense – 0.7%
BAE Systems Holdings, Inc.,
2.850%, 12–15–20 (B)	400	409
Huntington Ingalls Industries, Inc.,
5.000%, 11–15–25 (B)	1,545	1,634
TransDigm, Inc. (GTD by TransDigm Group, Inc.),
6.000%, 7–15–22	470	496
		2,539
Airlines – 0.1%
Southwest Airlines Co.,
2.650%, 11–5–20	375	385
Railroads – 0.1%
Kansas City Southern de Mexico S.A. de C.V.,
2.350%, 5–15–20	291	294
Trucking – 0.0%
Ryder System, Inc.,
2.450%, 11–15–18	100	102
Total Industrials – 0.9%		3,320
Information Technology
Data Processing & Outsourced Services – 0.1%
Fiserv, Inc.,
2.700%, 6–1–20	300	309
Electronic Equipment & Instruments – 0.1%
FLIR Systems, Inc.,
3.125%, 6–15–21	450	465
Semiconductor Equipment – 0.1%
Lam Research Corp.,
3.450%, 6–15–23	490	501
Semiconductors – 1.5%
Micron Technology, Inc.,
5.500%, 2–1–25	1,426	1,397
Micron Technology, Inc., Convertible,
3.000%, 11–15–43	4,750	4,222
		5,619
Systems Software – 0.3%
Oracle Corp.,
2.250%, 10–8–19	1,000	1,025
Total Information Technology – 2.1%		7,919
Materials
Construction Materials – 0.5%
Hillman Group, Inc. (The),
6.375%, 7–15–22 (B)	2,060	1,931
Diversified Chemicals – 0.1%
Solvay Finance (America) LLC (GTD by Solvay S.A.),
3.400%, 12–3–20 (B)	250	262

Diversified Metals & Mining – 0.1%
Anglo American plc,
4.125%, 4–15–21 (B)	500		502
Specialty Chemicals – 0.1%
Albemarle Corp. (GTD by Albemarle Holdings Corp. and Albemarle Holdings II Corp.),
3.000%, 12–1–19	150		155
RPM International, Inc.,
3.450%, 11–15–22	250		256
			411
Total Materials – 0.8%			3,106
Real Estate
Specialized REITs – 0.2%
Crown Castle International Corp.:
5.250%, 1–15–23	200		227
3.700%, 6–15–26	350		365
			592
Total Real Estate – 0.2%			592
Telecommunication Services
Integrated Telecommunication Services – 0.6%
AT&T, Inc.:
2.300%, 3–11–19	1,200		1,220
4.125%, 2–17–26	980		1,060
Verizon Communications, Inc.,
2.625%, 2–21–20	107		110
			2,390
Wireless Telecommunication Service – 0.6%
American Tower Corp.:
2.250%, 1–15–22	1,200		1,197
4.700%, 3–15–22	195		217
3.375%, 10–15–26	455		461
Virgin Media Finance plc,
4.875%, 2–15–22	200		170
			2,045
Total Telecommunication Services – 1.2%			4,435
Utilities
Electric Utilities – 0.6%
Electricite de France S.A.,
2.150%, 1–22–19 (B)	500		507
Entergy Texas, Inc.,
2.550%, 6–1–21	325		335
Exelon Corp.,
2.450%, 4–15–21	480		490
Georgia Power Co.,
2.400%, 4–1–21	250		257
PPL Energy Supply LLC,
4.600%, 12–15–21	100		74
Southern Co. (The),
2.950%, 7–1–23	700		724
			2,387
Gas Utilities – 0.1%
Sempra Energy,
2.400%, 3–15–20	500		510
Independent Power Producers & Energy Traders – 0.4%
Canadian Solar, Inc., Convertible,
4.250%, 2–15–19	1,500		1,346
Multi-Utilities – 0.2%
Dominion Resources, Inc.,
2.500%, 12–1–19	500		512
Public Service Electric and Gas Co.,
2.250%, 9–15–26	245		244
			756
Total Utilities – 1.3%			4,999
TOTAL CORPORATE DEBT SECURITIES – 28.8%		$	107,113
(Cost: $105,549)
LOANS (C)
Industrials
Industrial Machinery – 0.2%
Dynacast International LLC,
9.500%, 1–30–23	800		780
Total Industrials – 0.2%			780
TOTAL LOANS – 0.2%		$	780
(Cost: $786)

UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Mortgage-Backed Obligations – 0.4%
Federal National Mortgage Association Fixed Rate Pass-Through Certificates:
6.000%, 9–1–17	14		15
5.000%, 1–1–18	8		8
5.000%, 5–1–18	7		7
4.500%, 7–1–18	147		151
6.500%, 10–1–28	100		114
6.500%, 2–1–29	48		55
7.500%, 4–1–31	55		63
7.000%, 7–1–31	61		72
7.000%, 9–1–31	123		146
6.500%, 2–1–32	249		289
7.000%, 2–1–32	155		183
7.000%, 3–1–32	58		70
7.000%, 7–1–32	95		110
5.500%, 5–1–33	60		68
5.500%, 6–1–33	61		70
U.S. Department of Veterans Affairs, Guaranteed REMIC Pass-Through Certificates, Vendee Mortgage Trust 1997-A, Class 3-A,
8.293%, 12–15–26	43		51
			1,472
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 0.4%		$	1,472
(Cost: $1,300)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Inflation Protected Obligations – 3.1%
U.S. Treasury Notes:
0.125%, 7–15–26	4,016		4,066
2.125%, 2–15–40	3,563		4,759
1.000%, 2–15–46	2,438		2,709
			11,534
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 3.1%		$	11,534
(Cost: $11,255)
SHORT-TERM SECURITIES
Commercial Paper (D) – 7.0%
Kroger Co. (The),
0.630%, 10–3–16	7,892		7,891
Mondelez International, Inc.,
0.650%, 10–3–16	5,000		5,000
United Technologies Corp.,
0.850%, 11–16–16	3,000		2,997
Virginia Electric and Power Co.,
0.700%, 10–4–16	5,000		4,999
Wisconsin Gas LLC,
0.460%, 10–4–16	5,000		5,000
			25,887
Master Note – 0.8%
Toyota Motor Credit Corp.,
0.600%, 10–5–16 (E)	2,863		2,863
Municipal Obligations – 2.4%
Muni Elec Auth GA, Gen Resolution Proj Bond Anticipation Notes, Ser A (Taxable), (GTD by Wells Fargo Bank N.A.),
0.770%, 10–7–16	4,000		4,000
The Regents of the Univ of CA, Gen Rev Bonds, Ser AL,
0.850%, 10–7–16 (E)	5,000		5,000
			9,000
TOTAL SHORT-TERM SECURITIES – 10.2%		$	37,750
(Cost: $37,751)
TOTAL INVESTMENT SECURITIES – 100.8%		$	375,047
(Cost: $352,207)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.8)%			(2,940	)
NET ASSETS – 100.0%		$	372,107

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, 2016 the total value of these securities amounted to $26,030 or 7.0% of net assets.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016.

(D) Rate shown is the yield to maturity at September 30, 2016.

(E) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016. 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, 2016:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	194,773	$	—	$	—
Preferred Stocks		19,491		2,134		—
Corporate Debt Securities		—		107,113		—
Loans		—		—		780
United States Government Agency Obligations		—		1,472		—
United States Government Obligations		—		11,534		—
Short-Term Securities		—		37,750		—
Total	$	214,264	$	160,003	$	780

During the period ended September 30, 2016, 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 Conduit

REMIC = Real Estate Mortgage Investment Conduit

For Federal income tax purposes, cost of investments owned at September 30, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	352,207
Gross unrealized appreciation		35,120
Gross unrealized depreciation		(12,280	)
Net unrealized appreciation	$	22,840

SCHEDULE OF INVESTMENTS Bond (in thousands) SEPTEMBER 30, 2016 (UNAUDITED)

ASSET-BACKED SECURITIES	Principal		Value
Air Canada Enhanced Equipment Trust Series 2015-2, Class AA,
3.750%, 12–15–27 (A)	$	1,000	$	1,060
American Airlines Class AA Pass Through Certificates, Series 2016-2,
3.200%, 6–15–28		1,000		1,025
American Airlines, Inc., Class AA Pass Through Certificates, Series 2016-1,
3.575%, 1–15–28		998		1,055
United Airlines Pass-Through Certificates, Series 2016-AA,
3.100%, 7–7–28		1,000		1,023
TOTAL ASSET-BACKED SECURITIES – 1.5%			$	4,163
(Cost: $3,997)
CORPORATE DEBT SECURITIES
Consumer Discretionary
Advertising – 0.4%
Omnicom Group, Inc.,
3.600%, 4–15–26		1,000		1,058
Automobile Manufacturers – 0.2%
BMW U.S. Capital LLC,
2.800%, 4–11–26 (A)		500		511
Cable & Satellite – 1.6%
Comcast Corp. (GTD by Comcast Cable Communications and NBCUniversal),
2.350%, 1–15–27		500		492
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc.:
3.800%, 3–15–22		1,619		1,734
3.950%, 1–15–25		815		866
Time Warner, Inc. (GTD by Historic TW, Inc.),
2.950%, 7–15–26		1,500		1,519
				4,611
Education Services – 0.2%
University of Southern California,
3.028%, 10–1–39		500		497
Footwear – 0.8%
NIKE, Inc.,
3.875%, 11–1–45		2,000		2,198
Homebuilding – 0.4%
Toll Brothers Finance Corp.,
4.375%, 4–15–23		1,055		1,081
Hotels, Resorts & Cruise Lines – 0.4%
Marriott International, Inc., Series R,
3.125%, 6–15–26		1,000		1,011
Internet & Direct Marketing Retail – 0.1%
Amazon.com, Inc.,
4.800%, 12–5–34		370		436
Movies & Entertainment – 0.8%
Walt Disney Co. (The),
4.125%, 6–1–44		2,000		2,262
Publishing – 0.2%
Thomson Reuters Corp.,
3.350%, 5–15–26		500		514
Total Consumer Discretionary – 5.1%				14,179
Consumer Staples
Brewers – 0.3%
Molson Coors Brewing Co.:
3.000%, 7–15–26		500		504
4.200%, 7–15–46		500		522
				1,026
Drug Retail – 0.4%
CVS Health Corp.:
2.800%, 7–20–20		75		78
2.125%, 6–1–21		450		454
Walgreens Boots Alliance, Inc.,
3.100%, 6–1–23		500		516
				1,048
Food Distributors – 0.4%
Sysco Corp.,
3.300%, 7–15–26		1,000		1,037

Food Retail – 0.9%
Kroger Co. (The),
6.800%, 12–15–18	2,245	2,508
Household Products – 1.8%
Kimberly-Clark Corp.:
2.750%, 2–15–26	1,000	1,040
3.200%, 7–30–46	2,000	1,972
Procter & Gamble Co. (The),
2.700%, 2–2–26	2,000	2,104
		5,116
Packaged Foods & Meats – 2.3%
General Mills, Inc.,
1.400%, 10–20–17	700	702
Hershey Co. (The),
2.300%, 8–15–26	1,500	1,487
Kraft Heinz Foods Co.:
3.000%, 6–1–26	1,000	1,009
4.375%, 6–1–46	2,000	2,121
Mead Johnson Nutrition Co.,
4.125%, 11–15–25	1,000	1,085
		6,404
Soft Drinks – 2.0%
Coca-Cola Co. (The):
1.550%, 9–1–21	1,500	1,494
2.875%, 10–27–25	2,000	2,108
2.250%, 9–1–26	1,000	994
PepsiCo, Inc.,
2.850%, 2–24–26	1,000	1,049
		5,645
Total Consumer Staples – 8.1%		22,784
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	2,218
Oil & Gas Exploration & Production – 2.1%
BP Capital Markets plc (GTD by BP plc),
1.674%, 2–13–18	500	502
ConocoPhillips Co. (GTD by ConocoPhillips),
4.150%, 11–15–34	850	850
EQT Corp.,
8.125%, 6–1–19	3,494	3,994
Occidental Petroleum Corp.,
3.400%, 4–15–26	500	529
		5,875
Oil & Gas Storage & Transportation – 1.7%
Colorado Interstate Gas Co.,
4.150%, 8–15–26 (A)	1,000	992
Plains All American Pipeline L.P. and PAA Finance Corp.,
3.600%, 11–1–24	1,031	1,003
Sunoco Logistics Partners Operations L.P. (GTD by Sunoco Logistics Partners L.P.),
4.400%, 4–1–21	500	536
Tennessee Gas Pipeline Co.,
7.000%, 3–15–27	2,000	2,397
		4,928
Total Energy – 4.6%		13,021
Financials
Asset Management & Custody Banks – 1.9%
Ares Capital Corp.,
3.875%, 1–15–20	2,780	2,875
Legg Mason, Inc.,
4.750%, 3–15–26	1,500	1,622
State Street Corp.,
2.650%, 5–19–26	1,000	1,012
		5,509
Consumer Finance – 2.7%
American Express Credit Corp.,
1.875%, 11–5–18	1,000	1,008
Capital One Financial Corp.:
4.200%, 10–29–25	1,500	1,566
3.750%, 7–28–26	1,000	1,006
Discover Financial Services,
3.950%, 11–6–24	1,500	1,536
General Motors Financial Co., Inc. (GTD by AmeriCredit Financial Services, Inc.):
3.500%, 7–10–19	800	824
4.200%, 3–1–21	1,000	1,053
3.200%, 7–6–21	500	506
		7,499

Diversified Banks – 5.4%
Bank of America Corp.:
6.000%, 9–1–17	1,000	1,040
2.625%, 4–19–21	1,000	1,016
4.200%, 8–26–24	500	529
3.875%, 8–1–25	500	535
Bank of New York Mellon Corp. (The),
2.200%, 8–16–23	1,000	997
Bank of Nova Scotia (The),
1.250%, 4–11–17	1,000	1,000
BB&T Corp.,
2.050%, 5–10–21	1,000	1,011
Commonwealth Bank of Australia,
2.000%, 9–6–21 (A)	1,500	1,498
Fifth Third Bank N.A.,
2.250%, 6–14–21	500	508
Huntington Bancshares, Inc.,
2.300%, 1–14–22	1,000	996
Sumitomo Mitsui Financial Group, Inc.,
2.058%, 7–14–21	1,000	992
U.S. Bancorp,
3.100%, 4–27–26	1,000	1,034
U.S. Bank N.A.,
1.350%, 1–26–18	2,000	2,003
Wells Fargo & Co.,
2.100%, 7–26–21	1,000	997
Westpac Banking Corp.,
2.000%, 8–19–21	1,000	999
		15,155
Investment Banking & Brokerage – 3.7%
Credit Suisse Group Funding (Guernsey) Ltd.,
3.125%, 12–10–20	1,500	1,520
Goldman Sachs Group, Inc. (The):
2.625%, 4–25–21	1,500	1,525
2.350%, 11–15–21	1,000	998
4.250%, 10–21–25	2,500	2,632
3.750%, 2–25–26	1,000	1,051
Morgan Stanley,
3.875%, 1–27–26	2,500	2,659
		10,385
Life & Health Insurance – 0.3%
Principal Life Global Funding II,
3.000%, 4–18–26 (A)	1,000	1,017
Other Diversified Financial Services – 4.7%
Citigroup, Inc.:
2.700%, 3–30–21	1,000	1,022
4.450%, 9–29–27	3,000	3,142
JPMorgan Chase & Co.:
2.000%, 8–15–17	1,000	1,006
2.295%, 8–15–21	1,000	1,002
2.700%, 5–18–23	1,000	1,011
4.950%, 6–1–45	1,000	1,123
TIAA Asset Management Finance Co. LLC,
4.125%, 11–1–24 (A)	2,400	2,531
USAA Capital Corp.,
2.450%, 8–1–20 (A)	2,360	2,427
		13,264
Property & Casualty Insurance – 0.6%
Berkshire Hathaway, Inc.,
3.125%, 3–15–26	1,500	1,579
Regional Banks – 0.5%
PNC Bank N.A.:
2.450%, 11–5–20	264	270
3.300%, 10–30–24	1,000	1,062
		1,332
Specialized Finance – 0.6%
Diamond 1 Finance Corp. and Diamond 2 Finance Corp.:
4.420%, 6–15–21 (A)	500	523
5.450%, 6–15–23 (A)	500	535
8.100%, 7–15–36 (A)	500	589
		1,647
Total Financials – 20.4%		57,387
Health Care
Biotechnology – 0.7%
Amgen, Inc.,
1.250%, 5–22–17	1,955	1,956
Health Care Services – 0.5%
Quest Diagnostics, Inc.,
3.450%, 6–1–26	1,500	1,564
Health Care Supplies – 1.8%
Express Scripts Holding Co.,
3.000%, 7–15–23	1,000	1,016
Medtronic, Inc.,
4.375%, 3–15–35	1,752	1,989
Shire Acquisitions Investments Ireland Designated Activity Co.,
2.400%, 9–23–21	2,000	2,006
		5,011
Pharmaceuticals – 0.9%
AbbVie, Inc.,
4.500%, 5–14–35	1,400	1,495
Perrigo Finance Unlimited Co. (GTD by Perrigo Co. plc),
3.500%, 3–15–21	1,000	1,034
		2,529
Total Health Care – 3.9%		11,060

Industrials
Aerospace & Defense – 1.7%
BAE Systems Finance, Inc.,
7.500%, 7–1–27 (A)	1,522	2,074
BAE Systems Holdings, Inc.,
4.750%, 10–7–44 (A)	1,000	1,109
Boeing Co. (The),
1.650%, 10–30–20	500	504
General Dynamics Corp.,
1.875%, 8–15–23	1,000	992
		4,679
Air Freight & Logistics – 0.8%
FedEx Corp.:
3.250%, 4–1–26	1,000	1,056
4.750%, 11–15–45	1,000	1,141
		2,197
Airlines – 1.1%
Norwegian Air Shuttle 2016-1, Class A,
4.875%, 5–10–28 (A)	1,000	995
Southwest Airlines Co.,
5.125%, 3–1–17	1,180	1,198
Sydney Airport Finance,
3.625%, 4–28–26 (A)	1,000	1,039
		3,232
Building Products – 0.8%
WESCO Distribution, Inc. (GTD by WESCO International, Inc.),
5.375%, 12–15–21	2,375	2,428
Environmental & Facilities Services – 1.0%
Republic Services, Inc.,
3.800%, 5–15–18	1,000	1,039
Waste Management, Inc. (GTD by Waste Management Holdings, Inc.):
2.400%, 5–15–23	1,000	1,012
7.100%, 8–1–26	565	764
		2,815
Industrial Conglomerates – 0.2%
Fortive Corp. (GTD by Danaher Corp.),
3.150%, 6–15–26 (A)	500	515
Railroads – 0.4%
Burlington Northern Santa Fe LLC,
3.400%, 9–1–24	1,000	1,077
Trading Companies & Distributors – 0.4%
HD Supply, Inc.,
5.250%, 12–15–21 (A)	1,007	1,065
Total Industrials – 6.4%		18,008
Information Technology
Data Processing & Outsourced Services – 2.4%
Alliance Data Systems Corp.,
5.250%, 12–1–17 (A)	4,500	4,590
Visa, Inc.:
2.800%, 12–14–22	1,000	1,048
3.150%, 12–14–25	1,000	1,057
		6,695
Home Entertainment Software – 0.4%
Activision Blizzard, Inc.,
2.300%, 9–15–21 (A)	1,000	1,003
Internet Software & Services – 1.1%
Alphabet, Inc.,
3.375%, 2–25–24	2,950	3,232
Semiconductors – 0.7%
Intel Corp.,
3.100%, 7–29–22	1,000	1,068
Micron Technology, Inc.,
7.500%, 9–15–23 (A)	713	792
		1,860
Systems Software – 1.3%
CA, Inc.,
5.375%, 12–1–19	1,080	1,193
Microsoft Corp.:
2.650%, 11–3–22	2,000	2,086
2.000%, 8–8–23	500	499
		3,778
Total Information Technology – 5.9%		16,568
Materials
Diversified Metals & Mining – 0.4%
Glencore Funding LLC,
3.125%, 4–29–19 (A)	1,000	1,004
Paper Packaging – 0.4%
Amcor Finance USA, Inc.,
3.625%, 4–28–26 (A)	1,000	1,033
Specialty Chemicals – 0.5%
Methanex Corp.,
5.250%, 3–1–22	1,404	1,450
Total Materials – 1.3%		3,487

Real Estate
Health Care REITs – 0.5%
Health Care REIT, Inc.,
4.000%, 6–1–25	1,300		1,379
Industrial REITs – 0.2%
Aircastle Ltd.,
5.500%, 2–15–22	598		645
Specialized REITs – 0.6%
Crown Castle International Corp.:
2.250%, 9–1–21	500		500
5.250%, 1–15–23	1,027		1,163
			1,663
Total Real Estate – 1.3%			3,687
Telecommunication Services
Integrated Telecommunication Services – 2.3%
AT&T, Inc.:
3.600%, 2–17–23	500		527
5.650%, 2–15–47	1,000		1,184
Telefonos de Mexico S.A.B de C.V. (GTD by America Movil S.A.B. de C.V.),
5.500%, 11–15–19	1,500		1,663
Verizon Communications, Inc.:
5.150%, 9–15–23	1,500		1,746
2.625%, 8–15–26	1,500		1,472
			6,592
Wireless Telecommunication Service – 1.5%
American Tower Corp.:
4.400%, 2–15–26	1,000		1,096
3.125%, 1–15–27	2,000		1,992
Crown Castle Towers LLC,
3.663%, 5–15–25 (A)	1,000		1,054
			4,142
Total Telecommunication Services – 3.8%			10,734
Utilities
Electric Utilities – 1.9%
Commonwealth Edison Co.,
3.650%, 6–15–46	500		515
Edison International,
2.950%, 3–15–23	2,000		2,066
Kansas City Power & Light Co.,
6.375%, 3–1–18	1,500		1,601
Sierra Pacific Power Co.,
2.600%, 5–1–26 (A)	1,000		1,014
			5,196
Multi-Utilities – 2.4%
Duke Energy Carolinas LLC,
3.750%, 6–1–45	3,000		3,138
Duke Energy Indiana LLC,
3.750%, 5–15–46	1,000		1,039
NorthWestern Corp.,
6.340%, 4–1–19	2,400		2,672
			6,849
Water Utilities – 0.8%
California Water Service Co.,
5.875%, 5–1–19	2,000		2,199
Total Utilities – 5.1%			14,244
TOTAL CORPORATE DEBT SECURITIES – 65.9%		$	185,159
(Cost: $178,261)
MORTGAGE-BACKED SECURITIES
Non-Agency REMIC/CMO – 0.2%
MASTR Adjustable Rate Mortgage Trust 2005-1,
2.743%, 3–25–35 (B)	1,315		415
Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2004-1,
3.027%, 2–25–34 (B)	196		14
Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2004-3AC,
2.919%, 3–25–34 (B)	377		17
			446
TOTAL MORTGAGE-BACKED SECURITIES – 0.2%		$	446
(Cost: $1,886)

MUNICIPAL BONDS – TAXABLE
Massachusetts – 1.0%
Cmnwlth of MA, Fed Hwy Grant Anticipation Notes (Accelerated Bridge Prog), Ser 2010A,
4.285%, 12–15–18	2,500		2,671
New York – 1.8%
NYC Indl Dev Agy, Rental Rev Bonds (Yankee Stadium Proj), Ser 2009,
11.000%, 3–1–29 (A)	3,600		5,147
Ohio – 0.8%
OH State Univ, Gen Receipts Bonds (Multiyear Debt Issuance Prog), Ser 2016A,
3.798%, 12–1–46	2,000		2,209
Pennsylvania – 0.3%
Cmnwlth of PA, GO Bonds, Third Ser B of 2010 (Federally Taxable – Build America Bonds),
4.750%, 7–15–22	750		830
TOTAL MUNICIPAL BONDS – TAXABLE – 3.9%		$	10,857
(Cost: $8,943)
OTHER GOVERNMENT SECURITIES (C)
Canada – 1.2%
Province de Quebec,
7.140%, 2–27–26	2,500		3,426
TOTAL OTHER GOVERNMENT SECURITIES – 1.2%		$	3,426
(Cost: $2,781)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Mortgage-Backed Obligations – 21.7%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO:
4.000%, 6–15–26	3,998		4,299
4.000%, 11–15–36	818		861
4.500%, 9–15–37	136		137
4.500%, 8–15–39	648		669
5.045%, 7–25–44 (A)(B)	2,200		2,299
4.490%, 12–25–44 (A)(B)	5,000		5,455
4.400%, 1–25–45 (A)(B)	3,000		3,261
4.005%, 5–25–45 (A)(B)	1,000		1,067
3.782%, 10–25–45 (A)(B)	2,000		2,099
3.622%, 11–25–45 (A)(B)	2,500		2,620
4.752%, 11–25–46 (A)(B)	2,055		2,265
4.436%, 7–25–48 (A)(B)	2,350		2,397
4.572%, 12–25–48 (A)(B)	1,000		1,077
Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates:
3.000%, 8–1–28	3,533		3,717
3.500%, 10–1–28	4,175		4,417
3.000%, 1–1–33	697		740
Federal National Mortgage Association Agency REMIC/CMO:
2.717%, 2–25–22	780		816
2.640%, 6–1–22	1,467		1,538
3.000%, 2–25–25	3,130		3,277
2.390%, 6–1–25	1,338		1,381
5.500%, 11–25–36 (D)	982		170
4.500%, 6–25–40	431		461
Federal National Mortgage Association Fixed Rate Pass-Through Certificates:
4.514%, 12–1–19	6,585		7,105
5.500%, 10–1–21	708		748
2.759%, 4–1–22	1,603		1,687
6.000%, 7–1–22	565		613
6.000%, 9–1–22	925		1,000
2.705%, 4–1–23	662		699
5.500%, 2–1–35	708		817
Government National Mortgage Association Agency REMIC/CMO:
2.000%, 3–16–42	3,400		3,393
0.009%, 6–17–45 (B)(D)	24		—	*
			61,085
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 21.7%		$	61,085
(Cost: $60,548)

UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 1.3%
U.S. Treasury Bonds:
3.000%, 11–15–44	2,244		2,567
2.500%, 5–15–46	500		519
U.S. Treasury Notes,
1.250%, 7–31–23	500		495
			3,581
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 1.3%		$	3,581
(Cost: $3,509)
SHORT-TERM SECURITIES
Commercial Paper (E) – 1.2%
J.M. Smucker Co. (The),
0.700%, 10–3–16	3,540		3,540
Master Note – 0.7%
Toyota Motor Credit Corp.,
0.600%, 10–5–16 (F)	1,884		1,884
TOTAL SHORT-TERM SECURITIES – 1.9%		$	5,424
(Cost: $5,424)
TOTAL INVESTMENT SECURITIES – 97.6%		$	274,141
(Cost: $265,349)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 2.4%			6,622
NET ASSETS – 100.0%		$	280,763

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, 2016 the total value of these securities amounted to $56,657 or 20.2% of net assets.

(B) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016.

(C) Other Government Securities may 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, 2016.

(F) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016. 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, 2016.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Asset-Backed Securities	$	—	$	4,163	$	—
Corporate Debt Securities		—		185,159		—
Mortgage-Backed Securities		—		446		—
Municipal Bonds		—		10,857		—
Other Government Securities		—		3,426		—
United States Government Agency Obligations		—		61,085		—
United States Government Obligations		—		3,581		—
Short-Term Securities		—		5,424		—
Total	$	—	$	274,141	$	—

During the period ended September 30, 2016, 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 Trusts

REMIC = Real Estate Mortgage Investment Conduit

For Federal income tax purposes, cost of investments owned at September 30, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	265,349
Gross unrealized appreciation		11,273
Gross unrealized depreciation		(2,481	)
Net unrealized appreciation	$	8,792

SCHEDULE OF INVESTMENTS Core Equity (in thousands) SEPTEMBER 30, 2016 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Auto Parts & Equipment – 3.5%
Johnson Controls, Inc.		181	$	8,405
Magna International, Inc.		159		6,820
				15,225
Broadcasting – 1.2%
CBS Corp., Class B		95		5,222
Cable & Satellite – 2.4%
Comcast Corp., Class A		155		10,283
Home Improvement Retail – 1.3%
Home Depot, Inc. (The)		45		5,748
Housewares & Specialties – 1.9%
Newell Rubbermaid, Inc.		161		8,457
Internet & Direct Marketing Retail – 2.7%
Amazon.com, Inc. (A)		14		11,757
Movies & Entertainment – 1.5%
Twenty-First Century Fox, Inc., Class A		264		6,382
Restaurants – 1.0%
Chipotle Mexican Grill, Inc., Class A (A)		10		4,362
Total Consumer Discretionary – 15.5%				67,436
Consumer Staples
Brewers – 2.8%
Molson Coors Brewing Co., Class B		109		11,968
Hypermarkets & Super Centers – 1.2%
Costco Wholesale Corp.		33		5,028
Packaged Foods & Meats – 5.6%
Kellogg Co.		79		6,120
Kraft Foods Group, Inc.		138		12,388
Mead Johnson Nutrition Co.		77		6,076
				24,584
Tobacco – 3.5%
Philip Morris International, Inc.		158		15,387
Total Consumer Staples – 13.1%				56,967
Energy
Oil & Gas Drilling – 1.2%
Helmerich & Payne, Inc.		79		5,324
Oil & Gas Equipment & Services – 3.1%
Halliburton Co.		302		13,556
Oil & Gas Exploration & Production – 6.9%
Cabot Oil & Gas Corp.		316		8,148
Cimarex Energy Co.		91		12,245
EOG Resources, Inc.		97		9,352
				29,745
Total Energy – 11.2%				48,625
Financials
Financial Exchanges & Data – 2.1%
CME Group, Inc.		89		9,281
Multi-Line Insurance – 2.3%
American International Group, Inc.		169		10,035
Other Diversified Financial Services – 2.3%
JPMorgan Chase & Co.		150		10,015
Total Financials – 6.7%				29,331
Health Care
Biotechnology – 4.6%
Alexion Pharmaceuticals, Inc. (A)		65		7,927
Shire Pharmaceuticals Group plc ADR		63		12,186
				20,113
Health Care Facilities – 1.9%
HCA Holdings, Inc. (A)		108		8,168
Pharmaceuticals – 5.5%
Allergan plc (A)		46		10,570
Bristol-Myers Squibb Co.		87		4,670
Teva Pharmaceutical Industries Ltd. ADR		194		8,916
				24,156
Total Health Care – 12.0%				52,437

Industrials
Aerospace & Defense – 1.3%
Rockwell Collins, Inc.		66		5,524
Railroads – 6.5%
Canadian Pacific Railway Ltd.		44		6,679
Kansas City Southern		91		8,492
Union Pacific Corp.		135		13,140
				28,311
Trucking – 1.1%
J.B. Hunt Transport Services, Inc.		60		4,885
Total Industrials – 8.9%				38,720
Information Technology
Application Software – 2.8%
Adobe Systems, Inc. (A)		112		12,113
Data Processing & Outsourced Services – 4.8%
MasterCard, Inc., Class A		103		10,527
Visa, Inc., Class A		125		10,354
				20,881
Internet Software & Services – 4.9%
Alibaba Group Holding Ltd. ADR (A)		95		10,008
Facebook, Inc., Class A (A)		90		11,493
				21,501
Semiconductor Equipment – 2.8%
Applied Materials, Inc.		397		11,957
Semiconductors – 5.2%
Analog Devices, Inc.		142		9,133
NXP Semiconductors N.V. (A)		132		13,426
				22,559
Systems Software – 3.5%
Microsoft Corp.		267		15,368
Total Information Technology – 24.0%				104,379
Materials
Industrial Gases – 1.1%
Air Products and Chemicals, Inc.		31		4,706
Specialty Chemicals – 1.3%
Sherwin-Williams Co. (The)		20		5,616
Total Materials – 2.4%				10,322
Real Estate
Specialized REITs – 4.0%
American Tower Corp., Class A		107		12,081
Crown Castle International Corp.		55		5,200
				17,281
Total Real Estate – 4.0%				17,281
Telecommunication Services
Alternative Carriers – 1.6%
Level 3 Communications, Inc. (A)		156		7,212
Total Telecommunication Services – 1.6%				7,212
TOTAL COMMON STOCKS – 99.4%			$	432,710
(Cost: $398,572)
SHORT-TERM SECURITIES	Principal
Commercial Paper (B) – 0.5%
St. Jude Medical, Inc.,
0.700%, 10–3–16	$	1,924		1,924
Master Note – 0.5%
Toyota Motor Credit Corp.,
0.600%, 10–5–16 (C)		2,331		2,331
TOTAL SHORT-TERM SECURITIES – 1.0%			$	4,255
(Cost: $4,255)
TOTAL INVESTMENT SECURITIES – 100.4%			$	436,965
(Cost: $402,827)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.4)%				(1,817	)
NET ASSETS – 100.0%			$	435,148

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, 2016.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016. 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, 2016.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	432,710	$	—	$	—
Short-Term Securities		—		4,255		—
Total	$	432,710	$	4,255	$	—

During the period ended September 30, 2016, 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 Trusts

For Federal income tax purposes, cost of investments owned at September 30, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	402,827
Gross unrealized appreciation		53,353
Gross unrealized depreciation		(19,215	)
Net unrealized appreciation	$	34,138

SCHEDULE OF INVESTMENTS Dividend Opportunities (in thousands) SEPTEMBER 30, 2016 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Advertising – 1.6%
Omnicom Group, Inc.		91	$	7,705
Apparel Retail – 0.6%
Limited Brands, Inc.		45		3,156
Cable & Satellite – 2.5%
Comcast Corp., Class A		188		12,499
Casinos & Gaming – 0.6%
International Game Technology plc		128		3,117
Home Improvement Retail – 1.7%
Home Depot, Inc. (The)		67		8,634
Housewares & Specialties – 1.6%
Newell Rubbermaid, Inc.		149		7,839
Restaurants – 1.6%
McDonalds Corp.		71		8,202
Total Consumer Discretionary – 10.2%				51,152
Consumer Staples
Brewers – 1.6%
Anheuser-Busch InBev S.A. ADR		62		8,206
Drug Retail – 1.7%
CVS Caremark Corp.		95		8,441
Packaged Foods & Meats – 1.8%
Unilever plc (A)		185		8,770
Tobacco – 2.6%
Philip Morris International, Inc.		135		13,096
Total Consumer Staples – 7.7%				38,513
Energy
Integrated Oil & Gas – 4.8%
Chevron Corp.		127		13,055
Suncor Energy, Inc.		393		10,926
				23,981
Oil & Gas Exploration & Production – 1.9%
Noble Energy, Inc.		260		9,282
Oil & Gas Storage & Transportation – 2.6%
Enterprise Products Partners L.P.		427		11,784
Noble Midstream Partners L.P. (B)		52		1,443
				13,227
Total Energy – 9.3%				46,490
Financials
Diversified Banks – 1.0%
Wells Fargo & Co.		109		4,842
Investment Banking & Brokerage – 0.9%
Morgan Stanley		142		4,553
Multi-Line Insurance – 2.2%
American International Group, Inc.		183		10,859
Other Diversified Financial Services – 3.8%
JPMorgan Chase & Co.		290		19,295
Property & Casualty Insurance – 1.8%
ACE Ltd.		71		8,871
Regional Banks – 1.3%
KeyCorp		407		4,950
PNC Financial Services Group, Inc. (The)		17		1,541
				6,491
Total Financials – 11.0%				54,911
Health Care
Health Care Equipment – 2.1%
Medtronic plc		122		10,517
Managed Health Care – 1.8%
Anthem, Inc.		71		8,935
Pharmaceuticals – 8.9%
Bristol-Myers Squibb Co.		78		4,221
Pfizer, Inc.		677		22,932
Teva Pharmaceutical Industries Ltd. ADR		376		17,300
				44,453
Total Health Care – 12.8%				63,905
Industrials
Aerospace & Defense – 3.9%
BAE Systems plc (A)		945		6,417
Boeing Co. (The)		31		4,124
Honeywell International, Inc.		79		9,228
				19,769

Construction Machinery & Heavy Trucks – 1.1%
PACCAR, Inc.		98		5,746
Industrial Conglomerates – 2.5%
General Electric Co.		416		12,320
Industrial Machinery – 1.1%
Eaton Corp.		81		5,306
Railroads – 2.2%
Union Pacific Corp.		112		10,937
Research & Consulting Services – 1.1%
Nielsen Holdings plc		101		5,397
Total Industrials – 11.9%				59,475
Information Technology
Communications Equipment – 4.0%
Harris Corp.		117		10,737
Nokia Corp., Series A ADR		1,600		9,264
				20,001
Data Processing & Outsourced Services – 0.9%
Paychex, Inc.		84		4,852
Semiconductor Equipment – 1.3%
Applied Materials, Inc.		212		6,399
Semiconductors – 4.2%
Analog Devices, Inc.		167		10,773
Cypress Semiconductor Corp.		841		10,231
				21,004
Systems Software – 4.3%
Microsoft Corp.		375		21,612
Total Information Technology – 14.7%				73,868
Materials
Diversified Chemicals – 2.8%
Dow Chemical Co. (The)		95		4,916
PPG Industries, Inc.		91		9,380
				14,296
Industrial Gases – 1.7%
Air Products and Chemicals, Inc.		57		8,558
Paper Packaging – 1.7%
International Paper Co.		176		8,421
Total Materials – 6.2%				31,275
Real Estate
Industrial REITs – 1.0%
ProLogis		95		5,084
Specialized REITs – 3.7%
Communications Sales & Leasing, Inc.		150		4,698
Crown Castle International Corp.		110		10,353
Life Storage, Inc.		40		3,589
				18,640
Total Real Estate – 4.7%				23,724
Utilities
Electric Utilities – 2.0%
Exelon Corp.		217		7,232
PPL Corp.		85		2,952
				10,184
Total Utilities – 2.0%				10,184
TOTAL COMMON STOCKS – 90.5%			$	453,497
(Cost: $401,538)
SHORT-TERM SECURITIES	Principal
Commercial Paper (C) – 7.8%
Kellogg Co.,
0.780%, 10–14–16	$	4,000		3,999
Kroger Co. (The),
0.630%, 10–3–16		8,000		7,999
NBCUniversal Enterprise, Inc.:
0.790%, 10–17–16		5,000		4,998
0.790%, 10–19–16		5,000		4,998
0.830%, 11–9–16		6,000		5,994
Wisconsin Electric Power Co.:
0.450%, 10–3–16		6,854		6,854
0.480%, 10–5–16		4,000		4,000
				38,842
Master Note – 0.4%
Toyota Motor Credit Corp.,
0.600%, 10–5–16 (D)		2,208		2,208

Municipal Obligations – 1.0%
Muni Elec Auth GA, Gen Resolution Proj Bond Anticipation Notes, Ser A (Taxable), (GTD by Wells Fargo Bank N.A.),
0.770%, 10–7–16	5,000		5,000
TOTAL SHORT-TERM SECURITIES – 9.2%		$	46,050
(Cost: $46,053)
TOTAL INVESTMENT SECURITIES – 99.7%		$	499,547
(Cost: $447,591)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.3%			1,459
NET ASSETS – 100.0%		$	501,006

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, 2016.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016. 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, 2016:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	453,497	$	—	$	—
Short-Term Securities		—		46,050		—
Total	$	453,497	$	46,050	$	—

During the period ended September 30, 2016, 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, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	447,591
Gross unrealized appreciation		58,386
Gross unrealized depreciation		(6,430	)
Net unrealized appreciation	$	51,956

SCHEDULE OF INVESTMENTS Energy (in thousands) SEPTEMBER 30, 2016 (UNAUDITED)

COMMON STOCKS	Shares		Value
Energy
Integrated Oil & Gas – 4.9%
Chevron Corp.		15	$	1,503
Exxon Mobil Corp.		42		3,688
Royal Dutch Shell plc, Class A (A)		61		1,520
Suncor Energy, Inc.		57		1,590
				8,301
Oil & Gas Drilling – 2.4%
Patterson-UTI Energy, Inc.		183		4,082
Oil & Gas Equipment & Services – 25.6%
Baker Hughes, Inc.		112		5,645
Core Laboratories N.V.		32		3,628
FMC Technologies, Inc. (B)		28		829
Forum Energy Technologies, Inc. (B)		196		3,895
Halliburton Co.		162		7,282
RPC, Inc. (B)		210		3,522
Schlumberger Ltd.		99		7,762
Superior Energy Services, Inc.		242		4,339
U.S. Silica Holdings, Inc.		148		6,868
				43,770
Oil & Gas Exploration & Production – 52.4%
Anadarko Petroleum Corp.		106		6,684
Cimarex Energy Co.		50		6,685
Concho Resources, Inc. (B)		45		6,174
Continental Resources, Inc. (B)		154		7,976
Devon Energy Corp.		58		2,541
Diamondback Energy, Inc. (B)		46		4,479
EOG Resources, Inc.		70		6,775
Gulfport Energy Corp. (B)		66		1,862
Laredo Petroleum Holdings, Inc. (B)		233		2,999
Marathon Oil Corp.		230		3,635
Newfield Exploration Co. (B)		147		6,404
Noble Energy, Inc.		23		813
Oasis Petroleum LLC (B)		397		4,552
Parsley Energy, Inc., Class A (B)		226		7,569
Pioneer Natural Resources Co.		40		7,389
Range Resources Corp.		51		1,967
RSP Permian, Inc. (B)		136		5,291
Whiting Petroleum Corp. (B)		344		3,007
WPX Energy, Inc. (B)		199		2,629
				89,431
Oil & Gas Refining & Marketing – 2.0%
Marathon Petroleum Corp.		17		702
MPLX L.P.		55		1,875
Phillips 66		10		841
				3,418
Oil & Gas Storage & Transportation – 6.1%
Enbridge, Inc.		38		1,678
Enterprise Products Partners L.P.		91		2,519
Phillips 66 Partners L.P.		38		1,857
Shell Midstream Partners L.P.		22		699

Tallgrass Energy GP L.P., Class A		128		3,080
Valero Energy Partners L.P.		13		546
				10,379
Total Energy – 93.4%				159,381
Information Technology
Data Processing & Outsourced Services – 1.6%
Wright Express Corp. (B)		25		2,681
Total Information Technology – 1.6%				2,681
Materials
Specialty Chemicals – 1.9%
Flotek Industries, Inc. (B)(C)		44		639
Flotek Industries, Inc. (B)		176		2,552
				3,191
Total Materials – 1.9%				3,191
TOTAL COMMON STOCKS – 96.9%			$	165,253
(Cost: $145,024)
SHORT-TERM SECURITIES	Principal
Commercial Paper (D) – 2.4%
Wisconsin Electric Power Co.,
0.450%, 10–3–16	$	4,017		4,017
Master Note – 0.7%
Toyota Motor Credit Corp.,
0.600%, 10–5–16 (E)		1,230		1,230
TOTAL SHORT-TERM SECURITIES – 3.1%			$	5,247
(Cost: $5,247)
TOTAL INVESTMENT SECURITIES – 100.0%			$	170,500
(Cost: $150,271)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.0%				30
NET ASSETS – 100.0%			$	170,530

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) 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, 2016 the total value of these securities amounted to $639 or 0.4% of net assets.

(D) Rate shown is the yield to maturity at September 30, 2016.

(E) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016. 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, 2016:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	165,253	$	—	$	—
Short-Term Securities		—		5,247		—
Total	$	165,253	$	5,247	$	—

During the period ended September 30, 2016, there were no transfers between Level 1 and 2.

For Federal income tax purposes, cost of investments owned at September 30, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	150,271
Gross unrealized appreciation		27,010
Gross unrealized depreciation		(6,781	)
Net unrealized appreciation	$	20,229

SCHEDULE OF INVESTMENTS Global Bond (in thousands) SEPTEMBER 30, 2016 (UNAUDITED)

COMMON STOCKS	Shares		Value
Brazil
Utilities – 0.6%
Alupar Investimento S.A.		12	$	58
Transmissora Alianca de Energia Eletrica S.A.		10		65
				123
Total Brazil – 0.6%			$	123
Chile
Utilities – 0.1%
Aguas Andinas S.A.		34		22
Total Chile – 0.1%			$	22
Panama
Financials – 1.0%
Banco Latinoamericano de Comercio Exterior S.A.		8		225
Total Panama – 1.0%			$	225
United Kingdom
Energy – 0.6%
Royal Dutch Shell plc, Class A		5		116
Seadrill Partners LLC		4		13
				129
Total United Kingdom – 0.6%			$	129
United States
Information Technology – 0.7%
Intel Corp.		4		155
Utilities – 0.6%
PPL Corp.		4		125
Total United States – 1.3%			$	280
TOTAL COMMON STOCKS – 3.6%			$	779
(Cost: $852)
CORPORATE DEBT SECURITIES	Principal
Argentina
Energy – 0.9%
Pan American Energy LLC
7.875%, 5–7–21	$	100		107
YPF Sociedad Anonima
8.875%, 12–19–18 (A)		80		89
				196
Industrials – 0.2%
Aeropuertos Argentina 2000 S.A.
10.750%, 12–1–20 (A)		35		37
Total Argentina – 1.1%			$	233
Bahrain
Financials – 1.2%
HDFC Bank Ltd.
3.000%, 3–6–18		250		253
Total Bahrain – 1.2%			$	253
Brazil
Energy – 0.0%
Lancer Finance Co. (SPV) Ltd.
5.850%, 12–12–16 (A)(B)		15		—	*
Financials – 0.0%
Banco Cruzeiro do Sul S.A.
7.000%, 7–8–13 (B)		96		2
Industrials – 1.2%
Embraer Overseas Ltd.
6.375%, 1–24–17		225		227
Odebrecht Drilling Norbe VII/IX Ltd.
6.350%, 6–30–21 (A)		94		29
				256
Materials – 1.4%
Suzano Trading Ltd.
5.875%, 1–23–21 (A)		200		209
Vale Overseas Ltd.:
4.625%, 9–15–20		50		51
6.250%, 8–10–26		50		52
				312
Total Brazil – 2.6%			$	570
British Virgin Islands
Energy – 0.4%
QGOG Atlantic/Alaskan Rigs Ltd.
5.250%, 7–30–18 (A)		115		99
Financials – 1.4%
Horsepower Finance Ltd.
2.100%, 3–3–17		300		301
Total British Virgin Islands – 1.8%			$	400
Canada
Financials – 0.5%
Bank of Montreal
1.800%, 7–31–18		100		101
Total Canada – 0.5%			$	101

Cayman Islands
Financials – 0.9%
Banco Bradesco S.A.
4.500%, 1–12–17 (A)		200		201
Telecommunication Services – 1.0%
Sable International Finance Ltd.
6.875%, 8–1–22 (A)		200		208
Total Cayman Islands – 1.9%			$	409
Chile
Industrials – 2.0%
Guanay Finance Ltd.
6.000%, 12–15–20 (A)		218		222
LATAM Airlines Group S.A.
7.250%, 6–9–20 (A)		200		205
				427
Materials – 1.8%
Inversiones CMPC S.A. (GTD by Empresas CMPC S.A.):
4.750%, 1–19–18(A)		175		179
4.375%, 5–15–23(A)		200		209
				388
Total Chile – 3.8%			$	815
China
Information Technology – 2.3%
Alibaba Group Holding Ltd.
1.625%, 11–28–17		500		501
Total China – 2.3%			$	501
Columbia
Energy – 0.4%
Empresas Publicas de Medellin E.S.P.
8.375%, 2–1–21 (C)	COP	274,000		92
Financials – 0.9%
Banco de Bogota S.A.
5.000%, 1–15–17 (A)	$	200		201
Utilities – 0.5%
Emgesa S.A. E.S.P.
8.750%, 1–25–21 (C)	COP	302,000		104
Total Columbia – 1.8%			$	397
France
Financials – 0.5%
Societe Generale S.A.
5.922%, 4–29–49 (A)	$	100		101
Total France – 0.5%			$	101
Hong Kong
Telecommunication Services – 0.9%
Hutchison Whampoa Ltd.
1.625%, 10–31–17 (A)		200		200
Total Hong Kong – 0.9%			$	200
India
Industrials – 0.9%
Adani Ports and Special Economic Zone Ltd.
3.500%, 7–29–20 (A)		200		202
Total India – 0.9%			$	202
Indonesia
Financials – 0.9%
Bank Rakyat Indonesia
2.950%, 3–28–18		200		200
Utilities – 1.4%
Majapahit Holding B.V.
7.750%, 10–17–16		300		300
Total Indonesia – 2.3%			$	500
Ireland
Financials – 1.7%
MTS International Funding Ltd.
5.000%, 5–30–23 (A)		350		365
Total Ireland – 1.7%			$	365
Jamaica
Telecommunication Services – 0.8%
Digicel Group Ltd.
6.000%, 4–15–21 (A)		200		178
Total Jamaica – 0.8%			$	178
Luxembourg
Consumer Discretionary – 0.9%
Altice S.A.
7.625%, 2–15–25 (A)		200		206
Consumer Staples – 0.9%
Minerva Luxembourg S.A.
6.500%, 9–20–26 (A)		200		196
Financials – 1.0%
OJSC Russian Agricultural Bank
5.100%, 7–25–18 (A)		200		206

Information Technology – 1.7%
BC Luxco 1 S.A.:
7.375%, 1–29–20		150		156
7.375%, 1–29–20 (A)		200		207
				363
Materials – 0.5%
Steel Capital S.A.
6.700%, 10–25–17		100		105
Total Luxembourg – 5.0%			$	1,076
Mexico
Consumer Staples – 0.7%
Sigma Alimentos S.A. de C.V.
5.625%, 4–14–18 (A)		150		158
Materials – 3.3%
C5 Capital (SPV) Ltd.
5.115%, 12–29–49 (A)(D)		150		121
CEMEX S.A.B. de C.V.
6.500%, 12–10–19 (A)		550		583
				704
Total Mexico – 4.0%			$	862
Netherlands
Consumer Discretionary – 3.3%
Myriad International Holdings B.V.
6.375%, 7–28–17 (A)		500		516
VTR Finance B.V.
6.875%, 1–15–24 (A)		200		207
				723
Energy – 0.9%
Petrobras Global Finance B.V. (GTD by Petroleo Brasileiro S.A.):
4.875%, 3–17–20		125		126
8.375%, 5–23–21		60		66
				192
Materials – 0.8%
Cimpor Financial Operations B.V. (GTD by InterCement Participacoes S.A. and InterCement Brasil S.A.)
5.750%, 7–17–24 (A)		200		171
Telecommunication Services – 0.4%
VimpleCom Holdings B.V.
9.000%, 2–13–18 (A)(C)		RUB5,000		79
Utilities – 1.5%
Listrindo Capital B.V.
6.950%, 2–21–19 (A)	$	200		207
Majapahit Holding B.V.
7.750%, 1–20–20 (A)		100		115
				322
Total Netherlands – 6.9%			$	1,487
Panama
Financials – 1.4%
Banco Latinoamericano de Comercio Exterior S.A.
3.750%, 4–4–17 (A)		300		302
Total Panama – 1.4%			$	302
Peru
Real Estate – 0.5%
InRetail Shopping Malls
5.250%, 10–10–21 (A)		100		104
Total Peru – 0.5%			$	104
Russia
Materials – 0.9%
Uralkali Finance Ltd.
3.723%, 4–30–18 (A)		200		199
Total Russia – 0.9%			$	199
Singapore
Consumer Staples – 0.5%
Olam International Ltd.
7.500%, 8–12–20		100		112
Telecommunication Services – 1.0%
TBG Global Pte. Ltd.
4.625%, 4–3–18 (A)		200		202
Total Singapore – 1.5%			$	314
South Korea
Financials – 1.2%
Woori Bank
2.625%, 7–20–21 (A)		250		257
Total South Korea – 1.2%			$	257
Spain
Financials – 0.9%
Banco Bilbao Vizcaya Argentaria S.A.
9.000%, 5–29–49		200		205
Total Spain – 0.9%			$	205

United Arab Emirates
Financials – 1.6%
ICICI Bank Ltd.
3.500%, 3–18–20 (A)	325		336
Total United Arab Emirates – 1.6%		$	336
United Kingdom
Consumer Staples – 1.8%
BAT International Finance plc
1.850%, 6–15–18 (A)	375		379
Financials – 4.6%
Barclays plc
8.250%, 12–29–49	200		200
HSBC Holdings plc
5.625%, 12–29–49	200		197
Royal Bank of Scotland Group plc (The)
7.640%, 3–29–49	200		194
State Bank of India:
3.250%, 4–18–18 (A)	200		204
3.622%, 4–17–19 (A)	200		207
			1,002
Materials – 0.9%
Vedanta Resources plc
6.000%, 1–31–19 (A)	200		198
Total United Kingdom – 7.3%		$	1,579
United States
Consumer Discretionary – 0.2%
BakerCorp International, Inc.
8.250%, 6–1–19	50		40
Consumer Staples – 4.8%
Anheuser-Busch InBev S.A./N.V.
2.650%, 2–1–21	500		516
Bunge Ltd. Finance Corp.
3.500%, 11–24–20	250		261
SABMiller Holdings, Inc.
2.200%, 8–1–18 (A)	200		203
Simmons Foods, Inc.
7.875%, 10–1–21 (A)	50		50
			1,030
Energy – 1.1%
Brand Energy & Infrastructure Services
8.500%, 12–1–21 (A)	80		80
PBF Holding Co. LLC
8.250%, 2–15–20	150		155
			235
Financials – 3.5%
Citigroup, Inc.
8.400%, 4–29–49	75		82
Daimler Finance North America LLC
2.950%, 1–11–17(A)	200		201
Diamond 1 Finance Corp. and Diamond 2 Finance Corp.
3.480%, 6–1–19 (A)	50		52
General Motors Financial Co., Inc. (GTD by AmeriCredit Financial Services, Inc.)
3.000%, 9–25–17	100		101
Hyundai Capital America
2.000%, 3–19–18 (A)	200		201
Wells Fargo & Co.
7.980%, 3–29–49	125		131
			768
Health Care – 0.8%
Fresenius U.S. Finance II, Inc.:
4.250%, 2–1–21 (A)	100		106
4.500%, 1–15–23 (A)	75		78
			184
Industrials – 0.4%
TransDigm, Inc. (GTD by TransDigm Group, Inc.)
6.000%, 7–15–22	82		87
Information Technology – 1.7%
Alliance Data Systems Corp.
5.250%, 12–1–17 (A)	250		255
Micron Technology, Inc.
5.875%, 2–15–22	100		103
			358
Materials – 0.5%
Hillman Group, Inc. (The)
6.375%, 7–15–22 (A)	110		103
Real Estate – 1.1%
Aircastle Ltd.
4.625%, 12–15–18	235		245
Telecommunication Services – 3.0%
American Tower Corp.
3.400%, 2–15–19	170		176
T-Mobile USA, Inc.
6.000%, 3–1–23	230		246
Verizon Communications, Inc.
2.625%, 2–21–20	214		220
			642
Utilities – 1.2%
Sempra Energy
2.850%, 11–15–20	250		259
Total United States – 18.3%		$	3,951

Venezuela
Financials – 1.2%
Corporacion Andina de Fomento
1.500%, 8–8–17	250		251
Total Venezuela – 1.2%		$	251
TOTAL CORPORATE DEBT SECURITIES – 74.8%		$	16,148
(Cost: $16,351)
OTHER GOVERNMENT SECURITIES (E)
Russia – 1.0%
Russian Federation
3.500%, 1–16–19 (A)	200		204
TOTAL OTHER GOVERNMENT SECURITIES – 1.0%		$	204
(Cost: $199)
LOANS (D)
United States
Industrials – 1.1%
TransDigm, Inc.:
3.750%, 2–28–20	45		45
3.838%, 2–28–20	195		195
			240
Information Technology – 0.2%
Magic Newco LLC
5.000%, 12–12–18	49		49
Materials – 0.3%
BakerCorp International, Inc.
4.250%, 2–7–20	73		63
Total United States – 1.6%		$	352
TOTAL LOANS – 1.6%		$	352
(Cost: $361)

UNITED STATES GOVERNMENT OBLIGATIONS
United States – 14.9%
U.S. Treasury Bonds
2.250%, 11–15–25	200		211
U.S. Treasury Notes:
0.625%, 8–31–17	600		600
0.750%, 12–31–17	1,250		1,250
1.125%, 1–15–19	1,000		1,007
1.750%, 5–15–22	145		149
			3,217
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 14.9%		$	3,217
(Cost: $3,207)
SHORT-TERM SECURITIES
Master Note – 3.2%
Toyota Motor Credit Corp.
0.600%, 10–5–16 (F)	697		697
TOTAL SHORT-TERM SECURITIES – 3.2%		$	697
(Cost: $697)
TOTAL INVESTMENT SECURITIES – 99.1%		$	21,397
(Cost: $21,667)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.9%			204
NET ASSETS – 100.0%		$	21,601

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, 2016 the total value of these securities amounted to $9,827 or 45.5% of net assets.

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

(C) Principal amounts are denominated in the indicated foreign currency, where applicable (COP – Columbian Peso and RUB – Russian Ruble).

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016.

(E) Other Government Securities may 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, 2016. Date shown represents the date that the variable rate resets.

The following forward foreign currency contracts were outstanding at September 30, 2016:

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized Depreciation
British Pound		81	U.S. Dollar		106	10-26-16	Barclays Capital, Inc.	$	1	$	—

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

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

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

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

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

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

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

The following table is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of September 30, 2016:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	779	$	—	$	—
Corporate Debt Securities		—		16,148		—
Other Government Securities		—		204		—
Loans		—		352		—
United States Government Obligations		—		3,217		—
Short-Term Securities		—		697		—
Total	$	779	$	20,618	$	—
Forward Foreign Currency Contracts	$	—	$	1	$	—

During the period ended September 30, 2016, securities totaling $63 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, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	21,667
Gross unrealized appreciation		470
Gross unrealized depreciation		(740	)
Net unrealized depreciation	$	(270	)

SCHEDULE OF INVESTMENTS Global Natural Resources (in thousands) SEPTEMBER 30, 2016 (UNAUDITED)

COMMON STOCKS	Shares		Value
Canada
Energy – 1.9%
Suncor Energy, Inc.		93	$	2,594
Materials – 3.5%
Potash Corp. of Saskatchewan, Inc.		207		3,377
West Fraser Timber Co. Ltd.		39		1,208
				4,585
Total Canada – 5.4%			$	7,179
China
Materials – 0.0%
China Metal Recycling (Holdings) Ltd. (A)		1,900		—
Total China – 0.0%			$	—
Netherlands
Energy – 1.0%
Core Laboratories N.V.		11		1,224
Total Netherlands – 1.0%			$	1,224
United Kingdom
Materials – 8.9%
BHP Billiton plc		313		4,723
Randgold Resources Ltd. ADR		35		3,543
Rio Tinto plc		105		3,517
				11,783
Total United Kingdom – 8.9%			$	11,783
United States
Energy – 63.2%
Baker Hughes, Inc.		43		2,193
Cabot Oil & Gas Corp.		112		2,887
Chevron Corp.		48		4,935
Cimarex Energy Co.		32		4,327
Concho Resources, Inc. (A)		37		5,116
Continental Resources, Inc. (A)		56		2,889
Diamondback Energy, Inc. (A)		18		1,719
Enterprise Products Partners L.P.		162		4,484
EOG Resources, Inc.		62		6,015
EQT Midstream Partners L.P.		17		1,288
Exxon Mobil Corp.		38		3,308
Halliburton Co.		193		8,675
Helmerich & Payne, Inc.		42		2,857
Magellan Midstream Partners L.P.		54		3,834
Marathon Petroleum Corp.		33		1,329
MPLX L.P.		38		1,277
Noble Energy, Inc.		93		3,331
Patterson-UTI Energy, Inc.		152		3,397
Phillips 66		28		2,247
Pioneer Natural Resources Co.		24		4,437
RPC, Inc. (A)		212		3,556
Schlumberger Ltd.		98		7,703
Shell Midstream Partners L.P.		21		677
U.S. Silica Holdings, Inc.		19		889
Valero Energy Partners L.P.		6		273
				83,643

Industrials – 4.6%
Flowserve Corp.		83		3,980
Union Pacific Corp.		21		2,058
				6,038
Materials – 8.1%
Air Products and Chemicals, Inc.		21		3,180
Dow Chemical Co. (The)		72		3,711
Sherwin-Williams Co. (The)		9		2,545
Southern Copper Corp.		50		1,306
				10,742
Total United States – 75.9%			$	100,423
TOTAL COMMON STOCKS – 91.2%			$	120,609
(Cost: $123,131)
INVESTMENT FUNDS
United States – 2.4%
SPDR Gold Trust (A)		25		3,179
TOTAL INVESTMENT FUNDS – 2.4%			$	3,179
(Cost: $2,978)
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
Master Note – 2.5%
Toyota Motor Credit Corp. 0.600%, 10-5-16 (C)	$	3,390		3,390
Municipal Obligations – 3.8%
NYC GO Bonds, Fiscal 2008 Ser L-4 (GTD by U.S. Bank N.A.) 0.880%, 10-1-16 (C)		5,000		5,000
TOTAL SHORT-TERM SECURITIES – 6.3%			$	8,390
(Cost: $8,390)
TOTAL INVESTMENT SECURITIES – 99.9%			$	132,178
(Cost: $134,710)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.1%				187
NET ASSETS – 100.0%			$	132,365

Notes to Schedule of Investments

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

(B) Restricted security. At September 30, 2016, 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, 2016.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016. Date shown represents the date that the variable rate resets.

The following forward foreign currency contracts were outstanding at September 30, 2016:

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized Depreciation
British Pound		5,805	U.S. Dollar		7,614	10-26-16	UBS AG	$	86	$	—
Canadian Dollar		5,128	U.S. Dollar		3,938	10-26-16	UBS AG		29		—
								$	115	$	—

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, 2016:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	120,609	$	—	$	—
Investment Funds		3,179		—		—
Preferred Stocks		—		—		—
Short-Term Securities		—		8,390		—
Total	$	123,788	$	8,390	$	—
Forward Foreign Currency Contracts	$	—	$	115	$	—

During the period ended September 30, 2016, 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, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	134,710
Gross unrealized appreciation		8,895
Gross unrealized depreciation		(11,427	)
Net unrealized depreciation	$	(2,532	)

SCHEDULE OF INVESTMENTS Growth (in thousands) SEPTEMBER 30, 2016 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Automotive Retail – 3.1%
AutoZone, Inc. (A)		16	$	11,986
O’Reilly Automotive, Inc. (A)		54		15,210
				27,196
Cable & Satellite – 1.9%
Comcast Corp., Class A		251		16,658
Footwear – 0.5%
NIKE, Inc., Class B		78		4,081
Home Improvement Retail – 3.7%
Home Depot, Inc. (The)		251		32,337
Internet & Direct Marketing Retail – 3.9%
Amazon.com, Inc. (A)		40		33,864
Restaurants – 0.9%
Starbucks Corp.		150		8,137
Specialty Stores – 0.7%
Ulta Salon, Cosmetics & Fragrance, Inc. (A)		24		5,616
Total Consumer Discretionary – 14.7%				127,889
Consumer Staples
Brewers – 1.1%
Anheuser-Busch InBev S.A. ADR		75		9,817
Tobacco – 3.3%
Philip Morris International, Inc.		290		28,213
Total Consumer Staples – 4.4%				38,030
Energy
Oil & Gas Equipment & Services – 2.0%
Halliburton Co.		227		10,183
Schlumberger Ltd.		95		7,463
				17,646
Oil & Gas Exploration & Production – 2.3%
EOG Resources, Inc.		204		19,758
Total Energy – 4.3%				37,404
Financials
Financial Exchanges & Data – 2.1%
CME Group, Inc.		175		18,322
Investment Banking & Brokerage – 1.6%
Charles Schwab Corp. (The)		454		14,317
Total Financials – 3.7%				32,639
Health Care
Biotechnology – 8.3%
Alexion Pharmaceuticals, Inc. (A)		37		4,473
Amgen, Inc.		45		7,523
Biogen, Inc. (A)		35		10,987
Celgene Corp. (A)		225		23,478
Shire Pharmaceuticals Group plc ADR		111		21,538
Vertex Pharmaceuticals, Inc. (A)		47		4,099
				72,098
Health Care Equipment – 3.9%
DexCom, Inc. (A)		205		17,926
Edwards Lifesciences Corp. (A)		136		16,370
				34,296
Health Care Facilities – 0.7%
HCA Holdings, Inc. (A)		87		6,557
Pharmaceuticals – 4.5%
Allergan plc (A)		131		30,197
Bristol-Myers Squibb Co.		163		8,800
				38,997
Total Health Care – 17.4%				151,948
Industrials
Aerospace & Defense – 5.0%
Honeywell International, Inc.		126		14,632
Lockheed Martin Corp.		82		19,609
Northrop Grumman Corp.		42		9,029
				43,270

Industrial Conglomerates – 1.5%
Danaher Corp.		168		13,193
Railroads – 4.4%
Canadian Pacific Railway Ltd.		137		20,889
Union Pacific Corp.		183		17,887
				38,776
Total Industrials – 10.9%				95,239
Information Technology
Application Software – 4.3%
Adobe Systems, Inc. (A)		229		24,834
salesforce.com, Inc. (A)		179		12,747
				37,581
Data Processing & Outsourced Services – 10.6%
FleetCor Technologies, Inc. (A)		103		17,876
MasterCard, Inc., Class A		368		37,421
Visa, Inc., Class A		452		37,364
				92,661
Home Entertainment Software – 1.1%
Electronic Arts, Inc. (A)		114		9,710
Internet Software & Services – 8.5%
Alphabet, Inc., Class A (A)		31		25,296
Alphabet, Inc., Class C (A)		24		18,304
Facebook, Inc., Class A (A)		239		30,605
				74,205
Semiconductor Equipment – 5.0%
Applied Materials, Inc.		294		8,864
Lam Research Corp.		368		34,869
				43,733
Semiconductors – 5.3%
Microchip Technology, Inc.		444		27,565
NXP Semiconductors N.V. (A)		179		18,301
				45,866
Systems Software – 3.3%
Microsoft Corp.		501		28,852
Technology Hardware, Storage & Peripherals – 2.3%
Apple, Inc.		172		19,409
Total Information Technology – 40.4%				352,017
Materials
Diversified Chemicals – 1.3%
PPG Industries, Inc.		109		11,235
Total Materials – 1.3%				11,235
Real Estate
Specialized REITs – 2.0%
American Tower Corp., Class A		157		17,838
Total Real Estate – 2.0%				17,838
TOTAL COMMON STOCKS – 99.1%			$	864,239
(Cost: $674,847)
SHORT-TERM SECURITIES	Principal
Commercial Paper (B) – 0.7%
Kroger Co. (The),
0.630%, 10–3–16	$	6,143		6,143
Master Note – 0.2%
Toyota Motor Credit Corp.,
0.600%, 10–5–16 (C)		1,412		1,412
TOTAL SHORT-TERM SECURITIES – 0.9%			$	7,555
(Cost: $7,555)
TOTAL INVESTMENT SECURITIES – 100.0%			$	871,794
(Cost: $682,402)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.0%				255
NET ASSETS – 100.0%			$	872,049

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, 2016.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016. 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, 2016:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	864,239	$	—	$	—
Short-Term Securities		—		7,555		—
Total	$	864,239	$	7,555	$	—

During the period ended September 30, 2016, 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, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	682,402
Gross unrealized appreciation		205,721
Gross unrealized depreciation		(16,329	)
Net unrealized appreciation	$	189,392

SCHEDULE OF INVESTMENTS High Income (in thousands) SEPTEMBER 30, 2016 (UNAUDITED)

COMMON STOCKS	Shares			Value
Consumer Discretionary
Cable & Satellite – 0.2%
Altice N.V., Class A (A)(B)		78		$	1,392
Casinos & Gaming – 0.0%
New Cotai Participation Corp., Class B (A)		—	*		49
Total Consumer Discretionary – 0.2%					1,441
Utilities
Gas Utilities – 0.0%
Suburban Propane Partners L.P.		4			118
Total Utilities – 0.0%					118
TOTAL COMMON STOCKS – 0.2%				$	1,559
(Cost: $1,458)
PREFERRED STOCKS
Telecommunication Services
Integrated Telecommunication Services – 0.3%
Frontier Communications Corp., Convertible Series A, 11.125%		28			2,311
Total Telecommunication Services – 0.3%					2,311
TOTAL PREFERRED STOCKS – 0.3%				$	2,311
(Cost: $2,785)
WARRANTS
Agricultural Products – 0.0%
ASG Consolidated LLC, expires 5–15–18 (C)		1			—
Commodity Chemicals – 0.0%
Foresight Energy L.P. (C)		4			—
TOTAL WARRANTS – 0.0%				$	—
(Cost: $72)
CORPORATE DEBT SECURITIES	Principal
Consumer Discretionary
Advertising – 0.8%
Acosta, Inc.,
7.750%, 10–1–22 (D)	$	4,985			4,100
Lamar Media Corp.,
5.375%, 1–15–24		959			1,009
Outfront Media Capital LLC and Outfront Media Capital Corp.:
5.250%, 2–15–22		544			566
5.625%, 2–15–24		573			596
					6,271
Apparel Retail – 1.2%
Hot Topic, Inc.,
9.250%, 6–15–21 (D)		5,002			5,302
HT Intermediate Holdings Corp.,
12.000%, 5–15–19 (D)(E)		1,527			1,558
Neiman Marcus Group Ltd., Inc.,
8.000%, 10–15–21 (D)		3,764			3,124
					9,984
Automotive Retail – 0.6%
Allison Transmission, Inc.,
5.000%, 10–1–24 (D)		691			707
Group 1 Automotive, Inc.,
5.000%, 6–1–22		855			859
Penske Automotive Group, Inc.,
5.500%, 5–15–26		474			473
Sonic Automotive, Inc.,
5.000%, 5–15–23		2,928			2,884
					4,923
Broadcasting – 1.4%
Clear Channel Outdoor Holdings, Inc.,
6.500%, 11–15–22		6,185			6,397
Clear Channel Worldwide Holdings, Inc., Series A,
7.625%, 3–15–20		221			212
Clear Channel Worldwide Holdings, Inc., Series B,
7.625%, 3–15–20		1,780			1,765
Cumulus Media, Inc.,
7.750%, 5–1–19		4,115			1,667
iHeartCommunications, Inc.,
10.000%, 1–15–18		1,383			906
iHeartCommunications, Inc. (GTD by iHeartMedia Capital I LLC),
10.625%, 3–15–23		1,094			815
					11,762

Cable & Satellite – 9.4%
Altice Financing S.A.:
6.625%, 2–15–23 (D)		1,725	1,770
7.500%, 5–15–26 (D)		3,224	3,357
Altice S.A.:
7.250%, 5–15–22 (D)(F)	EUR	256	303
7.750%, 5–15–22 (D)	$	11,215	11,972
6.250%, 2–15–25 (D)(F)	EUR	354	399
7.625%, 2–15–25 (D)	$	1,969	2,026
Altice U.S. Finance I Corp.,
5.500%, 5–15–26 (D)		1,927	1,990
Cablevision Systems Corp.,
5.875%, 9–15–22		3,797	3,455
CCO Holdings LLC and CCO Holdings Capital Corp.,
5.500%, 5–1–26 (D)		94	98
Columbus International, Inc.,
7.375%, 3–30–21 (D)		517	549
DISH DBS Corp.:
6.750%, 6–1–21		1,936	2,086
5.875%, 7–15–22		910	937
5.000%, 3–15–23		418	407
5.875%, 11–15–24		454	448
7.750%, 7–1–26 (D)		1,432	1,521
Neptune Finco Corp.:
10.125%, 1–15–23 (D)		2,523	2,911
6.625%, 10–15–25 (D)		788	855
10.875%, 10–15–25 (D)		1,946	2,277
Numericable - SFR S.A.,
7.375%, 5–1–26 (D)		7,161	7,320
Sirius XM Radio, Inc.:
4.625%, 5–15–23 (D)		4,936	4,936
6.000%, 7–15–24 (D)		8,000	8,530
VTR Finance B.V.,
6.875%, 1–15–24 (D)		8,235	8,523
Wave Holdco LLC and Wave Holdco Corp.,
8.250%, 7–15–19 (D)(E)		882	887
WaveDivision Escrow LLC and WaveDivision Escrow Corp.,
8.125%, 9–1–20 (D)		8,549	8,870
			76,427
Casinos & Gaming – 1.9%
Gateway Casinos & Entertainment Ltd.,
8.500%, 11–26–20 (D)(F)	CAD	3,540	2,550
MCE Finance Ltd.,
5.000%, 2–15–21 (D)	$	600	603
Studio City Finance Ltd.,
8.500%, 12–1–20 (D)		4,598	4,736
Wynn Macau Ltd.,
5.250%, 10–15–21 (D)		7,398	7,472
			15,361
Department Stores – 0.5%
Bon-Ton Stores, Inc. (The):
10.625%, 7–15–17		1,155	1,160
8.000%, 6–15–21		4,420	2,520
			3,680
Distributors – 0.8%
Pinnacle Operating Corp.,
9.000%, 11–15–20 (D)		8,833	6,139
Education Services – 2.2%
Laureate Education, Inc.,
10.000%, 9–1–19 (D)(G)		18,821	18,050
Homefurnishing Retail – 0.7%
Restoration Hardware Holdings, Inc., Convertible:
0.000%, 6–15–19 (D)(H)		3,544	3,057
0.000%, 7–15–20 (D)(H)		2,968	2,422
			5,479
Hotels, Resorts & Cruise Lines – 0.2%
Carlson Travel Holdings,
7.500%, 8–15–19 (D)(E)		1,890	1,871
Movies & Entertainment – 1.5%
AMC Entertainment, Inc.,
5.750%, 6–15–25		2,241	2,263
Cinemark USA, Inc.:
5.125%, 12–15–22		208	213
4.875%, 6–1–23		2,900	2,915
EMI Music Publishing Group North America Holdings,
7.625%, 6–15–24 (D)		1,145	1,238
WMG Acquisition Corp.,
6.750%, 4–15–22 (D)		5,314	5,633
			12,262

Publishing – 0.2%
MDC Partners, Inc.,
6.500%, 5–1–24 (D)	1,457	1,337
Specialized Consumer Services – 2.0%
BakerCorp International, Inc.,
8.250%, 6–1–19	10,903	8,804
Emdeon, Inc.,
11.000%, 12–31–19	1,204	1,267
Nielsen Finance,
5.500%, 10–1–21 (D)	2,371	2,472
Nielsen Finance LLC and Nielsen Finance Co.,
5.000%, 4–15–22 (D)	3,885	4,011
		16,554
Specialty Stores – 1.5%
Jo-Ann Stores Holdings, Inc.,
9.750%, 10–15–19 (D)(E)	11,107	10,829
Jo-Ann Stores, Inc.,
8.125%, 3–15–19 (D)	1,205	1,202
		12,031
Total Consumer Discretionary – 24.9%		202,131
Consumer Staples
Food Distributors – 1.6%
Performance Food Group, Inc.,
5.500%, 6–1–24 (D)	1,874	1,935
Simmons Foods, Inc.,
7.875%, 10–1–21 (D)	8,112	8,092
U.S. Foods, Inc.,
5.875%, 6–15–24 (D)	2,864	2,978
		13,005
Packaged Foods & Meats – 1.6%
Bumble Bee Foods LLC:
9.000%, 12–15–17 (D)	906	911
9.625%, 3–15–18 (D)(E)	1,149	1,140
JBS Investments GmbH (GTD by JBS S.A. and JBS Hungary Holdings Kft.),
7.750%, 10–28–20 (D)	400	418
JBS USA LLC and JBS USA Finance, Inc.:
7.250%, 6–1–21 (D)	372	382
5.875%, 7–15–24 (D)	4,261	4,240
5.750%, 6–15–25 (D)	1,588	1,560
Post Holdings, Inc.:
7.750%, 3–15–24 (D)	1,696	1,900
8.000%, 7–15–25 (D)	1,079	1,235
5.000%, 8–15–26 (D)	972	967
		12,753
Personal Products – 0.1%
Revlon Consumer Products Corp.,
5.750%, 2–15–21	780	795
Revlon Escrow Corp.,
6.250%, 8–1–24 (D)	486	502
		1,297
Tobacco – 0.5%
Prestige Brands, Inc.,
5.375%, 12–15–21 (D)	3,658	3,786
Total Consumer Staples – 3.8%		30,841
Energy
Coal & Consumable Fuels – 0.4%
Foresight Energy LLC and Foresight Energy Finance Corp.,
10.000%, 8–15–21 (D)(E)	2,836	2,545
Foresight Energy LLC and Foresight Energy Finance Corp., Convertible,
15.000%, 10–3–17 (E)(G)	1,018	916
		3,461
Integrated Oil & Gas – 0.3%
Petrobras Global Finance B.V. (GTD by Petroleo Brasileiro S.A.),
8.375%, 5–23–21	2,376	2,603
Oil & Gas Drilling – 0.8%
Globe Luxembourg SCA,
9.625%, 5–1–18 (D)(G)	2,688	2,466
KCA DEUTAG UK Finance plc,
7.250%, 5–15–21 (D)	1,981	1,625
Offshore Drilling Holding S.A.,
8.375%, 9–20–20 (D)(G)	4,601	2,542
Offshore Group Investment Ltd.,
0.000%, 11–1–19	1,693	—	*
		6,633
Oil & Gas Equipment & Services – 0.0%
Key Energy Services, Inc.,
6.750%, 3–1–21 (I)	484	131
Oil & Gas Exploration & Production – 3.3%
Bellatrix Exploration Ltd.,
8.500%, 5–15–20 (D)	2,247	2,090
California Resources Corp.,
8.000%, 12–15–22 (D)	2,837	1,887
Clayton Williams Energy, Inc.,
7.750%, 4–1–19	7,356	7,190

Crownrock L.P.,
7.750%, 2–15–23 (D)	715	767
EnCana Corp.,
6.500%, 8–15–34	1,094	1,145
Endeavor Energy Resources L.P.:
7.000%, 8–15–21 (D)	2,185	2,245
8.125%, 9–15–23 (D)	682	726
Gulfport Energy Corp.,
6.625%, 5–1–23	221	227
Laredo Petroleum, Inc.,
7.375%, 5–1–22	3,284	3,395
Midstates Petroleum Co., Inc. and Midstates Petroleum Co. LLC,
10.000%, 6–1–20 (I)	1,657	1,110
Parsley Energy LLC and Parsley Finance Corp.,
6.250%, 6–1–24 (D)	576	595
Whiting Petroleum Corp.,
6.500%, 10–1–18	5,182	5,104
		26,481
Oil & Gas Refining & Marketing – 1.6%
Callon Petroleum Co. (GTD by Callon Petroleum Operating Co.),
6.125%, 10–1–24 (D)	493	510
PBF Holding Co. LLC and PBF Finance Corp.,
7.000%, 11–15–23 (D)	2,455	2,314
PDC Energy, Inc.,
6.125%, 9–15–24 (D)	394	410
Seven Generations Energy Ltd.:
8.250%, 5–15–20 (D)	4,579	4,871
6.750%, 5–1–23 (D)	4,505	4,674
		12,779
Oil & Gas Storage & Transportation – 0.1%
Access Midstream Partners L.P.,
4.875%, 5–15–23	1,191	1,205
Total Energy – 6.5%		53,293
Financials
Consumer Finance – 0.9%
Creditcorp,
12.000%, 7–15–18 (D)	4,228	1,903
Quicken Loans, Inc.,
5.750%, 5–1–25 (D)	3,346	3,321
Speedy Cash Intermediate Holdings Corp.,
10.750%, 5–15–18 (D)	2,366	1,704
Speedy Group Holdings Corp.,
12.000%, 11–15–17 (D)	986	463
		7,391
Diversified Capital Markets – 1.2%
Patriot Merger Corp.,
9.000%, 7–15–21 (D)	9,316	9,571
Investment Banking & Brokerage – 0.2%
E*TRADE Financial Corp.,
5.875%, 12–29–49	686	708
GFI Group, Inc.,
8.375%, 7–19–18 (G)	851	919
		1,627
Other Diversified Financial Services – 2.5%
AAF Holdings LLC and AAF Finance Co.,
12.000%, 7–1–19 (D)(E)	1,711	1,753
Balboa Merger Sub, Inc.,
11.375%, 12–1–21 (D)	9,982	8,884
Greektown Holdings LLC and Greektown Mothership Corp.,
8.875%, 3–15–19 (D)	2,672	2,826
New Cotai LLC and New Cotai Capital Corp.,
10.625%, 5–1–19 (D)(E)	12,079	6,643
		20,106
Property & Casualty Insurance – 1.8%
Hub International Ltd.,
7.875%, 10–1–21 (D)	3,563	3,634
Onex USI Acquisition Corp.,
7.750%, 1–15–21 (D)	10,688	10,849
		14,483
Specialized Finance – 1.3%
Diamond 1 Finance Corp. and Diamond 2 Finance Corp.:
4.420%, 6–15–21 (D)	950	993
5.875%, 6–15–21 (D)	667	709
5.450%, 6–15–23 (D)	475	509
7.125%, 6–15–24 (D)	667	733
6.020%, 6–15–26 (D)	950	1,042
Flexi-Van Leasing, Inc.,
7.875%, 8–15–18 (D)	1,254	1,132
TMX Finance LLC and TitleMax Finance Corp.,
8.500%, 9–15–18 (D)	7,798	5,809
		10,927
Thrifts & Mortgage Finance – 0.6%
Provident Funding Associates L.P. and PFG Finance Corp.,
6.750%, 6–15–21 (D)	5,373	5,420
Total Financials – 8.5%		69,525

Health Care
Health Care Facilities – 2.4%
Chiron Merger Sub, Inc.,
12.500%, 11–1–19	465	463
Double Eagle Acquisition Sub, Inc.,
7.500%, 10–1–24 (D)	1,183	1,204
Greatbatch Ltd.,
9.125%, 11–1–23 (D)	3,608	3,536
HCA, Inc.,
5.250%, 6–15–26	652	693
MPH Acquisition Holdings LLC,
7.125%, 6–1–24 (D)	1,906	2,049
Surgery Center Holdings, Inc.,
8.875%, 4–15–21 (D)	5,147	5,494
Tenet Healthcare Corp.:
6.750%, 2–1–20	1,408	1,383
8.125%, 4–1–22	4,662	4,662
		19,484
Health Care Supplies – 1.7%
Kinetic Concepts, Inc. and KCI USA, Inc.:
10.500%, 11–1–18	2,516	2,645
9.625%, 10–1–21 (D)	9,360	9,360
Universal Hospital Services, Inc.,
7.625%, 8–15–20	1,579	1,504
		13,509
Pharmaceuticals – 1.7%
Concordia Healthcare Corp.:
9.500%, 10–21–22 (D)	10,096	6,991
7.000%, 4–15–23 (D)	1,144	732
IMS Health, Inc.,
5.000%, 10–15–26 (D)	1,155	1,201
Jaguar Holding Co. II and Pharmaceutical Product Development LLC,
6.375%, 8–1–23 (D)	2,117	2,202
VPII Escrow Corp.,
7.500%, 7–15–21 (D)	1,750	1,693
VRX Escrow Corp.,
5.375%, 3–15–20 (D)	1,574	1,456
		14,275
Total Health Care – 5.8%		47,268
Industrials
Aerospace & Defense – 3.0%
KLX, Inc.,
5.875%, 12–1–22 (D)	5,404	5,593
Silver II Borrower SCA and Silver II U.S. Holdings,
7.750%, 12–15–20 (D)	4,381	3,472
TransDigm Group, Inc.,
7.500%, 7–15–21	1,598	1,694
TransDigm, Inc. (GTD by TransDigm Group, Inc.):
6.000%, 7–15–22	5,075	5,354
6.500%, 7–15–24	5,515	5,805
6.375%, 6–15–26 (D)	2,490	2,583
		24,501
Air Freight & Logistics – 0.3%
TRAC Intermodal LLC and TRAC Intermodal Corp.,
11.000%, 8–15–19	373	393
XPO Logistics, Inc.:
6.500%, 6–15–22 (D)	1,255	1,313
6.125%, 9–1–23 (D)	686	705
		2,411
Building Products – 1.1%
Alcoa Nederland Holding B.V.:
6.750%, 9–30–24 (D)	511	531
7.000%, 9–30–26 (D)	511	528
Eagle Materials, Inc.,
4.500%, 8–1–26	391	396
Ply Gem Industries, Inc.,
6.500%, 2–1–22	5,467	5,610
Summit Materials LLC and Summit Materials Finance Corp.:
8.500%, 4–15–22 (D)	373	407
6.125%, 7–15–23	777	793
WESCO Distribution, Inc. (GTD by WESCO International, Inc.),
5.375%, 6–15–24 (D)	953	955
		9,220
Diversified Support Services – 0.1%
United Rentals (North America), Inc. (GTD by United Rentals, Inc.),
5.875%, 9–15–26	472	486
Environmental & Facilities Services – 0.5%
GFL Environmental, Inc.:
7.875%, 4–1–20 (D)	3,259	3,422
9.875%, 2–1–21 (D)	851	932
		4,354
Railroads – 0.8%
Florida East Coast Holdings Corp. and Florida East Coast Industries LLC:
6.750%, 5–1–19 (D)	4,949	5,073
9.750%, 5–1–20 (D)	1,017	923
		5,996
Security & Alarm Services – 0.7%
Prime Security Services Borrower LLC,
9.250%, 5–15–23 (D)	5,258	5,731

Trading Companies & Distributors – 0.2%
HD Supply, Inc.,
5.750%, 4–15–24 (D)	1,640	1,722
Total Industrials – 6.7%		54,421
Information Technology
Application Software – 2.0%
Ensemble S Merger Sub, Inc.,
9.000%, 9–30–23 (D)	1,261	1,324
Infor Software Parent LLC and Infor Software Parent, Inc.,
7.125%, 5–1–21(D)(E)	2,461	2,387
Kronos Acquisition Holdings, Inc.,
9.000%, 8–15–23 (D)	10,806	11,137
Michael Baker International LLC,
8.250%, 10–15–18 (D)	1,789	1,794
		16,642
Communications Equipment – 0.7%
West Corp.,
5.375%, 7–15–22 (D)	5,972	5,852
Data Processing & Outsourced Services – 2.0%
Alliance Data Systems Corp.:
5.250%, 12–1–17 (D)	1,110	1,132
6.375%, 4–1–20 (D)	3,362	3,425
5.375%, 8–1–22 (D)	4,224	4,118
Italics Merger Sub, Inc.,
7.125%, 7–15–23 (D)	8,150	7,580
		16,255
Electronic Manufacturing Services – 0.3%
KEMET Corp.,
10.500%, 5–1–18	2,639	2,646
IT Consulting & Other Services – 0.8%
NCR Escrow Corp.:
5.875%, 12–15–21	2,509	2,641
6.375%, 12–15–23	3,346	3,538
		6,179
Semiconductors – 1.2%
Micron Technology, Inc.:
5.875%, 2–15–22	4,282	4,394
7.500%, 9–15–23 (D)	1,931	2,145
5.500%, 2–1–25	3,064	3,003
		9,542
Technology Hardware, Storage & Peripherals – 0.4%
Western Digital Corp.:
7.375%, 4–1–23 (D)	468	514
10.500%, 4–1–24 (D)	2,103	2,442
		2,956
Total Information Technology – 7.4%		60,072
Materials
Aluminum – 2.1%
Constellium N.V.:
8.000%, 1–15–23 (D)	3,774	3,802
5.750%, 5–15–24 (D)	1,851	1,712
Kaiser Aluminum Corp.,
5.875%, 5–15–24	379	396
Novelis Corp. (GTD by Novelis, Inc.):
6.250%, 8–15–24 (D)	1,471	1,563
5.875%, 9–30–26 (D)	985	1,009
Wise Metals Group LLC,
8.750%, 12–15–18 (D)	2,795	2,851
Wise Metals Intermediate Holdings,
9.750%, 6–15–19 (D)(E)	5,689	5,461
		16,794
Construction Materials – 0.8%
Hillman Group, Inc. (The),
6.375%, 7–15–22 (D)	6,615	6,201
Diversified Chemicals – 0.4%
PQ Corp.,
6.750%, 11–15–22 (D)	284	301
PSPC Escrow Corp.,
6.500%, 2–1–22 (D)	1,923	1,870
PSPC Escrow II Corp.,
10.375%, 5–1–21 (D)	981	1,060
		3,231
Diversified Metals & Mining – 1.1%
Artsonig Pty Ltd.,
11.500%, 4–1–19 (D)(E)	4,861	292
Crystal Merger Sub, Inc.,
7.625%, 10–15–21 (D)	636	544
FMG Resources Pty Ltd.:
9.750%, 3–1–22 (D)	371	430
6.875%, 4–1–22 (D)	5,144	5,323
Lundin Mining Corp.:
7.500%, 11–1–20 (D)	1,326	1,409
7.875%, 11–1–22 (D)	1,091	1,162
		9,160
Metal & Glass Containers – 0.8%
ARD Finance S.A.,
7.125%, 9–15–23 (D)	548	545
Ardagh Packaging Finance plc and Ardagh Holdings USA, Inc.:
6.000%, 6–30–21 (D)	517	534
7.250%, 5–15–24 (D)	1,443	1,540

BlueScope Steel (Finance) Ltd. and BlueScope Steel Finance (USA) LLC,
7.125%, 5–1–18 (D)	1,004		1,025
Signode Industrial Group,
6.375%, 5–1–22 (D)	2,865		2,901
			6,545
Paper Packaging – 0.4%
Coveris Holdings S.A.,
7.875%, 11–1–19 (D)	610		624
Reynolds Group Holdings Ltd.,
9.875%, 8–15–19	746		768
Reynolds Group Issuer, Inc., Reynolds Group Issuer LLC and Reynolds Group Issuer (Luxembourg) S.A.,
5.125%, 7–15–23 (D)	2,209		2,281
			3,673
Specialty Chemicals – 0.1%
Versum Materials, Inc.,
5.500%, 9–30–24 (D)	494		508
Steel – 0.1%
U.S. Steel Corp.,
8.375%, 7–1–21 (D)	661		723
Total Materials – 5.8%			46,835
Real Estate
Health Care REITs – 0.1%
MPT Operating Partnership L.P. and MPT Finance Corp. (GTD by Medical Properties Trust, Inc.),
5.250%, 8–1–26	486		504
Industrial REITs – 1.1%
Aircastle Ltd.:
5.125%, 3–15–21	5,883		6,287
5.500%, 2–15–22	1,532		1,653
5.000%, 4–1–23	1,015		1,061
			9,001
Real Estate Development – 0.3%
Hub Holdings LLC and Hub Holdings Finance, Inc.,
8.125%, 7–15–19 (D)(E)	2,440		2,379
Total Real Estate – 1.5%			11,884
Telecommunication Services
Alternative Carriers – 0.9%
Consolidated Communications Finance II Co.,
6.500%, 10–1–22	1,880		1,823
Level 3 Communications, Inc.,
5.750%, 12–1–22	1,317		1,376
Level 3 Escrow II, Inc.,
5.375%, 8–15–22	3,015		3,151
Zayo Group LLC and Zayo Capital, Inc.,
6.000%, 4–1–23	679		711
			7,061
Integrated Telecommunication Services – 3.5%
BCP (Singapore) VI Cayman Financing Co. Ltd.,
8.000%, 4–15–21 (D)	377		371
Frontier Communications Corp.:
8.875%, 9–15–20	2,664		2,874
6.250%, 9–15–21	1,501		1,443
10.500%, 9–15–22	1,567		1,661
7.125%, 1–15–23	367		342
6.875%, 1–15–25	1,041		921
11.000%, 9–15–25	1,763		1,838
GCI, Inc.,
6.875%, 4–15–25	2,958		3,032
Sprint Corp.:
7.250%, 9–15–21	8,023		8,063
7.875%, 9–15–23	5,563		5,619
7.125%, 6–15–24	2,049		1,998
			28,162
Wireless Telecommunication Service – 1.9%
Sable International Finance Ltd.,
6.875%, 8–1–22 (D)	3,844		3,988
Sprint Nextel Corp.:
6.000%, 12–1–16	905		910
9.125%, 3–1–17	466		477
8.375%, 8–15–17	1,762		1,830
9.000%, 11–15–18 (D)	569		627
7.000%, 8–15–20	466		468
11.500%, 11–15–21	389		447
T-Mobile USA, Inc.:
6.464%, 4–28–19	1,350		1,375
6.731%, 4–28–22	196		206
6.000%, 4–15–24	1,683		1,801
6.500%, 1–15–26	3,251		3,601
			15,730
Total Telecommunication Services – 6.3%			50,953
TOTAL CORPORATE DEBT SECURITIES – 77.2%		$	627,223
(Cost: $647,251)
LOANS (G)
Consumer Discretionary
Advertising – 0.2%
Advantage Sales & Marketing, Inc.,
7.500%, 7–25–22	1,943		1,843

Apparel Retail – 1.2%
Talbots, Inc. (The):
5.500%, 3–19–20		2,322	2,263
9.500%, 3–19–21		6,489	6,013
True Religion Apparel, Inc.:
0.000%, 7–30–19 (J)		1,000	235
5.875%, 7–30–19		4,223	993
5.875%, 7–30–19		11	3
			9,507
Casinos & Gaming – 0.2%
Gateway Casinos & Entertainment Ltd.:
5.250%, 11–26–19 (F)	CAD	1,916	1,431
5.950%, 11–26–19 (F)		5	4
			1,435
Department Stores – 0.8%
Belk, Inc.,
5.750%, 12–10–22	$	6,751	6,107
General Merchandise Stores – 0.8%
BJ’s Wholesale Club, Inc.,
8.500%, 3–31–20		4,257	4,271
Orchard Acquisition Co. LLC,
7.000%, 2–8–19		6,634	2,388
			6,659
Housewares & Specialties – 0.2%
KIK Custom Products, Inc.,
6.000%, 8–26–22		1,539	1,540
Specialty Stores – 0.3%
Jo-Ann Stores, Inc.,
0.000%, 9–29–23 (J)		2,669	2,622
Total Consumer Discretionary – 3.7%			29,713
Consumer Staples
Food Distributors – 0.2%
Chefs’ Warehouse, Inc. (The),
6.750%, 6–22–22		1,957	1,938
Food Retail – 0.4%
Focus Brands, Inc.,
10.250%, 8–21–18		2,837	2,837
Hypermarkets & Super Centers – 0.2%
GOBP Holdings, Inc.,
9.250%, 10–21–22		1,807	1,799
Packaged Foods & Meats – 0.2%
Shearer’s Foods LLC,
7.750%, 6–30–22		1,386	1,254
Total Consumer Staples – 1.0%			7,828
Energy
Coal & Consumable Fuels – 0.2%
Westmoreland Coal Co.,
7.500%, 12–16–20		1,930	1,505
Oil & Gas Drilling – 0.4%
KCA Deutag Alpha Ltd.,
6.250%, 5–16–20		4,251	3,557
Oil & Gas Exploration & Production – 0.4%
Chesapeake Energy Corp.,
8.500%, 8–16–21		2,942	3,086
Sabine Oil & Gas LLC,
11.750%, 12–31–18 (I)		468	14
			3,100
Oil & Gas Storage & Transportation – 0.2%
Bowie Resources Holdings LLC:
6.750%, 8–12–20		879	721
11.750%, 2–16–21		857	686
			1,407
Total Energy – 1.2%			9,569
Health Care
Life Sciences Tools & Services – 0.3%
Atrium Innovations, Inc.,
7.750%, 8–10–21		2,893	2,719
Total Health Care – 0.3%			2,719
Industrials
Building Products – 0.4%
C.H.I. Overhead Doors, Inc.,
8.750%, 7–31–23		1,935	1,899
Hampton Rubber Co. & SEI Holding Corp.,
9.000%, 3–27–22		1,785	1,428
			3,327
Construction & Engineering – 0.1%
Tensar International Corp.,
9.500%, 7–10–22		1,122	841

Industrial Conglomerates – 0.2%
Crosby Worldwide Ltd.,
7.000%, 11–22–21	2,072	1,395
Industrial Machinery – 0.6%
Dynacast International LLC,
9.500%, 1–30–23	5,443	5,307
Research & Consulting Services – 0.1%
Larchmont Resources LLC,
11.250%, 8–7–19 (I)	2,772	841
Total Industrials – 1.4%		11,711
Information Technology
Application Software – 3.7%
Applied Systems, Inc.,
7.500%, 1–23–22	2,286	2,302
Aptean Holdings, Inc.,
5.250%, 2–27–20	1,298	1,297
Misys plc and Magic Newco LLC,
12.000%, 6–12–19	21,429	22,500
TIBCO Software, Inc.,
6.500%, 12–4–20	4,215	4,150
		30,249
Internet Software & Services – 0.6%
TravelCLICK, Inc. & TCH-2 Holdings LLC:
5.500%, 5–12–21	2,191	2,191
8.750%, 11–12–21	2,827	2,770
		4,961
IT Consulting & Other Services – 0.5%
Active Network, Inc. (The),
5.500%, 11–15–20	1,764	1,750
Triple Point Group Holdings, Inc.,
5.250%, 7–13–20	2,472	2,194
		3,944
Total Information Technology – 4.8%		39,154
Materials
Diversified Metals & Mining – 0.1%
EP Minerals LLC,
8.500%, 8–20–21	996	956
Paper Packaging – 0.4%
FPC Holdings, Inc.,
9.250%, 5–27–20	1,740	1,196
Ranpak (Rack Merger),
8.250%, 10–1–22	1,982	1,834
		3,030

Specialty Chemicals – 0.1%
Chromaflo Technologies Corp.,
8.250%, 6–2–20	1,145		1,065
MacDermid, Inc.,
5.500%, 6–7–20	280		280
			1,345
Total Materials – 0.6%			5,331
TOTAL LOANS – 13.0%		$	106,025
(Cost: $119,668)
SHORT-TERM SECURITIES
Commercial Paper(K) – 7.1%
Bemis Co., Inc.,
0.720%, 10–3–16	4,000		4,000
BorgWarner, Inc.:
0.700%, 10–6–16	10,000		9,999
0.660%, 10–11–16	5,000		4,999
Kellogg Co.,
0.760%, 10–11–16	4,000		3,999
Kroger Co. (The),
0.630%, 10–3–16	22,290		22,289
Medtronic Global Holdings SCA:
0.720%, 10–3–16	5,000		5,000
0.740%, 11–14–16	5,000		4,995
NBCUniversal Enterprise, Inc.,
0.830%, 11–9–16	2,000		1,998
			57,279
Master Note – 0.1%
Toyota Motor Credit Corp.,
0.600%, 10–5–16 (L)	1,173		1,173
Municipal Obligations – 0.3%
MI Strategic Fund, Var Rate Demand Ltd. Oblig Rev Bonds (Air Prods and Chemicals, Inc. Proj), Ser 2007 (GTD by Air Prods and Chemicals, Inc.),
0.850%, 10–1–16 (L)	2,293		2,293
TOTAL SHORT-TERM SECURITIES – 7.5%		$	60,745
(Cost: $60,746)
TOTAL INVESTMENT SECURITIES – 98.2%		$	797,863
(Cost: $831,980)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.8%			14,704
NET ASSETS – 100.0%		$	812,567

Notes to Schedule of Investments

* Not shown due to rounding.

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

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

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

(D) 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, 2016 the total value of these securities amounted to $452,412 or 55.7% of net assets.

(E) Payment-in-kind bonds.

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

(G) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016.

(H) Zero coupon bond.

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

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

(K) Rate shown is the yield to maturity at September 30, 2016.

(L) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016. Date shown represents the date that the variable rate resets.

The following forward foreign currency contracts were outstanding at September 30, 2016:

	Currency to be Delivered		Currency to be Received		Settlement Date		Counterparty		Unrealized Appreciation		Unrealized Depreciation
Canadian Dollar	5,176	U.S. Dollar		3,975		10-26-16		Morgan Stanley International	$	29	$	—
Euro	725	U.S. Dollar		816		10-26-16		Morgan Stanley International		1		—
									$	30	$	—

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, 2016.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	1,392	$	—	$	49
Utilities		118		—		—
Total Common Stocks	$	1,510	$	—	$	49
Preferred Stocks		2,311		—		—
Corporate Debt Securities		—		627,223		—	*
Loans		—		60,164		45,861
Short-Term Securities		—		60,745		—
Total	$	3,821	$	748,132	$	45,910
Forward Foreign Currency Contracts	$	—	$	30	$	—

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

	Common Stocks			Warrants			Loans
Beginning Balance 1-1-16	$	62		$	—		$	40,479
Net realized gain (loss)		—			—			(1,900	)
Net unrealized appreciation (depreciation)		(13	)		(2	)		1,886
Purchases		—			—			2,615
Sales		—			—			(18,106	)
Amortization/Accretion of premium/discount		—			—			(370	)
Transfers into Level 3 during the period		—			2			29,262
Transfers out of Level 3 during the period		—			—			(8,005	)
Ending Balance 9-30-16	$	49		$	—		$	45,861
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-16	$	(13	)	$	—		$	624

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, 2016, there were no transfers between Levels 1 and 2.

Quantitative Information about Level 3 fair value measurements:

	Fair Value at 9-30-16		Valuation Technique(s)	Unobservable Input(s)
Assets
Common Stocks	$	49	Broker	Broker quotes
Loans	$	45,861	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, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	831,980
Gross unrealized appreciation		20,892
Gross unrealized depreciation		(55,009	)
Net unrealized depreciation	$	(34,117	)

SCHEDULE OF INVESTMENTS International Core Equity (in thousands) SEPTEMBER 30, 2016 (UNAUDITED)

COMMON STOCKS	Shares		Value
Australia
Energy – 1.3%
Oil Search Ltd.		1,576	$	8,550
Financials – 1.5%
Westpac Banking Corp.		458		10,351
Materials – 1.1%
Amcor Ltd.		637		7,380
Total Australia – 3.9%			$	26,281
Brazil
Information Technology – 1.2%
MercadoLibre, Inc.		45		8,250
Total Brazil – 1.2%			$	8,250
Canada
Energy – 1.4%
Suncor Energy, Inc.		346		9,612
Total Canada – 1.4%			$	9,612
China
Consumer Discretionary – 1.5%
JD.com, Inc. ADR (A)		388		10,133
Consumer Staples – 0.5%
Kweichow Moutai Co. Ltd., A Shares		78		3,466
Financials – 1.3%
PICC Property and Casualty Co. Ltd., H Shares		5,337		8,834
Information Technology – 1.1%
Alibaba Group Holding Ltd. ADR (A)		68		7,204
Total China – 4.4%			$	29,637
Denmark
Financials – 1.2%
Danske Bank A.S.		285		8,319
Total Denmark – 1.2%			$	8,319
Finland
Information Technology – 2.3%
Nokia Corp., Series A ADR		804		4,655
Nokia OYJ		1,834		10,633
				15,288
Total Finland – 2.3%			$	15,288
France
Consumer Discretionary – 1.1%
Publicis Groupe S.A.		100		7,570
Consumer Staples – 2.3%
Pernod Ricard		130		15,361
Energy – 1.3%
Total S.A.		180		8,527
Industrials – 3.8%
Bouygues S.A.		248		8,209
European Aeronautic Defence and Space Co.		151		9,145
Vinci		106		8,081
				25,435
Materials – 0.8%
L Air Liquide S.A.		51		5,415
Telecommunication Services – 0.6%
Orange S.A.		239		3,741
Total France – 9.9%			$	66,049
Germany
Health Care – 5.3%
Bayer AG		111		11,135
Fresenius Medical Care AG & Co. KGaA		128		11,199
Fresenius SE & Co. KGaA		162		12,911
				35,245
Industrials – 2.1%
Deutsche Post AG		463		14,460
Total Germany – 7.4%			$	49,705
Hong Kong
Financials – 1.4%
AIA Group Ltd.		1,424		9,466
Real Estate – 1.8%
Cheung Kong (Holdings) Ltd.		947		12,041
Total Hong Kong – 3.2%			$	21,507
Ireland
Health Care – 2.4%
Shire Pharmaceuticals Group plc ADR		81		15,728
Materials – 2.1%
CRH plc		222		7,378
James Hardie Industries plc, Class C		444		6,904
				14,282
Total Ireland – 4.5%			$	30,010
Israel
Health Care – 2.3%
Teva Pharmaceutical Industries Ltd. ADR		340		15,636
Total Israel – 2.3%			$	15,636

Italy
Financials – 1.0%
Banca Intesa S.p.A.	3,103		6,880
Total Italy – 1.0%		$	6,880
Japan
Consumer Discretionary – 6.5%
Bridgestone Corp.	460		16,793
Honda Motor Co. Ltd.	421		11,974
Isuzu Motors Ltd.	963		11,201
Nissin Kogyo Co. Ltd.	252		3,799
			43,767
Energy – 1.6%
Inpex Corp.	1,178		10,563
Financials – 2.5%
Dai-ichi Mutual Life Insurance Co. (The)	692		9,356
Tokio Marine Holdings, Inc.	187		7,063
			16,419
Industrials – 1.8%
Komatsu Ltd.	363		8,225
Mitsubishi Heavy Industries Ltd.	989		4,087
			12,312
Information Technology – 1.2%
Fujitsu Ltd.	935		4,979
Yahoo Japan Corp.	763		3,023
			8,002
Materials – 0.6%
Taiheiyo Cement Corp.	1,285		3,662
Telecommunication Services – 3.2%
Nippon Telegraph and Telephone Corp.	160		7,267
SoftBank Group Corp.	225		14,445
			21,712
Total Japan – 17.4%		$	116,437
Luxembourg
Energy – 0.9%
Tenaris S.A.	210		2,991
Tenaris S.A. ADR	100		2,846
			5,837
Total Luxembourg – 0.9%		$	5,837
Netherlands
Financials – 1.2%
ING Groep N.V., Certicaaten Van Aandelen	630		7,782
Total Netherlands – 1.2%		$	7,782
Norway
Financials – 1.2%
DNB ASA	628		8,226
Total Norway – 1.2%		$	8,226
South Africa
Consumer Discretionary – 2.1%
Naspers Ltd., Class N	79		13,709
Total South Africa – 2.1%		$	13,709
South Korea
Information Technology – 1.8%
Samsung Electronics Co. Ltd.	8		12,144
Total South Korea – 1.8%		$	12,144
Spain
Financials – 1.4%
Banco Bilbao Vizcaya Argentaria S.A.	1,500		9,069
Total Spain – 1.4%		$	9,069
Sweden
Financials – 1.2%
SwedBank AB	327		7,678
Materials – 1.5%
Svenska Cellulosa Aktiebolaget SCA (publ), Class B	340		10,101
Total Sweden – 2.7%		$	17,779
Switzerland
Consumer Discretionary – 0.6%
Dufry AG (A)	34		4,286
Consumer Staples – 2.2%
Nestle S.A., Registered Shares	184		14,499
Health Care – 2.4%
Novartis AG, Registered Shares	109		8,564
Roche Holdings AG, Genusscheine	30		7,417
			15,981
Industrials – 3.1%
Adecco S.A.	220		12,405
Wolseley plc	142		8,004
			20,409
Total Switzerland – 8.3%		$	55,175

Taiwan
Information Technology – 0.6%
Hon Hai Precision Industry Co. Ltd.	1,469			3,703
Total Taiwan – 0.6%			$	3,703
United Kingdom
Consumer Discretionary – 1.5%
WPP Group plc	441			10,357
Consumer Staples – 3.3%
Imperial Tobacco Group plc	217			11,171
Unilever plc	230			10,915
				22,086
Energy – 1.5%
BP plc	1,731			10,096
Royal Dutch Shell plc, Class A	—	*		—	*
				10,096
Financials – 2.9%
Aviva plc	1,480			8,450
Legal & General Group plc	2,743			7,775
Prudential plc	186			3,291
				19,516
Health Care – 2.3%
Shire plc	103			6,659
Smith & Nephew plc	527			8,504
				15,163
Industrials – 2.0%
BAE Systems plc	2,012			13,664
Materials – 1.5%
Rio Tinto plc	219			7,321
Rio Tinto plc ADR	71			2,378
				9,699
Telecommunication Services – 1.3%
BT Group plc	1,705			8,597
Total United Kingdom – 16.3%			$	109,178
United States
Information Technology – 0.7%
Cognizant Technology Solutions Corp., Class A (A)	97			4,645
Total United States – 0.7%			$	4,645
TOTAL COMMON STOCKS – 97.3%			$	650,858
(Cost: $662,050)

PREFERRED STOCKS
United States
Financials – 0.6%
Mandatory Exchangeable Trust, 5.750% (B)		29		3,747
Total United States – 0.6%			$	3,747
TOTAL PREFERRED STOCKS – 0.6%			$	3,747
(Cost: $2,900)
RIGHTS
France
Materials – 0.0%
L’Air Liquide S.A.		51		138
TOTAL RIGHTS – 0.0%			$	138
(Cost: $146)
SHORT-TERM SECURITIES	Principal
Commercial Paper (C) – 1.4%
Kroger Co. (The)
0.630%, 10–3–16	$	8,750		8,749
Master Note – 0.2%
Toyota Motor Credit Corp.
0.600%, 10–5–16 (D)		1,574		1,574
TOTAL SHORT-TERM SECURITIES – 1.6%			$	10,323
(Cost: $10,324)
TOTAL INVESTMENT SECURITIES – 99.5%			$	665,066
(Cost: $675,420)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.5%				3,587
NET ASSETS – 100.0%			$	668,653

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, 2016 the total value of these securities amounted to $3,747 or 0.6% of net assets.

(C) Rate shown is the yield to maturity at September 30, 2016.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016. Date shown represents the date that the variable rate resets.

The following forward foreign currency contracts were outstanding at September 30, 2016:

	Currency to be Delivered		Currency to be Received		Settlement Date	Counterparty		Unrealized Appreciation		Unrealized Depreciation
Euro	45,100	U.S. Dollar		50,786	10-26-16		State Street Global Markets	$	69	$	—

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, 2016.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	650,858	$	—	$	—
Preferred Stocks		—		3,747		—
Rights		—		138		—
Short-Term Securities		—		10,323		—
Total	$	650,858	$	14,208	$	—
Forward Foreign Currency Contracts	$	—	$	69	$	—

During the period ended September 30, 2016, 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, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	675,420
Gross unrealized appreciation		38,880
Gross unrealized depreciation		(49,234	)
Net unrealized depreciation	$	(10,354	)

SCHEDULE OF INVESTMENTS Global Growth (in thousands) SEPTEMBER 30, 2016 (UNAUDITED)

COMMON STOCKS	Shares		Value
Belgium
Consumer Staples – 2.4%
InBev N.V.		91	$	11,942
Total Belgium – 2.4%			$	11,942
Brazil
Information Technology – 1.5%
MercadoLibre, Inc.		42		7,682
Total Brazil – 1.5%			$	7,682
Canada
Industrials – 1.0%
Canadian Pacific Railway Ltd.		34		5,128
Total Canada – 1.0%			$	5,128
China
Consumer Discretionary – 1.3%
JD.com, Inc. ADR (A)		248		6,465
Information Technology – 5.7%
Alibaba Group Holding Ltd. ADR (A)		153		16,201
Tencent Holdings Ltd.		458		12,588
				28,789
Total China – 7.0%			$	35,254
France
Consumer Staples – 1.0%
Pernod Ricard		42		4,992
Industrials – 2.8%
European Aeronautic Defence and Space Co.		143		8,628
Safran		77		5,537
				14,165
Total France – 3.8%			$	19,157
Germany
Consumer Discretionary – 1.5%
Continental AG		35		7,421
Health Care – 3.0%
Fresenius SE & Co. KGaA		192		15,287
Industrials – 0.8%
Siemens AG		32		3,774
Total Germany – 5.3%			$	26,482
Ireland
Health Care – 1.5%
Medtronic plc		86		7,391
Total Ireland – 1.5%			$	7,391
Israel
Health Care – 2.0%
Teva Pharmaceutical Industries Ltd. ADR		219		10,094
Total Israel – 2.0%			$	10,094
Mexico
Consumer Staples – 1.2%
Wal-Mart de Mexico S.A.B. de C.V.		2,772		6,069
Total Mexico – 1.2%			$	6,069
Netherlands
Consumer Discretionary – 1.0%
Koninklijke Philips Electronics N.V., Ordinary Shares		174		5,169
Information Technology – 3.1%
ASML Holding N.V., NY Registry Shares		61		6,687
NXP Semiconductors N.V. (A)		84		8,546
				15,233
Total Netherlands – 4.1%			$	20,402
South Korea
Information Technology – 1.2%
Samsung Electronics Co. Ltd.		4		5,833
Total South Korea – 1.2%			$	5,833
Switzerland
Industrials – 0.7%
Adecco S.A.		64		3,604
Total Switzerland – 0.7%			$	3,604

United Kingdom
Consumer Discretionary – 1.0%
Compass Group plc		257		4,984
Consumer Staples – 1.8%
Coca-Cola European Partners plc		223		8,883
Financials – 0.9%
Prudential plc		271		4,793
Health Care – 0.5%
Shire plc		40		2,584
Total United Kingdom – 4.2%			$	21,244
United States
Consumer Discretionary – 12.8%
Amazon.com, Inc. (A)		34		28,466
Home Depot, Inc. (The)		71		9,185
Johnson Controls, Inc.		245		11,399
Limited Brands, Inc.		104		7,385
Newell Rubbermaid, Inc.		144		7,598
				64,033
Consumer Staples – 3.0%
Coca-Cola Co. (The)		176		7,429
Kraft Foods Group, Inc.		85		7,565
				14,994
Energy – 5.3%
EOG Resources, Inc.		52		5,031
Halliburton Co.		320		14,368
Schlumberger Ltd.		93		7,343
				26,742
Health Care – 11.0%
Allergan plc (A)		75		17,213
Biogen, Inc. (A)		21		6,573
Bristol-Myers Squibb Co.		44		2,366
Gilead Sciences, Inc.		72		5,669
HCA Holdings, Inc. (A)		164		12,372
Thermo Fisher Scientific, Inc.		69		11,031
				55,224
Industrials – 5.3%
J.B. Hunt Transport Services, Inc.		168		13,665
Kansas City Southern		46		4,311
Rockwell Collins, Inc.		105		8,878
				26,854
Information Technology – 17.6%
Alphabet, Inc., Class C (A)		28		21,703
Cognizant Technology Solutions Corp., Class A (A)		170		8,134
Facebook, Inc., Class A (A)		106		13,548
MasterCard, Inc., Class A		188		19,099
Visa, Inc., Class A		311		25,747
				88,231
Total United States – 55.0%			$	276,078
TOTAL COMMON STOCKS – 90.9%			$	456,360
(Cost: $405,896)
SHORT-TERM SECURITIES	Principal
Commercial Paper (B) – 8.5%
General Mills, Inc.
0.580%, 10–3–16	$	5,000		5,000
Kroger Co. (The)
0.630%, 10–3–16		15,142		15,141
McCormick & Co., Inc.
0.500%, 10–3–16		5,000		5,000
United Technologies Corp.
0.770%, 10–13–16		7,000		6,998
Wisconsin Electric Power Co.
0.480%, 10–5–16		5,500		5,499
Wisconsin Gas LLC
0.460%, 10–4–16		5,000		5,000
				42,638
Master Note – 0.4%
Toyota Motor Credit Corp.
0.600%, 10–5–16 (C)		2,132		2,132
TOTAL SHORT-TERM SECURITIES – 8.9%			$	44,770
(Cost: $44,771)
TOTAL INVESTMENT SECURITIES – 99.8%			$	501,130
(Cost: $450,667)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.2%				956
NET ASSETS – 100.0%			$	502,086

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, 2016.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016. Date shown represents the date that the variable rate resets.

The following forward foreign currency contracts were outstanding at September 30, 2016:

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized Depreciation
Euro		32,600	U.S. Dollar		36,713	10-26-16	Citibank N.A.	$	53	$	—

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, 2016:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	456,360	$	—	$	—
Short-Term Securities		—		44,770		—
Total	$	456,360	$	44,770	$	—
Forward Foreign Currency Contracts	$	—	$	53	$	—

During the period ended September 30, 2016, 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, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	450,667
Gross unrealized appreciation		64,300
Gross unrealized depreciation		(13,837	)
Net unrealized appreciation	$	50,463

SCHEDULE OF INVESTMENTS Limited-Term Bond (in thousands) SEPTEMBER 30, 2016 (UNAUDITED)

ASSET-BACKED SECURITIES	Principal		Value
American Airlines Class AA Pass Through Certificates, Series 2016-2,
3.200%, 6–15–28	$	1,000	$	1,025
SBA Tower Trust, Series 2013-1C (GTD by SBA Guarantor LLC and SBA Holdings LLC),
2.240%, 4–16–18 (A)		1,900		1,906
SBA Tower Trust, Series 2016-1 (GTD by SBA Guarantor LLC and SBA Holdings LLC),
2.877%, 7–15–21 (A)		1,000		1,017
TOTAL ASSET-BACKED SECURITIES – 1.0%			$	3,948
(Cost: $3,909)
CORPORATE DEBT SECURITIES
Consumer Discretionary
Apparel Retail – 0.3%
TJX Cos., Inc. (The),
2.750%, 6–15–21		1,000		1,051
Apparel, Accessories & Luxury Goods – 0.8%
Hanesbrands, Inc.,
4.625%, 5–15–24 (A)		1,350		1,386
LVMH Moet Hennessy – Louis Vuitton,
1.625%, 6–29–17 (A)		1,725		1,728
				3,114
Auto Parts & Equipment – 0.6%
BorgWarner Automotive, Inc.,
8.000%, 10–1–19		2,000		2,324
Automobile Manufacturers – 1.4%
BMW U.S. Capital LLC,
2.000%, 4–11–21 (A)		1,500		1,517
Toyota Motor Credit Corp.,
2.000%, 10–24–18		4,000		4,058
				5,575
Cable & Satellite – 2.4%
Comcast Corp. (GTD by Comcast Cable Communications and NBCUniversal):
1.625%, 1–15–22		750		744
2.350%, 1–15–27		545		537
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc.,
4.450%, 4–1–24		1,190		1,309
Lender Processing Services, Inc. and Black Knight Lending Solutions, Inc.,
5.750%, 4–15–23		1,076		1,132
Time Warner Cable, Inc.,
5.850%, 5–1–17		1,901		1,948
Time Warner Co., Inc. (GTD by Time Warner, Inc.),
7.250%, 10–15–17		3,337		3,535
				9,205
General Merchandise Stores – 1.1%
Dollar General Corp.,
4.125%, 7–15–17		4,000		4,090
Internet & Direct Marketing Retail – 0.9%
Amazon.com, Inc.:
1.200%, 11–29–17		2,000		2,002
3.800%, 12–5–24		1,520		1,685
				3,687
Total Consumer Discretionary – 7.5%				29,046
Consumer Staples
Brewers – 1.0%
Anheuser-Busch InBev S.A./N.V.,
3.300%, 2–1–23		3,585		3,781
Distillers & Vintners – 0.7%
Beam, Inc.,
1.875%, 5–15–17		2,672		2,684
Drug Retail – 0.5%
CVS Health Corp.,
2.250%, 12–5–18		2,000		2,036
Food Distributors – 0.7%
Bestfoods,
7.000%, 10–15–17		2,500		2,643
Food Retail – 0.6%
Kroger Co. (The):
6.800%, 12–15–18		1,245		1,391
1.500%, 9–30–19		750		748
				2,139

Packaged Foods & Meats – 1.8%
Hershey Co. (The),
1.600%, 8–21–18	2,000	2,020
Kraft Heinz Foods Co.,
4.875%, 2–15–25 (A)	2,250	2,482
Tyson Foods, Inc. (GTD by Tyson Fresh Meats, Inc.),
2.650%, 8–15–19	2,459	2,521
		7,023
Total Consumer Staples – 5.3%		20,306
Energy
Integrated Oil & Gas – 0.4%
Statoil ASA (GTD by Statoil Petroleum AS),
1.950%, 11–8–18	1,500	1,515
Oil & Gas Equipment & Services – 0.9%
Enterprise Products Operating LLC (GTD by Enterprise Products Partners L.P.),
6.500%, 1–31–19	1,850	2,052
Schlumberger Norge A.S. (GTD by Schlumberger Ltd.),
1.250%, 8–1–17 (A)	1,500	1,498
		3,550
Oil & Gas Exploration & Production – 2.3%
BP Capital Markets plc (GTD by BP plc),
1.674%, 2–13–18	3,750	3,764
ConocoPhillips Co. (GTD by ConocoPhillips),
3.350%, 11–15–24	1,000	1,024
EQT Corp.,
8.125%, 6–1–19	2,650	3,029
Exxon Mobil Corp.,
0.890%, 3–15–17 (B)	1,100	1,101
		8,918
Oil & Gas Refining & Marketing – 1.1%
PBF Holding Co. LLC,
8.250%, 2–15–20	1,300	1,341
Shell International Finance B.V. (GTD by Royal Dutch Shell plc),
2.000%, 11–15–18	2,625	2,658
		3,999
Oil & Gas Storage & Transportation – 1.0%
El Paso Corp.,
7.000%, 6–15–17	2,000	2,070
EnLink Midstream Partners L.P.,
4.850%, 7–15–26	1,000	1,007
Sunoco Logistics Partners Operations L.P. (GTD by Sunoco Logistics Partners L.P.),
4.400%, 4–1–21	800	858
		3,935
Total Energy – 5.7%		21,917
Financials
Asset Management & Custody Banks – 0.7%
Ares Capital Corp.,
3.875%, 1–15–20	2,820	2,917
Consumer Finance – 3.9%
American Honda Finance Corp.:
7.625%, 10–1–18 (A)	1,000	1,122
2.125%, 10–10–18	3,000	3,054
Capital One Financial Corp.,
6.750%, 9–15–17	1,000	1,047
Discover Financial Services,
3.950%, 11–6–24	2,775	2,842
Ford Motor Credit Co. LLC,
5.000%, 5–15–18	1,126	1,182
General Motors Financial Co., Inc. (GTD by AmeriCredit Financial Services, Inc.):
2.400%, 5–9–19	3,000	3,011
4.200%, 3–1–21	1,000	1,052
Hyundai Capital America,
2.875%, 8–9–18 (A)	1,000	1,021
Total System Services, Inc.,
3.800%, 4–1–21	850	902
		15,233
Diversified Banks – 7.2%
Ally Financial, Inc.,
5.500%, 2–15–17	1,630	1,650

Banco del Estado de Chile,
1.117%, 3–13–17 (B)	1,500	1,500
Bank of America Corp.,
2.625%, 4–19–21	1,500	1,524
Bank of Montreal,
1.126%, 6–6–17 (B)	1,500	1,499
Bank of New York Mellon Corp. (The),
2.300%, 9–11–19	2,550	2,609
BB&T Corp.,
2.050%, 5–10–21	1,150	1,162
Bear Stearns Co., Inc. (The),
6.400%, 10–2–17	2,000	2,095
Branch Banking and Trust Co.,
1.450%, 5–10–19	2,000	2,002
Huntington Bancshares, Inc.,
3.150%, 3–14–21	1,000	1,037
Huntington National Bank,
2.200%, 11–6–18	1,000	1,012
Mitsubishi UFJ Financial Group, Inc.,
2.190%, 9–13–21	2,000	1,995
Mizuho Financial Group, Inc.,
2.273%, 9–13–21	2,500	2,492
Sumitomo Mitsui Financial Group, Inc.,
2.058%, 7–14–21	750	744
U.S. Bancorp,
3.100%, 4–27–26	704	728
Wachovia Corp.,
5.750%, 2–1–18	1,500	1,585
Wells Fargo & Co.,
3.000%, 2–19–25	1,995	2,027
Wells Fargo Bank N.A.,
1.040%, 2–15–17 (B)	2,000	2,000
		27,661
Investment Banking & Brokerage – 2.1%
Goldman Sachs Group, Inc. (The):
2.375%, 1–22–18	1,000	1,010
2.750%, 9–15–20	800	820
2.350%, 11–15–21	1,000	998
4.000%, 3–3–24	800	859
Merrill Lynch & Co., Inc.,
6.400%, 8–28–17	2,000	2,087
Morgan Stanley:
2.800%, 6–16–20	1,000	1,026
2.500%, 4–21–21	1,000	1,010
3.000%, 5–31–23 (B)	300	305
		8,115
Life & Health Insurance – 1.6%
Athene Global Funding,
2.875%, 10–23–18 (A)	2,550	2,544
New York Life Global Funding,
1.550%, 11–2–18 (A)	1,500	1,508
Principal Life Global Funding II,
2.625%, 11–19–20 (A)	2,000	2,049
		6,101
Other Diversified Financial Services – 4.0%
Citigroup, Inc.:
1.300%, 11–15–16	2,000	2,000
2.650%, 10–26–20	1,000	1,022
2.700%, 3–30–21	1,000	1,022
Fidelity National Financial, Inc.,
6.600%, 5–15–17	1,000	1,028
Fidelity National Information Services, Inc.,
2.850%, 10–15–18	1,100	1,129
JPMorgan Chase & Co.:
6.000%, 1–15–18	1,316	1,391
2.295%, 8–15–21	2,000	2,004
3.000%, 2–27–30	850	849
JPMorgan Chase Bank N.A.,
1.311%, 9–21–18 (B)	1,500	1,501
USAA Capital Corp.,
2.450%, 8–1–20 (A)	3,245	3,338
		15,284
Property & Casualty Insurance – 1.5%
ACE INA Holdings, Inc. (GTD by ACE Ltd.),
2.300%, 11–3–20	1,500	1,539
Berkshire Hathaway, Inc.:
2.100%, 8–14–19	3,000	3,065
2.750%, 3–15–23	1,000	1,040
		5,644
Regional Banks – 0.4%
PNC Funding Corp. (GTD by PNC Financial Services Group, Inc.),
6.700%, 6–10–19	1,447	1,645
Specialized Finance – 0.8%
ADOP Co.,
6.625%, 10–1–17 (A)	1,000	1,040
Diamond 1 Finance Corp. and Diamond 2 Finance Corp.,
3.480%, 6–1–19 (A)	1,875	1,928
		2,968
Total Financials – 22.2%		85,568
Health Care
Biotechnology – 0.6%
Amgen, Inc.,
5.850%, 6–1–17	2,373	2,443

Health Care Supplies – 1.7%
Catholic Health Initiatives,
2.600%, 8–1–18	3,575	3,643
Medtronic, Inc.,
3.500%, 3–15–25	1,750	1,886
Stryker Corp.,
2.625%, 3–15–21	1,000	1,031
		6,560
Pharmaceuticals – 0.7%
AbbVie, Inc.,
2.500%, 5–14–20	1,200	1,225
Mylan, Inc.,
1.350%, 11–29–16	1,500	1,501
		2,726
Total Health Care – 3.0%		11,729
Industrials
Aerospace & Defense – 2.1%
BAE Systems Holdings, Inc.:
6.375%, 6–1–19 (A)	941	1,049
3.850%, 12–15–25 (A)	1,500	1,596
BAE Systems plc,
4.750%, 10–11–21 (A)	748	832
Exelis, Inc.:
4.250%, 10–1–16	2,150	2,150
5.550%, 10–1–21	460	524
General Dynamics Corp.,
1.875%, 8–15–23	500	496
TransDigm Group, Inc.,
7.500%, 7–15–21	1,407	1,491
		8,138
Air Freight & Logistics – 0.7%
FedEx Corp.,
8.000%, 1–15–19	2,252	2,582
Airlines – 1.0%
Southwest Airlines Co.:
5.125%, 3–1–17	2,263	2,298
2.650%, 11–5–20	1,500	1,541
		3,839
Environmental & Facilities Services – 2.0%
Republic Services, Inc.,
3.800%, 5–15–18	4,000	4,155
Waste Management, Inc. (GTD by Waste Management Holdings, Inc.):
6.100%, 3–15–18	2,540	2,717
7.100%, 8–1–26	550	744
		7,616
Industrial Conglomerates – 0.7%
General Electric Capital Corp.,
5.012%, 1–1–24	2,586	2,884
Railroads – 0.8%
Burlington Northern Santa Fe Corp.,
5.750%, 3–15–18	2,750	2,931
Total Industrials – 7.3%		27,990
Information Technology
Application Software – 0.7%
Michael Baker International LLC,
8.250%, 10–15–18 (A)	1,345	1,348
NVIDIA Corp.,
2.200%, 9–16–21	1,500	1,505
		2,853
Communications Equipment – 0.5%
Cisco Systems, Inc.,
2.200%, 2–28–21	2,000	2,046
Data Processing & Outsourced Services – 1.2%
Alliance Data Systems Corp.,
6.375%, 4–1–20 (A)	1,000	1,019
Visa, Inc.,
2.800%, 12–14–22	3,600	3,774
		4,793
Home Entertainment Software – 0.3%
Activision Blizzard, Inc.,
2.300%, 9–15–21 (A)	1,000	1,003
Semiconductor Equipment – 0.4%
Lam Research Corp.,
2.800%, 6–15–21	1,500	1,540
Semiconductors – 0.7%
Intel Corp.,
2.450%, 7–29–20	1,000	1,035
Samsung Electronics America, Inc. (GTD by Samsung Electronics Co. Ltd.),
1.750%, 4–10–17 (A)	1,500	1,503
		2,538
Systems Software – 1.1%
CA, Inc.,
5.375%, 12–1–19	1,500	1,657
Microsoft Corp.:
2.000%, 11–3–20	2,000	2,043
2.000%, 8–8–23	750	749
		4,449

Technology Hardware, Storage & Peripherals – 0.7%
Apple, Inc.,
1.550%, 2–7–20	2,500		2,522
Total Information Technology – 5.6%			21,744
Materials
Diversified Chemicals – 0.2%
Dow Chemical Co. (The),
4.250%, 11–15–20	724		786
Specialty Chemicals – 0.5%
Methanex Corp.,
3.250%, 12–15–19	2,000		1,977
Total Materials – 0.7%			2,763
Real Estate
Specialized REITs – 0.4%
Crown Castle International Corp.:
2.250%, 9–1–21	500		500
4.875%, 4–15–22	1,000		1,115
			1,615
Total Real Estate – 0.4%			1,615
Telecommunication Services
Integrated Telecommunication Services – 0.8%
AT&T, Inc.,
5.875%, 10–1–19	2,592		2,899
Wireless Telecommunication Service – 2.0%
American Tower Corp.:
3.300%, 2–15–21	2,500		2,614
5.900%, 11–1–21	800		933
2.250%, 1–15–22	2,165		2,161
3.375%, 10–15–26	1,000		1,014
Crown Castle Towers LLC,
3.222%, 5–15–22 (A)	1,000		1,031
			7,753
Total Telecommunication Services – 2.8%			10,652
Utilities
Electric Utilities – 1.1%
Emera U.S. Finance L.P. (GTD by Emera U.S. Holdings, Inc.),
2.150%, 6–15–19 (A)	1,000		1,011
Entergy Mississippi, Inc.,
2.850%, 6–1–28	1,050		1,074
Entergy Texas, Inc.,
2.550%, 6–1–21	1,275		1,311
National Rural Utilities Cooperative Finance Corp.,
1.650%, 2–8–19	1,000		1,008
			4,404
Multi-Utilities – 1.1%
Dominion Resources, Inc.,
6.400%, 6–15–18	3,000		3,235
Dominion Resources, Inc., Series A,
1.400%, 9–15–17	1,000		1,000
			4,235
Total Utilities – 2.2%			8,639
TOTAL CORPORATE DEBT SECURITIES – 62.7%		$	241,969
(Cost: $238,115)
MORTGAGE-BACKED SECURITIES
Non-Agency REMIC/CMO – 0.4%
Bear Stearns Deutsche Bank Trust, Commercial Mortgage Pass-Through Certificates, Series 2005-AFR1, Class C,
5.097%, 9–15–27 (A)	640		704
CFCRE Commercial Mortgage Trust, Series 2015-RUM, Class B,
2.658%, 7–15–30 (A)(B)	870		852
			1,556
TOTAL MORTGAGE-BACKED SECURITIES – 0.4%		$	1,556
(Cost: $1,570)
MUNICIPAL BONDS – TAXABLE
California – 1.3%
Alameda Corridor Trans Auth, Taxable Sr Lien Rev Bonds, Ser 1999C,
6.500%, 10–1–19	1,200		1,301
CA Various Purp GO Bonds,
7.700%, 11–1–30	1,750		2,154
The Regents of the Univ of CA, Gen Rev Bonds, Ser 2013AH,
1.796%, 7–1–19	1,500		1,521
			4,976
New York – 0.4%
NYC GO Bonds, Fiscal 2017 Ser A-2,
2.460%, 8–1–26	1,750		1,754
TOTAL MUNICIPAL BONDS – TAXABLE – 1.7%		$	6,730
(Cost: $6,723)

UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Agency Obligations – 2.5%
Federal Home Loan Bank:
1.900%, 4–12–23	2,165		2,175
2.750%, 3–2–26	2,000		2,001
2.500%, 4–27–26	2,420		2,427
1.750%, 7–21–31	1,640		1,639
1.700%, 7–25–31	1,500		1,491
			9,733
Mortgage-Backed Obligations – 21.5%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO:
2.699%, 5–25–18	1,042		1,064
2.822%, 6–25–21 (A)(B)	1,676		1,686
3.669%, 2–25–22 (A)(B)	1,000		984
4.000%, 6–15–26	3,998		4,299
2.125%, 8–28–31	725		725
5.045%, 7–25–44 (A)(B)	1,100		1,149
5.116%, 8–25–44 (A)(B)	1,000		1,105
4.302%, 9–25–44 (A)(B)	2,000		2,080
4.490%, 12–25–44 (A)(B)	3,047		3,325
3.883%, 2–25–45 (A)(B)	1,906		1,964
4.492%, 1–25–46 (A)(B)	1,000		1,080
4.752%, 11–25–46 (A)(B)	1,557		1,716
4.436%, 7–25–48 (A)(B)	1,275		1,284
4.572%, 12–25–48 (A)(B)	3,625		3,904
Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates:
3.000%, 8–1–28	3,533		3,717
3.000%, 9–1–28	3,512		3,708
3.500%, 10–1–28	4,173		4,416
3.000%, 11–1–29	1,583		1,667
4.500%, 8–1–30	1,110		1,217
3.000%, 1–15–42	1,019		1,055
2.500%, 5–15–44	936		966
Federal National Mortgage Association Agency REMIC/CMO:
2.990%, 11–1–18	1,700		1,756
3.000%, 2–25–25	2,300		2,407
3.510%, 4–25–29	2,500		2,532
2.375%, 2–24–31	1,500		1,501
2.000%, 4–25–39	1,112		1,115
2.000%, 6–25–39	3,805		3,853
2.000%, 4–25–40	1,100		1,108
2.500%, 11–25–45	3,205		3,281
Federal National Mortgage Association Fixed Rate Pass-Through Certificates:
4.580%, 6–1–19	3,549		3,807
4.643%, 7–1–20	2,416		2,623
3.680%, 2–1–21	1,214		1,260
4.380%, 6–1–21	1,785		1,985
5.500%, 10–1–21	551		583
3.000%, 9–1–28	1,754		1,844
4.000%, 12–1–31	2,565		2,779
2.000%, 10–25–41	2,285		2,302
2.500%, 12–25–45	3,329		3,408
Government National Mortgage Association Agency REMIC/CMO,
2.000%, 3–16–42	1,457		1,454
			82,709
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 24.0%		$	92,442
(Cost: $91,421)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 6.7%
U.S. Treasury Notes:
0.625%, 9–30–17	7,500		7,496
0.750%, 10–31–17	5,000		5,003
2.750%, 2–28–18	9,000		9,255
2.000%, 8–15–25	3,850		3,987
			25,741
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 6.7%		$	25,741
(Cost: $25,518)
SHORT-TERM SECURITIES
Commercial Paper (C) – 0.8%
NBCUniversal Enterprise, Inc.,
0.830%, 11–9–16	3,000		2,997
Master Note – 0.6%
Toyota Motor Credit Corp.,
0.600%, 10–5–16 (D)	2,306		2,306
Municipal Obligations – 1.3%
NYC GO Bonds, Fiscal 2008 Ser L-4 (GTD by U.S. Bank N.A.),
0.880%, 10–1–16 (D)	5,000		5,000
TOTAL SHORT-TERM SECURITIES – 2.7%		$	10,303
(Cost: $10,304)
TOTAL INVESTMENT SECURITIES – 99.2%		$	382,689
(Cost: $377,560)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.8%			3,199
NET ASSETS – 100.0%		$	385,888

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, 2016 the total value of these securities amounted to $58,309 or 15.1% of net assets.

(B) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016.

(C) Rate shown is the yield to maturity at September 30, 2016.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016. 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, 2016.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Asset-Backed Securities	$	—	$	3,948	$	—
Corporate Debt Securities		—		241,969		—
Mortgage-Backed Securities		—		1,556		—
Municipal Bonds		—		6,730		—
United States Government Agency Obligations		—		92,442		—
United States Government Obligations		—		25,741		—
Short-Term Securities		—		10,303		—
Total	$	—	$	382,689	$	—

During the period ended September 30, 2016, 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 Trusts

REMIC = Real Estate Mortgage Investment Conduit

For Federal income tax purposes, cost of investments owned at September 30, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	377,560
Gross unrealized appreciation		5,390
Gross unrealized depreciation		(261	)
Net unrealized appreciation	$	5,129

SCHEDULE OF INVESTMENTS Micro Cap Growth (in thousands) SEPTEMBER 30, 2016 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Auto Parts & Equipment – 2.3%
Motorcar Parts of America, Inc. (A)		50	$	1,433
Broadcasting – 1.6%
Entravision Communications Corp.		130		991
Home Improvement Retail – 3.3%
Tile Shop Holdings, Inc. (A)		129		2,127
Leisure Products – 3.3%
Nautilus Group, Inc. (The) (A)		93		2,113
Restaurants – 1.7%
Kona Grill, Inc. (A)		88		1,102
Specialty Stores – 2.8%
DAVIDsTEA, Inc. (A)		30		370
Sportsman’s Warehouse Holdings, Inc. (A)		131		1,379
				1,749
Total Consumer Discretionary – 15.0%				9,515
Consumer Staples
Distillers & Vintners – 0.1%
MGP Ingredients, Inc.		2		73
Packaged Foods & Meats – 1.7%
Inventure Foods, Inc. (A)		114		1,074
Total Consumer Staples – 1.8%				1,147
Energy
Oil & Gas Equipment & Services – 1.3%
Natural Gas Services Group, Inc. (A)		35		848
Oil & Gas Exploration & Production – 1.9%
Clayton Williams Energy, Inc. (A)		1		60
Earthstone Energy, Inc. (A)		33		285
Resolute Energy Corp. (A)		11		276
Rice Energy, Inc. (A)		52		565
				1,186
Total Energy – 3.2%				2,034
Financials
Mortgage REITs – 2.5%
American Capital Mortgage Investment Corp.		20		335
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		53		1,230
				1,565
Total Financials – 2.5%				1,565
Health Care
Biotechnology – 1.0%
Natera, Inc. (A)		56		620
Health Care Equipment – 6.7%
AxoGen, Inc. (A)		55		492
Entellus Medical, Inc. (A)		17		371
K2M Group Holdings, Inc. (A)		83		1,467
Oxford Immunotec Global plc (A)		62		781
Tactile Systems Technology, Inc. (A)		59		1,109
				4,220
Health Care Supplies – 4.7%
Endologix, Inc. (A)		119		1,528
ICU Medical, Inc. (A)		12		1,466
				2,994
Health Care Technology – 4.4%
Evolent Health, Inc., Class A (A)		58		1,438
Omnicell, Inc. (A)		35		1,340
				2,778
Pharmaceuticals – 6.5%
Aerie Pharmaceuticals, Inc. (A)		52		1,955
Intersect ENT, Inc. (A)		42		670
Intra-Cellular Therapies, Inc. (A)		25		382
Novan, Inc. (A)		43		858
Revance Therapeutics, Inc. (A)		16		256
				4,121
Total Health Care – 23.3%				14,733
Industrials
Building Products – 2.9%
American Woodmark Corp. (A)		10		822
PGT, Inc. (A)		94		1,004
				1,826

Construction & Engineering – 2.7%
MYR Group, Inc. (A)		58		1,737
Trucking – 0.6%
YRC Worldwide, Inc. (A)		29		357
Total Industrials – 6.2%				3,920
Information Technology
Application Software – 2.5%
Zix Corp. (A)		386		1,581
Communications Equipment – 1.9%
Oclaro, Inc. (A)		142		1,210
Electronic Manufacturing Services – 1.7%
Mercury Computer Systems, Inc. (A)		45		1,103
Internet Software & Services – 17.4%
2U, Inc. (A)		17		666
comScore, Inc. (A)		39		1,202
Cornerstone OnDemand, Inc. (A)		41		1,889
LogMeIn, Inc.		21		1,898
Mimecast Ltd. (A)		81		1,549
Q2 Holdings, Inc. (A)		52		1,496
SPS Commerce, Inc. (A)		31		2,298
				10,998
Semiconductor Equipment – 2.5%
PDF Solutions, Inc. (A)		88		1,604
Semiconductors – 2.1%
NVE Corp.		23		1,338
Systems Software – 0.8%
SecureWorks Corp., Class A (A)		39		493
Total Information Technology – 28.9%				18,327
Materials
Specialty Chemicals – 3.2%
Flotek Industries, Inc. (A)(B)		13		189
Flotek Industries, Inc. (A)		126		1,829
				2,018
Total Materials – 3.2%				2,018
Real Estate
Health Care REITs – 1.4%
Community Healthcare Trust, Inc.		42		913
Total Real Estate – 1.4%				913
Telecommunication Services
Integrated Telecommunication Services – 6.4%
8x8, Inc. (A)		165		2,546
GTT Communications, Inc. (A)		65		1,536
				4,082
Wireless Telecommunication Service – 0.2%
RingCentral, Inc., Class A (A)		5		121
Total Telecommunication Services – 6.6%				4,203
TOTAL COMMON STOCKS – 92.1%			$	58,375
(Cost: $46,838)
SHORT-TERM SECURITIES	Principal
Commercial Paper(C) – 6.6%
Kroger Co. (The),
0.630%, 10–3–16	$	4,217		4,217
Master Note – 2.8%
Toyota Motor Credit Corp.,
0.600%, 10–5–16 (D)		1,750		1,750
TOTAL SHORT-TERM SECURITIES – 9.4%			$	5,967
(Cost: $5,967)
TOTAL INVESTMENT SECURITIES – 101.5%			$	64,342
(Cost: $52,805)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.5)%				(968	)
NET ASSETS – 100.0%			$	63,374

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, 2016 the total value of these securities amounted to $189 or 0.3% of net assets.

(C) Rate shown is the yield to maturity at September 30, 2016.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016. 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, 2016:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	58,375	$	—	$	—
Short-Term Securities		—		5,967		—
Total	$	58,375	$	5,967	$	—

During the period ended September 30, 2016, 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, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	52,805
Gross unrealized appreciation		13,228
Gross unrealized depreciation		(1,691	)
Net unrealized appreciation	$	11,537

SCHEDULE OF INVESTMENTS Mid Cap Growth (in thousands) SEPTEMBER 30, 2016 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Apparel Retail – 1.0%
DSW, Inc., Class A		295	$	6,043
Apparel, Accessories & Luxury Goods – 3.1%
Burberry Group plc (A)		368		6,573
Kate Spade & Co. (B)		337		5,769
lululemon athletica, Inc. (B)		111		6,799
				19,141
Auto Parts & Equipment – 1.6%
BorgWarner, Inc.		273		9,611
Homebuilding – 1.6%
D.R. Horton, Inc.		324		9,795
Homefurnishing Retail – 2.6%
Bed Bath & Beyond, Inc.		182		7,866
Williams-Sonoma, Inc.		156		7,948
				15,814
Leisure Products – 3.4%
Mattel, Inc. (C)		369		11,170
Polaris Industries, Inc.		128		9,905
				21,075
Restaurants – 2.2%
Dunkin’ Brands Group, Inc. (C)		258		13,423
Specialty Stores – 3.4%
Tiffany & Co.		151		10,950
Tractor Supply Co.		148		9,982
				20,932
Total Consumer Discretionary – 18.9%				115,834
Consumer Staples
Food Retail – 1.7%
Whole Foods Market, Inc.		377		10,694
Packaged Foods & Meats – 4.7%
Blue Buffalo Pet Products, Inc. (B)		268		6,376
Hain Celestial Group, Inc. (The) (B)		236		8,405
Mead Johnson Nutrition Co. (C)		178		14,079
				28,860
Total Consumer Staples – 6.4%				39,554
Energy
Oil & Gas Exploration & Production – 4.8%
Cabot Oil & Gas Corp.		271		6,984
Cimarex Energy Co.		46		6,162
Continental Resources, Inc. (B)		178		9,269
Noble Energy, Inc.		188		6,725
				29,140
Total Energy – 4.8%				29,140
Financials
Asset Management & Custody Banks – 3.2%
Northern Trust Corp.		220		14,970
Oaktree Capital Group LLC		115		4,881
				19,851
Financial Exchanges & Data – 2.6%
CME Group, Inc.		149		15,578
Regional Banks – 3.3%
First Republic Bank		147		11,307
Signature Bank (B)		77		9,137
				20,444
Total Financials – 9.1%				55,873
Health Care
Biotechnology – 3.8%
ACADIA Pharmaceuticals, Inc. (B)		154		4,886
Alkermes plc (B)		194		9,102
BioMarin Pharmaceutical, Inc. (B)		101		9,363
				23,351
Health Care Distributors – 0.9%
Henry Schein, Inc. (B)		34		5,584
Health Care Equipment – 5.3%
Edwards Lifesciences Corp. (B)		108		12,989
Intuitive Surgical, Inc. (B)		27		19,326
				32,315

Health Care Facilities – 0.7%
Acadia Healthcare Co., Inc. (B)	92		4,562
Health Care Services – 2.2%
Diplomat Pharmacy, Inc. (B)	133		3,720
Laboratory Corp. of America Holdings (B)	69		9,462
			13,182
Health Care Supplies – 1.8%
Align Technology, Inc. (B)	116		10,835
Pharmaceuticals – 3.1%
Zoetis, Inc.	367		19,068
Total Health Care – 17.8%			108,897
Industrials
Air Freight & Logistics – 2.0%
Expeditors International of Washington, Inc.	242		12,469
Building Products – 2.7%
A. O. Smith Corp.	67		6,580
Fortune Brands Home & Security, Inc. (C)	167		9,700
			16,280
Construction Machinery & Heavy Trucks – 0.5%
Westinghouse Air Brake Technologies Corp.	38		3,140
Electrical Components & Equipment – 0.8%
Generac Holdings, Inc. (B)	144		5,227
Industrial Machinery – 2.2%
IDEX Corp.	99		9,290
Woodward, Inc.	66		4,144
			13,434
Research & Consulting Services – 4.2%
CoStar Group, Inc. (B)(D)	75		16,140
Verisk Analytics, Inc., Class A (B)	117		9,474
			25,614
Trading Companies & Distributors – 3.0%
Fastenal Co. (C)	440		18,371
Total Industrials – 15.4%			94,535
Information Technology
Application Software – 4.2%
ANSYS, Inc. (B)	95		8,818
Ellie Mae, Inc. (B)	60		6,288
Guidewire Software, Inc. (B)	107		6,416
Mobileye N.V. (B)	99		4,220
			25,742
Communications Equipment – 1.6%
Harris Corp.	108		9,934
Electronic Manufacturing Services – 2.1%
Trimble Navigation Ltd. (B)	439		12,524
Home Entertainment Software – 2.7%
Electronic Arts, Inc. (B)(C)	194		16,592
Internet Software & Services – 4.4%
Akamai Technologies, Inc. (B)	47		2,483
GrubHub, Inc. (B)	282		12,108
Pandora Media, Inc. (B)	858		12,291
			26,882
Semiconductors – 4.1%
Maxim Integrated Products, Inc.	170		6,786
Microchip Technology, Inc.	279		17,354
Monolithic Power Systems, Inc.	14		1,140
			25,280
Systems Software – 3.6%
Red Hat, Inc. (B)	123		9,915
ServiceNow, Inc. (B)	156		12,310
			22,225
Total Information Technology – 22.7%			139,179
Materials
Fertilizers & Agricultural Chemicals – 1.3%
Scotts Miracle-Gro Co. (The)	95		7,870
Total Materials – 1.3%			7,870
TOTAL COMMON STOCKS – 96.4%		$	590,882
(Cost: $544,215)

PURCHASED OPTIONS	Number of Contracts (Unrounded)
MarketAxess Holdings, Inc.,
Call $175.00, Expires 11–18–16, OTC (Ctrpty: UBS AG)		174		56
Russell 2000 Index,
Put $1,220.00, Expires 10–28–16, OTC (Ctrpty: UBS AG)		263		328
S&P 500 Index,
Put $2,125.00, Expires 10–28–16		86		138
SPDR S&P MIDCAP 400 ETF Trust,
Put $275.00, Expires 10–28–16, OTC (Ctrpty: Citibank N.A.)		1,468		363
TOTAL PURCHASED OPTIONS – 0.2%			$	885
(Cost: $922)
SHORT-TERM SECURITIES	Principal
Commercial Paper(E) – 2.5%
NBCUniversal Enterprise, Inc.,
0.790%, 10–19–16	$	4,000		3,998
Wisconsin Electric Power Co.:
0.450%, 10–3–16		6,720		6,720
0.480%, 10–5–16		5,000		5,000
				15,718
Master Note – 0.4%
Toyota Motor Credit Corp.,
0.600%, 10–5–16 (F)		2,306		2,306
TOTAL SHORT-TERM SECURITIES – 2.9%			$	18,024
(Cost: $18,024)
TOTAL INVESTMENT SECURITIES – 99.5%			$	609,791
(Cost: $563,161)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.5%				2,917
NET ASSETS – 100.0%			$	612,708

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) All or a portion of securities with an aggregate value of $1,533 are held in collateralized accounts for OTC derivatives collateral and is governed by International Swaps and Derivatives Association, Inc. Master Agreements.

(D) All or a portion of securities with an aggregate value of $1,516 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, 2016.

(F) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016. Date shown represents the date that the variable rate resets.

The following written options were outstanding at September 30, 2016 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type	Number of Contracts		Expiration Month		Exercise Price		Premium Received		Value
MarketAxess Holdings, Inc.	UBS AG	Put		174		November 2016	$	150.00	$	79	$	(36	)
Pacira Pharmaceuticals, Inc.	Goldman Sachs International	Put		329		December 2016		85.00		1,385		(1,673	)
Russell 2000 Index	UBS AG	Put		263		October 2016		1,110.00		55		(47	)
S&P 500 Index	N/A	Put		86		October 2016		1,975.00		24		(20	)
SPDR S&P MIDCAP 400 ETF Trust	Citibank N.A.	Put		1,468		October 2016		255.00		57		(62	)
									$	1,600	$	(1,838	)

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, 2016:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	590,882	$	—	$	—
Purchased Options		138		747		—
Short-Term Securities		—		18,024		—
Total	$	591,020	$	18,771	$	—
Liabilities
Written Options	$	20	$	1,818	$	—

During the period ended September 30, 2016, 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, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	563,161
Gross unrealized appreciation		97,371
Gross unrealized depreciation		(50,741	)
Net unrealized appreciation	$	46,630

SCHEDULE OF INVESTMENTS Money Market (in thousands) SEPTEMBER 30, 2016 (UNAUDITED)

CORPORATE OBLIGATIONS	Principal		Value
Commercial Paper (A)
Coca-Cola Co. (The),
0.660%, 10–13–16	$	10,000	$	9,998
Corporacion Andina de Fomento:
0.823%, 10–5–16		7,400		7,399
0.760%, 10–14–16		10,600		10,597
Kroger Co. (The),
0.630%, 10–3–16		2,680		2,680
Malayan Banking Berhad (GTD by Wells Fargo Bank N.A.):
0.691%, 10–4–16		4,575		4,575
0.451%, 10–7–16		12,500		12,498
Northern Illinois Gas Co.:
0.560%, 10–4–16		6,414		6,414
0.510%, 10–11–16		3,000		2,999
Rabobank Nederland,
0.740%, 10–12–16		7,650		7,648
River Fuel Trust #1 (GTD by Bank of Nova Scotia),
0.790%, 10–14–16		26,000		25,992
Toyota Motor Credit Corp.,
0.774%, 10–6–16 (B)		8,000		8,000
Wisconsin Electric Power Co.,
0.490%, 10–4–16		10,000		10,000
Total Commercial Paper – 20.1%				108,800
Master Note
Toyota Motor Credit Corp.,
0.600%, 10–5–16 (B)		17,540		17,540
Total Master Note – 3.2%				17,540
Notes
Royal Bank of Canada,
0.920%, 10–14–16 (B)		4,500		4,500
Total Notes – 0.9%				4,500
TOTAL CORPORATE OBLIGATIONS – 24.2%			$	130,840
(Cost: $130,840)
MUNICIPAL OBLIGATIONS
California – 4.8%
CA Hlth Fac Fin Auth, Var Rate Hosp Rev Bonds (Adventist Hlth Sys/West), Ser 1998B (GTD by U.S. Bank N.A.),
0.850%, 10–1–16 (B)		600		600
CA Muni Fin Auth, Recovery Zone Fac Bonds (Chevron USA, Inc. Proj), Ser 2010C (GTD by Chevron Corp.),
0.750%, 10–1–16 (B)		4,314		4,314
CA Pollutn Ctl Fin Auth, Pollutn Ctl Rfdg Rev Bonds (Pacific Gas and Elec Co.), Ser C (GTD by TD Bank N.A.),
0.920%, 10–1–16 (B)		1,200		1,200
CA Statewide Cmnty Dev Auth, Multifam Hsng Rev Bonds (Wyndover Apts), Ser 2004 LL (GTD by FNMA),
0.860%, 10–7–16 (B)		2,232		2,232
CA Statewide Cmnty Dev Auth, Multifam Hsng Rev Bonds (The Crossings Sr Apts/Phase I), Ser 2005 I (GTD by FNMA),
0.870%, 10–7–16 (B)		8,700		8,700
The Regents of the Univ of CA, Gen Rev Bonds, Ser AL,
0.850%, 10–7–16 (B)		9,000		9,000
				26,046

Colorado – 1.0%
CO Hsng and Fin Auth, Multifam Hsng Rev Bonds (Greentree Vlg Apts Proj), Ser 2007 (GTD by U.S. Bank N.A.),
0.910%, 10–7–16 (B)	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.),
0.860%, 10–7–16 (B)	250	250
Sheridan Redev Agy CO Tax, Var Rfdg S Santa Fe Dr Corridor Redev PJ, Ser A-1 (GTD by JPMorgan Chase & Co.):
0.960%, 10–7–16 (B)	1,500	1,500
1.000%, 10–7–16 (B)	550	550
		5,400
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.),
0.880%, 10–1–16 (B)	3,060	3,060
Georgia – 0.6%
Muni Elec Auth GA, Gen Resolution Proj Bond Anticipation Notes, Ser B (Taxable), (GTD by TD Bank N.A.),
0.680%, 10–11–16	3,000	3,000
Illinois – 0.2%
Elmhurst, IL, Adj Demand Rev Bonds, Joint Comsn on Accred of Hlthcare Org (GTD by JPMorgan Chase Bank N.A.),
0.870%, 10–7–16 (B)	305	305
IL Fin Auth, Var Rate Demand Rev Bonds (The Univ of Chicago Med Ctr), Ser D (GTD by JPMorgan Chase & Co.),
0.700%, 10–1–16 (B)	1,000	1,000
		1,305
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),
0.910%, 10–1–16 (B)	960	960
Louisiana – 2.0%
LA Pub Fac Auth, Rev Bonds (Air Products and Chemicals Proj), Ser 2009A (GTD by Air Products and Chemicals, Inc.),
0.840%, 10–7–16 (B)	2,350	2,350
LA Pub Fac Auth, Rev Bonds (Air Products and Chemicals Proj), Ser 2008A (GTD by Air Products and Chemicals, Inc.),
0.850%, 10–1–16 (B)	3,941	3,941
LA Pub Fac Auth, Var Rate Rev Rfdg Bonds (CHRISTUS Hlth), Ser 2009B-1 (GTD by Bank of New York Mellon (The)),
0.860%, 10–7–16 (B)	2,805	2,805
Parish of St. Bernard, LA, Exempt Fac Rev Bonds (Mobil Oil Corp. Proj), Ser 1996 (GTD by Exxon Mobil Corp.),
0.780%, 10–1–16 (B)	1,600	1,600
		10,696
Maryland – 0.2%
MD Hlth and Higher Edu Fac Auth Rev Bonds, Anne Arundel Hlth Sys Issue, Ser 2009A (GTD by TD Bank N.A.),
0.750%, 10–7–16 (B)	1,165	1,165

Michigan – 0.4%
MI Strategic Fund, Var Rate Demand Ltd. Oblig Rev Bonds (Air Prods and Chemicals, Inc. Proj), Ser 2007 (GTD by Air Prods and Chemicals, Inc.),
0.850%, 10–1–16 (B)	1,900	1,900
Minnesota – 1.1%
MN Office of Higher Edu, Adj Rate Supplemental Student Loan Prog Rev Bonds, Ser 2008A (GTD by U.S. Bank N.A.),
0.800%, 10–7–16 (B)	2,000	2,000
MN Office of Higher Edu, Adj Rate Supplemental Student Loan Prog Rev Bonds, Ser 2008B (Tax-Exempt), (GTD by U.S. Bank N.A.),
0.860%, 10–7–16 (B)	2,000	2,000
MN Office of Higher Edu, Adj Rate Supplemental Student Loan Prog Rev Bonds, Ser 2011A (GTD by U.S. Bank N.A.),
0.860%, 10–7–16 (B)	2,000	2,000
		6,000
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.),
0.880%, 10–7–16 (B)	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.),
0.870%, 10–7–16 (B)	3,200	3,200
Trap Rock Industries, Inc., Var Demand Bonds, Ser 2005 (GTD by Wachovia Bank N.A.),
0.650%, 10–7–16 (B)	547	547
		3,747
New York – 3.8%
NY Hsng Fin Agy, Related-Caroline Apt Hsng Rev Bonds, Ser 2008A (GTD by FHLMC),
0.830%, 10–7–16 (B)	2,400	2,400
NY State Hsng Fin Agy, Maestro West Chelsea Hsng Rev Bonds, Ser 2013A,
0.840%, 10–7–16 (B)	6,000	6,000
NY State Hsng Fin Agy, Maestro West Chelsea Hsng Rev Bonds, Ser 2015B (GTD by Wells Fargo Bank N.A.),
0.780%, 10–7–16 (B)	2,500	2,500
NY State Hsng Fin Agy, Riverside Ctr 2 Hsng Rev Bonds, Ser 2013A-1 (GTD by Bank of America N.A.),
0.840%, 10–7–16 (B)	5,640	5,640
NYC GO Bonds, Fiscal 2006 Ser E (GTD by Bank of America N.A.),
0.880%, 10–7–16 (B)	4,100	4,100
		20,640
Ohio – 1.1%
Columbus Rgnl Arpt Auth, Cap Funding Rev Bonds (OASBO Expanded Asset Pooled Fin Prog), Sr Ser 2005 (GTD by U.S. Bank N.A.),
0.850%, 10–7–16 (B)	4,000	4,000
Columbus Rgnl Arpt Auth, Cap Funding Rev Bonds (OASBO Expanded Asset Pooled Fin Prog), Sr Ser 2006 (GTD by U.S. Bank N.A.),
0.850%, 10–7–16 (B)	1,700	1,700
		5,700
Oregon – 0.1%
Hosp Fac Auth of Clackamas Cnty, OR, Rev Bonds (Legacy Hlth Sys), Ser 2008B (GTD by U.S. Bank N.A.),
0.830%, 10–7–16 (B)	700	700
South Dakota – 0.7%
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.),
0.840%, 10–7–16 (B)	3,700	3,700

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.),
0.830%, 10–7–16 (B)	5,500		5,500
Texas – 2.1%
Port Arthur Nav Dist Indl Dev Corp., Exempt Fac Var Rate Rev Bonds (Air Products Proj), Ser 2006 (GTD by Air Products and Chemicals, Inc.),
0.850%, 10–1–16 (B)	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.),
0.850%, 10–1–16 (B)	2,250		2,250
			11,470
Wisconsin – 0.6%
WI Hlth and Edu Fac Auth, Var Rate Demand Rev Bonds (Wausau Hosp, Inc.), Ser 1998B (GTD by JPMorgan Chase Bank N.A.),
0.850%, 10–7–16 (B)	3,400		3,400
Wyoming – 0.4%
Uinta Cnty, WY, Pollutn Ctl Rfdg Rev Bonds (Chevron USA, Inc. Proj), Ser 1992 (GTD by Chevron Corp.),
0.830%, 10–1–16 (B)	2,381		2,381
TOTAL MUNICIPAL OBLIGATIONS – 21.8%		$	118,110
(Cost: $118,110)
UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
Treasury Bills – 5.3%
U.S. Treasury Bills:
0.440%, 2–9–17	2,000		1,997
0.470%, 3–9–17	12,000		11,975
0.540%, 3–16–17	7,300		7,282
0.500%, 3–23–17	7,500		7,482
			28,736
Treasury Notes – 4.6%
U.S. Treasury Notes:
0.420%, 10–1–16 (B)	8,000		7,986
0.420%, 10–2–16 (B)	16,700		16,699
			24,685
United States Government Agency Obligations – 43.9%
Federal Home Loan Bank:
0.570%, 10–12–16 (B)	7,700		7,700
0.720%, 2–17–17	6,200		6,200
0.690%, 7–26–17	14,500		14,500
0.750%, 8–23–17	11,000		11,000
Overseas Private Investment Corp. (GTD by U.S. Government):
0.560%, 10–5–16 (B)	800		800
0.750%, 10–5–16 (B)	2,941		2,941
0.760%, 10–5–16 (B)	24,113		24,113
0.800%, 10–5–16 (B)	10,499		10,499
0.560%, 10–7–16 (B)	5,800		5,800
0.750%, 10–7–16 (B)	34,115		34,115
0.760%, 10–7–16 (B)	73,419		73,419
0.790%, 10–7–16 (B)	31,300		31,300
0.800%, 10–7–16 (B)	3,473		3,473
0.560%, 1–12–17 (B)	11,750		11,750
			237,610
TOTAL UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS – 53.8%		$	291,031
(Cost: $291,031)
TOTAL INVESTMENT SECURITIES – 99.8%		$	539,981
(Cost: $539,981)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.2%			962
NET ASSETS – 100.0%		$	540,943

Notes to Schedule of Investments

(A) Rate shown is the yield to maturity at September 30, 2016.

(B) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016. 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, 2016:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Corporate Obligations	$	—	$	130,840	$	—
Municipal Obligations		—		118,110		—
United States Government and Government Agency Obligations		—		291,031		—
Total	$	—	$	539,981	$	—

During the period ended September 30, 2016, there were no transfers between Level 1 and 2.

The following acronyms are used throughout this schedule:

FHLMC = Federal Home Loan Mortgage Corp.

FNMA = Federal National Mortgage Association

GTD = Guaranteed

For Federal income tax purposes, cost of investments owned at September 30, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	539,981
Gross unrealized appreciation		—
Gross unrealized depreciation		—
Net unrealized appreciation	$	—

SCHEDULE OF INVESTMENTS Real Estate Securities (in thousands) SEPTEMBER 30, 2016 (UNAUDITED)

COMMON STOCKS	Shares		Value
Real Estate
Diversified REITs – 3.1%
Liberty Property Trust		16	$	654
Spirit Realty Capital, Inc.		21		284
STORE Capital Corp.		22		642
				1,580
Health Care REITs – 10.1%
Care Capital Properties, Inc.		6		162
HCP, Inc.		21		786
Physicians Realty Trust		24		521
Ventas, Inc.		19		1,377
Welltower, Inc.		30		2,266
				5,112
Hotel & Resort REITs – 3.0%
Host Hotels & Resorts, Inc.		58		903
Pebblebrook Hotel Trust		7		184
RLJ Lodging Trust		10		212
Sunstone Hotel Investors, Inc.		16		200
				1,499
Industrial REITs – 8.9%
Duke Realty Corp.		39		1,058
First Industrial Realty Trust, Inc.		36		1,016
ProLogis		46		2,437
				4,511
Office REITs – 14.4%
Alexandria Real Estate Equities, Inc.		12		1,338
Boston Properties, Inc.		10		1,404
Brandywine Realty Trust		34		525
Highwoods Properties, Inc.		14		729
Kilroy Realty Corp.		13		888
SL Green Realty Corp.		4		454
Vornado Realty Trust		19		1,902
				7,240
Residential REITs – 18.5%
American Campus Communities, Inc.		22		1,124
Apartment Investment and Management Co., Class A		3		146
AvalonBay Communities, Inc.		13		2,394
Camden Property Trust		9		737
Education Realty Trust, Inc.		15		625
Equity Lifestyle Properties, Inc.		6		440
Equity Residential		17		1,069
Essex Property Trust, Inc.		6		1,326
Mid-America Apartment Communities, Inc.		5		451
Sun Communities, Inc.		13		1,005
				9,317
Retail REITs – 22.5%
Brixmor Property Group, Inc.		29		798
DDR Corp.		48		831
Federal Realty Investment Trust		3		523
General Growth Properties, Inc.		54		1,489
Kimco Realty Corp.		38		1,106
Macerich Co. (The)		5		437

Pennsylvania Real Estate Investment Trust		15		336
Simon Property Group, Inc.		25		5,162
Weingarten Realty Investors		18		682
				11,364
Specialized REITs – 17.3%
CubeSmart		20		556
CyrusOne, Inc.		21		990
Digital Realty Trust, Inc.		9		913
Equinix, Inc.		7		2,409
Extra Space Storage, Inc.		8		619
Life Storage, Inc.		8		712
Public Storage, Inc.		11		2,544
				8,743
Total Real Estate – 97.8%				49,366
TOTAL COMMON STOCKS – 97.8%			$	49,366
(Cost: $44,778)
SHORT-TERM SECURITIES	Principal
Master Note – 1.9%
Toyota Motor Credit Corp.,
0.600%, 10–5–16 (A)	$	944		944
TOTAL SHORT-TERM SECURITIES – 1.9%			$	944
(Cost: $944)
TOTAL INVESTMENT SECURITIES – 99.7%			$	50,310
(Cost: $45,722)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.3%				173
NET ASSETS – 100.0%			$	50,483

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016. 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, 2016:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	49,366	$	—	$	—
Short-Term Securities		—		944		—
Total	$	49,366	$	944	$	—

During the period ended September 30, 2016, 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, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	45,722
Gross unrealized appreciation		5,770
Gross unrealized depreciation		(1,182	)
Net unrealized appreciation	$	4,588

SCHEDULE OF INVESTMENTS Science and Technology (in  thousands) SEPTEMBER 30, 2016 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Consumer Electronics – 3.0%
Garmin Ltd.		184	$	8,843
Harman International Industries, Inc.		84		7,127
				15,970
Total Consumer Discretionary – 3.0%				15,970
Consumer Staples
Agricultural Products – 0.1%
Arcadia Biosciences, Inc. (A)		296		569
Total Consumer Staples – 0.1%				569
Health Care
Biotechnology – 7.2%
Evogene Ltd. (A)		175		1,120
FibroGen, Inc. (A)		106		2,192
Isis Pharmaceuticals, Inc. (A)		360		13,172
Kite Pharma, Inc. (A)		47		2,614
Seres Therapeutics, Inc. (A)		22		268
Vertex Pharmaceuticals, Inc. (A)		216		18,872
				38,238
Health Care Equipment – 0.4%
Avinger, Inc. (A)		433		2,068
Health Care Facilities – 1.6%
Tenet Healthcare Corp. (A)		388		8,781
Health Care Technology – 3.6%
Cerner Corp. (A)		308		18,994
Managed Health Care – 0.8%
Anthem, Inc.		35		4,323
Pharmaceuticals – 2.6%
Teva Pharmaceutical Industries Ltd. ADR		295		13,591
Total Health Care – 16.2%				85,995
Industrials
Building Products – 0.9%
Advanced Drainage Systems, Inc.		188		4,523
Construction & Engineering – 0.1%
Abengoa S.A., Class B (A)(B)		2,655		641
Total Industrials – 1.0%				5,164
Information Technology
Application Software – 11.6%
ACI Worldwide, Inc. (A)		886		17,174
Aspen Technology, Inc. (A)		571		26,717
Globant S.A. (A)		129		5,413
Mobileye N.V. (A)		100		4,274
Silver Spring Networks, Inc. (A)		552		7,832
				61,410
Communications Equipment – 1.0%
Nokia Corp., Series A ADR		930		5,387
Data Processing & Outsourced Services – 12.7%
Alliance Data Systems Corp. (A)		112		24,113
Euronet Worldwide, Inc. (A)(C)		274		22,448
QIWI plc ADR		176		2,578
WNS (Holdings) Ltd. ADR (A)		611		18,294
				67,433
Electronic Components – 1.9%
Universal Display Corp. (A)		183		10,131
Internet Software & Services – 10.0%
Alibaba Group Holding Ltd. ADR (A)		73		7,733
Alphabet, Inc., Class A (A)		13		10,774
Alphabet, Inc., Class C (A)		18		13,862
Facebook, Inc., Class A (A)		130		16,650
Pandora Media, Inc. (A)		280		4,008
				53,027
IT Consulting & Other Services – 4.1%
Acxiom Corp. (A)		561		14,956
CSRA, Inc.		136		3,645
Virtusa Corp. (A)		121		2,996
				21,597

Semiconductor Equipment – 1.7%
Nanometrics, Inc. (A)		140		3,116
Photronics, Inc. (A)		558		5,751
				8,867
Semiconductors – 22.0%
Advanced Micro Devices, Inc. (A)		420		2,901
Cypress Semiconductor Corp.		919		11,176
Dialog Semiconductor plc (A)(B)		139		5,343
Marvell Technology Group Ltd.		506		6,712
Micron Technology, Inc. (A)		1,679		29,844
Microsemi Corp. (A)		533		22,380
NXP Semiconductors N.V. (A)		185		18,892
Rambus, Inc. (A)		765		9,556
Semtech Corp. (A)		367		10,188
				116,992
Systems Software – 4.1%
Microsoft Corp.		380		21,888
Technology Hardware, Storage & Peripherals – 1.8%
Apple, Inc.		26		2,973
Hewlett-Packard Co.		423		6,574
				9,547
Total Information Technology – 70.9%				376,279
Materials
Commodity Chemicals – 0.4%
BioAmber, Inc. (A)		480		2,036
Fertilizers & Agricultural Chemicals – 0.1%
Marrone Bio Innovations, Inc. (A)		280		481
Total Materials – 0.5%				2,517
Real Estate
Specialized REITs – 1.6%
QTS Realty Trust, Inc., Class A		159		8,387
Total Real Estate – 1.6%				8,387
Telecommunication Services
Alternative Carriers – 1.8%
Zayo Group Holdings, Inc. (A)		324		9,611
Total Telecommunication Services – 1.8%				9,611
Utilities
Independent Power Producers & Energy Traders – 1.0%
Atlantica Yield plc		283		5,382
Total Utilities – 1.0%				5,382
TOTAL COMMON STOCKS – 96.1%			$	509,874
(Cost: $351,772)
WARRANTS
Commodity Chemicals – 0.0%
BioAmber, Inc., expires 5–9–17 (D)		201		93
Fertilizers & Agricultural Chemicals – 0.0%
Marrone Bio Innovations, Inc., expires 8–20–23 (D)(E)		230		—
TOTAL WARRANTS – 0.0%			$	93
(Cost: $24)
PURCHASED OPTIONS	Number of Contracts (Unrounded)
Teva Pharmaceutical Industries Ltd. ADR: Call $57.50, Expires 10–21–16, OTC (Ctrpty: Goldman Sachs International)		639		2
Call $60.00, Expires 12–16–16		639		2
TOTAL PURCHASED OPTIONS – 0.0%			$	4
(Cost: $240)

CORPORATE DEBT SECURITIES	Principal
Materials
Fertilizers & Agricultural Chemicals – 0.4%
Marrone Bio Innovations, Inc.,
8.000%, 8–20–20 (E)	$	2,300		2,346
Total Materials – 0.4%				2,346
TOTAL CORPORATE DEBT SECURITIES – 0.4%			$	2,346
(Cost: $2,300)
SHORT-TERM SECURITIES
Commercial Paper(F) – 3.3%
Kroger Co. (The),
0.630%, 10–3–16		12,467		12,466
Rockwell Automation, Inc.,
0.520%, 10–3–16		5,000		5,000
				17,466
Master Note – 0.6%
Toyota Motor Credit Corp.,
0.600%, 10–5–16 (G)		3,350		3,350
TOTAL SHORT-TERM SECURITIES – 3.9%			$	20,816
(Cost: $20,816)
TOTAL INVESTMENT SECURITIES – 100.4%			$	533,133
(Cost: $375,152)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.4)%				(2,300	)
NET ASSETS – 100.0%			$	530,833

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 $1,718 are held in collateralized accounts to cover potential obligations with respect to outstanding written options.

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

(E) Restricted securities. At September 30, 2016, the Fund owned the following restricted securities:

Security	Acquisition Date(s)	Principal		Cost		Market Value
Marrone Bio Innovations, Inc., 8.000%, 08-20-20	8-20-15	$	2,300	$	2,300	$	2,346
		Shares
Marrone Bio Innovations, Inc., expires 8-20-23	8-20-15		230	$	—	$	—
				$	2,300	$	2,346

The total value of these securities represented 0.4% of net assets at September 30, 2016.

(F) Rate shown is the yield to maturity at September 30, 2016.

(G) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016. Date shown represents the date that the variable rate resets.

The following written options were outstanding at September 30, 2016 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type	Number of Contracts		Expiration Month	Exercise Price		Premium Received		Value
Teva Pharmaceutical Industries Ltd. ADR	Goldman Sachs International	Call		639	October 2016	$	65.00	$	24	$	(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, 2016:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	509,874	$	—	$	—
Warrants		—		93		—
Purchased Options		2		2		—
Corporate Debt Securities		—		2,346		—
Short-Term Securities		—		20,816		—
Total	$	509,876	$	23,257	$	—
Liabilities
Written Options	$	—	$	2	$	—

During the period ended September 30, 2016, securities totaling $284 were transferred from Level 1 to Level 2 due to the lack of observable market data due to decreased market activity or information for these securities. Transfers out of Level 1 represent the values as of the beginning of the reporting period.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

OTC = Over the Counter

REIT = Real Estate Investment Trust

For Federal income tax purposes, cost of investments owned at September 30, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	375,152
Gross unrealized appreciation		193,895
Gross unrealized depreciation		(35,914	)
Net unrealized appreciation	$	157,981

SCHEDULE OF INVESTMENTS Small Cap Growth (in thousands) SEPTEMBER 30, 2016 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Apparel Retail – 0.5%
American Eagle Outfitters, Inc.		130	$	2,318
Auto Parts & Equipment – 1.7%
Motorcar Parts of America, Inc. (A)		264		7,606
Automotive Retail – 1.3%
Lithia Motors, Inc.		59		5,642
Footwear – 1.4%
Skechers USA, Inc. (A)		264		6,047
Home Improvement Retail – 0.7%
Tile Shop Holdings, Inc. (A)		200		3,302
Homebuilding – 3.4%
Installed Building Products, Inc. (A)		113		4,039
LGI Homes, Inc. (A)		191		7,044
M/I Homes, Inc. (A)		166		3,908
				14,991
Leisure Facilities – 2.8%
Vail Resorts, Inc.		79		12,315
Leisure Products – 3.2%
Nautilus Group, Inc. (The) (A)		632		14,368
Movies & Entertainment – 0.5%
IMAX Corp. (A)		74		2,153
Restaurants – 2.2%
Carrols Restaurant Group, Inc. (A)		256		3,378
Dave & Buster’s Entertainment, Inc. (A)		100		3,934
Wingstop, Inc.		85		2,502
				9,814
Specialty Stores – 1.2%
Five Below, Inc. (A)		129		5,189
Total Consumer Discretionary – 18.9%				83,745
Consumer Staples
Distillers & Vintners – 0.2%
MGP Ingredients, Inc.		22		881
Packaged Foods & Meats – 1.9%
Lance, Inc.		254		8,514
Total Consumer Staples – 2.1%				9,395
Energy
Oil & Gas Exploration & Production – 2.6%
Parsley Energy, Inc., Class A (A)		193		6,481
Rice Energy, Inc. (A)		126		3,279
Viper Energy Partners L.P.		116		1,875
				11,635
Total Energy – 2.6%				11,635
Financials
Consumer Finance – 1.7%
Portfolio Recovery Associates, Inc. (A)		222		7,651
Regional Banks – 2.0%
Home BancShares, Inc.		212		4,408
SVB Financial Group (A)		41		4,543
				8,951
Thrifts & Mortgage Finance – 2.5%
LendingTree, Inc. (A)		114		11,086
Total Financials – 6.2%				27,688
Health Care
Biotechnology – 1.6%
Ironwood Pharmaceuticals, Inc., Class A (A)		324		5,144
Ligand Pharmaceuticals, Inc. (A)		19		1,898
				7,042
Health Care Equipment – 9.9%
AtriCure, Inc. (A)		301		4,768
DexCom, Inc. (A)		93		8,130
Inogen, Inc. (A)		156		9,332
K2M Group Holdings, Inc. (A)		688		12,227
Nevro Corp. (A)		93		9,698
				44,155

Health Care Services – 3.7%
AMN Healthcare Services, Inc. (A)	370	11,779
Cross Country Healthcare, Inc. (A)	375	4,421
		16,200
Health Care Supplies – 1.5%
Vascular Solutions, Inc. (A)	136	6,536
Pharmaceuticals – 0.9%
Akorn, Inc. (A)	151	4,117
Total Health Care – 17.6%		78,050
Industrials
Building Products – 5.7%
American Woodmark Corp. (A)	117	9,443
Apogee Enterprises, Inc.	154	6,884
Insteel Industries, Inc.	143	5,186
Trex Co., Inc. (A)	62	3,641
		25,154
Construction & Engineering – 1.0%
Comfort Systems USA, Inc.	153	4,490
Industrial Machinery – 2.4%
John Bean Technologies Corp.	85	6,011
Woodward, Inc.	77	4,780
		10,791
Trading Companies & Distributors – 1.0%
Beacon Roofing Supply, Inc. (A)	100	4,207
Trucking – 0.5%
YRC Worldwide, Inc. (A)	194	2,385
Total Industrials – 10.6%		47,027
Information Technology
Application Software – 11.1%
BroadSoft, Inc. (A)	222	10,334
Ellie Mae, Inc. (A)	52	5,444
HubSpot, Inc. (A)	112	6,477
Paycom Software, Inc. (A)	124	6,206
Tyler Technologies, Inc. (A)	62	10,608
Ultimate Software Group, Inc. (The) (A)	31	6,399
Zendesk, Inc. (A)	122	3,753
		49,221
Communications Equipment – 4.9%
Applied Optoelectronics, Inc. (A)	288	6,401
Dycom Industries, Inc. (A)	189	15,415
		21,816
Home Entertainment Software – 2.0%
Take-Two Interactive Software, Inc. (A)	192	8,651
Internet Software & Services – 2.9%
Five9, Inc. (A)	156	2,449
LogMeIn, Inc.	62	5,559
Shopify, Inc., Class A (A)	112	4,811
		12,819
IT Consulting & Other Services – 2.0%
Booz Allen Hamilton Holding Corp.	280	8,860
Semiconductor Equipment – 0.9%
MaxLinear, Inc., Class A (A)	202	4,099
Semiconductors – 5.5%
Integrated Device Technology, Inc. (A)	288	6,650
Mellanox Technologies Ltd. (A)	158	6,825
Silicon Motion Technology Corp. ADR	214	11,067
		24,542
Systems Software – 4.1%
Barracuda Networks, Inc. (A)	152	3,868
Gigamon, Inc. (A)	178	9,765
Proofpoint, Inc. (A)	34	2,523
SecureWorks Corp., Class A (A)	168	2,098
		18,254
Total Information Technology – 33.4%		148,262
Materials
Construction Materials – 0.8%
U.S. Concrete, Inc. (A)	77	3,556
Specialty Chemicals – 1.9%
Flotek Industries, Inc. (A)	585	8,506
Total Materials – 2.7%		12,062

Telecommunication Services
Wireless Telecommunication Service – 1.6%
RingCentral, Inc., Class A (A)		301		7,110
Total Telecommunication Services – 1.6%				7,110
TOTAL COMMON STOCKS – 95.7%			$	424,974
(Cost: $341,221)
SHORT-TERM SECURITIES	Principal
Commercial Paper (B) – 4.1%
John Deere Canada ULC (GTD by Deere & Co.),
0.510%, 10–5–16	$	5,000		5,000
Kroger Co. (The),
0.630%, 10–3–16		8,209		8,208
McCormick & Co., Inc.,
0.500%, 10–3–16		5,000		5,000
				18,208
Master Note – 0.8%
Toyota Motor Credit Corp.,
0.600%, 10–5–16 (C)		3,650		3,650
TOTAL SHORT-TERM SECURITIES – 4.9%			$	21,858
(Cost: $21,858)
TOTAL INVESTMENT SECURITIES – 100.6%			$	446,832
(Cost: $363,079)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.6)%				(2,572	)
NET ASSETS – 100.0%			$	444,260

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, 2016.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016. 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, 2016:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	424,974	$	—	$	—
Short-Term Securities		—		21,858		—
Total	$	424,974	$	21,858	$	—

During the period ended September 30, 2016, 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, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	363,079
Gross unrealized appreciation		92,081
Gross unrealized depreciation		(8,328	)
Net unrealized appreciation	$	83,753

SCHEDULE OF INVESTMENTS Small Cap Value (in thousands) SEPTEMBER 30, 2016 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Automotive Retail – 1.9%
Monro Muffler Brake, Inc.		110	$	6,718
Homebuilding – 2.0%
TRI Pointe Group, Inc. (A)		520		6,858
Homefurnishing Retail – 1.9%
Restoration Hardware Holdings, Inc. (A)		196		6,774
Movies & Entertainment – 2.0%
AMC Entertainment Holdings, Inc., Class A		224		6,962
Restaurants – 0.9%
Cheesecake Factory, Inc. (The)		59		2,976
Total Consumer Discretionary – 8.7%				30,288
Consumer Staples
Food Retail – 0.5%
Casey’s General Stores, Inc.		15		1,791
Packaged Foods & Meats – 3.3%
Pinnacle Foods, Inc.		230		11,524
Personal Products – 7.0%
Avon Products, Inc.		1,473		8,336
Nu Skin Enterprises, Inc., Class A		247		16,015
				24,351
Soft Drinks – 4.1%
Coca-Cola Bottling Co. Consolidated		96		14,245
Total Consumer Staples – 14.9%				51,911
Energy
Oil & Gas Exploration & Production – 4.4%
Clayton Williams Energy, Inc. (A)		36		3,055
Laredo Petroleum Holdings, Inc. (A)		946		12,201
				15,256
Total Energy – 4.4%				15,256
Financials
Regional Banks – 10.4%
FCB Financial Holdings, Inc., Class A (A)		149		5,707
SVB Financial Group (A)		51		5,637
Tompkins Financial Corp.		25		1,903
Webster Financial Corp.		459		17,438
Western Alliance Bancorp. (A)		148		5,557
				36,242
Reinsurance – 1.4%
Reinsurance Group of America, Inc.		46		4,944
Total Financials – 11.8%				41,186
Health Care
Health Care Services – 1.8%
Healthways, Inc. (A)		240		6,354
Total Health Care – 1.8%				6,354
Industrials
Aerospace & Defense – 1.9%
Orbital ATK, Inc.		85		6,486
Airlines – 1.5%
Copa Holdings S.A., Class A		58		5,100
Building Products – 2.2%
Continental Building Products, Inc. (A)		370		7,756
Commercial Printing – 2.1%
Deluxe Corp.		51		3,405
Multi-Color Corp.		59		3,874
				7,279
Industrial Machinery – 3.3%
Woodward, Inc.		187		11,656
Marine – 0.9%
Kirby Corp. (A)		52		3,201
Trading Companies & Distributors – 5.2%
Beacon Roofing Supply, Inc. (A)		316		13,296
Univar, Inc. (A)		231		5,052
				18,348
Trucking – 3.9%
Saia, Inc. (A)		89		2,660
YRC Worldwide, Inc. (A)		888		10,945
				13,605
Total Industrials – 21.0%				73,431

Information Technology
Home Entertainment Software – 4.7%
Take-Two Interactive Software, Inc. (A)		366		16,481
IT Consulting & Other Services – 1.7%
Science Applications International Corp.		84		5,827
Total Information Technology – 6.4%				22,308
Materials
Aluminum – 1.1%
Kaiser Aluminum Corp.		46		4,006
Gold – 2.3%
IAMGOLD Corp. (A)		669		2,709
Kinross Gold Corp. (A)		645		2,714
Yamana Gold, Inc.		597		2,574
				7,997
Precious Metals & Minerals – 0.5%
Silver Standard Resources, Inc. (A)		139		1,683
Specialty Chemicals – 7.4%
Flotek Industries, Inc. (A)(B)		127		1,841
Flotek Industries, Inc. (A)		856		12,449
Innospec, Inc.		78		4,755
Sensient Technologies Corp.		91		6,884
				25,929
Total Materials – 11.3%				39,615
Real Estate
Industrial REITs – 1.2%
STAG Industrial, Inc.		168		4,113
Office REITs – 1.6%
Highwoods Properties, Inc.		108		5,634
Specialized REITs – 4.4%
Communications Sales & Leasing, Inc.		354		11,105
Entertainment Properties Trust		56		4,440
				15,545
Total Real Estate – 7.2%				25,292
Telecommunication Services
Alternative Carriers – 1.3%
Vonage Holdings Corp. (A)		678		4,481
Total Telecommunication Services – 1.3%				4,481
Utilities
Electric Utilities – 3.0%
ALLETE, Inc.		95		5,670
IDACORP, Inc.		41		3,240
Portland General Electric Co.		32		1,365
				10,275
Gas Utilities – 1.8%
New Jersey Resources Corp.		100		3,270
South Jersey Industries, Inc.		106		3,141
				6,411
Multi-Utilities – 1.6%
MDU Resources Group, Inc.		72		1,827
NorthWestern Corp.		64		3,700
				5,527
Total Utilities – 6.4%				22,213
TOTAL COMMON STOCKS – 95.2%			$	332,335
(Cost: $294,320)
SHORT-TERM SECURITIES	Principal
Commercial Paper (C) – 1.8%
Kroger Co. (The), 0.630%, 10–3–16	$	6,147		6,146
Master Note – 0.5%
Toyota Motor Credit Corp., 0.600%, 10–5–16 (D)		1,803		1,803
TOTAL SHORT-TERM SECURITIES – 2.3%			$	7,949
(Cost: $7,950)
TOTAL INVESTMENT SECURITIES – 97.5%			$	340,284
(Cost: $302,270)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 2.5%				8,817
NET ASSETS – 100.0%			$	349,101

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, 2016 the total value of these securities amounted to $1,841 or 0.5% of net assets.

(C) Rate shown is the yield to maturity at September 30, 2016.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016. 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, 2016:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	332,335	$	—	$	—
Short-Term Securities		—		7,949		—
Total	$	332,335	$	7,949	$	—

During the period ended September 30, 2016, 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, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	302,270
Gross unrealized appreciation		40,768
Gross unrealized depreciation		(2,754	)
Net unrealized appreciation	$	38,014

SCHEDULE OF INVESTMENTS Value (in thousands) SEPTEMBER 30, 2016 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Cable & Satellite – 2.6%
Comcast Corp., Class A		150	$	9,958
Casinos & Gaming – 2.7%
Las Vegas Sands, Inc.		177		10,196
General Merchandise Stores – 2.6%
Target Corp.		145		9,986
Housewares & Specialties – 2.4%
Newell Rubbermaid, Inc.		175		9,215
Total Consumer Discretionary – 10.3%				39,355
Consumer Staples
Agricultural Products – 2.5%
Ingredion, Inc. (A)		72		9,620
Drug Retail – 2.4%
CVS Caremark Corp.		103		9,130
Tobacco – 3.1%
Philip Morris International, Inc.		120		11,696
Total Consumer Staples – 8.0%				30,446
Energy
Integrated Oil & Gas – 2.6%
Hess Corp.		184		9,844
Oil & Gas Refining & Marketing – 2.8%
Marathon Petroleum Corp. (A)		266		10,793
Oil & Gas Storage & Transportation – 7.5%
Energy Transfer Partners L.P.		255		9,446
Enterprise Products Partners L.P.		346		9,555
VTTI Energy Partners L.P.		523		9,944
				28,945
Total Energy – 12.9%				49,582
Financials
Consumer Finance – 6.3%
Capital One Financial Corp.		185		13,296
Synchrony Financial		386		10,805
				24,101
Life & Health Insurance – 2.9%
MetLife, Inc.		250		11,085
Mortgage REITs – 2.6%
American Capital Agency Corp.		518		10,122
Multi-Line Insurance – 3.3%
American International Group, Inc.		214		12,675
Other Diversified Financial Services – 8.6%
Citigroup, Inc. (A)		311		14,693
JPMorgan Chase & Co.		276		18,379
				33,072
Property & Casualty Insurance – 1.9%
Allstate Corp. (The)		103		7,146
Reinsurance – 2.7%
Reinsurance Group of America, Inc.		95		10,287
Total Financials – 28.3%				108,488
Health Care
Biotechnology – 2.5%
Amgen, Inc. (A)		57		9,542
Health Care Facilities – 2.7%
HCA Holdings, Inc. (B)		140		10,611
Managed Health Care – 6.1%
Aetna, Inc.		87		10,044
Anthem, Inc.		41		5,100
Cigna Corp.		42		5,447
Humana, Inc.		16		2,813
				23,404

Pharmaceuticals – 2.2%
Teva Pharmaceutical Industries Ltd. ADR		182		8,360
Total Health Care – 13.5%				51,917
Industrials
Airlines – 1.1%
Delta Air Lines, Inc.		111		4,361
Industrial Machinery – 1.0%
Eaton Corp.		57		3,726
Total Industrials – 2.1%				8,087
Information Technology
IT Consulting & Other Services – 0.7%
Computer Sciences Corp.		53		2,767
Semiconductor Equipment – 1.3%
Lam Research Corp.		55		5,171
Semiconductors – 4.1%
Micron Technology, Inc. (B)		636		11,313
QUALCOMM, Inc.		63		4,316
				15,629
Systems Software – 3.8%
Microsoft Corp.		250		14,389
Technology Hardware, Storage & Peripherals – 3.1%
Western Digital Corp. (A)		204		11,945
Total Information Technology – 13.0%				49,901
Materials
Diversified Chemicals – 2.9%
Dow Chemical Co. (The)		214		11,112
Total Materials – 2.9%				11,112
Real Estate
Specialized REITs – 2.6%
Communications Sales & Leasing, Inc.		316		9,932
Total Real Estate – 2.6%				9,932
Utilities
Electric Utilities – 3.1%
Duke Energy Corp.		148		11,830
Total Utilities – 3.1%				11,830
TOTAL COMMON STOCKS – 96.7%			$	370,650
(Cost: $360,760)
SHORT-TERM SECURITIES	Principal
Commercial Paper (C) – 3.0%
Kroger Co. (The), 0.630%, 10–3–16	$	7,522		7,522
NBCUniversal Enterprise, Inc., 0.790%, 10–19–16		4,000		3,998
				11,520
Master Note – 0.2%
Toyota Motor Credit Corp., 0.600%, 10–5–16 (D)		845		845
TOTAL SHORT-TERM SECURITIES – 3.2%			$	12,365
(Cost: $12,366)
TOTAL INVESTMENT SECURITIES – 99.9%			$	383,015
(Cost: $373,126)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.1%				483
NET ASSETS – 100.0%			$	383,498

Notes to Schedule of Investments

(A) All or a portion of securities with an aggregate value of $16,880 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, 2016.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2016. Date shown represents the date that the variable rate resets.

The following written options were outstanding at September 30, 2016 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type	Number of Contracts		Expiration Month	Exercise Price		Premium Received		Value
Aetna, Inc.	N/A	Put		82	November 2016	$	105.00	$	11	$	(13	)
Amgen, Inc.	N/A	Call		55	November 2016		180.00		15		(5	)
Eaton Corp.	N/A	Put		150	November 2016		57.50		12		(6	)
Enterprise Products Partners L.P.	N/A	Put		354	November 2016		25.00		17		(10	)
Ingredion, Inc.	N/A	Call		114	October 2016		140.00		18		(3	)
Las Vegas Sands, Inc.	N/A	Call		167	October 2016		58.50		18		(22	)
	N/A	Call		167	November 2016		60.00		22		(24	)
QUALCOMM, Inc.	N/A	Put		151	November 2016		57.50		14		(4	)
Wells Fargo & Co.	N/A	Put		424	December 2016		40.00		21		(25	)
Western Digital Corp.	N/A	Call		290	October 2016		65.00		19		(5	)
								$	167	$	(117	)

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, 2016:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	370,650	$	—	$	—
Short-Term Securities		—		12,365		—
Total	$	370,650	$	12,365	$	—
Liabilities
Written Options	$	108	$	9	$	—

During the period ended September 30, 2016, there were no transfers between Level 1 and 2.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

OTC = Over the Counter

REIT = Real Estate Investment Trust

For Federal income tax purposes, cost of investments owned at September 30, 2016 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	373,126
Gross unrealized appreciation		29,349
Gross unrealized depreciation		(19,460	)
Net unrealized appreciation	$	9,889

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 Variable Insurance Portfolios
(Registrant)
By	/s/ Wendy J. Hills
	Wendy J. Hills, Vice President and Secretary

Date: November 23, 2016

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/ Philip J. Sanders
	Philip J. Sanders, Principal Executive Officer

Date: November 23, 2016

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

Date: November 23, 2016

EX-99.CERT

Exhibit 99.CERT

CERTIFICATION

I, Philip J. Sanders, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: November 23, 2016	/s/ Philip J. Sanders
	Philip J. Sanders, Principal Executive Officer

CERTIFICATION

I, Joseph W. Kauten, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: November 23, 2016	/s/ Joseph W. Kauten
	Joseph W. Kauten, Principal Financial Officer