finalncsrtwelvefourteen.htm - Generated by SEC Publisher for SEC Filing

Principal Management Corporation, 655 9^thStreet, Des Moines, IA 50392 (Name and address of agent for service)


Table of Contents

Economic & Financial Market Review	1
Important Account Information	2
Balanced Account	3
Bond & Mortgage Securities Account	4
Bond Market Index Account	5
Diversified Balanced Account	6
Diversified Balanced Managed Volatility Account	7
Diversified Growth Account	8
Diversified Growth Managed Volatility Account	9
Diversified Income Account	10
Diversified International Account	11
Equity Income Account	12
Government & High Quality Bond Account	13
Income Account	14
International Emerging Markets Account	15
LargeCap Blend Account II	16
LargeCap Growth Account	17
LargeCap Growth Account I	18
LargeCap S&P 500 Index Account	19
LargeCap S&P 500 Managed Volatility Index Account	20
LargeCap Value Account	21
MidCap Account	22
Principal Capital Appreciation Account	23
Principal LifeTime 2010 Account	24
Principal LifeTime 2020 Account	25
Principal LifeTime 2030 Account	26
Principal LifeTime 2040 Account	27
Principal LifeTime 2050 Account	28
Principal LifeTime 2060 Account	29
Principal LifeTime Strategic Income Account	30
Real Estate Securities Account	31
SAM Balanced Portfolio	32
SAM Conservative Balanced Portfolio	33
SAM Conservative Growth Portfolio	34
SAM Flexible Income Portfolio	35
SAM Strategic Growth Portfolio	36
Short-Term Income Account	37
SmallCap Blend Account	38
SmallCap Growth Account II	39
SmallCap Value Account I	40
Financial Statements	41
Notes to Financial Statements	87
Schedules of Investments	119
Financial Highlights (Includes performance information)	294
Report of Independent Registered Public Accounting Firm	316
Shareholder Expense Example	317
Supplemental Information	321

May lose value • Not a deposit • No bank or credit union guarantee Not insured by any Federal government agency

The collapse of oil prices had a big impact on the economy. Prices for West Texas Intermediate dropped nearly 50 percent from year-end 2013 to 2014, putting pressure on a variety of sectors, including the newly re-emergent U.S. oil producers.¹For the fourth time in five months, the International Energy Administration cut its global demand forecast, this time on weak growth expectations for oil-producing countries. As a result, Russia raised its central bank rate to 10.5%, then to 17% a few days later, while Norway cut its target central bank rate for the first time in two years. After having rallied by about 10% from October lows, the S&P 500 also experienced significant volatility due to the energy sector in the last two weeks of the year. The price return was 4.39% for the quarter and 11.4% year-to-date, while the energy sector was down 11.26% and 10%, respectively.²

Although the energy sector only makes up 8.4% of the total market capitalization, its impact has been felt pervasively. With lower gas prices, U.S. consumer confidence continued to peak. The Bloomberg Consumer Comfort Index increased to its best level since December 2007, and the Conference Board’s measure of Consumer Confidence rose to its highest level in seven years in December.³The U.S. economy was strong, posting 5% real growth in the third quarter.⁴Unemployment remains low at 5.8% in November, while inflation also remains very low—only 1.3% in its most recent reading.⁵In addition to the impact of energy prices, the rise in value of the U.S. dollar in relation to other currencies has contributed to depressing inflation figures. The U.S. dollar rallied over 13% versus the Euro over the past year, which allows for importing cheaper goods.⁶

However, the strong U.S. economy has not translated to strength overseas. The European Union’s continuing crisis of confidence was evident in renewed concerns regarding Greece in late December, despite continued easing by the European Central Bank. Gross Domestic Product growth in Greece is two-thirds of its 2007 peak and unemployment hovers around 25.7%, causing significant social concern and an unstable government.⁷Whether Greece exits the Eurozone is a topic of concern again reflected in recent spikes in the Greek ten-year rates.⁶China also made headlines in early December by passing the U.S. as the world’s largest economy (when measured in real purchasing power terms).⁸While Chinese growth has slowed, indications that the Chinese central bank stands ready to maintain a healthy economy has made China a key driver for economic growth throughout the region and the world. Abenomics (measures introduced by Japanese Prime Minister Shinzo Abe) continue to fuel the Japanese economy, though the long-term impact of the program is still in doubt. The yen has fallen, down over 10% in the fourth quarter alone.⁶

The following information applies to all accounts shown in the annual report (unless noted):

The line graphs on the following pages illustrate the growth of a hypothetical $10,000 investment. For each account, the illustration is based on performance of the Class 1 shares, except for Diversified Balanced Account, Diversified Balanced Managed Volatility Account, Diversified Growth Account, Diversified Growth Managed Volatility Account and Diversified Income Account which are based on the performance of the Class 2 shares. The performance of other share classes will differ.

Investment results shown represent historical performance and do not guarantee future results. Your investment’s returns and principal values will fluctuate with changes in interest rates and other market conditions so the value, when redeemed, may be worth more or less than original costs. Performance shown does not account for fees, expenses, and charges of any variable insurance contract or retirement plan. If these fees were reflected, performance would be lower. Current performance may be lower or higher than the performance shown. For more information, including the most recent month-end performance, call your financial professional, or call 800-222-5852.

* Performance assumes reinvestment of all dividends and capital gains. Extended performance is calculated based on the historical performance of the Account’s oldest share class, adjusted for the fees and expenses of the share class shown. Performance does not reflect the impact of federal, state, or municipal taxes. If it did, performance would be lower.

** Performance shown for the benchmark assumes reinvestment of all dividends and distributions. Indices are unmanaged, and individuals cannot invest directly in an index.

What contributed to or detracted from Account performance during the fiscal year?

Asset allocation between stocks and bonds contributed due to an overweight in equities and an underweight in fixed income securities. Across the equity segment, overweight to Kroger Co. and Hanesbrands Inc. and an underweight to Exxon Mobil Corporation contributed. Security selection within investment grade corporate bonds, mortgage-backed securities, commercial mortgage-backed securities, and asset-backed securities contributed to performance. An out of index allocation to below investment grade corporate bonds also contributed. In equities, overweight positions in Best Buy Co., Inc., Hess Corporation, and Waddell & Reed Financial Inc. detracted. From an asset allocation perspective, overweighting small cap equities detracted as large cap securities outperformed small cap securities. The fixed income segment underperformed the Barclays Capital Aggregate Index driven by negative duration positioning and sector allocation. Within fixed income, underweights at the two and twenty-year duration points detracted. Overweight to investment grade corporate bonds hindered performance. Security selection within U.S. Treasury securities was also a detractor.

What contributed to or detracted from Account performance during the fiscal year?

Security selection within mortgage-backed securities and investment grade corporate bonds contributed to performance. Security selection within commercial mortgage-backed securities, asset-backed securities and below investment grade corporate bonds also contributed. In addition, overweight to commercial mortgage-backed securities and underweight to U.S. Treasury securities contributed. The portfolio underperformed the Barclays Capital Aggregate Index driven by negative duration positioning and sector allocation. Yield curve (a line that plots interest rates, at a set point in time, of bonds having equal credit quality, but different maturity dates) positioning, led by an underweight at the five and twenty-year key rate duration points and the overall short duration position detracted from performance. Other detractors included security selection within emerging markets and U.S. Treasury securities, as well as an overweight allocation to investment grade corporate bonds.

The portfolio performed in line with the Barclays Aggregate Bond Index, which produced solid gains, led by the long-dated Treasury bonds. A measured tapering of the Federal Reserve's quantitative easing program and promise to keep interest rates low for a considerable period, as well as muted inflation expectations helped bond prices rise. On an absolute basis, the long Treasury sector was the best performer. Sharply declining longer-term Treasury yields helped longer maturities outperform, while lower quality outperformed higher quality. Excess returns vs duration neutral Treasuries were positive for each of the securitized sectors. Commercial mortgage-backed securities had excess returns, with asset-backed securities and mortgage-backed securities also beating Treasuries. On a relative basis, corporate spreads widened as they underperformed duration-neutral Treasuries. The long corporate sector underperformed duration neutral Treasuries. Within the corporate sector, industrials and utilities both underperformed Treasuries.

What contributed to or detracted from Account performance during the fiscal year?

This investment option is constructed using five underlying passive investment options that are attempting to replicate the returns of the index, minus the expense ratios. This investment option allocates its assets among three funds (International Equity Index Fund, MidCap S&P 400 Index Fund and SmallCap S&P 600 Index Fund, all sub-advised by Principal Global Investors) and two Accounts of Principal Variable Contracts Funds, Inc. (LargeCap S&P 500 Index Account, sub-advised by Principal Global Investors, and Bond Market Index Account, subadvised by Mellon Capital Management). Together, these five investment options are referred to as the "underlying funds." The investment option generally allocates approximately 50% of its assets to the equity index funds and approximately 50% to the Bond Market Index Account. For the year, all five underlying funds performed in line with expectations. Four of the five underlying funds generated positive absolute returns, led by results from the LargeCap S&P 500 Index Account. The International Equity Index Fund was the lone investment option to post negative returns.

What contributed to or detracted from Account performance during the fiscal year?

This investment option is constructed using five underlying passive investment options that are attempting to replicate the returns of the index, minus the expense ratios. This investment option allocates its assets among three funds (International Equity Index Fund, MidCap S&P 400 Index Fund and SmallCap S&P 600 Index Fund, all sub-advised by Principal Global Investors) and two Accounts of Principal Variable Contracts Funds, Inc. (LargeCap S&P 500 Managed Volatility Index Account, sub-advised by Principal Global Investors, and Bond Market Index Account, subadvised by Mellon Capital Management). Together, these five investment options are referred to as the "underlying funds." In addition to attempting to replicate the returns of the index, minus the expense ratio, the LargeCap S&P 500 Managed Volatility Index Account also has an emphasis on managing volatility. The investment option generally allocates approximately 50% of its assets to the equity index funds and approximately 50% to the Bond Market Index Account. For the year, all five underlying funds performed in line with expectations. Four of the five underlying funds generated positive absolute returns, led by results from the LargeCap S&P 500 Managed Volatility Index Account. The International Equity Index Fund was the lone investment option to post negative returns.

What contributed to or detracted from Account performance during the fiscal year?

This investment option is constructed using five underlying passive investment options that are attempting to replicate the returns of the index, minus the expense ratios. This investment option allocates its assets among three funds (International Equity Index Fund, MidCap S&P 400 Index Fund and SmallCap S&P 600 Index Fund, all sub-advised by Principal Global Investors) and two Accounts of Principal Variable Contracts Funds, Inc. (LargeCap S&P 500 Index Account, sub-advised by Principal Global Investors, and Bond Market Index Account, subadvised by Mellon Capital Management). Together, these five investment options are referred to as the "underlying funds." The investment option generally allocates approximately 65% of its assets to the equity index funds and approximately 35% to the Bond Market Index Account. For the year, all five underlying funds performed in line with expectations. Four of the five underlying funds generated positive absolute returns, led by results from the LargeCap S&P 500 Index Account. The International Equity Index Fund was the lone investment option to post negative returns.

What contributed to or detracted from Account performance during the fiscal year?

This investment option is constructed using five underlying passive investment options that are attempting to replicate the returns of the index, minus the expense ratios. This investment option allocates its assets among three funds (International Equity Index Fund, MidCap S&P 400 Index Fund and SmallCap S&P 600 Index Fund, all sub-advised by Principal Global Investors) and two Accounts of Principal Variable Contracts Funds, Inc. (LargeCap S&P 500 Managed Volatility Index Account, sub-advised by Principal Global Investors, and Bond Market Index Account, subadvised by Mellon Capital Management). Together, these five investment options are referred to as the "underlying funds." In addition to attempting to replicate the returns of the index, minus the expense ratio, the LargeCap S&P 500 Managed Volatility Index Account also has an emphasis on managing volatility. The investment option generally allocates approximately 65% of its assets to the equity index funds and approximately 35% to the Bond Market Index Account. For the year, all five underlying funds performed in line with expectations. Four of the five underlying funds generated positive absolute returns, led by results from the LargeCap S&P 500 Managed Volatility Index Account. The International Equity Index Fund was the lone investment option to post negative returns.

What contributed to or detracted from Account performance during the fiscal year?

This investment option is constructed using five underlying passive investment options that are attempting to replicate the returns of the index, minus the expense ratios. This investment option allocates its assets among three funds (International Equity Index Fund, MidCap S&P 400 Index Fund and SmallCap S&P 600 Index Fund, all sub-advised by Principal Global Investors) and two Accounts of Principal Variable Contracts Funds, Inc. (LargeCap S&P 500 Index Account, sub-advised by Principal Global Investors, and Bond Market Index Account, subadvised by Mellon Capital Management). Together, these five investment options are referred to as the "underlying funds." The investment option generally allocates approximately 35% of its assets to the equity index funds and approximately 65% to the Bond Market Index Account. For the year, all five underlying funds performed in line with expectations. Four of the five underlying funds generated positive absolute returns, led by results from the LargeCap S&P 500 Index Account. The International Equity Index Fund was the lone investment option to post negative returns.

An overweight to Alimentation Couche-Tard contributed. The United Kingdom contributed, led by an overweight to Shire, a global specialty pharmaceutical company with strong market positions in the areas of attention deficit disorder, gastroenterology and rare genetic diseases. Stock selection in the consumer discretionary sector contributed, driven by an overweight position in Dollarama, a leading dollar store operator in Canada. Stock selection in Japan detracted, driven by an overweight in Softbank. Stock selection in Hong Kong detracted from performance, driven by an overweight position in MGM China Holdings a gaming license holder in Macau which underperformed as Macau VIP and mass travel slowed. Stock selection in the financial sector detracted from performance, driven by an overweight position in Sumitomo Mitsui Financial Group which underperformed due to disappointment with its shareholder return policy.

Allocation to consumer staples company Kroger Co., aided performance as it gained momentum after beating earnings expectations. Selection within and allocation to the financial sector aided performance, led by Digital Realty Trust. Allocation to defense company Lockheed Martin contributed as it continues to outpace the broader industrial sector. Selection within consumer discretionary hindered performance, led by Mattel, Inc. which underperformed due to continued disappointing sales in the doll category and concerns about growth in the toy industry. Within information technology, underweight to Intel detracted from performance as the company outperformed. Allocation to GlaxoSmithKline within health care detracted due to concerns over patent expirations and a soft near-term new product pipeline.

Issue selection in medium yield coupon Fannie Mae (FNMA) agency mortgages was a strong contributor to performance. An out-of-benchmark allocation to U.S treasury securities aided performance as they outperformed agency mortgages. An underweight to medium yield coupon Ginnie Mae (GNMA) securities aided performance as they underperformed the benchmark. An underweight and issue selection in low yield coupon agency mortgages, specifically Freddie Mac (FHLMC) securities detracted. An out-of benchmark allocation to agency commercial mortgage backed securities (CMBS) detracted. Allocation to cash detracted from performance.

Issue selection in agency mortgage-backed securities was one of the largest contributors to performance. Underweight to U.S. treasuries aided performance as they lagged the benchmark. Issue selection in the communication sector was a contributor to performance. Overweight and issue selection in the energy sector was the largest detractor to performance due to the fall in the price of oil. The portfolio's allocation to cash detracted from performance. Issue selection in asset-backed securities, specifically auto-backed securities, detracted from performance.

What contributed to or detracted from Account performance during the fiscal year?

In Latin America, an underweight position in Brazil and strategic positioning in Mexico contributed to performance. In Brazil, overweight to Kroton Educational was the largest contributor. The Asia region contributed as a result of a strong rally in India, consistent stock selection in Malaysia, and overweight positioning in Taiwan. Aggressive overweight positions in ICICI Bank, Axis Bank, and Tata Motors contributed. Underweight positioning in Russia helped relative performance as the country continues to battle the West over sanctions related to the ongoing conflict in Ukraine. Underweight sector positioning detracted, led by China Life Insurance Co., which rallied due to strong investment performance from its holdings in China A shares. Allocation to X5 Retail Group, a Russian food retailer, detracted. Hellenic Telecommunications Organization, a Greek telecom, also detracted.

Investment Advisor: Principal Management Corporation; Sub-Advisors: ClearBridge Investments, LLC., and T. Rowe Price Associates, Inc.

The strongest stock selection came from the industrial sector, led by an overweight to C.H. Robinson Worldwide. An average 1% underweight to the energy sector also enhanced returns. In addition, an overweight to CVS Caremark Corporation relative to the index enhanced performance, as it was the top contributor to returns during the past year. Overall negative stock selection detracted from returns. Poor stock selection within the information technology sector, led by an underweight to Intel Corporation, hindered performance. Selection in the financial sector also diminished returns. The investment option's holding of stocks that exhibited higher price volatility (overweight position in stocks that have experienced more price movement than those within the index) detracted from performance.

Allocation to Delta Airlines contributed due to its strength from plummeting energy prices and enhanced profit margins. Allocation to Actavis contributed as it was primarily a beneficiary of better than expected merger savings from recent acquisitions. In addition, allocation to Royal Caribbean contributed due to strong cruise pricing trends, strong onboard spending and cost savings through various initiatives that drove upside to operating results. Allocation to Las Vegas Sands detracted due to the China macroeconomic slowdown and continued pressures on VIP gaming activities from the anticorruption crackdown, as well as mass market pressures from the recently implemented smoking ban and visa travel restriction policies. Allocation to Pioneer Natural Resources detracted due to declining energy prices, as well as a temporary moderation of production growth early in the period. Allocation to Halliburton detracted due to plummeting oil prices and investor disappointment in the Baker Hughes acquisition.

Investment Advisor: Principal Management Corporation; Sub-Advisors: Brown Advisory, and T. Rowe Price Associates, Inc.

What contributed to or detracted from Account performance during the fiscal year?

Overall asset allocation, led by an average 3% overweight to the health care sector contributed. Stock selection in the financial sector provided positive results for the portfolio. A higher beta relative to the index (meaning it was positioned to be more positively impacted in upward-trending markets) also aided performance. Overall stock selection, led by the information technology sector detracted from performance. An average 5% overweight to the energy sector proved harmful to results. A higher price volatility (experienced more price movement than the index) relative to the index also detracted from performance.

What contributed to or detracted from Account performance during the fiscal year?

Principal LargeCap S&P 500 Index Account was in line with the S&P 500 Index. Nine of the ten economic sectors posted positive returns, led by the health care and utilities sectors. Allocations to Southwest Airlines, Electronic Arts, and Edwards Lifesciences contributed to performance. The telecommunication services and energy sectors detracted the most from performance. Allocation to Noble Corporation, Denbury Resources, and Transocean detracted.

Sub-Advisors: Principal Global Investors, LLC, and Spectrum Asset Management, Inc.

What contributed to or detracted from Account performance during the fiscal year?

This investment option employs a passive indexing strategy designed to attempt to track market performance. In addition, the investment option employs an active volatility management strategy which seeks to produce gains regardless of market direction and mitigate volatility. During the year, the account produced strong positive returns as equity markets were up sharply. The use of an active volatility management strategy detracted from returns during this strong equity market period, however the use of an active volatility management strategy decreased risk as measured by standard deviation.

What contributed to or detracted from Account performance during the fiscal year?

An overweight position in Kroger, one of the best managed, lowest product priced grocers in the U.S., contributed to performance due to exceeding earnings per share (EPS) estimates. An overweight to Southwest Airlines also contributed as it exceeded EPS estimates driven by operations. An overweight position in Electronic Arts, which develops, publishes, and distributes branded interactive entertainment software worldwide, contributed to performance due to exceeding EPS estimates on strong revenues and better gross margins. A position in Best Buy detracted. An overweight to Patterson-UTI Energy detracted as the stock underperformed due to the sharp decline in oil prices. An overweight to U.S. chemicals company LyondellBasell Industries detracted due to the decline in oil prices.

O'Reilly Automotive contributed, reflecting continued strength in same store sales growth rates and the impact of abnormally harsh winter weather on vehicle maintenance needs. Brookfield Asset Management contributed as a result of continued growth in its operating platform, global capital raising ability, and asset management franchise. Williams contributed due to the value of the acquisitions made in the past few years as well as the announcement of the acquisition of the remaining 50% of Access Midstream's general partner and proposition of creating one of the largest master limited partnership (MLP) companies. Discovery Communications detracted due to concerns regarding the health of the domestic pay-tv advertising market, lower ratings and international investments. Leucadia, whose largest asset is the investment banking firm Jefferies detracted as a result of Jefferies' below average results due to less active trading. Loews, a holding company focusing on insurance and energy, detracted due to poor results of Diamond Offshore and Boardwalk Pipeline Partners.

Within health care, an overweight to Allergan, Inc. aided performance as the market responded favorably to its potential takeover. Stock selection within utilities aided performance, led by Sempra Energy, which outpaced the broader sector. Kroger Co., a consumer staples company, contributed as earnings beat expectations. Stock selection within energy hindered performance, led by Apache Corporation. Within the consumer discretionary sector, Tupperware Brands Corporation detracted as concerns about emerging markets caused the stock to lag. Stock selection within the materials sector detracted from results as FMC Corp. underperformed due to the impact of weak agriculture prices on specialty chemical companies.

Investment Advisor: Principal Management Corporation; Sub-Advisor: Principal Global Investors, LLC.

What contributed to or detracted from Account performance during the fiscal year?

Principal LifeTime Accounts invest wholly in the shares of the underlying funds.

Exposure to the Diversified International Fund (sub-advised by Principal Global Investors) contributed to results from both an asset class exposure and a manager selection standpoint, outperforming both its specific index as well as the broad foreign equity market as represented by the MSCI EAFE Index. Manager selection in the U.S. small value asset class was a positive contributor as the SmallCap Value Fund II (co-sub-advised by DFA, Vaughn Nelson, and LA Capital) outperformed its specific index. Manager selection was also a positive contributor in the short term bond asset class as the Short Term Income Fund (sub-advised by Edge Asset Management) outperformed its index. Manager selection in the U.S. large growth space detracted from results, as the LargeCap Growth Fund I (co-sub-advised by T. Rowe Price and Brown Advisory) significantly underperformed its specific index as well as the broad U.S. domestic equity market, as represented by the S&P 500 Index. Within the fixed income space, exposure to the Bond & Mortgage Securities Fund (sub-advised by Principal Global Investors) detracted from returns as it lagged the Barclays Aggregate Bond Index. In addition, within emerging markets, the International Emerging Markets Fund (sub-advised by Principal Global Investors) lagged the returns of its specific index, which detracted from results.

Investment Advisor: Principal Management Corporation; Sub-Advisor: Principal Global Investors, LLC.

What contributed to or detracted from Account performance during the fiscal year?

Principal LifeTime Accounts invest wholly in the shares of the underlying funds.

Investment Advisor: Principal Management Corporation; Sub-Advisor: Principal Global Investors, LLC.

What contributed to or detracted from Account performance during the fiscal year?

Principal LifeTime Accounts invest wholly in the shares of the underlying funds.

Exposure to the Diversified International Fund (sub-advised by Principal Global Investors) contributed to results from both an asset class exposure and a manager selection standpoint, outperforming both its specific index as well as the broad foreign equity market as represented by the MSCI EAFE Index. Manager selection in the U.S. small value asset class was a positive contributor as the SmallCap Value Fund II (co-sub-advised by DFA, Vaughn Nelson, and LA Capital) outperformed its specific index. Manager selection in the U.S. large growth space detracted from results, as the LargeCap Growth Fund I (co-sub-advised by T. Rowe Price and Brown Advisory) significantly underperformed its specific index as well as the broad U.S. domestic equity market, as represented by the S&P 500 Index. Within the fixed income space, exposure to the Bond & Mortgage Securities Fund (sub-advised by Principal Global Investors) detracted from returns as it lagged the Barclays Aggregate Bond Index. In addition, within emerging markets, the International Emerging Markets Fund (sub-advised by Principal Global Investors) lagged the returns of its specific index, which detracted from results.

Investment Advisor: Principal Management Corporation; Sub-Advisor: Principal Global Investors, LLC.

What contributed to or detracted from Account performance during the fiscal year?

Principal LifeTime Accounts invest wholly in the shares of the underlying funds.

Exposure to the Diversified International Fund (sub-advised by Principal Global Investors) contributed to results from both an asset class exposure and a manager selection standpoint, outperforming both its specific index as well as the broad foreign equity market as represented by the MSCI EAFE Index. Manager selection in the U.S. small value asset class was a positive contributor as the SmallCap Value Fund II (co-sub-advised by DFA, Vaughn Nelson, and LA Capital) outperformed its specific index. Manager selection in the U.S. large growth space detracted from results, as the LargeCap Growth Fund I (co-sub-advised by T. Rowe Price and Brown Advisory) significantly underperformed its specific index as well as the broad U.S. domestic equity market, as represented by the S&P 500 Index. Within the fixed income space, exposure to the Bond & Mortgage Securities Fund (sub-advised by Principal Global Investors) detracted from returns as it lagged the Barclays Aggregate Bond Index. In addition, within emerging markets, the International Emerging Markets Fund (sub-advised by Principal Global Investors) lagged the returns of its specific index, which detracted from results.

Investment Advisor: Principal Management Corporation; Sub-Advisor: Principal Global Investors, LLC.

What contributed to or detracted from Account performance during the fiscal year?

Principal LifeTime Accounts invest wholly in the shares of the underlying funds.

Exposure to the Diversified International Fund (sub-advised by Principal Global Investors) contributed to results from both an asset class exposure and a manager selection standpoint, outperforming both its specific index as well as the broad foreign equity market as represented by the MSCI EAFE Index. Manager selection in the U.S. small value asset class was a positive contributor as the SmallCap Value Fund II (co-sub-advised by DFA, Vaughn Nelson, and LA Capital) outperformed its specific index. Manager selection in the U.S. large growth space detracted from results, as the LargeCap Growth Fund I (co-sub-advised by T. Rowe Price and Brown Advisory) significantly underperformed its specific index as well as the broad U.S. domestic equity market, as represented by the S&P 500 Index. Within the fixed income space, exposure to the Bond & Mortgage Securities Fund (sub-advised by Principal Global Investors) detracted from returns as it lagged the Barclays Aggregate Bond Index. In addition, within emerging markets, the International Emerging Markets Fund (sub-advised by Principal Global Investors) lagged the returns of its specific index, which detracted from results.

Investment Advisor: Principal Management Corporation; Sub-Advisor: Principal Global Investors, LLC.

What contributed to or detracted from Account performance during the fiscal year?

Principal LifeTime Accounts invest wholly in the shares of the underlying funds.

Exposure to the Diversified International Fund (sub-advised by Principal Global Investors) contributed to results from both an asset class exposure and a manager selection standpoint, outperforming both its specific index as well as the broad foreign equity market as represented by the MSCI EAFE Index. Manager selection in the U.S. small value asset class was a positive contributor as the SmallCap Value Fund II (co-sub-advised by DFA, Vaughn Nelson, and LA Capital) outperformed its specific index. Manager selection in the U.S. large growth space detracted from results, as the LargeCap Growth Fund I (co-sub-advised by T. Rowe Price and Brown Advisory) significantly underperformed its specific index as well as the broad U.S. domestic equity market, as represented by the S&P 500 Index. Within the fixed income space, exposure to the Bond & Mortgage Securities Fund (sub-advised by Principal Global Investors) detracted from returns as it lagged the Barclays Aggregate Bond Index. In addition, within emerging markets, the International Emerging Markets Fund (sub-advised by Principal Global Investors) lagged the returns of its specific index, which detracted from results.

Investment Advisor: Principal Management Corporation; Sub-Advisor: Principal Global Investors, LLC.

What contributed to or detracted from Account performance during the fiscal year?

Principal LifeTime Accounts invest wholly in the shares of the underlying funds.

Lack of allocation to American Realty Capital Properties for most of the year contributed. Overweight to Pebblebrook Hotels contributed as a result of its outperformance on the release of strong earnings growth and more accretive acquisitions. Overweight to Essex Property Trust, high quality apartment landlord, contributed. Underweight to data center owner, Digital Realty, detracted. Lack of allocation to Macerich Company, an owner of regional malls, was a key detractor to relative returns. Overweight to the industrials sector and stock selection within the sector was a large detractor, led by overweight to First Industrial Realty.

Principal Strategic Asset Management (SAM) Portfolios invest wholly in the shares of the underlying funds.

Strategic and tactical underweight in international developed market equities aided performance as they underperformed U.S. equities. Security selection in international developed market growth equities contributed. Security selection in midcap growth equities aided performance. Strategic allocation to emerging market equities detracted as emerging markets lagged both U.S. and developed market equities. Security selection in midcap value equities hindered performance. Strategic and tactical allocation to high yield bonds detracted.

Principal Strategic Asset Management (SAM) Portfolios invest wholly in the shares of the underlying funds.

Strategic and tactical underweight in international developed market equities aided performance as they underperformed U.S. equities. Security selection in international developed market growth equities contributed to performance. Security selection in midcap growth equities aided performance. Strategic allocation to emerging market equities detracted as emerging markets lagged both U.S. and developed market equities. Security selection in midcap value equities hindered performance. Security selection in largecap value detracted.

Principal Strategic Asset Management (SAM) Portfolios invest wholly in the shares of the underlying funds.

Strategic and tactical allocation to preferred stock and preferred capital were contributors to performance. Strategic underweight in government bonds contributed as they underperformed other fixed income securities. Tactical overweight to equity versus fixed income also aided performance. Strategic and tactical allocation to high yield bonds detracted from performance. Security selection in investment grade corporate bonds also detracted. Strategic allocation to international bonds detracted.

Principal Strategic Asset Management (SAM) Portfolios invest wholly in the shares of the underlying funds.

Strategic and tactical underweight in international developed market equities aided performance as they underperformed U.S. equities. Security selection in international developed market growth equities contributed. Security selection in midcap growth equities aided performance. Strategic allocation to emerging market equities detracted from performance as emerging markets lagged both U.S. and developed market equities. Security selection in midcap value equities hindered performance. Security selection in largecap value detracted from performance.

Issue selection in industrials, specifically the communication and non-cyclical sectors, aided performance. Issue selection in the financial sector, specifically in banking and insurance, aided performance. Issue selection in U.S. government agency debt also aided performance. Lack of allocation to foreign sovereign securities detracted from performance as they outperformed the benchmark. An allocation to U.S. Treasuries detracted from performance as the investment option's holdings lagged the benchmark. Issue selection in the finance companies sector detracted from performance.

What contributed to or detracted from Account performance during the fiscal year?

Stock selection in the consumer discretionary, consumer staples and information technology sectors contributed most to performance. Office Depot contributed due to better-than-expected operating results and positive outlook for 2015. RF Micro Devices, which manufactures semiconductors and related components for use in wireless devices, contributed due to strong smartphone demand in China, launch of Apple's iPhone 6 and anticipated improvements to margins resulting from its merger with TriQuint Semiconductor. Skechers U.S.A., a designer, marketer and distributor of footwear, contributed as it benefited from stronger-than-expected operating results primarily driven by higher-than-expected demand for the company's new athletic footwear. Stock selection in the materials, industrials and utilities sectors detracted. Sanchez Energy, an oil-focused exploration and production company, detracted due to the sharp drop in crude oil prices. Conn's, a home appliance and furniture retailer that provides financing for a significant portion of its sales, detracted as the company experienced continued deterioration in the credit quality of its customer financings. Acxiom, a marketing and data services company, detracted due to slower-than-expected initial uptake of its new Audience Operating System offering, which combines offline and online customer data.

Investment Advisor: Principal Management Corporation; Sub-Advisor: Emerald Advisers, Inc.

What contributed to or detracted from Account performance during the fiscal year?

Positive overall stock selection, led by the health care sector contributed to returns. Sector allocation relative to the index, including an overweight to the health care sector also aided performance. The investment option's higher relative strength profile (an overweight to stocks exhibiting upward price movement during the trailing 12-month period) than the index contributed. An average 4% underweight to the consumer staples sector diminished returns. Selection in the information technology sector, due to an overweight to Infoblox, Inc., detracted. The investment option's higher price volatility (overweight position in stocks that have experienced more price movement than those within the index) compared to the index detracted.

Investment Advisor: Principal Management Corporation; Sub-Advisor: JP Morgan Investment Management, Inc.

Positive overall stock selection contributed to performance. The best stock selection came from the energy sector. The largest individual contributor to performance within the sector was an underweight to Rosetta Resources. Selection within the information technology sector also added value, led by an overweight to Spansion Inc. The investment option's higher relative strength profile (an overweight to stocks exhibiting upward price movement during the trailing 12-month period) than the index enhanced performance. Selection within the financial sector diminished returns with the majority of underperformance being driven by an overweight to Flagstar Bancorp, Inc. Sector positioning relative to the index, led by an overweight to the energy sector, also detracted from performance. The investment option's holding of stocks that exhibited higher price volatility (overweight position in stocks that experienced more price movement than those within the index) than the index detracted.


STATEMENTS OF ASSETS AND LIABILITIES
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014


				Bond &
				Mortgage
	Balanced			Securities			Bond Market
Amounts in thousands, except per share amounts	Account			Account			Index Account
Investment in securities--at cost	$	46,908	$	355,159		$	1,878,274
Assets
Investment in securities--at value	$	52,222	$	356,339		$	1,900,301
Cash		–		71			1,791
Receivables:
Dividends and interest		149		2,171			9,667
Fund shares sold		1		1,119			287
Investment securities sold		174		2,409			74,050
OTC swap agreements--at value (premiums paid $0, $289 and $0)		–		418			–
Variation margin on financial derivative instruments		–		15			–
Total Assets		52,546		362,542			1,986,096
Liabilities
Accrued management and investment advisory fees		26		123			363
Accrued directors' expenses		–		1			5
Accrued other expenses		9		9			17
Cash overdraft		12		–			–
Payables:
Fund shares redeemed		13		91			3,765
Investment securities purchased		1,898		40,573			247,143
Variation margin on financial derivative instruments		–		10			–
Total Liabilities		1,958		40,807			251,293
Net Assets Applicable to Outstanding Shares	$	50,588	$	321,735		$	1,734,803

Net Assets Consist of:
Capital shares and additional paid-in-capital	$	41,227	$	345,538		$	1,690,031
Accumulated undistributed (overdistributed) net investment income (loss)		830		8,844			28,022
Accumulated undistributed (overdistributed) net realized gain (loss)		3,217		(33,880	)		(5,277	)
Net unrealized appreciation (depreciation) of investments		5,314		1,233			22,027
Total Net Assets	$	50,588	$	321,735		$	1,734,803
Capital Stock (par value: $.01 per share):
Shares authorized		100,000		200,000			200,000
Net Asset Value Per Share:
Class 1: Net Assets	$	50,588	$	321,735		$	1,734,803
Shares issued and outstanding		2,626		28,081			167,847
Net Asset Value per share	$	19.26	$	11.46		$	10.34


STATEMENTS OF ASSETS AND LIABILITIES
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014



				Diversified
				Balanced
		Diversified		Managed
		Balanced		Volatility		Diversified
Amounts in thousands, except per share amounts		Account		Account		Growth Account
Investment in affiliated Accounts--at cost	$	857,772	$	83,587	$	2,445,887
Assets
Investment in affiliated Accounts--at value	$	1,011,369	$	84,550	$	2,881,463
Receivables:
Fund shares sold		–		607		–
Investment securities sold		1,647		–		6,715
Total Assets		1,013,016		85,157		2,888,178
Liabilities
Accrued management and investment advisory fees		43		4		121
Accrued distribution fees		214		17		607
Accrued directors' expenses		3		–		10
Accrued other expenses		3		3		3
Payables:
Fund shares redeemed		1,647		33		6,715
Investment securities purchased		–		573		–
Total Liabilities		1,910		630		7,456
Net Assets Applicable to Outstanding Shares	$	1,011,106	$	84,527	$	2,880,722

Net Assets Consist of:
Capital shares and additional paid-in-capital	$	835,715	$	81,667	$	2,374,335
Accumulated undistributed (overdistributed) net investment income (loss)		10,353		1,009		31,925
Accumulated undistributed (overdistributed) net realized gain (loss)		11,441		888		38,886
Net unrealized appreciation (depreciation) of investments		153,597		963		435,576
Total Net Assets	$	1,011,106	$	84,527	$	2,880,722
Capital Stock (par value: $.01 per share):
Shares authorized		250,000		200,000		300,000
Net Asset Value Per Share:
Class 2: Net Assets	$	1,011,106	$	84,527	$	2,880,722
Shares issued and outstanding		70,267		7,770		187,119
Net Asset Value per share	$	14.39	$	10.88	$	15.40


STATEMENTS OF ASSETS AND LIABILITIES
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014


		Diversified
	Growth Managed					Diversified
		Volatility		Diversified		International
Amounts in thousands, except per share amounts		Account		Income Account		Account
Investment in securities--at cost	$	–	$	–	$	371,838
Investment in affiliated Accounts--at cost	$	150,174	$	157,078	$	–
Foreign currency--at cost	$	–	$	–	$	15
Assets
Investment in securities--at value	$	–	$	–	$	429,603
Investment in affiliated Accounts--at value		151,712		168,607		–
Foreign currency--at value		–		–		15
Receivables:
Dividends and interest		–		–		1,096
Fund shares sold		122		–		649
Investment securities sold		37		890		–
Total Assets		151,871		169,497		431,363
Liabilities
Accrued management and investment advisory fees		5		7		311
Accrued distribution fees		31		35		–
Accrued directors' expenses		1		–		1
Accrued other expenses		3		3		41
Cash overdraft		–		–		14
Payables:
Deferred foreign tax		–		–		94
Fund shares redeemed		159		890		442
Total Liabilities		199		935		903
Net Assets Applicable to Outstanding Shares	$	151,672	$	168,562	$	430,460

Net Assets Consist of:
Capital shares and additional paid-in-capital	$	145,866	$	154,336	$	477,772
Accumulated undistributed (overdistributed) net investment income (loss)		2,223		1,446		6,111
Accumulated undistributed (overdistributed) net realized gain (loss)		2,045		1,251		(111,003	)
Net unrealized appreciation (depreciation) of investments		1,538		11,529		57,671
Net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currency .		–		–		(91	)
Total Net Assets	$	151,672	$	168,562	$	430,460
Capital Stock (par value: $.01 per share):
Shares authorized		200,000		50,000		300,000
Net Asset Value Per Share:
Class 1: Net Assets		N/A		N/A	$	429,194
Shares issued and outstanding						30,473
Net Asset Value per share					$	14.08
Class 2: Net Assets	$	151,672	$	168,562	$	1,266
Shares issued and outstanding		13,797		14,008		89
Net Asset Value per share	$	10.99	$	12.03	$	14.19


STATEMENTS OF ASSETS AND LIABILITIES
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014



					Government &
		Equity			High Quality
Amounts in thousands, except per share amounts	Income Account				Bond Account			Income Account
Investment in securities--at cost	$	379,229		$	314,778		$	260,547
Assets
Investment in securities--at value	$	624,240		$	318,413		$	276,340
Receivables:
Dividends and interest		1,693			1,381			2,565
Fund shares sold		40			629			27
Investment securities sold		1,586			–			–
Total Assets		627,559			320,423			278,932
Liabilities
Accrued management and investment advisory fees		259			133			120
Accrued distribution fees		5			–			1
Accrued directors' expenses		2			1			1
Accrued other expenses		6			5			4
Cash overdraft		–			18			173
Payables:
Fund shares redeemed		2,389			15			–
Investment securities purchased		–			4,826			–
Total Liabilities		2,661			4,998			299
Net Assets Applicable to Outstanding Shares	$	624,898		$	315,425		$	278,633

Net Assets Consist of:
Capital shares and additional paid-in-capital	$	368,878		$	324,144		$	256,051
Accumulated undistributed (overdistributed) net investment income (loss)		19,091			9,984			10,170
Accumulated undistributed (overdistributed) net realized gain (loss)		(8,082	)		(22,338	)		(3,381	)
Net unrealized appreciation (depreciation) of investments		245,011			3,635			15,793
Total Net Assets	$	624,898		$	315,425		$	278,633
Capital Stock (par value: $.01 per share):
Shares authorized		200,000			200,000			200,000
Net Asset Value Per Share:
Class 1: Net Assets	$	599,407		$	314,509		$	275,597
Shares issued and outstanding		25,929			30,135			25,577
Net Asset Value per share	$	23.12		$	10.44		$	10.78
Class 2: Net Assets	$	25,491		$	916		$	3,036
Shares issued and outstanding		1,110			88			283
Net Asset Value per share	$	22.96		$	10.45		$	10.73


STATEMENTS OF ASSETS AND LIABILITIES
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014



	International
	Emerging				LargeCap		LargeCap
Amounts in thousands, except per share amounts	Markets Account				Blend Account II		Growth Account
Investment in securities--at cost	$	98,919		$	111,411	$	97,148
Foreign currency--at cost	$	1		$	–	$	–
Assets
Investment in securities--at value	$	102,964		$	146,514	$	123,837
Foreign currency--at value		1			–		–
Cash		–			1		–
Deposits with counterparty		–			300		–
Receivables:
Dividends and interest		291			185		65
Expense reimbursement from Manager		–			2		–
Fund shares sold		19			5		9
Investment securities sold		–			66		–
Total Assets		103,275			147,073		123,911
Liabilities
Accrued management and investment advisory fees		110			94		72
Accrued custodian fees		33			–		–
Accrued directors' expenses		–			1		–
Accrued other expenses		–			11		3
Payables:
Fund shares redeemed		41			487		84
Investment securities purchased		–			79		–
Variation margin on financial derivative instruments		–			75		–
Total Liabilities		184			747		159
Net Assets Applicable to Outstanding Shares	$	103,091		$	146,326	$	123,752

Net Assets Consist of:
Capital shares and additional paid-in-capital	$	116,218		$	100,771	$	114,215
Accumulated undistributed (overdistributed) net investment income (loss)		1,498			1,556		173
Accumulated undistributed (overdistributed) net realized gain (loss)		(18,666	)		8,948		(17,325	)
Net unrealized appreciation (depreciation) of investments		4,045			35,051		26,689
Net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currency .		(4	)		–		–
Total Net Assets	$	103,091		$	146,326	$	123,752
Capital Stock (par value: $.01 per share):
Shares authorized		100,000			300,000		300,000
Net Asset Value Per Share:
Class 1: Net Assets	$	103,091		$	145,312	$	123,091
Shares issued and outstanding		6,777			13,099		5,003
Net Asset Value per share	$	15.21		$	11.09	$	24.60
Class 2: Net Assets		N/A		$	1,014	$	661
Shares issued and outstanding					91		27
Net Asset Value per share				$	11.14	$	24.53


STATEMENTS OF ASSETS AND LIABILITIES
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014



						LargeCap
						S&P 500
		LargeCap		LargeCap		Managed
		Growth		S&P 500 Index		Volatility
Amounts in thousands, except per share amounts		Account I		Account		Index Account
Investment in securities--at cost	$	175,135	$	1,318,802	$	91,290
Assets
Investment in securities--at value	$	239,808	$	1,865,619	$	97,100
Cash		1		1		–
Deposits with counterparty		430		–		–
Receivables:
Dividends and interest		130		2,417		110
Expense reimbursement from Manager		3		–		–
Fund shares sold		15		37		201
Investment securities sold		130		–		97
Total Assets		240,517		1,868,074		97,508
Liabilities
Accrued management and investment advisory fees		155		395		36
Accrued directors' expenses		1		6		–
Accrued other expenses		8		11		9
Payables:
Fund shares redeemed		63		4,111		17
Investment securities purchased		600		–		77
Options and swaptions contracts written (premiums received $0, $0 and $14)		–		–		80
Variation margin on financial derivative instruments		61		516		53
Total Liabilities		888		5,039		272
Net Assets Applicable to Outstanding Shares	$	239,629	$	1,863,035	$	97,236

Net Assets Consist of:
Capital shares and additional paid-in-capital	$	138,479	$	1,275,123	$	93,695
Accumulated undistributed (overdistributed) net investment income (loss)		369		29,426		–
Accumulated undistributed (overdistributed) net realized gain (loss)		36,049		10,884		(2,234	)
Net unrealized appreciation (depreciation) of investments		64,732		547,602		5,775
Total Net Assets	$	239,629	$	1,863,035	$	97,236
Capital Stock (par value: $.01 per share):
Shares authorized		100,000		200,000		100,000
Net Asset Value Per Share:
Class 1: Net Assets	$	239,629	$	1,863,035	$	97,236
Shares issued and outstanding		8,350		127,309		8,667
Net Asset Value per share	$	28.70	$	14.63	$	11.22


STATEMENTS OF ASSETS AND LIABILITIES
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014



	LargeCap					Money
Amounts in thousands, except per share amounts	Value Account			MidCap Account		Market Account
Investment in securities--at cost	$	148,203	$	430,588	$	275,139
Assets
Investment in securities--at value	$	170,988	$	694,203	$	275,139
Cash		–		164		5,292
Receivables:
Dividends and interest		160		305		8
Expense reimbursement from Manager		–		–		67
Fund shares sold		5		55		222
Investment securities sold		1,948		1,039		–
Total Assets		173,101		695,766		280,728
Liabilities
Accrued management and investment advisory fees		86		302		106
Accrued distribution fees		–		4		–
Accrued directors' expenses		1		2		1
Accrued other expenses		4		6		6
Payables:
Fund shares redeemed		162		2,221		778
Investment securities purchased		2,145		435		–
Variation margin on financial derivative instruments		30		–		–
Total Liabilities		2,428		2,970		891
Net Assets Applicable to Outstanding Shares	$	170,673	$	692,796	$	279,837

Net Assets Consist of:
Capital shares and additional paid-in-capital	$	127,519	$	354,564	$	279,847
Accumulated undistributed (overdistributed) net investment income (loss)		2,448		4,503		–
Accumulated undistributed (overdistributed) net realized gain (loss)		17,843		70,114		(10	)
Net unrealized appreciation (depreciation) of investments		22,863		263,615		–
Total Net Assets	$	170,673	$	692,796	$	279,837
Capital Stock (par value: $.01 per share):
Shares authorized		100,000		105,000		1,500,000
Net Asset Value Per Share:
Class 1: Net Assets	$	170,673	$	676,836	$	278,903
Shares issued and outstanding		5,050		11,134		278,913
Net Asset Value per share	$	33.80	$	60.79	$	1.00
Class 2: Net Assets		N/A	$	15,960	$	934
Shares issued and outstanding				264		934
Net Asset Value per share			$	60.54	$	1.00


STATEMENTS OF ASSETS AND LIABILITIES
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014



	Principal Capital			Principal			Principal
	Appreciation			LifeTime 2010			LifeTime 2020
Amounts in thousands, except per share amounts		Account		Account			Account
Investment in securities--at cost	$	18,101		$ –			$ –
Investment in affiliated Accounts--at cost	$	–	$	44,384		$	200,146
Assets
Investment in securities--at value	$	40,296		$ –			$ –
Investment in affiliated Accounts--at value		–		47,316			211,479
Receivables:
Dividends and interest		64		6			17
Fund shares sold		–		10			49
Investment securities sold		319		11			248
Total Assets		40,679		47,343			211,793
Liabilities
Accrued management and investment advisory fees		21		1			5
Accrued distribution fees		2		–			–
Accrued directors' expenses		–		–			1
Accrued professional fees		–		3			–
Accrued other expenses		4		–			3
Payables:
Fund shares redeemed		210		21			297
Investment securities purchased		361		6			17
Total Liabilities		598		31			323
Net Assets Applicable to Outstanding Shares	$	40,081	$	47,312		$	211,470

Net Assets Consist of:
Capital shares and additional paid-in-capital	$	14,599	$	44,459		$	185,704
Accumulated undistributed (overdistributed) net investment income (loss)		419		985			5,282
Accumulated undistributed (overdistributed) net realized gain (loss)		2,868		(1,064	)		9,151
Net unrealized appreciation (depreciation) of investments		22,195		2,932			11,333
Total Net Assets	$	40,081	$	47,312		$	211,470
Capital Stock (par value: $.01 per share):
Shares authorized		200,000		100,000			200,000
Net Asset Value Per Share:
Class 1: Net Assets	$	33,190	$	47,312		$	211,470
Shares issued and outstanding		1,488		3,754			15,357
Net Asset Value per share	$	22.31	$	12.60		$	13.77
Class 2: Net Assets	$	6,891		N/A			N/A
Shares issued and outstanding		312
Net Asset Value per share	$	22.11


STATEMENTS OF ASSETS AND LIABILITIES
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014



		Principal		Principal		Principal
		LifeTime 2030		LifeTime 2040		LifeTime 2050
Amounts in thousands, except per share amounts		Account		Account		Account
Investment in affiliated Accounts--at cost	$	108,671	$	40,191	$	20,391
Assets
Investment in affiliated Accounts--at value	$	116,971	$	42,308	$	21,801
Receivables:
Dividends and interest		11		4		2
Fund shares sold		26		39		29
Investment securities sold		16		–		–
Total Assets		117,024		42,351		21,832
Liabilities
Accrued management and investment advisory fees		3		1		1
Accrued professional fees		–		3		3
Accrued other expenses		3		–		–
Payables:
Fund shares redeemed		42		–		–
Investment securities purchased		11		43		32
Total Liabilities		59		47		36
Net Assets Applicable to Outstanding Shares	$	116,965	$	42,304	$	21,796

Net Assets Consist of:
Capital shares and additional paid-in-capital	$	101,278	$	37,466	$	18,735
Accumulated undistributed (overdistributed) net investment income (loss)		3,046		1,129		603
Accumulated undistributed (overdistributed) net realized gain (loss)		4,341		1,592		1,048
Net unrealized appreciation (depreciation) of investments		8,300		2,117		1,410
Total Net Assets	$	116,965	$	42,304	$	21,796
Capital Stock (par value: $.01 per share):
Shares authorized		200,000		200,000		200,000
Net Asset Value Per Share:
Class 1: Net Assets	$	116,965	$	42,304	$	21,796
Shares issued and outstanding		9,475		2,918		1,537
Net Asset Value per share	$	12.34	$	14.50	$	14.18


STATEMENTS OF ASSETS AND LIABILITIES
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014


				Principal
		Principal		LifeTime			Real Estate
		LifeTime 2060		Strategic			Securities
Amounts in thousands, except per share amounts		Account		Income Account			Account
Investment in securities--at cost	$	–	$	–		$	111,545
Investment in affiliated Accounts--at cost	$	821	$	28,193		$	–
Assets
Investment in securities--at value	$	–	$	–		$	166,693
Investment in affiliated Accounts--at value		828		30,020			–
Receivables:
Dividends and interest		–		5			845
Fund shares sold		1		17			53
Investment securities sold		–		83			–
Total Assets		829		30,125			167,591
Liabilities
Accrued management and investment advisory fees		–		1			125
Accrued professional fees		3		–			–
Accrued other expenses		–		3			3
Cash overdraft		–		–			161
Payables:
Fund shares redeemed		–		100			109
Investment securities purchased		1		5			–
Total Liabilities		4		109			398
Net Assets Applicable to Outstanding Shares	$	825	$	30,016		$	167,193

Net Assets Consist of:
Capital shares and additional paid-in-capital	$	764	$	28,440		$	105,181
Accumulated undistributed (overdistributed) net investment income (loss)		22		608			2,496
Accumulated undistributed (overdistributed) net realized gain (loss)		32		(859	)		4,368
Net unrealized appreciation (depreciation) of investments		7		1,827			55,148
Total Net Assets	$	825	$	30,016		$	167,193
Capital Stock (par value: $.01 per share):
Shares authorized		100,000		100,000			300,000
Net Asset Value Per Share:
Class 1: Net Assets	$	825	$	30,016		$	166,701
Shares issued and outstanding		67		2,607			7,467
Net Asset Value per share	$	12.19	$	11.51		$	22.33
Class 2: Net Assets		N/A		N/A		$	492
Shares issued and outstanding							22
Net Asset Value per share						$	22.45


STATEMENTS OF ASSETS AND LIABILITIES
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014



				SAM
		SAM		Conservative		SAM
		Balanced		Balanced		Conservative
Amounts in thousands, except per share amounts		Portfolio		Portfolio		Growth Portfolio
Investment in affiliated Accounts--at cost	$	800,076	$	200,672	$	262,086
Assets
Investment in affiliated Accounts--at value	$	926,966	$	223,402	$	301,305
Receivables:
Dividends and interest		100		50		10
Fund shares sold		166		2		124
Investment securities sold		876		155		–
Total Assets		928,108		223,609		301,439
Liabilities
Accrued management and investment advisory fees		180		43		58
Accrued distribution fees		21		3		22
Accrued directors' expenses		3		1		1
Accrued other expenses		3		3		3
Payables:
Fund shares redeemed		1,042		157		68
Investment securities purchased		99		50		65
Total Liabilities		1,348		257		217
Net Assets Applicable to Outstanding Shares	$	926,760	$	223,352	$	301,222

Net Assets Consist of:
Capital shares and additional paid-in-capital	$	714,657	$	186,289	$	240,099
Accumulated undistributed (overdistributed) net investment income (loss)		25,487		6,984		6,603
Accumulated undistributed (overdistributed) net realized gain (loss)		59,726		7,349		15,301
Net unrealized appreciation (depreciation) of investments		126,890		22,730		39,219
Total Net Assets	$	926,760	$	223,352	$	301,222
Capital Stock (par value: $.01 per share):
Shares authorized		300,000		200,000		200,000
Net Asset Value Per Share:
Class 1: Net Assets	$	826,908	$	206,621	$	198,465
Shares issued and outstanding		50,094		16,403		10,435
Net Asset Value per share	$	16.51	$	12.60	$	19.02
Class 2: Net Assets	$	99,852	$	16,731	$	102,757
Shares issued and outstanding		6,100		1,341		5,460
Net Asset Value per share	$	16.37	$	12.48	$	18.82


STATEMENTS OF ASSETS AND LIABILITIES
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014



	SAM Flexible			SAM Strategic		Short-Term
Amounts in thousands, except per share amounts	Income Portfolio			Growth Portfolio		Income Account
Investment in securities--at cost	$	–	$	–	$	265,029
Investment in affiliated Accounts--at cost	$	211,131	$	209,564	$	–
Assets
Investment in securities--at value	$	–	$	–	$	265,596
Investment in affiliated Accounts--at value		235,198		235,377		–
Cash		–		–		44
Receivables:
Dividends and interest		77		–		1,324
Expense reimbursement from Manager		–		–		2
Fund shares sold		10		108		1,840
Investment securities sold		30		1		–
Total Assets		235,315		235,486		268,806
Liabilities
Accrued management and investment advisory fees		45		45		109
Accrued distribution fees		4		20		–
Accrued directors' expenses		1		–		1
Accrued other expenses		3		3		5
Payables:
Fund shares redeemed		40		109		104
Investment securities purchased		77		–		–
Total Liabilities		170		177		219
Net Assets Applicable to Outstanding Shares	$	235,145	$	235,309	$	268,587

Net Assets Consist of:
Capital shares and additional paid-in-capital	$	201,080	$	189,519	$	280,357
Accumulated undistributed (overdistributed) net investment income (loss)		8,281		5,216		4,456
Accumulated undistributed (overdistributed) net realized gain (loss)		1,717		14,761		(16,793	)
Net unrealized appreciation (depreciation) of investments		24,067		25,813		567
Total Net Assets	$	235,145	$	235,309	$	268,587
Capital Stock (par value: $.01 per share):
Shares authorized		200,000		200,000		400,000
Net Asset Value Per Share:
Class 1: Net Assets	$	215,309	$	138,863	$	267,674
Shares issued and outstanding		16,286		6,613		103,428
Net Asset Value per share	$	13.22	$	21.00	$	2.59
Class 2: Net Assets	$	19,836	$	96,446	$	913
Shares issued and outstanding		1,512		4,636		354
Net Asset Value per share	$	13.12	$	20.80	$	2.58


STATEMENTS OF ASSETS AND LIABILITIES
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014



				SmallCap
	SmallCap			Growth			SmallCap
Amounts in thousands, except per share amounts	Blend Account			Account II			Value Account I
Investment in securities--at cost	$	50,704	$	57,481		$	85,180
Assets
Investment in securities--at value	$	65,407	$	72,464	^(a)	$	106,968	^(a)
Deposits with counterparty		31		266			516
Receivables:
Dividends and interest		69		13			197
Expense reimbursement from Manager		–		5			18
Fund shares sold		7		12			13
Investment securities sold		–		35			4,735
Total Assets		65,514		72,795			112,447
Liabilities
Accrued management and investment advisory fees		47		54			100
Accrued distribution fees		–		1			–
Accrued other expenses		4		12			20
Payables:
Fund shares redeemed		84		116			1,748
Investment securities purchased		691		216			664
Variation margin on financial derivative instruments		6		16			86
Collateral obligation on securities loaned, at value		–		7,386			3,579
Total Liabilities		832		7,801			6,197
Net Assets Applicable to Outstanding Shares	$	64,682	$	64,994		$	106,250

Net Assets Consist of:
Capital shares and additional paid-in-capital	$	42,885	$	54,859		$	71,033
Accumulated undistributed (overdistributed) net investment income (loss)		115		(9	)		766
Accumulated undistributed (overdistributed) net realized gain (loss)		6,941		(4,900	)		12,591
Net unrealized appreciation (depreciation) of investments		14,741		15,044			21,860
Total Net Assets	$	64,682	$	64,994		$	106,250
Capital Stock (par value: $.01 per share):
Shares authorized		100,000		300,000			300,000
Net Asset Value Per Share:
Class 1: Net Assets	$	64,682	$	61,168		$	106,083
Shares issued and outstanding		4,624		3,128			5,151
Net Asset Value per share	$	13.99	$	19.55		$	20.59
Class 2: Net Assets		N/A	$	3,826		$	167
Shares issued and outstanding				200			8
Net Asset Value per share			$	19.16		$	20.45


STATEMENTS OF OPERATIONS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
Year Ended December 31, 2014


					Bond & Mortgage			Bond Market
Amounts in thousands	Balanced Account				Securities Account			Index Account
Net Investment Income (Loss)
Income:
Dividends	$	592		$	76		$	–
Withholding tax		(7	)		–			–
Interest		569			10,200			28,919
Total Income		1,154			10,276			28,919
Expenses:
Management and investment advisory fees		306			1,427			3,743
Custodian fees		20			20			41
Directors' expenses		3			7			27
Professional fees		5			4			6
Other expenses		–			1			1
Total Expenses		334			1,459			3,818
Net Investment Income (Loss)		820			8,817			25,101

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements
Net realized gain (loss) from:
Investment transactions		4,342			5,983			10,559
Futures contracts		2			–			–
Short sales		–			–			(34	)
Swap agreements		–			(654	)		–
Change in unrealized appreciation/depreciation of:
Investments		(851	)		1,419			45,396
Futures contracts		(3	)		30			–
Swap agreements		–			537			–
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements		3,490			7,315			55,921
Net Increase (Decrease) in Net Assets Resulting from Operations	$	4,310		$	16,132		$	81,022


STATEMENTS OF OPERATIONS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
Year Ended December 31, 2014



				Diversified
		Diversified		Balanced Managed		Diversified
Amounts in thousands	Balanced Account			Volatility Account		Growth Account
Net Investment Income (Loss)
Income:
Dividends from affiliated Accounts	$	13,186	$	1,134	$	39,633
Total Income		13,186		1,134		39,633
Expenses:
Management and investment advisory fees		468		20		1,275
Distribution Fees - Class 2		2,341		100		6,375
Directors' expenses		17		3		44
Professional fees		3		3		3
Other expenses		1		–		3
Total Gross Expenses		2,830		126		7,700
Less: Reimbursement from Manager - Class 2		–		2		–
Total Net Expenses		2,830		124		7,700
Net Investment Income (Loss)		10,356		1,010		31,933

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements
Net realized gain (loss) from:
Investment transactions in affiliated Accounts		742		5		655
Capital gain distribution received from affiliated Accounts		10,837		883		38,507
Change in unrealized appreciation/depreciation of:
Investments in affiliated Accounts		44,669		963		121,471
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements		56,248		1,851		160,633
Net Increase (Decrease) in Net Assets Resulting from Operations	$	66,604	$	2,861	$	192,566


STATEMENTS OF OPERATIONS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
Year Ended December 31, 2014


		Diversified				Diversified
	Growth Managed			Diversified		International
Amounts in thousands	Volatility Account			Income Account		Account
Net Investment Income (Loss)
Income:
Dividends from affiliated Accounts	$	2,459	$	1,867		$ –
Dividends		–		–		13,606
Withholding tax		–		–		(1,517	)
Total Income		2,459		1,867		12,089
Expenses:
Management and investment advisory fees		38		69		3,990
Distribution Fees - Class 2		191		342		3
Custodian fees		–		–		121
Directors' expenses		4		4		9
Professional fees		3		6		27
Other expenses		–		–		1
Total Expenses		236		421		4,151
Net Investment Income (Loss)		2,223		1,446		7,938

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements
Net realized gain (loss) from:
Investment transactions		–		–		32,191
Investment transactions in affiliated Accounts		11		49		–
Foreign currency transactions		–		–		(251	)
Capital gain distribution received from affiliated Accounts		2,038		1,228		–
Change in unrealized appreciation/depreciation of:
Investments (net of deferred foreign tax payable of $0, $0 and $94, respectively)		–		–		(53,910	)
Investments in affiliated Accounts		1,531		6,491		–
Translation of assets and liabilities in foreign currencies		–		–		(95	)
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements		3,580		7,768		(22,065	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	5,803	$	9,214	$	(14,127	)


STATEMENTS OF OPERATIONS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
Year Ended December 31, 2014


					Government &
		Equity			High Quality
Amounts in thousands	Income Account				Bond Account		Income Account
Net Investment Income (Loss)
Income:
Dividends	$	20,365		$	–	$	–
Withholding tax		(454	)		–		–
Interest		2			10,526		12,631
Total Income		19,913			10,526		12,631
Expenses:
Management and investment advisory fees		3,108			1,717		1,419
Distribution Fees - Class 2		63			2		8
Custodian fees		10			7		4
Directors' expenses		12			7		6
Professional fees		4			4		4
Other expenses		1			–		–
Total Expenses		3,198			1,737		1,441
Net Investment Income (Loss)		16,715			8,789		11,190

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements
Net realized gain (loss) from:
Investment transactions		48,463			2,348		2,029
Foreign currency transactions		(4	)		–		–
Change in unrealized appreciation/depreciation of:
Investments		12,687			6,201		1,774
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements		61,146			8,549		3,803
Net Increase (Decrease) in Net Assets Resulting from Operations	$	77,861		$	17,338	$	14,993


STATEMENTS OF OPERATIONS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
Year Ended December 31, 2014



		International
		Emerging			LargeCap			LargeCap
Amounts in thousands	Markets Account				Blend Account II			Growth Account
Net Investment Income (Loss)
Income:
Dividends	$	3,411		$	2,752		$	918
Withholding tax		(461	)		(23	)		(2	)
Interest		–			1			–
Total Income		2,950			2,730			916
Expenses:
Management and investment advisory fees		1,387			1,149			764
Distribution Fees - Class 2		N/A			2			2
Custodian fees		102			18			3
Directors' expenses		4			5			3
Professional fees		38			5			4
Shareholder meeting expense		–			3			–
Total Gross Expenses		1,531			1,182			776
Less: Reimbursement from Manager		–			28			–
Total Net Expenses		1,531			1,154			776
Net Investment Income (Loss)		1,419			1,576			140

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements
Net realized gain (loss) from:
Investment transactions		(237	)		20,674			9,440
Foreign currency transactions		(101	)		–			–
Futures contracts		–			640			–
Short sales		–			5			–
Change in unrealized appreciation/depreciation of:
Investments		(5,005	)		(6,530	)		2,705
Futures contracts		–			(164	)		–
Translation of assets and liabilities in foreign currencies		4			–			–
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements		(5,339	)		14,625			12,145
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(3,920	)	$	16,201		$	12,285


STATEMENTS OF OPERATIONS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
Year Ended December 31, 2014



								LargeCap S&P 500
		LargeCap			LargeCap S&P 500			Managed Volatility
Amounts in thousands	Growth Account I				Index Account			Index Account
Net Investment Income (Loss)
Income:
Dividends	$	2,119		$	33,568		$	912
Withholding tax		(7	)		(4	)		(1	)
Interest		2			6			1
Total Income		2,114			33,570			912
Expenses:
Management and investment advisory fees		1,861			4,203			230
Custodian fees		20			12			19
Directors' expenses		6			29			3
Professional fees		4			4			5
Other expenses		2			19			1
Total Gross Expenses		1,893			4,267			258
Less: Reimbursement from Manager		39			–			–
Less: Reimbursement from Manager - Class 1		–			–			7
Total Net Expenses		1,854			4,267			251
Net Investment Income (Loss)		260			29,303			661

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements
Net realized gain (loss) from:
Investment transactions		37,290			18,921			309
Futures contracts		648			5,305			570
Options and swaptions		–			–			147
Change in unrealized appreciation/depreciation of:
Investments		(18,323	)		163,820			5,558
Futures contracts		(203	)		(70	)		20
Options and swaptions		–			–			(68	)
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements		19,412			187,976			6,536
Net Increase (Decrease) in Net Assets Resulting from Operations	$	19,672		$	217,279		$	7,197


STATEMENTS OF OPERATIONS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
Year Ended December 31, 2014



		LargeCap						Money
Amounts in thousands		Value Account			MidCap Account			Market Account
Net Investment Income (Loss)
Income:
Dividends	$	3,453		$	7,384		$	–
Withholding tax		–			(55	)		–
Interest		–			(1	)		447
Total Income		3,453			7,328			447
Expenses:
Management and investment advisory fees		1,007			3,417			1,246
Distribution Fees - Class 2		N/A			38			2
Custodian fees		6			12			10
Directors' expenses		4			12			6
Professional fees		4			4			4
Other expenses		–			2			–
Total Gross Expenses		1,021			3,485			1,268
Less: Reimbursement from Manager - Class 1		–			–			816
Less: Reimbursement from Manager - Class 2		–			–			3
Less: Reimbursement from Distributor - Class 2		–			–			2
Total Net Expenses		1,021			3,485			447
Net Investment Income (Loss)		2,432			3,843			–

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements
Net realized gain (loss) from:
Investment transactions		17,980			72,859			–
Foreign currency transactions		–			3			–
Futures contracts		16			–			–
Change in unrealized appreciation/depreciation of:
Investments		(2,695	)		3,163			–
Futures contracts		78			–			–
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements		15,379			76,025			–
Net Increase (Decrease) in Net Assets Resulting from Operations	$	17,811		$	79,868		$	–


STATEMENTS OF OPERATIONS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
Year Ended December 31, 2014



	Principal Capital
		Appreciation			Principal LifeTime			Principal LifeTime
Amounts in thousands		Account			2010 Account			2020 Account
Net Investment Income (Loss)
Income:
Dividends from affiliated Accounts	$	–		$	1,008		$	5,358
Dividends		651			–			–
Withholding tax		(2	)		–			–
Total Income		649			1,008			5,358
Expenses:
Management and investment advisory fees		242			15			66
Distribution Fees - Class 2		16			N/A			N/A
Custodian fees		6			–			–
Directors' expenses		3			3			6
Professional fees		4			3			3
Total Expenses		271			21			75
Net Investment Income (Loss)		378			987			5,283

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements
Net realized gain (loss) from:
Investment transactions		3,036			–			–
Investment transactions in affiliated Accounts		–			817			4,393
Capital gain distribution received from affiliated Accounts		–			744			4,915
Change in unrealized appreciation/depreciation of:
Investments		1,130			–			–
Investments in affiliated Accounts		–			(213	)		(2,278	)
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements		4,166			1,348			7,030
Net Increase (Decrease) in Net Assets Resulting from Operations	$	4,544		$	2,335		$	12,313


STATEMENTS OF OPERATIONS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
Year Ended December 31, 2014



	Principal LifeTime				Principal LifeTime			Principal LifeTime
Amounts in thousands	2030 Account				2040 Account			2050 Account
Net Investment Income (Loss)
Income:
Dividends from affiliated Accounts	$	3,088		$	1,147		$	616
Total Income		3,088			1,147			616
Expenses:
Management and investment advisory fees		34			12			7
Directors' expenses		4			3			3
Professional fees		3			3			3
Total Expenses		41			18			13
Net Investment Income (Loss)		3,047			1,129			603

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements
Net realized gain (loss) from:
Investment transactions in affiliated Accounts		750			97			233
Capital gain distribution received from affiliated Accounts		3,694			1,529			834
Change in unrealized appreciation/depreciation of:
Investments in affiliated Accounts		(747	)		(415	)		(233	)
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements		3,697			1,211			834
Net Increase (Decrease) in Net Assets Resulting from Operations	$	6,744		$	2,340		$	1,437


STATEMENTS OF OPERATIONS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
Year Ended December 31, 2014



				Principal
	Principal LifeTime			LifeTime Strategic		Real Estate
Amounts in thousands	2060 Account			Income Account		Securities Account
Net Investment Income (Loss)
Income:
Dividends from affiliated Accounts	$	22	$	624	$	–
Dividends		–		–		3,507
Total Income		22		624		3,507
Expenses:
Management and investment advisory fees		–		9		1,304
Distribution Fees - Class 2		N/A		N/A		1
Custodian fees		–		–		2
Directors' expenses		–		3		4
Professional fees		3		3		4
Total Gross Expenses		3		15		1,315
Less: Reimbursement from Manager - Class 1		3		–		–
Total Net Expenses		–		15		1,315
Net Investment Income (Loss)		22		609		2,192

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements
Net realized gain (loss) from:
Investment transactions		–		–		6,240
Investment transactions in affiliated Accounts		1		475		–
Capital gain distribution received from affiliated Accounts		31		255		–
Change in unrealized appreciation/depreciation of:
Investments		–		–		32,938
Investments in affiliated Accounts		6		17		–
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements		38		747		39,178
Net Increase (Decrease) in Net Assets Resulting from Operations	$	60	$	1,356	$	41,370


STATEMENTS OF OPERATIONS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
Year Ended December 31, 2014



		SAM			SAM Conservative			SAM Conservative
Amounts in thousands	Balanced Portfolio				Balanced Portfolio			Growth Portfolio
Net Investment Income (Loss)
Income:
Dividends from affiliated Accounts	$	27,959		$	7,546		$	7,512
Total Income		27,959			7,546			7,512
Expenses:
Management and investment advisory fees		2,198			511			648
Distribution Fees - Class 2		252			41			250
Directors' expenses		16			6			7
Professional fees		3			3			3
Other expenses		1			–			–
Total Expenses		2,470			561			908
Net Investment Income (Loss)		25,489			6,985			6,604

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements
Net realized gain (loss) from:
Investment transactions		22			–			–
Investment transactions in affiliated Accounts		46,992			7,492			11,793
Capital gain distribution received from affiliated Accounts		21,008			3,782			8,471
Change in unrealized appreciation/depreciation of:
Investments in affiliated Accounts		(29,299	)		(4,698	)		(6,542	)
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements		38,723			6,576			13,722
Net Increase (Decrease) in Net Assets Resulting from Operations	$	64,212		$	13,561		$	20,326


STATEMENTS OF OPERATIONS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
Year Ended December 31, 2014


		SAM Flexible			SAM Strategic			Short-Term
Amounts in thousands	Income Portfolio				Growth Portfolio			Income Account
Net Investment Income (Loss)
Income:
Dividends from affiliated Accounts	$	8,869		$	5,949		$	–
Interest		–			–			5,708
Total Income		8,869			5,949			5,708
Expenses:
Management and investment advisory fees		530			495			1,252
Distribution Fees - Class 2		49			228			2
Custodian fees		–			–			7
Directors' expenses		6			6			6
Professional fees		3			3			4
Total Gross Expenses		588			732			1,271
Less: Reimbursement from Manager - Class 1		–			–			26
Total Net Expenses		588			732			1,245
Net Investment Income (Loss)		8,281			5,217			4,463

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements
Net realized gain (loss) from:
Investment transactions		–			–			1,551
Investment transactions in affiliated Accounts		4,267			9,220			–
Capital gain distribution received from affiliated Accounts		2,299			10,179			–
Change in unrealized appreciation/depreciation of:
Investments		–			–			(2,109	)
Investments in affiliated Accounts		(1,072	)		(6,413	)		–
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements		5,494			12,986			(558	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	13,775		$	18,203		$	3,905


STATEMENTS OF OPERATIONS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
Year Ended December 31, 2014


		SmallCap			SmallCap			SmallCap
Amounts in thousands		Blend Account			Growth Account II			Value Account I
Net Investment Income (Loss)
Income:
Dividends	$	658		$	216		$	1,593
Withholding tax		–			–			(1	)
Interest		1			1			2
Securities lending - net		–			136			71
Total Income		659			353			1,665
Expenses:
Management and investment advisory fees		543			643			1,197
Distribution Fees - Class 2		N/A			9			–
Custodian fees		5			22			35
Directors' expenses		4			3			4
Professional fees		4			4			5
Shareholder meeting expense		–			4			6
Total Gross Expenses		556			685			1,247
Less: Reimbursement from Manager		–			64			22
Less: Reimbursement from Manager - Class 1		–			–			143
Total Net Expenses		556			621			1,082
Net Investment Income (Loss)		103			(268	)		583

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements
Net realized gain (loss) from:
Investment transactions		6,872			9,127			13,877
Futures contracts		137			230			483
Change in unrealized appreciation/depreciation of:
Investments		(4,088	)		(4,992	)		(7,186	)
Futures contracts		(8	)		(64	)		(332	)
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements		2,913			4,301			6,842
Net Increase (Decrease) in Net Assets Resulting from Operations	$	3,016		$	4,033		$	7,425


STATEMENTS OF CHANGES IN NET ASSETS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.




								Bond & Mortgage
Amounts in thousands		Balanced Account						Securities Account
	Year Ended			Year Ended				Year Ended		Year Ended
	December			December				December		December
		31, 2014			31, 2013			31, 2014			31, 2013
Operations
Net investment income (loss)	$	820		$	832		$	8,817		$	9,231
Net realized gain (loss) on investments, foreign currencies, futures,
options and swaptions, short sales, and swap agreements		4,344			6,159			5,329			(620	)
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions,
short sales, swap agreements, and translation of assets and liabilities in foreign currencies		(854	)		1,974			1,986			(11,990	)
Net Increase (Decrease) in Net Assets Resulting from Operations		4,310			8,965			16,132			(3,379	)

Dividends and Distributions to Shareholders
From net investment income:
Class 1		(877	)		(897	)		(9,821	)		(11,127	)
Total Dividends and Distributions		(877	)		(897	)		(9,821	)		(11,127	)

Capital Share Transactions
Shares sold:
Class 1		1,942			2,181			63,624			46,460
Shares issued in reinvestment of dividends and distributions:
Class 1		877			897			9,821			11,127
Shares redeemed:
Class 1		(7,297	)		(8,664	)		(74,198	)		(68,955	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(4,478	)		(5,586	)		(753	)		(11,368	)
Total Increase (Decrease)		(1,045	)		2,482			5,558			(25,874	)

Net Assets
Beginning of period		51,633			49,151			316,177			342,051
End of period (including undistributed net investment income as set forth below)	$	50,588		$	51,633		$	321,735		$	316,177
Undistributed (Overdistributed) Net Investment Income (Loss)	$	830		$	865		$	8,844		$	9,534

Increase (Decrease) in Capital Shares
Shares sold:
Class 1		105			130			5,552			3,994
Shares issued in reinvestment of dividends and distributions:
Class 1		47			54			860			1,006
Shares redeemed:
Class 1		(393	)		(519	)		(6,461	)		(6,001	)
Net Increase (Decrease)		(241	)		(335	)		(49	)		(1,001	)


STATEMENTS OF CHANGES IN NET ASSETS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.




Amounts in thousands		Bond Market Index Account						Diversified Balanced Account
		Year Ended			Year Ended			Year Ended		Year Ended
		December			December			December		December
		31, 2014			31, 2013			31, 2014			31, 2013
Operations
Net investment income (loss)	$	25,101		$	12,476		$	10,356		$	8,441
Net realized gain (loss) on investments, foreign currencies, futures,
options and swaptions, short sales, and swap agreements		10,525			(7,527	)		11,579			10,100
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions,
short sales, swap agreements, and translation of assets and liabilities in foreign currencies		45,396			(29,250	)		44,669			69,155
Net Increase (Decrease) in Net Assets Resulting from Operations		81,022			(24,301	)		66,604			87,696

Dividends and Distributions to Shareholders
From net investment income:
Class 1		(16,426	)		(7,269	)		N/A			N/A
Class 2		N/A			N/A			(8,431	)		(2,374	)
From net realized gain on investments:
Class 2		N/A			N/A			(10,099	)		(9,063	)
Total Dividends and Distributions		(16,426	)		(7,269	)		(18,530	)		(11,437	)

Capital Share Transactions
Shares sold:
Class 1		478,804			563,189			N/A			N/A
Class 2		N/A			N/A			115,524			205,967
Shares issued in reinvestment of dividends and distributions:
Class 1		16,426			7,269			N/A			N/A
Class 2		N/A			N/A			18,530			11,437
Shares redeemed:
Class 1		(89,236	)		(27,805	)		N/A			N/A
Class 2		N/A			N/A			(27,806	)		(18,613	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		405,994			542,653			106,248			198,791
Total Increase (Decrease)		470,590			511,083			154,322			275,050

Net Assets
Beginning of period		1,264,213			753,130			856,784			581,734
End of period (including undistributed net investment income as set forth below)	$	1,734,803		$	1,264,213		$	1,011,106		$	856,784
Undistributed (Overdistributed) Net Investment Income (Loss)	$	28,022		$	16,416		$	10,353		$	8,428

Increase (Decrease) in Capital Shares
Shares sold:
Class 1		47,045			56,232			N/A			N/A
Class 2		N/A			N/A			8,223			15,862
Shares issued in reinvestment of dividends and distributions:
Class 1		1,607			742			N/A			N/A
Class 2		N/A			N/A			1,320			888
Shares redeemed:
Class 1		(8,784	)		(2,794	)		N/A			N/A
Class 2		N/A			N/A			(1,978	)		(1,419	)
Net Increase (Decrease)		39,868			54,180			7,565			15,331


STATEMENTS OF CHANGES IN NET ASSETS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.




		Diversified Balanced
Amounts in thousands		Managed Volatility Account						Diversified Growth Account
	Year Ended			Period Ended				Year Ended			Year Ended
	December			December 31,				December			December
	31, 2014				2013	^(a)		31, 2014			31, 2013
Operations
Net investment income (loss)	$	1,010		$	2		$	31,933		$	24,868
Net realized gain (loss) on investments, foreign currencies, futures,
options and swaptions, short sales, and swap agreements		888			5			39,162			32,884
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions,
short sales, swap agreements, and translation of assets and liabilities in foreign currencies		963			–			121,471			216,754
Net Increase (Decrease) in Net Assets Resulting from Operations		2,861			7			192,566			274,506

Dividends and Distributions to Shareholders
From net investment income:
Class 2		(3	)		–			(24,839	)		(7,461	)
From net realized gain on investments:
Class 2		(5	)		–			(32,952	)		(15,426	)
Total Dividends and Distributions		(8	)		–			(57,791	)		(22,887	)

Capital Share Transactions
Shares sold:
Class 2		82,225			880			507,652			718,107
Shares issued in reinvestment of dividends and distributions:
Class 2		8			–			57,791			22,887
Shares redeemed:
Class 2		(1,446	)		–			(22,353	)		(7,927	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		80,787			880			543,090			733,067
Total Increase (Decrease)		83,640			887			677,865			984,686

Net Assets
Beginning of period		887			–			2,202,857			1,218,171
End of period (including undistributed net investment income as set forth below)	$	84,527		$	887		$	2,880,722		$	2,202,857
Undistributed (Overdistributed) Net Investment Income (Loss)	$	1,009		$	2		$	31,925		$	24,831

Increase (Decrease) in Capital Shares
Shares sold:
Class 2		7,819			87			33,899			52,531
Shares issued in reinvestment of dividends and distributions:
Class 2		1			–			3,861			1,688
Shares redeemed:
Class 2		(137	)		–			(1,483	)		(558	)
Net Increase (Decrease)		7,683			87			36,277			53,661


STATEMENTS OF CHANGES IN NET ASSETS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.




		Diversified Growth
Amounts in thousands		Managed Volatility Account						Diversified Income Account
	Year Ended			Period Ended				Year Ended		Year Ended
	December			December 31,				December		December
	31, 2014				2013	^(a)		31, 2014		31, 2013
Operations
Net investment income (loss)	$	2,223		$	15		$	1,446		$	784
Net realized gain (loss) on investments, foreign currencies, futures,
options and swaptions, short sales, and swap agreements		2,049			25			1,277			800
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions,
short sales, swap agreements, and translation of assets and liabilities in foreign currencies		1,531			7			6,491			4,585
Net Increase (Decrease) in Net Assets Resulting from Operations		5,803			47			9,214			6,169

Dividends and Distributions to Shareholders
From net investment income:
Class 2		(15	)		–			(784	)		(92	)
From net realized gain on investments:
Class 2		(29	)		–			(824	)		(47	)
Total Dividends and Distributions		(44	)		–			(1,608	)		(139	)

Capital Share Transactions
Shares sold:
Class 2		144,628			4,172			66,377			68,215
Shares issued in reinvestment of dividends and distributions:
Class 2		44			–			1,608			139
Shares redeemed:
Class 2		(2,747	)		(231	)		(19,066	)		(17,134	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		141,925			3,941			48,919			51,220
Total Increase (Decrease)		147,684			3,988			56,525			57,250

Net Assets
Beginning of period		3,988			–			112,037			54,787
End of period (including undistributed net investment income as set forth below)	$	151,672		$	3,988		$	168,562		$	112,037
Undistributed (Overdistributed) Net Investment Income (Loss)	$	2,223		$	15		$	1,446		$	784

Increase (Decrease) in Capital Shares
Shares sold:
Class 2		13,663			411			5,657			6,208
Shares issued in reinvestment of dividends and distributions:
Class 2		4			–			136			13
Shares redeemed:
Class 2		(258	)		(23	)		(1,634	)		(1,570	)
Net Increase (Decrease)		13,409			388			4,159			4,651


STATEMENTS OF CHANGES IN NET ASSETS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.




		Diversified
Amounts in thousands		International Account						Equity Income Account
	Year Ended			Year Ended				Year Ended		Year Ended
	December			December				December		December
		31, 2014			31, 2013			31, 2014			31, 2013
Operations
Net investment income (loss)	$	7,938		$	8,591		$	16,715		$	17,984
Net realized gain (loss) on investments, foreign currencies, futures,
options and swaptions, short sales, and swap agreements		31,940			32,601			48,459			36,820
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions,
short sales, swap agreements, and translation of assets and liabilities in foreign currencies		(54,005	)		40,805			12,687			98,593
Net Increase (Decrease) in Net Assets Resulting from Operations		(14,127	)		81,997			77,861			153,397

Dividends and Distributions to Shareholders
From net investment income:
Class 1		(10,543	)		(12,278	)		(15,060	)		(19,090	)
Class 2		(25	)		(32	)		(542	)		(679	)
Total Dividends and Distributions		(10,568	)		(12,310	)		(15,602	)		(19,769	)

Capital Share Transactions
Shares sold:
Class 1		18,555			26,783			27,917			30,440
Class 2		112			89			712			644
Shares issued in reinvestment of dividends and distributions:
Class 1		10,543			12,278			15,060			19,090
Class 2		25			32			542			679
Shares redeemed:
Class 1		(76,371	)		(72,185	)		(133,970	)		(125,627	)
Class 2		(261	)		(526	)		(2,974	)		(4,445	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(47,397	)		(33,529	)		(92,713	)		(79,219	)
Total Increase (Decrease)		(72,092	)		36,158			(30,454	)		54,409

Net Assets
Beginning of period		502,552			466,394			655,352			600,943
End of period (including undistributed net investment income as set forth below)	$	430,460		$	502,552		$	624,898		$	655,352
Undistributed (Overdistributed) Net Investment Income (Loss)	$	6,111		$	7,694		$	19,091		$	20,026

Increase (Decrease) in Capital Shares
Shares sold:
Class 1		1,256			1,963			1,264			1,576
Class 2		8			7			32			33
Shares issued in reinvestment of dividends and distributions:
Class 1		707			914			684			1,005
Class 2		2			2			25			36
Shares redeemed:
Class 1		(5,196	)		(5,232	)		(6,039	)		(6,514	)
Class 2		(18	)		(39	)		(136	)		(230	)
Net Increase (Decrease)		(3,241	)		(2,385	)		(4,170	)		(4,094	)


STATEMENTS OF CHANGES IN NET ASSETS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.




		Government & High
Amounts in thousands		Quality Bond Account						Income Account
	Year Ended			Year Ended				Year Ended		Year Ended
	December			December				December		December
		31, 2014			31, 2013			31, 2014			31, 2013
Operations
Net investment income (loss)	$	8,789		$	10,474		$	11,190		$	11,991
Net realized gain (loss) on investments, foreign currencies, futures,
options and swaptions, short sales, and swap agreements		2,348			4,979			2,029			1,050
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions,
short sales, swap agreements, and translation of assets and liabilities in foreign currencies		6,201			(19,992	)		1,774			(12,075	)
Net Increase (Decrease) in Net Assets Resulting from Operations		17,338			(4,539	)		14,993			966

Dividends and Distributions to Shareholders
From net investment income:
Class 1		(12,571	)		(15,618	)		(12,529	)		(14,042	)
Class 2		(31	)		(39	)		(128	)		(170	)
Total Dividends and Distributions		(12,602	)		(15,657	)		(12,657	)		(14,212	)

Capital Share Transactions
Shares sold:
Class 1		23,451			33,232			11,225			15,587
Class 2		69			9			19			93
Shares issued in reinvestment of dividends and distributions:
Class 1		12,571			15,618			12,529			14,042
Class 2		31			39			128			170
Shares redeemed:
Class 1		(105,587	)		(81,530	)		(19,783	)		(39,976	)
Class 2		(128	)		(205	)		(541	)		(581	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(69,593	)		(32,837	)		3,577			(10,665	)
Total Increase (Decrease)		(64,857	)		(53,033	)		5,913			(23,911	)

Net Assets
Beginning of period		380,282			433,315			272,720			296,631
End of period (including undistributed net investment income as set forth below)	$	315,425		$	380,282		$	278,633		$	272,720
Undistributed (Overdistributed) Net Investment Income (Loss)	$	9,984		$	12,599		$	10,170		$	10,990

Increase (Decrease) in Capital Shares
Shares sold:
Class 1		2,244			3,126			1,028			1,429
Class 2		7			1			2			8
Shares issued in reinvestment of dividends and distributions:
Class 1		1,219			1,527			1,165			1,341
Class 2		3			4			12			17
Shares redeemed:
Class 1		(10,065	)		(7,666	)		(1,835	)		(3,638	)
Class 2		(12	)		(20	)		(50	)		(53	)
Net Increase (Decrease)		(6,604	)		(3,028	)		322			(896	)


STATEMENTS OF CHANGES IN NET ASSETS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.




		International Emerging
Amounts in thousands		Markets Account						LargeCap Blend Account II
	Year Ended			Year Ended				Year Ended		Year Ended
	December			December				December		December
		31, 2014			31, 2013			31, 2014			31, 2013
Operations
Net investment income (loss)	$	1,419		$	1,563		$	1,576		$	1,897
Net realized gain (loss) on investments, foreign currencies, futures,
options and swaptions, short sales, and swap agreements		(338	)		1,742			21,319			23,884
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions,
short sales, swap agreements, and translation of assets and liabilities in foreign currencies		(5,001	)		(11,999	)		(6,694	)		18,383
Net Increase (Decrease) in Net Assets Resulting from Operations		(3,920	)		(8,694	)		16,201			44,164

Dividends and Distributions to Shareholders
From net investment income:
Class 1		(1,021	)		(2,273	)		(1,877	)		(2,266	)
Class 2		N/A			N/A			(10	)		(11	)
Total Dividends and Distributions		(1,021	)		(2,273	)		(1,887	)		(2,277	)

Capital Share Transactions
Shares sold:
Class 1		11,838			17,263			2,268			2,565
Class 2		N/A			N/A			60			60
Shares issued in reinvestment of dividends and distributions:
Class 1		1,021			2,273			1,877			2,266
Class 2		N/A			N/A			10			11
Shares redeemed:
Class 1		(18,132	)		(47,809	)		(34,886	)		(38,870	)
Class 2		N/A			N/A			(132	)		(162	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(5,273	)		(28,273	)		(30,803	)		(34,130	)
Total Increase (Decrease)		(10,214	)		(39,240	)		(16,489	)		7,757

Net Assets
Beginning of period		113,305			152,545			162,815			155,058
End of period (including undistributed net investment income as set forth below)	$	103,091		$	113,305		$	146,326		$	162,815
Undistributed (Overdistributed) Net Investment Income (Loss)	$	1,498		$	1,000		$	1,556		$	1,897

Increase (Decrease) in Capital Shares
Shares sold:
Class 1		751			1,066			217			290
Class 2		N/A			N/A			6			7
Shares issued in reinvestment of dividends and distributions:
Class 1		61			151			178			252
Class 2		N/A			N/A			1			1
Shares redeemed:
Class 1		(1,144	)		(3,007	)		(3,328	)		(4,312	)
Class 2		N/A			N/A			(13	)		(18	)
Net Increase (Decrease)		(332	)		(1,790	)		(2,939	)		(3,780	)


STATEMENTS OF CHANGES IN NET ASSETS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.




Amounts in thousands		LargeCap Growth Account						LargeCap Growth Account I
	Year Ended			Year Ended				Year Ended		Year Ended
	December			December				December		December
		31, 2014			31, 2013			31, 2014			31, 2013
Operations
Net investment income (loss)	$	140		$	634		$	260		$	318
Net realized gain (loss) on investments, foreign currencies, futures,
options and swaptions, short sales, and swap agreements		9,440			70,875			37,938			43,794
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions,
short sales, swap agreements, and translation of assets and liabilities in foreign currencies		2,705			(20,549	)		(18,526	)		33,144
Net Increase (Decrease) in Net Assets Resulting from Operations		12,285			50,960			19,672			77,256

Dividends and Distributions to Shareholders
From net investment income:
Class 1		(664	)		(1,397	)		(280	)		(1,036	)
Class 2		(2	)		(8	)		N/A			N/A
From net realized gain on investments:
Class 1		–			–			(43,706	)		(8,149	)
Total Dividends and Distributions		(666	)		(1,405	)		(43,986	)		(9,185	)

Capital Share Transactions
Shares sold:
Class 1		28,520			21,547			16,931			18,157
Class 2		64			63			N/A			N/A
Shares issued in reinvestment of dividends and distributions:
Class 1		664			1,397			43,986			9,185
Class 2		2			8			N/A			N/A
Shares redeemed:
Class 1		(17,781	)		(182,529	)		(57,008	)		(75,964	)
Class 2		(188	)		(144	)		N/A			N/A
Net Increase (Decrease) in Net Assets from Capital Share Transactions		11,281			(159,658	)		3,909			(48,622	)
Total Increase (Decrease)		22,900			(110,103	)		(20,405	)		19,449

Net Assets
Beginning of period		100,852			210,955			260,034			240,585
End of period (including undistributed net investment income as set forth below)	$	123,752		$	100,852		$	239,629		$	260,034
Undistributed (Overdistributed) Net Investment Income (Loss)	$	173		$	699		$	369		$	313

Increase (Decrease) in Capital Shares
Shares sold:
Class 1		1,243			1,141			547			642
Class 2		3			3			N/A			N/A
Shares issued in reinvestment of dividends and distributions:
Class 1		28			72			1,609			327
Shares redeemed:
Class 1		(767	)		(9,180	)		(1,788	)		(2,700	)
Class 2		(8	)		(7	)		N/A			N/A
Net Increase (Decrease)		499			(7,971	)		368			(1,731	)


STATEMENTS OF CHANGES IN NET ASSETS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.




		LargeCap S&P 500						LargeCap S&P 500 Managed
Amounts in thousands		Index Account						Volatility Index Account
		Year Ended			Year Ended			Year Ended		Period Ended
		December			December			December		December 31,
		31, 2014			31, 2013			31, 2014			2013	^(a)
Operations
Net investment income (loss)	$	29,303		$	21,718		$	661		$	16
Net realized gain (loss) on investments, foreign currencies, futures,
options and swaptions, short sales, and swap agreements		24,226			32,101			1,026			(5	)
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions,
short sales, swap agreements, and translation of assets and liabilities in foreign currencies		163,750			273,718			5,510			265
Net Increase (Decrease) in Net Assets Resulting from Operations		217,279			327,537			7,197			276

Dividends and Distributions to Shareholders
From net investment income:
Class 1		(21,549	)		(15,376	)		(666	)		(16	)
From net realized gain on investments:
Class 1		(38,504	)		(9,815	)		(3,250	)		–
Total Dividends and Distributions		(60,053	)		(25,191	)		(3,916	)		(16	)

Capital Share Transactions
Shares sold:
Class 1		326,836			432,809			93,318			7,186
Shares issued in reinvestment of dividends and distributions:
Class 1		60,053			25,191			3,916			4
Shares redeemed:
Class 1		(171,432	)		(186,587	)		(10,618	)		(111	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		215,457			271,413			86,616			7,079
Total Increase (Decrease)		372,683			573,759			89,897			7,339

Net Assets
Beginning of period		1,490,352			916,593			7,339			–
End of period (including undistributed net investment income as set forth below)	$	1,863,035		$	1,490,352		$	97,236		$	7,339
Undistributed (Overdistributed) Net Investment Income (Loss)	$	29,426		$	21,672		$	–		$	–

Increase (Decrease) in Capital Shares
Shares sold:
Class 1		23,662			36,166			8,565			712
Shares issued in reinvestment of dividends and distributions:
Class 1		4,352			2,108			346			1
Shares redeemed:
Class 1		(12,123	)		(15,464	)		(946	)		(11	)
Net Increase (Decrease)		15,891			22,810			7,965			702


STATEMENTS OF CHANGES IN NET ASSETS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.




Amounts in thousands		LargeCap Value Account						MidCap Account
	Year Ended			Year Ended				Year Ended		Year Ended
	December			December				December		December
		31, 2014			31, 2013			31, 2014			31, 2013
Operations
Net investment income (loss)	$	2,432		$	3,492		$	3,843		$	3,275
Net realized gain (loss) on investments, foreign currencies, futures,
options and swaptions, short sales, and swap agreements		17,996			59,960			72,862			59,998
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions,
short sales, swap agreements, and translation of assets and liabilities in foreign currencies		(2,617	)		(4,762	)		3,163			120,055
Net Increase (Decrease) in Net Assets Resulting from Operations		17,811			58,690			79,868			183,328

Dividends and Distributions to Shareholders
From net investment income:
Class 1		(3,512	)		(4,450	)		(3,218	)		(8,897	)
Class 2		N/A			N/A			(44	)		(170	)
From net realized gain on investments:
Class 1		(23,015	)		–			(55,916	)		(28,373	)
Class 2		N/A			N/A			(1,367	)		(637	)
Total Dividends and Distributions		(26,527	)		(4,450	)		(60,545	)		(38,077	)

Capital Share Transactions
Shares sold:
Class 1		8,230			28,616			58,293			27,346
Class 2		N/A			N/A			341			443
Shares issued in reinvestment of dividends and distributions:
Class 1		26,527			4,450			59,134			37,270
Class 2		N/A			N/A			1,411			807
Shares redeemed:
Class 1		(23,070	)		(141,961	)		(109,369	)		(117,693	)
Class 2		N/A			N/A			(1,335	)		(1,447	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		11,687			(108,895	)		8,475			(53,274	)
Total Increase (Decrease)		2,971			(54,655	)		27,798			91,977

Net Assets
Beginning of period		167,702			222,357			664,998			573,021
End of period (including undistributed net investment income as set forth below)	$	170,673		$	167,702		$	692,796		$	664,998
Undistributed (Overdistributed) Net Investment Income (Loss)	$	2,448		$	3,526		$	4,503		$	2,322

Increase (Decrease) in Capital Shares
Shares sold:
Class 1		230			891			987			511
Class 2		N/A			N/A			6			8
Shares issued in reinvestment of dividends and distributions:
Class 1		829			137			1,037			706
Class 2		N/A			N/A			25			15
Shares redeemed:
Class 1		(651	)		(4,235	)		(1,836	)		(2,152	)
Class 2		N/A			N/A			(22	)		(27	)
Net Increase (Decrease)		408			(3,207	)		197			(939	)


STATEMENTS OF CHANGES IN NET ASSETS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.




								Principal Capital
Amounts in thousands		Money Market Account						Appreciation Account
	Year Ended			Year Ended				Year Ended		Year Ended
	December			December				December		December
		31, 2014			31, 2013			31, 2014			31, 2013
Operations
Net investment income (loss)	$	–		$	–		$	378		$	1,218
Net realized gain (loss) on investments, foreign currencies, futures,
options and swaptions, short sales, and swap agreements		–			–			3,036			60,378
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions,
short sales, swap agreements, and translation of assets and liabilities in foreign currencies		–			–			1,130			(29,281	)
Net Increase (Decrease) in Net Assets Resulting from Operations		–			–			4,544			32,315

Dividends and Distributions to Shareholders
From net investment income:
Class 1		–			–			(1,007	)		(1,955	)
Class 2		–			–			(188	)		(375	)
From net realized gain on investments:
Class 1		–			–			(5,104	)		(4,605	)
Class 2		–			–			(1,024	)		(913	)
Total Dividends and Distributions		–			–			(7,323	)		(7,848	)

Capital Share Transactions
Shares sold:
Class 1		146,475			169,496			1,823			3,205
Class 2		295			1,152			496			369
Shares issued in reinvestment of dividends and distributions:
Class 1		–			–			6,111			6,560
Class 2		–			–			1,212			1,288
Shares redeemed:
Class 1		(150,680	)		(190,291	)		(4,508	)		(147,225	)
Class 2		(320	)		(1,446	)		(713	)		(856	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(4,230	)		(21,089	)		4,421			(136,659	)
Total Increase (Decrease)		(4,230	)		(21,089	)		1,642			(112,192	)

Net Assets
Beginning of period		284,067			305,156			38,439			150,631
End of period (including undistributed net investment income as set forth below)	$	279,837		$	284,067		$	40,081		$	38,439
Undistributed (Overdistributed) Net Investment Income (Loss)	$	–		$	–		$	419		$	1,236

Increase (Decrease) in Capital Shares
Shares sold:
Class 1		146,475			169,496			77			127
Class 2		295			1,152			23			15
Shares issued in reinvestment of dividends and distributions:
Class 1		–			–			290			304
Class 2		–			–			58			60
Shares redeemed:
Class 1		(150,680	)		(190,291	)		(191	)		(5,240	)
Class 2		(320	)		(1,446	)		(31	)		(35	)
Net Increase (Decrease)		(4,230	)		(21,089	)		226			(4,769	)


STATEMENTS OF CHANGES IN NET ASSETS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.




		Principal						Principal
Amounts in thousands		LifeTime 2010 Account						LifeTime 2020 Account
	Year Ended			Year Ended				Year Ended		Year Ended
	December			December				December		December
		31, 2014			31, 2013			31, 2014			31, 2013
Operations
Net investment income (loss)	$	987		$	1,072		$	5,283		$	5,168
Net realized gain (loss) on investments, foreign currencies, futures,
options and swaptions, short sales, and swap agreements		1,561			3,046			9,308			24,506
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions,
short sales, swap agreements, and translation of assets and liabilities in foreign currencies		(213	)		735			(2,278	)		2,837
Net Increase (Decrease) in Net Assets Resulting from Operations		2,335			4,853			12,313			32,511

Dividends and Distributions to Shareholders
From net investment income:
Class 1		(1,067	)		(1,130	)		(5,146	)		(4,655	)
From net realized gain on investments:
Class 1		–			–			(4,522	)		–
Total Dividends and Distributions		(1,067	)		(1,130	)		(9,668	)		(4,655	)

Capital Share Transactions
Shares sold:
Class 1		6,935			7,379			23,861			19,395
Shares issued in reinvestment of dividends and distributions:
Class 1		1,067			1,130			9,668			4,655
Shares redeemed:
Class 1		(10,733	)		(10,818	)		(52,689	)		(32,276	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(2,731	)		(2,309	)		(19,160	)		(8,226	)
Total Increase (Decrease)		(1,463	)		1,414			(16,515	)		19,630

Net Assets
Beginning of period		48,775			47,361			227,985			208,355
End of period (including undistributed net investment income as set forth below)	$	47,312		$	48,775		$	211,470		$	227,985
Undistributed (Overdistributed) Net Investment Income (Loss)	$	985		$	1,065		$	5,282		$	5,145

Increase (Decrease) in Capital Shares
Shares sold:
Class 1		554			621			1,732			1,516
Shares issued in reinvestment of dividends and distributions:
Class 1		85			97			709			369
Shares redeemed:
Class 1		(855	)		(916	)		(3,828	)		(2,507	)
Net Increase (Decrease)		(216	)		(198	)		(1,387	)		(622	)


STATEMENTS OF CHANGES IN NET ASSETS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.




		Principal						Principal
Amounts in thousands		LifeTime 2030 Account						LifeTime 2040 Account
	Year Ended			Year Ended				Year Ended		Year Ended
	December			December				December		December
		31, 2014			31, 2013			31, 2014			31, 2013
Operations
Net investment income (loss)	$	3,047		$	2,473		$	1,129		$	807
Net realized gain (loss) on investments, foreign currencies, futures,
options and swaptions, short sales, and swap agreements		4,444			17,453			1,626			4,675
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions,
short sales, swap agreements, and translation of assets and liabilities in foreign currencies		(747	)		(2,245	)		(415	)		861
Net Increase (Decrease) in Net Assets Resulting from Operations		6,744			17,681			2,340			6,343

Dividends and Distributions to Shareholders
From net investment income:
Class 1		(2,464	)		(1,935	)		(805	)		(490	)
From net realized gain on investments:
Class 1		(17,388	)		(503	)		(2,699	)		–
Total Dividends and Distributions		(19,852	)		(2,438	)		(3,504	)		(490	)

Capital Share Transactions
Shares sold:
Class 1		17,100			11,869			9,865			10,496
Shares issued in reinvestment of dividends and distributions:
Class 1		19,852			2,438			3,504			490
Shares redeemed:
Class 1		(15,673	)		(13,428	)		(6,835	)		(5,552	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		21,279			879			6,534			5,434
Total Increase (Decrease)		8,171			16,122			5,370			11,287

Net Assets
Beginning of period		108,794			92,672			36,934			25,647
End of period (including undistributed net investment income as set forth below)	$	116,965		$	108,794		$	42,304		$	36,934
Undistributed (Overdistributed) Net Investment Income (Loss)	$	3,046		$	2,463		$	1,129		$	805

Increase (Decrease) in Capital Shares
Shares sold:
Class 1		1,269			909			665			769
Shares issued in reinvestment of dividends and distributions:
Class 1		1,630			189			246			36
Shares redeemed:
Class 1		(1,165	)		(1,017	)		(465	)		(403	)
Net Increase (Decrease)		1,734			81			446			402


STATEMENTS OF CHANGES IN NET ASSETS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.




		Principal						Principal
Amounts in thousands		LifeTime 2050 Account						LifeTime 2060 Account
	Year Ended			Year Ended				Year Ended		Period Ended
	December			December				December		December 31,
	31, 2014			31, 2013				31, 2014		2013	^(a)
Operations
Net investment income (loss)	$	603		$	473		$	22		$		1
Net realized gain (loss) on investments, foreign currencies, futures,
options and swaptions, short sales, and swap agreements		1,067			2,997			32				1
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions,
short sales, swap agreements, and translation of assets and liabilities in foreign currencies		(233	)		579			6				1
Net Increase (Decrease) in Net Assets Resulting from Operations		1,437			4,049			60				3

Dividends and Distributions to Shareholders
From net investment income:
Class 1		(471	)		(296	)		(1	)			–
From net realized gain on investments:
Class 1		(1,847	)		–			(1	)			–
Total Dividends and Distributions		(2,318	)		(296	)		(2	)			–

Capital Share Transactions
Shares sold:
Class 1		5,164			4,348			1,027				26
Shares issued in reinvestment of dividends and distributions:
Class 1		2,318			296			2				–
Shares redeemed:
Class 1		(6,807	)		(2,747	)		(290	)			(1	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		675			1,897			739				25
Total Increase (Decrease)		(206	)		5,650			797				28

Net Assets
Beginning of period		22,002			16,352			28				–
End of period (including undistributed net investment income as set forth below)	$	21,796		$	22,002		$	825		$		28
Undistributed (Overdistributed) Net Investment Income (Loss)	$	603		$	471		$	22		$		1

Increase (Decrease) in Capital Shares
Shares sold:
Class 1		355			317			89				2
Shares issued in reinvestment of dividends and distributions:
Class 1		166			22			–				–
Shares redeemed:
Class 1		(455	)		(200	)		(24	)			–
Net Increase (Decrease)		66			139			65				2


STATEMENTS OF CHANGES IN NET ASSETS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.




		Principal LifeTime						Real Estate
Amounts in thousands		Strategic Income Account						Securities Account
	Year Ended			Year Ended				Year Ended		Year Ended
	December			December				December		December
		31, 2014			31, 2013			31, 2014			31, 2013
Operations
Net investment income (loss)	$	609		$	770		$	2,192		$	2,725
Net realized gain (loss) on investments, foreign currencies, futures,
options and swaptions, short sales, and swap agreements		730			951			6,240			8,889
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions,
short sales, swap agreements, and translation of assets and liabilities in foreign currencies		17			(131	)		32,938			(6,050	)
Net Increase (Decrease) in Net Assets Resulting from Operations		1,356			1,590			41,370			5,564

Dividends and Distributions to Shareholders
From net investment income:
Class 1		(766	)		(886	)		(2,395	)		(1,785	)
Class 2		N/A			N/A			(4	)		(3	)
Total Dividends and Distributions		(766	)		(886	)		(2,399	)		(1,788	)

Capital Share Transactions
Shares sold:
Class 1		4,354			5,854			21,401			18,585
Class 2		N/A			N/A			189			29
Shares issued in reinvestment of dividends and distributions:
Class 1		766			886			2,395			1,785
Class 2		N/A			N/A			4			3
Shares redeemed:
Class 1		(6,858	)		(9,036	)		(24,586	)		(28,607	)
Class 2		N/A			N/A			(53	)		(25	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(1,738	)		(2,296	)		(650	)		(8,230	)
Total Increase (Decrease)		(1,148	)		(1,592	)		38,321			(4,454	)

Net Assets
Beginning of period		31,164			32,756			128,872			133,326
End of period (including undistributed net investment income as set forth below)	$	30,016		$	31,164		$	167,193		$	128,872
Undistributed (Overdistributed) Net Investment Income (Loss)	$	608		$	765		$	2,496		$	2,703

Increase (Decrease) in Capital Shares
Shares sold:
Class 1		377			519			1,078			1,050
Class 2		N/A			N/A			9			2
Shares issued in reinvestment of dividends and distributions:
Class 1		67			82			119			106
Shares redeemed:
Class 1		(597	)		(809	)		(1,258	)		(1,629	)
Class 2		N/A			N/A			(3	)		(1	)
Net Increase (Decrease)		(153	)		(208	)		(55	)		(472	)


STATEMENTS OF CHANGES IN NET ASSETS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.




								SAM Conservative
Amounts in thousands		SAM Balanced Portfolio						Balanced Portfolio
	Year Ended				Year Ended			Year Ended		Year Ended
	December				December			December		December
		31, 2014			31, 2013			31, 2014			31, 2013
Operations
Net investment income (loss)	$	25,489		$	25,891		$	6,985		$	6,763
Net realized gain (loss) on investments, foreign currencies, futures,
options and swaptions, short sales, and swap agreements		68,022			142,717			11,274			20,295
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions,
short sales, swap agreements, and translation of assets and liabilities in foreign currencies		(29,299	)		(10,811	)		(4,698	)		(3,236	)
Net Increase (Decrease) in Net Assets Resulting from Operations		64,212			157,797			13,561			23,822

Dividends and Distributions to Shareholders
From net investment income:
Class 1		(23,276	)		(21,320	)		(6,281	)		(5,822	)
Class 2		(2,500	)		(2,123	)		(450	)		(402	)
From net realized gain on investments:
Class 1		(120,112	)		(10,522	)		(17,846	)		(2,097	)
Class 2		(14,177	)		(1,166	)		(1,393	)		(159	)
Total Dividends and Distributions		(160,065	)		(35,131	)		(25,970	)		(8,480	)

Capital Share Transactions
Shares sold:
Class 1		20,836			32,046			18,269			29,918
Class 2		5,050			5,755			1,589			1,588
Shares issued in acquisition:
Class 1		N/A			57,716			N/A			N/A
Shares issued in reinvestment of dividends and distributions:
Class 1		143,388			31,842			24,127			7,919
Class 2		16,677			3,289			1,843			561
Shares redeemed:
Class 1		(165,575	)		(130,269	)		(36,531	)		(30,117	)
Class 2		(14,302	)		(14,094	)		(1,923	)		(3,045	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		6,074			(13,715	)		7,374			6,824
Total Increase (Decrease)		(89,779	)		108,951			(5,035	)		22,166

Net Assets
Beginning of period		1,016,539			907,588			228,387			206,221
End of period (including undistributed net investment income as set forth below)	$	926,760		$	1,016,539		$	223,352		$	228,387
Undistributed (Overdistributed) Net Investment Income (Loss)	$	25,487		$	25,774		$	6,984		$	6,730

Increase (Decrease) in Capital Shares
Shares sold:
Class 1		1,163			1,831			1,378			2,299
Class 2		290			330			124			123
Shares issued in acquisition:
Class 1		N/A			3,298			N/A			N/A
Shares issued in reinvestment of dividends and distributions:
Class 1		8,862			1,857			1,943			626
Class 2		1,038			193			150			45
Shares redeemed:
Class 1		(9,257	)		(7,407	)		(2,767	)		(2,310	)
Class 2		(812	)		(810	)		(148	)		(237	)
Net Increase (Decrease)		1,284			(708	)		680			546


		SAM Conservative						SAM Flexible
Amounts in thousands		Growth Portfolio						Income Portfolio
		Year Ended		Year Ended				Year Ended		Year Ended
		December		December				December		December
		31, 2014			31, 2013			31, 2014			31, 2013
Operations
Net investment income (loss)	$	6,604		$	5,062		$	8,281		$	8,458
Net realized gain (loss) on investments, foreign currencies, futures,
options and swaptions, short sales, and swap agreements		20,264			42,945			6,566			13,916
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions,
short sales, swap agreements, and translation of assets and liabilities in foreign currencies		(6,542	)		4,251			(1,072	)		(4,905	)
Net Increase (Decrease) in Net Assets Resulting from Operations		20,326			52,258			13,775			17,469

Dividends and Distributions to Shareholders
From net investment income:
Class 1		(3,414	)		(2,868	)		(7,762	)		(7,477	)
Class 2		(1,627	)		(1,442	)		(654	)		(646	)
From net realized gain on investments:
Class 1		(22,853	)		–			(12,001	)		(2,823	)
Class 2		(12,440	)		–			(1,089	)		(262	)
Total Dividends and Distributions		(40,334	)		(4,310	)		(21,506	)		(11,208	)

Capital Share Transactions
Shares sold:
Class 1		26,377			22,524			20,434			29,750
Class 2		7,412			7,193			1,049			1,162
Shares issued in reinvestment of dividends and distributions:
Class 1		26,267			2,868			19,763			10,300
Class 2		14,067			1,442			1,743			908
Shares redeemed:
Class 1		(21,167	)		(19,592	)		(32,361	)		(46,857	)
Class 2		(10,589	)		(11,373	)		(1,788	)		(2,783	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		42,367			3,062			8,840			(7,520	)
Total Increase (Decrease)		22,359			51,010			1,109			(1,259	)

Net Assets
Beginning of period		278,863			227,853			234,036			235,295
End of period (including undistributed net investment income as set forth below)	$	301,222		$	278,863		$	235,145		$	234,036
Undistributed (Overdistributed) Net Investment Income (Loss)	$	6,603		$	5,040		$	8,281		$	8,416

Increase (Decrease) in Capital Shares
Shares sold:
Class 1		1,338			1,187			1,498			2,175
Class 2		378			389			78			86
Shares issued in reinvestment of dividends and distributions:
Class 1		1,416			153			1,509			785
Class 2		766			78			134			70
Shares redeemed:
Class 1		(1,050	)		(1,034	)		(2,366	)		(3,435	)
Class 2		(533	)		(608	)		(129	)		(207	)
Net Increase (Decrease)		2,315			165			724			(526	)


STATEMENTS OF CHANGES IN NET ASSETS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.




		SAM Strategic
Amounts in thousands		Growth Portfolio						Short-Term Income Account
	Year Ended			Year Ended				Year Ended		Year Ended
	December			December				December		December
		31, 2014			31, 2013			31, 2014			31, 2013
Operations
Net investment income (loss)	$	5,217		$	3,249		$	4,463		$	4,300
Net realized gain (loss) on investments, foreign currencies, futures,
options and swaptions, short sales, and swap agreements		19,399			38,449			1,551			1,840
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions,
short sales, swap agreements, and translation of assets and liabilities in foreign currencies		(6,413	)		2,822			(2,109	)		(3,007	)
Net Increase (Decrease) in Net Assets Resulting from Operations		18,203			44,520			3,905			3,133

Dividends and Distributions to Shareholders
From net investment income:
Class 1		(1,996	)		(1,459	)		(4,262	)		(4,939	)
Class 2		(1,242	)		(910	)		(12	)		(20	)
From net realized gain on investments:
Class 1		(21,163	)		–			–			–
Class 2		(15,284	)		–			–			–
Total Dividends and Distributions		(39,685	)		(2,369	)		(4,274	)		(4,959	)

Capital Share Transactions
Shares sold:
Class 1		21,352			18,055			53,517			47,868
Class 2		7,817			5,492			96			8
Shares issued in reinvestment of dividends and distributions:
Class 1		23,159			1,459			4,262			4,939
Class 2		16,526			910			12			20
Shares redeemed:
Class 1		(14,336	)		(12,818	)		(46,298	)		(56,859	)
Class 2		(6,465	)		(8,856	)		(32	)		(447	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		48,053			4,242			11,557			(4,471	)
Total Increase (Decrease)		26,571			46,393			11,188			(6,297	)

Net Assets
Beginning of period		208,738			162,345			257,399			263,696
End of period (including undistributed net investment income as set forth below)	$	235,309		$	208,738		$	268,587		$	257,399
Undistributed (Overdistributed) Net Investment Income (Loss)	$	5,216		$	3,237		$	4,456		$	4,267

Increase (Decrease) in Capital Shares
Shares sold:
Class 1		959			854			20,614			18,356
Class 2		354			262			38			3
Shares issued in reinvestment of dividends and distributions:
Class 1		1,140			69			1,652			1,922
Class 2		820			43			4			7
Shares redeemed:
Class 1		(626	)		(603	)		(17,795	)		(21,829	)
Class 2		(289	)		(423	)		(12	)		(174	)
Net Increase (Decrease)		2,358			202			4,501			(1,715	)


STATEMENTS OF CHANGES IN NET ASSETS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.




Amounts in thousands		SmallCap Blend Account						SmallCap Growth Account II
	Year Ended			Year Ended				Year Ended		Year Ended
	December			December				December		December
		31, 2014			31, 2013			31, 2014			31, 2013
Operations
Net investment income (loss)	$	103		$	210		$	(268	)	$	(405	)
Net realized gain (loss) on investments, foreign currencies, futures,
options and swaptions, short sales, and swap agreements		7,009			8,112			9,357			11,128
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions,
short sales, swap agreements, and translation of assets and liabilities in foreign currencies		(4,096	)		13,538			(5,056	)		12,488
Net Increase (Decrease) in Net Assets Resulting from Operations		3,016			21,860			4,033			23,211

Dividends and Distributions to Shareholders
From net investment income:
Class 1		(224	)		(184	)		–			–
From net realized gain on investments:
Class 1		(1,866	)		–			–			–
Total Dividends and Distributions		(2,090	)		(184	)		–			–

Capital Share Transactions
Shares sold:
Class 1		5,643			4,143			3,922			5,584
Class 2		N/A			N/A			140			75
Shares issued in reinvestment of dividends and distributions:
Class 1		2,090			184			–			–
Shares redeemed:
Class 1		(8,762	)		(8,687	)		(12,013	)		(11,252	)
Class 2		N/A			N/A			(471	)		(323	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(1,029	)		(4,360	)		(8,422	)		(5,916	)
Total Increase (Decrease)		(103	)		17,316			(4,389	)		17,295

Net Assets
Beginning of period		64,785			47,469			69,383			52,088
End of period (including undistributed net investment income as set forth below)	$	64,682		$	64,785		$	64,994		$	69,383
Undistributed (Overdistributed) Net Investment Income (Loss)	$	115		$	239		$	(9	)	$	–

Increase (Decrease) in Capital Shares
Shares sold:
Class 1		414			360			216			349
Class 2		N/A			N/A			8			5
Shares issued in reinvestment of dividends and distributions:
Class 1		156			16			–			–
Shares redeemed:
Class 1		(643	)		(752	)		(664	)		(735	)
Class 2		N/A			N/A			(26	)		(21	)
Net Increase (Decrease)		(73	)		(376	)		(466	)		(402	)


STATEMENTS OF CHANGES IN NET ASSETS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.



Amounts in thousands		SmallCap Value Account I
	Year Ended			Year Ended
	December			December
		31, 2014			31, 2013
Operations
Net investment income (loss)	$	583		$	836
Net realized gain (loss) on investments, foreign currencies, futures,
options and swaptions, short sales, and swap agreements		14,360			22,497
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions,
short sales, swap agreements, and translation of assets and liabilities in foreign currencies		(7,518	)		13,806
Net Increase (Decrease) in Net Assets Resulting from Operations		7,425			37,139

Dividends and Distributions to Shareholders
From net investment income:
Class 1		(816	)		(1,179	)
Class 2		(1	)		(1	)
From net realized gain on investments:
Class 1		(11,546	)		–
Class 2		(14	)		–
Total Dividends and Distributions		(12,377	)		(1,180	)

Capital Share Transactions
Shares sold:
Class 1		6,284			4,702
Class 2		71			7
Shares issued in reinvestment of dividends and distributions:
Class 1		12,362			1,179
Class 2		15			1
Shares redeemed:
Class 1		(24,810	)		(25,874	)
Class 2		(24	)		(14	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(6,102	)		(19,999	)
Total Increase (Decrease)		(11,054	)		15,960

Net Assets
Beginning of period		117,304			101,344
End of period (including undistributed net investment income as set forth below)	$	106,250		$	117,304
Undistributed (Overdistributed) Net Investment Income (Loss)	$	766		$	943

Increase (Decrease) in Capital Shares
Shares sold:
Class 1		308			257
Class 2		4			–
Shares issued in reinvestment of dividends and distributions:
Class 1		640			62
Class 2		1			–
Shares redeemed:
Class 1		(1,188	)		(1,369	)
Class 2		(1	)		(1	)
Net Increase (Decrease)		(236	)		(1,051	)

Principal Variable Contracts Funds, Inc. (the "Fund") is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company and operates as a series fund in the mutual fund industry. The financial statements for Balanced Account, Bond & Mortgage Securities Account, Bond Market Index Account, Diversified Balanced Account, Diversified Balanced Managed Volatility Account, Diversified Growth Account, Diversified Growth Managed Volatility Account, Diversified Income Account, Diversified International Account, Equity Income Account, Government & High Quality Bond Account, Income Account, International Emerging Markets Account, LargeCap Blend Account II, LargeCap Growth Account, LargeCap Growth Account I, LargeCap S&P 500 Index Account, LargeCap S&P 500 Managed Volatility Index Account, LargeCap Value Account, MidCap Account, Money Market Account, Principal Capital Appreciation Account, Principal LifeTime 2010 Account, Principal LifeTime 2020 Account, Principal LifeTime 2030 Account, Principal LifeTime 2040 Account, Principal LifeTime 2050 Account, Principal LifeTime 2060 Account, Principal LifeTime Strategic Income Account, Real Estate Securities Account, SAM Balanced Portfolio, SAM Conservative Balanced Portfolio, SAM Conservative Growth Portfolio, SAM Flexible Income Portfolio, SAM Strategic Growth Portfolio, Short-Term Income Account, SmallCap Blend Account, SmallCap Growth Account II, and SmallCap Value Account I, known as the “Accounts”, are presented herein.

Each of the Accounts is an investment company and applies specialized accounting and reporting under Accounting Standards Codification Topic 946, Financial Services - Investment Companies. Each of the Accounts was an investment company at all times during the period. The Accounts have not provided financial support, and are not contractually required to provide financial support to any investee.

Effective April 26, 2013, SAM Balanced Portfolio acquired all the assets and assumed all the liabilities of Asset Allocation Account pursuant to a plan of acquisition approved by shareholders on April 2, 2013. The purpose of the acquisition was to combine two accounts managed by Principal Management Corporation (the “Manager”) with similar investment objectives, principal policies, and risks. The acquisition was accomplished by a taxable exchange of 5,335,000 shares from Asset Allocation Account for 3,298,000 shares valued at $57,716,000 of SAM Balanced Portfolio at an approximate exchange rate of .6182 for Class 1 shares. Cash was the primary asset acquired by SAM Balanced Portfolio on April 26, 2013. For financial reporting purposes, assets received and shares issued by SAM Balanced Portfolio were recorded at fair value. The aggregate net assets of Asset Allocation Account and SAM Balanced Portfolio immediately prior to the acquisition in accordance with U.S. GAAP were approximately $57,716,000 and $938,724,000, respectively. The aggregate net assets of SAM Balanced Portfolio immediately following the acquisition were $996,440,000. In accordance with Sections 381-384 of the Internal Revenue Code, a portion of accumulated realized losses may be subject to limitation.

Assuming the acquisition had been completed on January 1, 2013, the beginning of the fiscal year for SAM Balanced Portfolio, SAM Balanced Portfolio’s pro forma results of operations for the period ended June 30, 2013, would have been $26,211,000 of net investment income, $134,816,000 of net realized and unrealized gain on investments, and $161,027,000 of net increase in net assets resulting from operations. Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Asset Allocation Account that have been included in SAM Balanced Portfolio’s statement of operations since April 26, 2013.

Effective May 1, 2013, the initial purchase of $10,000 of Class 1 shares of Principal LifeTime 2060 Account was made by the Manager.

Effective October 31, 2013, the initial purchase of $10,000 of Class 2 shares of Diversified Balanced Managed Volatility Account was made by the Manager.

Effective October 31, 2013, the initial purchase of $10,000 of Class 2 shares of Diversified Growth Managed Volatility Account was made by the Manager.

Effective October 31, 2013, the initial purchase of $5,000,000 of Class 1 shares of LargeCap S&P 500 Managed Volatility Index Account was made by Principal Financial Services, Inc..

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Principal LifeTime 2010 Account, Principal LifeTime 2020 Account, Principal LifeTime 2030 Account, Principal LifeTime 2040 Account, Principal LifeTime 2050 Account, Principal LifeTime 2060 Account, and Principal LifeTime Strategic Income Account (collectively, the “Principal LifeTime Accounts”) along with SAM Balanced Portfolio, SAM Conservative Balanced Portfolio, SAM Conservative Growth Portfolio, SAM Flexible Income Portfolio, SAM Strategic Growth Portfolio (collectively, the “SAM Portfolios”) and Diversified Balanced Account, Diversified Balanced Managed Volatility Account, Diversified Growth Account, Diversified Growth Managed Volatility Account, and Diversified Income Account invest in combinations of other series of Principal Variable Contracts Funds, Inc. and Principal Funds, Inc. (the “Underlying Funds”). Investments in the Underlying Funds are valued at the closing net asset value per share of each Underlying Fund on the day of valuation.

The Accounts (with the exception of Diversified Balanced Account, Diversified Balanced Managed Volatility Account, Diversified Growth Account, Diversified Growth Managed Volatility Account, Diversified Income Account, Money Market Account, Principal LifeTime Accounts, and SAM Portfolios) value securities for which market quotations are readily available at fair value, which is determined using the last reported sale price. If no sales are reported, as is regularly the case for some securities traded over-the-counter, securities are valued using the last reported bid price, an evaluated bid price or, in the case of certain credit default swaps, a mean price provided by a pricing service. Pricing services use modeling techniques that incorporate security characteristics such as current quotations by broker/dealers, coupon, maturity, quality, type of issue, trading characteristics, other yield and risk factors, and other market conditions to determine an evaluated bid price. When reliable market quotations are not considered to be readily available, which may be the case, for example, with respect to restricted securities, certain debt securities, preferred stocks and foreign securities, the investments are valued at their fair value as determined in good faith by the Manager under procedures established and periodically reviewed by the Fund’s Board of Directors.

The value of foreign securities used in computing the net asset value per share is generally determined as of the close of the foreign exchange where the security is principally traded. Events that occur after the close of the applicable foreign market or exchange but prior to the calculation of the Accounts’ net asset values are reflected in the Accounts’ net asset values and these securities are valued at fair value as determined in good faith by the Manager under procedures established and periodically reviewed by the Fund’s Board of Directors. Many factors are reviewed in the course of making a good faith determination of a security’s fair value, including, but not limited to, price movements in ADRs, futures contracts, industry indices, general indices, and foreign currencies.

To the extent the Accounts invest in foreign securities listed on foreign exchanges which trade on days on which the Accounts do not determine their net asset values, for example weekends and other customary national U.S. holidays, the Accounts’ net asset values could be significantly affected on days when shareholders cannot purchase or redeem shares.

Certain securities issued by companies in emerging market countries may have more than one quoted valuation at any given point in time, sometimes referred to as a "local" price and a "premium" price. The premium price is often a negotiated price, which may not consistently represent a price at which a specific transaction can be effected. It is the policy of the Accounts to value such securities at prices at which it is expected those shares may be sold, and the Manager or any sub-advisor is authorized to make such determinations subject to such oversight by the Fund’s Board of Directors as may occasionally be necessary.

Money Market Account values its securities, other than holdings of other publicly traded investment funds, at amortized cost as permitted under Rule 2a-7 of the Investment Company Act of 1940. Other publicly traded investment funds are valued at the funds’ net asset value. Under the amortized cost method, a security is valued by applying a constant yield to maturity of the difference between the principal amount due at maturity and the cost of the security to the account.

Currency Translation. Foreign holdings are translated to U.S. dollars using the exchange rate at the daily close of the New York Stock Exchange. The identified cost of the account holdings is translated at approximate rates prevailing when acquired. Income and expense amounts are translated at approximate rates prevailing when received or paid, with daily accruals of such amounts reported at approximate rates prevailing at the date of valuation. Since the carrying amount of the foreign securities is determined based on the exchange rate and market values at the close of the period, it is not practicable to isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities during the period.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between trade and settlement dates on security transactions, and the difference between the amount of dividends and foreign withholding taxes recorded on the books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies arise from changes in the exchange rate relating to assets and liabilities, other than investments in securities, purchased and held in non-U.S. denominated currencies.

The following Accounts held securities denominated in foreign currencies that exceeded 5% of net assets of the Account:

Income and Investment Transactions. The Accounts record investment transactions on a trade date basis. Trade date for senior floating rate interests purchased in the primary market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary market is the date on which the transaction is entered into. The identified cost basis has been used in determining the net realized gain or loss from investment transactions and unrealized appreciation or depreciation of investments. The Accounts record dividend income on the ex-dividend date, except dividend income from foreign securities whereby the ex-dividend date has passed; such dividends are recorded as soon as the Accounts are informed of the ex-dividend date. Interest income is recognized on an accrual basis. Discounts and premiums on securities are accreted/amortized over the lives of the respective securities. The Accounts allocate daily all income and realized and unrealized gains or losses to each class of shares based upon the relative proportion of the value of shares outstanding (number of settled shares outstanding for Money Market Account) of each class.

Expenses. Expenses directly attributed to a particular Account are charged to that Account. Other Account expenses not directly attributed to an Account are apportioned among the registered investment companies managed by the Manager.

Management fees are allocated daily to each class of shares based upon the relative proportion of the value of shares outstanding (number of settled shares outstanding for Money Market Account) of each class. Expenses specifically attributable to a particular class are charged directly to such class and are included separately in the statements of operations.

In addition to the expenses that each of the Principal LifeTime Accounts, SAM Portfolios, Diversified Balanced Account, Diversified Balanced Managed Volatility Account, Diversified Growth Account, Diversified Growth Managed Volatility Account, and Diversified Income Account (collectively, the “Fund of Funds”) bear directly, each of the Fund of Funds indirectly bear a pro rata share of the fees and expenses of the Underlying Funds in which they invest. Because the Underlying Funds have varied expense levels and each of the Fund of Funds may own different proportions of Underlying Funds at different times, the amount of expense incurred indirectly by each of the Fund of Funds will vary. Expenses included in the statements of operations of the Fund of Funds reflect the expenses of each Fund of Fund and do not include any expenses associated with the Underlying Funds.

Dividends and Distributions to Shareholders. With respect to Money Market Account, all net investment income and any realized gains from investment transactions are declared as dividends daily to shareholders of record as of that day. Dividends and distributions to shareholders of the other accounts are recorded on the ex-dividend date. Dividends and distributions to shareholders from net investment income and net realized gain from investments and foreign currency transactions are determined in accordance with federal tax regulations, which may differ from U.S. generally accepted accounting principles. These differences are primarily due to differing treatments for net operating losses, mortgage-backed securities, certain defaulted securities, expiring capital loss carry forwards, certain preferred securities, redemptions-in-kind, amortization of premiums and discounts, futures contracts, sales of Passive Foreign Investment Companies, losses deferred due to wash sales, swap agreements, and foreign currency transactions. Permanent book and tax basis differences are reclassified within the capital accounts based on federal tax-basis treatment; temporary differences do not require reclassification. Distributions which exceed current and accumulated earnings and profits for federal income tax purposes are reported as return of capital distributions.

Real Estate Securities Account receives distributions from holdings in Real Estate Investment Trusts (“REITs”). Distributions from REITs may be characterized as ordinary income, net capital gain, or a return of capital to the Account. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates must be used in reporting the character of income and distributions for financial statement purposes.

Federal Income Taxes. No provision for federal income taxes is considered necessary because each account is qualified as a “regulated investment company” under the Internal Revenue Code and intends to distribute each year substantially all of its net investment income and realized capital gains to shareholders.

Management evaluates tax positions taken or expected to be taken in the course of preparing the Accounts’ tax returns to determine whether it is “more likely than not” that each tax position would be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more likely than not threshold would be recorded as a tax benefit or expense in the current year. During the year ended December 31, 2014, the Accounts did not record any such tax benefit or expense in the accompanying financial statements. The statute of limitations remains open for the fiscal years from 2011-2014. No examinations are in progress at this time.

Foreign Taxes. Certain of the Accounts are subject to foreign income taxes imposed by certain countries in which they invest. Foreign income taxes are accrued by the Accounts as a reduction of income. These amounts are shown as withholding tax on foreign dividends on the statements of operations.

Gains realized upon disposition of certain foreign securities held by the Accounts may be subject to capital gains tax, payable prior to repatriation of sale proceeds. The tax is computed on certain net realized gains and, if any, is shown on the statement of operations. Realized losses in excess of gains may be carried forward to offset future gains. In addition, the Accounts accrue an estimated deferred tax liability for future gains on certain foreign securities. Any accrued tax liability is shown on the statement of assets and liabilities. At December 31, 2014, Diversified International Account had no foreign tax refund receivable and had a deferred tax liability of $94,000 and International Emerging Markets Account had no foreign tax refund receivable and no deferred tax liability, relating to foreign securities.

Borrowings. Pursuant to an exemptive order issued by the Securities and Exchange Commission, the Accounts and other registered investment companies managed by the Manager may participate in an interfund lending facility (“Facility”). The Facility allows the Accounts to borrow money from or loan money to the other participants. Loans under the Facility are made to handle unusual and/or unanticipated short-term cash requirements. Interest paid and received on borrowings is the average of the current repurchase agreement rate and the bank loan rate (the higher of (i) the Federal Funds Rate or (ii) the One Month LIBOR rate plus 1.00%). During the year ended December 31, 2014, Balanced Account, Bond & Mortgage Securities Account, Diversified International Account, International Emerging Markets Account, LargeCap Blend Account II, LargeCap Growth Account, LargeCap Growth Account I, LargeCap Value Account, MidCap Account, and Real Estate Securities Account each borrowed from the Facility. Balanced Account, Bond & Mortgage Securities Account, Bond Market Index Account, Equity Income Account, Government & High Quality Bond Account, Income Account, International Emerging Markets Account, LargeCap Blend Account II, LargeCap Growth Account, LargeCap Growth Account I, LargeCap S&P 500 Index Account, LargeCap S&P 500 Managed Volatility Index Account, LargeCap Value Account, Short-Term Income Account, SmallCap Blend Account, SmallCap Growth Account II, and SmallCap Value Account I each loaned to the Facility. The interest expense associated with these borrowings is included in other expenses on the statements of operations. The interest received is included in interest on the statements of operations.

In addition, the Accounts participate with other registered investment companies managed by the Manager in an unsecured joint line of credit with a bank which allows the participants to borrow up to $75 million, collectively. Borrowings are made solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to each participant, based on its borrowings, at a rate equal to the higher of the Federal Funds Rate or the One Month LIBOR rate plus 1.00%. Additionally, a commitment fee is charged at an annual rate of .08% on the amount of the line of credit. During the year ended December 31, 2014, Diversified International Account, International Emerging Markets Account, MidCap Account, Short-Term Income Account, and SmallCap Blend Account each borrowed against the line of credit. The interest expense associated with these borrowings is included in other expenses on the statements of operations.

Counterparties. The Accounts may be exposed to counterparty risk, or the risk that another party with which the Acconts have unsettled or open transactions will fail to perform on their commitment. To the extent that unpaid amounts owed to the Accounts exceed a predetermined threshold agreed to with the counterparty, such counterparty shall advance collateral to the Accounts in the form of cash or cash equivalents equal in value to the unpaid amount owed to the Accounts. If the unpaid amount owed to the Accounts subsequently decreases, the Accounts would be required to return all or a portion of the collateral.

Master Agreements may also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions governed under the relevant master agreement with a counterparty exceeds a specified threshold.

Bond & Mortgage Securities Account has financial instruments that are subject to Master Agreements or similar agreements.

As of December 31, 2014, financial assets subject to Master Netting Agreements or similar agreements were as follows (amounts in thousands):

* Represents amount of offsetting derivative assets or liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or liabilities for presentation on the statements of assets and liabilities.

Collateral information relating to securities on loan is included in the securities lending note to financial statements.

The financial instruments that are subject to Master Agreements or similar agreements may include right of setoff provisions. Derivative instruments include provisions to setoff positions covered under the agreements with the same counterparties and provisions to setoff positions outside of the agreements with the same counterparties in the event of default by one of the parties. Derivative instruments also include collateral provisions. Collateral received and pledged are generally settled daily with each counterparty.

Foreign Currency Contracts. Certain of the Accounts may be subject to foreign currency exchange rate risk in the normal course of pursuing such Account’s investment objectives. The Accounts may use foreign currency contracts to gain exposure to, or hedge against changes in the value of foreign currencies. Certain of the Accounts enter into forward contracts to purchase and sell foreign currencies at a specified future date at a fixed exchange rate. Forward foreign currency contracts are valued at the forward rate, and are marked-to-market daily. The change in fair value is recorded by the Accounts as an unrealized gain or loss. When the contract is closed, the Accounts record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of forward foreign currency contracts does not eliminate the fluctuations in underlying prices of the Accounts’ portfolio securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. In addition, the Accounts could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the currency changes unfavorably to the U.S. dollar.

Futures Contracts. The Accounts are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Accounts (with the exception of Diversified Balanced Account, Diversified Balanced Managed Volatility Account, Diversified Growth Account, Diversified Growth Managed Volatility Account, Diversified Income Account, Money Market Account, Principal LifeTime Accounts, and SAM Portfolios) may enter into futures contracts to hedge against changes in or to gain exposure to, change in the value of equities, interest rates and foreign currencies. Initial margin deposits are made by cash deposits or segregation of specific securities as may be required by the exchange on which the transaction was conducted. Pursuant to the contracts, an account agrees to receive from or pay to the broker, an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the account as a variation margin receivable or payable on financial derivative instruments. During the period the futures contracts are open, daily changes in the fair value of the contracts are recognized as unrealized gains or losses. These unrealized gains or losses are included as a component of net unrealized appreciation (depreciation) of investments on the statements of assets and liabilities. When the contracts are closed, the account recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the account’s cost basis in the contract. There is minimal counterparty credit risk to the Accounts because futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

Illiquid Securities. Illiquid securities generally cannot be sold or disposed of in the ordinary course of business (within seven calendar days) at approximately the value at which each of the Accounts has valued the investments. This may have an adverse effect on each of the Accounts’ ability to dispose of particular illiquid securities at fair value and may limit each of the Accounts’ ability to obtain accurate market quotations for purposes of valuing the securities.

Indemnification. Under the Fund’s by-laws, present and past officers, directors and employees are indemnified against certain liabilities arising out of the performance of their duties. In addition, in the normal course of business, the Fund may enter into a variety of contracts that may contain representations and warranties which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund.

Joint Trading Account. Certain of the Accounts may, pursuant to an exemptive order issued by the Securities and Exchange Commission, transfer uninvested funds into a joint trading account. The order permits the participating accounts’ cash balances to be deposited into a single joint account along with the cash of other registered investment companies managed by the Manager. These balances may be invested in one or more short-term instruments or repurchase agreements that are collateralized by U.S. government securities. Earnings from the joint trading account are allocated to each of the Accounts based on their pro rata participating ownership interest in the joint trading account.

Mortgage Dollar Rolls. Certain of the Accounts have entered into mortgage-dollar-roll transactions on “to-be-announced” securities (“TBA’s”), in which the Account sells mortgage-backed securities and simultaneously agrees to purchase similar securities in the future at a predetermined price. The proceeds of the securities sold in mortgage-dollar-roll transactions are invested in additional securities. The Account forgoes principal and interest paid on the securities, and is compensated by interest earned on the proceeds of the initial sale and by a lower price on the securities to be repurchased. The Accounts treat mortgage-dollar-roll transactions as purchases and sales; as such, these transactions may increase the Accounts' portfolio turnover ratio. Amounts to be received or paid in connection with open mortgage-dollar-rolls are included in Investment securities sold and Investment securities purchased on the statements of assets and liabilities.

Options Contracts. During the period LargeCap S&P 500 Managed Volatility Index Account wrote call and put options on indices it owns or in which it may invest for both hedging and non-hedging purposes. Writing put options tends to increase a fund’s exposure to the underlying instrument. Writing call options tends to decrease a fund’s exposure to the underlying instrument. When a fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as options contracts written on the statements of assets and liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying index to determine the realized gain or loss. A fund, as a writer of an option, has no control over whether the underlying index may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the index underlying the written option. There is the risk a fund may not be able to enter into a closing transaction because of an illiquid market. A fund may also purchase put and call options. Purchasing call options tends to increase a fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a fund’s exposure to the underlying instrument. A fund pays a premium which is included on the fund’s statements of assets and liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying index transaction to determine the realized gain or loss. Details of options contracts open at year end are included in the Funds' schedules of investments. Transactions in options written during the year ended December 31, 2014, were as follows:

Rebates. Subject to best execution, the Accounts may direct certain portfolio transactions to brokerage firms that, in turn, have agreed to rebate a portion of the related brokerage commission to the account in cash. Commission rebates are included as a component of realized gain from investment transactions in the statements of operations.

Repurchase Agreements. The Accounts may invest in repurchase agreements that are fully collateralized, typically by U.S. government or U.S. government agency securities. It is the Accounts’ policy that its custodian takes possession of the underlying collateral securities. The fair value of the collateral is at all times at least equal to the total amount of the repurchase obligation. In the event of default on the obligation to repurchase, the Accounts have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event the seller of a repurchase agreement defaults, the Accounts could experience delays in the realization of the collateral.

Restricted Securities. Certain of the Accounts may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult.

Securities Lending. To earn additional income, certain of the Accounts may lend portfolio securities to approved brokerage firms. The Accounts receive collateral, in the form of cash, against the loaned securities. During the period of the loan, the borrower must maintain collateral in an amount not less than 102% of the market value of the loaned securities. The market value of the loaned securities is determined at the close of business of the Accounts and any additional required collateral is delivered to the Accounts on the next business day. The cash collateral received is usually invested in an SEC-registered money market mutual fund and the Accounts could realize a loss on such investments. Further, the Accounts could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium received for lending certain types of securities. Security lending income is shown in each account’s statement of operations. As of December 31, 2014, the Accounts had securities on loan as follows (in thousands):

hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. Senior floating rate interests are typically rated below-investment-grade, which means they are more likely to default than investment-grade loans. A default could lead to non-payment of income which would result in a reduction of income to the account and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

Senior floating rate interests pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank or the London InterBank Offered Rate (LIBOR) or the prime rate offered by one or more major United States banks.

Senior floating rate interests generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for the Borrower to repay, prepayments of senior floating rate interests may occur. As a result, the actual remaining maturity of senior floating rate interests may be substantially less than stated maturities shown in the schedules of investments.

In connection with the Senior floating rate interests, the Accounts may also enter into unfunded loan commitments (“commitments”). All or a portion of the commitments may be unfunded. The Accounts are obligated to fund these commitments at the borrower’s discretion. Therefore, the Accounts must have funds sufficient to cover its contractual obligation. These unfunded loan commitments which are marked to market daily, are footnoted in the schedules of investments, shown as a separate line item called unrealized gain or loss on unfunded loan commitments on the statements of assets and liabilities. As of December 31, 2014, the Accounts had no unfunded loan commitments outstanding.

Short Sales. Bond Market Index Account and LargeCap Blend Account II entered into short sales transactions during the period. A short sale is a transaction in which an account sells a security it does not own as a hedge against some of its long positions and/or in anticipation of a decline in the market price of the security. The account must borrow the security sold short and deliver it to the broker dealer which made the short sale. A security sold in a short sale transaction and the interest or dividend payable on the security if any, is reflected as a liability on the statement of assets and liabilities. The account is obligated to pay any interest or dividends received on the borrowed securities. Interest accrued and dividends declared on short positions are recorded as an expense and appear as dividends and interest on shorts on the statement of operations. An account is obligated to deliver the security at the market price at the time the short position is closed. Possible losses from short sales may be unlimited.

The account is required to pledge cash or securities to the broker as collateral for securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash deposited with the broker for collateral is included in deposits with counterparty on the statement of assets and liabilities and securities segregated as collateral are footnoted in the schedule of investments. The account may pay broker’s fees on the borrowed securities and may also pay a financing charge for the difference in the market value of the short position and cash collateral deposited with the broker. These fees are included as short sale fees on the statement of operations.

Swap Agreements. Bond & Mortgage Securities Account invested in swap agreements during the period. Swap agreements are privately negotiated agreements between an Account and a counterparty to exchange a series of cash flows at specified intervals based upon, or calculated by reference to, changes in specified prices or rates for a specified amount of an underlying asset. An Account may enter into credit default, interest rate, or total return swap agreements to manage its exposure to credit, interest rate, or market risk. The Accounts are subject to interest rate and credit risk in the normal course of pursuing their investment objectives. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Swap agreements are valued through a pricing service or using procedures established and periodically reviewed by the Fund’s Board of Directors; changes in value are recorded as unrealized gain or loss. These unrealized gains or losses are included as a component of net unrealized appreciation (depreciation) of investments on the statements of assets and liabilities.

Upon termination of swap agreements, the Accounts recognize a realized gain or loss. Net periodic payments to be received or paid are accrued daily and are recorded in the statements of operations as realized gains or losses.

Payments received or made at the beginning of the measurement period are reflected as such on the statements of assets and liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, interest rates, and other relevant factors). These upfront payments are amortized daily over the term of the swap agreement as realized gains or losses on the statements of operations.

Notional principal amounts are used to express the extent of involvement in these agreements. Risks may exceed amounts shown on the statements of assets and liabilities. These risks include changes in the returns of the underlying instruments, unfavorable interest rate fluctuation, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and the possible lack of liquidity with respect to the swap agreements.

The Accounts and any counterparty are required to maintain an agreement that requires the Accounts and that counterparty to monitor the net fair value of all derivative transactions entered into pursuant to the contract between the Accounts and such counterparty. If the net fair value of such derivatives transactions between the Accounts and that counterparty exceeds a certain threshold (as defined in the agreement), the Accounts or the counterparty are required to post cash and/or securities as collateral. Fair values of derivatives transactions presented in the financial statements are not netted with the fair values of other derivatives transactions or with any collateral amounts posted by the Accounts or any counterparty.

Credit default swaps involve commitments to pay a fixed rate at a predetermined frequency in exchange for a lump sum payment if a “credit event”, as defined in the agreement, affecting a third party occurs. Credit events may include a failure to pay interest, bankruptcy, restructuring, or other event as defined in the agreement. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of a credit event. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of a credit event. As the seller of credit protection, an Account would add leverage to its portfolio because, in addition to its total net assets, an Account would be subject to investment exposure on the notional amount of the swap.

If an account is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the account will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If an Account is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, an Account will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. An Account may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds with a credit default swap on indices which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit-default swap on indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that an Account as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2014 for which an Account is the seller of protection are disclosed in the footnotes to the Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by an Account for the same referenced entity or entities.

Interest rate swaps involve the commitment to exchange cash flows based on changes in the value of a specific reference security or basket of securities.

As of December 31, 2014, counterparties had pledged collateral for swap agreements of $529,355 for Bond & Mortgage Securities Account. The collateral is maintained in a segregated account and is not recorded in the books and records of the Account. Certain collateral amounts relate to exchange cleared swaps which are not subject to master netting agreements with counterparties.

To Be Announced Securities. The Accounts may trade portfolio securities on a “to-be-announced” (“TBA”) or when-issued basis. In a TBA or when-issued transaction, the account commits to purchase or sell securities for which all specific information is not known at the time of the trade. Securities purchased on a TBA or when-issued basis are not settled until they are delivered to the account, normally 15 to 30 days later. These transactions are subject to market fluctuations and their current value is determined in the same manner as for other portfolio securities.

Underlying Funds. The performance and risks of each Principal LifeTime Account, SAM Portfolio, Diversified Balanced Account, Diversified Balanced Managed Volatility Account, Diversified Growth Account, Diversified Growth Managed Volatility Account, and Diversified Income Account (singly, “a fund of funds” and collectively, “the funds of funds”) directly correspond to the performance and risks of the underlying funds in which the fund of funds invest. By investing in many underlying funds, the funds of funds have partial exposure to the risks of many different areas of the market. The more a fund of funds allocates to stock funds, the greater the expected risk.

An underlying fund to a fund of funds may experience relatively large redemptions or purchases as the fund of funds periodically reallocates or rebalances its assets. These transactions may accelerate the realization of taxable income if sales of portfolio securities result in gains and could increase transaction costs. In addition, when a fund of funds reallocates or redeems significant assets away from an underlying fund, the loss of assets to the underlying fund could result in increased expense ratios for that fund.

The Manager is the advisor to the Principal LifeTime Accounts, SAM Portfolios, Diversified Balanced Account, Diversified Balanced Managed Volatility Account, Diversified Growth Account, Diversified Growth Managed Volatility Account, Diversified Income Account, and each of the underlying funds. Principal Global Investors, LLC ("PGI") is Sub-Advisor to the Principal LifeTime Accounts and Edge Asset Management, Inc. ("Edge") is the Sub-Advisor to the SAM Portfolios. Either PGI or Edge also serves as Sub-Advisor to some or all of the underlying funds. The Manager, PGI, and Edge are committed to minimizing the potential impact of underlying fund risk on underlying funds to the extent consistent with pursuing the investment objectives of the fund of funds which it manages. Each may face conflicts of interest in fulfilling its responsibilities to all such funds.

As of December 31, 2014, the Principal LifeTime Accounts, SAM Portfolios, Diversified Balanced Account, Diversified Balanced Managed Volatility Account, Diversified Growth Account, Diversified Growth Managed Volatility Account, and Diversified Income Account owned the following percentages, in the aggregate, of the outstanding shares of the underlying funds listed below:

U.S. Government Agencies or Government-Sponsored Enterprises. Certain of the Accounts may invest in U.S. Government agencies or government-sponsored enterprises. U.S. Government securities are obligations of, and in certain cases, guaranteed by, the U.S. Government or its agencies. The U.S. Government does not guarantee the net asset value of the Accounts’ shares. Some U.S. Government securities such as treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association (“GNMA”) are supported by the full faith and credit of the U.S. Government. Other securities, such as those of the Federal Home Loan Bank are supported by the right of the issuer to borrow from the U.S. Department of the Treasury. Still other securities, such as those of the Federal National Mortgage Association (“FNMA”) are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations.

Government related guarantors (those not backed by the full faith and credit of the United States Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC”). FNMA is a government sponsored corporation the common stock of which is owned entirely by private stockholders. FNMA purchases conventional residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks, credit unions, and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to the timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but Participation Certificates are not backed by the full faith and credit of the U.S. Government.

Derivatives. The following tables provide information about where in the statements of assets and liabilities and statements of operations information about derivatives can be found (amounts shown in thousands):


	Asset Derivatives December 31, 2014			Liability Derivatives December 31, 2014
Derivatives not accounted for			Fair			Fair
as hedging instruments	Statement of Assets and Liabilities Location		Value	Statement of Assets and Liabilities Location		Value
Bond & Mortgage Securities Account
Credit contracts	Receivables, Net Assets Consist of Net unrealized	$	418	Payables, Net Assets Consist of Net unrealized	$	106
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
Interest rate contracts	Receivables, Net Assets Consist of Net unrealized	$	30	^*Payables, Net Assets Consist of Net unrealized	$	—
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
Total			$ 448		$	106
LargeCap Blend Account II
Equity contracts	Receivables, Net Assets Consist of Net unrealized	$	—	Payables, Net Assets Consist of Net unrealized	$	52	*
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
LargeCap Growth Account I
Equity contracts	Receivables, Net Assets Consist of Net unrealized	$	59	^*Payables, Net Assets Consist of Net unrealized	$	—
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
LargeCap S&P 500 Index Account
Equity contracts	Receivables, Net Assets Consist of Net unrealized	$	785	^*Payables, Net Assets Consist of Net unrealized	$	—
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
LargeCap S&P 500 Managed Volatility Index Account
Equity contracts	Receivables, Net Assets Consist of Net unrealized	$	157	^*Payables, Net Assets Consist of Net unrealized	$	80
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
LargeCap Value Account
Equity contracts	Receivables, Net Assets Consist of Net unrealized	$	78	^*Payables, Net Assets Consist of Net unrealized	$	—
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
SmallCap Blend Account
Equity contracts	Receivables, Net Assets Consist of Net unrealized	$	38	^*Payables, Net Assets Consist of Net unrealized	$	—
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
SmallCap Growth Account II
Equity contracts	Receivables, Net Assets Consist of Net unrealized	$	61	^*Payables, Net Assets Consist of Net unrealized	$	—
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
SmallCap Value Account I
Equity contracts	Receivables, Net Assets Consist of Net unrealized	$	72	^*Payables, Net Assets Consist of Net unrealized	$	—
	appreciation (depreciation) of investments			appreciation (depreciation) of investments

*Includes cumulative unrealized appreciation/depreciation of futures contracts as shown in the schedules of investments. Only the portion of the unrealized appreciation/depreciation not yet cash settled is shown in the statements of assets and liabilities as variation margin.


	NOTES TO FINANCIAL STATEMENTS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
	December 31, 2014

3. Operating Policies (Continued)
					Change in Unrealized
					Appreciation/(Depreciation) of
Derivatives not accounted for	Location of Gain or (Loss) on Derivatives	Realized Gain or (Loss) on Derivatives			Derivatives Recognized in Statement
as hedging instruments	Recognized in Statement of Operations	Recognized in Statement of Operations			of Operations
Balanced Account
Equity contracts	Net realized gain (loss) from Futures	$	2		$	(3	)
	contracts/Change in unrealized
	appreciation/(depreciation) of Futures
	contracts
Bond & Mortgage Securities Account
Credit contracts	Net realized gain (loss) from Swap	$	(654	)	$	537
	agreements/Change in unrealized
	appreciation/(depreciation) of Swap
	agreements
Interest rate contracts	Net realized gain (loss) from Futures	$	—		$	30
	contracts/Change in unrealized
	appreciation/(depreciation) of Futures
	contracts
	Total	$	(654	)	$	567
LargeCap Blend Account II
Equity contracts	Net realized gain (loss) from Futures	$	640		$	(164	)
	contracts/Change in unrealized
	appreciation/(depreciation) of Futures
	contracts
LargeCap Growth Account I
Equity contracts	Net realized gain (loss) from Futures	$	648		$	(203	)
	contracts/Change in unrealized
	appreciation/(depreciation) of Futures
	contracts
LargeCap S&P 500 Index Account
Equity contracts	Net realized gain (loss) from Futures	$	5,305		$	(70	)
	contracts/Change in unrealized
	appreciation/(depreciation) of Futures
	contracts
LargeCap S&P 500 Managed Volatility Index Account
Equity contracts	Net realized gain (loss) from Investment	$	730		$	57
	transactions, Futures contracts, and Options
	and swaptions/Change in unrealized
	appreciation/(depreciation) of Investments,
	Futures contracts, and Options and
	swaptions
LargeCap Value Account
Equity contracts	Net realized gain (loss) from Futures	$	16		$	78
	contracts/Change in unrealized
	appreciation/(depreciation) of Futures
	contracts
SmallCap Blend Account
Equity contracts	Net realized gain (loss) from Futures	$	137		$	(8	)
	contracts/Change in unrealized
	appreciation/(depreciation) of Futures
	contracts
SmallCap Growth Account II
Equity contracts	Net realized gain (loss) from Futures	$	230		$	(64	)
	contracts/Change in unrealized
	appreciation/(depreciation) of Futures
	contracts
SmallCap Value Account I
Equity contracts	Net realized gain (loss) from Futures	$	483		$	(332	)
	contracts/Change in unrealized
	appreciation/(depreciation) of Futures
	contracts

Long equity futures contracts are used to obtain market exposure for the cash balances that are maintained by certain of the Accounts and the notional values of the futures contracts will vary in accordance with the changing cash balances. Long and short U.S. Treasury futures contracts are used to obtain interest rate exposure in order to manage duration of the Bond & Mortgage Securities Account. The level of derivative activity disclosed in the schedules of investments is representative of the level of derivative activity used in the Accounts throughout the year ended December 31, 2014.

Fair value is defined as the price that the Accounts would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security at the measurement date. In determining fair value, the Accounts use various valuation approaches, including market, income and/or cost approaches. A hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Accounts. Unobservable inputs are inputs that reflect the Accounts own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

ÏLevel 1 – Quoted prices are available in active markets for identical securities as of the reporting date. The type of securities included in Level 1 includes listed equities and listed derivatives.

ÏLevel 2 – Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayments speeds, credit risk, etc.). Investments which are generally included in this category include corporate bonds, senior floating rate interests, and municipal bonds.

ÏLevel 3 – Significant unobservable inputs (including the Accounts’ assumptions in determining the fair value of investments). Investments which are generally included in this category include certain corporate bonds and certain mortgage backed securities.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the market place, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Accounts in determining fair value is greatest for instruments categorized in Level 3.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Fair value is a market based measure considered from the perspective of a market participant who holds the asset rather than an entity specific measure. Therefore, even when market assumptions are not readily available, the Account’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Accounts use prices and inputs that are current as of the measurement date.

Investments which are generally included in the Level 3 category are primarily valued using quoted prices from brokers and dealers participating in the market for these investments. These investments are classified as Level 3 investments due to the lack of market transparency and market corroboration to support these quoted prices. Valuation models may be used as the pricing source for other investments classified as Level 3. Valuation models rely on one or more significant unobservable inputs such as prepayment rates, probability of default, or loss severity in the event of default. Significant increases in any of those inputs in isolation would result in a significantly lower fair value measurement.

The fair values of these entities are dependent on economic, political and other considerations. The values of the investments may be affected by significant changes in the economic conditions, changes in government policies, and other factors (e.g., natural disasters, accidents, conflicts, etc.).

Fair value of these investments is determined in good faith by the Manager under procedures established and periodically reviewed by the Account’s Board of Directors. The Manager has established a Valuation Committee of senior officers and employees, with the responsibility of overseeing the pricing and valuation of all securities, including securities where market quotations are not readily available. The Valuation Committee meets monthly and reports directly to the Board of Directors. The Pricing Group who reports to the Valuation Committee relies on the established Pricing Policies to determine fair valuation. Included in the Pricing Policies is an overview of the approved valuation technique established for each asset class. The Pricing Group will consider all appropriate information available when determining fair valuation.

The Pricing Group relies on externally provided valuation inputs to determine the value of Level 3 securities. Security values are updated as new information becomes available. Valuation data and changes in valuation amounts are reviewed on a daily basis based on specified criteria for the security, asset class, and other factors. In addition, valuation data is periodically compared to actual transactions executed by the Accounts (i.e., purchases/sales) and differences between transaction prices and prior period valuation data are investigated based on specified tolerances.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those instruments. For example, short-term securities held in Money Market Account are valued using amortized cost, as permitted under Rule 2a-7 of the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of these securities, but because the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The beginning of the period timing recognition has been adopted for the significant transfers between levels of each Account’s assets and liabilities. There were no significant purchases, sales, or transfers into or out of Level 3, except as noted in the Level 3 roll forward. The table below includes transfers from Level 2 to Level 1 as of December 31, 2014 due to the resumption of trading for previous thinly traded securities:

The following is a summary of the inputs used as of December 31, 2014 in valuing the Funds' securities carried at value (amounts shown in thousands):


				Level 2 - Other
		Level 1 - Quoted		Significant Observable			Level 3 - Significant
Account		Prices		Inputs			Unobservable Inputs		Totals (Level 1,2,3)

Balanced Account
Bonds	$	—	$	10,836		$	90	$	10,926
Common Stocks*		32,257		—			—		32,257
Convertible Bonds		—		7			—		7
Investment Companies		866		—			—		866
Senior Floating Rate Interests		—		29			—		29
U.S. Government & Government Agency Obligations		—		8,137			—		8,137
Total investments in securities $		33,123	$	19,009		$	90	$	52,222

Bond & Mortgage Securities Account
Bonds	$	—	$	215,388		$	1,110	$	216,498
Common Stocks*		—		—			—		—
Convertible Bonds		—		184			—		184
Investment Companies		12,397		—			—		12,397
Preferred Stocks
Communications		393		—			—		393
Financial		1,155		180			—		1,335
Senior Floating Rate Interests		—		13,082			—		13,082
U.S. Government & Government Agency Obligations		—		112,450			—		112,450
Total investments in securities $		13,945	$	341,284		$	1,110	$	356,339
Assets
Credit Contracts
Credit Default Swaps	$	—	$	418		$	—	$	418
Interest Rate Contracts**
Futures	$	30	$	—		$	—	$	30
Liabilities
Credit Contracts**
Exchange Cleared Credit Default Swaps	$	—	$	(106	)	$	—	$	(106	)


NOTES TO FINANCIAL STATEMENTS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014


4. Fair Value (Continued)
				Level 2 - Other
		Level 1 - Quoted	Significant Observable			Level 3 - Significant
Account		Prices		Inputs		Unobservable Inputs		Totals (Level 1,2,3)

Bond Market Index Account
Bonds	$	—	$	594,328	$	1,452	$	595,780
Investment Companies		171,992		—		—		171,992
Municipal Bonds		—		14,946		—		14,946
U.S. Government & Government Agency Obligations		—		1,117,583		—		1,117,583
	Total investments in securities $	171,992	$	1,726,857	$	1,452	$	1,900,301

Diversified Balanced Account
Investment Companies	$	1,011,369	$	—	$	—	$	1,011,369
	Total investments in securities $	1,011,369	$	—	$	—	$	1,011,369

Diversified Balanced Managed Volatility Account
Investment Companies	$	84,550	$	—	$	—	$	84,550
	Total investments in securities $	84,550	$	—	$	—	$	84,550

Diversified Growth Account
Investment Companies	$	2,881,463	$	—	$	—	$	2,881,463
	Total investments in securities $	2,881,463	$	—	$	—	$	2,881,463

Diversified Growth Managed Volatility Account
Investment Companies	$	151,712	$	—	$	—	$	151,712
	Total investments in securities $	151,712	$	—	$	—	$	151,712

Diversified Income Account
Investment Companies	$	168,607	$	—	$	—	$	168,607
	Total investments in securities $	168,607	$	—	$	—	$	168,607

Diversified International Account
Common Stocks
Basic Materials	$	1,619	$	13,446	$	—	$	15,065
Communications		4,691		40,857		—		45,548
Consumer, Cyclical		13,622		43,848		—		57,470
Consumer, Non-cyclical		9,608		71,233		—		80,841
Energy		6,711		17,244		—		23,955
Financial		24,624		87,671		—		112,295
Industrial		9,445		43,525		—		52,970
Technology		—		24,402		—		24,402
Utilities		1,277		13,235		—		14,512
Investment Companies		826		—		—		826
Preferred Stocks		1,719		—		—		1,719
	Total investments in securities $	74,142	$	355,461	$	—	$	429,603

Equity Income Account
Common Stocks*	$	610,198	$	—	$	—	$	610,198
Investment Companies		14,042		—		—		14,042
	Total investments in securities $	624,240	$	—	$	—	$	624,240


NOTES TO FINANCIAL STATEMENTS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014


4. Fair Value (Continued)
					Level 2 - Other
		Level 1 - Quoted		Significant Observable			Level 3 - Significant
Account		Prices			Inputs		Unobservable Inputs		Totals (Level 1,2,3)

Government & High Quality Bond Account
Bonds	$	—		$	96,689	$	—	$	96,689
Investment Companies		9,998			—		—		9,998
U.S. Government & Government Agency Obligations		—			211,726		—		211,726
	Total investments in securities $	9,998		$	308,415	$	—	$	318,413

Income Account
Bonds	$	—		$	172,689	$	2,076	$	174,765
Common Stocks*		—			—		—		—
Convertible Bonds		—			3,579		—		3,579
Investment Companies		10,265			—		—		10,265
Senior Floating Rate Interests		—			1,775		—		1,775
U.S. Government & Government Agency Obligations		—			85,956		—		85,956
	Total investments in securities $	10,265		$	263,999	$	2,076	$	276,340

International Emerging Markets Account
Common Stocks
Basic Materials	$	1,119		$	2,382	$	—	$	3,501
Communications		2,341			12,136		—		14,477
Consumer, Cyclical		1,539			4,320		—		5,859
Consumer, Non-cyclical		4,481			5,562		—		10,043
Energy		1,473			3,475		—		4,948
Financial		5,599			25,664		—		31,263
Industrial		1,307			6,053		—		7,360
Technology		—			14,763		—		14,763
Utilities		—			5,204		—		5,204
Investment Companies		979			—		—		979
Preferred Stocks
Communications		330			44		—		374
Consumer, Non-cyclical		434			—		—		434
Energy		227			341		—		568
Financial		2,978			—		—		2,978
Utilities		213			—		—		213
	Total investments in securities $	23,020		$	79,944	$	—	$	102,964

LargeCap Blend Account II
Common Stocks*	$	140,433		$	—	$	—	$	140,433
Investment Companies		6,081			—		—		6,081
	Total investments in securities $	146,514		$	—	$	—	$	146,514
Liabilities
Equity Contracts**
Futures	$	(52	)	$	—	$	—	$	(52	)

LargeCap Growth Account
Common Stocks*	$	121,077		$	—	$	—	$	121,077
Investment Companies		2,760			—		—		2,760
	Total investments in securities $	123,837		$	—	$	—	$	123,837


NOTES TO FINANCIAL STATEMENTS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014


4. Fair Value (Continued)
				Level 2 - Other
		Level 1 - Quoted		Significant Observable			Level 3 - Significant
Account		Prices		Inputs			Unobservable Inputs		Totals (Level 1,2,3)

LargeCap Growth Account I
Common Stocks*	$	234,243		$	—	$	—	$	234,243
Convertible Preferred Stocks
Communications		—			351		185		536
Investment Companies		4,911			—		—		4,911
Preferred Stocks
Communications		—			118		—		118
	Total investments in securities $	239,154		$	469	$	185	$	239,808
Assets
Equity Contracts**
Futures	$	59		$	—	$	—	$	59

LargeCap S&P 500 Index Account
Common Stocks*	$	1,821,747		$	—	$	—	$	1,821,747
Investment Companies		43,872			—		—		43,872
	Total investments in securities $	1,865,619		$	—	$	—	$	1,865,619
Assets
Equity Contracts**
Futures	$	785		$	—	$	—	$	785

LargeCap S&P 500 Managed Volatility Index Account
Common Stocks*	$	87,521		$	—	$	—	$	87,521
Investment Companies		9,203			—		—		9,203
U.S. Government & Government Agency Obligations		—			250		—		250
Purchased Options		126			—		—		126
	Total investments in securities $	96,850		$	250	$	—	$	97,100
Assets
Equity Contracts**
Futures	$	31		$	—	$	—	$	31
Liabilities
Equity Contracts**
Options	$	(80	)	$	—	$	—	$	(80	)

LargeCap Value Account
Common Stocks*	$	168,173		$	—	$	—	$	168,173
Investment Companies		2,815			—		—		2,815
	Total investments in securities $	170,988		$	—	$	—	$	170,988
Assets
Equity Contracts**
Futures	$	78		$	—	$	—	$	78

MidCap Account
Common Stocks*	$	694,048		$	—	$	—	$	694,048
Investment Companies		155			—		—		155
	Total investments in securities $	694,203		$	—	$	—	$	694,203


NOTES TO FINANCIAL STATEMENTS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014


4. Fair Value (Continued)
				Level 2 - Other
		Level 1 - Quoted	Significant Observable			Level 3 - Significant
Account		Prices		Inputs		Unobservable Inputs		Totals (Level 1,2,3)

Money Market Account
Bonds	$	—	$	23,015	$	—	$	23,015
Certificate of Deposit		—		5,600		—		5,600
Commercial Paper		—		195,714		—		195,714
Investment Companies		18,780		—		—		18,780
Municipal Bonds		—		20,030		—		20,030
Repurchase Agreements		—		12,000		—		12,000
	Total investments in securities $	18,780	$	256,359	$	—	$	275,139

Principal Capital Appreciation Account
Common Stocks*	$	39,414	$	—	$	—	$	39,414
Investment Companies		882		—		—		882
	Total investments in securities $	40,296	$	—	$	—	$	40,296

Principal LifeTime 2010 Account
Investment Companies	$	47,316	$	—	$	—	$	47,316
	Total investments in securities $	47,316	$	—	$	—	$	47,316

Principal LifeTime 2020 Account
Investment Companies	$	211,479	$	—	$	—	$	211,479
	Total investments in securities $	211,479	$	—	$	—	$	211,479

Principal LifeTime 2030 Account
Investment Companies	$	116,971	$	—	$	—	$	116,971
	Total investments in securities $	116,971	$	—	$	—	$	116,971

Principal LifeTime 2040 Account
Investment Companies	$	42,308	$	—	$	—	$	42,308
	Total investments in securities $	42,308	$	—	$	—	$	42,308

Principal LifeTime 2050 Account
Investment Companies	$	21,801	$	—	$	—	$	21,801
	Total investments in securities $	21,801	$	—	$	—	$	21,801

Principal LifeTime 2060 Account
Investment Companies	$	828	$	—	$	—	$	828
	Total investments in securities $	828	$	—	$	—	$	828

Principal LifeTime Strategic Income Account
Investment Companies	$	30,020	$	—	$	—	$	30,020
	Total investments in securities $	30,020	$	—	$	—	$	30,020

Real Estate Securities Account
Common Stocks*	$	165,745	$	—	$	—	$	165,745
Investment Companies		948		—		—		948
	Total investments in securities $	166,693	$	—	$	—	$	166,693

SAM Balanced Portfolio
Investment Companies	$	926,966	$	—	$	—	$	926,966
	Total investments in securities $	926,966	$	—	$	—	$	926,966


NOTES TO FINANCIAL STATEMENTS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014


4. Fair Value (Continued)
				Level 2 - Other
		Level 1 - Quoted	Significant Observable			Level 3 - Significant
Account		Prices		Inputs		Unobservable Inputs		Totals (Level 1,2,3)

SAM Conservative Balanced Portfolio
Investment Companies	$	223,402	$	—	$	—	$	223,402
	Total investments in securities $	223,402	$	—	$	—	$	223,402

SAM Conservative Growth Portfolio
Investment Companies	$	301,305	$	—	$	—	$	301,305
	Total investments in securities $	301,305	$	—	$	—	$	301,305

SAM Flexible Income Portfolio
Investment Companies	$	235,198	$	—	$	—	$	235,198
	Total investments in securities $	235,198	$	—	$	—	$	235,198

SAM Strategic Growth Portfolio
Investment Companies	$	235,377	$	—	$	—	$	235,377
	Total investments in securities $	235,377	$	—	$	—	$	235,377

Short-Term Income Account
Bonds	$	—	$	249,279	$	2,909	$	252,188
Investment Companies		8,838		—		—		8,838
U.S. Government & Government Agency Obligations		—		4,570		—		4,570
	Total investments in securities $	8,838	$	253,849	$	2,909	$	265,596

SmallCap Blend Account
Common Stocks
Basic Materials	$	725	$	—	$	—	$	725
Communications		4,297		—		—		4,297
Consumer, Cyclical		10,568		—		—		10,568
Consumer, Non-cyclical		15,150		5		—		15,155
Diversified		130		—		—		130
Energy		2,239		—		—		2,239
Financial		15,035		—		—		15,035
Industrial		6,372		—		—		6,372
Technology		7,503		—		—		7,503
Utilities		1,623		—		—		1,623
Investment Companies		1,760		—		—		1,760
	Total investments in securities $	65,402	$	5	$	—	$	65,407
Assets
Equity Contracts**
Futures	$	38	$	—	$	—	$	38


NOTES TO FINANCIAL STATEMENTS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014


4. Fair Value (Continued)
			Level 2 - Other
		Level 1 - Quoted	Significant Observable			Level 3 - Significant
Account		Prices	Inputs			Unobservable Inputs		Totals (Level 1,2,3)

SmallCap Growth Account II
Common Stocks
Basic Materials	$	1,225	$	—	$	—	$	1,225
Communications		3,289		1		—		3,290
Consumer, Cyclical		12,250		—		—		12,250
Consumer, Non-cyclical		17,376		1		—		17,377
Diversified		964		—		—		964
Energy		1,608		—		—		1,608
Financial		8,925		—		—		8,925
Industrial		7,361		—		—		7,361
Technology		9,964		—		—		9,964
Utilities		10		—		—		10
Investment Companies		9,490		—		—		9,490
	Total investments in securities $	72,462	$	2	$	—	$	72,464
Assets
Equity Contracts**
Futures	$	61	$	—	$	—	$	61

SmallCap Value Account I
Common Stocks
Basic Materials	$	2,978	$	—	$	—	$	2,978
Communications		4,982		3		—		4,985
Consumer, Cyclical		12,247		—		—		12,247
Consumer, Non-cyclical		13,656		—		—		13,656
Diversified		42		—		—		42
Energy		3,998		—		—		3,998
Financial		38,255		—		—		38,255
Government		103		—		—		103
Industrial		10,911		—		—		10,911
Technology		6,374		—		—		6,374
Utilities		6,674		—		—		6,674
Investment Companies		6,745		—		—		6,745
	Total investments in securities $	106,965	$	3	$	—	$	106,968
Assets
Equity Contracts**
Futures	$	72	$	—	$	—	$	72

*For additional detail regarding sector classifications, please see the Schedules of Investments
**Exchange cleared swaps and futures are valued at the unrealized appreciation (depreciation) of the instrument.

Certain detailed information is provided for those Accounts with significant investments in Level 3 securities. Quantitative information about the significant unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy is as follows (amounts in thousands):

The changes in investments measured at fair value for which Level 3 inputs have been used to determine fair value are as follows (amounts in thousands):

*Securities are transferred into Level 3 for a variety of reasons including, but not limited to: 1. Securities where trading has been halted 2. Securities that have certain restrictions on trading 3. Instances in which a security is not priced by pricing services **Securities are transferred out of Level 3 for a variety of reasons including, but not limited to: 1. Securities where trading resumes 2. Securities where trading restrictions have expired 3. Instances in which a price becomes available from a pricing service

At the end of the year, there were no other Accounts which had a significant Level 3 balance. During the year, there were no significant purchases, sales or transfers into or out of Level 3, except as noted above.

Management Services. The Fund has agreed to pay investment advisory and management fees to the Manager (wholly owned by Principal Financial Services, Inc.) computed at an annual percentage rate of each account’s average daily net assets. A portion of the management fee is paid by Principal Management Corporation to the sub-advisor of each of the Accounts, some of which are affiliates of the Manager. The annual rate paid by Principal LifeTime Accounts is .03% of each of the Principal LifeTime Accounts’ average net assets. The annual rate paid by the SAM Portfolios is based upon the aggregate average daily net assets (“aggregate net assets”) of the SAM Portfolios. The investment advisory and management fee schedule for the SAM Portfolios is .25% of aggregate net assets up to the first $1 billion and .20% of aggregate net assets over $1 billion. The annual rates used in this calculation for each of the other Accounts are as follows:


			Net Assets of Accounts (in millions)
	First $100		Next $100		Next $100		Next $100		Thereafter
Balanced Account	.60	%	.55	%	.50	%	.45	%	.40	%
Bond & Mortgage Securities Account	.50		.45		.40		.35		.30
Equity Income Account	.60		.55		.50		.45		.40
LargeCap Growth Account I	.80		.75		.70		.65		.60
MidCap Account	.65		.60		.55		.50		.45
Money Market Account	.50		.45		.40		.35		.30
Real Estate Securities Account	.90		.85		.80		.75		.70
SmallCap Blend Account	.85		.80		.75		.70		.65
SmallCap Growth Account II	1.00		.95		.90		.85		.80
SmallCap Value Account I	1.10		1.05		1.00		.95		.90

			Net Assets of Accounts (in millions)
	First $250		Next $250		Next $250		Next $250		Thereafter
Diversified International Account	.85	%	.80	%	.75	%	.70	%	.65	%
International Emerging Markets Account	1.25		1.20		1.15		1.10		1.05
LargeCap Blend Account II	.75		.70		.65		.60		.55
LargeCap Value Account	.60		.55		.50		.45		.40



	Net Assets of Account (in millions)
	First		Next		Over
	$200		$300		$500
Short-Term Income Account	.50	%	.45	%	.40	%

The Manager has contractually agreed to limit the Account’s management and investment advisory fees for certain of the Accounts through the period ended April 30, 2015. The expense limit will reduce the Account’s management and investment advisory fees by the following amounts:

The Manager has contractually agreed to limit the expenses (excluding interest the Accounts incur in connection with investments they make) for certain classes of shares of certain of the Accounts. The reductions and reimbursements are in amounts that maintain total operating expenses at or below certain limits. The limits are expressed as a percentage of average daily net assets attributable to each class of shares on an annualized basis during the reporting period. The operating expense limits are as follows:

The Manager has contractually agreed to reduce Short-Term Income Account’s expenses by .01% through the period ended April 30, 2015.

In addition, the Manager has voluntarily agreed to limit the expenses (excluding interest the Accounts incur in connection with investments they make and acquired fund fees and expenses) attributable to Class 2 shares of certain of the Accounts. The reductions and reimbursements are in amounts that maintain total operating expenses at or below certain limits. The limits are expressed as a percentage of average daily net assets on an annualized basis during the reporting period. The expense limit may be terminated at any time. The operating expense limits are as follows:

In addition, the Manager has voluntarily agreed to limit Money Market Account’s expenses to the extent necessary to maintain a 0% yield. The voluntary expense limit may be terminated at any time.

Distribution and Shareholder Servicing Fees. Class 2 shares of the Accounts bear distribution fees. The fee is computed at an annual rate of the average daily net assets attributable to Class 2 shares of each of the Accounts. Distribution fees are paid to Principal Funds Distributor, Inc., the principal distributor of the Accounts. A portion of the distribution fee may be paid to other selling dealers for providing certain services. The annual rate for Class 2 shares is .25%.

Principal Funds Distributor, Inc. has voluntarily agreed to limit Money Market Account’s distribution fees attributable to Class 2 shares of Money Market Account. The limit will maintain the level of distribution fees not to exceed 0% for Class 2 shares. The limit may be terminated at any time.

Affiliated Ownership. At December 31, 2014, Principal Life Insurance Company (an affiliate of the Manager) and/or one or more separate accounts sponsored by Principal Life Insurance Company owned shares of the Accounts as follows (amounts in thousands):


	Class 1	Class 2		Class 1	Class 2
Balanced Account	2,626	N/A	Principal Capital Appreciation Account	829	9
Bond & Mortgage Securities Account	20,682	N/A	Principal LifeTime 2010 Account	3,754	N/A
Bond Market Index Account	118	N/A	Principal LifeTime 2020 Account	15,357	N/A
Diversified Balanced Account	N/A	70,267	Principal LifeTime 2030 Account	9,475	N/A
Diversified Balanced Managed Volatility Account	N/A	7,771	Principal LifeTime 2040 Account	2,918	N/A
Diversified Growth Account	N/A	187,119	Principal LifeTime 2050 Account	1,538	N/A
Diversified Growth Managed Volatility Account	N/A	13,797	Principal LifeTime 2060 Account	68	N/A
Diversified Income Account	N/A	14,008	Principal LifeTime Strategic Income Account	2,607	N/A
Diversified International Account	20,704	2	Real Estate Securities Account	7,440	8
Equity Income Account	13,315	4	SAM Balanced Portfolio	46,024	39
Government & High Quality Bond Account	17,233	2	SAM Conservative Balanced Portfolio	15,996	44
International Emerging Markets Account	6,777	N/A	SAM Conservative Growth Portfolio	8,258	23
LargeCap Blend Account II	12,316	–	SAM Flexible Income Portfolio	15,378	32
LargeCap Growth Account	4,548	–	SAM Strategic Growth Portfolio	5,921	30
LargeCap Growth Account I	8,350	N/A	Short-Term Income Account	63,001	36
LargeCap S&P 500 Index Account	12,432	N/A	SmallCap Blend Account	4,625	N/A
LargeCap Value Account	5,050	N/A	SmallCap Growth Account II	2,927	–
MidCap Account	9,585	–	SmallCap Value Account I	5,142	1
Money Market Account	276,364	217

For the year ended December 31, 2014, the cost of investment securities purchased and proceeds from investment securities sold (not including short-term investments) by the Accounts were as follows (amounts shown in thousands):


		Purchases		Sales			Purchases		Sales
Balanced Account	$	56,789	$	60,358	LargeCap Value Account	$	174,525	$	189,392
Bond & Mortgage Securities Account		521,716		482,365	MidCap Account		140,938		186,674
Bond Market Index Account		1,865,292		1,620,745	Principal Capital Appreciation Account		3,261		5,638
Diversified Balanced Account		191,453		84,132	Principal LifeTime 2010 Account		20,122		21,271
Diversified Balanced Managed Volatility					Principal LifeTime 2020 Account		70,352		89,690
Account		86,130		3,253	Principal LifeTime 2030 Account		35,352		27,310
Diversified Growth Account		733,381		181,568	Principal LifeTime 2040 Account		14,066		8,407
Diversified Growth Managed Volatility					Principal LifeTime 2050 Account		6,372		6,653
Account		152,887		6,113	Principal LifeTime 2060 Account		1,085		297
Diversified Income Account		75,557		25,746	Principal LifeTime Strategic Income
Diversified International Account		298,077		347,274	Account		12,070		13,715
Equity Income Account		74,195		170,351	Real Estate Securities Account		23,738		23,126
Government & High Quality Bond Account		52,984		93,945	SAM Balanced Portfolio		159,769		269,641
Income Account		29,344		44,847	SAM Conservative Balanced Portfolio		48,064		56,038
International Emerging Markets Account		117,112		121,352	SAM Conservative Growth Portfolio		72,951		55,897
LargeCap Blend Account II		50,443		81,681	SAM Flexible Income Portfolio		44,082		46,127
LargeCap Growth Account		83,904		74,033	SAM Strategic Growth Portfolio		68,432		45,003
LargeCap Growth Account I		93,545		130,372	Short-Term Income Account		144,449		130,804
LargeCap S&P 500 Index Account		229,634		45,646	SmallCap Blend Account		41,927		44,155
LargeCap S&P 500 Managed Volatility					SmallCap Growth Account II		40,556		48,562
Index Account		87,052		11,146	SmallCap Value Account I		48,700		65,241

In addition Bond Market Index Account had $14,493,000 of covers on securities sold short and $14,245,000 of securities sold short. LargeCap Blend Account II had $14,000 of securities sold short.

For the year ended December 31, 2014, the cost of U.S. government securities purchased and proceeds from U.S. government securities sold (not including short-term investments) by the Accounts were as follows (amounts shown in thousands):

Distributions to Shareholders. The federal income tax character of distributions paid for the years ended December 31, 2014 and December 31, 2013 were as follows (amounts in thousands):


						Long-Term
		Ordinary Income				Capital Gain*
		2014		2013		2014		2013
Balanced Account	$	877	$	897	$	—	$	—
Bond & Mortgage Securities Account		9,821		11,127		—		—
Bond Market Index Account		16,426		7,269		—		—
Diversified Balanced Account		9,534		4,130		8,996		7,307
Diversified Balanced Managed Volatility Account		3		—		5		—
Diversified Growth Account		25,946		10,766		31,845		12,121
Diversified Growth Managed Volatility Account		16		—		28		—
Diversified Income Account		904		96		704		43
Diversified International Account		10,568		12,310		—		—
Equity Income Account		15,602		19,769		—		—
Government & High Quality Bond Account		12,602		15,657		—		—
Income Account		12,657		14,212		—		—
International Emerging Markets Account		1,021		2,273		—		—
LargeCap Blend Account II		1,887		2,277		—		—
LargeCap Growth Account		666		1,405		—		—
LargeCap Growth Account I		4,335		1,036		39,651		8,149
LargeCap S&P 500 Index Account		25,143		17,348		34,910		7,843
LargeCap S&P 500 Managed Volatility Index Account		2,074		16		1,842		—
LargeCap Value Account		3,512		4,450		23,015		—
MidCap Account		3,262		11,269		57,283		26,808
Principal Capital Appreciation Account		2,271		2,395		5,052		5,453
Principal LifeTime 2010 Account		1,067		1,130		—		—
Principal LifeTime 2020 Account		5,146		4,655		4,522		—
Principal LifeTime 2030 Account		2,808		1,935		17,044		503
Principal LifeTime 2040 Account		806		490		2,698		—
Principal LifeTime 2050 Account		471		296		1,847		—
Principal LifeTime 2060 Account		1		—		1		—
Principal LifeTime Strategic Income Account		766		886		—		—
Real Estate Securities Account		2,399		1,788		—		—
SAM Balanced Portfolio		29,328		23,899		130,737		11,232
SAM Conservative Balanced Portfolio		7,045		6,382		18,925		2,098
SAM Conservative Growth Portfolio		5,041		4,310		35,293		—
SAM Flexible Income Portfolio		9,416		8,245		12,090		2,963
SAM Strategic Growth Portfolio		4,097		2,369		35,588		—
Short-Term Income Account		4,274		4,959		—		—
SmallCap Blend Account		224		184		1,866		—
SmallCap Value Account I		817		1,180		11,560		—

*The Accounts designate these distributions as long-term capital gain dividends per IRC Sec. 852(b)(3)(C).

For U.S. federal income tax purposes, short-term capital gain distributions are considered ordinary income distributions.

Distributable Earnings. As of December 31, 2014, the components of distributable earnings on a federal tax basis were as follows (amounts in thousands):


				Undistributed					Net Unrealized		Other			Total
		Undistributed		Long-Term		Accumulated			Appreciation		Temporary			Accumulated
		Ordinary Income		Capital Gains		Capital Loss			(Depreciation)		Differences*			Earnings (Deficit)
Balanced Account	$	1,170	$	2,911	$	—		$	5,280	$	—		$	9,361
Bond & Mortgage Securities Account		9,625		—		(33,799	)		372		(1	)		(23,803	)
Bond Market Index Account		28,023		—		(4,301	)		21,050		—			44,772
Diversified Balanced Account		11,101		10,841		—			153,449		—			175,391
Diversified Balanced Managed Volatility Account		1,015		883		—			962		—			2,860
Diversified Growth Account		32,642		38,509		—			435,236		—			506,387
Diversified Growth Managed Volatility Account		2,235		2,037		—			1,534		—			5,806
Diversified Income Account		1,503		1,228		—			11,495		—			14,226
Diversified International Account		7,418		—		(110,806	)		56,076		—			(47,312	)
Equity Income Account		15,921		—		(5,257	)		245,356		—			256,020
Government & High Quality Bond Account		9,985		404		(22,657	)		3,618		(69	)		(8,719	)
Income Account		11,813		—		(3,382	)		14,389		(238	)		22,582
International Emerging Markets Account		1,653		—		(17,974	)		3,194		—			(13,127	)
LargeCap Blend Account II		1,551		11,445		—			32,559		—			45,555
LargeCap Growth Account		172		—		(17,319	)		26,684		—			9,537
LargeCap Growth Account I		3,091		34,615		—			63,589		(145	)		101,150
LargeCap S&P 500 Index Account		31,940		21,456		—			534,516		—			587,912
LargeCap S&P 500 Managed Volatility Index
Account		236		330		—			5,695		(2,720	)		3,541
LargeCap Value Account		8,191		12,300		—			22,663		—			43,154
MidCap Account		4,110		70,879		—			263,243		—			338,232
Money Market Account		—		—		(10	)		—		—			(10	)
Principal Capital Appreciation Account		492		2,910		—			22,080		—			25,482
Principal LifeTime 2010 Account		985		—		(1,010	)		2,878		—			2,853
Principal LifeTime 2020 Account		6,408		8,203		—			11,155		—			25,766
Principal LifeTime 2030 Account		3,343		4,150		—			8,194		—			15,687
Principal LifeTime 2040 Account		1,186		1,575		—			2,077		—			4,838
Principal LifeTime 2050 Account		786		886		—			1,389		—			3,061
Principal LifeTime 2060 Account		23		31		—			7		—			61
Principal LifeTime Strategic Income Account		608		—		(836	)		1,804		—			1,576
Real Estate Securities Account		2,494		4,828		—			54,690		—			62,012
SAM Balanced Portfolio		26,866		64,634		—			120,603		—			212,103
SAM Conservative Balanced Portfolio		7,192		10,037		—			19,834		—			37,063
SAM Conservative Growth Portfolio		6,857		19,168		—			35,098		—			61,123
SAM Flexible Income Portfolio		8,696		5,224		—			20,145		—			34,065
SAM Strategic Growth Portfolio		5,458		17,640		—			22,692		—			45,790
Short-Term Income Account		4,456		—		(16,745	)		567		(48	)		(11,770	)
SmallCap Blend Account		474		6,648		—			14,675		—			21,797
SmallCap Growth Account II		—		—		(4,671	)		14,806		—			10,135
SmallCap Value Account I		2,997		11,386		—			20,834		—			35,217

*Represents book-to-tax accounting differences.

Capital Loss Carryforwards. For federal income tax purposes, capital loss carryforwards are losses that can be used to offset future capital gains of an account. At December 31, 2014, the following Accounts had approximate net capital loss carryforwards as follows (amounts in thousands):

Capital losses generated in taxable years beginning after the enactment date of the Regulated Investment Company Modernization Act of 2010, December 22, 2010, will be carried forward with no expiration and with the character of the loss retained. These capital losses must be fully utilized before the pre-enactment capital loss carryforwards listed in the table above.

As of December 31, 2014, the following Accounts utilized capital loss carryforwards as follows (amounts in thousands):

Late-Year Losses. A regulated investment company may elect to treat any portion of its qualified late-year loss as arising on the first day of the next taxable year. Qualified late-year losses are certain capital and ordinary losses which occur during the portion of the Account’s taxable year subsequent to October 31. For the taxable year ended December 31, 2014, the Accounts do not plan to defer any late-year losses.

Reclassification of Capital Accounts. The Accounts may record reclassifications in their capital accounts. These reclassifications have no impact on the total net assets of the Accounts. The reclassifications are a result of permanent differences between GAAP and tax accounting. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Accounts’ distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended December 31, 2014, the Accounts recorded reclassifications as follows (amounts in thousands):

Federal Income Tax Basis. At December 31, 2014, the net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the Accounts were as follows (amounts in thousands):


							Net Unrealized
		Unrealized		Unrealized			Appreciation		Cost for Federal
		Appreciation		(Depreciation)			(Depreciation)		Income Tax Purposes
Balanced Account	$	6,027	$	(747	)	$	5,280	$	46,942
Bond & Mortgage Securities Account		5,321		(4,949	)		372		355,967
Bond Market Index Account		26,419		(5,369	)		21,050		1,879,251
Diversified Balanced Account		157,521		(4,072	)		153,449		857,920
Diversified Balanced Managed Volatility Account		1,691		(729	)		962		83,588
Diversified Growth Account		458,202		(22,966	)		435,236		2,446,227
Diversified Growth Managed Volatility Account		3,398		(1,864	)		1,534		150,178
Diversified Income Account		12,076		(581	)		11,495		157,112
Diversified International Account		77,456		(21,194	)		56,262		373,341
Equity Income Account		254,479		(9,123	)		245,356		378,884
Government & High Quality Bond Account		7,999		(4,381	)		3,618		314,795
Income Account		16,978		(2,589	)		14,389		261,951
International Emerging Markets Account		10,330		(7,133	)		3,197		99,767
LargeCap Blend Account II		34,459		(1,900	)		32,559		113,955
LargeCap Growth Account		28,302		(1,618	)		26,684		97,153
LargeCap Growth Account I		66,980		(3,391	)		63,589		176,219
LargeCap S&P 500 Index Account		557,892		(23,376	)		534,516		1,331,103
LargeCap S&P 500 Managed Volatility Index Account		7,733		(1,935	)		5,798		91,302
LargeCap Value Account		24,320		(1,657	)		22,663		148,325
MidCap Account		265,993		(2,750	)		263,243		430,960
Money Market Account		—		—			—		275,139
Principal Capital Appreciation Account		22,213		(133	)		22,080		18,216
Principal LifeTime 2010 Account		4,059		(1,181	)		2,878		44,438
Principal LifeTime 2020 Account		18,197		(7,042	)		11,155		200,324
Principal LifeTime 2030 Account		10,594		(2,400	)		8,194		108,777
Principal LifeTime 2040 Account		3,284		(1,207	)		2,077		40,231
Principal LifeTime 2050 Account		1,968		(579	)		1,389		20,412
Principal LifeTime 2060 Account		28		(21	)		7		821
Principal LifeTime Strategic Income Account		2,386		(582	)		1,804		28,216
Real Estate Securities Account		54,925		(235	)		54,690		112,003
SAM Balanced Portfolio		125,047		(4,444	)		120,603		806,363
SAM Conservative Balanced Portfolio		20,937		(1,103	)		19,834		203,568
SAM Conservative Growth Portfolio		37,410		(2,312	)		35,098		266,207
SAM Flexible Income Portfolio		21,216		(1,071	)		20,145		215,053
SAM Strategic Growth Portfolio		25,735		(3,043	)		22,692		212,685
Short-Term Income Account		2,196		(1,629	)		567		265,029
SmallCap Blend Account		16,823		(2,148	)		14,675		50,732
SmallCap Growth Account II		17,081		(2,275	)		14,806		57,658
SmallCap Value Account I		25,049		(4,215	)		20,834		86,134

8. Subsequent Events

Management has evaluated events and transactions that have occurred through the date the financial statements were issued that would merit recognition or disclosure in the financial statements. Other than matters noted below, there were no other items requiring adjustment of the financial statements or additional disclosure.

Effective April 2015, Principal Capital Appreciation Account will acquire all the assets of LargeCap Blend Account II subject to the liabilities of such Account, in exchange for a number of shares equal to the pro rata net assets of Principal Capital Appreciation Account. Also in April 2015, SmallCap Blend Account will acquire all the assets of SmallCap Value Account I and SmallCap Growth Account II subject to the liabilities of such Accounts, in exchange for a number of shares equal to the pro rata net assets of SmallCap Blend Account.


Schedule of Investments
Balanced Account
December 31, 2014



COMMON STOCKS - 63.76%	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held		Value (000's)

Advertising - 0.06%				Biotechnology (continued)
WPP PLC ADR	296	$	31	Ardelyx Inc ^(a)	453	$	9
				Avalanche Biotechnologies Inc ^(a)	228		12
				Bellicum Pharmaceuticals Inc ^(a)	440		10
Aerospace & Defense - 3.00%				BIND Therapeutics Inc ^(a)	1,140		6
Astronics Corp ^(a)	730		40
				Charles River Laboratories International Inc	634		40
General Dynamics Corp	2,737		377	(a)
L-3 Communications Holdings Inc	1,800		227	CSL Ltd ADR	1,053		37
Lockheed Martin Corp	1,732		334	Epizyme Inc ^(a)	410		8
Raytheon Co	1,407		152	Exact Sciences Corp ^(a)	665		18
United Technologies Corp	3,392		390	Genocea Biosciences Inc ^(a)	1,065		7
	$		1,520	Gilead Sciences Inc ^(a)	5,066		478
Agriculture - 1.95%				Intercept Pharmaceuticals Inc ^(a)	40		6
Archer-Daniels-Midland Co	7,915		411	Puma Biotechnology Inc ^(a)	30		6
British American Tobacco PLC ADR	611		66	Sunesis Pharmaceuticals Inc ^(a)	1,765		4
Japan Tobacco Inc	1,679		46	Versartis Inc ^(a)	291		7
Philip Morris International Inc	5,668		462		$		1,204
	$		985	Chemicals - 0.36%
Airlines - 1.11%				Dow Chemical Co/The	1,190		54
Delta Air Lines Inc	5,148		253	Eastman Chemical Co	490		37
Southwest Airlines Co	7,295		309	LyondellBasell Industries NV	1,115		89
	$		562		$		180

Apparel - 0.33%				Commercial Services - 1.01%
G-III Apparel Group Ltd ^(a)	590		59	ABM Industries Inc	2,420		69
Hanesbrands Inc	947		106	Aramark	1,015		32
	$		165	Cielo SA ADR	611		10
				DeVry Education Group Inc	1,090		52
Automobile Manufacturers - 0.15%				Huron Consulting Group Inc ^(a)	920		63
Fuji Heavy Industries Ltd ADR	363		26	James River Group Holdings Ltd ^(a)	1,940		44
Toyota Motor Corp ADR	414		52	Korn/Ferry International ^(a)	2,200		63
	$		78	Live Nation Entertainment Inc ^(a)	2,290		60
				ManpowerGroup Inc	344		23
Automobile Parts & Equipment - 0.91%				RPX Corp ^(a)	2,319		32
Bridgestone Corp ADR	1,169		20	Team Health Holdings Inc ^(a)	1,120		64
Delphi Automotive PLC	1,064		77
Lear Corp	3,273		321		$		512
Tower International Inc ^(a)	1,670		43	Computers - 5.10%
	$		461	Amdocs Ltd	969		45
				Apple Inc	13,369		1,476
Banks - 6.21%				Barracuda Networks Inc ^(a)	1,010		36
Bank of America Corp	20,812		372
Bank of Montreal	392		28	DST Systems Inc	889		84
Capital One Financial Corp	355		29	Hewlett-Packard Co	6,079		244
DBS Group Holdings Ltd ADR	193		12	International Business Machines Corp	1		—
Fifth Third Bancorp	1,487		30	Lexmark International Inc	554		23
				Manhattan Associates Inc ^(a)	1,340		54
Goldman Sachs Group Inc/The	2,463		477

Hanmi Financial Corp	1,407		31	NetApp Inc	2,244		93
Huntington Bancshares Inc/OH	4,188		44	NetScout Systems Inc ^(a)	1,170		43
ICICI Bank Ltd ADR	2,955		34	Western Digital Corp	4,374		484
JP Morgan Chase & Co	4,549		285		$		2,582
KeyCorp	16,341		227	Cosmetics & Personal Care - 0.00%
Mitsubishi UFJ Financial Group Inc ADR	3,357		19	Procter & Gamble Co/The	19		2
Nordea Bank AB ADR	1,472		17
PNC Financial Services Group Inc/The	869		79
PrivateBancorp Inc	2,040		68	Diversified Financial Services - 1.80%
Regions Financial Corp	4,398		47	BlackRock Inc	728		260
				Cowen Group Inc ^(a)	11,540		56
Royal Bank of Canada	368		25
Sumitomo Mitsui Financial Group Inc ADR	3,500		26	Discover Financial Services	7,388		484
Svenska Handelsbanken AB ADR	830		20	Lazard Ltd	519		26
				LendingClub Corp ^(a)	209		5
Swedbank AB ADR	1,251		31
Toronto-Dominion Bank/The	716		34	ORIX Corp ADR	564		35
US Bancorp/MN	4,611		207	Waddell & Reed Financial Inc	863		43
Wells Fargo & Co	17,005		932		$		909
Wintrust Financial Corp	1,470		69	Electric - 1.52%
	$		3,143	Avista Corp	1,381		49
Beverages - 0.41%				Edison International	457		30
Ambev SA ADR	4,412		28	Entergy Corp	2,910		254
Anheuser-Busch InBev NV ADR	271		30	Exelon Corp	7,223		268
Dr Pepper Snapple Group Inc	571		41	PPL Corp	2,064		75
PepsiCo Inc	1,150		109	Public Service Enterprise Group Inc	2,269		94
	$		208		$		770

Biotechnology - 2.38%				Electronics - 0.81%
Amgen Inc	3,489		556	Honeywell International Inc	3,912		391


Schedule of Investments
Balanced Account
December 31, 2014



COMMON STOCKS (continued)	Shares Held )		Value (000's	COMMON STOCKS (continued)	Shares Held		Value (000's)

Electronics (continued)				Machinery - Construction & Mining - 0.10%
Hoya Corp ADR	565	$	19	Hitachi Ltd ADR	361	$	27
	$		410	Mitsubishi Electric Corp ADR	930		22

Energy - Alternate Sources - 0.09%					$		49
Pattern Energy Group Inc	1,860		46	Media - 2.71%
				Comcast Corp - Class A	11,429		663
				Gannett Co Inc	5,804		185
Engineering & Construction - 0.54%				ITV PLC ADR	778		26
AECOM Technology Corp ^(a)	4,250		129	Starz ^(a)	4,026		120
EMCOR Group Inc	1,680		75
Tutor Perini Corp ^(a)	1,100		26	Time Warner Cable Inc	403		61
Vinci SA ADR	3,363		46	Time Warner Inc	3,701		316
	$		276		$		1,371
				Metal Fabrication & Hardware - 0.06%
Entertainment - 0.23%				Mueller Water Products Inc - Class A	3,070		31
Marriott Vacations Worldwide Corp	1,240		93
OPAP SA ADR	4,368		23
	$		116	Mining - 0.03%
				BHP Billiton PLC ADR	258		11
Food - 2.08%				US Silica Holdings Inc	100		3
Aryzta AG ADR^(a)	443		17
Kellogg Co	842		55		$		14
Kroger Co/The	9,757		627	Miscellaneous Manufacturing - 0.88%
Nestle SA ADR	662		48	Blount International Inc	2,360		42
Tyson Foods Inc	7,587		304	Danaher Corp	3,760		322
	$		1,051	FUJIFILM Holdings Corp ADR	795		24
				General Electric Co	194		5
Healthcare - Products - 0.23%				SPX Corp	600		52
K2M Group Holdings Inc ^(a)	1,600		34
OraSure Technologies Inc ^(a)	1,600		16		$		445
St Jude Medical Inc	829		54	Office & Business Equipment - 0.46%
STAAR Surgical Co ^(a)	1,230		11	Seiko Epson Corp ADR	409		9
	$		115	Xerox Corp	16,118		223

Healthcare - Services - 2.04%					$		232
Acadia Healthcare Co Inc ^(a)	950		58	Oil & Gas - 3.98%
Aetna Inc	2,898		258	Canadian Natural Resources Ltd	1,033		32
Anthem Inc	3,174		399	Carrizo Oil & Gas Inc ^(a)	830		34
Centene Corp ^(a)	470		49	Chevron Corp	382		43
HCA Holdings Inc ^(a)	2,784		204	Cimarex Energy Co	722		76
HealthSouth Corp	1,349		52	ConocoPhillips	7,249		501
ICON PLC ^(a)	222		11	EOG Resources Inc	2,952		272
	$		1,031	Exxon Mobil Corp	3,220		298
				Hess Corp	3,892		287
Insurance - 1.26%				Murphy USA Inc ^(a)	1,072		74
Allianz SE ADR	1,063		18	Nabors Industries Ltd	1,610		21
American International Group Inc	2,448		137	Royal Dutch Shell PLC ADR	378		25
Aspen Insurance Holdings Ltd	1,630		71	RSP Permian Inc ^(a)	460		12
Berkshire Hathaway Inc - Class B ^(a)	581		87	Sanchez Energy Corp ^(a)	1,300		12
Hannover Rueck SE ADR	594		27	SM Energy Co	482		19
Horace Mann Educators Corp	1,670		55	Suncor Energy Inc	1,017		32
Lincoln National Corp	1,056		61	Tesoro Corp	925		69
PartnerRe Ltd	667		76	Valero Energy Corp	3,918		194
Prudential Financial Inc	543		49	Whiting Petroleum Corp ^(a)	470		15
Prudential PLC ADR	193		9		$		2,016
Sampo Oyj ADR	1,361		32
Sanlam Ltd ADR	1,230		15	Packaging & Containers - 0.17%
	$		637	Packaging Corp of America	916		72
				Rock-Tenn Co	200		12
Internet - 1.61%					$		84
CDW Corp/DE	1,850		65
Google Inc - A Shares ^(a)	732		388	Pharmaceuticals - 5.61%
Google Inc - C Shares ^(a)	662		349	AbbVie Inc	6,158		403
Tencent Holdings Ltd ADR	985		14	Array BioPharma Inc ^(a)	2,550		12
	$		816	Bayer AG ADR	230		31
				Cardinal Health Inc	6,147		496
Iron & Steel - 0.13%				FibroGen Inc ^(a)	520		14
United States Steel Corp	1,164		31	Herbalife Ltd	741		28
Worthington Industries Inc	1,197		36	Johnson & Johnson	850		89
	$		67	McKesson Corp	2,750		571
				Mylan Inc/PA ^(a)	2,761		156
Lodging - 0.41%
Hyatt Hotels Corp ^(a)	1,860		112	Nektar Therapeutics ^(a)	830		13
Marriott International Inc/DE	848		66	Novartis AG ADR	453		42
Wyndham Worldwide Corp	361		31	Novo Nordisk A/S ADR	1,185		50
	$		209	Pfizer Inc	22,270		694
				PRA Health Sciences Inc ^(a)	1,150		28
				Prestige Brands Holdings Inc ^(a)	1,670		58
accompanying notes.				120


Schedule of Investments
Balanced Account
December 31, 2014



COMMON STOCKS (continued)	Shares Held		Value (000's)	COMMON STOCKS (continued)		Shares Held		Value (000			's)

Pharmaceuticals (continued)				Telecommunications (continued)
ProQR Therapeutics NV ^(a)	430	$	9	Hellenic Telecommunications Organization			2,950		$	16
Proteon Therapeutics Inc ^(a)	720		7	SA ADR^(a)
Revance Therapeutics Inc ^(a)	350		6	KDDI Corp ADR			3,201			51
Roche Holding AG ADR	1,526		52	Nippon Telegraph & Telephone Corp ADR			1,797			46
Shire PLC ADR	182		39	Plantronics Inc			1,230			65
Teva Pharmaceutical Industries Ltd ADR	474		27	RF Micro Devices Inc ^(a)			3,010			50
Zafgen Inc ^(a)	440		14	SoftBank Corp ADR			1,616			48
	$		2,839	Verizon Communications Inc			5,578			261

Real Estate - 0.15%								$		646
Brookfield Asset Management Inc	1,471		74	Transportation - 0.38%
				Canadian National Railway Co			972			67
				Canadian Pacific Railway Ltd			228			44
REITS - 2.02%				Navigator Holdings Ltd ^(a)			1,100			23
Colony Financial Inc	1,960		47
Duke Realty Corp	11,787		238	Norfolk Southern Corp			545			60
Education Realty Trust Inc	2,276		83					$		194
Extra Space Storage Inc	3,656		214	TOTAL COMMON STOCKS				$		32,257
General Growth Properties Inc	3,026		85	INVESTMENT COMPANIES - 1.71%		Shares Held		Value (000			's)
Host Hotels & Resorts Inc	8,574		204	Publicly Traded Investment Fund - 1.71%
Kilroy Realty Corp	260		18	BlackRock Liquidity Funds FedFund Portfolio		866,496				866
Simon Property Group Inc	244		45
Strategic Hotels & Resorts Inc ^(a)	5,320		70	TOTAL INVESTMENT COMPANIES				$		866
UDR Inc	561		17			Principal
	$		1,021	BONDS- 21.60	%	Amount (000's)		Value (000			's)

Retail - 4.06%				Aerospace & Defense - 0.05%
Big Lots Inc	620		25	Air 2 US
Brinker International Inc	948		56	8.03%, 10/01/2020^(c),(d)		$	21		$	23
CVS Health Corp	2,921		281
Foot Locker Inc	4,198		236
Freshpet Inc ^(a)	1,150		20	Agriculture - 0.23%
Home Depot Inc/The	4,756		499	Altria Group Inc
Kohl's Corp	1,019		62	2.63%, 01/14/2020			25			25
Lowe's Cos Inc	2,154		148	5.38%, 01/31/2044			15			17
Macy's Inc	5,574		366	Philip Morris International Inc
Office Depot Inc ^(a)	9,821		84	4.38%, 11/15/2041			10			11
Red Robin Gourmet Burgers Inc ^(a)	657		51	6.38%, 05/16/2038			25			32
Rite Aid Corp ^(a)	9,380		71	Pinnacle Operating Corp
Wal-Mart Stores Inc	1,193		102	9.00%, 11/15/2020^(d)			10			10
Wendy's Co/The	5,680		51	Reynolds American Inc
	$		2,052	3.25%, 11/01/2022			5			5
				4.85%, 09/15/2023			15			16
Semiconductors - 2.08%								$		116
ARM Holdings PLC ADR	440		20
Broadcom Corp	5,148		223	Airlines - 0.12%
Entegris Inc ^(a)	3,090		41	American Airlines 2014-1 Class A Pass
Intel Corp	16,081		584	Through Trust
Micron Technology Inc ^(a)	5,197		182	3.70%, 10/01/2026^(c)			10			10
Tower Semiconductor Ltd - Warrants ^(a),(b),(c)	1,587		—	United Airlines 2014-1 Class A Pass Through Trust

	$		1,050	4.00%, 04/11/2026^(c)			15			15
Software - 4.06%				United Airlines 2014-1 Class B Pass Through
2U Inc ^(a)	1,790		35	Trust
Activision Blizzard Inc	1,758		35	4.75%, 04/11/2022^(c)			10			10
Acxiom Corp ^(a)	1,650		34	United Airlines 2014-2 Class A Pass Through
Amber Road Inc ^(a)	2,082		21	Trust
Aspen Technology Inc ^(a)	1,360		48	3.75%, 09/03/2026^(c)			15			15
Broadridge Financial Solutions Inc	1,689		78	US Airways 2001-1G Pass Through Trust
Electronic Arts Inc ^(a)	5,834		274	7.08%, 09/20/2022^(c)			2			2
Fiserv Inc ^(a)	1,003		71	US Airways 2013-1 Class A Pass Through
Hortonworks Inc ^(a)	505		14	Trust
Mavenir Systems Inc ^(a)	1,160		16	3.95%, 11/15/2025^(c)			10			10
Microsoft Corp	20,264		941					$		62
MobileIron Inc ^(a)	1,990		20
New Relic Inc ^(a)	230		8	Automobile Asset Backed Securities - 1.42%
Oracle Corp	9,146		411	Ally Auto Receivables Trust 2014-SN1
VMware Inc ^(a)	321		27	0.52%, 10/20/2016^(e)			119			119
Workiva Inc ^(a)	1,520		20	AmeriCredit Automobile Receivables Trust

	$		2,053	2014-2 0.44%, 10/10/2017^(e)			40			40
Telecommunications - 1.28%				Capital Auto Receivables Asset Trust 2014-2
ARRIS Group Inc ^(a)	2,230		67	1.26%, 05/21/2018^(e)			75			75
AT&T Inc	668		22	CarMax Auto Owner Trust 2014-3
BT Group PLC ADR	314		20	0.55%, 08/15/2017			50			50


Schedule of Investments
Balanced Account
December 31, 2014



			Principal					Principal
	BONDS (continued)		Amount (000's)		Value (000's)	BONDS (continued)		Amount (000's)		Value (000's)

	Automobile Asset Backed Securities (continued)					Banks (continued)
	Chesapeake Funding LLC					Goldman Sachs Group Inc/The	(continued)
	1.41%, 04/07/2024^(d),(e)	$	110	$	110	6.75%, 10/01/2037	$	50	$	63
	Santander Drive Auto Receivables Trust 2014-					Intesa Sanpaolo SpA
	2					5.02%, 06/26/2024^(d)		215		209
	0.80%, 04/16/2018^(e)		50		50	JP Morgan Chase & Co
	Volkswagen Auto Lease Trust 2014-A					1.63%, 05/15/2018		35		35
	0.52%, 10/20/2016^(e)		75		75	4.40%, 07/22/2020		120		130
	Volkswagen Auto Loan Enhanced Trust 2013-					5.00%, 12/29/2049^(e)		45		44
	2					Morgan Stanley
	0.67%, 07/20/2016		125		125	0.97%, 07/23/2019^(e)		20		20
	World Omni Auto Receivables Trust 2014-A					1.75%, 02/25/2016		15		15
	0.94%, 04/15/2019^(e)		75		75	2.38%, 07/23/2019		45		45
			$		719	3.70%, 10/23/2024		50		51
						4.10%, 05/22/2023		20		20
	Automobile Floor Plan Asset Backed Securities - 0.43%					4.35%, 09/08/2026		20		20
	Nissan Master Owner Trust Receivables					5.00%, 11/24/2025		30		32
	0.63%, 05/15/2017^(e)		40		40	5.45%, 07/29/2049^(e)		50		50
	World Omni Master Owner Trust					RBS Capital Trust III
	0.51%, 02/15/2018^(d),(e)		175		175
						5.51%, 09/29/2049		5		5
			$		215	Royal Bank of Scotland Group PLC
	Automobile Manufacturers - 0.55%					5.13%, 05/28/2024		5		5
	Ford Motor Co					6.13%, 12/15/2022		5		5

	4.75%, 01/15/2043		15		16	Wells Fargo & Co (e)
	7.40%, 11/01/2046		15		22	5.90%, 12/29/2049		20		20
	General Motors Co							$		1,230
	3.50%, 10/02/2018		55		56	Beverages - 0.23%
	5.00%, 04/01/2035		15		16	Anheuser-Busch Cos LLC
	5.20%, 04/01/2045		10		10	5.60%, 03/01/2017		25		27
	6.25%, 10/02/2043		5		6	Anheuser-Busch InBev Worldwide Inc
	Hyundai Capital America					2.50%, 07/15/2022		30		29
	2.55%, 02/06/2019^(d)		50		50
						7.75%, 01/15/2019		5		6
	Navistar International Corp					Constellation Brands Inc
	8.25%, 11/01/2021		5		5	3.75%, 05/01/2021		20		20
	Nissan Motor Acceptance Corp					4.25%, 05/01/2023		5		5
	0.78%, 03/03/2017^(d),(e)		30		30
						Corp Lindley SA
	Toyota Motor Credit Corp					6.75%, 11/23/2021^(d)		15		16
	0.62%, 01/17/2019^(e)		25		25
						6.75%, 11/23/2021		10		11
	2.00%, 10/24/2018		15		15			$		114
	2.10%, 01/17/2019		25		25
			$		276	Biotechnology - 0.27%
						Amgen Inc
	Automobile Parts & Equipment - 0.05%					5.15%, 11/15/2041		5		6
	Dana Holding Corp					Celgene Corp
	5.50%, 12/15/2024		5		5	1.90%, 08/15/2017		20		20
	6.00%, 09/15/2023		5		5	3.25%, 08/15/2022		10		10
	Lear Corp					4.00%, 08/15/2023		10		10
	5.25%, 01/15/2025		15		15	4.63%, 05/15/2044		20		21
			$		25	5.25%, 08/15/2043		5		6
	Banks- 2.43%					Genzyme Corp
	Associated Banc-Corp					5.00%, 06/15/2020		15		17
	2.75%, 11/15/2019		10		10	Gilead Sciences Inc
	4.25%, 01/15/2025		35		35	3.05%, 12/01/2016		10		10
	5.13%, 03/28/2016		65		68	3.50%, 02/01/2025		5		5
	Bank of America Corp					4.50%, 02/01/2045		15		16
	4.00%, 04/01/2024		50		52	4.80%, 04/01/2044		15		17
	4.10%, 07/24/2023		10		11			$		138
	4.20%, 08/26/2024		50		51	Building Materials - 0.35%
	4.25%, 10/22/2026		10		10	Ainsworth Lumber Co Ltd
	6.25%, 09/29/2049^(e)		20		20	7.50%, 12/15/2017^(d)		10		10
	BPCE SA					CRH America Inc
	1.61%, 07/25/2017		10		10	6.00%, 09/30/2016		15		16
	CIT Group Inc					8.13%, 07/15/2018		45		54
	3.88%, 02/19/2019		10		10	Martin Marietta Materials Inc
	Citigroup Inc					1.36%, 06/30/2017^(e)		65		66
	5.80%, 11/29/2049^(e)		35		35
						4.25%, 07/02/2024		15		15
	City National Corp/CA					Norbord Inc
	5.25%, 09/15/2020		35		39	5.38%, 12/01/2020^(d)		5		5
	Goldman Sachs Group Inc/The					Owens Corning
	2.55%, 10/23/2019		20		20	4.20%, 12/01/2024		10		10
	3.85%, 07/08/2024		55		56			$		176
	5.38%, 03/15/2020		15		17
	6.00%, 06/15/2020		15		17


Schedule of Investments
Balanced Account
December 31, 2014



	Principal						Principal
BONDS (continued)	Amount (000's) Value (000's)				BONDS (continued)		Amount (000's)		Value (000's)

Chemicals - 0.23%					Diversified Financial Services (continued)
Albemarle Corp					General Electric Capital Corp
3.00%, 12/01/2019	$	20	$	20	5.25%, 06/29/2049^(e)	$	20	$	20
CF Industries Inc					5.30%, 02/11/2021		95		109
5.15%, 03/15/2034		10		10	General Motors Financial Co Inc
Dow Chemical Co/The					2.75%, 05/15/2016		5		5
4.38%, 11/15/2042		5		5	3.25%, 05/15/2018		10		10
Eagle Spinco Inc					Icahn Enterprises LP / Icahn Enterprises
4.63%, 02/15/2021		10		10	Finance Corp
Eastman Chemical Co					6.00%, 08/01/2020		5		5
4.65%, 10/15/2044		10		10	International Lease Finance Corp
LYB International Finance BV					6.25%, 05/15/2019		5		5
4.88%, 03/15/2044		10		10	8.62%, 09/15/2015^(e)		5		5
Monsanto Co					National Rural Utilities Cooperative Finance
4.20%, 07/15/2034		20		21	Corp
Mosaic Co/The					4.75%, 04/30/2043^(e)		10		10
5.45%, 11/15/2033		5		6	OneMain Financial Holdings Inc
NOVA Chemicals Corp					7.25%, 12/15/2021^(d)		5		5
5.00%, 05/01/2025^(d)		5		5	Springleaf Finance Corp
5.25%, 08/01/2023^(d)		10		10	5.25%, 12/15/2019		10		10
Taminco Global Chemical Corp							$		295
9.75%, 03/31/2020^(d)		10		11
		$		118	Electric - 0.75%
					Alabama Power Co
Commercial Services - 0.05%					3.85%, 12/01/2042		10		10
ERAC USA Finance LLC					4.15%, 08/15/2044		10		11
2.75%, 03/15/2017^(d)		10		10	CMS Energy Corp
3.85%, 11/15/2024^(d)		10		10	4.70%, 03/31/2043		5		5
Moody's Corp					Commonwealth Edison Co
5.25%, 07/15/2044		5		6	3.80%, 10/01/2042		5		5
		$		26	4.60%, 08/15/2043		10		11
					Consolidated Edison Co of New York Inc
Computers - 0.35%					4.63%, 12/01/2054		10		11
Apple Inc					DTE Electric Co
0.48%, 05/03/2018^(e)		50		50
0.53%, 05/06/2019^(e)		10		10	3.38%, 03/01/2025		20		21
					DTE Energy Co
Hewlett-Packard Co					6.38%, 04/15/2033		15		19
3.00%, 09/15/2016		5		5	Duke Energy Carolinas LLC
4.30%, 06/01/2021		5		5	4.00%, 09/30/2042		10		10
NCR Corp					Dynegy Finance I Inc / Dynegy Finance II
4.63%, 02/15/2021		10		10	Inc
5.88%, 12/15/2021		5		5	7.38%, 11/01/2022^(d)		10		10
Seagate HDD Cayman					7.63%, 11/01/2024^(d)		5		5
4.75%, 06/01/2023		15		15	Edison International
4.75%, 01/01/2025^(d)		25		26
5.75%, 12/01/2034^(d)		15		16	3.75%, 09/15/2017		10		11
					Electricite de France SA
Xerox Business Services LLC					2.15%, 01/22/2019^(d)		5		5
5.20%, 06/01/2015		35		36	Elwood Energy LLC
		$		178	8.16%, 07/05/2026		17		18
Credit Card Asset Backed Securities - 0.69%					Energy Future Intermediate Holding Co LLC /
BA Credit Card Trust					EFIH Finance Inc
0.43%, 09/16/2019^(e)		75		75	0.00%, 03/01/2022^(a),(d),(e)		5		6
0.45%, 01/15/2020^(e)		75		75	FirstEnergy Corp
Barclays Dryrock Issuance Trust					7.38%, 11/15/2031		15		18
0.50%, 03/16/2020^(e)		100		100	Florida Power & Light Co
Citibank Credit Card Issuance Trust					4.05%, 06/01/2042		15		16
0.37%, 08/24/2018^(e)		100		100	4.13%, 02/01/2042		5		5
		$		350	Northern States Power Co/MN
					3.40%, 08/15/2042		5		5
Diversified Financial Services - 0.58%					NRG Energy Inc
Air Lease Corp					6.25%, 05/01/2024^(d)		5		5
2.13%, 01/15/2018		35		34	8.25%, 09/01/2020		10		11
Aircastle Ltd					Oncor Electric Delivery Co LLC
4.63%, 12/15/2018		5		5	2.15%, 06/01/2019^(d)		25		25
5.13%, 03/15/2021		10		10	5.25%, 09/30/2040		5		6
7.63%, 04/15/2020		5		6	Pacific Gas & Electric Co
American Express Credit Corp					4.45%, 04/15/2042		5		5
1.55%, 09/22/2017		20		20	PacifiCorp
Credit Acceptance Corp					3.85%, 06/15/2021		10		11
6.13%, 02/15/2021^(d)		15		15	PPL Electric Utilities Corp
Denali Borrower LLC / Denali Finance Corp					3.00%, 09/15/2021		5		5
5.63%, 10/15/2020^(d)		15		16	4.75%, 07/15/2043		5		6
E*TRADE Financial Corp					PPL WEM Holdings Ltd
5.38%, 11/15/2022		5		5	3.90%, 05/01/2016^(d)		15		15


Schedule of Investments
Balanced Account
December 31, 2014



					Principal					Principal
	BONDS (continued)				Amount (000's)		Value (000's)	BONDS (continued)		Amount (000's)		Value (000's)

	Electric (continued)							Forest Products & Paper - 0.17%
	PPL WEM Holdings Ltd		(continued)					Cascades Inc
	5.38%, 05/01/2021^(d)			$	5	$	6	5.50%, 07/15/2022^(d)	$	5	$	5
	Public Service Co of Colorado							Domtar Corp
	4.30%, 03/15/2044				5		5	6.25%, 09/01/2042		20		21
	Public Service Electric & Gas Co							6.75%, 02/15/2044		5		6
	2.30%, 09/15/2018				20		20	Georgia-Pacific LLC
	Puget Energy Inc							2.54%, 11/15/2019^(d)		20		20
	5.63%, 07/15/2022				5		6	5.40%, 11/01/2020^(d)		10		11
	6.00%, 09/01/2021				15		18	International Paper Co
	San Diego Gas & Electric Co							4.80%, 06/15/2044		5		5
	4.30%, 04/01/2042				5		5	Mercer International Inc
	Southern California Edison Co							7.75%, 12/01/2022^(d)		5		5
	4.05%, 03/15/2042				15		16	Resolute Forest Products Inc
	Virginia Electric & Power Co							5.88%, 05/15/2023		5		5
	4.00%, 01/15/2043				5		5	Sappi Papier Holding GmbH
	4.65%, 08/15/2043				5		6	7.50%, 06/15/2032^(d)		5		5
					$		378	Tembec Industries Inc
								9.00%, 12/15/2019^(d)		5		5
	Electronics - 0.08%									$		88
	Keysight Technologies Inc
	3.30%, 10/30/2019^(d)				20		20	Healthcare - Products - 0.37%
	4.55%, 10/30/2024^(d)				10		10	Becton Dickinson and Co
	Viasystems Inc							2.68%, 12/15/2019		15		15
	7.88%, 05/01/2019^(d)				10		10	3.73%, 12/15/2024		15		16
					$		40	Kinetic Concepts Inc / KCI USA Inc
								10.50%, 11/01/2018		10		11
	Engineering & Construction - 0.05%							Medtronic Inc
	SBA Tower Trust							2.50%, 03/15/2020^(d)		20		20
	2.90%, 10/15/2044^(d)				25		25	3.15%, 03/15/2022^(d)		30		30
								3.50%, 03/15/2025^(d)		15		15
	Entertainment - 0.12%							4.38%, 03/15/2035^(d)		40		42
	CCM Merger Inc							4.63%, 03/15/2045^(d)		25		27
	9.13%, 05/01/2019^(d)				20		21	Universal Hospital Services Inc
	Cinemark USA Inc							7.63%, 08/15/2020		10		9
	4.88%, 06/01/2023				5		5			$		185
	DreamWorks Animation SKG Inc
	6.88%, 08/15/2020^(d)				10		10	Healthcare - Services - 0.48%
	Peninsula Gaming LLC / Peninsula Gaming Corp							Centene Corp
								4.75%, 05/15/2022		60		60
	8.38%, 02/15/2018^(d)				5		5	5.75%, 06/01/2017		24		26
								Fresenius Medical Care US Finance II Inc
	Regal Entertainment Group							5.88%, 01/31/2022^(d)		5		5
	5.75%, 03/15/2022				5		5	HCA Inc
	WMG Acquisition Corp
	6.00%, 01/15/2021^(d)				13		13	4.75%, 05/01/2023		5		5
								5.25%, 04/15/2025		20		21
					$		59	5.88%, 03/15/2022		5		6
	Environmental Control - 0.05%							LifePoint Hospitals Inc
	Republic Services Inc							5.50%, 12/01/2021		5		5
	3.80%, 05/15/2018				25		26	MPH Acquisition Holdings LLC
								6.63%, 04/01/2022^(d)		10		10
								Ventas Realty LP
	Food- 0.22	%						1.25%, 04/17/2017		25		25
	Ingles Markets Inc							1.55%, 09/26/2016		15		15
	5.75%, 06/15/2023				5		5	WellCare Health Plans Inc
	Kraft Foods Group Inc							5.75%, 11/15/2020		65		67
	6.50%, 02/09/2040				10		13			$		245
	Kroger Co/The
	5.00%, 04/15/2042				10		11	Holding Companies - Diversified - 0.01%
	Mondelez International Inc							Nielsen Co Luxembourg SARL/The
	6.50%, 11/01/2031				5		7	5.50%, 10/01/2021^(d)		5		5
	Smithfield Foods Inc
	5.88%, 08/01/2021^(d)				5		5
	Sysco Corp							Home Builders - 0.10%
	2.35%, 10/02/2019				5		5	Beazer Homes USA Inc
								6.63%, 04/15/2018		15		15
	3.00%, 10/02/2021				25		25	Lennar Corp
	Tyson Foods Inc							4.13%, 12/01/2018
	4.88%, 08/15/2034				5		5	4.75%, 11/15/2022 (e)		15 5		15 5
	Wm Wrigley Jr Co
	2.40%, 10/21/2018^(d)				10		10	WCI Communities Inc
	3.38%, 10/21/2020^(d)				25		26	6.88%, 08/15/2021		10		10
								Woodside Homes Co LLC / Woodside Homes
					$		112	Finance Inc
								6.75%, 12/15/2021^(d)		5		5
										$		50


Schedule of Investments
Balanced Account
December 31, 2014



				Principal						Principal
BONDS (continued)				Amount (000's)		Value (000's)	BONDS (continued)			Amount (000's)		Value (000's)

Home Equity Asset Backed Securities - 0.04%							Media- 1.02	%
Specialty Underwriting & Residential Finance							21st Century Fox America Inc
Trust Series 2004-BC1							4.75%, 09/15/2044^(d)		$	5	$	6
0.93%, 02/25/2035^(e)			$	21	$	20	5.40%, 10/01/2043			10		12
							6.15%, 02/15/2041			15		19
							Cablevision Systems Corp
Insurance - 1.17%							8.00%, 04/15/2020			10		11
American International Group Inc							CBS Corp
4.50%, 07/16/2044				45		47	5.75%, 04/15/2020			15		17
5.45%, 05/18/2017				20		22
Five Corners Funding Trust							Comcast Corp
4.42%, 11/15/2023^(d)				100		106	4.20%, 08/15/2034			5		5
Liberty Mutual Group Inc							6.40%, 03/01/2040			20		27
5.00%, 06/01/2021^(d)				15		16	6.50%, 11/15/2035			5		7
7.00%, 03/07/2067^(d),(e)				15		15	Cumulus Media Holdings Inc
7.80%, 03/07/2087^(d)				20		23	7.75%, 05/01/2019			10		10
MetLife Inc							DIRECTV Holdings LLC / DIRECTV
							Financing Co Inc
4.88%, 11/13/2043				20		23	3.95%, 01/15/2025			5		5
Metropolitan Life Global Funding I
2.30%, 04/10/2019^(d)				150		151	4.45%, 04/01/2024			20		21
							5.00%, 03/01/2021			5		5
Teachers Insurance & Annuity Association of							5.15%, 03/15/2042			5		5
America
4.90%, 09/15/2044^(d)				15		17	6.00%, 08/15/2040			5		6
TIAA Asset Management Finance Co LLC							6.38%, 03/01/2041			15		18
2.95%, 11/01/2019 (d)				40		40	DISH DBS Corp
4.13%, 11/01/2024^(d)				20		20	4.25%, 04/01/2018			5		5
							5.88%, 07/15/2022			15		15
Voya Financial Inc							5.88%, 11/15/2024^(d)			10		10
2.90%, 02/15/2018				75		77
5.65%, 05/15/2053^(e)				30		30	6.75%, 06/01/2021			10		11
XLIT Ltd							7.88%, 09/01/2019			10		11
	6.50%, 12/31/2049	^(e)		5		5	Grupo Televisa SAB
							6.63%, 01/15/2040			25		30
				$		592	NBCUniversal Media LLC
Internet - 0.05%							5.15%, 04/30/2020			15		17
Equinix Inc							RCN Telecom Services LLC / RCN Capital
4.88%, 04/01/2020				5		5	Corp
5.38%, 01/01/2022				5		5	8.50%, 08/15/2020^(d)			5		5
5.38%, 04/01/2023				5		5	Time Warner Cable Inc
Zayo Group LLC / Zayo Capital Inc							4.13%, 02/15/2021			40		43
8.13%, 01/01/2020				3		3	4.50%, 09/15/2042			15		15
10.13%, 07/01/2020				8		9	5.88%, 11/15/2040			20		24
				$		27	6.55%, 05/01/2037			5		6
							6.75%, 07/01/2018			5		6
Iron & Steel - 0.20%							Time Warner Inc
ArcelorMittal							2.10%, 06/01/2019			10		10
7.50%, 10/15/2039				30		31	4.05%, 12/15/2023			10		11
Glencore Funding LLC							6.25%, 03/29/2041			30		37
3.13%, 04/29/2019^(d)				30		30	Univision Communications Inc
Signode Industrial Group Lux SA/Signode							8.50%, 05/15/2021^(d)			10		11
Industrial Group US Inc							Viacom Inc
6.38%, 05/01/2022^(d)				5		5	4.25%, 09/01/2023			15		16
Vale Overseas Ltd							4.38%, 03/15/2043			14		13
4.38%, 01/11/2022				35		34	4.85%, 12/15/2034			15		15
				$		100	5.85%, 09/01/2043			10		11
Leisure Products & Services - 0.01%							WideOpenWest Finance LLC /
NCL Corp Ltd							WideOpenWest Capital Corp
5.25%, 11/15/2019^(d)				5		5	13.38%, 10/15/2019			20		21
										$		517

Lodging - 0.06%							Metal Fabrication & Hardware - 0.01%
MGM Resorts International
6.00%, 03/15/2023				5		5	Wise Metals Intermediate Holdings LLC/Wise
6.63%, 12/15/2021				5		5	Holdings Finance Corp			5		5
10.00%, 11/01/2016				5		6	9.75%,PIK 10.50%,06/15/2019^(d),(f)
Wyndham Worldwide Corp							Mining - 0.23%
2.50%, 03/01/2018				15		15	Alcoa Inc
				$		31	5.13%, 10/01/2024			5		5
Machinery - Construction & Mining - 0.01%							Barrick Gold Corp
Vander Intermediate Holding II Corp							3.85%, 04/01/2022			10		9
9.75%, PIK 10.50%, 02/01/2019^(d),(f)				5		5	BHP Billiton Finance USA Ltd
							2.05%, 09/30/2018			10		10
							FMG Resources August 2006 Pty Ltd
							8.25%, 11/01/2019^(d)			15		14


Schedule of Investments
Balanced Account
December 31, 2014



		Principal						Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)			Amount (000's) Value (000's)

Mining (continued)					Mortgage Backed Securities (continued)
Freeport-McMoRan Inc					JP Morgan Chase Commercial Mortgage
3.10%, 03/15/2020	$	10	$	10	Securities Trust 2005-LDP3
4.00%, 11/14/2021		20		20	5.00%, 08/15/2042^(e)		$	25	$	25
5.40%, 11/14/2034		15		15	JP Morgan Chase Commercial Mortgage
Newmont Mining Corp					Securities Trust 2006-CIBC17
4.88%, 03/15/2042		15		13	5.43%, 12/12/2043			25		26
Rio Tinto Finance USA Ltd					LB-UBS Commercial Mortgage Trust 2005-
9.00%, 05/01/2019		10		13	C7
Taseko Mines Ltd					5.32%, 11/15/2040			45		46
7.75%, 04/15/2019		5		4	LB-UBS Commercial Mortgage Trust 2007-
Teck Resources Ltd					C2
5.20%, 03/01/2042		5		4	5.43%, 02/15/2040			8		9
		$		117	Morgan Stanley Bank of America Merrill
					Lynch Trust 2013-C9
Miscellaneous Manufacturing - 0.34%					3.46%, 05/15/2046			25		26
General Electric Co					Morgan Stanley Bank of America Merrill
4.13%, 10/09/2042		5		5	Lynch Trust 2014-C18
Ingersoll-Rand Global Holding Co Ltd					4.45%, 10/15/2047^(e)			50		53
2.88%, 01/15/2019		10		10	Morgan Stanley Capital I Trust 2007-HQ12
5.75%, 06/15/2043		5		6	5.59%, 04/12/2049^(e)			25		27
Ingersoll-Rand Luxembourg Finance SA					5.59%, 04/12/2049^(e)			21		21
3.55%, 11/01/2024		25		25	UBS Commercial Mortgage Trust 2012-C1
4.65%, 11/01/2044		5		5	3.40%, 05/10/2045^(e)			55		57
Parker-Hannifin Corp					UBS-Barclays Commercial Mortgage Trust
3.30%, 11/21/2024		10		10	2013	-C5
4.20%, 11/21/2034		5		5	3.18%, 03/10/2046^(e)			15		15
4.45%, 11/21/2044		5		6	Wachovia Bank Commercial Mortgage Trust
Textron Inc					Series 2007-C34
6.20%, 03/15/2015		10		10	5.68%, 05/15/2046^(e)			110		119
Tyco Electronics Group SA					WFRBS Commercial Mortgage Trust 2013-
1.60%, 02/03/2015		15		15	C12
2.35%, 08/01/2019		20		20	1.50%, 03/15/2048^(d),(e)			589		47
2.38%, 12/17/2018		20		20				$		957
3.50%, 02/03/2022		35		36
		$		173	Office & Business Equipment - 0.05%
					Xerox Corp
Mortgage Backed Securities - 1.89%					2.95%, 03/15/2017			5		5
Banc of America Commercial Mortgage Trust					6.75%, 02/01/2017			5		6
2006-3					6.75%, 12/15/2039			10		12
5.89%, 07/10/2044		14		15				$		23
BCRR Trust 2009-1
5.86%, 07/17/2040^(d)		25		27	Oil & Gas - 1.61%
CD 2006-CD3 Mortgage Trust					Anadarko Petroleum Corp
5.62%, 10/15/2048		31		33	3.45%, 07/15/2024			25		24
COMM 2014-CCRE17 Mortgage Trust					5.95%, 09/15/2016			30		32
4.74%, 05/10/2047^(e)		50		53	6.45%, 09/15/2036			5		6
Credit Suisse First Boston Mortgage Securities					Apache Corp
Corp					4.25%, 01/15/2044			15		13
0.40%, 11/15/2037^(d),(e)		112		—	4.75%, 04/15/2043			5		5
4.77%, 07/15/2037		20		20	Baytex Energy Corp
CSMC Series 2009-RR3					5.13%, 06/01/2021^(d)			5		4
5.34%, 12/15/2043^(d),(e)		25		26	BP Capital Markets PLC
Fannie Mae					0.77%, 05/10/2019^(e)			50		49
5.83%, 06/25/2018^(e)		57		3	Carrizo Oil & Gas Inc
Fannie Mae Interest Strip					8.63%, 10/15/2018			35		35
4.50%, 10/25/2035^(e)		395		25	Chaparral Energy Inc
Fannie Mae REMICS					7.63%, 11/15/2022			10		7
4.00%, 02/25/2029^(e)		110		14	Chesapeake Energy Corp
6.58%, 03/25/2021^(e)		129		15	3.48%, 04/15/2019^(e)			5		5
6.58%, 11/25/2036^(e)		33		5	4.88%, 04/15/2022			5		5
Freddie Mac					6.13%, 02/15/2021			5		5
3.50%, 02/15/2025^(e)		347		27	ConocoPhillips Co
Freddie Mac REMICS					4.30%, 11/15/2044			5		5
0.76%, 08/15/2018^(e)		9		9	Continental Resources Inc/OK
1.25%, 09/15/2033		58		58	3.80%, 06/01/2024			10		9
GE Commercial Mortgage Corp Series 2007-					4.50%, 04/15/2023			10		10
C1 Trust					4.90%, 06/01/2044			5		4
5.61%, 12/10/2049^(e)		100		105	Delek & Avner Tamar Bond Ltd
GS Mortgage Securities Trust 2013-GCJ12					5.41%, 12/30/2025^(d)			50		50
3.78%, 06/10/2046^(e)		25		26	Denbury Resources Inc
JP Morgan Chase Commercial Mortgage					5.50%, 05/01/2022			10		9
Securities Trust 2005-CIBC12					Devon Energy Corp
4.95%, 09/12/2037		25		25	2.25%, 12/15/2018			25		25


Schedule of Investments
Balanced Account
December 31, 2014



		Principal					Principal
BONDS (continued)		Amount (000's) alue (000's)			BONDS (continued)		Amount (000's) Value (000's)

Oil & Gas (continued)					Oil & Gas Services (continued)
Ecopetrol SA					Weatherford International LLC
4.13%, 01/16/2025	$	5	$	5	6.35%, 06/15/2017	$	5	$	5
Encana Corp					Weatherford International Ltd/Bermuda
5.15%, 11/15/2041		10		9	5.95%, 04/15/2042		15		13
EP Energy LLC / Everest Acquisition Finance					6.50%, 08/01/2036		10		9
Inc							$		40
9.38%, 05/01/2020		30		30
Halcon Resources Corp					Other Asset Backed Securities - 0.45%
9.25%, 02/15/2022		5		4	Countrywide Asset-Backed Certificates
					1.77%, 01/25/2034^(e)		58		54
9.75%, 07/15/2020		5		4
					GE Dealer Floorplan Master Note Trust
Kerr-McGee Corp					0.55%, 07/20/2019(e)		100		100
7.88%, 09/15/2031		15		21

Kodiak Oil & Gas Corp					John Deere Owner Trust 2013-B		30		30
5.50%, 01/15/2021		5		5	0.55%,01/15/2016(e)
8.13%, 12/01/2019		15		15	JP Morgan Mortgage Acquisition Trust 2007-
Linn Energy LLC / Linn Energy Finance					CH3
					0.32%, 03/25/2037^(e)		45		44
Corp
6.25%, 11/01/2019^(e)		5		4	MSDWCC Heloc Trust 2005-1
					0.55%, 07/25/2017^(e)		1		1
6.50%, 05/15/2019		5		4
6.50%, 09/15/2021		10		8			$		229
Nabors Industries Inc					Packaging & Containers - 0.24%
2.35%, 09/15/2016		10		10	Berry Plastics Corp
Noble Energy Inc					5.50%, 05/15/2022		10		10
3.90%, 11/15/2024		20		20	Beverage Packaging Holdings Luxembourg II
5.05%, 11/15/2044		15		15	SA / Beverage Packaging Holdings II
Northern Blizzard Resources Inc					5.63%, 12/15/2016^(d)		5		5
7.25%, 02/01/2022^(d)		6		5	Crown Cork & Seal Co Inc
Oasis Petroleum Inc					7.38%, 12/15/2026		8		9
6.50%, 11/01/2021		10		9	Exopack Holding Corp
Ocean Rig UDW Inc					10.00%, 06/01/2018^(d)		15		16
7.25%, 04/01/2019^(d)		10		7	Packaging Corp of America
PDC Energy Inc					4.50%, 11/01/2023		20		21
7.75%, 10/15/2022		10		10	Reynolds Group Issuer Inc / Reynolds Group
Petrobras Global Finance BV					Issuer LLC / Reynolds Group Issuer
3.25%, 03/17/2017		10		9	(Luxembourg) S.A.
Petrobras International Finance Co SA					5.75%, 10/15/2020		30		31
5.38%, 01/27/2021		60		56	Rock-Tenn Co
Petroleos Mexicanos					3.50%, 03/01/2020		30		30
4.88%, 01/24/2022		55		58			$		122
4.88%, 01/18/2024		50		52
Phillips 66					Pharmaceuticals - 0.26%
4.65%, 11/15/2034		10		10	Actavis Funding SCS
4.88%, 11/15/2044		10		10	4.85%, 06/15/2044		10		10
QEP Resources Inc					Express Scripts Holding Co
5.25%, 05/01/2023		10		9	2.25%, 06/15/2019		20		20
RKI Exploration & Production LLC / RKI					Forest Laboratories Inc
Finance Corp					5.00%, 12/15/2021^(d)		35		38
8.50%, 08/01/2021^(d)		10		8	GlaxoSmithKline Capital Inc
Rowan Cos Inc					5.38%, 04/15/2034		5		6
5.00%, 09/01/2017		15		16	Merck & Co Inc
5.40%, 12/01/2042		15		13	1.30%, 05/18/2018		20		20
Seventy Seven Energy Inc					Salix Pharmaceuticals Ltd
6.50%, 07/15/2022		5		3	6.00%, 01/15/2021^(d)		15		15
Statoil ASA					Valeant Pharmaceuticals International Inc
2.25%, 11/08/2019		15		15	7.50%, 07/15/2021^(d)		10		11
Talisman Energy Inc					Wyeth LLC
3.75%, 02/01/2021		10		10	6.00%, 02/15/2036		5		6
5.50%, 05/15/2042		20		19	Zoetis Inc
7.75%, 06/01/2019		20		23	1.15%, 02/01/2016		5		5
Transocean Inc							$		131
3.80%, 10/15/2022		10		8	Pipelines - 0.79%
Triangle USA Petroleum Corp					Access Midstream Partners LP / ACMP
6.75%, 07/15/2022^(d)		5		3
					Finance Corp
Ultra Petroleum Corp
6.13%, 10/01/2024(d)		5		4	4.88%, 05/15/2023		35		35
					4.88%, 03/15/2024		5		5
		$		813	Boardwalk Pipelines LP
Oil & Gas Services - 0.08%					3.38%, 02/01/2023		15		14
FTS International Inc					Buckeye Partners LP
6.25%, 05/01/2022^(d)		5		4	2.65%, 11/15/2018		5		5
Key Energy Services Inc					4.35%, 10/15/2024		25		24
6.75%, 03/01/2021		15		9	DCP Midstream LLC
					5.85%, 05/21/2043^(d),(e)		10		10


Schedule of Investments
Balanced Account
December 31, 2014



				Principal					Principal
	BONDS (continued)			Amount (000's) Value (000's)			BONDS (continued)	Amount (000's) Value (000's)

	Pipelines (continued)						Retail (continued)
	El Paso Pipeline Partners Operating Co LLC						Macy's Retail Holdings Inc (continued)
	4.70%, 11/01/2042		$	15	$	14	6.38%, 03/15/2037	$	10	$	13
	5.00%, 10/01/2021			10		10	Michaels FinCo Holdings LLC / Michaels
	Enable Midstream Partners LP						FinCo Inc
	2.40%, 05/15/2019^(d)			30		29	7.50%, PIK 8.25%, 08/01/2018^(d),(f)		1		1
	Enbridge Inc						Michaels Stores Inc
	0.68%, 06/02/2017^(e)			30		30	5.88%, 12/15/2020^(d)		5		5
	3.50%, 06/10/2024			20		19	Neiman Marcus Group LTD LLC
	Energy Transfer Equity LP						8.75%, 10/15/2021^(d)		5		5
	5.88%, 01/15/2024			5		5	New Academy Finance Co LLC / New
	EnLink Midstream Partners LP						Academy Finance Corp
	4.40%, 04/01/2024			5		5	8.00%, PIK 8.75%, 06/15/2018^(d),(f)		20		20
	5.05%, 04/01/2045			10		10	Petco Holdings Inc
	Kinder Morgan Energy Partners LP						8.50%, PIK 9.25%, 10/15/2017^(d),(f)		20		20
	2.65%, 02/01/2019			15		15	Suburban Propane Partners LP/Suburban
	5.63%, 09/01/2041			10		10	Energy Finance Corp
	Kinder Morgan Inc/DE						7.38%, 03/15/2020		10		10
	3.05%, 12/01/2019			20		20			$		217
	4.30%, 06/01/2025			15		15
	5.30%, 12/01/2034			10		10	Software - 0.08%
	Plains All American Pipeline LP / PAA						Activision Blizzard Inc
							5.63%, 09/15/2021^(d)		10		10
	Finance Corp
	4.90%, 02/15/2045			10		10	Oracle Corp
	Regency Energy Partners LP / Regency						2.38%, 01/15/2019		30		31
	Energy Finance Corp								$		41
	5.00%, 10/01/2022			5		5	Sovereign - 0.23%
	5.75%, 09/01/2020			5		5	Mexico Government International Bond
	Sunoco Logistics Partners Operations LP						3.50%, 01/21/2021		60		61
	4.25%, 04/01/2024			15		15	4.75%, 03/08/2044		10		11
	TransCanada PipeLines Ltd						Poland Government International Bond
	4.63%, 03/01/2034			10		10	3.00%, 03/17/2023		25		25
	5.00%, 10/16/2043			5		5	Romanian Government International Bond
	7.13%, 01/15/2019			5		6	4.88%, 01/22/2024^(d)		10		11
	Western Gas Partners LP						Russian Foreign Bond - Eurobond
	2.60%, 08/15/2018			25		25	7.50%, 03/31/2030^(d)		10		10
	5.45%, 04/01/2044			10		11			$		118
	Williams Cos Inc/The
	7.88%, 09/01/2021			20		23	Student Loan Asset Backed Securities - 0.63%
				$		400	Navient Student Loan Trust 2014-8
							0.45%, 08/25/2020^(e)		100		100
	Real Estate - 0.02%						SLM Private Education Loan Trust 2012-E
	Crescent Resources LLC / Crescent Ventures						0.91%, 06/15/2016^(d),(e)		68		68
	Inc						SLM Private Education Loan Trust 2013-A
	10.25%, 08/15/2017^(d)			10		11	0.76%, 08/15/2022^(d),(e)		110		110
							SLM Student Loan Trust 2008-5
							1.53%, 01/25/2018^(e)		17		17
	REITS- 0.11	%
	DuPont Fabros Technology LP						SLM Student Loan Trust 2008-6
	5.88%, 09/15/2021			5		5	0.78%, 10/25/2017^(e)		22		22
	HCP Inc								$		317
	2.63%, 02/01/2020			15		15	Supranational Bank - 0.05%
	3.88%, 08/15/2024			15		15	Corp Andina de Fomento
	iStar Financial Inc						1.50%, 08/08/2017		25		25
	4.88%, 07/01/2018			5		5
	9.00%, 06/01/2017			5		5
	Prologis LP						Telecommunications - 0.92%
	4.25%, 08/15/2023			10		11	AT&T Inc
				$		56	1.15%, 11/27/2018^(e)		10		10
							2.38%, 11/27/2018		5		5
	Retail - 0.43%						4.30%, 12/15/2042		5		5
	Building Materials Holding Corp						4.35%, 06/15/2045		9		8
	9.00%, 09/15/2018^(d)			5		5	5.80%, 02/15/2019		45		51
	CVS Health Corp						CC Holdings GS V LLC / Crown Castle GS
	1.20%, 12/05/2016			25		25	III Corp
	2.25%, 12/05/2018			5		5	3.85%, 04/15/2023		30		30
	2.25%, 08/12/2019			20		20	Embarq Corp
	4.13%, 05/15/2021			15		16	8.00%, 06/01/2036		5		6
	CVS Pass-Through Trust						Goodman Networks Inc
	5.93%, 01/10/2034^(d)			9		11	12.13%, 07/01/2018		5		5
	7.51%, 01/10/2032^(d)			4		6	Intelsat Luxembourg SA
	Landry's Holdings II Inc						7.75%, 06/01/2021		20		20
	10.25%, 01/01/2018^(d)			15		16	8.13%, 06/01/2023		15		15
	Macy's Retail Holdings Inc
	5.90%, 12/01/2016			36		39


Schedule of Investments
Balanced Account
December 31, 2014



		Principal			Principal
BONDS (continued)		Amount (000's) Value (000's)			SENIOR FLOATING RATE INTERESTS - 0.06	%	Amount (000's) Value (000's)

Telecommunications (continued)					Electronics - 0.01%
Level 3 Communications Inc					Isola USA Corp, Term Loan B
5.75%, 12/01/2022^(d)	$	5	$	5	9.25%, 11/29/2018^(e)		$	5	$	4
Level 3 Escrow II Inc
5.38%, 08/15/2022^(d)		5		5
Level 3 Financing Inc					Forest Products & Paper - 0.01%
					Caraustar Industries Inc, Term Loan B
6.13%, 01/15/2021		5		5	7.50%, 04/26/2019^(e)			5		5
8.13%, 07/01/2019		5		5
Sprint Capital Corp
6.88%, 11/15/2028		10		9	Healthcare - Products - 0.01%
Sprint Communications Inc					Accellent Inc, Term Loan
6.00%, 11/15/2022		5		5	4.50%, 02/19/2021^(e)			5		5
7.00%, 08/15/2020		20		20
9.13%, 03/01/2017		3		3
Sprint Corp					Oil & Gas - 0.03%
					Seadrill Operating LP, Term Loan B
7.88%, 09/15/2023		5		5	4.00%, 02/12/2021^(e)			20		15
Telefonica Emisiones SAU
5.13%, 04/27/2020		5		6
7.05%, 06/20/2036		15		20	TOTAL SENIOR FLOATING RATE INTERESTS			$		29
T-Mobile USA Inc					U.S. GOVERNMENT & GOVERNMENT		Principal
6.25%, 04/01/2021		10		10	AGENCY OBLIGATIONS - 16.09%		Amount (000's) Value (000's)
6.63%, 04/28/2021		5		5	Federal Home Loan Mortgage Corporation (FHLMC) -
Verizon Communications Inc					1.22	%
1.35%, 06/09/2017		25		25	3.50%, 04/01/2042		$	33	$	35
1.99%, 09/14/2018^(e)		50		52	4.00%, 10/01/2044			100		107
2.63%, 02/21/2020^(d)		10		10	4.50%, 04/01/2031			18		20
3.50%, 11/01/2024		15		15	5.00%, 06/01/2031			42		47
5.01%, 08/21/2054^(d)		32		33	5.00%, 08/01/2040			130		144
5.15%, 09/15/2023		5		5	5.00%, 06/01/2041			50		56
6.40%, 09/15/2033		40		49	5.50%, 12/01/2022			7		8
6.90%, 04/15/2038		5		7	6.00%, 01/01/2029			6		7
					6.00%, 10/01/2036^(e)			12		13
Vodafone Group PLC
4.38%, 03/16/2021		10		11	6.00%, 08/01/2037			36		41
					6.00%, 01/01/2038^(e)			7		9
		$		465	6.00%, 07/01/2038			26		29
Transportation - 0.18%					6.50%, 06/01/2017			5		5
CSX Corp					6.50%, 05/01/2031			3		3
3.70%, 10/30/2020		15		16	6.50%, 06/01/2031			7		8
5.50%, 04/15/2041		10		12	6.50%, 11/01/2031			2		3
Eletson Holdings					6.50%, 10/01/2035			20		23
9.63%, 01/15/2022^(d)		5		5	7.00%, 12/01/2027			9		11
Hornbeck Offshore Services Inc					7.50%, 08/01/2030			1		2
5.00%, 03/01/2021		10		8	8.00%, 12/01/2030			36		43
Navios Maritime Acquisition Corp / Navios								$		614
Acquisition Finance US Inc
8.13%, 11/15/2021^(d)		20		20	Federal National Mortgage Association (FNMA) - 5.57%
					2.13%, 07/01/2034^(e)			5		5
Navios Maritime Holdings Inc / Navios					2.25%, 04/01/2037^(e)			13		14
Maritime Finance II US Inc		10		9	2.31%, 03/01/2035^(e)			12		13
7.38%, 01/15/2022(d)					2.50%, 01/01/2030^(g)			115		117
Navios South American Logistics Inc / Navios
Logistics Finance US Inc					3.00%, 06/01/2027			197		207
7.25%, 05/01/2022^(d)		5		5	3.00%, 10/01/2034			49		51
					3.00%, 01/01/2045^(g)			315		319
Union Pacific Corp					3.50%, 01/01/2030^(g)			25		26
4.15%, 01/15/2045		10		10
Union Pacific Railroad Co 2014-1 Pass					3.50%, 10/01/2033			93		98
Through Trust					3.50%, 03/01/2042			20		20
3.23%, 05/14/2026^(c)		5		5	3.50%, 06/01/2042			42		44
					3.50%, 01/01/2043^(g)			50		52
		$		90	3.50%, 02/01/2043			165		172
Trucking & Leasing - 0.01%					3.50%, 04/01/2043			23		24
Jurassic Holdings III Inc					3.50%, 05/01/2043			64		67
6.88%, 02/15/2021^(d)		5		5	3.50%, 09/01/2044			158		166
					4.00%, 08/01/2020			7		7
TOTAL BONDS		$		10,926	4.00%, 02/01/2031			9		10
		Principal			4.00%, 06/01/2031			20		22
CONVERTIBLE BONDS - 0.01%		Amount (000's) Value (000's)			4.00%, 03/01/2041			35		37
					4.00%, 01/01/2045^(g)			565		603
Semiconductors - 0.01%					4.50%, 05/01/2040			103		113
Jazz Technologies Inc					4.50%, 05/01/2040			17		19
8.00%, 12/31/2018^(d)		5		7
					4.50%, 07/01/2040			19		20
					4.50%, 01/01/2041			16		18
TOTAL CONVERTIBLE BONDS		$		7	4.50%, 01/01/2041			104		115
					4.50%, 01/01/2042^(g)			75		81
					5.00%, 01/01/2045^(g)			85		94


Schedule of Investments
Balanced Account
December 31, 2014



U.S. GOVERNMENT & GOVERNMENT			Principal					(c)	Fair value of these investments is determined in good faith by the Manager
AGENCY OBLIGATIONS (continued)			Amount (000's) Value (000's)						under procedures established and periodically reviewed by the Board of
									Directors. At the end of the period, the fair value of these securities totaled
Federal National Mortgage Association (FNMA) (continued)									$90 or 0.18% of net assets.
	5.50%, 03/01/2034		$	17	$	19		(d)	Security exempt from registration under Rule 144A of the Securities Act of
	5.50%, 04/01/2035			3		3			1933. These securities may be resold in transactions exempt from
	5.50%, 07/01/2038			68		76			registration, normally to qualified institutional buyers. At the end of the
	5.50%, 05/01/2040			58		66			period, the value of these securities totaled $2,410 or 4.76% of net assets.
	5.73%, 02/01/2036^(e)			5		5
								(e)	Variable Rate. Rate shown is in effect at December 31, 2014.
	6.00%, 02/01/2025			27		30		(f)	Payment in kind; the issuer has the option of paying additional securities
	6.00%, 11/01/2037			31		35			in lieu of cash.
	6.00%, 03/01/2038			13		15		(g)	Security was purchased in a "to-be-announced" ("TBA") transaction. See
	6.50%, 02/01/2032			7		9			Notes to Financial Statements for additional information.
	6.50%, 07/01/2037			4		5		(h)	Rate shown is the discount rate of the original purchase.
	6.50%, 07/01/2037			4		5
	6.50%, 02/01/2038			6		7
	6.50%, 09/01/2038			8		9
				$		2,818			Portfolio Summary (unaudited)
Government National Mortgage Association (GNMA) -								Sector		Percent
2.76		%						Consumer, Non-cyclical		17.83	%
	1.63%, 07/20/2034^(e)			117		121		Financial		15.75	%
	1.63%, 01/20/2035^(e)			42		43		Technology		12.18	%
	1.63%, 07/20/2035^(e)			129		135		Mortgage Securities		11.44	%
	3.00%, 01/01/2043			75		77		Consumer, Cyclical		8.64	%
	3.50%, 05/15/2042			82		86		Communications		7.65	%
	3.50%, 10/15/2042			41		44		Industrial		7.33	%
	3.50%, 08/15/2043			46		48		Government		6.82	%
	4.00%, 10/15/2041			65		70		Energy		6.58	%
	4.00%, 01/01/2042^(g)			50		54		Asset Backed Securities		3.66	%
	4.00%, 05/20/2043			18		20		Utilities		2.27	%
	4.00%, 01/01/2045			225		241		Exchange Traded Funds		1.71	%
	4.50%, 01/20/2040			30		33		Basic Materials		1.36	%
	4.50%, 08/20/2040			57		63		Diversified		0.01	%
	4.50%, 10/20/2040			22		24		Liabilities in Excess of Other Assets, Net		(3.23	)%
	4.50%, 11/15/2040			70		78		TOTAL NET ASSETS		100.00	%
	4.50%, 01/01/2045			75		82
	5.00%, 02/15/2039			91		101
	6.00%, 09/20/2026			12		13
	6.00%, 01/15/2029			40		45
	6.00%, 06/15/2032			2		2
	7.00%, 05/15/2031			6		7
	7.00%, 02/20/2032			9		11
				$		1,398

U.S. Treasury - 5.28%
	0.50%, 06/15/2016			430		430
	0.50%, 11/30/2016			20		20
	0.88%, 04/30/2017			450		451
	1.75%, 09/30/2019			120		121
	1.88%, 11/30/2021			300		298
	2.38%, 12/31/2020			50		51
	2.38%, 08/15/2024			95		97
	2.50%, 05/15/2024			30		31
	2.63%, 02/29/2016			260		267
	2.88%, 05/15/2043			125		128
	3.13%, 01/31/2017			350		367
	3.13%, 11/15/2041			30		32
	3.75%, 11/15/2043			50		60
	4.38%, 05/15/2040			75		99
	4.50%, 02/15/2036			165		220
				$		2,672

U.S. Treasury Bill - 1.26%
	0.02%, 02/05/2015^(h)			410		410
	0.06%, 01/15/2015^(h)			225		225
				$		635
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
OBLIGATIONS				$		8,137
Total Investments				$		52,222
Liabilities in Excess of Other Assets, Net - (3.23)%				$		(1,634	)
TOTAL NET ASSETS - 100.00%				$		50,588


(a)	Non-Income Producing Security
(b)	Security is Illiquid


Schedule of Investments
Bond & Mortgage Securities Account
December 31, 2014



	COMMON STOCKS - 0.00%		Shares Held		Value(000			's)			Principal
									BONDS (continued)	Amount (000's) Value (000's)
	Semiconductors - 0.00%
	Tower Semiconductor Ltd - Warrants ^(a),(b),(c)			47,588		$	—		Automobile Asset Backed Securities (continued)
									AmeriCredit Automobile Receivables Trust
	TOTAL COMMON STOCKS				$		—		2013-5
									0.54%, 03/08/2017^(e)	$	1,492	$	1,492
	INVESTMENT COMPANIES - 3.85%		Shares Held		Value(000			's)
									AmeriCredit Automobile Receivables Trust
	Publicly Traded Investment Fund - 3.85%								2014-1
	BlackRock Liquidity Funds FedFund Portfolio		12,396,742				12,397		0.57%, 07/10/2017^(e)		683		683
									AmeriCredit Automobile Receivables Trust
	TOTAL INVESTMENT COMPANIES				$		12,397		2014-2
	PREFERRED STOCKS - 0.54%		Shares Held		Value(000			's)	0.44%, 10/10/2017^(e)		785		785
									Capital Auto Receivables Asset Trust / Ally
Banks	- 0.36	%							0.62%, 07/20/2016		103		103
	Morgan Stanley			15,000			379
	State Street Corp 5.90%; Series D			30,000			776		0.79%, 06/20/2017		675		676
									Capital Auto Receivables Asset Trust 2014-2
					$		1,155		1.26%, 05/21/2018^(e)		1,250		1,253
	Diversified Financial Services - 0.06%								CarMax Auto Owner Trust 2014-3
	Ally Financial Inc ^(d)			180			180		0.55%, 08/15/2017		1,000		1,000
									CarMax Auto Owner Trust 2014-4
									1.25%, 11/15/2019		1,000		997
	Telecommunications - 0.12%								Chesapeake Funding LLC
	Verizon Communications Inc			15,000			393		1.41%, 04/07/2024^(d),(e)		822		826
									GM Financial Automobile Leasing Trust
	TOTAL PREFERRED STOCKS				$		1,728		2014-1
			Principal						1.76%, 05/21/2018^(d)		645		649
BONDS	- 67.29	%	Amount (000's)		Value(000			's)	Mercedes Benz Auto Lease Trust 2013-B
	Advertising - 0.01%								0.62%, 07/15/2016		1,000		1,000
	CBS Outdoor Americas Capital LLC / CBS								Santander Drive Auto Receivables Trust 2014-
	Outdoor Americas Capital Corp								2
	5.25%, 02/15/2022^(d)		$	20		$	20		0.48%, 07/17/2017^(e)		868		867
									0.80%, 04/16/2018^(e)		1,000		997
									Santander Drive Auto Receivables Trust 2014-
	Aerospace & Defense - 0.01%								4
	Air 2 US								0.48%, 01/16/2018^(e)		1,000		999
	8.63%, 10/01/2020^(c),(d)			34			36		Santander Drive Auto Receivables Trust 2014-
									5
									0.56%, 04/16/2018^(e)		100		100
	Agriculture - 0.48%
	Altria Group Inc								1.77%, 09/16/2019		450		449
	2.63%, 01/14/2020			490			492		Volkswagen Auto Lease Trust 2014-A
	5.38%, 01/31/2044			140			159		0.52%, 10/20/2016^(e)		1,420		1,420
	9.95%, 11/10/2038			90			154		World Omni Auto Receivables Trust 2014-A
	Philip Morris International Inc								0.94%, 04/15/2019^(e)		1,575		1,572
	4.38%, 11/15/2041			140			145		World Omni Auto Receivables Trust 2014-B
	6.38%, 05/16/2038			5			6		1.14%, 01/15/2020		700		696
	Pinnacle Operating Corp								World Omni Automobile Lease Securitization
	9.00%, 11/15/2020^(d)			158			163		Trust 2013-A
	Reynolds American Inc								0.73%, 05/16/2016		296		296
	3.25%, 11/01/2022			140			136		1.10%, 12/15/2016		500		502
	4.85%, 09/15/2023			285			307				$		21,153
					$		1,562		Automobile Floor Plan Asset Backed Securities - 0.84%
	Airlines - 0.30%								Ally Master Owner Trust
	American Airlines 2014-1 Class A Pass								1.21%, 06/15/2017		1,500		1,504
	Through Trust								1.60%, 10/15/2019		800		798
	3.70%, 10/01/2026^(c)			165			166		GE Dealer Floorplan Master Note Trust
	United Airlines 2014-1 Class A Pass Through								0.61%, 10/20/2017^(e)		400		400
	Trust										$		2,702
	4.00%, 04/11/2026^(c)			230			233
									Automobile Manufacturers - 1.30%
	United Airlines 2014-2 Class A Pass Through								Daimler Finance North America LLC
	Trust								1.25%, 01/11/2016^(d)		305		306
	3.75%, 09/03/2026^(c)			300			302		1.30%, 07/31/2015^(d)		495		497
	US Airways 2001-1G Pass Through Trust								Ford Motor Co
	7.08%, 09/20/2022^(c)			40			44
									7.40%, 11/01/2046		175		252
	US Airways 2013-1 Class A Pass Through								General Motors Co
	Trust								3.50%, 10/02/2018		1,315		1,341
	3.95%, 11/15/2025^(c)			204			208
									5.00%, 04/01/2035		250		261
					$		953		5.20%, 04/01/2045		180		190
	Automobile Asset Backed Securities - 6.57%								6.25%, 10/02/2043		95		113
	Ally Auto Receivables Trust 2014-3								Jaguar Land Rover Automotive PLC
	0.81%, 09/15/2017^(e)			2,000			2,000		4.13%, 12/15/2018^(d)		200		201
	Ally Auto Receivables Trust 2014-SN1								Navistar International Corp
	0.52%, 10/20/2016^(e)			1,194			1,193		8.25%, 11/01/2021		255		251
	Ally Auto Receivables Trust 2014-SN2								Nissan Motor Acceptance Corp
	1.21%, 02/20/2019^(e)			600			598		0.78%, 03/03/2017^(d),(e)		410		411


Schedule of Investments
Bond & Mortgage Securities Account
December 31, 2014



				Principal					Principal
	BONDS (continued)			Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)

	Automobile Manufacturers (continued)						Banks (continued)
	Toyota Motor Credit Corp						JP Morgan Chase & Co
	2.10%, 01/17/2019		$	125	$	126	4.40%, 07/22/2020	$	1,735	$	1,881
	Volkswagen International Finance NV						5.00%, 12/29/2049^(e)		605		592
	1.13%, 11/18/2016^(d)			235		235	Mitsubishi UFJ Trust & Banking Corp
				$		4,184	2.45%, 10/16/2019^(d)		545		545
							Morgan Stanley
	Automobile Parts & Equipment - 0.13%						0.97%, 07/23/2019^(e)		330		329
	Dana Holding Corp						1.75%, 02/25/2016		230		231
	5.38%, 09/15/2021			30		31	2.38%, 07/23/2019		100		100
	5.50%, 12/15/2024			130		131	3.70%, 10/23/2024		765		775
	6.00%, 09/15/2023			60		63	4.10%, 05/22/2023		655		663
	6.75%, 02/15/2021			35		37	5.00%, 11/24/2025		100		107
	Lear Corp						5.45%, 07/29/2049^(e)		820		821
	5.25%, 01/15/2025			140		142	Nordea Bank AB
				$		404	6.13%, 12/29/2049^(d),(e)		200		198
	Banks- 7.92	%					Royal Bank of Scotland Group PLC
	Associated Banc-Corp						5.13%, 05/28/2024		50		51
	2.75%, 11/15/2019			160		160	UBS AG/Jersey
	4.25%, 01/15/2025			655		657	7.25%, 02/22/2022^(e)		245		263
	5.13%, 03/28/2016			705		736	UBS AG/Stamford CT
	Banco Inbursa SA Institucion de Banca						1.38%, 08/14/2017		250		248
	Multiple								$		25,480
	4.13%, 06/06/2024^(d)			200		196
							Beverages - 0.90%
	Bancolombia SA						Ajecorp BV
	5.95%, 06/03/2021			100		107	6.50%, 05/14/2022		250		211
	Bank of America Corp						Anheuser-Busch InBev Worldwide Inc
	4.00%, 04/01/2024			835		869	2.50%, 07/15/2022		530		515
	4.20%, 08/26/2024			865		881	7.75%, 01/15/2019		150		182
	4.25%, 10/22/2026			475		474	Coca-Cola Icecek AS
	4.88%, 04/01/2044			180		199	4.75%, 10/01/2018^(d)		250		266
	6.25%, 09/29/2049^(e)			515		509
							Constellation Brands Inc
	Barclays PLC
	8.25%, 12/29/2049^(e)			440		451	3.75%, 05/01/2021		70		69
							3.88%, 11/15/2019		20		20
	BBVA Banco Continental SA
	5.00%, 08/26/2022 (d)			150		156	4.25%, 05/01/2023		125		124
							Corp Lindley SA
	BBVA Bancomer SA/Texas						6.75%, 11/23/2021^(d)		100		107
	6.75%, 09/30/2022^(d)			300		330
							6.75%, 11/23/2021		150		160
	BPCE SA						Pernod Ricard SA
	1.61%, 07/25/2017			190		190	4.45%, 01/15/2022^(d)		720		771
	4.50%, 03/15/2025^(d)			1,110		1,085	5.75%, 04/07/2021^(d)		235		270
	4.63%, 07/11/2024^(d)			1,005		976
							SABMiller Holdings Inc
	CIT Group Inc						3.75%, 01/15/2022^(d)		200		209
	3.88%, 02/19/2019			380		379			$		2,904
	Citigroup Inc
	4.05%, 07/30/2022			310		321	Biotechnology - 0.51%
	5.80%, 11/29/2049^(e)			140		140	Amgen Inc
	City National Corp/CA						5.15%, 11/15/2041		80		90
	5.25%, 09/15/2020			515		573	Celgene Corp
	Compass Bank						1.90%, 08/15/2017		185		186
	2.75%, 09/29/2019			620		621	3.25%, 08/15/2022		170		171
	Cooperatieve Centrale Raiffeisen-						4.00%, 08/15/2023		230		242
	Boerenleenbank BA/Netherlands						4.63%, 05/15/2044		135		140
	4.63%, 12/01/2023			995		1,055	5.25%, 08/15/2043		30		34
	11.00%, 12/29/2049^(d),(e)			281		362	Gilead Sciences Inc
	Credit Agricole SA						3.05%, 12/01/2016		135		140
	6.63%, 09/29/2049^(d),(e)			350		339	3.50%, 02/01/2025		105		108
	Deutsche Bank AG						4.50%, 02/01/2045		295		315
	7.50%, 12/29/2049^(e)			200		192	4.80%, 04/01/2044		200		222
	Fifth Third Bank/Cincinnati OH								$		1,648
	2.88%, 10/01/2021			430		430
	Goldman Sachs Group Inc/The						Building Materials - 0.96%
	2.55%, 10/23/2019			405		403	Boise Cascade Co
	3.85%, 07/08/2024			885		908	6.38%, 11/01/2020		55		58
	6.00%, 06/15/2020			200		231	Cemex SAB de CV
							7.25%, 01/15/2021^(d)		200		210
	6.75%, 10/01/2037			695		874
	Huntington National Bank/The						CRH America Inc
	0.66%, 04/24/2017^(e)			1,500		1,498	6.00%, 09/30/2016		265		285
	ING Bank NV						8.13%, 07/15/2018		510		610
	5.80%, 09/25/2023^(d)			200		222	Martin Marietta Materials Inc
							1.36%, 06/30/2017^(e)		1,385		1,400
	Intesa Sanpaolo SpA
	2.38%, 01/13/2017			455		459	4.25%, 07/02/2024		270		277
	5.02%, 06/26/2024^(d)			1,745		1,693


Schedule of Investments
Bond & Mortgage Securities Account
December 31, 2014



		Principal				Principal
BONDS (continued)		Amount (000's)		Value (000's)	BONDS (continued)	Amount (000's) Value (000's)

Building Materials (continued)					Consumer Products - 0.01%
Norbord Inc					Spectrum Brands Inc
5.38%, 12/01/2020^(d)	$	95	$	92	6.13%, 12/15/2024^(d)	$	20	$	20
Owens Corning
4.20%, 12/01/2024		155		153
		$		3,085	Credit Card Asset Backed Securities - 1.52%
					BA Credit Card Trust
Chemicals - 0.73%					0.43%, 09/16/2019^(e)		950		948
Albemarle Corp					Barclays Dryrock Issuance Trust
3.00%, 12/01/2019		370		370	0.50%, 03/16/2020^(e)		300		300
Axiall Corp					0.52%, 12/16/2019^(e)		2,000		1,997
4.88%, 05/15/2023		50		47	Citibank Credit Card Issuance Trust
CF Industries Inc					0.37%, 08/24/2018^(e)		660		659
5.15%, 03/15/2034		155		162	Discover Card Execution Note Trust
Cornerstone Chemical Co					0.36%, 01/16/2018^(e)		1,000		1,000
9.38%, 03/15/2018^(d)		70		71			$		4,904
Dow Chemical Co/The
4.38%, 11/15/2042		80		78	Distribution & Wholesale - 0.04%
					HD Supply Inc
Eagle Spinco Inc					7.50%, 07/15/2020		111		116
4.63%, 02/15/2021		100		95
Eastman Chemical Co
4.65%, 10/15/2044		140		143	Diversified Financial Services - 2.47%
LYB International Finance BV					Air Lease Corp
4.88%, 03/15/2044		160		165	2.13%, 01/15/2018		665		653
Mexichem SAB de CV					Aircastle Ltd
4.88%, 09/19/2022^(d)		200		207	4.63%, 12/15/2018		55		55
4.88%, 09/19/2022		250		258	5.13%, 03/15/2021		150		150
Monsanto Co					7.63%, 04/15/2020		45		50
4.20%, 07/15/2034		410		427	American Express Co
Mosaic Co/The					5.20%, 05/29/2049^(e)		200		203
5.45%, 11/15/2033		80		91	Consolidated Energy Finance SA
NOVA Chemicals Corp					6.75%, 10/15/2019^(d)		200		195
5.00%, 05/01/2025^(d)		75		74	Credit Acceptance Corp
5.25%, 08/01/2023^(d)		75		76	6.13%, 02/15/2021^(d)		255		255
Taminco Global Chemical Corp					Denali Borrower LLC / Denali Finance Corp
9.75%, 03/31/2020^(d)		85		93	5.63%, 10/15/2020^(d)		235		245
		$		2,357	E*TRADE Financial Corp
					5.38%, 11/15/2022		115		118
Commercial Services - 0.20%					Fly Leasing Ltd
ERAC USA Finance LLC					6.38%, 10/15/2021		200		197
2.75%, 03/15/2017^(d)		155		159
3.30%, 10/15/2022^(d)		50		49	Ford Motor Credit Co LLC
3.85%, 11/15/2024^(d)		210		213	2.60%, 11/04/2019		415		413
					4.38%, 08/06/2023		360		385
Moody's Corp					8.00%, 12/15/2016		335		375
5.25%, 07/15/2044		125		140	General Electric Capital Corp
TMS International Corp					5.25%, 06/29/2049^(e)		400		400
7.63%, 10/15/2021^(d)		70		73
					5.30%, 02/11/2021		1,650		1,884
		$		634	6.25%, 12/31/2049^(e)		400		435
Computers - 0.99%					General Motors Financial Co Inc
Apple Inc					2.63%, 07/10/2017		355		357
0.48%, 05/03/2018^(e)		750		750	2.75%, 05/15/2016		135		137
0.53%, 05/06/2019^(e)		160		160	3.25%, 05/15/2018		125		125
Compiler Finance Sub Inc					Icahn Enterprises LP / Icahn Enterprises
7.00%, 05/01/2021^(d)		80		69	Finance Corp
Hewlett-Packard Co					4.88%, 03/15/2019		55		55
3.00%, 09/15/2016		75		77	6.00%, 08/01/2020		105		108
4.30%, 06/01/2021		245		258	International Lease Finance Corp
IHS Inc					6.25%, 05/15/2019		95		104
5.00%, 11/01/2022^(d)		25		25	National Rural Utilities Cooperative Finance
International Business Machines Corp					Corp
3.63%, 02/12/2024		100		104	4.75%, 04/30/2043^(e)		125		124
NCR Corp					Springleaf Finance Corp
4.63%, 02/15/2021		207		201	5.25%, 12/15/2019		110		108
5.88%, 12/15/2021		55		57	Vesey Street Investment Trust I
Seagate HDD Cayman					4.40%, 09/01/2016^(e)		765		803
4.75%, 06/01/2023		235		244			$		7,934
4.75%, 01/01/2025^(d)		400		412
5.75%, 12/01/2034^(d)		325		343	Electric - 2.32%
					Alabama Power Co
Xerox Business Services LLC					3.85%, 12/01/2042		125		127
5.20%, 06/01/2015		470		478	4.15%, 08/15/2044		150		157
		$		3,178	CMS Energy Corp
					4.70%, 03/31/2043		135		144


Schedule of Investments
Bond & Mortgage Securities Account
December 31, 2014



		Principal						Principal
BONDS (continued)		Amount (000's)		Value (000's)	BONDS (continued)			Amount (000's)		Value (000's)

Electric (continued)					Electronics - 0.23%
Commonwealth Edison Co					Keysight Technologies Inc
3.80%, 10/01/2042	$	115	$	114	3.30%, 10/30/2019^(d)		$	360	$	358
4.60%, 08/15/2043		170		191	4.55%, 10/30/2024^(d)			235		235
Consolidated Edison Co of New York Inc					Sanmina Corp
4.63%, 12/01/2054		150		164	4.38%, 06/01/2019^(d)			15		15
Dominion Gas Holdings LLC					Viasystems Inc
4.80%, 11/01/2043		10		11	7.88%, 05/01/2019^(d)			130		137
DTE Electric Co								$		745
3.38%, 03/01/2025		260		267
DTE Energy Co					Engineering & Construction - 0.25%
6.38%, 04/15/2033		305		392	Odebrecht Finance Ltd
					5.13%, 06/26/2022^(d)			250		235
Duke Energy Carolinas LLC
					Odebrecht Offshore Drilling Finance Ltd
4.00%, 09/30/2042		210		215	6.63%, 10/01/2022 (d)			192		172
Dynegy Finance I Inc / Dynegy Finance II					6.75%, 10/01/2022^(d)			236		216
Inc
7.38%, 11/01/2022^(d)		125		127	SBA Tower Trust
7.63%, 11/01/2024^(d)		30		31	2.90%, 10/15/2044^(d)			170		170
Edison International								$		793
3.75%, 09/15/2017		160		169	Entertainment - 0.19%
Electricite de France SA					Cinemark USA Inc
2.15%, 01/22/2019^(d)		115		115	4.88%, 06/01/2023			220		208
5.63%, 12/29/2049^(d),(e)		720		759	DreamWorks Animation SKG Inc
Elwood Energy LLC					6.88%, 08/15/2020^(d)			90		92
8.16%, 07/05/2026		146		159	Peninsula Gaming LLC / Peninsula Gaming
Energy Future Intermediate Holding Co LLC /					Corp
EFIH Finance Inc					8.38%, 02/15/2018^(d)			130		135
0.00%, 03/01/2022^(a),(d),(e)		55		65	Regal Entertainment Group
FirstEnergy Corp					5.75%, 03/15/2022			115		110
7.38%, 11/15/2031		235		284	WMG Acquisition Corp
Florida Power & Light Co					6.00%, 01/15/2021^(d)			24		24
4.05%, 06/01/2042		195		206	WMG Holdings Corp
4.13%, 02/01/2042		120		128	13.75%, 10/01/2019			45		51
Indiantown Cogeneration LP								$		620
9.77%, 12/15/2020		184		209
Miran Mid-Atlantic Series C Pass Through					Environmental Control - 0.22%
Trust					Republic Services Inc
10.06%, 12/30/2028		127		136	3.80%, 05/15/2018			400		423
Northern States Power Co/MN					Waste Management Inc
3.40%, 08/15/2042		40		38	7.75%, 05/15/2032			200		292
NRG Energy Inc								$		715
8.25%, 09/01/2020		125		133	Food- 0.82	%
Oncor Electric Delivery Co LLC					Grupo Bimbo SAB de CV
2.15%, 06/01/2019^(d)		500		498
					3.88%, 06/27/2024^(d)			300		301
5.25%, 09/30/2040		120		147	4.88%, 06/27/2044^(d)			200		201
Pacific Gas & Electric Co					Ingles Markets Inc
4.45%, 04/15/2042		105		111	5.75%, 06/15/2023			90		90
PacifiCorp					Kraft Foods Group Inc
3.85%, 06/15/2021		150		161	6.50%, 02/09/2040			210		270
4.10%, 02/01/2042		120		127	Kroger Co/The
PPL Electric Utilities Corp					5.00%, 04/15/2042			95		104
3.00%, 09/15/2021		80		81	Mondelez International Inc
4.75%, 07/15/2043		115		132	6.50%, 11/01/2031			120		156
PPL WEM Holdings Ltd					Smithfield Foods Inc
3.90%, 05/01/2016^(d)		230		237
					5.25%, 08/01/2018^(d)			40		41
5.38%, 05/01/2021^(d)		115		129
					5.88%, 08/01/2021^(d)			60		61
Public Service Co of Colorado					Sysco Corp
4.30%, 03/15/2044		75		81	3.00%, 10/02/2021			545		553
Public Service Electric & Gas Co					4.35%, 10/02/2034			10		11
2.30%, 09/15/2018		400		406	4.50%, 10/02/2044			30		33
Puget Energy Inc					Tyson Foods Inc
5.63%, 07/15/2022		60		69	2.65%, 08/15/2019			45		45
6.00%, 09/01/2021		285		333	4.88%, 08/15/2034			105		115
San Diego Gas & Electric Co					Wm Wrigley Jr Co
4.30%, 04/01/2042		125		135	2.40%, 10/21/2018^(d)			235		237
Southern California Edison Co					3.38%, 10/21/2020^(d)			415		424
4.05%, 03/15/2042		225		233				$		2,642
Virginia Electric & Power Co
4.00%, 01/15/2043		35		36	Forest Products & Paper - 0.48%
4.45%, 02/15/2044		125		137	Cascades Inc
4.65%, 08/15/2043		65		73	5.50%, 07/15/2022^(d)			70		70
		$		7,467	Domtar Corp
					6.25%, 09/01/2042			285		306


Schedule of Investments
Bond & Mortgage Securities Account
December 31, 2014



		Principal					Principal
BONDS (continued)		Amount (000's)		Value (000's)	BONDS (continued)		Amount (000's)		Value (000's)

Forest Products & Paper (continued)					Home Builders - 0.20%
Domtar Corp (continued)					Lennar Corp
6.75%, 02/15/2044	$	50	$	56	4.13%, 12/01/2018	$	90	$	89
Georgia-Pacific LLC					4.50%, 11/15/2019		20		20
2.54%, 11/15/2019^(d)		370		370	4.75%, 11/15/2022^(e)		230		226
5.40%, 11/01/2020^(d)		230		259	Standard Pacific Corp
International Paper Co					5.88%, 11/15/2024		35		35
4.80%, 06/15/2044		70		71	WCI Communities Inc
Mercer International Inc					6.88%, 08/15/2021		150		150
7.75%, 12/01/2022^(d)		75		76	Woodside Homes Co LLC / Woodside Homes
Resolute Forest Products Inc					Finance Inc
5.88%, 05/15/2023		110		104	6.75%, 12/15/2021^(d)		135		134
Sappi Papier Holding GmbH							$		654
7.50%, 06/15/2032^(d)		155		144
Tembec Industries Inc					Home Equity Asset Backed Securities - 0.06%
9.00%, 12/15/2019^(d)		75		74	New Century Home Equity Loan Trust 2005-
		$		1,530	1
					0.75%, 03/25/2035^(e)		25		25
Healthcare - Products - 1.03%					Saxon Asset Securities Trust 2004-1
Becton Dickinson and Co					1.85%, 03/25/2035^(e)		127		65
2.68%, 12/15/2019		225		228	Specialty Underwriting & Residential Finance
3.73%, 12/15/2024		335		345	Trust Series 2004-BC1
ConvaTec Finance International SA					0.93%, 02/25/2035^(e)		123		113
8.25%, PIK 9.00%, 01/15/2019^(d),(f)		200		203			$		203
Kinetic Concepts Inc / KCI USA Inc
10.50%, 11/01/2018		40		43	Insurance - 2.10%
Medtronic Inc					American International Group Inc
2.50%, 03/15/2020^(d)		355		356	3.38%, 08/15/2020		550		571
3.15%, 03/15/2022^(d)		535		542	4.50%, 07/16/2044		385		407
3.50%, 03/15/2025^(d)		290		297	5.45%, 05/18/2017		190		207
4.38%, 03/15/2035^(d)		700		743	Five Corners Funding Trust
4.63%, 03/15/2045^(d)		445		482	4.42%, 11/15/2023^(d)		1,190		1,258
Universal Hospital Services Inc					Liberty Mutual Group Inc
					4.25%, 06/15/2023^(d)		255		263
7.63%, 08/15/2020		90		77	5.00%, 06/01/2021^(d)		320		349
		$		3,316	7.00%, 03/07/2067^(d),(e)		215		220
Healthcare - Services - 1.09%					7.80%, 03/07/2087^(d)		420		492
Centene Corp					MetLife Inc
4.75%, 05/15/2022		955		957	4.88%, 11/13/2043		375		424
5.75%, 06/01/2017		258		273	Metropolitan Life Global Funding I
CHS/Community Health Systems Inc					1.30%, 04/10/2017^(d)		260		260
5.13%, 08/01/2021		15		16	1.88%, 06/22/2018^(d)		195		194
Fresenius Medical Care US Finance II Inc					TIAA Asset Management Finance Co LLC
4.75%, 10/15/2024^(d)		100		101	2.95%, 11/01/2019^(d)		695		696
5.88%, 01/31/2022^(d)		85		92	4.13%, 11/01/2024^(d)		325		333
Fresenius Medical Care US Finance Inc					Voya Financial Inc
6.50%, 09/15/2018^(d)		55		61	2.90%, 02/15/2018		550		563
HCA Inc					5.65%, 05/15/2053^(e)		465		460
4.75%, 05/01/2023		245		249	XLIT Ltd
5.00%, 03/15/2024		95		98	6.50%, 12/31/2049^(e)		80		76
5.25%, 04/15/2025		105		110			$		6,773
5.88%, 03/15/2022		85		93
LifePoint Hospitals Inc					Internet - 0.56%
5.50%, 12/01/2021		80		82	Alibaba Group Holding Ltd
					2.50%, 11/28/2019^(d)		595		587
MPH Acquisition Holdings LLC					3.13%, 11/28/2021^(d)		425		420
6.63%, 04/01/2022^(d)		110		112
					3.60%, 11/28/2024^(d)		400		397
Ventas Realty LP
1.25%, 04/17/2017		370		367	Equinix Inc
WellCare Health Plans Inc					4.88%, 04/01/2020		35		35
5.75%, 11/15/2020		875		903	5.38%, 01/01/2022		35		35
		$		3,514	5.38%, 04/01/2023		115		115
					Zayo Group LLC / Zayo Capital Inc
Holding Companies - Diversified - 0.25%					8.13%, 01/01/2020		61		65
Alfa SAB de CV					10.13%, 07/01/2020		121		136
5.25%, 03/25/2024^(d)		400		416			$		1,790
Alphabet Holding Co Inc
7.75%, 11/01/2017		65		55	Iron & Steel - 0.39%
Nielsen Co Luxembourg SARL/The					ArcelorMittal
5.50%, 10/01/2021^(d)		115		117	7.50%, 10/15/2039		330		342
Tenedora Nemak SA de CV					Commercial Metals Co
5.50%, 02/28/2023^(d)		200		204	4.88%, 05/15/2023		240		229
		$		792	Glencore Funding LLC
					3.13%, 04/29/2019^(d)		600		601


Schedule of Investments
Bond & Mortgage Securities Account
December 31, 2014



			Principal						Principal
	BONDS (continued)		Amount (000's)			Value (000's)	BONDS (continued)		Amount (000's)		Value (000's)

	Iron & Steel (continued)						Media (continued)
	Signode Industrial Group Lux SA/Signode						Time Warner Inc
	Industrial Group US Inc						2.10%, 06/01/2019	$	135	$	133
	6.38%, 05/01/2022^(d)		$	75	$	73	4.05%, 12/15/2023		195		205
				$		1,245	6.25%, 03/29/2041		450		559
							Unitymedia Hessen GmbH & Co KG /
	Leisure Products & Services - 0.02%						Unitymedia NRW GmbH
	NCL Corp Ltd						5.50%, 01/15/2023^(d)		150		157
	5.25%, 11/15/2019^(d)			60		60
							Univision Communications Inc
							6.88%, 05/15/2019^(d)		45		47
	Lodging - 0.15%						8.50%, 05/15/2021^(d)		120		128
	MGM Resorts International						Viacom Inc
	6.00%, 03/15/2023			55		55	4.25%, 09/01/2023		430		443
	6.63%, 12/15/2021			30		32	4.38%, 03/15/2043		162		149
	7.75%, 03/15/2022			10		11	4.85%, 12/15/2034		260		266
	10.00%, 11/01/2016			60		67	5.85%, 09/01/2043		300		334
	Wyndham Worldwide Corp						VTR Finance BV
	2.50%, 03/01/2018			305		304	6.88%, 01/15/2024^(d)		250		255
				$		469	WideOpenWest Finance LLC /
							WideOpenWest Capital Corp
	Machinery - Construction & Mining - 0.06%						13.38%, 10/15/2019		145		153
	Ferreycorp SAA						10.25%, 07/15/2019		75		78
	4.88%, 04/26/2020^(d)			200		194
									$		10,854

							Metal Fabrication & Hardware - 0.02%
	Media- 3.37	%					Wise Metals Intermediate Holdings LLC/Wise
	21st Century Fox America Inc						Holdings Finance Corp
	4.75%, 09/15/2044^(d)			100		109	9.75%, PIK 10.50%, 06/15/2019^(d),(f)		65		69
	5.40%, 10/01/2043			340		405
	6.15%, 02/15/2041			235		299
	Cablevision Systems Corp						Mining - 0.95%
	8.00%, 04/15/2020			70		79	Alcoa Inc
	CBS Corp						5.13%, 10/01/2024		105		111
	5.75%, 04/15/2020			380		433	Anglo American Capital PLC
	Columbus International Inc						1.18%, 04/15/2016^(b),(d),(e)		550		551
	7.38%, 03/30/2021^(d)			200		208	9.38%, 04/08/2019^(d)		340		423
	Comcast Corp						Barrick Gold Corp
	4.20%, 08/15/2034			165		173	3.85%, 04/01/2022		145		140
	4.75%, 03/01/2044			70		78	BHP Billiton Finance USA Ltd
	6.40%, 03/01/2040			345		467	2.05%, 09/30/2018		5		5
	6.50%, 11/15/2035			15		20	FMG Resources August 2006 Pty Ltd
	CSC Holdings LLC						6.88%, 02/01/2018^(d)		24		22
	6.75%, 11/15/2021			45		50	6.88%, 04/01/2022^(d)		60		50
	Cumulus Media Holdings Inc						8.25%, 11/01/2019^(d)		130		118
	7.75%, 05/01/2019			45		45	Freeport-McMoRan Inc
	DIRECTV Holdings LLC / DIRECTV						3.10%, 03/15/2020		245		238
	Financing Co Inc						4.00%, 11/14/2021		340		337
	3.95%, 01/15/2025			95		96	5.40%, 11/14/2034		330		322
	4.45%, 04/01/2024			700		732	5.45%, 03/15/2043		25		24
	5.00%, 03/01/2021			75		82	Newmont Mining Corp
	5.15%, 03/15/2042			90		93	4.88%, 03/15/2042		260		226
	6.00%, 08/15/2040			110		123	Rio Tinto Finance USA Ltd
	6.38%, 03/01/2041			225		263	9.00%, 05/01/2019		150		190
	DISH DBS Corp						St Barbara Ltd
	5.88%, 07/15/2022			85		87	8.88%, 04/15/2018^(d)		200		160
	5.88%, 11/15/2024^(d)			170		171	Taseko Mines Ltd
	6.75%, 06/01/2021			175		188	7.75%, 04/15/2019		40		36
	7.88%, 09/01/2019			274		311	Teck Resources Ltd
	Grupo Televisa SAB						5.20%, 03/01/2042		55		45
	6.63%, 01/15/2040			250		303	Volcan Cia Minera SAA
	NBCUniversal Enterprise Inc						5.38%, 02/02/2022		50		49
	0.92%, 04/15/2018^(d),(e)			720		726			$		3,047
	Numericable-SFR
	6.00%, 05/15/2022^(d)			200		201	Miscellaneous Manufacturing - 0.83%
	RCN Telecom Services LLC / RCN Capital						Ingersoll-Rand Global Holding Co Ltd
	Corp						2.88%, 01/15/2019		150		152
	8.50%, 08/15/2020^(d)			125		129	5.75%, 06/15/2043		60		71
	Time Warner Cable Inc						Ingersoll-Rand Luxembourg Finance SA
							3.55%, 11/01/2024		465		462
	4.13%, 02/15/2021			675		722	4.65%, 11/01/2044		60		61
	4.50%, 09/15/2042			440		452
	5.88%, 11/15/2040			225		268	Parker-Hannifin Corp
							4.20%, 11/21/2034		120		127
	6.55%, 05/01/2037			140		180	4.45%, 11/21/2044		90		97
	6.75%, 07/01/2018			120		138
	8.75%, 02/14/2019			255		316	Textron Inc
							6.20%, 03/15/2015		365		369


Schedule of Investments
Bond & Mortgage Securities Account
December 31, 2014



		Principal							Principal
BONDS (continued)		Amount (000's)		Value (000's)		BONDS (continued)			Amount (000's)		Value (000's)

Miscellaneous Manufacturing (continued)						Mortgage Backed Securities (continued)
Tyco Electronics Group SA						JP Morgan Chase Commercial Mortgage
1.60%, 02/03/2015	$	205	$	205		Securities Corp
2.35%, 08/01/2019		385		385		1.93%, 12/15/2047^(e)		$	3,868	$	370
2.38%, 12/17/2018		100		101		JP Morgan Chase Commercial Mortgage
3.50%, 02/03/2022		580		599		Securities Trust 2006-CIBC17
7.13%, 10/01/2037		20		27		5.43%, 12/12/2043			370		389
		$		2,656		JP Morgan Chase Commercial Mortgage
						Securities Trust 2011-C5
Mortgage Backed Securities - 6.48%						3.15%, 08/15/2046			310		319
Banc of America Commercial Mortgage Trust						5.32%, 08/15/2046^(d),(e)			350		389
2006-3						JP Morgan Chase Commercial Mortgage
5.89%, 07/10/2044		196		206		Securities Trust 2013-C16
Banc of America Commercial Mortgage Trust						1.36%, 12/15/2046^(e)			12,372		837
2007-3						JPMBB Commercial Mortgage Securities
0.44%, 06/10/2049^(d),(e)		300		290
						Trust 2014-C24
BB-UBS Trust						4.43%, 11/15/2047^(e)			500		513
2.89%, 06/05/2030^(d),(e)		350		343
					LB	-UBS Commercial Mortgage Trust 2005-

BCRR Trust 2009-1		220		238		C7
5.86%, 07/17/2040 (d)						5.32%, 11/15/2040			350		359
CD 2006-CD3 Mortgage Trust					LB	-UBS Commercial Mortgage Trust 2007-
5.62%, 10/15/2048		448		471		C1
COMM 2007-C9 Mortgage Trust						0.40%, 02/15/2040^(e)			15,975		139
5.80%, 12/10/2049^(e)		1,000		1,046
					LB	-UBS Commercial Mortgage Trust 2007-
Credit Suisse Commercial Mortgage Trust						C2
Series 2006-C5						5.43%, 02/15/2040			278		297
0.72%, 12/15/2039^(e)		2,758		31
						Morgan Stanley Bank of America Merrill
Credit Suisse Commercial Mortgage Trust						Lynch Trust 2013-C9
Series 2007-C3						3.46%, 05/15/2046			400		408
5.70%, 06/15/2039^(e)		362		386
						Morgan Stanley Bank of America Merrill
Credit Suisse First Boston Mortgage Securities						Lynch Trust 2014-C14
Corp						1.30%, 02/15/2047^(e)			9,949		694
0.40%, 11/15/2037^(d),(e)		1,162		—
						Morgan Stanley Capital I Trust 2007-HQ12
4.77%, 07/15/2037		335		338		5.59%, 04/12/2049^(e)			225		240
CSMC Series 2009-RR1						5.59%, 04/12/2049^(e)			637		641
5.38%, 02/15/2040^(d)		385		404
						Morgan Stanley Capital I Trust 2007-IQ13
CSMC Series 2009-RR3						5.36%, 03/15/2044^(e)			105		113
5.34%, 12/15/2043^(d),(e)		340		360
						MSBAM Commercial Mortgage Securities

Fannie Mae REMIC Trust 2005-W2		157		155		Trust 2012-CKSV
0.37%, 05/25/2035(e)						1.14%, 10/15/2022^(d),(e)			3,778		270
Fannie Mae REMICS						Residential Asset Securitization Trust 2004-
2.25%, 07/25/2040		370		366		A10
3.50%, 05/25/2027^(e)		1,113		128
3.50%, 11/25/2027^(e)		447		56		5.50%, 02/25/2035			52		53
3.50%, 07/25/2028^(e)		859		101		UBS Commercial Mortgage Trust 2012-C1
						3.40%, 05/10/2045^(e)			150		155
3.50%, 07/25/2040		235		236		UBS-Barclays Commercial Mortgage Trust
4.00%, 02/25/2029^(e)		1,868		237
6.33%, 03/25/2022^(e)		143		16		2012	-C3
						3.09%, 08/10/2049^(e)			255		259
6.58%, 11/25/2036^(e)		490		78
						UBS-Barclays Commercial Mortgage Trust

Freddie Mac REMICS (e)						2012	-C4
0.61%, 06/15/2023		17		17		1.85%, 12/10/2045^(d),(e)			1,463		150
0.76%, 08/15/2018^(e)		131		132		3.32%, 12/10/2045^(d),(e)			500		503
1.25%, 09/15/2033		1,922		1,928		UBS-Barclays Commercial Mortgage Trust
2.75%, 03/15/2041		208		213		2013	-C5
3.00%, 10/15/2027^(e)		278		32		3.18%, 03/10/2046^(e)			335		341
4.00%, 11/15/2025^(e)		1,806		214		4.09%, 03/10/2046^(d),(e)			175		163
4.00%, 05/15/2028^(e)		6,880		841
4.50%, 02/15/2029^(e)		1,178		124		Washington Mutual Mortgage Pass-Through
6.89%, 07/15/2031^(e)		92		1		Certificates WMALT Series 2006-AR1 Trust
						0.42%, 02/25/2036^(e)			150		114
Freddie Mac Structured Agency Credit Risk						WFRBS Commercial Mortgage Trust 2013-
Debt Notes						C12
1.02%, 04/25/2024^(e)		899		892		1.50%, 03/15/2048^(d),(e)			3,928		315
Ginnie Mae						WFRBS Commercial Mortgage Trust 2014-
4.00%, 07/20/2036^(e)		1,510		91
						C22
4.50%, 04/16/2044		865		163		4.07%, 09/15/2057			500		524
GS Mortgage Securities Trust 2011-GC5									$		20,844
1.69%, 08/10/2044^(d),(e)		15,752		919
GS Mortgage Securities Trust 2012-GCJ7						Office & Business Equipment - 0.16%
2.56%, 05/10/2045^(e)		2,885		325		Xerox Corp
GS Mortgage Securities Trust 2013-GCJ12						2.95%, 03/15/2017			80		82
3.78%, 06/10/2046^(e)		250		256		3.80%, 05/15/2024			180		177
HomeBanc Mortgage Trust 2005-5						6.75%, 02/01/2017			10		11
0.51%, 01/25/2036^(e)		759		655		6.75%, 12/15/2039			215		262
									$		532


Schedule of Investments
Bond & Mortgage Securities Account
December 31, 2014



		Principal					Principal
BONDS (continued)		Amount (000's)		Value (000's)	BONDS (continued)		Amount (000's)		Value (000's)

Oil & Gas - 4.09%					Oil & Gas (continued)
Afren PLC					Oasis Petroleum Inc
6.63%, 12/09/2020^(d)	$	300	$	168	6.50%, 11/01/2021	$	65	$	59
Anadarko Petroleum Corp					6.88%, 03/15/2022		45		41
3.45%, 07/15/2024		480		469	6.88%, 01/15/2023		140		127
5.95%, 09/15/2016		415		444	Ocean Rig UDW Inc
6.45%, 09/15/2036		90		108	7.25%, 04/01/2019^(d)		175		123
Apache Corp					Pacific Drilling SA
4.25%, 01/15/2044		340		297	5.38%, 06/01/2020^(d)		50		41
4.75%, 04/15/2043		90		84	Pacific Rubiales Energy Corp
Baytex Energy Corp					5.13%, 03/28/2023^(d)		250		197
5.13%, 06/01/2021^(d)		45		38	5.63%, 01/19/2025^(d)		400		307
BP Capital Markets PLC					7.25%, 12/12/2021^(d)		275		239
0.77%, 05/10/2019^(e)		650		641	PDC Energy Inc
Carrizo Oil & Gas Inc					7.75%, 10/15/2022		170		162
7.50%, 09/15/2020		125		120	Petrobras Global Finance BV
8.63%, 10/15/2018		120		120	3.25%, 03/17/2017		300		283
Chaparral Energy Inc					Petrobras International Finance Co SA
7.63%, 11/15/2022		81		53	5.38%, 01/27/2021		390		361
9.88%, 10/01/2020		90		61	Petroleos de Venezuela SA
Chesapeake Energy Corp					5.25%, 04/12/2017		275		124
3.48%, 04/15/2019^(e)		95		93	Petroleos Mexicanos
4.88%, 04/15/2022		70		68	4.88%, 01/24/2022		450		471
6.13%, 02/15/2021		95		100	Phillips 66
CNOOC Finance 2013 Ltd					4.65%, 11/15/2034		165		169
3.00%, 05/09/2023		350		331	4.88%, 11/15/2044		180		184
CNOOC Nexen Finance 2014 ULC					RKI Exploration & Production LLC / RKI
4.25%, 04/30/2024		550		569	Finance Corp
ConocoPhillips Co					8.50%, 08/01/2021^(d)		138		111
4.30%, 11/15/2044		130		136	Rosneft Oil Co via Rosneft International
Continental Resources Inc/OK					Finance Ltd
4.50%, 04/15/2023		170		162	4.20%, 03/06/2022^(d)		250		182
4.90%, 06/01/2044		80		69	Rowan Cos Inc
Delek & Avner Tamar Bond Ltd					5.00%, 09/01/2017		275		287
5.41%, 12/30/2025^(d)		100		99	5.40%, 12/01/2042		260		226
Devon Energy Corp					Seadrill Ltd
2.25%, 12/15/2018		480		478	6.13%, 09/15/2017^(d)		220		195
Dolphin Energy Ltd					Seventy Seven Energy Inc
5.50%, 12/15/2021		250		281	6.50%, 07/15/2022		115		67
Ecopetrol SA					Talisman Energy Inc
4.13%, 01/16/2025		125		119	3.75%, 02/01/2021		215		208
Encana Corp					5.50%, 05/15/2042		300		283
5.15%, 11/15/2041		150		137	7.75%, 06/01/2019		325		374
EP Energy LLC / Everest Acquisition Finance					Total Capital SA
Inc					2.13%, 08/10/2018		10		10
9.38%, 05/01/2020		105		106	Transocean Inc
Gazprom OAO Via Gaz Capital SA					3.80%, 10/15/2022		220		178
4.30%, 11/12/2015^(d)		450		439	Triangle USA Petroleum Corp
GeoPark Latin America Ltd Agencia en Chile					6.75%, 07/15/2022^(d)		75		50
7.50%, 02/11/2020^(d)		200		175	Ultra Petroleum Corp
Halcon Resources Corp					6.13%, 10/01/2024^(d)		115		99
8.88%, 05/15/2021		30		23			$		13,162
9.25%, 02/15/2022		50		37
9.75%, 07/15/2020		30		22	Oil & Gas Services - 0.29%
KazMunayGas National Co JSC					CGG SA
4.40%, 04/30/2023^(d)		350		311	6.88%, 01/15/2022		40		30
Kerr-McGee Corp					Exterran Partners LP / EXLP Finance Corp
					6.00%, 10/01/2022^(d)		55		47
7.88%, 09/15/2031		255		349
					FTS International Inc
Kodiak Oil & Gas Corp					6.25%, 05/01/2022(d)		110		80
5.50%, 01/15/2021		140		140
5.50%, 02/01/2022		40		40	Key Energy Services Inc
8.13%, 12/01/2019		40		41	6.75%, 03/01/2021		135		84
Linn Energy LLC / Linn Energy Finance					PHI Inc
Corp					5.25%, 03/15/2019		65		55
6.25%, 11/01/2019^(e)		80		68	Weatherford International LLC
6.50%, 05/15/2019		185		158	6.35%, 06/15/2017		125		134
6.50%, 09/15/2021		150		122	Weatherford International Ltd/Bermuda
Noble Energy Inc					5.95%, 04/15/2042		430		364
3.90%, 11/15/2024		365		361	6.50%, 08/01/2036		150		138
5.05%, 11/15/2044		295		292			$		932
Northern Blizzard Resources Inc					Other Asset Backed Securities - 2.97%
7.25%, 02/01/2022^(d)		93		75	CNH Equipment Trust 2013-D
					0.49%, 03/15/2017		199		200


Schedule of Investments
Bond & Mortgage Securities Account
December 31, 2014



		Principal					Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)

Other Asset Backed Securities (continued)					Pharmaceuticals (continued)
CNH Equipment Trust 2014-C					Valeant Pharmaceuticals International Inc
1.65%, 09/15/2021^(e)	$	500	$	496	7.50%, 07/15/2021^(d)	$	135	$	146
Countrywide Asset-Backed Certificates					Wyeth LLC
0.95%, 06/25/2035^(e)		13		13	6.00%, 02/15/2036		90		117
Dell Equipment Finance Trust 2014-1					Zoetis Inc
0.64%, 07/22/2016^(d)		3,000		3,000	1.15%, 02/01/2016		75		75
GE Dealer Floorplan Master Note Trust							$		2,338
0.55%, 07/20/2019^(e)		1,600		1,598
GreatAmerica Leasing Receivables					Pipelines - 2.31%
0.61%, 05/15/2016^(d),(e)		489		489	Access Midstream Partners LP / ACMP
JP Morgan Mortgage Acquisition Trust 2007-					Finance Corp
CH3					4.88%, 05/15/2023		585		594
0.32%, 03/25/2037^(e)		427		421	4.88%, 03/15/2024		90		91
MSDWCC Heloc Trust 2005-1					Boardwalk Pipelines LP
0.55%, 07/25/2017^(e)		8		8	3.38%, 02/01/2023		250		228
Trade MAPS 1 Ltd					Buckeye Partners LP
0.86%, 12/10/2018^(d),(e)		1,500		1,502	2.65%, 11/15/2018		75		74
Volvo Financial Equipment LLC Series 2013-					4.35%, 10/15/2024		450		441
1					DCP Midstream LLC
0.53%, 11/16/2015^(d),(e)		34		34	5.85%, 05/21/2043^(d),(e)		125		121
Volvo Financial Equipment LLC Series 2014-					El Paso Pipeline Partners Operating Co LLC
1					4.70%, 11/01/2042		220		199
0.54%, 11/15/2016^(d),(e)		1,480		1,480	5.00%, 10/01/2021		220		231
Washington Mutual Asset-Backed Certificates					Enable Midstream Partners LP
					2.40%, 05/15/2019^(d)		480		467
WMABS Series 2006-HE1 Trust
0.34%, 04/25/2036^(e)		339		331	Enbridge Inc
					0.68%, 06/02/2017^(e)		520		518
		$		9,572	3.50%, 06/10/2024		295		277
Packaging & Containers - 0.70%					Energy Transfer Equity LP
Ardagh Packaging Finance PLC / Ardagh					5.88%, 01/15/2024		50		51
Holdings USA Inc					EnLink Midstream Partners LP
3.24%, 12/15/2019^(d),(e)		200		193	4.40%, 04/01/2024		95		96
Berry Plastics Corp					5.05%, 04/01/2045		150		145
5.50%, 05/15/2022		215		218	Kinder Morgan Energy Partners LP
Beverage Packaging Holdings Luxembourg II					2.65%, 02/01/2019		355		350
SA / Beverage Packaging Holdings II					5.63%, 09/01/2041		135		134
5.63%, 12/15/2016^(d)		25		25	Kinder Morgan Inc/DE
6.00%, 06/15/2017^(d)		30		29	3.05%, 12/01/2019		400		397
Crown Cork & Seal Co Inc					4.30%, 06/01/2025		275		275
7.38%, 12/15/2026		152		168	5.30%, 12/01/2034		235		239
Exopack Holding Corp					Plains All American Pipeline LP / PAA
10.00%, 06/01/2018^(d)		105		111	Finance Corp
Packaging Corp of America					4.90%, 02/15/2045		160		163
4.50%, 11/01/2023		330		346	Regency Energy Partners LP / Regency
Reynolds Group Issuer Inc / Reynolds Group					Energy Finance Corp
Issuer LLC / Reynolds Group Issuer					5.00%, 10/01/2022		115		109
(Luxembourg) S.A.					5.75%, 09/01/2020		85		85
7.13%, 04/15/2019		335		346	Sabine Pass Liquefaction LLC
7.88%, 08/15/2019		100		106	6.25%, 03/15/2022		110		112
9.88%, 08/15/2019		40		43	Sunoco Logistics Partners Operations LP
Rock-Tenn Co					4.25%, 04/01/2024		250		253
3.50%, 03/01/2020		565		573	5.35%, 05/15/2045		105		106
Sealed Air Corp					Targa Resources Partners LP / Targa
4.88%, 12/01/2022^(d)		100		99	Resources Partners Finance Corp
		$		2,257	4.13%, 11/15/2019^(d)		15		14
					TransCanada PipeLines Ltd
Pharmaceuticals - 0.73%					4.63%, 03/01/2034		135		137
Actavis Funding SCS					5.00%, 10/16/2043		50		52
4.85%, 06/15/2044		115		117	7.13%, 01/15/2019		95		110
Express Scripts Holding Co					Transportadora de Gas Internacional SA ESP
2.25%, 06/15/2019		5		5	5.70%, 03/20/2022		250		262
6.13%, 11/15/2041		90		113	Western Gas Partners LP
Forest Laboratories Inc					2.60%, 08/15/2018		435		437
5.00%, 12/15/2021^(d)		1,180		1,278
					5.45%, 04/01/2044		240		253
GlaxoSmithKline Capital Inc					Williams Cos Inc/The
5.38%, 04/15/2034		55		67	7.88%, 09/01/2021		355		410
Grifols Worldwide Operations Ltd							$		7,431
5.25%, 04/01/2022^(d)		200		204
Par Pharmaceutical Cos Inc					Real Estate - 0.12%
7.38%, 10/15/2020		70		73	China Overseas Finance Cayman VI Ltd
Salix Pharmaceuticals Ltd					4.25%, 05/08/2019		250		257
6.00%, 01/15/2021^(d)		140		143


Schedule of Investments
Bond & Mortgage Securities Account
December 31, 2014



				Principal					Principal
	BONDS (continued)			Amount (000's)		Value (000's)	BONDS (continued)	Amount (000's)			Value (000's)

	Real Estate (continued)						Sovereign (continued)
	Crescent Resources LLC / Crescent Ventures						Kenya Government International Bond
	Inc						5.88%, 06/24/2019^(d)	$	200	$	203
	10.25%, 08/15/2017^(d)		$	110	$	118	Panama Government International Bond
				$		375	4.00%, 09/22/2024		200		206
							Poland Government International Bond
	REITS- 0.30	%					3.00%, 03/17/2023		150		149
	DuPont Fabros Technology LP						Romanian Government International Bond
	5.88%, 09/15/2021			40		41	4.88%, 01/22/2024^(d)		170		185
	HCP Inc						Russian Foreign Bond - Eurobond
	2.63%, 02/01/2020			235		233	7.50%, 03/31/2030^(e)		459		475
	3.88%, 08/15/2024			260		264			$		1,711
	iStar Financial Inc
	4.88%, 07/01/2018			35		34	Student Loan Asset Backed Securities - 2.59%
	5.00%, 07/01/2019			15		14	Navient Private Education Loan Trust 2014-
	9.00%, 06/01/2017			80		87	A
	Prologis LP						0.64%, 05/16/2022^(d),(e)		426		426
	4.25%, 08/15/2023			155		164	Navient Student Loan Trust 2014-8
	6.88%, 03/15/2020			112		132	0.45%, 08/25/2020^(e)		1,000		1,000
				$		969	SLM Private Education Loan Trust 2012-A
							1.56%, 08/15/2025^(d),(e)		374		377
	Retail - 0.62%						SLM Private Education Loan Trust 2012-B
	Building Materials Holding Corp						1.26%, 12/15/2021^(d),(e)		1,289		1,293
	9.00%, 09/15/2018^(d)			45		47
							SLM Private Education Loan Trust 2012-C
	Claire's Stores Inc						1.26%, 08/15/2023^(d),(e)		114		114
	9.00%, 03/15/2019^(d)			20		20
							SLM Private Education Loan Trust 2012-E
	CVS Health Corp						0.91%, 06/15/2016^(d),(e)		1,169		1,172
	2.25%, 12/05/2018			65		66	SLM Private Education Loan Trust 2013-A
	5.30%, 12/05/2043			200		239	0.76%, 08/15/2022^(d),(e)		2,053		2,055
	CVS Pass-Through Trust						SLM Student Loan Trust 2008-6
	5.93%, 01/10/2034^(d)			177		205	0.78%, 10/25/2017^(e)		199		199
	7.51%, 01/10/2032^(d)			54		68
							SLM Student Loan Trust 2012-7
	Landry's Holdings II Inc						0.33%, 02/27/2017^(e)		65		65
	10.25%, 01/01/2018^(d)			90		93
							SLM Student Loan Trust 2013-5
	Landry's Inc						0.42%, 05/25/2018^(e)		257		257
	9.38%, 05/01/2020^(d)			85		90
							SLM Student Loan Trust 2013-6
	Macy's Retail Holdings Inc						0.44%, 02/25/2019^(e)		1,386		1,386
	5.90%, 12/01/2016			420		456			$		8,344
	6.38%, 03/15/2037			185		234
	6.90%, 04/01/2029			25		32	Telecommunications - 3.06%
	Michaels FinCo Holdings LLC / Michaels						Altice Finco SA
	FinCo Inc						8.13%, 01/15/2024^(d)		200		195
	7.50%, PIK 8.25%, 08/01/2018^(d),(f)			14		14	Altice SA
	Michaels Stores Inc						7.75%, 05/15/2022^(d)		200		200
	5.88%, 12/15/2020^(d)			91		92	AT&T Inc
	Neiman Marcus Group LTD LLC						4.30%, 12/15/2042		345		328
	8.75%, 10/15/2021^(d)			85		90	4.35%, 06/15/2045		229		216
	New Academy Finance Co LLC / New						5.80%, 02/15/2019		5		6
	Academy Finance Corp						B Communications Ltd
	8.00%, PIK 8.75%, 06/15/2018^(d),(f)			100		99	7.38%, 02/15/2021^(d)		35		37
	Suburban Propane Partners LP/Suburban						CC Holdings GS V LLC / Crown Castle GS
	Energy Finance Corp						III Corp
	7.38%, 03/15/2020			135		140	3.85%, 04/15/2023		510		507
				$		1,985	Digicel Group Ltd
							8.25%, 09/30/2020^(d)		400		388
	Semiconductors - 0.06%						Digicel Ltd
	Semiconductor Manufacturing International						8.25%, 09/01/2017		400		405
	Corp						Eileme 2 AB
	4.13%, 10/07/2019^(d)			200		199	11.63%, 01/31/2020^(d)		200		224
							Embarq Corp
	Software - 0.11%						8.00%, 06/01/2036		100		112
	Activision Blizzard Inc						ENTEL Chile SA
	5.63%, 09/15/2021^(d)			130		136	4.75%, 08/01/2026^(d)		300		298
	6.13%, 09/15/2023^(d)			145		156	Frontier Communications Corp
	MSCI Inc						6.25%, 09/15/2021		40		40
	5.25%, 11/15/2024^(d)			75		78	Goodman Networks Inc
				$		370	12.13%, 07/01/2018		95		98
							Intelsat Jackson Holdings SA
	Sovereign - 0.53%						7.25%, 10/15/2020		55		58
	Chile Government International Bond						Intelsat Luxembourg SA
	3.13%, 03/27/2025			250		249	7.75%, 06/01/2021		205		205
	Federal Democratic Republic of Ethiopia						8.13%, 06/01/2023		115		117
	6.63%, 12/11/2024^(d)			250		244	Level 3 Communications Inc
							5.75%, 12/01/2022^(d)		55		55


Schedule of Investments
Bond & Mortgage Securities Account
December 31, 2014



		Principal					Principal
BONDS (continued)		Amount (000's)		Value (000's)	BONDS (continued)		Amount (000's)			Value (000's)

Telecommunications (continued)					Trucking & Leasing - 0.02%
Level 3 Escrow II Inc					Jurassic Holdings III Inc
5.38%, 08/15/2022^(d)	$	50	$	50	6.88%, 02/15/2021^(d)		$	55	$	51
Level 3 Financing Inc
6.13%, 01/15/2021		40		41	TOTAL BONDS			$		216,498
8.13%, 07/01/2019		105		112			Principal
Ooredoo International Finance Ltd					CONVERTIBLE BONDS - 0.06%			Amount (000's)		Value (000's)
3.25%, 02/21/2023		250		241
SoftBank Corp					Semiconductors - 0.06%
4.50%, 04/15/2020^(d)		205		202	Jazz Technologies Inc
					8.00%, 12/31/2018^(d)			130		184
Sprint Capital Corp
6.88%, 11/15/2028		85		75
Sprint Communications Inc					TOTAL CONVERTIBLE BONDS			$		184
6.00%, 11/15/2022		115		106	SENIOR FLOATING RATE INTERESTS - Principal
7.00%, 08/15/2020		135		135	4.07	%		Amount (000's)		Value (000's)
9.00%, 11/15/2018^(d)		45		51
					Aerospace & Defense - 0.09%
9.13%, 03/01/2017		25		27	B/E Aerospace Inc, Term Loan B
Sprint Corp					4.00%, 11/19/2021^(e)		$	300	$	298
7.13%, 06/15/2024		200		186
7.88%, 09/15/2023		105		104
Telefonica Emisiones SAU					Apparel - 0.04%
5.13%, 04/27/2020		440		487	Calceus Acquisition Inc, Term Loan B1
6.42%, 06/20/2016		95		102	5.00%, 09/24/2020^(e)			116		112
7.05%, 06/20/2036		25		33
T-Mobile USA Inc					Automobile Manufacturers - 0.09%
6.00%, 03/01/2023		60		60	FCA US LLC, Term Loan B
6.13%, 01/15/2022		20		20	3.50%, 05/24/2017^(e)			29		29
6.25%, 04/01/2021		95		97	Navistar Inc, Term Loan B
6.50%, 01/15/2024		30		31	5.75%, 08/17/2017^(e)			250		248
6.63%, 04/28/2021		85		87				$		277
Verizon Communications Inc
1.35%, 06/09/2017		410		408	Automobile Parts & Equipment - 0.06%
1.99%, 09/14/2018^(e)		750		780	Federal-Mogul Holdings Corp, Term Loan C
2.63%, 02/21/2020^(d)		203		201	4.75%, 04/02/2021^(e)			209		207
3.50%, 11/01/2024		455		447
4.40%, 11/01/2034		35		35
5.01%, 08/21/2054^(d)		756		782	Building Materials - 0.09%
					GYP Holdings III Corp, Term Loan B
6.25%, 04/01/2037		25		31	4.75%, 03/26/2021^(e)			124		121
6.40%, 09/15/2033		434		535	7.75%, 03/25/2022^(e)			160		158
6.90%, 04/15/2038		85		111				$		279
Virgin Media Finance PLC
6.00%, 10/15/2024^(d)		200		209	Chemicals - 0.31%
Wind Acquisition Finance SA					AZ Chem US Inc, Term Loan
7.38%, 04/23/2021^(d)		590		557	7.50%, 06/10/2022^(e)			266		261
		$		9,832	AZ Chem US Inc, Term Loan B
					4.53%, 06/10/2021^(e)			29		28
Transportation - 0.67%					Eagle Spinco Inc, Term Loan B
CSX Corp					3.50%, 01/28/2017^(e)			122		120
3.70%, 10/30/2020		320		338	Emerald Performance Materials LLC, Term
5.50%, 04/15/2041		185		223	Loan
6.25%, 03/15/2018		200		227	7.75%, 07/22/2022^(e)			405		393
7.38%, 02/01/2019		170		204	Ineos US Finance LLC, Term Loan B
Eletson Holdings					3.75%, 05/04/2018^(e)			184		178
9.63%, 01/15/2022^(d)		110		108
Hornbeck Offshore Services Inc								$		980
5.00%, 03/01/2021		65		53	Coal- 0.03	%
Navios Maritime Acquisition Corp / Navios					Arch Coal Inc, Term Loan
Acquisition Finance US Inc					6.25%, 05/16/2018^(e)			104		86
8.13%, 11/15/2021^(d)		190		185
Navios Maritime Holdings Inc / Navios
Maritime Finance II US Inc					Commercial Services - 0.05%
7.38%, 01/15/2022^(d)		140		128	Interactive Data Corp, Term Loan B
					4.75%, 05/02/2021^(e)			121		120
Navios South American Logistics Inc / Navios
					TMS International CorpTerm Loan B
Logistics Finance US Inc					4.50%, 10/04/2020 , (e)			50		50
7.25%, 05/01/2022^(d)		185		183
Pelabuhan Indonesia III PT								$		170
4.88%, 10/01/2024^(d)		400		402	Computers - 0.11%
Union Pacific Railroad Co 2014-1 Pass					Oberthur Technologies of America Corp,
Through Trust					Term Loan B2
3.23%, 05/14/2026^(c)		120		121	4.50%, 10/18/2019^(e)			248		241
		$		2,172	Spansion LLC, Term Loan B
					3.75%, 12/18/2019^(e)			113		111
								$		352


Schedule of Investments
Bond & Mortgage Securities Account
December 31, 2014



	SENIOR FLOATING RATE INTERESTS			Principal				SENIOR FLOATING RATE INTERESTS			Principal
	(continued)			Amount (000's)		Value (000's)		(continued)			Amount (000's)		Value (000's)

	Consumer Products - 0.08%							Internet - 0.07%
	Dell International LLC, Term Loan B							Zayo Group LLC, Term Loan B
	4.50%, 03/24/2020^(e)		$	247	$	246		4.00%, 07/02/2019^(e)		$	228	$	225


	Diversified Financial Services - 0.03%							Lodging - 0.08%
	Delos Finance Sarl, Term Loan B							Caesars Entertainment Operating Co Inc, Term
	3.50%, 02/26/2021^(e)			100		99		Loan B6B
								6.99%, 01/28/2018^(e)			29		26
								Caesars Entertainment Operating Co Inc, Term
	Electric - 0.06%							Loan B7
	Texas Competitive Electric Holdings Co LLC,							9.75%, 03/01/2017^(e)			199		172
	Term Loan NONEXT
	4.69%, 04/25/2015^(e)			285		182		Hilton Worldwide Finance LLC, Term Loan
								B
								3.50%, 09/23/2020^(e)			43		42
	Electronics - 0.11%										$		240
	Isola USA Corp, Term Loan B
	9.25%, 11/29/2018^(e)			376		355	Media	- 0.36	%
								CCO Safari LLC, Term Loan G
								4.25%, 08/12/2021^(e)			135		136
	Entertainment - 0.38%							Cumulus Media Holdings Inc, Term Loan B
	CCM Merger Inc, Term Loan B							4.25%, 12/23/2020^(e)			128		124
	4.50%, 07/30/2021^(e)			619		609		iHeartCommunications Inc, Term Loan D-
	Lions Gate Entertainment Corp, Term Loan							EXT
	5.00%, 07/17/2020^(e)			165		163		6.92%, 01/30/2019^(e)			245		230
	Peninsula Gaming LLC, Term Loan B							Numericable US LLC, Term Loan B1
	4.25%, 11/30/2017^(e)			76		75		4.50%, 04/23/2020^(e)			71		70
	WMG Acquisition Corp, Term Loan B							Numericable US LLC, Term Loan B2
	3.75%, 07/07/2020^(e)			402		386		4.50%, 04/23/2020^(e)			61		61
				$		1,233		Univision Communications Inc, Term Loan
								C3
	Food- 0.04	%						4.00%, 03/01/2020^(e)			25		24
	HJ Heinz Co, Term Loan B2
	3.50%, 03/27/2020^(e)			137		136		Univision Communications Inc, Term Loan
								C4
								4.00%, 03/01/2020^(e)			191		187
	Forest Products & Paper - 0.30%							WideOpenWest Finance LLC, Term Loan B
	Caraustar Industries Inc, Term Loan B							4.75%, 03/27/2019^(e)			122		121
	0.00%, 05/01/2019^(e),(g)			115		113		WideOpenWest Finance LLC, Term Loan B1
	7.50%, 04/26/2019^(e)			390		386		3.75%, 07/17/2017^(e)			222		220
	NewPage Corp, Term Loan B										$		1,173
	9.50%, 02/05/2021^(e)			495		470
				$		969		Mining - 0.17%
								American Rock Salt Co LLC, Term Loan
	Healthcare - Products - 0.04%							8.00%, 05/16/2022^(e)			400		395
	Accellent Inc, Term Loan							FMG Resources August 2006 Pty Ltd, Term
	4.50%, 02/19/2021^(e)			54		53		Loan B
	Kinetic Concepts Inc, Term Loan E1							3.07%, 06/30/2019^(e)			183		166
	4.00%, 05/04/2018^(e)			88		86					$		561

				$		139		Oil & Gas - 0.19%
	Healthcare - Services - 0.23%							Drillships Financing Holding Inc, Term Loan
	CHS/Community Health Systems Inc, Term							B1
	Loan D							6.00%, 03/31/2021^(e)			249		194
	4.25%, 01/27/2021^(e)			40		39		Seadrill Operating LP, Term Loan B
	CHS/Community Health Systems Inc, Term							4.00%, 02/12/2021^(e)			521		403
	Loan E							Seventy Seven Operating LLC, Term Loan B
	3.49%, 01/25/2017^(e)			124		123		3.14%, 06/17/2021^(e)			30		25
	DaVita HealthCare Partners Inc, Term Loan										$		622
	B
	3.50%, 06/18/2021^(e)			60		59		Oil & Gas Services - 0.02%
	MPH Acquisition Holdings LLC, Term Loan							FTS International Inc, Term Loan
								5.75%, 04/09/2021^(e)			79		62
	B
	3.80%, 03/19/2021^(e)			219		213
	Radnet Management Inc, Term Loan B							Pharmaceuticals - 0.26%
	8.00%, 03/25/2021^(e)			295		292		Grifols Worldwide Operations USA Inc, Term
				$		726		Loan B
								3.17%, 03/05/2021^(e)			114		112
	Insurance - 0.19%							JLL/Delta Dutch Newco BV, Term Loan B
	Asurion LLC, Term Loan							4.52%, 01/22/2021^(e)			104		101
	8.50%, 02/19/2021^(e)			505		501
								Par Pharmaceutical Cos Inc, Term Loan B1
	Asurion LLC, Term Loan B1							4.00%, 09/30/2019^(e)			341		331
	5.00%, 05/24/2019^(e)			67		66
								Salix Pharmaceuticals Ltd, Term Loan B
	Asurion LLC, Term Loan B2							4.25%, 01/20/2020^(e)			123		122
	4.25%, 06/19/2020^(e)			52		50
				$		617


Schedule of Investments
Bond & Mortgage Securities Account
December 31, 2014



	SENIOR FLOATING RATE INTERESTS			Principal			U.S. GOVERNMENT & GOVERNMENT		Principal
	(continued)			Amount (000's)		Value (000's)	AGENCY OBLIGATIONS (continued)		Amount (000's)		Value (000's)
	Pharmaceuticals (continued)						Federal Home Loan Mortgage Corporation (FHLMC)
	Valeant Pharmaceuticals International Inc,						(continued)
	Term Loan BE						7.00%, 12/01/2030	$	4	$	4
	3.50%, 08/05/2020^(e)		$	163	$	162	7.00%, 01/01/2031		5		6
							7.00%, 01/01/2031		2		2
				$		828	7.00%, 02/01/2031		3		3
	Pipelines - 0.02%						7.00%, 12/01/2031		37		39
	NGPL PipeCo LLC, Term Loan B						7.50%, 04/01/2030		6		7
	6.75%, 05/04/2017^(e)			54		52	7.50%, 09/01/2030		5		5
							7.50%, 03/01/2031		22		26
							8.00%, 09/01/2030		80		88
	REITS- 0.06	%							$		6,249
	iStar Financial Inc, Term Loan A2
	7.00%, 03/19/2017^(e)			199		205	Federal National Mortgage Association (FNMA) - 17.60%
							2.13%, 07/01/2034^(e)		34		36
							2.23%, 07/01/2034^(e)		3		3
	Retail - 0.26%						2.31%, 03/01/2035^(e)		79		84
	Academy Ltd, Term Loan B						2.50%, 01/01/2030^(h)		2,480		2,525
	4.05%, 08/03/2018^(e)			162		159
							3.00%, 01/01/2028^(h)		750		780
	Michaels Stores Inc, Term Loan B
	3.75%, 01/24/2020^(e)			202		197	3.00%, 03/01/2034		830		858
	4.00%, 01/20/2028^(e)			180		176	3.00%, 11/01/2042		1,289		1,308
							3.00%, 05/01/2043		314		318
	Neiman Marcus Group LTD LLC, Term						3.00%, 01/01/2045^(h)		5,250		5,311
	Loan						3.50%, 01/01/2030^(h)		900		951
	4.25%, 10/25/2020^(e)			299		292
							3.50%, 08/01/2034		958		1,008
				$		824	3.50%, 01/01/2041		78		81
	Software - 0.17%						3.50%, 03/01/2042		1,269		1,330
	Activision Blizzard Inc, Term Loan B						3.50%, 06/01/2042		1,255		1,315
	3.25%, 07/26/2020^(e)			251		250	3.50%, 11/01/2042		1,649		1,729
	Evergreen Skills Lux Sarl, Term Loan						3.50%, 01/01/2043^(h)		1,200		1,251
	3.75%, 04/08/2021^(e)			190		182	3.50%, 07/01/2043		651		682
	First Data Corp, Term Loan B						3.50%, 09/01/2044		3,464		3,625
	4.17%, 03/24/2021^(e)			125		123	3.50%, 11/01/2044		788		826
				$		555	4.00%, 10/01/2019		71		75
							4.00%, 08/01/2020		332		352
	Telecommunications - 0.08%						4.00%, 06/01/2026		730		779
	Altice Financing SA, Delay-Draw Term Loan						4.00%, 03/01/2034		785		852
	DD						4.00%, 11/01/2040		2,784		2,991
	5.50%, 07/03/2019^(e)			172		169	4.00%, 01/01/2045^(h)		9,250		9,872
	Integra Telecom Holdings Inc, Term Loan						4.50%, 07/01/2025		127		137
	5.25%, 02/19/2020^(e)			73		73	4.50%, 04/01/2039		1,965		2,137
	NTELOS Inc, Term Loan B						4.50%, 09/01/2040		445		486
	5.75%, 11/09/2019^(e)			35		30	4.50%, 11/01/2040		1,849		2,025
				$		272	4.50%, 01/01/2041		805		882
	TOTAL SENIOR FLOATING RATE INTERESTS			$		13,082	4.50%, 01/01/2041		505		552
	U.S. GOVERNMENT & GOVERNMENT		Principal				4.50%, 09/01/2041		439		478
	AGENCY OBLIGATIONS - 34.95%		Amount (000's) Value (000's)				4.50%, 01/01/2042^(h)		200		217
	Federal Home Loan Mortgage Corporation (FHLMC) -						5.00%, 05/01/2039		3,431		3,817
	1.94	%					5.00%, 12/01/2039		77		86
	2.25%, 02/01/2037^(e)		$	25	$	26	5.00%, 02/01/2040		415		461
	2.62%, 02/01/2034^(e)			5		5	5.00%, 06/01/2040		37		40
	3.50%, 04/01/2042			341		356	5.00%, 01/01/2045^(h)		1,500		1,657
	4.00%, 10/01/2044			896		961	5.50%, 06/01/2019		50		53
	4.50%, 07/01/2024			66		71	5.50%, 07/01/2019		30		33
	4.50%, 08/01/2040			53		58	5.50%, 07/01/2019		11		12
	4.50%, 06/01/2044			659		718	5.50%, 08/01/2019		9		9
	5.00%, 05/01/2018			177		186	5.50%, 08/01/2019		38		40
	5.00%, 06/01/2031			298		332	5.50%, 10/01/2019		74		80
	5.00%, 10/01/2035			105		117	5.50%, 10/01/2019		51		54
	5.00%, 06/01/2041		2,496			2,787	5.50%, 12/01/2022		52		58
	6.00%, 03/01/2031			18		20	5.50%, 07/01/2033		693		781
	6.00%, 06/01/2032			56		65	5.50%, 04/01/2035		61		68
	6.00%, 10/01/2032			35		41	5.50%, 08/01/2036		1,147		1,284
	6.00%, 01/01/2038			160		182	5.50%, 02/01/2037		19		22
	6.50%, 04/01/2016			2		2	5.50%, 05/01/2040		128		143
	6.50%, 03/01/2029			8		9	5.50%, 05/01/2040		136		154
	6.50%, 05/01/2029			12		14	5.73%, 02/01/2036^(e)		36		38
	6.50%, 04/01/2031			5		6	6.00%, 05/01/2031		6		7
	6.50%, 02/01/2032			11		13	6.00%, 07/01/2035		324		371
	6.50%, 05/01/2032			25		28	6.00%, 02/01/2037		466		528
	6.50%, 05/01/2032			10		12	6.00%, 02/01/2038		154		177
	6.50%, 04/01/2035			19		21	6.50%, 03/01/2032		11		13
	7.00%, 12/01/2029			30		34	6.50%, 07/01/2037		89		107
	7.00%, 06/01/2030			5		5	6.50%, 07/01/2037		61		72


Schedule of Investments
Bond & Mortgage Securities Account
December 31, 2014



U.S. GOVERNMENT & GOVERNMENT			Principal					(c)	Fair value of these investments is determined in good faith by the Manager
AGENCY OBLIGATIONS (continued)			Amount (000's)			Value (000's)			under procedures established and periodically reviewed by the Board of
									Directors. At the end of the period, the fair value of these securities totaled
Federal National Mortgage Association (FNMA) (continued)									$1,110 or 0.35% of net assets.
	6.50%, 02/01/2038		$	65	$	78		(d)	Security exempt from registration under Rule 144A of the Securities Act of
	6.50%, 03/01/2038			43		50			1933. These securities may be resold in transactions exempt from
	6.50%, 09/01/2038			400		455			registration, normally to qualified institutional buyers. At the end of the
	7.00%, 02/01/2032			18		19			period, the value of these securities totaled $62,838 or 19.53% of net
				$		56,623			assets.
Government National Mortgage Association (GNMA) -								(e)	Variable Rate. Rate shown is in effect at December 31, 2014.
6.99		%						(f)	Payment in kind; the issuer has the option of paying additional securities
	1.50%, 07/20/2043^(e)			594		601
	1.63%, 01/20/2035^(e)			44		46			in lieu of cash.
	2.00%, 04/20/2043^(e)			743		760		(g)	This Senior Floating Rate Note will settle after December 31, 2014, at
									which time the interest rate will be determined.
	3.00%, 01/01/2043			1,500		1,534		(h)	Security was purchased in a "to-be-announced" ("TBA") transaction. See
	3.00%, 07/20/2044			1,259		1,289			Notes to Financial Statements for additional information.
	3.50%, 01/15/2042^(h)			5,000		5,248
								(i)	Security or a portion of the security was pledged to cover margin
	3.50%, 10/15/2042			83		87			requirements for futures contracts. At the end of the period, the value of
	3.50%, 08/15/2043			457		482			these securities totaled $103 or 0.03% of net assets.
	3.50%, 10/20/2044			497		523		(j)	Security or a portion of the security was pledged to cover margin
	4.00%, 01/01/2042^(h)			2,750		2,950
									requirements for swap and/or swaption contracts. At the end of the period,
	4.00%, 02/15/2042			331		358			the value of these securities totaled $769 or 0.24% of net assets.
	4.00%, 01/01/2045			2,500		2,680		(k)	Rate shown is the discount rate of the original purchase.
	4.50%, 09/15/2039			1,333		1,486
	4.50%, 01/20/2040			329		362
	4.50%, 08/20/2040			661		726
	4.50%, 10/20/2040			250		275			Portfolio Summary (unaudited)
	4.50%, 11/15/2040			280		311		Sector		Percent
	5.00%, 02/15/2034			550		612		Mortgage Securities		33.01	%
	5.00%, 10/15/2034			196		218		Asset Backed Securities		14.55	%
	5.00%, 10/20/2039			145		162		Financial		13.61	%
	5.00%, 07/20/2040			60		66		Government		8.95	%
	5.00%, 09/20/2041			334		372		Communications		7.64	%
	5.50%, 12/20/2033			270		305		Energy		6.95	%
	5.50%, 05/20/2035			31		35		Consumer, Non-cyclical		6.47	%
	6.00%, 01/20/2029			51		59		Industrial		4.26	%
	6.00%, 07/20/2029			8		9		Consumer, Cyclical		3.85	%
	6.00%, 12/15/2033			43		50		Exchange Traded Funds		3.85	%
	6.00%, 12/20/2036			164		184		Basic Materials		3.33	%
	6.50%, 03/20/2028			8		9		Utilities		2.38	%
	6.50%, 05/20/2029			7		8		Technology		1.66	%
	6.50%, 12/15/2032			563		650		Diversified		0.25	%
	7.00%, 03/15/2031			15		18		Liabilities in Excess of Other Assets, Net		(10.76	)%
	7.50%, 05/15/2029			20		20		TOTAL NET ASSETS		100.00	%
	8.00%, 12/15/2030			10		12
				$		22,507

U.S. Treasury - 7.45%
	0.50%, 11/30/2016			350		349
	0.88%, 04/30/2017⁽ⁱ⁾			2,850		2,854
	1.00%, 08/31/2016			300		302
	1.75%, 09/30/2019			4,630		4,657
	1.88%, 08/31/2017^(j)			2,705		2,767
	1.88%, 11/30/2021			5,550		5,518
	2.00%, 10/31/2021			30		30
	2.38%, 08/15/2024			2,260		2,302
	2.63%, 01/31/2018			1,700		1,775
	3.00%, 11/15/2044			200		210
	3.13%, 02/15/2042			1,290		1,389
	3.75%, 11/15/2043			1,500		1,803
				$		23,956

U.S. Treasury Bill - 0.97%
	0.02%, 02/12/2015^(k)			1,000		1,000
	0.02%, 02/05/2015^(k)			2,115		2,115
				$		3,115
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
OBLIGATIONS				$		112,450
Total Investments				$		356,339
Liabilities in Excess of Other Assets, Net - (10.76)%				$		(34,604	)
TOTAL NET ASSETS - 100.00%				$		321,735


(a)	Non-Income Producing Security
(b)	Security is Illiquid


Schedule of Investments
Bond & Mortgage Securities Account
December 31, 2014


Credit Default Swaps

Buy Protection
			(Pay)/							Upfront			Unrealized
		Receive			Expiration			Notional		Premiums			Appreciation/			Fair Value
Counterparty (Issuer)	Reference Entity	Fixed Rate				Date		Amount		Paid/(Received)			(Depreciation)			Asset	Liability
Barclays Bank PLC	CDX.EM.22 5 Y		(1.00	)%	12/20/2019		$	4,000	$	289		$	129		$	418	$	—
Total								$		289		$	129		$	418	$	—

Amounts in thousands
Exchange Cleared Credit Default Swaps

Buy Protection
			(Pay)/							Upfront			Unrealized
		Receive			Expiration			Notional		Premiums			Appreciation/
	Reference Entity	Fixed Rate				Date		Amount		Paid/(Received)			(Depreciation)			Fair Value
	CDX.NA.HY.23 5Y		(5.00	)%	12/20/2019		$	7,000	$	(328	)	$	(106	)	$			(434	)
	CDX.NA.HY.23 5Y		(5.00	)%	12/20/2019			7,000		(435	)		—					(435	)
Total								$		(763	)	$	(106	)	$			(869	)

Amounts in thousands


Futures Contracts

																		Unrealized
Type		Long/Short	Contracts			Notional Value							Fair Value					Appreciation/(Depreciation)
US Long Bond; March 2015		Long			26	$		3,734	$				3,759	$				25
US Ultra Bond; March 2015		Long			32			5,281					5,286					5
Total													$					30

Amounts in thousands except contracts


Schedule of Investments
Bond Market Index Account
December 31, 2014



	INVESTMENT COMPANIES - 9.91%			Shares Held		Value (000's)			Principal
							BONDS (continued)		Amount (000's)		Value (000's)
	Publicly Traded Investment Fund - 9.91%
	Goldman Sachs Financial Square Funds -			171,991,837	$	171,992	Agriculture (continued)
	Money Market Fund						Philip Morris International Inc	(continued)
							6.38%, 05/16/2038	$	100	$	128
	TOTAL INVESTMENT COMPANIES			$		171,992	Reynolds American Inc
				Principal			4.85%, 09/15/2023		350		377
	BONDS- 34.35	%		Amount (000's)		Value (000's)			$		5,076

	Advertising - 0.01%						Airlines - 0.10%
	Omnicom Group Inc						American Airlines 2011-1 Class A Pass
	4.45%, 08/15/2020		$	128	$	138	Through Trust
							5.25%, 07/31/2022^(b)		153		165
							American Airlines 2014-1 Class A Pass
	Aerospace & Defense - 0.37%						Through Trust
	Boeing Capital Corp						3.70%, 10/01/2026^(b)		400		402
	4.70%, 10/27/2019			33		37	Continental Airlines 2010-1 Class A Pass
	Boeing Co/The						Through Trust
	3.75%, 11/20/2016			51		54	4.75%, 01/12/2021^(b)		42		45
	5.88%, 02/15/2040			154		202	Continental Airlines 2012-2 Class A Pass
	7.95%, 08/15/2024			200		280	Through Trust
	Exelis Inc						4.00%, 04/29/2026^(b)		189		192
	4.25%, 10/01/2016			128		132	Delta Air Lines 2007-1 Class A Pass Through
	L-3 Communications Corp						Trust
	1.50%, 05/28/2017			250		247	6.82%, 02/10/2024^(b)		81		93
	4.95%, 02/15/2021			277		301	Southwest Airlines Co
	Lockheed Martin Corp						2.75%, 11/06/2019		300		301
	2.13%, 09/15/2016			100		102	UAL 2009-2A Pass Through Trust
	3.35%, 09/15/2021			102		106	9.75%, 01/15/2017^(b)		139		155
	4.07%, 12/15/2042			47		47	United Airlines 2014-2 Class A Pass Through
	5.50%, 11/15/2039			220		271	Trust
	6.15%, 09/01/2036			290		379	3.75%, 09/03/2026^(b)		200		202
	Northrop Grumman Corp						US Airways 2013-1 Class A Pass Through
	1.75%, 06/01/2018			1,000		993	Trust
	3.50%, 03/15/2021			277		288	3.95%, 11/15/2025^(b)		194		198
	Raytheon Co								$		1,753
	3.13%, 10/15/2020			77		79
	4.88%, 10/15/2040			154		175	Apparel - 0.02%
	United Technologies Corp						NIKE Inc
	3.10%, 06/01/2022			1,950		1,990	2.25%, 05/01/2023		200		194
	4.50%, 04/15/2020			74		82	3.63%, 05/01/2043		200		199
	4.50%, 06/01/2042			200		218			$		393
	5.38%, 12/15/2017			102		113	Automobile Asset Backed Securities - 0.23%
	5.70%, 04/15/2040			51		64	Ally Auto Receivables Trust 2012-3
	6.13%, 07/15/2038			18		24	1.06%, 02/15/2017^(a)		349		350
	6.70%, 08/01/2028			175		236	Ally Auto Receivables Trust 2012-4
				$		6,420	0.59%, 01/17/2017		67		67
	Agriculture - 0.29%						Ally Auto Receivables Trust 2013-2
	Altria Group Inc						1.24%, 11/15/2018		500		498
	4.00%, 01/31/2024			350		365	Carmax Auto Owner Trust 2013-2
	4.75%, 05/05/2021			128		141	0.84%, 11/15/2018		300		297
	5.38%, 01/31/2044			200		228	CarMax Auto Owner Trust 2013-4
	9.25%, 08/06/2019			126		162	0.80%, 07/16/2018		500		499
	9.70%, 11/10/2018			51		65	Ford Credit Auto Owner Trust 2012-A
	9.95%, 11/10/2038			57		97	1.15%, 06/15/2017		500		502
	10.20%, 02/06/2039			68		118	Ford Credit Auto Owner Trust 2012-B
	Archer-Daniels-Midland Co						1.00%, 09/15/2017		400		401
	4.48%, 03/01/2021^(a)			128		141	Honda Auto Receivables Owner Trust 2014-
	Bunge Ltd Finance Corp
	5.38%, 09/15/2035			892		1,080	3 0.88%, 06/15/2018^(a)		500		498
	4.10%, 03/15/2016			77		79	Hyundai Auto Receivables Trust 2012-C
	Lorillard Tobacco Co						1.06%, 06/15/2018		266		265
	6.88%, 05/01/2020			500		589	Nissan Auto Receivables 2012-A Owner
	8.13%, 06/23/2019			36		44	Trust
	8.13%, 05/01/2040			25		35	1.00%, 07/16/2018		150		151
	Philip Morris International Inc						World Omni Auto Receivables Trust 2013-B
	1.13%, 08/21/2017			100		100	1.32%, 01/15/2020^(a)		515		514
	1.25%, 11/09/2017			500		497			$		4,042
	2.50%, 05/16/2016			128		131	Automobile Manufacturers - 0.18%
	2.90%, 11/15/2021			51		52	American Honda Finance Corp
	4.38%, 11/15/2041			51		53	1.55%, 12/11/2017		350		352
	4.50%, 03/26/2020			131		144	Daimler Finance North America LLC
	4.50%, 03/20/2042			400		422	8.50%, 01/18/2031		102		156
	5.65%, 05/16/2018			25		28


Schedule of Investments
Bond Market Index Account
December 31, 2014



				Principal					Principal
	BONDS (continued)			Amount (000's)		Value (000's)	BONDS (continued)		Amount (000's)		Value (000's)

	Automobile Manufacturers (continued)						Banks (continued)
	Ford Motor Co						BB&T Corp
	4.75%, 01/15/2043		$	400	$	422	1.60%, 08/15/2017	$	200	$	200
	7.45%, 07/16/2031			100		136	3.95%, 04/29/2016		29		30
	PACCAR Financial Corp						5.20%, 12/23/2015		125		130
	1.40%, 11/17/2017			320		319	6.85%, 04/30/2019		18		21
	Toyota Motor Credit Corp						BNP Paribas SA
	1.13%, 05/16/2017			500		498	2.38%, 09/14/2017		200		203
	1.25%, 10/05/2017			400		399	2.40%, 12/12/2018		750		757
	2.05%, 01/12/2017			77		78	4.25%, 10/15/2024		750		758
	2.13%, 07/18/2019			500		502	5.00%, 01/15/2021		77		87
	2.63%, 01/10/2023			100		99	BPCE SA
	3.30%, 01/12/2022			77		80	1.61%, 07/25/2017		750		751
				$		3,041	4.00%, 04/15/2024		250		261
							Branch Banking & Trust Co
	Automobile Parts & Equipment - 0.03%						1.45%, 10/03/2016		200		201
	Johnson Controls Inc						2.30%, 10/15/2018		750		758
	1.40%, 11/02/2017			200		198	Canadian Imperial Bank of
	3.75%, 12/01/2021			77		80	Commerce/Canada
	5.00%, 03/30/2020			64		70	1.35%, 07/18/2016		300		302
	5.25%, 12/01/2041			128		144	Capital One Financial Corp
				$		492	2.45%, 04/24/2019		250		249
	Banks- 5.31	%					3.50%, 06/15/2023		84		85
	Abbey National Treasury Services						Capital One NA/Mclean VA
	PLC/London						1.50%, 09/05/2017		500		496
	3.05%, 08/23/2018			500		518	Citigroup Inc
	Associated Banc-Corp						1.30%, 04/01/2016		360		361
	4.25%, 01/15/2025			500		501	1.30%, 11/15/2016		250		250
	Australia & New Zealand Banking Group						1.70%, 07/25/2016		300		302
	Ltd/New York NY						3.50%, 05/15/2023		600		584
	1.25%, 06/13/2017			400		399	3.75%, 06/16/2024		500		511
	Bank of America Corp						3.95%, 06/15/2016		257		267
	1.25%, 01/11/2016			100		100	4.05%, 07/30/2022		200		207
	1.35%, 11/21/2016			500		499	4.30%, 11/20/2026		500		499
	2.00%, 01/11/2018			500		500	4.45%, 01/10/2017		154		163
	2.60%, 01/15/2019			750		756	4.50%, 01/14/2022		454		496
	3.30%, 01/11/2023			300		300	5.50%, 09/13/2025		300		332
	3.63%, 03/17/2016			180		185	5.88%, 02/22/2033		48		55
	3.88%, 03/22/2017			200		209	5.88%, 01/30/2042		328		413
	4.13%, 01/22/2024			1,000		1,050	6.00%, 10/31/2033		115		136
	4.88%, 04/01/2044			500		552	6.13%, 11/21/2017		328		366
	5.42%, 03/15/2017			201		216	6.13%, 05/15/2018		300		340
	5.63%, 07/01/2020			380		433	6.63%, 06/15/2032		112		140
	5.65%, 05/01/2018			455		505	8.13%, 07/15/2039		228		349
	5.70%, 01/24/2022			580		672	8.50%, 05/22/2019		728		907
	5.88%, 02/07/2042			228		285	Citizens Bank NA/Providence RI
	6.00%, 09/01/2017			265		292	1.60%, 12/04/2017		500		498
	6.05%, 05/16/2016			224		237	Commonwealth Bank of Australia/New York
	6.11%, 01/29/2037			450		531	NY
	6.50%, 08/01/2016			890		959	1.13%, 03/13/2017		500		498
	6.88%, 04/25/2018			205		235	2.50%, 09/20/2018		200		203
	7.63%, 06/01/2019			300		363	Cooperatieve Centrale Raiffeisen-
	Bank of America NA						Boerenleenbank BA/Netherlands
	1.13%, 11/14/2016			300		299	3.38%, 01/19/2017		128		134
	1.25%, 02/14/2017			350		349	3.88%, 02/08/2022		328		349
	Bank of Montreal						3.95%, 11/09/2022		300		306
	1.30%, 07/14/2017			750		747	4.50%, 01/11/2021		51		56
	1.45%, 04/09/2018			300		296	5.25%, 05/24/2041		500		598
	2.50%, 01/11/2017			228		234	Credit Suisse/New York NY
	Bank of New York Mellon Corp/The						1.38%, 05/26/2017		300		299
	2.10%, 08/01/2018			300		303	3.63%, 09/09/2024		400		407
	2.20%, 05/15/2019			500		501	5.40%, 01/14/2020		200		224
	3.55%, 09/23/2021			51		53	Deutsche Bank AG/London
	5.50%, 12/01/2017			32		35	1.40%, 02/13/2017		500		499
	Bank of Nova Scotia/The						6.00%, 09/01/2017		344		382
	1.10%, 12/13/2016			750		751	Discover Bank/Greenwood DE
	1.45%, 04/25/2018			300		297	2.00%, 02/21/2018		200		199
	2.90%, 03/29/2016			302		310	4.25%, 03/13/2026		500		518
	Barclays Bank PLC						Fifth Third Bancorp
	5.14%, 10/14/2020			1,000		1,075	3.63%, 01/25/2016		790		809
	6.75%, 05/22/2019			200		235	5.45%, 01/15/2017		51		55
							8.25%, 03/01/2038		385		578


Schedule of Investments
Bond Market Index Account
December 31, 2014



		Principal					Principal
BONDS (continued)		Amount (000's)		Value (000's)	BONDS (continued)		Amount (000's)		Value (000's)

Banks (continued)					Banks (continued)
Goldman Sachs Group Inc/The					Korea Development Bank/The
1.60%, 11/23/2015	$	630	$	633	1.00%, 01/22/2016	$	400	$	399
3.63%, 02/07/2016		757		777	2.50%, 03/11/2020		500		498
4.00%, 03/03/2024		500		519	3.25%, 03/09/2016		300		307
5.25%, 07/27/2021		502		567	Korea Finance Corp
5.38%, 03/15/2020		500		560	2.88%, 08/22/2018		350		358
5.63%, 01/15/2017		282		302	Landwirtschaftliche Rentenbank
5.75%, 01/24/2022		228		264	0.88%, 09/12/2017		200		199
6.13%, 02/15/2033		750		919	1.75%, 04/15/2019		350		352
6.15%, 04/01/2018		821		922	2.38%, 09/13/2017		200		207
6.25%, 02/01/2041		700		885	5.00%, 11/08/2016		102		110
6.45%, 05/01/2036		351		424	Lloyds Bank PLC
HSBC Holdings PLC					2.35%, 09/05/2019		400		400
4.00%, 03/30/2022		128		136	4.88%, 01/21/2016		180		187
4.25%, 03/14/2024		500		520	6.38%, 01/21/2021		51		61
5.10%, 04/05/2021		228		258	Morgan Stanley
6.10%, 01/14/2042		154		206	1.75%, 02/25/2016		1,200		1,207
6.50%, 05/02/2036		400		514	3.75%, 02/25/2023		200		205
6.50%, 09/15/2037		500		642	3.80%, 04/29/2016		278		287
HSBC USA Inc					4.75%, 03/22/2017		400		426
1.50%, 11/13/2017		400		399	5.00%, 11/24/2025		500		534
1.63%, 01/16/2018		300		299	5.63%, 09/23/2019		1,321		1,491
2.63%, 09/24/2018		200		205	5.75%, 10/18/2016		590		633
Industrial & Commercial Bank of China					5.75%, 01/25/2021		1,050		1,205
Ltd/New York					6.25%, 08/28/2017		375		417
2.35%, 11/13/2017		400		399	6.38%, 07/24/2042		600		797
Intesa Sanpaolo SpA					7.25%, 04/01/2032		165		226
2.38%, 01/13/2017		500		504	MUFG Capital Finance 1 Ltd
3.13%, 01/15/2016		100		102	6.35%, 07/29/2049^(a)		1,000		1,065
JP Morgan Chase & Co					MUFG Union Bank NA
1.13%, 02/26/2016		300		301	2.25%, 05/06/2019		400		399
1.35%, 02/15/2017		350		350	National Australia Bank Ltd/New York
1.63%, 05/15/2018		300		297	1.30%, 07/25/2016		400		402
2.60%, 01/15/2016		257		261	2.30%, 07/25/2018		400		407
3.20%, 01/25/2023		1,000		1,001	Northern Trust Corp
3.25%, 09/23/2022		300		302	3.95%, 10/30/2025		500		520
3.38%, 05/01/2023		400		396	Oesterreichische Kontrollbank AG
3.45%, 03/01/2016		277		284	2.00%, 06/03/2016		400		408
3.88%, 09/10/2024		500		500	PNC Bank NA
4.40%, 07/22/2020		162		176	1.30%, 10/03/2016		350		352
4.50%, 01/24/2022		257		281	2.25%, 07/02/2019		1,000		998
4.63%, 05/10/2021		257		283	3.80%, 07/25/2023		400		412
4.95%, 03/25/2020		57		63	PNC Funding Corp
5.40%, 01/06/2042		102		120	2.70%, 09/19/2016		228		234
5.60%, 07/15/2041		154		186	4.38%, 08/11/2020		51		56
5.63%, 08/16/2043		350		407	5.13%, 02/08/2020		25		28
6.30%, 04/23/2019		800		929	5.63%, 02/01/2017		102		110
6.40%, 05/15/2038		200		261	6.70%, 06/10/2019		25		30
JP Morgan Chase Bank NA					Royal Bank of Canada
6.00%, 10/01/2017		1,000		1,110	1.25%, 06/16/2017		400		398
KeyBank NA/Cleveland OH					2.20%, 07/27/2018		400		404
2.50%, 12/15/2019		500		502	2.88%, 04/19/2016		251		258
KeyCorp					Royal Bank of Scotland PLC/The
5.10%, 03/24/2021		102		115	5.63%, 08/24/2020		167		190
KFW					Societe Generale SA
0.63%, 12/15/2016		2,250		2,244	2.63%, 10/01/2018		300		305
0.75%, 03/17/2017		1,350		1,346	State Street Corp
1.25%, 02/15/2017		257		259	3.10%, 05/15/2023		300		296
1.75%, 10/15/2019		750		751	5.38%, 04/30/2017		18		20
1.88%, 04/01/2019		250		253	Sumitomo Mitsui Banking Corp
2.63%, 02/16/2016		257		263	1.45%, 07/19/2016		300		301
2.63%, 01/25/2022		1,257		1,300	2.50%, 07/19/2018		300		303
2.75%, 09/08/2020		300		313	3.20%, 07/18/2022		100		101
4.00%, 01/27/2020		847		934	SunTrust Bank/Atlanta GA
4.38%, 03/15/2018		295		323	2.75%, 05/01/2023		200		195
4.50%, 07/16/2018		102		113	SunTrust Banks Inc
4.88%, 01/17/2017		500		540	3.60%, 04/15/2016		102		105
4.88%, 06/17/2019		282		321	Svenska Handelsbanken AB
5.13%, 03/14/2016		277		292	2.25%, 06/17/2019		500		503
					Toronto-Dominion Bank/The
					1.13%, 05/02/2017		215		214


Schedule of Investments
Bond Market Index Account
December 31, 2014



		Principal					Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)

Banks (continued)					Beverages (continued)
Toronto-Dominion Bank/The (continued)					PepsiCo Inc (continued)
2.38%, 10/19/2016	$	180	$	184	2.75%, 03/05/2022	$	128	$	128
2.63%, 09/10/2018		350		359	3.13%, 11/01/2020		128		133
UBS AG/Stamford CT					4.25%, 10/22/2044		500		522
1.38%, 08/14/2017		500		497	4.50%, 01/15/2020		51		56
4.88%, 08/04/2020		200		222	4.88%, 11/01/2040		128		144
5.88%, 12/20/2017		150		167	5.00%, 06/01/2018		300		332
US Bancorp/MN					5.50%, 01/15/2040		51		61
1.65%, 05/15/2017		205		207	7.90%, 11/01/2018		158		192
2.95%, 07/15/2022		200		197			$		7,318
3.00%, 03/15/2022		128		129
4.13%, 05/24/2021		77		84	Biotechnology - 0.30%
US Bank NA/Cincinnati OH					Amgen Inc
1.10%, 01/30/2017		500		500	1.25%, 05/22/2017		1,000		992
Wachovia Corp					2.13%, 05/15/2017		85		86
5.75%, 02/01/2018		280		314	2.50%, 11/15/2016		600		614
Wells Fargo & Co					4.10%, 06/15/2021		501		538
1.15%, 06/02/2017		650		646	5.15%, 11/15/2041		77		87
1.25%, 07/20/2016		510		512	5.38%, 05/15/2043		600		697
1.50%, 01/16/2018		300		298	5.70%, 02/01/2019		12		13
2.10%, 05/08/2017		450		458	5.75%, 03/15/2040		25		30
2.13%, 04/22/2019		1,000		1,000	5.85%, 06/01/2017		279		307
3.45%, 02/13/2023		200		203	6.40%, 02/01/2039		262		333
3.50%, 03/08/2022		180		188	6.90%, 06/01/2038		90		119
3.68%, 06/15/2016^(a)		777		806	Celgene Corp
4.60%, 04/01/2021		102		113	4.63%, 05/15/2044		350		363
5.38%, 02/07/2035		500		599	Gilead Sciences Inc
Wells Fargo Bank NA					4.40%, 12/01/2021		77		85
5.95%, 08/26/2036		750		946	4.50%, 02/01/2045		300		321
6.60%, 01/15/2038		250		346	4.80%, 04/01/2044		500		555
Wells Fargo Capital X							$		5,140
5.95%, 12/15/2036		200		204	Building Materials - 0.06%
Westpac Banking Corp					Owens Corning
1.20%, 05/19/2017		500		498	4.20%, 12/15/2022		1,000		1,015
4.88%, 11/19/2019		225		251
		$		92,142
					Chemicals - 0.48%
Beverages - 0.42%					Airgas Inc
Anheuser-Busch Cos LLC					2.38%, 02/15/2020		200		197
5.50%, 01/15/2018		90		100	2.95%, 06/15/2016		77		79
6.50%, 02/01/2043		500		681	Albemarle Corp
Anheuser-Busch InBev Finance Inc					5.45%, 12/01/2044		150		161
0.80%, 01/15/2016		100		100	CF Industries Inc
Anheuser-Busch InBev Worldwide Inc					5.15%, 03/15/2034		500		523
2.50%, 07/15/2022		300		292	6.88%, 05/01/2018		100		114
3.75%, 07/15/2042		100		94	7.13%, 05/01/2020		100		119
5.00%, 04/15/2020		38		43	Dow Chemical Co/The
5.38%, 01/15/2020		68		77	2.50%, 02/15/2016		177		180
6.38%, 01/15/2040		251		326	4.13%, 11/15/2021		201		212
6.88%, 11/15/2019		551		663	4.38%, 11/15/2042		200		194
7.75%, 01/15/2019		478		579	7.38%, 11/01/2029		350		466
8.20%, 01/15/2039		51		79	8.55%, 05/15/2019		144		179
Beam Suntory Inc					9.40%, 05/15/2039		51		83
5.38%, 01/15/2016		2		2	Eastman Chemical Co
Coca-Cola Co/The					2.70%, 01/15/2020		400		402
1.65%, 03/14/2018		200		201	3.00%, 12/15/2015		51		52
1.80%, 09/01/2016		77		78	3.60%, 08/15/2022		100		101
3.15%, 11/15/2020		528		552	4.50%, 01/15/2021		51		54
Coca-Cola Femsa SAB de CV					4.80%, 09/01/2042		100		101
2.38%, 11/26/2018		400		407	Ecolab Inc
Diageo Capital PLC					1.45%, 12/08/2017		300		297
1.50%, 05/11/2017		200		200	4.35%, 12/08/2021		102		111
4.83%, 07/15/2020		51		57	5.50%, 12/08/2041		307		370
5.88%, 09/30/2036		219		274	EI du Pont de Nemours & Co
Diageo Investment Corp					2.75%, 04/01/2016		77		79
2.88%, 05/11/2022		200		200	2.80%, 02/15/2023		200		197
Dr Pepper Snapple Group Inc					4.15%, 02/15/2043		100		101
2.60%, 01/15/2019		277		279	4.25%, 04/01/2021		177		193
Pepsi Bottling Group Inc/The					4.63%, 01/15/2020		25		28
7.00%, 03/01/2029		300		414	6.00%, 07/15/2018		200		228
PepsiCo Inc					LyondellBasell Industries NV
2.50%, 05/10/2016		51		52	5.00%, 04/15/2019		300		327


Schedule of Investments
Bond Market Index Account
December 31, 2014



		Principal				Principal
BONDS (continued)		Amount (000's)		Value (000's)	BONDS (continued)	Amount (000's)			Value (000's)

Chemicals (continued)					Computers (continued)
LyondellBasell Industries NV	(continued)				Seagate HDD Cayman
5.75%, 04/15/2024	$	100	$	114	4.75%, 06/01/2023	$	500	$	519
Methanex Corp							$		8,112
3.25%, 12/15/2019		300		298
Monsanto Co					Consumer Products - 0.04%
1.85%, 11/15/2018		280		279	Avery Dennison Corp
4.20%, 07/15/2034		448		467	5.38%, 04/15/2020		25		27
5.88%, 04/15/2038		317		395	Clorox Co/The
Mosaic Co/The					3.80%, 11/15/2021		128		136
4.25%, 11/15/2023		146		154	Kimberly-Clark Corp
Potash Corp of Saskatchewan Inc					2.40%, 03/01/2022		257		253
3.63%, 03/15/2024		500		513	2.40%, 06/01/2023		150		145
4.88%, 03/30/2020		51		57	3.70%, 06/01/2043		150		146
PPG Industries Inc					7.50%, 11/01/2018		18		22
3.60%, 11/15/2020		251		261			$		729
Praxair Inc					Cosmetics & Personal Care - 0.09%
2.20%, 08/15/2022		300		287	Colgate-Palmolive Co
Sigma-Aldrich Corp					2.95%, 11/01/2020		154		160
3.38%, 11/01/2020		330		341	Procter & Gamble Co/The
		$		8,314	2.30%, 02/06/2022		411		408
Commercial Services - 0.14%					3.10%, 08/15/2023		350		360
CDK Global Inc					4.70%, 02/15/2019		177		197
3.30%, 10/15/2019^(c)		500		498	5.50%, 02/01/2034		350		451
Lender Processing Services Inc / Black Knight							$		1,576
Lending Solutions Inc					Credit Card Asset Backed Securities - 0.22%
5.75%, 04/15/2023		300		315	Capital One Multi-Asset Execution Trust
Massachusetts Institute of Technology					5.75%, 07/15/2020		476		529
4.68%, 07/01/2114		250		289	Chase Issuance Trust
MasterCard Inc					0.54%, 10/16/2017^(a)		650		650
2.00%, 04/01/2019		300		298	Citibank Credit Card Issuance Trust
McGraw Hill Financial Inc					1.02%, 02/22/2019^(a)		600		598
6.55%, 11/15/2037		51		55	1.11%, 07/23/2018		500		501
Moody's Corp					2.88%, 01/23/2023		500		513
5.25%, 07/15/2044		500		559	Discover Card Execution Note Trust
Western Union Co/The					0.69%, 08/15/2018		1,000		999
5.25%, 04/01/2020		25		28			$		3,790
Yale University
2.09%, 04/15/2019		400		402	Diversified Financial Services - 1.21%
		$		2,444	Air Lease Corp
					3.38%, 01/15/2019		400		405
Computers - 0.47%					American Express Co
Apple Inc					2.65%, 12/02/2022		400		392
0.45%, 05/03/2016		300		300	3.63%, 12/05/2024		500		504
1.00%, 05/03/2018		300		296	6.15%, 08/28/2017		128		143
1.05%, 05/05/2017		1,000		1,002	7.00%, 03/19/2018		282		326
2.40%, 05/03/2023		300		292	American Express Credit Corp
2.85%, 05/06/2021		500		511	1.55%, 09/22/2017		400		401
3.45%, 05/06/2024		400		419	2.25%, 08/15/2019		500		500
3.85%, 05/04/2043		300		300	2.80%, 09/19/2016		835		860
Computer Sciences Corp					Ameriprise Financial Inc
4.45%, 09/15/2022		100		102	4.00%, 10/15/2023		200		212
6.50%, 03/15/2018		302		338	7.30%, 06/28/2019		600		723
EMC Corp/MA					Bear Stearns Cos LLC/The
1.88%, 06/01/2018		500		498	5.55%, 01/22/2017		51		55
Hewlett-Packard Co					6.40%, 10/02/2017		328		367
2.60%, 09/15/2017		154		157	7.25%, 02/01/2018		444		512
2.65%, 06/01/2016		200		204	BlackRock Inc
3.00%, 09/15/2016		128		131	3.38%, 06/01/2022		200		206
3.75%, 12/01/2020		750		776	3.50%, 03/18/2024		500		515
4.65%, 12/09/2021		180		193	5.00%, 12/10/2019		25		28
6.00%, 09/15/2041		154		173	Capital One Bank USA NA
International Business Machines Corp					1.15%, 11/21/2016		200		199
0.45%, 05/06/2016		200		199	2.30%, 06/05/2019		400		397
1.25%, 02/08/2018		500		496	3.38%, 02/15/2023		300		298
1.63%, 05/15/2020		200		193	Charles Schwab Corp/The
5.60%, 11/30/2039		92		111	2.20%, 07/25/2018		300		304
5.70%, 09/14/2017		180		201	CME Group Inc/IL
5.88%, 11/29/2032		200		256	5.30%, 09/15/2043		200		242
6.22%, 08/01/2027		351		445	Countrywide Financial Corp
					6.25%, 05/15/2016		56		59


Schedule of Investments
Bond Market Index Account
December 31, 2014



		Principal					Principal
BONDS (continued)		Amount (000's)		Value (000's)	BONDS (continued)		Amount (000's)		Value (000's)

Diversified Financial Services (continued)					Electric (continued)
Credit Suisse USA Inc					Consolidated Edison Co of New York Inc
7.13%, 07/15/2032	$	300	$	418	4.20%, 03/15/2042	$	128	$	133
Ford Motor Credit Co LLC					5.50%, 12/01/2039		400		480
1.50%, 01/17/2017		500		497	5.85%, 03/15/2036		51		65
3.98%, 06/15/2016		300		311	6.65%, 04/01/2019		51		60
4.25%, 02/03/2017		200		210	6.75%, 04/01/2038		125		174
4.25%, 09/20/2022		200		212	Consumers Energy Co
4.38%, 08/06/2023		350		374	3.13%, 08/31/2024		500		502
5.00%, 05/15/2018		200		217	Dominion Gas Holdings LLC
5.88%, 08/02/2021		200		232	1.05%, 11/01/2016		500		499
GE Capital Trust I					4.60%, 12/15/2044		350		367
6.38%, 11/15/2067		15		16	Dominion Resources Inc/VA
General Electric Capital Corp					4.70%, 12/01/2044		300		319
2.30%, 04/27/2017		257		263	4.90%, 08/01/2041		77		84
2.30%, 01/14/2019		500		508	DTE Electric Co
4.63%, 01/07/2021		77		86	3.45%, 10/01/2020		405		425
5.00%, 01/08/2016		1,500		1,563	DTE Energy Co
5.30%, 02/11/2021		308		352	3.50%, 06/01/2024		500		509
5.38%, 10/20/2016		554		595	Duke Energy Carolinas LLC
5.50%, 01/08/2020		295		338	3.90%, 06/15/2021		410		442
5.63%, 09/15/2017		154		171	4.00%, 09/30/2042		100		103
5.63%, 05/01/2018		300		338	5.30%, 02/15/2040		12		15
5.88%, 01/14/2038		266		337	Duke Energy Corp
6.00%, 08/07/2019		181		211	3.75%, 04/15/2024		500		520
6.15%, 08/07/2037		155		202	Duke Energy Florida Inc
6.38%, 11/15/2067^(a)		300		322	4.55%, 04/01/2020		77		85
6.75%, 03/15/2032		1,881		2,569	5.65%, 06/15/2018		128		144
HSBC Finance Corp					5.65%, 04/01/2040		25		32
6.68%, 01/15/2021		99		117	6.40%, 06/15/2038		66		91
Jefferies Group LLC					Duke Energy Indiana Inc
3.88%, 11/09/2015		102		104	3.75%, 07/15/2020		37		39
6.50%, 01/20/2043		200		204	4.20%, 03/15/2042		128		137
6.88%, 04/15/2021		27		31	6.12%, 10/15/2035		77		99
8.50%, 07/15/2019		12		14	6.45%, 04/01/2039		300		424
Murray Street Investment Trust I					Duke Energy Ohio Inc
4.65%, 03/09/2017^(a)		257		271	5.45%, 04/01/2019		128		145
NASDAQ OMX Group Inc/The					Duke Energy Progress Inc
4.25%, 06/01/2024		350		359	4.15%, 12/01/2044		300		319
National Rural Utilities Cooperative Finance					Entergy Arkansas Inc
Corp					3.70%, 06/01/2024		500		524
3.05%, 02/15/2022		102		103	3.75%, 02/15/2021		25		27
5.45%, 04/10/2017		400		437	Entergy Corp
10.38%, 11/01/2018		218		284	4.70%, 01/15/2017		128		135
Nomura Holdings Inc					5.13%, 09/15/2020		89		97
2.75%, 03/19/2019		500		505	Exelon Generation Co LLC
4.13%, 01/19/2016		154		158	5.20%, 10/01/2019		102		113
6.70%, 03/04/2020		129		153	6.25%, 10/01/2039		344		413
Synchrony Financial					FirstEnergy Solutions Corp
4.25%, 08/15/2024		300		308	6.80%, 08/15/2039		101		108
		$		21,038	Florida Power & Light Co
					4.05%, 10/01/2044		500		524
Electric - 1.80%					5.13%, 06/01/2041		154		188
Ameren Illinois Co					5.63%, 04/01/2034		25		31
2.70%, 09/01/2022		300		295	5.69%, 03/01/2040		48		63
Appalachian Power Co					Georgia Power Co
6.70%, 08/15/2037		277		370	3.00%, 04/15/2016		77		79
7.00%, 04/01/2038		120		167	4.25%, 12/01/2019		77		84
Arizona Public Service Co					4.30%, 03/15/2042		228		239
3.35%, 06/15/2024		200		207	Great Plains Energy Inc
4.50%, 04/01/2042		77		82	4.85%, 06/01/2021		77		84
Baltimore Gas & Electric Co					Hydro-Quebec
5.90%, 10/01/2016		69		75	1.38%, 06/19/2017		300		302
Berkshire Hathaway Energy Co					8.05%, 07/07/2024		102		143
2.00%, 11/15/2018		250		249	Iberdrola International BV
6.13%, 04/01/2036		156		196	6.75%, 07/15/2036		128		163
CMS Energy Corp					Interstate Power & Light Co
5.05%, 03/15/2022		500		561	3.25%, 12/01/2024		400		407
Commonwealth Edison Co					LG&E and KU Energy LLC
4.00%, 08/01/2020		10		11	3.75%, 11/15/2020		77		80
5.80%, 03/15/2018		212		239	Louisville Gas & Electric Co
5.88%, 02/01/2033		300		377	5.13%, 11/15/2040		51		63


Schedule of Investments
Bond Market Index Account
December 31, 2014



		Principal				Principal
BONDS (continued)		Amount (000's)		Value (000's)	BONDS (continued)	Amount (000's)			Value (000's)

Electric (continued)					Electric (continued)
MidAmerican Energy Co					San Diego Gas & Electric Co
3.50%, 10/15/2024	$	750	$	776	5.35%, 05/15/2040	$	84	$	104
Mississippi Power Co					South Carolina Electric & Gas Co
4.25%, 03/15/2042		100		101	5.45%, 02/01/2041		77		95
Nevada Power Co					Southern California Edison Co
5.45%, 05/15/2041		150		189	1.13%, 05/01/2017		500		499
6.50%, 05/15/2018		77		89	4.05%, 03/15/2042		318		330
6.65%, 04/01/2036		800		1,106	5.50%, 03/15/2040		102		129
7.13%, 03/15/2019		12		14	5.95%, 02/01/2038		117		154
NextEra Energy Capital Holdings Inc					Southern Co/The
4.50%, 06/01/2021		351		381	1.30%, 08/15/2017		500		498
NiSource Finance Corp					2.15%, 09/01/2019		500		497
5.25%, 09/15/2017		70		77	Southern Power Co
5.95%, 06/15/2041		525		656	5.25%, 07/15/2043		200		231
6.40%, 03/15/2018		215		245	Southwestern Electric Power Co
Northern States Power Co/MN					6.20%, 03/15/2040		51		66
5.25%, 03/01/2018		41		45	6.45%, 01/15/2019		125		145
5.35%, 11/01/2039		82		103	Tampa Electric Co
NorthWestern Corp					4.35%, 05/15/2044		200		213
4.18%, 11/15/2044		300		318	TransAlta Corp
NSTAR Electric Co					6.50%, 03/15/2040		25		27
2.38%, 10/15/2022		750		723	Union Electric Co
Oglethorpe Power Corp					3.50%, 04/15/2024		500		521
4.20%, 12/01/2042		250		252	6.40%, 06/15/2017		77		86
Ohio Edison Co					Virginia Electric & Power Co
8.25%, 10/15/2038		119		190	2.75%, 03/15/2023		500		494
Ohio Power Co					4.65%, 08/15/2043		250		280
6.00%, 06/01/2016		181		193	6.00%, 05/15/2037		77		101
Oklahoma Gas & Electric Co					8.88%, 11/15/2038		10		17
4.00%, 12/15/2044		200		203	Westar Energy Inc
Oncor Electric Delivery Co LLC					5.10%, 07/15/2020		167		189
5.00%, 09/30/2017		400		435	Wisconsin Power & Light Co
5.25%, 09/30/2040		51		62	4.10%, 10/15/2044		400		414
6.80%, 09/01/2018		374		436	Xcel Energy Inc
7.25%, 01/15/2033		300		433	0.75%, 05/09/2016		500		499
Pacific Gas & Electric Co							$		31,244
3.25%, 06/15/2023		1,000		1,002
3.50%, 10/01/2020		25		26	Electrical Components & Equipment - 0.01%
4.45%, 04/15/2042		102		108	Emerson Electric Co
5.40%, 01/15/2040		128		151	2.63%, 02/15/2023		100		98
6.05%, 03/01/2034		452		575	4.88%, 10/15/2019		25		28
PacifiCorp							$		126
5.65%, 07/15/2018		70		79	Electronics - 0.17%
6.25%, 10/15/2037		92		125	Arrow Electronics Inc
PECO Energy Co					3.00%, 03/01/2018		300		308
2.38%, 09/15/2022		100		97	4.50%, 03/01/2023		200		207
4.80%, 10/15/2043		250		298	Corning Inc
PPL Capital Funding Inc					4.75%, 03/15/2042		102		109
3.40%, 06/01/2023		300		301	Honeywell International Inc
4.70%, 06/01/2043		100		107	3.35%, 12/01/2023		265		275
PPL Electric Utilities Corp					5.30%, 03/01/2018		128		142
2.50%, 09/01/2022		200		198	5.38%, 03/01/2041		77		96
Progress Energy Inc					5.70%, 03/15/2037		12		15
3.15%, 04/01/2022		128		130	Jabil Circuit Inc
7.75%, 03/01/2031		136		197	4.70%, 09/15/2022		100		99
PSEG Power LLC					Keysight Technologies Inc
2.45%, 11/15/2018		180		180	3.30%, 10/30/2019^(c)		500		497
2.75%, 09/15/2016		77		79	Koninklijke Philips NV
5.13%, 04/15/2020		300		333	5.00%, 03/15/2042		128		143
Public Service Co of Colorado					5.75%, 03/11/2018		10		11
3.95%, 03/15/2043		100		106	Thermo Fisher Scientific Inc
4.75%, 08/15/2041		550		637	1.85%, 01/15/2018		476		472
Public Service Co of New Mexico					2.40%, 02/01/2019		500		501
7.95%, 05/15/2018		154		181	4.70%, 05/01/2020		51		56
Public Service Electric & Gas Co							$		2,931
3.50%, 08/15/2020		73		76
3.65%, 09/01/2042		200		196	Engineering & Construction - 0.01%
Puget Sound Energy Inc					ABB Finance USA Inc
4.43%, 11/15/2041		77		84	2.88%, 05/08/2022		100		101
5.80%, 03/15/2040		351		454


Schedule of Investments
Bond Market Index Account
December 31, 2014



		Principal						Principal
BONDS (continued)		Amount (000's)		Value (000's)	BONDS (continued)			Amount (000's)		Value (000's)

Entertainment - 0.01%					Finance - Mortgage Loan/Banker (continued)
International Game Technology					Federal Home Loan Banks		(continued)
5.35%, 10/15/2023	$	200	$	201	4.75%, 12/16/2016		$	60	$	65
					4.88%, 05/17/2017			320		350
					5.00%, 11/17/2017			690		767
Environmental Control - 0.07%					5.38%, 05/18/2016			575		613
Republic Services Inc
4.75%, 05/15/2023		51		57	5.38%, 09/30/2022			500		605
					5.50%, 07/15/2036			180		247
5.25%, 11/15/2021		200		226	5.63%, 06/11/2021			150		181
5.50%, 09/15/2019		104		117
6.20%, 03/01/2040		59		76	Freddie Mac
					0.50%, 01/28/2016			350		350
Waste Management Inc					0.50%, 05/13/2016			1,000		1,000
7.00%, 07/15/2028		515		673
7.38%, 03/11/2019		77		93	0.75%, 01/12/2018			500		493
					0.88%, 10/14/2016			1,000		1,004
		$		1,242	0.88%, 02/22/2017			1,000		1,002
Federal & Federally Sponsored Credit - 0.01%					0.88%, 03/07/2018			500		494
Federal Farm Credit Banks					0.90%, 01/09/2017^(e)			500		500
0.54%, 11/07/2016		200		199	1.00%, 03/08/2017			1,500		1,504
					1.00%, 09/29/2017			1,200		1,197
					1.02%, 04/30/2018			775		763
Finance - Mortgage Loan/Banker - 3.01%					1.20%, 06/12/2018			640		633
Fannie Mae					1.25%, 05/12/2017			257		259
0.00%, 06/01/2017^(d)		154		150
0.00%, 10/09/2019^(d)		1,390		1,250	1.25%, 12/05/2017			1,800		1,796
					1.25%, 08/01/2019			500		491
0.50%, 03/30/2016		525		528	1.25%, 10/02/2019			1,000		978
0.63%, 08/26/2016		1,000		1,000	1.38%, 05/01/2020			1,000		975
0.75%, 04/20/2017		1,500		1,495	1.40%, 08/22/2019			500		493
0.88%, 08/28/2017		500		498	2.00%, 08/25/2016			500		512
0.88%, 10/26/2017		1,000		992	2.38%, 01/13/2022			757		765
0.88%, 12/20/2017		800		792	2.50%, 05/27/2016			180		185
0.88%, 02/08/2018		1,000		989	3.00%, 01/18/2028			205		196
0.88%, 05/21/2018		1,000		983	3.75%, 03/27/2019			1,052		1,145
0.95%, 08/23/2017		700		695	4.75%, 01/19/2016			231		242
1.00%, 09/27/2017		300		299	4.88%, 06/13/2018			212		237
1.00%, 12/28/2017		500		496	5.00%, 02/16/2017			102		111
1.00%, 04/30/2018		575		566	5.00%, 04/18/2017			257		281
1.07%, 09/27/2017		300		298	5.13%, 11/17/2017			180		200
1.13%, 04/27/2017		500		503	5.25%, 04/18/2016			180		191
1.13%, 03/28/2018		200		198	5.50%, 07/18/2016			321		345
1.15%, 02/28/2018		400		398	5.50%, 08/23/2017			231		258
1.25%, 09/28/2016		321		324	6.25%, 07/15/2032			231		338
1.25%, 01/30/2017		1,192		1,203	6.75%, 03/15/2031			577		867
1.38%, 11/15/2016		257		260				$		52,234
1.55%, 10/29/2019		250		247
1.75%, 09/12/2019		300		301	Food- 0.54	%
1.75%, 11/26/2019		750		750	Campbell Soup Co
2.38%, 04/11/2016		180		184	3.05%, 07/15/2017			128		132
2.63%, 09/06/2024		750		760	4.25%, 04/15/2021			51		55
5.00%, 03/15/2016		321		339	ConAgra Foods Inc
5.00%, 02/13/2017		64		70	1.30%, 01/25/2016			200		200
5.00%, 05/11/2017		64		70	3.20%, 01/25/2023			724		709
5.25%, 09/15/2016		701		755	3.25%, 09/15/2022			100		99
5.38%, 06/12/2017		321		355	4.65%, 01/25/2043			66		69
5.63%, 07/15/2037		200		282	Delhaize Group SA
6.00%, 04/18/2036		51		54	5.70%, 10/01/2040			102		107
6.63%, 11/15/2030		602		894	General Mills Inc
7.13%, 01/15/2030		199		303	3.15%, 12/15/2021			77		80
7.25%, 05/15/2030		780		1,214	5.65%, 02/15/2019			75		85
Federal Home Loan Banks					5.70%, 02/15/2017			500		546
0.38%, 02/19/2016		1,200		1,200	Kellogg Co
0.38%, 06/24/2016		800		798	1.75%, 05/17/2017			1,000		1,005
0.50%, 09/28/2016		300		299	4.00%, 12/15/2020			112		120
0.63%, 11/23/2016		750		749	Kraft Foods Group Inc
0.63%, 12/28/2016		1,200		1,197	3.50%, 06/06/2022			300		307
0.88%, 05/24/2017		250		250	5.00%, 06/04/2042			200		220
1.00%, 06/21/2017		500		500	5.38%, 02/10/2020			95		108
1.13%, 12/08/2017		750		748	6.50%, 02/09/2040			75		96
1.25%, 02/28/2018		260		260	6.88%, 01/26/2039			161		213
1.30%, 06/05/2018		500		498	Kroger Co/The
1.38%, 03/09/2018		1,000		1,002	3.40%, 04/15/2022			154		157
1.50%, 02/28/2017		1,000		1,006	5.15%, 08/01/2043			300		342
1.63%, 04/28/2017		100		100	5.40%, 07/15/2040			25		29
1.63%, 06/14/2019		500		499	6.15%, 01/15/2020			12		14


Schedule of Investments
Bond Market Index Account
December 31, 2014



				Principal						Principal
	BONDS (continued)			Amount (000's)		Value (000's)	BONDS (continued)			Amount (000's)		Value (000's)

	Food (continued)						Healthcare - Products (continued)
	Kroger Co/The (continued)						Boston Scientific Corp	(continued)
	6.40%, 08/15/2017		$	18	$	20	7.38%, 01/15/2040		$	51	$	68
	7.50%, 04/01/2031			400		540	Covidien International Finance SA
	Mondelez International Inc						6.00%, 10/15/2017			123		138
	4.13%, 02/09/2016			615		638	Medtronic Inc
	5.38%, 02/10/2020			500		566	0.88%, 02/27/2017			250		249
	6.13%, 02/01/2018			255		287	2.50%, 03/15/2020^(c)			350		351
	6.50%, 02/09/2040			139		185	2.75%, 04/01/2023			200		194
	Safeway Inc						3.15%, 03/15/2022^(c)			500		506
	3.95%, 08/15/2020			32		32	4.00%, 04/01/2043			150		143
	Sysco Corp						4.45%, 03/15/2020			102		112
	3.00%, 10/02/2021			1,000		1,015	4.63%, 03/15/2045^(c)			600		650
	Tyson Foods Inc						St Jude Medical Inc
	2.65%, 08/15/2019			350		353	3.25%, 04/15/2023			600		600
	5.15%, 08/15/2044			350		393	Stryker Corp
	Unilever Capital Corp						4.10%, 04/01/2043			200		201
	2.20%, 03/06/2019			250		253	4.38%, 01/15/2020			25		27
	5.90%, 11/15/2032			230		315	4.38%, 05/15/2044			200		208
				$		9,290				$		5,404

	Forest Products & Paper - 0.08%						Healthcare - Services - 0.34%
	Georgia-Pacific LLC						Aetna Inc
	7.75%, 11/15/2029			51		72	1.50%, 11/15/2017			100		99
	8.00%, 01/15/2024			228		303	4.13%, 06/01/2021			102		110
	International Paper Co						4.13%, 11/15/2042			100		101
	4.75%, 02/15/2022			500		545	6.63%, 06/15/2036			105		140
	7.30%, 11/15/2039			25		33	6.75%, 12/15/2037			112		148
	7.50%, 08/15/2021			136		170	Anthem Inc
	9.38%, 05/15/2019			61		78	2.30%, 07/15/2018			500		503
	MeadWestvaco Corp						3.30%, 01/15/2023			300		300
	7.38%, 09/01/2019			100		118	4.65%, 01/15/2043			100		104
	Plum Creek Timberlands LP						5.85%, 01/15/2036			250		307
	4.70%, 03/15/2021			51		55	Cigna Corp
				$		1,374	2.75%, 11/15/2016			128		131
							5.38%, 02/15/2042			128		151
Gas	- 0.19	%					Coventry Health Care Inc
	Atmos Energy Corp						5.45%, 06/15/2021			500		574
	4.13%, 10/15/2044			400		415	Dignity Health
	CenterPoint Energy Inc						2.64%, 11/01/2019			500		504
	6.50%, 05/01/2018			77		88	Howard Hughes Medical Institute
	National Grid PLC						3.50%, 09/01/2023			400		418
	6.30%, 08/01/2016			41		44	Humana Inc
	ONE Gas Inc						4.95%, 10/01/2044			300		319
	2.07%, 02/01/2019			1,000		1,002	Quest Diagnostics Inc
	Piedmont Natural Gas Co Inc						4.70%, 04/01/2021			102		110
	4.10%, 09/18/2034			500		536	4.75%, 01/30/2020			3		3
	Sempra Energy						5.45%, 11/01/2015			18		19
	6.00%, 10/15/2039			112		138	UnitedHealth Group Inc
	6.15%, 06/15/2018			120		136	1.40%, 10/15/2017			400		400
	Southern California Gas Co						2.88%, 03/15/2022			180		181
	3.15%, 09/15/2024			500		505	4.38%, 03/15/2042			750		800
	4.45%, 03/15/2044			400		449	4.70%, 02/15/2021			90		101
				$		3,313	6.50%, 06/15/2037			77		103
	Hand & Machine Tools - 0.01%						6.88%, 02/15/2038			141		198
	Stanley Black & Decker Inc									$		5,824
	2.90%, 11/01/2022			200		197	Home Furnishings - 0.01%
							Whirlpool Corp
	Healthcare - Products - 0.31%						4.85%, 06/15/2021			77		85
	Baxter International Inc
	1.85%, 06/15/2018			500		498	Housewares - 0.02%
	2.40%, 08/15/2022			250		238	Newell Rubbermaid Inc
	4.25%, 03/15/2020			51		55	2.88%, 12/01/2019			400		400
	5.90%, 09/01/2016			18		19
	Becton Dickinson and Co
	2.68%, 12/15/2019			350		355	Insurance - 0.93%
	4.69%, 12/15/2044			250		269	ACE INA Holdings Inc
	5.00%, 11/12/2040			51		55	6.70%, 05/15/2036			250		353
	Boston Scientific Corp						Aegon NV
	4.13%, 10/01/2023			350		358	4.63%, 12/01/2015			23		24
	6.00%, 01/15/2020			51		57	Aflac Inc
	6.25%, 11/15/2015			51		53	3.63%, 11/15/2024			200		204


Schedule of Investments
Bond Market Index Account
December 31, 2014



		Principal					Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)	Amount (000's) Value (000's)

Insurance (continued)					Insurance (continued)
Aflac Inc (continued)					Prudential Financial Inc	(continued)
6.45%, 08/15/2040	$	132	$	172	6.00%, 12/01/2017	$	1,077	$	1,206
8.50%, 05/15/2019		12		15	6.63%, 12/01/2037		126		166
Allstate Corp/The					7.38%, 06/15/2019		350		421
5.55%, 05/09/2035		200		248	Reinsurance Group of America Inc
American International Group Inc					4.70%, 09/15/2023		200		215
4.88%, 06/01/2022		250		281	Travelers Cos Inc/The
5.60%, 10/18/2016		577		620	5.90%, 06/02/2019		350		405
5.85%, 01/16/2018		154		172	6.25%, 06/15/2037		12		16
6.25%, 05/01/2036		500		648	6.75%, 06/20/2036		51		72
6.40%, 12/15/2020		89		106	Unum Group
6.82%, 11/15/2037		250		342	7.13%, 09/30/2016		77		84
Aon Corp					Validus Holdings Ltd
5.00%, 09/30/2020		128		143	8.88%, 01/26/2040		51		71
Aon PLC					Voya Financial Inc
4.45%, 05/24/2043		300		299	5.50%, 07/15/2022		350		395
Arch Capital Group US Inc					Willis Group Holdings PLC
5.14%, 11/01/2043		375		417	4.13%, 03/15/2016		128		132
AXA SA					WR Berkley Corp
8.60%, 12/15/2030		38		52	6.25%, 02/15/2037		29		35
Berkshire Hathaway Finance Corp					XLIT Ltd
1.30%, 05/15/2018		300		298	2.30%, 12/15/2018		350		350
2.00%, 08/15/2018		500		506			$		16,072
4.25%, 01/15/2021		102		112
4.30%, 05/15/2043		300		318	Internet - 0.08%
5.75%, 01/15/2040		115		147	Amazon.com Inc
Berkshire Hathaway Inc					1.20%, 11/29/2017		100		99
1.90%, 01/31/2017		128		130	2.50%, 11/29/2022		100		95
3.40%, 01/31/2022		205		213	2.60%, 12/05/2019		250		252
Chubb Corp/The					Baidu Inc
6.50%, 05/15/2038		10		14	3.25%, 08/06/2018		500		511
CNA Financial Corp					eBay Inc
5.75%, 08/15/2021		77		88	2.60%, 07/15/2022		100		95
Fidelity National Financial Inc					4.00%, 07/15/2042		100		89
6.60%, 05/15/2017		51		56	Expedia Inc
Hartford Financial Services Group Inc/The					7.46%, 08/15/2018		128		149
5.38%, 03/15/2017		177		191	Google Inc
6.63%, 03/30/2040		25		34	2.13%, 05/19/2016		51		52
Lincoln National Corp					3.63%, 05/19/2021		51		55
4.00%, 09/01/2023		1,000		1,037			$		1,397
6.15%, 04/07/2036		80		99	Investment Companies - 0.01%
7.00%, 06/15/2040		47		65	Prospect Capital Corp
8.75%, 07/01/2019		141		176	5.00%, 07/15/2019		250		254
Loews Corp
2.63%, 05/15/2023		200		189
4.13%, 05/15/2043		200		190	Iron & Steel - 0.14%
Markel Corp					Nucor Corp
5.00%, 03/30/2043		200		212	5.75%, 12/01/2017		12		13
Marsh & McLennan Cos Inc					Vale Overseas Ltd
2.35%, 09/10/2019		400		401	5.63%, 09/15/2019		546		581
MetLife Inc					6.25%, 01/23/2017		351		374
3.60%, 04/10/2024		250		257	6.88%, 11/21/2036		1,367		1,441
4.37%, 09/15/2023^(a)		200		218	8.25%, 01/17/2034		38		46
5.70%, 06/15/2035		164		204			$		2,455
6.40%, 12/15/2066^(a)		288		321
					Lodging - 0.05%
6.75%, 06/01/2016		257		277	Marriott International Inc/DE
7.72%, 02/15/2019		225		273	3.13%, 10/15/2021		500		503
PartnerRe Finance B LLC					Wyndham Worldwide Corp
5.50%, 06/01/2020		115		129	3.90%, 03/01/2023		300		296
Progressive Corp/The							$		799
3.75%, 08/23/2021		277		297
4.35%, 04/25/2044		200		216	Machinery - Construction & Mining - 0.13%
Protective Life Corp					Caterpillar Financial Services Corp
8.45%, 10/15/2039		51		77	1.25%, 08/18/2017		500		498
Prudential Financial Inc					1.63%, 06/01/2017		150		151
3.00%, 05/12/2016		600		615	2.45%, 09/06/2018		200		205
3.50%, 05/15/2024		700		711	2.65%, 04/01/2016		77		79
4.50%, 11/16/2021		128		140	7.05%, 10/01/2018		200		236
5.70%, 12/14/2036		25		30	7.15%, 02/15/2019		113		135
5.80%, 11/16/2041		51		62	Caterpillar Inc
5.88%, 09/15/2042^(a)		100		105	3.80%, 08/15/2042		105		103


Schedule of Investments
Bond Market Index Account
December 31, 2014



			Principal						Principal
	BONDS (continued)		Amount (000's)			Value (000's)	BONDS (continued)		Amount (000's)		Value (000's)

	Machinery - Construction & Mining (continued)						Media (continued)
	Caterpillar Inc (continued)						Time Warner Cable Inc
	4.75%, 05/15/2064		$	350	$	381	4.00%, 09/01/2021	$	180	$	192
	6.05%, 08/15/2036			332		431	5.50%, 09/01/2041		300		349
				$		2,219	5.85%, 05/01/2017		51		56
							6.55%, 05/01/2037		151		194
	Machinery - Diversified - 0.14%						6.75%, 07/01/2018		51		58
	Deere & Co						6.75%, 06/15/2039		77		101
	4.38%, 10/16/2019			56		61	7.30%, 07/01/2038		300		414
	John Deere Capital Corp						8.25%, 04/01/2019		154		189
	1.20%, 10/10/2017			200		199	8.75%, 02/14/2019		48		59
	1.30%, 03/12/2018			1,525		1,509	Time Warner Entertainment Co LP
	1.40%, 03/15/2017			180		180	8.38%, 07/15/2033		95		143
	2.25%, 06/07/2016			77		79	Time Warner Inc
	Rockwell Automation Inc						4.00%, 01/15/2022		180		188
	6.25%, 12/01/2037			51		68	4.05%, 12/15/2023		500		525
	Roper Industries Inc						4.65%, 06/01/2044		500		521
	1.85%, 11/15/2017			300		300	4.70%, 01/15/2021		81		89
				$		2,396	4.88%, 03/15/2020		42		46
Media	- 1.04	%					5.38%, 10/15/2041		128		145
	21st Century Fox America Inc						5.88%, 11/15/2016		180		195
	4.50%, 02/15/2021			200		219	6.10%, 07/15/2040		43		52
	5.65%, 08/15/2020			51		59	6.20%, 03/15/2040		51		62
	6.15%, 02/15/2041			577		734	6.50%, 11/15/2036		120		153
	6.20%, 12/15/2034			154		197	7.63%, 04/15/2031		445		620
	6.40%, 12/15/2035			128		167	Viacom Inc
	6.90%, 03/01/2019			154		182	2.50%, 12/15/2016		102		104
	CBS Corp						3.25%, 03/15/2023		750		724
	1.95%, 07/01/2017			200		201	3.88%, 12/15/2021		128		133
	4.85%, 07/01/2042			200		203	4.38%, 03/15/2043		100		92
	5.75%, 04/15/2020			65		74	6.88%, 04/30/2036		166		211
	7.88%, 07/30/2030			178		249	Walt Disney Co/The
	Comcast Corp						1.10%, 12/01/2017		100		99
	2.85%, 01/15/2023			100		99	1.35%, 08/16/2016		51		51
	4.20%, 08/15/2034			750		784	2.35%, 12/01/2022		750		735
	4.25%, 01/15/2033			100		106	2.75%, 08/16/2021		102		104
	4.65%, 07/15/2042			100		109	3.70%, 12/01/2042		100		98
	5.15%, 03/01/2020			774		877	3.75%, 06/01/2021		200		216
	5.90%, 03/15/2016			1,128		1,196	7.00%, 03/01/2032		51		74
	6.30%, 11/15/2017			128		145			$		18,024
	6.45%, 03/15/2037			60		80	Metal Fabrication & Hardware - 0.03%
	6.95%, 08/15/2037			274		386	Precision Castparts Corp
	7.05%, 03/15/2033			300		417	1.25%, 01/15/2018		200		198
	DIRECTV Holdings LLC / DIRECTV						2.50%, 01/15/2023		100		96
	Financing Co Inc						3.90%, 01/15/2043		175		176
	1.75%, 01/15/2018			600		596			$		470
	2.40%, 03/15/2017			200		204
	3.80%, 03/15/2022			102		104	Mining - 0.49%
	4.60%, 02/15/2021			171		183	Barrick Gold Corp
	5.88%, 10/01/2019			56		64	4.10%, 05/01/2023		150		146
	6.00%, 08/15/2040			663		743	6.95%, 04/01/2019		200		228
	Discovery Communications LLC						Barrick North America Finance LLC
	3.25%, 04/01/2023			200		194	4.40%, 05/30/2021		1,000		1,010
	5.05%, 06/01/2020			51		56	Barrick PD Australia Finance Pty Ltd
	5.63%, 08/15/2019			51		57	4.95%, 01/15/2020		60		64
	6.35%, 06/01/2040			43		51	5.95%, 10/15/2039		90		86
	Grupo Televisa SAB						BHP Billiton Finance USA Ltd
	6.00%, 05/15/2018			500		555	1.63%, 02/24/2017		128		129
	6.63%, 03/18/2025			200		245	3.25%, 11/21/2021		128		132
	Historic TW Inc						4.13%, 02/24/2042		328		321
	6.88%, 06/15/2018			25		29	5.00%, 09/30/2043		500		567
	NBCUniversal Media LLC						6.50%, 04/01/2019		23		27
	4.38%, 04/01/2021			151		166	Freeport-McMoRan Inc
	5.15%, 04/30/2020			75		85	3.55%, 03/01/2022		302		285
	5.95%, 04/01/2041			100		129	3.88%, 03/15/2023		1,000		943
	6.40%, 04/30/2040			251		336	5.40%, 11/14/2034		300		292
	Reed Elsevier Capital Inc						Goldcorp Inc
	3.13%, 10/15/2022			125		124	3.63%, 06/09/2021		300		300
	Thomson Reuters Corp						Newmont Mining Corp
	0.88%, 05/23/2016			300		298	3.50%, 03/15/2022		102		96
	4.50%, 05/23/2043			300		300	5.13%, 10/01/2019		801		858
	5.85%, 04/15/2040			25		29	6.25%, 10/01/2039		118		120


Schedule of Investments
Bond Market Index Account
December 31, 2014



		Principal					Principal
BONDS (continued)		Amount (000's)		Value (000's)	BONDS (continued)		Amount (000's)		Value (000's)

Mining (continued)					Mortgage Backed Securities (continued)
Placer Dome Inc					Bear Stearns Commercial Mortgage Securities
6.45%, 10/15/2035	$	150	$	166	Trust 2006-PWR12
Rio Tinto Alcan Inc					5.70%, 09/11/2038^(a)	$	97	$	102
6.13%, 12/15/2033		77		93	Bear Stearns Commercial Mortgage Securities
Rio Tinto Finance USA Ltd					Trust 2006-PWR13
2.25%, 09/20/2016		200		204	5.54%, 09/11/2041		122		128
3.75%, 09/20/2021		128		132	Bear Stearns Commercial Mortgage Securities
6.50%, 07/15/2018		203		232	Trust 2006-PWR14
7.13%, 07/15/2028		512		667	5.20%, 12/11/2038		500		530
9.00%, 05/01/2019		83		105	Bear Stearns Commercial Mortgage Securities
Rio Tinto Finance USA PLC					Trust 2006-TOP24
4.75%, 03/22/2042		328		336	5.54%, 10/12/2041		183		193
Southern Copper Corp					CD 2006-CD3 Mortgage Trust
5.38%, 04/16/2020		25		27	5.62%, 10/15/2048		73		77
6.75%, 04/16/2040		258		271	Citigroup Commercial Mortgage Trust 2013-
Teck Resources Ltd					GC11
2.50%, 02/01/2018		300		291	0.75%, 04/10/2046		310		309
3.00%, 03/01/2019		102		99	Citigroup Commercial Mortgage Trust 2013-
4.50%, 01/15/2021		200		196	GC15
6.25%, 07/15/2041		154		142	4.37%, 09/10/2046		1,000		1,104
		$		8,565	COMM 2007-C9 Mortgage Trust
					5.80%, 12/10/2049^(a)		629		687
Miscellaneous Manufacturing - 0.25%					COMM 2012-CCRE5 Mortgage Trust
3M Co					1.68%, 12/10/2045		531		530
1.38%, 09/29/2016		128		129	COMM 2013-CCRE8 Mortgage Trust
5.70%, 03/15/2037		38		49	3.61%, 06/10/2046		500		524
Crane Co					COMM 2013-LC6 Mortgage Trust
4.45%, 12/15/2023		100		105	2.94%, 01/10/2046		500		502
Danaher Corp					Comm 2014-Ccre14 Mortgage Trust
5.63%, 01/15/2018		128		143	3.15%, 02/10/2047		500		519
Dover Corp					COMM 2014-LC15 Mortgage Trust
5.38%, 03/01/2041		77		96	2.84%, 04/10/2047		1,000		1,026
Eaton Corp					COMM 2014-UBS3 Mortgage Trust
1.50%, 11/02/2017		400		398	3.82%, 06/10/2047		500		530
2.75%, 11/02/2022		100		98	Commercial Mortgage Loan Trust 2008-LS1
4.00%, 11/02/2032		100		102	6.04%, 12/10/2049^(a)		83		89
4.15%, 11/02/2042		50		50	Commercial Mortgage Pass Through
General Electric Co					Certificates
2.70%, 10/09/2022		300		300	2.82%, 10/15/2045^(a)		500		500
4.13%, 10/09/2042		300		311	Commercial Mortgage Trust 2007-GG11
4.50%, 03/11/2044		500		550	5.74%, 12/10/2049		386		418
5.25%, 12/06/2017		300		333	Commercial Mortgage Trust 2007-GG9
Illinois Tool Works Inc					5.44%, 03/10/2039^(a)		217		232
3.50%, 03/01/2024		350		364	Credit Suisse Commercial Mortgage Trust
Ingersoll-Rand Global Holding Co Ltd					Series 2006-C4
6.88%, 08/15/2018		990		1,149	5.47%, 09/15/2039		415		436
Parker-Hannifin Corp					Fannie Mae-Aces
3.50%, 09/15/2022		77		81	2.51%, 04/25/2023^(a)		867		865
Tyco Electronics Group SA					3.12%, 08/25/2024^(a)		998		1,035
6.55%, 10/01/2017		112		126	3.46%, 01/25/2024^(a)		700		737
7.13%, 10/01/2037		14		19	FHLMC Multifamily Structured Pass Through
		$		4,403	Certificates
					2.08%, 12/25/2019^(a)		570		579
Mortgage Backed Securities - 2.16%
Banc of America Commercial Mortgage Trust					2.87%, 12/25/2021		540		556
2006-3					3.02%, 02/25/2023^(a)		422		439
5.89%, 07/10/2044		14		15	3.06%, 07/25/2023^(a)		750		774
Banc of America Commercial Mortgage Trust					3.31%, 05/25/2023^(a)		810		851
2006-5					3.87%, 04/25/2021^(a)		1,350		1,469
5.41%, 09/10/2047^(a)		514		538	4.19%, 12/25/2020^(a)		850		937
Banc of America Commercial Mortgage Trust					GE Capital Commercial Mortgage Corp
2007-2					5.31%, 11/10/2045^(a)		26		26
5.63%, 04/10/2049		8		8	GMAC Commercial Mortgage Securities Inc
Banc of America Commercial Mortgage Trust					Series 2006-C1 Trust
2008-1					5.24%, 11/10/2045		666		678
6.24%, 02/10/2051^(a)		34		38	GS Mortgage Securities Corp II
Banc of America Merrill Lynch Commercial					2.77%, 11/10/2045		500		497
Mortgage Inc					GS Mortgage Securities Trust 2007-GG10
5.15%, 09/10/2047^(a)		117		120	5.80%, 08/10/2045^(a)		464		503
Bear Stearns Commercial Mortgage Securities					GS Mortgage Securities Trust 2012-GC6
Trust 2005-PWR10					3.48%, 01/10/2045		274		286
5.41%, 12/11/2040		102		105


Schedule of Investments
Bond Market Index Account
December 31, 2014



			Principal						Principal
	BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)			Amount (000's) Value (000's)

	Mortgage Backed Securities (continued)					Mortgage Backed Securities (continued)
	GS Mortgage Securities Trust 2014-GC18					UBS-Barclays Commercial Mortgage Trust
	3.80%, 01/10/2047^(a)	$	500	$	528	2012	-C2
	JP Morgan Chase Commercial Mortgage					2.11%, 05/10/2063		$	500	$	506
	Securities Trust 2005-LDP5					UBS-Barclays Commercial Mortgage Trust
	5.24%, 12/15/2044^(a)		458		466	2012	-C3
	5.28%, 12/15/2044^(a)		700		722	3.09%, 08/10/2049^(a)			550		558
	JP Morgan Chase Commercial Mortgage					UBS-Barclays Commercial Mortgage Trust
	Securities Trust 2006-CIBC17					2013	-C6
	5.43%, 12/12/2043		305		321	3.24%, 04/10/2046^(a)			500		510
	JP Morgan Chase Commercial Mortgage					Wachovia Bank Commercial Mortgage Trust
	Securities Trust 2006-LDP7					Series 2005-C22
	5.87%, 04/15/2045^(a)		257		273	5.27%, 12/15/2044^(a)			116		119
	JP Morgan Chase Commercial Mortgage					Wachovia Bank Commercial Mortgage Trust
	Securities Trust 2006-LDP8					Series 2006-C23
	5.44%, 05/15/2045^(a)		17		18	5.42%, 01/15/2045			193		200
	JP Morgan Chase Commercial Mortgage					Wachovia Bank Commercial Mortgage Trust
	Securities Trust 2006-LDP9					Series 2006-C27
	5.34%, 05/15/2047		337		357	5.80%, 07/15/2045			287		306
	JP Morgan Chase Commercial Mortgage					Wachovia Bank Commercial Mortgage Trust
	Securities Trust 2007-LDP10					Series 2007-C34
	5.42%, 01/15/2049		522		557	5.68%, 05/15/2046^(a)			90		97
	JP Morgan Chase Commercial Mortgage					Wells Fargo Commercial Mortgage Trust
	Securities Trust 2007-LDP12					2012	-LC5
	5.88%, 02/15/2051		1,000		1,082	2.92%, 10/15/2045			500		504
	JP Morgan Chase Commercial Mortgage					WFRBS Commercial Mortgage Trust 2012-
	Securities Trust 2011-C5					C7
	4.17%, 08/15/2046		257		278	2.30%, 06/15/2045			381		382
	JPMBB Commercial Mortgage Securities					WFRBS Commercial Mortgage Trust 2013-
	Trust 2013-C15					C11
	4.13%, 11/15/2045^(a)		500		544	2.03%, 03/15/2045^(a)			500		504
	LB Commercial Mortgage Trust 2007-C3					WFRBS Commercial Mortgage Trust 2013-
	5.90%, 07/15/2044^(a)		63		68	C14
LB	-UBS Commercial Mortgage Trust 2006-					2.98%, 06/15/2046			1,000		1,021
	C3					WFRBS Commercial Mortgage Trust 2014-
	5.66%, 03/15/2039		106		110	C20
LB	-UBS Commercial Mortgage Trust 2007-					3.04%, 05/15/2047^(a)			500		516
	C2					WFRBS Commercial Mortgage Trust 2014-
	5.43%, 02/15/2040		1,063		1,137	LC14
LB	-UBS Commercial Mortgage Trust 2007-					1.19%, 03/15/2047			436		434
	C6								$		37,429
	5.86%, 07/15/2040^(a)		41		43
	Merrill Lynch Mortgage Trust 2006-C2					Office & Business Equipment - 0.05%
	5.74%, 08/12/2043		713		753	Pitney Bowes Inc
	Merrill Lynch Mortgage Trust 2007-C1					5.75%, 09/15/2017			27		30
	5.83%, 06/12/2050^(a)		77		83	Xerox Corp
ML	-CFC Commercial Mortgage Trust 2006-					2.80%, 05/15/2020			500		491
	2					2.95%, 03/15/2017			154		158
	5.87%, 06/12/2046^(a)		483		507	4.50%, 05/15/2021			226		241
ML	-CFC Commercial Mortgage Trust 2006-					5.63%, 12/15/2019			21		24
	4								$		944
	5.17%, 12/12/2049		473		500	Oil & Gas - 2.02%
	Morgan Stanley Bank of America Merrill					Alberta Energy Co Ltd
	Lynch Trust 2013-C11					7.38%, 11/01/2031			77		91
	3.09%, 08/15/2046^(a)		225		234	Anadarko Finance Co
	Morgan Stanley Capital I Trust 2006-HQ8					7.50%, 05/01/2031			77		101
	5.41%, 03/12/2044^(a)		243		249	Anadarko Petroleum Corp
	Morgan Stanley Capital I Trust 2006-TOP23					4.50%, 07/15/2044			500		485
	5.81%, 08/12/2041^(a)		500		525	5.95%, 09/15/2016			178		190
	Morgan Stanley Capital I Trust 2007-HQ12					6.20%, 03/15/2040			25		29
	5.59%, 04/12/2049^(a)		135		137	6.38%, 09/15/2017			206		229
	5.59%, 04/12/2049^(a)		278		296	6.45%, 09/15/2036			225		270
	Morgan Stanley Capital I Trust 2007-IQ13					Apache Corp
	5.36%, 03/15/2044^(a)		100		107	3.63%, 02/01/2021			577		583
	Morgan Stanley Capital I Trust 2007-IQ16					4.75%, 04/15/2043			128		120
	5.81%, 12/12/2049		496		540	5.10%, 09/01/2040			92		90
	Morgan Stanley Capital I Trust 2007-TOP25					Apache Finance Canada Corp
	5.51%, 11/12/2049		1,243		1,327	7.75%, 12/15/2029			750		1,031
	UBS Commercial Mortgage Trust 2012-C1					BP Capital Markets PLC
	3.40%, 05/10/2045^(a)		500		518	1.85%, 05/05/2017			200		202
						2.24%, 09/26/2018			1,000		1,003
						2.50%, 11/06/2022			200		186


Schedule of Investments
Bond Market Index Account
December 31, 2014



			Principal					Principal
BONDS (continued)			Amount (000's)		Value (000's)	BONDS (continued)		Amount (000's)		Value (000's)

Oil & Gas (continued)						Oil & Gas (continued)
BP Capital Markets PLC	(continued)					Marathon Petroleum Corp
3.20%, 03/11/2016		$	102	$	105	3.50%, 03/01/2016	$	77	$	79
3.56%, 11/01/2021			200		204	3.63%, 09/15/2024		400		392
3.81%, 02/10/2024			400		403	5.13%, 03/01/2021		77		84
4.74%, 03/11/2021			128		139	Nabors Industries Inc
4.75%, 03/10/2019			25		27	2.35%, 09/15/2016		300		297
Canadian Natural Resources Ltd						Nexen Energy ULC
5.70%, 05/15/2017			516		559	6.40%, 05/15/2037		157		196
6.25%, 03/15/2038			164		182	7.50%, 07/30/2039		15		21
Cenovus Energy Inc						Noble Energy Inc
5.70%, 10/15/2019			152		167	5.25%, 11/15/2043		350		355
6.75%, 11/15/2039			128		146	6.00%, 03/01/2041		102		112
Chevron Corp						8.25%, 03/01/2019		400		480
0.89%, 06/24/2016			300		301	Noble Holding International Ltd
2.36%, 12/05/2022			300		291	2.50%, 03/15/2017		128		122
4.95%, 03/03/2019			400		447	6.20%, 08/01/2040		25		23
CNOOC Finance 2013 Ltd						Occidental Petroleum Corp
1.13%, 05/09/2016			150		150	2.70%, 02/15/2023		300		285
1.75%, 05/09/2018			150		148	4.13%, 06/01/2016		77		80
3.00%, 05/09/2023			150		142	Petrobras Global Finance BV
4.25%, 05/09/2043			100		98	3.00%, 01/15/2019		700		619
CNOOC Nexen Finance 2014 ULC						3.25%, 03/17/2017		250		236
4.25%, 04/30/2024			500		517	4.38%, 05/20/2023		950		817
Conoco Funding Co						4.88%, 03/17/2020		250		234
7.25%, 10/15/2031			200		279	5.63%, 05/20/2043		200		163
ConocoPhillips						Petrobras International Finance Co SA
6.00%, 01/15/2020			293		340	3.88%, 01/27/2016		377		370
6.50%, 02/01/2039			169		225	5.38%, 01/27/2021		205		190
ConocoPhillips Canada Funding Co I						5.75%, 01/20/2020		738		713
5.63%, 10/15/2016			77		83	5.88%, 03/01/2018		77		75
ConocoPhillips Co						6.75%, 01/27/2041		177		161
4.30%, 11/15/2044			400		418	6.88%, 01/20/2040		25		23
ConocoPhillips Holding Co						7.88%, 03/15/2019		116		122
6.95%, 04/15/2029			202		269	Petro-Canada
Continental Resources Inc/OK						6.80%, 05/15/2038		12		15
4.90%, 06/01/2044			250		217	7.88%, 06/15/2026		200		259
5.00%, 09/15/2022			500		484	Petroleos Mexicanos
Devon Energy Corp						3.50%, 07/18/2018		400		405
5.60%, 07/15/2041			125		139	4.88%, 01/24/2022		385		403
6.30%, 01/15/2019			154		176	5.50%, 01/21/2021		208		225
7.95%, 04/15/2032			192		265	5.50%, 06/27/2044^(c)		500		510
Devon Financing Corp LLC						5.50%, 06/27/2044		350		357
7.88%, 09/30/2031			128		175	5.75%, 03/01/2018		141		152
Ecopetrol SA						6.38%, 01/23/2045		400		453
4.13%, 01/16/2025			500		475	6.63%, 06/15/2035		286		330
4.25%, 09/18/2018			250		260	8.00%, 05/03/2019		31		37
5.88%, 09/18/2023			250		265	Phillips 66
Encana Corp						2.95%, 05/01/2017		128		132
3.90%, 11/15/2021			200		197	4.30%, 04/01/2022		128		135
5.90%, 12/01/2017			25		27	5.88%, 05/01/2042		128		147
6.50%, 02/01/2038			166		178	Pioneer Natural Resources Co
Ensco PLC						3.95%, 07/15/2022		100		99
3.25%, 03/15/2016			51		52	Pride International Inc
4.70%, 03/15/2021			200		201	6.88%, 08/15/2020		77		86
EOG Resources Inc						Rowan Cos Inc
2.63%, 03/15/2023			200		192	5.00%, 09/01/2017		23		24
4.40%, 06/01/2020			51		55	Shell International Finance BV
EQT Corp						0.90%, 11/15/2016		200		200
6.50%, 04/01/2018			127		143	1.13%, 08/21/2017		200		200
Exxon Mobil Corp						2.38%, 08/21/2022		100		97
3.18%, 03/15/2024			500		516	3.40%, 08/12/2023		1,500		1,548
Hess Corp						3.63%, 08/21/2042		100		95
5.60%, 02/15/2041			51		55	4.30%, 09/22/2019		651		714
7.13%, 03/15/2033			200		246	4.38%, 03/25/2020		25		27
7.30%, 08/15/2031			38		47	5.50%, 03/25/2040		25		30
8.13%, 02/15/2019			25		30	6.38%, 12/15/2038		43		58
Husky Energy Inc						Southwestern Energy Co
7.25%, 12/15/2019			550		645	4.10%, 03/15/2022		150		147
Marathon Oil Corp						Statoil ASA
5.90%, 03/15/2018			251		279	1.15%, 05/15/2018		400		392
6.60%, 10/01/2037			223		263	2.25%, 11/08/2019		500		500


Schedule of Investments
Bond Market Index Account
December 31, 2014



		Principal					Principal
BONDS (continued)		Amount (000's)		Value (000's)	BONDS (continued)		Amount (000's)		Value (000's)

Oil & Gas (continued)					Pharmaceuticals (continued)
Statoil ASA (continued)					Actavis Inc (continued)
2.65%, 01/15/2024	$	400	$	389	3.25%, 10/01/2022	$	150	$	146
3.15%, 01/23/2022		102		103	4.63%, 10/01/2042		100		98
3.25%, 11/10/2024		500		502	6.13%, 08/15/2019		12		14
3.95%, 05/15/2043		200		195	AmerisourceBergen Corp
5.10%, 08/17/2040		263		304	3.40%, 05/15/2024		250		250
5.25%, 04/15/2019		23		26	AstraZeneca PLC
Suncor Energy Inc					1.95%, 09/18/2019		100		100
6.10%, 06/01/2018		128		144	4.00%, 09/18/2042		100		99
6.50%, 06/15/2038		428		527	5.90%, 09/15/2017		77		86
6.85%, 06/01/2039		5		6	6.45%, 09/15/2037		144		194
Talisman Energy Inc					Bristol-Myers Squibb Co
6.25%, 02/01/2038		248		252	0.88%, 08/01/2017		100		99
Total Capital International SA					1.75%, 03/01/2019		1,000		993
0.75%, 01/25/2016		300		300	3.25%, 08/01/2042		100		88
1.00%, 01/10/2017		200		199	5.88%, 11/15/2036		5		6
2.75%, 06/19/2021		400		402	6.80%, 11/15/2026		25		33
2.88%, 02/17/2022		128		127	Cardinal Health Inc
Total Capital SA					1.70%, 03/15/2018		300		298
4.25%, 12/15/2021		51		56	3.20%, 03/15/2023		200		199
4.45%, 06/24/2020		500		549	4.60%, 03/15/2043		100		105
Transocean Inc					Eli Lilly & Co
5.05%, 12/15/2016		200		201	1.95%, 03/15/2019		1,000		1,005
6.00%, 03/15/2018		154		148	5.20%, 03/15/2017		164		178
6.38%, 12/15/2021		77		71	7.13%, 06/01/2025		220		290
6.80%, 03/15/2038		100		86	Express Scripts Holding Co
Valero Energy Corp					3.13%, 05/15/2016		128		132
6.13%, 02/01/2020		138		157	3.50%, 06/15/2024		500		498
6.63%, 06/15/2037		234		276	3.90%, 02/15/2022		200		208
7.50%, 04/15/2032		15		19	4.75%, 11/15/2021		77		85
9.38%, 03/15/2019		128		160	6.13%, 11/15/2041		77		97
		$		35,057	GlaxoSmithKline Capital Inc
					5.38%, 04/15/2034		1,000		1,218
Oil & Gas Services - 0.17%					5.65%, 05/15/2018		202		228
Baker Hughes Inc					GlaxoSmithKline Capital PLC
5.13%, 09/15/2040		281		308	1.50%, 05/08/2017		100		100
7.50%, 11/15/2018		12		14	2.85%, 05/08/2022		128		128
Cameron International Corp					Johnson & Johnson
1.15%, 12/15/2016		400		396	2.95%, 09/01/2020		128		134
6.38%, 07/15/2018		154		173	3.38%, 12/05/2023		500		535
Halliburton Co					4.95%, 05/15/2033		201		242
1.00%, 08/01/2016		300		300	5.55%, 08/15/2017		128		142
3.25%, 11/15/2021		651		663	McKesson Corp
4.50%, 11/15/2041		51		52	3.25%, 03/01/2016		500		512
5.90%, 09/15/2018		350		396	4.75%, 03/01/2021		250		276
7.45%, 09/15/2039		10		14	Mead Johnson Nutrition Co
Weatherford International Ltd/Bermuda					4.60%, 06/01/2044		250		263
5.13%, 09/15/2020		51		50	Medco Health Solutions Inc
6.00%, 03/15/2018		12		13	7.13%, 03/15/2018		169		195
6.75%, 09/15/2040		51		47	Merck & Co Inc
7.00%, 03/15/2038		400		385	0.70%, 05/18/2016		200		200
9.63%, 03/01/2019		164		194	1.10%, 01/31/2018		100		99
		$		3,005	1.30%, 05/18/2018		200		198
Other Asset Backed Securities - 0.01%					2.25%, 01/15/2016		51		52
CenterPoint Energy Restoration Bond Co					2.40%, 09/15/2022		100		98
LLC					2.80%, 05/18/2023		200		199
3.46%, 08/15/2019		103		107	3.60%, 09/15/2042		100		96
					4.15%, 05/18/2043		200		213
					6.55%, 09/15/2037		187		266
Pharmaceuticals - 1.12%					Merck Sharp & Dohme Corp
Abbott Laboratories					5.00%, 06/30/2019		154		174
5.30%, 05/27/2040		200		244	Mylan Inc/PA
AbbVie Inc					1.35%, 11/29/2016		250		249
1.75%, 11/06/2017		300		301	2.55%, 03/28/2019		250		249
2.00%, 11/06/2018		200		199	Novartis Capital Corp
2.90%, 11/06/2022		200		197	4.40%, 04/24/2020		77		85
4.40%, 11/06/2042		200		206	4.40%, 05/06/2044		330		370
Actavis Funding SCS					Novartis Securities Investment Ltd
1.30%, 06/15/2017		300		295	5.13%, 02/10/2019		564		633
4.85%, 06/15/2044		500		507	Perrigo Co PLC
Actavis Inc					5.30%, 11/15/2043		500		552
1.88%, 10/01/2017		200		199


Schedule of Investments
Bond Market Index Account
December 31, 2014



		Principal					Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)

Pharmaceuticals (continued)					Pipelines (continued)
Pfizer Inc					ONEOK Partners LP
1.10%, 05/15/2017	$	500	$	499	5.00%, 09/15/2023	$	250	$	261
3.00%, 06/15/2023		500		506	6.13%, 02/01/2041		128		138
3.40%, 05/15/2024		1,000		1,040	8.63%, 03/01/2019		20		24
4.65%, 03/01/2018		51		56	Panhandle Eastern Pipe Line Co LP
6.20%, 03/15/2019		280		326	6.20%, 11/01/2017		81		90
7.20%, 03/15/2039		151		220	Plains All American Pipeline LP / PAA
Sanofi					Finance Corp
1.25%, 04/10/2018		400		396	2.85%, 01/31/2023		200		189
2.63%, 03/29/2016		77		79	3.65%, 06/01/2022		128		129
Teva Pharmaceutical Finance Co BV					4.30%, 01/31/2043		200		188
3.65%, 11/10/2021		400		410	4.70%, 06/15/2044		500		496
Teva Pharmaceutical Finance Co LLC					5.75%, 01/15/2020		15		17
6.15%, 02/01/2036		51		63	Southern Natural Gas Co LLC
Wyeth LLC					5.90%, 04/01/2017^(a),(c)		12		13
5.50%, 02/15/2016		77		81	Southern Natural Gas Co LLC / Southern
5.95%, 04/01/2037		91		117	Natural Issuing Corp
6.50%, 02/01/2034		144		194	4.40%, 06/15/2021		51		53
Zoetis Inc					Spectra Energy Capital LLC
1.15%, 02/01/2016		100		100	8.00%, 10/01/2019		300		363
3.25%, 02/01/2023		100		99	Spectra Energy Partners LP
		$		19,341	5.95%, 09/25/2043		200		237
					Sunoco Logistics Partners Operations LP
Pipelines - 0.90%					3.45%, 01/15/2023		200		192
ANR Pipeline Co					4.95%, 01/15/2043		200		192
9.63%, 11/01/2021		600		823	5.50%, 02/15/2020		46		50
Boardwalk Pipelines LP					Tennessee Gas Pipeline Co LLC
3.38%, 02/01/2023		200		182	7.50%, 04/01/2017		77		86
Buckeye Partners LP					Texas Eastern Transmission LP
2.65%, 11/15/2018		250		246	7.00%, 07/15/2032		100		134
4.88%, 02/01/2021		850		891	TransCanada PipeLines Ltd
DCP Midstream Operating LP					3.80%, 10/01/2020		128		132
2.70%, 04/01/2019		300		294	5.60%, 03/31/2034		300		335
El Paso Pipeline Partners Operating Co LLC					6.10%, 06/01/2040		25		29
4.70%, 11/01/2042		200		181	6.35%, 05/15/2067^(a)		500		485
Enable Midstream Partners LP					6.50%, 08/15/2018		1,042		1,182
5.00%, 05/15/2044^(c)		500		471
					7.25%, 08/15/2038		51		68
Enbridge Energy Partners LP					Williams Cos Inc/The
5.20%, 03/15/2020		9		10	4.55%, 06/24/2024		1,000		930
9.88%, 03/01/2019		87		110	7.50%, 01/15/2031		11		12
Energy Transfer Partners LP					7.88%, 09/01/2021		128		148
4.90%, 02/01/2024		350		367	Williams Partners LP
5.20%, 02/01/2022		102		109	3.90%, 01/15/2025		350		336
5.95%, 10/01/2043		350		384	5.25%, 03/15/2020		180		195
6.50%, 02/01/2042		102		117	6.30%, 04/15/2040		343		384
6.70%, 07/01/2018		23		26			$		15,685
9.00%, 04/15/2019		6		7
Enterprise Products Operating LLC					Real Estate - 0.01%
3.20%, 02/01/2016		51		52	Regency Centers LP
3.35%, 03/15/2023		300		297	3.75%, 06/15/2024		200		204
3.75%, 02/15/2025		500		502
3.90%, 02/15/2024		250		255
4.85%, 08/15/2042		300		312	Regional Authority - 0.36%
5.20%, 09/01/2020		77		85	Province of British Columbia
					2.10%, 05/18/2016		1,000		1,021
6.13%, 10/15/2039		123		149	2.65%, 09/22/2021		77		79
6.45%, 09/01/2040		177		218	6.50%, 01/15/2026		18		24
6.50%, 01/31/2019		161		184
6.88%, 03/01/2033		15		19	Province of Manitoba Canada
					1.30%, 04/03/2017		280		282
Kinder Morgan Energy Partners LP					3.05%, 05/14/2024		500		518
3.50%, 03/01/2016		180		184
3.50%, 03/01/2021		250		246	Province of Nova Scotia Canada
					5.13%, 01/26/2017		41		44
3.50%, 09/01/2023		200		190	Province of Ontario Canada
4.15%, 03/01/2022		300		302
5.00%, 03/01/2043		100		95	1.00%, 07/22/2016		350		351
					2.50%, 09/10/2021		500		504
5.40%, 09/01/2044		400		401	3.15%, 12/15/2017		200		210
6.38%, 03/01/2041		128		143
6.50%, 09/01/2039		112		125	3.20%, 05/16/2024		750		783
					4.00%, 10/07/2019		277		303
6.95%, 01/15/2038		112		129	4.40%, 04/14/2020		151		168
7.40%, 03/15/2031		177		212
9.00%, 02/01/2019		77		93	4.95%, 11/28/2016		180		194
Magellan Midstream Partners LP					5.45%, 04/27/2016		302		321
4.20%, 12/01/2042		200		186


Schedule of Investments
Bond Market Index Account
December 31, 2014



				Principal					Principal
	BONDS (continued)			Amount (000's)		Value (000's)	BONDS (continued)		Amount (000's)		Value (000's)

	Regional Authority (continued)						REITS (continued)
	Province of Quebec Canada						Simon Property Group LP
	2.75%, 08/25/2021		$	231	$	236	2.15%, 09/15/2017	$	102	$	104
	3.50%, 07/29/2020			750		803	2.20%, 02/01/2019		400		402
	5.13%, 11/14/2016			351		379	4.13%, 12/01/2021		200		218
	7.50%, 09/15/2029			64		95	5.65%, 02/01/2020		47		54
	Province of Saskatchewan Canada						6.75%, 02/01/2040		25		35
	8.50%, 07/15/2022			6		8	10.35%, 04/01/2019		90		118
				$		6,323	Tanger Properties LP
							3.88%, 12/01/2023		250		256
REITS	- 0.67	%					Ventas Realty LP / Ventas Capital Corp
	Alexandria Real Estate Equities Inc						2.00%, 02/15/2018		750		751
	2.75%, 01/15/2020			750		743	4.25%, 03/01/2022		128		135
	American Tower Corp						Weyerhaeuser Co
	4.70%, 03/15/2022			278		291	7.38%, 03/15/2032		300		399
	7.00%, 10/15/2017			32		36			$		11,565
	AvalonBay Communities Inc
	2.95%, 09/15/2022			100		97	Retail - 0.98%
	3.63%, 10/01/2020			100		104	AutoNation Inc
	4.20%, 12/15/2023			400		423	6.75%, 04/15/2018		200		224
	BioMed Realty LP						AutoZone Inc
	2.63%, 05/01/2019			200		200	4.00%, 11/15/2020		251		266
	6.13%, 04/15/2020			6		7	Bed Bath & Beyond Inc
	Boston Properties LP						5.17%, 08/01/2044		500		523
	3.85%, 02/01/2023			200		208	Costco Wholesale Corp
	4.13%, 05/15/2021			77		82	1.13%, 12/15/2017		1,000		994
	5.63%, 11/15/2020			25		29	CVS Health Corp
	5.88%, 10/15/2019			750		859	2.25%, 08/12/2019		500		498
	Brandywine Operating Partnership LP						4.13%, 05/15/2021		500		542
	3.95%, 02/15/2023			200		202	5.75%, 06/01/2017		15		17
	CBL & Associates LP						6.13%, 09/15/2039		79		102
	4.60%, 10/15/2024			750		760	6.25%, 06/01/2027		100		126
	DDR Corp						Darden Restaurants Inc
	4.63%, 07/15/2022			200		214	7.05%, 10/15/2037^(a)		27		32
	Duke Realty LP						Dollar General Corp
	3.88%, 10/15/2022			100		103	1.88%, 04/15/2018		300		290
	EPR Properties						Gap Inc/The
	7.75%, 07/15/2020			63		76	5.95%, 04/12/2021		275		313
	ERP Operating LP						Home Depot Inc/The
	2.38%, 07/01/2019			400		398	3.75%, 02/15/2024		350		374
	4.75%, 07/15/2020			51		56	5.40%, 03/01/2016		1,164		1,228
	Federal Realty Investment Trust						5.88%, 12/16/2036		237		310
	2.75%, 06/01/2023			150		144	5.95%, 04/01/2041		351		458
	HCP Inc						Kohl's Corp
	3.75%, 02/01/2016			51		52	4.00%, 11/01/2021		277		288
	4.20%, 03/01/2024			250		260	6.00%, 01/15/2033		300		332
	4.25%, 11/15/2023			200		210	6.25%, 12/15/2017		200		222
	5.38%, 02/01/2021			51		57	Lowe's Cos Inc
	6.70%, 01/30/2018			15		17	3.80%, 11/15/2021		102		109
	Health Care REIT Inc						4.63%, 04/15/2020		77		85
	3.75%, 03/15/2023			200		202	5.80%, 04/15/2040		77		98
	6.13%, 04/15/2020			115		132	6.65%, 09/15/2037		312		434
	Highwoods Realty LP						Macy's Retail Holdings Inc
	3.20%, 06/15/2021			350		348	2.88%, 02/15/2023		300		291
	Hospitality Properties Trust						4.30%, 02/15/2043		200		194
	5.00%, 08/15/2022			100		105	5.90%, 12/01/2016		225		244
	6.70%, 01/15/2018			77		85	6.65%, 07/15/2024		25		31
	Host Hotels & Resorts LP						6.90%, 04/01/2029		125		159
	6.00%, 10/01/2021			200		230	McDonald's Corp
	Kimco Realty Corp						3.50%, 07/15/2020		151		160
	3.13%, 06/01/2023			200		196	3.70%, 02/15/2042		128		122
	3.20%, 05/01/2021			250		253	4.88%, 07/15/2040		9		10
	Liberty Property LP						5.35%, 03/01/2018		36		40
	3.38%, 06/15/2023			300		292	6.30%, 10/15/2037		262		342
	Omega Healthcare Investors Inc						Nordstrom Inc
	4.50%, 01/15/2025^(c)			300		297	4.75%, 05/01/2020		36		40
	4.95%, 04/01/2024			750		780	6.25%, 01/15/2018		12		14
	Prologis LP						O'Reilly Automotive Inc
	4.50%, 08/15/2017			200		213	3.85%, 06/15/2023		300		313
	6.88%, 03/15/2020			2		2	QVC Inc
	Realty Income Corp						4.38%, 03/15/2023		250		251
	4.65%, 08/01/2023			250		269	Signet UK Finance PLC
	5.88%, 03/15/2035			51		61	4.70%, 06/15/2024		250		241


Schedule of Investments
Bond Market Index Account
December 31, 2014



		Principal					Principal
BONDS (continued)		Amount (000's)		Value (000's)	BONDS (continued)		Amount (000's)		Value (000's)

Retail (continued)					Sovereign - 1.88%
Starbucks Corp					Brazilian Government International Bond
0.88%, 12/05/2016	$	500	$	499	2.63%, 01/05/2023	$	300	$	273
Target Corp					4.88%, 01/22/2021		257		273
4.00%, 07/01/2042		300		305	5.88%, 01/15/2019		102		114
6.00%, 01/15/2018		149		168	7.13%, 01/20/2037		210		266
6.50%, 10/15/2037		700		956	8.00%, 01/15/2018		70		77
Walgreen Co					8.25%, 01/20/2034		651		893
5.25%, 01/15/2019		30		33	8.88%, 10/14/2019		122		154
Walgreens Boots Alliance Inc					8.88%, 04/15/2024		150		202
1.75%, 11/17/2017		200		200	8.88%, 04/15/2024		200		269
2.70%, 11/18/2019		300		302	12.25%, 03/06/2030		341		624
4.40%, 09/15/2042		100		100	11.00%, 08/17/2040		12		13
4.80%, 11/18/2044		300		316	Canada Government International Bond
Wal-Mart Stores Inc					0.88%, 02/14/2017		255		255
0.60%, 04/11/2016		200		200	Chile Government International Bond
2.55%, 04/11/2023		950		936	3.13%, 03/27/2025		250		249
2.80%, 04/15/2016		51		52	3.25%, 09/14/2021		180		186
3.25%, 10/25/2020		51		53	Colombia Government International Bond
3.63%, 07/08/2020		51		54	4.38%, 07/12/2021		100		106
4.13%, 02/01/2019		102		111	5.63%, 02/26/2044		500		563
4.25%, 04/15/2021		51		56	6.13%, 01/18/2041		200		239
4.30%, 04/22/2044		500		546	8.13%, 05/21/2024		201		267
5.25%, 09/01/2035		350		421	11.75%, 02/25/2020		180		255
5.63%, 04/01/2040		38		48	10.38%, 01/28/2033		100		156
5.63%, 04/15/2041		280		358	Export Development Canada
5.80%, 02/15/2018		128		145	0.63%, 12/15/2016		500		499
6.20%, 04/15/2038		25		33	1.75%, 08/19/2019		400		401
6.50%, 08/15/2037		415		571	Export-Import Bank of Korea
7.55%, 02/15/2030		128		189	3.25%, 08/12/2026		500		502
Yum! Brands Inc					4.00%, 01/11/2017		300		314
6.25%, 03/15/2018		7		8	4.00%, 01/14/2024		250		270
6.88%, 11/15/2037		7		9	5.00%, 04/11/2022		200		228
		$		16,986	Israel Government AID Bond
					5.50%, 09/18/2023		25		31
Semiconductors - 0.12%					5.50%, 04/26/2024		25		31
Intel Corp					5.50%, 09/18/2033		12		16
1.35%, 12/15/2017		300		300	Israel Government International Bond
3.30%, 10/01/2021		177		186	5.13%, 03/26/2019		147		167
4.00%, 12/15/2032		200		204	Italy Government International Bond
4.25%, 12/15/2042		200		206	5.25%, 09/20/2016		333		355
4.80%, 10/01/2041		77		85	5.38%, 06/12/2017		750		814
Maxim Integrated Products Inc					5.38%, 06/15/2033		64		76
2.50%, 11/15/2018		200		199	6.88%, 09/27/2023		212		268
Texas Instruments Inc					Japan Bank for International
0.88%, 03/12/2017		200		199	Cooperation/Japan
1.65%, 08/03/2019		200		195	1.13%, 07/19/2017		100		100
2.75%, 03/12/2021		400		402	1.75%, 07/31/2018		650		653
Xilinx Inc					2.50%, 01/21/2016		300		306
2.13%, 03/15/2019		175		174	3.00%, 05/29/2024		1,000		1,049
		$		2,150	Mexico Government International Bond
Software - 0.28%					3.50%, 01/21/2021		500		511
Adobe Systems Inc					3.63%, 03/15/2022		300		306
4.75%, 02/01/2020		51		56	4.75%, 03/08/2044		506		528
Fidelity National Information Services Inc					5.13%, 01/15/2020		600		662
2.00%, 04/15/2018		300		298	5.55%, 01/21/2045		300		349
Fiserv Inc					5.63%, 01/15/2017		318		345
3.50%, 10/01/2022		100		101	5.95%, 03/19/2019		1,078		1,220
Microsoft Corp					6.05%, 01/11/2040		464		567
3.00%, 10/01/2020		600		626	8.30%, 08/15/2031		738		1,109
4.20%, 06/01/2019		115		126	Panama Government International Bond
4.50%, 10/01/2040		100		111	5.20%, 01/30/2020		1,154		1,272
5.30%, 02/08/2041		77		94	6.70%, 01/26/2036		224		290
Oracle Corp					8.88%, 09/30/2027		77		112
2.38%, 01/15/2019		450		458	Peruvian Government International Bond
2.50%, 10/15/2022		1,500		1,461	5.63%, 11/18/2050		128		151
3.88%, 07/15/2020		77		83	6.55%, 03/14/2037		126		163
4.30%, 07/08/2034		1,000		1,071	7.13%, 03/30/2019		30		35
5.00%, 07/08/2019		48		54	7.35%, 07/21/2025		180		239
5.25%, 01/15/2016		77		81	8.75%, 11/21/2033		192		299
5.75%, 04/15/2018		180		203	Philippine Government International Bond
		$		4,823	5.00%, 01/13/2037		300		351


Schedule of Investments
Bond Market Index Account
December 31, 2014



		Principal						Principal
BONDS (continued)		Amount (000's)		Value (000's)	BONDS (continued)			Amount (000's)		Value (000's)

Sovereign (continued)					Supranational Bank (continued)
Philippine Government International					European Investment Bank	(continued)
Bond (continued)					1.75%, 03/15/2017		$	528	$	538
6.50%, 01/20/2020	$	200	$	240	1.75%, 06/17/2019			750		752
9.38%, 01/18/2017		200		234	1.88%, 03/15/2019			500		505
9.50%, 02/02/2030		400		649	2.25%, 03/15/2016			450		459
10.63%, 03/16/2025		400		644	2.50%, 05/16/2016			102		105
Poland Government International Bond					2.50%, 04/15/2021			1,500		1,541
4.00%, 01/22/2024		1,000		1,061	3.25%, 01/29/2024			1,000		1,077
5.00%, 03/23/2022		528		591	4.88%, 02/16/2016			1,007		1,056
5.13%, 04/21/2021		51		57	4.88%, 01/17/2017			400		432
6.38%, 07/15/2019		844		987	4.88%, 02/15/2036			25		32
Republic of Korea					5.13%, 09/13/2016			154		166
3.88%, 09/11/2023		250		273	5.13%, 05/30/2017			102		112
South Africa Government International Bond					FMS Wertmanagement AoeR
4.67%, 01/17/2024		200		207	0.63%, 04/18/2016			300		300
5.88%, 05/30/2022		200		224	1.13%, 10/14/2016			400		403
6.25%, 03/08/2041		750		888	Inter-American Development Bank
6.88%, 05/27/2019		500		571	0.88%, 11/15/2016			350		351
Svensk Exportkredit AB					1.00%, 07/14/2017			1,000		999
1.75%, 05/30/2017		200		203	1.13%, 03/15/2017			257		258
1.88%, 06/17/2019		500		502	1.75%, 08/24/2018			500		505
5.13%, 03/01/2017		218		237	1.75%, 10/15/2019			500		502
Tennessee Valley Authority					2.13%, 11/09/2020			250		252
3.50%, 12/15/2042		400		396	3.00%, 02/21/2024			250		266
4.50%, 04/01/2018		51		56	3.88%, 09/17/2019			77		85
5.25%, 09/15/2039		51		65	3.88%, 02/14/2020			77		85
5.38%, 04/01/2056		154		203	International Bank for Reconstruction &
6.75%, 11/01/2025		102		138	Development
Turkey Government International Bond					0.50%, 05/16/2016			500		499
3.25%, 03/23/2023		700		664	0.88%, 04/17/2017			500		501
4.88%, 04/16/2043		900		896	1.00%, 09/15/2016			257		258
5.75%, 03/22/2024		250		279	1.38%, 04/10/2018			500		503
6.63%, 02/17/2045		200		245	1.88%, 03/15/2019			500		507
6.75%, 04/03/2018		500		556	2.13%, 03/15/2016			800		816
7.00%, 09/26/2016		200		217	2.13%, 11/01/2020			750		758
7.50%, 11/07/2019		300		352	2.25%, 06/24/2021			500		504
8.00%, 02/14/2034		400		548	7.63%, 01/19/2023			12		17
Uruguay Government International Bond					International Finance Corp
4.13%, 11/20/2045		100		89	0.63%, 11/15/2016			250		249
8.00%, 11/18/2022		265		350	0.88%, 06/15/2018			300		295
		$		32,645	1.13%, 11/23/2016			328		329
					1.25%, 07/16/2018			500		498
Supranational Bank - 1.53%					2.25%, 04/11/2016			300		306
African Development Bank					Nordic Investment Bank
0.75%, 10/18/2016		330		330	5.00%, 02/01/2017			354		384
0.88%, 03/15/2018		800		788				$		26,450
1.25%, 09/02/2016		257		259
Asian Development Bank					Telecommunications - 1.75%
0.75%, 01/11/2017		500		500	America Movil SAB de CV
1.13%, 03/15/2017		428		430	2.38%, 09/08/2016			357		362
1.75%, 09/11/2018		500		504	3.13%, 07/16/2022			100		99
2.13%, 11/24/2021		750		750	5.63%, 11/15/2017			1,015		1,114
2.50%, 03/15/2016		305		312	6.13%, 03/30/2040			102		121
5.82%, 06/16/2028		15		20	6.38%, 03/01/2035			200		246
6.38%, 10/01/2028		51		69	AT&T Inc
Corp Andina de Fomento					1.60%, 02/15/2017			128		128
3.75%, 01/15/2016		3		3	1.70%, 06/01/2017			1,545		1,551
4.38%, 06/15/2022		22		24	2.63%, 12/01/2022			600		571
Council Of Europe Development Bank					3.00%, 02/15/2022			100		98
1.13%, 05/31/2018		1,000		991	3.88%, 08/15/2021			77		81
1.50%, 02/22/2017		128		130	4.30%, 12/15/2042			201		191
European Bank for Reconstruction &					4.35%, 06/15/2045			950		896
Development					5.50%, 02/01/2018			702		775
1.00%, 02/16/2017		357		358	6.30%, 01/15/2038			500		605
1.63%, 04/10/2018		250		252	6.50%, 09/01/2037			521		644
1.63%, 11/15/2018		300		301	BellSouth Corp
1.75%, 06/14/2019		500		501	6.00%, 11/15/2034			200		231
2.50%, 03/15/2016		77		79	British Telecommunications PLC
European Investment Bank					5.95%, 01/15/2018			669		746
1.00%, 08/17/2017		500		499	9.62%, 12/15/2030^(a)			77		121
1.00%, 03/15/2018		750		743	Cisco Systems Inc
1.13%, 09/15/2017		1,400		1,402	4.45%, 01/15/2020			102		112


Schedule of Investments
Bond Market Index Account
December 31, 2014



		Principal							Principal
BONDS (continued)		Amount (000's)		Value (000's)		BONDS (continued)			Amount (000's)		Value (000's)

Telecommunications (continued)						Transportation (continued)
Cisco Systems Inc (continued)						Burlington Northern Santa Fe
4.95%, 02/15/2019	$	855	$	956		LLC (continued)
5.50%, 02/22/2016		180		190		7.95%, 08/15/2030		$	77	$	111
5.90%, 02/15/2039		680		856		Canadian National Railway Co
Deutsche Telekom International Finance BV						1.45%, 12/15/2016			51		51
5.75%, 03/23/2016		577		609		2.25%, 11/15/2022			200		193
6.00%, 07/08/2019		300		348		3.50%, 11/15/2042			200		192
8.75%, 06/15/2030^(a)		141		208		5.55%, 03/01/2019			15		17
Embarq Corp						Canadian Pacific Railway Co
7.08%, 06/01/2016		202		218		4.45%, 03/15/2023			128		140
Harris Corp						CSX Corp
4.40%, 12/15/2020		51		54		3.70%, 11/01/2023			500		524
Juniper Networks Inc						4.75%, 05/30/2042			277		304
3.10%, 03/15/2016		77		79		6.25%, 03/15/2018			82		93
4.60%, 03/15/2021		1,000		1,045		FedEx Corp
Motorola Solutions Inc						2.63%, 08/01/2022			100		98
4.00%, 09/01/2024		500		503		3.88%, 08/01/2042			100		96
Orange SA						Norfolk Southern Corp
4.13%, 09/14/2021		128		137		3.25%, 12/01/2021			251		257
5.38%, 01/13/2042		102		116		3.85%, 01/15/2024			200		210
9.00%, 03/01/2031^(a)		315		481		4.80%, 08/15/2043			350		390
Pacific Bell Telephone Co						4.84%, 10/01/2041			100		111
7.13%, 03/15/2026		377		480		7.25%, 02/15/2031			130		179
Qwest Corp						Ryder System Inc
6.75%, 12/01/2021		200		231		2.35%, 02/26/2019			200		199
7.25%, 10/15/2035		200		206		2.45%, 09/03/2019			350		348
Rogers Communications Inc						Union Pacific Corp
3.00%, 03/15/2023		400		387		4.15%, 01/15/2045			350		365
5.00%, 03/15/2044		500		547		4.16%, 07/15/2022			241		265
6.80%, 08/15/2018		108		125		4.75%, 09/15/2041			77		86
Telefonica Emisiones SAU						United Parcel Service Inc
3.19%, 04/27/2018		1,500		1,543		1.13%, 10/01/2017			400		398
3.99%, 02/16/2016		200		206		3.13%, 01/15/2021			1,128		1,177
5.13%, 04/27/2020		168		186		4.88%, 11/15/2040			25		29
7.05%, 06/20/2036		295		388		6.20%, 01/15/2038			23		31
Verizon Communications Inc									$		7,844
1.10%, 11/01/2017		100		98
2.00%, 11/01/2016		500		507		Trucking & Leasing - 0.01%
2.45%, 11/01/2022		100		94		GATX Corp
2.63%, 02/21/2020^(c)		1,189		1,175		4.75%, 06/15/2022			200		220
4.40%, 11/01/2034		500		497
4.50%, 09/15/2020		400		434	Water	- 0.00	%
4.60%, 04/01/2021		77		84		American Water Capital Corp
5.15%, 09/15/2023		1,100		1,215		6.59%, 10/15/2037			5		7
6.25%, 04/01/2037		261		320
6.35%, 04/01/2019		482		559		TOTAL BONDS			$		595,780
6.40%, 09/15/2033		900		1,109					Principal
6.55%, 09/15/2043		1,960		2,511		MUNICIPAL BONDS - 0.86%			Amount (000's) Value (000's)
6.90%, 04/15/2038		256		335
7.75%, 12/01/2030		146		201		California - 0.30%
Vodafone Group PLC						Bay Area Toll Authority
2.95%, 02/19/2023		200		193		6.26%, 04/01/2049		$	300	$	423
5.45%, 06/10/2019		180		202		6.92%, 04/01/2040			270		379
5.63%, 02/27/2017		448		485		City of Los Angeles Department of Airports
6.15%, 02/27/2037		201		243		6.58%, 05/15/2039			100		131
6.25%, 11/30/2032		1,000		1,221		City of San Francisco CA Public Utilities
		$		30,274		Commission Water Revenue
						6.00%, 11/01/2040			200		262
Toys, Games & Hobbies - 0.03%						East Bay Municipal Utility District Water
Hasbro Inc						System Revenue
3.15%, 05/15/2021		250		249		5.87%, 06/01/2040			60		80
6.35%, 03/15/2040		25		31		Los Angeles Department of Water & Power
Mattel Inc						6.01%, 07/01/2039			55		70
2.35%, 05/06/2019		250		249		6.57%, 07/01/2045			150		216
		$		529		Los Angeles Unified School District/CA
						5.75%, 07/01/2034			80		101
Transportation - 0.45%						5.76%, 07/01/2029			50		62
Burlington Northern Santa Fe LLC
4.70%, 10/01/2019		783		866		6.76%, 07/01/2034			130		181
5.15%, 09/01/2043		350		404		Regents of the University of California
5.65%, 05/01/2017		54		59		Medical Center Pooled Revenue
6.20%, 08/15/2036		500		651		6.55%, 05/15/2048			250		344


Schedule of Investments
Bond Market Index Account
December 31, 2014



		Principal							Principal
MUNICIPAL BONDS (continued)		Amount (000's)		Value (000's)		MUNICIPAL BONDS (continued)			Amount (000's)		Value (000's)

California (continued)						New Jersey (continued)
Sacramento Municipal Utility District						New Jersey Economic Development
6.16%, 05/15/2036	$	120	$	154		Authority (credit support from NATL-RE)
San Diego County Water Authority						7.43%, 02/15/2029^(f)		$	200	$	255
6.14%, 05/01/2049		110		149		New Jersey State Turnpike Authority
Santa Clara Valley Transportation Authority						7.10%, 01/01/2041			147		215
5.88%, 04/01/2032		25		30		New Jersey Transportation Trust Fund
State of California						Authority
6.65%, 03/01/2022		775		956		5.75%, 12/15/2028			190		217
7.30%, 10/01/2039		75		110		6.56%, 12/15/2040			110		143
7.60%, 11/01/2040		180		285		Rutgers The State University of New
7.63%, 03/01/2040		280		430		Jersey (credit support from GO OF UNIV)
University of California						5.67%, 05/01/2040^(f)			130		165
1.80%, 07/01/2019		300		297					$		1,032
5.77%, 05/15/2043		200		256
		$		4,916		New York - 0.14%
						City of New York NY
Connecticut - 0.00%						5.52%, 10/01/2037			25		31
State of Connecticut						5.85%, 06/01/2040			300		386
5.85%, 03/15/2032		25		31		Metropolitan Transportation Authority
						6.55%, 11/15/2031			180		234
						6.65%, 11/15/2039			100		136
District of Columbia - 0.03%						6.81%, 11/15/2040			135		188
District of Columbia Water & Sewer
Authority						New York City Transitional Finance Authority
4.81%, 10/01/2114		450		510		Future Tax Secured Revenue
						5.51%, 08/01/2037			250		311
						New York City Water & Sewer System
Florida - 0.01%						5.72%, 06/15/2042			270		359
State Board of Administration Finance Corp						5.95%, 06/15/2042			125		168
2.11%, 07/01/2018		200		202		New York State Dormitory Authority
						5.60%, 03/15/2040			100		127
						Port Authority of New York & New Jersey
Georgia - 0.03%						4.46%, 10/01/2062			100		106
Municipal Electric Authority of Georgia						4.96%, 08/01/2046			300		342
6.64%, 04/01/2057		151		202		Port Authority of New York & New
7.06%, 04/01/2057		200		243		Jersey (creditsupport from GO OF AUTH)
State of Georgia						6.04%, 12/01/2029 (f)			50		65
4.50%, 11/01/2025		175		196
		$		641					$		2,453
					Ohio	- 0.02	%
Illinois - 0.13%						American Municipal Power Inc
Chicago Transit Authority
6.20%, 12/01/2040		70		83		7.50%, 02/15/2050			75		112
						Ohio State University/The
6.90%, 12/01/2040		200		252		4.91%, 06/01/2040			125		153
City of Chicago IL
6.31%, 01/01/2044		250		264					$		265
City of Chicago IL Waterworks Revenue					Texas	- 0.12	%
6.74%, 11/01/2040		145		191		City of Houston TX Combined Utility System
County of Cook IL						Revenue
6.23%, 11/15/2034		102		113		3.83%, 05/15/2028			250		265
State of Illinois						City Public Service Board of San Antonio
4.95%, 06/01/2023		30		32		TX
4.96%, 03/01/2016		75		78		5.81%, 02/01/2041			135		179
5.10%, 06/01/2033		735		733		Dallas Area Rapid Transit
5.37%, 03/01/2017		100		107		5.02%, 12/01/2048			50		61
5.88%, 03/01/2019		345		382		Dallas Convention Center Hotel Development
7.35%, 07/01/2035		70		82		Corp
		$		2,317		7.09%, 01/01/2042			70		94
						Dallas County Hospital District
Kansas - 0.01%						5.62%, 08/15/2044			83		107
State of Kansas Department of						Dallas Independent School District (credit
Transportation						support from PSF-GTD)
4.60%, 09/01/2035		115		131		6.45%, 02/15/2035 (f)			50		60
						Grand Parkway Transportation Corp
Nevada - 0.00%						5.18%, 10/01/2042			300		366
County of Clark Department of Aviation						State of Texas
6.82%, 07/01/2045		25		37		4.68%, 04/01/2040			100		117
6.88%, 07/01/2042		70		81		5.52%, 04/01/2039			405		533
		$		118		Texas Transportation Commission State
						Highway Fund
New Jersey - 0.05%						5.18%, 04/01/2030			125		150
New Jersey Economic Development									$		1,932
Authority (credit support from AGM)
0.00%, 02/15/2023^(d),(f)		51		37


Schedule of Investments
Bond Market Index Account
December 31, 2014



		Principal				U.S. GOVERNMENT & GOVERNMENT	Principal
MUNICIPAL BONDS (continued)		Amount (000's)			Value (000's)	AGENCY OBLIGATIONS (continued)	Amount (000's)			Value (000's)
						Federal Home Loan Mortgage Corporation (FHLMC)
State Utah of - 0.02% Utah						(continued)
3.54%, 07/01/2025		$	300	$	316	3.00%, 07/01/2043	$	860	$	870
						3.00%, 07/01/2043		1,637		1,656
						3.00%, 08/01/2043		377		381
Washington - 0.00%						3.00%, 08/01/2043		191		194
State of Washington						3.00%, 08/01/2043		2,727		2,759
5.09%, 08/01/2033			20		23	3.00%, 08/01/2043		523		529
						3.00%, 08/01/2043		47		47
						3.00%, 08/01/2043		395		400
Wisconsin - 0.00%						3.00%, 08/01/2043		392		396
State of Wisconsin (credit support from
AGM)						3.00%, 09/01/2043		471		477
5.70%, 05/01/2026^(f)			50		59	3.00%, 09/01/2043		594		600
						3.00%, 09/01/2043		99		100
						3.00%, 09/01/2043		975		986
TOTAL MUNICIPAL BONDS			$		14,946	3.00%, 10/01/2043		804		813
U.S. GOVERNMENT & GOVERNMENT		Principal				3.00%, 10/01/2043		249		252
AGENCY OBLIGATIONS - 64.42%		Amount (000's) )			Value (000's	3.50%, 04/01/2021		93		98
Federal Home Loan Mortgage Corporation (FHLMC) -						3.50%, 10/01/2023		208		220
7.75	%					3.50%, 10/01/2025		19		20
2.00%, 09/01/2028		$	249	$	248	3.50%, 10/01/2025		29		31
2.00%, 08/01/2029			1,033		1,031	3.50%, 11/01/2025		48		50
2.23%, 07/01/2043^(a)			258		262
2.45%, 10/01/2043^(a)			694		709	3.50%, 11/01/2025		13		14
						3.50%, 11/01/2025		64		68
2.50%, 08/01/2027			202		206	3.50%, 11/01/2025		8		9
2.50%, 08/01/2027			215		219	3.50%, 11/01/2025		22		23
2.50%, 10/01/2027			394		402	3.50%, 12/01/2025		55		58
2.50%, 03/01/2028			830		846	3.50%, 12/01/2025		17		18
2.50%, 04/01/2028			60		61	3.50%, 01/01/2026		36		38
2.50%, 04/01/2028			174		177	3.50%, 01/01/2026		830		880
2.50%, 06/01/2028			199		203	3.50%, 02/01/2026		30		32
2.50%, 06/01/2028			434		442	3.50%, 04/01/2026		78		83
2.50%, 06/01/2028			1,059		1,079	3.50%, 05/01/2026		96		102
2.50%, 06/01/2028			187		191	3.50%, 06/01/2026		19		20
2.50%, 07/01/2028			707		721	3.50%, 06/01/2026		12		13
2.50%, 10/01/2028			355		362	3.50%, 07/01/2026		60		63
2.50%, 10/01/2028			369		376	3.50%, 07/01/2026		78		82
2.50%, 10/01/2029			986		1,005	3.50%, 07/01/2026		12		13
2.50%, 01/01/2030^(g)			2,600		2,644
2.50%, 02/01/2030^(g)			200		203	3.50%, 08/01/2026		48		51
						3.50%, 09/01/2026		63		67
2.50%, 02/01/2043			282		275	3.50%, 10/01/2026		41		43
2.67%, 01/01/2042^(a)			53		56	3.50%, 01/01/2027^(g)		500		528
3.00%, 01/01/2027			440		458	3.50%, 01/01/2027		86		91
3.00%, 02/01/2027			383		399	3.50%, 01/01/2029		535		566
3.00%, 02/01/2027			160		166	3.50%, 07/01/2029		193		204
3.00%, 03/01/2027			336		350	3.50%, 08/01/2029		103		109
3.00%, 06/01/2027			254		264	3.50%, 01/01/2032		268		282
3.00%, 02/01/2028^(g)			300		311
						3.50%, 02/01/2032		168		176
3.00%, 10/01/2028			955		993	3.50%, 03/01/2032		203		213
3.00%, 07/01/2029			670		697	3.50%, 04/01/2032		187		196
3.00%, 07/01/2029			1,143		1,187	3.50%, 08/01/2032		157		165
3.00%, 07/01/2029			892		927	3.50%, 01/01/2034		184		193
3.00%, 08/01/2029			494		513	3.50%, 02/01/2041		73		76
3.00%, 09/01/2029			200		208	3.50%, 10/01/2041		75		78
3.00%, 10/01/2029			296		308	3.50%, 11/01/2041		70		73
3.00%, 11/01/2029			497		517	3.50%, 01/01/2042		155		162
3.00%, 11/01/2029			299		310	3.50%, 01/01/2042^(g)		9,700		10,086
3.00%, 12/01/2029			100		104	3.50%, 02/01/2042^(g)		300		311
3.00%, 02/01/2032			180		186	3.50%, 02/01/2042		66		69
3.00%, 04/01/2033			444		458	3.50%, 02/01/2042		875		912
3.00%, 04/01/2033			442		457	3.50%, 03/01/2042		20		21
3.00%, 06/01/2033			271		280	3.50%, 03/01/2042		79		83
3.00%, 09/01/2033			370		382	3.50%, 04/01/2042		50		52
3.00%, 09/01/2033			369		381	3.50%, 04/01/2042		190		198
3.00%, 01/01/2043			611		619	3.50%, 04/01/2042		207		215
3.00%, 01/01/2043^(g)			3,100		3,131
						3.50%, 04/01/2042		204		212
3.00%, 04/01/2043			525		531	3.50%, 04/01/2042		195		203
3.00%, 05/01/2043			549		556	3.50%, 06/01/2042		148		154
3.00%, 06/01/2043			311		314	3.50%, 06/01/2042		546		569
3.00%, 06/01/2043			956		967	3.50%, 06/01/2042		149		155
3.00%, 07/01/2043			845		854	3.50%, 07/01/2042		767		799
3.00%, 07/01/2043			96		97	3.50%, 07/01/2042		921		959
						3.50%, 08/01/2042		381		396


Schedule of Investments
Bond Market Index Account
December 31, 2014



U.S. GOVERNMENT & GOVERNMENT	Principal				U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)	Amount (000's) Value (000's)				AGENCY OBLIGATIONS (continued)		Amount (000's) Value (000's)
Federal Home Loan Mortgage Corporation (FHLMC)					Federal Home Loan Mortgage Corporation (FHLMC)
(continued)					(continued)
3.50%, 08/01/2042	$	929	$	968	4.00%, 01/01/2042^(g)	$	15,600	$	16,629
3.50%, 08/01/2042		191		198	4.00%, 03/01/2042		178		190
3.50%, 02/01/2043		932		970	4.00%, 06/01/2042		299		319
3.50%, 08/01/2043		73		76	4.00%, 06/01/2042		340		363
3.50%, 02/01/2044		916		953	4.00%, 02/01/2043^(g)		300		319
3.50%, 06/01/2044		1,964		2,044	4.00%, 01/01/2044		445		474
3.50%, 08/01/2044		1,087		1,131	4.00%, 02/01/2044		850		911
3.50%, 09/01/2044		988		1,029	4.00%, 02/01/2044		320		341
4.00%, 05/01/2018		14		15	4.00%, 02/01/2044		546		583
4.00%, 05/01/2018		136		144	4.00%, 05/01/2044		199		213
4.00%, 10/01/2018		100		106	4.00%, 10/01/2044		992		1,058
4.00%, 04/01/2019		24		26	4.50%, 01/01/2015		1		1
4.00%, 10/01/2020		95		100	4.50%, 05/01/2018		54		57
4.00%, 05/01/2024		77		82	4.50%, 08/01/2018		112		117
4.00%, 05/01/2024		139		148	4.50%, 11/01/2018		25		27
4.00%, 12/01/2024		18		19	4.50%, 04/01/2019		23		24
4.00%, 01/01/2025		45		48	4.50%, 04/01/2023		18		19
4.00%, 02/01/2025		29		31	4.50%, 01/01/2024		11		11
4.00%, 03/01/2025		26		28	4.50%, 01/01/2024		25		27
4.00%, 03/01/2025		35		37	4.50%, 04/01/2024		129		139
4.00%, 04/01/2025		38		41	4.50%, 07/01/2024		23		24
4.00%, 06/01/2025		34		36	4.50%, 09/01/2024		32		34
4.00%, 06/01/2025		395		421	4.50%, 09/01/2024		36		39
4.00%, 06/01/2025		69		73	4.50%, 11/01/2024		226		244
4.00%, 06/01/2025		30		32	4.50%, 04/01/2025		34		37
4.00%, 07/01/2025		560		598	4.50%, 05/01/2025		27		29
4.00%, 07/01/2025		13		14	4.50%, 07/01/2025		44		47
4.00%, 08/01/2025		25		27	4.50%, 09/01/2026		364		387
4.00%, 08/01/2025		37		40	4.50%, 02/01/2030		37		40
4.00%, 09/01/2025		7		8	4.50%, 08/01/2030		28		31
4.00%, 10/01/2025		88		94	4.50%, 05/01/2031		35		38
4.00%, 02/01/2026		39		42	4.50%, 06/01/2031		234		255
4.00%, 05/01/2026		108		116	4.50%, 05/01/2034		2		2
4.00%, 07/01/2026		69		74	4.50%, 08/01/2035		219		237
4.00%, 12/01/2030		98		106	4.50%, 08/01/2035		121		131
4.00%, 08/01/2031		112		120	4.50%, 08/01/2036		36		39
4.00%, 10/01/2031		149		160	4.50%, 02/01/2039		3		3
4.00%, 11/01/2031		45		49	4.50%, 02/01/2039		92		100
4.00%, 12/01/2031		73		78	4.50%, 03/01/2039		58		63
4.00%, 11/01/2033		179		192	4.50%, 04/01/2039		137		148
4.00%, 01/01/2034		280		301	4.50%, 05/01/2039		436		473
4.00%, 06/01/2039		8		8	4.50%, 06/01/2039		79		86
4.00%, 07/01/2039		60		65	4.50%, 09/01/2039		595		645
4.00%, 09/01/2039		35		38	4.50%, 10/01/2039		252		273
4.00%, 12/01/2039		51		54	4.50%, 10/01/2039		126		139
4.00%, 12/01/2039		31		33	4.50%, 11/01/2039		101		110
4.00%, 01/01/2040		49		52	4.50%, 11/01/2039		117		127
4.00%, 03/01/2040		25		26	4.50%, 11/01/2039		35		38
4.00%, 09/01/2040		63		68	4.50%, 11/01/2039		80		86
4.00%, 10/01/2040		63		67	4.50%, 12/01/2039		55		60
4.00%, 10/01/2040		139		148	4.50%, 12/01/2039		163		180
4.00%, 12/01/2040		86		92	4.50%, 02/01/2040		99		108
4.00%, 12/01/2040		76		81	4.50%, 02/01/2040		125		138
4.00%, 12/01/2040		59		63	4.50%, 02/01/2040		130		144
4.00%, 12/01/2040		90		96	4.50%, 02/01/2040		21		23
4.00%, 12/01/2040		155		166	4.50%, 04/01/2040		112		121
4.00%, 02/01/2041		617		659	4.50%, 05/01/2040		117		128
4.00%, 02/01/2041		136		145	4.50%, 05/01/2040		40		43
4.00%, 02/01/2041		171		182	4.50%, 07/01/2040		92		101
4.00%, 04/01/2041		68		73	4.50%, 07/01/2040		86		95
4.00%, 07/01/2041		56		60	4.50%, 08/01/2040		44		48
4.00%, 08/01/2041		53		57	4.50%, 08/01/2040		42		46
4.00%, 08/01/2041		143		153	4.50%, 08/01/2040		154		168
4.00%, 10/01/2041		171		183	4.50%, 08/01/2040		83		90
4.00%, 10/01/2041		180		193	4.50%, 08/01/2040		55		61
4.00%, 10/01/2041		21		23	4.50%, 09/01/2040		39		42
4.00%, 10/01/2041		81		86	4.50%, 09/01/2040		24		26
4.00%, 10/01/2041		72		77	4.50%, 10/01/2040		455		494
4.00%, 11/01/2041		110		118	4.50%, 02/01/2041		77		84
4.00%, 11/01/2041		171		182	4.50%, 03/01/2041		606		657
4.00%, 11/01/2041		303		324	4.50%, 03/01/2041		108		117


Schedule of Investments
Bond Market Index Account
December 31, 2014



U.S. GOVERNMENT & GOVERNMENT	Principal				U.S. GOVERNMENT & GOVERNMENT	Principal
AGENCY OBLIGATIONS (continued)	Amount (000's) Value (000's)				AGENCY OBLIGATIONS (continued)	Amount (000's) Value (000's)
Federal Home Loan Mortgage Corporation (FHLMC)					Federal Home Loan Mortgage Corporation (FHLMC)
(continued)					(continued)
4.50%, 03/01/2041	$	712	$	772	5.00%, 05/01/2037	$	11	$	12
4.50%, 03/01/2041		995		1,086	5.00%, 01/01/2038		637		702
4.50%, 04/01/2041		149		162	5.00%, 02/01/2038		25		28
4.50%, 04/01/2041		72		79	5.00%, 02/01/2038		297		328
4.50%, 05/01/2041		54		59	5.00%, 03/01/2038		4		4
4.50%, 05/01/2041		199		216	5.00%, 06/01/2038		12		14
4.50%, 05/01/2041		163		177	5.00%, 09/01/2038		22		25
4.50%, 06/01/2041		98		106	5.00%, 09/01/2038		4		4
4.50%, 06/01/2041		80		88	5.00%, 11/01/2038		737		812
4.50%, 06/01/2041		66		72	5.00%, 12/01/2038		646		712
4.50%, 06/01/2041		59		64	5.00%, 01/01/2039		12		13
4.50%, 07/01/2041		99		107	5.00%, 01/01/2039		63		69
4.50%, 07/01/2041		103		112	5.00%, 02/01/2039		37		40
4.50%, 08/01/2041		76		83	5.00%, 03/01/2039		56		63
4.50%, 09/01/2041		821		891	5.00%, 06/01/2039		15		16
4.50%, 10/01/2041		140		152	5.00%, 07/01/2039		63		70
4.50%, 11/01/2041		709		771	5.00%, 09/01/2039		999		1,101
4.50%, 03/01/2042		154		167	5.00%, 09/01/2039		119		133
4.50%, 01/01/2043^(g)		500		542	5.00%, 10/01/2039		73		82
4.50%, 02/01/2043^(g)		900		974	5.00%, 01/01/2040		144		160
4.50%, 09/01/2043		100		108	5.00%, 03/01/2040		25		27
4.50%, 09/01/2043		577		626	5.00%, 07/01/2040		89		99
4.50%, 10/01/2043		53		57	5.00%, 07/01/2040		87		97
4.50%, 11/01/2043		43		46	5.00%, 08/01/2040		73		83
4.50%, 11/01/2043		258		280	5.00%, 08/01/2040		246		273
4.50%, 11/01/2043		396		429	5.00%, 09/01/2040		267		296
4.50%, 01/01/2044		482		523	5.00%, 02/01/2041		1,262		1,396
4.50%, 01/01/2044		537		583	5.00%, 04/01/2041		66		73
4.50%, 05/01/2044		923		1,001	5.00%, 05/01/2041		16		17
4.89%, 06/01/2038^(a)		10		10	5.00%, 06/01/2041		300		331
5.00%, 05/01/2018		8		8	5.00%, 07/01/2041		93		102
5.00%, 08/01/2018		15		16	5.00%, 09/01/2041		113		125
5.00%, 10/01/2018		30		31	5.00%, 10/01/2041		124		138
5.00%, 04/01/2019		11		12	5.00%, 11/01/2041		391		432
5.00%, 12/01/2019		31		33	5.00%, 01/01/2042^(g)		500		552
5.00%, 12/01/2021		76		80	5.50%, 10/01/2016		6		6
5.00%, 02/01/2022		12		13	5.50%, 02/01/2017		8		9
5.00%, 09/01/2022		15		17	5.50%, 01/01/2018		16		17
5.00%, 06/01/2023		270		294	5.50%, 01/01/2018		4		4
5.00%, 06/01/2023		11		12	5.50%, 01/01/2022		13		14
5.00%, 09/01/2023		509		561	5.50%, 04/01/2023		43		47
5.00%, 12/01/2023		120		131	5.50%, 01/01/2028		209		234
5.00%, 04/01/2024		92		101	5.50%, 12/01/2032		57		65
5.00%, 07/01/2024		15		16	5.50%, 03/01/2033		6		7
5.00%, 06/01/2025		17		19	5.50%, 12/01/2033		3		4
5.00%, 06/01/2026		115		124	5.50%, 01/01/2034		121		136
5.00%, 08/01/2026		151		166	5.50%, 01/01/2034		21		24
5.00%, 12/01/2027		83		91	5.50%, 02/01/2034		279		314
5.00%, 02/01/2030		17		18	5.50%, 03/01/2034		51		58
5.00%, 03/01/2030		12		13	5.50%, 10/01/2034		5		6
5.00%, 08/01/2033		88		98	5.50%, 10/01/2034		22		24
5.00%, 08/01/2033		13		14	5.50%, 02/01/2035		43		49
5.00%, 09/01/2033		33		36	5.50%, 03/01/2035		30		34
5.00%, 09/01/2033		15		16	5.50%, 05/01/2035		38		43
5.00%, 03/01/2034		20		22	5.50%, 11/01/2035		49		55
5.00%, 04/01/2034		40		45	5.50%, 04/01/2036		573		641
5.00%, 05/01/2034		60		66	5.50%, 05/01/2036		12		14
5.00%, 05/01/2035		75		82	5.50%, 05/01/2036		51		57
5.00%, 06/01/2035		362		401	5.50%, 07/01/2036		230		257
5.00%, 08/01/2035		23		26	5.50%, 07/01/2036		50		57
5.00%, 08/01/2035		10		11	5.50%, 11/01/2036		27		31
5.00%, 09/01/2035		28		30	5.50%, 12/01/2036		334		372
5.00%, 09/01/2035		69		77	5.50%, 12/01/2036		9		10
5.00%, 10/01/2035		31		34	5.50%, 12/01/2036		1		2
5.00%, 11/01/2035		118		131	5.50%, 01/01/2037		360		405
5.00%, 12/01/2035		69		76	5.50%, 02/01/2037		233		261
5.00%, 12/01/2035		107		118	5.50%, 02/01/2037		2		2
5.00%, 04/01/2036		4		4	5.50%, 07/01/2037		25		28
5.00%, 06/01/2036		12		14	5.50%, 07/01/2037		4		4
5.00%, 08/01/2036		53		59	5.50%, 09/01/2037		14		16
5.00%, 01/01/2037		124		137	5.50%, 11/01/2037		17		20


Schedule of Investments
Bond Market Index Account
December 31, 2014



U.S. GOVERNMENT & GOVERNMENT	Principal				U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)	Amount (000's) Value (000's)				AGENCY OBLIGATIONS (continued)	Amount (000's) Value (000's)
Federal Home Loan Mortgage Corporation (FHLMC)					Federal Home Loan Mortgage Corporation (FHLMC)
(continued)					(continued)
5.50%, 01/01/2038	$	78	$	87	6.50%, 05/01/2031	$	8	$	9
5.50%, 01/01/2038		14		15	6.50%, 06/01/2031		1		1
5.50%, 04/01/2038		62		70	6.50%, 10/01/2031		1		1
5.50%, 04/01/2038		7		7	6.50%, 05/01/2032		1		1
5.50%, 04/01/2038		3		4	6.50%, 04/01/2035		3		3
5.50%, 05/01/2038		15		17	6.50%, 03/01/2036		5		5
5.50%, 05/01/2038		9		10	6.50%, 09/01/2036		16		18
5.50%, 06/01/2038		4		4	6.50%, 08/01/2037		4		5
5.50%, 06/01/2038		17		19	6.50%, 10/01/2037		32		37
5.50%, 06/01/2038		187		209	6.50%, 11/01/2037		20		23
5.50%, 07/01/2038		42		47	6.50%, 12/01/2037		2		2
5.50%, 07/01/2038		9		10	6.50%, 02/01/2038		5		6
5.50%, 07/01/2038		6		7	6.50%, 09/01/2038		22		27
5.50%, 08/01/2038		61		68	6.50%, 10/01/2038		7		8
5.50%, 09/01/2038		282		315	6.50%, 01/01/2039		16		20
5.50%, 09/01/2038		16		18	6.50%, 09/01/2039		30		35
5.50%, 10/01/2038		246		275	7.00%, 10/01/2029		1		1
5.50%, 10/01/2038		9		10	7.00%, 09/01/2031		7		8
5.50%, 11/01/2038		2		2	7.00%, 01/01/2032		1		1
5.50%, 11/01/2038		10		11	7.00%, 09/01/2038		7		9
5.50%, 12/01/2038		219		246	7.50%, 07/01/2029		26		31
5.50%, 01/01/2039		32		36	7.50%, 10/01/2030		2		3
5.50%, 02/01/2039		406		453			$		134,433
5.50%, 03/01/2039		621		695
5.50%, 04/01/2039		48		54	Federal National Mortgage Association (FNMA) - 13.23%
5.50%, 09/01/2039		76		85	2.00%, 08/01/2028		237		237
5.50%, 12/01/2039		65		72	2.00%, 09/01/2028		348		347
5.50%, 01/01/2040		61		69	2.00%, 11/01/2028		68		68
5.50%, 03/01/2040		9		10	2.00%, 01/01/2029		24		24
5.50%, 06/01/2040		75		85	2.00%, 05/01/2029		898		895
					2.00%, 01/01/2030^(g)		400		398
5.50%, 06/01/2041		815		910	2.18%, 05/01/2043^(a)		439		444
5.50%, 01/01/2042^(g)		400		447
6.00%, 05/01/2021		2		2	2.50%, 12/01/2027		24		24
6.00%, 11/01/2022		11		12	2.50%, 01/01/2028		389		397
6.00%, 02/01/2027		28		32	2.50%, 02/01/2028		95		97
6.00%, 07/01/2029		2		2	2.50%, 06/01/2028		24		24
6.00%, 07/01/2029		5		6	2.50%, 06/01/2028		595		607
6.00%, 02/01/2031		4		5	2.50%, 07/01/2028		434		443
6.00%, 12/01/2031		4		5	2.50%, 08/01/2028		398		406
6.00%, 01/01/2032		40		46	2.50%, 08/01/2028		186		190
6.00%, 11/01/2033		72		82	2.50%, 08/01/2028		25		26
6.00%, 06/01/2034		66		75	2.50%, 08/01/2028		443		452
6.00%, 08/01/2034		8		9	2.50%, 09/01/2028		508		519
6.00%, 05/01/2036		37		43	2.50%, 09/01/2028		181		185
6.00%, 06/01/2036		63		72	2.50%, 10/01/2028		525		536
6.00%, 11/01/2036		63		71	2.50%, 05/01/2029		98		100
6.00%, 12/01/2036		293		331	2.50%, 06/01/2029		988		1,008
6.00%, 02/01/2037		5		6	2.50%, 07/01/2029		537		547
6.00%, 03/01/2037		5		5	2.50%, 07/01/2029		446		454
6.00%, 05/01/2037		4		5	2.50%, 09/01/2029		600		612
6.00%, 10/01/2037		29		33	2.50%, 09/01/2029		99		101
6.00%, 11/01/2037		33		37	2.50%, 12/01/2029		163		167
6.00%, 12/01/2037		7		8	2.50%, 12/01/2029		437		445
					2.50%, 01/01/2030^(g)		5,400		5,498
6.00%, 12/01/2037		153		173
6.00%, 01/01/2038		109		123	2.50%, 11/01/2032		90		90
6.00%, 01/01/2038		9		10	2.50%, 07/01/2033		182		182
6.00%, 01/01/2038^(a)		11		12	2.50%, 01/01/2043		844		825
6.00%, 01/01/2038		33		37	2.50%, 07/01/2043		300		293
6.00%, 01/01/2038		28		32	2.50%, 08/01/2043		196		191
6.00%, 01/01/2038		34		38	2.51%, 07/01/2041		61		64
					2.60%, 02/01/2042^(a)		115		120
6.00%, 04/01/2038		207		234	2.69%, 12/01/2043^(a)		141		146
6.00%, 05/01/2038		43		49	2.72%, 11/01/2043^(a)		339		347
6.00%, 07/01/2038		26		29	2.81%, 01/01/2042^(a)		123		128
6.00%, 07/01/2038		14		16	2.87%, 02/01/2042^(a)		72		75
6.00%, 08/01/2038		11		13	2.94%, 05/01/2042^(a)		445		461
6.00%, 09/01/2038		14		16
6.00%, 09/01/2038		20		23	3.00%, 09/01/2026		109		114
6.00%, 12/01/2039		6		7	3.00%, 11/01/2026		387		403
6.50%, 06/01/2017		5		5	3.00%, 11/01/2026		137		143
6.50%, 04/01/2028		1		1	3.00%, 01/01/2027		96		100
6.50%, 03/01/2029		1		2	3.00%, 02/01/2027		87		91


Schedule of Investments
Bond Market Index Account
December 31, 2014



U.S. GOVERNMENT & GOVERNMENT		Principal			U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)		Amount (000's)		Value (000's)	AGENCY OBLIGATIONS (continued)		Amount (000's)		Value (000's)

Federal National Mortgage Association (FNMA) (continued)					Federal National Mortgage Association (FNMA) (continued)
3.00%, 04/01/2027	$	158	$	164	3.00%, 09/01/2043	$	1,159	$	1,174
3.00%, 04/01/2027		148		154	3.00%, 10/01/2043		254		257
3.00%, 07/01/2027		443		462	3.00%, 11/01/2043		186		188
3.00%, 08/01/2027		486		507	3.00%, 11/01/2043		286		289
3.00%, 01/01/2028^(g)		3,200		3,326	3.00%, 11/01/2043		192		195
3.00%, 10/01/2028		761		792	3.00%, 01/01/2044		197		199
3.00%, 12/01/2028		81		84	3.00%, 01/01/2045^(g)		8,300		8,396
3.00%, 12/01/2028		61		63	3.00%, 02/01/2045^(g)		400		403
3.00%, 02/01/2029		400		416	3.04%, 12/01/2041^(a)		60		63
3.00%, 03/01/2029		678		706	3.12%, 06/01/2040^(a)		25		27
3.00%, 04/01/2029		100		104	3.18%, 12/01/2040^(a)		40		42
3.00%, 04/01/2029		500		520	3.24%, 07/01/2040^(a)		68		73
3.00%, 05/01/2029		102		107	3.43%, 01/01/2040^(a)		54		57
3.00%, 05/01/2029		200		208	3.48%, 02/01/2041^(a)		45		47
3.00%, 05/01/2029		297		309	3.50%, 03/01/2020		59		62
3.00%, 06/01/2029		198		206	3.50%, 06/01/2020		894		946
3.00%, 07/01/2029		248		258	3.50%, 10/01/2020		200		212
3.00%, 08/01/2029		41		43	3.50%, 01/01/2021		47		50
3.00%, 08/01/2029		433		451	3.50%, 08/01/2025		38		40
3.00%, 08/01/2029		485		505	3.50%, 10/01/2025		28		30
3.00%, 08/01/2029		551		573	3.50%, 11/01/2025		33		35
3.00%, 10/01/2029		454		472	3.50%, 12/01/2025		39		41
3.00%, 10/01/2029		296		309	3.50%, 12/01/2025		60		63
3.00%, 10/01/2029		354		368	3.50%, 01/01/2026		916		968
3.00%, 11/01/2029		182		190	3.50%, 01/01/2026		117		123
3.00%, 08/01/2032		608		629	3.50%, 02/01/2026		76		81
3.00%, 10/01/2032		650		672	3.50%, 03/01/2026		12		12
3.00%, 08/01/2033		1,447		1,494	3.50%, 05/01/2026		18		19
3.00%, 12/01/2033		650		672	3.50%, 06/01/2026		90		96
3.00%, 10/01/2034		197		203	3.50%, 07/01/2026		12		13
3.00%, 11/01/2034		199		204	3.50%, 08/01/2026		141		149
3.00%, 04/01/2042		384		389	3.50%, 08/01/2026		12		12
3.00%, 09/01/2042		193		195	3.50%, 09/01/2026		111		118
3.00%, 12/01/2042		194		196	3.50%, 10/01/2026		49		52
3.00%, 02/01/2043		814		826	3.50%, 12/01/2026		171		181
3.00%, 02/01/2043		843		855	3.50%, 12/01/2026		644		682
3.00%, 04/01/2043		536		543	3.50%, 01/01/2027		191		202
3.00%, 04/01/2043		832		843	3.50%, 01/01/2027		109		115
3.00%, 04/01/2043		470		476	3.50%, 02/01/2027^(g)		500		527
3.00%, 04/01/2043		713		723	3.50%, 12/01/2028		325		344
3.00%, 04/01/2043		640		649	3.50%, 01/01/2030^(g)		900		951
3.00%, 04/01/2043		1,839		1,864	3.50%, 01/01/2031		21		22
3.00%, 04/01/2043		651		659	3.50%, 04/01/2031		41		44
3.00%, 04/01/2043		831		842	3.50%, 04/01/2032		172		181
3.00%, 05/01/2043		640		649	3.50%, 05/01/2032		369		389
3.00%, 05/01/2043		948		960	3.50%, 06/01/2032		595		628
3.00%, 05/01/2043		545		552	3.50%, 07/01/2032		236		249
3.00%, 05/01/2043		102		103	3.50%, 09/01/2032		371		391
3.00%, 06/01/2043		648		657	3.50%, 09/01/2033		176		185
3.00%, 06/01/2043		859		870	3.50%, 10/01/2033		356		376
3.00%, 06/01/2043		856		867	3.50%, 11/01/2033		359		379
3.00%, 06/01/2043		42		42	3.50%, 01/01/2034		280		295
3.00%, 06/01/2043		32		33	3.50%, 06/01/2034		512		539
3.00%, 07/01/2043		274		278	3.50%, 10/01/2040		20		21
3.00%, 07/01/2043		466		472	3.50%, 11/01/2040		68		71
3.00%, 07/01/2043		706		715	3.50%, 12/01/2040		76		80
3.00%, 07/01/2043		252		255	3.50%, 01/01/2041		50		52
3.00%, 07/01/2043		474		480	3.50%, 02/01/2041		29		31
3.00%, 07/01/2043		56		57	3.50%, 02/01/2041		33		34
3.00%, 08/01/2043		1,414		1,432	3.50%, 03/01/2041		175		182
3.00%, 08/01/2043		488		495	3.50%, 03/01/2041		113		119
3.00%, 08/01/2043		759		769	3.50%, 10/01/2041		309		323
3.00%, 08/01/2043		114		115	3.50%, 12/01/2041		945		988
3.00%, 08/01/2043		294		298	3.50%, 12/01/2041		309		322
3.00%, 08/01/2043		395		400	3.50%, 12/01/2041		894		934
3.00%, 08/01/2043		931		943	3.50%, 01/01/2042		167		174
3.00%, 08/01/2043		190		192	3.50%, 01/01/2042		171		179
3.00%, 09/01/2043		23		24	3.50%, 01/01/2042		318		332
3.00%, 09/01/2043		24		24	3.50%, 02/01/2042		73		76
3.00%, 09/01/2043		33		33	3.50%, 02/01/2042		43		45
3.00%, 09/01/2043		481		488	3.50%, 03/01/2042		81		84


Schedule of Investments
Bond Market Index Account
December 31, 2014



U.S. GOVERNMENT & GOVERNMENT		Principal			U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)	Amount (000's) Value (000's)				AGENCY OBLIGATIONS (continued)	Amount (000's) Value (000's)

Federal National Mortgage Association (FNMA) (continued)					Federal National Mortgage Association (FNMA) (continued)
3.50%, 03/01/2042	$	212	$	222	4.00%, 01/01/2026	$	184	$	197
3.50%, 03/01/2042		99		104	4.00%, 01/01/2026		374		397
3.50%, 03/01/2042		658		687	4.00%, 01/01/2026		31		33
3.50%, 03/01/2042		183		191	4.00%, 03/01/2026		91		97
3.50%, 03/01/2042		380		396	4.00%, 03/01/2026		8		8
3.50%, 04/01/2042		141		148	4.00%, 03/01/2026		167		178
3.50%, 04/01/2042		173		181	4.00%, 05/01/2026		48		51
3.50%, 04/01/2042		170		178	4.00%, 06/01/2026		49		53
3.50%, 04/01/2042		151		157	4.00%, 07/01/2026		47		50
3.50%, 05/01/2042		211		221	4.00%, 08/01/2026		224		240
3.50%, 07/01/2042		415		434	4.00%, 09/01/2026		103		110
3.50%, 07/01/2042		235		245	4.00%, 04/01/2029		13		14
3.50%, 08/01/2042		288		301	4.00%, 10/01/2030		38		41
3.50%, 09/01/2042		225		235	4.00%, 12/01/2030		307		330
3.50%, 09/01/2042		100		104	4.00%, 02/01/2031		104		112
3.50%, 10/01/2042		34		36	4.00%, 07/01/2031		65		70
3.50%, 10/01/2042		826		862	4.00%, 10/01/2031		251		271
3.50%, 01/01/2043^(g)		18,900		19,702	4.00%, 11/01/2031		59		64
3.50%, 02/01/2043^(g)		300		312	4.00%, 12/01/2031		49		53
3.50%, 04/01/2043		365		381	4.00%, 01/01/2032		76		82
3.50%, 04/01/2043		195		203	4.00%, 09/01/2033		496		534
3.50%, 05/01/2043		947		990	4.00%, 03/01/2039		21		23
3.50%, 05/01/2043		1,167		1,218	4.00%, 08/01/2039		68		73
3.50%, 05/01/2043		509		531	4.00%, 08/01/2039		10		11
3.50%, 06/01/2043		548		572	4.00%, 10/01/2039		23		25
3.50%, 06/01/2043		954		998	4.00%, 11/01/2039		82		88
3.50%, 07/01/2043		531		555	4.00%, 12/01/2039		27		29
3.50%, 08/01/2043		282		295	4.00%, 02/01/2040		82		88
3.50%, 09/01/2043		373		389	4.00%, 05/01/2040		68		73
3.50%, 09/01/2043		963		1,005	4.00%, 05/01/2040		8		8
3.50%, 12/01/2043		300		313	4.00%, 08/01/2040		40		42
3.50%, 01/01/2044		99		103	4.00%, 10/01/2040		69		74
3.50%, 02/01/2044		556		580	4.00%, 10/01/2040		71		76
3.50%, 02/01/2044		943		985	4.00%, 10/01/2040		29		31
3.50%, 04/01/2044		97		101	4.00%, 10/01/2040		46		49
3.50%, 10/01/2044		506		528	4.00%, 10/01/2040		42		45
3.50%, 10/01/2044		286		298	4.00%, 10/01/2040		22		23
3.50%, 10/01/2044		299		312	4.00%, 10/01/2040		131		141
3.54%, 05/01/2041^(a)		46		49	4.00%, 11/01/2040		34		36
3.58%, 08/01/2040^(a)		33		35	4.00%, 12/01/2040		126		135
3.61%, 05/01/2041^(a)		40		42	4.00%, 12/01/2040		98		105
4.00%, 08/01/2018		500		530	4.00%, 12/01/2040		37		40
4.00%, 09/01/2018		175		186	4.00%, 12/01/2040		85		91
4.00%, 09/01/2018		82		87	4.00%, 12/01/2040		144		154
4.00%, 09/01/2018		61		65	4.00%, 01/01/2041		103		110
4.00%, 05/01/2019		194		205	4.00%, 01/01/2041		61		65
4.00%, 07/01/2019		29		31	4.00%, 01/01/2041		169		180
4.00%, 03/01/2024		137		145	4.00%, 01/01/2041		877		937
4.00%, 05/01/2024		29		31	4.00%, 02/01/2041		256		273
4.00%, 05/01/2024		23		25	4.00%, 02/01/2041		98		105
4.00%, 06/01/2024		57		60	4.00%, 02/01/2041		78		84
4.00%, 07/01/2024		54		57	4.00%, 02/01/2041		146		156
4.00%, 09/01/2024		22		24	4.00%, 02/01/2041		144		154
4.00%, 10/01/2024		208		222	4.00%, 03/01/2041		748		799
4.00%, 11/01/2024		10		11	4.00%, 03/01/2041		146		156
4.00%, 01/01/2025		37		40	4.00%, 03/01/2041		62		66
4.00%, 03/01/2025		41		44	4.00%, 04/01/2041		12		13
4.00%, 04/01/2025		203		215	4.00%, 09/01/2041		251		268
4.00%, 04/01/2025		13		14	4.00%, 09/01/2041		317		338
4.00%, 05/01/2025		36		38	4.00%, 09/01/2041		41		44
4.00%, 05/01/2025		7		7	4.00%, 10/01/2041		267		286
4.00%, 05/01/2025		36		38	4.00%, 10/01/2041		24		26
4.00%, 05/01/2025		12		13	4.00%, 10/01/2041		133		142
4.00%, 05/01/2025		38		41	4.00%, 11/01/2041		206		220
4.00%, 06/01/2025		13		14	4.00%, 11/01/2041		48		51
4.00%, 06/01/2025		30		32	4.00%, 11/01/2041		114		122
4.00%, 07/01/2025		85		91	4.00%, 11/01/2041		145		154
4.00%, 08/01/2025		39		41	4.00%, 12/01/2041		135		145
4.00%, 09/01/2025		44		47	4.00%, 12/01/2041		134		143
4.00%, 11/01/2025		55		59	4.00%, 12/01/2041		195		208
4.00%, 12/01/2025		68		73	4.00%, 12/01/2041		377		403


Schedule of Investments
Bond Market Index Account
December 31, 2014



U.S. GOVERNMENT & GOVERNMENT		Principal			U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)	Amount (000's) Value (000's)				AGENCY OBLIGATIONS (continued)	Amount (000's) Value (000's)

Federal National Mortgage Association (FNMA) (continued)					Federal National Mortgage Association (FNMA) (continued)
4.00%, 12/01/2041	$	133	$	142	4.50%, 09/01/2039	$	58	$	63
4.00%, 01/01/2042		143		152	4.50%, 10/01/2039		171		186
4.00%, 01/01/2042		43		46	4.50%, 10/01/2039		105		115
4.00%, 01/01/2042		179		191	4.50%, 10/01/2039		25		27
4.00%, 02/01/2042		95		102	4.50%, 12/01/2039		50		54
4.00%, 05/01/2042		905		967	4.50%, 12/01/2039		38		41
4.00%, 02/01/2043		413		441	4.50%, 12/01/2039		68		75
4.00%, 02/01/2043		331		353	4.50%, 12/01/2039		150		165
4.00%, 08/01/2043		278		297	4.50%, 12/01/2039		110		120
4.00%, 09/01/2043		220		235	4.50%, 01/01/2040		132		145
4.00%, 01/01/2044		963		1,034	4.50%, 01/01/2040		203		220
4.00%, 06/01/2044		967		1,038	4.50%, 02/01/2040		98		108
4.00%, 07/01/2044		1,166		1,246	4.50%, 02/01/2040		59		65
4.00%, 01/01/2045^(g)		31,440		33,554	4.50%, 03/01/2040		62		68
4.50%, 03/01/2015		1		1	4.50%, 04/01/2040		116		126
4.50%, 02/01/2018		31		32	4.50%, 05/01/2040		174		190
4.50%, 05/01/2018		480		505	4.50%, 05/01/2040		67		73
4.50%, 07/01/2018		18		19	4.50%, 05/01/2040		61		67
4.50%, 08/01/2018		326		343	4.50%, 05/01/2040		266		290
4.50%, 09/01/2018		381		401	4.50%, 06/01/2040		47		51
4.50%, 12/01/2018		313		328	4.50%, 07/01/2040		59		64
4.50%, 01/01/2019		2		2	4.50%, 07/01/2040		3		3
4.50%, 03/01/2019		137		144	4.50%, 08/01/2040		303		329
4.50%, 03/01/2019		100		105	4.50%, 08/01/2040		84		91
4.50%, 04/01/2019		318		334	4.50%, 08/01/2040		470		510
4.50%, 05/01/2019		57		60	4.50%, 08/01/2040		157		171
4.50%, 08/01/2019		4		5	4.50%, 09/01/2040		46		50
4.50%, 09/01/2020		10		10	4.50%, 09/01/2040		63		69
4.50%, 05/01/2022		28		29	4.50%, 09/01/2040		38		41
4.50%, 02/01/2024		6		7	4.50%, 10/01/2040		223		242
4.50%, 04/01/2024		5		5	4.50%, 12/01/2040		955		1,045
4.50%, 04/01/2024		3		3	4.50%, 12/01/2040		41		44
4.50%, 11/01/2024		20		21	4.50%, 03/01/2041		314		342
4.50%, 12/01/2024		47		51	4.50%, 03/01/2041		83		90
4.50%, 12/01/2024		24		26	4.50%, 03/01/2041		95		104
4.50%, 02/01/2025		43		46	4.50%, 03/01/2041		64		69
4.50%, 02/01/2025		57		61	4.50%, 04/01/2041		73		80
4.50%, 04/01/2025		7		8	4.50%, 05/01/2041		304		330
4.50%, 05/01/2025		56		60	4.50%, 05/01/2041		100		108
4.50%, 04/01/2026		85		92	4.50%, 05/01/2041		156		169
4.50%, 07/01/2029		6		7	4.50%, 06/01/2041		224		243
4.50%, 02/01/2030		34		37	4.50%, 06/01/2041		56		61
4.50%, 04/01/2030		12		13	4.50%, 06/01/2041		304		330
4.50%, 08/01/2030		236		258	4.50%, 06/01/2041		97		105
4.50%, 09/01/2030		191		209	4.50%, 06/01/2041		179		194
4.50%, 01/01/2031		39		42	4.50%, 07/01/2041		70		76
4.50%, 04/01/2031		22		24	4.50%, 07/01/2041		121		132
4.50%, 05/01/2031		34		37	4.50%, 07/01/2041		73		80
4.50%, 07/01/2031		137		150	4.50%, 08/01/2041		109		119
4.50%, 08/01/2031		71		77	4.50%, 09/01/2041		111		120
4.50%, 08/01/2033		40		44	4.50%, 09/01/2041		197		214
4.50%, 08/01/2033		5		6	4.50%, 09/01/2041		538		588
4.50%, 11/01/2033		91		100	4.50%, 10/01/2041		120		130
4.50%, 02/01/2035		310		338	4.50%, 11/01/2041		143		156
4.50%, 12/01/2035		250		273	4.50%, 11/01/2041		117		127
4.50%, 01/01/2036		3		4	4.50%, 11/01/2041		114		124
4.50%, 03/01/2036		9		10	4.50%, 12/01/2041		136		148
4.50%, 06/01/2038		50		55	4.50%, 01/01/2042^(g)		9,400		10,203
4.50%, 01/01/2039		12		13	4.50%, 09/01/2042		195		213
4.50%, 02/01/2039		28		30	4.50%, 02/01/2043^(g)		900		975
4.50%, 04/01/2039		103		114	4.50%, 09/01/2043		500		543
4.50%, 04/01/2039		93		102	4.50%, 09/01/2043		465		505
4.50%, 04/01/2039		21		23	4.50%, 05/01/2044		700		761
4.50%, 06/01/2039		55		60	4.50%, 06/01/2044		931		1,010
4.50%, 06/01/2039		146		161	4.50%, 10/01/2044		41		45
4.50%, 06/01/2039		138		150	5.00%, 02/01/2015		1		1
4.50%, 06/01/2039		33		36	5.00%, 12/01/2017		5		5
4.50%, 07/01/2039		110		120	5.00%, 03/01/2018		291		306
4.50%, 07/01/2039		55		60	5.00%, 11/01/2018		4		5
4.50%, 07/01/2039		97		106	5.00%, 06/01/2019		34		37
4.50%, 08/01/2039		58		64	5.00%, 07/01/2019		176		185


Schedule of Investments
Bond Market Index Account
December 31, 2014



U.S. GOVERNMENT & GOVERNMENT		Principal			U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)		Amount (000's)		Value (000's)	AGENCY OBLIGATIONS (continued)		Amount (000's)		Value (000's)

Federal National Mortgage Association (FNMA) (continued)					Federal National Mortgage Association (FNMA) (continued)
5.00%, 11/01/2020	$	180	$	194	5.00%, 04/01/2041	$	53	$	59
5.00%, 11/01/2021		15		16	5.00%, 05/01/2041		80		88
5.00%, 02/01/2023		21		22	5.00%, 05/01/2041		67		74
5.00%, 07/01/2023		3		3	5.00%, 05/01/2041		66		73
5.00%, 09/01/2023		108		114	5.00%, 05/01/2041		65		72
5.00%, 12/01/2023		7		8	5.00%, 09/01/2043		300		331
5.00%, 12/01/2023		16		17	5.00%, 12/01/2043		900		994
5.00%, 01/01/2024		28		31	5.00%, 01/01/2045^(g)		5,200		5,745
5.00%, 01/01/2024		40		43	5.41%, 01/01/2036^(a)		10		11
5.00%, 02/01/2024		207		224	5.50%, 10/01/2016		23		24
5.00%, 07/01/2024		16		17	5.50%, 01/01/2017		23		25
5.00%, 12/01/2024		101		109	5.50%, 02/01/2018		39		42
5.00%, 11/01/2025		217		240	5.50%, 12/01/2018		37		39
5.00%, 04/01/2029		25		28	5.50%, 05/01/2019		6		6
5.00%, 03/01/2030		49		55	5.50%, 08/01/2019		43		46
5.00%, 08/01/2030		64		71	5.50%, 12/01/2019		16		17
5.00%, 05/01/2033		18		19	5.50%, 01/01/2021		6		7
5.00%, 05/01/2033		28		30	5.50%, 05/01/2021		10		11
5.00%, 07/01/2033		135		150	5.50%, 10/01/2021		7		8
5.00%, 08/01/2033		7		7	5.50%, 11/01/2022		25		26
5.00%, 09/01/2033		60		66	5.50%, 11/01/2022		13		15
5.00%, 11/01/2033		79		87	5.50%, 02/01/2023		17		18
5.00%, 02/01/2034		10		11	5.50%, 03/01/2023		26		28
5.00%, 03/01/2034		13		15	5.50%, 04/01/2023		44		46
5.00%, 05/01/2034		104		115	5.50%, 07/01/2023		16		17
5.00%, 02/01/2035		96		106	5.50%, 09/01/2023		19		21
5.00%, 03/01/2035		9		10	5.50%, 12/01/2023		9		10
5.00%, 04/01/2035		15		16	5.50%, 05/01/2025		36		39
5.00%, 06/01/2035		183		203	5.50%, 07/01/2025		500		559
5.00%, 07/01/2035		9		10	5.50%, 06/01/2028		16		18
5.00%, 07/01/2035		25		28	5.50%, 09/01/2028		4		5
5.00%, 07/01/2035		416		460	5.50%, 01/01/2029		9		10
5.00%, 07/01/2035		84		93	5.50%, 12/01/2029		38		42
5.00%, 09/01/2035		17		19	5.50%, 06/01/2033		21		24
5.00%, 10/01/2035		41		45	5.50%, 04/01/2034		103		116
5.00%, 01/01/2036		81		89	5.50%, 04/01/2034		71		80
5.00%, 03/01/2036		51		56	5.50%, 04/01/2034		54		61
5.00%, 03/01/2036		79		87	5.50%, 05/01/2034		63		70
5.00%, 04/01/2036		3		3	5.50%, 06/01/2034		3		3
5.00%, 05/01/2036		1		1	5.50%, 11/01/2034		55		62
5.00%, 06/01/2036		160		177	5.50%, 01/01/2035		13		14
5.00%, 07/01/2036		100		111	5.50%, 01/01/2035		57		64
5.00%, 04/01/2037		955		1,054	5.50%, 03/01/2035		24		27
5.00%, 07/01/2037		28		31	5.50%, 04/01/2035		2		2
5.00%, 02/01/2038		199		220	5.50%, 04/01/2035		34		38
5.00%, 04/01/2038		93		102	5.50%, 08/01/2035		15		17
5.00%, 06/01/2038		10		11	5.50%, 09/01/2035		4		5
5.00%, 01/01/2039		979		1,081	5.50%, 10/01/2035		6		7
5.00%, 01/01/2039		54		61	5.50%, 10/01/2035		7		8
5.00%, 02/01/2039		70		78	5.50%, 11/01/2035		456		515
5.00%, 03/01/2039		35		38	5.50%, 12/01/2035		20		23
5.00%, 03/01/2039		3		4	5.50%, 01/01/2036		8		9
5.00%, 04/01/2039		34		38	5.50%, 02/01/2036		70		79
5.00%, 04/01/2039		64		71	5.50%, 04/01/2036		62		70
5.00%, 04/01/2039		90		101	5.50%, 04/01/2036		4		4
5.00%, 07/01/2039		88		99	5.50%, 05/01/2036		297		333
5.00%, 07/01/2039		407		450	5.50%, 07/01/2036		34		38
5.00%, 10/01/2039		73		81	5.50%, 08/01/2036		84		94
5.00%, 12/01/2039		57		65	5.50%, 09/01/2036		94		106
5.00%, 12/01/2039		144		160	5.50%, 09/01/2036		38		43
5.00%, 01/01/2040		118		133	5.50%, 10/01/2036		87		97
5.00%, 02/01/2040		144		163	5.50%, 11/01/2036		23		26
5.00%, 05/01/2040		46		50	5.50%, 11/01/2036		33		37
5.00%, 05/01/2040		410		453	5.50%, 11/01/2036		14		15
5.00%, 06/01/2040		25		28	5.50%, 01/01/2037		33		37
5.00%, 06/01/2040		111		124	5.50%, 02/01/2037		66		74
5.00%, 06/01/2040		109		120	5.50%, 03/01/2037		208		233
5.00%, 08/01/2040		60		66	5.50%, 05/01/2037		305		343
5.00%, 08/01/2040		44		48	5.50%, 05/01/2037		1,007		1,125
5.00%, 08/01/2040		175		194	5.50%, 05/01/2037		3		3
5.00%, 11/01/2040		65		72


Schedule of Investments
Bond Market Index Account
December 31, 2014



U.S. GOVERNMENT & GOVERNMENT		Principal			U.S. GOVERNMENT & GOVERNMENT			Principal
AGENCY OBLIGATIONS (continued)	Amount (000's) Value (000's)				AGENCY OBLIGATIONS (continued)		Amount (000's) Value (000's)

Federal National Mortgage Association (FNMA) (continued)					Federal National Mortgage Association (FNMA) (continued)
5.50%, 05/01/2037	$	29	$	33	6.00%, 02/01/2037		$	9	$	10
5.50%, 06/01/2037		73		82	6.00%, 02/01/2037			54		62
5.50%, 07/01/2037		5		6	6.00%, 03/01/2037			108		122
5.50%, 07/01/2037		8		9	6.00%, 03/01/2037			41		46
5.50%, 08/01/2037		325		366	6.00%, 06/01/2037			22		25
5.50%, 08/01/2037		325		365	6.00%, 07/01/2037			9		10
5.50%, 08/01/2037		447		501	6.00%, 09/01/2037			55		63
5.50%, 01/01/2038		13		15	6.00%, 10/01/2037			8		9
5.50%, 01/01/2038		9		10	6.00%, 11/01/2037			5		6
5.50%, 02/01/2038		54		60	6.00%, 11/01/2037			8		9
5.50%, 02/01/2038		40		44	6.00%, 11/01/2037			1		1
5.50%, 02/01/2038		89		100	6.00%, 12/01/2037			20		22
5.50%, 03/01/2038		23		25	6.00%, 01/01/2038			26		30
5.50%, 03/01/2038		38		43	6.00%, 01/01/2038			16		18
5.50%, 03/01/2038		160		179	6.00%, 01/01/2038			313		355
5.50%, 03/01/2038		26		29	6.00%, 02/01/2038			10		12
5.50%, 05/01/2038		58		65	6.00%, 03/01/2038			20		22
5.50%, 05/01/2038		14		16	6.00%, 03/01/2038			142		161
5.50%, 05/01/2038		921		1,029	6.00%, 05/01/2038			11		12
5.50%, 06/01/2038		3		3	6.00%, 05/01/2038			16		18
5.50%, 06/01/2038		441		493	6.00%, 08/01/2038			24		27
5.50%, 06/01/2038		33		37	6.00%, 09/01/2038			87		99
5.50%, 06/01/2038		324		362	6.00%, 10/01/2038			57		64
5.50%, 06/01/2038		5		5	6.00%, 11/01/2038			140		159
5.50%, 07/01/2038		29		33	6.00%, 12/01/2038			11		12
5.50%, 07/01/2038		20		22	6.00%, 10/01/2039			30		34
5.50%, 08/01/2038		399		446	6.00%, 10/01/2039			29		33
5.50%, 09/01/2038		3		4	6.00%, 04/01/2040			64		73
5.50%, 11/01/2038		13		15	6.00%, 09/01/2040			19		21
5.50%, 11/01/2038		195		218	6.00%, 10/01/2040			71		81
5.50%, 11/01/2038		18		20	6.00%, 10/01/2040			31		36
5.50%, 11/01/2038		9		10	6.00%, 05/01/2041			663		752
5.50%, 11/01/2038		15		17	6.50%, 12/01/2016			16		16
5.50%, 11/01/2038		312		349	6.50%, 07/01/2020			3		3
5.50%, 12/01/2038		36		41	6.50%, 03/01/2026			1		1
5.50%, 12/01/2038		11		13	6.50%, 12/01/2031			2		2
5.50%, 12/01/2038		26		29	6.50%, 03/01/2032			3		3
5.50%, 01/01/2039		28		31	6.50%, 07/01/2032			10		12
5.50%, 04/01/2039		17		18	6.50%, 11/01/2033			14		16
5.50%, 06/01/2039		391		437	6.50%, 08/01/2034			37		43
5.50%, 07/01/2039		86		96	6.50%, 09/01/2034			28		32
5.50%, 09/01/2039		58		65	6.50%, 10/01/2034			9		10
5.50%, 10/01/2039		21		24	6.50%, 07/01/2037			11		13
5.50%, 12/01/2039		43		49	6.50%, 07/01/2037			16		19
5.50%, 12/01/2039		108		122	6.50%, 08/01/2037			14		16
5.50%, 05/01/2040		222		249	6.50%, 10/01/2037			108		123
5.50%, 06/01/2040		15		16	6.50%, 01/01/2038			322		366
5.50%, 07/01/2040		46		52	6.50%, 01/01/2038			27		31
5.50%, 07/01/2041		321		359	6.50%, 02/01/2038			11		14
5.50%, 09/01/2041		124		139	6.50%, 02/01/2038			13		16
5.50%, 09/01/2041		90		101	6.50%, 03/01/2038			6		7
6.00%, 10/01/2016		1		1	6.50%, 03/01/2038			71		83
6.00%, 06/01/2017		3		3	6.50%, 05/01/2038			25		29
6.00%, 06/01/2017		22		23	6.50%, 05/01/2038			191		218
6.00%, 05/01/2024		2		3	6.50%, 09/01/2038			11		12
6.00%, 12/01/2032		32		37	6.50%, 10/01/2039			22		25
6.00%, 01/01/2033		5		6	7.00%, 12/01/2037			29		33
6.00%, 10/01/2033		10		11	7.00%, 12/01/2037			24		29
6.00%, 12/01/2033		23		26	7.50%, 05/01/2031			13		15
6.00%, 10/01/2034		37		43				$		229,556
6.00%, 12/01/2034		16		18	Government National Mortgage Association (GNMA) -
6.00%, 01/01/2035		68		77	7.86	%
6.00%, 07/01/2035		62		71	2.00%, 10/20/2042^(a)			157		163
6.00%, 07/01/2035		160		183	2.00%, 01/20/2043			162		165
6.00%, 10/01/2035		60		68	2.00%, 06/20/2043^(a)			144		147
6.00%, 05/01/2036		2		2	2.50%, 09/20/2027			309		317
6.00%, 05/01/2036		7		8	2.50%, 04/20/2028			265		272
6.00%, 05/01/2036		4		5	2.50%, 07/20/2028			260		267
6.00%, 06/01/2036		37		43	2.50%, 12/20/2040			37		38
					2.50%, 02/20/2042^(a)			116		119
					2.50%, 01/20/2043^(a)			165		170


Schedule of Investments
Bond Market Index Account
December 31, 2014



U.S. GOVERNMENT & GOVERNMENT	Principal				U.S. GOVERNMENT & GOVERNMENT	Principal
AGENCY OBLIGATIONS (continued)	Amount (000's) Value (000's)				AGENCY OBLIGATIONS (continued)	Amount (000's) Value (000's)
Government National Mortgage Association (GNMA)					Government National Mortgage Association (GNMA)
(continued)					(continued)
2.50%, 03/15/2043	$	282	$	279	3.50%, 04/20/2043	$	839	$	882
2.50%, 07/20/2043		375		370	3.50%, 06/15/2043		99		104
2.50%, 11/20/2043^(a)		615		629	3.50%, 08/15/2043		347		365
2.50%, 01/01/2044		100		99	3.50%, 01/20/2044		24		25
3.00%, 04/15/2027		170		178	3.50%, 02/20/2044		193		202
3.00%, 04/20/2027		294		310	3.50%, 04/20/2044		909		956
3.00%, 09/20/2027		291		306	3.50%, 07/20/2044		2,444		2,568
3.00%, 11/20/2027		151		159	3.50%, 08/20/2044		2,456		2,582
3.00%, 09/20/2028		173		182	3.50%, 09/20/2044		889		935
3.00%, 10/20/2028		265		279	3.50%, 01/01/2045		17,700		18,579
3.00%, 01/20/2029		87		91	3.50%, 02/01/2045		400		419
3.00%, 02/20/2041^(a)		97		102	4.00%, 07/15/2024		142		151
3.00%, 11/20/2041^(a)		153		160	4.00%, 08/15/2024		36		38
3.00%, 02/20/2042^(a)		129		134	4.00%, 12/15/2024		33		35
3.00%, 04/15/2042		35		36	4.00%, 11/15/2025		24		26
3.00%, 04/20/2042^(a)		380		398	4.00%, 05/15/2026		31		33
3.00%, 07/20/2042^(a)		567		590	4.00%, 06/15/2039		19		20
3.00%, 09/20/2042		426		436	4.00%, 07/20/2040		77		83
3.00%, 10/15/2042		609		624	4.00%, 08/15/2040		57		61
3.00%, 12/20/2042		849		869	4.00%, 08/15/2040		148		159
3.00%, 01/01/2043		9,900		10,124	4.00%, 09/15/2040		91		99
3.00%, 03/20/2043		1,587		1,625	4.00%, 09/15/2040		60		65
3.00%, 03/20/2043		456		467	4.00%, 10/15/2040		88		95
3.00%, 04/15/2043		98		100	4.00%, 11/15/2040		13		14
3.00%, 05/15/2043		74		76	4.00%, 11/15/2040		80		86
3.00%, 05/15/2043		35		36	4.00%, 11/20/2040		55		60
3.00%, 06/15/2043		793		812	4.00%, 12/20/2040		93		100
3.00%, 06/20/2043		459		470	4.00%, 01/15/2041		64		69
3.00%, 08/15/2043		649		665	4.00%, 01/15/2041		89		97
3.00%, 08/15/2043		476		488	4.00%, 01/15/2041		191		205
3.00%, 08/20/2043		206		211	4.00%, 01/20/2041		176		190
3.00%, 09/20/2043		749		767	4.00%, 05/15/2041		98		106
3.00%, 10/20/2043		370		378	4.00%, 05/15/2041		63		68
3.00%, 11/20/2043		276		283	4.00%, 07/20/2041		64		69
3.00%, 03/20/2044		610		625	4.00%, 07/20/2041^(a)		43		45
3.00%, 05/15/2044		58		59	4.00%, 08/15/2041		235		253
3.00%, 08/20/2044		2,460		2,519	4.00%, 08/15/2041		96		103
3.00%, 11/15/2044		930		953	4.00%, 08/15/2041		51		54
3.00%, 02/01/2045		200		204	4.00%, 09/15/2041		157		169
3.50%, 12/15/2025		22		24	4.00%, 09/15/2041		181		195
3.50%, 02/15/2026		80		86	4.00%, 09/15/2041		73		79
3.50%, 05/15/2026		31		33	4.00%, 09/20/2041		313		336
3.50%, 03/20/2027		75		80	4.00%, 10/15/2041		71		77
3.50%, 04/20/2027		121		128	4.00%, 10/15/2041		99		106
3.50%, 09/20/2028		249		265	4.00%, 11/15/2041		327		352
3.50%, 07/20/2040		28		29	4.00%, 11/20/2041		107		115
3.50%, 01/20/2041		111		117	4.00%, 12/15/2041		107		115
3.50%, 03/20/2041^(a)		433		454	4.00%, 12/15/2041		179		193
3.50%, 05/20/2041		88		93	4.00%, 12/20/2041		106		114
3.50%, 11/15/2041		82		86	4.00%, 01/01/2042^(g)		700		751
3.50%, 11/20/2041		34		35	4.00%, 01/15/2042		31		34
3.50%, 01/15/2042^(g)		200		210	4.00%, 01/20/2042		571		613
3.50%, 01/15/2042		90		95	4.00%, 02/01/2042		100		107
3.50%, 01/20/2042		156		164	4.00%, 02/20/2042		467		501
3.50%, 02/15/2042		169		177	4.00%, 03/15/2042		167		180
3.50%, 02/15/2042		472		499	4.00%, 03/15/2042		285		306
3.50%, 02/20/2042		150		158	4.00%, 03/20/2042		556		596
3.50%, 03/15/2042		144		152	4.00%, 04/20/2042		489		525
3.50%, 03/15/2042		145		152	4.00%, 05/20/2042		47		50
3.50%, 03/20/2042		174		183	4.00%, 07/20/2042		1,084		1,163
3.50%, 04/15/2042		289		304	4.00%, 06/20/2043		134		144
3.50%, 04/20/2042		352		370	4.00%, 08/15/2043		33		35
3.50%, 05/20/2042		1,230		1,294	4.00%, 09/15/2043		422		453
3.50%, 06/20/2042		731		769	4.00%, 09/20/2043		249		268
3.50%, 08/15/2042		198		208	4.00%, 11/20/2043		880		944
3.50%, 08/20/2042		542		570	4.00%, 02/20/2044		878		943
3.50%, 01/15/2043		912		959	4.00%, 03/15/2044		902		969
3.50%, 01/15/2043		531		558	4.00%, 04/20/2044		1,007		1,081
3.50%, 01/20/2043		805		846	4.00%, 05/20/2044		1,003		1,076
3.50%, 03/20/2043		810		852	4.00%, 06/20/2044		1,050		1,128
3.50%, 04/15/2043		192		203	4.00%, 07/20/2044		3,459		3,714


Schedule of Investments
Bond Market Index Account
December 31, 2014



U.S. GOVERNMENT & GOVERNMENT		Principal			U.S. GOVERNMENT & GOVERNMENT	Principal
AGENCY OBLIGATIONS (continued)		Amount (000's) Value (000's)			AGENCY OBLIGATIONS (continued)	Amount (000's) Value (000's)
Government National Mortgage Association (GNMA)					Government National Mortgage Association (GNMA)
(continued)					(continued)
4.00%, 08/20/2044	$	2,427	$	2,607	4.50%, 12/20/2041	$	61	$	67
4.00%, 09/20/2044		1,041		1,118	4.50%, 01/20/2042		440		483
4.00%, 01/01/2045		6,200		6,648	4.50%, 02/01/2042^(g)		300		328
4.50%, 04/20/2026		21		22	4.50%, 02/01/2042		100		109
4.50%, 02/15/2039		381		417	4.50%, 02/20/2042		219		240
4.50%, 03/15/2039		55		61	4.50%, 03/20/2042		55		60
4.50%, 03/15/2039		155		170	4.50%, 04/20/2042		110		121
4.50%, 03/15/2039		41		45	4.50%, 05/20/2042		129		142
4.50%, 03/15/2039		78		86	4.50%, 05/20/2043		592		649
4.50%, 03/20/2039		89		97	4.50%, 06/20/2043		469		516
4.50%, 04/15/2039		126		137	4.50%, 10/20/2043		181		198
4.50%, 04/15/2039		187		205	4.50%, 11/20/2043		1,843		2,016
4.50%, 04/15/2039		69		75	4.50%, 03/20/2044		2,422		2,650
4.50%, 05/15/2039		109		121	4.50%, 05/20/2044		1,865		2,040
4.50%, 05/15/2039		279		305	4.50%, 01/01/2045		1,100		1,202
4.50%, 05/15/2039		26		28	5.00%, 08/15/2033		90		100
4.50%, 05/15/2039		454		496	5.00%, 02/15/2034		102		114
4.50%, 05/15/2039		31		34	5.00%, 07/15/2035		267		296
4.50%, 06/15/2039		167		184	5.00%, 08/15/2035		65		72
4.50%, 07/15/2039		41		45	5.00%, 04/20/2037		9		10
4.50%, 08/15/2039		172		190	5.00%, 04/20/2038		572		628
4.50%, 09/15/2039		3		3	5.00%, 05/15/2038		142		156
4.50%, 11/15/2039		399		439	5.00%, 06/20/2038		62		68
4.50%, 11/15/2039		41		45	5.00%, 08/15/2038		256		281
4.50%, 12/15/2039		122		134	5.00%, 10/15/2038		33		37
4.50%, 01/15/2040		139		153	5.00%, 01/15/2039		300		331
4.50%, 02/15/2040		23		25	5.00%, 01/15/2039		308		341
4.50%, 02/15/2040		67		74	5.00%, 02/15/2039		234		259
4.50%, 02/15/2040		35		39	5.00%, 02/15/2039		188		208
4.50%, 02/15/2040		23		25	5.00%, 04/15/2039		332		367
4.50%, 02/15/2040		42		46	5.00%, 05/15/2039		20		23
4.50%, 02/15/2040		30		32	5.00%, 06/15/2039		73		82
4.50%, 03/15/2040		38		42	5.00%, 06/15/2039		57		64
4.50%, 05/15/2040		52		57	5.00%, 06/20/2039		76		85
4.50%, 06/15/2040		50		55	5.00%, 07/15/2039		55		62
4.50%, 06/15/2040		59		65	5.00%, 07/15/2039		73		81
4.50%, 07/15/2040		59		65	5.00%, 07/15/2039		55		61
4.50%, 07/15/2040		783		858	5.00%, 07/15/2039		79		88
4.50%, 07/15/2040		46		51	5.00%, 08/15/2039		65		72
4.50%, 08/15/2040		69		76	5.00%, 09/15/2039		25		28
4.50%, 08/15/2040		90		98	5.00%, 09/15/2039		78		86
4.50%, 08/15/2040		89		98	5.00%, 09/15/2039		61		67
4.50%, 08/15/2040		64		70	5.00%, 09/15/2039		55		60
4.50%, 09/15/2040		91		99	5.00%, 09/15/2039		62		69
4.50%, 09/15/2040		75		83	5.00%, 11/15/2039		73		81
4.50%, 10/15/2040		91		100	5.00%, 12/15/2039		118		130
4.50%, 12/15/2040		47		52	5.00%, 02/15/2040		74		81
4.50%, 01/20/2041		102		113	5.00%, 02/15/2040		77		86
4.50%, 01/20/2041		86		95	5.00%, 02/15/2040		77		86
4.50%, 02/20/2041		95		106	5.00%, 04/15/2040		54		60
4.50%, 02/20/2041		102		112	5.00%, 05/15/2040		40		44
4.50%, 03/15/2041		42		46	5.00%, 05/15/2040		68		75
4.50%, 03/15/2041		221		242	5.00%, 05/20/2040		21		23
4.50%, 03/20/2041		56		61	5.00%, 06/15/2040		98		108
4.50%, 03/20/2041		93		103	5.00%, 06/15/2040		134		149
4.50%, 04/15/2041		107		117	5.00%, 06/15/2040		9		10
4.50%, 04/15/2041		47		51	5.00%, 06/15/2040		53		59
4.50%, 04/15/2041		298		326	5.00%, 06/20/2040		95		106
4.50%, 04/20/2041		110		121	5.00%, 07/15/2040		45		50
4.50%, 05/15/2041		79		88	5.00%, 07/20/2040		98		110
4.50%, 05/15/2041		68		75	5.00%, 01/20/2041		51		57
4.50%, 06/15/2041		199		218	5.00%, 02/20/2041		119		133
4.50%, 06/20/2041		348		381	5.00%, 04/15/2041		387		429
4.50%, 07/15/2041		54		60	5.00%, 05/20/2041		108		121
4.50%, 07/15/2041		367		402	5.00%, 06/20/2041		29		32
4.50%, 07/15/2041		143		156	5.00%, 07/20/2041		44		49
4.50%, 07/20/2041		664		728	5.00%, 08/20/2041		310		345
4.50%, 08/15/2041		329		359	5.00%, 10/20/2041		36		40
4.50%, 08/20/2041		246		269	5.00%, 11/20/2041		98		109
4.50%, 09/20/2041		60		66	5.00%, 12/20/2041		75		83
4.50%, 11/20/2041		870		953	5.00%, 02/20/2042		402		449


Schedule of Investments
Bond Market Index Account
December 31, 2014



U.S. GOVERNMENT & GOVERNMENT	Principal				U.S. GOVERNMENT & GOVERNMENT	Principal
AGENCY OBLIGATIONS (continued)	Amount (000's) Value (000's)				AGENCY OBLIGATIONS (continued)	Amount (000's) Value (000's)
Government National Mortgage Association (GNMA)					Government National Mortgage Association (GNMA)
(continued)					(continued)
5.00%, 03/20/2042	$	79	$	88	6.50%, 05/20/2029	$	1	$	1
5.00%, 04/20/2042		908		1,010	6.50%, 02/20/2032		1		1
5.00%, 12/20/2042		735		820	6.50%, 05/20/2032		8		10
5.00%, 01/20/2043		139		155	6.50%, 05/15/2037		73		84
5.00%, 05/20/2043		174		192	6.50%, 08/20/2038		28		32
5.00%, 07/20/2043		451		500	6.50%, 09/15/2038		28		32
5.00%, 11/20/2043		489		541	7.00%, 01/15/2028		1		1
5.00%, 01/20/2044		398		439	7.00%, 03/15/2029		3		3
5.00%, 05/20/2044		184		203	7.00%, 07/15/2031		2		2
5.00%, 08/20/2044		180		199			$		136,380
5.50%, 01/15/2024		13		14
5.50%, 11/15/2033		46		52	U.S. Treasury - 35.58%
5.50%, 03/15/2034		16		18	0.25%, 02/29/2016		5,680		5,673
5.50%, 04/15/2034		18		20	0.25%, 04/15/2016		3,626		3,620
5.50%, 07/15/2034		12		14	0.25%, 05/15/2016		3,028		3,022
5.50%, 11/15/2034		57		65	0.38%, 01/31/2016		2,415		2,416
5.50%, 02/15/2035		31		35	0.38%, 02/15/2016		2,100		2,101
5.50%, 03/15/2036		19		21	0.38%, 03/15/2016		2,670		2,670
5.50%, 04/15/2036		28		31	0.38%, 03/31/2016		2,975		2,975
5.50%, 12/15/2036		21		23	0.38%, 04/30/2016		5,190		5,189
5.50%, 04/15/2037		60		67	0.38%, 05/31/2016		2,900		2,898
5.50%, 05/15/2038		25		28	0.38%, 10/31/2016		3,700		3,685
5.50%, 06/15/2038		35		39	0.50%, 06/15/2016		2,055		2,057
5.50%, 08/15/2038		258		288	0.50%, 06/30/2016		2,600		2,601
5.50%, 08/15/2038		210		235	0.50%, 07/31/2016		2,255		2,256
5.50%, 09/15/2038		81		91	0.50%, 08/31/2016		2,385		2,384
5.50%, 10/20/2038		76		86	0.50%, 09/30/2016		2,690		2,687
5.50%, 11/15/2038		27		30	0.50%, 11/30/2016		2,695		2,688
5.50%, 12/20/2038		30		34	0.50%, 07/31/2017		2,290		2,264
5.50%, 01/15/2039		72		81	0.63%, 07/15/2016		2,200		2,204
5.50%, 01/15/2039		28		31	0.63%, 08/15/2016		1,705		1,708
5.50%, 01/15/2039		7		8	0.63%, 10/15/2016		5,000		5,002
5.50%, 01/15/2039		43		48	0.63%, 11/15/2016		2,165		2,165
5.50%, 02/15/2039		20		22	0.63%, 12/15/2016		3,125		3,124
5.50%, 02/20/2039		160		179	0.63%, 12/31/2016		2,650		2,647
5.50%, 05/15/2039		8		8	0.63%, 02/15/2017		1,750		1,746
5.50%, 12/15/2039		41		46	0.63%, 05/31/2017		2,340		2,327
5.50%, 01/15/2040		338		378	0.63%, 08/31/2017		3,470		3,437
5.50%, 03/15/2040		156		174	0.63%, 09/30/2017		3,000		2,968
5.50%, 04/15/2040		325		366	0.63%, 11/30/2017		2,831		2,795
5.50%, 06/20/2040		189		212	0.63%, 04/30/2018		2,930		2,870
5.50%, 07/20/2040		45		51	0.75%, 01/15/2017		2,265		2,267
5.50%, 11/15/2040		36		41	0.75%, 03/15/2017		2,500		2,499
5.50%, 12/20/2040		37		41	0.75%, 06/30/2017		4,011		3,996
5.50%, 01/20/2041		539		608	0.75%, 10/31/2017		3,592		3,563
5.50%, 04/20/2041		103		116	0.75%, 12/31/2017		2,719		2,690
5.50%, 10/20/2041		91		102	0.75%, 02/28/2018		3,106		3,063
5.50%, 11/20/2041		98		111	0.75%, 03/31/2018		5,500		5,415
5.50%, 10/20/2042		269		299	0.88%, 09/15/2016		1,170		1,176
5.50%, 11/20/2042		261		292	0.88%, 11/30/2016		2,667		2,679
5.50%, 06/20/2043		276		307	0.88%, 12/31/2016		3,755		3,769
5.50%, 09/20/2043		391		436	0.88%, 01/31/2017		4,450		4,463
6.00%, 07/15/2032		2		2	0.88%, 02/28/2017		4,110		4,120
6.00%, 12/15/2032		2		2	0.88%, 04/15/2017		3,780		3,785
6.00%, 10/15/2034		37		43	0.88%, 04/30/2017		2,744		2,747
6.00%, 04/15/2035		25		28	0.88%, 05/15/2017		2,632		2,633
6.00%, 04/15/2036		22		25	0.88%, 06/15/2017		2,480		2,479
6.00%, 06/15/2036		41		47	0.88%, 07/15/2017		2,450		2,447
6.00%, 04/15/2037		65		75	0.88%, 08/15/2017		2,470		2,464
6.00%, 05/15/2037		58		66	0.88%, 10/15/2017		2,315		2,306
6.00%, 10/20/2037		92		105	0.88%, 11/15/2017		2,505		2,493
6.00%, 11/20/2037		34		38	0.88%, 01/31/2018		3,835		3,804
6.00%, 01/15/2038		25		28	0.88%, 07/31/2019		1,184		1,147
6.00%, 08/15/2038		22		25	1.00%, 08/31/2016		2,179		2,195
6.00%, 01/15/2039		198		224	1.00%, 09/30/2016		4,322		4,354
6.00%, 09/15/2039		83		95	1.00%, 10/31/2016		6,384		6,430
6.00%, 09/15/2039		113		128	1.00%, 03/31/2017		3,545		3,560
6.00%, 11/15/2039		162		183	1.00%, 09/15/2017		2,505		2,506
6.00%, 04/15/2040		11		12	1.00%, 12/15/2017		2,455		2,449
6.00%, 01/20/2042		96		109	1.00%, 05/31/2018		3,820		3,783
6.50%, 10/20/2028		1		2	1.00%, 06/30/2019		1,800		1,757


Schedule of Investments
Bond Market Index Account
December 31, 2014



U.S. GOVERNMENT & GOVERNMENT		Principal			U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)		Amount (000's) Value (000's)			AGENCY OBLIGATIONS (continued)		Amount (000's) Value (000's)

U.S. Treasury (continued)					U.S. Treasury (continued)
1.00%, 08/31/2019	$	1,680	$	1,634	2.25%, 04/30/2021	$	2,120	$	2,164
1.00%, 09/30/2019		1,700		1,653	2.25%, 07/31/2021		2,625		2,677
1.00%, 11/30/2019		2,500		2,425	2.25%, 11/15/2024		5,100		5,134
1.13%, 05/31/2019		20		20	2.38%, 03/31/2016		4,050		4,150
1.13%, 12/31/2019		2,790		2,721	2.38%, 07/31/2017		4,040		4,187
1.13%, 03/31/2020		3,330		3,235	2.38%, 05/31/2018		1,838		1,905
1.13%, 04/30/2020		377		366	2.38%, 06/30/2018		3,188		3,304
1.25%, 10/31/2018		1,755		1,744	2.38%, 12/31/2020		2,279		2,346
1.25%, 11/30/2018		3,985		3,957	2.38%, 08/15/2024		7,175		7,308
1.25%, 01/31/2019		2,245		2,223	2.50%, 06/30/2017		3,129		3,252
1.25%, 10/31/2019		730		718	2.50%, 08/15/2023		2,682		2,768
1.25%, 02/29/2020		2,146		2,100	2.50%, 05/15/2024		6,990		7,201
1.38%, 06/30/2018		1,683		1,686	2.63%, 02/29/2016		1,800		1,847
1.38%, 07/31/2018		3,000		3,003	2.63%, 04/30/2016		1,105		1,137
1.38%, 09/30/2018		5,430		5,425	2.63%, 01/31/2018		1,136		1,186
1.38%, 11/30/2018		1,700		1,697	2.63%, 08/15/2020		4,490		4,689
1.38%, 12/31/2018		2,000		1,992	2.63%, 11/15/2020		4,792		5,002
1.38%, 02/28/2019		1,627		1,618	2.75%, 11/30/2016		4,806		4,996
1.38%, 01/31/2020		2,590		2,554	2.75%, 05/31/2017		1,900		1,987
1.38%, 05/31/2020		2,000		1,963	2.75%, 12/31/2017		1,625		1,703
1.50%, 06/30/2016		2,976		3,021	2.75%, 02/28/2018		1,673		1,753
1.50%, 07/31/2016		3,433		3,486	2.75%, 02/15/2019		1,003		1,055
1.50%, 08/31/2018		3,990		4,009	2.75%, 11/15/2023		2,806		2,954
1.50%, 12/31/2018		2,569		2,572	2.75%, 02/15/2024		4,467		4,700
1.50%, 01/31/2019		3,205		3,206	2.75%, 08/15/2042		2,111		2,110
1.50%, 02/28/2019		2,400		2,402	2.75%, 11/15/2042		3,730		3,726
1.50%, 03/31/2019		230		230	2.88%, 03/31/2018		192		202
1.50%, 05/31/2019		2,955		2,948	2.88%, 05/15/2043		5,153		5,271
1.50%, 10/31/2019		5,880		5,844	3.00%, 08/31/2016		3,594		3,740
1.50%, 11/30/2019		2,420		2,405	3.00%, 09/30/2016		451		470
1.63%, 03/31/2019		1,850		1,858	3.00%, 02/28/2017		204		214
1.63%, 04/30/2019		2,250		2,258	3.00%, 05/15/2042		1,127		1,185
1.63%, 06/30/2019		5,000		5,012	3.00%, 11/15/2044		2,390		2,512
1.63%, 07/31/2019		3,675		3,681	3.13%, 10/31/2016		2,524		2,639
1.63%, 08/31/2019		5,300		5,306	3.13%, 01/31/2017		1,648		1,730
1.63%, 12/31/2019		3,435		3,430	3.13%, 04/30/2017		1,908		2,010
1.63%, 08/15/2022		3,100		3,015	3.13%, 05/15/2019		2,656		2,831
1.63%, 11/15/2022		2,200		2,134	3.13%, 05/15/2021		4,920		5,280
1.75%, 05/31/2016		1,920		1,955	3.13%, 11/15/2041		2,577		2,781
1.75%, 10/31/2018		1,320		1,337	3.13%, 02/15/2042		2,318		2,496
1.75%, 09/30/2019		2,745		2,761	3.13%, 02/15/2043		2,730		2,931
1.75%, 10/31/2020		2,920		2,907	3.13%, 08/15/2044		4,850		5,221
1.75%, 05/15/2022		2,700		2,654	3.25%, 05/31/2016		2,500		2,598
1.75%, 05/15/2023		5,047		4,914	3.25%, 06/30/2016		860		895
1.88%, 08/31/2017		1,684		1,723	3.25%, 07/31/2016		1,724		1,798
1.88%, 09/30/2017		1,014		1,037	3.25%, 12/31/2016		2,004		2,105
1.88%, 10/31/2017		2,984		3,054	3.25%, 03/31/2017		3,570		3,765
1.88%, 06/30/2020		1,000		1,007	3.38%, 11/15/2019		3,640		3,943
1.88%, 11/30/2021		2,281		2,268	3.38%, 05/15/2044		4,150		4,672
2.00%, 01/31/2016		1,504		1,531	3.50%, 02/15/2018		2,697		2,891
2.00%, 04/30/2016		1,610		1,644	3.50%, 05/15/2020		3,137		3,422
2.00%, 07/31/2020		2,024		2,049	3.50%, 02/15/2039		1,421		1,632
2.00%, 09/30/2020		1,500		1,515	3.63%, 08/15/2019		2,198		2,397
2.00%, 11/30/2020		2,095		2,113	3.63%, 02/15/2020		5,986		6,563
2.00%, 02/28/2021		2,725		2,744	3.63%, 02/15/2021		5,000		5,508
2.00%, 05/31/2021		1,915		1,925	3.63%, 08/15/2043		2,600		3,058
2.00%, 08/31/2021		2,650		2,658	3.63%, 02/15/2044		3,800		4,472
2.00%, 10/31/2021		2,700		2,707	3.75%, 11/15/2018		2,960		3,225
2.00%, 11/15/2021		5,260		5,279	3.75%, 11/15/2043		4,510		5,421
2.00%, 02/15/2022		2,195		2,200	3.88%, 05/15/2018		1,266		1,376
2.00%, 02/15/2023		3,007		2,996	3.88%, 08/15/2040		714		872
2.13%, 02/29/2016		1,420		1,449	4.00%, 08/15/2018		645		707
2.13%, 08/31/2020		1,815		1,847	4.25%, 11/15/2017		1,733		1,890
2.13%, 01/31/2021		6,665		6,765	4.25%, 05/15/2039		2,839		3,649
2.13%, 06/30/2021		2,000		2,024	4.25%, 11/15/2040		1,446		1,872
2.13%, 08/15/2021		3,350		3,389	4.38%, 02/15/2038		200		262
2.13%, 09/30/2021		2,690		2,720	4.38%, 05/15/2040		2,384		3,134
2.13%, 12/31/2021		2,845		2,873	4.38%, 05/15/2041		870		1,154
2.25%, 03/31/2016		2,000		2,047	4.50%, 02/15/2016		2,000		2,093
2.25%, 11/30/2017		1,529		1,582	4.50%, 05/15/2017		1,250		1,357
2.25%, 03/31/2021		1,310		1,337	4.50%, 02/15/2036		2,579		3,440


Schedule of Investments
Bond Market Index Account
December 31, 2014



U.S. GOVERNMENT & GOVERNMENT		Principal					Portfolio Summary (unaudited)
AGENCY OBLIGATIONS (continued)		Amount (000's)			Value (000's)		Sector	Percent
							Government	42.36	%
U.S. Treasury (continued)							Mortgage Securities	31.00	%
	4.50%, 08/15/2039	$	1,053	$	1,404
	4.63%, 11/15/2016		2,483		2,668		Exchange Traded Funds	9.91	%
							Financial	8.15	%
	4.63%, 02/15/2017		3,400		3,678		Consumer, Non-cyclical	3.59	%
	4.63%, 02/15/2040		1,930		2,624
	4.75%, 08/15/2017		2,704		2,969		Energy	3.09	%
							Communications	2.88	%
	4.75%, 02/15/2037		2,185		3,014		Utilities	1.99	%
	4.75%, 02/15/2041		1,728		2,414
	4.88%, 08/15/2016		1,950		2,087		Industrial	1.71	%
							Consumer, Cyclical	1.43	%
	5.00%, 05/15/2037		660		941		Basic Materials	1.19	%
	5.13%, 05/15/2016		1,240		1,319
	5.25%, 11/15/2028		950		1,274		Technology	0.92	%
							Revenue Bonds	0.50	%
	5.50%, 08/15/2028		750		1,024		Asset Backed Securities	0.46	%
	6.00%, 02/15/2026		725		994
	6.13%, 11/15/2027		2,000		2,845		General Obligation Unlimited	0.33	%
							Insured	0.02	%
	6.13%, 08/15/2029		188		275		General Obligation Limited	0.01	%
	6.25%, 08/15/2023		1,340		1,784
	6.50%, 11/15/2026		1,598		2,301		Liabilities in Excess of Other Assets, Net	(9.54	)%
	6.75%, 08/15/2026		1,000		1,459		TOTAL NET ASSETS	100.00	%
	7.25%, 05/15/2016		3,700		4,042
	7.25%, 08/15/2022		2,500		3,438
	7.50%, 11/15/2016		1,250		1,409
	7.50%, 11/15/2024		1,000		1,478
	7.63%, 02/15/2025		1,789		2,680
	7.88%, 02/15/2021		129		174
	8.00%, 11/15/2021		1,094		1,523
	8.75%, 05/15/2017		213		252
	8.88%, 08/15/2017		1,600		1,928
	9.25%, 02/15/2016		465		511
			$		617,214
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
OBLIGATIONS			$		1,117,583
Total Investments			$		1,900,301
Liabilities in Excess of Other Assets, Net - (9.54)%			$		(165,498	)
TOTAL NET ASSETS - 100.00%			$		1,734,803



(a)	Variable Rate. Rate shown is in effect at December 31, 2014.
(b)	Fair value of these investments is determined in good faith by the Manager
	under procedures established and periodically reviewed by the Board of
	Directors. At the end of the period, the fair value of these securities totaled
	$1,452 or 0.08% of net assets.
(c)	Security exempt from registration under Rule 144A of the Securities Act of
	1933. These securities may be resold in transactions exempt from
	registration, normally to qualified institutional buyers. At the end of the
	period, the value of these securities totaled $4,968 or 0.29% of net assets.
(d)	Non-Income Producing Security
(e)	Security purchased on a when-issued basis.
(f)	Credit support indicates investments that benefit from credit enhancement
	or liquidity support provided by a third party bank, institution, or
	government agency.
(g)	Security was purchased in a "to-be-announced" ("TBA") transaction. See
	Notes to Financial Statements for additional information.

Schedule of Investments
Diversified Balanced Account
December 31, 2014


Schedule of Investments
Diversified Balanced Account
December 31, 2014



	December 31,		December 31,							December 31,		December 31,
Affiliated Securities	2013		2013	Purchases		Purchases	Sales		Sales	2014		2014
	Shares		Cost	Shares		Cost	Shares		Proceeds	Shares		Cost
Bond Market Index Account	43,143,959	$	433,139	8,990,061	$	91,532	2,859,390	$	29,034	49,274,630	$	495,642
International Equity Index Fund	5,818,109		57,331	1,997,830		20,552	499,963		5,261	7,315,976		72,625
LargeCap S&P 500 Index Account	22,615,659		211,264	4,189,209		57,784	2,824,225		39,967	23,980,643		229,711
MidCap S&P 400 Index Fund	1,840,036		25,883	475,348		9,208	234,196		4,621	2,081,188		30,530
SmallCap S&P 600 Index Fund	1,391,882		22,092	511,204		12,377	211,539		5,249	1,691,547		29,264
		$	749,709		$	191,453		$	84,132		$	857,772


						Realized Gain/Loss				Realized Gain from
			Income			on Investments			Capital Gain Distributions
Bond Market Index Account	$		5,056	$			5		$			—
International Equity Index Fund			1,914				3					62
LargeCap S&P 500 Index Account			4,864				630					6,754
MidCap S&P 400 Index Fund			609				60					1,673
SmallCap S&P 600 Index Fund			743				44					2,348
	$		13,186	$			742		$			10,837
Amounts in thousands except shares

(a) Affiliated Security. Please see Affiliated Sub-Schedule for transactional information.


Schedule of Investments
Diversified Balanced Managed Volatility Account
December 31, 2014



	December 31,		December 31,							December 31,		December 31,
Affiliated Securities	2013		2013	Purchases		Purchases	Sales		Sales	2014		2014
	Shares		Cost	Shares		Cost	Shares		Proceeds	Shares		Cost
Bond Market Index Account	35,439	$	351	4,176,894	$	42,517	95,309	$	973	4,117,024	$	41,895
International Equity Index Fund	4,770		54	620,022		6,439	13,414		142	611,378		6,351
LargeCap S&P 500 Managed	23,709		244	2,740,060		29,944	146,983		1,672	2,616,786		28,521
Volatility Index Account
MidCap S&P 400 Index Fund	1,510		28	182,762		3,553	10,380		207	173,892		3,374
SmallCap S&P 600 Index Fund	1,142		28	150,615		3,677	10,435		259	141,322		3,446
		$	705		$	86,130		$	3,253		$	83,587


						Realized Gain/Loss				Realized Gain from
			Income			on Investments			Capital Gain Distributions
Bond Market Index Account	$		246	$			—	$				—
International Equity Index Fund			157				—					5
LargeCap S&P 500 Managed Volatility
Index Account			622				5					553
MidCap S&P 400 Index Fund			49				—					135
SmallCap S&P 600 Index Fund			60				—					190
	$		1,134	$			5	$				883
Amounts in thousands except shares

Schedule of Investments
Diversified Growth Account
December 31, 2014


Schedule of Investments
Diversified Growth Account
December 31, 2014



	December 31,		December 31,							December 31,		December 31,
Affiliated Securities	2013		2013	Purchases		Purchases	Sales		Sales	2014		2014
	Shares		Cost	Shares		Cost	Shares		Proceeds	Shares		Cost
Bond Market Index Account	77,476,746	$	776,428	25,533,778	$	259,842	4,510,230	$	45,782	98,500,294	$	990,493
International Equity Index Fund	21,320,931		216,648	9,712,238		100,082	1,186,984		12,484	29,846,185		304,246
LargeCap S&P 500 Index Account	74,590,076		736,822	20,358,882		281,019	6,901,203		98,114	88,047,755		920,281
MidCap S&P 400 Index Fund	5,900,146		87,287	2,085,796		40,379	556,967		11,007	7,428,975		116,730
SmallCap S&P 600 Index Fund	4,463,204		76,234	2,147,670		52,059	572,783		14,181	6,038,091		114,137
		$	1,893,419		$	733,381		$	181,568		$	2,445,887


						Realized Gain/Loss				Realized Gain from
			Income			on Investments			Capital Gain Distributions
Bond Market Index Account	$		9,768	$			5		$			—
International Equity Index Fund			7,796				—					251
LargeCap S&P 500 Index Account			17,262				554					23,968
MidCap S&P 400 Index Fund			2,165				71					5,945
SmallCap S&P 600 Index Fund			2,642				25					8,343
	$		39,633	$			655		$			38,507
Amounts in thousands except shares

(a) Affiliated Security. Please see Affiliated Sub-Schedule for transactional information.


Schedule of Investments
Diversified Growth Managed Volatility Account
December 31, 2014



	December 31,		December 31,							December 31,		December 31,
Affiliated Securities	2013		2013	Purchases		Purchases	Sales		Sales	2014		2014
	Shares		Cost	Shares		Cost	Shares		Proceeds	Shares		Cost
Bond Market Index Account	119,488	$	1,182	5,205,244	$	52,975	142,007	$	1,452	5,182,725	$	52,705
International Equity Index Fund	32,765		363	1,568,149		16,338	30,485		318	1,570,429		16,383
LargeCap S&P 500 Managed	146,514		1,505	6,202,357		67,621	299,147		3,396	6,049,724		65,740
Volatility Index Account
MidCap S&P 400 Index Fund	9,076		170	402,268		7,819	20,477		408	390,867		7,582
SmallCap S&P 600 Index Fund	6,867		169	332,678		8,134	21,877		539	317,668		7,764
		$	3,389		$	152,887		$	6,113		$	150,174


						Realized Gain/Loss				Realized Gain from
			Income			on Investments			Capital Gain Distributions
Bond Market Index Account	$		353	$			—	$				—
International Equity Index Fund			407				—					13
LargeCap S&P 500 Managed Volatility
Index Account			1,451				10					1,290
MidCap S&P 400 Index Fund			112				1					306
SmallCap S&P 600 Index Fund			136				—					429
	$		2,459	$			11	$				2,038
Amounts in thousands except shares

Schedule of Investments
Diversified Income Account
December 31, 2014


Schedule of Investments
Diversified Income Account
December 31, 2014



	December 31,		December 31,								December 31,		December 31,
Affiliated Securities	2013		2013	Purchases	Purchases		Sales			Sales	2014		2014
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Bond Market Index Account	7,349,043	$	74,333	4,693,527	$	47,819	1,388,028		$	14,074	10,654,542	$	108,077
International Equity Index Fund	435,580		4,506	362,708		3,750	102,985			1,075	695,303		7,181
LargeCap S&P 500 Index Account	2,116,571		22,935	1,340,803		18,593	608,501			8,497	2,848,873		33,071
MidCap S&P 400 Index Fund	180,818		2,850	131,161		2,538	52,370			1,024	259,609		4,370
SmallCap S&P 600 Index Fund	136,782		2,594	117,804		2,857	43,577			1,076	211,009		4,379
		$	107,218		$	75,557			$	25,746		$	157,078


					Realized Gain/Loss						Realized Gain from
			Income		on Investments					Capital Gain Distributions
Bond Market Index Account	$		993	$			(1	)		$			—
International Equity Index Fund			182				—						6
LargeCap S&P 500 Index Account			525				40						729
MidCap S&P 400 Index Fund			75				6						206
SmallCap S&P 600 Index Fund			92				4						287
	$		1,867	$			49			$			1,228
Amounts in thousands except shares


Schedule of Investments
Diversified International Account
December 31, 2014



COMMON STOCKS - 99.21%	Shares Held		Value (000's)		COMMON STOCKS (continued)		Shares Held		Value (000's)

Advertising - 0.31%					Commercial Services - 1.86%
WPP PLC	64,253	$	1,336		Ashtead Group PLC		89,002	$	1,581
					Cielo SA		63,100		989
					G8 Education Ltd		198,159		669
Aerospace & Defense - 0.79%					Kroton Educacional SA		416,400		2,428
Safran SA	33,625		2,075		Stantec Inc		40,802		1,121
Thales SA	24,160		1,307		TAL Education Group ADR^(a)		43,346		1,218
	$		3,382				$		8,006

Agriculture - 1.83%					Computers - 0.68%
British American Tobacco PLC	60,039		3,254		Ingenico		18,455		1,944
Japan Tobacco Inc	119,900		3,300		TDK Corp		17,000		1,001
KT&G Corp	19,144		1,329				$		2,945
	$		7,883
					Distribution & Wholesale - 0.35%
Airlines - 1.17%					Hitachi High-Technologies Corp		52,200		1,500
easyJet PLC	90,646		2,346
Ryanair Holdings PLC ADR^(a)	37,601		2,680
	$		5,026		Diversified Financial Services - 2.29%
					Macquarie Group Ltd		62,550		2,950
Automobile Manufacturers - 2.46%					Mega Financial Holding Co Ltd		2,003,663		1,546
Fuji Heavy Industries Ltd	83,900		2,969		ORIX Corp		256,180		3,223
Maruti Suzuki India Ltd ^(b)	8,229		443		Paragon Group of Cos PLC/The		145,880		942
Toyota Motor Corp	115,000		7,166		Shinhan Financial Group Co Ltd		29,766		1,196
	$		10,578				$		9,857

Automobile Parts & Equipment - 1.96%					Electric - 2.56%
Bridgestone Corp	67,200		2,331		Enel SpA		556,907		2,482
Continental AG	11,444		2,414		Iberdrola SA		453,576		3,058
Georg Fischer AG ^(a)	1,301		821		Korea Electric Power Corp		55,280		2,130
Valeo SA	23,182		2,884		Tenaga Nasional BHD		853,300		3,361
	$		8,450				$		11,031

Banks - 12.47%					Electrical Components & Equipment - 0.46%
Axis Bank Ltd ^(b)	268,082		2,159		Delta Electronics Inc		177,000		1,046
Bangkok Bank PCL	169,100		1,005		Mabuchi Motor Co Ltd		23,600		937
Bank of China Ltd	3,336,548		1,873				$		1,983
Bank of Montreal	43,000		3,042
Commonwealth Bank of Australia	52,099		3,620		Electronics - 2.56%
Danske Bank A/S	68,916		1,863		Hon Hai Precision Industry Co Ltd		826,044		2,281
DBS Group Holdings Ltd	123,000		1,904		Hoya Corp		75,000		2,537
DNB ASA	230,218		3,396		Japan Aviation Electronics Industry Ltd		40,600		887
ICICI Bank Ltd ADR	264,815		3,059		Merry Electronics Co Ltd		211,050		737
Malayan Banking Bhd	618,600		1,620		Minebea Co Ltd		77,082		1,138
Mitsubishi UFJ Financial Group Inc	568,700		3,124		Omron Corp		77,000		3,445
Natixis SA	450,724		2,974				$		11,025
Nordea Bank AB	290,738		3,365		Engineering & Construction - 1.82%
Royal Bank of Canada	55,950		3,864		Acciona SA ^(a)		12,023		811
Skandinaviska Enskilda Banken AB	286,064		3,633		ACS Actividades de Construccion y Servicios		65,460		2,282
Sumitomo Mitsui Financial Group Inc	108,400		3,919		SA
Svenska Handelsbanken AB	63,830		2,986		Promotora y Operadora de Infraestructura		75,600		909
Swedbank AB	100,101		2,484		SAB de CV ^(a)
Toronto-Dominion Bank/The	79,142		3,781		Skanska AB		68,473		1,470
	$		53,671		Vinci SA		43,107		2,354
Beverages - 2.11%							$		7,826
Ambev SA ADR	210,922		1,312
Anheuser-Busch InBev NV	47,733		5,372		Entertainment - 0.24%
Asahi Group Holdings Ltd	52,600		1,627		OPAP SA		95,124		1,019
Britvic PLC	73,908		773
	$		9,084	Food	- 2.57	%
					Aryzta AG ^(a)		22,918		1,761
Biotechnology - 0.40%					Associated British Foods PLC		39,948		1,953
CSL Ltd	24,792		1,741		Greencore Group PLC		247,972		1,102
					Gruma SAB de CV		117,300		1,251
Building Materials - 0.45%					Nestle SA		50,973		3,716
CSR Ltd	316,353		1,000		Saputo Inc		42,900		1,289
Kingspan Group PLC	56,197		948				$		11,072
	$		1,948		Forest Products & Paper - 0.71%
Chemicals - 1.69%					Mondi PLC		80,522		1,308
Givaudan SA ^(a)	1,377		2,470		Stora Enso OYJ		195,677		1,750
Lonza Group AG ^(a)	7,192		810				$		3,058
Potash Corp of Saskatchewan Inc	45,800		1,619
Yara International ASA	53,099		2,365	Gas	- 0.81	%
					Gas Natural SDG SA		87,744		2,204
	$		7,264		Keyera Corp		18,300		1,277
							$		3,481
accompanying notes.					191


Schedule of Investments
Diversified International Account
December 31, 2014



COMMON STOCKS (continued)	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held		Value (000's)

Hand & Machine Tools - 0.31%				Oil & Gas - 5.57%
Fuji Electric Co Ltd	337,000	$	1,344	Canadian Natural Resources Ltd	119,400	$	3,692
				Eni SpA	65,271		1,143
				Parex Resources Inc ^(a)	77,600		506
Healthcare - Products - 1.15%				PetroChina Co Ltd	2,006,000		2,227
Coloplast A/S	49,218		4,119	Royal Dutch Shell PLC - A Shares	70,667		2,359
Sonova Holding AG	5,763		846	Royal Dutch Shell PLC - B Shares	122,575		4,235
	$		4,965	Sasol Ltd	60,640		2,263
Healthcare - Services - 0.32%				SK Holdings Co Ltd	5,664		841
Ramsay Health Care Ltd	29,743		1,379	Statoil ASA	84,972		1,496
				Suncor Energy Inc	79,126		2,513
				Total SA	52,311		2,680
Home Builders - 1.90%					$		23,955
Barratt Developments PLC	347,430		2,528
Persimmon PLC ^(a)	106,950		2,612	Pharmaceuticals - 8.53%
Taylor Wimpey PLC	1,421,496		3,033	Actelion Ltd ^(a)	13,603		1,566
	$		8,173	Bayer AG	39,186		5,341
				BTG PLC ^(a)	117,747		1,453
Home Furnishings - 0.65%				Novartis AG	92,685		8,596
Howden Joinery Group PLC	166,609		1,039	Novo Nordisk A/S	125,957		5,328
Steinhoff International Holdings Ltd	344,619		1,763	Orion Oyj	25,395		790
	$		2,802	Roche Holding AG	32,207		8,726
Insurance - 5.52%				Shire PLC	69,264		4,911
BB Seguridade Participacoes SA	115,000		1,391		$		36,711
Direct Line Insurance Group PLC	522,088		2,362	Private Equity - 0.20%
Hannover Rueck SE	40,918		3,691	3i Group PLC	125,597		876
Legal & General Group PLC	686,124		2,649
Manulife Financial Corp	98,400		1,879
Porto Seguro SA	53,889		616	Real Estate - 4.16%
Prudential PLC	152,171		3,518	Brookfield Asset Management Inc	126,142		6,321
Sampo Oyj	85,632		4,009	Cheung Kong Holdings Ltd	254,000		4,254
Sanlam Ltd	241,258		1,452	Deutsche Wohnen AG	39,787		938
Tokio Marine Holdings Inc	67,900		2,205	Lend Lease Group	127,196		1,694
	$		23,772	Mitsui Fudosan Co Ltd	70,000		1,877
				Sun Hung Kai Properties Ltd	133,000		2,015
Internet - 0.84%				Wheelock & Co Ltd	177,000		822
Tencent Holdings Ltd	160,823		2,327		$		17,921
Vipshop Holdings Ltd ADR^(a)	65,420		1,278
	$		3,605	REITS - 0.71%
				Mirvac Group	1,000,427		1,447
Investment Companies - 0.73%				RioCan Real Estate Investment Trust	29,482		671
Investor AB	86,854		3,158	Segro PLC	160,978		922
					$		3,040

Iron & Steel - 0.19%				Retail - 4.63%
APERAM SA ^(a)	27,882		818
				Alimentation Couche-Tard Inc	152,252		6,381
				Dollarama Inc	89,200		4,561
Machinery - Construction & Mining - 1.35%				E-Mart Co Ltd	3,137		581
Hitachi Ltd	298,261		2,201	Jumbo SA	54,596		555
Mitsubishi Electric Corp	304,000		3,611	Next PLC	21,248		2,253
	$		5,812	Pandora A/S	44,498		3,607
				Poundland Group PLC ^(a)	186,795		952
Machinery - Diversified - 0.23%				Travis Perkins PLC	35,863		1,032
Sumitomo Heavy Industries Ltd	184,000		990		$		19,922

				Semiconductors - 3.09%
Media - 1.84%				ams AG	37,680		1,362
Grupo Televisa SAB ADR^(a)	49,117		1,673
				ARM Holdings PLC	158,191		2,430
ITV PLC	1,345,700		4,489	Dialog Semiconductor PLC ^(a)	44,010		1,537
Shaw Communications Inc	64,500		1,740	MediaTek Inc	98,000		1,425
	$		7,902	SK Hynix Inc	62,826		2,685
Mining - 0.91%				Taiwan Semiconductor Manufacturing Co Ltd	877,140		3,864
BHP Billiton Ltd	96,732		2,287		$		13,303
BHP Billiton PLC	76,454		1,638	Shipbuilding - 0.18%
	$		3,925	Mitsui Engineering & Shipbuilding Co Ltd	449,000		789
Miscellaneous Manufacturing - 1.19%
FUJIFILM Holdings Corp	67,800		2,069	Software - 1.35%
IMI PLC	63,355		1,239	HCL Technologies Ltd	110,378		2,788
Largan Precision Co Ltd	24,000		1,797	Tech Mahindra Ltd	35,294		1,447
	$		5,105	UBISOFT Entertainment ^(a)	86,477		1,576
Office & Business Equipment - 0.54%					$		5,811
Seiko Epson Corp	56,000		2,343	Telecommunications - 7.60%
				Belgacom SA	71,581		2,597


Schedule of Investments
Diversified International Account
December 31, 2014



COMMON STOCKS (continued)	Shares Held		Value(000			's)	Portfolio Summary (unaudited)
							Country	Percent
Telecommunications (continued)							Japan	16.13	%
Bezeq The Israeli Telecommunication Corp	251,865			$	447		Canada	12.30	%
Ltd
BT Group PLC	658,006				4,093		United Kingdom	11.52	%
							Switzerland	6.80	%
China Telecom Corp Ltd	3,064,000				1,777		France	4.83	%
Deutsche Telekom AG	163,786				2,621
Hellenic Telecommunications Organization	87,811				960		Australia	4.27	%
							Germany	4.25	%
SA ^(a)							Denmark	4.25	%
KDDI Corp	76,800				4,825
Nippon Telegraph & Telephone Corp	77,900				3,979		Sweden	3.96	%
							Taiwan, Province Of China	2.95	%
NTT DOCOMO Inc	46,600				679		Korea, Republic Of	2.57	%
Orange SA	175,154				2,979
SK Telecom Co Ltd	9,426				2,305		China	2.49	%
							India	2.29	%
SoftBank Corp	57,100				3,399		Ireland	2.24	%
TDC A/S	114,003				869
Telekom Malaysia Bhd	598,300				1,175		Brazil	1.95	%
							Spain	1.94	%
			$		32,705		Belgium	1.85	%
Transportation - 2.97%							Norway	1.69	%
AP Moeller - Maersk A/S - B shares	1,254				2,494		Hong Kong	1.65	%
Canadian National Railway Co	77,276				5,322		South Africa	1.58	%
Canadian Pacific Railway Ltd	16,686				3,214		Netherlands	1.53	%
Deutsche Post AG	53,463				1,736		Finland	1.52	%
			$		12,766		Malaysia	1.43	%
TOTAL COMMON STOCKS			$		427,058		Mexico	0.89	%
INVESTMENT COMPANIES - 0.19%	Shares Held	Value	(000			's)	Italy	0.85	%
							Greece	0.59	%
Publicly Traded Investment Fund - 0.19%							Singapore	0.44	%
BlackRock Liquidity Funds FedFund Portfolio	825,878				826		Austria	0.32	%
							Thailand	0.23	%
TOTAL INVESTMENT COMPANIES			$		826		Luxembourg	0.19	%
PREFERRED STOCKS - 0.40%	Shares Held	Value	(000			's)	United States	0.19	%
							Israel	0.11	%
Food - 0.40%							Other Assets in Excess of Liabilities, Net	0.20	%
Cia Brasileira de Distribuicao	46,300				1,719		TOTAL NET ASSETS	100.00	%
TOTAL PREFERRED STOCKS			$		1,719
Total Investments			$		429,603
Other Assets in Excess of Liabilities, Net - 0.20%			$		857
TOTAL NET ASSETS - 100.00%			$		430,460


Schedule of Investments
Equity Income Account
December 31, 2014



COMMON STOCKS - 97.64%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Aerospace & Defense - 2.32%				Healthcare - Products - 1.88%
Lockheed Martin Corp	37,242	$	7,172	Becton Dickinson and Co	30,519	$	4,247
Raytheon Co	67,685		7,321	Medtronic Inc	103,646		7,483
	$		14,493		$		11,730

Apparel - 1.40%				Insurance - 6.03%
VF Corp	116,540		8,729	ACE Ltd	108,390		12,452
				Allstate Corp/The	80,536		5,657
				Chubb Corp/The	41,487		4,293
Automobile Manufacturers - 1.16%				MetLife Inc	244,570		13,229
PACCAR Inc	106,414		7,237	Swiss Re AG ADR	23,994		2,029
					$		37,660
Automobile Parts & Equipment - 2.28%
Autoliv Inc	66,325		7,038	Machinery - Diversified - 2.07%
Johnson Controls Inc	149,441		7,224	Deere & Co	146,428		12,955
	$		14,262
				Media - 0.53%
Banks - 9.20%				Walt Disney Co/The	35,135		3,309
Australia & New Zealand Banking Group Ltd	66,931		1,740
ADR
Bank of Nova Scotia/The	96,128		5,487	Mining - 0.87%
Grupo Financiero Santander Mexico SAB de	168,780		1,749	BHP Billiton Ltd ADR	115,363		5,459
CV ADR
JP Morgan Chase & Co	212,103		13,273	Miscellaneous Manufacturing - 1.87%
M&T Bank Corp	42,962		5,397	3M Co	21,475		3,529
PNC Financial Services Group Inc/The	120,194		10,965	Parker-Hannifin Corp	63,191		8,148
US Bancorp/MN	194,634		8,749		$		11,677
Wells Fargo & Co	184,576		10,119
	$		57,479	Oil & Gas - 10.46%
				Chevron Corp	69,746		7,824
Beverages - 0.72%				Cimarex Energy Co	22,300		2,364
Coca-Cola Co/The	106,665		4,503	Crescent Point Energy Corp	286,125		6,627
				Exxon Mobil Corp	95,621		8,840
Chemicals - 1.54%				Marathon Oil Corp	210,063		5,943
Air Products & Chemicals Inc	26,952		3,887	Marathon Petroleum Corp	134,193		12,112
EI du Pont de Nemours & Co	77,246		5,712	Occidental Petroleum Corp	130,764		10,541
	$		9,599	Royal Dutch Shell PLC - B shares ADR	142,322		9,900
				Total SA ADR	23,805		1,219
Computers - 3.85%					$		65,370
Apple Inc	128,196		14,150
EMC Corp/MA	243,534		7,243	Pharmaceuticals - 13.06%
International Business Machines Corp	16,686		2,677	Abbott Laboratories	207,409		9,338
	$		24,070	AbbVie Inc	136,288		8,919
				GlaxoSmithKline PLC ADR	99,493		4,252
Distribution & Wholesale - 0.86%				Johnson & Johnson	63,301		6,619
Genuine Parts Co	50,665		5,399	Merck & Co Inc	225,981		12,834
				Novartis AG ADR	83,212		7,710
Diversified Financial Services - 5.52%				Pfizer Inc	336,502		10,482
BlackRock Inc	32,312		11,554	Roche Holding AG ADR	284,283		9,663
Discover Financial Services	167,803		10,989	Shire PLC ADR	11,726		2,492
FNF Group	346,707		11,944	Teva Pharmaceutical Industries Ltd ADR	161,548		9,291
	$		34,487		$		81,600

Electric - 3.77%				Pipelines - 3.24%
NextEra Energy Inc	57,938		6,158	Enterprise Products Partners LP	229,314		8,283
Northeast Utilities	106,101		5,678	Kinder Morgan Inc/DE	283,601		11,999
Wisconsin Energy Corp	108,626		5,729		$		20,282
Xcel Energy Inc	167,364		6,012	Private Equity - 1.44%
	$		23,577	KKR & Co LP	387,502		8,994
Electrical Components & Equipment - 0.39%
Emerson Electric Co	39,114		2,415	REITS - 4.10%
				American Capital Agency Corp	291,950		6,373
Electronics - 1.18%				Annaly Capital Management Inc	630,247		6,813
Garmin Ltd	52,970		2,798	Digital Realty Trust Inc	187,610		12,439
Honeywell International Inc	45,633		4,560		$		25,625
	$		7,358	Retail - 2.34%
Food - 2.66%				Costco Wholesale Corp	20,413		2,894
Kraft Foods Group Inc	114,038		7,146	Starbucks Corp	67,872		5,569
Kroger Co/The	147,174		9,450	Tiffany & Co	57,890		6,186
	$		16,596		$		14,649

Gas - 1.08%				Semiconductors - 4.55%
Sempra Energy	60,639		6,753	Applied Materials Inc	328,780		8,193
				Maxim Integrated Products Inc	157,042		5,005


COMMON STOCKS (continued)	Shares Held		Value(000			's)

Semiconductors (continued)
Microchip Technology Inc	199,365			$	8,994
Taiwan Semiconductor Manufacturing Co Ltd	279,009				6,244
ADR
			$		28,436

Software - 0.85%
Microsoft Corp	114,929				5,338

Telecommunications - 2.01%
BCE Inc	181,720				8,334
Verizon Communications Inc	90,942				4,254
			$		12,588

Toys, Games & Hobbies - 2.25%
Hasbro Inc	187,905				10,333
Mattel Inc	120,539				3,730
			$		14,063

Transportation - 2.16%
Norfolk Southern Corp	47,301				5,185
Union Pacific Corp	32,855				3,914
United Parcel Service Inc	39,645				4,407
			$		13,506
TOTAL COMMON STOCKS			$		610,198
INVESTMENT COMPANIES - 2.25%	Shares Held	Value	(000			's)

Publicly Traded Investment Fund - 2.25%
BlackRock Liquidity Funds FedFund Portfolio	14,042,356				14,042

TOTAL INVESTMENT COMPANIES			$		14,042
Total Investments			$		624,240
Other Assets in Excess of Liabilities, Net - 0.11%			$		658
TOTAL NET ASSETS - 100.00%			$		624,898




Portfolio Summary (unaudited)

Sector					Percent
Financial					26.29	%
Consumer, Non-cyclical					18.32	%
Energy					13.70	%
Consumer, Cyclical					10.29	%
Industrial					9.99	%
Technology					9.25	%
Utilities					4.85	%
Communications					2.54	%
Basic Materials					2.41	%
Exchange Traded Funds					2.25	%
Other Assets in Excess of Liabilities, Net					0.11	%
TOTAL NET ASSETS					100.00	%


Schedule of Investments
Government & High Quality Bond Account
December 31, 2014



	INVESTMENT COMPANIES - 3.17%			Shares Held Value (000's)						Principal
							BONDS (continued)			Amount (000's) Value (000's)
	Publicly Traded Investment Fund - 3.17%
	BlackRock Liquidity Funds FedFund Portfolio			9,998,307	$	9,998	Mortgage Backed Securities (continued)
							Ginnie Mae (continued)
	TOTAL INVESTMENT COMPANIES			$		9,998	2.60%, 09/16/2042^(a)		$	1,791	$	1,857
				Principal			2.75%, 02/16/2055			1,500		1,449
							3.05%, 05/16/2048^(a)			999		1,023
BONDS	- 30.65	%	Amount (000's) Value (000's)				3.50%, 12/20/2034^(a)			8,027		629
	Home Equity Asset Backed Securities - 1.56%						3.50%, 05/20/2039			557		580
	ACE Securities Corp Mortgage Loan Trust						3.50%, 07/16/2045			1,900		1,959
	Series 2007-D1						4.00%, 09/16/2026^(a)			4,066		426
	6.34%, 02/25/2038^(a),(b)		$	3,300	$	3,221	4.00%, 04/20/2038^(a)			2,923		312
	6.93%, 02/25/2038^(b)			1,744		1,715	GS Mortgage Securities Trust 2011-GC5
				$		4,936	5.31%, 08/10/2044^(a),(b)			900		949
	Mortgage Backed Securities - 28.85%						Jefferies Resecuritization Trust 2010-R4
							5.00%, 10/26/2036^(b)			1,382		1,421
	CFCRE Commercial Mortgage Trust 2011-
	C1						JP Morgan Chase Commercial Mortgage
	5.53%, 04/15/2044^(a),(b)			1,000		1,122	Securities Trust 2011-C5
							5.32%, 08/15/2046^(a),(b)			2,000		2,277
	Citigroup Mortgage Loan Trust 2009-11
	1.51%, 10/25/2035^(a),(b)			186		186	JP Morgan Chase Commercial Mortgage
	Citigroup Mortgage Loan Trust 2010-10						Securities Trust 2013-C10
	2.41%, 02/25/2036^(a),(b)			1,400		1,365	3.37%, 12/15/2047^(a)			1,200		1,219
	Citigroup Mortgage Loan Trust 2010-9						JP Morgan Chase Commercial Mortgage
	4.25%, 01/25/2036^(b)			2,166		2,220	Securities Trust 2013-C16
							4.94%, 12/15/2046^(a)			1,800		1,999
	Fannie Mae Grantor Trust 2005-T1
	0.52%, 05/25/2035^(a)			492		490	JP Morgan Mortgage Trust 2013-1
							3.00%, 03/25/2043^(b)			1,953		1,927
	Fannie Mae REMICS
	2.00%, 02/25/2040^(a)			1,776		1,736	JPMBB Commercial Mortgage Securities
	2.50%, 11/25/2041			1,344		1,354	Trust 2014-C25
	3.50%, 01/25/2028^(a)			6,263		836	4.45%, 11/15/2047^(a)			1,000		1,016
	3.50%, 11/25/2042^(a)			6,990		1,172	Morgan Stanley Re-REMIC Trust 2010-R1
	4.00%, 11/25/2042^(a)			3,562		940	2.58%, 07/26/2035^(a),(b)			1,300		1,312
	6.50%, 02/25/2047			225		240	New Residential Mortgage Loan Trust 2014-
	7.00%, 04/25/2032			285		326	1
							5.00%, 01/25/2054^(a),(b)			1,953		2,093
	8.70%, 12/25/2019			4		4

	Freddie Mac REMICS						Springleaf Mortgage Loan Trust			1,100		1,078
	1.50%, 04/15/2028			2,474		2,426	2.31%,06/25/2058 (a),(b)

	2.50%, 11/15/2032			1,843		1,821	Springleaf Mortgage Loan Trust 2013-3			1,000		1,007
	2.50%, 01/15/2043^(a)			4,480		715	3.79%, 09/25/2057 (a),(b)
	2.50%, 02/15/2043			1,764		1,729	Structured Asset Sec Corp Mort Pass Through
	3.00%, 11/15/2030^(a)			6,140		635	Certs Series 2004-3
							5.67%, 03/25/2034^(a)			772		800
	3.00%, 05/15/2033			2,700		2,686
	3.50%, 04/15/2038^(a)			4,424		496	WFRBS Commercial Mortgage Trust 2013-
	3.50%, 08/15/2040^(a)			6,270		962	C14
	3.50%, 10/15/2042^(a)			3,889		731	4.00%, 06/15/2046^(a),(b)			1,000		926
	4.00%, 09/15/2018			4		4	WFRBS Commercial Mortgage Trust 2014-
	4.00%, 05/15/2039			4,200		4,380	C23
							4.38%, 10/15/2057^(a)			1,000		1,065
	4.00%, 10/15/2040			3,000		3,153
	4.50%, 05/15/2037^(a)			1,237		1,304	WFRBS Commercial Mortgage Trust 2014-
	Freddie Mac Strips						LC14
	1.86%, 10/15/2037^(a)			23,213		1,702	4.34%, 03/15/2047^(a)			2,450		2,481
	1.91%, 02/15/2038^(a)			19,241		1,426				$		90,989
	Ginnie Mae						Other Asset Backed Securities - 0.24%
	0.59%, 01/16/2054^(a)			22,110		1,179	Chase Funding Trust Series 2004-1
	0.60%, 04/16/2053^(a)			13,532		477	0.63%, 12/25/2033^(a)			98		91
	0.71%, 04/16/2047^(a)			16,520		989	TAL Advantage V LLC
	0.75%, 11/16/2045^(a)			27,087		1,620	3.33%, 05/20/2039^(a),(b)			674		673
	0.75%, 05/16/2053^(a)			13,059		858				$		764
	0.80%, 12/16/2053^(a)			16,482		1,038
	0.86%, 02/16/2053^(a)			24,101		1,661	TOTAL BONDS			$		96,689
	0.87%, 03/16/2049^(a)			9,305		468	U.S. GOVERNMENT & GOVERNMENT			Principal
	0.88%, 02/16/2053^(a)			15,411		1,066	AGENCY OBLIGATIONS - 67.13%			Amount (000's) Value (000's)
	0.88%, 09/16/2055^(a)			30,445		1,758	Federal Home Loan Mortgage Corporation (FHLMC) -
	0.91%, 03/16/2052^(a)			8,700		685	16.07	%
	0.92%, 02/16/2053^(a)			22,671		1,747	2.00%, 02/01/2028		$	2,101	$	2,097
							2.35%, 09/01/2032^(a)			28		30
	0.92%, 10/16/2054^(a)			15,540		881
	0.96%, 02/16/2046^(a)			13,526		917	2.50%, 09/01/2027			779		795
	0.96%, 11/16/2052^(a)			18,753		1,403	2.50%, 02/01/2028			1,555		1,586
	0.96%, 04/16/2053^(a)			9,059		622	3.00%, 02/01/2027			1,864		1,940
	0.98%, 09/16/2053^(a)			14,355		1,010	3.00%, 08/01/2042			1,268		1,282
	0.99%, 02/16/2055^(a)			26,140		1,311	3.00%, 10/01/2042			1,615		1,635
	1.02%, 01/16/2053^(a)			10,158		840	3.00%, 10/01/2042			878		888
	1.20%, 09/16/2053^(a)			13,791		784	3.00%, 10/01/2042			1,672		1,695
	2.25%, 03/16/2046^(a)			1,730		1,719	3.00%, 05/01/2043			1,805		1,827
	2.30%, 08/16/2041			1,967		1,990	3.50%, 02/01/2032			2,599		2,735


Schedule of Investments
Government & High Quality Bond Account
December 31, 2014



U.S. GOVERNMENT & GOVERNMENT	Principal				U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)	Amount (000's) Value (000's)				AGENCY OBLIGATIONS (continued)	Amount (000's) Value (000's)
Federal Home Loan Mortgage Corporation (FHLMC)					Federal Home Loan Mortgage Corporation (FHLMC)
(continued)					(continued)
3.50%, 04/01/2042	$	737	$	768	6.50%, 10/01/2031	$	13	$	14
3.50%, 04/01/2042		2,914		3,035	6.50%, 10/01/2031		21		24
3.50%, 05/01/2042		1,000		1,044	6.50%, 12/01/2031		39		46
3.50%, 07/01/2042		3,564		3,713	6.50%, 01/01/2032		122		143
3.50%, 09/01/2042		1,661		1,730	6.50%, 02/01/2032		34		40
3.50%, 10/01/2042		1,008		1,052	6.50%, 05/01/2032		83		96
4.00%, 08/01/2026		1,065		1,140	6.50%, 04/01/2035		15		17
4.00%, 12/01/2040		713		766	7.00%, 09/01/2023		14		15
4.00%, 07/01/2042		1,314		1,417	7.00%, 12/01/2023		6		7
4.00%, 01/01/2043		2,113		2,264	7.00%, 01/01/2024		8		9
4.00%, 06/01/2043		2,466		2,648	7.00%, 09/01/2027		9		10
4.50%, 08/01/2033		105		114	7.00%, 01/01/2028		73		82
4.50%, 07/01/2039		1,470		1,609	7.00%, 04/01/2028		40		46
4.50%, 12/01/2040		1,523		1,652	7.00%, 05/01/2028		6		7
4.50%, 05/01/2041		1,463		1,602	7.00%, 08/01/2028		12		12
4.50%, 11/01/2043		1,807		2,000	7.00%, 10/01/2031		22		26
5.00%, 10/01/2025		379		417	7.00%, 10/01/2031		16		19
5.00%, 02/01/2033		471		521	7.00%, 04/01/2032		116		136
5.00%, 06/01/2033		319		355	7.50%, 10/01/2030		19		24
5.00%, 05/01/2035		163		181	7.50%, 02/01/2031		13		14
5.00%, 07/01/2035		36		40	7.50%, 02/01/2031		16		20
5.00%, 07/01/2035		284		314	7.50%, 02/01/2031		8		9
5.00%, 07/01/2035		78		87	8.00%, 10/01/2030		30		35
5.00%, 10/01/2035		130		145	8.00%, 12/01/2030		2		2
5.00%, 01/01/2040		1,143		1,266	8.50%, 07/01/2029		34		37
5.50%, 04/01/2018		57		60			$		50,693
5.50%, 03/01/2024		17		20
5.50%, 03/01/2033		314		354	Federal National Mortgage Association (FNMA) - 33.04%
5.50%, 04/01/2038		29		32	2.00%, 10/01/2027		2,005		1,999
5.50%, 05/01/2038		127		143	2.00%, 10/01/2027		796		793
					2.21%, 12/01/2032^(a)		50		52
6.00%, 04/01/2017		23		24	2.23%, 07/01/2034^(a)		74		77
6.00%, 04/01/2017		29		30	2.25%, 12/01/2033^(a)		225		240
6.00%, 05/01/2017		26		27
6.00%, 07/01/2017		17		17	2.50%, 05/01/2027		2,071		2,114
6.00%, 12/01/2023		10		12	2.50%, 06/01/2027		1,972		2,013
6.00%, 05/01/2031		26		30	2.50%, 06/01/2027		2,456		2,508
6.00%, 12/01/2031		34		40	2.50%, 05/01/2028		1,253		1,279
6.00%, 09/01/2032		44		50	3.00%, 05/01/2028		1,661		1,732
6.00%, 11/01/2033		93		105	3.00%, 10/01/2042		2,535		2,571
6.00%, 11/01/2033		99		112	3.00%, 11/01/2042		899		911
6.00%, 05/01/2034		266		302	3.00%, 02/01/2043		1,868		1,894
6.00%, 05/01/2034		466		522	3.00%, 02/01/2043		1,762		1,789
6.00%, 09/01/2034		137		157	3.00%, 04/01/2043		1,619		1,640
6.00%, 02/01/2035		128		147	3.50%, 02/01/2042		1,985		2,082
6.00%, 10/01/2036^(a)		141		160	3.50%, 09/01/2042		3,407		3,569
6.00%, 03/01/2037		106		121	3.50%, 11/01/2042		2,394		2,507
6.00%, 01/01/2038		223		254	3.50%, 12/01/2042		2,452		2,568
6.00%, 01/01/2038^(a)		83		95	4.00%, 05/01/2025		759		810
6.00%, 04/01/2038		107		121	4.00%, 01/01/2034		1,203		1,295
6.50%, 11/01/2016		14		14	4.00%, 11/01/2040		1,277		1,365
6.50%, 06/01/2017		35		36	4.00%, 12/01/2040		1,067		1,150
6.50%, 06/01/2018		6		7	4.00%, 01/01/2041		2,286		2,444
6.50%, 08/01/2021		6		7	4.00%, 02/01/2041		2,664		2,873
6.50%, 12/01/2021		40		46	4.00%, 02/01/2041		2,093		2,236
6.50%, 04/01/2022		47		53	4.00%, 03/01/2041		2,930		3,130
6.50%, 05/01/2022		31		36	4.00%, 04/01/2041		2,242		2,396
6.50%, 05/01/2023		21		22	4.00%, 11/01/2041		1,170		1,250
6.50%, 04/01/2024		10		11	4.00%, 02/01/2042		1,654		1,784
6.50%, 04/01/2026		6		7	4.00%, 04/01/2042		1,328		1,419
6.50%, 05/01/2026		7		8	4.00%, 08/01/2043		907		981
6.50%, 05/01/2026		4		5	4.00%, 10/01/2043		933		1,001
6.50%, 12/01/2027		7		8	4.00%, 10/01/2043		839		905
6.50%, 01/01/2028		10		11	4.00%, 10/01/2044		3,159		3,414
6.50%, 03/01/2028		6		7	4.50%, 12/01/2019		61		64
6.50%, 09/01/2028		15		17	4.50%, 01/01/2020		238		252
6.50%, 09/01/2028		2		2	4.50%, 08/01/2039		893		984
6.50%, 10/01/2028		42		49	4.50%, 09/01/2039		1,495		1,636
6.50%, 11/01/2028		8		10	4.50%, 01/01/2041		3,078		3,387
6.50%, 12/01/2028		21		24	4.50%, 08/01/2041		1,327		1,474
6.50%, 03/01/2029		8		10	4.50%, 09/01/2041		1,918		2,085
6.50%, 07/01/2031		71		81	4.50%, 09/01/2043		3,306		3,665
6.50%, 08/01/2031		6		7	4.50%, 09/01/2043		1,409		1,563


Schedule of Investments
Government & High Quality Bond Account
December 31, 2014



U.S. GOVERNMENT & GOVERNMENT		Principal			U.S. GOVERNMENT & GOVERNMENT			Principal
AGENCY OBLIGATIONS (continued)	Amount (000's) Value (000's)				AGENCY OBLIGATIONS (continued)		Amount (000's) Value (000's)

Federal National Mortgage Association (FNMA) (continued)					Federal National Mortgage Association (FNMA) (continued)
4.50%, 10/01/2043	$	1,806	$	2,003	6.50%, 06/01/2031		$	12	$	14
4.50%, 11/01/2043		1,890		2,097	6.50%, 09/01/2031			19		21
4.50%, 09/01/2044		992		1,100	6.50%, 01/01/2032			4		5
5.00%, 01/01/2018		138		145	6.50%, 04/01/2032			76		87
5.00%, 11/01/2018		113		119	6.50%, 08/01/2032			24		28
5.00%, 05/01/2033		2,530		2,842	6.50%, 11/01/2032			35		39
5.00%, 05/01/2034		484		536	6.50%, 11/01/2032			38		40
5.00%, 04/01/2035		196		219	6.50%, 02/01/2033			51		58
5.00%, 04/01/2035		297		333	6.50%, 07/01/2034			152		177
5.00%, 07/01/2035		15		17	6.50%, 12/01/2036			114		130
5.00%, 02/01/2038		721		808	6.50%, 07/01/2037			69		82
5.00%, 03/01/2038		1,038		1,168	6.50%, 07/01/2037			47		56
5.00%, 02/01/2040		2,923		3,297	6.50%, 02/01/2038			51		61
5.00%, 06/01/2040		835		926	7.00%, 01/01/2027			4		4
5.00%, 07/01/2040		977		1,101	7.00%, 11/01/2027			8		9
5.00%, 07/01/2041		1,439		1,600	7.00%, 08/01/2028			34		40
5.00%, 07/01/2041		2,243		2,531	7.00%, 12/01/2028			25		29
5.50%, 08/01/2017		29		31	7.00%, 04/01/2029			8		8
5.50%, 12/01/2017		42		44	7.00%, 10/01/2029			37		44
5.50%, 01/01/2018		71		75	7.00%, 05/01/2031			5		5
5.50%, 07/01/2019		59		63	7.00%, 11/01/2031			105		123
5.50%, 08/01/2019		11		12	7.50%, 04/01/2022			2		2
5.50%, 08/01/2019		13		14	7.50%, 11/01/2029			26		29
5.50%, 08/01/2019		11		12	8.00%, 05/01/2027			32		35
5.50%, 08/01/2019		24		25	8.00%, 09/01/2027			13		13
5.50%, 08/01/2019		92		100	8.00%, 06/01/2030			4		5
5.50%, 08/01/2019		25		27	8.50%, 02/01/2023			1		1
5.50%, 09/01/2019		68		72	8.50%, 10/01/2027			35		36
5.50%, 10/01/2019		27		29	9.00%, 09/01/2030			12		14
5.50%, 05/01/2024		80		90				$		104,191
5.50%, 05/01/2033		36		41	Government National Mortgage Association (GNMA) -
5.50%, 06/01/2033		134		151	9.27	%
5.50%, 06/01/2033		166		187	3.00%, 04/15/2027			1,319		1,384
5.50%, 09/01/2033		757		860	3.00%, 11/15/2042			1,784		1,827
5.50%, 02/01/2037		18		20	3.00%, 12/15/2042			3,459		3,542
5.50%, 03/01/2038		388		440	3.00%, 02/15/2043			2,631		2,705
5.50%, 03/01/2038		269		307	3.50%, 11/15/2041			2,598		2,733
5.50%, 08/01/2038		226		257	3.50%, 12/20/2041			1,987		2,089
6.00%, 08/01/2016		14		14	3.50%, 01/15/2043			2,060		2,178
6.00%, 12/01/2016		31		32	3.50%, 06/20/2043			1,369		1,450
6.00%, 08/01/2017		47		49	4.00%, 03/20/2040			1,946		2,091
6.00%, 06/01/2022		50		57	4.00%, 08/15/2041			1,891		2,055
6.00%, 03/01/2026		8		9	4.50%, 07/15/2040			1,691		1,861
6.00%, 11/01/2028		24		27	5.00%, 09/15/2033			12		14
6.00%, 08/01/2031		86		97	5.00%, 02/15/2034			713		793
6.00%, 12/01/2031		22		25	5.00%, 09/15/2039			114		126
6.00%, 01/01/2033		139		159	5.50%, 07/20/2033			323		364
6.00%, 02/01/2034		55		62	5.50%, 11/15/2033			68		77
6.00%, 05/01/2037		396		443	5.50%, 03/20/2034			339		383
6.00%, 07/01/2037		394		448	5.50%, 05/20/2035			308		347
6.00%, 11/01/2037		71		81	5.50%, 11/15/2038			408		461
6.00%, 12/01/2037		21		23	5.50%, 01/15/2039			551		622
6.00%, 03/01/2038		153		177	5.50%, 01/15/2039			132		148
6.00%, 08/01/2038		908		1,044	5.50%, 03/15/2039			375		419
6.00%, 10/01/2038		267		303	6.00%, 06/20/2024			61		68
6.50%, 06/01/2016		10		10	6.00%, 06/20/2024			26		29
6.50%, 08/01/2017		27		28	6.00%, 02/20/2026			6		7
6.50%, 11/01/2023		73		83	6.00%, 04/20/2026			11		13
6.50%, 05/01/2024		29		33	6.00%, 05/20/2026			6		7
6.50%, 09/01/2024		31		35	6.00%, 06/20/2026			7		8
6.50%, 07/01/2025		14		16	6.00%, 06/20/2026			12		13
6.50%, 08/01/2025		37		40	6.00%, 07/20/2026			6		6
6.50%, 02/01/2026		10		12	6.00%, 09/20/2026			10		11
6.50%, 03/01/2026		2		3	6.00%, 03/20/2027			24		27
6.50%, 05/01/2026		6		7	6.00%, 01/20/2028			8		9
6.50%, 06/01/2026		4		4	6.00%, 03/20/2028			5		6
6.50%, 07/01/2028		12		14	6.00%, 06/20/2028			30		34
6.50%, 09/01/2028		21		24	6.00%, 07/20/2028			19		22
6.50%, 02/01/2029		5		6	6.00%, 02/20/2029			18		21
6.50%, 03/01/2029		11		13	6.00%, 03/20/2029			36		41
6.50%, 04/01/2029		6		6	6.00%, 07/20/2029			36		41
6.50%, 06/01/2031		11		12

Schedule of Investments
Government & High Quality Bond Account
December 31, 2014


U.S. GOVERNMENT & GOVERNMENT	Principal
AGENCY OBLIGATIONS (continued)	Amount (000's) Value (000's)
Government National Mortgage Association (GNMA)
(continued)
6.00%, 05/20/2032^(a)	$	65	$	75
6.00%, 07/20/2033		248		285
6.50%, 12/20/2025		15		17
6.50%, 01/20/2026		38		41
6.50%, 02/20/2026		17		20
6.50%, 03/20/2031		22		26
6.50%, 04/20/2031		23		27
7.00%, 01/15/2028		3		3
7.00%, 01/15/2028		6		6
7.00%, 01/15/2028		2		2
7.00%, 01/15/2028		11		13
7.00%, 01/15/2028		2		2
7.00%, 03/15/2028		156		175
7.00%, 05/15/2028		56		62
7.00%, 01/15/2029		19		21
7.00%, 03/15/2029		8		8
7.00%, 05/15/2031		16		19
7.00%, 06/20/2031		16		19
7.00%, 09/15/2031		42		50
7.00%, 06/15/2032		226		266
7.50%, 01/15/2023		1		1
7.50%, 01/15/2023		1		1
7.50%, 01/15/2023		1		1
7.50%, 02/15/2023		3		3
7.50%, 02/15/2023		5		6
7.50%, 04/15/2023		22		24
7.50%, 06/15/2023		2		2
7.50%, 07/15/2023		1		1
7.50%, 09/15/2023		4		4
7.50%, 09/15/2023		4		4
7.50%, 10/15/2023		8		8
7.50%, 11/15/2023		7		8
8.00%, 07/15/2026		2		2
8.00%, 08/15/2026		4		5
8.00%, 01/15/2027		2		2
8.00%, 02/15/2027		1		1
		$		29,242

U.S. Treasury - 8.75%
1.75%, 10/31/2018		3,900		3,949
2.25%, 11/30/2017		5,000		5,171
3.13%, 05/15/2021		10,100		10,839
4.25%, 11/15/2040		2,200		2,848
6.25%, 08/15/2023		3,600		4,793
		$		27,600
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
OBLIGATIONS		$		211,726
Total Investments		$		318,413
Liabilities in Excess of Other Assets, Net - (0.95)%		$		(2,988	)
TOTAL NET ASSETS - 100.00%		$		315,425


Schedule of Investments
Income Account
December 31, 2014



	COMMON STOCKS - 0.00%		Shares Held			Value(000			's)		Principal
										BONDS (continued)	Amount (000's)			Value (000's)
	Computers - 0.00%
	SONICblue Inc ^(a),(b)			500,000			$	—		Beverages - 1.14%
										Anheuser-Busch InBev Worldwide Inc
										2.50%, 07/15/2022	$	750	$	729
	Transportation - 0.00%									7.75%, 01/15/2019		1,000		1,211
	Trailer Bridge Inc ^(a),(b)			1,186				—
										Innovation Ventures LLC / Innovation
										Ventures Finance Corp
	TOTAL COMMON STOCKS					$		—		9.50%, 08/15/2019^(d)		1,250		1,247
	INVESTMENT COMPANIES - 3.68%		Shares Held		Value	(000			's)			$		3,187

	Publicly Traded Investment Fund - 3.68%									Biotechnology - 1.34%
	BlackRock Liquidity Funds FedFund Portfolio			10,264,532				10,265		Amgen Inc
										3.63%, 05/15/2022		500		515
	TOTAL INVESTMENT COMPANIES					$		10,265		3.88%, 11/15/2021		2,000		2,113
				Principal						Gilead Sciences Inc
	BONDS- 62.72	%	Amount (000's)			Value(000			's)	4.40%, 12/01/2021		1,000		1,102
	Aerospace & Defense - 0.42%											$		3,730
	Boeing Co/The									Chemicals - 0.52%
	8.75%, 08/15/2021		$	850			$	1,165		Airgas Inc
										1.65%, 02/15/2018		1,000		987
	Airlines - 0.14%									Eagle Spinco Inc
	Southwest Airlines Co 1994-A Pass Through									4.63%, 02/15/2021		500		474
	Trust											$		1,461
	9.15%, 07/01/2016			368				377		Commercial Services - 0.89%
										ERAC USA Finance LLC
	Automobile Floor Plan Asset Backed Securities - 3.05%									6.38%, 10/15/2017^(d)		1,000		1,123
	Ally Master Owner Trust									7.00%, 10/15/2037^(d)		1,000		1,347
	0.61%, 04/15/2018^(c)			2,000				1,999				$		2,470
	CNH Wholesale Master Note Trust
	0.76%, 08/15/2019^(c),(d)			2,000				2,005		Computers - 0.61%
										Apple Inc
	Ford Credit Floorplan MasterOwner Trust A
	0.54%, 01/15/2018 (c)			1,000				1,000		2.40%, 05/03/2023		1,750		1,701
	0.56%, 02/15/2019^(c)			500				500
	Nissan Master Owner Trust Receivables									Credit Card Asset Backed Securities - 0.48%
	0.46%, 02/15/2018^(c)			1,000				999		Cabela's Credit Card Master Note Trust
	Volkswagen Credit Auto Master Trust									0.51%, 03/16/2020^(c)		1,325		1,325
	0.52%, 07/22/2019^(c),(d)			2,000				2,001
						$		8,504		Diversified Financial Services - 2.90%
	Automobile Manufacturers - 0.37%									DVI Inc
	American Honda Finance Corp									0.00%, 02/01/2004^(a),(b),(e)		900		—
	0.73%, 10/07/2016^(c)			500				502		0.00%, 02/01/2004^(a),(b),(e)		400		—
	General Motors Co									Ford Motor Credit Co LLC
	4.88%, 10/02/2023			500				535		3.98%, 06/15/2016		2,000		2,071
						$		1,037		General Electric Capital Corp
										1.24%, 03/15/2023^(c)		2,000		2,028
	Banks- 7.88	%								5.30%, 02/11/2021		500		571
	Bank of America Corp									International Lease Finance Corp
	5.42%, 03/15/2017			800				858		8.75%, 03/15/2017^(c)		1,000		1,108
	8.00%, 07/29/2049^(c)			1,000				1,074		Jefferies Group LLC
	8.13%, 12/29/2049^(c)			1,000				1,079		6.25%, 01/15/2036		1,425		1,400
	Citigroup Inc									8.50%, 07/15/2019		750		899
	3.95%, 06/15/2016			2,000				2,076				$		8,077
	4.50%, 01/14/2022			1,000				1,093
	Goldman Sachs Group Inc/The									Electric - 6.83%
	3.63%, 02/07/2016			500				513		Exelon Generation Co LLC
	5.38%, 03/15/2020			2,000				2,241		6.20%, 10/01/2017		1,000		1,111
	ING Bank NV									GenOn Americas Generation LLC
	5.00%, 06/09/2021^(d)			1,000				1,131		8.50%, 10/01/2021		1,250		1,075
	JP Morgan Chase & Co									GenOn Energy Inc
	7.90%, 04/29/2049^(c)			1,000				1,076		9.88%, 10/15/2020		750		739
	Morgan Stanley									LG&E and KU Energy LLC
	5.50%, 07/28/2021			1,000				1,135		4.38%, 10/01/2021		1,000		1,064
	6.25%, 08/09/2026			850				1,025		Metropolitan Edison Co
	PNC Financial Services Group Inc/The									3.50%, 03/15/2023^(d)		1,000		995
	6.75%, 07/29/2049^(c)			2,000				2,195		NiSource Finance Corp
	SunTrust Bank/Atlanta GA									5.25%, 09/15/2017		1,000		1,093
	2.75%, 05/01/2023			1,000				976		Oncor Electric Delivery Co LLC
	US Bancorp/MN									7.00%, 09/01/2022		2,000		2,533
	1.65%, 05/15/2017			3,000				3,022		PacifiCorp
	3.60%, 09/11/2024			250				254		5.25%, 06/15/2035		850		1,025
	Wells Fargo & Co									6.25%, 10/15/2037		500		677
	7.98%, 12/31/2049^(c)			2,000				2,207		PPL Energy Supply LLC
						$		21,955		5.70%, 10/15/2035		2,000		2,043


Schedule of Investments
Income Account
December 31, 2014



		Principal						Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)			Amount (000's) Value (000's)

Electric (continued)					Lodging - 0.74%
Solar Star Funding LLC					Boyd Gaming Corp
5.38%, 06/30/2035^(d)	$	1,500	$	1,586	9.13%, 12/01/2018		$	2,000	$	2,050
Southwestern Electric Power Co
3.55%, 02/15/2022		1,000		1,026
5.38%, 04/15/2015		1,275		1,291	Media- 2.64	%
					21st Century Fox America Inc
TransAlta Corp					6.40%, 12/15/2035			1,000		1,305
4.50%, 11/15/2022		1,750		1,759
Tucson Electric Power Co					8.00%, 10/17/2016			1,000		1,117
					Comcast Corp
3.85%, 03/15/2023		1,000		1,027	6.45%, 03/15/2037			2,000		2,661
		$		19,044	Historic TW Inc
Electronics - 0.50%					9.15%, 02/01/2023			250		340
Corning Inc					Time Warner Cable Inc
4.75%, 03/15/2042		750		801	6.55%, 05/01/2037			1,500		1,931
6.63%, 05/15/2019		500		586				$		7,354

		$		1,387	Mining - 0.62%
Entertainment - 0.18%					Glencore Canada Corp
Greektown Holdings LLC/Greektown					6.00%, 10/15/2015			1,675		1,732
Mothership Corp
8.88%, 03/15/2019^(d)		250		249
					Oil & Gas - 5.97%
Peninsula Gaming LLC / Peninsula Gaming					BG Energy Capital PLC
Corp					4.00%, 10/15/2021^(d)			2,000		2,057
8.38%, 02/15/2018^(d)		250		260
					BP Capital Markets PLC
		$		509	3.25%, 05/06/2022			1,000		983
Environmental Control - 0.91%					4.75%, 03/10/2019			2,000		2,188
ADS Waste Holdings Inc					Linn Energy LLC / Linn Energy Finance
8.25%, 10/01/2020		1,500		1,500	Corp
Republic Services Inc					6.50%, 05/15/2019			1,000		855
3.55%, 06/01/2022		1,000		1,027	Nabors Industries Inc
		$		2,527	5.00%, 09/15/2020			1,000		982
					Petro-Canada
Forest Products & Paper - 0.78%					9.25%, 10/15/2021			1,075		1,445
Plum Creek Timberlands LP					Phillips 66
4.70%, 03/15/2021		2,000		2,169	4.30%, 04/01/2022			1,000		1,056
					Rowan Cos Inc
Healthcare - Services - 1.18%					4.88%, 06/01/2022			750		730
HCA Inc					5.00%, 09/01/2017			2,000		2,084
7.50%, 11/06/2033		250		262	W&T Offshore Inc
HealthSouth Corp					8.50%, 06/15/2019			2,500		1,637
5.75%, 11/01/2024		500		520	Whiting Petroleum Corp
7.75%, 09/15/2022		740		784	5.75%, 03/15/2021			1,250		1,159
Roche Holdings Inc					XTO Energy Inc
0.60%, 09/30/2019^(c),(d)		1,000		999	6.75%, 08/01/2037			1,000		1,467
Vantage Oncology LLC / Vantage Oncology								$		16,643
Finance Co					Oil & Gas Services - 1.33%
9.50%, 06/15/2017^(d)		750		728	Exterran Partners LP / EXLP Finance Corp
		$		3,293	6.00%, 04/01/2021			2,000		1,740
Insurance - 2.56%					Weatherford International Ltd/Bermuda
Fidelity National Financial Inc					5.13%, 09/15/2020			2,000		1,965
6.60%, 05/15/2017		2,500		2,749				$		3,705
First American Financial Corp					Other Asset Backed Securities - 1.40%
4.30%, 02/01/2023		2,000		2,003	Drug Royalty II LP 2
Prudential Financial Inc					3.48%, 07/15/2023^(c),(d)			1,901		1,907
7.38%, 06/15/2019		1,000		1,202	PFS Financing Corp
8.88%, 06/15/2068^(c)		1,000		1,168	0.66%, 04/17/2017^(c),(d)			1,000		1,000
		$		7,122	0.71%, 02/15/2018^(c),(d)			1,000		1,000
Iron & Steel - 1.48%								$		3,907
Allegheny Technologies Inc					Packaging & Containers - 0.37%
5.95%, 01/15/2021		2,000		2,049	Sealed Air Corp
ArcelorMittal					6.88%, 07/15/2033^(d)			1,000		1,023
6.00%, 03/01/2021^(c)		2,000		2,080
		$		4,129
					Pharmaceuticals - 0.35%
Leisure Products & Services - 1.04%					AbbVie Inc
Carnival Corp					2.90%, 11/06/2022			1,000		985
7.20%, 10/01/2023		1,475		1,795
Royal Caribbean Cruises Ltd
7.25%, 03/15/2018		1,000		1,115	Pipelines - 2.58%
		$		2,910	ANR Pipeline Co
					9.63%, 11/01/2021			1,000		1,371


Schedule of Investments
Income Account
December 31, 2014



				Principal						Principal
	BONDS (continued)			Amount (000's)		Value (000's)	CONVERTIBLE BONDS (continued)		Amount (000's)		Value(000			's)

	Pipelines (continued)						Pharmaceuticals - 0.40%
	Buckeye Partners LP						Omnicare Inc
	4.35%, 10/15/2024		$	500	$	490	3.25%, 12/15/2035		$	433		$	466
	El Paso Natural Gas Co LLC						3.50%, 02/15/2044			538			643
	7.50%, 11/15/2026			2,100		2,599					$		1,109
	Express Pipeline LLC						TOTAL CONVERTIBLE BONDS				$		3,579
	7.39%, 12/31/2019^(d)			814		868	SENIOR FLOATING RATE INTERESTS -			Principal
	Southeast Supply Header LLC						0.64	%	Amount (000's)		Value(000			's)
	4.25%, 06/15/2024^(d)			750		760
	Southern Natural Gas Co LLC						Transportation - 0.64%
	8.00%, 03/01/2032			850		1,101	Trailer Bridge Inc, Term Loan
							10.00%, 04/02/2016^(b),(c),(e)		$	1,775		$	1,775
				$		7,189

REITS	- 8.62	%					TOTAL SENIOR FLOATING RATE INTERESTS				$		1,775
	Alexandria Real Estate Equities Inc						U.S. GOVERNMENT & GOVERNMENT			Principal
	4.60%, 04/01/2022			1,250		1,330	AGENCY OBLIGATIONS - 30.85%		Amount (000's)		Value(000			's)
	BioMed Realty LP						Federal Home Loan Mortgage Corporation (FHLMC) -
	4.25%, 07/15/2022			1,000		1,037	6.70	%
	6.13%, 04/15/2020			1,000		1,139	3.00%, 10/01/2042		$	1,794		$	1,816
	CubeSmart LP						3.00%, 10/01/2042			878			888
	4.80%, 07/15/2022			1,750		1,922	3.00%, 11/01/2042			867			877
	Duke Realty LP						3.00%, 12/01/2042			394			399
	8.25%, 08/15/2019			2,000		2,467	3.50%, 10/01/2041			1,099			1,145
	HCP Inc						3.50%, 04/01/2042			1,474			1,536
	3.75%, 02/01/2019			1,000		1,050	3.50%, 04/01/2042			2,300			2,397
	6.00%, 03/01/2015			1,675		1,689	4.50%, 08/01/2033			388			422
	Health Care REIT Inc						4.50%, 05/01/2039			879			953
	6.13%, 04/15/2020			1,000		1,150	4.50%, 06/01/2039			493			544
	6.20%, 06/01/2016			1,675		1,791	4.50%, 07/01/2039			1,619			1,777
	Healthcare Realty Trust Inc						4.50%, 12/01/2040			816			885
	6.50%, 01/17/2017			2,000		2,184	4.50%, 10/01/2041			1,011			1,097
	Hospitality Properties Trust						5.00%, 08/01/2019			240			253
	4.65%, 03/15/2024			750		768	5.00%, 08/01/2035			1,097			1,201
	5.00%, 08/15/2022			750		790	5.00%, 11/01/2035			311			344
	Kimco Realty Corp						5.00%, 10/01/2038			804			875
	6.88%, 10/01/2019			2,000		2,370	5.50%, 11/01/2017			40			42
	Simon Property Group LP						5.50%, 01/01/2018			18			19
	10.35%, 04/01/2019			2,000		2,616	5.50%, 05/01/2031			49			55
	Ventas Realty LP / Ventas Capital Corp						5.50%, 06/01/2035			134			151
	3.25%, 08/15/2022			1,750		1,727	5.50%, 01/01/2036			278			312
				$		24,030	5.50%, 04/01/2036			167			188
	Savings & Loans - 0.41%						6.00%, 03/01/2031			32			37
	First Niagara Financial Group Inc						6.00%, 05/01/2032			54			61
	7.25%, 12/15/2021			1,000		1,132	6.00%, 06/01/2038			267			304
							6.50%, 06/01/2029			19			23
							6.50%, 08/01/2029			22			25
	Telecommunications - 0.83%						7.00%, 01/01/2032			26			30
	Qwest Corp						9.00%, 01/01/2025			4			5
	6.75%, 12/01/2021			2,000		2,313					$		18,661

							Federal National Mortgage Association (FNMA) - 15.33%
	Transportation - 0.91%						3.00%, 03/01/2042			1,540			1,561
	Navios Maritime Holdings Inc / Navios						3.00%, 03/01/2042			1,545			1,566
	Maritime Finance II US Inc						3.00%, 05/01/2042			825			836
	7.38%, 01/15/2022^(d)			500		457	3.00%, 06/01/2042			1,556			1,577
	Trailer Bridge Inc						3.00%, 06/01/2042			775			786
	0.00%, 11/15/2015^(a),(b)			2,000		—	3.00%, 08/01/2042			799			810
	15.50%, 03/31/2017^(b),(c),(e)			2,229		2,076	3.50%, 12/01/2040			1,323			1,382
				$		2,533	3.50%, 12/01/2041			490			512
	Trucking & Leasing - 0.75%						3.50%, 03/01/2042			786			821
	Penske Truck Leasing Co Lp / PTL Finance						3.50%, 04/01/2042			1,425			1,488
	Corp						3.50%, 02/01/2043			944			988
	3.75%, 05/11/2017^(d)			2,000		2,090	3.50%, 06/01/2043			1,433			1,499
							4.00%, 03/01/2039			1,087			1,162
	TOTAL BONDS			$		174,765	4.00%, 08/01/2040			919			982
							4.00%, 09/01/2040			1,985			2,132
				Principal			4.00%, 11/01/2040			994			1,063
	CONVERTIBLE BONDS - 1.29%			Amount (000's) Value (000's)			4.00%, 10/01/2041			895			956
	Automobile Parts & Equipment - 0.89%						4.00%, 10/01/2041			1,151			1,230
	Meritor Inc						4.00%, 11/01/2041			1,381			1,476
	7.88%, 03/01/2026			1,500		2,470	4.00%, 04/01/2042			733			784
							4.00%, 11/01/2043			2,272			2,448
							4.00%, 11/01/2043			918			985
							4.00%, 01/01/2044			2,052			2,202


Schedule of Investments
Income Account
December 31, 2014



U.S. GOVERNMENT & GOVERNMENT			Principal				Portfolio Summary (unaudited)
AGENCY OBLIGATIONS (continued)			Amount (000's)			Value (000's)	Sector	Percent
							Financial	22.37	%
Federal National Mortgage Association (FNMA) (continued)							Mortgage Securities	22.08	%
	4.00%, 02/01/2044		$	2,741	$	2,946
	4.50%, 06/01/2039			414		450	Energy	9.88	%
							Government	8.77	%
	4.50%, 08/01/2039			442		485	Utilities	6.83	%
	4.50%, 05/01/2040			1,404		1,533
	4.50%, 10/01/2040			1,574		1,718	Consumer, Non-cyclical	5.30	%
							Asset Backed Securities	4.93	%
	4.50%, 12/01/2040			877		960	Industrial	4.50	%
	4.50%, 05/01/2044			946		1,032
	5.00%, 01/01/2018			65		69	Exchange Traded Funds	3.68	%
							Communications	3.47	%
	5.00%, 08/01/2035			518		574	Basic Materials	3.40	%
	5.00%, 04/01/2039			304		340
	5.00%, 12/01/2039			353		390	Consumer, Cyclical	3.36	%
							Technology	0.61	%
	5.00%, 04/01/2040			890		992	Other Assets in Excess of Liabilities, Net	0.82	%
	5.00%, 06/01/2040			748		836
	5.50%, 03/01/2033			74		83	TOTAL NET ASSETS	100.00	%
	5.50%, 06/01/2033			243		274
	5.50%, 02/01/2035			498		562
	6.00%, 04/01/2032			59		67
	6.50%, 05/01/2031			6		6
	6.50%, 04/01/2032			87		99
	6.50%, 05/01/2032			37		44
	7.00%, 01/01/2030			2		2
				$		42,708
Government National Mortgage Association (GNMA) -
0.05		%
	6.00%, 05/20/2032^(c)			56		64
	7.00%, 06/20/2031			56		68
	9.00%, 02/15/2025			3		3
				$		135

U.S. Treasury - 8.77%
	1.38%, 11/30/2018			1,000		998
	1.63%, 11/15/2022			2,000		1,940
	1.75%, 05/15/2022			2,000		1,966
	2.00%, 11/15/2021			2,000		2,007
	2.38%, 05/31/2018			1,000		1,037
	2.63%, 11/15/2020			2,000		2,088
	2.75%, 02/15/2019			1,000		1,052
	2.75%, 02/15/2024			1,000		1,052
	3.00%, 11/15/2044			1,000		1,051
	3.13%, 05/15/2019			2,000		2,132
	3.13%, 05/15/2021			1,000		1,073
	3.13%, 08/15/2044			1,000		1,077
	3.63%, 02/15/2020			2,000		2,193
	3.63%, 02/15/2044			1,000		1,177
	3.75%, 08/15/2041			1,000		1,205
	3.75%, 11/15/2043			2,000		2,404
				$		24,452
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
OBLIGATIONS				$		85,956
Total Investments				$		276,340
Other Assets in Excess of Liabilities, Net - 0.82%				$		2,293
TOTAL NET ASSETS - 100.00%				$		278,633


(a)	Non-Income Producing Security
(b)	Fair value of these investments is determined in good faith by the Manager
	under procedures established and periodically reviewed by the Board of
	Directors. At the end of the period, the fair value of these securities totaled
	$3,851 or 1.38% of net assets.
(c)	Variable Rate. Rate shown is in effect at December 31, 2014.
(d)	Security exempt from registration under Rule 144A of the Securities Act of
	1933. These securities may be resold in transactions exempt from
	registration, normally to qualified institutional buyers. At the end of the
	period, the value of these securities totaled $24,833 or 8.91% of net assets.
(e)	Security is Illiquid


Schedule of Investments
International Emerging Markets Account
December 31, 2014



COMMON STOCKS - 94.50%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Advertising - 0.23%				Electric (continued)
Multiplus SA	19,400	$	234	China Resources Power Holdings Co Ltd	154,000	$	393
				Huadian Fuxin Energy Corp Ltd	1,152,000		539
				Huadian Power International Corp Ltd	1,241,119		1,077
Agriculture - 0.88%				Huaneng Power International Inc	312,000		421
KT&G Corp	13,034		905	Korea Electric Power Corp	34,076		1,313
				Tenaga Nasional BHD	283,600		1,117
Apparel - 0.12%					$		4,878
Feng TAY Enterprise Co Ltd	41,600		126	Electronics - 1.77%
				Hon Hai Precision Industry Co Ltd	464,354		1,282
Automobile Manufacturers - 3.84%				Hu Lane Associate Inc	94,000		324
Hyundai Motor Co	5,644		862	Merry Electronics Co Ltd	63,375		221
Kia Motors Corp	17,030		809		$		1,827
Maruti Suzuki India Ltd ^(a)	13,960		751
Tata Motors Ltd ADR	36,397		1,539	Engineering & Construction - 2.62%
	$		3,961	China Railway Construction Corp Ltd	370,500		470
				China Railway Group Ltd	539,000		441
Automobile Parts & Equipment - 0.47%				Grupo Aeroportuario del Sureste SAB de CV	51,258		678
Apollo Tyres Ltd	137,044		483	(b)
				Promotora y Operadora de Infraestructura	52,308		629
				SAB de CV ^(b)
Banks - 18.14%				Voltas Ltd	125,600		479
Abu Dhabi Commercial Bank PJSC	245,992		463
Agricultural Bank of China Ltd	1,896,000		954		$		2,697
Axis Bank Ltd ^(a)	184,975		1,490	Environmental Control - 0.47%
Banco de Chile	5,134,658		595	Coway Co Ltd	6,371		486
Bangkok Bank PCL	174,900		1,039
Bank Negara Indonesia Persero Tbk PT	909,800		446
Bank of China Ltd	4,318,800		2,424	Food - 4.27%
Barclays Africa Group Ltd	36,100		564	BRF SA	27,100		647
				GFPT PCL ^(a)	442,500		237
BDO Unibank Inc	160,700		393
China Construction Bank Corp	1,443,902		1,179	Gruma SAB de CV	81,000		864
China Merchants Bank Co Ltd	348,000		869	Indofood Sukses Makmur Tbk PT	904,100		493
Credicorp Ltd	4,365		699	JBS SA	165,225		696
				Thai Union Frozen Products PCL ^(a)	183,600		502
FirstRand Ltd	330,736		1,438

Grupo Financiero Inbursa SAB de CV	225,100		581	Universal Robina Corp	132,750		579
ICICI Bank Ltd ADR	128,965		1,490	X5 Retail Group NV (b)	31,779		385
Industrial & Commercial Bank of China Ltd	1,594,000		1,164		$		4,403
Industrial Bank of Korea	57,120		731	Gas - 0.32%
Malayan Banking Bhd	283,100		741	Petronas Gas Bhd	51,300		326
Qatar National Bank SAQ	10,732		623
Turkiye Is Bankasi	284,932		819
	$		18,702	Home Furnishings - 0.62%
				Steinhoff International Holdings Ltd	125,840		644
Chemicals - 0.80%
LG Hausys Ltd	1,872		275
UPL Ltd	100,550		550	Insurance - 5.09%
	$		825	BB Seguridade Participacoes SA	75,000		907
				Cathay Financial Holding Co Ltd	468,007		692
Coal - 0.63%				PICC Property & Casualty Co Ltd	294,300		568
China Shenhua Energy Co Ltd	221,500		654	Ping An Insurance Group Co of China Ltd	58,000		587
				Powszechny Zaklad Ubezpieczen SA	8,864		1,210
				Sanlam Ltd	213,184		1,283
Commercial Services - 2.23%					$		5,247
Cielo SA	42,600		668
Kroton Educacional SA	157,711		920	Internet - 3.65%
Shenzhen International Holdings Ltd	279,500		407	Alibaba Group Holding Ltd ADR^(b)	8,358		869
TAL Education Group ADR^(b)	10,717		301	Tencent Holdings Ltd	165,900		2,400
	$		2,296	Vipshop Holdings Ltd ADR^(b)	25,043		489

Computers - 1.07%					$		3,758
Lenovo Group Ltd	292,000		381	Iron & Steel - 0.78%
Wipro Ltd	83,156		723	POSCO	3,204		807
	$		1,104

Cosmetics & Personal Care - 0.66%				Media - 1.60%
Amorepacific Corp	339		684	Naspers Ltd	12,742		1,648


Diversified Financial Services - 4.15%				Metal Fabrication & Hardware - 1.15%
Fubon Financial Holding Co Ltd	653,000		1,039	Bharat Forge Ltd	35,386		526
Hana Financial Group Inc	21,240		615	Hyosung Corp	10,580		657
Mega Financial Holding Co Ltd	1,524,484		1,176		$		1,183
Shinhan Financial Group Co Ltd	35,990		1,447
	$		4,277	Mining - 1.81%
				Anglo American PLC	17,636		326
Electric - 4.73%				Grupo Mexico SAB de CV	167,800		487
CGN Power Co Ltd ^(b),(c)	41,000		18	KGHM Polska Miedz SA	13,900		424


Schedule of Investments
International Emerging Markets Account
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			INVESTMENT COMPANIES - 0.95%		Shares Held		Value(000			's)

Mining (continued)				Publicly Traded Investment Fund - 0.95%
MMC Norilsk Nickel OJSC ADR	44,203	$	632	BlackRock Liquidity Funds FedFund Portfolio		978,925			$	979
	$		1,869
				TOTAL INVESTMENT COMPANIES				$		979

Miscellaneous Manufacturing - 0.73%				PREFERRED STOCKS - 4.43%		Shares Held	Value	(000			's)
Largan Precision Co Ltd	10,000		749	Banks - 2.89%
				Banco Bradesco SA		80,400				1,060
Oil & Gas - 4.16%				Itau Unibanco Holding SA		147,335				1,918
China Petroleum & Chemical Corp	540,400		438
Hindustan Petroleum Corp Ltd	72,766		627					$		2,978
Lukoil OAO ADR	24,593		973	Electric - 0.21%
PetroChina Co Ltd	874,000		970	Cia Energetica de Sao Paulo		21,089				213
Petroleo Brasileiro SA ADR	29,525		216
PTT Exploration & Production PCL ^(a)	82,700		280
Sasol Ltd	13,551		506	Food - 0.42%
Tatneft OAO ADR	11,603		284	Cia Brasileira de Distribuicao		11,700				434
	$		4,294

Pharmaceuticals - 1.70%				Media - 0.04%
Aurobindo Pharma Ltd	42,265		759	Zee Entertainment Enterprises Ltd		3,223,416				44
Lupin Ltd ^(a)	27,610		654
Sinopharm Group Co Ltd	97,200		342	Oil & Gas - 0.55%
	$		1,755	Petroleo Brasileiro SA		60,300				227
				Surgutneftegas OAO		716,100				341
Real Estate - 1.66%
China Vanke Co Ltd ^(b)	298,600		662					$		568
Emlak Konut Gayrimenkul Yatirim Ortakligi	446,117		528	Telecommunications - 0.32%
AS				Telefonica Brasil SA		18,700				330
Shimao Property Holdings Ltd	235,000		520
	$		1,710	TOTAL PREFERRED STOCKS				$		4,567

REITS - 1.29%				Total Investments				$		102,964
Fibra Uno Administracion SA de CV	236,000		696	Other Assets in Excess of Liabilities, Net - 0.12%				$		127
Mexico Real Estate Management SA de CV ^(b)	368,500		631	TOTAL NET ASSETS - 100.00%				$		103,091
	$		1,327

Retail - 0.63%				(a)	Fair value of these investments is determined in good faith by the Manager
ANTA Sports Products Ltd	367,000		645		under procedures established and periodically reviewed by the Board of
					Directors. At the end of the period, the fair value of these securities totaled
					$3,914 or 3.80% of net assets.
Semiconductors - 11.55%				(b)	Non-Income Producing Security
Advanced Semiconductor Engineering Inc	467,000		555	(c)	Security exempt from registration under Rule 144A of the Securities Act of
Everlight Electronics Co Ltd	268,000		604		1933. These securities may be resold in transactions exempt from
Inotera Memories Inc ^(b)	357,000		560
					registration, normally to qualified institutional buyers. At the end of the
Realtek Semiconductor Corp	98,000		326		period, the value of these securities totaled $18 or 0.02% of net assets.
Samsung Electronics Co Ltd	3,255		3,913
SK Hynix Inc	40,350		1,724
Taiwan Semiconductor Manufacturing Co Ltd	848,164		3,737
Vanguard International Semiconductor Corp	300,000		491		Portfolio Summary (unaudited)
	$		11,910	Country						Percent
				China						19.33	%
Software - 1.70%				Korea, Republic Of						15.64	%
HCL Technologies Ltd	35,812		904
Tech Mahindra Ltd	20,598		845	India						11.98	%
				Taiwan, Province Of China						11.52	%
	$		1,749	Brazil						8.22	%
Telecommunications - 8.57%				South Africa						6.87	%
America Movil SAB de CV ADR	33,798		749	Mexico						5.16	%
Bharti Infratel Ltd	90,635		483	Hong Kong						3.53	%
BYD Electronic International Co Ltd	234,000		225	Malaysia						3.44	%
China Mobile Ltd	197,459		2,313	Russian Federation						2.53	%
China Telecom Corp Ltd	1,374,000		797	Thailand						2.00	%
DiGi.Com Bhd	326,000		574	Poland						1.58	%
Hellenic Telecommunications Organization	32,237		352	Indonesia						1.55	%
SA ^(b)				United States						1.32	%
MTN Group Ltd	52,761		1,004	Turkey						1.30	%
SK Telecom Co Ltd	3,676		899	Philippines						0.94	%
Telekom Malaysia Bhd	398,200		782	Peru						0.68	%
Telekomunikasi Indonesia Persero Tbk PT	2,869,000		659	Qatar						0.60	%
	$		8,837	Chile						0.58	%
				United Arab Emirates						0.45	%
Transportation - 0.41%				Greece						0.34	%
Sinotrans Ltd	633,000		418	United Kingdom						0.32	%
				Other Assets in Excess of Liabilities, Net						0.12	%
TOTAL COMMON STOCKS	$		97,418	TOTAL NET ASSETS						100.00	%


Schedule of Investments
LargeCap Blend Account II
December 31, 2014



COMMON STOCKS - 95.97%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Advertising - 0.11%				Beverages - 2.04%
Alliance Data Systems Corp ^(a)	227	$	65	Brown-Forman Corp	585	$	51
Interpublic Group of Cos Inc/The	1,434		30	Coca-Cola Co/The	15,397		650
Omnicom Group Inc	933		72	Coca-Cola Enterprises Inc	600		27
	$		167	Constellation Brands Inc ^(a)	604		59
				Dr Pepper Snapple Group Inc	1,991		143
Aerospace & Defense - 2.33%				Keurig Green Mountain Inc	629		83
Boeing Co/The	5,192		675	Monster Beverage Corp ^(a)	810		88
General Dynamics Corp	777		107	PepsiCo Inc	19,954		1,887
L-3 Communications Holdings Inc	305		38		$		2,988
Lockheed Martin Corp	639		123
Northrop Grumman Corp	528		78	Biotechnology - 3.43%
Orbital Sciences Corp ^(a)	22,040		593	Alexion Pharmaceuticals Inc ^(a)	1,191		220
Raytheon Co	11,492		1,243	Amgen Inc	14,238		2,268
Rockwell Collins Inc	484		41	Biogen Idec Inc ^(a)	2,500		849
United Technologies Corp	4,408		507	Celgene Corp ^(a)	2,779		311
	$		3,405	Gilead Sciences Inc ^(a)	7,658		722
				Incyte Corp ^(a)	400		29
Agriculture - 0.85%				Regeneron Pharmaceuticals Inc ^(a)	1,226		503
Altria Group Inc	6,038		297	United Therapeutics Corp ^(a)	200		26
Archer-Daniels-Midland Co	3,269		170	Vertex Pharmaceuticals Inc ^(a)	800		95
Lorillard Inc	926		58		$		5,023
Philip Morris International Inc	7,903		644
Reynolds American Inc	1,104		71	Building Materials - 0.75%
	$		1,240	Eagle Materials Inc	10,850		825
				Martin Marietta Materials Inc	1,218		134
Airlines - 0.49%				Vulcan Materials Co	2,146		141
American Airlines Group Inc	3,500		188		$		1,100
Delta Air Lines Inc	6,434		316
Southwest Airlines Co	1,653		70	Chemicals - 2.08%
United Continental Holdings Inc ^(a)	2,210		148	Air Products & Chemicals Inc	436		63
	$		722	Airgas Inc	1,238		142
				Ashland Inc	900		108
Apparel - 0.46%				Celanese Corp	1,700		102
Hanesbrands Inc	500		56	CF Industries Holdings Inc	189		52
Michael Kors Holdings Ltd ^(a)	1,348		101	Dow Chemical Co/The	3,340		152
Nike Inc	3,550		341	Eastman Chemical Co	530		40
Ralph Lauren Corp	213		39	Ecolab Inc	9,216		963
Under Armour Inc ^(a)	1,174		80	EI du Pont de Nemours & Co	1,936		143
VF Corp	841		63	International Flavors & Fragrances Inc	281		28
	$		680	LyondellBasell Industries NV	1,530		122
Automobile Manufacturers - 0.21%				Monsanto Co	2,424		289
Ford Motor Co	9,512		147	Mosaic Co/The	1,173		54
General Motors Co	2,712		95	Potash Corp of Saskatchewan Inc	800		28
PACCAR Inc	856		58	PPG Industries Inc	561		129
	$		300	Praxair Inc	1,706		222
				RPM International Inc	1,500		76
Automobile Parts & Equipment - 1.39%				Sherwin-Williams Co/The	1,048		276
BorgWarner Inc	811		45	Sigma-Aldrich Corp	412		57
Delphi Automotive PLC	3,208		233		$		3,046
Goodyear Tire & Rubber Co/The	986		28
Johnson Controls Inc	35,883		1,735	Coal - 0.02%
	$		2,041	Consol Energy Inc	700		24

Banks - 7.85%
Bank of America Corp	49,085		878	Commercial Services - 1.07%
Bank of New York Mellon Corp/The	5,295		215	ADT Corp/The	689		25
BB&T Corp	1,510		59	Automatic Data Processing Inc	7,830		653
Capital One Financial Corp	1,396		115	Cintas Corp	347		27
Citigroup Inc	51,103		2,765	Equifax Inc	1,000		81
Comerica Inc	642		30	H&R Block Inc	996		34
Fifth Third Bancorp	2,962		60	MasterCard Inc	5,379		463
Goldman Sachs Group Inc/The	1,317		255	McGraw Hill Financial Inc	972		87
JP Morgan Chase & Co	42,721		2,673	Moody's Corp	660		63
				Quanta Services Inc ^(a)	743		21
KeyCorp	3,087		43
M&T Bank Corp	1,000		126	Robert Half International Inc	488		28
Morgan Stanley	9,833		382	Total System Services Inc	586		20
				United Rentals Inc ^(a)	337		34
Northern Trust Corp	2,688		181
PNC Financial Services Group Inc/The	1,376		126	Western Union Co/The	1,901		34
Regions Financial Corp	5,132		54		$		1,570
State Street Corp	4,797		377	Computers - 4.50%
SunTrust Banks Inc	1,895		79	Accenture PLC - Class A	2,909		260
US Bancorp/MN	3,805		171	Apple Inc	40,798		4,503
Wells Fargo & Co	52,562		2,881	Cognizant Technology Solutions Corp ^(a)	2,864		150
Zions Bancorporation	720		21	EMC Corp/MA	6,400		190
	$		11,491	Hewlett-Packard Co	4,397		176


Schedule of Investments
LargeCap Blend Account II
December 31, 2014



COMMON STOCKS (continued)	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held		Value (000's)

Computers (continued)				Electrical Components & Equipment (continued)
International Business Machines Corp	3,938	$	632	Hubbell Inc	900	$	96
NetApp Inc	1,173		49		$		411
SanDisk Corp	1,502		148
Seagate Technology PLC	2,688		179	Electronics - 2.68%
Teradata Corp ^(a)	550		24	Agilent Technologies Inc	3,612		148
Western Digital Corp	2,429		269	Amphenol Corp	1,500		81
	$		6,580	Corning Inc	3,036		70
				Garmin Ltd	423		22
Consumer Products - 0.12%				Honeywell International Inc	14,877		1,487
Avery Dennison Corp	333		17	Keysight Technologies Inc ^(a)	1,200		40
Clorox Co/The	461		48	PerkinElmer Inc	393		17
Kimberly-Clark Corp	929		108	Sensata Technologies Holding NV ^(a)	2,900		152
	$		173	TE Connectivity Ltd	864		55
				Thermo Fisher Scientific Inc	8,534		1,069
Cosmetics & Personal Care - 1.48%				Trimble Navigation Ltd ^(a)	1,100		29
Avon Products Inc	7,357		69	Tyco International PLC	17,150		752
Colgate-Palmolive Co	2,416		167		$		3,922
Estee Lauder Cos Inc/The	900		68
Procter & Gamble Co/The	20,366		1,856	Engineering & Construction - 0.22%
	$		2,160	Fluor Corp	562		34
				Granite Construction Inc	7,050		268
Distribution & Wholesale - 0.05%				Jacobs Engineering Group Inc ^(a)	452		20
Fossil Group Inc ^(a)	169		19
Genuine Parts Co	555		59		$		322
	$		78	Environmental Control - 0.02%
				Republic Services Inc	905		36
Diversified Financial Services - 2.62%
Affiliated Managers Group Inc ^(a)	199		42
American Express Co	10,719		997	Food - 1.88%
Ameriprise Financial Inc	1,365		181	Campbell Soup Co	635		28
BlackRock Inc	663		237	ConAgra Foods Inc	5,614		204
Charles Schwab Corp/The	22,582		682	Danone SA ADR	48,216		628
CME Group Inc/IL	1,558		138	General Mills Inc	1,513		81
Discover Financial Services	3,758		246	Hormel Foods Corp	463		24
E*Trade Financial Corp ^(a)	2,700		65	Kellogg Co	3,008		196
FNF Group	1,500		52	Kraft Foods Group Inc	1,856		117
Intercontinental Exchange Inc	530		116	Kroger Co/The	1,229		79
Invesco Ltd	1,572		62	McCormick & Co Inc/MD	462		34
LPL Financial Holdings Inc	1,000		45	Mondelez International Inc	9,833		357
Och-Ziff Capital Management Group LLC	2,600		30	Nestle SA ADR	10,140		740
TD Ameritrade Holding Corp	1,700		61	Safeway Inc	825		29
Visa Inc	3,356		880	Sysco Corp	2,800		111
	$		3,834	Tyson Foods Inc	935		37
				Whole Foods Market Inc	1,800		91
Electric - 1.87%					$		2,756
AES Corp/VA	11,241		155
American Electric Power Co Inc	3,924		238	Forest Products & Paper - 0.10%
CMS Energy Corp	3,816		133	International Paper Co	2,635		141
Consolidated Edison Inc	1,059		70
Dominion Resources Inc/VA	1,222		94	Gas - 0.76%
DTE Energy Co	640		55	AGL Resources Inc	409		22
Duke Energy Corp	1,485		124	CenterPoint Energy Inc	1,540		36
Edison International	1,178		77	NiSource Inc	4,997		212
Entergy Corp	1,245		108	Sempra Energy	7,581		844
Exelon Corp	15,454		573		$		1,114
FirstEnergy Corp	5,993		233
Integrys Energy Group Inc	281		22	Hand & Machine Tools - 0.09%
NextEra Energy Inc	1,071		114	Snap-on Inc	200		28
Northeast Utilities	940		50	Stanley Black & Decker Inc	1,055		101
NRG Energy Inc	4,100		111		$		129
Pepco Holdings Inc	887		24
PG&E Corp	3,396		181	Healthcare - Products - 0.91%
Pinnacle West Capital Corp	378		26	Baxter International Inc	1,144		84
PPL Corp	1,666		61	Becton Dickinson and Co	1,406		196
				Boston Scientific Corp ^(a)	4,708		62
Public Service Enterprise Group Inc	1,830		76
SCANA Corp	483		29	Covidien PLC	2,548		261
Southern Co/The	1,892		93	CR Bard Inc	272		45
				Edwards Lifesciences Corp ^(a)	387		49
TECO Energy Inc	827		17	Intuitive Surgical Inc ^(a)	140		74
Xcel Energy Inc	1,801		65
	$		2,729	Medtronic Inc	3,812		275
				St Jude Medical Inc	1,405		91
Electrical Components & Equipment - 0.28%				Stryker Corp	2,115		200
AMETEK Inc	885		47		$		1,337
Emerson Electric Co	2,674		165
Energizer Holdings Inc	800		103	Healthcare - Services - 1.64%
				Aetna Inc	2,298		204


COMMON STOCKS (continued)	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held		Value (000's)

Healthcare - Services (continued)				Lodging (continued)
Anthem Inc	1,742	$	219	Marriott International Inc/DE	773	$	60
Cigna Corp	665		68	MGM Resorts International ^(a)	1,600		34
DaVita HealthCare Partners Inc ^(a)	1,405		107	Starwood Hotels & Resorts Worldwide Inc	10,050		815
Humana Inc	1,445		207	Wyndham Worldwide Corp	448		39
Laboratory Corp of America Holdings ^(a)	308		33	Wynn Resorts Ltd	500		74
Quest Diagnostics Inc	508		34		$		1,064
UnitedHealth Group Inc	14,543		1,471
Universal Health Services Inc	521		58	Machinery - Construction & Mining - 0.14%
	$		2,401	Caterpillar Inc	2,072		190
				Joy Global Inc	366		17
Home Builders - 0.06%					$		207
Lennar Corp	1,300		58
Pulte Group Inc	1,238		27	Machinery - Diversified - 0.77%
	$		85	Cummins Inc	413		59
				Deere & Co	757		67
Home Furnishings - 0.07%				Flowserve Corp	2,998		180
Harman International Industries Inc	232		25	Rockwell Automation Inc	6,361		708
Leggett & Platt Inc	502		21	Roper Industries Inc	725		113
Whirlpool Corp	282		55		$		1,127

	$		101	Media - 3.63%
Housewares - 0.03%				Cablevision Systems Corp	749		16
Newell Rubbermaid Inc	989		38	CBS Corp	1,024		57
				Comcast Corp - Class A	10,920		633
				DIRECTV ^(a)	2,749		238
Insurance - 4.28%				Discovery Communications Inc - C Shares ^(a)	2,800		94
ACE Ltd	828		95	Gannett Co Inc	784		25
Aflac Inc	1,121		69	News Corp ^(a)	6,984		110
Allstate Corp/The	1,099		77	Nielsen NV	1,102		49
American International Group Inc	3,505		196
Aon PLC	615		58	Scripps Networks Interactive Inc	377		28
Assurant Inc	251		17	Time Warner Cable Inc	1,590		242
Berkshire Hathaway Inc - Class A ^(a)	6		1,356	Time Warner Inc	2,154		184
Berkshire Hathaway Inc - Class B ^(a)	5,864		880	Twenty-First Century Fox Inc - A Shares	12,074		464
Chubb Corp/The	612		63	Twenty-First Century Fox Inc - B Shares	32,920		1,214
Cincinnati Financial Corp	518		27	Viacom Inc	2,954		223
CNA Financial Corp	1,000		39	Walt Disney Co/The	18,360		1,729
Genworth Financial Inc ^(a)	900		8		$		5,306
Lincoln National Corp	953		55	Metal Fabrication & Hardware - 0.16%
Loews Corp	1,682		71	Precision Castparts Corp	946		228
Marsh & McLennan Cos Inc	4,754		273
MetLife Inc	42,223		2,284
Progressive Corp/The	7,480		201	Mining - 0.26%
Prudential Financial Inc	973		88	Alcoa Inc	7,634		121
Torchmark Corp	468		25	Franco-Nevada Corp	500		25
Travelers Cos Inc/The	866		92	Freeport-McMoRan Inc	10,216		238
Unum Group	899		31		$		384
XL Group PLC	7,674		264	Miscellaneous Manufacturing - 2.27%
	$		6,269	3M Co	3,077		505
Internet - 5.24%				Danaher Corp	5,044		433
Amazon.com Inc ^(a)	1,885		585	Dover Corp	614		44
eBay Inc ^(a)	3,397		191	Eaton Corp PLC	1,005		68
Expedia Inc	369		31	General Electric Co	72,372		1,829
Facebook Inc ^(a)	26,437		2,063	Illinois Tool Works Inc	864		82
Google Inc - A Shares ^(a)	3,330		1,767	Ingersoll-Rand PLC	500		32
Google Inc - C Shares ^(a)	3,322		1,749	Pall Corp	300		30
LinkedIn Corp ^(a)	100		23	Parker-Hannifin Corp	539		70
Netflix Inc ^(a)	400		137	Pentair PLC	698		46
Priceline Group Inc/The ^(a)	321		366	Textron Inc	4,320		182
Splunk Inc ^(a)	9,180		541		$		3,321
VeriSign Inc ^(a)	1,899		108	Office & Business Equipment - 0.01%
Yahoo! Inc ^(a)	1,963		99	Pitney Bowes Inc	695		17
	$		7,660

Iron & Steel - 0.27%				Oil & Gas - 5.31%
Nucor Corp	8,113		398	Anadarko Petroleum Corp	2,938		243
				Apache Corp	3,658		229
				California Resources Corp ^(a)	7,274		41
Leisure Products & Services - 0.63%
Carnival Corp	3,799		172	Canadian Natural Resources Ltd	2,300		71
Harley-Davidson Inc	10,735		707	Chesapeake Energy Corp	3,361		65
Royal Caribbean Cruises Ltd	592		49	Chevron Corp	6,840		767
	$		928	Cimarex Energy Co	716		76
				Concho Resources Inc ^(a)	210		21
Lodging - 0.73%				ConocoPhillips	3,740		258
Hilton Worldwide Holdings Inc ^(a)	1,600		42	Continental Resources Inc/OK ^(a)	350		13


COMMON STOCKS (continued)	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held		Value (000's)

Oil & Gas (continued)				REITS (continued)
Denbury Resources Inc	1,261	$	10	AvalonBay Communities Inc	1,249	$	204
Devon Energy Corp	1,365		84	Boston Properties Inc	556		72
Diamond Offshore Drilling Inc	238		9	Crown Castle International Corp	1,900		149
Ensco PLC	830		25	Equity Residential	798		57
EOG Resources Inc	2,298		212	Essex Property Trust Inc	225		46
EQT Corp	800		61	Federal Realty Investment Trust	500		67
Exxon Mobil Corp	31,813		2,940	General Growth Properties Inc	1,200		34
Helmerich & Payne Inc	388		26	HCP Inc	1,653		73
Hess Corp	9,527		703	Health Care REIT Inc	773		58
Marathon Petroleum Corp	1,414		127	Host Hotels & Resorts Inc	2,736		65
Murphy Oil Corp	605		31	Iron Mountain Inc	2,213		85
Nabors Industries Ltd	942		12	Kimco Realty Corp	1,411		35
Newfield Exploration Co ^(a)	496		14	Prologis Inc	1,770		76
Noble Corp PLC	911		15	Public Storage	555		103
Occidental Petroleum Corp	14,327		1,155	Simon Property Group Inc	2,001		365
Phillips 66	2,950		212	SL Green Realty Corp	200		24
Pioneer Natural Resources Co	500		74	Ventas Inc	1,064		76
QEP Resources Inc	593		12	Vornado Realty Trust	1,829		215
Range Resources Corp	920		49	Weyerhaeuser Co	3,570		128
Royal Dutch Shell PLC ADR	800		54		$		2,770
Southwestern Energy Co ^(a)	1,265		35
Tesoro Corp	470		35	Retail - 7.52%
Valero Energy Corp	1,259		62	Advance Auto Parts Inc	5,280		841
WPX Energy Inc ^(a)	2,866		33	AutoNation Inc ^(a)	222		13
				AutoZone Inc ^(a)	271		168
	$		7,774	Bed Bath & Beyond Inc ^(a)	664		51
Oil & Gas Services - 1.42%				Best Buy Co Inc	940		37
Baker Hughes Inc	1,033		58	CarMax Inc ^(a)	2,900		193
Cameron International Corp ^(a)	10,094		504	Chipotle Mexican Grill Inc ^(a)	232		159
FMC Technologies Inc ^(a)	3,944		185	Coach Inc	967		36
Halliburton Co	15,455		607	Costco Wholesale Corp	2,408		342
National Oilwell Varco Inc	1,927		126	CVS Health Corp	31,254		3,010
Schlumberger Ltd	6,934		593	Dollar General Corp ^(a)	2,065		146
	$		2,073	Dollar Tree Inc ^(a)	1,117		78
				GameStop Corp	402		14
Packaging & Containers - 0.09%				Gap Inc/The	912		38
Ball Corp	1,298		89	Home Depot Inc/The	5,510		578
Owens-Illinois Inc ^(a)	567		15
				Kohl's Corp	2,093		127
Sealed Air Corp	759		32	L Brands Inc	2,470		213
	$		136	Lowe's Cos Inc	4,933		339
Pharmaceuticals - 7.43%				Macy's Inc	2,209		145
Abbott Laboratories	6,925		312	McDonald's Corp	2,876		270
AbbVie Inc	8,815		577	Nordstrom Inc	517		41
Actavis PLC ^(a)	1,407		362	O'Reilly Automotive Inc ^(a)	384		74
Allergan Inc/United States	1,819		387	PetSmart Inc	358		29
AmerisourceBergen Corp	763		69	Rite Aid Corp ^(a)	9,400		71
Bristol-Myers Squibb Co	13,673		807	Ross Stores Inc	2,177		205
Cardinal Health Inc	1,149		92	Staples Inc	2,352		43
Eli Lilly & Co	5,661		391	Starbucks Corp	3,851		316
Express Scripts Holding Co ^(a)	1,852		157	Target Corp	9,213		700
Johnson & Johnson	25,999		2,719	TJX Cos Inc/The	23,354		1,602
Mallinckrodt PLC ^(a)	300		30	Tractor Supply Co	588		46
McKesson Corp	1,289		267	Walgreens Boots Alliance Inc	3,757		287
Mead Johnson Nutrition Co	712		72	Wal-Mart Stores Inc	7,658		657
Merck & Co Inc	44,944		2,552	Yum! Brands Inc	1,778		130
Mylan Inc/PA ^(a)	1,359		77		$		10,999
Perrigo Co PLC	240		40	Savings & Loans - 0.01%
Pfizer Inc	47,593		1,482	People's United Financial Inc	1,112		17
Roche Holding AG ADR	11,100		377
Zoetis Inc	2,200		95
	$		10,865	Semiconductors - 2.24%
				Altera Corp	3,000		111
Pipelines - 0.22%				Applied Materials Inc	14,077		351
Kinder Morgan Inc/DE	3,592		152	ASML Holding NV - NY Reg Shares	9,217		994
Spectra Energy Corp	2,700		98	Atmel Corp ^(a)	4,100		34
Williams Cos Inc/The	1,628		73	Broadcom Corp	3,300		143
	$		323	Intel Corp	12,125		440
Real Estate - 0.02%				Lam Research Corp	2,500		198
CBRE Group Inc ^(a)	989		34	Micron Technology Inc ^(a)	2,425		85
				Qualcomm Inc	10,145		754
				Texas Instruments Inc	2,268		121
REITS - 1.89%				Xilinx Inc	940		41
American Tower Corp	8,269		818		$		3,272
Apartment Investment & Management Co	531		20


Schedule of Investments
LargeCap Blend Account II
December 31, 2014



COMMON STOCKS (continued)	Shares Held		Value(000			's)	Portfolio Summary (unaudited)
							Sector	Percent
Software - 5.54%
Adobe Systems Inc ^(a)	973			$	71		Consumer, Non-cyclical	20.89	%
Akamai Technologies Inc ^(a)	646				41		Financial	16.67	%
Autodesk Inc ^(a)	1,000				60		Technology	12.25	%
CA Inc	1,128				34		Consumer, Cyclical	11.74	%
Citrix Systems Inc ^(a)	6,646				424		Industrial	11.08	%
Dun & Bradstreet Corp/The	129				16		Communications	11.04	%
Electronic Arts Inc ^(a)	1,101				52		Energy	6.97	%
Fidelity National Information Services Inc	1,500				93		Exchange Traded Funds	4.16	%
Fiserv Inc ^(a)	920				65		Basic Materials	2.71	%
							Utilities	2.62	%
Intuit Inc	730				67		Liabilities in Excess of Other Assets, Net	(0.13	)%
Microsoft Corp	84,633				3,932
Oracle Corp	27,013				1,214		TOTAL NET ASSETS	100.00	%
Paychex Inc	1,171				54
Rackspace Hosting Inc ^(a)	200				9
Red Hat Inc ^(a)	16,100				1,113
Salesforce.com Inc ^(a)	3,841				228
VMware Inc ^(a)	7,620				629
			$		8,102

Telecommunications - 2.07%
AT&T Inc	19,384				651
CenturyLink Inc	2,025				80
Cisco Systems Inc	24,461				680
Frontier Communications Corp	3,591				24
Harris Corp	368				26
Juniper Networks Inc	1,415				32
Level 3 Communications Inc ^(a)	987				49
Motorola Solutions Inc	1,100				74
T-Mobile US Inc ^(a)	4,500				121
Verizon Communications Inc	27,173				1,271
Windstream Holdings Inc	2,140				18
			$		3,026

Toys, Games & Hobbies - 0.09%
Hasbro Inc	411				23
Mattel Inc	3,500				108
			$		131

Transportation - 1.27%
Canadian Pacific Railway Ltd	300				58
CH Robinson Worldwide Inc	9,910				742
CSX Corp	2,409				87
Expeditors International of Washington Inc	400				18
FedEx Corp	2,042				354
Norfolk Southern Corp	735				81
Ryder System Inc	188				17
Union Pacific Corp	2,170				259
United Parcel Service Inc	2,176				242
			$		1,858
TOTAL COMMON STOCKS			$		140,433
INVESTMENT COMPANIES - 4.16%	Shares Held	Value	(000			's)

Publicly Traded Investment Fund - 4.16%
BlackRock Liquidity Funds TempFund	5,233,515				5,234
Portfolio
Goldman Sachs Financial Square Funds -	737,702				738
Money Market Fund
JP Morgan Prime Money Market Fund	109,476				109
			$		6,081
TOTAL INVESTMENT COMPANIES			$		6,081
Total Investments			$		146,514
Liabilities in Excess of Other Assets, Net - (0.13)%			$		(188	)
TOTAL NET ASSETS - 100.00%			$		146,326


(a) Non-Income Producing Security


Schedule of Investments
LargeCap Growth Account
December 31, 2014



COMMON STOCKS - 97.84%	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held		Value(000			's)

Airlines - 5.38%				Mining - 1.23%
Delta Air Lines Inc	68,814	$	3,385	Alcoa Inc	96,090			$	1,517
United Continental Holdings Inc ^(a)	48,955		3,275
	$		6,660	Oil & Gas - 1.27%
Apparel - 5.19%				Pioneer Natural Resources Co	10,557				1,571
Nike Inc	50,770		4,882
Under Armour Inc ^(a)	22,726		1,543
				Pharmaceuticals - 7.46%
	$		6,425	Actavis PLC ^(a)	11,422				2,940
Banks - 4.25%				Bristol-Myers Squibb Co	44,475				2,625
Capital One Financial Corp	22,500		1,857	McKesson Corp	17,635				3,661
Morgan Stanley	87,700		3,403				$		9,226
	$		5,260	Real Estate - 0.46%
				Brookdale Senior Living Inc ^(a)	15,500				568
Beverages - 1.20%
Constellation Brands Inc ^(a)	15,096		1,482
				Retail - 11.99%
Biotechnology - 8.83%				Chipotle Mexican Grill Inc ^(a)	3,118				2,134
Alexion Pharmaceuticals Inc ^(a)	3,837		710	Kohl's Corp	26,000				1,587
Biogen Idec Inc ^(a)	7,998		2,715	L Brands Inc	23,106				2,000
Celgene Corp ^(a)	8,537		955	lululemon athletica Inc ^(a)	11,400				636
Gilead Sciences Inc ^(a)	55,127		5,196	Starbucks Corp	36,244				2,974
Illumina Inc ^(a)	7,346		1,356	Target Corp	22,000				1,670
	$		10,932	Tiffany & Co	12,365				1,321
				Ulta Salon Cosmetics & Fragrance Inc ^(a)	19,673				2,515
Chemicals - 5.48%							$		14,837
LyondellBasell Industries NV	23,667		1,879
PPG Industries Inc	21,192		4,899	Semiconductors - 3.61%
	$		6,778	Lam Research Corp	28,679				2,275
				NXP Semiconductors NV ^(a)	28,700				2,193
Commercial Services - 5.72%							$		4,468
FleetCor Technologies Inc ^(a)	13,672		2,033
				Software - 4.37%
MasterCard Inc	44,598		3,843	Salesforce.com Inc ^(a)	22,251				1,320
McGraw Hill Financial Inc	13,446		1,196	ServiceNow Inc ^(a)	23,493				1,594
	$		7,072	Tableau Software Inc ^(a)	12,000				1,017
Computers - 7.65%				Workday Inc ^(a)	18,153				1,481
Apple Inc	69,222		7,641				$		5,412
Western Digital Corp	16,532		1,830
	$		9,471	Transportation - 2.21%
				Canadian Pacific Railway Ltd	14,213				2,739
Cosmetics & Personal Care - 1.25%
Estee Lauder Cos Inc/The	20,349		1,551	TOTAL COMMON STOCKS			$		121,077
				INVESTMENT COMPANIES - 2.23%	Shares Held	Value	(000			's)

Diversified Financial Services - 5.55%				Publicly Traded Investment Fund - 2.23%
Discover Financial Services	47,010		3,079	BlackRock Liquidity Funds FedFund Portfolio	2,760,317				2,760
Visa Inc	14,460		3,791
	$		6,870	TOTAL INVESTMENT COMPANIES			$		2,760
Electronics - 0.97%				Total Investments			$		123,837
Garmin Ltd	22,600		1,194	Liabilities in Excess of Other Assets, Net - (0.07)%			$		(85	)
				TOTAL NET ASSETS - 100.00%			$		123,752

Healthcare - Products - 1.76%
Edwards Lifesciences Corp ^(a)	7,200		917	(a) Non-Income Producing Security
Intuitive Surgical Inc ^(a)	2,390		1,264
	$		2,181

Healthcare - Services - 2.96%				Portfolio Summary (unaudited)
HCA Holdings Inc ^(a)	49,900		3,662	Sector					Percent
				Consumer, Non-cyclical					29.18	%
Internet - 6.24%				Consumer, Cyclical					24.63	%
Facebook Inc ^(a)	49,582		3,868	Technology					15.63	%
Google Inc - A Shares ^(a)	4,735		2,513	Financial					10.26	%
Splunk Inc ^(a)	22,762		1,342	Basic Materials					7.45	%
	$		7,723	Communications					6.24	%
				Industrial					3.18	%
Iron & Steel - 0.74%				Exchange Traded Funds					2.23	%
United States Steel Corp	34,300		917	Energy					1.27	%
				Liabilities in Excess of Other Assets, Net					(0.07	)%
Leisure Products & Services - 2.07%				TOTAL NET ASSETS					100.00	%
Royal Caribbean Cruises Ltd	31,062		2,561


Schedule of Investments
LargeCap Growth Account I
December 31, 2014



COMMON STOCKS - 97.75%	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held Value (000's)

Advertising - 0.10%				Biotechnology (continued)
Alliance Data Systems Corp ^(a)	261	$	74	Amgen Inc	3,369	$	537
Interpublic Group of Cos Inc/The	2,971		62	Biogen Idec Inc ^(a)	7,713		2,618
Omnicom Group Inc	1,211		94	Celgene Corp ^(a)	21,528		2,408
	$		230	Gilead Sciences Inc ^(a)	65,701		6,194
				Illumina Inc ^(a)	654		121
Aerospace & Defense - 1.70%				Medivation Inc ^(a)	547		54
B/E Aerospace Inc ^(a)	738		43	Myriad Genetics Inc ^(a)	475		16
Boeing Co/The	27,453		3,568	Regeneron Pharmaceuticals Inc ^(a)	1,717		704
KLX Inc ^(a)	369		15	United Therapeutics Corp ^(a)	344		45
Lockheed Martin Corp	1,246		240	Vertex Pharmaceuticals Inc ^(a)	6,651		790
Rockwell Collins Inc	850		72		$		16,101
Spirit AeroSystems Holdings Inc ^(a)	823		35
Triumph Group Inc	87		6	Building Materials - 0.48%
United Technologies Corp	719		83	Eagle Materials Inc	356		27
	$		4,062	Martin Marietta Materials Inc	446		49
				Vulcan Materials Co	16,300		1,072
Agriculture - 0.41%					$		1,148
Altria Group Inc	9,464		466
Archer-Daniels-Midland Co	464		24	Chemicals - 2.49%
Lorillard Inc	1,799		113	Albemarle Corp	206		12
Philip Morris International Inc	3,720		303	Celanese Corp	98		6
Reynolds American Inc	1,174		76	Dow Chemical Co/The	1,350		62
	$		982	Eastman Chemical Co	978		74
				Ecolab Inc	28,916		3,023
Airlines - 1.70%				EI du Pont de Nemours & Co	3,518		260
Alaska Air Group Inc	909		54	FMC Corp	954		54
American Airlines Group Inc	53,003		2,843	Huntsman Corp	1,040		24
Copa Holdings SA	189		19	International Flavors & Fragrances Inc	573		58
Delta Air Lines Inc	324		16	LyondellBasell Industries NV	1,995		158
Southwest Airlines Co	2,781		118	Monsanto Co	2,497		298
Spirit Airlines Inc ^(a)	525		40	NewMarket Corp	65		26
United Continental Holdings Inc ^(a)	14,701		983	Platform Specialty Products Corp ^(a)	624		14
	$		4,073	PPG Industries Inc	658		152
Apparel - 0.73%				Praxair Inc	1,180		153
Deckers Outdoor Corp ^(a)	254		23	Sherwin-Williams Co/The	5,613		1,477
Hanesbrands Inc	5,219		583	Sigma-Aldrich Corp	384		53
Michael Kors Holdings Ltd ^(a)	5,657		425	Valspar Corp/The	605		52
Nike Inc	3,234		311	Westlake Chemical Corp	245		15
Under Armour Inc ^(a)	4,110		279		$		5,971
VF Corp	1,617		121	Commercial Services - 1.03%
	$		1,742	Automatic Data Processing Inc	1,952		163
Automobile Manufacturers - 0.39%				Booz Allen Hamilton Holding Corp	498		13
PACCAR Inc	1,467		100	Cintas Corp	591		46
Tesla Motors Inc ^(a)	3,780		840	Equifax Inc	457		37
				FleetCor Technologies Inc ^(a)	393		59
	$		940	Gartner Inc ^(a)	662		56
Automobile Parts & Equipment - 0.52%				Global Payments Inc	507		41
Allison Transmission Holdings Inc	991		34	H&R Block Inc	1,983		67
BorgWarner Inc	1,064		58	KAR Auction Services Inc	412		14
Delphi Automotive PLC	13,900		1,011	MasterCard Inc	4,774		411
Goodyear Tire & Rubber Co/The	1,990		57	McGraw Hill Financial Inc	1,224		109
Lear Corp	478		47	Moody's Corp	864		83
WABCO Holdings Inc ^(a)	410		43	Quanta Services Inc ^(a)	310		9
	$		1,250	Robert Half International Inc	978		57
				RR Donnelley & Sons Co	143		2
Banks - 1.32%				Service Corp International/US	1,191		27
Morgan Stanley	50,100		1,944	Total System Services Inc	894		30
Signature Bank/New York NY ^(a)	332		42
				United Rentals Inc ^(a)	681		70
State Street Corp	14,900		1,170	Vantiv Inc ^(a)	16,500		560
SVB Financial Group ^(a)	31		3
				Verisk Analytics Inc ^(a)	8,500		544
	$		3,159	Western Union Co/The	3,876		69
Beverages - 0.77%					$		2,467
Brown-Forman Corp	623		55	Computers - 5.42%
Coca-Cola Co/The	16,110		680	Accenture PLC - Class A	2,567		229
Coca-Cola Enterprises Inc	1,798		80	Apple Inc	67,990		7,505
Constellation Brands Inc ^(a)	728		71
				Cognizant Technology Solutions Corp ^(a)	41,395		2,180
Dr Pepper Snapple Group Inc	957		69	DST Systems Inc	190		18
Keurig Green Mountain Inc	702		93	EMC Corp/MA	1,490		44
Monster Beverage Corp ^(a)	721		78
				Genpact Ltd ^(a)	106,358		2,013
PepsiCo Inc	7,635		722	IHS Inc ^(a)	478		55
	$		1,848	International Business Machines Corp	4,488		720
Biotechnology - 6.72%				Jack Henry & Associates Inc	607		38
Alexion Pharmaceuticals Inc ^(a)	14,128		2,614	NCR Corp ^(a)	116		3


Schedule of Investments
LargeCap Growth Account I
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Computers (continued)				Electronics (continued)
NetApp Inc	879	$	36	Waters Corp ^(a)	613	$	69
Riverbed Technology Inc ^(a)	1,082		22		$		5,251
SanDisk Corp	776		76
Teradata Corp ^(a)	885		39	Engineering & Construction - 0.05%
	$		12,978	Chicago Bridge & Iron Co NV ADR	712		30
				Fluor Corp	686		41
Consumer Products - 0.11%				SBA Communications Corp ^(a)	502		56
Avery Dennison Corp	222		12		$		127
Clorox Co/The	762		79
Kimberly-Clark Corp	1,268		147	Environmental Control - 1.43%
				Clean Harbors Inc ^(a)	318		15
Spectrum Brands Holdings Inc	151		14	Stericycle Inc ^(a)	25,867		3,391
	$		252	Waste Connections Inc	535		23
Cosmetics & Personal Care - 1.72%					$		3,429
Avon Products Inc	1,260		12
Colgate-Palmolive Co	3,299		228	Food - 1.85%
Estee Lauder Cos Inc/The	50,324		3,835	Campbell Soup Co	825		36
Procter & Gamble Co/The	626		57	General Mills Inc	2,487		133
	$		4,132	Hershey Co/The	602		62
				Hormel Foods Corp	932		48
Distribution & Wholesale - 1.59%				Ingredion Inc	80		7
Fastenal Co	59,718		2,840	Kellogg Co	948		62
Fossil Group Inc ^(a)	7,396		820	Kraft Foods Group Inc	2,389		150
Genuine Parts Co	658		70	Kroger Co/The	2,572		165
HD Supply Holdings Inc ^(a)	744		22	McCormick & Co Inc/MD	914		68
WW Grainger Inc	268		68	Tyson Foods Inc	117		5
	$		3,820	Whole Foods Market Inc	73,342		3,698

Diversified Financial Services - 6.89%					$		4,434
Affiliated Managers Group Inc ^(a)	224		48	Forest Products & Paper - 0.01%
American Express Co	4,146		386	International Paper Co	493		26
Ameriprise Financial Inc	480		63	Veritiv Corp ^(a)	9		1
BlackRock Inc	218		78		$		27
CBOE Holdings Inc	602		38
Charles Schwab Corp/The	141,661		4,277	Hand & Machine Tools - 0.01%
Federated Investors Inc	483		16	Lincoln Electric Holdings Inc	202		14
Franklin Resources Inc	1,316		73	Snap-on Inc	49		7
Intercontinental Exchange Inc	3,000		658	Stanley Black & Decker Inc	126		12
Invesco Ltd	485		19		$		33
Lazard Ltd	903		45	Healthcare - Products - 2.78%
Legg Mason Inc	291		15	Baxter International Inc	2,202		161
Santander Consumer USA Holdings Inc	41		1	Becton Dickinson and Co	906		126
Synchrony Financial ^(a)	662		20	Bio-Techne Corp	128		12
T Rowe Price Group Inc	1,182		101	Boston Scientific Corp ^(a)	924		12
TD Ameritrade Holding Corp	45,799		1,639	Bruker BioSciences Corp ^(a)	767		15
Visa Inc	34,332		9,002	CR Bard Inc	346		58
Waddell & Reed Financial Inc	604		30	Edwards Lifesciences Corp ^(a)	492		63
	$		16,509	Halyard Health Inc ^(a)	279		13
				Henry Schein Inc ^(a)	347		47
Electric - 0.03%				IDEXX Laboratories Inc ^(a)	340		50
Calpine Corp ^(a)	441		10
				Intuitive Surgical Inc ^(a)	11,026		5,833
Dominion Resources Inc/VA	260		20
ITC Holdings Corp	1,103		44	ResMed Inc	1,014		57
	$		74	St Jude Medical Inc	831		54
				Stryker Corp	940		89
Electrical Components & Equipment - 0.11%				Varian Medical Systems Inc ^(a)	743		64
Acuity Brands Inc	307		43	Zimmer Holdings Inc	92		10
AMETEK Inc	1,128		59		$		6,664
Emerson Electric Co	2,375		147
Hubbell Inc	70		7	Healthcare - Services - 2.78%
	$		256	Aetna Inc	769		68
				Centene Corp ^(a)	423		44
Electronics - 2.19%				Cigna Corp	150		15
Agilent Technologies Inc	346		14	Covance Inc ^(a)	13,891		1,443
Amphenol Corp	56,193		3,024	DaVita HealthCare Partners Inc ^(a)	36,907		2,795
Corning Inc	2,230		51	HCA Holdings Inc ^(a)	223		16
Gentex Corp/MI	581		21	Humana Inc	6,500		934
GoPro Inc ^(a)	94		6	Laboratory Corp of America Holdings ^(a)	247		27
Honeywell International Inc	3,601		360	Mednax Inc ^(a)	454		30
Keysight Technologies Inc ^(a)	173		6	UnitedHealth Group Inc	12,500		1,264
Mettler-Toledo International Inc ^(a)	212		64	Universal Health Services Inc	145		16
National Instruments Corp	47,411		1,474		$		6,652
PerkinElmer Inc	153		7
Thermo Fisher Scientific Inc	653		82	Holding Companies - Diversified - 0.02%
Tyco International PLC	1,670		73	Leucadia National Corp	434		10


Schedule of Investments
LargeCap Growth Account I
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Holding Companies - Diversified (continued)				Machinery - Diversified (continued)
Restaurant Brands International Inc ^(a)	696	$	27	IDEX Corp	539	$	42
	$		37	Manitowoc Co Inc/The	966		21
				Middleby Corp/The ^(a)	420		42
Home Builders - 0.02%				Rockwell Automation Inc	636		71
NVR Inc ^(a)	31		40
				Roper Industries Inc	317		50
Thor Industries Inc	329		18	Wabtec Corp/DE	12,178		1,058
	$		58	Xylem Inc/NY	978		37
Home Furnishings - 0.05%					$		2,106
Harman International Industries Inc	500		53	Media - 2.10%
Leggett & Platt Inc	503		21	AMC Networks Inc ^(a)	427		27
Tempur Sealy International Inc ^(a)	433		24
				Cablevision Systems Corp	1,377		28
Whirlpool Corp	50		10	CBS Corp	1,926		107
	$		108	Charter Communications Inc ^(a)	318		53
Housewares - 0.03%				Comcast Corp - Class A	11,030		640
Newell Rubbermaid Inc	1,177		45	DIRECTV ^(a)	2,192		190
Toro Co	407		26	Discovery Communications Inc - A Shares ^(a)	28,899		995
	$		71	Discovery Communications Inc - C Shares ^(a)	44,904		1,514
				FactSet Research Systems Inc	308		43
Insurance - 0.09%				Nielsen NV	1,475		66
American Financial Group Inc/OH	78		5	Scripps Networks Interactive Inc	740		56
Aon PLC	1,025		97	Sirius XM Holdings Inc ^(a)	18,464		65
Erie Indemnity Co	179		16	Starz ^(a)	628		19
Marsh & McLennan Cos Inc	1,667		96	Time Warner Cable Inc	1,290		196
Reinsurance Group of America Inc	140		12	Twenty-First Century Fox Inc - A Shares	6,531		251
	$		226	Viacom Inc	2,015		152
Internet - 11.59%				Walt Disney Co/The	6,754		636
Alibaba Group Holding Ltd ADR^(a)	7,847		816		$		5,038
Amazon.com Inc ^(a)	13,624		4,228	Metal Fabrication & Hardware - 0.94%
Baidu Inc ADR^(a)	7,100		1,619	Precision Castparts Corp	9,359		2,254
CDW Corp/DE	609		21	Valmont Industries Inc	14		2
Ctrip.com International Ltd ADR^(a)	10,700		487		$		2,256
eBay Inc ^(a)	5,125		288
Equinix Inc	220		50	Mining - 0.01%
Expedia Inc	709		60	Compass Minerals International Inc	234		20
F5 Networks Inc ^(a)	546		71
Facebook Inc ^(a)	36,604		2,856	Miscellaneous Manufacturing - 3.38%
Google Inc - A Shares ^(a)	9,362		4,967	3M Co	3,009		494
Google Inc - C Shares ^(a)	9,077		4,778	Colfax Corp ^(a)	13,401		691
Liberty Interactive Corp ^(a)	1,755		52	Crane Co	130		8
Liberty Ventures ^(a)	1,025		39	Danaher Corp	76,308		6,540
LinkedIn Corp ^(a)	3,419		785	Donaldson Co Inc	929		36
Netflix Inc ^(a)	2,041		697	Dover Corp	887		64
Priceline Group Inc/The ^(a)	3,200		3,648	Illinois Tool Works Inc	1,570		149
TripAdvisor Inc ^(a)	18,130		1,354	ITT Corp	151		6
Twitter Inc ^(a)	11,722		421	Parker-Hannifin Corp	557		72
VeriSign Inc ^(a)	794		45	Pentair PLC	95		6
Vipshop Holdings Ltd ADR^(a)	24,900		487	Trinity Industries Inc	871		24
	$		27,769		$		8,090

Leisure Products & Services - 0.08%				Office & Business Equipment - 0.01%
Harley-Davidson Inc	1,008		67	Pitney Bowes Inc	615		15
Jarden Corp ^(a)	423		20
Norwegian Cruise Line Holdings Ltd ^(a)	601		28
Polaris Industries Inc	476		72	Oil & Gas - 1.85%
	$		187	Atwood Oceanics Inc	90		3
				Cabot Oil & Gas Corp	1,663		49
Lodging - 1.99%				Cheniere Energy Inc ^(a)	955		67
Hilton Worldwide Holdings Inc ^(a)	31,941		833	Chesapeake Energy Corp	890		18
Las Vegas Sands Corp	1,519		88	Cimarex Energy Co	76		8
Marriott International Inc/DE	888		69	Concho Resources Inc ^(a)	806		80
MGM Resorts International ^(a)	66,129		1,414	Continental Resources Inc/OK ^(a)	602		23
Wyndham Worldwide Corp	920		79	EOG Resources Inc	2,534		233
Wynn Resorts Ltd	15,326		2,281	EQT Corp	11,354		860
	$		4,764	Helmerich & Payne Inc	480		32
				HollyFrontier Corp	262		10
Machinery - Construction & Mining - 0.02%				Laredo Petroleum Inc ^(a)	486		5
Caterpillar Inc	602		55	Marathon Petroleum Corp	875		79
				Murphy USA Inc ^(a)	155		11
Machinery - Diversified - 0.88%				Nabors Industries Ltd	213		3
Cummins Inc	830		120	Noble Energy Inc	1,039		49
Deere & Co	588		52	Oasis Petroleum Inc ^(a)	731		12
Flowserve Corp	9,683		579	Patterson-UTI Energy Inc	541		9
Graco Inc	431		34	PBF Energy Inc	155		4


Schedule of Investments
LargeCap Growth Account I
December 31, 2014



COMMON STOCKS (continued)	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held		Value (000's)

Oil & Gas (continued)				REITS (continued)
Phillips 66	1,083	$	78	Federal Realty Investment Trust	322	$	43
Pioneer Natural Resources Co	10,174		1,515	Health Care REIT Inc	783		59
QEP Resources Inc	144		3	Healthcare Trust of America Inc	102		3
Range Resources Corp	20,784		1,111	Iron Mountain Inc	1,182		46
Seadrill Ltd	757		9	NorthStar Realty Finance Corp	332		6
SM Energy Co	471		18	Omega Healthcare Investors Inc	304		12
Southwestern Energy Co ^(a)	2,526		69	Plum Creek Timber Co Inc	609		26
Tesoro Corp	408		30	Public Storage	597		110
Valero Energy Corp	936		46	Rayonier Inc	108		3
Whiting Petroleum Corp ^(a)	103		3	Simon Property Group Inc	1,059		193
	$		4,437	Tanger Factory Outlet Centers Inc	411		15
				Ventas Inc	1,006		72
Oil & Gas Services - 3.57%				Vornado Realty Trust	304		36
Baker Hughes Inc	261		15	Weyerhaeuser Co	451		16
Cameron International Corp ^(a)	944		47
Core Laboratories NV	17,215		2,072		$		1,035
FMC Technologies Inc ^(a)	58,101		2,722	Retail - 6.55%
Halliburton Co	3,916		154	Advance Auto Parts Inc	513		82
MRC Global Inc ^(a)	338		5	AutoNation Inc ^(a)	534		32
National Oilwell Varco Inc	267		17	AutoZone Inc ^(a)	153		95
Oceaneering International Inc	761		45	Bed Bath & Beyond Inc ^(a)	558		43
RPC Inc	381		5	Best Buy Co Inc	620		24
Schlumberger Ltd	40,298		3,442	Big Lots Inc	125		5
Superior Energy Services Inc	75		1	Brinker International Inc	496		29
Targa Resources Corp	270		28	CarMax Inc ^(a)	11,200		746
	$		8,553	Chipotle Mexican Grill Inc ^(a)	1,095		749
				Coach Inc	1,920		72
Packaging & Containers - 0.11%				Costco Wholesale Corp	18,702		2,651
Ball Corp	1,008		69	CST Brands Inc	461		20
Crown Holdings Inc ^(a)	1,001		51
Owens-Illinois Inc ^(a)	682		18	CVS Health Corp	836		81
				Dick's Sporting Goods Inc	123		6
Packaging Corp of America	690		54	Dillard's Inc	127		16
Sealed Air Corp	1,561		66	Dollar General Corp ^(a)	1,082		77
Silgan Holdings Inc	310		17	Dollar Tree Inc ^(a)	949		67
	$		275	Domino's Pizza Inc	395		37
Pharmaceuticals - 8.49%				Foot Locker Inc	149		8
AbbVie Inc	7,464		489	Gap Inc/The	1,884		79
Actavis PLC ^(a)	3,223		829	GNC Holdings Inc	651		31
Allergan Inc/United States	8,696		1,849	Home Depot Inc/The	6,364		668
AmerisourceBergen Corp	1,035		93	Kohl's Corp	82		5
Bristol-Myers Squibb Co	33,563		1,981	L Brands Inc	617		53
Cardinal Health Inc	202		16	Lowe's Cos Inc	28,552		1,964
Catamaran Corp ^(a)	1,480		77	Macy's Inc	1,293		85
Eli Lilly & Co	14,800		1,021	McDonald's Corp	4,599		431
Express Scripts Holding Co ^(a)	56,341		4,770	Michaels Cos Inc/The ^(a)	126		3
Herbalife Ltd	563		21	MSC Industrial Direct Co Inc	331		27
Jazz Pharmaceuticals PLC ^(a)	424		70	Nordstrom Inc	972		77
Johnson & Johnson	2,085		218	O'Reilly Automotive Inc ^(a)	496		96
McKesson Corp	15,482		3,214	Penske Automotive Group Inc	136		7
Mead Johnson Nutrition Co	34,465		3,465	PetSmart Inc	727		59
Merck & Co Inc	1,908		108	Ross Stores Inc	990		93
Mylan Inc/PA ^(a)	1,728		98	Sally Beauty Holdings Inc ^(a)	840		26
Quintiles Transnational Holdings Inc ^(a)	192		11	Starbucks Corp	63,776		5,233
Valeant Pharmaceuticals International Inc ^(a)	13,500		1,932	TJX Cos Inc/The	3,244		222
Zoetis Inc	2,033		88	Tractor Supply Co	14,570		1,148
	$		20,350	Ulta Salon Cosmetics & Fragrance Inc ^(a)	464		59
				Walgreens Boots Alliance Inc	2,892		220
Pipelines - 0.09%				Wal-Mart Stores Inc	660		57
Kinder Morgan Inc/DE	1,269		53	Williams-Sonoma Inc	687		52
Williams Cos Inc/The	3,443		155	World Fuel Services Corp	110		5
	$		208	Yum! Brands Inc	2,067		151
Real Estate - 0.03%					$		15,691
CBRE Group Inc ^(a)	1,967		67	Semiconductors - 2.21%
Jones Lang LaSalle Inc	87		13	Applied Materials Inc	3,688		92
	$		80	ASML Holding NV - NY Reg Shares	5,800		625
REITS - 0.43%				Avago Technologies Ltd	1,013		102
American Tower Corp	1,808		179	Intel Corp	1,903		69
Apartment Investment & Management Co	538		20	Lam Research Corp	308		24
				Micron Technology Inc ^(a)	4,218		148
Boston Properties Inc	131		17
				NVIDIA Corp	654		13
Columbia Property Trust Inc	135		3	ON Semiconductor Corp ^(a)	1,662		17
Crown Castle International Corp	1,355		107
Equity LifeStyle Properties Inc	412		21	Qualcomm Inc	51,693		3,842
Extra Space Storage Inc	829		48	Skyworks Solutions Inc	768		56


Schedule of Investments
LargeCap Growth Account I
December 31, 2014



COMMON STOCKS (continued)	Shares Held		Value (000's)	INVESTMENT COMPANIES (continued)			Shares Held	Value(000			's)

Semiconductors (continued)				Publicly Traded Investment Fund (continued)
Texas Instruments Inc	4,896	$	262	JP Morgan Prime Money Market Fund			327,141		$	327
Xilinx Inc	1,216		53					$		4,911
	$		5,303	TOTAL INVESTMENT COMPANIES				$		4,911

Shipbuilding - 0.01%				CONVERTIBLE PREFERRED STOCKS -
Huntington Ingalls Industries Inc	299		34	0.22		%	Shares Held	Value(000			's)
				Internet - 0.22%
				Airbnb Inc ^{(a),(b),(c),(d)}			3,936			160
Software - 5.76%				Dropbox Inc ^{(a),(c),(d),(e)}			9,662			185
Activision Blizzard Inc	2,289		46	Uber Technologies Inc ^{(a),(c),(d),(f)}			5,740			191
Adobe Systems Inc ^(a)	2,361		172
Akamai Technologies Inc ^(a)	1,247		79					$		536
ANSYS Inc ^(a)	20,399		1,673	TOTAL CONVERTIBLE PREFERRED STOCKS				$		536
athenahealth Inc ^(a)	269		39	PREFERRED STOCKS - 0.05%			Shares Held	Value(000			's)
Broadridge Financial Solutions Inc	831		38	Internet - 0.05%
Cerner Corp ^(a)	1,204		78	Flipkart Online Services Pvt Ltd ^{(a),(c),(d),(g)}			985			118
Citrix Systems Inc ^(a)	1,049		67
Dun & Bradstreet Corp/The	97		12	TOTAL PREFERRED STOCKS				$		118
Electronic Arts Inc ^(a)	1,687		79
Fiserv Inc ^(a)	1,203		85	Total Investments				$		239,808
Intuit Inc	1,347		124	Liabilities in Excess of Other Assets, Net - (0.07)%				$		(179	)
Microsoft Corp	25,381		1,179	TOTAL NET ASSETS - 100.00%				$		239,629
MSCI Inc	369		18
NetSuite Inc ^(a)	18,257		1,993
				(a)	Non-Income Producing Security
Oracle Corp	15,583		701	(b)	Restricted Security. At the end of the period, the value of this security
Paychex Inc	1,348		62		totaled $160 or 0.07% of net assets. The security was purchased on April
Red Hat Inc ^(a)	17,569		1,215
Salesforce.com Inc ^(a)	75,205		4,460		16, 2014 at a total cost of $160.
ServiceNow Inc ^(a)	11,900		808	(c)	Security is Illiquid
SolarWinds Inc ^(a)	467		23	(d)	Fair value of these investments is determined in good faith by the Manager
Veeva Systems Inc ^(a)	271		7		under procedures established and periodically reviewed by the Board of
VMware Inc ^(a)	5,124		423		Directors. At the end of the period, the fair value of these securities totaled
Workday Inc ^(a)	5,200		424		$654 or 0.27% of net assets.
				(e)	Restricted Security. At the end of the period, the value of this security
	$		13,805		totaled $185 or 0.08% of net assets. The security was purchased January
Telecommunications - 0.58%					30, 2014 - November 12, 2014 at a total cost of $185.
ARRIS Group Inc ^(a)	901		27	(f)	Restricted Security. At the end of the period, the value of this security
CenturyLink Inc	249		10		totaled $191 or 0.08% of net assets. The security was purchased on
EchoStar Corp ^(a)	75		4		December 05, 2014 at a cost of $191.
Harris Corp	132		10	(g)	Restricted Security. At the end of the period, the value of this security
Juniper Networks Inc	655		15		totaled $118 or 0.05% of net assets. The security was purchased on
Level 3 Communications Inc ^(a)	3,193		158		December 17, 2014 at a cost of $118.
Palo Alto Networks Inc ^(a)	2,100		257
Verizon Communications Inc	18,798		879
Windstream Holdings Inc	3,936		32		Portfolio Summary (unaudited)
	$		1,392	Sector						Percent
Toys, Games & Hobbies - 0.02%				Consumer, Non-cyclical						26.69	%
Hasbro Inc	694		38	Communications						14.64	%
				Consumer, Cyclical						13.67	%
				Technology						13.37	%
Transportation - 1.51%				Industrial						12.82	%
CH Robinson Worldwide Inc	1,063		80	Financial						8.76	%
FedEx Corp	5,778		1,003	Energy						5.51	%
Genesee & Wyoming Inc ^(a)	172		15
				Basic Materials						2.51	%
JB Hunt Transport Services Inc	11,800		994	Exchange Traded Funds						2.05	%
Kansas City Southern	4,700		574	Utilities						0.03	%
Kirby Corp ^(a)	418		34
				Diversified						0.02	%
Landstar System Inc	326		24	Liabilities in Excess of Other Assets, Net						(0.07	)%
Norfolk Southern Corp	473		52
Old Dominion Freight Line Inc ^(a)	440		34	TOTAL NET ASSETS						100.00	%
Union Pacific Corp	4,165		496
United Parcel Service Inc	2,852		317
	$		3,623

Trucking & Leasing - 0.00%
AMERCO	29		8

TOTAL COMMON STOCKS	$		234,243
INVESTMENT COMPANIES - 2.05%	Shares Held		Value (000's)

Publicly Traded Investment Fund - 2.05%
BlackRock Liquidity Funds TempFund	2,608,106		2,608
Portfolio
Goldman Sachs Financial Square Funds -	1,975,652		1,976
Money Market Fund


Schedule of Investments
LargeCap S&P 500 Index Account
December 31, 2014



COMMON STOCKS - 97.79%	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held		Value (000's)

Advertising - 0.25%				Beverages (continued)
Alliance Data Systems Corp ^(a)	6,331	$	1,811	Coca-Cola Co/The	390,423	$	16,484
Interpublic Group of Cos Inc/The	41,421		860	Coca-Cola Enterprises Inc	22,026		974
Omnicom Group Inc	24,580		1,904	Constellation Brands Inc ^(a)	16,619		1,632
	$		4,575	Dr Pepper Snapple Group Inc	19,254		1,380
				Keurig Green Mountain Inc	12,034		1,593
Aerospace & Defense - 1.93%				Molson Coors Brewing Co	15,782		1,176
Boeing Co/The	65,666		8,535	Monster Beverage Corp ^(a)	14,278		1,547
General Dynamics Corp	31,180		4,291	PepsiCo Inc	148,223		14,016
L-3 Communications Holdings Inc	8,432		1,064		$		40,163
Lockheed Martin Corp	26,596		5,122
Northrop Grumman Corp	20,006		2,949	Biotechnology - 2.81%
Raytheon Co	30,541		3,304	Alexion Pharmaceuticals Inc ^(a)	19,638		3,634
Rockwell Collins Inc	13,167		1,112	Amgen Inc	75,336		12,000
United Technologies Corp	83,970		9,656	Biogen Idec Inc ^(a)	23,389		7,939
	$		36,033	Celgene Corp ^(a)	79,103		8,849
				Gilead Sciences Inc ^(a)	149,417		14,084
Agriculture - 1.59%				Regeneron Pharmaceuticals Inc ^(a)	7,350		3,015
Altria Group Inc	195,748		9,645	Vertex Pharmaceuticals Inc ^(a)	23,821		2,830
Archer-Daniels-Midland Co	63,760		3,316		$		52,351
Lorillard Inc	35,656		2,244
Philip Morris International Inc	153,879		12,533	Building Materials - 0.13%
Reynolds American Inc	30,518		1,961	Martin Marietta Materials Inc	6,129		676
	$		29,699	Masco Corp	35,284		889
				Vulcan Materials Co	13,044		858
Airlines - 0.37%					$		2,423
Delta Air Lines Inc	82,890		4,077
Southwest Airlines Co	67,222		2,845	Chemicals - 2.31%
	$		6,922	Air Products & Chemicals Inc	19,049		2,747
				Airgas Inc	6,659		767
Apparel - 0.70%				CF Industries Holdings Inc	4,926		1,342
Michael Kors Holdings Ltd ^(a)	20,393		1,531	Dow Chemical Co/The	109,720		5,004
Nike Inc	69,112		6,645	Eastman Chemical Co	14,710		1,116
Ralph Lauren Corp	5,994		1,110	Ecolab Inc	26,751		2,796
Under Armour Inc ^(a)	16,508		1,121	EI du Pont de Nemours & Co	89,724		6,634
VF Corp	34,218		2,563	FMC Corp	13,199		753
	$		12,970	International Flavors & Fragrances Inc	8,019		813
Automobile Manufacturers - 0.70%				LyondellBasell Industries NV	41,156		3,267
Ford Motor Co	381,172		5,908	Monsanto Co	47,942		5,728
General Motors Co	133,666		4,667	Mosaic Co/The	31,259		1,427
PACCAR Inc	35,070		2,385	PPG Industries Inc	13,592		3,142
	$		12,960	Praxair Inc	28,857		3,739
				Sherwin-Williams Co/The	8,081		2,126
Automobile Parts & Equipment - 0.39%				Sigma-Aldrich Corp	11,795		1,619
BorgWarner Inc	22,519		1,237		$		43,020
Delphi Automotive PLC	29,323		2,132
Goodyear Tire & Rubber Co/The	27,193		777	Coal - 0.04%
Johnson Controls Inc	65,979		3,190	Consol Energy Inc	22,797		771
	$		7,336
				Commercial Services - 1.27%
Banks - 7.35%				ADT Corp/The	17,285		626
Bank of America Corp	1,041,542		18,633
Bank of New York Mellon Corp/The	111,490		4,523	Automatic Data Processing Inc	47,743		3,980
BB&T Corp	71,338		2,774	Cintas Corp	9,616		754
Capital One Financial Corp	55,063		4,545	Equifax Inc	11,943		966
Citigroup Inc	300,039		16,235	H&R Block Inc	27,252		918
Comerica Inc	17,796		833	MasterCard Inc	97,051		8,362
Fifth Third Bancorp	81,609		1,663	McGraw Hill Financial Inc	26,889		2,393
Goldman Sachs Group Inc/The	40,117		7,776	Moody's Corp	18,180		1,742
				Quanta Services Inc ^(a)	21,559		612
Huntington Bancshares Inc/OH	80,663		849
JP Morgan Chase & Co	370,229		23,169	Robert Half International Inc	13,462		786
KeyCorp	85,800		1,193	Total System Services Inc	16,386		557
				United Rentals Inc ^(a)	9,885		1,008
M&T Bank Corp	13,084		1,644
Morgan Stanley	151,211		5,867	Western Union Co/The	51,761		927
Northern Trust Corp	21,925		1,478		$		23,631
PNC Financial Services Group Inc/The	52,116		4,754	Computers - 5.92%
Regions Financial Corp	136,325		1,440	Accenture PLC - Class A	62,148		5,551
State Street Corp	41,348		3,246	Apple Inc	580,850		64,114
SunTrust Banks Inc	51,645		2,164	Cognizant Technology Solutions Corp ^(a)	60,307		3,176
US Bancorp/MN	177,220		7,966	Computer Sciences Corp	13,914		877
Wells Fargo & Co	467,539		25,630	EMC Corp/MA	201,536		5,994
Zions Bancorporation	20,098		573	Hewlett-Packard Co	184,835		7,417
	$		136,955	International Business Machines Corp	91,154		14,625
				NetApp Inc	30,870		1,280
Beverages - 2.16%				SanDisk Corp	21,853		2,141
Brown-Forman Corp	15,495		1,361	Seagate Technology PLC	32,410		2,155


Schedule of Investments
LargeCap S&P 500 Index Account
December 31, 2014



COMMON STOCKS (continued)	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held		Value (000's)

Computers (continued)				Electronics - 1.40%
Teradata Corp ^(a)	15,153	$	662	Agilent Technologies Inc	33,031	$	1,352
Western Digital Corp	21,620		2,393	Allegion PLC	9,481		526
	$		110,385	Amphenol Corp	30,649		1,649
				Corning Inc	126,953		2,911
Consumer Products - 0.33%				FLIR Systems Inc	13,954		451
Avery Dennison Corp	9,023		468	Garmin Ltd	11,932		630
Clorox Co/The	12,816		1,336	Honeywell International Inc	77,529		7,747
Kimberly-Clark Corp	36,888		4,262	PerkinElmer Inc	11,188		489
	$		6,066	TE Connectivity Ltd	40,277		2,547
Cosmetics & Personal Care - 1.74%				Thermo Fisher Scientific Inc	39,618		4,964
Avon Products Inc	43,048		404	Tyco International PLC	41,445		1,818
Colgate-Palmolive Co	84,848		5,871	Waters Corp ^(a)	8,248		930
Estee Lauder Cos Inc/The	22,182		1,690		$		26,014
Procter & Gamble Co/The ^(b)	267,616		24,377
				Engineering & Construction - 0.08%
	$		32,342	Fluor Corp	15,472		938
				Jacobs Engineering Group Inc ^(a)	12,930		578
Distribution & Wholesale - 0.26%
Fastenal Co	27,011		1,285		$		1,516
Fossil Group Inc ^(a)	4,452		493
				Environmental Control - 0.23%
Genuine Parts Co	15,139		1,613	Republic Services Inc	25,001		1,006
WW Grainger Inc	6,010		1,532	Stericycle Inc ^(a)	8,411		1,102
	$		4,923	Waste Management Inc	42,178		2,165
Diversified Financial Services - 2.65%					$		4,273
Affiliated Managers Group Inc ^(a)	5,504		1,168
				Food - 1.62%
American Express Co	88,127		8,199	Campbell Soup Co	17,743		781
Ameriprise Financial Inc	18,276		2,417	ConAgra Foods Inc	42,075		1,527
BlackRock Inc	12,616		4,511	General Mills Inc	59,795		3,189
Charles Schwab Corp/The	113,804		3,436	Hershey Co/The	14,656		1,523
CME Group Inc/IL	31,359		2,780	Hormel Foods Corp	13,307		693
Discover Financial Services	44,912		2,941	JM Smucker Co/The	10,084		1,018
E*Trade Financial Corp ^(a)	28,604		694
				Kellogg Co	24,965		1,634
Franklin Resources Inc	38,833		2,150	Kraft Foods Group Inc	58,317		3,654
Intercontinental Exchange Inc	11,162		2,448	Kroger Co/The	48,637		3,123
Invesco Ltd	42,669		1,686	McCormick & Co Inc/MD	12,790		950
Legg Mason Inc	9,945		531	Mondelez International Inc	166,379		6,044
NASDAQ OMX Group Inc/The	11,624		558	Safeway Inc	22,819		801
Navient Corp	40,628		878	Sysco Corp	58,224		2,311
T Rowe Price Group Inc	25,690		2,206	Tyson Foods Inc	29,021		1,164
Visa Inc	48,373		12,683	Whole Foods Market Inc	35,629		1,796
	$		49,286		$		30,208

Electric - 2.84%				Forest Products & Paper - 0.16%
AES Corp/VA	64,970		895	International Paper Co	41,954		2,248
Ameren Corp	24,030		1,109	MeadWestvaco Corp	16,512		733
American Electric Power Co Inc	48,454		2,942		$		2,981
CMS Energy Corp	27,242		947
Consolidated Edison Inc	29,007		1,915	Gas - 0.30%
Dominion Resources Inc/VA	57,830		4,447	AGL Resources Inc	11,842		646
DTE Energy Co	17,529		1,514	CenterPoint Energy Inc	42,567		997
Duke Energy Corp	70,050		5,852	NiSource Inc	31,267		1,326
Edison International	32,268		2,113	Sempra Energy	22,892		2,549
Entergy Corp	17,875		1,564		$		5,518
Exelon Corp	85,121		3,156
FirstEnergy Corp	41,675		1,625	Hand & Machine Tools - 0.12%
Integrys Energy Group Inc	7,919		616	Snap-on Inc	5,755		787
NextEra Energy Inc	43,229		4,595	Stanley Black & Decker Inc	15,515		1,491
Northeast Utilities	31,376		1,679		$		2,278
NRG Energy Inc	33,486		902	Healthcare - Products - 1.89%
Pepco Holdings Inc	24,949		672	Baxter International Inc	53,677		3,934
PG&E Corp	47,052		2,505	Becton Dickinson and Co	19,013		2,646
Pinnacle West Capital Corp	10,939		747	Boston Scientific Corp ^(a)	131,375		1,741
PPL Corp	65,868		2,393	CareFusion Corp ^(a)	20,196		1,198
Public Service Enterprise Group Inc	50,118		2,075	Covidien PLC	44,843		4,587
SCANA Corp	14,118		853	CR Bard Inc	7,418		1,236
Southern Co/The	89,117		4,377	DENTSPLY International Inc	14,017		747
TECO Energy Inc	23,244		476	Edwards Lifesciences Corp ^(a)	10,595		1,350
Wisconsin Energy Corp	22,335		1,178	Hospira Inc	16,758		1,026
Xcel Energy Inc	50,083		1,799	Intuitive Surgical Inc ^(a)	3,590		1,899
	$		52,946	Medtronic Inc	97,486		7,038
Electrical Components & Equipment - 0.30%				Patterson Cos Inc	8,476		408
AMETEK Inc	24,357		1,282	St Jude Medical Inc	28,317		1,841
Emerson Electric Co	68,697		4,241	Stryker Corp	29,600		2,792
				Varian Medical Systems Inc ^(a)	9,902		857
	$		5,523


Schedule of Investments
LargeCap S&P 500 Index Account
December 31, 2014



COMMON STOCKS (continued)	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held			Value (000's)

Healthcare - Products (continued)				Iron & Steel - 0.10%
Zimmer Holdings Inc	16,773	$	1,902	Allegheny Technologies Inc	10,766		$	374
	$		35,202	Nucor Corp	31,594			1,550

Healthcare - Services - 1.37%					$			1,924
Aetna Inc	34,832		3,094	Leisure Products & Services - 0.26%
Anthem Inc	26,735		3,360	Carnival Corp	44,609			2,022
Cigna Corp	25,907		2,666	Harley-Davidson Inc	21,221			1,399
DaVita HealthCare Partners Inc ^(a)	17,027		1,290	Royal Caribbean Cruises Ltd	16,540			1,363
Humana Inc	15,186		2,181		$			4,784
Laboratory Corp of America Holdings ^(a)	8,369		903
Quest Diagnostics Inc	14,315		960	Lodging - 0.29%
Tenet Healthcare Corp ^(a)	9,734		493	Marriott International Inc/DE	21,048			1,642
UnitedHealth Group Inc	95,057		9,609	Starwood Hotels & Resorts Worldwide Inc	17,686			1,434
Universal Health Services Inc	9,018		1,004	Wyndham Worldwide Corp	12,208			1,047
	$		25,560	Wynn Resorts Ltd	8,023			1,194
					$			5,317
Holding Companies - Diversified - 0.04%
Leucadia National Corp	31,381		704	Machinery - Construction & Mining - 0.32%
				Caterpillar Inc	59,958			5,488
				Joy Global Inc	9,723			452
Home Builders - 0.12%					$			5,940
DR Horton Inc	32,859		831
Lennar Corp	17,685		793	Machinery - Diversified - 0.54%
Pulte Group Inc	33,049		709	Cummins Inc	16,827			2,426
	$		2,333	Deere & Co	35,498			3,140
				Flowserve Corp	13,500			808
Home Furnishings - 0.15%				Rockwell Automation Inc	13,447			1,495
Harman International Industries Inc	6,786		724	Roper Industries Inc	9,920			1,551
Leggett & Platt Inc	13,630		581	Xylem Inc/NY	18,013			686
Whirlpool Corp	7,712		1,494		$			10,106
	$		2,799
				Media - 3.38%
Housewares - 0.05%				Cablevision Systems Corp	21,680			447
Newell Rubbermaid Inc	26,850		1,023	CBS Corp	47,223			2,613
				Comcast Corp - Class A	255,155			14,802
				DIRECTV ^(a)	49,741			4,313
Insurance - 4.09%				Discovery Communications Inc - A Shares ^(a)	14,706			507
ACE Ltd	32,855		3,774	Discovery Communications Inc - C Shares ^(a)	27,065			913
Aflac Inc	44,626		2,726
				Gannett Co Inc		22,366			714
Allstate Corp/The	41,540		2,918	News Corp (a)	49,407			775
American International Group Inc	138,646		7,766
Aon PLC	28,240		2,678	Nielsen NV	32,080			1,435
Assurant Inc	6,958		476	Scripps Networks Interactive Inc	10,049			756
Berkshire Hathaway Inc - Class B ^(a)	180,603		27,118	Time Warner Cable Inc	27,780			4,224
Chubb Corp/The	23,355		2,417	Time Warner Inc	83,044			7,094
Cincinnati Financial Corp	14,573		755	Twenty-First Century Fox Inc - A Shares	183,645			7,053
Genworth Financial Inc ^(a)	49,189		418	Viacom Inc	36,587			2,753
Hartford Financial Services Group Inc/The	42,734		1,782	Walt Disney Co/The	154,507			14,553
Lincoln National Corp	25,729		1,484		$			62,952
Loews Corp	29,644		1,246	Metal Fabrication & Hardware - 0.18%
Marsh & McLennan Cos Inc	53,570		3,066	Precision Castparts Corp	14,116			3,400
MetLife Inc	112,513		6,086
Progressive Corp/The	52,976		1,430
Prudential Financial Inc	45,360		4,103	Mining - 0.28%
Torchmark Corp	12,741		690	Alcoa Inc	116,750			1,843
Travelers Cos Inc/The	32,821		3,474	Freeport-McMoRan Inc	102,914			2,404
Unum Group	24,957		870	Newmont Mining Corp	49,400			934
XL Group PLC	25,558		878		$			5,181
	$		76,155	Miscellaneous Manufacturing - 2.98%
Internet - 4.36%				3M Co	63,466			10,429
Amazon.com Inc ^(a)	37,602		11,670	Danaher Corp	60,547			5,189
eBay Inc ^(a)	111,969		6,284	Dover Corp	16,377			1,175
Expedia Inc	9,776		835	Eaton Corp PLC	47,004			3,194
F5 Networks Inc ^(a)	7,307		953	General Electric Co	994,572			25,133
Facebook Inc ^(a)	207,080		16,156	Illinois Tool Works Inc	35,620			3,373
Google Inc - A Shares ^(a)	28,231		14,981	Ingersoll-Rand PLC	26,292			1,667
Google Inc - C Shares ^(a)	28,205		14,847	Pall Corp	10,551			1,068
Netflix Inc ^(a)	5,967		2,039	Parker-Hannifin Corp	14,722			1,898
Priceline Group Inc/The ^(a)	5,185		5,912	Pentair PLC	18,500			1,229
Symantec Corp	68,352		1,754	Textron Inc	27,340			1,151
TripAdvisor Inc ^(a)	11,041		824		$			55,506
VeriSign Inc ^(a)	10,793		615
Yahoo! Inc ^(a)	87,257		4,407	Office & Business Equipment - 0.10%
				Pitney Bowes Inc	19,906			485
	$		81,277	Xerox Corp	106,275			1,473
					$			1,958


Schedule of Investments
LargeCap S&P 500 Index Account
December 31, 2014



COMMON STOCKS (continued)	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held		Value (000's)

Oil & Gas - 6.27%				Pipelines (continued)
Anadarko Petroleum Corp	50,158	$	4,138	Williams Cos Inc/The	66,625	$	2,994
Apache Corp	37,287		2,337		$		13,553
Cabot Oil & Gas Corp	40,905		1,211
Chesapeake Energy Corp	51,380		1,005	Publicly Traded Investment Fund - 0.87%
Chevron Corp	187,226		21,003	iShares Core S&P 500 ETF	78,116		16,162
Cimarex Energy Co	8,641		916
ConocoPhillips	121,909		8,419	Real Estate - 0.05%
Denbury Resources Inc	34,918		284	CBRE Group Inc ^(a)	27,692		948
Devon Energy Corp	38,086		2,331
Diamond Offshore Drilling Inc	6,656		244
Ensco PLC	23,206		695	REITS - 2.31%
EOG Resources Inc	54,274		4,997	American Tower Corp	39,265		3,881
EQT Corp	15,005		1,136	Apartment Investment & Management Co	14,480		538
Exxon Mobil Corp	419,385		38,772	AvalonBay Communities Inc	13,074		2,136
Helmerich & Payne Inc	10,722		723	Boston Properties Inc	15,163		1,951
Hess Corp	25,168		1,858	Crown Castle International Corp	33,065		2,602
Marathon Oil Corp	66,841		1,891	Equity Residential	35,888		2,578
Marathon Petroleum Corp	27,750		2,505	Essex Property Trust Inc	6,333		1,308
Murphy Oil Corp	16,524		835	General Growth Properties Inc	62,149		1,748
Nabors Industries Ltd	28,666		372	HCP Inc	45,485		2,003
Newfield Exploration Co ^(a)	13,591		369	Health Care REIT Inc	32,453		2,456
Noble Corp PLC	24,955		413	Host Hotels & Resorts Inc	75,004		1,783
Noble Energy Inc	35,691		1,693	Iron Mountain Inc	18,467		714
Occidental Petroleum Corp	76,798		6,191	Kimco Realty Corp	40,747		1,024
Phillips 66	54,820		3,931	Macerich Co/The	13,936		1,163
Pioneer Natural Resources Co	14,747		2,195	Plum Creek Timber Co Inc	17,420		746
QEP Resources Inc	16,414		332	Prologis Inc	49,519		2,131
Range Resources Corp	16,708		893	Public Storage	14,370		2,656
Southwestern Energy Co ^(a)	34,972		954	Simon Property Group Inc	30,780		5,605
Tesoro Corp	12,503		930	Ventas Inc	29,149		2,090
Transocean Ltd	33,724		618	Vornado Realty Trust	17,292		2,036
Valero Energy Corp	51,624		2,555	Weyerhaeuser Co	51,933		1,864
	$		116,746		$		43,013

Oil & Gas Services - 1.15%				Retail - 6.30%
				AutoNation Inc ^(a)	7,396		447
Baker Hughes Inc	42,853		2,403	AutoZone Inc ^(a)	3,173		1,964
Cameron International Corp ^(a)	19,555		977
FMC Technologies Inc ^(a)	23,160		1,085	Bed Bath & Beyond Inc ^(a)	18,346		1,397
Halliburton Co	83,932		3,301	Best Buy Co Inc	28,833		1,124
				CarMax Inc ^(a)	21,333		1,420
National Oilwell Varco Inc	42,644		2,794	Chipotle Mexican Grill Inc ^(a)	3,072		2,103
Schlumberger Ltd	127,443		10,885
	$		21,445	Coach Inc	27,294		1,025
				Costco Wholesale Corp	43,356		6,146
Packaging & Containers - 0.12%				CVS Health Corp	113,537		10,935
Ball Corp	13,561		925	Darden Restaurants Inc	13,137		770
Owens-Illinois Inc ^(a)	16,333		441	Dollar General Corp ^(a)	30,051		2,125
Sealed Air Corp	20,913		887	Dollar Tree Inc ^(a)	20,368		1,434
	$		2,253	Family Dollar Stores Inc	9,513		754
				GameStop Corp	10,747		363
Pharmaceuticals - 7.30%				Gap Inc/The	26,429		1,113
Abbott Laboratories	149,133		6,714	Home Depot Inc/The	130,517		13,700
AbbVie Inc	157,796		10,326	Kohl's Corp	20,007		1,221
Actavis PLC ^(a)	26,251		6,757
				L Brands Inc	24,349		2,107
Allergan Inc/United States	29,504		6,272	Lowe's Cos Inc	96,356		6,629
AmerisourceBergen Corp	20,576		1,855	Macy's Inc	34,197		2,249
Bristol-Myers Squibb Co	164,284		9,698	McDonald's Corp	96,386		9,031
Cardinal Health Inc	32,778		2,646	Nordstrom Inc	13,943		1,107
Eli Lilly & Co	97,041		6,695	O'Reilly Automotive Inc ^(a)	10,047		1,935
Express Scripts Holding Co ^(a)	72,686		6,154
				PetSmart Inc	9,846		800

Johnson & Johnson	277,222		28,989	PVH Corp	8,160		1,046
Mallinckrodt PLC ^(a)	11,516		1,140	Ross Stores Inc	20,782		1,959
McKesson Corp	22,965		4,767	Staples Inc	63,366		1,148
Mead Johnson Nutrition Co	20,009		2,012	Starbucks Corp	74,111		6,081
Merck & Co Inc	282,349		16,035	Target Corp	63,085		4,789
Mylan Inc/PA ^(a)	37,068		2,090
				Tiffany & Co	11,146		1,191

Perrigo Co PLC	13,941		2,330	TJX Cos Inc/The	68,228		4,679
Pfizer Inc (b)	624,013		19,438	Tractor Supply Co	13,463		1,061
Zoetis Inc	49,651		2,137	Urban Outfitters Inc ^(a)	9,909		348
	$		136,055	Walgreens Boots Alliance Inc	86,150		6,565
Pipelines - 0.73%				Wal-Mart Stores Inc	156,419		13,433
Kinder Morgan Inc/DE	168,280		7,120	Yum! Brands Inc	43,329		3,157
ONEOK Inc	20,620		1,027		$		117,356
Spectra Energy Corp	66,455		2,412


Schedule of Investments
LargeCap S&P 500 Index Account
December 31, 2014



COMMON STOCKS (continued)	Shares Held		Value (000's)	INVESTMENT COMPANIES - 2.35%		Shares Held		Value(000			's)

Savings & Loans - 0.05%				Publicly Traded Investment Fund - 2.35%
Hudson City Bancorp Inc	47,655	$	482	BlackRock Liquidity Funds FedFund Portfolio		43,871,742			$	43,872
People's United Financial Inc	30,501		463
	$		945	TOTAL INVESTMENT COMPANIES				$		43,872

Semiconductors - 3.03%				Total Investments			$	1,865,619
Altera Corp	30,189		1,115	Liabilities in Excess of Other Assets, Net - (0.14)%				$		(2,584	)
Analog Devices Inc	30,822		1,711	TOTAL NET ASSETS - 100.00%			$	1,863,035
Applied Materials Inc	120,669		3,007
Avago Technologies Ltd	25,047		2,520
Broadcom Corp	53,354		2,312	(a)	Non-Income Producing Security
First Solar Inc ^(a)	7,444		332	(b)	Security or a portion of the security was pledged to cover margin
Intel Corp	478,855		17,378		requirements for futures contracts. At the end of the period, the value of
KLA-Tencor Corp	16,290		1,146		these securities totaled $4,460 or 0.24% of net assets.
Lam Research Corp	15,743		1,249
Linear Technology Corp	23,624		1,077
Microchip Technology Inc	19,904		898		Portfolio Summary (unaudited)
Micron Technology Inc ^(a)	106,314		3,722	Sector						Percent
NVIDIA Corp	51,140		1,025	Consumer, Non-cyclical						22.16	%
Qualcomm Inc	164,663		12,239	Financial						16.50	%
Texas Instruments Inc	104,615		5,593	Technology						13.07	%
Xilinx Inc	26,191		1,134	Communications						11.12	%
	$		56,458	Industrial						10.12	%
Software - 4.10%				Consumer, Cyclical						9.73	%
Adobe Systems Inc ^(a)	46,925		3,412	Energy						8.19	%
Akamai Technologies Inc ^(a)	17,628		1,110	Exchange Traded Funds						3.22	%
Autodesk Inc ^(a)	22,534		1,353	Utilities						3.14	%
CA Inc	31,726		966	Basic Materials						2.85	%
Cerner Corp ^(a)	30,099		1,946	Diversified						0.04	%
Citrix Systems Inc ^(a)	15,942		1,017	Liabilities in Excess of Other Assets, Net						(0.14	)%
Dun & Bradstreet Corp/The	3,557		430	TOTAL NET ASSETS						100.00	%
Electronic Arts Inc ^(a)	30,795		1,448
Fidelity National Information Services Inc	28,103		1,748
Fiserv Inc ^(a)	24,162		1,715
Intuit Inc	28,278		2,607
Microsoft Corp	816,367		37,920
Oracle Corp	320,378		14,408
Paychex Inc	32,341		1,493
Red Hat Inc ^(a)	18,602		1,286
Salesforce.com Inc ^(a)	58,119		3,447
	$		76,306

Telecommunications - 3.13%
AT&T Inc	513,717		17,256
CenturyLink Inc	56,523		2,237
Cisco Systems Inc	506,446		14,087
Frontier Communications Corp	99,245		662
Harris Corp	10,359		744
Juniper Networks Inc	38,129		851
Level 3 Communications Inc ^(a)	27,617		1,364
Motorola Solutions Inc	20,980		1,407
Verizon Communications Inc	410,986		19,226
Windstream Holdings Inc	59,697		492
	$		58,326

Textiles - 0.05%
Mohawk Industries Inc ^(a)	6,137		953

Toys, Games & Hobbies - 0.09%
Hasbro Inc	11,203		616
Mattel Inc	33,557		1,038
	$		1,654

Transportation - 1.79%
CH Robinson Worldwide Inc	14,488		1,085
CSX Corp	98,583		3,572
Expeditors International of Washington Inc	19,118		853
FedEx Corp	26,089		4,530
Kansas City Southern	10,930		1,334
Norfolk Southern Corp	30,647		3,359
Ryder System Inc	5,253		488
Union Pacific Corp	88,056		10,490
United Parcel Service Inc	69,033		7,674
	$		33,385
TOTAL COMMON STOCKS	$		1,821,747


Schedule of Investments
LargeCap S&P 500 Managed Volatility Index Account
December 31, 2014



COMMON STOCKS - 90.01%	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held		Value (000's)

Advertising - 0.23%				Beverages (continued)
Alliance Data Systems Corp ^(a)	306	$	88	Coca-Cola Co/The	18,843	$	795
Interpublic Group of Cos Inc/The	1,999		41	Coca-Cola Enterprises Inc	1,063		47
Omnicom Group Inc	1,186		92	Constellation Brands Inc ^(a)	802		79
	$		221	Dr Pepper Snapple Group Inc	929		66
				Keurig Green Mountain Inc	581		77
Aerospace & Defense - 1.79%				Molson Coors Brewing Co	762		57
Boeing Co/The	3,169		412	Monster Beverage Corp ^(a)	689		75
General Dynamics Corp	1,505		207	PepsiCo Inc	7,154		676
L-3 Communications Holdings Inc	407		51		$		1,938
Lockheed Martin Corp	1,284		247
Northrop Grumman Corp	966		142	Biotechnology - 2.60%
Raytheon Co	1,474		160	Alexion Pharmaceuticals Inc ^(a)	948		175
Rockwell Collins Inc	635		54	Amgen Inc	3,636		579
United Technologies Corp	4,053		466	Biogen Idec Inc ^(a)	1,129		383
	$		1,739	Celgene Corp ^(a)	3,818		427
				Gilead Sciences Inc ^(a)	7,211		680
Agriculture - 1.47%				Regeneron Pharmaceuticals Inc ^(a)	355		146
Altria Group Inc	9,447		465	Vertex Pharmaceuticals Inc ^(a)	1,150		137
Archer-Daniels-Midland Co	3,077		160		$		2,527
Lorillard Inc	1,721		108
Philip Morris International Inc	7,426		605	Building Materials - 0.12%
Reynolds American Inc	1,473		95	Martin Marietta Materials Inc	296		33
	$		1,433	Masco Corp	1,703		43
				Vulcan Materials Co	630		41
Airlines - 0.34%					$		117
Delta Air Lines Inc	4,000		197
Southwest Airlines Co	3,244		137	Chemicals - 2.14%
	$		334	Air Products & Chemicals Inc	919		133
				Airgas Inc	321		37
Apparel - 0.64%				CF Industries Holdings Inc	238		65
Michael Kors Holdings Ltd ^(a)	984		74	Dow Chemical Co/The	5,295		241
Nike Inc	3,335		321	Eastman Chemical Co	710		54
Ralph Lauren Corp	289		53	Ecolab Inc	1,291		135
Under Armour Inc ^(a)	797		54	EI du Pont de Nemours & Co	4,330		320
VF Corp	1,651		124	FMC Corp	637		36
	$		626	International Flavors & Fragrances Inc	387		39
Automobile Manufacturers - 0.64%				LyondellBasell Industries NV	1,986		158
Ford Motor Co	18,396		285	Monsanto Co	2,314		276
General Motors Co	6,451		225	Mosaic Co/The	1,509		69
PACCAR Inc	1,693		115	PPG Industries Inc	656		152
	$		625	Praxair Inc	1,393		180
				Sherwin-Williams Co/The	390		103
Automobile Parts & Equipment - 0.36%				Sigma-Aldrich Corp	569		78
BorgWarner Inc	1,087		60		$		2,076
Delphi Automotive PLC	1,415		103
Goodyear Tire & Rubber Co/The	1,312		37	Coal - 0.04%
Johnson Controls Inc	3,184		154	Consol Energy Inc	1,100		37
	$		354
				Commercial Services - 1.17%
Banks - 6.80%				ADT Corp/The	834		30
Bank of America Corp	50,267		899
Bank of New York Mellon Corp/The	5,381		218	Automatic Data Processing Inc	2,304		192
BB&T Corp	3,443		134	Cintas Corp	464		36
Capital One Financial Corp	2,657		219	Equifax Inc	576		47
Citigroup Inc	14,480		784	H&R Block Inc	1,315		44
Comerica Inc	859		40	MasterCard Inc	4,684		404
Fifth Third Bancorp	3,939		80	McGraw Hill Financial Inc	1,298		115
Goldman Sachs Group Inc/The	1,936		375	Moody's Corp	877		84
				Quanta Services Inc ^(a)	1,040		29
Huntington Bancshares Inc/OH	3,893		41
JP Morgan Chase & Co	17,868		1,118	Robert Half International Inc	650		38
KeyCorp	4,141		58	Total System Services Inc	791		27
				United Rentals Inc ^(a)	477		49
M&T Bank Corp	631		79
Morgan Stanley	7,298		283	Western Union Co/The	2,498		45
Northern Trust Corp	1,058		71		$		1,140
PNC Financial Services Group Inc/The	2,515		230	Computers - 5.48%
Regions Financial Corp	6,579		70	Accenture PLC - Class A	2,999		268
State Street Corp	1,996		157	Apple Inc	28,033		3,094
SunTrust Banks Inc	2,492		104	Cognizant Technology Solutions Corp ^(a)	2,911		153
US Bancorp/MN	8,553		385	Computer Sciences Corp	672		42
Wells Fargo & Co	22,564		1,237	EMC Corp/MA	9,727		289
Zions Bancorporation	970		28	Hewlett-Packard Co	8,920		358
	$		6,610	International Business Machines Corp	4,399		706
				NetApp Inc	1,490		62
Beverages - 1.99%				SanDisk Corp	1,055		103
Brown-Forman Corp	748		66	Seagate Technology PLC	1,564		104


Schedule of Investments
LargeCap S&P 500 Managed Volatility Index Account
December 31, 2014



COMMON STOCKS (continued)	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held		Value (000's)

Computers (continued)				Electronics - 1.29%
Teradata Corp ^(a)	731	$	32	Agilent Technologies Inc	1,594	$	65
Western Digital Corp	1,043		116	Allegion PLC	458		25
	$		5,327	Amphenol Corp	1,479		80
				Corning Inc	6,127		140
Consumer Products - 0.30%				FLIR Systems Inc	673		22
Avery Dennison Corp	435		23	Garmin Ltd	576		30
Clorox Co/The	619		64	Honeywell International Inc	3,742		374
Kimberly-Clark Corp	1,780		206	PerkinElmer Inc	540		24
	$		293	TE Connectivity Ltd	1,944		123
Cosmetics & Personal Care - 1.61%				Thermo Fisher Scientific Inc	1,912		240
Avon Products Inc	2,078		19	Tyco International PLC	2,000		88
Colgate-Palmolive Co	4,095		283	Waters Corp ^(a)	398		45
Estee Lauder Cos Inc/The	1,071		82		$		1,256
Procter & Gamble Co/The	12,916		1,177	Engineering & Construction - 0.08%
	$		1,561	Fluor Corp	747		45
				Jacobs Engineering Group Inc ^(a)	624		28
Distribution & Wholesale - 0.24%
Fastenal Co	1,304		62		$		73
Fossil Group Inc ^(a)	215		24
				Environmental Control - 0.21%
Genuine Parts Co	731		78	Republic Services Inc	1,207		49
WW Grainger Inc	290		74	Stericycle Inc ^(a)	406		53
	$		238	Waste Management Inc	2,036		104
Diversified Financial Services - 2.45%					$		206
Affiliated Managers Group Inc ^(a)	266		56
				Food - 1.50%
American Express Co	4,253		396	Campbell Soup Co	856		38
Ameriprise Financial Inc	882		117	ConAgra Foods Inc	2,031		74
BlackRock Inc	609		218	General Mills Inc	2,886		154
Charles Schwab Corp/The	5,492		166	Hershey Co/The	707		73
CME Group Inc/IL	1,513		134	Hormel Foods Corp	642		33
Discover Financial Services	2,168		142	JM Smucker Co/The	487		49
E*Trade Financial Corp ^(a)	1,380		34
				Kellogg Co	1,205		79
Franklin Resources Inc	1,874		104	Kraft Foods Group Inc	2,814		176
Intercontinental Exchange Inc	539		118	Kroger Co/The	2,347		151
Invesco Ltd	2,059		81	McCormick & Co Inc/MD	617		46
Legg Mason Inc	480		26	Mondelez International Inc	8,030		292
NASDAQ OMX Group Inc/The	561		27	Safeway Inc	1,101		39
Navient Corp	1,961		42	Sysco Corp	2,810		111
T Rowe Price Group Inc	1,240		106	Tyson Foods Inc	1,401		56
Visa Inc	2,335		612	Whole Foods Market Inc	1,720		87
	$		2,379		$		1,458

Electric - 2.63%				Forest Products & Paper - 0.15%
AES Corp/VA	3,136		43	International Paper Co	2,025		109
Ameren Corp	1,160		54	MeadWestvaco Corp	797		35
American Electric Power Co Inc	2,338		142		$		144
CMS Energy Corp	1,315		46
Consolidated Edison Inc	1,400		92	Gas - 0.27%
Dominion Resources Inc/VA	2,791		215	AGL Resources Inc	572		31
DTE Energy Co	846		73	CenterPoint Energy Inc	2,054		48
Duke Energy Corp	3,381		282	NiSource Inc	1,509		64
Edison International	1,557		102	Sempra Energy	1,105		123
Entergy Corp	863		76		$		266
Exelon Corp	4,108		152
FirstEnergy Corp	2,011		78	Hand & Machine Tools - 0.11%
Integrys Energy Group Inc	382		30	Snap-on Inc	278		38
NextEra Energy Inc	2,086		222	Stanley Black & Decker Inc	749		72
Northeast Utilities	1,514		81		$		110
NRG Energy Inc	1,616		44	Healthcare - Products - 1.75%
Pepco Holdings Inc	1,204		32	Baxter International Inc	2,591		190
PG&E Corp	2,271		121	Becton Dickinson and Co	918		128
Pinnacle West Capital Corp	528		36	Boston Scientific Corp ^(a)	6,340		84
PPL Corp	3,179		115	CareFusion Corp ^(a)	975		58
Public Service Enterprise Group Inc	2,419		100	Covidien PLC	2,164		221
SCANA Corp	681		41	CR Bard Inc	358		60
Southern Co/The	4,301		211	DENTSPLY International Inc	676		36
TECO Energy Inc	1,122		23	Edwards Lifesciences Corp ^(a)	511		65
Wisconsin Energy Corp	1,078		57	Hospira Inc	809		49
Xcel Energy Inc	2,417		87	Intuitive Surgical Inc ^(a)	173		91
	$		2,555	Medtronic Inc	4,705		340
Electrical Components & Equipment - 0.27%				Patterson Cos Inc	409		20
AMETEK Inc	1,176		62	St Jude Medical Inc	1,367		89
Emerson Electric Co	3,315		204	Stryker Corp	1,429		135
				Varian Medical Systems Inc ^(a)	478		41
	$		266


Schedule of Investments
LargeCap S&P 500 Managed Volatility Index Account
December 31, 2014



COMMON STOCKS (continued)	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held			Value (000's)

Healthcare - Products (continued)				Iron & Steel - 0.10%
Zimmer Holdings Inc	809	$	92	Allegheny Technologies Inc	520		$	18
	$		1,699	Nucor Corp	1,525			75

Healthcare - Services - 1.27%					$			93
Aetna Inc	1,681		149	Leisure Products & Services - 0.24%
Anthem Inc	1,290		162	Carnival Corp	2,153			98
Cigna Corp	1,250		129	Harley-Davidson Inc	1,024			67
DaVita HealthCare Partners Inc ^(a)	822		62	Royal Caribbean Cruises Ltd	798			66
Humana Inc	733		105		$			231
Laboratory Corp of America Holdings ^(a)	404		44
Quest Diagnostics Inc	691		46	Lodging - 0.26%
Tenet Healthcare Corp ^(a)	470		24	Marriott International Inc/DE	1,016			79
UnitedHealth Group Inc	4,588		464	Starwood Hotels & Resorts Worldwide Inc	854			69
Universal Health Services Inc	435		49	Wyndham Worldwide Corp	589			51
	$		1,234	Wynn Resorts Ltd	387			58
					$			257
Holding Companies - Diversified - 0.03%
Leucadia National Corp	1,514		34	Machinery - Construction & Mining - 0.30%
				Caterpillar Inc	2,894			265
				Joy Global Inc	469			22
Home Builders - 0.12%					$			287
DR Horton Inc	1,586		40
Lennar Corp	854		39	Machinery - Diversified - 0.50%
Pulte Group Inc	1,595		34	Cummins Inc	812			117
	$		113	Deere & Co	1,713			152
				Flowserve Corp	652			39
Home Furnishings - 0.14%				Rockwell Automation Inc	649			72
Harman International Industries Inc	327		35	Roper Industries Inc	479			75
Leggett & Platt Inc	658		28	Xylem Inc/NY	869			33
Whirlpool Corp	372		72		$			488
	$		135
				Media - 3.12%
Housewares - 0.05%				Cablevision Systems Corp	1,046			22
Newell Rubbermaid Inc	1,296		49	CBS Corp	2,279			126
				Comcast Corp - Class A	12,314			714
				DIRECTV ^(a)	2,401			208
Insurance - 3.78%				Discovery Communications Inc - A Shares ^(a)	710			25
ACE Ltd	1,586		182	Discovery Communications Inc - C Shares ^(a)	1,306			44
Aflac Inc	2,154		131
				Gannett Co Inc		1,079			35
Allstate Corp/The	2,005		141	News Corp (a)	2,384			37
American International Group Inc	6,691		375
Aon PLC	1,363		129	Nielsen NV	1,548			69
Assurant Inc	336		23	Scripps Networks Interactive Inc	485			37
Berkshire Hathaway Inc - Class B ^(a)	8,716		1,309	Time Warner Cable Inc	1,341			204
Chubb Corp/The	1,127		117	Time Warner Inc	4,008			342
Cincinnati Financial Corp	703		36	Twenty-First Century Fox Inc - A Shares	8,863			340
Genworth Financial Inc ^(a)	2,374		20	Viacom Inc	1,766			133
Hartford Financial Services Group Inc/The	2,062		86	Walt Disney Co/The	7,457			702
Lincoln National Corp	1,242		72		$			3,038
Loews Corp	1,431		60	Metal Fabrication & Hardware - 0.17%
Marsh & McLennan Cos Inc	2,585		148	Precision Castparts Corp	681			164
MetLife Inc	5,430		294
Progressive Corp/The	2,557		69
Prudential Financial Inc	2,189		198	Mining - 0.26%
Torchmark Corp	615		33	Alcoa Inc	5,635			89
Travelers Cos Inc/The	1,584		168	Freeport-McMoRan Inc	4,967			116
Unum Group	1,204		42	Newmont Mining Corp	2,384			45
XL Group PLC	1,233		42		$			250
	$		3,675	Miscellaneous Manufacturing - 2.76%
Internet - 4.03%				3M Co	3,063			503
Amazon.com Inc ^(a)	1,815		563	Danaher Corp	2,922			250
eBay Inc ^(a)	5,404		303	Dover Corp	790			57
Expedia Inc	472		40	Eaton Corp PLC	2,269			154
F5 Networks Inc ^(a)	353		46	General Electric Co ^(b)	48,000			1,213
Facebook Inc ^(a)	9,994		780	Illinois Tool Works Inc	1,719			163
Google Inc - A Shares ^(a)	1,362		723	Ingersoll-Rand PLC	1,269			80
Google Inc - C Shares ^(a)	1,361		716	Pall Corp	509			52
Netflix Inc ^(a)	288		98	Parker-Hannifin Corp	710			92
Priceline Group Inc/The ^(a)	250		285	Pentair PLC	893			59
Symantec Corp	3,299		85	Textron Inc	1,319			56
TripAdvisor Inc ^(a)	533		40		$			2,679
VeriSign Inc ^(a)	521		30
Yahoo! Inc ^(a)	4,211		213	Office & Business Equipment - 0.10%
				Pitney Bowes Inc	961			23
	$		3,922	Xerox Corp	5,129			71
					$			94


Schedule of Investments
LargeCap S&P 500 Managed Volatility Index Account
December 31, 2014



COMMON STOCKS (continued)	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held		Value (000's)

Oil & Gas - 5.79%				Pipelines (continued)
Anadarko Petroleum Corp	2,421	$	200	Williams Cos Inc/The	3,215	$	144
Apache Corp	1,800		113		$		654
Cabot Oil & Gas Corp	1,974		58
Chesapeake Energy Corp	2,480		48	Publicly Traded Investment Fund - 0.39%
Chevron Corp	9,036		1,014	iShares Core S&P 500 ETF	1,835		380
Cimarex Energy Co	417		44
ConocoPhillips	5,884		406	Real Estate - 0.05%
Denbury Resources Inc	1,685		14	CBRE Group Inc ^(a)	1,336		46
Devon Energy Corp	1,838		112
Diamond Offshore Drilling Inc	321		12
Ensco PLC	1,120		33	REITS - 2.14%
EOG Resources Inc	2,619		241	American Tower Corp	1,895		187
EQT Corp	724		55	Apartment Investment & Management Co	699		26
Exxon Mobil Corp ^(b)	20,240		1,871	AvalonBay Communities Inc	631		103
Helmerich & Payne Inc	517		35	Boston Properties Inc	732		94
Hess Corp	1,215		90	Crown Castle International Corp	1,596		126
Marathon Oil Corp	3,226		91	Equity Residential	1,732		124
Marathon Petroleum Corp	1,339		121	Essex Property Trust Inc	306		63
Murphy Oil Corp	797		40	General Growth Properties Inc	2,999		84
Nabors Industries Ltd	1,383		18	HCP Inc	2,195		97
Newfield Exploration Co ^(a)	656		18	Health Care REIT Inc	1,566		119
Noble Corp PLC	1,204		20	Host Hotels & Resorts Inc	3,620		86
Noble Energy Inc	1,723		82	Iron Mountain Inc	891		35
Occidental Petroleum Corp	3,706		299	Kimco Realty Corp	1,967		50
Phillips 66	2,646		190	Macerich Co/The	673		56
Pioneer Natural Resources Co	712		106	Plum Creek Timber Co Inc	841		36
QEP Resources Inc	792		16	Prologis Inc	2,390		103
Range Resources Corp	806		43	Public Storage	694		128
Southwestern Energy Co ^(a)	1,688		46	Simon Property Group Inc	1,485		270
Tesoro Corp	603		45	Ventas Inc	1,407		101
Transocean Ltd	1,628		30	Vornado Realty Trust	835		98
Valero Energy Corp	2,491		123	Weyerhaeuser Co	2,506		90
	$		5,634		$		2,076

Oil & Gas Services - 1.06%				Retail - 5.82%
				AutoNation Inc ^(a)	357		22
Baker Hughes Inc	2,068		116	AutoZone Inc ^(a)	153		95
Cameron International Corp ^(a)	944		47
FMC Technologies Inc ^(a)	1,118		53	Bed Bath & Beyond Inc ^(a)	885		67
Halliburton Co	4,051		159	Best Buy Co Inc	1,392		54
				CarMax Inc ^(a)	1,030		69
National Oilwell Varco Inc	2,058		135	Chipotle Mexican Grill Inc ^(a)	148		101
Schlumberger Ltd	6,151		525
	$		1,035	Coach Inc	1,317		49
				Costco Wholesale Corp	2,092		297
Packaging & Containers - 0.11%				CVS Health Corp	5,480		528
Ball Corp	654		45	Darden Restaurants Inc	634		37
Owens-Illinois Inc ^(a)	788		21	Dollar General Corp ^(a)	1,450		103
Sealed Air Corp	1,009		43	Dollar Tree Inc ^(a)	983		69
	$		109	Family Dollar Stores Inc	459		36
				GameStop Corp	519		18
Pharmaceuticals - 6.75%				Gap Inc/The	1,276		54
Abbott Laboratories	7,197		324	Home Depot Inc/The	6,299		661
AbbVie Inc	7,616		498	Kohl's Corp	966		59
Actavis PLC ^(a)	1,267		326
				L Brands Inc	1,175		102
Allergan Inc/United States	1,424		303	Lowe's Cos Inc	4,650		320
AmerisourceBergen Corp	993		90	Macy's Inc	1,650		108
Bristol-Myers Squibb Co	7,929		468	McDonald's Corp	4,652		436
Cardinal Health Inc	1,582		128	Nordstrom Inc	673		53
Eli Lilly & Co	4,683		323	O'Reilly Automotive Inc ^(a)	485		93
Express Scripts Holding Co ^(a)	3,508		297
				PetSmart Inc	475		39

Johnson & Johnson	13,379		1,399	PVH Corp	394		51
Mallinckrodt PLC ^(a)	556		55	Ross Stores Inc	1,003		95
McKesson Corp	1,108		230	Staples Inc	3,058		55
Mead Johnson Nutrition Co	966		97	Starbucks Corp	3,577		294
Merck & Co Inc	13,627		774	Target Corp	3,045		231
Mylan Inc/PA ^(a)	1,789		101
				Tiffany & Co	538		57
Perrigo Co PLC	673		112	TJX Cos Inc/The	3,293		226
Pfizer Inc	30,116		938	Tractor Supply Co	650		51
Zoetis Inc	2,396		103	Urban Outfitters Inc ^(a)	478		17
	$		6,566	Walgreens Boots Alliance Inc	4,158		317
Pipelines - 0.67%				Wal-Mart Stores Inc	7,549		648
Kinder Morgan Inc/DE	8,122		344	Yum! Brands Inc	2,091		152
ONEOK Inc	995		50		$		5,664
Spectra Energy Corp	3,207		116


Schedule of Investments
LargeCap S&P 500 Managed Volatility Index Account
December 31, 2014



COMMON STOCKS (continued)	Shares Held		Value (000's)	INVESTMENT COMPANIES - 9.46%			Shares Held		Value (000's)

Savings & Loans - 0.05%				Publicly Traded Investment Fund - 9.46%
Hudson City Bancorp Inc	2,300	$	23	BlackRock Liquidity Funds FedFund Portfolio			9,203,304	$	9,203
People's United Financial Inc	1,472		23
	$		46	TOTAL INVESTMENT COMPANIES			$		9,203

Semiconductors - 2.80%				U.S. GOVERNMENT & GOVERNMENT		Principal
Altera Corp	1,457		54	AGENCY OBLIGATIONS - 0.26%		Amount (000's) Value (000's)
Analog Devices Inc	1,488		83	U.S. Treasury Bill - 0.26%
Applied Materials Inc	5,824		145		0.02%, 01/15/2015^(c),(d)	$	250	$	250
Avago Technologies Ltd	1,209		122
Broadcom Corp	2,575		111	TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
First Solar Inc ^(a)	359		16	OBLIGATIONS			$		250
Intel Corp	23,110		839	TOTAL PURCHASED OPTIONS - 0.13%			$		126
KLA-Tencor Corp	786		55	Total Investments			$		97,100
Lam Research Corp	760		60	Other Assets in Excess of Liabilities, Net - 0.14%			$		136
Linear Technology Corp	1,140		52	TOTAL NET ASSETS - 100.00%			$		97,236
Microchip Technology Inc	961		43
Micron Technology Inc ^(a)	5,131		180
NVIDIA Corp	2,468		49	(a)	Non-Income Producing Security
Qualcomm Inc	7,947		591	(b)	Security or a portion of the security was pledged to cover margin
Texas Instruments Inc	5,049		270		requirements for futures contracts. At the end of the period, the value of
Xilinx Inc	1,264		55		these securities totaled $723 or 0.74% of net assets.
	$		2,725	(c)	Rate shown is the discount rate of the original purchase.
Software - 3.79%				(d)	Security or a portion of the security was pledged to cover margin
Adobe Systems Inc ^(a)	2,265		165		requirements for options contracts. At the end of the period, the value of
Akamai Technologies Inc ^(a)	851		54		these securities totaled $250 or 0.26% of net assets.
Autodesk Inc ^(a)	1,088		65
CA Inc	1,531		47
Cerner Corp ^(a)	1,453		94		Portfolio Summary (unaudited)
Citrix Systems Inc ^(a)	769		49	Sector					Percent
Dun & Bradstreet Corp/The	172		21	Consumer, Non-cyclical					20.48	%
Electronic Arts Inc ^(a)	1,486		70
				Financial					15.27	%
Fidelity National Information Services Inc	1,356		84	Technology					12.10	%
Fiserv Inc ^(a)	1,166		83
				Communications					10.28	%
Intuit Inc	1,365		126	Exchange Traded Funds					9.85	%
Microsoft Corp ^(b)	39,399		1,830
				Industrial					9.36	%
Oracle Corp	15,462		695	Consumer, Cyclical					8.98	%
Paychex Inc	1,561		72	Energy					7.56	%
Red Hat Inc ^(a)	898		62
Salesforce.com Inc ^(a)	2,805		166	Utilities					2.90	%
				Basic Materials					2.65	%
	$		3,683	Government					0.26	%
Telecommunications - 2.90%				Purchased Options					0.13	%
AT&T Inc	24,793		833	Diversified					0.04	%
CenturyLink Inc	2,728		108	Other Assets in Excess of Liabilities, Net					0.14	%
Cisco Systems Inc	24,442		680	TOTAL NET ASSETS					100.00	%
Frontier Communications Corp	4,790		32
Harris Corp	500		36
Juniper Networks Inc	1,840		41
Level 3 Communications Inc ^(a)	1,333		66
Motorola Solutions Inc	1,013		68
Verizon Communications Inc	19,835		928
Windstream Holdings Inc	2,881		23
	$		2,815

Textiles - 0.05%
Mohawk Industries Inc ^(a)	296		46

Toys, Games & Hobbies - 0.08%
Hasbro Inc	541		30
Mattel Inc	1,620		50
	$		80

Transportation - 1.66%
CH Robinson Worldwide Inc	699		52
CSX Corp	4,758		172
Expeditors International of Washington Inc	923		41
FedEx Corp	1,259		219
Kansas City Southern	528		65
Norfolk Southern Corp	1,479		162
Ryder System Inc	254		24
Union Pacific Corp	4,250		506
United Parcel Service Inc	3,332		370
	$		1,611
TOTAL COMMON STOCKS	$		87,521


Schedule of Investments
LargeCap Value Account
December 31, 2014



COMMON STOCKS - 98.53%	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held	Value(000			's)

Aerospace & Defense - 5.84%				Iron & Steel - 0.53%
General Dynamics Corp	26,592	$	3,660	United States Steel Corp	34,017		$	910
Raytheon Co	23,288		2,519
United Technologies Corp	32,924		3,786	Media - 3.92%
	$		9,965	Comcast Corp - Class A	60,034			3,482
Agriculture - 2.76%				Time Warner Cable Inc	11,796			1,794
Archer-Daniels-Midland Co	54,282		2,823	Time Warner Inc	16,556			1,414
Philip Morris International Inc	23,183		1,888			$		6,690
	$		4,711	Miscellaneous Manufacturing - 1.54%
Airlines - 3.16%				Danaher Corp	29,546			2,532
Delta Air Lines Inc	38,692		1,903	General Electric Co	3,783			96
Southwest Airlines Co	82,433		3,489			$		2,628
	$		5,392	Office & Business Equipment - 0.65%
Automobile Parts & Equipment - 1.03%				Xerox Corp	79,572			1,103
Lear Corp	17,853		1,751
				Oil & Gas - 9.52%
Banks - 17.54%				Chevron Corp	11,184			1,255
Bank of America Corp	229,550		4,107	Cimarex Energy Co	12,385			1,313
Capital One Financial Corp	10,391		858	ConocoPhillips	37,856			2,614
Goldman Sachs Group Inc/The	22,976		4,453	EOG Resources Inc	12,853			1,183
Huntington Bancshares Inc/OH	148,014		1,557	Exxon Mobil Corp	81,305			7,517
JP Morgan Chase & Co	77,318		4,839	Tesoro Corp	27,096			2,015
KeyCorp	250,119		3,477	Valero Energy Corp	6,936			343
PNC Financial Services Group Inc/The	25,051		2,285			$		16,240
Wells Fargo & Co	152,519		8,361	Packaging & Containers - 0.21%
	$		29,937	Rock-Tenn Co	5,836			356
Biotechnology - 1.46%
Amgen Inc	15,641		2,491	Pharmaceuticals - 8.36%
				Cardinal Health Inc	51,694			4,173
Computers - 4.02%				Johnson & Johnson	26,624			2,784
Hewlett-Packard Co	45,803		1,838	Pfizer Inc	234,919			7,318
Lexmark International Inc	15,891		656			$		14,275
Western Digital Corp	39,509		4,374	REITS - 5.01%
	$		6,868	Duke Realty Corp	70,804			1,430
Diversified Financial Services - 1.92%				Extra Space Storage Inc	27,079			1,588
Discover Financial Services	50,133		3,283	General Growth Properties Inc	86,273			2,427
				Host Hotels & Resorts Inc	55,005			1,308
				Simon Property Group Inc	7,157			1,303
Electric - 7.08%				UDR Inc	16,232			500
Edison International	13,379		876			$		8,556
Entergy Corp	44,608		3,902
Exelon Corp	65,016		2,411	Retail - 2.37%
PPL Corp	59,683		2,168	Foot Locker Inc	38,818			2,181
Public Service Enterprise Group Inc	65,748		2,723	Macy's Inc ^(b)	28,264			1,858
	$		12,080			$		4,039

Engineering & Construction - 0.41%				Semiconductors - 3.80%
AECOM Technology Corp ^(a)	23,088		701	Broadcom Corp	47,271			2,048
				Intel Corp	122,337			4,440
						$		6,488
Food - 3.59%
Kroger Co/The	58,575		3,761	Software - 3.34%
Tyson Foods Inc	59,231		2,375	Electronic Arts Inc ^(a)	36,503			1,716
	$		6,136	Microsoft Corp	85,755			3,983
						$		5,699
Healthcare - Products - 0.89%
St Jude Medical Inc	23,410		1,522	Telecommunications - 0.38%
				AT&T Inc	19,374			651

Healthcare - Services - 3.50%
Aetna Inc	32,918		2,924	TOTAL COMMON STOCKS		$		168,173
Anthem Inc	24,257		3,048	INVESTMENT COMPANIES - 1.65%	Shares Held	Value(000			's)
	$		5,972	Publicly Traded Investment Fund - 1.65%
Insurance - 5.70%				BlackRock Liquidity Funds FedFund Portfolio	2,814,650			2,815
American International Group Inc	70,279		3,936
Berkshire Hathaway Inc - Class B ^(a)	13,670		2,053	TOTAL INVESTMENT COMPANIES		$		2,815
PartnerRe Ltd	19,254		2,197	Total Investments		$		170,988
Prudential Financial Inc	17,059		1,543	Liabilities in Excess of Other Assets, Net - (0.18)%		$		(315	)
	$		9,729	TOTAL NET ASSETS - 100.00%		$		170,673


				(a) Non-Income Producing Security


Schedule of Investments
MidCap Account
December 31, 2014



COMMON STOCKS - 100.18%	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held		Value (000's)

Aerospace & Defense - 1.61%				Insurance (continued)
Rockwell Collins Inc	51,348	$	4,338	Arch Capital Group Ltd ^(a)	58,797	$	3,475
TransDigm Group Inc	34,573		6,788	Brown & Brown Inc	246,089		8,099
	$		11,126	Loews Corp	294,862		12,390
				Markel Corp ^(a)	27,970		19,099
Banks - 1.14%				Progressive Corp/The	217,342		5,866
M&T Bank Corp	63,140		7,932	White Mountains Insurance Group Ltd	9,093		5,729
				Willis Group Holdings PLC	125,619		5,629
Building Materials - 1.12%					$		78,324
Martin Marietta Materials Inc	70,261		7,751	Internet - 4.43%
				Liberty Interactive Corp ^(a)	442,899		13,030
Chemicals - 5.21%				Liberty Ventures ^(a)	208,695		7,872
Air Products & Chemicals Inc	108,634		15,668	VeriSign Inc ^(a)	171,183		9,758
Airgas Inc	74,061		8,530		$		30,660
Ashland Inc	71,701		8,587
Ecolab Inc	31,371		3,279	Lodging - 1.35%
				Wyndham Worldwide Corp	67,392		5,780
	$		36,064	Wynn Resorts Ltd	24,229		3,604
Commercial Services - 7.17%					$		9,384
KAR Auction Services Inc	244,287		8,465
Live Nation Entertainment Inc ^(a)	216,718		5,658	Machinery - Diversified - 0.74%
Macquarie Infrastructure Co LLC	97,372		6,922	Roper Industries Inc	32,835		5,134
McGraw Hill Financial Inc	77,749		6,918
Moody's Corp	124,717		11,949	Media - 7.70%
Robert Half International Inc	58,317		3,405	Discovery Communications Inc - C Shares ^(a)	367,268		12,384
Verisk Analytics Inc ^(a)	99,210		6,354	FactSet Research Systems Inc	27,042		3,806
	$		49,671	Liberty Broadband Corp - A Shares ^(a)	40,946		2,051
				Liberty Broadband Corp - C Shares ^(a)	81,129		4,042
Distribution & Wholesale - 1.90%				Liberty Broadband Corp - Rights ^(a)	24,874		236
Fastenal Co	117,321		5,580	Liberty Global PLC - A Shares ^(a)	88,550		4,446
HD Supply Holdings Inc ^(a)	86,282		2,544	Liberty Global PLC - C Shares ^(a)	241,450		11,665
WW Grainger Inc	19,769		5,039	Liberty Media Corp - A Shares ^(a)	134,259		4,735
	$		13,163	Liberty Media Corp - C Shares ^(a)	255,580		8,953
				Tribune Media Co ^(a)	17,775		1,062
Diversified Financial Services - 2.74%
Charles Schwab Corp/The	322,573		9,738		$		53,380
FNF Group	236,639		8,152	Miscellaneous Manufacturing - 1.60%
FNFV Group ^(a)	68,982		1,086	Colfax Corp ^(a)	178,033		9,181
	$		18,976	Donaldson Co Inc	48,869		1,888
Electric - 1.56%					$		11,069
Brookfield Infrastructure Partners LP	146,969		6,153	Oil & Gas - 3.15%
Brookfield Renewable Energy Partners LP/CA	53,698		1,661	Cimarex Energy Co	56,278		5,965
Calpine Corp ^(a)	134,967		2,987
				EOG Resources Inc	82,867		7,630
	$		10,801	Hess Corp	111,510		8,232
Electronics - 0.93%					$		21,827
Sensata Technologies Holding NV ^(a)	122,761		6,434
				Pharmaceuticals - 4.17%
				Mead Johnson Nutrition Co	92,116		9,261
Engineering & Construction - 1.02%				Valeant Pharmaceuticals International Inc ^(a)	117,489		16,814
SBA Communications Corp ^(a)	64,128		7,103	Zoetis Inc	66,059		2,843
					$		28,918

Forest Products & Paper - 0.35%				Pipelines - 2.95%
MeadWestvaco Corp	54,122		2,403	Kinder Morgan Inc/DE	261,358		11,058
				Kinder Morgan Inc/DE - Warrants ^(a)	90,999		388
				Williams Cos Inc/The	199,867		8,982
Healthcare - Products - 3.13%					$		20,428
Becton Dickinson and Co	56,571		7,873
CR Bard Inc	56,895		9,480	Private Equity - 0.63%
DENTSPLY International Inc	80,838		4,306	Onex Corp	75,141		4,385
	$		21,659

Healthcare - Services - 1.20%				Real Estate - 6.81%
Laboratory Corp of America Holdings ^(a)	76,992		8,307	Brookfield Asset Management Inc	554,389		27,792
				Brookfield Property Partners LP	98,922		2,262
				CBRE Group Inc ^(a)	202,763		6,945
Holding Companies - Diversified - 3.43%				Forest City Enterprises Inc ^(a)	289,639		6,169
Leucadia National Corp	361,167		8,097	Howard Hughes Corp/The ^(a)	30,906		4,031
Liberty TripAdvisor Holdings Inc ^(a)	137,825		3,708
Restaurant Brands International Inc ^(a)	303,142		11,835		$		47,199
Restaurant Brands International LP ^(a)	3,001		113	REITS - 1.79%
	$		23,753	Crown Castle International Corp	157,213		12,373

Insurance - 11.30%
Alleghany Corp ^(a)	7,516		3,484	Retail - 12.03%
Aon PLC	153,466		14,553	AutoZone Inc ^(a)	18,938		11,725


COMMON STOCKS (continued)	Shares Held	Value(000			's)

Retail (continued)
CarMax Inc ^(a)	157,478		$	10,485
Copart Inc ^(a)	144,615			5,277
Dollar General Corp ^(a)	133,247			9,420
O'Reilly Automotive Inc ^(a)	118,532			22,832
Ross Stores Inc	73,823			6,958
TJX Cos Inc/The	242,574			16,636
		$		83,333

Semiconductors - 1.22%
Microchip Technology Inc	187,368			8,452

Software - 4.51%
Adobe Systems Inc ^(a)	111,353			8,095
Fidelity National Information Services Inc	169,049			10,515
Intuit Inc	98,694			9,099
MSCI Inc	74,927			3,554
		$		31,263

Telecommunications - 2.07%
EchoStar Corp ^(a)	94,871			4,981
Motorola Solutions Inc	139,327			9,346
		$		14,327

Textiles - 1.22%
Mohawk Industries Inc ^(a)	54,386			8,449

TOTAL COMMON STOCKS		$		694,048
INVESTMENT COMPANIES - 0.02%	Shares Held	Value(000			's)

Publicly Traded Investment Fund - 0.02%
BlackRock Liquidity Funds FedFund Portfolio	155,350			155

TOTAL INVESTMENT COMPANIES		$		155
Total Investments		$		694,203
Liabilities in Excess of Other Assets, Net - (0.20)%		$		(1,407	)
TOTAL NET ASSETS - 100.00%		$		692,796


(a) Non-Income Producing Security



Portfolio Summary (unaudited)

Sector				Percent
Financial				24.42	%
Consumer, Cyclical				16.50	%
Consumer, Non-cyclical				15.67	%
Communications				14.19	%
Industrial				7.02	%
Energy				6.10	%
Technology				5.73	%
Basic Materials				5.56	%
Diversified				3.43	%
Utilities				1.56	%
Exchange Traded Funds				0.02	%
Liabilities in Excess of Other Assets, Net				(0.20	)%
TOTAL NET ASSETS				100.00	%


Schedule of Investments
Money Market Account
December 31, 2014



	INVESTMENT COMPANIES - 6.71%			Shares Held		Value (000's)				Principal
							BONDS (continued)			Amount (000's)		Value (000's)
	Publicly Traded Investment Fund - 6.71%
	BlackRock Liquidity Funds TempFund			5,000,000	$	5,000	Other Asset Backed Securities (continued)
	Portfolio						GE Equipment Transportation LLC Series
	Deutsche Money Market Series			4,800,000		4,800	2014-1
	Morgan Stanley Institutional Liquidity Funds -			3,860,000		3,860	0.20%, 06/23/2015^(a)		$	316	$	317
	Government Portfolio						Macquarie Equipment Funding Trust 2014-A
	STIT - Liquid Assets Portfolio			5,120,000		5,120	0.26%, 09/21/2015^(b)			949		949
				$		18,780				$		4,098
	TOTAL INVESTMENT COMPANIES			$		18,780	TOTAL BONDS			$		23,015
				Principal						Principal
BONDS	- 8.22	%		Amount (000's) Value (000's)			MUNICIPAL BONDS - 7.16%			Amount (000's) Value (000's)

	Automobile Asset Backed Securities - 4.69%						California - 0.09%
	Ally Auto Receivables Trust 2014-2						California Statewide Communities
	0.20%, 10/15/2015^(a)		$	899	$	899	Development Authority (credit support from
	Ally Auto Receivables Trust 2014-SN2						Fannie Mae)
	0.25%, 10/20/2015^(a)			1,073		1,073	0.14%, 01/08/2015^(d)		$	250	$	250
	AmeriCredit Automobile Receivables Trust
	2014-2						Colorado - 0.86%
	0.21%, 06/08/2015^(a)			14		14
							City of Colorado Springs CO Utilities System
	ARI Fleet Lease Trust 2014-A
	0.25%, 04/15/2015(a),(b)			207		207	Revenue (credit support from Bank of
							America)
	Bank of The West Auto Trust 2014-1						0.16%, 01/08/2015^(d)			1,600		1,600
	0.25%, 11/16/2015^(b)			1,504		1,504
							Colorado Housing & Finance
	Chrysler Capital Auto Receivables Trust 2014-						Authority (credit support from Federal Home
	B						Loan Bank)
	0.20%, 10/15/2015^(a),(b)			1,150		1,150	0.10%, 01/08/2015^(a),(d)			800		800
	Enterprise Fleet Financing LLC									$		2,400
	0.25%, 08/20/2015^(b)			548		548
	Ford Credit Auto Owner Trust 2014-C						Illinois - 0.07%
	0.23%, 12/15/2015^(b)			1,612		1,612	Memorial Health System/IL (credit support
	GM Financial Automobile Leasing Trust						from JP Morgan Chase & Co)
	2014-2						0.08%, 01/08/2015^(d)			200		200
	0.25%, 09/21/2015^(b)			235		235
	Nissan Auto Lease Trust 2014-B
	0.20%, 10/15/2015^(a)			1,367		1,367	Indiana - 0.14%
							Ball State University Foundation Inc (credit
	Santander Drive Auto Receivables Trust 2014-						support from US Bank)
	5						0.10%, 01/02/2015^(d)			400		400
	0.27%, 12/15/2015			1,433		1,433
	Volkswagen Auto Loan Enhanced Trust 2014-
	2						Iowa- 0.21	%
	0.20%, 10/20/2015^(a)			1,146		1,146	Iowa Finance Authority (credit support from
	Wheels SPV 2 LLC						FHLB 100%, Fannie Mae 78.25% and Ginnie
	0.24%, 05/20/2015^(a),(b)			355		355	Mae 21.75%)
	World Omni Auto Receivables Trust 2014-B						0.12%, 01/08/2015^(d)			600		600
	0.23%, 11/16/2015			773		773
	World Omni Automobile Lease Securitization
	Trust 2014-A						Minnesota - 0.50%
							Minnesota Housing Finance Agency (credit
	0.20%, 10/09/2015			801		801	support from State Street Bank & Trust)
				$		13,117	0.16%, 01/08/2015^(d)			1,400		1,400
Banks	- 0.64	%
	Wells Fargo Bank NA						New Mexico - 0.43%
	0.39%, 01/22/2016^(a)			1,800		1,800
							Village of Los Lunas NM (credit support from
							Wells Fargo)
	Diversified Financial Services - 0.71%						0.21%, 01/08/2015^(d)			1,200		1,200
	MetLife Inc
	0.30%, 08/17/2015^(a),(c)			2,000		2,000
							New York - 3.19%
							Housing Development Corp/NY (credit
	Insurance - 0.72%						support from Fannie Mae)
	New York Life Global						0.08%, 01/08/2015^(d)			2,150		2,150
	0.22%, 07/24/2015^(a),(c)			2,000		2,000	Housing Development Corp/NY (credit
							support from Freddie Mac)
							0.08%, 01/08/2015^(d)			1,320		1,320
	Other Asset Backed Securities - 1.46%						New York State Housing Finance
	CIT Equipment Collateral 2014-VT1						Agency (credit support from Fannie Mae)
	0.30%, 12/21/2015^(a),(b)			1,596		1,596	0.07%, 01/08/2015^(d)			900		900
	Dell Equipment Finance Trust 2014-1						0.09%, 01/08/2015^(d)			1,560		1,560
	0.26%, 08/14/2015^(b)			712		712	0.19%, 01/08/2015^(d)			1,700		1,700
	GE Equipment Midticket LLC Series 2014-1						New York State Housing Finance
	0.20%, 09/22/2015^(a)			339		339
							Agency (credit support from Freddie Mac)
	GE Equipment Small Ticket LLC Series 2014-						0.07%, 01/08/2015^(d)			1,300		1,300
	1									$		8,930
	0.25%, 04/24/2015^(a),(b)			185		185


Schedule of Investments
Money Market Account
December 31, 2014



				Principal					Principal
	MUNICIPAL BONDS (continued)			Amount (000's)		Value (000's)	COMMERCIAL PAPER (continued)		Amount (000's)		Value (000's)

	North Carolina - 0.30%						Banks (continued)
	City of Raleigh NC (credit support from						Mizuho Funding LLC (credit support from
	Wachovia Bank NA)						Mizuho Corp Bank Ltd)
	0.16%, 01/08/2015^(d)		$	840	$	840	0.21%, 02/18/2015^(b),(d)	$	2,000	$	1,999
							MUFG Union Bank NA
							0.18%, 02/06/2015		2,100		2,100
Ohio	- 0.36	%					Nordea Bank AB
	Ohio Higher Educational Facility						0.14%, 01/27/2015^(b),(e)		2,000		2,000
	Commission (credit support from US Bank)						0.20%, 03/23/2015^(b),(e)		2,200		2,199
	0.12%, 01/08/2015^(d)			1,000		1,000
							PNC Bank NA
							0.28%, 06/22/2015		1,600		1,598
	Pennsylvania - 0.28%						Skandinaviska Enskilda Banken AB
	Luzerne County Industrial Development						0.17%, 02/11/2015^(b),(e)		1,965		1,965
	Authority (credit support from Wells Fargo)						0.17%, 05/01/2015^(b),(e)		2,200		2,199
	0.21%, 01/08/2015^(d)			770		770	0.22%, 01/08/2015^(b),(e)		2,000		2,000
							Societe Generale SA
							0.28%, 03/03/2015^(b),(e)		2,100		2,099
Texas	- 0.57	%					Standard Chartered Bank/New York
	South Central Texas Industrial Development						0.20%, 03/11/2015^(b)		2,200		2,199
	Corp (credit support from JP Morgan Chase &						0.21%, 02/17/2015^(b)		2,000		1,999
	Co)						0.22%, 04/22/2015^(b)		1,300		1,299
	0.07%, 01/08/2015^(d)			1,600		1,600
							Sumitomo Mitsui Banking Corp
							0.13%, 01/02/2015^(b),(e)		2,300		2,300
	Washington - 0.16%						0.17%, 01/02/2015^(b),(e)		2,000		2,000
	Washington State Housing Finance						0.22%, 03/24/2015^(b),(e)		2,200		2,199
	Commission (credit support from Bank of						United Overseas Bank Ltd
	America)						0.21%, 04/13/2015^(b),(e)		2,200		2,199
	0.13%, 01/08/2015^(d)			440		440			$		60,346

	TOTAL MUNICIPAL BONDS			$		20,030	Beverages - 0.72%
							Brown-Forman Corp
				Principal			0.16%, 01/13/2015^(b)		2,000		2,000
	COMMERCIAL PAPER - 69.94%			Amount (000's)		Value (000's)

	Automobile Manufacturers - 2.89%
	PACCAR Financial Corp (credit support from						Diversified Financial Services - 27.67%
							Alpine Securitization Corp
	PACCAR Inc)						0.18%, 02/10/2015^(b)		2,000		1,999
	0.15%, 01/27/2015^(d)		$	2,200	$	2,200
							0.19%, 02/03/2015^(b)		1,200		1,200
	0.16%, 02/06/2015^(d)			1,500		1,500
							0.22%, 02/12/2015^(b)		1,000		1,000
	Toyota Financial Services de Puerto Rico						0.26%, 04/01/2015^(b)		2,100		2,099
	Inc (credit support from Toyota Financial						Anglesea Funding LLC
	Services)						0.20%, 01/08/2015^(b)		2,100		2,100
	0.18%, 02/13/2015^(d)			2,200		2,199
							AXA Financial Inc (credit support from AXA
	Toyota Motor Credit Corp						SA)
	0.13%, 01/29/2015			2,200		2,200	0.20%, 01/29/2015^(b),(d)		1,150		1,150
				$		8,099	BNP Paribas Finance Inc (credit support from
Banks	- 21.56	%					BNP Paribas)
	Bank of America NA						0.18%, 02/04/2015^(d)		2,300		2,299
	0.19%, 03/17/2015			2,000		2,000	0.20%, 02/17/2015^(d)		1,300		1,300
	Bank of Tokyo-Mitsubishi UFJ Ltd/New York						0.22%, 02/06/2015^(d)		1,000		1,000
	NY						0.25%, 03/12/2015^(d)		2,200		2,199
	0.14%, 01/02/2015			2,300		2,300	Collateralized Commercial Paper Co LLC
	0.22%, 04/29/2015			2,200		2,198	0.15%, 01/05/2015		1,000		1,000
	Barclays Bank PLC						0.20%, 02/24/2015		2,200		2,199
	0.22%, 01/09/2015			1,800		1,800	0.22%, 03/02/2015		1,500		1,499
	Credit Suisse/New York NY						Collateralized Commercial Paper II Co LLC
	0.26%, 03/06/2015			2,000		1,999	0.18%, 01/23/2015^(b)		2,000		2,000
	0.26%, 04/16/2015			1,400		1,399	CRC Funding LLC
	0.26%, 04/21/2015			2,100		2,098	0.20%, 03/31/2015^(b)		2,200		2,199
	DNB Bank ASA						Dealers Capital Access Trust Inc
	0.20%, 01/16/2015^(b),(e)			2,000		2,000	0.22%, 01/20/2015		2,200		2,200
	HSBC USA Inc						0.29%, 01/16/2015		2,000		2,000
	0.20%, 01/22/2015			1,700		1,700	0.30%, 01/23/2015		2,100		2,099
	KFW (credit support from Republic of						Fairway Finance LLC
	Germany)						0.14%, 01/12/2015^(b)		1,400		1,400
	0.09%, 01/02/2015^(b),(d),(e)			2,100		2,100	Gotham Funding Corp
	Manhattan Asset Funding Co LLC						0.15%, 01/06/2015^(b)		2,000		2,000
	0.19%, 02/19/2015^(b)			2,200		2,199	0.18%, 02/02/2015^(b)		2,200		2,200
	0.20%, 01/21/2015^(b)			2,200		2,200	ING US Funding LLC (credit support from
	0.21%, 02/27/2015^(b)			2,000		1,999	ING Bank)
	Mitsubishi UFJ Trust & Banking Corp/NY						0.19%, 02/05/2015^(d)		2,000		1,999
	0.18%, 01/08/2015^(b)			2,000		2,000	0.20%, 02/02/2015^(d)		2,000		2,000
							0.29%, 02/20/2015^(d)		2,000		1,999


Schedule of Investments
Money Market Account
December 31, 2014



				Principal						Principal
	COMMERCIAL PAPER (continued)			Amount (000's) Value (000's)			COMMERCIAL PAPER (continued)		Amount (000's)		Value(000			's)

	Diversified Financial Services (continued)						Retail - 2.14%
	JP Morgan Securities LLC						Army and Air Force Exchange Service
	0.20%, 02/03/2015^(b)		$	2,100	$	2,099		0.12%, 01/02/2015^(b)	$	6,000		$	6,000
	0.21%, 03/30/2015^(b)			2,000		1,999
	0.22%, 03/17/2015^(b)			1,700		1,699
	Liberty Street Funding LLC						Telecommunications - 1.94%
	0.14%, 01/23/2015^(b)			2,000		2,000	Telstra Corp Ltd
								0.14%, 01/20/2015^(b)		1,500			1,500
	0.17%, 01/13/2015^(b)			2,200		2,200
								0.16%, 01/09/2015^(b)		1,740			1,740
	0.17%, 01/20/2015^(b)			2,000		2,000
								0.22%, 03/23/2015^(b)		2,200			2,199
	National Rural Utilities Cooperative Finance
	Corp										$		5,439
	0.15%, 01/28/2015			2,000		2,000	TOTAL COMMERCIAL PAPER				$		195,714
	0.15%, 01/30/2015			2,100		2,100				Principal
	0.19%, 02/06/2015			2,200		2,200	CERTIFICATE OF DEPOSIT - 2.00%		Amount (000's)		Value(000			's)
	Nieuw Amsterdam Receivables Corp						Banks - 2.00%
	0.15%, 01/07/2015^(b)			2,200		2,200	Bank of America NA
	0.15%, 02/04/2015^(b)			2,000		2,000		0.21%, 04/14/2015		2,200			2,200
	0.17%, 02/09/2015^(b)			2,000		2,000	Bank of Nova Scotia/Houston
	Rabobank USA Financial Corp (credit support							0.39%, 01/11/2016^(a),(e)		1,400			1,400
	from Rabobank Nederland)						Citibank NA
	0.21%, 01/05/2015^(d)			2,000		2,000		0.19%, 02/23/2015		2,000			2,000
	Regency Markets No. 1 LLC										$		5,600
	0.18%, 01/26/2015^(b)			2,100		2,100
							TOTAL CERTIFICATE OF DEPOSIT				$		5,600
	Sheffield Receivables Corp
	0.13%, 03/09/2015^(b)			2,200		2,199
	0.18%, 02/10/2015^(b)			2,000		1,999	REPURCHASE AGREEMENTS - 4.29%		Maturity Amount (000's)		Value(000			's)
	0.19%, 02/18/2015^(b)			1,500		1,499	Banks - 4.29%
				$		77,434	Merrill Lynch Repurchase Agreement; 0.05% $			12,000	$		12,000
								dated 12/31/2014 maturing 01/02/2015
	Electric - 5.15%							(collateralized by US Government
	GDF Suez							Security; $12,240,000; 2.00%; dated
	0.14%, 01/22/2015^(b)			2,300		2,300
	0.15%, 01/13/2015^(b)			2,100		2,100		07/31/20)
	0.17%, 02/26/2015^(b)			2,000		1,999
							TOTAL REPURCHASE AGREEMENTS				$		12,000
	Oglethorpe Power Corp
	0.15%, 01/14/2015(b)			2,000		2,000	Total Investments				$		275,139
	0.18%, 01/15/2015^(b)			2,000		2,000	Other Assets in Excess of Liabilities, Net - 1.68%				$		4,698
	Southern Co Funding Corp						TOTAL NET ASSETS - 100.00%				$		279,837
	0.20%, 01/07/2015^(b)			1,800		1,800
	0.25%, 01/06/2015^(b)			2,200		2,200
							(a)	Variable Rate. Rate shown is in effect at December 31, 2014.
				$		14,399	(b)	Security exempt from registration under Rule 144A of the Securities Act of
	Electrical Components & Equipment - 0.75%							1933. These securities may be resold in transactions exempt from
	Emerson Electric Co							registration, normally to qualified institutional buyers. At the end of the
	0.16%, 03/04/2015^(b)			2,100		2,099		period, the value of these securities totaled $143,084 or 51.13% of net
								assets.
							(c)	Security is Illiquid
	Insurance - 2.18%						(d)	Credit support indicates investments that benefit from credit enhancement
	Prudential PLC							or liquidity support provided by a third party bank, institution, or
	0.16%, 01/07/2015^(b)			2,000		2,000
	0.17%, 02/02/2015^(b)			1,800		1,800		government agency.
	0.18%, 02/17/2015^(b)			2,300		2,299	(e)	Security issued by foreign bank and denominated in USD.
				$		6,099

	Miscellaneous Manufacturing - 1.86%							Portfolio Summary (unaudited)
	Dover Corp						Sector						Percent
	0.12%, 01/06/2015^(b)			1,500		1,500
							Financial						60.49	%

	Illinois 0.11%, Tool 01/02/2015 Works Inc (b)			3,700		3,700	Insured						7.16	%
							Exchange Traded Funds						6.71	%
				$		5,200	Asset Backed Securities						6.15	%
	Oil & Gas - 0.82%						Utilities						5.15	%
	Exxon Mobil Corp						Consumer, Cyclical						5.03	%
	0.13%, 02/09/2015			2,300		2,299	Industrial						2.61	%
							Energy						2.36	%
							Communications						1.94	%
	Pipelines - 1.54%						Consumer, Non-cyclical						0.72	%
	Questar Corp						Other Assets in Excess of Liabilities, Net						1.68	%
	0.15%, 01/05/2015^(b)			2,300		2,300
	0.18%, 01/12/2015^(b)			2,000		2,000	TOTAL NET ASSETS						100.00	%
				$		4,300

REITS	- 0.72	%
	Simon Property Group LP
	0.15%, 01/21/2015^(b)			2,000		2,000


Schedule of Investments
Principal Capital Appreciation Account
December 31, 2014



COMMON STOCKS - 98.34%	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held		Value (000's)

Aerospace & Defense - 2.38%				Cosmetics & Personal Care - 0.84%
Boeing Co/The	3,994	$	519	Procter & Gamble Co/The	3,684	$	335
Northrop Grumman Corp	1,485		219
Teledyne Technologies Inc ^(a)	2,087		214
				Distribution & Wholesale - 0.46%
	$		952	Pool Corp	2,894		184
Airlines - 0.39%
Alaska Air Group Inc	1,617		97	Diversified Financial Services - 3.66%
Cathay Pacific Airways Ltd ADR	5,501		59	Ameriprise Financial Inc	1,361		180
	$		156	Charles Schwab Corp/The	14,386		434
Apparel - 2.18%				FNF Group	5,981		206
Nike Inc	6,723		646	Franklin Resources Inc	8,183		453
Ralph Lauren Corp	1,234		229	T Rowe Price Group Inc	2,240		193
	$		875		$		1,466

Automobile Manufacturers - 1.01%				Electric - 1.17%
Nissan Motor Co Ltd ADR	1,180		21	Duke Energy Corp	2,074		173
PACCAR Inc	5,636		383	Edison International	2,285		150
	$		404	Xcel Energy Inc	4,022		144
					$		467
Automobile Parts & Equipment - 1.40%
Autoliv Inc	2,105		223	Electronics - 2.92%
Johnson Controls Inc	6,965		337	Corning Inc	8,443		194
	$		560	FEI Co	1,291		117
				FLIR Systems Inc	2,088		67
Banks - 7.22%				Thermo Fisher Scientific Inc	2,379		298
City National Corp/CA	1,914		155	Trimble Navigation Ltd ^(a)	4,279		114
East West Bancorp Inc	5,061		196	Waters Corp ^(a)	3,393		382
Goldman Sachs Group Inc/The	1,018		197		$		1,172
JP Morgan Chase & Co	7,294		457
PNC Financial Services Group Inc/The	3,503		320	Engineering & Construction - 0.57%
State Street Corp	1,965		154	Granite Construction Inc	2,364		90
SVB Financial Group ^(a)	1,775		206	Jacobs Engineering Group Inc ^(a)	3,092		138
US Bancorp/MN	8,857		398		$		228
Wells Fargo & Co	14,800		811	Environmental Control - 0.46%
	$		2,894	Waste Connections Inc	4,233		186
Beverages - 1.76%
Ambev SA ADR	13,866		86	Food - 2.86%
Brown-Forman Corp	2,003		176	Dairy Farm International Holdings Ltd ADR	2,429		109
Coca-Cola Co/The	7,353		310	Darling Ingredients Inc ^(a)	2,145		39
PepsiCo Inc	1,422		135	General Mills Inc	4,093		218
	$		707	Kroger Co/The	5,401		347
Biotechnology - 0.87%				McCormick & Co Inc/MD	2,769		206
Gilead Sciences Inc(a)	3,717		350	Whole Foods Market Inc	4,530		228
					$		1,147

Building Materials - 0.52%				Gas - 1.66%
Apogee Enterprises Inc	3,973		168	Sempra Energy	5,962		664
Simpson Manufacturing Co Inc	1,108		39
	$		207	Healthcare - Products - 2.54%
				Becton Dickinson and Co	2,101		292
Chemicals - 2.49%				Bio-Techne Corp	1,850		171
Axiall Corp	1,732		74	Edwards Lifesciences Corp ^(a)	1,577		201
EI du Pont de Nemours & Co	3,820		282	Halyard Health Inc ^(a)	1,923		88
FMC Corp	2,782		159

International Flavors & Fragrances Inc	2,351		238	Medtronic Inc	1,622		117
PPG Industries Inc	1,055		244	Varian Medical Systems Inc ^(a)	1,702		147
	$		997		$		1,016
				Healthcare - Services - 1.32%
Commercial Services - 0.65%				DaVita HealthCare Partners Inc ^(a)	3,084		233
Robert Half International Inc	2,455		144
TrueBlue Inc ^(a)	5,315		118	Universal Health Services Inc	2,648		295
	$		262		$		528
				Housewares - 0.35%
Computers - 5.28%				Tupperware Brands Corp	2,219		140
Apple Inc	11,643		1,285
EMC Corp/MA	13,314		396
International Business Machines Corp	2,183		350	Insurance - 2.76%
Teradata Corp ^(a)	1,928		84	ACE Ltd	2,371		272
	$		2,115	Chubb Corp/The	600		62
				HCC Insurance Holdings Inc	6,390		342
Consumer Products - 0.69%				MetLife Inc	2,835		153
Kimberly-Clark Corp	912		105	StanCorp Financial Group Inc	812		57
WD-40 Co	2,020		172	XL Group PLC	6,390		220
	$		277		$		1,106


Schedule of Investments
Principal Capital Appreciation Account
December 31, 2014



COMMON STOCKS (continued)	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held		Value (000's)

Internet - 2.61%				REITS - 3.49%
Amazon.com Inc ^(a)	973	$	302	Alexandria Real Estate Equities Inc	2,668	$	237
eBay Inc ^(a)	2,987		168	Annaly Capital Management Inc	2,495		27
Google Inc - A Shares ^(a)	552		293	Essex Property Trust Inc	828		171
Google Inc - C Shares ^(a)	472		248	HCP Inc	4,413		194
LinkedIn Corp ^(a)	156		36	Plum Creek Timber Co Inc	5,506		236
	$		1,047	Sabra Health Care REIT Inc	3,072		93
				Ventas Inc	2,847		204
Iron & Steel - 0.79%				Weyerhaeuser Co	6,619		238
Reliance Steel & Aluminum Co	3,249		199		$		1,400
Schnitzer Steel Industries Inc	5,258		119
	$		318	Retail - 6.46%
				Copart Inc ^(a)	6,281		229
Leisure Products & Services - 0.72%				Costco Wholesale Corp	4,893		694
Carnival Corp	2,450		111	CVS Health Corp	4,605		443
Harley-Davidson Inc	2,664		176	Home Depot Inc/The	2,559		269
	$		287	Nordstrom Inc	5,876		466
Lodging - 0.09%				Starbucks Corp	5,958		489
Red Lion Hotels Corp ^(a)	5,566		35		$		2,590
				Savings & Loans - 0.57%
Machinery - Construction & Mining - 0.31%				Washington Federal Inc	10,325		229
Caterpillar Inc	1,362		125
				Semiconductors - 3.84%
Machinery - Diversified - 0.90%				Altera Corp	5,618		208
AGCO Corp	1,036		47	Applied Materials Inc	8,773		219
Deere & Co	3,544		313	Avago Technologies Ltd	1,433		144
	$		360	Intel Corp	7,809		283
				Lam Research Corp	3,076		244
Media - 2.36%				Microchip Technology Inc	5,330		240
Discovery Communications Inc - A Shares ^(a)	1,770		61	Qualcomm Inc	2,704		201
Viacom Inc	3,389		255		$		1,539
Walt Disney Co/The	6,693		630
	$		946	Software - 6.64%
				Adobe Systems Inc ^(a)	7,564		550
Metal Fabrication & Hardware - 0.55%				Autodesk Inc ^(a)	2,695		162
Precision Castparts Corp	908		219	Fair Isaac Corp	3,532		255
				Informatica Corp ^(a)	3,781		144
Mining - 0.29%				Microsoft Corp	15,380		715
Freeport-McMoRan Inc	5,046		118	Omnicell Inc ^(a)	3,543		117
				Oracle Corp	11,986		539
				Tyler Technologies Inc ^(a)	1,627		178
Miscellaneous Manufacturing - 1.86%					$		2,660
AptarGroup Inc	3,299		220
Crane Co	2,403		141	Telecommunications - 2.24%
General Electric Co	15,150		383	China Mobile Ltd ADR	2,852		168
	$		744	Cisco Systems Inc	7,550		210
				Polycom Inc ^(a)	5,714		77
Oil & Gas - 6.22%				Verizon Communications Inc	9,491		444
Apache Corp	4,288		269		$		899
California Resources Corp ^(a)	1,092		6
Chevron Corp	5,507		618	Toys, Games & Hobbies - 0.67%
Devon Energy Corp	3,879		237	Hasbro Inc	2,687		148
Energen Corp	2,230		142	Mattel Inc	3,876		120
Exxon Mobil Corp	8,249		763		$		268
HollyFrontier Corp	2,347		88
Occidental Petroleum Corp	4,605		371	Transportation - 1.59%
				Expeditors International of Washington Inc	6,512		291
	$		2,494	Union Pacific Corp	2,916		347
Oil & Gas Services - 0.64%					$		638
Natural Gas Services Group Inc ^(a)	4,159		96
Schlumberger Ltd	1,905		162	Trucking & Leasing - 0.20%
	$		258	Greenbrier Cos Inc/The	1,519		82

Pharmaceuticals - 6.71%				Water - 0.18%
Abbott Laboratories	4,605		207	California Water Service Group	3,007		74
AbbVie Inc	4,984		326
Actavis PLC ^(a)	679		175
Allergan Inc/United States	1,788		380	TOTAL COMMON STOCKS	$		39,414
Bristol-Myers Squibb Co	4,476		264
Johnson & Johnson	4,140		433
McKesson Corp	2,961		615
Teva Pharmaceutical Industries Ltd ADR	2,229		128
VCA Inc ^(a)	3,292		161
	$		2,689

Schedule of Investments
Principal Capital Appreciation Account
December 31, 2014

Schedule of Investments
Principal LifeTime 2010 Account
December 31, 2014


INVESTMENT COMPANIES - 100.01%	Shares Held		Value (000's)

Principal Funds, Inc. Institutional Class - 66.78%
Bond Market Index Fund ^(a)	326,944	$	3,593
Diversified International Fund ^(a)	193,748		2,203
Diversified Real Asset Fund ^(a)	135,027		1,630
Equity Income Fund ^(a)	90,261		2,410
Global Diversified Income Fund ^(a)	156,226		2,184
Global Multi-Strategy Fund ^(a)	114,677		1,258
Global Opportunities Fund ^(a)	74,398		867
High Yield Fund I ^(a)	133,933		1,355
Inflation Protection Fund ^(a)	281,441		2,381
International Emerging Markets Fund ^(a)	31,149		721
LargeCap Growth Fund I ^(a)	214,256		2,665
LargeCap S&P 500 Index Fund ^(a)	125,115		1,805
LargeCap Value Fund ^(a)	84,232		1,071
LargeCap Value Fund III ^(a)	112,586		1,774
MidCap Fund ^(a)	97,720		2,141
Overseas Fund ^(a)	209,210		2,155
SmallCap Growth Fund I ^(a)	56,477		671
SmallCap Value Fund II ^(a)	54,911		710
	$		31,594

Principal Variable Contracts Funds, Inc. Class 1 - 33.23%
Bond & Mortgage Securities Account ^(a)	922,569		10,573
Short-Term Income Account ^(a)	1,988,097		5,149
	$		15,722
TOTAL INVESTMENT COMPANIES	$		47,316
Total Investments	$		47,316
Liabilities in Excess of Other Assets, Net - (0.01)%	$		(4	)
TOTAL NET ASSETS - 100.00%	$		47,312


Schedule of Investments
Principal LifeTime 2010 Account
December 31, 2014


	December 31,		December 31,								December 31,		December 31,
Affiliated Securities	2013		2013	Purchases		Purchases	Sales			Sales	2014		2014
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Bond & Mortgage Securities Account	457,161	$	5,533	590,531	$	6,748	125,123		$	1,438	922,569	$	10,844
Bond Market Index Fund	392,461		4,207	457,741		5,044	523,258			5,732	326,944		3,639
Core Plus Bond Fund I	465,746		4,981	68,791		758	534,537			5,993	—		—
Diversified International Fund	201,221		2,768	25,293		300	32,766			393	193,748		2,685
Diversified Real Asset Fund	141,127		1,464	22,060		275	28,160			356	135,027		1,400
Equity Income Fund	93,587		1,774	13,647		343	16,973			433	90,261		1,711
Global Diversified Income Fund	155,487		1,672	32,082		464	31,343			459	156,226		1,682
Global Multi-Strategy Fund	120,019		1,244	19,722		216	25,064			276	114,677		1,188
Global Opportunities Fund	69,797		745	15,097		182	10,496			133	74,398		801
High Yield Fund I	133,559		1,316	25,649		270	25,275			266	133,933		1,320
Inflation Protection Fund	273,001		2,194	65,018		555	56,578			488	281,441		2,265
International Emerging Markets Fund	32,104		930	3,794		92	4,749			116	31,149		900
LargeCap Growth Fund I	250,912		2,914	46,221		578	82,877			1,076	214,256		2,490
LargeCap S&P 500 Index Fund	175,208		2,032	19,215		259	69,308			929	125,115		1,455
LargeCap Value Fund	86,562		1,089	18,495		239	20,825			278	84,232		1,058
LargeCap Value Fund III	136,391		1,851	16,902		253	40,707			607	112,586		1,528
MidCap Fund	111,846		1,668	16,072		339	30,198			640	97,720		1,474
Overseas Fund	204,518		1,916	37,700		423	33,008			388	209,210		1,954
Short-Term Income Account	1,371,785		3,462	947,889		2,453	331,577			863	1,988,097		5,053
SmallCap Growth Fund I	55,595		480	15,003		185	14,121			203	56,477		484
SmallCap Value Fund II	58,535		476	11,122		146	14,746			204	54,911		453
		$	44,716		$	20,122			$	21,271		$	44,384


						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Bond & Mortgage Securities Account	$		172	$			1			$			—
Bond Market Index Fund			76				120						—
Core Plus Bond Fund I			—				254						—
Diversified International Fund			35				10						—
Diversified Real Asset Fund			26				17						9
Equity Income Fund			52				27						—
Global Diversified Income Fund			116				5						38
Global Multi-Strategy Fund			15				4						16
Global Opportunities Fund			61				7						29
High Yield Fund I			81				—						8
Inflation Protection Fund			32				4						—
International Emerging Markets Fund			13				(6	)					—
LargeCap Growth Fund I			31				74						223
LargeCap S&P 500 Index Fund			33				93						—
LargeCap Value Fund			66				8						53
LargeCap Value Fund III			31				31						13
MidCap Fund			9				107						98
Overseas Fund			74				3						86
Short-Term Income Account			65				1						—
SmallCap Growth Fund I			5				22						110
SmallCap Value Fund II			15				35						61
	$		1,008	$			817			$			744
Amounts in thousands except shares

Schedule of Investments
Principal LifeTime 2020 Account
December 31, 2014


INVESTMENT COMPANIES - 100.00%	Shares Held		Value (000's)

Principal Funds, Inc. Institutional Class - 78.85%
Bond Market Index Fund ^(a)	1,181,836	$	12,988
Diversified International Fund ^(a)	1,013,491		11,524
Diversified Real Asset Fund ^(a)	466,139		5,626
Equity Income Fund ^(a)	265,899		7,100
Global Diversified Income Fund ^(a)	291,618		4,077
Global Multi-Strategy Fund ^(a)	412,606		4,526
Global Opportunities Fund ^(a)	942,281		10,978
Global Real Estate Securities Fund ^(a)	834,408		7,668
High Yield Fund I ^(a)	352,183		3,564
Inflation Protection Fund ^(a)	702,878		5,946
International Emerging Markets Fund ^(a)	208,056		4,812
LargeCap Growth Fund I ^(a)	1,495,119		18,599
LargeCap S&P 500 Index Fund ^(a)	915,820		13,215
LargeCap Value Fund ^(a)	767,469		9,755
LargeCap Value Fund III ^(a)	1,009,127		15,904
MidCap Fund ^(a)	164,747		3,610
MidCap Growth Fund III ^(a)	414,328		4,309
MidCap Value Fund III ^(a)	219,137		4,258
Overseas Fund ^(a)	1,149,221		11,837
SmallCap Growth Fund I ^(a)	266,603		3,167
SmallCap Value Fund II ^(a)	254,181		3,287
	$		166,750

Principal Variable Contracts Funds, Inc. Class 1 - 21.15%
Bond & Mortgage Securities Account ^(a)	3,249,647		37,241
Short-Term Income Account ^(a)	2,891,240		7,488
	$		44,729
TOTAL INVESTMENT COMPANIES	$		211,479
Total Investments	$		211,479
Liabilities in Excess of Other Assets, Net - 0.00%	$		(9	)
TOTAL NET ASSETS - 100.00%	$		211,470


Schedule of Investments
Principal LifeTime 2020 Account
December 31, 2014


	December 31,		December 31,								December 31,		December 31,
Affiliated Securities	2013		2013	Purchases	Purchases		Sales			Sales	2014		2014
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Bond & Mortgage Securities Account	1,720,316	$	20,823	2,012,681	$	22,999	483,350		$	5,547	3,249,647	$	38,267
Bond Market Index Fund	1,589,644		17,039	1,432,578		15,853	1,840,386			20,151	1,181,836		13,154
Core Plus Bond Fund I	1,748,696		18,778	302,472		3,340	2,051,168			22,990	—		—
Diversified International Fund	1,137,573		16,596	71,536		846	195,618			2,324	1,013,491		15,240
Diversified Real Asset Fund	529,388		5,580	39,107		488	102,356			1,286	466,139		4,824
Equity Income Fund	305,450		5,784	20,023		510	59,574			1,493	265,899		5,036
Global Diversified Income Fund	323,408		4,423	41,638		602	73,428			1,070	291,618		3,962
Global Multi-Strategy Fund	482,864		4,992	42,387		466	112,645			1,236	412,606		4,247
Global Opportunities Fund	950,234		10,193	140,412		1,676	148,365			1,873	942,281		10,162
Global Real Estate Securities Fund	893,750		6,668	60,680		543	120,022			1,052	834,408		6,222
High Yield Fund I	383,189		3,550	46,504		489	77,510			819	352,183		3,221
Inflation Protection Fund	574,106		5,043	291,197		2,480	162,425			1,398	702,878		6,122
International Emerging Markets Fund	240,078		6,789	17,720		428	49,742			1,206	208,056		5,906
LargeCap Growth Fund I	1,697,112		19,708	221,198		2,753	423,191			5,414	1,495,119		17,374
LargeCap S&P 500 Index Fund	1,242,540		14,415	69,248		958	395,968			5,300	915,820		10,643
LargeCap Value Fund	794,526		9,989	123,295		1,586	150,352			1,992	767,469		9,641
LargeCap Value Fund III	1,199,202		16,081	78,117		1,194	268,192			3,987	1,009,127		13,499
MidCap Fund	175,909		2,614	16,258		348	27,420			581	164,747		2,475
MidCap Growth Fund III	413,288		4,117	102,620		1,080	101,580			1,249	414,328		3,997
MidCap Value Fund III	254,426		4,061	29,421		572	64,710			1,269	219,137		3,521
Overseas Fund	1,207,417		11,516	141,446		1,552	199,642			2,325	1,149,221		10,812
Short-Term Income Account	—		—	3,221,829		8,327	330,589			857	2,891,240		7,470
SmallCap Growth Fund I	352,159		3,316	60,118		724	145,674			2,126	266,603		2,256
SmallCap Value Fund II	367,664		3,016	41,490		538	154,973			2,145	254,181		2,095
		$	215,091		$	70,352			$	89,690		$	200,146


					Realized Gain/Loss						Realized Gain from
			Income			on Investments				Capital Gain Distributions
Bond & Mortgage Securities Account	$		623	$			(8	)		$			—
Bond Market Index Fund			277				413						—
Core Plus Bond Fund I			—				872						—
Diversified International Fund			182				122						—
Diversified Real Asset Fund			90				42						31
Equity Income Fund			155				235						—
Global Diversified Income Fund			225				7						72
Global Multi-Strategy Fund			55				25						58
Global Opportunities Fund			773				166						368
Global Real Estate Securities Fund			207				63						36
High Yield Fund I			216				1						20
Inflation Protection Fund			80				(3	)					—
International Emerging Markets Fund			84				(105	)					—
LargeCap Growth Fund I			214				327						1,566
LargeCap S&P 500 Index Fund			244				570						—
LargeCap Value Fund			604				58						485
LargeCap Value Fund III			281				211						118
MidCap Fund			16				94						166
MidCap Growth Fund III			344				49						522
MidCap Value Fund III			163				157						189
Overseas Fund			410				69						478
Short-Term Income Account			23				—						—
SmallCap Growth Fund I			22				342						523
SmallCap Value Fund II			70				686						283
	$		5,358	$			4,393			$			4,915
Amounts in thousands except shares

Schedule of Investments
Principal LifeTime 2030 Account
December 31, 2014


INVESTMENT COMPANIES - 100.00%	Shares Held		Value (000's)

Principal Funds, Inc. Institutional Class - 87.26%
Bond Market Index Fund ^(a)	460,081	$	5,056
Diversified International Fund ^(a)	681,036		7,743
Diversified Real Asset Fund ^(a)	190,063		2,294
Global Multi-Strategy Fund ^(a)	249,656		2,739
Global Opportunities Fund ^(a)	488,258		5,688
Global Real Estate Securities Fund ^(a)	646,756		5,944
High Yield Fund I ^(a)	228,963		2,317
Inflation Protection Fund ^(a)	258,326		2,185
International Emerging Markets Fund ^(a)	161,761		3,742
LargeCap Growth Fund ^(a)	318,795		3,446
LargeCap Growth Fund I ^(a)	1,059,246		13,177
LargeCap S&P 500 Index Fund ^(a)	568,819		8,208
LargeCap Value Fund ^(a)	514,960		6,545
LargeCap Value Fund III ^(a)	681,988		10,748
MidCap Growth Fund III ^(a)	351,502		3,656
MidCap Value Fund III ^(a)	179,416		3,486
Overseas Fund ^(a)	746,753		7,692
Preferred Securities Fund ^(a)	231,582		2,364
SmallCap Growth Fund I ^(a)	207,892		2,470
SmallCap Value Fund II ^(a)	198,589		2,568
	$		102,068

Principal Variable Contracts Funds, Inc. Class 1 - 12.74%
Bond & Mortgage Securities Account ^(a)	1,300,379		14,903

TOTAL INVESTMENT COMPANIES	$		116,971
Total Investments	$		116,971
Liabilities in Excess of Other Assets, Net - 0.00%	$		(6	)
TOTAL NET ASSETS - 100.00%	$		116,965


Schedule of Investments
Principal LifeTime 2030 Account
December 31, 2014


	December 31,		December 31,							December 31,		December 31,
Affiliated Securities	2013		2013	Purchases	Purchases		Sales		Sales	2014		2014
	Shares		Cost	Shares		Cost	Shares		Proceeds	Shares		Cost
Bond & Mortgage Securities Account	499,223	$	5,678	897,459	$	10,258	96,303	$	1,107	1,300,379	$	14,829
Bond Market Index Fund	457,712		4,913	502,407		5,576	500,038		5,480	460,081		5,121
Core Plus Bond Fund I	505,183		5,409	175,622		1,938	680,805		7,639	—		—
Diversified International Fund	662,501		8,075	83,893		994	65,358		784	681,036		8,288
Diversified Real Asset Fund	183,614		1,974	28,650		357	22,201		280	190,063		2,052
Global Multi-Strategy Fund	240,303		2,492	38,516		423	29,163		321	249,656		2,595
Global Opportunities Fund	432,118		4,644	100,298		1,216	44,158		564	488,258		5,300
Global Real Estate Securities Fund	618,586		4,654	86,814		765	58,644		520	646,756		4,904
High Yield Fund I	211,813		1,967	38,500		405	21,350		226	228,963		2,146
Inflation Protection Fund	217,132		1,924	73,656		633	32,462		280	258,326		2,277
International Emerging Markets Fund	135,203		3,007	44,521		1,054	17,963		440	161,761		3,621
LargeCap Growth Fund	300,049		3,160	62,705		685	43,959		498	318,795		3,361
LargeCap Growth Fund I	1,060,834		12,321	207,144		2,604	208,732		2,714	1,059,246		12,321
LargeCap S&P 500 Index Fund	618,232		7,173	73,652		1,007	123,065		1,668	568,819		6,628
LargeCap Value Fund	452,441		5,688	104,402		1,352	41,883		564	514,960		6,482
LargeCap Value Fund III	697,601		9,362	87,950		1,331	103,563		1,555	681,988		9,186
MidCap Growth Fund III	292,517		2,761	101,645		1,097	42,660		528	351,502		3,338
MidCap Value Fund III	162,306		2,607	33,472		654	16,362		328	179,416		2,936
Overseas Fund	684,161		6,753	129,386		1,446	66,794		785	746,753		7,417
Preferred Securities Fund	213,262		2,169	40,134		413	21,814		226	231,582		2,356
SmallCap Growth Fund I	183,275		1,580	52,351		643	27,734		399	207,892		1,839
SmallCap Value Fund II	189,740		1,568	38,206		501	29,357		404	198,589		1,674
		$	99,879		$	35,352		$	27,310		$	108,671


					Realized Gain/Loss					Realized Gain from
			Income			on Investments			Capital Gain Distributions
Bond & Mortgage Securities Account	$		229	$			—		$			—
Bond Market Index Fund			107				112					—
Core Plus Bond Fund I			—				292					—
Diversified International Fund			122				3					—
Diversified Real Asset Fund			37				1					12
Global Multi-Strategy Fund			33				1					35
Global Opportunities Fund			398				4					189
Global Real Estate Securities Fund			158				5					27
High Yield Fund I			131				—					13
Inflation Protection Fund			30				—					—
International Emerging Markets Fund			65				—					—
LargeCap Growth Fund			5				14					348
LargeCap Growth Fund I			150				110					1,101
LargeCap S&P 500 Index Fund			151				116					—
LargeCap Value Fund			402				6					323
LargeCap Value Fund III			188				48					79
MidCap Growth Fund III			290				8					440
MidCap Value Fund III			133				3					154
Overseas Fund			266				3					308
Preferred Securities Fund			122				—					40
SmallCap Growth Fund I			17				15					405
SmallCap Value Fund II			54				9					220
	$		3,088	$			750		$			3,694
Amounts in thousands except shares

Schedule of Investments
Principal LifeTime 2040 Account
December 31, 2014


INVESTMENT COMPANIES - 100.01%	Shares Held		Value (000's)

Principal Funds, Inc. Institutional Class - 92.80%
Bond Market Index Fund ^(a)	87,033	$	957
Diversified International Fund ^(a)	290,599		3,304
Diversified Real Asset Fund ^(a)	54,373		656
Global Multi-Strategy Fund ^(a)	85,868		942
Global Opportunities Fund ^(a)	197,769		2,304
Global Real Estate Securities Fund ^(a)	229,461		2,109
High Yield Fund I ^(a)	81,699		827
International Emerging Markets Fund ^(a)	62,753		1,452
LargeCap Growth Fund ^(a)	147,717		1,597
LargeCap Growth Fund I ^(a)	446,008		5,548
LargeCap S&P 500 Index Fund ^(a)	229,346		3,309
LargeCap Value Fund ^(a)	214,330		2,724
LargeCap Value Fund III ^(a)	295,114		4,651
MidCap Growth Fund III ^(a)	135,812		1,412
MidCap Value Fund III ^(a)	76,201		1,481
Overseas Fund ^(a)	325,043		3,348
Preferred Securities Fund ^(a)	64,017		654
SmallCap Growth Fund I ^(a)	85,035		1,010
SmallCap Value Fund II ^(a)	75,360		974
	$		39,259

Principal Variable Contracts Funds, Inc. Class 1 - 7.21%
Bond & Mortgage Securities Account ^(a)	266,039		3,049

TOTAL INVESTMENT COMPANIES	$		42,308
Total Investments	$		42,308
Liabilities in Excess of Other Assets, Net - (0.01)%	$		(4	)
TOTAL NET ASSETS - 100.00%	$		42,304


Schedule of Investments
Principal LifeTime 2040 Account
December 31, 2014


	December 31,		December 31,							December 31,		December 31,
Affiliated Securities	2013		2013	Purchases		Purchases	Sales		Sales	2014		2014
	Shares		Cost	Shares		Cost	Shares		Proceeds	Shares		Cost
Bond & Mortgage Securities Account	85,549	$	1,012	203,025	$	2,322	22,535	$	260	266,039	$	3,074
Bond Market Index Fund	79,533		856	96,674		1,073	89,174		977	87,033		969
Core Plus Bond Fund I	84,489		919	58,641		647	143,130		1,606	—		—
Diversified International Fund	265,118		3,309	60,687		721	35,206		415	290,599		3,615
Diversified Real Asset Fund	41,007		443	20,559		259	7,193		90	54,373		612
Global Multi-Strategy Fund	67,966		706	29,053		320	11,151		122	85,868		904
Global Opportunities Fund	164,396		1,775	54,801		673	21,428		269	197,769		2,179
Global Real Estate Securities Fund	204,455		1,550	54,267		479	29,261		257	229,461		1,773
High Yield Fund I	71,002		701	20,013		211	9,316		98	81,699		814
International Emerging Markets Fund	51,962		1,393	19,686		472	8,895		215	62,753		1,650
LargeCap Growth Fund	136,735		1,445	39,093		431	28,111		316	147,717		1,565
LargeCap Growth Fund I	405,144		4,718	119,980		1,525	79,116		1,021	446,008		5,233
LargeCap S&P 500 Index Fund	230,592		2,683	48,229		661	49,475		672	229,346		2,691
LargeCap Value Fund	189,234		2,386	58,528		766	33,432		438	214,330		2,715
LargeCap Value Fund III	267,907		3,581	60,407		917	33,200		497	295,114		4,002
MidCap Growth Fund III	100,452		1,064	48,516		538	13,156		159	135,812		1,443
MidCap Value Fund III	67,655		1,097	19,211		378	10,665		209	76,201		1,267
Overseas Fund	279,852		2,837	81,090		919	35,899		416	325,043		3,340
Preferred Securities Fund	55,408		579	15,711		162	7,102		74	64,017		667
SmallCap Growth Fund I	69,321		785	26,294		330	10,580		148	85,035		968
SmallCap Value Fund II	66,529		596	19,702		262	10,871		148	75,360		710
		$	34,435		$	14,066		$	8,407		$	40,191


						Realized Gain/Loss				Realized Gain from
			Income			on Investments			Capital Gain Distributions
Bond & Mortgage Securities Account	$		47	$			—	$				—
Bond Market Index Fund			20				17					—
Core Plus Bond Fund I			—				40					—
Diversified International Fund			52				—					—
Diversified Real Asset Fund			10				—					4
Global Multi-Strategy Fund			11				—					12
Global Opportunities Fund			161				—					77
Global Real Estate Securities Fund			54				1					10
High Yield Fund I			45				—					5
International Emerging Markets Fund			25				—					—
LargeCap Growth Fund			3				5					161
LargeCap Growth Fund I			63				11					464
LargeCap S&P 500 Index Fund			61				19					—
LargeCap Value Fund			168				1					134
LargeCap Value Fund III			82				1					34
MidCap Growth Fund III			112				—					170
MidCap Value Fund III			56				1					65
Overseas Fund			115				—					134
Preferred Securities Fund			34				—					11
SmallCap Growth Fund I			7				1					165
SmallCap Value Fund II			21				—					83
	$		1,147	$			97	$				1,529
Amounts in thousands except shares

Schedule of Investments
Principal LifeTime 2050 Account
December 31, 2014


INVESTMENT COMPANIES - 100.02%	Shares Held		Value (000's)

Principal Funds, Inc. Institutional Class - 98.02%
Bond Market Index Fund ^(a)	16,503	$	181
Diversified International Fund ^(a)	166,673		1,895
Diversified Real Asset Fund ^(a)	28,553		345
Global Multi-Strategy Fund ^(a)	32,659		358
Global Opportunities Fund ^(a)	116,435		1,356
Global Real Estate Securities Fund ^(a)	128,671		1,183
High Yield Fund I ^(a)	39,201		397
International Emerging Markets Fund ^(a)	40,498		937
LargeCap Growth Fund ^(a)	85,164		921
LargeCap Growth Fund I ^(a)	243,430		3,028
LargeCap S&P 500 Index Fund ^(a)	125,211		1,807
LargeCap Value Fund ^(a)	113,702		1,445
LargeCap Value Fund III ^(a)	159,825		2,519
MidCap Growth Fund III ^(a)	72,395		753
MidCap Value Fund III ^(a)	42,283		822
Overseas Fund ^(a)	182,273		1,877
Preferred Securities Fund ^(a)	43,999		449
SmallCap Growth Fund I ^(a)	45,128		536
SmallCap Value Fund II ^(a)	42,932		555
	$		21,364

Principal Variable Contracts Funds, Inc. Class 1 - 2.00%
Bond & Mortgage Securities Account ^(a)	38,120		437

TOTAL INVESTMENT COMPANIES	$		21,801
Total Investments	$		21,801
Liabilities in Excess of Other Assets, Net - (0.02)%	$		(5	)
TOTAL NET ASSETS - 100.00%	$		21,796


Schedule of Investments
Principal LifeTime 2050 Account
December 31, 2014


	December 31,		December 31,								December 31,		December 31,
Affiliated Securities	2013		2013		Purchases		Purchases	Sales		Sales	2014		2014
	Shares		Cost		Shares		Cost	Shares		Proceeds	Shares		Cost
Bond & Mortgage Securities Account	25,936	$	306		22,333	$	256	10,149	$	117	38,120	$	445
Bond Market Index Fund	7,976		82		17,151		191	8,624		92	16,503		184
Core Plus Bond Fund I	24,108		261		8,700		96	32,808		367	—		—
Diversified International Fund	170,455		2,161		42,574		502	46,356		561	166,673		2,117
Diversified Real Asset Fund	23,340		254		12,856		161	7,643		96	28,553		320
Global Multi-Strategy Fund	34,912		361		8,472		93	10,725		119	32,659		337
Global Opportunities Fund	112,406		1,213		33,788		413	29,759		386	116,435		1,262
Global Real Estate Securities Fund	134,265		1,025		30,433		267	36,027		323	128,671		980
High Yield Fund I	39,794		388		10,672		112	11,265		119	39,201		381
International Emerging Markets Fund	35,612		928		16,562		397	11,676		291	40,498		1,034
LargeCap Growth Fund	81,444		860		22,537		246	18,817		216	85,164		898
LargeCap Growth Fund I	244,250		2,846		67,523		849	68,343		896	243,430		2,833
LargeCap S&P 500 Index Fund	143,425		1,669		26,923		366	45,137		621	125,211		1,462
LargeCap Value Fund	108,352		1,365		32,291		420	26,941		368	113,702		1,430
LargeCap Value Fund III	173,655		2,337		34,478		518	48,308		741	159,825		2,157
MidCap Growth Fund III	62,165		637		26,507		292	16,277		202	72,395		731
MidCap Value Fund III	41,488		670		10,871		212	10,076		205	42,283		687
Overseas Fund	181,995		1,841		47,660		536	47,382		561	182,273		1,823
Preferred Securities Fund	44,146		455		11,251		116	11,398		119	43,999		452
SmallCap Growth Fund I	39,819		422		14,388		180	9,079		126	45,128		476
SmallCap Value Fund II	40,826		358		11,324		149	9,218		127	42,932		382
		$	20,439		$		6,372		$	6,653		$	20,391


							Realized Gain/Loss				Realized Gain from
			Income				on Investments			Capital Gain Distributions
Bond & Mortgage Securities Account	$			11	$			—	$				—
Bond Market Index Fund				4				3					—
Core Plus Bond Fund I				—				10					—
Diversified International Fund				30				15					—
Diversified Real Asset Fund				6				1					2
Global Multi-Strategy Fund				4				2					5
Global Opportunities Fund				94				22					45
Global Real Estate Securities Fund				33				11					5
High Yield Fund I				24				—					2
International Emerging Markets Fund				16				—					—
LargeCap Growth Fund				1				8					92
LargeCap Growth Fund I				34				34					251
LargeCap S&P 500 Index Fund				33				48					—
LargeCap Value Fund				88				13					71
LargeCap Value Fund III				44				43					18
MidCap Growth Fund III				59				4					90
MidCap Value Fund III				31				10					36
Overseas Fund				65				7					75
Preferred Securities Fund				23				—					8
SmallCap Growth Fund I				4				—					87
SmallCap Value Fund II				12				2					47
	$			616	$			233	$				834
Amounts in thousands except shares

Schedule of Investments
Principal LifeTime 2060 Account
December 31, 2014


INVESTMENT COMPANIES - 100.36%	Shares Held		Value (000's)

Principal Funds, Inc. Institutional Class - 98.54%
Bond Market Index Fund ^(a)	426	$	5
Diversified International Fund ^(a)	6,408		73
Diversified Real Asset Fund ^(a)	972		12
Global Multi-Strategy Fund ^(a)	1,446		16
Global Opportunities Fund ^(a)	4,735		55
Global Real Estate Securities Fund ^(a)	5,296		49
High Yield Fund I ^(a)	1,531		15
International Emerging Markets Fund ^(a)	1,702		39
LargeCap Growth Fund ^(a)	2,900		31
LargeCap Growth Fund I ^(a)	9,234		115
LargeCap S&P 500 Index Fund ^(a)	4,899		71
LargeCap Value Fund ^(a)	4,095		52
LargeCap Value Fund III ^(a)	6,211		98
MidCap Growth Fund III ^(a)	2,835		29
MidCap Value Fund III ^(a)	1,561		30
Overseas Fund ^(a)	6,857		71
Preferred Securities Fund ^(a)	1,622		17
SmallCap Growth Fund I ^(a)	1,434		17
SmallCap Value Fund II ^(a)	1,394		18
	$		813

Principal Variable Contracts Funds, Inc. Class 1 - 1.82%
Bond & Mortgage Securities Account ^(a)	1,316		15

TOTAL INVESTMENT COMPANIES	$		828
Total Investments	$		828
Liabilities in Excess of Other Assets, Net - (0.36)%	$		(3	)
TOTAL NET ASSETS - 100.00%	$		825


Schedule of Investments
Principal LifeTime 2060 Account
December 31, 2014


	December 31,	December 31,								December 31,	December 31,
Affiliated Securities	2013		2013	Purchases	Purchases		Sales		Sales	2014		2014
	Shares		Cost	Shares		Cost	Shares		Proceeds	Shares		Cost
Bond & Mortgage Securities Account	33	$	—	1,604	$	18	321	$	3	1,316	$	15
Bond Market Index Fund	—		—	426		5	—		—	426		5
Core Plus Bond Fund I	34		—	1,078		12	1,112		12	—		—
Diversified International Fund	257		3	8,408		98	2,257		27	6,408		74
Diversified Real Asset Fund	38		—	1,268		16	334		4	972		12
Global Multi-Strategy Fund	56		1	1,910		21	520		6	1,446		16
Global Opportunities Fund	177		2	6,058		75	1,500		20	4,735		57
Global Real Estate Securities Fund	197		2	6,851		58	1,752		16	5,296		44
High Yield Fund I	57		1	2,016		21	542		6	1,531		16
International Emerging Markets Fund	62		1	2,204		52	564		14	1,702		39
LargeCap Growth Fund	113		1	3,709		40	922		10	2,900		31
LargeCap Growth Fund I	367		5	11,862		150	2,995		39	9,234		116
LargeCap S&P 500 Index Fund	204		2	6,359		83	1,664		23	4,899		63
LargeCap Value Fund	153		2	5,213		67	1,271		17	4,095		52
LargeCap Value Fund III	255		4	8,067		117	2,111		33	6,211		88
MidCap Growth Fund III	97		1	3,554		42	816		10	2,835		33
MidCap Value Fund III	62		1	1,999		38	500		10	1,561		29
Overseas Fund	266		3	8,896		102	2,305		27	6,857		78
Preferred Securities Fund	60		1	2,111		21	549		6	1,622		16
SmallCap Growth Fund I	53		1	1,837		25	456		7	1,434		19
SmallCap Value Fund II	54		1	1,788		24	448		7	1,394		18
		$	32		$	1,085		$	297		$	821


					Realized Gain/Loss							Realized Gain from
		Income				on Investments			Capital Gain Distributions
Bond & Mortgage Securities Account	$		—	$			—	$				—
Bond Market Index Fund			—				—					—
Core Plus Bond Fund I			—				—					—
Diversified International Fund			1				—					—
Diversified Real Asset Fund			—				—					—
Global Multi-Strategy Fund			—				—					—
Global Opportunities Fund			3				—					2
Global Real Estate Securities Fund			1				—					—
High Yield Fund I			1				—					—
International Emerging Markets Fund			1				—					—
LargeCap Growth Fund			—				—					3
LargeCap Growth Fund I			1				—					10
LargeCap S&P 500 Index Fund			1				1					—
LargeCap Value Fund			3				—					3
LargeCap Value Fund III			2				—					1
MidCap Growth Fund III			2				—					3
MidCap Value Fund III			1				—					1
Overseas Fund			3				—					3
Preferred Securities Fund			1				—					—
SmallCap Growth Fund I			—				—					3
SmallCap Value Fund II			1				—					2
	$		22	$			1	$				31
Amounts in thousands except shares

Schedule of Investments
Principal LifeTime Strategic Income Account
December 31, 2014


INVESTMENT COMPANIES - 100.01%	Shares Held		Value (000's)

Principal Funds, Inc. Institutional Class - 54.88%
Bond Market Index Fund ^(a)	249,296	$	2,740
Diversified International Fund ^(a)	55,893		636
Diversified Real Asset Fund ^(a)	109,630		1,323
Equity Income Fund ^(a)	79,781		2,130
Global Diversified Income Fund ^(a)	149,602		2,091
Global Multi-Strategy Fund ^(a)	71,871		788
Global Opportunities Fund ^(a)	22,354		260
High Yield Fund I ^(a)	104,822		1,061
Inflation Protection Fund ^(a)	228,467		1,933
International Emerging Markets Fund ^(a)	8,405		194
LargeCap Growth Fund I ^(a)	87,126		1,084
LargeCap S&P 500 Index Fund ^(a)	34,433		497
MidCap Fund ^(a)	37,686		826
Overseas Fund ^(a)	62,886		648
SmallCap Growth Fund I ^(a)	10,788		128
SmallCap Value Fund II ^(a)	10,282		133
	$		16,472

Principal Variable Contracts Funds, Inc. Class 1 - 45.13%
Bond & Mortgage Securities Account ^(a)	743,612		8,522
Short-Term Income Account ^(a)	1,940,482		5,026
	$		13,548
TOTAL INVESTMENT COMPANIES	$		30,020
Total Investments	$		30,020
Liabilities in Excess of Other Assets, Net - (0.01)%	$		(4	)
TOTAL NET ASSETS - 100.00%	$		30,016

(a) Affiliated Security. Please see Affiliated Sub-Schedule for transactional information.


Schedule of Investments
Principal LifeTime Strategic Income Account
December 31, 2014


	December 31,		December 31,									December 31,		December 31,
Affiliated Securities	2013		2013		Purchases		Purchases	Sales			Sales	2014		2014
	Shares		Cost		Shares		Cost	Shares			Proceeds	Shares		Cost
Bond & Mortgage Securities Account	403,144	$	4,890		425,631	$	4,866	85,163		$	976	743,612	$	8,771
Bond Market Index Fund	347,265		3,728		282,070		3,129	380,039			4,158	249,296		2,775
Core Plus Bond Fund I	409,608		4,401		23,918		265	433,526			4,858	—		—
Diversified International Fund	59,630		791		5,802		69	9,539			114	55,893		750
Diversified Real Asset Fund	117,545		1,232		13,221		166	21,136			264	109,630		1,149
Equity Income Fund	84,036		1,586		7,978		205	12,233			307	79,781		1,510
Global Diversified Income Fund	149,522		1,482		21,006		305	20,926			305	149,602		1,487
Global Multi-Strategy Fund	77,062		797		9,282		102	14,473			158	71,871		743
Global Opportunities Fund	22,067		236		4,472		55	4,185			54	22,354		241
High Yield Fund I	106,305		1,113		16,035		169	17,518			186	104,822		1,096
Inflation Protection Fund	234,378		1,884		37,234		319	43,145			370	228,467		1,836
International Emerging Markets Fund	9,058		219		988		24	1,641			39	8,405		203
LargeCap Growth Fund I	92,376		1,072		14,796		186	20,046			259	87,126		1,013
LargeCap S&P 500 Index Fund	60,572		702		4,631		64	30,770			405	34,433		401
MidCap Fund	38,396		568		4,689		101	5,399			114	37,686		567
Overseas Fund	62,923		589		9,650		108	9,687			114	62,886		585
Short-Term Income Account	1,518,083		3,793		723,411		1,873	301,012			782	1,940,482		4,888
SmallCap Growth Fund I	16,465		141		2,897		36	8,574			126	10,788		93
SmallCap Value Fund II	17,213		139		2,126		28	9,057			126	10,282		85
		$	29,363		$		12,070			$	13,715		$	28,193


							Realized Gain/Loss					Realized Gain from
			Income				on Investments				Capital Gain Distributions
Bond & Mortgage Securities Account	$			142	$			(9	)		$			—
Bond Market Index Fund				58				76						—
Core Plus Bond Fund I				—				192						—
Diversified International Fund				10				4						—
Diversified Real Asset Fund				21				15						7
Equity Income Fund				45				26						—
Global Diversified Income Fund				109				5						36
Global Multi-Strategy Fund				10				2						10
Global Opportunities Fund				18				4						9
High Yield Fund I				62				—						6
Inflation Protection Fund				26				3						—
International Emerging Markets Fund				3				(1	)					—
LargeCap Growth Fund I				13				14						91
LargeCap S&P 500 Index Fund				9				40						—
MidCap Fund				4				12						38
Overseas Fund				22				2						26
Short-Term Income Account				68				4						—
SmallCap Growth Fund I				1				42						21
SmallCap Value Fund II				3				44						11
	$			624	$			475			$			255
Amounts in thousands except shares

Schedule of Investments
Real Estate Securities Account
December 31, 2014


COMMON STOCKS - 99.13%	Shares Held	Value(000			's)

Real Estate - 2.23%
Brookdale Senior Living Inc ^(a)	36,106		$	1,324
Jones Lang LaSalle Inc	16,050			2,406
		$		3,730

REITS - 96.90%
American Realty Capital Properties Inc	141,108			1,277
Apartment Investment & Management Co	132,390			4,918
AvalonBay Communities Inc	36,795			6,012
Boston Properties Inc	53,952			6,943
Camden Property Trust	52,823			3,900
CBL & Associates Properties Inc	17,538			341
CubeSmart	131,862			2,910
DDR Corp	162,219			2,978
Duke Realty Corp	132,410			2,675
DuPont Fabros Technology Inc	39,426			1,310
Education Realty Trust Inc	43,038			1,575
EPR Properties	51,599			2,974
Equity One Inc	84,969			2,155
Equity Residential	65,902			4,734
Essex Property Trust Inc	38,686			7,992
Extra Space Storage Inc	57,780			3,388
Federal Realty Investment Trust	22,588			3,015
First Industrial Realty Trust Inc	185,422			3,812
General Growth Properties Inc	231,233			6,505
Geo Group Inc/The	10,953			442
HCP Inc	37,429			1,648
Health Care REIT Inc	89,084			6,741
Host Hotels & Resorts Inc	289,217			6,875
Kilroy Realty Corp	52,076			3,597
Paramount Group Inc ^(a)	108,060			2,009
Pebblebrook Hotel Trust	100,080			4,567
Prologis Inc	165,173			7,107
Public Storage	32,062			5,927
Saul Centers Inc	33,144			1,895
Simon Property Group Inc	102,527			18,671
SL Green Realty Corp	59,610			7,095
STORE Capital Corp	40,809			882
Strategic Hotels & Resorts Inc ^(a)	190,856			2,525
Sun Communities Inc	36,292			2,194
Sunstone Hotel Investors Inc	184,417			3,045
Taubman Centers Inc	34,100			2,606
Ventas Inc	101,004			7,242
Vornado Realty Trust	56,623			6,665
Washington Prime Group Inc	50,391			868
		$		162,015
TOTAL COMMON STOCKS		$		165,745
INVESTMENT COMPANIES - 0.57%	Shares Held	Value(000			's)

Publicly Traded Investment Fund - 0.57%
BlackRock Liquidity Funds FedFund Portfolio	947,920			948

TOTAL INVESTMENT COMPANIES		$		948
Total Investments		$		166,693
Other Assets in Excess of Liabilities, Net - 0.30%		$		500
TOTAL NET ASSETS - 100.00%		$		167,193


(a) Non-Income Producing Security



Portfolio Summary (unaudited)

Sector				Percent
Financial				99.13	%
Exchange Traded Funds				0.57	%
Other Assets in Excess of Liabilities, Net				0.30	%
TOTAL NET ASSETS				100.00	%


INVESTMENT COMPANIES - 100.02%	Shares Held			Value (000's)

Principal Funds, Inc. Institutional Class - 48.24%
Blue Chip Fund ^(a)		2,782,489	$	42,349
Global Diversified Income Fund ^(a)		1,338,732		18,715
Global Multi-Strategy Fund ^(a)		4,448,034		48,795
Global Real Estate Securities Fund ^(a)		1,013,697		9,316
High Yield Fund ^(a)		2,590,684		19,042
Inflation Protection Fund ^(a)		1,295,128		10,957
International Emerging Markets Fund ^(a)		655,350		15,158
LargeCap Growth Fund ^(a)		7,813,229		84,461
LargeCap Value Fund ^(a)		8,194,515		104,152
MidCap Value Fund I ^(a)		242,199		3,597
Preferred Securities Fund ^(a)		371,056		3,789
Principal Capital Appreciation Fund ^(a)		874,988		50,968
SmallCap Growth Fund I ^(a)		73,759		876
SmallCap Value Fund II ^(a)		498,756		6,449
Small-MidCap Dividend Income Fund ^(a)		2,065,534		28,463
		$		447,087

Principal Variable Contracts Funds, Inc. Class 1 - 51.78%
Diversified International Account ^(a)		5,052,004		71,132
Equity Income Account ^(a)		4,692,543		108,491
Government & High Quality Bond Account ^(a)		6,654,476		69,473
Income Account ^(a)	12,440,973			134,114
MidCap Account ^(a)		905,088		55,020
Short-Term Income Account ^(a)	16,080,585			41,649
		$		479,879
TOTAL INVESTMENT COMPANIES		$		926,966
Total Investments		$		926,966
Liabilities in Excess of Other Assets, Net - (0.02)%		$		(206	)
TOTAL NET ASSETS - 100.00%		$		926,760


Schedule of Investments
SAM Balanced Portfolio
December 31, 2014


	December 31,		December 31,								December 31,		December 31,
Affiliated Securities	2013		2013	Purchases		Purchases	Sales			Sales	2014		2014
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Blue Chip Fund	1,836,689	$	23,663	1,152,384	$	18,032	206,584		$	3,023	2,782,489	$	39,000
Bond & Mortgage Securities Account	1,057,524		12,535	35,651		407	1,093,175			12,506	—		—
Diversified International Account	6,419,617		72,436	135,841		2,025	1,503,454			21,916	5,052,004		53,927
Equity Income Account	5,970,419		68,176	141,896		3,120	1,419,772			31,862	4,692,543		52,332
Global Diversified Income Fund	1,080,198		14,413	291,171		4,126	32,637			479	1,338,732		18,057
Global Multi-Strategy Fund	3,397,919		34,946	1,050,115		11,687	—			—	4,448,034		46,633
Global Real Estate Securities Fund	604,063		4,407	409,634		3,786	—			—	1,013,697		8,193
Government & High Quality Bond	9,207,214		91,106	1,021,088		10,621	3,573,826			37,578	6,654,476		65,657
Account
High Yield Fund	2,591,428		17,668	957,716		7,128	958,460			7,463	2,590,684		17,625
Income Account	12,382,840		121,090	639,133		6,886	581,000			6,260	12,440,973		121,674
Inflation Protection Fund	—		—	1,295,128		11,148	—			—	1,295,128		11,148
International Emerging Markets Fund	917,738		21,679	12,701		295	275,089			6,542	655,350		15,441
LargeCap Growth Fund	7,204,809		77,236	1,276,248		14,145	667,828			7,568	7,813,229		84,220
LargeCap Growth Fund II	2,595,560		15,099	897		9	2,596,457			27,635	—		—
LargeCap Value Fund	8,277,492		107,738	942,408		11,923	1,025,385			13,834	8,194,515		106,259
MidCap Account	456,372		12,767	513,834		30,168	65,118			3,852	905,088		39,930
MidCap Value Fund I	—		—	242,199		3,953	—			—	242,199		3,953
Preferred Securities Fund	1,223,447		8,022	67,441		696	919,832			9,592	371,056		2,083
Principal Capital Appreciation Fund	1,259,930		63,794	43,688		2,522	428,630			25,134	874,988		44,541
Short-Term Income Account	13,477,315		34,110	2,831,052		7,331	227,782			593	16,080,585		40,843
SmallCap Growth Fund I	2,064,659		21,517	13,563		159	2,004,463			27,631	73,759		747
SmallCap Value Fund II	2,164,651		24,680	55,326		698	1,721,221			23,712	498,756		5,013
Small-MidCap Dividend Income Fund	1,597,517		15,874	645,414		8,904	177,397			2,461	2,065,534		22,800
		$	862,956		$	159,769			$	269,641		$	800,076


						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Blue Chip Fund	$		1,010	$			328			$			253
Bond & Mortgage Securities Account			389				(436	)					—
Diversified International Account			1,953				1,382						—
Equity Income Account			3,038				12,898						—
Global Diversified Income Fund			872				(3	)					326
Global Multi-Strategy Fund			586				—						617
Global Real Estate Securities Fund			217				—						43
Government & High Quality Bond Account			2,672				1,508						—
High Yield Fund			1,193				292						124
Income Account			6,019				(42	)					—
Inflation Protection Fund			148				—						—
International Emerging Markets Fund			268				9						—
LargeCap Growth Fund			133				407						8,535
LargeCap Growth Fund II			—				12,527						—
LargeCap Value Fund			6,549				432						5,255
MidCap Account			137				847						2,386
MidCap Value Fund I			168				—						277
Preferred Securities Fund			630				2,957						65
Principal Capital Appreciation Fund			627				3,359						1,859
Short-Term Income Account			593				(5	)					—
SmallCap Growth Fund I			6				6,702						144
SmallCap Value Fund II			137				3,347						552
Small-MidCap Dividend Income Fund			614				483						572
	$		27,959	$			46,992			$			21,008
Amounts in thousands except shares

Schedule of Investments
SAM Conservative Balanced Portfolio
December 31, 2014


INVESTMENT COMPANIES - 100.02%	Shares Held		Value (000's)

Principal Funds, Inc. Institutional Class - 40.84%
Blue Chip Fund ^(a)	397,512	$	6,050
Global Diversified Income Fund ^(a)	528,519		7,389
Global Multi-Strategy Fund ^(a)	897,556		9,846
Global Real Estate Securities Fund ^(a)	281,701		2,589
High Yield Fund ^(a)	1,364,721		10,031
Inflation Protection Fund ^(a)	412,086		3,486
International Emerging Markets Fund ^(a)	109,246		2,527
LargeCap Growth Fund ^(a)	1,376,642		14,881
LargeCap Value Fund ^(a)	1,313,046		16,689
MidCap Value Fund I ^(a)	117,560		1,746
Preferred Securities Fund ^(a)	110,275		1,126
Principal Capital Appreciation Fund ^(a)	156,440		9,112
SmallCap Growth Fund I ^(a)	20,894		248
SmallCap Value Fund II ^(a)	73,229		947
Small-MidCap Dividend Income Fund ^(a)	331,050		4,562
	$		91,229

Principal Variable Contracts Funds, Inc. Class 1 - 59.18%
Bond & Mortgage Securities Account ^(a)	396,098		4,539
Diversified International Account ^(a)	796,751		11,218
Equity Income Account ^(a)	666,857		15,418
Government & High Quality Bond Account ^(a)	2,670,835		27,884
Income Account ^(a)	4,494,303		48,449
MidCap Account ^(a)	127,557		7,754
Short-Term Income Account ^(a)	6,529,387		16,911
	$		132,173
TOTAL INVESTMENT COMPANIES	$		223,402
Total Investments	$		223,402
Liabilities in Excess of Other Assets, Net - (0.02)%	$		(50	)
TOTAL NET ASSETS - 100.00%	$		223,352

(a) Affiliated Security. Please see Affiliated Sub-Schedule for transactional information.


Schedule of Investments
SAM Conservative Balanced Portfolio
December 31, 2014


	December 31,		December 31,								December 31,		December 31,
Affiliated Securities	2013		2013	Purchases	Purchases		Sales			Sales	2014		2014
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Blue Chip Fund	284,635	$	3,606	139,605	$	2,181	26,728		$	388	397,512	$	5,444
Bond & Mortgage Securities Account	500,008		5,831	22,675		258	126,585			1,447	396,098		4,603
Diversified International Account	981,335		10,528	39,636		580	224,220			3,260	796,751		8,228
Equity Income Account	912,574		10,675	27,472		596	273,189			6,115	666,857		7,436
Global Diversified Income Fund	396,558		5,307	155,230		2,203	23,269			334	528,519		7,176
Global Multi-Strategy Fund	557,971		5,755	339,585		3,737	—			—	897,556		9,492
Global Real Estate Securities Fund	125,302		895	162,219		1,441	5,820			48	281,701		2,288
Government & High Quality Bond	3,443,598		34,904	323,597		3,362	1,096,360			11,492	2,670,835		26,905
Account
High Yield Fund	1,003,923		6,915	641,914		4,756	281,116			2,179	1,364,721		9,477
Income Account	4,513,889		45,090	646,686		7,034	666,272			7,178	4,494,303		44,866
Inflation Protection Fund	—		—	412,086		3,547	—			—	412,086		3,547
International Emerging Markets Fund	136,853		3,218	2,862		66	30,469			713	109,246		2,563
LargeCap Growth Fund	1,122,683		12,035	369,566		4,202	115,607			1,318	1,376,642		14,994
LargeCap Growth Fund II	405,755		2,563	2,188		22	407,943			4,352	—		—
LargeCap Value Fund	1,273,505		16,545	186,430		2,378	146,889			1,963	1,313,046		16,996
MidCap Account	69,797		1,782	63,651		3,737	5,891			341	127,557		5,216
MidCap Value Fund I	—		—	117,560		1,898	—			—	117,560		1,898
Preferred Securities Fund	461,571		3,199	33,199		340	384,495			4,004	110,275		619
Principal Capital Appreciation Fund	197,072		9,980	10,017		574	50,649			2,881	156,440		7,964
Short-Term Income Account	5,124,276		12,790	1,460,371		3,786	55,260			144	6,529,387		16,430
SmallCap Growth Fund I	314,430		3,345	5,195		64	298,731			4,132	20,894		212
SmallCap Value Fund II	325,699		3,653	8,447		107	260,917			3,606	73,229		726
Small-MidCap Dividend Income Fund	254,717		2,538	86,718		1,195	10,385			143	331,050		3,592
		$	201,154		$	48,064			$	56,038		$	200,672


					Realized Gain/Loss						Realized Gain from
			Income		on Investments					Capital Gain Distributions
Blue Chip Fund	$		144	$			45			$			36
Bond & Mortgage Securities Account			183				(39	)					—
Diversified International Account			302				380						—
Equity Income Account			466				2,280						—
Global Diversified Income Fund			323				—						129
Global Multi-Strategy Fund			117				—						123
Global Real Estate Securities Fund			61				—						11
Government & High Quality Bond Account			1,144				131						—
High Yield Fund			508				(15	)					65
Income Account			2,332				(80	)					—
Inflation Protection Fund			47				—						—
International Emerging Markets Fund			45				(8	)					—
LargeCap Growth Fund			23				75						1,504
LargeCap Growth Fund II			—				1,767						—
LargeCap Value Fund			1,051				36						844
MidCap Account			22				38						382
MidCap Value Fund I			75				—						123
Preferred Securities Fund			233				1,084						19
Principal Capital Appreciation Fund			112				291						332
Short-Term Income Account			236				(2	)					—
SmallCap Growth Fund I			2				935						41
SmallCap Value Fund II			20				572						81
Small-MidCap Dividend Income Fund			100				2						92
	$		7,546	$			7,492			$			3,782
Amounts in thousands except shares

Schedule of Investments
SAM Conservative Growth Portfolio
December 31, 2014


INVESTMENT COMPANIES - 100.03%	Shares Held		Value (000's)

Principal Funds, Inc. Institutional Class - 60.62%
Blue Chip Fund ^(a)	1,121,994	$	17,077
Diversified Real Asset Fund ^(a)	871,224		10,516
Global Multi-Strategy Fund ^(a)	2,098,559		23,021
Global Real Estate Securities Fund ^(a)	797,815		7,332
High Yield Fund ^(a)	233,667		1,717
International Emerging Markets Fund ^(a)	300,706		6,955
LargeCap Growth Fund ^(a)	3,338,967		36,094
LargeCap Value Fund ^(a)	3,267,577		41,531
MidCap Value Fund I ^(a)	166,656		2,475
Preferred Securities Fund ^(a)	35,441		362
Principal Capital Appreciation Fund ^(a)	363,569		21,178
SmallCap Growth Fund I ^(a)	50,087		595
SmallCap Value Fund II ^(a)	123,629		1,598
Small-MidCap Dividend Income Fund ^(a)	881,832		12,152
	$		182,603

Principal Variable Contracts Funds, Inc. Class 1 - 39.41%
Diversified International Account ^(a)	2,094,008		29,484
Equity Income Account ^(a)	1,830,072		42,311
Government & High Quality Bond Account ^(a)	720,217		7,519
Income Account ^(a)	1,255,785		13,537
MidCap Account ^(a)	352,126		21,406
Short-Term Income Account ^(a)	1,716,244		4,445
	$		118,702
TOTAL INVESTMENT COMPANIES	$		301,305
Total Investments	$		301,305
Liabilities in Excess of Other Assets, Net - (0.03)%	$		(83	)
TOTAL NET ASSETS - 100.00%	$		301,222


Schedule of Investments
SAM Conservative Growth Portfolio
December 31, 2014


	December 31,		December 31,								December 31,		December 31,
Affiliated Securities	2013		2013	Purchases	Purchases		Sales			Sales	2014		2014
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Blue Chip Fund	645,543	$	8,246	483,255	$	7,548	6,804		$	94	1,121,994	$	15,701
Diversified International Account	2,242,553		28,538	61,765		917	210,310			3,016	2,094,008		26,131
Diversified Real Asset Fund	325,155		3,617	548,031		6,617	1,962			23	871,224		10,211
Equity Income Account	2,148,397		24,796	60,672		1,324	378,997			8,536	1,830,072		20,448
Global Multi-Strategy Fund	1,167,364		12,080	931,195		10,321	—			—	2,098,559		22,401
Global Real Estate Securities Fund	215,295		1,552	585,394		5,294	2,874			23	797,815		6,823
Government & High Quality Bond	870,139		8,410	90,835		945	240,757			2,534	720,217		6,965
Account
High Yield Fund	212,595		1,411	21,072		163	—			—	233,667		1,574
Income Account	1,258,249		12,091	160,246		1,733	162,710			1,754	1,255,785		12,061
International Emerging Markets Fund	324,156		7,639	7,439		172	30,889			726	300,706		7,077
LargeCap Growth Fund	2,591,723		27,783	789,951		8,926	42,707			473	3,338,967		36,250
LargeCap Growth Fund II	905,151		5,679	3,910		39	909,061			9,835	—		—
LargeCap Value Fund	2,872,158		37,335	546,185		7,079	150,766			2,070	3,267,577		42,345
MidCap Account	151,028		4,699	202,709		11,905	1,611			94	352,126		16,536
MidCap Value Fund I	—		—	166,656		2,692	—			—	166,656		2,692
Preferred Securities Fund	133,597		950	7,309		75	105,465			1,100	35,441		215
Principal Capital Appreciation Fund	456,543		23,129	19,576		1,123	112,550			6,677	363,569		18,505
Short-Term Income Account	1,239,188		3,148	477,056		1,235	—			—	1,716,244		4,383
SmallCap Growth Fund I	739,762		7,765	11,518		140	701,193			9,656	50,087		507
SmallCap Value Fund II	772,653		8,762	15,499		197	664,523			9,214	123,629		1,218
Small-MidCap Dividend Income Fund	560,610		5,609	326,559		4,506	5,337			72	881,832		10,043
		$	233,239		$	72,951			$	55,897		$	262,086


					Realized Gain/Loss						Realized Gain from
			Income		on Investments					Capital Gain Distributions
Blue Chip Fund	$		407	$			1			$			102
Diversified International Account			732				(308	)					—
Diversified Real Asset Fund			168				—						57
Equity Income Account			1,156				2,864						—
Global Multi-Strategy Fund			277				—						290
Global Real Estate Securities Fund			164				—						34
Government & High Quality Bond Account			289				144						—
High Yield Fund			116				—						11
Income Account			637				(9	)					—
International Emerging Markets Fund			121				(8	)					—
LargeCap Growth Fund			57				14						3,647
LargeCap Growth Fund II			—				4,117						—
LargeCap Value Fund			2,563				1						2,054
MidCap Account			48				26						836
MidCap Value Fund I			111				—						183
Preferred Securities Fund			68				290						6
Principal Capital Appreciation Fund			260				930						772
Short-Term Income Account			58				—						—
SmallCap Growth Fund I			4				2,258						98
SmallCap Value Fund II			34				1,473						137
Small-MidCap Dividend Income Fund			242				—						244
	$		7,512	$			11,793			$			8,471
Amounts in thousands except shares

Schedule of Investments
SAM Flexible Income Portfolio
December 31, 2014


INVESTMENT COMPANIES - 100.02%	Shares Held		Value (000's)

Principal Funds, Inc. Institutional Class - 35.40%
Blue Chip Fund ^(a)	166,707	$	2,537
Global Diversified Income Fund ^(a)	1,094,973		15,308
Global Real Estate Securities Fund ^(a)	264,882		2,434
High Yield Fund ^(a)	1,949,914		14,332
Inflation Protection Fund ^(a)	1,168,795		9,888
International Emerging Markets Fund ^(a)	79,337		1,835
LargeCap Growth Fund ^(a)	868,876		9,393
LargeCap Value Fund ^(a)	1,019,252		12,955
Preferred Securities Fund ^(a)	351,413		3,588
SmallCap Growth Fund I ^(a)	20,056		238
Small-MidCap Dividend Income Fund ^(a)	779,702		10,744
	$		83,252

Principal Variable Contracts Funds, Inc. Class 1 - 64.62%
Bond & Mortgage Securities Account ^(a)	480,945		5,512
Diversified International Account ^(a)	300,456		4,230
Equity Income Account ^(a)	1,035,499		23,941
Government & High Quality Bond Account ^(a)	2,353,313		24,568
Income Account ^(a)	6,622,511		71,391
Short-Term Income Account ^(a)	8,611,528		22,304
	$		151,946
TOTAL INVESTMENT COMPANIES	$		235,198
Total Investments	$		235,198
Liabilities in Excess of Other Assets, Net - (0.02)%	$		(53	)
TOTAL NET ASSETS - 100.00%	$		235,145


Schedule of Investments
SAM Flexible Income Portfolio
December 31, 2014


	December 31,		December 31,								December 31,		December 31,
Affiliated Securities	2013		2013	Purchases		Purchases	Sales			Sales	2014		2014
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Blue Chip Fund	173,654	$	2,231	5,055	$	76	12,002		$	175	166,707	$	2,149
Bond & Mortgage Securities Account	803,486		9,337	46,676		535	369,217			4,222	480,945		5,545
Diversified International Account	460,656		4,554	15,722		230	175,922			2,551	300,456		2,770
Equity Income Account	925,782		11,340	222,003		4,976	112,286			2,465	1,035,499		14,144
Global Diversified Income Fund	748,329		9,960	363,152		5,210	16,508			236	1,094,973		14,933
Global Real Estate Securities Fund	223,933		1,602	46,017		408	5,068			42	264,882		1,968
Government & High Quality Bond	3,570,263		35,590	135,257		1,397	1,352,207			14,159	2,353,313		23,239
Account
High Yield Fund	1,540,840		10,718	451,933		3,377	42,859			330	1,949,914		13,756
Income Account	6,216,543		62,026	706,859		7,674	300,891			3,241	6,622,511		66,362
Inflation Protection Fund	—		—	1,168,795		10,067	—			—	1,168,795		10,067
International Emerging Markets Fund	101,700		2,434	1,838		43	24,201			570	79,337		1,889
LargeCap Growth Fund	884,571		9,483	96,826		1,036	112,521			1,308	868,876		9,308
LargeCap Value Fund	871,241		11,350	238,534		3,116	90,523			1,216	1,019,252		13,233
Preferred Securities Fund	865,988		5,592	80,918		833	595,493			6,204	351,413		2,006
Principal Capital Appreciation Fund	89,814		4,548	—		—	89,814			5,274	—		—
Short-Term Income Account	7,019,944		17,186	1,694,466		4,396	102,882			267	8,611,528		21,314
SmallCap Growth Fund I	235,758		2,653	4,235		51	219,937			3,111	20,056		203
Small-MidCap Dividend Income Fund	786,387		8,305	47,770		657	54,455			756	779,702		8,245
		$	208,909		$	44,082			$	46,127		$	211,131


						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Blue Chip Fund	$		60	$			17			$			15
Bond & Mortgage Securities Account			293				(105	)					—
Diversified International Account			126				537						—
Equity Income Account			463				293						—
Global Diversified Income Fund			645				(1	)					265
Global Real Estate Securities Fund			63				—						11
Government & High Quality Bond Account			1,170				411						—
High Yield Fund			843				(9	)					92
Income Account			3,151				(97	)					—
Inflation Protection Fund			134				—						—
International Emerging Markets Fund			32				(18	)					—
LargeCap Growth Fund			15				97						949
LargeCap Value Fund			811				(17	)					650
Preferred Securities Fund			458				1,785						62
Principal Capital Appreciation Fund			—				726						—
Short-Term Income Account			332				(1	)					—
SmallCap Growth Fund I			2				610						39
Small-MidCap Dividend Income Fund			271				39						216
	$		8,869	$			4,267			$			2,299
Amounts in thousands except shares

Schedule of Investments
SAM Strategic Growth Portfolio
December 31, 2014


Schedule of Investments
SAM Strategic Growth Portfolio
December 31, 2014


	December 31,		December 31,								December 31,		December 31,
Affiliated Securities	2013		2013	Purchases	Purchases		Sales			Sales	2014		2014
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Blue Chip Fund	598,362	$	7,615	9,760	$	137	608,122		$	9,559	—	$	—
Diversified International Account	1,419,393		16,472	56,318		835	171,217			2,480	1,304,494		14,885
Equity Income Account	1,800,600		23,353	74,269		1,599	253,273			5,660	1,621,596		19,876
Global Multi-Strategy Fund	—		—	446,248		4,977	—			—	446,248		4,977
Global Real Estate Securities Fund	307,671		2,206	819,236		7,293	1,579			13	1,125,328		9,486
International Emerging Markets Fund	400,214		9,550	19,756		461	37,454			884	382,516		9,096
LargeCap Growth Fund	3,281,138		35,192	529,687		5,725	135,550			1,572	3,675,275		39,379
LargeCap Growth Fund II	841,960		5,535	10,217		102	852,177			9,206	—		—
LargeCap Value Fund	2,913,256		37,982	744,574		9,686	193,056			2,667	3,464,774		45,010
MidCap Account	53,037		1,439	6,103		349	59,140			3,481	—		—
MidCap Value Fund I	—		—	581,999		9,405	—			—	581,999		9,405
Principal Capital Appreciation Fund	390,170		19,771	378,026		22,806	4,882			273	763,314		42,312
SmallCap Growth Fund I	654,060		6,894	75,506		907	366,960			5,054	362,606		3,708
SmallCap Value Fund II	620,817		6,625	48,587		619	295,419			4,141	373,985		3,631
Small-MidCap Dividend Income Fund	430,560		4,281	253,875		3,531	973			13	683,462		7,799
		$	176,915		$	68,432			$	45,003		$	209,564


					Realized Gain/Loss						Realized Gain from
			Income			on Investments				Capital Gain Distributions
Blue Chip Fund	$		—	$			1,807			$			—
Diversified International Account			460				58						—
Equity Income Account			984				584						—
Global Multi-Strategy Fund			52				—						50
Global Real Estate Securities Fund			235				—						47
International Emerging Markets Fund			153				(31	)					—
LargeCap Growth Fund			62				34						4,015
LargeCap Growth Fund II			—				3,569						—
LargeCap Value Fund			2,721				9						2,181
MidCap Account			17				1,693						298
MidCap Value Fund I			398				—						656
Principal Capital Appreciation Fund			547				8						1,622
SmallCap Growth Fund I			30				961						707
SmallCap Value Fund II			103				528						414
Small-MidCap Dividend Income Fund			187				—						189
	$		5,949	$			9,220			$			10,179
Amounts in thousands except shares


Schedule of Investments
Short-Term Income Account
December 31, 2014



	INVESTMENT COMPANIES - 3.29%			Shares Held		Value (000's)				Principal
							BONDS (continued)			Amount (000's)		Value (000's)
	Publicly Traded Investment Fund - 3.29%
	BlackRock Liquidity Funds FedFund Portfolio			8,838,497	$	8,838	Automobile Floor Plan Asset Backed Securities (continued)
							CNH Wholesale Master Note Trust
	TOTAL INVESTMENT COMPANIES			$		8,838	0.76%, 08/15/2019^(a),(b)		$	1,250	$	1,253
				Principal			Ford Credit Floorplan Master Owner Trust A
							0.54%, 01/15/2018^(b)			2,000		2,001
BONDS	- 93.90	%		Amount (000's)		Value (000's)	0.56%, 02/15/2019^(b)			500		500
	Agriculture - 1.10%						Nissan Master Owner Trust Receivables
	Cargill Inc						0.46%, 02/15/2018^(b)			2,000		1,998
	6.00%, 11/27/2017^(a)		$	2,648	$	2,959	Volkswagen Credit Auto Master Trust
							0.52%, 07/22/2019^(a),(b)			1,000		1,001
	Automobile Asset Backed Securities - 7.12%						World Omni Master Owner Trust
	American Credit Acceptance Receivables						0.51%, 02/15/2018^(a),(b)			1,750		1,750
	Trust									$		10,551
	1.64%, 11/15/2016^(a),(b)			135		135
							Automobile Manufacturers - 1.68%
	AmeriCredit Automobile Receivables 2014-3						Daimler Finance North America LLC
	0.64%, 04/09/2018			1,500		1,499	1.38%, 08/01/2017^(a)			500		498
	AmeriCredit Automobile Receivables Trust						PACCAR Financial Corp
	2013-3						0.84%, 12/06/2018^(b)			750		754
	0.68%, 10/11/2016^(b)			157		157
							2.20%, 09/15/2019			1,000		1,001
	AmeriCredit Automobile Receivables Trust						Toyota Motor Credit Corp
	2013-5						2.10%, 01/17/2019			2,250		2,259
	0.54%, 03/08/2017^(b)			456		456
	AmeriCredit Automobile Receivables Trust									$		4,512
	2014-1						Banks- 15.33	%
	0.57%, 07/10/2017^(b)			854		854	Australia & New Zealand Banking Group
	AmeriCredit Automobile Receivables Trust						Ltd/New York NY
	2014-2						0.79%, 05/15/2018^(b)			500		501
	0.54%, 10/10/2017^(b)			1,800		1,799	Bank of America NA
	Capital Auto Receivables Asset Trust / Ally						0.52%, 06/15/2016^(b)			1,000		993
	0.97%, 01/22/2018			1,000		999	1.25%, 02/14/2017			500		499
	Capital Auto Receivables Asset Trust 2014-1						5.30%, 03/15/2017			3,900		4,189
	0.68%, 05/20/2016^(b)			500		500	Bank of New York Mellon Corp/The
	Capital Auto Receivables Asset Trust 2014-3						2.20%, 05/15/2019			1,000		1,003
	0.49%, 02/21/2017^(b)			1,800		1,797	BB&T Corp
	CPS Auto Receivables Trust 2013-A						0.89%, 02/01/2019^(b)			500		500
	1.31%, 06/15/2020^(a),(b)			1,404		1,398	Branch Banking & Trust Co
	CPS Auto Receivables Trust 2013-B						0.53%, 05/23/2017^(b)			1,750		1,739
	1.82%, 09/15/2020^(a),(b)			772		770	0.56%, 09/13/2016^(b)			950		947
	CPS Auto Receivables Trust 2013-C						Citigroup Inc
	1.64%, 04/16/2018^(a)			533		533	4.75%, 05/19/2015			1,250		1,268
	CPS Auto Receivables Trust 2013-D						6.13%, 05/15/2018			2,000		2,263
	1.54%, 07/16/2018^(a),(b)			627		628	Commonwealth Bank of Australia/New York
	CPS Auto Receivables Trust 2014-C						NY
	1.31%, 02/15/2019^(a),(b)			910		907	2.25%, 03/13/2019			500		502
	CPS Auto Receivables Trust 2014-D						Goldman Sachs Group Inc/The
	1.49%, 04/15/2019^(a)			1,000		998	1.25%, 10/23/2019^(b)			500		502
	CPS Auto Trust						1.33%, 11/15/2018^(b)			2,000		2,020
	1.48%, 03/16/2020^(a)			285		285	JP Morgan Chase Bank NA
	Ford Credit Auto Owner Trust/Ford Credit						5.88%, 06/13/2016			1,250		1,333
	2014-RE	V1					6.00%, 10/01/2017			3,000		3,330
	2.26%, 11/15/2025^(a),(b)			1,000		1,005	KeyBank NA/Cleveland OH
	Santander Drive Auto Receivables Trust 2013-						5.45%, 03/03/2016			250		263
	5						7.41%, 10/15/2027			2,750		2,812
	0.54%, 04/17/2017^(b)			212		212	Morgan Stanley
	Santander Drive Auto Receivables Trust 2014-						1.08%, 01/24/2019^(b)			2,750		2,755
	1						1.51%, 04/25/2018^(b)			2,000		2,032
	0.53%, 06/15/2017^(b)			350		350	1.88%, 01/05/2018			500		498
	0.66%, 06/15/2017^(b)			1,541		1,542	National City Bank/Cleveland OH
	Santander Drive Auto Receivables Trust 2014-						0.61%, 06/07/2017^(b)			500		498
	2						PNC Bank NA
	0.54%, 07/17/2017^(b)			868		867	4.88%, 09/21/2017			1,700		1,841
	Santander Drive Auto Receivables Trust 2014-						PNC Financial Services Group Inc/The
	3						6.75%, 07/29/2049^(b)			750		823
	0.54%, 08/15/2017^(b)			934		933	SunTrust Bank/Atlanta GA
	Westlake Automobile Receivables Trust 2014-						0.52%, 08/24/2015^(b)			1,000		998
	2						0.54%, 04/01/2015^(b)			500		500
	0.97%, 10/16/2017^(a),(b)			500		500	7.25%, 03/15/2018			1,500		1,736
				$		19,124	US Bank NA/Cincinnati OH
							0.46%, 01/30/2017^(b)			500		500
	Automobile Floor Plan Asset Backed Securities - 3.93%						0.71%, 10/28/2019^(b)			1,000		1,002
	Ally Master Owner Trust						Wells Fargo & Co
	0.61%, 04/15/2018^(b)			1,500		1,499	7.98%, 12/31/2049^(b)			1,750		1,932
	0.63%, 01/15/2019^(b)			550		549


Schedule of Investments
Short-Term Income Account
December 31, 2014



		Principal						Principal
BONDS (continued)		Amount (000's)		Value (000's)	BONDS (continued)		Amount (000's)			Value (000's)

Banks (continued)					Electric (continued)
Wells Fargo Bank NA					Southern Co/The
6.00%, 11/15/2017	$	1,250	$	1,401	2.45%, 09/01/2018		$	1,000	$	1,020
		$		41,180	TransAlta Corp
					6.65%, 05/15/2018			2,250		2,525
Beverages - 0.56%								$		13,243
Anheuser-Busch InBev Finance Inc
2.15%, 02/01/2019		500		502	Finance - Mortgage Loan/Banker - 7.49%
SABMiller Holdings Inc					Fannie Mae
0.92%, 08/01/2018^(a),(b)		500		502	0.88%, 02/08/2018			3,000		2,966
1.85%, 01/15/2015^(a)		500		500	1.00%, 09/27/2017			1,000		998
		$		1,504	1.75%, 06/20/2019			5,000		5,025
					1.75%, 09/12/2019			3,250		3,258
Biotechnology - 0.74%					1.88%, 02/19/2019			7,750		7,867
Amgen Inc								$		20,114
1.25%, 05/22/2017		1,000		992
2.20%, 05/22/2019		1,000		996	Food- 0.38	%
		$		1,988	Ingredion Inc
					3.20%, 11/01/2015			1,000		1,017
Chemicals - 1.01%
Airgas Inc
1.65%, 02/15/2018		1,200		1,184	Gas- 0.26	%
3.25%, 10/01/2015		1,500		1,524	Laclede Group Inc/The
		$		2,708	0.98%, 08/15/2017^(b)			700		700

Commercial Services - 0.28%
ERAC USA Finance LLC					Healthcare - Products - 0.65%
5.60%, 05/01/2015^(a)		750		762	Becton Dickinson and Co
					1.80%, 12/15/2017			500		502
					2.68%, 12/15/2019			500		507
Computers - 0.74%					Medtronic Inc
Apple Inc					1.04%, 03/15/2020^(a),(b)			500		499
1.00%, 05/03/2018		500		493	1.50%, 03/15/2018^(a)			250		249
International Business Machines Corp								$		1,757
1.95%, 02/12/2019		1,500		1,505
		$		1,998	Healthcare - Services - 0.86%
					Anthem Inc
Credit Card Asset Backed Securities - 0.88%					5.88%, 06/15/2017			500		550
Cabela's Credit Card Master Note Trust					Roche Holdings Inc
0.51%, 03/16/2020^(b)		390		390	0.60%, 09/30/2019^(a),(b)			1,000		998
0.61%, 07/15/2022^(b)		750		748	Ventas Realty LP
0.64%, 06/15/2020^(a),(b)		500		503	1.55%, 09/26/2016			750		753
0.69%, 02/18/2020^(a),(b)		710		715
								$		2,301
		$		2,356
					Home Equity Asset Backed Securities - 3.25%
Diversified Financial Services - 4.68%					ABFC 2005-WMC1 Trust
Ford Motor Credit Co LLC					0.83%, 06/25/2035^(b)			656		647
3.98%, 06/15/2016		1,700		1,760	ACE Securities Corp Home Equity Loan Trust
General Electric Capital Corp					Series 2005-HE2
0.74%, 01/14/2019^(b)		2,500		2,501	0.89%, 04/25/2035^(b)			371		372
0.88%, 07/12/2016^(b)		2,000		2,014	ACE Securities Corp Home Equity Loan Trust
5.63%, 09/15/2017		250		277	Series 2005-WF1
6.38%, 11/15/2067^(b)		1,000		1,072	0.51%, 05/25/2035^(b)			325		321
Jefferies Group LLC					Asset Backed Securities Corp Home Equity
3.88%, 11/09/2015		1,500		1,532	Loan Trust Series OOMC 2005-HE6
MassMutual Global Funding II					0.68%, 07/25/2035^(b)			664		659
2.10%, 08/02/2018^(a)		500		505	Bayview Financial Acquisition Trust
Murray Street Investment Trust I					0.80%, 05/28/2044^(b)			148		148
4.65%, 03/09/2017^(b)		2,750		2,902	5.66%, 12/28/2036^(b)			33		33
		$		12,563	Bear Stearns Asset Backed Securities I Trust
Electric - 4.93%					2006	-PC1
					0.49%, 12/25/2035^(b)			588		585
Dominion Resources Inc/VA
1.40%, 09/15/2017		1,000		991	Home Equity Asset Trust 2005-4
					0.87%, 10/25/2035^(b)			1,000		976
Indiantown Cogeneration LP
9.77%, 12/15/2020		496		564	JP Morgan Mortgage Acquisition Corp 2005-
LG&E and KU Energy LLC					FLD1
					0.90%, 07/25/2035^(b)			109		108
2.13%, 11/15/2015		1,000		1,009
NextEra Energy Capital Holdings Inc					JP Morgan Mortgage Acquisition Corp 2005-
7.30%, 09/01/2067^(b)		1,000		1,070	OPT1
					0.62%, 06/25/2035^(b)			278		276
NiSource Finance Corp
5.25%, 09/15/2017		1,000		1,093	Mastr Asset Backed Securities Trust 2005-
PPL Energy Supply LLC					FRE1
					0.42%, 10/25/2035^(b)			31		31
5.70%, 10/15/2035		1,400		1,430
6.50%, 05/01/2018		250		263	RAMP Series 2005-EFC2 Trust
					0.64%, 07/25/2035^(b)			116		116
Public Service Co of New Mexico
7.95%, 05/15/2018		2,785		3,278


Schedule of Investments
Short-Term Income Account
December 31, 2014



			Principal					Principal
BONDS (continued)			Amount (000's)		Value (000's)	BONDS (continued)		Amount (000's)		Value (000's)

Home Equity Asset Backed Securities (continued)						Mining (continued)
RASC Series 2003-KS10 Trust						Teck Resources Ltd
4.47%, 03/25/2032		$	360	$	366	5.38%, 10/01/2015	$	500	$	513
Soundview Home Loan Trust 2005-CTX1								$		1,778
0.58%, 11/25/2035^(b)			620		611
Structured Asset Securities Corp Mortgage						Mortgage Backed Securities - 9.70%
Loan Trust Series 2005-GEL4						Adjustable Rate Mortgage Trust 2004-2
0.78%, 08/25/2035^(b)			194		184	1.31%, 02/25/2035^(b)		34		34
Terwin Mortgage Trust 2005-2HE						Alternative Loan Trust 2004-J8
0.55%, 01/25/2035^(a),(b)			28		28	6.00%, 02/25/2017		47		47
Terwin Mortgage Trust Series TMTS 2005-						Banc of America Alternative Loan Trust 2003-
14	HE					10
4.85%, 08/25/2036^(b)			214		221	5.00%, 12/25/2018		217		222
Wells Fargo Home Equity Asset-Backed						Banc of America Funding 2004-1 Trust
Securities 2004-2 Trust						5.25%, 02/25/2019		41		42
0.59%, 10/25/2034^(b)			53		52	Banc of America Funding 2004-3 Trust
5.00%, 10/25/2034			2,646		2,641	4.75%, 09/25/2019		161		164
5.00%, 10/25/2034			15		15	Banc of America Funding 2006-G Trust
						0.34%, 07/20/2036^(b)		60		60
Wells Fargo Home Equity Asset-Backed
Securities 2005-2 Trust						Banc of America Mortgage Trust 2004-8
0.58%, 11/25/2035^(b)			341		340	5.25%, 10/25/2019		73		74
			$		8,730	Banc of America Mortgage Trust 2005-7
						5.00%, 08/25/2020		21		21
Insurance - 3.33%						BCAP LLC 2011-RR11 Trust
Berkshire Hathaway Finance Corp						2.51%, 03/26/2035^(a),(b)		311		312
1.60%, 05/15/2017			1,500		1,513	CHL Mortgage Pass-Through Trust 2003-46
2.00%, 08/15/2018			1,000		1,011	2.45%, 01/19/2034^(b)		162		162
Chubb Corp/The						CHL Mortgage Pass-Through Trust 2004-19
6.38%, 03/29/2067^(b)			250		268	5.25%, 10/25/2034		35		35
Lincoln National Corp						CHL Mortgage Pass-Through Trust 2004-J1
7.00%, 05/17/2066^(b)			500		500	4.50%, 01/25/2019^(b)		60		61
MetLife Inc						CHL Mortgage Pass-Through Trust 2004-J7
6.82%, 08/15/2018			750		873	5.00%, 09/25/2019		142		146
Metropolitan Life Global Funding I						Citigroup Mortgage Loan Trust 2009-6
2.30%, 04/10/2019^(a)			250		251	2.62%, 07/25/2036^(a),(b)		111		111
New York Life Global Funding						Credit Suisse First Boston Mortgage Securities
1.45%, 12/15/2017^(a)			1,250		1,247	Corp
2.15%, 06/18/2019^(a)			750		748	1.13%, 05/25/2034^(b)		114		111
2.45%, 07/14/2016^(a)			1,000		1,024	5.00%, 09/25/2019		33		33
Prudential Covered Trust 2012-1						5.00%, 10/25/2019		181		181
3.00%, 09/30/2015^(a)			626		635	Credit Suisse Mortgage Capital Certificates
Prudential Financial Inc						2.35%, 07/27/2037^(a),(b)		211		213
8.88%, 06/15/2068^(b)			750		876	Deutsche Mortgage Securities Inc REMIC
			$		8,946	Trust Series 2010-RS2
						3.81%, 06/28/2047^(a),(b)		35		35
Internet - 0.38%						Fannie Mae REMICS
Amazon.com Inc						3.50%, 03/25/2042		174		181
2.60%, 12/05/2019			1,000		1,010	Freddie Mac REMICS
						0.61%, 06/15/2023^(b)		3		4
Iron & Steel - 0.38%						Ginnie Mae
ArcelorMittal						0.61%, 07/16/2054^(b)		9,589		518
4.25%, 03/01/2016			1,000		1,025	0.70%, 08/16/2051^(b)		11,571		691
						0.87%, 03/16/2049^(b)		11,632		585
						0.88%, 02/16/2053^(b)		16,792		1,161
Manufactured Housing Asset Backed Securities - 0.03%						0.91%, 03/16/2052^(b)		9,667		761
Green Tree Financial Corp						0.91%, 09/16/2055^(b)		9,789		650
7.70%, 09/15/2026			65		69	0.93%, 10/16/2054^(b)		5,828		380
Mid-State Trust IV						0.94%, 10/16/2054^(b)		6,359		362
8.33%, 04/01/2030			14		14	0.94%, 06/16/2055^(b)		9,841		607
			$		83	0.96%, 08/16/2052^(b)		5,346		317
						0.99%, 02/16/2055^(b)		9,583		481
CBS Media Corp - 0.90%						1.00%, 01/16/2055^(b)		9,720		581
2.30%, 08/15/2019			1,000		988	1.01%, 10/16/2054^(b)		6,757		429
NBCUniversal Enterprise Inc						1.11%, 01/16/2054^(b)		6,348		441
0.77%, 04/15/2016^(a),(b)			500		501	1.14%, 08/16/2042^(b)		15,067		1,090
Time Warner Cable Inc						1.15%, 06/16/2045^(b)		12,335		923
8.25%, 04/01/2019			750		918	1.22%, 02/16/2046^(b)		9,720		761
			$		2,407	1.41%, 12/16/2036^(b)		4,407		345
						1.57%, 01/16/2040^(b)		3,650		221
Mining - 0.66%						4.50%, 08/20/2032		33		34
Glencore Finance Canada Ltd						GSMSC Pass-Through Trust 2009-4R
2.70%, 10/25/2017^(a),(b)			1,250		1,265	0.62%, 12/26/2036^(a),(b)		596		586
						JP Morgan Mortgage Trust 2004-A3
						2.34%, 07/25/2034^(b)		94		94
See accompanying notes.						268


Schedule of Investments
Short-Term Income Account
December 31, 2014



		Principal						Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)			Amount (000's) Value (000's)

Mortgage Backed Securities (continued)					Other Asset Backed Securities (continued)
JP Morgan Mortgage Trust 2004-S1					Carrington Mortgage Loan Trust Series 2005-
5.00%, 09/25/2034	$	481	$	500	NC4
JP Morgan Resecuritization Trust Series 2010-					0.57%, 09/25/2035^(b)		$	227	$	225
4					Citigroup Mortgage Loan Trust Inc
2.29%, 10/26/2036^(a),(b)		212		213	0.60%, 07/25/2035^(b)			97		96
MASTR Alternative Loan Trust 2003-9					Credit-Based Asset Servicing and
6.50%, 01/25/2019		110		112	Securitization LLC
MASTR Asset Securitization Trust 2004-11					4.25%, 08/25/2035^(b)			72		73
5.00%, 12/25/2019		35		36	4.79%, 07/25/2035^(b)			563		572
MASTR Asset Securitization Trust 2004-9					CWABS Asset-Backed Certificates Trust
5.00%, 09/25/2019		109		111	2005-3
PHH Mortgage Trust Series 2008-CIM1					0.61%, 08/25/2035^(b)			600		598
5.22%, 06/25/2038		687		697	Drug Royalty II LP 2
Prime Mortgage Trust 2005-2					3.48%, 07/15/2023^(a),(b)			1,426		1,430
5.25%, 07/25/2020^(b)		263		268	FFMLT Trust 2005-FF2
Provident Funding Mortgage Loan Trust 2005-					0.83%, 03/25/2035^(b)			60		60
1					Fieldstone Mortgage Investment Trust Series
0.46%, 05/25/2035^(b)		569		546	2005-1
RALI Series 2003-QS23 Trust					1.24%, 03/25/2035^(b)			458		458
5.00%, 12/26/2018		437		443	First Franklin Mortgage Loan Trust 2005-
RALI Series 2004-QS3 Trust					FF4
5.00%, 03/25/2019		149		149	0.60%, 05/25/2035^(b)			194		192
RBSSP Resecuritization Trust 2009-7					Green Tree Home Improvement Loan Trust
0.57%, 06/26/2037^(a),(b)		100		95	7.45%, 09/15/2025			1		1
Sequoia Mortgage Trust 2013-4					JP Morgan Mortgage Acquisition Corp 2005-
1.55%, 04/25/2043^(b)		1,966		1,834	OPT2
Sequoia Mortgage Trust 2013-8					0.46%, 12/25/2035^(b)			600		587
2.25%, 06/25/2043^(b)		1,290		1,259	Mastr Specialized Loan Trust
Springleaf Mortgage Loan Trust					1.42%, 11/25/2034^(a),(b)			141		142
1.27%, 06/25/2058^(a),(b)		2,165		2,157	Merrill Lynch Mortgage Investors Trust Series
Springleaf Mortgage Loan Trust 2012-3					2005	-FM1
1.57%, 12/25/2059^(a),(b)		1,305		1,305	0.55%, 05/25/2036^(b)			96		96
2.66%, 12/25/2059^(a),(b)		500		500	NYCTL 2014-A Trust
3.56%, 12/25/2059^(a)		200		203	1.03%, 11/10/2027^(a),(c)			305		305
Springleaf Mortgage Loan Trust 2013-2					OneMain Financial Issuance Trust 2014-1
1.78%, 12/25/2065^(a)		724		722	2.43%, 06/18/2024^(a),(b),(c)			900		900
3.52%, 12/25/2065^(a),(b)		569		581	OneMain Financial Issuance Trust 2014-2
WaMu Mortgage Pass-Through Certificates					2.47%, 09/18/2024^(a),(c)			1,000		1,004
Series 2003-S8 Trust					PFS Financing Corp
5.00%, 09/25/2018		48		49	0.66%, 04/17/2017^(a),(b)			1,250		1,250
		$		26,047	0.71%, 02/15/2018^(a),(b)			2,000		1,999
					0.76%, 02/15/2019^(a),(b)			750		752
Oil & Gas - 3.21%					0.76%, 10/15/2019^(a),(b)			500		500
BP Capital Markets PLC					PFS Tax Lien Trust 2014-1
4.75%, 03/10/2019		2,000		2,188	1.44%, 05/15/2029^(a),(b)			389		389
Chevron Corp					Securitized Asset Backed Receivables LLC
1.72%, 06/24/2018		1,300		1,307	Trust 2006-OP1
Ensco PLC					0.47%, 10/25/2035^(b)			33		32
3.25%, 03/15/2016		1,000		1,018	Springleaf Funding Trust 2013-A
Phillips 66					2.58%, 09/15/2021^(a),(b)			750		752
2.95%, 05/01/2017		2,000		2,065	Trafigura Securitisation Finance PLC
Sinopec Group Overseas Development 2014					1.11%, 10/15/2021^(a),(b),(c)			700		700
Ltd					Wachovia Mortgage Loan Trust Series 2005-
1.75%, 04/10/2017^(a)		500		498
					WMC1
Total Capital International SA					0.91%, 10/25/2035^(b)			176		175
0.80%, 08/10/2018^(b)		550		553
1.55%, 06/28/2017		1,000		1,003				$		13,941
		$		8,632	Pharmaceuticals - 1.30%
					AbbVie Inc
Oil & Gas Services - 0.39%					1.20%, 11/06/2015			2,500		2,507
Weatherford International Ltd/Bermuda					Merck & Co Inc
5.50%, 02/15/2016		1,000		1,032	1.10%, 01/31/2018			1,000		989
								$		3,496
Other Asset Backed Securities - 5.19%
Ameriquest Mortgage Securities Inc Asset-					Pipelines - 1.60%
Backed Pass-Through Ctfs Ser 2004-R11					Buckeye Partners LP
0.76%, 11/25/2034(b)		63		63	2.65%, 11/15/2018			965		951
					DCP Midstream LLC
Ameriquest Mortgage Securities Inc Asset-					5.38%, 10/15/2015^(a)			810		835
Backed Pass-Through Ctfs Ser 2005-R1
0.62%, 03/25/2035^(b)		582		580	Florida Gas Transmission Co LLC
					4.00%, 07/15/2015^(a)			1,000		1,014
Ameriquest Mortgage Securities Inc Asset-					7.90%, 05/15/2019^(a)			830		997
Backed Pass-Through Ctfs Ser 2005-R6
0.37%, 08/25/2035^(b)		10		10


Schedule of Investments
Short-Term Income Account
December 31, 2014



				Principal						Principal
	BONDS (continued)			Amount (000's)		Value (000's)	BONDS (continued)			Amount (000's)		Value (000's)

	Pipelines (continued)						Student Loan Asset Backed Securities (continued)
	TransCanada PipeLines Ltd						SLM Private Education Loan Trust 2013-A
	6.35%, 05/15/2067^(b)		$	500	$	485	0.76%, 08/15/2022^(a),(b)		$	909	$	910
				$		4,282	SLM Private Education Loan Trust 2013-B
							0.81%, 07/15/2022^(a),(b)			677		678
	Real Estate - 0.41%						1.85%, 06/17/2030^(a),(b)			500		491
	WEA Finance LLC / Westfield UK & Europe						SLM Private Education Loan Trust 2014-A
	Finance PLC						0.76%, 07/15/2022^(a),(b)			388		388
	1.75%, 09/15/2017^(a)			600		597
	2.70%, 09/17/2019^(a)			500		500				$		8,503
				$		1,097	Telecommunications - 2.27%
							AT&T Inc
REITS	- 3.03	%					0.62%, 02/12/2016^(b)			1,000		1,000
	Alexandria Real Estate Equities Inc						Cisco Systems Inc
	2.75%, 01/15/2020			1,500		1,486	1.10%, 03/03/2017			1,500		1,500
	BioMed Realty LP						Verizon Communications Inc
	2.63%, 05/01/2019			500		499	1.99%, 09/14/2018^(b)			500		520
	3.85%, 04/15/2016			1,000		1,033	3.65%, 09/14/2018			1,500		1,585
	HCP Inc						Vodafone Group PLC
	6.30%, 09/15/2016			750		812	0.62%, 02/19/2016^(b)			1,000		1,000
	Health Care REIT Inc						1.63%, 03/20/2017			500		500
	3.63%, 03/15/2016			750		772				$		6,105
	5.88%, 05/15/2015			500		509
	Healthcare Realty Trust Inc						Transportation - 0.28%
	5.75%, 01/15/2021			510		570	Ryder System Inc
	6.50%, 01/17/2017			750		819	2.45%, 11/15/2018			750		750
	Nationwide Health Properties Inc
	6.00%, 05/20/2015			500		510
	Prologis LP						Trucking & Leasing - 0.75%
	7.38%, 10/30/2019			741		891	Penske Truck Leasing Co Lp / PTL Finance
							Corp
	Ventas Realty LP / Ventas Capital Corp						2.50%, 03/15/2016^(a)			500		507
	2.70%, 04/01/2020			250		247	3.13%, 05/11/2015^(a)			1,500		1,512
				$		8,148				$		2,019
	Retail - 0.28%						TOTAL BONDS			$		252,188
	Walgreens Boots Alliance Inc						U.S. GOVERNMENT & GOVERNMENT			Principal
	0.68%, 05/18/2016^(b)			500		500	AGENCY OBLIGATIONS - 1.70%			Amount (000's)		Value (000's)
	1.75%, 11/17/2017			250		251	Federal Home Loan Mortgage Corporation (FHLMC) -
				$		751	0.03	%
							2.24%, 11/01/2021^(b)		$	2	$	2
	Savings & Loans - 0.00%						2.38%, 09/01/2035^(b)			55		59
	Washington Mutual Bank / Henderson NV
	0.00%, 01/15/2013^(d)			200		—	6.00%, 05/01/2017			9		9
							9.50%, 08/01/2016			1		1
										$		71
	Semiconductors - 0.56%
	Samsung Electronics America Inc						Federal National Mortgage Association (FNMA) - 0.18%
	1.75%, 04/10/2017^(a)			1,500		1,504	1.88%, 04/01/2033^(b)			143		152
							2.13%, 07/01/2034^(b)			62		66
							2.13%, 08/01/2034^(b)			23		24
	Software - 0.21%						2.18%, 11/01/2022^(b)			1		1
	Oracle Corp						2.21%, 12/01/2032^(b)			25		26
	5.75%, 04/15/2018			500		565	2.27%, 02/01/2037^(b)			76		81
							2.36%, 01/01/2035^(b)			11		11
							2.37%, 01/01/2035^(b)			40		43
	Student Loan Asset Backed Securities - 3.17%						2.41%, 11/01/2032^(b)			8		9
	KeyCorp Student Loan Trust 2006-A						2.43%, 02/01/2035^(b)			8		9
	0.44%, 06/27/2029^(b)			264		262
	0.56%, 09/27/2035^(b)			1,000		964	2.63%, 12/01/2033^(b)			29		30
							4.15%, 11/01/2035^(b)			3		3
	SLC Private Student Loan Trust 2006-A						5.60%, 04/01/2019^(b)			1		1
	0.40%, 07/15/2036^(b)			1,026		1,018
	SLC Private Student Loan Trust 2010-B						8.00%, 05/01/2027			22		24
	3.66%, 07/15/2042^(a),(b)			486		509	8.50%, 11/01/2017			1		2
	SLM Private Credit Student Loan Trust 2002-									$		482
	A						Government National Mortgage Association (GNMA) -
	0.79%, 12/16/2030^(b)			1,254		1,236	0.01	%
	SLM Private Credit Student Loan Trust 2004-						9.00%, 12/15/2020			2		3
	A						9.00%, 04/20/2025			1		1
	0.44%, 03/16/2020^(b)			358		357	10.00%, 02/15/2025			2		2
	SLM Private Credit Student Loan Trust 2004-						10.00%, 04/15/2025			1		1
	B						10.00%, 06/15/2020			5		5
	0.44%, 06/15/2021^(b)			1,272		1,263	10.00%, 09/15/2018			2		2
	SLM Private Credit Student Loan Trust 2005-						10.00%, 09/15/2018			2		2
	B						10.00%, 05/15/2020			5		5
	0.42%, 03/15/2023^(b)			87		86
	0.51%, 12/15/2023^(b)			350		341


Schedule of Investments
SmallCap Blend Account
December 31, 2014



COMMON STOCKS - 98.40%	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held Value (000's)

Aerospace & Defense - 0.69%				Computers - 3.51%
Astronics Corp ^(a)	8,020	$	444	Barracuda Networks Inc ^(a)	11,530	$	413
				Manhattan Associates Inc ^(a)	21,290		867
				NetScout Systems Inc ^(a)	24,200		884
Apparel - 1.73%				Nimble Storage Inc ^(a)	3,950		109
G-III Apparel Group Ltd ^(a)	7,130		720
Iconix Brand Group Inc ^(a)	11,700		396		$		2,273
	$		1,116	Distribution & Wholesale - 0.28%
				Rentrak Corp ^(a)	2,458		179
Automobile Parts & Equipment - 1.53%
Meritor Inc ^(a)	24,747		375
Tower International Inc ^(a)	24,110		616	Diversified Financial Services - 2.34%
	$		991	Cowen Group Inc ^(a)	62,200		299
				Evercore Partners Inc - Class A	1,530		80
Banks - 6.42%				Investment Technology Group Inc ^(a)	12,130		253
Boston Private Financial Holdings Inc	12,958		175	LendingClub Corp ^(a)	2,773		70
Chemical Financial Corp	95		3	OM Asset Management PLC ^(a)	26,380		428
First Merchants Corp	3,519		80	Waddell & Reed Financial Inc	7,732		385
First of Long Island Corp/The	3,865		110		$		1,515
Green Bancorp Inc ^(a)	3,029		36
Hanmi Financial Corp	7,291		159	Electric - 1.87%
National Penn Bancshares Inc	41,710		439	Avista Corp	15,856		560
PrivateBancorp Inc	27,380		914	NRG Yield Inc	13,780		650
Webster Financial Corp	25,035		814		$		1,210
WesBanco Inc	7,490		261
Western Alliance Bancorp ^(a)	16,790		467	Electrical Components & Equipment - 0.90%
Wintrust Financial Corp	14,840		694	EnerSys	9,450		583
	$		4,152
				Electronics - 0.15%
Biotechnology - 3.06%				Fluidigm Corp ^(a)	2,938		99
Acceleron Pharma Inc ^(a)	1,690		66
Ardelyx Inc ^(a)	3,833		72
Avalanche Biotechnologies Inc ^(a)	1,084		58	Energy - Alternate Sources - 1.04%
Bellicum Pharmaceuticals Inc ^(a)	2,680		62	Pattern Energy Group Inc	22,637		558
BIND Therapeutics Inc ^(a)	12,194		66	TerraForm Power Inc	3,800		118
Bluebird Bio Inc ^(a)	1,898		174		$		676
Cambrex Corp ^(a)	5,920		128
Cubist Pharmaceuticals Inc ^(a)	930		94	Engineering & Construction - 2.85%
				AECOM Technology Corp ^(a)	18,580		564
Cytokinetics Inc - Warrants ^(a),(b),(c)	12,207		5
Eleven Biotherapeutics Inc ^(a)	4,043		48	EMCOR Group Inc	19,780		880
				Tutor Perini Corp ^(a)	16,600		400
Epizyme Inc ^(a)	2,950		56
Exact Sciences Corp ^(a)	8,707		239		$		1,844
Fate Therapeutics Inc ^(a)	8,610		43	Entertainment - 1.49%
Genocea Biosciences Inc ^(a)	6,129		43	Marriott Vacations Worldwide Corp	12,900		962
Insmed Inc ^(a)	7,170		111
Intercept Pharmaceuticals Inc ^(a)	430		67
MacroGenics Inc ^(a)	4,470		157	Gas - 0.64%
Medivation Inc ^(a)	1,280		127	Southwest Gas Corp	6,680		413
NewLink Genetics Corp ^(a)	2,490		99
Puma Biotechnology Inc ^(a)	690		131	Healthcare - Products - 2.26%
Seattle Genetics Inc ^(a)	1,950		63	DexCom Inc ^(a)	6,220		342
Sunesis Pharmaceuticals Inc ^(a)	13,452		34	Insulet Corp ^(a)	5,460		252
Versartis Inc ^(a)	1,681		38	K2M Group Holdings Inc ^(a)	14,520		303
	$		1,981	LDR Holding Corp ^(a)	5,840		191
				Ocular Therapeutix Inc ^(a)	5,180		122
Building Materials - 0.66%				OraSure Technologies Inc ^(a)	16,560		168
Eagle Materials Inc	2,740		208	STAAR Surgical Co ^(a)	9,050		83
PGT Inc ^(a)	22,730		219
	$		427		$		1,461
				Healthcare - Services - 3.75%
Chemicals - 0.27%				Acadia Healthcare Co Inc ^(a)	14,220		870
OM Group Inc	5,920		176	Centene Corp ^(a)	7,440		773
				HealthSouth Corp	20,330		782
Commercial Services - 10.16%					$		2,425
ABM Industries Inc	19,330		554
Corporate Executive Board Co	5,550		402	Holding Companies - Diversified - 0.20%
				FCB Financial Holdings Inc ^(a)	5,270		130
DeVry Education Group Inc	17,060		810
Huron Consulting Group Inc ^(a)	10,450		715
James River Group Holdings Ltd ^(a)	16,750		381	Home Builders - 0.59%
Korn/Ferry International ^(a)	26,070		750	Installed Building Products Inc ^(a)	21,620		385
Live Nation Entertainment Inc ^(a)	28,460		743
On Assignment Inc ^(a)	14,510		481
PAREXEL International Corp ^(a)	12,610		701	Insurance - 3.59%
Team Health Holdings Inc ^(a)	18,030		1,037	Aspen Insurance Holdings Ltd	23,890		1,046
	$		6,574	Assured Guaranty Ltd	10,270		267
				Horace Mann Educators Corp	12,340		409
				Navigators Group Inc/The ^(a)	1,750		128


Schedule of Investments
SmallCap Blend Account
December 31, 2014



COMMON STOCKS (continued)	Shares Held		Value (000's)	COMMON STOCKS (continued)		Shares Held		Value(000			's)

Insurance (continued)				REITS (continued)
Validus Holdings Ltd	11,431	$	475	EPR Properties		7,970			$	460
	$		2,325	First Industrial Realty Trust Inc		36,960				760
				Hudson Pacific Properties Inc		8,420				253
Internet - 2.12%				Kilroy Realty Corp		16,650				1,150
CDW Corp/DE	27,143		955	RLJ Lodging Trust		25,130				843
Intralinks Holdings Inc ^(a)	20,700		246	Strategic Hotels & Resorts Inc ^(a)		62,887				832
Rubicon Project Inc/The ^(a)	10,382		168
	$		1,369					$		5,856
				Retail - 9.78%
Investment Companies - 0.96%				Abercrombie & Fitch Co		12,517				358
Apollo Investment Corp	70,910		526	Brown Shoe Co Inc		32,160				1,034
Medley Capital Corp	10,060		93	Freshpet Inc ^(a)		6,550				112
	$		619	Kirkland's Inc ^(a)		12,351				292
				Office Depot Inc ^(a)		170,426				1,461
Iron & Steel - 0.77%
Worthington Industries Inc	16,519		497	Penske Automotive Group Inc		13,985				686
				Red Robin Gourmet Burgers Inc ^(a)		7,374				568
				Rite Aid Corp ^(a)		152,120				1,144
Leisure Products & Services - 0.94%				Wendy's Co/The		74,380				672
Sabre Corp	30,000		608					$		6,327

				Savings & Loans - 0.72%
Machinery - Diversified - 0.93%				Oritani Financial Corp		6,490				100
IDEX Corp	7,700		599	Provident Financial Services Inc		20,240				366
								$		466
Metal Fabrication & Hardware - 0.71%
					Semiconductors - 1.10%
Mueller Water Products Inc - Class A	44,630		457	Entegris Inc ^(a)		32,480				429
				Micrel Inc		19,480				283
Mining - 0.08%								$		712
US Silica Holdings Inc	2,040		52
				Software - 6.98%
				2U Inc ^(a)		18,220				358
Miscellaneous Manufacturing - 1.64%				Acxiom Corp ^(a)		25,000				507
AO Smith Corp	11,820		667	Advent Software Inc		18,495				567
Blount International Inc	20,650		363	Amber Road Inc ^(a)		21,654				221
Federal Signal Corp	2,120		32	Aspen Technology Inc ^(a)		22,360				783
	$		1,062	Blackbaud Inc		13,680				592
				Hortonworks Inc ^(a)		1,731				47
Oil & Gas - 2.26%				HubSpot Inc ^(a)		1,254				42
Carrizo Oil & Gas Inc ^(a)	11,510		479
				Mavenir Systems Inc ^(a)		15,160				205
RSP Permian Inc ^(a)	16,590		417
				MobileIron Inc ^(a)		12,559				125
Sanchez Energy Corp ^(a)	29,310		272
				New Relic Inc ^(a)		896				31
Whiting Petroleum Corp ^(a)	8,798		291
				SYNNEX Corp		10,550				825
	$		1,459	Workiva Inc ^(a)		16,070				215
Oil & Gas Services - 0.16%								$		4,518
Basic Energy Services Inc ^(a)	14,870		104
				Telecommunications - 4.53%
				ARRIS Group Inc ^(a)		35,329				1,067
Pharmaceuticals - 4.20%				Plantronics Inc		14,210				753
Achaogen Inc ^(a)	6,410		84	RF Micro Devices Inc ^(a)		66,780				1,108
Aratana Therapeutics Inc ^(a)	9,871		176					$		2,928
Array BioPharma Inc ^(a)	24,150		114
Cerulean Pharma Inc ^(a)	12,120		75	Transportation - 1.01%
Clovis Oncology Inc ^(a)	2,110		118	ArcBest Corp		8,900				413
Concert Pharmaceuticals Inc ^(a)	7,360		98	Navigator Holdings Ltd ^(a)		11,320				238
FibroGen Inc ^(a)	3,930		108					$		651
Nektar Therapeutics ^(a)	10,630		165	Trucking & Leasing - 0.32%
Orexigen Therapeutics Inc ^(a)	19,340		117	Greenbrier Cos Inc/The		3,840				206
PRA Health Sciences Inc ^(a)	19,180		465
Prestige Brands Holdings Inc ^(a)	20,139		699	TOTAL COMMON STOCKS				$		63,647
ProQR Therapeutics NV ^(a)	2,812		61
Proteon Therapeutics Inc ^(a)	6,840		71	INVESTMENT COMPANIES - 2.72%		Shares Held	Value	(000			's)
Revance Therapeutics Inc ^(a)	2,770		47	Publicly Traded Investment Fund - 2.72%
SCYNEXIS Inc ^(a)	8,205		82	BlackRock Liquidity Funds FedFund Portfolio		1,761,011				1,760
Vanda Pharmaceuticals Inc ^(a)	7,811		112
Zafgen Inc ^(a)	3,970		122	TOTAL INVESTMENT COMPANIES				$		1,760
	$		2,714	Total Investments				$		65,407
				Liabilities in Excess of Other Assets, Net - (1.12)%				$		(725	)
Publicly Traded Investment Fund - 0.16%				TOTAL NET ASSETS - 100.00%				$		64,682
THL Credit Inc	8,690		102


REITS - 9.05%				(a)	Non-Income Producing Security
Colony Financial Inc	30,490		726	(b)	Security is Illiquid
CubeSmart	15,190		335
Education Realty Trust Inc	13,588		497

Schedule of Investments
SmallCap Growth Account II
December 31, 2014


COMMON STOCKS - 96.89%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Advertising - 0.00%				Banks (continued)
Marchex Inc	620	$	3	Talmer Bancorp Inc	30,259	$	425
				Texas Capital Bancshares Inc ^(a)	208		11
				Western Alliance Bancorp ^(a)	551		15
Aerospace & Defense - 1.26%					$		5,509
Astronics Corp ^(a)	12,911		714
Curtiss-Wright Corp	161		11	Beverages - 0.07%
Ducommun Inc ^(a)	78		2	Boston Beer Co Inc/The ^(a),(b)	102		30
GenCorp Inc ^(a)	659		12	Coca-Cola Bottling Co Consolidated	80		7
HEICO Corp	854		52	Farmer Bros Co ^(a)	146		4
Kaman Corp	271		11	National Beverage Corp ^(a)	224		5
Moog Inc ^(a)	65		5		$		46
Teledyne Technologies Inc ^(a)	110		11
	$		818	Biotechnology - 9.41%
				Acceleron Pharma Inc ^(a)	181		7
Agriculture - 0.04%				Achillion Pharmaceuticals Inc ^(a)	389		5
Andersons Inc/The	320		17	Acorda Therapeutics Inc ^(a)	523		21
Vector Group Ltd	530		11	Aegerion Pharmaceuticals Inc ^(a),(b)	567		12
	$		28	Alder Biopharmaceuticals Inc ^(a),(b)	154		5
				Alnylam Pharmaceuticals Inc ^(a)	8,336		809
Airlines - 3.25%				AMAG Pharmaceuticals Inc ^(a)	288		12
Allegiant Travel Co	177		27	ANI Pharmaceuticals Inc ^(a)	130		7
Hawaiian Holdings Inc ^(a)	586		15	Arena Pharmaceuticals Inc ^(a),(b)	2,403		8
JetBlue Airways Corp ^(a)	696		11	ARIAD Pharmaceuticals Inc ^(a),(b)	1,814		12
Spirit Airlines Inc ^(a)	20,402		1,542	Bellicum Pharmaceuticals Inc ^(a),(b)	7,990		184
Virgin America Inc ^(a)	12,020		520	BioCryst Pharmaceuticals Inc ^(a),(b)	1,070		13
	$		2,115	Bluebird Bio Inc ^(a)	9,010		826
Apparel - 0.86%				Cambrex Corp ^(a)	383		8
Columbia Sportswear Co	227		10	Celldex Therapeutics Inc ^(a),(b)	891		16
G-III Apparel Group Ltd ^(a)	239		24	Cellular Dynamics International Inc ^(a)	177		1
Iconix Brand Group Inc ^(a)	328		11	CTI BioPharma Corp ^(a)	2,569		6
Oxford Industries Inc	177		10	Emergent Biosolutions Inc ^(a)	93		3
Sequential Brands Group Inc ^(a),(b)	32,360		423	Endocyte Inc ^(a),(b)	728		5
Skechers U.S.A. Inc ^(a)	364		20	Enzo Biochem Inc ^(a)	647		3
Steven Madden Ltd ^(a)	729		23	Epizyme Inc ^(a),(b)	21,872		413
Vince Holding Corp ^(a)	214		6	Exact Sciences Corp ^(a),(b)	910		25
Wolverine World Wide Inc	1,117		33	Exelixis Inc ^(a)	3,753		5
	$		560	Foundation Medicine Inc ^(a),(b)	277		6
				Halozyme Therapeutics Inc ^(a)	1,138		11
Automobile Manufacturers - 0.02%				ImmunoGen Inc ^(a),(b)	1,088		7
Wabash National Corp ^(a)	892		11	Inovio Pharmaceuticals Inc ^(a),(b)	1,062		10
				Insmed Inc ^(a)	544		8
Automobile Parts & Equipment - 0.28%				Intercept Pharmaceuticals Inc ^(a),(b)	1,840		287
Accuride Corp(a)	672		3	Intrexon Corp ^(a),(b)	21,890		603
				Isis Pharmaceuticals Inc ^(a)	8,639		533
American Axle & Manufacturing Holdings Inc(a)	830		19	Lexicon Pharmaceuticals Inc ^(a)	4,083		4
Cooper Tire & Rubber Co	118		4	Ligand Pharmaceuticals Inc ^(a)	259		14
Cooper-Standard Holding Inc ^(a)	118 15		1	MacroGenics Inc ^(a)	16,350		573
Dana Holding Corp	1,077		23	Medicines Co/The ^(a)	742		21
Dorman Products Inc ^(a)	331		16	Merrimack Pharmaceuticals Inc ^(a),(b)	1,163		13
Dougles Dynamics Inc	403		9	NewLink Genetics Corp ^(a),(b)	217		9
Gentherm Inc ^(a)	445 403		16 9	Novavax Inc ^(a)	2,620		16
Meritor Inc ^(a)	670		10	NPS Pharmaceuticals Inc ^(a)	15,256		546
Modine Manufacturing Co ^(a)	260		4	Omeros Corp ^(a)	348		9
Motorcar Parts of America Inc ^(a)	347		11	OncoMed Pharmaceuticals Inc ^(a),(b)	238		5
Standard Motor Products Inc	223		8	OvaScience Inc ^(a),(b)	3,651		161
Strattec Security Corp	50		4	Pacific Biosciences of California Inc ^(a)	1,087		9
Tenneco Inc ^(a)	761		43	PDL BioPharma Inc ^(b)	2,017		16
Tower International Inc ^(a)	400		10	Peregrine Pharmaceuticals Inc ^(a),(b)	3,197		4
				Prothena Corp PLC ^(a)	136		3
	$		181	PTC Therapeutics Inc ^(a)	270		14
Banks - 8.48%				Puma Biotechnology Inc ^(a),(b)	2,464		466
Bank of the Ozarks Inc	36,832		1,397	Repligen Corp ^(a)	403		8
Cardinal Financial Corp	31		1	Sangamo BioSciences Inc ^(a)	748		11
Cass Information Systems Inc	228		12	Sequenom Inc ^(a),(b)	2,258		8
CoBiz Financial Inc	39,073		513	Spectrum Pharmaceuticals Inc ^(a),(b)	295		2
ConnectOne Bancorp Inc	19,620		373	Synageva BioPharma Corp ^(a),(b)	234		22
Customers Bancorp Inc ^(a)	16,426		320	Theravance Biopharma Inc ^(a)	432		6
Eagle Bancorp Inc ^(a)	334		12	Theravance Inc ^(b)	851		12
First Financial Bankshares Inc ^(b)	465		14	Ultragenyx Pharmaceutical Inc ^(a)	5,270		231
First NBC Bank Holding Co ^(a)	19,130		673	Veracyte Inc ^(a)	124		1
Home BancShares Inc/AR	481		15	XOMA Corp ^(a)	1,369		5
Opus Bank ^(a)	27,308		775	ZIOPHARM Oncology Inc ^(a),(b)	11,370		58
PacWest Bancorp	11,280		513		$		6,118
Square 1 Financial Inc ^(a)	17,838		440

Schedule of Investments
SmallCap Growth Account II
December 31, 2014


COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Building Materials - 2.78%				Commercial Services (continued)
AAON Inc	462	$	10	PAREXEL International Corp ^(a)	714	$	40
Apogee Enterprises Inc	20,653		875	Performant Financial Corp ^(a)	542		4
Boise Cascade Co ^(a)	484		18	Providence Service Corp/The ^(a)	227		8
Continental Building Products Inc ^(a)	230		4	RPX Corp ^(a)	88		1
Drew Industries Inc ^(a)	261		13	Sotheby's	666		29
Headwaters Inc ^(a)	895		13	SP Plus Corp ^(a)	272		7
Masonite International Corp ^(a)	75		5	Strayer Education Inc ^(a)	136		10
Nortek Inc ^(a)	95		8	Team Health Holdings Inc ^(a)	891		51
Patrick Industries Inc ^(a)	156		7	Team Inc ^(a)	264		11
Trex Co Inc ^(a)	19,845		845	TrueBlue Inc ^(a)	535		12
US Concrete Inc ^(a)	278		8	Weight Watchers International Inc ^(a)	318		8
	$		1,806	WEX Inc ^(a)	482		48

Chemicals - 1.63%					$		2,224
A Schulman Inc	128		5	Computers - 1.95%
Balchem Corp	382		25	Barracuda Networks Inc ^(a)	149		5
Calgon Carbon Corp ^(a)	673		14	Cray Inc ^(a)	435		15
Chemtura Corp ^(a)	991		25	Electronics For Imaging Inc ^(a)	614		26
Ferro Corp ^(a)	887		12	EPAM Systems Inc ^(a)	18,560		886
HB Fuller Co	542		24	ExlService Holdings Inc ^(a)	262		8
Innophos Holdings Inc	156		9	FleetMatics Group PLC ^(a)	464		16
Innospec Inc	96		4	iGate Corp ^(a)	453		18
Koppers Holdings Inc	393		10	LivePerson Inc ^(a)	654		9
Minerals Technologies Inc	190		13	Luxoft Holding Inc ^(a)	148		6
PolyOne Corp	23,882		906	Manhattan Associates Inc ^(a)	946		38
Quaker Chemical Corp	113		10	MAXIMUS Inc	841		46
Sensient Technologies Corp	55		3	MTS Systems Corp	195		15
Zep Inc	121		2	NetScout Systems Inc ^(a)	452		16
	$		1,062	Qualys Inc ^(a)	255		10
				RealD Inc ^(a),(b)	792		9
Coal - 0.02%				Science Applications International Corp	523		26
SunCoke Energy Inc	609		12	Spansion Inc ^(a),(b)	665		23
				Super Micro Computer Inc ^(a)	446		16
Commercial Services - 3.42%				Sykes Enterprises Inc ^(a)	65		2
Advisory Board Co/The ^(a)	399		20	Synaptics Inc ^(a)	466		32
American Public Education Inc ^(a)	328		12	Syntel Inc ^(a)	389		17
ARC Document Solutions Inc ^(a)	32,446		332	TeleTech Holdings Inc ^(a)	171		4
Barrett Business Services Inc	142		4	Unisys Corp ^(a)	369		11
Bright Horizons Family Solutions Inc ^(a)	376		18	Virtusa Corp ^(a)	326		14
Capella Education Co	136		10		$		1,268
Cardtronics Inc ^(a)	558		22
				Consumer Products - 0.06%
Carriage Services Inc	51		1	Helen of Troy Ltd ^(a)	135		9
Cimpress NV ^(a)	414		31
				Tumi Holdings Inc ^(a)	558		13
Corporate Executive Board Co	372		27
CorVel Corp ^(a)	225		8	WD-40 Co	187		16
Deluxe Corp	333		21		$		38
Electro Rent Corp	27		—	Cosmetics & Personal Care - 0.00%
Euronet Worldwide Inc ^(a)	640		35	Revlon Inc ^(a)	58		2
EVERTEC Inc	816		18
ExamWorks Group Inc ^(a)	427		18
Forrester Research Inc	206		8	Distribution & Wholesale - 4.15%
Franklin Covey Co ^(a)	121		2	Core-Mark Holding Co Inc	48		3
Grand Canyon Education Inc ^(a)	582		27	H&E Equipment Services Inc	11,735		329
				MWI Veterinary Supply Inc ^(a)	10,787		1,833
Hackett Group Inc/The	107		1
Healthcare Services Group Inc	768		24	Pool Corp	564		36
HealthEquity Inc ^(a)	75		2	Watsco Inc	283		30
				WESCO International Inc ^(a)	6,070		463
Heartland Payment Systems Inc	450		24
Hill International Inc ^(a)	362		1		$		2,694
HMS Holdings Corp ^(a)	1,100		23	Diversified Financial Services - 1.14%
Huron Consulting Group Inc ^(a)	48		3	Altisource Portfolio Solutions SA ^(a)	263		9
INC Research Holdings Inc ^(a)	5,950		153	BGC Partners Inc	903		8
Insperity Inc	248		8	Blackhawk Network Holdings Inc ^(a),(b)	655		25
K12 Inc ^(a)	279		3	Cohen & Steers Inc ^(b)	212		9
Kforce Inc	32,389		782	Credit Acceptance Corp ^(a)	97		13
Korn/Ferry International ^(a)	8,852		255	Diamond Hill Investment Group Inc	55		8
Landauer Inc	187		6	Ellie Mae Inc ^(a)	343		14
Liberty Tax Inc ^(a)	81		3	Encore Capital Group Inc ^(a)	244		11
LifeLock Inc ^(a)	987		18	Evercore Partners Inc - Class A	445		23
Medifast Inc ^(a)	259		9	Financial Engines Inc	562		20
Monro Muffler Brake Inc	402		23	Greenhill & Co Inc	312		14
Multi-Color Corp	117		7	Higher One Holdings Inc ^(a)	254		1
National Research Corp	164		2	MarketAxess Holdings Inc	412		30
Nutrisystem Inc	572		11	Moelis & Co	12,280		429
On Assignment Inc ^(a)	703		23


Schedule of Investments
SmallCap Growth Account II
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Diversified Financial Services (continued)				Environmental Control - 0.06%
PRA Group Inc ^(a)	673	$	39	Advanced Emissions Solutions Inc ^(a)	416	$	10
Pzena Investment Management Inc	224		2	MSA Safety Inc	325		17
Silvercrest Asset Management Group Inc	107		2	Tetra Tech Inc	97		3
Virtus Investment Partners Inc	94		16	US Ecology Inc	280		11
WageWorks Inc ^(a)	451		29		$		41
Westwood Holdings Group Inc	141		9
WisdomTree Investments Inc ^(b)	1,163		18	Food - 0.54%
World Acceptance Corp ^(a),(b)	151		12	B&G Foods Inc	625		19
	$		741	Calavo Growers Inc	264		12
				Cal-Maine Foods Inc	380		15
Electric - 0.01%				Fresh Market Inc/The ^(a),(b)	524		22
EnerNOC Inc ^(a)	144		2	Inventure Foods Inc ^(a)	11,850		151
Ormat Technologies Inc	127		4	J&J Snack Foods Corp	182		20
	$		6	Lancaster Colony Corp	138		13
				Sanderson Farms Inc	242		20
Electrical Components & Equipment - 1.06%				Tootsie Roll Industries Inc ^(b)	338		10
Acuity Brands Inc	3,680		515	TreeHouse Foods Inc ^(a)	268		23
Advanced Energy Industries Inc ^(a)	484		11	United Natural Foods Inc ^(a)	608		47
Belden Inc	564		44		$		352
Encore Wire Corp	306		11
EnerSys	226		14	Forest Products & Paper - 0.13%
Generac Holdings Inc ^(a),(b)	892		42	Clearwater Paper Corp ^(a)	253		17
Graham Corp	200		6	Deltic Timber Corp ^(c)	118		8
Insteel Industries Inc	319		8	KapStone Paper and Packaging Corp	1,050		31
Littelfuse Inc	247		24	Neenah Paper Inc	161		10
Universal Display Corp ^(a),(b)	524		15	Orchids Paper Products Co	128		4
	$		690	PH Glatfelter Co	320		8
				Schweitzer-Mauduit International Inc	87		4
Electronics - 2.35%					$		82
Badger Meter Inc	186		11
Coherent Inc ^(a)	34		2	Hand & Machine Tools - 0.03%
FARO Technologies Inc ^(a)	16,484		1,033	Franklin Electric Co Inc	483		18
FEI Co	464		42
Fluidigm Corp ^(a)	309		10
Imprivata Inc ^(a)	77		1	Healthcare - Products - 5.90%
				Abaxis Inc	4,761		271
Mesa Laboratories Inc	53		4	ABIOMED Inc ^(a)	500		19
Methode Electronics Inc	9,100		332	Accuray Inc ^(a),(b)	1,477		11
Newport Corp ^(a)	703		14
				Affymetrix Inc ^(a)	343		3
NVE Corp ^(a)	39		3
				AtriCure Inc ^(a)	14,369		287
OSI Systems Inc ^(a)	86		6
Plexus Corp ^(a)	221		9	Atrion Corp	30		10
				BioTelemetry Inc ^(a)	295		3
Rogers Corp ^(a)	96		8
Sparton Corp ^(a)	191		5	Cantel Medical Corp	424		18
				Cardiovascular Systems Inc ^(a)	348		11
TASER International Inc ^(a),(b)	592		16
				Cepheid ^(a)	15,806		855
Watts Water Technologies Inc	40		3	Cyberonics Inc ^(a)	335		19
Woodward Inc	573		28	Cynosure Inc ^(a)	152		4
	$		1,527	DexCom Inc ^(a)	950		52
Energy - Alternate Sources - 0.46%				Endologix Inc ^(a),(b)	705		11
Enphase Energy Inc ^(a),(b)	18,690		267	Female Health Co/The	296		1
FutureFuel Corp	77		1	Genomic Health Inc ^(a),(b)	331		11
Green Plains Inc	398		10	Globus Medical Inc ^(a)	825		20
Pattern Energy Group Inc	474		12	Haemonetics Corp ^(a)	85		3
REX American Resources Corp ^(a)	94		6	HeartWare International Inc ^(a),(b)	212		16
TerraForm Power Inc	167		5	Inogen Inc ^(a)	16,030		503
	$		301	Insulet Corp ^(a)	609		28
				Integra LifeSciences Holdings Corp ^(a)	193		11
Engineering & Construction - 1.00%				Intersect ENT Inc ^(a)	68		1
Aegion Corp ^(a)	89		2	K2M Group Holdings Inc ^(a),(b)	22,230		464
Argan Inc	92		3	LDR Holding Corp ^(a),(b)	14,249		468
Dycom Industries Inc ^(a)	392		14	Luminex Corp ^(a)	452		9
Exponent Inc	170		14	Masimo Corp ^(a)	614		16
MasTec Inc ^(a)	846		19	Meridian Bioscience Inc	503		8
Mistras Group Inc ^(a)	315		6	MiMedx Group Inc ^(a)	1,148		13
Tutor Perini Corp ^(a)	24,580		591	NanoString Technologies Inc ^(a)	18,963		264
	$		649	Natus Medical Inc ^(a)	395		14
				Navidea Biopharmaceuticals Inc ^(a)	2,322		4
Entertainment - 0.58%				NuVasive Inc ^(a)	488		23
Churchill Downs Inc	107		10
Eros International PLC ^(a)	159		3	NxStage Medical Inc ^(a)	767		14
National CineMedia Inc	255		4	Quidel Corp ^(a)	352		10
Pinnacle Entertainment Inc ^(a)	652		14	Rockwell Medical Inc ^(a),(b)	97		1
Scientific Games Corp ^(a),(b)	23,870		304	Sientra Inc ^(a)	9,771		164
				Spectranetics Corp/The ^(a)	521		18
Vail Resorts Inc	456		42
	$		377	STERIS Corp	742		48
				SurModics Inc ^(a)	43		1


Schedule of Investments
SmallCap Growth Account II
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Healthcare - Products (continued)				Insurance (continued)
Tandem Diabetes Care Inc ^(a)	166	$	2	Universal Insurance Holdings Inc	586	$	12
Thoratec Corp ^(a)	720		23		$		1,119
Utah Medical Products Inc	74		4
Vascular Solutions Inc ^(a)	325		9	Internet - 2.68%
Volcano Corp ^(a)	1,009		18	Bankrate Inc ^(a)	124		2
				Bazaarvoice Inc ^(a)	416		3
West Pharmaceutical Services Inc	887		47	Blue Nile Inc ^(a)	232		8
Wright Medical Group Inc ^(a),(b)	465		13
Zeltiq Aesthetics Inc ^(a),(b)	361		10	ChannelAdvisor Corp ^(a)	25,350		547
				Chegg Inc ^(a),(b)	31,220		216
	$		3,833	Cogent Communications Holdings Inc	561		20
Healthcare - Services - 2.93%				comScore Inc ^(a)	438		20
Acadia Healthcare Co Inc ^(a)	18,646		1,142	Dice Holdings Inc ^(a)	236		2
Addus HomeCare Corp ^(a)	13		—	ePlus Inc ^(a)	4		—
Adeptus Health Inc ^(a)	62		2	FTD Cos Inc ^(a)	35		1
Air Methods Corp ^(a)	491		22	Global Sources Ltd ^(a)	55		—
Alliance HealthCare Services Inc ^(a)	37		1	GrubHub Inc ^(a)	168		6
Amsurg Corp ^(a)	173		9	HealthStream Inc ^(a)	416		12
Bio-Reference Laboratories Inc ^(a),(b)	439		14	HomeAway Inc ^(a)	22,765		678
Chemed Corp	219		23	j2 Global Inc	597		37
Ensign Group Inc/The	233		10	magicJack VocalTec Ltd ^(a)	325		3
Gentiva Health Services Inc ^(a)	620		12	Marketo Inc ^(a),(b)	281		9
HealthSouth Corp	840		32	NIC Inc	819		15
Healthways Inc ^(a)	310		6	Orbitz Worldwide Inc ^(a)	474		4
IPC The Hospitalist Co Inc ^(a)	202		9	Overstock.com Inc ^(a)	228		6
Molina Healthcare Inc ^(a)	383		21	Perficient Inc ^(a)	425		8
RadNet Inc ^(a)	583		5	Reis Inc	12		—
Select Medical Holdings Corp	926		13	Sapient Corp ^(a),(b)	1,439		36
Skilled Healthcare Group Inc ^(a)	215		2	Shutterfly Inc ^(a)	249		10
Surgical Care Affiliates Inc ^(a)	224		8	Shutterstock Inc ^(a)	188		13
US Physical Therapy Inc	238		10	Stamps.com Inc ^(a)	256		12
WellCare Health Plans Inc ^(a)	6,872		564	Trulia Inc ^(a)	377		17
	$		1,905	Unwired Planet Inc ^(a)	1,886		2
				VASCO Data Security International Inc ^(a)	373		11
Holding Companies - Diversified - 1.48%				Web.com Group Inc ^(a)	571		11
FCB Financial Holdings Inc ^(a)	22,480		554	WebMD Health Corp ^(a)	481		19
Harbinger Group Inc ^(a)	667		10	XO Group Inc ^(a)	534		10
Horizon Pharma PLC ^(a)	31,043		400	Zix Corp ^(a)	1,226		5
	$		964		$		1,743

Home Builders - 0.07%				Iron & Steel - 0.03%
Beazer Homes USA Inc ^(a)	218		4
Cavco Industries Inc ^(a)	175		14	Worthington Industries Inc	647		19
Installed Building Products Inc ^(a)	164		3
KB Home ^(b)	677		11	Leisure Products & Services - 1.99%
Winnebago Industries Inc	550		12	Black Diamond Inc ^(a),(b)	26,007		228
	$		44	Brunswick Corp/DE	15,400		790
				ClubCorp Holdings Inc	443		8
Home Furnishings - 0.13%				Fox Factory Holding Corp ^(a)	211		3
American Woodmark Corp ^(a)	236		10	Interval Leisure Group Inc	607		13
Daktronics Inc	502		6	Life Time Fitness Inc ^(a)	45		2
DTS Inc/CA ^(a)	90		3	Malibu Boats Inc ^(a)	12,610		243
iRobot Corp ^(a),(b)	323		11	Nautilus Inc ^(a)	361		5
La-Z-Boy Inc	569		15		$		1,292
Select Comfort Corp ^(a)	685		19
TiVo Inc ^(a)	780		9	Lodging - 0.03%
Universal Electronics Inc ^(a)	195		13	Boyd Gaming Corp ^(a)	777		10
	$		86	Diamond Resorts International Inc ^(a)	440		12
					$		22
Housewares - 0.02%
Libbey Inc ^(a)	414		13	Machinery - Construction & Mining - 0.01%
				Hyster-Yale Materials Handling Inc	129		9

Insurance - 1.72%
AmTrust Financial Services Inc	18,288		1,028	Machinery - Diversified - 0.93%
Atlas Financial Holdings Inc ^(a)	202		3	Adept Technology Inc ^(a),(b)	13,070		113
Crawford & Co	146		2	Altra Industrial Motion Corp	349		10
Employers Holdings Inc	356		8	Applied Industrial Technologies Inc	186		9
Essent Group Ltd ^(a)	441		11	Chart Industries Inc ^(a)	394		14
Federated National Holding Co	241		6	Cognex Corp ^(a)	1,125		47
HCI Group Inc	118		5	Columbus McKinnon Corp/NY	54		2
Heritage Insurance Holdings Inc ^(a)	130		3	DXP Enterprises Inc ^(a)	257		13
Infinity Property & Casualty Corp	79		6	Gorman-Rupp Co/The	371		12
Maiden Holdings Ltd	127		2	Kadant Inc	29		1
MGIC Investment Corp ^(a)	1,494		14	Lindsay Corp ^(b)	132		11
Radian Group Inc	762		13	Manitex International Inc ^(a)	273		3
United Insurance Holdings Corp	287		6	Tennant Co	5,116		369

Schedule of Investments
SmallCap Growth Account II
December 31, 2014


COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Machinery - Diversified (continued)				Oil & Gas (continued)
Twin Disc Inc	112	$	2	Magnum Hunter Resources Corp - Warrants	11,865	$	—
	$		606	(a),(c),(d)
				Matador Resources Co ^(a)	822		17
Media - 0.07%				North Atlantic Drilling Ltd	374		1
Crown Media Holdings Inc ^(a)	549		2
Martha Stewart Living Omnimedia Inc ^(a)	446		2	Panhandle Oil and Gas Inc	255		6
				Parsley Energy Inc ^(a)	581		9
Nexstar Broadcasting Group Inc	383		20	PDC Energy Inc ^(a)	49		2
Saga Communications Inc	25		1	PetroQuest Energy Inc ^(a)	1,055		4
Sinclair Broadcast Group Inc ^(b)	858		23	Rex Energy Corp ^(a),(b)	935		5
	$		48	Rosetta Resources Inc ^(a)	148		3
Metal Fabrication & Hardware - 0.18%				Sanchez Energy Corp ^(a),(b)	19,076		177
Advanced Drainage Systems Inc	196		5	Synergy Resources Corp ^(a)	1,322		17
CIRCOR International Inc	205		12	TransAtlantic Petroleum Ltd ^(a)	224		1
Furmanite Corp ^(a)	724		6	Trecora Resources ^(a)	359		5
Global Brass & Copper Holdings Inc	366		5	Triangle Petroleum Corp ^(a),(b)	803		4
Mueller Industries Inc	478		16	Vertex Energy Inc ^(a),(b)	222		1
Mueller Water Products Inc - Class A	2,069		21	W&T Offshore Inc	252		2
RBC Bearings Inc	256		17	Western Refining Inc	657		25
Rexnord Corp ^(a)	973		27		$		962
Sun Hydraulics Corp	285		11	Oil & Gas Services - 0.13%
	$		120	Basic Energy Services Inc ^(a)	618		4
Mining - 0.10%				C&J Energy Services Inc ^(a)	782		10
Globe Specialty Metals Inc	794		14	CARBO Ceramics Inc ^(b)	243		10
Gold Resource Corp	726		2	Flotek Industries Inc ^(a)	677		13
Materion Corp	155		5	Forum Energy Technologies Inc ^(a)	429		9
Stillwater Mining Co ^(a)	1,396		21	Gulf Island Fabrication Inc	103		2
United States Lime & Minerals Inc	34		3	ION Geophysical Corp ^(a)	404		1
US Silica Holdings Inc	667		17	Matrix Service Co ^(a)	520		12
	$		62	PHI Inc ^(a)	14		—
				Pioneer Energy Services Corp ^(a)	869		5
Miscellaneous Manufacturing - 1.07%				Profire Energy Inc ^(a),(b)	283		1
American Railcar Industries Inc ^(b)	171		9	Tesco Corp	58		1
AZZ Inc	330		15	Thermon Group Holdings Inc ^(a)	397		9
Blount International Inc	612		11	Willbros Group Inc ^(a)	755		5
Chase Corp	114		4		$		82
CLARCOR Inc	616		41
EnPro Industries Inc	295		18	Packaging & Containers - 0.12%
GP Strategies Corp ^(a)	192		6	Berry Plastics Group Inc ^(a)	626		20
Harsco Corp	1,037		20	Graphic Packaging Holding Co ^(a)	4,116		56
Hillenbrand Inc	814		28		$		76
John Bean Technologies Corp	321		11	Pharmaceuticals - 4.36%
Lydall Inc ^(a)	277		9	ACADIA Pharmaceuticals Inc ^(a),(b)	798		25
Park-Ohio Holdings Corp	171		11	AcelRx Pharmaceuticals Inc ^(a),(b)	491		3
Polypore International Inc ^(a)	493		23	Actinium Pharmaceuticals Inc ^(a)	422		3
Proto Labs Inc ^(a),(b)	6,379		429	Adamas Pharmaceuticals Inc ^(a)	10,682		186
Raven Industries Inc	468		12	Agios Pharmaceuticals Inc ^(a),(b)	148		17
Smith & Wesson Holding Corp ^(a),(b)	1,060		10	Akebia Therapeutics Inc ^(a)	153		2
Standex International Corp	182		14	Akorn Inc ^(a)	783		28
Sturm Ruger & Co Inc	212		7	Amphastar Pharmaceuticals Inc ^(a),(b)	161		2
TriMas Corp ^(a)	517		16	Anacor Pharmaceuticals Inc ^(a),(b)	226		7
	$		694	Anika Therapeutics Inc ^(a)	277		11
Office Furnishings - 0.53%				Auxilium Pharmaceuticals Inc ^(a)	637		22
Herman Miller Inc	761		23	Avanir Pharmaceuticals Inc ^(a)	2,446		41
HNI Corp	531		27	BioDelivery Sciences International Inc ^(a),(b)	805		10
Interface Inc	732		12	BioSpecifics Technologies Corp ^(a)	68		3
Knoll Inc	12,478		264	Catalent Inc ^(a)	485		14
Steelcase Inc	1,062		19	Chimerix Inc ^(a)	291		12
	$		345	Clovis Oncology Inc ^(a)	270		15
				Corcept Therapeutics Inc ^(a),(b)	1,053		3
Oil & Gas - 1.48%				Cytori Therapeutics Inc ^(a),(b)	1,038		1
Abraxas Petroleum Corp ^(a)	1,820		5	Depomed Inc ^(a)	31,781		512
Adams Resources & Energy Inc	2		—	Dyax Corp ^(a)	1,704		24
Alon USA Energy Inc	141		2	Enanta Pharmaceuticals Inc ^(a),(b)	195		10
Apco Oil and Gas International Inc ^(a)	27		—	Furiex Pharmaceuticals Inc - Rights ^(a),(c),(d)	104		1
Approach Resources Inc ^(a),(b)	328		2	Galectin Therapeutics Inc ^(a),(b)	356		1
Bonanza Creek Energy Inc ^(a)	652		16	Hyperion Therapeutics Inc ^(a)	208		5
Carrizo Oil & Gas Inc ^(a)	562		23	IGI Laboratories Inc ^(a)	617		5
Clayton Williams Energy Inc ^(a)	113		7	Impax Laboratories Inc ^(a)	256		8
Delek US Holdings Inc	382		10	Infinity Pharmaceuticals Inc ^(a)	609		10
Diamondback Energy Inc ^(a)	7,916		474	Insys Therapeutics Inc ^(a)	188		8
Gastar Exploration Inc ^(a)	1,294		3	Ironwood Pharmaceuticals Inc ^(a)	1,316		20
Jones Energy Inc ^(a),(b)	214		2	Keryx Biopharmaceuticals Inc ^(a),(b)	1,007		14
Magnum Hunter Resources Corp ^(a),(b)	44,146		139


Schedule of Investments
SmallCap Growth Account II
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Pharmaceuticals (continued)				REITS (continued)
Lannett Co Inc ^(a)	322	$	14	Ryman Hospitality Properties Inc	246	$	13
Liberator Medical Holdings Inc	596		2	Sabra Health Care REIT Inc	654		20
MannKind Corp ^(a),(b)	2,510		13	Saul Centers Inc	166		9
Marinus Pharmaceuticals Inc ^(a),(b)	7,190		76	Sovran Self Storage Inc	362		32
Mirati Therapeutics Inc ^(a),(b)	140		3	Strategic Hotels & Resorts Inc ^(a)	2,380		31
Natural Grocers by Vitamin Cottage Inc ^(a)	172		5	Sun Communities Inc	607		37
Nektar Therapeutics ^(a)	790		12	Urstadt Biddle Properties Inc	313		7
Neogen Corp ^(a)	460		23		$		310
Neurocrine Biosciences Inc ^(a)	24,527		548
Ophthotech Corp ^(a)	280		13	Retail - 6.93%
OPKO Health Inc ^(a),(b)	2,473		25	America's Car-Mart Inc/TX ^(a)	22		1
Orexigen Therapeutics Inc ^(a),(b)	1,531		9	ANN Inc ^(a)	591		22
Osiris Therapeutics Inc ^(a),(b)	328		5	Asbury Automotive Group Inc ^(a)	386		29
Pacira Pharmaceuticals Inc/DE ^(a)	447		40	BJ's Restaurants Inc ^(a)	110		5
Pain Therapeutics Inc ^(a)	720		1	Bloomin' Brands Inc ^(a)	976		24
Pernix Therapeutics Holdings Inc ^(a)	628		6	Bravo Brio Restaurant Group Inc ^(a)	341		5
Phibro Animal Health Corp	277		9	Brown Shoe Co Inc	419		13
Portola Pharmaceuticals Inc ^(a)	17,555		497	Buckle Inc/The	355		19
POZEN Inc ^(a)	516		4	Buffalo Wild Wings Inc ^(a)	236		43
Prestige Brands Holdings Inc ^(a)	651		23	Build-A-Bear Workshop Inc ^(a)	166		3
Progenics Pharmaceuticals Inc ^(a)	316		2	Burlington Stores Inc ^(a)	313		15
Raptor Pharmaceutical Corp ^(a),(b)	1,245		13	Casey's General Stores Inc	472		43
Receptos Inc ^(a)	235		29	Cato Corp/The	88		4
Regulus Therapeutics Inc ^(a)	272		4	Cheesecake Factory Inc/The	631		32
Sagent Pharmaceuticals Inc ^(a)	344		9	Christopher & Banks Corp ^(a)	40,850		233
Sarepta Therapeutics Inc ^(a),(b)	782		11	Chuy's Holdings Inc ^(a)	14,983		295
SciClone Pharmaceuticals Inc ^(a)	625		5	Cracker Barrel Old Country Store Inc	222		31
Sucampo Pharmaceuticals Inc ^(a)	349		5	Dave & Buster's Entertainment Inc ^(a)	8,832		241
Supernus Pharmaceuticals Inc ^(a),(b)	563		5	Del Frisco's Restaurant Group Inc ^(a)	469		11
Synta Pharmaceuticals Corp ^(a)	1,288		3	Denny's Corp ^(a)	1,139		12
Synutra International Inc ^(a),(b)	308		2	DineEquity Inc	129		13
TESARO Inc ^(a),(b)	212		8	Diversified Restaurant Holdings Inc ^(a)	24,785		128
Tetraphase Pharmaceuticals Inc ^(a)	332		13	El Pollo Loco Holdings Inc ^(a),(b)	127		2
TG Therapeutics Inc ^(a),(b)	466		7	Express Inc ^(a)	95		1
TherapeuticsMD Inc ^(a),(b)	2,098		9	Famous Dave's of America Inc ^(a)	88		2
Threshold Pharmaceuticals Inc ^(a)	931		3	Fiesta Restaurant Group Inc ^(a)	338		21
USANA Health Sciences Inc ^(a)	118		12	Finish Line Inc/The	228		6
Vanda Pharmaceuticals Inc ^(a),(b)	660		9	First Cash Financial Services Inc ^(a)	326		18
Vivus Inc ^(a),(b)	1,774		5	Five Below Inc ^(a),(b)	7,542		308
Xencor Inc ^(a)	290		5	Francesca's Holdings Corp ^(a)	839		14
Zogenix Inc ^(a)	2,418		3	Genesco Inc ^(a)	40		3
ZS Pharma Inc ^(a),(b)	7,650		318	Group 1 Automotive Inc	86		8
				Hibbett Sports Inc ^(a)	327		16
	$		2,831	HSN Inc	419		32
Pipelines - 0.39%				Jack in the Box Inc	10,414		832
Primoris Services Corp	9,272		215	Kate Spade & Co ^(a)	3,680		118
SemGroup Corp	522		36	Kirkland's Inc ^(a)	165		4
	$		251	Krispy Kreme Doughnuts Inc ^(a)	793		16
				Lithia Motors Inc	291		25
Private Equity - 0.46%				Lumber Liquidators Holdings Inc ^(a),(b)	301		20
GSV Capital Corp ^(a),(b)	34,279		296	MarineMax Inc ^(a)	23,767		476
				Mattress Firm Holding Corp ^(a),(b)	184		11
Real Estate - 0.62%				Men's Wearhouse Inc	418		18
Capital Senior Living Corp ^(a)	362		9	Nathan's Famous Inc ^(a)	60		5
Consolidated-Tomoka Land Co	22		1	Noodles & Co ^(a)	6,110		161
Forestar Group Inc ^(a)	60		1	Outerwall Inc ^(a),(b)	257		19
HFF Inc	440		16	Papa John's International Inc	388		22
Marcus & Millichap Inc ^(a)	10,836		360	PetMed Express Inc ^(b)	397		6
St Joe Co/The ^(a)	744		14	Pier 1 Imports Inc	1,034		16
	$		401	Popeyes Louisiana Kitchen Inc ^(a)	288		16
				PriceSmart Inc	206		19
REITS - 0.48%				Red Robin Gourmet Burgers Inc ^(a)	9,891		761
Alexander's Inc	21		9	Restoration Hardware Holdings Inc ^(a)	390		37
American Assets Trust Inc	142		6	Rush Enterprises Inc - Class A ^(a)	371		12
Aviv REIT Inc	30		1	Ruth's Hospitality Group Inc	458		7
CoreSite Realty Corp	221		9	Sonic Corp	482		13
DuPont Fabros Technology Inc	258		9	Texas Roadhouse Inc	880		30
EastGroup Properties Inc	359		23	Tilly's Inc ^(a)	17,285		167
Empire State Realty Trust Inc	1,009		18	Tuesday Morning Corp ^(a)	442		10
Glimcher Realty Trust	1,348		18	Vera Bradley Inc ^(a)	427		9
National Health Investors Inc	419		29	Vitamin Shoppe Inc ^(a)	171		8
Potlatch Corp	514		21	Zumiez Inc ^(a)	326		13
PS Business Parks Inc	125		10		$		4,504
QTS Realty Trust Inc	232		8


Schedule of Investments
SmallCap Growth Account II
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Savings & Loans - 0.84%				Software (continued)
B of I Holding Inc ^(a)	3,467	$	270	Pegasystems Inc	390	$	8
Investors Bancorp Inc	834		9	Proofpoint Inc ^(a)	21,807		1,051
Meridian Bancorp Inc ^(a)	390		5	QAD Inc	103		2
Pacific Premier Bancorp Inc ^(a)	15,297		265	Qlik Technologies Inc ^(a)	24,770		765
	$		549	Quality Systems Inc	600		9
				RealPage Inc ^(a)	566		12
Semiconductors - 4.14%				SPS Commerce Inc ^(a)	203		12
Ambarella Inc ^(a)	366		19
Amkor Technology Inc ^(a)	838		6	SS&C Technologies Holdings Inc	861		50
				Synchronoss Technologies Inc ^(a)	438		18
Brooks Automation Inc	93		1	SYNNEX Corp	58		5
Cabot Microelectronics Corp ^(a)	251		12	Take-Two Interactive Software Inc ^(a)	144		4
Cavium Inc ^(a)	9,209		569	Tyler Technologies Inc ^(a)	417		46
Cirrus Logic Inc ^(a)	349		8	Ultimate Software Group Inc/The ^(a)	4,740		696
Cypress Semiconductor Corp ^(a),(b)	1,732		25	Verint Systems Inc ^(a)	710		41
Diodes Inc ^(a)	503		14
Entegris Inc ^(a)	1,015		13		$		6,005
Inphi Corp ^(a)	16,827		311	Storage & Warehousing - 0.01%
Integrated Device Technology Inc ^(a)	1,077		21	Mobile Mini Inc	73		3
InvenSense Inc ^(a),(b)	753		12	Wesco Aircraft Holdings Inc ^(a),(b)	175		2
IPG Photonics Corp ^(a),(b)	8,352		626		$		5
Lattice Semiconductor Corp ^(a)	1,462		10
MaxLinear Inc ^(a)	536		4	Telecommunications - 2.30%
				8x8 Inc ^(a)	46,418		425
Micrel Inc	858		13
Microsemi Corp ^(a)	26,264		745	ADTRAN Inc	565		12
				Alliance Fiber Optic Products Inc ^(b)	227		3
Monolithic Power Systems Inc	509		25	Anixter International Inc ^(a)	151		13
Pixelworks Inc ^(a),(b)	21,970		100
				Aruba Networks Inc ^(a)	1,381		25
Power Integrations Inc	401		21	CalAmp Corp ^(a),(b)	396		7
Rambus Inc ^(a)	1,451		16
Rudolph Technologies Inc ^(a)	83		1	Ciena Corp ^(a)	1,148		22
Semtech Corp ^(a)	870		24	Cincinnati Bell Inc ^(a)	1,080		3
Silicon Image Inc ^(a)	761		4	Clearfield Inc ^(a)	215		3
Silicon Laboratories Inc ^(a)	394		19	Consolidated Communications Holdings Inc	430		12
				FairPoint Communications Inc ^(a),(b)	350		5
Tessera Technologies Inc	399		14	Finisar Corp ^(a)	1,001		19
TriQuint Semiconductor Inc ^(a)	1,874		52
Ultra Clean Holdings Inc ^(a)	176		2	General Communication Inc ^(a)	708		10
Xcerra Corp ^(a)	420		4	Gogo Inc ^(a),(b)	592		10
				GTT Communications Inc ^(a)	15,506		206
	$		2,691	Harmonic Inc ^(a)	245		2
Software - 9.24%				IDT Corp - Class B	284		6
ACI Worldwide Inc ^(a)	1,415		29	Infinera Corp ^(a)	1,137		17
Advent Software Inc	639		20	Inteliquent Inc	644		13
Aspen Technology Inc ^(a)	1,164		41	Intelsat SA ^(a)	133		2
AVG Technologies NV ^(a)	438		9	InterDigital Inc/PA	524		28
Blackbaud Inc	573		25	Leap Wireless International Inc - Rights	282		1
Bottomline Technologies de Inc ^(a)	361		9	(a),(c),(d)
BroadSoft Inc ^(a)	313		9	LogMeIn Inc ^(a)	295		15
Callidus Software Inc ^(a)	581		9	Loral Space & Communications Inc ^(a)	143		11
CommVault Systems Inc ^(a)	519		27	Lumos Networks Corp	305		5
Computer Programs & Systems Inc	221		13	NeuStar Inc ^(a),(b)	662		18
Constant Contact Inc ^(a)	389		14	NTELOS Holdings Corp ^(b)	145		1
Cornerstone OnDemand Inc ^(a)	581		20	Orbcomm Inc ^(a)	38,580		252
CSG Systems International Inc	266		7	Plantronics Inc	495		26
Cvent Inc ^(a),(b)	345		10	Polycom Inc ^(a)	782		11
Dealertrack Technologies Inc ^(a)	493		22	Premiere Global Services Inc ^(a)	187		2
Demandware Inc ^(a)	331		19	RF Micro Devices Inc ^(a)	3,705		62
Envestnet Inc ^(a)	423		21	RigNet Inc ^(a)	229		9
Everyday Health Inc ^(a)	14,497		214	Ruckus Wireless Inc ^(a)	855		10
Fair Isaac Corp	403		29	Shenandoah Telecommunications Co	404		13
Globant SA ^(a)	92		1	ShoreTel Inc ^(a)	1,204		9
Glu Mobile Inc ^(a),(b)	99,462		388	Sonus Networks Inc ^(a)	2,605		10
Guidewire Software Inc ^(a)	9,464		479	Tessco Technologies Inc	8		—
Imperva Inc ^(a)	18,223		901	Ubiquiti Networks Inc	369		11
inContact Inc ^(a)	1,058		9	ViaSat Inc ^(a)	455		29
Infoblox Inc ^(a)	509		10	Vonage Holdings Corp ^(a)	38,120		145
Interactive Intelligence Group Inc ^(a)	187		9	West Corp	402		13
Jive Software Inc ^(a)	846		5		$		1,496
MedAssets Inc ^(a)	741		15
Medidata Solutions Inc ^(a)	686		33	Textiles - 0.00%
Merge Healthcare Inc ^(a)	1,290		5	Culp Inc	22		1
MicroStrategy Inc ^(a)	4,057		659
Monotype Imaging Holdings Inc	490		14	Transportation - 0.44%
Omnicell Inc ^(a)	451		15	ArcBest Corp	308		14
OPOWER Inc ^(a),(b)	133		2	Echo Global Logistics Inc ^(a)	456		13
PDF Solutions Inc ^(a)	13,058		194	Forward Air Corp	404		20

Schedule of Investments
SmallCap Growth Account II
December 31, 2014


COMMON STOCKS (continued)	Shares Held	Value(000			's)

Transportation (continued)
GasLog Ltd	151		$	3
Heartland Express Inc	599			16
HUB Group Inc ^(a)	404			15
Knight Transportation Inc	658			22
Matson Inc	280			10
PAM Transportation Services Inc ^(a)	11			1
Quality Distribution Inc ^(a)	131			2
Roadrunner Transportation Systems Inc ^(a)	5,509			129
Saia Inc ^(a)	272			15
Swift Transportation Co ^(a)	920			26
		$		286

Trucking & Leasing - 0.03%
General Finance Corp ^(a)	212			2
Greenbrier Cos Inc/The ^(b)	357			19
		$		21

Water - 0.01%
American States Water Co	63			2
SJW Corp	60			2
		$		4
TOTAL COMMON STOCKS		$		62,974
INVESTMENT COMPANIES - 14.60%	Shares Held	Value(000			's)

Publicly Traded Investment Fund - 14.60%
BlackRock Liquidity Funds TempFund	1,654,853			1,655
Portfolio
Goldman Sachs Financial Square Funds -	7,320,050			7,320
Government Fund ^(e)
Goldman Sachs Financial Square Funds -	450,060			450
Money Market Fund
JP Morgan Prime Money Market Fund	64,669			65
		$		9,490
TOTAL INVESTMENT COMPANIES		$		9,490
Total Investments		$		72,464
Liabilities in Excess of Other Assets, Net - (11.49)%		$		(7,470	)
TOTAL NET ASSETS - 100.00%		$		64,994


Schedule of Investments
SmallCap Value Account I
December 31, 2014



COMMON STOCKS - 94.33%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held	Value(000	's)

Advertising - 0.03%				Banks (continued)
EVINE Live Inc ^(a)	1,051	$	7	Boston Private Financial Holdings Inc	5,219	$ 70
Harte-Hanks Inc	1,790		14	Bridge Capital Holdings ^(a)	359	8
MDC Partners Inc	661		15	Bryn Mawr Bank Corp	508	16
	$		36	Camden National Corp	286	11
				Capital Bank Financial Corp ^(a)	528	14
Aerospace & Defense - 1.32%				Cardinal Financial Corp	640	13
AAR Corp	13,568		377	Cascade Bancorp ^(a)	7,100	37
Cubic Corp	450		24	Cathay General Bancorp	5,999	154
Curtiss-Wright Corp	2,958		209	Century Bancorp Inc/MA	128	5
Ducommun Inc ^(a)	241		6	Chemical Financial Corp	2,489	76
Esterline Technologies Corp ^(a)	767		84	Citizens & Northern Corp	2,156	44
Kaman Corp	318		13	City Holding Co	3,590	167
Kratos Defense & Security Solutions Inc ^(a)	1,606		8	CNB Financial Corp/PA	549	10
Moog Inc ^(a)	1,843		137	Columbia Banking System Inc	3,019	83
National Presto Industries Inc ^(b)	177		10	Community Bank System Inc	988	38
Orbital Sciences Corp ^(a)	1,489		40	Community Trust Bancorp Inc	3,580	131
SIFCO Industries Inc	73		2	CommunityOne Bancorp ^(a),(b)	1,500	17
Teledyne Technologies Inc ^(a)	696		71	ConnectOne Bancorp Inc	2,915	55
Triumph Group Inc	6,200		417	Customers Bancorp Inc ^(a)	14,706	286
	$		1,398	CVB Financial Corp	22,333	358
				Eagle Bancorp Inc ^(a)	217	8
Agriculture - 0.22%
Alico Inc	98		5	East West Bancorp Inc	3,335	129
Alliance One International Inc ^(a)	3,353		5	Enterprise Financial Services Corp	6,500	128
Andersons Inc/The	3,377		179	Fidelity Southern Corp	6,728	109
Universal Corp/VA	587		26	Financial Institutions Inc	3,914	98
Vector Group Ltd	655		14	First Bancorp Inc/ME	328	6
				First BanCorp/Puerto Rico ^(a)	37,797	222
	$		229	First Bancorp/Troy NC	2,048	38
Airlines - 1.34%				First Busey Corp	3,300	21
Hawaiian Holdings Inc ^(a)	32,503		847	First Business Financial Services Inc	941	45
JetBlue Airways Corp ^(a)	5,128		81	First Citizens BancShares Inc/NC	559	141
Republic Airways Holdings Inc ^(a)	24,098		352	First Commonwealth Financial Corp	28,786	265
SkyWest Inc	1,229		16	First Community Bancshares Inc/VA	5,595	92
Virgin America Inc ^(a)	2,900		125	First Connecticut Bancorp Inc/Farmington CT	588	10
	$		1,421	First Financial Bancorp	6,621	123
				First Financial Bankshares Inc ^(b)	602	18
Apparel - 0.29%				First Financial Corp/IN	1,511	54
Columbia Sportswear Co	322		14	First Interstate BancSystem Inc	11,758	327
Crocs Inc ^(a)	1,594		20
Iconix Brand Group Inc ^(a)	6,754		228	First Merchants Corp	8,492	193
Perry Ellis International Inc ^(a)	443		11	First Midwest Bancorp Inc/IL	8,387	143
				First NBC Bank Holding Co ^(a)	6,254	220
Skechers U.S.A. Inc ^(a)	245		14
Unifi Inc ^(a)	567		17	First of Long Island Corp/The	1,562	44
				FirstMerit Corp	48,915	924
Weyco Group Inc	226		7	FNB Corp/PA	4,218	56
	$		311	German American Bancorp Inc	1,269	38
Automobile Parts & Equipment - 1.37%				Glacier Bancorp Inc	1,840	51
Cooper Tire & Rubber Co	24,089		835	Great Southern Bancorp Inc	2,479	98
Cooper-Standard Holding Inc ^(a)	312		18	Guaranty Bancorp	535	8
Dana Holding Corp	11,433		248	Hampton Roads Bankshares Inc ^(a)	3,800	6
Douglas Dynamics Inc	96		2	Hancock Holding Co	1,997	61
Meritor Inc ^(a)	18,312		278	Hanmi Financial Corp	32,270	704
Miller Industries Inc/TN	387		8	Heartland Financial USA Inc	3,465	94
Modine Manufacturing Co ^(a)	1,243		17	Heritage Commerce Corp	761	7
Remy International Inc	526		11	Heritage Financial Corp/WA	3,236	57
Spartan Motors Inc	1,282		7	Horizon Bancorp/IN	2,826	74
Standard Motor Products Inc	286		11	Iberiabank Corp	2,363	153
Strattec Security Corp	27		2	Independent Bank Corp/MI	842	11
Superior Industries International Inc	880		17	Independent Bank Corp/Rockland MA	3,680	158
	$		1,454	International Bancshares Corp	1,351	36
				Lakeland Bancorp Inc	1,401	16
Banks - 13.32%				Lakeland Financial Corp	394	17
1st Source Corp	1,481		51	MainSource Financial Group Inc	5,755	121
American National Bankshares Inc	291		7	MB Financial Inc	2,650	87
Ameris Bancorp	4,731		122	Mercantile Bank Corp	647	14
Ames National Corp	300		8	Merchants Bancshares Inc/VT	189	6
Arrow Financial Corp	414		11	Metro Bancorp Inc ^(a)	528	14
BancFirst Corp	261		17	MidSouth Bancorp Inc	314	5
BancorpSouth Inc	2,333		53	MidWestOne Financial Group Inc	251	7
Bank of Kentucky Financial Corp/The	1,030		50	National Bankshares Inc ^(b)	254	8
Bank of Marin Bancorp	1,000		53	National Penn Bancshares Inc	10,847	114
Banner Corp	2,592		111	NBT Bancorp Inc	8,491	223
BBCN Bancorp Inc	6,098		88	Northrim BanCorp Inc	239	6
Blue Hills Bancorp Inc ^(a)	1,035		14	OFG Bancorp	13,815	230
BNC Bancorp	1,200		21


Schedule of Investments
SmallCap Value Account I
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Banks (continued)				Biotechnology (continued)
Old National Bancorp/IN	2,833	$	42	XOMA Corp ^(a)	30,400	$	109
Opus Bank ^(a)	187		5		$		1,034
Pacific Continental Corp	673		10
PacWest Bancorp	2,600		118	Building Materials - 0.20%
Park National Corp	310		27	Apogee Enterprises Inc	252		11
				Gibraltar Industries Inc ^(a)	2,600		42
Park Sterling Corp	6,625		49	Louisiana-Pacific Corp ^(a)	2,948		49
Peapack Gladstone Financial Corp	448		8
				LSI Industries Inc	783		5
Penns Woods Bancorp Inc	175		9	Masonite International Corp ^(a)	614		38
Peoples Bancorp Inc/OH	3,360		87
Peoples Financial Services Corp ^(b)	4,400		219	Quanex Building Products Corp	737		14
Pinnacle Financial Partners Inc	15,250		603	Simpson Manufacturing Co Inc	814		28
Preferred Bank/Los Angeles CA	6,441		179	Universal Forest Products Inc	500		26
PrivateBancorp Inc	21,638		723		$		213
Prosperity Bancshares Inc	1,694		94	Chemicals - 1.38%
Renasant Corp	771		22	A Schulman Inc	6,765		274
Republic Bancorp Inc/KY	2,004		49	Aceto Corp	514		11
S&T Bancorp Inc	739		22	Axiall Corp	6,469		274
Sandy Spring Bancorp Inc	632		16	Hawkins Inc	825		36
Sierra Bancorp	3,058		54	Innophos Holdings Inc	227		13
Simmons First National Corp	1,611		66	Innospec Inc	1,287		55
South State Corp	1,940		130	Intrepid Potash Inc ^(a),(b)	1,176		16
Southside Bancshares Inc	651		19	KMG Chemicals Inc	353		7
Southwest Bancorp Inc	14,579		253	Koppers Holdings Inc	1,200		31
State Bank Financial Corp	8,795		176	Kraton Performance Polymers Inc ^(a)	692		14
Stock Yards Bancorp Inc	1,624		54	Kronos Worldwide Inc	2,575		34
Suffolk Bancorp	420		10	Minerals Technologies Inc	6,013		418
Susquehanna Bancshares Inc	12,837		172	Olin Corp	1,943		44
Talmer Bancorp Inc	643		9	OM Group Inc	677		20
Texas Capital Bancshares Inc ^(a)	583		32	Quaker Chemical Corp	146		14
Tompkins Financial Corp	1,365		75	Sensient Technologies Corp	1,153		70
Towne Bank/Portsmouth VA	1,073		16	Stepan Co	375		15
Trico Bancshares	9,443		234	Tronox Ltd	1,498		36
TriState Capital Holdings Inc ^(a)	5,400		55	Zep Inc	5,210		79
TrustCo Bank Corp NY	2,280		17		$		1,461
Trustmark Corp	4,040		99
UMB Financial Corp	7,817		445	Coal - 0.05%
Umpqua Holdings Corp	4,048		69	Cloud Peak Energy Inc ^(a)	1,444		14
Union Bankshares Corp	3,200		77	Hallador Energy Co	376		4
United Bankshares Inc/WV	1,457		55	SunCoke Energy Inc	782		15
United Community Banks Inc/GA	1,055		20	Westmoreland Coal Co ^(a)	545		18
Univest Corp of Pennsylvania	625		13		$		51
Valley National Bancorp	5,456		53	Commercial Services - 4.58%
ViewPoint Financial Group Inc	754		18	ABM Industries Inc	18,963		543
Walker & Dunlop Inc ^(a)	623		11
				Albany Molecular Research Inc ^(a)	856		14
Washington Trust Bancorp Inc	349		14	AMN Healthcare Services Inc ^(a)	1,087		21
Webster Financial Corp	5,694		185	ARC Document Solutions Inc ^(a)	8,400		86
WesBanco Inc	12,056		420	Ascent Capital Group Inc ^(a)	331		18
West Bancorporation Inc	4,183		71	Brink's Co/The	1,161		28
Westamerica Bancorporation	555		27	Carriage Services Inc	481		10
Western Alliance Bancorp ^(a)	742		21
				CBIZ Inc ^(a)	1,496		13
Wilshire Bancorp Inc	38,010		385	CDI Corp	2,924		51
Wintrust Financial Corp	8,930		418	Cenveo Inc ^(a)	44,300		93
Yadkin Financial Corp ^(a)	3,246		64
				Civeo Corp	2,256		9
	$		14,156	CRA International Inc ^(a)	380		12
Biotechnology - 0.97%				Cross Country Healthcare Inc ^(a)	37,500		468
Achillion Pharmaceuticals Inc ^(a),(b)	1,609		20	Deluxe Corp	582		36
AMAG Pharmaceuticals Inc ^(a)	260		11	Electro Rent Corp	547		8
Applied Genetic Technologies Corp/DE ^(a)	1,300		27	Ennis Inc	951		13
Ardelyx Inc ^(a),(b)	3,500		66	Franklin Covey Co ^(a)	154		3
Avalanche Biotechnologies Inc ^(a),(b)	1,100		59	FTI Consulting Inc ^(a)	983		38
BioCryst Pharmaceuticals Inc ^(a),(b)	530		6	Global Cash Access Holdings Inc ^(a)	2,402		17
Celldex Therapeutics Inc ^(a),(b)	6,600		121	Green Dot Corp ^(a)	34,258		702
Cytokinetics Inc ^(a)	1,243		10	Hackett Group Inc/The	681		6
Dynavax Technologies Corp ^(a)	949		16	HealthEquity Inc ^(a)	1,340		34
Emergent Biosolutions Inc ^(a)	600		16	Heidrick & Struggles International Inc	4,889		113
Kite Pharma Inc ^(a),(b)	1,500		87	Huron Consulting Group Inc ^(a)	509		35
Medicines Co/The ^(a)	6,615		183	ICF International Inc ^(a)	477		20
Prothena Corp PLC ^(a)	733		15	INC Research Holdings Inc ^(a)	1,200		31
RTI Surgical Inc ^(a)	2,139		11	K12 Inc ^(a)	713		8
Sage Therapeutics Inc ^(a),(b)	4,200		154	Kelly Services Inc	15,900		271
Spectrum Pharmaceuticals Inc ^(a),(b)	1,796		13	Korn/Ferry International ^(a)	2,082		60
Ultragenyx Pharmaceutical Inc ^(a)	2,500		110	LifeLock Inc ^(a)	9,100		168
				Live Nation Entertainment Inc ^(a)	3,600		94


COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Commercial Services (continued)				Diversified Financial Services (continued)
Matthews International Corp	5,618	$	273	PennyMac Financial Services Inc ^(a)	7,500	$	130
McGrath RentCorp	623		22	Piper Jaffray Cos ^(a)	7,169		416
MoneyGram International Inc ^(a)	1,048		10	Regional Management Corp ^(a)	383		6
Monster Worldwide Inc ^(a)	3,390		16	Springleaf Holdings Inc ^(a)	597		22
Multi-Color Corp	238		13	Stifel Financial Corp ^(a)	1,594		81
National Research Corp	44		1	Walter Investment Management Corp ^(a),(b)	803		13
Navigant Consulting Inc ^(a)	1,246		19		$		2,197
Paylocity Holding Corp ^(a)	1,400		37
PHH Corp ^(a)	1,199		29	Electric - 4.28%
PRGX Global Inc ^(a)	1,094		6	Abengoa Yield PLC	568		15
Quad/Graphics Inc	20,665		474	Allete Inc	892		49
Rent-A-Center Inc/TX	1,267		46	Avista Corp	1,752		62
Resources Connection Inc	12,029		198	Black Hills Corp	1,285		68
RPX Corp ^(a)	11,369		157	Cleco Corp	6,273		342
				Dynegy Inc ^(a)	41,881		1,271
RR Donnelley & Sons Co	4,118		69
TrueBlue Inc ^(a)	12,600		280	El Paso Electric Co	6,150		246
Viad Corp	7,292		194	Empire District Electric Co/The	5,020		149
				EnerNOC Inc ^(a)	735		11
	$		4,867	IDACORP Inc	9,048		599
Computers - 2.62%				MGE Energy Inc	3,129		142
CACI International Inc ^(a)	556		48	NorthWestern Corp	6,225		353
Computer Task Group Inc	541		5	NRG Yield Inc	502		24
Convergys Corp	2,356		48	Ormat Technologies Inc	395		11
Datalink Corp ^(a)	708		9	Otter Tail Corp	765		24
Engility Holdings Inc ^(a)	9,418		403	PNM Resources Inc	8,175		243
ExlService Holdings Inc ^(a)	450		13	Portland General Electric Co	10,250		388
Insight Enterprises Inc ^(a)	9,463		245	Spark Energy Inc	600		8
Mentor Graphics Corp	2,300		51	UIL Holdings Corp	6,292		274
Mercury Systems Inc ^(a)	1,212		17	Unitil Corp	2,505		92
Quantum Corp ^(a)	4,780		8	Westar Energy Inc	4,300		177
Spansion Inc ^(a),(b)	24,000		821		$		4,548
Sykes Enterprises Inc ^(a)	841		20
TeleTech Holdings Inc ^(a)	309		7	Electrical Components & Equipment - 0.80%
Unisys Corp ^(a)	25,577		754	Advanced Energy Industries Inc ^(a)	93		2
Varonis Systems Inc ^(a),(b)	10,100		332	Encore Wire Corp	182		7
	$		2,781	EnerSys	7,457		460
				General Cable Corp	12,427		185
Consumer Products - 1.56%				GrafTech International Ltd ^(a)	4,276		22
ACCO Brands Corp ^(a)	73,172		660	Littelfuse Inc	1,614		156
Central Garden and Pet Co - A Shares ^(a)	12,591		120	Powell Industries Inc	338		17
CSS Industries Inc	362		10		$		849
Helen of Troy Ltd ^(a)	13,331		867
	$		1,657	Electronics - 2.40%
				Bel Fuse Inc	393		11
Cosmetics & Personal Care - 0.07%				Benchmark Electronics Inc ^(a)	20,068		510
Revlon Inc ^(a)	2,311		79	Brady Corp	3,512		96
				Checkpoint Systems Inc ^(a)	976		13
				Coherent Inc ^(a)	545		33
Distribution & Wholesale - 0.40%
Beacon Roofing Supply Inc ^(a)	815		22	CTS Corp	808		14
				ESCO Technologies Inc	637		23
Core-Mark Holding Co Inc	492		30	FARO Technologies Inc ^(a)	82		5
Houston Wire & Cable Co	641		8	GSI Group Inc ^(a)	6,353		94
ScanSource Inc ^(a)	1,866		75
				II-VI Inc ^(a)	1,246		17
United Stationers Inc	6,849		289	Itron Inc ^(a)	925		39
	$		424	Kemet Corp ^(a)	1,664		7
Diversified Financial Services - 2.07%				Kimball Electronics Inc ^(a)	22,060		265
Aircastle Ltd	956		20	Newport Corp ^(a)	157		3
Arlington Asset Investment Corp	14,542		387	NVE Corp ^(a)	100		7
BGC Partners Inc	19,211		176	OSI Systems Inc ^(a)	363		26
Calamos Asset Management Inc	621		8	Park Electrochemical Corp	490		12
Consumer Portfolio Services Inc ^(a)	755		6	Plexus Corp ^(a)	523		22
Cowen Group Inc ^(a)	40,270		193	Rofin-Sinar Technologies Inc ^(a)	689		20
Encore Capital Group Inc ^(a)	294		13	Rogers Corp ^(a)	305		25
Enova International Inc ^(a)	14,200		316	Sanmina Corp ^(a)	39,873		938
Federal Agricultural Mortgage Corp	370		11	Stoneridge Inc ^(a)	21,300		274
FXCM Inc	951		16	TTM Technologies Inc ^(a)	2,070		16
Higher One Holdings Inc ^(a)	778		3	Vishay Precision Group Inc ^(a)	458		8
Home Loan Servicing Solutions Ltd	1,726		34	Watts Water Technologies Inc	646		41
Investment Technology Group Inc ^(a)	8,477		176	Woodward Inc	528		26
Janus Capital Group Inc	3,597		58		$		2,545
Manning & Napier Inc	5,490		76
Marlin Business Services Corp	304		6	Energy - Alternate Sources - 1.04%
				FutureFuel Corp	1,431		19
Nelnet Inc	508		24	Green Plains Inc	18,177		450
Nicholas Financial Inc ^(a)	371		6	Pacific Ethanol Inc ^(a),(b)	18,909		195


COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Energy - Alternate Sources (continued)				Healthcare - Products - 1.28%
Plug Power Inc ^(a),(b)	3,492	$	11	Affymetrix Inc ^(a)	1,984	$	20
Renewable Energy Group Inc ^(a)	30,859		299	Analogic Corp	293		25
REX American Resources Corp ^(a)	2,145		133	AngioDynamics Inc ^(a)	919		17
	$		1,107	AtriCure Inc ^(a)	261		5
				BioTelemetry Inc ^(a)	392		4
Engineering & Construction - 1.29%				CONMED Corp	645		29
Aegion Corp ^(a)	851		16
				CryoLife Inc	1,028		12
Argan Inc	7,574		255	Cynosure Inc ^(a)	8,532		234
Dycom Industries Inc ^(a)	137		5	Exactech Inc ^(a)	355		8
EMCOR Group Inc	12,521		557	Greatbatch Inc ^(a)	1,888		93
Granite Construction Inc	831		32	Haemonetics Corp ^(a)	1,112		42
MYR Group Inc ^(a)	516		14	Hanger Inc ^(a)	823		18
Orion Marine Group Inc ^(a)	996		11	ICU Medical Inc ^(a)	313		26
Tutor Perini Corp ^(a)	8,393		202	Integra LifeSciences Holdings Corp ^(a)	350		19
VSE Corp	4,253		280	Invacare Corp	678		11
	$		1,372	Merit Medical Systems Inc ^(a)	1,020		18
Entertainment - 0.30%				NuVasive Inc ^(a)	11,577		546
AMC Entertainment Holdings Inc	2,208		57	OraSure Technologies Inc ^(a)	15,437		156
Churchill Downs Inc	168		16	Orthofix International NV ^(a)	440		13
Eros International PLC ^(a)	516		11	PhotoMedex Inc ^(a),(b),(c)	4,765		8
International Speedway Corp	685		22	Rockwell Medical Inc ^(a),(b)	1,299		13
Isle of Capri Casinos Inc ^(a)	778		7	SurModics Inc ^(a)	407		9
Marriott Vacations Worldwide Corp	644		48	Tornier NV ^(a)	831		21
National CineMedia Inc	1,137		16	Wright Medical Group Inc ^(a),(b)	620		17
Penn National Gaming Inc ^(a)	1,878		26		$		1,364
Reading International Inc ^(a)	650		9
				Healthcare - Services - 1.48%
Speedway Motorsports Inc	4,833		105	Addus HomeCare Corp ^(a)	181		4
	$		317	Alliance HealthCare Services Inc ^(a)	113		2
				Almost Family Inc ^(a)	1,474		43
Environmental Control - 0.05%
Ceco Environmental Corp ^(b)	771		12	Amedisys Inc ^(a)	642		19
Tetra Tech Inc	1,480		39	Amsurg Corp ^(a)	782		43
	$		51	Ensign Group Inc/The	36		2
				Five Star Quality Care Inc ^(a)	1,590		7
Food - 1.66%				HealthSouth Corp	494		19
Chiquita Brands International Inc ^(a)	33,648		487	Healthways Inc ^(a)	546		11
Darling Ingredients Inc ^(a)	2,760		50	IPC The Hospitalist Co Inc ^(a)	261		12
Dean Foods Co	2,288		44	Kindred Healthcare Inc	6,115		111
Fresh Del Monte Produce Inc	884		30	LHC Group Inc ^(a)	449		14
Ingles Markets Inc	452		17	Magellan Health Inc ^(a)	644		39
John B Sanfilippo & Son Inc	3,196		145	Molina Healthcare Inc ^(a)	9,650		517
Lancaster Colony Corp	173		16	National Healthcare Corp	248		16
Pinnacle Foods Inc	5,951		210	Roka Bioscience Inc ^(a),(b)	3,300		14
Post Holdings Inc ^(a)	925		39	Select Medical Holdings Corp	176		2
Sanderson Farms Inc	118		10	Skilled Healthcare Group Inc ^(a)	459		4
Seaboard Corp ^(a)	6		25	Triple-S Management Corp ^(a)	4,785		114
Smart & Final Stores Inc ^(a),(b)	9,500		149	Universal American Corp/NY ^(a)	1,536		14
Snyder's-Lance Inc	1,001		31	WellCare Health Plans Inc ^(a)	6,848		562
SpartanNash Co	9,132		238		$		1,569
SUPERVALU Inc ^(a)	21,164		205
Tootsie Roll Industries Inc ^(b)	56		2	Holding Companies - Diversified - 0.04%
TreeHouse Foods Inc ^(a)	497		43	FCB Financial Holdings Inc ^(a)	302		7
Village Super Market Inc	246		7	Harbinger Group Inc ^(a)	1,233		18
Weis Markets Inc	401		19	National Bank Holdings Corp	867		17
	$		1,767		$		42

Forest Products & Paper - 0.37%				Home Builders - 0.21%
Domtar Corp	2,000		81	Beazer Homes USA Inc ^(a)	554		11
Neenah Paper Inc	289		18	KB Home ^(b)	797		13
PH Glatfelter Co	2,880		73	LGI Homes Inc ^(a)	399		6
Resolute Forest Products Inc ^(a)	8,303		146	M/I Homes Inc ^(a)	591		14
Schweitzer-Mauduit International Inc	1,652		70	MDC Holdings Inc	815		22
	$		388	Meritage Homes Corp ^(a)	941		34
				Ryland Group Inc/The	1,129		44
Gas - 1.74%				Standard Pacific Corp ^(a)	3,027		22
Chesapeake Utilities Corp	418		21	TRI Pointe Homes Inc ^(a)	2,786		42
Laclede Group Inc/The	4,006		213	WCI Communities Inc ^(a)	430		8
New Jersey Resources Corp	4,562		279	William Lyon Homes ^(a)	559		11
Northwest Natural Gas Co	5,173		258		$		227
ONE Gas Inc	1,086		45
Piedmont Natural Gas Co Inc	2,242		88	Home Furnishings - 1.08%
South Jersey Industries Inc	688		41	Daktronics Inc	401		5
Southwest Gas Corp	7,473		462	DTS Inc/CA ^(a)	439		14
WGL Holdings Inc	8,095		442	Ethan Allen Interiors Inc	607		19
	$		1,849	Flexsteel Industries Inc	182		6


COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Home Furnishings (continued)				Internet (continued)
Kimball International Inc	29,458	$	268	Internap Corp ^(a)	1,980	$	16
La-Z-Boy Inc	279		7	Intralinks Holdings Inc ^(a)	10,400		124
Skullcandy Inc ^(a)	24,260		223	Lands' End Inc ^(a),(b)	13,398		723
TiVo Inc ^(a)	27,970		331	Limelight Networks Inc ^(a)	2,217		6
Universal Electronics Inc ^(a)	4,100		267	Liquidity Services Inc ^(a)	954		8
VOXX International Corp ^(a)	711		6	magicJack VocalTec Ltd ^(a)	7,543		61
	$		1,146	ModusLink Global Solutions Inc ^(a)	1,347		5
				New Media Investment Group Inc	766		18
Housewares - 0.10%				Orbitz Worldwide Inc ^(a)	1,014		8
Lifetime Brands Inc	5,700		98	Perficient Inc ^(a)	433		8
NACCO Industries Inc	176		10	Q2 Holdings Inc ^(a)	8,800		166
	$		108	RealNetworks Inc ^(a)	840		6
Insurance - 4.85%				Reis Inc	279		7
Ambac Financial Group Inc ^(a)	940		23	RingCentral Inc ^(a),(b)	16,300		243
American Equity Investment Life Holding Co	32,810		958	Shutterfly Inc ^(a)	318		13
Amerisafe Inc	7,540		320	Stamps.com Inc ^(a)	44		2
AmTrust Financial Services Inc	4,710		265	TechTarget Inc ^(a)	601		7
Argo Group International Holdings Ltd	623		35	TeleCommunication Systems Inc ^(a)	1,777		6
Aspen Insurance Holdings Ltd	4,500		197	Wayfair Inc ^(a),(b)	1,500		30
Assured Guaranty Ltd	7,200		187	WebMD Health Corp ^(a)	3,700		146
CNO Financial Group Inc	52,904		911		$		1,847
Crawford & Co	741		8	Investment Companies - 0.04%
Donegal Group Inc	297		5	Acacia Research Corp ^(b)	1,205		21
EMC Insurance Group Inc	166		6	Caesars Acquisition Co ^(a),(b)	1,678		17
Employers Holdings Inc	489		11		$		38
Enstar Group Ltd ^(a)	207		32
FBL Financial Group Inc	236		14	Iron & Steel - 0.89%
Fidelity & Guaranty Life	5,591		135	AK Steel Holding Corp ^(a),(b)	4,273		26
First American Financial Corp	2,664		90	Commercial Metals Co	29,852		486
Global Indemnity PLC ^(a)	293		8	Schnitzer Steel Industries Inc	664		15
Greenlight Capital Re Ltd ^(a)	598		20	Shiloh Industries Inc ^(a)	18		—
Hallmark Financial Services Inc ^(a)	520		6	Worthington Industries Inc	13,800		415
HCI Group Inc	100		4		$		942
Hilltop Holdings Inc ^(a)	10,123		202
Horace Mann Educators Corp	1,763		59	Leisure Products & Services - 0.16%
Infinity Property & Casualty Corp	154		12	Arctic Cat Inc	307		11
Kansas City Life Insurance Co	153		7	Brunswick Corp/DE	1,121		57
Kemper Corp	1,111		40	Callaway Golf Co	1,678		13
Maiden Holdings Ltd	35,470		454	Escalade Inc	280		4
MGIC Investment Corp ^(a)	4,130		38	Interval Leisure Group Inc	328		7
Montpelier Re Holdings Ltd ADR	954		34	Johnson Outdoors Inc	187		6
				Life Time Fitness Inc ^(a)	933		53
National General Holdings Corp	845		16	Nautilus Inc ^(a)	434		7
National Western Life Insurance Co	54		15	Steiner Leisure Ltd ^(a)	352		16
Navigators Group Inc/The ^(a)	251		18
OneBeacon Insurance Group Ltd	857		14		$		174
Platinum Underwriters Holdings Ltd	524		38	Lodging - 0.06%
Primerica Inc	1,330		72	Belmond Ltd ^(a)	2,084		26
Radian Group Inc	3,208		54	Boyd Gaming Corp ^(a)	569		7
RLI Corp	1,047		52	Caesars Entertainment Corp ^(a),(b)	929		14
Safety Insurance Group Inc	307		20	Marcus Corp/The	702		13
Selective Insurance Group Inc	7,073		192	Monarch Casino & Resort Inc ^(a)	345		6
State Auto Financial Corp	568		13		$		66
Stewart Information Services Corp	2,953		110
Symetra Financial Corp	14,395		331	Machinery - Construction & Mining - 0.19%
Third Point Reinsurance Ltd ^(a)	1,197		17	Astec Industries Inc	399		16
Trupanion Inc ^(a),(b)	3,500		24	Hyster-Yale Materials Handling Inc	2,500		183
United Fire Group Inc	2,902		86		$		199
United Insurance Holdings Corp	52		1	Machinery - Diversified - 1.01%
Universal Insurance Holdings Inc	61		1	Alamo Group Inc	257		13
	$		5,155	Albany International Corp	525		20
Internet - 1.74%				Applied Industrial Technologies Inc	5,888		268
1-800-Flowers.com Inc ^(a)	928		8	Briggs & Stratton Corp	18,171		371
Bankrate Inc ^(a)	1,409		18	Columbus McKinnon Corp/NY	639		18
Bazaarvoice Inc ^(a),(b)	1,054		8	Gerber Scientific Inc ^(a),(c),(d)	1,974		—
Blucora Inc ^(a)	980		14	Global Power Equipment Group Inc	627		9
Boingo Wireless Inc ^(a)	833		6	Hurco Cos Inc	1,041		35
Chegg Inc ^(a),(b)	15,100		104	Kadant Inc	7,851		335
Dice Holdings Inc ^(a)	944		9	Lindsay Corp ^(b)	69		6
ePlus Inc ^(a)	179		14	Twin Disc Inc	83		2
FireEye Inc ^(a),(b)	1,400		44		$		1,077
FTD Cos Inc ^(a)	432		15
Global Sources Ltd ^(a)	597		4	Media - 1.19%
				AH Belo Corp	705		7


COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Media (continued)				Oil & Gas (continued)
Crown Media Holdings Inc ^(a)	221	$	1	Approach Resources Inc ^(a),(b)	815	$	5
Dex Media Inc ^(a),(b)	12,745		114	Bill Barrett Corp ^(a)	1,038		12
Entercom Communications Corp ^(a)	4,902		60	Callon Petroleum Co ^(a)	2,031		11
Entravision Communications Corp	25,500		165	Comstock Resources Inc ^(b)	1,739		12
EW Scripps Co/The ^(a)	16,958		379	Contango Oil & Gas Co ^(a)	421		12
Houghton Mifflin Harcourt Co ^(a)	2,606		54	CVR Energy Inc	700		27
Journal Communications Inc ^(a)	18,077		206	Delek US Holdings Inc	11,988		327
Lee Enterprises Inc ^(a),(b)	1,921		7	Emerald Oil Inc ^(a),(b)	2,093		3
McClatchy Co/The ^(a)	2,195		7	Energy XXI Ltd	10,768		35
Media General Inc ^(a)	1,147		19	FMSA Holdings Inc ^(a),(b)	5,000		35
Meredith Corp	859		47	Magnum Hunter Resources Corp - Warrants	362		—
New York Times Co/The	3,308		44	(a),(c),(d)
Saga Communications Inc	129		6	Matador Resources Co ^(a)	1,158		23
Salem Communications Corp	389		3	North Atlantic Drilling Ltd	1,970		3
Scholastic Corp	641		23	Northern Oil and Gas Inc ^(a),(b)	2,221		13
Sinclair Broadcast Group Inc	1,855		51	Panhandle Oil and Gas Inc	1,500		35
Time Inc	2,668		66	Parker Drilling Co ^(a)	33,502		103
	$		1,259	PDC Energy Inc ^(a)	786		32
				Penn Virginia Corp ^(a),(b)	2,384		16
Metal Fabrication & Hardware - 0.43%				Rosetta Resources Inc ^(a)	1,298		29
Advanced Drainage Systems Inc	195		5	RSP Permian Inc ^(a)	611		15
Ampco-Pittsburgh Corp	3,211		62	Sanchez Energy Corp ^(a),(b)	744		7
CIRCOR International Inc	65		4	Stone Energy Corp ^(a)	13,131		222
Dynamic Materials Corp	482		8	Swift Energy Co ^(a),(b)	1,632		7
Global Brass & Copper Holdings Inc	6,784		89	TransAtlantic Petroleum Ltd ^(a)	397		2
Haynes International Inc	262		13	Triangle Petroleum Corp ^(a),(b)	1,417		7
LB Foster Co	4,475		217	Vaalco Energy Inc ^(a)	35,191		160
Mueller Industries Inc	473		16	Vantage Drilling Co ^(a)	7,705		4
NN Inc	600		12	W&T Offshore Inc	861		6
Northwest Pipe Co ^(a)	364		11	Warren Resources Inc ^(a)	114,965		185
Olympic Steel Inc	268		5	Western Refining Inc	900		34
RTI International Metals Inc ^(a)	608		15
	$		457		$		1,399
				Oil & Gas Services - 1.29%
Mining - 0.18%				Basic Energy Services Inc ^(a)	4,500		32
Century Aluminum Co ^(a)	1,266		31
				Bristow Group Inc	844		56
Globe Specialty Metals Inc	3,700		64	C&J Energy Services Inc ^(a)	22,139		292
Hecla Mining Co	7,168		20	Dawson Geophysical Co	3,100		38
Horsehead Holding Corp ^(a)	922		14
				Exterran Holdings Inc	1,388		45
Kaiser Aluminum Corp	456		32	Forum Energy Technologies Inc ^(a)	6,009		125
Materion Corp	450		16	Geospace Technologies Corp ^(a)	425		11
Noranda Aluminum Holding Corp	1,615		6	Gulf Island Fabrication Inc	329		6
Stillwater Mining Co ^(a)	272		4
				Gulfmark Offshore Inc	680		17
	$		187	Helix Energy Solutions Group Inc ^(a)	15,108		327
Miscellaneous Manufacturing - 0.32%				ION Geophysical Corp ^(a)	41,975		115
Actuant Corp	1,564		42	McDermott International Inc ^(a)	4,965		14
American Railcar Industries Inc ^(b)	22		1	Mitcham Industries Inc ^(a)	489		3
Barnes Group Inc	1,332		49	Natural Gas Services Group Inc ^(a)	458		11
Chase Corp	25		1	Newpark Resources Inc ^(a)	2,054		20
CLARCOR Inc	105		7	PHI Inc ^(a)	433		16
Fabrinet ^(a)	825		15	Pioneer Energy Services Corp ^(a)	637		4
Federal Signal Corp	1,509		23	SEACOR Holdings Inc ^(a)	488		36
FreightCar America Inc	442		12	Superior Energy Services Inc	4,276		86
GP Strategies Corp ^(a)	166		6	Tesco Corp	3,350		43
Handy & Harman Ltd ^(a)	153		7	Tetra Technologies Inc ^(a)	2,871		19
LSB Industries Inc ^(a)	475		15	Willbros Group Inc ^(a)	9,100		57
Lydall Inc ^(a)	84		3		$		1,373
Park-Ohio Holdings Corp	1,700		107	Packaging & Containers - 0.64%
Standex International Corp	630		49	Berry Plastics Group Inc ^(a)	959		30
TriMas Corp ^(a)	188		6	Graphic Packaging Holding Co ^(a)	32,100		437
	$		343	Rock-Tenn Co	3,400		208
Office & Business Equipment - 0.01%					$		675
Eastman Kodak Co ^(a)	641		14
				Pharmaceuticals - 1.03%
				Amphastar Pharmaceuticals Inc ^(a),(b)	8,700		101
Office Furnishings - 0.22%				Anacor Pharmaceuticals Inc ^(a),(b)	493		16
HNI Corp	126		6	Auspex Pharmaceuticals Inc ^(a),(b)	400		21
Steelcase Inc	12,400		223	BioScrip Inc ^(a)	2,514		18
	$		229	Cara Therapeutics Inc ^(a)	4,100		41
				ChemoCentryx Inc ^(a)	991		7
Oil & Gas - 1.32%				Dicerna Pharmaceuticals Inc ^(a),(b)	3,600		59
Adams Resources & Energy Inc	77		4	Hyperion Therapeutics Inc ^(a)	100		2
Alon USA Energy Inc	692		9	Immune Design Corp ^(a),(b)	2,000		62
Apco Oil and Gas International Inc ^(a)	288		4


Schedule of Investments
SmallCap Value Account I
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Pharmaceuticals (continued)				REITS (continued)
Impax Laboratories Inc ^(a)	6,521	$	207	Geo Group Inc/The	9,427	$	381
Lannett Co Inc ^(a)	3,300		141	Getty Realty Corp	3,019		55
Nature's Sunshine Products Inc	398		6	Government Properties Income Trust	3,140		72
Nektar Therapeutics ^(a)	1,153		18	Gramercy Property Trust Inc	2,480		17
Nutraceutical International Corp ^(a)	326		7	Hatteras Financial Corp	2,017		37
Omega Protein Corp ^(a)	716		8	Healthcare Realty Trust Inc	2,755		75
Owens & Minor Inc	1,475		52	Hersha Hospitality Trust	94,757		666
PharMerica Corp ^(a)	717		15	Highwoods Properties Inc	2,586		115
PRA Health Sciences Inc ^(a)	3,600		87	Home Properties Inc	900		59
Progenics Pharmaceuticals Inc ^(a)	1,954		15	Hudson Pacific Properties Inc	1,157		35
Revance Therapeutics Inc ^(a)	2,500		42	Inland Real Estate Corp	1,841		20
Sagent Pharmaceuticals Inc ^(a)	156		4	Invesco Mortgage Capital Inc	2,596		40
SciClone Pharmaceuticals Inc ^(a)	719		6	Investors Real Estate Trust	2,363		19
VWR Corp ^(a),(b)	2,900		75	iStar Financial Inc ^(a)	1,794		24
Zafgen Inc ^(a),(b)	1,400		43	Kite Realty Group Trust	9,144		263
ZS Pharma Inc ^(a),(b)	900		37	LaSalle Hotel Properties	3,884		157
	$		1,090	Lexington Realty Trust	4,295		47
				LTC Properties Inc	6,076		262
Pipelines - 0.06%				Mack-Cali Realty Corp	1,870		36
SemGroup Corp	1,000		68	Medical Properties Trust Inc	4,860		67
				Monmouth Real Estate Investment Corp	1,605		18
Real Estate - 0.41%				New Residential Investment Corp	2,973		38
Alexander & Baldwin Inc	6,818		268	New York Mortgage Trust Inc ^(b)	2,601		20
Altisource Residential Corp	1,230		24	New York REIT Inc	3,420		36
BBX Capital Corp ^(a)	309		5	One Liberty Properties Inc	449		11
Forestar Group Inc ^(a)	1,154		18	Parkway Properties Inc/Md	17,258		317
Kennedy-Wilson Holdings Inc	1,395		35	Pebblebrook Hotel Trust	1,837		84
RE/MAX Holdings Inc	2,500		85	Pennsylvania Real Estate Investment Trust	10,237		240
	$		435	PennyMac Mortgage Investment Trust	17,160		362
				Physicians Realty Trust	994		16
REITS - 13.48%				Potlatch Corp	12,600		528
Acadia Realty Trust	3,005		97	PS Business Parks Inc	276		22
AG Mortgage Investment Trust Inc	814		15	RAIT Financial Trust	25,279		194
Agree Realty Corp	544		17	Ramco-Gershenson Properties Trust	6,815		128
American Assets Trust Inc	811		32	Redwood Trust Inc	28,964		571
American Campus Communities Inc	6,500		269	Resource Capital Corp	2,725		14
American Capital Mortgage Investment Corp	1,079		20	Retail Opportunity Investments Corp	1,903		32
American Realty Capital Healthcare Trust Inc	3,539		42	Rexford Industrial Realty Inc	964		15
American Residential Properties Inc ^(a)	672		12	RLJ Lodging Trust	3,756		126
AmREIT Inc	415		11	Rouse Properties Inc	5,875		108
Anworth Mortgage Asset Corp	74,269		390	Ryman Hospitality Properties Inc	445		23
Apollo Commercial Real Estate Finance Inc	973		16	Sabra Health Care REIT Inc	118		4
Apollo Residential Mortgage Inc	919		14	Saul Centers Inc	46		3
Armada Hoffler Properties Inc	3,300		31	Select Income REIT	776		19
ARMOUR Residential REIT Inc	7,530		28	Silver Bay Realty Trust Corp	803		13
Ashford Hospitality Prime Inc	4,780		82	Sovran Self Storage Inc	156		14
Ashford Hospitality Trust Inc	54,177		567	STAG Industrial Inc	1,195		29
Associated Estates Realty Corp	1,214		28	Starwood Waypoint Residential Trust	817		22
Aviv REIT Inc	518		18	Strategic Hotels & Resorts Inc ^(a)	1,215		16
Capstead Mortgage Corp	52,519		645	Summit Hotel Properties Inc	22,605		281
Cedar Realty Trust Inc	25,564		187	Sun Communities Inc	2,200		133
Chambers Street Properties	15,530		125	Sunstone Hotel Investors Inc	32,919		543
Chatham Lodging Trust	5,118		148	Terreno Realty Corp	697		14
Chesapeake Lodging Trust	8,874		331	UMH Properties Inc	619		6
Colony Financial Inc	3,080		73	Urstadt Biddle Properties Inc	333		7
CorEnergy Infrastructure Trust Inc	1,181		8	Washington Real Estate Investment Trust	1,911		53
CoreSite Realty Corp	9,500		371	Western Asset Mortgage Capital Corp	1,197		18
Cousins Properties Inc	53,723		614	Whitestone REIT	818		12
CubeSmart	4,649		103		$		14,327
CyrusOne Inc	5,794		160
CYS Investments Inc	16,417		143	Retail - 5.86%
DCT Industrial Trust Inc	16,009		571	American Eagle Outfitters Inc	4,682		65
DiamondRock Hospitality Co	62,515		929	America's Car-Mart Inc/TX ^(a)	245		13
DuPont Fabros Technology Inc	916		30	Barnes & Noble Inc ^(a)	17,748		412
EastGroup Properties Inc	1,004		64	Big 5 Sporting Goods Corp	677		10
Education Realty Trust Inc	5,900		216	Biglari Holdings Inc ^(a)	35		14
EPR Properties	3,749		216	BJ's Restaurants Inc ^(a)	433		22
Equity One Inc	1,291		33	Bob Evans Farms Inc	590		30
Excel Trust Inc	1,289		17	Boot Barn Holdings Inc ^(a)	800		15
Extra Space Storage Inc	2,500		147	Brown Shoe Co Inc	8,640		277
FelCor Lodging Trust Inc	17,847		193	Build-A-Bear Workshop Inc ^(a)	126		3
First Industrial Realty Trust Inc	34,115		702	Burlington Stores Inc ^(a)	111		5
First Potomac Realty Trust	1,686		21	Cash America International Inc	15,593		353
Franklin Street Properties Corp	4,380		54	Cato Corp/The	2,656		112


COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Retail (continued)				Semiconductors (continued)
Children's Place Inc/The	5,133	$	292	Brooks Automation Inc	1,460	$	19
Citi Trends Inc ^(a)	5,555		140	Cabot Microelectronics Corp ^(a)	141		7
Cracker Barrel Old Country Store Inc	43		6	Cascade Microtech Inc ^(a)	430		6
Dave & Buster's Entertainment Inc ^(a)	4,000		109	CEVA Inc ^(a)	763		14
Denny's Corp ^(a)	1,039		11	Cirrus Logic Inc ^(a)	1,025		24
DineEquity Inc	244		25	Cohu Inc	926		11
Express Inc ^(a)	1,917		28	Diodes Inc ^(a)	415		11
Ezcorp Inc ^(a)	1,252		15	DSP Group Inc ^(a)	743		8
Finish Line Inc/The	2,865		70	Emulex Corp ^(a)	2,582		15
Fred's Inc	778		14	Entegris Inc ^(a)	1,466		19
Genesco Inc ^(a)	529		40	Fairchild Semiconductor International Inc ^(a)	2,950		50
Group 1 Automotive Inc	478		43	First Solar Inc ^(a)	6,800		303
Guess? Inc	1,487		31	Integrated Device Technology Inc ^(a)	838		16
Haverty Furniture Cos Inc	724		16	Integrated Silicon Solution Inc	16,211		269
Kirkland's Inc ^(a)	220		5	International Rectifier Corp ^(a)	1,662		66
MarineMax Inc ^(a)	893		18	Intersil Corp	3,061		44
Movado Group Inc	366		10	IXYS Corp	917		12
Office Depot Inc ^(a)	153,285		1,315	Microsemi Corp ^(a)	720		20
Pantry Inc/The ^(a)	17,488		648	MKS Instruments Inc	7,171		262
PC Connection Inc	331		8	OmniVision Technologies Inc ^(a)	1,318		34
Regis Corp ^(a)	1,021		17	Pericom Semiconductor Corp ^(a)	5,508		75
Rite Aid Corp ^(a)	109,000		820	Photronics Inc ^(a)	1,555		13
Ruby Tuesday Inc ^(a)	2,254		15	PMC-Sierra Inc ^(a)	2,852		26
Rush Enterprises Inc - Class A ^(a)	206		7	QLogic Corp ^(a)	2,050		27
Ruth's Hospitality Group Inc	18,066		271	Rudolph Technologies Inc ^(a)	1,025		10
Shoe Carnival Inc	545		14	Silicon Image Inc ^(a)	1,368		8
Sonic Automotive Inc	964		26	Silicon Laboratories Inc ^(a)	320		15
Sonic Corp	582		16	Tessera Technologies Inc	521		19
Stage Stores Inc	758		16	Ultra Clean Holdings Inc ^(a)	38,231		355
Stein Mart Inc	1,034		15	Veeco Instruments Inc ^(a)	836		29
Systemax Inc ^(a)	3,200		43	Xcerra Corp ^(a)	3,964		37
Tilly's Inc ^(a)	384		4		$		2,226
Tuesday Morning Corp ^(a)	299		6
Vitamin Shoppe Inc ^(a)	370		18	Software - 1.27%
				2U Inc ^(a)	3,400		67
World Fuel Services Corp	1,700		80	Actua Corp ^(a)	964		18
Zumiez Inc ^(a)	17,754		686
				Acxiom Corp ^(a)	1,786		36
	$		6,229	Audience Inc ^(a),(b)	1,000		4
Savings & Loans - 1.83%				Avid Technology Inc ^(a)	10,400		148
Astoria Financial Corp	2,105		28	CSG Systems International Inc	728		18
Banc of California Inc	7,528		87	Digi International Inc ^(a)	961		9
Bank Mutual Corp	1,812		13	Digital River Inc ^(a)	767		19
BankFinancial Corp	1,200		14	Ebix Inc ^(b)	1,100		19
Beneficial Mutual Bancorp Inc ^(a)	1,070		13	Epiq Systems Inc	1,079		18
Berkshire Hills Bancorp Inc	2,313		61	Five9 Inc ^(a),(b)	2,200		10
Brookline Bancorp Inc	1,690		17	Globant SA ^(a)	12,000		187
Capitol Federal Financial Inc	3,478		45	Imperva Inc ^(a)	5,400		267
Charter Financial Corp/MD	6,100		70	Infoblox Inc ^(a)	263		5
Clifton Bancorp Inc	955		13	ManTech International Corp/VA	550		17
Dime Community Bancshares Inc	797		13	MedAssets Inc ^(a)	128		2
EverBank Financial Corp	2,173		41	OPOWER Inc ^(a),(b)	200		3
First Defiance Financial Corp	2,662		90	Paycom Software Inc ^(a),(b)	2,534		67
First Niagara Financial Group Inc	8,846		75	Progress Software Corp ^(a)	1,192		32
Flagstar Bancorp Inc ^(a)	36,000		566	Proofpoint Inc ^(a)	800		39
Flushing Financial Corp	4,049		82	Sapiens International Corp NV ^(a)	779		6
HomeStreet Inc	9,600		167	SYNNEX Corp	597		47
Investors Bancorp Inc	7,669		86	Take-Two Interactive Software Inc ^(a)	11,011		309
Meta Financial Group Inc	225		8	Verint Systems Inc ^(a)	106		6
Northfield Bancorp Inc	1,230		18		$		1,353
Northwest Bancshares Inc	2,340		29
Oritani Financial Corp	1,112		17	Storage & Warehousing - 0.05%
Pacific Premier Bancorp Inc ^(a)	626		11	Mobile Mini Inc	1,035		42
				Wesco Aircraft Holdings Inc ^(a),(b)	1,056		15
Provident Financial Services Inc	5,411		98
Sterling Bancorp/DE	2,032		29		$		57
Territorial Bancorp Inc	318		7	Supranational Bank - 0.10%
United Community Financial Corp/OH	1,856		10	Banco Latinoamericano de Comercio Exterior	3,429		103
United Financial Bancorp Inc	926		13	SA
Washington Federal Inc	2,461		55
WSFS Financial Corp	2,216		171
	$		1,947	Telecommunications - 1.73%
				ADTRAN Inc	644		14
Semiconductors - 2.10%				Anixter International Inc ^(a)	354		31
Alpha & Omega Semiconductor Ltd ^(a)	15,085		134	ARRIS Group Inc ^(a)	23,300		703
Amkor Technology Inc ^(a)	37,689		268	Atlantic Tele-Network Inc	235		16


Schedule of Investments
SmallCap Value Account I
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)		Shares Held	Value(000			's)

Telecommunications (continued)				Water (continued)
Black Box Corp	567	$	14	California Water Service Group		2,505		$	62
Cincinnati Bell Inc ^(a)	3,850		12	SJW Corp		459			15
Comtech Telecommunications Corp	1,761		55				$		277
Consolidated Communications Holdings Inc	540		15	TOTAL COMMON STOCKS			$		100,223
DigitalGlobe Inc ^(a)	1,588		49	INVESTMENT COMPANIES - 6.35%		Shares Held	Value(000			's)
EarthLink Holdings Corp	3,679		16
Finisar Corp ^(a)	213		4	Publicly Traded Investment Fund - 6.35%
Globalstar Inc ^(a),(b)	5,739		16	BlackRock Liquidity Funds TempFund		1,404,257			1,404
Harmonic Inc ^(a)	1,924		13	Portfolio
Hawaiian Telcom Holdco Inc ^(a)	382		10	Goldman Sachs Financial Square Funds -		3,312,624			3,313
IDT Corp - Class B	1,949		40	Government Fund ^(e)
Inteliquent Inc	34,200		671	Goldman Sachs Financial Square Funds -		1,886,210			1,886
Intelsat SA ^(a)	727		13	Money Market Fund
Iridium Communications Inc ^(a)	1,941		19	JP Morgan Prime Money Market Fund		141,811			142
Leap Wireless International Inc - Rights	1,093		3				$		6,745
(a),(c),(d)				TOTAL INVESTMENT COMPANIES			$		6,745
Netgear Inc ^(a)	859		31	Total Investments			$		106,968
NeuStar Inc ^(a),(b)	104		3	Liabilities in Excess of Other Assets, Net - (0.68)%			$		(718	)
NTELOS Holdings Corp ^(b)	341		1	TOTAL NET ASSETS - 100.00%			$		106,250
Plantronics Inc	182		10
Polycom Inc ^(a)	1,771		24
Preformed Line Products Co	89		5	(a)	Non-Income Producing Security
Shenandoah Telecommunications Co	129		4	(b)	Security or a portion of the security was on loan at the end of the period.
Spok Holdings Inc	826		14	(c)	Security is Illiquid
Tessco Technologies Inc	191		6	(d)	Fair value of these investments is determined in good faith by the Manager
Vonage Holdings Corp ^(a)	4,196		16		under procedures established and periodically reviewed by the Board of
West Corp	442		15		Directors. At the end of the period, the fair value of these securities totaled
	$		1,843		$3 or 0.00% of net assets.
				(e)	Security was purchased with the cash proceeds from securities loans.
Textiles - 0.07%
Culp Inc	272		6
G&K Services Inc	421		30
UniFirst Corp/MA	354		43		Portfolio Summary (unaudited)
	$		79	Sector					Percent
				Financial					36.00	%
Toys, Games & Hobbies - 0.00%				Consumer, Non-cyclical					12.85	%
Jakks Pacific Inc ^(a),(b)	685		5
				Consumer, Cyclical					11.51	%
				Industrial					10.28	%
Transportation - 1.12%				Exchange Traded Funds					6.35	%
Air Transport Services Group Inc ^(a)	1,878		16	Utilities					6.28	%
ArcBest Corp	3,975		185	Technology					5.99	%
Atlas Air Worldwide Holdings Inc ^(a)	607		30	Communications					4.70	%
CHC Group Ltd ^(a)	1,220		4	Energy					3.76	%
Era Group Inc ^(a)	748		16	Basic Materials					2.82	%
GasLog Ltd	754		15	Government					0.10	%
Hornbeck Offshore Services Inc ^(a)	878		22	Diversified					0.04	%
Knightsbridge Shipping Ltd	1,218		6	Liabilities in Excess of Other Assets, Net					(0.68	)%
Matson Inc	13,475		465	TOTAL NET ASSETS					100.00	%
Navios Maritime Acquisition Corp	3,000		11
Nordic American Tankers Ltd	2,118		21
PAM Transportation Services Inc ^(a)	95		5
Quality Distribution Inc ^(a)	758		8
Safe Bulkers Inc	1,395		5
Scorpio Tankers Inc	3,621		31
Ship Finance International Ltd	1,392		20
Swift Transportation Co ^(a)	6,200		178
Teekay Tankers Ltd	2,368		12
Universal Truckload Services Inc	1,300		37
USA Truck Inc ^(a)	229		7
UTI Worldwide Inc ^(a)	1,911		23
Werner Enterprises Inc	747		23
XPO Logistics Inc ^(a),(b)	884		36
YRC Worldwide Inc ^(a)	548		12
	$		1,188

Trucking & Leasing - 0.51%
AMERCO	1,800		512
TAL International Group Inc	465		20
Textainer Group Holdings Ltd	343		12
	$		544

Water - 0.26%
American States Water Co	4,740		178
Artesian Resources Corp	1,000		22


FINANCIAL HIGHLIGHTS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.


Selected data for a share of Capital Stock outstanding throughout each year ended December 31 (except as noted):

			Net Asset		Net		Net Realized						Dividends		Distributions			Total
			Value,		Investment		and Unrealized			Total From			from Net		from			Dividends			Net Asset
			Beginning of		Income		Gain (Loss) on			Investment			Investment		Realized			and			Value, End
			Period		(Loss)(a)		Investments			Operations			Income		Gains			Distributions			of Period
BALANCED ACCOUNT
Class 1 shares
2014		$	18.01	$	0.30	$	1.28		$	1.58		($	0.33	)	$–		($	0.33	)	$	19.26
2013			15.35		0.27		2.69			2.96			(0.30	)	–			(0.30	)		18.01
2012			13.86		0.30		1.50			1.80			(0.31	)	–			(0.31	)		15.35
2011			13.62		0.27		0.29			0.56			(0.32	)	–			(0.32	)		13.86
2010			12.33		0.29		1.35			1.64			(0.35	)	–			(0.35	)		13.62
BOND & MORTGAGE SECURITIES ACCOUNT
Class 1 shares
2014			11.24		0.31		0.28			0.59			(0.37	)	–			(0.37	)		11.46
2013			11.74		0.32		(0.43	)		(0.11	)		(0.39	)	–			(0.39	)		11.24
2012			11.35		0.36		0.48			0.84			(0.45	)	–			(0.45	)		11.74
2011			10.61		0.44		0.31			0.75			(0.01	)	–			(0.01	)		11.35
2010			10.04		0.47		0.69			1.16			(0.59	)	–			(0.59	)		10.61
BOND MARKET INDEX ACCOUNT
Class 1 shares
2014			9.88		0.17		0.40			0.57			(0.11	)	–			(0.11	)		10.34
2013			10.21		0.13		(0.39	)		(0.26	)		(0.07	)	–			(0.07	)		9.88
2012	(c)		10.00		0.08		0.13			0.21			–		–			–			10.21
DIVERSIFIED BALANCED ACCOUNT
Class 2 shares
2014			13.66		0.16		0.85			1.01			(0.13	)	(0.15	)		(0.28	)		14.39
2013			12.28		0.15		1.43			1.58			(0.04	)	(0.16	)		(0.20	)		13.66
2012			11.30		0.06		1.03			1.09			(0.11	)	–			(0.11	)		12.28
2011			11.02		0.21		0.19			0.40			(0.12	)	–			(0.12	)		11.30
2010			10.00		0.35		0.67			1.02			–		–			–			11.02
DIVERSIFIED BALANCED MANAGED VOLATILITY ACCOUNT
Class 2 shares
2014			10.18		0.27		0.43			0.70			–		–			–			10.88
2013	(i)		10.00		0.13		0.05			0.18			–		–			–			10.18


						FINANCIAL HIGHLIGHTS (Continued)
						PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.



				Ratio of Expenses		Ratio of Gross
Total			Net Assets, End of	to Average Net		Expenses to Average		Ratio of Net Investment Income		Portfolio
Return(b)			Period (in thousands)	Assets		Net Assets		to Average Net Assets		Turnover Rate


8.81	%	$	50,588	0.65	%	–%		1.61	%	119.8	%
19.48			51,633	0.66		–		1.65		147.3
13.05			49,151	0.65		–		1.99		154.7
4.05			50,180	0.66		–		1.98		178.7
13.62			56,574	0.66		–		2.27		209.0


5.24			321,735	0.45		–		2.74		205.6
(0.86	)		316,177	0.45		–		2.79		204.8
7.54			342,051	0.45		–		3.12		218.2
7.07			323,866	0.45		–		3.95		252.1
11.65			340,735	0.45		–		4.44		297.5


5.75			1,734,803	0.26		–		1.68		195.7
(2.56	)		1,264,213	0.26		–		1.26		225.8
2.10	(d)		753,130	0.26	(e)	–		1.27	(e)	160.6	(e)


7.41			1,011,106	0.30	(f)	0.30 (f)	,(g)	1.11		9.0
12.95			856,784	0.30	(f)	0.30 (f)	,(g)	1.16		10.1
9.71			581,734	0.30	(f)	0.30 (f)	,(g)	0.52		56.6
3.61			331,823	0.31	(f)	0.31 (f)	,(g)	1.86		17.9
10.20			169,656	0.31	(f)	0.31 (f)	,(g)	3.34		20.2


6.89			84,527	0.31 (f)	,(h)	–		2.54		8.1
1.80	(d)		887	0.31 (e)	,(f),(h)	–		7.97	(e)	6.6	(e)


FINANCIAL HIGHLIGHTS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.


Selected data for a share of Capital Stock outstanding throughout each year ended December 31 (except as noted):

			Net Asset		Net		Net Realized						Dividends				Distributions			Total
			Value,		Investment		and Unrealized			Total From				from Net			from			Dividends			Net Asset
			Beginning of		Income		Gain (Loss) on			Investment				Investment			Realized			and			Value, End
			Period		(Loss)(a)		Investments			Operations			Income				Gains			Distributions			of Period
DIVERSIFIED GROWTH ACCOUNT
Class 2 shares
2014		$	14.60	$	0.19	$	0.94		$	1.13		($	0.14		)	($	0.19	)	($	0.33	)	$	15.40
2013			12.54		0.20		2.04			2.24			(0.06		)		(0.12	)		(0.18	)		14.60
2012			11.33		0.09		1.22			1.31			(0.10		)		–			(0.10	)		12.54
2011			11.17		0.18		0.07			0.25			(0.09		)		–			(0.09	)		11.33
2010			10.00		0.34		0.83			1.17			–				–			–			11.17
DIVERSIFIED GROWTH MANAGED VOLATILITY ACCOUNT
Class 2 shares
2014			10.27		0.31		0.41			0.72			–				–			–			10.99
2013	(f)		10.00		0.26		0.01			0.27			–				–			–			10.27
DIVERSIFIED INCOME ACCOUNT
Class 2 shares
2014			11.38		0.12		0.66			0.78			(0.06		)		(0.07	)		(0.13	)		12.03
2013			10.54		0.11		0.75			0.86			(0.01		)		(0.01	)		(0.02	)		11.38
2012	(i)		10.00		0.06		0.48			0.54			–				–			–			10.54
DIVERSIFIED INTERNATIONAL ACCOUNT
Class 1 shares
2014			14.87		0.24		(0.70	)		(0.46	)		(0.33		)		–			(0.33	)		14.08
2013			12.89		0.24		2.09			2.33			(0.35		)		–			(0.35	)		14.87
2012			11.12		0.27		1.76			2.03			(0.26		)		–			(0.26	)		12.89
2011			12.54		0.27		(1.67	)		(1.40	)		(0.02		)		–			(0.02	)		11.12
2010			11.24		0.17		1.31			1.48			(0.18		)		–			(0.18	)		12.54
Class 2 shares
2014			14.97		0.21		(0.70	)		(0.49	)		(0.29		)		–			(0.29	)		14.19
2013			12.96		0.22		2.10			2.32			(0.31		)		–			(0.31	)		14.97
2012			11.18		0.23		1.76			1.99			(0.21		)		–			(0.21	)		12.96
2011			12.63		0.23		(1.66	)		(1.43	)		(0.02		)		–			(0.02	)		11.18
2010			11.32		0.14		1.32			1.46			(0.15		)		–			(0.15	)		12.63


						FINANCIAL HIGHLIGHTS (Continued)
						PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.



				Ratio of Expenses		Ratio of Gross
Total			Net Assets, End of	to Average Net		Expenses to Average		Ratio of Net Investment Income		Portfolio
Return(b)			Period (in thousands)	Assets		Net Assets		to Average Net Assets		Turnover Rate


7.83	%	$	2,880,722	0.30	%(c)	0.30%(c),(d)		1.25	%	7.1	%
17.95			2,202,857	0.30	(c)	0.30 (c)	,(d)	1.49		7.7
11.63			1,218,171	0.30	(c)	0.30 (c)	,(d)	0.76		42.6
2.26			747,602	0.30	(c)	0.30 (c)	,(d)	1.58		15.6
11.70			323,925	0.31	(c)	0.31 (c)	,(d)	3.21		13.6


7.06			151,672	0.31 (c)	,(e)	–		2.92		8.0
2.70	(g)		3,988	0.31 (c)	,(e),(h)	–		15.10	(h)	127.3	(h)


6.89			168,562	0.31	(c)	0.31 (c)	,(d)	1.06		18.7
8.14			112,037	0.31	(c)	0.31 (c)	,(d)	0.96		27.0
5.40	(g)		54,787	0.31 (c)	,(h)	0.32 (c)	,(d),(h)	0.87	(h)	12.1	(h)


(3.21	)		429,194	0.86		–		1.64		62.1
18.40			501,094	0.87		–		1.78		79.5
18.44			464,751	0.87		–		2.23		76.0
(11.17	)		428,532	0.89		–		2.17		68.5
13.18			532,545	0.89		–		1.47		110.0	(j)

(3.41	)		1,266	1.11		–		1.38		62.1
18.18			1,458	1.12		–		1.61		79.5
18.01			1,643	1.12		–		1.95		76.0
(11.36	)		1,952	1.14		–		1.91		68.5
12.91			2,466	1.14		–		1.27		110.0	(j)


FINANCIAL HIGHLIGHTS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.


Selected data for a share of Capital Stock outstanding throughout each year ended December 31 (except as noted):

		Net Asset		Net		Net Realized						Dividends				Distributions			Total
		Value,		Investment		and Unrealized			Total From				from Net		from				Dividends			Net Asset
		Beginning of		Income		Gain (Loss) on			Investment				Investment			Realized			and			Value, End
		Period		(Loss)(a)		Investments			Operations			Income			Gains				Distributions			of Period
EQUITY INCOME ACCOUNT
Class 1 shares
2014	$	21.00	$	0.57	$	2.09		$	2.66		($	0.54		)	$–			($	0.54	)	$	23.12
2013		17.03		0.54		4.04			4.58			(0.61		)	–				(0.61	)		21.00
2012		15.53		0.54		1.47			2.01			(0.51		)	–				(0.51	)		17.03
2011		14.80		0.50		0.30			0.80			(0.07		)	–				(0.07	)		15.53
2010		13.15		0.45		1.66			2.11			(0.46		)	–				(0.46	)		14.80
Class 2 shares
2014		20.87		0.51		2.07			2.58			(0.49		)	–				(0.49	)		22.96
2013		16.92		0.49		4.02			4.51			(0.56		)	–				(0.56	)		20.87
2012		15.43		0.49		1.46			1.95			(0.46		)	–				(0.46	)		16.92
2011		14.74		0.45		0.31			0.76			(0.07		)	–				(0.07	)		15.43
2010		13.10		0.40		1.66			2.06			(0.42		)	–				(0.42	)		14.74
GOVERNMENT & HIGH QUALITY BOND ACCOUNT
Class 1 shares
2014		10.33		0.27		0.25			0.52			(0.41		)	–				(0.41	)		10.44
2013		10.87		0.27		(0.39	)		(0.12	)		(0.42		)	–				(0.42	)		10.33
2012		10.90		0.33		0.09			0.42			(0.45		)	–				(0.45	)		10.87
2011		10.29		0.36		0.28			0.64			(0.02		)	(0.01		)		(0.03	)		10.90
2010		10.07		0.38		0.20			0.58			(0.36		)	–				(0.36	)		10.29
Class 2 shares
2014		10.34		0.24		0.25			0.49			(0.38		)	–				(0.38	)		10.45
2013		10.88		0.25		(0.39	)		(0.14	)		(0.40		)	–				(0.40	)		10.34
2012		10.90		0.30		0.10			0.40			(0.42		)	–				(0.42	)		10.88
2011		10.32		0.34		0.27			0.61			(0.02		)	(0.01		)		(0.03	)		10.90
2010		10.09		0.36		0.21			0.57			(0.34		)	–				(0.34	)		10.32
INCOME ACCOUNT
Class 1 shares
2014		10.68		0.43		0.16			0.59			(0.49		)	–				(0.49	)		10.78
2013		11.22		0.46		(0.43	)		0.03			(0.57		)	–				(0.57	)		10.68
2012		10.71		0.53		0.48			1.01			(0.50		)	–				(0.50	)		11.22
2011		10.12		0.56		0.07			0.63			(0.04		)	–				(0.04	)		10.71
2010		9.97		0.60		0.25			0.85			(0.70		)	–				(0.70	)		10.12
Class 2 shares
2014		10.63		0.40		0.16			0.56			(0.46		)	–				(0.46	)		10.73
2013		11.17		0.43		(0.43	)		–			(0.54		)	–				(0.54	)		10.63
2012		10.66		0.50		0.47			0.97			(0.46		)	–				(0.46	)		11.17
2011		10.09		0.53		0.08			0.61			(0.04		)	–				(0.04	)		10.66
2010		9.95		0.58		0.23			0.81			(0.67		)	–				(0.67	)		10.09


						FINANCIAL HIGHLIGHTS (Continued)
						PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.



				Ratio of Expenses
Total			Net Assets, End of	to Average Net		Ratio of Net Investment Income		Portfolio
Return(b)			Period (in thousands)	Assets		to Average Net Assets		Turnover Rate


12.80	%	$	599,407	0.48	%	2.57	%	11.6	%
27.30			630,542	0.48		2.83		18.0
13.01			578,099	0.49		3.26		20.8
5.44			624,366	0.48		3.28		19.9
16.18			538,727	0.51		3.25		23.2

12.46			25,491	0.73		2.32		11.6
27.02			24,810	0.73		2.58		18.0
12.72			22,844	0.74		3.01		20.8
5.17			25,498	0.73		3.00		19.9
15.88			29,323	0.76		2.97		23.2


5.08			314,509	0.51		2.56		19.1
(1.03	)		379,351	0.51		2.58		45.3
3.91			432,172	0.51		2.98		41.4
6.23			453,864	0.51		3.42		83.8
5.85			489,048	0.50		3.64		79.1	(c)

4.75			916	0.76		2.31		19.1
(1.30	)		931	0.76		2.33		45.3
3.70			1,143	0.76		2.73		41.4
5.90			1,215	0.76		3.17		83.8
5.65			1,457	0.75		3.45		79.1	(c)


5.55			275,597	0.51		3.95		16.6
0.40			269,330	0.51		4.22		12.8
9.57			292,756	0.51		4.78		14.7
6.25			239,939	0.50		5.36		17.8
8.65			225,114	0.50		5.81		17.0

5.26			3,036	0.76		3.71		16.6
0.10			3,390	0.76		3.97		12.8
9.28			3,875	0.76		4.55		14.7
6.05			4,360	0.75		5.11		17.8
8.26			5,135	0.75		5.58		17.0


FINANCIAL HIGHLIGHTS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.


Selected data for a share of Capital Stock outstanding throughout each year ended December 31 (except as noted):

		Net Asset		Net			Net Realized						Dividends				Total
		Value,		Investment			and Unrealized			Total From			from Net				Dividends Net Asset
		Beginning of		Income			Gain (Loss) on			Investment				Investment			and			Value, End	Total
		Period		(Loss)(a)			Investments			Operations			Income				Distributions			of Period	Return(b)
INTERNATIONAL EMERGING MARKETS ACCOUNT
Class 1 shares
2014	$	15.94	$	0.20		($	0.78	)	($	0.58	)	($	0.15		)	($	0.15	)	$	15.21	(3.75	)%
2013		17.14		0.19			(1.07	)		(0.88	)		(0.32		)		(0.32	)		15.94	(5.03	)
2012		14.38		0.22			2.75			2.97			(0.21		)		(0.21	)		17.14	20.80
2011		17.51		0.23			(3.35	)		(3.12	)		(0.01		)		(0.01	)		14.38	(17.84	)
2010		14.86		0.13			2.63			2.76			(0.11		)		(0.11	)		17.51	18.67
LARGECAP BLEND ACCOUNT II
Class 1 shares
2014		10.09		0.11			1.02			1.13			(0.13		)		(0.13	)		11.09	11.30
2013		7.79		0.10			2.33			2.43			(0.13		)		(0.13	)		10.09	31.40
2012		6.85		0.11			0.93			1.04			(0.10		)		(0.10	)		7.79	15.20
2011		6.86		0.08			(0.09	)		(0.01	)		–				–			6.85	(0.12	)
2010		6.21		0.07			0.74			0.81			(0.16		)		(0.16	)		6.86	13.25
Class 2 shares
2014		10.14		0.08			1.03			1.11			(0.11		)		(0.11	)		11.14	11.00
2013		7.82		0.08			2.35			2.43			(0.11		)		(0.11	)		10.14	31.26
2012		6.88		0.09			0.93			1.02			(0.08		)		(0.08	)		7.82	14.84
2011		6.91		0.07			(0.10	)		(0.03	)		–				–			6.88	(0.42	)
2010		6.24		0.06			0.74			0.80			(0.13		)		(0.13	)		6.91	12.97
LARGECAP GROWTH ACCOUNT
Class 1 shares
2014		22.26		0.03			2.44			2.47			(0.13		)		(0.13	)		24.60	11.12
2013		16.87		0.07			5.61			5.68			(0.29		)		(0.29	)		22.26	33.91
2012		14.48		0.12			2.32			2.44			(0.05		)		(0.05	)		16.87	16.85
2011		15.12		0.05			(0.69	)		(0.64	)		–				–			14.48	(4.23	)
2010		12.78		0.01			2.34			2.35			(0.01		)		(0.01	)		15.12	18.38
Class 2 shares
2014		22.20		(0.03	)		2.44			2.41			(0.08		)		(0.08	)		24.53	10.85
2013		16.83		0.02			5.59			5.61			(0.24		)		(0.24	)		22.20	33.64
2012		14.43		0.08			2.32			2.40			–				–			16.83	16.56	(d)
2011		15.11		0.01			(0.69	)		(0.68	)		–				–			14.43	(4.50	)
2010		12.80		(0.03	)		2.34			2.31			–				–			15.11	18.05


FINANCIAL HIGHLIGHTS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.


Selected data for a share of Capital Stock outstanding throughout each year ended December 31 (except as noted):

			Net Asset		Net		Net Realized						Dividends				Distributions			Total
			Value,		Investment		and Unrealized			Total From				from Net			from			Dividends			Net Asset
			Beginning of		Income		Gain (Loss) on			Investment				Investment			Realized			and			Value, End
			Period		(Loss)(a)		Investments			Operations			Income				Gains			Distributions			of Period
LARGECAP GROWTH ACCOUNT I
Class 1 shares
2014		$	32.58	$	0.03	$	2.46		$	2.49		($	0.04		)	($	6.33	)	($	6.37	)	$	28.70
2013			24.77		0.04		8.75			8.79			(0.11		)		(0.87	)		(0.98	)		32.58
2012			21.30		0.10		3.39			3.49			(0.02		)		–			(0.02	)		24.77
2011			21.37		0.02		(0.09	)		(0.07	)		–				–			–			21.30
2010			17.89		0.01		3.50			3.51			(0.03		)		–			(0.03	)		21.37
LARGECAP S&P 500 INDEX ACCOUNT
Class 1 shares
2014			13.38		0.24		1.51			1.75			(0.18		)		(0.32	)		(0.50	)		14.63
2013			10.34		0.22		3.07			3.29			(0.15		)		(0.10	)		(0.25	)		13.38
2012			9.06		0.20		1.20			1.40			(0.11		)		(0.01	)		(0.12	)		10.34
2011			8.91		0.16		(0.01	)		0.15			–				–			–			9.06
2010			7.88		0.15		1.00			1.15			(0.12		)		–			(0.12	)		8.91
LARGECAP S&P 500 MANAGED VOLATILITY INDEX ACCOUNT
Class 1 shares
2014			10.46		0.14		1.09			1.23			(0.08		)		(0.39	)		(0.47	)		11.22
2013	(d)		10.00		0.03		0.45			0.48			(0.02		)		–			(0.02	)		10.46
LARGECAP VALUE ACCOUNT
Class 1 shares
2014			36.13		0.51		3.19			3.70			(0.80		)		(5.23	)		(6.03	)		33.80
2013			28.33		0.53		8.11			8.64			(0.84		)		–			(0.84	)		36.13
2012			24.20		0.56		3.92			4.48			(0.35		)		–			(0.35	)		28.33
2011			23.92		0.33		(0.05	)		0.28			–				–			–			24.20
2010			21.34		0.30		2.68			2.98			(0.40		)		–			(0.40	)		23.92
MIDCAP ACCOUNT
Class 1 shares
2014			59.37		0.36		6.96			7.32			(0.32		)		(5.58	)		(5.90	)		60.79
2013			47.20		0.28		15.31			15.59			(0.82		)		(2.60	)		(3.42	)		59.37
2012			40.51		0.46		7.35			7.81			(0.40		)		(0.72	)		(1.12	)		47.20
2011			37.83		0.23		2.92			3.15			–				(0.47	)		(0.47	)		40.51
2010			31.25		0.46		7.00			7.46			(0.88		)		–			(0.88	)		37.83
Class 2 shares
2014			59.16		0.21		6.93			7.14			(0.18		)		(5.58	)		(5.76	)		60.54
2013			47.06		0.15		15.25			15.40			(0.70		)		(2.60	)		(3.30	)		59.16
2012			40.39		0.35		7.33			7.68			(0.29		)		(0.72	)		(1.01	)		47.06
2011			37.82		0.13		2.91			3.04			–				(0.47	)		(0.47	)		40.39
2010			31.23		0.35		7.03			7.38			(0.79		)		–			(0.79	)		37.82


						FINANCIAL HIGHLIGHTS (Continued)
						PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.



				Ratio of Expenses
Total			Net Assets, End of	to Average Net		Ratio of Net Investment Income		Portfolio
Return(b)			Period (in thousands)	Assets		to Average Net Assets		Turnover Rate


8.61	%	$	239,629	0.76	%(c)	0.11	%	38.9	%
36.14			260,034	0.75	(c)	0.12		36.9
16.38			240,585	0.76	(c)	0.42		36.9
(0.33	)		228,749	0.76	(c)	0.07		46.1
19.61			251,943	0.76	(c)	0.07		54.0


13.29			1,863,035	0.25		1.74		2.8
32.04			1,490,352	0.25		1.81		7.4
15.50			916,593	0.26		2.02		3.3
1.73			593,337	0.26		1.80		7.9
14.67			352,580	0.27		1.83		21.1


11.77			97,236	0.49	(c)	1.29		24.6
4.85	(e)		7,339	0.49 (c)	,(f)	1.82	(f)	74.7	(f)


11.17			170,673	0.61		1.45		104.3
30.83			167,702	0.61		1.64		140.8
18.58			222,357	0.61		2.09		115.0
1.17			199,660	0.61		1.37		113.9
14.08			164,949	0.61		1.38		214.6


12.99			676,836	0.53		0.60		21.6
33.93			649,893	0.53		0.52		12.4
19.44			560,842	0.55		1.03		21.5
8.29			531,255	0.55		0.57		28.9
24.10			551,589	0.57		1.37		20.9

12.70			15,960	0.78		0.35		21.6
33.58			15,105	0.78		0.27		12.4
19.16			12,179	0.80		0.79		21.5
8.00			11,226	0.80		0.32		28.9
23.83			11,327	0.82		1.05		20.9


FINANCIAL HIGHLIGHTS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.


Selected data for a share of Capital Stock outstanding throughout each year ended December 31 (except as noted):

		Net Asset	Net	Net Realized				Dividends		Distributions		Total
		Value,	Investment	and Unrealized		Total From		from Net		from		Dividends			Net Asset
		Beginning of	Income	Gain (Loss) on		Investment		Investment		Realized		and			Value, End
		Period	(Loss)(a)	Investments		Operations		Income		Gains		Distributions			of Period
MONEY MARKET ACCOUNT
Class 1 shares
2014	$	1.00	$–	$–		$–		$–		$–		$–		$	1.00
2013		1.00	–	–		–		–		–		–			1.00
2012		1.00	–	–		–		–		–		–			1.00
2011		1.00	–	–		–		–		–		–			1.00
2010		1.00	–	–		–		–		–		–			1.00
Class 2 shares
2014		1.00	–	–		–		–		–		–			1.00
2013		1.00	–	–		–		–		–		–			1.00
2012		1.00	–	–		–		–		–		–			1.00
2011		1.00	–	–		–		–		–		–			1.00
2010		1.00	–	–		–		–		–		–			1.00
PRINCIPAL CAPITAL APPRECIATION ACCOUNT
Class 1 shares
2014		24.45	0.24	2.52		2.76		(0.81	)	(4.09	)	(4.90	)		22.31
2013		23.75	0.30	6.63		6.93		(1.86	)	(4.37	)	(6.23	)		24.45
2012		21.36	0.35	2.58		2.93		(0.26	)	(0.28	)	(0.54	)		23.75
2011		21.47	0.24	(0.21	)	0.03		–		(0.14	)	(0.14	)		21.36
2010		19.23	0.35	2.59		2.94		(0.32	)	(0.38	)	(0.70	)		21.47
Class 2 shares
2014		24.27	0.18	2.50		2.68		(0.75	)	(4.09	)	(4.84	)		22.11
2013		23.62	0.21	6.60		6.81		(1.79	)	(4.37	)	(6.16	)		24.27
2012		21.23	0.29	2.58		2.87		(0.20	)	(0.28	)	(0.48	)		23.62
2011		21.40	0.18	(0.21	)	(0.03	)	–		(0.14	)	(0.14	)		21.23
2010		19.17	0.31	2.57		2.88		(0.27	)	(0.38	)	(0.65	)		21.40
PRINCIPAL LIFETIME 2010 ACCOUNT
Class 1 shares
2014		12.29	0.25	0.34		0.59		(0.28	)	–		(0.28	)		12.60
2013		11.36	0.27	0.94		1.21		(0.28	)	–		(0.28	)		12.29
2012		10.36	0.26	0.95		1.21		(0.21	)	–		(0.21	)		11.36
2011		10.49	0.19	(0.03	)	0.16		(0.29	)	–		(0.29	)		10.36
2010		9.63	0.30	0.99		1.29		(0.43	)	–		(0.43	)		10.49


						FINANCIAL HIGHLIGHTS (Continued)
						PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.



				Ratio of Expenses		Ratio of Gross
Total			Net Assets, End of	to Average Net		Expenses to Average		Ratio of Net Investment Income		Portfolio
Return(b)			Period (in thousands)	Assets		Net Assets		to Average Net Assets		Turnover Rate


0.00	%	$	278,903	0.16	%	0.46	%(c)	0.00	%	N/A
0.00			283,108	0.19		0.46	(c)	0.00		N/A
0.00			303,903	0.27		0.46	(c)	0.00		N/A
0.00			322,844	0.26		0.45	(c)	0.00		N/A
0.00			314,976	0.32		0.45	(c)	0.00		N/A

0.00			934	0.16		0.71	(c)	0.00		N/A
0.00			959	0.20		0.71	(c)	0.00		N/A
0.00			1,253	0.27		0.71	(c)	0.00		N/A
0.00			1,777	0.26		0.70	(c)	0.00		N/A
0.00			2,478	0.32		0.70	(c)	0.00		N/A


12.45			33,190	0.66		–		1.02		8.6
32.65			32,077	0.65		–		1.18		6.7
13.83			145,393	0.64		–		1.51		6.2
0.13			142,828	0.64		–		1.09		10.3
15.40			151,592	0.64		–		1.78		13.7

12.19			6,891	0.91		–		0.77		8.6
32.27			6,362	0.90		–		0.85		6.7
13.57			5,238	0.89		–		1.26		6.2
(0.15	)		5,472	0.89		–		0.83		10.3
15.11			6,822	0.89		–		1.57		13.7


4.81			47,312	0.04	(d)	–		2.02		41.3
10.81			48,775	0.04	(d)	–		2.25		36.5
11.79			47,361	0.06	(d)	–		2.39		28.3
1.44			47,435	0.04	(d)	–		1.79		24.3
13.93			48,831	0.04	(d)	–		3.01		42.1


FINANCIAL HIGHLIGHTS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.


Selected data for a share of Capital Stock outstanding throughout each year ended December 31 (except as noted):
			Net Asset		Net		Net Realized						Dividends			Distributions			Total
			Value,		Investment		and Unrealized			Total From			from Net			from			Dividends			Net Asset
			Beginning of		Income		Gain (Loss) on			Investment			Investment			Realized			and			Value, End
			Period		(Loss)(a)		Investments			Operations			Income			Gains			Distributions			of Period
PRINCIPAL LIFETIME 2020 ACCOUNT
Class 1 shares
2014		$	13.62	$	0.33	$	0.44		$	0.77		($	0.33	)	($	0.29	)	($	0.62	)	$	13.77
2013			12.00		0.30		1.59			1.89			(0.27	)		–			(0.27	)		13.62
2012			10.64		0.26		1.30			1.56			(0.20	)		–			(0.20	)		12.00
2011			11.02		0.19		(0.29	)		(0.10	)		(0.28	)		–			(0.28	)		10.64
2010			9.97		0.28		1.16			1.44			(0.39	)		–			(0.39	)		11.02
PRINCIPAL LIFETIME 2030 ACCOUNT
Class 1 shares
2014			14.05		0.36		0.45			0.81			(0.31	)		(2.21	)		(2.52	)		12.34
2013			12.10		0.32		1.95			2.27			(0.25	)		(0.07	)		(0.32	)		14.05
2012			10.64		0.25		1.40			1.65			(0.19	)		–			(0.19	)		12.10
2011			11.09		0.19		(0.42	)		(0.23	)		(0.22	)		–			(0.22	)		10.64
2010			9.85		0.24		1.24			1.48			(0.24	)		–			(0.24	)		11.09
PRINCIPAL LIFETIME 2040 ACCOUNT
Class 1 shares
2014			14.94		0.42		0.49			0.91			(0.31	)		(1.04	)		(1.35	)		14.50
2013			12.39		0.35		2.41			2.76			(0.21	)		–			(0.21	)		14.94
2012			10.78		0.23		1.56			1.79			(0.18	)		–			(0.18	)		12.39
2011			11.31		0.19		(0.54	)		(0.35	)		(0.18	)		–			(0.18	)		10.78
2010			10.00		0.21		1.33			1.54			(0.23	)		–			(0.23	)		11.31
PRINCIPAL LIFETIME 2050 ACCOUNT
Class 1 shares
2014			14.96		0.40		0.50			0.90			(0.34	)		(1.34	)		(1.68	)		14.18
2013			12.28		0.34		2.55			2.89			(0.21	)		–			(0.21	)		14.96
2012			10.64		0.24		1.57			1.81			(0.17	)		–			(0.17	)		12.28
2011			11.24		0.18		(0.61	)		(0.43	)		(0.17	)		–			(0.17	)		10.64
2010			9.89		0.18		1.39			1.57			(0.22	)		–			(0.22	)		11.24
PRINCIPAL LIFETIME 2060 ACCOUNT
Class 1 shares
2014			11.58		0.39		0.25			0.64			(0.01	)		(0.02	)		(0.03	)		12.19
2013	(e)		10.00		0.38		1.20			1.58			–			–			–			11.58
PRINCIPAL LIFETIME STRATEGIC INCOME ACCOUNT
Class 1 shares
2014			11.29		0.23		0.29			0.52			(0.30	)		–			(0.30	)		11.51
2013			11.04		0.26		0.29			0.55			(0.30	)		–			(0.30	)		11.29
2012			10.25		0.30		0.68			0.98			(0.19	)		–			(0.19	)		11.04
2011			10.22		0.20		0.16			0.36			(0.33	)		–			(0.33	)		10.25
2010			9.66		0.35		0.70			1.05			(0.49	)		–			(0.49	)		10.22


						FINANCIAL HIGHLIGHTS (Continued)
						PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.



				Ratio of Expenses		Ratio of
Total			Net Assets, End of	to Average Net		Net Investment Income to		Portfolio
Return(b)			Period (in thousands)	Assets		Average Net Assets		Turnover Rate


5.75	%	$	211,470	0.03	%(c)	2.40	%	31.9	%
15.97			227,985	0.03	(c)	2.35		49.6
14.76			208,355	0.04	(c)	2.28		24.4
(1.07	)		192,409	0.04	(c)	1.74		8.9
15.05			201,014	0.04	(c)	2.73		37.6


6.06			116,965	0.04	(c)	2.67		23.9
18.96			108,794	0.04	(c)	2.43		58.6
15.58			92,672	0.05	(c)	2.20		18.5
(2.22	)		79,646	0.04	(c)	1.70		13.2
15.40			82,436	0.04	(c)	2.33		36.2


6.21			42,304	0.05	(c)	2.83		21.1
22.42			36,934	0.05	(c)	2.55		67.2
16.71			25,647	0.08	(c)	1.98		30.1
(3.18	)		22,110	0.05	(c)	1.67		13.7
15.81			21,199	0.06	(c)	2.06		41.6


6.21			21,796	0.06	(c)	2.70		28.5
23.72			22,002	0.06	(c)	2.48		68.0
17.07			16,352	0.11	(c)	2.01		17.7
(3.94	)		12,822	0.07	(c)	1.58		19.7
16.21			13,127	0.08	(c)	1.80		45.1


5.58			825	0.13 (c)	,(d)	3.28		43.2
15.80	(f)		28	0.13 (c)	,(d),(g)	5.31	(g)	79.4	(g)


4.57			30,016	0.05	(c)	2.01		39.8
5.11			31,164	0.05	(c)	2.35		25.1
9.65			32,756	0.07	(c)	2.79		34.0
3.52			29,574	0.05	(c)	1.96		19.3
11.24			28,399	0.05	(c)	3.51		40.5


FINANCIAL HIGHLIGHTS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.


Selected data for a share of Capital Stock outstanding throughout each year ended December 31 (except as noted):

		Net Asset		Net		Net Realized				Dividends		Distributions			Total
		Value,		Investment		and Unrealized		Total From		from Net		from			Dividends			Net Asset
		Beginning of		Income		Gain (Loss) on		Investment		Investment		Realized			and			Value, End
		Period		(Loss)(a)		Investments		Operations		Income		Gains			Distributions			of Period
REAL ESTATE SECURITIES ACCOUNT
Class 1 shares
2014	$	17.08	$	0.29	$	5.28	$	5.57	($	0.32	)	$–		($	0.32	)	$	22.33
2013		16.63		0.35		0.33		0.68		(0.23	)	–			(0.23	)		17.08
2012		14.39		0.21		2.26		2.47		(0.23	)	–			(0.23	)		16.63
2011		13.21		0.10		1.08		1.18		–		–			–			14.39
2010		10.83		0.26		2.49		2.75		(0.37	)	–			(0.37	)		13.21
Class 2 shares
2014		17.18		0.27		5.27		5.54		(0.27	)	–			(0.27	)		22.45
2013		16.72		0.30		0.34		0.64		(0.18	)	–			(0.18	)		17.18
2012		14.46		0.17		2.26		2.43		(0.17	)	–			(0.17	)		16.72
2011		13.30		0.06		1.10		1.16		–		–			–			14.46
2010		10.91		0.23		2.50		2.73		(0.34	)	–			(0.34	)		13.30
SAM BALANCED PORTFOLIO
Class 1 shares
2014		18.53		0.47		0.73		1.20		(0.52	)	(2.70	)		(3.22	)		16.51
2013		16.33		0.47		2.37		2.84		(0.43	)	(0.21	)		(0.64	)		18.53
2012		14.76		0.41		1.46		1.87		(0.11	)	(0.19	)		(0.30	)		16.33
2011		15.02		0.10		0.06		0.16		(0.42	)	–			(0.42	)		14.76
2010		13.73		0.42		1.38		1.80		(0.51	)	–			(0.51	)		15.02
Class 2 shares
2014		18.39		0.43		0.73		1.16		(0.48	)	(2.70	)		(3.18	)		16.37
2013		16.22		0.41		2.35		2.76		(0.38	)	(0.21	)		(0.59	)		18.39
2012		14.66		0.36		1.46		1.82		(0.07	)	(0.19	)		(0.26	)		16.22
2011		14.92		0.06		0.06		0.12		(0.38	)	–			(0.38	)		14.66
2010		13.64		0.36		1.40		1.76		(0.48	)	–			(0.48	)		14.92
SAM CONSERVATIVE BALANCED PORTFOLIO
Class 1 shares
2014		13.39		0.41		0.40		0.81		(0.42	)	(1.18	)		(1.60	)		12.60
2013		12.49		0.40		1.00		1.40		(0.37	)	(0.13	)		(0.50	)		13.39
2012		11.47		0.37		0.90		1.27		(0.10	)	(0.15	)		(0.25	)		12.49
2011		11.68		0.10		0.17		0.27		(0.37	)	(0.11	)		(0.48	)		11.47
2010		10.94		0.40		0.84		1.24		(0.50	)	–			(0.50	)		11.68
Class 2 shares
2014		13.28		0.38		0.38		0.76		(0.38	)	(1.18	)		(1.56	)		12.48
2013		12.39		0.36		1.00		1.36		(0.34	)	(0.13	)		(0.47	)		13.28
2012		11.38		0.33		0.90		1.23		(0.07	)	(0.15	)		(0.22	)		12.39
2011		11.60		0.07		0.17		0.24		(0.35	)	(0.11	)		(0.46	)		11.38
2010		10.85		0.35		0.88		1.23		(0.48	)	–			(0.48	)		11.60


						FINANCIAL HIGHLIGHTS (Continued)
						PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.



				Ratio of Expenses		Ratio of
Total			Net Assets, End of	to Average Net		Net Investment Income to		Portfolio
Return(b)			Period (in thousands)	Assets		Average Net Assets		Turnover Rate


32.82	%	$	166,701	0.89	%	1.48	%	15.7	%
4.10			128,601	0.89		1.96		22.1
17.17			133,069	0.90		1.33		44.1
8.93			140,316	0.90		0.71		22.4
25.70			140,922	0.89		2.16		48.0

32.44			492	1.14		1.37		15.7
3.87			271	1.14		1.72		22.1
16.86			257	1.15		1.08		44.1
8.72			287	1.15		0.42		22.4
25.29			442	1.14		1.92		48.0


6.82			826,908	0.23	(c)	2.64		16.4
17.68			913,823	0.23	(c)	2.68		46.7
12.75			812,380	0.23	(c)	2.60		9.1
0.99			781,873	0.23	(c)	0.68		14.2
13.61			828,276	0.24	(c)	2.97		36.3

6.59			99,852	0.48	(c)	2.44		16.4
17.32			102,716	0.48	(c)	2.37		46.7
12.47			95,208	0.48	(c)	2.32		9.1
0.73			94,487	0.48	(c)	0.43		14.2
13.34			107,086	0.49	(c)	2.59		36.3


6.22			206,621	0.23	(c)	3.10		21.2
11.53			212,247	0.23	(c)	3.10		35.6
11.19			190,310	0.24	(c)	3.07		15.7
2.29			177,476	0.24	(c)	0.86		20.8
11.84			178,249	0.24	(c)	3.56		34.4

5.92			16,731	0.48	(c)	2.87		21.2
11.25			16,140	0.48	(c)	2.77		35.6
10.91			15,911	0.49	(c)	2.73		15.7
1.97			15,465	0.49	(c)	0.60		20.8
11.73			15,761	0.49	(c)	3.18		34.4


FINANCIAL HIGHLIGHTS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.


Selected data for a share of Capital Stock outstanding throughout each year ended December 31 (except as noted):

		Net Asset		Net		Net Realized						Dividends			Distributions			Total
		Value,		Investment		and Unrealized			Total From			from Net			from			Dividends			Net Asset
		Beginning of		Income		Gain (Loss) on			Investment			Investment			Realized			and			Value, End
		Period		(Loss)(a)		Investments			Operations			Income			Gains			Distributions			of Period
SAM CONSERVATIVE GROWTH PORTFOLIO
Class 1 shares
2014	$	20.60	$	0.48	$	0.97		$	1.45		($	0.39	)	($	2.64	)	($	3.03	)	$	19.02
2013		17.04		0.40		3.50			3.90			(0.34	)		–			(0.34	)		20.60
2012		14.99		0.33		1.79			2.12			(0.07	)		–			(0.07	)		17.04
2011		15.36		0.07		(0.13	)		(0.06	)		(0.31	)		–			(0.31	)		14.99
2010		13.80		0.31		1.72			2.03			(0.47	)		–			(0.47	)		15.36
Class 2 shares
2014		20.42		0.42		0.97			1.39			(0.35	)		(2.64	)		(2.99	)		18.82
2013		16.89		0.34		3.49			3.83			(0.30	)		–			(0.30	)		20.42
2012		14.87		0.28		1.77			2.05			(0.03	)		–			(0.03	)		16.89
2011		15.23		0.03		(0.11	)		(0.08	)		(0.28	)		–			(0.28	)		14.87
2010		13.69		0.27		1.71			1.98			(0.44	)		–			(0.44	)		15.23
SAM FLEXIBLE INCOME PORTFOLIO
Class 1 shares
2014		13.72		0.49		0.33			0.82			(0.52	)		(0.80	)		(1.32	)		13.22
2013		13.38		0.49		0.51			1.00			(0.48	)		(0.18	)		(0.66	)		13.72
2012		12.42		0.48		0.83			1.31			(0.15	)		(0.20	)		(0.35	)		13.38
2011		12.50		0.15		0.28			0.43			(0.49	)		(0.02	)		(0.51	)		12.42
2010		11.95		0.51		0.69			1.20			(0.65	)		–			(0.65	)		12.50
Class 2 shares
2014		13.62		0.45		0.33			0.78			(0.48	)		(0.80	)		(1.28	)		13.12
2013		13.29		0.46		0.50			0.96			(0.45	)		(0.18	)		(0.63	)		13.62
2012		12.34		0.44		0.83			1.27			(0.12	)		(0.20	)		(0.32	)		13.29
2011		12.42		0.12		0.28			0.40			(0.46	)		(0.02	)		(0.48	)		12.34
2010		11.87		0.45		0.72			1.17			(0.62	)		–			(0.62	)		12.42
SAM STRATEGIC GROWTH PORTFOLIO
Class 1 shares
2014		23.55		0.56		1.33			1.89			(0.38	)		(4.06	)		(4.44	)		21.00
2013		18.74		0.40		4.70			5.10			(0.29	)		–			(0.29	)		23.55
2012		16.26		0.29		2.23			2.52			(0.04	)		–			(0.04	)		18.74
2011		16.82		0.04		(0.34	)		(0.30	)		(0.26	)		–			(0.26	)		16.26
2010		14.83		0.28		2.09			2.37			(0.38	)		–			(0.38	)		16.82
Class 2 shares
2014		23.38		0.49		1.32			1.81			(0.33	)		(4.06	)		(4.39	)		20.80
2013		18.61		0.33		4.68			5.01			(0.24	)		–			(0.24	)		23.38
2012		16.15		0.24		2.22			2.46			–			–			–			18.61
2011		16.71		–		(0.34	)		(0.34	)		(0.22	)		–			(0.22	)		16.15
2010		14.73		0.23		2.10			2.33			(0.35	)		–			(0.35	)		16.71


						FINANCIAL HIGHLIGHTS (Continued)
						PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.



				Ratio of Expenses		Ratio of
Total			Net Assets, End of	to Average Net		Net Investment Income to		Portfolio
Return(b)			Period (in thousands)	Assets		Average Net Assets		Turnover Rate


7.43	%	$	198,465	0.23	%(c)	2.40	%	19.4	%
23.07			179,850	0.23	(c)	2.10		48.5
14.18			143,547	0.24	(c)	2.00		12.5
(0.45	)		132,387	0.24	(c)	0.45		24.2
15.22			140,207	0.24	(c)	2.21		42.2

7.14			102,757	0.48	(c)	2.11		19.4
22.82			99,013	0.48	(c)	1.82		48.5
13.81			84,306	0.49	(c)	1.76		12.5
(0.63	)		78,247	0.49	(c)	0.20		24.2
14.92			84,941	0.49	(c)	1.92		42.2


6.03			215,309	0.23	(c)	3.55		18.8
7.75			214,572	0.23	(c)	3.57		29.7
10.64			215,628	0.24	(c)	3.69		11.7
3.39			187,458	0.24	(c)	1.22		20.6
10.51			183,764	0.24	(c)	4.22		31.5

5.80			19,836	0.48	(c)	3.27		18.8
7.46			19,464	0.48	(c)	3.36		29.7
10.34			19,667	0.49	(c)	3.41		11.7
3.13			18,382	0.49	(c)	0.96		20.6
10.26			20,147	0.49	(c)	3.70		31.5


8.68			138,863	0.23	(c)	2.50		20.4
27.40			121,049	0.23	(c)	1.89		62.5
15.52			90,348	0.24	(c)	1.61		13.9
(1.90	)		83,738	0.24	(c)	0.25		23.3
16.40			81,821	0.24	(c)	1.82		51.7

8.35			96,446	0.48	(c)	2.21		20.4
27.09			87,689	0.48	(c)	1.57		62.5
15.23			71,997	0.49	(c)	1.36		13.9
(2.12	)		64,907	0.49	(c)	(0.01	)	23.3
16.18			69,749	0.49	(c)	1.53		51.7


FINANCIAL HIGHLIGHTS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.


Selected data for a share of Capital Stock outstanding throughout each year ended December 31 (except as noted):

		Net Asset		Net			Net Realized						Dividends		Distributions			Total
		Value,		Investment			and Unrealized			Total From			from Net		from			Dividends			Net Asset
		Beginning of		Income			Gain (Loss) on			Investment			Investment		Realized			and			Value, End
		Period		(Loss)(a)			Investments			Operations			Income		Gains			Distributions			of Period
SHORT-TERM INCOME ACCOUNT
Class 1 shares
2014	$	2.59	$	0.05		($	0.01	)	$	0.04		($	0.04	)	$–		($	0.04	)	$	2.59
2013		2.61		0.04			(0.01	)		0.03			(0.05	)	–			(0.05	)		2.59
2012		2.54		0.05			0.08			0.13			(0.06	)	–			(0.06	)		2.61
2011		2.51		0.06			(0.03	)		0.03			–		–			–			2.54
2010		2.46		0.06			0.04			0.10			(0.05	)	–			(0.05	)		2.51
Class 2 shares
2014		2.59		0.04			(0.01	)		0.03			(0.04	)	–			(0.04	)		2.58
2013		2.60		0.04			(0.01	)		0.03			(0.04	)	–			(0.04	)		2.59
2012		2.53		0.04			0.08			0.12			(0.05	)	–			(0.05	)		2.60
2011		2.51		0.05			(0.03	)		0.02			–		–			–			2.53
2010		2.45		0.06			0.05			0.11			(0.05	)	–			(0.05	)		2.51
SMALLCAP BLEND ACCOUNT
Class 1 shares
2014		13.79		0.02			0.64			0.66			(0.05	)	(0.41	)		(0.46	)		13.99
2013		9.36		0.04			4.43			4.47			(0.04	)	–			(0.04	)		13.79
2012		8.16		0.07			1.13			1.20			–		–			–			9.36
2011		8.31		(0.01	)		(0.11	)		(0.12	)		(0.03	)	–			(0.03	)		8.16
2010		6.72		0.03			1.59			1.62			(0.03	)	–			(0.03	)		8.31
SMALLCAP GROWTH ACCOUNT II
Class 1 shares
2014		18.31		(0.07	)		1.31			1.24			–		–			–			19.55
2013		12.42		(0.10	)		5.99			5.89			–		–			–			18.31
2012		10.68		(0.06	)		1.80			1.74			–		–			–			12.42
2011		11.17		(0.08	)		(0.41	)		(0.49	)		–		–			–			10.68
2010		8.80		(0.05	)		2.42			2.37			–		–			–			11.17
Class 2 shares
2014		17.99		(0.12	)		1.29			1.17			–		–			–			19.16
2013		12.24		(0.14	)		5.89			5.75			–		–			–			17.99
2012		10.54		(0.09	)		1.79			1.70			–		–			–			12.24
2011		11.06		(0.11	)		(0.41	)		(0.52	)		–		–			–			10.54
2010		8.73		(0.08	)		2.41			2.33			–		–			–			11.06


						FINANCIAL HIGHLIGHTS (Continued)
						PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.



				Ratio of Expenses		Ratio of
Total			Net Assets, End of	to Average Net		Net Investment Income to		Portfolio
Return(b)			Period (in thousands)	Assets		Average Net Assets		Turnover Rate


1.73	%	$	267,674	0.49	%(c)	1.74	%	54.3	%
1.14			256,561	0.48	(c)	1.65		54.7
5.00			262,427	0.49	(c)	1.95		59.1
1.37			228,351	0.49	(c)	2.35		55.1
4.20			224,344	0.50	(c)	2.49		85.4	(d)

1.02			913	0.74	(c)	1.49		54.3
1.25			838	0.73	(c)	1.40		54.7
4.67			1,269	0.74	(c)	1.72		59.1
0.95			1,516	0.74	(c)	2.11		55.1
4.37			1,901	0.75	(c)	2.45		85.4	(d)


4.89			64,682	0.87		0.16		67.0
47.81			64,785	0.87		0.38		78.1
14.71			47,469	0.89		0.76		94.5
(1.47	)		47,155	0.88		(0.09	)	69.1
24.26			57,287	0.88		0.38		69.0


6.77			61,168	0.95	(c)	(0.40	)	65.2
47.42			65,466	0.95	(c)	(0.65	)	72.8
16.29			49,224	1.06	(c)	(0.53	)	77.5
(4.39	)		47,596	1.04	(c)	(0.75	)	94.3
26.93			56,856	1.03	(c)	(0.59	)	82.2

6.50			3,826	1.20	(c)	(0.65	)	65.2
46.98			3,917	1.20	(c)	(0.90	)	72.8
16.13			2,864	1.31	(c)	(0.78	)	77.5
(4.70	)		2,653	1.29	(c)	(0.99	)	94.3
26.69			3,015	1.28	(c)	(0.82	)	82.2


FINANCIAL HIGHLIGHTS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.


Selected data for a share of Capital Stock outstanding throughout each year ended December 31 (except as noted):

		Net Asset		Net		Net Realized						Dividends			Distributions			Total
		Value,		Investment		and Unrealized			Total From			from Net			from			Dividends			Net Asset
		Beginning of		Income		Gain (Loss) on			Investment			Investment			Realized			and			Value, End
		Period		(Loss)(a)		Investments			Operations			Income			Gains			Distributions			of Period
SMALLCAP VALUE ACCOUNT I
Class 1 shares
2014	$	21.74	$	0.11	$	1.28		$	1.39		($	0.17	)	($	2.37	)	($	2.54	)	$	20.59
2013		15.72		0.14		6.08			6.22			(0.20	)		–			(0.20	)		21.74
2012		13.02		0.17		2.65			2.82			(0.12	)		–			(0.12	)		15.72
2011		13.52		0.09		(0.58	)		(0.49	)		(0.01	)		–			(0.01	)		13.02
2010		10.81		0.08		2.73			2.81			(0.10	)		–			(0.10	)		13.52
Class 2 shares
2014		21.64		0.06		1.27			1.33			(0.15	)		(2.37	)		(2.52	)		20.45
2013		15.67		0.09		6.07			6.16			(0.19	)		–			(0.19	)		21.64
2012		12.99		0.13		2.64			2.77			(0.09	)		–			(0.09	)		15.67
2011		13.52		0.05		(0.58	)		(0.53	)		–			–			–			12.99
2010		10.82		0.06		2.73			2.79			(0.09	)		–			(0.09	)		13.52

The Board of Directors and Shareholders
Principal Variable Contracts Funds, Inc.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Balanced Account, Bond & Mortgage Securities Account, Bond Market Index Account, Diversified Balanced Account, Diversified Balanced Managed Volatility Account, Diversified Growth Account, Diversified Growth Managed Volatility Account, Diversified Income Account, Diversified International Account, Equity Income Account, Government & High Quality Bond Account, Income Account, International Emerging Markets Account, LargeCap Blend Account II, LargeCap Growth Account, LargeCap Growth Account I, LargeCap S&P 500 Index Account, LargeCap S&P 500 Managed Volatility Index Account, LargeCap Value Account, MidCap Account, Money Market Account, Principal Capital Appreciation Account, Principal LifeTime 2010 Account, Principal LifeTime 2020 Account, Principal LifeTime 2030 Account, Principal LifeTime 2040 Account, Principal LifeTime 2050 Account, Principal LifeTime 2060 Account, Principal LifeTime Strategic Income Account, Real Estate Securities Account, SAM Balanced Portfolio, SAM Conservative Balanced Portfolio, SAM Conservative Growth Portfolio, SAM Flexible Income Portfolio, SAM Strategic Growth Portfolio, Short-Term Income Account, SmallCap Blend Account, SmallCap Growth Account II, and SmallCap Value Account I (39 of the portfolios constituting Principal Variable Contracts Funds, Inc. (collectively, the “Funds”)), as of December 31, 2014, and the related statements of operations for the year then ended and statements of changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian, agent banks, transfer agent of the affiliated funds, and brokers or by other appropriate auditing procedures where replies from brokers or agent banks were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the funds listed above constituting portfolios within Principal Variable Contracts Funds, Inc. at December 31, 2014, the results their operations for the year then ended and the changes in their net assets and their financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

SHAREHOLDER EXPENSE EXAMPLE
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014 (unaudited)

As a shareholder of Principal Variable Contracts Funds, Inc. you incur ongoing costs, including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Principal Variable Contracts Funds, Inc. and to compare these costs with the ongoing costs of investing in other mutual funds. As a shareholder of Diversified Balanced Account, Diversified Balanced Managed Volatility Account, Diversified Growth Account, Diversified Growth Managed Volatility Account, Diversified Income Account, Principal LifeTime 2010 Account, Principal LifeTime 2020 Account, Principal LifeTime 2030 Account, Principal LifeTime 2040 Account, Principal LifeTime 2050 Account, Principal LifeTime 2060 Account, Principal LifeTime Strategic Income Account, SAM Balanced Portfolio, SAM Conservative Balanced Portfolio, SAM Conservative Growth Portfolio, SAM Flexible Income Portfolio, or SAM Strategic Growth Portfolio, your fund will indirectly bear its pro rata share of the expenses incurred by the investment companies in which the fund invests. These expenses are not included in the fund’s annualized expense ratio used to calculate the expenses paid in this example. If they were, the expenses paid would be higher. Expenses shown below and on the following pages do not account for fees, expenses and charges of any variable insurance contract or retirement plan. If these fees had been reflected, expenses would have been higher.

The example is based on an investment of $1,000 invested at the beginning of the year and held for the entire year (July 1, 2014 to December 31, 2014).

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on each account’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the account’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in Principal Variable Contracts Funds, Inc. and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.


						Expenses Paid
		Beginning		Ending		During Period
		Account Value		Account Value		July 1, 2014	Annualized
		July 1, 2014		December 31, 2014		to December 31, 2014^(a)	Expense Ratio
Balanced Account Class 1
Actual	$	1,000.00	$	1,030.34	$	3.33	0.65	%
Hypothetical		1,000.00		1,021.93		3.31	0.65

Bond & Mortgage Securities Account Class 1
Actual		1,000.00		1,009.26		2.28	0.45
Hypothetical		1,000.00		1,022.94		2.29	0.45

Bond Market Index Account Class 1
Actual		1,000.00		1,018.36		1.32	0.26
Hypothetical		1,000.00		1,023.89		1.33	0.26

Diversified Balanced Account Class 2
Actual		1,000.00		1,023.17		1.53	0.30
Hypothetical		1,000.00		1,023.69		1.53	0.30

Diversified Balanced Managed Volatility Account Class 2
Actual		1,000.00		1,023.69		1.58	0.31
Hypothetical		1,000.00		1,023.64		1.58	0.31

Diversified Growth Account Class 2
Actual		1,000.00		1,023.65		1.53	0.30
Hypothetical		1,000.00		1,023.69		1.53	0.30

Diversified Growth Managed Volatility Account Class 2
Actual		1,000.00		1,023.75		1.58	0.31
Hypothetical		1,000.00		1,023.64		1.58	0.31


		SHAREHOLDER EXPENSE EXAMPLE
		PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
		December 31, 2014 (unaudited)


						Expenses Paid
		Beginning		Ending		During Period
		Account Value		Account Value		July 1, 2014	Annualized
		July 1, 2014		December 31, 2014		to December 31, 2014^(a)	Expense Ratio

Diversified Income Account Class 2
Actual	$	1,000.00	$	1,022.18	$	1.58	0.31	%
Hypothetical		1,000.00		1,023.64		1.58	0.31

Diversified International Account Class 1
Actual		1,000.00		921.99		4.12	0.85
Hypothetical		1,000.00		1,020.92		4.33	0.85

Diversified International Account Class 2
Actual		1,000.00		921.03		5.33	1.10
Hypothetical		1,000.00		1,019.66		5.60	1.10

Equity Income Account Class 1
Actual		1,000.00		1,037.58		2.47	0.48
Hypothetical		1,000.00		1,022.79		2.45	0.48

Equity Income Account Class 2
Actual		1,000.00		1,036.22		3.75	0.73
Hypothetical		1,000.00		1,021.53		3.72	0.73

Government & High Quality Bond Account Class 1
Actual		1,000.00		1,017.30		2.54	0.50
Hypothetical		1,000.00		1,022.68		2.55	0.50

Government & High Quality Bond Account Class 2
Actual		1,000.00		1,015.06		3.81	0.75
Hypothetical		1,000.00		1,021.42		3.82	0.75

Income Account Class 1
Actual		1,000.00		1,007.40		2.53	0.50
Hypothetical		1,000.00		1,022.68		2.55	0.50

Income Account Class 2
Actual		1,000.00		1,005.35		3.79	0.75
Hypothetical		1,000.00		1,021.42		3.82	0.75

International Emerging Markets Account Class 1
Actual		1,000.00		924.82		6.50	1.34
Hypothetical		1,000.00		1,018.45		6.82	1.34

LargeCap Blend Account II Class 1
Actual		1,000.00		1,049.59		3.87	0.75
Hypothetical		1,000.00		1,021.42		3.82	0.75

LargeCap Blend Account II Class 2
Actual		1,000.00		1,047.97		5.16	1.00
Hypothetical		1,000.00		1,020.16		5.09	1.00

LargeCap Growth Account I Class 1
Actual		1,000.00		1,051.59		3.93	0.76
Hypothetical		1,000.00		1,021.37		3.87	0.76

LargeCap Growth Account Class 1
Actual		1,000.00		1,057.95		3.58	0.69
Hypothetical		1,000.00		1,021.73		3.52	0.69

LargeCap Growth Account Class 2
Actual		1,000.00		1,056.63		4.87	0.94
Hypothetical		1,000.00		1,020.47		4.79	0.94

LargeCap S&P 500 Index Account Class 1
Actual		1,000.00		1,059.26		1.30	0.25
Hypothetical		1,000.00		1,023.95		1.28	0.25

LargeCap S&P 500 Managed Volatility Index
Account Class 1
Actual		1,000.00		1,060.89		2.55	0.49
Hypothetical		1,000.00		1,022.74		2.50	0.49


		SHAREHOLDER EXPENSE EXAMPLE
		PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
		December 31, 2014 (unaudited)


						Expenses Paid
		Beginning		Ending		During Period
		Account Value		Account Value		July 1, 2014	Annualized
		July 1, 2014		December 31, 2014		to December 31, 2014^(a)	Expense Ratio


LargeCap Value Account Class 1
Actual	$	1,000.00	$	1,037.07	$	3.13	0.61	%
Hypothetical		1,000.00		1,022.13		3.11	0.61

MidCap Account Class 1
Actual		1,000.00		1,062.56		2.76	0.53
Hypothetical		1,000.00		1,022.53		2.70	0.53

MidCap Account Class 2
Actual		1,000.00		1,061.19		4.05	0.78
Hypothetical		1,000.00		1,021.27		3.97	0.78

Money Market Account Class 1
Actual		1,000.00		1,000.00		0.81	0.16
Hypothetical		1,000.00		1,024.40		0.82	0.16

Money Market Account Class 2
Actual		1,000.00		1,000.00		0.81	0.16
Hypothetical		1,000.00		1,024.40		0.82	0.16

Principal Capital Appreciation Account Class 1
Actual		1,000.00		1,050.63		3.36	0.65
Hypothetical		1,000.00		1,021.93		3.31	0.65

Principal Capital Appreciation Account Class 2
Actual		1,000.00		1,049.30		4.65	0.90
Hypothetical		1,000.00		1,020.67		4.58	0.90

Principal LifeTime 2010 Account Class 1
Actual		1,000.00		1,000.05		0.20	0.04
Hypothetical		1,000.00		1,025.00		0.20	0.04

Principal LifeTime 2020 Account Class 1
Actual		1,000.00		1,005.07		0.15	0.03
Hypothetical		1,000.00		1,025.05		0.15	0.03

Principal LifeTime 2030 Account Class 1
Actual		1,000.00		1,006.17		0.20	0.04
Hypothetical		1,000.00		1,025.00		0.20	0.04

Principal LifeTime 2040 Account Class 1
Actual		1,000.00		1,007.44		0.25	0.05
Hypothetical		1,000.00		1,024.95		0.26	0.05

Principal LifeTime 2050 Account Class 1
Actual		1,000.00		1,006.23		0.30	0.06
Hypothetical		1,000.00		1,024.90		0.31	0.06

Principal LifeTime 2060 Account Class 1
Actual		1,000.00		1,004.60		0.66	0.13
Hypothetical		1,000.00		1,024.55		0.66	0.13

Principal LifeTime Strategic Income Account Class 1
Actual		1,000.00		999.66		0.25	0.05
Hypothetical		1,000.00		1,024.95		0.26	0.05

Real Estate Securities Account Class 1
Actual		1,000.00		1,126.40		4.77	0.89
Hypothetical		1,000.00		1,020.72		4.53	0.89

Real Estate Securities Account Class 2
Actual		1,000.00		1,124.71		6.11	1.14
Hypothetical		1,000.00		1,019.46		5.80	1.14

SAM Balanced Portfolio Class 1
Actual		1,000.00		1,012.99		1.17	0.23
Hypothetical		1,000.00		1,024.05		1.17	0.23


		SHAREHOLDER EXPENSE EXAMPLE
		PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
		December 31, 2014 (unaudited)


						Expenses Paid
		Beginning		Ending		During Period
		Account Value		Account Value		July 1, 2014	Annualized
		July 1, 2014		December 31, 2014		to December 31, 2014^(a)	Expense Ratio


SAM Balanced Portfolio Class 2
Actual	$	1,000.00	$	1,011.47	$	2.43	0.48	%
Hypothetical		1,000.00		1,022.79		2.45	0.48

SAM Conservative Balanced Portfolio Class 1
Actual		1,000.00		1,010.84		1.17	0.23
Hypothetical		1,000.00		1,024.05		1.17	0.23

SAM Conservative Balanced Portfolio Class 2
Actual		1,000.00		1,009.04		2.43	0.48
Hypothetical		1,000.00		1,022.79		2.45	0.48

SAM Conservative Growth Portfolio Class 1
Actual		1,000.00		1,014.72		1.17	0.23
Hypothetical		1,000.00		1,024.05		1.17	0.23

SAM Conservative Growth Portfolio Class 2
Actual		1,000.00		1,013.35		2.44	0.48
Hypothetical		1,000.00		1,022.79		2.45	0.48

SAM Flexible Income Portfolio Class 1
Actual		1,000.00		1,008.12		1.16	0.23
Hypothetical		1,000.00		1,024.05		1.17	0.23

SAM Flexible Income Portfolio Class 2
Actual		1,000.00		1,006.26		2.43	0.48
Hypothetical		1,000.00		1,022.79		2.45	0.48

SAM Strategic Growth Portfolio Class 1
Actual		1,000.00		1,022.92		1.17	0.23
Hypothetical		1,000.00		1,024.05		1.17	0.23

SAM Strategic Growth Portfolio Class 2
Actual		1,000.00		1,021.51		2.45	0.48
Hypothetical		1,000.00		1,022.79		2.45	0.48

Short-Term Income Account Class 1
Actual		1,000.00		1,005.64		2.48	0.49
Hypothetical		1,000.00		1,022.74		2.50	0.49

Short-Term Income Account Class 2
Actual		1,000.00		1,002.41		3.73	0.74
Hypothetical		1,000.00		1,021.48		3.77	0.74

SmallCap Blend Account Class 1
Actual		1,000.00		990.07		4.36	0.87
Hypothetical		1,000.00		1,020.82		4.43	0.87

SmallCap Growth Account II Class 1
Actual		1,000.00		1,063.66		4.99	0.96
Hypothetical		1,000.00		1,020.37		4.89	0.96

SmallCap Growth Account II Class 2
Actual		1,000.00		1,062.08		6.29	1.21
Hypothetical		1,000.00		1,019.11		6.16	1.21

SmallCap Value Account I Class 1
Actual		1,000.00		1,024.10		5.05	0.99
Hypothetical		1,000.00		1,020.21		5.04	0.99

SmallCap Value Account I Class 2
Actual		1,000.00		1,022.68		6.32	1.24
Hypothetical		1,000.00		1,018.95		6.31	1.24

^(a)Expenses are equal to a fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Under Maryland law, a Board of Directors oversees the Fund. The Directors have financial or other relevant experience and meet several times during the year to review contracts, Fund activities and the quality of services provided to the Fund. Each director also has the same position with Principal Funds, Inc. which is also sponsored by Principal Life Insurance Company. Each director holds office for an indefinite term or until reaching age 72. Directors considered to be “interested persons” as defined in the Investment Company Act of 1940, as amended, as shown below are considered to be interested because of an affiliation with the Manager and Principal Life Insurance Company.

The following directors are considered not to be “interested persons” as defined in the 1940 Act


		Number of	Other
Name,		Portfolios in Fund	Directorships
Position Held with the Fund,	Principal Occupation(s)	Complex Overseen by	Held by Director
Year of Birth	During past 5 years	Director	During Past 5 Years
Elizabeth Ballantine	Principal, EBA Associates	119	Durango Herald, Inc;
Director since 2004			McClatchy
Member, Nominating and Governance			Newspapers, Inc.
Committee
1948

Leroy T. Barnes, Jr.	Retired.	119	McClatchy
Director since March 2012			Newspapers, Inc.;
Member, Audit Committee			Herbalife Ltd.; Frontier
1951			Communications, Inc.;
			Longs Drug Stores

Craig Damos	President, The Damos	119	Hardin Construction
Director since 2008	Company. Formerly, CEO, The		Company
Member, Audit Committee	Weitz Company
Member, 15(c) Committee
1954

Mark A. Grimmett	Executive Vice President and	119	None
Director since 2004	CFO, Merle Norman Cosmetics,
Member, Nominating and Governance	Inc.
Committee
Member, 15(c) Committee
Member, Executive Committee
1960

Fritz S. Hirsch	CEO, MAM USA	119	Focus Products Group
Director since 2005	Formerly, President, Sassy, Inc.
Member, Operations Committee
Member, 15(c) Committee
1951

Tao Huang	Formerly, Chief Operating	119	Armstrong World
Director since March 2012	Officer, Morningstar, Inc.		Industries, Inc.
Member, Operations Committee
Member, 15(c) Committee
1962

William C. Kimball	Partner, Kimball – Porter	119	Casey’s General Stores,
Director since 1999	Investments L.L.C.		Inc.
Member, Nominating and Governance
Committee
1947

Karen (“Karrie”) McMillan	Formerly, General Counsel,	119	None
Director since September 2014	Investment Company Institute
Member, Operations Committee
1961

Daniel Pavelich	Retired.	119	None
Director since 2007
Member, Audit Committee
1944

The following directors are considered to be “interested persons” as defined in the 1940 Act, as amended, because of an affiliation with the Manager and Principal Life.


		Number of
		Portfolios in Fund	Other
Name,		Complex	Directorships
Position Held with the Fund,	Principal Occupation(s)	Overseen by	Held by Director
Year of Birth	During past 5 years	Director	During Past 5 Years
Michael J. Beer	Executive Vice President, Principal	119	None
Director since 2012	Funds Distributor, Inc. (“PFD”)
Executive Vice President	Vice President/Mutual Funds and
Member, Executive Committee	Broker Dealer, Principal Life
1961	Insurance Company (“PLIC”)
	Director, Principal Management
	Corporation, (the “Manager”)
	Executive Vice President/ Chief
	Operating Officer, the Manager
	Director, Princor
	President, Princor
	Director, Principal Shareholder
	Services (“PSS”) since 2011
	President, PSS since 2011

Nora M. Everett	Director, Edge Asset Management,	119	None
Director since 2008	Inc. (“Edge”) (2008-2011)
President, CEO, and Chairman	Director, Finisterre Capital LLP since
Member, Executive Committee	2011
1959	Director, Origin Asset Management
	LLP since 2011
	Chairman, Principal Financial
	Advisors, Inc. (“PFA”) since 2010
	Chairman, PFD since 2011
	Senior Vice President/Retirement and
	Investor Services, PLIC
	Chairman, the Manager since 2011
	President, the Manager since 2008
	Chairman, Princor since 2011
	Chief Executive Officer, Princor since
	2009
	Chairman, PSS since 2011

Correspondence intended for each Director who is other than an Interested Director may be sent to 711 High Street, Des Moines, IA

Name, Position Held with the Fund, Address, and Year of Birth

Randy L. Bergstrom Assistant Tax Counsel

711 High Street, Des Moines, IA 50392 1955

Tracy Bollin

Chief Financial Officer

711 High Street, Des Moines, IA 50392 1970

Principal Occupation(s) During past 5 years

Counsel, Principal Global Investors, LLC (“PGI”) Counsel, PLIC

Chief Financial Officer, PFA since 2010

Assistant Controller, PFD (2007-2010)

Chief Financial Officer, PFD since 2010 Chief Financial Officer, the Manager since 2010 Financial Controller, the Manager (2008-2010) Assistant Controller, Princor (2009-2010) Chief Financial Officer, Princor since 2010 Assistant Controller, PSS (2007-2010) Chief Financial Officer, PSS since 2010

David J. Brown

Chief Compliance Officer

711 High Street, Des Moines, IA 50392 1960

Senior Vice President, PFD

Vice President/Compliance, PLIC

Senior Vice President, the Manager Senior Vice President, Princor Senior Vice President, PSS

Teresa M. Button Treasurer

711 High Street, Des Moines, IA 50392 1963

Vice President/Treasurer, Edge since 2011 Vice President/Treasurer, PFA since 2011

Vice President/Treasurer, PFD since 2011 Vice President/Treasurer, PGI since 2011 Vice President/Treasurer, PLIC since 2011 Vice President/Treasurer, the Manager since 2011 Vice President/Treasurer, Post since 2011 Vice President/Treasurer, Principal-REI since 2011 Vice President/Treasurer, Princor since 2011 Vice President/Treasurer, PSS since 2011 Treasurer, Spectrum since 2011

Ernie H. Gillum

Vice President, Assistant Secretary 711 High Street, Des Moines, IA 50392 1955

Carolyn F. Kolks Assistant Tax Counsel

711 High Street, Des Moines, IA 50392 1962

Jennifer A. Mills Assistant Counsel

711 High Street, Des Moines, IA 50392 1973

Vice President/Chief Compliance Officer, the Manager

Vice President/Chief Compliance Officer, PSS

Counsel, PGI Counsel, PLIC

Counsel, PFD (2009-2013) Counsel, PLIC

Counsel, the Manager (2009-2013, 2014 - present) Counsel, Princor (2009-2013) Counsel, PSS (2009-2013)

Layne A. Rasmussen Vice President and Controller

711 High Street, Des Moines, IA 50392 1958

Greg Reymann

Assistant Counsel

711 High Street, Des Moines, IA 50392

1958

Vice President/Controller – Principal Funds, the Manager

Assistant General Counsel, PLIC since 2014

VP, Chief Compliance Officer and Chief Risk Officer, Transamerica Asset

Management, Inc. (“TAM”) (2010-2012)

Assistant General Counsel, Transamerica Asset Management Group (2013-2014) Vice President/CFTC Principal, TAM (2013-2014)


Name, Position Held with the Fund,	Principal Occupation(s)
Address, and Year of Birth	During past 5 years
Britney L. Schnathorst	Counsel, PLIC since 2013
Assistant Counsel	Prior thereto, Attorney in Private Practice
711 High Street, Des Moines, IA 50392
1981


Adam U. Shaikh	Counsel, PFD (2006-2013)
Assistant Counsel	Counsel, PLIC
711 High Street, Des Moines, IA 50392	Counsel, the Manager (2007-2013, 2014 - present)
1972	Counsel, Princor (2007-2013)
	Counsel, PSS (2007-2013)

Dan Westholm	Assistant Vice President/Treasury, PFA since 2013
Assistant Treasurer	Director – Treasury, PFA (2011-2013)
711 High Street, Des Moines, IA 50392	Assistant Vice President/Treasury, PFD since 2013
1966	Director – Treasury, PFD (2011-2013)
	Assistant Vice President/Treasury, PLIC
	Assistant Vice President/Treasury, the Manager
	Assistant Vice President/Treasury, Princor since 2013
	Director – Treasury, Princor (2008-2009, 2011-2013)
	Assistant Vice President/Treasury, PSS

Beth Wilson	Vice President, the Manager (2007-2013)
Vice President and Secretary	Vice President, Princor (2007-2009)
711 High Street, Des Moines, IA 50392
1956

Clint Woods	Associate General Counsel, AEGON USA Investment Management, LLC (2003-
Assistant Counsel	2012)
711 High Street, Des Moines, IA 50392	Assistant General Counsel, Assistant Corporate Secretary, Governance Officer,
1961	PLIC since 2013

The 15(c) Committee assists the Board in performing the annual review of the Fund’s advisory and sub-advisory agreements pursuant to Section 15(c) of the 1940 Act.

The Audit Committee selects the independent auditors for the Fund and oversees the activities of the independent auditors as well as the internal auditors. The committee also receives reports about accounting and financial matters affecting the Fund.

The Executive Committee is selected by the Board. It may exercise all the powers of the Board, with certain exceptions, when the Board is not in session. The Committee must report its actions to the Board.

The Nominating and Governance Committee selects and nominates all candidates who are not “interested persons” of the Fund for election to the Board. The committee also oversees the structure and efficiency of the Board of Directors and the committees the Board establishes.

The Operations Committee oversees the provision of administrative and distribution services to the Funds, communications with the Funds’ shareholders, and provides review and oversight of the Funds’ operations.

Additional information about the Fund is available in the Prospectuses dated May 1, 2014, and the Statement of Additional Information dated May 1, 2014. These documents may be obtained free of charge by writing or telephoning Principal Funds Distributor, Inc., P.O. Box 10423, Des Moines, IA 50306. Telephone 1-800-222-5852.

A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities and the results of the proxy votes for the most recent twelve months ended June 30 may be obtained free of charge by telephoning Principal Funds Distributor, Inc., at 1-800-222-5852, or at www.sec.gov.

The Fund files complete schedules of investments with the Securities and Exchange Commission as of March 31 and September 30 of each year on Form N-Q. The Fund’s Form N-Q can be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. or on the Commission’s website at www.sec.gov. Information on the operation of the Public Reference Room may be obtained by calling the Commission at 1-800-SEC-0330.

During the period covered by this report, the Board of Directors of Principal Variable Contracts Funds Inc. (“PVC”) approved the renewal of the Management Agreement and various subadvisory agreements for all Funds.

Annual Review and Renewal of Management Agreement and Subadvisory Agreements.

At its September 9, 2014 meeting, the Board performed its annual review and renewal process relating to the Management Agreement and the Subadvisory Agreements for all Funds.

Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”) requires the Board, including a majority of the Directors who have no direct or indirect interest in the investment advisory agreements and who are not “interested persons” of PVC, as defined in the 1940 Act (the “Independent Directors”), annually to review and to consider the continuation of: (1) the Management Agreement between PMC (the “Manager”) and PVC, on behalf of each of the thirty-nine (39) series of PVC (each series is referred to as a “Fund”); and (2) the Subadvisory Agreements between the Manager and each of Brown Advisory, LLC; ClearBridge Advisors, LLC; Columbus Circle Investors (“CCI”); Edge Asset Management, Inc. (“Edge”); Emerald Advisers, Inc.; J.P. Morgan Investment Management, Inc.; Mellon Capital Management Corporation; Principal Global Investors, LLC (“PGI”); Principal Real Estate Investors, LLC (“Principal-REI”); Spectrum Asset Management Inc. (“Spectrum”) and T. Rowe Price Associates, Inc. (collectively, the “Subadvisors”). The Management Agreement and the Subadvisory Agreements are collectively referred to as the “Advisory Agreements.”

The Board, including the Independent Directors, considered the factors and reached the conclusions described below relating to the continuation of the Advisory Agreements. In evaluating the Advisory Agreements, the Board, including the Independent Directors, reviewed a broad range of information requested for this purpose by the Independent Directors, including, among other information, information regarding performance, advisory fees, total expenses, profitability from the Advisory Agreements to the Manager and information about economies of scale. The Board reviewed the materials provided and concluded that it was provided all information reasonably necessary to evaluate the Advisory Agreements.

The Board considered the nature, quality and extent of services provided under the Management Agreement. The Board considered the experience and skills of senior management leading fund operations, the experience and skills of the personnel performing the functions under the Management Agreement and the resources made available to such personnel, the ability of the Manager to attract and retain high-quality personnel, and the organizational depth and stability of the Manager. The Board concluded that appropriate resources were provided under the Management Agreement. The Board also considered that, during the periods reviewed, other than for the “Core” portions of the Funds implementing the “Core Satellite” structure and all PVC Funds-of-Funds (except the SAM Portfolios), the Manager had delegated day-to-day portfolio management responsibility to the Subadvisors, and it considered the due diligence program developed by the Manager for identifying, recommending, monitoring and replacing Subadvisors. The Board noted that the Manager applies the due diligence standards to the selection, monitoring and replacement of subadvisors and the Manager proposes the selection of the most suitable subadvisors, with a process that emphasizes Principal affiliated subadvisors, subject to the due diligence standards. The Board also took note that the Manager applied the due diligence standards to its personnel’s management of the “Core” portfolio. The Board concluded that this due diligence process was working well. The Board also considered the compliance program established by the Manager and the level of compliance attained by the Funds. The Board noted that it had previously reviewed the annual best execution and soft dollar reports and found no issues that affected its consideration of the renewal of the Advisory Agreements. Based upon all relevant factors, the Board concluded that the nature, quality and extent of the services provided by the Manager to the Funds under the Management Agreement were satisfactory.

The Board considered the nature, quality and extent of services provided under each Subadvisory Agreement. The Board considered the reputation, qualifications and background of the Subadvisor, investment approach of the Subadvisor, the experience and skills of investment personnel responsible for the day-to-day management of each Fund, and the resources made available to such personnel. The Board also considered the Subadvisors’ compliance with investment policies and general legal compliance. In addition, the Board considered the analysis provided under the Manager’s due diligence program, which resulted in the Manager recommending that each Subadvisory Agreement be continued. Based upon all relevant factors, the Board concluded that the nature, quality and extent of the services provided by the Subadvisors to the Funds under the Subadvisory Agreements are satisfactory.

The Board reviewed each Fund’s investment performance over longer-term periods (reviewing both the investment return during the three-year period and the blended investment return (50%/50%) of the three- and five-year periods), and compared those returns to various agreed-upon performance measures, including peer group data based upon a broad-based, industry category determined by Morningstar. For Funds or Subadvisors that did not have a three-year or five-year history, the Board reviewed performance for a one-year or three-year period, respectively, noting that certain funds had commenced operations recently and, accordingly, no performance information was considered. The Board also considered whether investment results were consistent with each Fund’s investment objective(s) and policies. For most Funds, the Board concluded that the Fund’s investment returns met acceptable levels of investment performance. There were some Funds, or certain Subadvisors for a multi-manager Fund, that had not attained during the relevant period a level of investment performance considered satisfactory by the Board. For such Funds, the Board also considered other factors, such as the longer-term performance of each such Fund. The Board concluded that the Manager has in place an effective due diligence process to monitor investment performance, to encourage remedial action and to make changes in Subadvisors at the appropriate time, if necessary.

The Board considered each Fund’s management fees. The Board received information, based on data supplied by Lipper, comparing each Fund’s contractual management fee (at current asset levels and at theoretical asset levels), actual (after any fee waivers) management fee (at average fiscal year asset levels), actual non-management fees (at average fiscal year asset levels) and actual total expense ratio (at average fiscal year asset levels for Class 1 shares where available) to advisory fees and expense ratios of mutual funds in a narrow peer group selected by Lipper, or for two Funds, a custom peer group recommended by the Manager and reviewed by the Board (“Expense Group”) and a broad-based, industry category defined by Lipper (“Expense Universe”). For Funds that did not offer Class 1 shares, the information provided was based upon Class 2 shares.

In evaluating the management fees, the Board considered a variety of factors, including the amount of the fees, breakpoints, comparison to fees of peer group funds and other funds managed by the Manager, subadvisory fees paid, services provided, investment performance, total net expense ratios, profitability and expense caps and fee waivers. The Board considered that certain Funds have different management fees from certain other comparable funds managed by the Manager and noted the reasons cited by the Manager for the differing fees. For most Funds, actual management fees were within the 3rd Quartile or better when compared to their Expense Group. For some Funds, although actual management fees were higher than the 3rd Quartile, total net expense ratios were within the 3rd Quartile or better.

For the SAM Portfolios, the Board considered information from management about the Manager’s active asset allocation strategy and determined that the strategy and processes justified higher management fees than the Funds’ peer groups and that the total expense ratios (including the expenses of the underlying funds), with the continuation of the expense cap suggested by management, were within an acceptable range or compare favorably.

The Board also considered that the Manager contractually agreed to continue to waive a portion of its management fee for four Funds that have implemented the “Core Satellite” structure.

In the Board’s review of the expense caps in place with respect to certain classes of certain Funds, the Board considered the Manager’s proposals to extend the expense caps in place for certain classes for an additional year and to let the expense caps for classes of certain Funds expire, based upon the individual circumstances of these Funds.

Considering all factors it deemed relevant, the Board concluded that the management fee schedule for each Fund was reasonable and appropriate in light of the nature and quality of services provided by the Manager and other relevant factors.

The Board reviewed detailed information regarding revenues the Manager receives under the Management Agreement, as well as the estimated direct and indirect costs the Manager incurs in providing to each Fund the services described in the applicable Advisory Agreements, for the year ended December 31, 2013. The Board also considered the returns on revenue generated in connection with the payment of subadvisory fees to affiliated Subadvisors (PGI, Principal-REI, Edge, CCI, and Spectrum). The Board concluded that the management fee for each Fund was reasonable, taking into account the profitability percentages the Manager provided.

The Board considered whether there are economies of scale with respect to the management of each Fund and whether the Funds benefit from any such economies of scale through breakpoints in fees. The Board also noted the additional breakpoints offered by management for two Funds. The Board then reviewed the levels at which breakpoints occur and the amount of the reductions. The Board considered whether the effective management fee rate for each Fund under the applicable Management Agreement is reasonable in relation to the asset size of such Fund. The Board concluded that the fee schedule for each Fund reflects an appropriate level of sharing of any economies of scale.

The Board noted that the management fees for the Bond Market Index Account, Diversified Balanced Account, Diversified Balanced Managed Volatility Account, Diversified Growth Account, Diversified Growth Managed Volatility Account, Diversified Income Account, LargeCap S&P 500 Index Account, LargeCap S&P 500 Managed Volatility Index Account and the LifeTime Accounts do not include breakpoints. Although their management fee schedules do not contain breakpoints, the Board noted that each of these Funds, other than the LargeCap S&P 500 Managed Volatility Index Account, has a relatively low basis point fee for all Fund assets. The Board determined that no breakpoints are necessary at this time for the LargeCap S&P 500 Managed Volatility Index Account due to its small size.

For each Fund the Board considered the subadvisory fees, noting that the Manager compensates each Subadvisor from its own management fee, so that shareholders pay only the management fee. The Board also received industry data supplied by Lipper. The Board considered whether there are economies of scale with respect to the subadvisory services provided to each Fund and, if so, whether the subadvisory fees reflect such economies of scale through breakpoints in fees. In addition, in evaluating the subadvisory fees and the factor of profitability, with respect to unaffiliated Subadvisors, the Board considered that the subadvisory fee rate was negotiated at arm’s-length between the Manager and each Subadvisor. The Board considered the profitability of the affiliated Subadvisors in conjunction with its review of the profitability of the Manager.

The Board also considered the character and amount of other incidental benefits received by the Manager and its affiliates and each Subadvisor from their relationships with the Funds. The Board also considered as a part of this analysis each Subadvisor’s soft dollar practices and brokerage practices. The Board concluded that management and subadvisory fees for each Fund were reasonable in light of these benefits.

Based upon all of the information it considered and the conclusions it reached, the Board determined unanimously that the terms of each Advisory Agreement continue to be fair and reasonable and that the continuation of each Advisory Agreement, with the actions proposed by the Manager, is in the best interests of each Fund.

FEDERAL INCOME TAX INFORMATION
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014 (unaudited)

Long Term Capital Gain Dividends. Certain of the Accounts distributed long term capital gain dividends during the fiscal year ended December 31, 2014. Details of designated long term capital gain dividends for federal income tax purposes are shown in the notes to financial statements.

Dividend Received Deduction. For corporate shareholders, the percentage of ordinary income distributions (dividend income and short-term gains, if any) for the year ended December 31, 2014, that qualifies for the dividend received deduction is as follows:


	Deductible
	Percentage
Balanced Account	57	%
Diversified Balanced Account	5	%
Diversified Balanced Managed Volatility Account	28	%
Diversified Growth Account	65	%
Diversified Growth Managed Volatility Account	20	%
Diversified Income Account	51	%
Equity Income Account	78	%
LargeCap Blend Account II	100	%
LargeCap Growth Account	100	%
LargeCap Growth Account I	46	%
LargeCap S&P 500 Index Account	92	%
LargeCap S&P 500 Managed Volatility Index Account	37	%
LargeCap Value Account	100	%
MidCap Account	100	%
Principal Capital Appreciation Account	75	%
Principal LifeTime 2010 Account	23	%
Principal LifeTime 2020 Account	30	%
Principal LifeTime 2030 Account	29	%
Principal LifeTime 2040 Account	39	%
Principal LifeTime 2050 Account	40	%
Principal LifeTime 2060 Account	23	%
Principal LifeTime Strategic Income Account	14	%
SAM Balanced Portfolio	24	%
SAM Conservative Balanced Portfolio	15	%
SAM Conservative Growth Portfolio	45	%
SAM Flexible Income Portfolio	10	%
SAM Strategic Growth Portfolio	45	%
SmallCap Blend Account	100	%
SmallCap Value Account I	100	%

Foreign Taxes Paid. The following Accounts elect under the Internal Revenue Code Section 853 to pass through foreign taxes paid by each Account to its shareholders. The information below summarizes the portion of ordinary income dividends that was derived from foreign sources and the total amount of foreign taxes passed through to shareholders on a per share basis for the year ended December 31, 2014, are as follows:

This report must be preceded or accompanied by a current
prospectus for the Principal Variable Contracts Funds, Inc.

May lose value • Not a deposit • No bank or credit union guarantee Not insured by any Federal government agency

The following information applies to all accounts shown in the annual report (unless noted):

** Performance shown for the benchmark assumes reinvestment of all dividends and distributions. Indices are unmanaged, and individuals cannot invest directly in an index.

Investment Advisor: Principal Management Corporation; Sub-Advisors: ClearBridge Investments, LLC., and T. Rowe Price Associates, Inc.

Principal Strategic Asset Management (SAM) Portfolios invest wholly in the shares of the underlying funds.

Strategic and tactical underweight in international developed market equities aided performance as they underperformed U.S. equities. Security selection in international developed market growth equities contributed to performance. Security selection in midcap growth equities aided performance. Strategic allocation to emerging market equities detracted as emerging markets lagged both U.S. and developed market equities. Security selection in midcap value equities hindered performance. Security selection in largecap value detracted.

Principal Strategic Asset Management (SAM) Portfolios invest wholly in the shares of the underlying funds.

Strategic and tactical underweight in international developed market equities aided performance as they underperformed U.S. equities. Security selection in international developed market growth equities contributed. Security selection in midcap growth equities aided performance. Strategic allocation to emerging market equities detracted from performance as emerging markets lagged both U.S. and developed market equities. Security selection in midcap value equities hindered performance. Security selection in largecap value detracted from performance.

Investment Advisor: Principal Management Corporation; Sub-Advisor: Emerald Advisers, Inc.

Investment Advisor: Principal Management Corporation; Sub-Advisor: JP Morgan Investment Management, Inc.


STATEMENTS OF ASSETS AND LIABILITIES
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014



		Diversified						Government &
		International			Equity			High Quality
Amounts in thousands, except per share amounts		Account			Income Account			Bond Account
Investment in securities--at cost	$	371,838		$	379,229		$	314,778
Foreign currency--at cost	$	15		$	–		$	–
Assets
Investment in securities--at value	$	429,603		$	624,240		$	318,413
Foreign currency--at value		15			–			–
Receivables:
Dividends and interest		1,096			1,693			1,381
Fund shares sold		649			40			629
Investment securities sold		–			1,586			–
Total Assets		431,363			627,559			320,423
Liabilities
Accrued management and investment advisory fees		311			259			133
Accrued distribution fees		–			5			–
Accrued directors' expenses		1			2			1
Accrued other expenses		41			6			5
Cash overdraft		14			–			18
Payables:
Deferred foreign tax		94			–			–
Fund shares redeemed		442			2,389			15
Investment securities purchased		–			–			4,826
Total Liabilities		903			2,661			4,998
Net Assets Applicable to Outstanding Shares	$	430,460		$	624,898		$	315,425

Net Assets Consist of:
Capital shares and additional paid-in-capital	$	477,772		$	368,878		$	324,144
Accumulated undistributed (overdistributed) net investment income (loss)		6,111			19,091			9,984
Accumulated undistributed (overdistributed) net realized gain (loss)		(111,003	)		(8,082	)		(22,338	)
Net unrealized appreciation (depreciation) of investments		57,671			245,011			3,635
Net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currency .		(91	)		–			–
Total Net Assets	$	430,460		$	624,898		$	315,425
Capital Stock (par value: $.01 per share):
Shares authorized		300,000			200,000			200,000
Net Asset Value Per Share:
Class 1: Net Assets	$	429,194		$	599,407		$	314,509
Shares issued and outstanding		30,473			25,929			30,135
Net Asset Value per share	$	14.08		$	23.12		$	10.44
Class 2: Net Assets	$	1,266		$	25,491		$	916
Shares issued and outstanding		89			1,110			88
Net Asset Value per share	$	14.19		$	22.96		$	10.45


STATEMENTS OF ASSETS AND LIABILITIES
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014



					LargeCap		LargeCap
Amounts in thousands, except per share amounts	Income Account				Blend Account II		Growth Account
Investment in securities--at cost	$	260,547		$	111,411	$	97,148
Assets
Investment in securities--at value	$	276,340		$	146,514	$	123,837
Cash		–			1		–
Deposits with counterparty		–			300		–
Receivables:
Dividends and interest		2,565			185		65
Expense reimbursement from Manager		–			2		–
Fund shares sold		27			5		9
Investment securities sold		–			66		–
Total Assets		278,932			147,073		123,911
Liabilities
Accrued management and investment advisory fees		120			94		72
Accrued distribution fees		1			–		–
Accrued directors' expenses		1			1		–
Accrued other expenses		4			11		3
Cash overdraft		173			–		–
Payables:
Fund shares redeemed		–			487		84
Investment securities purchased		–			79		–
Variation margin on financial derivative instruments		–			75		–
Total Liabilities		299			747		159
Net Assets Applicable to Outstanding Shares	$	278,633		$	146,326	$	123,752

Net Assets Consist of:
Capital shares and additional paid-in-capital	$	256,051		$	100,771	$	114,215
Accumulated undistributed (overdistributed) net investment income (loss)		10,170			1,556		173
Accumulated undistributed (overdistributed) net realized gain (loss)		(3,381	)		8,948		(17,325	)
Net unrealized appreciation (depreciation) of investments		15,793			35,051		26,689
Total Net Assets	$	278,633		$	146,326	$	123,752
Capital Stock (par value: $.01 per share):
Shares authorized		200,000			300,000		300,000
Net Asset Value Per Share:
Class 1: Net Assets	$	275,597		$	145,312	$	123,091
Shares issued and outstanding		25,577			13,099		5,003
Net Asset Value per share	$	10.78		$	11.09	$	24.60
Class 2: Net Assets	$	3,036		$	1,014	$	661
Shares issued and outstanding		283			91		27
Net Asset Value per share	$	10.73		$	11.14	$	24.53


STATEMENTS OF ASSETS AND LIABILITIES
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014



							Principal Capital
				Money			Appreciation
Amounts in thousands, except per share amounts	MidCap Account			Market Account			Account
Investment in securities--at cost	$	430,588	$	275,139		$	18,101
Assets
Investment in securities--at value	$	694,203	$	275,139		$	40,296
Cash		164		5,292			–
Receivables:
Dividends and interest		305		8			64
Expense reimbursement from Manager		–		67			–
Fund shares sold		55		222			–
Investment securities sold		1,039		–			319
Total Assets		695,766		280,728			40,679
Liabilities
Accrued management and investment advisory fees		302		106			21
Accrued distribution fees		4		–			2
Accrued directors' expenses		2		1			–
Accrued other expenses		6		6			4
Payables:
Fund shares redeemed		2,221		778			210
Investment securities purchased		435		–			361
Total Liabilities		2,970		891			598
Net Assets Applicable to Outstanding Shares	$	692,796	$	279,837		$	40,081

Net Assets Consist of:
Capital shares and additional paid-in-capital	$	354,564	$	279,847		$	14,599
Accumulated undistributed (overdistributed) net investment income (loss)		4,503		–			419
Accumulated undistributed (overdistributed) net realized gain (loss)		70,114		(10	)		2,868
Net unrealized appreciation (depreciation) of investments		263,615		–			22,195
Total Net Assets	$	692,796	$	279,837		$	40,081
Capital Stock (par value: $.01 per share):
Shares authorized		105,000		1,500,000			200,000
Net Asset Value Per Share:
Class 1: Net Assets	$	676,836	$	278,903		$	33,190
Shares issued and outstanding		11,134		278,913			1,488
Net Asset Value per share	$	60.79	$	1.00		$	22.31
Class 2: Net Assets	$	15,960	$	934		$	6,891
Shares issued and outstanding		264		934			312
Net Asset Value per share	$	60.54	$	1.00		$	22.11


STATEMENTS OF ASSETS AND LIABILITIES
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014


						SAM
		Real Estate		SAM		Conservative
		Securities		Balanced		Balanced
Amounts in thousands, except per share amounts		Account		Portfolio		Portfolio
Investment in securities--at cost	$	111,545		$ –		$ –
Investment in affiliated Accounts--at cost	$	–	$	800,076	$	200,672
Assets
Investment in securities--at value	$	166,693		$ –		$ –
Investment in affiliated Accounts--at value		–		926,966		223,402
Receivables:
Dividends and interest		845		100		50
Fund shares sold		53		166		2
Investment securities sold		–		876		155
Total Assets		167,591		928,108		223,609
Liabilities
Accrued management and investment advisory fees		125		180		43
Accrued distribution fees		–		21		3
Accrued directors' expenses		–		3		1
Accrued other expenses		3		3		3
Cash overdraft		161		–		–
Payables:
Fund shares redeemed		109		1,042		157
Investment securities purchased		–		99		50
Total Liabilities		398		1,348		257
Net Assets Applicable to Outstanding Shares	$	167,193	$	926,760	$	223,352

Net Assets Consist of:
Capital shares and additional paid-in-capital	$	105,181	$	714,657	$	186,289
Accumulated undistributed (overdistributed) net investment income (loss)		2,496		25,487		6,984
Accumulated undistributed (overdistributed) net realized gain (loss)		4,368		59,726		7,349
Net unrealized appreciation (depreciation) of investments		55,148		126,890		22,730
Total Net Assets	$	167,193	$	926,760	$	223,352
Capital Stock (par value: $.01 per share):
Shares authorized		300,000		300,000		200,000
Net Asset Value Per Share:
Class 1: Net Assets	$	166,701	$	826,908	$	206,621
Shares issued and outstanding		7,467		50,094		16,403
Net Asset Value per share	$	22.33	$	16.51	$	12.60
Class 2: Net Assets	$	492	$	99,852	$	16,731
Shares issued and outstanding		22		6,100		1,341
Net Asset Value per share	$	22.45	$	16.37	$	12.48


STATEMENTS OF ASSETS AND LIABILITIES
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014



		SAM
	Conservative			SAM Flexible		SAM Strategic
Amounts in thousands, except per share amounts	Growth Portfolio			Income Portfolio		Growth Portfolio
Investment in affiliated Accounts--at cost	$	262,086	$	211,131	$	209,564
Assets
Investment in affiliated Accounts--at value	$	301,305	$	235,198	$	235,377
Receivables:
Dividends and interest		10		77		–
Fund shares sold		124		10		108
Investment securities sold		–		30		1
Total Assets		301,439		235,315		235,486
Liabilities
Accrued management and investment advisory fees		58		45		45
Accrued distribution fees		22		4		20
Accrued directors' expenses		1		1		–
Accrued other expenses		3		3		3
Payables:
Fund shares redeemed		68		40		109
Investment securities purchased		65		77		–
Total Liabilities		217		170		177
Net Assets Applicable to Outstanding Shares	$	301,222	$	235,145	$	235,309

Net Assets Consist of:
Capital shares and additional paid-in-capital	$	240,099	$	201,080	$	189,519
Accumulated undistributed (overdistributed) net investment income (loss)		6,603		8,281		5,216
Accumulated undistributed (overdistributed) net realized gain (loss)		15,301		1,717		14,761
Net unrealized appreciation (depreciation) of investments		39,219		24,067		25,813
Total Net Assets	$	301,222	$	235,145	$	235,309
Capital Stock (par value: $.01 per share):
Shares authorized		200,000		200,000		200,000
Net Asset Value Per Share:
Class 1: Net Assets	$	198,465	$	215,309	$	138,863
Shares issued and outstanding		10,435		16,286		6,613
Net Asset Value per share	$	19.02	$	13.22	$	21.00
Class 2: Net Assets	$	102,757	$	19,836	$	96,446
Shares issued and outstanding		5,460		1,512		4,636
Net Asset Value per share	$	18.82	$	13.12	$	20.80


STATEMENTS OF ASSETS AND LIABILITIES
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014



					SmallCap
	Short-Term				Growth			SmallCap
Amounts in thousands, except per share amounts	Income Account				Account II			Value Account I
Investment in securities--at cost	$	265,029		$	57,481		$	85,180
Assets
Investment in securities--at value	$	265,596		$	72,464	^(a)	$	106,968	^(a)
Cash		44			–			–
Deposits with counterparty		–			266			516
Receivables:
Dividends and interest		1,324			13			197
Expense reimbursement from Manager		2			5			18
Fund shares sold		1,840			12			13
Investment securities sold		–			35			4,735
Total Assets		268,806			72,795			112,447
Liabilities
Accrued management and investment advisory fees		109			54			100
Accrued distribution fees		–			1			–
Accrued directors' expenses		1			–			–
Accrued other expenses		5			12			20
Payables:
Fund shares redeemed		104			116			1,748
Investment securities purchased		–			216			664
Variation margin on financial derivative instruments		–			16			86
Collateral obligation on securities loaned, at value		–			7,386			3,579
Total Liabilities		219			7,801			6,197
Net Assets Applicable to Outstanding Shares	$	268,587		$	64,994		$	106,250

Net Assets Consist of:
Capital shares and additional paid-in-capital	$	280,357		$	54,859		$	71,033
Accumulated undistributed (overdistributed) net investment income (loss)		4,456			(9	)		766
Accumulated undistributed (overdistributed) net realized gain (loss)		(16,793	)		(4,900	)		12,591
Net unrealized appreciation (depreciation) of investments		567			15,044			21,860
Total Net Assets	$	268,587		$	64,994		$	106,250
Capital Stock (par value: $.01 per share):
Shares authorized		400,000			300,000			300,000
Net Asset Value Per Share:
Class 1: Net Assets	$	267,674		$	61,168		$	106,083
Shares issued and outstanding		103,428			3,128			5,151
Net Asset Value per share	$	2.59		$	19.55		$	20.59
Class 2: Net Assets	$	913		$	3,826		$	167
Shares issued and outstanding		354			200			8
Net Asset Value per share	$	2.58		$	19.16		$	20.45


STATEMENTS OF OPERATIONS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
Year Ended December 31, 2014


		Diversified						Government &
		International			Equity			High Quality
Amounts in thousands		Account			Income Account			Bond Account
Net Investment Income (Loss)
Income:
Dividends	$	13,606		$	20,365		$	–
Withholding tax		(1,517	)		(454	)		–
Interest		–			2			10,526
Total Income		12,089			19,913			10,526
Expenses:
Management and investment advisory fees		3,990			3,108			1,717
Distribution Fees - Class 2		3			63			2
Custodian fees		121			10			7
Directors' expenses		9			12			7
Professional fees		27			4			4
Other expenses		1			1			–
Total Expenses		4,151			3,198			1,737
Net Investment Income (Loss)		7,938			16,715			8,789

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Short sales, and Swap agreements
Net realized gain (loss) from:
Investment transactions		32,191			48,463			2,348
Foreign currency transactions		(251	)		(4	)		–
Change in unrealized appreciation/depreciation of:
Investments (net of deferred foreign tax payable of $94, $0 and $0, respectively)		(53,910	)		12,687			6,201
Translation of assets and liabilities in foreign currencies		(95	)		–			–
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Short sales, and Swap agreements		(22,065	)		61,146			8,549
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(14,127	)	$	77,861		$	17,338


STATEMENTS OF OPERATIONS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
Year Ended December 31, 2014



				LargeCap			LargeCap
Amounts in thousands	Income Account			Blend Account II			Growth Account
Net Investment Income (Loss)
Income:
Dividends	$	–	$	2,752		$	918
Withholding tax		–		(23	)		(2	)
Interest		12,631		1			–
Total Income		12,631		2,730			916
Expenses:
Management and investment advisory fees		1,419		1,149			764
Distribution Fees - Class 2		8		2			2
Custodian fees		4		18			3
Directors' expenses		6		5			3
Professional fees		4		5			4
Shareholder meeting expense		–		3			–
Total Gross Expenses		1,441		1,182			776
Less: Reimbursement from Manager		–		28			–
Total Net Expenses		1,441		1,154			776
Net Investment Income (Loss)		11,190		1,576			140

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, and Short sales
Net realized gain (loss) from:
Investment transactions		2,029		20,674			9,440
Futures contracts		–		640			–
Short sales		–		5			–
Change in unrealized appreciation/depreciation of:
Investments		1,774		(6,530	)		2,705
Futures contracts		–		(164	)		–
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, and Short sales		3,803		14,625			12,145
Net Increase (Decrease) in Net Assets Resulting from Operations	$	14,993	$	16,201		$	12,285


STATEMENTS OF OPERATIONS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
Year Ended December 31, 2014



							Principal Capital
					Money		Appreciation
Amounts in thousands	MidCap Account				Market Account		Account
Net Investment Income (Loss)
Income:
Dividends	$	7,384		$	–	$	651
Withholding tax		(55	)		–		(2	)
Interest		(1	)		447		–
Total Income		7,328			447		649
Expenses:
Management and investment advisory fees		3,417			1,246		242
Distribution Fees - Class 2		38			2		16
Custodian fees		12			10		6
Directors' expenses		12			6		3
Professional fees		4			4		4
Other expenses		2			–		–
Total Gross Expenses		3,485			1,268		271
Less: Reimbursement from Manager - Class 1		–			816		–
Less: Reimbursement from Manager - Class 2		–			3		–
Less: Reimbursement from Distributor - Class 2		–			2		–
Total Net Expenses		3,485			447		271
Net Investment Income (Loss)		3,843			–		378

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Short sales, and Swap agreements
Net realized gain (loss) from:
Investment transactions		72,859			–		3,036
Foreign currency transactions		3			–		–
Change in unrealized appreciation/depreciation of:
Investments		3,163			–		1,130
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Short sales, and Swap agreements		76,025			–		4,166
Net Increase (Decrease) in Net Assets Resulting from Operations	$	79,868		$	–	$	4,544


STATEMENTS OF OPERATIONS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
Year Ended December 31, 2014



		Real Estate		SAM			SAM Conservative
Amounts in thousands	Securities Account			Balanced Portfolio			Balanced Portfolio
Net Investment Income (Loss)
Income:
Dividends from affiliated Accounts	$	–	$	27,959		$	7,546
Dividends		3,507		–			–
Total Income		3,507		27,959			7,546
Expenses:
Management and investment advisory fees		1,304		2,198			511
Distribution Fees - Class 2		1		252			41
Custodian fees		2		–			–
Directors' expenses		4		16			6
Professional fees		4		3			3
Other expenses		–		1			–
Total Expenses		1,315		2,470			561
Net Investment Income (Loss)		2,192		25,489			6,985

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, and Short sales
Net realized gain (loss) from:
Investment transactions		6,240		22			–
Investment transactions in affiliated Accounts		–		46,992			7,492
Capital gain distribution received from affiliated Accounts		–		21,008			3,782
Change in unrealized appreciation/depreciation of:
Investments		32,938		–			–
Investments in affiliated Accounts		–		(29,299	)		(4,698	)
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, and Short sales		39,178		38,723			6,576
Net Increase (Decrease) in Net Assets Resulting from Operations	$	41,370	$	64,212		$	13,561


STATEMENTS OF OPERATIONS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
Year Ended December 31, 2014



	SAM Conservative				SAM Flexible			SAM Strategic
Amounts in thousands	Growth Portfolio				Income Portfolio			Growth Portfolio
Net Investment Income (Loss)
Income:
Dividends from affiliated Accounts	$	7,512		$	8,869		$	5,949
Total Income		7,512			8,869			5,949
Expenses:
Management and investment advisory fees		648			530			495
Distribution Fees - Class 2		250			49			228
Directors' expenses		7			6			6
Professional fees		3			3			3
Total Expenses		908			588			732
Net Investment Income (Loss)		6,604			8,281			5,217

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, and Short sales
Net realized gain (loss) from:
Investment transactions in affiliated Accounts		11,793			4,267			9,220
Capital gain distribution received from affiliated Accounts		8,471			2,299			10,179
Change in unrealized appreciation/depreciation of:
Investments in affiliated Accounts		(6,542	)		(1,072	)		(6,413	)
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, and Short sales		13,722			5,494			12,986
Net Increase (Decrease) in Net Assets Resulting from Operations	$	20,326		$	13,775		$	18,203


STATEMENTS OF OPERATIONS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
Year Ended December 31, 2014


		Short-Term			SmallCap			SmallCap
Amounts in thousands	Income Account				Growth Account II			Value Account I
Net Investment Income (Loss)
Income:
Dividends	$	–		$	216		$	1,593
Withholding tax		–			–			(1	)
Interest		5,708			1			2
Securities lending - net		–			136			71
Total Income		5,708			353			1,665
Expenses:
Management and investment advisory fees		1,252			643			1,197
Distribution Fees - Class 2		2			9			–
Custodian fees		7			22			35
Directors' expenses		6			3			4
Professional fees		4			4			5
Shareholder meeting expense		–			4			6
Total Gross Expenses		1,271			685			1,247
Less: Reimbursement from Manager		–			64			22
Less: Reimbursement from Manager - Class 1		26			–			143
Total Net Expenses		1,245			621			1,082
Net Investment Income (Loss)		4,463			(268	)		583

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, and Short sales
Net realized gain (loss) from:
Investment transactions		1,551			9,127			13,877
Futures contracts		–			230			483
Change in unrealized appreciation/depreciation of:
Investments		(2,109	)		(4,992	)		(7,186	)
Futures contracts		–			(64	)		(332	)
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, and Short sales		(558	)		4,301			6,842
Net Increase (Decrease) in Net Assets Resulting from Operations	$	3,905		$	4,033		$	7,425


		Diversified
Amounts in thousands		International Account						Equity Income Account
		Year Ended		Year Ended				Year Ended		Year Ended
		December 31,		December 31,				December 31,		December 31,
		2014			2013			2014			2013
Operations
Net investment income (loss)	$	7,938		$	8,591		$	16,715		$	17,984
Net realized gain (loss) on investments, foreign currencies, futures, and short sales		31,940			32,601			48,459			36,820
Change in unrealized appreciation/depreciation of investments, futures, short sales,
and translation of assets and liabilities in foreign currencies		(54,005	)		40,805			12,687			98,593
Net Increase (Decrease) in Net Assets Resulting from Operations		(14,127	)		81,997			77,861			153,397

Dividends and Distributions to Shareholders
From net investment income:
Class 1		(10,543	)		(12,278	)		(15,060	)		(19,090	)
Class 2		(25	)		(32	)		(542	)		(679	)
Total Dividends and Distributions		(10,568	)		(12,310	)		(15,602	)		(19,769	)

Capital Share Transactions
Shares sold:
Class 1		18,555			26,783			27,917			30,440
Class 2		112			89			712			644
Shares issued in reinvestment of dividends and distributions:
Class 1		10,543			12,278			15,060			19,090
Class 2		25			32			542			679
Shares redeemed:
Class 1		(76,371	)		(72,185	)		(133,970	)		(125,627	)
Class 2		(261	)		(526	)		(2,974	)		(4,445	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(47,397	)		(33,529	)		(92,713	)		(79,219	)
Total Increase (Decrease)		(72,092	)		36,158			(30,454	)		54,409

Net Assets
Beginning of period		502,552			466,394			655,352			600,943
End of period (including undistributed net investment income as set forth below)	$	430,460		$	502,552		$	624,898		$	655,352
Undistributed (Overdistributed) Net Investment Income (Loss)	$	6,111		$	7,694		$	19,091		$	20,026

Increase (Decrease) in Capital Shares
Shares sold:
Class 1		1,256			1,963			1,264			1,576
Class 2		8			7			32			33
Shares issued in reinvestment of dividends and distributions:
Class 1		707			914			684			1,005
Class 2		2			2			25			36
Shares redeemed:
Class 1		(5,196	)		(5,232	)		(6,039	)		(6,514	)
Class 2		(18	)		(39	)		(136	)		(230	)
Net Increase (Decrease)		(3,241	)		(2,385	)		(4,170	)		(4,094	)


		Government & High
Amounts in thousands		Quality Bond Account						Income Account
		Year Ended		Year Ended				Year Ended		Year Ended
		December 31,		December 31,				December 31,		December 31,
		2014			2013			2014			2013
Operations
Net investment income (loss)	$	8,789		$	10,474		$	11,190		$	11,991
Net realized gain (loss) on investments, foreign currencies, futures, and short sales		2,348			4,979			2,029			1,050
Change in unrealized appreciation/depreciation of investments, futures, short sales,
and translation of assets and liabilities in foreign currencies		6,201			(19,992	)		1,774			(12,075	)
Net Increase (Decrease) in Net Assets Resulting from Operations		17,338			(4,539	)		14,993			966

Dividends and Distributions to Shareholders
From net investment income:
Class 1		(12,571	)		(15,618	)		(12,529	)		(14,042	)
Class 2		(31	)		(39	)		(128	)		(170	)
Total Dividends and Distributions		(12,602	)		(15,657	)		(12,657	)		(14,212	)

Capital Share Transactions
Shares sold:
Class 1		23,451			33,232			11,225			15,587
Class 2		69			9			19			93
Shares issued in reinvestment of dividends and distributions:
Class 1		12,571			15,618			12,529			14,042
Class 2		31			39			128			170
Shares redeemed:
Class 1		(105,587	)		(81,530	)		(19,783	)		(39,976	)
Class 2		(128	)		(205	)		(541	)		(581	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(69,593	)		(32,837	)		3,577			(10,665	)
Total Increase (Decrease)		(64,857	)		(53,033	)		5,913			(23,911	)

Net Assets
Beginning of period		380,282			433,315			272,720			296,631
End of period (including undistributed net investment income as set forth below)	$	315,425		$	380,282		$	278,633		$	272,720
Undistributed (Overdistributed) Net Investment Income (Loss)	$	9,984		$	12,599		$	10,170		$	10,990

Increase (Decrease) in Capital Shares
Shares sold:
Class 1		2,244			3,126			1,028			1,429
Class 2		7			1			2			8
Shares issued in reinvestment of dividends and distributions:
Class 1		1,219			1,527			1,165			1,341
Class 2		3			4			12			17
Shares redeemed:
Class 1		(10,065	)		(7,666	)		(1,835	)		(3,638	)
Class 2		(12	)		(20	)		(50	)		(53	)
Net Increase (Decrease)		(6,604	)		(3,028	)		322			(896	)


Amounts in thousands		LargeCap Blend Account II						LargeCap Growth Account
		Year Ended		Year Ended				Year Ended		Year Ended
		December 31,		December 31,				December 31,		December 31,
		2014			2013			2014			2013
Operations
Net investment income (loss)	$	1,576		$	1,897		$	140		$	634
Net realized gain (loss) on investments, foreign currencies, futures, and short sales		21,319			23,884			9,440			70,875
Change in unrealized appreciation/depreciation of investments, futures, short sales,
and translation of assets and liabilities in foreign currencies		(6,694	)		18,383			2,705			(20,549	)
Net Increase (Decrease) in Net Assets Resulting from Operations		16,201			44,164			12,285			50,960

Dividends and Distributions to Shareholders
From net investment income:
Class 1		(1,877	)		(2,266	)		(664	)		(1,397	)
Class 2		(10	)		(11	)		(2	)		(8	)
Total Dividends and Distributions		(1,887	)		(2,277	)		(666	)		(1,405	)

Capital Share Transactions
Shares sold:
Class 1		2,268			2,565			28,520			21,547
Class 2		60			60			64			63
Shares issued in reinvestment of dividends and distributions:
Class 1		1,877			2,266			664			1,397
Class 2		10			11			2			8
Shares redeemed:
Class 1		(34,886	)		(38,870	)		(17,781	)		(182,529	)
Class 2		(132	)		(162	)		(188	)		(144	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(30,803	)		(34,130	)		11,281			(159,658	)
Total Increase (Decrease)		(16,489	)		7,757			22,900			(110,103	)

Net Assets
Beginning of period		162,815			155,058			100,852			210,955
End of period (including undistributed net investment income as set forth below)	$	146,326		$	162,815		$	123,752		$	100,852
Undistributed (Overdistributed) Net Investment Income (Loss)	$	1,556		$	1,897		$	173		$	699

Increase (Decrease) in Capital Shares
Shares sold:
Class 1		217			290			1,243			1,141
Class 2		6			7			3			3
Shares issued in reinvestment of dividends and distributions:
Class 1		178			252			28			72
Class 2		1			1			–			–
Shares redeemed:
Class 1		(3,328	)		(4,312	)		(767	)		(9,180	)
Class 2		(13	)		(18	)		(8	)		(7	)
Net Increase (Decrease)		(2,939	)		(3,780	)		499			(7,971	)


Amounts in thousands		MidCap Account						Money Market Account
		Year Ended		Year Ended				Year Ended		Year Ended
		December 31,		December 31,				December 31,		December 31,
		2014			2013			2014			2013
Operations
Net investment income (loss)	$	3,843		$	3,275		$	–		$	–
Net realized gain (loss) on investments, foreign currencies, futures, and short sales		72,862			59,998			–			–
Change in unrealized appreciation/depreciation of investments, futures, short sales,
and translation of assets and liabilities in foreign currencies		3,163			120,055			–			–
Net Increase (Decrease) in Net Assets Resulting from Operations		79,868			183,328			–			–

Dividends and Distributions to Shareholders
From net investment income:
Class 1		(3,218	)		(8,897	)		–			–
Class 2		(44	)		(170	)		–			–
From net realized gain on investments:
Class 1		(55,916	)		(28,373	)		–			–
Class 2		(1,367	)		(637	)		–			–
Total Dividends and Distributions		(60,545	)		(38,077	)		–			–

Capital Share Transactions
Shares sold:
Class 1		58,293			27,346			146,475			169,496
Class 2		341			443			295			1,152
Shares issued in reinvestment of dividends and distributions:
Class 1		59,134			37,270			–			–
Class 2		1,411			807			–			–
Shares redeemed:
Class 1		(109,369	)		(117,693	)		(150,680	)		(190,291	)
Class 2		(1,335	)		(1,447	)		(320	)		(1,446	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		8,475			(53,274	)		(4,230	)		(21,089	)
Total Increase (Decrease)		27,798			91,977			(4,230	)		(21,089	)

Net Assets
Beginning of period		664,998			573,021			284,067			305,156
End of period (including undistributed net investment income as set forth below)	$	692,796		$	664,998		$	279,837		$	284,067
Undistributed (Overdistributed) Net Investment Income (Loss)	$	4,503		$	2,322		$	–		$	–

Increase (Decrease) in Capital Shares
Shares sold:
Class 1		987			511			146,475			169,496
Class 2		6			8			295			1,152
Shares issued in reinvestment of dividends and distributions:
Class 1		1,037			706			–			–
Class 2		25			15			–			–
Shares redeemed:
Class 1		(1,836	)		(2,152	)		(150,680	)		(190,291	)
Class 2		(22	)		(27	)		(320	)		(1,446	)
Net Increase (Decrease)		197			(939	)		(4,230	)		(21,089	)


		Principal Capital
Amounts in thousands		Appreciation Account						Real Estate Securities Account
		Year Ended		Year Ended				Year Ended		Year Ended
		December 31,		December 31,				December 31,		December 31,
		2014			2013			2014			2013
Operations
Net investment income (loss)	$	378		$	1,218		$	2,192		$	2,725
Net realized gain (loss) on investments, foreign currencies, futures, and short sales		3,036			60,378			6,240			8,889
Change in unrealized appreciation/depreciation of investments, futures, short sales,
and translation of assets and liabilities in foreign currencies		1,130			(29,281	)		32,938			(6,050	)
Net Increase (Decrease) in Net Assets Resulting from Operations		4,544			32,315			41,370			5,564

Dividends and Distributions to Shareholders
From net investment income:
Class 1		(1,007	)		(1,955	)		(2,395	)		(1,785	)
Class 2		(188	)		(375	)		(4	)		(3	)
From net realized gain on investments:
Class 1		(5,104	)		(4,605	)		–			–
Class 2		(1,024	)		(913	)		–			–
Total Dividends and Distributions		(7,323	)		(7,848	)		(2,399	)		(1,788	)

Capital Share Transactions
Shares sold:
Class 1		1,823			3,205			21,401			18,585
Class 2		496			369			189			29
Shares issued in reinvestment of dividends and distributions:
Class 1		6,111			6,560			2,395			1,785
Class 2		1,212			1,288			4			3
Shares redeemed:
Class 1		(4,508	)		(147,225	)		(24,586	)		(28,607	)
Class 2		(713	)		(856	)		(53	)		(25	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		4,421			(136,659	)		(650	)		(8,230	)
Total Increase (Decrease)		1,642			(112,192	)		38,321			(4,454	)

Net Assets
Beginning of period		38,439			150,631			128,872			133,326
End of period (including undistributed net investment income as set forth below)	$	40,081		$	38,439		$	167,193		$	128,872
Undistributed (Overdistributed) Net Investment Income (Loss)	$	419		$	1,236		$	2,496		$	2,703

Increase (Decrease) in Capital Shares
Shares sold:
Class 1		77			127			1,078			1,050
Class 2		23			15			9			2
Shares issued in reinvestment of dividends and distributions:
Class 1		290			304			119			106
Class 2		58			60			–			–
Shares redeemed:
Class 1		(191	)		(5,240	)		(1,258	)		(1,629	)
Class 2		(31	)		(35	)		(3	)		(1	)
Net Increase (Decrease)		226			(4,769	)		(55	)		(472	)


								SAM Conservative
Amounts in thousands		SAM Balanced Portfolio						Balanced Portfolio
		Year Ended		Year Ended				Year Ended		Year Ended
		December 31,		December 31,				December 31,		December 31,
		2014			2013			2014			2013
Operations
Net investment income (loss)	$	25,489		$	25,891		$	6,985		$	6,763
Net realized gain (loss) on investments, foreign currencies, futures, and short sales		68,022			142,717			11,274			20,295
Change in unrealized appreciation/depreciation of investments, futures, short sales,
and translation of assets and liabilities in foreign currencies		(29,299	)		(10,811	)		(4,698	)		(3,236	)
Net Increase (Decrease) in Net Assets Resulting from Operations		64,212			157,797			13,561			23,822

Dividends and Distributions to Shareholders
From net investment income:
Class 1		(23,276	)		(21,320	)		(6,281	)		(5,822	)
Class 2		(2,500	)		(2,123	)		(450	)		(402	)
From net realized gain on investments:
Class 1		(120,112	)		(10,522	)		(17,846	)		(2,097	)
Class 2		(14,177	)		(1,166	)		(1,393	)		(159	)
Total Dividends and Distributions		(160,065	)		(35,131	)		(25,970	)		(8,480	)

Capital Share Transactions
Shares sold:
Class 1		20,836			32,046			18,269			29,918
Class 2		5,050			5,755			1,589			1,588
Shares issued in acquisition:
Class 1		N/A			57,716			N/A			N/A
Shares issued in reinvestment of dividends and distributions:
Class 1		143,388			31,842			24,127			7,919
Class 2		16,677			3,289			1,843			561
Shares redeemed:
Class 1		(165,575	)		(130,269	)		(36,531	)		(30,117	)
Class 2		(14,302	)		(14,094	)		(1,923	)		(3,045	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		6,074			(13,715	)		7,374			6,824
Total Increase (Decrease)		(89,779	)		108,951			(5,035	)		22,166

Net Assets
Beginning of period		1,016,539			907,588			228,387			206,221
End of period (including undistributed net investment income as set forth below)	$	926,760		$	1,016,539		$	223,352		$	228,387
Undistributed (Overdistributed) Net Investment Income (Loss)	$	25,487		$	25,774		$	6,984		$	6,730

Increase (Decrease) in Capital Shares
Shares sold:
Class 1		1,163			1,831			1,378			2,299
Class 2		290			330			124			123
Shares issued in acquisition:
Class 1		N/A			3,298			N/A			N/A
Shares issued in reinvestment of dividends and distributions:
Class 1		8,862			1,857			1,943			626
Class 2		1,038			193			150			45
Shares redeemed:
Class 1		(9,257	)		(7,407	)		(2,767	)		(2,310	)
Class 2		(812	)		(810	)		(148	)		(237	)
Net Increase (Decrease)		1,284			(708	)		680			546


		SAM Conservative
Amounts in thousands		Growth Portfolio						SAM Flexible Income Portfolio
		Year Ended		Year Ended				Year Ended		Year Ended
		December 31,		December 31,				December 31,		December 31,
		2014			2013			2014			2013
Operations
Net investment income (loss)	$	6,604		$	5,062		$	8,281		$	8,458
Net realized gain (loss) on investments, foreign currencies, futures, and short sales		20,264			42,945			6,566			13,916
Change in unrealized appreciation/depreciation of investments, futures, short sales,
and translation of assets and liabilities in foreign currencies		(6,542	)		4,251			(1,072	)		(4,905	)
Net Increase (Decrease) in Net Assets Resulting from Operations		20,326			52,258			13,775			17,469

Dividends and Distributions to Shareholders
From net investment income:
Class 1		(3,414	)		(2,868	)		(7,762	)		(7,477	)
Class 2		(1,627	)		(1,442	)		(654	)		(646	)
From net realized gain on investments:
Class 1		(22,853	)		–			(12,001	)		(2,823	)
Class 2		(12,440	)		–			(1,089	)		(262	)
Total Dividends and Distributions		(40,334	)		(4,310	)		(21,506	)		(11,208	)

Capital Share Transactions
Shares sold:
Class 1		26,377			22,524			20,434			29,750
Class 2		7,412			7,193			1,049			1,162
Shares issued in reinvestment of dividends and distributions:
Class 1		26,267			2,868			19,763			10,300
Class 2		14,067			1,442			1,743			908
Shares redeemed:
Class 1		(21,167	)		(19,592	)		(32,361	)		(46,857	)
Class 2		(10,589	)		(11,373	)		(1,788	)		(2,783	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		42,367			3,062			8,840			(7,520	)
Total Increase (Decrease)		22,359			51,010			1,109			(1,259	)

Net Assets
Beginning of period		278,863			227,853			234,036			235,295
End of period (including undistributed net investment income as set forth below)	$	301,222		$	278,863		$	235,145		$	234,036
Undistributed (Overdistributed) Net Investment Income (Loss)	$	6,603		$	5,040		$	8,281		$	8,416

Increase (Decrease) in Capital Shares
Shares sold:
Class 1		1,338			1,187			1,498			2,175
Class 2		378			389			78			86
Shares issued in reinvestment of dividends and distributions:
Class 1		1,416			153			1,509			785
Class 2		766			78			134			70
Shares redeemed:
Class 1		(1,050	)		(1,034	)		(2,366	)		(3,435	)
Class 2		(533	)		(608	)		(129	)		(207	)
Net Increase (Decrease)		2,315			165			724			(526	)


Amounts in thousands		SAM Strategic Growth Portfolio						Short-Term Income Account
		Year Ended		Year Ended				Year Ended		Year Ended
		December 31,		December 31,				December 31,		December 31,
		2014			2013			2014			2013
Operations
Net investment income (loss)	$	5,217		$	3,249		$	4,463		$	4,300
Net realized gain (loss) on investments, foreign currencies, futures, and short sales		19,399			38,449			1,551			1,840
Change in unrealized appreciation/depreciation of investments, futures, short sales,
and translation of assets and liabilities in foreign currencies		(6,413	)		2,822			(2,109	)		(3,007	)
Net Increase (Decrease) in Net Assets Resulting from Operations		18,203			44,520			3,905			3,133

Dividends and Distributions to Shareholders
From net investment income:
Class 1		(1,996	)		(1,459	)		(4,262	)		(4,939	)
Class 2		(1,242	)		(910	)		(12	)		(20	)
From net realized gain on investments:
Class 1		(21,163	)		–			–			–
Class 2		(15,284	)		–			–			–
Total Dividends and Distributions		(39,685	)		(2,369	)		(4,274	)		(4,959	)

Capital Share Transactions
Shares sold:
Class 1		21,352			18,055			53,517			47,868
Class 2		7,817			5,492			96			8
Shares issued in reinvestment of dividends and distributions:
Class 1		23,159			1,459			4,262			4,939
Class 2		16,526			910			12			20
Shares redeemed:
Class 1		(14,336	)		(12,818	)		(46,298	)		(56,859	)
Class 2		(6,465	)		(8,856	)		(32	)		(447	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		48,053			4,242			11,557			(4,471	)
Total Increase (Decrease)		26,571			46,393			11,188			(6,297	)

Net Assets
Beginning of period		208,738			162,345			257,399			263,696
End of period (including undistributed net investment income as set forth below)	$	235,309		$	208,738		$	268,587		$	257,399
Undistributed (Overdistributed) Net Investment Income (Loss)	$	5,216		$	3,237		$	4,456		$	4,267

Increase (Decrease) in Capital Shares
Shares sold:
Class 1		959			854			20,614			18,356
Class 2		354			262			38			3
Shares issued in reinvestment of dividends and distributions:
Class 1		1,140			69			1,652			1,922
Class 2		820			43			4			7
Shares redeemed:
Class 1		(626	)		(603	)		(17,795	)		(21,829	)
Class 2		(289	)		(423	)		(12	)		(174	)
Net Increase (Decrease)		2,358			202			4,501			(1,715	)


Amounts in thousands		SmallCap Growth Account II						SmallCap Value Account I
		Year Ended		Year Ended				Year Ended		Year Ended
		December 31,		December 31,				December 31,		December 31,
		2014			2013			2014			2013
Operations
Net investment income (loss)	$	(268	)	$	(405	)	$	583		$	836
Net realized gain (loss) on investments, foreign currencies, futures, and short sales		9,357			11,128			14,360			22,497
Change in unrealized appreciation/depreciation of investments, futures, short sales,
and translation of assets and liabilities in foreign currencies		(5,056	)		12,488			(7,518	)		13,806
Net Increase (Decrease) in Net Assets Resulting from Operations		4,033			23,211			7,425			37,139

Dividends and Distributions to Shareholders
From net investment income:
Class 1		–			–			(816	)		(1,179	)
Class 2		–			–			(1	)		(1	)
From net realized gain on investments:
Class 1		–			–			(11,546	)		–
Class 2		–			–			(14	)		–
Total Dividends and Distributions		–			–			(12,377	)		(1,180	)

Capital Share Transactions
Shares sold:
Class 1		3,922			5,584			6,284			4,702
Class 2		140			75			71			7
Shares issued in reinvestment of dividends and distributions:
Class 1		–			–			12,362			1,179
Class 2		–			–			15			1
Shares redeemed:
Class 1		(12,013	)		(11,252	)		(24,810	)		(25,874	)
Class 2		(471	)		(323	)		(24	)		(14	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(8,422	)		(5,916	)		(6,102	)		(19,999	)
Total Increase (Decrease)		(4,389	)		17,295			(11,054	)		15,960

Net Assets
Beginning of period		69,383			52,088			117,304			101,344
End of period (including undistributed net investment income as set forth below)	$	64,994		$	69,383		$	106,250		$	117,304
Undistributed (Overdistributed) Net Investment Income (Loss)	$	(9	)	$	–		$	766		$	943

Increase (Decrease) in Capital Shares
Shares sold:
Class 1		216			349			308			257
Class 2		8			5			4			–
Shares issued in reinvestment of dividends and distributions:
Class 1		–			–			640			62
Class 2		–			–			1			–
Shares redeemed:
Class 1		(664	)		(735	)		(1,188	)		(1,369	)
Class 2		(26	)		(21	)		(1	)		(1	)
Net Increase (Decrease)		(466	)		(402	)		(236	)		(1,051	)

Assuming the acquisition had been completed on January 1, 2013, the beginning of the fiscal year for SAM Balanced Portfolio, SAM Balanced Portfolio’s pro forma results of operations for the year ended December 31, 2013, would have been $26,211,000 of net investment income, $134,816,000 of net realized and unrealized gain on investments, and $161,027,000 of net increase in net assets resulting from operations. Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Asset Allocation Account that have been included in SAM Balanced Portfolio’s statement of operations since April 26, 2013.

Security Valuation. SAM Balanced Portfolio, SAM Conservative Balanced Portfolio, SAM Conservative Growth Portfolio, SAM Flexible Income Portfolio, SAM Strategic Growth Portfolio (collectively, the “SAM Portfolios”) invest in combinations of other series of Principal Variable Contracts Funds, Inc. and Principal Funds, Inc. (the “Underlying Funds”). Investments in the Underlying Funds are valued at the closing net asset value per share of each Underlying Fund on the day of valuation.

The Accounts (with the exception of Money Market Account and SAM Portfolios) value securities for which market quotations are readily available at fair value, which is determined using the last reported sale price. If no sales are reported, as is regularly the case for some securities traded over-the-counter, securities are valued using the last reported bid price, an evaluated bid price or, in the case of certain credit default swaps, a mean price provided by a pricing service. Pricing services use modeling techniques that incorporate security characteristics such as current quotations by broker/dealers, coupon, maturity, quality, type of issue, trading characteristics, other yield and risk factors, and other market conditions to determine an evaluated bid price. When reliable market quotations are not considered to be readily available, which may be the case, for example, with respect to restricted securities, certain debt securities, preferred stocks and foreign securities, the investments are valued at their fair value as determined in good faith by the Manager under procedures established and periodically reviewed by the Fund’s Board of Directors.

The following Account held securities denominated in foreign currencies that exceeded 5% of net assets of the Account:

In addition to the expenses that each of the SAM Portfolios bears directly, each of the SAM Portfolios indirectly bear a pro rata share of the fees and expenses of the Underlying Funds in which they invest. Because the Underlying Funds have varied expense levels and each of the SAM Portfolios may own different proportions of Underlying Funds at different times, the amount of expense incurred indirectly by each of the SAM Portfolios will vary. Expenses included in the statements of operations of the SAM Portfolios reflect the expenses of each SAM Portfolio and do not include any expenses associated with the Underlying Funds.

Real Estate Securities Account receives distributions from holdings in Real Estate Investment Trusts (“REITs”). Distributions from REITs may be characterized as ordinary income, net capital gain, or a return of capital to the Account. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates must be used in reporting the character of its income and distributions for financial statement purposes.

Borrowings. Pursuant to an exemptive order issued by the Securities and Exchange Commission, the Accounts and other registered investment companies managed by the Manager may participate in an interfund lending facility (“Facility”). The Facility allows the Accounts to borrow money from or loan money to the other participants. Loans under the Facility are made to handle unusual and/or unanticipated short-term cash requirements. Interest paid and received on borrowings is the average of the current repurchase agreement rate and the bank loan rate (the higher of (i) the Federal Funds Rate or (ii) the One Month LIBOR rate plus 1.00%). During the year ended December 31, 2014, Diversified International Account, LargeCap Blend Account II, LargeCap Growth Account, MidCap Account, and Real Estate Securities Account each borrowed from the Facility. Equity Income Account, Government & High Quality Bond Account, Income Account, LargeCap Blend Account II, LargeCap Growth Account, Short-Term Income Account, SmallCap Growth Account II, and SmallCap Value Account I each loaned to the Facility. The interest expense associated with these borrowings is included in other expenses on the statements of operations. The interest received is included in interest on the statements of operations.

In addition, the Accounts participate with other registered investment companies managed by the Manager in an unsecured joint line of credit with a bank which allows the participants to borrow up to $75 million, collectively. Borrowings are made solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to each participant, based on its borrowings, at a rate equal to the higher of the Federal Funds Rate or the One Month LIBOR rate plus 1.00%. Additionally, a commitment fee is charged at an annual rate of .08% on the amount of the line of credit. During the year ended December 31, 2014, Diversified International Account, MidCap Account, and Short-Term Income Account each borrowed against the line of credit. The interest expense associated with these borrowings is included in other expenses on the statements of operations.

Collateral information relating to securities on loan is included in the securities lending note to financial statements.

Futures Contracts. The Accounts are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Accounts (with the exception of Money Market Account and SAM Portfolios) may enter into futures contracts to hedge against changes in or to gain exposure to, change in the value of equities, interest rates and foreign currencies. Initial margin deposits are made by cash deposits or segregation of specific securities as may be required by the exchange on which the transaction was conducted. Pursuant to the contracts, an account agrees to receive from or pay to the broker, an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the account as a variation margin receivable or payable on financial derivative instruments. During the period the futures contracts are open, daily changes in the fair value of the contracts are recognized as unrealized gains or losses. These unrealized gains or losses are included as a component of net unrealized appreciation (depreciation) of investments on the statements of assets and liabilities. When the contracts are closed, the account recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the account’s cost basis in the contract. There is minimal counterparty credit risk to the Accounts because futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

Senior Floating Rate Interests. The Accounts may invest in senior floating rate interests (bank loans). Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. Senior floating rate interests are typically rated below-investment-grade, which means they are more likely to default than investment-grade loans. A default could lead to non-payment of income which would result in a reduction of income to the account and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

Short Sales. LargeCap Blend Account II entered into short sales transactions during the period. A short sale is a transaction in which an account sells a security it does not own as a hedge against some of its long positions and/or in anticipation of a decline in the market price of the security. The account must borrow the security sold short and deliver it to the broker dealer which made the short sale. A security sold in a short sale transaction and the interest or dividend payable on the security if any, is reflected as a liability on the statement of assets and liabilities. The account is obligated to pay any interest or dividends received on the borrowed securities. Interest accrued and dividends declared on short positions are recorded as an expense and appear as dividends and interest on shorts on the statement of operations. An account is obligated to deliver the security at the market price at the time the short position is closed. Possible losses from short sales may be unlimited.

Long equity futures contracts are used to obtain market exposure for the cash balances that are maintained by certain of the Accounts and the notional values of the futures contracts will vary in accordance with the changing cash balances. The level of derivative activity disclosed in the schedules of investments is representative of the level of derivative activity used in the Accounts throughout the year ended December 31, 2014.

The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

The following is a summary of the inputs used as of December 31, 2014 in valuing the Funds' securities carried at value (amounts shown in thousands):


				Level 2 - Other
		Level 1 - Quoted		Significant Observable		Level 3 - Significant
Account		Prices		Inputs		Unobservable Inputs		Totals (Level 1,2,3)
Diversified International Account
Common Stocks
Basic Materials	$	1,619	$	13,446	$	—	$	15,065
Communications		4,691		40,857		—		45,548
Consumer, Cyclical		13,622		43,848		—		57,470
Consumer, Non-cyclical		9,608		71,233		—		80,841
Energy		6,711		17,244		—		23,955
Financial		24,624		87,671		—		112,295
Industrial		9,445		43,525		—		52,970
Technology		—		24,402		—		24,402
Utilities		1,277		13,235		—		14,512
Investment Companies		826		—		—		826
Preferred Stocks		1,719		—		—		1,719
	Total investments in securities $	74,142	$	355,461	$	—	$	429,603

Equity Income Account
Common Stocks*	$	610,198	$	—	$	—	$	610,198
Investment Companies		14,042		—		—		14,042
	Total investments in securities $	624,240	$	—	$	—	$	624,240

Government & High Quality Bond Account
Bonds	$	—	$	96,689	$	—	$	96,689
Investment Companies		9,998		—		—		9,998
U.S. Government & Government Agency Obligations		—		211,726		—		211,726
	Total investments in securities $	9,998	$	308,415	$	—	$	318,413


NOTES TO FINANCIAL STATEMENTS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014


4. Fair Value (Continued)
					Level 2 - Other
		Level 1 - Quoted		Significant Observable			Level 3 - Significant
Account		Prices			Inputs		Unobservable Inputs		Totals (Level 1,2,3)
Income Account
Bonds	$	—		$	172,689	$	2,076	$	174,765
Common Stocks*		—			—		—		—
Convertible Bonds		—			3,579		—		3,579
Investment Companies		10,265			—		—		10,265
Senior Floating Rate Interests		—			1,775		—		1,775
U.S. Government & Government Agency Obligations		—			85,956		—		85,956
	Total investments in securities $	10,265		$	263,999	$	2,076	$	276,340

LargeCap Blend Account II
Common Stocks*	$	140,433		$	—	$	—	$	140,433
Investment Companies		6,081			—		—		6,081
	Total investments in securities $	146,514		$	—	$	—	$	146,514
Liabilities
Equity Contracts**
Futures	$	(52	)	$	—	$	—	$	(52	)

LargeCap Growth Account
Common Stocks*	$	121,077		$	—	$	—	$	121,077
Investment Companies		2,760			—		—		2,760
	Total investments in securities $	123,837		$	—	$	—	$	123,837

MidCap Account
Common Stocks*	$	694,048		$	—	$	—	$	694,048
Investment Companies		155			—		—		155
	Total investments in securities $	694,203		$	—	$	—	$	694,203

Money Market Account
Bonds	$	—		$	23,015	$	—	$	23,015
Certificate of Deposit		—			5,600		—		5,600
Commercial Paper		—			195,714		—		195,714
Investment Companies		18,780			—		—		18,780
Municipal Bonds		—			20,030		—		20,030
Repurchase Agreements		—			12,000		—		12,000
	Total investments in securities $	18,780		$	256,359	$	—	$	275,139

Principal Capital Appreciation Account
Common Stocks*	$	39,414		$	—	$	—	$	39,414
Investment Companies		882			—		—		882
	Total investments in securities $	40,296		$	—	$	—	$	40,296

Real Estate Securities Account
Common Stocks*	$	165,745		$	—	$	—	$	165,745
Investment Companies		948			—		—		948
	Total investments in securities $	166,693		$	—	$	—	$	166,693

SAM Balanced Portfolio
Investment Companies	$	926,966		$	—	$	—	$	926,966
	Total investments in securities $	926,966		$	—	$	—	$	926,966


NOTES TO FINANCIAL STATEMENTS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014


4. Fair Value (Continued)
				Level 2 - Other
		Level 1 - Quoted	Significant Observable			Level 3 - Significant
Account		Prices		Inputs		Unobservable Inputs		Totals (Level 1,2,3)
SAM Conservative Balanced Portfolio
Investment Companies	$	223,402	$	—	$	—	$	223,402
	Total investments in securities $	223,402	$	—	$	—	$	223,402

SAM Conservative Growth Portfolio
Investment Companies	$	301,305	$	—	$	—	$	301,305
	Total investments in securities $	301,305	$	—	$	—	$	301,305

SAM Flexible Income Portfolio
Investment Companies	$	235,198	$	—	$	—	$	235,198
	Total investments in securities $	235,198	$	—	$	—	$	235,198

SAM Strategic Growth Portfolio
Investment Companies	$	235,377	$	—	$	—	$	235,377
	Total investments in securities $	235,377	$	—	$	—	$	235,377

Short-Term Income Account
Bonds	$	—	$	249,279	$	2,909	$	252,188
Investment Companies		8,838		—		—		8,838
U.S. Government & Government Agency Obligations		—		4,570		—		4,570
	Total investments in securities $	8,838	$	253,849	$	2,909	$	265,596

SmallCap Growth Account II
Common Stocks
Basic Materials	$	1,225	$	—	$	—	$	1,225
Communications		3,289		1		—		3,290
Consumer, Cyclical		12,250		—		—		12,250
Consumer, Non-cyclical		17,376		1		—		17,377
Diversified		964		—		—		964
Energy		1,608		—		—		1,608
Financial		8,925		—		—		8,925
Industrial		7,361		—		—		7,361
Technology		9,964		—		—		9,964
Utilities		10		—		—		10
Investment Companies		9,490		—		—		9,490
	Total investments in securities $	72,462	$	2	$	—	$	72,464
Assets
Equity Contracts**
Futures	$	61	$	—	$	—	$	61

*For additional detail regarding sector classifications, please see the Schedules of Investments. **Futures are valued at the unrealized appreciation (depreciation) of the instrument.

The changes in investments measured at fair value for which Level 3 inputs have been used to determine fair value are as follows (amounts in thousands):

*Securities are transferred into Level 3 for a variety of reasons including, but not limited to: 1. Securities where trading has been halted, 2. Securities that have certain restrictions on trading, 3. Instances in which a security is not priced by pricing services **Securities are transferred out of Level 3 for a variety of reasons including, but not limited to: 1. Securities where trading resumes, 2. Securities where trading restrictions have expired, 3. Instances in which a price becomes available from a pricing service

Management Services. The Fund has agreed to pay investment advisory and management fees to the Manager (wholly owned by Principal Financial Services, Inc.) computed at an annual percentage rate of each account’s average daily net assets. A portion of the management fee is paid by Principal Management Corporation to the sub-advisor of each of the Accounts, some of which are affiliates of the Manager. The annual rate paid by the SAM Portfolios is based upon the aggregate average daily net assets (“aggregate net assets”) of the SAM Portfolios. The investment advisory and management fee schedule for the SAM Portfolios is .25% of aggregate net assets up to the first $1 billion and .20% of aggregate net assets over $1 billion. The annual rates used in this calculation for each of the other Accounts are as follows:


			Net Assets of Accounts (in millions)
	First $100		Next $100		Next $100		Next $100		Thereafter
Equity Income Account	.60	%	.55	%	.50	%	.45	%	.40	%
MidCap Account	.65		.60		.55		.50		.45
Money Market Account	.50		.45		.40		.35		.30
Real Estate Securities Account	.90		.85		.80		.75		.70
SmallCap Growth Account II	1.00		.95		.90		.85		.80
SmallCap Value Account I	1.10		1.05		1.00		.95		.90

			Net Assets of Accounts (in millions)
	First $250		Next $250		Next $250		Next $250		Thereafter
Diversified International Account	.85	%	.80	%	.75	%	.70	%	.65	%
LargeCap Blend Account II	.75		.70		.65		.60		.55

	Net Assets of Account (in millions)
	First $200		Next $300		Over $500
Short-Term Income Account	.50	%	.45	%	.40	%

	Net Assets of Account (in millions)
	First $500		Over $500
Principal Capital Appreciation Account	.625	%	.50	%

			Net Assets of Account
	First $500		Next $500		Next $1		Next $1		Over $3
	million		million		billion		billion		billion
LargeCap Growth Account	.68	%	.63	%	.61	%	.56	%	.51	%

Net Assets of Accounts (in billions)

	First $2		Over $2
Government & High Quality Bond Account	.50	%	.45	%
Income Account	.50		.45

The Manager has contractually agreed to reduce Short-Term Income Account’s expenses by .01% through the period ended April 30, 2015.

In addition, the Manager has voluntarily agreed to limit Money Market Account’s expenses to the extent necessary to maintain a 0% yield. The voluntary limit may be terminated at any time.

Distribution and Shareholder Servicing Fees. Class 2 shares of the Accounts bear distribution fees. The fee is computed at an annual rate of the average daily net assets attributable to Class 2 shares of each of the Accounts. Distribution fees are paid to Principal Funds Distributor, Inc., the principal distributor of the Accounts. A portion of the distribution fees may be paid to other selling dealers for providing certain services. The annual rate for Class 2 shares is .25%.

Distributions to Shareholders. The federal income tax character of distributions paid for the years ended December 31, 2014 and December 31, 2013 were as follows (amounts in thousands):

*The Accounts designate these distributions as long-term capital gain dividends per IRC Sec. 852(b)(3)(C).

For U.S. federal income tax purposes, short-term capital gain distributions are considered ordinary income distributions.

Distributable Earnings. As of December 31, 2014, the components of distributable earnings on a federal tax basis were as follows (amounts in thousands):


														Total
		Undistributed		Undistributed					Net Unrealized		Other			Accumulated
		Ordinary		Long-Term		Accumulated			Appreciation		Temporary			Earnings
		Income		Capital Gains		Capital Loss			(Depreciation)		Differences*			(Deficit)
Diversified International Account	$	7,418	$	—	$	(110,806	)	$	56,076	$	—		$	(47,312	)
Equity Income Account		15,921		—		(5,257	)		245,356		—			256,020
Government & High Quality Bond Account		9,985		404		(22,657	)		3,618		(69	)		(8,719	)
Income Account		11,813		—		(3,382	)		14,389		(238	)		22,582
LargeCap Blend Account II		1,551		11,445		—			32,559		—			45,555
LargeCap Growth Account		172		—		(17,319	)		26,684		—			9,537
MidCap Account		4,110		70,879		—			263,243		—			338,232
Money Market Account		—		—		(10	)		—		—			(10	)
Principal Capital Appreciation Account		492		2,910		—			22,080		—			25,482
Real Estate Securities Account		2,494		4,828		—			54,690		—			62,012
SAM Balanced Portfolio		26,866		64,634		—			120,603		—			212,103
SAM Conservative Balanced Portfolio		7,192		10,037		—			19,834		—			37,063
SAM Conservative Growth Portfolio		6,857		19,168		—			35,098		—			61,123
SAM Flexible Income Portfolio		8,696		5,224		—			20,145		—			34,065
SAM Strategic Growth Portfolio		5,458		17,640		—			22,692		—			45,790
Short-Term Income Account		4,456		—		(16,745	)		567		(48	)		(11,770	)
SmallCap Growth Account II		—		—		(4,671	)		14,806		—			10,135
SmallCap Value Account I		2,997		11,386		—			20,834		—			35,217

*Represents book-to-tax accounting differences.

As of December 31, 2014, the following Accounts utilized capital loss carryforwards as follows (amounts in thousands):


		Unrealized		Unrealized			Net Unrealized		Cost for Federal
		Appreciation		(Depreciation)			Appreciation (Depreciation)		Income Tax Purposes
Diversified International Account	$	77,456	$	(21,194	)	$	56,262	$	373,341
Equity Income Account		254,479		(9,123	)		245,356		378,884
Government & High Quality Bond Account		7,999		(4,381	)		3,618		314,795
Income Account		16,978		(2,589	)		14,389		261,951
LargeCap Blend Account II		34,459		(1,900	)		32,559		113,955
LargeCap Growth Account		28,302		(1,618	)		26,684		97,153
MidCap Account		265,993		(2,750	)		263,243		430,960
Money Market Account		—		—			—		275,139
Principal Capital Appreciation Account		22,213		(133	)		22,080		18,216
Real Estate Securities Account		54,925		(235	)		54,690		112,003
SAM Balanced Portfolio		125,047		(4,444	)		120,603		806,363
SAM Conservative Balanced Portfolio		20,937		(1,103	)		19,834		203,568
SAM Conservative Growth Portfolio		37,410		(2,312	)		35,098		266,207
SAM Flexible Income Portfolio		21,216		(1,071	)		20,145		215,053
SAM Strategic Growth Portfolio		25,735		(3,043	)		22,692		212,685
Short-Term Income Account		2,196		(1,629	)		567		265,029
SmallCap Growth Account II		17,081		(2,275	)		14,806		57,658
SmallCap Value Account I		25,049		(4,215	)		20,834		86,134

8. Subsequent Events


Schedule of Investments
Diversified International Account
December 31, 2014



COMMON STOCKS - 99.21%	Shares Held Value (000's)				COMMON STOCKS (continued)		Shares Held Value (000's)

Advertising - 0.31%					Commercial Services - 1.86%
WPP PLC	64,253	$	1,336		Ashtead Group PLC		89,002	$	1,581
					Cielo SA		63,100		989
					G8 Education Ltd		198,159		669
Aerospace & Defense - 0.79%					Kroton Educacional SA		416,400		2,428
Safran SA	33,625		2,075		Stantec Inc		40,802		1,121
Thales SA	24,160		1,307		TAL Education Group ADR^(a)		43,346		1,218
	$		3,382				$		8,006

Agriculture - 1.83%					Computers - 0.68%
British American Tobacco PLC	60,039		3,254		Ingenico		18,455		1,944
Japan Tobacco Inc	119,900		3,300		TDK Corp		17,000		1,001
KT&G Corp	19,144		1,329				$		2,945
	$		7,883
					Distribution & Wholesale - 0.35%
Airlines - 1.17%					Hitachi High-Technologies Corp		52,200		1,500
easyJet PLC	90,646		2,346
Ryanair Holdings PLC ADR^(a)	37,601		2,680
	$		5,026		Diversified Financial Services - 2.29%
					Macquarie Group Ltd		62,550		2,950
Automobile Manufacturers - 2.46%					Mega Financial Holding Co Ltd		2,003,663		1,546
Fuji Heavy Industries Ltd	83,900		2,969		ORIX Corp		256,180		3,223
Maruti Suzuki India Ltd ^(b)	8,229		443		Paragon Group of Cos PLC/The		145,880		942
Toyota Motor Corp	115,000		7,166		Shinhan Financial Group Co Ltd		29,766		1,196
	$		10,578				$		9,857

Automobile Parts & Equipment - 1.96%					Electric - 2.56%
Bridgestone Corp	67,200		2,331		Enel SpA		556,907		2,482
Continental AG	11,444		2,414		Iberdrola SA		453,576		3,058
Georg Fischer AG ^(a)	1,301		821		Korea Electric Power Corp		55,280		2,130
Valeo SA	23,182		2,884		Tenaga Nasional BHD		853,300		3,361
	$		8,450				$		11,031

Banks - 12.47%					Electrical Components & Equipment - 0.46%
Axis Bank Ltd ^(b)	268,082		2,159		Delta Electronics Inc		177,000		1,046
Bangkok Bank PCL	169,100		1,005		Mabuchi Motor Co Ltd		23,600		937
Bank of China Ltd	3,336,548		1,873				$		1,983
Bank of Montreal	43,000		3,042
Commonwealth Bank of Australia	52,099		3,620		Electronics - 2.56%
Danske Bank A/S	68,916		1,863		Hon Hai Precision Industry Co Ltd		826,044		2,281
DBS Group Holdings Ltd	123,000		1,904		Hoya Corp		75,000		2,537
DNB ASA	230,218		3,396		Japan Aviation Electronics Industry Ltd		40,600		887
ICICI Bank Ltd ADR	264,815		3,059		Merry Electronics Co Ltd		211,050		737
Malayan Banking Bhd	618,600		1,620		Minebea Co Ltd		77,082		1,138
Mitsubishi UFJ Financial Group Inc	568,700		3,124		Omron Corp		77,000		3,445
Natixis SA	450,724		2,974				$		11,025
Nordea Bank AB	290,738		3,365		Engineering & Construction - 1.82%
Royal Bank of Canada	55,950		3,864		Acciona SA ^(a)		12,023		811
Skandinaviska Enskilda Banken AB	286,064		3,633		ACS Actividades de Construccion y Servicios		65,460		2,282
Sumitomo Mitsui Financial Group Inc	108,400		3,919		SA
Svenska Handelsbanken AB	63,830		2,986		Promotora y Operadora de Infraestructura		75,600		909
Swedbank AB	100,101		2,484		SAB de CV ^(a)
Toronto-Dominion Bank/The	79,142		3,781		Skanska AB		68,473		1,470
	$		53,671		Vinci SA		43,107		2,354
Beverages - 2.11%							$		7,826
Ambev SA ADR	210,922		1,312
Anheuser-Busch InBev NV	47,733		5,372		Entertainment - 0.24%
Asahi Group Holdings Ltd	52,600		1,627		OPAP SA		95,124		1,019
Britvic PLC	73,908		773
	$		9,084	Food	- 2.57	%
					Aryzta AG ^(a)		22,918		1,761
Biotechnology - 0.40%					Associated British Foods PLC		39,948		1,953
CSL Ltd	24,792		1,741		Greencore Group PLC		247,972		1,102
					Gruma SAB de CV		117,300		1,251
Building Materials - 0.45%					Nestle SA		50,973		3,716
CSR Ltd	316,353		1,000		Saputo Inc		42,900		1,289
Kingspan Group PLC	56,197		948				$		11,072
	$		1,948		Forest Products & Paper - 0.71%
Chemicals - 1.69%					Mondi PLC		80,522		1,308
Givaudan SA ^(a)	1,377		2,470		Stora Enso OYJ		195,677		1,750
Lonza Group AG ^(a)	7,192		810				$		3,058
Potash Corp of Saskatchewan Inc	45,800		1,619
Yara International ASA	53,099		2,365	Gas	- 0.81	%
					Gas Natural SDG SA		87,744		2,204
	$		7,264		Keyera Corp		18,300		1,277
							$		3,481
See accompanying notes.					62


Schedule of Investments
Diversified International Account
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Hand & Machine Tools - 0.31%				Oil & Gas - 5.57%
Fuji Electric Co Ltd	337,000	$	1,344	Canadian Natural Resources Ltd	119,400	$	3,692
				Eni SpA	65,271		1,143
				Parex Resources Inc ^(a)	77,600		506
Healthcare - Products - 1.15%				PetroChina Co Ltd	2,006,000		2,227
Coloplast A/S	49,218		4,119	Royal Dutch Shell PLC - A Shares	70,667		2,359
Sonova Holding AG	5,763		846	Royal Dutch Shell PLC - B Shares	122,575		4,235
	$		4,965	Sasol Ltd	60,640		2,263
Healthcare - Services - 0.32%				SK Holdings Co Ltd	5,664		841
Ramsay Health Care Ltd	29,743		1,379	Statoil ASA	84,972		1,496
				Suncor Energy Inc	79,126		2,513
				Total SA	52,311		2,680
Home Builders - 1.90%					$		23,955
Barratt Developments PLC	347,430		2,528
Persimmon PLC ^(a)	106,950		2,612	Pharmaceuticals - 8.53%
Taylor Wimpey PLC	1,421,496		3,033	Actelion Ltd ^(a)	13,603		1,566
	$		8,173	Bayer AG	39,186		5,341
				BTG PLC ^(a)	117,747		1,453
Home Furnishings - 0.65%				Novartis AG	92,685		8,596
Howden Joinery Group PLC	166,609		1,039	Novo Nordisk A/S	125,957		5,328
Steinhoff International Holdings Ltd	344,619		1,763	Orion Oyj	25,395		790
	$		2,802	Roche Holding AG	32,207		8,726
Insurance - 5.52%				Shire PLC	69,264		4,911
BB Seguridade Participacoes SA	115,000		1,391		$		36,711
Direct Line Insurance Group PLC	522,088		2,362	Private Equity - 0.20%
Hannover Rueck SE	40,918		3,691	3i Group PLC	125,597		876
Legal & General Group PLC	686,124		2,649
Manulife Financial Corp	98,400		1,879
Porto Seguro SA	53,889		616	Real Estate - 4.16%
Prudential PLC	152,171		3,518	Brookfield Asset Management Inc	126,142		6,321
Sampo Oyj	85,632		4,009	Cheung Kong Holdings Ltd	254,000		4,254
Sanlam Ltd	241,258		1,452	Deutsche Wohnen AG	39,787		938
Tokio Marine Holdings Inc	67,900		2,205	Lend Lease Group	127,196		1,694
	$		23,772	Mitsui Fudosan Co Ltd	70,000		1,877
				Sun Hung Kai Properties Ltd	133,000		2,015
Internet - 0.84%				Wheelock & Co Ltd	177,000		822
Tencent Holdings Ltd	160,823		2,327		$		17,921
Vipshop Holdings Ltd ADR^(a)	65,420		1,278
	$		3,605	REITS - 0.71%
				Mirvac Group	1,000,427		1,447
Investment Companies - 0.73%				RioCan Real Estate Investment Trust	29,482		671
Investor AB	86,854		3,158	Segro PLC	160,978		922
					$		3,040

Iron & Steel - 0.19%				Retail - 4.63%
APERAM SA ^(a)	27,882		818
				Alimentation Couche-Tard Inc	152,252		6,381
				Dollarama Inc	89,200		4,561
Machinery - Construction & Mining - 1.35%				E-Mart Co Ltd	3,137		581
Hitachi Ltd	298,261		2,201	Jumbo SA	54,596		555
Mitsubishi Electric Corp	304,000		3,611	Next PLC	21,248		2,253
	$		5,812	Pandora A/S	44,498		3,607
				Poundland Group PLC ^(a)	186,795		952
Machinery - Diversified - 0.23%				Travis Perkins PLC	35,863		1,032
Sumitomo Heavy Industries Ltd	184,000		990		$		19,922

				Semiconductors - 3.09%
Media - 1.84%				ams AG	37,680		1,362
Grupo Televisa SAB ADR^(a)	49,117		1,673
				ARM Holdings PLC	158,191		2,430
ITV PLC	1,345,700		4,489	Dialog Semiconductor PLC ^(a)	44,010		1,537
Shaw Communications Inc	64,500		1,740	MediaTek Inc	98,000		1,425
	$		7,902	SK Hynix Inc	62,826		2,685
Mining - 0.91%				Taiwan Semiconductor Manufacturing Co Ltd	877,140		3,864
BHP Billiton Ltd	96,732		2,287		$		13,303
BHP Billiton PLC	76,454		1,638	Shipbuilding - 0.18%
	$		3,925	Mitsui Engineering & Shipbuilding Co Ltd	449,000		789
Miscellaneous Manufacturing - 1.19%
FUJIFILM Holdings Corp	67,800		2,069	Software - 1.35%
IMI PLC	63,355		1,239	HCL Technologies Ltd	110,378		2,788
Largan Precision Co Ltd	24,000		1,797	Tech Mahindra Ltd	35,294		1,447
	$		5,105	UBISOFT Entertainment ^(a)	86,477		1,576
Office & Business Equipment - 0.54%					$		5,811
Seiko Epson Corp	56,000		2,343	Telecommunications - 7.60%
				Belgacom SA	71,581		2,597


Schedule of Investments
Diversified International Account
December 31, 2014



COMMON STOCKS (continued)		Shares Held	Value(000			's)	Portfolio Summary	(unaudited)
							Country		Percent
Telecommunications (continued)							Japan		16.13	%
Bezeq The Israeli Telecommunication Corp		251,865		$	447		Canada		12.30	%
Ltd
BT Group PLC		658,006			4,093		United Kingdom		11.52	%
							Switzerland		6.80	%
China Telecom Corp Ltd		3,064,000			1,777		France		4.83	%
Deutsche Telekom AG		163,786			2,621
Hellenic Telecommunications Organization		87,811			960		Australia		4.27	%
							Germany		4.25	%
SA ^(a)							Denmark		4.25	%
KDDI Corp		76,800			4,825
Nippon Telegraph & Telephone Corp		77,900			3,979		Sweden		3.96	%
							Taiwan, Province Of China		2.95	%
NTT DOCOMO Inc		46,600			679		Korea, Republic Of		2.57	%
Orange SA		175,154			2,979
SK Telecom Co Ltd		9,426			2,305		China		2.49	%
							India		2.29	%
SoftBank Corp		57,100			3,399		Ireland		2.24	%
TDC A/S		114,003			869
Telekom Malaysia Bhd		598,300			1,175		Brazil		1.95	%
							Spain		1.94	%
			$		32,705		Belgium		1.85	%
Transportation - 2.97%							Norway		1.69	%
AP Moeller - Maersk A/S - B shares		1,254			2,494		Hong Kong		1.65	%
Canadian National Railway Co		77,276			5,322		South Africa		1.58	%
Canadian Pacific Railway Ltd		16,686			3,214		Netherlands		1.53	%
Deutsche Post AG		53,463			1,736		Finland		1.52	%
			$		12,766		Malaysia		1.43	%
TOTAL COMMON STOCKS			$		427,058		Mexico		0.89	%
INVESTMENT COMPANIES - 0.19%		Shares Held	Value(000			's)	Italy		0.85	%
							Greece		0.59	%
Publicly Traded Investment Fund - 0.19%							Singapore		0.44	%
BlackRock Liquidity Funds FedFund Portfolio		825,878			826		Austria		0.32	%
							Thailand		0.23	%
TOTAL INVESTMENT COMPANIES			$		826		Luxembourg		0.19	%
PREFERRED STOCKS - 0.40%		Shares Held	Value(000			's)	United States		0.19	%
							Israel		0.11	%
Food - 0.40%							Other Assets in Excess of Liabilities, Net		0.20	%
Cia Brasileira de Distribuicao		46,300			1,719		TOTAL NET ASSETS		100.00	%
TOTAL PREFERRED STOCKS			$		1,719
Total Investments			$		429,603
Other Assets in Excess of Liabilities, Net - 0.20%			$		857
TOTAL NET ASSETS - 100.00%			$		430,460


(a)	Non-Income Producing Security
(b)	Fair value of these investments is determined in good faith by the Manager
	under procedures established and periodically reviewed by the Board of
	Directors. At the end of the period, the fair value of these securities totaled
	$2,602 or 0.60% of net assets.


Schedule of Investments
Equity Income Account
December 31, 2014



COMMON STOCKS - 97.64%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Aerospace & Defense - 2.32%				Healthcare - Products - 1.88%
Lockheed Martin Corp	37,242	$	7,172	Becton Dickinson and Co	30,519	$	4,247
Raytheon Co	67,685		7,321	Medtronic Inc	103,646		7,483
	$		14,493		$		11,730

Apparel - 1.40%				Insurance - 6.03%
VF Corp	116,540		8,729	ACE Ltd	108,390		12,452
				Allstate Corp/The	80,536		5,657
				Chubb Corp/The	41,487		4,293
Automobile Manufacturers - 1.16%				MetLife Inc	244,570		13,229
PACCAR Inc	106,414		7,237	Swiss Re AG ADR	23,994		2,029
					$		37,660
Automobile Parts & Equipment - 2.28%
Autoliv Inc	66,325		7,038	Machinery - Diversified - 2.07%
Johnson Controls Inc	149,441		7,224	Deere & Co	146,428		12,955
	$		14,262
				Media - 0.53%
Banks - 9.20%				Walt Disney Co/The	35,135		3,309
Australia & New Zealand Banking Group Ltd	66,931		1,740
ADR
Bank of Nova Scotia/The	96,128		5,487	Mining - 0.87%
Grupo Financiero Santander Mexico SAB de	168,780		1,749	BHP Billiton Ltd ADR	115,363		5,459
CV ADR
JP Morgan Chase & Co	212,103		13,273	Miscellaneous Manufacturing - 1.87%
M&T Bank Corp	42,962		5,397	3M Co	21,475		3,529
PNC Financial Services Group Inc/The	120,194		10,965	Parker-Hannifin Corp	63,191		8,148
US Bancorp/MN	194,634		8,749		$		11,677
Wells Fargo & Co	184,576		10,119
	$		57,479	Oil & Gas - 10.46%
				Chevron Corp	69,746		7,824
Beverages - 0.72%				Cimarex Energy Co	22,300		2,364
Coca-Cola Co/The	106,665		4,503	Crescent Point Energy Corp	286,125		6,627
				Exxon Mobil Corp	95,621		8,840
Chemicals - 1.54%				Marathon Oil Corp	210,063		5,943
Air Products & Chemicals Inc	26,952		3,887	Marathon Petroleum Corp	134,193		12,112
EI du Pont de Nemours & Co	77,246		5,712	Occidental Petroleum Corp	130,764		10,541
	$		9,599	Royal Dutch Shell PLC - B shares ADR	142,322		9,900
				Total SA ADR	23,805		1,219
Computers - 3.85%					$		65,370
Apple Inc	128,196		14,150
EMC Corp/MA	243,534		7,243	Pharmaceuticals - 13.06%
International Business Machines Corp	16,686		2,677	Abbott Laboratories	207,409		9,338
	$		24,070	AbbVie Inc	136,288		8,919
				GlaxoSmithKline PLC ADR	99,493		4,252
Distribution & Wholesale - 0.86%				Johnson & Johnson	63,301		6,619
Genuine Parts Co	50,665		5,399	Merck & Co Inc	225,981		12,834
				Novartis AG ADR	83,212		7,710
Diversified Financial Services - 5.52%				Pfizer Inc	336,502		10,482
BlackRock Inc	32,312		11,554	Roche Holding AG ADR	284,283		9,663
Discover Financial Services	167,803		10,989	Shire PLC ADR	11,726		2,492
FNF Group	346,707		11,944	Teva Pharmaceutical Industries Ltd ADR	161,548		9,291
	$		34,487		$		81,600

Electric - 3.77%				Pipelines - 3.24%
NextEra Energy Inc	57,938		6,158	Enterprise Products Partners LP	229,314		8,283
Northeast Utilities	106,101		5,678	Kinder Morgan Inc/DE	283,601		11,999
Wisconsin Energy Corp	108,626		5,729		$		20,282
Xcel Energy Inc	167,364		6,012	Private Equity - 1.44%
	$		23,577	KKR & Co LP	387,502		8,994
Electrical Components & Equipment - 0.39%
Emerson Electric Co	39,114		2,415	REITS - 4.10%
				American Capital Agency Corp	291,950		6,373
Electronics - 1.18%				Annaly Capital Management Inc	630,247		6,813
Garmin Ltd	52,970		2,798	Digital Realty Trust Inc	187,610		12,439
Honeywell International Inc	45,633		4,560		$		25,625
	$		7,358	Retail - 2.34%
Food - 2.66%				Costco Wholesale Corp	20,413		2,894
Kraft Foods Group Inc	114,038		7,146	Starbucks Corp	67,872		5,569
Kroger Co/The	147,174		9,450	Tiffany & Co	57,890		6,186
	$		16,596		$		14,649

Gas - 1.08%				Semiconductors - 4.55%
Sempra Energy	60,639		6,753	Applied Materials Inc	328,780		8,193
				Maxim Integrated Products Inc	157,042		5,005


Schedule of Investments
Government & High Quality Bond Account
December 31, 2014



	INVESTMENT COMPANIES - 3.17%			Shares Held Value (000's)						Principal
							BONDS (continued)			Amount (000's) Value (000's)
	Publicly Traded Investment Fund - 3.17%
	BlackRock Liquidity Funds FedFund Portfolio			9,998,307	$	9,998	Mortgage Backed Securities (continued)
							Ginnie Mae (continued)
	TOTAL INVESTMENT COMPANIES			$		9,998	2.60%, 09/16/2042^(a)		$	1,791	$	1,857
				Principal			2.75%, 02/16/2055			1,500		1,449
							3.05%, 05/16/2048^(a)			999		1,023
BONDS	- 30.65	%	Amount (000's) Value (000's)				3.50%, 12/20/2034^(a)			8,027		629
	Home Equity Asset Backed Securities - 1.56%						3.50%, 05/20/2039			557		580
	ACE Securities Corp Mortgage Loan Trust						3.50%, 07/16/2045			1,900		1,959
	Series 2007-D1						4.00%, 09/16/2026^(a)			4,066		426
	6.34%, 02/25/2038^(a),(b)		$	3,300	$	3,221	4.00%, 04/20/2038^(a)			2,923		312
	6.93%, 02/25/2038^(b)			1,744		1,715	GS Mortgage Securities Trust 2011-GC5
				$		4,936	5.31%, 08/10/2044^(a),(b)			900		949
							Jefferies Resecuritization Trust 2010-R4
	Mortgage Backed Securities - 28.85%						5.00%, 10/26/2036^(b)			1,382		1,421
	CFCRE Commercial Mortgage Trust 2011-
	C1						JP Morgan Chase Commercial Mortgage
	5.53%, 04/15/2044^(a),(b)			1,000		1,122	Securities Trust 2011-C5
							5.32%, 08/15/2046^(a),(b)			2,000		2,277
	Citigroup Mortgage Loan Trust 2009-11
	1.51%, 10/25/2035^(a),(b)			186		186	JP Morgan Chase Commercial Mortgage
	Citigroup Mortgage Loan Trust 2010-10						Securities Trust 2013-C10
	2.41%, 02/25/2036^(a),(b)			1,400		1,365	3.37%, 12/15/2047^(a)			1,200		1,219
	Citigroup Mortgage Loan Trust 2010-9						JP Morgan Chase Commercial Mortgage
	4.25%, 01/25/2036^(b)			2,166		2,220	Securities Trust 2013-C16
							4.94%, 12/15/2046^(a)			1,800		1,999
	Fannie Mae Grantor Trust 2005-T1
	0.52%, 05/25/2035^(a)			492		490	JP Morgan Mortgage Trust 2013-1
							3.00%, 03/25/2043^(b)			1,953		1,927
	Fannie Mae REMICS
	2.00%, 02/25/2040^(a)			1,776		1,736	JPMBB Commercial Mortgage Securities
	2.50%, 11/25/2041			1,344		1,354	Trust 2014-C25
	3.50%, 01/25/2028^(a)			6,263		836	4.45%, 11/15/2047^(a)			1,000		1,016
	3.50%, 11/25/2042^(a)			6,990		1,172	Morgan Stanley Re-REMIC Trust 2010-R1
	4.00%, 11/25/2042^(a)			3,562		940	2.58%, 07/26/2035^(a),(b)			1,300		1,312
	6.50%, 02/25/2047			225		240	New Residential Mortgage Loan Trust 2014-
	7.00%, 04/25/2032			285		326	1
							5.00%, 01/25/2054^(a),(b)			1,953		2,093
	8.70%, 12/25/2019			4		4
							Springleaf Mortgage Loan Trust
	Freddie Mac REMICS						2.31%, 06/25/2058(a),(b)			1,100		1,078
	1.50%, 04/15/2028			2,474		2,426
							Springleaf Mortgage Loan Trust 2013-3
	2.50%, 11/15/2032			1,843		1,821	3.79%, 09/25/2057 (a),(b)			1,000		1,007
	2.50%, 01/15/2043^(a)			4,480		715
	2.50%, 02/15/2043			1,764		1,729	Structured Asset Sec Corp Mort Pass Through
	3.00%, 11/15/2030^(a)			6,140		635	Certs Series 2004-3
							5.67%, 03/25/2034^(a)			772		800
	3.00%, 05/15/2033			2,700		2,686
	3.50%, 04/15/2038^(a)			4,424		496	WFRBS Commercial Mortgage Trust 2013-
	3.50%, 08/15/2040^(a)			6,270		962	C14
	3.50%, 10/15/2042^(a)			3,889		731	4.00%, 06/15/2046^(a),(b)			1,000		926
	4.00%, 09/15/2018			4		4	WFRBS Commercial Mortgage Trust 2014-
	4.00%, 05/15/2039			4,200		4,380	C23
							4.38%, 10/15/2057^(a)			1,000		1,065
	4.00%, 10/15/2040			3,000		3,153
	4.50%, 05/15/2037^(a)			1,237		1,304	WFRBS Commercial Mortgage Trust 2014-
	Freddie Mac Strips						LC14
	1.86%, 10/15/2037^(a)			23,213		1,702	4.34%, 03/15/2047^(a)			2,450		2,481
	1.91%, 02/15/2038^(a)			19,241		1,426				$		90,989
	Ginnie Mae						Other Asset Backed Securities - 0.24%
	0.59%, 01/16/2054^(a)			22,110		1,179	Chase Funding Trust Series 2004-1
	0.60%, 04/16/2053^(a)			13,532		477	0.63%, 12/25/2033^(a)			98		91
	0.71%, 04/16/2047^(a)			16,520		989	TAL Advantage V LLC
	0.75%, 11/16/2045^(a)			27,087		1,620	3.33%, 05/20/2039^(a),(b)			674		673
	0.75%, 05/16/2053^(a)			13,059		858				$		764
	0.80%, 12/16/2053^(a)			16,482		1,038
	0.86%, 02/16/2053^(a)			24,101		1,661	TOTAL BONDS			$		96,689
	0.87%, 03/16/2049^(a)			9,305		468	U.S. GOVERNMENT & GOVERNMENT			Principal
	0.88%, 02/16/2053^(a)			15,411		1,066	AGENCY OBLIGATIONS - 67.13%			Amount (000's) Value (000's)
	0.88%, 09/16/2055^(a)			30,445		1,758	Federal Home Loan Mortgage Corporation (FHLMC) -
	0.91%, 03/16/2052^(a)			8,700		685	16.07	%
	0.92%, 02/16/2053^(a)			22,671		1,747	2.00%, 02/01/2028		$	2,101	$	2,097
							2.35%, 09/01/2032^(a)			28		30
	0.92%, 10/16/2054^(a)			15,540		881
	0.96%, 02/16/2046^(a)			13,526		917	2.50%, 09/01/2027			779		795
	0.96%, 11/16/2052^(a)			18,753		1,403	2.50%, 02/01/2028			1,555		1,586
	0.96%, 04/16/2053^(a)			9,059		622	3.00%, 02/01/2027			1,864		1,940
	0.98%, 09/16/2053^(a)			14,355		1,010	3.00%, 08/01/2042			1,268		1,282
	0.99%, 02/16/2055^(a)			26,140		1,311	3.00%, 10/01/2042			1,615		1,635
	1.02%, 01/16/2053^(a)			10,158		840	3.00%, 10/01/2042			878		888
	1.20%, 09/16/2053^(a)			13,791		784	3.00%, 10/01/2042			1,672		1,695
	2.25%, 03/16/2046^(a)			1,730		1,719	3.00%, 05/01/2043			1,805		1,827
	2.30%, 08/16/2041			1,967		1,990	3.50%, 02/01/2032			2,599		2,735


Schedule of Investments
Government & High Quality Bond Account
December 31, 2014



U.S. GOVERNMENT & GOVERNMENT	Principal				U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)	Amount (000's) Value (000's)				AGENCY OBLIGATIONS (continued)	Amount (000's) Value (000's)
Federal Home Loan Mortgage Corporation (FHLMC)					Federal Home Loan Mortgage Corporation (FHLMC)
(continued)					(continued)
3.50%, 04/01/2042	$	737	$	768	6.50%, 10/01/2031	$	13	$	14
3.50%, 04/01/2042		2,914		3,035	6.50%, 10/01/2031		21		24
3.50%, 05/01/2042		1,000		1,044	6.50%, 12/01/2031		39		46
3.50%, 07/01/2042		3,564		3,713	6.50%, 01/01/2032		122		143
3.50%, 09/01/2042		1,661		1,730	6.50%, 02/01/2032		34		40
3.50%, 10/01/2042		1,008		1,052	6.50%, 05/01/2032		83		96
4.00%, 08/01/2026		1,065		1,140	6.50%, 04/01/2035		15		17
4.00%, 12/01/2040		713		766	7.00%, 09/01/2023		14		15
4.00%, 07/01/2042		1,314		1,417	7.00%, 12/01/2023		6		7
4.00%, 01/01/2043		2,113		2,264	7.00%, 01/01/2024		8		9
4.00%, 06/01/2043		2,466		2,648	7.00%, 09/01/2027		9		10
4.50%, 08/01/2033		105		114	7.00%, 01/01/2028		73		82
4.50%, 07/01/2039		1,470		1,609	7.00%, 04/01/2028		40		46
4.50%, 12/01/2040		1,523		1,652	7.00%, 05/01/2028		6		7
4.50%, 05/01/2041		1,463		1,602	7.00%, 08/01/2028		12		12
4.50%, 11/01/2043		1,807		2,000	7.00%, 10/01/2031		22		26
5.00%, 10/01/2025		379		417	7.00%, 10/01/2031		16		19
5.00%, 02/01/2033		471		521	7.00%, 04/01/2032		116		136
5.00%, 06/01/2033		319		355	7.50%, 10/01/2030		19		24
5.00%, 05/01/2035		163		181	7.50%, 02/01/2031		13		14
5.00%, 07/01/2035		36		40	7.50%, 02/01/2031		16		20
5.00%, 07/01/2035		284		314	7.50%, 02/01/2031		8		9
5.00%, 07/01/2035		78		87	8.00%, 10/01/2030		30		35
5.00%, 10/01/2035		130		145	8.00%, 12/01/2030		2		2
5.00%, 01/01/2040		1,143		1,266	8.50%, 07/01/2029		34		37
5.50%, 04/01/2018		57		60			$		50,693
5.50%, 03/01/2024		17		20
5.50%, 03/01/2033		314		354	Federal National Mortgage Association (FNMA) - 33.04%
5.50%, 04/01/2038		29		32	2.00%, 10/01/2027		2,005		1,999
5.50%, 05/01/2038		127		143	2.00%, 10/01/2027		796		793
					2.21%, 12/01/2032^(a)		50		52
6.00%, 04/01/2017		23		24	2.23%, 07/01/2034^(a)		74		77
6.00%, 04/01/2017		29		30	2.25%, 12/01/2033^(a)		225		240
6.00%, 05/01/2017		26		27
6.00%, 07/01/2017		17		17	2.50%, 05/01/2027		2,071		2,114
6.00%, 12/01/2023		10		12	2.50%, 06/01/2027		1,972		2,013
6.00%, 05/01/2031		26		30	2.50%, 06/01/2027		2,456		2,508
6.00%, 12/01/2031		34		40	2.50%, 05/01/2028		1,253		1,279
6.00%, 09/01/2032		44		50	3.00%, 05/01/2028		1,661		1,732
6.00%, 11/01/2033		93		105	3.00%, 10/01/2042		2,535		2,571
6.00%, 11/01/2033		99		112	3.00%, 11/01/2042		899		911
6.00%, 05/01/2034		266		302	3.00%, 02/01/2043		1,868		1,894
6.00%, 05/01/2034		466		522	3.00%, 02/01/2043		1,762		1,789
6.00%, 09/01/2034		137		157	3.00%, 04/01/2043		1,619		1,640
6.00%, 02/01/2035		128		147	3.50%, 02/01/2042		1,985		2,082
6.00%, 10/01/2036^(a)		141		160	3.50%, 09/01/2042		3,407		3,569
6.00%, 03/01/2037		106		121	3.50%, 11/01/2042		2,394		2,507
6.00%, 01/01/2038		223		254	3.50%, 12/01/2042		2,452		2,568
6.00%, 01/01/2038^(a)		83		95	4.00%, 05/01/2025		759		810
6.00%, 04/01/2038		107		121	4.00%, 01/01/2034		1,203		1,295
6.50%, 11/01/2016		14		14	4.00%, 11/01/2040		1,277		1,365
6.50%, 06/01/2017		35		36	4.00%, 12/01/2040		1,067		1,150
6.50%, 06/01/2018		6		7	4.00%, 01/01/2041		2,286		2,444
6.50%, 08/01/2021		6		7	4.00%, 02/01/2041		2,664		2,873
6.50%, 12/01/2021		40		46	4.00%, 02/01/2041		2,093		2,236
6.50%, 04/01/2022		47		53	4.00%, 03/01/2041		2,930		3,130
6.50%, 05/01/2022		31		36	4.00%, 04/01/2041		2,242		2,396
6.50%, 05/01/2023		21		22	4.00%, 11/01/2041		1,170		1,250
6.50%, 04/01/2024		10		11	4.00%, 02/01/2042		1,654		1,784
6.50%, 04/01/2026		6		7	4.00%, 04/01/2042		1,328		1,419
6.50%, 05/01/2026		7		8	4.00%, 08/01/2043		907		981
6.50%, 05/01/2026		4		5	4.00%, 10/01/2043		933		1,001
6.50%, 12/01/2027		7		8	4.00%, 10/01/2043		839		905
6.50%, 01/01/2028		10		11	4.00%, 10/01/2044		3,159		3,414
6.50%, 03/01/2028		6		7	4.50%, 12/01/2019		61		64
6.50%, 09/01/2028		15		17	4.50%, 01/01/2020		238		252
6.50%, 09/01/2028		2		2	4.50%, 08/01/2039		893		984
6.50%, 10/01/2028		42		49	4.50%, 09/01/2039		1,495		1,636
6.50%, 11/01/2028		8		10	4.50%, 01/01/2041		3,078		3,387
6.50%, 12/01/2028		21		24	4.50%, 08/01/2041		1,327		1,474
6.50%, 03/01/2029		8		10	4.50%, 09/01/2041		1,918		2,085
6.50%, 07/01/2031		71		81	4.50%, 09/01/2043		3,306		3,665
6.50%, 08/01/2031		6		7	4.50%, 09/01/2043		1,409		1,563


Schedule of Investments
Government & High Quality Bond Account
December 31, 2014



U.S. GOVERNMENT & GOVERNMENT		Principal			U.S. GOVERNMENT & GOVERNMENT			Principal
AGENCY OBLIGATIONS (continued)	Amount (000's) Value (000's)				AGENCY OBLIGATIONS (continued)		Amount (000's) Value (000's)

Federal National Mortgage Association (FNMA) (continued)					Federal National Mortgage Association (FNMA) (continued)
4.50%, 10/01/2043	$	1,806	$	2,003	6.50%, 06/01/2031		$	12	$	14
4.50%, 11/01/2043		1,890		2,097	6.50%, 09/01/2031			19		21
4.50%, 09/01/2044		992		1,100	6.50%, 01/01/2032			4		5
5.00%, 01/01/2018		138		145	6.50%, 04/01/2032			76		87
5.00%, 11/01/2018		113		119	6.50%, 08/01/2032			24		28
5.00%, 05/01/2033		2,530		2,842	6.50%, 11/01/2032			35		39
5.00%, 05/01/2034		484		536	6.50%, 11/01/2032			38		40
5.00%, 04/01/2035		196		219	6.50%, 02/01/2033			51		58
5.00%, 04/01/2035		297		333	6.50%, 07/01/2034			152		177
5.00%, 07/01/2035		15		17	6.50%, 12/01/2036			114		130
5.00%, 02/01/2038		721		808	6.50%, 07/01/2037			69		82
5.00%, 03/01/2038		1,038		1,168	6.50%, 07/01/2037			47		56
5.00%, 02/01/2040		2,923		3,297	6.50%, 02/01/2038			51		61
5.00%, 06/01/2040		835		926	7.00%, 01/01/2027			4		4
5.00%, 07/01/2040		977		1,101	7.00%, 11/01/2027			8		9
5.00%, 07/01/2041		1,439		1,600	7.00%, 08/01/2028			34		40
5.00%, 07/01/2041		2,243		2,531	7.00%, 12/01/2028			25		29
5.50%, 08/01/2017		29		31	7.00%, 04/01/2029			8		8
5.50%, 12/01/2017		42		44	7.00%, 10/01/2029			37		44
5.50%, 01/01/2018		71		75	7.00%, 05/01/2031			5		5
5.50%, 07/01/2019		59		63	7.00%, 11/01/2031			105		123
5.50%, 08/01/2019		11		12	7.50%, 04/01/2022			2		2
5.50%, 08/01/2019		13		14	7.50%, 11/01/2029			26		29
5.50%, 08/01/2019		11		12	8.00%, 05/01/2027			32		35
5.50%, 08/01/2019		24		25	8.00%, 09/01/2027			13		13
5.50%, 08/01/2019		92		100	8.00%, 06/01/2030			4		5
5.50%, 08/01/2019		25		27	8.50%, 02/01/2023			1		1
5.50%, 09/01/2019		68		72	8.50%, 10/01/2027			35		36
5.50%, 10/01/2019		27		29	9.00%, 09/01/2030			12		14
5.50%, 05/01/2024		80		90				$		104,191
5.50%, 05/01/2033		36		41	Government National Mortgage Association (GNMA) -
5.50%, 06/01/2033		134		151	9.27	%
5.50%, 06/01/2033		166		187	3.00%, 04/15/2027			1,319		1,384
5.50%, 09/01/2033		757		860	3.00%, 11/15/2042			1,784		1,827
5.50%, 02/01/2037		18		20	3.00%, 12/15/2042			3,459		3,542
5.50%, 03/01/2038		388		440	3.00%, 02/15/2043			2,631		2,705
5.50%, 03/01/2038		269		307	3.50%, 11/15/2041			2,598		2,733
5.50%, 08/01/2038		226		257	3.50%, 12/20/2041			1,987		2,089
6.00%, 08/01/2016		14		14	3.50%, 01/15/2043			2,060		2,178
6.00%, 12/01/2016		31		32	3.50%, 06/20/2043			1,369		1,450
6.00%, 08/01/2017		47		49	4.00%, 03/20/2040			1,946		2,091
6.00%, 06/01/2022		50		57	4.00%, 08/15/2041			1,891		2,055
6.00%, 03/01/2026		8		9	4.50%, 07/15/2040			1,691		1,861
6.00%, 11/01/2028		24		27	5.00%, 09/15/2033			12		14
6.00%, 08/01/2031		86		97	5.00%, 02/15/2034			713		793
6.00%, 12/01/2031		22		25	5.00%, 09/15/2039			114		126
6.00%, 01/01/2033		139		159	5.50%, 07/20/2033			323		364
6.00%, 02/01/2034		55		62	5.50%, 11/15/2033			68		77
6.00%, 05/01/2037		396		443	5.50%, 03/20/2034			339		383
6.00%, 07/01/2037		394		448	5.50%, 05/20/2035			308		347
6.00%, 11/01/2037		71		81	5.50%, 11/15/2038			408		461
6.00%, 12/01/2037		21		23	5.50%, 01/15/2039			551		622
6.00%, 03/01/2038		153		177	5.50%, 01/15/2039			132		148
6.00%, 08/01/2038		908		1,044	5.50%, 03/15/2039			375		419
6.00%, 10/01/2038		267		303	6.00%, 06/20/2024			61		68
6.50%, 06/01/2016		10		10	6.00%, 06/20/2024			26		29
6.50%, 08/01/2017		27		28	6.00%, 02/20/2026			6		7
6.50%, 11/01/2023		73		83	6.00%, 04/20/2026			11		13
6.50%, 05/01/2024		29		33	6.00%, 05/20/2026			6		7
6.50%, 09/01/2024		31		35	6.00%, 06/20/2026			7		8
6.50%, 07/01/2025		14		16	6.00%, 06/20/2026			12		13
6.50%, 08/01/2025		37		40	6.00%, 07/20/2026			6		6
6.50%, 02/01/2026		10		12	6.00%, 09/20/2026			10		11
6.50%, 03/01/2026		2		3	6.00%, 03/20/2027			24		27
6.50%, 05/01/2026		6		7	6.00%, 01/20/2028			8		9
6.50%, 06/01/2026		4		4	6.00%, 03/20/2028			5		6
6.50%, 07/01/2028		12		14	6.00%, 06/20/2028			30		34
6.50%, 09/01/2028		21		24	6.00%, 07/20/2028			19		22
6.50%, 02/01/2029		5		6	6.00%, 02/20/2029			18		21
6.50%, 03/01/2029		11		13	6.00%, 03/20/2029			36		41
6.50%, 04/01/2029		6		6	6.00%, 07/20/2029			36		41
6.50%, 06/01/2031		11		12

Schedule of Investments
Government & High Quality Bond Account
December 31, 2014


U.S. GOVERNMENT & GOVERNMENT	Principal
AGENCY OBLIGATIONS (continued)	Amount (000's) Value (000's)
Government National Mortgage Association (GNMA)
(continued)
6.00%, 05/20/2032^(a)	$	65	$	75
6.00%, 07/20/2033		248		285
6.50%, 12/20/2025		15		17
6.50%, 01/20/2026		38		41
6.50%, 02/20/2026		17		20
6.50%, 03/20/2031		22		26
6.50%, 04/20/2031		23		27
7.00%, 01/15/2028		3		3
7.00%, 01/15/2028		6		6
7.00%, 01/15/2028		2		2
7.00%, 01/15/2028		11		13
7.00%, 01/15/2028		2		2
7.00%, 03/15/2028		156		175
7.00%, 05/15/2028		56		62
7.00%, 01/15/2029		19		21
7.00%, 03/15/2029		8		8
7.00%, 05/15/2031		16		19
7.00%, 06/20/2031		16		19
7.00%, 09/15/2031		42		50
7.00%, 06/15/2032		226		266
7.50%, 01/15/2023		1		1
7.50%, 01/15/2023		1		1
7.50%, 01/15/2023		1		1
7.50%, 02/15/2023		3		3
7.50%, 02/15/2023		5		6
7.50%, 04/15/2023		22		24
7.50%, 06/15/2023		2		2
7.50%, 07/15/2023		1		1
7.50%, 09/15/2023		4		4
7.50%, 09/15/2023		4		4
7.50%, 10/15/2023		8		8
7.50%, 11/15/2023		7		8
8.00%, 07/15/2026		2		2
8.00%, 08/15/2026		4		5
8.00%, 01/15/2027		2		2
8.00%, 02/15/2027		1		1
		$		29,242

U.S. Treasury - 8.75%
1.75%, 10/31/2018		3,900		3,949
2.25%, 11/30/2017		5,000		5,171
3.13%, 05/15/2021		10,100		10,839
4.25%, 11/15/2040		2,200		2,848
6.25%, 08/15/2023		3,600		4,793
		$		27,600
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
OBLIGATIONS		$		211,726
Total Investments		$		318,413
Liabilities in Excess of Other Assets, Net - (0.95)%		$		(2,988	)
TOTAL NET ASSETS - 100.00%		$		315,425


Schedule of Investments
Income Account
December 31, 2014



	COMMON STOCKS - 0.00%		Shares Held		Value(000			's)		Principal
									BONDS (continued)	Amount (000's) Value (000's)
	Computers - 0.00%
	SONICblue Inc ^(a),(b)			500,000		$	—		Beverages - 1.14%
									Anheuser-Busch InBev Worldwide Inc
									2.50%, 07/15/2022	$	750	$	729
	Transportation - 0.00%								7.75%, 01/15/2019		1,000		1,211
	Trailer Bridge Inc ^(a),(b)			1,186			—
									Innovation Ventures LLC / Innovation
									Ventures Finance Corp
	TOTAL COMMON STOCKS				$		—		9.50%, 08/15/2019^(d)		1,250		1,247
	INVESTMENT COMPANIES - 3.68%		Shares Held		Value(000			's)			$		3,187

	Publicly Traded Investment Fund - 3.68%								Biotechnology - 1.34%
	BlackRock Liquidity Funds FedFund Portfolio			10,264,532			10,265		Amgen Inc
									3.63%, 05/15/2022		500		515
	TOTAL INVESTMENT COMPANIES				$		10,265		3.88%, 11/15/2021		2,000		2,113
				Principal					Gilead Sciences Inc
BONDS	- 62.72	%	Amount (000's)		Value(000			's)	4.40%, 12/01/2021		1,000		1,102
	Aerospace & Defense - 0.42%										$		3,730
	Boeing Co/The								Chemicals - 0.52%
	8.75%, 08/15/2021		$	850		$	1,165		Airgas Inc
									1.65%, 02/15/2018		1,000		987
	Airlines - 0.14%								Eagle Spinco Inc
	Southwest Airlines Co 1994-A Pass Through								4.63%, 02/15/2021		500		474
	Trust										$		1,461
	9.15%, 07/01/2016			368			377		Commercial Services - 0.89%
									ERAC USA Finance LLC
	Automobile Floor Plan Asset Backed Securities - 3.05%								6.38%, 10/15/2017^(d)		1,000		1,123
	Ally Master Owner Trust								7.00%, 10/15/2037^(d)		1,000		1,347
	0.61%, 04/15/2018^(c)			2,000			1,999				$		2,470
	CNH Wholesale Master Note Trust
	0.76%, 08/15/2019^(c),(d)			2,000			2,005		Computers - 0.61%
									Apple Inc
	Ford Credit Floorplan Master Owner Trust A
	0.54%, 01/15/2018(c)			1,000			1,000		2.40%, 05/03/2023		1,750		1,701
	0.56%, 02/15/2019^(c)			500			500
	Nissan Master Owner Trust Receivables								Credit Card Asset Backed Securities - 0.48%
	0.46%, 02/15/2018^(c)			1,000			999		Cabela's Credit Card Master Note Trust
	Volkswagen Credit Auto Master Trust								0.51%, 03/16/2020^(c)		1,325		1,325
	0.52%, 07/22/2019^(c),(d)			2,000			2,001
					$		8,504		Diversified Financial Services - 2.90%
	Automobile Manufacturers - 0.37%								DVI Inc
	American Honda Finance Corp								0.00%, 02/01/2004^(a),(b),(e)		900		—
	0.73%, 10/07/2016^(c)			500			502		0.00%, 02/01/2004^(a),(b),(e)		400		—
	General Motors Co								Ford Motor Credit Co LLC
	4.88%, 10/02/2023			500			535		3.98%, 06/15/2016		2,000		2,071
					$		1,037		General Electric Capital Corp
									1.24%, 03/15/2023^(c)		2,000		2,028
Banks	- 7.88	%							5.30%, 02/11/2021		500		571
	Bank of America Corp								International Lease Finance Corp
	5.42%, 03/15/2017			800			858		8.75%, 03/15/2017^(c)		1,000		1,108
	8.00%, 07/29/2049^(c)			1,000			1,074		Jefferies Group LLC
	8.13%, 12/29/2049^(c)			1,000			1,079		6.25%, 01/15/2036		1,425		1,400
	Citigroup Inc								8.50%, 07/15/2019		750		899
	3.95%, 06/15/2016			2,000			2,076				$		8,077
	4.50%, 01/14/2022			1,000			1,093
	Goldman Sachs Group Inc/The								Electric - 6.83%
	3.63%, 02/07/2016			500			513		Exelon Generation Co LLC
	5.38%, 03/15/2020			2,000			2,241		6.20%, 10/01/2017		1,000		1,111
	ING Bank NV								GenOn Americas Generation LLC
	5.00%, 06/09/2021^(d)			1,000			1,131		8.50%, 10/01/2021		1,250		1,075
	JP Morgan Chase & Co								GenOn Energy Inc
	7.90%, 04/29/2049^(c)			1,000			1,076		9.88%, 10/15/2020		750		739
	Morgan Stanley								LG&E and KU Energy LLC
	5.50%, 07/28/2021			1,000			1,135		4.38%, 10/01/2021		1,000		1,064
	6.25%, 08/09/2026			850			1,025		Metropolitan Edison Co
	PNC Financial Services Group Inc/The								3.50%, 03/15/2023^(d)		1,000		995
	6.75%, 07/29/2049^(c)			2,000			2,195		NiSource Finance Corp
	SunTrust Bank/Atlanta GA								5.25%, 09/15/2017		1,000		1,093
	2.75%, 05/01/2023			1,000			976		Oncor Electric Delivery Co LLC
	US Bancorp/MN								7.00%, 09/01/2022		2,000		2,533
	1.65%, 05/15/2017			3,000			3,022		PacifiCorp
	3.60%, 09/11/2024			250			254		5.25%, 06/15/2035		850		1,025
	Wells Fargo & Co								6.25%, 10/15/2037		500		677
	7.98%, 12/31/2049^(c)			2,000			2,207		PPL Energy Supply LLC
					$		21,955		5.70%, 10/15/2035		2,000		2,043


Schedule of Investments
Income Account
December 31, 2014



		Principal						Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)			Amount (000's) Value (000's)

Electric (continued)					Lodging - 0.74%
Solar Star Funding LLC					Boyd Gaming Corp
5.38%, 06/30/2035^(d)	$	1,500	$	1,586	9.13%, 12/01/2018		$	2,000	$	2,050
Southwestern Electric Power Co
3.55%, 02/15/2022		1,000		1,026
5.38%, 04/15/2015		1,275		1,291	Media- 2.64	%
					21st Century Fox America Inc
TransAlta Corp					6.40%, 12/15/2035			1,000		1,305
4.50%, 11/15/2022		1,750		1,759
Tucson Electric Power Co					8.00%, 10/17/2016			1,000		1,117
					Comcast Corp
3.85%, 03/15/2023		1,000		1,027	6.45%, 03/15/2037			2,000		2,661
		$		19,044	Historic TW Inc
Electronics - 0.50%					9.15%, 02/01/2023			250		340
Corning Inc					Time Warner Cable Inc
4.75%, 03/15/2042		750		801	6.55%, 05/01/2037			1,500		1,931
6.63%, 05/15/2019		500		586				$		7,354

		$		1,387	Mining - 0.62%
Entertainment - 0.18%					Glencore Canada Corp
Greektown Holdings LLC/Greektown					6.00%, 10/15/2015			1,675		1,732
Mothership Corp
8.88%, 03/15/2019^(d)		250		249
					Oil & Gas - 5.97%
Peninsula Gaming LLC / Peninsula Gaming					BG Energy Capital PLC
Corp					4.00%, 10/15/2021^(d)			2,000		2,057
8.38%, 02/15/2018^(d)		250		260
					BP Capital Markets PLC
		$		509	3.25%, 05/06/2022			1,000		983
Environmental Control - 0.91%					4.75%, 03/10/2019			2,000		2,188
ADS Waste Holdings Inc					Linn Energy LLC / Linn Energy Finance
8.25%, 10/01/2020		1,500		1,500	Corp
Republic Services Inc					6.50%, 05/15/2019			1,000		855
3.55%, 06/01/2022		1,000		1,027	Nabors Industries Inc
		$		2,527	5.00%, 09/15/2020			1,000		982
					Petro-Canada
Forest Products & Paper - 0.78%					9.25%, 10/15/2021			1,075		1,445
Plum Creek Timberlands LP					Phillips 66
4.70%, 03/15/2021		2,000		2,169	4.30%, 04/01/2022			1,000		1,056
					Rowan Cos Inc
Healthcare - Services - 1.18%					4.88%, 06/01/2022			750		730
HCA Inc					5.00%, 09/01/2017			2,000		2,084
7.50%, 11/06/2033		250		262	W&T Offshore Inc
HealthSouth Corp					8.50%, 06/15/2019			2,500		1,637
5.75%, 11/01/2024		500		520	Whiting Petroleum Corp
7.75%, 09/15/2022		740		784	5.75%, 03/15/2021			1,250		1,159
Roche Holdings Inc					XTO Energy Inc
0.60%, 09/30/2019^(c),(d)		1,000		999	6.75%, 08/01/2037			1,000		1,467
Vantage Oncology LLC / Vantage Oncology								$		16,643
Finance Co					Oil & Gas Services - 1.33%
9.50%, 06/15/2017^(d)		750		728	Exterran Partners LP / EXLP Finance Corp
		$		3,293	6.00%, 04/01/2021			2,000		1,740
Insurance - 2.56%					Weatherford International Ltd/Bermuda
Fidelity National Financial Inc					5.13%, 09/15/2020			2,000		1,965
6.60%, 05/15/2017		2,500		2,749				$		3,705
First American Financial Corp					Other Asset Backed Securities - 1.40%
4.30%, 02/01/2023		2,000		2,003	Drug Royalty II LP 2
Prudential Financial Inc					3.48%, 07/15/2023^(c),(d)			1,901		1,907
7.38%, 06/15/2019		1,000		1,202	PFS Financing Corp
8.88%, 06/15/2068^(c)		1,000		1,168	0.66%, 04/17/2017^(c),(d)			1,000		1,000
		$		7,122	0.71%, 02/15/2018^(c),(d)			1,000		1,000
Iron & Steel - 1.48%								$		3,907
Allegheny Technologies Inc					Packaging & Containers - 0.37%
5.95%, 01/15/2021		2,000		2,049	Sealed Air Corp
ArcelorMittal					6.88%, 07/15/2033^(d)			1,000		1,023
6.00%, 03/01/2021^(c)		2,000		2,080
		$		4,129
					Pharmaceuticals - 0.35%
Leisure Products & Services - 1.04%					AbbVie Inc
Carnival Corp					2.90%, 11/06/2022			1,000		985
7.20%, 10/01/2023		1,475		1,795
Royal Caribbean Cruises Ltd
7.25%, 03/15/2018		1,000		1,115	Pipelines - 2.58%
		$		2,910	ANR Pipeline Co
					9.63%, 11/01/2021			1,000		1,371


Schedule of Investments
Income Account
December 31, 2014



				Principal						Principal
	BONDS (continued)			Amount (000's) Value (000's)			CONVERTIBLE BONDS (continued)		Amount (000's)			Value(000			's)

	Pipelines (continued)						Pharmaceuticals - 0.40%
	Buckeye Partners LP						Omnicare Inc
	4.35%, 10/15/2024		$	500	$	490	3.25%, 12/15/2035		$	433			$	466
	El Paso Natural Gas Co LLC						3.50%, 02/15/2044			538				643
	7.50%, 11/15/2026			2,100		2,599						$		1,109
	Express Pipeline LLC						TOTAL CONVERTIBLE BONDS					$		3,579
	7.39%, 12/31/2019^(d)			814		868	SENIOR FLOATING RATE INTERESTS -			Principal
	Southeast Supply Header LLC						0.64	%	Amount (000's)		Value	(000			's)
	4.25%, 06/15/2024^(d)			750		760
	Southern Natural Gas Co LLC						Transportation - 0.64%
	8.00%, 03/01/2032			850		1,101	Trailer Bridge Inc, Term Loan
							10.00%, 04/02/2016^(b),(c),(e)		$	1,775			$	1,775
				$		7,189

REITS	- 8.62	%					TOTAL SENIOR FLOATING RATE INTERESTS					$		1,775
	Alexandria Real Estate Equities Inc						U.S. GOVERNMENT & GOVERNMENT			Principal
	4.60%, 04/01/2022			1,250		1,330	AGENCY OBLIGATIONS - 30.85%		Amount (000's)		Value	(000			's)
	BioMed Realty LP						Federal Home Loan Mortgage Corporation (FHLMC) -
	4.25%, 07/15/2022			1,000		1,037	6.70	%
	6.13%, 04/15/2020			1,000		1,139	3.00%, 10/01/2042		$	1,794			$	1,816
	CubeSmart LP						3.00%, 10/01/2042			878				888
	4.80%, 07/15/2022			1,750		1,922	3.00%, 11/01/2042			867				877
	Duke Realty LP						3.00%, 12/01/2042			394				399
	8.25%, 08/15/2019			2,000		2,467	3.50%, 10/01/2041			1,099				1,145
	HCP Inc						3.50%, 04/01/2042			1,474				1,536
	3.75%, 02/01/2019			1,000		1,050	3.50%, 04/01/2042			2,300				2,397
	6.00%, 03/01/2015			1,675		1,689	4.50%, 08/01/2033			388				422
	Health Care REIT Inc						4.50%, 05/01/2039			879				953
	6.13%, 04/15/2020			1,000		1,150	4.50%, 06/01/2039			493				544
	6.20%, 06/01/2016			1,675		1,791	4.50%, 07/01/2039			1,619				1,777
	Healthcare Realty Trust Inc						4.50%, 12/01/2040			816				885
	6.50%, 01/17/2017			2,000		2,184	4.50%, 10/01/2041			1,011				1,097
	Hospitality Properties Trust						5.00%, 08/01/2019			240				253
	4.65%, 03/15/2024			750		768	5.00%, 08/01/2035			1,097				1,201
	5.00%, 08/15/2022			750		790	5.00%, 11/01/2035			311				344
	Kimco Realty Corp						5.00%, 10/01/2038			804				875
	6.88%, 10/01/2019			2,000		2,370	5.50%, 11/01/2017			40				42
	Simon Property Group LP						5.50%, 01/01/2018			18				19
	10.35%, 04/01/2019			2,000		2,616	5.50%, 05/01/2031			49				55
	Ventas Realty LP / Ventas Capital Corp						5.50%, 06/01/2035			134				151
	3.25%, 08/15/2022			1,750		1,727	5.50%, 01/01/2036			278				312
				$		24,030	5.50%, 04/01/2036			167				188
	Savings & Loans - 0.41%						6.00%, 03/01/2031			32				37
	First Niagara Financial Group Inc						6.00%, 05/01/2032			54				61
	7.25%, 12/15/2021			1,000		1,132	6.00%, 06/01/2038			267				304
							6.50%, 06/01/2029			19				23
							6.50%, 08/01/2029			22				25
	Telecommunications - 0.83%						7.00%, 01/01/2032			26				30
	Qwest Corp						9.00%, 01/01/2025			4				5
	6.75%, 12/01/2021			2,000		2,313						$		18,661

							Federal National Mortgage Association (FNMA) - 15.33%
	Transportation - 0.91%						3.00%, 03/01/2042			1,540				1,561
	Navios Maritime Holdings Inc / Navios						3.00%, 03/01/2042			1,545				1,566
	Maritime Finance II US Inc						3.00%, 05/01/2042			825				836
	7.38%, 01/15/2022^(d)			500		457	3.00%, 06/01/2042			1,556				1,577
	Trailer Bridge Inc						3.00%, 06/01/2042			775				786
	0.00%, 11/15/2015^(a),(b)			2,000		—	3.00%, 08/01/2042			799				810
	15.50%, 03/31/2017^(b),(c),(e)			2,229		2,076	3.50%, 12/01/2040			1,323				1,382
				$		2,533	3.50%, 12/01/2041			490				512
	Trucking & Leasing - 0.75%						3.50%, 03/01/2042			786				821
	Penske Truck Leasing Co Lp / PTL Finance						3.50%, 04/01/2042			1,425				1,488
	Corp						3.50%, 02/01/2043			944				988
	3.75%, 05/11/2017^(d)			2,000		2,090	3.50%, 06/01/2043			1,433				1,499
							4.00%, 03/01/2039			1,087				1,162
	TOTAL BONDS			$		174,765	4.00%, 08/01/2040			919				982
							4.00%, 09/01/2040			1,985				2,132
				Principal			4.00%, 11/01/2040			994				1,063
	CONVERTIBLE BONDS - 1.29%			Amount (000's) Value (000's)			4.00%, 10/01/2041			895				956
	Automobile Parts & Equipment - 0.89%						4.00%, 10/01/2041			1,151				1,230
	Meritor Inc						4.00%, 11/01/2041			1,381				1,476
	7.88%, 03/01/2026			1,500		2,470	4.00%, 04/01/2042			733				784
							4.00%, 11/01/2043			2,272				2,448
							4.00%, 11/01/2043			918				985
							4.00%, 01/01/2044			2,052				2,202


Schedule of Investments
Income Account
December 31, 2014



U.S. GOVERNMENT & GOVERNMENT			Principal				Portfolio Summary (unaudited)
AGENCY OBLIGATIONS (continued)			Amount (000's) Value (000's)				Sector	Percent
							Financial	22.37	%
Federal National Mortgage Association (FNMA) (continued)							Mortgage Securities	22.08	%
	4.00%, 02/01/2044		$	2,741	$	2,946
	4.50%, 06/01/2039			414		450	Energy	9.88	%
							Government	8.77	%
	4.50%, 08/01/2039			442		485	Utilities	6.83	%
	4.50%, 05/01/2040			1,404		1,533
	4.50%, 10/01/2040			1,574		1,718	Consumer, Non-cyclical	5.30	%
							Asset Backed Securities	4.93	%
	4.50%, 12/01/2040			877		960	Industrial	4.50	%
	4.50%, 05/01/2044			946		1,032
	5.00%, 01/01/2018			65		69	Exchange Traded Funds	3.68	%
							Communications	3.47	%
	5.00%, 08/01/2035			518		574	Basic Materials	3.40	%
	5.00%, 04/01/2039			304		340
	5.00%, 12/01/2039			353		390	Consumer, Cyclical	3.36	%
							Technology	0.61	%
	5.00%, 04/01/2040			890		992	Other Assets in Excess of Liabilities, Net	0.82	%
	5.00%, 06/01/2040			748		836
	5.50%, 03/01/2033			74		83	TOTAL NET ASSETS	100.00	%
	5.50%, 06/01/2033			243		274
	5.50%, 02/01/2035			498		562
	6.00%, 04/01/2032			59		67
	6.50%, 05/01/2031			6		6
	6.50%, 04/01/2032			87		99
	6.50%, 05/01/2032			37		44
	7.00%, 01/01/2030			2		2
				$		42,708
Government National Mortgage Association (GNMA) -
0.05		%
	6.00%, 05/20/2032^(c)			56		64
	7.00%, 06/20/2031			56		68
	9.00%, 02/15/2025			3		3
				$		135

U.S. Treasury - 8.77%
	1.38%, 11/30/2018			1,000		998
	1.63%, 11/15/2022			2,000		1,940
	1.75%, 05/15/2022			2,000		1,966
	2.00%, 11/15/2021			2,000		2,007
	2.38%, 05/31/2018			1,000		1,037
	2.63%, 11/15/2020			2,000		2,088
	2.75%, 02/15/2019			1,000		1,052
	2.75%, 02/15/2024			1,000		1,052
	3.00%, 11/15/2044			1,000		1,051
	3.13%, 05/15/2019			2,000		2,132
	3.13%, 05/15/2021			1,000		1,073
	3.13%, 08/15/2044			1,000		1,077
	3.63%, 02/15/2020			2,000		2,193
	3.63%, 02/15/2044			1,000		1,177
	3.75%, 08/15/2041			1,000		1,205
	3.75%, 11/15/2043			2,000		2,404
				$		24,452
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
OBLIGATIONS				$		85,956
Total Investments				$		276,340
Other Assets in Excess of Liabilities, Net - 0.82%				$		2,293
TOTAL NET ASSETS - 100.00%				$		278,633


(a)	Non-Income Producing Security
(b)	Fair value of these investments is determined in good faith by the Manager
	under procedures established and periodically reviewed by the Board of
	Directors. At the end of the period, the fair value of these securities totaled
	$3,851 or 1.38% of net assets.
(c)	Variable Rate. Rate shown is in effect at December 31, 2014.
(d)	Security exempt from registration under Rule 144A of the Securities Act of
	1933. These securities may be resold in transactions exempt from
	registration, normally to qualified institutional buyers. At the end of the
	period, the value of these securities totaled $24,833 or 8.91% of net assets.
(e)	Security is Illiquid


Schedule of Investments
LargeCap Blend Account II
December 31, 2014



COMMON STOCKS - 95.97%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Advertising - 0.11%				Beverages - 2.04%
Alliance Data Systems Corp ^(a)	227	$	65	Brown-Forman Corp	585	$	51
Interpublic Group of Cos Inc/The	1,434		30	Coca-Cola Co/The	15,397		650
Omnicom Group Inc	933		72	Coca-Cola Enterprises Inc	600		27
	$		167	Constellation Brands Inc ^(a)	604		59
				Dr Pepper Snapple Group Inc	1,991		143
Aerospace & Defense - 2.33%				Keurig Green Mountain Inc	629		83
Boeing Co/The	5,192		675	Monster Beverage Corp ^(a)	810		88
General Dynamics Corp	777		107	PepsiCo Inc	19,954		1,887
L-3 Communications Holdings Inc	305		38		$		2,988
Lockheed Martin Corp	639		123
Northrop Grumman Corp	528		78	Biotechnology - 3.43%
Orbital Sciences Corp ^(a)	22,040		593	Alexion Pharmaceuticals Inc ^(a)	1,191		220
Raytheon Co	11,492		1,243	Amgen Inc	14,238		2,268
Rockwell Collins Inc	484		41	Biogen Idec Inc ^(a)	2,500		849
United Technologies Corp	4,408		507	Celgene Corp ^(a)	2,779		311
	$		3,405	Gilead Sciences Inc ^(a)	7,658		722
				Incyte Corp ^(a)	400		29
Agriculture - 0.85%				Regeneron Pharmaceuticals Inc ^(a)	1,226		503
Altria Group Inc	6,038		297	United Therapeutics Corp ^(a)	200		26
Archer-Daniels-Midland Co	3,269		170	Vertex Pharmaceuticals Inc ^(a)	800		95
Lorillard Inc	926		58		$		5,023
Philip Morris International Inc	7,903		644
Reynolds American Inc	1,104		71	Building Materials - 0.75%
	$		1,240	Eagle Materials Inc	10,850		825
				Martin Marietta Materials Inc	1,218		134
Airlines - 0.49%				Vulcan Materials Co	2,146		141
American Airlines Group Inc	3,500		188		$		1,100
Delta Air Lines Inc	6,434		316
Southwest Airlines Co	1,653		70	Chemicals - 2.08%
United Continental Holdings Inc ^(a)	2,210		148	Air Products & Chemicals Inc	436		63
	$		722	Airgas Inc	1,238		142
				Ashland Inc	900		108
Apparel - 0.46%				Celanese Corp	1,700		102
Hanesbrands Inc	500		56	CF Industries Holdings Inc	189		52
Michael Kors Holdings Ltd ^(a)	1,348		101	Dow Chemical Co/The	3,340		152
Nike Inc	3,550		341	Eastman Chemical Co	530		40
Ralph Lauren Corp	213		39	Ecolab Inc	9,216		963
Under Armour Inc ^(a)	1,174		80	EI du Pont de Nemours & Co	1,936		143
VF Corp	841		63	International Flavors & Fragrances Inc	281		28
	$		680	LyondellBasell Industries NV	1,530		122
Automobile Manufacturers - 0.21%				Monsanto Co	2,424		289
Ford Motor Co	9,512		147	Mosaic Co/The	1,173		54
General Motors Co	2,712		95	Potash Corp of Saskatchewan Inc	800		28
PACCAR Inc	856		58	PPG Industries Inc	561		129
	$		300	Praxair Inc	1,706		222
				RPM International Inc	1,500		76
Automobile Parts & Equipment - 1.39%				Sherwin-Williams Co/The	1,048		276
BorgWarner Inc	811		45	Sigma-Aldrich Corp	412		57
Delphi Automotive PLC	3,208		233		$		3,046
Goodyear Tire & Rubber Co/The	986		28
Johnson Controls Inc	35,883		1,735	Coal - 0.02%
	$		2,041	Consol Energy Inc	700		24

Banks - 7.85%
Bank of America Corp	49,085		878	Commercial Services - 1.07%
Bank of New York Mellon Corp/The	5,295		215	ADT Corp/The	689		25
BB&T Corp	1,510		59	Automatic Data Processing Inc	7,830		653
Capital One Financial Corp	1,396		115	Cintas Corp	347		27
Citigroup Inc	51,103		2,765	Equifax Inc	1,000		81
Comerica Inc	642		30	H&R Block Inc	996		34
Fifth Third Bancorp	2,962		60	MasterCard Inc	5,379		463
Goldman Sachs Group Inc/The	1,317		255	McGraw Hill Financial Inc	972		87
JP Morgan Chase & Co	42,721		2,673	Moody's Corp	660		63
				Quanta Services Inc ^(a)	743		21
KeyCorp	3,087		43
M&T Bank Corp	1,000		126	Robert Half International Inc	488		28
Morgan Stanley	9,833		382	Total System Services Inc	586		20
				United Rentals Inc ^(a)	337		34
Northern Trust Corp	2,688		181
PNC Financial Services Group Inc/The	1,376		126	Western Union Co/The	1,901		34
Regions Financial Corp	5,132		54		$		1,570
State Street Corp	4,797		377	Computers - 4.50%
SunTrust Banks Inc	1,895		79	Accenture PLC - Class A	2,909		260
US Bancorp/MN	3,805		171	Apple Inc	40,798		4,503
Wells Fargo & Co	52,562		2,881	Cognizant Technology Solutions Corp ^(a)	2,864		150
Zions Bancorporation	720		21	EMC Corp/MA	6,400		190
	$		11,491	Hewlett-Packard Co	4,397		176


Schedule of Investments
LargeCap Blend Account II
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Computers (continued)				Electrical Components & Equipment (continued)
International Business Machines Corp	3,938	$	632	Hubbell Inc	900	$	96
NetApp Inc	1,173		49		$		411
SanDisk Corp	1,502		148
Seagate Technology PLC	2,688		179	Electronics - 2.68%
Teradata Corp ^(a)	550		24	Agilent Technologies Inc	3,612		148
Western Digital Corp	2,429		269	Amphenol Corp	1,500		81
	$		6,580	Corning Inc	3,036		70
				Garmin Ltd	423		22
Consumer Products - 0.12%				Honeywell International Inc	14,877		1,487
Avery Dennison Corp	333		17	Keysight Technologies Inc ^(a)	1,200		40
Clorox Co/The	461		48	PerkinElmer Inc	393		17
Kimberly-Clark Corp	929		108	Sensata Technologies Holding NV ^(a)	2,900		152
	$		173	TE Connectivity Ltd	864		55
				Thermo Fisher Scientific Inc	8,534		1,069
Cosmetics & Personal Care - 1.48%				Trimble Navigation Ltd ^(a)	1,100		29
Avon Products Inc	7,357		69	Tyco International PLC	17,150		752
Colgate-Palmolive Co	2,416		167		$		3,922
Estee Lauder Cos Inc/The	900		68
Procter & Gamble Co/The	20,366		1,856	Engineering & Construction - 0.22%
	$		2,160	Fluor Corp	562		34
				Granite Construction Inc	7,050		268
Distribution & Wholesale - 0.05%				Jacobs Engineering Group Inc ^(a)	452		20
Fossil Group Inc ^(a)	169		19
Genuine Parts Co	555		59		$		322
	$		78	Environmental Control - 0.02%
				Republic Services Inc	905		36
Diversified Financial Services - 2.62%
Affiliated Managers Group Inc ^(a)	199		42
American Express Co	10,719		997	Food - 1.88%
Ameriprise Financial Inc	1,365		181	Campbell Soup Co	635		28
BlackRock Inc	663		237	ConAgra Foods Inc	5,614		204
Charles Schwab Corp/The	22,582		682	Danone SA ADR	48,216		628
CME Group Inc/IL	1,558		138	General Mills Inc	1,513		81
Discover Financial Services	3,758		246	Hormel Foods Corp	463		24
E*Trade Financial Corp ^(a)	2,700		65	Kellogg Co	3,008		196
FNF Group	1,500		52	Kraft Foods Group Inc	1,856		117
Intercontinental Exchange Inc	530		116	Kroger Co/The	1,229		79
Invesco Ltd	1,572		62	McCormick & Co Inc/MD	462		34
LPL Financial Holdings Inc	1,000		45	Mondelez International Inc	9,833		357
Och-Ziff Capital Management Group LLC	2,600		30	Nestle SA ADR	10,140		740
TD Ameritrade Holding Corp	1,700		61	Safeway Inc	825		29
Visa Inc	3,356		880	Sysco Corp	2,800		111
	$		3,834	Tyson Foods Inc	935		37
				Whole Foods Market Inc	1,800		91
Electric - 1.87%					$		2,756
AES Corp/VA	11,241		155
American Electric Power Co Inc	3,924		238	Forest Products & Paper - 0.10%
CMS Energy Corp	3,816		133	International Paper Co	2,635		141
Consolidated Edison Inc	1,059		70
Dominion Resources Inc/VA	1,222		94	Gas - 0.76%
DTE Energy Co	640		55	AGL Resources Inc	409		22
Duke Energy Corp	1,485		124	CenterPoint Energy Inc	1,540		36
Edison International	1,178		77	NiSource Inc	4,997		212
Entergy Corp	1,245		108	Sempra Energy	7,581		844
Exelon Corp	15,454		573		$		1,114
FirstEnergy Corp	5,993		233
Integrys Energy Group Inc	281		22	Hand & Machine Tools - 0.09%
NextEra Energy Inc	1,071		114	Snap-on Inc	200		28
Northeast Utilities	940		50	Stanley Black & Decker Inc	1,055		101
NRG Energy Inc	4,100		111		$		129
Pepco Holdings Inc	887		24
PG&E Corp	3,396		181	Healthcare - Products - 0.91%
Pinnacle West Capital Corp	378		26	Baxter International Inc	1,144		84
PPL Corp	1,666		61	Becton Dickinson and Co	1,406		196
				Boston Scientific Corp ^(a)	4,708		62
Public Service Enterprise Group Inc	1,830		76
SCANA Corp	483		29	Covidien PLC	2,548		261
Southern Co/The	1,892		93	CR Bard Inc	272		45
				Edwards Lifesciences Corp ^(a)	387		49
TECO Energy Inc	827		17	Intuitive Surgical Inc ^(a)	140		74
Xcel Energy Inc	1,801		65
	$		2,729	Medtronic Inc	3,812		275
				St Jude Medical Inc	1,405		91
Electrical Components & Equipment - 0.28%				Stryker Corp	2,115		200
AMETEK Inc	885		47		$		1,337
Emerson Electric Co	2,674		165
Energizer Holdings Inc	800		103	Healthcare - Services - 1.64%
				Aetna Inc	2,298		204


Schedule of Investments
LargeCap Blend Account II
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Healthcare - Services (continued)				Lodging (continued)
Anthem Inc	1,742	$	219	Marriott International Inc/DE	773	$	60
Cigna Corp	665		68	MGM Resorts International ^(a)	1,600		34
DaVita HealthCare Partners Inc ^(a)	1,405		107	Starwood Hotels & Resorts Worldwide Inc	10,050		815
Humana Inc	1,445		207	Wyndham Worldwide Corp	448		39
Laboratory Corp of America Holdings ^(a)	308		33	Wynn Resorts Ltd	500		74
Quest Diagnostics Inc	508		34		$		1,064
UnitedHealth Group Inc	14,543		1,471
Universal Health Services Inc	521		58	Machinery - Construction & Mining - 0.14%
	$		2,401	Caterpillar Inc	2,072		190
				Joy Global Inc	366		17
Home Builders - 0.06%					$		207
Lennar Corp	1,300		58
Pulte Group Inc	1,238		27	Machinery - Diversified - 0.77%
	$		85	Cummins Inc	413		59
				Deere & Co	757		67
Home Furnishings - 0.07%				Flowserve Corp	2,998		180
Harman International Industries Inc	232		25	Rockwell Automation Inc	6,361		708
Leggett & Platt Inc	502		21	Roper Industries Inc	725		113
Whirlpool Corp	282		55		$		1,127
	$		101
				Media - 3.63%
Housewares - 0.03%				Cablevision Systems Corp	749		16
Newell Rubbermaid Inc	989		38	CBS Corp	1,024		57
				Comcast Corp - Class A	10,920		633
				DIRECTV ^(a)	2,749		238
Insurance - 4.28%				Discovery Communications Inc - C Shares ^(a)	2,800		94
ACE Ltd	828		95	Gannett Co Inc	784		25
Aflac Inc	1,121		69	News Corp ^(a)	6,984		110
Allstate Corp/The	1,099		77	Nielsen NV	1,102		49
American International Group Inc	3,505		196	Scripps Networks Interactive Inc	377		28
Aon PLC	615		58
Assurant Inc	251		17	Time Warner Cable Inc	1,590		242
Berkshire Hathaway Inc - Class A ^(a)	6		1,356	Time Warner Inc	2,154		184
Berkshire Hathaway Inc - Class B ^(a)	5,864		880	Twenty-First Century Fox Inc - A Shares	12,074		464
Chubb Corp/The	612		63	Twenty-First Century Fox Inc - B Shares	32,920		1,214
Cincinnati Financial Corp	518		27	Viacom Inc	2,954		223
CNA Financial Corp	1,000		39	Walt Disney Co/The	18,360		1,729
Genworth Financial Inc ^(a)	900		8		$		5,306
Lincoln National Corp	953		55	Metal Fabrication & Hardware - 0.16%
Loews Corp	1,682		71	Precision Castparts Corp	946		228
Marsh & McLennan Cos Inc	4,754		273
MetLife Inc	42,223		2,284
Progressive Corp/The	7,480		201	Mining - 0.26%
Prudential Financial Inc	973		88	Alcoa Inc	7,634		121
Torchmark Corp	468		25	Franco-Nevada Corp	500		25
Travelers Cos Inc/The	866		92	Freeport-McMoRan Inc	10,216		238
Unum Group	899		31		$		384
XL Group PLC	7,674		264	Miscellaneous Manufacturing - 2.27%
	$		6,269	3M Co	3,077		505
Internet - 5.24%				Danaher Corp	5,044		433
Amazon.com Inc ^(a)	1,885		585	Dover Corp	614		44
eBay Inc ^(a)	3,397		191	Eaton Corp PLC	1,005		68
Expedia Inc	369		31	General Electric Co	72,372		1,829
Facebook Inc ^(a)	26,437		2,063	Illinois Tool Works Inc	864		82
Google Inc - A Shares ^(a)	3,330		1,767	Ingersoll-Rand PLC	500		32
Google Inc - C Shares ^(a)	3,322		1,749	Pall Corp	300		30
LinkedIn Corp ^(a)	100		23	Parker-Hannifin Corp	539		70
Netflix Inc ^(a)	400		137	Pentair PLC	698		46
Priceline Group Inc/The ^(a)	321		366	Textron Inc	4,320		182
Splunk Inc ^(a)	9,180		541		$		3,321
VeriSign Inc ^(a)	1,899		108	Office & Business Equipment - 0.01%
Yahoo! Inc ^(a)	1,963		99	Pitney Bowes Inc	695		17
	$		7,660

Iron & Steel - 0.27%				Oil & Gas - 5.31%
Nucor Corp	8,113		398	Anadarko Petroleum Corp	2,938		243
				Apache Corp	3,658		229
				California Resources Corp ^(a)	7,274		41
Leisure Products & Services - 0.63%
Carnival Corp	3,799		172	Canadian Natural Resources Ltd	2,300		71
Harley-Davidson Inc	10,735		707	Chesapeake Energy Corp	3,361		65
Royal Caribbean Cruises Ltd	592		49	Chevron Corp	6,840		767
	$		928	Cimarex Energy Co	716		76
				Concho Resources Inc ^(a)	210		21
Lodging - 0.73%				ConocoPhillips	3,740		258
Hilton Worldwide Holdings Inc ^(a)	1,600		42	Continental Resources Inc/OK ^(a)	350		13


Schedule of Investments
LargeCap Blend Account II
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Oil & Gas (continued)				REITS (continued)
Denbury Resources Inc	1,261	$	10	AvalonBay Communities Inc	1,249	$	204
Devon Energy Corp	1,365		84	Boston Properties Inc	556		72
Diamond Offshore Drilling Inc	238		9	Crown Castle International Corp	1,900		149
Ensco PLC	830		25	Equity Residential	798		57
EOG Resources Inc	2,298		212	Essex Property Trust Inc	225		46
EQT Corp	800		61	Federal Realty Investment Trust	500		67
Exxon Mobil Corp	31,813		2,940	General Growth Properties Inc	1,200		34
Helmerich & Payne Inc	388		26	HCP Inc	1,653		73
Hess Corp	9,527		703	Health Care REIT Inc	773		58
Marathon Petroleum Corp	1,414		127	Host Hotels & Resorts Inc	2,736		65
Murphy Oil Corp	605		31	Iron Mountain Inc	2,213		85
Nabors Industries Ltd	942		12	Kimco Realty Corp	1,411		35
Newfield Exploration Co ^(a)	496		14	Prologis Inc	1,770		76
Noble Corp PLC	911		15	Public Storage	555		103
Occidental Petroleum Corp	14,327		1,155	Simon Property Group Inc	2,001		365
Phillips 66	2,950		212	SL Green Realty Corp	200		24
Pioneer Natural Resources Co	500		74	Ventas Inc	1,064		76
QEP Resources Inc	593		12	Vornado Realty Trust	1,829		215
Range Resources Corp	920		49	Weyerhaeuser Co	3,570		128
Royal Dutch Shell PLC ADR	800		54		$		2,770
Southwestern Energy Co ^(a)	1,265		35
Tesoro Corp	470		35	Retail - 7.52%
Valero Energy Corp	1,259		62	Advance Auto Parts Inc	5,280		841
WPX Energy Inc ^(a)	2,866		33	AutoNation Inc ^(a)	222		13
				AutoZone Inc ^(a)	271		168
	$		7,774	Bed Bath & Beyond Inc ^(a)	664		51
Oil & Gas Services - 1.42%				Best Buy Co Inc	940		37
Baker Hughes Inc	1,033		58	CarMax Inc ^(a)	2,900		193
Cameron International Corp ^(a)	10,094		504	Chipotle Mexican Grill Inc ^(a)	232		159
FMC Technologies Inc ^(a)	3,944		185	Coach Inc	967		36
Halliburton Co	15,455		607	Costco Wholesale Corp	2,408		342
National Oilwell Varco Inc	1,927		126	CVS Health Corp	31,254		3,010
Schlumberger Ltd	6,934		593	Dollar General Corp ^(a)	2,065		146
	$		2,073	Dollar Tree Inc ^(a)	1,117		78
				GameStop Corp	402		14
Packaging & Containers - 0.09%				Gap Inc/The	912		38
Ball Corp	1,298		89	Home Depot Inc/The	5,510		578
Owens-Illinois Inc ^(a)	567		15
				Kohl's Corp	2,093		127
Sealed Air Corp	759		32	L Brands Inc	2,470		213
	$		136	Lowe's Cos Inc	4,933		339
Pharmaceuticals - 7.43%				Macy's Inc	2,209		145
Abbott Laboratories	6,925		312	McDonald's Corp	2,876		270
AbbVie Inc	8,815		577	Nordstrom Inc	517		41
Actavis PLC ^(a)	1,407		362	O'Reilly Automotive Inc ^(a)	384		74
Allergan Inc/United States	1,819		387	PetSmart Inc	358		29
AmerisourceBergen Corp	763		69	Rite Aid Corp ^(a)	9,400		71
Bristol-Myers Squibb Co	13,673		807	Ross Stores Inc	2,177		205
Cardinal Health Inc	1,149		92	Staples Inc	2,352		43
Eli Lilly & Co	5,661		391	Starbucks Corp	3,851		316
Express Scripts Holding Co ^(a)	1,852		157	Target Corp	9,213		700
Johnson & Johnson	25,999		2,719	TJX Cos Inc/The	23,354		1,602
Mallinckrodt PLC ^(a)	300		30	Tractor Supply Co	588		46
McKesson Corp	1,289		267	Walgreens Boots Alliance Inc	3,757		287
Mead Johnson Nutrition Co	712		72	Wal-Mart Stores Inc	7,658		657
Merck & Co Inc	44,944		2,552	Yum! Brands Inc	1,778		130
Mylan Inc/PA ^(a)	1,359		77		$		10,999
Perrigo Co PLC	240		40	Savings & Loans - 0.01%
Pfizer Inc	47,593		1,482	People's United Financial Inc	1,112		17
Roche Holding AG ADR	11,100		377
Zoetis Inc	2,200		95
	$		10,865	Semiconductors - 2.24%
				Altera Corp	3,000		111
Pipelines - 0.22%				Applied Materials Inc	14,077		351
Kinder Morgan Inc/DE	3,592		152	ASML Holding NV - NY Reg Shares	9,217		994
Spectra Energy Corp	2,700		98	Atmel Corp ^(a)	4,100		34
Williams Cos Inc/The	1,628		73	Broadcom Corp	3,300		143
	$		323	Intel Corp	12,125		440
Real Estate - 0.02%				Lam Research Corp	2,500		198
CBRE Group Inc ^(a)	989		34	Micron Technology Inc ^(a)	2,425		85
				Qualcomm Inc	10,145		754
				Texas Instruments Inc	2,268		121
REITS - 1.89%				Xilinx Inc	940		41
American Tower Corp	8,269		818		$		3,272
Apartment Investment & Management Co	531		20


Schedule of Investments
LargeCap Blend Account II
December 31, 2014



COMMON STOCKS (continued)	Shares Held		Value(000			's)	Portfolio Summary	(unaudited)
							Sector		Percent
Software - 5.54%
Adobe Systems Inc ^(a)	973			$	71		Consumer, Non-cyclical		20.89	%
Akamai Technologies Inc ^(a)	646				41		Financial		16.67	%
Autodesk Inc ^(a)	1,000				60		Technology		12.25	%
CA Inc	1,128				34		Consumer, Cyclical		11.74	%
Citrix Systems Inc ^(a)	6,646				424		Industrial		11.08	%
Dun & Bradstreet Corp/The	129				16		Communications		11.04	%
Electronic Arts Inc ^(a)	1,101				52		Energy		6.97	%
Fidelity National Information Services Inc	1,500				93		Exchange Traded Funds		4.16	%
Fiserv Inc ^(a)	920				65		Basic Materials		2.71	%
							Utilities		2.62	%
Intuit Inc	730				67		Liabilities in Excess of Other Assets, Net		(0.13	)%
Microsoft Corp	84,633				3,932
Oracle Corp	27,013				1,214		TOTAL NET ASSETS		100.00	%
Paychex Inc	1,171				54
Rackspace Hosting Inc ^(a)	200				9
Red Hat Inc ^(a)	16,100				1,113
Salesforce.com Inc ^(a)	3,841				228
VMware Inc ^(a)	7,620				629
			$		8,102

Telecommunications - 2.07%
AT&T Inc	19,384				651
CenturyLink Inc	2,025				80
Cisco Systems Inc	24,461				680
Frontier Communications Corp	3,591				24
Harris Corp	368				26
Juniper Networks Inc	1,415				32
Level 3 Communications Inc ^(a)	987				49
Motorola Solutions Inc	1,100				74
T-Mobile US Inc ^(a)	4,500				121
Verizon Communications Inc	27,173				1,271
Windstream Holdings Inc	2,140				18
			$		3,026

Toys, Games & Hobbies - 0.09%
Hasbro Inc	411				23
Mattel Inc	3,500				108
			$		131

Transportation - 1.27%
Canadian Pacific Railway Ltd	300				58
CH Robinson Worldwide Inc	9,910				742
CSX Corp	2,409				87
Expeditors International of Washington Inc	400				18
FedEx Corp	2,042				354
Norfolk Southern Corp	735				81
Ryder System Inc	188				17
Union Pacific Corp	2,170				259
United Parcel Service Inc	2,176				242
			$		1,858
TOTAL COMMON STOCKS			$		140,433
INVESTMENT COMPANIES - 4.16%	Shares Held	Value	(000			's)

Publicly Traded Investment Fund - 4.16%
BlackRock Liquidity Funds TempFund	5,233,515				5,234
Portfolio
Goldman Sachs Financial Square Funds -	737,702				738
Money Market Fund
JP Morgan Prime Money Market Fund	109,476				109
			$		6,081
TOTAL INVESTMENT COMPANIES			$		6,081
Total Investments			$		146,514
Liabilities in Excess of Other Assets, Net - (0.13)%			$		(188	)
TOTAL NET ASSETS - 100.00%			$		146,326


(a) Non-Income Producing Security


Schedule of Investments
LargeCap Growth Account
December 31, 2014




COMMON STOCKS - 97.84%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held	Value(000			's)

Airlines - 5.38%				Mining - 1.23%
Delta Air Lines Inc	68,814	$	3,385	Alcoa Inc	96,090		$	1,517
United Continental Holdings Inc ^(a)	48,955		3,275
	$		6,660	Oil & Gas - 1.27%
Apparel - 5.19%				Pioneer Natural Resources Co	10,557			1,571
Nike Inc	50,770		4,882
Under Armour Inc ^(a)	22,726		1,543
				Pharmaceuticals - 7.46%
	$		6,425	Actavis PLC ^(a)	11,422			2,940
Banks - 4.25%				Bristol-Myers Squibb Co	44,475			2,625
Capital One Financial Corp	22,500		1,857	McKesson Corp	17,635			3,661
Morgan Stanley	87,700		3,403			$		9,226
	$		5,260	Real Estate - 0.46%
				Brookdale Senior Living Inc ^(a)	15,500			568
Beverages - 1.20%
Constellation Brands Inc ^(a)	15,096		1,482
				Retail - 11.99%
Biotechnology - 8.83%				Chipotle Mexican Grill Inc ^(a)	3,118			2,134
Alexion Pharmaceuticals Inc ^(a)	3,837		710	Kohl's Corp	26,000			1,587
Biogen Idec Inc ^(a)	7,998		2,715	L Brands Inc	23,106			2,000
Celgene Corp ^(a)	8,537		955	lululemon athletica Inc ^(a)	11,400			636
Gilead Sciences Inc ^(a)	55,127		5,196	Starbucks Corp	36,244			2,974
Illumina Inc ^(a)	7,346		1,356	Target Corp	22,000			1,670
	$		10,932	Tiffany & Co	12,365			1,321
				Ulta Salon Cosmetics & Fragrance Inc ^(a)	19,673			2,515
Chemicals - 5.48%						$		14,837
LyondellBasell Industries NV	23,667		1,879
PPG Industries Inc	21,192		4,899	Semiconductors - 3.61%
	$		6,778	Lam Research Corp	28,679			2,275
				NXP Semiconductors NV ^(a)	28,700			2,193
Commercial Services - 5.72%						$		4,468
FleetCor Technologies Inc ^(a)	13,672		2,033
				Software - 4.37%
MasterCard Inc	44,598		3,843	Salesforce.com Inc ^(a)	22,251			1,320
McGraw Hill Financial Inc	13,446		1,196	ServiceNow Inc ^(a)	23,493			1,594
	$		7,072	Tableau Software Inc ^(a)	12,000			1,017
Computers - 7.65%				Workday Inc ^(a)	18,153			1,481
Apple Inc	69,222		7,641			$		5,412
Western Digital Corp	16,532		1,830
	$		9,471	Transportation - 2.21%
				Canadian Pacific Railway Ltd	14,213			2,739
Cosmetics & Personal Care - 1.25%
Estee Lauder Cos Inc/The	20,349		1,551	TOTAL COMMON STOCKS		$		121,077
				INVESTMENT COMPANIES - 2.23%	Shares Held	Value(000			's)

Diversified Financial Services - 5.55%				Publicly Traded Investment Fund - 2.23%
Discover Financial Services	47,010		3,079	BlackRock Liquidity Funds FedFund Portfolio	2,760,317			2,760
Visa Inc	14,460		3,791
	$		6,870	TOTAL INVESTMENT COMPANIES		$		2,760
Electronics - 0.97%				Total Investments		$		123,837
Garmin Ltd	22,600		1,194	Liabilities in Excess of Other Assets, Net - (0.07)%		$		(85	)
				TOTAL NET ASSETS - 100.00%		$		123,752

Healthcare - Products - 1.76%
Edwards Lifesciences Corp ^(a)	7,200		917	(a) Non-Income Producing Security
Intuitive Surgical Inc ^(a)	2,390		1,264
	$		2,181

Healthcare - Services - 2.96%				Portfolio Summary (unaudited)
HCA Holdings Inc ^(a)	49,900		3,662	Sector				Percent
				Consumer, Non-cyclical				29.18	%
Internet - 6.24%				Consumer, Cyclical				24.63	%
Facebook Inc ^(a)	49,582		3,868	Technology				15.63	%
Google Inc - A Shares ^(a)	4,735		2,513	Financial				10.26	%
Splunk Inc ^(a)	22,762		1,342	Basic Materials				7.45	%
	$		7,723	Communications				6.24	%
				Industrial				3.18	%
Iron & Steel - 0.74%				Exchange Traded Funds				2.23	%
United States Steel Corp	34,300		917	Energy				1.27	%
				Liabilities in Excess of Other Assets, Net				(0.07	)%
Leisure Products & Services - 2.07%				TOTAL NET ASSETS				100.00	%
Royal Caribbean Cruises Ltd	31,062		2,561


Schedule of Investments
MidCap Account
December 31, 2014



COMMON STOCKS - 100.18%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Aerospace & Defense - 1.61%				Insurance (continued)
Rockwell Collins Inc	51,348	$	4,338	Arch Capital Group Ltd ^(a)	58,797	$	3,475
TransDigm Group Inc	34,573		6,788	Brown & Brown Inc	246,089		8,099
	$		11,126	Loews Corp	294,862		12,390
				Markel Corp ^(a)	27,970		19,099
Banks - 1.14%				Progressive Corp/The	217,342		5,866
M&T Bank Corp	63,140		7,932	White Mountains Insurance Group Ltd	9,093		5,729
				Willis Group Holdings PLC	125,619		5,629
Building Materials - 1.12%					$		78,324
Martin Marietta Materials Inc	70,261		7,751	Internet - 4.43%
				Liberty Interactive Corp ^(a)	442,899		13,030
Chemicals - 5.21%				Liberty Ventures ^(a)	208,695		7,872
Air Products & Chemicals Inc	108,634		15,668	VeriSign Inc ^(a)	171,183		9,758
Airgas Inc	74,061		8,530		$		30,660
Ashland Inc	71,701		8,587
Ecolab Inc	31,371		3,279	Lodging - 1.35%
				Wyndham Worldwide Corp	67,392		5,780
	$		36,064	Wynn Resorts Ltd	24,229		3,604
Commercial Services - 7.17%					$		9,384
KAR Auction Services Inc	244,287		8,465
Live Nation Entertainment Inc ^(a)	216,718		5,658	Machinery - Diversified - 0.74%
Macquarie Infrastructure Co LLC	97,372		6,922	Roper Industries Inc	32,835		5,134
McGraw Hill Financial Inc	77,749		6,918
Moody's Corp	124,717		11,949	Media - 7.70%
Robert Half International Inc	58,317		3,405	Discovery Communications Inc - C Shares ^(a)	367,268		12,384
Verisk Analytics Inc ^(a)	99,210		6,354	FactSet Research Systems Inc	27,042		3,806
	$		49,671	Liberty Broadband Corp – A Shares ^(a)	40,946		2,051
				Liberty Broadband Corp – C Shares ^(a)	81,129		4,042
Distribution & Wholesale - 1.90%				Liberty Broadband Corp - Rights ^(a)	24,874		236
Fastenal Co	117,321		5,580	Liberty Global PLC - A Shares ^(a)	88,550		4,446
HD Supply Holdings Inc ^(a)	86,282		2,544	Liberty Global PLC - C Shares ^(a)	241,450		11,665
WW Grainger Inc	19,769		5,039	Liberty Media Corp - A Shares ^(a)	134,259		4,735
	$		13,163	Liberty Media Corp - C Shares ^(a)	255,580		8,953
				Tribune Media Co ^(a)	17,775		1,062
Diversified Financial Services - 2.74%
Charles Schwab Corp/The	322,573		9,738		$		53,380
FNF Group	236,639		8,152	Miscellaneous Manufacturing - 1.60%
FNFV Group ^(a)	68,982		1,086	Colfax Corp ^(a)	178,033		9,181
	$		18,976	Donaldson Co Inc	48,869		1,888
Electric - 1.56%					$		11,069
Brookfield Infrastructure Partners LP	146,969		6,153	Oil & Gas - 3.15%
Brookfield Renewable Energy Partners LP/CA	53,698		1,661	Cimarex Energy Co	56,278		5,965
Calpine Corp ^(a)	134,967		2,987
				EOG Resources Inc	82,867		7,630
	$		10,801	Hess Corp	111,510		8,232
Electronics - 0.93%					$		21,827
Sensata Technologies Holding NV ^(a)	122,761		6,434
				Pharmaceuticals - 4.17%
				Mead Johnson Nutrition Co	92,116		9,261
Engineering & Construction - 1.02%				Valeant Pharmaceuticals International Inc ^(a)	117,489		16,814
SBA Communications Corp ^(a)	64,128		7,103	Zoetis Inc	66,059		2,843
					$		28,918

Forest Products & Paper - 0.35%				Pipelines - 2.95%
MeadWestvaco Corp	54,122		2,403	Kinder Morgan Inc/DE	261,358		11,058
				Kinder Morgan Inc/DE - Warrants ^(a)	90,999		388
				Williams Cos Inc/The	199,867		8,982
Healthcare - Products - 3.13%					$		20,428
Becton Dickinson and Co	56,571		7,873
CR Bard Inc	56,895		9,480	Private Equity - 0.63%
DENTSPLY International Inc	80,838		4,306	Onex Corp	75,141		4,385
	$		21,659

Healthcare - Services - 1.20%				Real Estate - 6.81%
Laboratory Corp of America Holdings ^(a)	76,992		8,307	Brookfield Asset Management Inc	554,389		27,792
				Brookfield Property Partners LP	98,922		2,262
				CBRE Group Inc ^(a)	202,763		6,945
Holding Companies - Diversified - 3.43%				Forest City Enterprises Inc ^(a)	289,639		6,169
Leucadia National Corp	361,167		8,097	Howard Hughes Corp/The ^(a)	30,906		4,031
Liberty TripAdvisor Holdings Inc ^(a)	137,825		3,708
Restaurant Brands International Inc ^(a)	303,142		11,835		$		47,199
Restaurant Brands International LP ^(a)	3,001		113	REITS - 1.79%
	$		23,753	Crown Castle International Corp	157,213		12,373

Insurance - 11.30%
Alleghany Corp ^(a)	7,516		3,484	Retail - 12.03%
Aon PLC	153,466		14,553	AutoZone Inc ^(a)	18,938		11,725


				Schedule of Investments
				MidCap Account
				December 31, 2014


COMMON STOCKS (continued)	Shares Held	Value(000			's)

Retail (continued)
CarMax Inc ^(a)	157,478		$	10,485
Copart Inc ^(a)	144,615			5,277
Dollar General Corp ^(a)	133,247			9,420
O'Reilly Automotive Inc ^(a)	118,532			22,832
Ross Stores Inc	73,823			6,958
TJX Cos Inc/The	242,574			16,636
		$		83,333

Semiconductors - 1.22%
Microchip Technology Inc	187,368			8,452

Software - 4.51%
Adobe Systems Inc ^(a)	111,353			8,095
Fidelity National Information Services Inc	169,049			10,515
Intuit Inc	98,694			9,099
MSCI Inc	74,927			3,554
		$		31,263

Telecommunications - 2.07%
EchoStar Corp ^(a)	94,871			4,981
Motorola Solutions Inc	139,327			9,346
		$		14,327

Textiles - 1.22%
Mohawk Industries Inc ^(a)	54,386			8,449

TOTAL COMMON STOCKS		$		694,048
INVESTMENT COMPANIES - 0.02%	Shares Held	Value(000			's)

Publicly Traded Investment Fund - 0.02%
BlackRock Liquidity Funds FedFund Portfolio	155,350			155

TOTAL INVESTMENT COMPANIES		$		155
Total Investments		$		694,203
Liabilities in Excess of Other Assets, Net - (0.20)%		$		(1,407	)
TOTAL NET ASSETS - 100.00%		$		692,796


(a) Non-Income Producing Security



Portfolio Summary (unaudited)
Sector				Percent
Financial				24.42	%
Consumer, Cyclical				16.50	%
Consumer, Non-cyclical				15.67	%
Communications				14.19	%
Industrial				7.02	%
Energy				6.10	%
Technology				5.73	%
Basic Materials				5.56	%
Diversified				3.43	%
Utilities				1.56	%
Exchange Traded Funds				0.02	%
Liabilities in Excess of Other Assets, Net				(0.20	)%
TOTAL NET ASSETS				100.00	%


Schedule of Investments
Money Market Account
December 31, 2014



	INVESTMENT COMPANIES - 6.71%		Shares Held Value (000's)							Principal
							BONDS (continued)			Amount (000's) Value (000's)
	Publicly Traded Investment Fund - 6.71%
	BlackRock Liquidity Funds TempFund		5,000,000		$	5,000	Other Asset Backed Securities (continued)
	Portfolio						GE Equipment Transportation LLC Series
	Deutsche Money Market Series		4,800,000			4,800	2014-1
	Morgan Stanley Institutional Liquidity Funds -		3,860,000			3,860	0.20%, 06/23/2015^(a)		$	316	$	317
	Government Portfolio						Macquarie Equipment Funding Trust 2014-A
	STIT - Liquid Assets Portfolio		5,120,000			5,120	0.26%, 09/21/2015^(b)			949		949
				$		18,780				$		4,098
	TOTAL INVESTMENT COMPANIES			$		18,780	TOTAL BONDS			$		23,015
			Principal							Principal
BONDS	- 8.22	%	Amount (000's) Value (000's)				MUNICIPAL BONDS - 7.16%			Amount (000's) Value (000's)

	Automobile Asset Backed Securities - 4.69%						California - 0.09%
	Ally Auto Receivables Trust 2014-2						California Statewide Communities
	0.20%, 10/15/2015^(a)		$	899	$	899	Development Authority (credit support from
	Ally Auto Receivables Trust 2014-SN2						Fannie Mae)
	0.25%, 10/20/2015^(a)			1,073		1,073	0.14%, 01/08/2015^(d)		$	250	$	250
	AmeriCredit Automobile Receivables Trust
	2014-2						Colorado - 0.86%
	0.21%, 06/08/2015^(a)			14		14
							City of Colorado Springs CO Utilities System
	ARI Fleet Lease Trust 2014-A
	0.25%, 04/15/2015(a),(b)			207		207	Revenue (credit support from Bank of
							America)
	Bank of The West Auto Trust 2014-1						0.16%, 01/08/2015^(d)			1,600		1,600
	0.25%, 11/16/2015^(b)			1,504		1,504
							Colorado Housing & Finance
	Chrysler Capital Auto Receivables Trust 2014-						Authority (credit support from Federal Home
	B						Loan Bank)
	0.20%, 10/15/2015^(a),(b)			1,150		1,150	0.10%, 01/08/2015^(a),(d)			800		800
	Enterprise Fleet Financing LLC									$		2,400
	0.25%, 08/20/2015^(b)			548		548
	Ford Credit Auto Owner Trust 2014-C						Illinois - 0.07%
	0.23%, 12/15/2015^(b)			1,612		1,612	Memorial Health System/IL (credit support
	GM Financial Automobile Leasing Trust						from JP Morgan Chase & Co)
	2014-2						0.08%, 01/08/2015^(d)			200		200
	0.25%, 09/21/2015^(b)			235		235
	Nissan Auto Lease Trust 2014-B
	0.20%, 10/15/2015^(a)			1,367		1,367	Indiana - 0.14%
							Ball State University Foundation Inc (credit
	Santander Drive Auto Receivables Trust 2014-						support from US Bank)
	5						0.10%, 01/02/2015^(d)			400		400
	0.27%, 12/15/2015			1,433		1,433
	Volkswagen Auto Loan Enhanced Trust 2014-
	2						Iowa- 0.21	%
	0.20%, 10/20/2015^(a)			1,146		1,146	Iowa Finance Authority (credit support from
	Wheels SPV 2 LLC						FHLB 100%, Fannie Mae 78.25% and Ginnie
	0.24%, 05/20/2015^(a),(b)			355		355	Mae 21.75%)
	World Omni Auto Receivables Trust 2014-B						0.12%, 01/08/2015^(d)			600		600
	0.23%, 11/16/2015			773		773
	World Omni Automobile Lease Securitization
	Trust 2014-A						Minnesota - 0.50%
							Minnesota Housing Finance Agency (credit
	0.20%, 10/09/2015			801		801	support from State Street Bank & Trust)
				$		13,117	0.16%, 01/08/2015^(d)			1,400		1,400
Banks	- 0.64	%
	Wells Fargo Bank NA						New Mexico - 0.43%
	0.39%, 01/22/2016^(a)			1,800		1,800
							Village of Los Lunas NM (credit support from
							Wells Fargo)
	Diversified Financial Services - 0.71%						0.21%, 01/08/2015^(d)			1,200		1,200
	MetLife Inc
	0.30%, 08/17/2015^(a),(c)			2,000		2,000
							New York - 3.19%
							Housing Development Corp/NY (credit
	Insurance - 0.72%						support from Fannie Mae)
	New York Life Global						0.08%, 01/08/2015^(d)			2,150		2,150
	0.22%, 07/24/2015^(a),(c)			2,000		2,000	Housing Development Corp/NY (credit
							support from Freddie Mac)
							0.08%, 01/08/2015^(d)			1,320		1,320
	Other Asset Backed Securities - 1.46%						New York State Housing Finance
	CIT Equipment Collateral 2014-VT1						Agency (credit support from Fannie Mae)
	0.30%, 12/21/2015^(a),(b)			1,596		1,596	0.07%, 01/08/2015^(d)			900		900
	Dell Equipment Finance Trust 2014-1						0.09%, 01/08/2015^(d)			1,560		1,560
	0.26%, 08/14/2015^(b)			712		712	0.19%, 01/08/2015^(d)			1,700		1,700
	GE Equipment Midticket LLC Series 2014-1						New York State Housing Finance
	0.20%, 09/22/2015^(a)			339		339
							Agency (credit support from Freddie Mac)
	GE Equipment Small Ticket LLC Series 2014-						0.07%, 01/08/2015^(d)			1,300		1,300
	1									$		8,930
	0.25%, 04/24/2015^(a),(b)			185		185


Schedule of Investments
Money Market Account
December 31, 2014



				Principal					Principal
	MUNICIPAL BONDS (continued)			Amount (000's) Value (000's)			COMMERCIAL PAPER (continued)		Amount (000's) Value (000's)

	North Carolina - 0.30%						Banks (continued)
	City of Raleigh NC (credit support from						Mizuho Funding LLC (credit support from
	Wachovia Bank NA)						Mizuho Corp Bank Ltd)
	0.16%, 01/08/2015^(d)		$	840	$	840	0.21%, 02/18/2015^(b),(d)	$	2,000	$	1,999
							MUFG Union Bank NA
							0.18%, 02/06/2015		2,100		2,100
Ohio	- 0.36	%					Nordea Bank AB
	Ohio Higher Educational Facility						0.14%, 01/27/2015^(b),(e)		2,000		2,000
	Commission (credit support from US Bank)						0.20%, 03/23/2015^(b),(e)		2,200		2,199
	0.12%, 01/08/2015^(d)			1,000		1,000
							PNC Bank NA
							0.28%, 06/22/2015		1,600		1,598
	Pennsylvania - 0.28%						Skandinaviska Enskilda Banken AB
	Luzerne County Industrial Development						0.17%, 02/11/2015^(b),(e)		1,965		1,965
	Authority (credit support from Wells Fargo)						0.17%, 05/01/2015^(b),(e)		2,200		2,199
	0.21%, 01/08/2015^(d)			770		770	0.22%, 01/08/2015^(b),(e)		2,000		2,000
							Societe Generale SA
							0.28%, 03/03/2015^(b),(e)		2,100		2,099
Texas	- 0.57	%					Standard Chartered Bank/New York
	South Central Texas Industrial Development						0.20%, 03/11/2015^(b)		2,200		2,199
	Corp (credit support from JP Morgan Chase &						0.21%, 02/17/2015^(b)		2,000		1,999
	Co)						0.22%, 04/22/2015^(b)		1,300		1,299
	0.07%, 01/08/2015^(d)			1,600		1,600
							Sumitomo Mitsui Banking Corp
							0.13%, 01/02/2015^(b),(e)		2,300		2,300
	Washington - 0.16%						0.17%, 01/02/2015^(b),(e)		2,000		2,000
	Washington State Housing Finance						0.22%, 03/24/2015^(b),(e)		2,200		2,199
	Commission (credit support from Bank of						United Overseas Bank Ltd
	America)						0.21%, 04/13/2015^(b),(e)		2,200		2,199
	0.13%, 01/08/2015^(d)			440		440			$		60,346

	TOTAL MUNICIPAL BONDS			$		20,030	Beverages - 0.72%
							Brown-Forman Corp
				Principal			0.16%, 01/13/2015^(b)		2,000		2,000
	COMMERCIAL PAPER - 69.94%			Amount (000's) Value (000's)

	Automobile Manufacturers - 2.89%
	PACCAR Financial Corp (credit support from						Diversified Financial Services - 27.67%
							Alpine Securitization Corp
	PACCAR Inc)						0.18%, 02/10/2015^(b)		2,000		1,999
	0.15%, 01/27/2015^(d)		$	2,200	$	2,200
							0.19%, 02/03/2015^(b)		1,200		1,200
	0.16%, 02/06/2015^(d)			1,500		1,500
							0.22%, 02/12/2015^(b)		1,000		1,000
	Toyota Financial Services de Puerto Rico						0.26%, 04/01/2015^(b)		2,100		2,099
	Inc (credit support from Toyota Financial						Anglesea Funding LLC
	Services)						0.20%, 01/08/2015^(b)		2,100		2,100
	0.18%, 02/13/2015^(d)			2,200		2,199
							AXA Financial Inc (credit support from AXA
	Toyota Motor Credit Corp						SA)
	0.13%, 01/29/2015			2,200		2,200	0.20%, 01/29/2015^(b),(d)		1,150		1,150
				$		8,099	BNP Paribas Finance Inc (credit support from
Banks	- 21.56	%					BNP Paribas)
	Bank of America NA						0.18%, 02/04/2015^(d)		2,300		2,299
	0.19%, 03/17/2015			2,000		2,000	0.20%, 02/17/2015^(d)		1,300		1,300
	Bank of Tokyo-Mitsubishi UFJ Ltd/New York						0.22%, 02/06/2015^(d)		1,000		1,000
	NY						0.25%, 03/12/2015^(d)		2,200		2,199
	0.14%, 01/02/2015			2,300		2,300	Collateralized Commercial Paper Co LLC
	0.22%, 04/29/2015			2,200		2,198	0.15%, 01/05/2015		1,000		1,000
	Barclays Bank PLC						0.20%, 02/24/2015		2,200		2,199
	0.22%, 01/09/2015			1,800		1,800	0.22%, 03/02/2015		1,500		1,499
	Credit Suisse/New York NY						Collateralized Commercial Paper II Co LLC
	0.26%, 03/06/2015			2,000		1,999	0.18%, 01/23/2015^(b)		2,000		2,000
	0.26%, 04/16/2015			1,400		1,399	CRC Funding LLC
	0.26%, 04/21/2015			2,100		2,098	0.20%, 03/31/2015^(b)		2,200		2,199
	DNB Bank ASA						Dealers Capital Access Trust Inc
	0.20%, 01/16/2015^(b),(e)			2,000		2,000	0.22%, 01/20/2015		2,200		2,200
	HSBC USA Inc						0.29%, 01/16/2015		2,000		2,000
	0.20%, 01/22/2015			1,700		1,700	0.30%, 01/23/2015		2,100		2,099
	KFW (credit support from Republic of						Fairway Finance LLC
	Germany)						0.14%, 01/12/2015^(b)		1,400		1,400
	0.09%, 01/02/2015^(b),(d),(e)			2,100		2,100	Gotham Funding Corp
	Manhattan Asset Funding Co LLC						0.15%, 01/06/2015^(b)		2,000		2,000
	0.19%, 02/19/2015^(b)			2,200		2,199	0.18%, 02/02/2015^(b)		2,200		2,200
	0.20%, 01/21/2015^(b)			2,200		2,200	ING US Funding LLC (credit support from
	0.21%, 02/27/2015^(b)			2,000		1,999	ING Bank)
	Mitsubishi UFJ Trust & Banking Corp/NY						0.19%, 02/05/2015^(d)		2,000		1,999
	0.18%, 01/08/2015^(b)			2,000		2,000	0.20%, 02/02/2015^(d)		2,000		2,000
							0.29%, 02/20/2015^(d)		2,000		1,999


Schedule of Investments
Money Market Account
December 31, 2014



				Principal						Principal
	COMMERCIAL PAPER (continued)			Amount (000's) Value (000's)			COMMERCIAL PAPER (continued)		Amount (000's)				Value (000			's)

	Diversified Financial Services (continued)						Retail - 2.14%
	JP Morgan Securities LLC						Army and Air Force Exchange Service
	0.20%, 02/03/2015^(b)		$	2,100	$	2,099		0.12%, 01/02/2015^(b)	$	6,000				$	6,000
	0.21%, 03/30/2015^(b)			2,000		1,999
	0.22%, 03/17/2015^(b)			1,700		1,699
	Liberty Street Funding LLC						Telecommunications - 1.94%
	0.14%, 01/23/2015^(b)			2,000		2,000	Telstra Corp Ltd
								0.14%, 01/20/2015^(b)		1,500					1,500
	0.17%, 01/13/2015^(b)			2,200		2,200
								0.16%, 01/09/2015^(b)		1,740					1,740
	0.17%, 01/20/2015^(b)			2,000		2,000
								0.22%, 03/23/2015^(b)		2,200					2,199
	National Rural Utilities Cooperative Finance
	Corp												$		5,439
	0.15%, 01/28/2015			2,000		2,000	TOTAL COMMERCIAL PAPER						$		195,714
	0.15%, 01/30/2015			2,100		2,100				Principal
	0.19%, 02/06/2015			2,200		2,200	CERTIFICATE OF DEPOSIT - 2.00%		Amount (000's)			Value	(000			's)
	Nieuw Amsterdam Receivables Corp						Banks - 2.00%
	0.15%, 01/07/2015^(b)			2,200		2,200	Bank of America NA
	0.15%, 02/04/2015^(b)			2,000		2,000		0.21%, 04/14/2015		2,200					2,200
	0.17%, 02/09/2015^(b)			2,000		2,000	Bank of Nova Scotia/Houston
	Rabobank USA Financial Corp (credit support							0.39%, 01/11/2016^(a),(e)		1,400					1,400
	from Rabobank Nederland)						Citibank NA
	0.21%, 01/05/2015^(d)			2,000		2,000		0.19%, 02/23/2015		2,000					2,000
	Regency Markets No. 1 LLC												$		5,600
	0.18%, 01/26/2015^(b)			2,100		2,100
							TOTAL CERTIFICATE OF DEPOSIT						$		5,600
	Sheffield Receivables Corp									Maturity
	0.13%, 03/09/2015^(b)			2,200		2,199
	0.18%, 02/10/2015^(b)			2,000		1,999	REPURCHASE AGREEMENTS - 4.29%		Amount (000's)			Value	(000			's)
	0.19%, 02/18/2015^(b)			1,500		1,499	Banks - 4.29%
				$		77,434	Merrill Lynch Repurchase Agreement; 0.05%		$	12,000			$		12,000
								dated 12/31/2014 maturing 01/02/2015
	Electric - 5.15%							(collateralized by US Government
	GDF Suez							Security; $12,240,000; 2.00%; dated 07/31/20)
	0.14%, 01/22/2015^(b)			2,300		2,300
	0.15%, 01/13/2015^(b)			2,100		2,100
	0.17%, 02/26/2015^(b)			2,000		1,999
							TOTAL REPURCHASE AGREEMENTS						$		12,000
	Oglethorpe Power Corp
	0.15%, 01/14/2015(b)			2,000		2,000	Total Investments						$		275,139
	0.18%, 01/15/2015^(b)			2,000		2,000	Other Assets in Excess of Liabilities, Net -		1.68		%		$		4,698
	Southern Co Funding Corp						TOTAL NET ASSETS - 100.00%						$		279,837
	0.20%, 01/07/2015^(b)			1,800		1,800
	0.25%, 01/06/2015^(b)			2,200		2,200
							(a)	Variable Rate. Rate shown is in effect at December 31, 2014.
				$		14,399	(b)	Security exempt from registration under Rule 144A of the Securities Act of
	Electrical Components & Equipment - 0.75%							1933. These securities may be resold in transactions exempt from
	Emerson Electric Co							registration, normally to qualified institutional buyers. At the end of the
	0.16%, 03/04/2015^(b)			2,100		2,099		period, the value of these securities totaled $143,084 or 51.13% of net
								assets.
							(c)	Security is Illiquid
	Insurance - 2.18%						(d)	Credit support indicates investments that benefit from credit enhancement
	Prudential PLC							or liquidity support provided by a third party bank, institution, or
	0.16%, 01/07/2015^(b)			2,000		2,000
	0.17%, 02/02/2015^(b)			1,800		1,800		government agency.
	0.18%, 02/17/2015^(b)			2,300		2,299	(e)	Security issued by foreign bank and denominated in USD.
				$		6,099

	Miscellaneous Manufacturing - 1.86%							Portfolio Summary (unaudited)
	Dover Corp						Sector								Percent
	0.12%, 01/06/2015^(b)			1,500		1,500
							Financial								60.49	%
	Illinois Tool Works Inc
	0.11%, 01/02/2015(b)			3,700		3,700	Insured								7.16	%
							Exchange Traded Funds								6.71	%
				$		5,200	Asset Backed Securities								6.15	%
	Oil & Gas - 0.82%						Utilities								5.15	%
	Exxon Mobil Corp						Consumer, Cyclical								5.03	%
	0.13%, 02/09/2015			2,300		2,299	Industrial								2.61	%
							Energy								2.36	%
							Communications								1.94	%
	Pipelines - 1.54%						Consumer, Non-cyclical								0.72	%
	Questar Corp						Other Assets in Excess of Liabilities, Net								1.68	%
	0.15%, 01/05/2015^(b)			2,300		2,300
	0.18%, 01/12/2015^(b)			2,000		2,000	TOTAL NET ASSETS								100.00	%
				$		4,300

	REITS- 0.72	%
	Simon Property Group LP
	0.15%, 01/21/2015^(b)			2,000		2,000


Schedule of Investments
Principal Capital Appreciation Account
December 31, 2014



COMMON STOCKS - 98.34%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Aerospace & Defense - 2.38%				Cosmetics & Personal Care - 0.84%
Boeing Co/The	3,994	$	519	Procter & Gamble Co/The	3,684	$	335
Northrop Grumman Corp	1,485		219
Teledyne Technologies Inc ^(a)	2,087		214
				Distribution & Wholesale - 0.46%
	$		952	Pool Corp	2,894		184
Airlines - 0.39%
Alaska Air Group Inc	1,617		97	Diversified Financial Services - 3.66%
Cathay Pacific Airways Ltd ADR	5,501		59	Ameriprise Financial Inc	1,361		180
	$		156	Charles Schwab Corp/The	14,386		434
Apparel - 2.18%				FNF Group	5,981		206
Nike Inc	6,723		646	Franklin Resources Inc	8,183		453
Ralph Lauren Corp	1,234		229	T Rowe Price Group Inc	2,240		193
	$		875		$		1,466

Automobile Manufacturers - 1.01%				Electric - 1.17%
Nissan Motor Co Ltd ADR	1,180		21	Duke Energy Corp	2,074		173
PACCAR Inc	5,636		383	Edison International	2,285		150
	$		404	Xcel Energy Inc	4,022		144
					$		467
Automobile Parts & Equipment - 1.40%
Autoliv Inc	2,105		223	Electronics - 2.92%
Johnson Controls Inc	6,965		337	Corning Inc	8,443		194
	$		560	FEI Co	1,291		117
				FLIR Systems Inc	2,088		67
Banks - 7.22%				Thermo Fisher Scientific Inc	2,379		298
City National Corp/CA	1,914		155	Trimble Navigation Ltd ^(a)	4,279		114
East West Bancorp Inc	5,061		196	Waters Corp ^(a)	3,393		382
Goldman Sachs Group Inc/The	1,018		197		$		1,172
JP Morgan Chase & Co	7,294		457
PNC Financial Services Group Inc/The	3,503		320	Engineering & Construction - 0.57%
State Street Corp	1,965		154	Granite Construction Inc	2,364		90
SVB Financial Group ^(a)	1,775		206	Jacobs Engineering Group Inc ^(a)	3,092		138
US Bancorp/MN	8,857		398		$		228
Wells Fargo & Co	14,800		811	Environmental Control - 0.46%
	$		2,894	Waste Connections Inc	4,233		186
Beverages - 1.76%
Ambev SA ADR	13,866		86	Food - 2.86%
Brown-Forman Corp	2,003		176	Dairy Farm International Holdings Ltd ADR	2,429		109
Coca-Cola Co/The	7,353		310	Darling Ingredients Inc ^(a)	2,145		39
PepsiCo Inc	1,422		135	General Mills Inc	4,093		218
	$		707	Kroger Co/The	5,401		347
Biotechnology - 0.87%				McCormick & Co Inc/MD	2,769		206
Gilead Sciences Inc (a)	3,717		350	Whole Foods Market Inc	4,530		228
					$		1,147

Building Materials - 0.52%				Gas - 1.66%
Apogee Enterprises Inc	3,973		168	Sempra Energy	5,962		664
Simpson Manufacturing Co Inc	1,108		39
	$		207	Healthcare - Products - 2.54%
				Becton Dickinson and Co	2,101		292
Chemicals - 2.49%				Bio-Techne Corp	1,850		171
Axiall Corp	1,732		74	Edwards Lifesciences Corp ^(a)	1,577		201
EI du Pont de Nemours & Co	3,820		282	Halyard Health Inc ^(a)	1,923		88
FMC Corp	2,782		159

International Flavors & Fragrances Inc	2,351		238	Medtronic Inc	1,622		117
PPG Industries Inc	1,055		244	Varian Medical Systems Inc ^(a)	1,702		147
	$		997		$		1,016
				Healthcare - Services - 1.32%
Commercial Services - 0.65%				DaVita HealthCare Partners Inc ^(a)	3,084		233
Robert Half International Inc	2,455		144
TrueBlue Inc ^(a)	5,315		118	Universal Health Services Inc	2,648		295
	$		262		$		528
				Housewares - 0.35%
Computers - 5.28%				Tupperware Brands Corp	2,219		140
Apple Inc	11,643		1,285
EMC Corp/MA	13,314		396
International Business Machines Corp	2,183		350	Insurance - 2.76%
Teradata Corp ^(a)	1,928		84	ACE Ltd	2,371		272
	$		2,115	Chubb Corp/The	600		62
				HCC Insurance Holdings Inc	6,390		342
Consumer Products - 0.69%				MetLife Inc	2,835		153
Kimberly-Clark Corp	912		105	StanCorp Financial Group Inc	812		57
WD-40 Co	2,020		172	XL Group PLC	6,390		220
	$		277		$		1,106


Schedule of Investments
Principal Capital Appreciation Account
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Internet - 2.61%				REITS - 3.49%
Amazon.com Inc ^(a)	973	$	302	Alexandria Real Estate Equities Inc	2,668	$	237
eBay Inc ^(a)	2,987		168	Annaly Capital Management Inc	2,495		27
Google Inc - A Shares ^(a)	552		293	Essex Property Trust Inc	828		171
Google Inc - C Shares ^(a)	472		248	HCP Inc	4,413		194
LinkedIn Corp ^(a)	156		36	Plum Creek Timber Co Inc	5,506		236
	$		1,047	Sabra Health Care REIT Inc	3,072		93
				Ventas Inc	2,847		204
Iron & Steel - 0.79%				Weyerhaeuser Co	6,619		238
Reliance Steel & Aluminum Co	3,249		199		$		1,400
Schnitzer Steel Industries Inc	5,258		119
	$		318	Retail - 6.46%
				Copart Inc ^(a)	6,281		229
Leisure Products & Services - 0.72%				Costco Wholesale Corp	4,893		694
Carnival Corp	2,450		111	CVS Health Corp	4,605		443
Harley-Davidson Inc	2,664		176	Home Depot Inc/The	2,559		269
	$		287	Nordstrom Inc	5,876		466
Lodging - 0.09%				Starbucks Corp	5,958		489
Red Lion Hotels Corp ^(a)	5,566		35		$		2,590
				Savings & Loans - 0.57%
Machinery - Construction & Mining - 0.31%				Washington Federal Inc	10,325		229
Caterpillar Inc	1,362		125
				Semiconductors - 3.84%
Machinery - Diversified - 0.90%				Altera Corp	5,618		208
AGCO Corp	1,036		47	Applied Materials Inc	8,773		219
Deere & Co	3,544		313	Avago Technologies Ltd	1,433		144
	$		360	Intel Corp	7,809		283
				Lam Research Corp	3,076		244
Media - 2.36%				Microchip Technology Inc	5,330		240
Discovery Communications Inc - A Shares ^(a)	1,770		61	Qualcomm Inc	2,704		201
Viacom Inc	3,389		255		$		1,539
Walt Disney Co/The	6,693		630
	$		946	Software - 6.64%
				Adobe Systems Inc ^(a)	7,564		550
Metal Fabrication & Hardware - 0.55%				Autodesk Inc ^(a)	2,695		162
Precision Castparts Corp	908		219	Fair Isaac Corp	3,532		255
				Informatica Corp ^(a)	3,781		144
Mining - 0.29%				Microsoft Corp	15,380		715
Freeport-McMoRan Inc	5,046		118	Omnicell Inc ^(a)	3,543		117
				Oracle Corp	11,986		539
				Tyler Technologies Inc ^(a)	1,627		178
Miscellaneous Manufacturing - 1.86%					$		2,660
AptarGroup Inc	3,299		220
Crane Co	2,403		141	Telecommunications - 2.24%
General Electric Co	15,150		383	China Mobile Ltd ADR	2,852		168
	$		744	Cisco Systems Inc	7,550		210
				Polycom Inc ^(a)	5,714		77
Oil & Gas - 6.22%				Verizon Communications Inc	9,491		444
Apache Corp	4,288		269		$		899
California Resources Corp ^(a)	1,092		6
Chevron Corp	5,507		618	Toys, Games & Hobbies - 0.67%
Devon Energy Corp	3,879		237	Hasbro Inc	2,687		148
Energen Corp	2,230		142	Mattel Inc	3,876		120
Exxon Mobil Corp	8,249		763		$		268
HollyFrontier Corp	2,347		88
Occidental Petroleum Corp	4,605		371	Transportation - 1.59%
				Expeditors International of Washington Inc	6,512		291
	$		2,494	Union Pacific Corp	2,916		347
Oil & Gas Services - 0.64%					$		638
Natural Gas Services Group Inc ^(a)	4,159		96
Schlumberger Ltd	1,905		162	Trucking & Leasing - 0.20%
	$		258	Greenbrier Cos Inc/The	1,519		82

Pharmaceuticals - 6.71%				Water - 0.18%
Abbott Laboratories	4,605		207	California Water Service Group	3,007		74
AbbVie Inc	4,984		326
Actavis PLC ^(a)	679		175
Allergan Inc/United States	1,788		380	TOTAL COMMON STOCKS	$		39,414
Bristol-Myers Squibb Co	4,476		264
Johnson & Johnson	4,140		433
McKesson Corp	2,961		615
Teva Pharmaceutical Industries Ltd ADR	2,229		128
VCA Inc ^(a)	3,292		161
	$		2,689


				Schedule of Investments
				Real Estate Securities Account
				December 31, 2014


COMMON STOCKS - 99.13%	Shares Held	Value (000			's)

Real Estate - 2.23%
Brookdale Senior Living Inc ^(a)	36,106		$	1,324
Jones Lang LaSalle Inc	16,050			2,406
		$		3,730

REITS - 96.90%
American Realty Capital Properties Inc	141,108			1,277
Apartment Investment & Management Co	132,390			4,918
AvalonBay Communities Inc	36,795			6,012
Boston Properties Inc	53,952			6,943
Camden Property Trust	52,823			3,900
CBL & Associates Properties Inc	17,538			341
CubeSmart	131,862			2,910
DDR Corp	162,219			2,978
Duke Realty Corp	132,410			2,675
DuPont Fabros Technology Inc	39,426			1,310
Education Realty Trust Inc	43,038			1,575
EPR Properties	51,599			2,974
Equity One Inc	84,969			2,155
Equity Residential	65,902			4,734
Essex Property Trust Inc	38,686			7,992
Extra Space Storage Inc	57,780			3,388
Federal Realty Investment Trust	22,588			3,015
First Industrial Realty Trust Inc	185,422			3,812
General Growth Properties Inc	231,233			6,505
Geo Group Inc/The	10,953			442
HCP Inc	37,429			1,648
Health Care REIT Inc	89,084			6,741
Host Hotels & Resorts Inc	289,217			6,875
Kilroy Realty Corp	52,076			3,597
Paramount Group Inc ^(a)	108,060			2,009
Pebblebrook Hotel Trust	100,080			4,567
Prologis Inc	165,173			7,107
Public Storage	32,062			5,927
Saul Centers Inc	33,144			1,895
Simon Property Group Inc	102,527			18,671
SL Green Realty Corp	59,610			7,095
STORE Capital Corp	40,809			882
Strategic Hotels & Resorts Inc ^(a)	190,856			2,525
Sun Communities Inc	36,292			2,194
Sunstone Hotel Investors Inc	184,417			3,045
Taubman Centers Inc	34,100			2,606
Ventas Inc	101,004			7,242
Vornado Realty Trust	56,623			6,665
Washington Prime Group Inc	50,391			868
		$		162,015
TOTAL COMMON STOCKS		$		165,745
INVESTMENT COMPANIES - 0.57%	Shares Held	Value (000			's)

Publicly Traded Investment Fund - 0.57%
BlackRock Liquidity Funds FedFund Portfolio	947,920			948

TOTAL INVESTMENT COMPANIES		$		948
Total Investments		$		166,693
Other Assets in Excess of Liabilities, Net - 0.30%		$		500
TOTAL NET ASSETS - 100.00%		$		167,193


(a) Non-Income Producing Security



Portfolio Summary (unaudited)
Sector				Percent
Financial				99.13	%
Exchange Traded Funds				0.57	%
Other Assets in Excess of Liabilities, Net				0.30	%
TOTAL NET ASSETS				100.00	%


					Schedule of Investments
					SAM Balanced Portfolio
					December 31, 2014


INVESTMENT COMPANIES - 100.02%		Shares Held Value (000's)

Principal Funds, Inc. Institutional Class - 48.24%
Blue Chip Fund ^(a)			2,782,489	$	42,349
Global Diversified Income Fund ^(a)			1,338,732		18,715
Global Multi-Strategy Fund ^(a)			4,448,034		48,795
Global Real Estate Securities Fund ^(a)			1,013,697		9,316
High Yield Fund ^(a)			2,590,684		19,042
Inflation Protection Fund ^(a)			1,295,128		10,957
International Emerging Markets Fund ^(a)			655,350		15,158
LargeCap Growth Fund ^(a)			7,813,229		84,461
LargeCap Value Fund ^(a)			8,194,515		104,152
MidCap Value Fund I ^(a)			242,199		3,597
Preferred Securities Fund ^(a)			371,056		3,789
Principal Capital Appreciation Fund ^(a)			874,988		50,968
SmallCap Growth Fund I ^(a)			73,759		876
SmallCap Value Fund II ^(a)			498,756		6,449
Small-MidCap Dividend Income Fund ^(a)			2,065,534		28,463
			$		447,087

Principal Variable Contracts Funds, Inc.	Class 1 - 51.78%
Diversified International Account ^(a)			5,052,004		71,132
Equity Income Account ^(a)			4,692,543		108,491
Government & High Quality Bond Account ^(a)			6,654,476		69,473
Income Account ^(a)		12,440,973			134,114
MidCap Account ^(a)			905,088		55,020
Short-Term Income Account ^(a)		16,080,585			41,649
			$		479,879
TOTAL INVESTMENT COMPANIES			$		926,966
Total Investments			$		926,966
Liabilities in Excess of Other Assets, Net - (0.02)%			$		(206	)
TOTAL NET ASSETS - 100.00%			$		926,760


(a) Affiliated Security. Please see Affiliated Sub-Schedule for transactional
information.



Portfolio Summary	(unaudited)
Fund Type					Percent
Domestic Equity Funds					52.32	%
Fixed Income Funds					30.10	%
International Equity Funds					10.32	%
Specialty Funds					7.28	%
Liabilities in Excess of Other Assets, Net					(0.02	)%
TOTAL NET ASSETS					100.00	%


Schedule of Investments
SAM Balanced Portfolio
December 31, 2014


	December 31,		December 31,								December 31,		December 31,
Affiliated Securities	2013		2013	Purchases		Purchases	Sales			Sales	2014		2014
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Blue Chip Fund	1,836,689	$	23,663	1,152,384	$	18,032	206,584		$	3,023	2,782,489	$	39,000
Bond & Mortgage Securities Account	1,057,524		12,535	35,651		407	1,093,175			12,506	—		—
Diversified International Account	6,419,617		72,436	135,841		2,025	1,503,454			21,916	5,052,004		53,927
Equity Income Account	5,970,419		68,176	141,896		3,120	1,419,772			31,862	4,692,543		52,332
Global Diversified Income Fund	1,080,198		14,413	291,171		4,126	32,637			479	1,338,732		18,057
Global Multi-Strategy Fund	3,397,919		34,946	1,050,115		11,687	—			—	4,448,034		46,633
Global Real Estate Securities Fund	604,063		4,407	409,634		3,786	—			—	1,013,697		8,193
Government & High Quality Bond	9,207,214		91,106	1,021,088		10,621	3,573,826			37,578	6,654,476		65,657
Account
High Yield Fund	2,591,428		17,668	957,716		7,128	958,460			7,463	2,590,684		17,625
Income Account	12,382,840		121,090	639,133		6,886	581,000			6,260	12,440,973		121,674
Inflation Protection Fund	—		—	1,295,128		11,148	—			—	1,295,128		11,148
International Emerging Markets Fund	917,738		21,679	12,701		295	275,089			6,542	655,350		15,441
LargeCap Growth Fund	7,204,809		77,236	1,276,248		14,145	667,828			7,568	7,813,229		84,220
LargeCap Growth Fund II	2,595,560		15,099	897		9	2,596,457			27,635	—		—
LargeCap Value Fund	8,277,492		107,738	942,408		11,923	1,025,385			13,834	8,194,515		106,259
MidCap Account	456,372		12,767	513,834		30,168	65,118			3,852	905,088		39,930
MidCap Value Fund I	—		—	242,199		3,953	—			—	242,199		3,953
Preferred Securities Fund	1,223,447		8,022	67,441		696	919,832			9,592	371,056		2,083
Principal Capital Appreciation Fund	1,259,930		63,794	43,688		2,522	428,630			25,134	874,988		44,541
Short-Term Income Account	13,477,315		34,110	2,831,052		7,331	227,782			593	16,080,585		40,843
SmallCap Growth Fund I	2,064,659		21,517	13,563		159	2,004,463			27,631	73,759		747
SmallCap Value Fund II	2,164,651		24,680	55,326		698	1,721,221			23,712	498,756		5,013
Small-MidCap Dividend Income Fund	1,597,517		15,874	645,414		8,904	177,397			2,461	2,065,534		22,800
		$	862,956		$	159,769			$	269,641		$	800,076


						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Blue Chip Fund	$		1,010	$			328			$			253
Bond & Mortgage Securities Account			389				(436	)					—
Diversified International Account			1,953				1,382						—
Equity Income Account			3,038				12,898						—
Global Diversified Income Fund			872				(3	)					326
Global Multi-Strategy Fund			586				—						617
Global Real Estate Securities Fund			217				—						43
Government & High Quality Bond Account			2,672				1,508						—
High Yield Fund			1,193				292						124
Income Account			6,019				(42	)					—
Inflation Protection Fund			148				—						—
International Emerging Markets Fund			268				9						—
LargeCap Growth Fund			133				407						8,535
LargeCap Growth Fund II			—				12,527						—
LargeCap Value Fund			6,549				432						5,255
MidCap Account			137				847						2,386
MidCap Value Fund I			168				—						277
Preferred Securities Fund			630				2,957						65
Principal Capital Appreciation Fund			627				3,359						1,859
Short-Term Income Account			593				(5	)					—
SmallCap Growth Fund I			6				6,702						144
SmallCap Value Fund II			137				3,347						552
Small-MidCap Dividend Income Fund			614				483						572
	$		27,959	$			46,992			$			21,008
Amounts in thousands except shares


				Schedule of Investments
		SAM Conservative Balanced Portfolio
				December 31, 2014


INVESTMENT COMPANIES - 100.02%	Shares Held Value (000's)

Principal Funds, Inc. Institutional Class - 40.84%
Blue Chip Fund ^(a)		397,512	$	6,050
Global Diversified Income Fund ^(a)		528,519		7,389
Global Multi-Strategy Fund ^(a)		897,556		9,846
Global Real Estate Securities Fund ^(a)		281,701		2,589
High Yield Fund ^(a)		1,364,721		10,031
Inflation Protection Fund ^(a)		412,086		3,486
International Emerging Markets Fund ^(a)		109,246		2,527
LargeCap Growth Fund ^(a)		1,376,642		14,881
LargeCap Value Fund ^(a)		1,313,046		16,689
MidCap Value Fund I ^(a)		117,560		1,746
Preferred Securities Fund ^(a)		110,275		1,126
Principal Capital Appreciation Fund ^(a)		156,440		9,112
SmallCap Growth Fund I ^(a)		20,894		248
SmallCap Value Fund II ^(a)		73,229		947
Small-MidCap Dividend Income Fund ^(a)		331,050		4,562
		$		91,229

Principal Variable Contracts Funds, Inc.	Class 1 - 59.18%
Bond & Mortgage Securities Account ^(a)		396,098		4,539
Diversified International Account ^(a)		796,751		11,218
Equity Income Account ^(a)		666,857		15,418
Government & High Quality Bond Account ^(a)		2,670,835		27,884
Income Account ^(a)		4,494,303		48,449
MidCap Account ^(a)		127,557		7,754
Short-Term Income Account ^(a)		6,529,387		16,911
		$		132,173
TOTAL INVESTMENT COMPANIES		$		223,402
Total Investments		$		223,402
Liabilities in Excess of Other Assets, Net - (0.02)%		$		(50	)
TOTAL NET ASSETS - 100.00%		$		223,352


(a) Affiliated Security. Please see Affiliated Sub-Schedule for transactional
information.



Portfolio Summary	(unaudited)
Fund Type				Percent
Fixed Income Funds				50.34	%
Domestic Equity Funds				34.65	%
Specialty Funds				7.72	%
International Equity Funds				7.31	%
Liabilities in Excess of Other Assets, Net				(0.02	)%
TOTAL NET ASSETS				100.00	%


Schedule of Investments
SAM Conservative Balanced Portfolio
December 31, 2014


	December 31,		December 31,								December 31,		December 31,
Affiliated Securities	2013		2013	Purchases	Purchases		Sales			Sales	2014		2014
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Blue Chip Fund	284,635	$	3,606	139,605	$	2,181	26,728		$	388	397,512	$	5,444
Bond & Mortgage Securities Account	500,008		5,831	22,675		258	126,585			1,447	396,098		4,603
Diversified International Account	981,335		10,528	39,636		580	224,220			3,260	796,751		8,228
Equity Income Account	912,574		10,675	27,472		596	273,189			6,115	666,857		7,436
Global Diversified Income Fund	396,558		5,307	155,230		2,203	23,269			334	528,519		7,176
Global Multi-Strategy Fund	557,971		5,755	339,585		3,737	—			—	897,556		9,492
Global Real Estate Securities Fund	125,302		895	162,219		1,441	5,820			48	281,701		2,288
Government & High Quality Bond	3,443,598		34,904	323,597		3,362	1,096,360			11,492	2,670,835		26,905
Account
High Yield Fund	1,003,923		6,915	641,914		4,756	281,116			2,179	1,364,721		9,477
Income Account	4,513,889		45,090	646,686		7,034	666,272			7,178	4,494,303		44,866
Inflation Protection Fund	—		—	412,086		3,547	—			—	412,086		3,547
International Emerging Markets Fund	136,853		3,218	2,862		66	30,469			713	109,246		2,563
LargeCap Growth Fund	1,122,683		12,035	369,566		4,202	115,607			1,318	1,376,642		14,994
LargeCap Growth Fund II	405,755		2,563	2,188		22	407,943			4,352	—		—
LargeCap Value Fund	1,273,505		16,545	186,430		2,378	146,889			1,963	1,313,046		16,996
MidCap Account	69,797		1,782	63,651		3,737	5,891			341	127,557		5,216
MidCap Value Fund I	—		—	117,560		1,898	—			—	117,560		1,898
Preferred Securities Fund	461,571		3,199	33,199		340	384,495			4,004	110,275		619
Principal Capital Appreciation Fund	197,072		9,980	10,017		574	50,649			2,881	156,440		7,964
Short-Term Income Account	5,124,276		12,790	1,460,371		3,786	55,260			144	6,529,387		16,430
SmallCap Growth Fund I	314,430		3,345	5,195		64	298,731			4,132	20,894		212
SmallCap Value Fund II	325,699		3,653	8,447		107	260,917			3,606	73,229		726
Small-MidCap Dividend Income Fund	254,717		2,538	86,718		1,195	10,385			143	331,050		3,592
		$	201,154		$	48,064			$	56,038		$	200,672


					Realized Gain/Loss						Realized Gain from
			Income		on Investments					Capital Gain Distributions
Blue Chip Fund	$		144	$			45			$			36
Bond & Mortgage Securities Account			183				(39	)					—
Diversified International Account			302				380						—
Equity Income Account			466				2,280						—
Global Diversified Income Fund			323				—						129
Global Multi-Strategy Fund			117				—						123
Global Real Estate Securities Fund			61				—						11
Government & High Quality Bond Account			1,144				131						—
High Yield Fund			508				(15	)					65
Income Account			2,332				(80	)					—
Inflation Protection Fund			47				—						—
International Emerging Markets Fund			45				(8	)					—
LargeCap Growth Fund			23				75						1,504
LargeCap Growth Fund II			—				1,767						—
LargeCap Value Fund			1,051				36						844
MidCap Account			22				38						382
MidCap Value Fund I			75				—						123
Preferred Securities Fund			233				1,084						19
Principal Capital Appreciation Fund			112				291						332
Short-Term Income Account			236				(2	)					—
SmallCap Growth Fund I			2				935						41
SmallCap Value Fund II			20				572						81
Small-MidCap Dividend Income Fund			100				2						92
	$		7,546	$			7,492			$			3,782
Amounts in thousands except shares


				Schedule of Investments
		SAM Conservative Growth Portfolio
				December 31, 2014


INVESTMENT COMPANIES - 100.03%	Shares Held Value (000's)

Principal Funds, Inc. Institutional Class - 60.62%
Blue Chip Fund ^(a)		1,121,994	$	17,077
Diversified Real Asset Fund ^(a)		871,224		10,516
Global Multi-Strategy Fund ^(a)		2,098,559		23,021
Global Real Estate Securities Fund ^(a)		797,815		7,332
High Yield Fund ^(a)		233,667		1,717
International Emerging Markets Fund ^(a)		300,706		6,955
LargeCap Growth Fund ^(a)		3,338,967		36,094
LargeCap Value Fund ^(a)		3,267,577		41,531
MidCap Value Fund I ^(a)		166,656		2,475
Preferred Securities Fund ^(a)		35,441		362
Principal Capital Appreciation Fund ^(a)		363,569		21,178
SmallCap Growth Fund I ^(a)		50,087		595
SmallCap Value Fund II ^(a)		123,629		1,598
Small-MidCap Dividend Income Fund ^(a)		881,832		12,152
		$		182,603

Principal Variable Contracts Funds, Inc.	Class 1 - 39.41%
Diversified International Account ^(a)		2,094,008		29,484
Equity Income Account ^(a)		1,830,072		42,311
Government & High Quality Bond Account ^(a)		720,217		7,519
Income Account ^(a)		1,255,785		13,537
MidCap Account ^(a)		352,126		21,406
Short-Term Income Account ^(a)		1,716,244		4,445
		$		118,702
TOTAL INVESTMENT COMPANIES		$		301,305
Total Investments		$		301,305
Liabilities in Excess of Other Assets, Net - (0.03)%		$		(83	)
TOTAL NET ASSETS - 100.00%		$		301,222


(a) Affiliated Security. Please see Affiliated Sub-Schedule for transactional
information.



Portfolio Summary	(unaudited)
Fund Type				Percent
Domestic Equity Funds				65.22	%
International Equity Funds				14.53	%
Specialty Funds				11.13	%
Fixed Income Funds				9.15	%
Liabilities in Excess of Other Assets, Net				(0.03	)%
TOTAL NET ASSETS				100.00	%


Schedule of Investments
SAM Conservative Growth Portfolio
December 31, 2014


	December 31,		December 31,								December 31,		December 31,
Affiliated Securities	2013		2013	Purchases	Purchases		Sales			Sales	2014		2014
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Blue Chip Fund	645,543	$	8,246	483,255	$	7,548	6,804		$	94	1,121,994	$	15,701
Diversified International Account	2,242,553		28,538	61,765		917	210,310			3,016	2,094,008		26,131
Diversified Real Asset Fund	325,155		3,617	548,031		6,617	1,962			23	871,224		10,211
Equity Income Account	2,148,397		24,796	60,672		1,324	378,997			8,536	1,830,072		20,448
Global Multi-Strategy Fund	1,167,364		12,080	931,195		10,321	—			—	2,098,559		22,401
Global Real Estate Securities Fund	215,295		1,552	585,394		5,294	2,874			23	797,815		6,823
Government & High Quality Bond	870,139		8,410	90,835		945	240,757			2,534	720,217		6,965
Account
High Yield Fund	212,595		1,411	21,072		163	—			—	233,667		1,574
Income Account	1,258,249		12,091	160,246		1,733	162,710			1,754	1,255,785		12,061
International Emerging Markets Fund	324,156		7,639	7,439		172	30,889			726	300,706		7,077
LargeCap Growth Fund	2,591,723		27,783	789,951		8,926	42,707			473	3,338,967		36,250
LargeCap Growth Fund II	905,151		5,679	3,910		39	909,061			9,835	—		—
LargeCap Value Fund	2,872,158		37,335	546,185		7,079	150,766			2,070	3,267,577		42,345
MidCap Account	151,028		4,699	202,709		11,905	1,611			94	352,126		16,536
MidCap Value Fund I	—		—	166,656		2,692	—			—	166,656		2,692
Preferred Securities Fund	133,597		950	7,309		75	105,465			1,100	35,441		215
Principal Capital Appreciation Fund	456,543		23,129	19,576		1,123	112,550			6,677	363,569		18,505
Short-Term Income Account	1,239,188		3,148	477,056		1,235	—			—	1,716,244		4,383
SmallCap Growth Fund I	739,762		7,765	11,518		140	701,193			9,656	50,087		507
SmallCap Value Fund II	772,653		8,762	15,499		197	664,523			9,214	123,629		1,218
Small-MidCap Dividend Income Fund	560,610		5,609	326,559		4,506	5,337			72	881,832		10,043
		$	233,239		$	72,951			$	55,897		$	262,086


					Realized Gain/Loss						Realized Gain from
			Income		on Investments					Capital Gain Distributions
Blue Chip Fund	$		407	$			1			$			102
Diversified International Account			732				(308	)					—
Diversified Real Asset Fund			168				—						57
Equity Income Account			1,156				2,864						—
Global Multi-Strategy Fund			277				—						290
Global Real Estate Securities Fund			164				—						34
Government & High Quality Bond Account			289				144						—
High Yield Fund			116				—						11
Income Account			637				(9	)					—
International Emerging Markets Fund			121				(8	)					—
LargeCap Growth Fund			57				14						3,647
LargeCap Growth Fund II			—				4,117						—
LargeCap Value Fund			2,563				1						2,054
MidCap Account			48				26						836
MidCap Value Fund I			111				—						183
Preferred Securities Fund			68				290						6
Principal Capital Appreciation Fund			260				930						772
Short-Term Income Account			58				—						—
SmallCap Growth Fund I			4				2,258						98
SmallCap Value Fund II			34				1,473						137
Small-MidCap Dividend Income Fund			242				—						244
	$		7,512	$			11,793			$			8,471
Amounts in thousands except shares


				Schedule of Investments
				SAM Flexible Income Portfolio
				December 31, 2014


INVESTMENT COMPANIES - 100.02%	Shares Held Value (000's)

Principal Funds, Inc. Institutional Class - 35.40%
Blue Chip Fund ^(a)		166,707	$	2,537
Global Diversified Income Fund ^(a)		1,094,973		15,308
Global Real Estate Securities Fund ^(a)		264,882		2,434
High Yield Fund ^(a)		1,949,914		14,332
Inflation Protection Fund ^(a)		1,168,795		9,888
International Emerging Markets Fund ^(a)		79,337		1,835
LargeCap Growth Fund ^(a)		868,876		9,393
LargeCap Value Fund ^(a)		1,019,252		12,955
Preferred Securities Fund ^(a)		351,413		3,588
SmallCap Growth Fund I ^(a)		20,056		238
Small-MidCap Dividend Income Fund ^(a)		779,702		10,744
		$		83,252

Principal Variable Contracts Funds, Inc.	Class 1 - 64.62%
Bond & Mortgage Securities Account ^(a)		480,945		5,512
Diversified International Account ^(a)		300,456		4,230
Equity Income Account ^(a)		1,035,499		23,941
Government & High Quality Bond Account ^(a)		2,353,313		24,568
Income Account ^(a)		6,622,511		71,391
Short-Term Income Account ^(a)		8,611,528		22,304
		$		151,946
TOTAL INVESTMENT COMPANIES		$		235,198
Total Investments		$		235,198
Liabilities in Excess of Other Assets, Net - (0.02)%		$		(53	)
TOTAL NET ASSETS - 100.00%		$		235,145


(a) Affiliated Security. Please see Affiliated Sub-Schedule for transactional
information.



Portfolio Summary	(unaudited)
Fund Type				Percent
Fixed Income Funds				64.46	%
Domestic Equity Funds				25.43	%
Specialty Funds				6.51	%
International Equity Funds				3.62	%
Liabilities in Excess of Other Assets, Net				(0.02	)%
TOTAL NET ASSETS				100.00	%


Schedule of Investments
SAM Flexible Income Portfolio
December 31, 2014


	December 31,		December 31,								December 31,		December 31,
Affiliated Securities	2013		2013	Purchases		Purchases	Sales			Sales	2014		2014
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Blue Chip Fund	173,654	$	2,231	5,055	$	76	12,002		$	175	166,707	$	2,149
Bond & Mortgage Securities Account	803,486		9,337	46,676		535	369,217			4,222	480,945		5,545
Diversified International Account	460,656		4,554	15,722		230	175,922			2,551	300,456		2,770
Equity Income Account	925,782		11,340	222,003		4,976	112,286			2,465	1,035,499		14,144
Global Diversified Income Fund	748,329		9,960	363,152		5,210	16,508			236	1,094,973		14,933
Global Real Estate Securities Fund	223,933		1,602	46,017		408	5,068			42	264,882		1,968
Government & High Quality Bond	3,570,263		35,590	135,257		1,397	1,352,207			14,159	2,353,313		23,239
Account
High Yield Fund	1,540,840		10,718	451,933		3,377	42,859			330	1,949,914		13,756
Income Account	6,216,543		62,026	706,859		7,674	300,891			3,241	6,622,511		66,362
Inflation Protection Fund	—		—	1,168,795		10,067	—			—	1,168,795		10,067
International Emerging Markets Fund	101,700		2,434	1,838		43	24,201			570	79,337		1,889
LargeCap Growth Fund	884,571		9,483	96,826		1,036	112,521			1,308	868,876		9,308
LargeCap Value Fund	871,241		11,350	238,534		3,116	90,523			1,216	1,019,252		13,233
Preferred Securities Fund	865,988		5,592	80,918		833	595,493			6,204	351,413		2,006
Principal Capital Appreciation Fund	89,814		4,548	—		—	89,814			5,274	—		—
Short-Term Income Account	7,019,944		17,186	1,694,466		4,396	102,882			267	8,611,528		21,314
SmallCap Growth Fund I	235,758		2,653	4,235		51	219,937			3,111	20,056		203
Small-MidCap Dividend Income Fund	786,387		8,305	47,770		657	54,455			756	779,702		8,245
		$	208,909		$	44,082			$	46,127		$	211,131


						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Blue Chip Fund	$		60	$			17			$			15
Bond & Mortgage Securities Account			293				(105	)					—
Diversified International Account			126				537						—
Equity Income Account			463				293						—
Global Diversified Income Fund			645				(1	)					265
Global Real Estate Securities Fund			63				—						11
Government & High Quality Bond Account			1,170				411						—
High Yield Fund			843				(9	)					92
Income Account			3,151				(97	)					—
Inflation Protection Fund			134				—						—
International Emerging Markets Fund			32				(18	)					—
LargeCap Growth Fund			15				97						949
LargeCap Value Fund			811				(17	)					650
Preferred Securities Fund			458				1,785						62
Principal Capital Appreciation Fund			—				726						—
Short-Term Income Account			332				(1	)					—
SmallCap Growth Fund I			2				610						39
Small-MidCap Dividend Income Fund			271				39						216
	$		8,869	$			4,267			$			2,299
Amounts in thousands except shares


				Schedule of Investments
		SAM Strategic Growth Portfolio
				December 31, 2014


INVESTMENT COMPANIES - 100.03%	Shares Held Value (000's)

Principal Funds, Inc. Institutional Class - 76.29%
Global Multi-Strategy Fund ^(a)		446,248	$	4,895
Global Real Estate Securities Fund ^(a)		1,125,328		10,342
International Emerging Markets Fund ^(a)		382,516		8,847
LargeCap Growth Fund ^(a)		3,675,275		39,730
LargeCap Value Fund ^(a)		3,464,774		44,037
MidCap Value Fund I ^(a)		581,999		8,643
Principal Capital Appreciation Fund ^(a)		763,314		44,463
SmallCap Growth Fund I ^(a)		362,606		4,308
SmallCap Value Fund II ^(a)		373,985		4,836
Small-MidCap Dividend Income Fund ^(a)		683,462		9,418
		$		179,519

Principal Variable Contracts Funds, Inc. Class 1 - 23.74%
Diversified International Account ^(a)		1,304,494		18,367
Equity Income Account ^(a)		1,621,596		37,491
		$		55,858
TOTAL INVESTMENT COMPANIES		$		235,377
Total Investments		$		235,377
Liabilities in Excess of Other Assets, Net - (0.03)%		$		(68	)
TOTAL NET ASSETS - 100.00%		$		235,309


(a) Affiliated Security. Please see Affiliated Sub-Schedule for transactional
information.



Portfolio Summary	(unaudited)
Fund Type				Percent
Domestic Equity Funds				81.98	%
International Equity Funds				15.97	%
Specialty Funds				2.08	%
Liabilities in Excess of Other Assets, Net				(0.03	)%
TOTAL NET ASSETS				100.00	%


Schedule of Investments
SAM Strategic Growth Portfolio
December 31, 2014


	December 31,		December 31,								December 31,		December 31,
Affiliated Securities	2013		2013	Purchases	Purchases		Sales			Sales	2014		2014
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Blue Chip Fund	598,362	$	7,615	9,760	$	137	608,122		$	9,559	—	$	—
Diversified International Account	1,419,393		16,472	56,318		835	171,217			2,480	1,304,494		14,885
Equity Income Account	1,800,600		23,353	74,269		1,599	253,273			5,660	1,621,596		19,876
Global Multi-Strategy Fund	—		—	446,248		4,977	—			—	446,248		4,977
Global Real Estate Securities Fund	307,671		2,206	819,236		7,293	1,579			13	1,125,328		9,486
International Emerging Markets Fund	400,214		9,550	19,756		461	37,454			884	382,516		9,096
LargeCap Growth Fund	3,281,138		35,192	529,687		5,725	135,550			1,572	3,675,275		39,379
LargeCap Growth Fund II	841,960		5,535	10,217		102	852,177			9,206	—		—
LargeCap Value Fund	2,913,256		37,982	744,574		9,686	193,056			2,667	3,464,774		45,010
MidCap Account	53,037		1,439	6,103		349	59,140			3,481	—		—
MidCap Value Fund I	—		—	581,999		9,405	—			—	581,999		9,405
Principal Capital Appreciation Fund	390,170		19,771	378,026		22,806	4,882			273	763,314		42,312
SmallCap Growth Fund I	654,060		6,894	75,506		907	366,960			5,054	362,606		3,708
SmallCap Value Fund II	620,817		6,625	48,587		619	295,419			4,141	373,985		3,631
Small-MidCap Dividend Income Fund	430,560		4,281	253,875		3,531	973			13	683,462		7,799
		$	176,915		$	68,432			$	45,003		$	209,564


					Realized Gain/Loss						Realized Gain from
			Income			on Investments				Capital Gain Distributions
Blue Chip Fund	$		—	$			1,807			$			—
Diversified International Account			460				58						—
Equity Income Account			984				584						—
Global Multi-Strategy Fund			52				—						50
Global Real Estate Securities Fund			235				—						47
International Emerging Markets Fund			153				(31	)					—
LargeCap Growth Fund			62				34						4,015
LargeCap Growth Fund II			—				3,569						—
LargeCap Value Fund			2,721				9						2,181
MidCap Account			17				1,693						298
MidCap Value Fund I			398				—						656
Principal Capital Appreciation Fund			547				8						1,622
SmallCap Growth Fund I			30				961						707
SmallCap Value Fund II			103				528						414
Small-MidCap Dividend Income Fund			187				—						189
	$		5,949	$			9,220			$			10,179
Amounts in thousands except shares


Schedule of Investments
Short-Term Income Account
December 31, 2014



	INVESTMENT COMPANIES - 3.29%		Shares Held Value (000's)							Principal
							BONDS (continued)		Amount (000's) Value (000's)
	Publicly Traded Investment Fund - 3.29%
	BlackRock Liquidity Funds FedFund Portfolio			8,838,497	$	8,838	Automobile Floor Plan Asset Backed Securities (continued)
							CNH Wholesale Master Note Trust
	TOTAL INVESTMENT COMPANIES			$		8,838	0.76%, 08/15/2019^(a),(b)		$	1,250	$	1,253
				Principal			Ford Credit Floorplan Master Owner Trust A
							0.54%, 01/15/2018^(b)			2,000		2,001
BONDS	- 93.90	%	Amount (000's) Value (000's)				0.56%, 02/15/2019^(b)			500		500
	Agriculture - 1.10%						Nissan Master Owner Trust Receivables
	Cargill Inc						0.46%, 02/15/2018^(b)			2,000		1,998
	6.00%, 11/27/2017^(a)		$	2,648	$	2,959	Volkswagen Credit Auto Master Trust
							0.52%, 07/22/2019^(a),(b)			1,000		1,001
	Automobile Asset Backed Securities - 7.12%						World Omni Master Owner Trust
	American Credit Acceptance Receivables						0.51%, 02/15/2018^(a),(b)			1,750		1,750
	Trust									$		10,551
	1.64%, 11/15/2016^(a),(b)			135		135
							Automobile Manufacturers - 1.68%
	AmeriCredit Automobile Receivables 2014-3						Daimler Finance North America LLC
	0.64%, 04/09/2018			1,500		1,499	1.38%, 08/01/2017^(a)			500		498
	AmeriCredit Automobile Receivables Trust						PACCAR Financial Corp
	2013-3						0.84%, 12/06/2018^(b)			750		754
	0.68%, 10/11/2016^(b)			157		157
							2.20%, 09/15/2019			1,000		1,001
	AmeriCredit Automobile Receivables Trust						Toyota Motor Credit Corp
	2013-5						2.10%, 01/17/2019			2,250		2,259
	0.54%, 03/08/2017^(b)			456		456
	AmeriCredit Automobile Receivables Trust									$		4,512
	2014-1						Banks- 15.33	%
	0.57%, 07/10/2017^(b)			854		854	Australia & New Zealand Banking Group
	AmeriCredit Automobile Receivables Trust						Ltd/New York NY
	2014-2						0.79%, 05/15/2018^(b)			500		501
	0.54%, 10/10/2017^(b)			1,800		1,799	Bank of America NA
	Capital Auto Receivables Asset Trust / Ally						0.52%, 06/15/2016^(b)			1,000		993
	0.97%, 01/22/2018			1,000		999	1.25%, 02/14/2017			500		499
	Capital Auto Receivables Asset Trust 2014-1						5.30%, 03/15/2017			3,900		4,189
	0.68%, 05/20/2016^(b)			500		500	Bank of New York Mellon Corp/The
	Capital Auto Receivables Asset Trust 2014-3						2.20%, 05/15/2019			1,000		1,003
	0.49%, 02/21/2017^(b)			1,800		1,797	BB&T Corp
	CPS Auto Receivables Trust 2013-A						0.89%, 02/01/2019^(b)			500		500
	1.31%, 06/15/2020^(a),(b)			1,404		1,398	Branch Banking & Trust Co
	CPS Auto Receivables Trust 2013-B						0.53%, 05/23/2017^(b)			1,750		1,739
	1.82%, 09/15/2020^(a),(b)			772		770	0.56%, 09/13/2016^(b)			950		947
	CPS Auto Receivables Trust 2013-C						Citigroup Inc
	1.64%, 04/16/2018^(a)			533		533	4.75%, 05/19/2015			1,250		1,268
	CPS Auto Receivables Trust 2013-D						6.13%, 05/15/2018			2,000		2,263
	1.54%, 07/16/2018^(a),(b)			627		628	Commonwealth Bank of Australia/New York
	CPS Auto Receivables Trust 2014-C						NY
	1.31%, 02/15/2019^(a),(b)			910		907	2.25%, 03/13/2019			500		502
	CPS Auto Receivables Trust 2014-D						Goldman Sachs Group Inc/The
	1.49%, 04/15/2019^(a)			1,000		998	1.25%, 10/23/2019^(b)			500		502
	CPS Auto Trust						1.33%, 11/15/2018^(b)			2,000		2,020
	1.48%, 03/16/2020^(a)			285		285	JP Morgan Chase Bank NA
	Ford Credit Auto Owner Trust/Ford Credit						5.88%, 06/13/2016			1,250		1,333
	2014-RE	V1					6.00%, 10/01/2017			3,000		3,330
	2.26%, 11/15/2025^(a),(b)			1,000		1,005	KeyBank NA/Cleveland OH
	Santander Drive Auto Receivables Trust 2013-						5.45%, 03/03/2016			250		263
	5						7.41%, 10/15/2027			2,750		2,812
	0.54%, 04/17/2017^(b)			212		212	Morgan Stanley
	Santander Drive Auto Receivables Trust 2014-						1.08%, 01/24/2019^(b)			2,750		2,755
	1						1.51%, 04/25/2018^(b)			2,000		2,032
	0.53%, 06/15/2017^(b)			350		350	1.88%, 01/05/2018			500		498
	0.66%, 06/15/2017^(b)			1,541		1,542	National City Bank/Cleveland OH
	Santander Drive Auto Receivables Trust 2014-						0.61%, 06/07/2017^(b)			500		498
	2						PNC Bank NA
	0.54%, 07/17/2017^(b)			868		867	4.88%, 09/21/2017			1,700		1,841
	Santander Drive Auto Receivables Trust 2014-						PNC Financial Services Group Inc/The
	3						6.75%, 07/29/2049^(b)			750		823
	0.54%, 08/15/2017^(b)			934		933	SunTrust Bank/Atlanta GA
	Westlake Automobile Receivables Trust 2014-						0.52%, 08/24/2015^(b)			1,000		998
	2						0.54%, 04/01/2015^(b)			500		500
	0.97%, 10/16/2017^(a),(b)			500		500	7.25%, 03/15/2018			1,500		1,736
				$		19,124	US Bank NA/Cincinnati OH
							0.46%, 01/30/2017^(b)			500		500
	Automobile Floor Plan Asset Backed Securities - 3.93%						0.71%, 10/28/2019^(b)			1,000		1,002
	Ally Master Owner Trust						Wells Fargo & Co
	0.61%, 04/15/2018^(b)			1,500		1,499	7.98%, 12/31/2049^(b)			1,750		1,932
	0.63%, 01/15/2019^(b)			550		549


Schedule of Investments
Short-Term Income Account
December 31, 2014



		Principal						Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)

Banks (continued)					Electric (continued)
Wells Fargo Bank NA					Southern Co/The
6.00%, 11/15/2017	$	1,250	$	1,401	2.45%, 09/01/2018		$	1,000	$	1,020
		$		41,180	TransAlta Corp
					6.65%, 05/15/2018			2,250		2,525
Beverages - 0.56%								$		13,243
Anheuser-Busch InBev Finance Inc
2.15%, 02/01/2019		500		502	Finance - Mortgage Loan/Banker - 7.49%
SABMiller Holdings Inc					Fannie Mae
0.92%, 08/01/2018^(a),(b)		500		502	0.88%, 02/08/2018			3,000		2,966
1.85%, 01/15/2015^(a)		500		500	1.00%, 09/27/2017			1,000		998
		$		1,504	1.75%, 06/20/2019			5,000		5,025
					1.75%, 09/12/2019			3,250		3,258
Biotechnology - 0.74%					1.88%, 02/19/2019			7,750		7,867
Amgen Inc								$		20,114
1.25%, 05/22/2017		1,000		992
2.20%, 05/22/2019		1,000		996	Food- 0.38	%
		$		1,988	Ingredion Inc
					3.20%, 11/01/2015			1,000		1,017
Chemicals - 1.01%
Airgas Inc
1.65%, 02/15/2018		1,200		1,184	Gas- 0.26	%
3.25%, 10/01/2015		1,500		1,524	Laclede Group Inc/The
		$		2,708	0.98%, 08/15/2017^(b)			700		700

Commercial Services - 0.28%
ERAC USA Finance LLC					Healthcare - Products - 0.65%
5.60%, 05/01/2015^(a)		750		762	Becton Dickinson and Co
					1.80%, 12/15/2017			500		502
					2.68%, 12/15/2019			500		507
Computers - 0.74%					Medtronic Inc
Apple Inc					1.04%, 03/15/2020^(a),(b)			500		499
1.00%, 05/03/2018		500		493	1.50%, 03/15/2018^(a)			250		249
International Business Machines Corp								$		1,757
1.95%, 02/12/2019		1,500		1,505
		$		1,998	Healthcare - Services - 0.86%
					Anthem Inc
Credit Card Asset Backed Securities - 0.88%					5.88%, 06/15/2017			500		550
Cabela's Credit Card Master Note Trust					Roche Holdings Inc
0.51%, 03/16/2020^(b)		390		390	0.60%, 09/30/2019^(a),(b)			1,000		998
0.61%, 07/15/2022^(b)		750		748	Ventas Realty LP
0.64%, 06/15/2020^(a),(b)		500		503	1.55%, 09/26/2016			750		753
0.69%, 02/18/2020^(a),(b)		710		715
								$		2,301
		$		2,356
					Home Equity Asset Backed Securities - 3.25%
Diversified Financial Services - 4.68%					ABFC 2005-WMC1 Trust
Ford Motor Credit Co LLC					0.83%, 06/25/2035^(b)			656		647
3.98%, 06/15/2016		1,700		1,760	ACE Securities Corp Home Equity Loan Trust
General Electric Capital Corp					Series 2005-HE2
0.74%, 01/14/2019^(b)		2,500		2,501	0.89%, 04/25/2035^(b)			371		372
0.88%, 07/12/2016^(b)		2,000		2,014	ACE Securities Corp Home Equity Loan Trust
5.63%, 09/15/2017		250		277	Series 2005-WF1
6.38%, 11/15/2067^(b)		1,000		1,072	0.51%, 05/25/2035^(b)			325		321
Jefferies Group LLC					Asset Backed Securities Corp Home Equity
3.88%, 11/09/2015		1,500		1,532	Loan Trust Series OOMC 2005-HE6
MassMutual Global Funding II					0.68%, 07/25/2035^(b)			664		659
2.10%, 08/02/2018^(a)		500		505	Bayview Financial Acquisition Trust
Murray Street Investment Trust I					0.80%, 05/28/2044^(b)			148		148
4.65%, 03/09/2017^(b)		2,750		2,902	5.66%, 12/28/2036^(b)			33		33
		$		12,563	Bear Stearns Asset Backed Securities I Trust
Electric - 4.93%					2006	-PC1
					0.49%, 12/25/2035^(b)			588		585
Dominion Resources Inc/VA
1.40%, 09/15/2017		1,000		991	Home Equity Asset Trust 2005-4
					0.87%, 10/25/2035^(b)			1,000		976
Indiantown Cogeneration LP
9.77%, 12/15/2020		496		564	JP Morgan Mortgage Acquisition Corp 2005-
LG&E and KU Energy LLC					FLD1
					0.90%, 07/25/2035^(b)			109		108
2.13%, 11/15/2015		1,000		1,009
NextEra Energy Capital Holdings Inc					JP Morgan Mortgage Acquisition Corp 2005-
7.30%, 09/01/2067^(b)		1,000		1,070	OPT1
					0.62%, 06/25/2035^(b)			278		276
NiSource Finance Corp
5.25%, 09/15/2017		1,000		1,093	Mastr Asset Backed Securities Trust 2005-
PPL Energy Supply LLC					FRE1
					0.42%, 10/25/2035^(b)			31		31
5.70%, 10/15/2035		1,400		1,430
6.50%, 05/01/2018		250		263	RAMP Series 2005-EFC2 Trust
					0.64%, 07/25/2035^(b)			116		116
Public Service Co of New Mexico
7.95%, 05/15/2018		2,785		3,278


Schedule of Investments
Short-Term Income Account
December 31, 2014



			Principal					Principal
BONDS (continued)		Amount (000's) Value (000's)				BONDS (continued)		Amount (000's) Value (000's)

Home Equity Asset Backed Securities (continued)						Mining (continued)
RASC Series 2003-KS10 Trust						Teck Resources Ltd
4.47%, 03/25/2032		$	360	$	366	5.38%, 10/01/2015	$	500	$	513
Soundview Home Loan Trust 2005-CTX1								$		1,778
0.58%, 11/25/2035^(b)			620		611
Structured Asset Securities Corp Mortgage						Mortgage Backed Securities - 9.70%
Loan Trust Series 2005-GEL4						Adjustable Rate Mortgage Trust 2004-2
0.78%, 08/25/2035^(b)			194		184	1.31%, 02/25/2035^(b)		34		34
Terwin Mortgage Trust 2005-2HE						Alternative Loan Trust 2004-J8
0.55%, 01/25/2035^(a),(b)			28		28	6.00%, 02/25/2017		47		47
Terwin Mortgage Trust Series TMTS 2005-						Banc of America Alternative Loan Trust 2003-
14	HE					10
4.85%, 08/25/2036^(b)			214		221	5.00%, 12/25/2018		217		222
Wells Fargo Home Equity Asset-Backed						Banc of America Funding 2004-1 Trust
Securities 2004-2 Trust						5.25%, 02/25/2019		41		42
0.59%, 10/25/2034^(b)			53		52	Banc of America Funding 2004-3 Trust
5.00%, 10/25/2034			2,646		2,641	4.75%, 09/25/2019		161		164
5.00%, 10/25/2034			15		15	Banc of America Funding 2006-G Trust
						0.34%, 07/20/2036^(b)		60		60
Wells Fargo Home Equity Asset-Backed
Securities 2005-2 Trust						Banc of America Mortgage Trust 2004-8
0.58%, 11/25/2035^(b)			341		340	5.25%, 10/25/2019		73		74
			$		8,730	Banc of America Mortgage Trust 2005-7
						5.00%, 08/25/2020		21		21
Insurance - 3.33%						BCAP LLC 2011-RR11 Trust
Berkshire Hathaway Finance Corp						2.51%, 03/26/2035^(a),(b)		311		312
1.60%, 05/15/2017			1,500		1,513	CHL Mortgage Pass-Through Trust 2003-46
2.00%, 08/15/2018			1,000		1,011	2.45%, 01/19/2034^(b)		162		162
Chubb Corp/The						CHL Mortgage Pass-Through Trust 2004-19
6.38%, 03/29/2067^(b)			250		268	5.25%, 10/25/2034		35		35
Lincoln National Corp						CHL Mortgage Pass-Through Trust 2004-J1
7.00%, 05/17/2066^(b)			500		500	4.50%, 01/25/2019^(b)		60		61
MetLife Inc						CHL Mortgage Pass-Through Trust 2004-J7
6.82%, 08/15/2018			750		873	5.00%, 09/25/2019		142		146
Metropolitan Life Global Funding I						Citigroup Mortgage Loan Trust 2009-6
2.30%, 04/10/2019^(a)			250		251	2.62%, 07/25/2036^(a),(b)		111		111
New York Life Global Funding						Credit Suisse First Boston Mortgage Securities
1.45%, 12/15/2017^(a)			1,250		1,247	Corp
2.15%, 06/18/2019^(a)			750		748	1.13%, 05/25/2034^(b)		114		111
2.45%, 07/14/2016^(a)			1,000		1,024	5.00%, 09/25/2019		33		33
Prudential Covered Trust 2012-1						5.00%, 10/25/2019		181		181
3.00%, 09/30/2015^(a)			626		635	Credit Suisse Mortgage Capital Certificates
Prudential Financial Inc						2.35%, 07/27/2037^(a),(b)		211		213
8.88%, 06/15/2068^(b)			750		876	Deutsche Mortgage Securities Inc REMIC
			$		8,946	Trust Series 2010-RS2
						3.81%, 06/28/2047^(a),(b)		35		35
Internet - 0.38%						Fannie Mae REMICS
Amazon.com Inc						3.50%, 03/25/2042		174		181
2.60%, 12/05/2019			1,000		1,010	Freddie Mac REMICS
						0.61%, 06/15/2023^(b)		3		4
Iron & Steel - 0.38%						Ginnie Mae
ArcelorMittal						0.61%, 07/16/2054^(b)		9,589		518
4.25%, 03/01/2016			1,000		1,025	0.70%, 08/16/2051^(b)		11,571		691
						0.87%, 03/16/2049^(b)		11,632		585
						0.88%, 02/16/2053^(b)		16,792		1,161
Manufactured Housing Asset Backed Securities - 0.03%						0.91%, 03/16/2052^(b)		9,667		761
Green Tree Financial Corp						0.91%, 09/16/2055^(b)		9,789		650
7.70%, 09/15/2026			65		69	0.93%, 10/16/2054^(b)		5,828		380
Mid-State Trust IV						0.94%, 10/16/2054^(b)		6,359		362
8.33%, 04/01/2030			14		14	0.94%, 06/16/2055^(b)		9,841		607
			$		83	0.96%, 08/16/2052^(b)		5,346		317
Media - 0.90%						0.99%, 02/16/2055^(b)		9,583		481
CBS Corp						1.00%, 01/16/2055^(b)		9,720		581
2.30%, 08/15/2019			1,000		988	1.01%, 10/16/2054^(b)		6,757		429
NBCUniversal Enterprise Inc						1.11%, 01/16/2054^(b)		6,348		441
0.77%, 04/15/2016^(a),(b)			500		501	1.14%, 08/16/2042^(b)		15,067		1,090
Time Warner Cable Inc						1.15%, 06/16/2045^(b)		12,335		923
8.25%, 04/01/2019			750		918	1.22%, 02/16/2046^(b)		9,720		761
			$		2,407	1.41%, 12/16/2036^(b)		4,407		345
						1.57%, 01/16/2040^(b)		3,650		221
Mining - 0.66%						4.50%, 08/20/2032		33		34
Glencore Finance Canada Ltd						GSMSC Pass-Through Trust 2009-4R
2.70%, 10/25/2017^(a),(b)			1,250		1,265	0.62%, 12/26/2036^(a),(b)		596		586
						JP Morgan Mortgage Trust 2004-A3
						2.34%, 07/25/2034^(b)		94		94
See accompanying notes.						103


Schedule of Investments
Short-Term Income Account
December 31, 2014



		Principal						Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)			Amount (000's) Value (000's)

Mortgage Backed Securities (continued)					Other Asset Backed Securities (continued)
JP Morgan Mortgage Trust 2004-S1					Carrington Mortgage Loan Trust Series 2005-
5.00%, 09/25/2034	$	481	$	500	NC4
JP Morgan Resecuritization Trust Series 2010-					0.57%, 09/25/2035^(b)		$	227	$	225
4					Citigroup Mortgage Loan Trust Inc
2.29%, 10/26/2036^(a),(b)		212		213	0.60%, 07/25/2035^(b)			97		96
MASTR Alternative Loan Trust 2003-9					Credit-Based Asset Servicing and
6.50%, 01/25/2019		110		112	Securitization LLC
MASTR Asset Securitization Trust 2004-11					4.25%, 08/25/2035^(b)			72		73
5.00%, 12/25/2019		35		36	4.79%, 07/25/2035^(b)			563		572
MASTR Asset Securitization Trust 2004-9					CWABS Asset-Backed Certificates Trust
5.00%, 09/25/2019		109		111	2005-3
PHH Mortgage Trust Series 2008-CIM1					0.61%, 08/25/2035^(b)			600		598
5.22%, 06/25/2038		687		697	Drug Royalty II LP 2
Prime Mortgage Trust 2005-2					3.48%, 07/15/2023^(a),(b)			1,426		1,430
5.25%, 07/25/2020^(b)		263		268	FFMLT Trust 2005-FF2
Provident Funding Mortgage Loan Trust 2005-					0.83%, 03/25/2035^(b)			60		60
1					Fieldstone Mortgage Investment Trust Series
0.46%, 05/25/2035^(b)		569		546	2005-1
RALI Series 2003-QS23 Trust					1.24%, 03/25/2035^(b)			458		458
5.00%, 12/26/2018		437		443	First Franklin Mortgage Loan Trust 2005-
RALI Series 2004-QS3 Trust					FF4
5.00%, 03/25/2019		149		149	0.60%, 05/25/2035^(b)			194		192
RBSSP Resecuritization Trust 2009-7					Green Tree Home Improvement Loan Trust
0.57%, 06/26/2037^(a),(b)		100		95	7.45%, 09/15/2025			1		1
Sequoia Mortgage Trust 2013-4					JP Morgan Mortgage Acquisition Corp 2005-
1.55%, 04/25/2043^(b)		1,966		1,834	OPT2
Sequoia Mortgage Trust 2013-8					0.46%, 12/25/2035^(b)			600		587
2.25%, 06/25/2043^(b)		1,290		1,259	Mastr Specialized Loan Trust
Springleaf Mortgage Loan Trust					1.42%, 11/25/2034^(a),(b)			141		142
1.27%, 06/25/2058^(a),(b)		2,165		2,157	Merrill Lynch Mortgage Investors Trust Series
Springleaf Mortgage Loan Trust 2012-3					2005	-FM1
1.57%, 12/25/2059^(a),(b)		1,305		1,305	0.55%, 05/25/2036^(b)			96		96
2.66%, 12/25/2059^(a),(b)		500		500	NYCTL 2014-A Trust
3.56%, 12/25/2059^(a)		200		203	1.03%, 11/10/2027^(a),(c)			305		305
Springleaf Mortgage Loan Trust 2013-2					OneMain Financial Issuance Trust 2014-1
1.78%, 12/25/2065^(a)		724		722	2.43%, 06/18/2024^(a),(b),(c)			900		900
3.52%, 12/25/2065^(a),(b)		569		581	OneMain Financial Issuance Trust 2014-2
WaMu Mortgage Pass-Through Certificates					2.47%, 09/18/2024^(a),(c)			1,000		1,004
Series 2003-S8 Trust					PFS Financing Corp
5.00%, 09/25/2018		48		49	0.66%, 04/17/2017^(a),(b)			1,250		1,250
		$		26,047	0.71%, 02/15/2018^(a),(b)			2,000		1,999
					0.76%, 02/15/2019^(a),(b)			750		752
Oil & Gas - 3.21%					0.76%, 10/15/2019^(a),(b)			500		500
BP Capital Markets PLC					PFS Tax Lien Trust 2014-1
4.75%, 03/10/2019		2,000		2,188	1.44%, 05/15/2029^(a),(b)			389		389
Chevron Corp					Securitized Asset Backed Receivables LLC
1.72%, 06/24/2018		1,300		1,307	Trust 2006-OP1
Ensco PLC					0.47%, 10/25/2035^(b)			33		32
3.25%, 03/15/2016		1,000		1,018	Springleaf Funding Trust 2013-A
Phillips 66					2.58%, 09/15/2021^(a),(b)			750		752
2.95%, 05/01/2017		2,000		2,065	Trafigura Securitisation Finance PLC
Sinopec Group Overseas Development 2014					1.11%, 10/15/2021^(a),(b),(c)			700		700
Ltd
1.75%, 04/10/2017^(a)		500		498
					Wachovia Mortgage Loan Trust Series 2005-WMC1
Total Capital International SA					0.91%, 10/25/2035^(b)			176		175
0.80%, 08/10/2018^(b)		550		553
1.55%, 06/28/2017		1,000		1,003				$		13,941
		$		8,632	Pharmaceuticals - 1.30%
					AbbVie Inc
Oil & Gas Services - 0.39%					1.20%, 11/06/2015			2,500		2,507
Weatherford International Ltd/Bermuda					Merck & Co Inc
5.50%, 02/15/2016		1,000		1,032	1.10%, 01/31/2018			1,000		989
								$		3,496
Other Asset Backed Securities - 5.19%
Ameriquest Mortgage Securities Inc Asset-					Pipelines - 1.60%
Backed Pass-Through Ctfs Ser 2004-R11					Buckeye Partners LP
0.76%, 11/25/2034 (b)		63		63	2.65%, 11/15/2018			965		951
					DCP Midstream LLC
Ameriquest Mortgage Securities Inc Asset-					5.38%, 10/15/2015^(a)			810		835
Backed Pass-Through Ctfs Ser 2005-R1
0.62%, 03/25/2035^(b)		582		580	Florida Gas Transmission Co LLC
					4.00%, 07/15/2015^(a)			1,000		1,014
Ameriquest Mortgage Securities Inc Asset-					7.90%, 05/15/2019^(a)			830		997
Backed Pass-Through Ctfs Ser 2005-R6
0.37%, 08/25/2035^(b)		10		10


Schedule of Investments
Short-Term Income Account
December 31, 2014



				Principal						Principal
	BONDS (continued)		Amount (000's) Value (000's)				BONDS (continued)		Amount (000's) Value (000's)

	Pipelines (continued)						Student Loan Asset Backed Securities (continued)
	TransCanada PipeLines Ltd						SLM Private Education Loan Trust 2013-A
	6.35%, 05/15/2067^(b)		$	500	$	485	0.76%, 08/15/2022^(a),(b)		$	909	$	910
				$		4,282	SLM Private Education Loan Trust 2013-B
							0.81%, 07/15/2022^(a),(b)			677		678
	Real Estate - 0.41%						1.85%, 06/17/2030^(a),(b)			500		491
	WEA Finance LLC / Westfield UK & Europe						SLM Private Education Loan Trust 2014-A
	Finance PLC						0.76%, 07/15/2022^(a),(b)			388		388
	1.75%, 09/15/2017^(a)			600		597
	2.70%, 09/17/2019^(a)			500		500				$		8,503
				$		1,097	Telecommunications - 2.27%
							AT&T Inc
	REITS- 3.03	%					0.62%, 02/12/2016^(b)			1,000		1,000
	Alexandria Real Estate Equities Inc						Cisco Systems Inc
	2.75%, 01/15/2020			1,500		1,486	1.10%, 03/03/2017			1,500		1,500
	BioMed Realty LP						Verizon Communications Inc
	2.63%, 05/01/2019			500		499	1.99%, 09/14/2018^(b)			500		520
	3.85%, 04/15/2016			1,000		1,033	3.65%, 09/14/2018			1,500		1,585
	HCP Inc						Vodafone Group PLC
	6.30%, 09/15/2016			750		812	0.62%, 02/19/2016^(b)			1,000		1,000
	Health Care REIT Inc						1.63%, 03/20/2017			500		500
	3.63%, 03/15/2016			750		772				$		6,105
	5.88%, 05/15/2015			500		509
	Healthcare Realty Trust Inc						Transportation - 0.28%
	5.75%, 01/15/2021			510		570	Ryder System Inc
	6.50%, 01/17/2017			750		819	2.45%, 11/15/2018			750		750
	Nationwide Health Properties Inc
	6.00%, 05/20/2015			500		510
	Prologis LP						Trucking & Leasing - 0.75%
	7.38%, 10/30/2019			741		891	Penske Truck Leasing Co Lp / PTL Finance
							Corp
	Ventas Realty LP / Ventas Capital Corp						2.50%, 03/15/2016^(a)			500		507
	2.70%, 04/01/2020			250		247	3.13%, 05/11/2015^(a)			1,500		1,512
				$		8,148				$		2,019
	Retail - 0.28%						TOTAL BONDS			$		252,188
	Walgreens Boots Alliance Inc						U.S. GOVERNMENT & GOVERNMENT			Principal
	0.68%, 05/18/2016^(b)			500		500	AGENCY OBLIGATIONS - 1.70%		Amount (000's) Value (000's)
	1.75%, 11/17/2017			250		251	Federal Home Loan Mortgage Corporation (FHLMC) -
				$		751	0.03	%
							2.24%, 11/01/2021^(b)		$	2	$	2
	Savings & Loans - 0.00%						2.38%, 09/01/2035^(b)			55		59
	Washington Mutual Bank / Henderson NV
	0.00%, 01/15/2013^(d)			200		—	6.00%, 05/01/2017			9		9
							9.50%, 08/01/2016			1		1
										$		71
	Semiconductors - 0.56%
	Samsung Electronics America Inc						Federal National Mortgage Association (FNMA) - 0.18%
	1.75%, 04/10/2017^(a)			1,500		1,504	1.88%, 04/01/2033^(b)			143		152
							2.13%, 07/01/2034^(b)			62		66
							2.13%, 08/01/2034^(b)			23		24
	Software - 0.21%						2.18%, 11/01/2022^(b)			1		1
	Oracle Corp						2.21%, 12/01/2032^(b)			25		26
	5.75%, 04/15/2018			500		565	2.27%, 02/01/2037^(b)			76		81
							2.36%, 01/01/2035^(b)			11		11
							2.37%, 01/01/2035^(b)			40		43
	Student Loan Asset Backed Securities - 3.17%						2.41%, 11/01/2032^(b)			8		9
	KeyCorp Student Loan Trust 2006-A						2.43%, 02/01/2035^(b)			8		9
	0.44%, 06/27/2029^(b)			264		262
	0.56%, 09/27/2035^(b)			1,000		964	2.63%, 12/01/2033^(b)			29		30
							4.15%, 11/01/2035^(b)			3		3
	SLC Private Student Loan Trust 2006-A						5.60%, 04/01/2019^(b)			1		1
	0.40%, 07/15/2036^(b)			1,026		1,018
	SLC Private Student Loan Trust 2010-B						8.00%, 05/01/2027			22		24
	3.66%, 07/15/2042^(a),(b)			486		509	8.50%, 11/01/2017			1		2
	SLM Private Credit Student Loan Trust 2002-									$		482
	A						Government National Mortgage Association (GNMA) -
	0.79%, 12/16/2030^(b)			1,254		1,236	0.01	%
	SLM Private Credit Student Loan Trust 2004-						9.00%, 12/15/2020			2		3
	A						9.00%, 04/20/2025			1		1
	0.44%, 03/16/2020^(b)			358		357	10.00%, 02/15/2025			2		2
	SLM Private Credit Student Loan Trust 2004-						10.00%, 04/15/2025			1		1
	B						10.00%, 06/15/2020			5		5
	0.44%, 06/15/2021^(b)			1,272		1,263	10.00%, 09/15/2018			2		2
	SLM Private Credit Student Loan Trust 2005-						10.00%, 09/15/2018			2		2
	B						10.00%, 05/15/2020			5		5
	0.42%, 03/15/2023^(b)			87		86
	0.51%, 12/15/2023^(b)			350		341


					Schedule of Investments
					Short-Term Income Account
					December 31, 2014


U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)		Amount (000's)			Value (000's)
Government National Mortgage Association (GNMA)
(continued)
	10.00%, 02/15/2019	$	18	$	18
			$		39

U.S. Treasury - 1.48%
	0.38%, 01/31/2016		2,000		2,001
	0.50%, 07/31/2017		2,000		1,977
			$		3,978
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
OBLIGATIONS			$		4,570
Total Investments			$		265,596
Other Assets in Excess of Liabilities, Net - 1.11%			$		2,991
TOTAL NET ASSETS - 100.00%			$		268,587


(a)	Security exempt from registration under Rule 144A of the Securities Act of
	1933. These securities may be resold in transactions exempt from
	registration, normally to qualified institutional buyers. At the end of the
	period, the value of these securities totaled $53,648 or 19.97% of net
	assets.
(b)	Variable Rate. Rate shown is in effect at December 31, 2014.
(c)	Fair value of these investments is determined in good faith by the Manager
	under procedures established and periodically reviewed by the Board of
	Directors. At the end of the period, the fair value of these securities totaled
	$2,909 or 1.08% of net assets.
(d)	Non-Income Producing Security



	Portfolio Summary	(unaudited)
Sector					Percent
Financial					26.78	%
Asset Backed Securities					23.57	%
Mortgage Securities					9.92	%
Government					8.97	%
Consumer, Non-cyclical					5.87	%
Energy					5.20	%
Utilities					5.19	%
Communications					3.55	%
Exchange Traded Funds					3.29	%
Basic Materials					2.05	%
Consumer, Cyclical					1.96	%
Technology					1.51	%
Industrial					1.03	%
Other Assets in Excess of Liabilities, Net					1.11	%
TOTAL NET ASSETS					100.00	%


Schedule of Investments
SmallCap Growth Account II
December 31, 2014



COMMON STOCKS - 96.89%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Advertising - 0.00%				Banks (continued)
Marchex Inc	620	$	3	Talmer Bancorp Inc	30,259	$	425
				Texas Capital Bancshares Inc ^(a)	208		11
				Western Alliance Bancorp ^(a)	551		15
Aerospace & Defense - 1.26%					$		5,509
Astronics Corp ^(a)	12,911		714
Curtiss-Wright Corp	161		11	Beverages - 0.07%
Ducommun Inc ^(a)	78		2	Boston Beer Co Inc/The ^(a),(b)	102		30
GenCorp Inc ^(a)	659		12	Coca-Cola Bottling Co Consolidated	80		7
HEICO Corp	854		52	Farmer Bros Co ^(a)	146		4
Kaman Corp	271		11	National Beverage Corp ^(a)	224		5
Moog Inc ^(a)	65		5		$		46
Teledyne Technologies Inc ^(a)	110		11
	$		818	Biotechnology - 9.41%
				Acceleron Pharma Inc ^(a)	181		7
Agriculture - 0.04%				Achillion Pharmaceuticals Inc ^(a)	389		5
Andersons Inc/The	320		17	Acorda Therapeutics Inc ^(a)	523		21
Vector Group Ltd	530		11	Aegerion Pharmaceuticals Inc ^(a),(b)	567		12
	$		28	Alder Biopharmaceuticals Inc ^(a),(b)	154		5
				Alnylam Pharmaceuticals Inc ^(a)	8,336		809
Airlines - 3.25%				AMAG Pharmaceuticals Inc ^(a)	288		12
Allegiant Travel Co	177		27	ANI Pharmaceuticals Inc ^(a)	130		7
Hawaiian Holdings Inc ^(a)	586		15	Arena Pharmaceuticals Inc ^(a),(b)	2,403		8
JetBlue Airways Corp ^(a)	696		11	ARIAD Pharmaceuticals Inc ^(a),(b)	1,814		12
Spirit Airlines Inc ^(a)	20,402		1,542	Bellicum Pharmaceuticals Inc ^(a),(b)	7,990		184
Virgin America Inc ^(a)	12,020		520	BioCryst Pharmaceuticals Inc ^(a),(b)	1,070		13
	$		2,115	Bluebird Bio Inc ^(a)	9,010		826
Apparel - 0.86%				Cambrex Corp ^(a)	383		8
Columbia Sportswear Co	227		10	Celldex Therapeutics Inc ^(a),(b)	891		16
G-III Apparel Group Ltd ^(a)	239		24	Cellular Dynamics International Inc ^(a)	177		1
Iconix Brand Group Inc ^(a)	328		11	CTI BioPharma Corp ^(a)	2,569		6
Oxford Industries Inc	177		10	Emergent Biosolutions Inc ^(a)	93		3
Sequential Brands Group Inc ^(a),(b)	32,360		423	Endocyte Inc ^(a),(b)	728		5
Skechers U.S.A. Inc ^(a)	364		20	Enzo Biochem Inc ^(a)	647		3
Steven Madden Ltd ^(a)	729		23	Epizyme Inc ^(a),(b)	21,872		413
Vince Holding Corp ^(a)	214		6	Exact Sciences Corp ^(a),(b)	910		25
Wolverine World Wide Inc	1,117		33	Exelixis Inc ^(a)	3,753		5
	$		560	Foundation Medicine Inc ^(a),(b)	277		6
				Halozyme Therapeutics Inc ^(a)	1,138		11
Automobile Manufacturers - 0.02%				ImmunoGen Inc ^(a),(b)	1,088		7
Wabash National Corp ^(a)	892		11	Inovio Pharmaceuticals Inc ^(a),(b)	1,062		10
				Insmed Inc ^(a)	544		8
				Intercept Pharmaceuticals Inc ^(a),(b)	1,840		287
Automobile Parts & Equipment - 0.28%	672		3	Intrexon Corp ^(a),(b)	21,890		603
Accuride Corp (a)				Isis Pharmaceuticals Inc ^(a)	8,639		533
(a) American Axle & Manufacturing Holdings Inc	830		19	Lexicon Pharmaceuticals Inc ^(a)	4,083		4
Cooper Tire & Rubber Co	118		4	Ligand Pharmaceuticals Inc ^(a)	259		14
Cooper-Standard Holding Inc ^(a)	15		1	MacroGenics Inc ^(a)	16,350		573
Dana Holding Corp	1,077		23	Medicines Co/The ^(a)	742		21
Dorman Products Inc ^(a)	331		16	Merrimack Pharmaceuticals Inc ^(a),(b)	1,163		13
Douglas Dynamics Inc	403		9	NewLink Genetics Corp ^(a),(b)	217		9
Gentherm Inc^(a)	445		16	Novavax Inc ^(a)	2,620		16
Meritor Inc ^(a)	670		10	NPS Pharmaceuticals Inc ^(a)	15,256		546
Modine Manufacturing Co ^(a)	260		4	Omeros Corp ^(a)	348		9
Motorcar Parts of America Inc ^(a)	347		11	OncoMed Pharmaceuticals Inc ^(a),(b)	238		5
				OvaScience Inc ^(a),(b)	3,651		161
Standard Motor Products Inc	223		8	Pacific Biosciences of California Inc ^(a)	1,087		9
Strattec Security Corp	50		4	PDL BioPharma Inc ^(b)	2,017		16
Tenneco Inc ^(a)	761		43
Tower International Inc ^(a)	400		10	Peregrine Pharmaceuticals Inc ^(a),(b)	3,197		4
				Prothena Corp PLC ^(a)	136		3
	$		181	PTC Therapeutics Inc ^(a)	270		14
Banks - 8.48%				Puma Biotechnology Inc ^(a),(b)	2,464		466
Bank of the Ozarks Inc	36,832		1,397	Repligen Corp ^(a)	403		8
Cardinal Financial Corp	31		1	Sangamo BioSciences Inc ^(a)	748		11
Cass Information Systems Inc	228		12	Sequenom Inc ^(a),(b)	2,258		8
CoBiz Financial Inc	39,073		513	Spectrum Pharmaceuticals Inc ^(a),(b)	295		2
ConnectOne Bancorp Inc	19,620		373	Synageva BioPharma Corp ^(a),(b)	234		22
Customers Bancorp Inc ^(a)	16,426		320	Theravance Biopharma Inc ^(a)	432		6
Eagle Bancorp Inc ^(a)	334		12	Theravance Inc ^(b)	851		12
First Financial Bankshares Inc ^(b)	465		14	Ultragenyx Pharmaceutical Inc ^(a)	5,270		231
First NBC Bank Holding Co ^(a)	19,130		673	Veracyte Inc ^(a)	124		1
Home BancShares Inc/AR	481		15	XOMA Corp ^(a)	1,369		5
Opus Bank ^(a)	27,308		775	ZIOPHARM Oncology Inc ^(a),(b)	11,370		58
PacWest Bancorp	11,280		513		$		6,118
Square 1 Financial Inc ^(a)	17,838		440


Schedule of Investments
SmallCap Growth Account II
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Building Materials - 2.78%				Commercial Services (continued)
AAON Inc	462	$	10	PAREXEL International Corp ^(a)	714	$	40
Apogee Enterprises Inc	20,653		875	Performant Financial Corp ^(a)	542		4
Boise Cascade Co ^(a)	484		18	Providence Service Corp/The ^(a)	227		8
Continental Building Products Inc ^(a)	230		4	RPX Corp ^(a)	88		1
Drew Industries Inc ^(a)	261		13	Sotheby's	666		29
Headwaters Inc ^(a)	895		13	SP Plus Corp ^(a)	272		7
Masonite International Corp ^(a)	75		5	Strayer Education Inc ^(a)	136		10
Nortek Inc ^(a)	95		8	Team Health Holdings Inc ^(a)	891		51
Patrick Industries Inc ^(a)	156		7	Team Inc ^(a)	264		11
Trex Co Inc ^(a)	19,845		845	TrueBlue Inc ^(a)	535		12
US Concrete Inc ^(a)	278		8	Weight Watchers International Inc ^(a)	318		8
	$		1,806	WEX Inc ^(a)	482		48
					$		2,224
Chemicals - 1.63%
A Schulman Inc	128		5	Computers - 1.95%
Balchem Corp	382		25	Barracuda Networks Inc ^(a)	149		5
Calgon Carbon Corp ^(a)	673		14	Cray Inc ^(a)	435		15
Chemtura Corp ^(a)	991		25	Electronics For Imaging Inc ^(a)	614		26
Ferro Corp ^(a)	887		12	EPAM Systems Inc ^(a)	18,560		886
HB Fuller Co	542		24	ExlService Holdings Inc ^(a)	262		8
Innophos Holdings Inc	156		9	FleetMatics Group PLC ^(a)	464		16
Innospec Inc	96		4	iGate Corp ^(a)	453		18
Koppers Holdings Inc	393		10	LivePerson Inc ^(a)	654		9
Minerals Technologies Inc	190		13	Luxoft Holding Inc ^(a)	148		6
PolyOne Corp	23,882		906	Manhattan Associates Inc ^(a)	946		38
Quaker Chemical Corp	113		10	MAXIMUS Inc	841		46
Sensient Technologies Corp	55		3	MTS Systems Corp	195		15
Zep Inc	121		2	NetScout Systems Inc ^(a)	452		16
	$		1,062	Qualys Inc ^(a)	255		10
				RealD Inc ^(a),(b)	792		9
Coal - 0.02%				Science Applications International Corp	523		26
SunCoke Energy Inc	609		12	Spansion Inc ^(a),(b)	665		23
				Super Micro Computer Inc ^(a)	446		16
Commercial Services - 3.42%				Sykes Enterprises Inc ^(a)	65		2
Advisory Board Co/The ^(a)	399		20	Synaptics Inc ^(a)	466		32
American Public Education Inc ^(a)	328		12	Syntel Inc ^(a)	389		17
ARC Document Solutions Inc ^(a)	32,446		332	TeleTech Holdings Inc ^(a)	171		4
Barrett Business Services Inc	142		4	Unisys Corp ^(a)	369		11
Bright Horizons Family Solutions Inc ^(a)	376		18	Virtusa Corp ^(a)	326		14
Capella Education Co	136		10		$		1,268
Cardtronics Inc ^(a)	558		22
				Consumer Products - 0.06%
Carriage Services Inc	51		1	Helen of Troy Ltd ^(a)	135		9
Cimpress NV ^(a)	414		31
				Tumi Holdings Inc ^(a)	558		13
Corporate Executive Board Co	372		27
CorVel Corp ^(a)	225		8	WD-40 Co	187		16
Deluxe Corp	333		21		$		38
Electro Rent Corp	27		—	Cosmetics & Personal Care - 0.00%
Euronet Worldwide Inc ^(a)	640		35	Revlon Inc ^(a)	58		2
EVERTEC Inc	816		18
ExamWorks Group Inc ^(a)	427		18
Forrester Research Inc	206		8	Distribution & Wholesale - 4.15%
Franklin Covey Co ^(a)	121		2	Core-Mark Holding Co Inc	48		3
Grand Canyon Education Inc ^(a)	582		27	H&E Equipment Services Inc	11,735		329
				MWI Veterinary Supply Inc ^(a)	10,787		1,833
Hackett Group Inc/The	107		1
Healthcare Services Group Inc	768		24	Pool Corp	564		36
HealthEquity Inc ^(a)	75		2	Watsco Inc	283		30
				WESCO International Inc ^(a)	6,070		463
Heartland Payment Systems Inc	450		24
Hill International Inc ^(a)	362		1		$		2,694
HMS Holdings Corp ^(a)	1,100		23
				DiversifiedFinancial Services - 1.14%
Huron Consulting Group Inc ^(a)	48		3	Altisource Portfolio Solutions SA ^(a)	263		9
INC Research Holdings Inc ^(a)	5,950		153	BGC Partners Inc	903		8
Insperity Inc	248		8	Blackhawk Network Holdings Inc ^(a),(b)	655		25
K12 Inc ^(a)	279		3	Cohen & Steers Inc ^(b)	212		9
Kforce Inc	32,389		782	Credit Acceptance Corp ^(a)	97		13
Korn/Ferry International ^(a)	8,852		255	Diamond Hill Investment Group Inc	55		8
Landauer Inc	187		6	Ellie Mae Inc ^(a)	343		14
Liberty Tax Inc ^(a)	81		3	Encore Capital Group Inc ^(a)	244		11
LifeLock Inc ^(a)	987		18	Evercore Partners Inc - Class A	445		23
Medifast Inc ^(a)	259		9	Financial Engines Inc	562		20
Monro Muffler Brake Inc	402		23	Greenhill & Co Inc	312		14
Multi-Color Corp	117		7	Higher One Holdings Inc ^(a)	254		1
National Research Corp	164		2	MarketAxess Holdings Inc	412		30
Nutrisystem Inc	572		11	Moelis & Co	12,280		429
On Assignment Inc ^(a)	703		23


Schedule of Investments
SmallCap Growth Account II
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Diversified Financial Services (continued)				Environmental Control - 0.06%
PRA Group Inc ^(a)	673	$	39	Advanced Emissions Solutions Inc ^(a)	416	$	10
Pzena Investment Management Inc	224		2	MSA Safety Inc	325		17
Silvercrest Asset Management Group Inc	107		2	Tetra Tech Inc	97		3
Virtus Investment Partners Inc	94		16	US Ecology Inc	280		11
WageWorks Inc ^(a)	451		29		$		41
Westwood Holdings Group Inc	141		9
WisdomTree Investments Inc ^(b)	1,163		18	Food - 0.54%
World Acceptance Corp ^(a),(b)	151		12	B&G Foods Inc	625		19
	$		741	Calavo Growers Inc	264		12
				Cal-Maine Foods Inc	380		15
Electric - 0.01%				Fresh Market Inc/The ^(a),(b)	524		22
EnerNOC Inc ^(a)	144		2	Inventure Foods Inc ^(a)	11,850		151
Ormat Technologies Inc	127		4	J&J Snack Foods Corp	182		20
	$		6	Lancaster Colony Corp	138		13
				Sanderson Farms Inc	242		20
Electrical Components & Equipment - 1.06%				Tootsie Roll Industries Inc ^(b)	338		10
Acuity Brands Inc	3,680		515	TreeHouse Foods Inc ^(a)	268		23
Advanced Energy Industries Inc ^(a)	484		11	United Natural Foods Inc ^(a)	608		47
Belden Inc	564		44		$		352
Encore Wire Corp	306		11
EnerSys	226		14	Forest Products & Paper - 0.13%
Generac Holdings Inc ^(a),(b)	892		42	Clearwater Paper Corp ^(a)	253		17
Graham Corp	200		6	Deltic Timber Corp ^(c)	118		8
Insteel Industries Inc	319		8	KapStone Paper and Packaging Corp	1,050		31
Littelfuse Inc	247		24	Neenah Paper Inc	161		10
Universal Display Corp ^(a),(b)	524		15	Orchids Paper Products Co	128		4
	$		690	PH Glatfelter Co	320		8
				Schweitzer-Mauduit International Inc	87		4
Electronics - 2.35%					$		82
Badger Meter Inc	186		11
Coherent Inc ^(a)	34		2	Hand & Machine Tools - 0.03%
FARO Technologies Inc ^(a)	16,484		1,033	Franklin Electric Co Inc	483		18
FEI Co	464		42
Fluidigm Corp ^(a)	309		10
Imprivata Inc ^(a)	77		1	Healthcare - Products - 5.90%
				Abaxis Inc	4,761		271
Mesa Laboratories Inc	53		4	ABIOMED Inc ^(a)	500		19
Methode Electronics Inc	9,100		332	Accuray Inc ^(a),(b)	1,477		11
Newport Corp ^(a)	703		14
				Affymetrix Inc ^(a)	343		3
NVE Corp ^(a)	39		3
				AtriCure Inc ^(a)	14,369		287
OSI Systems Inc ^(a)	86		6
Plexus Corp ^(a)	221		9	Atrion Corp	30		10
				BioTelemetry Inc ^(a)	295		3
Rogers Corp ^(a)	96		8
Sparton Corp ^(a)	191		5	Cantel Medical Corp	424		18
				Cardiovascular Systems Inc ^(a)	348		11
TASER International Inc ^(a),(b)	592		16
				Cepheid ^(a)	15,806		855
Watts Water Technologies Inc	40		3	Cyberonics Inc ^(a)	335		19
Woodward Inc	573		28	Cynosure Inc ^(a)	152		4
	$		1,527	DexCom Inc ^(a)	950		52
Energy - Alternate Sources - 0.46%				Endologix Inc ^(a),(b)	705		11
Enphase Energy Inc ^(a),(b)	18,690		267	Female Health Co/The	296		1
FutureFuel Corp	77		1	Genomic Health Inc ^(a),(b)	331		11
Green Plains Inc	398		10	Globus Medical Inc ^(a)	825		20
Pattern Energy Group Inc	474		12	Haemonetics Corp ^(a)	85		3
REX American Resources Corp ^(a)	94		6	HeartWare International Inc ^(a),(b)	212		16
TerraForm Power Inc	167		5	Inogen Inc ^(a)	16,030		503
	$		301	Insulet Corp ^(a)	609		28
				Integra LifeSciences Holdings Corp ^(a)	193		11
Engineering & Construction - 1.00%				Intersect ENT Inc ^(a)	68		1
Aegion Corp ^(a)	89		2	K2M Group Holdings Inc ^(a),(b)	22,230		464
Argan Inc	92		3	LDR Holding Corp ^(a),(b)	14,249		468
Dycom Industries Inc ^(a)	392		14	Luminex Corp ^(a)	452		9
Exponent Inc	170		14	Masimo Corp ^(a)	614		16
MasTec Inc ^(a)	846		19	Meridian Bioscience Inc	503		8
Mistras Group Inc ^(a)	315		6	MiMedx Group Inc ^(a)	1,148		13
Tutor Perini Corp ^(a)	24,580		591	NanoString Technologies Inc ^(a)	18,963		264
	$		649	Natus Medical Inc ^(a)	395		14
				Navidea Biopharmaceuticals Inc ^(a)	2,322		4
Entertainment - 0.58%				NuVasive Inc ^(a)	488		23
Churchill Downs Inc	107		10	NxStage Medical Inc ^(a)	767		14
Eros International PLC ^(a)	159		3	Quidel Corp ^(a)	352		10
National CineMedia Inc	255		4	Rockwell Medical Inc ^(a),(b)	97		1
Pinnacle Entertainment Inc ^(a)	652		14
Scientific Games Corp ^(a),(b)	23,870		304	Sientra Inc ^(a)	9,771		164
				Spectranetics Corp/The ^(a)	521		18
Vail Resorts Inc	456		42
	$		377	STERIS Corp	742		48
				SurModics Inc ^(a)	43		1


Schedule of Investments
SmallCap Growth Account II
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Healthcare - Products (continued)				Insurance (continued)
Tandem Diabetes Care Inc ^(a)	166	$	2	Universal Insurance Holdings Inc	586	$	12
Thoratec Corp ^(a)	720		23		$		1,119
Utah Medical Products Inc	74		4
Vascular Solutions Inc ^(a)	325		9	Internet - 2.68%
Volcano Corp ^(a)	1,009		18	Bankrate Inc ^(a)	124		2
				Bazaarvoice Inc ^(a)	416		3
West Pharmaceutical Services Inc	887		47	Blue Nile Inc ^(a)	232		8
Wright Medical Group Inc ^(a),(b)	465		13
Zeltiq Aesthetics Inc ^(a),(b)	361		10	ChannelAdvisor Corp ^(a)	25,350		547
				Chegg Inc ^(a),(b)	31,220		216
	$		3,833	Cogent Communications Holdings Inc	561		20
Healthcare - Services - 2.93%				comScore Inc ^(a)	438		20
Acadia Healthcare Co Inc ^(a)	18,646		1,142	Dice Holdings Inc ^(a)	236		2
Addus HomeCare Corp ^(a)	13		—	ePlus Inc ^(a)	4		—
Adeptus Health Inc ^(a)	62		2	FTD Cos Inc ^(a)	35		1
Air Methods Corp ^(a)	491		22	Global Sources Ltd ^(a)	55		—
Alliance HealthCare Services Inc ^(a)	37		1	GrubHub Inc ^(a)	168		6
Amsurg Corp ^(a)	173		9	HealthStream Inc ^(a)	416		12
Bio-Reference Laboratories Inc ^(a),(b)	439		14	HomeAway Inc ^(a)	22,765		678
Chemed Corp	219		23	j2 Global Inc	597		37
Ensign Group Inc/The	233		10	magicJack VocalTec Ltd ^(a)	325		3
Gentiva Health Services Inc ^(a)	620		12	Marketo Inc ^(a),(b)	281		9
HealthSouth Corp	840		32	NIC Inc	819		15
Healthways Inc ^(a)	310		6	Orbitz Worldwide Inc ^(a)	474		4
IPC The Hospitalist Co Inc ^(a)	202		9	Overstock.com Inc ^(a)	228		6
Molina Healthcare Inc ^(a)	383		21	Perficient Inc ^(a)	425		8
RadNet Inc ^(a)	583		5	Reis Inc	12		—
Select Medical Holdings Corp	926		13	Sapient Corp ^(a),(b)	1,439		36
Skilled Healthcare Group Inc ^(a)	215		2	Shutterfly Inc ^(a)	249		10
Surgical Care Affiliates Inc ^(a)	224		8	Shutterstock Inc ^(a)	188		13
US Physical Therapy Inc	238		10	Stamps.com Inc ^(a)	256		12
WellCare Health Plans Inc ^(a)	6,872		564	Trulia Inc ^(a)	377		17
	$		1,905	Unwired Planet Inc ^(a)	1,886		2
				VASCO Data Security International Inc ^(a)	373		11
Holding Companies - Diversified - 1.48%				Web.com Group Inc ^(a)	571		11
FCB Financial Holdings Inc ^(a)	22,480		554	WebMD Health Corp ^(a)	481		19
Harbinger Group Inc ^(a)	667		10	XO Group Inc ^(a)	534		10
Horizon Pharma PLC ^(a)	31,043		400	Zix Corp ^(a)	1,226		5
	$		964		$		1,743

Home Builders - 0.07%				Iron & Steel - 0.03%
Beazer Homes USA Inc ^(a)	218		4
Cavco Industries Inc ^(a)	175		14	Worthington Industries Inc	647		19
Installed Building Products Inc ^(a)	164		3
KB Home ^(b)	677		11	Leisure Products & Services - 1.99%
Winnebago Industries Inc	550		12	Black Diamond Inc ^(a),(b)	26,007		228
	$		44	Brunswick Corp/DE	15,400		790
				ClubCorp Holdings Inc	443		8
Home Furnishings - 0.13%				Fox Factory Holding Corp ^(a)	211		3
American Woodmark Corp ^(a)	236		10	Interval Leisure Group Inc	607		13
Daktronics Inc	502		6	Life Time Fitness Inc ^(a)	45		2
DTS Inc/CA ^(a)	90		3	Malibu Boats Inc ^(a)	12,610		243
iRobot Corp ^(a),(b)	323		11	Nautilus Inc ^(a)	361		5
La-Z-Boy Inc	569		15		$		1,292
Select Comfort Corp ^(a)	685		19
TiVo Inc ^(a)	780		9	Lodging - 0.03%
Universal Electronics Inc ^(a)	195		13	Boyd Gaming Corp ^(a)	777		10
	$		86	Diamond Resorts International Inc ^(a)	440		12
					$		22
Housewares - 0.02%
Libbey Inc ^(a)	414		13	Machinery - Construction & Mining - 0.01%
				Hyster-Yale Materials Handling Inc	129		9

Insurance - 1.72%
AmTrust Financial Services Inc	18,288		1,028	Machinery - Diversified - 0.93%
Atlas Financial Holdings Inc ^(a)	202		3	Adept Technology Inc ^(a),(b)	13,070		113
Crawford & Co	146		2	Altra Industrial Motion Corp	349		10
Employers Holdings Inc	356		8	Applied Industrial Technologies Inc	186		9
Essent Group Ltd ^(a)	441		11	Chart Industries Inc ^(a)	394		14
Federated National Holding Co	241		6	Cognex Corp ^(a)	1,125		47
HCI Group Inc	118		5	Columbus McKinnon Corp/NY	54		2
Heritage Insurance Holdings Inc ^(a)	130		3	DXP Enterprises Inc ^(a)	257		13
Infinity Property & Casualty Corp	79		6	Gorman-Rupp Co/The	371		12
Maiden Holdings Ltd	127		2	Kadant Inc	29		1
MGIC Investment Corp ^(a)	1,494		14	Lindsay Corp ^(b)	132		11
Radian Group Inc	762		13	Manitex International Inc ^(a)	273		3
United Insurance Holdings Corp	287		6	Tennant Co	5,116		369


Schedule of Investments
SmallCap Growth Account II
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Machinery - Diversified (continued)				Oil & Gas (continued)
Twin Disc Inc	112	$	2	Magnum Hunter Resources Corp - Warrants	11,865	$	—
	$		606	(a),(c),(d)
				Matador Resources Co ^(a)	822		17
Media - 0.07%				North Atlantic Drilling Ltd	374		1
Crown Media Holdings Inc ^(a)	549		2
Martha Stewart Living Omnimedia Inc ^(a)	446		2	Panhandle Oil and Gas Inc	255		6
				Parsley Energy Inc ^(a)	581		9
Nexstar Broadcasting Group Inc	383		20	PDC Energy Inc ^(a)	49		2
Saga Communications Inc	25		1	PetroQuest Energy Inc ^(a)	1,055		4
Sinclair Broadcast Group Inc ^(b)	858		23	Rex Energy Corp ^(a),(b)	935		5
	$		48	Rosetta Resources Inc ^(a)	148		3
Metal Fabrication & Hardware - 0.18%				Sanchez Energy Corp ^(a),(b)	19,076		177
Advanced Drainage Systems Inc	196		5	Synergy Resources Corp ^(a)	1,322		17
CIRCOR International Inc	205		12	TransAtlantic Petroleum Ltd ^(a)	224		1
Furmanite Corp ^(a)	724		6	Trecora Resources ^(a)	359		5
Global Brass & Copper Holdings Inc	366		5	Triangle Petroleum Corp ^(a),(b)	803		4
Mueller Industries Inc	478		16	Vertex Energy Inc ^(a),(b)	222		1
Mueller Water Products Inc - Class A	2,069		21	W&T Offshore Inc	252		2
RBC Bearings Inc	256		17	Western Refining Inc	657		25
Rexnord Corp ^(a)	973		27		$		962
Sun Hydraulics Corp	285		11	Oil & Gas Services - 0.13%
	$		120	Basic Energy Services Inc ^(a)	618		4
Mining - 0.10%				C&J Energy Services Inc ^(a)	782		10
Globe Specialty Metals Inc	794		14	CARBO Ceramics Inc ^(b)	243		10
Gold Resource Corp	726		2	Flotek Industries Inc ^(a)	677		13
Materion Corp	155		5	Forum Energy Technologies Inc ^(a)	429		9
Stillwater Mining Co ^(a)	1,396		21	Gulf Island Fabrication Inc	103		2
United States Lime & Minerals Inc	34		3	ION Geophysical Corp ^(a)	404		1
US Silica Holdings Inc	667		17	Matrix Service Co ^(a)	520		12
	$		62	PHI Inc ^(a)	14		—
				Pioneer Energy Services Corp ^(a)	869		5
Miscellaneous Manufacturing - 1.07%				Profire Energy Inc ^(a),(b)	283		1
American Railcar Industries Inc ^(b)	171		9	Tesco Corp	58		1
AZZ Inc	330		15	Thermon Group Holdings Inc ^(a)	397		9
Blount International Inc	612		11	Willbros Group Inc ^(a)	755		5
Chase Corp	114		4		$		82
CLARCOR Inc	616		41
EnPro Industries Inc	295		18	Packaging & Containers - 0.12%
GP Strategies Corp ^(a)	192		6	Berry Plastics Group Inc ^(a)	626		20
Harsco Corp	1,037		20	Graphic Packaging Holding Co ^(a)	4,116		56
Hillenbrand Inc	814		28		$		76
John Bean Technologies Corp	321		11	Pharmaceuticals - 4.36%
Lydall Inc ^(a)	277		9	ACADIA Pharmaceuticals Inc ^(a),(b)	798		25
Park-Ohio Holdings Corp	171		11	AcelRx Pharmaceuticals Inc ^(a),(b)	491		3
Polypore International Inc ^(a)	493		23	Actinium Pharmaceuticals Inc ^(a)	422		3
Proto Labs Inc ^(a),(b)	6,379		429	Adamas Pharmaceuticals Inc ^(a)	10,682		186
Raven Industries Inc	468		12	Agios Pharmaceuticals Inc ^(a),(b)	148		17
Smith & Wesson Holding Corp ^(a),(b)	1,060		10	Akebia Therapeutics Inc ^(a)	153		2
Standex International Corp	182		14	Akorn Inc ^(a)	783		28
Sturm Ruger & Co Inc	212		7	Amphastar Pharmaceuticals Inc ^(a),(b)	161		2
TriMas Corp ^(a)	517		16	Anacor Pharmaceuticals Inc ^(a),(b)	226		7
	$		694	Anika Therapeutics Inc ^(a)	277		11
Office Furnishings - 0.53%				Auxilium Pharmaceuticals Inc ^(a)	637		22
Herman Miller Inc	761		23	Avanir Pharmaceuticals Inc ^(a)	2,446		41
HNI Corp	531		27	BioDelivery Sciences International Inc ^(a),(b)	805		10
Interface Inc	732		12	BioSpecifics Technologies Corp ^(a)	68		3
Knoll Inc	12,478		264	Catalent Inc ^(a)	485		14
Steelcase Inc	1,062		19	Chimerix Inc ^(a)	291		12
	$		345	Clovis Oncology Inc ^(a)	270		15
				Corcept Therapeutics Inc ^(a),(b)	1,053		3
Oil & Gas - 1.48%				Cytori Therapeutics Inc ^(a),(b)	1,038		1
Abraxas Petroleum Corp ^(a)	1,820		5	Depomed Inc ^(a)	31,781		512
Adams Resources & Energy Inc	2		—	Dyax Corp ^(a)	1,704		24
Alon USA Energy Inc	141		2	Enanta Pharmaceuticals Inc ^(a),(b)	195		10
Apco Oil and Gas International Inc ^(a)	27		—	Furiex Pharmaceuticals Inc - Rights ^(a),(c),(d)	104		1
Approach Resources Inc ^(a),(b)	328		2	Galectin Therapeutics Inc ^(a),(b)	356		1
Bonanza Creek Energy Inc ^(a)	652		16	Hyperion Therapeutics Inc ^(a)	208		5
Carrizo Oil & Gas Inc ^(a)	562		23	IGI Laboratories Inc ^(a)	617		5
Clayton Williams Energy Inc ^(a)	113		7	Impax Laboratories Inc ^(a)	256		8
Delek US Holdings Inc	382		10	Infinity Pharmaceuticals Inc ^(a)	609		10
Diamondback Energy Inc ^(a)	7,916		474	Insys Therapeutics Inc ^(a)	188		8
Gastar Exploration Inc ^(a)	1,294		3	Ironwood Pharmaceuticals Inc ^(a)	1,316		20
Jones Energy Inc ^(a),(b)	214		2	Keryx Biopharmaceuticals Inc ^(a),(b)	1,007		14
Magnum Hunter Resources Corp ^(a),(b)	44,146		139


Schedule of Investments
SmallCap Growth Account II
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Pharmaceuticals (continued)				REITS (continued)
Lannett Co Inc ^(a)	322	$	14	Ryman Hospitality Properties Inc	246	$	13
Liberator Medical Holdings Inc	596		2	Sabra Health Care REIT Inc	654		20
MannKind Corp ^(a),(b)	2,510		13	Saul Centers Inc	166		9
Marinus Pharmaceuticals Inc ^(a),(b)	7,190		76	Sovran Self Storage Inc	362		32
Mirati Therapeutics Inc ^(a),(b)	140		3	Strategic Hotels & Resorts Inc ^(a)	2,380		31
Natural Grocers by Vitamin Cottage Inc ^(a)	172		5	Sun Communities Inc	607		37
Nektar Therapeutics ^(a)	790		12	Urstadt Biddle Properties Inc	313		7
Neogen Corp ^(a)	460		23		$		310
Neurocrine Biosciences Inc ^(a)	24,527		548
Ophthotech Corp ^(a)	280		13	Retail - 6.93%
OPKO Health Inc ^(a),(b)	2,473		25	America's Car-Mart Inc/TX ^(a)	22		1
Orexigen Therapeutics Inc ^(a),(b)	1,531		9	ANN Inc ^(a)	591		22
Osiris Therapeutics Inc ^(a),(b)	328		5	Asbury Automotive Group Inc ^(a)	386		29
Pacira Pharmaceuticals Inc/DE ^(a)	447		40	BJ's Restaurants Inc ^(a)	110		5
Pain Therapeutics Inc ^(a)	720		1	Bloomin' Brands Inc ^(a)	976		24
Pernix Therapeutics Holdings Inc ^(a)	628		6	Bravo Brio Restaurant Group Inc ^(a)	341		5
Phibro Animal Health Corp	277		9	Brown Shoe Co Inc	419		13
Portola Pharmaceuticals Inc ^(a)	17,555		497	Buckle Inc/The	355		19
POZEN Inc ^(a)	516		4	Buffalo Wild Wings Inc ^(a)	236		43
Prestige Brands Holdings Inc ^(a)	651		23	Build-A-Bear Workshop Inc ^(a)	166		3
Progenics Pharmaceuticals Inc ^(a)	316		2	Burlington Stores Inc ^(a)	313		15
Raptor Pharmaceutical Corp ^(a),(b)	1,245		13	Casey's General Stores Inc	472		43
Receptos Inc ^(a)	235		29	Cato Corp/The	88		4
Regulus Therapeutics Inc ^(a)	272		4	Cheesecake Factory Inc/The	631		32
Sagent Pharmaceuticals Inc ^(a)	344		9	Christopher & Banks Corp ^(a)	40,850		233
Sarepta Therapeutics Inc ^(a),(b)	782		11	Chuy's Holdings Inc ^(a)	14,983		295
SciClone Pharmaceuticals Inc ^(a)	625		5	Cracker Barrel Old Country Store Inc	222		31
Sucampo Pharmaceuticals Inc ^(a)	349		5	Dave & Buster's Entertainment Inc ^(a)	8,832		241
Supernus Pharmaceuticals Inc ^(a),(b)	563		5	Del Frisco's Restaurant Group Inc ^(a)	469		11
Synta Pharmaceuticals Corp ^(a)	1,288		3	Denny's Corp ^(a)	1,139		12
Synutra International Inc ^(a),(b)	308		2	DineEquity Inc	129		13
TESARO Inc ^(a),(b)	212		8	Diversified Restaurant Holdings Inc ^(a)	24,785		128
Tetraphase Pharmaceuticals Inc ^(a)	332		13	El Pollo Loco Holdings Inc ^(a),(b)	127		2
TG Therapeutics Inc ^(a),(b)	466		7	Express Inc ^(a)	95		1
TherapeuticsMD Inc ^(a),(b)	2,098		9	Famous Dave's of America Inc ^(a)	88		2
Threshold Pharmaceuticals Inc ^(a)	931		3	Fiesta Restaurant Group Inc ^(a)	338		21
USANA Health Sciences Inc ^(a)	118		12	Finish Line Inc/The	228		6
Vanda Pharmaceuticals Inc ^(a),(b)	660		9	First Cash Financial Services Inc ^(a)	326		18
Vivus Inc ^(a),(b)	1,774		5	Five Below Inc ^(a),(b)	7,542		308
Xencor Inc ^(a)	290		5	Francesca's Holdings Corp ^(a)	839		14
Zogenix Inc ^(a)	2,418		3	Genesco Inc ^(a)	40		3
ZS Pharma Inc ^(a),(b)	7,650		318	Group 1 Automotive Inc	86		8
				Hibbett Sports Inc ^(a)	327		16
	$		2,831	HSN Inc	419		32
Pipelines - 0.39%				Jack in the Box Inc	10,414		832
Primoris Services Corp	9,272		215	Kate Spade & Co ^(a)	3,680		118
SemGroup Corp	522		36	Kirkland's Inc ^(a)	165		4
	$		251	Krispy Kreme Doughnuts Inc ^(a)	793		16
				Lithia Motors Inc	291		25
Private Equity - 0.46%				Lumber Liquidators Holdings Inc ^(a),(b)	301		20
GSV Capital Corp ^(a),(b)	34,279		296	MarineMax Inc ^(a)	23,767		476
				Mattress Firm Holding Corp ^(a),(b)	184		11
Real Estate - 0.62%				Men's Wearhouse Inc	418		18
Capital Senior Living Corp ^(a)	362		9	Nathan's Famous Inc ^(a)	60		5
Consolidated-Tomoka Land Co	22		1	Noodles & Co ^(a)	6,110		161
Forestar Group Inc ^(a)	60		1	Outerwall Inc ^(a),(b)	257		19
HFF Inc	440		16	Papa John's International Inc	388		22
Marcus & Millichap Inc ^(a)	10,836		360	PetMed Express Inc ^(b)	397		6
St Joe Co/The ^(a)	744		14	Pier 1 Imports Inc	1,034		16
	$		401	Popeyes Louisiana Kitchen Inc ^(a)	288		16
				PriceSmart Inc	206		19
REITS - 0.48%				Red Robin Gourmet Burgers Inc ^(a)	9,891		761
Alexander's Inc	21		9	Restoration Hardware Holdings Inc ^(a)	390		37
American Assets Trust Inc	142		6	Rush Enterprises Inc - Class A ^(a)	371		12
Aviv REIT Inc	30		1	Ruth's Hospitality Group Inc	458		7
CoreSite Realty Corp	221		9	Sonic Corp	482		13
DuPont Fabros Technology Inc	258		9	Texas Roadhouse Inc	880		30
EastGroup Properties Inc	359		23	Tilly's Inc ^(a)	17,285		167
Empire State Realty Trust Inc	1,009		18	Tuesday Morning Corp ^(a)	442		10
Glimcher Realty Trust	1,348		18	Vera Bradley Inc ^(a)	427		9
National Health Investors Inc	419		29	Vitamin Shoppe Inc ^(a)	171		8
Potlatch Corp	514		21	Zumiez Inc ^(a)	326		13
PS Business Parks Inc	125		10		$		4,504
QTS Realty Trust Inc	232		8


Schedule of Investments
SmallCap Growth Account II
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Savings & Loans - 0.84%				Software (continued)
B of I Holding Inc ^(a)	3,467	$	270	Pegasystems Inc	390	$	8
Investors Bancorp Inc	834		9	Proofpoint Inc ^(a)	21,807		1,051
Meridian Bancorp Inc ^(a)	390		5	QAD Inc	103		2
Pacific Premier Bancorp Inc ^(a)	15,297		265	Qlik Technologies Inc ^(a)	24,770		765
	$		549	Quality Systems Inc	600		9
				RealPage Inc ^(a)	566		12
Semiconductors - 4.14%				SPS Commerce Inc ^(a)	203		12
Ambarella Inc ^(a)	366		19
Amkor Technology Inc ^(a)	838		6	SS&C Technologies Holdings Inc	861		50
				Synchronoss Technologies Inc ^(a)	438		18
Brooks Automation Inc	93		1	SYNNEX Corp	58		5
Cabot Microelectronics Corp ^(a)	251		12	Take-Two Interactive Software Inc ^(a)	144		4
Cavium Inc ^(a)	9,209		569	Tyler Technologies Inc ^(a)	417		46
Cirrus Logic Inc ^(a)	349		8	Ultimate Software Group Inc/The ^(a)	4,740		696
Cypress Semiconductor Corp ^(a),(b)	1,732		25	Verint Systems Inc ^(a)	710		41
Diodes Inc ^(a)	503		14
Entegris Inc ^(a)	1,015		13		$		6,005
Inphi Corp ^(a)	16,827		311	Storage & Warehousing - 0.01%
Integrated Device Technology Inc ^(a)	1,077		21	Mobile Mini Inc	73		3
InvenSense Inc ^(a),(b)	753		12	Wesco Aircraft Holdings Inc ^(a),(b)	175		2
IPG Photonics Corp ^(a),(b)	8,352		626		$		5
Lattice Semiconductor Corp ^(a)	1,462		10
MaxLinear Inc ^(a)	536		4	Telecommunications - 2.30%
				8x8 Inc ^(a)	46,418		425
Micrel Inc	858		13
Microsemi Corp ^(a)	26,264		745	ADTRAN Inc	565		12
				Alliance Fiber Optic Products Inc ^(b)	227		3
Monolithic Power Systems Inc	509		25	Anixter International Inc ^(a)	151		13
Pixelworks Inc ^(a),(b)	21,970		100
				Aruba Networks Inc ^(a)	1,381		25
Power Integrations Inc	401		21	CalAmp Corp ^(a),(b)	396		7
Rambus Inc ^(a)	1,451		16
Rudolph Technologies Inc ^(a)	83		1	Ciena Corp ^(a)	1,148		22
Semtech Corp ^(a)	870		24	Cincinnati Bell Inc ^(a)	1,080		3
Silicon Image Inc ^(a)	761		4	Clearfield Inc ^(a)	215		3
Silicon Laboratories Inc ^(a)	394		19	Consolidated Communications Holdings Inc	430		12
				FairPoint Communications Inc ^(a),(b)	350		5
Tessera Technologies Inc	399		14	Finisar Corp ^(a)	1,001		19
TriQuint Semiconductor Inc ^(a)	1,874		52
Ultra Clean Holdings Inc ^(a)	176		2	General Communication Inc ^(a)	708		10
Xcerra Corp ^(a)	420		4	Gogo Inc ^(a),(b)	592		10
				GTT Communications Inc ^(a)	15,506		206
	$		2,691	Harmonic Inc ^(a)	245		2
Software - 9.24%				IDT Corp - Class B	284		6
ACI Worldwide Inc ^(a)	1,415		29	Infinera Corp ^(a)	1,137		17
Advent Software Inc	639		20	Inteliquent Inc	644		13
Aspen Technology Inc ^(a)	1,164		41	Intelsat SA ^(a)	133		2
AVG Technologies NV ^(a)	438		9	InterDigital Inc/PA	524		28
Blackbaud Inc	573		25	Leap Wireless International Inc - Rights	282		1
Bottomline Technologies de Inc ^(a)	361		9	(a),(c),(d)
BroadSoft Inc ^(a)	313		9	LogMeIn Inc ^(a)	295		15
Callidus Software Inc ^(a)	581		9	Loral Space & Communications Inc ^(a)	143		11
CommVault Systems Inc ^(a)	519		27	Lumos Networks Corp	305		5
Computer Programs & Systems Inc	221		13	NeuStar Inc ^(a),(b)	662		18
Constant Contact Inc ^(a)	389		14	NTELOS Holdings Corp ^(b)	145		1
Cornerstone OnDemand Inc ^(a)	581		20	Orbcomm Inc ^(a)	38,580		252
CSG Systems International Inc	266		7	Plantronics Inc	495		26
Cvent Inc ^(a),(b)	345		10	Polycom Inc ^(a)	782		11
Dealertrack Technologies Inc ^(a)	493		22	Premiere Global Services Inc ^(a)	187		2
Demandware Inc ^(a)	331		19	RF Micro Devices Inc ^(a)	3,705		62
Envestnet Inc ^(a)	423		21	RigNet Inc ^(a)	229		9
Everyday Health Inc ^(a)	14,497		214	Ruckus Wireless Inc ^(a)	855		10
Fair Isaac Corp	403		29	Shenandoah Telecommunications Co	404		13
Globant SA ^(a)	92		1	ShoreTel Inc ^(a)	1,204		9
Glu Mobile Inc ^(a),(b)	99,462		388	Sonus Networks Inc ^(a)	2,605		10
Guidewire Software Inc ^(a)	9,464		479	Tessco Technologies Inc	8		—
Imperva Inc ^(a)	18,223		901	Ubiquiti Networks Inc	369		11
inContact Inc ^(a)	1,058		9	ViaSat Inc ^(a)	455		29
Infoblox Inc ^(a)	509		10	Vonage Holdings Corp ^(a)	38,120		145
Interactive Intelligence Group Inc ^(a)	187		9	West Corp	402		13
Jive Software Inc ^(a)	846		5		$		1,496
MedAssets Inc ^(a)	741		15
Medidata Solutions Inc ^(a)	686		33	Textiles - 0.00%
Merge Healthcare Inc ^(a)	1,290		5	Culp Inc	22		1
MicroStrategy Inc ^(a)	4,057		659
Monotype Imaging Holdings Inc	490		14	Transportation - 0.44%
Omnicell Inc ^(a)	451		15	ArcBest Corp	308		14
OPOWER Inc ^(a),(b)	133		2	Echo Global Logistics Inc ^(a)	456		13
PDF Solutions Inc ^(a)	13,058		194	Forward Air Corp	404		20


Schedule of Investments
SmallCap Growth Account II
December 31, 2014



COMMON STOCKS (continued)		Shares Held		Value(000			's)

Transportation (continued)
GasLog Ltd		151			$	3
Heartland Express Inc		599				16
HUB Group Inc ^(a)		404				15
Knight Transportation Inc		658				22
Matson Inc		280				10
PAM Transportation Services Inc ^(a)		11				1
Quality Distribution Inc ^(a)		131				2
Roadrunner Transportation Systems Inc ^(a)		5,509				129
Saia Inc ^(a)		272				15
Swift Transportation Co ^(a)		920				26
				$		286

Trucking & Leasing - 0.03%
General Finance Corp ^(a)		212				2
Greenbrier Cos Inc/The ^(b)		357				19
				$		21

Water - 0.01%
American States Water Co		63				2
SJW Corp		60				2
				$		4
TOTAL COMMON STOCKS				$		62,974
INVESTMENT COMPANIES - 14.60%		Shares Held		Value (000			's)

Publicly Traded Investment Fund - 14.60%
BlackRock Liquidity Funds TempFund		1,654,853				1,655
Portfolio
Goldman Sachs Financial Square Funds -		7,320,050				7,320
Government Fund ^(e)
Goldman Sachs Financial Square Funds -		450,060				450
Money Market Fund
JP Morgan Prime Money Market Fund		64,669				65
				$		9,490
TOTAL INVESTMENT COMPANIES				$		9,490
Total Investments				$		72,464
Liabilities in Excess of Other Assets, Net -		(11.49	)%	$		(7,470	)
TOTAL NET ASSETS - 100.00%				$		64,994


(a)	Non-Income Producing Security
(b)	Security or a portion of the security was on loan at the end of the period.
(c)	Security is Illiquid
(d)	Fair value of these investments is determined in good faith by the Manager
	under procedures established and periodically reviewed by the Board of
	Directors. At the end of the period, the fair value of these securities totaled
	$2 or 0.00% of net assets.
(e)	Security was purchased with the cash proceeds from securities loans.



	Portfolio Summary (unaudited)
Sector						Percent
Consumer, Non-cyclical						26.73	%
Consumer, Cyclical						18.85	%
Technology						15.33	%
Exchange Traded Funds						14.60	%
Financial						13.74	%
Industrial						11.32	%
Communications						5.05	%
Energy						2.48	%
Basic Materials						1.89	%
Diversified						1.48	%
Utilities						0.02	%
Liabilities in Excess of Other Assets, Net						(11.49	)%
TOTAL NET ASSETS						100.00	%

Futures Contracts

														Unrealized
Type		Long/Short				Contracts		Notional Value			Fair Value	Appreciation/(Depreciation)
Russell 2000 Mini; March 2015		Long				18		$	2,100	$	2,161		$	61
Total												$		61

Amounts in thousands except contracts


Schedule of Investments
SmallCap Value Account I
December 31, 2014



COMMON STOCKS - 94.33%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held	Value (000	's)

Advertising - 0.03%				Banks (continued)
EVINE Live Inc ^(a)	1,051	$	7	Boston Private Financial Holdings Inc	5,219	$ 70
Harte-Hanks Inc	1,790		14	Bridge Capital Holdings ^(a)	359	8
MDC Partners Inc	661		15	Bryn Mawr Bank Corp	508	16
	$		36	Camden National Corp	286	11
				Capital Bank Financial Corp ^(a)	528	14
Aerospace & Defense - 1.32%				Cardinal Financial Corp	640	13
AAR Corp	13,568		377	Cascade Bancorp ^(a)	7,100	37
Cubic Corp	450		24	Cathay General Bancorp	5,999	154
Curtiss-Wright Corp	2,958		209	Century Bancorp Inc/MA	128	5
Ducommun Inc ^(a)	241		6	Chemical Financial Corp	2,489	76
Esterline Technologies Corp ^(a)	767		84	Citizens & Northern Corp	2,156	44
Kaman Corp	318		13	City Holding Co	3,590	167
Kratos Defense & Security Solutions Inc ^(a)	1,606		8	CNB Financial Corp/PA	549	10
Moog Inc ^(a)	1,843		137	Columbia Banking System Inc	3,019	83
National Presto Industries Inc ^(b)	177		10	Community Bank System Inc	988	38
Orbital Sciences Corp ^(a)	1,489		40	Community Trust Bancorp Inc	3,580	131
SIFCO Industries Inc	73		2	CommunityOne Bancorp ^(a),(b)	1,500	17
Teledyne Technologies Inc ^(a)	696		71	ConnectOne Bancorp Inc	2,915	55
Triumph Group Inc	6,200		417	Customers Bancorp Inc ^(a)	14,706	286
	$		1,398	CVB Financial Corp	22,333	358
				Eagle Bancorp Inc ^(a)	217	8
Agriculture - 0.22%
Alico Inc	98		5	East West Bancorp Inc	3,335	129
Alliance One International Inc ^(a)	3,353		5	Enterprise Financial Services Corp	6,500	128
Andersons Inc/The	3,377		179	Fidelity Southern Corp	6,728	109
Universal Corp/VA	587		26	Financial Institutions Inc	3,914	98
Vector Group Ltd	655		14	First Bancorp Inc/ME	328	6
				First BanCorp/Puerto Rico ^(a)	37,797	222
	$		229	First Bancorp/Troy NC	2,048	38
Airlines - 1.34%				First Busey Corp	3,300	21
Hawaiian Holdings Inc ^(a)	32,503		847	First Business Financial Services Inc	941	45
JetBlue Airways Corp ^(a)	5,128		81	First Citizens BancShares Inc/NC	559	141
Republic Airways Holdings Inc ^(a)	24,098		352	First Commonwealth Financial Corp	28,786	265
SkyWest Inc	1,229		16	First Community Bancshares Inc/VA	5,595	92
Virgin America Inc ^(a)	2,900		125	First Connecticut Bancorp Inc/Farmington CT	588	10
	$		1,421	First Financial Bancorp	6,621	123
				First Financial Bankshares Inc ^(b)	602	18
Apparel - 0.29%				First Financial Corp/IN	1,511	54
Columbia Sportswear Co	322		14	First Interstate BancSystem Inc	11,758	327
Crocs Inc ^(a)	1,594		20
Iconix Brand Group Inc ^(a)	6,754		228	First Merchants Corp	8,492	193
Perry Ellis International Inc ^(a)	443		11	First Midwest Bancorp Inc/IL	8,387	143
				First NBC Bank Holding Co ^(a)	6,254	220
Skechers U.S.A. Inc ^(a)	245		14
Unifi Inc ^(a)	567		17	First of Long Island Corp/The	1,562	44
				FirstMerit Corp	48,915	924
Weyco Group Inc	226		7	FNB Corp/PA	4,218	56
	$		311	German American Bancorp Inc	1,269	38
Automobile Parts & Equipment - 1.37%				Glacier Bancorp Inc	1,840	51
Cooper Tire & Rubber Co	24,089		835	Great Southern Bancorp Inc	2,479	98
Cooper-Standard Holding Inc ^(a)	312		18	Guaranty Bancorp	535	8
Dana Holding Corp	11,433		248	Hampton Roads Bankshares Inc ^(a)	3,800	6
Douglas Dynamics Inc	96		2	Hancock Holding Co	1,997	61
Meritor Inc ^(a)	18,312		278	Hanmi Financial Corp	32,270	704
Miller Industries Inc/TN	387		8	Heartland Financial USA Inc	3,465	94
Modine Manufacturing Co ^(a)	1,243		17	Heritage Commerce Corp	761	7
Remy International Inc	526		11	Heritage Financial Corp/WA	3,236	57
Spartan Motors Inc	1,282		7	Horizon Bancorp/IN	2,826	74
Standard Motor Products Inc	286		11	Iberiabank Corp	2,363	153
Strattec Security Corp	27		2	Independent Bank Corp/MI	842	11
Superior Industries International Inc	880		17	Independent Bank Corp/Rockland MA	3,680	158
	$		1,454	International Bancshares Corp	1,351	36
				Lakeland Bancorp Inc	1,401	16
Banks - 13.32%				Lakeland Financial Corp	394	17
1st Source Corp	1,481		51	MainSource Financial Group Inc	5,755	121
American National Bankshares Inc	291		7	MB Financial Inc	2,650	87
Ameris Bancorp	4,731		122	Mercantile Bank Corp	647	14
Ames National Corp	300		8	Merchants Bancshares Inc/VT	189	6
Arrow Financial Corp	414		11	Metro Bancorp Inc ^(a)	528	14
BancFirst Corp	261		17	MidSouth Bancorp Inc	314	5
BancorpSouth Inc	2,333		53	MidWestOne Financial Group Inc	251	7
Bank of Kentucky Financial Corp/The	1,030		50	National Bankshares Inc ^(b)	254	8
Bank of Marin Bancorp	1,000		53	National Penn Bancshares Inc	10,847	114
Banner Corp	2,592		111	NBT Bancorp Inc	8,491	223
BBCN Bancorp Inc	6,098		88	Northrim BanCorp Inc	239	6
Blue Hills Bancorp Inc ^(a)	1,035		14	OFG Bancorp	13,815	230
BNC Bancorp	1,200		21


Schedule of Investments
SmallCap Value Account I
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Banks (continued)				Biotechnology (continued)
Old National Bancorp/IN	2,833	$	42	XOMA Corp ^(a)	30,400	$	109
Opus Bank ^(a)	187		5		$		1,034
Pacific Continental Corp	673		10
PacWest Bancorp	2,600		118	Building Materials - 0.20%
Park National Corp	310		27	Apogee Enterprises Inc	252		11
				Gibraltar Industries Inc ^(a)	2,600		42
Park Sterling Corp	6,625		49	Louisiana-Pacific Corp ^(a)	2,948		49
Peapack Gladstone Financial Corp	448		8

Penns Woods Bancorp Inc	175		9	LSI Industries Inc	783		5
Peoples Bancorp Inc/OH	3,360		87	Masonite International Corp ^(a)	614		38
Peoples Financial Services Corp ^(b)	4,400		219	Quanex Building Products Corp	737		14
Pinnacle Financial Partners Inc	15,250		603	Simpson Manufacturing Co Inc	814		28
Preferred Bank/Los Angeles CA	6,441		179	Universal Forest Products Inc	500		26
PrivateBancorp Inc	21,638		723		$		213
Prosperity Bancshares Inc	1,694		94	Chemicals - 1.38%
Renasant Corp	771		22	A Schulman Inc	6,765		274
Republic Bancorp Inc/KY	2,004		49	Aceto Corp	514		11
S&T Bancorp Inc	739		22	Axiall Corp	6,469		274
Sandy Spring Bancorp Inc	632		16	Hawkins Inc	825		36
Sierra Bancorp	3,058		54	Innophos Holdings Inc	227		13
Simmons First National Corp	1,611		66	Innospec Inc	1,287		55
South State Corp	1,940		130	Intrepid Potash Inc ^(a),(b)	1,176		16
Southside Bancshares Inc	651		19	KMG Chemicals Inc	353		7
Southwest Bancorp Inc	14,579		253	Koppers Holdings Inc	1,200		31
State Bank Financial Corp	8,795		176	Kraton Performance Polymers Inc ^(a)	692		14
Stock Yards Bancorp Inc	1,624		54	Kronos Worldwide Inc	2,575		34
Suffolk Bancorp	420		10	Minerals Technologies Inc	6,013		418
Susquehanna Bancshares Inc	12,837		172	Olin Corp	1,943		44
Talmer Bancorp Inc	643		9	OM Group Inc	677		20
Texas Capital Bancshares Inc ^(a)	583		32	Quaker Chemical Corp	146		14
Tompkins Financial Corp	1,365		75	Sensient Technologies Corp	1,153		70
Towne Bank/Portsmouth VA	1,073		16	Stepan Co	375		15
Trico Bancshares	9,443		234	Tronox Ltd	1,498		36
TriState Capital Holdings Inc ^(a)	5,400		55	Zep Inc	5,210		79
TrustCo Bank Corp NY	2,280		17		$		1,461
Trustmark Corp	4,040		99
UMB Financial Corp	7,817		445	Coal - 0.05%
Umpqua Holdings Corp	4,048		69	Cloud Peak Energy Inc ^(a)	1,444		14
Union Bankshares Corp	3,200		77	Hallador Energy Co	376		4
United Bankshares Inc/WV	1,457		55	SunCoke Energy Inc	782		15
United Community Banks Inc/GA	1,055		20	Westmoreland Coal Co ^(a)	545		18
Univest Corp of Pennsylvania	625		13		$		51
Valley National Bancorp	5,456		53
ViewPoint Financial Group Inc	754		18	Commercial Services - 4.58%
Walker & Dunlop Inc ^(a)	623		11	ABM Industries Inc	18,963		543
				Albany Molecular Research Inc ^(a)	856		14
Washington Trust Bancorp Inc	349		14	AMN Healthcare Services Inc ^(a)	1,087		21
Webster Financial Corp	5,694		185	ARC Document Solutions Inc ^(a)	8,400		86
WesBanco Inc	12,056		420	Ascent Capital Group Inc ^(a)	331		18
West Bancorporation Inc	4,183		71	Brink's Co/The	1,161		28
Westamerica Bancorporation	555		27	Carriage Services Inc	481		10
Western Alliance Bancorp ^(a)	742		21
				CBIZ Inc ^(a)	1,496		13
Wilshire Bancorp Inc	38,010		385	CDI Corp	2,924		51
Wintrust Financial Corp	8,930		418	Cenveo Inc ^(a)	44,300		93
Yadkin Financial Corp ^(a)	3,246		64
				Civeo Corp	2,256		9
	$		14,156	CRA International Inc ^(a)	380		12
				Cross Country Healthcare Inc ^(a)	37,500		468
Biotechnology - 0.97%
Achillion Pharmaceuticals Inc ^(a),(b)	1,609		20	Deluxe Corp	582		36
AMAG Pharmaceuticals Inc ^(a)	260		11	Electro Rent Corp	547		8
Applied Genetic Technologies Corp/DE ^(a)	1,300		27	Ennis Inc	951		13
Ardelyx Inc ^(a),(b)	3,500		66	Franklin Covey Co ^(a)	154		3
Avalanche Biotechnologies Inc ^(a),(b)	1,100		59	FTI Consulting Inc ^(a)	983		38
BioCryst Pharmaceuticals Inc ^(a),(b)	530		6	Global Cash Access Holdings Inc ^(a)	2,402		17
Celldex Therapeutics Inc ^(a),(b)	6,600		121	Green Dot Corp ^(a)	34,258		702
Cytokinetics Inc ^(a)	1,243		10	Hackett Group Inc/The	681		6
Dynavax Technologies Corp ^(a)	949		16	HealthEquity Inc ^(a)	1,340		34
Emergent Biosolutions Inc ^(a)	600		16	Heidrick & Struggles International Inc	4,889		113
Kite Pharma Inc ^(a),(b)	1,500		87	Huron Consulting Group Inc ^(a)	509		35
Medicines Co/The ^(a)	6,615		183	ICF International Inc ^(a)	477		20
Prothena Corp PLC ^(a)	733		15	INC Research Holdings Inc ^(a)	1,200		31
RTI Surgical Inc ^(a)	2,139		11	K12 Inc ^(a)	713		8
Sage Therapeutics Inc ^(a),(b)	4,200		154	Kelly Services Inc	15,900		271
Spectrum Pharmaceuticals Inc ^(a),(b)	1,796		13	Korn/Ferry International ^(a)	2,082		60
Ultragenyx Pharmaceutical Inc ^(a)	2,500		110	LifeLock Inc ^(a)	9,100		168
				Live Nation Entertainment Inc ^(a)	3,600		94


Schedule of Investments
SmallCap Value Account I
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Commercial Services (continued)				Diversified Financial Services (continued)
Matthews International Corp	5,618	$	273	PennyMac Financial Services Inc ^(a)	7,500	$	130
McGrath RentCorp	623		22	Piper Jaffray Cos ^(a)	7,169		416
MoneyGram International Inc ^(a)	1,048		10	Regional Management Corp ^(a)	383		6
Monster Worldwide Inc ^(a)	3,390		16	Springleaf Holdings Inc ^(a)	597		22
Multi-Color Corp	238		13	Stifel Financial Corp ^(a)	1,594		81
National Research Corp	44		1	Walter Investment Management Corp ^(a),(b)	803		13
Navigant Consulting Inc ^(a)	1,246		19		$		2,197
Paylocity Holding Corp ^(a)	1,400		37
PHH Corp ^(a)	1,199		29	Electric - 4.28%
PRGX Global Inc ^(a)	1,094		6	Abengoa Yield PLC	568		15
Quad/Graphics Inc	20,665		474	Allete Inc	892		49
Rent-A-Center Inc/TX	1,267		46	Avista Corp	1,752		62
Resources Connection Inc	12,029		198	Black Hills Corp	1,285		68
RPX Corp ^(a)	11,369		157	Cleco Corp	6,273		342
				Dynegy Inc ^(a)	41,881		1,271
RR Donnelley & Sons Co	4,118		69
TrueBlue Inc ^(a)	12,600		280	El Paso Electric Co	6,150		246
Viad Corp	7,292		194	Empire District Electric Co/The	5,020		149
				EnerNOC Inc ^(a)	735		11
	$		4,867	IDACORP Inc	9,048		599
Computers - 2.62%				MGE Energy Inc	3,129		142
CACI International Inc ^(a)	556		48	NorthWestern Corp	6,225		353
Computer Task Group Inc	541		5	NRG Yield Inc	502		24
Convergys Corp	2,356		48	Ormat Technologies Inc	395		11
Datalink Corp ^(a)	708		9	Otter Tail Corp	765		24
Engility Holdings Inc ^(a)	9,418		403	PNM Resources Inc	8,175		243
ExlService Holdings Inc ^(a)	450		13	Portland General Electric Co	10,250		388
Insight Enterprises Inc ^(a)	9,463		245	Spark Energy Inc	600		8
Mentor Graphics Corp	2,300		51	UIL Holdings Corp	6,292		274
Mercury Systems Inc ^(a)	1,212		17	Unitil Corp	2,505		92
Quantum Corp ^(a)	4,780		8	Westar Energy Inc	4,300		177
Spansion Inc ^(a),(b)	24,000		821		$		4,548
Sykes Enterprises Inc ^(a)	841		20
TeleTech Holdings Inc ^(a)	309		7	Electrical Components & Equipment - 0.80%
Unisys Corp ^(a)	25,577		754	Advanced Energy Industries Inc ^(a)	93		2
Varonis Systems Inc ^(a),(b)	10,100		332	Encore Wire Corp	182		7
	$		2,781	EnerSys	7,457		460
				General Cable Corp	12,427		185
Consumer Products - 1.56%				GrafTech International Ltd ^(a)	4,276		22
ACCO Brands Corp ^(a)	73,172		660	Littelfuse Inc	1,614		156
Central Garden and Pet Co - A Shares ^(a)	12,591		120	Powell Industries Inc	338		17
CSS Industries Inc	362		10		$		849
Helen of Troy Ltd ^(a)	13,331		867
	$		1,657	Electronics - 2.40%
				Bel Fuse Inc	393		11
Cosmetics & Personal Care - 0.07%				Benchmark Electronics Inc ^(a)	20,068		510
Revlon Inc ^(a)	2,311		79	Brady Corp	3,512		96
				Checkpoint Systems Inc ^(a)	976		13
				Coherent Inc ^(a)	545		33
Distribution & Wholesale - 0.40%
Beacon Roofing Supply Inc ^(a)	815		22	CTS Corp	808		14
				ESCO Technologies Inc	637		23
Core-Mark Holding Co Inc	492		30	FARO Technologies Inc ^(a)	82		5
Houston Wire & Cable Co	641		8	GSI Group Inc ^(a)	6,353		94
ScanSource Inc ^(a)	1,866		75
				II-VI Inc ^(a)	1,246		17
United Stationers Inc	6,849		289	Itron Inc ^(a)	925		39
	$		424	Kemet Corp ^(a)	1,664		7
Diversified Financial Services - 2.07%				Kimball Electronics Inc ^(a)	22,060		265
Aircastle Ltd	956		20	Newport Corp ^(a)	157		3
Arlington Asset Investment Corp	14,542		387	NVE Corp ^(a)	100		7
BGC Partners Inc	19,211		176	OSI Systems Inc ^(a)	363		26
Calamos Asset Management Inc	621		8	Park Electrochemical Corp	490		12
Consumer Portfolio Services Inc ^(a)	755		6	Plexus Corp ^(a)	523		22
Cowen Group Inc ^(a)	40,270		193	Rofin-Sinar Technologies Inc ^(a)	689		20
Encore Capital Group Inc ^(a)	294		13	Rogers Corp ^(a)	305		25
Enova International Inc ^(a)	14,200		316	Sanmina Corp ^(a)	39,873		938
Federal Agricultural Mortgage Corp	370		11	Stoneridge Inc ^(a)	21,300		274
FXCM Inc	951		16	TTM Technologies Inc ^(a)	2,070		16
Higher One Holdings Inc ^(a)	778		3	Vishay Precision Group Inc ^(a)	458		8
Home Loan Servicing Solutions Ltd	1,726		34	Watts Water Technologies Inc	646		41
Investment Technology Group Inc ^(a)	8,477		176	Woodward Inc	528		26
Janus Capital Group Inc	3,597		58		$		2,545
Manning & Napier Inc	5,490		76
Marlin Business Services Corp	304		6	Energy - Alternate Sources - 1.04%
				FutureFuel Corp	1,431		19
Nelnet Inc	508		24	Green Plains Inc	18,177		450
Nicholas Financial Inc ^(a)	371		6	Pacific Ethanol Inc ^(a),(b)	18,909		195


Schedule of Investments
SmallCap Value Account I
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Energy - Alternate Sources (continued)				Healthcare - Products - 1.28%
Plug Power Inc ^(a),(b)	3,492	$	11	Affymetrix Inc ^(a)	1,984	$	20
Renewable Energy Group Inc ^(a)	30,859		299	Analogic Corp	293		25
REX American Resources Corp ^(a)	2,145		133	AngioDynamics Inc ^(a)	919		17
	$		1,107	AtriCure Inc ^(a)	261		5
				BioTelemetry Inc ^(a)	392		4
Engineering & Construction - 1.29%				CONMED Corp	645		29
Aegion Corp ^(a)	851		16
				CryoLife Inc	1,028		12
Argan Inc	7,574		255	Cynosure Inc ^(a)	8,532		234
Dycom Industries Inc ^(a)	137		5	Exactech Inc ^(a)	355		8
EMCOR Group Inc	12,521		557	Greatbatch Inc ^(a)	1,888		93
Granite Construction Inc	831		32	Haemonetics Corp ^(a)	1,112		42
MYR Group Inc ^(a)	516		14	Hanger Inc ^(a)	823		18
Orion Marine Group Inc ^(a)	996		11	ICU Medical Inc ^(a)	313		26
Tutor Perini Corp ^(a)	8,393		202	Integra LifeSciences Holdings Corp ^(a)	350		19
VSE Corp	4,253		280	Invacare Corp	678		11
	$		1,372	Merit Medical Systems Inc ^(a)	1,020		18
Entertainment - 0.30%				NuVasive Inc ^(a)	11,577		546
AMC Entertainment Holdings Inc	2,208		57	OraSure Technologies Inc ^(a)	15,437		156
Churchill Downs Inc	168		16	Orthofix International NV ^(a)	440		13
Eros International PLC ^(a)	516		11	PhotoMedex Inc ^(a),(b),(c)	4,765		8
International Speedway Corp	685		22	Rockwell Medical Inc ^(a),(b)	1,299		13
Isle of Capri Casinos Inc ^(a)	778		7	SurModics Inc ^(a)	407		9
Marriott Vacations Worldwide Corp	644		48	Tornier NV ^(a)	831		21
National CineMedia Inc	1,137		16	Wright Medical Group Inc ^(a),(b)	620		17
Penn National Gaming Inc ^(a)	1,878		26		$		1,364
Reading International Inc ^(a)	650		9
				Healthcare - Services - 1.48%
Speedway Motorsports Inc	4,833		105	Addus HomeCare Corp ^(a)	181		4
	$		317	Alliance HealthCare Services Inc ^(a)	113		2
				Almost Family Inc ^(a)	1,474		43
Environmental Control - 0.05%
Ceco Environmental Corp ^(b)	771		12	Amedisys Inc ^(a)	642		19
Tetra Tech Inc	1,480		39	Amsurg Corp ^(a)	782		43
	$		51	Ensign Group Inc/The	36		2
				Five Star Quality Care Inc ^(a)	1,590		7
Food - 1.66%				HealthSouth Corp	494		19
Chiquita Brands International Inc ^(a)	33,648		487	Healthways Inc ^(a)	546		11
Darling Ingredients Inc ^(a)	2,760		50	IPC The Hospitalist Co Inc ^(a)	261		12
Dean Foods Co	2,288		44	Kindred Healthcare Inc	6,115		111
Fresh Del Monte Produce Inc	884		30	LHC Group Inc ^(a)	449		14
Ingles Markets Inc	452		17	Magellan Health Inc ^(a)	644		39
John B Sanfilippo & Son Inc	3,196		145	Molina Healthcare Inc ^(a)	9,650		517
Lancaster Colony Corp	173		16	National Healthcare Corp	248		16
Pinnacle Foods Inc	5,951		210	Roka Bioscience Inc ^(a),(b)	3,300		14
Post Holdings Inc ^(a)	925		39	Select Medical Holdings Corp	176		2
Sanderson Farms Inc	118		10	Skilled Healthcare Group Inc ^(a)	459		4
Seaboard Corp ^(a)	6		25	Triple-S Management Corp ^(a)	4,785		114
Smart & Final Stores Inc ^(a),(b)	9,500		149	Universal American Corp/NY ^(a)	1,536		14
Snyder's-Lance Inc	1,001		31	WellCare Health Plans Inc ^(a)	6,848		562
SpartanNash Co	9,132		238		$		1,569
SUPERVALU Inc ^(a)	21,164		205
Tootsie Roll Industries Inc ^(b)	56		2	Holding Companies - Diversified - 0.04%
TreeHouse Foods Inc ^(a)	497		43	FCB Financial Holdings Inc ^(a)	302		7
Village Super Market Inc	246		7	Harbinger Group Inc ^(a)	1,233		18
Weis Markets Inc	401		19	National Bank Holdings Corp	867		17
	$		1,767		$		42

Forest Products & Paper - 0.37%				Home Builders - 0.21%
Domtar Corp	2,000		81	Beazer Homes USA Inc ^(a)	554		11
Neenah Paper Inc	289		18	KB Home ^(b)	797		13
PH Glatfelter Co	2,880		73	LGI Homes Inc ^(a)	399		6
Resolute Forest Products Inc ^(a)	8,303		146	M/I Homes Inc ^(a)	591		14
Schweitzer-Mauduit International Inc	1,652		70	MDC Holdings Inc	815		22
	$		388	Meritage Homes Corp ^(a)	941		34
				Ryland Group Inc/The	1,129		44
Gas - 1.74%				Standard Pacific Corp ^(a)	3,027		22
Chesapeake Utilities Corp	418		21	TRI Pointe Homes Inc ^(a)	2,786		42
Laclede Group Inc/The	4,006		213	WCI Communities Inc ^(a)	430		8
New Jersey Resources Corp	4,562		279	William Lyon Homes ^(a)	559		11
Northwest Natural Gas Co	5,173		258		$		227
ONE Gas Inc	1,086		45
Piedmont Natural Gas Co Inc	2,242		88	Home Furnishings - 1.08%
South Jersey Industries Inc	688		41	Daktronics Inc	401		5
Southwest Gas Corp	7,473		462	DTS Inc/CA ^(a)	439		14
WGL Holdings Inc	8,095		442	Ethan Allen Interiors Inc	607		19
	$		1,849	Flexsteel Industries Inc	182		6


Schedule of Investments
SmallCap Value Account I
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Home Furnishings (continued)				Internet (continued)
Kimball International Inc	29,458	$	268	Internap Corp ^(a)	1,980	$	16
La-Z-Boy Inc	279		7	Intralinks Holdings Inc ^(a)	10,400		124
Skullcandy Inc ^(a)	24,260		223	Lands' End Inc ^(a),(b)	13,398		723
TiVo Inc ^(a)	27,970		331	Limelight Networks Inc ^(a)	2,217		6
Universal Electronics Inc ^(a)	4,100		267	Liquidity Services Inc ^(a)	954		8
VOXX International Corp ^(a)	711		6	magicJack VocalTec Ltd ^(a)	7,543		61
	$		1,146	ModusLink Global Solutions Inc ^(a)	1,347		5
				New Media Investment Group Inc	766		18
Housewares - 0.10%				Orbitz Worldwide Inc ^(a)	1,014		8
Lifetime Brands Inc	5,700		98	Perficient Inc ^(a)	433		8
NACCO Industries Inc	176		10	Q2 Holdings Inc ^(a)	8,800		166
	$		108	RealNetworks Inc ^(a)	840		6
Insurance - 4.85%				Reis Inc	279		7
Ambac Financial Group Inc ^(a)	940		23	RingCentral Inc ^(a),(b)	16,300		243
American Equity Investment Life Holding Co	32,810		958	Shutterfly Inc ^(a)	318		13
Amerisafe Inc	7,540		320	Stamps.com Inc ^(a)	44		2
AmTrust Financial Services Inc	4,710		265	TechTarget Inc ^(a)	601		7
Argo Group International Holdings Ltd	623		35	TeleCommunication Systems Inc ^(a)	1,777		6
Aspen Insurance Holdings Ltd	4,500		197	Wayfair Inc ^(a),(b)	1,500		30
Assured Guaranty Ltd	7,200		187	WebMD Health Corp ^(a)	3,700		146
CNO Financial Group Inc	52,904		911		$		1,847
Crawford & Co	741		8	Investment Companies - 0.04%
Donegal Group Inc	297		5	Acacia Research Corp ^(b)	1,205		21
EMC Insurance Group Inc	166		6	Caesars Acquisition Co ^(a),(b)	1,678		17
Employers Holdings Inc	489		11		$		38
Enstar Group Ltd ^(a)	207		32
FBL Financial Group Inc	236		14	Iron & Steel - 0.89%
Fidelity & Guaranty Life	5,591		135	AK Steel Holding Corp ^(a),(b)	4,273		26
First American Financial Corp	2,664		90	Commercial Metals Co	29,852		486
Global Indemnity PLC ^(a)	293		8	Schnitzer Steel Industries Inc	664		15
Greenlight Capital Re Ltd ^(a)	598		20	Shiloh Industries Inc ^(a)	18		—
Hallmark Financial Services Inc ^(a)	520		6	Worthington Industries Inc	13,800		415
HCI Group Inc	100		4		$		942
Hilltop Holdings Inc ^(a)	10,123		202
Horace Mann Educators Corp	1,763		59	Leisure Products & Services - 0.16%
Infinity Property & Casualty Corp	154		12	Arctic Cat Inc	307		11
Kansas City Life Insurance Co	153		7	Brunswick Corp/DE	1,121		57
Kemper Corp	1,111		40	Callaway Golf Co	1,678		13
Maiden Holdings Ltd	35,470		454	Escalade Inc	280		4
MGIC Investment Corp ^(a)	4,130		38	Interval Leisure Group Inc	328		7
Montpelier Re Holdings Ltd ADR	954		34	Johnson Outdoors Inc	187		6
				Life Time Fitness Inc ^(a)	933		53
National General Holdings Corp	845		16	Nautilus Inc ^(a)	434		7
National Western Life Insurance Co	54		15	Steiner Leisure Ltd ^(a)	352		16
Navigators Group Inc/The ^(a)	251		18
OneBeacon Insurance Group Ltd	857		14		$		174
Platinum Underwriters Holdings Ltd	524		38	Lodging - 0.06%
Primerica Inc	1,330		72	Belmond Ltd ^(a)	2,084		26
Radian Group Inc	3,208		54	Boyd Gaming Corp ^(a)	569		7
RLI Corp	1,047		52	Caesars Entertainment Corp ^(a),(b)	929		14
Safety Insurance Group Inc	307		20	Marcus Corp/The	702		13
Selective Insurance Group Inc	7,073		192	Monarch Casino & Resort Inc ^(a)	345		6
State Auto Financial Corp	568		13		$		66
Stewart Information Services Corp	2,953		110
Symetra Financial Corp	14,395		331	Machinery - Construction & Mining - 0.19%
Third Point Reinsurance Ltd ^(a)	1,197		17	Astec Industries Inc	399		16
Trupanion Inc ^(a),(b)	3,500		24	Hyster-Yale Materials Handling Inc	2,500		183
United Fire Group Inc	2,902		86		$		199
United Insurance Holdings Corp	52		1	Machinery - Diversified - 1.01%
Universal Insurance Holdings Inc	61		1	Alamo Group Inc	257		13
	$		5,155	Albany International Corp	525		20
Internet - 1.74%				Applied Industrial Technologies Inc	5,888		268
1-800-Flowers.com Inc ^(a)	928		8	Briggs & Stratton Corp	18,171		371
Bankrate Inc ^(a)	1,409		18	Columbus McKinnon Corp/NY	639		18
Bazaarvoice Inc ^(a),(b)	1,054		8	Gerber Scientific Inc ^(a),(c),(d)	1,974		—
Blucora Inc ^(a)	980		14	Global Power Equipment Group Inc	627		9
Boingo Wireless Inc ^(a)	833		6	Hurco Cos Inc	1,041		35
Chegg Inc ^(a),(b)	15,100		104	Kadant Inc	7,851		335
Dice Holdings Inc ^(a)	944		9	Lindsay Corp ^(b)	69		6
ePlus Inc ^(a)	179		14	Twin Disc Inc	83		2
FireEye Inc ^(a),(b)	1,400		44		$		1,077
FTD Cos Inc ^(a)	432		15
Global Sources Ltd ^(a)	597		4	Media - 1.19%
				AH Belo Corp	705		7


Schedule of Investments
SmallCap Value Account I
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Media (continued)				Oil & Gas (continued)
Crown Media Holdings Inc ^(a)	221	$	1	Approach Resources Inc ^(a),(b)	815	$	5
Dex Media Inc ^(a),(b)	12,745		114	Bill Barrett Corp ^(a)	1,038		12
Entercom Communications Corp ^(a)	4,902		60	Callon Petroleum Co ^(a)	2,031		11
Entravision Communications Corp	25,500		165	Comstock Resources Inc ^(b)	1,739		12
EW Scripps Co/The ^(a)	16,958		379	Contango Oil & Gas Co ^(a)	421		12
Houghton Mifflin Harcourt Co ^(a)	2,606		54	CVR Energy Inc	700		27
Journal Communications Inc ^(a)	18,077		206	Delek US Holdings Inc	11,988		327
Lee Enterprises Inc ^(a),(b)	1,921		7	Emerald Oil Inc ^(a),(b)	2,093		3
McClatchy Co/The ^(a)	2,195		7	Energy XXI Ltd	10,768		35
Media General Inc ^(a)	1,147		19	FMSA Holdings Inc ^(a),(b)	5,000		35
Meredith Corp	859		47	Magnum Hunter Resources Corp - Warrants	362		—
New York Times Co/The	3,308		44	(a),(c),(d)
Saga Communications Inc	129		6	Matador Resources Co ^(a)	1,158		23
Salem Communications Corp	389		3	North Atlantic Drilling Ltd	1,970		3
Scholastic Corp	641		23	Northern Oil and Gas Inc ^(a),(b)	2,221		13
Sinclair Broadcast Group Inc	1,855		51	Panhandle Oil and Gas Inc	1,500		35
Time Inc	2,668		66	Parker Drilling Co ^(a)	33,502		103
	$		1,259	PDC Energy Inc ^(a)	786		32
				Penn Virginia Corp ^(a),(b)	2,384		16
Metal Fabrication & Hardware - 0.43%				Rosetta Resources Inc ^(a)	1,298		29
Advanced Drainage Systems Inc	195		5	RSP Permian Inc ^(a)	611		15
Ampco-Pittsburgh Corp	3,211		62	Sanchez Energy Corp ^(a),(b)	744		7
CIRCOR International Inc	65		4	Stone Energy Corp ^(a)	13,131		222
Dynamic Materials Corp	482		8	Swift Energy Co ^(a),(b)	1,632		7
Global Brass & Copper Holdings Inc	6,784		89	TransAtlantic Petroleum Ltd ^(a)	397		2
Haynes International Inc	262		13	Triangle Petroleum Corp ^(a),(b)	1,417		7
LB Foster Co	4,475		217	Vaalco Energy Inc ^(a)	35,191		160
Mueller Industries Inc	473		16	Vantage Drilling Co ^(a)	7,705		4
NN Inc	600		12	W&T Offshore Inc	861		6
Northwest Pipe Co ^(a)	364		11	Warren Resources Inc ^(a)	114,965		185
Olympic Steel Inc	268		5	Western Refining Inc	900		34
RTI International Metals Inc ^(a)	608		15
	$		457		$		1,399
				Oil & Gas Services - 1.29%
Mining - 0.18%				Basic Energy Services Inc ^(a)	4,500		32
Century Aluminum Co ^(a)	1,266		31
				Bristow Group Inc	844		56
Globe Specialty Metals Inc	3,700		64	C&J Energy Services Inc ^(a)	22,139		292
Hecla Mining Co	7,168		20	Dawson Geophysical Co	3,100		38
Horsehead Holding Corp ^(a)	922		14
				Exterran Holdings Inc	1,388		45
Kaiser Aluminum Corp	456		32	Forum Energy Technologies Inc ^(a)	6,009		125
Materion Corp	450		16	Geospace Technologies Corp ^(a)	425		11
Noranda Aluminum Holding Corp	1,615		6	Gulf Island Fabrication Inc	329		6
Stillwater Mining Co ^(a)	272		4
				Gulfmark Offshore Inc	680		17
	$		187	Helix Energy Solutions Group Inc ^(a)	15,108		327
Miscellaneous Manufacturing - 0.32%				ION Geophysical Corp ^(a)	41,975		115
Actuant Corp	1,564		42	McDermott International Inc ^(a)	4,965		14
American Railcar Industries Inc ^(b)	22		1	Mitcham Industries Inc ^(a)	489		3
Barnes Group Inc	1,332		49	Natural Gas Services Group Inc ^(a)	458		11
Chase Corp	25		1	Newpark Resources Inc ^(a)	2,054		20
CLARCOR Inc	105		7	PHI Inc ^(a)	433		16
Fabrinet ^(a)	825		15	Pioneer Energy Services Corp ^(a)	637		4
Federal Signal Corp	1,509		23	SEACOR Holdings Inc ^(a)	488		36
FreightCar America Inc	442		12	Superior Energy Services Inc	4,276		86
GP Strategies Corp ^(a)	166		6	Tesco Corp	3,350		43
Handy & Harman Ltd ^(a)	153		7	Tetra Technologies Inc ^(a)	2,871		19
LSB Industries Inc ^(a)	475		15	Willbros Group Inc ^(a)	9,100		57
Lydall Inc ^(a)	84		3		$		1,373
Park-Ohio Holdings Corp	1,700		107	Packaging & Containers - 0.64%
Standex International Corp	630		49	Berry Plastics Group Inc ^(a)	959		30
TriMas Corp ^(a)	188		6	Graphic Packaging Holding Co ^(a)	32,100		437
	$		343	Rock-Tenn Co	3,400		208
Office & Business Equipment - 0.01%					$		675
Eastman Kodak Co ^(a)	641		14
				Pharmaceuticals - 1.03%
				Amphastar Pharmaceuticals Inc ^(a),(b)	8,700		101
Office Furnishings - 0.22%				Anacor Pharmaceuticals Inc ^(a),(b)	493		16
HNI Corp	126		6	Auspex Pharmaceuticals Inc ^(a),(b)	400		21
Steelcase Inc	12,400		223	BioScrip Inc ^(a)	2,514		18
	$		229	Cara Therapeutics Inc ^(a)	4,100		41
				ChemoCentryx Inc ^(a)	991		7
Oil & Gas - 1.32%				Dicerna Pharmaceuticals Inc ^(a),(b)	3,600		59
Adams Resources & Energy Inc	77		4	Hyperion Therapeutics Inc ^(a)	100		2
Alon USA Energy Inc	692		9	Immune Design Corp ^(a),(b)	2,000		62
Apco Oil and Gas International Inc ^(a)	288		4


Schedule of Investments
SmallCap Value Account I
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Pharmaceuticals (continued)				REITS (continued)
Impax Laboratories Inc ^(a)	6,521	$	207	Geo Group Inc/The	9,427	$	381
Lannett Co Inc ^(a)	3,300		141	Getty Realty Corp	3,019		55
Nature's Sunshine Products Inc	398		6	Government Properties Income Trust	3,140		72
Nektar Therapeutics ^(a)	1,153		18	Gramercy Property Trust Inc	2,480		17
Nutraceutical International Corp ^(a)	326		7	Hatteras Financial Corp	2,017		37
Omega Protein Corp ^(a)	716		8	Healthcare Realty Trust Inc	2,755		75
Owens & Minor Inc	1,475		52	Hersha Hospitality Trust	94,757		666
PharMerica Corp ^(a)	717		15	Highwoods Properties Inc	2,586		115
PRA Health Sciences Inc ^(a)	3,600		87	Home Properties Inc	900		59
Progenics Pharmaceuticals Inc ^(a)	1,954		15	Hudson Pacific Properties Inc	1,157		35
Revance Therapeutics Inc ^(a)	2,500		42	Inland Real Estate Corp	1,841		20
Sagent Pharmaceuticals Inc ^(a)	156		4	Invesco Mortgage Capital Inc	2,596		40
SciClone Pharmaceuticals Inc ^(a)	719		6	Investors Real Estate Trust	2,363		19
VWR Corp ^(a),(b)	2,900		75	iStar Financial Inc ^(a)	1,794		24
Zafgen Inc ^(a),(b)	1,400		43	Kite Realty Group Trust	9,144		263
ZS Pharma Inc ^(a),(b)	900		37	LaSalle Hotel Properties	3,884		157
	$		1,090	Lexington Realty Trust	4,295		47
				LTC Properties Inc	6,076		262
Pipelines - 0.06%				Mack-Cali Realty Corp	1,870		36
SemGroup Corp	1,000		68	Medical Properties Trust Inc	4,860		67
				Monmouth Real Estate Investment Corp	1,605		18
Real Estate - 0.41%				New Residential Investment Corp	2,973		38
Alexander & Baldwin Inc	6,818		268	New York Mortgage Trust Inc ^(b)	2,601		20
Altisource Residential Corp	1,230		24	New York REIT Inc	3,420		36
BBX Capital Corp ^(a)	309		5	One Liberty Properties Inc	449		11
Forestar Group Inc ^(a)	1,154		18	Parkway Properties Inc/Md	17,258		317
Kennedy-Wilson Holdings Inc	1,395		35	Pebblebrook Hotel Trust	1,837		84
RE/MAX Holdings Inc	2,500		85	Pennsylvania Real Estate Investment Trust	10,237		240
	$		435	PennyMac Mortgage Investment Trust	17,160		362
				Physicians Realty Trust	994		16
REITS - 13.48%				Potlatch Corp	12,600		528
Acadia Realty Trust	3,005		97	PS Business Parks Inc	276		22
AG Mortgage Investment Trust Inc	814		15	RAIT Financial Trust	25,279		194
Agree Realty Corp	544		17	Ramco-Gershenson Properties Trust	6,815		128
American Assets Trust Inc	811		32	Redwood Trust Inc	28,964		571
American Campus Communities Inc	6,500		269	Resource Capital Corp	2,725		14
American Capital Mortgage Investment Corp	1,079		20	Retail Opportunity Investments Corp	1,903		32
American Realty Capital Healthcare Trust Inc	3,539		42	Rexford Industrial Realty Inc	964		15
American Residential Properties Inc ^(a)	672		12	RLJ Lodging Trust	3,756		126
AmREIT Inc	415		11	Rouse Properties Inc	5,875		108
Anworth Mortgage Asset Corp	74,269		390	Ryman Hospitality Properties Inc	445		23
Apollo Commercial Real Estate Finance Inc	973		16	Sabra Health Care REIT Inc	118		4
Apollo Residential Mortgage Inc	919		14	Saul Centers Inc	46		3
Armada Hoffler Properties Inc	3,300		31	Select Income REIT	776		19
ARMOUR Residential REIT Inc	7,530		28	Silver Bay Realty Trust Corp	803		13
Ashford Hospitality Prime Inc	4,780		82	Sovran Self Storage Inc	156		14
Ashford Hospitality Trust Inc	54,177		567	STAG Industrial Inc	1,195		29
Associated Estates Realty Corp	1,214		28	Starwood Waypoint Residential Trust	817		22
Aviv REIT Inc	518		18	Strategic Hotels & Resorts Inc ^(a)	1,215		16
Capstead Mortgage Corp	52,519		645	Summit Hotel Properties Inc	22,605		281
Cedar Realty Trust Inc	25,564		187	Sun Communities Inc	2,200		133
Chambers Street Properties	15,530		125	Sunstone Hotel Investors Inc	32,919		543
Chatham Lodging Trust	5,118		148	Terreno Realty Corp	697		14
Chesapeake Lodging Trust	8,874		331	UMH Properties Inc	619		6
Colony Financial Inc	3,080		73	Urstadt Biddle Properties Inc	333		7
CorEnergy Infrastructure Trust Inc	1,181		8	Washington Real Estate Investment Trust	1,911		53
CoreSite Realty Corp	9,500		371	Western Asset Mortgage Capital Corp	1,197		18
Cousins Properties Inc	53,723		614	Whitestone REIT	818		12
CubeSmart	4,649		103		$		14,327
CyrusOne Inc	5,794		160
CYS Investments Inc	16,417		143	Retail - 5.86%
DCT Industrial Trust Inc	16,009		571	American Eagle Outfitters Inc	4,682		65
DiamondRock Hospitality Co	62,515		929	America's Car-Mart Inc/TX ^(a)	245		13
DuPont Fabros Technology Inc	916		30	Barnes & Noble Inc ^(a)	17,748		412
EastGroup Properties Inc	1,004		64	Big 5 Sporting Goods Corp	677		10
Education Realty Trust Inc	5,900		216	Biglari Holdings Inc ^(a)	35		14
EPR Properties	3,749		216	BJ's Restaurants Inc ^(a)	433		22
Equity One Inc	1,291		33	Bob Evans Farms Inc	590		30
Excel Trust Inc	1,289		17	Boot Barn Holdings Inc ^(a)	800		15
Extra Space Storage Inc	2,500		147	Brown Shoe Co Inc	8,640		277
FelCor Lodging Trust Inc	17,847		193	Build-A-Bear Workshop Inc ^(a)	126		3
First Industrial Realty Trust Inc	34,115		702	Burlington Stores Inc ^(a)	111		5
First Potomac Realty Trust	1,686		21	Cash America International Inc	15,593		353
Franklin Street Properties Corp	4,380		54	Cato Corp/The	2,656		112


Schedule of Investments
SmallCap Value Account I
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)

Retail (continued)				Semiconductors (continued)
Children's Place Inc/The	5,133	$	292	Brooks Automation Inc	1,460	$	19
Citi Trends Inc ^(a)	5,555		140	Cabot Microelectronics Corp ^(a)	141		7
Cracker Barrel Old Country Store Inc	43		6	Cascade Microtech Inc ^(a)	430		6
Dave & Buster's Entertainment Inc ^(a)	4,000		109	CEVA Inc ^(a)	763		14
Denny's Corp ^(a)	1,039		11	Cirrus Logic Inc ^(a)	1,025		24
DineEquity Inc	244		25	Cohu Inc	926		11
Express Inc ^(a)	1,917		28	Diodes Inc ^(a)	415		11
Ezcorp Inc ^(a)	1,252		15	DSP Group Inc ^(a)	743		8
Finish Line Inc/The	2,865		70	Emulex Corp ^(a)	2,582		15
Fred's Inc	778		14	Entegris Inc ^(a)	1,466		19
Genesco Inc ^(a)	529		40	Fairchild Semiconductor International Inc ^(a)	2,950		50
Group 1 Automotive Inc	478		43	First Solar Inc ^(a)	6,800		303
Guess? Inc	1,487		31	Integrated Device Technology Inc ^(a)	838		16
Haverty Furniture Cos Inc	724		16	Integrated Silicon Solution Inc	16,211		269
Kirkland's Inc ^(a)	220		5	International Rectifier Corp ^(a)	1,662		66
MarineMax Inc ^(a)	893		18	Intersil Corp	3,061		44
Movado Group Inc	366		10	IXYS Corp	917		12
Office Depot Inc ^(a)	153,285		1,315	Microsemi Corp ^(a)	720		20
Pantry Inc/The ^(a)	17,488		648	MKS Instruments Inc	7,171		262
PC Connection Inc	331		8	OmniVision Technologies Inc ^(a)	1,318		34
Regis Corp ^(a)	1,021		17	Pericom Semiconductor Corp ^(a)	5,508		75
Rite Aid Corp ^(a)	109,000		820	Photronics Inc ^(a)	1,555		13
Ruby Tuesday Inc ^(a)	2,254		15	PMC-Sierra Inc ^(a)	2,852		26
Rush Enterprises Inc - Class A ^(a)	206		7	QLogic Corp ^(a)	2,050		27
Ruth's Hospitality Group Inc	18,066		271	Rudolph Technologies Inc ^(a)	1,025		10
Shoe Carnival Inc	545		14	Silicon Image Inc ^(a)	1,368		8
Sonic Automotive Inc	964		26	Silicon Laboratories Inc ^(a)	320		15
Sonic Corp	582		16	Tessera Technologies Inc	521		19
Stage Stores Inc	758		16	Ultra Clean Holdings Inc ^(a)	38,231		355
Stein Mart Inc	1,034		15	Veeco Instruments Inc ^(a)	836		29
Systemax Inc ^(a)	3,200		43	Xcerra Corp ^(a)	3,964		37
Tilly's Inc ^(a)	384		4		$		2,226
Tuesday Morning Corp ^(a)	299		6
Vitamin Shoppe Inc ^(a)	370		18	Software - 1.27%
				2U Inc ^(a)	3,400		67
World Fuel Services Corp	1,700		80	Actua Corp ^(a)	964		18
Zumiez Inc ^(a)	17,754		686
				Acxiom Corp ^(a)	1,786		36
	$		6,229	Audience Inc ^(a),(b)	1,000		4
Savings & Loans - 1.83%				Avid Technology Inc ^(a)	10,400		148
Astoria Financial Corp	2,105		28	CSG Systems International Inc	728		18
Banc of California Inc	7,528		87	Digi International Inc ^(a)	961		9
Bank Mutual Corp	1,812		13	Digital River Inc ^(a)	767		19
BankFinancial Corp	1,200		14	Ebix Inc ^(b)	1,100		19
Beneficial Mutual Bancorp Inc ^(a)	1,070		13	Epiq Systems Inc	1,079		18
Berkshire Hills Bancorp Inc	2,313		61	Five9 Inc ^(a),(b)	2,200		10
Brookline Bancorp Inc	1,690		17	Globant SA ^(a)	12,000		187
Capitol Federal Financial Inc	3,478		45	Imperva Inc ^(a)	5,400		267
Charter Financial Corp/MD	6,100		70	Infoblox Inc ^(a)	263		5
Clifton Bancorp Inc	955		13	ManTech International Corp/VA	550		17
Dime Community Bancshares Inc	797		13	MedAssets Inc ^(a)	128		2
EverBank Financial Corp	2,173		41	OPOWER Inc ^(a),(b)	200		3
First Defiance Financial Corp	2,662		90	Paycom Software Inc ^(a),(b)	2,534		67
First Niagara Financial Group Inc	8,846		75	Progress Software Corp ^(a)	1,192		32
Flagstar Bancorp Inc ^(a)	36,000		566	Proofpoint Inc ^(a)	800		39
Flushing Financial Corp	4,049		82	Sapiens International Corp NV ^(a)	779		6
HomeStreet Inc	9,600		167	SYNNEX Corp	597		47
Investors Bancorp Inc	7,669		86	Take-Two Interactive Software Inc ^(a)	11,011		309
Meta Financial Group Inc	225		8	Verint Systems Inc ^(a)	106		6
Northfield Bancorp Inc	1,230		18		$		1,353
Northwest Bancshares Inc	2,340		29
Oritani Financial Corp	1,112		17	Storage & Warehousing - 0.05%
Pacific Premier Bancorp Inc ^(a)	626		11	Mobile Mini Inc	1,035		42
				Wesco Aircraft Holdings Inc ^(a),(b)	1,056		15
Provident Financial Services Inc	5,411		98
Sterling Bancorp/DE	2,032		29		$		57
Territorial Bancorp Inc	318		7	Supranational Bank - 0.10%
United Community Financial Corp/OH	1,856		10	Banco Latinoamericano de Comercio Exterior	3,429		103
United Financial Bancorp Inc	926		13	SA
Washington Federal Inc	2,461		55
WSFS Financial Corp	2,216		171
	$		1,947	Telecommunications - 1.73%
				ADTRAN Inc	644		14
Semiconductors - 2.10%				Anixter International Inc ^(a)	354		31
Alpha & Omega Semiconductor Ltd ^(a)	15,085		134	ARRIS Group Inc ^(a)	23,300		703
Amkor Technology Inc ^(a)	37,689		268	Atlantic Tele-Network Inc	235		16


Schedule of Investments
SmallCap Value Account I
December 31, 2014



COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)		Shares Held	Value (000			's)

Telecommunications (continued)				Water (continued)
Black Box Corp	567	$	14	California Water Service Group		2,505		$	62
Cincinnati Bell Inc ^(a)	3,850		12	SJW Corp		459			15
Comtech Telecommunications Corp	1,761		55				$		277
Consolidated Communications Holdings Inc	540		15	TOTAL COMMON STOCKS			$		100,223
DigitalGlobe Inc ^(a)	1,588		49	INVESTMENT COMPANIES - 6.35%		Shares Held	Value (000			's)
EarthLink Holdings Corp	3,679		16
Finisar Corp ^(a)	213		4	Publicly Traded Investment Fund - 6.35%
Globalstar Inc ^(a),(b)	5,739		16	BlackRock Liquidity Funds TempFund		1,404,257			1,404
Harmonic Inc ^(a)	1,924		13	Portfolio
Hawaiian Telcom Holdco Inc ^(a)	382		10	Goldman Sachs Financial Square Funds -		3,312,624			3,313
IDT Corp - Class B	1,949		40	Government Fund ^(e)
Inteliquent Inc	34,200		671	Goldman Sachs Financial Square Funds -		1,886,210			1,886
Intelsat SA ^(a)	727		13	Money Market Fund
Iridium Communications Inc ^(a)	1,941		19	JP Morgan Prime Money Market Fund		141,811			142
Leap Wireless International Inc - Rights	1,093		3				$		6,745
(a),(c),(d)				TOTAL INVESTMENT COMPANIES			$		6,745
Netgear Inc ^(a)	859		31	Total Investments			$		106,968
NeuStar Inc ^(a),(b)	104		3	Liabilities in Excess of Other Assets, Net - (0.68)%			$		(718	)
NTELOS Holdings Corp ^(b)	341		1	TOTAL NET ASSETS - 100.00%			$		106,250
Plantronics Inc	182		10
Polycom Inc ^(a)	1,771		24
Preformed Line Products Co	89		5	(a)	Non-Income Producing Security
Shenandoah Telecommunications Co	129		4	(b)	Security or a portion of the security was on loan at the end of the period.
Spok Holdings Inc	826		14	(c)	Security is Illiquid
Tessco Technologies Inc	191		6	(d)	Fair value of these investments is determined in good faith by the Manager
Vonage Holdings Corp ^(a)	4,196		16		under procedures established and periodically reviewed by the Board of
West Corp	442		15		Directors. At the end of the period, the fair value of these securities totaled
	$		1,843		$3 or 0.00% of net assets.
				(e)	Security was purchased with the cash proceeds from securities loans.
Textiles - 0.07%
Culp Inc	272		6
G&K Services Inc	421		30
UniFirst Corp/MA	354		43		Portfolio Summary (unaudited)
	$		79	Sector					Percent
				Financial					36.00	%
Toys, Games & Hobbies - 0.00%				Consumer, Non-cyclical					12.85	%
Jakks Pacific Inc ^(a),(b)	685		5
				Consumer, Cyclical					11.51	%
				Industrial					10.28	%
Transportation - 1.12%				Exchange Traded Funds					6.35	%
Air Transport Services Group Inc ^(a)	1,878		16	Utilities					6.28	%
ArcBest Corp	3,975		185	Technology					5.99	%
Atlas Air Worldwide Holdings Inc ^(a)	607		30	Communications					4.70	%
CHC Group Ltd ^(a)	1,220		4	Energy					3.76	%
Era Group Inc ^(a)	748		16	Basic Materials					2.82	%
GasLog Ltd	754		15	Government					0.10	%
Hornbeck Offshore Services Inc ^(a)	878		22	Diversified					0.04	%
Knightsbridge Shipping Ltd	1,218		6	Liabilities in Excess of Other Assets, Net					(0.68	)%
Matson Inc	13,475		465	TOTAL NET ASSETS					100.00	%
Navios Maritime Acquisition Corp	3,000		11
Nordic American Tankers Ltd	2,118		21
PAM Transportation Services Inc ^(a)	95		5
Quality Distribution Inc ^(a)	758		8
Safe Bulkers Inc	1,395		5
Scorpio Tankers Inc	3,621		31
Ship Finance International Ltd	1,392		20
Swift Transportation Co ^(a)	6,200		178
Teekay Tankers Ltd	2,368		12
Universal Truckload Services Inc	1,300		37
USA Truck Inc ^(a)	229		7
UTI Worldwide Inc ^(a)	1,911		23
Werner Enterprises Inc	747		23
XPO Logistics Inc ^(a),(b)	884		36
YRC Worldwide Inc ^(a)	548		12
	$		1,188

Trucking & Leasing - 0.51%
AMERCO	1,800		512
TAL International Group Inc	465		20
Textainer Group Holdings Ltd	343		12
	$		544

Water - 0.26%
American States Water Co	4,740		178
Artesian Resources Corp	1,000		22


FINANCIAL HIGHLIGHTS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.


Selected data for a share of Capital Stock outstanding throughout each year ended December 31 (except as noted):

		Net Asset		Net		Net Realized						Dividends		Distributions			Total
		Value,		Investment		and Unrealized			Total From			from Net		from			Dividends			Net Asset
		Beginning of		Income		Gain (Loss) on			Investment			Investment		Realized			and			Value, End
		Period		(Loss)(a)		Investments			Operations			Income		Gains			Distributions			of Period
DIVERSIFIED INTERNATIONAL ACCOUNT
Class 1 shares
2014	$	14.87	$	0.24	($	0.70	)	($	0.46	)	($	0.33	)	$–		($	0.33	)	$	14.08
2013		12.89		0.24		2.09			2.33			(0.35	)	–			(0.35	)		14.87
2012		11.12		0.27		1.76			2.03			(0.26	)	–			(0.26	)		12.89
2011		12.54		0.27		(1.67	)		(1.40	)		(0.02	)	–			(0.02	)		11.12
2010		11.24		0.17		1.31			1.48			(0.18	)	–			(0.18	)		12.54
Class 2 shares
2014		14.97		0.21		(0.70	)		(0.49	)		(0.29	)	–			(0.29	)		14.19
2013		12.96		0.22		2.10			2.32			(0.31	)	–			(0.31	)		14.97
2012		11.18		0.23		1.76			1.99			(0.21	)	–			(0.21	)		12.96
2011		12.63		0.23		(1.66	)		(1.43	)		(0.02	)	–			(0.02	)		11.18
2010		11.32		0.14		1.32			1.46			(0.15	)	–			(0.15	)		12.63
EQUITY INCOME ACCOUNT
Class 1 shares
2014		21.00		0.57		2.09			2.66			(0.54	)	–			(0.54	)		23.12
2013		17.03		0.54		4.04			4.58			(0.61	)	–			(0.61	)		21.00
2012		15.53		0.54		1.47			2.01			(0.51	)	–			(0.51	)		17.03
2011		14.80		0.50		0.30			0.80			(0.07	)	–			(0.07	)		15.53
2010		13.15		0.45		1.66			2.11			(0.46	)	–			(0.46	)		14.80
Class 2 shares
2014		20.87		0.51		2.07			2.58			(0.49	)	–			(0.49	)		22.96
2013		16.92		0.49		4.02			4.51			(0.56	)	–			(0.56	)		20.87
2012		15.43		0.49		1.46			1.95			(0.46	)	–			(0.46	)		16.92
2011		14.74		0.45		0.31			0.76			(0.07	)	–			(0.07	)		15.43
2010		13.10		0.40		1.66			2.06			(0.42	)	–			(0.42	)		14.74
GOVERNMENT & HIGH QUALITY BOND ACCOUNT
Class 1 shares
2014		10.33		0.27		0.25			0.52			(0.41	)	–			(0.41	)		10.44
2013		10.87		0.27		(0.39	)		(0.12	)		(0.42	)	–			(0.42	)		10.33
2012		10.90		0.33		0.09			0.42			(0.45	)	–			(0.45	)		10.87
2011		10.29		0.36		0.28			0.64			(0.02	)	(0.01	)		(0.03	)		10.90
2010		10.07		0.38		0.20			0.58			(0.36	)	–			(0.36	)		10.29
Class 2 shares
2014		10.34		0.24		0.25			0.49			(0.38	)	–			(0.38	)		10.45
2013		10.88		0.25		(0.39	)		(0.14	)		(0.40	)	–			(0.40	)		10.34
2012		10.90		0.30		0.10			0.40			(0.42	)	–			(0.42	)		10.88
2011		10.32		0.34		0.27			0.61			(0.02	)	(0.01	)		(0.03	)		10.90
2010		10.09		0.36		0.21			0.57			(0.34	)	–			(0.34	)		10.32


						FINANCIAL HIGHLIGHTS (Continued)
						PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.



				Ratio of Expenses
Total			Net Assets, End of	to Average Net		Ratio of Net Investment Income		Portfolio
Return(b)			Period (in thousands)	Assets		to Average Net Assets		Turnover Rate


(3.21	)%	$	429,194	0.86	%	1.64	%	62.1	%
18.40			501,094	0.87		1.78		79.5
18.44			464,751	0.87		2.23		76.0
(11.17	)		428,532	0.89		2.17		68.5
13.18			532,545	0.89		1.47		110.0	(c)

(3.41	)		1,266	1.11		1.38		62.1
18.18			1,458	1.12		1.61		79.5
18.01			1,643	1.12		1.95		76.0
(11.36	)		1,952	1.14		1.91		68.5
12.91			2,466	1.14		1.27		110.0	(c)


12.80			599,407	0.48		2.57		11.6
27.30			630,542	0.48		2.83		18.0
13.01			578,099	0.49		3.26		20.8
5.44			624,366	0.48		3.28		19.9
16.18			538,727	0.51		3.25		23.2

12.46			25,491	0.73		2.32		11.6
27.02			24,810	0.73		2.58		18.0
12.72			22,844	0.74		3.01		20.8
5.17			25,498	0.73		3.00		19.9
15.88			29,323	0.76		2.97		23.2


5.08			314,509	0.51		2.56		19.1
(1.03	)		379,351	0.51		2.58		45.3
3.91			432,172	0.51		2.98		41.4
6.23			453,864	0.51		3.42		83.8
5.85			489,048	0.50		3.64		79.1	(d)

4.75			916	0.76		2.31		19.1
(1.30	)		931	0.76		2.33		45.3
3.70			1,143	0.76		2.73		41.4
5.90			1,215	0.76		3.17		83.8
5.65			1,457	0.75		3.45		79.1	(d)

(a) Calculated based on average shares outstanding during the period.
(b) Total return does not reflect charges attributable to separate accounts. Inclusion of these charges would reduce the amounts shown.
(c) Portfolio turnover rate excludes approximately $612,000 from portfolio realignment from the acquisition of International SmallCap Account.
(d) Portfolio turnover rate excludes approximately $53,358,000 from portfolio realignment from the acquisition of Government & High Quality Bond Account.


FINANCIAL HIGHLIGHTS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.


Selected data for a share of Capital Stock outstanding throughout each year ended December 31 (except as noted):

		Net Asset		Net			Net Realized						Dividends			Total
		Value,		Investment			and Unrealized			Total From			from Net			Dividends			Net Asset
		Beginning of		Income			Gain (Loss) on			Investment			Investment			and			Value, End	Total
		Period		(Loss)(a)			Investments			Operations			Income			Distributions			of Period	Return(b)
INCOME ACCOUNT
Class 1 shares
2014	$	10.68	$	0.43		$	0.16		$	0.59		($	0.49	)	($	0.49	)	$	10.78	5.55	%
2013		11.22		0.46			(0.43	)		0.03			(0.57	)		(0.57	)		10.68	0.40
2012		10.71		0.53			0.48			1.01			(0.50	)		(0.50	)		11.22	9.57
2011		10.12		0.56			0.07			0.63			(0.04	)		(0.04	)		10.71	6.25
2010		9.97		0.60			0.25			0.85			(0.70	)		(0.70	)		10.12	8.65
Class 2 shares
2014		10.63		0.40			0.16			0.56			(0.46	)		(0.46	)		10.73	5.26
2013		11.17		0.43			(0.43	)		–			(0.54	)		(0.54	)		10.63	0.10
2012		10.66		0.50			0.47			0.97			(0.46	)		(0.46	)		11.17	9.28
2011		10.09		0.53			0.08			0.61			(0.04	)		(0.04	)		10.66	6.05
2010		9.95		0.58			0.23			0.81			(0.67	)		(0.67	)		10.09	8.26
LARGECAP BLEND ACCOUNT II
Class 1 shares
2014		10.09		0.11			1.02			1.13			(0.13	)		(0.13	)		11.09	11.30
2013		7.79		0.10			2.33			2.43			(0.13	)		(0.13	)		10.09	31.40
2012		6.85		0.11			0.93			1.04			(0.10	)		(0.10	)		7.79	15.20
2011		6.86		0.08			(0.09	)		(0.01	)		–			–			6.85	(0.12	)
2010		6.21		0.07			0.74			0.81			(0.16	)		(0.16	)		6.86	13.25
Class 2 shares
2014		10.14		0.08			1.03			1.11			(0.11	)		(0.11	)		11.14	11.00
2013		7.82		0.08			2.35			2.43			(0.11	)		(0.11	)		10.14	31.26
2012		6.88		0.09			0.93			1.02			(0.08	)		(0.08	)		7.82	14.84
2011		6.91		0.07			(0.10	)		(0.03	)		–			–			6.88	(0.42	)
2010		6.24		0.06			0.74			0.80			(0.13	)		(0.13	)		6.91	12.97
LARGECAP GROWTH ACCOUNT
Class 1 shares
2014		22.26		0.03			2.44			2.47			(0.13	)		(0.13	)		24.60	11.12
2013		16.87		0.07			5.61			5.68			(0.29	)		(0.29	)		22.26	33.91
2012		14.48		0.12			2.32			2.44			(0.05	)		(0.05	)		16.87	16.85
2011		15.12		0.05			(0.69	)		(0.64	)		–			–			14.48	(4.23	)
2010		12.78		0.01			2.34			2.35			(0.01	)		(0.01	)		15.12	18.38
Class 2 shares
2014		22.20		(0.03	)		2.44			2.41			(0.08	)		(0.08	)		24.53	10.85
2013		16.83		0.02			5.59			5.61			(0.24	)		(0.24	)		22.20	33.64
2012		14.43		0.08			2.32			2.40			–			–			16.83	16.56	(d)
2011		15.11		0.01			(0.69	)		(0.68	)		–			–			14.43	(4.50	)
2010		12.80		(0.03	)		2.34			2.31			–			–			15.11	18.05


				FINANCIAL HIGHLIGHTS (Continued)
				PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.



		Ratio of Expenses
	Net Assets, End of	to Average Net		Ratio of Net Investment Income		Portfolio
	Period (in thousands)	Assets		to Average Net Assets		Turnover Rate


$	275,597	0.51	%	3.95	%	16.6	%
	269,330	0.51		4.22		12.8
	292,756	0.51		4.78		14.7
	239,939	0.50		5.36		17.8
	225,114	0.50		5.81		17.0

	3,036	0.76		3.71		16.6
	3,390	0.76		3.97		12.8
	3,875	0.76		4.55		14.7
	4,360	0.75		5.11		17.8
	5,135	0.75		5.58		17.0


	145,312	0.75	(c)	1.03		33.9
	161,831	0.75	(c)	1.17		44.6
	154,221	0.76	(c)	1.41		51.5
	161,200	0.75	(c)	1.21		42.5
	182,047	0.75	(c)	1.15		34.7

	1,014	1.00	(c)	0.78		33.9
	984	1.00	(c)	0.92		44.6
	837	1.01	(c)	1.17		51.5
	739	1.00	(c)	0.96		42.5
	850	1.00	(c)	0.90		34.7


	123,091	0.69		0.13		67.2
	100,140	0.69		0.37		70.1
	210,351	0.69		0.73		62.6
	181,559	0.69		0.31		56.6
	207,114	0.69		0.04		61.1

	661	0.94		(0.11	)	67.2
	712	0.94		0.10		70.1
	604	0.94		0.47		62.6
	561	0.94		0.05		56.6
	691	0.94		(0.20	)	61.1

	(a) Calculated based on average shares outstanding during the period.
	(b) Total return does not reflect charges attributable to separate accounts. Inclusion of these charges would reduce the amounts shown.
	(c) Reflects Manager's contractual expense limit.
	(d) Total return is calculated using the traded net asset value which may differ from the reported net asset value.


FINANCIAL HIGHLIGHTS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.


Selected data for a share of Capital Stock outstanding throughout each year ended December 31 (except as noted):

		Net Asset		Net		Net Realized						Dividends			Distributions			Total
		Value,		Investment		and Unrealized			Total From			from Net			from			Dividends			Net Asset
		Beginning of		Income		Gain (Loss) on			Investment			Investment			Realized			and			Value, End
		Period		(Loss)(a)		Investments			Operations			Income			Gains			Distributions			of Period
MIDCAP ACCOUNT
Class 1 shares
2014	$	59.37	$	0.36	$	6.96		$	7.32		($	0.32	)	($	5.58	)	($	5.90	)	$	60.79
2013		47.20		0.28		15.31			15.59			(0.82	)		(2.60	)		(3.42	)		59.37
2012		40.51		0.46		7.35			7.81			(0.40	)		(0.72	)		(1.12	)		47.20
2011		37.83		0.23		2.92			3.15			–			(0.47	)		(0.47	)		40.51
2010		31.25		0.46		7.00			7.46			(0.88	)		–			(0.88	)		37.83
Class 2 shares
2014		59.16		0.21		6.93			7.14			(0.18	)		(5.58	)		(5.76	)		60.54
2013		47.06		0.15		15.25			15.40			(0.70	)		(2.60	)		(3.30	)		59.16
2012		40.39		0.35		7.33			7.68			(0.29	)		(0.72	)		(1.01	)		47.06
2011		37.82		0.13		2.91			3.04			–			(0.47	)		(0.47	)		40.39
2010		31.23		0.35		7.03			7.38			(0.79	)		–			(0.79	)		37.82
MONEY MARKET ACCOUNT
Class 1 shares
2014		1.00		–		–			–			–			–			–			1.00
2013		1.00		–		–			–			–			–			–			1.00
2012		1.00		–		–			–			–			–			–			1.00
2011		1.00		–		–			–			–			–			–			1.00
2010		1.00		–		–			–			–			–			–			1.00
Class 2 shares
2014		1.00		–		–			–			–			–			–			1.00
2013		1.00		–		–			–			–			–			–			1.00
2012		1.00		–		–			–			–			–			–			1.00
2011		1.00		–		–			–			–			–			–			1.00
2010		1.00		–		–			–			–			–			–			1.00
PRINCIPAL CAPITAL APPRECIATION ACCOUNT
Class 1 shares
2014		24.45		0.24		2.52			2.76			(0.81	)		(4.09	)		(4.90	)		22.31
2013		23.75		0.30		6.63			6.93			(1.86	)		(4.37	)		(6.23	)		24.45
2012		21.36		0.35		2.58			2.93			(0.26	)		(0.28	)		(0.54	)		23.75
2011		21.47		0.24		(0.21	)		0.03			–			(0.14	)		(0.14	)		21.36
2010		19.23		0.35		2.59			2.94			(0.32	)		(0.38	)		(0.70	)		21.47
Class 2 shares
2014		24.27		0.18		2.50			2.68			(0.75	)		(4.09	)		(4.84	)		22.11
2013		23.62		0.21		6.60			6.81			(1.79	)		(4.37	)		(6.16	)		24.27
2012		21.23		0.29		2.58			2.87			(0.20	)		(0.28	)		(0.48	)		23.62
2011		21.40		0.18		(0.21	)		(0.03	)		–			(0.14	)		(0.14	)		21.23
2010		19.17		0.31		2.57			2.88			(0.27	)		(0.38	)		(0.65	)		21.40


						FINANCIAL HIGHLIGHTS (Continued)
						PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.



				Ratio of Expenses		Ratio of Gross
Total			Net Assets, End of	to Average Net		Expenses to Average		Ratio of Net Investment Income		Portfolio
Return(b)			Period (in thousands)	Assets		Net Assets		to Average Net Assets		Turnover Rate


12.99	%	$	676,836	0.53	%	–%		0.60	%	21.6	%
33.93			649,893	0.53		–		0.52		12.4
19.44			560,842	0.55		–		1.03		21.5
8.29			531,255	0.55		–		0.57		28.9
24.10			551,589	0.57		–		1.37		20.9

12.70			15,960	0.78		–		0.35		21.6
33.58			15,105	0.78		–		0.27		12.4
19.16			12,179	0.80		–		0.79		21.5
8.00			11,226	0.80		–		0.32		28.9
23.83			11,327	0.82		–		1.05		20.9


0.00			278,903	0.16		0.46	(c)	0.00		N/A
0.00			283,108	0.19		0.46	(c)	0.00		N/A
0.00			303,903	0.27		0.46	(c)	0.00		N/A
0.00			322,844	0.26		0.45	(c)	0.00		N/A
0.00			314,976	0.32		0.45	(c)	0.00		N/A

0.00			934	0.16		0.71	(c)	0.00		N/A
0.00			959	0.20		0.71	(c)	0.00		N/A
0.00			1,253	0.27		0.71	(c)	0.00		N/A
0.00			1,777	0.26		0.70	(c)	0.00		N/A
0.00			2,478	0.32		0.70	(c)	0.00		N/A


12.45			33,190	0.66		–		1.02		8.6
32.65			32,077	0.65		–		1.18		6.7
13.83			145,393	0.64		–		1.51		6.2
0.13			142,828	0.64		–		1.09		10.3
15.40			151,592	0.64		–		1.78		13.7

12.19			6,891	0.91		–		0.77		8.6
32.27			6,362	0.90		–		0.85		6.7
13.57			5,238	0.89		–		1.26		6.2
(0.15	)		5,472	0.89		–		0.83		10.3
15.11			6,822	0.89		–		1.57		13.7

(a) Calculated based on average shares outstanding during the period.
(b) Total return does not reflect charges attributable to separate accounts. Inclusion of these charges would reduce the amounts shown.
(c) Excludes expense reimbursement from Manager and/or Distributor.


FINANCIAL HIGHLIGHTS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.


Selected data for a share of Capital Stock outstanding throughout each year ended December 31 (except as noted):

		Net Asset		Net		Net Realized				Dividends		Distributions			Total
		Value,		Investment		and Unrealized		Total From		from Net		from			Dividends			Net Asset
		Beginning of		Income		Gain (Loss) on		Investment		Investment		Realized			and			Value, End
		Period		(Loss)(a)		Investments		Operations		Income		Gains			Distributions			of Period
REAL ESTATE SECURITIES ACCOUNT
Class 1 shares
2014	$	17.08	$	0.29	$	5.28	$	5.57	($	0.32	)	$–		($	0.32	)	$	22.33
2013		16.63		0.35		0.33		0.68		(0.23	)	–			(0.23	)		17.08
2012		14.39		0.21		2.26		2.47		(0.23	)	–			(0.23	)		16.63
2011		13.21		0.10		1.08		1.18		–		–			–			14.39
2010		10.83		0.26		2.49		2.75		(0.37	)	–			(0.37	)		13.21
Class 2 shares
2014		17.18		0.27		5.27		5.54		(0.27	)	–			(0.27	)		22.45
2013		16.72		0.30		0.34		0.64		(0.18	)	–			(0.18	)		17.18
2012		14.46		0.17		2.26		2.43		(0.17	)	–			(0.17	)		16.72
2011		13.30		0.06		1.10		1.16		–		–			–			14.46
2010		10.91		0.23		2.50		2.73		(0.34	)	–			(0.34	)		13.30
SAM BALANCED PORTFOLIO
Class 1 shares
2014		18.53		0.47		0.73		1.20		(0.52	)	(2.70	)		(3.22	)		16.51
2013		16.33		0.47		2.37		2.84		(0.43	)	(0.21	)		(0.64	)		18.53
2012		14.76		0.41		1.46		1.87		(0.11	)	(0.19	)		(0.30	)		16.33
2011		15.02		0.10		0.06		0.16		(0.42	)	–			(0.42	)		14.76
2010		13.73		0.42		1.38		1.80		(0.51	)	–			(0.51	)		15.02
Class 2 shares
2014		18.39		0.43		0.73		1.16		(0.48	)	(2.70	)		(3.18	)		16.37
2013		16.22		0.41		2.35		2.76		(0.38	)	(0.21	)		(0.59	)		18.39
2012		14.66		0.36		1.46		1.82		(0.07	)	(0.19	)		(0.26	)		16.22
2011		14.92		0.06		0.06		0.12		(0.38	)	–			(0.38	)		14.66
2010		13.64		0.36		1.40		1.76		(0.48	)	–			(0.48	)		14.92
SAM CONSERVATIVE BALANCED PORTFOLIO
Class 1 shares
2014		13.39		0.41		0.40		0.81		(0.42	)	(1.18	)		(1.60	)		12.60
2013		12.49		0.40		1.00		1.40		(0.37	)	(0.13	)		(0.50	)		13.39
2012		11.47		0.37		0.90		1.27		(0.10	)	(0.15	)		(0.25	)		12.49
2011		11.68		0.10		0.17		0.27		(0.37	)	(0.11	)		(0.48	)		11.47
2010		10.94		0.40		0.84		1.24		(0.50	)	–			(0.50	)		11.68
Class 2 shares
2014		13.28		0.38		0.38		0.76		(0.38	)	(1.18	)		(1.56	)		12.48
2013		12.39		0.36		1.00		1.36		(0.34	)	(0.13	)		(0.47	)		13.28
2012		11.38		0.33		0.90		1.23		(0.07	)	(0.15	)		(0.22	)		12.39
2011		11.60		0.07		0.17		0.24		(0.35	)	(0.11	)		(0.46	)		11.38
2010		10.85		0.35		0.88		1.23		(0.48	)	–			(0.48	)		11.60


						FINANCIAL HIGHLIGHTS (Continued)
						PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.



				Ratio of Expenses
Total			Net Assets, End of	to Average Net		Ratio of Net Investment Income		Portfolio
Return(b)			Period (in thousands)	Assets		to Average Net Assets		Turnover Rate


32.82	%	$	166,701	0.89	%	1.48	%	15.7	%
4.10			128,601	0.89		1.96		22.1
17.17			133,069	0.90		1.33		44.1
8.93			140,316	0.90		0.71		22.4
25.70			140,922	0.89		2.16		48.0

32.44			492	1.14		1.37		15.7
3.87			271	1.14		1.72		22.1
16.86			257	1.15		1.08		44.1
8.72			287	1.15		0.42		22.4
25.29			442	1.14		1.92		48.0


6.82			826,908	0.23	(c)	2.64		16.4
17.68			913,823	0.23	(c)	2.68		46.7
12.75			812,380	0.23	(c)	2.60		9.1
0.99			781,873	0.23	(c)	0.68		14.2
13.61			828,276	0.24	(c)	2.97		36.3

6.59			99,852	0.48	(c)	2.44		16.4
17.32			102,716	0.48	(c)	2.37		46.7
12.47			95,208	0.48	(c)	2.32		9.1
0.73			94,487	0.48	(c)	0.43		14.2
13.34			107,086	0.49	(c)	2.59		36.3


6.22			206,621	0.23	(c)	3.10		21.2
11.53			212,247	0.23	(c)	3.10		35.6
11.19			190,310	0.24	(c)	3.07		15.7
2.29			177,476	0.24	(c)	0.86		20.8
11.84			178,249	0.24	(c)	3.56		34.4

5.92			16,731	0.48	(c)	2.87		21.2
11.25			16,140	0.48	(c)	2.77		35.6
10.91			15,911	0.49	(c)	2.73		15.7
1.97			15,465	0.49	(c)	0.60		20.8
11.73			15,761	0.49	(c)	3.18		34.4

(a) Calculated based on average shares outstanding during the period.
(b) Total return does not reflect charges attributable to separate accounts. Inclusion of these charges would reduce the amounts shown.
(c) Does not include expenses of the investment companies in which the Portfolio invests.


FINANCIAL HIGHLIGHTS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.


Selected data for a share of Capital Stock outstanding throughout each year ended December 31 (except as noted):

		Net Asset		Net		Net Realized						Dividends			Distributions			Total
		Value,		Investment		and Unrealized			Total From			from Net			from			Dividends			Net Asset
		Beginning of		Income		Gain (Loss) on			Investment			Investment			Realized			and			Value, End
		Period		(Loss)(a)		Investments			Operations			Income			Gains			Distributions			of Period
SAM CONSERVATIVE GROWTH PORTFOLIO
Class 1 shares
2014	$	20.60	$	0.48	$	0.97		$	1.45		($	0.39	)	($	2.64	)	($	3.03	)	$	19.02
2013		17.04		0.40		3.50			3.90			(0.34	)		–			(0.34	)		20.60
2012		14.99		0.33		1.79			2.12			(0.07	)		–			(0.07	)		17.04
2011		15.36		0.07		(0.13	)		(0.06	)		(0.31	)		–			(0.31	)		14.99
2010		13.80		0.31		1.72			2.03			(0.47	)		–			(0.47	)		15.36
Class 2 shares
2014		20.42		0.42		0.97			1.39			(0.35	)		(2.64	)		(2.99	)		18.82
2013		16.89		0.34		3.49			3.83			(0.30	)		–			(0.30	)		20.42
2012		14.87		0.28		1.77			2.05			(0.03	)		–			(0.03	)		16.89
2011		15.23		0.03		(0.11	)		(0.08	)		(0.28	)		–			(0.28	)		14.87
2010		13.69		0.27		1.71			1.98			(0.44	)		–			(0.44	)		15.23
SAM FLEXIBLE INCOME PORTFOLIO
Class 1 shares
2014		13.72		0.49		0.33			0.82			(0.52	)		(0.80	)		(1.32	)		13.22
2013		13.38		0.49		0.51			1.00			(0.48	)		(0.18	)		(0.66	)		13.72
2012		12.42		0.48		0.83			1.31			(0.15	)		(0.20	)		(0.35	)		13.38
2011		12.50		0.15		0.28			0.43			(0.49	)		(0.02	)		(0.51	)		12.42
2010		11.95		0.51		0.69			1.20			(0.65	)		–			(0.65	)		12.50
Class 2 shares
2014		13.62		0.45		0.33			0.78			(0.48	)		(0.80	)		(1.28	)		13.12
2013		13.29		0.46		0.50			0.96			(0.45	)		(0.18	)		(0.63	)		13.62
2012		12.34		0.44		0.83			1.27			(0.12	)		(0.20	)		(0.32	)		13.29
2011		12.42		0.12		0.28			0.40			(0.46	)		(0.02	)		(0.48	)		12.34
2010		11.87		0.45		0.72			1.17			(0.62	)		–			(0.62	)		12.42
SAM STRATEGIC GROWTH PORTFOLIO
Class 1 shares
2014		23.55		0.56		1.33			1.89			(0.38	)		(4.06	)		(4.44	)		21.00
2013		18.74		0.40		4.70			5.10			(0.29	)		–			(0.29	)		23.55
2012		16.26		0.29		2.23			2.52			(0.04	)		–			(0.04	)		18.74
2011		16.82		0.04		(0.34	)		(0.30	)		(0.26	)		–			(0.26	)		16.26
2010		14.83		0.28		2.09			2.37			(0.38	)		–			(0.38	)		16.82
Class 2 shares
2014		23.38		0.49		1.32			1.81			(0.33	)		(4.06	)		(4.39	)		20.80
2013		18.61		0.33		4.68			5.01			(0.24	)		–			(0.24	)		23.38
2012		16.15		0.24		2.22			2.46			–			–			–			18.61
2011		16.71		–		(0.34	)		(0.34	)		(0.22	)		–			(0.22	)		16.15
2010		14.73		0.23		2.10			2.33			(0.35	)		–			(0.35	)		16.71


						FINANCIAL HIGHLIGHTS (Continued)
						PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.



				Ratio of Expenses
Total			Net Assets, End of	to Average Net		Ratio of Net Investment Income		Portfolio
Return(b)			Period (in thousands)	Assets		to Average Net Assets		Turnover Rate


7.43	%	$	198,465	0.23	%(c)	2.40	%	19.4	%
23.07			179,850	0.23	(c)	2.10		48.5
14.18			143,547	0.24	(c)	2.00		12.5
(0.45	)		132,387	0.24	(c)	0.45		24.2
15.22			140,207	0.24	(c)	2.21		42.2

7.14			102,757	0.48	(c)	2.11		19.4
22.82			99,013	0.48	(c)	1.82		48.5
13.81			84,306	0.49	(c)	1.76		12.5
(0.63	)		78,247	0.49	(c)	0.20		24.2
14.92			84,941	0.49	(c)	1.92		42.2


6.03			215,309	0.23	(c)	3.55		18.8
7.75			214,572	0.23	(c)	3.57		29.7
10.64			215,628	0.24	(c)	3.69		11.7
3.39			187,458	0.24	(c)	1.22		20.6
10.51			183,764	0.24	(c)	4.22		31.5

5.80			19,836	0.48	(c)	3.27		18.8
7.46			19,464	0.48	(c)	3.36		29.7
10.34			19,667	0.49	(c)	3.41		11.7
3.13			18,382	0.49	(c)	0.96		20.6
10.26			20,147	0.49	(c)	3.70		31.5


8.68			138,863	0.23	(c)	2.50		20.4
27.40			121,049	0.23	(c)	1.89		62.5
15.52			90,348	0.24	(c)	1.61		13.9
(1.90	)		83,738	0.24	(c)	0.25		23.3
16.40			81,821	0.24	(c)	1.82		51.7

8.35			96,446	0.48	(c)	2.21		20.4
27.09			87,689	0.48	(c)	1.57		62.5
15.23			71,997	0.49	(c)	1.36		13.9
(2.12	)		64,907	0.49	(c)	(0.01	)	23.3
16.18			69,749	0.49	(c)	1.53		51.7

(a) Calculated based on average shares outstanding during the period.
(b) Total return does not reflect charges attributable to separate accounts. Inclusion of these charges would reduce the amounts shown.
(c) Does not include expenses of the investment companies in which the Portfolio invests.


FINANCIAL HIGHLIGHTS
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.


Selected data for a share of Capital Stock outstanding throughout each year ended December 31 (except as noted):

		Net Asset		Net			Net Realized						Dividends		Distributions			Total
		Value,		Investment			and Unrealized			Total From			from Net		from			Dividends			Net Asset
		Beginning of		Income			Gain (Loss) on			Investment			Investment		Realized			and			Value, End
		Period		(Loss)(a)			Investments			Operations			Income		Gains			Distributions			of Period
SHORT-TERM INCOME ACCOUNT
Class 1 shares
2014	$	2.59	$	0.05		($	0.01	)	$	0.04		($	0.04	)	$–		($	0.04	)	$	2.59
2013		2.61		0.04			(0.01	)		0.03			(0.05	)	–			(0.05	)		2.59
2012		2.54		0.05			0.08			0.13			(0.06	)	–			(0.06	)		2.61
2011		2.51		0.06			(0.03	)		0.03			–		–			–			2.54
2010		2.46		0.06			0.04			0.10			(0.05	)	–			(0.05	)		2.51
Class 2 shares
2014		2.59		0.04			(0.01	)		0.03			(0.04	)	–			(0.04	)		2.58
2013		2.60		0.04			(0.01	)		0.03			(0.04	)	–			(0.04	)		2.59
2012		2.53		0.04			0.08			0.12			(0.05	)	–			(0.05	)		2.60
2011		2.51		0.05			(0.03	)		0.02			–		–			–			2.53
2010		2.45		0.06			0.05			0.11			(0.05	)	–			(0.05	)		2.51
SMALLCAP GROWTH ACCOUNT II
Class 1 shares
2014		18.31		(0.07	)		1.31			1.24			–		–			–			19.55
2013		12.42		(0.10	)		5.99			5.89			–		–			–			18.31
2012		10.68		(0.06	)		1.80			1.74			–		–			–			12.42
2011		11.17		(0.08	)		(0.41	)		(0.49	)		–		–			–			10.68
2010		8.80		(0.05	)		2.42			2.37			–		–			–			11.17
Class 2 shares
2014		17.99		(0.12	)		1.29			1.17			–		–			–			19.16
2013		12.24		(0.14	)		5.89			5.75			–		–			–			17.99
2012		10.54		(0.09	)		1.79			1.70			–		–			–			12.24
2011		11.06		(0.11	)		(0.41	)		(0.52	)		–		–			–			10.54
2010		8.73		(0.08	)		2.41			2.33			–		–			–			11.06
SMALLCAP VALUE ACCOUNT I
Class 1 shares
2014		21.74		0.11			1.28			1.39			(0.17	)	(2.37	)		(2.54	)		20.59
2013		15.72		0.14			6.08			6.22			(0.20	)	–			(0.20	)		21.74
2012		13.02		0.17			2.65			2.82			(0.12	)	–			(0.12	)		15.72
2011		13.52		0.09			(0.58	)		(0.49	)		(0.01	)	–			(0.01	)		13.02
2010		10.81		0.08			2.73			2.81			(0.10	)	–			(0.10	)		13.52
Class 2 shares
2014		21.64		0.06			1.27			1.33			(0.15	)	(2.37	)		(2.52	)		20.45
2013		15.67		0.09			6.07			6.16			(0.19	)	–			(0.19	)		21.64
2012		12.99		0.13			2.64			2.77			(0.09	)	–			(0.09	)		15.67
2011		13.52		0.05			(0.58	)		(0.53	)		–		–			–			12.99
2010		10.82		0.06			2.73			2.79			(0.09	)	–			(0.09	)		13.52


						FINANCIAL HIGHLIGHTS (Continued)
						PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.



				Ratio of Expenses
Total			Net Assets, End of	to Average Net		Ratio of Net Investment Income		Portfolio
Return(b)			Period (in thousands)	Assets		to Average Net Assets		Turnover Rate


1.73	%	$	267,674	0.49	%(c)	1.74	%	54.3	%
1.14			256,561	0.48	(c)	1.65		54.7
5.00			262,427	0.49	(c)	1.95		59.1
1.37			228,351	0.49	(c)	2.35		55.1
4.20			224,344	0.50	(c)	2.49		85.4	(d)

1.02			913	0.74	(c)	1.49		54.3
1.25			838	0.73	(c)	1.40		54.7
4.67			1,269	0.74	(c)	1.72		59.1
0.95			1,516	0.74	(c)	2.11		55.1
4.37			1,901	0.75	(c)	2.45		85.4	(d)


6.77			61,168	0.95	(c)	(0.40	)	65.2
47.42			65,466	0.95	(c)	(0.65	)	72.8
16.29			49,224	1.06	(c)	(0.53	)	77.5
(4.39	)		47,596	1.04	(c)	(0.75	)	94.3
26.93			56,856	1.03	(c)	(0.59	)	82.2

6.50			3,826	1.20	(c)	(0.65	)	65.2
46.98			3,917	1.20	(c)	(0.90	)	72.8
16.13			2,864	1.31	(c)	(0.78	)	77.5
(4.70	)		2,653	1.29	(c)	(0.99	)	94.3
26.69			3,015	1.28	(c)	(0.82	)	82.2


7.17			106,083	0.99	(c)	0.53		46.8
39.76			117,194	0.99	(c)	0.75		57.0
21.73			101,259	0.99	(c)	1.19		43.2
(3.66	)		100,321	0.99	(c)	0.70		72.2
26.06			114,144	0.99	(c)	0.70		63.8

6.90			167	1.24	(c)	0.31		46.8
39.44			110	1.24	(c)	0.50		57.0
21.40			85	1.24	(c)	0.92		43.2
(3.89	)		94	1.24	(c)	0.37		72.2
25.81			169	1.24	(c)	0.52		63.8

(a) Calculated based on average shares outstanding during the period.
(b) Total return does not reflect charges attributable to separate accounts. Inclusion of these charges would reduce the amounts shown.
(c) Reflects Manager's contractual expense limit.
(d) Portfolio turnover rate excludes approximately $3,528,000 from portfolio realignment from the acquisition of Short-Term Bond Account.

The Board of Directors and Shareholders
Principal Variable Contracts Funds, Inc.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Diversified International Account, Equity Income Account, Government & High Quality Bond Account, Income Account, LargeCap Blend Account II, LargeCap Growth Account, MidCap Account, Money Market Account, Principal Capital Appreciation Account, Real Estate Securities Account, SAM Balanced Portfolio, SAM Conservative Balanced Portfolio, SAM Conservative Growth Portfolio, SAM Flexible Income Portfolio, SAM Strategic Growth Portfolio, Short-Term Income Account, SmallCap Growth Account II, and SmallCap Value Account I (18 of the portfolios constituting Principal Variable Contracts Funds, Inc. (collectively, the “Funds”)), as of December 31, 2014, and the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the funds listed above constituting portfolios within Principal Variable Contracts Funds, Inc.at December 31, 2014, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the five years in the period then ended in conformity with U.S. generally accepted accounting principles.

SHAREHOLDER EXPENSE EXAMPLE
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014 (unaudited)

As a shareholder of Principal Variable Contracts Funds, Inc. you incur ongoing costs, including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Principal Variable Contracts Funds, Inc. and to compare these costs with the ongoing costs of investing in other mutual funds. As a shareholder of SAM Balanced Portfolio, SAM Conservative Balanced Portfolio, SAM Conservative Growth Portfolio, SAM Flexible Income Portfolio, or SAM Strategic Growth Portfolio, your fund will indirectly bear its pro rata share of the expenses incurred by the investment companies in which the fund invests. These expenses are not included in the fund’s annualized expense ratio used to calculate the expenses paid in this example. If they were, the expenses paid would be higher. Expenses shown below and on the following pages do not account for fees, expenses and charges of any variable insurance contract or retirement plan. If these fees had been reflected, expenses would have been higher.

The example is based on an investment of $1,000 invested at the beginning of the year and held for the entire year (July 1, 2014 to December 31, 2014).


						Expenses Paid
		Beginning		Ending		During Period
		Account Value		Account Value		July 1, 2014	Annualized
		July 1, 2014		December 31, 2014		to December 31, 2014^(a)	Expense Ratio
Diversified International Account Class 1
Actual	$	1,000.00	$	921.99	$	4.12	0.85	%
Hypothetical		1,000.00		1,020.92		4.33	0.85

Diversified International Account Class 2
Actual		1,000.00		921.03		5.33	1.10
Hypothetical		1,000.00		1,019.66		5.60	1.10

Equity Income Account Class 1
Actual		1,000.00		1,037.58		2.47	0.48
Hypothetical		1,000.00		1,022.79		2.45	0.48

Equity Income Account Class 2
Actual		1,000.00		1,036.22		3.75	0.73
Hypothetical		1,000.00		1,021.53		3.72	0.73

Government & High Quality Bond Account Class 1
Actual		1,000.00		1,017.30		2.54	0.50
Hypothetical		1,000.00		1,022.68		2.55	0.50

Government & High Quality Bond Account Class 2
Actual		1,000.00		1,015.06		3.81	0.75
Hypothetical		1,000.00		1,021.42		3.82	0.75

Income Account Class 1
Actual		1,000.00		1,007.40		2.53	0.50
Hypothetical		1,000.00		1,022.68		2.55	0.50

Income Account Class 2
Actual		1,000.00		1,005.35		3.79	0.75
Hypothetical		1,000.00		1,021.42		3.82	0.75


		SHAREHOLDER EXPENSE EXAMPLE
		PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
		December 31, 2014 (unaudited)


						Expenses Paid
		Beginning		Ending		During Period
		Account Value		Account Value		July 1, 2014	Annualized
		July 1, 2014		December 31, 2014		to December 31, 2014^(a)	Expense Ratio

LargeCap Blend Account II Class 1
Actual	$	1,000.00	$	1,049.59	$	3.87	0.75	%
Hypothetical		1,000.00		1,021.42		3.82	0.75

LargeCap Blend Account II Class 2
Actual		1,000.00		1,047.97		5.16	1.00
Hypothetical		1,000.00		1,020.16		5.09	1.00

LargeCap Growth Account Class 1
Actual		1,000.00		1,057.95		3.58	0.69
Hypothetical		1,000.00		1,021.73		3.52	0.69

LargeCap Growth Account Class 2
Actual		1,000.00		1,056.63		4.87	0.94
Hypothetical		1,000.00		1,020.47		4.79	0.94

MidCap Account Class 1
Actual		1,000.00		1,062.56		2.76	0.53
Hypothetical		1,000.00		1,022.53		2.70	0.53

MidCap Account Class 2
Actual		1,000.00		1,061.19		4.05	0.78
Hypothetical		1,000.00		1,021.27		3.97	0.78

Money Market Account Class 1
Actual		1,000.00		1,000.00		0.81	0.16
Hypothetical		1,000.00		1,024.40		0.82	0.16

Money Market Account Class 2
Actual		1,000.00		1,000.00		0.81	0.16
Hypothetical		1,000.00		1,024.40		0.82	0.16

Principal Capital Appreciation Account Class 1
Actual		1,000.00		1,050.63		3.36	0.65
Hypothetical		1,000.00		1,021.93		3.31	0.65

Principal Capital Appreciation Account Class 2
Actual		1,000.00		1,049.30		4.65	0.90
Hypothetical		1,000.00		1,020.67		4.58	0.90

Real Estate Securities Account Class 1
Actual		1,000.00		1,126.40		4.77	0.89
Hypothetical		1,000.00		1,020.72		4.53	0.89

Real Estate Securities Account Class 2
Actual		1,000.00		1,124.71		6.11	1.14
Hypothetical		1,000.00		1,019.46		5.80	1.14

SAM Balanced Portfolio Class 1
Actual		1,000.00		1,012.99		1.17	0.23
Hypothetical		1,000.00		1,024.05		1.17	0.23

SAM Balanced Portfolio Class 2
Actual		1,000.00		1,011.47		2.43	0.48
Hypothetical		1,000.00		1,022.79		2.45	0.48

SAM Conservative Balanced Portfolio Class 1
Actual		1,000.00		1,010.84		1.17	0.23
Hypothetical		1,000.00		1,024.05		1.17	0.23

SAM Conservative Balanced Portfolio Class 2
Actual		1,000.00		1,009.04		2.43	0.48
Hypothetical		1,000.00		1,022.79		2.45	0.48

SAM Conservative Growth Portfolio Class 1
Actual		1,000.00		1,014.72		1.17	0.23
Hypothetical		1,000.00		1,024.05		1.17	0.23

SAM Conservative Growth Portfolio Class 2
Actual		1,000.00		1,013.35		2.44	0.48
Hypothetical		1,000.00		1,022.79		2.45	0.48


		SHAREHOLDER EXPENSE EXAMPLE
		PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
		December 31, 2014 (unaudited)


						Expenses Paid
		Beginning		Ending		During Period
		Account Value		Account Value		July 1, 2014	Annualized
		July 1, 2014		December 31, 2014		to December 31, 2014^(a)	Expense Ratio

SAM Flexible Income Portfolio Class 1
Actual	$	1,000.00	$	1,008.12	$	1.16	0.23	%
Hypothetical		1,000.00		1,024.05		1.17	0.23

SAM Flexible Income Portfolio Class 2
Actual		1,000.00		1,006.26		2.43	0.48
Hypothetical		1,000.00		1,022.79		2.45	0.48

SAM Strategic Growth Portfolio Class 1
Actual		1,000.00		1,022.92		1.17	0.23
Hypothetical		1,000.00		1,024.05		1.17	0.23

SAM Strategic Growth Portfolio Class 2
Actual		1,000.00		1,021.51		2.45	0.48
Hypothetical		1,000.00		1,022.79		2.45	0.48

Short-Term Income Account Class 1
Actual		1,000.00		1,005.64		2.48	0.49
Hypothetical		1,000.00		1,022.74		2.50	0.49

Short-Term Income Account Class 2
Actual		1,000.00		1,002.41		3.73	0.74
Hypothetical		1,000.00		1,021.48		3.77	0.74

SmallCap Growth Account II Class 1
Actual		1,000.00		1,063.66		4.99	0.96
Hypothetical		1,000.00		1,020.37		4.89	0.96

SmallCap Growth Account II Class 2
Actual		1,000.00		1,062.08		6.29	1.21
Hypothetical		1,000.00		1,019.11		6.16	1.21

SmallCap Value Account I Class 1
Actual		1,000.00		1,024.10		5.05	0.99
Hypothetical		1,000.00		1,020.21		5.04	0.99

SmallCap Value Account I Class 2
Actual		1,000.00		1,022.68		6.32	1.24
Hypothetical		1,000.00		1,018.95		6.31	1.24

^(a)Expenses are equal to a fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

The following directors are considered not to be “interested persons” as defined in the 1940 Act


		Number of	Other
Name,		Portfolios in Fund	Directorships
Position Held with the Fund,	Principal Occupation(s)	Complex Overseen by	Held by Director
Year of Birth	During past 5 years	Director	During Past 5 Years
Elizabeth Ballantine	Principal, EBA Associates	119	Durango Herald, Inc;
Director since 2004			McClatchy
Member, Nominating and Governance			Newspapers, Inc.
Committee
1948

Leroy T. Barnes, Jr.	Retired.	119	McClatchy
Director since March 2012			Newspapers, Inc.;
Member, Audit Committee			Herbalife Ltd.; Frontier
1951			Communications, Inc.;
			Longs Drug Stores

Craig Damos	President, The Damos	119	Hardin Construction
Director since 2008	Company. Formerly, CEO, The		Company
Member, Audit Committee	Weitz Company
Member, 15(c) Committee
1954

Mark A. Grimmett	Executive Vice President and	119	None
Director since 2004	CFO, Merle Norman Cosmetics,
Member, Nominating and Governance	Inc.
Committee
Member, 15(c) Committee
Member, Executive Committee
1960

Fritz S. Hirsch	CEO, MAM USA	119	Focus Products Group
Director since 2005	Formerly, President, Sassy, Inc.
Member, Operations Committee
Member, 15(c) Committee
1951

Tao Huang	Formerly, Chief Operating	119	Armstrong World
Director since March 2012	Officer, Morningstar, Inc.		Industries, Inc.
Member, Operations Committee
Member, 15(c) Committee
1962

William C. Kimball	Partner, Kimball – Porter	119	Casey’s General Stores,
Director since 1999	Investments L.L.C.		Inc.
Member, Nominating and Governance
Committee
1947

Karen (“Karrie”) McMillan	Formerly, General Counsel,	119	None
Director since September 2014	Investment Company Institute
Member, Operations Committee
1961

Daniel Pavelich	Retired.	119	None
Director since 2007
Member, Audit Committee
1944

The following directors are considered to be “interested persons” as defined in the 1940 Act, as amended, because of an affiliation with the Manager and Principal Life.


		Number of
		Portfolios in Fund	Other
Name,		Complex	Directorships
Position Held with the Fund,	Principal Occupation(s)	Overseen by	Held by Director
Year of Birth	During past 5 years	Director	During Past 5 Years
Michael J. Beer	Executive Vice President, Principal	119	None
Director since 2012	Funds Distributor, Inc. (“PFD”)
Executive Vice President	Vice President/Mutual Funds and
Member, Executive Committee	Broker Dealer, Principal Life
1961	Insurance Company (“PLIC”)
	Director, Principal Management
	Corporation, (the “Manager”)
	Executive Vice President/ Chief
	Operating Officer, the Manager
	Director, Princor
	President, Princor
	Director, Principal Shareholder
	Services (“PSS”) since 2011
	President, PSS since 2011

Nora M. Everett	Director, Edge Asset Management,	119	None
Director since 2008	Inc. (“Edge”) (2008-2011)
President, CEO, and Chairman	Director, Finisterre Capital LLP since
Member, Executive Committee	2011
1959	Director, Origin Asset Management
	LLP since 2011
	Chairman, Principal Financial
	Advisors, Inc. (“PFA”) since 2010
	Chairman, PFD since 2011
	Senior Vice President/Retirement and
	Investor Services, PLIC
	Chairman, the Manager since 2011
	President, the Manager since 2008
	Chairman, Princor since 2011
	Chief Executive Officer, Princor since
	2009
	Chairman, PSS since 2011

Correspondence intended for each Director who is other than an Interested Director may be sent to 711 High Street, Des Moines, IA

Name, Position Held with the Fund, Address, and Year of Birth

Randy L. Bergstrom Assistant Tax Counsel

711 High Street, Des Moines, IA 50392 1955

Tracy Bollin

Chief Financial Officer

711 High Street, Des Moines, IA 50392 1970

Principal Occupation(s) During past 5 years

Counsel, Principal Global Investors, LLC (“PGI”) Counsel, PLIC

Chief Financial Officer, PFA since 2010

Assistant Controller, PFD (2007-2010)

David J. Brown

Chief Compliance Officer

711 High Street, Des Moines, IA 50392 1960

Senior Vice President, PFD

Vice President/Compliance, PLIC

Senior Vice President, the Manager Senior Vice President, Princor Senior Vice President, PSS

Teresa M. Button Treasurer

711 High Street, Des Moines, IA 50392 1963

Vice President/Treasurer, Edge since 2011 Vice President/Treasurer, PFA since 2011

Ernie H. Gillum

Vice President, Assistant Secretary 711 High Street, Des Moines, IA 50392 1955

Carolyn F. Kolks Assistant Tax Counsel

711 High Street, Des Moines, IA 50392 1962

Jennifer A. Mills Assistant Counsel

711 High Street, Des Moines, IA 50392 1973

Vice President/Chief Compliance Officer, the Manager

Vice President/Chief Compliance Officer, PSS

Counsel, PGI Counsel, PLIC

Counsel, PFD (2009-2013) Counsel, PLIC

Counsel, the Manager (2009-2013, 2014 - present) Counsel, Princor (2009-2013) Counsel, PSS (2009-2013)

Layne A. Rasmussen Vice President and Controller

711 High Street, Des Moines, IA 50392 1958

Greg Reymann

Assistant Counsel

711 High Street, Des Moines, IA 50392

1958

Vice President/Controller – Principal Funds, the Manager

Assistant General Counsel, PLIC since 2014

VP, Chief Compliance Officer and Chief Risk Officer, Transamerica Asset

Management, Inc. (“TAM”) (2010-2012)

Assistant General Counsel, Transamerica Asset Management Group (2013-2014) Vice President/CFTC Principal, TAM (2013-2014)


Name, Position Held with the Fund,	Principal Occupation(s)
Address, and Year of Birth	During past 5 years
Britney L. Schnathorst	Counsel, PLIC since 2013
Assistant Counsel	Prior thereto, Attorney in Private Practice
711 High Street, Des Moines, IA 50392
1981


Adam U. Shaikh	Counsel, PFD (2006-2013)
Assistant Counsel	Counsel, PLIC
711 High Street, Des Moines, IA 50392	Counsel, the Manager (2007-2013, 2014 - present)
1972	Counsel, Princor (2007-2013)
	Counsel, PSS (2007-2013)

Dan Westholm	Assistant Vice President/Treasury, PFA since 2013
Assistant Treasurer	Director – Treasury, PFA (2011-2013)
711 High Street, Des Moines, IA 50392	Assistant Vice President/Treasury, PFD since 2013
1966	Director – Treasury, PFD (2011-2013)
	Assistant Vice President/Treasury, PLIC
	Assistant Vice President/Treasury, the Manager
	Assistant Vice President/Treasury, Princor since 2013
	Director – Treasury, Princor (2008-2009, 2011-2013)
	Assistant Vice President/Treasury, PSS

Beth Wilson	Vice President, the Manager (2007-2013)
Vice President and Secretary	Vice President, Princor (2007-2009)
711 High Street, Des Moines, IA 50392
1956

Clint Woods	Associate General Counsel, AEGON USA Investment Management, LLC (2003-
Assistant Counsel	2012)
711 High Street, Des Moines, IA 50392	Assistant General Counsel, Assistant Corporate Secretary, Governance Officer,
1961	PLIC since 2013

The 15(c) Committee assists the Board in performing the annual review of the Fund’s advisory and sub-advisory agreements pursuant to Section 15(c) of the 1940 Act.

Annual Review and Renewal of Management Agreement and Subadvisory Agreements.

At its September 9, 2014 meeting, the Board performed its annual review and renewal process relating to the Management Agreement and the Subadvisory Agreements for all Funds.

The Board also considered that the Manager contractually agreed to continue to waive a portion of its management fee for four Funds that have implemented the “Core Satellite” structure.

FEDERAL INCOME TAX INFORMATION
PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.
December 31, 2014 (unaudited)

This report must be preceded or accompanied by a current prospectus for the Principal Variable Contracts Funds, Inc.

(a) The Registrant has adopted a code of ethics (the "Code of Ethics") that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

(d) The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

The Registrant's Board has determined that Dan Pavelich, a member of the Registrant's Audit Committee, is an "audit committee financial expert" and "independent," as such terms are defined in this Item.

(a) Audit Fees. Ernst & Young is the principal accountant for the registrant. As such, Ernst & Young has audited the financial statements of the registrant and reviewed regulatory filings that include those financial statements. During the last two fiscal years, Ernst & Young has billed the following amounts for their professional services.

(b) Audit-Related Fees. Ernst & Young provided audit-related services to the registrant during the last fiscal year that are not included in response to item 4(a). Those services related to the review of Form N-1A and Form N-14. Ernst & Young has billed the following amounts for those services.

Ernst and Young billed no fees that registrant’s audit committee was required to pre-approve pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(c) Tax Fees. Ernst & Young reviews the federal income tax returns and federal excise tax returns of the registrant. In connection with this review, Ernst & Young reviews the calculation of the registrant’s dividend distributions that are included as deductions on the tax returns. Ernst & Young also provides services to identify passive foreign investment companies. Ernst & Young also provides services to understand and comply with tax laws in certain foreign countries. During the last two fiscal years, Ernst & Young has billed the following amounts for their professional tax services.

Ernst and Young billed no fees that registrant’s audit committee was required to pre-approve pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(d) All Other Fees. Ernst & Young has not billed the registrant for other products or services during the last two fiscal years.

Ernst and Young billed no fees that registrant’s audit committee was required to pre-approve pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(e) (1) Audit Committee Pre-Approval Policy. The audit committee of the registrant has adopted the following pre-approval policy:

The purpose of this policy is to ensure the independence of the Principal Funds' primary independent auditor. This policy is established by the Audit Committee (the "Committee") of the Board of Directors of Principal Funds, Inc. and Principal Variable Contracts Funds, Inc. (the "Funds") effective for all engagements of the primary independent auditor.

1. The primary independent auditor, its subsidiaries and affiliates shall not provide Prohibited Services to the Funds. For the purposes of this policy, Prohibited Services are:

2. (A) All services the primary independent auditor, its subsidiaries and affiliates provide to the Funds, and (B) Audit services, including audits of annual financial statements, audits of acquired or divested businesses or review of regulatory filings, any independent auditor provides, shall be approved by the Committee in advance in accordance with the following procedure:

Each quarter, Management will present to the Committee for pre-approval, a detailed description of each particular service, excluding tax services, for which pre-approval is sought and a range of fees for such service. The Committee may delegate pre-approval authority to one or more of its members provided such delegated member(s) shall present a report of any services approved to the full Committee at its next regularly scheduled meeting. The Committee Chairperson shall have pre-approval authority for changes to any range of fees applicable to services the Committee previously approved and for new services and the range of fees for such services that arise between regularly scheduled Committee meetings.

Similarly, the primary independent auditor will present to the Committee for pre-approval a written description of the nature and scope of all tax services not expressly prohibited, including the fee arrangements for such services, and the potential effects of such services on the audit firm’s independence.

In considering whether to pre-approve the primary independent auditor’s provision of non-audit services, the Committee will consider whether the services are compatible with the maintenance of such auditor's independence. The Committee will also consider whether the primary independent auditor is best positioned to provide the most effective and efficient service, for reasons such as its familiarity with the Funds' business, people, culture, accounting systems, risk profile and other factors, and whether the service might enhance the Funds' ability to manage or control risk or improve audit quality.

3. The provisions of this policy shall apply to all audit and non-audit services provided directly to the Funds. Additionally, the provisions of this policy shall apply to non-audit services provided to Principal Management Corporation or an affiliate of Principal Management Corporation that provides ongoing services to the Funds if the engagement relates directly to the operations and financial reporting of the Funds.

4. Not less than annually, the primary independent auditor shall report to the Committee in writing all relationships that may reasonably be thought to bear on independence between the auditor and the Funds or persons in financial reporting oversight roles with respect to any services provided by the auditor, its subsidiaries or affiliates as of the date of the communication, pursuant to Rule 3526 of the PCAOB. The primary independent auditor shall discuss with the Committee the potential effects of such relationships on the independence of the auditor. In addition, the primary independent auditor shall affirm, in writing, that, as of the date of the communication, it is independent within the meaning of the federal securities laws and Rule 3520 of the PCAOB.

5. The Committee shall ensure that the lead and concurring partners of the Funds' primary independent auditor are rotated at least every five years and subject upon rotation to a five year "time out" period. All other partners of the primary independent auditor, excluding partners who simply consult with others on the audit engagement regarding technical issues, shall rotate after seven years and be subject upon rotation to a two year "time out" period.

6. Neither the Funds or Principal Management Corporation may hire or promote any former partner, principal, shareholder or professional employee (Former Employee) of the primary independent auditor into a financial reporting oversight role unless the Former Employee (1) has severed his/her economic interest in the independent audit firm, and (2) was not a member of the audit engagement team for the Funds during the one year period preceding the date that the audit procedures began for the fiscal period in which the Funds or Principal Management Corporation proposes to hire or promote the Former Employee. Neither the Funds nor Principal Management Corporation shall, without prior written consent of the primary independent auditor, hire or promote any Former Employee into a role not prohibited above if the Former Employee had provided any services to the Funds or Principal Management Corporation during the 12 months preceding the date of filing of the Funds' most recent annual report with the SEC. Upon termination of the primary independent auditor, the Funds or Principal Management Corporation shall not, without prior written consent of the former primary independent auditor, hire or promote any Former Employee for a period of up to 12 months from termination.

7. For persons recently promoted or hired into a financial reporting oversight role (other than members of the Board of Directors who are not also officers of the Funds), any personal tax planning services pursuant to an engagement that was in progress before the hiring or promotion and provided by the primary independent auditor must be completed on or before 180 days after the hiring or promotion.

(Adopted by the Audit Committee of the Board of Directors of the Principal Funds on March 12, 2013).

(e) (2) Pre-Approval Waivers. There were no services provided to the registrant by Ernst & Young that were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Substantially all work in connection with the audit of the registrant’s financial statements was performed by full-time employees of Ernst & Young.

(g) The aggregate non-audit fees Ernst and Young billed to the registrant, the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant for each of registrant's last two fiscal years were as follows.

(h) The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

ITEM 7 – DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

ITEM 9 – PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

There have been no material changes to the procedures by which shareholders may recommend nominees to registrant’s board of directors.

a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing).

(b) There have been no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

(a)(1) Code of Ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act are attached hereto as Exhibit 99.CERT.

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act is attached hereto as Exhibit 99.906CERT.

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.

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.


Registrant’s telephone number, including area code:		515-247-6783
Date of fiscal year end:	December 31, 2014
Date of reporting period:	December 31, 2014


Average Annual Total Returns* as of December 31, 2014
	1-Year		5-Year		10-Year
Class 1 Shares	8.81	%	11.69	%	6.19	%


Average Annual Total Returns* as of December 31, 2014
	1-Year		5-Year		10-Year
Class 1 Shares	5.24	%	6.05	%	4.08	%


Average Annual Total Returns* as of December 31, 2014
	Inception Date	1-Year		Since Inception
Class 1 Shares	5/15/12	5.75	%	1.95	%


	What contributed to or detracted from Account performance during the fiscal year?


Average Annual Total Returns* as of December 31, 2014
	Inception Date	1-Year		5-Year		Since Inception
Class 2 Shares	12/30/09	7.41	%	8.73	%	8.73	%


655 9^thStreet, Des Moines, IA 50392
(Address of principal executive offices)	(Zip code)

¹	U.S. Energy Information Administration.
²	S&P 500.
³	Bloomberg and the Conference Board.
⁴	Bureau of Economic Analysis.
⁵	St Louis Federal Reserve.
⁶	Bloomberg.
⁷	EuroStat.
⁸	IMF.


Diversified International Account			International Emerging Markets Account
Euro	16.2	%	Hong Kong Dollar	21.6	%
Japanese Yen	16.1		South Korean Won	15.6
British Pound	15.2		Taiwan Dollar	11.5
Canadian Dollar	12.3		Indian Rupee	9.0
Swiss Franc	7.1		Brazilian Real	8.0
			South African Rand	6.9


					Gross amounts not offset in the
					Statements of Assets and Liabilities
				Gross Amount of	Financial		Collateral		Net
Account	Counterparty	Asset Type		Recognized Asset	Instruments*		Received**		Amount
Bond & Mortgage Securities Account	Barclays	Credit Default	$	418	$ —	$	(418	)	$ —
		Swaps


LargeCap S&P 500 Managed Volatility Index Account	Number of Contracts			Premium (thousands)
Beginning of period	12		$	7
Options written	5,390			2,272
Options expired	(3,642	)		(1,433	)
Options closed	(1,695	)		(832	)
Options exercised	—			—
Balance at end of period	65		$	14


		Market Value		Collateral Value
SmallCap Growth Account II	$	7,157	$	7,386
SmallCap Value Account I		3,462		3,579

Senior Floating Rate Interests.		The Accounts may invest in senior floating rate interests (bank loans). Senior floating rate interests


	Total Percentage			Total Percentage
	of Outstanding			of Outstanding
Account	Shares Owned		Account	Shares Owned
Bond & Mortgage Securities Account	26.35	%	Income Account	95.95	%
Bond Market Index Account	99.93		LargeCap S&P 500 Index Account	90.23
Diversified International Account	31.24		LargeCap S&P 500 Managed Volatility Index Account	100.00
Equity Income Account	36.42		MidCap Account	12.15
Government & High Quality Bond Account	41.03		Short-Term Income Account	38.31


Diversified International Account	$	1,547,470
International Emerging Markets Account		1,644,917


			Fair Value
			at
	Asset		December		Unobservable
Account	Type		31, 2014	Valuation Technique	input		Input Value

Short-Term Income Account	Bonds	$	700	Indicative Market Quotations	Broker Quote	$	100.00
	Bonds		2,209	Third Party Vendor	Broker Quote		99.94 - 100.39
		$	2,909


					Accrued
					Discounts/
					Premiums														Net Change in Unrealized
		Value	Realized		and Change				Proceeds			Transfers			Transfers		Value		Appreciation/(Depreciation)
		December	Gain/		in Unrealized				from			into Level			Out of		December		on Investments Held at
Account		31, 2013	(Loss)		Gain/(Loss)		Purchases		Sales			3	*		Level 3**		31, 2014		December 31, 2014
Short-Term Income Account
Bonds	$	853	$ —	$	4	$	3,100	$	(195	)	$	—		$	(853	) $	2,909	$	4
	$	853	$ —	$	4	$	3,100	$	(195	)	$	—		$	(853	) $	2,909	$	4


LargeCap Blend Account II	.018	%
LargeCap Growth Account I	.016
SmallCap Growth Account II	.100
SmallCap Value Account I	.020


	Period from January 1, 2014 through December 31, 2014
	Class 1		Class 2		Expiration
Diversified Balanced Managed Volatility Account	N/A		.31	%	April 30, 2015
Diversified Growth Managed Volatility Account	N/A		.31		April 30, 2015
LargeCap S&P 500 Managed Volatility Index Account	.49	%	N/A		April 30, 2015
Principal LifeTime 2060 Account	.13		N/A		April 30, 2015
SmallCap Value Account I	.99		1.24		April 30, 2015


	Expense Limit
Diversified Balanced Account	.31	%
Diversified Growth Account	.31
Diversified Income Account	.31


Net Capital Loss Carryforward Expiring In:								No Expiration
		2016		2017		2018		Short-Term Long-Term			Total
Bond & Mortgage Securities Account	$	10,512	$	23,287	$	—	$	—	$	—$	33,799
Bond Market Index Account		—		—		—		2,115		2,186	4,301
Diversified International Account		11,343		99,463		—		—		—	110,806
Equity Income Account		—		5,257		—		—		—	5,257
Government & High Quality Bond Account		18,770		3,887		—		—		—	22,657
Income Account		—		1,798		1,584		—		—	3,382
International Emerging Markets Account		—		16,991		—		983		—	17,974
LargeCap Growth Account		—		17,319		—		—		—	17,319
Money Market Account		6		4		—		—		—	10
Principal LifeTime 2010 Account		—		—		1,010		—		—	1,010
Principal LifeTime Strategic Income Account		—		—		836		—		—	836
Short-Term Income Account		8,447		8,298		—		—		—	16,745
SmallCap Growth Account II		—		4,670		—		—		—	4,670


		Utilized
Balanced Account	$	1,064
Bond & Mortgage Securities Account		5,007
Bond Market Index Account		7,662
Diversified International Account		30,520
Equity Income Account		48,994
Government & High Quality Bond Account		756
Income Account		1,382
LargeCap Blend Account II		8,701
LargeCap Growth Account		9,406
Principal LifeTime 2010 Account		1,559
Principal LifeTime Strategic Income Account		727
Real Estate Securities Account		786
Short-Term Income Account		1,530
SmallCap Growth Account II		9,339


		Accumulated			Accumulated
		Undistributed Net			Net Realized Gain
		Investment Income			on Investments			Paid in Capital
Balanced Account	$	22		$	(22	)	$	—
Bond & Mortgage Securities Account		314			(314	)		—
Bond Market Index Account		2,931			(2,931	)		—
Diversified International Account		1,047			(1,047	)		—
Equity Income Account		(2,048	)		2,049			(1	)
Government & High Quality Bond Account		1,198			(1,198	)		—
Income Account		647			(647	)		—
International Emerging Markets Account		100			(100	)		—
LargeCap Blend Account II		(30	)		30			—
LargeCap Growth Account I		76			(76	)		—
LargeCap S&P 500 Managed Volatility Index Account		5			(5	)		—
LargeCap Value Account		2			(2	)		—
MidCap Account		1,600			(1,599	)		(1	)
Principal Capital Appreciation Account		—			(113	)		113
SmallCap Blend Account		(3	)		3			—
SmallCap Growth Account II		259			3			(262	)
SmallCap Value Account I		57			(57	)		—


INVESTMENT COMPANIES - 2.20%	Shares Held	Value(000			's)

Publicly Traded Investment Fund - 2.20%
BlackRock Liquidity Funds FedFund Portfolio	882,311		$	882

TOTAL INVESTMENT COMPANIES		$		882
Total Investments		$		40,296
Liabilities in Excess of Other Assets, Net - (0.54)%		$		(215	)
TOTAL NET ASSETS - 100.00%		$		40,081


(a) Non-Income Producing Security



Portfolio Summary (unaudited)

Sector				Percent
Consumer, Non-cyclical				18.23	%
Financial				17.70	%
Technology				15.76	%
Consumer, Cyclical				13.73	%
Industrial				12.26	%
Communications				7.21	%
Energy				6.87	%
Basic Materials				3.57	%
Utilities				3.01	%
Exchange Traded Funds				2.20	%
Liabilities in Excess of Other Assets, Net				(0.54	)%
TOTAL NET ASSETS				100.00	%

(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $53,648 or 19.97% of net assets.
(b)	Variable Rate. Rate shown is in effect at December 31, 2014.
(c)	Fair value of these investments is determined in good faith by the Manager under procedures established and periodically reviewed by the Board of Directors. At the end of the period, the fair value of these securities totaled $2,909 or 1.08% of net assets.
(d)	Non-Income Producing Security

(a)	Calculated based on average shares outstanding during the period.
(b)	Total return does not reflect charges attributable to separate accounts. Inclusion of these charges would reduce the amounts shown.
(c)	Period from May 15, 2012 date operations commenced, through December 31, 2012
(d)	Total return amounts have not been annualized.
(e)	Computed on an annualized basis.
(f)	Does not include expenses of the investment companies in which the Account invests.
(g)	Excludes expense reimbursement from Manager.
(h)	Reflects Manager's contractual expense limit.
(i)	Period from October 31, 2013 date operations commenced, through December 31, 2013

(a)	Calculated based on average shares outstanding during the period.
(b)	Total return does not reflect charges attributable to separate accounts. Inclusion of these charges would reduce the amounts shown.
(c)	Portfolio turnover rate excludes approximately $53,358,000 from portfolio realignment from the acquisition of Government & High Quality Bond Account.


		Foreign Taxes	Foreign
		Per Share	Source Income
Diversified Balanced Managed Volatility Account	$	0.0031	14	%
Diversified Growth Account	$	0.0039	19	%
Diversified Growth Account	$	0.0025	14	%
Diversified Growth Managed Volatility Account	$	0.0040	17	%
Diversified Income Account	$	0.0013	9	%
Diversified International Account	$	0.0396	100	%
International Emerging Markets Account	$	0.0669	100	%
Principal LifeTime 2010 Account	$	0.0043	12	%
Principal LifeTime 2020 Account	$	0.0060	13	%
Principal LifeTime 2030 Account	$	0.0080	13	%
Principal LifeTime 2040 Account	$	0.0102	17	%
Principal LifeTime 2050 Account	$	0.0112	18	%
Principal LifeTime 2060 Account	$	0.0109	18	%
Principal LifeTime Strategic Income Account	$	0.0018	6	%
SAM Balanced Portfolio	$	0.0060	8	%
SAM Conservative Balanced Portfolio	$	0.0029	5	%
SAM Conservative Growth Portfolio	$	0.0088	13	%
SAM Flexible Income Portfolio	$	0.0014	2	%
SAM Strategic Growth Portfolio	$	0.0103	10	%


	Total Percentage of			Total Percentage of
Account	Outstanding Shares Owned		Account	Outstanding Shares Owned
Diversified International Account	31.24	%	Income Account	95.95	%
Equity Income Account	36.42		MidCap Account	12.15
Government & High Quality Bond Account	41.03		Short-Term Income Account	38.31

(b)	Not applicable.
(c)	The Registrant has not amended its Code of Ethics during the period covered by the shareholder

(e)	Not applicable.
(f)	The Registrant's Code of Ethics is attached as an Exhibit hereto.