UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number

811-07572

Principal Funds, Inc.

(Exact name of registrant as specified in charter)

711 High Street, Des Moines, IA 50392-2080 (Address of principal executive offices)

Principal Management Corporation, Des Moines, IA 50392-2080 (Name and address of agent for service)

Registrant’s telephone number, including area code:		515-247-6783
Date of fiscal year end:	August 31, 2012
Date of reporting period:	May 31, 2012

ITEM 1 – SCHEDULE OF INVESTMENTS

Schedule of Investments
Bond Market Index Fund
May 31, 2012 (unaudited)
				Principal							Principal
	BONDS - 32.10	%		Amount (000's)		Value  (000	's)	BONDS (continued)		Amount (000's)			Value	(000	's)
	Advertising - 0.03%							Automobile Asset Backed Securities (continued)
	Omnicom Group Inc							Honda Auto Receivables Owner Trust
	4.45%, 8/15/2020		$	372	$	404		1.98%, 5/23/2016(c)		$	260	$		263
												$		637
	Aerospace & Defense - 0.27%							Automobile Manufacturers - 0.15%
	Boeing Co/The							Daimler Finance North America LLC
	3.75%, 11/20/2016			149		166		6.50%, 11/15/2013			520			560
	5.88%, 2/15/2040			446		588		8.50%, 1/18/2031			298			455
	Exelis Inc							Ford Motor Co
	4.25%, 10/1/2016(a)			372		383		7.45%, 7/16/2031			300			391
	L-3 Communications Corp							Toyota Motor Credit Corp
	4.95%, 2/15/2021			223		241		1.38%, 8/12/2013			372			375
	Lockheed Martin Corp							2.05%, 1/12/2017			223			228
	3.35%, 9/15/2021			298		306		3.20%, 6/17/2015			112			119
	5.50%, 11/15/2039			52		60		3.30%, 1/12/2022			223			234
	5.72%, 6/1/2040			75		90						$		2,362
	Northrop Grumman Corp
	3.50%, 3/15/2021			223		234		Automobile Parts & Equipment - 0.06%
	Raytheon Co							Johnson Controls Inc
	3.13%, 10/15/2020			223		235		3.75%, 12/1/2021			223			234
	4.88%, 10/15/2040			446		490		5.00%, 3/30/2020			186			216
	United Technologies Corp							5.25%, 12/1/2041			372			419
	1.20%, 6/1/2015(b)			300		303						$		869
	3.10%, 6/1/2022(b)			200		208
								Banks - 5.05	%
	4.50%, 4/15/2020			216		249		Abbey National Treasury Services
	5.38%, 12/15/2017			298		358		PLC/London
	5.70%, 4/15/2040			149		185		2.88%, 4/25/2014			149			146
	6.13%, 7/15/2038			52		67		Bank of America Corp
					$	4,163		3.63%, 3/17/2016			520			515
	Agriculture - 0.39%							3.70%, 9/1/2015			385			385
	Altria Group Inc							4.50%, 4/1/2015			485			496
	4.13%, 9/11/2015			104		113		4.75%, 8/15/2013			223			229
	4.75%, 5/5/2021			372		415		4.75%, 8/1/2015			75			77
	8.50%, 11/10/2013			595		657		5.42%, 3/15/2017			50			50
	9.25%, 8/6/2019			558		767		5.63%, 7/1/2020			520			539
	9.70%, 11/10/2018			223		307		5.65%, 5/1/2018			745			776
	9.95%, 11/10/2038			220		351		5.70%, 1/24/2022			520			552
	10.20%, 2/6/2039			30		49		5.88%, 2/7/2042			372			380
	Archer-Daniels-Midland Co							6.00%, 9/1/2017			775			822
	4.48%, 3/1/2021(c)			372		435		6.50%, 8/1/2016			260			282
	5.38%, 9/15/2035			149		176		7.38%, 5/15/2014			300			324
	Bunge Ltd Finance Corp							7.63%, 6/1/2019			300			343
	4.10%, 3/15/2016			223		236		Bank of Montreal
	Lorillard Tobacco Co							2.50%, 1/11/2017			372			384
	8.13%, 6/23/2019			104		130		Bank of New York Mellon Corp/The
	8.13%, 5/1/2040			75		93		1.20%, 2/20/2015			520			522
	Philip Morris International Inc							3.55%, 9/23/2021			149			159
	2.50%, 5/16/2016			372		391		5.13%, 8/27/2013			298			314
	2.90%, 11/15/2021			149		154		5.50%, 12/1/2017			93			106
	4.38%, 11/15/2041			149		159		Bank of Nova Scotia
	4.50%, 3/26/2020			379		439		1.85%, 1/12/2015			149			152
	5.65%, 5/16/2018			75		90		2.38%, 12/17/2013			149			153
	6.88%, 3/17/2014			780		866		2.90%, 3/29/2016			298			313
	Reynolds American Inc							Barclays Bank PLC
	7.63%, 6/1/2016			260		314		2.38%, 1/13/2014			446			446
					$	6,142		2.75%, 2/23/2015			372			372
								5.00%, 9/22/2016			160			172
	Airlines - 0.07%							5.13%, 1/8/2020			100			107
	Continental Airlines 2010-A							5.14%, 10/14/2020			298			285
	4.75%, 1/12/2021			146		153		6.75%, 5/22/2019			300			346
	Delta Air Lines 2007-1 Class A Pass Through							BB&T Capital Trust II
	Trust							6.75%, 6/7/2036			149			155
	6.82%, 8/10/2022			273		295		BB&T Corp
	UAL 2009-2A Pass Through Trust							3.38%, 9/25/2013			75			77
	9.75%, 1/15/2017			619		708		3.95%, 4/29/2016			86			93
					$	1,156		5.20%, 12/23/2015			75			83
								6.85%, 4/30/2019			52			66
	Automobile Asset Backed Securities -	0.04%						BNP Paribas SA
	Ford Credit Auto Owner Trust
	1.35%, 12/15/2016(c)			371		374		3.25%, 3/11/2015			743			743
								5.00%, 1/15/2021			223			223

See accompanying notes.

1

Schedule of Investments
Bond Market Index Fund
May 31, 2012 (unaudited)
	Principal								Principal
BONDS (continued)	Amount (000's)			Value (000	's)	BONDS (continued)			Amount (000's)		Value (000	's)
Banks (continued)						Banks (continued)
Canadian Imperial Bank of						Goldman Sachs Group Inc/The	(continued)
Commerce/Canada						6.75%, 10/1/2037		$	357	$	351
2.35%, 12/11/2015	$	149	$	154		HSBC Bank USA NA
Capital One Financial Corp						4.88%, 8/24/2020			250		257
2.15%, 3/23/2015		446		448		HSBC Bank USA NA/New York NY
5.50%, 6/1/2015		149		163		4.63%, 4/1/2014			743		774
6.75%, 9/15/2017		223		266		5.88%, 11/1/2034			250		260
China Development Bank Corp						HSBC Holdings PLC
5.00%, 10/15/2015		100		110		4.00%, 3/30/2022			372		379
Citigroup Inc						5.10%, 4/5/2021			372		411
2.65%, 3/2/2015		372		369		6.10%, 1/14/2042			446		540
3.95%, 6/15/2016		743		755		6.50%, 5/2/2036			60		66
4.45%, 1/10/2017		446		460		6.50%, 9/15/2037			350		391
4.50%, 1/14/2022		446		458		HSBC USA Inc
4.59%, 12/15/2015		223		232		2.38%, 2/13/2015			372		373
5.00%, 9/15/2014		743		760		JP Morgan Chase & Co
5.88%, 1/30/2042		372		396		1.88%, 3/20/2015			372		372
6.00%, 10/31/2033		45		45		2.05%, 1/24/2014			149		150
6.01%, 1/15/2015		75		80		2.13%, 12/26/2012			372		376
6.13%, 11/21/2017		372		402		2.60%, 1/15/2016			743		744
6.13%, 5/15/2018		372		405		3.45%, 3/1/2016			223		230
6.13%, 8/25/2036		200		197		3.70%, 1/20/2015			595		617
6.38%, 8/12/2014		788		845		4.40%, 7/22/2020			468		490
6.50%, 8/19/2013		260		273		4.50%, 1/24/2022			743		793
6.63%, 6/15/2032		38		41		4.63%, 5/10/2021			743		787
6.88%, 3/5/2038		75		88		4.65%, 6/1/2014			966		1,022
8.13%, 7/15/2039		372		493		4.95%, 3/25/2020			168		183
8.50%, 5/22/2019		372		456		5.13%, 9/15/2014			260		272
Cooperatieve Centrale Raiffeisen-						5.25%, 5/1/2015			257		274
Boerenleenbank BA/Netherlands						5.40%, 1/6/2042			298		323
4.50%, 1/11/2021		149		158		5.60%, 7/15/2041			446		486
Cooperatieve Centrale Raiffeisen-						6.30%, 4/23/2019			446		518
Boerenleenbank BA/Utrecht						6.40%, 5/15/2038			75		88
3.38%, 1/19/2017		372		381		JP Morgan Chase Bank NA
3.88%, 2/8/2022		372		371		6.00%, 10/1/2017			410		456
Credit Suisse/New York NY						JP Morgan Chase Capital XXV
2.20%, 1/14/2014		250		252		6.80%, 10/1/2037			268		269
3.50%, 3/23/2015		300		311		KeyBank NA/Cleveland OH
5.30%, 8/13/2019		743		832		5.80%, 7/1/2014			750		809
5.40%, 1/14/2020		316		321		KeyCorp
5.50%, 5/1/2014		491		522		3.75%, 8/13/2015			231		243
Deutsche Bank AG/London						5.10%, 3/24/2021			298		337
3.45%, 3/30/2015		227		235		KFW
3.88%, 8/18/2014		743		773		0.63%, 4/24/2015			1,115		1,110
6.00%, 9/1/2017		416		472		1.25%, 2/15/2017			743		746
Discover Bank/Greenwood DE						1.38%, 7/15/2013			223		225
7.00%, 4/15/2020		100		117		1.38%, 1/13/2014			595		602
8.70%, 11/18/2019		250		319		2.63%, 3/3/2015			743		781
Export-Import Bank of Korea						2.63%, 2/16/2016			443		468
5.00%, 4/11/2022		400		435		2.63%, 2/16/2016			300		316
5.88%, 1/14/2015		439		477		2.63%, 1/25/2022			743		764
8.13%, 1/21/2014		335		366		2.75%, 10/21/2014			409		429
Fifth Third Bancorp						2.75%, 9/8/2020			372		392
5.45%, 1/15/2017		149		162		3.50%, 3/10/2014			372		391
Goldman Sachs Group Inc/The						4.00%, 10/15/2013			223		234
3.63%, 2/7/2016		743		732		4.00%, 1/27/2020			283		324
4.75%, 7/15/2013		205		211		4.13%, 10/15/2014			966		1,044
5.15%, 1/15/2014		112		116		4.38%, 3/15/2018			275		319
5.25%, 10/15/2013		205		213		4.50%, 7/16/2018			298		351
5.25%, 7/27/2021		298		295		4.88%, 6/17/2019			818		990
5.38%, 3/15/2020		372		378		5.13%, 3/14/2016			223		257
5.50%, 11/15/2014		743		781		Korea Development Bank/The
5.63%, 1/15/2017		818		839		4.00%, 9/9/2016			400		420
5.75%, 1/24/2022		372		382		8.00%, 1/23/2014			743		812
6.00%, 5/1/2014		298		313		Landwirtschaftliche Rentenbank
6.13%, 2/15/2033		38		38		3.13%, 7/15/2015			298		318
6.15%, 4/1/2018		929		970		4.13%, 7/15/2013			446		464
6.25%, 2/1/2041		372		375		5.00%, 11/8/2016			298		347
6.45%, 5/1/2036		149		140

See accompanying notes.

2

Schedule of Investments
Bond Market Index Fund
May 31, 2012 (unaudited)
	Principal						Principal
BONDS (continued)	Amount (000's)			Value (000	's)	BONDS (continued)	Amount (000's)			Value	(000	's)
Banks (continued)						Banks (continued)
Lloyds TSB Bank PLC						Wachovia Corp
4.88%, 1/21/2016	$	520	$	532		4.88%, 2/15/2014	$	149	$		156
6.38%, 1/21/2021		149		161		5.25%, 8/1/2014		149			159
Mellon Funding Corp						5.75%, 2/1/2018		520			602
5.00%, 12/1/2014		223		237		Wells Fargo & Co
Morgan Stanley						3.50%, 3/8/2022		520			528
3.80%, 4/29/2016		372		351		3.63%, 4/15/2015		777			825
4.10%, 1/26/2015		250		244		3.68%, 6/15/2016(c)		223			236
4.20%, 11/20/2014		150		148		3.75%, 10/1/2014		446			470
4.75%, 4/1/2014		565		558		4.60%, 4/1/2021		298			328
5.45%, 1/9/2017		200		195		Wells Fargo Bank NA
5.50%, 1/26/2020		160		150		4.75%, 2/9/2015		500			532
5.55%, 4/27/2017		200		196		Westpac Banking Corp
5.63%, 9/23/2019		639		610		3.00%, 8/4/2015		90			94
5.75%, 1/25/2021		300		283		3.00%, 12/9/2015		223			232
6.00%, 5/13/2014		632		643		4.20%, 2/27/2015		312			333
6.00%, 4/28/2015		476		484		4.88%, 11/19/2019		75			82
6.25%, 8/28/2017		795		799					$		78,713
6.63%, 4/1/2018		220		223
7.25%, 4/1/2032		45		47		Beverages - 0.51%
7.30%, 5/13/2019		330		342		Anheuser-Busch Cos LLC
National Australia Bank/New York						5.50%, 1/15/2018		260			308
2.00%, 3/9/2015		750		751		Anheuser-Busch InBev Worldwide Inc
Oesterreichische Kontrollbank AG						4.13%, 1/15/2015		45			49
2.00%, 6/3/2016		372		378		5.00%, 4/15/2020		112			133
PNC Funding Corp						5.38%, 11/15/2014		446			492
2.70%, 9/19/2016		372		385		5.38%, 1/15/2020		197			237
3.63%, 2/8/2015		186		198		6.38%, 1/15/2040		149			208
4.38%, 8/11/2020		149		165		6.88%, 11/15/2019		149			193
5.13%, 2/8/2020		75		87		7.75%, 1/15/2019		372			492
5.63%, 2/1/2017		298		334		8.20%, 1/15/2039		149			244
6.70%, 6/10/2019		75		93		Beam Inc
Royal Bank of Canada						5.38%, 1/15/2016		8			9
2.10%, 7/29/2013		75		76		Bottling Group LLC
2.63%, 12/15/2015		149		156		6.95%, 3/15/2014		400			445
2.88%, 4/19/2016		149		159		Coca-Cola Co/The
Royal Bank of Scotland Group PLC						0.75%, 11/15/2013		372			374
6.40%, 10/21/2019		60		62		0.75%, 3/13/2015		298			299
Royal Bank of Scotland PLC/The						1.50%, 11/15/2015		223			228
3.40%, 8/23/2013		301		304		1.80%, 9/1/2016		223			230
3.95%, 9/21/2015		372		371		3.15%, 11/15/2020		372			400
5.63%, 8/24/2020		483		496		Coca-Cola Enterprises Inc
State Street Corp						2.13%, 9/15/2015		200			205
5.38%, 4/30/2017		54		63		3.50%, 9/15/2020		200			211
SunTrust Bank/Atlanta GA						Diageo Capital PLC
5.00%, 9/1/2015		14		15		4.83%, 7/15/2020		149			175
SunTrust Banks Inc						Diageo Finance BV
3.60%, 4/15/2016		298		310		3.25%, 1/15/2015		119			126
Toronto-Dominion Bank/The						Dr Pepper Snapple Group Inc
1.38%, 7/14/2014		149		151		2.60%, 1/15/2019		223			228
2.38%, 10/19/2016		520		538		PepsiAmericas Inc
UBS AG/Stamford CT						4.88%, 1/15/2015		75			83
2.25%, 8/12/2013		200		201		PepsiCo Inc
3.88%, 1/15/2015		520		537		0.88%, 10/25/2013		149			149
4.88%, 8/4/2020		700		737		2.50%, 5/10/2016		149			157
5.88%, 12/20/2017		743		817		2.75%, 3/5/2022		372			373
Union Bank NA						3.10%, 1/15/2015		67			71
5.95%, 5/11/2016		300		334		3.13%, 11/1/2020		372			389
US Bancorp						4.50%, 1/15/2020		149			170
1.13%, 10/30/2013		75		75		4.88%, 11/1/2040		372			424
1.65%, 5/15/2017		595		594		5.50%, 1/15/2040		149			184
2.45%, 7/27/2015		298		309		7.90%, 11/1/2018		460			617
3.00%, 3/15/2022		372		382					$		7,903
4.13%, 5/24/2021		223		250		Biotechnology - 0.17%
US Bank NA/Cincinnati OH						Amgen Inc
6.30%, 2/4/2014		100		109		1.88%, 11/15/2014		223			227
Wachovia Bank NA						4.10%, 6/15/2021		520			554
6.00%, 11/15/2017		600		692		5.15%, 11/15/2041		223			230
6.60%, 1/15/2038		550		689		5.70%, 2/1/2019		38			45

See accompanying notes.

3

Schedule of Investments
Bond Market Index Fund
May 31, 2012 (unaudited)
	Principal							Principal
BONDS (continued)	Amount (000's)			Value (000	's)	BONDS (continued)		Amount (000's)		Value	(000	's)
Biotechnology (continued)						Computers (continued)
Amgen Inc (continued)						Hewlett-Packard Co (continued)
5.75%, 3/15/2040	$	75	$	84		6.13%, 3/1/2014	$	788	$		847
5.85%, 6/1/2017		231		270		International Business Machines Corp
6.40%, 2/1/2039		38		45		0.55%, 2/6/2015		372			370
6.90%, 6/1/2038		260		328		1.00%, 8/5/2013		150			151
Celgene Corp						2.00%, 1/5/2016		200			207
2.45%, 10/15/2015		149		152		5.60%, 11/30/2039		268			353
Genentech Inc						5.70%, 9/14/2017		520			625
4.75%, 7/15/2015		483		538		6.22%, 8/1/2027		149			197
Gilead Sciences Inc						6.50%, 10/15/2013		300			324
4.40%, 12/1/2021		223		245		7.63%, 10/15/2018		100			133
			$	2,718					$		6,176
Chemicals - 0.28%						Consumer Products - 0.08%
Airgas Inc						Avery Dennison Corp
2.95%, 6/15/2016		223		233		5.38%, 4/15/2020		75			79
Dow Chemical Co/The						Clorox Co/The
2.50%, 2/15/2016		223		230		3.80%, 11/15/2021		372			392
4.13%, 11/15/2021		149		156		Kimberly-Clark Corp
5.90%, 2/15/2015		145		162		2.40%, 3/1/2022		743			744
7.60%, 5/15/2014		223		249		7.50%, 11/1/2018		52			70
8.55%, 5/15/2019		419		554					$		1,285
9.40%, 5/15/2039		149		236
Eastman Chemical Co						Cosmetics & Personal Care - 0.15%
3.00%, 12/15/2015		149		154		Colgate-Palmolive Co
4.50%, 1/15/2021		149		159		2.95%, 11/1/2020		446			473
Ecolab Inc						Procter & Gamble Co/The
4.35%, 12/8/2021		298		326		0.70%, 8/15/2014		149			150
5.50%, 12/8/2041		223		260		2.30%, 2/6/2022		1,189			1,196
EI du Pont de Nemours & Co						4.70%, 2/15/2019		223			266
1.75%, 3/25/2014		223		228		4.85%, 12/15/2015		75			86
2.75%, 4/1/2016		223		237		5.55%, 3/5/2037		149			199
3.25%, 1/15/2015		223		238					$		2,370
4.25%, 4/1/2021		223		255		Credit Card Asset Backed Securities - 0.13%
4.63%, 1/15/2020		75		88		Capital One Multi-Asset Execution Trust
Potash Corp of Saskatchewan Inc						5.75%, 7/15/2020		1,374			1,669
4.88%, 3/30/2020		149		174		Citibank Credit Card Issuance Trust
5.25%, 5/15/2014		75		81		5.30%, 3/15/2018		300			347
PPG Industries Inc									$		2,016
3.60%, 11/15/2020		149		160
Praxair Inc						Diversified Financial Services - 1.99%
5.38%, 11/1/2016		149		175		American Express Co
Sherwin-Williams Co/The						4.88%, 7/15/2013		595			620
3.13%, 12/15/2014		34		36		6.15%, 8/28/2017		372			439
			$	4,391		7.00%, 3/19/2018		528			650
						8.15%, 3/19/2038		75			119
Commercial Services - 0.03%						American Express Credit Corp
Stanford University						2.80%, 9/19/2016		743			765
3.63%, 5/1/2014		223		236		5.13%, 8/25/2014		743			801
Western Union Co/The						Aon Corp
5.25%, 4/1/2020		75		87		5.00%, 9/30/2020		372			422
6.50%, 2/26/2014		52		57		8.21%, 1/1/2027		20			24
Yale University						Bear Stearns Cos LLC/The
2.90%, 10/15/2014		75		79		5.55%, 1/22/2017		149			161
			$	459		6.40%, 10/2/2017		371			423
Computers - 0.40%						7.25%, 2/1/2018		416			490
Affiliated Computer Services Inc						BlackRock Inc
5.20%, 6/1/2015		149		161		3.50%, 12/10/2014		112			119
Computer Sciences Corp						5.00%, 12/10/2019		75			86
6.50%, 3/15/2018		298		321		Boeing Capital Corp
Dell Inc						4.70%, 10/27/2019		97			116
5.63%, 4/15/2014		75		82		Capital One Bank USA NA
7.10%, 4/15/2028		149		189		6.50%, 6/13/2013		275			288
Hewlett-Packard Co						8.80%, 7/15/2019		600			762
1.25%, 9/13/2013		149		149		Caterpillar Financial Services Corp
2.13%, 9/13/2015		223		223		1.63%, 6/1/2017		300			301
2.60%, 9/15/2017		446		440		2.65%, 4/1/2016		223			235
3.00%, 9/15/2016		372		380		2.85%, 6/1/2022		200			203
4.65%, 12/9/2021		520		539		4.90%, 8/15/2013		149			156
6.00%, 9/15/2041		446		485		6.13%, 2/17/2014		743			808

See accompanying notes.

4

Schedule of Investments
Bond Market Index Fund
May 31, 2012 (unaudited)
	Principal							Principal
BONDS (continued)	Amount (000's)			Value (000	's)	BONDS (continued)		Amount (000's)		Value (000	's)
Diversified Financial Services (continued)						Diversified Financial Services (continued)
Caterpillar Financial Services Corp						National Rural Utilities Cooperative Finance
(continued)						Corp
7.15%, 2/15/2019	$	327	$	429		3.05%, 2/15/2022	$	298	$	310
Charles Schwab Corp/The						3.88%, 9/16/2015		372		407
4.95%, 6/1/2014		483		520		10.38%, 11/1/2018		52		76
Countrywide Financial Corp						Nomura Holdings Inc
6.25%, 5/15/2016		164		169		4.13%, 1/19/2016		446		453
Credit Suisse USA Inc						6.70%, 3/4/2020		376		416
5.50%, 8/15/2013		149		156		ORIX Corp
5.85%, 8/16/2016		298		336		4.71%, 4/27/2015		350		366
Ford Motor Credit Co LLC						Private Export Funding Corp
2.75%, 5/15/2015		600		610		3.05%, 10/15/2014		75		79
4.25%, 2/3/2017		300		320		3.55%, 4/15/2013		75		77
5.00%, 5/15/2018		300		328		SLM Corp
5.88%, 8/2/2021		600		682		5.00%, 10/1/2013		246		251
7.00%, 10/1/2013		300		320		6.25%, 1/25/2016		520		526
8.70%, 10/1/2014		300		343		8.00%, 3/25/2020		75		77
Franklin Resources Inc						8.45%, 6/15/2018		446		470
3.13%, 5/20/2015		149		157					$	31,066
General Electric Capital Corp
2.10%, 1/7/2014		743		753		Electric - 1.53%
2.13%, 12/21/2012		186		188		Appalachian Power Co
2.15%, 1/9/2015		743		753		6.70%, 8/15/2037		223		290
2.30%, 4/27/2017		743		740		7.00%, 4/1/2038		60		82
2.63%, 12/28/2012		520		527		Arizona Public Service Co
3.50%, 6/29/2015		223		234		4.50%, 4/1/2042		223		240
3.75%, 11/14/2014		595		625		Baltimore Gas & Electric Co
4.63%, 1/7/2021		223		244		5.90%, 10/1/2016		201		236
5.30%, 2/11/2021		892		993		CenterPoint Energy Houston Electric LLC
5.38%, 10/20/2016		446		505		7.00%, 3/1/2014		97		107
5.50%, 6/4/2014		149		161		Commonwealth Edison Co
5.50%, 1/8/2020		275		315		1.63%, 1/15/2014		223		226
5.63%, 9/15/2017		446		509		4.00%, 8/1/2020		30		34
5.88%, 1/14/2038		769		874		5.80%, 3/15/2018		38		46
6.00%, 8/7/2019		524		615		Consolidated Edison Co of New York Inc
6.15%, 8/7/2037		160		187		4.20%, 3/15/2042		372		397
6.75%, 3/15/2032		234		288		5.85%, 3/15/2036		149		192
6.88%, 1/10/2039		580		742		6.65%, 4/1/2019		149		192
Goldman Sachs Capital I						6.75%, 4/1/2038		75		108
6.35%, 2/15/2034		156		143		Constellation Energy Group Inc
HSBC Finance Capital Trust IX						4.55%, 6/15/2015		45		48
5.91%, 11/30/2035		125		115		Consumers Energy Co
HSBC Finance Corp						5.50%, 8/15/2016		212		245
5.50%, 1/19/2016		300		325		Detroit Edison Co/The
6.68%, 1/15/2021		286		309		3.45%, 10/1/2020		15		16
Jefferies Group Inc						Dominion Resources Inc/VA
3.88%, 11/9/2015		298		288		1.80%, 3/15/2014		223		227
6.88%, 4/15/2021		78		75		4.90%, 8/1/2041		223		250
8.50%, 7/15/2019		38		40		5.15%, 7/15/2015		149		167
John Deere Capital Corp						8.88%, 1/15/2019		595		820
0.88%, 4/17/2015		298		298		Duke Energy Carolinas LLC
1.40%, 3/15/2017		520		521		5.30%, 10/1/2015		446		507
1.88%, 6/17/2013		149		151		5.30%, 2/15/2040		38		47
2.25%, 6/7/2016		223		233		Duke Energy Corp
2.75%, 3/15/2022		372		377		3.35%, 4/1/2015		223		236
JP Morgan Chase Capital XXVII						3.95%, 9/15/2014		19		20
7.00%, 11/1/2039		149		149		Duke Energy Indiana Inc
Merrill Lynch & Co Inc						3.75%, 7/15/2020		108		119
5.30%, 9/30/2015		75		79		4.20%, 3/15/2042		372		387
5.45%, 7/15/2014		75		79		6.12%, 10/15/2035		223		259
5.70%, 5/2/2017		200		203		Duke Energy Ohio Inc
6.05%, 5/16/2016		416		427		5.45%, 4/1/2019		372		452
6.11%, 1/29/2037		200		192		Entergy Arkansas Inc
6.88%, 4/25/2018		595		654		3.75%, 2/15/2021		75		81
7.75%, 5/14/2038		350		398		Entergy Corp
Murray Street Investment Trust I						4.70%, 1/15/2017		372		391
4.65%, 3/9/2017(c)		743		737		5.13%, 9/15/2020		258		269
NASDAQ OMX Group Inc/The						Exelon Corp
4.00%, 1/15/2015		149		154		4.90%, 6/15/2015		112		122

See accompanying notes.

5

Schedule of Investments
Bond Market Index Fund
May 31, 2012 (unaudited)
		Principal					Principal
BONDS (continued)		Amount (000's)		Value (000	's)	BONDS (continued)	Amount (000's)			Value	(000	's)
Electric (continued)						Electric (continued)
Exelon Generation Co LLC						PSEG Power LLC
5.20%, 10/1/2019	$	298	$	335		2.75%, 9/15/2016	$	223	$		231
6.25%, 10/1/2039		416		495		Public Service Co of New Mexico
FirstEnergy Corp						7.95%, 5/15/2018		446			548
7.38%, 11/15/2031		372		474		Public Service Electric & Gas Co
FirstEnergy Solutions Corp						3.50%, 8/15/2020		212			233
6.05%, 8/15/2021		45		50		Puget Sound Energy Inc
6.80%, 8/15/2039		294		320		4.43%, 11/15/2041		223			245
Florida Power & Light Co						5.80%, 3/15/2040		149			195
5.13%, 6/1/2041		446		539		San Diego Gas & Electric Co
5.63%, 4/1/2034		75		94		5.35%, 5/15/2040		246			318
5.69%, 3/1/2040		142		186		South Carolina Electric & Gas Co
Florida Power Corp						5.45%, 2/1/2041		223			271
4.55%, 4/1/2020		223		258		Southern California Edison Co
5.65%, 6/15/2018		372		451		4.05%, 3/15/2042		372			387
5.65%, 4/1/2040		75		95		5.50%, 3/15/2040		298			377
6.40%, 6/15/2038		194		266		5.95%, 2/1/2038		23			31
Georgia Power Co						Southwestern Electric Power Co
3.00%, 4/15/2016		223		239		6.20%, 3/15/2040		149			184
4.25%, 12/1/2019		223		256		6.45%, 1/15/2019		75			91
4.30%, 3/15/2042		372		384		Toledo Edison Co/The
6.00%, 9/1/2040		75		75		7.25%, 5/1/2020		223			287
Great Plains Energy Inc						TransAlta Corp
4.85%, 6/1/2021		223		242		6.50%, 3/15/2040		75			77
Hydro Quebec						Union Electric Co
8.05%, 7/7/2024		298		449		6.40%, 6/15/2017		223			270
Iberdrola International BV						Virginia Electric and Power Co
6.75%, 7/15/2036		372		365		6.00%, 5/15/2037		223			292
LG&E and KU Energy LLC						8.88%, 11/15/2038		30			51
3.75%, 11/15/2020		223		232					$		23,792
Louisville Gas & Electric Co
5.13%, 11/15/2040		149		180		Electrical Components & Equipment - 0.01%
MidAmerican Energy Holdings Co						Emerson Electric Co
6.13%, 4/1/2036		454		575		4.88%, 10/15/2019		75			89
Nevada Power Co
5.45%, 5/15/2041		435		533		Electronics - 0.11%
6.50%, 5/15/2018		223		274		Agilent Technologies Inc
7.13%, 3/15/2019		38		49		6.50%, 11/1/2017		45			55
NextEra Energy Capital Holdings Inc						Honeywell International Inc
2.55%, 11/15/2013		71		72		5.30%, 3/1/2018		372			444
4.50%, 6/1/2021		149		162		5.38%, 3/1/2041		223			274
Nisource Finance Corp						5.70%, 3/15/2037		38			48
5.25%, 9/15/2017		205		229		Koninklijke Philips Electronics NV
5.40%, 7/15/2014		138		150		5.00%, 3/15/2042		372			398
5.95%, 6/15/2041		75		87		5.75%, 3/11/2018		30			35
6.40%, 3/15/2018		45		53		Thermo Fisher Scientific Inc
Northern States Power Co/MN						2.05%, 2/21/2014		223			228
5.25%, 3/1/2018		119		142		4.70%, 5/1/2020		149			172
5.35%, 11/1/2039		238		300					$		1,654
Ohio Power Co
6.00%, 6/1/2016		237		276		Environmental Control - 0.08%
Oncor Electric Delivery Co LLC						Republic Services Inc
5.25%, 9/30/2040		149		154		4.75%, 5/15/2023		149			166
6.80%, 9/1/2018		506		603		5.50%, 9/15/2019		301			351
Pacific Gas & Electric Co						6.20%, 3/1/2040		171			204
3.50%, 10/1/2020		75		81		Waste Management Inc
4.45%, 4/15/2042		298		318		6.38%, 3/11/2015		223			253
5.40%, 1/15/2040		372		450		7.00%, 7/15/2028		45			61
6.05%, 3/1/2034		298		380		7.38%, 3/11/2019		223			283
PacifiCorp									$		1,318
5.65%, 7/15/2018		205		247		Federal & Federally Sponsored Credit - 0.12%
6.25%, 10/15/2037		268		363		Federal Farm Credit Banks Funding Corp
PG&E Corp						0.75%, 12/19/2014		558			559
5.75%, 4/1/2014		298		323		1.50%, 11/16/2015		743			764
PPL Energy Supply LLC						3.88%, 10/7/2013		459			481
5.70%, 10/15/2035		134		146					$		1,804
Progress Energy Inc
3.15%, 4/1/2022		372		376		Finance - Mortgage Loan/Banker - 4.69%
7.75%, 3/1/2031		394		563		Fannie Mae
						0.00%, 6/1/2017(d)		446			423

See accompanying notes.

6

Schedule of Investments
Bond Market Index Fund
May 31, 2012 (unaudited)
	Principal								Principal
BONDS (continued)	Amount (000's)			Value (000	's)	BONDS (continued)		Amount (000's)			Value (000	's)
Finance - Mortgage Loan/Banker (continued)						Finance - Mortgage Loan/Banker (continued)
Fannie Mae (continued)						Federal Home Loan Banks		(continued)
0.00%, 10/9/2019(d)	$	560	$	461		3.13%, 12/13/2013		$	150	$	156
0.38%, 3/16/2015		743		740		3.63%, 10/18/2013			190		199
0.50%, 12/27/2013		558		559		3.88%, 6/14/2013			150		156
0.50%, 11/21/2014		818		817		4.00%, 9/6/2013			115		120
0.60%, 10/25/2013		372		372		4.50%, 9/16/2013			115		121
0.63%, 10/30/2014		1,115		1,119		4.50%, 2/18/2015			745		822
0.75%, 12/18/2013		372		375		4.75%, 12/16/2016			190		223
0.75%, 12/19/2014		743		748		4.88%, 5/17/2017			930		1,107
0.80%, 11/23/2015		818		818		5.00%, 11/17/2017			560		678
0.85%, 10/24/2014		372		373		5.13%, 8/14/2013			930		985
0.88%, 8/28/2014		372		376		5.25%, 6/18/2014			190		209
1.00%, 9/20/2013		149		149		5.38%, 5/18/2016			225		266
1.00%, 9/23/2013		1,189		1,200		5.50%, 8/13/2014			485		540
1.00%, 6/27/2014		186		186		5.50%, 7/15/2036			520		716
1.00%, 11/7/2014		372		373		5.63%, 6/11/2021			450		580
1.00%, 8/29/2016		500		499		Freddie Mac
1.10%, 4/24/2015		446		447		0.63%, 12/23/2013			743		746
1.13%, 6/27/2014		520		528		0.63%, 12/29/2014			743		746
1.25%, 8/20/2013		1,040		1,052		0.75%, 10/17/2014			372		372
1.25%, 2/27/2014		743		756		0.88%, 10/28/2013			743		749
1.25%, 9/28/2016		929		943		0.90%, 1/23/2015			743		744
1.25%, 1/30/2017		558		567		1.00%, 7/30/2014			743		753
1.38%, 10/19/2016		558		560		1.00%, 8/20/2014			743		752
1.38%, 11/15/2016		743		758		1.00%, 8/27/2014			372		377
1.45%, 10/3/2016		372		373		1.15%, 10/19/2015			372		373
1.50%, 6/26/2013		149		151		1.20%, 3/6/2017			595		600
1.50%, 4/17/2017		372		375		1.25%, 5/12/2017			743		753
1.63%, 10/26/2015		743		767		1.27%, 1/26/2015			97		97
1.75%, 5/7/2013		186		189		1.35%, 4/29/2014			743		757
2.38%, 7/28/2015		298		315		1.38%, 2/25/2014			372		379
2.38%, 4/11/2016		520		552		1.50%, 8/24/2016			372		373
2.50%, 5/15/2014		149		155		1.63%, 4/15/2013			186		188
2.63%, 11/20/2014		372		392		1.63%, 12/5/2016			595		598
2.75%, 2/5/2014		1,115		1,162		1.75%, 9/10/2015			186		193
2.75%, 3/13/2014		743		775		2.00%, 2/28/2019			1,152		1,161
2.88%, 12/11/2013		208		216		2.38%, 1/13/2022			743		765
3.00%, 9/16/2014		1,338		1,418		2.50%, 1/7/2014			186		193
3.25%, 4/9/2013		149		153		2.50%, 4/23/2014			149		155
3.88%, 7/12/2013		186		194		2.50%, 5/27/2016			520		555
4.13%, 4/15/2014		743		795		2.88%, 2/9/2015			372		395
4.38%, 10/15/2015		298		335		3.50%, 5/29/2013			250		258
4.63%, 5/1/2013		743		772		3.75%, 6/28/2013			409		425
4.63%, 10/15/2014		112		123		3.75%, 3/27/2019			1,598		1,843
5.00%, 3/15/2016		929		1,065		4.13%, 9/27/2013			186		195
5.00%, 2/13/2017		186		221		4.38%, 7/17/2015			149		166
5.00%, 5/11/2017		186		222		4.50%, 7/15/2013			929		974
5.25%, 9/15/2016		149		177		4.50%, 1/15/2014			186		199
5.38%, 6/12/2017		929		1,128		4.50%, 1/15/2015			186		205
5.63%, 7/15/2037		75		108		4.75%, 11/17/2015			186		212
5.78%, 6/7/2022		75		75		4.75%, 1/19/2016			669		767
6.00%, 4/18/2036		149		175		4.88%, 11/15/2013			892		952
6.63%, 11/15/2030		298		454		4.88%, 6/13/2018			613		743
7.13%, 1/15/2030		576		911		5.00%, 1/30/2014			186		200
7.25%, 5/15/2030		520		836		5.00%, 7/15/2014			558		612
Federal Home Loan Banks						5.00%, 2/16/2017			298		354
0.38%, 11/27/2013		745		746		5.00%, 4/18/2017			743		885
0.38%, 1/29/2014		745		746		5.13%, 10/18/2016			250		295
0.41%, 3/12/2014		1,115		1,116		5.13%, 11/17/2017			520		631
0.50%, 8/28/2013		1,115		1,118		5.25%, 4/18/2016			520		610
0.50%, 2/24/2015		300		300		5.50%, 7/18/2016			929		1,107
0.88%, 12/27/2013		375		378		5.50%, 8/23/2017			669		821
1.24%, 3/14/2017		560		561		6.25%, 7/15/2032			669		1,001
1.38%, 5/28/2014		745		761		6.75%, 3/15/2031			223		345
1.88%, 6/21/2013		895		910						$	73,123
2.38%, 3/14/2014		855		886
2.75%, 12/12/2014		855		900		Food - 0.43	%
2.75%, 3/13/2015		520		552		Campbell Soup Co
2.88%, 6/12/2015		855		914		3.05%, 7/15/2017			372		402
						4.25%, 4/15/2021			149		170

See accompanying notes.

7

Schedule of Investments
Bond Market Index Fund
May 31, 2012 (unaudited)
			Principal						Principal
	BONDS (continued)		Amount (000's)			Value (000	's)	BONDS (continued)	Amount (000's)			Value	(000	's)
	Food (continued)							Healthcare - Products (continued)
	ConAgra Foods Inc							Stryker Corp
	5.88%, 4/15/2014		$	90	$	98		4.38%, 1/15/2020	$	75	$		85
	Delhaize Group SA										$		1,860
	5.70%, 10/1/2040			298		271
	General Mills Inc							Healthcare - Services - 0.28%
	3.15%, 12/15/2021			223		228		Aetna Inc
	5.25%, 8/15/2013			520		548		4.13%, 6/1/2021		298			330
	HJ Heinz Finance Co							6.63%, 6/15/2036		15			19
	6.75%, 3/15/2032			75		95		6.75%, 12/15/2037		38			49
	Kellogg Co							Cigna Corp
	4.00%, 12/15/2020			223		242		2.75%, 11/15/2016		372			383
	Kraft Foods Inc							5.38%, 2/15/2042		372			399
	4.13%, 2/9/2016			335		364		Quest Diagnostics Inc
	5.38%, 2/10/2020			532		629		4.70%, 4/1/2021		298			332
	6.50%, 8/11/2017			743		900		4.75%, 1/30/2020		12			13
	6.50%, 11/1/2031			372		461		5.45%, 11/1/2015		52			58
	6.50%, 2/9/2040			220		280		UnitedHealth Group Inc
	6.75%, 2/19/2014			127		139		2.88%, 3/15/2022		520			523
	7.00%, 8/11/2037			104		134		4.70%, 2/15/2021		260			299
	Kroger Co/The							6.50%, 6/15/2037		223			294
	3.40%, 4/15/2022			446		443		6.88%, 2/15/2038		409			566
	4.95%, 1/15/2015			223		243		WellPoint Inc
	5.40%, 7/15/2040			75		80		5.25%, 1/15/2016		97			109
	6.15%, 1/15/2020			38		46		5.80%, 8/15/2040		15			18
	6.40%, 8/15/2017			52		63		6.38%, 6/15/2037		223			279
	Safeway Inc							7.00%, 2/15/2019		520			656
	3.95%, 8/15/2020			93		91					$		4,327
	6.25%, 3/15/2014			364		392		Home Furnishings - 0.01%
	Unilever Capital Corp							Whirlpool Corp
	2.75%, 2/10/2016			300		319		4.85%, 6/15/2021		223			232
					$	6,638
	Forest Products & Paper - 0.11%							Insurance - 0.76%
	Georgia-Pacific LLC							ACE INA Holdings Inc
	7.75%, 11/15/2029			149		193		5.88%, 6/15/2014		75			82
	8.00%, 1/15/2024			372		494		Aegon NV
	International Paper Co							4.63%, 12/1/2015		67			71
	7.30%, 11/15/2039			75		94		Aflac Inc
	7.50%, 8/15/2021			394		501		3.45%, 8/15/2015		60			63
	9.38%, 5/15/2019			177		237		6.45%, 8/15/2040		93			109
	Plum Creek Timberlands LP							8.50%, 5/15/2019		38			50
	4.70%, 3/15/2021			149		157		Allstate Corp/The
					$	1,676		5.20%, 1/15/2042		372			413
								6.75%, 5/15/2018		149			182
	Gas - 0.06	%						7.45%, 5/16/2019		149			192
	Atmos Energy Corp
	4.95%, 10/15/2014			149		162		American International Group Inc
	CenterPoint Energy Inc							3.00%, 3/20/2015		372			376
								5.60%, 10/18/2016		223			242
	6.50%, 5/1/2018			223		267		5.85%, 1/16/2018		446			489
	National Grid PLC
	6.30%, 8/1/2016			119		138		6.25%, 3/15/2037		298			261
								6.40%, 12/15/2020		372			417
	Sempra Energy							8.25%, 8/15/2018		327			393
	2.00%, 3/15/2014			298		303
	6.00%, 10/15/2039			38		48		AXA SA
								8.60%, 12/15/2030		112			121
					$	918		Berkshire Hathaway Finance Corp
	Healthcare - Products - 0.12%							1.50%, 1/10/2014		223			226
	Baxter International Inc							4.25%, 1/15/2021		298			328
	4.25%, 3/15/2020			149		170		5.75%, 1/15/2040		45			54
	5.90%, 9/1/2016			52		62		Berkshire Hathaway Inc
	Becton Dickinson and Co							1.90%, 1/31/2017		372			378
	5.00%, 11/12/2040			149		176		3.20%, 2/11/2015		227			241
	Boston Scientific Corp							3.40%, 1/31/2022		595			617
	6.00%, 1/15/2020			149		177		Chubb Corp/The
	6.25%, 11/15/2015			149		166		6.50%, 5/15/2038		30			41
	7.38%, 1/15/2040			149		201		CNA Financial Corp
	Covidien International Finance SA							5.75%, 8/15/2021		223			244
	6.00%, 10/15/2017			67		81		Fidelity National Financial Inc
	Medtronic Inc							6.60%, 5/15/2017		149			159
	3.00%, 3/15/2015			372		396		Genworth Financial Inc
	4.45%, 3/15/2020			298		346		5.75%, 6/15/2014		580			592

See accompanying notes.

8

Schedule of Investments
Bond Market Index Fund
May 31, 2012 (unaudited)
		Principal								Principal
BONDS (continued)		Amount (000's)			Value (000	's)	BONDS (continued)			Amount (000's)		Value	(000	's)
Insurance (continued)							Iron & Steel (continued)
Genworth Financial Inc	(continued)						Cliffs Natural Resources Inc
7.70%, 6/15/2020		$	75	$	73		4.88%, 4/1/2021		$	372	$		387
Hartford Financial Services Group Inc							Nucor Corp
5.38%, 3/15/2017			223		237		5.75%, 12/1/2017			38			46
6.00%, 1/15/2019			52		56						$		2,135
6.63%, 3/30/2040			75		78
Liberty Mutual Group Inc							Lodging - 0.07%
7.25%, 9/1/2012(a)			3		3		Starwood Hotels & Resorts Worldwide Inc
Lincoln National Corp							7.15%, 12/1/2019			298			360
7.00%, 6/15/2040			138		165		7.88%, 10/15/2014			372			421
8.75%, 7/1/2019			409		520		Wyndham Worldwide Corp
Marsh & McLennan Cos Inc							7.38%, 3/1/2020			298			362
5.75%, 9/15/2015			36		40						$		1,143
MetLife Inc							Machinery - Construction & Mining - 0.02%
5.70%, 6/15/2035			186		220		Caterpillar Inc
6.40%, 12/15/2049(c)			112		106		6.05%, 8/15/2036			223			295
6.75%, 6/1/2016			743		874
7.72%, 2/15/2019			75		95
PartnerRe Finance B LLC							Machinery - Diversified - 0.03%
5.50%, 6/1/2020			75		80		Deere & Co
Progressive Corp/The							4.38%, 10/16/2019			164			192
3.75%, 8/23/2021			223		243		Rockwell Automation Inc
Protective Life Corp							6.25%, 12/1/2037			149			195
8.45%, 10/15/2039			149		183		Roper Industries Inc
Prudential Financial Inc							6.63%, 8/15/2013			38			40
4.50%, 11/16/2021			372		393						$		427
4.75%, 9/17/2015			149		161		Media - 1.13	%
5.10%, 9/20/2014			82		88		CBS Corp
5.70%, 12/14/2036			75		79		5.75%, 4/15/2020			190			222
5.80%, 11/16/2041			149		159		7.88%, 7/30/2030			227			302
6.00%, 12/1/2017			223		257		Comcast Cable Communications LLC
6.63%, 12/1/2037			45		53		7.13%, 6/15/2013			223			237
Transatlantic Holdings Inc							Comcast Corp
5.75%, 12/14/2015			70		76		5.15%, 3/1/2020			506			591
Travelers Cos Inc/The							5.90%, 3/15/2016			372			430
6.25%, 6/15/2037			38		50		6.30%, 11/15/2017			372			448
6.75%, 6/20/2036			149		203		6.40%, 3/1/2040			431			545
Unum Group							6.45%, 3/15/2037			175			215
7.13%, 9/30/2016			223		256		6.95%, 8/15/2037			216			278
Validus Holdings Ltd							COX Communications Inc
8.88%, 1/26/2040			149		172		5.45%, 12/15/2014			754			830
Willis Group Holdings PLC							5.50%, 10/1/2015			75			85
4.13%, 3/15/2016			372		391		DIRECTV Holdings LLC / DIRECTV
WR Berkley Corp							Financing Co Inc
6.25%, 2/15/2037			86		95		3.55%, 3/15/2015			286			301
XL Group PLC							3.80%, 3/15/2022			298			299
5.25%, 9/15/2014			38		40		4.60%, 2/15/2021			494			528
				$	11,787		5.88%, 10/1/2019			164			189
Internet - 0.07%							6.00%, 8/15/2040			472			517
eBay Inc							Discovery Communications LLC
0.88%, 10/15/2013			75		76		3.70%, 6/1/2015			93			99
1.63%, 10/15/2015			149		153		5.05%, 6/1/2020			149			170
Expedia Inc							5.63%, 8/15/2019			149			175
7.46%, 8/15/2018			372		422		6.35%, 6/1/2040			127			155
Google Inc							Grupo Televisa SAB
1.25%, 5/19/2014			149		151		6.00%, 5/15/2018			300			346
2.13%, 5/19/2016			149		156		Historic TW Inc
3.63%, 5/19/2021			149		165		6.88%, 6/15/2018			75			92
				$	1,123		McGraw-Hill Cos Inc/The
							6.55%, 11/15/2037			149			174
Iron & Steel - 0.14%							NBCUniversal Media LLC
ArcelorMittal							3.65%, 4/30/2015			376			400
3.75%, 8/5/2015			546		547		4.38%, 4/1/2021			149			164
5.38%, 6/1/2013			112		115		5.15%, 4/30/2020			220			255
5.50%, 3/1/2021			223		212		6.40%, 4/30/2040			149			183
6.13%, 6/1/2018			149		150		News America Inc
6.75%, 3/1/2041			223		208		5.65%, 8/15/2020			149			172
7.00%, 10/15/2039			149		144		6.15%, 2/15/2041			223			256
9.85%, 6/1/2019			275		326		6.20%, 12/15/2034			156			174

See accompanying notes.

9

Schedule of Investments
Bond Market Index Fund
May 31, 2012 (unaudited)
	Principal							Principal
BONDS (continued)	Amount (000's)			Value (000	's)	BONDS (continued)		Amount (000's)		Value	(000	's)
Media (continued)						Mining (continued)
News America Inc (continued)						Rio Tinto Alcan Inc
6.40%, 12/15/2035	$	372	$	423		5.20%, 1/15/2014	$	149	$		158
6.90%, 3/1/2019		446		542		6.13%, 12/15/2033		223			276
Reed Elsevier Capital Inc						Rio Tinto Finance USA Ltd
7.75%, 1/15/2014		30		33		3.75%, 9/20/2021		372			398
Thomson Reuters Corp						6.50%, 7/15/2018		12			15
5.70%, 10/1/2014		67		74		7.13%, 7/15/2028		38			52
5.85%, 4/15/2040		75		87		8.95%, 5/1/2014		97			111
Time Warner Cable Inc						9.00%, 5/1/2019		242			332
3.50%, 2/1/2015		75		79		Rio Tinto Finance USA PLC
4.00%, 9/1/2021		520		542		4.75%, 3/22/2042		372			407
5.85%, 5/1/2017		149		173		Southern Copper Corp
6.20%, 7/1/2013		223		235		5.38%, 4/16/2020		75			82
6.55%, 5/1/2037		149		174		6.75%, 4/16/2040		312			326
6.75%, 7/1/2018		151		183		Teck Resources Ltd
6.75%, 6/15/2039		223		272		3.00%, 3/1/2019		298			293
7.30%, 7/1/2038		75		95		6.25%, 7/15/2041		446			496
8.25%, 4/1/2019		446		582		Vale Overseas Ltd
8.75%, 2/14/2019		142		188		5.63%, 9/15/2019		134			148
Time Warner Entertainment Co LP						6.25%, 1/23/2017		149			168
8.38%, 7/15/2033		275		380		6.88%, 11/21/2036		486			556
Time Warner Inc						8.25%, 1/17/2034		112			144
3.15%, 7/15/2015		231		244					$		9,001
4.00%, 1/15/2022		520		551
4.70%, 1/15/2021		234		261		Miscellaneous Manufacturing - 0.17%
4.88%, 3/15/2020		123		139		3M Co
5.38%, 10/15/2041		372		403		1.38%, 9/29/2016		372			380
5.88%, 11/15/2016		520		612		5.70%, 3/15/2037		112			156
6.10%, 7/15/2040		127		146		Danaher Corp
6.20%, 3/15/2040		149		174		5.63%, 1/15/2018		372			445
6.50%, 11/15/2036		60		71		Dover Corp
7.63%, 4/15/2031		275		358		5.38%, 3/1/2041		223			278
Viacom Inc						GE Capital Trust I
2.50%, 12/15/2016		298		306		6.38%, 11/15/2067		45			46
3.88%, 12/15/2021		372		397		General Electric Co
4.25%, 9/15/2015		67		73		5.25%, 12/6/2017		372			434
6.88%, 4/30/2036		194		252		Ingersoll-Rand Global Holding Co Ltd
Walt Disney Co/The						9.50%, 4/15/2014		30			34
1.35%, 8/16/2016		149		150		Parker Hannifin Corp
2.75%, 8/16/2021		298		304		3.50%, 9/15/2022		223			239
7.00%, 3/1/2032		149		215		Textron Inc
			$	17,550		6.20%, 3/15/2015		26			29
						Tyco Electronics Group SA
Mining - 0.58%						6.55%, 10/1/2017		38			46
Alcoa Inc						7.13%, 10/1/2037		41			56
5.40%, 4/15/2021		149		154		Tyco International Finance SA
5.90%, 2/1/2027		149		154		3.38%, 10/15/2015		112			119
6.15%, 8/15/2020		38		41		4.13%, 10/15/2014		34			36
6.50%, 6/15/2018		483		545		8.50%, 1/15/2019		38			50
AngloGold Ashanti Holdings PLC						Tyco International Ltd / Tyco International
5.38%, 4/15/2020		12		12		Finance SA
Barrick Gold Corp						6.88%, 1/15/2021		60			77
2.90%, 5/30/2016		223		234		7.00%, 12/15/2019		205			260
Barrick PD Australia Finance Pty Ltd									$		2,685
4.95%, 1/15/2020		175		200
5.95%, 10/15/2039		260		301		Mortgage Backed Securities - 1.86%
BHP Billiton Finance USA Ltd						Banc of America Merrill Lynch Commercial
1.13%, 11/21/2014		223		224		Mortgage Inc
1.63%, 2/24/2017		372		374		4.76%, 11/10/2039		111			116
						5.08%, 11/10/2042(c)		223			226
3.25%, 11/21/2021		372		389		5.19%, 9/10/2047(c)		371			414
4.13%, 2/24/2042		372		379		5.41%, 9/10/2047(c)		1,486			1,634
5.50%, 4/1/2014		743		806
6.50%, 4/1/2019		67		85		5.63%, 4/10/2049		136			140
Freeport-McMoRan Copper & Gold Inc						5.89%, 7/10/2044		45			50
						6.21%, 2/10/2051(c)		119			138
3.55%, 3/1/2022		298		296
Newmont Mining Corp						Bear Stearns Commercial Mortgage
3.50%, 3/15/2022		298		294		Securities
5.13%, 10/1/2019		149		170		5.47%, 6/11/2041		75			80
6.25%, 10/1/2039		341		381		5.54%, 9/11/2041		371			420
						5.54%, 10/12/2041		561			637

See accompanying notes.

10

Schedule of Investments
Bond Market Index Fund
May 31, 2012 (unaudited)
	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)
Bear Stearns Commercial Mortgage						Morgan Stanley Capital I Inc	(continued)
Securities (continued)						5.60%, 4/12/2049(c)	$	802	$		850
5.72%, 9/11/2038(c)	$	286	$	324		5.69%, 10/15/2042(c)		28			28
Citigroup Commercial Mortgage Trust						Wachovia Bank Commercial Mortgage Trust
4.73%, 10/15/2041		568		606		4.96%, 11/15/2035		201			210
6.08%, 12/10/2049(c)		35		40		5.27%, 12/15/2044(c)		371			412
Citigroup/Deutsche Bank Commercial						5.42%, 1/15/2045		557			621
Mortgage Trust						5.68%, 5/15/2046(c)		260			296
5.62%, 10/15/2048		238		267		5.80%, 7/15/2045		108			112
Commercial Mortgage Loan Trust									$		29,022
6.00%, 12/10/2049(c)		256		290
Commercial Mortgage Pass Through						Office & Business Equipment - 0.07%
Certificates						Pitney Bowes Inc
4.84%, 10/15/2037(c)		149		155		5.75%, 9/15/2017		223			230
5.81%, 12/10/2049(c)		371		427		Xerox Corp
Credit Suisse First Boston Mortgage Securities						2.95%, 3/15/2017		446			449
Corp						4.25%, 2/15/2015		142			151
4.83%, 11/15/2037		594		636		4.50%, 5/15/2021		149			154
5.01%, 2/15/2038		743		803		5.63%, 12/15/2019		64			73
Credit Suisse Mortgage Capital Certificates						8.25%, 5/15/2014		82			92
5.77%, 9/15/2039(c)		371		400					$		1,149
GE Capital Commercial Mortgage Corp						Oil & Gas - 1.76%
4.94%, 7/10/2045		71		75		Alberta Energy Co Ltd
5.31%, 11/10/2045(c)		74		83		7.38%, 11/1/2031		223			267
Greenwich Capital Commercial Funding						Anadarko Finance Co
Corp						7.50%, 5/1/2031		223			278
4.92%, 1/5/2036(c)		743		768		Anadarko Petroleum Corp
5.44%, 3/10/2039(c)		628		685		5.95%, 9/15/2016		517			586
5.74%, 12/10/2049		1,114		1,216		6.20%, 3/15/2040		75			86
GS Mortgage Securities Corp II						6.38%, 9/15/2017		164			192
5.79%, 8/10/2045(c)		186		195		6.45%, 9/15/2036		75			88
5.79%, 8/10/2045(c)		1,486		1,622		Apache Corp
JP Morgan Chase Commercial Mortgage						3.63%, 2/1/2021		223			240
Securities Corp						4.75%, 4/15/2043		372			408
4.17%, 8/15/2046		743		813		5.10%, 9/1/2040		268			305
4.74%, 7/15/2042		260		278		BP Capital Markets PLC
4.78%, 7/15/2042		223		234		1.85%, 5/5/2017		200			200
4.88%, 1/12/2038(c)		312		324		3.13%, 10/1/2015		149			157
4.88%, 1/15/2042		394		420		3.20%, 3/11/2016		298			315
5.23%, 12/15/2044		631		665		3.25%, 5/6/2022		200			203
5.34%, 5/15/2047		988		1,072		3.88%, 3/10/2015		45			48
5.42%, 1/15/2049		446		490		4.74%, 3/11/2021		372			423
5.44%, 5/15/2045(c)		48		51		4.75%, 3/10/2019		75			85
5.45%, 6/12/2047		639		664		5.25%, 11/7/2013		780			827
5.46%, 12/12/2043		743		696		Canadian Natural Resources Ltd
5.72%, 2/15/2051		20		22		5.70%, 5/15/2017		49			57
5.82%, 6/12/2043		224		229		6.25%, 3/15/2038		186			230
5.87%, 4/15/2045(c)		743		784		Cenovus Energy Inc
LB Commercial Conduit Mortgage Trust						4.50%, 9/15/2014		123			132
5.91%, 7/15/2044(c)		182		208		5.70%, 10/15/2019		153			183
LB-UBS Commercial Mortgage Trust						6.75%, 11/15/2039		372			475
4.79%, 7/15/2040(c)		743		783		Chevron Corp
4.84%, 7/15/2040		520		508		3.95%, 3/3/2014		356			378
5.02%, 9/15/2040		409		435		ConocoPhillips
5.20%, 11/15/2030		371		410		4.60%, 1/15/2015		743			815
5.27%, 6/15/2029(c)		446		474		4.75%, 2/1/2014		112			119
5.66%, 3/15/2039		371		413		6.00%, 1/15/2020		272			346
5.86%, 7/15/2040(c)		126		143		6.50%, 2/1/2039		491			674
Merrill Lynch Mortgage Trust						ConocoPhillips Canada Funding Co I
5.85%, 6/12/2050(c)		223		246		5.63%, 10/15/2016		223			263
Merrill Lynch/Countrywide Commercial						ConocoPhillips Holding Co
Mortgage Trust						6.95%, 4/15/2029		298			416
5.36%, 8/12/2048(c)		222		228		Devon Energy Corp
Morgan Stanley Capital I Inc						1.88%, 5/15/2017		298			297
4.70%, 7/15/2056		984		1,054		5.60%, 7/15/2041		75			87
5.36%, 3/15/2044(c)		290		322		5.63%, 1/15/2014		75			80
5.42%, 3/12/2044(c)		743		824		6.30%, 1/15/2019		446			550
5.51%, 11/12/2049		743		844		7.95%, 4/15/2032		268			381
5.60%, 4/12/2049(c)		390		412

See accompanying notes.

11

Schedule of Investments
Bond Market Index Fund
May 31, 2012 (unaudited)
		Principal						Principal
BONDS (continued)		Amount (000's)		Value (000	's)	BONDS (continued)	Amount (000's)			Value	(000	's)
Oil & Gas (continued)						Oil & Gas (continued)
Devon Financing Corp ULC						Shell International Finance BV	(continued)
7.88%, 9/30/2031	$	372	$	531		4.00%, 3/21/2014	$	223	$		237
Encana Corp						4.30%, 9/22/2019		149			173
5.90%, 12/1/2017		75		87		4.38%, 3/25/2020		75			88
6.50%, 2/1/2038		194		217		5.50%, 3/25/2040		75			96
Ensco PLC						6.38%, 12/15/2038		127			176
3.25%, 3/15/2016		149		156		Statoil ASA
EOG Resources Inc						3.15%, 1/23/2022		298			311
4.40%, 6/1/2020		149		168		5.10%, 8/17/2040		182			217
6.13%, 10/1/2013		75		80		5.25%, 4/15/2019		67			80
EQT Corp						Suncor Energy Inc
6.50%, 4/1/2018		369		426		6.10%, 6/1/2018		372			443
Hess Corp						6.50%, 6/15/2038		364			446
5.60%, 2/15/2041		149		160		6.85%, 6/1/2039		15			19
7.30%, 8/15/2031		112		142		Talisman Energy Inc
8.13%, 2/15/2019		75		97		5.13%, 5/15/2015		26			28
Husky Energy Inc						6.25%, 2/1/2038		242			266
5.90%, 6/15/2014		75		82		Total Capital International SA
Marathon Oil Corp						2.88%, 2/17/2022		372			377
5.90%, 3/15/2018		149		175		Total Capital SA
6.60%, 10/1/2037		67		84		3.00%, 6/24/2015		108			114
Marathon Petroleum Corp						4.25%, 12/15/2021		149			169
3.50%, 3/1/2016		223		235		Transocean Inc
5.13%, 3/1/2021		223		248		6.00%, 3/15/2018		446			503
Nabors Industries Inc						6.38%, 12/15/2021		223			256
9.25%, 1/15/2019		223		294		Valero Energy Corp
Nexen Inc						4.50%, 2/1/2015		23			25
6.40%, 5/15/2037		168		185		6.13%, 2/1/2020		112			131
7.50%, 7/30/2039		45		55		6.63%, 6/15/2037		101			112
Noble Energy Inc						7.50%, 4/15/2032		45			53
6.00%, 3/1/2041		298		340		9.38%, 3/15/2019		372			492
Noble Holding International Ltd									$		27,384
2.50%, 3/15/2017		372		376
3.45%, 8/1/2015		75		79		Oil & Gas Services - 0.14%
6.20%, 8/1/2040		75		88		Baker Hughes Inc
Occidental Petroleum Corp						5.13%, 9/15/2040		234			272
4.13%, 6/1/2016		223		250		7.50%, 11/15/2018		38			50
PC Financial Partnership						Cameron International Corp
5.00%, 11/15/2014		75		81		6.38%, 7/15/2018		446			534
Pemex Project Funding Master Trust						Halliburton Co
5.75%, 3/1/2018		409		457		3.25%, 11/15/2021		149			156
6.63%, 6/15/2035		104		118		4.50%, 11/15/2041		149			157
Petrobras International Finance Co - Pifco						7.45%, 9/15/2039		30			43
2.88%, 2/6/2015		372		376		Weatherford International Ltd/Bermuda
3.88%, 1/27/2016		223		231		5.13%, 9/15/2020		149			161
5.38%, 1/27/2021		595		635		6.00%, 3/15/2018		38			44
5.75%, 1/20/2020		402		438		6.75%, 9/15/2040		149			168
5.88%, 3/1/2018		223		246		9.63%, 3/1/2019		476			628
6.75%, 1/27/2041		223		257					$		2,213
6.88%, 1/20/2040		75		88		Other Asset Backed Securities - 0.02%
7.88%, 3/15/2019		336		406		CenterPoint Energy Transition Bond Co LLC
Petro-Canada						3.46%, 8/15/2019		297			325
4.00%, 7/15/2013		164		169
6.80%, 5/15/2038		38		48
Petroleos Mexicanos						Pharmaceuticals - 0.87%
4.88%, 3/15/2015		306		329		Abbott Laboratories
4.88%, 1/24/2022(a)		1,115		1,171		4.13%, 5/27/2020		223			256
5.50%, 1/21/2021		602		662		5.13%, 4/1/2019		60			72
8.00%, 5/3/2019		91		113		5.88%, 5/15/2016		341			403
Phillips 66						6.00%, 4/1/2039		372			490
2.95%, 5/1/2017(a)		372		379		AstraZeneca PLC
4.30%, 4/1/2022(a)		372		387		5.90%, 9/15/2017		223			267
5.88%, 5/1/2042(a)		372		397		6.45%, 9/15/2037		416			568
Pride International Inc						Bristol-Myers Squibb Co
6.88%, 8/15/2020		223		274		5.88%, 11/15/2036		18			23
Rowan Cos Inc						6.80%, 11/15/2026		75			106
5.00%, 9/1/2017		67		72		Eli Lilly & Co
Shell International Finance BV						4.20%, 3/6/2014		75			80
3.10%, 6/28/2015		461		492		5.20%, 3/15/2017		476			562

See accompanying notes.

12

Schedule of Investments
Bond Market Index Fund
May 31, 2012 (unaudited)
	Principal						Principal
BONDS (continued)	Amount (000's)			Value (000	's)	BONDS (continued)	Amount (000's)			Value	(000	's)
Pharmaceuticals (continued)						Pipelines (continued)
Express Scripts Holding Co						Kinder Morgan Energy Partners LP
3.13%, 5/15/2016	$	372	$	388		(continued)
4.75%, 11/15/2021(a)		223		246		6.50%, 9/1/2039	$	38	$		44
6.13%, 11/15/2041(a)		223		269		6.95%, 1/15/2038		38			45
6.25%, 6/15/2014		223		244		7.40%, 3/15/2031		223			275
GlaxoSmithKline Capital Inc						9.00%, 2/1/2019		223			290
5.65%, 5/15/2018		298		358		ONEOK Partners LP
6.38%, 5/15/2038		238		326		6.13%, 2/1/2041		372			437
GlaxoSmithKline Capital PLC						8.63%, 3/1/2019		60			79
0.75%, 5/8/2015		298		298		Panhandle Eastern Pipeline Co LP
2.85%, 5/8/2022		372		376		6.20%, 11/1/2017		236			272
Johnson & Johnson						Plains All American Pipeline LP / PAA
2.95%, 9/1/2020		372		400		Finance Corp
4.95%, 5/15/2033		149		181		3.65%, 6/1/2022		372			377
5.55%, 8/15/2017		372		453		3.95%, 9/15/2015		149			160
Medco Health Solutions Inc						5.75%, 1/15/2020		45			53
7.13%, 3/15/2018		491		609		Southern Natural Gas Co LLC
Merck & Co Inc						5.90%, 4/1/2017(a),(c)		38			44
2.25%, 1/15/2016		149		156		Southern Natural Gas Co LLC / Southern
5.00%, 6/30/2019		446		537		Natural Issuing Corp
6.55%, 9/15/2037		253		367		4.40%, 6/15/2021		149			160
Novartis Capital Corp						Sunoco Logistics Partners Operations LP
2.90%, 4/24/2015		223		237		5.50%, 2/15/2020		134			148
4.13%, 2/10/2014		483		510		Tennessee Gas Pipeline Co LLC
4.40%, 4/24/2020		223		258		7.50%, 4/1/2017		223			267
Novartis Securities Investment Ltd						TransCanada PipeLines Ltd
5.13%, 2/10/2019		186		223		3.80%, 10/1/2020		372			407
Pfizer Inc						6.10%, 6/1/2040		75			98
4.65%, 3/1/2018		149		172		6.50%, 8/15/2018		124			156
5.35%, 3/15/2015		149		167		7.25%, 8/15/2038		149			214
6.20%, 3/15/2019		810		1,022		7.63%, 1/15/2039		335			495
7.20%, 3/15/2039		439		668		Williams Cos Inc/The
Sanofi						7.50%, 1/15/2031		33			42
1.20%, 9/30/2014		372		376		7.88%, 9/1/2021		372			483
2.63%, 3/29/2016		223		234		Williams Partners LP
Teva Pharmaceutical Finance Co LLC						3.80%, 2/15/2015		205			217
6.15%, 2/1/2036		149		192		5.25%, 3/15/2020		520			588
Teva Pharmaceutical Finance II BV / Teva						6.30%, 4/15/2040		127			151
Pharmaceutical Finance III LLC									$		8,908
3.00%, 6/15/2015		372		390
Watson Pharmaceuticals Inc						Real Estate - 0.01%
5.00%, 8/15/2014		186		198		ProLogis LP
6.13%, 8/15/2019		38		44		6.88%, 3/15/2020		16			19
Wyeth LLC						7.63%, 8/15/2014		149			164
5.50%, 2/1/2014		149		161					$		183
5.50%, 2/15/2016		223		259		Regional Authority - 0.33%
5.95%, 4/1/2037		264		347		Province of British Columbia Canada
			$	13,493		2.65%, 9/22/2021		223			236
Pipelines - 0.57%						6.50%, 1/15/2026		52			76
Enbridge Energy Partners LP						Province of Manitoba Canada
5.20%, 3/15/2020		26		30		2.63%, 7/15/2015		223			236
9.88%, 3/1/2019		253		347		Province of Nova Scotia Canada
Energy Transfer Partners LP						5.13%, 1/26/2017		119			140
5.20%, 2/1/2022		298		315		Province of Ontario Canada
6.00%, 7/1/2013		223		233		2.70%, 6/16/2015		372			392
6.50%, 2/1/2042		298		316		2.95%, 2/5/2015		706			746
6.70%, 7/1/2018		67		77		3.50%, 7/15/2013		260			269
9.00%, 4/15/2019		18		23		4.00%, 10/7/2019		223			254
Enterprise Products Operating LLC						4.10%, 6/16/2014		283			302
3.20%, 2/1/2016		149		158		4.40%, 4/14/2020		149			173
5.20%, 9/1/2020		223		254		4.95%, 11/28/2016		520			604
6.13%, 10/15/2039		67		78		5.45%, 4/27/2016		298			347
6.45%, 9/1/2040		223		270		Province of Quebec Canada
6.50%, 1/31/2019		34		41		2.75%, 8/25/2021		669			698
6.88%, 3/1/2033		45		56		4.88%, 5/5/2014		149			161
Kinder Morgan Energy Partners LP						5.13%, 11/14/2016		149			175
3.50%, 3/1/2016		520		549		7.50%, 9/15/2029		186			290
5.00%, 12/15/2013		223		235
6.38%, 3/1/2041		372		424

See accompanying notes.

13

Schedule of Investments
Bond Market Index Fund
May 31, 2012 (unaudited)
			Principal						Principal
	BONDS (continued)		Amount (000's)			Value (000	's)	BONDS (continued)	Amount (000's)			Value	(000	's)
	Regional Authority (continued)							Retail (continued)
	Province of Saskatchewan Canada							Lowe's Cos Inc (continued)
	8.50%, 7/15/2022		$	19	$	29		6.65%, 9/15/2037	$	38	$		50
					$	5,128		Macy's Retail Holdings Inc
								5.75%, 7/15/2014		149			162
	REITS - 0.32	%						5.90%, 12/1/2016		75			87
	American Tower Corp							6.65%, 7/15/2024		75			91
	4.70%, 3/15/2022			372		386		6.90%, 4/1/2029		75			89
	7.00%, 10/15/2017			93		109		McDonald's Corp
	BioMed Realty LP							3.50%, 7/15/2020		439			483
	6.13%, 4/15/2020			19		22		3.70%, 2/15/2042		372			364
	Boston Properties LP							4.88%, 7/15/2040		26			31
	4.13%, 5/15/2021			223		234		5.35%, 3/1/2018		104			126
	5.63%, 11/15/2020			75		87		6.30%, 10/15/2037		38			53
	CommonWealth REIT							Nordstrom Inc
	6.25%, 8/15/2016			223		236		4.75%, 5/1/2020		104			120
	Digital Realty Trust LP							6.25%, 1/15/2018		38			46
	4.50%, 7/15/2015			160		168		Staples Inc
	Duke Realty LP							9.75%, 1/15/2014		409			461
	7.38%, 2/15/2015			75		84		Target Corp
	Entertainment Properties Trust							4.00%, 6/15/2013		38			39
	7.75%, 7/15/2020			182		199		6.00%, 1/15/2018		431			527
	ERP Operating LP							7.00%, 7/15/2031		145			200
	4.75%, 7/15/2020			149		165		7.00%, 1/15/2038		250			358
	HCP Inc							Walgreen Co
	3.75%, 2/1/2016			149		156		5.25%, 1/15/2019		90			106
	5.38%, 2/1/2021			149		166		Wal-Mart Stores Inc
	6.70%, 1/30/2018			45		53		1.63%, 4/15/2014		149			152
	Health Care REIT Inc							2.25%, 7/8/2015		75			78
	6.13%, 4/15/2020			335		379		2.80%, 4/15/2016		149			159
	Hospitality Properties Trust							3.25%, 10/25/2020		149			160
	6.70%, 1/15/2018			223		249		3.63%, 7/8/2020		149			163
	Realty Income Corp							4.13%, 2/1/2019		298			338
	5.88%, 3/15/2035			149		159		4.25%, 4/15/2021		149			171
	Simon Property Group LP							5.25%, 9/1/2035		149			177
	2.15%, 9/15/2017			298		297		5.63%, 4/1/2040		112			142
	5.65%, 2/1/2020			138		163		5.63%, 4/15/2041		520			662
	5.75%, 12/1/2015			520		586		5.80%, 2/15/2018		372			453
	6.75%, 2/1/2040			75		93		6.20%, 4/15/2038		75			100
	10.35%, 4/1/2019			260		366		6.50%, 8/15/2037		335			459
	UDR Inc							7.25%, 6/1/2013		223			238
	5.25%, 1/15/2015			127		136		7.55%, 2/15/2030		372			556
	Ventas Realty LP / Ventas Capital Corp							Yum! Brands Inc
	4.25%, 3/1/2022			372		374		6.25%, 3/15/2018		86			104
	Vornado Realty LP							6.88%, 11/15/2037		71			96
	4.25%, 4/1/2015			149		157					$		10,643
					$	5,024
								Semiconductors - 0.05%
	Retail - 0.68%							Intel Corp
	AutoZone Inc							3.30%, 10/1/2021		223			237
	4.00%, 11/15/2020			149		160		4.80%, 10/1/2041		223			249
	CVS Caremark Corp							National Semiconductor Corp
	3.25%, 5/18/2015			52		55		3.95%, 4/15/2015		260			283
	5.75%, 6/1/2017			149		176					$		769
	6.13%, 9/15/2039			231		285
	6.60%, 3/15/2019			38		48		Software - 0.20%
	Darden Restaurants Inc							Adobe Systems Inc
	6.80%, 10/15/2037(c)			78		94		4.75%, 2/1/2020		149			168
	Gap Inc/The							Microsoft Corp
	5.95%, 4/12/2021			75		77		2.95%, 6/1/2014		372			390
	Home Depot Inc/The							4.20%, 6/1/2019		335			393
	5.25%, 12/16/2013			186		199		5.30%, 2/8/2041		223			285
	5.40%, 3/1/2016			476		548		Oracle Corp
	5.88%, 12/16/2036			108		136		3.88%, 7/15/2020		223			252
	5.95%, 4/1/2041			149		191		5.00%, 7/8/2019		142			170
	Kohl's Corp							5.25%, 1/15/2016		223			257
	4.00%, 11/1/2021			223		231		5.38%, 7/15/2040		539			656
	Lowe's Cos Inc							5.75%, 4/15/2018		520			630
	3.80%, 11/15/2021			298		322					$		3,201
	4.63%, 4/15/2020			223		252
	5.80%, 4/15/2040			223		268

See accompanying notes.

14

Schedule of Investments
Bond Market Index Fund
May 31, 2012 (unaudited)
	Principal						Principal
BONDS (continued)	Amount (000's)			Value (000	's)	BONDS (continued)	Amount (000's)			Value (000	's)
Sovereign - 1.48%						Sovereign (continued)
Brazilian Government International Bond						Republic of Italy (continued)
4.88%, 1/22/2021	$	743	$	844		5.38%, 6/15/2033	$	186	$	165
5.88%, 1/15/2019		298		356		6.88%, 9/27/2023		38		39
6.00%, 1/17/2017		300		352		Republic of Korea
7.13%, 1/20/2037		610		842		5.75%, 4/16/2014		300		322
8.00%, 1/15/2018		347		406		7.13%, 4/16/2019		90		113
8.25%, 1/20/2034		149		227		South Africa Government International Bond
8.88%, 10/14/2019		353		495		5.88%, 5/30/2022		200		228
12.25%, 3/6/2030		409		789		6.50%, 6/2/2014		60		66
12.75%, 1/15/2020		149		248		6.88%, 5/27/2019		345		412
10.50%, 7/14/2014		149		179		Svensk Exportkredit AB
11.00%, 8/17/2040		38		49		3.25%, 9/16/2014		149		156
Canada Government International Bond						5.13%, 3/1/2017		52		60
0.88%, 2/14/2017		745		747		Tennessee Valley Authority
2.38%, 9/10/2014		300		313		4.50%, 4/1/2018		149		176
Chile Government International Bond						5.25%, 9/15/2039		149		196
3.25%, 9/14/2021		520		543		5.38%, 4/1/2056		446		624
Colombia Government International Bond						6.75%, 11/1/2025		298		438
7.38%, 1/27/2017		300		368					$	22,995
7.38%, 9/18/2037		200		281
8.13%, 5/21/2024		149		210		Supranational Bank - 1.47%
11.75%, 2/25/2020		520		823		African Development Bank
Export Development Canada						1.25%, 9/2/2016		743		757
1.50%, 5/15/2014		225		230		Asian Development Bank
2.25%, 5/28/2015		75		79		1.13%, 3/15/2017		372		377
Israel Government AID Bond						2.50%, 3/15/2016		595		633
5.50%, 9/18/2023		75		99		2.63%, 2/9/2015		75		79
5.50%, 4/26/2024		75		99		2.75%, 5/21/2014		743		776
5.50%, 9/18/2033		38		52		3.63%, 9/5/2013		75		78
Israel Government International Bond						4.25%, 10/20/2014		149		162
5.13%, 3/26/2019		428		483		5.82%, 6/16/2028		45		60
Japan Bank for International						6.38%, 10/1/2028		149		206
Cooperation/Japan						Corp Andina de Fomento
1.88%, 9/24/2015		200		205		3.75%, 1/15/2016		12		13
2.50%, 1/21/2016		300		316		5.75%, 1/12/2017		60		67
Japan Finance Organization for						Council Of Europe Development Bank
Municipalities						1.50%, 2/22/2017		372		372
5.00%, 5/16/2017		200		235		2.75%, 2/10/2015		75		78
Mexico Government International Bond						European Bank for Reconstruction &
4.75%, 3/8/2044		150		152		Development
5.63%, 1/15/2017		342		392		1.00%, 2/16/2017		743		743
5.88%, 2/17/2014		744		800		2.50%, 3/15/2016		223		236
5.95%, 3/19/2019		226		270		2.75%, 4/20/2015		223		236
6.05%, 1/11/2040		766		933		European Investment Bank
6.63%, 3/3/2015		321		365		1.13%, 8/15/2014		743		748
8.00%, 9/24/2022		743		1,018		1.25%, 2/14/2014		818		825
8.30%, 8/15/2031		112		167		1.50%, 5/15/2014		372		376
11.50%, 5/15/2026		223		404		1.63%, 9/1/2015		743		756
Panama Government International Bond						1.75%, 3/15/2017		372		376
5.20%, 1/30/2020		446		508		1.88%, 6/17/2013		372		377
6.70%, 1/26/2036		214		277		2.50%, 5/16/2016		298		311
8.88%, 9/30/2027		223		339		2.75%, 3/23/2015		743		778
Peruvian Government International Bond						2.88%, 9/15/2020		743		779
5.63%, 11/18/2050		372		428		3.00%, 4/8/2014		298		310
6.55%, 3/14/2037		74		96		3.13%, 6/4/2014		795		830
7.13%, 3/30/2019		90		114		3.38%, 6/12/2013		223		230
7.35%, 7/21/2025		520		714		4.88%, 2/16/2016		743		837
8.75%, 11/21/2033		123		194		4.88%, 1/17/2017		743		853
Poland Government International Bond						4.88%, 2/15/2036		75		87
3.88%, 7/16/2015		223		231		5.13%, 9/13/2016		446		515
5.00%, 3/23/2022		372		389		5.13%, 5/30/2017		298		348
5.13%, 4/21/2021		149		158		Inter-American Development Bank
6.38%, 7/15/2019		416		477		1.13%, 3/15/2017		743		749
Republic of Italy						1.63%, 7/15/2013		149		151
2.13%, 9/16/2013		335		332		2.25%, 7/15/2015		75		79
3.13%, 1/26/2015		476		462		3.50%, 7/8/2013		223		230
4.38%, 6/15/2013		223		226		3.88%, 9/17/2019		223		260
4.75%, 1/25/2016		300		298		3.88%, 2/14/2020		223		259
5.25%, 9/20/2016		387		386		4.25%, 9/14/2015		372		414
						4.50%, 9/15/2014		223		243

See accompanying notes.

15

Schedule of Investments
Bond Market Index Fund
May 31, 2012 (unaudited)
	Principal							Principal
BONDS (continued)	Amount (000's)			Value (000	's)	BONDS (continued)		Amount (000's)	Value	(000	's)
Supranational Bank (continued)						Telecommunications (continued)
International Bank for Reconstruction &						Embarq Corp
Development						7.08%, 6/1/2016	$	298	$	339
0.50%, 11/26/2013	$	446	$	447		France Telecom SA
0.65%, 11/29/2013		298		298		4.13%, 9/14/2021		372		386
1.00%, 9/15/2016		743		748		4.38%, 7/8/2014		743		783
1.13%, 8/25/2014		966		979		5.38%, 1/13/2042		298		310
1.75%, 7/15/2013		446		453		8.50%, 3/1/2031(c)		335		460
2.13%, 3/15/2016		372		390		Harris Corp
2.38%, 5/26/2015		743		781		4.40%, 12/15/2020		149		162
7.63%, 1/19/2023		38		57		Juniper Networks Inc
International Finance Corp						3.10%, 3/15/2016		223		231
1.13%, 11/23/2016		372		377		Pacific Bell Telephone Co
2.75%, 4/20/2015		223		237		7.13%, 3/15/2026		223		300
3.00%, 4/22/2014		743		779		Qwest Capital Funding Inc
Nordic Investment Bank						6.88%, 7/15/2028		149		141
3.63%, 6/17/2013		298		308		Qwest Communications International Inc
5.00%, 2/1/2017		446		530		8.00%, 10/1/2015		149		157
			$	22,978		Qwest Corp
						7.50%, 10/1/2014		223		250
Telecommunications - 1.63%						Rogers Communications Inc
America Movil SAB de CV						6.38%, 3/1/2014		49		53
2.38%, 9/8/2016		743		750		6.80%, 8/15/2018		312		385
3.63%, 3/30/2015		300		318		7.50%, 3/15/2015		45		52
5.00%, 3/30/2020		200		224		Telecom Italia Capital SA
5.50%, 3/1/2014		82		88		5.25%, 11/15/2013		78		78
5.63%, 11/15/2017		45		52		6.18%, 6/18/2014		372		370
6.13%, 3/30/2040		298		355		6.38%, 11/15/2033		494		395
AT&T Corp						7.00%, 6/4/2018		231		230
8.00%, 11/15/2031(c)		4		6
						Telefonica Emisiones SAU
AT&T Inc						3.73%, 4/27/2015		100		93
1.60%, 2/15/2017		372		373		4.95%, 1/15/2015		535		517
2.50%, 8/15/2015		706		735		5.13%, 4/27/2020		487		430
3.88%, 8/15/2021		223		244		7.05%, 6/20/2036		275		244
5.35%, 9/1/2040		573		646		Verizon Communications Inc
5.50%, 2/1/2018		298		352		1.95%, 3/28/2014		223		228
5.55%, 8/15/2041		223		261		3.00%, 4/1/2016		743		793
5.60%, 5/15/2018		402		480		4.60%, 4/1/2021		223		255
6.15%, 9/15/2034		257		306		6.25%, 4/1/2037		34		43
6.30%, 1/15/2038		231		286		6.35%, 4/1/2019		238		298
6.50%, 9/1/2037		64		81		6.40%, 2/15/2038		632		812
6.55%, 2/15/2039		75		96		6.90%, 4/15/2038		162		221
6.80%, 5/15/2036		372		481		8.75%, 11/1/2018		669		915
Bellsouth Capital Funding Corp						8.95%, 3/1/2039		86		139
7.88%, 2/15/2030		298		385		Verizon Global Funding Corp
BellSouth Corp						7.75%, 12/1/2030		424		598
5.20%, 9/15/2014		743		809		Vodafone Group PLC
British Telecommunications PLC						5.00%, 12/16/2013		223		237
5.95%, 1/15/2018		110		128		5.38%, 1/30/2015		298		330
9.62%, 12/15/2030(c)		223		337
						5.45%, 6/10/2019		520		624
Cellco Partnership / Verizon Wireless Capital						5.63%, 2/27/2017		142		166
LLC						6.15%, 2/27/2037		149		189
5.55%, 2/1/2014		520		558					$	25,333
8.50%, 11/15/2018		431		590
CenturyLink Inc						Toys, Games & Hobbies - 0.00%
5.80%, 3/15/2022		372		367		Hasbro Inc
7.60%, 9/15/2039		75		71		6.35%, 3/15/2040		75		86
7.65%, 3/15/2042		372		354
Cisco Systems Inc
1.63%, 3/14/2014		223		227		Transportation - 0.30%
4.45%, 1/15/2020		298		344		Burlington Northern Santa Fe LLC
						4.30%, 7/1/2013		149		154
4.95%, 2/15/2019		97		114		4.40%, 3/15/2042		446		447
5.50%, 2/22/2016		520		604
5.90%, 2/15/2039		520		658		4.70%, 10/1/2019		97		111
						5.65%, 5/1/2017		156		183
Corning Inc						7.95%, 8/15/2030		223		315
4.75%, 3/15/2042		298		306
Deutsche Telekom International Finance BV						Canadian National Railway Co
						1.45%, 12/15/2016		149		150
5.75%, 3/23/2016		223		251		5.55%, 3/1/2019		45		55
5.88%, 8/20/2013		300		317
8.75%, 6/15/2030(c)		409		565		Canadian Pacific Railway Co
						4.45%, 3/15/2023		372		399

See accompanying notes.

16

Schedule of Investments
Bond Market Index Fund
May 31, 2012 (unaudited)
			Principal						Principal
	BONDS (continued)		Amount (000's)		Value (000	's)	MUNICIPAL BONDS (continued)		Amount (000's)		Value	(000	's)
	Transportation (continued)						Illinois (continued)
	CSX Corp						City of Chicago IL Waterworks Revenue
	4.75%, 5/30/2042	$	223	$	228		6.74%, 11/1/2040	$	430	$		590
	6.25%, 3/15/2018		238		287		County of Cook IL
	Norfolk Southern Corp						6.23%, 11/15/2034		298			347
	3.25%, 12/1/2021		149		156		State of Illinois
	4.84%, 10/1/2041		567		621		4.07%, 1/1/2014		745			771
	5.26%, 9/17/2014		298		327		4.95%, 6/1/2023		95			98
	Ryder System Inc						4.96%, 3/1/2016		225			243
	3.15%, 3/2/2015		149		154		5.10%, 6/1/2033		115			109
	Union Pacific Corp						7.35%, 7/1/2035		220			260
	4.16%, 7/15/2022		121		136					$		2,852
	4.75%, 9/15/2041		223		239
	United Parcel Service Inc						Kansas - 0.00%
	3.13%, 1/15/2021		372		399		Kansas State Department of Transportation
	3.88%, 4/1/2014		67		71		4.60%, 9/1/2035		55			64
	4.88%, 11/15/2040		75		91
	6.20%, 1/15/2038		67		91		Nevada - 0.03%
				$	4,614		County of Clark NV Airport System Revenue
							6.82%, 7/1/2045		75			109
	Water - 0.02%						6.88%, 7/1/2042		215			250
	American Water Capital Corp
	6.09%, 10/15/2017		223		263					$		359
	6.59%, 10/15/2037		15		19		New Jersey - 0.05%
				$	282		New Jersey Economic Development
	TOTAL BONDS			$	500,137		Authority AGM
			Principal				0.00%, 2/15/2023(d)		149			92
	MUNICIPAL BONDS - 0.93%		Amount (000's)		Value (000	's)	New Jersey State Turnpike Authority
							7.10%, 1/1/2041		428			608
	California - 0.29%						New Jersey Transportation Trust Fund
	Bay Area Toll Authority						Authority
	6.26%, 4/1/2049	$	300	$	418		6.56%, 12/15/2040		46			64
	6.92%, 4/1/2040		210		290					$		764
	East Bay Municipal Utility District
	5.87%, 6/1/2040		180		244		New York - 0.12%
	Los Angeles Department of Water & Power						City of New York NY
	6.01%, 7/1/2039		175		228		5.52%, 10/1/2037		75			86
	Los Angeles Unified School District/CA						Metropolitan Transportation Authority
	5.75%, 7/1/2034		245		301		6.55%, 11/15/2031		100			128
	5.76%, 7/1/2029		150		178		6.65%, 11/15/2039		300			385
	6.76%, 7/1/2034		100		132		6.81%, 11/15/2040		405			529
	San Diego County Water Authority						New York City Municipal Water Finance
	6.14%, 5/1/2049		30		41		Authority
	Santa Clara Valley Transportation Authority						5.72%, 6/15/2042		205			264
	5.88%, 4/1/2032		75		92		New York City Transitional Finance Authority
	State of California						Future Tax Secured Revenue
	5.65%, 4/1/2039(c)		75		78		5.51%, 8/1/2037		150			191
	6.65%, 3/1/2022		225		276		New York State Dormitory Authority
	7.30%, 10/1/2039		225		285		5.60%, 3/15/2040		75			94
	7.60%, 11/1/2040		520		682		Port Authority of New York & New
	7.63%, 3/1/2040		820		1,076		Jersey GO OF AUTH
	University of California						6.04%, 12/1/2029		150			197
	6.55%, 5/15/2048		150		197					$		1,874
				$	4,518		Ohio - 0.03%
	Connecticut - 0.01%						American Municipal Power Inc
	State of Connecticut						7.50%, 2/15/2050		225			314
	5.85%, 3/15/2032		75		95		Ohio State University/The
							4.91%, 6/1/2040		75			91
	Georgia - 0.03%									$		405
	Municipal Electric Authority of Georgia						Puerto Rico - 0.02%
	6.64%, 4/1/2057		149		176		Government Development Bank for Puerto
	State of Georgia						Rico
	4.50%, 11/1/2025		225		267		3.67%, 5/1/2014		225			230
				$	443		4.70%, 5/1/2016		225			235
	Illinois - 0.20%									$		465
	Chicago Transit Authority						Texas - 0.14%
	6.20%, 12/1/2040		220		252		City of San Antonio TX
	6.90%, 12/1/2040		150		182		5.81%, 2/1/2041		115			156

See accompanying notes.

17

Schedule of Investments
Bond Market Index Fund
May 31, 2012 (unaudited)
	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)
Texas (continued)						(continued)
Dallas Area Rapid Transit						3.50%, 4/1/2042(e)	$	742	$	778
5.02%, 12/1/2048	$	150	$	188		4.00%, 6/1/2014(e)		69		73
Dallas Convention Center Hotel Development						4.00%, 4/1/2019(e)		209		222
Corp						4.00%, 12/1/2024(e)		98		106
7.09%, 1/1/2042		210		256		4.00%, 1/1/2025(e),(g)		346		366
Dallas County Hospital District						4.00%, 2/1/2025(e)		307		324
5.62%, 8/15/2044		242		323		4.00%, 3/1/2025(e)		159		168
Dallas Independent School District PSF-GTD						4.00%, 3/1/2025(e)		266		281
6.45%, 2/15/2035		150		184		4.00%, 4/1/2025(e)		239		252
State of Texas						4.00%, 6/1/2025(e)		293		310
4.68%, 4/1/2040		300		348		4.00%, 6/1/2025(e)		267		282
5.52%, 4/1/2039		290		383		4.00%, 7/1/2025(e)		102		108
Texas Transportation Commission						4.00%, 8/1/2025(e)		203		220
5.18%, 4/1/2030		375		466		4.00%, 8/1/2025(e)		167		176
			$	2,304		4.00%, 9/1/2025(e)		64		67
Washington - 0.00%						4.00%, 10/1/2025(e)		718		758
State of Washington						4.00%, 2/1/2026(e)		288		304
5.09%, 8/1/2033		70		86		4.00%, 3/1/2026(e)		25		27
						4.00%, 5/1/2026(e)		696		736
						4.00%, 7/1/2026(e)		438		463
Wisconsin - 0.01%						4.00%, 6/1/2027(e),(f)		100		106
State of Wisconsin AGM						4.00%, 12/1/2030(e)		557		600
5.70%, 5/1/2026		150		179		4.00%, 8/1/2031(e)		706		760
						4.00%, 10/1/2031(e)		737		795
TOTAL MUNICIPAL BONDS			$	14,408		4.00%, 11/1/2031(e)		215		232
U.S. GOVERNMENT & GOVERNMENT	Principal					4.00%, 12/1/2031(e)		359		387
AGENCY OBLIGATIONS - 65.75%	Amount (000's)			Value (000	's)	4.00%, 7/1/2039(e)		258		278
Federal Home Loan Mortgage Corporation (FHLMC) - 8.37%						4.00%, 9/1/2039(e)		143		154
						4.00%, 12/1/2039(e)		167		178
2.68%, 1/1/2042(c),(e)	$	360	$	376		4.00%, 12/1/2039(e)		329		349
2.73%, 2/1/2037(c),(e)		47		50		4.00%, 1/1/2040(e)		259		275
3.00%, 2/1/2027(e)		729		763		4.00%, 3/1/2040(e)		209		222
3.00%, 2/1/2027(e)		732		768		4.00%, 9/1/2040(e)		351		373
3.00%, 3/1/2027(e)		734		769		4.00%, 10/1/2040(e)		668		710
3.00%, 2/1/2032(e)		736		766		4.00%, 10/1/2040(e)		279		296
3.50%, 10/1/2025(e)		141		148		4.00%, 12/1/2040(e)		738		785
3.50%, 10/1/2025(e)		204		215		4.00%, 12/1/2040(e)		345		374
3.50%, 11/1/2025(e)		55		58		4.00%, 12/1/2040(e)		320		340
3.50%, 11/1/2025(e)		255		271		4.00%, 12/1/2040(e)		352		374
3.50%, 11/1/2025(e)		157		165		4.00%, 12/1/2040(e)		396		421
3.50%, 11/1/2025(e)		102		107		4.00%, 2/1/2041(e)		886		942
3.50%, 11/1/2025(e)		476		501		4.00%, 2/1/2041(e)		721		766
3.50%, 12/1/2025(e)		371		390		4.00%, 4/1/2041(e)		342		363
3.50%, 1/1/2026(e)		233		245		4.00%, 7/1/2041(e)		357		379
3.50%, 2/1/2026(e)		182		191		4.00%, 8/1/2041(e)		324		345
3.50%, 4/1/2026(e)		520		547		4.00%, 8/1/2041(e)		1,019		1,083
3.50%, 5/1/2026(e)		423		445		4.00%, 10/1/2041(e)		1,038		1,103
3.50%, 6/1/2026(e)		120		126		4.00%, 10/1/2041(e)		426		453
3.50%, 6/1/2026(e)		89		94		4.00%, 10/1/2041(e)		137		145
3.50%, 7/1/2026(e)		521		548		4.00%, 10/1/2041(e)		990		1,052
3.50%, 7/1/2026(e)		87		92		4.00%, 10/1/2041(e)		430		458
3.50%, 7/1/2026(e)		390		411		4.00%, 11/1/2041(e)		495		526
3.50%, 8/1/2026(e)		318		334		4.00%, 11/1/2041(e)		800		850
3.50%, 9/1/2026(e)		371		390		4.00%, 3/1/2042(e)		737		783
3.50%, 10/1/2026(e)		204		214		4.00%, 6/1/2042(e),(f)		2,200		2,334
3.50%, 1/1/2027(e)		429		451		4.50%, 11/1/2018(e)		203		215
3.50%, 6/1/2027(e),(f)		1,900		1,995		4.50%, 4/1/2019(e)		180		193
3.50%, 2/1/2032(e)		736		781		4.50%, 4/1/2023(e)		151		161
3.50%, 4/1/2032(e)		741		785		4.50%, 1/1/2024(e)		97		104
3.50%, 2/1/2041(e)		329		345		4.50%, 1/1/2024(e)		236		253
3.50%, 10/1/2041(e)		371		389		4.50%, 7/1/2024(e)		160		173
3.50%, 11/1/2041(e)		354		371		4.50%, 9/1/2024(e)		245		266
3.50%, 1/1/2042(e)		734		769		4.50%, 9/1/2024(e)		208		226
3.50%, 2/1/2042(e)		237		248		4.50%, 4/1/2025(e)		262		279
3.50%, 3/1/2042(e)		124		130		4.50%, 5/1/2025(e)		215		229
3.50%, 3/1/2042(e)		370		388		4.50%, 7/1/2025(e)		303		323
3.50%, 4/1/2042(e)		736		774		4.50%, 6/1/2027(e),(f)		1,400		1,490
3.50%, 4/1/2042(e)		739		775		4.50%, 2/1/2030(e)		241		258
3.50%, 4/1/2042(e)		742		778		4.50%, 8/1/2030(e)		197		210

See accompanying notes.

18

Schedule of Investments
Bond Market Index Fund
May 31, 2012 (unaudited)
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%, 5/1/2031(e)	$	192	$	206		5.00%, 12/1/2035(e)	$	609	$	658
4.50%, 5/1/2034(e)		22		23		5.00%, 12/1/2035(e)		995		1,075
4.50%, 8/1/2036(e)		269		288		5.00%, 4/1/2036(e)		45		49
4.50%, 2/1/2039(e)		952		1,017		5.00%, 8/1/2036(e)		458		494
4.50%, 3/1/2039(e)		393		428		5.00%, 5/1/2037(e)		243		261
4.50%, 4/1/2039(e)		1,359		1,452		5.00%, 2/1/2038(e)		469		505
4.50%, 6/1/2039(e)		711		760		5.00%, 6/1/2038(e)		160		172
4.50%, 10/1/2039(e)		592		649		5.00%, 9/1/2038(e)		42		45
4.50%, 11/1/2039(e)		873		932		5.00%, 1/1/2039(e)		708		763
4.50%, 11/1/2039(e)		556		594		5.00%, 2/1/2039(e)		375		404
4.50%, 11/1/2039(e)		687		734		5.00%, 3/1/2039(e)		402		442
4.50%, 12/1/2039(e)		413		441		5.00%, 7/1/2039(e)		414		450
4.50%, 12/1/2039(e)		736		807		5.00%, 8/1/2039(e)		24		26
4.50%, 2/1/2040(e)		591		648		5.00%, 9/1/2039(e)		655		720
4.50%, 2/1/2040(e)		639		700		5.00%, 10/1/2039(e)		409		450
4.50%, 2/1/2040(e)		136		145		5.00%, 1/1/2040(e)		753		828
4.50%, 2/1/2040(e)		637		681		5.00%, 3/1/2040(e)		147		159
4.50%, 4/1/2040(e)		773		826		5.00%, 7/1/2040(e)		537		579
4.50%, 5/1/2040(e)		602		658		5.00%, 7/1/2040(e)		558		601
4.50%, 5/1/2040(e)		246		263		5.00%, 8/1/2040(e)		420		456
4.50%, 7/1/2040(e)		474		518		5.00%, 8/1/2040(e)		1,396		1,505
4.50%, 7/1/2040(e)		490		535		5.00%, 4/1/2041(e)		486		531
4.50%, 8/1/2040(e)		864		937		5.00%, 5/1/2041(e)		168		181
4.50%, 8/1/2040(e)		514		550		5.00%, 9/1/2041(e)		710		769
4.50%, 8/1/2040(e)		302		323		5.00%, 10/1/2041(e)		705		768
4.50%, 8/1/2040(e)		301		327		5.00%, 6/1/2042(e),(f)		3,300		3,553
4.50%, 8/1/2040(e)		281		301		5.01%, 6/1/2038(c),(e)		70		74
4.50%, 9/1/2040(e)		159		170		5.11%, 4/1/2038(c),(e)		44		47
4.50%, 9/1/2040(e)		254		272		5.50%, 10/1/2016(e)		74		80
4.50%, 2/1/2041(e)		404		432		5.50%, 2/1/2017(e)		109		118
4.50%, 3/1/2041(e)		637		682		5.50%, 1/1/2018(e)		175		189
4.50%, 4/1/2041(e)		1,004		1,075		5.50%, 1/1/2018(e)		39		42
4.50%, 4/1/2041(e)		341		364		5.50%, 1/1/2022(e)		93		100
4.50%, 5/1/2041(e)		339		364		5.50%, 6/1/2027(e),(f)		300		324
4.50%, 5/1/2041(e)		1,084		1,161		5.50%, 12/1/2032(e)		359		394
4.50%, 6/1/2041(e)		391		419		5.50%, 3/1/2033(e)		45		50
4.50%, 6/1/2041(e)		772		825		5.50%, 12/1/2033(e)		23		25
4.50%, 6/1/2041(e)		398		432		5.50%, 1/1/2034(e)		176		193
4.50%, 7/1/2041(e)		724		776		5.50%, 1/1/2034(e)		837		918
4.50%, 7/1/2041(e)		698		748		5.50%, 3/1/2034(e)		400		441
4.50%, 8/1/2041(e)		609		652		5.50%, 10/1/2034(e)		178		195
4.50%, 10/1/2041(e)		726		777		5.50%, 10/1/2034(e)		19		21
4.50%, 6/1/2042(e),(f)		3,000		3,203		5.50%, 2/1/2035(e)		19		21
4.88%, 6/1/2037(c),(e)		97		103		5.50%, 2/1/2035(e)		328		359
5.00%, 12/1/2012(e)		45		46		5.50%, 3/1/2035(e)		226		247
5.00%, 5/1/2018(e)		82		88		5.50%, 11/1/2035(e)		383		419
5.00%, 8/1/2018(e)		125		134		5.50%, 5/1/2036(e)		396		433
5.00%, 4/1/2019(e)		89		96		5.50%, 5/1/2036(e)		105		115
5.00%, 12/1/2019(e)		283		305		5.50%, 7/1/2036(e)		382		418
5.00%, 2/1/2022(e)		104		112		5.50%, 11/1/2036(e)		284		309
5.00%, 9/1/2022(e)		135		145		5.50%, 2/1/2037(e)		20		22
5.00%, 6/1/2023(e)		93		100		5.50%, 7/1/2037(e)		50		54
5.00%, 7/1/2024(e)		120		129		5.50%, 7/1/2037(e)		280		304
5.00%, 6/1/2025(e)		132		142		5.50%, 9/1/2037(e)		156		170
5.00%, 6/1/2027(e),(f)		900		965		5.50%, 11/1/2037(e)		194		212
5.00%, 2/1/2030(e)		107		115		5.50%, 1/1/2038(e)		156		170
5.00%, 3/1/2030(e)		76		82		5.50%, 1/1/2038(e)		684		748
5.00%, 8/1/2033(e)		140		152		5.50%, 4/1/2038(e)		56		61
5.00%, 8/1/2033(e)		646		700		5.50%, 4/1/2038(e)		65		71
5.00%, 9/1/2033(e)		308		333		5.50%, 5/1/2038(e)		82		89
5.00%, 3/1/2034(e)		174		188		5.50%, 5/1/2038(e)		150		164
5.00%, 4/1/2034(e)		353		382		5.50%, 6/1/2038(e)		60		66
5.00%, 5/1/2034(e)		376		407		5.50%, 6/1/2038(e)		177		193
5.00%, 5/1/2035(e)		686		741		5.50%, 7/1/2038(e)		106		115
5.00%, 8/1/2035(e)		186		200		5.50%, 7/1/2038(e)		419		458
5.00%, 8/1/2035(e)		95		102		5.50%, 8/1/2038(e)		685		747
5.00%, 9/1/2035(e)		658		711		5.50%, 9/1/2038(e)		180		195
5.00%, 9/1/2035(e)		277		299		5.50%, 10/1/2038(e)		61		66
5.00%, 10/1/2035(e)		336		363		5.50%, 11/1/2038(e)		136		148

See accompanying notes.

19

Schedule of Investments
Bond Market Index Fund
May 31, 2012 (unaudited)
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%, 1/1/2039(e)	$	354	$	385		7.00%, 9/1/2031(e)	$	40	$	47
5.50%, 4/1/2039(e)		417		458		7.00%, 1/1/2032(e)		4		4
5.50%, 12/1/2039(e)		686		746		7.00%, 9/1/2038(e)		81		95
5.50%, 1/1/2040(e)		384		422		7.50%, 10/1/2015(e)		1		1
5.50%, 3/1/2040(e)		103		112		7.50%, 12/1/2015(e)		3		3
5.50%, 6/1/2040(e)		686		751		7.50%, 7/1/2029(e)		116		142
5.50%, 6/1/2042(e),(f)		4,400		4,784		7.50%, 1/1/2030(e)		4		4
5.55%, 6/1/2037(c),(e)		231		243		7.50%, 2/1/2030(e)		1		1
6.00%, 8/1/2014(e)		1		1		7.50%, 7/1/2030(e)		1		1
6.00%, 7/1/2017(e)		5		5		7.50%, 8/1/2030(e)		1		1
6.00%, 5/1/2021(e)		33		35		7.50%, 10/1/2030(e)		12		14
6.00%, 11/1/2022(e)		71		78		7.50%, 12/1/2030(e)		1		1
6.00%, 2/1/2027(e)		201		221					$	130,364
6.00%, 6/1/2029(e)		1		2
6.00%, 7/1/2029(e)		8		9		Federal National Mortgage Association (FNMA) - 14.63%
6.00%, 7/1/2029(e)		20		22		2.51%, 7/1/2041(e)		324		337
6.00%, 2/1/2031(e)		15		17		2.59%, 2/1/2042(c),(e)		586		609
6.00%, 12/1/2031(e)		40		45		2.84%, 2/1/2042(c),(e)		370		387
6.00%, 1/1/2032(e)		306		345		2.85%, 4/1/2037(c),(e)		81		87
6.00%, 6/1/2034(e)		374		421		2.85%, 1/1/2042(c),(e)		724		757
6.00%, 8/1/2034(e)		64		71		3.00%, 9/1/2026(e)		702		736
6.00%, 5/1/2036(e)		446		494		3.00%, 11/1/2026(e)		708		743
6.00%, 6/1/2036(e)		370		409		3.00%, 1/1/2027(e)		592		621
6.00%, 11/1/2036(e)		712		783		3.00%, 2/1/2027(e)		367		386
6.00%, 2/1/2037(e)		51		56		3.00%, 4/1/2027(e)		733		769
6.00%, 5/1/2037(e)		49		54		3.00%, 4/1/2027(e)		735		771
6.00%, 10/1/2037(e)		366		403		3.01%, 12/1/2041(c),(e)		361		378
6.00%, 11/1/2037(e)		402		443		3.14%, 6/1/2040(c),(e)		209		219
6.00%, 12/1/2037(e)		77		85		3.22%, 7/1/2040(c),(e)		436		458
6.00%, 1/1/2038(e)		324		357		3.25%, 12/1/2039(c),(e)		333		349
6.00%, 1/1/2038(e)		408		449		3.31%, 3/1/2040(c),(e)		187		196
6.00%, 1/1/2038(e)		271		301		3.31%, 12/1/2040(c),(e)		289		304
6.00%, 1/1/2038(e)		84		92		3.46%, 2/1/2041(c),(e)		261		276
6.00%, 1/1/2038(c),(e)		66		73		3.47%, 1/1/2040(c),(e)		306		322
6.00%, 5/1/2038(e)		335		372		3.50%, 8/1/2025(e)		256		271
6.00%, 7/1/2038(e)		156		173		3.50%, 10/1/2025(e)		199		210
6.00%, 7/1/2038(e)		277		306		3.50%, 11/1/2025(e)		219		231
6.00%, 8/1/2038(e)		149		165		3.50%, 12/1/2025(e)		323		345
6.00%, 9/1/2038(e)		191		211		3.50%, 12/1/2025(e)		271		287
6.00%, 9/1/2038(e)		162		178		3.50%, 1/1/2026(e)		718		758
6.00%, 12/1/2039(e)		67		74		3.50%, 2/1/2026(e)		470		497
6.00%, 6/1/2042(e),(f)		3,500		3,850		3.50%, 5/1/2026(e)		104		110
6.50%, 3/1/2015(e)		1		1		3.50%, 6/1/2026(e)		594		627
6.50%, 12/1/2015(e)		2		2		3.50%, 7/1/2026(e)		118		124
6.50%, 6/1/2017(e)		50		54		3.50%, 8/1/2026(e)		923		975
6.50%, 4/1/2028(e)		3		4		3.50%, 9/1/2026(e)		687		725
6.50%, 3/1/2029(e)		15		18		3.50%, 10/1/2026(e)		314		332
6.50%, 5/1/2031(e)		25		29		3.50%, 12/1/2026(e)		927		979
6.50%, 6/1/2031(e)		1		1		3.50%, 1/1/2027(e)		594		628
6.50%, 6/1/2031(e)		5		6		3.50%, 1/1/2027(e)		1,062		1,122
6.50%, 10/1/2031(e)		5		5		3.50%, 6/1/2027(e),(f)		2,600		2,743
6.50%, 2/1/2032(e)		3		4		3.50%, 1/1/2031(e)		123		131
6.50%, 5/1/2032(e)		5		6		3.50%, 4/1/2031(e)		199		211
6.50%, 4/1/2035(e)		21		23		3.50%, 4/1/2032(e)		738		782
6.50%, 3/1/2036(e)		146		164		3.50%, 4/1/2032(e)		1,481		1,569
6.50%, 9/1/2036(e)		112		126		3.50%, 10/1/2040(e)		118		124
6.50%, 8/1/2037(e)		68		77		3.50%, 11/1/2040(e)		339		356
6.50%, 10/1/2037(e)		176		201		3.50%, 12/1/2040(e)		393		413
6.50%, 11/1/2037(e)		200		226		3.50%, 1/1/2041(e)		265		279
6.50%, 12/1/2037(e)		36		41		3.50%, 2/1/2041(e)		141		148
6.50%, 2/1/2038(e)		37		42		3.50%, 2/1/2041(e)		142		149
6.50%, 9/1/2038(e)		406		459		3.50%, 3/1/2041(e)		523		549
6.50%, 9/1/2038(e)		267		301		3.50%, 3/1/2041(e)		881		926
6.50%, 10/1/2038(e)		44		49		3.50%, 10/1/2041(e)		1,450		1,523
6.50%, 1/1/2039(e)		186		209		3.50%, 12/1/2041(e)		1,472		1,547
6.50%, 9/1/2039(e)		240		271		3.50%, 1/1/2042(e)		742		780
7.00%, 10/1/2029(e)		6		7		3.50%, 1/1/2042(e)		876		920
7.00%, 11/1/2030(e)		2		2		3.50%, 2/1/2042(e)		438		460
7.00%, 1/1/2031(e)		2		2		3.50%, 2/1/2042(e)		738		775

See accompanying notes.

20

Schedule of Investments
Bond Market Index Fund
May 31, 2012 (unaudited)
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%, 2/1/2042(e)	$	221	$	233		4.00%, 10/1/2040(e)	$	731	$	779
3.50%, 3/1/2042(e)		370		389		4.00%, 10/1/2040(e)		279		298
3.50%, 3/1/2042(e)		443		466		4.00%, 11/1/2040(e)		210		224
3.50%, 4/1/2042(e)		614		646		4.00%, 12/1/2040(e)		733		781
3.50%, 4/1/2042(e)		742		779		4.00%, 12/1/2040(e)		812		866
3.50%, 4/1/2042(e)		742		779		4.00%, 12/1/2040(e)		203		217
3.50%, 5/1/2042(e)		742		780		4.00%, 12/1/2040(e)		403		435
3.50%, 6/1/2042(e),(f)		300		315		4.00%, 12/1/2040(e)		591		630
3.59%, 8/1/2040(c),(e)		224		236		4.00%, 1/1/2041(e)		330		352
3.62%, 5/1/2041(c),(e)		264		278		4.00%, 1/1/2041(e)		585		624
3.62%, 5/1/2041(c),(e)		301		317		4.00%, 1/1/2041(e)		64		68
3.68%, 2/1/2040(c),(e)		313		331		4.00%, 1/1/2041(e)		734		782
4.00%, 4/1/2014(e)		161		170		4.00%, 2/1/2041(e)		1,276		1,360
4.00%, 5/1/2014(e)		45		48		4.00%, 2/1/2041(e)		745		794
4.00%, 9/1/2018(e)		709		758		4.00%, 2/1/2041(e)		797		849
4.00%, 5/1/2024(e)		198		211		4.00%, 2/1/2041(e)		495		528
4.00%, 5/1/2024(e)		218		232		4.00%, 2/1/2041(e)		387		412
4.00%, 7/1/2024(e)		448		476		4.00%, 3/1/2041(e)		341		364
4.00%, 9/1/2024(e)		128		137		4.00%, 3/1/2041(e)		729		777
4.00%, 11/1/2024(e)		81		86		4.00%, 9/1/2041(e)		1,518		1,618
4.00%, 1/1/2025(e)		296		315		4.00%, 9/1/2041(e)		1,373		1,463
4.00%, 3/1/2025(e)		210		223		4.00%, 10/1/2041(e)		1,705		1,817
4.00%, 4/1/2025(e)		88		94		4.00%, 10/1/2041(e)		144		153
4.00%, 5/1/2025(e)		97		103		4.00%, 10/1/2041(e)		724		771
4.00%, 5/1/2025(e)		252		268		4.00%, 11/1/2041(e)		1,322		1,409
4.00%, 5/1/2025(e)		56		60		4.00%, 11/1/2041(e)		840		895
4.00%, 5/1/2025(e)		199		212		4.00%, 11/1/2041(e)		283		301
4.00%, 5/1/2025(e)		285		302		4.00%, 11/1/2041(e)		716		763
4.00%, 6/1/2025(e)		163		173		4.00%, 12/1/2041(e)		721		769
4.00%, 6/1/2025(e)		139		148		4.00%, 12/1/2041(e)		2,127		2,266
4.00%, 8/1/2025(e)		234		248		4.00%, 12/1/2041(e)		728		776
4.00%, 9/1/2025(e)		343		365		4.00%, 12/1/2041(e)		655		698
4.00%, 11/1/2025(e)		375		399		4.00%, 12/1/2041(e)		990		1,055
4.00%, 11/1/2025(e)		355		378		4.00%, 1/1/2042(e)		917		977
4.00%, 1/1/2026(e)		212		226		4.00%, 1/1/2042(e)		1,044		1,112
4.00%, 3/1/2026(e)		629		668		4.00%, 2/1/2042(e)		435		463
4.00%, 3/1/2026(e)		53		57		4.50%, 2/1/2018(e)		305		328
4.00%, 5/1/2026(e)		326		347		4.50%, 5/1/2019(e)		489		526
4.00%, 6/1/2026(e)		291		312		4.50%, 9/1/2020(e)		80		86
4.00%, 7/1/2026(e)		279		297		4.50%, 5/1/2022(e)		221		237
4.00%, 9/1/2026(e)		681		725		4.50%, 2/1/2024(e)		63		68
4.00%, 6/1/2027(e),(f)		2,200		2,336		4.50%, 4/1/2024(e)		46		49
4.00%, 4/1/2029(e)		137		148		4.50%, 4/1/2024(e)		40		43
4.00%, 10/1/2030(e)		263		283		4.50%, 11/1/2024(e)		149		160
4.00%, 12/1/2030(e)		350		377		4.50%, 12/1/2024(e)		242		266
4.00%, 2/1/2031(e)		581		625		4.50%, 12/1/2024(e)		162		173
4.00%, 7/1/2031(e)		369		398		4.50%, 2/1/2025(e)		331		355
4.00%, 10/1/2031(e)		166		179		4.50%, 2/1/2025(e)		196		211
4.00%, 11/1/2031(e)		284		306		4.50%, 4/1/2025(e)		48		52
4.00%, 12/1/2031(e)		218		234		4.50%, 4/1/2025(e)		24		26
4.00%, 1/1/2032(e)		358		385		4.50%, 5/1/2025(e)		445		477
4.00%, 3/1/2039(e)		243		259		4.50%, 4/1/2026(e)		430		462
4.00%, 5/1/2039(e)		26		28		4.50%, 6/1/2027(e),(f)		5,300		5,677
4.00%, 8/1/2039(e)		57		61		4.50%, 7/1/2029(e)		52		56
4.00%, 8/1/2039(e)		410		436		4.50%, 2/1/2030(e)		230		247
4.00%, 10/1/2039(e)		116		124		4.50%, 4/1/2030(e)		81		87
4.00%, 11/1/2039(e)		327		348		4.50%, 9/1/2030(e)		214		230
4.00%, 11/1/2039(e)		92		98		4.50%, 1/1/2031(e)		196		211
4.00%, 12/1/2039(e)		212		226		4.50%, 4/1/2031(e)		126		135
4.00%, 2/1/2040(e)		471		502		4.50%, 5/1/2031(e)		188		202
4.00%, 2/1/2040(e)		18		19		4.50%, 7/1/2031(e)		720		774
4.00%, 5/1/2040(e)		365		389		4.50%, 8/1/2031(e)		348		374
4.00%, 5/1/2040(e)		100		107		4.50%, 8/1/2033(e)		151		162
4.00%, 8/1/2040(e)		200		213		4.50%, 8/1/2033(e)		333		359
4.00%, 10/1/2040(e)		494		526		4.50%, 11/1/2033(e)		669		718
4.00%, 10/1/2040(e)		329		351		4.50%, 1/1/2036(e)		29		31
4.00%, 10/1/2040(e)		262		280		4.50%, 3/1/2036(e)		59		64
4.00%, 10/1/2040(e)		176		187		4.50%, 6/1/2038(e)		399		429
4.00%, 10/1/2040(e)		122		130		4.50%, 1/1/2039(e)		117		126

See accompanying notes.

21

Schedule of Investments
Bond Market Index Fund
May 31, 2012 (unaudited)
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%, 2/1/2039(e)	$	277	$	298		5.00%, 7/1/2024(e)	$	109	$	120
4.50%, 4/1/2039(e)		188		202		5.00%, 6/1/2027(e),(f)		3,000		3,236
4.50%, 4/1/2039(e)		559		613		5.00%, 4/1/2029(e)		251		275
4.50%, 4/1/2039(e)		525		580		5.00%, 3/1/2030(e)		296		321
4.50%, 6/1/2039(e)		305		334		5.00%, 8/1/2030(e)		350		379
4.50%, 6/1/2039(e)		277		298		5.00%, 5/1/2033(e)		216		235
4.50%, 6/1/2039(e)		700		767		5.00%, 5/1/2033(e)		139		151
4.50%, 6/1/2039(e)		1,146		1,230		5.00%, 7/1/2033(e)		1,094		1,187
4.50%, 7/1/2039(e)		620		679		5.00%, 8/1/2033(e)		59		64
4.50%, 7/1/2039(e)		286		313		5.00%, 9/1/2033(e)		612		665
4.50%, 7/1/2039(e)		691		742		5.00%, 11/1/2033(e)		568		616
4.50%, 8/1/2039(e)		301		330		5.00%, 2/1/2034(e)		72		79
4.50%, 9/1/2039(e)		310		332		5.00%, 3/1/2034(e)		99		107
4.50%, 10/1/2039(e)		1,181		1,267		5.00%, 5/1/2034(e)		738		800
4.50%, 10/1/2039(e)		698		749		5.00%, 2/1/2035(e)		679		739
4.50%, 12/1/2039(e)		565		619		5.00%, 3/1/2035(e)		72		78
4.50%, 12/1/2039(e)		628		691		5.00%, 4/1/2035(e)		128		139
4.50%, 12/1/2039(e)		261		280		5.00%, 6/1/2035(e)		1,484		1,609
4.50%, 12/1/2039(e)		353		379		5.00%, 7/1/2035(e)		72		78
4.50%, 12/1/2039(e)		320		352		5.00%, 7/1/2035(e)		284		308
4.50%, 1/1/2040(e)		683		752		5.00%, 7/1/2035(e)		675		732
4.50%, 2/1/2040(e)		297		326		5.00%, 9/1/2035(e)		179		194
4.50%, 2/1/2040(e)		463		508		5.00%, 10/1/2035(e)		381		412
4.50%, 3/1/2040(e)		438		470		5.00%, 1/1/2036(e)		701		760
4.50%, 4/1/2040(e)		826		890		5.00%, 3/1/2036(e)		694		752
4.50%, 5/1/2040(e)		1,118		1,204		5.00%, 3/1/2036(e)		450		488
4.50%, 5/1/2040(e)		1,528		1,665		5.00%, 7/1/2036(e)		722		783
4.50%, 5/1/2040(e)		316		346		5.00%, 4/1/2037(e)		17		19
4.50%, 5/1/2040(e)		297		318		5.00%, 7/1/2037(e)		215		233
4.50%, 6/1/2040(e)		309		338		5.00%, 2/1/2038(e)		1,765		1,913
4.50%, 7/1/2040(e)		315		345		5.00%, 6/1/2038(e)		87		95
4.50%, 8/1/2040(e)		550		592		5.00%, 1/1/2039(e)		383		423
4.50%, 9/1/2040(e)		258		278		5.00%, 2/1/2039(e)		537		595
4.50%, 9/1/2040(e)		480		517		5.00%, 3/1/2039(e)		339		368
4.50%, 9/1/2040(e)		275		296		5.00%, 4/1/2039(e)		663		727
4.50%, 10/1/2040(e)		1,334		1,435		5.00%, 4/1/2039(e)		440		482
4.50%, 12/1/2040(e)		305		328		5.00%, 4/1/2039(e)		306		338
4.50%, 3/1/2041(e)		436		469		5.00%, 7/1/2039(e)		479		530
4.50%, 3/1/2041(e)		309		333		5.00%, 10/1/2039(e)		431		476
4.50%, 4/1/2041(e)		385		415		5.00%, 12/1/2039(e)		729		797
4.50%, 5/1/2041(e)		705		760		5.00%, 12/1/2039(e)		282		313
4.50%, 6/1/2041(e)		1,495		1,612		5.00%, 1/1/2040(e)		560		621
4.50%, 6/1/2041(e)		329		355		5.00%, 2/1/2040(e)		597		667
4.50%, 6/1/2041(e)		690		744		5.00%, 5/1/2040(e)		277		301
4.50%, 7/1/2041(e)		711		766		5.00%, 6/1/2040(e)		195		212
4.50%, 7/1/2041(e)		340		366		5.00%, 6/1/2040(e)		594		656
4.50%, 7/1/2041(e)		343		374		5.00%, 6/1/2040(e)		705		768
4.50%, 8/1/2041(e)		697		751		5.00%, 8/1/2040(e)		295		321
4.50%, 9/1/2041(e)		706		761		5.00%, 8/1/2040(e)		846		921
4.50%, 10/1/2041(e)		692		746		5.00%, 8/1/2040(e)		271		295
4.50%, 11/1/2041(e)		723		780		5.00%, 11/1/2040(e)		384		418
4.50%, 11/1/2041(e)		651		701		5.00%, 4/1/2041(e)		281		306
4.50%, 11/1/2041(e)		702		757		5.00%, 5/1/2041(e)		494		538
4.50%, 12/1/2041(e)		655		706		5.00%, 5/1/2041(e)		408		444
4.50%, 6/15/2042(e),(f)		5,400		5,792		5.00%, 5/1/2041(e)		618		674
4.55%, 4/1/2038(c),(e)		115		123		5.00%, 5/1/2041(e)		341		374
5.00%, 4/1/2014(e)		31		32		5.00%, 6/1/2042(e),(f)		3,200		3,466
5.00%, 12/1/2017(e)		45		49		5.36%, 6/1/2037(c),(e)		248		269
5.00%, 4/1/2018(e)		7		7		5.42%, 1/1/2036(c),(e)		152		164
5.00%, 11/1/2018(e)		38		41		5.50%, 2/1/2014(e)		81		83
5.00%, 6/1/2019(e)		249		270		5.50%, 2/1/2015(e)		140		153
5.00%, 7/1/2019(e)		272		295		5.50%, 1/1/2017(e)		280		304
5.00%, 11/1/2021(e)		115		125		5.50%, 5/1/2019(e)		61		66
5.00%, 2/1/2023(e)		123		133		5.50%, 1/1/2021(e)		54		59
5.00%, 7/1/2023(e)		27		29		5.50%, 5/1/2021(e)		79		86
5.00%, 12/1/2023(e)		164		177		5.50%, 10/1/2021(e)		60		65
5.00%, 12/1/2023(e)		69		75		5.50%, 11/1/2022(e)		107		117
5.00%, 1/1/2024(e)		158		171		5.50%, 2/1/2023(e)		113		125
5.00%, 1/1/2024(e)		399		435		5.50%, 7/1/2023(e)		104		115

See accompanying notes.

22

Schedule of Investments
Bond Market Index Fund
May 31, 2012 (unaudited)
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%, 12/1/2023(e)	$	85	$	92		5.50%, 6/1/2042(e),(f)	$	5,800	$	6,324
5.50%, 6/1/2027(e),(f)		400		435		5.69%, 10/1/2047(c),(e)		116		124
5.50%, 6/1/2028(e)		140		153		6.00%, 8/1/2012(e)		1		1
5.50%, 9/1/2028(e)		46		50		6.00%, 1/1/2014(e)		11		11
5.50%, 1/1/2029(e)		88		96		6.00%, 1/1/2016(e)		41		44
5.50%, 12/1/2029(e)		241		262		6.00%, 10/1/2016(e)		6		6
5.50%, 6/1/2033(e)		197		216		6.00%, 6/1/2017(e)		265		283
5.50%, 4/1/2034(e)		707		778		6.00%, 6/1/2017(e)		27		30
5.50%, 4/1/2034(e)		436		478		6.00%, 11/1/2017(e)		63		67
5.50%, 4/1/2034(e)		873		960		6.00%, 5/1/2024(e)		199		211
5.50%, 5/1/2034(e)		454		499		6.00%, 12/1/2032(e)		255		287
5.50%, 6/1/2034(e)		18		20		6.00%, 1/1/2033(e)		54		61
5.50%, 11/1/2034(e)		381		418		6.00%, 10/1/2033(e)		62		70
5.50%, 1/1/2035(e)		83		91		6.00%, 12/1/2033(e)		153		172
5.50%, 1/1/2035(e)		453		497		6.00%, 10/1/2034(e)		295		332
5.50%, 3/1/2035(e)		188		207		6.00%, 12/1/2034(e)		129		145
5.50%, 4/1/2035(e)		22		25		6.00%, 1/1/2035(e)		416		465
5.50%, 4/1/2035(e)		257		282		6.00%, 7/1/2035(e)		1,228		1,369
5.50%, 8/1/2035(e)		121		132		6.00%, 7/1/2035(e)		431		486
5.50%, 9/1/2035(e)		42		46		6.00%, 10/1/2035(e)		365		406
5.50%, 10/1/2035(e)		33		37		6.00%, 5/1/2036(e)		64		71
5.50%, 10/1/2035(e)		43		47		6.00%, 5/1/2036(e)		40		44
5.50%, 12/1/2035(e)		178		195		6.00%, 6/1/2036(e)		305		336
5.50%, 1/1/2036(e)		76		84		6.00%, 2/1/2037(e)		492		545
5.50%, 4/1/2036(e)		35		38		6.00%, 2/1/2037(e)		159		175
5.50%, 4/1/2036(e)		446		490		6.00%, 3/1/2037(e)		351		388
5.50%, 5/1/2036(e)		2,588		2,838		6.00%, 3/1/2037(e)		1,141		1,260
5.50%, 7/1/2036(e)		263		289		6.00%, 6/1/2037(e)		197		217
5.50%, 8/1/2036(e)		484		531		6.00%, 7/1/2037(e)		103		114
5.50%, 9/1/2036(e)		679		746		6.00%, 9/1/2037(e)		555		612
5.50%, 9/1/2036(e)		283		311		6.00%, 10/1/2037(e)		50		55
5.50%, 11/1/2036(e)		155		169		6.00%, 11/1/2037(e)		87		96
5.50%, 11/1/2036(e)		245		267		6.00%, 11/1/2037(e)		195		215
5.50%, 1/1/2037(e)		327		358		6.00%, 11/1/2037(e)		12		13
5.50%, 2/1/2037(e)		21		23		6.00%, 11/1/2037(e)		16		18
5.50%, 2/1/2037(e)		471		518		6.00%, 12/1/2037(e)		209		230
5.50%, 5/1/2037(e)		240		264		6.00%, 1/1/2038(e)		235		260
5.50%, 7/1/2037(e)		99		108		6.00%, 1/1/2038(e)		207		228
5.50%, 7/1/2037(e)		65		71		6.00%, 2/1/2038(e)		89		99
5.50%, 1/1/2038(e)		113		123		6.00%, 3/1/2038(e)		105		116
5.50%, 1/1/2038(e)		171		187		6.00%, 5/1/2038(e)		24		27
5.50%, 2/1/2038(e)		267		293		6.00%, 5/1/2038(e)		47		52
5.50%, 2/1/2038(e)		747		819		6.00%, 5/1/2038(e)		27		30
5.50%, 3/1/2038(e)		254		282		6.00%, 5/1/2038(e)		180		198
5.50%, 3/1/2038(e)		240		262		6.00%, 5/1/2038(e)		188		207
5.50%, 5/1/2038(e)		688		751		6.00%, 8/1/2038(e)		291		322
5.50%, 5/1/2038(e)		195		213		6.00%, 9/1/2038(e)		627		692
5.50%, 6/1/2038(e)		44		48		6.00%, 9/1/2038(e)		11		12
5.50%, 6/1/2038(e)		51		56		6.00%, 10/1/2038(e)		528		581
5.50%, 7/1/2038(e)		278		306		6.00%, 12/1/2038(e)		133		147
5.50%, 7/1/2038(e)		230		251		6.00%, 10/1/2039(e)		362		399
5.50%, 8/1/2038(e)		7		8		6.00%, 4/1/2040(e)		716		790
5.50%, 9/1/2038(e)		80		87		6.00%, 9/1/2040(e)		255		281
5.50%, 11/1/2038(e)		207		226		6.00%, 10/1/2040(e)		817		901
5.50%, 11/1/2038(e)		250		272		6.00%, 6/1/2042(e),(f)		3,600		3,963
5.50%, 11/1/2038(e)		183		200		6.50%, 12/1/2016(e)		149		160
5.50%, 11/1/2038(e)		249		271		6.50%, 5/1/2018(e)		3		4
5.50%, 12/1/2038(e)		313		343		6.50%, 7/1/2020(e)		42		45
5.50%, 12/1/2038(e)		127		138		6.50%, 12/1/2031(e)		5		6
5.50%, 12/1/2038(e)		201		221		6.50%, 3/1/2032(e)		26		30
5.50%, 1/1/2039(e)		191		208		6.50%, 7/1/2032(e)		65		74
5.50%, 4/1/2039(e)		123		134		6.50%, 11/1/2033(e)		80		91
5.50%, 7/1/2039(e)		832		913		6.50%, 8/1/2034(e)		206		236
5.50%, 9/1/2039(e)		285		311		6.50%, 9/1/2034(e)		211		240
5.50%, 10/1/2039(e)		148		162		6.50%, 10/1/2034(e)		52		59
5.50%, 12/1/2039(e)		248		272		6.50%, 7/1/2037(e)		73		84
5.50%, 12/1/2039(e)		538		593		6.50%, 7/1/2037(e)		109		124
5.50%, 6/1/2040(e)		143		157		6.50%, 8/1/2037(e)		395		446
5.50%, 7/1/2040(e)		227		250		6.50%, 1/1/2038(e)		143		162

See accompanying notes.

23

Schedule of Investments
Bond Market Index Fund
May 31, 2012 (unaudited)
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)
Federal National Mortgage Association (FNMA) (continued)						(continued)
6.50%, 2/1/2038(e)	$	74	$	85
6.50%, 3/1/2038(e)		36		41		4.00%, 12/15/2041	$	646	$	708
6.50%, 3/1/2038(e)		617		697		4.00%, 12/20/2041		577		631
6.50%, 5/1/2038(e)		165		186		4.00%, 1/20/2042		653		714
6.50%, 9/1/2038(e)		116		131		4.00%, 2/20/2042		2,573		2,815
6.50%, 10/1/2039(e)		226		255		4.00%, 3/20/2042		2,958		3,236
						4.00%, 6/1/2042(f)		1,300		1,421
6.50%, 6/1/2042(e),(f)		5,100		5,738
7.00%, 12/1/2037(e)		277		323		4.50%, 4/20/2026		143		154
7.00%, 12/1/2037(e)		244		285		4.50%, 6/15/2034		15		17
7.50%, 5/1/2031(e)		70		87		4.50%, 3/15/2039		550		605
						4.50%, 3/15/2039		337		373
			$	227,972		4.50%, 3/20/2039		716		788
Government National Mortgage Association (GNMA) - 7.29%						4.50%, 5/15/2039		375		412
						4.50%, 5/15/2039		369		406
2.50%, 11/20/2040		346		359		4.50%, 5/15/2039		440		492
2.50%, 12/20/2040		201		209		4.50%, 6/15/2039		967		1,072
2.50%, 2/20/2042(c)		591		613
3.00%, 4/15/2027		739		785		4.50%, 7/15/2039		251		276
3.00%, 2/20/2041(c)		537		565		4.50%, 11/15/2039		1,707		1,892
3.00%, 11/20/2041(c)		897		945		4.50%, 11/15/2039		245		269
3.00%, 2/20/2042(c)		735		774		4.50%, 12/15/2039		554		614
3.00%, 4/20/2042(c)		741		780		4.50%, 1/15/2040		621		689
						4.50%, 2/15/2040		320		352
3.50%, 12/15/2025		125		134		4.50%, 2/15/2040		348		383
3.50%, 5/15/2026		194		208		4.50%, 2/15/2040		240		265
3.50%, 2/20/2027		367		393		4.50%, 2/15/2040		118		130
3.50%, 4/20/2027		739		792		4.50%, 2/15/2040		108		119
3.50%, 7/20/2040		185		196		4.50%, 2/15/2040		175		193
3.50%, 1/20/2041		489		522		4.50%, 3/15/2040		593		652
3.50%, 3/20/2041(c)		250		265
						4.50%, 5/15/2040		284		313
3.50%, 11/15/2041		368		393		4.50%, 6/15/2040		310		341
3.50%, 11/20/2041		146		156		4.50%, 6/15/2040		358		394
3.50%, 1/15/2042		367		393		4.50%, 7/15/2040		321		353
3.50%, 1/20/2042		663		708		4.50%, 7/15/2040		256		282
3.50%, 2/15/2042		742		793		4.50%, 8/15/2040		389		428
3.50%, 2/15/2042		739		792		4.50%, 8/15/2040		474		521
3.50%, 2/20/2042		639		682		4.50%, 8/15/2040		384		425
3.50%, 3/15/2042		738		789		4.50%, 8/15/2040		327		360
3.50%, 3/20/2042		740		790		4.50%, 9/15/2040		334		370
3.50%, 4/20/2042		1,483		1,584		4.50%, 9/15/2040		480		528
3.50%, 5/20/2042		371		396		4.50%, 10/15/2040		385		427
4.00%, 8/15/2024		216		233		4.50%, 12/15/2040		242		267
4.00%, 12/15/2024		207		224		4.50%, 1/20/2041		408		455
4.00%, 11/15/2025		132		142		4.50%, 1/20/2041		441		487
4.00%, 5/15/2026		186		200		4.50%, 2/20/2041		568		627
4.00%, 6/15/2039		102		112		4.50%, 2/20/2041		403		450
4.00%, 7/20/2040		380		415		4.50%, 3/15/2041		276		303
4.00%, 8/15/2040		266		292		4.50%, 3/20/2041		311		344
4.00%, 9/15/2040		322		353		4.50%, 3/20/2041		398		444
4.00%, 9/15/2040		350		385		4.50%, 4/15/2041		322		354
4.00%, 10/15/2040		345		379		4.50%, 4/15/2041		721		793
4.00%, 11/15/2040		65		71		4.50%, 4/20/2041		637		704
4.00%, 11/15/2040		397		435		4.50%, 5/15/2041		381		422
4.00%, 11/20/2040		265		290		4.50%, 5/15/2041		343		378
4.00%, 12/20/2040		358		393		4.50%, 6/20/2041		708		782
4.00%, 1/15/2041		352		385		4.50%, 7/15/2041		299		329
4.00%, 1/15/2041		891		976		4.50%, 7/20/2041		3,662		4,045
4.00%, 1/15/2041		327		358		4.50%, 8/20/2041		561		619
4.00%, 1/20/2041		862		944		4.50%, 9/20/2041		338		374
4.00%, 5/15/2041		344		377		4.50%, 11/20/2041		1,809		1,998
4.00%, 5/15/2041		421		462		4.50%, 12/20/2041		357		395
4.00%, 5/15/2041		49		54		4.50%, 1/20/2042		2,575		2,844
4.00%, 7/20/2041		341		373		4.50%, 2/20/2042		1,426		1,575
4.00%, 7/20/2041(c)		313		335
						4.50%, 3/20/2042		369		408
4.00%, 8/15/2041		272		298		4.50%, 4/20/2042		791		874
4.00%, 9/15/2041		732		803		5.00%, 12/15/2032		8		9
4.00%, 9/20/2041		72		78		5.00%, 8/15/2033		521		576
4.00%, 10/15/2041		437		479		5.00%, 2/15/2034		583		648
4.00%, 10/15/2041		368		404		5.00%, 8/15/2035		399		442
4.00%, 11/20/2041		568		622		5.00%, 2/15/2038		9		10
4.00%, 12/15/2041		1,033		1,132		5.00%, 6/20/2038		578		640

See accompanying notes.

24

Schedule of Investments
Bond Market Index Fund
May 31, 2012 (unaudited)
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%, 10/15/2038	$	295	$	326		5.50%, 11/20/2041	$	707	$	785
5.00%, 5/15/2039		152		168		5.50%, 6/1/2042(f)		700		779
5.00%, 6/15/2039		288		320		6.00%, 7/20/2028		2		2
5.00%, 6/15/2039		315		351		6.00%, 7/15/2032		10		11
5.00%, 6/20/2039		467		517		6.00%, 12/15/2032		11		12
5.00%, 7/15/2039		307		342		6.00%, 10/15/2034		262		295
5.00%, 7/15/2039		283		313		6.00%, 4/15/2035		201		226
5.00%, 7/15/2039		293		325		6.00%, 4/15/2036		122		137
5.00%, 7/15/2039		258		287		6.00%, 6/15/2036		383		431
5.00%, 8/15/2039		293		326		6.00%, 4/15/2037		447		503
5.00%, 9/15/2039		310		342		6.00%, 5/15/2037		305		343
5.00%, 9/15/2039		308		343		6.00%, 10/20/2037		688		773
5.00%, 9/15/2039		307		341		6.00%, 11/20/2037		257		289
5.00%, 9/15/2039		171		189		6.00%, 1/15/2038		157		177
5.00%, 11/15/2039		315		352		6.00%, 8/15/2038		209		236
5.00%, 12/15/2039		758		838		6.00%, 9/15/2039		569		641
5.00%, 2/15/2040		323		360		6.00%, 9/15/2039		311		351
5.00%, 2/15/2040		314		350		6.00%, 4/15/2040		74		84
5.00%, 2/15/2040		445		493		6.00%, 1/20/2042		724		813
5.00%, 4/15/2040		247		275		6.00%, 6/1/2042(f)		2,400		2,697
5.00%, 5/15/2040		310		345		6.50%, 5/15/2023		4		5
5.00%, 5/15/2040		258		286		6.50%, 10/20/2028		7		8
5.00%, 5/20/2040		116		129		6.50%, 5/20/2029		5		6
5.00%, 6/15/2040		562		622		6.50%, 2/20/2032		3		4
5.00%, 6/15/2040		850		940		6.50%, 5/20/2032		40		47
5.00%, 6/15/2040		158		175		6.50%, 5/15/2037		292		337
5.00%, 6/15/2040		301		334		6.50%, 8/20/2038		205		235
5.00%, 6/20/2040		549		609		6.50%, 9/15/2038		261		301
5.00%, 7/15/2040		265		293		7.00%, 1/15/2028		5		6
5.00%, 7/20/2040		559		622		7.00%, 3/15/2029		10		12
5.00%, 1/20/2041		281		312		7.00%, 7/15/2031		8		10
5.00%, 2/20/2041		701		776		8.00%, 8/20/2029		2		2
5.00%, 5/20/2041		678		753					$	113,623
5.00%, 6/20/2041		179		199
5.00%, 7/20/2041		278		309		U.S. Treasury - 35.46%
5.00%, 8/20/2041		2,063		2,292		0.13%, 8/31/2013		6,871		6,863
5.00%, 10/20/2041		242		269		0.13%, 9/30/2013		3,380		3,375
5.00%, 11/20/2041		706		784		0.13%, 12/31/2013		2,634		2,628
5.00%, 12/20/2041		717		796		0.25%, 10/31/2013		2,600		2,600
5.00%, 2/20/2042		722		802		0.25%, 11/30/2013		3,714		3,714
5.00%, 4/20/2042		887		983		0.25%, 1/31/2014		2,228		2,228
5.00%, 6/1/2042(f)		600		663		0.25%, 2/28/2014		2,971		2,970
5.50%, 6/15/2014		2		3		0.25%, 3/31/2014		2,971		2,970
5.50%, 1/15/2024		101		110		0.25%, 4/30/2014		8,914		8,911
5.50%, 11/15/2033		259		290		0.25%, 9/15/2014		1,411		1,410
5.50%, 3/15/2034		109		122		0.25%, 12/15/2014		1,857		1,853
5.50%, 4/15/2034		113		126		0.25%, 1/15/2015		3,352		3,345
5.50%, 7/15/2034		85		96		0.25%, 2/15/2015		4,317		4,306
5.50%, 11/15/2034		429		478		0.38%, 6/30/2013		3,157		3,162
5.50%, 2/15/2035		219		244		0.38%, 7/31/2013		3,886		3,892
5.50%, 3/15/2036		165		184		0.38%, 11/15/2014		2,971		2,975
5.50%, 4/15/2036		208		231		0.38%, 3/15/2015		2,971		2,973
5.50%, 12/15/2036		135		150		0.38%, 4/15/2015		6,723		6,728
5.50%, 4/15/2037		444		494		0.50%, 5/31/2013		2,600		2,608
5.50%, 5/15/2038		283		315		0.50%, 11/15/2013		1,709		1,715
5.50%, 6/15/2038		228		255		0.50%, 8/15/2014		1,486		1,492
5.50%, 10/20/2038		702		780		0.50%, 10/15/2014		2,045		2,054
5.50%, 11/15/2038		296		330		0.63%, 7/15/2014		1,486		1,496
5.50%, 12/20/2038		280		311		0.75%, 8/15/2013		2,546		2,562
5.50%, 1/15/2039		238		266		0.75%, 9/15/2013		2,228		2,243
5.50%, 1/15/2039		113		126		0.75%, 12/15/2013		1,709		1,721
5.50%, 1/15/2039		722		807		0.75%, 6/15/2014		2,600		2,624
5.50%, 2/15/2039		281		313		0.88%, 11/30/2016		3,343		3,384
5.50%, 5/15/2039		74		82		0.88%, 12/31/2016		3,915		3,960
5.50%, 12/15/2039		356		396		0.88%, 1/31/2017		2,228		2,254
5.50%, 7/20/2040		263		293		0.88%, 2/28/2017		2,471		2,500
5.50%, 11/15/2040		193		216		0.88%, 4/30/2017		11,736		11,861
5.50%, 4/20/2041		703		781		1.00%, 7/15/2013		5,311		5,357
5.50%, 10/20/2041		701		779		1.00%, 1/15/2014		761		770

See accompanying notes.

25

Schedule of Investments
Bond Market Index Fund
May 31, 2012 (unaudited)
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%, 5/15/2014	$	1,114	$	1,130		2.63%, 8/15/2020	$	3,698	$	4,093
1.00%, 8/31/2016		2,651		2,699		2.63%, 11/15/2020		5,567		6,154
1.00%, 9/30/2016		2,971		3,024		2.75%, 11/30/2016		1,663		1,820
1.00%, 10/31/2016		3,714		3,780		2.75%, 5/31/2017		1,842		2,029
1.00%, 3/31/2017		3,857		3,922		2.75%, 12/31/2017		2,377		2,632
1.13%, 6/15/2013		4,368		4,409		2.75%, 2/28/2018		371		412
1.25%, 2/15/2014		357		362		2.75%, 2/15/2019		2,897		3,238
1.25%, 3/15/2014		3,136		3,191		2.88%, 3/31/2018		2,228		2,489
1.25%, 4/15/2014		1,850		1,884		3.00%, 8/31/2016		1,486		1,636
1.25%, 8/31/2015		3,294		3,384		3.00%, 9/30/2016		996		1,098
1.25%, 9/30/2015		1,634		1,678		3.00%, 2/28/2017		3,433		3,808
1.25%, 10/31/2015		4,702		4,830		3.13%, 8/31/2013		1,908		1,977
1.25%, 1/31/2019		2,228		2,270		3.13%, 9/30/2013		1,946		2,021
1.25%, 4/30/2019		3,714		3,774		3.13%, 10/31/2016		1,226		1,360
1.38%, 5/15/2013		7,231		7,311		3.13%, 1/31/2017		1,813		2,018
1.38%, 11/30/2015		2,600		2,682		3.13%, 4/30/2017		1,768		1,976
1.38%, 9/30/2018		1,857		1,909		3.13%, 5/15/2019		6,985		7,992
1.38%, 11/30/2018		884		909		3.13%, 5/15/2021		3,194		3,658
1.38%, 12/31/2018		743		763		3.13%, 11/15/2041		2,909		3,181
1.38%, 2/28/2019		2,228		2,288		3.13%, 2/15/2042		3,736		4,085
1.50%, 12/31/2013		1,605		1,636		3.25%, 5/31/2016		1,619		1,792
1.50%, 6/30/2016		2,936		3,048		3.25%, 6/30/2016		743		823
1.50%, 7/31/2016		2,897		3,009		3.25%, 7/31/2016		1,486		1,649
1.50%, 8/31/2018		3,106		3,220		3.25%, 12/31/2016		1,370		1,531
1.50%, 3/31/2019		2,971		3,071		3.25%, 3/31/2017		1,404		1,575
1.75%, 1/31/2014		2,823		2,892		3.38%, 6/30/2013		1,515		1,567
1.75%, 3/31/2014		9,555		9,813		3.38%, 7/31/2013		1,114		1,155
1.75%, 7/31/2015		3,672		3,827		3.38%, 11/15/2019		2,154		2,509
1.75%, 5/31/2016		3,422		3,587		3.50%, 5/31/2013		973		1,005
1.75%, 10/31/2018		1,486		1,562		3.50%, 2/15/2018		2,563		2,946
1.88%, 2/28/2014		2,228		2,290		3.50%, 5/15/2020		3,428		4,030
1.88%, 4/30/2014		1,337		1,378		3.50%, 2/15/2039		3,392		3,992
1.88%, 6/30/2015		2,335		2,441		3.63%, 5/15/2013		6,745		6,964
1.88%, 8/31/2017		3,268		3,457		3.63%, 8/15/2019		1,411		1,667
1.88%, 9/30/2017		1,917		2,028		3.63%, 2/15/2020		5,014		5,937
1.88%, 10/31/2017		1,946		2,059		3.63%, 2/15/2021		3,595		4,269
2.00%, 11/30/2013		1,040		1,067		3.75%, 11/15/2018		2,303		2,717
2.00%, 1/31/2016		1,486		1,567		3.75%, 8/15/2041		2,295		2,826
2.00%, 4/30/2016		2,315		2,446		3.88%, 5/15/2018		2,858		3,364
2.00%, 11/15/2021		4,011		4,183		3.88%, 8/15/2040		2,006		2,512
2.00%, 2/15/2022		5,571		5,796		4.00%, 2/15/2014		7,404		7,873
2.13%, 11/30/2014		3,098		3,235		4.00%, 2/15/2015		1,241		1,362
2.13%, 5/31/2015		2,533		2,664		4.00%, 8/15/2018		624		743
2.13%, 12/31/2015		527		558		4.13%, 5/15/2015		750		832
2.13%, 2/29/2016		2,228		2,363		4.25%, 8/15/2013		1,411		1,480
2.13%, 8/15/2021		2,074		2,192		4.25%, 11/15/2013		4,680		4,951
2.25%, 5/31/2014		1,857		1,930		4.25%, 8/15/2014		1,857		2,018
2.25%, 1/31/2015		3,020		3,171		4.25%, 11/15/2014		955		1,046
2.25%, 3/31/2016		1,486		1,584		4.25%, 8/15/2015		1,634		1,834
2.25%, 11/30/2017		1,176		1,269		4.25%, 11/15/2017		1,337		1,586
2.25%, 7/31/2018		2,643		2,860		4.25%, 5/15/2039		1,440		1,913
2.38%, 8/31/2014		1,820		1,904		4.25%, 11/15/2040		3,137		4,175
2.38%, 9/30/2014		6,799		7,128		4.38%, 2/15/2038		565		761
2.38%, 10/31/2014		3,603		3,780		4.38%, 11/15/2039		2,043		2,768
2.38%, 2/28/2015		2,910		3,070		4.38%, 5/15/2040		2,061		2,796
2.38%, 3/31/2016		764		818		4.38%, 5/15/2041		4,875		6,622
2.38%, 7/31/2017		1,501		1,625		4.50%, 11/15/2015		1,486		1,691
2.38%, 5/31/2018		6,005		6,537		4.50%, 2/15/2016		1,411		1,619
2.38%, 6/30/2018		1,114		1,213		4.50%, 5/15/2017		371		441
2.50%, 3/31/2015		2,303		2,441		4.50%, 2/15/2036		5,327		7,267
2.50%, 4/30/2015		1,507		1,600		4.50%, 5/15/2038		929		1,277
2.50%, 6/30/2017		1,411		1,537		4.50%, 8/15/2039		2,277		3,142
2.63%, 6/30/2014		3,031		3,178		4.63%, 11/15/2016		1,337		1,573
2.63%, 7/31/2014		3,458		3,631		4.63%, 2/15/2017		891		1,056
2.63%, 12/31/2014		3,759		3,980		4.63%, 2/15/2040		1,820		2,561
2.63%, 2/29/2016		483		521		4.75%, 5/15/2014		3,704		4,026
2.63%, 4/30/2016		1,405		1,518		4.75%, 8/15/2017		854		1,031
2.63%, 1/31/2018		1,114		1,227		4.75%, 2/15/2037		401		568
2.63%, 4/30/2018		743		819		4.75%, 2/15/2041		1,931		2,775

See accompanying notes.

26

Schedule of Investments
Bond Market Index Fund
May 31, 2012 (unaudited)
	U.S. GOVERNMENT & GOVERNMENT	Principal						REPURCHASE AGREEMENTS		Maturity
	AGENCY OBLIGATIONS (continued)	Amount (000's)				Value (000	's)	(continued)		Amount (000's)		Value (000's)
	U.S. Treasury (continued)							Banks (continued)
	4.88%, 8/15/2016		$	2,228	$	2,628		Investment in Joint Trading Account; Merrill		$	15,919	$	15,918
	5.00%, 5/15/2037			3,993		5,856			Lynch Repurchase Agreement; 0.18%
	5.13%, 5/15/2016			669		789			dated 05/31/12 maturing 06/01/12
	5.25%, 11/15/2028			565		807			(collateralized by US Government
	5.25%, 2/15/2029			483		692			Securities; $16,236,913; 0.00% - 2.50%;
	5.38%, 2/15/2031			3,571		5,287			dated 01/30/13 - 10/15/29)
	5.50%, 8/15/2028			178		261					$		79,978
	6.00%, 2/15/2026			1,815		2,693		TOTAL REPURCHASE AGREEMENTS			$		79,978
	6.13%, 11/15/2027			2,279		3,497		Total Investments			$		1,618,821
	6.13%, 8/15/2029			360		565		Liabilities in Excess of Other Assets, Net - (3.91)%			$		(60,918	)
	6.25%, 8/15/2023			966		1,415		TOTAL NET ASSETS - 100.00%			$		1,557,903
	6.25%, 5/15/2030			1,237		1,983
	6.38%, 8/15/2027			520		813
	6.50%, 11/15/2026			3,028		4,730		(a)	Security exempt from registration under Rule 144A of the Securities Act of
	6.63%, 2/15/2027			817		1,295			1933. These securities may be resold in transactions exempt from
	6.75%, 8/15/2026			594		944			registration, normally to qualified institutional buyers. Unless otherwise
	6.88%, 8/15/2025			836		1,321			indicated, these securities are not considered illiquid. At the end of the
	7.25%, 5/15/2016			2,160		2,728			period, the value of these securities totaled $3,279 or 0.21% of net assets.
	7.25%, 8/15/2022			1,677		2,582		(b)	Security purchased on a when-issued basis.
	7.50%, 11/15/2016			3,424		4,460		(c)	Variable Rate. Rate shown is in effect at May 31, 2012.
	7.50%, 11/15/2024			223		364		(d)	Non-Income Producing Security
	7.63%, 11/15/2022			1,085		1,719		(e)	This entity was put into conservatorship by the US Government in 2008.
	7.63%, 2/15/2025			297		492			See Notes to Financial Statements for additional information.
	7.88%, 2/15/2021			371		573		(f)	Security was purchased in a "to-be-announced" ("TBA") transaction. See
	8.00%, 11/15/2021			201		318			Notes to Financial Statements for additional information.
	8.13%, 8/15/2019			376		562		(g)	Market value is determined in accordance with procedures established in
	8.50%, 2/15/2020			223		345			good faith by the Board of Directors. At the end of the period, the value of
	8.75%, 5/15/2017			3,372		4,703			these securities totaled $366 or 0.02% of net assets.
	8.75%, 5/15/2020			1,236		1,950
	8.75%, 8/15/2020			223		355
	8.88%, 2/15/2019			201		305
	9.25%, 2/15/2016			3,827		5,060		Unrealized Appreciation (Depreciation)
	9.88%, 11/15/2015			186		246		The net federal income tax unrealized appreciation (depreciation) and federal tax
	10.63%, 8/15/2015			961		1,274		cost of investments held as of the period end were as follows:
					$	552,339		Unrealized Appreciation		$			45,581
	TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY							Unrealized Depreciation					(2,246	)
	OBLIGATIONS				$	1,024,298		Net Unrealized Appreciation (Depreciation)		$			43,335
			Maturity					Cost for federal income tax purposes		$	1,575,486
	REPURCHASE AGREEMENTS - 5.13%		Amount (000's)			Value (000	's)
	Banks - 5.13%							All dollar amounts are shown in thousands (000's)
	Investment in Joint Trading Account; Credit		$	11,894	$	11,894
	Suisse Repurchase Agreement; 0.18%								Portfolio Summary (unaudited)
	dated 05/31/12 maturing 06/01/12							Sector					Percent
	(collateralized by US Government							Government					43.55	%
	Securities; $12,131,617; 4.63% - 8.00%;							Mortgage Securities					32.15	%
	dated 11/15/21 - 02/15/40)							Financial					13.26	%
	Investment in Joint Trading Account; Deutsche			29,213		29,213		Consumer, Non-cyclical					3.03	%
	Bank Repurchase Agreement; 0.21% dated							Communications					2.86	%
	05/31/12 maturing 06/01/12 (collateralized							Energy					2.47	%
	by US Government Securities;							Utilities					1.61	%
	$29,796,953; 0.00% - 4.50%; dated							Basic Materials					1.11	%
	08/22/12 - 03/12/32)							Consumer, Cyclical					1.04	%
	Investment in Joint Trading Account; JP			22,953		22,953		Industrial					0.99	%
	Morgan Repurchase Agreement; 0.18%							Technology					0.72	%
	dated 05/31/12 maturing 06/01/12							Revenue Bonds					0.47	%
	(collateralized by US Government							General Obligation Unltd					0.40	%
	Securities; $23,411,892; 0.00% - 9.38%;							Asset Backed Securities					0.19	%
	dated 02/08/13 - 04/15/30)							Insured					0.04	%
								General Obligation Ltd					0.02	%
								Investments Sold Short					(0.01	)%
								Liabilities in Excess of Other Assets, Net					(3.90	)%
								TOTAL NET ASSETS					100.00	%

See accompanying notes.

27

Schedule of Investments Bond Market Index Fund May 31, 2012 (unaudited)
Short Sales Outstanding
U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS - (0.01)%	Amount (000's)			Value (000	's)
Federal Home Loan Mortgage Corporation (FHLMC) - (0.01)%
3.50%, 6/1/2042	$	100	$	105
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY			$	105
OBLIGATIONS (proceeds $103)

See accompanying notes.

28

Schedule of Investments
Diversified Real Asset Fund
May 31, 2012 (unaudited)
COMMON STOCKS - 37.64%	Shares Held		Value (000	's)	COMMON STOCKS (continued)	Shares Held		Value (000	's)
Agriculture - 0.04%					Mining - 1.86%
Adecoagro SA (a)	41,784	$	397		African Rainbow Minerals Ltd	41,916	$	832
					Alacer Gold Corp (a)	109,404		609
					Alamos Gold Inc	61,835		1,118
Building Materials - 0.17%					BHP Billiton Ltd ADR	21,510		1,324
Indocement Tunggal Prakarsa Tbk PT	513,288		969		Cia de Minas Buenaventura SA ADR	34,443		1,348
Semen Gresik Persero Tbk PT	841,536		976		Detour Gold Corp (a)	20,109		413
		$	1,945		Eldorado Gold Corp	177,032		1,964
Chemicals - 0.13%					First Quantum Minerals Ltd	101,250		1,773
Mosaic Co/The	20,809		992		Freeport-McMoRan Copper & Gold Inc	45,294		1,451
Potash Corp of Saskatchewan Inc	10,949		433		Gabriel Resources Ltd (a)	77,144		140
		$	1,425		Highland Gold Mining Ltd	9,192		15
					Impala Platinum Holdings Ltd ADR	38,394		589
Coal - 0.14%					Kinross Gold Corp	83,329		664
Adaro Energy Tbk PT	4,336,458		676		Nevsun Resources Ltd	70,700		255
Consol Energy Inc	30,874		867		Newcrest Mining Ltd	29,113		705
		$	1,543		Northern Dynasty Minerals Ltd (a)	53,078		140
Commercial Services - 0.70%					Pan American Silver Corp	25,485		423
					Pilot Gold Inc (a)	7,762		7
Abertis Infraestructuras SA	163,500		2,086		Platinum Group Metals Ltd (a)	137,522		166
DP World Ltd	91,000		906
Shenzhen International Holdings Ltd	27,701,600		1,692		Randgold Resources Ltd ADR	21,110		1,675
Sichuan Expressway Co Ltd	2,407,400		845		Rio Tinto PLC ADR	23,473		1,014
Transurban Group	399,800		2,201		SEMAFO Inc	154,773		787
		$	7,730		Silver Wheaton Corp	31,844		811
					Southern Copper Corp	17,420		496
Diversified Financial Services - 0.09%					Tahoe Resources Inc (a)	28,429		462
Challenger Infrastructure Fund	883,891		982		Western Areas NL	45,164		196
					Xstrata PLC	85,104		1,216
Electric - 1.43%							$	20,593
Consolidated Edison Inc	38,300		2,312		Miscellaneous Manufacturing - 0.03%
DUET Group	945,362		1,784		Neo Material Technologies Inc (a)	35,308		352
Northeast Utilities	62,000		2,232
NorthWestern Corp	32,200		1,143
PG&E Corp	128,100		5,598		Oil & Gas - 3.97%
Red Electrica Corp SA	45,200		1,674		Anadarko Petroleum Corp	31,108		1,898
Spark Infrastructure Group (b)	769,400		1,151		Apache Corp	17,170		1,397
					Bankers Petroleum Ltd (a)	136,226		272
		$	15,894		Berry Petroleum Co	28,584		1,112
Energy - Alternate Sources - 0.01%					BG Group PLC	75,079		1,447
Linc Energy Ltd (a)	198,470		159		Bonavista Energy Corp	23,094		396
					Carrizo Oil & Gas Inc (a)	46,280		1,023
Engineering & Construction - 0.47%					Cimarex Energy Co	20,284		1,080
					Cobalt International Energy Inc (a)	70,057		1,587
Ferrovial SA	167,600		1,591		Concho Resources Inc (a)	28,055		2,462
Flughafen Zuerich AG	3,300		1,105		Denbury Resources Inc (a)	95,478		1,444
Fraport AG Frankfurt Airport Services	31,600		1,603
Worldwide					Energy XXI Bermuda Ltd	25,153		781
Multiplan Empreendimentos Imobiliarios SA	39,600		926		Ensco PLC	33,243		1,493
					EOG Resources Inc	16,527		1,641
		$	5,225		Far East Energy Corp (a)	309,779		54
Gas - 1.99%					FX Energy Inc (a)	16,151		79
CenterPoint Energy Inc	113,500		2,296		Helmerich & Payne Inc	20,054		908
Keyera Corp	27,100		1,103		HollyFrontier Corp	57,507		1,695
National Grid PLC	769,800		7,721		Kodiak Oil & Gas Corp (a)	103,119		836
NiSource Inc	67,800		1,701		Kosmos Energy Ltd (a)	50,228		523
Sempra Energy	71,100		4,622		Laredo Petroleum Holdings Inc (a)	30,705		646
Snam SpA	562,500		2,276		Marathon Petroleum Corp	36,252		1,308
Southwest Gas Corp	27,200		1,142		MEG Energy Corp (a)	11,686		390
WGL Holdings Inc	29,300		1,141		MEG Energy Corp (a),(b),(c)	6,400		213
		$	22,002		Niko Resources Ltd	9,421		279
					Noble Energy Inc	27,974		2,363
Holding Companies - Diversified - 0.19%					Occidental Petroleum Corp	23,069		1,829
Wharf Holdings Ltd	415,900		2,167		OGX Petroleo e Gas Participacoes SA (a)	189,954		970
					Oil Search Ltd	139,311		923
Iron & Steel - 0.22%					Pacific Rubiales Energy Corp	41,753		1,095
Cliffs Natural Resources Inc	28,495		1,362		Patterson-UTI Energy Inc	53,584		810
Reliance Steel & Aluminum Co	23,453		1,107		QGEP Participacoes SA	45,880		225
		$	2,469		Quicksilver Resources Inc (a)	107,441		480
					Range Resources Corp	12,190		700
Lodging - 0.06%					Rosetta Resources Inc (a)	30,491		1,180
Starwood Hotels & Resorts Worldwide Inc	11,877		628		Rowan Cos PLC (a)	50,819		1,525
					Sanchez Energy Corp (a)	19,587		473

See accompanying notes.

29

Schedule of Investments
Diversified Real Asset Fund
May 31, 2012 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value (000	's)	COMMON STOCKS (continued)	Shares Held		Value (000	's)
Oil & Gas (continued)					Real Estate (continued)
Southwestern Energy Co (a)	50,515	$	1,416		Sumitomo Realty & Development Co Ltd	25,000	$	523
Suncor Energy Inc	52,601		1,420		Sun Hung Kai Properties Ltd	264,000		2,973
Sunoco Inc	27,500		1,277		Unite Group PLC	157,719		459
Talisman Energy Inc	99,899		1,049				$	21,278
Whiting Petroleum Corp (a)	30,900		1,335
		$	44,034		REITS - 8.78%
					Advance Residence Investment Corp	301		555
Oil & Gas Services - 1.53%					American Assets Trust Inc	43,792		989
Cameron International Corp (a)	52,767		2,411		American Tower Corp	121,200		7,863
Core Laboratories NV	7,177		918		Apartment Investment & Management Co	41,950		1,136
Dresser-Rand Group Inc (a)	23,127		1,015		Ascendas Real Estate Investment Trust	605,000		959
Dril-Quip Inc (a)	35,962		2,179		Astro Japan Property Group	225,696		656
FMC Technologies Inc (a)	28,502		1,147		Australand Property Group	215,603		554
Halliburton Co	67,002		2,014		AvalonBay Communities Inc	19,804		2,768
Key Energy Services Inc (a)	104,968		1,040		Boardwalk Real Estate Investment Trust	19,700		1,119
Lufkin Industries Inc	17,314		995		Boston Properties Inc	34,383		3,539
National Oilwell Varco Inc	43,915		2,931		BRE Properties Inc	3,915		193
Schlumberger Ltd	35,660		2,256		Cambridge Industrial Trust	1,670,400		699
		$	16,906		Camden Property Trust	38,574		2,512
					Canadian Real Estate Investment Trust	37,000		1,410
Pipelines - 12.16%					CapitaMall Trust	707,000		993
Buckeye Partners LP	108,560		5,159		CapLease Inc	14,679		58
Chesapeake Midstream Partners LP	131,610		3,294		Centro Retail Australia (a)	567,983		1,050
Copano Energy LLC	82,650		2,215		Challenger Diversified Property Group	976,878		519
DCP Midstream Partners LP	38,460		1,513		Charter Hall Retail REIT	208,990		667
El Paso Corp (d)	151,700		4,361
					Colonial Properties Trust	68,691		1,457
Enbridge Energy Partners LP	110,120		3,220		CubeSmart	113,400		1,283
Enbridge Inc	161,100		6,365		CYS Investments Inc	93,197		1,275
Energy Transfer Equity LP	104,722		3,805		DDR Corp	105,448		1,465
Energy Transfer Partners LP	109,335		4,744		Dexus Property Group	1,241,582		1,135
Enterprise Products Partners LP	211,320		10,304		Digital Realty Trust Inc	16,863		1,193
Gibson Energy Inc	105,900		2,157		Dundee Real Estate Investment Trust	27,800		969
Holly Energy Partners LP (c)	28,770		1,627
					DuPont Fabros Technology Inc	18,201		464
Kinder Morgan Energy Partners LP	106,930		8,376		Education Realty Trust Inc	55,184		608
Kinder Morgan Inc/Delaware	58,330		1,994		Entertainment Properties Trust	15,425		637
Magellan Midstream Partners LP	153,009		10,529		Equity One Inc	73,905		1,468
MarkWest Energy Partners LP	74,065		3,551		Equity Residential	71,839		4,389
Oiltanking Partners LP (c)	18,361		571
					Essex Property Trust Inc	11,018		1,658
ONEOK Inc	40,700		3,378		Extra Space Storage Inc	54,663		1,550
ONEOK Partners LP	139,680		7,627		Federal Realty Investment Trust	14,679		1,443
Pembina Pipeline Corp	39,340		1,060		First Industrial Realty Trust Inc (a)	34,902		416
Plains All American Pipeline LP	133,560		10,488		Glimcher Realty Trust	152,991		1,407
Regency Energy Partners LP	150,855		3,246		Goodman Group	387,784		1,276
Spectra Energy Corp	155,700		4,470		Great Portland Estates PLC	223,527		1,304
Sunoco Logistics Partners LP	117,148		3,946		Hammerson PLC	217,629		1,403
Targa Resources Partners LP	94,342		3,700		HCP Inc	39,666		1,620
TC Pipelines LP	25,840		1,059		Hersha Hospitality Trust	123,072		656
Tesoro Logistics LP	16,770		529		Host Hotels & Resorts Inc	130,321		1,989
TransCanada Corp	169,600		6,951		ICADE	8,980		695
Western Gas Partners LP	74,700		3,294		Land Securities Group PLC	164,914		1,807
Williams Cos Inc/The	31,776		970		LaSalle Hotel Properties	36,923		1,018
Williams Partners LP	193,030		10,211		Link REIT/The	459,100		1,764
		$	134,714		LTC Properties Inc	8,000		258
Real Estate - 1.92%					Mirvac Group	890,154		1,066
Atrium European Real Estate Ltd	105,141		469		Mori Trust Sogo Reit Inc	76		648
Brookfield Office Properties Inc	30,300		507		Nippon Building Fund Inc	129		1,176
CapitaLand Ltd	732,400		1,435		Northern Property Real Estate Investment Trust	32,100		1,002
Castellum AB	76,863		864
Citycon OYJ	165,881		459		Pennsylvania Real Estate Investment Trust	42,400		538
Country Garden Holdings Co Ltd (a)	1,160,000		433		Prologis Inc	21,639		692
Growthpoint Properties Ltd	180,741		441		PS Business Parks Inc	20,011		1,319
GSW Immobilien AG (a)	38,699		1,352		Public Storage	12,748		1,701
Hang Lung Properties Ltd	164,800		524		Ramco-Gershenson Properties Trust	98,403		1,172
Henderson Land Development Co Ltd	280,300		1,410		Retail Properties of America Inc	36,144		331
Hongkong Land Holdings Ltd	137,300		769		RioCan Real Estate Investment Trust	16,300		421
Hufvudstaden AB	45,766		463		Saul Centers Inc	18,300		735
Hyprop Investments Ltd	101,365		693		Shaftesbury PLC	93,604		730
Jones Lang LaSalle Inc	8,800		638		Simon Property Group Inc	52,575		7,756
Mitsubishi Estate Co Ltd	218,600		3,388		SL Green Realty Corp	33,850		2,539
Mitsui Fudosan Co Ltd	197,000		3,274		Strategic Hotels & Resorts Inc (a)	107,057		667
New World Development Co Ltd	190,000		204		Suntec Real Estate Investment Trust	1,056,700		1,050

See accompanying notes.

30

Schedule of Investments
Diversified Real Asset Fund
May 31, 2012 (unaudited)
	COMMON STOCKS (continued)		Shares Held		Value (000	's)	COMMODITY INDEXED STRUCTURED		Principal
	REITS (continued)						NOTES (continued)		Amount (000's)	Value (000's)
	Unibail-Rodamco SE		15,238	$	2,522		Banks (continued)
	United Urban Investment Corp		794		858		CIBC; Dow Jones - UBS Commodity Index
	Ventas Inc		27,712		1,630		Linked Notes
	Westfield Group		345,541		3,052		0.00%, 12/04/2012(a),(e)	$	10,000	$	5,937
	Westfield Retail Trust		149,447		396		0.00%, 05/20/2013(a),(e)		2,600		1,905
	Workspace Group PLC		117,036		394		0.00%, 06/28/2013(a),(e)		4,000		3,673
				$	97,241		Deutsche Bank AG; Dow Jones - UBS
							Commodity Index Linked Notes
	Shipbuilding - 0.02%						0.09%, 12/17/2012(e)		5,900		4,034
	OSX Brasil SA (a)		26,788		180		0.09%, 01/11/2013(e)		5,000		3,697
							JP Morgan; Dow Jones - UBS Commodity
	Telecommunications - 0.91%						Index Linked Notes
	Crown Castle International Corp (a)		72,800		3,975		0.37%, 10/25/2012(e)		10,000		6,114
	Eutelsat Communications SA		40,800		1,071		Morgan Stanley; Dow Jones - UBS
	SBA Communications Corp (a)		64,200		3,335		Commodity Index Linked Notes
	SES SA		74,900		1,677		0.16%, 12/10/2012(e)		11,000		6,272
				$	10,058		Societe Generale; Dow Jones - UBS
							Commodity Index Linked Notes
	Transportation - 0.15%						0.24%, 11/27/2012(e)		9,300		5,303
	Groupe Eurotunnel SA		212,400		1,635					$	40,148
							Sovereign - 0.88%
	Water - 0.67%						Swedish Export Credit; Dow Jones - UBS
	American Water Works Co Inc		66,200		2,265		Commodity Index Linked Notes
	Severn Trent PLC		86,800		2,306		0.00%, 11/21/2012(a),(e)		12,900		9,757
	United Utilities Group PLC		282,000		2,860
				$	7,431		TOTAL COMMODITY INDEXED STRUCTURED NOTES			$	49,905
	TOTAL COMMON STOCKS			$	416,988				Principal
			Principal				SENIOR FLOATING RATE INTERESTS - 9.21%		Amount (000's)		Value(000's)
	BONDS - 9.52%	Amount (000's)			Value (000	's)
							Airlines - 0.07%
	Federal & Federally Sponsored Credit - 2.34%						United Air Lines Inc, Term Loan B
	Federal Farm Credit Banks Funding Corp						2.25%, 02/01/2014(e)	$	750	$	725
	0.23%, 08/13/2012(e)	$	1,900	$	1,900
	0.23%, 12/30/2013(e)		7,000		6,996
	0.24%, 02/01/2013(e)		6,000		6,001		Automobile Parts & Equipment - 0.27%
	0.25%, 05/21/2014(e)		4,000		3,996		Federal-Mogul Corp, Term Loan B-EXIT
	0.30%, 05/03/2013(e)		5,000		5,003		2.18%, 12/27/2013(e)		991		931
	0.37%, 07/02/2012		2,000		2,000		Federal-Mogul Corp, Term Loan C-EXIT
				$	25,896		2.18%, 12/27/2015(e)		505		475
							Goodyear Tire & Rubber Co/The, Term Loan
	Finance - Mortgage Loan/Banker - 7.18%						4.75%, 04/12/2019(e)		600		581
	Fannie Mae						Schaeffler AG, Term Loan C2
	0.26%, 08/23/2012(e)		4,000		4,001		6.00%, 02/14/2017(e)		955		950
	0.26%, 11/23/2012(e)		2,000		2,001					$	2,937
	0.36%, 12/03/2012		4,000		4,003
	1.13%, 07/30/2012		5,000		5,008		Biotechnology - 0.22%
	1.25%, 06/22/2012		3,000		3,002		Fenwal Inc, Delay-Draw Term Loan DD
	Federal Home Loan Banks						2.72%, 02/28/2014(e)		363		353
	0.18%, 11/01/2012(e)		5,000		5,001		Fenwal Inc, Term Loan
	0.20%, 04/30/2013		3,000		2,999		2.72%, 02/28/2014(e)		2,119		2,060
	0.22%, 05/03/2013		5,000		5,000					$	2,413
	0.23%, 04/18/2013		5,000		5,000		Chemicals - 0.18%
	0.24%, 04/12/2013		6,000		6,001		Ineos US Finance LLC, Term Loan
	0.25%, 11/25/2013(e)		4,000		3,998
							0.00%, 04/27/2018(e),(f)		550		539
	0.29%, 11/08/2013		5,000		5,000
	0.30%, 05/23/2013		3,000		3,000
	0.38%, 12/20/2012(e)		4,000		4,004		Tronox Pigments BV, Delay-Draw Term Loan DD
							0.02%, 02/03/2018(e),(g)		214		(4	)
	Freddie Mac
	0.19%, 05/06/2013(e)		5,000		4,998		Tronox Pigments BV, Term Loan B
							4.25%, 02/03/2018(e)		786		772
	0.20%, 03/21/2013(e)		3,500		3,502
							Univar Inc, Term Loan B
	1.00%, 08/28/2012		8,000		8,016		5.00%, 06/30/2017(e)		748		727
	1.13%, 07/27/2012		5,000		5,007					$	2,034
				$	79,541
	TOTAL BONDS			$	105,437		Coal - 0.07%
	COMMODITY INDEXED STRUCTURED		Principal				Arch Coal Inc, Term Loan
	NOTES - 4.50%	Amount (000's)			Value (000	's)	5.75%, 05/14/2018(e)		750		728
	Banks- 3.62%
	BNP Paribas Capital Trust V; Dow Jones -						Commercial Services - 0.44%
	UBS Commodity Index Linked Notes						Avis Budget Car Rental LLC, Term Loan C
	0.47%, 03/27/2013(e)		5,400		3,213		4.25%, 03/13/2019(e)		1,500		1,488

See accompanying notes.

31

Schedule of Investments
Diversified Real Asset Fund
May 31, 2012 (unaudited)
	SENIOR FLOATING RATE INTERESTS		Principal			SENIOR FLOATING RATE INTERESTS		Principal
	(continued)		Amount (000's)		Value (000's)	(continued)		Amount (000's)	Value (000's)
	Commercial Services (continued)					Healthcare - Services (continued)
	Harland Clarke Holdings Corp, Term Loan B-					Multiplan Inc, Term Loan B-NEW
	NONEXT					4.75%, 08/26/2017(e)	$	768	$	750
	2.77%, 06/30/2014(e)	$	990	$	900	Skilled Healthcare Group Inc, Term Loan B
	Interactive Data Corp, Term Loan					6.75%, 04/09/2016(e)		1,000		978
	4.50%, 02/11/2018(e)		483		474	United Surgical Partners International Inc,
	Pharmaceutical Product Development Inc,					Term Loan B
	Term Loan					6.00%, 03/19/2019(e)		1,250		1,238
	6.25%, 10/10/2018(e)		998		998	Universal Health Services Inc, Term Loan B
	Weight Watchers International Inc, Term Loan					3.75%, 11/15/2016(e)		1,487		1,477
	F					Vanguard Health Holding Co II LLC, Term
	3.75%, 03/12/2019(e)		1,000		981	Loan B
			$		4,841	5.00%, 01/29/2016(e)		1,247		1,241
	Consumer Products - 0.20%							$		10,261
	Reynolds Group Holdings Inc, Term Loan B					Internet - 0.41%
	6.50%, 02/09/2018(e)		499		499	Atlantic Broadband Finance LLC, Term Loan
	Reynolds Group Holdings Inc, Term Loan C					5.25%, 04/03/2019(e)		1,340		1,334
	6.50%, 08/09/2018(e)		499		500	Go Daddy Operating Company, Term Loan
	Spectrum Brands Inc, Term Loan					B1
	5.00%, 06/17/2016(e)		1,247		1,245	5.50%, 12/17/2018(e)		997		978
			$		2,244	Open Solutions Inc, Term Loan B
						2.60%, 01/23/2014(e)		997		938
	Distribution & Wholesale - 0.11%					Web.com Group Inc, Term Loan
	HD Supply Inc, Term Loan B					7.00%, 10/27/2017(e)		1,335		1,320
	7.25%, 10/05/2017(e)		1,250		1,255
								$		4,570
						Investment Companies - 0.14%
	Diversified Financial Services - 0.29%					RPI Finance Trust, Term Loan
	LPL Holdings Inc, Term Loan B					0.00%, 11/09/2018(e),(f)		1,531		1,518
	4.00%, 03/22/2019(e)		1,800		1,764
	Ocwen Financial Corp, Term Loan B
	7.00%, 09/01/2016(e)		1,460		1,457	Iron & Steel - 0.05%
			$		3,221	Tube City IMS Corp, Term Loan B
						5.75%, 03/19/2019(e)		600		599
	Entertainment - 0.63%
	CCM Merger Inc, Term Loan B
	6.00%, 02/01/2017(e)		1,232		1,222	Leisure Time - 0.08%
	EMI Music Publishing, Term Loan					Sabre Inc, Term Loan B-EXT
	0.00%, 03/01/2018(e),(f)		2,550		2,534	5.99%, 09/29/2017(e)		623		586
	Pinnacle Entertainment Inc, Term Loan A					Sabre Inc, Term Loan New-Ext
	4.00%, 03/08/2019(e)		2,250		2,230	5.99%, 12/29/2017(e)		374		351
	Rovi Solutions Corp, Term Loan B2							$		937
	4.00%, 03/28/2019(e)		1,000		992
						Lodging - 0.17%
			$		6,978	Ameristar Casinos Inc, Term Loan B
	Food - 0.14%					4.00%, 04/16/2018(e)		741		736
	US Foods Inc, Term Loan B					Caesars Entertainment Operating Co Inc, Term
	2.74%, 07/03/2014(e)		1,596		1,541	Loan B6
						5.49%, 01/28/2018(e)		1,350		1,188
	Healthcare - Products - 0.39%							$		1,924
	Bausch & Lomb Inc, Term Loan B					Media - 0.63%
	5.25%, 05/10/2019(e)		1,500		1,473	Cengage Learning Acquisitions Inc, Term
	Carestream Health Inc, Term Loan B					Loan
	5.00%, 02/25/2017(e)		1,934		1,862	5.74%, 07/31/2017(e)		1,047		885
	Kinetic Concepts Inc, Term Loan B2					Cequel Communications LLC, Term Loan B
	6.50%, 11/04/2016(e)		998		998	4.00%, 02/10/2019(e)		1,000		974
			$		4,333	Charter Communications Operating LLC,
						Term Loan D
	Healthcare - Services - 0.93%					4.00%, 04/04/2019(e)		1,250		1,232
	CHS/Community Health Systems Inc, Term					Clear Channel Communications Inc, Term
	Loan B-NONEXT					Loan B
	2.57%, 07/25/2014(e)		1,500		1,470	3.89%, 01/29/2016(e)		1,969		1,531
	Drumm Investors LLC, Term Loan
	5.00%, 05/04/2018(e)		1,496		1,389	Kabel Deutschland Vertrieb und Service
						GmbH, Term Loan F
	Health Management Associates Inc, Term					4.25%, 01/30/2019(e)		1,000		983
	Loan B					Wolverine Healthcare Analytics, Term Loan
	4.50%, 11/22/2018(e)		998		982	0.00%, 05/25/2018(e),(f)		1,350		1,328
	IASIS Healthcare LLC / IASIS Capital Corp,							$		6,933
	Term Loan
	5.00%, 05/03/2018(e)		748		736

See accompanying notes.

32

Schedule of Investments
Diversified Real Asset Fund
May 31, 2012 (unaudited)
	SENIOR FLOATING RATE INTERESTS		Principal			SENIOR FLOATING RATE INTERESTS	Principal
	(continued)		Amount (000's)		Value (000's)	(continued)	Amount (000's)		Value (000's)
	Miscellaneous Manufacturing - 0.20%					Retail (continued)
	Freedom Group Inc, Term Loan B					Wendy's Restaurants, Term Loan B
	5.50%, 04/13/2019(e)	$	1,000	$	996	2.86%, 04/03/2019(e)	$	501	$	494
	Rexnord LLC, Term Loan B					Wendy's Restaurants, Term Loan B-New
	5.00%, 04/30/2018(e)		1,197		1,190	2.86%, 04/20/2019(e),(g)		399		(5	)
			$		2,186				$	8,437
	Oil & Gas - 0.20%					Semiconductors - 0.04%
	EP Energy LLC, Term Loan					NXP BV, Term Loan A2
	0.00%, 04/10/2018(e),(f)		750		750	5.50%, 03/04/2017(e)		499		491
	Sonneborn Inc, Term Loan B
	6.50%, 03/26/2018(e)		1,190		1,196
						Software - 1.02%
						Attachmate Corp, Term Loan
	Sonneborn Refined Products BV, Term Loan B					7.25%, 11/24/2017(e)		1,000		979
	6.50%, 03/26/2018(e)		210		211
						Blackboard Inc, Term Loan B
			$		2,157	7.50%, 10/04/2018(e)		1,022		975
	Oil & Gas Services - 0.19%					Emdeon Business Services LLC, Term Loan
	CCS Inc, Delay-Draw Term Loan DD					B1
	3.24%, 11/11/2014(e)		1,097		1,052	5.00%, 11/02/2018(e)		998		996
	CCS Inc, Term Loan A					Epicor Software Corp, Term Loan B
	6.50%, 11/14/2014(e)		998		993	5.00%, 05/16/2018(e)		997		973
			$		2,045	EVERTEC LLC, Term Loan B
						5.25%, 09/30/2016(e)		800		799
	Pharmaceuticals - 0.42%					First Data Corp, Term Loan EXT-NEW
	Grifols Inc, Term Loan B					5.24%, 03/24/2017(e)		927		875
	4.50%, 06/01/2017(e)		997		983	Genesys Telecommunications Laboratories
	Quintiles Corp, Term Loan B					Inc, Term Loan B
	5.00%, 06/08/2018(e)		1,247		1,228	6.75%, 01/25/2019(e)		500		499
	Valeant Pharmaceuticals International Inc,					Lawson Software Inc, Term Loan B
	Term Loan B					6.25%, 03/30/2018(e)		1,750		1,747
	3.75%, 02/08/2019(e)		1,500		1,466	Misys PLC, Term Loan
	Warner Chilcott Co LLC, Term Loan B2					0.00%, 12/02/2018(e),(f)		1,000		974
	4.25%, 03/15/2018(e)		228		226	Sophia LP, Term Loan B
	Warner Chilcott Corp, Term Loan B1					6.25%, 06/05/2018(e)		1,000		1,002
	4.25%, 03/15/2018(e)		456		452	SS&C Technologies Inc, Term Loan B1
	WC Luxco Sarl, Term Loan B3					0.00%, 05/23/2019(e),(f)		1,500		1,494
	4.25%, 03/15/2018(e)		313		311
									$	11,313
			$		4,666
						Telecommunications - 0.56%
	Pipelines - 0.19%					Avaya Inc, Term Loan B1-OLD
	Energy Transfer Equity LP, Term Loan B					3.22%, 10/24/2014(e)		997		939
	3.75%, 03/21/2017(e)		2,150		2,087	Intelsat Jackson Holdings SA, Term Loan B-
						NEW
	Real Estate - 0.13%					5.25%, 04/06/2018(e)		1,496		1,483
	Capital Automotive LP, Term Loan B					IPC Systems Inc, Term Loan B
	5.25%, 03/17/2017(e)		1,485		1,457	5.52%, 06/01/2015(e)		1,000		830
						Telesat Canada, Term Loan B
						4.25%, 03/26/2019(e)		1,613		1,591
	REITS - 0.08%					UPC Financing Partnership, Term Loan AB
	iStar Financial Inc, Term Loan A1					4.75%, 12/31/2017(e)		1,425		1,403
	5.00%, 06/28/2013(e)		912		908
									$	6,246
						TOTAL SENIOR FLOATING RATE INTERESTS			$	101,985
	Retail - 0.76%					U.S. GOVERNMENT & GOVERNMENT	Principal
	Academy Ltd, Term Loan					AGENCY OBLIGATIONS - 33.59%	Amount (000's)		Value (000's)
	6.00%, 08/03/2018(e)		1,796		1,795	Federal Home Loan Mortgage Corporation (FHLMC) - 0.45%
	Bass Pro Group LLC, Term Loan B
	5.25%, 06/13/2017(e)		1,000		997	0.10%, 06/12/2012(h),(i)	$	5,000	$	5,000
	Claire's Stores Inc, Term Loan B
	3.06%, 05/27/2014(e)		288		268
						Federal National Mortgage Association (FNMA) - 0.72%
	Dunkin' Brands Inc, Term Loan B					0.11%, 06/18/2012(h),(i)		8,000		8,000
	4.00%, 11/23/2017(e)		995		983
	Jo-Ann Stores Inc, Term Loan B
	4.75%, 03/19/2018(e)		977		966	U.S. Treasury - 1.77%
	Landry's Inc, Term Loan B					0.38%, 08/31/2012		5,000		5,003
	6.50%, 04/19/2018(e)		1,500		1,489	0.63%, 06/30/2012		5,000		5,002
	Toys R US - Delaware Inc, Term Loan B3					0.63%, 04/30/2013		3,500		3,513
	5.25%, 05/25/2018(e)		500		474	1.50%, 07/15/2012		5,000		5,009
	Toys R US - Delaware Inc, Term Loan B-					3.13%, 02/15/2042		961		1,051
	NEW								$	19,578
	6.00%, 08/17/2016(e)		1,000		976

See accompanying notes.

33

Schedule of Investments
Diversified Real Asset Fund
May 31, 2012 (unaudited)
	U.S. GOVERNMENT & GOVERNMENT		Principal					REPURCHASE AGREEMENTS					Maturity
	AGENCY OBLIGATIONS (continued)		Amount (000's)			Value (000	's)	(continued)					Amount (000's)				Value (000's)
	U.S. Treasury Bill - 0.63%							Banks (continued)
	0.14%, 10/11/2012(i)		$	7,000	$	6,997		Investment in Joint Trading Account; Merrill $						3,124		$	3,124
									Lynch Repurchase Agreement; 0.18%
									dated 05/31/12 maturing 06/01/12
	U.S. Treasury Inflation-Indexed Obligations - 30.02%								(collateralized by US Government
	0.13%, 04/15/2016			44,489		46,598			Securities; $3,186,060; 0.00% - 2.50%;
	0.13%, 04/15/2017			5,797		6,142			dated 01/30/13 - 10/15/29)
	0.13%, 01/15/2022			15,578		16,590
	0.50%, 04/15/2015			20,365		21,253									$		15,694
	0.63%, 04/15/2013			586		591		TOTAL REPURCHASE AGREEMENTS							$		15,694
	0.63%, 07/15/2021			13,441		15,079		Total Investments							$		1,062,187
	0.75%, 02/15/2042			10,566		11,267		Other Assets in Excess of Liabilities, Net - 4.12%							$		45,623
	1.13%, 01/15/2021			1,777		2,064		TOTAL NET ASSETS - 100.00%							$		1,107,810
	1.25%, 04/15/2014			8,720		9,064
	1.38%, 01/15/2020			7,571		8,890
	1.63%, 01/15/2015			3,118		3,337		(a)	Non-Income Producing Security
	1.75%, 01/15/2028			10,490		13,316		(b)	Security exempt from registration under Rule 144A of the Securities Act of
	1.88%, 07/15/2013			11,291		11,655			1933. These securities may be resold in transactions exempt from
	1.88%, 07/15/2015			6,882		7,542			registration, normally to qualified institutional buyers. Unless otherwise
	1.88%, 07/15/2019			4,738		5,732			indicated, these securities are not considered illiquid. At the end of the
	2.00%, 01/15/2014			10,106		10,575			period, the value of these securities totaled $1,364 or 0.12% of net assets.
	2.00%, 07/15/2014			6,109		6,522		(c)	Security is Illiquid
	2.00%, 01/15/2016			2,075		2,314		(d)	Market value is determined in accordance with procedures established in
	2.00%, 01/15/2026			2,941		3,801			good faith by the Board of Directors. At the end of the period, the value of
	2.13%, 01/15/2019			3,776		4,574			these securities totaled $4,361 or 0.39% of net assets.
	2.13%, 02/15/2040			9,299		13,413		(e)	Variable Rate. Rate shown is in effect at May 31, 2012.
	2.13%, 02/15/2041			8,058		11,690		(f)	This Senior Floating Rate Note will settle after May 31, 2012, at which
	2.38%, 01/15/2017			3,248		3,780			time the interest rate will be determined.
	2.38%, 01/15/2025			18,557		24,739		(g)	All or a portion of the loan is unfunded. See Notes to Financial Statements
	2.38%, 01/15/2027			5,579		7,585			for additional information.
	2.50%, 07/15/2016			10,102		11,669		(h)	This entity was put into conservatorship by the US Government in 2008.
	2.50%, 01/15/2029			5,737		8,069			See Notes to Financial Statements for additional information.
	2.63%, 07/15/2017			487		583		(i)	Rate shown is the discount rate of the original purchase.
	3.00%, 07/15/2012			8,481		8,527
	3.38%, 04/15/2032			818		1,337
	3.63%, 04/15/2028			10,587		16,549		Unrealized Appreciation (Depreciation)
	3.88%, 04/15/2029			10,856		17,756		The net federal income tax unrealized appreciation (depreciation) and federal tax
					$	332,603		cost of investments held as of the period end were as follows:
	TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
	OBLIGATIONS				$	372,178		Unrealized Appreciation						$			37,036
			Maturity					Unrealized Depreciation									(60,231	)
	REPURCHASE AGREEMENTS - 1.42%		Amount (000's)			Value (000	's)	Net Unrealized Appreciation (Depreciation)						$			(23,195	)
								Cost for federal income tax purposes						$	1,085,382
	Banks - 1.42%
	Investment in Joint Trading Account; Credit		$	2,334	$	2,333		All dollar amounts are shown in thousands (000's)
	Suisse Repurchase Agreement; 0.18%
	dated 05/31/12 maturing 06/01/12								Portfolio Summary (unaudited)
	(collateralized by US Government							Sector									Percent
	Securities; $2,380,504; 4.63% - 8.00%;							Government									42.82	%
	dated 11/15/21 - 02/15/40)							Energy									18.45	%
	Investment in Joint Trading Account; Deutsche			5,732		5,733		Financial									16.47	%
	Bank Repurchase Agreement; 0.21% dated							Utilities									4.09	%
	05/31/12 maturing 06/01/12 (collateralized							Consumer, Non-cyclical									3.48	%
	by US Government Securities; $5,846,854;							Communications									2.51	%
	0.00% - 4.50%; dated 08/22/12 - 03/12/32)							Basic Materials									2.44	%
	Investment in Joint Trading Account; JP			4,504		4,504		Consumer, Cyclical									2.16	%
	Morgan Repurchase Agreement; 0.18%							Mortgage Securities									1.17	%
	dated 05/31/12 maturing 06/01/12							Technology									1.06	%
	(collateralized by US Government							Industrial									1.04	%
	Securities; $4,593,957; 0.00% - 9.38%;							Diversified									0.19	%
	dated 02/08/13 - 04/15/30)							Other Assets in Excess of Liabilities, Net									4.12	%
								TOTAL NET ASSETS									100.00	%
Foreign Currency Contracts
	Foreign Currency Purchase													Net Unrealized
	Contracts	Counterparty				Delivery Date			Contracts to Accept	In Exchange For			Value	Appreciation/(Depreciation)
	Australian Dollar	State Street Financial				06/15/2012			1,120,382	$	1,093	$	1,090	$			(3	)
	British Pound	State Street Financial				06/15/2012			525,413		842		810				(32	)
	Canadian Dollar	State Street Financial				06/15/2012			1,253,454		1,231		1,213				(18	)
	See accompanying notes.							34

			Schedule of Investments
Diversified Real Asset Fund
May 31, 2012 (unaudited)
Foreign Currency Contracts (continued)
Foreign Currency Purchase											Net Unrealized
Contracts	Counterparty		Delivery Date		Contracts to Accept		In Exchange For		Value		Appreciation/(Depreciation)
Euro	State Street Financial		06/15/2012		1,469,374	$	1,892	$	1,817	$	(75	)
Hong Kong Dollar	State Street Financial		06/15/2012		20,044,171		2,582		2,583		1
Israeli Shekel	State Street Financial		06/15/2012		443,634		117		114		(3	)
Japanese Yen	State Street Financial		06/15/2012		82,702,457		1,036		1,056		20
New Zealand Dollar	State Street Financial		06/15/2012		139,143		110		105		(5	)
Norwegian Krone	State Street Financial		06/15/2012		547,982		94		90		(4	)
Singapore Dollar	State Street Financial		06/15/2012		1,877,795		1,499		1,457		(42	)
Swedish Krona	State Street Financial		06/15/2012		715,802		103		98		(5	)
Swiss Franc	State Street Financial		06/15/2012		1,429,039		1,541		1,472		(69	)
Thailand Baht	State Street Financial		06/15/2012		12,502,612		396		393		(3	)
Total										$	(238	)
Foreign Currency Sale											Net Unrealized
Contracts	Counterparty		Delivery Date		Contracts to Deliver		In Exchange For		Value		Appreciation/(Depreciation)
Australian Dollar	State Street Financial		06/15/2012		2,157,066	$	2,170	$	2,099	$	71
Brazilian Real	State Street Financial		06/15/2012		1,877,040		952		929		23
British Pound	State Street Financial		06/15/2012		763,533		1,228		1,177		51
Canadian Dollar	State Street Financial		06/15/2012		159,517		160		155		5
Euro	State Street Financial		06/15/2012		232,432		294		287		7
Hong Kong Dollar	State Street Financial		06/15/2012		7,653,331		986		986		—
Japanese Yen	State Street Financial		06/15/2012		75,739,172		954		967		(13	)
Singapore Dollar	State Street Financial		06/15/2012		2,255,609		1,785		1,751		34
South African Rand	State Street Financial		06/15/2012		9,664,312		1,197		1,137		60
Swedish Krona	State Street Financial		06/15/2012		1,837,778		265		253		12
Thailand Baht	State Street Financial		06/15/2012		12,705,601		407		399		8
Total										$	258
All dollar amounts are shown in thousands (000's)
Futures Contracts
											Unrealized
Type		Long/Short	Contracts		Notional Value		Market Value				Appreciation/(Depreciation)
US 10 Year Note; September 2012		Long	277	$	37,011		$		37,101	$	90
US 5 Year Note; September 2012		Long	40		4,950				4,967		17
US Long Bond; September 2012		Short	59		8,684				8,833		(149	)
US Ultra Bond; September 2012		Short	68		11,186				11,492		(306	)
Total										$	(348	)
All dollar amounts are shown in thousands (000's)
Interest Rate Swaps
			(Pay)/Receive						Notional		Unrealized
Counterparty (Issuer)	Floating Rate Index		Floating Rate		Fixed Rate		Expiration Date		Amount		Appreciation/(Depreciation)
Barclays Bank PLC	3 Month LIBOR		Receive		1.10%		05/18/2017	$	10,000	$	(48	)
Total										$	(48	)
All dollar amounts are shown in thousands (000's)

See accompanying notes.

35

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
COMMON STOCKS - 48.50%	Shares Held		Value (000	's)	COMMON STOCKS (continued)	Shares Held		Value	(000	's)
Advertising - 0.33%					Automobile Manufacturers - 0.42%
AirMedia Group Inc ADR(a)	11,700	$	27		Bayerische Motoren Werke AG	827	$		63
Dentsu Inc	4,200		117		China Motor Corp	41,000			36
Focus Media Holding Ltd ADR	5,700		119		Daihatsu Motor Co Ltd	7,000			120
Interpublic Group of Cos Inc/The (b)	29,300		304		Dongfeng Motor Group Co Ltd	56,000			95
Omnicom Group Inc (b)	15,761		751		Fiat SpA (a)	31,911			151
Teleperformance SA	6,720		161		Ford Motor Co (b)	13,602			144
		$	1,479		Fuji Heavy Industries Ltd	32,000			245
					Great Wall Motor Co Ltd	2,500			5
Aerospace & Defense - 1.46%
Alliant Techsystems Inc(b)	2,600		127		Hino Motors Ltd	17,000			113
					Isuzu Motors Ltd	30,000			160
BAE  Systems PLC	24,398		103		Kia Motors Corp	873			59
BE Aerospace Inc (a)	4,951		215		Navistar International Corp (a),(b)	4,200			117
Boeing Co/The (b)	2,647		184
					PACCAR Inc	8,680			326
European Aeronautic Defence and Space Co	5,916		198		Suzuki Motor Corp	4,000			83
NV					Tata Motors Ltd ADR	4,500			94
General Dynamics Corp (b)	16,622		1,065
Goodrich Corp (b)	6,134		772		UMW Holdings Bhd	10,100			25
L-3 Communications Holdings Inc (b)	5,570		380		Volvo AB - B Shares	3,102			35
Lockheed Martin Corp (b)	9,118		755				$		1,871
Northrop Grumman Corp (b)	12,674		745		Automobile Parts & Equipment - 0.51%
Raytheon Co (b)	9,968		501		Aisin Seiki Co Ltd	2,000			62
Rolls-Royce Holdings PLC (a),(c)	21,585		274		Allison Transmission Holdings Inc	11,460			212
Safran SA	7,300		251		BorgWarner Inc (a),(b)	1,406			101
Spirit Aerosystems Holdings Inc (a)	700		16		Bridgestone Corp	100			2
Thales SA	632		19		Calsonic Kansei Corp	8,000			46
TransDigm Group Inc (a)	2,840		349		Cie Generale des Etablissements Michelin	2,087			122
Triumph Group Inc	2,820		169		Continental AG	719			60
United Technologies Corp (b)	4,454		330		Dana Holding Corp	12,586			168
Zodiac Aerospace	1,340		131		Exedy Corp	2,200			45
		$	6,584		Faurecia	1,220			20
					Goodyear Tire & Rubber Co/The (a)	14,395			150
Agriculture - 0.46%					JTEKT Corp	14,600			142
Altria Group Inc (b)	11,002		354
Archer-Daniels-Midland Co (b)	3,200		102		KYB Co Ltd	3,000			13
					Meritor Inc (a)	17,277			93
Asian Citrus Holdings Ltd	269,267		135		Modine Manufacturing Co (a)	26,630			173
Bunge Ltd (b)	500		30
					NHK Spring Co Ltd	11,400			120
Japan Tobacco Inc	42		234		Pirelli & C. SpA	9,398			94
Kernel Holding SA (a)	481		8		Stanley Electric Co Ltd	2,600			36
Kuala Lumpur Kepong Bhd	4,600		32
Lorillard  Inc (b)	2,109		260		Sumitomo Electric Industries Ltd	100			1
Philip Morris International Inc (b)	7,724		653		Toyota Boshoku Corp	2,000			21
					TRW Automotive Holdings Corp (a)	900			35
Reynolds American Inc (b)	3,893		163
					Valeo SA	5,187			220
Swedish Match AB	2,918		111		WABCO Holdings Inc (a),(b)	3,300			171
		$	2,082		Westport Innovations Inc (a)	4,460			109
Airlines - 0.44%					Yokohama Rubber Co Ltd/The	9,000			61
Alaska Air Group Inc (a)	1,000		34				$		2,277
All Nippon Airways Co Ltd	11,000		30		Banks - 2.22%
Copa Holdings SA	2,180		182		ABSA Group Ltd	2,534			45
Delta Air Lines Inc (a),(b)	53,963		653
					Agricultural Bank of China Ltd	27,000			11
Eva Airways Corp	42,000		25		Alliance Financial Group Bhd	20,100			26
Skymark Airlines Inc	3,400		20		AMMB Holdings Bhd	9,400			18
Southwest Airlines Co (b)	22,616		204
Turk Hava Yollari Anonium Ortakligi (a)	15,543		21		Aozora Bank Ltd	42,000			89
					Associated Banc-Corp (b)	3,500			44
United Continental Holdings Inc (a)	13,838		348		Asya Katilim Bankasi AS (a)	9,702			8
US Airways Group Inc (a)	33,490		443
					Banco Bradesco SA ADR	1,000			15
		$	1,960		Banco do Brasil SA	3,700			36
Apparel - 0.44%					Banco Santander Brasil SA/Brazil ADR	10,700			85
Adidas AG	1,615		120		Bangkok Bank PCL	7,100			40
Coach Inc (b)	3,766		254		Bank of America Corp	84,510			621
Crocs Inc (a)	7,500		127		Bank of China Ltd	141,000			54
Deckers Outdoor Corp (a)	5,170		288		Bank Rakyat Indonesia Persero Tbk PT	43,500			26
Hanesbrands Inc (a)	26,380		735		Barclays PLC	24,420			67
Hermes International	300		97		Capital One Financial Corp (b)	5,181			266
Jones Group Inc/The	5,155		50		CapitalSource Inc (b)	14,500			92
Nike Inc (b)	1,196		130		Chiba Bank Ltd/The	4,000			23
Ralph Lauren Corp (b)	777		115		China Construction Bank Corp	124,000			86
Warnaco Group Inc/The (a),(b)	700		31		China Minsheng Banking Corp Ltd	13,500			13
Wolverine World Wide Inc	900		38		Citigroup Inc	1,400			37
		$	1,985		City National Corp/CA (b)	300			15
					Commerce Bancshares Inc/MO (b)	420			16

See accompanying notes.

36

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value (000	's)	COMMON STOCKS (continued)	Shares Held		Value	(000	's)
Banks (continued)					Biotechnology (continued)
Credicorp Ltd	100	$	12		Amylin Pharmaceuticals Inc (a)	8,400	$		223
Cullen/Frost Bankers Inc	5,020		286		Ardea Biosciences Inc (a)	12,609			403
Deutsche Bank AG	7,895		286		Biogen Idec Inc (a),(b)	6,663			872
East West Bancorp Inc (b)	8,500		190		Celgene Corp (a),(b)	3,788			258
EFG International AG (a)	13,180		93		Charles River Laboratories International Inc (a),(b)	1,800			60
Fifth Third Bancorp (b)	65,318		872
First Republic Bank/CA (a)	4,310		135		Cubist Pharmaceuticals Inc (a),(b)	1,774			71
Fukuoka Financial Group Inc	14,000		52		Gilead Sciences Inc (a)	3,825			191
Fulton Financial Corp (b)	6,200		63		Human Genome Sciences Inc (a)	3,600			49
Governor & Co of the Bank of Ireland/The (a)	257,791		28		Life Technologies Corp (a),(b)	3,790			155
Hanmi Financial Corp (a),(b)	25,319		238		Momenta Pharmaceuticals Inc (a),(b)	9,288			128
HDFC Bank Ltd ADR	400		11		Regeneron Pharmaceuticals Inc (a),(b)	2,932			398
Huntington Bancshares Inc/OH (b)	34,000		222		Seattle Genetics Inc (a)	5,210			101
Industrial & Commercial Bank of China	61,000		37		United Therapeutics Corp (a),(b)	5,054			224
Itau Unibanco Holding SA ADR	2,600		38		Vertex Pharmaceuticals Inc (a)	1,800			108
JP Morgan Chase & Co (b)	32,290		1,071				$		3,710
Kasikornbank PCL - NVDR	4,200		20
KeyCorp (b)	27,400		205		Building Materials - 0.31%
Korea Exchange Bank (a)	2,150		15		Armstrong World Industries Inc	700			33
Krung Thai Bank PCL	64,200		30		CRH PLC	4,798			82
M&T Bank Corp (b)	7,470		608		HeidelbergCement AG	1,642			72
					Interline Brands Inc (a)	2,702			68
Malayan Banking Bhd	7,100		20
Mitsubishi UFJ Financial Group Inc	13,500		58		Kingspan Group PLC	4,342			37
Mizuho Financial Group Inc	27,400		40		Lennox International Inc	9,500			407
					Louisiana-Pacific Corp (a)	12,596			119
Nedbank Group Ltd	953		19		Masco Corp (b)	18,799			238
Nordea Bank AB	788		6
Northern Trust Corp (b)	300		13		Nippon Sheet Glass Co Ltd	121,000			119
PNC Financial Services Group Inc (b)	12,403		762		Norbord Inc (a)	19,033			220
Popular Inc (a),(b)	5,300		81		Sika AG	4			7
PrivateBancorp Inc	15,750		232		Taiwan Cement Corp	12,000			13
Resona Holdings Inc	31,600		119				$		1,415
Royal Bank of Scotland Group PLC (a)	258,457		80		Chemicals - 1.45%
Sapporo Hokuyo Holdings Inc	7		—		Airgas Inc (b)	1,143			99
Shinsei Bank Ltd	99,000		104		Albemarle Corp (b)	2,671			162
Skandinaviska Enskilda Banken AB	9,479		53		Arkema SA	4,792			316
SNS REAAL NV (a)	30,043		42		Asahi Kasei Corp	19,000			103
Standard Bank Group Ltd/South Africa	317		4		Bayer AG	2,277			145
State Bank of India Ltd	283		21		Brenntag AG	195			22
State Street Corp	600		25		Cabot Corp (b)	2,600			98
SunTrust Banks Inc	1,900		44		Celanese Corp	13,239			527
Swedbank AB	8,969		128		CF Industries Holdings Inc	300			51
Synovus Financial Corp (b)	94,755		181		China BlueChemical Ltd	18,000			12
Taiwan Business Bank (a)	17,000		5		China Petrochemical Development Corp	46,000			39
UBS AG	13,600		154		Cytec Industries Inc (b)	1,400			85
United Community Banks Inc/GA (a),(b)	19,033		157		DIC Corp	14,000			26
US Bancorp (b)	4,398		136		Dongyue Group	30,000			19
Webster Financial Corp	600		12		Dow Chemical Co/The	14,442			448
Wells Fargo & Co (b)	39,210		1,257		Eastman Chemical Co (b)	1,100			51
		$	9,998		EI du Pont de Nemours & Co (b)	4,645			224
					FMC Corp (b)	2,368			121
Beverages - 0.84%
Anheuser-Busch InBev NV	389		26		Georgia Gulf Corp	796			24
Asahi Group Holdings Ltd	300		6		Honam Petrochemical Corp	16			3
C&C Group PLC	16,377		70		Huabao International Holdings Ltd	267,000			112
Cia de Bebidas das Americas ADR	2,100		80		KCC Corp	37			9
Coca-Cola Co/The (b)	4,641		347		Koninklijke DSM NV	3,097			148
Coca-Cola Enterprises Inc (b)	7,983		218		KP Chemical Corp	1,940			24
Constellation Brands Inc (a),(b)	9,142		176		Kuraray Co Ltd	4,100			52
Davide Campari-Milano SpA	3,751		24		Lanxess AG	497			33
Dr Pepper Snapple Group Inc (b)	15,514		640		Lintec Corp	1,800			32
Fomento Economico Mexicano SAB de CV	200		16		LyondellBasell Industries NV	15,865			626
ADR					Methanex Corp	6,094			170
Grupo Modelo SAB de CV	8,300		58		Mitsui Chemicals Inc	22,000			56
					Monsanto Co (b)	2,461			190
Molson Coors Brewing Co	8,200		315
Monster Beverage Corp (a),(b)	8,246		599		Nippon Kayaku Co Ltd	9,000			79
PepsiCo Inc (b)	17,704		1,202		Nippon Shokubai Co Ltd	11,000			123
Sapporo Holdings Ltd	1,000		3		Olin Corp	2,500			48
		$	3,780		Petronas Chemicals Group Bhd	11,100			23
					PPG Industries Inc (b)	1,612			167
Biotechnology - 0.82%					Rockwood Holdings Inc	2,100			102
Amgen Inc (b)	6,749		469		Sherwin-Williams Co/The (b)	2,810			364

See accompanying notes.

37

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value (000	's)	COMMON STOCKS (continued)	Shares Held		Value	(000	's)
Chemicals (continued)					Computers (continued)
Showa Denko KK	19,958	$	40		Acer Inc	17,000	$		17
Sinofert Holdings Ltd	132,000		23		Apple Inc (a),(b),(d)	5,494			3,174
Solutia Inc	22,962		631		Asustek Computer Inc	5,000			50
Solvay SA	770		81		AtoS	4,105			225
Sumitomo Bakelite Co Ltd	19,000		95		Brocade Communications Systems Inc (a),(b)	43,300			201
Syngenta AG	720		232		CACI International Inc (a),(b)	1,587			68
Tokuyama Corp	13,000		30		Cadence Design Systems Inc (a)	74,710			762
Tosoh Corp	9,000		23		Cap Gemini SA	2,000			68
Valspar Corp (b)	4,500		217		Chimei Innolux Corp (a)	41,000			17
WR Grace & Co (a)	3,100		163		Cognizant Technology Solutions Corp (a),(b)	6,605			384
Yara International ASA	2,043		77		Compal Electronics Inc	16,000			17
		$	6,545		Computer Sciences Corp (b)	2,000			53
					Dell Inc (a)	4,500			56
Coal - 0.15%					DST Systems Inc (b)	2,300			118
Alpha Natural Resources Inc (a)	7,800		82		EMC Corp/MA (a),(b)	23,964			571
China Coal Energy Co Ltd	12,000		11		Fortinet Inc (a)	7,700			164
Consol Energy Inc	4,600		129		Fujitsu Ltd	3,000			13
Patriot Coal Corp (a)	11,800		28
					Gemalto NV	212			14
Peabody Energy Corp	800		19		IHS Inc (a),(b)	6,500			644
Shougang Fushan Resources Group Ltd	78,000		26		Indra Sistemas SA	1,795			16
SunCoke Energy Inc (a)	14,200		199
Walter Energy Inc (b)	3,300		160		Infosys Ltd ADR	1,600			67
					International Business Machines Corp (b)	2,049			395
		$	654		Itochu Techno-Solutions Corp	200			9
Commercial Services - 1.50%					Jack Henry & Associates Inc (b)	2,474			82
Advisory Board Co/The (a)	1,420		138		Lenovo Group Ltd	44,000			37
Anhanguera Educacional Participacoes SA	7,100		85		Lite-On Technology Corp	15,000			19
Apollo Group Inc (a),(b)	800		25		MICROS Systems Inc (a),(b)	1,100			58
Automatic Data Processing Inc (b)	5,750		300		NCR Corp (a),(b)	11,300			242
Benesse Holdings Inc	1,200		54		NET One Systems Co Ltd	13,000			179
Career Education Corp (a)	11,300		74		Quanta Computer Inc	2,000			5
Chemed Corp	200		11		Riverbed Technology Inc (a)	6,890			114
Cielo SA	480		13		SanDisk Corp (a)	7,585			248
Convergys Corp (b)	3,500		49		Seagate Technology PLC	6,300			148
Corrections Corp of America	2,000		52		Synopsys Inc (a),(b)	10,492			310
DeVry Inc (b)	4,600		126		Teradata Corp (a),(b)	1,400			93
Dollar Thrifty Automotive Group Inc (a),(b)	2,627		214		Western Digital Corp (a),(b)	7,500			235
Equifax Inc (b)	4,489		203				$		8,993
Gartner Inc (a),(b)	9,619		391
Global Payments Inc (b)	2,200		93		Consumer Products - 0.29%
					ACCO Brands Corp (a)	18,690			170
H&R Block Inc (b)	10,357		158		Church & Dwight Co Inc (b)	2,140			114
Hertz Global Holdings Inc (a)	21,850		297		Clorox Co/The (b)	1,958			135
Iron Mountain Inc (b)	10,013		284
ITT Educational Services Inc (a),(b)	4,110		234		Kimberly-Clark de Mexico SAB de CV	17,700			31
					Prestige Brands Holdings Inc (a)	1,235			17
Manpower Inc (b)	2,800		101		Samsonite International SA (a)	97,490			178
Mastercard Inc (b)	687		279
					Societe BIC SA	1,329			130
Monro Muffler Brake Inc	470		16		Tumi Holdings Inc (a)	5,570			96
Moody's Corp (b)	5,852		214		Tupperware Brands Corp (b)	7,375			399
New Oriental Education & Technology Group	1,000		26		Unilever Indonesia Tbk PT	8,000			17
ADR(a)
Paychex Inc (b)	6,368		191				$		1,287
PHH Corp (a)	12,756		211		Cosmetics & Personal Care - 0.17%
QinetiQ Group PLC	40,506		96		Avon Products Inc	6,202			103
Quanta Services Inc (a)	100		2		Beiersdorf AG	59			4
Rent-A-Center Inc/TX	2,536		85		Colgate-Palmolive Co (b)	2,109			207
Secom Co Ltd	1,600		71		Kao Corp	3,000			77
SEI Investments Co	22,930		411		Pola Orbis Holdings Inc	1,600			43
Service Corp International/US (b)	8,900		102		Procter & Gamble Co/The (b)	5,019			313
SGS SA	27		49				$		747
Sotheby's (b)	3,500		107
Toppan Printing Co Ltd	1,000		6		Distribution & Wholesale - 0.34%
Total System Services Inc (b)	7,565		176		Arrow Electronics Inc (a),(b)	12,765			433
Towers Watson & Co (b)	3,000		181		Fastenal Co (b)	5,493			243
Verisk Analytics Inc (a)	5,955		285		Genuine Parts Co (b)	1,100			69
Viad Corp (b)	3,766		67		Hanwha Corp	160			4
Visa Inc (b)	1,284		148		Hitachi High-Technologies Corp	6,200			138
Western Union Co/The (b),(d)	68,570		1,125		Ingram Micro Inc (a),(b)	13,400			239
Zhejiang Expressway Co Ltd	6,000		4		ITOCHU Corp	2,800			30
					LKQ Corp (a)	1,000			36
		$	6,754		Marubeni Corp	4,000			25
Computers - 2.00%					Mitsui & Co Ltd	2,400			34
Accenture PLC - Class A (b)	2,100		120		Owens & Minor Inc	100			3

See accompanying notes.

38

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value (000	's)	COMMON STOCKS (continued)	Shares Held		Value	(000	's)
Distribution & Wholesale (continued)					Electric (continued)
SK Networks Co Ltd	1,650	$	12		Public Service Enterprise Group Inc (b)	4,894	$		153
Sojitz Corp	32,000		50		Southern Co/The (b)	3,288			151
Toyota Tsusho Corp	4,600		85		Tauron Polska Energia SA	11,565			14
WW Grainger Inc (b)	716		139		TECO Energy Inc (b)	11,252			196
		$	1,540		Tenaga Nasional BHD	7,600			16
					Xcel Energy Inc (b)	2,600			73
Diversified Financial Services - 1.50%							$		4,363
Acom Co Ltd (a)	4,560		88
Affiliated Managers Group Inc (a),(b)	661		68		Electrical Components & Equipment - 0.35%
American Express Co (b)	7,792		435		Belden Inc	1,260			39
Ameriprise Financial Inc (b)	4,300		206		Brother Industries Ltd	7,500			82
BlackRock Inc (b)	4,418		754		Casio Computer Co Ltd	12,700			74
BS Financial Group Inc	2,010		20		Emerson Electric Co (b)	3,604			169
Calamos Asset Management Inc (b)	24,241		264		Fujikura Ltd	3,000			8
CME Group Inc (b)	1,958		504		General Cable Corp (a),(b)	1,300			37
Credit Saison Co Ltd	100		2		GrafTech International Ltd (a)	3,500			37
DGB Financial Group Inc	1,110		14		Hitachi Ltd	9,000			51
Discover Financial Services (b)	12,130		401		Hubbell Inc (b)	2,392			189
E*Trade Financial Corp (a),(b)	40,760		346		Leoni AG	1,624			67
Franklin Resources Inc (b)	2,499		267		Mitsubishi Electric Corp	26,000			204
Fubon Financial Holding Co Ltd	25,000		25		Molex Inc (b)	12,916			298
Hana Financial Group Inc	2,820		89		Nexans SA	3,045			119
Hyundai Securities Co Ltd	4,300		30		Prysmian SpA	5,292			75
Interactive Brokers Group Inc - A Shares (b)	21,535		307		Universal Display Corp (a)	4,200			118
IntercontinentalExchange Inc (a),(b)	1,719		210		Vestas Wind Systems A/S (a)	1			—
Invesco Ltd (b)	26,169		569				$		1,567
Investec Ltd	768		4
Knight Capital Group Inc (a),(b)	5,900		74		Electronics - 0.81%
					Agilent Technologies Inc (b)	13,800			562
Korea Investment Holdings Co Ltd	120		4
Legg Mason Inc (b)	9,189		234		Alps Electric Co Ltd	16,100			119
LPL Investment Holdings Inc	2,030		66		Anritsu Corp	6,000			64
					Avnet Inc (a),(b)	5,410			165
Mitsubishi UFJ Lease & Finance Co Ltd	3,280		123
NASDAQ OMX Group Inc/The (b)	14,347		314		Azbil Corp	4,500			90
NYSE Euronext (b)	15,505		377		Dainippon Screen Manufacturing Co Ltd	14,000			101
					Flextronics International Ltd (a)	20,700			133
Samsung Card Co Ltd	990		28
Shinhan Financial Group Co Ltd	290		9		Garmin  Ltd	2,400			103
SLM Corp (b)	24,109		337		Gentex Corp/MI(b)	6,896			154
T Rowe Price Group Inc (b)	6,120		353		Honeywell International Inc (b)	2,560			142
					Itron Inc (a),(b)	2,000			72
TMX Group Inc	4,100		183		Jabil Circuit Inc (b)	24,324			466
Woori Finance Holdings Co Ltd	2,410		22		LG Display Co Ltd ADR(a)	3,300			29
		$	6,727		Nan Ya Printed Circuit Board Corp (a)	7,000			11
Electric - 0.97%					PerkinElmer Inc (b)	2,300			61
AES Corp/The (a),(b)	9,100		110		Sensata Technologies Holding NV (a)	1,600			49
Alliant Energy Corp (b)	7,080		309		Stoneridge Inc (a)	15,805			111
American Electric Power Co Inc (b)	100		4		TE Connectivity Ltd (b)	5,835			183
Centrais Eletricas Brasileiras SA ADR	5,100		33		Tech Data Corp (a),(b)	3,754			179
Central Vermont Public Service Corp	10,154		357		Thermo Fisher Scientific Inc	100			5
CH Energy Group Inc	2,616		172		Toshiba Corp	14,000			53
Chubu Electric Power Co Inc	1,600		25		Trimble Navigation Ltd (a)	5,500			259
Cia Energetica de Minas Gerais ADR	1,000		17		Tyco International Ltd (b)	8,207			436
Dominion Resources Inc/VA (b)	4,362		227		Vishay Intertechnology Inc (a),(b)	1,700			18
DTE Energy Co (b)	400		23		Waters Corp (a),(b)	500			40
Duke Energy Corp (b)	5,771		127		Yokogawa Electric Corp	2,800			24
Edison International (b)	2,500		112				$		3,629
Endesa SA	4,131		62
Enel SpA	63,020		180		Energy - Alternate Sources - 0.02%
Enersis SA ADR	1,200		21		KiOR Inc(a)	8,112			73
Exelon Corp (b)	6,515		241
GenOn Energy Inc (a)	12,700		22		Engineering & Construction - 0.98%
Hokkaido Electric Power Co Inc	2,100		26		ABB Ltd (a)	2,599			41
Integrys Energy Group Inc (b)	5,573		302		AECOM Technology Corp (a),(b)	9,790			159
National Fuel Gas Co (b)	100		4		Aker Solutions ASA	3,011			40
Northeast Utilities (b)	500		18		Bilfinger Berger SE	3,465			269
NV Energy Inc (b)	3,700		64		China Communications Construction Co Ltd	5,000			5
OGE Energy Corp (b)	4,854		258		China Railway Construction Corp Ltd	52,000			40
Okinawa Electric Power Co Inc/The	11		—		Chiyoda Corp	18,000			213
Pinnacle West Capital Corp (b)	1,748		86		COMSYS Holdings Corp	8,196			87
PNM Resources Inc	1,200		22		Daelim Industrial Co Ltd	649			55
Portland General Electric Co (b)	3,000		75		EMCOR Group Inc (b)	1,500			41
Progress Energy Inc (b)	15,740		863		Ferrovial SA	4,420			42

See accompanying notes.

39

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value (000	's)	COMMON STOCKS (continued)	Shares Held		Value	(000	's)
Engineering & Construction (continued)					Food (continued)
Fluor Corp (b)	2,572	$	121		Nisshin Seifun Group Inc	4,500	$		50
Foster Wheeler AG (a)	6,700		120		Nutreco NV	2,218			145
Hochtief AG (a)	332		15		PureCircle Ltd (a)	56,045			116
Impregilo SpA	47,776		192		Ralcorp Holdings Inc (a),(b)	600			38
Jacobs Engineering Group Inc (a),(b)	6,580		233		Sara Lee Corp (b)	7,500			157
JGC Corp	10,000		274		Suedzucker AG	2,582			79
Kajima Corp	11,000		29		Toyo Suisan Kaisha Ltd	4,000			102
Kandenko Co Ltd	118		—		Tyson Foods Inc (b)	18,344			355
KBR Inc (b)	13,000		331		Unilever NV - NY shares	6,383			200
Koninklijke BAM Groep NV	27,424		69		Uni-President Enterprises Corp (a)	65,000			98
Koninklijke Boskalis Westminster NV	2,701		81		Whole Foods Market Inc (b)	924			82
McDermott International Inc (a),(b)	50,330		510		Yamazaki Baking Co Ltd	2,000			28
Multiplan Empreendimentos Imobiliarios SA	100		2				$		4,351
NCC AB	3,858		65
					Forest Products & Paper - 0.18%
Obayashi Corp	35,000		136		Buckeye TechnologiesInc (b)	2,991			83
Obrascon Huarte Lain SA	409		8		Domtar Corp (b)	3,265			258
Royal Imtech NV	785		20
Shaw Group Inc/The (a),(b)	6,400		163		Hokuetsu Kishu Paper Co Ltd	4,500			23
					International Paper Co (b)	12,978			380
Shimizu Corp	13,000		43		MeadWestvaco Corp (b)	1,000			27
Skanska AB	9,556		127
Taisei Corp	41,000		100		Nippon Paper Group Inc	1,200			18
TAV Havalimanlari Holding AS	4,059		20		Stora Enso OYJ	2,941			16
Tecnicas Reunidas SA	3,088		111		Svenska Cellulosa AB	1,177			17
URS Corp (b)	5,273		191				$		822
Vinci SA	11,248		452		Gas - 0.31%
YIT OYJ	560		9		AGL Resources Inc (b)	4,485			168
		$	4,414		CenterPoint Energy Inc (b)	6,600			134
Entertainment - 0.07%					Gas Natural SDG SA	5,697			62
Dolby Laboratories Inc (a),(b)	2,400		103		Gas Natural SDG SA - Rights (a)	5,697			3
DreamWorks Animation SKG Inc (a)	4,800		85		Korea Gas Corp	340			12
International Game Technology (b)	6,500		93		NiSource Inc (b)	3,476			87
Sankyo Co Ltd	800		39		Osaka Gas Co Ltd	28,000			110
		$	320		Snam SpA	10,219			41
					Toho Gas Co Ltd	5,000			28
Environmental Control - 0.09%					Tokyo Gas Co Ltd	10,000			48
Clean Harbors Inc (a),(b)	2,100		130		UGI Corp (b)	23,606			677
Darling International Inc (a)	900		13		Vectren Corp (b)	900			26
Republic Services Inc (b)	1,400		37				$		1,396
Stericycle Inc (a),(b)	899		79
Waste Connections Inc (b)	200		6		Hand & Machine Tools - 0.17%
Waste Management Inc (b)	4,932		160		Fuji Electric Co Ltd	16,000			37
					Kennametal Inc (b)	800			28
		$	425		Lincoln Electric Holdings Inc (b)	5,524			263
Food - 0.97%					Schindler Holding AG - PC	185			21
Ajinomoto Co Inc	3,000		40		Snap-on Inc (b)	2,800			169
Aryzta AG (a)	650		29		Stanley Black & Decker Inc	3,373			223
BIM Birlesik Magazalar AS	484		20		THK Co Ltd	1,900			36
China Mengniu Dairy Co Ltd	4,000		11				$		777
Cia Brasileira de Distribuicao Grupo Pao de	200		8
					Healthcare - Products - 1.28%
Acucar ADR					Becton Dickinson and Co (b)	1,371			100
ConAgra Foods Inc (b)	4,800		121
Corn Products International Inc (b)	3,000		153		CareFusion Corp (a)	1,800			44
Cosan SA Industria e Comercio	3,200		47		Coloplast A/S	22			4
Dean Foods Co (a),(b)	13,775		215		Cooper Cos Inc/The (b)	1,900			162
					Covidien PLC (b)	1,200			62
Diamond Foods Inc	2,845		60		CR Bard Inc (b)	2,268			220
Distribuidora Internacional de Alimentacion	10,761		47		Edwards Lifesciences Corp (a)	10,860			927
SA (a)
General Mills Inc	9,232		353		Elekta AB	963			46
					Gen-Probe Inc (a),(b)	19,242			1,557
Harris Teeter Supermarkets Inc	300		11
Hershey Co/The (b)	600		40		Getinge AB	3,300			82
HJ Heinz Co (b)	1,522		81		Hill-Rom Holdings Inc (b)	1,500			44
Hormel Foods Corp (b)	3,100		93		Hologic Inc (a),(b)	64,638			1,083
					IDEXX Laboratories Inc (a),(b)	100			9
Indofood Sukses Makmur Tbk PT	123,500		62		Intuitive Surgical Inc (a),(b)	440			230
JM Smucker Co/The (b)	2,262		174
					Medtronic Inc (b)	18,953			698
Kesko OYJ	6,751		170		ResMed Inc (a),(b)	2,933			91
Koninklijke Ahold NV	12,888		151
Kraft Foods Inc (b)	16,020		613		Shimadzu Corp	3,000			25
Kroger Co/The (b)	1,100		24		St Jude Medical Inc	800			31
Marine Harvest ASA (a)	259,502		127		Synthes Inc (e)	1,027			168
Metro AG	6,211		179		Teleflex Inc	100			6
Nippon Meat Packers Inc	6,000		72

See accompanying notes.

40

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value (000	's)	COMMON STOCKS (continued)	Shares Held		Value	(000	's)
Healthcare - Products (continued)					Insurance (continued)
Thoratec Corp (a),(b)	5,500	$	167		Brown & Brown Inc	300	$		8
		$	5,756		China Pacific Insurance Group Co Ltd	19,200			57
					Chubb Corp/The (b)	1,678			121
Healthcare - Services - 0.82%					Dai-ichi Life Insurance Co Ltd/The	7			7
Aetna Inc (b)	5,356		219
Amedisys Inc (a),(b)	8,437		92		Dongbu Insurance Co Ltd	1,160			46
					Everest Re Group Ltd (b)	1,100			112
AMERIGROUP Corp (a),(b)	3,421		213		Fidelity National Financial Inc (b)	6,500			122
Amil Participacoes SA	700		6		Genworth Financial Inc (a)	32,000			168
Cigna Corp (b)	14,538		638		Hanover Insurance Group Inc/The (b)	2,800			109
Covance Inc (a),(b)	2,300		107		HCC Insurance Holdings Inc (b)	7,735			242
Coventry Health Care Inc (b)	6,239		190
DaVita Inc (a),(b)	5,889		479		Korea Life Insurance Co Ltd	7,880			41
Health Net Inc (a),(b)	5,000		128		Liberty Holdings Ltd	3,301			34
HealthSouth Corp (a)	3,100		59		LIG Insurance Co Ltd	2,620			57
					Loews Corp (b)	4,153			161
Humana Inc (b)	3,200		244		Marsh & McLennan Cos Inc (b)	22,422			717
Lincare Holdings Inc (b)	200		5
Magellan Health Services Inc (a)	800		34		PICC Property & Casualty Co Ltd	22,000			24
Mednax Inc (a),(b)	4,784		292		Porto Seguro SA	400			3
					Protective Life Corp (b)	19,365			511
Miraca Holdings Inc	2,400		92		Reinsurance Group of America Inc (b)	4,500			226
Quest Diagnostics Inc (b)	1,177		67
					Resolution Ltd	16,484			49
Rhoen Klinikum AG	3,727		102		Sampo OYJ	1,397			32
Tenet Healthcare Corp (a)	14,700		69		Swiss Life Holding AG (a)	737			59
UnitedHealth Group Inc (b)	4,719		263
Universal Health Services Inc (b)	3,500		136		T&D Holdings Inc	1,900			18
					Torchmark Corp (b)	4,629			216
WellPoint Inc (b)	3,431		231		Unum Group (b)	2,900			58
		$	3,666		Validus Holdings Ltd	900			28
Holding Companies - Diversified - 0.05%					Zurich Insurance Group AG (a)	421			87
Alfa SAB de CV	3,300		41				$		5,370
Barloworld Ltd	4,242		43		Internet - 1.80%
Bidvest Group Ltd	579		12		AboveNet Inc (a)	4,257			355
GEA Group AG	4,229		108		Amazon.com Inc (a),(d)	3,331			709
Imperial Holdings Ltd	1,445		28		BroadSoft Inc (a)	2,470			67
		$	232		Daum Communications Corp	888			76
Home Builders - 0.45%					DealerTrack Holdings Inc (a)	3,540			97
Lennar Corp	839		23		Dena Co Ltd	2,800			58
NVR Inc (a)	667		537		eBay Inc (a),(b),(d)	27,950			1,096
Persimmon PLC	16,272		143		Equinix Inc (a)	5,910			964
Pulte Group Inc (a),(b)	129,986		1,216		Expedia Inc (b)	6,974			320
Sekisui Chemical Co Ltd	11,000		94		F5 Networks Inc (a),(b)	1,830			189
		$	2,013		Google Inc (a),(b)	679			394
					IAC/InterActiveCorp (b)	11,390			512
Home Furnishings - 0.25%					LinkedIn Corp (a)	6,390			614
Electrolux AB	4,103		78		NetEase Inc ADR(a)	600			37
Furniture Brands International Inc (a)	40,790		47		Netflix Inc (a)	900			57
Harman International Industries Inc (b)	6,000		235		priceline.com Inc (a),(b)	283			177
Matsushita Electric Industrial Co Ltd	6,000		40		Rackspace Hosting Inc (a),(b)	2,667			132
Pioneer Corp (a)	23,200		88		Sapient Corp	12,520			138
SEB SA	318		21		Shutterfly Inc (a)	1,280			35
Select Comfort Corp (a),(b)	5,021		137		Sohu.com Inc (a)	2,620			117
Sony Corp	7,900		105		Splunk Inc (a)	3,340			109
Tempur-Pedic International Inc (a)	3,459		160		Symantec Corp (a),(b)	16,015			238
TiVo Inc (a)	23,957		205		TIBCO Software Inc (a),(b)	15,613			418
		$	1,116		Trend Micro Inc	1,100			30
					TripAdvisor Inc (a)	12,960			556
Housewares - 0.00%					VeriSign Inc (a),(b)	6,429			245
Turkiye Sise ve Cam Fabrikalari AS	671		1		Websense Inc (a),(b)	6,452			120
					XO Group Inc (a),(b)	13,980			123
Insurance - 1.19%					Yahoo! Inc (a),(b)	7,600			116
ACE Ltd (b)	6,023		435				$		8,099
Aegon NV	33,236		140
Alleghany Corp (a)	710		234		Investment Companies - 0.03%
Allied World Assurance Co Holdings AG	100		8		Ares Capital Corp	1,000			15
American Financial Group Inc/OH (b)	7,178		279		Justice Holdings Ltd (a),(f)	10,350			137
American International Group Inc (a)	5,300		155				$		152
Aon PLC (b)	3,443		160		Iron & Steel - 0.26%
Assurant Inc (b)	4,000		134		AK Steel Holding Corp (b)	16,600			100
Assured Guaranty Ltd	1,300		16		APERAM	5,334			60
Axis Capital Holdings Ltd	600		20		CAP SA	634			23
Baloise Holding AG	54		3		Carpenter Technology Corp	2,200			99
Berkshire Hathaway Inc - Class B (a),(b)	5,958		473		Commercial Metals Co (b)	10,400			121

See accompanying notes.

41

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value (000	's)	COMMON STOCKS (continued)	Shares Held		Value	(000	's)
Iron & Steel (continued)					Media (continued)
Daido Steel Co Ltd	1,000	$	6		Discovery Communications Inc - A Shares(a),(b)	2,997	$		150
Feng Hsin Iron & Steel Co	3,000		5
Kobe Steel Ltd	50,000		60		DISH Network Corp (b)	14,200			398
Outokumpu OYJ (a)	10,405		11		FactSet Research Systems Inc (b)	2,559			270
Reliance Steel & Aluminum Co (b)	2,000		94		Fuji Media Holdings Inc	77			123
Salzgitter AG	4,055		174		Gannett Co Inc (b)	11,927			156
Steel Dynamics Inc (b)	13,000		137		Grupo Televisa SAB ADR	600			11
Tokyo Steel Manufacturing Co Ltd	4,100		24		Knology Inc (a)	13,522			264
Vale SA ADR	7,500		136		Liberty Global Inc - A Shares (a)	100			5
Voestalpine AG	2,460		62		McGraw-Hill Cos Inc/The (b)	400			17
Xingda International Holdings Ltd	148,000		53		Naspers Ltd	489			26
		$	1,165		New York Times Co/The (a),(b)	12,000			80
					News Corp - Class A (b)	21,778			418
Leisure Products & Services - 0.12%					Nippon Television Network Corp	260			37
Harley-Davidson Inc	5,620		271		Scripps Networks Interactive Inc (b)	1,000			55
Polaris Industries Inc	900		68		Societe Television Francaise 1	63			—
Sega Sammy Holdings Inc	8,400		149		Thomson Reuters Corp	6,460			177
TUI AG (a)	6,411		36		Time Warner Cable Inc (b)	6,459			487
Yamaha Corp	4,100		35		Time Warner Inc (b)	5,128			177
Yamaha Motor Co Ltd	200		2		Viacom Inc (b)	10,732			512
		$	561		Walt Disney Co/The	13,345			610
Lodging - 0.22%							$		6,319
Las Vegas Sands Corp	2,300		106
Wyndham Worldwide Corp (b)	11,878		592		Metal Fabrication & Hardware - 0.14%
Wynn Resorts Ltd (b)	2,614		269		Aurubis AG	4,704			216
					Kloeckner & Co SE (a)	3,655			35
		$	967		Nachi-Fujikoshi Corp	3,000			13
Machinery - Construction & Mining - 0.02%					NSK Ltd	4,000			24
Hitachi Construction Machinery Co Ltd	900		17		SKF AB	3,439			68
Outotec OYJ	1,662		66		Timken Co (b)	4,700			224
		$	83		Vallourec SA	743			28
					Valmont Industries Inc	200			23
Machinery - Diversified - 0.66%							$		631
AGCO Corp (a),(b)	2,000		80
Amada Co Ltd	9,000		52		Mining - 0.45%
Applied Industrial Technologies Inc (b)	600		23		Aneka Tambang Persero Tbk PT	186,000			23
Chart Industries Inc (a)	2,900		181		AngloGold Ashanti Ltd ADR	1,585			57
CNH Global NV (a)	1,300		50		Aquarius Platinum Ltd (a)	21,909			25
Cummins Inc (b)	3,475		337		Barrick Gold Corp	4,093			160
Doosan Heavy Industries & Construction Co Ltd	559		25		Boliden AB	22,601			290
					Cameco Corp	5,580			107
Ebara Corp	35,000		125		Cia de Minas Buenaventura SA ADR	300			12
FANUC Corp	100		17		Detour Gold Corp (a)	8,220			169
Flowserve Corp (b)	100		10		Eramet	132			13
FLSmidth & Co A/S	1,582		84		Freeport-McMoRan Copper & Gold Inc (b)	7,891			253
Gardner Denver Inc (b)	3,906		212		Gold Fields Ltd ADR	500			7
Graco Inc (b)	900		43		Goldcorp Inc	357			13
IDEX Corp (b)	6,955		276		Grupo Mexico SAB de CV	6,700			18
IHI Corp	53,000		109		KGHM Polska Miedz SA	641			23
Kone OYJ	13		1		Minmetals Resources Ltd (a)	64,000			27
Metso OYJ	8,407		276		Mitsubishi Materials Corp	19,000			52
Nordson Corp	500		27		Mitsui Mining & Smelting Co Ltd	46,000			104
OC Oerlikon Corp AG (a)	12,255		103		Molycorp Inc (a)	10,917			215
Okuma Holdings Inc	12,000		79		Newmont Mining Corp	286			13
Rheinmetall AG	639		26		Nyrstar (a)	3,950			24
Rockwell Automation Inc (b)	800		58		Pacific Metals Co Ltd	9,000			36
Sumitomo Heavy Industries Ltd	41,000		181		Southern Copper Corp	300			8
Teco Electric and Machinery Co Ltd	15,000		10		Sumitomo Metal Mining Co Ltd	2,000			22
Tognum AG	152		5		Trelawney Mining and Exploration Inc (a)	56,344			179
Wabtec Corp/DE (b)	6,813		495		Umicore SA	2,576			123
Xylem Inc/NY (b)	3,237		82		Uranium One Inc (a)	31,805			73
		$	2,967				$		2,046
Media - 1.40%					Miscellaneous Manufacturing - 1.22%
AMC Networks Inc (a)	5,040		194		3M Co (b)	6,097			514
Astral Media Inc	4,121		194		AO Smith Corp (b)	2,200			102
Cablevision Systems Corp (b)	15,819		181		Carlisle Cos Inc (b)	1,200			62
CBS Corp (b)	12,382		395		CLARCOR Inc	100			5
Comcast Corp - Class A (b)	22,984		665		Cooper Industries PLC	7,625			538
Comcast Corp - Special Class A	10,395		299		Crane Co (b)	3,000			114
DIRECTV (a),(b)	9,398		418		Eaton Corp (b)	8,467			361
					FUJIFILM Holdings Corp	3,800			71

See accompanying notes.

42

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value (000	's)	COMMON STOCKS (continued)	Shares Held		Value	(000	's)
Miscellaneous Manufacturing (continued)					Oil & Gas (continued)
General Electric Co (b)	53,208	$	1,016		PetroChina Co Ltd ADR	100	$		13
Illinois Tool Works Inc	2,478		139		Petroleo Brasileiro SA ADR	1,500			28
ITT Corp (b)	13,000		267		Phillips 66 (a),(b)	3,022			91
Konica Minolta Holdings Inc	20,000		143		Plains Exploration & Production Co (a),(b)	2,500			89
Neo Material Technologies Inc (a)	9,414		94		PTT PCL	1,300			13
Nikon Corp	6,600		183		QEP Resources Inc (b)	5,657			149
Orkla ASA	4,677		32		Range Resources Corp	1,065			61
Pall Corp (b)	13,280		739		Repsol YPF SA	8,849			133
Parker Hannifin Corp (b)	1,514		124		Rosetta Resources Inc (a)	4,050			157
Polypore International Inc (a)	8,900		329		Rosneft Oil Co	939			6
SPX Corp (b)	2,800		201		Royal Dutch Shell PLC ADR	4,844			301
Sulzer AG	2,387		286		Royal Dutch Shell PLC - B shares ADR	4,315			278
Trelleborg AB	4,826		47		Seadrill Ltd	799			27
Wartsila OYJ Abp	3,519		116		SK Holdings Co Ltd	480			50
		$	5,483		SK Innovation Co Ltd	32			4
					SM Energy Co (b)	3,515			190
Office & Business Equipment - 0.03%					Southwestern Energy Co (a)	1,700			48
Pitney Bowes Inc (b)	9,063		124
					Statoil ASA	2,733			62
Seiko Epson Corp	1,300		13		Stone Energy Corp (a),(b)	5,329			126
		$	137		Sunoco Inc (b)	2,255			105
Oil & Gas - 2.92%					Surgutneftegas OJSC ADR	1,759			13
Anadarko Petroleum Corp (b)	14,248		869		Tatneft ADR	1,799			55
Baytex Energy Corp	800		35		Thai Oil PCL	21,300			38
BG Group PLC	26,200		505		Total SA ADR	7,112			306
Cabot Oil & Gas Corp (b)	18,540		604		Total SA	5,571			240
Cairn Energy PLC (a)	9,625		43		Tourmaline Oil Corp (a)	6,410			147
Canadian Natural Resources Ltd	1,750		50		Unit Corp (a),(b)	4,100			163
Cheniere Energy Inc (a)	14,590		205		Valero Energy Corp	400			8
Chesapeake Energy Corp (b)	12,584		212		Venoco Inc (a),(b)	25,459			238
Chevron Corp (b)	9,802		964		Whiting Petroleum Corp (a)	1,900			82
China Petroleum & Chemical Corp ADR	300		27		WPX Energy Inc (a)	400			6
CNOOC Ltd ADR	500		90				$		13,149
Cobalt International Energy Inc (a)	37,345		846
ConocoPhillips (b)	6,046		315		Oil & Gas Services - 0.58%
					Baker Hughes Inc	11,375			475
CVR Energy Inc	480		12		Basic Energy Services Inc (a),(b)	6,951			79
Denbury Resources Inc (a),(b)	4,200		63		Cameron International Corp (a),(b)	1,100			50
Devon Energy Corp (b)	1,700		101
Diamond Offshore Drilling Inc (b)	2,069		120		Core Laboratories NV	100			13
					Dresser-Rand Group Inc (a)	1,800			79
Encana Corp	2,900		58		Flotek Industries Inc (a)	12,170			130
Energen Corp (b)	600		26		Halliburton Co (b)	19,976			600
Eni SpA	17,775		342		Helix Energy Solutions Group Inc (a),(b)	4,600			79
Ensco PLC	4,375		196		Key Energy Services Inc (a)	1,400			14
EQT Corp	700		32		National Oilwell Varco Inc (b)	3,891			260
ERG SpA	6,326		36		Oceaneering International Inc (b)	3,400			157
Etablissements Maurel et Prom	5,552		75		Petroleum Geo-Services ASA	2,677			31
Exxon Mobil Corp (b)	15,440		1,213
Forest Oil Corp (a),(b)	4,800		40		RPC Inc	4,200			43
					Saipem SpA	2,786			109
Gazprom OAO ADR	12,649		111		SBM Offshore NV (a)	465			6
Gulfport Energy Corp (a)	200		4		Schlumberger Ltd (b)	1,462			92
Helmerich & Payne Inc (b)	1,578		71		SEACOR Holdings Inc (a),(b)	2,400			207
Hess Corp (b)	2,700		118
HollyFrontier Corp (b)	5,500		162		Technip SA	1,361			125
					TGS Nopec Geophysical Co ASA	1,719			43
Idemitsu Kosan Co Ltd	500		45		Weatherford International Ltd/Switzerland (a)	700			8
JX Holdings Inc	10,300		52				$		2,600
Karoon Gas Australia Ltd (a)	35,821		169
Lukoil OAO ADR	1,498		78		Packaging & Containers - 0.20%
Lundin Petroleum AB (a)	125		2		Ball Corp (b)	3,284			131
Marathon Oil Corp (b)	8,114		202		Crown Holdings Inc (a),(b)	5,900			201
Marathon Petroleum Corp (b)	2,856		103		Graphic Packaging Holding Co (a)	9,550			47
MEG Energy Corp (a)	1,200		40		Owens-Illinois Inc (a),(b)	7,900			154
Murphy Oil Corp (b)	2,900		135		Packaging Corp of America (b)	100			3
Nabors Industries Ltd (a),(b)	6,300		85		Rengo Co Ltd	7,000			47
NAL Energy Corp	185		1		Sealed Air Corp (b)	10,725			168
Neste Oil OYJ	4,261		39		Silgan Holdings Inc	3,560			149
Newfield Exploration Co (a),(b)	4,100		123		Toyo Seikan Kaisha Ltd	100			1
Noble Energy Inc (b)	1,120		95				$		901
Occidental Petroleum Corp (b),(d)	12,298		975
OGX Petroleo e Gas Participacoes SA (a)	1,700		9		Pharmaceuticals - 2.35%
					Abbott Laboratories (b)	3,885			240
OMV AG	4,492		123		Alkermes PLC (a)	2,100			33
Patterson-UTI Energy Inc (b)	6,700		101
					Allergan Inc/United States	100			9

See accompanying notes.

43

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value (000	's)	COMMON STOCKS (continued)	Shares Held		Value	(000	's)
Pharmaceuticals (continued)					Real Estate (continued)
AmerisourceBergen Corp (b)	11,789	$	436		Shanghai Industrial Holdings Ltd	23,000	$		64
Astellas Pharma Inc	2,100		82		Shimao Property Holdings Ltd	2,500			3
AstraZeneca PLC	1,689		68		Soho China Ltd	4,500			3
Bristol-Myers Squibb Co (b)	8,739		291				$		608
Cardinal Health Inc (b)	17,780		735
Catalyst Health Solutions Inc (a)	4,704		409		REITS - 0.75%
					American Tower Corp (b)	8,546			554
Chugai Pharmaceutical Co Ltd	1,400		25		AvalonBay Communities Inc (b)	679			95
Daiichi Sankyo Co Ltd	4,000		65		Boston Properties Inc (b)	1,826			188
Eisai Co Ltd	1,700		69
Elan Corp PLC ADR(a)	14,502		202		CubeSmart	8,860			100
Eli Lilly & Co (b)	7,375		302		Equity Residential (b)	1,672			102
Endo Health Solutions Inc (a),(b)	1,600		52		Federal Realty Investment Trust (b)	1,251			123
Forest Laboratories Inc (a),(b)	10,329		362		Host Hotels & Resorts Inc (b)	20,274			309
					Macerich Co/The (b)	5,171			295
GlaxoSmithKline PLC ADR	2,267		100		Plum Creek Timber Co Inc (b)	3,923			143
H Lundbeck A/S	9,293		193		Public Storage (b)	2,110			281
Hypermarcas SA (a)	2,200		12
					Rayonier Inc (b)	4,412			190
Ipsen	3,624		93		Simon Property Group Inc (b)	1,499			221
Jazz Pharmaceuticals PLC (a)	2,800		121
Johnson & Johnson (b)	19,211		1,199		SL Green Realty Corp (b)	4,433			333
					Taubman Centers Inc (b)	5,474			400
Kaken Pharmaceutical Co Ltd	64		1
Kyowa Hakko Kirin Co Ltd	2,000		20		Transglobe Apartment Real Estate Investment	3,485			48
MAP Pharmaceuticals Inc (a)	7,147		84		Trust
McKesson Corp (b)	2,000		175				$		3,382
Mead Johnson Nutrition Co	2,740		222		Retail - 4.03%
Merck & Co Inc (b)	21,416		805		Abercrombie & Fitch Co	13,995			469
Merck KGaA	1,295		120		Advance Auto Parts Inc (b)	6,347			463
Novo Nordisk A/S	617		82		Aeon Co Ltd	4,800			58
Onyx Pharmaceuticals Inc (a),(b)	2,100		96		Aeropostale Inc (a),(b)	9,800			181
Perrigo Co (b)	1,578		164		American Eagle Outfitters Inc (b)	12,100			234
Pfizer Inc (b)	45,512		996		Anta Sports Products Ltd	17,000			14
PharMerica Corp (a),(b)	13,391		133		Ascena Retail Group Inc (a)	2,000			38
Roche Holding AG	2,515		394		AutoNation Inc (a),(b)	4,654			168
Sanofi	1,214		83		AutoZone Inc (a),(b)	1,083			412
Santen Pharmaceutical Co Ltd	2,900		105		Bed Bath & Beyond Inc (a),(b)	2,400			173
Shionogi & Co Ltd	2,400		30		Big Lots Inc (a),(b)	4,300			158
SXC Health Solutions Corp (a)	12,350		1,108		Brinker International Inc (b)	7,778			251
Therapeutics MD Inc (a)	33,326		90		CarMax Inc (a)	1,460			41
UCB SA	3,536		166		Charming Shoppes Inc (a)	23,916			176
Warner Chilcott PLC (a)	6,000		113		Chico's FAS Inc	7,100			104
Watson Pharmaceuticals Inc (a),(b)	6,886		491		Chipotle Mexican Grill Inc (a),(b)	649			268
		$	10,576		Cie Financiere Richemont SA	1,213			70
Pipelines - 0.19%					Citizen Holdings Co Ltd	3,300			19
El Paso Corp (f)	10,217		294		Collective Brands Inc (a)	13,993			298
ONEOK Inc (b)	1,754		145		Conn's Inc (a)	3,460			60
Spectra Energy Corp (b)	5,601		161		Copart Inc (a),(b)	500			14
Williams Cos Inc/The (b)	8,716		266		Costco Wholesale Corp (b)	1,000			86
		$	866		CVS Caremark Corp	7,752			348
					Darden Restaurants Inc (b)	1,875			97
Private Equity - 0.09%					Dick's Sporting Goods Inc	600			28
American Capital Ltd (a),(b)	41,600		385		Dillard's Inc	700			47
					Dollar General Corp (a)	1,000			49
					Dollar Tree Inc (a),(b)	1,334			138
Publicly Traded Investment Fund - 0.08%					Domino's Pizza Inc	2,500			77
SPDR S&P 500 ETF Trust	2,650		349		DSW Inc	1,100			66
					Dunkin' Brands Group Inc	8,080			262
Real Estate - 0.14%					Esprit Holdings Ltd	20,200			32
BR Malls Participacoes SA	700		8		Ezcorp Inc (a),(b)	3,200			75
BR Properties SA	6,900		79		Family Dollar Stores Inc (b)	8,307			563
CBRE Group Inc (a),(b)	7,958		131		FamilyMart Co Ltd	400			18
China Overseas Land & Investment Ltd	6,000		13		Fast Retailing Co Ltd	400			89
China Resources Land Ltd	4,000		7		Fifth & Pacific Co Inc (a)	25,531			306
Country Garden Holdings Co Ltd (a)	9,000		3		Foot Locker Inc (b)	8,314			264
Evergrande Real Estate Group Ltd	9,000		5		GameStop Corp (b)	11,175			215
Forest City Enterprises Inc (a)	7,810		105		Gap Inc/The (b)	13,073			346
Growthpoint Properties Ltd	2,700		7		GNC Holdings Inc	19,740			761
Jones Lang LaSalle Inc (b)	1,700		123		Golden Eagle Retail Group Ltd	13,700			30
Longfor Properties Co Ltd	2,000		3		GOME Electrical Appliances Holding Ltd	329,000			52
PDG Realty SA Empreendimentos e	29,900		50		Guess? Inc (b)	7,800			208
Participacoes					Home Depot Inc/The (b)	3,644			180
Redefine Properties Ltd	4,269		4		Hyundai Home Shopping Network Corp	800			82

See accompanying notes.

44

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value (000	's)	COMMON STOCKS (continued)	Shares Held		Value	(000	's)
Retail (continued)					Semiconductors (continued)
Ignite Restaurant Group Inc (a)	4,150	$	74		Intel Corp (b)	24,527	$		634
Inditex SA	1,598		132		KLA-Tencor Corp (b)	4,176			191
Intime Department Store Group Co Ltd	33,500		35		Lam Research Corp (a),(b)	4,638			173
Isetan Mitsukoshi Holdings Ltd	2,300		23		Linear Technology Corp (b)	3,572			104
J Front Retailing Co Ltd	9,000		42		LSI Corp (a),(b)	34,800			232
Kohl's Corp	4,250		195		Marvell Technology Group Ltd (b)	14,600			183
K's Holdings Corp	4,700		118		Maxim Integrated Products Inc	1,400			35
Lawson Inc	800		56		Microchip Technology Inc (b)	7,717			239
Lithia Motors Inc (b)	2,721		66		Micron Technology Inc (a),(b)	15,530			91
Lotte Shopping Co Ltd	139		37		MKS Instruments Inc (b)	8,900			233
Lowe's Cos Inc	64,698		1,729		MStar Semiconductor Inc (a)	7,000			42
Ltd Brands Inc (b)	5,291		235		Novellus Systems Inc (a),(b)	20,136			842
Macy's Inc (b)	6,313		240		NVIDIA Corp (a),(b)	15,492			192
Maoye International Holdings Ltd	296,000		59		ON Semiconductor Corp (a),(b)	5,900			40
McDonald's Corp (b)	2,729		244		PMC - Sierra Inc (a)	6,300			40
MSC Industrial Direct Co Inc (b)	10,323		740		Q-Cells SE (a)	18,168			3
New World Department Store China Ltd	76,000		43		QLogic Corp (a),(b)	6,000			82
Nordstrom Inc (b)	5,351		253		Qualcomm Inc (b)	6,354			364
Panera Bread Co (a),(b)	1,504		221		Rambus Inc (a)	11,700			56
Pep Boys-Manny Moe & Jack/The	11,755		109		Realtek Semiconductor Corp	21,000			42
PetSmart Inc (b)	1,295		84		Rovi Corp (a)	6,540			160
PF Chang's China Bistro Inc	6,003		308		Samsung Electronics Co Ltd	402			207
PPR	214		30		Semiconductor Manufacturing International	265,000			9
President Chain Store Corp	9,000		47		Corp (a)
PVH Corp (b)	8,884		720		Siliconware Precision Industries Co	12,000			13
RadioShack Corp (b)	5,600		26		Skyworks Solutions Inc (a)	27,000			725
Ross Stores Inc (b)	6,000		379		Standard Microsystems Corp (a)	6,853			251
Ryohin Keikaku Co Ltd	1,200		61		Taiwan Semiconductor Manufacturing Co Ltd	2,200			30
Sally Beauty Holdings Inc (a)	2,900		77		ADR
Salvatore Ferragamo Italia SpA	3,502		72		Teradyne Inc (a)	1,100			16
Sears Holdings Corp (a)	1,300		64		Tokyo Electron Ltd	1,600			72
Seven & I Holdings Co Ltd	2,700		81		Wolfson Microelectronics PLC (a)	11,256			32
Shimamura Co Ltd	300		34		Xilinx Inc (b)	9,170			293
Shinsegae Co Ltd	169		33				$		7,254
Signet Jewelers Ltd	1,400		61
Starbucks Corp (b)	5,047		277		Shipbuilding - 0.02%
Takashimaya Co Ltd	9,000		63		Mitsui Engineering & Shipbuilding Co Ltd	37,000			49
Target Corp	10,984		636		Samsung Heavy Industries Co Ltd	1,020			32
TJX Cos Inc	300		13				$		81
Tractor Supply Co (b)	2,558		233		Software - 1.75%
Ulta Salon Cosmetics & Fragrance Inc	2,300		206		Activision Blizzard Inc	62,535			734
UNY Co Ltd	5,800		60		Akamai Technologies Inc (a)	1,400			41
Urban Outfitters Inc (a),(b)	7,615		213		Allscripts Healthcare Solutions Inc (a)	8,225			89
USS Co Ltd	720		73		ANSYS Inc (a),(b)	2,400			148
Walgreen Co (b)	20,045		612		Ariba Inc (a)	1,000			45
Wal-Mart de Mexico SAB de CV	14,800		35		Autodesk Inc (a)	2,100			67
Wal-Mart Stores Inc (b)	4,074		268		BMC Software Inc (a),(b)	7,900			334
Williams-Sonoma Inc (b)	8,274		289		Broadridge Financial Solutions Inc (b)	200			4
Woolworths Holdings Ltd/South Africa	8,443		49		Capcom Co Ltd	300			6
World Fuel Services Corp	600		22		CareView Communications Inc (a)	152,055			236
Yum! Brands Inc (b)	3,503		246		Changyou.com Ltd ADR(a)	1,600			35
		$	18,111		Check Point Software Technologies Ltd (a)	900			46
					Citrix Systems Inc (a)	500			37
Savings & Loans - 0.05%					CommVault Systems Inc (a)	800			38
First Niagara Financial Group Inc	11,180		91		Compuware Corp (a),(b)	16,000			144
New York Community Bancorp Inc (b)	12,001		148
					Concur Technologies Inc (a)	8,690			537
		$	239		Dassault Systemes SA	886			81
Semiconductors - 1.61%					Dun & Bradstreet Corp/The (b)	300			20
Altera Corp (b)	1,100		37		Electronic Arts Inc (a),(b)	14,675			200
Analog Devices Inc (b)	14,873		541		Fair Isaac Corp (b)	5,078			207
Applied Materials Inc (b)	19,467		201		Fidelity National Information Services Inc (b)	10,558			346
ARM Holdings PLC	11,220		88		Fiserv Inc (a),(b)	500			34
ASML Holding NV	4,343		199		Informatica Corp (a)	200			8
Atmel Corp (a),(b)	4,900		34		Intuit Inc (b)	3,899			219
Avago Technologies Ltd	10,365		344		Konami Corp	6,300			132
Cree Inc (a)	3,125		78		Microsoft Corp (b)	34,427			1,005
Cypress Semiconductor Corp (a)	600		8		MSCI Inc (a),(b)	2,890			98
Dialog Semiconductor PLC (a)	587		11		Oracle Corp (b)	43,010			1,138
GT Advanced Technologies Inc (a),(b)	18,422		77		Quest Software Inc (a),(b)	6,500			163
Hittite Microwave Corp (a)	200		10		Red Hat Inc (a),(b)	5,107			263

See accompanying notes.

45

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value (000	's)	COMMON STOCKS (continued)		Shares Held		Value	(000	's)
Software (continued)					Transportation - 0.98%
Salesforce.com Inc (a)	2,072	$	287		Ansaldo STS SpA		6,683	$		45
SAP AG	2,359		135		AP Moeller - Maersk A/S - B shares		2			12
Software AG	1,320		39		Canadian Pacific Railway Ltd		1,700			125
Solera Holdings Inc	10,350		460		Central Japan Railway Co		8			65
Square Enix Holdings Co Ltd	1,500		24		CH Robinson Worldwide Inc (b)		4,175			243
Totvs SA	700		12		Con-way Inc (b)		5,100			180
VeriFone Systems Inc (a)	12,810		463		CSX Corp (b)		1,900			40
		$	7,875		Deutsche Post AG		14,459			240
					DSV A/S		5,465			106
Telecommunications - 1.45%
Acme Packet Inc (a)	10,621		243		East Japan Railway Co		700			42
					Evergreen Marine Corp Taiwan Ltd (a)		53,000			26
Advanced Info Service PCL	4,800		27		Expeditors International of Washington Inc (b)		11,419			437
Amdocs Ltd	3,000		86		JB Hunt Transport Services Inc		2,890			165
AT&T Inc (b)	20,283		693
					Kawasaki Kisen Kaisha Ltd		7,000			13
Belgacom SA	1,662		44		Keisei Electric Railway Co Ltd		10,000			78
China Mobile Ltd ADR	3,600		183		Koninklijke Vopak NV		138			8
China Telecom Corp Ltd	48,000		22		Landstar System Inc (b)		7,390			390
Cisco Systems Inc (b)	68,288		1,116
Comverse Technology Inc (a)	42,500		260		Nippon Yusen KK		8,000			21
					Norfolk Southern Corp (b)		2,040			134
Deutsche Telekom AG ADR	10,100		100		Old Dominion Freight Line Inc (a),(b)		2,200			96
Deutsche Telekom AG	5,792		57		Ryder System Inc (b)		3,500			151
DigitalGlobe Inc (a)	18,890		305
					TNT Express NV		27,959			311
ENTEL Chile SA	2,363		42
Finisar Corp (a)	9,400		135		Tobu Railway Co Ltd		2,000			10
Harris Corp (b)	4,324		172		Tokyu Corp		1,000			4
					Union Pacific Corp (b)		2,161			241
HTC Corp	3,000		43		United Parcel Service Inc (b),(d)		9,914			743
InterDigital Inc/PA	100		2		Viterra Inc		24,296			376
JDS Uniphase Corp (a),(b)	29,530		300		Werner Enterprises Inc (b)		1,400			34
Juniper Networks Inc (a)	3,800		65
					West Japan Railway Co		2,400			94
KDDI Corp	10		62
Level 3 Communications Inc (a)	4,400		93					$		4,430
MetroPCS Communications Inc (a),(b)	12,200		78		Water - 0.01%
Mobistar SA	1,671		50		American Water Works Co Inc (b)		100			4
Motorola Solutions Inc (b)	3,900		187		Cia de Saneamento Basico do Estado de Sao		100			7
NeuStar Inc (a)	400		13		Paulo ADR
Nokia OYJ	19,556		51		Guangdong Investment Ltd		20,000			13
Polycom Inc (a),(b)	11,800		135		Veolia Environnement SA		967			11
RF Micro Devices Inc (a)	28,779		108					$		35
SES SA	368		8		TOTAL COMMON STOCKS			$		218,216
Sistema JSFC	1,557		27		CONVERTIBLE PREFERRED STOCKS -
SK Telecom Co Ltd	560		57		0.15	%	Shares Held		Value	(000	's)
Sprint Nextel Corp (a),(b)	28,900		74
Tele2 AB	7,174		107		Automobile Manufacturers - 0.05%
Telefonaktiebolaget LM Ericsson	17,056		145		General Motors Co		6,665			245
Telefonica SA ADR	24,972		276
Telekomunikasi Indonesia Persero Tbk PT	700		23		Banks - 0.05%
ADR					Wells Fargo & Co		220			244
Telenor ASA	1,154		17
Telephone & Data Systems Inc	200		4
Telkom SA Ltd	2,806		8		Electric - 0.02%
Tellabs Inc (b)	78,500		287		NextEra Energy Inc (a)		1,525			74
Tim Participacoes SA ADR	2,000		49
USA Mobility Inc (b)	11,726		146		Oil & Gas - 0.03%
Verizon Communications Inc (b)	10,107		421		Apache Corp		2,800			134
Vodafone Group PLC ADR	7,684		206
		$	6,527		TOTAL CONVERTIBLE PREFERRED STOCKS			$		697
Textiles - 0.04%					PREFERRED STOCKS - 0.10%		Shares Held		Value	(000	's)
Cintas Corp (b)	3,953		146		Banks - 0.06%
Nisshinbo Holdings Inc	1,000		8		Ally Financial Inc (e)		320			274
Teijin Ltd	5,000		15		Banco do Estado do Rio Grande do Sul		1,600			13
Toray Industries Inc	4,000		26					$		287
		$	195
					Consumer Products - 0.01%
Toys, Games & Hobbies - 0.30%					Henkel AG & Co KGaA		794			52
Hasbro Inc (b)	13,178		467
Jakks Pacific Inc (b)	10,015		185
Mattel Inc (b)	18,008		561		Electric - 0.02%
Namco Bandai Holdings Inc	4,400		53		Cia Energetica de Sao Paulo		1,100			19
Nintendo Co Ltd	850		98		Eletropaulo Metropolitana Eletricidade de Sao		4,600			55
		$	1,364		Paulo SA
								$		74

See accompanying notes.

46

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
	PREFERRED STOCKS (continued)	Shares Held		Value (000's)			Principal
	Iron & Steel - 0.01%					BONDS (continued)	Amount (000's)			Value	(000	's)
	Metalurgica Gerdau SA		2,000	$	20	Banks (continued)
						GMAC International Finance BV
						7.50%, 04/21/2015	EUR	200	$		255
	Media - 0.00%					Goldman Sachs Group Inc/The
	ProSiebenSat.1 Media AG		196		4	6.15%, 04/01/2018	$	700			731
						HSBC Holdings PLC
	Retail - 0.00%					5.10%, 04/05/2021		600			664
	Orchard Supply Hardware Stores Corp (a),(b)		31		—	Lloyds TSB Bank PLC
						5.80%, 01/13/2020(e)		850			875
	TOTAL PREFERRED STOCKS			$	437	6.50%, 03/24/2020	EUR	780			801
		Principal				Morgan Stanley
	BONDS - 15.58%	Amount (000's)			Value (000's)	6.63%, 04/01/2018	$	850			863
						Royal Bank of Scotland PLC/The
	Advertising - 0.07%					4.35%, 01/23/2017	EUR	200			210
	Visant Corp					6.93%, 04/09/2018		500			548
	10.00%, 10/01/2017	$	340	$	321	UBS AG/Stamford CT
						5.75%, 04/25/2018	$	600			657
	Aerospace & Defense - 0.34%								$		9,941
	Meccanica Holdings USA Inc
	7.38%, 07/15/2039(e)		600		498	Beverages - 0.12%
						Coca-Cola Co/The
	United Technologies Corp					0.42%, 03/14/2014(g)		520			521
	0.00%, 06/01/2015(a),(g),(h)		1,015		1,024
				$	1,522
						Biotechnology - 0.16%
	Airlines - 0.08%					Amgen Inc
	Continental Airlines 1999-1 Class B Pass					5.38%, 05/15/2043		685			735
	Through Trust
	6.80%, 08/02/2018(f)		150		149
	US Airways 2012-1 Class A Pass Through					Chemicals - 0.09%
	Trust					Hercules Inc
	5.90%, 10/01/2024(f)		230		234	6.50%, 06/30/2029		275			246
				$	383	INEOS Group Holdings SA
						7.88%, 02/15/2016(e)	EUR	140			147
	Automobile Manufacturers - 0.58%								$		393
	BMW US Capital LLC
	0.92%, 12/21/2012(g)		800		799	Commercial Services - 0.06%
	Daimler Finance North America LLC					UR Financing Escrow Corp
	1.08%, 03/28/2014(e),(g)		1,400		1,394	5.75%, 07/15/2018(e)	$	255			259
	Volkswagen International Finance NV
	1.07%, 09/22/2013(c),(e),(g)		100		100
	1.22%, 03/21/2014(c),(e),(g)		300		300	Computers - 0.27%
						Hewlett-Packard Co
				$	2,593	0.75%, 05/24/2013(g)		700			697
	Automobile Parts & Equipment - 0.08%					International Business Machines Corp
	Lear Corp					0.55%, 02/06/2015		510			507
	8.13%, 03/15/2020		330		370				$		1,204
						Consumer Products - 0.07%
	Banks - 2.21%					Reynolds Group Issuer Inc / Reynolds Group
	Banco Continental SA via Continental Senior					Issuer LLC / Reynolds Group Issuer
	Trustees II Cayman Ltd					(Luxembourg) S.A.
	5.75%, 01/18/2017(e)		500		515	9.88%, 08/15/2019(e)		300			299
	Banco Santander Brasil SA/Brazil
	4.63%, 02/13/2017(e)		250		242
						Cosmetics & Personal Care - 0.11%
	Banco Votorantim SA					Procter & Gamble Co/The
	0.00%, 05/16/2016(a),(e)	BRL	300		169	0.39%, 02/06/2014(g)		485			486
	Bank of America Corp
	6.00%, 09/01/2017	$	700		743
	Capital One Capital VI					Diversified Financial Services - 0.82%
	8.88%, 05/15/2040		255		260	Air Lease Corp
	CIT Group Inc					5.63%, 04/01/2017(e)		260			254
	5.00%, 05/15/2017		225		221	Hyundai Capital America
	Cooperatieve Centrale Raiffeisen-					4.00%, 06/08/2017(e)		200			205
	Boerenleenbank BA/Netherlands					International Lease Finance Corp
	4.75%, 01/15/2020(e)		1,000		1,083	4.88%, 04/01/2015		270			266
	Cooperatieve Centrale Raiffeisen-					6.75%, 09/01/2016(e)		230			247
	Boerenleenbank BA/Utrecht					Merrill Lynch & Co Inc
	3.38%, 01/19/2017		515		528	6.88%, 11/15/2018		230			252
	Eksportfinans ASA					Schahin II Finance Co SPV Ltd
	2.00%, 09/15/2015		360		323	5.88%, 09/25/2022(e)		500			490
	2.25%, 02/11/2021	CHF	145		120	SLM Corp
	2.38%, 05/25/2016	$	150		133	7.25%, 01/25/2022		845			827

See accompanying notes.

47

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
			Principal						Principal
	BONDS (continued)		Amount (000's)			Value (000	's)	BONDS (continued)	Amount (000's)			Value	(000	's)
	Diversified Financial Services (continued)							Home Equity Asset Backed Securities - 0.52%
		SLM Corp (continued)						GSAA Trust
	8.00%, 03/25/2020		$	100	$	102		0.31%, 12/25/2046(g)	$	62	$		23
	8.45%, 06/15/2018			500		528		HSI Asset Securitization Corp Trust
	Textron Financial Corp							0.35%, 12/25/2036(g)		2,430			790
	6.00%, 02/15/2067(e),(g)			700		543		Morgan Stanley ABS Capital I
					$	3,714		0.28%, 01/25/2037(g)		26			25
								0.33%, 01/25/2037(g)		2,200			783
	Electric - 0.69%							0.58%, 03/25/2037(g)		2,000			701
	Centrais Eletricas Brasileiras SA										$		2,322
	5.75%, 10/27/2021(e)			400		425
	Cia de Eletricidade do Estado da Bahia							Insurance - 0.12%
	11.75%, 04/27/2016(e)		BRL	350		190		Metlife Capital Trust IV
	EDP Finance BV							7.88%, 12/15/2037(e)		500			547
	4.90%, 10/01/2019(e)		$	300		248
	Empresas Publicas de Medellin ESP
	8.38%, 02/01/2021(e)		COP	380,000		221		Internet - 0.02%
								eAccess Ltd
	Enel Finance International NV							8.38%, 04/01/2018(e)	EUR	100			109
	6.00%, 10/07/2039(e)		$	500		404
	Energy Future Intermediate Holding Co LLC /
	EFIH Finance Inc							Iron & Steel - 0.19%
	11.75%, 03/01/2022(e)			480		490		ArcelorMittal
	Ipalco Enterprises Inc							6.75%, 03/01/2041	$	350			327
	5.00%, 05/01/2018			870		857		7.00%, 10/15/2039		537			517
	Southern California Edison Co										$		844
	6.25%, 08/01/2049(g)			255		268
					$	3,103		Lodging - 0.28%
								Mandalay Resort Group
	Electrical Components & Equipment - 0.20%							7.63%, 07/15/2013		210			213
	Energizer Holdings Inc							MGM Resorts International
	4.70%, 05/24/2022			850		886		6.63%, 07/15/2015		5			5
								7.50%, 06/01/2016		30			31
								7.63%, 01/15/2017		485			490
	Engineering & Construction - 0.04%							8.63%, 02/01/2019(e)		55			58
	Odebrecht Finance Ltd
	6.00%, 04/05/2023(e)			200		206		Wyndham Worldwide Corp
								5.63%, 03/01/2021		425			469
											$		1,266
	Finance - Mortgage Loan/Banker - 0.07%
	Freddie Mac							Media - 0.06%
	1.75%, 05/30/2019			300		307		Clear Channel Worldwide Holdings Inc
								7.63%, 03/15/2020(e)		25			23
								7.63%, 03/15/2020(e)		250			239
	Food - 0.16%										$		262
	Kraft Foods Inc
	1.34%, 07/10/2013(g)			700		704		Mining - 0.18%
								BHP Billiton Finance USA Ltd
								0.74%, 02/18/2014(g)		515			517
	Forest Products & Paper - 0.05%							Xstrata Finance Canada Ltd
	Celulosa Arauco y Constitucion SA							4.95%, 11/15/2021(e)		300			314
	4.75%, 01/11/2022(e)			240		243					$		831
								Mortgage Backed Securities - 2.87%
	Gas - 0.05%							American Home Mortgage Investment Trust
	China Resources Gas Group Ltd							2.24%, 09/25/2045(g)		7			6
	4.50%, 04/05/2022(e)			225		222
								Banc of America Funding Corp
								0.57%, 12/20/2034(g)		222			154
	Hand & Machine Tools - 0.09%							Banc of America Large Loan Inc
	Mcron Finance Sub LLC / Mcron Finance							1.99%, 11/15/2015(e),(g)		1,032			965
	Corp							Banc of America Mortgage Securities Inc
	8.38%, 05/15/2019(e)			410		404		2.97%, 02/25/2034(g)		138			127
								Bear Stearns Adjustable Rate Mortgage Trust
								2.78%, 02/25/2036(g)		268			161
	Healthcare - Services - 0.14%							2.91%, 01/25/2035(g)		10			8
	HCA Inc							Bear Stearns Commercial Mortgage
	7.25%, 09/15/2020			590		643		Securities
								5.81%, 05/11/2039(e),(g)		105			105
	Holding Companies - Diversified - 0.25%							Citicorp Mortgage Securities Inc
	Hutchison Whampoa International 11 Ltd							0.59%, 09/25/2035(g)		196			188
	4.63%, 01/13/2022(e)			483		498		Citimortgage Alternative Loan Trust
	Votorantim Cimentos SA							6.00%, 07/25/2036		101			74
	7.25%, 04/05/2041(e)			650		632		6.00%, 06/25/2037(g)		269			194
					$	1,130

See accompanying notes.

48

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
		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)
Countrywide Home Loan Mortgage Pass						Washington Mutual Alternative Mortgage
Through Trust						Pass-Through Certificates
0.51%, 04/25/2035(g)	$	216	$	130		6.00%, 03/25/2036(g)	$	312	$		220
0.56%, 03/25/2035(g)		390		194		Wells Fargo Mortgage Backed Securities
2.61%, 09/20/2034(g)		109		90		Trust
3.75%, 01/20/2035(g)		224		163		2.65%, 02/25/2034(g)		176			164
CW Capital Cobalt Ltd						5.50%, 11/25/2035		123			125
5.25%, 08/15/2048		325		308		5.50%, 01/25/2036(g)		177			175
Deutsche ALT-A Securities Inc Alternate Loan									$		12,922
Trust
5.50%, 12/25/2035(g)		237		159		Office Furnishings - 0.07%
Fannie Mae Whole Loan						Steelcase Inc
0.64%, 09/25/2032(g)		205		204		6.38%, 02/15/2021		290			309
FHA 221D4 P11/01 GREY 42 NCP
7.43%, 09/01/2022(f)		6		6		Oil & Gas - 0.93%
FHLMC Multifamily Structured Pass Through						Connacher Oil and Gas Ltd
Certificates						8.50%, 08/01/2019(e)		430			400
1.59%, 10/25/2021(c),(g)		199		23		Dolphin Energy Ltd
First Horizon Asset Securities Inc						5.50%, 12/15/2021(e)		250			270
2.68%, 08/25/2035(g)		427		346		Nabors Industries Inc
GMAC Mortgage Corp Loan Trust						9.25%, 01/15/2019		245			323
2.94%, 11/19/2035(g)		625		493		OGX Austria GmbH
GS Mortgage Securities Corp II						8.38%, 04/01/2022(e)		500			474
5.79%, 08/10/2045(g)		450		383		Petrobras International Finance Co - Pifco
GSR Mortgage Loan Trust						5.38%, 01/27/2021		620			662
2.66%, 12/25/2034(g)		959		901		Petroleos Mexicanos
Harborview Mortgage Loan Trust						7.65%, 11/24/2021(e)	MXN	6,500			459
0.58%, 06/20/2035(g)		735		573		SandRidge Energy Inc
Indymac Index Mortgage Loan Trust						8.13%, 10/15/2022(e)	$	175			172
5.05%, 05/25/2036(g)		329		243		Sinopec Group Overseas Development 2012
JP Morgan Alternative Loan Trust						Ltd
5.29%, 03/25/2036(g)		48		33		3.90%, 05/17/2022(e)		475			484
JP Morgan Chase Commercial Mortgage						Talisman Energy Inc
Securities Corp						5.50%, 05/15/2042		415			426
2.14%, 11/15/2028(c),(e),(g)		1,100		1,104		TNK-BP Finance SA
5.46%, 01/15/2049		160		149		6.63%, 03/20/2017		500			538
Lehman Mortgage Trust									$		4,208
5.50%, 02/25/2036		71		62
Mastr Adjustable Rate Mortgages Trust						Oil & Gas Services - 0.09%
2.84%, 04/25/2036(g)		426		315		Global Geophysical Services Inc
Merrill Lynch/Countrywide Commercial						10.50%, 05/01/2017		410			400
Mortgage Trust
5.86%, 09/12/2049		325		272		Other Asset Backed Securities - 0.65%
MLCC Mortgage Investors Inc						Countrywide Asset-Backed Certificates
0.49%, 11/25/2035(g)		117		96		0.39%, 06/25/2047(g)		1,200			664
0.49%, 11/25/2035(g)		663		528		0.74%, 08/25/2047(g)		800			718
Morgan Stanley Mortgage Loan Trust						Diamond Resorts Owner Trust
6.00%, 08/25/2036(g)		323		244		9.31%, 03/20/2026(e)		154			163
Morgan Stanley Reremic Trust						JP Morgan Mortgage Acquisition Corp
5.79%, 08/15/2045(e),(g)		500		502		0.35%, 08/25/2036(g)		513			169
Residential Accredit Loans Inc						Merrill Lynch Mortgage Investors Inc
0.49%, 08/25/2037(g)		969		570		0.32%, 09/25/2037(g)		79			17
Residential Funding Mortgage Securities I						Residential Asset Mortgage Products Inc
Inc						0.42%, 10/25/2036(g)		161			133
2.97%, 08/25/2035(g)		100		82		Sierra Receivables Funding Co LLC
5.75%, 01/25/2036		67		62		2.84%, 05/20/2019(e)		156			157
Structured Asset Mortgage Investments Inc						Triaxx Prime CDO
0.45%, 04/25/2036(g)		802		446		0.50%, 10/02/2039(e),(g)		312			244
Structured Asset Securities Corp						0.50%, 10/02/2039(e),(g)		859			663
2.51%, 01/25/2032(g)		34		25					$		2,928
Thornburg Mortgage Securities Trust
1.49%, 06/25/2037(g)		91		76		Packaging & Containers - 0.06%
5.75%, 06/25/2037(g)		453		397		Rock-Tenn Co
WaMu Mortgage Pass Through Certificates						4.45%, 03/01/2019(e)		250			256
0.90%, 01/25/2047(g)		1,078		709
1.55%, 08/25/2042(g)		24		19
2.66%, 07/25/2046(g)		449		349		Pharmaceuticals - 0.05%
						Valeant Pharmaceuticals International
						6.75%, 08/15/2021(e)		250			230

See accompanying notes.

49

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
	Principal						Principal
BONDS (continued)	Amount (000's)			Value (000	's)	CONVERTIBLE BONDS - 7.47%	Amount (000's)			Value	(000	's)
Pipelines - 0.21%						Aerospace & Defense - 0.10%
Energy Transfer Partners LP						L-3 Communications Holdings Inc
6.50%, 02/01/2042	$	635	$	674		3.00%, 08/01/2035(b)	$	475	$		462
Rockies Express Pipeline LLC
6.88%, 04/15/2040(e)		305		252
						Airlines - 0.06%
			$	926		Lufthansa Malta Blues LP
Real Estate - 0.06%						0.75%, 04/05/2017	EUR	200			255
ProLogis LP
6.63%, 05/15/2018		250		289		Automobile Manufacturers - 0.05%
						Ford Motor Co
Retail - 0.05%						4.25%, 11/15/2016	$	150			217
PVH Corp
7.38%, 05/15/2020		220		240		Biotechnology - 0.27%
						Gilead Sciences Inc
Software - 0.06%						1.63%, 05/01/2016(b)		825			1,055
BMC Software Inc						Vertex Pharmaceuticals Inc
4.25%, 02/15/2022		250		256		3.35%, 10/01/2015		140			187
									$		1,242
Sovereign - 1.01%						Coal - 0.04%
Australia Government Bond						Peabody Energy Corp
5.50%, 04/21/2023	AUD	100		120		4.75%, 12/15/2066		230			199
Brazilian Government International Bond
8.50%, 01/05/2024	BRL	550		287
Canadian Government Bond						Commercial Services - 0.75%
						Avis Budget Group Inc
1.00%, 02/01/2015	CAD	325		314		3.50%, 10/01/2014(b)		1,000			1,199
1.75%, 03/01/2013		1,600		1,557
						Hertz Global Holdings Inc
3.00%, 12/01/2015		375		385		5.25%, 06/01/2014 (b)		1,250			2,175
Mexican Bonos
6.00%, 06/18/2015(g)	MXN	93		669					$		3,374
8.00%, 12/19/2013(g)		5,500		402		Computers - 0.57%
8.50%, 12/13/2018(g)		5,000		408		Cadence Design Systems Inc
Russian Foreign Bond - Eurobond						2.63%, 06/01/2015(b)		350			511
4.50%, 04/04/2022(e)	$	400		408		EMC Corp/MA
			$	4,550		1.75%, 12/01/2013		75			115
						NetApp Inc
Telecommunications - 1.30%						1.75%, 06/01/2013(b)		1,000			1,105
Alcatel-Lucent/France						SanDisk Corp
8.50%, 01/15/2016	EUR	480		570		1.50%,  08/15/2017(b)		850			845
Brasil Telecom SA
9.75%, 09/15/2016(e)	BRL	1,205		633					$		2,576
CenturyLink Inc						Food - 0.24%
7.60%, 09/15/2039	$	480		457		Smithfield Foods Inc
Clearwire Communications LLC/Clearwire						4.00%, 06/30/2013(b)		1,000			1,072
Finance Inc
12.00%, 12/01/2015(e)		1,155		1,008
Frontier Communications Corp						Home Builders - 0.72%
9.00%, 08/15/2031		159		145		DR Horton Inc
						2.00%, 05/15/2014(b)		1,325			1,834
Intelsat Jackson Holdings SA
7.25%, 10/15/2020(e)		325		323		Lennar Corp
						2.00%, 12/01/2020(b),(e)		925			1,081
Level 3 Financing Inc						3.25%, 11/15/2021(e)		225			309
8.75%, 02/15/2017		475		490
Telecom Italia Capital SA									$		3,224
6.00%, 09/30/2034		65		50		Internet - 0.76%
7.72%, 06/04/2038		425		374		Equinix Inc
Telefonica Emisiones SAU						4.75%, 06/15/2016		1,000			2,056
5.13%, 04/27/2020		75		66		priceline.com Inc
5.46%, 02/16/2021		135		121		1.00%, 03/15/2018(e)		100			103
5.60%, 03/12/2020	GBP	200		277		VeriSign Inc
7.05%, 06/20/2036	$	375		333		3.25%, 08/15/2037(b)		1,000			1,264
Telemar Norte Leste SA									$		3,423
5.50%, 10/23/2020(e)		500		493
Virgin Media Finance PLC						Investment Companies - 0.12%
5.25%, 02/15/2022		260		253		Ares Capital Corp
Virgin Media Secured Finance PLC						5.75%, 02/01/2016(e)		525			530
6.50%, 01/15/2018		225		245
			$	5,838		Iron & Steel - 0.24%
TOTAL BONDS			$	70,122		Allegheny Technologies Inc
						4.25%, 06/01/2014(b)		50			58

See accompanying notes.

50

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
			Principal							Principal
	CONVERTIBLE BONDS (continued)		Amount (000's)		Value (000	's)	MUNICIPAL BONDS - 0.76%			Amount (000's)		Value	(000	's)
	Iron & Steel (continued)						California - 0.29%
	United States Steel Corp						Bay Area Toll Authority
	4.00%, 05/15/2014(b)	$	1,000	$	1,007		7.04%, 04/01/2050		$	500	$		708
				$	1,065		State of California
							7.70%, 11/01/2030			500			595
	Machinery - Diversified - 0.19%										$		1,303
	Chart Industries Inc
	2.00%, 08/01/2018		725		843		Illinois - 0.14%
							Chicago Transit Authority
	Media - 0.29%						6.90%, 12/01/2040			500			608
	XM Satellite Radio Inc
	7.00%, 12/01/2014(b),(e)		1,000		1,296		New York - 0.27%
							Metropolitan Transportation Authority
							7.13%, 11/15/2030			500			596
	Mining - 0.32%
	Alcoa Inc						New York City Municipal Water Finance
	5.25%, 03/15/2014(b)		986		1,456		Authority
							5.72%, 06/15/2042			500			645
											$		1,241
	Oil & Gas - 0.41%
	Chesapeake Energy Corp						Texas - 0.06%
	2.50%, 05/15/2037		206		169		North Texas Higher Education Authority
							1.47%, 04/01/2040(g)			264			257
	2.75%, 11/15/2035		65		58
	Pioneer Natural Resources Co
	2.88%, 01/15/2038(b)		975		1,612		TOTAL MUNICIPAL BONDS				$		3,409
				$	1,839		SENIOR FLOATING RATE INTERESTS -			Principal
							1.19	%		Amount (000's)		Value	(000	's)
	Real Estate - 0.22%
	ProLogis LP						Advertising - 0.03%
	3.25%, 03/15/2015(b)		900		981		Visant Corp, Term Loan
							5.25%, 12/22/2016(g)		$	164	$		158
	REITS - 1.42%
	Annaly Capital Management Inc						Aerospace & Defense - 0.03%
	5.00%, 05/15/2015		100		97		TASC Inc, Term Loan
							4.50%, 12/18/2015(g)			160			156
	Boston Properties LP
	3.63%, 02/15/2014(b),(c),(e)		750		805
	DDR Corp						Automobile Parts & Equipment - 0.02%
	1.75%, 11/15/2040(b)		1,000		1,050		TI Group Automotive Systems LLC, Term
	Digital Realty Trust LP						Loan
	5.50%, 04/15/2029(b),(e)		425		739		6.75%, 03/09/2018(g)			80			79
	Health Care REIT Inc
	3.00%, 12/01/2029(b)		925		1,064
	Host Hotels & Resorts LP						Beverages - 0.01%
	2.50%, 10/15/2029(b),(e)		1,000		1,275		DS Waters of America Inc, Term Loan
							10.50%, 08/25/2017(g)			35			35
	SL Green Operating Partnership LP
	3.00%, 10/15/2017(b),(e)		1,250		1,378
				$	6,408		Building Materials - 0.02%
							CPG International Inc, Term Loan
	Retail - 0.04%						6.00%, 02/18/2017(g)			109			105
	Charming Shoppes Inc
	1.13%, 05/01/2014		175		174
							Chemicals - 0.09%
							Ascend Performance Materials LLC, Term
	Semiconductors - 0.63%						Loan B
	Intel Corp						6.75%, 04/04/2018(g)			130			126
	3.25%, 08/01/2039		80		105
							PL Propylene LLC, Term Loan B
	Microchip Technology Inc						7.00%, 03/29/2017(g)			131			130
	2.13%, 12/15/2037(b)		1,175		1,382
	Micron Technology Inc						Taminco Global Chemical Corp, Term Loan
	1.88%, 08/01/2031(e)		130		112		B1
							5.25%, 05/31/2019(g)			85			85
	2.38%, 05/01/2032(e)		100		89		Univar Inc, Term Loan B
	Xilinx Inc						5.00%, 06/30/2017(g)			55			53
	3.13%, 03/15/2037(b)		1,000		1,147
				$	2,835						$		394
							Coal - 0.09%
	Telecommunications - 0.03%						Arch Coal Inc, Term Loan
	Ciena Corp						5.75%, 05/14/2018(g)			430			417
	3.75%, 10/15/2018(e)		125		127
	TOTAL CONVERTIBLE BONDS			$	33,598

See accompanying notes.

51

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
	SENIOR FLOATING RATE INTERESTS		Principal			SENIOR FLOATING RATE INTERESTS		Principal
	(continued)		Amount (000's)		Value (000's)	(continued)		Amount (000's)		Value (000's)
	Commercial Services - 0.03%					Packaging & Containers - 0.02%
	On Assignment Inc, Term Loan B					Tricorbraun Inc, Term Loan
	0.00%, 05/01/2019(g),(i)	$	115	$	114	5.50%, 04/30/2018(g)		$	85	$	85
	Computers - 0.01%					Pharmaceuticals - 0.08%
	Kronos Inc/MA, Term Loan C					Grifols Inc, Term Loan B
	6.25%, 12/21/2017(g)		45		45	4.50%, 06/01/2017(g)			120		118
						NBTY Inc, Term Loan B1
						4.25%, 10/01/2017(g)			120		119
	Diversified Financial Services - 0.10%					Quintiles Corp, Term Loan B
	Springleaf Financial Funding Co, Term Loan					5.00%, 06/08/2018(g)			125		123
	5.50%, 05/28/2017(g)		500		461
										$	360
	Electric - 0.01%					Pipelines - 0.06%
	AES Corp/The, Term Loan					Energy Transfer Equity LP, Term Loan B
	0.00%, 06/01/2018(g),(i)		33		33	3.75%, 03/21/2017(g)			95		92
						NGPL PipeCo LLC, Term Loan B
						6.75%, 05/04/2017(g)			170		166
	Electrical Components & Equipment - 0.05%									$	258
	Generac Power Systems Inc, Term Loan B
	0.00%, 06/22/2018(g),(i)		220		217	Semiconductors - 0.01%
						NXP BV, Term Loan B
						5.25%, 02/16/2019(g)			50		49
	Hand & Machine Tools - 0.04%
	Harbor Freight Tools USA Inc, Term Loan B
	0.00%, 11/10/2017(g),(i)		175		173	Software - 0.19%
						Applied Systems Inc, Term Loan B
						0.00%, 12/01/2016(g),(i)			115		114
	Healthcare - Products - 0.02%					Blackboard Inc, Term Loan B
	Bausch & Lomb Inc, Term Loan B					7.50%, 10/04/2018(g)			55		52
	0.00%, 05/10/2019(g),(i)		115		113	Epicor Software Corp, Term Loan B
						5.00%, 05/16/2018(g)			140		136
	Healthcare - Services - 0.07%					SS&C Technologies Inc, Term Loan B1
	Health Management Associates Inc, Term					0.00%, 05/23/2019(g),(i)			417		415
	Loan A					SS&C Technologies Inc, Term Loan B2
	3.22%, 11/18/2016(g)		88		85	0.00%, 05/23/2019(g),(i)			43		43
	Kindred Healthcare Inc, Term Loan					TriZetto Group Inc/The, Term Loan B
	5.25%, 06/01/2018(g)		50		48	4.75%, 05/02/2018(g)			95		93
	Multiplan Inc, Term Loan B-NEW									$	853
	4.75%, 08/26/2017(g)		48		47
						Telecommunications - 0.06%
	Sheridan Healthcare Inc, Term Loan					Level 3 Financing Inc, Term Loan B3
	5.99%, 06/15/2015(g)		125		121	0.00%, 09/01/2018(g),(i)			140		139
			$		301	MetroPCS Wireless Inc, Term Loan B3
	Insurance - 0.02%					4.00%, 03/19/2018(g)			125		121
	AmWINS Group Inc, Hybrid Term Loan									$	260
	0.00%, 12/07/2019(g),(i)		90		88	TOTAL SENIOR FLOATING RATE INTERESTS				$	5,338
						U.S. GOVERNMENT & GOVERNMENT		Principal
						AGENCY OBLIGATIONS - 16.84%		Amount (000's)		Value (000's)
	Machinery - Diversified - 0.02%					Federal Home Loan Mortgage Corporation (FHLMC) -
	Edwards Cayman Islands II Ltd, Term Loan B-					0.44	%
	EXT					4.50%, 05/01/2039(j)		$	922	$	985
	5.50%, 05/31/2016(g)		113		112
						4.50%, 11/01/2039(j)			945		1,010
										$	1,995
	Media - 0.07%
	Cequel Communications LLC, Term Loan B					Federal National Mortgage Association (FNMA) - 3.71%
	4.00%, 02/10/2019(g)		125		122	3.00%, 06/01/2027(j),(k)			2,000		2,093
						3.50%, 11/01/2025(j)			1,770		1,870
	Wolverine Healthcare Analytics, Term Loan					3.50%, 02/01/2026(j)			573		605
	0.00%, 05/25/2018(g),(i)		190		187
						3.50%, 04/01/2026(j)			873		922
			$		309	3.50%, 09/01/2026(j)			346		366
	Miscellaneous Manufacturing - 0.03%					3.50%, 11/01/2041(j)			4,902		5,150
	Eastman Kodak Co, DIP Term Loan Multi-					3.50%, 12/01/2041(j)			950		998
	Draw					3.50%, 06/01/2042(j),(k)			1,000		1,050
	8.50%, 07/26/2013(g)		129		129	4.00%, 05/01/2026(j)			1,665		1,769
						4.00%, 12/01/2039(j)			1,751		1,866
										$	16,689
	Oil & Gas - 0.01%					Government National Mortgage Association (GNMA) -
	Chesapeake Energy Corp, Term Loan
	8.50%, 12/01/2017(g)		35		34	2.37	%
						3.50%, 06/01/2042(k)			10,000		10,672

See accompanying notes.

52

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
						(l)	Security or a portion of the security was pledged to cover margin
							requirements for futures contracts. At the end of the period, the value of
U.S. GOVERNMENT & GOVERNMENT		Principal					these securities totaled $522 or 0.12% of net assets.
AGENCY OBLIGATIONS (continued)		Amount (000's)		Value (000's)		(m)	Security or a portion of the security was pledged to cover margin
U.S. Treasury - 5.45%							requirements for swap and/or swaption contracts. At the end of the period,
	1.25%, 01/31/2019	$	900	$	917		the value of these securities totaled $1,118 or 0.25% of net assets.
	1.38%, 11/30/2018		1,200		1,234	(n)	Rate shown is the discount rate of the original purchase.
	1.38%, 02/28/2019		500		513
	2.00%, 11/15/2021		3,800		3,963
	2.13%, 08/15/2021(l),(m)		9,700		10,251
						Unrealized Appreciation (Depreciation)
	3.50%, 02/15/2039		5,200		6,120	The net federal income tax unrealized appreciation (depreciation) and federal tax
	3.63%, 02/15/2020		1,000		1,184	cost of investments held as of the period end were as follows:
	7.50%, 11/15/2024		200		327
				$	24,509	Unrealized Appreciation		$	17,578
U.S. Treasury Bill - 3.06%						Unrealized Depreciation			(15,141	)
	0.15%, 09/13/2012(n)		1,000		1,000	Net Unrealized Appreciation (Depreciation)		$	2,437
	0.15%, 09/20/2012(l),(n)		12,750		12,746	Cost for federal income tax purposes		$	408,006
				$	13,746
						All dollar amounts are shown in thousands (000's)
U.S. Treasury Inflation-Indexed Obligations - 1.81%
	0.13%, 01/15/2022		2,534		2,698		Portfolio Summary (unaudited)
	0.63%, 07/15/2021(m)		4,376		4,910	Sector			Percent
	0.75%, 02/15/2042		508		541	Consumer, Non-cyclical			11.85	%
				$	8,149	Government			11.44	%
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY						Financial			11.17	%
OBLIGATIONS				$	75,760	Consumer, Cyclical			9.71	%
			Maturity			Mortgage Securities			9.39	%
REPURCHASE AGREEMENTS - 0.04%		Amount (000's)		Value (000's)		Industrial			8.65	%
U.S. Treasury - 0.04%						Communications			7.67	%
United States Treasury Repurchase		$	200	$	200	Technology			7.13	%
	Agreement; 0.21% dated 05/31/12 maturing					Energy			5.72	%
	06/01/12 (collateralized by US Government					Basic Materials			3.51	%
	Security; $204,000; 2.00%; dated 11/15/21)					Utilities			2.08	%
						Asset Backed Securities			1.17	%
TOTAL REPURCHASE AGREEMENTS				$	200	Revenue Bonds			0.63	%
TOTAL PURCHASED OPTIONS - 0.56%				$	2,530	Purchased Options			0.56	%
						Diversified			0.30	%
						General Obligation Unltd			0.13	%
TOTAL PURCHASED CREDIT DEFAULT SWAPTIONS - 0.00%				$	4	Exchange Traded Funds			0.08	%
						Purchased Forward Volatility Agreements			0.02	%
TOTAL PURCHASED FORWARD VOLATILITY AGREEMENTS - 0.02%				$	86	Purchased Interest Rate Swaptions			0.01	%
						Purchased Credit Default Swaptions			0.00	%
TOTAL PURCHASED INTEREST RATE SWAPTIONS - 0.01%				$	46	Investments Sold Short			(35.57	)%
Total Investments				$	410,443	Other Assets in Excess of Liabilities, Net			44.35	%
Other Assets in Excess of Liabilities, Net - 8.78%				$	39,522	TOTAL NET ASSETS			100.00	%
TOTAL NET ASSETS - 100.00%				$	449,965
(a)	Non-Income Producing Security
(b)	Security or a portion of the security was pledged as collateral for short
	sales. At the end of the period, the value of these securities totaled $84,060
	or 18.68% of net assets.
(c)	Security is Illiquid
(d)	Security or a portion of the security was pledged to cover margin
	requirements for options contracts. At the end of the period, the value of
	these securities totaled $4,533 or 1.01% of net assets.
(e)	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. Unless otherwise
	indicated, these securities are not considered illiquid. At the end of the
	period, the value of these securities totaled $31,144 or 6.92% of net
	assets.
(f)	Market value is determined in accordance with procedures established in
	good faith by the Board of Directors. At the end of the period, the value of
	these securities totaled $820 or 0.18% of net assets.
(g)	Variable Rate. Rate shown is in effect at May 31, 2012.
(h)	Security purchased on a when-issued basis.
(i)	This Senior Floating Rate Note will settle after May 31, 2012, at which
	time the interest rate will be determined.
(j)	This entity was put into conservatorship by the US Government in 2008.
	See Notes to Financial Statements for additional information.
(k)	Security was purchased in a "to-be-announced" ("TBA") transaction. See
	Notes to Financial Statements for additional information.

See accompanying notes.

53

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
Credit Default Swaps
Buy Protection
		(Pay)/								Upfront		Unrealized
		Receive		Expiration	Notional			Market		Premiums		Appreciation/
Counterparty (Issuer)	Reference Entity	Fixed Rate		Date	Amount			Value		Paid/(Received)		(Depreciation)
Bank of America NA	Costco Wholesale; 5.50%; 03/15/2017	(1.00	)%	03/20/2017	$	200	$	(5	) $	(5	)	—
Bank of America NA	DJ ITRAXX16EU2 BP BOA	(1.00	)%	12/20/2016	EUR	200		8		4		4
Bank of America NA	iTraxx Japan 16 5 Year	(1.00	)%	12/20/2016	JPY	10,000		4		5		(1	)
Bank of America NA	Limited Brands; 6.90%; 07/15/2017	(1.00	)%	03/20/2017	$	200		13		10		3
Bank of America NA	Macy's Retail Holdings Inc; 7.45%;	(1.00	)%	03/20/2017		700		6		4		2
	07/15/2017
Bank of America NA	Macy's Retail Holdings Inc; 7.45%;	(1.00	)%	06/20/2017		100		1		—		1
	07/15/2017
Bank of America NA	Marriott International Inc; 5.81%;	(1.00	)%	06/20/2017		200		1		(2	)	3
	11/10/2015
Bank of America NA	Marriott International Inc; 5.81%;	(1.00	)%	03/20/2017		400		1		(2	)	3
	11/10/2015
Bank of America NA	Target Corp; 5.38%; 05/01/2017	(1.00	)%	03/20/2017		200		(4	)	(5	)	1
Bank of America NA	Target Corp; 5.38%; 05/01/2017	(1.00	)%	03/20/2017		300		(7	)	(6	)	(1	)
Bank of America NA	Target Corp; 5.38%; 05/01/2017	(1.00	)%	06/20/2017		100		(3	)	(3	)	—
Bank of America NA	Wal-Mart Stores; 5.88%; 04/05/2027	(1.00	)%	06/20/2017		200		(5	)	(6	)	1
Credit Suisse	Darden Restaurants Inc; 6.00%;	(1.00	)%	06/20/2017		425		4		5		(1	)
	08/15/2035
Credit Suisse	Gannett Co Inc; 8.75%; 11/15/2014	(5.00	)%	06/20/2017		650		(40	)	(53	)	13
Credit Suisse	Rite Aid Corp; 7.70%; 02/15/2027	(5.00	)%	06/20/2017		350		52		36		16
Deutsche Bank AG	Arrow Electronics Inc; 6.88%;	(1.00	)%	03/20/2017		100		3		—		3
	06/01/2018
Deutsche Bank AG	BNP Paribas; 4.25%; 01/16/2014	(1.00	)%	03/20/2017	EUR	200		21		9		12
Deutsche Bank AG	DJ ITRAXX17EU2 BP DUB	(1.00	)%	06/20/2017		9,800		446		146		300
Deutsche Bank AG	DJ ITRAXX17SEN2 BP DUB	(1.00	)%	06/20/2017		300		33		15		18
Deutsche Bank AG	Home Depot Inc; 5.88%; 12/16/2036	(1.00	)%	06/20/2017	$	100		(2	)	(3	)	1
Deutsche Bank AG	Starwood Hotels; 6.75%; 05/15/2018	(1.00	)%	03/20/2017		100		2		—		2
Goldman Sachs & Co	Home Depot Inc; 5.88%; 12/16/2036	(1.00	)%	12/20/2016		100		(2	)	(2	)	—
Goldman Sachs & Co	Macy's Retail Holdings Inc; 7.45%;	(1.00	)%	06/20/2017		100		1		—		1
	07/15/2017
JP Morgan Securities	DJ ITRAXX16SEN2 BP JPM	(1.00	)%	12/20/2016	EUR	200		21		11		10
JP Morgan Securities	Lockheed Martin Corp; 7.65%;	(1.00	)%	06/20/2017	$	100		(1	)	(2	)	1
	05/01/2016
JP Morgan Securities	Northrop Grumman Corp; 7.75%;	(1.00	)%	06/20/2017		100		(2	)	(3	)	1
	02/15/2031
JP Morgan Securities	Raytheon Co; 7.20%; 08/15/2027	(1.00	)%	06/20/2017		100		(2	)	(3	)	1
Merrill Lynch	Bank of Scotland PLC; 0.50%;	(1.00	)%	06/20/2017	EUR	600		34		30		4
	05/10/2013
Merrill Lynch	Belgium Kingdom; 4.25%; 09/28/2014	(1.00	)%	06/20/2017	$	2,000		168		161		7
Merrill Lynch	CDX.17.EM.500	(5.00	)%	06/20/2017		2,800		(210	)	(309	)	99
Merrill Lynch	CDX.18.HY.500	(5.00	)%	06/20/2017		1,000		70		67		3
Merrill Lynch	CDX.18.HY.500	(5.00	)%	06/20/2017		1,000		71		27		44
Merrill Lynch	CDX.18.HY.500	(5.00	)%	06/20/2017		900		63		62		1
Merrill Lynch	CDX.18.HY.500	(5.00	)%	06/20/2017		700		49		43		6
Merrill Lynch	CDX.18.IG.100	(1.00	)%	06/20/0217		700		8		—		8
Merrill Lynch	CDX.18.IG.100	(1.00	)%	06/20/2017		1,300		14		1		13
Merrill Lynch	CenturyLink Inc; 6.00%; 04/01/2017	(1.00	)%	06/20/2017		700		61		48		13
Merrill Lynch	iStar Financial Inc; 5.875%; 03/15/2016	(5.00	)%	06/20/2017		350		41		31		10
Merrill Lynch	ITRX EUR SUB FIN S17 500	(5.00	)%	06/20/2017	EUR	2,350		(10	)	8		(18	)
Merrill Lynch	Macy's Retail Holdings Inc; 7.45%;	(1.00	)%	03/20/2017	$	1,100		11		4		7
	07/15/2017
Merrill Lynch	Macy's Retail Holdings Inc; 7.45%;	(1.00	)%	03/20/2017		1,100		12		—		12
	07/15/2017
Merrill Lynch	New York Times Co/The; 5.00%;	(1.00	)%	06/20/2017		650		68		56		12
	03/15/2015
Merrill Lynch	Republic of South Africa; 6.50%;	(1.00	)%	06/20/2017		2,000		94		90		4
	06/02/2014
Merrill Lynch	Seagate Technology HDD Holdings;	(5.00	)%	06/20/2017		500		(45	)	(48	)	3
	6.80%; 10/01/2016
Merrill Lynch	Sprint Nextel Corp; 6.00%; 12/01/2016	(5.00	)%	06/20/2015		300		16		12		4
Merrill Lynch	Sprint Nextel Corp; 6.00%; 12/01/2016	(5.00	)%	06/20/2015		400		21		31		(10	)
Merrill Lynch	Sprint Nextel Corp; 6.00%; 12/01/2016	(5.00	)%	03/20/2015		300		13		15		(2	)
Merrill Lynch	Textron Financial Corp; 5.125%;	(1.00	)%	03/20/2017		700		(13	)	(21	)	8
	08/15/2014
Merrill Lynch	TransAlta Corp; 5.75%; 12/15/2013	(1.00	)%	06/20/2017		250		17		12		5
Merrill Lynch	Turkey Government International	(1.00	)%	03/20/2017		500		41		32		9
	Bond;11.875%; 01/15/2030

See accompanying notes.

54

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
Credit Default Swaps (continued)
Buy Protection (continued)
				(Pay)/								Upfront			Unrealized
				Receive		Expiration	Notional			Market		Premiums			Appreciation/
Counterparty (Issuer)	Reference Entity			Fixed Rate		Date	Amount			Value	Paid/(Received)				(Depreciation)
Merrill Lynch	Turkey Government International			(1.00	)%	03/20/2017	$	500	$	41	$	27		$	14
	Bond;11.875%; 01/15/2030
UBS AG	DJ ITRAXX9EU 10YR TRANCHE			(0.25	)%	06/20/2018	EUR	1,800		61		14			47
	22-100 BP UAG
UBS AG	Iberdrola Finanzas SAU; 3.50%;			(1.00	)%	06/20/2017		450		75		56			19
	06/22/2015
UBS AG	Marriott International Inc; 5.81%;			(1.00	)%	03/20/2017	$	100		—		(1	)		1
	11/10/2015
UBS AG	Turkey Government International			(1.00	)%	06/20/2017		800		72		55			17
	Bond;11.875%; 01/15/2030
Total									$	1,387	$	653		$	734
Sell Protection
		Implied
		Credit Spread		(Pay)/								Upfront			Unrealized
		as of May 31,		Receive		Expiration	Notional			Market		Premiums			Appreciation/
Counterparty (Issuer)	Reference Entity	2012(c)		Fixed Rate		Date	Amount (a)			Value (b)	Paid/(Received)				(Depreciation)
Bank of America NA	CDX.NA.HY.18.5Y	N/A		5.00	%	06/20/2017	$	380	$	(27	) $	(9	)	$	(18	)
Bank of America NA	CDX.NA.HY.18.5Y	N/A		5.00	%	06/20/2017		120		(9	)	(4	)		(5	)
Bank of America NA	CDX.NA.HY.18.5Y	N/A		5.00	%	06/20/2017		100		(7	)	(3	)		(4	)
Citigroup Inc	CDX.NA.HY.18.5Y	N/A		5.00	%	06/20/2017		200		(14	)	(5	)		(9	)
Citigroup Inc	CDX.NA.HY.18.5Y	N/A		5.00	%	06/20/2017		100		(7	)	(3	)		(4	)
Credit Suisse	Alcatel-Lucent USA Inc;	11.20	%	5.00	%	06/20/2017		700		(150	)	(153	)		3
	6.5%; 01/15/2028
Credit Suisse	Chesapeake Energy Corp;	7.86	%	5.00	%	06/20/2017		125		(13	)	(6	)		(7	)
	6.625%; 08/15/2020
Credit Suisse	Chesapeake Energy Corp;	7.86	%	5.00	%	06/20/2017		250		(26	)	(17	)		(9	)
	6.625%; 08/15/2020
Credit Suisse	Chesapeake Energy Corp;	7.86	%	5.00	%	06/20/2017		175		(18	)	(24	)		6
	6.625%; 08/15/2020
Deutsche Bank AG	CDX.NA.HY.18.5Y	N/A		5.00	%	06/20/2017		100		(7	)	(3	)		(4	)
Merrill Lynch	Chesapeake Energy Corp;	7.86	%	5.00	%	06/20/2017		100		(10	)	(7	)		(3	)
	6.625%; 08/15/2020
Merrill Lynch	Chesapeake Energy Corp;	7.86	%	5.00	%	06/20/2017		300		(31	)	(14	)		(17	)
	6.625%; 08/15/2020
Merrill Lynch	MGM Resorts	7.47	%	5.00	%	03/20/2017		200		(19	)	(12	)		(7	)
	International; 7.625%;
	01/15/2017
UBS AG	MGM Resorts	7.62	%	5.00	%	06/20/2017		425		(44	)	(44	)		—
	International; 7.625%;
	01/15/2017
Total									$	(382	) $	(304	)	$	(78	)

(a) The maximum potential payment amount that the seller of credit protection could be required to make if a credit event occurs as defined under the terms of that particular swap agreement.

(b) The market price and resulting market value for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit default swap as of the period end. Increasing market 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.

(c) Implied credit spreads, represented in absolute terms, used in determining the market value of credit default swap agreements on corporate issues or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads 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.

Exchange Cleared Credit Default Swaps
Buy Protection
		(Pay)/								Upfront		Unrealized
		Receive		Expiration		Notional		Market		Premiums		Appreciation/
	Reference Entity	Fixed Rate		Date		Amount		Value		Paid/(Received)		(Depreciation)
	CDX.HY.17.5Y	(5.00	)%	12/20/2016	$	485	$	29	$	29		—
	CDX.HY.18.5Y	(5.00	)%	06/20/2017		300		22		22		—
	CDX.IG.17.5Y	(1.00	)%	12/20/2016		200		2		—		2
	CDX.IG.18.5Y	(1.00	)%	06/20/2017		200		2		(1	)	3

See accompanying notes.

55

Schedule of Investments Global Multi-Strategy Fund May 31, 2012 (unaudited)
Exchange Cleared Credit Default Swaps (continued)
Buy Protection (continued)
		(Pay)/							Upfront			Unrealized
		Receive	Expiration	Notional		Market			Premiums			Appreciation/
	Reference Entity	Fixed Rate	Date	Amount		Value		Paid/(Received)				(Depreciation)
Total						$	55	$	50		$	5
All dollar amounts are shown in thousands (000's)
Foreign Currency Contracts
Foreign Currency Purchase											Net Unrealized
Contracts	Counterparty	Delivery Date		Contracts to Accept	In Exchange For			Value			Appreciation/(Depreciation)
Australian Dollar	Barclays Bank PLC	06/07/2012	1,313,000		$	1,320	$	1,279		$		(41	)
Australian Dollar	Barclays Bank PLC	06/12/2012		400,000		394			389			(5	)
Australian Dollar	Deutsche Bank AG	06/07/2012	3,824,000			3,892		3,724				(168	)
Australian Dollar	JP Morgan Securities	06/07/2012		241,000		237			235			(2	)
Australian Dollar	Royal Bank of Scotland PLC	06/20/2012	7,542,000			7,774		7,335				(439	)
Australian Dollar	UBS AG	06/07/2012		242,000		236			236			—
Brazilian Real	Credit Suisse	11/05/2012	2,550,000			1,267		1,234				(33	)
Brazilian Real	Goldman Sachs & Co	06/04/2012		858,252		444			426			(18	)
Brazilian Real	Royal Bank of Scotland PLC	06/20/2012	1,190,000			637			588			(49	)
Brazilian Real	UBS AG	06/04/2012		148,687		77			74			(3	)
Brazilian Real	UBS AG	08/02/2012	1,006,939			510			494			(16	)
Brazilian Real	UBS AG	11/05/2012		355,333		179			172			(7	)
British Pound	Credit Suisse	06/06/2012		200,000		310			308			(2	)
British Pound	Credit Suisse	08/02/2012		505,000		815			778			(37	)
British Pound	Royal Bank of Scotland PLC	06/20/2012	4,562,000			7,297		7,030				(267	)
Canadian Dollar	Royal Bank of Scotland PLC	06/20/2012	5,276,000			5,316		5,107				(209	)
Chilean Peso	Royal Bank of Scotland PLC	06/20/2012	34,624,000			70			67			(3	)
Chinese Renminbi	Barclays Bank PLC	02/01/2013	31,054,192			4,926		4,864				(62	)
Colombian Peso	Royal Bank of Scotland PLC	06/20/2012	110,000,000			61			60			(1	)
Czech Republic Koruna	Royal Bank of Scotland PLC	06/20/2012	3,100,000			161			149			(12	)
Danish Krone	Royal Bank of Scotland PLC	06/20/2012	2,572,000			454			428			(26	)
Euro	Barclays Bank PLC	07/16/2012		100,000		130			124			(6	)
Euro	Credit Suisse	06/11/2012	1,539,923			1,955		1,904				(51	)
Euro	Credit Suisse	07/31/2012		140,000		179			173			(6	)
Euro	Royal Bank of Scotland PLC	06/20/2012	8,415,000			11,029		10,405				(624	)
Euro	UBS AG	07/16/2012		292,000		375			361			(14	)
Hong Kong Dollar	UBS AG	08/17/2012	2,649,824			342			342			—
Hungary Forint	Royal Bank of Scotland PLC	06/20/2012	437,000,000			1,938		1,794				(144	)
Indian Rupee	Goldman Sachs & Co	07/12/2012	32,691,200			640			578			(62	)
Indian Rupee	Royal Bank of Scotland PLC	06/20/2012	74,000,000			1,368		1,314				(54	)
Indian Rupee	UBS AG	07/12/2012	7,105,680			139			126			(13	)
Indonesia Rupiah	Royal Bank of Scotland PLC	06/20/2012	1,300,000,000			140			138			(2	)
Israeli Shekel	Royal Bank of Scotland PLC	06/20/2012	1,130,000			298			289			(9	)
Japanese Yen	Credit Suisse	06/11/2012	157,000,000			1,968		2,004				36
Japanese Yen	Credit Suisse	06/25/2012	161,000,000			2,026		2,055				29
Japanese Yen	Deutsche Bank AG	06/07/2012	16,113,000			201			206			5
Japanese Yen	JP Morgan Securities	06/07/2012	16,034,000			202			205			3
Japanese Yen	Royal Bank of Scotland PLC	06/20/2012	1,280,093,000			15,909		16,341				432
Malaysian Ringgit	JP Morgan Securities	07/16/2012	3,229,257			1,047		1,016				(31	)
Malaysian Ringgit	Royal Bank of Scotland PLC	06/20/2012	1,250,000			407			394			(13	)
Mexican Peso	Barclays Bank PLC	06/15/2012	13,137,737			1,013			914			(99	)
Mexican Peso	JP Morgan Securities	08/15/2012	13,137,737			1,005			909			(96	)
Mexican Peso	Merrill Lynch	06/11/2012	35,200,000			2,515		2,451				(64	)
Mexican Peso	Royal Bank of Scotland PLC	06/20/2012	31,697,000			2,433		2,205				(228	)
New Zealand Dollar	Royal Bank of Scotland PLC	06/20/2012	13,486,000			10,979		10,151				(828	)
Norwegian Krone	Royal Bank of Scotland PLC	06/20/2012	77,231,000			13,488		12,625				(863	)
Philippine Peso	Royal Bank of Scotland PLC	06/20/2012	5,500,000			129			126			(3	)
Polish Zloty	Royal Bank of Scotland PLC	06/20/2012	6,993,000			2,221		1,970				(251	)
Russian Ruble	Royal Bank of Scotland PLC	06/20/2012	54,586,000			1,826		1,631				(195	)
Singapore Dollar	Royal Bank of Scotland PLC	06/20/2012	1,740,000			1,391		1,351				(40	)
South African Rand	Royal Bank of Scotland PLC	06/20/2012	2,800,000			356			329			(27	)
South Korean Won	Royal Bank of Scotland PLC	06/20/2012	4,740,000,000			4,204		4,015				(189	)
Swedish Krona	Royal Bank of Scotland PLC	06/20/2012	52,954,000			7,868		7,286				(582	)
Swiss Franc	Royal Bank of Scotland PLC	06/20/2012		425,000		458			438			(20	)
Taiwan New Dollar	Barclays Bank PLC	11/30/2012	22,603,535			767			761			(6	)
Taiwan New Dollar	Royal Bank of Scotland PLC	06/20/2012	60,700,000			2,075		2,035				(40	)
Taiwan New Dollar	UBS AG	06/05/2012	22,603,535			768			757			(11	)
Turkish Lira	Royal Bank of Scotland PLC	06/20/2012	7,720,000			4,245		4,124				(121	)
Total									$			(5,587	)

See accompanying notes.

56

		Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
Foreign Currency Contracts (continued)
Foreign Currency Sale									Net Unrealized
Contracts	Counterparty	Delivery Date	Contracts to Deliver		In Exchange For		Value		Appreciation/(Depreciation)
Australian Dollar	Bank of America NA	06/07/2012	8,171,000	$	8,424	$	7,957	$	467
Australian Dollar	Merrill Lynch	06/12/2012	400,000		403		389		14
Australian Dollar	Royal Bank of Scotland PLC	06/20/2012	11,508,000		11,806		11,192		614
Brazilian Real	Credit Suisse	06/25/2012	875,000		424		432		(8	)
Brazilian Real	Credit Suisse	11/05/2012	2,550,000		1,217		1,234		(17	)
Brazilian Real	Royal Bank of Scotland PLC	06/20/2012	7,062,000		3,716		3,490		226
Brazilian Real	UBS AG	06/04/2012	1,006,939		514		499		15
British Pound	Credit Suisse	06/06/2012	200,000		319		308		11
British Pound	Credit Suisse	08/02/2012	505,000		820		778		42
British Pound	Credit Suisse	09/04/2012	200,000		310		308		2
British Pound	Royal Bank of Scotland PLC	06/20/2012	2,961,000		4,670		4,563		107
British Pound	UBS AG	06/12/2012	633,000		997		975		22
Canadian Dollar	Barclays Bank PLC	06/21/2012	16,000		16		15		1
Canadian Dollar	Credit Suisse	06/22/2012	250,000		245		242		3
Canadian Dollar	Royal Bank of Scotland PLC	06/20/2012	3,722,000		3,702		3,603		99
Canadian Dollar	Royal Bank of Scotland PLC	06/29/2012	205,000		199		198		1
Canadian Dollar	Royal Bank of Scotland PLC	07/10/2012	235,596		236		228		8
Canadian Dollar	Royal Bank of Scotland PLC	07/13/2012	143,741		146		139		7
Canadian Dollar	Royal Bank of Scotland PLC	07/16/2012	396,632		397		384		13
Canadian Dollar	Royal Bank of Scotland PLC	11/30/2012	151,904		152		147		5
Chilean Peso	Royal Bank of Scotland PLC	06/20/2012	54,278,000		108		105		3
Colombian Peso	Merrill Lynch	06/27/2012	430,000,000		242		235		7
Czech Republic Koruna	Royal Bank of Scotland PLC	06/20/2012	25,300,000		1,333		1,217		116
Danish Krone	Royal Bank of Scotland PLC	06/20/2012	694,000		119		116		3
Euro	Bank of America NA	07/16/2012	2,176,000		2,845		2,691		154
Euro	Barclays Bank PLC	06/14/2012	41,000		54		51		3
Euro	BNP Paribas	06/14/2012	14,000		18		17		1
Euro	Credit Suisse	06/07/2012	654,000		855		809		46
Euro	Credit Suisse	06/11/2012	1,510,342		1,968		1,868		100
Euro	Credit Suisse	06/14/2012	447,000		580		553		27
Euro	Credit Suisse	06/15/2012	90,000		116		111		5
Euro	Credit Suisse	06/18/2012	547,000		702		676		26
Euro	Credit Suisse	06/25/2012	1,612,197		2,026		1,993		33
Euro	Credit Suisse	06/26/2012	207,000		264		256		8
Euro	Credit Suisse	07/02/2012	1,650,000		2,045		2,040		5
Euro	Credit Suisse	07/31/2012	140,000		184		173		11
Euro	JP Morgan Securities	06/14/2012	126,000		168		156		12
Euro	Merrill Lynch	07/03/2012	130,000		163		161		2
Euro	Royal Bank of Scotland PLC	06/20/2012	20,187,000		26,376		24,961		1,415
Euro	Royal Bank of Scotland PLC	08/30/2012	265,611		352		329		23
Euro	Royal Bank of Scotland PLC	09/19/2012	110,014		144		136		8
Euro	Royal Bank of Scotland PLC	04/05/2013	1,500		2		2		—
Euro	Royal Bank of Scotland PLC	04/07/2014	1,500		2		2		—
Euro	Royal Bank of Scotland PLC	04/07/2015	1,500		2		2		—
Euro	Royal Bank of Scotland PLC	04/05/2016	1,500		2		2		—
Euro	Royal Bank of Scotland PLC	04/05/2017	1,500		2		2		—
Euro	UBS AG	06/14/2012	8,000		11		10		1
Hong Kong Dollar	Royal Bank of Scotland PLC	06/20/2012	3,906,000		503		503		—
Hungary Forint	JP Morgan Securities	08/14/2012	135,330,228		614		552		62
Hungary Forint	Royal Bank of Scotland PLC	06/20/2012	7,000,000		30		29		1
Indian Rupee	Credit Suisse	06/25/2012	34,300,000		619		608		11
Indian Rupee	Deutsche Bank AG	07/12/2012	29,762,450		545		526		19
Indian Rupee	Royal Bank of Scotland PLC	06/20/2012	184,437,000		3,552		3,274		278
Indian Rupee	UBS AG	07/12/2012	10,910,000		200		193		7
Indonesia Rupiah	Royal Bank of Scotland PLC	06/20/2012	2,776,156,000		300		295		5
Israeli Shekel	Royal Bank of Scotland PLC	06/20/2012	11,230,000		2,951		2,876		75
Japanese Yen	Barclays Bank PLC	06/07/2012	247,635,000		3,013		3,160		(147	)
Japanese Yen	Credit Suisse	06/11/2012	157,000,000		1,956		2,004		(48	)
Japanese Yen	Royal Bank of Scotland PLC	06/20/2012	1,331,444,000		16,246		16,997		(751	)
Japanese Yen	UBS AG	06/07/2012	6,514,000		82		83		(1	)
Malaysian Ringgit	Barclays Bank PLC	07/16/2012	3,232,645		1,049		1,017		32
Malaysian Ringgit	Royal Bank of Scotland PLC	06/20/2012	2,145,000		699		676		23
Mexican Peso	Barclays Bank PLC	09/27/2012	1,027,198		79		71		8
Mexican Peso	JP Morgan Securities	06/15/2012	13,137,737		1,010		914		96
Mexican Peso	JP Morgan Securities	09/27/2012	1,053,851		81		73		8
Mexican Peso	Merrill Lynch	06/11/2012	35,200,000		2,563		2,451		112
Mexican Peso	Merrill Lynch	07/06/2012	14,500,000		1,030		1,007		23
Mexican Peso	Royal Bank of Scotland PLC	06/20/2012	30,691,000		2,305		2,135		170
Mexican Peso	UBS AG	09/27/2012	4,162,160		320		287		33
New Zealand Dollar	Royal Bank of Scotland PLC	06/20/2012	15,369,000		12,076		11,568		508

See accompanying notes.

57

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
Foreign Currency Contracts (continued)
Foreign Currency Sale									Net Unrealized
Contracts	Counterparty	Delivery Date	Contracts to Deliver	In Exchange For			Value		Appreciation/(Depreciation)
Norwegian Krone	Royal Bank of Scotland PLC	06/20/2012	32,611,000	$	5,607	$	5,331	$	276
Peruvian Nuevo Sol	Royal Bank of Scotland PLC	06/20/2012	42,000		16		16		—
Philippine Peso	Royal Bank of Scotland PLC	06/20/2012	118,100,000		2,761		2,712		49
Polish Zloty	Royal Bank of Scotland PLC	06/20/2012	1,412,000		428		398		30
Russian Ruble	Royal Bank of Scotland PLC	06/20/2012	58,423,000		1,928		1,746		182
Singapore Dollar	Royal Bank of Scotland PLC	06/20/2012	4,640,000		3,693		3,601		92
South African Rand	Royal Bank of Scotland PLC	06/20/2012	20,621,000		2,637		2,425		212
South Korean Won	Royal Bank of Scotland PLC	06/20/2012	1,479,078,000		1,284		1,253		31
South Korean Won	UBS AG	07/12/2012	8,024,300		7		7		—
Swedish Krona	Royal Bank of Scotland PLC	06/20/2012	36,413,000		5,289		5,010		279
Swiss Franc	Credit Suisse	08/09/2012	105,000		115		108		7
Swiss Franc	Royal Bank of Scotland PLC	06/08/2012	57,153		60		59		1
Swiss Franc	Royal Bank of Scotland PLC	06/20/2012	6,260,000		6,729		6,448		281
Taiwan New Dollar	Barclays Bank PLC	06/05/2012	22,603,535		762		757		5
Taiwan New Dollar	Royal Bank of Scotland PLC	06/20/2012	47,639,000		1,618		1,597		21
Thailand Baht	Royal Bank of Scotland PLC	06/20/2012	2,836,000		90		89		1
Turkish Lira	Royal Bank of Scotland PLC	06/20/2012	1,197,000		651		639		12
Total								$	5,644
All dollar amounts are shown in thousands (000's)

See accompanying notes.

58

			Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
Futures Contracts
												Unrealized
Type		Long/Short	Contracts				Notional Value		Market Value			Appreciation/(Depreciation)
90 day Eurodollar; December 2012		Short	65	$	16,161			$		16,151	$	10
90 day Eurodollar; December 2013		Long	5		1,242					1,242		—
90 day Eurodollar; March 2013		Short	2		497					497		—
90 day Eurodollar; March 2014		Long	5		1,240					1,241		1
90 day Eurodollar; September 2012		Short	109		27,108					27,099		9
90 day Eurodollar; September 2013		Long	4		993					993		—
90 day Sterling; December 2012		Long	12		2,289					2,290		1
90 day Sterling; December 2013		Long	8		1,525					1,527		2
90 day Sterling; June 2013		Long	7		1,336					1,337		1
90 day Sterling; March 2013		Long	5		955					955		—
90 day Sterling; March 2014		Long	8		1,524					1,527		3
90 day Sterling; September 2012		Long	35		6,672					6,679		7
90 day Sterling; September 2013		Long	8		1,525					1,527		2
AEX Index; June 2012		Short	10		737					717		20
Australia 10 Year Bond; June 2012		Long	52		6,105					6,438		333
Australia 3 Year Bond; June 2012		Long	8		846					866		20
CAC40 Index; June 2012		Long	3		110					111		1
Canadian Bank Acceptance; December 2012		Short	28		6,689					6,695		(6	)
Canadian Bank Acceptance; September 2012		Short	46		11,002					11,000		2
DAX Index; June 2012		Short	3		616					579		37
DJ Euro Stoxx 50; June 2012		Long	48		1,361					1,249		(112	)
DJIA Emini; June 2012		Short	2		125					124		1
Euribor; December 2012		Long	63		19,343					19,369		26
Euribor; December 2013		Long	8		2,453					2,458		5
Euribor; June 2013		Long	8		2,456					2,459		3
Euribor; March 2013		Long	8		2,458					2,460		2
Euribor; March 2014		Long	8		2,451					2,457		6
Euribor; September 2012		Long	85		26,075					26,133		58
Euribor; September 2013		Long	8		2,455					2,459		4
Euro Bund 10 Year Bund; June 2012		Short	73		12,904					13,181		(277	)
Euro Swiss; December 2012		Long	4		1,030					1,031		1
Euro Swiss; September 2012		Long	3		773					773		—
FTSE MIB Index; June 2012		Short	3		262					239		23
FTSE100 Index; June 2012		Long	35		3,112					2,853		(259	)
Hang Seng Index; June 2012		Short	3		357					358		(1	)
HSCEI China Index; June 2012		Short	11		661					675		(14	)
Japan Mini 10 Year Bond; June 2012		Short	27		4,902					4,947		(45	)
Japan Topix Index; June 2012		Short	7		648					640		8
KOSPI 200 Index; June 2012		Long	7		780					721		(59	)
MSCI Singapore Index; June 2012		Short	4		198					198		—
MSCI Taiwan Index; June 2012		Short	44		1,109					1,137		(28	)
Russell 2000 Mini; June 2012		Short	9		698					685		13
S&P 500 Emini; June 2012		Short	538		36,526					35,217		1,309
S&P Mid 400 Emini; June 2012		Short	54		5,254					4,994		260
S&P/TSE 60 Index; June 2012		Short	3		391					381		10
SGX CNX Nifty Index; June 2012		Short	167		1,666					1,644		22
South Africa All Share; June 2012		Long	23		816					793		(23	)
SPI 200 Index; June 2012		Short	32		3,333					3,174		159
US 10 Year Note; September 2012		Short	2		266					268		(2	)
Total											$	1,533
All dollar amounts are shown in thousands (000's)
Interest Rate Swaps
			(Pay)/Receive						Notional			Unrealized
Counterparty (Issuer)	Floating Rate Index		Floating Rate		Fixed Rate		Expiration Date		Amount			Appreciation/(Depreciation)
Barclays Bank PLC	6 Month AUD BBR BBSW		Pay		4.75	%	03/15/2018		AUD	3,100	$	139
Barclays Bank PLC	6 Month AUD BBR BBSW		Pay		4.25	%	03/15/2023			100		2
BNP Paribas	6 Month JPY LIBOR		Pay		2.00	%	12/21/2041		JPY	50,000		(31	)

See accompanying notes.

59

Schedule of Investments Global Multi-Strategy Fund May 31, 2012 (unaudited)
Interest Rate Swaps (continued)
					(Pay)/Receive									Notional						Unrealized
Counterparty (Issuer)	Floating Rate Index				Floating Rate			Fixed Rate			Expiration Date			Amount				Appreciation/(Depreciation)
Deutsche Bank AG	1 Day EUR EONIA Compounded OIS						Pay		0.37	%	03/20/2013			EUR			20,000	$		9
Deutsche Bank AG	1 Day EUR EONIA Compounded OIS				Receive				0.57	%	03/19/2014						20,000			(18	)
Deutsche Bank AG	3 Month EUR-EURIBOR				Receive				0.81	%	03/20/2013						20,000			(16	)
Deutsche Bank AG	3 Month EUR-EURIBOR						Pay		0.94	%	03/19/2014						20,000			21
Goldman Sachs & Co	1 Day EUR EONIA Compounded OIS						Pay		0.35	%	03/20/2013						10,300			4
Goldman Sachs & Co	1 Day EUR EONIA Compounded OIS				Receive				0.57	%	03/19/2014						10,300			(9	)
Goldman Sachs & Co	3 Month EUR-EURIBOR				Receive				0.76	%	03/20/2013						10,300			(7	)
Goldman Sachs & Co	3 Month EUR-EURIBOR						Pay		0.91	%	03/19/2014						10,300			10
UBS AG	6 Month AUD Bank Bill						Pay		4.75	%	12/14/2017			AUD			800			39
UBS AG	6 Month AUD BBR BBSW						Pay		4.75	%	12/15/2017						800			37
Total																		$		180
All dollar amounts are shown in thousands (000's)
Exchange Cleared Interest Rate Swaps
					(Pay)/Receive									Notional						Unrealized
	Floating Rate Index				Floating Rate			Fixed Rate			Expiration Date			Amount				Appreciation/(Depreciation)
	3 Month CAD Bank Bill						Pay		2.00	%	06/16/2016			CAD			3,000	$		23
	3 Month LIBOR				Receive				1.50	%	06/20/2017			$			27,800			(141	)
	6 Month AUD BBR BBSW						Pay		4.25	%	03/15/2023			AUD			200			3
	6 Month AUD BBR BBSW						Pay		4.00	%	03/15/2023						100			—
	6 Month JPY LIBOR				Receive				2.00	%	12/21/2041			JPY			50,000			(3	)
Total																		$		(118	)
All dollar amounts are shown in thousands (000's)
Interest Rate Swaptions
				Pay/
				Receive								Upfront
Purchased Swaptions			Floating Rate	Floating	Exercise		Expiration		Notional			Premiums					Market			Unrealized
Outstanding	Counterparty (Issuer)		Index	Rate	Rate		Date		Amount			Paid/(Received)					Value			Appreciation/(Depreciation)
Put - 30 Year Interest	Bank of America NA		3 Month	Receive	2.75	%	07/30/2012	$			500	$		27		$	9	$		(18	)
Rate Swap			LIBOR
Put - 30 Year Interest	Barclays Bank PLC		6 Month	Receive	3.50	%	11/05/2012	EUR			400			24			1			(23	)
Rate Swap			EURIBOR
Put - 30 Year Interest	Deutsche Bank AG		3 Month	Receive	2.75	%	07/30/2012	$			500			30			9			(21	)
Rate Swap			LIBOR
Put - 30 Year Interest	Deutsche Bank AG		3 Month	Receive	2.87	%	06/18/2012				700			36			2			(34	)
Rate Swap			LIBOR
Put - 30 Year Interest	Goldman Sachs & Co		3 Month	Receive	2.91	%	03/07/2013				600			48			25			(23	)
Rate Swap			LIBOR
Total												$		165		$	46	$		(119	)
				Pay/
				Receive								Upfront
Written Swaptions			Floating Rate	Floating	Exercise		Expiration		Notional			Premiums					Market			Unrealized
Outstanding	Counterparty (Issuer)		Index	Rate	Rate		Date		Amount			Paid/(Received)					Value			Appreciation/(Depreciation)
Call - 5 Year Interest	Bank of America NA		3 Month	Receive	1.40	%	03/18/2013	$			300	$		(2	)	$	(5		) $	(3	)
Rate Swap			LIBOR
Call - 5 Year Interest	Deutsche Bank AG		3 Month	Receive	1.40	%	03/18/2013				3,200			(20	)		(48		)	(28	)
Rate Swap			LIBOR
Put - 5 Year Interest	Bank of America NA		3 Month	Receive	1.40	%	03/18/2013				300			(7	)		(2		)	5
Rate Swap			LIBOR
Put - 5 Year Interest	Barclays Bank PLC		6 Month	Receive	2.80	%	11/05/2012	EUR			1,700			(26	)		(1		)	25
Rate Swap			EURIBOR
Put - 5 Year Interest	Deutsche Bank AG		3 Month	Receive	1.40	%	03/18/2013	$			3,200			(80	)		(27		)	53
Rate Swap			LIBOR
Total												$		(135	)	$	(83		) $	52
All dollar amounts are shown in thousands (000's)
Options
									Upfront Premiums											Unrealized
Purchased Options Outstanding			Exercise Price	Expiration Date			Contracts		Paid/(Received)						Market Value					Appreciation/(Depreciation)
Call - USD versus CNY; April 2013		$	6.34	04/11/2013			700,000		$			9	$				12		$	3
Call - USD versus CNY; April 2013		$	6.34	04/11/2013			700,000					9					12			3
Call - USD versus CNY; December 2012		$	6.65	12/13/2012			500,000					4					1			(3	)

See accompanying notes.

60

Schedule of Investments Global Multi-Strategy Fund May 31, 2012 (unaudited)
Options (continued)
												Upfront Premiums											Unrealized
	Purchased Options Outstanding		Exercise Price		Expiration Date				Contracts			Paid/(Received)				Market Value							Appreciation/(Depreciation)
Call	- USD versus CNY; December 2012		$	6.66	12/13/2012				700,000	$			6		$			1		$			(5	)
Call	- USD versus CNY; December 2012		$	6.68	12/13/2012				500,000				4					1					(3	)
Call	- USD versus CNY; December 2012		$	6.68	12/13/2012				600,000				5					1					(4	)
Call	- USD versus CNY; January 2013		$	6.55	01/09/2013				389,000				3					2					(1	)
Call	- USD versus CNY; January 2013		$	6.55	01/09/2013				388,000				3					2					(1	)
Call	- USD versus CNY; January 2013		$	6.53	01/08/2013				400,000				3					2					(1	)
Put	- El Paso Corp; July 2012		$	27.00	07/21/2012				17				2					—					(2	)
Put	- Kinder Morgan Inc; June 2012		$	40.00	06/16/2012				7				6					4					(2	)
Put	- Kinder Morgan Inc; June 2012		$	45.00	06/16/2012				21				27					24					(3	)
Put	- Molycorp Inc; September 2012		$	40.00	09/22/2012				9				16					18					2
Put	- S&P 500 Index; September 2012		$	132.50	09/22/2012				350			2,521					2,450						(71	)
Put	- USD versus MYR; June 2012		$	2.96	06/12/2012				1,066,000				6					—					(6	)
	Total									$		2,624			$		2,530			$			(94	)
												Upfront Premiums											Unrealized
	Written Options Outstanding		Exercise Price		Expiration Date				Contracts			Paid/(Received)					Market Value						Appreciation/(Depreciation)
	Call - Human Genome Sciences Inc; June 2012		$	10.00	06/16/2012				35	$			(13	)	$			(13	)	$			—
Call	- Kinder Morgan Inc; June 2012		$	45.00	06/16/2012				21				—					—					—
Call	- Molycorp Inc; September 2012		$	40.00	09/22/2012				9				(1	)				(1	)				—
Call	- S&P 500 Index; September 2012		$	147.50	09/22/2012				175			(369		)				(63	)				306
Call	- Sunoco Inc; June 2012		$	45.00	06/16/2012				9				(4	)				(1	)				3
Put	- S&P 500 Index; September 2012		$	122.50	09/22/2012				350			(1,539		)			(1,365		)				174
	Total									$		(1,926		)	$		(1,443		)	$			483
	All dollar amounts are shown in thousands (000's)
Credit Default Swaptions
													Upfront
	Purchased Swaptions	Counterparty				Buy/Sell	Exercise		Expiration			Notional	Premiums					Market					Unrealized
	Outstanding	(Issuer)	Reference Entity			Protection	Rate		Date			Amount	Paid/(Received)					Value				Appreciation/(Depreciation)
	Call - 5 Year Credit	Bank of America	CDX.HY.17			Buy	98.25	%	09/19/2012		$	700	$		10		$			4		$	(6	)
	Default Swap	NA
	Total											$			10		$			4		$	(6	)
													Upfront
	Written Swaptions	Counterparty			Buy/Sell		Exercise		Expiration			Notional	Premiums					Market				Unrealized
	Outstanding	(Issuer)	Reference Entity		Protection		Rate		Date			Amount	Paid/(Received)					Value				Appreciation/(Depreciation)
	Call - 5 Year Credit	Bank of America	CDX.IG.17			Sell	0.90	%	09/19/2012		$	3,400		$	(10	)	$	(3			)	$	7
	Default Swap	NA
	Call - 5 Year Credit	JP Morgan	CDX.IG.17			Sell	1.00	%	12/19/2012			1,200			(5	)		(4			)		1
	Default Swap	Securities
	Put - 5 Year Credit	Bank of America	CDX.IG.17			Sell	2.00	%	06/20/2012			800			(3	)				–			3
	Default Swap	NA
	Put - 5 Year Credit	JP Morgan	CDX.IG.17			Sell	2.00	%	12/19/2012			1,200			(9	)		(4			)		5
	Default Swap	Securities
	Total											$			(27	)	$	(11			)	$	16
	All dollar amounts are shown in thousands (000's)
Purchased Forward Volatility Agreements
												Upfront
												Premiums										Unrealized
	Description		Counterparty (Issuer)			Expiration Date			Contracts			Paid/(Received)						Market Value				Appreciation/(Depreciation)
	Call & Put - USD Swaption Straddle on		Goldman Sachs & Co			11/21/2012			800,000			$	89	$				86				$	(3	)
	the 30 Year Swap Rate, 6 Months
	Forward, Strike determined on
	11/21/2012
	Total											$	89	$				86				$	(3	)
	All dollar amounts are shown in thousands (000's)
Total Return Swaps
																						Unrealized
	Counterparty (Issuer)		Reference Entity							Expiration Date					Notional Value							Appreciation/(Depreciation)
	Bank of America NA		Canada 10 Year Bond; September 2012									09/20/2012	$					3,999				$	30

See accompanying notes.

61

Schedule of Investments Global Multi-Strategy Fund May 31, 2012 (unaudited)
Total Return Swaps (continued)
								Unrealized
Counterparty (Issuer)	Reference Entity		Expiration Date		Notional Value			Appreciation/(Depreciation)
Bank of America NA	Euro Bobl 5 Year; June 2012		06/08/2012	$	1,644		$	31
Bank of America NA	Euro Bund 10 Year Bund; June 2012		06/08/2012		181			3
Bank of America NA	EURO Buxl 30 Year Bond; June 2012		06/08/2012		337			40
Bank of America NA	Euro Schatz 2yr; June 2012		06/08/2012		5,826			17
Bank of America NA	UK 10 Year Gilt; September 2012		09/27/2012		(3,155	)		(53	)
Bank of America NA	US 10 Year Note; September 2012		09/20/2012		1,727			14
Bank of America NA	US 2 Year Note; September 2012		09/29/2012		441			—
Bank of America NA	US 5 Year Note; September 2012		09/29/2012		1,733			6
Bank of America NA	US Long Bond; September 2012		09/20/2012		590			9
Morgan Stanley & Co	Bovespa Index; June 2012		06/13/2012		(133	)		(2	)
Morgan Stanley & Co	RTS Index; June 2012		06/18/2012		509			(115	)
Morgan Stanley & Co	Swiss Market Index; June 2012		06/18/2012		(2,437	)		99
Total							$	79
All dollar amounts are shown in thousands (000's)
Total Return Equity Basket Swaps
								Unrealized
Counterparty	Fund Pays	Fund Receives	Expiration Date		Market Value			Appreciation/(Depreciation)
Deutsche Bank AG	Floating rate based on 1	Total return on a custom basket of	02/20/2013	$	443	$		99
	month LIBOR plus 0.40%	long and short securities traded in
		GBP
Total				$	443	$		99
All dollar amounts are shown in thousands (000's)

See accompanying notes.

62

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
Short Sales Outstanding
COMMON STOCKS - (26.57)%	Shares		Value (000	's)	COMMON STOCKS (continued)	Shares		Value	(000	's)
Advertising - (0.05)%					Automobile Parts & Equipment (continued)
Interpublic Group of Cos Inc/The	6,976	$	72		Nokian Renkaat OYJ	5,117	$		193
Lamar Advertising Co (a)	3,800		94		Sumitomo Rubber Industries Ltd	2,700			33
Publicis Groupe SA	934		43		Tenneco Inc (a)	300			8
		$	209		Toyota Industries Corp	2,200			58
Aerospace & Defense - (0.20)%							$		1,363
Esterline Technologies Corp (a)	400		26		Banks - (1.03)%
Finmeccanica SpA (a)	35,156		117		Bank of America Corp	17,500			129
L-3 Communications Holdings Inc	1,774		121		Bank of Hawaii Corp	800			37
Lockheed Martin Corp	700		58		Bank of New York Mellon Corp/The	12,781			260
Northrop Grumman Corp	500		29		BB&T Corp	3,300			100
Rockwell Collins Inc	3,412		172		Citigroup Inc	2,200			58
TransDigm Group Inc (a)	300		37		Comerica Inc	17,435			530
Triumph Group Inc	3,500		210		Commerzbank AG (a)	143,947			239
United Technologies Corp	1,300		96		Credit Suisse Group AG (a)	5,286			101
Zodiac Aerospace	309		30		Cullen/Frost Bankers Inc	900			51
		$	896		DNB ASA	884			8
					First Horizon National Corp	6,900			58
Agriculture - (0.08)%					FirstMerit Corp	1,800			29
Altria Group Inc	1,200		39		Goldman Sachs Group Inc/The	2,500			239
Archer-Daniels-Midland Co	9,789		312		Hancock Holding Co	1,600			49
Philip Morris International Inc	100		8		Huntington Bancshares Inc/OH	61,547			403
		$	359		Joyo Bank Ltd/The	8,000			33
Airlines - (0.08)%					JP Morgan Chase & Co	1,000			33
Air France-KLM (a)	817		4		Julius Baer Group Ltd (a)	5,013			159
International Consolidated Airlines Group SA	13,451		30		M&T Bank Corp	200			16
(a)					Northern Trust Corp	6,411			277
JetBlue Airways Corp (a)	52,623		275		PNC Financial Services Group Inc	4,285			263
Southwest Airlines Co	2,100		19		Prosperity Bancshares Inc	400			17
United Continental Holdings Inc (a)	2,000		50		Regions Financial Corp	7,600			48
		$	378		Shizuoka Bank Ltd/The	5,000			49
					State Street Corp	2,834			117
Apparel - (0.27)%					Sumitomo Mitsui Trust Holdings Inc	1,000			3
Asics Corp	6,393		68		SunTrust Banks Inc	12,786			293
Carter's Inc (a)	500		27		Suruga Bank Ltd	5,000			46
Christian Dior SA	393		52		SVB Financial Group (a)	1,000			60
Deckers Outdoor Corp (a)	3,900		217		Svenska Handelsbanken AB	1,068			30
Hanesbrands Inc (a)	3,600		100		Synovus Financial Corp	152,800			292
Ralph Lauren Corp	200		30		TCF Financial Corp	8,000			94
Skechers U.S.A. Inc (a)	6,896		117		UBS AG	4,755			54
Tod's SpA	862		86		Valley National Bancorp	300			3
Under Armour Inc (a)	3,546		357		Wells Fargo & Co	700			23
VF Corp	1,075		151		Zions Bancorporation	20,982			399
		$	1,205				$		4,600
Automobile Manufacturers - (0.21)%					Beverages - (0.32)%
Fiat Industrial SpA	10,138		102		Beam Inc	2,000			121
Honda Motor Co Ltd	5,400		172		Carlsberg A/S	901			68
Mazda Motor Corp (a)	3,296		4		Coca-Cola Co/The	3,100			232
Nissan Motor Co Ltd	4,300		41		Green Mountain Coffee Roasters Inc (a)	13,600			321
Oshkosh Corp (a)	1,400		29		Heineken NV	2,275			108
PACCAR Inc	1,600		60		Kirin Holdings Co Ltd	17,000			195
Peugeot SA	12,577		125		Peet's Coffee & Tea Inc (a)	1,417			84
Renault SA	27		1		PepsiCo Inc	1,300			88
Scania AB	6,520		104		Pernod-Ricard SA	2,197			215
Toyota Motor Corp	7,000		269				$		1,432
		$	907
					Biotechnology - (0.35)%
Automobile Parts & Equipment - (0.30)%					Amgen Inc	800			56
Autoliv Inc	900		52		Amylin Pharmaceuticals Inc (a)	2,300			61
BorgWarner Inc (a)	2,100		151		Celgene Corp (a)	700			48
Continental AG	458		38		Cubist Pharmaceuticals Inc (a)	1,700			68
Dana Holding Corp	11,600		154		Gilead Sciences Inc (a)	14,162			707
Denso Corp	200		6		Life Technologies Corp (a)	6,240			255
Johnson Controls Inc	17,490		527		Novozymes A/S	5,358			144
NGK Insulators Ltd	7,000		73		Vertex Pharmaceuticals Inc (a)	4,040			243
NGK Spark Plug Co Ltd	2,000		26				$		1,582
NOK Corp	2,100		44

See accompanying notes.

63

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
Short Sales Outstanding
COMMON STOCKS (continued)	Shares		Value (000	's)	COMMON STOCKS (continued)	Shares		Value	(000	's)
Building Materials - (0.47)%					Commercial Services (continued)
Asahi Glass Co Ltd	29,000	$	194		Atlantia SpA	8,776	$		109
Buzzi Unicem SpA	7,842		66		Avis Budget Group Inc (a)	40,923			608
Daikin Industries Ltd	5,100		131		Bureau Veritas SA	198			17
Eagle Materials Inc	5,000		161		Dai Nippon Printing Co Ltd	5,000			38
Geberit AG (a)	215		42		Edenred	967			25
HeidelbergCement AG	1,675		73		Equifax Inc	1,100			50
Holcim Ltd (a)	3,575		192		FTI Consulting Inc (a)	3,600			113
JS Group Corp	2,800		51		Geo Group Inc/The (a)	6,100			133
Lafarge SA	7,493		277		Global Payments Inc	5,073			215
Lennox International Inc	2,000		86		H&R Block Inc	8,000			122
Louisiana-Pacific Corp (a)	11,920		112		Hamburger Hafen und Logistik AG	7,059			177
Masco Corp	9,500		120		Hertz Global Holdings Inc (a)	158,195			2,153
Owens Corning Inc (a)	5,400		167		Iron Mountain Inc	3,000			85
Quanex Building Products Corp	15,881		262		Lender Processing Services Inc	4,500			104
Rinnai Corp	900		58		Monster Worldwide Inc (a)	1,700			15
Sumitomo Osaka Cement Co Ltd	3,000		9		Quanta Services Inc (a)	14,641			331
Taiheiyo Cement Corp	32,333		66		Randstad Holding NV	3,181			86
TOTO Ltd	6,000		41		Rent-A-Center Inc/TX	3,400			114
		$	2,108		Robert Half International Inc	10,981			312
					Securitas AB	3,808			28
Chemicals - (0.80)%					Sodexo	509			37
Air Products & Chemicals Inc	2,455		194		Towers Watson & Co	8,827			532
Air Water Inc	2,000		23		Verisk Analytics Inc (a)	100			5
Ashland Inc	4,003		256		Visa Inc	1,400			161
BASF SE	1,606		113		Weight Watchers International Inc	100			6
CF Industries Holdings Inc	553		95		Western Union Co/The	7,500			123
Clariant AG (a)	16,289		167
Daicel Corp	3,000		17				$		6,208
Dow Chemical Co/The	10,900		339		Computers - (0.61)%
Eastman Chemical Co	2,698		126		Apple Inc (a)	300			173
Ecolab Inc	6,017		381		CACI International Inc (a)	200			8
EI du Pont de Nemours & Co	2,200		106		Cadence Design Systems Inc (a)	40,557			414
Givaudan SA (a)	167		155		Cognizant Technology Solutions Corp (a)	200			12
Hitachi Chemical Co Ltd	4,600		73		Diebold Inc	600			22
Huntsman Corp	2,600		33		EMC Corp/MA (a)	4,600			110
Intrepid Potash Inc (a)	7,200		141		Hewlett-Packard Co	6,100			139
JSR Corp	2,500		43		International Business Machines Corp	100			19
K+S AG	3,684		148		Jack Henry & Associates Inc	1,200			40
Kansai Paint Co Ltd	3,000		28		Lexmark International Inc	200			5
Linde AG	25		4		Logitech International SA (a)	2,835			29
Mitsubishi Gas Chemical Co Inc	9,000		52		NetApp Inc (a)	19,328			575
Mosaic Co/The	600		29		NTT Data Corp	64			183
Nissan Chemical Industries Ltd	6,800		57		SanDisk Corp (a)	19,318			632
Nitto Denko Corp	400		16		TDK Corp	1,700			73
PPG Industries Inc	600		62		Western Digital Corp (a)	9,657			303
Praxair Inc	900		95				$		2,737
RPM International Inc	3,600		95
Shin-Etsu Chemical Co Ltd	2,100		108		Consumer Products - (0.14)%
Sigma-Aldrich Corp	1,116		77		Avery Dennison Corp	9,884			288
Sumitomo Chemical Co Ltd	63,126		198		Clorox Co/The	500			34
Symrise AG	4,607		130		Husqvarna AB	39,371			183
Taiyo Nippon Sanso Corp	25,000		151		Jarden Corp	3,000			122
Tokai Carbon Co Ltd	17,282		76		Scotts Miracle-Gro Co/The	300			13
Ube Industries Ltd/Japan	4,000		9				$		640
Valspar Corp	100		5		Cosmetics & Personal Care - (0.05)%
		$	3,602		L'Oreal SA	195			22
Coal - (0.07)%					Oriflame Cosmetics SA	5,052			152
Arch Coal Inc	41,000		260		Procter & Gamble Co/The	100			6
Consol Energy Inc	2,000		56		Shiseido Co Ltd	1,800			28
		$	316		Unicharm Corp	600			33
							$		241
Commercial Services - (1.39)%
Abertis Infraestructuras SA	7,293		93		Distribution & Wholesale - (0.17)%
Adecco SA (a)	48		2		Arrow Electronics Inc (a)	2,128			72
Alliance Data Systems Corp (a)	2,052		259		Fastenal Co	3,500			155
Apollo Group Inc (a)	4,864		155		Fossil Inc (a)	300			22
					LKQ Corp (a)	6,973			254
See accompanying notes.					64

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
Short Sales Outstanding
COMMON STOCKS (continued)	Shares		Value (000	's)	COMMON STOCKS (continued)	Shares		Value	(000	's)
Distribution & Wholesale (continued)					Electrical Components & Equipment - (0.33)%
Mitsubishi Corp	2,700	$	53		Acuity Brands Inc	4,700	$		256
Sumitomo Corp	1,800		24		AMETEK Inc	600			30
Watsco Inc	400		29		Emerson Electric Co	3,300			154
WESCO International Inc (a)	2,200		131		Energizer Holdings Inc (a)	1,236			90
		$	740		Furukawa Electric Co Ltd	53,000			113
					GS Yuasa Corp	19,000			81
Diversified Financial Services - (0.30)%					Legrand SA	7,056			213
Aeon Credit Service Co Ltd	400		7		Mabuchi Motor Co Ltd	900			35
American Express Co	1,100		61		Nidec Corp	4,400			358
Charles Schwab Corp/The	36,619		456		NV Bekaert SA	2,900			76
Daiwa Securities Group Inc	26,000		82		Schneider Electric SA	450			24
Franklin Resources Inc	1,000		107		Ushio Inc	5,000			56
Greenhill & Co Inc	1,200		42		Vossloh AG	358			30
Jefferies Group Inc	2,800		37				$		1,516
Legg Mason Inc	7,400		189
Nomura Holdings Inc	1,400		5		Electronics - (0.55)%
Stifel Financial Corp (a)	1,000		32		Advantest Corp	4,300			58
T Rowe Price Group Inc	6,100		351		Agilent Technologies Inc	5,092			207
Waddell & Reed Financial Inc	1,300		37		Amphenol Corp	5,407			288
		$	1,406		FLIR Systems Inc	7,800			166
					Gentex Corp/MI	1,800			40
Electric - (1.15)%					Hirose Electric Co Ltd	600			55
A2A SpA	33,201		21		Honeywell International Inc	3,970			221
ACEA SpA	1,148		6		Hoya Corp	700			15
AES Corp/The (a)	17,808		215
					Ibiden Co Ltd	2,100			37
Allete Inc	2,301		90		Keyence Corp	100			23
Ameren Corp	3,086		99		Koninklijke Philips Electronics NV	6,463			115
American Electric Power Co Inc	3,578		138		Kyocera Corp	500			41
Black Hills Corp	1,200		39		Mettler-Toledo International Inc (a)	1,170			182
Calpine Corp (a)	1,000		17
					Minebea Co Ltd	32,263			130
CH Energy Group Inc	1,179		77		Murata Manufacturing Co Ltd	5,400			279
Chugoku Electric Power Co Inc/The	3,600		57		Nippon Electric Glass Co Ltd	5,000			31
CMS Energy Corp	14,327		334		Omron Corp	1,400			28
Dominion Resources Inc/VA	1,600		83		Rogers Corp (a)	5,186			209
Duke Energy Corp	41,575		914		Trimble Navigation Ltd (a)	3,657			173
E.ON AG	2,810		51		Woodward Inc	3,200			121
Edison International	5,943		267		Yaskawa Electric Corp	3,000			23
Electric Power Development Co Ltd	200		5				$		2,442
Electricite de France SA	8,884		171
Entergy Corp	100		6		Energy - Alternate Sources - (0.01)%
Exelon Corp	2,100		78		Enel Green Power SpA	40,178			54
FirstEnergy Corp	4,655		218
GDF Suez	3,602		71
Great Plains Energy Inc	2,900		58		Engineering & Construction - (0.24)%
					Abengoa SA	297			4
Hawaiian Electric Industries Inc	2,400		66		Acciona SA	1,339			71
Hokuriku Electric Power Co	2,500		39
ITC Holdings Corp	500		34		ACS Actividades de Construccion y Servicios SA	4,841			81
Kansai Electric Power Co Inc/The	600		9		Bouygues SA	990			24
Kyushu Electric Power Co Inc	2,400		29
MDU Resources Group Inc	3,953		89		Eiffage SA	5,039			153
					Fraport AG Frankfurt Airport Services Worldwide	2,457			125
National Fuel Gas Co	1,780		77
NextEra Energy Inc	3,699		242		Jacobs Engineering Group Inc (a)	9,654			343
Northeast Utilities	2,852		103
NRG Energy Inc (a)	4,700		72		KBR Inc	4,919			125
					Orion Marine Group Inc (a)	20,355			136
NV Energy Inc	19,770		342		Vinci SA	536			21
PG&E Corp	2,675		116
PPL Corp	4,921		135				$		1,083
RWE AG	5,927		217		Entertainment - (0.12)%
SCANA Corp	200		9		Bally Technologies Inc (a)	1,900			88
Shikoku Electric Power Co Inc	5,200		122		DreamWorks Animation SKG Inc (a)	6,780			121
Southern Co/The	4,000		184		Lottomatica Group SpA	5,547			97
TECO Energy Inc	400		7		Oriental Land Co Ltd/Japan	400			44
Terna Rete Elettrica Nazionale SpA	54,001		181		Penn National Gaming Inc (a)	200			9
Westar Energy Inc	3,000		86		Vail Resorts Inc	4,100			178
		$	5,174				$		537

See accompanying notes.

65

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
Short Sales Outstanding
COMMON STOCKS (continued)	Shares		Value (000	's)	COMMON STOCKS (continued)	Shares		Value	(000	's)
Environmental Control - (0.14)%					Healthcare - Products - (0.66)%
Calgon Carbon Corp (a)	11,578	$	155		Affymetrix Inc (a)	20,182	$		95
Clean Harbors Inc (a)	1,619		101		Alere Inc (a)	1,400			26
Kurita Water Industries Ltd	3,300		72		Baxter International Inc	100			5
Republic Services Inc	2,945		78		Becton Dickinson and Co	300			22
Stericycle Inc (a)	600		52		Boston Scientific Corp (a)	35,880			205
Waste Connections Inc	3,127		97		CareFusion Corp (a)	8,577			208
Waste Management Inc	3,100		100		Cepheid Inc (a)	100			4
		$	655		Cie Generale d'Optique Essilor International SA	646			55
Food - (0.61)%					DENTSPLY International Inc	8,272			306
Campbell Soup Co	1,100		35		Edwards Lifesciences Corp (a)	700			60
Carrefour SA	5,254		91		Hologic Inc (a)	1,000			17
Casino Guichard Perrachon SA	252		21		Hospira Inc (a)	10,438			326
Colruyt SA	3,036		122		Luxottica Group SpA	4,047			131
Corn Products International Inc	5,267		269		Masimo Corp (a)	2,800			53
CSM	427		7		Medtronic Inc	3,300			122
Danone SA	968		62		Nobel Biocare Holding AG (a)	5,536			59
Delhaize Group SA	1,389		51		Patterson Cos Inc	600			20
Ebro Foods SA	3,429		55		PSS World Medical Inc (a)	2,300			47
Flowers Foods Inc	3,300		73		ResMed Inc (a)	1,800			56
General Mills Inc	2,200		84		Sonova Holding AG (a)	2,965			279
Hain Celestial Group Inc (a)	300		17
					St Jude Medical Inc	1,992			77
HJ Heinz Co	400		21		STERIS Corp	800			24
Kellogg Co	1,500		73		Stryker Corp	1,803			92
Kikkoman Corp	8,000		95		Sysmex Corp	1,900			78
Kraft Foods Inc	1,200		46		Terumo Corp	3,400			122
McCormick & Co Inc/MD	900		51		Varian Medical Systems Inc (a)	200			12
Nestle SA	649		37		Volcano Corp (a)	3,500			100
Nissin Foods Holdings Co Ltd	1,300		47		William Demant Holding A/S (a)	4,260			376
Safeway Inc	12,969		246		Zimmer Holdings Inc	100			6
Sanderson Farms Inc	1,455		80				$		2,983
Sara Lee Corp	13,623		285
Smithfield Foods Inc (a)	31,887		627		Healthcare - Services - (0.31)%
Sysco Corp	1,600		45		AMERIGROUP Corp (a)	3,300			206
TreeHouse Foods Inc (a)	2,100		120		Brookdale Senior Living Inc (a)	1,500			25
United Natural Foods Inc (a)	200		10		Centene Corp (a)	500			18
Yakult Honsha Co Ltd	1,900		66		Cigna Corp	1,930			85
		$	2,736		Community Health Systems Inc (a)	2,700			59
					Fresenius Medical Care AG & Co KGaA	3,557			236
Forest Products & Paper - (0.14)%					Humana Inc	899			69
Holmen AB	3,028		78		Laboratory Corp of America Holdings (a)	1,000			83
International Paper Co	3,200		93		LifePoint Hospitals Inc (a)	2,200			81
MeadWestvaco Corp	3,445		95		Mednax Inc (a)	400			24
Neenah Paper Inc	5,636		147		Quest Diagnostics Inc	2,600			148
OJI Paper Co Ltd	7,000		27		UnitedHealth Group Inc	3,400			189
UPM-Kymmene OYJ	9,125		94		Universal Health Services Inc	2,721			106
Wausau Paper Corp	9,050		83		WellPoint Inc	600			40
		$	617				$		1,369
Gas - (0.09)%					Holding Companies - Diversified - (0.03)%
Enagas SA	2,525		39		Leucadia National Corp	5,990			122
Piedmont Natural Gas Co Inc	3,537		107		LVMH Moet Hennessy Louis Vuitton SA	242			36
Questar Corp	400		8				$		158
Sempra Energy	1,778		116
Snam SpA	6,230		25		Home Builders - (0.62)%
South Jersey Industries Inc	2,015		98		DR Horton Inc	89,929			1,493
		$	393		Lennar Corp	41,649			1,136
					Toll Brothers Inc (a)	6,257			171
Hand & Machine Tools - (0.15)%							$		2,800
Disco Corp	1,100		59
Konecranes OYJ	2,355		56		Home Furnishings - (0.09)%
Makita Corp	2,600		88		Sharp Corp/Japan	30,000			157
Mori Seiki Co Ltd	14,400		124		Tempur-Pedic International Inc (a)	800			37
Regal-Beloit Corp	300		18		Whirlpool Corp	3,201			198
Sandvik AB	5,943		74				$		392
SMC Corp/Japan	500		82
Stanley Black & Decker Inc	2,988		198
		$	699

See accompanying notes.

66

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
Short Sales Outstanding
COMMON STOCKS (continued)	Shares		Value (000	's)	COMMON STOCKS (continued)	Shares		Value	(000	's)
Housewares - (0.05)%					Iron & Steel (continued)
Newell Rubbermaid Inc	11,134	$	205		Nippon Steel Corp	58,824	$		131
					Nucor Corp	4,600			164
					Rautaruukki OYJ	15,298			105
Insurance - (0.97)%					Schnitzer Steel Industries Inc	1,600			42
Aflac Inc	5,509		221
Alleghany Corp (a)	881		290		SSAB AB - A Shares	29,744			230
					ThyssenKrupp AG	701			12
Allianz SE	1,243		113		United States Steel Corp	15,161			308
Allstate Corp/The	4,310		146
Assurant Inc	5,113		171				$		1,751
Chubb Corp/The	200		14		Leisure Products & Services - (0.18)%
Cincinnati Financial Corp	12,084		436		Carnival Corp	9,252			297
Everest Re Group Ltd	2,576		263		Harley-Davidson Inc	1,300			63
Fidelity National Financial Inc	10,254		193		Life Time Fitness Inc (a)	5,300			227
Hannover Rueckversicherung AG	153		8		Royal Caribbean Cruises Ltd	1,113			26
Hartford Financial Services Group Inc	11,129		188		Shimano Inc	2,200			133
Lincoln National Corp	18,591		384		WMS Industries Inc (a)	3,700			76
MetLife Inc	10,716		313				$		822
MS&AD Insurance Group Holdings	1,800		28
Muenchener Rueckversicherungs AG	796		99		Lodging - (0.10)%
NKSJ Holdings Inc	1,700		31		Accor SA	2,025			60
Old Republic International Corp	26,100		258		Marriott International Inc/DE	6,278			243
Progressive Corp/The	6,200		135		MGM Resorts International (a)	5,700			62
Prudential Financial Inc	6,829		317		Starwood Hotels & Resorts Worldwide Inc	2,288			121
Sony Financial Holdings Inc	2,400		34				$		486
Storebrand ASA (a)	21,364		64
					Machinery - Construction & Mining - (0.12)%
Tokio Marine Holdings Inc	1,600		35		Atlas Copco AB - A Shares	2,647			54
Torchmark Corp	100		5		Caterpillar Inc	1,800			158
Travelers Cos Inc/The	500		31		Komatsu Ltd	11,000			262
Tryg A/S	3,163		166		Terex Corp (a)	3,800			63
Unum Group	9,427		188				$		537
Vienna Insurance Group AG Wiener	1,263		44
Versicherung Gruppe					Machinery - Diversified - (0.40)%
WR Berkley Corp	1,400		54		AGCO Corp (a)	2,559			103
XL Group PLC	4,773		97		Alstom SA	248			7
		$	4,326		Chart Industries Inc (a)	8,612			538
					Deere & Co	1,100			81
Internet - (1.18)%					Hexagon AB	15,563			277
Amazon.com Inc (a)	1,203		257
					IDEX Corp	2,200			88
CyberAgent Inc	36		76		Intevac Inc (a)	11,213			85
Dena Co Ltd	700		14		Kawasaki Heavy Industries Ltd	21,000			56
eBay Inc (a)	7,946		311
Equinix Inc (a)	14,104		2,301		Kubota Corp	26,000			222
					Manitowoc Co Inc/The	2,700			28
Expedia Inc	3,000		138		Mitsubishi Heavy Industries Ltd	2,000			8
Gree Inc	1,400		22		Nabtesco Corp	1,000			22
Iliad SA	100		13		Roper Industries Inc	2,753			278
Kakaku.com Inc	4,184		130				$		1,793
priceline.com Inc (a)	266		166
Rackspace Hosting Inc (a)	1,800		89		Media - (0.44)%
Rakuten Inc	258		276		Axel Springer AG	385			15
SBI Holdings Inc/Japan	1,492		97		Cablevision Systems Corp	2,600			30
Start Today Co Ltd	3,603		53		Comcast Corp - Class A	2,400			69
United Internet AG	786		13		Discovery Communications Inc - A Shares (a)	1,500			75
ValueClick Inc (a)	2,800		49		EW Scripps Co (a)	20,873			188
VeriSign Inc (a)	25,460		973		FactSet Research Systems Inc	900			95
Yahoo Japan Corp	736		214		Gannett Co Inc	13,600			178
Yahoo! Inc (a)	8,707		133		Lagardere SCA	176			4
		$	5,325		Mediaset SpA	78,093			122
					Modern Times Group AB	550			22
Investment Companies - (0.02)%					Sirius XM Radio Inc (a)	407,342			770
Ares Capital Corp	5,763		87		Sky Deutschland AG (a)	27,135			77
					Time Warner Inc	2,800			97
Iron & Steel - (0.38)%					Walt Disney Co/The	4,545			207
Allegheny Technologies Inc	8,253		265		Wolters Kluwer NV	1,221			18
ArcelorMittal	8,213		114				$		1,967
Cliffs Natural Resources Inc	2,200		105		Metal Fabrication & Hardware - (0.16)%
Hitachi Metals Ltd	21,000		244		Assa Abloy AB	7,217			188
JFE Holdings Inc	1,900		31		NTN Corp	9,000			29

See accompanying notes.

67

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
Short Sales Outstanding
COMMON STOCKS (continued)	Shares		Value (000	's)	COMMON STOCKS (continued)	Shares		Value	(000	's)
Metal Fabrication & Hardware (continued)					Oil & Gas (continued)
Precision Castparts Corp	300	$	50		Energy XXI Bermuda Ltd	200	$		6
Tenaris SA	7,686		123		Enerplus Corp	100			1
Vallourec SA	7,042		264		EOG Resources Inc	1,180			117
Worthington Industries Inc	2,600		42		EQT Corp	1,546			72
		$	696		Exxon Mobil Corp	2,600			205
					Helmerich & Payne Inc	1,500			68
Mining - (0.41)%					Hess Corp	4,563			199
Alcoa Inc	140,885		1,205		HollyFrontier Corp	6,699			197
Compass Minerals International Inc	2,869		204		Inpex Corp	17			98
Dowa Holdings Co Ltd	8,000		49		Japan Petroleum Exploration Co	200			8
Newmont Mining Corp	3,182		150		JX Holdings Inc	1,500			8
Norsk Hydro ASA	24,607		102		McMoRan Exploration Co (a)	5,800			56
OSAKA Titanium Technologies Co	1,000		31		Murphy Oil Corp	2,386			111
Titanium Metals Corp	5,100		59		Noble Corp (a)	5,800			181
Toho Titanium Co Ltd	2,700		30		Occidental Petroleum Corp	200			16
		$	1,830		Pengrowth Energy Corp	169			1
Miscellaneous Manufacturing - (0.73)%					Penn West Petroleum Ltd	1,900			25
3M Co	1,000		84		Pioneer Natural Resources Co	20,008			1,935
Aalberts Industries NV	545		9		Plains Exploration & Production Co (a)	2,175			78
Actuant Corp	8,700		228		Quicksilver Resources Inc (a)	5,500			24
Alfa Laval AB	4,148		69		Range Resources Corp	5,263			302
Barnes Group Inc	2,700		63		Rosetta Resources Inc (a)	800			31
CLARCOR Inc	3,196		156		Rowan Cos PLC (a)	7,393			222
Danaher Corp	11,272		586		SandRidge Energy Inc (a)	14,800			94
Dover Corp	100		6		Showa Shell Sekiyu KK	3,500			21
Eaton Corp	5,683		242		Southwestern Energy Co (a)	7,786			219
FUJIFILM Holdings Corp	1,300		24		Swift Energy Co (a)	1,200			24
General Electric Co	10,400		199		Tesoro Corp (a)	10,192			225
Harsco Corp	300		6		TonenGeneral Sekiyu KK	5,000			46
Hexcel Corp (a)	6,900		168		Transocean Ltd/Switzerland	900			37
Illinois Tool Works Inc	800		45		Ultra Petroleum Corp (a)	1,900			35
Ingersoll-Rand PLC	200		8		Valero Energy Corp	7,919			167
Leggett & Platt Inc	4,400		91				$		6,207
Pentair Inc	10,890		444
Polypore International Inc (a)	6,500		240		Oil & Gas Services - (0.26)%
					Baker Hughes Inc	1,700			71
Siemens AG	500		41		Cameron International Corp (a)	2,813			129
SPX Corp	3,806		273		Cie Generale de Geophysique - Veritas (a)	1,336			29
Textron Inc	13,962		330		Dresser-Rand Group Inc (a)	5,783			254
Trinity Industries Inc	600		15		Dril-Quip Inc (a)	300			18
		$	3,327		FMC Technologies Inc (a)	800			32
Office & Business Equipment - (0.07)%					Fugro NV	4,528			260
Canon Inc	1,500		60		Lufkin Industries Inc	1,200			69
Neopost SA	853		44		National Oilwell Varco Inc	500			33
Ricoh Co Ltd	20,000		145		Oil States International Inc (a)	200			13
Xerox Corp	8,300		60		Petroleum Geo-Services ASA	5,772			68
		$	309		Schlumberger Ltd	1,600			101
					Subsea 7 SA	4,370			87
Office Furnishings - (0.08)%					Superior Energy Services Inc (a)	100			2
Interface Inc	28,510		362				$		1,166
					Packaging & Containers - (0.06)%
Oil & Gas - (1.38)%					Bemis Co Inc	500			15
Apache Corp	600		49		Rock-Tenn Co	4,544			235
Atwood Oceanics Inc (a)	2,700		103
							$		250
Berry Petroleum Co	2,000		78
Bill Barrett Corp (a)	7,100		137		Pharmaceuticals - (0.80)%
Cabot Oil & Gas Corp	5,952		194		Abbott Laboratories	400			25
Chesapeake Energy Corp	11,400		193		Allergan Inc/United States	1,953			176
Chevron Corp	700		69		BioMarin Pharmaceutical Inc (a)	5,100			182
Cimarex Energy Co	200		11		Bristol-Myers Squibb Co	5,700			190
Concho Resources Inc (a)	1,200		105		Dainippon Sumitomo Pharma Co Ltd	1,400			13
ConocoPhillips	2,500		130		Eisai Co Ltd	1,100			45
Continental Resources Inc/OK (a)	300		22		Eli Lilly & Co	2,900			119
Denbury Resources Inc (a)	5,260		79		Endo Health Solutions Inc (a)	3,546			115
Diamond Offshore Drilling Inc	1,000		58		Express Scripts Holding Co (a)	2,900			151
Energen Corp	3,392		150		Galenica AG	44			26

See accompanying notes.

68

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
Short Sales Outstanding
COMMON STOCKS (continued)	Shares		Value (000	's)	COMMON STOCKS (continued)	Shares		Value	(000	's)
Pharmaceuticals (continued)					Retail (continued)
Hisamitsu Pharmaceutical Co Inc	2,179	$	96		CVS Caremark Corp	1,400	$		63
Johnson & Johnson	1,388		87		Darden Restaurants Inc	400			21
McKesson Corp	960		84		Dick's Sporting Goods Inc	4,197			195
Meda AB	1,916		18		Don Quijote Co Ltd	3,500			126
Medicis Pharmaceutical Corp	1,700		61		Dufry AG (a)	7			1
Merck & Co Inc	5,000		188		Gap Inc/The	8,000			212
Mitsubishi Tanabe Pharma Corp	7,500		99		Hennes & Mauritz AB	1,212			36
Mylan Inc/PA (a)	27,965		606		Home Depot Inc/The	5,700			281
Novartis AG	757		39		Jack in the Box Inc (a)	12,672			328
Omnicare Inc	2,810		89		JC Penney Co Inc	9,130			240
Perrigo Co	200		21		Kohl's Corp	1,200			55
Pfizer Inc	10,900		238		Lowe's Cos Inc	2,700			72
Salix Pharmaceuticals Ltd (a)	2,000		103		Ltd Brands Inc	3,800			169
Sawai Pharmaceutical Co Ltd	600		64		Lululemon Athletica Inc (a)	1,800			131
Stada Arzneimittel AG	6,121		175		Marui Group Co Ltd	15,200			107
SXC Health Solutions Corp (a)	2,869		257		McDonald's Corp	300			27
Takeda Pharmaceutical Co Ltd	3,700		155		Men's Wearhouse Inc	1,400			50
Tsumura & Co	4,300		95		MSC Industrial Direct Co Inc	400			29
VCA Antech Inc (a)	5,000		108		Nitori Holdings Co Ltd	2,250			203
ViroPharma Inc (a)	900		18		Nordstrom Inc	1,100			52
		$	3,643		Nu Skin Enterprises Inc	500			21
					O'Reilly Automotive Inc (a)	400			38
Pipelines - 0.00%					Penske Automotive Group Inc	4,300			106
Kinder Morgan Inc/Delaware - Warrants (a)	4,416		10		Saks Inc (a)	1,600			16
					Staples Inc	21,029			276
Publicly Traded Investment Fund - (0.56)%					Swatch Group AG/The - BR	21			8
Energy Select Sector SPDR Fund	600		38		Target Corp	3,325			192
iShares MSCI Emerging Markets Index Fund	65,000		2,451		Tiffany & Co	2,200			122
SPDR S&P 500 ETF Trust	246		32		Urban Outfitters Inc (a)	13,600			380
		$	2,521		Walgreen Co	800			24
					Wal-Mart Stores Inc	2,000			132
Real Estate - (0.10)%					Wendy's Co/The	4,000			18
Forest City Enterprises Inc (a)	16,500		221		Yamada Denki Co Ltd	2,430			122
Jones Lang LaSalle Inc	3,345		242				$		5,102
		$	463
					Savings & Loans - (0.18)%
REITS - (1.05)%					First Niagara Financial Group Inc	60,811			491
Alexandria Real Estate Equities Inc	1,976		135		Hudson City Bancorp Inc	30,522			189
Boston Properties Inc	2,424		249		People's United Financial Inc	12,430			144
BRE Properties Inc	1,839		91				$		824
DDR Corp	36,392		505
Digital Realty Trust Inc	9,661		684		Semiconductors - (1.35)%
Health Care REIT Inc	13,198		732		Advanced Micro Devices Inc (a)	11,300			69
Home Properties Inc	1,415		85		Altera Corp	3,907			131
Host Hotels & Resorts Inc	52,506		801		Atmel Corp (a)	14,254			100
Mid-America Apartment Communities Inc	1,341		90		Broadcom Corp (a)	3,028			98
Prologis Inc	9,529		305		Cavium Inc (a)	3,900			94
Regency Centers Corp	1,621		71		Cree Inc (a)	11,900			298
SL Green Realty Corp	9,582		719		DSP Group Inc (a)	25,428			159
Tanger Factory Outlet Centers	3,972		123		Exar Corp (a)	18,352			144
Vornado Realty Trust	1,466		120		Fairchild Semiconductor International Inc (a)	100			1
		$	4,710		First Solar Inc (a)	800			10
					Hittite Microwave Corp (a)	5,058			249
Retail - (1.14)%					Infineon Technologies AG	20,157			160
ABC-Mart Inc	1,800		68		Integrated Device Technology Inc (a)	24,562			135
Abercrombie & Fitch Co	1,900		64		Intel Corp	6,300			163
Autogrill SpA	4,567		39		Intersil Corp	800			8
AutoNation Inc (a)	400		15		Lam Research Corp (a)	22,858			853
Best Buy Co Inc	8,400		157		Linear Technology Corp	400			11
Brinker International Inc	200		6		LSI Corp (a)	26,180			174
Buckle Inc/The	1,000		39		MEMC Electronic Materials Inc (a)	9,800			16
CarMax Inc (a)	13,879		391		Microchip Technology Inc	39,759			1,233
Casey's General Stores Inc	300		17		Micron Technology Inc (a)	40,180			235
Cash America International Inc	3,000		133		Qualcomm Inc	1,900			109
Cheesecake Factory Inc/The (a)	800		26		Rohm Co Ltd	2,100			76
Children's Place Retail Stores Inc/The (a)	1,900		87		Rovi Corp (a)	2,100			51
Chipotle Mexican Grill Inc (a)	500		207		Shinko Electric Industries Co Ltd	3,568			26

See accompanying notes.

69

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2012 (unaudited)
Short Sales Outstanding
COMMON STOCKS (continued)	Shares		Value (000	's)	COMMON STOCKS (continued)		Shares	Value (000			's)
Semiconductors (continued)					Telecommunications (continued)
Sigma Designs Inc (a)	14,329	$	86		SBA Communications Corp (a)		2,200	$		114
Silicon Laboratories Inc (a)	1,700		59		Softbank Corp		1,400			44
Skyworks Solutions Inc (a)	8,923		240		Swisscom AG		52			19
Sumco Corp (a)	700		6		Telefonica SA		4,846			54
Texas Instruments Inc	5,300		151		Telekom Austria AG		4,497			41
Xilinx Inc	28,202		902		Telenet Group Holding NV		2,572			105
		$	6,047		ViaSat Inc (a)		2,717			114
					Virgin Media Inc		8,500			187
Software - (0.74)%					Vivendi SA		2,873			47
Activision Blizzard Inc	1,200		14		Windstream Corp		4,912			46
Adobe Systems Inc (a)	2,600		81
Amadeus IT Holding SA	2,461		45					$		4,170
ANSYS Inc (a)	2,247		139		Textiles - (0.03)%
BMC Software Inc (a)	2,909		123		Cintas Corp		500			18
Bottomline Technologies Inc (a)	4,434		79		Mohawk Industries Inc (a)		1,987			135
CA Inc	8,080		201					$		153
Cerner Corp (a)	1,000		78
Citrix Systems Inc (a)	1,491		109		Toys, Games & Hobbies - (0.02)%
Concur Technologies Inc (a)	8,007		495		Nintendo Co Ltd		800			93
Dun & Bradstreet Corp/The	2,686		181		Sanrio Co Ltd		500			16
Electronic Arts Inc (a)	8,381		114					$		109
Fidelity National Information Services Inc	1,300		43		Transportation - (0.51)%
Informatica Corp (a)	1,994		83		Bristow Group Inc		300			12
Intuit Inc	1,300		73		Cargotec Oyj		1			—
Microsoft Corp	500		15		CH Robinson Worldwide Inc		1,200			70
MicroStrategy Inc (a)	1,410		172		D/S Norden A/S		1,574			41
Nomura Research Institute Ltd	2,500		54		Expeditors International of Washington Inc		100			4
Nuance Communications Inc (a)	6,000		124		FedEx Corp		7,270			648
Oracle Corp	2,300		61		Genesee & Wyoming Inc (a)		900			45
Parametric Technology Corp (a)	11,260		227		Hankyu Hanshin Holdings Inc		16,000			78
Quality Systems Inc	2,500		71		JB Hunt Transport Services Inc		400			23
Salesforce.com Inc (a)	3,779		524		Kansas City Southern		3,218			212
Solera Holdings Inc	400		18		Keikyu Corp		3,000			26
Take-Two Interactive Software Inc (a)	3,900		45		Kirby Corp (a)		6,661			352
Temenos Group AG (a)	7,867		127		Knight Transportation Inc		6,000			101
UBISOFT Entertainment (a)	1,689		11		Kuehne + Nagel International AG		368			39
VeriFone Systems Inc (a)	1,593		58		Mitsui OSK Lines Ltd		32,000			112
		$	3,365		Nippon Express Co Ltd		6,000			23
Telecommunications - (0.92)%					PostNL NV		37,841			128
Acme Packet Inc (a)	1,700		39		Tidewater Inc		2,300			104
ADTRAN Inc	12,240		357		Union Pacific Corp		300			34
Alcatel-Lucent/France (a)	55,377		87		United Parcel Service Inc		2,300			172
Anixter International Inc	1,300		75		Yamato Holdings Co Ltd		2,400			37
Arris Group Inc (a)	100		1					$		2,261
Aruba Networks Inc (a)	11,690		154		Trucking & Leasing - (0.03)%
CenturyLink Inc	1,500		59		GATX Corp		3,500			134
Ciena Corp (a)	27,000		366
Comtech Telecommunications Corp	3,900		113
Corning Inc	2,700		35		Water - (0.02)%
Crown Castle International Corp (a)	10,587		578		Suez Environnement Co		7,611			83
Deutsche Telekom AG	12,058		119
Elisa OYJ	4,323		85		TOTAL COMMON STOCKS (proceeds $122,416)			$		119,578
Eutelsat Communications SA	920		24		PREFERRED STOCKS - (0.01)%		Shares	Value (000			's)
Finisar Corp (a)	9,900		142
					Apparel - (0.01)%
France Telecom SA	58		1		Hugo Boss AG		332			32
Harris Corp	8,100		322
IPG Photonics Corp (a)	200		9
Juniper Networks Inc (a)	2,200		38		TOTAL PREFERRED STOCKS (proceeds $37)			$		32
Koninklijke KPN NV	19,167		181		U.S. GOVERNMENT & GOVERNMENT		Principal
Leap Wireless International Inc (a)	24,600		142		AGENCY OBLIGATIONS - (8.99)%	Amount (000's)		Value (000			's)
MetroPCS Communications Inc (a)	37,987		243		Federal National Mortgage Association (FNMA) - (6.37)%
NII Holdings Inc (a)	3,200		37		3.50%, 06/01/2027	$	19,000		$	20,054
NTT DoCoMo Inc	47		75		4.50%, 06/15/2042		8,000			8,583
Plantronics Inc	600		18					$		28,637
Polycom Inc (a)	7,576		86
RF Micro Devices Inc (a)	3,300		13

See accompanying notes.

70

Schedule of Investments Global Multi-Strategy Fund May 31, 2012 (unaudited)
Short Sales Outstanding
U.S. GOVERNMENT & GOVERNMENT	Principal
AGENCY OBLIGATIONS (continued)	Amount (000's)			Value (000	's)
U.S. Treasury - (2.62)%
2.00%, 02/15/2022	$	400	$	417
3.13%, 05/15/2021		6,800		7,794
3.13%, 02/15/2042		800		878
3.75%, 08/15/2041		2,200		2,709
			$	11,798
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY			$	40,435
OBLIGATIONS (proceeds $40,154)
(a) Non-Income Producing Security

See accompanying notes.

71

Schedule of Investments
International Equity Index Fund
May 31, 2012 (unaudited)
COMMON STOCKS - 97.90%	Shares Held		Value (000	's)	COMMON STOCKS (continued)	Shares Held		Value	(000	's)
Advertising - 0.31%					Automobile Parts & Equipment (continued)
Dentsu Inc	12,900	$	361		Continental AG	5,728	$		480
Hakuhodo DY Holdings Inc	1,670		104		Denso Corp	34,800			1,046
JCDecaux SA	4,761		100		GKN PLC	111,210			316
Publicis Groupe SA	10,384		481		JTEKT Corp	15,900			154
WPP PLC	90,341		1,082		Koito Manufacturing Co Ltd	7,000			91
		$	2,128		NGK Insulators Ltd	18,000			187
					NGK Spark Plug Co Ltd	11,000			141
Aerospace & Defense - 0.74%					NHK Spring Co Ltd	11,400			120
BAE Systems PLC	232,132		981		NOK Corp	7,400			155
Cobham PLC	77,229		267		Nokian Renkaat OYJ	7,886			297
Elbit Systems Ltd	1,687		56		Pirelli & C. SpA	17,032			170
European Aeronautic Defence and Space Co NV	29,364		985		Stanley Electric Co Ltd	10,300			142
					Sumitomo Electric Industries Ltd	54,000			624
Finmeccanica SpA (a)	28,978		97
					Sumitomo Rubber Industries Ltd	12,200			147
Meggitt PLC	55,724		325		Toyoda Gosei Co Ltd	4,700			91
Rolls-Royce Holdings PLC (a),(b)	134,058		1,704		Toyota Boshoku Corp	4,700			50
Safran SA	11,944		411		Toyota Industries Corp	12,800			337
Thales SA	7,242		215				$		6,725
		$	5,041
					Banks - 11.65%
Agriculture - 1.80%					Aozora Bank Ltd	41,000			87
British American Tobacco PLC	141,024		6,666		Australia & New Zealand Banking Group Ltd	188,658			3,835
Golden Agri-Resources Ltd	478,000		240		Banca Carige SpA	46,287			38
Imperial Tobacco Group PLC	72,172		2,611		Banca Monte dei Paschi di Siena SpA (a)	349,412			88
Japan Tobacco Inc	322		1,792		Banco Bilbao Vizcaya Argentaria SA	333,531			1,905
Swedish Match AB	15,251		578		Banco de Sabadell SA	148,608			243
Wilmar International Ltd	138,000		389		Banco Espirito Santo SA (a)	143,865			81
		$	12,276		Banco Popolare SC (a)	126,275			141
Airlines - 0.15%					Banco Popular Espanol SA	73,883			149
All Nippon Airways Co Ltd	60,000		164		Banco Santander SA	614,656			3,274
Cathay Pacific Airways Ltd	85,000		131		Bank Hapoalim BM	75,754			242
Deutsche Lufthansa AG	16,395		173		Bank Leumi Le-Israel BM	84,409			213
International Consolidated Airlines Group SA(a)	66,425		146		Bank of East Asia Ltd	111,400			372
					Bank of Kyoto Ltd/The	23,000			168
Qantas Airways Ltd (a)	79,473		115		Bank of Yokohama Ltd/The	88,000			394
Singapore Airlines Ltd	39,000		314		Bankia SA (a)	62,029			80
		$	1,043		Bankinter SA	15,367			47
					Barclays PLC	829,637			2,276
Apparel - 0.38%					Bendigo and Adelaide Bank Ltd	26,691			189
Adidas AG	14,981		1,119		BNP Paribas SA	69,182			2,217
Asics Corp	10,700		114		BOC Hong Kong Holdings Ltd	265,000			727
Burberry Group PLC	31,405		664		CaixaBank	54,993			138
Christian Dior SA	3,904		511		CaixaBank - Rights (a)	54,993			4
Yue Yuen Industrial Holdings Ltd	53,000		165		Chiba Bank Ltd/The	55,000			310
		$	2,573		Chugoku Bank Ltd/The	12,000			142
					Commerzbank AG (a)	260,361			433
Automobile Manufacturers - 3.42%					Commonwealth Bank of Australia	112,864			5,430
Bayerische Motoren Werke AG	23,708		1,801		Credit Agricole SA (a)	71,546			257
Daihatsu Motor Co Ltd	14,000		240		Credit Suisse Group AG (a)	81,698			1,561
Daimler AG	64,898		3,020		Danske Bank A/S (a)	46,701			622
Fiat Industrial SpA	54,750		553
Fiat SpA (a)	54,768		259		DBS Group Holdings Ltd	126,000			1,287
Fuji Heavy Industries Ltd	42,000		321		Deutsche Bank AG	66,555			2,413
Hino Motors Ltd	19,000		126		DNB ASA	69,976			634
					Erste Group Bank AG (a)	13,702			238
Honda Motor Co Ltd	116,700		3,710
Isuzu Motors Ltd	85,000		453		Fukuoka Financial Group Inc	55,000			203
Mazda Motor Corp (a)	186,000		236		Gunma Bank Ltd/The	28,000			124
Mitsubishi Motors Corp (a)	278,000		273		Hachijuni Bank Ltd/The	30,000			143
Nissan Motor Co Ltd	178,000		1,712		Hang Seng Bank Ltd	54,800			708
Peugeot SA	16,515		163		Hiroshima Bank Ltd/The	36,000			121
Renault SA	13,764		578		Hokuhoku Financial Group Inc	90,000			131
Scania AB	22,913		365		HSBC Holdings PLC	1,279,393			10,091
Suzuki Motor Corp	24,100		499		Intesa Sanpaolo SpA	721,462			901
Toyota Motor Corp	197,500		7,590		Intesa Sanpaolo SpA - RSP	66,769			70
					Israel Discount Bank Ltd (a)	56,595			62
Volkswagen AG	2,113		320
Volvo AB - B Shares	99,648		1,125		Iyo Bank Ltd/The	17,000			128
					Joyo Bank Ltd/The	47,000			194
		$	23,344		Julius Baer Group Ltd (a)	14,795			467
Automobile Parts & Equipment - 0.98%					KBC Groep NV	11,535			178
Aisin Seiki Co Ltd	13,700		427		Lloyds Banking Group PLC (a)	2,952,626			1,162
Bridgestone Corp	46,600		994		Mediobanca SpA	36,996			129
Cie Generale des Etablissements Michelin	12,888		756		Mitsubishi UFJ Financial Group Inc	912,200			3,937

See accompanying notes.

72

Schedule of Investments
International Equity Index Fund
May 31, 2012 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value (000	's)	COMMON STOCKS (continued)	Shares Held		Value	(000	's)
Banks (continued)					Chemicals - 3.81%
Mizrahi Tefahot Bank Ltd (a)	8,850	$	70		Air Liquide SA	22,349	$		2,426
Mizuho Financial Group Inc	1,633,800		2,387		Air Water Inc	11,000			127
National Australia Bank Ltd	157,829		3,452		Akzo Nobel NV	16,804			768
National Bank of Greece SA (a)	68,459		85		Arkema SA	3,963			262
Natixis	66,212		156		Asahi Kasei Corp	90,000			486
Nishi-Nippon City Bank Ltd/The	48,000		109		BASF SE	65,766			4,615
Nordea Bank AB	188,368		1,401		Bayer AG	59,212			3,758
Oversea-Chinese Banking Corp Ltd	185,000		1,196		Brenntag AG	3,319			375
Pohjola Bank PLC	9,892		103		Daicel Corp	21,000			119
Raiffeisen Bank International AG	3,500		97		Denki Kagaku Kogyo KK	34,000			114
Resona Holdings Inc	135,100		508		Givaudan SA (a)	595			553
Royal Bank of Scotland Group PLC (a)	1,272,280		394		Hitachi Chemical Co Ltd	7,500			118
Seven Bank Ltd	42,600		95		Incitec Pivot Ltd	116,622			322
Shinsei Bank Ltd	98,000		103		Israel Chemicals Ltd	31,840			329
Shizuoka Bank Ltd/The	42,000		409		Johnson Matthey PLC	15,371			517
Skandinaviska Enskilda Banken AB	100,997		562		JSR Corp	12,800			221
Societe Generale SA (a)	47,234		943		K+S AG	12,334			495
Standard Chartered PLC	170,513		3,453		Kaneka Corp	20,000			110
Sumitomo Mitsui Financial Group Inc	96,200		2,803		Kansai Paint Co Ltd	16,000			153
Sumitomo Mitsui Trust Holdings Inc	223,440		562		Koninklijke DSM NV	11,042			526
Suruga Bank Ltd	13,000		119		Kuraray Co Ltd	24,700			314
Svenska Handelsbanken AB	35,075		984		Lanxess AG	5,958			398
Swedbank AB	58,744		840		Linde AG	12,227			1,885
UBS AG	260,592		2,959		Lonza Group AG (a)	3,600			128
UniCredit SpA (a)	289,821		894		Mitsubishi Chemical Holdings Corp	97,000			427
Unione di Banche Italiane SCPA	58,111		162		Mitsubishi Gas Chemical Co Inc	28,000			163
United Overseas Bank Ltd	90,000		1,231		Mitsui Chemicals Inc	59,000			149
Westpac Banking Corp	217,011		4,283		Nitto Denko Corp	11,800			476
Wing Hang Bank Ltd	13,000		119		Shin-Etsu Chemical Co Ltd	29,400			1,507
Yamaguchi Financial Group Inc	15,000		120		Showa Denko KK	107,000			213
		$	79,583		Solvay SA	4,245			447
					Sumitomo Chemical Co Ltd	113,000			355
Beverages - 2.33%					Syngenta AG	6,774			2,182
Anheuser-Busch InBev NV	57,486		3,890		Taiyo Nippon Sanso Corp	19,000			115
Asahi Group Holdings Ltd	27,700		591		Tosoh Corp	37,000			94
Carlsberg A/S	7,659		575		Ube Industries Ltd/Japan	72,000			165
Coca Cola Hellenic Bottling Co SA (a)	13,123		229
					Wacker Chemie AG	1,120			77
Coca-Cola Amatil Ltd	40,791		510		Yara International ASA	13,388			508
Coca-Cola West Co Ltd	4,400		74				$		25,997
Diageo PLC	178,894		4,262
Heineken Holding NV	8,250		334		Coal - 0.02%
Heineken NV	18,560		885		Whitehaven Coal Ltd	31,890			124
Kirin Holdings Co Ltd	59,000		677
Pernod-Ricard SA	14,216		1,388
SABMiller PLC	68,302		2,524		Commercial Services - 1.44%
					Abertis Infraestructuras SA	27,782			354
		$	15,939		Adecco SA (a)	9,486			370
Biotechnology - 0.27%					Aggreko PLC	19,094			649
CSL Ltd	37,477		1,373		Atlantia SpA	22,566			280
Novozymes A/S	16,509		444		Babcock International Group PLC	25,714			338
		$	1,817		Benesse Holdings Inc	4,800			216
					Brambles Ltd	105,995			687
Building Materials - 1.04%					Bunzl PLC	23,674			374
Asahi Glass Co Ltd	72,000		483		Bureau Veritas SA	3,912			337
Boral Ltd	53,325		183		Capita PLC	46,815			447
Cie de St-Gobain	28,761		1,024		Dai Nippon Printing Co Ltd	40,000			302
Cimpor Cimentos de Portugal SGPS SA (a)	14,435		99		Edenred	11,322			299
CRH PLC	51,480		871		Experian PLC	71,952			1,007
Daikin Industries Ltd	16,800		431		G4S PLC	101,008			431
Fletcher Building Ltd	48,743		231		Intertek Group PLC	11,468			469
Geberit AG (a)	2,803		545		Randstad Holding NV	8,568			232
HeidelbergCement AG	10,069		441		Secom Co Ltd	15,000			662
Holcim Ltd (a)	17,565		942		Securitas AB	22,421			164
Imerys SA	2,432		117		Serco Group PLC	35,577			289
James Hardie Industries SE	31,202		225		SGS SA	392			709
JS Group Corp	19,100		349		Sodexo	6,751			491
Lafarge SA	14,397		533		Toppan Printing Co Ltd	40,000			243
Nippon Sheet Glass Co Ltd	65,000		64		Transurban Group	93,535			515
Rinnai Corp	2,300		148				$		9,865
Sika AG	146		265
TOTO Ltd	21,000		142		Computers - 0.33%
		$	7,093		AtoS	3,548			194

See accompanying notes.

73

Schedule of Investments
International Equity Index Fund
May 31, 2012 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value (000	's)	COMMON STOCKS (continued)	Shares Held		Value	(000	's)
Computers (continued)					Electric (continued)
Cap Gemini SA	10,596	$	358		Electricite de France SA	17,210	$		332
Computershare Ltd	31,830		241		Enel SpA	471,317			1,344
Fujitsu Ltd	133,000		581		Fortum OYJ	31,805			579
Indra Sistemas SA	7,051		63		GDF Suez	88,685			1,755
Itochu Techno-Solutions Corp	2,000		93		Hokkaido Electric Power Co Inc	13,100			164
NTT Data Corp	90		258		Hokuriku Electric Power Co	12,000			186
Otsuka Corp	1,100		87		Iberdrola SA	273,784			1,042
TDK Corp	8,800		379		International Power PLC/United Kingdom	109,423			700
		$	2,254		Kansai Electric Power Co Inc/The	53,800			779
					Kyushu Electric Power Co Inc	28,900			352
Consumer Products - 0.47%					Origin Energy Ltd	77,770			975
Henkel AG & Co KGaA	9,301		511		Power Assets Holdings Ltd	99,500			695
Husqvarna AB	32,019		149		Red Electrica Corp SA	7,749			287
Reckitt Benckiser Group PLC	44,343		2,360		RWE AG	35,041			1,284
Societe BIC SA	2,060		201		Shikoku Electric Power Co Inc	13,100			308
		$	3,221		SP AusNet (b)	118,276			117
Cosmetics & Personal Care - 0.62%					SSE PLC	67,190			1,372
Beiersdorf AG	7,218		456		Terna Rete Elettrica Nazionale SpA	86,353			289
Kao Corp	37,700		974		Tohoku Electric Power Co Inc	32,400			297
L'Oreal SA	17,213		1,938		Tokyo Electric Power Co Inc/The (a)	103,600			209
Shiseido Co Ltd	25,800		405		Verbund AG	4,876			113
Unicharm Corp	8,100		438				$		18,904
		$	4,211		Electrical Components & Equipment - 1.01%
Distribution & Wholesale - 1.31%					Brother Industries Ltd	16,900			185
Hitachi High-Technologies Corp	4,400		98		Casio Computer Co Ltd	17,000			99
ITOCHU Corp	107,800		1,179		Furukawa Electric Co Ltd	46,000			98
Jardine Cycle & Carriage Ltd	8,000		260		GS Yuasa Corp	25,000			106
Li & Fung Ltd	406,000		744		Hitachi Ltd	324,000			1,850
Marubeni Corp	118,000		753		Legrand SA	16,024			483
Mitsubishi Corp	100,600		1,963		Mabuchi Motor Co Ltd	1,700			65
Mitsui & Co Ltd	124,400		1,748		Mitsubishi Electric Corp	138,000			1,082
Sojitz Corp	89,600		141		Nidec Corp	7,800			635
Sumitomo Corp	80,600		1,081		NV Bekaert SA	2,791			73
Toyota Tsusho Corp	15,200		280		Prysmian SpA	14,584			207
Wolseley PLC	20,403		697		Schneider Electric SA	35,052			1,874
		$	8,944		Ushio Inc	7,500			83
					Vestas Wind Systems A/S (a)	14,586			90
Diversified Financial Services - 1.06%							$		6,930
Aeon Credit Service Co Ltd	5,600		91
ASX Ltd	12,540		360		Electronics - 1.03%
Credit Saison Co Ltd	10,600		202		Advantest Corp	10,700			145
Daiwa Securities Group Inc	119,000		375		Hamamatsu Photonics KK	4,800			167
Deutsche Boerse AG	13,963		668		Hirose Electric Co Ltd	2,300			210
GAM Holding AG (a)	14,056		148		Hoya Corp	31,100			666
Hong Kong Exchanges and Clearing Ltd	73,500		1,035		Ibiden Co Ltd	8,600			151
ICAP PLC	39,462		208		Keyence Corp	3,240			732
Investec PLC	38,459		198		Koninklijke Philips Electronics NV	72,246			1,280
London Stock Exchange Group PLC	10,677		165		Kyocera Corp	11,000			907
Macquarie Group Ltd	24,957		654		Murata Manufacturing Co Ltd	14,500			750
Man Group PLC	132,295		150		NEC Corp	187,000			269
Mitsubishi UFJ Lease & Finance Co Ltd	4,170		156		Nippon Electric Glass Co Ltd	29,000			181
Nomura Holdings Inc	260,000		852		Omron Corp	14,600			288
Old Mutual PLC	348,404		763		Toshiba Corp	288,000			1,079
ORIX Corp	7,500		647		Yaskawa Electric Corp	15,000			112
Partners Group Holding AG	956		159		Yokogawa Electric Corp	15,400			130
Schroders PLC	8,092		149				$		7,067
Singapore Exchange Ltd	61,000		292		Energy - Alternate Sources - 0.03%
		$	7,272		EDP Renovaveis SA (a)	15,615			55
Electric - 2.77%					Enel Green Power SpA	125,306			166
A2A SpA	78,514		49				$		221
AGL Energy Ltd	33,267		492		Engineering & Construction - 1.28%
AGL Energy Ltd - Rights (a),(b)	5,374		18		ABB Ltd (a)	156,962			2,476
Chubu Electric Power Co Inc	48,800		748		Acciona SA	1,820			96
Chugoku Electric Power Co Inc/The	21,300		336		ACS Actividades de Construccion y Servicios	10,139			169
CLP Holdings Ltd	138,000		1,123		SA
Contact Energy Ltd (a)	25,887		95
					Aeroports de Paris	2,480			180
E.ON AG	128,950		2,365		Aker Solutions ASA	11,772			156
EDP - Energias de Portugal SA	136,658		284		Auckland International Airport Ltd	66,340			129
Electric Power Development Co Ltd	8,300		215		Balfour Beatty PLC	49,214			207

See accompanying notes.

74

Schedule of Investments
International Equity Index Fund
May 31, 2012 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value (000	's)	COMMON STOCKS (continued)	Shares Held		Value	(000	's)
Engineering & Construction (continued)					Food (continued)
Bouygues SA	13,527	$	329		Unilever PLC	91,900	$		2,892
Cheung Kong Infrastructure Holdings Ltd	33,000		181		WM Morrison Supermarkets PLC	155,324			662
Chiyoda Corp	11,000		130		Woolworths Ltd	87,731			2,259
Eiffage SA	2,900		88		Yakult Honsha Co Ltd	6,900			240
Ferrovial SA	26,261		249		Yamazaki Baking Co Ltd	9,000			125
Fomento de Construcciones y Contratas SA	3,646		46				$		36,662
Fraport AG Frankfurt Airport Services	2,631		134
Worldwide					Food Service - 0.20%
Hochtief AG (a)	3,032		138		Compass Group PLC	136,027			1,337
JGC Corp	15,000		411
Kajima Corp	61,000		159		Forest Products & Paper - 0.24%
Kinden Corp	10,000		64		Holmen AB	3,782			97
Koninklijke Boskalis Westminster NV	5,061		151		Nippon Paper Group Inc	7,100			109
Leighton Holdings Ltd	10,843		187		OJI Paper Co Ltd	61,000			231
Obayashi Corp	46,000		178		Stora Enso OYJ	41,657			227
SembCorp Industries Ltd	70,000		261		Svenska Cellulosa AB	41,393			591
Shimizu Corp	42,000		139		UPM-Kymmene OYJ	37,590			387
Singapore Technologies Engineering Ltd	109,000		250				$		1,642
Skanska AB	28,636		381
Taisei Corp	73,000		178		Gas - 1.11%
Vinci SA	32,367		1,300		Centrica PLC	370,398			1,769
WorleyParsons Ltd	13,846		347		Enagas SA	12,821			200
		$	8,714		Gas Natural SDG SA	24,852			270
					Gas Natural SDG SA - Rights (a)	24,852			14
Entertainment - 0.25%					Hong Kong & China Gas Co Ltd	339,770			797
Genting Singapore PLC	437,000		507		National Grid PLC	254,887			2,557
OPAP SA	15,989		85		Osaka Gas Co Ltd	134,000			525
Oriental Land Co Ltd/Japan	3,600		393		Snam SpA	115,069			466
Sankyo Co Ltd	3,800		183		Toho Gas Co Ltd	29,000			164
TABCORP Holdings Ltd	51,039		144		Tokyo Gas Co Ltd	176,000			835
Tatts Group Ltd	96,003		245				$		7,597
Toho Co Ltd/Tokyo	8,100		129
		$	1,686		Hand & Machine Tools - 0.38%
					Fuji Electric Co Ltd	40,000			93
Environmental Control - 0.03%					Makita Corp	8,000			271
Kurita Water Industries Ltd	8,100		177		Sandvik AB	71,917			901
					Schindler Holding AG - PC	3,481			386
Food - 5.37%					Schindler Holding AG - REG	1,542			172
Ajinomoto Co Inc	46,000		620		SMC Corp/Japan	3,900			639
Aryzta AG (a)	6,245		282		THK Co Ltd	8,600			163
Associated British Foods PLC	25,509		468				$		2,625
Barry Callebaut AG (a)	130		115		Healthcare - Products - 0.91%
Carrefour SA	41,346		714		Cie Generale d'Optique Essilor International SA	14,397			1,231
Casino Guichard Perrachon SA	3,958		333
Colruyt SA	5,423		218		Cochlear Ltd	4,074			249
Danone SA	41,814		2,682		Coloplast A/S	1,630			281
Delhaize Group SA	7,292		265		Fresenius SE & Co KGaA	8,880			840
Distribuidora Internacional de Alimentacion SA (a)	41,346		181		Getinge AB	14,331			358
					Luxottica Group SpA	8,362			271
First Pacific Co Ltd/Hong Kong	152,000		157		QIAGEN NV (a)	16,764			270
J Sainsbury PLC	87,379		389		Shimadzu Corp	17,000			142
Jeronimo Martins SGPS SA	15,771		280		Smith & Nephew PLC	63,970			599
Kerry Group PLC	10,055		434		Sonova Holding AG (a)	3,518			331
Kesko OYJ	4,791		120		Straumann Holding AG	561			86
Kikkoman Corp	11,000		130		Synthes Inc (c)	4,675			764
Koninklijke Ahold NV	83,195		978		Sysmex Corp	5,200			213
Lindt & Spruengli AG (a)	8		277		Terumo Corp	12,200			438
Lindt & Spruengli AG - PC (a)	64		186		William Demant Holding A/S (a)	1,671			147
MEIJI Holdings Co Ltd	4,900		204				$		6,220
Metcash Ltd	55,231		206
Metro AG	9,283		268		Healthcare - Services - 0.24%
Nestle SA	236,290		13,408		Fresenius Medical Care AG & Co KGaA	15,021			997
Nippon Meat Packers Inc	12,000		143		Miraca Holdings Inc	4,000			153
Nisshin Seifun Group Inc	13,500		150		Ramsay Health Care Ltd	9,405			197
Nissin Foods Holdings Co Ltd	4,200		153		Sonic Healthcare Ltd	26,527			315
Olam International Ltd	105,000		135				$		1,662
Suedzucker AG	4,745		144		Holding Companies - Diversified - 1.07%
Tate & Lyle PLC	33,482		347		Exor SpA	4,590			98
TESCO PLC	574,088		2,679		GEA Group AG	12,503			320
Toyo Suisan Kaisha Ltd	6,000		154		Groupe Bruxelles Lambert SA	5,777			362
Unilever NV - CVA	116,641		3,664

See accompanying notes.

75

Schedule of Investments
International Equity Index Fund
May 31, 2012 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value (000	's)	COMMON STOCKS (continued)	Shares Held		Value	(000	's)
Holding Companies - Diversified (continued)					Internet (continued)
Hutchison Whampoa Ltd	153,000	$	1,256		Trend Micro Inc	7,500	$		205
Industrivarden AB	8,431		103		United Internet AG	7,697			132
Keppel Corp Ltd	102,200		789		Yahoo Japan Corp	1,041			302
LVMH Moet Hennessy Louis Vuitton SA	18,178		2,691				$		1,728
Noble Group Ltd	276,000		237
NWS Holdings Ltd	97,500		143		Investment Companies - 0.19%
Swire Pacific Ltd	52,000		560		Delek Group Ltd	326			53
Wendel SA	2,353		155		Eurazeo	2,483			95
Wharf Holdings Ltd	108,000		563		Investment AB Kinnevik	14,725			259
		$	7,277		Investor AB	32,614			572
					Israel Corp Ltd/The	165			92
Home Builders - 0.15%					Pargesa Holding SA	1,935			106
Daiwa House Industry Co Ltd	34,000		433		Ratos AB	13,719			122
Sekisui Chemical Co Ltd	31,000		264				$		1,299
Sekisui House Ltd	41,000		346
		$	1,043		Iron & Steel - 0.68%
					Acerinox SA	7,140			71
Home Furnishings - 0.39%					ArcelorMittal	61,472			853
Electrolux AB	17,225		328		Daido Steel Co Ltd	20,000			120
Matsushita Electric Industrial Co Ltd	158,100		1,041		Fortescue Metals Group Ltd	89,183			401
Sharp Corp/Japan	72,000		376		Hitachi Metals Ltd	12,000			139
Sony Corp	71,900		952		Japan Steel Works Ltd/The	23,000			121
		$	2,697		JFE Holdings Inc	33,000			533
					Kobe Steel Ltd	178,000			213
Insurance - 4.14%					Nippon Steel Corp	366,000			819
Admiral Group PLC	14,542		233		Nisshin Steel Co Ltd	50,000			62
Aegon NV	123,064		519		Salzgitter AG	2,797			120
Ageas	158,425		252		SSAB AB - A Shares	11,206			87
AIA Group Ltd	603,600		1,962		Sumitomo Metal Industries Ltd	241,000			389
Allianz SE	32,544		2,958		ThyssenKrupp AG	27,629			458
AMP Ltd	204,405		771		Voestalpine AG	7,868			198
Assicurazioni Generali SpA	83,608		853		Yamato Kogyo Co Ltd	3,000			81
Aviva PLC	208,012		844				$		4,665
AXA SA	124,614		1,406
Baloise Holding AG	3,401		211		Leisure Products & Services - 0.21%
CNP Assurances	10,636		115		Carnival PLC	12,943			417
Dai-ichi Life Insurance Co Ltd/The	644		643		Sega Sammy Holdings Inc	15,300			272
Delta Lloyd NV	7,328		91		Shimano Inc	5,400			327
Gjensidige Forsikring ASA	14,321		153		Tui Travel PLC	36,024			92
Hannover Rueckversicherung AG	4,318		232		Yamaha Corp	11,300			97
ING Groep NV (a)	274,256		1,587		Yamaha Motor Co Ltd	20,000			198
Insurance Australia Group Ltd	148,865		482				$		1,403
Legal & General Group PLC	420,452		718
Mapfre SA	55,126		107		Lodging - 0.51%
MS&AD Insurance Group Holdings	40,800		625		Accor SA	10,560			315
Muenchener Rueckversicherungs AG	12,841		1,597		City Developments Ltd	36,000			277
NKSJ Holdings Inc	26,750		490		Crown Ltd	28,685			237
Prudential PLC	182,435		1,915		Echo Entertainment Group Ltd	49,264			210
					Galaxy Entertainment Group Ltd (a)	90,000			218
QBE Insurance Group Ltd	79,877		962
Resolution Ltd	98,539		294		InterContinental Hotels Group PLC	20,796			489
RSA Insurance Group PLC	252,783		386		Sands China Ltd	172,800			589
Sampo OYJ	30,078		697		Shangri-La Asia Ltd	100,166			196
SCOR SE	12,372		269		SJM Holdings Ltd	119,000			211
Sony Financial Holdings Inc	12,500		179		Sky City Entertainment Group Ltd	41,312			111
Standard Life PLC	168,529		534		Whitbread PLC	12,693			366
Suncorp Group Ltd	92,125		695		Wynn Macau Ltd	111,600			273
Swiss Life Holding AG (a)	2,182		176				$		3,492
Swiss Re AG (a)	24,722		1,432		Machinery - Construction & Mining - 0.48%
T&D Holdings Inc	41,500		395		Atlas Copco AB - A Shares	48,083			974
Tokio Marine Holdings Inc	51,800		1,125		Atlas Copco AB - B Shares	27,941			503
Tryg A/S	1,756		92		Hitachi Construction Machinery Co Ltd	7,700			148
Vienna Insurance Group AG Wiener	2,750		97		Komatsu Ltd	67,900			1,621
Versicherung Gruppe							$		3,246
Zurich Insurance Group AG (a)	10,552		2,169
		$	28,266		Machinery - Diversified - 1.09%
					Alstom SA	14,768			430
Internet - 0.25%					Amada Co Ltd	26,000			150
Dena Co Ltd	7,000		146		FANUC Corp	13,700			2,354
Gree Inc	6,600		106		Hexagon AB	18,146			323
Iliad SA	1,371		177		IHI Corp	95,000			195
Rakuten Inc	520		556		Kawasaki Heavy Industries Ltd	102,000			270
SBI Holdings Inc/Japan	1,602		104		Kone OYJ	11,149			624

See accompanying notes.

76

Schedule of Investments
International Equity Index Fund
May 31, 2012 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value (000	's)	COMMON STOCKS (continued)	Shares Held		Value	(000	's)
Machinery - Diversified (continued)					Miscellaneous Manufacturing (continued)
Kubota Corp	83,000	$	709		Invensys PLC	58,152	$		197
MAN SE	4,542		436		Konica Minolta Holdings Inc	34,500			247
Metso OYJ	9,151		300		Nikon Corp	24,400			677
Mitsubishi Heavy Industries Ltd	217,000		876		Olympus Corp	15,500			248
Nabtesco Corp	6,800		152		Orkla ASA	55,256			375
Sumitomo Heavy Industries Ltd	40,000		177		Siemens AG	58,914			4,864
Weir Group PLC/The	15,133		362		Smiths Group PLC	28,108			434
Zardoya Otis SA	10,508		116		Sulzer AG	1,717			206
		$	7,474		Wartsila OYJ Abp	12,005			395
Media - 0.77%							$		8,934
Axel Springer AG	2,834		114		Office & Business Equipment - 0.56%
British Sky Broadcasting Group PLC	81,522		867		Canon Inc	81,200			3,240
Fairfax Media Ltd	159,987		104		Neopost SA	2,363			123
ITV PLC	264,550		299		Ricoh Co Ltd	48,000			348
Jupiter Telecommunications Co Ltd	124		127		Seiko Epson Corp	9,300			94
Kabel Deutschland Holding AG (a)	6,444		367				$		3,805
Lagardere SCA	8,451		200
Mediaset SpA	50,748		79		Oil & Gas - 7.10%
Modern Times Group AB	3,489		141		BG Group PLC	243,006			4,683
Pearson PLC	58,400		1,027		BP PLC	1,357,833			8,254
Reed Elsevier NV	49,252		512		Caltex Australia Ltd	9,666			129
Reed Elsevier PLC	87,116		644		Cosmo Oil Co Ltd	42,000			106
Sanoma OYJ	5,829		49		Eni SpA	172,078			3,315
					Essar Energy PLC (a)	23,333			49
Singapore Press Holdings Ltd	110,000		322
Societe Television Francaise 1	8,311		61		Galp Energia SGPS SA	16,565			197
Wolters Kluwer NV	21,600		314		Idemitsu Kosan Co Ltd	1,600			145
		$	5,227		Inpex Corp	157			906
					Japan Petroleum Exploration Co	2,000			77
Metal Fabrication & Hardware - 0.36%					JX Holdings Inc	160,830			815
Assa Abloy AB	22,495		586		Lundin Petroleum AB (a)	15,934			282
Maruichi Steel Tube Ltd	3,400		71		Neste Oil OYJ	9,180			85
NSK Ltd	32,000		196		OMV AG	11,717			320
NTN Corp	34,000		110		Repsol YPF SA	56,821			853
Sims Metal Management Ltd	11,869		126		Royal Dutch Shell PLC - A Shares	260,727			8,104
SKF AB	28,053		556		Royal Dutch Shell PLC - B Shares	190,626			6,127
Tenaris SA	33,812		543		Santos Ltd	67,626			789
Vallourec SA	8,100		303		Seadrill Ltd	23,520			781
		$	2,491		Showa Shell Sekiyu KK	13,500			80
					Statoil ASA	79,911			1,811
Mining - 4.20%					TonenGeneral Sekiyu KK	20,000			182
Alumina Ltd	174,726		166		Total SA	151,991			6,551
Anglo American PLC	94,760		2,888		Transocean Ltd/Switzerland	24,767			1,003
Antofagasta PLC	28,236		438		Tullow Oil PLC	64,773			1,428
BHP Billiton Ltd	229,953		7,088		Woodside Petroleum Ltd	46,151			1,445
BHP Billiton PLC	151,231		3,963				$		48,517
Boliden AB	19,584		251
Eurasian Natural Resources Corp PLC	18,441		121		Oil & Gas Services - 0.48%
Fresnillo PLC	12,838		268		Amec PLC	23,787			356
Glencore International PLC	99,138		522		Cie Generale de Geophysique - Veritas (a)	10,330			226
Iluka Resources Ltd	29,980		390		Fugro NV	4,954			285
Kazakhmys PLC	15,218		157		Petrofac Ltd	18,571			446
Lonmin PLC	11,609		126		Saipem SpA	18,958			741
Lynas Corp Ltd (a)	122,717		123		SBM Offshore NV (a)	12,276			160
Mitsubishi Materials Corp	80,000		218		Subsea 7 SA	20,152			398
Newcrest Mining Ltd	54,812		1,328		Technip SA	7,105			650
Norsk Hydro ASA	66,666		278				$		3,262
Orica Ltd	26,061		627
OZ Minerals Ltd	22,644		192		Packaging & Containers - 0.17%
Randgold Resources Ltd	6,562		523		Amcor Ltd/Australia	87,523			637
Rio Tinto Ltd	31,202		1,727		Rexam PLC	62,794			391
Rio Tinto PLC	98,221		4,226		Toyo Seikan Kaisha Ltd	10,900			123
Sumitomo Metal Mining Co Ltd	37,000		417				$		1,151
Umicore SA	8,163		389		Pharmaceuticals - 7.61%
Vedanta Resources PLC	8,563		123		Actelion Ltd (a)	7,935			301
Xstrata PLC	148,597		2,123		Alfresa Holdings Corp	2,800			135
		$	28,672		Astellas Pharma Inc	31,800			1,249
Miscellaneous Manufacturing - 1.31%					AstraZeneca PLC	93,295			3,769
Alfa Laval AB	24,028		397		Celesio AG	6,090			84
Campbell Brothers Ltd	4,833		273		Chugai Pharmaceutical Co Ltd	16,000			288
FUJIFILM Holdings Corp	33,200		621		Daiichi Sankyo Co Ltd	48,200			775

See accompanying notes.

77

Schedule of Investments
International Equity Index Fund
May 31, 2012 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value (000	's)	COMMON STOCKS (continued)	Shares Held		Value	(000	's)
Pharmaceuticals (continued)					REITS (continued)
Dainippon Sumitomo Pharma Co Ltd	11,400	$	109		Capital Shopping Centres Group PLC	40,042	$		191
Eisai Co Ltd	18,000		734		CapitaMall Trust	155,000			218
Elan Corp PLC (a)	35,854		505		CFS Retail Property Trust	132,160			242
GlaxoSmithKline PLC	361,454		8,009		Corio NV	4,352			180
Grifols SA (a)	9,916		225		Dexus Property Group	346,489			317
Hisamitsu Pharmaceutical Co Inc	4,400		194		Fonciere Des Regions	1,967			127
Kyowa Hakko Kirin Co Ltd	19,000		187		Gecina SA	1,570			133
Medipal Holdings Corp	10,500		133		Goodman Group	100,605			331
Merck KGaA	4,627		429		GPT Group	124,224			392
Mitsubishi Tanabe Pharma Corp	16,100		212		Hammerson PLC	50,940			328
Novartis AG	167,106		8,706		ICADE	1,669			129
Novo Nordisk A/S	30,450		4,071		Japan Prime Realty Investment Corp	49			140
Ono Pharmaceutical Co Ltd	5,900		333		Japan Real Estate Investment Corp	39			344
Orion OYJ	6,878		120		Japan Retail Fund Investment Corp	135			213
Otsuka Holdings Co Ltd	18,000		566		Klepierre	7,469			232
Roche Holding AG	50,306		7,873		Land Securities Group PLC	55,680			610
Sanofi	81,578		5,557		Link REIT/The	161,000			618
Santen Pharmaceutical Co Ltd	5,300		192		Mirvac Group	244,663			293
Shionogi & Co Ltd	21,400		269		Nippon Building Fund Inc	44			401
Shire PLC	40,274		1,136		Nomura Real Estate Office Fund Inc	20			111
Suzuken Co Ltd	5,000		155		Segro PLC	53,106			175
Taisho Pharmaceutical Holdings Co Ltd	2,600		194		Stockland	166,166			516
Takeda Pharmaceutical Co Ltd	56,500		2,361		Unibail-Rodamco SE	6,582			1,090
Teva Pharmaceutical Industries Ltd	67,405		2,642		Westfield Group	157,064			1,387
Tsumura & Co	4,300		95		Westfield Retail Trust	207,754			550
UCB SA	7,221		339				$		9,936
		$	51,947		Retail - 2.49%
Pipelines - 0.03%					ABC-Mart Inc	1,900			72
APA Group	38,912		190		Aeon Co Ltd	43,000			521
					Autogrill SpA	8,197			71
					Cie Financiere Richemont SA	37,377			2,142
Private Equity - 0.03%					Citizen Holdings Co Ltd	18,800			108
3i Group PLC	69,521		188		FamilyMart Co Ltd	4,500			204
					Fast Retailing Co Ltd	3,800			846
Publicly Traded Investment Fund - 4.23%					Harvey Norman Holdings Ltd	38,033			73
iShares MSCI EAFE Index Fund	605,607		28,924		Hennes & Mauritz AB	73,212			2,180
					Inditex SA	15,621			1,292
					Isetan Mitsukoshi Holdings Ltd	26,900			270
Real Estate - 1.51%					J Front Retailing Co Ltd	35,000			164
Aeon Mall Co Ltd	5,200		102
CapitaLand Ltd	183,000		359		Kingfisher PLC	169,286			739
					Lawson Inc	4,300			301
CapitaMalls Asia Ltd	97,000		106		Lifestyle International Holdings Ltd	42,000			91
Cheung Kong Holdings Ltd	100,000		1,150
Daito Trust Construction Co Ltd	5,200		458		Marks & Spencer Group PLC	113,518			582
Fraser and Neave  Ltd	66,000		327		Marui Group Co Ltd	16,000			113
Global Logistic Properties Ltd (a)	132,000		212		McDonald's Holdings Co Japan Ltd	4,800			140
Hang Lung Group Ltd	63,000		363		Next PLC	12,338			577
					Nitori Holdings Co Ltd	2,650			239
Hang Lung Properties Ltd	176,000		560		PPR	5,449			776
Henderson Land Development Co Ltd	68,000		342
Hopewell Holdings Ltd	41,000		107		Seven & I Holdings Co Ltd	54,000			1,624
					Shimamura Co Ltd	1,600			181
Hysan Development Co Ltd	46,000		181		Swatch Group AG/The - BR	2,208			854
IMMOFINANZ AG	70,541		202
Keppel Land Ltd	53,000		117		Swatch Group AG/The - REG	3,109			208
					Takashimaya Co Ltd	19,000			134
Kerry Properties Ltd	51,500		204		USS Co Ltd	1,570			159
Lend Lease Group	38,896		278
Mitsubishi Estate Co Ltd	90,000		1,395		Wesfarmers Ltd	72,025			2,047
Mitsui Fudosan Co Ltd	60,000		997		Yamada Denki Co Ltd	5,880			294
New World Development Co Ltd	257,000		276				$		17,002
Nomura Real Estate Holdings Inc	6,800		106		Semiconductors - 0.60%
NTT Urban Development Corp	82		59		ARM Holdings PLC	96,749			757
Sino Land Co Ltd	211,073		290		ASM Pacific Technology Ltd	14,200			174
Sumitomo Realty & Development Co Ltd	26,000		544		ASML Holding NV	30,882			1,415
Sun Hung Kai Properties Ltd	101,000		1,137		Infineon Technologies AG	77,814			618
Tokyu Land Corp	31,000		137		Rohm Co Ltd	6,900			250
UOL Group Ltd	33,000		112		STMicroelectronics NV	45,639			233
Wheelock & Co Ltd	65,000		194		Sumco Corp (a)	8,300			70
		$	10,315		Tokyo Electron Ltd	12,300			553
REITS - 1.45%							$		4,070
Ascendas Real Estate Investment Trust	136,000		216		Shipbuilding - 0.05%
British Land Co PLC	60,467		452		Cosco Corp Singapore Ltd	72,000			56

See accompanying notes.

78

Schedule of Investments
International Equity Index Fund
May 31, 2012 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value (000	's)		COMMON STOCKS (continued)	Shares Held			Value(000	's)
Shipbuilding (continued)						Toys, Games & Hobbies (continued)
SembCorp Marine Ltd	60,000	$	207			Nintendo Co Ltd	7,100	$		822
Yangzijiang Shipbuilding Holdings Ltd	137,000		110			Sanrio Co Ltd	3,200			103
		$	373					$		1,095
Software - 0.79%						Transportation - 1.72%
Amadeus IT Holding SA	22,434		412			AP Moeller - Maersk A/S - A shares	39			231
Dassault Systemes SA	4,226		385			AP Moeller - Maersk A/S - B shares	94			584
Konami Corp	6,700		141			Asciano Ltd	69,839			308
Nomura Research Institute Ltd	7,200		155			Central Japan Railway Co	108			879
Oracle Corp Japan	2,700		98			ComfortDelGro Corp Ltd	135,000			154
Sage Group PLC/The	94,235		374			Deutsche Post AG	60,599			1,005
SAP AG	65,884		3,780			DSV A/S	13,605			265
Square Enix Holdings Co Ltd	4,500		71			East Japan Railway Co	24,300			1,445
		$	5,416			Groupe Eurotunnel SA	39,161			301
						Hutchison Port Holdings Trust	374,000			267
Storage & Warehousing - 0.01%						Kamigumi Co Ltd	18,000			140
Mitsubishi Logistics Corp	8,000		79			Kawasaki Kisen Kaisha Ltd	52,000			96
						Keikyu Corp	34,000			297
Telecommunications - 5.79%						Keio Corp	41,000			282
Alcatel-Lucent/France (a)	166,139		260			Keisei Electric Railway Co Ltd	20,000			155
Belgacom SA	10,892		287			Kintetsu Corp	116,000			404
Bezeq The Israeli Telecommunication Corp Ltd	126,266		158			Koninklijke Vopak NV	5,034			297
						Kuehne + Nagel International AG	3,867			412
BT Group PLC	556,667		1,771			Mitsui OSK Lines Ltd	82,000			288
Cellcom Israel Ltd	3,918		28			MTR Corp Ltd	103,500			333
Deutsche Telekom AG	201,123		1,984			Neptune Orient Lines Ltd/Singapore (a)	65,000			53
Elisa OYJ	10,124		199			Nippon Express Co Ltd	61,000			238
Eutelsat Communications SA	9,457		248			Nippon Yusen KK	110,000			293
Foxconn International Holdings Ltd (a)	155,000		63			Odakyu Electric Railway Co Ltd	45,000			408
France Telecom SA	132,767		1,667			Orient Overseas International Ltd	15,500			84
Hellenic Telecommunications Organization SA	17,548		28			QR National Ltd	122,298			405
						TNT Express NV	25,282			281
Inmarsat PLC	32,080		213			Tobu Railway Co Ltd	73,000			358
KDDI Corp	209		1,290			Tokyu Corp	81,000			360
Koninklijke KPN NV	105,796		1,001			Toll Holdings Ltd	48,782			219
Millicom International Cellular SA	5,467		469			West Japan Railway Co	12,200			479
Mobistar SA	2,149		64			Yamato Holdings Co Ltd	28,500			443
NICE Systems Ltd (a)	4,322		160					$		11,764
Nippon Telegraph & Telephone Corp	31,300		1,348
Nokia OYJ	268,151		704			Water - 0.21%
						Severn Trent PLC	17,012			452
NTT DoCoMo Inc	1,094		1,745			Suez Environnement Co	20,034			218
Partner Communications Co Ltd	6,130		28
PCCW Ltd	286,000		105			United Utilities Group PLC	48,819			495
Portugal Telecom SGPS SA	48,145		182			Veolia Environnement SA	26,046			300
SES SA	21,459		480					$		1,465
Singapore Telecommunications Ltd	571,000		1,370			TOTAL COMMON STOCKS		$		668,729
Softbank Corp	63,500		1,982			PREFERRED STOCKS - 0.51%	Shares Held		Value	(000	's)
StarHub Ltd	43,000		108			Automobile Manufacturers - 0.36%
Swisscom AG	1,669		607			Bayerische Motoren Werke AG	3,737			192
TDC A/S	35,444		224			Porsche Automobil Holding SE	10,964			565
Tele2 AB	22,729		338			Volkswagen AG	10,355			1,662
Telecom Corp of New Zealand Ltd	137,815		268					$		2,419
Telecom Italia SpA	672,482		556
Telecom Italia SpA - RSP	431,489		295			Consumer Products - 0.12%
Telefonaktiebolaget LM Ericsson	215,640		1,836			Henkel AG & Co KGaA	12,757			833
Telefonica SA	294,117		3,274
Telefonica SA - Rights (a)	285,093		83
						Electric - 0.01%
Telekom Austria AG	23,790		219			RWE AG	2,793			93
Telenor ASA	51,818		759
TeliaSonera AB	155,024		947
Telstra Corp Ltd	311,837		1,079			Media - 0.02%
Vivendi SA	92,268		1,494			ProSiebenSat.1 Media AG	5,483			116
Vodafone Group PLC	3,599,876		9,601
		$	39,522			TOTAL PREFERRED STOCKS		$		3,461
Textiles - 0.13%
Teijin Ltd	67,000		199
Toray Industries Inc	105,000		701
		$	900
Toys, Games & Hobbies - 0.16%
Namco Bandai Holdings Inc	14,000		170
See accompanying notes.					79

Schedule of Investments
International Equity Index Fund
May 31, 2012 (unaudited)
							Portfolio Summary (unaudited)
			Maturity				Country						Percent
REPURCHASE AGREEMENTS - 4.45%		Amount (000's)		Value (000		's)	Japan						20.82	%
							United Kingdom						18.83	%
Banks - 4.45%							United States						8.81	%
Investment in Joint Trading Account; Credit		$	4,516	$	4,516		Switzerland						8.61	%
	Suisse Repurchase Agreement; 0.18%						Australia						8.13	%
	dated 05/31/12 maturing 06/01/12						France						7.95	%
	(collateralized by US Government						Germany						7.67	%
	Securities; $4,606,387; 4.63% - 8.00%;						Netherlands						4.54	%
	dated 11/15/21 - 02/15/40)						Sweden						2.81	%
Investment in Joint Trading Account; Deutsche			11,092		11,092		Hong Kong						2.73	%
	Bank Repurchase Agreement; 0.21% dated						Spain						2.24	%
	05/31/12 maturing 06/01/12 (collateralized						Italy						1.84	%
	by US Government Securities;						Singapore						1.72	%
	$11,313,935; 0.00% - 4.50%; dated						Denmark						1.11	%
	08/22/12 - 03/12/32)						Belgium						1.00	%
Investment in Joint Trading Account; JP			8,715		8,715		Ireland						0.77	%
	Morgan Repurchase Agreement; 0.18%						Finland						0.72	%
	dated 05/31/12 maturing 06/01/12						Norway						0.66	%
	(collateralized by US Government						Israel						0.60	%
	Securities; $8,889,520; 0.00% - 9.38%;						Luxembourg						0.34	%
	dated 02/08/13 - 04/15/30)						Austria						0.21	%
Investment in Joint Trading Account; Merrill			6,044		6,045		Portugal						0.16	%
	Lynch Repurchase Agreement; 0.18%						Macao						0.13	%
	dated 05/31/12 maturing 06/01/12						New Zealand						0.12	%
	(collateralized by US Government						Bermuda						0.11	%
	Securities; $6,165,174; 0.00% - 2.50%;						Jersey, Channel Islands						0.08	%
	dated 01/30/13 - 10/15/29)						Greece						0.05	%
				$	30,368		Mexico						0.04	%
TOTAL REPURCHASE AGREEMENTS				$	30,368		Guernsey						0.04	%
Total Investments				$	702,558		China						0.01	%
Liabilities in Excess of Other Assets, Net - (2.86)%				$	(19,518	)	Mauritius						0.01	%
TOTAL NET ASSETS - 100.00%				$	683,040		Liabilities in Excess of Other Assets, Net						(2.86	)%
							TOTAL NET ASSETS						100.00	%
(a)	Non-Income Producing Security
(b)	Security is Illiquid
(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. Unless otherwise
	indicated, these securities are not considered illiquid. At the end of the
	period, the value of these securities totaled $764 or 0.11% of net assets.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax
cost of investments held as of the period end were as follows:
Unrealized Appreciation			$		31,585
Unrealized Depreciation				(120,336		)
Net Unrealized Appreciation (Depreciation)			$	(88,751		)
Cost for federal income tax purposes			$	791,309
All dollar amounts are shown in thousands (000's)
Futures Contracts
												Unrealized
Type			Long/Short		Contracts				Notional Value		Market Value	Appreciation/(Depreciation)
eMini MSCI EAFE; June 2012			Long				95	$	7,067	$	6,339	$	(728	)
Total												$	(728	)
All dollar amounts are shown in thousands (000's)

See accompanying notes.

80

Schedule of Investments
Preferred Securities Fund
May 31, 2012 (unaudited)
COMMON STOCKS - 0.06%	Shares Held	Value (000's)		PREFERRED STOCKS (continued)	Shares Held		Value(000	's)
Publicly Traded Investment Fund - 0.06%				Diversified Financial Services (continued)
BlackRock Preferred Income Strategies Fund Inc	201,483	$	2,160	Citigroup Capital X	340,281	$	8,255
				Citigroup Capital XI	335,869		8,064
				Citigroup Capital XII	142,400		3,674
TOTAL COMMON STOCKS		$	2,160	Citigroup Capital XIII	272,299		7,205
CONVERTIBLE PREFERRED STOCKS -				Citigroup Capital XV	2,700		66
0.40%	Shares Held		Value (000's)	Citigroup Capital XVI	115,016		2,779
				Citigroup Capital XVII	9,000		217
Banks - 0.40%				Corporate-Backed Trust Certificates 6.00%;	170,000		3,958
Bank of America Corp	3,820		3,568	Series GS
Wells Fargo & Co	10,360		11,489	Corporate-Backed Trust Certificates 6.00%;	2,828		72
		$	15,057	Series PRU
REITS - 0.00%				Corporate-Backed Trust Certificates 6.25%;	7,100		184
CommonWealth REIT 6.50%; Series D	3,000		63	Series BMY
				Corporate-Backed Trust Certificates 6.30%;	7,100		168
TOTAL CONVERTIBLE PREFERRED STOCKS		$	15,120	Series GS
PREFERRED STOCKS - 50.05%	Shares Held	Value (000's)		Credit Suisse AG/Guernsey	1,513,192		39,419
				General Electric Capital Corp 6.00%	38,843		991
Banks - 12.66%				General Electric Capital Corp 6.05%	37,853		959
BAC Capital Trust V	66,100		1,527	JP Morgan Chase Capital XI	682,337		17,202
BAC Capital Trust VIII	162,900		3,758	JP Morgan Chase Capital XXIX	213,800		5,535
BAC Capital Trust X	49,300		1,155	Merrill Lynch Capital Trust I	331,100		7,774
Bank of America Corp 6.38%; Series 3	26,378		603	Merrill Lynch Capital Trust II	134,361		3,149
Bank of America Corp 6.63%; Series I	203,384		5,042	Merrill Lynch Preferred Capital Trust III	5,800		143
Bank of America Corp 8.20%; Series H	25,080		631	Merrill Lynch Preferred Capital Trust IV	91,500		2,272
Barclays Bank PLC 7.10%	1,020,235		24,751	Merrill Lynch Preferred Capital Trust V	138,300		3,442
Barclays Bank PLC 7.75%	644,829		16,011	Morgan Stanley Capital Trust III	350,200		8,142
Barclays Bank PLC 8.13%	288,639		7,262	Morgan Stanley Capital Trust IV	513,971		12,114
BB&T Capital Trust V	901,000		23,705	Morgan Stanley Capital Trust V	422,449		9,716
COBANK ACB 11.00%; Series C (a)	202,000		11,129	Morgan Stanley Capital Trust VI	329,981		7,873
COBANK ACB 11.00%; Series D	115,000		6,393	Morgan Stanley Capital Trust VII	204,653		4,869
COBANK ACB 7.00% (a)	106,500		5,448	Morgan Stanley Capital Trust VIII	97,460		2,316
Countrywide Capital V	209,500		4,965	National City Capital Trust IV	29,500		758
Countrywide Financial Corp	679,219		15,962	PreferredPlus TR-CCR1 5.75%; Series GSG2	17,800		421
Deutsche Bank Capital Funding Trust IX	16,450		380	PreferredPlus TR-CCR1 6.00%; Series GSC3	59,200		1,373
Deutsche Bank Capital Funding Trust VIII	397,803		8,915	PreferredPlus TR-CCR1 6.00%; Series GSC4	41,600		989
Deutsche Bank Capital Funding Trust X	349,285		8,662	PreferredPlus TR-CCR1 6.00%; Series GSG1	13,991		346
Deutsche Bank Contingent Capital Trust II	2,235,612		51,576	SATURNS 2004-04	127,886		3,117
Deutsche Bank Contingent Capital Trust III	529,600		13,208	SATURNS 2004-06	174,400		4,116
Deutsche Bank Contingent Capital Trust V	22,500		581	SATURNS 2004-2	7,300		179
Fifth Third Capital Trust V	100,829		2,551			$	230,852
Fifth Third Capital Trust VI	314,924		7,986
Fleet Capital Trust IX	108,900		2,591	Electric - 3.73%
Fleet Capital Trust VIII	138,422		3,503	Alabama Power Co	89,000		2,550
HSBC Holdings PLC 6.20%	1,074,600		26,467	Dominion Resources Inc/VA	1,167,035		33,576
HSBC Holdings PLC 8.00%	568,600		15,216	Entergy Arkansas Inc	34,863		968
HSBC USA Inc	186,080		9,275	Entergy Louisiana LLC	3,369		95
HSBC USA Inc 6.50%	231,200		5,916	Entergy Mississippi Inc	17,012		483
KeyCorp Capital X	36,858		951	Entergy Texas Inc	942,239		27,005
Lloyds Banking Group PLC	31,400		825	Georgia Power Co 6.50%	77,300		8,542
M&T Capital Trust IV	379,154		9,949	Georgia Power Co 8.20%	194,658		6,165
Morgan Stanley	104,100		1,746	Gulf Power Co 6.00%	60,914		6,167
PNC Capital Trust E	740,482		19,290	Gulf Power Co 6.45%	4,600		507
PNC Financial Services Group Inc 9.88%;	158,677		4,183	NextEra Energy Capital Holdings Inc	310,000		7,945
Series L				NextEra Energy Capital Holdings Inc	459,970		12,879
PNC Financial Services Group Inc - Series P	1,415,400		36,376	PPL Capital Funding Inc	399,269		10,181
(b)				SCANA Corp	20,135		567
Royal Bank of Scotland Group PLC 5.75%;	591,134		10,339	Xcel Energy Inc	920,539		24,265
Series L						$	141,895
Santander Finance Preferred SAU	1,226,351		30,843	Insurance - 9.39%
SunTrust Capital IX	317,000		8,026	Aegon NV	62,317		1,608
US Bancorp - Series A	2,300		1,778	Aegon NV 4.00%	66,900		1,348
US Bancorp - Series G	2,090,100		54,134	Aegon NV 6.375%	975,042		22,095
Wells Fargo Capital IX	433,341		10,929	Aegon NV 6.50%	246,558		5,501
Wells Fargo Capital VII	298,500		7,543	Allianz SE	1,026,282		26,844
		$	482,081	Arch Capital Group Ltd	376,600		9,709
				Aspen Insurance Holdings Ltd (b)	143,802		3,624
Diversified Financial Services - 6.06%
Ameriprise Financial Inc	1,140,265		31,848	Axis Capital Holdings Ltd	2,072,850		53,189
Citigroup Capital IX	462,079		11,081	Berkley W R Capital Trust	746,777		18,894
Citigroup Capital VII	450,500		11,281	Delphi Financial Group Inc 7.38%	527,604		13,207
Citigroup Capital VIII	190,879		4,785	Everest Re Capital Trust II	329,818		8,285

See accompanying notes.

81

Schedule of Investments
Preferred Securities Fund
May 31, 2012 (unaudited)
PREFERRED STOCKS (continued)	Shares Held		Value(000	's)	PREFERRED STOCKS (continued)			Shares Held		Value(000	's)
Insurance (continued)					REITS (continued)
Hartford Financial Services Group Inc	779,236	$	20,237		Public Storage Inc 7.00%; Series N			7,710	$	196
ING Groep NV 6.13%	69,248		1,309		Realty Income Corp - Series D			319,187		8,142
ING Groep NV 6.20%	30,250		577		Realty Income Corp - Series F			853,083		22,240
ING Groep NV 6.38%	849,100		16,617		Regency Centers Corp 6.63%			230,854		5,977
ING Groep NV 7.05%	1,019,494		21,440		Regency Centers Corp 6.70%			243,630		6,166
ING Groep NV 7.20%	166,345		3,558		Vornado Realty LP			1,445,611		40,390
ING Groep NV 7.38%	862,200		19,356		Vornado Realty Trust - Series F			419,925		10,771
ING Groep NV 8.50%	50,340		1,236		Vornado Realty Trust - Series G			7,850		199
Markel Corp	14,153		357		Vornado Realty Trust - Series H			110,700		2,812
PartnerRe Ltd 6.50%	201,472		5,065		Vornado Realty Trust - Series I			116,293		2,954
PartnerRe Ltd 6.75%	276,293		6,921		Vornado Realty Trust - Series J			174,963		4,768
PartnerRe Ltd 7.25%	11,415		298		Wachovia Corp 7.25%			499,697		13,547
PLC Capital Trust III	17,169		432		Weingarten Realty Investors 6.50%			803,368		20,173
PLC Capital Trust IV	46,177		1,171		Weingarten Realty Investors 6.95%			204,100		5,209
PLC Capital Trust V	256,091		6,448		Weingarten Realty Investors 8.10%			1,749,751		39,544
Protective Life Corp (b)	336,151		8,454						$	470,641
Protective Life Corp 7.25%	546,840		13,857
Prudential Financial Inc	682,818		18,224		Savings & Loans - 0.50%
Prudential PLC 6.50%	96,549		2,466		First Niagara Financial Group Inc			704,500		19,212
Prudential PLC 6.75%	170,992		4,365
RenaissanceRe Holdings Ltd - Series C	244,277		6,114		Sovereign - 0.74%
RenaissanceRe Holdings Ltd - Series D	652,423		16,441		Farm Credit Bank/Texas			23,800		28,300
XLIT Ltd	25,355		18,271
		$	357,518		Telecommunications - 4.01%
Media - 0.53%					Centaur Funding Corp (a),(b)			2,950		1,762
Comcast Corp 6.63%	782,434		19,983		Centaur Funding Corp 9.08% (a)			54,403		64,773
					Qwest Corp (b)			253,178		6,491
					Qwest Corp 7.38%			372,908		9,703
Oil & Gas - 0.07%					Qwest Corp 7.50%			953,711		25,302
Nexen Inc	107,689		2,708		Telephone & Data Systems Inc 6.63%			344,252		8,692
					Telephone & Data Systems Inc 7.00%			1,210,015		32,695
REITS - 12.36%					United States Cellular Corp			125,584		3,351
CommonWealth REIT 7.50%	318,430		6,948						$	152,769
CommonWealth REIT - Series C	790,142		19,904		TOTAL PREFERRED STOCKS				$	1,905,959
CommonWealth REIT - Series E	174,921		4,478					Principal
DDR Corp - Series H	3,068		77		BONDS - 47.07%			Amount (000's)		Value(000	's)
DDR Corp - Series I	67,394		1,691
Digital Realty Trust Inc	590,135		15,249		Banks - 15.34%
Duke Realty Corp 6.50%	287,097		7,149		Abbey National Capital Trust I
Duke Realty Corp 6.60%	81,400		2,025		8.96%, 12/31/2049		$	12,847	$	12,462
Duke Realty Corp 6.63%	261,100		6,512		ABN Amro North American Holding Preferred
Harris Preferred Capital Corp	69,400		1,772		Capital Repackage Trust I
Health Care REIT Inc	617,185		16,078		6.52%, 12/29/2049(a),(c)			34,250		29,541
Hospitality Properties Trust 7.00%; Series C	77,899		1,975		Agfirst Farm Credit Bank
Hospitality Properties Trust 7.13%; Series D	408,113		10,754		7.30%, 12/31/2049(a),(d)			1,850		1,832
Kimco Realty Corp 6.00%	590,500		14,745		BAC Capital Trust XIII
Kimco Realty Corp 6.65%	68,289		1,733		4.00%, 12/31/2049(c)			5,000		3,488
Kimco Realty Corp 6.90%	343,626		9,793		BankAmerica Institutional Capital A
Kimco Realty Corp 7.75%	1,693,705		43,528		8.07%, 12/31/2026(a)			20,500		20,602
National Retail Properties Inc	455,621		11,545		BankAmerica Institutional Capital B
Prologis Inc - Series L	149,704		3,802		7.70%, 12/31/2026(a)			6,760		6,760
Prologis Inc - Series M	50,200		1,256		Barclays Bank PLC
Prologis Inc - Series P	79,009		2,007		6.28%, 12/31/2049			14,300		10,855
Prologis Inc - Series Q	125,000		7,676		6.86%, 09/29/2049(a),(c)			15,902		13,995
Prologis Inc - Series S	92,900		2,322		7.43%, 12/31/2049(a),(c)			8,956		9,043
PS Business Parks Inc - Series H	222,114		5,631		BB&T Capital Trust I
PS Business Parks Inc - Series I	388,000		9,844		5.85%, 08/18/2035			2,569		2,575
PS Business Parks Inc - Series P	581,480		14,810		BB&T Capital Trust IV
PS Business Parks Inc - Series R	130,211		3,501		6.82%, 06/12/2057(c)			17,500		17,587
PS Business Parks Inc - Series S	46,415		1,229		BBVA International Preferred SAU
Public Storage	442,900		11,476		5.92%, 12/30/2049(c)			28,595		18,316
Public Storage Inc 5.90%	56,300		1,476		BNP Paribas SA
Public Storage Inc 6.18%;  Series D	7,893		201		5.19%,  06/29/2049  (a),(c)			11,020		8,485
Public Storage Inc 6.35%;  Series R	746,444		20,475		BPCE SA
Public Storage Inc  6.45%; Series F	268,244		6,832			2.51%, 07/29/2049(c)		6,000		2,633
Public Storage Inc 6.45%; Series X	221,475		5,632		6.75%, 01/27/2049			11,500		7,451
Public Storage Inc 6.50%; Series Q	7,688		213		12.50%, 08/29/2049(a),(d)			500		485
Public Storage Inc 6.50%; Series W	363,520		9,288		Capital One Capital VI
Public Storage Inc 6.60%; Series C	150,313		3,822		8.88%, 05/15/2040			4,200		4,283
Public Storage Inc 6.88%	3,701		104

See accompanying notes.

82

Schedule of Investments
Preferred Securities Fund
May 31, 2012 (unaudited)
		Principal						Principal
BONDS (continued)		Amount (000's)		Value (000	's)	BONDS (continued)		Amount (000's)		Value	(000	's)
Banks (continued)						Banks (continued)
Claudius Ltd for Credit Suisse						Royal Bank of Scotland Group PLC
7.88%, 06/29/2049	$	12,892	$	12,763		7.65%, 08/29/2049(c)	$	18,560	$		14,152
Cooperatieve Centrale Raiffeisen-						Santander Finance Preferred SAU
Boerenleenbank BA/Netherlands						10.50%, 12/31/2049(c)		1,520			1,474
11.00%, 12/29/2049(a),(c)		12,170		15,182		Societe Generale SA
Countrywide Capital III						1.22%, 12/29/2049(a),(c)		7,500			4,848
8.05%, 06/15/2027		10,460		10,551		5.92%, 04/29/2049(a),(c)		57,852			37,635
Credit Agricole SA						8.75%, 10/29/2049		25,490			21,182
8.38%, 10/13/2049(a),(c)		3,000		2,265		Standard Chartered PLC
Credit Suisse Group Guernsey I Ltd						0.81%, 07/29/2049(c)		2,000			940
7.88%, 02/24/2041(c)		15,400		14,707		7.01%, 07/29/2049(a)		18,850			18,266
Den Norske Creditbank						State Street Capital Trust III
0.81%, 11/29/2049(c)		8,940		4,738		5.46%, 01/29/2049(c)		250			251
0.96%, 08/29/2049(c)		6,150		3,259		State Street Capital Trust IV
Deutsche Bank Capital Funding Trust I						1.47%, 06/15/2037(c)		600			438
3.44%, 12/29/2049(a),(c)		10,700		7,169		SunTrust Capital VIII
Deutsche Bank Capital Funding Trust VII						6.10%, 12/15/2036		8,924			8,846
5.63%, 01/29/2049(a),(c)		3,000		2,415					$		584,258
Dresdner Funding Trust I
8.15%, 06/30/2031(a)		26,040		20,441		Diversified Financial Services - 11.25%
Fifth Third Capital Trust IV						Ageas Hybrid Financing SA
6.50%, 04/15/2049(c)		8,000		7,840		8.25%, 02/28/2049		30,822			23,425
First Empire Capital Trust I						American Express Co
						6.80%, 09/01/2066(c)		16,800			17,220
8.23%, 02/01/2027		7,250		7,704
First Hawaiian Capital I						Capital One Capital III
8.34%, 07/01/2027		8,410		8,452		7.69%, 08/01/2049		12,919			13,048
First Union Capital II						Capital One Capital IV
7.95%, 11/15/2029		3,700		4,104		6.75%, 02/17/2037		57,890			57,818
HBOS Capital Funding No2 LP						Charles Schwab Corp/The
6.07%, 06/29/2049(a),(c)		5,590		3,466		7.00%, 02/01/2049(c)		26,600			28,445
HSBC Bank PLC						Citigroup Capital XXI
0.99%, 09/29/2049(c)		5,000		2,325		8.30%, 12/21/2057		3,900			3,943
1.06%, 06/29/2049(c)		5,000		2,345		General Electric Capital Corp
						6.38%, 11/15/2067(c)		4,715			4,851
HSBC Capital Funding LP/Jersey
10.18%, 12/29/2049(a),(c)		14,000		18,060		Glen Meadow Pass-Through Trust
						6.51%, 02/12/2067(a),(c)		62,060			45,769
HSBC USA Capital Trust I
7.81%, 12/15/2026(a)		300		300		Goldman Sachs Capital I
HSBC USA Capital Trust III						6.35%, 02/15/2034		8,900			8,145
7.75%, 11/15/2026		7,200		7,200		HSBC Finance Capital Trust IX
JP Morgan Chase Capital XX						5.91%, 11/30/2035		10,200			9,384
6.55%, 09/29/2036		9,950		9,899		JP Morgan Chase Capital XXII
JP Morgan Chase Capital XXI						6.45%, 02/02/2037		16,477			16,271
1.42%, 02/02/2037(c)		3,297		2,354		JP Morgan Chase Capital XXVII
JP Morgan Chase Capital XXV						7.00%, 11/01/2039		23,050			23,070
6.80%, 10/01/2037		13,435		13,470		Macquarie PMI LLC
KeyCorp Capital III						8.38%, 12/02/2049		3,000			2,941
7.75%, 07/15/2029		3,500		3,945		Man Group PLC
LBG Capital No.1 PLC						5.00%, 08/09/2017		18,800			15,897
7.88%, 11/01/2020(a)		11,100		9,691		11.00%, 05/29/2049		2,300			2,139
8.00%, 12/29/2049(a),(c)		30,400		24,057		MBNA Capital A
Natixis						8.28%, 12/01/2026		2,000			2,015
9.00%, 04/29/2049		532		407		Old Mutual Capital Funding LP
10.00%, 04/30/2049(c)		16,200		13,947		8.00%, 05/29/2049		16,239			16,076
NB Capital Trust II						Swiss Re Capital I LP
						6.85%, 05/29/2049(a),(c)		35,420			32,611
7.83%, 12/15/2026		14,134		14,134
						ZFS Finance USA Trust II
NB Capital Trust IV						6.45%, 12/15/2065  (a),(c)		85,950			83,371
8.25%, 04/15/2027		2,600		2,606
						ZFS Finance USA Trust V
NBP Capital Trust III						6.50%, 05/09/2037 (a)		22,883			22,025
7.38%, 10/27/2049		5,313		3,560
Nordea Bank AB									$		428,464
5.42%, 12/20/2049(a)		4,000		3,900		Electric - 2.76%
8.38%, 09/25/2049		5,600		5,852		Dominion Resources Inc/VA
North Fork Capital Trust II						2.77%, 09/30/2049(c)		22,950			20,413
8.00%, 12/15/2027		11,150		11,261		Integrys Energy Group Inc
PNC Financial Services Group Inc						6.11%, 12/01/2066(c)		15,582			15,582
6.75%, 08/01/2049(c)		26,900		27,843		NextEra Energy Capital Holdings Inc
PNC Preferred Funding Trust I						6.35%, 10/01/2066(c)		4,000			4,080
2.12%, 12/31/2049(a),(c)		4,700		3,621		6.65%, 06/15/2067(c)		3,000			3,075
						7.30%, 09/01/2067(c)		37,255			39,677

See accompanying notes.

83

Schedule of Investments
Preferred Securities Fund
May 31, 2012 (unaudited)
		Principal							Principal
BONDS (continued)		Amount (000's)		Value (000	's)	BONDS (continued)		Amount (000's)		Value (000			's)
Electric (continued)						Miscellaneous Manufacturing - 0.32%
PPL Capital Funding Inc						GE Capital Trust I
6.70%, 03/30/2067(c)	$	22,325	$	22,157			6.38%, 11/15/2067	$	11,700		$	11,993
			$	104,984
Holding Companies - Diversified - 0.35%						Pipelines - 0.93%
Hutchison Whampoa International 12 Ltd						TransCanada PipeLines Ltd
6.00%, 05/07/2049(a),(c)		13,500		13,348			6.35%, 05/15/2067(c)		34,663			35,599
Insurance - 15.12%						Sovereign - 0.25%
ACE Capital Trust II						Svensk Exportkredit AB
9.70%, 04/01/2030		5,490		7,606			6.38%, 10/29/2049(a)		10,000			9,509
Aegon NV
2.25%, 07/29/2049(c)		11,330		4,759
						Transportation - 0.75%
Allstate Corp/The						BNSF Funding Trust I
6.13%, 05/15/2037(c)		16,259		15,385			6.61%, 12/15/2055(c)		27,260			28,487
6.50%, 05/15/2057		12,505		12,052
AXA SA						TOTAL BONDS				$		1,792,249
6.38%, 12/29/2049(a),(c)		41,868		32,238
8.60%, 12/15/2030		13,565		14,693					Maturity
Catlin Insurance Co Ltd						REPURCHASE AGREEMENTS - 1.26%		Amount (000's)		Value (000			's)
7.25%, 12/31/2049(a)		76,835		67,423		Banks - 1.26%
Dai-ichi Life Insurance Co Ltd/The						Investment in Joint Trading Account; Credit		$	7,158	$		7,158
7.25%, 12/31/2049(a)		15,750		16,584			Suisse Repurchase Agreement; 0.18%
Everest Reinsurance Holdings Inc							dated 05/31/12 maturing 06/01/12
6.60%, 05/15/2037(c)		30,420		28,595			(collateralized by US Government
Great-West Life & Annuity Insurance Capital							Securities; $7,300,793; 4.63% - 8.00%;
LP							dated 11/15/21 - 02/15/40)
6.63%, 11/15/2034(a)		7,000		7,386		Investment in Joint Trading Account; Deutsche			17,580			17,580
Great-West Life & Annuity Insurance Capital							Bank Repurchase Agreement; 0.21% dated
LP II							05/31/12 maturing 06/01/12 (collateralized
7.15%, 05/16/2046(a),(c)		8,750		8,706			by US Government Securities;
ING Capital Funding Trust III							$17,931,771; 0.00% - 4.50%; dated
4.07%, 12/31/2049(c)		7,000		5,788			08/22/12 - 03/12/32)
Liberty Mutual Group Inc						Investment in Joint Trading Account; JP			13,813			13,813
7.00%, 03/15/2037(a),(c)		2,700		2,403			Morgan Repurchase Agreement; 0.18%
7.80%, 03/15/2037(a)		13,998		13,648			dated 05/31/12 maturing 06/01/12
Lincoln National Corp							(collateralized by US Government
6.05%, 04/20/2067(c)		2,520		2,281			Securities; $14,089,249; 0.00% - 9.38%;
7.00%, 05/17/2066(c)		12,775		11,945			dated 02/08/13 - 04/15/30)
Metlife Capital Trust IV						Investment in Joint Trading Account; Merrill			9,580			9,580
7.88%, 12/15/2037(a)		19,200		21,024			Lynch Repurchase Agreement; 0.18%
MetLife Capital Trust X							dated 05/31/12 maturing 06/01/12
9.25%, 04/08/2038(a)		20,935		24,913			(collateralized by US Government
Mitsui Sumitomo Insurance Co Ltd							Securities; $9,771,355; 0.00% - 2.50%;
7.00%, 03/15/2049(a)		23,500		24,258			dated 01/30/13 - 10/15/29)
MMI Capital Trust I										$		48,131
7.63%, 12/15/2027		1,073		1,276		TOTAL REPURCHASE AGREEMENTS				$		48,131
Nationwide Financial Services Inc						Total Investments				$		3,763,619
6.75%, 05/15/2037		68,095		63,669		Other Assets in Excess of Liabilities, Net - 1.16%				$		44,079
Progressive Corp/The						TOTAL NET ASSETS - 100.00%				$		3,807,698
6.70%, 06/15/2037		5,550		5,786
Prudential PLC
6.50%, 06/29/2049		25,150		22,685		(a)	Security exempt from registration under Rule 144A of the Securities Act of
7.75%, 12/23/2049		4,800		4,752			1933. These securities may be resold in transactions exempt from
11.75%, 12/29/2049(c)		3,200		3,560			registration, normally to qualified institutional buyers. Unless otherwise
QBE Capital Funding II LP							indicated, these securities are not considered illiquid. At the end of the
6.80%, 06/29/2049(a),(c)		11,115		9,678			period, the value of these securities totaled $863,875 or 22.69% of net
QBE Capital Funding III Ltd							assets.
7.25%, 05/24/2041(a),(c)		87,695		80,241		(b)	Non-Income Producing Security
Reinsurance Group of America Inc						(c)	Variable Rate. Rate shown is in effect at May 31, 2012.
6.75%, 12/15/2065(c)		22,350		20,743		(d)	Security is Illiquid
Sirius International Group Ltd
7.51%, 05/29/2049(a),(c)		1,175		1,113
USF&G Capital III
8.31%, 07/01/2046(a)		2,000		2,456
XL Group PLC
6.50%, 12/31/2049(c)		49,300		37,961
			$	575,607

See accompanying notes.

84

Schedule of Investments Preferred Securities Fund May 31, 2012 (unaudited)
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax
cost of investments held as of the period end were as follows:
Unrealized Appreciation	$	361,894
Unrealized Depreciation		(95,494	)
Net Unrealized Appreciation (Depreciation)	$	266,400
Cost for federal income tax purposes	$	3,491,142
All dollar amounts are shown in thousands (000's)
Portfolio Summary (unaudited)
Sector		Percent
Financial		84.34	%
Utilities		6.49	%
Communications		4.54	%
Industrial		1.07	%
Energy		1.00	%
Government		0.99	%
Diversified		0.35	%
Exchange Traded Funds		0.06	%
Other Assets in Excess of Liabilities, Net		1.16	%
TOTAL NET ASSETS		100.00	%

See accompanying notes.

85

Schedule of Investments
Small-MidCap Dividend Income Fund
May 31, 2012 (unaudited)
COMMON STOCKS - 94.39%	Shares Held	Value (000's)		COMMON STOCKS (continued)	Shares Held		Value(000	's)
Automobile Manufacturers - 1.26%				Healthcare - Services - 1.21%
New Flyer Industries Inc	484,268	$	3,226	CML HealthCare Inc	319,172	$	3,106
Automobile Parts & Equipment - 1.67%				Housewares - 0.69%
Autoliv Inc	73,953		4,275	Newell Rubbermaid Inc	96,194		1,770
Banks - 7.88%				Insurance - 6.70%
City Holding Co	62,791		2,021	Fidelity National Financial Inc	160,591		3,025
Community Trust Bancorp Inc	109,898		3,630	HCC Insurance Holdings Inc	104,114		3,255
First Financial Bancorp	70,543		1,083	OneBeacon Insurance Group Ltd	168,190		2,198
FirstMerit Corp	168,524		2,679	PartnerRe Ltd	54,462		3,860
FNB Corp/PA	157,157		1,669	Protective Life Corp	82,981		2,187
PacWest Bancorp	54,541		1,244	Validus Holdings Ltd	83,814		2,630
Sterling Bancorp/NY	243,960		2,220			$	17,155
TrustCo Bank Corp NY	435,087		2,254
Washington Trust Bancorp Inc	143,660		3,385	Investment Companies - 1.05%
		$	20,185	Ares Capital Corp	177,905		2,684
Chemicals - 6.35%
Canexus Corp	585,473		4,869	Machinery - Diversified - 4.02%
Huntsman Corp	266,432		3,410	Applied Industrial Technologies Inc	81,217		3,063
				Cascade Corp	52,710		2,633
RPM International Inc	170,514		4,495	IDEX Corp	115,700		4,597
Sensient Technologies Corp	95,158		3,475
		$	16,249			$	10,293
				Media - 1.36%
Coal - 1.36%				Sinclair Broadcast Group Inc	428,592		3,489
Alliance Resource Partners LP	61,091		3,483
				Miscellaneous Manufacturing - 1.57%
Commercial Services - 2.06%				Barnes Group Inc	59,558		1,386
Landauer Inc	43,460		2,192
McGrath RentCorp	122,467		3,092	Crane Co	69,546		2,635
		$	5,284			$	4,021
				Oil & Gas - 4.93%
Consumer Products - 2.18%				HollyFrontier Corp	106,672		3,145
Kimberly-Clark de Mexico SAB de CV ADR	344,764		2,989	Pengrowth Energy Corp	379,061		2,701
Tupperware Brands Corp	47,960		2,592	Suburban Propane Partners LP	63,422		2,335
		$	5,581	Vermilion Energy Inc	75,834		3,192
Electric - 4.18%				Zargon Oil & Gas Ltd	129,099		1,263
Alliant Energy Corp	46,427		2,029			$	12,636
Great Plains Energy Inc	64,628		1,287
Pepco Holdings Inc	128,663		2,452	Packaging & Containers - 0.96%
PNM Resources Inc	145,144		2,707	Packaging Corp of America	91,673		2,460
SCANA Corp	47,223		2,217
		$	10,692	Pipelines - 1.82%
				Atlas Pipeline Partners LP	116,553		3,497
Electrical Components & Equipment - 3.13%				ONEOK Inc	14,016		1,163
Hubbell Inc	52,258		4,124			$	4,660
Molex Inc	169,002		3,899
		$	8,023	Private Equity - 1.56%
Electronics - 2.34%				Hercules Technology Growth Capital Inc	378,974		4,002
Garmin Ltd	95,634		4,108
Gentex Corp/MI	84,704		1,889	REITS - 12.73%
		$	5,997	Agree Realty Corp	118,519		2,479
				American Capital Agency Corp	141,094		4,610
Food - 1.86%				CapLease Inc	444,841		1,748
B&G Foods Inc	198,105		4,770	Capstead Mortgage Corp	367,805		5,065
				Colony Financial Inc	168,300		2,827
Gas - 2.34%				Digital Realty Trust Inc	75,322		5,331
Just Energy Group Inc	309,186		3,284	EastGroup Properties Inc	24,684		1,224
Vectren Corp	92,134		2,701	Hatteras Financial Corp	122,572		3,499
		$	5,985	Medical Properties Trust Inc	267,724		2,410
				Omega Healthcare Investors Inc	161,220		3,403
Hand & Machine Tools - 2.89%						$	32,596
Lincoln Electric Holdings Inc	60,950		2,900
Snap-on Inc	74,454		4,505	Retail - 1.49%
		$	7,405	Guess? Inc	143,416		3,821
Healthcare - Products - 1.08%
Meridian Bioscience Inc	60,945		1,154	Savings & Loans - 0.91%
Teleflex Inc	26,992		1,604	Capitol Federal Financial Inc	198,809		2,316
		$	2,758

See accompanying notes.

86

Schedule of Investments
Small-MidCap Dividend Income Fund
May 31, 2012 (unaudited)
						Unrealized Appreciation (Depreciation)
						The net federal income tax unrealized appreciation (depreciation) and federal tax
	COMMON STOCKS (continued)	Shares Held		Value (000's)		cost of investments held as of the period end were as follows:
	Semiconductors - 4.48%
	Maxim Integrated Products Inc		201,362	$	5,066	Unrealized Appreciation	$	15,618
	Microchip Technology Inc		148,952		4,620	Unrealized Depreciation		(16,793	)
	MKS Instruments Inc		68,594		1,794	Net Unrealized Appreciation (Depreciation)	$	(1,175	)
				$	11,480	Cost for federal income tax purposes	$	256,389
	Software - 0.76%					All dollar amounts are shown in thousands (000's)
	Computer Programs & Systems Inc		35,692		1,942
						Portfolio Summary (unaudited)
	Telecommunications - 3.24%					Sector		Percent
	Consolidated Communications Holdings Inc		209,416		3,089	Financial		36.09	%
	Harris Corp		109,205		4,344	Industrial		17.20	%
	Windstream Corp		92,793		869	Consumer, Non-cyclical		8.39	%
				$	8,302	Energy		8.11	%
						Consumer, Cyclical		7.15	%
	Toys, Games & Hobbies - 2.04%					Utilities		6.52	%
	Hasbro Inc		147,180		5,213	Basic Materials		6.35	%
						Technology		5.24	%
	Trucking & Leasing - 2.29%					Communications		4.60	%
	Fly Leasing Ltd ADR		185,789		2,274	Other Assets in Excess of Liabilities, Net		0.35	%
	TAL International Group Inc		109,856		3,593	TOTAL NET ASSETS		100.00	%
				$	5,867
	TOTAL COMMON STOCKS			$	241,726
	CONVERTIBLE PREFERRED STOCKS -
	2.20%	Shares Held		Value (000's)
	REITS - 2.20%
	Alexandria Real Estate Equities Inc		59,423		1,521
	CommonWealth REIT 6.50%; Series D		91,436		1,939
	Entertainment Properties 9.00%; Series E		79,646		2,180
				$	5,640
	TOTAL CONVERTIBLE PREFERRED STOCKS			$	5,640
			Maturity
	REPURCHASE AGREEMENTS - 3.06%	Amount (000's)		Value (000's)
	Banks- 3.06%
	Investment in Joint Trading Account; Credit	$	1,167	$	1,167
	Suisse Repurchase Agreement; 0.18%
	dated 05/31/12 maturing 06/01/12
	(collateralized by US Government
	Securities; $1,190,370; 4.63% - 8.00%;
	dated 11/15/21 - 02/15/40)
	Investment in Joint Trading Account; Deutsche		2,866		2,867
	Bank Repurchase Agreement; 0.21% dated
	05/31/12 maturing 06/01/12 (collateralized
	by US Government Securities; $2,923,716;
	0.00% - 4.50%; dated 08/22/12 - 03/12/32)
	Investment in Joint Trading Account; JP		2,252		2,252
	Morgan Repurchase Agreement; 0.18%
	dated 05/31/12 maturing 06/01/12
	(collateralized by US Government
	Securities; $2,297,205; 0.00% - 9.38%;
	dated 02/08/13 - 04/15/30)
	Investment in Joint Trading Account; Merrill		1,562		1,562
	Lynch Repurchase Agreement; 0.18%
	dated 05/31/12 maturing 06/01/12
	(collateralized by US Government
	Securities; $1,593,187; 0.00% - 2.50%;
	dated 01/30/13 - 10/15/29)
				$	7,848
	TOTAL REPURCHASE AGREEMENTS			$	7,848
	Total Investments			$	255,214
	Other Assets in Excess of Liabilities, Net - 0.35%			$	897
	TOTAL NET ASSETS - 100.00%			$	256,111

See accompanying notes.

87

Security Valuation

Bond Market Index Fund, Diversified Real Asset Fund, Global Multi-Strategy Fund, International Equity Index Fund, Small-MidCap Dividend Income Fund, and Preferred Securities Fund (known as the “Funds”) value securities for which market quotations are readily available at market 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 or an evaluated bid price provided by a pricing service. Pricing services use electronic modeling techniques that incorporate security characteristics, market conditions and dealer-supplied valuations 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 Principal Management Corporation (“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 Funds’ net asset values are reflected in the Funds’ 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 Funds invest in foreign securities listed on foreign exchanges which trade on days on which the Funds do not determine net asset values, for example weekends and other customary national U.S. holidays, the Funds’ 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 Funds 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.

Fair value is defined as the price that the Funds 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 Funds use various valuation approaches, including market, income and/or cost approaches. A hierarchy for inputs is 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 Funds. Unobservable inputs are inputs that reflect the Funds own estimates about the estimates 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.

Level 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.

Level 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.

Level 3 – Significant unobservable inputs (including the Funds’ 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 Funds 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 Fund’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Funds 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 underlying investee entities 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 Fund’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 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 Funds (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 Fund are valued using amortized cost, as permitted under 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 is being adopted for the significant transfers between levels of each Fund’s assets and liabilities. Certain transfers my occur as a result of the Fund’s valuation policies for international securities which involve fair value estimates based on observable market inputs when significant events occur between the local close and the time the net asset value of the Fund is calculated. There were no significant transfers into or out of Level 3 and the table below includes the amounts that were transferred between Levels 1 and 2 at May 31, 2012 due to the use of “fair value” pricing for international securities and/or differences in bid versus exchange close prices received for preferred securities.

Fund		Amount transferred
Diversified Real Asset Fund	$	8,020,612
International Equity Index Fund	$	508,168,047
Preferred Securities Fund	$	23,533,943

The following is a summary of the inputs used as of May 31, 2012 in valuing the Funds' securities carried at value (amounts shown in thousands):

					Level 2 - Other
		Level 1 - Quoted			Significant Observable			Level 3 - Significant
Fund		Prices			Inputs			Unobservable Inputs                  Totals (Level 1,2,3)
Bond Market Index Fund
Bonds	$	—		$	500,137		$	—	$	500,137
Municipal Bonds		—			14,408			—		14,408
Repurchase Agreements		—			79,978			—		79,978
U.S. Government & Government Agency Obligations		—			1,023,932			366		1,024,298
Total investments in securities $		—		$	1,618,455		$	366	$	1,618,821
Liabilities
Short Sales**
U.S. Government & Government Agency Obligations	$	—		$	(2	)	$	—	$	(2	)
Diversified Real Asset Fund
Bonds	$	—		$	105,437		$	—	$	105,437
Commodity Indexed Structured Notes		—			49,905			—		49,905
Common Stocks
Basic Materials		21,523			2,964			—		24,487
Communications		7,310			2,748			—		10,058
Consumer, Cyclical		628			—			—		628
Consumer, Non-cyclical		397			7,730			—		8,127
Diversified		—			2,167			—		2,167
Energy		189,577			3,205			4,574		197,356
Financial		71,227			48,274			—		119,501
Industrial		1,458			7,879			—		9,337
Utilities		25,555			19,772			—		45,327
Repurchase Agreements		—			15,694			—		15,694
Senior Floating Rate Interests		—			101,985			—		101,985
U.S. Government & Government Agency Obligations		—			372,178			—		372,178
Total investments in securities $		317,675		$	739,938		$	4,574	$	1,062,187
Assets
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	292		$	—	$	292
Interest Rate Contracts**
Futures	$	107		$	—		$	—	$	107
Liabilities
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	(272	)	$	—	$	(272	)
Interest Rate Contracts**
Futures	$	(455	)	$	—		$	—	$	(455	)
Interest Rate Swaps	$	—		$	(48	)	$	—	$	(48	)

					Level 2 - Other
		Level 1 - Quoted			Significant Observable			Level 3 - Significant
Fund		Prices			Inputs			Unobservable Inputs                     Totals (Level 1,2,3)
Global Multi-Strategy Fund
Bonds	$	—		$	68,206		$	1,916	$	70,122
Common Stocks
Basic Materials		7,310			3,268			—		10,578
Communications		21,098			1,326			—		22,424
Consumer, Cyclical		28,692			5,589			—		34,281
Consumer, Non-cyclical		37,690			5,019			—		42,709
Diversified		41			191			—		232
Energy		14,699			2,349			294		17,342
Exchange Traded Funds		349			—			—		349
Financial		23,601			3,123			137		26,861
Industrial		24,660			8,727			—		33,387
Technology		22,632			1,627			—		24,259
Utilities		5,143			651			—		5,794
Convertible Bonds		—			32,793			805		33,598
Convertible Preferred Stocks
Consumer, Cyclical		245			—			—		245
Energy		134			—			—		134
Financial		244			—			—		244
Utilities		74			—			—		74
Municipal Bonds		—			3,409			—		3,409
Preferred Stocks
Basic Materials		20			—			—		20
Communications		—			4			—		4
Consumer, Cyclical		—			—			—		—
Consumer, Non-cyclical		—			52			—		52
Financial		13			274			—		287
Utilities		19			55			—		74
Repurchase Agreements		—			200			—		200
Senior Floating Rate Interests		—			5,338			—		5,338
U.S. Government & Government Agency Obligations		—			75,760			—		75,760
Purchased Interest Rate Swaptions		—			46			—		46
Purchased Forward Volatility Agreements		—			86			—		86
Purchased Credit Default Swaptions		—			4			—		4
Purchased Options		2,496			34			—		2,530
Total investments in securities $		189,160		$	218,131		$	3,152	$	410,443
Assets
Credit Contracts**
Credit Default Swaps	$	—		$	776		$	—	$	776
Credit Default Swaptions	$	—		$	16		$	—	$	16
Exchange Cleared Credit Default Swaps	$	—		$	5		$	—	$	5
Equity Contracts**
Futures	$	1,863		$	—		$	—	$	1,863
Options	$	483		$	—		$	—	$	483
Total Return Swaps	$	—		$	99		$	—	$	99
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	7,121		$	—	$	7,121
Interest Rate Contracts**
Exchange Cleared Interest Rate Swaps	$	—		$	26		$	—	$	26
Futures	$	496		$	—		$	—	$	496
Interest Rate Swaps	$	—		$	261		$	—	$	261
Interest Rate Swaptions	$	—		$	83		$	—	$	83
Total Return Equity Basket Swaps	$	—		$	99		$	—	$	99
Total Return Swaps	$	—		$	150		$	—	$	150
Liabilities
Credit Contracts**
Credit Default Swaps	$	—		$	(120	)	$	—	$	(120	)
Equity Contracts**
Futures	$	(496	)	$	—		$	—	$	(496	)
Total Return Swaps	$	—		$	(117	)	$	—	$	(117	)
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	(7,064	)	$	—	$	(7,064	)
Interest Rate Contracts**
Exchange Cleared Interest Rate Swaps	$	—		$	(144	)	$	—	$	(144	)
Futures	$	(330	)	$	—		$	—	$	(330	)
Interest Rate Swaps	$	—		$	(81	)	$	—	$	(81	)
Interest Rate Swaptions	$	—		$	(31	)	$	—	$	(31	)
Total Return Swaps	$	—		$	(53	)	$	—	$	(53	)
Short Sales**
Common Stocks	$	275		$	2,563		$	—	$	2,838
Short Sales**
Preferred Stocks	$	—		$	5		$	—	$	5
Short Sales**
U.S. Government & Government Agency Obligations	$	—		$	(281	)	$	—	$	(281	)

					Level 2 - Other
		Level 1 - Quoted			Significant Observable		Level 3 - Significant
Fund		Prices			Inputs		Unobservable Inputs                 Totals (Level 1,2,3)
International Equity Index Fund
Common Stocks
Basic Materials	$	—		$	60,976	$	—	$	60,976
Communications		—			48,605		—		48,605
Consumer, Cyclical		—			73,271		—		73,271
Consumer, Non-cyclical		—			143,820		—		143,820
Diversified		—			7,369		—		7,369
Energy		—			52,314		—		52,314
Exchange Traded Funds		28,924			—		—		28,924
Financial		—			136,859		—		136,859
Industrial		267			72,813		—		73,080
Technology		—			15,545		—		15,545
Utilities		—			27,933		33		27,966
Preferred Stocks
Communications		—			116		—		116
Consumer, Cyclical		—			2,419		—		2,419
Consumer, Non-cyclical		—			833		—		833
Utilities		—			93		—		93
Repurchase Agreements		—			30,368		—		30,368
	Total investments in securities $	29,191		$	673,334	$	33	$	702,558
Liabilities
Equity Contracts**
Futures	$	(728	)	$	—	$	—	$	(728	)
Preferred Securities Fund
Bonds	$	—		$	1,789,932	$	2,317	$	1,792,249
Common Stocks*		2,160			—		—		2,160
Convertible Preferred Stocks
Financial		15,120			—		—		15,120
Preferred Stocks
Communications		106,217			66,535		—		172,752
Energy		2,708			—		—		2,708
Financial		1,459,870			100,434		—		1,560,304
Government		—			28,300		—		28,300
Utilities		135,221			6,674		—		141,895
Repurchase Agreements		—			48,131		—		48,131
	Total investments in securities $	1,721,296		$	2,040,006	$	2,317	$	3,763,619
Small-MidCap Dividend Income Fund
Common Stocks*	$	241,726		$	—	$	—	$	241,726
Convertible Preferred Stocks		5,640			—		—		5,640
Repurchase Agreements		—			7,848		—		7,848
	Total investments in securities $	247,366		$	7,848	$	—	$	255,214

* For additional detail regarding sector classifications, please see the Schedules of Investments.

** Futures, Foreign Currency Contracts, Options, Swaps, and Swaptions are valued at the unrealized appreciation/(depreciation of the instrument.

						Accrued
						Discounts/Premiums
		Value				and Change in					Transfers				Transfers			Net Change in Unrealized
	August 31,			Realized		Unrealized				Proceeds           into Level               Out of Level     Value May								Appreciation/(Depreciation) on
Fund		2011		Gain/(Loss)		Gain/(Loss)		Purchases        from Sales				3 *			3**		31, 2012	Investments Held at May 31, 2012
Bond Market Index Fund
Bonds	$	172	$	-		$(5)	$	-	$	(167	)	$ -		$	-	$	-	$ -
U.S. Government &
Government Agency
Obligations
		-		(1	)	-		512		(145	)		-		-	$	366	-
Total	$	172	$	(1	)	$(5)	$	512	$	(312	)	$	-	$	-	$	366	$ -
Diversified Real Asset Fund
Common Stock
Energy	$	308	$	-		$74	$	4,192	$	-		$	-	$	-	$	4,574	$74
Total	$	308	$	-		$74	$	4,192	$	-		$	-	$	-	$	4,574	$74
Global Multi-Strategy Fund
Bonds	$	-	$	-		$16	$	2,200	$	(300	)	$	-	$	-	$	1,916	$16
Common Stock
Energy		-		-		1		293		-			-		-		294	1
Financial		-		(10	)	(17)		271		(107	)		-		-		137	(17)
Convertible Bonds
		-		-		(8)		813		-			-		-		805	7
Total	$	-	$	(10	)	$(8)	$	3,577	$	(407	)	$	-	$	-	$	3,152	$7
International Equity Index Fund
Common Stock
Utilities	$	-	$	-		$4	$	29	$	-		$	-	$	-	$	33	$2
Total	$	-	$	-		$4	$	29	$	-		$	-	$	-	$	33	$2
Preferred Securities Fund
Bonds	$	2,396	$	-		$(79)	$	-	$	-		$	-	$	-	$	2,317	$(79)
Total	$	2,396	$	-		$(79)	$	-	$	-		$	-	$	-	$	2,317	$(79)

*Securities are transferred into and out of 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 where a security is illiquid 4. Instances in which a security is not priced by pricing services **Securities are transferred into and 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 where a security is no longer illiquid 4. Instances in which a price becomes available from a pricing service.

The Fund’s Schedules of Investments as of May 31, 2012 have not been audited. This report is provided for the general information of the Fund's shareholders. For more information regarding the Fund and its holdings, please see the Fund's prospectus and annual report.

ITEM 2 – CONTROLS AND PROCEDURES

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.

ITEM 3 – EXHIBITS

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.

SIGNATURES

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

(Registrant)

Principal Funds, Inc.

By /s/ Nora M. Everett

Nora M. Everett, President and CEO

Date 07/24/2012

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

By /s/ Nora M. Everett

Nora M. Everett, President and CEO

Date 07/24/2012

By /s/ Layne A. Rasmussen

Layne A. Rasmussen, Vice President, Controller and Chief Financial Officer

Date 07/24/2012